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Jlii,
•US.
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/ i938
AOM.
Library
Rnanrial
IV
ommerria
COPYRIGHTED IN 1938 BY WILLIAM B. DANA COMPANY. NEW YORK.
VOL. 146.
'-"UKt'0""-
ENTERED A3 SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE
NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, JUNE 25, 1938
BANK
BROOKLYN TRUST
COMPANY
George V. McLaughlin
N E W
President
.
NATIONAL BANK
THE
YO R K
Member Federal Deposit Insurance
Corporation
6? TRUST COMPANY
CITY
The
OF
NEW
YORK
chase is
tra-
ditionally a bankers' bank.
For
BROOKLYN
NO. 3809
THE CHASE
OF
OF
Chartered 1866
NEW YORK
AT NEW YORK,
many
served
years
it
has
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
Member Federal
Deposit Insurance
Corporation
FUNDAMENTAL
Public
INVESTORS
INC.
Utility
Bonds
United States
Government
Prospectus
available from
Securities
local dealers
rhe
Brown Harriman & Co.
FIRST
Incorporated
BOSTON
63 Wall
CORPORATION
NEW YORK
Hallgarten & Co.
BOSTON
Street, New York
Telephone: BOwling Green 9-5000
Boston
Philadelphia
San Francisco
Chicago
Washington
CHICAGO
PHILADELPHIA
Established 1850
SAN FRANCISCO
AND OTHER
Representatives in other leading Cities
PRINCIPAL CITIES
NEW YORK
Chicago
London
The
State
New YorkTr ust
BEAR, STEARNS
&
and
Municipal
Bonds
CO.
Company
ONE WALL STREET
Barr Brothers & Co.
NEW YORK
Capital Funds
♦
.
$37,500,000
INC.
New York
IOO
40TH
HOMER & CO., Inc.
40
BROADWAY
ST. &
FIFTH
Chicago
MADISON AVE.
AVE.
&
57TH
ST.
Service
to
Banks and
NEW YORK
Exchange Place, New York
Dealers since 1888
European Representative's Office:
;
HORNBLOWER
j.
8
Carl m. Loeb, Rhoades & Co.
61
Amsterdam
40
the New York Clearing House Association
and
of the Federal Deposit Insurance Corporation
Wall Street
NEW YORK
Members
Member of the Federal Reserve System,
Berlin
WEEKS
Established 1888
*
BROADWAY
Paris
&
LONDON, E. C. 4
NEW YORK
London
KING WILLIAM STREET
New
Cleveland,
York, Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
Financial
June 25,
Chronicle
1938
SUEZ CANAL COMPANY
MEETING, JUNE 13, 1938
ANNUAL GENERAL
DIRECTORS' REPORT
EXTRACT FROM
will he sent upon application to the
The complete report
Company, 1 rue
d'A story, Paris.
those
During 1937, traffic through
vious
the Canal was heavier than at any pre¬
favorable year yp to the present
period, including 1929, the most
the Canal in 1937 increased to 6,635
Traffic through
senting 36,491,000 tons net
register tonnage.
transits, repre¬
These figures exceed all
previously attained.
This result is
partly due to the still very heavy
Italo-Ethiopian traffic,
during the first six months.
But whatever this movement may
it was not less than during the preceding year, and the
at least
have amounted to,
time.
Receipts for the year would also have been much higher than those for
adhering to its customary policy, had not enabled
users of the Canal to profit twice by these favorable circumstances: the
reduction of 6 pence in transit dues, effective July 1, 1936, and the further
reduction of 1 shilling, as from April 1, 1937, have greatly affected receipts
for 1937, the former reduction being effective during the entire year,
the latter during nine months.
As a result, receipts, in terms of Egyptian
progress of 12.7%
to normal traffic.
during 1937 in comparison
with 1936 is due, after all,
1936 if your Company,
pounds, appear to have declined by almost 5% in comparison with those
for
1936.
Since, furthermore, the new expenses assumed by your Com¬
pany pursuant to the terms of the agreement with the Egyptian Govern¬
ment increased expenditures by about 8%, the net result for the year
expressed in Egyptian pounds shows a decrease of about 11% compared
with 1936.
Expressed in francs at the average rate for the year 1937, this net
result amounts to approximately 862 millions, an increase of 36% in
comparison with the profit distributed for the preceding year.
Added
to this sum, which represents the result from operation, is a purely finan¬
cial profit of approximately 45 millions, resulting from conversion opera¬
tions realized during the year.
that you increase to 820 francs the gross revenue
We propose
of the
which represents an increase of 36.6%
over last year.
The balance of available sums would allow for an appro¬
priation of 16 millions to the insurance fund and a similar amount to the
amortization, and building and material funds.1 We believe that the
appreciable rise in prices amply justifies these three appropriations.
The results of the first months of the current year show a decrease in
traffic of only 6% in comparison with the corresponding period of 1937,
which had been exceptionally favorable.
In so far as it is possible to
make any forecast based upon this, upon the present evolution of com¬
mercial currents, and upon the hope of the stability of the exchange rate
at about its present level, it would seem that financial results may be
expected to be even more favorable during the current year than they
capital share (action de capital),
were
and
confirm this forecast, we
consider taking one
Company has constantly followed,
to profit by a new reduction before
such a decision would be particularly
step along the road which your
enable the shipping industry
to
We believe that
the end of the year.
opportune during the course of a year, the
witnessed an appreciable reduction in freight
The
a
The
weight of the merchandise carried
agreement concluded with
first months of which have
rates.
the Egyptian Government, which we
than European imports, as is shown by the respective increases
In the two directions, i.e. 15% in the North-South and 35% in
already indicated, the annuity expense of 300,000 Egyptian pounds
stipulated In the said agreement.
Since January 1, 1937, we have em¬
ployed Egyptian personnel under the conditions provided, and we have
naa the pleasure of seeing the first Egyptian Director join your Board.
favored
in transits
the South-
North direction.
If
examination is made of the distribution of traffic by regions of
of destination located beyond the Suez, it is to be seen that
an
source
or
they all took part in the above-mentioned revival, particularly Australia,
whose traffic via Suez had been considerably reduced in 1936.
The
routing of this traffic by way of the Cape of Good Hope was less than
Although it is true that the reductions granted by the Company
in 1936.
may
be responsible for these returns to
able economic circumstances,
a
the Suez route, the effect of favor¬
particularly of a period of relatively high
freights, undoubtly also plays a part
here.
Although the results of operation for 1937 are particularly favorable,
in the economic trend took place, termininating the period of
reversal
progress
which has lasted for more than four years.
The economic slackening was
manifest, firstly, following the usual pro¬
cedure, in the lowering of the price of raw materials, evident since March
and April, 1937.
Industrial production, affected In its turn between
the months of June and September, brought with it the reduction in world
trade which, during the course of the second quarter, had attained its
maximum level, and which declined progressively until it had reached,
for the first quarter of 1938, a level lower than 10% of that for the second
corollaries
an
This falling off in world trade nad itself as Inevitable
appreciable reduction in the freight rates for shipping and,
increase in laid up tonnage.
since the first months of 1938, an
The movement of merchandise
by
tion of world trade: for the first four
way of Suez has followed the evolu¬
months of 1938, the reduction of this
traffic, compared with the corresponding months of 1937, amounted
10.8%, and it is not possible at the present time to foresee a reversal
this declining tendency for the coming months.
ratified by
reported to you during the past two yearsj has been
Parliament; it has been in effect for several months In a spirit of close and
confident cooperation.
The expenditures for the year show, as we have
have
through the Canal amounted to
27.5%,
32,776,000 tons, representing an increase of 7,220,000 tons, or
that for 1936.
European exports were proportionately less
over
quarter of 1937.
during 1937.
If the months to come
more
of the total net tonnage among the various categories
substantial decrease, of 924,000 tons, in the transits of warships
hand, an increase was shown for
The distribution
shows
and military transports.
On the other
all categories of commercial vessels.
The year 1938
to
of
has therefore opened with less favorable conditions for
preceding year, so that total results for net ton¬
slightly lower than those for 1937 are to be
the Suez Canal than the
passed in transit
expected.
nage
The
meeting unanimously approved all the resolutions
presented by
the Board.
Leading Out-of-Town
Investment Bankers & Brokers
Becker & Co.
G.
A.
J. & We
Seligman & Co.
ST. LOUIS
Incorporated
Established 1893
No. 64 Wall Street
Investment Securities
NEW YORK
Commercial Paper
London
Correspondents
SrtXy * Co.
BA1NT LOUIB
Chicago
New York
And
Other
OOfOUVI ft
SELIGMAN
Cities
BROTHERS
Member* St. Louis Stock.Exchange
Leading Out-of-Town
Brokers
Dividends
Investment Bankers &
BIRMINGHAM
DETROIT
PACIFIC GAS AND ELECTRIC CO.
DETROIT REAL ESTATE
DIVIDEND NOTICE
BONDS
Common Stock 'Dividend No. 90
A cash dividend declared by the Board
of Directors on June 1, 1938, for the
ending June 30, 1938, equal to
2% of its par value, will oe paid upon
the Common Capitol Stock ofthis Com¬
quarter
pany
by check
on
July 15, 1938,
shareholders of record
business
on
Books will
at
MARX & CO.
BIRMINGHAM, ALABAMA
Charles A. Parcel Is &, Co.
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING, DETROIT. MICH.
SOUTHERN
MUNICIPAL
CORPORATION
AND
BONDS
to
the close of
June 30,1938. The Transfer
not
be closed.
MILWAUKEE
HARTFORD
D. H. Foots, Secretary-Treasurer.
San Francisco, California.
Specialists in Connecticut
AMERICAN
MANUFACTURING
Securities
COMPANY
Teletype—Milwaukee 92
Noble and West Streets,
PUTNAM & CO.
Brooklyn, New York
American Manu¬
has declared the regular
of $1.25 per share on the
Preferred Stock of the Company, payable July 1,
1938, to Stockholders of record June 15, 1938.
The Board of Directors of the
facturing
dividend
Members New York Stock Exchange
Company
quarterly
ROBERT
B
BROWN- Treasurer.
WISCONSIN
CORPORATION SECURITIES
«
CENTRAL ROW
Tel. 5-0151. A. T. T.
HARTFORD
Teletype—Hartford 564
EDGAR, RICKER&CO.
750
North
Water
Street
Milwaukee, Wis.
nmirle
flmtwrci#
JUNE 25, 1938
Vol. 146
No. 3809.
CONTENTS
Editorials
page
The Financial Situation—
Without Honor in Its Own
Essential Limits Upon
....4004
Country
4015
Governmental Processes.
.4017
International Debt Payments and Defaults
4018
Comment and Review
Text of Maloney Bill for Regulation of Over-Counter
Security Transactions
Week
on
the
.....4020
. .
Annual Report of FDIC
.4022
v
European Stock Exchanges
..4008
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
4009
4012 & 4056
Course of the Bond Market
4024
Indications of Business
4025
Activity
Week
on
the New York Stock
Week
on
the New York Curb
Exchange
4006
Exchange
4055
News
Current Events and Discussions
Bank and Trust
General
4033
.....
Company Items
4053
Corporation and Investment News
4105
Dry Goods Trade
4145
State and
4146
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations..
Bonds Called and
4058 & 4071
4062
Sinking Fund Notices
Dividends Declared
4062
Auction Sales.
4061
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations..4072 & 4082
New York Curb
Exchange—Stock Quotations
New York Curb
4072
Exchange—Bond Quotations
Other Exchanges—Stock and Bond
4088
4092
Quotations
Canadian Markets—Stock and Bond
..4094
Quotations
4098
Quotations.4101
Over-the-Counter Securities—Stock & Bond
Reports
..4012
Foreign Bank Statements
Course of Bank
Clearings..
4056
...
Federal Reserve Bank Statements
4069
General
4105
Corporation and Investment News—
Commodities
The Commercial Markets and the
4136
Crops
...4138
Cotton
4142
Breadstuff s
Published Every Saturday Morning by the William B. Dana Company,
Herbert D. Selbert. Chairman of the Board and Editor; William Dana Seibert.
25 Spruce Street, New York City
President and Treasurer; William D. Biggs.
Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray. Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers* Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23.1879. at the post office at New York, N. Y., under the Act of March 3, 1879.
SuMOTptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months.
South and Central America. Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter,45 cents
per agate line.
Contract and card rates on request.
NOTE:
On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
I
The Financial Situation
\Y 1 HtTHILIi ft cause of the excited securities marw
kets of the past week, or a result of them, the
least, in the financial community
relief from the
has
deny that abundant causes
existed for looking to
the
misgivings, but
there is always
the danger
that at such times we shall
♦lose
The
perspective.
our
widely discontent
more
with the way
managed
spreads, the
concerned,
all
better
for
but
must avoid the as¬
we
sumption that the Ameri¬
people will never come
can
realizing sense of the
to a
committed in
being
now
the
blunders
of the
costliness
of "reform" and
name
"recovery." The economic
of
system
country with abun¬
young
dant
resources
and
an ener¬
people is tough al¬
getic
most
has
relatively
any
beyond belief.
Ours
managed to exist and
to maintain its
vitality de¬
spite the abuse that has
been
heaped
it for
upon
past, and doubtless
years
will survive further
folly in
the future. The somewhat
greater degree of optimism
'now
develop¬
apparently
ing,
even
though possibly
not
altogether well founded
in'
some
instances,
can
the useful purpose
serve
to
get
ened out and
going
our
business
it should.
as
No
be
trying
cease
affairs straight¬
our
good
served,
If
Only They Did Have to Compete
The former Chairman of the Tennessee
would
however,
much harm could be
i
of
and
done,
wage
many
de¬
earners
unhealthy
municipal systems will have to compete with
these lower rates and with narrower margins
vision.
Wages in
a
erable
number
of
profit," adding that "in the face of this
steady lowering of rates and improvement of
service of the private companies, continually
of
better
tems
management of
will
be
necessary
publicly-owned
survive
to
sys¬
compe¬
of
of the scales that the
some
ley Authority on Wednesday warned munici¬
pal electric utilities executives of New York
State that "rates are coming down and public
of
boom
1936
had caused to obscure their
hours
cases
reduced
been
have
consid¬
lengthened
and
despite
the efforts of the Adminis¬
tition."
that improved service
the history of
It is true, of course,
lower
at
characterizes
rates
industry, particularly, perhaps,
history of the industry, but un¬
fortunately it does not follow that publiclyowned enterprises must meet this competi¬
tion to stay in business.
If there were really
such a necessity, the public perhaps could
look with comparative equanimity upon the
construction of the numerous "yard-stick"
the
utility
the recent
have been constructed, are
under way or are being planned.
Naturally,
publicly-owned
plants
must
meet the rates charged by other enterprises
if they are to obtain and hold their customers,
but, as everyone knows, there is usually
nothing to oblige publicly-owned establish¬
projects
ments to
maintain the rate-cost
relationships
private plants.
that natural law forces upon
Indeed, it is not often that a publicly-owned
utility enterprise knows its costs or will in¬
clude all the elements of cost in its financial
determine
operating concern.
It is
much more likely to fix low rates and leave it
to
the taxpayer to meet the difference be¬
the public
statements, so that
its
status
tween
as
the
revenues
But there
those
such
to
prevent
steps
these. Other
as
econo¬
have
mies
effected
been
found
effect
them.
are
likewise
been
wherever
has
it
possible
to
Recoveries
made of such stuff.
are
who
received and the cost of
still other ideas in the heads
most
Appraising Progress
We must not, however,
for a moment that
ill this direction
suppose
progress
has been
nearly
would have
other
in
so
been
great as
possible
circumstances.
Unionization of labor, con¬
may
an
the service.
of
tration
that
strongly advocate public
ownership of utility enterprises.
The former
Chairman of the Tennessee Valley Authority,
indeed, reveals the fact that he himself holds
some of them.
For instance, at another point
he asserts:
tractual
or
obligations
"No longer is electric power to be one of the
peculiar advantages of city living.
It is to be
a universal servant for city and farm alike.
A
private utility with administra¬
population can serve
surrounding areas with efficiency and
widespread
more
less imposed by govern¬
ment,
crushing
of
taxes
weight and other elements
of
inflexibility have imped¬
ed progress at many
points
and make future progress
about-as difficult
well be the
must
we
could
as
Neither
case.
.permit oqrselves
overlook the fact that
to
tive staffs in centers of
the
the
in
As fural electrification becomes
universal, the large systems will be compelled
give service to the poor regions along with
the good.
"If a publicly-owned municipal system fails
inflationary activities
whicK the Federal Gov-
ernmeift
to
so
to
serve or
to
rural areas,
struction
with the surrounding
be looked upon as an ob¬
cooperate
it
to
may
progress,
J# it does
serve
the
without giving those areas
a voice in management and in policy-making,
there may be complaint of city domination of
surrounding
purpose
Val¬
economy.
of
keeping alive the determi¬
nation not to
hardships of the
pression have rid the eyes
that public
affairs have been
of late years
welcome
a
of labor to work diligently and effec¬
the
pro¬
so
would be impossible to
future with
affords
Certainly,
nounced there.
it
The willingness
tively has without doubt increased considerably since
gloom that
been
long
basis for
prevailing for the moment, at
cheerful mood
more
cutting back costs and thus in laying a
profitable operations at lower unit prices.
pro^iess 111
area
rural affairs."
There is
nothing except meddling politics
compel privately-owned utilities to serve
"poor areas" which are unable to pay their
own
way.
If publicly-owned plants are to
operate not on the basis of profitability but
with an eye to vote-getting—as is implied in
some of the sentences just quoted—they are
is at this moment
engaged
energetically
will,
the
far
as
as
that
effect
tend directly
to undo
they have
is desired,
and quickly
the good work that
has been
accomplished dur¬
ing the past year in getting
industrial and trade opera¬
to
by lack of realism at this
It is
point.
difficult
extent
price
to
to
as
yet rather
determine the
which
movements
past week
ered
are
security
of
the
doomed to economic failure from the outset,
however successful
essentially
a
a
a
upon
footing.
reasonable
The obvious
displeasure of the Admin¬
istration with wage
tion
and
the
reduc¬
like
also
be politically.
suggests
that it
will at the first opportunity
forecast
date not very
cost
strongly
they
re-
growing belief in soundly better conditions to
at
may
to be consid¬
of "inflation" to come, and to what extent
fleet
they
tions
do what it
can
to aid wage earners to reinstate
the
conditions existing at the peak of the J936 boom,
As to
It is of special importance at this time that a
of
that in-
realistic appraisal be made of existing conditions and
that the rank and file as far as possible understand
dustry and trade have been able to make observable
the true inwardness of the existing situation and the
come
the
some
prospect
course
for
genuine
far in the future.
improvement,
be said with considerable
it
assurance
can
Volume
146
outlook, since
what the
not do
Financial
great deal depends not so much upon
a
practical business executive does
during the next few months but
ture of the mandate
next autumn.
does
or
upon
the
na¬
Chronicle
tributing to conditions that
than
if the
as
an
create
alleviating influence
unemployment
in
the
face
of
distress.
As to farm subsidies
given the Federal Government
It would be little short of tragic
4005
maintained rural
which,
hardships of the past year should all go for naught,
as
they would, if they did not convince the voters of
vented effective demand for
the country
it is asserted, have
so
purchasing
and thus pre¬
power
according to
that the
and that the
cannot
wages
of economic sin is death,
public policies of the past few years
possibly be
considered
the
other than
as
grossest sort of economic sinning.
It is well,
sider
some
ture
help to revive industry and trade by providing
outlet
an
otherwise would be the case, and which,
some official dreamers, will in the fu¬
as
the farms for the
on
tories, it is hardly
therefore, at the risk of triteness, to
calmly
greatly
of the claims that
con¬
being made
are
obvious fact.
one
future
have been taken
general public
aids,
and
of
some
prognostications
being planned
distinctly
as recovery
optimistic
more
Washington
emanating from
The claims of the New Deal advo¬
security
so-called, extravagant sub¬
program,
and in various other
this very alleviation of the
hardships of depression,
along with larger doses of the same old drugs now
about to be administered in the
not for
essential
is
thus
conceded that there is any
between the "prosperity" that
moment
a
difference
be
to
generated and the prosperity that
naturally follows a depression under normal con¬
ditions.
•
lies
in
The average man is more likely to
be convinced
tially inflationary nature with all that this implies.
fine, a claim that these subsidies help in a situa¬
In
tion such
that
as
statement
do not
in
cases
well
therefore
to
discussing the situation.
been
to
the
specific
get
As
to
reputedly in high favor in official circles, they
either
paigns
payments
have
been
pro¬
These payments
meagre
have, however,
in comparison with other
outlays, and therefore
reason
cannot with
be assigned a substantial part
change in the basic situation by
country is faced. The phrase "other forms
any
no
matter what may
outlays" has
been\sed advisedly,
since
be the effect of the payments
the attitude of mind of the recipient they are
nothing more and nothing less than a form of relief
upon
The recipient has contributed nothing to
provide the funds from which such payments are
to be
appears
nor
these claims
are
insurance
not met from current
contributions
tax, and
labor—they
are
a
unemploy¬
cam¬
assumption
called
falsely
to have in it.
seems
"reflation,"
denied,
the
to
be
right
condemned
need
a
inclined to be
by the
is
There
business
about
as
are
appraise the outlook
is
called
status
the
at
man
upon
the
moment.
yet certainly no observable danger of
becoming
unduly
enthusiastic
the immediate outlook and thus
of
of im¬
man
books, while the
own
economic
own
executives
even
business
by which phenomena
names
his
average
Famil¬
sense
swayed in his judgment of conditions
by the state of his
of
abundance of
an
certain dulling of the
in the street tends to
basis
of those things which
only to be called by their
pending danger, and the
than
often enthusiastic,
was
one
was
who
many
this continuous effort to inflate.
iarity breeds
less
including
There is, however,
names.
hazard in
better,
be
inflation
when its existence
or
public,
have known
When
mistakes
that inflationary
making
excitement
usually brings. This may come later, but it does not
to be present now. What may happen during
the next few
will not
months, but which
we
earnestly hope
happen, is that encouragement about the
future, falsely based, may presently influence the
public in such a way that the policies which have
being paid and will have
important consideration in this
to
the
be
pro¬
But the
connection is
indisputable fact that the whole social security
is much more important as a factor con¬
fact
a
the general doctrine of
more
by employers—after
ceeds of loans to the Federal Government.
program
"redistribution of income"
a
vicious tax, upon employers
paid like other relief disbursements from
the
inflationary
absurd
inflation is preached by those in power the less faith
appear
have such funds been in any real sense
aside against claims now
being made. So far
most
the
fact, singular perhaps but
a
nonetheless, that the
made,
of
disguised
upon
expressed that
the kind
a
rest
only dependable basis for durable recovery. It
payment.
all, simply
thinly
else
or
should
number of those who have found them¬
degree of
ment
being
meas¬
all
but inflation appears to
relief
as
as
are
cur¬
of
set
now
to other
program
ures
con¬
benefit
forms of relief
which the
recovery
given effect at Washington, and
no
exceedingly
effecting
in Washington, incidentally,
make.
relieving the hardship of the
selves out of work.
any
is
depression except to the limited extent that
unemployment
in
It
security programs, they have played
ceivable part in
a
to
an
helpful at such times—a
Inflation and Redistribution of Income
As
was
vided for
existing is tantamount to
that many
hesitate
supporting evidence.
rent
now
assertion that inflation is
most business
social
depression
or as a stimulating
tending to end the depression is of an essen¬
factor
by high-sounding generalities, superfi¬
cially plausible, than by specific assertions citing
to
alleviating influence in
an
is the
to Cases
One great danger in such preachments
their vagueness.
down
as
often
Getting Down
j
Thus it is obvious that any part played by
of recovery,
name
the
upon
reduce avail¬
course
or else from inflationary
artificially brought into existence for the pur¬
pose.
shorten the
period of depression, or, in other
words, convert depression into prosperity.
It is of
must in the
purchasing power)
funds
lightly in the circumstances.
ways, the policies of the New Deal in the past are
serving to mitigate the rigors of depression, and that
course
(which will of
the presence of acute
sidies to farmers and
others,
will
able
these subsidies
case
either from taxes imposed
come,
usual, extravagant, but
as
general, the assertion is made that through the
social
The funds to pay
such subsidies either
sweeping and,
not to be taken too
are
In
are
the
now
and elsewhere.
cates
are
products of the fac¬
necessary to do more than cite
have come, and in the nature of the
by government officials and others for steps that
or
goods from declining as
caused the
depression and which cannot in the
ture of the case cure
fare better at the
would be the
The
na¬
produced will
polls next autumn than otherwise
case.
redistribution
ministration
the ills they have
is,
we
of income
suppose,
theory of the Ad¬
not very likely to be
-
Financial
4006
taken
seriously by
great many so far as it is
a
brought forward as affording a means for stimulat-
June 25, 1938
Chronicle
Treasury] general account balance by $6,297,000 to
$928,590,000; an increase of foreign bank deposits by
ft-
ing
stabilizing business upon a satisfac¬
recovery or
effective
tory basis, although it may well prove
a
bit of stump
serious efforts made to put the theory
is that any
practice will presently arise to plague business
into
in
as
What is certain to happen
oratory.
endeavor
its
measures as
a means
circumstance
such
politicians defend such
The fact that the
existence.
the
get upon a tolerable plane of
to
of inducing full recovery, and
that
these
echo
measures
beneficiaries
supposed
claims loudly are
of
not
likely to alter the effect that they must have upon
the
of industry and
course
of
There is
slightest
the situation should be belittled at any
time
for
or
Nor is there warrant for pretending
conditions or the prospects are different from
any purpose.
that
Good reason, however, ex¬
what the facts indicate.
ists for
taking special care to be judicial and realis¬
tic in the
analysis of both existing conditions and
outlook, the
such
tion
appraisal
more reason
because the results of
be of real importance on elec¬
may
day next autumn.
82.5% from 82.4%.
to
000, and commitments to make
ceded $38,000 to
$13,600,000.
bills
of bankers'
the total of open
Treasury
were
$16,535,-
such advances re¬
Open market holdings
unchanged at $537,000, and
market holdings of United States
likewise
securities
unchanged at
the char¬
held
$2,564,015,000, although small changes in
Treasury issues were effected.
The New York Stock Market
the week to June 22
and the
included the income tax collection period
compensating retirement of Treasury discount bills,
The Treas-
issued in anticipation of the payments.
found its general account balance only slightly
only
lower and member bank reserve balances were
little higher.
Actual
member banks
mate
of
creased
requirements of the
reserve
plainly decreased, however, owing to
variations in their
own
reserves
excess
$50,000,000
The official esti¬
deposits.
over
the
in
legal requirements in¬
week,
statement
to
The Treasury continues to retire
$2,780,000,000.
$50,000,000 discount bills weekly from the market,
and this
furthexjncreases of
assures
excess reserves.
Although the credit reservoir is filling to ever higher
levels, it would
appear
that there is still
demand for business accommodation.
statement
of
mercial loans,
reflects
com¬
Loans to brokers
by the reporting member banks again
more
than nominal proportions,
bulge occasioned by the Treasury refinanc¬
ing operation.
Money in circulation is reported down
$18,000,000 in the Reserve credit
summary
for the
Monetary gold stocks
of the
country
increased
$7,000,000 in the statement week to $12,957,000,000,
Treasury refrained again from reimbursing
itself for the acquisition.
of the
Gold certificate holdings
regional banks dropped $1,489,000 to $10,-
635,912,000, but this was
crease
of "other
000.
Federal
receded
more
than offset by
cash/' and total
gional banks moved
and months
no
was
were
dull and uninteresting, and there
single event that might be considered the
The sudden upswing
occasion for the improvement.
of spontaneity, although care¬
analysis rather suggests that many previously
had every appearance
ful
contributed to the outburst of
causes
Gains were large and almost continuous
throughout the week, with only occasional periods of
hesitation intervening to modify the advances.
On
small recession, moreover, fresh buying ap¬
every
peared and brought about a new upsurge. The
movement gained momentum throughout the week,
with
trading
on
the New York Stock Exchange hardly
1,000,000 share on Monday, while turn¬
more
than
over
Thursday and yesterday hovered around the
Prominent steel stocks show
2,500,000 share mark.
gains from the week of about 10 points.
net
up
reserves
an
in¬
of the
re¬
$9,483,000 to $11,057,374,actual
circulation
$14,534,000 to $4,108,568,000.
Total de¬
Reserve
notes
in
High
priced industrial issues in some cases advanced far
more
of
rapidly, while low priced issues showed gains
5
1 to
Railraod stocks joined the trend
raised 3 to 5 points even
points.
and market figures were
in
In the utility group a few promi¬
but the threat ofr
cheaper shares.
advanced sharply,
issues
nent
laid a restraining hand on
and the gains in this group were
government competition
the bulk of stocks,
relatively modest.* *
change which suddenly brought advances into
was unheralded.
It is more than possible,
The
the list
however,
the
that belated recognition thus was given
adjournment of Congress and the stimulus
that
necessarily will result from the spending program of
Federal Administration.
There was talk early in
the
of
week
fresh
currency
tampering by leading
governments, and stout denials in
London failed to lay
Washington and
this ghost entirely, which sug¬
gests that a flight from currency may
week to June 22.
but the
This welcome turn of affairs
isjhighly remarkable, for sessions in preceding weeks
banks in
and this trend also is reflected in the
have fallen to little
after the
effective
drop of $13,000,000 in
a
reports from banks in 101 cities.
and dealers
no
The condition
member
weekly reporting
New York City
divisions and groups.
optimism.
ONLY modeststatement are the 12 Federal Reserve
changes of recorded in the current
condition
banks combined, even though
ury
STOCKS inthis week, York market turned abruptly
upward the New with gains pronounced in all
disregarded
Federal Reserve Bank Statement
a
drop of other de¬
elements of real encouragmeent to be found in
any
the
a
Industrial advances fell $100,000 to
000.
why
reason
and
The reserve
Discounts
by the regional banks advanced $112,000 to $9,508,-
ratio moved up
acter of the
trade.
not the
course
$10,013,000 to $149,500,000,
posits by $3,071,000 to $295,508,000.
the
into
market
covered to
some
action.
get nowhere for months.
dulness
with
the
Business reports were a
is
accentuated
Speculative
important part
of
expectation
during the rest of the summer.
better
trend, with the thin markets making
possible sensational gains.
it
have
the change was modest it
purchases unquestionably played an
in the
may
degree after watching the market
shade better, and while
contrasted
have entered
Tired shorts
As the market advanced,
generally agreed, buying took on ever larger
numberless investors
accepted the movement as the signal
posits with the regional banks advanced $18,283,000
proportions, which suggests that
to
and speculators
$9,295,486,000, with the account variations con¬
sisting of
ances
an
increase of member bank
by,]$17,638,000 to $7,921,888,000;
reserve
a
bal¬
drop of the
for
a
definite turn for the better.
Market analysts
proclaimed that the tendency justified their frequent
volume
Financial
146
assertions that the
low
any
future.
In
denly to
merge
sent levels
York
short,
Stock
small trickles seemed sud-
many
Exchange
June 20,
den
inordinarely
was
in a broad stream of buying, which
higher all around.
$58,000 each,
on
price structure
basis of reasonable expectations for the
on
on
the New
Wednesday
sold
were
$7,000
up
which is
Two seats
at
the previous transfer
over
further indication of the sud-
a
In
the
listed
for
the
bond
market
kinds to better levels.
securities
funds
cause
keeping
invested
steady.
Best
depressed
of the gains
some
Local traction bonds failed to
but
bonds
railroad
se-
many
far larger still,
were
join in the advance,
other
most
a
tions to
million
over one
shares.
Industrial
further boost in daily transacseven
hundred thousand
for the week revealed
news
improvement, and its effect
was
not lost
ket only too ready to make the most of its
tunities.
No
again soared to
same
oppor-
abatement of the sharp upturn
new
in
Thursday, and equities
on
heights, with gains
leaders ranging from
On the
some
on a mar-
to four or
one
among
the
points,
more
day trading volume recorded the larg-
taking and a desire on the part of traders to take
stock of the progress thus far made tended to check
the forward movement on Friday, after extending
the gains of the previous day by three or more
points. As compared with the close on Friday a
week ago, final figures yesterday stood out in bold
contrast.
General Electric closed yesterday at
place, which lifted levels 10% to 20% in
instances, while
three points, with
obligations for safe-
sharp and steady improvement
a
on Wednesday, after some timidity,
to raise the level of prominent issues from one to
est turnover since the closing days of 1937.
grade corporate
the
Among
curities, however,
took
Government
transferred to the equities market for
were
forged ahead
slightly, possibly be-
ease
such
in
gainful employment.
were
issues of all
United States
inclined to
were
abrupt
equally
an
lifted speculative
better
4007
stock values occurred
change in sentiment.
turn
Chronicle
Profit-
39% against 33%
on Friday of last week; Consolidated Edison Co. of N. Y. at 25% against 24; Co-
special groups were better.
Even
the speculative foreign dollar bonds were somewhat
lumbia Gas & Elec. at 7% against 5%; Public Serv-
improved.
was
ice of N. J. at 29% against 26%; J. I. Case Thresh-
afforded the
ing Machine at 88 against 76; International Har-
slightly better, and
stock
commodities
market
a
the
little stimulus
Among
was
from
that
direction.
strong early in the week,
thereafter.
Base metals
the export price
of
and
zinc
Grains
in
keen demand and
advanced sharply, making
domestic
level
possible.
improved by successive stages.
exchanges
were
and not much changed
were
copper
mark-up in the
a
trend
Lead
Foreign
weak and strong by turns, with net
were
changes for the week of
no
great importance.
The
vester at
61% against 50%; Sears, Roebuck & Co.
at 64% against 56; Montgomery Ward & Co. at 38%
against 31%; Woolworth at 45 against 42%, and
American Tel. & Tel. at 140% against 129%.
West-
Union closed yesterday at 25% against 20%
ern
on
Friday of last week; Allied Chemical & Dye at 168%
against 147%; E. I. du Pont de Nemours at 113%
against
96%;
National
Cash
Register
at
19%
official controls remained active and held variations
against 15%; International Nickel at 47% against
to small
42; National Dairy Products at 14% against 13%;
On
proportions.
New
the
touched
high
new
stocks touched
Curb
and
Exchange 114 stocks
for
levels
the
low levels.
new
35 stocks
New
touched
new
Stock
York
year
while
27
On the New York
Exchange 52 stocks touched
the
on
Stock
York
high levels
new
low levels.
Call loans
Exchange remained
un-
changed at 1%.
On
the
half-day session
shares;
Stock
on
Monday,
on
141,320 shares;
The
on
stock market
Activity
Saturday
tions
Tuesday,
on
the
came
presumably
on
the
fractions.
ish
session,
close the
Share
up,
over
on
program now
desultory and
Stock
narrow
Exchange
last
Sales
the
market
volume, too,
years.
on
was
A change
Monday, based
the Government's "pump-priming"
under
were
bid
way,
up
and prices, in
from
one
a very
bull-
to five points, to
day in most instances at their best levels.
turnover, likewise, experienced
exceeding
a
sharp pick-
were
on
million shares for the day.
a
against 16%; Canada Dry at 18 against
National Distillers at 21% against 18%.
The steel shares made important gains this week,
United States Steel closed yesterday at 52% against
41%
on
Friday of last week; Inland Steel at 75
against 56%; Bethlehem Steel at 54% against 44,
and Youngstown Sheet & Tube at
39% against 28%.
In the motor group, Auburn Auto closed yesterday
at 3% against 2% on Friday of last week; General
Motors at
35%
against 29%;
Chrysler at 54%
In
the
rubber
group,
Goodyear Tire & Rubber
closed yesterday at 20% against 17% on Friday of
last week; United States Rubber at 32 against 26%,
and
B.
F.
Goodrich at 15%
against 12%.
The
railroad shares came up from behind this week to
close materially higher.
Pennsylvania RR. closed
yesterday at 18 against 14% on Friday of last week;
Atchison Topeka & Santa Fe at 31% against 24%;
New
York
Central at 14% against 10%; Union
Pacific at 77% against 61%; Southern Pacific at
14% against 10%; Southern Railway at 9% against
6%,
and
Northern Pacific at 10% against 7%.
Among the oil stocks, Standard Oil of N. J. closed
un-
yesterday at 51% against 46% on Friday of last
Tuesday, but average gains for the day
week; Shell Union Oil at 14% against 12%, and
limited from fractions up to two
panied by
ingliouse Elec. & Mfg. at 89% against 74%; Lorillard at 16%
The
one
progressive movement of stock prices continued
arrested
against 38%; Eastman Kodak at 166 against
150%; Standard Brands at 7% against 7%; West-
against 41%, and Hupp Motors at % against %.
extremely narrow, with price fluctua-
was
limited to
heart
191,220
Thursday,
present week made excep-
negligible, being the smallest in 20
of
on
Friday, 318,010 shares.
tional strides after months of
trading.
Fri-
on
27,165 shares;
were
Wednesday, 204,835 shares;
298,745 shares, and
on
On the New York Curb Ex-
change the sales last Saturday
shares;
Sulphur at 33% against 31%; Continental Can at
45
104,530
Wednesday, 1,712,450
Thursday, 2,403,270 shares, and
on
day, 2,290,640 shares.
on
were
1,087,050 shares;
were
Tuesday, 1,457,030 shares;
shares;
Exchange the sales at
Saturday last
on
Monday they
on
Texas Gulf
16%; Schenliy Distillers at 17% against 14%, and
New York
the
National Biscuit at 24 against 23%;
further increase in sales.
points,
accom-
Stock prices
Atlantic Refining at 23%
copper group,
against 20%.
In the
Anaconda Copper closed yesterday at
Financial
4008
against 23% on Friday of last week; American
against- 35%, and
Refining at 45%
Smelting &
The
major trade and business indices were only
Steel operations for
modestly better for the week.
the week
ending today were reported by the Amer¬
ican Iron and Steel Institute at
28.0% of capacity,
against 27.1% last week, 29.0% a month ago, and
Production of elec¬
75.9% at this time last year.
tric power
for the week to June 18 was reported by
the Edison
watt
hours
week
and
Electric Institute at
1,991,115,000 kilo¬
1,991,787,000 in
against
the previous
2,213,783,000 in the corresponding week
of last year.
Car loadings of revenue freight for
the week to June 18 totaled
555,569
ciation of American Railroads
The continued sinkings ot British commer¬
degree.
ships in Spanish loyalist ports afford ground
cial
apprehension, even though Prime Minister
for much
Phelps Dodge at 25 against 20%.
cars,
the Asso¬
This
reports.
was a
June 25, 1938
Chronicle
indisposed to taking any coun¬
Chamberlain appears
ter measures.
Exchange
The London Stock
Gilt-edged issues were steady,
gains in securities.
and industrial stocks showed
Both
likewise
shares
commodity
other
and
improved.
Anglo-American trading favorites were marked up¬
section.
the foreign
in
ward
active demand
occasioned
cheerfulness
were
indications of switching
by reports of the rise in
from such obligations into
securities.
speculative
British
industrial
well, and gains were general in the com¬
kets, the July option for wheat in Chicago closed
shares did
yesterday at 75%c. as against 78%c. the close on
modity groups and in international securities.
July corn at Chicago closed
Friday of last week.
yesterday at 57%c. as against 57%c. the close on
July oats at Chicago closed
Friday of last week.
yesterday at 27c. as against 26%c.
the close
on
The
spot price for cotton here in New York closed
yesterday at 8.82c. as against 8.43c. the close on
The spot price for rubber
Friday of last week.
yesterday was 13.95c. as against 12.25c. the close
Domestic
Friday of last week.
on
copper
closed
London the
In
on
price of bar silver yesterday was
against 18% pence per ounce
Friday of last week, and spot silver in New York
closed
yesterday at 42%c., the close on Friday of
the
transfers
as
the
of
matter
foreign
London closed
on
cable
exchanges,
yesterday at $4*96 5/16
against 14.97% the close on Friday of last week,
transfers
cable
and
2.79c.
former
levels, but industrial stocks advanced gen¬
erally.
Gold mining stocks were uncertain and oil
on
Paris
closed
yesterday at
against 2.78%c. the close on Friday of
as
tone
ward
stock
series of
New York
Paris
and
contributing to the better sentiment.
net
Rumors of
leading nations
United
gains and equally modestlosses,
changes for the week of
quence.
In
the movements alter¬
however,
nated between small
with
improved in
quiet sessions, with the sharp advance in
Berlin,
currency
were
no
great conse¬
devaluations by the
current in Europe, as in the
States, but they gained little credence in in¬
formed circles and
p>robably affected the securities
markets but little.
Business reports are
commodity
in response
to overnight reports of New York ten¬
London
at
that
the affairs of
in
started
year ago appears
the
not encour¬
United
States
to be making inroads on
Britain, France and Germany.
There
were
indications, indeed, that the European markets
were
sending funds to the United States for em¬
ployment in
ness
gains
our
markets,
improvement
on
is
the theory that busi¬
likely to precede
the other side of the Atlantic.
political problems
affected
here
on
the
any
European
remain unsolved and probably
foreign securities exchanges to
yesterday, while industrial stocks
International issues were in keen
forged ahead.
demand.
Dealings
scale
as
the Paris Bourse were on a small
on
trading
wTas
resumed for the week on Mon¬
day, but the trend was firm in almost all depart¬
Rentes
were
were
demand, and most French
in
issues
some
Commodity stocks ad¬
maintained.
not
gains in the staples, and international
on
After
firm.
were
prices declined
on
a
good start
exchange
the
guaranties against
Electrical issues were firm
the French equities, but commodity shares
slumped.
vances
Tuesday,
fluctuations showed better results than
ordinary variety.
among
on
the Bourse and net changes were
small in most issues. Rentes with
In
international section sharp ad¬
reports of the gains on
the
stimulated by
were
the New York market.
Liquidation was the rule on
Wednesday, and most of the previous advances of
the week were canceled in that session. Rentes were
marked
equities and
unsettled. The
sharply lower, while French
movements
decline
similarly spotty condition pre¬
Gilt-edged issues were firm in a quiet ses¬
dencies.
for
a
a
group
shares
commodity
the
some
Anglo-American favorites improved sharply
vailed.
aging in the great industrial countries of Europe,
almost
industrial stocks showed
British
securities.
day
DIVERGENTexchanges inwere reported European
tendencies the leading this week
a
speculative funds flowed back into such
as
vanced
The London market
Gilt-edged issues were marked up¬
good.
was
equities also improved, although best levels of the
European Stock Markets
on
Changes were small on Thursday, but the
the end.
ments.
last week.
financial centers.
Anglo-American issues reflected some
soft.
profit-taking at first, but a firm tone prevailed in
sion
last week.
In
Wednesday. Gilt-edged stocks again hovered around
good spots, while others were uncertain, and in the
yesterday at 9c., the close on Friday of last week.
19 pence per ounce as
An¬
optimistic session was reported in London on
other
issues
Friday of last week.
in
Gilt-edged issues lagged, for there were
drop of 197,218 cars from the similar week of 1937.
more
Most issues
Tuesday, partly in response to the
on
New York.
indicating the course of the commodity mar¬
small advances.
gold and base metal mining issues were in demand,
gain of 1,715 cars over the preceding week, but a
As
quiet and firm
commodity prices contributing to the small
of
ness
was
trading period of the week, with firm¬
in the initial
were
attributed to
fessional traders.
supported
than
likewise
wrere
profit-taking by
pro¬
International issues were better
others.
Movements on Thursday
uncertain, with rentes wrell supported at previ¬
levels. French bank stocks and other equities
were
ous
were
soft, and international issues were
irregular
despite the favorable advices from New York and
London.
Rentes were marked upward yesterday,
and
French
equities also were firm, but interna¬
tional issues drifted downward.
Voium§
m
Modest
f
trading and small price changes
ported
Financial
Chronicle
aloofness traceable in part to
Semitic movement in
would
A few
issues managed to close with
It
that Prime Minister Neville Cham-
appear
berlain
renewal of the anti-
virulent form.
more
a
further aspects of the European situation.
on
were re-
the Berlin Boerse last Monday, with the
on
4009
i
is quite ready to sacrifice the loyalist
regime in Spain to the ambitions of the fascists, for
great majority of securities merely held to former
the British leader induced France to tighten the
broader controls and lessen the supplies reaching
figures.
Fixed-interest obligations
the loyalists through Bordeaux and other French
regular.
Issuance of
small gains, but
decree
a
on
mildly ir-
were
Tuesday prohibit-
ing Jews from visiting the Boerse provoked
cline
but
3
in
that
few
a
Most losses
de-
a
fractional,
were
a
insure
firm in al-
sharp British turn toward realism in international
sections, but mining stocks moved slightly
affairs, signalized by the departure of Anthony
Eden from the Cabinet, thus continues in stark
Wednesday
on
Changes in equities
were
was
measured almost
entirely in fractions, while fixed-income securities
dull and
Thursday
on
Plainly enough, this is merely part of
The trend
most all
were
ports.
larger British scheme for understandings with Italy
and Germany which apparently are intended to
leading stocks showed recessions of 1 to
points.
lower.
session.
the
steady.
was
A weak session of the Boerse
held due to liquidation of Jewish
in Europe for
peace
effect.
There is
some years
to come.
The
present point in trying to antici-
no
pate the verdict of history, which may be in favor
of Mr. Chamberlain if his policy actually prevents
a
holdings, following the decree banning Jews from
general European
the market.
averted, hoAvever, the favorable verdict of history
in
Selling of securities
attributed also
Avas
part to liquidation by others, to obtain cash for
purchases of Jewish enterprises, which
available
be
Losses
at
4
r„
also
The
lower.
were
yesterday, Avitli price changes small,
r
D
.
oreifirn
^
,
„
a 10nS 1S
in
foreign affairs.
by Senator
the
revealed last
was
Saturday
ington to mend their home political fences.
with
a
particular
revision
of United
affairs.
He made it
of the
by
or
States Iuavs
may
for
plan
It
good part
a
attention
greater
is, indeed,
general
satisfaction.
foreign
Roosevelt
the
The
Administration
quixotic, and
has
been
his
made
Chicago last October.
It
'
was
to
foreign
a matter
policy
of
concern
ever
both parties
m
the Far East.
ments
on
The many
conflicting
pronounce-
harmonized, and
independent survey by the Senate Foreign Relathis
end.
remains
true
your purse,
may
It
Avas
afford at least
once
today, that
an
approach
acutely observed,
and
domestic policy affects
but foreign policy
may mean your
life."
European Diplomacy
Tuesday by
on
an
agreement of
Committee
for
the
«n
of
progress" has been made in the
foreign volunteers from either side
This procedure obviously relates to the
gpadl>
provision 0f the Anglo-Italian treaty preventing its
effectiveness
from
until
Italian
troops
are
Avithdrawn
it is reported in London dispatches
gpain>
pr]me
aimost any
Chamberlain
Minister
is
anxious
at
cost to place the Anglo-Italian pact in
effect,
that negotiations can start for an
so
understanding between France and Italy on the one
hand, and betAveen England and Germany on the
There
oGler.
have
been
numerous
suggestions of
Qhamberlain is Avilling to return some
jabe
German
former
t0
insure
colonies
that
to
country,
in the
It seems possible, indeed,
peace.
diplomatic deai underlies the German deCzechoslovakia,
a
dsion of recent weeks not to invade
com-
to the international conflict
foreign policy by accredited spokesmen
tions Committee
to
withdrawal
that
dmimstration need to be
for the
an
as
this
ting of beliigerent rights to General Franco
anything but illumi-
in the Spanish civil war, but
pletely disregarded
Since the loyal-
shipments from and via
Non-intervention
a^er "substantial
€ff0ld
as
followed
London
quarantine" speech
nating to find the neutrality law made effective
to
for
the
Avhimsical and
matter for extreme
a
President
Secretary
ou
entirely against the loyaiists.
wag
wag
Gie
was^represented as welcoming
giving
This turn of events
at
vieAv to
relating to foreign
plain, also, that
affairs.
since
a
be devoted to the problem.
State Cordell Hull
the
and with
care,
of munitions for
from theh. Italian and German allie
gea
acti(m
congressional session due to start next Janu-
well
ary
Mr.
dispatch to the New York
said, that the Neutrality Act Avould be
Times
studied
shipments
France, while the insurgents receive ample supplies
tee, as members of Congress moved out of Wash-
intimated,
Spain to
°*
en&a&e 111 a
highly important sphere of
This
issued by Pre-
Avas
igts depended largely
Pittman, Chairman of the commit-
ey
order
an
on
vacillating and uncertain policy pursued by this
Administration
Monday
on
either side in the Spanish conflict.
.
'
0.,,ei^.n
relief, for
mier Edouard Daladier to close the border betAveen
France and
..
Folicv
,
qQMEWHAT belatedly, the Senate Committee
Pittman
probable,
session brought the European trend into clearer
securities
r
the
seem
Termination of the brief French Parliamentary
dull
/..,rT^T,rTT
of the sacrifices
some
being made, and by others that
now
is
general in the equities division, and
were
was
will ha\Te to be tempered by
war
bargain prices in Nazi .Germany.
fixed-interest
Boerse
said to
are
Even if the looming
Avar.
ige
The
E
affairg
aI
g
Great
effect
of
this
trend
important by-elections
Britain
in
diplomatic
ligh opinion is difficult to assay,
of late,
have been held in
and some seem to suggest
sl]pport for Mr. Chamberlain, Avhile others suggest
ovaL
(li
^
In the House of Commons a good deal
resentment
fascist
Gm(j
against
the
supine
acceptance
of
bombing of British ships is expressed from
Gme
But
judgment
on
the Chamberlain
poMcy ag a who]e plairdy ig being withheld, pending
determination of its results. With respect to Anglo-
THAT poAver and pressure diplomacy of a prin- American rapprochement the Commonsthe Parliamost
has been
the
emphatic.
In numerous debates
,
dubious
cipal
dantly
nature
European
holds
countries
clear this Aveek.
pean area
SAvay
again
among
Avas
more
made
abun-
With the Central Euro-
relatively quiet for the time being, attensharply to the Spanish problem, Avhich
tion shifted
must be settled before the
major Powers
can
agree
ment has indicated a desire for early
of
the
negotiation
proposed Anglo-American trade agreement,
and settlement of the war debt problem is urged
as
well.
In Central Europe the German revival of
anti-Semitism has obscured matters to a degree, but
June 25, i93»
Chronicle
Financial
4010
quiet conditions
special elements.
The
Greater Germany
reached a new pitch over the last week-end, with
every effort made to force the poor unfortunates
to flee the country at the expense of relatives or
associates abroad. The childish practice of marking
Jewish shops in Berlin and other cities was resumed, but at least a little comfort can be drawn
from the reports of foreign press correspondents, to
the effect that the German people looked upon these
prevail, although some diplomatic changes possibly
are
brewing.
The Yugoslavian Premier, Milan
measures with obvious disapproval. Brash youngsters of the Nazi party were considered responsible
Stoyadinovitch, concluded on Wednesday a brief
for the latest outburst, but the question of official
approval was settled on Tuesday by Propaganda
Minister Joseph Goebbels, who warned all Jews that
they must leave Berlin "very soon."
it is clear the international
The
Czech
called to the colors a month ago were
late last
of
official drive against Jews in
reserves
ordered home
week, although there is still no indication
satisfactory outcome of the Sudeten German
a
French authorities remain uneasy regard-
problem.
slipped through the closproviding power for
conscription of the entire nation in the event
ing the prospects, for they
ing session of Parliament a bill
virtual
of
In Southeastern Europe
war.
Italy, in the course of which he conferred
visit to
Mussolini
Premier
with
problems
regarding
of
mutual interest.
Poss,l)le that tlle new outburst
It is raore tlian
Irish Election
Jew-baiting
of
pRIME MINISTER RAMON DE VALERA and
1.
against
directed
cation
crisis involving Czecho-
modified.
been
has
Slovakia
his Fianna Fail associates won a
is
Germany
in
intended by
authorities to divert public attention
Sweeping vie-
the
from the
increasing
After a long
Czechoslovakian stalemate, or from the
the prospolitical calm and stability in
tory in the Irish elections of June 17, and
economic difficulties of
pects now are for
campaign
the ballots was
new
completed
Bail Eireann, or
have 7<
William T. Cosgrave
Ireland
It
was
headed
the simpler system in use in England,
instance, would almost have wiped out the other
for
so
far as Parliamentary representation is
concerned.
The Irish leader dissolved Parliament
groups,
called for new elections
and
at
most opportune
a
outstanding
questions between England and Ireland were settled
moment, immediately after almost all
in
a
Results of the balloting indicate
formal treaty.
his
that
judgment was sound, and that a great
majority of his countrymen are content with his
It was considered noteworthy that sup-
policies.
port for the Fianna Fail came from all groups and
sections
Ireland, regardless of religious differ-
of
the schisms that
ences
or
often
occasion.
remains
varying degrees of wealth
The question of Northern Ireland
unsettled, of course, but there have been
suggestions in recent months that the British Government may come
on
to take a more liberal attitude
matter, as it has of late on trade and debt
this
questions.
Greater
0f
assural)ces
rapidly
,
itg fopei
fap
authorities.
and tlie dependence of the country upon
trade makes this a serious matter.
So
the
apparently remain
German-Austrian debts are concerned,
as
autll0rities of the enlarged Reich
wi11i
to
engage
in discussions.
A group of Ger-
in London, Wednesconfer there with British and other repre-
man
filianciai experts arrived
d
to
sent'atives
of
regarding the debts of the former
Augtria.
London
State
dispatches suggest that the
obligations of Germany and
The German delegates are said to be inclined toward regularization of tiie position through general reductjons of the coupons on external obligations of a
„overnmentai nature, with a view to avoidance of
further "clearing" restrictions.
The need for haste
ig obviongt since the British Chancellor of the Exchequel>) sir Jolm Sim0n, has served notice that a
more intensive application of the "clearing" prinproblem of all external
Austria
■
probably will come under review.
1(J wiu follow a
lack of payme„t on the Austrian
been guaranteed by
loans that have
internationaI
ther na^ons
e
•
Spain
,
Germany
Similarly, there are inditrade is dwindling
export
German
that
catioas
small
the
by
*
'
•
resistance
lhe German
noted by Dublin press corre-
as
groups,
| j,.sl
for
Mr. de Valera thus
spondents that the system of proportional representation saved many seats for the opposition
But the calm preparations
democracy, and the
French support, checked any move by
opportunity.
1j)(.
by
clear majority in the
will be able to count upon a
Parliament.
Germans in
obtained 45 seats, laborites 9,
independent candidates 7.
and
seats in the
party
expected Herr Hitler to take over the Sudeten
Czechoslovakia without more ado, at
legg
lower house of the Irish Par-
United
The
liament.
trolled
Tuesday it appeared
on
Fianna Fail would
the
that
When tabulation of
Eire, or Ireland.
the State of
the Reich.
of propaganda in the completely conGerman press, most Nazi adherents doubt-
•
•
f\NCE again international aspects of the
Spanish
civil war are predominant, although events of
momentous. There appears
INTEGRATION of Austria with thechanges in the
German Reich
apparently has occasioned
the war itself also are
peculiar beliefs and practices that constitute the
to be every likelihood
German
European Powers on the
no
which
variety of fascism, although the area over
they
are
operative naturally is wider.
The
problem of Austrian debts, which the small former
State had
settled.
is
even
this
any
no
The
more
week
of
difficulty in servicing, remains to be
great human question of anti-Semitism
pressing, for there
an
accentuation
were
indications
of the drive
against
and all persons with the slightest trace of Jew-
ish blood in
signify
their veins.
growing
Usually such
difficulties
in
the
maneuvers
economic
or
political spheres, from which the attention of the
populace is drawn by campaigns of hate and vilifi-
of new pressure by the great
loyalists and insurgents
struggle rapidly
and make possible the effectiveness of the treaty
between England and Italy. The pact between those
Powers is to come into force only after the withdrawal of Italian "volunteers" from Spain.
In
order to hasten the event, it is reported in dispatches
from several European capitals that Prime Minister Neville Chamberlain obtained assurances from
France that the frontier of the Pyrenees will be
closed to the transportation of munitions. This can
only be interpreted as a concerted effort to insure
within Spain, intended to end the
Volume
Financial
146
collapse of the loyalist defense and
for
General Francisco
The
London
Franco
Non-intervention
quick victory
a
and
his
insurgents.
Committee
met
on
Tuesday and formulated still another proposal for
withdrawals of
and
occasion.
The
extension of
foreigners
erent
is
agreed to the suggestions on this
proposal, which is linked with the
belligerent rights, calls for a count of
either side and the granting of bellig¬
on
rights when "substantial progress" has been
made.
must
foreign participants from both sides,
Russia
even
is admitted
It
elapse before
than
more
a
that another month
real start
possible that the fascist backers of the
insurgents anticipate
withdrawals
loyalist collapse before
a
any
Military events of the
again indicated, this
war
week, the superiority of the insurgents in materials
in
and
tactical
Valencia
skill.
The
insurgent drive toward
intensified,
was
Thursday
by
and
the
troops of General Franco had reached the outer rim
of defenses of that
tions
14
Formidable fortifica¬
large city.
hastily constructed by the loyalists
were
miles
from
Valencia,
difficulties
tion
anticipation
in
some
of
the
of
home
too
are
consumption in Japan,
the
as
great for any reasonable assump¬
The
success.
officially
Chinese
defenders
claimed
Monday that four Japanese ships had
been sunk in the river
by airplane bombs. The war
delay is being utilized by the Chinese in strengthen¬
ing the defenses of Hankow and other vital cities.
on
Guerrilla tactics against the invaders
sued
relentlessly, throughout the
being
are
vast
pur¬
nomi¬
area
nally occupied by the Japanese.
An
indication
Japanese
was
afforded Thursday that the
finding the economic havoc of the
are
long-continued warfare
defense tactics
of
really made.
are
4011
intended for
two
or
be made, and it
can
Chronicle
the
occur
are
conflict,
in
in
sooner
trying.
primarily
the
belief
Japan
has taken another
now
most
based
The Chinese
prolongation
on
that
than
in
collapse
China.
step which suggests that the
Chinese calculations may prevail in the end.
issued in Tokio
were
will
Japan
placing in effect,
Orders
of July 15,
as
the "mobilization of materials" section of the
gen¬
laws marshaling all forces of the
eral
country, at
the discretion of the
ruling regime.
"The ultimate
end of the current incident still is
very
distant,"
an
attack, and another pitched battle of considerable
official
proportions is likely
economic activities was held
necessary, and will
be reflected next month in restricted use of
metals,
to develop.
also continued their drive in the
toward the Almaden mercury
tively little
circulated
Rumors
difficulties within the
mines, but made rela¬
The Catalonian front was
progress.
quiet all week.
The insurgents
\
Penarroya salient
this week
of
loyalist ranks, and espionage
trials of 195
military and civil officials of Govern¬
ment
gave
Spain
bombings by the insurgents
they
ist
than
ports
Two British
the
against
ships
were
Wednesday,
on
continued,
were
helpless
circles.
The
London,
but there
underwriters
were
Franco for
was
reported planning
British official
as
Lloyd's, of
bill
to
General
ships lost and damaged in loyalist ports
An American ship
bomb last Sunday,
a
particular
no
grouped
through airplane bombings.
by
populations.
sunk outside Valencia har¬
reaction to this state of affairs in
hit
but
directed rather against shipping in loyal¬
were
bor
Airplane
color to the reports.
but
was
sustained little
aqtual
fighting
was
and
the
are
are
flood waters from the. Yellow River
between
area
the
nificance of such reports
of
amounts
flood and
admitted,
invaders
and
their
over
indicate
reports
goal
Japanese supplies
damaged
moreover,
averse
or
were
destroyed.
It
Japanese militarists issued
extension of activities may
up
caught in the
was
to the
generally
breaching of the levees, and
measures
that valley toward Hankow.
waters due to
chow for
said
to
some
be
impede their
may
the lines of
land
coast
the
of
progress.
up
of
island
China.
The
a
great
a
vast zone extending
Hainan, off the southern
warning
was
generally dis¬
Cheng¬
the Japanese were
shifting their troops
and
on
rates
banks.
Present
navy
the
Hankow
the
leading centers
are
shown in the table which follows:
Date
vious
Established
3K
Mar.
July
1 1936
3
May 30 1938
...
6
Aug. 15 1935
Country
Date
vious
Established
Rate
4
Aug. 24 1935
4k
India
3
Nov. 29 1935
41*
31*
4
Ireland
3
June 30 1932
31*
Hungary-
1 1936
4
Belgium
Bulgaria
Effect
June24
Rate
Batavla
Argentina—
Pre¬
Rate in
Pre¬
Effect
June24
Country
41*
Italy
7
3.29
Japan
Canada
2H
Mar. 11 1935
Chile—
4
Jan.
24 1935
4H
Java
Colombia..
4
July
18 1933
5
Jugoslavia
_
m
3
.
Lithuania—
May
6 1936
14 1937
5
3.65
4
5
Feb.
1 1935
61*
July
1 1936
May 28 1935
414
3
Jan.
11936
Jan.
21937
3 H
5
Morocco—
4
vakia
Danzig
18 1936
Apr.
Jan.
51*
61*
Norway
31*
Jan.
Czechoslo¬
51938
6
4
4
Oct.
19 1936
314
Poland
4}*
Dec. 17 1937
5
England
2
June 30 1932
2M
Portugal
4
Aug. 111937
41*
Estonia
5
Sept. 25 1934
5H
4X
Rumania
41*
Dec.
7 1934
6
4
Denmark
—
..
4
Dec.
4 1934
South Africa
31*
May
ill 5 1933
France
2H
May
12 1938
3
Spain
5
July
10 1935
4
Sept. 30 1932
5
Sweden
21*
Dec.
1 1933
Jan.
41937
7
Switzerland
11*
Nov. 25 1936
2
Dec.
remained active, although the
invaders
were
unable
to
make
Dozens of Japanese craft moved slowly
of the ships.
the great river is probably
a
,
3
6
2
2 1936
Germany
Greece
—
—
51*
This
move
feint, however,
Foreign Money Rates
or
the Yangtze, and landing parties made occasional
any
at
rates
mechanized
supply between Canton and the capital.
of
Foreign Central Banks
Finland
months to come,
sortees to ease the progress
up
general warning
THERE have been noofchanges during the week in
the discount
of the foreign central
Holland
Japanese
forces
With flood
progress toward
equipment to the south, for assaults
The
a
take place, and all for¬
warned to leave
were
to
of
large
that most of the Chinese people
suggestions that similar
were
that
develop along the Yangtze, if the Japanese try to
move
The sig¬
remains to be determined.
foreign consulates in China, Monday, that
down
some
have been initiated by leaders of
Japanese puppet regime in Peiping.
Rate in
Some
Chengchow.
there
Of
Shanghai reports of Thursday that
fresh peace moves
eigners
a
Mining and other industries within
to be stimulated additionally.
interest, also,
The
con¬
China this
poured through the breached dikes and spread
not
the populace
halting the sharp upward trend in terms
yen.
Japan
to
upon
Commodity prices will be regulated with
view to
the
urged
foreign trade is to be subjected to greater
trols.
of
Thrift is to be
Discount Rates of
done in
week, largely because Japanese military plans
went awry as
were
over
chemicals, oil, gasoline, rubber, wool, linen, leather
and lumber.
Sino-Japanese War
TITTLE
the
Further control
regarded.
damage.
I—i
statement admitted.
or
IN bills
LONDON open market discount rates for short
Friday
against %% on
on
were
as
Friday of last week, and 9-16@%% for three-months
bills,
on
as
against %% on Friday of last week.
call at London on Friday was
open
Money
At Paris the
market rate remains at 2J^% and in Switzer¬
1%.
I
land at
Financial
4012
Bank of
J™e 25> 1938
Chronicle
New York
England Statement
Money Market
this week once New
THE statementJunethe shows of England for the ETTLE business was done and rates in theagain
of 22 Bank further contraction
week ended
market,
York
a
of
£2,465,000 in circulation, bringing the total down
were
to
£483,272,000 from the Whitsun peak of £490,721,-
stock
330 reached June
8;
notes in circulation
a year ago
aggregated £483,719,372.
This is only the second
return of the Bank in over
four years to show circu¬
corresponding week of
lation under the
dehoarding
a year
earlier.
occasion was May 19 last, when French
The previous
Bullion holdings rose
in progress.
was
£58,472, and together with the circulation decline
resulted in
Public
gain of £2,523,000 in reserves.
a
deposits increased £10,100,000, while other deposits
Of the latter amount, £3,549,-
fell off £11,488,578.
493
was
other
from bankers' accounts and £7,939,085 from
The
accounts.
27.10% from 25.3%
29.50% last
fell off
week
a
Loans
year.
proportion
reserve
£4,225,000 and
and
ago
to
rose
other securities increased
on
and securities,
was made in
which fell off £180,501,
advances,
which increased £533,920.
No change
the figures for
week with comparisons for preceding years:
the
Below
2% discount rate.
the
BANK
OF
ENGLAND'S
June 22,
1938
are
COMPARATIVE
June 23,
1937
June
June
June 26
Public deposits.
Other deposits
27,
1934
1935!
1936
183,272,000 183,719,372
.
396,859,702 181,689,890
17,630,254
16,163,416
141,115,90' 132,826,197
96,309.104
102,360,761
38,755,141
rates merely
Monday
0.016%
12.425,655
10.904.001
maturities
70,454.023
56,462,755
193,322,457 192,143,913
28.60%
35.89%
46.82%
2%
2%
2%
Bank of France Statement
New York
further decline in note circulation of 822,000,-
francs, the total of which stands at 99,413,694,340
and 84,803,701,040 francs two
discounted
bills
commercial
also
accounts
625,000,000
was
crease
being
of which for
francs,
francs last year
seven
as
loss,
a
creditor current
Another
slight
in¬
gold holdings, the
consecutive weeks
Gold holdings
1,131,486 francs.
55,808,091,318
vious
francs.
shown in the Bank's
total expansion
registered
and
namely, 974,000,000 francs,
French
years ago.
total
now
57,359,105,452
against
and 53,952,610,373 francs the
Credit balances abroad
pre¬
4,000,000
francs
and
advances against securities 7,000,000
francs, while the items of bills bought abroad and
temporary advances to State remained unchanged.
The reserve ratio rose to 47.41%, compared with
54.92% a year ago and 58.47% two years ago.
Be¬
low we furnish the different items with comparisons
year.
Money Rates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
ruling quotation all
loans and renewals.
through the week for both new
The market for time money
quiet, no transactions having
continues
been reported
\\i% up to
Rates continued nominal at
this week.
months maturities.
has been
very quiet this week.
The demand has been good,
but prime paper is slow in coming out.
Rates are
quoted at %%@1% for all maturities.
days and \lA% f°r four to six
prime commercial paper
market for
The
Bankers' Acceptances
THE market dull primeweek. Transactions have
for this bankers' acceptances has
been
very
light and interest in prime bills is declining
and more each week.
There has been no
been very
change in rates.
francs, compared with 85,798,933,660 francs a year
ago
held to 1 *4% for
1%% for four to six
months' datings.
2%
'HE statement for the week ended June 16 showed
000
90 days, and
to
6.079,604
2%
a
Call loans on the
again 1% for all
reported on awards.
transactions, while time loans
more
T
was
York Stock Exchange were
New
16,983,605
29.50%
Bank rate
further issue of $100,000,000 discount
days, and a record low average of
a
bills due in 91
81,006,071
27.10%
liabilities
dealings held to former low levels, with the
carried over. The Treasury sold last
paper
36.517,093
96,186,044
22,590,881
10.165,226
Proportion of reserve
to
appreciable demand for accommodation, ap¬
any
parently because broker balances are ample for the
immediate needs.
Bankers' bill and commercial
90
STATEMENT
24,
134,789,125
20,046,771
15,458,991
21,656,000
140,819,451 132,173,025 128,195,705
90,822,16?
Bankers' accounts. 105,512,701
94,987,464
Other accounts...
37,373,542
35,306,75;
37,185,561
99,603,310
Govt, securities
98,027,532
110,176,164
24.095,564
Other securities..
26,127,26? 23,933,706
Disct. Ar advances.
3,756,142
7,640,84?
5,500,18*
Securities
16,454,721
20,627,075
20,177,564
Reserve notes <fe coin
42,486,622
44,052,000
43,588,83*
Coin and bullion
327,325,229 327,308,210 217,275,747
Circulation
had not so far been reflected
government securities
on
Increased
departments.
all
in
market activity
with
compares
Other securities consist of discounts and
£353,419.
by
money
unchanged
rose
Dealers' rates as reported by the
bills up to
Federal Reserve Bank of New York for
and
including 90 days
are
Yf/o hid and 7-16% asked;
9-16% bid and l/2%
running for four months,
for bills
asked; for five and six months, %% bid
asked.
The bill-buying rate
YfZo f°r hills running from 1 to 90 days.
Reserve Bank's holdings of accept¬
Bank is
Federal
The
remain
ances
unchanged at $537,000.
Discount Rates of the Federal Reserve
Banks
THERE have beenofno changes this week banks.
the Federal Reserve in the
rediscount rates
following is the schedule of rates now in effect
The
for
the
various
classes
of
at
paper
the different
Reserve banks:
RATES OF FEDERAL
DISCOUNT
RESERVE BANKS
Rate in
Previous
Effect on
Date
June 24
Federal Reserve Dank
Established
2. 1937
Boston
IX
Sept.
New York
1
Aug.' 27, 1937
Philadelphia
IX
Sept.
Cleveland
for three years:
and 9-16%
of the New York Reserve
IX
May
IX
Aug. 27, 1937
Richmond
Rate
2
IX
4, 1937
2
11, 1935
2
2
IX
Aug. 21, 1937
2
Chicago
IX
Aug. 21, 1937
2
St, Louis
IX
Sept.
2, 1937
2
Minneapolis
IX
Aug. 24, 1937
2
Kansas City
Dallas
IX
2
San Francisco
IX
3, 1937
Aug. 31, 1937
Sept. 3, 1937
Atlanta
Changes
June 16,
for Week
Francs
Gold holdings
_L_
Francs
June
19, 1936
Francs
French commercial
bills
discounted.
Adv. against secure..
Credit current accts.
6,515,934,952 8,544,922,029 7,608,901,262
778,276,405
1,038,990,126
1,280,070,594
3,520,434,266 4,080,785,554 3,494,729,541
—822,000,000 99,413,694,340 85,798,933,660 84,803,701.040
—625,000,000 18,305,135,926 18,633,412,465 7,468,880,594
Temp. advs. with¬
out int. to State..
No change
40,133,974,773 19,979,738,771
hand to sight liab.
+ 0.58%
"
vuii'uaocum xiauuj.
47.41%
54.92%
u memoes Dius discountedabroad,
58.47%
c
Rep¬
on Treasury on 10-blllIon-franc credit opened at Bank.
Since the statement of June 29, 1937, gold valuation has been at rate of 43
mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936,
gold valuation
was
2
2
49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc.
Exchange
STERLING exchange has receded fromquotations
the high
week when exchange
levels
were
Propor'n of gold on
j
IX
No change
+ 7,000,000
Note circulation
."
resenting drafts
Sept.
Course of Sterling
—974,000,000
_
b Bills bought abr'd
c
Francs
June 17,1937
+ 118,388 55,808,091,318 57,3.59.105,452 53.952,610,373
+ 4,000,000
23,002,972
176.703,186
15,332,055
Credit bals. abroad,
a
1938
:.
open
of last
governed by the scramble for gold in the
market.
more
nearly
been
between
London
The foreign exchange market is now
normal.
The
$4.95 5-16 and
sight, compared with
a range
range
this week has
$4.97^ f°r bankers'
of between $4.96 9-16
Volume
and
146
Financial
$4.98 3-16
last
week.
The
transfers has been between
compared
$4.98%
with
a
The excessive
to
cable
for
between
$4.96%
and
week ago.
a
characterized
came
of
range
range
$4.95% and $4.97 3-16,
week's
abrupt end
an
amounted to
Friday of that week.
on
Dur¬
days at the time of price fixing
£5,785,000.
that since the
they were not being discussed jointly since the
Treasury, handles monetary problems, while the
State
Department handles
It
asserted in London
was
inception of the
Continental
rumors
trade
agreements.
definitely jdid not close the
monetary discussions between the
foreign exchange market
ing the rush into gold the total offerings in the London
market for the six
4013
that
Hull's remarks
demand for gold in London which
last
Chronicle
Commercial, tourist, and
are
the
now
change
Mr.
door upon
two countries.
other
seasonal
factors
prevailing influence in the foreign
market.
For
time
some
there
have
signs of Japanese selling of dollars and
buying of
to be entirely on commercial
ac¬
sterling, believed
count and to have
hoarders and other gold
buyers were believed to have
The
relation to dollar
specualtion.
no
adjournments of the French Parliament and
United States Congress have
likewise helped
purchased at least £5,000,000 in gold after the fixing
of the
hour.
the general business markets in
all countries.
Thus
approximately £11,000,000 was taken
during the week, more than had been placed on offer
at
price fixing time in any month during the past
few years.
started
several
the
movement
factors.
into
Responsible
rumors
gold
London, Amsterdam, and Paris refused
a
to encourage
emphatic denial
prospect by Secretary Morgenthau effec¬
tively ended the gold hysteria.
The British
of
most
the
Exchange Equalization Fund provided
metal
absorbed
by the market.
action of the British authorities in
prohibitive price
the
demand for
placing
an
The
almost
the metal effectually arrested
on
gold.
The fund still continues to
supply the major part of the gold bought in the
open
In this connection
The Fund's gold
supply has, it is believed,
seriously depleted in recent weeks.
It is esti¬
mated to have declined
since
Easter.
000,000
in
£60,000,000 to £70,000,000
will
an
that
the
Fund
opportunity to replenish its
A decline in the gold price is
It is felt in London that dollar
are
trend
as
exchange is likely
Continental operators
covering their positions.
now
men
firmer
a
British business
consider it undesirable to
permit the dollar to
weaken
against sterling
as
the
depreciation would
intensify the present overvaluation of the pound and
the persistent trend toward
larger British import
surpluses and larger United States export surpluses.
The improvement in the dollar was aided
by
Secretary Morgenthau's emphatic
currency would be devalued.
The
statement
Kennedy,
Britain,
effect
not
made
United
on
in
on
States
denial that
This does not
the
political unrest and
ally stabilized
as
long
are
not actu¬
While the
foreign
gold
reserves.
The American
gold store
$12,951,458,522.
The
on
June 16 amounted to
British
authorities
also
are
an
Great
amounted to
May 30 imports of gold to
£104,335,655, against £135,-
914,859 in the corresponding period of 1937.
It
seems
to
Mr.
Kennedy is
me
the
day of devices is
was
asked
a
few
days
This
gain evidenced by the
was
treaty
"The problem of
lowering trade
exchange stabilization
rently together," the Secretary replied.
total of
within
£80,000,000
a
is in
bills
was
few hours.
one-third to
large takers.
19-32%,
are
fixing time
was as
Monday
new
expected
scaled down
were
by
Call money against bills
Two-three-, and four-months'
and
six-months
bills
offer in the London
open
on
of the
An
exceeded by an equal amount
Allotments
supply at %%.
Gold
follows:
£349,000,
are
%%.
market at price
Saturday last £405,000,
on
Tuesday
on
At
the
Port
of
on
£495,000,
on
Thursday £771,000, and
New
for the week ended June
Reserve Bank of New
York
22,
run
concur¬
When asked
trade problems were being discussed, he
replied
as
York,
the
on
gold movement
reported by the Federal
was as
follows:
GOLD MOVEMENT AT NEW YORK, JUNE 16-JUNE
22, INCLUSIVE
Imports
Net
Exports
j
|
None
Change in Gold Earmarked for Foreign Account
Decrease=$563,000
Note—We have
was
been notified
that
approximately $1,969,000 of gold
received at San Francisco, of which $1,606,000
$463,000 from Hongkong.
The
above
Wednesday.
figures
are
for
the
On Thursday there
exports of the metal
or
for foreign account.
came
week
were no
from Australia
ended
on
imports
or
change in gold held earmarked
On Friday there
ports or exports of the metal
or
were
no
im¬
change in gold held
earmarked for foreign account.
did not indicate that
monetary as well
success
British defense loan issued last week.
ago
whether the 24-hour monetary
policy of the United
States was impeding negotiations of a trade
with Great Britain.
were
£42,548,392, against £108,915,488 in 1937.
Money in Lombard Street continues abundant.
and
Secretary of State Hull
British
exports of gold in the first five months of 1938
important
normal trading conditions
more
London
Friday £558,000.
to
gone."
if his remark
as currencies
gold basis.
a
$1,193,000 from India
of
a movement
which will find it
necessary to maintain private
devalue, then England, France, and every
other country would devalue and all the
advantages
as
on
Ambassador
should
and
longer
United
States retains half the world's
monetary gold stock,
there will be interests both
American and
reported to have said in part: "If the United States
barriers
no
The trend toward gold still
continues, but without evidences of
hysteria, and
may be expected to persist as long as there is marked
Wednesday £448,000,
exchange market.
would be lost.
move¬
gold.
Monday by Joseph P.
only in the foreign exchange market but in the
and
that there is
mean
of currencies into
on
his arrival in New York had
restoring
securities
pronounced
the five months ended
believed
is
expected.
assume
more
It
have
soon
a
ment of idle Continental funds
to the United States.
Sept. 30 the Fund held £279,-
On
gold.
stocks at lower prices.
to
The
New York Stock
gradually accumulating gold. A very large share of
the gold imported
by London remains there.
For
profited by the recent demand and that undoubtedly
it
the
foreign exchange traders here and
abroad assert that there is
market.
been
on
Exchange in the past few days has been
encouraging
European business.
which
due to
was
banking interests in
the idea of dollar devaluation and
of such
decided upswing in
prices
to
The termination of dollar devaluation
had
ex¬
been
Canadian exchange
a
discount of 1
during the week ranged between
7-64% and
a
discount of %%.
June 25, 1938
Financial 1 Chronicle
4014
London check
rate on Paris, the open market gold price, and^the
price paid for gold by the United States:
The following
tables show the mean
LONDON'CHECK RATE ON PARIS
MEAN
.178.34
178.16
177.89
Saturday, June 18
Monday, June 20---
Tuesday, June 21
LONDON OPEN
Saturday, June
Friday,
Thursday,
9>£d.
Friday,
GOLD BY THE
PRICE PAID FOR
June 23
June 24
140s. lOd.
140s. 9d.
June 24-.-,-140s. lOd.
Wednesday, June 22
18—-140s. lOd.
140s. lOd.
21—-140s.
Thursday,
MARKET GOLD PRICE
Monday, June 20
Tuesday, June
177.93
-.177.92
177.89
Wednesday, June 22
June 23
UNITED STATES (FEDERAL
30%.
and exports
five months of May
compared with 7,560,000,000 francs
000,000 francs,
corresponding period of 1937.
in the
days ago Premier
A few
Saturday, June 18
—$35.00
Monday, June 20.-------- 35.00
Tuesday, June 21
—
35.00
Thursday,
June 23
Friday,
June 24--
.$35.00
35.00
35.00
$4.97 1-16@$4.97%; cable transfers $4.97%
@$4.97 3-16.
On Monday the pound was lower in
terms of the
dollar.
The range was $4,96%@
was
sight and $4.96 7-16@
$4.97% f°r cable transfers.
On Tuesday the dollar
was again favored.
Bankers' sight was $4.95 5-16©
$4.96%; cable transfers $4.95%@$4.96 3-16.
On
Wednesday sterling was steady in more normal trad¬
ing. Bankers' sight was $4.95%©$4.95 11-16; cable
transfers $4.95%@$4.95%.
On Thursday sterling
bankers'
for
$4.97 1-16
$4.95%@$4.96 5-16
11-16@$4.96% for cable
transfers. On Friday exchange on London was steady
with the pound in fair demand.
The range was
$4.95 15-16@$4.96 5-16 for bankers' sight and $4.96
@$4.96% for cable transfers. Closing quotations on
Friday were $4.96% for demand and $4.96 5-16 for
cable transfers.
Commercial sight bills finished at
$4.96 1-16, 60-day bills at $4.95 5-16, 90-day bills at
$4.95, documents for payment (60 days) at $4.95 5-16,
and seven-day grain bills at $4.95%.
Cotton and
grain for payment closed at $4.96 1-16.
The range was
steady.
was
sight and $4.95
for bankers'
Continental and Other Foreign
Exchange
hour week France
'
,
struggles abate in intensity
ruled below 178 francs to
the pound (favor¬
179 francs to
the pound.
The unit has however been slightly less
favorable with respect to the dollar.
The improve¬
ment in the franc was due largely to the dissolution
of Parliament, which occurred on June 17.
Inasmuch as Parliament does not reconvene before
November, there is a prospect of four months of
able to
Paris),
as
against new parity of
relative internal calm.
outlook
for
is
the
expected.
being more
hopeful also
strengthens the position of the franc. It is probable
also that the labor leaders are inclined to cooperate
rigidity of the
application of the 40-hour week.
This should
intensify efforts to increase production and to pre¬
with
vent
the
government in removing
from
In the past week the French Bourse
movement, such a
mote
However,
April.
prices
have risen considerably
The French wholesale price index for
May
643, compared with 619 for April
trade deficit is still severe.
Imports by France for
the first five months of 1938 were
valued at 19,462,-
000,000 francs, a gain of 2,877,000,000
the
same
period of 1937.
francs over
Exports amounted to
11,690,000,000 francs, a gain of 271,000,000 francs.
Compared with 1937 imports increased in value
development would help to pro¬
economic recovery.
problem i3 however far from solution. In the
days there has been no evidence of official
control in the dollar-sterling market either in New
The
last few
York
or
to have
market
London, but the French control was
17%
reported
operated on both sides of the franc-sterling
abroad, indicating an uncertain market for
This condition, it may
reflected corresponding un¬
in Continental markets as to the outlook
French currency in
London.
safely assumed, also
be
certainty
for
the franc.
show marked im¬
weeks. Par of the belga is
16.95.
Spot belgas have ruled above this level
throughout the week, frequently going above 17.00.
Belgian currency continues to
provement over recent
The German "free" or
in close
gold mark continues to move
relationship to sterling and the neighboring
in international
so-called gold mark hardly figures
marks,
exchange, while the "aski"
compensated marks, the currency Germany uses
or
increas¬
countries buying from
and selling to Germany.
On June 22 the Bank of
Brazil posted a notice suspending "until further
orders" purchases of German compensated marks.
The following tables show the relation of the leading
European currencies to the United States dollar:
trading with foreign countries, are giving
in
ing dissatisfaction to foreign
,
Old Dollar
Parity
b
France
e
a
(guilder)....
New dollar
parity as
between Sept. 30
On May 5,
Range
This Week
a
2.78)4 to 2.79)4
16.96)4 to 17.01)4
5.26)4 to 5.26)4
19.30
32.67
22.96
to 22.98M
40.20
68.06
55.35)4 to 55.49
before devaluation of the European currencies
6.63
16.95
8.91
and Oct. 3, 1936.
b Franc cut from
c
Parity
3.92
Italy (lira)..
Switzerland (franc)
Holland
New Dollar
13.90
5.26
(franc)
Blegium (belga)
gold and allowed to "float" on
June 30, 1937.
devalued on a de facto basis of 179
franc.
1938, the franc was
pound, or 2.79 cents a
The London check rate on Paris
since
and 529 in
May, 1937.
The index for retail prices in the Paris
region was 698 in May, compared to 691 in April and
586 in May, 1937.
The foreign trade situation of
France is also showing improvement although the
was
has
a
francs to the
prices from rising.
and if a calmer spirit
brighter tone. If French securities recover
their extremely low levels in an active upward
shown
The fact that the European
time
that if political
prevails, improvement in the French economic situa¬
tion can be hoped for and a return of confidence
terms
franc has
refused to adopt the 40could not subject herself to this
Financial observers in Paris assert
currencies, but the
FRENCH francs continue exceptionally steadythe
of sterling and the dollar.
Frequently in
Labor Bureau in Geneva also
the International
at
said that if other countries
Referring to
sight
and
consequently the number of hours worked. Almost
immediately thereafter M. Leon Jouhaux, leader of
the trade unions, who represents the French workers
limitation.
day-to-day rates sterling exchange on
Saturday last was lower in limited trading. Bankers'
Daladier asserted that it
indispensable to increase French production
is
RESERVE BANK)
Wednesday, June 22
The trade balance in the first
represented a deficit of 7,773,-
closed
on
Friday
Friday of last week. In
New York sight bills on the French center finished
at 2.78%, against 2.78%; cable transfers at 2.79,
against 2.78%.
Antwerp belgas closed at 17.00 for
bankers' sight bills and at 17.00 for cable transfers,
against 16.99% and 16.99%.
Final quotations for
Berlin marks were 40.31 for bankers' sight bills and
40.31 for cable transfers, in comparison with 40.40
and 40.41.
Italian lire closed at 5.26% for bankers'
at
177.89, against 178.35 on
sight bills and at 5.26% for cable
5.26%
finished at
transfers, against
Exchange on Czechoslovakia
3.47%, against 3.48%; on Bucharest at
and 5.26%.
Volume
Financial
146
0.74%, against 0.74%;
18.87; and
Poland at 18.87, against
on
Greek
Finland at 2.20, against 2.20.
on
exchange closed at 0.91%, against 0.9134-
Chronicle
these
currencies
no
These units
new
close
in
move
This accounts for the
this week for
exchange
Bankers'
on
sight
Switzerland and Holland.
on
Amsterdam finished
55.43, against 55.47
transfers at
relationship to sterling.
slightly lower levels prevailing
Friday at
on
Friday of last week; cable
on
55.43, against 55.4934; an<^ commercial
Swiss francs closed
sight bills at 55.38, against 55.45.
at 22.98 for checks and at 22.98 for cable
transfers,
Copenhagen checks fin¬
against 22.96 and 22.96.
ished at 22.16 and cable transfers at 22.16, against
22.20 and 22.20.
Checks
Sweden closed at 25.59
on
and cable transfers at 25.59 against
while checks
transfers at
on
June 23 announced
retrenchment
is
The Tokio Govern¬
drastic
a
new
take effect
to
This
the Japanese
rupee,
wartime
July
15/
plan will greatly restrict Japanese imports of
The
program
on
description except for military
every
purposes
and
practically eliminate the importation of all
will
raw
materials except
those which
manufactured export
are
to be converted into
E7 p
products.
Closing quotations for yen checks yesterday were
28.92, against 28.99 on Friday of last week.
Hong¬
kong closed at 30.94@31.00, against 31.00@31 1-16;
Shanghai at 1834® 1854, against 18%; Manila at
49.85, against 49.80; Singapore at 57%, against
57.70; Bombay at 36.81, against 36.82; and Calcutta
36.81, against 36.82.
at
25.64 and 25.64;
Gold Bullion in European Banks
Norway finished at 24.94 and cable
on
Indian
and the Shanghai dollar.
ment
war
inclined to weakness.
are
especially true of the
yen,
EXCHANGE on the countries neutralimportance.
during the
presents
features of
4015
24.94, against 24.99 and 24.99.
1
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at
*—
par
EXCHANGE on long in evidence. The countries
trends the South American National
of
exchange) in the principal European banks
follows
Foreign Trade Council, Inc., of New York is urging
negotation of
States
and
against
a
trade agreement between the United
Argentina
goods
American
through
ferentials may give place to
The
handicap should be removed, the Council states,
by which Argentine importers of
the free
articles from
for imports through
exchange market, while importers of similar
merchandise
exchange.
a
many
other
from
countries
receive
to
us
by special cable yesterday (Friday); comparisons
shown for the
are
up
official
wide range of American
official exchange
on
goods—including
corresponding dates in the previous
four years:
Banks of—
1938
England
France
Germany b.
Spain
•
Italy
Neth'lands.
Nat. Belg..
Switzerland
Sweden
_
_
Norway
1937
1936
1935
£
Denmark
The tightening
of
respective dates of most recent statements, reported
dif¬
exchange
equality of treatment.
the United States have to pay
on
discriminations
which
by
as
£
£
£
327,325,229
293,726,798
2,522,000
c63,667,000
a25,232,000
123,435,000
78,208,000
327,308,210
347,631,003
2,475,150
87,223,000
193,322,457
192,143.913
566,160,983
3,135,650
90,870,000
63,043,000
51,654,000
103,068,000
44,541,000
19,670,000
633,604,432
2,373,100
88,092,000
42,575,000
49,069,000
95,505,000
103,232,000
83,595,000
105,656,000
49,303,000
23,983,000
6,553,000
6,604,000
25,780,000
6,540,000
6,548,000
6,602,000
7,442,000
£
217,275,747
431,620,883
25,232,000
73,735,000
29,109,000
1934
1,964,600
90,525,000
72,108,000
68,928,000
76,500,000
61,209,000
15,205,000
7,394,000
7,397,000
6,602,000
6,577,000
many
the 50 additional
1,030,942,027 1,111,231,363 1,023,104,730 1,149,371,090 1.226,161,945
Prev. week.
articles listed in June, 1936 among
Total week.
1,029,930,932 1,104,140.992 1.022,693.323 1.146,822,937 1,226,720.215
Amount held Dec. 31, 1936, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
reported at £1,016,650.
c As of April 30,
1938, latest figure available.
Also
a
categories for which Argentina promised official
change—does not
to
imports from certain European countries.
fication for the
the
in
reduction
United States.
year
Justi¬
Argentine policy is apparently found
substantial
to the
this
in
Argentine
exports
an
same
on July 23, 1937, at 43 milligrams
of gold 0.9 fine, equal to one franc; this was the second change in the
gold's value
within less than a year, the previous revaluation took place on
Sept. 26, 1936,
when the gold was given a value of 49 milligrams to the franc as compared with
66.5 mgs. previously.
On the basis of 65.5
mgs.,
approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1
sterling, and at
43 mgs., there are about 190 francs to £1.
import balance in its
trade with the United States of $18,452,000,
an
first report since Aug. 1, 1936.
The gold of the Bank of France was revalued
For the first four months of
Argentina had
pared with
ex¬
to apply with equal severity
appear
com¬
Without Honor in Its Own Country
export balance of $30,850,000 in the
The members of the
period of 1937.
As noted above, the
Bank of Brazil
June 22
on
the end of last week
Congress which adjourned at
can
hardly have found much
suspended until further orders purchases of German
satisfaction in the estimates which
compensated marks, the
few
in
uses
currency
trading with Brazil.
de Janeiro that there
are
which Germany
It is reported in Rio
many reasons
the notice.
can
It is
afford to stop
holds
several
difficult to
such
spokesman said that the
that the
ruling
Argentine
bankers'
how the bank
selling compensated marks,
million
Brazil would stop
see
marks.
A
did not
measure
was
mean
closed
Friday at 33.08 for
on
on
market
against 26.00@26%.
at
5.85
was
(official),
close
Friday of last
The
was
26.00@26.15,
Brazilian milreis were quoted
against 5.85.
hard to find
been
Chilean exchange
quoted at 5.19 (official), against 5.19.
Peru is
nominally quoted at 23%, against 2334-
flects the trend of
weeks before
the
public opinion.
session
short time it had
demand
for
It
was
closed, that the Congress
independence which for
seemed entitled
unprecedented
must
have
been
more
a
to, and that the
billions,
lure which neither house would be
There
re¬
apparent,
to
be
spent
largely in the discretion of the President, held
a
disposed to resist.
than
one
suppressed
smile at the
reading of the letters to Vice-President
Garner and
Speaker Bankhead in which Mr. Roose¬
velt, "with appreciation of all that
you
have done,"
country joined
with him "in the belief that this session of the Con¬
for
undone, and what
have said, editorially and in the dis¬
patches of their correspondents, unquestionably
gress
of recent
which has
years
generally and roundly censured both for
the newspapers
Owing to the conflict between China and Japan all
those
Congress in recent
what it did and for what it left
EXCHANGE on the Far Eastern countries presents
features from
weeks.
new
a
expressed his confidence that the
♦—
no
so
had lost all the credit for
week; cable transfers at 33.08, against 33.14.
free
that
only temporary.
paper pesos
or
it
trading with Germany, and added
sight bills, against 33.14
unofficial
as
Treasury
with
exceptions, has made of their work. It would be
behind the
action, but officials of the bank refuse to comment
on
the press,
has resulted in much constructive legislation
the
benefit
of
the
people," and declared that
"definitely we are making progress
in meeting the
problems which confront 11s."
outstanding pieces of legislation for
new
many
the sesappropriation for work relief
and public works with which the Administration
hopes to "prime the pump," and the wages and hours
The
sion are,
of course, the
Belief and Public Works
The Work
bill.
appropriates
tion Act
Appropria-
$2,915,605,00-0, in addition to
^appropriations and 1835,000,000 of special authorrelief and work relief of various kinds,
Of this total, $1,712,905,000 is a direct appropriation
izations, for
in which the
Works Progress
Administration shares
$1,425,000,000. This latter sum is
the extent that not more than 1484,-
extent of
to the
earmarked to
allotted to road and highway conthan $655,500,000 for public
and parks, public utilities and power
500,600 may be
struction, and not more
buildings
and sewerage systems and
specified purposes. The Public
Administration receives a total of $1,465,-
transmission lines, water
number of other
a
Works
appropria-
060,000, of which $965,000,000 is a direct
tion which may be used to finance Federal
make loans or
or
from
An
grants to States or
projects
other public
of bonds which the United
issue is increased
$500,000,000 to $800,000,000.
attempt ivas made in the Senate to withhold
The amount
agencies.
States
Housing Authority may
President the
from the
authority to use any of
the
"pump-priming" money for the construction of competing public utilities in States or municipal areas,
It was reported that the President, at a White
House conference, had expressed the opinion that
such allocations should not be made, where the rates
of
a
June 25, 1938
constitutional restraints, if any, and permits an
evasion in the form of an "advance," notwithstanding that the "advance," in so far as the obligation
to repay it with interest is concerned, differs in no
way from a loan or grant.
The lavish expenditures for relief which Congress
has authorized will doubtless have some temporary
effect in reducing unemployment, but they will do
nothing whatever to meet the real difficulties of
that situation. Even the temporary relief will be delayed by the necessity of attending to numerous
legal and other preliminaries before construction
plans can begin to operate. The huge appropriations, as every one knows, are essentially a political
device to divert attention from the causes of the
depression which Administration policies have kept
going and intensified, and to insure, if possible, the
return of a new Congress as subservient to the President as the recent one has been. It is a political
rather than an economic situation that is to be
relieved.
The wages and hours bill has been too thoroughly
scrutinized and its dangers and defects too clearly
exposed to require detailed discussion at this time.
That it is an entering wedge for further Federal
control of industry and business is clearly recognized. Its immediate advantage to wage earners in
increased wages or shorter hours seems likely, on
the other hand, to prove disappointing. When the
bill was revived in the last session, estimates of the
number of wage earners to be benefited ranged as
high as 800,000. Recent estimates have reduced that
figure to 200,000-250,000. It has been further pointed
out that, in most large industries, the wage and
Financial Chronicle
4016
private utility company were
regulated by pub-
the municipality desiring such an allocation made in good faith an offer
to purchase the plant at a fair price. "Further consideration," according to Senator Barkley, suggested that there might be litigation as to the fairness or good faith of an offer to purchase, and with
what
a
correspondent described as "a shouted
chorus of 'nays'" an amendment prohibiting such
allocations was rejected. As the matter stands, the
President has the authority to allocate Federal
funds for the construction of competing utilities,
but has stated to the Senate, in an authorized announcement through Senator Barkley, that he does
not intend to use the authority unless a municipal-
hour standards are considerably better than those
set by the bill. The widely varying estimates of the
It will not escape notice
and good faith of
the municipal offer, instead of being passed upon
by the courts, will be determined solely by the President or, as a practical matter, by Secretary Ickes.
was called to
lie
authority, except where
purchase.
ity wishes to
that the
question of the fairness
point the work relief measure
At another
authority of the States. The
openly at the
vides that "in
the event that, due to
strikes
bill pro-
constitutional
Territory, political subdivipublic body shall be unable to partici-
limitations, any State,
sion
or
other
of
pate by way of loan and grant in the benefits"
the PWA title of the bill, the PWA Administrator,
"with the
approval of the President, may
advance
public agency upon agreement
by such public agency to pay back in annual instalments, over a period of not to exceed 25 years, at
least 55% of the amount advanced with interest
thereon for the period of amortization." As everymoneys
one
to any such
knows, the debt limits to
must conform are
stitutions, but the Federal
which municipalities
prescribed by State laws or con-
relief Act ignores the
affect is an
and kind of
information and inquiry on which the proposal
number of persons whom the bill will
instructive commentary on the amount
rested, while the required delay of 120 days means
that any benefits to be obtained through the bill
will not be available until near the end of October,
on the eve of the Congressional elections.
The Securities and Exchange Commission has
had its authority extended in two directions. The
first is through the Maloney bill which brings over
the counter security dealers under the supervision
of the Commission. Thanks to the attention which
the measure by vigorous
criticism51 of
of its provisions, the bill is a better one than
it promised to be when it was introduced. It remains to be seen whether the Commission will allow
the regulations for enforcement to be drawn up, in
essentials at least, by persons familiar with over
the counter business, and thereby insure cooperation
in carrying out the requirements of the bill, or
whether it will take the matter entirely into its
own hands and promulgate such regulations as it
sees fit.
The other extension is provided in the Chandler
Act amending the Federal Bankruptcy Act. Under
the Chandler Act, the Commission is given an important voice in the disposition of reorganization
proceedings. If the scheduled indebtedness of the
corporation to be reorganized does not exceed
$3,000,000, the court may submit the plan of reorganization to the Commission for examination and
report, while if the indebtedness exceeds $3,000,000
such submission becomes obligatory. The Commissome
sion may
proceedings
given
not, however, intervene in the
approval of the court, and it is
with the
save
efforts, apparently, are being
Strenuous
made to
public that the investigation of monop¬
convince the
olies which
Congress authorized will not be a
raking
terroristic
or
muck¬
performance but a genuine
aim
helping small business will be kept in view. There
is no reason why business or industry should be de¬
ceived by such pretensions.
With the Administra¬
information, and that the professed
search for
of
investigating commission, and
tion in control of the
the
represented
Department of Justice, of course,
in the
membership, the inquiry may be expected to
Administration desires.
to any lengths that the
go
In view of the
prosecutions already initiated by the
laws,
monopoly inquiry directed by an
a
Administration notoriously
hostile to big business
likely to increase confidence in the business
is not
The
proposed Federal licensing of corporations
engaged in interstate business fell by the wayside,
and
attempt was made to revive the defeated re¬
no
organization bill; Only in a legislative sense, how¬
either of these proposals be regarded as
can
ever,
dead, and both would be revived if an extra session
of
Congress
Meantime
called later this year.
were
expenditures authorized for the fiscal
the estimated
year
beginning July 1 aggregate some $13,371,000,-
000.
As
gress
spendthrift body the Seventy-fifth Con¬
has exceeded all records.
one
or
a
November.
wish the
will exert
whether
itself to
orgy
republic,
embodied in
especially feared
Thomas Jefferson, accept¬
denials
to
of
an
the
Constitutionof
liberty to individuals and groups of
others
was
favored
less
improbable,
if
not
and
impossible,
embodied
a
philosophy from which he never departed in the
aphorism in which he asserted that "that government
is best which governs
least."
Thomas Jefferson died 112 years ago,
but the prin¬
persistently ad¬
during his long political career, and so con¬
ciples which he
vocated
positively and
so
so
sistently maintained during his Presidency, became
which he founded and called the
but
which
now
survives,
political party
Republican party,
under
the
name
later
If the titular
leader of that party, the present President of the
United States, denies the continuing validity of any
adopted,
the Democratic party.
as
proclaimed
political doctrine that Thomas Jefferson
and
a
regarded
essential, he occupies in that respect
as
position which would have been repugnant
and im¬
possible to Grover Cleveland and Woodrow Wilson,
only Democratic predecessors since the Civil War.
his
Many of Mr. Roosevelt's acts since March 4, 1933,
he
that
indicate
doctrines, and
papers
never
or
convinced
tend toward this form of
injustice that he regarded its complete elimination as
he has
bankruptcy,
So
and influential.
he that all governments
public
national
discriminations
of
intended to benefit favored sections at the expense
whether they
they will call a halt by electing a Congress
1787,
oppressive partiality amounting
individuals and to serious and unjust
to continue until it reaches
in
end
in
have returned
It is for the voters to say
spending
inevitable
its
It is this Congress,
equally care-free and tractable, that the Ad¬
ministration
warlike neighbor
some more
>x
the fundamental doctrines of the great
financial outlook.
or
predestined victim of
ing the then almost novel concept of a representative
the
Department of Justice for alleged violations of
anti-trust
organization for defense against external foes as to be
the
seeking aggrandizement.
right of appeal from the court rulings.
no
4017
Financial Chronicle
Volume 146
any
he
does reject the basic
some very
Jeffersonian
general expressions in his
and addresses support that view, but
publicly and specificallyfjdissented from
of these doctrines and it is not at all likely that
will, for to do so would be to separate
ever
himself
safeguarding the national
from most of the
recognized leaders of his party, and
welfare, and whose actions the President and his
to millions of its
rank and file such dissent would be
coterie of the "inner circle" cannot control.
obnoxious
that will devote itself to
and repellent.
Nevertheless, regardless
Essential Limits Upon Governmental
tions, very many Americans are
Processes
All
devised
instruments
human
realization of human aspirations
well
as
the utilities of their
wants
the
or
have the defects
qualities.
as
In this respect
government, primarily created to meet the human
needs of order and
instrument
stability, is best regarded
and each
assumed to possess its
venient
peculiar qualities,
as an
may
be
some con¬
and advantageous in their especial
with
some
of government
form
economic
wisest
with his
It is
ization
A
of all its former activities.
adapted
to
protect
hostile invasion
or
the
internal violence, yet at
in its
organization
national
to preserve
as
the
domain
against
the public order from
same
time be
so
defective
to be incapable of holding in
suitable balance the scales of
justice that
measure
the
reciprocal rights and obligations of all the individuals
governed!
It
is
at
least
conceivable
that
some
government might be so devised as to be astonishingly
alert and
capable in establishing and enforcing just
relations among
all its citizens, yet
so
impotent in
principles,
as
they applied to the conditions
day.
quite possible, however, to accept
this general¬
and still to adhere consistently to the doctrine
individual liberty and initiative.
A plain and
modernized statement of the basic principle would be
to assert
particular government may be most admirably
for
government should intrude as little as possible
upon
remote from those
been anticipated even by the
of that period, has made it necessary
and facts of his
that
government be enlarged to occupy fields of endeavor
men
government to assume and perform many tasks in
addition to the relatively simple ones conforming
against recognized advantages and must be reckoned
any
developed in Jefferson's time and
the
with whenever it is
proposed that the functions of
not
which could not have
degrees,
inescapable defects that must be offset
organization as it now exists, a complexity
had
which
convinced that the
complexity of the social, industrial and
enormous
by human ingenuity to
of
satisfaction
the
advance
of their political affilia¬
that government ought- never to
undertake
task or function until there has been established
reasonable presumption that it can and will do
any
a
better, in the sense
munity, in that
of better serving the whole com¬
field than
any
private individual or
of individuals. Yet the American Govern¬
ment, like every other government or instrumentality,
has the defects of its qualities.
It is, as all Americans
group
patriotically
believe,
despite its faults, the best
government on earth. But it has its limitations.
It is, after all, only an institution humanly devised
and humanly operated.
Those who operate it are
Financial
4018
they are not invariably
capable of looking at every problem
always the wisest of men,
not
and at all times
seeking only the general interest and wel¬
Legislative Department they have repre¬
with eyes
fare
In the
.
general suffrage, the only way
people could now consent to have their
law-making representatives commissioned; but most
elected representatives desire to remain representa¬
tives; some desire promotion in the public service;
sentatives, chosen by
in which free
few ever act in cold disregard of their own selfThe Seventy-fifth Congress, which, unless
very
interest.
This is
and oppressive legislation. Under
this legislation the Interstate Commerce Commission,
radically divided within its own membership, denied
an adjustment of rates to offset the greatly diminished
purchasing power of railroad income and granted an
Hampered by another statute,
insufficient increase.
exception is here
to which no
intended, the railroads
permitted promptly to protect their solvency
by even slight reductions in rates of wages.
Presi¬
dent Roosevelt, perhaps disgusted with the Com¬
were
not
people and is
The head of the Reconstruction
earnestly and on repeated
Corporation,
public occasions as well as privately,
explained the
The principal
organizations of railroad employees, thereby showing
urgency
of prompt legislative action.
government.
Defaults
On June 15 there
payments in arrears,
once
whether fair
their
maintain present wage rates,
not, and to refrain from exercising
promise to
or
The items of this trivial total
its honor
paid its instalment in full as it has previously done,
and $9,828 from Hungary. The Hungarian payment
dictated to Congress
labor
provisions of the
opposition
was
This
forthwith brought to the attention of
Congress and that of
a
in substitution for the
Esch-Cummins Act.
every
Senator and Member by
horde of labor-leaders and sub-leaders summoned in
haste to Washington for
of
the acknowledged
intimidating Congress.
purpose
One-third of the Senate
and all members of the House of Representatives are
to be elected in
November, scarcely
are
about to expire
of railroad
more
than four
Most of those whose terms
months in the future.
desire re-election and the support
employees who, with their families,
Congress, naturally, and in
nearly all voters.
are
con¬
formity with precedent, did nothing,
v
This history has
inescapable
made wholly plain
defects in
a
government
of the
some
representatives chosen by popular suffrage.
representatives cannot approach
when
a
business problem,
large numbers of voters arejplainly
and the number
though it
were
a
is, and must be, and
business problem.
ever
will be,
a
side
To them it
political problem
and most of them know far more, or think
its
on one
the other side is unknown, as
on
only
Such
they do, of
political potentialities than they do of its business
aspects <
Most will
care
much
more
for their
own re-
elections than for the eventual results to the
public
welfare, as to which many will prefer to remain bliss¬
fully ignorant.
Yet government by the consent of the
governed, the best of all possible governments yet
known to mankind, must be controlled by representa¬
tives so selected; there is no other device that does not
lead to tyranny.
payment, the indebtedness of that coun¬
token
was a
being $457,845 and for a fresh instal¬
try for arrears
a
$37,410. In December, 1937, however, Hungary
similar payment, and on
a
Feb. 7 submitted
proposal under which the principal
was to be paid, without interest, over
refunding
of
debt
its
No action on the offer was taken by
thirty years.
Congress, however, and it
after
consideration
for
The
remaining
a
presumably will come up
new
eleven
Congress
debtor
has
con¬
countries-
Britain, France, Italy, Belgium, Czechoslo¬
vakia, Poland, Rumania, Yugoslavia,
Estonia, Lat¬
Lithuania—paid nothing, and none of them
via and
held out any
hope that payments might be expected.
During the first four or five years after the con¬
War, the European Powers
heavily
borrowed
had
that
World
of the
clusion
in
this country
and
which, but for American aid, would have gone down
to
defeat, exerted themselves, particularly
of Great Britain and
cases
had
in
made
been
cause"
common
reality
that
and
in the
France, to "put over" on
the United States the idea that the
as
American loans
"a contribution to a
repayment,
or
at least
anything like repayment in full, should not be ex¬
It did not escape notice that nothing
pected.
kind
urged
was
When
tracted.
the
of the
when the loans were being con¬
Congress, and with it the country,
refused to listen to such
ers,
operated by
$171,763.
was
ury
comprised $161,935 from Finland, which to
rights under the statute that the same organiza¬
tions
and $211,733,194 further instal¬
The total amount received by the Treas¬
ments due.
Great
at
aggregating $1,891,-
Of this total, $1,679,928,476 represented
661,670.
itself," immediately announced its opposition to any
railroads unless the latter would
became due to the United States
payments on war debts account
vened.
aid to the employing
,
International Debt Payments and
"a house divided against
that the railroad industry is
understanding of the limi¬
inherent in the form and substance of that
tations
made
adjourning.
Every proposal to add to
government ought to be con¬
any
sidered in the light of clear
urged Congress to accord prompt legislative relief
Finance
of
held
of power that remains with the
unexercised.
the functions
ment
before
The authority
capacity so limited should be
a
great reservoir
in that
under the existing law, formally
mission's operation
government, and
best of all governments.
beyond
which is
demoralized by 50 years of
and sadly
captious, whimsical
limitation upon every free
to the
even
pleted its record 10 days ago, has just illustrated this
in connection with the railroad industry, woefully
ill-treated
a
ought to be everywhere recognized as restricting the
tasks that a people can hopefully and wisely assign
before next January, com¬
called in special session
J™e 25, 1938
Chronicle
sophistry, the debtor Pow¬
after another, arranged agreements with
American War Debt Commission for the fund¬
one
ing of their debts, the agreements contemplating
the payment, over
of
stalments
With
rates.
long periods, of semi-annual in¬
principal
a
with interest
at reduced
good deal of grumbling in foreign
parliaments and the foreign press, and frequent ref¬
erences to the United States as a Shylock, payments
made until
were
1931, when they were suspended by
At the Lausanne Confer¬
the Hoover moratorium.
the
ence
make
debtor
Germany's
which
accept,
was
Powers
undertook
arbitrarily to
payment of war debts dependent upon
the
payment
the United
of
reparations, a condition
States very
and when reparations
made to
resume
war
ceased no attempt
debt payments except by
Finland.
With that honorable
Hungary
may
now
properly refused to
exception, to which
be added, the debts have been
Volume
treated
Financial
146
by the debtors practically
agreements
in
England is
change of heart
on
Government
the
of the
or
of
indicative
not
great
any
the subject by either the British
British
June
ion
The recent revival of discussion of the debt ques¬
tion
people.
The treatment
16, in
a
Funk, Minister of Economics.
he
On the
preventing Austria's Anschluss.
as
granted in the form
broached, has been
three Federal loans is
so
devastating that foreign
countries have
productive contribution.
by repeated reminders of default, there is little to
national law
show
nor
obligation of the American
debts is
deeply felt.
in
quarters, however, that the prolonged in¬
some
difference
default is
of
an
It is beginning to be realized
British
the
Government
between the American and British
also
the
to
debt
insuperable barrier to cordial relations
friendly their public relations
realized
that, if
war
peoples, however
may seem
to be. It is
the Johnson Act
comes,
will continue to close the American financial
kets
to
loans
by
foreign
any
debts to the United States
of
being able to
in the next
for the
revival
mar¬
Government whose
in default.
The hope
the United States and its
use
sources
are
is, indeed, the main
war
of the
debt
war
re¬
reason
Great
Britain,
debtors, genuinely desires
a
other of the European
revision of its
agreement, the thing for it to do is to
Hungary has done, with
as
a
come
debt
forward,
definite proposition.
With the
exception of Hungary,
has done
this;
110
European debtor
the contrary, the debtors have
on
peared calmly to
assume
from the creditor.
come
war
that the proposals should
Such matters
sets, exchange transfers
ap¬
or
as
trade off¬
gold payments
im¬
are
.
.
Neither
.
in the interests of economic
debts."
As
precedents for Germany's action,
Herr Funk cited the failure of Great Britain to
the debts of the Boer
sume
the repudiation by the United States of the
war,
debts of the
Confederate States,
and the rejection
by France of responsibility for the debts of Mada¬
Post-war Austria, it was further urged, was
gascar.
the creation of the Peace
tity had been lost by
the present
istrative
the
with the Reich, and
"land of Austria"
only
was
argument was effectively punctured
note from the
German
Department of State, handed to
Foreign Office
tention to the failure of
June 9, calling at¬
on
Germany to
ment due June 1 of the American
ternational loan.
"that the
"It is
and
both
or
could
whole
strongly
averse
to wiping out the
heavily scaling them down, especially since
it is clear that
tries
can
Congress and the American public have
shown themselves
debts
Only Congress
in
or
had been
most, if not all, of the debtor
have
resumed substantial
payments, in
however, that
so.
a
in its terms and backed
There is
no reason
to
revision offer, reasonable
by ample
assurance
of good
instal¬
an
obvious
tion of
weight of authority clearly supports the
principles of justice that, in
the debts and
upon
of absorp¬
assumes
obligations of the absorbed State, and
were
.
.
.
Both the
made in time of
for constructive works and the relief of hu¬
peace,
man
suffering. There appears
can
creditors of Austria
worse
case
State, the substituted sovereignty
a
in¬
believed," the note declared,
general doctrine of international law founded
position by
why Ameri¬
no reason
should
be
placed in
any
of the absorption of Aus¬
reason
tria
by Germany than they would have been had
such
absorption not taken place."
There is
part of the contractual amounts, if they
disposed to do
suppose,
coun¬
pay an
portion of
1930 loan and the relief loans
change in the agreements already made,
admin¬
an
area.
The German
a
Conference, but its iden¬
merger
takes the burdens with the benefits.
a
as¬
Republic after the Boer
portant, but it is for the debtors to suggest what it
proposed to do about them.
policy,
obligation for the Beich to
any
is
authorize
a
by inter¬
acknowledge legal responsibility for Austrian Fed¬
in
or any
nor
oL
right to claim that they made
no
morally, is there
eral
question in Great
Britain at this time.
If
The result of the
foreign financial help
on
obligations has been appreciably affected
moral
reasons.
contrary, they merely served the purpose of
contemptuous, and while British pride in honoring
the
The Austrian loans,
said, "were not granted for economic
financial
that
expounded at length,
speech at Bremen by Walther
some
subject by Government spokesmen,
of the occasions when it has been
4019
The German argument was
if the debt
as
dead letter.
were a
Chronicle
a measure
the loans to
ous
of truth in the contention that
Austria, while given for relief and vari¬
undertakings of financial and economic recon¬
struction,
were
indirectly
also
expected
to
faith, would not be carefully considered by Congress,
strengthen Austria's ability and disposition to resist
but it is not for
the German demand for
Congress, and least of all for the
standable that
President, to lead off.
It would be
the
war
States
strange if the wholesale defaults
on
debts, joined to the failure of the United
to
put
any
pressure
upon
the debtors for
payment, had not encouraged Germany to attempt
a
repudiation of the Austrian debts.
stances, of course, are different.
tion
are
those
incurred
struction loans made
but
a
The circum¬
The debts in
by Austria through
ques¬
recon¬
through the League of Nations
guaranteed by Great Britain, France, Italy and
number
of
other
Powers.
The United
States
is
involved in the debt situation to the extent of about
126,000,000 of
of
issues
war
debts and $38,483,000 of various
national, provincial
or
corporate bonds.
Negotiations between Germany and Great Britain,
carried
on
for several weeks at Berlin and
have resulted thus far
only in disclosing
ent determination on the
diate
the debts
legal
nor
on
London,
an appar¬
part of Germany to repu¬
the ground that it had neither
moral responsibility for their payment.
an
Anschluss.
It is under¬
Germany, having defeated the League
and absorbed Austria, should now put the
as important.
There appears to
program
contention forward
be
no
itors,
doubt, however, that the position of the cred¬
stated summarily in the American note, is
as
the sound one.
The practical
question is what can
be done
by the Powers if Germany's refusal persists.
British
opinion, it is reported, is inclined to con¬
sider
enforced collection of what is due to Great
an
Britain
by imposing a clearing system under which
commercial payments
German
concerns
amount of the
which
is
also
due by British exporters to
would
be
sequestered
unpaid German instalments.
to
the
France,
demanding payment, is reported to
contemplate the use of a renewal of a favorable
Franco-German commercial treaty as a
matter is
or
lever.
The
complicated by the fact that commercial
economic pressure,
especially from Great Britain,
might end the hope of bringing Germany into a gen¬
eral
European accord, and by the suspicion that
Financial
4020
Italy, which
of the guarantors of the Aus¬
was one
trian loans but has refrained from
Powers in
other
protests against repudiation, has
had its claims met
other
the
and
On
secret arrangement.
some
has also
reduction of the interest rates
a
Dawes Plan
in
by
the fact that Germany
hand,
for
called
joining with the
the
on
Young Plan loans suggests that,
refusing to recognize the Austrian debts, it is
concessions which
really seeking to obtain
be
can
Chronicle
used to
25,
improve its exchange and general financial
In that case a controversy which threat¬
position.
good feeling
before long be settled by compromise as far as
may
the
international
for
results
serious
ens
1938
Whether the
European creditors are concerned.
American Government would be
disposed to accept
compromise could not, apparently, be determined
a
until
question had been acted upon by Con¬
the
gress.
Newly Enacted Maloney Bill For Regulation of Over-Counter Security
Text of
Transactions
measures enacted into law by Congress just
adjournment on June 16, is the Maloney bill for
the regulation of brokers and dealers in over-the-counter
security transactions.
The passage of the bill by Congress
was reported
in these columns a week ago, (page 3886);
of the
One
before its
Eassed House Senate 15, March there was no debate whatever
the by the
June on where 31 the measure was adopted
on
y
the legislation, it
on
reading of
having passed that body following the
legislation.
The Senate concurred in the
new
House amendments
Committee
Commission,
House, after
inserted
as
and
instrumentality
or
to induce the purchase of,
bankers'
exchange,
fraudulant device
of this
of interestate
acceptances,
securities
"(2)
as
are
or
by
of
No broker
to induce
than
or
commercial
connection
deceptive,
of
bills),
with
or
otherwise
which
such
than
a
on
deceptive,
national
other
or
honest and
induce
than
or
an
attempt
or
induce
to
national
practice,
securities
exchange,
in
in any fraudulent,
engages
makes any fictitious quota¬
or
reasonably designed to prevent
means
deceptive,
exempted security
or
mainpulative and
or
of the
mails
effect
to
or
any
of
any
the purchase or sale of any security
or
(other
commercial paper, bankers' acceptances, or
on
necessary or appropriate in the
investors to provide
means
transaction
public interest
or
guards against unreasonable profits, or unreasonable rates of
vestors and the
any
association could not be designed: to permit unfair discrimina¬
an
between
tion
rates
customers
impose
or
other
likewise stricken out by
were
no contract shall be void
or
by
reason
would to the general
dealers; to fix minimum
allowances,
discounts
pleasure with the form of the bill which emerged
the Commission less power than had
been provided in the bill as introduced.
plans for administration of the measure have not yet been com¬
Sherlock Davis, assistant director of the trading and exchange
pleted.
The Commission will have to
division, has been in charge of this work.
devise
registration form, but since no deadline is provided in the bill
a
registration this is not
The text of the
newly enacted bill follows:
A
To provide for the establishment
commerce
brokers
BILL
of
a
dealers
and
the
through
or
mechanism of regulation among overoperating in interstate and foreign
mails,
comparable to
Securities Exchanges under the
provided by
that
Securities Exchange Act of
1934, and for other purposes.
and House of Representatives of the Lnited States
Be it enacted by the Senate
That the Securities Exchange Act of
after section 15 thereof the
of America in Congress assembled,
1934,
amended, is amended by inserting
as
following
tained in reliance upon this
with the Commission as a national securities association pursuant to
broker
subsection, by
dealer sells, or from
or
or
any person to or
for whom any
for whom any broker or dealer purchases,
security in violation of any rule or regulation prescribed pursuant to
paragraph (1) of subsection (c) of Section 15 of this title, unless such action
a
is
brought within
year after the
one
involves such violation and
discovery that such sale
within three years after such
or
purchase
"Sec.
section
violation'."
expected to take preliminary steps almost at once in the
direction of setting up a national organi ation to work with
The
Exchange Commission in enforcement of
quoted also said:
In part the paper
measure.
measure now
includes most of the amendments suggested by invest¬
ment
bankers
more
readily workable.
would
who
further
The
measure
associations
had urged certain modifications to make the measure
curtail
Enactment without the amendments, they said,
the activities
contemplates
transacting
of capital
registration
business
of
the
over
markets.
one
or
counter
that
mechanism
be established for control of these markets by the SEC.
It is designed
supplement the Securities and Exchange Act of 1934 which gives the
SEC power to regulate over-the-counter markets.
The measure aims to
up
a
system
of cooperative regulation
While not
all
or
of the
incorporated into the
associations.
more
to
measure
through
were
of the
by investment bankers were
it
was
bankers
had asked revision
generally agreed
of the
an
section
association
authorizing the
formed
Exchange Act of 1934
penalty would be incurred only for "wilful" offenses
to violations in the Securities Act of 1933.
as
under
so
the
that this
provided in reference
This change was not made.
Concession Is Made
However,
clause.
a concession was made in reference to another important
Investment bankers had urged that the bill either be changed to
information, and accompanied
as
organization, membership,
to its
and rules of pro¬
may
by rules and
for
the protection of investors; and
"(2) Copies of its constitution, charter, or articles of incorporation or
association, with all amendments thereto, and of its existing bylaws, and
of any rules or instruments corresponding to
the foregoing, whatever the
hereinafter in this title collectively referred to as the 'rules of the
name,
association.'
Such
or
registration
any
shall not be construed as a waiver
member thereof of
any
"(b)
by
such
association
constitutional right or of any right to contest
regulation of the Commission under this title.
An applicant association shall not be registered as a national securi¬
ties association unless it appears to
"(1) by
reason
the Commission that—
of the number of its members, the scope
actions, and the geographical distribution
will be able to comply
of their trans¬
of its members such association
with the provisions of this title and the rules and
regulations thereunder and to carry out the purposes of this section;
so
organized and is of such a character as to be
able to comply with the provisions
thereunder, and to
carry
of this title and the rules and regulations
out the purposes of this
section;
"(3) the rules.«of the association provide that any broker or dealer who
makes
for violation of the Securities
registration statement in such form as the
regulations require as necessary or appropriate in the public interest or
made in the measure would make
suspend or expel a member of
Such data
"(2) such association is
enacted,
as
the activities
a
cedure, and such other information as the Commission
.
workable.
Investment
SEC
.
amendments sought
Maloney bill
yesterday that the changes which
it
.
sub¬
affiliated securities association pursuant to subsection
(d), under the terms and conditions hereinafter provided in this section, by
broker-dealer
a
to
voluntary association
or as an
Commission may prescribe, setting forth the
may
set
Any association of brokers or dealers may be registered
the validity of any rule or
more
so
(b),
(a)
filing with the Commission
"(1)
the
section:
new
15A
by the documents, below specified:
In its issue of June 17 the "Wall Street Journal" stated
that with the enactment of the bill investment bankers are
the Securities and
for
expected to be rushed.
(3) of subsection (c) of Section 15 of this title, and (B) that no contract
shall be deemed to be void by reason of this subsection in
any action main¬
or
or
join registered associations by
non-members must charge the same prices as they
from Congress even though it gave
'Provided,
regulation prescribed pursuant to paragraph (2)
or
public.
SEC officials expressed
the
of this subsection because of
brokers
or
of commissions,
provisions which permit discounts among member dealers but require that
members dealing with
National
colon and the following:
a
issuers
or
schedule
any
charges.
Brokers and dealers would be induced to
Subsection (B) of Section 29 of such act is amended by inserting
violation of any rule
commission,
public interest.
Discrimination Barred
replaced by the following:^(fc|fc
before the period at the end thereof
(A) that
■
be designed
principles of trade and in general protect in¬
promote just and equitable
"
Sec. 3.
Any
practices, provide safe¬
prevent fraudulent and manipulative acts and
to
the-counter
were
shall be eligible for membership.
disqualified himself by improper conduct would
y
prescribe
of brokers and dealers.
House, and
conduct an
business
responsible
for the protection of
safeguards with respect to the financial responsibility
Provisions of Section 3
represent an
must
and dealers who
All
To be eligible for registration, rules of the association must
national securities exchange, in con¬
a
travention of such rules and regulations as the Commission may
as
brokers
region.
broker or dealer who has
SEC
use
commerce
commercial bills) otherwise than
of nation-wide scope or
be
must
cohesive
economically
Rules of
effect any transaction in, or
dealer
or
dealer shall make
or
associations
The
devices or con¬
of the mails or of any means
use
a
on
broker
instrumentality of interstate
These include:
they complied with certain requirements.
such quotations as are ficititious.
No broker
•
The associations of investment bankers would register with the SEC if
otherwise fraudulent.
or
commerce to
regulations define and prescribe
"(3)
deliveries.
or
Municipal dealers do not come under the act as it now stands.
The Commission shall, for the purposes
such acts and practices as are fraudulent,
or
the
regulate the time and method of making settlement, pay¬
business and to
commercial paper, bankers' acceptances, or
manipulative act
contracts on securities transactions can
to regulate the manner, method and place of soliciting
have power
ment
any means
transaction in,
otherwise than
manipulative,
any
dealer shall make
or
no
Also, at the last minute a clause was eliminated which provided that
SEC
The Commission shall, for the purposes of this paragraph, by rules
tion.
and
or
attempt to induce the purchase or sale of, any security (other
or
exempted security
an
bills)
deceptive,
instrumentality of interstate
or
that
means
be barred.
any
by rules and regulations define such
manipulative,
bill,
security (other than commercial paper,
any
commercial
means
effect
to
the
in
of the mails
use
commerce
contrivance.
or
subsection,
trivances
Exchange
item of last week.
The
dealer shall make
or
This
be voided for violations of the manipulative section.
now
and
Securities
the
indicated in our
striking out certain provisions
new matter the following:
"(C) (1) No broker
Congress accepted this second
dealing with mainpulation be eliminated.
alternative.
Certain Requirements Essential
were
or
in the case of manipulation be given
penalty of recission prescribed for violation of the section
else that the
or
June 16.
on
The last minute changes in the bill, agreement as to which
was reached on June 15 by the House Interstate and Foreign
Commerce
provide that proof of fraudulent intent
use
of the mails
commerce to
any
a
effect any
or
of any means
or
instrumentality of interstate
transaction in, or to induce the purchase or
sale of,
exchange, may become
are excluded pursuant to
security otherwise than on a national securities
member
of
such
association
except
such
as
paragraph (4) of this subsection: Provided, That the rules of
may restrict
the association
membership in such association on such specified
geographical
business done by its
members, or on such other specified and appropriate basis, as appears to
the Commission to be necessary or appropriate in the public interest or for
the protection of investors and to carry out the purpose of this section;
basis,
or on such
specified basis relating to the type of
Volume
Financial
144
"(4) the rules of the association provide that, except with the approval
at
or
the direction of the Commission in
in which
cases
the Commission
finds it appropriate in the public interest so to approve or direct, no broker
or dealer shall be admitted to or continued in
membership in such asso¬
ciation, if (1) such broker
ing such,
(2)
or
dealer, whether prior
or
officer, director,
any partner,
broker
or
similar
functions),
dealer
or any
trolled by such broker
association
directly
person
exchange, for violation of
prohibits
indirectly controlling or con¬
or
dealer, whether prior or subsequent to becoming
or
(whether national
expelled from
or
affiliated)
or
from
or
registered securities
a
a
rule of such association
any
any act or transaction
and equitable
branch manager of such
(or any person occupying a similar status or performing
such, (A) has been and is suspended
national securities
exchange which
or
constituting conduct inconsistent with just
principles of trade,
requires
or
determine.
of review
the omission of which
any act
constitutes conduct inconsistent with just and equitable
principles of trade,
4021
Application to the Commission for review,
by the Commission
of such action until
section
subsequent to becom¬
or
or
Chronicle
its own motion,
on
In
proceeding to review disciplinary action taken by
a
practices,
engaged in
(A) find that such member has engaged in such acts
omitted, and 'B) shall determine that such acts
or
been
him from
such rule constitute conduct inconsistent with
just and
of trade, and shall so declare.
If it
securities exchange, or
of directly
(C) by his conduct while employed by, acting for,
indirectly controlling
or
controlled by, a broker or dealer,
or
of any suspension, expulsion, or order of the character
was a cause
national
a
described
in clause (A) or (B) which is in effect with respect to such broker or dealer;
"(5)
the rules of the association
assure a
fair representation of its members
(2) of
paragraph
or
or
have
as
designated in the determination of the association, the Commission
shall by order dismiss the
proceeding, unless it appears to the Commission
that such action should be modified in accordance with
subsection.
registered securities association
practices,
or
omission to act, are in violation of such rules of the association
or
or
has omitted such act, as the association has found him to have
or
acts
a
deem
may
relevant, shall
this
membership in
regis¬
a
tered
securities association against a member thereof, if the Commission,
after appropriate notice and
opportunity for hearing, upon consideration
of the record before the association and such other evidence as it
registration pursuant to section 15 of this title, or expelling or suspending
an
sub¬
(h).
"(h) (1)
order of the Commission denying or revoking his
(B) is subject to
or
the institution
or
shall operate as a stay
order is issued upon such review pursuant to
an
The
Commission
practices prohibited,
or
shall
likewise
the omission of
warrant the
the
whether
required, by any
equitable principles
to the Commission that the
appears
evidence does not
determine
any act
finding required in clause (A),
or
if the Com¬
mission shall determine that such acts
or practices as are found to have
been engaged in are not prohibited
by the designated rule or rules of the
association,
that such act
or
as
in the adoption of any rule of the association or amendment thereto, the
by such designated rule
selection
is found to have been omitted is not
required
the action of the association.
of its officers and
directors, and in all other phases of the ad¬
ministration of its affairs;
"(2) If, after appropriate notice and opportunity for hearing, the Com¬
"(6) the rules of the association provide for the
equitable allocation of
dues among its members, to defray reasonable expenses of administration;
"(7) the
rules
of the
rules, the Commission shall by order set aside
or
association
designed
are
fraudulent
prevent
to
mission finds that
penalty imposed
any
by order cancel, reduce,
(3)
equitable prin¬
ciples of trade, to provide safeguards against unreasonable profits or un¬
securities association, if the
reasonable rates of commissions
ing, and
other
charges, and, in general to protect
the mechanism of
grounds
free and open market; and are not designed to permit
to fix minimum
schedule
other
profits to impose
fix minimum
or
section, the Commission shall by order dismiss the proceeding; otherwise,
the Commission shall by order set aside the action of the association and
or
allowances, discounts, or
require it to admit the applicant broker
other
"(i) (1)
the rules of the association provide that its members shall be ap¬
propriately
disciplined,
by
fitting penalty, for
"(9)
the rules
broker
determine
expulsion,
or
suspension,
fine,
censure,
or
any
provide a fair and orderly procedure
defined in paragraph
dealer seeking membership therein.
any
member shall
In any proceeding
be disciplined, such rules shall
deal
with
(2) of this subsection) except at the
same commissions or
"(2) For the
fees, and
on
the
of any means or
instrumentality of interstate
on
be kept; and that the determination shall include (A) a state¬
record shall
ment setting forth any act or practice in which such member may
to have engaged,
(B)
a statement
be found
rules of the association of
or
which any such act or practice, or omission to act, is deemed to be in vio¬
lation,
(C)
rule
rules,
or
whether the acts
a statement
or
practices prohibited by such
or
principles of trade,
and (D) a statement setting forth the penalty imposed.
to determine whether
rules shall
given
are
an
a
broker
or
In any proceeding
dealer shall be denied membership, such
provide that the broker
dealer shall be notified of, and be
or
opportunity to be heard upon, the specific grounds for denial which
under consideration; that a record
shall be kept; and that the determina¬
tion shall set forth the specific grounds upon which the denial is
|^"(10) the requirements of subsection
plicable,
"(c)
are
(c), insofar
as
these
based; and
may
be ap¬
satisfied.
permit or require the rules of
may
an
association
of
mission
association
an
pursuant to subsection
registered
(d),
as
ties to such affiliate, and under such other
as
the Commission
to
appear
interest
be
to
necessary
The
duties and
the public
no
way
be limited by
of the Commission with respect to
powers
national securities association
shall in
appropriate in
or
for the protection of investors and to carry out the purposes of
or
this section.
"(d)
appropriate terms and conditions,
be provided by the rules of said applicant association, if such rules
may
any
affiliated securities association
an
to participation in said applicant association
or
reason
be registered
not
securities association unless it appears to the
paragraph
(1)
as
affiliated
an
Commission that—
of subsection
(b),
(b), in the
rules
a
as
an
re¬
forthwith
association
national securities association pursuant to said subsection
manner
and under the terms and conditions provided by the
of said national securities association In accordance
with subsection
tc); and
"(2)
in
paragraphs (2)
case
to
and its rules satisfy the requirements set
(9), inclusive, of subsection
of any such association any restrictions upon
the type authorized
stringent than in the
by paragraph
case
membership therein of
(b) shall not be less
.
(b)
of subsection
are
satisfied.
If, after
ap¬
propriate notice and opportunity for hearing, it appears to the Commission
that any
requirement of this section is not satisfied, the Commission shall
by order deny such registration.
as
If any association granted registration
affiliated securities association pursuant to subsection
an
with
accordance
prescribe
as
commission,
rules
of
the
to be admitted
promptly thereafter to affiliation with
a
any
registered
construed
so
applied
or
as
to
granting
special terms.
or
Any change in
the
or
and
and
of
such
require
may
and
regulations
to
changes
any
other
keep
Commission,
or
filed
documents
upon
the
in
Commission may
a
pursuant
for
the
to
the
documents
and
to
or
or
additions
or
information
current
addition to the rules of
effect upon the thirtieth
as
fa the public interest
appropriate
copies
association,
registration statement
shall take
rules
or
investors,
Commission
the
such
necessary
of
protection
as
supplement
the
subsection
(a).
to
registered securities association
day after the filing of
a
copy
thereof
such earlier date as the Commission
may
determine, unless the Commission shall enter an order disapproving such
change
addition; and the Commission shall enter such
or
such change or addition appears to the
requirements of subsection
"(k)
of
a
(1)
order unless
Commission to be consistent with the
and subsection
(b)
an
(d).
The Commission is authorized by order to abrogate
any
rule
registered securities association, if after appropriate notice and op¬
portunity for hearing, it appears to the Commission that such abrogation
is necessary or
appropriate to assure fair dealing by the members of such
association, to assure a fair representation of its members in the adminis¬
of its
tration
purposes
affairs
or
otherwise
to
protect
investors
or
effectuate the
of this title.
association to adopt any specified alteration
fails to
ciation
(d) shall fail
of or supplement to its rules
hereinafter enumerated.
adopt such alteration or supplement
within
If such
a
asso¬
reasonable
time, the Commission is authorized by order to alter or supplement the rules
of such association in the manner
notice and hearing, it appears
theretofore requested if, after appropriate
to the Commission that such alteration
or
supplement is necessary or appropriate in the public interest or for the
protection of investors or to effectuate the purposes of this section with
of membership or the
of any change in or
of choosing
for, and procedure in connection with, the denial
disciplining of members; (2) the method for adoption
addition to the rules of the association; (3) the method
officers and directors; and
(4) affiliation between registered
securities associations.
"(1)
The Commission is authorized, if such action appears to it to be
or
appropriate in
investors or to carry out
(d), the Commission shall by order grant such
registration if the requirements of this section
member of
"(j) Every registered securities association shall file with the Commission
necessary
Upon the filing of an application for registration pursuant to sub¬
section
a
dealer who deals exclusively in
or
other member of any registered securities association any dealer's
discount, allowance,
in
of the national securities association with which
such association is to be affiliated.
"(e)
forth
(b); except that in the
(3) of subsection
commerce to effect any trans¬
bankers' acceptanaces, or commercial bills.
paper,
respect to: (1) The basis
association
such
broker
a
with respect to any of the matters
will,
the registration thereof, be admitted to affiliation with
registered
as are
"(2) The Commission may in writing request any registered securities
"(1) such association, notwithstanding that it does not satisfy the
quirements set forth in
upon
to any
of any such affiliation.
applicant association shall
An
affiliated securities association
any
(as
sale of, any security otherwise than
who is not
"(3) Nothing in this subsection shall be
affiliate thereof, under terms permitting such powers and responsibili¬
as an
conditions
prevent any member of a registered securities association from
with
The Commission
applying for registration pursuant to subsection (b), to provide for the ad¬
association, except
commercial
the omission of any act required thereby, are deemed to
constitute conduct inconsistent with just and equitable
national securities exchange,
a
securities
which such member may be found to have omitted,
or
setting forth the specific rule
and
dealer
prices, for
same
dealer' shall include any broker or dealer who makes use of the mails or
or
of, and be given
a
same terms
provide that
or
of this subsection, the term 'nonmember broker
purposes
action in, or to induce the purchase or
opportunity to defend against, such charges; that
may
nonmember broker
any
require that specific charges be brought; that such member shall be notified
an
dealer to membership therein.
or
registered securities association
a
by such member accorded to the general public.
disciplining of members and the denial of membership
whether
The rules of
member thereof shall
no
the
violation of its rules;
any
of the association
with respect to the
to any
on which such denial is based exist in fact and are valid under this
dealers,
or
brokers
of the record before the association and such
it may deem relevant, shall determine that the specific
as
schedule of prices,, or to impose any
charges;
"(8)
to
any
of commissions,
rates
Commission, after appropriate notice and hear¬
upon consideration
other evidence
unfair discrimination between customers, or issuers,
or
In any proceeding to review the denial of membership in a registered
investors and the public interest, and to remove impediments to and perfect
a
member is excessive
a
require the remission of such penalty.
or
"
and manipulative acts and practices, to promote just and
or
upon
oppressive, having due regard to the public interest, the Commission shall
the
the public interest or for the protection of
purposes
of this section—
"(1) after appropriate notice and opportunity for hearing,
by order to
suspend for a period not exceeding 12 months or to revoke the registration
of
a
registered securities association, if the Commission finds that such
association has violated any provision
of this title or any rule or regulation
thereunder, or has failed to enforce compliance with its own rules, or has
engaged in any other activity tending to defeat
the purposes of this section;
by order to
"(2) after appropriate notice and opportunity for hearing,
registered national
securities association, the Commission shall revoke the registration of such
suspend for a period not exceeding 12 months or to expel from a registered
affiliated securities association.
securities association any member thereof who
"if)
A registered securities association
(whether national or affiliated)
such reasonable notice as the Commission may deem necessary
in the public interest or for the protection of investors, withdraw from regis¬
or
tration
this title or any
may,
upon
by filing with the Commission a written notice of withdrawal in
such form as the Commission may by rules and regulations prescribe.
the withdrawal
of a national securities
registration
any
of
association
Upon
association from registration,
affiliated
therewith
shall
the
automatically
terminate.
"(g)
has effected any transaction for any
believe,
any
was
disciplinary action against
any
member thereof,
or
or
affiliated)
shall deny
admission to any broker or dealer seeking membership therein, such action
shall be subject to review by the
Commission,
on
its
own
motion,
or upon
application by any person aggrieved thereby filed within 60 days after such
action has been taken or within such longer period as the Commission may
the Commission finds (A)
provision of this title or any rule or regulation thereunder,
violating with respect
other person who, he had reason to
to such transaction any provision of
rule or regulation thereunder, or (B) has willfully violated
provision of the Securities Act of 1933, as amended, or of any rule or
regulation thereunder, or has effected any transaction for any other person
who, he had reason to believe, was
willfully violating with respect to such
transaction any provision of such act or
If any registered securities association (whether national
shall take any
has violated any
rule or regulation;
"(3) after appropriate notice and opportunity for hearing,
remove
tion who, the
Commission finds, has willfully failed to enforce the rules of
the association,
"(m)
to any
by order to
from office any officer or director of a registered securities associa¬
or
has willfully abused his authority.
Nothing in this section shall be construed to apply with respect
transaction by a broke 3or dealer in any exempted security.
Financial
4022
is In conflict with any provision of
If any provision of this section
"(n)
the date this section takes effect,
the provision of this section shall prevail."
Sec. 2. Subsection (c) of section 15 of such act, as amended, is amended
law of the United States in force on
any
dealer shall make use of the mails or of any means
to effect any transaction in, or
of, any security (other than commercial
"(c) (1) No broker or
instrumentality of interstate commerce
or
the purchase or sale
to induce
bankers'
paper,
acceptances,
national securities exchange,
or commercial
by means of any
bills) otherwise than on a
manipulative, deceptive, or
The Commission shall, for the
fraudulent device or contrivance.
other
travention of such rules
as
investors to
of this subsection, by rules and regulations define such devices
contrivances as are manipulative, deceptive, or otherwise fraudulent.
shall make use of the mails or of any means or
instrumentality of interstate commerce to effect any transaction In, or to
induce or attempt to induce the purchase or sale of, any security (other than
an exempted security or commercial paper, bankers' acceptances, or com¬
mercial bills) otherwise than on a national securities exchange, in connection
with which such broker or dealer engages in any fraudulent, deceptive, or
"(2) No broker or dealer
manipulative act or practice, or makes any
fictitious quotation.
The Com¬
of this paragraph, by rules and regulations
reasonably designed to prevent, such acts and
mission shall, for the purposes
define, and prescribe means
practices as are fraudulent,
deceptive, or manipulative and such quotations
fictitious.
as are
"(3) No broker or dealer shall make use
instrumentality of interstate commerce to
than an exempted
bankers' acceptances, or
national securities exchange, in con¬
security or commercial paper,
commercial bills) otherwise than on a
Annual Report of
Current
—Net
of the mails or of any means or
effect any transaction in, or to
the purchase or sale of, any security (other
induce or attempt to induce
1936
such act is amended by inserting
before the period at the end thereof a colon and the following: Provided, (A)
That no contract shall be void by reason of this subsection because of any
violation of any rule or regulation prescribed pursuant to paragraph (2) or
(3) of subsection (c) of section 15 of this title, and (B) that no contract
be void by reason of this subsection In any action main¬
shall be deemed to
broker
dealer sells, or from or
or
subject to particular hazards,
considerable portion of the loans are
a
A proper maturity schedule
maturities of the loans and discounts
Only high grade bonds should
be purchased.
They should be purchased for investment with the expec¬
tation of holding them to maturity.
Securities should not be purchased
should avoid these risks.
depends both upon the quality and
the character of the liabilities.
and upon
the intention
with
of selling at a profit.
Developments in the securities
1937 have demonstrated the soundness of the Corporation's
market during
expressed in the Corporation's annual
report for the year ending Dec. 31, 1936. ...
A bank which buys for investment only will have a minimum number of
opposition to trading which
transactions
securities should not
be used for dividends.
profits should be placed in a special valuation account to be used
Such
to
transactions in
offset losses.
Premiums
amortized out of income.
establish
on
bonds should be written off promptly or
Securities carrying a high degree of risk of default
bank which holds such securities should
be purchased and a
should not
reserves
against possible loss from default.
A bank which adheres
policy outlined above need not be concerned about price fluctuations
to the
high grade bonds held for investment.
on
The
bank
Corporation's policy regarding the capital of banks,
loans, &c., is likewise outlined in the report, from
which
quote as follows:
we
of the most important requisites for the maintenance of a sound
one
The
Corporation believes that
each
bank should
bank.
have a sound capital
sufficient, having due regard for the quality and the character of the assets
held, to give reasonable assurance of the maintenance of a margin of pro¬
tection
to
depositors and other creditors.
A minimum
of total
of 10%
liabilities and, in addition, a sound capital sufficient to assure the proper
discharge of other responsibilities and functions of the bank is used as a
working rule in the consideration of cases coming before the Corporation
a
general rule, the Corporation will not approve retirement of capital
obligations of banks, repayment of contributions,
tees in those cases in
minimum
standard
or
releases of guaran¬
which the net capital account will fail to meet the
after completion
of the action; and will not approve
the chartering of banks, the admission of banks to insurance, or
the estab¬
lishment of branches by banks with a capital account that does not measure
up
The Corporation's authority, however, extends only
to the minimum.*
to insured
does not
State banks not members
apply to National banks
Reserve System.
that
year
an
of the
nor to
Federal Reserve System and
State banks members of the Federal
The Corporation repeats its recommendation made last
insured bank contemplating the establishment of
should be required to make a showing to the Federal
a
branch
Deposit Insurance
The Corporation believes that when an insured bank operates with too
a
margin of capital it is in fact being subsidized in part
by other
banks through the deposit insurance plan and in part by depositors who are
unknowingly taking
an
undue amount of risks of the enterprise, with none
of the returns which normally accrue to owners in the form of dividends
and
profits.
The Corporation's general attitude regarding the question of
adequate capital for
banks is best expressed by the following
quotation
from its Annual Report for the year ending Dec. 31, 1936:
Although a large number of factors must be taken into consideration in
determining the soundness of a bank and its risk to the Corporation it
may be said that, in general, the lower the capital ratio the greater the
risk to depositors and to the Corporation.
The tendency of banks to oper¬
ate with narrower capital cushions increases the risk of loss to the Corpora¬
tion.
The present assessment rate was established on the assumption that
losses
in
trend
in
by inserting immediately after the words "every broker or dealer who
in securities through the medium of any such member,"
transacts a business
the words
"every registered securities
association."
either the assessment rate will have to be raised
fundamental changes will have to be effected in our system of banking.
be reduced, in which case
or
the assets of a bank is of equal im
When a bank's assets deteriorate and
become frozen it can no longer operate and must close its doors. The losses
which dissipate capital result primarily from assets of low quality.
(
Quality is a matter of individual judgment made in the light of detailed
knowledge.
The excellence of the judgments made depends in thelfinal
analysis upon the calibre of the bank's management. There are no set rules
which can be established in this regard.
Certain general principles, how¬
ever, are advocated by the Corporation and are endorsed by most bankers.
Quality of Assets—The quality of
the future would be smaller than in the past. Unless the declining
the ratio of bank capital to liabilities is reversed losses may not
*
Net capital account Is obtained by deducting from total capital account the
book value of assets appraised by examiners as loss or doubtful and adding the deter¬
minable sound banking value of assets not shown on the book3 of the banks.
capital account also represents the
the bank's assets.
to adequacy of
portance
excess over
capital.
A bank should maintain a
not
in
Investment
be kept at a
Net
liabilities of the appraised value of
A bank should
make loans involving excessive risk of loss.
bank premises and equipment should bear a reasonable
needs of the business. Holdings of other real estate should
purchase securities
relation to the
balance among different types of assets in ac¬
demands which it may expect to meet.
cordance with the
or
minimum and when taken over in
be disposed of at
satisfaction of a debt should
the earliest favorable opportunity.
Bank Loans—Examiners of the Corporation are^inindividual loan on the basis of the time of its
Policy Regarding
structed not to criticize an
of the probable ability of the
Examiners are instructed
regarding the bor¬
rower, because the loan is made for speculative purposes involving undue
risk of loss, because the loan represents an over-extension of credit or
undue concentration for the bank in a single line, because the loan involves
improper assumption of management risks by the bank, or because the loan
is illegal.
Examiners are also instructed to criticize any loan upon which a
loss appears probable and any loan in which a loss has actually been sus¬
tained by the bank but not charged off.
Instructions are given to comment
also upon an undue concentration of loans by types and maturities tending
to produce a lack of balance among the assets of the bank.
probable repayment but solely on the basis
debtor to keep his
obligation current and sound.
to criticize a loan
because of lack of credit information
ing to
holding
The two chief
time
banking the report has the follow¬
company
say:
means
of attaining multiple office
banking at the present
(1) branch banking, and (2) group or holding company
are:
banking.
State lines and each
kind of branch banking, if any, which it desires.
By means of the holding company device, however, one banking interest
can operate offices in as many States as it desires and to any extent within
banking is, under present law, restricted to
Branch
State
can
decide upon the
States.
holding company device facilitates self-dealing
of lines
of credit
banking organizations extending over
States and possibly over the entire Nation
many
of risk
and concentration
contemplated by
related interests beyond the limits
to
The development of large
the law.
involves a concentration
through the hazard of failure of important groups.
supervision multiply with the growth of
examination and
zations controlled
Difficulties of
banking organi¬
by single interests.
The report—the fourth annual report of the Corporation—
"at the close of 1937 the Corporation was insur¬
states that
ing deposits in 13,853 banks."
Daily
average
deposits of these
It
goes on
to say:
banks amounted to more than $48,000,-
000,000 during the year, of which more
The depositors in these banks
Corporation satisfying reasonable minimum capital requirements.
small
this section shall not apply in the case of any
violation of any rule or regulation prescribed pursuant to paragraph (3)Fof
subsection (c) of section 15 of this title, except a violation which consistsjof
making, or causing to be made, any statement in any report or document
required to be filed under any such rule or regulation, which statement
was at the time and in the light of the circumstances under which it was
made false or misleading with respect to any material fact."
rv
Sec. 5. Subsection (a) of section 17 of such act, as amended, is amended
The
for action.
As
following new subsection:
"(c) The provisions of
As to
Policy of the Corporation Regarding Capital of Banks—Adequate capital
is
purchase in¬
amended, is amended by adding at
Section 32 of such act, as
Sec. 4.
the end thereof the
was
which profit or loss will result and on which to pay costs.
on
Profits from
prescribed pursuant to
(c) of section 15 of this title, unless such action
within 1 year after the discovery that such sale or
volves such violation and within 3 years after such violation."
is brought
.
The report goes on to say:
bond portfolio
violation of any rule or regulation
security in
a
paragraph (1) of subsection
for whom any
for whom any broker or dealer purchases,
■
.
which apply the principle of diversification to the total assets
of the bank, rather than to the securities account alone."
If
this subsection, by any person to or
tained in reliance upon
and Capital
Amounted to
7.4% of Capital Account—Net Profits About 25% Less Than
Indicating the policy of the Federal Deposit Insurance
Corporation as to the security held by insured banks for
loans, the annual report of the Corporation, made public
June 23 by the Chairman, Leo T. Crowley, states that
"individual banks should establish investment programs
the
11
dealers."
Subsection (b) of section 29 of
FDIC—Outlines Policy Regarding Bank Loans, Investments,
Operating Earnings of Insured\ Commercial Banks in 1937
$471,000,000, Equivalent to
in
prescribe
protection" of
financial responsibility
provide safeguards with respect to the
of brokers and
purposes
or
and regulations as the Commission may
appropriate In the public interest or for the
necessary or
Sec. 3.
to read as follows:
June 25, 1938
Chronicle
than $21,000,000,000 were insured.
numbered more than 50,000,000, of whom
In 12,854 banks with
comprising 93% of the insured
deposits were
covered by insurance.
The remaining 999 banks, with deposits of more
than $5,000,000 each, held more than $37,000,000,000 of deposits, of which
33% were covered by insurance.
Of these large banks, 490, each with
deposits of more than $10,000,000, held more than two-thirds of the total
deposits and about one-half of the insured deposit..
more
than
98%
deposits of not
commercial
were
more
banks,
fully protected by insurance.
than $5,000,000 each,
nearly 80%
of the $11,000,000,000 of
of all insured commercial banks, after re¬
charge-offs, but before dividends, amounted to
$380 million in 1937, or 6% on total capital account, says
the report.
It also says:
Net profits in 1937 were about one-fourth less than in 1936. This decrease
in net profits was due chiefly to the smaller profits and recoveries on securi¬
ties sold.
Recoveries from securities previously charged off decreased 67% ,
and profits on securities sold dropped 56% , while charge-offs on securities
increased 14%
These changes reflected developments in the securities
Net
profits
coveries and
.
markets.
In contrast,
charge-offs on loans declined
44%.
Volume
Financial
146
Features of the report
follow:
•'
Chronicle
summarized by the Corporation
ships, and corporations,
v
are
^ FDIO
1934,
1,
Dec. 31,
and
$76 million, all but 6%
two depositors in each thousand not
and
to supervisory
believed to be unsafe and unsound,
business
with
1^ Assets
Only
authorities for prac¬
or
the greatest number for doing
Of these,
16 suspended,
cases
six merged with other banks,
decreases
at
FIDO made 7,822 examinations of banks not members Federal Reserve
risen from
Insured commercial
in total
deposits.
5%
13%
considered
satisfactory for
In
most
banks,
More than 87%
about
below book
little depreciation
$
Cash and due from banks... 14.931,000,000 15,731,000,000
Miscellaneous
6,807,000,000
7,558,000,000
16,718,000,000 15,940,000,000
2,096,000,000 2,218,000,000
Total assets
.....
Liabilities and Capital—
Total deposits
Net reduction
This
was
on
resulting in
1
and
1937, there
System,
outstanding in substantial volume.
was
of the total deposits were held by
taken
are
comprised 26%
the
improvement in
the
banking system
which
taking place since the banking holiday of 1933 put the banks in
without
has
a
been
position
difficulty any strain resulting from the rapid decline in
Total
assets were
appraised at approximately
the value at which they were carried on the banks' books and the proportion
subject to criticism
was
smaller than in any other recent year.
The increase
In capital in 1937 was proportionately less than the increase in the
average
level of deposits and the ratio of net capital account to deposits
averaged
slightly lower in 1937 than in 1936.
than in any year since
Although the banks
Net earnings of the banks
were
higher
whole
a
probably in
were
sounder condition
a
1929 figure.
1929
in difficulty.
were
been successfully
managements
They
chiefly banks which had not
were
rehabilitated after the banking
unsatisfactory
were
of low
were
or poor,
quality,
crisis
of
Their
1933.
their capital position
was
correct these situations.
26%
were more
was
very
Types of Commercial Banking Offices in Operation—On
Dec. 31, 1937, 18,364 commercial banking offices were in operation in the
unit banks, that is, banks
offices of branch
Of
...
having but
one
these
offices,
13,958
place of business, 924
banking systems and 3,482
On
Dec.
Total
31,
1937,
insured
an
commercial
were
were
Banking Offices During 1937—The
a
117.
banks in
year,
increased by
In 1925 only
beginning of the century.
the
United
States
while the number
147,
or
deposits in the banks declined during
capital account to total deposits increased.
1937
13.6%
and
from 23 to 24%
Dec. 31,
The
number
,
during the
commercial
banks
was
Notwithstanding the reduction
commercial
by 299
OPERATING
INSURED
15.8%
COMMERCIAL
$6,404,000,000
6,329,000,000
+75,000,000
Net earnings, recoveries on assets and profits on securities
on assets
banks
insured
Commercial Banks and
charged off or sold
+780,000,000
.....
—395,000,000
........
—225,000,000
Corporation.
—96,000,000
......
.........
Other contributions, retirements, and changes due to admission to or
withdrawal from insurance
+11,000,000
Earnings of Operating Insuied Commercial Banks
Insured commercial banks reported higher net current operating earnings
but lower net profits in 1937 than in 1936.
commercial banks in 1934,
year,
in
by the
banks in
operation
EARNINGS, EXPENSES AND DISPOSITION OF PROFITS OF OPERATING
INSURED
billion
re¬
1935
1934
$
S
Gross curr.oper. earnings.
$
1,631,000,000 1.564,000,000 1,483,000,000 1,516,000.000
471,000,000
442,000,000
402,000,000
401 000.000
292,000,000
assets sold, re¬
on
309,000,000
584,000,000
432,000,000
395.000,000
501,000.000
627,000,000 1,032,000,000
380,000,000
coveries, &c
Losses, chargeoffs, Ac. a.
Net profits
523,000.000
207,000,000
225,000,000
223,000,000
207,000,000
155,000,000
300,000,000
after Income
b
Int. paid on capital-.
by only 56
number,
the
was
Net profits after
during the year.
proportion
of
operating
at
The figures for 1936
a
tion
on
and prior years were revised by the transfer of "deprecia¬
banking house, furniture and fixtures," from the category of loss or charge-
b Income taxes are included
1936 and deposits averaged
under total current operating expenses except for
banks not members of the Federal Reserve System in 1936 and 1937.
c
Net loss.
In
or
for
considering
a
the profitability of banking operations for a single year,
few years, the figures of net current operating earnings are more
which
Demand deposits of individuals, partnerships, and corporations,
40%
of which are estimated to be protected by insurance, also
.
Time deposits of individuals, partner¬
In addition, the Corporation was insuring deposits In 56 mutual
savings banks.
insured
are averages of daily figures for the year; deposits of
banks are averages of figures for
Dec. 31. 1937.
Dec.
31,
1936, June 30,
1937 and
These banks
paid Income taxes of $2,442,000 in 1936 and of $4,848,000 in 1937.
significant than those of net profits.
t Deposits of insured banks
188,000,000
6527.000 000
off to that of current operating expense.
much smaller, however, than the
during
divs..
Changes in deposits of insured banks during the year were such as prob¬
ably to increase the proportion of deposits protected by insurance. Inter¬
bank deposits and United States Government deposits,
only a small part
of which are protected by insurance, decreased by more than $1
billion,
billion.
6339,000,000
Cash dividends declared &
The total number of banking offices
Corporation increased from 92.2%
occurred
1936
higher in 1937 than in 1936.
declined by more than $1
1934-1937
Total curr.oper. expenses^ 1,160,000,000 1,122,000,000 1,081,000,000 1,115,000,000
reflecting chiefly mergers and the
reduced
The decline
which
COMMERCIAL BANKS,
1937
taxes
was
,
of $5
profits of all insured
1935, 1936 and 1937.
Insurance Cor¬
beginning of the year to 92.7% at its close.
to the close of the year.
1937
BANKS
Net change during year
Net curr. oper. earnings
Deposits of Operating Commercial Banks—During 1937 deposits of all
banks averaged $49.1 billion, of which $47.6 billion, or
97%
were in insured banks.f
Deposits declined by $2 billion from the beginning
*
14.1%
Total capital account, Dec. 31, 1937
Total capital account, Dec. 31, 1936
Profits
commercial
non
Tne percentage of aggregate
of all banking offices in operation.
commercial
conversion of unit banks into branches.
of insured
1%.
com¬
banking systems
1937, the Federal Deposit
of insured
duced by 176, or 1.2%
capital
or
ANALYSIS OF CHANGES IN TOTAL CAPITAL ACCOUNT DURING
poration was insuring deposits in 13,797 commercial banks operating 17,178
offices.*
total
$
possessions was reduced
of offices of branch
Number of Operating Insured and Noninsured
about
reported
of $75 million,
1937 and the ratio of total
1934
banking which has been
The number of unit
Participation by Commercial Banks in Deposit Insurance
14%
year
1935
12.9%
18% of all banking offices belonged to branch systems.
Banking Offices—On
or
great as in
The increase in the number of branches
continuation of the trend toward branch
In existence since the
during the
by
as
the past four years was as follows:
head
branch offices of such
banking offices was reduced by 152 during the
The number of banks in operation decreased by 269 while the number
of branches increased
or
banks
increase for the
The table shows earnings, expenses and disposition of
Changes in Operating Commercial
increase
than one-half
capital account to total deposits of all insured banks at the close of each of
systems.
the
more
periods.
of $6.4 billion,
were
total number of commercial
mercial
than three times either the 1920
Net repayment of capital to the Reconstruction Finance
Number and
possessions.
almost twice the proportion held in
little
Dividends..
and
or
The proportion of assets in the form of loans and dis¬
in 1937,
earlier
accounts
Losses
Commercial Banking Offices
States
the
Capital of Operating Insured Commercial Banks
weak,
and their earnings position inadequate.
Corporation is continuing its efforts to
over
Cash and amounts due from banks
The banks' loans appeared to be of higher quality than in
1920.
or
the two
than at any other comparable time during the post-war period, some indi¬
vidual banks
one-fifth
were
.
1936
Federal insurance of deposits.
as
as
1929, the number of banks declined by 40%
of all assets in 1937,
counts, at 31%
activity and in National income during the latter part of 1937.
The quality of the assets was higher and the amount of invested
capital
years.
by 8%
securities at
business
greater than in earlier
selected
1929 and considerably more than in 1920. Holdings of United States Gov¬
ernment
Summary of Banking Developments
continuous
As compared with
18-year period have been substantial.
follows from the report:
as
are
Changes in the composition of assets of all commercial banks
State banks members of the FRS, 5,260
National banks and 56 mutual savings banks.
These dates
Although the number of banks in 1937
approximately one-half the number in 1920, total assets
greater.
and total assets
insured 7,456 banks not members of the
were
1,081
1937—•
fairly representative of three periods of active business with bank credit
slight increase in the proportion of insured
a
Among commercial banks 97%
Extracts
—3.5
+2.8
+ 1.2
June 30, 1937, totaled $56.8 billion, as compared with $62.2 billion in
on
insured banks at the close of 1937.
Dec. 31,
—4.2
the middle of 1929 and $47.4 billion in 1920.
176 in number of insured banks between Jan.
of
Federal Reserve
—3,5
possessions
the third successive year in which there has
Number of non-insured banks dropped from 1,178 to 1,085
in same period,
+4.9
—5.5
Assets and Liabilities of All Commercial Banks, 1920. 1929 and
Total assets of all commercial banks in the United States and its
increase in net earnings of insured banks.
Dec. 31, 1937.
+ 778,000,000
47,191,000,000 49,258,000,000 —2,067,000,000
626,000,000
609,000,000
+ 17,000.000
6,404,000,000 6,329,000,000
+ 75,000,000
These banks held deposits of $600 million.
1937 amounted to $471 million, equivalent to a return of 7.4%
reflected
—9.9
—751,000.000
—122,000,000
54.221.000,000 56,196,000,000 —1,975,000,000
assets
difference between book and net invested capital by a
their capital account.
year.
%
—5.1
—7 3
Other securities
Loans and discounts
Net current operating earnings of the insured commercial banks for the
United
PerCt.
—800,000,000
like amount.
assets
Amount
$
$3.5 billion of these funds used to write off worthless
assets reduced the
The
Changes During Year
Obligations of the U.S. Govt. 13,669,000,000 14,749,000,000 —1,080,000,000
1937.
Total capital account
their
1937
$
Miscellaneous liabilities
to meet
shown in
COMMERCIAL BANKS
Dec. 31. 1936
As seas—
greater than indicated by resultant net increase since elimination of bad
The
LIABILITIES DURING
Amount
assets, $.5 billion for repayment of RFC's capital purchases and $1 billion
for interest and dividends.
Improvement in capital position of banks
On
are
Dec. 31, 1937
operating with managements considered to be
were
poor.
or
commercial banks.
banks.
Changes during 1937 in
commercial banks
to
Since Banking Holiday of 1933 $5.5 billion added to capital of insured
an
of the year.
of operating insured
54,221,000,000 56,196,000.000 —1,975.000,000
unsatisfactory
year
Total book capital account of the banks
Ifc-la
L
of insured commercial banks, not members of Fed¬
Reserve System,
been
Total loans, although
higher in proportion to total assets and to total deposits
of these
and
bank investment,
accompanied the decline in securities prices during
Approximately 12%
eral
was
All other classes of assets declined.
substandard.
were
value
the year period.
over
CHANGES IN ASSETS AND
Securities held by insured commercial banks not members of the Federal
were
earlier.
in 1937 despite decline
Reserve System amounted to about $2.6 billion.
securities
a year
OPERATING INSURED
banks increased loans
Beginning
the table below.
1933 and 1934, to 98.9 in 1937.
ance
reported
the close than at the beginning
admission to insur¬
as estimated at time of
amount
assets and liabilities
Appraised value of assets of these banks shown to have
89.5% of book value,
3.5%, from the
increased, and
pending at end of year.
System in 1937.
the
important types of assets showed
six made necessary corrections and in one case insurance was terminated.
Ten
Banks at
somewhat below the peak reached during the year, were
larger at the close
of 1937 than at the close of 1936.
Other
impaired capital and for lax loan and investment policies
procedures.
Liabilities of Insured Commercial
and
and Close of the Year—On Dec. 31,
1937, total assets of operating insured
commercial banks amounted to $54.2 billion, a reduction of $2.0 billion,
fully covered.
During 1937, FDIC cited 39 banks
tices
made promptly available.
were
than four-fifths~of which
more
J\ssets and Liabilities of Operating Commercial Banks
Total deposits of these banks were
1937.
of which
the other hand,
on
protected by insurance, increased by $0.5 billion.
acted to protect 277,236 depositors of 178 insolvent banks between
Jan.
4023
the
gross
expenses, are
on
capital.
current
Net earnings indicate the extent to
bank, after covering operating
earnings of the
available to provide for net losses on assets and for a return
The figures of net earnings are relatively stable.
Net profits
consist of net current operating earnings (1) plus recoveries on assets pre¬
viously charged off, reductions in
valuation allowances, and profits on
securities sold, (2) less losses on assets and additions to valuation accounts.
In any one year
or
as
a
recoveries on
the figure for net profits is affected by the amount of losses
assets which happen to be taken In that year.
Inasmuch
the items upon which
losses or recoveries are taken accumulate over
period of years, the amounts charged off, or recovered, in any one year
may not
necessarily bear any relation to operations in that year.
Financial
4024
Net Current Operating
Earnings of All Insured
1937,
In
million
or
Commercial Bank*—Net
$471
Net
in each of the last three years, not only
relation to total assets and total capital
of insured commercial banks amounted to
approximately 7.5% on total capital account.
current operating earnings
earnings nave shown an increase
but also in
In absolute amounts
account.
The increase in net earnings
the result
of higher gross earnings only
of 7%, as compared with 1936. was
partly offset by higher total current
expenses.
amounted to $1,631 million, or
4% more than in 1936. Larger income from loans and discounts accounted
for almost three-fourths of the increase in total earnings, and was due to
the Increase in the volume of loans and discounts outstanding.
Current operating expenses were 3.4% larger than in the previous year.
A larger amount of salaries, wages and fees accounted for two-thirds of
from current operations
Gross earnings
the increase in
31, 1937, the Federal Deposit
Insurance Corporation was in¬
56 mutual savings banks. Total deposits in these banks
$1 billion, of which about 90% are estimated to have been
protected by insurance. Of these 56 banks, 11 had deposits of more than
$10 million each and 45 had deposits of less than $10 million each. Two
banks held more than one-half of the deposits. These 56 banks were located
banks, the variation in their size,
and in conditions under which
they were operating, the data relating to the insured mutual savings banks
are not necessarily accurate indicators of the condition and operations of
in 12 States.
Due to the small number of
differences in geographic location
the wide
all mutual savings
banks in the country.
.
.
,
capital stock, their total capital
accounts, built up from
1937, total capital account of insured
mutual savings banks increased by about $1.25 million.X or 1%.
Ac the
end of 1937, total capital account was equal to 13% of deposits, essentially
the same as in insured commercial banks.
Capital notes and debentures
of $12.5 million in 25 banks were owned by the Reconstruction Finance
Corporation. During the year $80,000 of capital notes and debentures were
retired
At the close of the year, the preferred capital was equal to 9% of
the total capital account of all insured mutual savings banks.
Earnings, Expenses, and Disposition of Profits of Insured Mutual
Savings Banks—Gross current operating earnings of the 56 insured mutual
savings banks amounted to $42 million in 1937, or 1.5% more than in 1936.
Current operating expenses, excluding interest and dividends to depositors,
were about 10% higher than in 1936 and about 20% higher than in 1935.
As a result, net current operating earnings, which amounted to $26 million
in 1937, were 3% less than in 1936.
In 1937, recoveries and profits on
assets sold decreased by approximately
11%, whereas losses increased
mutual savings banks have no
Since
consists chiefly of surplus and reserve
account
undistributed
about
37%.
earnings.
During
capital funds were reduced approximately
About $19 million, or 92% of the net
to
profits, were used to pay interest
amounted
The rate of return to depositors
1.9% compared with 2.0% in the
earlier years.
available for distribution to
As a consequence, net profits
depositors and for addition to
and dividends to depositors.
preceding year and more than 2% in
Of the remaining profits, $1.25 million were added to
interest on and to retire
capital
capital
Reconstruction Finance Corporation.
funds and $0.5 million were used to pay
notes and debentures
held by the
The difference of
tThe condition reports show an increase of $1,660,000,000.
$410,000 is the result of a change in accounting methods.
low grades.
U. S. Gov¬
High-grade railroad bonds have scored gains.
Chesapeake
Pennsyl¬
high grades
been strong,
MOODY'S BOND PRICES
1966, have
(REVISED)
S.
Govt.
Bonds
Daily
All
120
points to 64; Kansas City Southern 5s. 1950, at
Speculative
jumped 11% points.
Chicago
Erie 5s,
1975 moved up 2% points to 13%.
Utility bonds have
week.
financing has reached substantial proportions.
industrial bonds this
bond market.
In the steel group, the outstanding gain has been made by
Otis Steel 4%s, 1962, with a rise of 6% pointb to 72%.
Gains in the oil group have been small for the most part; for
example the Tidewater Associated 3%s, 1952, have risen
rising trend has been evident in
A
week, in sympathy with other sections of the
% to 103%.
to 108.
Phelps Dodge 3%s, 1952, have advanced 2%
strengthened, the Armour
Meat packing issues have
4s, 1955, rising 1 % to
has been the gain
miscellaneous
Featuring the retail trade group
Among
Remington Rand 4%s, 1956, have
94%.
of 5 points to 69 in Childs 5s, 1943.
bonds,
advanced 3 to 96.
Sentiment has
improved also in the foreign bond market
strength in Cuban Public Works 5%s.
Brazilian and other defaulted South American issues have
with
particular
Moody's computed bond prices and
are
MOODY'S
All
120
P.
U.
Indus.
Corp.
x
120 Domestic
by Ratings
Corporate by Groups *
30
For-
tic
Averages
t
(REVISED)
Prices)
120 Domestic Corporate •
Domes¬
1938
Daily
RR.
bond yield averages
BOND YIELD AVERAGES
(Based on Individual Closing
Baa
Italian
given in the following tables:
120 Domestic
A
been considerably more active and
Medium-grade and speculative issues
have been in good demand.
Laclede Gas 5s, 1959, have ad¬
vanced % point to 80%; Western Union Telegraph 4%s,
1950, at 61 were up 5%; Illinois Power & Light 5s, 1056,
have gained 3% at 89; Oklahoma Natural Gas 5s, 1946, rose
1 % to 93%; United Light & Power 6s, 1975, at 75 were up 4.
High grades have held up well. New and proposed utility
this
higher
Corporate by Groups *
Aa
Defaulted railroad bonds, in sym¬
bond market, have recorded gains.
Great Western 4s, 1959, gained 2 points at 18 while
pathy with a rallying rail
t
by Ratings
Aaa
points; New York Central 4%s, 2013, at
62% were up 7%
tic
Corp.*
Averages
Central Pacific 4s, 1949, have
bonds have been notably strong.
120 Domestic Corporate *
Domes¬
Virginian 3%s,
Wide price gains
remained unchanged at 101.
medium-grade and speculative railroad bonds have
among
52
as
1948, have gained >2 at 107% and
vania 4s,
(Based on Average Yields)
U.
well
1992, were up 3 points at 114%, while
& Ohio 4%s,
the out¬
spectacular rise in railroad bond prices has been
standing feature this week in the bond market.
1938
as
fluctuated.
ernments have not
registered small gains while among European issues,
The Course of the Bond Market
A
Utility and industrial bonds have also
rally this year or last.
advanced 4
suring deposits in
amounted to
havefmade the best gains that they have made on any
rails
dominated the bond picture.
total expenses.
Insured Mutual Savings Banks
On Tec.
June 25, 1938
Chronicle
A
Aa
Aaa
P. U.
Indus.
Baa
RR.
6.61
3.88
eigns
3.54
June 24.. 111.80
23.. 111.95
89.25
112.86
100.35
89.10
65.19
66.13
102.12
108.46
4.67
3.32J
4.68
102.12
108.27
4.69
3.34
3.98
4.68
3.55
89.10
65.94
3.88
100.35
64.91
6.63
112.45
6.74
88.95
June 24..
23—
6.71
...
88.80
63.20
64.64
101.94
107.88
4.70
3.57
100.18
3.99
3.89
112.25
3.35
6.77
88.22
4.74
6.93
22.. 112.08
22—
88.22
107.88
21
4.80
3.35J
4.00
4.74
7.09
...
100.00
101.76
3.57
112.25
63.28
3.90
87.35
61.81
6.92
21.. 112.11
20-
3.37J
4.00
4.76
7.18
7.00
3.90
3.58
—
3.98
...
...
112.06
86.92
111.84
100.00
87.93
61.05
62.58
101.76
107.69
107.49
18—
3.37
4.01
4.80
...
101.58
3.59
87.35
61.72
3.91
99.83
60.22
7.10
86.36
111.84
7.28
18- 112.04
4.831
4.87i
17—
4.86
3.37
4.01
—
61.81
107.69
3.58
87.35
101.58
3.91
99.83
60.47
7.09
86.50
111.84
7.25
112.01
4.80
17—
3.34
3.97
4.76
7.23
6.99
3.92
3.57
16-
4.83
3.97
4.73
7.18
6.93
3.92
3.57
3.95
4.71
7.10
6.84
3.91
3.55
3.90
3.55
20.
_
112.07
86.92
112.45
100.53
87.93
60.63
62.67
107.88
16—
15..
111.94
87.35
112.66
100.53
88.36
61.05
63.20
101.41
107.88
15..
4.80
3.33
14-
112.02
87.78
113.27
100.88
88.65
61.72
64.00
101.58
108.27
14-
4.77
3.30
13— 112.01
87.93
113.27
101.23
88.65
61.89
64.18
101.76
108.27
13—
4.76
3.30
3.93
4.71
7.08
6.82
62.41
101.76
108.46
11-
4.72
3.29
3.91
4.66
7.02
6.72
3.90
3.54
65.10
3.90
4.66
6.92
6.64
3.89
3.54
3.89
4.64
6.93
6.64
3.90
3.54
11-
10-
112.01
112.05
88.51
113.48
101.58
89.40
101.41
'
88.95
113.48
101.76
89.40
63.28
65.84
101.94
108.46
10-.
4.69
3.29
101.94
89.69
63.20
65.84
101.76
108.46
9—
4.69
3.29
9_.
112.05
88.95
113.48
102.30
63.28
101.76
108.66
8—
4.68
3.28
3.87
4.64
89.99
63.55
101.58
108.66
7-.
4.67
3.27
3.88
4.62
6.89
108.85
6-
4.66
3.27
3.88
4.61
6.89
6.58
3.91
3.52
66.41
101.58
6.89
6.55
3.90
3.52
6.57
3.90
...
...
3.53
102.12
66.51
3.91
89.25
113.89
6.57
7- 111.97
---
...
3.53
113.68
66.22
3.90
89.10
89.69
6.60
112.03
6.92
8-
—
3.53
6..
112.14
4-.
112.09
89.40
89.40
113.89
113.68
102.12
102.48
90.14
63.55
90.14
63.55
66.70
101.76
108.85
4..
4.66
3.28
3.86
4.61
66.51
101.76
108.66
3..
4.67
3.28
3.86
4.62
6.91
2—
4.66
3.28
3.85
4.62
6.90
1—
4.66
3.28
3.84
4.61
6.91
3_.
112.10
89.25
113.68
102.48
89.99
63.37
2-
112.17
89.40
113.68
102.66
89.99
63.46
66.60
101.58
108.66
1-.
111.88
89.40
113.68
102.84
90.14
63.37
66.80
101.41
108.66
6.56
'
3.91
3.92
3.53
6.52
3.93
...
...
3.53
6.54
...
3.54
Weekly—
Weekly—
May 27.. 111.77
89.25
113.68
102.84
89.99
63.20
66.99
101.23
108.46
May 27..
4.67
3.28
3.84
4.62
6.93
103.93
65.66
102.12
109.44
20-
4.55
3,25
3.78
4.49
6.66
3.49
114.30
91.97
6.28
91.05
69.37
3.88
111.94
4.47
3.26
3.75
4.43
6.42
6.03
3.88
3.50
20-
...
...
f P 13-
111.82
92.28
114.09
104.48
92.90
67.97
72.00
102.12
109.24
13..
103.74
91.66
101.76
103.85
6—
4.54
3.29
3.79
4.51
3.52
113.48
70.20
3.90
91.20
66.51
6.20
111.54
6.57
6-
90.44
63.91
100.35
108.27
Apr. 29—
4.64
3.30
3.83
4.59
6.85
3.55
113.27
103.02
6.40
89.69
68.17
3.98
Apr. 29.. 111.42
113.07
89.55
63.64
67.58
108.08
22..
4.68
3.31
3.88
4.65
...
89.10
99.48
3.56
102.12
6.46
4.03
22- 111.48
6.88
14—
4.80
3.38
3.97
4.77
7.07
6.60
...
106.17
4.13
61.98
97.78
3.66
66.22
3.99
4.76
7.05
6.48
4.18
3.72
...
...
14.. 110.08
87.35
111.64
100.53
87.78
8__ 109.69
87.49
111.84
100.18
87.93
62.15
67.38
96.94
105.04
8„
4.79
3.37
98.97
86.07
58.70
63.73
104.30
1—
4.95
3.38
4.06
4.89
7.47
6.87
111.64
106 73
Mar.25..
4.72
3.31
3.80
4 05
7.13
6.40
4.09
3 63
6 27
4.05
...
3.76
85.24
96.11
4.23
1— 109.58
...
3 57
Mar.25— 110.34
88.51
113.07
103.56
89 55
61 47
6..58
98 45
18- 109 97
89.34
113.89
103.93
90.44
63.64
69.48
99.14
.07.88
18-
4 63
3.27
3.78
4.59
6 88
114,51
105.98
92.75
05.56
72.98
108.46
11..
4 51
3 24
3.67
4.44
6.67
5.94
3.54
91.66
99.48
4.03
11.. 110.57
4 36
3.22
3.64
4.33
6.26
5.54
4.00
3.54
...
...
'
...
...
4__ 110 70
94.01
14.93
106 54
94.49
69.58
77.60
100.00
108.46
4..
115.14
106.92
94.81
70.62
79.20
108.46
Feb. 25—
4.3$
3.21
3,62
4.31
6.16
5.41
3.54
94.49
99.48
4.03
Feb.25.. 110.50
18.. 110.21
18—
4.37
3.22
3.63
4.36
6.26
5.49
4.07
78.20
108.08
3.56
98.80
5.51
4.08
3.58
...
93.85
114.93
107.73
94.01
69.58
...
...
11— 110.18
93.53
115.14
106.54
93.69
68.87
77.96
98.62
107.69
11..
4.39
3.21
3.64
4.38
6.33
105.79
92.28
67.68
75.70
4„
4.47
3.27
3.68
4.47
6.45
5.70
...
113.89
106.92
3.62
92.28
98.45
4.09
110.16
105.04
92.59
66.41
73.99
Jan. 28—
4.50
3.26
3.72
4.45
6.58
5.85
...
114.09
107.69
3.58
91.81
98.62
4.08
Jan. 28- 110.07
94.33
116.35
106.73
94.81
69.99
77.84
109.05
21-
4.34
3.20
3.63
4.31
6.22
3.51
100.18
3.99
21- 110.52
5.52
14—
4.25
3.17
3.58
4.26
6.00
5.28
3.97
...
80.84
109.24
3.50
100.53
6.03
5.24
4.02
3.54
...
4„
14— 110.15
95.78
116.00
107.69
95.62
72.32
7- 109.97
95.62
115.78
107.88
95.46
72.00
81.35
99.83
108.46
7-
4.26
3.18
3.57
4.27
116.00
108.27
95.95
72.65
82.13
102.30
High 1938
4.95
3.38
4.06
4.89
7.54
7.10
3.76
95.95
109.64
4.23
High 1938 112.17
Low 1938 109.58
98.97
86.07
58.15
61.72
104.30
Low
4.24
3.17
3.55
4.24
5.97
5.18
3.48
111.64
96.11
3.87
85.24
110.04
100.00
84.28
94.65
100.18
June24'37
3.94
3.28
3.46
4.00
5.02
4.32
3.99
113.68
109.05
3.51
101.06
3.93
3.24
3.51
4.08
4.89
4.34
3.91
...
3.55
1
1
Yr. Ago
june24'37 108.35
*
level
.
Yr. Ago
2 Yrs.Ago
2 Yrs.Ago
june24'36 109.89
1938
101.23
114.51
109.05
98.62
86.07
94.33
101.58
108.27
June24*36
the average movement of actual price quotations.
...
3how either the average
relative movement of
of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to
They merely serve to illustrate in a more comprehensive way the relative levels and the
These prices are computed from average yields on the basis
or
yield averages, the latter being the truer picture of the bond market,
on the issue of April 23, 1938, page 2594.
—
—
x
Discontinued,
t The latest complete list of bonds used in
computing these indexes was published
Volume
THE
Financial
146
STATE
OF
EPITOME
TRADE—COMMERCIAL
with
activity
showed
further
increasing optimism evident in
The
quarters.
many
pronounced activity and strength of the stock market ap¬
pear to be acting like magic on the entire country, this
being reflected especially in the. substantial rise in com¬
modities
and the pick-up in many lines.
Encouraged by
days of rising security markets, ever-widening textile
four
markets* firmer quotations for basic metals, and an actual
upturn
tries,
in
inquiries and
business
centers
both
men
becoming
are
stantial upturn in
Commerce"
orders in
in
New
convinced
certain
York
that
strategic indus¬
definite
business is developing.
index
of
Middle
and
a
West
sub¬
and
The "Journal of
business
activity advanced to 69.9,
figure of 68.3 for the previous
week and 101.1 for the corresponding week of 1937.
Auto¬
motive activity was stepped up and car loadings, petroleum
runs-to-stills, steel production and lumber cut showed im¬
provement.
Bituminous coal production registered another
and compares with a revised
reduction this week.
a
With the steel
price structure facing
reputedly
national operating rate for the
further period of testing and the wage structure
for consideration, the
industry has risen two consecutive
up
time since late March, and ingot
for
weeks
the
4025
characterized
was
by
of the
most
general
country.
unsettled
Showers
conditions
were
frequent
and rather
week,
gains the past
week
throughout
Friday Night, Jime 24, 1938..
Business
Chronicle
widespread. In many central areas of the
try moderate temperatures and less rainfall than for
preceding weeks made
vation
of
row
and
crops
coun¬
some
favorable conditions for culti¬
more
harvesting
operations.
Some
areas, however, remain too wet to work, and in some locali¬
ties too soggy to
support heavy
harvesting machinery.
generally somewhat above normal in
many portions of the Mississippi Valley and Great Plains,
Temperatures
were
while the normal to somewhat excessive sunshine was favor¬
able for reducing rust damage.
In the New York City area
the weather during the week was more or less
mixed, with
temperatures generally high.
Today it was fair and warm
here, with temperatures ranging from 68 to 86 degrees.
The forecast was for partly cloudy and continued warm
tonight and Saturday.
Overnight at Boston it was 70 to 8S
degrees; Baltimore, 68 to 84; Pittsburgh, 62 to 84; Port¬
land, Me., 68 to 84; Chicago, 72 to 88; Cincinnati, 70 to 90;
Cleveland, 70 to 86; Detroit, 68 to 88; Charleston, 74 to 88;
Milwaukee, 64 to 80; Savannah, 72 to 92; Dallas, 72 to 92;
Kansas City, 76 to 92; Springfield, Mo., 72 to 88; Oklahoma
City, 74 to 94; Salt Lake City, 52 to 78; Seattle, 56 to 80;
Montreal, 68 to 86, and Winnipeg, 62 to 82.
first
output is now at 28% of
ago, "Iron Age" says in
The magazine states that more im¬
Revenue Freight Car Loadings in Week Ended June 18
Gain 1,715 Cars
portant than this modest strengthening of mill schedules is
a growing feeling that business
generally this summer will
Loadings of revenue freight for the week ended June 18,
1938, totaled 555,569 cars.
This is a rise of 1,715 cars,
0.3%, from the preceding week; a decrease of 197,218
cars, or 26.2%, from the total for the like week a year ago,
and a drop of 134,498 cars, or 19.5%, from the total
loadings
for the corresponding week two years ago.
For the week
ended June 11, 1938, loadings were 26.2% below those for
the like week of 1937, and 19.3% below those for the cor¬
responding week of 1936.
Loadings for the week ended
June 4, 1938, showed a loss of 27.1% when
compared with
1937 and a drop of 27.8% when comparison is made with
capacity against 25%
its
current
be
not
fair
slack
so
two weeks
summary.
of
measure
expected, and that
as
a
foundation for
a
in the fall is being laid.
The
strengthening of the scrap market,
the "Iron Age" composite price being 25c. higher at $11.25,
the first advance in 20 weeks, it is reported.
Furthermore,
the industry has received its first order for steel for 1939
industry
has
recovery
noted
a
automobile production, and bookings are running 10% ahead
of May.
Wall Street is wondering what effect the improved
business and market sentiment will have on the informal
discussions
the
being held between United State Steel and
now
Committee
reduction
of
for
Industrial
Organization
on
a
possible
steel
prices and wages., The strengthening of
prices of heavy melting steel scrap at Pittsburgh and Phila¬
delphia attracted more than ordinary attention of observers
who place reliance in the scrap price trends as a steel
industry barometer.
Engineering construction awards for
the week amounted to
71%
below
highest
weekly
News-Record"
25
for
ume
$33,572,000, 15% over last week, but
corresponding 1937 week, when the year's
award volume was reported, "Engineering
the
weeks
the 25-week
that
of
The cumulative
1938, $1,187,311,000 drops 5%
1937.
for
total
yesterday.
This is
the first
time
the
same
week of 1936.
The first 18 major railroads to report for the week ended
June 18,1938 loaded a total of 258,776 cars of revenue freight
their own lines, compared with 256,217 cars in the pre¬
ceding week and 340,737 cars in the seven days ended June 19,
1937. A comparative table follows:
on
REVENUE FREIGHT LOADED AND RECEIVED
Loaded
CONNECTIONS
Received from Connections
Weeks Ended—
June 18 June 11 June 19 June 18 June 11 June 19
1938
1938
1937
1938
1938
1937
1938
ago.
Own Lines
on
Week* Ended—
vol¬
below
in
FROM
(Number of Cars)
the
year
announced
or
cumulative construction total dro^^d below a
Private construction for the week is 55% above
last week, but 84% below the 1937 week.
Public awards
are 1.5% above the preceding week, but
52% under a year
ago.
Production of electricity by the light and power indus¬
try of the United States totaled 1,991,115,000 kilowatt hours
in the week ended June 18, a loss of 10.1% when compared
with the
tric
corresponding week of last
year,
the Edison Elec¬
Institute revealed.
Output decreased 672,000 kilowatt
hours under the previous week, when it was 1,991,787,000,
and 222,668,000 under the total of 2,213,783,000 in the corre¬
sponding week of 1937.
pect 1938 to be the
since 1929.
Federal housing officials
best
year
for residential
now
ex¬
construction
It is foreseen that home building will pass the
300,000 mark this
Issuance of building permits still
encouraging volume.
Retail distribution con¬
tinued to make headway this week, although at a slightly
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
22,113
21,298
21,692
24,564
32,416
4,608
4,692
6,104
21,891
13,533
13,468
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Milw. St. Paul & Pac Ry.
Chicago <fc North Western Ry
16,584
16,134
21,971
7,597
8,647
17,312
10,488
13,353
12,936
14,501
16,603
16,699
19,711
6,725
6,422
13,005
2,100
12,771
8,063
10,004
3,226
8,683
International Great Northern RR
2,181
2,289
1,904
Missourl-Kansas-Texas RR
4,109
5,308
13,392
2,475
2,438
7,560
7,130
28,862
Gulf Coast Llnee
tions
ers'
Better
weather
and clearances
conditions,
added most
11,461
New York Central Lines
28,965
29,239
42,232
29,369
4,074
4,353
5,240
7,423
7,611
9,909
14,958
14,170
20,428
4,301
4,372
49,515
48,568
4,308
69,991
33,763
33,955
3,660
4,183
5,380
46,969
4,727
N. Y. Chicago & St. Louis Ry...
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
$1 to $3. Buying was said to be the heaviest in 12 months,
amply taking care of extensive profit-taking sales.
Ward's
Automotive Reports, Inc., added a hopeful note to the out¬
look in the motorcar industry today by asserting that "busi¬
has reached
a
year
a turning point in the decline which
began
ago," and that "all automobile companies be¬
lieve the 1939 model year
the present
40,918
last
was
cars
will reflect definite improvement
It estimated this week's output at
one."
and trucks, "a less than seasonal
week's
121,032
weather
41,790."
units.
news
was
Production
An
item
for
of
this
interest
decline from
week
in
last
the
the renort of floods in Montana.
against the onrushing tide that
year
Wabash Ry....
3,305
26,204
4,451
4,515
..
Total
missing, and
has taken
60
miles
nine
damaged thousands of dollafs'
above
Malta,
Mont.
The
39,794
6,376
7,017
4,603
31,812
6,959
6,964
9,201
4,981
7,252
6,868
8,107
3,577
7,364
258,776 256.217 340,737 157,387 156,780 206,612
TOTAL LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number ol Cars)
Week Ended—
June 18,
June 11, 1938
June 19, 1937
23,652
24,692
22,619
24,345
26,736
30,022
12,471
11,589
14,352
60,815
Illinois Central System
—
St. Louis-San Francisco Ry
Total
58,553
71,110
1938
The Association of American
week ended June 11,
reported
Railroads, in reviewing the
as
follows:
Loading of revenue freight for the week ended June 11 totaled 563,854
cars.
This was a decrease of 196,646 cars or 26.2 % below the corresponding
week in 1937 and a decrease of 381,728 cars or 40.8% below the same week
in 1930.
Loading of revenue freight for the week of June 11
was
an increase of
51,230 cars or 10.2% above the preceding week which included Decoration
Day holiday.
.*"
•
°
Miscellaneous freight loading totaled 227,006 cars, an Increase of 28,803
Home¬
corresponding week in 1937.
lives,
left
worth
weather
Chic Rock Island & Pac..—
cars
of
property.
Farmers gave up their homes yesterday in the
valley flats as the cloudburst-widened river struck at Har¬
lem,
3,709
25,173
week's
less farmers, beleaguered by flood waters in the valley flats
of the Milk River in north-central Montana, braced today
one
4,467
Pittsburgh & Lake Erie RR
Southern Pacific Lines.
promo¬
Major stress was on all
of sports wear, with radios, bicycles, cameras,
type¬
writers and electric fans high up on shoppers' lists.
The
stock market continued to soar today, with stocks
gaining
over
—
totals, the review revealed.
about
1,558
1,983
Missouri Pacific RR
increases to retail¬
kinds
ness
1,189
review, issued
well-advertised
of the
2,367
7,755
8,048
3,869
11,564
.-
year.
slower pace, according to Dun & Bradstreet's
6,330
8,333
1,151
1,694
continues in
today.
6,486
15,589
2,555
2,653
of
the
an
above the preceding week,
but
a
decrease of 81,745 cars below the
Loading of merchandise lees than carload lot freight totaled 147,995 cars,
increase of 17,959 cars above the preceding week, but a decrease of
21,729 cars below the corresponding week in 1937.
Coal loading amounted to 82,279 cars, a decrease of 4,320 cars below the
preceding week, and a decrease of 29,826 cars below the corresponding
week in 1937.
Grain and grain products loading totaled 30,184 cars, an increase of 3,852
cars
above the preceding week, and an increase of 3,024
cars
above the
Financial
4026
alone, grain and
week of June 11, totaled 19,189 cars, an
above the preceding week, and an increase of 2,024
In the Western districts
1937.
corresponding week in
grain products loading for the
increase of 3,056 cars
and an
above the preceding week,
In the Western districts alone, loading of live stock for
week of June 11 totaled 8,246 cars, a decrease of 292 cars below the
ing week in 1937.
the
preceding week, but an increase
of 542 cars above the corresponding week
in 1937.
Forest products
increase of 1,532 cars
decrease of 13,270 cars below the corre¬
1930
1937
1938
11,502 cars, an increase of 136 cars
increase of 945 cars above the correspond¬
loading amounted to
stock
Live
with the corresponding weeks
reported decreases compared
All districts,
1938
25,
in 1937 and 1930.
week in 1937.
the corresponding
above
cars
June
Chronicle
2.763.457
3,347,717
3,506.236
Four weeks in March...
2,222,864
2,986,166
3.529,907
Ffve weeks in April
2,649,894
2,185,822
502,624
3,712.906
2,714,449
2,256,423
2,155,451
Four weeks in January.
Four weeks in February
553,854
750,500
4,504.284
3,733,385
860,064
935,582
12,526,932
16,715,097
20,417.175
Four weeks in May
4......
Week of June
Week of June
11
—
—
3,098,632
688,987
loading totaled 26,035 cars, an
above the preceding
week, but a
Total
sponding week in 1937.
► Ore loading amounted to 24,921 cars, an increase of 3,540 cars above
the preceding week, but a decrease of 48,009 cars below the corresponding
Coke loading
preceding week, and a
in 1937.
of 272 cars below the
decrease of 6,036 cars below the corresponding week
amounted to 3,932 cars, a decrease
;
.
undertake to show also the loadings
In the following we
roads and systems for the week
for separate
woolc In 1937#
when
compared with the same
Total Revenue
from Conneciont
1938
1936
1937
1938
Total Loadt Received
Total Revenue
Total Loadt Received
Freight Loaded
Railroads
from Connections
Freight Loaded
Railroadt
1938
1937
1936
1937
1938
Southern District—(Concl.)
Eastern District—
614
525
450
926
1,731
6,567
1,460
1.437
1,276
7,589
1,476
223
268
8,569
1,639
8,333
1,417
10,046
2,217
14
27
16
51
63
Central Vermont..
1,162
Delaware A Hudson
3,798
Delaware Lackawanna A West.
8,182
1,574
6,048
10,692
1,129
5,434
9,352
1,606
6,205
5,188
2,141
7,496
7,136
410
385
361
122
127
803
1,732
9,096
4,868
1,410
1,295
2,574
14,688
Ann Arbor
Bangor A Aroostook
Boston A Maine.
Chicago Indianapolis A Loulav.
Central Indiana
1,167
Detroit Toledo A Ironton—...
1,470
2,432
2,326
Detroit A Toledo Shore Line...
175
347
381
10,962
13,540
12,881
3,425
5,135
4,938
156
280
188
2,075
1,377
7,918
2,299
2,911
1,408
29,239
7,932
1,499
4,353
3,410
9,377
1,832
8,332
Erie
Grand Trunk Western
Lehigh A Hudson River...
Lehigh A New England
Lehigh Valley
Maine Central
Monongahela
3,850
4,308
1,266
5,466
6,620
6,197
Pittsburgh A Shawmut
208
274
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis....
Pittsburgh A Lake Erie—
Pere Marquette
42,663
10,880
385
399
913
397
344
3,902
17,701
16,622
8,675
20,614
7,261
19,199
2,889
11,100
321
443
415
373
130
169
159
478
84,265
101,392
94,300
51,291
14,339
2,300
16,569
3,402
7,640
19,111
2,428
19,846
3,633
23,451
1,172
9,251
20,012
2,420
19,853
4,123
8,333
1,999
6,422
2,699
13,434
1,461
7,281
3,084
Northwestern District—
Chicago A North Western
27
28,862
40,163
Elgin Jollet A Eastern
9,402
1,682
7,611
11,661
Ft. Dodge Des
4,078
3,660
7,931
5,068
42
56
294
304
219
196
1,106
1,285
1,253
Rutland.
550
657
648
838
4,541
3,189
4,786
4,564
5,460
4,274
6,868
2,130
2,003
1,093
8,494
3,362
116,758
157,320
148,574
117,948
161,918
393
579
596
471
730
34,757
31,082
13,468
7,312
6,129
760
17,506
3,557
Total.
...
260
512
....
Total
2,021
280
Wheeling A Lake Erie
Southbound
Winston-Salem
33
Pittsburgh Shawmut A North..
Wabash
Southern System
Tennessee Central
176
Pittsburgh A West Virginia
...........
Seaboard Air Line
8,188
9,905
Chicago Great Western
Chicago Mtlw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
Duluth Mlssabe A I. R
4,106
21,692
3,001
Ohio
6
6
431
417
459
136
22,726
17,792
2,519
502
636
660
515
824
3,134
1,673
6,397
9,920
Green Bay A Western
Lake Superior A Ishpemlng
1,766
Minneapolis A St. Louis
Minn. St. Paul A S. 8. M._...
4,646
7,218
Northern Pacific
219
1,192
125,747
110,019
33,784
21,298
2,648
23,971
4,692
2,860
20,743
3,010
464
521
311
103
12,956
14,406
6,320
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
1,394
11,087
1,763
1,225
2,116
2,058
208
896
6
10
6,001
9,138
11,840
Cornwall..
600
537
659
32
64
Cumberland A Pennsylvania..
134
249
274
49
46
Denver A Salt Lake
78
97
77
9
49
Fort Worth A Denver City
602
653
762
1,242
70,770
15,392
17,150
1,011
61,067
13,060
13,012
12,822
1,980
807
2,409
1,843
543
7,458
1,746
428
North Western Pacific
382
330
37
1,663
1,125
1,240
1,621
1,885
1,830
962
188
1,936
1,604
67
801
843
845
338
33
Northern
594
1,250
Missouri-Illinois
Nevada
618
1,626
1,628
Illinois Terminal
17,608
1,186
33,955
48,568
11,406
4,417
Pennsylvania System
Reading Co
2,449
1,384
47,814
2,715
908
Long Island
Penn- Readlng Seashore Lines.
Colorado A Southern
13,041
2,519
1,693
Denver A Rio Grande Western-
Chicago A Eastern Illinois
14,368
1,344
12,206
2,719
589
243
1,329
7,460
Llgonler Valley
2,683
318
1,142
Bingham A Garfield
Chicago Burlington A Qulncy—
252
Central RR. of New Jersey...
9,332
226
1,726
78,134
I
867
...
Cambria A Indiana...
1,598
1,814
Central Western District—
5,217
Buffalo Creek A Gauley
65
6,164
399
Spokane Portland A Seattle
Total
2,370
2,088
1,583
International
Spokane
172
334
12,011
Moines & South.
Great Northern
Atch. Top. A Santa Fe System-
Bessemer A Lake Erie
398
Duluth South Shore <fe Atlantic-
Alton...
Alleghany District—
Akron Canton A Youngstown.
958
354
309
6,231
1,889
1,895
1,576
2,140
Richmond Fred. A Potomac—
941
267
New York Central Lines
2,427
1,791
2,666
1,949
Piedmont Northern.
994
2,715
3,525
2,886
2,271
39,693
10,592
1,802
5,006
6,591
6,188
Montour
7,547
1,889
1,990
2,714
2,612
1,793
2,424
2,644
Mobile A Ohio
Nashville Chattanooga A St. L_
Norfolk Southern....
...
Detroit A Mackinac
Baltimore &
ENDED JUNE 11
FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CAR8)—WEEK
REVENUE
ended June II,
roads showed increases
week last year:
During this period only 19
1938.
176
177
23,789
20,616
244
(Pittsburgh)
4
26
39
Maryland....
3,323
2,946
4,449
137,819
161,119
100,566
Total.
Southern Pacific (Pacific)..
Toledo Peoria A Western
21,845
6~519
250
246
367
928
10,884
12,502
10,874
6,282
155
195
224
15
1,581
1,414
1,369
1,868
94,851
107,733
96,712
41,363
1
2,427
West Virginia Northern
Western
Peoria A Pekln Union
Union Pacific System...
Union
7,821
81,047
117,403
Utah
Western Pacific
3,553
Pocahontas District—
16,134
14,170
3,875
Norfolk A Western..
Virginian
21,394
20,090
4,260
22,380
19,496
3,457
4,372
10,383
5,057
905
1,054
34,179
Chesapeake <fc Ohio
45,744
45,333
13,924
16,494
8,647
Total
Southwestern District—
International-Great Northern..
194
1,032
1,319
577
550
769
8,834
4,193
134
784
2,206
1,673
1,629
1,538
952
243
219
270
341
231
246
653
519
444
157
108
162
3,869
11,590
4,866
4,642
14,303
2,438
7,130
Louisiana Arkansas A Texas...
Litchfield A Madison
Midland
153
2,027
130
172
705
677
Kansas Oklahoma A Gulf
City Southern
Louisiana A Arkansas
3,618
9,980
4,320
8,750
4,038
3,601
2,495
Charleston A Western Carolina
441
481
405
863
Cllnchfleld
988
1,377
920
1,352
2,709
1,114
1,767
Columbus A Greenville
246
351
377
298
292
Mlssourl-Kansas-Texas Lines..
Durham A Southern
158
137
152
365
271
Missouri Pacific.
Florida East Coast...
362
512
Quanah Acme A Pacific
421
516
693
39
46
50
81
104
837
925
890
1,547
Gainsville Midland.........
383
362
466
478'
1,882
20,415
20,512
1,591
20,233
20,079
794
997
11,209
4,950
193
169
367
189
183
279
303
Mississippi Central
cars
on
7,556
3,392
2,453
2,044
1,550
4,484 New Freight Cars on
Report
5,174
6,446
4,309
2,569
3,716
215
317
266
83
39
41
52
47
45,101
51,445
52,983
29,646
6,141
4,317
Wichita Falls A Southern
Wetherford M. W. A N. W
Total
* Previous figures.
revised
Order
on
70
7,825
2,206
7.057
362
Macon Dublin A Savannah....
Railroads
116
6,637
Texas A Pacific
8,000
4,184
124
Wot*—Previous year's figures
146
244
2,531
....
10,155
...
13,572
93
St. Louis-San Francisco
99
Louisville A Nashville
Class I railroads
...
269
Illinois Central System
I
Missouri A Arkansas
1,465
16,824
Georgia A Florida
Class
Valley
St. Louis Southwestern.......
Texas A New Orleans
Georgia
Gulf Mobile A Northern
2,178
471
215
775
667
Line
200
1,151
1,694
213
238
679
Atlanta Birmingham A Coast..
Atlantic Coast
127
2,368
162
162
Atl. A W. P.—W. RR. of Ala..
Central of Georgia
303
86
2,757
2,309
1,857
1,694
Alabama Tennessee A Northern
Kansas
125
98
2,367
2,289
Fort Smith A Western....
Gulf Coast Lines
Southern District—
154
145
Burlington-Rock Island.......
Total.
June
on
1
June 1, this year,
with 122 steam and 12 electric and Diesel
installed in the
had 4,484
new
freight
order, the Association of American Railroads an¬
date in 1937 there
On
The
same
same
Diesel locomotives
period in 1936.
New freight cars and locomotives
leased or otherwise acquired
are
not
Included in the above figures.
were
45,176 on order, and on June 1, 1936 there were 25,748.
May 1, this year, 4,867 new freight cars were on order.
locomotives installed in the
period last year, and nine steam and eight electric and
nounced
on
June 24.
On the
same
Decline of 0.3 Point Noted in "Annalist" Weekly Index
of
association further reported:
New steam locomotives on order on
on
June 1 totaled 56 compared with 329
June 1, last year, and 58 on the same date two years ago.
had 61
new
steam locomotives on order on May 1, this year.
The railroads
New electric
and Diesel locomotives on order on June 1 totaled six compared
June 1,
had 10
1937, and 30 on June 1, 1936.
new
5,786
new
The railroads
with 30 on
May 1, this year,
Prices
During
Week
The "Annalist" announced
on
June 23 that "weakness in
under
a
was
particularly soft, as the speculative market in the grain broke
flood of profit-taking.
Corn, oats and rye acted better.
Crude
petroleum was cut 3H cents to $1.27 a barrel, as producers acted to stimulate
consumption.
1936.
The railroads in the first five months
of 1938 also put in service
steam locomotives and 55 new electric and
Commodity
grains and petroleum carried the 'Annalist' Weekly Index of
Wholesale Commodity Prices down 3-10ths of a point in the
period ended June 22." The announcement Went on to say;
Wheat
months of this year installed in service
freight cars, compared with 27,807 in the same period in 1937
and 8,948 in the same period in
new
on
electric and Diesel locomotives on order.
Class I railroads in the first five
Wholesale
Ended June 22
105
Diesel locomotives, compared
Many
of
the speculative
commodities
sympathy with higher prices for stocks.
advanced during the week in
Rubber, cotton and hides were
Volume
Financial
146
outstanding performers, although all had
Silk moved forward at
morning.
months.
brisk
a
4027
Chronicle
TABLE
spell of weakness early Thursday
a
COMBINED
2—THE
INDEX
JANUARY,
SINCE
19.33
for the first time in many
pace
1933
1938
1937
1936
1935
1934
January
79.5
104.2
92.3
87.2
79.6
67.5
February
78.4
105.7
89.0
86.7
83.2
66.1
March.
77.4
106.9
89.5
84.4
84.6
62.5
X74.1
107.1
94.1
82.8
85.9
69.2
*73.4
109.0
95.9
81.8
86.4
77.3
107.8
97.6
82.0
83.8
87.5
108.9
102.4
82.7
78.0
94.0
August
111.2
102.5
84.9
75.1
87.5
September
106.5
102.9
86.1
71.4
82.0
98.4
74.6
78.5
which declined to
An exception to the general trend was sugar,
around the lows of the past four years.
■
PRICES
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
(1920=100)
April
May
1938 June 15, 1938 June 22, 1937
June 22,
June
-
..
-
July
Farm products
77.8
78.3
100.0
Food products
72.0
72.5
81.9
_
-
—
•
>
Textile products
Fuels
*56.5
80.3
October
103.3
89.1
84.1
84.6
89.5
November
87.8
107.1
92.0
76.0
75.3
Metals
101.2
100.8
108.6
December
81.3
110.5
96.7
82.4
77.5
Building materials
66.1
66.1
71.0
Chemicals
88.1
56.4
*
87.4
87.4
Miscellaneous
70.6
69.8
80.4
80.7
Preliminary,
x
-
Revised.
79.5
All commodities
•>
93.1
*
Preliminary,
Wholesale Commodity Prices Again Advanced, Though
Revised.
x
Slightly, Durjing Week Ended June 18, According
to National
Moody's Commodity Index Advances Sharply
Commodity
Index registered a substantial
advance this week, closing on Friday at 140.8 compared with
136.2 a week ago.
There has been a total recovery of 10.7
points from the June 1 low of 130.1.
Prices of silk cocoa, hides, rubber, hogs, steel scrap, lead,
cotton and wool were higher, while wheat was the only item
to decline. There were no net changes for corn, silver, copper,
coffee and sugar.
The movement of the index during the
Fri.
June 17
136.2
Sat.
Mon.
June 18
June 20
No Index
Tues.
June 21
week
was as
Two weeks ago, June
Month ago. May 24
Year ago, June 24
follows:
133f5
10
136.4
137.2
1937
Sfigfc-TApril 5
132.9
202.2
228.1
Low—Nov. 24
144.6
138.9
140.8
1938 High—Jan. 10
Low—June 1
__130.1
136.7
—
Wed.
June 22
Thurs. June 23
Fri.
June 24
152.9
Fertilizer Association
Continuing the upward trend of the previous week, the
Moody's
wholesale commodity price index of the National Fertilizer
Association
registered
slight advance during the week
the 1926-28 average of 100%,
74.5% as against 74.4% in the
preceding week.
A month ago it registered 74.7 % and a
year ago 86.4%.
The lowest point of this year to date was
73.8% in the week of June 4, which was also the lowest
since 1934.
The Association's announcement, under date
ended June
18.
a
Based
on
last week the index stood at
of June 20, continued:
Higher prices for foods and grains
rise in the index.
and
foods
The average
declined
to
a
new
were
largely responsible for last week's
for all commodities except farm products
low
point
for the current recession.
advance in the ihdex of food prices took it to the
since last March.
The
highest point reached
A continuance of the rise in grain prices combined with
higher quotations for cotton and eggs caused an upturn in the farm product
Further
Decline
During May Noted in "Annalist"
Monthly Index of Business Activity, But at Slower
Rate Than in April
Business activity
declined again in May, but at a much
slower rate than in
of
conditions
H.
by
"Annalist."
issue of the
The
E. Hansen in the
"Annalist" index of
business activity, accordingly, declined to 73.4 (preliminary)
from 74.1 (revised) in April and 77.4 in March.
The "An¬
nalist" announcement went on to say:
The
slowing
seasonal
in the rate of decline
up
gain
in
weakness
was
cotton
largely due to
was
Gains
consumption.
than offset by higher prices for wool,
more
was
a
Thirty price series included in the index advanced during the week and
26 declined; in the preceding week there were 28 advances and 19 declines;
in the second
preceding week there
WEEKLY
WHOLESALE
were
Bears to the
iron
adjusted
indices
of
were
month,
leading
April.
As
decline
and
1934.
Some
first
sharply,
the
of
April.
in
"more
derived
was
bulk
of
from
23.0
placed
May.
the
week,
Last
Stocks
week's
lumber
and
but
drop,
now
in
under
April
lead
copper,
in
the
way,
showed
and
17.3
mills
Cotton
for
the
of
most
mines
Ray
to
silk
adjusted
month
consumption
mill
only
TABLE
82.3
79.2
85.3
79.4
*78.6
Fuels
Miscellaneous commodities...
76.2
76.1
77.0
57.1
56.8
59.4
78.8
sales
6.1
Building materials
80.9
80.9
80.8
90.7
1.3
Chemicals and drugs
Automotive
94.0
94 0
Fertilizer materials
69.0
68.9
71.5
70.4
Fertilizers
76.8
76.8
76.8
77.3
.3
brighter
position
mount
to
Farm machinery
98.1
98.1
98.1
96.1
74.5
74.4
74.7
86.4
1938 low.
further
given in last
copper
operations.
is
output
Lead
substantial
a
the
United States Department of Labor Index of
output
drop
*
in
curtailment
sharp
helped
above the level
was
the
industry,
but
in
of orders received.
most
private
buyers
hesitancy.
showed
greater-than-seasonal
a
fractionally below
slightly
but in
was
of miscellaneous freight,
the
on
March
an
but
lower,
decline and
increase
great
an
as
our
level.
Rayon con¬
normally occurs.
the absence of final
as
figures
it
is
the usual seasonal rise.
average
daily basis, showed
a
product shipments.
"ANNALIST"
OF
BUSINESS
ACTIVITY
AND
Commodity
Prices
Advalticed
Wholesale
During Week
0.8%
Ended June 18
The United States
index of
Statistics'
Department of Labor, Bureau of Labor
wholesale commodity prices advanced
0.8% during the week ended June 18 largely because of
sharp advances in prices of farm products and foods., Com¬
missioner Lubin announced on June 23.
"The advance,"
Mr. Lubin said, "brought the combined index of over 800
price series to 78.4% of the 1926 average, representing the
highest level reached in the past eight weeks.
The allcommodity index is 0.3% higher than it was a month ago
and 9.4% lower than it was a year ago."
The Commissioner
added:
In addition to the farm products and
rials,
INDEX
Ail groups combined
100.0
showed
despite
was
in
of
view
following
93.7
*93.7
.3
Reports
somewhat
are
reduction
in
87.6
105.0
statistical
suspended
gain,
activity increased,
I—The
100.0
71.6
95.0
greater-than-seasonal increase, our adjusted index rising frac¬
tionally above the low April level.
But all other loadings, adjusted for
seasonal variation, continued to decline, despite gains in live stock, coal
forest
68.8
63.2
72.6
94.0
slightly
and
48.2
62.4
72.0
.3
continued
having
impossible to tell whether the gain
Loadings
45.6
65.6
94.1
The lumber index last month regained
activity
display much
was
46.8
Metals
industries
drastic
production
have
index dropped
sumption
Woolen
increased
orders
Government
continued
76.2
7.1
same
great improvement has taken place in the sales market, and
no
83.9
Textiles
10.8
shipments.
April, but
66.1
those
Ward's
industry's
zinc
A
surprising
a
66.1
Livestock
industry.
cement
the
Outlook."
many
87.3
66.5
as
The situation in the zinc industry
output.
"Business
77.8
Grains
♦New
of
59.7
75.9
seasonally-adjusted
that
however,
the
over
much
were
indicated
building activity.
April
73.4
58.2
75.7
Cotton
the
in
73.0
59.1
Farm products
Railroad equipment
being
82.8
73.6
Fats and oils
Cottonseed oil
for
little change.
reductions
1938
Foods
increased
of
prospects
business
the
industry
reports
cheerful air"
in
its
the
automobile
the
because of greater
of
level
low
Year
Ago
Ago
11, Ma y 21, June 19,
1938
1938
1937
8.2
Preliminary
Conditions
some
the
contrary-to-seasonal
a
month.
declined in
a
below
day showed
the building and shipbuilding industries.
Conditions
again
purchases
per
Month
Week
June 18, June
25.3
index dropped to the lowest level since October,
encouragement
increased
half
noted
adjusted
our
activity in
orders
reducing
consumers
result, steel production
a
Preced'g
Week
Group
Total Index
developments of note in the iron and steel industries last
no
INDEX
(1926-1928=100)
Latest
Per Cent
ingot and pig
steel
production.
There
in
the
PRICE
Compiled by the National Fertilizer Association.
Each Group
in
15 advances and 43 declines.
COMMODITY
the
in
the
were
The chemical
and drug group average was somewhat lower.
seasonally-adjusted indices of miscellaneous freight car loadings and lumber
All other components of the index showed decreases, of which
substantial
burlap, silk, and cotton;
slight rise in the textile price average.
metals, fertilizer materials, and miscellaneous commodities.
production.
most
Further
textile quotations but this
Small increase also took place in the indexes representing the price of
contrary-to-
a
recorded
also
were
The fuel price average dropped to a new low for the year,
noted during the week in cotton
was
the result
April, according to the monthly review
business
domestic
June 17
group index.
reflecting declines in anthracite coal and crude petroleum prices.
metals
and
metal
products,
foods
and
groups,
fuel and lighting
declined and hides and leather products and housefurnishing goods
COMPONENT GROUPS
ma-
miscellaneous commodities also
Textile products, building materials and chemicals and drugs
advanced.
remained
unchanged at last week's level.
May, 1938
April, 1938
69.7
74.2
65.0
64.9
71.6
77.8
79.2
79.3
Electric power production..
Manufacturing
Largely because of higher prices for agricultural commodities and crude
March, 1938
69.3
rubber, the raw materials group Index rose 1.0%
Freight car loadings
....
Miscellaneous
,
Other
-
*90.2
x90.6
92.0
*58.0
x59.2
X64.2
Steel Ingot production
37.9
41.3
40.9
Pig Iron production
40.9
47.4
50.0
*79.3
Textiles..
64.0
Silk consumption
66.3
Rayon consumption.
Boot and shoe production
Cement production
---
;;
*44.1
59.6
Lumber production
Lead production
Compared with
a year ago,
and Is 0.6% higher than
it is down 16.1%
as a
result of higher prices for sole
wood oil.
.
during the week
leather, print cloth, silk yarns, and china-
The group index—74.1—is 0.7%
below a month ago and 14.4%
below a year ago.
The finished
products
or
manufactured commodities group Index rose
0.1% higher than it was for the corresponding week of May.
96.8
0.5% and is
60.0
Compared with the index for the week ended June 19,1937, It is down 5.6% :
64.2
X68.0
72.7
107.0
116.9
X46.1
50.2
57.6
62.8
56.5
Mining
Combined index
month ago.
Semi-manufactured commodity prices advanced 1.8%
69.4
79.3
64.6
•
--
*73.4
54.0
72.0
—
Zinc production
86.4
was a
58.8
86.8
Cotton consumption
Wool consumption
Automobile production
X74.7
it
73.8
66.2
73.2
83.7
75.1
X74.1
77.4
Wholesale prices of non-agricultural commodities,
Index
for
"all commodities
as
measured by the
other than farm products," advanced 0.5%
18.
The group index—80.3—is 0.1% lower
than it was a month ago and 7.1% below a year ago.
Industrial commodity prices, according to the index for "all commodities
other than farm products and foods," rose 0.4%.
The June 18 index—
81.5—is 0.2% below the level of a month ago and 5.1% below that of a
during the week ended June
year ago.
Financial
4028
contained in
Commissioner Lubin's remarks were
an an¬
the Department of Labor, from which
following is also taken:
nouncement issued by
the
It Wholesale market prices of farm products rose 2.0% during the week
principally because of increases of 8.2% for grains and 1.4% for livestock
and poultry.
Sharp advances were reported in prices of rye, wheat, calves,
hogs, ewes, cotton, eggs, fresh apples (Chicago and Seattle), peanuts,
flaxseed, onions and white potatoes (Chicago and New York).
Quotations
were lower for corn, oats, lambs, wethers, live poultry, fresh apples (New
York), lemons, alfalfa hay, hops, alfalfa seed, sweet potatoes, white potatoes
(Boston and Portland, Ore.), and wool.
The current farm products index
—69.7—i8 the highest since the latter part of March.
It is 1.3% above the
level of a month ago and 20.3% below the level of a year ago.
During the week ended June 18, wholesale food prices rose 1.1% to the
highest level reached since mid-March.
Increases of 3.8% for cereal prod¬
ucts, 1.2% for dairy products, 0.4% for meats, and 0.3% for fruits and
vegetables caused the advance.
Higher prices were reported for butter,
flour, hominy grits, corn meal, fresh and dried fruits, cured and fresh pork,
cocoa beans, lard, oleo oil and edible tallow.
Quotations were lower for
cheese, canned cherries, mutton, veal, dressed poultry, pepper and olive oil.
The food index—73.5—is 0.8% higher than it was a month ago and 12.5%
96.5% of the
1926 average.
The iron and steel and motor vehicle subgroups averaged
higher.
Nonferrous metals, principally pig tin, declined.
The agricul¬
tural implements and plumbing and heating fixtures subgroups were steady.
Average wholesale prices of cattle feed rose 8.1% during the week and
crude rubber advanced 3.3% .
Paper and pulp declined slightly and
cylinder oil and soap also averaged lower.
No changes were reported in
prices of automobile tires and tubes.
A sharp advance in the price of Pennsylvania fuel oil, together with higher
prices for gasoline caused the fuel and lighting materials group index to
advance 0.3%
Pennsylvania crude petroleum and bituminous coal prices
declined.
satisfactory.
volume of traffic being handled is
bulletins of the Bureau of Statistics, covering up to
The latest employment
The reporting firms increased
of persons on their payrolls by 23,500, bringing the
May 1, record an increase in employment.
during April the number
1,024,702 on May 1. This expansion of employment was not so
pronounced as that recorded in April, 1937, but it exceeded the average
total up to
gain recorded at May 1 in the years
since 1928.
for Week Ended June 18, 1938, 10.1%
Electric Output
Below
Year Ago
a
Electric Institute, in its current weekly re¬
The Edison
estimated that production of electricity by the electric
port,
light and power industry of the United States for the week
ended June 18, 1938, was 1,991,115,000 kwh.
This is a
decrease of 10.1% from the output for the corresponding
week of 1937, when production totaled 2,213,783,000 kwh.
to be
for the week ended June 11, 1938, was estimated
1,991,787,000 kwh., a decrease of 10.0% from the like
week
a
The output
year ago.
PREVIOUS YEAR
PERCENTAGE DECREASE FROM
products group index advanced to
.
The ports of the St. Lawrence are now busy, and the
spread to Canada.
lower than it was a year ago.
The metals and metal
June 25, 1938
Chronicle
New
18.
June
1938 June 11,
11.7
England
Week Ended
Week Ended
June 4, 1938
May 28, 1938
Week Ended
Week Ended
Major Geographic
Regions
1938
11.6
11.2
11.9
4.1
5.4
6.7
2.8
17.4
16.8
17.8
17.4
4.8
5.3
10.1
Middle Atlantic
Central Industrial
West Central
6.2
8.8
7.7
10.1
9.7
17.3
22.9
28.4
21.7
2.5
1.1
2.8
5.0
10.1
10,0
11.8
10.6
Southern States
Rocky Mountain
Pacific < oast
Total United States.
Anthracite and coke prices remained steady.
yellow pine timbers and
responsible for a decline of 0.3%
in the building materials group index.
Higher prices were reported for
clay drain tile, yellow pine flooring and chinawood oil.
Structural steel
for douglas fir and gum lumber,
Lower prices
KILOWATT-HOURS)
OF
(THOUSANDS
WEEKS
RECENT
FOR
DATA
lath, doors, windows and lithopone were
Percent
Change
remained unchanged.
from
in prices of certain cotton materials, silk
Because of continued weakness
hosiery, raw silk,
to the lowest level reached in the
0.2%
past five years.
the
1,679,589
1,916,486
1,466,076
—9.9
1,933,610
1,951,458
—10.8
1,914,710
1,480.738
1,469,810
1,663,291
1,696,543
1,709,331
I,938,660
1,939,100
2,193,779
—11.6
1,932,797
1.454,505
1.699,822
2,176,363
—10.9
2,194,620
—10.3
1,928,803
1,947,771
1,429,032
1,436,928
1,435,731
1,425,151
1.688,434
1.967,613
Apr. 23
mm
0.1%
.
fractionally.
Fertilizer materials
May
7
1,867.093
group
a
decline of 3%
in hide and
counterbalanced by an advance of 1.7% in leather with the
group index remained unchanged at 91.1.
No changes
May 14
mm
May 21...
unchanged.
mm
1,967,807
2,198.646
—10.5
1,961,694
2,206,718
2,131,092
—10.6
1,964,830
mm
1,973,278
1,878,851
1,991,787
—11.8
1,922,108
2,214,166
—10.0
1,945,018
1,991,115
2,213.783
—10.1
1,989,798
May 28
June
4
June
11
June
18
m
;
•-
—
1,698,492
1,704,426
1,705,460
1,615,085
1,381,452
1,435,471
1,441,532
1,689.925
1,699,227
manufactures such as
reported in prices of shoes and other leather
were
1,480,208
—8.5
2,173,223
2,188,124
Apr. 30
the hides and leather products
that
—7.9
2,176,368
1,957,573
Higher prices for fats
and mixed fertilizers were
result
2,146,959
1,990,447
mm
9..
16
mm
caused the chemicals subgroup to advance
skin prices was
1,978,753
mm
2
Apr.
Apr.
Apr.
pronounced decline in wholesale prices of glycerine, the
chemicals and drubs group index declined
In
1937
the textile
worsted yarns, manila hemp and raw jute,
products group index decreased
As the result of a
1929
1932
1936
1938
1937
1938
Week Ended
luggage, gloves, belting and harness.
The index for the housefurnishing goods group
remained at 88.6.
Aver¬
California Business During May Showed
stationery.
The following table shows index numbers for the main groups of com¬
modities for the past five weeks and for June 19, 1937, June 20, 1936,
age
wholesale prices of both furniture and furnishings were
June 22, 1935 and
San Francisco
A
slight upturn in California business was evident during
May, according to the Index of California business published
June 23, 1934.
(1926=100)
June
June
June
May
28,
May
21,
June
19,
20,
22,
23,
1938
1938
1938
1938
1938
1937
1936
1935
1934
All commodities
78.4
77.8
77.7
78.1
78.2
86.5
78.7
79.3
75.0
Farm products
June
June
June
11.
18,
Commodity Groups
Slight Upturn,
According to Wells Fargo Bank & Union Trust Co.,
4,
65.8
78.0
69.7
68.3
67.2
68.8
68.8
87.4
77.4
Foods
73.5
72.7
72.3
73.0
72.9
84.0
79.7
82.5
71.3
Hides and leather products ..
91.1
91.1
91.5
91.6
91.7 107.2
94.4
89.3
64.8
64.9
65.5
65.8
66.0
77.3
69.4
69.7
72.5
Fuel and lighting materials..
76.7
76.5
76.5
76.5
76.6
78.1
76.4
74.7
73.4
Metals and metal products..
96.5
95.7
95.7
95.7
96.3
95.1
85.5
85.9
87.1
Building materials-
89.8
90.1
90.2
90.9
90.4
97.0
85.6
85.1
Chemicals and drugs
75.8
75.9
75.9
76.0
76.4
83.5
77.6
80.0
75.5
Housefurnishing goods
88.6
88.6
88.6
88.6
88.6
91.0
82.9
81.7
83.2
Miscellaneous
72.7
72.4
72.5
72.7
73.1
79.2
69.6
68.4
70.5
allowing for seasonal variation, had declined sharply during
the first quarter of the year, leveling off in April at 91.5%
of the 1923-25 average, and rising in May to 92.9%, as
against 113.1% in May, 1937.
The increase over April
resulted from statistical advances in two factors of the
88.1
Textile products
in the current "Business Outlook" by the Wells Fargo Bank
& Union Trust Co., San Francisco.
The bank's index,
71.6
70.9
70.2
71.2
71.2
85.3
77.0
Semi-manufactured articles..
72.8
73.0
73.3
74.6
86.6
74.1
Finished products
82.6
82.2
82.3
82.5
82.5
87.5
80.5
All
—
commodities
farm
All
*
*
*
Far Western trade
80.3
other
Business
79.9
80.0
80.2
80.4
86.4
79.0
81.5
81.2
81.4
81.5
81.7
85.9
78.7
78.7
77.9
with
than
products and foods.
the
of
rest
the
stability in comparison
country, according to the May issue
of Bank of America's
Twelfth
The
Federal
The
(California) "Business Review."
bank also had the following to say in
Not computed.
Marked
of Country,
Showed
May
shows marked
77.0
79.5
in
Stability Compared with Remainder
Reports Bank of America (California)
than
products
commodities
farm
other
Western
*
♦
Raw materials
Far
*
*
74.1
87.6
Index, bank debits and carloadings; of the other two factors,
department-store sales held even and industrial production
declined slightly.
Reserve
District's
its review:
index
adjusted
seasonally
of
department store 6ales stood at 90% of its 1923-25 daily average for May.
Bank of Montreal Reports Some Industries Are
Half
First
of
tions Than in
Year
Under
Closing
Favorable
More
Condi¬
is closing
more
Early Months
months."
+hose
than
which
and
Dominion
under conditions
year
obtained
in
the
early
Far
the
Manitoba,
and in
parts
of Saskatchewan
and
Alberta,
the
in southern
wheat
crop
generally is in good condition and is particularly promising in what have
been the drought areas of southern Saskatchewan.
Crops in the Maritime
Provinces and Quebec are late, owing to abundant moisture, but both there
in
and
Ontario they are in
abnormally good.
very
promising condition,
The outlook in British Columbia also is satisfactory.
Retail sales- in April showed a gain
April, 1937.
Sales of
the year were more
1937, in April
ran
of 17%
over
March and 4%
.
.
review
continuing at a
in
crop
over
of
prospects also
mining industry are keeping machinery and equipment plants busy.
the
The
Thanks
railway orders, the "heavy" industries, for the
part, are still well supplied with orders, and hopes are still held that
British
Government will place in Canada large orders for airplanes.
forestry industries remain slack,
with the important newsprint and
pulp manufacturing enterprises operating at much below capacity.
Another
adverse factor in the business situation is the failure of commodity prices,
particularly for textiles and other manufactured goods, to shake off
sistent
weakness,
caused
I
by
price-cutting in the
United
States
as
a
whole
May
as
Far
1%
at a new high
was
for this
over
that
Loan
from April
6%.
for
residential
bank
debits
building operations
for many more weeks seems
applications
received
by
the
good, par¬
Federal
two
offices in that State were about the same in
and about 50% better than
in April,
about
outlook
fairly high level
California.
Western
April, and 7.9% higher than in May, 1937.
the
and
car
loadings
in May, 1937.
May decreased less
in
figures after seasonal adjustment.
Power production
than
was
Bank of America's preliminary May index of Far Western
.
below the level for April, 1937, and the
The better
the country
In
January.
building activity
Housing Authority regional
business,
the
based
revised
on
April
these
a per¬
having
three
index of
factors,
stood
at
64.8%
as
compared with
67.5%.
4.
Weekly
resulting in an increased sale of farm implements and the needs of the
most
observes
below the figure for the parallel quarter of
only about 1%
to mining, armament and
residential
increase of 19.3%
an
ticularly
off
new automobiles, which during the first quarter
than 20%
improved demand continued into May.
are
and pastures are
than
points during each of the past five months.
Value of permits issued by 18 principal cities totaled $9,230,000 in
year.
The
Although rain is needed
lower
four
diversity of industries in contrast to many parts of the
great
Western
Crop prospects in the West are better than they have been in any corre¬
sponding period in recent years.
to
country which are principally dependent upon one or two major industries.
May,
The following is also from the bank's summary:
lost two
important factor in the stability of purchasing power in the Western
is
area
from April, a point higher than March,
drop of only one point
a
only three points
An
number of important respects the
the first half of the calendar
favorable
is
the index
The Bank of Montreal in its June 22 "Business Summary"
states that "in a
This
Report
of
Lumber Movement,
June 11, 1938r
Week
Ended
The lumber industry during the week ended June
stood at
11, 1938,
55% of the 1929 weekly average of production and
57% of average 1929 shipments. Production was about 56%
of the corresponding week of 1929; shipments, about 55%
of that week's shipments.
Partly due to the holiday in the
previous week, reported production, shipments and new
orders in the week ended June 11,1938, were all appreciably
greater than in the previous week.
Orders and shipments
Volume 146
exceeded
Financial
those of
the
week
Chronicle
ended
4029
in
May 28.
New business
was
2% below output in the week ended June 11; ship¬
ments, 0.4% above.
All items in the week ended June 11,
1938, were lower than during the corresponding week of
1937, but orders showed a more favorable percentage as
May of last year, it was announced
Newsprint Association of Canada.
'
>
compared
regarding the Newsprint Association's figures is from the
March.
June
with
last
National
than
year
production
in
for the week
Production in tbe
a
Shipments totaled 193,288 tons,
output being thus
shipments, and new orders were 12% above orders
previous week, according to reports to the National
Manufacturers Association from regional associa¬
tions covering the operations of important hardwood and
of the
.
Lumber
mills.
In
the week
ended June
a
reduction of 36.5% from
14,400 tons in
some
a
year ago,
of
shipments, rather sharply
reversing the April situation, when shipments had exceeded production by a
similar margin.
'
During the month Canadian mills operated at 58.7% of capacity, an
above
softwood
as
Montreal "Gazette" of June 13:
ended
11, by 5% fewer mils, was 6% above the output (re¬
figure) of the preceding -week; shipments were 8%
vised
United States during May was 68,001
compared with 58,836 tons in April and 79,024 tons
year ago, which is a decrease of 13.9%.
The following
tons
since
week
prior
any
reported
June 12 by tbe
on
excess
.
increase of two
the rate
points over the 56.7% rate reported in April.
61.1%; in February, 62%, and in January, 65.4%.
was
11, 1938, produc¬
In
March
tion, shipments and orders
as reported by 428 softwood mills
respectively, 36%, 34% and 13% below similar items
corresponding week of 1937.
The Association further
reported:
were,
Canadian
Crop Conditions Continue Favorable
Progress, Reports Bank of Montreal
in
During
feet
of
week
the week ended June
hardwoods
booked
orders
of
All
June
orders,
regions
but
Hemlock
11, 1938.
11,
softwoods
557;
Mills,
were:
145,000 feet;
Northern
and
180,592,000
1938,
production,
the
feet;
preceding
son
large
161,888,000 feet.
West
Coast,
reported
Southern
California
Pine,
below
orders
production
All
inces
mills
same
Pine and Northern Hemlock reported orders, and all
shipments below similar items in the corresponding week
feet,
16%
from
as
below
production.
feet,
or
1%
below
for
feet,
reported
hardwood
98
6,303,000
were
175,649,000
Shipments
0.2% above production.
or
Reports
or
totaled
the
same
In
Production
mills
give
Shipments
reported
as
the
Production
In
week's
feet, and
and
Reports
were
175,798,000
it was 274,306,000 feet; shipments were, respectively,
266,591,000 feet, and orders received, 173,879,000
and
fete
Provinces
In
Factory sales of automobiles manufactured in the United
made in the
United States and reported as complete units or vehicles)
for
May, 1938, consisted of 192,068 vehicles, of which
154,958 were passenger cars and 37,110 were commercial
cars, trucks and road tractors, as compared with 219,314
vehicles in April, 1938; 516,919 vehicles in May, 1937, and
460,512 vehicles in May, 1936. These statistics, comprising
for
entire
the
industry,
Director William L.
ceived
were
released this week
by
Austin, Bureau of the Census, Depart¬
from
months
the
74
of 1938
manufacturers
in
are
the
based
United
data
re¬
States,
23
on
and 63 making commercial cars,
trucks and road tractors (12 of the 23 passenger car manu¬
making
passenger
also
facturers
tractors).
passenger
have
with
tobacco
districts
and
Alberta,
rains
early hay
growth and
fruit
canning
northern
and
Sas¬
hay
crops,
benefited
fruit
Saskatchewan.
doing well,
Ontario
satisfactorily.
have
crops
crops
are
In
areas.
progressing
and
Alberta
of
tree fruits
wide
grains,
In
crops
crop
though
prospects
small
crops,
the
Maritime
generally
and
crops.
are
light, grain
generally
are
in
crops
good
are
making
condition,
but
in all districts.
It
cars
been
Period Last Year
four months
fire apparatus,
of 7,341 tons, or
included
in
the
number
shown
as
of
vehicles is very small and hence a
any analysis for which the figures
might be used.
Canadian production figures are supplied
by the Dominion Bureau of Statistics.
Figures of automobile production in April, 1938, 1937 and
1936 appeared in the May 28 issue of the "Chronicle,"
page 3414.
special purposes
negligible factor in
OF VEHICLES
(INCLUDING CHASSIS)
United States (Factory Sales)
Canada
The refined sugar exports during the January-Apri ifperi odrof
Year and
Pas¬
Total
(All
Passenger
Trucks,
Vehicles)
Cars
&c.
senger
Total
Cars
Comm'l
Cars &
Trucks
1938—
219,314
192,068
176,078
43,236
18,819
14,033
154,958
37,110
18,115
13,641
4,474
1,029,207
799,986
229,221
87,426
65,088
22,338
April
536,150
439,980
96,170
4,154
516,919
425,432
91,487
17,081
23,458
12,927
May
17,980
5,478
2,290,986
1,875.573
415,413
104,730
78.904
25,826
April
502,674
460,512
416,431
384,921
86,243
75,591
24,951
May.
20,006
20,145
16,218
4,806
3,788
2,035,592
1,666,125
369,467
89,548
72,119
17,429
April
May
Tot. 5 mos. end. May
4,786
1937—
mos.
end. May
1936—
Total 5 mos. end. Apr.
Newsprint Production in Canada Decreased
33.1% from Year Ago—Output of United States
13.9% Below Last May
totaled 207,678 tons in
May, a slight increase over the 200,794 tons reported for
April, but a decline of 33.1% from the 310,650 tons produced
Canadian
newsprint production
1938 went
The United Kingdom leads with 9,924 tons,
being followed by Panama and Honduras with 1,451 tons and 1,274 tons
In the previous season, the United Kingdom with
tons also headed the
list, while Colombia and
10,706
Panama'with[5,896 tons and
1,249 tons, respectively, followed.
♦
Petroleum
and
Its
Products—Move
to
Restore
Full
Off—July Proration Schedule
Seen
on
6-Day Basis—July Crude Oil Demand
Seen 2% Above June—Western Kentucky Crude
Prices Pared—Mexican Oil Litigation to Supreme
Production in Texas
Court
Quick protest by both independent and major operators
against tentative plans to restore crude oil production in
Texas to
a
7-day schedule, starting with the July proration
orders of the Texas Railroad Commission, made it likely that
the
new
production orders will be
on a
6-day basis
as com¬
pared with the current 5-day basis for all Texas wells.
Reports from Houston on June 22 quoted C. V. Terrell,
Chairman
of the
Commission,
as
order probably would retain the
Earlier in the
(Production)
against
31.9%, according to Lamborn & Co., New
to over 50 different countries.
making
street sweepers, and buses, but the number
as
The firm said:
York.
commercial cars, trucks and road
should be noted that those making both
and commercial cars, truck and road trac¬
Month
by the United States during the first
totaled 15,705 long tons,
23,046 tons during the similar period last year, a decrease
making
NUMBER
of 1938,
cars
commercial cars, trucks and road tractors,
respectively.
The figures for passenger cars include those
for taxicabs.
The figures for commercial cars, trucks and
road tractors include those for ambulances, funeral cars,
May
over
Refined sugar exports
passenger cars or
Tot. 5
crops
good for both field and
respectively.
Commerce.
of
Statistics for
tors
scattered
field
Columbia
rain is needed
of
Refined Sugar Exports by United States During First
Four Months of Year Decreased 31.9% from Same
Output in May
States (including foreign assemblies from parts
ment
particularly northern
needed
weather
warm
are
satisfactory
is
and
British
most
over
and crops on the whole are
area
southern
excellent
are
"In the Prairie Prov¬
satisfactory
are
200,458,000 feet.
Automobile
data
Canada
of
Manitoba, where precipitation has been
suffering from lack of moisture and good rains are urgently
deterioration.
Grasshoppers, cutworms and wireworms have
rainfall
apples
prospects
production of 428 identical softwood mills
year ago
a
176,439,000
Mill
fruits,
;;
of
damage in
some
generally
5,911,000
was
parts
Quebec Province
additional
week
same
Dominion
The Bank added:
regions, however,
and
crops are
caused
feet/
V/".
Identical
feet
for
conditions
wheat growing
needed to halt
178,450,000
178,037,000 feet.
business as 4,943,000
new
feet.
Last
light,
was
7% above production.
or
were
some
katchewan
of the
the production
week
dated June 23.
report,
making good growth."
softwood
mills.
the
excellent/' the Bank of Montreal states in its
moisture
the main
All regions but Southern Pine,
regions reported production below the 1937 week.
Lumber orders reported for the week ended June 11, 1938, by 448 soft¬
wood
throughout
date, prospects in general being satisfactory and over
areas
current crop
ended
week
the
in
and
Redwood
Northern
1937.
to
171,-
shipments,
feet;
conditions
continue the favorable progress which has marked the sea¬
All but Southern Pine, West Coast, Redwood and Southern
regions reported
of
for
figures
173,982,000
"Crop
183,948,000
184,753,000
shipped
Revised
Hardwood reported shipments below output.
Redwood,
mills produced
528
combined;
feet.
mission and
indicated that the July
Sunday shutdown clause.
week, E. O. Thompson, member of the Com¬
Chairman of the
Interstate Commerce
Com¬
mission, had announced that full-time production would be
resumed in Texas on July 1.
The
official
production orders for the Lone Star State,
however, will not be issued until the middle of next week and
nothing will be positive until that time.
Oklahoma also
plans to make public their proration schedule for July on
June 29, with operators and purchasers meeting with Corpo¬
ration Commission officials on the preceding day to work
various pools to submit to the Com¬
approval.
Crude oil stocks were off about
1,600,000 barrels for the latest period.
Daily average demand for crude oil during July in the
United States was estimated at 3,398,100 barrels by the
Bureau of Mines in its monthly forecast of probable market
demand for domestic crude.
The 3,398,100-barrel figure
is 64,800 barrels/or about 2%, above the June estimate but
is 173,000 barrels or 5% under the actual production and
actual demand for crude oil during the corresponding 1937
out allowables for the
mission for its
month.
Increased demand for crude in three of the "Big Five" oil
producing States was indicated in the forecast of the Federal
agency.
The market seen for each State, respectively, as
compared with the June forecast, follows, in barrels:
Financial
4030
;: V
Forecast for
Forecast for
July *38
June >38
1.360,300
1,329,300
642,300
650,000
518,400
508,300
260,600
250.000
Texas
California....
Oklahoma
Louisiana
Kansas
Pennsylvania......
Arkansas.........
41,700
14,700
14,000
12,700
10,500
-
Kentucky
-
Montana.
108,300
Ohio
-
Colorado...-..---
54,000
49,700
53,400
48,300
13,500
....
West Virginia
56,400
55,500
52,800
61.000
Michigan
Wyoming
June '38
14.500
New York
45,500
16,000
-
172,300
122,300
112,900
New Mexico
July '38
Illinois
Indiana......
10,000
9,700
5,200
2,200
Total.......--.3,398,100
8,800
5,000
2,300
3,333,300
910,000 barrels during the June 18 period
record high of 137,007,000 barrels.
Representative price changes follow:
production of crude oil in the United States during the week
June 18 to 3,137,000 barrels, according to figures
compiled by the American Petroleum Institute. This total
compared with a market demand estimate of 3,333,300
barrels daily, however, which means that production is still
around 180,000 barrels under than the Federal daily demand
ended
New York, Boston,
Portland. Me.,
barrel.
Bonded oil was cut 10 cents a barrel at New York to 95 cents.
June 20—Standard of Ohio lifted tank-car prices of all grades of gasoline
barrel at all North Atlantic ports with
a
Baltimore and Philadelphia sliding
was
gallon.
a
lifted dealer prices of all grades of gasoline
June 21—Standard of Jersey
of
off to 95 cents a barrel.
with Charlestown, S. C., pared to 90 cents a
down to $1.05
with the minimum retail price
gallon to 15.9 cents.
22—Imperial Oil pared gasoline prices from a fraction of a cent to
in New Jersey
3-10 cent to 12.4 cents a gallon
gasoline going up 6-10 cent a
June
in Saskatchewan.
three cents a gallon
(Above 65 Octane, Tank Car Lots, F.O.B. Refinery
U. S. Gasoline
Stand. Oil N.
Socony-Vacuum..
barrels in Oklahoma offset sharp
increases in production in several other States, output in
Oklahoma falling 446,050 barrels daily.
Texas showed a
nominal decline of .200 barrels to a daily average of 1,189,750
barrels.
Kansas production rose 10,900 barrels to a daily
average of 159,550 barrels with California up 9,100 barrels
to 677,400 barrels.
Louisiana turned out 3,650 more barrels
than in the previous week at 262,700 barrels daily.
Another local reduction in crude oil prices was registered
during the week just closed when the Ohio Oil Co. on June
21 reduced the price of western Kentucky crude oil by 10
cents per barrel to $1.30 a barrel.
The reduction was due
entirely to local marketing conditions and will not have any
effect upon the general price structure for crude oil in the
major producing regions.
In Mexico, news of the week was the disclosure that the
Mexican Supreme Court would accept an appeal of the
foreign oil companies challenging the constitutionality of the
expropriation decree under which the Cardenas Administra¬
tion recently took over some $450,000,000 of American,
British and Dutch-owned oil properties in Mexico.
The
petition asked for a hearing against the First District Court's
ruling upholding the expropriation decree, which was granted.
Representative price changes follow:
decline
of
June 21—Ohio
Kentucky crude oil 10
Oil reduces the price of western
cents a barrel to $1.30 a barrel.
Prices of
per
Barrel at Wells
Si.80
Co.)
1.17
...
Illinois
1.35
Western Kentucky
1.30
MJd-Cont't, Okla., 40 and above..
1.30
Rodessa, Ark., 40 and above
1.25
Smackover, Ark., 24 and
0.90
over
F4dorado, Ark., 40
-
1.09
1.42
Sunburst, Mont
1.22
Huntington, Calif., 30 and over... 1.22
Kettleman Hills, 39 and over
1.42
Petrolia, Canada
2.10
Darst Creek..
....
Tank Car, F.O.B. Refinery
Kerosene, 41-43 Water White,
$.95
Diesel
1.95
PRICES—BUNKER
FUEL
STOCKS
OIL
$.19
New York
|
Newark
.19
z
z
|
Boston
Brooklyn
$.159 (Buffalo
LIFTS
GAS
REDUCED—MOTOR
LOWER—REFINERY
OP¬
PARED.
Oil
Co.
Ended June 18, 1938,
The
Placed at 3,137,300 Barrels
Institute
Petroleum
American
New
Jersey
on
June 21 advanced
dealer prices of all grades of gasoline in New Jersey 3-10
cent, and the minimum retail price of all gasoline
cent
cent
a
gallon.
Consumer tank
gallon.
a
Under the
wagon
price is 12.4 cents
cents a
new
by 6-10
lifted 15-100
schedule, the dealer tank-
car
prices
were
gallon.
a
Week
During
Production
Oil
Crude
Average
Daily
estimates
that
the
crude oil production for the week ended
June 18, 1938, was 3,137,300 barrels.
This was an increase
of 5,800 barrels from the output of the previous week, and
daily
average gross
the 3,333,300 barrels
the current week's figure was below
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oil-
Daily average production
producing States during June.
output for the week
Further
reported by the Institute follow:
ended June
details
as
1938, is estimated at
ended June 18,
four weeks
the
The daily
average
1937, totaled 3,510,950 barrels.
19,
Imports of petroleum for domestic use
and receipts in bond at principal
18 totaled 1,149,000 barrels,
United States ports for the week ended June
a
daily average of 155,286
daily average of 164,143 barrels, compared with a
barrels for the week ended June 11 and
147,893 barrels daily for the four
..
■
Gulf Coast ports for the week
Receipts of California oil at Atlantic and
ended June
'
18 totaled 177,000 barrels, a daily average of 25,286 barrels,
compared with a daily average of 24,714 barrels for the week ended June 11
daily in the four weeks ended June 18.
Reports received from refining companies owning
of
$.17
.1851
zNot Including 2% city sales tax.
...
JERSEY
PRICES
SHARPLY
-$.02%-.03
I
..$.053
Gasoline, Service Station, Tax Included
and 21,750 barrels
ERATIONS
Standard
FUEL
AGAIN
OF
%
Terminal
|Tulsa
(Chicago—
$.04% I
28-30 D
(Bayonne)—
27 plus
$.90
95
I
Gas Oil, F.O.B. Refinery or
N. Y.
Central Field. Mich
PRODUCTS—STANDARD
| Tulsa
Terminal
or
California 24 plus D
I New Orleans C
$1.00-1.25 Phila., Bunker C
(Bayonne)—
Bunker C
Refinery
weeks ended June 18.
REFINED
I New Orleans_$.05%-.05%
.03%-.04
$.04
Los Angeles.. .03%-.05
I North Texas..
|
$.05%
Fuel Oil, F.O.B.
N. Y.
ports
Tulsa
New York—
(Bayonne)
Orleans.
Gulf
.07%
-.05%
.06%-.07
.05%
.04%-.04%
$.05
New
.08%
Shell Eastern
3,118,850 barrels.
$1.27
1.25 Rusk, Texas, 40 and over......... 1.35
Bradford, Pa
Lima (Ohio Oil
Gulf
.08%
.07%
Warner-Quinlan.. .07%
Richfield Oil(Cal.)
for
Typical Crudes
(All gravities where A. P. I. degrees are not shown.)
Corning, Pa
.08
Tide Water Oil Co
18,750
Chicago
$.07%
Texas
J..$.07%
f
Other Cities—
New York—
New York—
estimate.
A
reduced prices of Grade C bunker fuel oil
June 20—Standard of Jersey
10 cents
gain of 5,800 barrels in daily average
net
a
was
lifted the total to a
new
1-8 cent
There
June 25, 1938
Chronicle
gallon and the
pump
price 15.9
barrel
estimated
89.0% of the 4,159,000-
potential refining capacity of the United
daily
indicate that the industry as a whole ran to
States,
stills, on a Bureau of Mines'
basis, 3,080,000 barrels of crude oil daily during the week, and that all
companies bad
refineries, bulk terminals, in transit and in
n storage at
pipe lines as of the end of the week,
unfinished gasoline and
84,476,000 barrels of finished and
137,007,000 barrels of gas and fuel oil.
Cracked gasoline production by companies
owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as
a
whole, on a Bureau of Mines' basis, produced an average of 740,000 barrels
Late in the afternoon on June 20, Standard of Jersey an¬
nounced reductions of 10 cents per barrel in
prices of Grade
C bunker fuel oil at all North Atlantic
ports.
The new
schedule, which became effective immediately, placed New
daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
B. Of
Four
M.,
Week
York, Boston, Baltimore and Norfolk prices at 95 cents a
barrel, Charlestown, S. C., at 90 cents while up at Portland,
Me., the new price was $1.05 a barrel. Bonded oil was cut
Dept. of
State
Week
Change
Weeks
Interior
Allowable
Ended
from
Ended
Ended
Calcu¬
June 1
June 18,
Previous
June 18,
June 19,
1938
Week
1938
1937
10 cents to 85 cents at New York.
Price changes in other sections of the United States were
on the bullish side but not so
with Canada.
On June 20,
(June)
Standard
of
Ohio
lifted
lations
Oklahoma.
508,300 d405,000
Kansas
172,300
154,000
446,050 —18,750
159,550 + 10,900
447,750
632,200
147,500
194,350
61,450
86,950
prices of all grades of tank-car
gasoline by 1-8 cent a gallon. Up in Saskatchewan, however,
Imperial Oil cut prices from a fraction of 1 cent to 3 cents a
gallon, all sections of the province being affected by the
sweeping reductions.
Panhandle Texas
64,850
+ 9,050
North Texas
69,600
—2,300
72,000
West Central Texas
28,100
+ 250
West Texas.!
179,450
—1,450
27,750
179,250
East Central Texas
89,350
363,500
—6,400
East Texas
—500
93,200
363.350
Southwest Texas
207,250
+ 450
205,700
Stocks of finished and unfinished
gasoline again scored a
decided decline during the June 18 week when
the total was
Coastal Texas
187,650
+ 700
186,600
Total Texas.
1,329,300 bl578726 1,189,750
off
1,673,000 barrels to bring inventories down to 84,476,000
barrels, according to statistics prepared by the American
Petroleum Institute.
Stocks at refineries
barrels while bulk terminal
holdings
this customary seasonal decline.
in
were
of
unfinished
gasoline
were off 164,000 barrels.
Added to the normal seasonal drain
upon inventories in
response to rising demand from
consuming channels was a
rf/ooUC^0n
*n °Perating rates of refineries that saw them
go off 2.3 points to 75.4% of
capacity. Daily average runs
of crude oil to stills
dropped 75,000 barrels from the previous
—200 1,189,300 1,396,400
80,900
181,800
North Louisiana
Coastal Louisiana
+3,050
78,400
79,650
+ 600
180,500
174,250
253,900
3,080,000 barrels. A gain of 10,000 barrels
in daily average
production of cracked gasoline lifted the
total to 740,000 barrels.
In the gas and fuel oil division of
the refined product
the
262,700
+ 3,650
258,900
48,300
Total Louisiana
42,950
+ 200
42,600
28,650
250,000
Arkansas
240,475
145,400
140,550
—250
142,100
120,750
Michigan
54,000
55,200
—1,650
55,000
42,250
Wyoming
49,700
Eastern
.5,000
3,800
—100
52,300
14,300
3,950
46,650
12,700
54,550
14,450
+ 3,200
Montana....
Colorado....
New Mexico.
108,300
90,350
—100
90,400
116,450
Total east of Calif..
California
week to sink to
branch
232,050
191,350
off 1,039,000
dipped 470,000 barrels
Stocks
72,300
33,000
196,500
119,300
464,950
91,000
2,459,900
2,683,300
650,000
c615,000
677,400
3,137,300
3,333,300
—200
17,350
3,600
—3,300 2,444,100 2,852,550
+ 9,100
674,750
658,400
+ 5,800 3,118,850 3,510,950
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
a
These are Bureau of Mines calculations of the demand for domestic crude oil
petroleum industry, stocks continued their
unprecedented climb into record high brackets in
response to
based upon certain premises outlined In its detailed forecast for the month of June.
As demand may be supplied either from stocks or from new production, contemplated
heavy production on top of the sharp slump in
consumption during the 1937-38 winter season.
A gain of
of demand to determine the amount of
or
the continued
withdrawals from
b Saturday
c
crude oil stocks
must
be deducted from
new
the Bureau's estimate
crude oil to be produced,
and Sunday shut-downs continued through June,
Recommendations of Central Committee of California Oil Producers.
Volume
Financial
146
d Original June 1 allowable of
barrels
160,000 barrels revised to approximately 154,000
Chronicle
ESTIMATED
4031
WEEKLY
AND
MONTHLY
June 16. retroactive to June 1.
on
PRODUCTION
OF
COAL,
BY
STATES
(In Thousands of Net Tons)
CRUDE RUNS TO STILLS AND STOCKS OP FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED JUNE 18. 1938
(Figures In thousands of barrels of 42 gallons each)
subject to revision
Finished and
Unfinished Gasoline
to Stills
Stocks
Unfin'd
P.
Aver¬
Oper¬
tial
Rate
Total
c.
P.
ated
age
June 4
Fuel
Terms., Nap'tha
Distil.
&c.
fineries
At Re¬
669
669 100.0
498
74.4
Appalachian.
146
129
88.4
105
81.4
1,234
Ind.,. Ill.,Ky.
Okla., Kan.,
529
489
92.4
397
81.2
8,636
Alaska
Oil
Monthly Production
June 5
April,
1938 p
1937
March,
April,
1938
1938
1937
r
2
1
2
7
13
12
172
178
229
863
980
116
13
Alabama.....................
12,130
1,113
13,998
1,717
4,051
7.473
May 28
1938 P
13
13
58
86
32
Arkansas and Oklahoma
East Coast.-
operators.]
and
C.
Daily
railroad carloadlngs and river ship¬
State
Gas
in
Finished
Reporting
on
receipt of monthly tonnage reports from district
Week Ended
of
District
Poten¬
based
are
on
Stocks of
Crude Runs
Daily Refining
Capacity
[The current weekly estimates
ments and are
and State sources or of final annual returns from the
Colorado..
50
452
383
Inland Texas
355
201
56.6
113
56.2
1,938
Texas Gulf-
Mo
833
797
95.7
758
95.1
19,140
La. Gulf
84.7
262
68.4
301
346
1,160
Georgia and North Carolina
1
1
3
3
1
806
8,538
Illinois
461
574
544
2,317
2,904
2,099
171
200
236
900
1,203
672
522
153
296
274
1,964
4,106
1,699
10.620
2,757
4,083
'
Iowa
57
429
82
246
Indiana
.
45
Kansas and Missouri
*
26
52
283
206
79
62
78
74
375
447
220
527
Kentucky—Eastern
534
673
1,870
1,975
3,037
409
168
96.6
120
71.4
1,799
747
484
3,407
Western
81
102
98
420
572
No. La.,Ark.
91
58
63.7
44
75.9
275
141
74
822
21
21
84
110
89
62
69.7
42
67.7
1,949
93
842
Maryland
Michigan.
16
Rocky Mtn.
10
2
3
26
60
10
821
746
90.9
452
60.6
<10,428
1,410
90,893
Montana
New Mexico
38
39
39
153
197
131
20
22
25
85
96
129
174
Callfornia
Reported
Est.
3,702
...
89.0
2,791
457
unrepd.
75.4
2,245
46,955
7,008 134,217
280
2,790
26,083
3,490
660
289
North and South Dakota
15
83
84
130
217
262
408
1,178
1,465
1,298
1,120
1.278
1,630
5,747
6,537
7,557
Tennessee
71
80
97
306
296
176
Texas.........
15
16
14
68
66
Utah...'
18
28
25
148
201
135
192
198
217
737
926
722
Pennsylvania bituminous....
xEst.tot.U.S
June 18 '38
4,159
4,159
3,080
50,445
26,743
June 11 '38
4,159
4,159
3,155
51,484
27,213
7,288 137,007
7,452 136,097
Virginia
U.S. B. of M.
Washington
ll
xJune 18 *37
x
18
15
Ohio
79
Estimated
z3,311
Bureau of Mines'
45,808
7,429 100,172
23,854
West
21
z
June,
1937,
daily average.
117
125
4,406
5,334
6,379
431
1,589
1,916
1,887
77
79
312
396
289
3
3
1
22,380
26,745
26,041
*
c
Total bituminous coal
*
1
4,853
1,128
5,500
1,288
976
3,138
4,015
6,854
5,981
Pennsylvania anthracite d
6,788
7,572
25,518
30,760
32,895
6,596
Utility Revenues Down in April
Grand total
Revenues
90
1,584
392
Wyoming
Other Western States
Gas
31
1,253
70
a
23
1,113
332
Virginia—Southern
Northern b
basis,
61
of
manufactured
and
natural
utilities
gas
$68,791,900 in April, a decrease of 6.8% from the
figure of $73,806,400 reported for April, 1937, it was an¬
nounced on June 21 by Paul Ryan, Chief Statistician of the
a Includes
operations on the N. & W., C. & O., Virginian, K. & M., B, C. & G„
& O. in Kanawha, Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines, p Preliminary,
r Re¬
American
vised.
totaled
Gas Association.
manufactured
The
reported revenues of
$30,785,900 for the month, a decrease of 1.1% from the same
month of the preceding year.
The natural gas utilities
reported
$38,006,000,
or
10.9%
less
«r— -•«,
for
than
of
manufactured
gas
the
for
month
decrease of 2.6%.
a
were
Natural
gas
utility sales for the month amounted to 105,608,300,000 cubic
a
decrease of 15.3%.
Manufactured
sales for domestic uses, such as cook¬
gas
ing, water heating, refrigeration, &c., were about the same
in
as
ever,
April, 1937.
Sales for house heating purposes, how¬
decreased 10.8%, while industrial and commercial uses
decreased
3.2%.
Natural
crease
clined
of
gas sales for domestic purposes showed a de¬
12.5% for the month, while industrial sales de¬
Raised
to
4.25c.
Active
on
Buying—Zinc and Tin Also Higher—Copper Firm
"Metal
sales
31,188,600,000 cubic feet,
feet,
•
Non-Ferrous Metals-—Lead
April, 1937.
Total
*Less than 1,000 tons.
industry
gas
of
revenues
and on the B.
and
Markets"
Mineral
in
its
issue
of
June
23
almost totally absent
because of the contraction in output resulting from ab¬
normally low prices, and, on prospects of general improve¬
ment in business, demand for non-ferrous metals picked up
appreciably.
Lead again sold in large volume, with zinc
a close second from the standpoint of
activity.
Interest in
domestic copper improved, but sales continued in limited
volume.
Lead, zinc, and tin prices closed higher.
Foreign
copper strengthened, which steadied the market here.
The
publication further reported:
reported that with
selling
pressure
Copper
19.1%.
Developments during the last week dispelled bearish sentiment in copper
circles.
Sales for the week totaled 6,604 tons, against 4,681
The National Bituminous Coal Commission
reported that
production of soft coal during the week ended
June 11 is estimated at 5,170,000 net tons.
Compared with
the output in the preceding week, when working time was
curtailed by a partial holiday, this shows an increase of
6.5%.
Production in the corresponding week of 1937
the
total
amounted to 7,058,000 tons.
The latest report of the
showed
that production
United States Bureau of Mines
of anthracite in Pennsylvania
decreased sharply in the week of June 11.
Total output
amounted to 870,000 tons, an average of 145,000 tons for
the six working days of the week.
In comparison with the
five-day week of June 4 the daily rate decreased 36% and
was 20 % less than the rate obtained in the same week of 1937.
ESTIMATED
UNITED
STATES
PRODUCTION
OF
COAL
WITH
COM¬
This improved sentiment has not motivated copper
metal, for the trade believes ample supplies
spending program.
consumers
to rush in to buy
available at
are
result of the Government
Consumption is estimated to be averaging slightly
9c.
The price closed steady at 9c., Valley.
the rise in Wall Street.
Buying
below 40,000 tons monthly.
Prices abroad moved higher, following
well diversified in the foreign tnarket and in substantial volume.
was
The
by the foreign group that production will be cur¬
announcement
105% to 95%
tailed from the current rate of
,
effective July 1, was received
Some observers have felt for some time
the London market in recent months indicated that
favorably in the domestic market.
that the pressure on
the unfavorable news on the state
of the United States market was not
lone factor in the unsettlement of prices
Lead
active
Continued
buying
of lead
throughout
.
last
week strengthened
that the price was raised one-quarter cent
the market to such an extent
on
a
abroad.
Sales for the week totaled 9,206 tons, which compares with
June 22.
7,772 tons in the week previous and
8,367 tons two weeks ago.
Early June 22 St. Joseph Lead Co. because of the insistent buying,
announced that it advanced its quotation to the basis of 4.25c., New York,
PARABLE DATE ON PRODUCTION OF CRUDE PETROLEUM
.
business is in prospect for fabricators as a
new
tons in the
The trade is awaiting developments to determine what
previous week.
Weekly Coal Production Statistics
(In Thousands of Net Tons)
and 4.10c., St.
Week Ended
Calendar
Year to
Date
c
Louis, with the usual premium obtaining on its own brands
for delivery in
the East.
Most other sellers have been forced to restrict
appreciably because of the smaller intake of ore at 4c. for
Soon after the higher price was announced by St. Joe, other
their offerings
June 11
June 4
June 12
1938
1938
1937
the metal.
1938
1937
1929
The demand for lead remained quite active
sellers also moved upward.
Bituminous Coal
5,170
4,853
862
916
5,016
5,104
Dally average
7,058 dl38,054 202,936 231,202
1,013
1,176
1,488
1,695
Crude Petroleum b—
Coal equival't of weekly output.
a
at the higher
even
a—
Total, including mine fuel.
5,632
123,324 124,745
97.925
Includes for purposes of historical comparison and statistical convenience the
production of lignite and 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 ended June 11, 1938, and corresponding 23 weeks of 1937 and 1929.
level.
With the exception of
consumers
The
the cable industry, virtually all of the important
of lead were well
represented in the week's buying movement.
manufacturers showed interest in the market for the first
battery
time in many
weeks.
The market closed firm at
tract
4.25c., New York, which was also the con¬
settling basis of the American
Zinc
d Revised.
ESTIMATED
PRODUCTION
OF
PENNSYLVANIA
ANTHRACITE
AND
The improved
zinc almost
BEEHIVE COKE
level
Week Ended
sentiment in the securities markets made itself felt in
Buyers came in for a substantial tonnage and
immediately.
found most sellers unwilling to
(In Net Tons)
Calendar Year to Date
Smelting & Refining Co., and at 4.10c.,.
St. Louis.
of prices.
part with their holdings at the unprofitable
Sales of the common grades for the week that ended
than 8,000 tons, with galvanizers eager for zinc on
June 22 totaled more
.
in their products as the spending program
The market became excited early June 22 as speculators
picture for fair quantities, paying a premium over the
prospects of improved business
June 11,
1938
Tot.,incl.col.fuel
a
Daily average..
Comm'l produc'n b
Beehive Coke—
June 4,
1938
June 12,
1937
1937
c
1929
c
870,000 1,128,000 1,086,000 21,525,000 25,375,000 31,867,000
145,000
225,600
158,900
181,000
187,300
235,200
827,000 1,072,000 1,032,000 20.490,000 24,106,000 25,573,000
United States total
11,200
11,800
64.000
Dally average--
1,867
1,967
10,667
a
gets under way.
1938
471,200
3,390
b Excludes colliery fuel,
of working days in the three years.
c
was
2,968,800
11,912
21,358
Adjusted to make comparable the number
into the
booked as high as 4.25c.,
most
1,655,700
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
entered
generally recognized market basis.
Consumers purchased a good
prices ranging from 4c., St. Louis, to 4.15c. "Dealer"
June 22 at
of the
day at
"M. & M. M's."
Late June 22 producers were asking 4.25c.
weighted average price on June 22 business was 4.075c.,
indicating that most
range
4.15c.
tonnage
business
but consumers were able to obtain the metal
of the sales went through at the lower end of the
named during the day.
call for high grade zinc.
^
A feature in the market was the increased
Financial
4032
V-\Tin
With
third quarter,
month
;v.,■■■>•
;
of the total output allocated toward building up the
10%
the market is expected to work gradually into a firmer
buffer pool stock,
buying by consumers was far from active, the price
daily during the last week, Straits tin on spot settling at 42.250c.
Though
position.
moved up
Compared with a week ago, the price moved up
fully 3He.
The low rate of activity in both the automobile and tin-plate
industries kept the advance from becoming too violent, operators thought.
The tin-plate industry is operating at between 35 and 40% of capacity.
pound, New York.
per
Chinese
99%,
tin,
nominally
was
follows:
as
June
June 25, 1938
Of remaining large outlets for steel, the shipbuild¬
points.
at some
...
of standard tonnages for the
definitely set at 45%
production
Chronicle
16th,
38.350c.;
17th, 39.475c.; 18th, 39.750c.; 20th, 40.100c.; 21st, 40.600c.; 22d, 40.850c.
industries continue fairly active.
Inquiries for struc¬
increased sharply, but structural lettings declined to
tons this week' compared with 22,500 tons last week, with none
recent awards more than 750 tons.
New projects call for 30,370
ing and construction
tural
8,800
of
have
shapes
the
The largest new projects reported
Brooklyn municipal subway, 5,000 tons for the
Pennsylvania Avenue bridge over the Anacostia River at Washington,
2,300 tons for a bridge over the North Canadian River at Oklahoma City,
and 1,200 tons for alterations to the Fifth Avenue Hospital in New York.
Reinforcing steel awards total 7,125 tons, with 9,100 tons pending,
including 3,750 tons required by United States Engineers at Los Angeles
tons
tons a week ago.
20,900
against
9,000
are
the
for
tons
for the Hansen Dam.
Straits
Electrolytic Copper
Lead
Tin
THE "IRON AGE" COMPOSITE PRICES
Zinc
Finished Steel
New York
St. Louis
39.750
4.00
3.85
8.300
8.775
,
J." QUOTATIONS)
New York
Dom.,Refy. Exp., Refg.
June 16
("E. & M.
METALS
PRICES OF
DAILY
St. Louis
One week ago
One month ago—
4.000
June 17
8.775
8.325
40.875
4.00
June 18
8.775
8.350
41.150
4.00
3.85
4.000
June 20
8.775
8.450
41.500
4.00
3.85
June 21
8.775
8.575
42.000
4.00
3.85
4.000
1937
8.775
8.675
42.250
4.25
4.10
4.075
1936..
8.775
8.446
41.254
4.042
3.892
4.013
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
These products represent
rolled strips.
4.000
June 22
Average
-.
•
3.85
Based
2.487c. a Lb.
2.487c.
—-,2.487c.
June 21. 1938,
4.000
85% of the United States output.
2.512c.
One year ago
High
—
2.512c.
.-—-.-..2.249c.
1935
—2.062c.
1934
2.118c.
1933...
..2.953c.
1932
-----1.915c.
1930.
—2.192c.
1927.—------2.402c.
-
-
-
Average prices for calendar week ended June 18 are:
Domestic copper, f.o.b.
refinery, 8.775c.; export copper, 8.313c.; Straits tin, 39.788c.; New York lead,
4.000c.; St. Louis lead, 3.850c.; St. Louis zinc, 4.000c., and silver, 42.75Qc.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
cash, New York or St. Louis, as noted.
to the basis of
delivered
plants.
consumers'
at
As
charges vary
delivery
with
basis;
that Is,
0.225c. per pound above the refinery basis.
One year ago--
——$23.25
19.73
18.84
1936
Havre, and Liverpool.
The c.i.f. basis commands a premium of 0.350c.
pound above our f.o.b. refinery quotation.
1933
per
1932.-
-
1934——
—
Zinc
Steel
Electro.
3M
{Bid)
Spot
38 M
38 H
173 H
178%
39
Spot
181%
40
184
June 16
33 H
3315i«
June 17—
34 %
June 20-—--.
33 %
34uu
June21
36 %
36 %
June 22
36»i«
40 H
367i«
3M
Spot
3M
174%
137u
13 %
12%
179 %
137 I
«
137i«
127i«
182%
13%
13 %
12"ie
14 %
14%
13b6
13M#
137i«
13"ie
1935
1934
-
-
-
:•
first
time
late
since
March
the
23, reported that for
national
rate
of
steel
plant operations has gained in two consecutive weeks and
ingot output is now at 28%, up two points from last week
and three points above the
25%. rate of two weeks
The
ago.
"Iron Age" further stated:
More
important than this
as
expected and that foundation for
is
slowly
This
week
the
with
advance
in
mobiles,
the
10%
weeks)
found
market,
or
industry notes
Age"
composite
that many
and
a
of
recovery
strengthening of the
price
slack
so
in the fall
higher
33c.
at
market,
scrap
$11.33
(the
first
inactive since early spring are
bookings for most companies
are
back in
running
May.
From most steel producing centers come
reports of small rush orders,
reflecting scanty inventories, a growing diversification of outlets for the
mills
and
scattered
gains in production with the Wheeling-Weirton area
three points to 43%, Chicago up a point to 24^, Youngstown up four
points to 27, and Detroit up 10 points to 29%, Cleveland-Lorain district
up
schedules
to
39,
dipped
and
point
a
to
22,
while
Birmingham
dropped
points
nine
ton,
a
price
and reinforcing bars
faces
structure
officially quoted at $5
are
further
a
period
of
a
lower.
ton
is in direct
contrast to the situation in non-ferrous
metals, where efforts of producers,
both here and abroad, to balance production with
consumption have caused a
strongly bullish undertone in all markets, accompanied by expectations
of
9,50
6.75
6.43
11.25
Institute
3
July
5
Dec.
9
13.08
17
Jan.
Nov. 22
June
on
20
an¬
98% of the steel capacity of the industry will be 28.0% of
year ago.
This represents an increase of 0.9 point,
3.3% from the estimate for the week ended June 13, 1938.
or
Weekly indicated
testing.
This
higher prices.
1937—
1937—
71.6%
Dec.
80.4%
91.0% Sept. 7
77.4% Sept. 13
76.2% Sept. 20
May 24
May 31
July
19
7
June
June
June
July
1
84.3% Nov. 8
85.5% Nov. 15
Aug.
Jan.
Jan.
9
84.6% Nov. 22
25
10
27.8% Apr.
17
29.8% May
32.7% May
30.7%
30.4%
30.7%
2
9
31.—--.30.5% May 16
Feb.
7
30.7% May 23
Feb. 14
31.0% May 31
Feb. 21—.30.4% June
6—
Jan.
83.8% Dec.
Feb.
29.0%
26.1%
26.2%
28
29.3% June
13
27.1%
7
29.9% June
20
—28.0%
Mar.
Mar. 14
32.1%
Mar. 21
6
27.5%
84.1% Dec. 13.....27.4%
Aug. 30
32.6%
32.7%
32.4%
32.0%
18
24
29.6%
Aug. 23
25.6% Apr.
Jan.
36.4%
31.0%
83.2% Nov. 29
35.7%
4
11
3
Jan.
41.0%
Aug. 16
20
27—.19.2% Apr.
1938—
Apr.
48.6%
July 26
Aug.
2
82.5% Nov.
1938-
23.5% Mar. 28
Dec.
76.1%
14
74.4%
76.6% Sept. 27
21
4—-.66.1%
75.9% Oct.
28
63.6%
75.0% Oct. 11
55.8%
5
67.3% Oct. 18
12.—82.7% Oct. 25.....52.1%
June
33.7%
"Steel" of Cleveland, in its summary of the iron and
markets, on June 20 stated:
Without
and
definite
strengthening
expected
evidence
beyond
slight
a
in
the
price
has
touched bottom and
revival
summer
Consumers
have
are
worked
being
belief
scrap,
the
felt.
is
growing
of
indications
first
the
:
•
inventories
off
in operating rate
increase
steel-making
of
steel
j
market
that the steel
sufficiently
to
make
current
buying almost entirely for rush delivery, indicating the steel is going into
consumption immediately.
Only slight quickening of demand is needed to
cause larger commitments.
Meanwhile,
Regarding
wages, with which the general steel price structure is con¬
closely tied, the "Iron Age" has learned that no formal step leading
in labor rates has been taken, and the
leading steel producers
apparently still are content to let the business trend over the next few
since May 24,
operations
steel
of
rates
1937, follows:
Pittsburgh held unchanged at 22%.
effect price concessions are having on new business is uncertain.
Illustrating the highly competitive nature of the steel industry, prices for
some products
are subject to concessions.
Following the recent reduction
of $3 a ton in galvanized sheets, drum stock sheets have been moved down
$3
10.33
capacity for the week beginning June 20, compared with
27.1% one week ago, 29.0% one month ago, and 75.9%
What
The
7
telegraphic reports which it had received in¬
dicated that the operating rate of steel companies having
July
buyers
that
reported
ahead of
more
will not be
summer
measure
a
it received the first order for steel for 1939 auto¬
;
Steel
and
June
Nov. 16
Nov.
June
9
Apr. 23
Sept. 25
12.67
nounced that
1937—
the steel
20
fair
a
schedules is
laid.
"Iron
Iron
$11.00
12.92
one
modest strengthening of mills'
growipg feeling that business generally this
being
American
The
The "Iron Age," in its issue of June
the
-
1927
Gain
V;7.'',v
Jan.
13.00
—
—
1930
Consecutive
Low
■
Jan.
4
Mar. 30
Dec. 21
Dec. 10
Mar. 13
Aug.
8
Jan. 12
Feb. 18
15.25
—
-
1933
Second
$14.00
21.92
17.75
13.42
12.25
8.50
15.00
1937
1932
28% in
17.54
High
Ail are in pounds sterling per long ton (2,240 lb.).
Climbs to
4
Scrap
1938
Prices for lead and zinc are the official buyers' prices for the first session of the
Output
Jan.
13.56
15.90
17.08
One year ago
London Metal Exchange; prices for copper and tin are the official closing buyers'
Steel
Jan. 27
Jan.
3
Dec.
6
Dec. 16
Nov. 1
13.56
One week ago
1936
prices.
16.90
5
5
7
—
14 %
14«2«
188%
187M
Feb. 16
Aug. 11
May 14
Based on
No.
1
heavy melting steel
1938, $11.33 a Gross Ton
quotations at Pittsburgh, Philadelphia
$11.00
and Chicago.
One month ago
11.25
12%
12%
12%
185
$20.25
18.73
17.83
June 21,
3M
Spot
9
Dec.
Jan.
Jan.
16.90
and
Valley,
Low
Mar.
14.81
18.21
19.71
-----
1930
Lead
Bufralo,
Nov. 24
Nov. 5
May 1
17.90
—
-----
1927
Tin, Sid.
of basic Iron at Valley
Southern Iron at Cincinnati.
1937
burg,
Copper
on average
Philadelphia,
23.25
—---
1935
Copper, Sid.
Mar
2
Mar. 10
Jan.
8
Jan.
2
Apr. 18
Jan. 12
Dec,
9
Nov. 1
furnace and foundry irons at Chicago,
High
Export quotations lor copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business In copper sellers usually name a c.i.f. price—Ham¬
Daily London Prices
^
23.25
the
destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices In New England average
Based
Ton
ago----————-—-$23.25
June 21, 1938, 323.25 a Gross
One week
One month ago
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered
6
7
4
2.249o.
2.016c.
2.056c.
2.945c.
1.811c.
1.877c.
2.962c.
2.212c.
Pig Iron
All prices are In cents per
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
Sept.
Jan
Jan.
-
—
Low
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
-
heavy tonnages
continue to pile up
for later specification,
sidered
requirements for naval and merchant ships, part of which have been placed
to reduction
and part
months
A
and
strengthening
four
place
and
of
prices
of
reliance
in
scrap
price
Meanwhile
tons
leading
railroad
of
to be
steel
drew
as
rose
75c.
for
be
used
placed shortly.
while
car
for
5,550
cars
the
a
steel
buying is looked for this
to
and reports gains in
showing,
outlets
melting
steel
composite in its
and
trends
Pittsburgh heavy melting steel
little
heavy
scrap
one-half months
a
At
varying
trends.
move
6f
summer,
formal orders
ordered by
Southern
for
60,000
Railway are
Detroit
to build up
steel
an
plant
is
at
next
year's cars, and
the
highest level of the
inventory for anticipated orders from the
Farm equipment
featured
engines.
closed
by
a
production and sales, however, are tapering in a market
8% to 24% in prices of tractors and diesel
reduction of
July is likely to
for vacations and
see some
of the largest farm implement plants
inventory-taking.
although operations have declined.
within
a
Tin plate bookings are heavier,
Sales of wire products are higher this
carriers makes
been
expected.
as
short
activity
at
for first runs are likely to start
is being put under way as
spending
some
at
about
Pittsburgh,
half the steelmaking
caused the national
centers, led by a
operating rate to
last week, with a further increase this week
instances.
Pittsburgh advanced 4 points to 23.3%,
to 27%
Pennsylvania
% point to
Buffalo 5 points to 28, Cincinnati,
26,
points to 27.
dropping 3 points to 35%.
points to 28, Detroit 3 points to 21, and Youngstown 2
Wheeling
No
at
points
in
eastern
12
rise
1.5
forecast
Government
time.
possible and should include sufficient steel to help the situation.
Increased
advance
by the automotive industry indicates
season
models and buying
1939
on
substantial
was
change
the only center to show a loss,
was
made at Chicago at 22, Birmingham at 58,
25, St. Louis at 39.3,
Led
automotive industry.
had
Adjournment of Congress without giving
the latter situation likely to yield less
building.
car
the
to
Closing of the 1938 model
early start
While
The automotive industry shows definite improvmeent
sales and production, contrary to the usual June-July
registrations in many sections are running ahead of
a
railroad
aid
than
rapidly
ton.
showed
business
more
barometer.
Buick has placed its first order for steel for
a
in
industry
output
in
Pittsburgh
who
ingot
year
at
advance
observers
May.
from
scrap
first
attention
steel
for
financial
determine their attitude toward wage revisions.
Philadelphia helped the
than
steel
pending; considerable highway and bridge steel projects and some
by
an
award
structural needs Ehow
of
New England
and Cleveland at 31.
12,000
some
tons
for an office building in New
signs of increasing,
York,
though by far the largest
A railroad machine shop in Massachusetts
has been awarded,
calling for 1,200 tons.
Among pending business are
11,000 tonB of steel sheet piling for the United States engineer at Los
portion is for public purposes.
Angeles,
on
which
identical bids
are
being considered, 7,000 tons for a
Volume
146
subway section
Financial
in
Brooklyn,
4,500
for
tons
bridge for
a
the District
Columbia, and 4,284 tons of bridge steel for the State of Oklahoma.
Formal announcement
by several producers of galvanized sheets
reduction
not
of
higher.
general,
announced
is
being
a
be to meet
is
considered
understood
by
a
new
makers,
important
some
no
be
to
later.
Automobile
40,175
rate
production
gained
slightly
the preceding week and
week
last
41,790,
to
compared
in the week ended June
111,620
For
1937.
General Motors assembled
18,175, compared with 17,700 ; Chrysler
steady at 6,195; Ford produced 11,810, compared with 11,775; inde¬
pendents made 5,610, compared with 4.505 the week before.
Better
in
26%%
26%%
feeling is being manifested in the scrap market, hot yet resulting
but caused by scarcity of material and reluctance of holders
the
other
bottom
follow
has
been
active
are
reached
and
in
giving
that
rise
some
in
prices
certain
is
with
to
Although
sentiment
in
steelmaking
is
scrap
in
stronger
most
the
at
previous week
approximately
changes,
in
imports and exports
in
May
tained
27%
1937
for
Formal
the
formerly has
is
and
from
the
week
71%
38
immediately preceding:
u. s. Steel
28
Independents
+1
87
66
+1
1
35
—
—3
27%
—1
+1
—jy3
+1
66
75%
+1
40
4-1
1934
57
48
—1
64
—5
50
+2 %
40
+2
58
and
requirements
the
—
%
is
+3
1931
European
steel
entente
on
world markets.
on
the
terms
same
Formation
of
35
—4
35
—2
66
—2
71
—1
62
—2%
95
—1
99
—1
72 %
1927
as
—2%
1929
fairly close to the high record main¬
35
1930
1928
which
stabilizing effect
a
before
1933
tons,
of
Steel
S.
week
in
market
few months.
past
renewal
U.
ago.
the
,
+1
75%
1936
while
output
were
957,000
was
in
increasing steel ingot output.
Both
lower than in April.
Production of steel ingots
adjusting to her smaller
iron
27%
a
points,
1935
is
pig
weeks
two
-
1938
sheets.
Britain
26%
against
Industry
slight dip at Chicago served to reduce the composite price 8c. to $10.63.
iron and steel composite is
unchanged at $38.38.
The finished steel
composite at $61.40 was 30c. lower, due to a $3 reduction in galvanized
reduced
breadth
the
to
comparison of the percentage of production
corresponding week of previous years, together with the
centers,
The
Great
and
28%
following table gives
the nearest
a
May
add
■
weeks
approximate
buying of tonnages.
any
in
two
ago.
The
believe
Dealers
strength.
"■■■'
ago.
Leading independents are credited with slightly
27%%, compared with 26%% in the preceding week and 26% two
over
weeks
Some of this sentiment may result from foreign
factors
will
which
way,
excess of the average for the entire indus¬
The "Journal" further
reported:
the industry as a whole the rate is
placed at 27%%, compared with
estimated
buying
buying but
under
slightly in
try.
19,
held
to sell at the present level.
is
companies sharing in the improvement,
according to the "Wall Street Journal" of June 23.
Sub¬
sidiaries of the U. S. Steel
Corp. continue to operate at a
discounts-
of
set
steel
Steel ingot production for the week ended
June 20 shows
increase of about one point over the
preceding period,
with practically all
competition, which has been
It
quoting
are
4033
sheet
an
all
sellers
cold-rolled
of the entente.
of
practically
said to
was
on
immediately and for third quarter, has
though
in this product.
severe
allowances
with
ton, effective
per
The reduction
unusually
and
$3
become
yet
Chronicle
of
71
cartel
a
92
—2
76
69%
—1
74
%
—
68
1932 not available.
Current Events and Discussions
(
:
■
„
-
,.
■
m,
■
■
■-
■■■"
■
■
i
,
The Week with the Federal Reserve Banks
New York City
Chicago
June 22
During the week ended June 22 member bank
from
arose
Additions to member bank
decreases of
$18,000,000 in
in
money
circulation and $6,000,000 in Treasury deposits with Federal
Reserve banks and increases of $7,000,000 in gold stock and
$3,000,000 in Treasury currency, offset in part by increases
$4,000,000 in Treasury cash and $7,000,000 in nonmember deposits and other Federal Reserve accounts and a
decrease of $7,000,000 in Reserve bank credit.
Excess
of
of member banks
reserves
on
June 22
approximately $2,780,000,000,
were
increase
an
of $50,000,000
The statement in full for the week ended June 22 will be
pages
4070 and 4071.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
June 22, 1938
discounted.
10,000,000
Bills bought
U. S. Government securities
(+)
(—)
or Decrease
-Since
June 15, 1938
5
5
Bills
June 23,
1937
§
+1,000,000
—3,000,000
1,000,000
—3,000,000
2,564,000,000
+38,000,000
Industrial
advances (not including
$14,000,000 commitm'ts—June 22)
17,000,000
currency
reserve
$
$
$
6,260
6,252
1,512
1,514
1,499
659
656
722
464
464
453
110
119
289
96
106
41
2,394
2,481
1,863
687
692
534
United States Govt, deposits.-Inter-bank deposits:
Domestic
$
6,187
banks...
Foreign banks
Borrowings
277
6
6
Other liabilities
303
303
404
20
19
22
1,484
1,485
1,475
245
245
237
Capital
*
271
570
account
7
31
....
...
Including both loans "on securities" and "otherwise secured and unsecured."
"•
Complete
Returns
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 for the Reserve banks them¬
selves 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.
V
In the following will be found the comments of the Board
of Governors of the Federal Reserve System
respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business June
15:
—7,000,000
—5,000,000
+ 3,000,000
—7,000,000
+ 29,000,000
+ 7,000,000
+ 687,000,000
$46,000,000 in loans to banks, and
+ 3,000,000
+160,000,000
of United States Government direct obligations.
balances
7,922,000,000
+18,000,000
6,402,000,000
Money in circulation.-..
Treasury cash
—18,000,000
Treasury deposits with F. R. banks.
929,01X1.000
Non-member deposits and other Fed¬
eral Reserve accounts
712,000.000
+7,000,000
2,293,000,000
—
The condition statement of weekly reporting member banks in 101 lead¬
ing cities shows the following principal changes for the week ended June 15:
Decreases of $210,000,000 in loans to brokers and dealers in securities and
increase of $141,000,000 in holdings
an
Commercial, industrial and agricultural loans declined $4,000,000.
+1,068,000,000
+ 8,000,000
+ 4.000,000 —1,103,000,000
—6,000,000
+ 778,000,000
*
1937
$
2,591,000,000
12,957,000,000
2,710,000,000
Total Reserve bank credit
Gold stock
Member bank
June 23
1938
.?
*
Other Reserve bank credit
Treasury
June 15
1938
Demand deposits—adjusted
Time deposits
Reserve
Principal changes in holdings of bills and securities were
an increase of
$10,000,000 in United States Treasury notes
and a decrease of $10,000,000 in United States
Treasury bills.
on
June 22
1937
estimated to be
for the week.
found
June 23
1938
Liabilities—
balances increased $18,000,000.
reserves
June 15
1938
reserve
to brokers and dealers declined
in
the
Loans
$192,000,000 in New York City, $13,000,000
Chicago district and $210,000,000 at all reporting member banks.
Loans to banks declined $46,000,000 in New York City.
Holdings
+125.000,000
of
United
States
Government
direct
obligations
increased
$64,000,000 in New York City, $22,000,000 in the Philadelphia district,
Less than $500,000.
$17,000,000 in the Richmond district, and $141,000,000 at all reporting
member banks.
Holdings of obligations fully guaranteed by the United
Returns of
Member
Banks
in
New
York
States Government increased $9,000,000 in New York
City and
the
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
banks and also for the
rent
Chicago member banks for the
banks, which will not be available until the coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS
CENTRAL
RESERVE
CITIES
at
City
June 23
June 22
June 15
1937
1938
1938
1937
7,584
7.793
8,513
3,009
4,032
1,810
521
1,501
1,514
1,712
130
131
164
515
522
1,217
26
32
58
197
197
278
67
67
New
district
York
outside
New
119
118
134
12
12
City and $29,000,000 in the San
Francisco district, all reporting member
$31,000,000 for the week.
New York
banks showing
purchasing
Real estate loans.
Loaus to banks.
Other loans*...-.---.
U. S. Gov't obligations
1 979
537
668
339
350
428
18
18
28
*
Obligations fully guaranteed by
United States Government—
93
of
Borrowings of weekly reporting member banks in New York City declined
on
Borrowings of all reporting member banks
100
1
1
3
428
434
427
58
57
57
2,911
3,105
3,023
864
866
922
were
$1,000,000
June 15.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended June 15, 1938, follows:
Increase
84
net increase
City, $6,000,000 in the Chicago district and $14,000,000 at all
or
carrying securities
a
Government deposits declined $9,000,000 in
14
Loans to brokers and dealers.
Other loans for
1,831
and
loans*
City,
$56,000,000 in New York City and
York
80
industrial
paper.
banks.
York
banks.
$22,000,000.
$$$$$$
2,974
agricultural
$|.2,000,000 in
member
New
$20,000,000 in the Philadelphia district, and increased $28,000,000 in the
June 23
1938
Loans—total
Commercial,
City,
reporting
week, all reporting member banks showed a net increase of $21,000,000.
7—Chicago
June 15
Loans and investments—total..
Open market
all
Deposits credited to domestic banks changed relatively little during the
1938
,
$17,000,000
reporting member banks.
June 22
Assets—
and
$5,000,000 in the Chicago district and $28,000,000 at all reporting member
(In Millions of Dollars)
New York
district
Demand deposits-adjusted declined
cur¬
week, issued in advance of full statements of the member
IN
Chicago
Holdings of "Other securities" increased $8,000,000 in
June 15,
1938
S
A ssets
Loans and investments—total.
Loans—total
20,866,000,000
8,361,000,000
(+)
or
Decrease
Since
June 8, 1938
$
(—)
June 16, 1937
S
—78,000,000 —1,707,000,000
—264,000,000 —1,380,000,000
Commercial, industrial and agri663
652
438
122
122
95
Other securities
1,036
1,027
1,020
303
306
294
On
—7,000,000
—13,000,000
Reserve with Fed. Res. banks..
3,219
3,174
2,509
924
924
586
Otherwise secured and unsec'd 3,406,000,000
+ 3,000,000
—355,000,000
50
49
49
33
32
28
354,000,000
—7,000,000
—121,000,000
663.000,000
—210,000,000
—707,000,000
Cash In vault
Balances with domestic banks.-
Other assets—net
71
73
64
215
210
141
490
486
471
48
49
59
,
cultural loans:
securities
Open market paper....
552,000,000
Loans to brokers and dealers in
securities
Financial
4034
Increase
Assets—
$
-T ."vVv'S
;v
Loftn&*—*
V* "■ i' 'v
Other loans for
,w
(—)
or Decrease
Since
June 8, 1938
$
1938
June 15,
(+)
plain
—1.000,000
—2,000,000
—135,000,000
—9,000,000
—46,000,000
—46,000.000
700,000,000 +3,000,000,000
+3.000,000
Otherwise secured and unsec'd
827,000,000
+ 141,000,000
U. S. Govt, direct obligations.... 8,032,000,000
Obligations fully guaranteed by
—29,000,000
+35,000,000
—524,000,000
+ 17,000,000
+ 286,000,000
+28,000,000
—89,000,000
......
Loans to banks......
possible
conditions.".
...
1,451,000,000
3,022,000,000
6,405,000,000
385,000,000
2,446,000,000
United States Government
;.i.;
Reserve with Fed. Res. banks
Cash in vault...
......—
Balances with domestic banks
of
that
the
+50,000,000 +1,125,000,000
—19,000,000
+86,000,000
+58,000,000
+ 672,000,000
Demand deposits—adjusted
Time deposits
United States Government deposits
Inter-bank deposits:
+31,000,000
—3,000,000
—177,000,000
—14,000,000
15,065,000,000
5,227,000,000
506,000,000
—41,000,000
+21,000,000
like
—23,000,000
—283,000,000
—57,000,000
European Powers Seek New Formula for
Ending
Spanish Civil War—Representatives of Nine Na¬
tions
Accept Tentative British Suggestion for
Withdrawal
of
Foreign Troops—Spanish Insur¬
gents Open Way for Drive on Valencia—Shipping
in Mediterranean Bombed by Insurgent Planes
when
that
Britain,
delegates
in Spain was
war
nine
of
major
Spain in
country.
effort to
an
The
plan
suggested
before the subcommittee of
Committee, meeting in London.
foreign troops
by Great
remove
was
Non-intervention
the
Even the representative of
objections
Soviet Russia, which had hitherto raised serious
to
proposals, acceded to the suggestion accepted by
In outlining proposals submitted to the sub¬
committee, Associated Press London advices of June 21 said:
peace
other Powers.
The
British
Government
exerted
pressure
France
on
and
Italy,
a
truce in
tively friendly to the government and insurgents, to get
to
permit
the commissions to
operate.
Necessity of obtaining acceptances of the warring Spanish factions for
evacuation plan now becomes the biggest hurdle to be taken in the
Great
of
program
Britain's
Prime
Minister,
Neville
Chamberlain,
for
Much
depends
Great
Italian
Francisco
leaders
at
of
suggested
April
Franco,
believe
the
B.
Kagan,
Informed
insurgent
chieftain,
influence
with
to
the
accept
Russia's
member
General
the
of
British
truce.
a
Spanish Loyalist
parallel that of Mussolini with
Soviet
disclosed
sources
him that if he really wanted the Anglooperative he should persuade General
to
Government
Franco.
declared
subcommittee,
by which
informed quarters
satisfied
that
of
to
to
arms
Success
a
would
effectively closed
Spain.
This
was
frontier to the shipment
her
for
sweeping hew series of maneuvers to
a
particularly
appeasement,
settlement
a
with
minor
boom
Germany.
the
of
"city,"
brighter international outlook
a
London's
commodity markets.
financial
with
quarter,
led
to
a
rises
sharp
big
the
in
Leading American shares made considerable advances
yesterday.
Mr.
Chamberlain's determination to proceed through the non-intervention
machinery
his
was
Premier
to
answer
ship pact be made effective at
Italian
Black
The
Shirts
leading
yet
Mussolini's
the friend¬
request that
regardless of the Spanish conflict and
once,
powers
While the nine-nation governing body of the non-intervention
overcoming
Chamberlain
attacks
After
Soviet
himself
his
on
bitter
berlain
debate
warn
Italian
planes
Spain
the
made
the
amounted
Anglo-Italian
bombing
Mr.
plan,
Commons
to
a
vote
demanded that
will
pact
British
of
be
in
Mr.
torn
ships,
confidence
278 to 148 and defeated
against
Cham¬
up
unless
late
House
the
Government's
the
Laborite motion
a
Foreign Office appropriation by $500,000
its
withdrawal
•/';
was
reduce the
to
which the opposition based
upon
attack.
waters
will
is
dismayed when he repeated
were
powerless
and
followed
be bombed
"I
to
and
afraid
protect
with
an
her
his
shipping
admission
that
June
statement
that
Spanish
British vessels probably
from
more
15
attacks
in
sunk.
that
while the war lasts we must expect a succession
he said, adding that a note was sent to .Spanish insur¬
Generalissimo Francisco Franco yesterday reserving the right to
am
of these incidents,"
gent
claim
compensation
for
planes during the past
Mr.
as
Anglo-Italian
The
48
British
ships
sunk
or
damaged
by
insurgent
pact,
quickly
of
pact
as
possible
to
permit
conclusion
of
the
April
16
friendship.
keystone
of
his
policy
of
direct
dealing
with
powers on an all-around appeasement, can not become
Premier Benito Mussolini's 35,000 or 40,000 Blackshirt
legionnaires remain in the Spanish fighting lines.
On
long
June 22
of two
a
so
as
the British
Government ignored the sinking
British merchant ships in the Mediterranean,
London Associated Press dispatch
said, and added:
more
Prospects of
Minister
a
^Neville
Spanish
armistice appeared to be dimming,
Chamberlain
"I
have
the Italian
think
to
reason
no
reported that Foreign Minister Ciano
be
to
carrying out
effective
chiefly
devising
of
the Spanish
civil
some
means
should
war
be
Italian volunteers has been solved.
token withdrawal of volunteers
a
make any such
but she refuses to
tions,
consist
overcome
the two sides in
on
that Italy signified her willingness to take the initiative in
appears
to
measures
proof of her good inten¬
as
dispatch
is
understood,
France takes no
long
of
as
war
move so
the
prevent
material
her
from
territory to Republican Spain.
The
British
induce
to
Government,
French
the
meanwhile
urging
to
it
give
both
on
direct negotiations
The
will
Republican
possible
in
based
is
give
render
could
facilitate
As
her
alternative
an
volunteers
them
in
to
actual
devise
and
been
the
solution
fighting,
whole
the
a
volunteers
which the Anglo-Italian
on
effect.
into
put
of
suggested that Italy
Spain
in
agree
may
other
words,
to keep
to
use
the
Non-intervention
Committee
has
means
for carrying out
the withdrawal
in
in
reserve,
until
practicable
a
to
in effecting
Italy
justify
time
her ports
Franco-Italian
of
not
volunteers.
It is pointed
pated
of
has
it
already
any
time
of all
ratified
be
from
resumption
problem and would ultimately hasten the day
agreements
adequate guarantees that
munitions
the
same
the premise of France's
on
Italy
and
the
at
able
volunteers.
of
would
turn,
more
arms
would
and
withdrawal
token
morning
frontier and
This
being
Cooperation Sought
the shipping of
Spain.
conversations
small
this
close the
to
prevent
of
to this effect and is
advisability to resuming
than a month ago.
Paris the
and
abruptly interrupted
discussed
plan
willingness
hopeful
is
pledge
definite
a
Rome
French
in
out in this connection that Italian troops have not partici¬
fighting
any
Tortosa.
they reached
since
the
Mediterranean,
just
south
Only the Black Arrow Brigade took part in the fighting that
led to the fall of Castellon de Plana, but it is
only the officers
composed mostly of Spaniards,
being predominantly Italian.
tories
as
they drove south toward the city of Valencia.
insurgent advance was climaxed on June 13 with the
The
thus
opening
offensive.
denied
up
in
the
House
of
but Prime
Commons
that
de la Plana and its port
Valencia
of Grao,
for the Valencia
40 miles south of Castellon, on the
broad
a
is
Mediterranean coast.
plain
coastal
Later, June 16, Associated Press ad¬
vices from Hendaye, France, at the
Spanish frontier, stated:
Government
dispatches said the village of Villarreal, 35 miles north of
Valencia, had been recaptured from insurgents, who had swarmed across
for
a
tanks, artillery and planes,
and
threatened
While
the
to
off
cut
Generalissimo
campaign
drive to the south.
mass
however,
the
swung
advance guard.
government
Francisco
Franco's
Valencia,
against
his
Insurgent troops,
around Cillarreal to the west
armies
eastern
northern
were
southern
and
engaged in
forces
struck
simultaneously through the Pyrenees and Cordoba Province in drives against
weakening government defenses on two other vital fronts.
The spreading
campaign
indicated
barriers
the
The civil
assaults
were
blocked
General
Franco's
of Valencia,
23-month-old
civil
although
their final
decisive vicotry
gaining momentum,
insurgent
still
goals—conquest
in
from
legions
Madrid and Barcelona and
a
war.
in
Spain was mentioned in the "Chronicle"
3735.
Spanish insurgent airplanes are
reported as continuing the bombing of vessels in loyalist
ports, and on June 15 bombed five ships, three of which
of
June
war
11,
page
Prime Minister Neville Chamberlain of Great
British.
Britain told the House of Commons
on
June 14 that Great
Britain planned no retaliatory action because
ings
of
British
of the bomb¬
in the Mediterranean, but was
seeking the establishment of safety zones to end the attacks.
His speech was reported as follows in Associated Press
shipping
London advices of June 14:
In
his
which
eagerly-awaited statement at
"might
The
first
the first
session
following Parlia¬
Chamberlain said two proposals had been made
Mr.
recess,
go
some way
toward cessation of these attacks."
of safety zones in certain
considerable difficulties, is being
actively investigated," the Prime Minister said.
The second plan, he continued, was proposed Saturday by the Spanish
Insurgent Government: That "a port in Spanish Government territory should
be selected outside the zone of military operations for the use of British
harbors,
"realistic"
Europe's totalitarian
operative
the
having
since Prime Minister Neville Chamberlain has
the Anglo-Italian agreements will not be ratified until
that
ment's Whitsun
year.
Chamberlain is anxious to get the "volunteers" withdrawal
plan into
operation
clear
were
Members
Britain
that
were
proportionately,
problem of
It
sturdy
the opposition
cease
policy.
The vote
the
to
stubbornly in the House of
which
that
in
objections
committee
foreign policy.
in
Italy
tonight cast what
foreign
Russia's
stood
"realistic"
they
"Times" said:
the river and spread out
Spanish soil.
on
meeting at London agreed to the
British compromise proposals, as reported in the following
United Press London dispatch of June 21:
was
that
occupation of Castellon
The prospect
in
fact
the
of
which
Spanish insurgent troops recently gained important vic¬
the way
European
view
discussions
contribution
considered another
was
now
as
wedge between ourselves and the French."
a
was
fighting
withdrawn
efforts.
clear
general
said that the British Government
was
had
government
for British
success
reach
France
it
soon
start can be made in applying the British suggestion that the
a
volunteers
there
In
as
the
difficulties
The
had
were
"good prospects" of reaching a full accord, indicating that
Russia, whose attitude hitherto has been the big question mark, would line
up with Great Britain and France in seeking a Spanish settlement.
believed that
was
"in
relations,
suspended
replied
it
and
Italy
New York
become
to
France's
Barcelona could
S.
16
one
tonight
not to wait until all had been
It
effect.
is
indications
strong
were
war
Government."
Chamberlain
This,
Premier Mussolini of Italy.
on
Britain
pact
there
Spanish
the
Earl of Perth, British Ambassador to
Rome, had discussed a plan for accelerating the operation
of
the
Anglo-Italian agreements of April 16.
Incident
thereto, a dispatch of June 20 from Arnaldo Cortesi to the
general European appeasement.
that
into
pact
have
Government
Meanwhile
of
she
the
but
Franco-British
weaken
to
Mr.
respec¬
Spain
their
put
Government wish to drive
European
June 21 supported a proposal to send evacuation
on
commissions to
from
early end of the civil
an
week
mentioned,
from
governments were planning
with the French
+886,000,000
—3,000,000
1,000,000
v^'
"volunteers"
foreign
"proportionate" withdrawal had been effected, Italy and Britain
would proceed with ratification of the agreement.
Arthur Henderson, Laborite, raised the question whether Italy would
—6,000,000
309,000,000
banks....—-.-.-—- 5,927,000,000
Foreign banks.......
Borrowings
to
prerequisite
any
Italian
Liabilities—
nations
of
two
removed
the
of
\
conditions
the
fulfillment
with
consistent
moment
.
Withdrawal
On securities...
this
desire "that the agreement should be brought into force at the
its
earliest
Other loans:
Possibility of
wedge
a
Eager to put into effect the Anglo-Italian pact signed at Rome April 16,
Prime Minister said that the Italian Government likewise had made
$
581,000,000
seen
trying to drive
was
between Britain and France.
or
securities
Real estate loans,.
Domestic
negotiations,
the
purchasing
Other securities
June 25, 1938
current diplomatic
by
Italy,
June 16,1937
1,157,000,000
121,000,000
carrying
Chronicle
ships,
Mr.
provides
which,
which
could
Chamberlain
enter
also
Czechoslovak crisis and
"the
utmost
patience
Government
and
it
or
establishment
presents
leave
expressed
warned
it
unhindered."
hope
both
of
a
settlement of the German-
Prague and Berlin they should show
restraint."
and
He told the House that
slovak
the
for
"although
negotiations
its
were
proceeding between the Czecho¬
"both parties showing
Germanic minority with
Volume
He added that the British Minister to Prague "has continued
good-will."
to
emphasize
of
reaching
Mr.
(to the
Government)
urgent
the
(Germanic) party."
Chamberlain
days
Czechoslovak
importance
comprehensive and lasting settlement by negotiation with
a
the Sudeten
four
Financial
146«
spoke to
ending June 10—while
recess—five British
indication of the London Govern¬
Parliament
ships had been sent to the bottom and
no
in
was
ment's reaction had been given.
Mr.
Chamberlain
reported that since April 11 22 British ships had been
attacked.
•
"Eleven
several
these
of
the
ships
have
sunk
been
in
and
damaged
seriously
or
deliberate," the Premier
Majesty's Government have considered retaliatory action of
various
kinds
but they are not prepared to embark on such
measures, which, apart from their inherent disadvantages, cannot be relied
cases
said.
attack
to
appears
been
have
"His
.
.
.
to achieve their object."
upon
Press
Associated
prices in the 1938-39
Produce
Insurgent
the
air
and
;i,
Madrid
raiders
;
commodity offering currency as well as price insurance
F. Shelton Farr, Vice-President, New York Coffee &
Sugar Exchange, who declared that with sugar prices within
13 points of the depression low, "the worst had been seen."
Maurice C. Hill, Vice-President, New York Cocoa Exchange
Inc. spoke on cocoa; Paul Nortz, Director, AmericanBrazilian
today
French,
in
of
advices
wrecked
Co.
on
Insurgent bombs again found
described
15
June
New
four
leaving her in flames at her dock.
The
British
5,625-ton
and
two
on
The Thurston
Seapharer
steamer
last bombed June 7.
was
the
Valencia
Both
raids.
afire.
set
to
abroad
smoke
vessels
the
in
because the crews
port
escape.
of
A
also were victims
sailing vassel was
,0;r'
casualties
no
were
time
Clouds
bombed and sunk.
were
-
There
had
waterline
the
below
holed
was
slowly sinking.
was
Two French vessels, the freighters Gaulois and Karbear,
of
ships,
foreign
more
section
and
Many
from
billowed
residential
from
burned
hcusea
areas
when
rained down.
kept firemen
bombs
incendiary
as
the ground
to
harbor
bomb-punished
Valencia's
from
up
repeated
•
attacks
extinguishing the blazes.
describing the insurgent capture of Castellon, on
13, Associated Press advices of that date from Hen¬
daye, on the Franco-Spanish frontier, said:
After
in South China
flict
The
of
capture
Grao
the
gave
seaport
good
first
their
insurgents
on
April
15
failed
to
then.
They
obtain
vessels
A
the
city
The
city.
the
positions for a final thrust.
said
Insurgent reports
coast
ranean
north
la
de
the
off
the
supplies
unload
to
barges
on
said
front
.
the
and completed
insurgents
occupation
.
la
continued
Emissaries of the
inland,
de
where
la
Plana,
the
where
town
of
on
the Mediter¬
Oropesa
of
the port
Villafames
fell
to
the
The
inland,
and
five
northwest
of
latter
Castellon
those
head through
de
Chung-Hui,
mediation by
third
a
la
Lucena
Plana,
sectors,
the advancing troops
del
Alcora,
Cid to
to take control of an
10x/z
struck
miles
inland road to
the insurgents already
had
driven
a
It
insurgent
forces today closed every pass into France along the
(June 17)
the
smashed
had
River and
Mijares
that
the
North
China
Government
issued
a
Peiping.
with
peace
any
Embassy spokesman declared that Japan would
Chinese Government
except
that of the
resumed
regarded
was
and Japanese, the
as an
for tnird-power
the
consular
He added, however, that "there is no room
p(|
mediation."
Japanese massed planes and ships off Swatow the United
About 35
Asheville stood by to protect Americans there.
States gunboat
American
addition to feelers put out by both Chinese
spokesman said that "peace will be settled when Chiang
disappears from the scene."
womer
men,
and children were reported to be in the Swatow
The British
district.
At
Nanking, John M.
destroyer Thracian was
on
its way from
^
Allison, consul in charge of the United States
missionary, of New Brunswick, N. J., by
the Rev. Dr. J. C. Thompson, a
a
Japanese sentry.
the sentry
Dr. Thompson, connected with tne American-owned
a
F. W. Blackburn and J. D. Pase,
detained for 40 minutes by Japanese at the Garden Bridge, leading
of Shanghai.
They were
released after United States consular authorities investigated.
The reason
the
into
Japanese-occupied
Hongkew section
for their detention was not given.
Government
Spanish
resistance
along
the
advance toward Valencia, 35 miles
general
from beating Dr. Thompson's jinrikisha coolie.
Two American residents of Shanghai,
Japanese forces on June 22 occupied Namoa Island, as
described in,, the following Hong Kong dispatch of June 22
York "Times":
to the New
the capture of Quemoy Island near
Amoy last year and it is thought it presages the
Hedge Against Effects of Inflation
Says Dr. Lewis Haney at Commodity Corporation
Forum—Prices and Industrial Activity Near Bot¬
in Opinion of
Revere a Speaker
tom,
Walter S.
Dr.
Landis—C. T.
the
best
effects of inflation which will
Chinese reported that 20 Japanese
in the attack, aided by planes early
the
against
probably
soon
positive
Chinese
Professor of
luncheon
a
footing.
The meeting was attended by about 130
over the United States.
Fore¬
casting further devaluation of the dollar, probably after the
Haney said commodity prices will
November elections, Dr.
the value of the dollar
down.
Commodities,
retired
to
the
mainland
entirely occupied.
under cover of darkness.
Civilians are evacuating today on boats.
Swatow was
bombed three times today.
Japanese planes also dropped
Chinese to follow the example of northerners
found "happiness" under Japanese domination or take the con¬
leaflets calling on southern
who have
sequences
Commodity Corporation of which he is
investment dealers from all
troops
During the day
yesterday morning.
and obtained
Japanese sailors landed from junks
be felt in this
Economics at New York University, speaking at a
economic adviser.
warships and other craft participated
Resistance broke down this morning when Namoa was
hedge
country, in the opinion of Dr. Lewis Haney,
forum given by the
early seizure of Swatow
against South China.
because Namoa would be a useful base for operations
The
are
Kuo-
mintang (Chiang's regime)."
The seizure of Namoa was similar to
Commodities
plea for
Generalissimo" Francisco Franco's
south.
Commodities Best
but
Wang
of prestige."
Saturday, apparently with tne approval of the Japanese army
on
In Shanghai, a Japanese
were
the Associated Press had the following
dispatches said tonight that
armies
eastern
to
reasons
Nanking University, was said to have been slapped while trying to prevent
in advices from Hendaye:
Insurgent
terminate hostilities,
and Japan wish to
take the initiative for
declaring Japan must make the first overtures.
as
recalled
was
quoted
agency
Embassy, made representations to the Japanese regarding the slapping of
June 16, United Press advices reported
guards of the loyalist 43d "lost" division above the snow lines.
say
quoted
"discuss
spear¬
Borriol to the northwest suburbs of Castellon de la Plana.
Hendaye,
following:
Later
to
was
peace
Pyrenees from the Bay of Biscay to Seo de Urgel, isolating a few hundred
rear
party, since China
neither is willing to
news
Hongkong to guard British interests.
two
From
Spanish
from
port.
Between
the
dispatches said,
insurgent
one-half miles
Trans-Ocean
Wang
While
Farther
the
German
Chinese Foreign Minister, as "emphasizing the usefulness of
insurgents.
south
conducting preliminary negotiations witn representa¬
tives of the Chinese Government of Generalissimo Chiang Kaishek.
In what
centered
Chinese
although
Japanese-sponsored North China provisional govern¬
ment were said to be
•
operations earlier today
hamper actual hostilities,
advices of June 23 said:
reported
was
to
spokesmen claimed several victories for their troops, and
Japanese military leaders admitted unexpected resistance on
the part of the Chinese defenders.
In reporting new peace moves, Associated Press Shanghai
.
Plana
of
Meanwhile the disastrous Yellow River floods, which were
mission at
.
de
con¬
June 23, coincident with
referred to in the "Chronicle" of June 18 (pages 3878-79),
also
coast.
eastern
mid-afternoon
in
Castellon
of
and
occupied,
was
Spain last
Plana, but
government
Castellon
after insurgent
by General Miguel Aranda had started a noon-day
They captured outlying towns to consolidate their
Castellon
commanded
of
from
Plana
la
after nightfall.
into
entry
fighters
siege
soon
de
forced
distance
some
communique
and
in the-40-mile stretch of coastline won
been
have
they
Castellon
wedge through
a
Barcelona
adequate port
an
anchored
military
entered
drove
between
Vinaroz,
Heretofore
from
of
at
on
Swatow, and threatened large-scale invasion of South China.
s
coast/
eastern
designed to halt the Sino-Japanese
reported from Shanghai
were
attacks by Japanese airplanes on the South China port
June
the
&
Peace Moves Designed to Force Early End of
Sino-Japanese Conflict—Meanwhile Floods Again
Delay Military Operations—Chinese Strengthen
Defenses of Hankow, as Japanese Troops Advance
New peace offers
target in the British freighter Thurston,
a
Partner in Nortz
Chairman of the meeting.
was
eastern
raids
Commerce and
'
terrific onslaught
a
Chamber of
Co., discussed coffee; Victor Lea, Hirsch Lilienthal & Co.
spoke on grains.
A. G. Boesel of Jackson Bros., Boesel &
Valencia harbor and
seaboard, where refugees were streaming south.
Five bombing
Valencia left three persons known dead and 20 injured.
two
year;
Ltd.,
and
additional bombings as follows:
British
Alan T. Grant, Director, Rubber &
London and Director, Rubber 4&
Ceylon, Ltd., who described rubber as a
Traders,
Produce Traders,
world
puzzzled and critical House, for during the.
a
4035
Chronicle
of warfare.
Associated
that
,
Shanghai advices of June 22 reported
generals were reorganizing the defenses of
Press
Chinese
Hankow, and added:
Sixty new divisions, numbering
readied to take up positions in
500,000 men, were said to have been
The un¬
Hankow's last line of defense.
also, unlike the securities of corporations purchased as in¬
expected deiay aiso was vitally helpful, Cninese declared, in assembly of
new equipment, including a large number of planes from Soviet Russia
flation
and elsewhere, 1,200 Russian tanks,
go up as
goes
hedges, involve no increase in operating expenses in
larger sale volume, and are free of labor troubles
and the restraining effects of price fixing.
Deficit financing
abroad invariably has had direct effect upon commodity
prices, according to Dr. Walter S. Landis of the American
Cyanamid Co., who also addressed the meeting.
''Every¬
thing in this country" he said "is set to go up and is going up.
My impression is prices are very near the bottom and in¬
dustry close to its low."
Other speakers included C. T. Revere, President of the
Commodity Club and partner in the New York Stock Ex¬
change and commodity firm of Munds, Winslow & Potter,
who discussed the outlook for cotton; John McD. Murray,
President of the New York Produce Exchange, who foresaw
as likely an advance of one to two cents in cottonseed oil
Meanwhile,
line with
380 Russian guns and 300 other guns.
Japan was reshaping her
flood-ruined campaign for quick
China by making the Yangtse River valley her avenue
against Hankow, instead of the Lunghai railroad corridor,
conquest of Central
advance
of
Troops
Lunghai zone,
only two weeks ago Japanese were on the verge of capturing Chengwhicn they had planned to use as a base for a drive 300 miles south
where her
troops were
and equipment were
where
chow,
along the
Peiping-Hankow railway against Hankow.
Chinese reports
the vicinity
231
miles
said four Japanese divisions were being
on
concentrated in
capital on the Yangtse,
push due west- against the
of fallen Anking, Anhwei provincial
downstream from
provisional capital.
be
blocked by the Yellow Itiver inundation.
being shifted at great expense from the
Hankow, for a
An additional 20.000 men and 200 tanks were said to
Lunghai area. Hankow reported
their way to Anking from the
Japanese troops
had reached a point 130 miles east of
Ninety Japanese
Hankow, while
based on Anking were shelling their way up the river.
vessels were said to be concentrated in tne Anking area.
Japanese gunboats
Financial
4036
Kingdom of Roumania Proposes Offer of Partial Interest
on Monopolies Institute 7% Gold Bonds Stabiliza¬
tion ahd Development Loan of 1929
City Bank Farmers Trust Co., New York, is notifying
holders of Kingdom of Roumania Monopolies Institute 7%
guaranteed external sinking fund gold bonds stabilization
and development Loan of 1929, due Feb. 1, 1959, of the
receipt of a letter from Radu Irimescu, Roumanian Minister
to the United States, which states that "due to insurmount¬
able difficulties in securing dollar exchange the Institute
was unable to make provision for the payment in New York
of the Aug. 1, 1935 coupon and for the subsequent maturities
provided for under the Special Agency Agreement."
The
letter further stated:
I,
the Roumanian Minister to the United States, have at the present
as
time
holders of the Aug.
coupon
1, 1935 and subsequent coupons to and Including the
bearing date of Feb. 1, 1937, on the basis of 63%
for the Feb. 1, 1936 coupon, 55%
1935 coupon, 57%
coupon,
should like to make available at once to the
of money which I
a sum
for the Aug. 1,
for the Aug. 1, 1936
and 65% for the Feb. 1, 1937 coupon, such payments corresponding
agreed upon in the Oct. 10, 1934 agreement.
to the payments
It is my suggestion that you
advise the bondholders of this offer and pay
such coupons as may be presented in
should, of
order of presentation.
The
coupons
be tendered with a letter of transmittal in which in con¬
course,
specified the holder of the coupon
sideration of the payments above
un¬
conditionally agrees to accept said payments in full settlement of the interest
obligation surrendered.
Chronicle
June 25, 1938
public debt of the Republic has been paid, a 10% surcharge on the duties
on
all luxury articles and a
3% surcharge
on
the duties on all other articles
imported except those considered necessities, H of 1% tax on the exporta¬
tion of money or its
equivalent, 2% tax
on
rental and proceeds from real
estate and on interest of mortgages and censuses, and 50%
of
any excess
collected in the future over the collections of municipalities for
year
They
1925-26 for land taxes.
are to
the fiscal
be further secured until July 1,
by serial certificates, public works bonds and work certificates re¬
1945
ceived in exchange for the new bonds which are to be held by the
Trustee
until that date, when they will be cancelled and surrendered to the Republic,
Reference to the filing of a
registration statement under
the Securities Act of 1933 covering the issuance of
43^% bonds
was
made in
our
issue of May 28,
$85,000,000
3421.
page
+
Odd-Lot Trading on New York Stock Exchange During
Week Ended June 18
Securities and Exchange Commission on June 23
public a summary for the week ended June 18, 1938,
of the daily corrected figures on odd-lot transactions of
odd-lot dealers and specialists in stocks, rights and warrants
on the New York Stock Exchange, continuing a series of
current figures being published weekly by the Commission.
The figures for the week June 11
were
given in the
The
made
"Chronicle" of June 18, page 3880.
The data published are based upon reports filed daily
with the Commissoin by odd-lot dealers and specialists.
ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS IN
STOCKS,
4Vi%
of External
Debt of Republic of Cuba, 1937-77 in Exchange
for $40,000,000 of Public Works 5^% Gold Bonds,
Due June 30, 1945—Statement of Foreign Bond¬
Offering
$44,000,000
of
of
Bonds
RIGHTS AND
SALES
1907 and
are
to mature June
Coincident
with
the
30, 1977.
formal
offering of the new 43^%
bonds, the Foreign Bondholders Protective Council, Inc.,
New York, issued a statement in which it pointed out the
Council is of the opinion that the present offer, which em¬
bodies betterments over suggestions advanced during the
course of the negotiations, is the best now obtainable.
It is
better than that made to other Public Works creditors.
In
In view of all the circumstances in the
case
June 13..
and after careful considera¬
Shares
June 15..
2,452
58,541
58,632
2,568,387
3,517
84,855
329,591 $11,095,204
13,274
June 17and 18....
3,297
13,262
.
Short Interest
on
New York Stock
on
was
This compares with
1937—
1936—
May 29
.1,117,059
...1,138,358
996,393
July
31
Aug. 31..
974,338
Feb.
1937—
26
1,426,522
Mar. 31
1,199,064
30
-.1,012,186
1,049,964
944,957
1,007,736
Apr.
May 28
July
can
commeDd
an
offer
to their favorable consideration.
1,011,670
1,066,184
Nov. 30
.1,230,579
Dec. 31........1,136,814
30.
29.
Aug. 31..—...
966,935
Sept. 30
...1,314,840
above-mentioned Cuban bonds
to authorize the Fiscal
Agent to deduct from
New
of the face value of the
in consideration
of the
work
already done by the Council for the bond¬
holder.
The present offering constitutes part of an authorized
issue of $85,000,000 principal amount of bonds, of which
$44,000,000 are deliverable in exchange for the above men¬
tioned Republic of Cuba Public Works blA% sinking fund
gold bonds, $953,700 are deliverable in exchange for $867,000
of Public Works &A% serial certificates, $20,000,000 are
deliverable in exchange for a like amount of 5^2% deferred
payment work certificates, $10,162,800 are deliverable in
settlement of debts to various public service transportation
and railroad companies,, and $9,883,500 are reserved for
public works or for the purpose of settlement with the holders
of other obligations of the Republic.
The following bearing
on
the
new
bonds is also from
an
announcement issued in the
matter:
The
new
bonds
are
to be entitled to the benefits of
cient to retire all bonds
public has agreed to
on or
a
sinking fund suffi¬
prior to maturity, for which purpose the Re¬
pay to the trustee and fiscal
Trust Co., New York, the following amounts:
agent, Manufacturers
In the 1938-39 fiscal year,
$500,000; In the fiscal
years 1939-40 to 1943-44, $1,000,000 per annum; in
the fiscal years 1944-45 to 1948-49, $1,500,000
per annum; in the fiscal years
1949-50 to 1953-54. $2,000,000 per annum; in the fiscal
years
1958-59, $2,500,000 per annum, and in the fiscal
$2,750,000 per annum.
The bonds
time,
are
years
to be issued under
authority of the Law of the Re¬
public of Cuba, dated Feb. 14, 1938, including amendments thereto here¬
tofore enacted, and pursuant to Agreement of
April 18, 1938, executed by
the Republic of Cuba and Manufacturers Trust
Co., as trustee and fiscal
agent.
90%
They
of the
are to
revenues
be secured by
a first preferential right and lien upon
collected from the following taxes and economic re¬
sources; the taxes on overland
transportation, tax on the consumption of
imported substitutes therefor, y2 of 1% tax on sales and gross
credit of up to $5,000,000 to be set up annually in the General
gasoline
or
income,
a
Budget and 50%
of the surplus from the national
revenues
after all the
expenditures set up in the Budget and the interest and sinking funds of the
1,142,482
1,097,858
-
29
—
29
_
May 31
._
1,384,113
1,343,573
..1,214,082
to
Submitted
Exchange to Expand Statistics Re¬
Short
Interest—Also
Modifies
Form
by Firms
on
Member Firms of the New York Stock
Exchange announced on June 20 that it proposes to expand
the monthly releases of statistics relating to the short interest.
The committee, in a circular letter to members, also modified
the form of reports of basic data to be submitted by firms.
Reports are to be submitted hereafter by each firm "for
the total short interest in each listed stock."
This require¬
ment, it was explained, will relieve firms of considerable
clerical effort in submitting the data, as well as expedite
their compilation by the Exchange.
It is planned to release hereafter a monthly summary
showing the short interest in individual issues, where the
short interest is substantial or where a significant change
has occurred during the month, instead of publishing only
one aggregate figure for all issues.
A complete tabulation,
showing the short interest in each listed issue will be made
available for inspection of the public.
The Stock Exchange first undertook the collection of
short selling statistics in May, 1931.
At the present time,
totals are collected as of the end of each month.
Figures
released by the Exchange last week, showing a total short
interest as of May 31 of 1,343,573 shares, are referred to
in another item in this issue.
♦
Member
for the sinking fund, at least 30 days notice.
are
28
Stock
The Committee
Trading on New York Stock and New York
Curb Exchanges During Week Ended May 28
redeemable at the election of the
Republic, in whole at any
bonds
Feb.
Mar. 31-
Apr.
1,228,005
Nov. 30---- —1,184,215
1954-55 to
in part on any interest payment date, at par and
unpaid interest
accrued to the redemption date, upon at least 60
days notice or, if redeemed
new
1,051,870
31
1959-60 to 1976-77,
or
The
York
lating
to pay the same over to the Foreign Bondholders Protective Council, Inc.,
contribution by the holder of the bonds for the support of the Council
31
1938—
Jan.
♦
bonds held by him (that is, at the rate of $1.25 for each $1,000 bond), and
as a
Dec.
967,593
Oct.
1937—
Jan.
30
The Council in accordance with its practice is asking each holder of the
the first interest payment made to him, y&th of 1%
Exchange Decreased
1,343,573 shares, it was announced on June 17.
1,384,113 shares on April 29 and with
1,049,964 on May 28, 1937.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each month
since May 29, 1936:
bers,
June 30...
which the Council
326,875 $10,273,288
obtained by the New York Stock Exchange from its mem¬
Oct.
long view interests of the bondholders and that it is, therefore,
1,901,344
1,938,567
2,583,090
The total short interest existing as of the close of business
the May 31 settlement date, as compiled from information
Sept. 30
Fund Gold Bonds is reasonable and consistent with the broad equities and
$2,089,962
1,760,325
During May
ment to the holders of the
Sinking
Value
62,293
51,348
80,570
.
62,554
2,381
55,988
2,066
Total for week
Shares
2,456
68,048
2,228
June 16_...
_
No. Ord.
1,780,772
2,637
June 14
Value
2,468
73,637
tion, the Council is of the view that the present offer of the Cuban Govern¬
Republic of Cuba Public Works 5 lA%
(Customers' Orders to Sell)
$2,576,759
2,177,926
1,991,360
3,034
June 30
its statement issued June 24 the Council said:
PURCHASES
(.-Customers' Orders to Buy)
No. Ord.
Republic of Cuba, through its Ambassador to the
United States Dr. Pedro Martinez Fraga, announced on
June 24 its offering by means of a prospectus of $44,(XX) ,000
of 414% bonds of the external debt of the Republic of Cuba,
1937-77, together with coupons due on and after Dec. 31,
1937, in exchange for the outstanding $40,000,000 Republic
of Cuba Public Works 5lA% sinking fund gold bonds, due
June 30, 1945, together with interest coupons due on and
after Dec. 31, 1933.
The rate of exchange is $1,100 principal
amount of the new bonds for each $1,000 of such outstanding
public works bonds. The new bonds are to be dated July 1,
YORK STOCK
Trade Date
holders' Protective Council
The
WARRANTS ON THE NEW
EXCHANGE—WEEK ENDED JUNE IS, 1938
During the week ended May 28 the percentage of trading
for
the
account
of
all
members
of
the
New
York Stock
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 21, it was made known
by the Securities and Exchange Commission yesterday
(June 24).
Trading on the Stock Exchange for the account of all
members during the week ended May 28 (in round-lot
transactions) totaled 1,068,795 shares, which amount was
16.14% of total transactions on the Exchange of 3,311,140
shares.
This compares with member trading during the
Volume
Financial
146
previous week ended May 21 of 1,004,490 shares, or 19.08%
of total trading of 2,632,450 shares. On the New York Curb
Exchange member trading during the week ended May 28
amounted to 206,910 shares, or 16.98% of the total volume
on that
Exchange of 609,310 shares; during the preceding
week trading for the account of Curb members of 189,235
shares was 18.92% of total trading of 499,965 shares.
The data issued by the SEC are in the series of current
figures being published weekly in accordance with is pro¬
gram embodied in its report to Congress in June, 1936 on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer." The figures for the
week ended May 21 were given in these columns of June 18,
page 3880.
In making available the data for the week
ended May 28, the Commission said:
Chronicle
4037
Time Limit for Stamping of Bonds and Notes of Govern¬
French
ment of
Bonds
and
Republic 20-Year Gold Loan 73^%
7% Gold Bonds Extended to
25-Year
Sept. 30
Holders of the Government of the French Republic 20year external gold loan 7J^% bonds, dated June 1, 1921 and
of the
25-year sinking fund 7% gold bonds, dated Dec. 1,
being notified today (June 25) that the time limit
for presenting their bonds and
coupons for stamping has
1924,
are
been extended from June 30,
unstamped bonds and
1938 to Sept. 30, 1938.
which
coupons
The
in non-French
were
beneficial ownership on Sept. 1, 1937, should be presented
for stamping, accompanied
by properly executed ownership
certificates, either at the office of J. P. Morgan & Co., New
York City, or at the office of Morgan & Cie, Paris, France.
The figures given for total round-lot volume in the table for the New
York
Stock Exchange and the New York Curb Exchange
volume of all round-lot sales of stock effected
volume for the week
ended
3,311,140 shares,
8.2%
On
the
New
was
York
Curb
May 28
The total round-lot
Exchange,
total round-lot volume in the same
by 5.4%
the ticker volume
(exclusive of
rights and warrants).
The
Stock
data
published
are
based
with the New York
reports filed
upon
The
of Form
over-the-counter brokers or dealers.
The text of the Commission's action follows:
Amendment to Form 3-M
The SEC deeming it necessary for the exercise of the functions
New York
Stock Exchange
Curb Exchange
Number of reports received
as
specialists*
191
Other than as specialists, initiated on floor
Other than as specialists, initiated off floor.
Reports showing
223
no transactions
567
On the New York Curb Exchange the round-Jot transactions
desig¬
Curb
Amendments
NEW
YORK
received
reports
more
STOCK
FOR
than
one
because,
at
times,
a
total more than
single report may
MEMBERS
ALL
IN
EXCHANGE—TRANSACTIONS
STOCKS
Cent
a
3,311,140
transactions
except
of
specialists and odd-lot dealers in stocks in which registered:
1.
Initiated
143,700
the floor—Bought
on
Sold...
195,810
Total
2.
339,510
also members
The
Constitution
transactions
extends this
Round-lot
...
transactions
of
specialists
3.52
233,075
....
In
stocks
In
on
whichi
Sold
an
associate members of
or
of
the
on
other
Exchange
at
present
exchanges in the United
a
Canadian
ex¬
provides for a similar
The amendment
States.
exemption to transactions in listed securities made by members
Canadian
exchanges of which they are members.
We likewise quote
228,860
267,350
registered—Bought
Exchange
amendment to the Con¬
Exchange permitting members and firms who
June 22 adopted
on
exemption with respect to the commissions to be charged by members on
133,565
Sold
Total
Members
Executive
change, or who are registered with a Canadian exchange as
being entitled to a return of commission from members of
such exchange, to charge the rates of commission prescribed
by the Canadian exchange on transactions in listed securities
made on such exchange.
The announcement by the Ex¬
change says:
5.13
99,510
Initiated off the floor—Bought
meeting
a
are
>
members
and
Per
Week
of
at
stitution of the
(SHARES)
*
Total for
transactions
Exchange Adopt
Deals
Canadian
on
The Board of Governors of the New York Stock
Week Ended May 28. 1938 '
Round-lot
(a)
Committee of Stock Clearing Corporation
classification.
ACCOUNT OF
(b) and 23
forth in the printed copies
Constitution—Relate to
to
Commissions
The number of reports in the various classifications may
of
as set
1938."
Board of Governors of New York Stock
well as those of the specialist.
entries in
particularly Sections 15
of Form 3-M marked "Revised June 15,
Exchange perform the functions of the New York Stock Exchange odd-lot dealer,
number
pursuant to authority conferred upon it by the
thereof, hereby amends Form 3-M to read
of specialists "in
Btocks in which registered" are not strictly comparable with data similarly
nated for the New York Stock Exchange, since specialists on the New York
carry
to do,
so
Securities Exchange Act of 1934,
30
61
32
232
vested in
it and necessary and appropriate in the public interest and for the protec¬
tion of investors
840
105
1,080
Reports showing transactions
the
Exchange Commission accounced on
adopted a revision, dated June 15, 1938,
3-M, the application form for the registration of
These reports are classified as follows:
New York
as
Securities and
June 20 that it has
Exchange and the New York Curb Exchange by their respective
members.
*
SEC Revises Form for Registration oc Over-the-Counter
Brokers or Dealers
the New York Stock Exchange,
on
larger than the volume reported on the ticker.
609,310 shares exceeded
week,
represent the
those exchanges as dis¬
on
tinguished from the volume reported by the ticker.
from the announcement:
The Board of Governors also adopted amendments to
Section 2 of Article
XV of the Constitution and to Section 5 of Article XVI of the Constitution,
Total.
7.49
496,210
of odd-lot dealers in stocks in which
registered—Bought.
472,070
596.725
.
Sold
Stock
Clearing
the recent action of the Stock Clearing
Corporation, in accordance with
Total round-lot transactions of members, except transactions
Committee of the
the Executive
omitting references to
Corporation in amending its by-laws to eliminate provision for an Executive
Committee.
"1,068,795
The amendments
16.14
in
accordance
with
are
being submitted to the membership for approval,
Article
XX
Constitution.
of the
Transactions for account of odd-lot dealers in stocks In which
registered:
1.
In round lots—Bought
166,410
138,540
Sold
New York Stock
sent
Total
2.
4.60
304,950
Bought
637,366
Sold
721,549
Howard B.
Chairman and
NEW
YORK
CURB
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT
OF
MEMBERS
*
IN
ALL
named Vice-Chairman of
STOCK8
(SHARE8)
Week Ended May 28, 1938
Total for
Week
Total volume of round-lot sales effected on the Exchange
Round-lot
transactions
of
members,
except
transactions
Per
Cent
a
609,310
of
specialists in stocks in which registered:
I.
Initiated
on
the floor—Bought
15,100
15,350
8old
Total
30,450
.
Initiated off the floor—Bought..
2.
Table
Discussions
of
New York Stock Exchange announced on June 23
Joseph Klingenstein of Wertheim & Co. has been elected
that
1,358,915
...
Round
at
Bond Market
The
In odd-lots (including odd-lot transactions of specialists):
Total
Exchange Names Committee to Repre¬
Exchange
2.50
The other members of the Exchange
17,575
Total
was
views.
12,830
Sold...
Dean of Struthers & Dean
special bond committee to study
various aspects of the bond market and to represent the
Exchange in the round table discussions which were proposed
by Chairman William O. Douglas of the Securities and Ex¬
change Commission on June 9.
At that time it was an¬
nounced that similar committees would be appointed to act
for the banks and insurance companies and for the Invest¬
ment Bankers Conference, Inc., and the Investment Bankers
Association.
These groups, separately and jointly, are to
examine all problems related to the bond market and to give
the Securities and Exchange Commission the benefits of their
a
30,405
2.49
committee appointed
by William McC. Martin, Jr., Chairman
of the Board and
President Pro Tern, are:
Round-lot
transactions
of
specialists
in
stocks
In
which
registered—Bought
Total
146,055
Barney & Co.; Rowland H. George,
11.99
June 11, page
91,610
115,300
Sold
Total
206,910
16.98
Federal
Bought.
The
Total
♦
a
85,690
including special partners.
Percentage
of
members'
transactions
total
Exchange
transactions.
twice the total exchange volume for the reason that the total of members
In
trans
actions Includes both purchases and sales while the total exchange volume includes
by
Mortgage
Secretary
Association
Securities
of Treasury Morgenthau
Securities
and
gage
Act of 1934
Exchange Commission
announced on
by the Federal National Mort¬
Association under the authority of Section 302 of the
Housing Act, as amended, had been designated
National
to
calculating these percentages the total of members' transactions la compared with
only sales.
National
June 17 that securities issued
The term "members" Includes all exchange members, their firms and their part¬
ners,
rred to in these columns of
from Securities Exchange
46,274
39,416
Sold
T. Wood, Gilbert Eliott & Co.
3745.
Exempted
Odd lot transactions of specialists In stocks In which registered-
G. Coombe, Smitht
Wood, Struthers & Co.; James F. Burns.
Jr., Harris, Upham & Co. and Clinton
The June 9 meeting was rG
Total round-lot transactions for accounts of all members:
Bought
Salomon Bros. & Hutzler; Reginald
Abraham Eller,
63,680
82,375
Sold
the Securities Exchange Act of
by the Secretary of the Treasury pur¬
Section 3(a) (12) of that Act.
This action on the
exempted securities under
1934,
suant
as
to
amended,
part of the Secretary of the
Treasury was previously an-
i
Financial
4038
of the Securities Exchange Act of 1934
3(a)
in part that the term "exempted security" or "exempted securi¬
used in such Act shall include "such securities issued or guaranteed
provides
ties"
as
investors."
;
Total Securities Registered
No. Units of
amended
at
any
exemption
for
5
Short-term notes
Total
learned of the order of the Securities
and Exchange Com¬
tovthis firm the proceedings involving
A. O. Smith stock, but imposing a 90-day penalty of suspen¬
sion from securities exchange
Type of Security
Registrants
memberships upon one of our partners, Faris
Russell had no fraudulent intent or
esteemed and valuable member of our
that the opinion
"bad" purpose.
Mr.
firm and this finding
Gross
unwarranted, is of vital importance
firm as such.
Counsel
immediate appeal to the Federal Court
have
been instructed to take an
The
34.2
23,397.300
23,397,300
27.4
2.6
18.3
22,694,273
1,000,000
26.6
7.8
18,214,725
18,106,500
21.4
3.8
1.5
7,500,000
7,500,000
8.8
63.0
40.0
$85,276,480
$53,650,267
100.0
100.0
100.0
—
6.0
Short-term notes
E. Page,
exonerated White, Weld &
Co. and all of its partners; the second Examiner, Thurman W. Arnold, Esq.,
though holding that there had been a technical violation, drew no dis¬
tinction between the firm and any of its individual partners.
The Com¬
mission, which heard none of the testimony, now attempts to draw what
The first Examiner appointed by the Commission, Robert
1935.
believe to be
Total
Reorganization and Exchange Securities
In addition to the new issues, the Commissions said,
be issued against outstanding
be issued against common stock with
stated value of $498.
THE TYPES OF SECURITIES INCLUDED IN
.Totaling
Issues
New
36
of
BECAME
May
June 23
public its monthly analysis of effective registration
statements, prepared by its Research Division.
Analysis of
statements registered under the Securities Act of 1933 shows
that an aggregate of $93,634,000 of new securities became
fully effective durinfe May, 1938.
Included in this amount
were approximately $8,358,000 of securities that were regis¬
tered soiely for reserve against the conversion of securities
having convertible features, so that $85,276,000 of the
registered securities were actually available for issuance for
cash or for other considerations.
This figure compares with
$96,931,000 for April, 1938, and with $186,854,000 for
and
Securities
Commission
Exchange
EFFECTIVE
FULLY
FOUR REGISTRATION STATE*
ISSUES WHICH
AND aEXCHANGE
DURING MAY, 1938
FOR REORGANIZATION
MENTS
$93,634,000
Under Securities Became Effective During
The
deposit proposed to
securities valued at $3,152,624 and an issue
of voting trust certificates proposed to
,
a
Registration
there were effectively
registered during the month, 7 isuses of certificates of
entirely unjustified distinction between the firm and
an
of its partners.
one
22.8
Debentures
Esq., found no violation at all and completely
we
1937
15.8
beneficial In¬
terest, warrants, Ac
matter in
of this
investigation
the
undertook
first
May,
1938
Ctfs. of par tic.,
Secured bonds
Commission
April,
1938
$3,846,467
Preferred stock
his behalf.
on
May,
Amount
$13,470,182
Common stock.
despite the dismissal of the case against our
Gross
Amount
against him, which we regard as entirel y
to us
Conversion
Cash
for Account of
Conversion
of Total Less
for
Securities Reserved
Sale for
Reserved for
This penalty is imposed in spite of the fact
states that Mr.
Per Cent
-proposed
Less Securities toBeOfferedfor
tions
Total,
mission issued today dismissing as
an
(After
Other Deduc¬
We have just
Russell is
$93,634,322
36
Total.
issued by White,
Weld & Co.:
R; Russell.
7,500,000
8
erest, warrants, &c
Debentures
Co. Involving Transactions
transactions in
22,694,273
18,214,725
7,500,000
beneficial int¬
Secured bonds
Case of White, Weld &
in A. O. Smith Stock—
Appeal 90-Day Suspension of F. R. Russell
18,392,000
3
Certificates of participation,
SEC Dismisses Proceedings in
$21,828,024
23,397,300
3
Preferred stock
♦
$5,984,025
247,873
17
Common stock
time.
Firm to
Gross Amount
of
Bonds. Ac.
may
On June 22 the following statement was
Ac.,
Face Ami.
Issues
be revoked, modified, or
time with respect to securities not issued prior to such
designation
This
Stock.
No. of
Type of Security
securities issued by the Federal National Mortgage Associa¬
under the authority of Section 302 of the National Housing Act, as
amended.
REGISTRATION STATE¬
DURING MAY. 1938
;
<
.
,
exemption
tion
,
SECURITIES INCLUDED IN 24
MENTS THAT BECAME FULLY EFFECTIVE
I am designating
provisions of this paragraph,
the
with
accordance
In
special persons.
the Treasury as
for the protection of
the public interest or
in
appropriate
or
necessary
to
was to
TYPES OF NEW
indirect interest
by corporations in which the United States has a direct or
shall be designated for exemption by the Secretary of
as
for
be offered by underwriters under firm
commitments; 4.8% by various selling agents; and 8.0% by the registrants
themselves.
The registrants indicated that 80.5% of the securities was to
be offered to the public; 17.6% to their own securities-holders; and 1.9%
providing for the exemption:
Section
12 of
Paragraph
offering for the account
$53,850,000 of securities proposed for cash
registrants, 87.2%
of the
letter from the Secretary of the Treasury
the Commission
to
Of the
Following is
15.
nounced in the Federal Register for June
the text of the
June 25, 1938
Chronicle
on
Approximate Market Value b
No.
Type ol Security
made
of
Issues
May, 1938
April,
May, 1937
1938
$277,539
Common stock....
$13,641,921
Preferred stock
Certificate of participation,
Interest, &o
.
beneficial
...
.
Secured bonds
_
..
251,052
Debentures
Short-term notes
1
498
8
$3,153,122
Vnt.lng trust Certificates
Total
a
$528,591 $13,641,921
Refers to securities to be issued in exchange for existing
b Represents actual
May, 1937.
$3,152*624
"l
Certificates of deposit
market value or
securities,
1-3 of face value where market
was not
available.
In its announcement of June 23 the SEC stated:
More than half of the May
for
conversion)
total (after deduction of securities reserved
accounted for
was
registrations
by
San
of the
Public Service Co. of $16,500,000 principal amount of 1st mtge.
Debits
principal amount of 4% serial notes, due 1939-48;
due 1963 and $2,500,000
150,000 shares of General Foods Corp. $4.50 cumul. pref. stock (estimated
gross
proceeds of $15,150,000); 77,873 shares of Philip Morris & Co., Ltd.,
Inc. 5%
conv.
the
and
cumul. pref. stock (estimated gross proceeds of $7,787,300);
$3,500,000
by
registrations
4H%
Gypsum Co.
amount National
principal
s.
investments
of
companies'
exchange for other outstanding issues.
Approximately $31,964,000,
istered during the month
conversion)
or
36.4%
for
were
24.8%
,
were
Common
during
were
for electric,
issues
stock
the month
for
companies.
of financial
companies
accounted
purposes
;
for
Approximately $39,784,000
than
reserve
or
istered for
reserve
sum,
against
conversion;
the "account of
42.5%
as
of all the securities registered were
already indicated,
registrants.
SUMMARY
BY
FEDERAL
DISTRICTS
RESERVE
Week Ended
Number
Federal Reserve District
of Centers
Included
June 15, 1938
June 8, 1938
June 16,1937
1.
Boston
17
$433,187,000
$420, 645,000
$545, 702,000
New York..
15
4,325,444,000
4,192, 254,000
3.
Philadelphia..
18
413,684,000
445, 936,000
4,392 805,000
443 087,000
25
Richmond
24
449,135,000
277,307,000
469, 096,000
263, 870,000
642, 262,000
5.
6.
Atlanta
26
207.814,000
194, 402,000
7.
Chicago
41
1,100,230,000
1,124, 154,000
225 906,000
232, 196,000
1,376 130,000
266 881,000
were
registred for
4.
Cleveland
...
8.
were
to be
offered for sale for
the
account
of the
St. Louis
16
9.
10.
Minneapolis
Kansas City
28
11.
registered against options, for
After deducting the above amounts, there remained $53,850,000 of reg¬
proposed
1919, amounted to
$8,010,000,000 compared with $7,835,000,000 the preceding
week and $8,872,000,000 the week ended June 16 of last
year.
These figures are as reported on June 20 by the
Board of Governors of the Federal Reserve System:
the account of
In addition, $1,448,000 were registered for
others," and $4,415,010
securities
in
$8,358,000 were reg¬
acquisition of various assets and for subsequent issuance.
istered
banks
2.
and debenture issues 8.8% *
against conversion and $25,563,000
exchange for other securities.
reported by
and certificates of participation, warrants,
intended for purposes other than immediate cash offering for
Of this
as
week
Aggregate debits for the 141 cities for which a separate
of all securities registered
15.8%
other
of all registrations as qualified.
the registrants.
accounts,
the
and water utility companies.
Secured bonds totaled 21.4%
.
$31,094,000,
About
and investment
for
total has been maintained since January,
intended for cash offering) and $21,145,000,
gas
preferred stock issues for 27.4%
&c. for 26.6%
reg¬
(other than those registered for reserve against
represented securities
,
effectively
of the securities
manufacturing
(of which only $1,450,000
or
37.5%
or
cities
ing week of last year.
f.
for
proposed
securities
individual
to
ended June 15, aggregated
$8,629,000,000, or 2% above the total reported for the
preceding week and 11% below the total for the correspond¬
lending
About one-third of the month's total was accounted
debentures, due 1950.
for
11% Decrease Noted in Bank Debits
Antonio
4% bonds,
Dallas
18
209,348,000
139,155,000
266,149,000
193,137,000
12.
San Francisco
29
613,976,000
17
Total
274
317, 948,000
146 ,416,000
163 063,000
233 ,226,000
314 ,549,000
175 ,686,000
215 631,000
562 ,130,000
732 ,516,000
$8,628,566,000 $8.453,721,000 $9,642,770,000
Of these securities, $50,778,000 represented issues of already-
established enterprises, while $3,074,000 were offerings of newly-organized
companies.
In connection with the sale of the securities, the registrants
estimated that expenses of
5.0%
would be incurred; 4.0%
and discounts to underwriters and agents and
connection with flotation and issuance.
1.0%
Outstanding Loans
for commissions
for other
expenses
mediate
in
June
After payment of these expeness,
the registrants estimated that they would retain, as net
Discounts
Banks
Totaled
of Federal
Inter¬
$244,113,000
1, Reports FCA—Highest Since
on
Organization
of Banks in 1923
Outstanding loans and discounts of the 12 Federal Inter¬
Approximately $29,407,000,
Intended to
or
57.5%
of the estimated net proceeds were
be used for the repayment
of indebtedness:
$19,937,000 for
payment of bonds and notes, $8,939,000 for payment of bank debt originally
more
debtedness.
for "new
and
proceeds, $51,129,-
000.
incurred
Credit
than
a
year
back, and $531,000 for repayment of other in¬
The registrants also proposed to apply $18,901,000, or 36.9%
money" purposes; $9,851,000,
equipment
and
$9,050,000,
Approximately $2,821,000,
purchase of securities
or
or
17.7%,
5.6%
19.2%
or
for
were
for investment,
working
capital.
intended to be applied toward
of organization
purposes.
and
were
in
of
at
an
amounting to $244,113,000 on June 1,
all-time peak since the
organization of the banks
1923, Intermediate Credit Commissioner George Brennan
the Farm Credit Administration said on June 21.
An
,
for purchase of plant and
additional
payment
velopment expenses and for miscellaneous
,
mediate Credit banks,
de¬
announcement
by the FCA wrent on to say:
outstanding to farmers' production credit associa¬
borrowing for production purposes from the
12 banks showed a $6,772,000 increase during May and at the end of the
month was $38,840,000 higher than at the same date last year.
The
tions
amount
and
of
other
credit
institutions
Volume
Loans
Financial
146
and
discounts
at
the
date
recent
were
The advice is given in letters received today by members of the associa¬
Production
follows:
as
4039
Chronicle
financing institu¬
tions, $41,312,000; banks for cooperatives, $26,626,000; farmers' coopera¬
tion.
tive marketing
policies of banks
credit
associations,
$175,520,000;
capitalized
privately
and purchasing associations, $655,000.
The letters
were
of the association.
observe
sent
by Armitt H. Coate of Moorestown, Secretary
Mr. Anderson gave the advice as a result of the
varied
observing the law which authorizes the institutions to
on
holidays the Saturdays in the two months.
as
Mr. Anderson suggested that unity of action was desirable in the com¬
Offering of $41,500,000 1-Year 1% Consolidated Deben¬
tures of Federal Home Loan Banks—Largest Offer¬
open
and one
runs
or
populations "because if one or more banks re¬
more
banks close
rumors
start which might
may
the banks."
on
Cites Function
issue of $41,500,000 of one-year, 1%
consolidated debentures, Series E, of the Federal Home Loan
Banks, due July 1, 1939, was announced on June 21 by
Preston Delano, Governor of the Federal Home Loan Bank
System.
The issue is the largest offering of debentures so
far made by the Home Loan Banks.
The debentures are
priced at 100 9-16, to yield approximately 0.435%.
Everett Smith, financial representative of the banks, an¬
nounced on June 22 that the books to the offering were closed
offering of
main
result in
Over-subscribed
ing Undertaken—Issue
The
munities with large foreign
a new
they same day the debentures were offered (June 21) follow¬
ing a "substantial over-subscription for the issue."
In commenting on the over-subscription, Mr. Delano,
Governor of the FHLBS, asserted:
Under the law banks cannot clear exchanges
holidays, but they
are not
compelled to close
or
certify checks on the
these days, Mr. Anderson
on
advised, because, in his opinion the banks that remain open may receive
cash for
deposits, receive checks for collection and credit, pay checks drawn
by depositors to their
To those
own
order and exercise trust and agency functions.
unwilling to risk the
correctness
withdrawals Mr.
of personal
Anderson suggests the taking of receipts.
Mr.
Anderson says a serious
question is presented with respect to safe
deposit vaults operated by the banking institution and not by a separate
The banks that decide to transact
corporation.
advised
are
there is
no
business
on
the holidays
by Mr. Anderson to examine contracts with renters because
to the vaults unless the
danger of damage suits for non-access
rental contracts
The opinion,
be changed by notice.
can
Mr. Anderson
says,
is applicable to all banks, State and
National.
The heavy oversubscription
which met today's offering of $41,500,000
consolidated debentures of the Federal
rate of less than
Loan Banks at an interest
Home
reflects public recognition of the strong current
M of 1%
financial position of the Bank System as well as the abundance
of funds
seeking invstment.
PfcThis financing represents the fifth public offering made by
the Banks, which had $76,500,000 of debentures outstanding
on May 31.
According to a statement by Mr. Delano, the
major purpose of the new issue is to refund $28,000,000 of
1 lA % debentures maturing July 1.
His statement continued;
1
The 12 Federal Home Loan Banks today
are
in the strongest financial
A group of Newark, N. J. investment houses announced
yesterday (June 24) that they will close their offices on
Saturdays during the summer months of July and August
this year. In agreeing to close on Saturdays in these months,
it was stated, the firms are following the action taken by the
Newark Clearing House banks and savings banks.
New Offering of $100,000,000 of 91-Day
To Be Dated June
position which they have yet attained in preparation for the needs of their
members in providing ample resources for private home
29%
financing and con¬
Of their total consolidated resources of $263,768,738, more than
struction.
is represented by holdings of cash, United States Government bonds
and securities
These quick assets ag¬
guaranteed by the United States.
of which $38,596,257 is in cash.
gregate $76,048,035,
Outstanding loans advanced by the banks to their member institutions
amounted to
$186,509,821
on
Of the present outstanding
May 31, 1938.
Treasury Bills—
29, 1938
On June 23 announcement was made by Secretary of the
Treasury Henry Morgenthau Jr. of a new offering of 91-day
Treasury bills to the aggregate amount of $100,000,000, or
thereabouts.
The
tenders
the
to
new
offering will be
re¬
ceived at the Federal Reserve banks, or the
2 p. m.,
up to
branches thereof,
Eastern Standard Time, Monday, June 27.
be received at the Treasury Department,
loans, $42,427,046 is represented by short term advances due and payable
Bids
within
Washington.
The Treasury bills will be sold on a discount basis to the
highest bidders.
They will be dated June 29, 1938 and will
mature on Sept. 28, 1938; on the maturity date the face
amount of the bills will be payable without interest.
There
is a maturity of two issues of Treasury bills on June 29 in
amount of $50,116,000 and $100,097,000.
In his announce¬
ment of June 23, bearing on the new offering of Treasury
bills, Secretary Morgenthau stated:
one
On
year.
installments
the
remainder,
amortized over
a
10-year
period,
amounting to $15,709,007 are due within 12 months.
The debentures offered today are the joint and several obligations of the
12 Federal Home Loan Banks and
rowing member savings and loan
were
further secured by the assets of bor¬
are
On May 31,
associations.
1938 there
3,949 member institutions of the System, the majority of which are
local home financing institutions of the savings and loan type,
remainder
are
mututal savings banks and life insurance
while the
companies.
Consolidated debentures of the Federal Home Loan Banks are legal for
Investment by savings banks, insurance companies, trustees and fiduciaries
under the laws of New York, California, New
mont
and
many
They
other States.
are
Pennsylvania, Ver¬
Jersey,
exempt, except as to surtaxes,
estate, inheritance and gift taxes, from all Federal,
State, municipal and
will
not
They (the bills) will be issued in bearer from only, and in amounts or
denominations
of
$1,000,
$10,000,
$100,000,
local taxation.
No
tender
for
an
amount
Interest
Land
The
Rates
on
Federal
Commissioner
Bank
Interest
bank
Paid
Before
Loans
July 1,
Bank
Land
Apply
and
to
1940
Congress, will apply to all interest payable prior to
July 1, 1940, Albert S. Goss, Land Bank Commissioner of the
Farm Credit Administration, said on June 16.
On most
Federal land bank loans through national farm loan asso¬
ciations the temporarily reduced rate will be 3^% a year,
and for loans made directly from the banks„ 4%.
On
Land Bank Commissioner loans the temporarily reduced rate
will also be 4%.
The Commissioner added:
as
now
beginning July 1,
interest
rates
at
amended both land bank and Commissioner
1940, will resume interest payments at the
which
their
loans
were
originally
made.
At
present, with a few exceptions, the contract interest rate on new Federal
land bank loans
now
being made through associations is 4%
The contract interest rate
direct loans.
on
,
and 4J^%
for
all Commissioner loans is 5%
.
The Commissioner said the reduced interest rates will apply for the stated
period on approximately 630,000 Federal land bank loans now outstanding
in
the
amount
missioner
loans
of
$2,025,000,000,
and
about 450,000 Land
The passage by Congress over President
of the bill extending for two years reduced
page,
Bank Com¬
aggregating nearly $800,000,000.
Federal Land Bank Loans
was
noted in
three decimal places, e. g., 99.125.
Tenders will be accepted without cash deposit from incorporated
our
of
10%
issue of June 18,
of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
bank
or
trust company.
27,
thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
Immediately after the closing hour for receipt of tenders on June
1938, all tenders received at the Federal Reserve Banks or branches
be made at the Federal Reserve banks in cash or
must
available funds on June 29,
other immediately
1938.
The Treasury bills will be exempt, as to
principal and interest, and any
thereof will also be exempt, from all
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.)
No loss from the sale or other disposition of the Treasury
bills shall be allowed as a deduction, or otherwise recognized, for the pur¬
gain from the sale or other disposition
taxation,
pose
Roosevelt's veto,
interest rates on
Tenders from others must be accompanied by a deposit
ment insecurities.
are
banks
companies and from responsible and recognized dealers in invest¬
and trust
temporarily reduced interest rates on Federal land
Land Bank Commissioner loans, authorized by
That under the law
Each
The price offered must be expressed
the basis of 100, with not more than
on
all
action of
contract
$1,000,000
Fractions must not be used.
to
and
borrowers,
and
$1,000 will be considered.
less than
tender must be in multiples of $1,000.
Reduced
$500,000
(maturity value).
except
estate and inheritance taxes.
of any tax now or hereafter imposed
by the United States or any of its
possessions.
Treasury Department
Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern
the condition of their
issue.
3885.
Banks in Trenton, N.
J., to Close on Saturdays in July
Under New State Law—Investment
Houses Also Plan Saturday Closing
and
August
In
compliance with the law approved by the New Jersey
Legislature and signed by Governor Moore on April 28
making Saturdays in July and August legal holidays for
banking purposes, the Trenton Clearing House Association
voted on June 14 to close Trenton banks on the Saturdays
indicated.
The new law sponsored
by Northern New
Jersey banking institutions, is said to have met with objec¬
tions of resort and small town bhnkers who declared that
Saturday closing would interfere with their business.
J. Fisher Anderson, Counsel of the New Jersey Bankers
Association, has advised that banks in communities having a
large foreign population should have unity of action about
transacting business on Saturdays in July and August,
according to the Newark "News" of June 18, which added:
$4,899,250 of Government Securities
During May
Sold by Treasury
Market transactions in Government securities
investment accounts in May,
for Treasury
1938, resulted in net sales of
$4,899,250, Secretary of the Treasury Henry Morgenthau Jr.,
announced on June 15.
This compares with net purchases
during April of $2,480,2.50.
The following tabulation shows the Treasury's transac¬
tions in Government securities, by months, since the be¬
ginning of 1937:
1937—
1937—
January
February
.
March
April
May
--
junell
July
$14,363,300 purphased October
5,701,800 purchased November
...119,553,000 purchased December..
j93g
11,856,500 purchased
3,853,550 purchased January
February
24,370,400 purchased
March
4,812,050 purchased
12,510.000 purchased April
8.900,000 purchased May
$3,716,000 purchased
2,000,050 purchased
15,351,100 sold
.
.
....
August
September
.....
12,033,500 sold
3,001,000 sold
23,348,500 purchased
2.480,250 purchased
4,899,250 sold
Financial
4040
$428,614,000 Received to Offering of $100,000,000 of
91-Day Treasury Bills Dated June 22—$101,160,000
Accepted at New Low Rate of 0.016%
Announcement
ceived
to
been
of $428,614,(XX) has
bids
that
new
low record of cost to the Government for the three-
with an average price
of 0.027% for the previous offering of bills dated June 15.
The tenders to the offering were received up to 2 p. m.,
Eastern Standard Time, June 20 at the Federal Reserve banks
montKfe' Treasury bills and compares
Of the tenders received, Secretary
Morgenthau said, $101,150,000 were accepted.
Reference
to the offering of bills was made in our issue of June 18,
page 3883.
The following
announce¬
f
Kennedy
Mr.
Total accepted, $101,150,000
Range of accepted bids:
High,
100.00.
Low,
99.996; equivalent rate approximately 0.016%.
V
Average price, 99.996; equivalent rate approximately 0.016%.
(69% of the amount bid for at the low price was accepted.)
Check
Given
Roosevelt
for
Roosevelt received
a
$1,010,000
Hyde Park, N. Y., for the benefit of
Paralysis.
This
was
participated in the celebration of the President's birthday
The check was presented to the President by
Keith Morgan,
Chairman of the President's Birthday
Celebration Committee in the presence of other members of
the
Foundation's
campaign committee,
among
them:
Basil O'Connor, of New York, President of the Foundation;
George Allen, Commissioner of the District of Columbia;
Fred J. Fisher, of Detroit; W. Averill Harriman, of New
York; Nicholas M. Schenck, of Hollywood; S. Clay Williams,
of Winston-Salem, N. C., and Leroy W. Hubbard, former
chief surgeon of the Warm
Springs (Ga.) Foundation.
President Roosevelt endorsed the check and handed it to
price of some commodities."
.The Ambassador said that
Mr.
had
announced
O'Connor
been
selected
the
for
that
special
Foundation's
com¬
program,
viz.: General
Research,
Advisory Committee, Committee on Scientific
Committee on Public Health, Committee on
Education and
a
Committee
on
Treatment of After-Effects.
Rumors of Forthcoming Dollar Devaluation Denied by
President Roosevelt, Secretary Morgenthau and
and
Secretary Morgenthau at his
Roosevelt
devaluation at this time.
thau
on
June 20 made
devaluation
contemplating dollar
Secretary of the Treasury Morgen¬
a
Massachusetts
to
contemplated.
On the same day
Joseph P. Kennedy, United States Ambassador to Great
Britain, who arrived in New York on the liner Queen Mary,
denied knowledge of any plans for currency devaluation.
President Roosevelt, at a press conference on June 14, said
that the Administration plans no further dollar devaluation
in the near future.
A Washington dispatch of June 14 to
the New York "Times" reported the President's remarks as
follows:
-
*
Roosevelt Returned
recurrence of an
whether the rumor came
"Wall Street.
this time from
Then he said that the
casions when he had
the President asked
London, Amsterdam,
answer
was
the
same
as
at
Hyde Park
figures
hook-up.
In a press conference
June 21, Mr. Roosevelt said that govern¬
on the actual national income for 1937 and
on
the estimated national income for 1938 show that business
bad and has not been
so
that date
on
follows:
as
President Roosevelt tonight announced that he had signed the lending-
spending bill, providing more millions for recovery, and at the same time
indicated business
The
people think and that it
was
traditional White House rule and
on
business.
He summed up the situation in these words:
few raindrops coming from the heavens that probably
a
will be followed by much-needed showers."
His reply was
in response to
question
a
to whether the general economic
as
picture is showing signs of improvement.
of his remarks that he will
broadcast to tne Nation from Washington Friday night at 9:30
Standard Time).
that he will
(Eastern
The topic will be general, he said, but it was assumed
explain
for his listeners
up
more fully the new
on
lending-spending program and
sum
the general status of domestic economic conditions.
Earlier he read figures revealing that estimates of national income for
the first three months of 1938
of
$60,000,000,000,
He cited
pointed to
a year that
will be slightly in excess
against 79.8 for 1937.
as
first quarter figures as a definite improvement over what
«ne
the Government had been
working
on,
which, he said, was
an
estimated
national income of $55,000,000,000 for 1938.
Then
a
lot of
observed
he
business
that
At this juncture Mr.
the
was
not
and
people believed it to be, adding that he
only of industry but of agriculture
new
recovery
has
was
not
been
as
bad
as
speaking in terms not
well.
as
Roosevelt told newspapermen that he had signed
by
measure
which
the
Government
recognizes
that
no
such
thing
The bill, the President explained, as he read from a rough draft of notes,
covers
announcement
was soon
was
made
both forms of welfare and permits the program to get under way
forms of assistance, not only to the
a
large amount of money to be spent for many different
was
open and
an
in contemplation, nor has
to
to make a radical
dissipate ceaseless
rumors
that the
change in this Government's currency
participation in partnership with State and local agencies—almost wholly
a
partnership basis.
tration work is that,
emphasized,
as an
a
Practically, he declared, all Works Progress Adminis¬
Public Works Administration is that.
aa
two
was
reported in the domestic as well as in foreign markets that the
gold content of the dollar probably would be reduced to as little as 50 cents.
It stands now at 59 cents.
had not measured its power at that time.
they
are
cost
of these
a
very
the Administration has been measuring its merits
large volume of permanent improvements and that
glad to and able to
timed in order to avoid Congressional repercussions.
Formal Denial Issued
Ten days ago at
about this matter
thau himself
a press
as
were
of
But these denials
no consequence.
was
a
question
And Mr. Morgen¬
being considered.
were
unconvincing. The foreign exchange markets have
continued to be disturbed, and gold buying has gone ahead on an
expanding
scale.
Today Mr. Morgenthau at his press conference said:
I now issue
a
complete and formal denial that there is about to be any
further devaluation of the dollar.
tnemselves for more than half the total
Secondly,
ne
asserted that
projects for every worker
on
a
half otner workers
are
the
Government knew that
on
these
PWA
the project site who works one day, two and
given work in mines, mills, forests and transpor¬
tation.
Another illustration, he said, was that 36 cents out of every dollar goes to
the construction payroll on the
job and 64 cents for producing and fabricat¬
ing materials, usually at distant points.
conference the President waved aside
though it
informally denied that devaluation
assess
improvements by going into partnership with the Federal
Government.
.
Not only that, banking interests seemed to have information that this
change in financial policy would come within a week of the adjournment
created
things have been discovered, first, that cities and other public
bodies still need
against specula¬
was
experiment in 1933 and tnat its power was recognized but that Gov¬
Since then, he said,
made also to put all interested nations on notice
It is, he
partnership bill.
ernment experts
and
tions in gold, particularly Great Britain where the
buying of gold stocks has
been heaviest.
was so
wages out,
principle of Federal
Tracing the history of PWA, the President recalled that it
Would Curb Gold Speculations
Congress and
unemployed and for getting
He pointed out that it would be carried out on the
policy involving the gold content of the dollar.
of
some
permitted correspondents to quote him directly
it been under consideration here.
It
as
Chief Executive departed from
but also in agriculture, industry and to business.
Secretary of the Treasury, made
formal announcement that
was
bad
not as
was
getting better.
immediately, with
replied in the negative.
Henry Morgenthau Jr.,
It
so
The President arrived in
it to be.
past oc¬
Washington dispatch of June 20 (by J. Fred Essary)
quoted Mr. Morgenthau:
This
bad
as many people believe
Hyde Park on June 20
on board the government yacht Potomac, in which he left
Massachusetts waters June 19 after having attended on
June 18 the marriage of his youngest son, John, and Miss
Anne Lindsay Clark, at Nahant, Mass.
United Press advices of June 21 from Hyde Park reported
the remarks made by Mr. Roosevelt at his press conference
is not
Paris or
on
to the Baltimore "Sun"
President
Washington yesterday
try over a nation-wide radio
mental
inquiry concerning rumored
Administration plans to devalue the dollar further,
''
to
economic and social welfare go nand in hand.
Apparently amused at the
A
to
and
(June 24) after spending several days at his home in Hyde
Park, N. Y.
Last night the President was scheduled to
deliver a "fireside" address on the state of business and indus¬
formal announcement that dollar
not
was
press
Washington After
Hyde Park, N. Y.—
Executive Signs Lending-Spending Bill—Says Busi¬
ness
Is Better Than Many Realize
Visit
Returns
The President also revealed during the course
made this week by leading Govern¬
ment officials that the United States is
this
conference
was reported as indicatin
that he did not intend to reply to
criticisms this week by the Committee for the Nation re¬
specting his views on dollar devaluation.
Joseph P. Kennedy
were
war
his prediction. He spoke with
reducing armaments. Before there
be any discussion of limitation, he said, proponents must prepare clear
specified ideas on what can be limited. ?;
qualified optimism on the possibility of
"There have been
Further denials
he did not think there will be a
but, on questioning, did not extend
year,
O'Connor, who outlined the President's plans for the
Foundation.
be lost," he
devaluation would be to the United States or
After all the price of gold went up a great deal more than the
England.
President
on
last Jan. 30.
mittees
■''
>.■
of devices is gone.
"It seems to me that the day
"I don't know what good
for
the amount raised by more than 8,000 communities which
Mr.
.
+.
check for $1,010,000
the National Foundation for Infantile
the fact.
would devalue and all the advantages would
other country
said.
Raised from President's Birthday Celebrations
June 21 at his home in
-
States should devalue then England, France and every
"If the United
National Foundation for Infantile Paralysis—Fund
President
K
devaluation is planned, the Am¬
that it would be useless and that the governmental au¬
thorities appreciate
President
President
follows:
as
In discussing the rumors that currency
bassador argued
On June 23
$428,614,000
*
Commerce" of June 21 quoted
The New York "Journal of
,
ment of June 20:
Total applied for,
this out.
the "suckers" will find
can
is from Secretary Morgenthau's
speculator's device, pure and simple, adding that in due time
the dollar is a
'
and the branches thereof.
Speculator Device
re¬
91-day Treasury bills, dated June 22 and maturing Sept. 21,
1938, was made on June 20 by Henry Morgenthau Jr.,
Secretary of the Treasury.
The average price of 0.016% set
a
Called
Mr. Morgenthau pointed out that this agitation over
At the same time
offering of $100,(XX),000 or thereabouts of
the
June 25, 1938
Chronicle
The President then went
have been added
on
to say
that in the five years of PWA tnere
the entire country
25,000 useful projects, releasing
Mr. Roosevelt said that, subject to the signing of the bill, he had in the
past three weeks been approving projects and that his final O. K
would
release them immediately.
Dirt will fly, he said, in almost every case within the next
minimum
I
over
thereby to industry for the purchase of materials more than $2,000,000,000.
possible time.
The
two
60 days, the
months' period must be allowed,
he
Inclusion
explained, because of provisions of the law, wnicft call for the advertising
program
of bids and filing of contract bonds.
Roosevelt indicated tnat the rest of the available money, or
He
emphasized,
true on all other
that the
moreover,
appropriations, such
and ready to go ahead July 1.
far
as
for the West
month.
thing about partnership
same
WPA, whicn he said now is in gear
as
be apportioned
can
of
occurrence
be over
certain balances,
apportionments can
when
emergency,
tion
$13,000,000,000 Congress.
Such is not the
sums were
authorized but no
Ten of those
Hyde Park and the remainder
measures are at
To
560 bills, vetoed 23,
passed
one was
over
one
became
a
his veto.
Local
Merchant
Marine
Signed
Act
by
ment
bill
York
1936
Marine Act of
were
The
"Journal of Commerce"
the
that
law will
new
Commission to aid
privately owned American shipping in foreign trade and add
to its regulating powers over vessels in domestic trade.
Roosevelt
000,000
Signs Bill Appropriating $375,Flood Control—Measure Passed by
for
Congress Before Adjournment
Announcement
made
was
June
on
20
of
the
by
signing
President Roosevelt at Hyde Park, N. Y., of a bill passed
by Congress in the closing days of the recent session of
Congress authorizing expenditures of $375,000,000 for flood
control.
House passed
The
bill
the
Cost
the
and
the
differences
between
the
May 19, while the
June 9.
In confer¬
bills were adjusted,
two
conference
report was accepted by the House on
June 14 by a vote of 226 to 4, while the Senate adopted the
report on June 15 by a vote of 51 to 31.
As to the final
action,
advices by Ralph L. Cherry from
Washington,
15, to the New York "Journal of Commerce" said:
June
Most
observers
thought
that
adjournment to
have
encountered
unexpected
the
an
conference
Senate
been
report
for
sought
wouid
filibuster
the
and
flood
possible for
had
tonight
the
in
Senate
Cause
full
ernment
The
measure
of
title to lands
contention
that
was
was
involved
this
hours
adoption
Conservatives
block
to
of
of
the
a
threatens
it
construction
be
a
of reservoirs
violation of
In its Washington account, June 9, the
the
the
and
000,000 voted by
Flood
of the
Control
bill
rights of affected
"
New York "Times"
was
raised
the House to $376,700,000 by adoption
the
from
on
$375,-
amendment
an
sponsored by Senator George to provide for work on the Savannah River.
The
amendments
important
more
tions
of
three
adopted
by the
Senate involved
ques¬
changes of this sort.
On
over
principle and control rather than allocation of funds.
motion
of
Engineers
Army
Senator
Norris
yesterday in the
flood control
"allied
Senator
Barkley the bill
projects in the Federal
power
Corps
by
put
the
as
through
Power
House
an
flood control
purposes."
Senator
Valley Authority
or
were
amended to leave control
was
provided.
amendment,
Norris
authority might eventually jut
There
Commission instead of with the
bill
similar to
bill, which restricted
functions instead of
he
one
inserted
the War Department
authorizing it to exercise control over
expressed
a
fear that the blanket
power
developments such
as
the Tennessee
the work at Bonneville under supervision of the War
Department.
Another
now
amendment sponsored
granted
works
communities
the
cost
of
and
by Senator Barkley extended the benefits,
relation
to
construction
of
dams
and
the Federal Government reimburses communities up to
in which
railroads
in
land
and
large
the Federal
with
and
to
on
smaller operations such
as
ditching.
Referring to the action of the conferees, the "Wall Street
of June
14 reported,
in part,
follows from its
as
Washington bureau:
An
expansion
the
development of
power
ence
of
committees
agreement
on
a
control
work.
filed
minority
a
resources
.
of
be
new
bill
.
flood control projects
and
authoribing
.
Senator
House
report charging that
was
yesterday
expenditures
Copeland
to the Federal Government.
.
it
.
.
it has not been studied and
handled by the States directly
Government, they declared.
their
expenditures
for
Costs Are
Included
^
and other
part of the construction cost to be paid for
considered
agreed
as
watersheds
railroads
highways,
conference,
in
on
and
establish
also
would
the new
of Agriculture1 responsible for investiga¬
for soil erosion preventing on water¬
measures
over
investigations and
allow
Copeland said he interpreted the Barkley amendments to
Federal
Government
to
proceed
to
build power facilities at any time
flood control project built under the authority of either
dams and
reservoirs
which
would
over
the Connecticut River
in
be constructed
1936
that
held
Valley under the compact.
Chandler-O'Mahoney Bank¬
Bill—SEC Empowered to Intervene in
Corporate Reorganizations
Roosevelt Signs
President
ruptcy
by President Roosevelt at Hyde Park, New
the Chandler-O'Mahoney bill, which
provides
for a general revision of thie Federal bankruptcy laws, was
announced on June 23. The adoption of the bill by Congress
was noted in our issue of June
18, page 3887. From United
The signing
of
Hyde Park June 23 we quote.
Press accounts from
The
Chandler (Dem., Tenn.)
the right to intervene in
protect the interests of stockholders and other
Representative Walter
bill, drafted by
gives the Securities and Exchange Commission
corporate reorganizations to
investors.
' 'v>.
\v^;v
Another
c';
a
period of
to avoid gar¬
amortizing their debts over
major revision in the law permits wage earners
nishments, executions and high court costs by
with
years,
a
bankruptcy court administering the
from their earnings to pay the
In corporate
funds taken
debts.
reorganizations, where the schedule of
$3,000,000, the bankruptcy Judge under the new
indebtedness exceeds
law must refer reorgani¬
examination and report.
Where the amounts
less than $3,000,000 the judge may in his discretion refer to
zation plans to the SEC for
involved
are
the SEC any plans for
When
reorganization of the company.
requested to intervene to protect tne public interest,
the investors.
law
The
'U'-'w
y;<a..
One innovation
cial standing,
United States
of
the proceedings and protect the interests
attorneys must participate in
provides for creation of creditors' committees,
to aid in
the debtor's
liabilities
are
$250,000 or more,
provisions of the bankruptcy
of criminal
given offi¬
working out reorganizations.
requires appointment of "disinterested
Signing by President Roosevelt of
trustees" in all cases
and tightens enforce¬
law.
.
the bill
of
.
.
of their final
$375,000,000 on floor
and Senator Gibson
surrenders
title to natural
•
:■■■•'
President Roosevelt has been affixed to
the bill creating a Civil Aeronautics Authority according to
press advices June 23 from Hyde Park, N. Y., where the
President has been during the past week.
A conference
report on the bill was approved by Congress just before
adjournment—the House having agreed to the report on
June 11, while the Senate adopted it on June 13.
Earlier
Congressional action on the bill was reported in these columns
May 21, page 3273.
In the House on June 11 Representative
Lea, one of the sponsors of the bill, observed that one of the
principal controversies between the House and Senate was
with respect to how many members should constitute the
Authority under the bill.
He added that "the Senate in¬
sisted on five and the House provision provides for three.
The House confrees yielded to the Senate, and the con¬
ference report as now presented provides for an Authority
of five members"—In advices from Hyde Park June 23 the
The signature of
United Press said:
The aeronautics
bill calls for an administrator at
five •commissioners at the same salary
and development
mission
will
directorates.
of civil aviation
of
as
promotion
well as its regulation.
obtain certificates of
approval.
tne
$12,000 annually and
who will be charged with
operation. The com¬
have power to approve mergers, consolidations, interlocking
Rates for passengers, express and air mail also will be subject
In effect, the
to permit
approved by confer¬
as part
Bill Creating Civil
Aeronautics Authority
to
Administration's hydro-electric program
the Senate
for
reconstructing
and
An air lines have 120 days to
Journal"
control;
of State
reimbursement
land, ease¬
projects begun under the 1928 and 1936 flood
subdivisions
relocating
would
any
70%
rights-of-way, to the cost of relocating highways,
public utilities,
invasion of States' rights.
dams.
stated:
amount
vestige
every
problems should be
political
bill,
wnere
"
total
an
provision giving the Federal Gov¬
States.
The
as
the
or
the present flood control measure.
He also said he considered
this bill superseded the Connecticut River Compact which has been
up in Congress because of a dispute about the authority of States
on
the
of
acceptance
Dispute
in
would
the recommenda¬
on
approved by the conferees likewise provides for
of
of
ment
objection to the
in development of hydro¬
of War
Army Engineers and the Federal Power Commission.
Federal ownership of flood control projects has
cooperation
or
Senator
report, but they went down to defeat finally on a roll-call vote of 51 to 32.
Chief
use
improvements of rivers for flood control and allied purposes.
die
sine
leadership
the
not
against
bill.
control
one-half
been
have
about
brought
on
eight
it
possible
sheds, leaving to the Secretary of War jurisdiction
on
Senate, after amending it, passed it on
ence
Use
bills.
York,
President
and
full
rights of way
or
control
broaden the authority of the Maritime
of
of
for
regional
in
States
to
tions
newly enacted measure (known as the
Copeland-Bland bill) was passed on April 28 by the House
and on May 11 by the Senate—Differences between the House
and Senate bills were adjusted in conference; approval of the
conference report was recorded by the House on June 11,
and on June 13 the Senate adopted the report.
;
It was noted in advices June 23 from Hyde Park to the
New
"for
principle of making the Secretary
signing by President
Roosevelt .announced June 23) of the bill embodying changes
Act.
the
by the government.
Amendments to the Merchant
to
facilities
by New England interests
and
utilities
1
enacted into law this week with the
the
in
title
develop them as it chose.
well-defined policy of cooperation ;
a
concerned
and
President Roosevelt
in
and
full
minority report, Senators Copeland and Gibson said:
believe
The
Amending
construction
1936 Flood
rights of
the entire
pay
bill
assume
Roosevelt declared he
Mr.
law without his signature,
+
Bill
and could
Incidental
date, and embracing the entire session,
has signed
would
require that there shall be installed in any of the dams
in Washington.
are
to
present
hearings have been held."
no
The
inherited in the
well up on the work he
closing days of the session, but said that there still remain 347 bills to be
the
government
bill
Chief
their
changes
V;.,
■
the
provision
been fought
he admonished newspaper¬
case,
-Vwas
Congress as a
in
the
"We
Mr. Roosevelt found time to
with the remark that in the total huge
appropriations made.
The President said that he
of
The
appropriation of $965,000,000 for PWA.
In discussing legislative affairs generally,
in
electric power" when approved by the Secretary
In
an
take exception to some news stories which referred to the last
acted upon.
authorized
eight-month period except upon the
an
The
the
Facilities for Possible Future
period.
Title II of the bill calls for
men,
The
by the President for direct relief.
extraordinary
some
seven-month
a
over
Act.
offered by
amendments
Senate
of
reversed
Government
Federal
authorized
The amendments
is appropriated for work relief and direct relief, of whicn amount not more
money
the
which
ownership to these projects
employable unemployed.
Under the terms of the bill $1,425,000,000, together witn
than $25,000,000 can be allocated
local
projects
Control
the Administration's hydro-electric
in
approval
long-6tanding principle of
participation in flood control work.
The Barkley amend¬
authorize
of
cost
by
Barkley
would take care,
These projects, he added,
the Government possibly can, of all the
as
holds
ments
*
control .projects
accomplished
Leader
State and
at least a good
deal of it, would be allocated tnis week or before he departs
flood
of
was
Majority
understood, and Mr.
The approved allocations run above $300,000, it is
next
4041
Financial Chronicle
Volume 14
,
Commission's powers over aviation
Interstate
Commerce
will be not unlike tnose
Commission over tne country's
railroads.
understood, will carry out the
executive or administrative functions, while the Civil Aero¬
nautics Authority will be a quasi-judicial body to determine
The Administrator, it is
rates
and practices, &c.
Indicating that the appropriations provided in the bill
designed to finance control of production to aid farmers,
United Press advices from Washington June 17 said:
Roosevelt Signs Resolution Fixing Acreage
Wheat for 1939 at Not Less Than
President
are
Allotment for
65,000,000 Acres
-
*
which charged farmers were
is amended by adding at the end
"The national acreage allotment
read
shall
follows:
as
be
for
Federal loans
(3)
surpluses to growers who cooperate on acreage
on
(4)
Wheat insurance beginning in 1939.
(5)
the Washington
noted in
was
limiting farm sales, subject to two-
approval of growers.
limitations.
"Post" of June 14 that
the new legislation was prompted by the fact that provision
in the present Act would restrict farmers to 46,000,000 acres
next year, considered a too-drastic reduction from approxi¬
mately 80,000,000 acres planted this year.
The text of the
Agricultural Adjustment Act of 1938 was given in our issue
of Feb. 26, page 1305.
It
of Agriculture.
Imposition of marketing quotas
thirds
1939
55,000,000 acres."
less than
not
wheat
V
planting within acreage limits estab¬
Subsidy payments to farmers
(2)
thereof a sentence to
for
ever
Principal features of the program:
lished by the Secretary
333 of the Agricultural Adjustment Act of
Resolved, See., That Section
being "regimented'' and "coerced."
"the most con¬
enacted" and asserted it gave farmers^a
of economic freedom."
legislation
farm
"new charter
(1)
"Parity" payments on cotton, wheat and corn.
new act differs from the old soil conservation law principally in that
The
regulate plantings and
the Secretary of Agriculture added power to
it gives
marketings by rewarding cooperators and
penalizing non-cooperators.
farmers growing corn,
The bill authorized $500,000,000 for payment to
wheat, rice and tobacco for planting
cotton,
within allotted acreage and
conserving the soil on their farms.
Wallace's plea for
Congress appropriated $175,000,000 for rural relief on
of
Text
Act of 1938 to
of sub-marginal
work and removal|of
M
Farmers who plant within allotted acreages will receive benefit payments
ranging from $2 to $10 an acre.
Deductions at five to 10 times the benefit
rate will be made for each acre planted in excess of the allotment on each
lands, wind and water erosion control, experimental
The text
The
To amend
Adjustment Act of 1938
for
"and
individual
the
in
regulations prescribed
the
whether
(h) of Section 344
to
farms
cooperators may obtain loans at
shall
by the Secretary, will not be planted to cotton in
the allotment is made, shall be deducted from the
and may be apportioned, in amounts determined
In order to spread
1938,
in
Section
313
(e)
any
Committee
"4
thereof
"(f) Inthe
the
to
national
in
in
excess
per
the
State
amounts
reasonable
to
which
Secretary determines
of
the
dark air-cured and burley tobacco,
pounds required
"Times"
in
farms
centum of the allotment which shall
receiving allotments
are
and
under this section
inadequate in view of last production
tobacco.
The
May
31,
1938.
above measure was
April 9,
page
by
by the
Senator
Committee
O'Mahoney,
elections.
Control, the inves¬
Senator O'Mahoney introduced amendments
original general
adding $40,000
consolidating the two funds.
and
total
(S. Res. 290) repre¬
283) adopted
by the Senate on May 27 last, referred to in these columns
June 4, page 3598, authorizing a five-man senatorial inves¬
tigation of campaign expenditures, "including the promise
or use of patronage and
use of public funds" in the influ¬
The resolution
sented
2292, while its text ap¬
2619 of our April 16 issue.
on page
the
to
1305.
Later a bill was passed by Congress and signed
by 'President Roosevelt on April 7 embodying a number of
amendments to the Act of 1938.
That measure was referred
these columns
State
and
reported
detail
reported by the Senate Committee on Audit and
fund of $30,000.
page
in
in
as
tigating resolution carried only $10,000 to be added to the
passed by the Senate on May 5
by the House on May 20. The text of the Agricultural
Adjustment Act of 1938 was given in our issue of Feb. 26,
peared
stated:
was
amended
As
and
to
it
resolution,
contests
Approved,
appropriat¬
on Audit and Control
represented a compromise
and a partial retreat from a proposal by Senator Tydings, original author
of a resolution for an investigation into charges that funds of the Works
Progress Administration are being used to influence the results of primary
The
be
which the Secretary determines to be fair and
of 2
Elections in
Omitted
Influencing
undertake an inquiry to determine whether
any funds appropriated by Congress for any department or
agency of the Government have been
spent to influence
votes to be cast in primary conventions or elections in 1938
at which a candidate for Senator is nominated or elected.
In advices June 16 from Washington to the New York
amended by adding at the
for 1938 is increased by a number fo
Expended in
On June 16 the Senate agreed to a resolution
each State in addition to the State poundage allotment a
provide for
apportioned
and
fire-cured
of
case
Senate
Directing Campaign
Whether Federal Funds
by
ing $50,000 to
Adjustment Act of
centum" and inserting
centum."
per
quota
poundage not
Insurance is voluntary.
Primary Conventions—Mention of WPA
thereof the following:
end
Non-
Determine
to
Been
Have
subsequent year."
(b) Section 313 of such Act, as amended, is
Passed
Resolution
of the Agricultural
amended, is amended by striking out "2 per
as
lieu
for
apportionment
(a)
of parity.
the risks in wheat farming Congress created the $100,-
000,000 Federal Crop Insurance Corporation.
inadequate and not representative in view of the past
2.
75%
of the rate for cooperators only if
60%
marketing quotas are in effect.
farms
such
affect
not
Sec.
referendum.
allotments are eligible for government
loans on stored surpluses at between 52 and
crop
determined, in accordance with
Secretary
are
not they have cooperated in
or
Farmers who cooperate on acreage
production
of cotton and the acreage diverted from the production of cotton on such
farms
under
the agricultural conservation
program in
the immediately
preceding year: Provided, That any such transfer of allotment for 1938
mines
free of penalty—when¬
wheat, rice or tobacco exceeds demands
approved by two-thirds of the growers voting in a
amended by
colon, the follow¬
part of the acreage allotted to
to be fair and reasonable, preference being given to
in the same county receiving allotments which the Secretary deter¬
the
by
which
for
year
allotments
year 1938 any
State which it is
the crop
farms
corn,
become operative on all growers of the affected commodity,
other phases of the program, if
The quotas
ami House of Representatives of the United
inserting, immediately after "Secretary" and before the
ing:
the supply of cotton,
ever
Agricultural Adjustment Act of 1938, as amended, is
the
Secretary of Agriculture to announce marketing
requires the
and threatens prices.
Amer ica in Congress assembled, That subsection
States of
of
the Agricultural
act
quotas—the amount which each farmer may market
AN ACT
it enacted by the Seriate
Be
■
farm.
[S. 3949]
;
' U'
surplus commodities.
signed May 31 follows:
■
and
appropriation bill carried more than $100,000,000 to be
The agriculture
Roosevelt
affixed his signature, May 31, increases by 2% this year's
national tobacco marketing quotas and provides for the
of the measure
parity payments to increase cash returns on corn, cotton
expended as indirect aid to farmers through purchases
the measure to which President
redistribution of unused cotton acreage allotment.
as
wheat.
signing
As stated therein,
provided an additional $212,000,000 to be dis¬
The recovery-relief bill
bursed
(May 31) by President Roosevelt of a bill
amending the crop control law—Agricultural Adjustment
Act of 1938—was referred to in our June 4 issue, page 3598.
The
will be spent during the next fiscal
money
direct relief grants and rehabilitation loans.
year on
Acreage—Also Increases Tobacco Quotas
Cotton
The
additional aid to farmers.
Amending Agricultural Adjustment
Provide for Reallotment of "Frozen"
Measure
special
February over opposition
of Agriculture Wallace defended the act as
Secretary
structive
the resolution reads:
1938, as amended,
consideration of the new farm program at a
November and finally passed it in
session last
the joint
signed
began
Congress
June 20 that President Roosevelt
resolution prescribing acreage allotments for wheat for 1939, making the alllotment not less
than 55,000,000 acres for the year indicated.
The resolution
was adopted both by the Senate and House on June 13, as
indicated in our issue of a week ago, page 3886. As adopted,
It was made known on
had
June 25, 1938
Chronicle
Financial
4042
an
agreed to on June 16
amendment of a resolution (S. Res.
encing of elections for the Senate.
Agricultural Appropriation Bill Signed by fl
President Roosevelt
17.092
Following the completion before adjournment of congres¬
on the Agriculture Department Appropriation
bill, President Roosevelt, it was made known on June 17,
signed the bill.
Final action on the bill was recorded on June 13, when the
Bills
Introduced
During
75th
Congress
sional action
hundred bills and resolu¬
tions were introduced during the Seventy-fifth Congress, but
only one out of ten became law said Associated Press accounts
from Washington June 18, which added:
Senate adopted the conference report on
the measure; the
accepted the conference report on June 10.
In
earlier congressional action the House passed the bill on
April 19, while the Senate passed it in amended form on
May 9, the bill thereupon going to conference.
Under
date of June 10 the New York "Times" reported the fol¬
lowing from Washington:
► The others
House
start from scratch when the new
"With
a
record total of about $1,090,000,000, the measure carries for the
1938-39 fiscal year $745,790,279 in direct appropriations,
Seventeen thousand ninety-two
In the Seventy-fourth
and
about
,
upon
the statute books.
have not been acted
by President Roosevelt.
The first session of the
Seventy-fifth wrote 899 laws, and the second five.
During the session just closed 850 more passed
both houses and went to the
President.
to
Inquire Into Radio Broadcasting In¬
dustry Failed of Enactment at Recent Session of
Resolution
the budget recommended,
Congress
but
A
below the bill that passed the Senate and went to con¬
ference.
inquiry into the radio
House on June 14
June 11 by the House Rules
House resolution calling for an
broadcasting industry was rejected in the
The House accepted Senate provisions setting aside $4,000,000 for
the
construction of four regional laboratories for agricultural experiment and
research, increasing the farm tenant loan fund from $15,000,000 to $25,000,000, and allotting $1,800,000 to holders of certificates of
in the 1933 cotton
will
probably will be something more than 1,700.
The final number is indefinite, because some measures
$43,500,000 above the appropriation for the current
$13,500,000 more than
almost $25,000,000
Congress 1,722 new laws went on
The total for the Seventy-fifth
appropriations.
year
just so much waste power, because everything
Congress opens in January.
$189,405,000 in
reappropriations from unexpended funds and $154,525,000 in permanent
The aggregate is
are now
pool.
participation^
after it had been
Committee.
open
To
The
approved on
latter's
hearing at which
the
action
was
taken
following an
(said Washington advices that date
New York "Times")
testimony was given by Frank
Financial
Volume 146
McNinch,
Chairman of
mission,
and
Brown,
Norman
members.
Case,
The
Communications Com¬
Federal
the
Eugene
resolution
0.
by
introduced
was
Thad
and
Sykes
the
Chronicle
from
counsels,
by the Columbia Broadcasting System, National Broadcast¬
ing Co.,
House,
Mutual Broadcasting System,
others."
or
In the
June 14, the resolution was defeated, first by a
on
aids
"The
in
was
principal
a
abets'
or
conclusion
the
in
is
said
in
commission
that
inescapable
55, and then a roll-call of 234 to 101
Republicans.
House action was indicated
the following by John C. O'Brien from Washington to
in
New
the
Politics
half
York
the
Columbia
all
Senate
for
It
kill
to
it
make
to
broad inquiry in alleged
a
a
of
was
instruction
hour and
an
the National,
defeated by the
investigation
an
monopoly
kinds.
Fails
Act
to
So-Called
on
Bill After Amendment of
Prohibit
to
fought for
Companies.
Administration
Roosevelt's proposal
of
for
Broadcasting
June 14:
on
members
and
resolution
Mutual
majority under
Mr.
for
way
Tribune"
o'clock
8
at
Connery
and
Democratic
activities
"Herald
intervened
over
Use
Bill
"Wire-Tapping"
House—Proposed
by
Facilities
Communication
of
for
Criminal Purposes
A
bill, drafted
as
amendment to the Communications
an
Act of 1934, failed of enactment at the session
which
adjourned
passed it after
week
a
May 18 without
on
of Congress
The bill passed the Senate
ago.
record vote, and on June 15 the House
a
amendment by the House Committee on
an
Interstate and Foreign Commerce had been inserted in the
The bill
measure.
returned to the Senate for
was
approval
of the change, but that body failed to act thereon before
adjournment.
In an account from Washington, June 10,
June
on
that
9
termed
"the matter
There had
sentatives
obtain
decision
the
is
not
"This
of,"
is
said
"On
the
strong protests against the bill, and this morning Repre¬
Pennsylvania
under
only thing
Wolcott
and
unanimous
of Michigan
sought to
year
of
he
department head
a
said,
"agents
of
that
crime
a
executive
an
was
department
tap the wires of any citizen, including members of Congrses."
He said
that
certification
head's
the
did
measure
be
to
was
made
not
provide
provide
or
authority
any
review
any
decision.
unconstitutional.
was
The
to
this," he
that
means
virtually
person
a
can
was
and
generally
is
termed
the
Federal
radio
officers
law-enactment
communications of
so-called
racketeers
within
of privacy
to
intercept
gangsters and
.
unconstitutional
said
and
Bethlehem|Steel Corp.
World War contracts
on
was
Philadelphia.
According to advices (June 4) to the "Wall Street Jour¬
nal" from the Philadelphia Financial Bureau, two decisions
were handed down
by Judge Dickinson whereby the Bethle¬
hem Steel Corp. and five of its subsidiaries will receive
from the government $5,661,154, with interest at 2% for
nearly 16 years, a total of some $7,250,000.
This amounts
to more than $2.25 a share on the corporation's common
stock.
Appeal from Judge Dickinson's decision, however,
is open to the government, said the advices to the "Wall
Street Journal,"
The
suits
which went on to say:
of
out
arose
"war
profits" totaling approximately $25,000,000
ships built by Bethlehem and its subsidiaries for the government during
on
the
The
war.
companies.
William
aries
The
the
Harlan
involved
&
with
have
been
the
in
Samuel
L.
are:
to
Moore
&
Union Iron
Sons
Corp.,
in
in
Progress Since 1924
progress
since 1924.
Discussing the matter in
unfavorable
an
his
In
Corporation,
Fleet
corporation
1937, Bethlehem Steel Baid1 that no provision had been
decision, but added that the unpaid balance,
its annual report for
report
decision
as
$5,272,075, had not been taken up as profits.
Dickinson sharply criticized the bonus type of
Steel for taking advantage of the government's
Judge
Bethlehem
and
contract
Emergency
parent
Corp.,
Hollingsworth
Suits
for
the
Shipbuilding Co., and the Penn-Mary Steel Co.
suits
made
in and ordered the United States
$5,661,154 with interest from September, 1922.
subsidiaries
River
the
to
successor
Special Master
permitted Bethlehem and its subsidi¬
ago,
years
profits already paid
Commission,
additional
Works,
two
$19,654,856 already paid the
upholding the findings of
however,
court,
Mason
retain
to
Maritime
Fore
government sought to recover
Clark
during the World War.
Although he agreed with the government that Bethlehem profits for the
building of 66 ships at cost of $122,000,000 were enormous, Judge Dickin¬
decided the
son
contract
"wire-tap¬
'designed, according to Representative Quinn,
authorize
wire
"It
said.
which
measure,
ping" bill,
"to
to
testify against himself."
abetted
,v,
June 3 by Federal Judge Oliver B. Dickinson
on
ship requirements
"It amounts
be forced
alleged exorbitant profits
given
department
a
and
of
to when the
as
from
Later,'when he had left the floor, Mr. "Wolcott said that he believed the
bill
of
dismissed
The
committed,"
aided
A long-pending suit by the Federal Government to recover
$25,316,000 from the Bethlehem Steel Corp. as the result
should be ashamed
we
defendant
Wartime Contract—Fails to Recover $25,316,000
on
consent.
have done this
we
certification
mere
be
to
of
'procures,
offense.
♦
Eberharter.
Mr.
the
about
could
been
reconsideration
who
going to stop there."
Government Loses Suit Against
The
Eberharter
its
the
an
one
It was re¬
ported that U. A. W. executives were planning a conference
on the
advisability of carrying the case to the United States
Supreme Court.
pay an
the New York "Times" said:
of
as
Larry S. Davidow, United Automobile Workers attorney,
division vote of 209 to
demanded by the
offense
preventing Mr. Evans from engaging in his lawful avocation."
late
Representative William Connery.
It called for the
appointment by the Speaker of seven members of the House
to "investigate the allegations and charges that a monopoly
or monopolies exists in radio broadcasting alleged to be held
4043
working,
and
decision
He
no
was
the
on
refused
contractors
case
case
on
favor of Bethlehem because he said the terms of the
m
known
were
there
to
officials
the
fraud
the
of
and
deceit
or
the
Emergency Flet
court
was
bound
Corporation
to
give
a
provisions of the contract.
also
a
attorneys that he rule that
limited to 10%.
In the Bethlehem
high as 35% with a bonus included.
by government
request
government
work
are
they claimed the profits ran as
of law-abiding citizens."
limitations
which
will
protect the right
Representative Quinn,
according to the "Congressional Record," also said:
The
the
enactment
legislation
is made
Supreme Court of the United States
Nardone
v.
Section
G05
information
of
this
of
United
States
(U.
obtained
communications.
Dec.
on
1937;
S.
applies to Federal
necessary
this
to
in
275),
Ct.
law-enforcement officers and
by such officers through
Prior
the decision
1937,
20,
Sup.
58
by
decision
the
of
case
holding
the
to
of
that
of
use
the medium of interception
it
not
was
generally
that Section 605 applied to such officers.
believed
c
Michigan Supreme Court Sustains 1857(Act Prohibiting
Individuals or Groups from Molesting Worker in
the Lawful Pursuit of His Vocation
The
State
Supreme Court
constitutional
individuals
June 8
on
or
"molesting
from
groups
Mich., upheld
at Lansing,
law enacted in
a
as
1857 prohibiting
a
worker
the
in
lawful
in
pursuit of his vocation." The decision was rendered
opinion affirming the conviction of Lester Washburn,
an
leader in Lansing's city-wide labor holiday of June 7, 1937.
Mr. Washburn, now regional director of the United Auto¬
mobile
Workers, had been sentenced to pay a fine of $100
or serve 90 days in jail because a workman
and
$150 costs
was
barred from his employment in the Capitol
ing
Co.
City Wreck¬
Lansing,
plant.
Associated Press advices from
Mich., of June 8 reported the case as follows:
The
in
trial,
of
iseuance
strike
a
that
The warrant
for
followed
July 14.
by
wrecking
the appeal
unenforceable
tipns
the
Washburn
was
was
Mrs.
precipitated
June
7,
but
violates
it
did not
take
charged occurred
legislation
and
as
the
to
State
civil
and
Washburn,
the
holiday.
on
place
June 4.
.
.
.
granted
Constitu-
claim
the Act's
June
1937,
Edward
by
said
company
turned back
crowd
of
Washburn
150
or
as
the
upholding
constitutional pro-*
the
witnesses,
complaining
who said that
witness,
and
10
on
other
who sought access to the company's plant
50 men armed with clubs, who emerged from a
employees
by 35
200
or
pickets
man
in
and
spectators.
charge of
the armed
The testimony named Mr.
group.
.
.
is
not
alleged,"
the
Supreme
interfered with the lawful
June 22 by Representative Henry
In the first
should
be
place, he said, the Federal
permitted to insure individual
Deposit Insurance Corporation
accounts up to $10,000. The
present limit is $5,000.
"Then
we
kind of legislation which would restore to
should pass some
possibly through revision
"We need to do something to make
banking safer and its facilities more readily available for everybody's use.
And we should simplify bank examinations and control so as to end petty
quarrels that have arisen over procedure."
Representative Steagall declined to comment on recent differences
between Henry Morgenthau Jr., Secretary of the Treasury, and the Federal
Reserve Board over the form of such examinations.
The Board and the
Treasury reached an agreement last night, but details were not made
banks
of
generally their proper lending function,
reserve
requirements," he said.
public.
"Banks and the
in the last
the fear that arose
the country as a whole
public generally are still suffering from
depression and once that fear is removed,
Representative Steagall said.
will be better off,"
He reaffirmed his faith
in the ability of the Reserve Board to cope
with
arise," and expressed opposition to Congressional
proposals that the Government take over the Federal Reserve System.
"Any one who thinks that the mere transfer of stock to the Government
would of itself accomplish substantial changes in the services rendered by
"any situation that may
the system is in
Representative
serious error," he said.
Steagall predicted that raising the amount of insured
$5,000 have been
on
that
are
no
new
negligible."
additional loss to the FDIC, whose losses
He also said Congress should make certain
in places where existing facilities
banks be permitted to open
adequate.
advices of June 22 discussed the
Morgenthau and Mr. Eccles as
United Press Washington
conference
between
Mr.
.
Court held, "that the defendant
avocation of the complaining witness,
Edward Evans.
The theory of the prosecution proceeds upon the premise
that Mr. Washburn, not being present at the time Mr. Evans was prevented
"It
directly
on
deposits to $10,000 would cause no
of the State."
power
Evans,
no
in
suggested
point of view on details of a uniform bank examination
policy, as to which they had differences of opinion.
Mr. Steagall's remarks were reported as follows in Asso
ciated Press Washington advices of June 22:
lawful enactment of the Legislature and
a
Supreme Court reviewed testimony of
4,
wrecking
were
Supreme Court held
"The Act is violative of
It is
Federal.
exercise of the police
proper
The
or
the
merit,"
constitutionality.
vision, State
a
without
is
was
Steagall, Chairman of the House Banking Committee.
Meanwhile it was reported that Secretary of the Treasury
Morgenthau had persuaded Marriner S. Eccles, Chairman
of the Federal Reserve Board, to accept the Secretary's
B.
was sentenced
Federal
rightB
until
constitutions."
"This
"Liberalization" of banking laws to "restore general con¬
fidence"
his Justice Court
argued that the statute under which he
"because
class
to
as
including
pickets,
company
issued
Circuit Court,
to
The offense with which he
Mr. Washburn also
was
other
for
warrants
closed
Mr.
Representative
Steagall Seeks "Liberalization" of
Banking Laws—Agreement Reported by Secretary
Morgenthau and
Marriner S. Eccles on Bank
Examinations—Approval by State Supervisors
follows:
Unanimous agreement on an
dealing
examination policy was reached late yester¬
conference of officials of the four Government agencies
with banking—the Comptroller of Currency, the Federal Deposit
day after a two-hour
Financial
4044
Corporation.
would report to President
been
announced that he
focus
probable results of this week's
two
of the Comp¬
be coordinated.
be liberalized in some degree
troller, the FDIC and the Federal Reserve would
Present restrictions on bank lending may
permit a greater flow of capital to small business.
to
These
to Workers
item in the WPA program, $1,325,000,000, will go
to the workers, and Mr. Hopkins told what became of this
biggest single
direct
as
standardized
Banks have in prospect, for the first time in history, a
procedure of bank examination under which the activities
2.
The
pay
amount.
conferences.
1.
Major Sum Direct
Roosevelt tonight, even if an agreement had not
brought into
reached,
jobs."
(
compromise, reached after Mr. Morgenthau had
The
from
They also will buy things and create
WPA rolls.
those on
apart
other
the Federal Reserve Board and the Reconstruction
Insurance Corporation,
Finance
June 25, 1938
Chronicle
results
prospective
•
efforts
of
which
it," he said.
"Every cent of his
immediately, for the basic necessities of living.
the WPA dollar is the fastest moving dollar in
pay-check is needed,
"That
is
why
say
we
It swells the stream of American trade where it is
America.
,
months
several
followed
WPA worker makes about $55 a month, some as low as
"The average
$30, and three dependents to support on
needed most,
is repeated the maximum num¬
in the lowest stratum, so that the turnover
produced public disgreement a few days ago between Secretary Morgenthau
and Chairman Eccles over the extent to which bank examination procedure
ber
should be liberalized.
About $515,000,000 for food, about $220,000,000 for
housing, and another $150,000,000 for household operation, furniture, fuel,
gas, water and electricity.
The rest of the wages will go to a variety of things," Mr. Hopkins said.
in a letter to Senator Arthur Vandenberg,
Eccles contended,
-Mr.
Re¬
control, under which lending bars would be lowered in depressed
times to permit a greater
flow of capital, and raised during prosperity to
prevent a boom.
believed Mr. Eccles* plan would seriously
proposal was in the interest of depositors.
views
earlier
Eccles'
in
reflected
were
their
letter to
a
which was reported in the "Chronicle"
of June 18, page 3893.
Approval by the National Association of Supervisors of
State banks of the agreement on bank examinations reached
by the Federal Government agencies was made known in a
communication to Secretary Morgenthau on June 23 from
William R. White, Superintendent of Banks of New York
advices to Mr.
In his
President of the association.
Morgenthau Mr. White said:
"I
just received information from you of the agreement reached
have
examinations.
bank superviosry agencies relative to uniform
Federal
by all
yesterday
accord with the
The program agreed upon is in
one recently
in
the
Administration
Speakers Describe Plans for Spending
Recovery—Radio Symposium
Proposals to Stimulate Business—Secretary
Wallace
Urges
Increase
in
Farm
Purchasing
while
and
Straus,
decent
projects,
in
nation-wide
a
town,
following
program,
"spending-lending bill" to effect
the
The
Housing
Projects
Housing Authority,
said that
not
was
chiefly
designed
as
a
recovery
and
work
at
wood, cement, heating
building of a home.
glass,
on
depression
future
against
city, in town after
being
is
forged,"
Mr.
have increased from about 40 to more than
months.
As these local authorities learn to
housing authorities
the
during
three
past
of rehousing
instantly as need arises to combat any future
depression and to take up slack in employment."
Mr. Gray emphasized the employment-creating features of PWA.
"Public works have a three-fold purpose," he said.
"First, PWA aids
help finance decent homes, the nation-wide program
expanded almost
be
and
and business generally through the placement of orders for
second, PWA creates employment at the sites of construction
brings
mills
much larger amount of employment in forests, mines, quarries,
transportation of finished products to the locations of the
a
in
and
third, PWA builds useful and enduring projects
General
in
"The
stated
Kingman
that
army
engineers
had
one
major
test to
making recommendations to Congress as to what improvements
harbors and on flood control projects should be undertaken.
in
and
rivers
the
which will
the people."
all
serve
enact¬
recovery.
average
food stores
said.
"Local
apply
"pump-priming"
mills,
weapon
new
a
Straus
June 19, described plans for starting business
on
through spending over $4,000,000,000 in the Admin¬
dwellers
slum
steel
in
projects, and
speaking
Notes
appliances and a hundred other things that go into the
"As the Roosevelt program takes root in city after
industry
executives,
an
the program now under way would put men to work on housing
materials;
Administration
Straus
head of the United States
for
homes
measure,
Lists
Addresses
will be
That
$515,000,000.
of
Congress had increased the funds of the Authority to $800,000,000,
while the Roosevelt
program
for wiping out slums and providing
Over $4,000,000,000 for
Power—Other
bill
trade for every one of the half a million
in
Mr.
Nathan
may
♦
ment of the
the
Hopkins stressed the indirect return and remarked that many not
were made safer in their jobs by the spending of WPA dollars.
140
istration's
in
relief
build and
throughout the country."
food
the
$1,000
All essential details of the program as outlined to me have already been
recovery
distributed
are
Nation."
Mr.
on
recommended by the National Association of Supervisors of Staie Banks.
Supervisors at district meetings
take
us
about
considered and approved by State Bank
broadcast
said,
size.
"Let
of
Senator Vandenberg,
and
Hopkins
Mr.
paths:
"Fifty millions, for example, will go to doctors and dentists, $60,000,000
street and
bus fares.
These figures are hard to grasp because of
of banks, and declared
endanger the safety of funds placed in the custody
Mr.
dollars,
workers'
WPA
for
Mr. Morgenthau hinted that he
that his
The
following
publican, of Michigan, that bank deposits should be fitted into a scheme
of monetary
times."
of
whether or not
dollar expended."
primary consideration," he said, "has always been
receive a profit for every
would
taxpayer
plans
were outlined by Secretary of Agriculture Wallace,
Hopkins, Director of the Works Progress Administra¬
tion; Nathan Straus, Administrator of the United States
Housing Authority; Howard A. Gray, Acting Public Works
Secretary
Administrator, and Brigadier-General John J. Kingman,
Acting Chief of the Army Engineers. - In his broadcast ad¬
dress, Mr. Wallace said, in part:
Secretary of State Hull said on Jan. 22 that lowering of
trade harriers between the United States and Great Britain
H. L.
I
confident
that
the
funds
for
together with the parity payments
for
am
will
contribute
As
much
as
like amount of
to
national
low-income
of
wheat and cotton
farmers,
producers,
and perhaps more than
recovery
any
contribution
to
the Agricultural
recovery,
Adjustment
Administration will take full advantage of improvements made in operation
of
the
farm
payments
to
program
farmers.
to
speed
Every effort will
together with the cotton
this
volume
the
under
the
fall.
In
program
1937
have
been
view
of
soil
1938
made to get
be
adjustment
price
and
summer
fact
the
payments
farmers
going to
payments,
of
conservation
these
AAA
that
Ever
of
prospect
factor
first
of
larger
rate
than
because
it
products
have
could
in
not,
the
good old
understood
stand
it
reciprocal trade pact with Great Britain, Mr. Hull said
problem of lowering trade barriers and of exchange
run
concurrently together."
In commenting
on his remarks,
a Washington dispatch of June 22 to the
New York "Journal of Commerca" said:
that "the
stabilization
in
ago,
year
distribution
is
business and
agriculture,
to
States
way.
Neither
our
Perhaps
10
understood
as
United
situation.
this
today
the
pay
it
10
Government officials
a
the
years
American
farmers
nor
as
but
ago,
of
surplus
city
people
exports
our
times
agriculture has
world which did not,
new
for
our
to go to see clearly the root of our farm problem and to recognize
fully the readjustments which still must be made.
Pending those adjust¬
ments, the money available under the new Farm Act for 1938 and the
bill
Relief
will
make
possible
only start producing
fairly
a
knows
it
as
good
job.
emergency
how
produce,
to
business
If
the market for
agricultural products would expand during the next year to a point which
would help the government amazingly in bringing about a
solution of
the
farm
problem.
Agriculture
that
for
shock
and
of
for
those
the
do
cannot
shape under the
the
job
by
itself.
But
farmers
otherwise
depression
can
the Nation that
we
would
go
pitiably hungry and
can
now
see
a
way
in
good
ragged
We should be glad
be broken.
now
are
We should all be glad
legislation to do their part.
new
who
open
reticent about discussing what
Response of Hull
/
Secretary Hull responded to the question as follows:
for recovery.
the readjustment downward
"I think you probably know that
barriers and
trade
restrictions
currently together, and I think the status of
the other
as
they
are
of trade
exchange stability go somewhat con¬
and
each is still in fair relation to
being carried forward at this
time."
been credited
added:
"Your remarks, sir, on this monetary business and the trade agreement
plainly indicate that the two things are under discussion together."
'
His interpretation was wrong, for Mr. Hull said: "Not generally, no.
The Treasury directly deals with the monetary phases."
The inquiring newspaper man,
however, apparently had
by Mr. Hull with knowing these things, since the correspondent
the
for them
relation, if any,
matters has to the discussions
between the State Department and
phases."
long
have a
still
we
under way
people under¬
many
are
"24-hour" policy in respect of currency
representatives of Great
Britain looking to the consummation of a reciprocal trade agreement.
Secretary of Treasury Morgenthau, questioned yesterday on this point,
told newspaper correspondents this was a matter for the consideration of
Secretary of State Hull and to the latter he referred all inquiries.
Today
Mr. Hull suggested that the Treasury "directly deals with monetary
way
would
Asked at
problem of monetary stability.
his press conference whether the 24-hour monetary policy
followed by the United States was impeding negotiations of
payments
those a
earlier
and
payments
importance
since 1920, and especially since 1930,
desperate need to readjust itself to fit a
a
is related to the
our
running less
Ration.
faced
Stabilization
now
double
recovery
o
distribution
up
Hull Says Negotiation of Trade Pact with
Britain
Is
Connected
with
Exchange
a
in the Relief Act.
money
additional
an
assistance
corn,
Great
♦
Marriner S. Eccles to
Vandenberg—Federal Reserve Chairman
Urges End of "Restrictive" Governmental Banking
Further Extracts from Letter of
Senator
Some of the other addresses
in
Washington
a
dispatch
of
summarized as follows
were
19
June
to
New
the
York
Policies
,,
"Times":
Mr.
bill
half
Hopkins
places
in
on
the
described what happened
him
next
"Who will get
in general?"
"We
will go
cement,
and
the responsibility
eight
of
to
the
WPA
spending nearly
billion and
a
a
months.
this money?
What will it do, to
or
for, American business
he asked.
know
from
records
our
the past
of
brick and similar things;
machinery;
$25,000,000
$300,000,000
three years than
to buy materials, supplies and equipment, such
other
relief
The
dollar.
as
$70,000,000
for iron
for
and
lumber
$100,000,000 for
and
lumber
steel,
trucks
products,
and
$25,000,000 for textiles.
"The
indirect
added
business
full-time
through
private jobs to
purchases
a
of
quarter of
materials
a
alone
will
give
million workers, entirely
government banking policies are largely
responsible for the present industrial and credit depression,
Marriner S. Eccles, Chairman of the Board of Governors
of the Federal Reserve System, said on June 14 in a letter
to Senator Vandenberg of Michigan, which was mentioned
"Restrictive"
briefly in
said
that
blame
is
an
for
our
he
cl
issue of June
did
not
gged
hold
18,
page
Mr. Eccles
banks wholly to
and said that there
the banking laws
policies among the various banking
supervisory authorities."
He attacked
credit channels
"urgent need for amendments to
to insure correlation of
and other financial
3893.
the Nation's
Volume
146
Federal and
fuse
Financial
State
bank examination
liquidity with
Conferences
soundness."
between
Mr.
policies which, "con¬
described
In
his
elsewhere
letter to
in
Senator
mentioned
»
and
this
issue
of
the
details
seriously questioned.
the courts
has
has
been
so
the Republic.
It has
never
select
In
or create.
Similarly, the Congress
to whatever agency it cares to
doing, the Congress frequently selects an executive
so
Federal Government, such as the
State, War, Navy or
Departments.
Or it may select an independent agency, for
Agriculture
records of personal
property sold for use within the city and
the names and addresses of
the purchasers, whether or not
such sales are
subject to tax.
The Association sent a letter
to the
Municipal Council, saying, in part:
whose operations it appropriates the
necessary funds, such as the Federal
Trade
Commission
the
or
assigns the execution of its
Department, and, in
ury
Interstate
Commerce
power to coin money,
Commission.
Congress
for instance, to the Treas¬
We object most
emphatically to granting such power.
The attempt to
enforce any such provision
would slow up retail business to an
intolerable
recent years,
has given the President a limited
authority to determine the gold value of the dollar.
In all such cases,
Congress has not abdicated its
extent and add
very
heavily to the
constitutionally has the right to do:
the retail trade.
is
trative agencies to execute its
provision would result in
power.
Congress has only done what it
It has set up or used existing adminis¬
will, while retaining the power to take back
the authority or to place that
means
authority elsewhere.
Abdication of a power
Congress surrenders none of its power to coin money
its surrender.
and fix the value thereof.
ment of its
It
System
as
simply designates the Treasury
as
shopping
Congress
this city
$2.00.
recording
some
with the terms and conditions
upon which member banks may create credit
System, while the expenses of the latter are paid out of
Congress ordained that this difference should exist in re¬
spect to the Reserve System as a further
safeguard of its independence of
Treasury.
or
surrender of
a
constitutional power by the Congress.
in innumerable other cases, an
assignment
of
an
with
a
view
to
tions
have been established to
operations
are
a
part of the financial mechanism
necessary in all
To abolish the System would not do
away with the
performance of these essential functions
no
cannot
be seriously chal¬
substance whatever to the assertion that Con¬
required by law to subscribe
a
In any case, regardless of whether the member
banks
subscribe to this unprivileged stock or whether
are
some
substituted for the
it would make
no
subscription, the
matter is
real difference to the
proper
in
They would destroy to
which
no
liquidation)
to
7,530
were
authorized
of loans to
amounted
banks
aggregating
has
the
Reconstruction
during May
program
of previous authoriza¬
other governmental agencies
from organization
through
canceled
were
or
to
banks and
11
banks
to
$205,067,
Through May 31,
and
trust
trust
and
trust
companies
$2,539,539,067.
Of
this
companies
$2,470,010
companies
Cancellations
(including those
disbursed
was
and
1938, loans have been authorized
(including
those
in
receivership)
$495,484,651
has
been
been
disbursed.
Of this
amount
latter amount
$1,870,458,995, or 93%, has
Only $9,980,529 is owing by open banks and that includes
$7,982,990 from one mortgage ancl trust company.
been repaid.
During
May
authorizations
aggregate
amount
of
made
were
capital notes and debentures of
to
purchase
preferred
stock,
banks and trust companies in the
seven
$825,500.
Through
May 31,
1938,
authorizations
been made for the purchase of
preferred stock, capital notes and
debentures of 6,766 banks and trust
companies aggregating $1,275,214,334
have
and 1,121 loans were authorized in the amount of
by preferred stock,
a total authorization for
and
6,846
device be
debentures
in
banks
and
trust
$23,322,755 to be secured
preferred stock, capital notes
companies of
$1,298,537,089.
$169,491,552 of this has been withdrawn and $32,431,500 remains available
relatively unimportant, for
functioning of our economic
to the banks when conditions of authorization have been
met.
During May, loans
were
authorized for distribution to depositors of 10
closed banks in the amount of $1,523,800,
amounted to
economic institutions.
principles
commitments of
withdrawn, $30,317,494 remains available to borrowers and
$2,013,736,922
required by law
purpose the established first
Investments—$5,083,-
and
$8,135,312 repaid.
detail were changed.
The effort of agitators to raise this
bugaboo obscures the true meaning of their attacks,
which, if successful,
our
and
During May loans
system if this
would undermine the foundations of
and
(including those in liquidation) in the amount of $1,673,800.
proportional
other
dollar
commitments
and withdrawals
amount of their capital to the Federal Reserve
banks in their respective
districts, on which subscription a rate of return, fixed
by Congress and
changeable at the will of Congress, is paid.
What is, in fact, a compulsory
contribution by the member banks is termed a
purchase of stock, but this
designation is misleading since no member bank is permitted
by law to
trade in the stock or to enjoy various other
privileges which are usually
associated with stock ownership.
to
average sale of a
Jones continued:
required by law to be members of the System, and State banks are
admitted
to membership under specified conditions
laid down by the Congress.
All
are
is
means
During May $39,807,547 was disbursed for loans and
and $142,128,166 was
repaid, making total
disbursements through May 31, 1938, of
$6,951,660,616,
and repayments of
$5,083,714,881 (over 73%). Chairman
has abdicated its constitutional powers by
authorizing the Reserve
System to carry out its will, and, by the same token, the
argument that
thereby private banking imporperly derives a profit falls to the
ground.
The assumption that the Reserve
System, created by and existing at the
will of Congress, is a privately-owned
System springs from a misconception
of the facts.
The major
monetary, credit and supervisory powers of the
System are exercised by a Board of Governors, nominated
by the President
and confirmed by
the United States Senate.
All national
banks are
banks
This
investments
gress
of these member
and
cancellations
lenged.
Accordingly, there is
are
mean
city
said, making total
withdrawals of $1,881,232,337.
A total
of $662,597,692 remains available to
borrowers and to
banks in the purchase of preferred
stock, capital notes, and
debentures.
the general public welfare.
agency
the
The
sales tax.
Authorizations aggregating $1,911,022
withdrawn during May, Mr. Jones
necessity for creating some similar mechanism to perform the credit and
supervisory functions which Congress has deputized the System to
perform.
Opinions may differ as to whether some other mechanism
might be better,
but the right tof the Congress to create the
Reserve System as the
for
sales
therefore,
May 31, 1938.
System's operations.
Such
Loans
$1,042,567,066 authorized for
and $1,800,000,000 for relief
contingencies, from which expenses of the System have been
paid,
which franchise taxes have been levied at times
by Congress, and which
have been appropriated by Congress as in the
case of the FDIC fund, have
been derived as an incident of and not
as a result of the
objective of the
modern governments.
average
would,
amounted to $522,773,
making
through May 31, 1938, and tentative
commitments outstanding at the end of the
month, of
$12,319,037,288, it was announced on June 22 by Jesse H.
Jones, Chairman.
This latter amount includes a total of
on
serve
Their
single store.
total authorizations
cover
intended to
a
Corporation in the recovery
amounted to $55,489,739, rescissions
making profits, and in this respect differs fundamentally
Such profits as have accrued to the
Sys¬
are
single department stores
year.
for
city has any
$6,951,660,616
for
Authorizations
from the usual commercial bank.
The System's operations
50,000,000 transactions
the
subject to this tax.
effect it
Finance
It is,
by Congress of the execution
reserves
a
714,881 Repaid
unquestioned and fully retained constitutional
power.
through its operations, from which
whether
not
—
As for the question of the
profits of the banking system, so far as the
Federal Reserve System is concerned, it is not and
never has been operated
tem
$100,000,000
With this provision in
Disbursed
Congress has exercised this
by appropriating to the Federal Deposit Insurance
Corporation fund
approximately $140,000,000 from the surplus of the Reserve
System built
up out of earnings.
By no stretch of the imagination can this be called an
as
question
RFC Feb. 2, 1932 to
May 31,
1938—Loans of $12,319,037,288 Authorized
During
Period
$1,881,232,337 Canceled —
power
abdication
the
Report of Operations of
action in the exercise of
the delegated authority of
Congress.
At the same
time, Congress has the power to abolish the
System, to change it, to require
that its expenses be paid in some other
manner, and to appropriate the
In fact,
raise
The futility of
any such provision is shown
clearly by merely asking the
question, what could the Comptroller do with them
when he got them?
paid out of
the earnings of the
earnings and surplus of the System.
doing business, particularly in
a
agencies to carry
expenses of the former are
also
of
cost
to believe that any attempt to enforce this
public revolt against it during the Christmas
collecting approximately $40,000,000 from the
2%
total sales volume of
$2,000,000,000.
With an
it would mean
2,000,000,000 separate reports.
The only important point of difference between creation of the
Reserve System and creation of the ICC as
independent
Congress is that the
a
approximate
less than
out the will of
easy
some
in
has established the Federal Reserve
currency.
the
We
season.
independent agency to carry out its mandate in connection
an
It
legal right to require such information on sales
Published reports show that the sales of
the instru¬
will and power to coin
money.
In exactly the same way,
was
keep detailed
of the
agency
SEC,
(June 18) that it had discovered a provision in the
Sales Tax Bill pending before the
Municipal
Council which might
impose a grave handicap upon retail
business in New York
City.
The provision in question
would give the
Comptroller the power to require any mer¬
chant doing business in New York
City to
right to assign execution of its will
a
the
to
Municipal
been
long recognized and established by
be beyond serious
controversy.
to
as
It
as
letter
week ago
a
The right of Congress to entrust to
administrative agencies the execution
old
Barton's
Merchants Association
Objects to Provision in Proposed
New York City Sales Tax Law
The Merchants Association of
New
York announced
"Chronicle."
the
Vandenberg, Mr. Eccles said, in
as
Mr.
Secretary of
part:
of the laws which it enacts is
4045
,
in
$1,000,000.
Eccles
Treasury Morgenthau regarding bank examination
are
Chronicle
$853,530, disbursements
ments amounted to
upon
$2,753,850.
cancellations and withdrawals
amounted to
$2,407,548 and
repay¬
Through May 31, 1938, loans have been
authorized for distribution to
Government and all solvent governments have
depositors of 2,764 closed banks aggregating
operated for
centuries.
$1,324,701,237.
$37,443,861 of this amount has been withdrawn and
They would do away with the Reserve System created out
of
$30,387,205 remains available to the borrowers.
long experience and adapted, step by step, over the past
$976,870,171 has been
quarter of a cen¬
Ydisbursed and $896,195,865, approximately 92% has been repaid.
tury.
Yet doing away with it would not do away with the
necessity for a
similar medium to perform essential functions
During May the authorizations to finance drainage, levee and irrigation
for the Government and the
districts were increased $100,000, authorizations in the amount of
public at large.
They would, in the end, destroy our banks, our
$548,936
savings,
were
withdrawn and $337,465 was disbursed.
insurance, and other fiduciary institutions, for the
Through May 31, 1938,
day that the Govern¬
loans have been authorized to refinance 623
ment abandoned
drainage, levee and irrigation
interest-paying and turned to the printing press would
districts aggregating $141,191,919, of which $19,256,683 has been with¬
mark the beginning of the end of the basic
our
*
principles
upon which our eco¬
drawn,
nomic institutions are founded.
$40,441,935 remains available to the borrowers and $81,493,301
has been disbursed..
Under the provisions of Section 5
Correction
in
Figure
Quoted
from
Letter
Barton to W. O. Douglas of SEC
In
our
quoting
by
item in the
a
letter
"Chronicle" of June 18 (page
3892),
written to the Securities and
Exchange
regarding utilities by Roger Barton, the latter
was noted as
having pointed out that since 1932 the electric
power and light industry had lost $1,000,0(10,000.
This
figure was given inadvertently.
The correct amount, as
Commission
(d), which
struction Finance Corporation Act June 19,
Roger
was
1938, 290 loans to industry aggregating $24,959,610
May.
Authorizations in the amount of $446,800
drawn
loan
during May.
companies
to
added to the Recon¬
1934, and amended April 13,
were
were
authorized during
canceled
or
with¬
Through May 31, 1938, including loans to mortgage
assist
business
and
industry in cooperation
with
the
National Recovery Administration program, the Corporation has authorized
2,828 loans for the benefit of industry aggregating $210,604,456.
Of this
amount $57,822,903 has been withdrawn and $53,417,388 remains
available
to the borrowers.
In addition, the Corporation agreed to
purchase Partici¬
pations amounting to $7,231,782 in loans to'76 businesses during May and
Financial
4046
June 25, 193S
Chronicle
Authorizations
authorizations
similar
Through
$133,282 were withdrawn.
aggregating
Corporation has authorized or has agreed to the purchase
of Participations aggregating $32,951,640 of 520 businesses, $9,816,273
of which has been withdrawn and $14,979,812 remains available.
During May the Corporation purchased from the Federal Emergency
Administration of Public Works 10 blocks (8 issues) of securities having a
Canceled
value of $2,191,788 and sold securities having par value of $548,300 at a
discount of $5,690.
The Corporation also collected maturing PWA se¬
par
Through May 31, 1938, the Corpo¬
ration has purchased from the PWA 3,927 blocks (2,920 issues) of securities
having par value of $609,517,911.
Of this amount securities having par
value of $414,254,259 were sold at a premium of $12,323,158.
Securities
having a par value of $175,955,579 are still held.
In addition, the Corpora¬
tion has agreed with the Administrator to purchase, to be held and collected
or sold at a later date, such part of securities having an
aggregate par
value of $81,676,868 as the PWA is in a position to deliver from time to
value of $124,176.
curities having par
time.
The
ments
report listed as follows
for all purposes from Feb.
disbursements and repay¬
2, 1932, to May 31,1938:
Disbursements
5*.
$
companies (incl. receivers).>.1,998,136,129.88
Railroads (Including receivers)
573,558,739.11
Federal Land banks.
...
387,236,000.00
Mortgage loan companies
418,906,667.66
Regional Agricultural Credit corporations
173,243,640.72
Building and loan associations (inch receivers).
118,109,658.11
Repayments
Banks and trust
Insurance
banks
corporations
State funds for insurance of deposits
Livestock Credit
moneys...
13,064,631.18
-—-—
Federal Intermediate
87,144,516.13
16,265,875.81
12,971,598.69
13,064,631.18
719,675.00
600,095.79
-
-
distributors for payment
Section 5
of Agriculture to
470,408.21
14,718.06
3,300,000.00
levee and irrlgar-
tlon districts
81,493,300.89
2,500,183.36
public school authorities for payment
of teachers' salaries and for refinancing out¬
22,450,000.00
22,300,000.00
301,241,389.46
63,342,103.80
Loans to
sa
standing Indebtedness
self-liquidating construc¬
Loans for repair and
reconstruction of property
fire, tornado, flood
11,987,555.32
sale of agricultural
20,224,586.66
101,817,886.01
Loans to aid in financing the
3,739,500.00
enterprises
15,600,792.20
Loans to mining businesses
20,177,690.67
28,077,234.70
1,037,251.64
12,096,091.12
purchases of assets ofclosed banks.
Loans to finance the carrying
m
and orderly market¬
ing of agricultural commodities
rn
and livestock:
767,716,962.21
Credit Corporation
19,504,491.78
Other
Total loans,excl.of loans
767,716,962.21
18,594,721.74
35,157,000.00
Administration...
Loans to Rural Electrification
of
6,001,811.38
r-4
surpluses In foreign markets
Loans to business
Purchase
(Atlantic Coast Line
»
2,425.46
secured;by pref.stock.5,207,047,698.06 4,113,291 ,859.69
toe
capital notes and
t
preferred stock,
t
companies_ (inI
tin
fn
eluding 818,148,730 disbursed and
$7,935,
530,566,737.46
811.45 repaid on loans secured by pref. stock)..1,096,614,036.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
£
Purchase of stock of the Fed. Nat. Mtge. Assn..
11,000,000.00
I- F
Loans secured by preferred stock of Insurance
companies (Including $100,000 disbursed for
7,061,786.51
the purchase of preferred stock)
34,375,000.00
debentures of banks and trust
_
Emergency
Administration
of
537,628,523.97
1,000
597,000
2,098,925
1,150,000
13,718,700
8,300,000
8,300.000
53.600
10,398,925
29,450,800
1,481,000
60,000
Allocations to Governmental agencies
under pro-jfl
visions of existing statutes:
,,
*
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp...
Capital stock of Federal Home Loan banks..
Loan (now Land Bank) Commissioner
,
2*1*9*666
1,800,000
3.182,150
717,075
90,000
Farmers.
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to
farmers.
To create mutual mortgage Insurance
fund—
For other purposes
fund
to
provide
capital for
15,000
15.000
10,539
10,539
1.061,000
1,061,000
546,000
546,000
354,721
354,721
145,000,000.00
2,600,000.00
55,000,000.00
10,000,000.00
50,521,074.55
115,000,000.00
22,667
35,290,000
110,000
1,000,000
9,278,000
800,000
8,500,000
2,550,000
2,550,000
50,000
-
800.000
2,550,000
Co
Maine Central RR.
RR. Co
Ry. Co.
200,000
3,000
1,729,252
744,252
Ry. Co.
6,843,082
Mississippi Export RR. Co
Missouri-Kansas-Texas RR. Co.
100,000
Maryland & Penna
Minn
St. P.& S.S.Marie
Salt Lake & Utah RR.
Salt Lake & Utah RR.
fund)
Expenses—Prior to May 27, 1933
Since May 26, 1933
—
Southern Ry. Co
25,000
991
600,000
7,699,778
28,900,000
3,000,000
27,4*9*9*666
18,200,000
742,763
28,900,000
3,000,000
17,000
10,500
4,975,207
750,000
300,000
300,000
117.750
7,995,175
18,672,250
200,000
18,672,250
162*600
162,600
1,200,000
22,000,000
22,000,000
19,610,000
37,200,000 •
19,610,000
2,805,175
100,000
108,740
147,700
700*666
5,147,700
2,264,336
100,000
5,147,700
100,000
Tennessee Central Ry.
"16*266
785,000
1,070,599
27,499,000
18,200,000
162,600
—
700*666
108,740
700,000
30,000
30,000
39,000
39,000
15,731,583
4,366,000
1,4*03*666
30,000
6,000
45,000
15,731,583
4,366,000
2,500,000
400,000
2,500,000
400,000
100*666
22,525
22,525
688,952,295 106,393,556 573,558,739
—
188,825,528
22,525
The loan to Minneapolis
secured by its bonds,
has approved,
$62,870,076 upon the performance
loans authorized the Corporation
In addition to the above
principle, loans in the amount of
of
specified conditions.
Urges Conservation as
Dictatorship—Report Sub¬
mitted
to
President
Roosevelt
Advocates Co¬
operation Between State and Federal Officials
The National Resources Committee, in a report to Presi¬
dent Roosevelt on June 20, suggested an integrated program
of national and State planning for the conservation of the
National Resources Committee
Safeguard
P»
44,500,000.00
3,108,278.64
13,063,752.92
114,921.13
Administrative
expense—1932 relief
126,871.85
Total allocations to governmental agencies—
For relief—To States directly by Corporation
certification
99,200
200,000
400,000
(receivers)
Corp....
Co
Southern Pacific Co
100,000
2,300,000
785,000
4,975,207
300.000
7,995,174
Ry. Co.. 18,790,000
Sand Springs Ry.
*6,843.082
1,070,599
Pittsburgh 6c W. Va. RR. Co.—
Puget Sound & Cascade Ry .Co—
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern
985,000
100,000
17,000
RR
Pioneer & Fayette
800,000
2,300,000
23,134,800
29,500,000
3,000,000
Pennsylvania RR. Co
Pere Marquette Ry. Co
197,000
6,843,082
2,300,000
Missouri Pacific RR. Co
23,134,800
Missouri Southern RR. Co
99,200
Mobile 6c Ohio RR. Co
785,000
Mobile & Ohio RR. Co.(receivers)
1,070,599
Murfreesboro-Nashville Ry. Co—
25,000
New York Central RR. Co
27,499,000
N. Y. Chic. & St. L. RR. Co
18,200,000
N. Y. N. H. & Hartford RR. Co.
7,700,000
in
97,000,000.00
10,000,000.00
Regional Agricultural Credit corporations for:
Purchase of capital stock (inch $39,500,000
on
6,000,000
13,915
520,000
10,278,000
Lehigh Valley RR. Co
Litchfield & Madison Ry. Co
520,000
40,500,000.00
Stock—Disaster Loan Corporation
Administrative
6,000,000
13,915
99,422,400
pro¬
duction credit corporations
Stock—Commodity Credit Corporation
held in revolving
3*9*3*706
227,434
8,176,000
105,422,400
Green
13,915
Gulf Mobile & Northern RR. Co.
520,000
Illinois Central RR. Co
—
35,312,667
was
Federal Housing Administrator:
Sec.of Agrlcul. for crop loans to farmers (net)..
Governor of the Farm Credit Administration for
6*2*7*675
227,434
St. Paul 6c Sault Ste. Marie Ry. Co. (The Soo Line)
the interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000. maturing over a period of 10 years.
•
'
71,300
582,000
3,000
Co
County RR. Co
*
for loans to:
500,000
8,176,000
W.Ry.Co.(receivers)
Ft. Worth & Den. City Ry. Co—
Fredericksburg 6c North. Ry. Co.
Gainsvtlle Mldl'd Ry. (receivers)
Galv. Houston & Hend. RR. Co.
Galveston Terminal Ry. Co
Georgia & Fla.RR.Co. (receivers)
Totals
Farm
5*3",500
8,081,000
16,582,000
3,000
Eureka Nevada Ry.
RR.Co.
Wrigbtsville & Tennille RR
^
200,000,000.00
124,741,000.00
53" 500
•
16,582,000
Wichita Falls & Southern
6,951,660,615.96 5,083,714,880.69
States
537
3,840,000
Ry. Co
29,504,400
Columbus & Greenville Co
60,000
Copper Range RR. Co —
53,500
Denver & Rio Grande W.RR.Co.
8,300,000
Denver <fc Rio Grande W.RR.Co.
(trustees)
1,800,000
Denver & Salt Lake West .RR.Co.
3,182,150
-j£|
432,794,497.03
838
24,000
11,500,000
500,000
Colorado & Southern
Co
E. Coast Ry. Co. (receivers)
4,338,000
150,000
1,150,000
Erie RR. Co
5,916,500
46,588,133
220,692
464,299
32,000
155,632
1,289,000
13,718,700
4
577,623,881.34
Total
To
14,150,000
3,124,319
464,299
3,840,000
Milw. RR. Co.
Co
RR. Co..
Texas & Pacific Ry. Co
Texas Southern-Eastern RR. Co.
Tuckerton RR. Co
Wabash Ry. Co. (receivers)
Western Pacific RR. Co.
Western Pac. RR. Co. (trustees).
Public
Works security transactions
revolving
123*632
140,000
Texas Okla. & Eastern
,
535~ 800
35,701
Co
of N. J
Sumpter Valley Ry. Co
1,166,989,036.56
Total
Federal
41,300
5.602
and Louis¬
Chicago R. I. & Pac. Ry. Co.—
Cincinnati Union Terminal Co..
400,000
12,171.721
9,569,437
Nashville, lessees)
Central RR. Co
434,757
95,343,400
53,960
13,200
14,150,000
3,124,319
500,000
Charles City Western Ry. Co
140,000
Chicago 6c Eastern 111. RR. Co—
5,916 500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co—
1,289,000
Chic.Gt. West. RR. Co.(receiver)
150,000
Chic. Mllw. St.P. 6c Pac. RR. Co. 12,000,000
Chic. Mllw.St.P.&Pac. RR.Co..
ville &
Central of Georgia Ry.
605*367
41,300
14,600
549,000
Co
& Ohio Ry.
(trustee)
by earthquake,
and other catastrophes
damaged
Commodity
Carolina Clinchfield
2,500,000
634,757
400,000
Meridian 6c Bigbee River
tion projects
Loans on and
Union-Carolina RR.----
Carlton & Coast RR.
127.000
275,000
Great Northern Ry.
3,300,000.00
Loans to aid in financing
Buffalo
Repaid
$
$
127,000
127,000
275,000
2,500,000
634,757
400,000
95,358,000
41,300
9,569,437
53,960
Ft.Smith &
,822,814,233.53 3,168,145,383.61
cotton
Loans for refinancing drainage,
<fc Maine RR
Boston
Fla.
of pro¬
3
purchase
Ashley Drew &
5,558,631.11
244,309.42
14,718.06
Secretary
—
Co. (receivers) —
Northern Ry. Co.
Baltlnore & Ohio RR. Co. (note)
Birmingham & So'eastern RR.Co.
Ann Arbor RR.
9,250,000.00
*
Total loans under
to
115,726,894.88
5,643,618.22
cessing tax
Loans
311,849,694.39
173,243,640.72
9,250,000.00
Credit banks—
Fishing Industry...
Credit unions
Processors or
380,652,032.77
ft*
of public
Agricultural Credit corporations.
Rockfish RR. Co.—
Ala.Tenn <fc Northern RR. Corp.
Aberdeen &
Alton RR. Co
Disbursed
9
(receiver)
1,858,362,903.73
*183,325,528.51
90,693.209.81
20,665,851.30
12,971,598.69
companies
Joint Stock Land
Withdrawn
$
Chic. No. Shore &
loans under Section
or
Authorized
May 31, 1938, the
of
Federal
911,275,899.09
299,984,999.00
al7,159,232.30
Relief
Administrator
Under Emergency Appropriation Act—1935...
Under Emergency Relief Appropriation Act,
1935
country's
Against
as
resources
a
safeguard against dictatorship.
genesis of dictatorships is to
digestive processes of the masses a.s
The Committee said that "the
499,997,748.11
500,000,000.00
be found
in the
500,000,000.00
as
often in the
psychological abnormalities of the dictators." Presi¬
commending the report said in a letter:
to those attending the National
you please convey my greetings
dent Roosevelt,
Total for relief
1,799,982,747.11
al7,159,232.30
Will
Interest
on notes
Issued for funds for allocations
and relief advances
33,177,419.82
Grand total
*
Conference
9,696,096,681.98a5,100,874,112.99
Does not include $5,500,000 represented by notes of the Canadian Pacific Ry.
Co., which were accepted in payment for the balance due
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
a
on loan
made to the
In addition to the repayments of funds disbursed for relief under the Emergency
in the amount of $2,690,276,833.72, equivalent to the balance of the amount dis¬
of
for allocations to
other governmental agencies and for relief by direction
Congress and the interest paid thereon, pursuant to the provisions of an Act
(Public No. 432) approved
Feb, 24, 1938.
The loans authorized and Authorizations canceled
or
with¬
and repaid by each are shown in the following table (as
of May
31, 1938), contained in the report:
ahead—for
regions
the Nation.
and
The report on
Under
our
democratic
participation
Planning," submitted to me by the
"The Future of State
movement for the wise
another step forward in the planning
all our resources.
make sure progress through
conservation and development of
procedures
we
can
in planning by citizens at
all levels of government.
The
successfully at work in almost every State of the
the interest and participation of
shaping the future of their States and of the United
State planning boards now
Union have
drawn for each railroad, together with the amount disbursed
to
Planning being held in
National Resources Committee, marks
Relief and Construction Act of 1932, the Corporation's notes have been canceled
bursed
Minneapolis on June 20-22? It is
people every year see the need for looking
planning the development of towns, cities, counties, States,
on
encouraging to know that more
a
great opportunity to secure
all American citizens in
States.
In summarizing
said in part:
the contents of the report,
the Committee
Volume
Through
146
the
Financial Chronicle
collaborative
relationships
between
State
Federal
and
officials developed by the State
boards, the groundwork is being laid for
better interpretation of State and local needs to
the National
and
a
Government,
better undertstanding of Federal
programs by State governments.
Certain problems may be dealt with
only by concurrent action at all levels of
a
government.
for
this
Collaborative national and State planning
coordinated
lay the basis
can
action.
State planning frequently leads to the consideration of
problems of an
Inter-State or regional character.
These matters are often affected with a
Federal interest.
National and State planning agencies furnish a means for
interrelating the work of the States and the Federal Government in dealing
with
inter-State problems.
Those States and local governments which have worked out in
advance
long-range plans have secured the largest tangible returns from the Federal
expenditures for construction and work programs.
well
in the local interest that the
greatest
as
It is in the national,
as
possible return be secured for
these outlays.
Government borrowing;
Third: In principal part the moneys borrowed
by Government
rowed
from
out the
The report recommends that the Federal
country.
Government, through
a permanent
should continue
national planning agency,
to aid and encourage
State, interstate and
regional planning and that major efforts be devoted to the
establishment of active State planning boards.
Financial
aid by the national
planning agency to the State planning
boards should consist
principally of the assigment of tech¬
nical and advisory
assistance, the report says.
Less Than
16% of Public Utility Construction Financ¬
ing During Past Five Years Raised by Sale of New
Securities, According to "Stone & Webster Bul¬
letin
Less than 16% of the funds for
electric power and light
construction in the
new
industry during the past five years
has been raised by the sale of new
securities, the remainder
being obtained largely by withholding earnings, using cash
from
retirement reserve accruals, selling
treasury assets,
reducing cash and other surplus funds, but this policy
could not be followed for
long if utility construction becomes
active, according to M. G. Robinson, of Stone & Webster &
Blodget, Inc., New York, in the June issue of the "Stone &
and
Webster Bulletin."
A large program of
expansion can be
financed only by raising much new
capital, says Mr. Robin¬
son, who adds:
Financing by the sale of senior securities is relatively easy for conserva¬
tively capitalized electric utilities not threatened by Federal or municipal
competition, but it has been difficult or impossible for them to market
equity securities for nearly six
the recent offer
secured
facilities
the Reconstruction
of
but
small,
are
necessary for
sale
of
by senior securities.
It
when
large
securities
if
a
has
not been
Finance Corporation
is not
the utilities to obtain
equity
This
years.
serious
when
expenditures
ameliorated
to extend
expenditures
being
are
by
loans
for
new
made
it
is
substantial part of the funds by the
a
well
balanced
capital
structure
is
to
be
maintained.
In
the five years beginning with
1933 the electric power
industry spent only $1,215,000,000 for new construction, with
annual
Only
new
and
about
one-third
an
light
If
the
dearth
of
to
average
equity money should be prolonged into a period of
and necessary funds be obtained largely from the sale
the ratio of senior to equity securities would be so
as to impair the value of the senior obligations.
In that event
utility industry would be greatly handicapped in expanding its plant
and providing good service to its customers.
utilities'
diminishing margin
costs
threat
to
the
industry of
influenced
the
market
of
labor
and
of
materials
Federal
profits,
and
the result
greater taxes,
assistance
for
of
lower
together
competing
rates,
with
the
systems,
that
become
undertake
to
attractive
expansion
a
may
to
be
investors.
soundly
construction program
general economic
When
financed,
credit
the
becomes available
industry
that will make
an
will
be
able
to
to
important contribution
recovery.
President Adams of A. B. A.
of
Opposes Further Spending
People's Savings—Says Fiscal Policies of Federal
Government
Have
Cut
Public's
Income
At the annual convention of the Colorado Bankers As¬
sociation
June
Orval W. Adams, President of the
Association, asserted that the fiscal
policies of the Federal Government have cut in half the
public's income from savings, and he declared that "if the
savings and deposits of the people are to be used as they have
been in recent years let it be by the Act of the Government
alone, not with our participation.
Let the Government
market its bonds to the public directly," he said.
"On the
other hand, let the money which the people put into the banks
on
American
18
Bankers
be used for the credit of small business
men
and
industry
generally."
The convention before which Mr. Adams
at Colorado
Springs, Colo..
spoke
held
Mr. Adams, who is Executive
was
Vice-President of the Utah National Bank at Salt Lake
City,
in addition to his remarks above, had the
following to
say
in part:
As
we
look back
over
the past five years three facts stand out.
First: Taxes levied have roughly sufficed to meet the
ordinary and neces¬
sary expenses
By
means
the
of borrowed money it has been
after agency in competition
with
the
banks,
up
a
bureaucracy of nearly 1,000,000 people, to finance
gram which
the Wallace Farm Pro¬
has destroyed the independence of the
farmer, and threatens
the destruction of the cotton
industry in the South.
It is obvious that while the natural
resources of this
can
be no just excuse for failures to.
country are such that
for the
care
people, nevertheless the strain being put upon such
political and relief demands is approaching the
worthy needy of
resources
recognize that
our
by combined
breaking point.
We must
to
insure adequate relief for the
needy we can no longer
paying the price of political control of relief.
Relief must be
taken out of politics and moneys raised for
purposes of relief must be used
continue
to relieve the needy, not to influence their
votes, nor to finance and build
up political machines.
.
•
♦
Philip
A.
Bankers
Benson, Vice-President of A. B. A., Says
Moving Steadily Forward—Solving Own
are
Problems
Asserting that "there is
no help equal to self help," Philip
Benson, First Vice-President of the American Bankers
Association, observed on June 13 that "bankers are moving
steadily in the direction of solving their problems for them¬
selves."
"Banks," he went on to say, "are showing an in¬
creasing consciousness of their responsibilities as public in¬
stitutions, especially in the matter of increasing their use¬
fulness to their communities."
"Before we can have good
public relations," he added, "we must have a good package to
sell.
That package consists of a sound bank, a
proper at¬
titude toward the public and an
adequate banking service."
Mr. Benson, who is President of the Dime
Savings Bank of
Brooklyn, made these comments in addressing the annual
Convention of the Oregon Bankers Association at
Corvallis,
Ore. "Banks everywhere," said Mr.
Benson, "are seeking
good loans''; he further said:
A.
They would, in fact, prefer
Some banks
are
even
the name
of banker
there
every
was
a
good borrower to
advertising for loans.
would consider
reasonable
for
a
a
good depositor today.
However,
moment
no
one
making
a
worthy of
loan unless
of its being repaid at maturity.
The country is in a period of economic depression;
expectations of recovery
assurance
have not been fulfilled, business men are being held
up to the public
being responsible for the failure of recovery and bankers are charged,
we
were
some
years ago.
with refusing to make loans.
as
as
Some who make
this outcry should know better for they are familiar with the
banking busi¬
and know the necessity of making loans in order to produce
earnings.
While we are subject to the above criticism, we are at the same time
ness
being
constantly warned by. State supervisory authorities not to relax sound lend¬
We all, know the warnings of the Chairman of the Federal
ing policies.
Currency with regard to loans and investments.
that
only sound, and liquid banks
"Without
unfair
pass,
These authorities realize
render adequate banking service.
entering into any controversy,
statements
active in
can
I
don't think
unchallenged," he said.
promoting the business of
our
"We
we
should
let
surely
should
be
banks and in letting the public
is
a
Here
field of public relations that should not be neglected and one to which
each bank, in its own locality, should address itself."
Mr. Benson
expressed himself
as
opposed to the entrance
of Government into business
on the current scale.
"There
field in which Government should function and another
that should be occupied by business and industry," he
is
a
declared.
for
abnormally low levels in relation to their earnings.
outlook
again
agency
has
utility common stocks so that they are selling
With the improved
resulting from cooperation between government officials and utility
executives the equity securities of the majority of
utility companies would
at
up
utilities and industries of this
country, to establish board after board equipped
unlimited red tape to tie the hands of
industry, and prevent Its
progress.
Borrowed money has enabled the Government to build
changed
the
The
set
with
obligations,
higher
bor¬
upon
enabled
understand our position—what we can do and what we cannot do.
construction,
senior
were
country and represented the accumulated
of depositors.
rights of the sovereign States.
that
stock.
common
of the
Deposit Insurance Corporation and the attitude of the Comptroller of the
and
prevailing in the preceding decade.
$187,500,000 of this five-year total was obtained from the sale of
securities, and less than % of 1% was raised by the sale of preferred
active
of
of
rate
banks
By means of borrowed money the Federal Government has been enabled
to centralize relief, direct and indirect
...
and to encroach
there
the committee foresees a role of growing
importance for the State planning boards, now organized in
45 States, and cites their
accomplishments as evidence of
progressive development in decentralized planning through¬
the
savings of the millions
_______
In its report,
4047
tion of business and
industry, have been financed and rendered possible by
Aggressive Advertising and Selling to Combat Inertia
Urged by "Banking" the Organ of A. B. A.
"Public education through aggressive advertising and sell¬
ing is the best weapon that business has to combat the
prevailing inertia," according to the monthly survey of the
condition of business of the magazine, "Banking" for July,
by William R. Kuhns, the editor.
"Banking" is the official
publication of the American Bankers Association.
"It is
the only means lying completely within the control of business
which can be used to counteract the side of the depression
that is purely psychological," the survey states.
"One
helpful sign at present it is noted is the amount of time
and effort being given to selling American business as well as
selling goods."
The survey likewise said:
Genuine and lasting economic recovery, however, is waiting on
more
adjustment between a lower price level on one hand and the unyielding'
wage
and tax level on the other.
have
continued
to
occupy
the high plateau
of more prosperous
times.
!
The survey declares that "the trend
the future course of business.
When a
of prices is a key to
change in price trend
occurs and it is demonstrated definitely that prices have been
stabilized or have started up, the reluctance of buyers will
quickly disappear."
/
The survey points to a few favorable factors "which ought
to inspire confidence," and says:
establish a new record, while the relatively
abroad assure fairly good prices and a larger income
Stocks of merchandise are low and some manufac-
The grain crops promise to
over our
Both retail and wholesale prices have
dropped sharply from last year's peak while wages, taxes and other cost
factors
of government;
Second: All the madcap experimenting, all the attempts to make
social order, all those schemes which have so seriously retarded the restore-
something
important than a return of confidence or a change in psychology.
Much of the stagnation that now afflicts business is a result of the lack of
short crops in prospect
to
American farmers.
Financial
4048
turers, in the automobile field
particularly, report that more of their products
being sold than produced.
are
and
Stocks of
replenishment has not kept
in almost
all lines would
only
one more
men
material have been depleted
raw
in general."
proof of the uncertainty and perplexity on the part of business
Looking at the legislative respite, the
legislation is concerned although
points out:
survey
far
or more as
petition and interference.
"Cooperation," he observed, "is
The
itself.
society
have
we
The
hours act will have
wage and
of manufactured goods to
negligible
a
consumers.
$12,000,000,000 appropriated
by Congress is too much
to
money
spend, even if the country had it, and is the largest of a long series of danger
signals.
democracy
Our
longer merely a matter of welfare of
as much a matter of saving
no
society, but just
our
is
difficulties have brought
social
serious
in
group
confronted
now
with
face to face with
us
a
decision.
increasingly
an
problem in the form of very large unemployment, for which
provide relief in constantly increasing amounts.
to
as
effect for the time being, although eventually it can be expected to increase
the cost
constituent
the
Trinity of Forces
Congress did not do much to
Also the failure to do anything for the railways
bad impression.
a
1938
the prosperity
on
of small business.
each
"The
relieve business of its chief cause of complaint, namely, governmental com¬
has left
June 25,
significance, as large corporations are dependent
Our economic
Business knows where it stands for the next six months
Federal
economic
Renewed buying
with consumption.
pace
inevitable and its failure to materialize is
seem
Chronicle
cannot
labor
and
each
government,
in
turn,
If business and labor in the brotherhood of distress
the buck.
pass
brotherhood)
makes for
distress
(and
business,
forces,
of
trinity
willing to look facts
ready and
are
squarely in the face, I say with all sincerity that government must come
forward
in
the same cordial and candid
spirit and meet the issue as
bravely and courageously as we would expect to display if our country were
invaded
"
by
foreign foe.
patience with
a
little
have
"I
element
any
in
today which
country
our
willing to put first things first, and the first and foremost thing in
these United States is the defeat of this depression.
is not
Labor
Urged to Change Policies to Save
Carriers—Joseph B. Eastman Says Workers Should
Modify Program from "Standpoint of Own Good"
Railroad
dictators and
about
much
hear
"We
of
when
why and
they
and
hungry
the raw materials out of which dictators
men are
In
come.
judgment, the dictator is the product of economic and social
my
distress,
made."
are
Joseph B.
Eastman, Interstate Commerce Commissioner,
addressing the Harvard Business School Alumni Association
June 17, said that railway labor should adjust its policies
on
Speaking
Ebersole,
Prof.
School
Harvard
Before
Business
Views
Treasury's Problems
Becoming More Difficult of Solution
and
practices to changing conditions in the transportation
industry, "from the standpoint of its own good."
"It is the
Alumni,
Ebersole,
Franklin
J.
Professor of
Finance,
as
speaking at
duty of government to accomplish this result," he asserted.
Mr. Eastman said that the railroad
industry must "go
the annual
through
a
Association, at Cambridge, Mass., on June 17, discussed the
ployees
may
process
in
well consider how best they can help that
their own self-interest, and reconsider their
customs, practices and policies in that light."
traditions,
from his speech
"Transcript" of June 18:
Other
extracts
Boston
Mr.
painful readjustment," and that "em¬
process of
Eastman
said
this
well-equipped
a
by
merged
with
quasi-judicial
conditions,
tendencies
promote changes for
the
those
probable
which
which
which will
advise
results,
keep
can
the
need," he contended,
dangerous
are
in
be
not
closely in
touch
unsound,
or
Congress and
the
sub¬
the better, and guide development along sound lines."
Bankrupt
railroads
and
must
be
the
Commissioner
today's
"There
methods
declared,
the
on
At
is
of
Treasury
clear to give their
way
Mr.
the
Eastman
changed
conditions,
best,"
may
conditions
The
"they
both
prove
roads,
everyone
in
the
he added, rate
he said,
he
said,
Ebersole
no
to
reason
hold
"desperately
are
termed
the
out
industry.
hope
no
Under
alleviation.
of
At
financially
will
the
Treasury
own
future,"
he
maintain
to
financial
end,
declared,
"public
heartless
a
end,
tremendous
a
that
or
least,"
at
years
he
responsibility
apparently
public
not
was
will
opinion
of
this
permit
the
aware
not
of
consequences
its
"is
of
segment
it
individual
stability,"
that
bank
we
the
will
ask
be
will
or
for
Thereby,
policy.
discretion
and
become
will
expect, sooner
may
Treasury
portfolio
bond
initiative
problem
Treasury's
Therefore,
not,
or
regiment
to
powers
the
that
solution.
sacrificed
he said.
"At
worst,
they
speaking,"
Recovery the Job of
ber
and
situation.
that
or
the
Treas¬
He
Not Government, Says
Business
Lawrence, President New York Cham¬
Commerce—Comments
of
Incident
Heavy
to
of
indifference
the
to
and
be
to
resources
enterprise is its job
will
opinion
"Business is fast realizing that the Nation's driving power
saw
methods
financing it will be changed, for several years at least.
"In
im¬
Enrollment of New Members
present
our
deficit
will
several
for
places
Treasury
future,
like
we
Richard W.
sick,
"growing
present
salvation.
of
growing importance of the Federal
in
the
that
suppose
transportation
trend
dificit
the
changed,
"heartless indifference to the
said,
he
whether
bureaucratic
dangerous."
the most significant fact
ury
another
shoulder to the wheel.
put his
must
Professor
delusive and
their
see
the
the
a
difficult of
more
and
for
possibility
a
be able to
will
in
outlook,"
and
more
must do their share, and must realize
increases
offer
hoped,
the
acts.
help."
of
measure
that employees
said
be
may
be
this
that
said,
but
maintain
additional
it
that
suppose
will
it
out
he
time,
to
"ahd
employees,
is
Treasury.
one
continued, all reasonable opportunities for rate increases should be utilized,
railroad
to
reason
no
responsibility,
later,
the
situation
financial
financing
pointing
"The
reorganized,
Alumni
and its rapidly expand¬
ing control.
The Boston "Herald," in Cambridge advices,
June 17, further quoted him as follows:
Reorganized
will
in
fact
own
Will Be
School
portance of the Federal Treasury"
foresee
President,
Business
Nation's financial affairs, and said that the most significant
deficiency in trans¬
a
sore
government
procedure and
locate
their
and
of
agency
"There is
given
as
has suffered from
country
portation leadership, of statesmanship.
"for
follow,
dinner of the Harvard
permit
not
consequences
the
of
its
acts."
President
New
of
York,
recent
put to work effectively in productive
before," Richard W. Lawrence,
as never
Chamber
the
declared
Commerce
of
June
on
heavy enrollment of
15
of
State
the
of
commenting upon
in
the
members in the organiza¬
new
tion.
Business
Recovery
Must
Hanes
missioner
Industry and Labor
Economic
Precede
Tells
to
SEC Com¬
Graduates—Urges
Cooperate with Government
must precede
recovery
Reform,
Harvard
business
reform in the
United States, John W. Hanes, Commissioner of the Securi¬
ties and Exchange Commission, said on June
17 in an
address
before the Harvard
ciation at
Business
Cambridge, Mass.
"transcends
all
other
School
Alumni
in
this
continued:
Government
"bought"
Nation,
Business
including mo¬
nopolies, politics, programs, planning, reorganization, regu¬
lation
industry,
and
reform."
to solve
way
the
our
wholehearted
Mr.
Hanes
stated
problems effectively
"there
that
no
than through
capi¬
other
cooperation of labor,
is
management,
tal
and government."
Cambridge advices, June 17, to the
New York "Herald Tribune" quoted Mr. Hanes, in part, as
follows:
The
to
way
United
States,
tolerant
restore
the
economic
speaker
cooperation
asserted,
"is
the
stability
economic
of
way
elements of
among all
now
and
recovery
our
genuine,
the
in
determined,
society."
cooperation among all elements of a competitive economy "is
attainable," the epeaker said, adding that, in his opinion, "it is attainable
now
a
in
and
is
the
first
a
standard of
bringing
can
all
means
become
of
and the subsequent task of reaching a still higher level
only be accomplished if the various interested parties—
of
thoroughly
civic
duty.
regardless
us,
imbued
Our
with
depends
this
country
economic
woik.
Our
productive
"This
is
we
method
use
on
our
involves
working
methods
for
in
unity
as
helping
we
provide for
fist
Hanes
large
hamper
or
and
more
the necessity
recognizing
are
such
Chamber,
the
as
money.
which
allying
of
are
qualified
In
the
nine
259
back
July,
the
of
their
orderly and
workers,
against
conduct
profitable
of
destructive
fight
to
or
regulations
heard
protests
more
months
new
comparable
well
make
.
.
.
laws
and
business and the
taxation or to
reckless spending and piling up of public debt by government.
oppose
elected
1936-1937
into
from
members,
the
1937,
October,
an
period,
of
increase
and
to
.
.
.
the Chamber
1938,
216%
over
the
year
dating
No members are elected
during
number
record
a
June,
approximately
pre-depression period.
for
any
were in
the
26 different
Other industries
well represented
among the new members were the railroad,
steamship,
public utility, real estate, export and import, chemical, mining, engineer¬
lines
August
ing
of
and
September.
investment
and
construction.
the Board
Of
the
brokerage
and
manufacturing, and
saving
and
to
put
people to
putting the savings
steadily rising standard of living and
a
to
a
and
emphasized that
business
and
no
line, except
6mall
business,
a
and
United
Of
or
18
members,
new
fields;
34
51
in
engaged
in the insurance business.
the
total
number
the President of a
elected,
123
were
either
corporation.
States
Prosperity
Attributed
Salesmen—National
Salesmen's
Inspirational
from
Talks
Merle
Largely
Crusade
Thorpe,
to Its
Hears
J.
G.
Blaine, and Others
The American
tinuous
method
come.
And there is only one force
simple relationship work; the ability to make
profits
the desire of each of us to get along in the world, to save for a
rainy day and thus save for the Nation."
that makes this humble
Mr.
to
experiments
salesmen have been
responsible for "every
single wealth-producing enterprise that makes for the con¬
Way
margin of safety for the generations to
between
which
our
our¬
through private enterprise.
how
more
organizations
to
or
employment
life—
the castor oil method to lubricate
clenched
working,
of
status
or
sincere adherence to this duty.
American
the
nor
6pirit
concrete
cannot rely upon
machinery;
occupation
our
true
find
Stresses
"In
of
the
ability to
selves by helping each other
our
legislated back
billion-dollar expenditures of the taxpayers'
our
economic, political and social order does, in fact,
ability to get together," he continued, "the immediate job of
recovery
prosperity
first
to restore recovery and reestablish in America
all desire—a standard which has no equal anywhere
be
economic
forcibly present their problems before the court of public opinion.
Chairman of
success
rest upon our
which
we
world.
"If the
of
essential
living
cannot
impractical
Alone, they are helpless to combat government encroachment on private
banking,
Genuine
men
with
Nation
the
but
well-meaning
back by
themselves
to
its
that
realize
must
by
prosperity
Asso¬
Mr. Hanes said that recovery
issues
"Government," he said, "must be convinced- that our
American economy is distinguished from all others by its
voluntary cooperation and that the function of government
is to be an umpire and not an overlord."
Mr. Lawrence
tenuous
one,
if drawn,
can
would
be drawn
have
no
tion's
employment of men," Merle Thorpe, editor of "Na¬
Business," told
a luncheon
Salesmen's Crusade in New York
States,
meeting of the National
June 14.
The United
on
said, "has been kept, until recently, a going
by this indestructible spirit of its salesmen."
He
he
concern
continued, in part:
,
.
Everyone has something to sell:
The banker, the resources and facili¬
her training and ability; the
boy who mows the lawn, his energy and muscle; the attorney, his briefs
and precedents;
the farmer, his knowledge of soils and seasons and his
ties
of
labor;
his
the
institution;
factory
the
worker,
school
his
teacher,
skill
and
craftsmanship.
Prosperity
is
Volume
dependent
146
Financial
the rate of exchange uetween these and thousands of other
groups—upon the speed with which each sells its wares to the others.
The National Salesmen's Crusade has
as
its aim the speeding up of the
selling process—the rate of exchange within a
community.
The Nation
is
collection
a
heartedly,
of
communities.
If
enough
communities
enthusiastically—as did Lincoln,
decide to
cerns
determined
put all
selling
their
of
resources
effort—more
jobs'
Neb.—if
and
energy
for
men
participate—whole¬
enough
business
con¬
experience behind
unemployed
now
a
must
inevitably result.
Others
who
spoke
at
the
included
James
G.
Lincoln,
Neb.; G. W. Mason, President of the Nash-Kelvinator
Corp.,
and H. W. Burritt, Vice-President of
the same company.
Mr.
Blaine said, in part:
>
In bringing back the active
exchange of goods, services and labor we
once had the work cannot be
delegated.
George can't do it—alone.
(Even
George Mason, master salesman.)
But you the people, we the individuals,
in
his
the up
From
field,
own
road
the
Lincoln,
rebuild
can
the greatest
to
remarks
the
walls,
Mr.
Cole
of
again
on
have yet known.
we
quote:
we
Neb., has long been the center
America
6tart
can
prosperity and well-being
of
the
Nation's
White
Spot, but
National Salesmen's Crusade has had its
part in making that spot a bit
This
crusade
has
been
under
way
in Lincoln for nearly a
be exact, it was four weeks
ago tonight that our Chamber of
Commerce held
a
mass
meeting of several hundred business and sales
executives, retail store clerks, service station
brighter.
month—to
employees,
operators,
service,
has
the
sales
more
or
and
been
have
in
to
others
many
itself.
The
interested
principles
a
sales
new
Lincoln
have
common
the
bellhops,
merchandise,
crusade—to
make
"Seeing is Believing."
We
things actually happen concerning which I shall
those
.
seen
competitors
cause—knowing
gentlemen who
of
hotel
selling
the
of
consciousness.
briefly speak.
We
in
back
jobs—was explained and for the past 28 days Lincoln
more
awake
seen
and
city
Commerce
are
to
go
work—shoulder
sales
more
host6
our
for all
means
to
today first called
shoulder—for
jobs for all.
more
on
the
at
us
this
When
Chamber
examined
their plan critically.
Their competitors were
promptly learned from them that the slogan
"What helps business
helps you" was more than a slogan to them.
They
were
eager to enter into this effort because
they knew that "What helps
business helps all."
first
called
Our
and
Chamber
of
essence
the
we
in,
of
this
improvement
In
Lincoln
ment
we
Commerce
plan
is
of
all
whole
lent
its
salesmen
which
because the
support
in
community.
effort
an
.
.
have two classes of
people—first,
we
panaceas
promptly
enlist
to
our
devising
are
prevent
work
inquiries from
the
crusade.
sion
to
keep
and
ways
falling
any
missionary
off
in
outside
other
Our
sales
the crusade
effort,
productive.
and
area.
We
trade
own
parts of
and
the
and
interest
our
alive
for
means
injection
of
we
Already
ideas
new
doing
are
have
received
to
eome
many
the
Nation asking for guidance in launching
devoting much of his time to this exten¬
is
manager
Copeland
executives
effort
alive
of
to
and
a
city
our
design
new
has
called
and
ways
meeting
a
of
means
of
advertising
keeping
type of service has been added
this
to
and
selling
new
Chamber
our
of
Commerce.
4.
Young Graduates Urged by H. H. Curtice to Face Life's
Responsibilities—Citizens Advised to Forego Re¬
liance
Other Agencies
on
The prevalent philosophy nowadays
emphasizes
cept of
man
concept is
insulate
me
Let
take
"the con¬
unfeeling universe," and this
an
increasing tendency
the
realities
of children
of:
Let
Let him
the responsibility
Custice,
General
the
from
allowance.
an
him
II.
H.
"in
seen
children
attitude
quent
give
helpless in
as
President
Motors
Corp.,
said
life
father
provide
while I
the
of
of
parents
do
me
the
it.
to
conse¬
Let
him
education.
an
take the liberties,"
Motor Division of
Buick
June
on
of
and
19
in
addressing the
graduating class of Olivet College, Mich.
The topic of the
address was "Do It the Hard
Way."
"Step by step," Mr.
Curtice said, "individuals have denied their
independence
and pushed their responsibilities farther
away."
He continued,
The
of
clamor
citizens ;
in
in
part:
recent
years
less and less is
is
altogether
heard
about
make
rights and liberties possible.
Vast
their
moral
role
of
been
and
aptly
no
for
cause
is
which
duty
weak
himself,
best
to
and
have
vers
his
in
will,
and
fight
your
the
when
fight?
the
as
that
in
not
the
to
accepted
advance
and
him.
I
have
stout-hearted
have
those about
outside
wholesale
ever
I
honor
the
you
seen.
battle to wage?
no
empha¬
age-old. battle
the
the
discussing has
am
fatalism
the
You
power
you
of the
have
comrades.
to
have
I
it
is
best
the
in
the
Security
Dealers
should
register
under
the
Maloney
Act;
be referred to the
special committee already appointed
and that the
committee study and report back its
recommendations to the
after consultation with the
Securities and
Commission, Investment
Bankers Association
others with whom it
may see fit to confer.
Advices from
and
other
Exchange
associations and
Washington, June 21, to the New York
"Journal of Commerce" said:
,
The other associations with
which the committee
expects to confer
are;
California Security Dealers
Association; New York Security Dealers Asso¬
ciation; New England Security Dealers
Association; Iowa Security Dealers'
Association; Maine Investment Dealers Association, and Texas Investment
Bankers Association.
The special committee
appointed to carry on this work is composed of:
New York City, First Boston
Nevil Ford,
Corp.; Frank Weeden, San
& Co.; Joseph T.
Johnson, Milwaukee, Wis., Milwaukee
Co.; Edward H. Hilliard, Louisville, Ky.; J. J. B. Hilliard &
Son; George
Stevenson, Hartford, Conn., Putnam & Co.; Francis A.
Bonner, Chicago,
Blair, Bonner & Co.; A. P. Everts, Boston,
Paine, Webber & Co.; and A. W.
Snyder, Houston Texas., A. W. Snyder & Co.
From the
same
Two sessions
advices
of the
we
also quote:
Governing Committee and Advisory Council
were
held; the first in the morning, and described as
being devoted to routine
business, and the second in the afternoon, when there were extended dis¬
cussions of the
Maloney bill and the position of the
conference under the bill.
At luncheon Commissioners
Mathews, Healy, Frank and Hanes of the
SEC, and Ganson Purcell, director of the
Trading and Exchange Division;
Sherlock Davis, assistant
director, and Milton Katz of the legal division,
were
guests. Acting Chairman Mathews addressed the
meeting on the
subject of the Maloney bill and the association or associations that should
be formed under it.
At the afternoon discussion of the
measure and the position
of the
con¬
ference under it
a statement was issued
saying that "it was the sense of the
meeting that the conference should offer heartiest cooperation to the SEC
in working out a constructive
program."
Elsewhere in these columns
new
today
we are
giving the text
Maloney Act.
poor
in
resides
grow
cannot
tell
most
task
him,
and
by
thus
City
Industries in the fields of textiles, iron and
steel,
and
other
instruments, paper,
optical
soap,
home appliances,
chemicals, &c., were represented at meetings of the newly
organized Industrial Research Institute held at the Hotel
Dennis, Atlantic City, N. J., on June 17-18, with Robert B.
Colgate, Vice-President in Charge of Research for the
Colgate-Palmolive-Peet Co. of Jersey City, N. J., presiding.
Executive directing industrial research for their com¬
panies participated in round-table discussions dealing with
administration, organization and personnel problems of
their scientific research laboratories.
Improvement of the
general efficiency of laboratory administration and methods
of increasing the return on the research investment were
subjects discussed by the executives attending the meeting.
Surveys along these lines will be conducted by the Institute
during the summer.
The Institute, membership of which is open to industry's
research executives, received a message of greeting from the
American Council of Commercial Laboratories, which said
in part:
Organization of the Institute reflects
for the success of which
Maurice Holland,
Division
universities
man
how
bettering himself,
tvhole.
Institute
a
high
as¬
Director National Research
Council's
Engineering and Industrial Research, and
acting executive of the Institute, said that another project
contemplated is to cooperate with American colleges and
research
in
the
of
the
you
growing appreciation of research
The Eexeutive Committee of the Institute, of which Mr.
Colgate is Chairman, will operate as a committee of the
National Research Council during the organization stage.
0. A. Pickett, director Hercules Experiment Station,
Hercules Powder Co., Wilmington, Del., presided at aroundtable discussion
on
research
organization, and Donald
Bradner, director Research and Development Department,
Champion Paper & Fibre Co., Hamilton, Ohio, was Chair¬
man of a round-table dealing with personnel.
the
purpose
a
the Council shares with
piration.
the
you, you will
effectively ekrried forward not by vast maneu¬
but by every man in his single strength doing
assigned
Industrial Research Men Discuss
Laboratory Operation
and Other Problems at
Meeting at Atlantic
of
and
good fight has measured and tested and seasoned
that
of this meeting .that a
National Association of Investment
matter
and
That is your privilege
But I would venture the judgment that long from now,
charge.
found
level
and
process
which
men,
liberties
delegated
I would not presume to.
and huge concentrations,
bettering
others,
in
circumstances
battle.
your
You
cause
rights and
citizen have
of
authority as the most
which the world has
Every sign
the
joins
numbers
to
the
responsibilities, which alone
and women, have
contrary.
useful,
always
personality
demonstrating to lesser
of
and
aed
about
their
The whole
psychological
a
young men
to
to
and
true
tough-minded
by
you
proof
a
and
brave
now,
independence
beneficiary.
a
character
of
ask you
sized
or
described
degradation
I
economic
victim
a
sense
and
the
the advocates of govern¬
work.
Mayor
It is the
Bankers
that
of the
...
we
governing committee and Advisory Council of the Invest¬
ment Bankers'
Conference, Inc. At the second day's meeting
(June 21) the following resolution was
adopted:
are
determined
are
held by the
very
looking toward
.
supposed to cure every economic evil; and the
other, those who condemn and grumble at everything the
government does.
We have seen both of these classes
joined in this cooperative effort of
making more sales and more jobs.
We
was
Francisco, Weeden
the
elevator
4049
opened June 21, and continued the next
day,
Governing Committee
meeting
Blaine, President of the Marine Midland Trust Co.; Dana
Cole, President of the Chamber of Commerce of
each
Chronicle
upon
so
that
these
institutions
workers along lines required
can
train
scientific
by actual industrial
experience.
Bert White, Vice-President The
Liberty Bank of Buffalo,
Buffalo, N. Y., which operates a research advisory service
in the interests of their clients, told the delegates that
bankers
today
becoming
are
more
conscious
of
the
im¬
portance of research in the development an dstabilizing of
industry.
Among those who participated in the session were:
H.
Earl Hoover, Vice-President, The
G. E.
Hoover Co., Chicago,
111.;
Hopkins, Technical Director, Bigelow-Sanford Carpet Co., Thorap-
sonville, Conn.;
Action
Toward
Under
Formation
of
National
Association
Maloney Over-Counter Act Taken
at
L. B. Swift, Vice-President, Taylor Instrument Co., Rochester, N. Y.,
Meeting
and Dr. H. L. Mason, Assistant Director of research, for the same company;
Governing Committee and Advisory Council of
Investment Bankers' Conference, Inc.
John M.Wells, Vice-President, and D. P. Bernheim, Assistant to General
of
At
meeting in Washington this week plans toward the
creation of a National Association of Over-the-Counter
Manager, American Optical Co., Southbridge, Mass.;
H.
K.
B.
D.
a
dealers
were
brought
under
way.
The
meeting
which
Work,
Jones & Laughlin Steel Corp., Pittsburgh, Pa.;
Thomas,
Assistant
Columbus, Ohio, and
L.
to
Director,
Battelle
Memorial
.
Dearstyne, Collins & Aikman Corp., Philadelphia, Pa.
Institute,
Financial
U. A. W. A. Faces Internal Dissension—C.
Suspends
difficulties in
Internal
Chronicle
I. O. Union
4050
modity^Distributors, Inc., will serve as selling agency for the
shares of Commodity Corporation, commodity investment
trust designed to offer the investor the opportunity to invest
in a cross-section of basic commodities, it was stated.
The
Board of Directors of the new organization will comprise the
following men prominent in the investment field, according
to Mr. Lee's announcement:'
Five Officers
United Automobile Workers
the
Committee for Indus¬
Union of America, an affiliate of the
Organization, were partly met on June 17 when the
union's Executive Board, headed by President Homer Mar¬
trial
George F.
tin, paid the $5,000 -weekly payroll on schedule.
Addes, suspended Secretary-Treasurer, had raised questions
union
the
Meanwhile,
authorizations to make payments.
of the proper
the threat of
with
faced
was
per
a
capita tax
strike, following the suspension of five officers. This situa¬
tion was described as follows in Associated Press Detroit
of
advices
15:
June
for
agreement to pay 37^c. monthly to the international office
an
of
the
said to
amount
anti-Martin
The
bank.
Detroit
union,
6aid
allies
had
signature card at the bank and would be unable to
returned to Detroit.
He was in New York.
suspended
he
after
administration
union
the
Martin
Mr.
Treasurer by
the elected Treasurer.
Acting
Martin
has served
group
were
legal action if funda were paid out on order of Delmond Garst,
would take
appointed
Addes,
tied up in a
notice on the bank it
to $100,000,
filed
not
do
a
George
required
until Mr. Martin
so
predicted for resumption of the union
Executive Board's meeting to arrange for trial of the suspended officers.
A special convention which Mr. Martin's opponents said they would seek
in case of formal ouster might be delayed for
several months because
of technicalities.
It was conceded that action of anti-Martin locals in
A
delay
of
weeks
several
was
refusing to pay the per capita tax could
by tying
W. Lanaban & Co., Baltimore. Md.
W. W. Lanahan, of W.
Grobbs, Scott & Co., Pittsburgh, Pa.
Wilson Scott, of
B. Shapleigh Symonds of Chace, Whiteside &
Jonathan Chace and
Co.,
Boston, Mass.
Couch & Co., Little Rock, Ark.
S. C. Couch of 8. C.
G. A. Gantz & Co., St. Louis, Mo.;
Marston Cummings of San Francisco,
Cal.
Hall & Stewart, Boston, Mass.
Shelton A. Jones of Choate,
New York.
of E. F. Bigoney & Co., New York and
Lyttleton B. P. Gould of
E. F. Bigoney
employed member.
every
Funds
Jackson Bros., Boesel & Co.
A. G. Boesel, of
G. A. Gantz of
Per capita tax receipts, "life blood" of the union, were reported to have
totaled $120 Tuesday, a day when $12,000 ordinarily is contributed by
;
locals under
June 25, i9ss
of David L. Shillinglaw & Co., Chicago.
David L. Shillinglaw
Mr. Lee further stated
—It" is
that
country
inAhis announcement of June 24:
of many of the important investment houses of the
the opinion
endowed institutions, individual estates, and
anxious to hold commodities, i. e., raw materials, as a
purchasing power for the dollar. Commodity Cor¬
numerous
private investors are
hedge against a lower
of the "open-end" type which
basic commodi¬
Capitalization of the trust consists solely of 200,000 shares of capital
poration is a Massachusetts investment fund
permits investors to obtain an interest in a cross-section of
ties.
value of the com¬
Shares are priced at the liquidating or market
stock.
As is the case with most "mutual funds"
of purchase.
modities held at time
Commodity Corporation may also "cash
invested in stocks, shareholders in
out" their interest in the fund at will.
"starve" the administration group
the union's funds.
up
Copeland, United States Senator
Health
Com¬
Formerly
missioner of New York City—Governor Lehman
Announces Senate Candidacy
Death of Royal S.
CIO Union Victor Over A* F. of
Longshoremen's Union Led by Harry Bridges Is
Recognized as Exclusive Bargaining Agent for
important victory over the American Federation of
Labor was recorded by the Committee for Industrial Or¬
ganization on June 22, when the International Longshoremen
and Warehousemen's Union, a CIO affiliate, was certified
for
by^the National Labor Relations Board
gress.
the exclusive
bargaining agency for all longshoremen in 31 Pacific Coast
ports.
Pacific Coast longshoremen, under the leadership of
Harry Bridges, seceded from the Federation's International
Longshoremen's Union in 1937 and created their own organi¬
The NLRB decision
zation.
services
Funeral
Pacific Coast
An
as
summarized
was
as
held
were
21
June
June 17 after
York, who died
short illness induced by
a
Seventy-fifth Con¬
overwork during the closing days of the
Senator Copeland, who was 69 years of age, was a
Democrat, but was a staunch opponent of major New Deal
Official representatives of the Senate and House
policies.
President Roosevelt sent the
attended the funeral services.
following telegram to Mrs.
We
Mrs.
been
have
Roosevelt
Copeland on June 17:
shocked to
greatly
joins me in
hear
sending to
the Senator's
of
our
you
unprecedented in that it established the first
was
major geographical bargaining unit in certifying the I. L. W. U. as sole
bargaining agent for all longshoremen who work for companies which belong
to the
'employers' associations: Waterfront Employers of Seattle,
Employers of Portland, Waterfront Employers' Association of
Francisco, Waterfont Employers' Association of Southern California,
Shipowners' Association of the Pacific Coast.
The
9,557 of the 12,860 eligible workers had signed cards
Board said
He
►<The decision represented
West
Coast
major victory for Bridges, Australian-born
director, against whom deportation proceedings have
CIO
been instituted
a
member of the Communist party.
grounds that is a
on
These proceedings have been postponed
Supreme Court ruling
a
this
hours and other conditions of employment.
wages,
that Communist
The NLRB
one
widespread west coast maritime strike of 1934
when the longshoremen,
then members of the A. F. of L.'s International Longshoremen's
struck for
a
unionists who would not join the CIO, asserted before the
Board had
than
.
But the Board overruled this contention.
"Action by the longshoremen, if it is to be effective, must be concerted
and
co-ordinated,"
among
NLRB
the
"At
said.
the
present
time,
sympathy
will refuse to work ships diverted from a port in
Unless
therefore,
there
the longshoremen's
will
be
activities
disorganized
strikes.
which there has been a
are
completely integrated,
home to the longshoremen that action which is not coast-wide will
a
result
harmful setback to their self-organization.
impropriety of
a coast
unit.
It must be
noted, however, that wages, hours, methods of hiring, methods of settling
grievances,
payment
uniform
the Pacific Coast.
only
on
in
minor
of penalty
matters.
.
.
and maximum
cargoes,
There
are
sling
loads
divergences in the working rules
.**
Ventura and vicinity, Everett, Aberdeen,
Townsend,
Raymond,
Vancouver,
Port Gamble and Paulsbo, Port
Reedsport,
Rainier,
Astoria,
Senator
Eagle
Harbor,
stand
Crescent City, Monterey and Eureka.
up
sessions.
a
luncheon forum
on
becoming
to
Senator
he
of New York City.
several
fronts,
writing
widely-
a
and
he
was
health
hill, he warned his colleagues
order
in
to
exhaustion
avert
in
that they
Capital's
the
who
Ark.),
,'ed
approached
him
the
fight
for
.
['June 14]
the
in
he led
last
an
of the plan,
his health would not
proponents
and warned that
•
.
during this week's arduous
unsuccessful fight to insert
bill for improving
deficiency
$275,000,000
reform
and
against
Democrats
measures
government reorganization
and
enlargement
..
He piayed a leading role in the struggle
spending program.
conservative
court
..
inception of the New Deal he fought Mr. Roosevelt's social
since
the Supreme Court
He opposed the world
such
bills.
as
New Deal issues.
plan and other
little hand of conservative Democrats
petition circulated by Senator Josiah W.
Bailey (Dem., N. C.) to rally the "old liners" into an effective bloc to
He
was
about
months
the
to
position—and
coincide
He
of
a
con¬
order
at
beliefs.
his colleagues and in demand as a radio speaker
functions.
built up,
was
Committee, he was in a
measures that did
head off many New Deal
His colleagues said that his following
not as a politician,
in
but by his long-standing
doctor."
brought the wrath of the Committee for Industrial Organization on
bill
of
the "family
during the past session when he
for mediation of maritime labor
waiting signature by President
now
all
Senator
States
disputes.
The bill, which came
Lehman
of
merchant marine,
Roosevelt.
New'York
on
June 21 announced
willing to become a candidate for the United
Senate seat vacated as a result of the death of
Albany
The
fought for and botained passage
into labor troubles within the
long investigation
a
Governor
was
Copeland.
Governor,
in
United Press advices of June 21 from
this
reported
a
succeed
Senator
announcement
formal
statement,
as
follows:
said:
office of U. S. Senator
Copeland, I will accept the nomination."
"If my party desires me
to
democracy."
of
it—to
among
social
State
a
important Senate Commerce
utilized
with his
the
of
to sign
of the
popular
was
guest
after
ago
"old
As Chairman
not
the first
among
six
that he
was
during the bitter fight over the Administration's ill-
reorganization
their
funds
ducted by Commodity Corporation in New York on June 20
and attended by a group of over 100 investment dealers from
parts'of the country, plans were laid for the formation of
Commodity Distributors, Inc., a nationwide security dis¬
tributing organization, according to announcement made on
June 24 by Hal F. Lee, President of the new organization.
Described as a "cooperative distributing group,"
Com-
column
Last year
Tuesday night
Almost
is
commodity markets
on
housing and barrack facilities.
He
Following
Prior
1934.
under the strain.
additional
his head
modity Corporation Shares
health
summer,
(Dem.,
reputation
Formation of Commodity Distributors, Inc.—To Serve
as Nationwide
Distributing Organization for Com¬
and
Senator Copeland had been active on the floor
North
Freeland,
which
Committee,
conducting health radio broad¬
an unsuccessful candidate for
Republican nomination in the New York Mayoralty race.
Copeland
New York
Angeles,
food and drug bill, enacted
Maritime
Shortly before the unexpected death of Senate Majority Leader Joseph T.
Robinson
Tacoma,
Port
measures.
pure
Commissioner
prominence
years.
and
watch
and
Anacortes,
powerful
1928
Health
newspaper
several
Bend, St. Helens, Longview, Bandon, Port Orford, Newport, Bellingbam,
Olympia,
important committee
intense heat.
IPedro
Angelesjharbor, San Francisco, Seattle, Portland, Santa Barbara,
in
as
national
government
return
These ports are included in the certification order: San Diego, San
and Los
are
years
Only last
by
"The companies contend that the working rules differ in various ports
and that that is indicative of the
for
should
"The lessons of the disastrous local strikes in 1916 and 1919 have brought
in
four
Democratic
army
...
Colepand-Lea
the
headed
and
achieved
casts
the longshoremen is such that, in the absence of other factors, they
lockout.
of the
reelected
and
He
to designate a bargaining unit to negotiate with more
no power
individual employer.
one
NLRB that the
many
lifelong conservative, Mr. Copeland was elected to the Senate Npv. 7,
1922,
served
fated
The A. F. of L. and the reorganized I. L. A., formed from dissenting
had
various
House versions of
and
the author
session,
A
Association,
coastwise agreement.
he
eight conference committees seeking to reconcile differences
Senate
was
York
New
Friends pointed out that toward the close of the session he
on
syndicated
of the major points at dispute in the
from
Senator
in
follows
engaged in drafting a great deal of controversial legislation this spring.
New Orleans Circuit Court decision
recent
a
on
by the Labor Department pending
party membership Is not a cause for deportation.
ruling covered
served
between
designating Bridges's union as their exclusive representative in bargaining
over
senior
As
assignments.
had
was
career
death.
D. ROOSEVELT.
outlined as
Washington advices of June 17:
Copeland's
United Press
following
Waterfront
San
Senator
sudden
deep sympathy.
very
FRANKLIN
^ The Board's action
N. Y.,
Suffern,
at
S. Copeland, Senator from New
Royal
at Washington on
follows in
United Press Washington advices of June 22:
York—Was
New
from
L., in NLRB Decision—
to be a candidate for the
Volume
Thus,
Financial
146
Governor
Lehman,
who
broke
Supreme Court reorganization plan,
for
date
Mr.
funeral
capitol
once
Suffern,
few
a
Y.,
N.
came
a
as
Democratic
unexpired
in
State
term
described by Mr. Roosevelt
convention
the
of
Lehman's
Many
late
as
observers
for
candidate
a
senior
willingness to
wide scramble
a
Senator
the
Senator
In
Democratic
believed
in
Mr.
the
out
New
event,
any
the
two-year
nomination
Lehman's
May I
Governor.
for
Nov.
State
United
New
a
(Dem., N. Y.),
Senators
political interest
Suffern, N. Y.,
In
account from Suffern,
an
Present
the large gathering of his friends and admirers wree a
colleagues, Governor Lehman, Mayor LaGuardia and
prominent in the political, business and civic life of the
among
of
his
Senate
persons
State.
Mayor
John
Mayor LaGuardia's
The
rector
funeral
of
P.
at
O'Brien
given
was
Episcopal
the
New
of
York
arrived
by
Church,
home
and
the
Rev.
here,
and
the
at
Charles
Dr.
Masonic
services
were
this
aware
Wall
will
to
of-the
Street
call
for
and
you
citizen,
Suffern
lined
public
1,200
some
Avenue, the main thoroughfare,
over
Rockland County
children
school
Wayne
along
the cortege passed on its way from the
as
home to the cemetery.
Boy Scouts also saluted the cortege, and Rockland
Commandery, Knights Templar, of which the Senator was a member, formed
special
guard of honor
following persons served as honorary pallbearers:
Clinton P.
Williamson, New York lawyer; John F. Curry, former leader of Tammany
Hall; Dr. Arthur Chambers, Dr. Louis Kaufman and Dr. Jeremiah C.
Simonson, all of New York; Dr.
Campbell, chief
the
of
Federal
Joseph H. Ball of Cleveland; Walter G.
Food
and
upon
to
raise
for
me
Vice-President
Robert F.
George
Garner
had
appointed
Georgia,
of
had
Cullen,
and
John
appointed
Bertrand
G.
Snell
and
John
the
of
Christopher
J.
funecal
ideas
their
utmost
victims
of
disease
June
He
A.
17
A
complete
impossible of realization.
assistance
Gasque
H.
House
I
that
can
give
the
in
largely devoted to organizing and to an exchange
moving promptly and efficiently in the
a
full
the
organization
of
of
,
and
procedure
will
Committee
realization
the
in
of
of
difficulties
the
depressed
the
opportunity,
state
of
Mr.
Gasque
He
years.
tive
and
10
old.
years
Hospital
Mr.
The
discovering
will
committee
be
employment
the
March
to
four
a
Congress
Carolina
South
will
committee
will
be
and
Richard
from
1901
Marion
the
and
regularly
District
Chairman
of
20
(now Florence)
University
Superintendent
year
continuously for
years,
of
an
as
thereafter,
continuously for
the
Democratic
New York Stock Exchange firms
Nominationrof
of
County, S. C.,. he
South
Education
Carolina,
was
President Roosevelt's nomination
when he was
Appeals.
dent
tern
pro
New
of
Stock
York
invited by William McC.
of the Exchange,
Exchange member
Martin Jr., Presi¬
to organize
and direct
an
effort to assist
unemployed workers in the financial district
in finding reemployment, held their first meeting on June 16
at the Exchange.
After the meeting Robert P. Boylan, who
was
elected Chairman, announced that the following had
Committee:
Prescott S.
John
M.
John
K.
R.
Richard
L.
Thomas
S.
Chandler
Lamont, J.
Hovey,
Herbert F.
Starkweather
Hayden,
P.
Stone &
&
Co.
.
•
Co.
Morgan & Co.
Kidder, Peabody & Co.
Boynton, F.
Glazebrook Jr.,
S. Moseley & Co.
G. M.-P. Murphy & Co.
Weeks, Stokes, Hoyt & Co.
Howard J. Sachs, Goldman, Sachs & Co.
Percy S.
Richard Pigeon,
William R.
Estabrook & Co., Boston, Mass.
Trigg, Davenport & Co., Richmond, Va.
Ralph S. Richards, Kay, Richards & Co.. Pittsburgh, Pa.
District
Appoints New Counsel
1
few York Stock Exchange
♦
Reserve Bank of St. Louis Elects
as Assistant Vice-President
Federal
C. F. Ferry
Louis announced on
Charles F. Ferry as Assistant VicePresident, effective June 9, 1938.
He entered the employ of
the Federal Reserve bank on June 18, 191$, and has been its
bank relations representative for the past 16 years.
Mr.
Ferry will retire Oct. 1, 1938, in accordance with the Retire¬
ment System of the Federal Reserve banks, and will be
succeeded in the bank relations work by Howard H. Weigel,
Assistant Vice-President.
Federal Reserve Bank of St.
June 20 the election of
Stock
Toronto
as
At
the
Exchange
Elects
Frank* G,
President Succeeding N. C.
annual
meeting
Exchange, held
President
to
Lawson
Urquhart
of the members of the Toronto
June 21, Frank G. Lawson was
succeed Norman C. Urquhart, whose
on
term of office had expired.
The position of
Vice-President was filled by the Hon. Manning W. Doherty,
while Gordon R. Bongard was made Secretary and T. A.
Richardson, Treasurer.
All the officers were elected by
acclamation.
Members of the Managing Committee also re¬
turned by acclamation were:
Norman C. Urquhart of N. C.
presidential
Loeb & Co.
Dick, Dick & Merle-Simth.
Morris,
Since 1925 he has served as Federal
its meeting on June 22 approved the appointment of
Milbank, Tweed & Hope as general counsel for the Exchange.
elected
Brown Brothers Harriman & Co.
Kuhn,
Staikweather,
Fairman
Otis A.
Bush,
Schiff,
has served in judicial capacities since 1923,
appointed to the New Jersey Court of Errors
New York Stock Exchange
Stock
Clement, Curtis & Co.
Boylan,
Judge
)TThe*Board"of Governors of the
accepted Mr. Martin's invitation to serve on the ReemployRobert P.
be
Judge in New Jersey.
"
ment
to
and
election
sitions
"
Jersey
Judge Clark
The
were
of Judge William Clark
of the United States Third
Circuit Court of Appeals was confirmed by the Senate on
June 16 by a vote of 57 to 5.
The President nominated
Judge Clark on June 10 and the nomination was favorably
reported by the Senate Judiciary Committee on June 15.
He succeeds Judge J. Whitaker Thompson, who retired.
New
at
was
elected
Florence County,
of
resigning that office after his
Third Circuit
Appeals
16
party,
Representatives of New York Stock Exchange'Member
Firms Form Reemployment Committee to Assist
H
Unemployed Financial Workers in Finding Po¬
firms who
as
office in the financial district and public
to the machinery that will be set up for
Confirms President Roosevelt's
Congress.
Representatives
of
Farr
L.
;
open
made
of former employees of
Court of
member of the State Democratic Execu¬
County
years
1873, in
8,
in
following
served
Sixth
for eight years
oppor¬
persons
prepared to recommend
experience and demonstrated ability.
Bush will act as Vice-Chairman
registration
and
Sixty-eighth
City Chairman of the Democratic Executive Committee.
years
graduated
the
served
was
Committee,
Born
the
to
pre¬
trade and
S.
announcement
of
in part, as follows:
elected
the
were
industry and the danger of
encouraging hopes which would be impossible of fulfillment.
In its thorough exploration of the business world outside of the finan¬
cial district as well as within it for the discovery of possible employment
on
of the House Committee on Pensions.
A Washington
dispatch of June 17 to the New York "Times" described his
First
follow
views
group
seeking employment.
man
career,
Please
commendable,
presented at today's meeting.
All of the
impressed with the seriousness of the under¬
taking and the need of careful planning and preparation.
Also there was
of
South
of
Walter Reed
the
at
65
of
Competent,
direct.
to
are
plan
exchange
members
the
Gasque, a
Democrat, began his service in the Sixty-eighth Congress in
1922 and served continuously for 16 years.
He was Chair¬
was
your
would
Boylan of New York to represent
Chairman of
on
Washington!
It
condition
depressed
the
which has within recent weeks become especially
former employees of Stock Exchange firms.
Thomas
Sullivan,
Representative Allard H. Gasque of South Carolina died
heart
the
and means of
Speaker
Delaware.
D.
Pensions—In Congress Eight Terms
in
that
painstaking application.
and
to the
already nad
Judge William Clark to United States
of
and
emergency
liminary
Senate
Carolina—Was
dis¬
of
We recognize that
difficulties involved.
doing
patient
hopes
any
to ways
as
acute among
Senators
the House.
Death^of ^Representative
this
loyal
on
many
condition
Secretary of the group.
Jr.
Townsend
Representatives
many
are
cruel
The meeting today was
of
Department; Ole Salthe of
Wagner of New York, Edward R. Burke of Nebraska, Walter F.
Bankhead
the
Following the meeting Chairman Boylan made the follow¬
Prescott
attend
to
attack
an
depressed
ing statement:
exceptional
Administration;
for
only of the financial community but of employers everywhere.
call
Captain
Drug
Dennis J. Mahoney of the New York City Police
New York, and Anthony Cuculo of Suffern.
the
in
not
tunities
for the cortege.
The
who,
willing
workers who are equipped by intelligence and training deserve any assist¬
ance
it is possible to give.
I am sure that I voice the sentiment of the
entire financial community when I express the conviction that everything
humanly possible will be done to find work for those who, through no
fault of their own, find themselves unemployed.
The task which you have generously assumed deserves the hearty support
illustrious
its most
to
district
deprived of their income.
are
in
unemployment
A guard of American Legionnaires from
posts all
kept watch at the bier until the funeral.
In tribute
that you
leadership required
to
business
also
Cemetery,
Mahwah
in
grave
Bispham,
P.
fact
the
by your readiness to
am
be undertaken in the
and other public-spirited men have
about
effort
our
funeral
the
at
Mahwah, N. J.
H.
in
all
are
unfair
car.
address
Christ
conducted
a
The
supply
cooperative work you
Former
for their public-spirited
letter outlining the objec¬
a
Mr. Martin said:
reemployment
industry,
undertaking
held at his summer home
were
June 21.
on
to
workers
financial
be
In
problem wili give needed, encouragement to
tressing
employers
likely
the
district.
volunteered
Copeland's
President Roosevelt's home State.
on
in
fact
Senator
of
November—a
in
that date, the New York "Sun" said:
number
participate
efficient
understood to prefer
was
because
voters,
States
services for the late Senator
in
San Francisco, Calif.
Dodge & Co.
how greatly pleased and heartened I
say
financial
in
result
would
action
tives of the committee,
York.
New
Copeland, who was born at Dexter, Mich., on
7, 1968, came to New York City in 1908.
Funeral
other
Clark,
Coppet & Doremus.
response to his invitation.
We
York
elect two
must
at
Senator
on
Jr.,
Mr. Martin, in opening the meeting, expressed his appreci¬
Senate.
the
to focus the Nation's
at
Brown
ation to the members of the group
the Senate seemed certain to result
to
go
fill
to
from
Wagner, staunch New Deal supporter,
remain
death,
M.
Richard L. Farr, De
"my good right arm,"
as
Deal drive to draft United States Senator Robert F. Wagner
for the nomination for Governor.
to
Cavalier, Wm. Cavalier & Co.,
Thatcher
he attended
political bomb¬
after
hours
hill.
Governor,
in
only
has been cool toward the New Deal for the past two
years.
The
Democratic Party
probably will nominate Mr. Lehman
Mr.
Newbold Taylor, W. H. Newbold's Son & Co., Philadelphia, Pa.
Paul H. Davis, Paul H. Davis & Co., Chicago, 111.
virtually withdrew himself as a candi¬
issued
4051
C.
the
on
William
statement,
Copeland's
on
The
Roosevelt
President
re-election.
Lehman's
Senator
shell
with
Chronicle
v
Urquhart & Co., Fred J. Crawford of F. J. Crawford & Co.,
B. Duggan of Duneanson, White & Co., J. F. Stewart of
Stewart McNair & Co., and J. M. Scott Jr. of J. M. Ccott Jr.
&
Co. * Elected to the committee to
succeed Harry B.
R
Houser,
of
The
whQ retired from the Board after many years
service, was Wilfred
G. Malcolm of A. E. Ames & Co.
Financial
4052
new
member served last year on the Floor
new
President makes the fortieth incumbent to hold office
Stock
of the Toronto
Committee.
business with W. L. McKinnon & Co., later joining Stanley
Moss in the formation of Moss, Lawson & Co., who became
1025.
members of the Toronto Stock Exchange in
continuous
had
has
son
service
Exchange
on
Mr. Law*
committees
1028, being Treasurer in 1931 and Secretary in 1932
Chairman of the Building
since
of the old Toronto Exchange; was
Committee
for the
responsible
building,
Exchange
occupied
and
President last year.
of the
erection
;
Stock
of Vice-
that have come to my attention relative
definite need for
the real situation that
impartial report which will adequately portray
an
1938
25,
relations in Great Britain, I feel that there is a
to industrial
prevails in British industry.
I
trust
with British Government officials,
will be in a position to report to
conferring
through
that,
industrial leaders and labor
officials,
you
Labor not only on the exact status of labor-employer
the Secretary of
procedures that account for
the current state of industrial relations in that
;;■'
country.
V
Swedish conditions the
.0;:"vV
Regarding the investigation of
President said:
'v;r'
reference to my
With
letter of June 16 relative to the investigation of
the course of
labor conditions in Great Britain, I should appreciate it if, in
Fifteen
Special
Appointed
Committees
President
by
Lawrence of New York State Chamber of Commerce
Consider Industrial Relations, Judiciary
to
Reform,
World's Fair, and Other Important Matters
The Chamber of Commerce of the State of New York
appointed by President Richard W. Lawrence to supplement
of the several standing committees which are
elected at the annual meeting.
The special committees will
consider such matters as industrial relations, judiciary re¬
form, relief of congestion in tax assessment reviews, na¬
tional defense,; immigration, the World's Fair, &c.
They
will submit their reports to the Executive Committee, of
which William J. Graham is Chairman, before presenting
them to the Chamber for approval.
the work
World's
Fair Committee, with 15 members, is the
with the opening date of the exposition less
than a year away, is expected to be one of the busiest of
the Special Chamber groups.
Lawrence B. Elliman, of the
real estate firm of Pease & Elliman, is Chairman, succeed¬
ing George McAneny.
The committees follow:
The
largest, and
Conservation
J.
man;
Lands
Francis
and
Louis
Forests—Guy DuVal, Chair¬
Slade, Eric Pierson Swenson,
Yardley.
Coykendall,
Relations—Lewis
and
Fred
Dalzell,
B.
R.
Jeremiah
Chairman;
Gwyn,
R.
Brunt,
Van
Frederic T.
Thomas
Charles T. Gwynne,
National
Arthur
Business
of
A.
Buckner,
Columbia.
of
Frederick
University—Charles
Coykendall
John
L.
Davis,
M.
Willard V. King.
Defense—Howard
E.
C.
Chairman;
C.
Fairchild, Jerome J.
Lord,
Chairman;
Hanauer,
John J.
Harbord,
G.
Trevor.
John
Ide,
James
S.
Stevens,
Housing—Charles
G.
McAneny, Francis K.
Fremont C.
M.
B. Baruch,
Joseph
G.
Harris,
B.
S.
Alfred V.
;
Alfred
L.
Aiken,
Her¬
Ernest
Reform—John
Charles
Spalding,
Robert
Certiorari
Chairman;
Frederick
D.
L.
W.
D.
Sterling,
G.
Ecker,
and
Chairman;
Charles
Tax
G.
A.
E.
Elliman,
Publications—Joseph
H.
Richard
G.
Boardman
H.
Cases—Lawrence
A.
Benson,
Harris, Robert L.
McMullen,
B.
Bernard
Hoguet,
Elliman,
P.
Chairman;
Day,
Kenneth
;
Harvey W. Corbett,
Welch.
House—Carl F. Ahlstrom,
Hinman.
Chairman; C. Everett Bacon, Vice-Chairman;
Richard D. Bloom, Grosvenor Farwell, Gustave A.
Barrett,
Johnson, John Nickerson 3d, Ernest E. Quantrell.
Economical
Howard
C.
and
Smith,
Woodlock.
M.
Efficient
A.
Education—Frederick
Wellington
Taylor,
John
J.
R.
Lisman,
Todd,
Chairman;
Thomas
F.
Curb Market Association.
Industry—Frederick
Franklin, Nelson
A.
P.
Roosevelt
Small,
Chairman;
Lucius
M.
Boomer,
Loomis.
Names
Employer-Employee
Nine
for
Relations
Investigation of
in
Great
Britain
and Sweden
New York
appointed Assistant
was
still
fill
Dec. 26, 1928, when
appointed Secretary, succeeding Alfred B. Sturges.
was
He purchased a membership
the Exchange
on
on
1916, while
Feb. 9,
retaining his office as Assistant Secretary, which was permissable at
a
On Sept. 12,
and
vacancy,
was
1917, he
was
elected to the Board of Governors to
twice re-elected for three year terms, in 1918 and
He sold his membership on
1921.
solely to his duties
as
Feb. 27, 1929, and thereafter devoted
He has been on
Secretary of the Exchange.
leave of absence for the past three months, but on the advice of his
No
successor
physician
Secretary of the Exchange.
has been appointed.
Godfrey
D.
Haggard
N.
Appointed
British
Consul
General at New York
Godfrey D.N. Haggard, British Consul General of Paris,
appointed British Consul General at New York, it
was
announced in London
on
He will succeed Sir
June 9.
Gerald
Campbell, recently named High Commissioner to
Canada.
Mr. Haggard, who began bis consular service in
1908, was Consul General at Chicago from 1928-1932 and
since then has been at his post in Paris.
He is expected to
take up his duties in New York in the autumn.
Chicago Stock Clearing
Corporation Elects
Coming Year
Directors
and Officers for
At the annual meeting of the Chicago Stock Clearing
Corporation held on June 22, Arthur M. Betts, Morton D.
Cahn, Ralph W. Davis, George E. Dernbach, Warren A.
Lamson, Irving E. Meyerhoff, Charles C. Renshaw and
Hugh H. Wilson were elected directors for the ensuing year.
Messrs. Betts, Davis, Dernbach, Meyerhoff and Wilson are
new directors.
Messrs. Cahn, Lamson and Renshaw are
re-elected.
the
annual meeting of the directors of the Chicago
Clearing Corporation, held following the annual
election, Morton D. Cahn was reelected President; Arthur
Stock
elected Vice-President; Martin E. Nelson was
was
reelected
was
Secretary and Treasurer, and Robert T. Sundelius
reelected Assistant Treasurer.
The directors appointed
Morton
On June 22, from his home in Hyde Park, N. Y., President
Roosevelt announced the appointment of a special commis¬
sion of nine members to
study the operation of the British
Disputes Act and Swedish labor relations.
The
following is the group named by the President:
D. Cahn as Chairman and Arthur M. Vetts and
Charles C. Renshaw as members of the Executive Committee.
Louis
Labor
,
1915, he
Assistant Secretary, continuing in that capacity until
M. Betts
President
On May 26,
Secretary, which office he held until May 9, 1923, when he became First
At
•
Tourist
John
Mr. Tappen first became connected with the Curb on March 29, 1912, as
office manager at 25 Broad Street, the headquarters of the then
Grimm.
Peter
McCrea.
Portraits—Henry Schultheie, Chairman
on
Alexander McM.
G.
,
Weil.
Assessment
Philip
Ayres,
Howard
Lawrence
Babbage,
Duncan
Hogate, Roswell C.
Advisory
Dunlop,
Bernheimer,
Proceedings in
Richard
Speakers
C.
Eugene R. Tappen, who has been with the New York Curb
Exchange for over 26 years and its Secretary since December,
1928, has resigned on account of ill health it was announced;
yesterday (June 24). His resignation, which was submitted
to the Board of Governors is to be effective Aug. 31.
The
Board adopted resolutions expressing its appreciation of Mr.
Tappen's long service as Secretary of the Exchange and its
regret that the state of his health compelled his retirement.
The Curb Exchange's announcement continued:
has been
Elliman,' Chairman
Iselin,George McAneny, Arthur M. Reis, Paul
Schwartz, Hugh Grant Straus, D. L. Tilly, Frederic T. Wood, Clarence M.
Woolley.
Law
plans to send a commission
issue of June 11, page 3741.
as Secretary of New York
Exchange
Curb
Olcott,
Walter H. Bennett, Harvey W. Corbett, Thomas Darlington,
Babbage,
our
Eugene R. Tappen Resigns
George
':'r
Day,
P.
Duncan
Stevens, Richard W. Lawrence,
Fair—Lawrence
appeared in
Peck.
Sutphen.
Chairman;
Moen.
World's
man
Henry R.
Meyer,
find it to prevail in Sweden and the reasons therefor.
has decided not to return to his strenuous work as
Sherman
Burke,
Immigration and Naturalization—John B. Trevor, Chairman; Edward L.
Back, Francis K.
you
to Great Britain
himself
Smith,
Orvis, Robert D. Sterling, John B.
Aviation—Albert
Leclanche
as
that time.
School
to
employer-employee relationships in that country.
your report to the Secretary of Labor will deal fully with the
A reference to the President's
Fred¬
/V;-.
Advisory
Berhheimer,
I trust that
situation
he
Problems
Industrial
Wood.
Waters,
Pitman,
Richmond
Farnhara
erick
State
of
investigation, you would arrange to proceed to Sweden and prepare a
your
similar report on
on
June 19 made public the personnel of 15 special committees
rela¬
and accepted
England, but also on the evolution of the established
tions in
new
position
the
June
In view of the many comments
The
He entered the financial
Exchange.
Chronicle
Henry I. Harriman, former President of the Chamber of Commerce of
Louis
Lloyd K. Garrison, dean of the University of Wisconsin Law School.
Robert Watt, representative of the American Federation of Labor in the
International Labor Office at Geneva, Switzerland.
of
President
the
of
York-—Other
New
Mer¬
Officers
was
reelected
President
of
the
Mer¬
Association of New York at the annual meeting of
Board of
Association
First
Directors,
on
reelected
were
Vice-PreBident,
John
Other officers of the
June 16.
follows:
as
President
Lowry,
of
John
Lowry,' Inc.,
builders.
William Ellison Chalmers, Assistant United States Labor Commissioner
Second
at Geneva.
Third
William H. Davis, lawyer, of New York
Reelected
Association
K. Comstock
chants'
the
the United States.
Comstock
Reelected
Gerard Swope, President of the General Electric Co.
Charles R. Hook, President of the American
Rolling Mill Co.
K.
chants'
City.
Vice-President, Malcolm
Mrs, Anna M. Rosenberg, of New York, Regional Director of the Social
Muir,
President of "News-Week."
Vice-President, Neal Dow Becker,. President of the Intertype Corp.
Treasurer, John S.
Burke, President of B. Altman & Co.
Secretary, S. C. Mead.
Security" Board.
Mr.
Miss Marion Dickerman, principal of the Todhunter School of New York.
In letters
stock
to
each
member
group tlie President
acknowledged their acceptance of the appointment to co¬
operate on the preparation of a report on labor conditions in
Great Britain, and asked them to
proceed to Sweden to
make a similar study there.
The letter
of
the
concerning British labor relations follows:
Comstock is
& Co.
Board
of
K.
Com¬
Insurance Co.
Following his election Mr. Comstock said:
I have
for
consented
another
year
projects that
most
is
were
to
accept the presidency of the Merchants' Association
largely
because
initiated
of
during
my interest in carrying on certain
the past year.
Certainly one of the
outstanding problems facing the industry of the United States today
the adjustment
of the attitude between employers and employees along
It is with great pleasure that I have learned that
you have accepted the
invitation of the Secretary of Labor to cooperate in the
preparation of a
lines
that
will
work
and
friendly cooperation
report on industrial relations in Great Britain.
strikes
<1
of the
Chairman
and of the New York Title
and
establish
controversies.
between
We
management
which will
believe
that,
and labor
a
spirit of team¬
end the ceaseless procession of
ijn a recent pronouncement by
Volume
the
promulgated
Council
Industrial
the
of
American
principles
of
eet
a
without
groups
Financial
146
Executive
to
regard
their
Federation
which
on
it
affiliation
of
reasonable
is
either
in
there
Labor,
labor
all
for
was
for
Committee
the
organization to
unite with management.
Letters we have received from our members indi¬
cate that they are with us on thi$ point.
We are giving consideration to
the
Organization, A.
special
F,
of L.,
problem of finding the
be implemented.
or
any
independent
for
we
believe
I
Square Savings Bank, was elected to the
mittee of the State Association to select
the following year.
Robert 'A.
Irving Savings Bank,
do to help
be
out.
effect
an
was
Nominating Com¬
the
President for
Barnet, President of the
named alternate member to this
committee.
also
for
greater
the
A.
B.
along the lines indicated will
adjustment
:.v:\"•'
\'
\
'..y
'!■.
•
A.
Graduate
Session
willing to proceed along the lines indicated.
reasonably
carried
and
ourselves,
are
4053
by which these principles may
means
Naturally, conferences with labor leaders are involved.
part of
We expect
to find the same attitude among the thoughtful labor leaders.
I regard
this problem as the most important immediately confronting the business
of the United States, and I promise that everything the Association can
Speaking
industry,
Chronicle
More
School of
Banking Opens 1938
Rutgers University with Enrollment of
at
Than
600
Bank
Officers
Representing
45
States
More than 600 bank officers
representing banks in 45
States, Puerto Rico and England will be in attendance
during the next two weeks at the fourth resident session of
the
S.
M.
Waters
Bankers
Nominated
Association of
Mortgage
of
'President
as
A. D.
America Succeeding
Fraser
S. M.
Waters, President of the 55-year old Minneapolis
Graduate School of Banking which opened in New
Brunswick, N. J., on June 20, it was announced by Richard
W. Hill, registrar of the school.
The Graduate School of
Banking is an advance school f r bank officers conducted by
the
American Bankers
mortgage banking firm of M. R. Waters & Sons, Inc., will
It offers
be the next President of the
sessions at the
Mortgage Bankers Association
of
America, the organization's nominating committee,
headed by James W. Collins of Salt Lake City, announced
in Chicago on June 23.
The nomination was presented to
the group's Board of Governors on June 24 at their regular
June meeting.
Nomination by the committee is tanta¬
mount to election by the Association at the annual conven¬
tion in Chicago next October.
Mr. Waters will succeed
A. D. Fraser, President of A. D. Fraser, Inc., of Cleveland,
and will assume office during the "Silver Anniversary"
celebration marking the 25th year of the Association's
founding.
He joined the Mortgage Bankers Association of
America in 1930 and has served
on
its Board of Governors
since 1933 and has been prominent for many years in various
Association
activities.
The
Association's
announcement
further stated:
Mr. Waters will
rpached
more
high
of
the
a
time when the Association will have
in membership.
At
present,
than 500 from 41 States which is
those for the peak days
Because
office at
assume
all-time
an
members is
number
total
of
specialized
nature
Association's field
of the
of banking
activity, it has always held its membership rolls to a limited and flexible
group
that would permit the most effective cooperation and workability.
State
Annual
Bankers
Association
Hold
to
45th
at Saranac Inn, N. Y., June
Pelley and W. R. White to Address
Meeting
by Frank K. Houston, President of the Association.
The
to be held at Saranac Inn, Upper Saranac,
N. Y., June 25 to 27.
Principal speakers at the convention
will be J. J. Pelley, President of the Association of American
Railroads; Dr. 0. C. Carmichael, Chancellor of Vanderbilt
University, Nashville, Tenn., and Thomas I. Parkinson,
President of the Equitable Life Assurance Society of the
United States.
There will also be an informal talk by Wil¬
liam R. White, Superintendent of Banks of the State of
New York.
The following is also from the announcement of
convention is
enrollment
of New York City,
on
State-wide retirement system
a
Board of Trustees which
whom
say:
The faculty of the school is national in its scope and consists of
representa¬
tives
from
Rutgers
including Harvard Uni¬
University,
University of North
Carolina, New York University and the National University Law School
Washington, D. C.
A number of bank executives and specialists from
York
N. C., are
City,
Chicago,
Detroit,
Philadelphia,
Winston-Salem,
and
part of the faculty, as are three governmental officials.
a
Federal Savings and Loan Associations Celebrate Fifth
Anniversary—Have
for
are
own
on
Trust
its fifth anniversary during the past week with a
membership of 1,346 institutions, having assets of $1,178,560,000, it was announced on June 18 by the Federal Home
Bank Board.
Loan
these institutions
Federal
of the
national
Since
to
of
system
the results of which will be submitted at the convention
About 600 bank officers and directors
are
by the committee.
expected to attend.
(June 25) and
Sessions
Monday
on
morning (June 27), the annual dinner being held Sunday evening (June 26).
Saturday morning session will include an opening address by Mr. Hous¬
of the Chemical
Bank &
Trust Co.
by Mr. Pelley; and reports of the Committee
of New
on
York
which
those
"Federals
both
the counties
Loan
Federals
most
Dr.
Carmichael
will
speak
at
the
Monday morning will include Mr.
on
Retirement
Education
annual
result
financing organizations.
and
.
705
State-chartered
.
only
$7,500.
Today
that association
The largest Federal
State
invested
of $38,600,000, it being
resources
from
is
in the country
Federal
to
have mounted
one
of
charter.
rapidly
practically
in
every
high
40%
as
in
districts,
some
the Southeast and
the
heading the list.
State-chartered
home-financing
associations
and
thrift
the United
Federal
Board,
with
has worked
and it has
States," it
Home
Loan
the
thrown
of
the
System.
leaders
and
together
into virtually
all
of
"The
the
Federal Home
and loan
savings
policies for
the
investments of the shareholders
the
most modern
about
facilities
facilities
the
providing
pointed out by Preston Delano,
was
Bank
the assistance
out
in
practices
and
Federals
required
are
to
insure
to $5,000 each through the Federal
ration,
a
$113,000,000
Federal
the safety of their
investors' funds
Savings and Loan Insurance Corpo¬
instrumentality.
Government
dinner.
Parkinson's
dress, the election of officers, and the report of the Committee
a
A study of the progress, of these associations for 1937
increase in private investments of 17.4%, although
as
the
as
approved safeguards possible."
All
up
of
having
Federals
adequate
in
of
Bank
home
have brought the benefits of such
groups
Governor
and
charter.
its community.
complement
with
country
1933
net
average
ran
thrift
Federal
capital
converted
lower Pacific coast
Agriculture and the
System; and reports of the Committees on Trust Functions,
session
an
business,
"White; address and report on the New York State Bankers'
have
in
$9,500,000, of which about $8;500,000
York City,
part of the Nation.
increase
type
to
a
than
invested in
Savings
Saturday evening session will include remarks by Banking Superintendent
Legislation.
New
Congress
system began modestly, the first charter being granted
with
more
by
period, providing the country with its first
Federals have been chartered
mortgages in
in
one
City;
Bank Costs.
of
that
converted
association
assets
home
of
uniform
new
have
authorized
were
events
then, 641
an
has
The following regarding the history of
the announcement in the matter:
is from
associations
economic
associations
Functions which, for the past year, has conducted a survey of trust costs,
will be held on Saturday morning and evening
Institu¬
The system of Federal savings and loan associations cele¬
the
Importance is also attached to the report of the Committee
1,346
brated
is
National and State banks which
Membership of
$1,178,560,000
tions with Assets of
showed
business
throughout the country,
University,
at
a progress report of the
Security Act, and except where individual banks have set up their
on
universities
Princeton
versity,
pension systems, employees of such member banks do not enjoy protection
The
July 1.
study under a faculty of 37 members half of
university professors and half practical bank
are
P. Ayres, Vice-President of the Cleveland Trust
Co., Cleve¬
land, Ohio; William G. Price, Assistant Vice-President of
the National City Bank, New York
City; Dr. Everett Dean
Martin of Claremont Colleges, Claremont,*Calif., and Dr.
Harry Hepner, 'professor of psychology at Syracuse Uni¬
versity, Syracuse, N. Y.
The announcement went on to
similar to that which the Federal law has imposed on other businesses.
and
to
In addition to classroom work the
students will listen to evening lectures by prominent econ¬
omists, bankers and university men, including Col. Leonard
by the Association to put this
has been set up
system in effect in New York State.
on
grown
held in 1935 with 200
was
graduated last year.
The
628 of whom 148 will be
operation executives.
members of the Federal Reserve System are now exempt from the Social
Committee
now
were
The bankers
in
banking employees and officials, to be followed by
address
years of extension work
supervision of the faculty.
commencement exercises to be held
This great modern
Particular interest is attached to the address of George B. Buck, consult¬
President
has
graduated at
Mr. Houston:
ton,
University and two
bank-officer-students, who
The program of the 45th annual convention of the New
York State Bankers Association was announced on June 18
.
Rutgers University.
with three intensive residence
Convention
25 to 27—J. J.
ing actuary
Association at
course
The first session of the school
New
York
New
two-year
at home under the
considerably higher than
of construction activity during the middle twenties.
a
on
ad¬
Reso¬
lutions.
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
The Board of Directors of
R, L. Hoguet Elected Chairman of Group IV of Savings
Banks Association of State of New York
Robert Louis
Hoguet, President of the Emigrant Indus¬
trial Savings Bank, New York City, was elected Chairman
of
Group IV of the Savings Banks Association of the State
meeting of the Group held on
June 16.
Rowland R. McElvare, Vice-President of the
Bank for Savings, of New York City, was elected SecretaryTreasurer of the group which comprises the mutual savings
banks in Manhattan, the Bronx and Westchester County.
The Executive Committee for the coming year consists of
Joseph A. Broderick, President of the East River Savings
Bank; H. H. Calenberg, President of the Port Chester
Savings Bank, and Howell T. Manson, President of the Dol¬
lar Savings Bank.
Irving Van Zandt, President of the Union
of New York at the annual
has declared
Empire Trust Co., New York,
quarterly dividend of 15c. a share payable
a
July 1, 1938, to stockholders of record June 27, 1938. This
compares with 25c. a share for the preceding quarter.
The
President, Leroy W. Baldwin, states that second quarter
earnings and profits, with the last eight days of June esti¬
mated, are in excess of $80,000, or 22.8c. a share, and for the
first half year in excess of $150,000, or 42.8c. per share.
■
Arrangements were completed June 21 for the sale of a
membership in The Chicago Stock Exchange at $1,500, un¬
changed from
the
last previous sale.
•
Arrangements
New
The
York
made June 22 for the transfer of two
Exchange memberships at $58,000 each.
were
Stock
previous transaction was at $51,000. on June 20.
Financial
4054
York Cotton Exchange sold
$400 over the previous transaction.
membership on the New
A
June 20
for $8,500,
up
•
meeting held June 21 the Board of Trustees of Title
Guarantee & Trust Co., New York, elected William Barthman a trustee of the company to fill the vacancy created by
At
a
who had been a member of the
Mr. Barthman is the present head
William Barthman.
|hi
the death of James H. Post,
Board for many years.
of the jewelry house of
♦
State Bank Commissioner for
Massachusetts,
announced
on
June 16 that dividends
amounting to $761,600 would be paid by July 2 to 42,800
Husband
P.
William
Jr.,
in four banks affiliated by the closed Federal
of Boston, according to the Boston "Tran¬
depositors
Bank
National
script" of June 16, which went on to say:
Payment of $05,759 to 4,148 depositors in the Brockton Trust Co.
(Blockton) will be ready June 23, while 5,880 depositors in the Inman
Trust Co., Cambridge, may claim $106,844 June 27.
The Bancroft Trust Co.,
Worcester, will pay $288,325 to 14,720 de¬
positors, June 30, and the Lawrence Trust Co. will distribute $360,683
to
18,083 depositors July 2 through the Community Savings Bank of
Lawrence.
Commissioner Husband
was
instructed. by the Governor to continue to
possible to release further dividends so that the de¬
positors may have the use of their money which has been tied up so
long in closed banks.
make
every
effort
*
a member of the
Savings Fund, Phila¬
delphia, Pa., recently completed 50 years of service with the
institution, where he began his career at 18 years of age,
it is learned from "Money and Commerce" of June 18.
N.
William
Vice-President and
Price,
Board of Managers of the Germantown
»
Mahlon
Robb
K.
Officer of the
Trust
elected
been
Co., Bellefonte, Pa., it is learned from a
Trust
Beliefonte
has
dispatch from State College, Pa., appearing in "Money and
Commerce" of June 11, which added:
Graduating
the
at
in
the
vania,
in
Philadelphia,
he worked
for
been
the
with
District
Credit
High
Bellefonte
Wharton
course
School
1924,
class of
School,
Finance
of
the University
at
he took
of
a
Pennsyl¬
.
Monday of this week—June 20,
Philadelphia, Philadelphia,
Pa., received its charter, Charter No. 1 issued under the
National Bank Act, passed by Congress in that year. Shortly
thereafter ihe new bank opened for business in a modest
way with resources of but $150,000.
Today the First
National (according to its latest published statement) has a
capital structure of more than $8,500,000; deposits of $85,006,726, and total resources of $94,993,043.
In addition to
the bank's main office at 315 Chestnut Street, it maintains
three branches in Philadelphia.
Livingston E. Jones is the
present head of the First National (the seventh man to hold
the Presidency since its founding) and among the other chief
officers are: Harry J. Haas, Carl H. Chaffee (and Cashier)
and William A. Nickert, Vice-Presidents, and Howard D.
Seventy-five
years ago on
1863—the First National Bank of
Sordon, Thomas W. Smith and Irwin Fisher, Assistant VicePresidents.
Directors of the Miners' National Bank of
June 15 elected J. Robert
the institution and
a
Pottsville,1 Pa. ^
Bazley First Vice-President of
director.
In the latter office he suc¬
ceeds the late Louis F. Ulmer.
Pottsville advices, appear¬
ing in "Money & Commerce" of June 18, from which this
is learned, added:
Mr.
Bazley is head of the engineering contracting firm of J.
Bazley, Inc., with plant and offices at Port Carbon.
a
term
as
•
Robert
He has just finished
President of the Pottsville Chamber of Commerce and is President
of the Pottsville
banks in the country, will celebrate its 75th
anniversary on July 1.
Organized in the first half of 1863,
when the country was in the throes of the Civil War, its
original charter being granted under the law enacted by
Congress that year (later known as the National Bank Act),
the First National opened for business on July 1, 1863, with
capital of $100,000, the maximum amount being
$1,000,000.
Its first quarterly statement, published
Sept. 30, 1863, showed total resources of $481,849.
In part,
the bank, in a sketch of its history, further says:
Within less than 10 years after the opening of the bank it went through
the baptism of the great Chicago fire.
The flames swept over the entire
bank structure, but its walls were left standing and a portion of the
interior was unharmed.
The safes and vaults withstood the heat of the
fire and not a security or paper of value was destroyed, and all of the
books were intact.
Temporary quarters were found, and within 10 days
business was going on as usual.
The old building was restored and within
three months was ready for occupancy.
While the total loss sustained
did not exceed $250,000, it was not a matter of small consequence to the
initial
an
at
set
comparatively young institution.
By the end of December, 1872, the First Natoinal Bank had total
resources of over $4,900,000.
Its financial condition was excellent at the
the next year, which gave the bank its first real test in a
It passed through those strenuous days meeting all of the
its depositors.
Through a period of great stress, it fulfilled
opening of
panic.
money
of
demands
After the crisis had been successfully weathered, its
greatly enhanced that it was recognized as one of the
West.
Despite the fire and the depression,
continued to grow, and its balance sheet on Dec. 26, 1873,
obligation.
every
prestige
was
bank
the
so
banks of the Middle
foremost
total
its
of
L.
Thede,
a
Vice-President of the Fifth* Third
Louis
C.
George.
He will also
as Secretary to the
"Enquirer" of June 22,
serve
Board of Directors.
The Cincinnati
from whiqh this is learned, added:
Mr. Thede started in the
banking profession in 1899 as a messenger for
the predecessor Union
Savings Bank & Trust Co., later serving as Assistant •
as
Secretary of that institution.
^
new
the same
though
a
and Monroe.
This has since been the
little more than 20 years' growth made
both
The
remained at $1,000,000 until the issuance of
gradually enlarged.
In May, 1882, the directors
the amount to $3,000,000; in 1900 the capital was
which
capital,
charter,
new
voted
erected, eventually
to Clark—321 feet—with entrances
streets.
increase
to
increased
had
was
and
$5,000,000,
to
two
years
later was made
$8,000,000; in
in 1926, $15,000,000 ; in 1929,
$25,000,000, and in 1936, $30,000,000.
In 1934, in common with many
other leading banks throughout the country, the bank sold to the Recon¬
struction Finance Corporation $25,000,000 of preferred stock, all of which
was
retired by July, 1936.
The surplus fund was increased at various
times, and now is equal in amount ($30,000,000) to the capital.
-Three banks have merged with the First National: the Union National
in 1900, the Metropolitan National in
1902, and the Union Trust Co.
in 1929.
In 1933 the business of the First Union Trust & Savings Bank,
its
affiliate which conducted all of the investment, trust,
business, was absorbed.
Its organization in
wholly-owned
real
estate
1903
the
and savings
loan
prompted
was
restrictions
to
in 1920, $12,500,000;
$10,000,000;
1910,
interests
best
all
of
its
the
been
had
century
a
banker
his
an
unchanged in name
chief executives.
its
of 40 years'
of more than
a
and character, and has
The Tecord shows four
experience.
The seven Presidents
decade in the office and a quarter
officers of the bank.
Each, except the first, who was a
distinction when the First National was organized, served under
of
75
the
in
banker
a
of the principal shareholders of the
as
immediate
In
continued
average
some
.
.
.
The Firet National
liabilities of the Foreman-State National Bank
in June, 1931, under an agreement with
affiliate
indeed
each
Chairmen,
have
of
accruing to State banks, due
laws.
Subsequent changes in
facilities under one organization.
deposit
has
fortunate
banking
and the directors believed that the
bank's customers could be served by consolidating
members and
House
bank
national
the situation,
State-chartered
its
and
<•
the
the
of
complete
assumed
also
advantages
certain
by
under
regulations altered
predecessor
Senior Vice-President.
.
.
in 1863, the First National Bank has
hundred thousand dollars to a total
as
since it opened
years
increased its total resources from a few
_______
Secretary and
as
by the Comptroller of
building inadequate, and a new structure was
first
the
effect
Dearborn
at
bank,
the
occupying the frontage from Dearborn
The
William
later recognized
was
in
and No. 8 in the National Banking System reassigned to the
at this time moved from State and Washington Streets
building
new
location
from
continued
The bank
bank.
liquidating banks.
Union Trust Co. of Cincinnati, Ohio, (ince 1934, was given
the additional office of Cashier at the regular meeting of the
directors on June 21, succeeding in that capacity the late
bank
the
continuity
This
institution.
the Currency
the
though
2670,
No.
made for the renewal
was
1882 it became necessary to secure a
of
April
in
Act no provision
Bank
National
and
charters,
to
of $5,854,000.
resources
the
Under
Clearing
Community Chest.
Chicago, 111., one
National Bank of Chicago,
The First
of the largest
charter,
r
on
alleged.
of
4
the court
In the case of the Central
is under the jurisdiction of the Circuit Court.
Charles H. Albers, the receiver, originally was appointed by the State
Auditor under the provision of the Illinois Banking Act.
MJMI
In dismissing Mclllvaine's suit, Judge Fardy emphasized that he was'not
passing on the legality of the transactions attacked in the suit.
If the transactions were illegal and void as charged, it still would][not
constitute a cause of action. Judge Fardy said.
Ml
The defense entered by the City National, Dawes, and Receiver Albers,
who was named a codefendant, denied that banking business and goodwill
taken over from the Central Republic had a value of $8,000,000 as the suit
Analysis.
finance.
in Philadelphia.
jurisdiction over the receivership.
Republic the receivership
showed
in
Co.
action would have to be brought in
Moreover, he said, such an
which had
During vacation periods
Since 1929 he has
Irving Trust Co., New York City, in the Department of
specializing
the Fidelity Trust
J™* 25, 1938
Chronicle
A
^
m
^
A
well
over
Chairman;
Newhall
staff is headed by John P. Oleson,
President; Bentley G. McCloud, R. Frank
Cashier), James B. Forgan and Harold V. Amberg, Executive
The official
$900,000,000.
Edward
(also
E.
Brown,
Vice-Presidents.
Concerning the affairs
of
the
former
Central
Republic
Bank & Trust Co. of
Chicago, 111., the Chicago "Tribune"
of June 16 carried the
following:]!!
Judge James F.
Fardy of the
Supreme
«***
Court,
yesterday
(June
15),
dismissed
a suit
brought on behalf of stockholders of the old Central Re¬
public Bank & Trust Co., seeking recovery of $8,000,000 from the City
National Bank & Trust Co., successor to the Central
Republic, and Charles
G. Dawes, Chairman of the new bank.
The original complaint,
charging that assets and good will of the Central
Republic
were transferred
May, 1937, in the
name
illegally to the
of Wynnett W.
new
bank in 1932, was filed in
Mclllvaine,
a
stockholder and
former employee of the Central Republic.
Judge Fardy dismissed the original complaint as well as a subsequent
petition in which Mclllvaine's attorneys sought permission to file an
amended bill.
The judge ruled that Mclllvaine had
no cause
of action
as a
stockholder of the bank, pointing out that stockholders may bring suit in
behalf of the corporation in which they have an interest but not on their
own
behalf.
.
♦
„
Calvin
Fentress
sonal Loan &
has
been
of the Per¬
111., to succeed the
elected President
Savings Bank of Chicago,
announcement
of the Board of Directors.
Mr. Fentress, who has been a director of the institution
since its organization 21 years ago, is Chairman of the
Board and President of Baker, Fentress & Co., operators
and managers of lumber enterprises in the South and West.
At the same time the directors named Robert B. Umberger
Executive Vice-President and added Walter L.
Vincent,
President of the Central-Illinois Securities Corp., to the
Executive Committee.
Marvin B. Pool continues as Chair¬
man
of the Executive Committee, a post he has held for
late Willoughby G.
by
Joseph
E.
Otis,
Walling, according to an
Chairman
15 years.
Mr. Umberger, the new Executive VicePresident, since going to Chicago from the Iowa National
over
Volume
Financial
146
Bank of Des Moines,
Chronicle
4055
Iowa, in 1917, has been successively
Secretary, Cashier and Vice-President of the institution
(formerly the Chicago Morris Plan Bank).
quiet, the transfers for the day dipping to approximately
27,000 shares, the lowest level in several years.
Opening
prices were generally firm but interest was lacking and
*
Kroeger
trading drifted along until near the close when the market
developed a little strength, but most of the changes were in
minor fractions and largely on the side of the decline. Cellu¬
loid 1st pref. was
particularly weak and slipped back 4 points
to 51.
Pepperell Manufacturing, on the other hand, ad¬
vanced 134 points to 60 on a small turnover.
Renewed activity all along the line was in evidence as the
market opened on Monday.
The improvement extended to
all classes of stocks in all sections of the
list, the gains ranging
in 1922,
up to
From
"Commercial
the
West"
of
June
18
it
learned
is
that the
following promotions were announced on June 15
Livestock National Bank of Omaha, Neb.:
R. H.
Kroeger advanced from Cashier to a Vice-President; Paul
by the
Hansen
promoted from Assistant
Chester G.
Pearson and
Assistant
to
All
have
starting as
and
Mr.
Cashiers.
grown
The paper
with
up
a messenger
Cashier
Cashier,
to
and
Herbert H. Echtermeyer advanced
the
bank
continued:
and
Mr.
ranks,
the
from
in 1914; Mr. Pearson began
as a messenger
♦
Two
defunct
First Na¬
Bank—on
dividends, totaling
$568,260 and $494,000, respectively, it is learned from Chat¬
tanooga advices
(Associated Press)
on
June 11, which
tional
Bank
Chattanooga,
and
the
banks—the
National
Tenn.,
Chattanooga
June 13 planned to distribute liquidation
added:
The distirbution
This
distribution
This
be made jointly,
will
excludes
payment brings
total
and involves about 16,000 checks.
liquidation
by the Chat¬
Beasley, Executive Vice-President of the Guaranty
Bank & Trust Co. of Alexandria, La., on June 15 was elected
the institution to succeed the late Joseph A.
Bentley, it is learned from Alexandria advices on that date
to the New Orleans "Times-Picayune," which continued,
in part:
Mr. Beasley became a director of the bank
Executive
Vice-President
Jan.
on
firm of Weil Bros. & Bauer.
Favorable
news was more common
years* he
Jan. 9, 1929, and was made
on
1931.
13,
.
.
He came to Alex¬
.
connected with the mercantile
was
In 1917 he engaged in
on
Tuesday, and
as
move on
the side of the advance
the day"progressed, a fairly large list of
active stocks moved to
Plate Glass was
President of
andria in 1914 and for several
points.
Curb stocks continued to
paid
dividend
62%%, and by the First National to 75%.
tanooga National to
J. W.
the
or more
Industrial specialties were in demand
apparent among the preferred stocks
m the
public utility group. Oil shares resumed their advance
and mining and metal issues were
quiet with only modest
changes.
Conspicuous on the side of the advance were
Aluminum Co. of America, 3J4 points to 75; Gulf Oil Corp.,
214 points to 39; Newmont Mining, 314 points to 5614
Pittsburgh Plate Glass, 414 points to 74; Aluminium, Ltd.,
5 points to 86 and Humble
Oil, 134 points to 62.
the receivers said.
creditors,
5
than for several
days.
and some
buying was
Echtermeyer in 1920.
business as a certified
public accountant and income-tax adjuster, and continued in this business
until he became Executive Vice-President of the bank.
new tops for the year.
Pittsburgh
especially strong and moved briskly forward
7 34 points to
8134 at its peak for the day and finally closed
at 7934 with a net
gain of 534 points. United Gas pref. was
also prominent as it climbed 8
points to 88.
Other stocks
conspicuous
on
the
side
of
the
advance
Aluminium,
were
Ltd., 334 points to 8934; Brown Co. pref., 3 points to 2034;
Central Power & Light
pref (7), 4 points to 74; New Jersey
Zinc, 334 points to 5534; and Pa. Salt, 334 points to 125.
Mining and metal stocks led the advance as the Curb
market continued to push briskly ahead on Wednesday.
forward movement was not confined to this group
extended to all parts of the market and a number of
The
but
sub¬
ended. Trading
was
active^ the transfers climbing up to 204,990 against
192,550 on the previous day. There were 405 issues traded
in, of which 254 closed on the side of the advance and 55 on
stantial gains were apparent as the session
In
indicating that five branch
Alberta, Canada,
the Province of
banks in
belonging to the Bank of
three of them
Montreal, and two to the Canadian Bank of Commerce, were
to be discontinued
Press)
branch
Five
bank
officials
Branches
James
branch
Bawlf
the
William
Delia
at
will
be
closed
of
Montreal
close
the
within
next
months,
of
Islay
Mannville
and
30
June
on
Bank
the
will
close
Commerce,
of
and
those
said the
Vegreville and
in
July 16.
Moreton
said
increased
taxation
impossible to operate the branches
B.
T.
at
Superintendent, announced.
McDonnell,
Superintendent,
would
Alberta
in
(June 14).
today
Bank
Moreton,
on
Mr.
banks
announced
of
July 16,
on
shortly, Calgary, Ala., advices (Canadian
June 14 said:
on
Canadian
the
of
Bank
generally
made it
profit.
the
of
Los Angeles, Calif.,
(head office
Commerce
has been named Manager of the bank's
Canada)
Toronto,
at a
Manager of
Weatherbee,
branch
conditions
and
main branch in Montreal, it was announced in
Los Angeles
that date
to the New York "Times," which further stated that he will
be succeeded by H.
II. McKee, for the last five years
June
on
12, according to Los Angeles advices
on
Manager of the Seattle branch.
the side of the decline.
Prominent in the day's advances
pref., 434 points to 3834; Lynch Corp., 2%
points to 2924; N. J. Zinc, 434 points to 60; and Newmont
Mining, 4 points to 62.
Tiadrng was fair.y brisk during most of the session on
Thursday, and while there was, at times, considerable profit
taking apparent, the list was substantially higher as the
market closed.
Oil stocks and public utilities were active
and registered a number of small gains.
The aluminum
shares were in demand at higher prices and some of the
specialties showed moderate improvement.
Prominent
among the issues closing on the upside were Aluminum Co.
of America 3 points to 8134; Brill pref., 334 points to 2334;
Lynch Corp., 224 points to 32; General Public Service pref.,
8 points to 40; Jones & Laughlin Steel 134 points to 3234;
Nehi Corp., 2 points to 42 and Newmont Min. 2 points to 64.
Childs
were
Stocks continued to
on
move upward during the early trading
Friday, and while the profit taking that appeared during
the forenoon checked the advance to
a
to
came
of the Midland Bank,
The directors
Ltd., of London,
the following important new appointments:
nounce
an¬
Herbert
A.
Astbury as a director of the bank and Chief General
Manager; Gerald P. A, Lederer as Assistant Chief General
Manager, and Clarence T. A. Sadd as Deputy Chief General
At
Manager.
the
time
same
the
directors
the
announce
resignation, owing to ill health, of Frederick Hyde-as Man¬
aging
after 53
Director,
of
Board
Chief
entered
the
Mr.
Directors.
Executive
the
London
of "highly valued
Astbury,
Officer,_an
service
and
years
service"
of the
Mr. Hyde continues as a member
in the institution.
of the
Midland
the
outline
Midland
Bank)
new
of
his
Bank
director
career
(then
in January,
and
says,
known
1892.
as
After
serving the first two years at the New Street, Birmingham,
then the principal office, Mr. Astbury
branch of the bank,
was
located at
branch
a
London branch and at the head office as
a
subsequently for many years
held managerial positions at Cardiff, Derby, Leicester and
Birmingham.
In 1920 he was recalled to the head office
and
Superintendent,
and
appointed an Assistant General Manager, and four
later (November, 1924) was named a Joint General
extent, there were
some
goodly number of substantial gains recorded
the week,
299,000
The volume of transfers
close.
a
the sales climbing
the market
as
the top for
was
to 318,000 shares against
up
Thursday.! Public utilities
were
somewhat
considerable buying interest apparent
in the industrial specialties.
Mining and metal stocks were
comparatively quiet and oil issues were irregular with frac¬
tional gains and losses.
As compared with Friday of last
week, prices were higher, Aluminum Co. of America closing
last night at 84 against 71 on Friday a week ago; American
Cyanamid B at 20 against 1734; American Gas & Electric at
28 against 27; Carrier Corp. at 2524 against 22; Cities Service
at 924 against 834; Creole Petroleum at 2124 against 1934;
Electric Bond & Share at 824 against 624; Risk Rubber Corp.
at 624 against 524; Ford of Canada A at 1834 against 1634;
Gulf Oil Corp. at 4034 against 3634; Humble Oil (new) at
6534 against 6024; International Petroleum at 2534 against
2334; Niagara Hudson Power at 734 against 634; Sherwin
Williams at 90 against 7934; Standard Oil of Kentucky at
1734 against 1624> and United Shoe Mach. at 70 against 68.
on
stronger and there
DAILY
was
TRANSACTIONS
AT
THE*
CURB
YORK
NEW
EXCHANGE
years
(it is understood)
Manager, the office
to
assume
his
new
CNumber
Week, Ended
June 24,
THE
CURB
This week brought a
EXCHANGE
remarkable demonstration of renewed
activity on the New York Curb Exchange, and as the trend of
prices continued to point upward, many stocks climbed into
new high ground for the year.
Practically every active group
joined the advance but the best gains were among the
specialties and mining and metal issues. Oil shares registered
modest advances but. the gains in-the public utility group,
while fairly substantial, were less pronounced.
The volume
of transfers gradually moved upward as the week advanced.
Narrow price changes with a tendency toward higher
levels were apparent during the? abbreviated session on
Saturday.
Public utilities and some selected industrials
were the most active, but the list, as a whole, was extremely
Bonds (Par Value)
Slocks
he now relinquishes
position.
1938
of
Shares)
Foreign
Domestic
Corporate
Total
$20,000
$7,000
1505,000
27,165
Saturday
Foreign
Government
$532,000
1,175,000
16,000
18,000
1,209,000
Tuesday
191,220
1,369,000
44,000
15,000
1,428,000
Wednesday
204,835
1,603,000
6.00C
28,000
Thursday
298,745
1,736.000
9,000
16,000
1,761,000
Friday
318,010
1,588,000
31,000
34,000
1,653,000
1,181,295
$7,976,000
$113,000
$131,000
$8,220,000
141,320
Monday
Total.....
—
Sales at
York
New
Week Ended June 24
1,637,000
Jan. 1 to June 24
Curb
Exchange
Stocks—No. of shares.
1938
1937
1938
1937
1,181,295
845,585
19,495,581
65,375,182
Bonds
$7,976,000
$6,077,000
$155,752,000
$240,992,000
Foreign government...
113,000
195,000
3,447,000
7,267,000
Foreign corporate
131,000
116,000
3,174,000
6,266.000
$8,220,000
$6,388,000
$162,373,000
$254,525,000
Domestic
Total.
Financial
4056
30th ulto. to mid-day on the 4th inst.:
Exports
United States of America- y£921,585
Imports
transacted in all
x£6,000
Eire
7,812
13,997
14,846
Aden &
13,765
Palestine
Japan
quoted in the New York market.
Germany
European Representative
Member Federal
RATES
June 7
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
Pursuant to the
daily to the Secretary of the Treasury the
cable transfers in the different countries
give below
BANKS
18,
Country and Monetary
Unit
as
June 23
June 22
June 21
cents
cents
cents
cents
recorded during the period
and the lowest $4.94%.
FINANCIAL MARKET—PER CABLE
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Mon.,
Tues.,
Wed..
Thurs.,
Fri.
June 20
June 21
June 22
June 21
June 24
Sat.,
Buying Rale for Cable Transfers in New York
Value
in
Untied Slates Money
June 20
June 18
June
cents
The daily
RESERVE
June IS
Noun
—
June
1038, INCLUSIVE
1038 TO JUNE 24,
June
cents
—
We
ACT OF 1930
TO TREASURY UNDER TARIFF
JUNE
June
Average
19.00d.
18.70d.
The highest rate of exchange on New York
the 2d to the 8th June, 1938, was $4.95%
ENGLISH
FEDERAL
BY
CERTIFIED
RATES
June
rom
record for the week just passed:
a
EXCHANGE
FOREIGN
buying rate for
of the world.
June 8
YORK
(Per Ounce .999 Fine)
43
2
43
3
---43
4------,
43
6
43
7
43
June 1
18%d.
18%d.
18%d.
18%d.
18%d.
18 15-16d.
19 l-16d.
19 l-16d.
19d.
18 15-16d.
June 2
June 4
NEW
IN
-Bar Silver per Oz. Std.Cash
2 Mos.
Deposit Insurance Corporation
EXCHANGE
tender
tender
Quotations during the week:
IN LONDON
System
June 3
FOREIGN
£1,003,157
tender in the United Kingdom,
x Coin not of legal
y Including £860,000 in coin not of legal
in the United Kingdom.
Member New York Clearing House Association
f
z2,000
2,958
Other countries
875
Kingdom,
in the United
Office: 1, Cornhill, London, E.C.3
Member Federal Reserve
Dependencies—
Coin of legal
x
BROAD STREET,
55
13,595
z27,209
Germany
£57,295
FOREIGN DEPARTMENT
NEW YORK
PRINCIPAL OFFICE AND
—
Other countries
TRUST COMPANY
MANUFACTURERS
35,810
British India
Belgium
France
currencies
of silver,
the United Kingdom imports and exports
The following were
registered from mid-day on the
Foreign Exchange orders
1938
June 25,
Chronicle
18 13-16d. 18 15-16d. 18 15-16d. 18 15-I6d. l'Vi.
18 ll-16d.
Gold, p. fineoz.l40s. lOd.
Consols, 2%%. Holiday
Silver, per oz-
June 24
1
t
%
.169763
.169605
.169613
.169808
.012400*
.012425*
.012400*
.012425*
.012425*
.034822
.034816
.034762
.034726
.034735
.034728
.221880
Denmark, krone
Engl'd, pound sterl'g 4.970486
.221765
.221343
.221187
.221312
.221475
4.967291
4.958333
4.955208
4.958611
4.961319
.021900
.021937
.021881
.021860
.021865
.021875
.027872
.027886
.027869
.027847
.027870
.027879
.402756
.402788
.402962
.009089*
£74 3-16
£74 5-16
lOd.
140s. 9d.
£74 5-16
£74K
140s. lOd.
£74 7-16
Holiday
£101 %
£101%
£101%
£101%
£101%
Holiday
War Loan
.012425*
140s. 9%d.l40s
140s. lOd
British 314 %
£113%
£113
£113
£113%
£113%
.009097*
$
.169933
lev
Bulgaria,
Czechoslov'la, koruna
Finland, markka
France, Iranc
*
«
Europe—
Belgium, belga
169983
'
Germany, relchsraark
.403977
.403856
.403105
Greece, drachma
.009098*
.009100*
.009081*
.009075*
Hungary,
.197650*
.1976o0*
.197650*
.197650*
.197650*
.052603
.052607
.052603
.052603
.554511
.553722
.553688
.553905
.249643
.249125
.248968
.249106
.188333
.188333
.188333
.188333
.188333
.044900
.044866
.044866
.044804
.044820
42%
42%
42%
42%
64.64
64.64
64.64
64.64
COMPARATIVE PUBLIC DEBT STATEMENT
.188333
Portugal, escudo
42%
64.64
S. Treasury
(newly mined)
.249287
Poland, zloty
U.
.554127
.249727
Closed
64.64
Bar N. Y.(for.)
.052609
.554677
price of silver per ounce (in cents) in the United
States on the same days has been:
The
.197650*
.052604
British 4%
1960-90
.044837
pengo
lira--
Italy,
Netherlands, guilder-
krone
Norway,
Rumania, leu
.007257*
.007300*
.007300*
.007300*
.007300*
.060000*
.058000*
.058000*
.058000*
.058000*
.058000*
.256121
.255625
.255468
.255628
.255781
Switzerland, franc.—
.229600
.229563
.229558
.229744
.229633
.229643
Yugoslavia, dinar...
.023275*
.023300*
.023262*
.023225*
.023250*
.023225*
Mar.
statements)
Dec.
31. 1930,
Aug. 31, 1919,
When War Debt
Lowest Post-War
Was at its Peak
31, 1917,
Pre-War Debt
Debt
.007300*
Spain, peseta
Sweden, krona
(On the basis of dally Treasury
.256233
Gross debt
Net bal. in gen. fund.—
debt
Gross
Asia—
.187083*
.181250*
.185833*
.181250*
.180000*
.182500*
Hankow (yuan) dol
.181250*
.187083*
.185833*
.181250*
.180000*
.182500*
Shanghai (yuan) dol
Tientsin (yuan) dol.
.180312*
.187187*
.185937*
.180937*
.180000*
.182500*
.181250*
.187083*
.18.5000*
.181250*
.178750*
,182500*
dollar.
.308937
.309093
.308812
.308187
.308656
,308500
British India, rupee-
.367967
.367787
.367109
.367237
.367400
,367637
Japan, yen
Straits Settlem'ta, dol
.289529
.289555
.288893
.288891
.288825
net
less
bal. in gen.
China—
Chefoo (yuan) dol'r
81,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
306,803,319.55
1,118,109,534.76
74,216,460.05
—
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
fund—-
$12.36
—
$250.18
$129.66
2.395
capita.
Computed rate of Int.
per annum on InterestGross debt per
4.196
3.750
.288925
Hongkong,
.575562
.575250
.574687
.574125
.575250
3.958750
1.950000
3.948250
3.950375
3.951750
New Zealand, pound. 3.991625
3.988750
3.981500
3.979750
3.981093
(percent)
.5/5562
3.960375
bearing debt outstand¬
ing
3.9)3250
Year Ago
A
Australia, pound
Gross debt
Africa—
4.919375
4.909166
4.906875
4.909583
4.911875
Canada, dollar
.991191
.991875
.989863
.989375
.989707
.989765
Cuba,
.999333
.999333
.999333
.999333
.999333
.206875*
.209375*
.209500*
.208500*
.203000*
.989375
.987421
.986875
.987265
.987343
•
North America—
peso
Mexico,
peso
dollar-
Newfoundl'd,
$272.41
of
per annum on
.330540*
.330365*
.330485*
.330810*
.058500*
.058540*
.058540*
.058540*
.058540*
2.576
bearing debt outstand¬
.051680*
.051680*
.051680*
.051680*
.051680*
ing (percent)
.040000*
.040000*
.040000*
.040000*
.040000*
.552500*
.532500*
.552500*
.554000*
.554000*
.653981*
peso
Uruguay, peso
2.565
interest-
.331210*
.552500*
export.
a$287.83
lnt
.040000*
"
a$288.66
2.559
capita
rate
.051680*
Chile, peso—official.
*
Gross debt per
.331343*
milrels
Colombia,
$33,459,260,627.05 $34,821,077,577.09 $34,855,407,307.69
In general lund
.058700*
Argentina, peso
"
Gross debt less net bal.
Computed
South America—
Brazil,
May 31, 1938
$35,212,807,987.68 $37,509,946,998.48 $37,422,327,043.23
2,566,919,735.54
2,688,869,421.39
1.753,547,360.03
fund--.
.208000*
.988645
Net bal. in gen.
.999333
South Africa, pound. 1.922125
April 30, 1938
LaR Month
May 31, 1937,
Australasia—
.653614*
.652460*
.6522121 *.6522°0
a
Subject to revision.
.652680*
OF BANK CLEARINGS
COURSE
Nominal rate.
this week will again show a. decrease com¬
pared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
June 25) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
15.9% below those for the corresponding week last year.
Our preliminary total stands at $4,986,263,870, against
$5,927,128,104 for the same week in 1937.
At this center
there is a loss for the week ended Friday of 18.8%.
Our
Bank clearings
THE
ENGLISH
GOLD
AND
SILVER
MARKETS
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 8, 1938:
We
GOLD
The Bank of England gold reserve against notes amounted to £326,409,953
June 1 showing no change as compared with the previous Wednesday.
on
In the open market about £1,675,000 of bar gold was disposed of at the
daily fixing during the past week.
Conditions have been quieter than of
late, but demand from the Continent has continued and prices have been
maintained at a small premium over dollar exchange parity.
Quotations—
Per Fine Oz.
140s. 7d.
140s. 5%d.
140s. 7.5d.
Per Fine Oz.
June 2
140s. Sd.
-
June 7
140s. 9d.
June 8_
140s. 8d.
June 3
June 4
Average
comparative
summary
for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending June 25
1938
registered from mid-day on
,
,
Imports
■
_
,
British South Africa
British West Africa
British East Africa
British India
Australia
New Zealand
__
Canada
Soviet Union
Belgium
Netherlands
Germany
Switzerland
Other countries
Kingdom imports and exports of gold,
the 30th ulto. to mid-day on the 4th inst.:
£2,170.775
410,026
17,555
210,240
11,186
10,578
264,793
1,133,607
3,611,777
26,801
5,111
77,089
6,165
aa
United States of America
France
__
Switzerland-Austria
Finland
Syria
Other countries
£3,517,778
297,719
557,533
512,428
17,153
22,781
40.862
6,930
251,405.440
—14.6
276,000,000
331,000,000
—16.6
Boston.
156,601,124
174,715,000
—10.4
_
72,198,348
88,035,725
—18.0
62,200.000
79,000,000
—21.3
104,585,000
116,612,000
—10.3
Pittsburgh..
83,787,029
130,161,378
—35.6
Detroit..
64,634,949
95,775,014
—32.5
Cleveland
62,972,208
80,512,581
—21.8
Kansas
City
St. Louis
San Francisco.
Baltimore.
48,639,525
Other cities, five days
_
,
„
£7,955,703
£4,973,184
>
-
56.582,589
—14.0
$3,410,713,782
744,506,110
.
Eleven cities, five days
Strathallan which sailed from Bombay on June 4 carries
to the value of about £147,000.
SS.
—18.8
214,602,704
Philadelphia.
Total all cities, five days
uhe
$2,789,371,928
Cent
Chicago.
Exports
Netherlands
New York
1937
$2,264,492,895
The following were the United
$4,193,171,655
—18.7
751,442.985
—0.9
$4,155,219,892
$4,944,614,640
—16.0
831,043,978
Total all cities for week
982,513,464
—15.4
$4,986,263,870
All cities, one day
gold
$5,927,128,104
—15.9
The Southern Rhodesian gold output for April, 1938, amounted to 67,813
ouuees as compared with
68,107 fine ounces for March, 1938. and
68,059 fine
ounces
for April, 1937.
with
China, which otherwise would have expired
furnish
on
June 30: the period
for which the agreement was to be extended was not stated.
The announcement imparted a slightly firmer tone to the
market and
prices made a slight advance which, however, proved only temporary,
quotations today being the same as those fixed a week ago.
There have been no fresh features; speculators have sold and there have
been American trade purchases, whilst the Indian Bazaars have both
bought and sold.
There is no indication of any important change, but the present level of
prices would appear about high enough for the present.
in our issue of next week.
We cannot
today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
foregoing will
Silver
Mr. Morgenthau, Secretary of the United States Treasury, announced
on June 2 that it had been decided to extend the silver purchase
agreement
appear
them
present further below, we are able to
for the week previous—the
results
For that week there
of
clearings
for
was a
tire
give final and complete
week ended June 18.
decrease of 12.1 %, the aggregate
whole
country
having amounted to
Volume
Financial
146
$6,383,958,739, against $7,260,511,286 in the same week in
1937.
Outside of this city there was a decrease of 17.4%,
the bank clearings at this center having recorded a loss of
8.4%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a loss of 9.0%, in the Boston
Reserve District of 19.4% and in the Philadelphia Reserve
District of 16.4%.
In the Cleveland Reserve District the
totals are smaller by 26.5%, in the Richmond Reserve Dis¬
trict by 12.7% and in the Atlanta Reserve District by 6.8%.
In the Chicago Reserve District the totals register a falling
off of 17.6%, in the St. Louis Reserve District of 15.3%
and in the Minneapolis Reserve District of 13.0%.
In the
Kansas City Reserve District the totals show a loss of 15.4%,
in the Dallas Reserve District of 14.0% and in the San
Francisco Reserve District of 13.4%.
In the following we furnish a summary by Federal Reserve
Chronicle
4057
Week Ended June 18
Clearings at—
Inc. or
1938
1937
Dec.
1936
$
$
%
$
Seventh Feder al Reserve D istrict—Chi cago—
359,986
440,635 —18.3
Mich .-Ann Arbor
Detroit
—43.7
—22.1
3,905,142
1,446,071
1,428,171
—14.5
1,287,936
—8.7
1,286,279
915,790
4,053,194
16,913,065
997,024
6,762,486
2,826,163
430,496
252,321,888
550,823
2,487.278
1,504,965
932,107
569,651,957
—17.6
495,975,182
393,282,372
98,900,000
33,809^043
16,279,148
81,200,000
26,322,132
12,649,419
3,238,814
1,854,993
1,249,186
20,696,000
849,455
20,109,000
1,148,860
4,589,240
21,089,353
1.110,264
8,444,300
3,484,287
628,624
Indianapolis
South Bend
Terre Haute.—
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines...
Sioux City
111.—Bloomington
Chicago
Decatur
141,925,857
2,348,729
1,326,903
Ind.—Ft. Wayne
304,354,683
797,033
Peoria .1.
3,464,560
1,236,198
1,304,156
Rockford
Springfield
8
366,942
298,612
113,373,"699
2,766,786
1,487,773
1,003,597
16,439,000
1,425,135
4,677,975
20,040,481
1,196,746
7,562,191
3,358,266
324,196
314,746,170
795,198
93,017,490
Grand Rapids-
Lansing
1935
—34.5
—27.5
—28.5
—32.0
—2.8
1,568,184
<
—26.7
5,443,195
23,849,657
1,276,873
8,031,339
3.016,306
827,103
—15.7
—11.6
—13.0
+ 5.1
+ 15.5
—24.0
—12.4
347,496,396
1,415,463
4,447,715
85,021,498
2,096,730
1,298,459
712,464
13,091,000
districts:
Total (18 cities)
SUMMARY OF BANK CLEARINGS
Inc.or
Week End. June 18, 1938
Federal
1938
1937
Dec.
1936
1935
$
$
%
$
$
Reserve Dists.
238,192,535
295,706,505
—194
274,245,489
226,329,414
2nd
New
York. 13
"
4,047,650,365
4,448,302,722
—9.0
4,721,798.415
PhiladelphialO
"
348.158.029
416,436,328
—16.4
391,486,435
Cleveland..
Mo.—St. Louis..
1st
Boston.... 12 cities
5
"
291,772.106
395,522,912
—26.5
312,669,965
230,148,287
5th
Richmond .6
"
136,616,017
156,436,087
—12.7
139,100,946
114,984,190
6th
Atlanta
10
"
151,543,714
162,513,746
—6.8
142,115,689
Chicago ...18
M
469,663,111
569,651,957
—17.6
495,975,182
393.282,372
8th
St.Louis... 4
"
120,547,551
9th
111.—J ackson ville
105,600,000
41,606,925
19,971,934
X
—13.7
—18.2
—17.2
X
X
512,000
670,000
142,182,474
167,848,859
—15.3
X
—23.6
Quincy
X
551,000
-
376,000
112,745,089
7th
91,100,000
34,038,262
16,532,212
Ky.—Louisville..
Tenn.—Memphis
377,912,322
4th
Eighth Federa 1 Reserve Dis trlct—St. Lo uis—
3,891.513,773
3rd
469,663,111
Total (4 cities).
149,539,191
120,547,551
•
142,182,474
'167,848,859
—15.3
149,539,191
Minneapolis 7
"
102,606,043
117,912,605
—13.0
112,359,344
93,208,587
10th KansagClty 10
11th Dallas..... 6
"
"
133,950,936
158,309,538
—15.4
143,881.023
131,903,918
69,966,674
81,386,387
—14.0
65,374,258
51,040,924
12th San
"
251.656,735
290,483,640
—13.4
249,051,736
217,449,505
Ninth Federal
Fran.. 11
Total...
112 cities
Canada
..32 cit'es
6,383,958,739
7,260,511,286
—12.1
7,197,597,673
5,961,065,932
2,447,675,325
Outside N. Y. City
2,963,540,125
—17.4
2,591,445,663
M inn.—Duluth.
Reserve Dis trlct—Minn eapolis
2,943,022
66,200,286
26,976,721
2,299,999
3,981,645
—26.1
77,961,553
—15.1
29,416,456
2,417,297
—8.3
S.D.—Aberdeen.
796,979
776,032
+ 2.7
Mont.—Billings
719,475
660,083
+ 9.0
_
Minneapolis
St. Paul
N. D.—Fargo
.
322,626,082
390,987,587
—17.5
408,692,482
350,781,06
2,699,539
—1.1
3,084,570
2,937,390
117,912,605
—13.0
112,359,344
93,208,587
Tenth Federal
Reserve Dis trlct—Kans
1937
1938
Reserve Dist rict—Boston
or
Dec.
$
_%
752,782
—20.6
546,766
2,287,683
256,601,612
—15.0
2,185,517
—21.1
239,764,968
202,353,567
696,421
__
Fall River
Lowell
738,044
—5.6
648,903
450,462
804,918
—7.8
413,606
—2.8
717,303
3,302,227
2,312,930
—5.9
3,237,055
—17.4
1,700,886
10,661,784
—2.2
10,944,955
4,334,575
—13.6
3,598,648
12,876,300
—9.1
9,904,400
583,188
—13.1
582,482
415,501
New Bedford.
782,455
Springfield
3,108,774
1,909,575
10,430,314
3,743,082
11,702,800
506,806
Worcester
Conn.—Hartford
New Haven
R. I.—Providence
N.H.—Manches'r
563,532
1,752,332
195,095,159
659,123
387,751
681,039
2,559,771
1,266,481
10,870,111
2,894,631
9,008,500
590,984
295,706,505
—19.4
Feder al Reserve D istrict—New
274,245,489
N. Y.—Albany..
133,950,936
_
Dallas
Ft. Worth
Galveston
Wichita Falls..
(6citie8).
—28.0
1,350.765
—10.2
1,096,281
158,309,538
2,624,470
680,730
Reserve
—17.8
34,100,000
30,500,000
—5.2
686,501
915,186
—19.1
681,547
536,776
548,784
3,936,283,414 4,296,971,161
7,487,144
7,892,899
—8.4
4,606,152,010
,782,431,480
—5.1
7,394,705
4,137,807
2,760,428
6,194,868
4,269,253
Utah—S. L. City
2,510,722
Calif.—L'g Beach
3,548,234
—17.5
5,063,850
*400,000
19,625,848
—44.6
34,749,736
740,605
Elm Ira
4,285,270
7,002,118
3,787,015
5,027,487
386,922
3,288,676
5,870,048
463,735
22,965,732
48,874,966
J.—Montclalr
Newark
18,954,980
27,098,865
Northern N. J.
(13 cities) 4.047,650,365 4,448,302,722
—38.8
+ 15.2
—14.4
—16.6
-9.0 4,721,798,415
475,000
17,984,166
32,307,455
643,973
—46.2
509,361
346,193
363,117
364,468
—0.4
292,047
1,200,084
Chester
373,416
—21.8
*350,000
328,460
1,140,704
380,000,000
317,978
322,634
1,493,134
—19.6
399,000,000
1,613,338
—15.8
1,453,994
2,436,846
2.922,990
—16.6
979,585
1,388,001
3,698.200
Lancaster
1,012,401
1,725,608
7,287,000
—19.6
336,000,000
_
Reading
Scranton
.
York
N. J.—Trenton..
Total (10 cities)
Fourth
348,158,029
416,436,328
—9.9
—3.2
—49.2
-16.4
1,289,296
2,688,685
1,439,415
1,367,914
2,372,600
391,486,435
1,009,344
365,000,000
x
x
_
Cincinnati
62,033,122
Cleveland..-..
99,473,623
Columbus
11,049,800
Mansfield
1,585,433
Youngstown
x
2,145,110
1,153,633
1,149,132
5,339,000
69,966,674
251,656,735
Yakima..
Ore.—Portland..
Pasadena
San
Francisco
San
Jose
-
Santa Barbara.
—14.9
1,014,759
50,299,588
6,368,287
-16.6
67,194,255
-21.6
14,935,900
2,349,712
-26.0
92,841,359
11,289,700
-32.5
x
1,798,856
x
total
—5.1
3,671,000
1,006,042
3,014,582
—14.0
65,374,258
51,040,924
—9.0
+0.8
Franc isco—
45,801,244
—22.1
10,469,000
1,095,267
—19.0
34,577,022
10,029,000
—15.5
865,562
—20.9
27,494,939
12,266,413
3,502,187
2,747,554
127,488,116
217,449,505
38,886,308
19,256,794
4,444,772
4,187,183
—7.2
159,402,000
—8.5
2,829,496
1,580,849
2,530,727
—14.0
29,813,529
14,581,518
4,029,513
3,548,387
145,954,620
2,194,962
1,306,600
2,152,023
290,483,640
—13.4
249,051,736
—22.2
+4.8
—4.0
—4.5
47,242,726
68,245,886
8,965,200
1,338,230
x
-33.5
139,545,795
104,356,245
291,772,106
395,522,912
-26.5
312,669,965
230,148,287
Fifth Federal
Reserve Dist rict
-Richm ond—
440,282
—20.1
323,932
2,338,000
3,193,000
41,396,890
—26.8
1,168,946
—2.0
—13.7
—4.2
2,643,000
36,961,621
1,299,37?
73,990,510
23,882,504
1,145,092
71,682,313
-12.7
139.100,946
C—Wash'g'n
26,048,982
83,052,509
27,184,460
Total (6 cities).
136,616,017
156,436,087
—15.3
Week Ended June 16
Clearings at—
Inc. or
1938
127,089
2,300,000
32,451,881
974,314
58,707,092
20,423,814
1937
Dec.
1936
8
8
%
$
111,061,356
104,778,617
27,477,415
15,362,355
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
2,937,246
WinnipegVancouver
Ottawa z
Quebec
Halifax....
Hamilton
St. John
Edmonton
Regina
144,499,778
116,351,584
37,425,946
21,251,814
18,668,499
5,346,144
2,735,636
6,347,537
5,423,924
124,273,008
109,779,408
72,614,792
18,192,271
28,474,590
91,659,460
53,447,127
16,182,421
23,655,933
4,014,323
2,314,877
4,060,860
5,323.078
1,585,225
1,506,149
—26.6
—27.7
—13.4
+ 10.5
,
—3.6
4,055,677
2,361,328
—11.7
4,529,146
—13.3
5,211,767
1,855,649
1,735,409
3,490,588
4,068,262
3,257,032
342,599
445,005
1,489,465
582,446
994,415
2,028,074
—0.6
1,935,037
—16.7
3,529,490
4,238,269
3,849,833
—10.5
—0.2
—23.7
114,984,190
318,262
455,395
—6.2
1,601,113
—23.7
648,192
—23.9
900,020
1,086,078
—17.1
Fort William
771,921
655,600
200,893
869,786
—11.3
713,765
222,341
745,054
—8.1
—12.9
785,582
1,467,567
+ 10.9
670,767
—24.7
4,186,381
—22.5
345,484
—11.8
909,020
718,830
—13.3
1,107,808
3,044,573
359,146
784,788
533,660
456,810
504,067
-
Moose Jaw
Medicine Hat...
Reserve Dist rict—Atlant
Tenn.—Knoxville
3,955,952
Nashville
17,768,895
55,200,000
Ga.—Atlanta
1,145,076
Augusta
4,363,001
20,612,779
57,900,000
1,227,890
—9.3
—13.8
—4.7
—6.7
918,895
996,731
—7.8
Fla.—Jack'nville.
14,988,000
Ala.—Birm'ham.
19,610,300
15,870,000
22,146,539
—11.5
1,490,200
1,819,635
-18.1
Macon.
Mobile.
x
_
Vicksburg—._
v
122,305
36,344,091
151,543,714
x
148,207
37,428,964
162,513,746
—5.6
x
3,463,462
17,456,166
52,900,000
1,223,339
880,928
15,167,000
19,370,531
1,306,699
2,931,021
12,763,141
40,200,000
835,582
736,229
14,892,000
14,669,904
1,211,411
103,291
77,969
—2.9
30,244,273
24,427,832
142,115,689
Sherbrooke
Kitchener
Windsor
+ 7.6
—9.6
934,551
577,611
234,720
696,591
3,0^13,721
3,761,717
2,913,146
297,217
519,487
1,360,355
477,587
954,498
652,302
510,803
244,630
623,606
587,294
1,008,325
2,466,173
304,738
787,994
674,428
566,368
488,284
606,496
550,156
—11.2
...
1,278,960
1,126,520
+ 13.5
941,355
365,138
766.406
511,970
437,784
547,433
739,007
Total (32 cities)
322,626,082
390,987,587
—17.5
408,692,482
350,781,060
Prince Albert....
Moncton..
Kingston..
Chatham
Sarnia
x
-17.5
—6.8
648,932
870,932
1,105,745
3,244;962
Peterborough
$
134,366,187
—9.9
342,394
Letbbridgc
Saskatoon
1936
—23.1
427,010
1,221,434
492,970
Brandon...
New Westminster
Sixth Federal
-
—17.4 2,591,445,663 2,178,634,452
Brantford....—-
35,049,641
.
S. C.—Charleston
Md.—Baltimore.
Total (10 cities)
1,632,581
Outside New York 2,447,675,325 2,963,540,126
London.
351,985
Va.—Norfolk....
La.—NewOrleans
1,954,269
1,131,944
—12.1 7,197,597,673 5,961,065,932
Calgary
W.Va.—Hunt'ton
Miss.—Jackson.
8,368,000
576,160
6.383,958,739 7,260,511,286
Victoria...
D.
30,277,342
(112
cities)
Montreal...
176.950,844
i
Total (5 cities).
Richmond
1,223,404
39,642,546
5,576,763
1,786,000
709,493
2,104,718
-
Grand
Toronto.
117,630,128
_
■
—9.1
81,386,387
35.694,513
8,484,000
925,086
30,744,643
14,974,817
4,656,515
3,887,372
145,890,000
2,715,462
1,508,951
2,175,376
.
Spokane
377,912,322
x
74,402,788
126,883,668
x
Pa.—Pittsburgh
131,903,918
1,129,298
Feder al Reserve D istrict—Clev eland
l.
143,881,023
—18.1
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle.
Canada—
Ohio—Canton,
558,804
—15.4
3,891,513,773
346,155
Bethlehem
Wilkes-Barre.
816,357
Reserve Dist rict—Phil ad elphia
Third Federal
Pa.—Altoona
Philadelphia.
579,718
—5.5
District—Da lias—
1,119,841
3,757,515
Total (11 cities)
Syracuse
Westchester Co
Conn.—Stamford
Total
1,853,294
2,495,399
92,171,393
2,569,175
625,844
—17.8
1,657,604
61,127,152
9,470,112
4,059,000
1,111,404
3,961,115
1,506,653
52,130,958
7,757,807
3,694,000
Stockton
Jamestown—
N.
—12.2
1,828,267
3,210,446
100,387,436
2,766,364
975,217
42,100,000
639,921
Buffalo.
Rochester
+0.4
+ 11.0
—18.9
95,079
9,231,818
9,967,515
7,178,213
1,213,632
34,600,000
606,818
Binghamton
New York...
—7.8
226,329,414
4,949,702
2,119,960
29,330,961
+0.5
2,097,661
3,601,809
114,442,105
2,990,407
827,887
612,681
Eleventh Fede ral
Texas—Austin..
York-
238,192,535
111,745
2,630,318
31,452,630
578,848
Total (10 cities)
Total
Second
84,009
—45.2
2,107,099
Pueblo
La.—Shrevepor t.
Total (12 cities)
97,742
234,712
2,506,360
30;887,058
3,998,094
92,766,189
Wichita
Mo.—Kan. City.
St. Joseph
Colo.—Col. Sprgs
597,764
1,945,476
Mass.—Boston
1935
-rrf
—25.8
28,467,510
...
Kan.—Topeka...
1936
City
108,858
128,669
2,518,678
Omaha
Inc.
as
80,749
Neb.—FremontLincoln
Clearings at-
1,696,651
553,887
484,916
2,669,561
(7cities).
Hastings
Portland
683,044
622,445
3,191,177
58,443,358
25,901,208
102,206,043
Helena
Total
Week Ended June 18
First Federal
—4.9
2,178,634,452
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Me.—Bangor
3,174,044
72,911,145
29,654,336
2,229,760
Sudbury
112,745,089
*
Estimated,
x
No figures available.
—6.2
—6.6
Financial
4058
June 25, 1938
Chronicle
•oac
Quotations of representative stocks as
.
•
•
.j
June 18
June 21
June 22
42/98/-
42/7%
99/-
Boots Pure Drugs
British Arner Tobacco.
£22
Central Mln & Invest.
74/4H
34/6
Cons Goldflelds of S A.
Courtauids 8 <fc Co....
Distillers
Klectrlc A Musical Ind.
Ltd
Ford
96/10/17/3
4/6
1/6
20/6
Co
HOLIDAY
131/6
£16^
£16%
A
Hudsons
Co.
Bay
Imp Tob of C B & I..
Midland Ry_.
London
Metal
£7%
£7%
99/10/3
17/6
4/6
1/6
20/6
135/-
99/3
10/6
17/9
4 h
1/3
21/135/£17%
69/-
99/6
11/-
£16%
,
69/-
£SVs
£8%
£8%
£HH
£14%
£14%
Rand Mines
Rio Tlnto.
Cop M.
96/3
Rolls Royce
£36%
£4%
£4%
37/6
20/21/9
37
20/10%
38/22/22/1%
£7%
United Molasses
£7%
£7%
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Unilever
£8%
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4/£21%
72/6
37/-
70/-
70/-
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4/£21%
72/6
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£48%
72/6
34/3
17/3
4/6
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20/3
131/6
Gaumont Pictures ord.
£47%
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£21%
£7%
97/9
10/3
£7Ji
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44/3
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73/1X
34/3
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42/9
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£46%
£45 M
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June 23
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HOLDINGS
The following
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compilation, made up from the daily Gov¬
shows the money holdings of the
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statements,
ernment
1938
Apr. 1, 1938
June 1,
I
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n
CO Is. © O
St- O — CO
CO t— ts O CM 00 ©
®©XO©t©
tOtXMMN©©
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1938
1st
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$
$
1,711,653,554 1,690,901,985
485,240,920
498,619,541
2,021,683
4,424,793
I
© t
t
Map 1, 1938
$
$
and bullion.
Net gold coin
Net sliver coin and bullion
©
GO CO CM
of March,
Treasury at the beginning of business on the first
April, May and June, 1938.
Mar. 1,
X t
i
338,201,514
493,661,620
387,760,544
514,070,194
2,422,824
Net National bank notes-
585,833
671,666
1,914,139
702,308
Net Federal Reserve notes
15,796,550
496,763
15,105,485
11,938,480
520,683
515,608
Net subsidiary sliver
7,692,174
8,604,052
9,217,942
Minor coin, &c
5,998,147
7,445,745
7,117,884
*863,269,395
156,039,431
707,229,964
oo
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778,563,548
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156,039,431
2,089,227,924 2,054,472,788
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*934,602,979
156,039,431
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7,026,698
2,245,267,355 2.210.512,219
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Net United States notes..
Net Fed Res. bank notes..
Total cash In Treasury.
Lees gold reserve
156,039,431
fund
921,897
.
s
-T
12,342,170
439,555
9,619.097
CO©CM©CO©©CM©0
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28,432,051
1,976,216
28,285,688
28,668,208
2,145,865
3,130,072
2,720,221
2,985,939
Deposits in foreign depts.
Net
cash
In
Treasury
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3,124,157,839 3,287,287,602 2,845,192,896 2,708,041,330
141,121,594
156,323,475
140,944,053
149.480,479
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2,870,735
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1,697,503
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16,068,704
17.307,894
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728,164,000
679,077,000
811,207,000
373,381,867 1,359,930,210 1,203,137,580
775,514,000
208,609,082
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and In banks
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June 1, 8472,965,101 silver bullion and
$4,779,878 minor, &c., coin
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ON
GOVERNMENTAL
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AND
AGENCIES
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FOOTNOTES FOR ACCOMPANYING TABLE
cm*
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interests.
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(deduct).
Deficit (deduct).
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d Exclusive of interagency assets and liabilities
e
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monthly report of the Treasury Department, showing
assets and liabilities as of April 30, 1938, 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 31,1938.
The report for April 30 shows in the case of agencies
financed wholly from Government ■funds a proprietary in¬
terest of the United States as of that date of $2,877,925,353,
which compares with $2,831,996,489, March 31, 1938.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of April 30 was shown to be $1,266,008,567.
This
compares with $1,256,231,361 as of March 31, 1938. In the
case of these Government agencies, the Government's propriatary interest is the excess of assets over liabilities, ex¬
clusive %of
interagency items, less the privately-owned
b Excess interagency assets
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APRIL 30, 1938
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51
CORPO¬
AS
OF
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Included In statement "Stock of Money."
ICM-IGOOCO
I
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as
(except bond Investments)
•
Also Includes real estate and other property held for sale,
f Adjusted for Interagency Items and Items In transit,
ft Includes legal reserves and undivided profits totaling $6,601,489.
h Subject to minor qualification as Indicated under liabilities of RFC and
the latter being Included under caption "Other."
1
Includes
U.
8.
FHA.
Corporation, U. S. Railroad Administration, U. S.
Spruce Production Corporation, and notes received on account of sale of surplus war
Housing
supplies.
it—
t#-"
J Includes Disaster Loan Corp.; Electric Home andlFarm Authority; Farm Credit
Administration (crop-production and other loans); Farm Security Administration;
Federal
Prisons Industries, Inc.; Indian Rehabilitation loans; Inland Waterways
Corporation; National Mortgage Association of Washington; Puerto Rico Recon¬
struction Administration; Rutal Electrification Administration; The RFC Mortgage
Company; Tennessee Valley Associated Cooperatives,
Inc.; Tennessee Valley
Authority; loans to railroads, municipalities, &c., and interagency interest held by
the United States Treasury.
k Net after deducting estimated amount of uncollectible obligations held by the
Farm Credit Administration.
1 Includes $4,304,587 due to
subscriptions
K
to
Federal Land, banks from the U.
S. Treasury for
paid-in surplus.
Shares of State building and loan associations, $39,876,570; shares of Federal
savings and loan associations, $169,928,300.
n Less than $1,000.
m
o
Assets not classified.
Includes only the amount of capital stock held by the
United States,
q
In liquidation.
Represents capital stock,
r
paid-in surplus, and other proprietary Interagency
Interests which are not deducted from the capital stock and paid-in surplus of the
corresponding organizations.
• Excludes unexpended balance of appropriated funds,
t On basis of appraisal of assets as of March 31,1938, the Secretary of the Treasury
reported to the President pursuant to„the Act of March 8, 1938, a total deficit of
$94,285,404.73, as of that date.
g
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t.
o
^
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d
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c a
g
Volume
Financial
146
TREASURY
STATEMENT
SHOWING
APPROPRIATIONS
RELIEF
The various agencies
of May 31,
4059
Chronicle
EXPENDITURES
AND
AS OF MAY 31,
of'the Federal Government, it is shown in a tabulation given in the Treasury's "Daily Statement"
had appropriated $20,945,178,155 for recovery and relief up to the end of February.
for May 31, follows:
.-
AND ALLOCATED FOR RECOVERY
FUNDS APPROPRIATED
AND
RECOVERY
FOR
1938
The Treasury's tabulation
'v'";
AND RELIEF, EXPENDITURES THEREFROM, AND UNEXPENDED BALANCES
AS OF MAY 31. 1938
•
Sources
■
of Funds
/1",!v
Expenditures
Appropriations
Statutory and Executive Allocations
Organizations
Industrial
Emergency
Recovery
Specific
Fiscal Year
Reconstruction
National
Appropriation
Act 1935,
Act
Unexpended
1937 and
Fiscal Year
Total
'
Corporation
Prior
1938
,
Years b
Appropriation
Acts
Approved
1934 1936
Approved
10,1933
June 19,
June
Finance
Emergency
Relief
of
1935,
and 1937
Agricultural aid:
Agricultural
Adjustment Admlnls'n..
198,226,460
198,226,460
200,000,000
37,455,636
cl60,770,824
200,000,000
Federal Farm Mtge. Corporation:
200,000,000
Capital stock
Reduction In Int. rate
on
7,500,000
7,500,000
125,000,000
189,000,000
125,000,000
189,000,000
120,650,000
3,902,937
3,597,062
4,736.775
27,232,358
32,114,033
mtges
Federal Land banks:
Capital stock
_
Paid-in surplus
Reduction In Int. rates
mtges....
h604,861,788
Civil Works Administration
h332,199,220
93,101,630
120,064,745
142,160,468
81,401,999
"198,480
19,607,173
7,133,966
4,072,674 3,074,249,696
192,595
817**423,102
1,361,594 1,318,407,420
83,919,948
2,471
4,830,533
3,026,396
81,545,447 1,061,243,460
1,200,431,786
467,177,385
29,008,710
537,137,704
11,673,706
36,613,055
61,984,573
4,780,535,819 1,306,773,461 3,160,108,148
198,570,834 1,296,543,241
1,615,382,262
57,642,878
40,951,607
13,697,811
313,654,209
120,268,186
120,006,100
200,000,000
49,952,826
82,490,030
"35" 623
120,650,000
Federal Emergency Relief Adminls d.
on
Relief:
Civilian Conservation Corps
480,590,000
Public works (Including work relief):
Public highways
438,041,639
256,295,622
255,488,217
River & harbor work & flood control..
Electrification
911,040,000 3,083,152,904
820,642,094
88,960,000
593",894",736
1,325,568,316
83,934,430
83,934,430
Department of Agriculture, relief
Rural
934,592,359
321",033", 924
152,068,757
399,482,873
317,538,025
Administration.
Works Progress Administration
All other
829,039,996
83,339,960
2,239
506,899,690
187,134,030
15,484,573
4,780,535,819
609,219,182
93,783,122
93,708,050
46,500,000
5,799,302
12,010
•
Aid to home owners:
Home-loan system:
4,734,900
105,152,287
31,613,957
61,521,074
22,456,791
19,047,141
10,959,212
47",208",553
567,948,848
165,433,569
355,507,468
g4,470
150,000,000
24,245,466
75,000,000
59,264
2,171,911,641 2,555,716,328 1,106,267,976 8,273,765,760 1,632,021,074 15739682,781 1,948,459,767 13137010,229
Home Owners'
654,212,784
200,000,000
Loan Corporation..
Federal savings &. loan associations.
150,000,000
82,676,043
24,784,742
22,476,244
6,829,215
1,000,000
26,180,569
United States Housing Authority
Federal Housing Administration
Security Administration k
3,223,696
19,307,748
50,000,000
Emergency housing
Farm
259,000
125,000,000
200,000,000
50,000,000
125,000,000
Home Loan Bank stock
4,992,511
25,000,000
60,521,074
538", 544"582
11,550
205,466
12,566,816
3,353,308
47,007,810
Miscellaneous:
Federal Deposit Insurance Corporation.
150,000,000
150,000,000
Administration for Industrial Recovery
Tennessee Valley Authority...
Subtotal..
24,300,260
75,000,000
Revolving funds (net): e
Agricultural aid:
Commodity Credit Corporation...
3,000,000
59,489,199
57,635,551
...
90,369,858
107,559,415
370,317,356
440,621,138
97,128,233
£12,456,368
122,125,135
372,346,241
151,063,987
80,731,265
1,010,238,437
120,925,135
618,869,623
270,443,678
£86,623
18,166,574
28,170,049
1367,317,356
216,242,329
16,884,200
589,339,584
Farm Credit Administration
313,339,437
Public Works:
Loans and
grants
States, munic¬
to
ipalities, Ac
Loans to railroads
Miscellaneous:
Export-Import Bank of Washington
Reconstruction
Finance
3,261,630,286 3,261,636,286
Subtotal
62,021,328 1,697,331,270 1,502,283,688
653,078,783
57,635,551
197,929,273
330,223,638 3,890.105,972 5,129,063,219
267,531,705 2,828,838,845 2,032,692,668
2,229,547,193 3,208,795,112 1,304,197,250 8,603,989,398 5,522,217,046 20868746,001 2,215,991,473 15965849,074 2,686,905,453
Total
Unallocated funds
2,229,557,193
42,794
47,111
10,000
Grand total
15965849,074 2,763,337,60
Corporation Is authorized to purchase marketable securities
for the period prior to the
Emergency Administration
1934 Include only expenditures on account of the Reconstruction Finance
acquired by the Federal
The purchase of such securities by the
expenditures of the Reconstruction
credits against expenditures of the Federal Emergency
of Public Works.
Reconstruction Finance Corporation is reflected as
Corporation and subscriptions to caDital stock of Federal land banks under authority
of the Act of Jan, 23, 1932. Expenditures by the several departments and establish¬
Finance Corporation
and as
Administration of Public Works.
public works under the Emergency Relief and Construction Act of 1932
made from general disbursing accounts, and, therefore, are not susceptible to
ments for
were
76,432,153
76,432,153
76,332,247
m3208842 223 nl304240,044 O8680321.646 5,522,217,046 20945178,155 2,215,991,473
b The emergency expenditures included In this statement
fiscal year
46,250,000
45,000,000
1,250,000
Corporation
—direct loans and expenditures..
j Includes $700,000 allocated for
segregation from the general expenditures of such departments and establishments
the basis of the daily Treasury statements.
Sec. 11 of the Act of April
savings-and-loan promotion as authorized by
27, 1934.
on
k Includes allocations and
c
The sum of 1160.770,824.40 represents the balance under appropriations
vided by the Acts of May 12. 1933, May
d Includes expenditures made by Federal
funds provided for
e
expenditures on account of subsistence homesteads.
pro¬
25,1934, and Aug. 24,1935.
m
Exclusive of the $90,872,310.04
transfer referred to In note 13, and $185,460.20
carried to the surplus fund of the Treasury.
Surplus Commodities Corporation from
n
the Federal Emergency Relief Administration.
Exclusive
note 13,
Expenditures are stated on a net basis, 1. e., gross expenditures less repayments
of the
$40,364,759.05 and 850,334,412.27 transfers referred to
and $5,500,000 transferred to salaries and expenses.
tration; and
In
Farm Credit Adminis¬
325,735,783.34 carried to the surplus fund of the Treasury.
and collections, the details of which are set forth In the supplementary statement
o
below.
f Net. after deducting repayments to the Reconstruction Finance
£ Excess of credits
h The
allocated
Includes $4,000,000,000
specific appropriation under the Act of April 8, 1935*
$1,425,000,000 specific appropriation under the Act
Corporation.
of June 22, 1936, $789,000,000
specific appropriation under Act of Feb. 9, 1937, $1,500,000,000 specific appropria¬
tion under the Act of June 29. 1937, $250 000.000 specific appropriation under the
Act of Mar. 2. 1938, and transfers of unexpended balances as follows: From the
Reconstruction Finance Corporation, $500,000,000: from the appropriation of
(deduct).
appropriation of 1950,000.000 provided In the Act of Feb. 15, 1934, was
by the President as follows:
Federal Emergenoy Relief Administration,
$3,300,000,000 for National Industrial Recovery,
590,972,316.04; from the appro¬
$604,995,000, of which $131,542.23 has been transferred to the Emergency Relief
appropriation and $1,669.70 carried to the surplus fund of the Treasury; Civil
Works Administration. $344,965,000, of which amount $7,540,000 has been trans¬
ferred to the Emergency Relief appropriation, $5,218,250 transferred to the Em¬
priation of $525,000,000 for relief in stricken agricultural areas provided in the
Emergency Appropriation Act of 1935, approved June 19, 1934, $40,364,759.05;
from the appropriation of $899,675,000 for emergency relief and public works
ployees' Compensation Commission, and $7,529.21 carried to the surplus fund of the
for emergency relief and
the Act of Feb. 15, 1934, $7,701,542.23; from unobligated
moneys referred to in Sec. 4 of the Act of Mar. 31,1933, $21,527,113.70; and moneys
transferred pursuant to 8ec. 15 (f) of the Agricultural Adjustment Act, $12,921,502.64, less transfer of $7,500,000 to War Department under Act of July 19,1937.
Treasury; and $30,000 transferred to the
^an
provided in the Emergency Appropriation Act of 1935,
civil works provided in
unallocated balance of $10,000.
I Under the provisions of the Emergency
the
Emergency
Relief
Appropriation
DETAILS
Act
Appropriation Act, fiscal year 1935, and
of 1937, the Reconstruction Finance
OF REVOLVING
FUNDS INCLUDED IN GOVERNMENT
'
RECEIPTS AND EXPENDITURES
Fiscal Year 1938
This Month
Organizations
Repayments and
Payments
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to States,
municipalities, Ac
....
....
Loans to railroads
Export-Import Bank of Washington
Reconstruction Finance Corporation—direct loans 6c expenditures
a
Excess of repayments
and collections (deduct).
$1,042,117.59
49,300.19
18,403,280.70
31,885.00
4,123.34
46,785,284.15
approved June 19, 1934,
$50,334,412.27; from the appropriation of $950,000,000
Emergency Relief appropriation; leaving
Collections
Expenditures
$1,928,250.36
404,185.94
2,566,670.17
"
*59,487.72
40,892,028.71
a$886,132.77
a354,885.75
15,836,610.53
31,885.00
a55,364.38
5,893,255.44
'
Repayments and
Net
Payments
$109,102,575.19
1,247,708.61
203,554,144.61
52,535.50
3,079,319.45
458,000,253.21
Net
Collections
Expenditures
:
iv
13,704,077.15
$97,128,233.35
al2,456,368.54
79,352,428.92
3,329,115.38
3,165.942.77
124,201,715.69
a3,276,579.88
a86,623.32
395,978.925.03
62,021,328.18
$11,974,341.84
Financial
4060
on
enabled to place before our
are
we
Government receipts
and
readers today the details
-
1938
of
May-
-July 1
1937
-Month
1937-38
3,386.340
84.104,350
37,955,379
Unemployment trust fund
Old-age reserve account
Railroad retirement account...
37,694,817
680,593,810
249,783,023
387,000,000
225,100,000
9
Trust
14,976,673
1,610,412,463
Transactions
2,094,700,485
1,971,459,262
Unjust enrichment tax
Taxes under Social Secur. Act
432,674
904,783
5,039,894
3,671,959
(net), Ac...
Chargeable against Increment on
104.822,284
58,695,930
599,551,538
199,479,198
26,331,471
2,908
150,125,121
46,251,691
337,236.781
of Govt.-owned se¬
128.267,030
35,681
34,679
333,154
125,000
875,000
6,155,190
48,924,230
93,653,569
244,634,000
——....
3,252,000
bank notes
curities:
71,649
Principal—for'n obliga'ns..
Interest—for'n obligations.
Unemployment trust fund:
69,547
344,658
1,961,494
63,020.187
66,906,444
Panama Canal tolls, Ac——
2,106,490
2,159,541
22,908,750
22.241,354
Seigniorage
2,035,459
2,781,237
34,195,123
85,000,000
36,705,000
513,370,000
34,410,000
350,000
152,250,000
1,000,000
45,000,000
379,800,000
225,000,000
4,572,634
7,295
46,189,741
174,336
other
5,696,863
6,500,413
375,396,321
Other miscellaneous
334,641,732
75,611.954
Investments
Benefit payments
60,386,942
5,467,713,251
Old-age reserve account:
4,426,140,342
.
__
Total receipts.
V
Investments
Withdrawals by States
357,897
2,329,865
All
251,507,366
d316,876,972
Payments to Fed. Res. banks
(sec. 13b, Fed. Res. Act, as
amended)...—
——
For
retirement
of
national
444,641,052
receipts:
Miscellaneous
263,019,340
8,602,687
gold:
Melting losses, Ac
324,483
22,335,564
Proceeds
of Govt, agencies
carriers and their
......
14,939,312
899
2,084,907,111
employees
30,189,664
8,650,793
Reclamation projects a
5,426,077
140,134,196
151,995,423
U. S. Housing Authority a...
913,095
Receipts—Market operations:
36,755,508
10,383,821
Cash;
10,86*7,771
34,407,438
"*865,597
32,560,412
214,305
"*909,554
dl,598,265
267,562,969
Treasury
157,410,268
d299,910
..........
368.827.989
41,516,907
520,861,166,
533,991,731
531.265,642
Agricultural Adjust. Program
59,641,817
44,603,184
313,357,134
491,240,808
*32,251,422
300,159,903
27,674,689
35,356,582
470.280,364
490,552,667
42
...
449,181,887
48,321,959
1,221,413,000
for retirement of
Deposits
328,040,457
52,047.236
47,999,505
3,304,224,003
219,035,700
(lncl.
Treasury savings securities
a
3,305,794,000
■
293,513,250
unclassified sales)
5,000,000
Administration a..
400,543,000
200,808,000
Treasury bonds
U. 8. savings bonds
132,583
5,000,000
bills
Treasury notes
4,535,222
9,384,614
Dlst. of Col. (U. S. share)
National defense:
180,361,688
8.927,885
Public Debt Accounts
21,654,861
Retirement Actj—
945,277,414
378,830,502
161,788,217
Excess of expenditures
125,991,496
10,000,000
Social Security Act
credits
Excess of receipts or
85,902,952
12,435,983
2,115,350
b
Postal deficiency c...
Railroad
467,868,586
56,710,211
1,186.989.297
111,794,943
_■===.
and
work
a
Panama Canal a.....—.—'
523,467,964
3,668,843
13,536,686
harbor
and
flood control
41,499,973
4.022,946
Public highways a
River
44,511,089
71,770,386
7,881,046
d3.935,284
Total
General:—Departmental a..
65,000,000
b5,000,000
Investments..
Benefit payments
Public buildings a
7,065
822,752
Railroad retirement account:
Expenditures—
1.
764,915,725
In checking acc'ts
46,532,478
168,851,257
Taxes upon
1,565,819,800
102,867,058
di50,278,655
accounts
40,485,498
Customs.
145,764,916
117,123
152,852,932
Expenditures—
168,645,817
tax
45,000,000
2,200,000
~
-
Mlscell. internal revenue
Income
1,614,700
1,071,015
32,032
23,210
6,637,330
to May 311936-37
$
S
$
Internal Revenue:
250,462,623
128,457,554
Seigniorage..
Total
Receipts—
?
267,285,708
of gold dollar..
tion In weight
and disbursements for May, 1938
and 1936-37:
General & Special Accounts
1936-37
$
I
16,753,869
15,417,715
1938
May 31
Increment resulting from reduc¬
months of the fiscal years 1937-38
1937, and the 11
1937-38
1937
$
Trust accounts
—July 1 to
May
of
1938
Gold, &c.
Receiptx—
Through the courtesy of the Secretary of the Treasury,
of
—Month
Increment-
Accounts,
Trust
EXPENDITURES
GOVERNMENT RECEIPTS AND
June 25,
Chronicle
34,002,591
Army
Navy
Veterans'
29,119,364
711,181
Farm Tenant Act
Civilian Conservation Corps a
23,883,773
600,000
Sub-total
3,405,541
8,837,538
3,162,414
3,530,452
38,580,795
8,716,783
9,484,921
693.298.990
138,759,900
204,425,400
698,308,700
...———-——
1,033,067
1,456,971
15,605,147
14,790,539
Internal revenue
2,797,675
3,811,115
30,300,910
Processing tax on farm prod.
1,238,169
364,145
8,949,219
6,173,734
343.958,969
297,478,619
4,057,886,395
Treasury notes
672,805,948
3,796,696,293
26,190,365
Refunds:
8ub-total.
1,546,939,100
1,751,364,500
Special series:
Customs
1
5,016,189,667
11,974,250
1,487,252.400
2,199,100
802,800
>
38,983,510
the public debt—
7,686,403
4,289,223,356
Exchangee:
288,412,358
Farm Credit Administration, a
on
428,217.689
788,943,700
Adjusted service bon<
.
1,315,160
Tennessee Valley Authority.-
Interest
236,164,582
_
Sub-total.-
Adjusted service certlf.
fund (certificates)
29,284,674
-
32,000,000
Unemploy. trust fund (ctfs.).
reserve acc't (notes).
54,900,000
36,705,000
542,870,000
244,684,000
45,000,000
85,000,000
Old-age
379,800,000
225,000,000
Rallroad retirem't acc't(notes)
80,000,000
Civil service retirement fund
2.
Federal Farm Mtge. Corp.
—reduction
In
int.
Relief
500,000
257,000
42,000
dl,683,750
64,083,166
1,512,030
5,629,335
76,077,686
Reclamation projects b
1,846,384
644,818
23,425.843
3,741,650
11,243,170
81,545.447
241,987,025
3,392,436
3,641,256
29.008,711
1,946,449
36,613,055
8,224,969
158,580,820
137,900,875
1.306,773,461
1,752,275,346
15,867,921
25,509.194
175,144,992
338.373,549
2,978
4,746,450
5,952,166
22,456,791
1,974,791
10,959,213
1,616,635
748,168
Treasury
165,433,570
Sub-total.
208,141,931
190
211,479.365
d4,470
1,948,459,768
512,128,789
6,981,513,006
7,475,503,067
390,811,000
bills
211.396,000
4,043,789,000
3,126,685,000
11,500
207,000
1,017,800
2,383,250
525,900
1,873,750
61,310,750
71,100,100
319,500
376,400
6,207,205
4,851.259
60,043,721
31,772,559
3,566,850
6.777,050
74,757,100
678,276,700
First Liberty bonds
340,200
2,293,800
13,036,700
14,545,750
Fourth Liberty
15,847,363
456,500
1,032,650
15,064,400
18,566,600
500
1,360
1,023,560
1,785,600
38,933
34,057
1,134,134
384,066
3,782,750
7,364,240
56,138,630
108,035,848
4,327,635,295
4,053.917,073
1,487,252,400
1,751,364,500
1,487.252,400
1,751,364,500
43,800,000
142,100,000
bonds
Postal Savings bonds......
Other debt Items
188,494,164
Miscellaneous:
35
569,189,000
328,467,382
U. S. savings bonds
Adjusted service bonds
19,047,141
22,835,198
1.173,063,000
Treasury notes
Treasury bonds
44,822,511
17,197,451
81,712,000
Certificates of Indebtedness
20,684,104
1,035
1
25,000,000
91,500,000
Cash:
1,237
U. S. Housing Authority..
Cj
Expenditures—Market operations:
Aid to home-owners:
Home Loan system.
43,700,000
25,000,000
Sub-total
89,909,074
1,942,391
River and harbor work an<
control
(notes)
Total public debt receipts.
9,814,115
Public highways
flood
7,000
..
Deposit
Insurance
Corporation (notes)
60,946,687
Public works (lncl. work relief
Rural Electrification Adm,
n
87,300,000
6,500,000
Federal
*2,572,411
633,357
-
363,000
469,000
Postal Savs. Sys.
3.597,063
—
367,000
n
Alaska RR retirem't fund
rate
Federal Land banks
a
Canal Zone retirement fund
Agricultural aid:
n
Foreign Service retirem't f'd
Recovery and relief:
National
11,560
bank
notes
and
Fed. Res. bant notes
2,847,468,153
—
Sub-total
405,741,338
235.831,166
Exchanges:
,
Revolving funds (net): e
Treasury notes
Treasury bonds
Agricultural aid:
Commodity Credit Corp..
Farm Credit Admlnlstra'n.
Publlc
d886,133
d354,886
d8,774,824
97,128,233
dl09,511,158
d 480,260
dl2,456,369
dl7,219,869
Sub-total
Special series:
works:
Adjusted
15,836,611
11,414,789
124,201,716
89,980
d3,276,580
fund
201,892,804
31,885
Loans to railroads
d3,108,069
Bank
d55,364
d708,889
Finance
d86,623
.
(certificates)
1,000,000
trust fund (ctfs.).
Railroad retirem't acc't(notes)
Civil servlcere tlrement fund n
of
Washington
Reconstruction
certificate
29,500,000
*5,000,000
27,000
d3,810,073
62,021,328
d2,269,277
267,531,705
n
n
19,000
235,000
172,000
2,000,000
5,000,000
70,000,000
35,000,000
5.000.000
d270.625,239
Sub-total
45,000,000
387,000,000
225,100,000
324,406
56,285,055
2,200,000
retirements
45,324,406
46,735,300
Increase
605,857,587
328,120,355
Market
532,400
Total expenditures
272,178,623
575,298,668 1
199,902.347
(+)
or
5,207,350
557.220,463
222,578,731
Decrease
bills
Certificates of indebtedness
of
58,550,850
6,938.286,305
101,744,800
1,470,573,054
...2
Bonds
.
(+)
of
2,377,264,019
+199,902,347
expenditures
(+)
+222,578.731
1,470,573,054
.
Sub-total
,
5.207,350
58,550,850
101.744,800
—161,788,216
+217,371.381
1,412,022,204
2,275,519,219
+ 8,927,885
—378,830,502'
+180,361,688
(+)
or
of
226,299,266
1,033,191,702
2,455,880,907
3,252,000
6,155,190
48,924,229
receipts (—)
general fund balance
Increase (+) or decrease (—) In
the gross public debt
—384,066
--108,035,848
—168.773,955
+ 194,585,623
—26,437,689
+1,101,032,494
+ 77,593,000+1,024,151.000
+333,232,000
—87,619,955
+ 997,713.311 +1,434,264,494"
+272,178,623
a
Treasury statement for the 15th of each month.
+220,144,076
—121,949,686
+52,034,547
—87,619,955
+272,178,623
fiscal
year
fiscal year 1937 are Included In
"Recovery and relief expenditures" under this caption for the
1937 include only Boulder Canyon project, other reclamation projects
In "Public Works—All other."
for that year being Included
c
The expenditures under this classification for the fiscal year 1938 are exclusive
of
+ 984,267,473 + 2,362,227,338
+ 13.445,838
—927,962,844
$718,699.88 on account of transfers of appropriations from the Post Office
Department to the United States Maritime Commission pursuant to the Act of
June 29, 1936 (49 Stat.
1988).
These transferred funds when expended by the
U. S. Maritime Commission are classified
on this page as
"Departmental." and
on
+997,713,311 +1,434,264,494
37,509,946,998
Gross public debt this date.... 37,422.327,043
34,940,629,365
36,424,613,732
33,778,543.494
35,212,807,988
37,422.327,043
35.212,807,988
p.
7 on the 15th of the month
d Excess of credits
public debt at beginning
—1,134,091
—55,538,630
Additional expenditures on these accounts are included under "Recovery and
"Revolving funds (net)," the classification of which will be shown in
the statement of classified
receipts and expenditures appearing on page 7 of the dally
93.653,559
+34,329,731
expenditures'
of month or year
—34,056
—7,364,240
b General expenditures under this
caption for the
Increase (+) or decrease (—) In
Gross
—38,933
—3,782,750
+81,154,000
J
+14,917,670 +1,309,831,582 +2,652,340,858
"Departmental."
37,581,731
Less nat. bank note retlrem'ts
excess
+25,588,128
—540,583,760 —1,618,039,200
relief" and
expenditures ( + )
Total
—2,388,250
—207,000
—1,873,750
2,377,264,019
532,400
or
receipts (—) (excluding public
debt retirements)
+199,369,947
Trust accts., Increment on gold,
Ac., excess of receipts (—) or
.
+ 177,539,000
—1,017,800
+ 189,147,000
—11,500
or
Less public debt retirements..
Excess
—737,995,000
—190,003,000
—525,900
Other debt items
I
National bank notes and Fed¬
eral Reserve bank notes
6,803,404,361
Total
expenditures
1,434,264,494
....
Special series
receipts (—)
997,713,311
(—)1
Summary
Excess
6,041.238,573
operations:
Treasury notes
Excess of receipts
Excess of expenditures
235,957,000
5,963.799,695
87,619,955
Treasury
(sinking
fund, Ac.)
148,912,000
239.950,166
In Gross Public Debt-
73,255,000
Sub-total
4,119.000
416,087,338
Excess of receipts
Excess of expenditures
•
funds (U. S. share).
Debt
235,000
145,602,587
.
Adjusted service ctf. fund
6.
277,000
10,346,000
expend's.'
Total public debt
2,200,000
18,400,000
Savings System (notes)
Fed. Dep. Ins. Corp. (notes).
d341.627.725
20,465,368
Railroad retirement account.
19,000
20,100,000
Canal Zone retirement fund
4. Transfers to trust accts., Ac.:
Old-age reserve account
1,800,000
Foreign Service retirem't f'd
dl,051,222
/
5.893,255
Sub-total
50,000
15,000,000
2,300,000
Postal
expenditures...
2,300,000
Unemploy.
Miscellaneous:
Export-Import
service
e
[
Details
are
as
"Departmental—U. S. Maritime Commission."
(deduct).
shown
In supplementary statement.
f Excess of redemptions.
|
'
Volume
Financial
146
Chronicle
COMPLETE PUBLIC DEBT OF THE UNITED STATES
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the
CASH AVAILABLE TO PAY
date in 1937.
same
MATURING
OBLIGATIONS
Mar.
1938 Mar. 31, 1937
Balance end of month by dally statements
$3,140,343,548 $1,825,728,301
Add or Deduct—Excess or deficiency of receipts over —16,865.687
—16,637,002
under disbursements
or
belated Items.—
3,123,477,861
1,379,886
Disbursing officers' checks
on War Savings certificates
Discount accrued
Settlement
on warrant
checks
Total
Balance, deficit (—) or surplus (+)
the
Payable
Q.-M.
49,800,000
28,894,500
28,894,500
3s convertible bonds of 1946-1947
$
Certificates of Indebtedness:
2K%
2% %
2K%
214%
2K%
Special:
4s Adjusted Service Ctf. Fund—Series 1938
3s Treasury bonds of 1944-1954
743,665,0001
758,945,800'
758,955,800
454,135,200
352,993,950
544,870,050
818,627,000
M.-S.
755,434,500
544,870,050
818,627,500
755,476,000
Series C-1937
J.-D.
F.-A.
834,453,200
834,463,200
A.-O.
1,400,528,250
A.-O.
1,518,737.650
1,400,534,750
1,518.737,650
—J.-D.
1,035,874,400
491,375,100
1,035,874,900
of 1955-1960
M.-S. 2,611,095,150
2,611,112,650
of 1945-1947
M.-S.
1,214,428,950
1,214,428,950
M.-S.
1,223,496,350
1,223,496,850
1,626,687,650
M.-S.
981,837,550
1,626,688,150
981,848,050
of 1949-1952
J.-D.
...J.-D.
1,786,147,050
540,843,550
450,978,400
M.-S.
1.786,504,0.50
cl82,786,357
189,640,229
c338,163,333
c448,508,520
356,186,746
106, *78,831
cl 10,063,850
73,674,671
c7l,786,159
332,328,500
417,591,100
(Govt. Life Insurance
500,157,956
-
J.-J.
Treasury bills
Aggregate of Interest-bearing debt
Bearing no Interest
Matured, Interest ceased
118,065,420
119,086,360
11,322,211,050 10,357,405,450
1,802.534,000
2,202,724,000
37,004,126,895 34,068,200,687
457,910,873
528,309,413
97,786,885
Total debt
a37,559,824.653 34,732,178,865
.+2501,480 780 +1212,188,869
Deduct Treasury surplus or add Treasury deficit
Net debt
135,668,765
_._b35,058,343,873 33,519,989,996
Total
gross debt March 31, 1938 on the basis of daily Treasury
statements, was
$37,556,302,154.55, and the net amount of public debt redemption and receipts
In transit, &c., was $3,522,498.21.
b No reduction Is made on account of obliga¬
tions of foreign governments or other investments,
c Amounts Issued and retired
amounts
outstanding
are
stated at
current
values.
redemption
Series C-l938—
computed rate of Interest per annum on the Interest-bearing debt
outstanding is 2.563%.
The gross debt per capita, based on an estimated popula¬
tion of 129,809,000 Is $289.94.
CONTINGENT LIABILITIES OF THE UNITED STATES. MARCH
31, 1938
Compiled from Latest Reports Received by the Treasury
Amount of
Contingent Liability
Detail
Principal
Interest
:
1
9,770,303
214% series B-1938, maturing June
2)4% seriesD-1938, maturing Sept.
\K% series E-1938, maturing Dec.
214 % series A-1939, maturing June
1%% series B-1939, maturing Dec.
IK % series C-1939, maturing Mar.
1K% seriesD-1939, maturing Sept.
194% series A-1940, maturing Mar.
1 K% series B-1940, maturing June
IK % series C-1940, maturing Dec.
1 K% series A-1941, maturing Mar.
1%% series B-1941, maturing June
Hi% series C-l941, maturing Dec.
1^% series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
1H% series C-1942, maturing Dec.
141.956
3% bonds of 1942-47.
2K% bds. of 1942-47.
1 K% bonds of 1939..
236,482,200
103,147,500
100,122,000
1,497,720
98,170,196
237,979,920
125,152
103,383,879
100,247,152
10,000,000
52,083
10,052,083
*1,409,865,900
11,823,236
236,379
15, 1939..
526,233,000.00
941,613,750.00
426,554,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
15, 1939—
15, 1939..
15, 1940—
15. 1940—
15, 1940—
15,1941..
15, 1941..
503,877.500.00
15.1941..
204,425,400.00
15. 1942..
426,349,500.00
342,143,300.00
232,375,200.00
15, 1942..
15, 1942..
$10,075,882,050.00
June 30.
1941 and 1942
646,900,000.00
3%
Railroad retirement account series, ma¬
turing June 30, 1942
4% Civil Service retirement fund, series 1938
to 1942
4%
Foreign
Service
retirement
65,000,000.00
376,600,000.00
t
fund,
series
1938 to 1942
3,201,000.00
4% Canal Zone retirement fund, series 1940
to 1942—
3,538,000.00
4%
Alaska Railroad retirement fund series,
maturing June 30, 1941 and 1942.....
Postal
June 30,
2%
Savings System
series,
Federal
50,000,000.00
Insurance
Deposit
309,000.00
maturing
1940 and 1942
Corporation
series, maturing Dec. 1, 1939 and 1942
85,000,000.00
368,164
3% bds., serA,'44-*52
2K% bonds, series B,
11,306,430,050.00
—
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1939
$25,800,000.00
ma¬
825,665,000.00
851,465,000.00
1,553,380,000.00
—
$36,871,122,520.38
(excluding Postal Savings bonds)
........
1,421,689,136
$3,912,660.26
45,220,00
15,521,100.00
-
4% apd 4K% Second Liberty Loan bonds of
1927-42...
debentures
2,720
370,885
866,607,000
10,832.582
877.439,582
1,035,596,575
1,040,249,456
49,532,100
325,254,750
4,652,881
123,830
1,626,273
660,180,775
3,713,216
663,893,991
f2,937,171,200
20,948,784
2,958,119,984
298.746,166
1,317,273
1,332,200.00
4M% Third Liberty Loan bonds of 1928
4lA% Fourth Liberty Loan bonds of 1933-38—
3K % and 4% % Victory notes of 1922-23
Treasury notes, at various Interest rates.
2,164,800.00
23,691,150.00
668,600.00
19,144,100.00
c300,063,440
2% bonds, ser. E, 1938
\K% bds., ser F. 1939
2K% bonds, series G.
1942-44.
Ctfs. of Indebtedness, at various Interest rates.
49,655,930
Treasury bills
326,881,023
.___
242,200.00
K% notes, series K.
Tenn. Valley Authority.
„„„
„„
100,779,630.26
Debt Bearing No Interest—
United States notes
.....
Less gold reserve
1
4,981,600.00
29,076,000.00
Treasury savings certificates-
Reconstruo'n Fin. Corp.:
$346,681,016.00
156,039,430.93
$190,641,585.07
U. S. Housing Authority
Total,
based
upon
Deposits for retirement of National bank and
Federal Reserve bank notes
.
guarantees
4,680,243,446
On Credit of the U. S.—
Secretary of Agriculture
Postal Savings System:
254,499,671.50
Old demand notes and fractional currency....
Thrift and Treasury savings stamps, unclassi¬
fied sales, &c
2,031,728.28
3,251,907.74
-
450,424,802.59
1,272,215,050
32,772,176 dl,304,987,226
credit of the U. S.
1,304,987,226
AUCTION
notes (face amt.).
SALES
e4,132,312,440
*
Includes only bonds issued and outstanding.
a After deducting amounts of funds deposited with the
Treasurer of the United
States to meet interest payments.
unmatured
$37,422,327,043.23
Total gross debt.-......-......-.-----.----------
upon
Other Obligations—
only
1,293,714,200.00
2K% Postal Savings bonds.
3K %• 4% and 4K % First Liberty Loan bonds
Home Owners' L'n Corp.:
f Includes
596,416,100.00
433,460,900.00
15,1939—
3% Old-Age Reserve account series, maturing
of 1932-47
Funds due depositors.
$618,056,800.00
15, 1938—
Oid debt matured—Issued prior to Apr. 1,1917
Fed'l^Houslng Admin.:
1939-49
15, 1938._
15, 1938..
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased-
871,855,903
3K% bds. of 1944-64.
862.085,600
93,028.600
K% bonds of 1939—
$23,159,847,470.38
Treasury Notes—
Treasury bills (maturity value)
$
bonds of 1944-49.
825,949,756.40
Total h»nds
turing June 30, 1938
Guaranteed by the XJ. 8.
Fed'l Farm Mtge. Corp.:
1,209,885,543.98
—
2K % Unemployment Trust Fund series,
Total
a
54,387,383.48
Adjusted Service bonds of 1945
$325,791,800.00
(Government Life Insurance Fund series)500,157,956.40
2%
Note—The
$181,831,516.50
335,711,502.50
443,601,847.75
194,353,293.75
Unclassified sales
491,375,100
J.-D.
...I.-D.
1946)
2Kb Postal Savings bonds
Treasury notes
Include accrued discount:
$20,927,252,250.00
U. S. Savings bonds (current redemp. value):
Series A-1935
.
Fund series
F. R
1,223,496,350.00
Series B-1936
M.-S.
4Kb Adjusted Service bonds,
based
1,214,428,950.00
1,626,687,650.00
981,827,550.00
450,978.400.00
454,135,200
352,993,450
3s Adjusted Service bonds of 1945
Total,
2,611,095,150.00
1,786,147,050.00
540,843,550.00
J.-D.
U. S. Savings bonds, series C, 1937
U. S. Savings bonds, series C, 1938...
Unclassified sales
3%
1,518,737,650.00
1,035,874,400.00
491,375,100.00
bonds of 1945
489,080,100
U. S. Savings bonds, series A, 1935.
U. S. Savings bonds, series B, 1936
1
834,453,200.00
1,400,528,250.00
bonds of 1949-53
489,080,100
2Kb Treasury bonds of 1945...
2K Treasury bonds of 1948..
3%
352,993,450.00
544,870,050.00
818,627,000.00
755,434,500.00
bonds of 1948
M.-S.
of 1948-1951
2^8 Treasury bonds of 1951-1954
2Kb Treasury bonds of 1956-1959...
2Kb Treasury bonds of 1949-1953...
a
•
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
•_
1,036,702,900
3s Treasury bonds of 1946-1948
$196,759,920.00
—-
bonds of 1956-59
1,036,692,900
J.-D.
"
118,065,420.00
bonds of 1951-54
J.-D.
3Xb Treasury bonds of 1946-1956
3y,8 Treasury bonds of 1943-47
3 Jis Treasury bonds of 1940-1943
3^8 Treasury bonds of 1941-1943
3Kb Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955
31is Treasury bonds of 1941
4K 8-3 Kb Treasury bonds of 1943-1945
3^8 Treasury bonds of 1944-1946
3Kb Treasury bonds
2Kb Treasury bonds
2Kb Treasury bonds
2Kb Treasury bonds
231,113,000
27,900,000\
2^s Unemployment Trust Fund—Series 1938—
4LK8 Treasury bonds of 1947-1952..—
A.-O.
*
3% % bonds of 1940-43
3%% bonds of 1941-43
3K% bonds of 1946-49
3% bonds of 1951-55
3K % bonds of 1941
3K% bonds of 1943-45
3K% bonds of 1944-46
3% bonds of 1946-48.
314 % bonds of 1949-52
214% bonds of 1955-60
2%% bonds of 1945-47
2K % bonds of 1948-51
49,800,000
Q.-J.
Title of Loan—
3s of 1961
follows:
$49,800,000.00
28,894,500.00
4% bonds of 1944-54..
3K% bonds of 1946-56
3% % bonds of 1943-47
Mar. 31, 1937
of the
the basis of
on
'
,
Treasury bonds:
"
4K% bonds of 1947-52
DEBT OUTSTANDING
Mar.SI, 1938
up
;
596,902,430
THE
debt
public
made
as
OF
31, 1938
the
of
as
daily Treasury statement, is
Bonds—
32,244,862
560,140,905
3,635,085
881,578
Interest
MAY
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47.
2K% Postal Savings bonds (15th to 49th ser.)
+2501,480 780 +1212,188,869
INTEREST-BEARING
STATES
The preliminary statement
United States May 31, 1938,
1 ,S09,091„299
49,967,164
567,098,256
3,551,775
Deduct outstanding obligations:
Matured Interest obligations
STATEMENT
31,
621,997,081
on
DEBT
UNITED
This statement of the
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Mar. 31,
1938, delayed in publication, has now been received, and as
4061
PRELIMINARY
bonds
Issued
and
outstanding.
Funds
deposited with the Treasurer of the United States for payment of
which have not been presented tor redemption.
c Does not include
$951,848.666.^8 face amount
have
matured
been
bonds
By R. L. Day & Co., Boston:
Shares
of notes and accrued Interest
thereon, held by Treasury and reflected in the public debt.
d Figures as of Jan. 31, 1938—figures as of March 31,
1938, are not available.
Offset by cash In designated depository banks and the accrued interest
amounting
to $125,725,905 47. which is secured by the pledge of collateral as
provided in the
Regulations of the Postal Savings System, having a face value of $127,620,693.25,
cash in possession of System amounting to $79,830,926.15, Government and Govern¬
ment-guaranteed securities with a face value of 81.088,703,770 held
as
investments,
and other assets.
e In actual circulation, exclusive of $9,873,669.82
redemption fund deposited in
the Treasury and 8295,005.040 of their own Federal Reserve notes held by the
issuing banks.
The collateral security for
Federal
Reserve notes Issued are
Wednesday
The following securities were sold at auction on
of the current week:
"
$ ver Share
Stocks
11 Martel Mills Corp., common, $1 par; 3 Martel Mills
2 Public Service Co., N. H-, $6 preferred
2 Providence Gas Co.. ex-dividend
1 Lake Superior District Power, 7%
...
pref., par $100
100 Aetna Standard Engineering Co., par $1
10 Old Colony Trust
Associates
...
Corp
,
prcf., par S50.S30 lot
98
r—— — —
6K
81
4
.........—...—.—
.... —
22 Peerless Weighing & Vending Machine, common, v. t. c., par
$1..
^
$150 Robert Gair Inc. 6s, April 1972
-
-36 flat
By Crockett & Co., Boston:
Shares
S per Share
Stocks
(1) $4,501,632,130 In gold certificates and in credits with the Treasurer of the
United States payable In gold certificates, (2) United States Government securities
of a face value of $15,000,000 and (3) commercial paper of a face amount of
39 Western Massachussets Cos—........
$11,995,000.
15 Hotel Trust Touralne
12
35c
Bonds—
25 Berkshire Fine Spinning.Assts., common
37 Eastern Utilities Assts..
—
6
2HK
conv
>
2K
12
Financial
4062
REDEMPTION
SINKING
AND
CALLS
FUND
Per
NOTICES
bonds, notes and preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Below will be found a list of
Company and Issue—
Date
Advertising Publishing Co., Ltd., 1st mtge. 6s, 1944
Ju y
1
Aluminum Ltd. 5% debenture bonds---July
1
Beauharnois Light, Heat & Power Co. 1st 5Hs, 1973
July
1
Broadway & 38th Street Corp. 1st mtge. 7s
—-—--July 1
Brown Shoe Co., Inc. 15-year 3H debs
Aug. 1
Buffalo Weaving & Belting Co. 1st 7s, 1939-—
July 1
California Packing Corp. 10-year 5% bonds. —
July
1
Chicago Daily News. Inc., 5% debentures. 1945
July
1
Commonwealth Edison Co., 1st mtge. 5s
———July 18
♦Commonwealth Subsidiary Corp. (Commonwealth Edi¬
son Co.) 5H% debentures,
1948
July 18
Connecticut Railway & Lighting Co. 1st & ref. 4Hs
July
1
Cumberland Valley Telep. Co. of Pa. 1st 5s, 1966
--.July
1
Dakota Power Co. 1st mtge. 6s, 1938
Sept. 1
Dallas Gas Co. 1st mtge. 6s, 1941
^.July
1
Denver Tramway Corp. 1st 6% notes, 1943
July
1
Fall River Electric Light Co. 1st mtge. 5s, 1945
—July
1
Federal Mining & Smelting Co., 7% preferred stock- -.June 30
Intertype Corp. 8% 1st pref. stock
July
1
Kir by Lumber Corp. 1st mtge. bonds
July 16
Framerlcan Indus. Develop. Corp. 20-yr. 7Hs, 1942
July
1
Houston Gil Co. of Texas 5Hs. 1940Aug,
1
Kansas City Gas Co. 1st mtge. 5s, 1946
Aug. 1
Lawrence Gas & Elec. Co. 20-year 4 Hs
Aug. 1
Massachusetts Utilities Associates, 5% debs., 1949. --—Aug.
9
Middlesex & Boston Street Ry. 1st mtge. 5Hs, 1942.- --July
1
Minnesota Valley Canning Co. 1st 6s, 1941
July
1
Montana Coal <fc Iron Co. 5% 30-year bonds
June 28
♦New York F.re Protection Co. 1st mtge. 4s
July
6
1400 Lake Shore Drive Corp., 1st mtge. 6s, 1943—
July
1
Paducah & Illinois RR. 1st mtge. 4Hs
July
1
Paramount Pictures, Inc. 20-year 6% debs
June 29
Parisian Laundry Co. of Toronto, Ltd., IstM. 6H.8. '47 --July
1
Pearl River Valley Lumber Co. ref. inc. bonds, 1945
Sept. 1
Pennsylvania RK. gen. mtge. 414s, 1984
June 30
Peoples Natural Gas Co. 5% preferred stock
July
1
♦Poli-New England Theatres, Inc., 1st mtge. bonds.-.--July 20
St. Joseph Ry., Light, Heat & Power Co. 1st 5s, 1946
July
1
St. Joseph Stock Yards Co., 1st mtge. 5s, 1940
Aug. 1
San Antonio Public Service Co., 1st mtge. 5s
1
Aug.
1
1st mtge. 6s
Jan. 1 '39
♦Shippers Car Line Corn. 5% gold ctfs. series H-_July 15
(Robert) Simpson Co., Ltd.. 1st mtge. 5s, 1952
July
1
Texas Terminal Ry. 1st mtge. 6s, 1941
July 26
Traylor Engineering & Manufacturing Co. pref. stock. --June 30
United Cigar-Whelan Stores Corp. 5% bonds, 1952
June 29
United States Rubber Co. 1st mtge. 5s, 1947
July
1
Virginia Coal & Iron Co. 5% bonds of subsidiary
July
1
^
„
Page
3796
,
^
Sept.
bonds, 1940
1945
3657
3329
3662
3946
3329
2842
3800
3800
4112
3009
3332
3332
3666
3333
3668
3802
3956
3958
1875
3670
3670
3670
3809
3960
3343
3961
4126
3813
3675
3964
3813
2383
3814
2865
4128
120
3820
3679
3679
4130
2385
3822
3973
3973
2226
3682
1398
1
July
July
(Raphael) Weill & Co., 8% preferred stock.Wilson Line, Inc., 1st mtge. bonds,
♦
Announcements this week.
1
1
3532
2875
Canadian
luc
---
Champion Paper & Fiber Co. 6% pref. (quar.) —
Charlottesville Woolen Mills, (s.-a.)- — 7% cumul. partic. preferred (semi-ann.)
Chilton Co., common —
Cincinnati Union Stockyards
144 E.
Co.
have
opened
a
—James
F.
Musson
has
B.
become associated with
Co., Inc.
;
J. Van Ingen &
1
preferred (quar.)
are
grouped in two separate tables.
In the
bring together all the dividends announced the
week.
Then we follow with a second table in which
we
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
show
the
dividends
The dividends announced this week
are:
Per
Share
Name of Company
Acadia Sugar Refining Co. 6% pref. (quar.)
Adams Express Co. common
Ahlberg Bearing Co. 7% partic. class A (quar.)_
Alaska Juneau Gold Mining (quar.)
1H%
10c
8Mc
15c
15c
'Extra
Alberta Wood Preserving Co. 7% pref. (quar.),.
American Coach & Body (action deferred)
American Dredging (irregular)
American European Securities preferred
American Hardware Corp. (quar.)
Holders
When
Payable
of Record
mx
July
1
June
18
1
July 12 July
July
1 Juen 20
5
Aug.
1 July
5
Aug.
1 luly
July
2 June 25
$1
June
June 17
+$3
June
June 23
25c
July
Aug.
June
luly
17
14*
American Home Products Corp. (monthly)
American I. G. Chemical class A (interim)
20c
$2
June
June 28
Class B (interim)
American Investment Co.
20c
June
June 28
(s.-a.)———---------
$2
mx
25c
81H
10c
81H
87c
75c
50c
15c
-
82 H
*l6c
lc
quar.)
General Foods Corp. 84H pref. (initial
—
Gimbel Bros, preferred (quar.)
Glen Alden Coal (interim)
(s.-a.) —
Ld.
(quar.)—.—-——-.
Works (quar.)
81H
$1x
12Hc
25c
ir4
Great Lakes Engineering
t75c
Group Corp., 6% preferred
Haloid Co. (no action)
Harrisburg Rys
—
Harris-Seybold Potter, $5 preferred (quar.)
Hartford Steam Boiler Inspection & Insurance. Harvard Brewing Co. 5% conv. preferred
Hat Corp. of Amer., 6H % Pref. (quar.)
Hatfield Campbell Creek Coal—
5% prior preferred (quar.)
Haverhill Gas Light Co—
— Haverty Furniture Co., pref. (quar.)
Hecker Products Corp. (quar.)
Hershey Creamery Co. 7% preferred (s.-a.)
Hibbard, Spencer, Bartlett & Co. (monthly)-—
•"
Monthly
—
—-—
June 20
Holophane Co--- -Home Tel. & Tel. (Ft. Wayne, Ind.)
June
June 25
7% preferred A——
July
July
July
6 H % preferred B
June 27
82*c
Participating preferred (no action)
American Republics Corp
10c
June 30
B-G Foods 7 % preferred.
Baker (J. T.) Chemical Co. 5H% pref. (qu.)
Balaban & Katz Corp., 7% pref. (quar.)
Baldwin Co..
Baldwin-Duckworth Chain Corp
Barker's Bread, Ltd., 5% pref. (quar.)
pref. (quar.)
June 27
Kehaha Sugar Co., Ltd.
June 23
Kelley Island Lims & Transport
June 20
Kellogg Switchboard & Supply
mx
June
$1H
20c
18Hc
tSlH
n%
40c
62 He
37 He
mx
(s.-a.)
Birmingham Fire Insurance Co. of Alabama
Bobbs-Merrill Co., 4H% pref (quar.)
Common (resumed)
Boston Acceptance Co., Inc., 7% pref. (qu.)—
Brandtjen & Kluge, 7% conv. pref. (quarT)
Bridgeport Hydraulic Co. (quar.)..
Brookline Oil Co. (monthly).
Brooklyn-Manhattan Transit pref. (no action)
Buckeye Steel Casting prior pref. (quar.)
6% preferred (quar.).
Buffalo Insurance Co. (quar.)
25c
7% preferred (quar.)
California Water & Telep. Co. 6% pref. (qu.)—
Canada Life Assurance Co. (quar.)
819*
6% preferred (quar.).
June 21
pref. (quar.)..
Bulova Watch Co
Calif. Oregon Power Co., 6% pref. (quar.)
t87Hc
t81Hc
t75c
50c
•
July
July
July
July
July
July
July
30c
25c
7.21c
Biltmore Hats Ltd.
81X
lie
(quar.)_-
5c
Anheuser-Busch, Inc.
Arrow-Hart & Hegeman Electric Co
Atlantic Co. (Atlanta, Ga.), 6% pref. (quar.)—
Autoline Oil Co. preferred (quar.)
Aviation Corp. $3 par capital stock
25c
June 24
July
1
June 20
June
24
June 21
June
June 20
June 24
June 30
June 23
June
15
15
60c
June
June
June
June 25
87 He
July
July
June 23
June
June
2c
15c
-----
La.) (s.-a.) —
83
June 30
10
Aug.
Aug.
July 20
July 20
June
June 23
July
July
July
July
June 27
June 20
July
June 30
June 30
June 30
June 30
1 May 15
June 30
July 20 June 30
1 July 12
Aug.
1 June 20
July
June 30 June 20
1 June 24
July
Oct.
July
July
July
July
July
15
19 July
9
30 June 30
1 June 22
1 June 22
1 June 27
June 30 June 25
2 June 30
July
June 20
July
July
July
Aug.
July
July
June 20
July
July
1
16
June 22
June 22
June
June 24
June
June 24
July
June 30
June
June
18
June
15
June
16
June
17
July
July
July
July
July
July
Aug.
July
July
July
11
June
9
2
15
Aug.
Aug.
July
1 July 12
1 July 23
1 June 25
July
1
June 27 June 20
July
1 June 20
June 30 June
15
Aug.
1 July
18
July
July
July
Aug.
June
22
June 27
1 June 20
1 July 11
June 30 June 15
27
1 June 27
June 30 June
July
July
July
July
10 June 30
21 July 11
1 June 18
June 30 June 27
June 30 June
27
June
15
July
July
July
July
July
July
1
1
1
15
1
15
June
*—
————-
(Toronto (s.-a.) —
Marchant Calculating Machine (quar.)
Preferred (s.-a.)
Marsh (M.) & Sons, Inc. (quar.)
Massachusetts Investors Trust
(quar.)
McCrory Stores preferred vquar.)
Melville Shoe Corp. common (quar.)
Preferred (quar.)
Memphis Natural Gas Co
Memphis Power & Light 87 pref. (quar.)
86 preferred (quar.)
Meyer-Blanke 7 % preferred (quar.)
15
July
11
June 25
July
82
86
25c
35c
40c
50c
7Hc
10c
81X
81H
819*
31 July
31 July
1
11
11
1 June 16
July
June 30 June 20
June 30 June 20
Aug.
Aug.
20c
81.63
1
15 July
1
June 30 June 22
1 June 21
July
June 30 June 24
17c
25c
15
June
July 20 June 30
July 20 June 30
July 20 June 30
1
July 15 July
1 June 20
July
1 June 20
July
1 June 25
July
81H
81H
81X
30c
Manufacturers Life Insurance
McLellan Stores, preferred
July
July
July
July
July
Aug.
Aug.
Aug.
July
July
July
July
July
35c
—— ——
—
81H
37>!s
(Va.) (s.-a.)
(quar.)
Liberty Loan Corp. A & B (quar.)
Lion Oil Refining (quar.)
Lone Star Gas Corp
Preferred (quar.).
Lord & Taylor, 2nd preferred (quar.)
— .
July 30
Aug. 15
July 15
July
July
July
10c
Lawyers Title Insurance Corp.
Lawyers Trust Co
15
June 30 June
37Hc
62Hc
pref. (quar.)
Knapp Monarch Co. 82H pref. (quar.) —
Lenox Water Co.
June 30
17Hc
40c
(quar.)__
Laclede Steel Co
June 23
1
1
June
15c
Knott Corp.
Kirsch Co. 81H cum.
Lafayette Fire Ins. (New Orleans,
Landers, Frary & Clerk (quar.)
10
July
July
25c
mx
June 20
June
June
(monthly)
Co
June 20
July
July
July
July
Preferred
18 June
July
9
July
9
July
1
Aug.
8
Sept.
1
Aug.
1
July 15
June 23 June 20
87 He
5uc
—
June
5c
Angostura-Wupperman
June
July 29 July 19
Aug. 26 Aug. 16
Sept. 30 Sept. 20
15c
35c
_——.———- —
July
July
25
15c
15c
6Hc
87 He
6% preferred C
Julian & Kokenge Co. (s.-a.)
Kansas Power & Light 7% pref.
83 H
32c
Interstate Home Equipment
5
20c
37 He
15c
81 J*
preferred (quar.)
25c
(quar.)
15c
5c
Iowa Electric Light & Power—
1
81-04
mx
50c
Interallied Investing Corp. class A (s.-a.)
Interstate Bakeries Corp., preferred
July
40c
50c
Extra
June 20
10c
81M
10c
5% conv. preferred (quar.)
Industrial Credit Corp. (N. E.) (quar.)
12 He
American News Co
-
(quar.)---
7% preferred (s.-a.)__
Honolulu Plantation (monthly)
Idaho Maryland Mines (monthly)
Illuminating Shares, class A (quar.)--Industrial Acceptance Corp.. 82 class A
July
July
July
lune
20c
Monthly
7%
1
1 June 22
June 30 June 23
June 30 June 23
July
1 June 28
8
July 15 July
Sept.
1 Aug. 12
July
1 June 23
84
81.20
(monthly) ———- —
6% preferred (monthly)
7% cum. preferred
1 June 36
1 June 20
June 30 June 23
10c
Equitable Investment Corp
Excelsior Life Insurance Co. (s.-a.)
Fairmont Creamery Co. (Del.) (quar.)
4H % convertible preferred (quar.)
Federal Mogul Corp
Fibre board Products, 6% prior pref. (quar.)
Florida Power & Light 87 preferred
86 preferred
F. R. Publishing Corp. (quar.)
30c
12Hc
$1X
mx
15c
Empire Trust Co
43 Mc
50c
conv.
17 He
75c
Dictaphone Corp. preferred (quar.)
Discount Corp. of New York
9.604c
Diversified Trust Shares, series C
Doehler Die^Casting (no action)
50c
Dome Mines Ltd., new (quar.)
mx
Dominion Tar & Chemical pref. (quar.)
t75c
Dravo Corp., 6% preferred.
—
mx
Early & Daniel Co. preferred (quar.)
—
37Hc
Eason Oil Co., cum. conv. pref. (quar.)
36c
Eastern Township Telephone-—-mx
East Penna. RR. 6% gtd. (s.-a.)
83 H
Eastern Theatres, Ltd., 7% preferred (s.-a.) —_
40c
Emerson Drug Co. class A & B (quar.)
50c
Preferred (quar.)
(111.) 7% pref. (qu.)—
8% preferred (quar.)
Basic Industries Shares (bearer)
Bausch & Lomb Optical Co., 5%
20c
15 July
5
June 30 June 22
June 20 June 13
37Hc
Payable in cash or tr. sh. ctfs.
Detroit Paper Products (no action)
Preferred (quar.)
American Meter Co
American Midland Co., 70c. ser. A, pref. (quar.)
Bartgis Bros. Co., Q~%
87 He
Sept. 15
$1H
2H%
(quar.)
Deposited Bank Shares (N. Y.) series A—
------
American Products prior preferred
1 June 30
Goodrich (B. F.) Co. 85 pref. (omitted)
Gotham Silk Hosiery Co., Inc.,
Dividends
current
July
July
July
July
July
87m
$2
(s.-a.)
(N. J.)
Crystalite Products Co., 6% pref.
Goderich Elevator & Transit Co.,
DIVIDENDS
first
15
5c
—
——
preferred A
— —
Commercial Discount (Los Angeles)—
8% preferred (quar.)
7% preferred (quar.)
-----Connecticut Gas & Coke Securities pref. (qu.) —
Coniagas Mines, Ltd
—
Consolidated Cigar Corp. preferred (quar.)
General Box Co
84th St., New York City.
15
1 June
25c
5% preferred (s.-a.)
branch office in Yorkville at
1 June
July
July
12He
(quar.)
7% preferred (quar.)
Detroit River Tunnel
July
20c
Columbus Foods Corp.,
Consolidated Traction Co.
1
$2
$2
25c
Columbus Dental Mfg. Co
Prior
Oct.
3c
6% preferred (quar.).
Claude Neon Electric Products.
Cleveland Hobbing Machine (quar.)
Cleveland Union Stockyards
July
IlH
30c
(quar.)
Wholesa~le?Supply,~ 7%"pref."(quar.)—.
Citizens
15 June 30
15 June 30
July
81H
(quar.)
6% cum. preferred
15 June 30
2 June 18
mx
pref. (quar.)
Gas Securities Co.
—Loeb, Alsbqrg &
June 30 June 15
June 3o June 23
July
July
Cebu Sugar Co
Central Power Co. 7% cum.
Co
Gardner Electric Light (s.-a.)
NOTICES
June 30
37Hc
(Winnipeg, Man.)
Products Co. class A (quar.)
Canadian Fire Insurance
Canadian Silk
Holders
When
Payable of Record
J28c
Equity Trust Shares
- —
pref. (quar.).—
Canadian Fairbanks Morse
Fresnillo
CURRENT
Share
Name of Company
stocks of
West Disinfectant Co. 1st mtge.
June 25, 1938
Chronicle
1 June 24
1 June 20
1 June 21
25 July
20 July
July
1 July
1
5
20
15
15
2 June 27
15 June 30
15 June 30
1 June 18
20 June 30
1 July
1 July
11
20
1 July 15
1 July 15
Aug.
June 28 June 24
1 June 22
July
Aug.
July
July
1 June 22
1 June 24
Volume
Financial
146
Per
Name of
Share
Company
Michigan Bakeries, Inc., $7 pref. (quar.)_
$1 non-cuin. prior preferred (quar.)
Michigan Steel Tube Products (action deferred)
Mickeiberry's Food Products Co.—
$2.40 preferred (quar.)
Mid-West Refineries (quar.)
Mill Creek & Mine Hill Nav. RR. Co. (s.-a.)__
Montreal Light Heat & Power Consol, (quar.)_.
Montreal Telegraph Co
Montreal Tramways (quar.)
Morrison Bond Co. 7% prer. (quar.)
6% preferred (quar.)
Morris (Philip) & Co., Ltd., Inc
5% conv. cum. preferred series A (initial)
Morrison Cafeterias Consol., Inc., 7% pref.(qu.)
Mount Carbon & Port Carbon RR. (s.-a.)
National Dlsfillers Products tquar.)
...
National Fire Insurance (Hartford) (quar.)
National Funding Corp., class A & B (quar.)__
Class A and B (extra)
Neilson (Wm.) Ltd., 7% pref.
Newark Consolidated Gas Co.
(quar.)
(s.-a.)___
;:„
5% guaranteed (s.-a.)
New Brunswick Light Heat & Pow. Co. (s -a.)__
New Britain Machine Co
-
-
7% preferred A.(quar.)
SIX
26c
New Orleans Public Service preferred
New York Telephone Co. (quar.)
Niagara Hudson Power 1st pref. (quar.)
July
July
July
June 30
July
July
June
June 20
June
June
July
July
1
Aug. 15
38c
68c
S2X
43 He
37&c
Sept.
July
July
Aug.
July
July
July
June
July
July
July
June 21
June
June 23
50c
50c
17 He
2Hc
SIX
S2X
$2H
$ilc
June
June
June 20
-
July
June
June 20
July
July
July
June 20
June 21
July
10
June
June
23
'
June
June 23
5c
3c
50c
$1
15c
June 20
June
30
30
June 23
June
June 30
June
25
June
June
15
June
15
June
15
June
16
July
July
July
Extra
Allis Chalmers Mfg.
July 25 July
July 25 July
17
June
Sept.
Aug.
Oct.
Aug.
Aug.
July
Aug.
Sept. 15
June 30
June
June
Hit
June
June
June
18
50c
Extra
June
June 18
8c
12c
July
July
July
1
July
1
Aug. 19
37Hc
S2X
SIX
f$5 X
Paper Co. 7% ref. (quar.)
St. Louis Screw & Bolt dreferred
San Carlos Milling Co., Ltd
20c
Sayers-Scovill Co
6% preferred (quar.)
$1
SIX
Schumacher Wall Board Corp. $2 partic.
pref—
Schuylkill Valley Navigation & RR. (s.-a.)
Scruggs-Vandervoort-Barney, Inc.—
6% 1st preferred (s.-a.)
7% 2d preferred (s.-a.)
3H% preferred (s.-a.)
Seagrave Corp. 5% pref. div. postponed.
Sharon Steel Corp. preferred (quar.)
Shell Union Oil Corp. common (interim)
--
Silverwood Dairies, Ltd., 40c. cum. pref
Smyth Manufacturing CoSonoco Products (quar.)
5% preferred (quar.)
t50e
SIX
S3
S3X
SIX
SIX
35c
25c
$1
12 He
SIX
South Berkshire Power & Electric
50c
Se^t.
June 21
July
June 25
June
June 21
July
July
July
July
July
July
July
July
June
2
20
20
July
July
5
2
July
June
June 21
June 21
1 June 21
1 June 24
July
July 15 July
1
July 15 June 30
1 June 23
July
June 30 June 27
June 30 June 27
June 30 June
16
t20c
Aug. 15 July
30
Aug.
15
SIX
Southern Canada Power Co., Ltd. (quar.)
Southern Indiana Gas & Electric Co.—
July
1 June 15
July 15 June 30
July 15 June 30
4.8% preferred (quar.)
Co. (irregular)
Southern Weaving
1 July
June 30 June 27
Standard Fuel Co. 6H% pref. (quar.)—
Standard Wholesale Phosphate & Acid Works
State Street Investment Corp
20c
25c
Stetson (J. B.) Co. pref. (div. omitted.)
Suburban Electric Securities $4 2d prer
t50c
Supervised Shares
1
Telluride Power 7% preferred (quar.)
Texas Electric Service $6 pref. (quar.)
Textile Banking Co. (quar.)—
Thatcher Mfg. preferred (quar.)
Tintic Standard Mining (quar.)
Tip Top Tailors, Ltd
7% preferred (quar.)
Title Insurance (Minn.) (s.-a.)
Todd-Johnson Dry Docks, Inc.—
A and B preferred (quar.)—
Torrington Water (quar.)__
Towle Manufacturing Co. (quar.)
6c
IX
July
July
July
July
50c
June
90c
5c
15c
Aug.
SIX
SIX
(quar.)
7% preferred (s -a.)
June
July
July
July
June 24
June 30
June
June
15
h
Corp. 7% cum. pref
July
June 25
June
June 20
July
1tu
Travelers Insurance
.
95c
t3c
t50c
June
July
July
July
July
July
June 20
1 July
15
1 June
15
1 June
13
1 June 21
13*
1 June 21
July
Sept. 24 Sept. 1
June 30 June
1
1 June
15
1 June 20
15
15
15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Aug.
1 July
12
June 30 June
15
1 June
15
1 June
1 June
15
July
July
July
July
July
July
July
......
$7
50c
Preferred
American Smelting & Refining Co
Preferred (quar7)
American Snuff Co. (quar.)
Preferred (quar.)
American Surety
Six
75c
S1H
(Indianapolis).
Co. of N Y
American Telep. &
50c
1 June 20
Dec. 31 Dec.
American Sugar Refining
Preferred (quar.)
$1H
1 June 20
1 June
15
15
1 June
15
1 June
13
1 June
13
P
June
June
37 He
15
15
1 July 20
1 June 15
June 30
June24
Americah*©rake Shoe & Foundry
Preferred (quar.)
S1.31H June 30 June 24
1 June 23
S3X July
American Bemberg Corp., preferred
June 29 June 17
10c
American Business Credit Corp., cl. A com
1 June 17*
SIX July
American Can Co., pref. (quar.)
1 June 15
25c
American Capital Corp. $3 preferredJuly
1 June 20
$3
July
American Cast Iron Pipe 6% pref. (s.-a.)
June 30 June 15
$1H
American Cigarette & Cigar, pref. (quar.)
1 June 10
34Hc July
American Cities Power & Light S2X class A--_Optional diy. cash or l-32d sh. of cl. B stock.
1 June 18
SI H
July
American Crystal Sugar pref. (quar )—
1 June 15
July
American Cyanamid Co. com. A & B (quar.)
1 June 15
SIX July
5% cum conv. preferred (quar.)
SI
July 15 June 15
American District Teleg. (N. J.) pref. (quar.).
June 2b June 17
American Dredging Co
SIX
Sept. 1 Aug. 25
American Envelope Co., 7% pref. A (qu.)
1 Nov. 25
Dec.
SIX
7% preferred A (quarterly)
1 June 17
Six July
American Express Co. (quar.)
1 June
8
35c
July
American Gas & Electric Co. com. (quar.)
1 July
Aug.
8
Preferred (quar.)
June 30 June 20
American General Insurance Co. (Texas) (quar.)
$2 June 30 June 10
American Hard Rubber 8% pref. (quar.)
1 June 15
25c July
American-Hawaiian Steamship (quar.)
—
1 June 14*
20c July
American Home Products
June 25 June
50c
6
American Ice Co. preferred (quar.).—
25c
June 30 June 21
American Maize Products (resumed)
SIX June 30 June 21
Preferred (quar.)—
1
1 June 15
SIX July
American Mfg. Co. preferred (quar.)
1 June 25
July
2%
American Motorists Insurance Co
.—
1 June 18
July
American Optical 7% pref. (quar.)
1 June
9
July
American-Power & Light Co., $6 pref
1 June
9
July
$5 preferred
-July 15 June 15
American Rolling Mill, pref. (quar.)
40c June 30 June 10
American Safety Razor (quar.)
1 July 15
50c
Aug.
American Ship Building
June 25 June 18
$1
Extra
American States Insurance Co.
17
1 June
Sept. 30 Sept.
(quar.)
15
June 24
July 30
June 16
17
June 20
18
June 30 June
AmericanBank Note
June "18
15
June 20
June
--
Class B
Preferred
June
4
Tune 30
1 June
July
July
Preferred
July 25 June 30
July
1 June 17
4
15
1
15
2
1
June 25 June
i—
Extra-
18
17
1 June
—
....
1
15
15
15
15
15
18
1 June
18
15 June 30
June 28 May 31
June 28 May 31
Aug.
July
July
July
Co.
Mfg
Aluminum Mfrs., Inc. (quar.)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Amerex Holding Corp. (s.-a.)
American Agricultural Chemical
American Bakeries Corp. class A (quar.)
June 22
lime 20
Time
1 June
1
June 30
—
Aloe (A. S.) Co. 7% preferred (quar.)
Alpha Portland Cement
Quarterly
Aluminum Co. of America, 6% pref. (quar.)—
11
1
18
June 25 June
1 June
July
July
6% preferred (quar.)
1
1
18
1 June
June 30 June 21
Allied International Investing, preferred
4
15
1 June
June 30 June 21
-
Allied Laboratories, Inc. (quar.)-Allied Products Corp. class A (quar.)--.Allied Stores Corp. 5% preferred (quar.)
July
1 June 20
June 22 June 21
15 July
July
Aug.
July
July
Allen Electric & Equipment Co. (quar.)
Allen-Wales Adding Machine Corp.—
15
15
15
June 30*
Holders
July
(quar.)—
(quar.)—
Albany & Susquehanna RR. (sa.-.)
Allegheny & Western Ry. Co
Allemania Fire Insurance Co. (Pittsburgh, Pa.)-
10
1 June
--
Alabama Power Co., $7 pref. (quar.)
$6 preferred
$5 preferred
When
July
Preferred-
30
30
June
Hit
-
23
1 June 23
June
-
Agnew-Surpass Shoe Stores, preferred
Agricultural Insurance (N. Y.) (quar.)
Air Associates, Inc. (quar.)
$7 cum. preferred (quar.)
Air Reduction Co. (qua.)
Alabama Great Southern RR. Co., ord
20
July
5
July
Rochester Button Co. preferred (quar.)
Rome & Clinton RR
9
Payable of Record
July
July
July
July
July
July
July
July
July
July
July
Affiliated Fund, Inc
.Time 20
July
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
-
16
Sept.
June 24
June 24
June 30 June
6H% preferred (quar.)
Adams Oil & Gas (quar.)
Aero Supply Mfg., class A (quar.)
Aetna Casualty & Surety (quar.)
Aetna Fire Insurance Co. (quar.)
Aetna Life Insurance <,quar.)
June 30
_
Share
Acme Glove Works, Ltd. (quar.)
June 30
June 30
July
—
June
Oct.
give the dividends announced in previous weeks
Abbott Laboratories (quar.).
Preferred (quar.)
June 30
June
50c
50c
June
11
July
July
Aluminum Goods
SIX
six
June 30
June 29
July
Per
June 30
June 15 June
—
June 22
June 22
July 21
June 30
SIX
Name of Company
June
July
we
June 20
Aug.
Aug.
Aug.
July
10c
June 20
June 22
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
June 20
June
7Hc
10c
■
15
15
July
July
June
50c
Below
15
June 20
June 30
July
July
SIX
June 25
June 20
June 24
June 25
July
July
July
July
July
July
July
July
July
Pacific Truck Service, Inc. (Calif.)—
7% preferred ^resumed)
Park-Wilshire Co. voting trust certificates
Worcester Suburban Electric
July
July
July
June
-
Yale & Towne Manufacturing Co
Young (J. S.) (quar.)
Preferred (quar.)
July
Pacific Gas & Electric Co
(quar.)
7% pref. (quar.)
Union Investment Co. preferred (quar.)
United Gold Equities of Canada standard shs.
United Printers & Publishers, Inc., $2 pref
June 21
July
June 27
SIX
$1H
t75c
685ll
87 He
Woodward & Lothrop 7% preferred (quar.)
Common (increased)
June 21
June
6% participating preferred (quar.)__
5% preferred (quar.)
•
Old Dominion Fire Ins. Co., Inc. (Va.)
Old Joe Distilling Co. 8% partic. pref. (quar.)._
Onomea Sugar Co. (monthly)
Otter Tail Power (Minn.) $6 preferred...
85 H
preferred
Pacific Coast Mortgage Co. (San Francisco)
Pacific Finance Corp. 8% pref. (quar.)
6H% preferred (quar.)
5% preferred (quar.)
Twin State Gas & Elec.
June 30
June
1st preferred (quar.)
2d preferred (quar.)
Ohio Loan & Discount Oo__
Towne Securitia-
Juno 23
June 30
July
Ohio Leather Co
Sabin Bobbins
2
15
Aug.
Aug.
July
July
July
July
July
July
July
July
July
__
__
July
July
June 29
June 27
July
75c
50c
Vlchek Tool preferred (quar.)
Vulcan Detinning Co. (interim)
Western Dairies $3 preferred
West Kootenay Power & Light Co. (increased)-.
West Virginia Pulp & Paper Co
Wicklund (J. V.) Development Co. (reduced)--
June 15
six
6% preferred
North & Judd Mfg. Co
Northland Greyhound Lines, Inc.—
Conv. preferred (quar.)
:
Northwestern National Insurance (quar.)
Oahu Sugar Co., Ltd. (monthly)
Penn Traffic Co. (s.-a.)
Philadelphia Co. (quar.).
Philadelphia Dairy Products Co., Inc.—
1st preferred (semi -annual)
Pittsfield Coal Gas (quar.)
Prudential Investors Corp. (reduced)...
Public Service of New Jersey
8% preferred (quar.)
7% preferred (quar.)
S5 preferred (quar.)
•6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
Putnam (George) Fund (quar.)
Pyle-National 8% preferred (quar.)
Railway Equip. & Realty Co., Ltd.—
6% 1st preferred (quar.)
Rhode Island Electric Protective Co. (quar.)
Richmond Fredericksburg & Potomac RR.—
Voting common (semi-ann.) (reduced)
Non-voting common (s.-a.) (reduced)
Dividend obligation (s.-a.)
Rickel (H. W.) & Co—
Preferred (guar.)
United Stock Yards Corp. (interim)
Preferred (quar.)
United Wall Paper Factories
Van Camp Milk preferred (quar.)
June 24
Northern State^ Power Co. (Minn.) $5pref.(qu.)
Northern States Power (Del.) 7% preferred
(liquidating)
(extra)
United Statas Hoffman Machine pref. (quar.)__
United States Smelting, Refg. & Min. Co
20
84c
June
$1
50c
(quar.)
4
six
10c
SIX
Preferred
2
June 30
June 20
12Hc
17Hc
SIX.
United Milk Products (quar.)
Preferred
July
Holders
When
Payable of Record
July
July
July
July
July
July
Aug.
July
July
July
July
(Minn.)
7% preferred A & B (quar.)
$6 preferred C & D (quar.)_
June 15
six
Share
Union Public Service
18
June 21
June
Corp. 4H% pref. (s.-a.)
Per
Name of Company
18
June
6% preferred (quar.)
5H % preferred-.
Penn-Mex Fuel Co.
1 July
1 July
July
2d preferred class A & B (quar.)
North American Finance Corp. class A (quar.)
Cum. prior preferred (quar.)
7% preferred (quar.)
Northern Central Railway Co..
Northern Indiana Puolic Service 7% pref
Penn Federal
Aug.
Aug.
4063
Holders
When
Payable of Record
60c
3c
SIX
SIX
S2X
SIX
New England Power Co., 6% pref. (quar.)
New London Northern RR. Co. (quar.)
Chronicle
;
-
30c
25c
SIX
SIX
Teleg. (quar.)
American Thermos Bottle.
7% pref. (quar.)
July
9
June 25
American Thread Co. S5 preferred (s.-a.)
American Tobacco Co., pref. (quar.)-L
June 20
June 15
87 He
18
5
Aug. 31 Aug.
July 30 July
8
1 June
9
July
1 June
9
July
1 June 15
July
2 June
6
July
2 June
6
July
1 June 11*
July
July 15 June 15
1 July 20
Aug.
1 June 20
July
1 May 31
July
1 June 10
July
June 25 June
American Water Works & Electric Co., Inc.—
June 25
July
5
June 25
$6 1st preferred (quar.)-..
Amoskeag Co., common (s.-a.)
Preferred (semi-ann.)
Anglo-Norwegian Holdings, Ltd., 7% pref—
111%
82 X
+S3H
July
July
July
1
6
5
June 30
June 17
June 25
June 25
June 28
Financial
4064
Per
Share
Name of Company
15c
Anchor Hocking Glass
Preferred (quar.)
Appalachian Electric Power, $7 pref. «,qu.)
Arkansas Power & Light $7 preferred-$6 preferred
Armour & Co. of Delaware preferred (quar.)
Arnold Constable Corp
JIM
$1M
—
Art Metal Construction
Arundel Corp.
Asbestos
SIM
Si M
12Mc
5oc
25c
(guar.)
50c
50c
Corp. Ltd. (quar.)
6% preferred (s.-a.)
I2&
17
c
J2
20c
60c
6% preferred (quar.)---
Aug.
July
July
18
24
Canadian Wirebound Boxes, $1M. class
Canadian Westinghouse (quar.)
5
1 July
1 June 25
1 June 15
June 30 June 21
June 30 June 21
July
1 June 20
1 June 20
25c
A—
5uc
5% preferred (quar.)—
---Carolina Power & Light $7 preferred (quar.)...
$6 preferred (quar.)—
—
Carolina Telephone & Telegraph (quar.)
Carriers & General Corp
Case (J. I.) preferred (quar.)
Celanese Corp. of Amer.
Celotex Corp., preferred
7% cu.. pret. (qu.)
(quar.)
Central Aguirre Assoc. (quar.)-—.
Central Hanover Bank & Trust Co.
Central Illinois Light Co. 4M% pref. (quar.)
Central Maine Power Co. 7% pref. (quar.)
7 % preferred
-—
Central Patricia Gold Mines, Ltd. quar.)
Central Power & Light, 7% preferred
—
30c
SIM
HP
20c
$3 A
Barker Bros.
Corp. 5M% preferred (quar.)--_.
Bastian-Blessing Co
Bayuk Cigar, Inc. 7% 1st pref. (quar.)
Preferred (quar.)
Beatrice Creamery Co. (quar.)
Preferred (quar.)
--
--
--
6% prior preferred (quar.).
Centrifugal Pipe Corp. (quar.)
Quarterly
—
Champion Paper & Fibre Co. 6% pref (quar.)—
Chemical Bank & Trust Co. (N. Y.) (quar.)
Chesapeake & Ohio Ry. Co
$1 M
Bankers Trust Co—
-
June 30 June 21
June
4
July
-
$3
50c
68 He
25c
$1M
Hi
—
.
-
25c
30c
—
62 He
luc
10c
(quarJ
Birmingham Electric $7 preferred
$6 preferred
Bliss & Laughlin. Inc., 5% preferred (quar.).—
Bon Ami Co. class A (quar.)
Class B (quar.)
—
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Boston Herald-Traveler Corp
Boston Insurance Co. (quar.)
tsiM
tSIM
3/>|c
62 He
-
Boston Wharf Co. (s.-a.)
Boyd-Richardson 8%, 1st preferred (quar.)___.
8% participating preferred (quar.)
Brach (E. J.) & Sons (quar.)
Bralorne Mines Ltd. (quar.)
-
Extra..
Brantford Cordage Co., $1.30, 1st pref. (quar.)_
Brazilian Traction Light & Power Co., Ltd
—
Preferred (quar.)
25c
$1
$2
$2
30c
15c
10c
32 He
{50c
SIM
Bridgeport Gas Light (quar.)
50c
Bridgeport Machine Co., pref. (quar.)
sim
Briggs Mfg. Co
25c
Brillo Manufacturing Co. (quar.)
25c
Class A (quar.)
50c
British American Oil (quar.)
{25c
British-Amer. Tobacco Co., Ltd., ord.(Interim)lOd.
British Columbia Elec. Ry. 5% perp. pref-.
t2H%
British Columbia Power Corp. Ltd. cl. A (qu.)
{50c
British Columbia Telep. 6% 2nd pref. (quar.)
{SIM
Broad Street Investing Co., Inc. (quar.)
15c
Brooklyn Borough Gas Co. (quar.)
75c
6% partic.preferred (quar.)
75c
Brooklyn Trust Co. (semi-annual.)
$2
Brunswick-Balke-Collendar, pret. (quar.)
SIM
Bucyrus-Erie Co. preferred (quar.)
SIM
Bucyrus-Monlghan, class A (quar.)-45c
Budd Wheel Co., 1st pref. (quar.)SIM
25c
Participating dividend
-
-
Buffalo National Corp
10c
6% preferred (s.-a.)
Buffalo Niagara & Eastern Power $5 pref. (qu.).
$1.60 preferred (quar.)
Building Products, class A & JB (quar.)
Bunte Bros., 5% pref. (quar.)
5% pref. (quar.)
Burdine's $2.80 pref. (quar.)
Burlington Steel Ltd. (quar.)
Burry Biscuit Corp., 6% pref. (quar.)
Burt (F. M.), Ltd. (quar.)_
Preferred (quar.)
Oalamba Sugar Estates (quar.)
i
I
-
___
California Packing
Preferred (quar.)--
Cambria Iron Co. (semi-annual)
Camden & Burlington County RR.
40c
50c
SIM
SIM
70c
15c
75c
30c
SIM
40c
62 He
SI
(s.-a.)_-
Bread, Ltd., preferred B
(quar.)
—.
75c
—■
Preferred B
52 He
{SIM
Preferred A (quar.)
Canada Foundries & Forgings Ltd., cl A
Canada Northern Power Corp., Ltd. (quar.)
7% cumul. preferred (quar.)
Canada Packers, Ltd. (quar.)
Canada Southern Ry. (semi-ann.)_
Canadian Canners, 1st pref. (quar.) —
2nd preferred (quar.)
Canadian Car & Foundry, pref
Canadian Celanese, Ltd. 7% pref; (quar.)
Canadian Cottons, Ltd. (quar.)
25c
{30c
UM%
75c
SI H
""
-
{25c
{15c
'
-
—
(quar.)
Canadian Foreign Investment Corp. (quar.).
_
I]
8% preferred (quar.).
Canadian General Electric Co., Ltd.* (quar.)—.
anadla
Canadian Industries, A and B
Preferred (quar.)
Canadian Light & Power (s.-a.)
~
Canadian Oil, Ltd. 8% pref.(quar.)
—*
Canadian Wallpaper Mfg., cl. A & B
SIM
SIM
25c
...
-
—
June 15
June 30
June 15
June 14
14
1
Dec. 16 Dec.
June 30 June 15
$1M
S.
$1H
5% preferred (quar.).
Bickford';, Inc. (quar.)
Preferred (quar.)
Bird Machine Co. (quar.)
14
25c
40c
SI
87 He
75c
Bensonburst National Bank (quar.)-Bethlehem Steel, 7% pref. (quar.)
15
June 24
2 DC
50c
$1
Class A
(quar.)
Beneficial Industrial Loan Corp
Preferred series A (quar.)
June
June
June
25c
-
10
15*
June 24
2< July 29
2 June 15
1 June 15
S3M
Belding-Corticelll, Ltd. (quar.)
Preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pennsylvania pref. (quar.)—
Bellows & Co. class A (quar.)
June
June
July
Ltd.
Extra
June 10
Aug.
July
July
July
July
July
July
July
July
Sept.
-
Beattie Gold Mines,
Beatty Bros. Ltd. 7% 2nd pref. (s.-a.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. com. (quar.) —
May 31
May 31
July 11
{44c
SIM
tsln
{40c
$2
t$lM
tSIM
SIM
5*»c
1S2
{SI
July
1 June 10
16 Sept.
30 July
1
15
1 June 22
1 June 22
1 June
1 June
15
18
10
10
June 30 June 18
July 30 July
July 30 July
June 30 May
July
1 June
July
1 June
July
1 June
June 30 June
June
July
June
July
June
July
June
July
June
July
June
July
May
July
June
July
June 30 June
July
11 July
15
15
31
10
10
15
30
30
2
)
31
15
16
1
4
3
July 15 July
June 30
July
July 16
Aug.
June 21
July
June 30
July
June 14
July
June 23
July
June 20
July
June 25
July
June 20
July
June 30 June 16*
June 30 June 16*
June 30 J une 21
June 30 June 21
Dec.
1 July
15
15
2 June 15
1 June
1 Aug. 26
1 Nov. 25
11 June 30
July
2 June
July
1 June
July
2 June
July
2 June
July
1 June
July
Aug. 15 July
Aug. 15 July
Oct.
1 Sept.
1 June
July
2 June
July
July 2 June
2 June
July
2 June
July
July 25 June
July
6% pref.
18-
16
16
15
30
30
15
15
20
20
20
16
30
15
—
50c
50c
75c
SIM
20c
SIM
$1.12
SIM
SIM
SIM
SIM
40c
S2H
SIM
SIM
50c
SIM
25c
87 He
50c
87 He
50c
30c
SIM
75c
SIM
25c
SA
SIM
SIM
25c
$1
50c
35c
25c
Co
25c
Participating preferred (quar.)
25c
Partic. preferred (partic. dividend)
Columbia Breweries, inc., pref. A
87 He
Columbia Pictures Corp. v.t.c (payable in stock)
CoIumbus& South. Ohio Elect. Co., 6% pf.(qu.)
6M% preferred
(guar.)
Commercial Alcohols Ltd., 8% pref.
Commercial Credit Co. (quar.)
Preferred
1 June 24
2M%
SIM
SI.62
10c
(quar.)...
$1
(quar.)
Commercial Investment Trust Corp. (quar.)
—
$4M
conv. pref. (series of 1935) (quar.)
Commercial Nat'l Bank & Trust Co. (quar.)
Commonwealth Ediaon Co. (quar.)
Commonwealth & Southern preferred
1
June
18
1
Tune
11
1
Tune
11
1 June
17
1 June 11
1 June
17
2
26
July
1 June
18
1 June
17
1
June 20
1 June
Nov. 15 Nov.
July
July
July
July
1 June
1
10
July
July
15
15
30
30
5
5
15
June 20
1 June
10
1 June
10
3
June 27 June
June 27 June
July
July
July
July
July
1 June
3
20
1 June 30
1
July
July
July
Oct
1
1 June 15
1 June
14
1 June
14
20
15
1 June
June 30 June
1 June
July
1 June
1 June
15
17
20
1 Sept. 19
19
1 Tune 2 l
June 30 June 15
June 30 June 28
Jan.
1 Dec.
July
July
July
July
July
1 June 28
1 June 20
1 June
10
1 June 20
June 30 June 23
Sept.
Sept.
Dec.
Dec.
1
Aug. 10
1 Aug. 10
I Nov. 10
1 Nov. 10
June 30 June
23
15 Tuly
June 25 June
15
July
1
1 June 30
July
July 20 July 10
July 20 Tuly 10
1 June 11
July
1 June 11
July
1 June 11
July
1 June 11
July
6
1 June
July
1 June 14
July
1 June 18
July
1 June 20
July
1 June 20
July
1 June 20
July
June 30 June 13
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
Sept. 16 Sept. 2
1 June 15
July
1 July 15
Aug.
1
July 15 July
June 30 June 10
S1.06M June
$1
July
$1.06 M July
$2
July
31 Mc
Aug.
75c July
6% preferred (quar.)..
June
10*
June 10*
June
10
June 22
July
9
June
10
June
15
July
July
July
June 20
June
—
Commonwealth Water & Light, $7 pref. (qu.)„
$6 preferred quar.)
Confederation Life Assoc. (Toronto) (quar.)
.
June 25
Sept
25
Dec
25
July
July
Aug.
June
18
June
June
June
17
July
.....
..
Connecticut General Lile Insurance
June 20
Dec.
June
15
Aug.
July
July
July
Aug.
June 30
July
July
Aug.
July
July
July
July
June 20
July
15
June
18
June
Sept.
Quarterly
Quarterly
quar.)
Connecticut Light & Power (quar.)
Connecticut & Passumpsic RR. 6% pref. (s.-a.)_
Consolidated Aircraft preferred (quar,)
Consolidated Bakeries of Canada, Ltd. (quar.)..
July
15
1
Consolidated Edison Co. of New York, Inc—
$5 pref. (qu.)
Consolidated Film Industries, $2 preferred
Consolidated Gas, El. Lt. & Power (Bait.)
5% preferred (quar.)
SIM
25c
90c
—
Consolidated Laundries, pref. (quar.)
Consolidated Mining & Smelting Co. (Can.)—
Bonus...
;■
$2
Consumers Gas of Toronto (quar.)
Consumers Power Co., $5 pref. (quar.)
SI
SI
$4M preferred (quar.)
Continental
Continental
Continental
Continental
Assurance Co. (Chic., HI.)
Baking Corp., pref.
(quar.)—
quar.)
-
Bank & Trust
(quar.)
Can $4.50 preferred (quar.)..
Continental Gas & Electric prior pref.
Continental Insurance Co. (s.-a.)
Stock div. of l-20th of
17
SIM
SIM
{50c.
{50c
20c
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores, 8% pref. (quar.)
(quar.)—
50c
$2'
20c
July
July
S1-12M July
SIM July
81'C
July
—
15
15
July
15
June
June 20
June
15
June
10
June
10
June
15
June 20*
June
17
June
10
June
15
June 30
25c
June
June
6
July
July
Tuly
July
June
June
15
15
sh. of prior pref. held.
a
June 25
June
SIM
SIM
SIM
6M% ^referred (quar.)
Cooper-Bessemer Corp. prior pref
1 June 15
July 30 June 30
July 15 June 30
July 15 June 25
2 June 20
July
July 11 July
4
18
Commonwealth Telep. Co. (Madison, Wis.)—
17
15
15
June
'
15
2 June 17
8
1
June 30 June 20
S2M
SIM
62 He
SIM
SIM
Cumulative preferred, series B (quar.)
Colt's Patent Fire Arms Mfg. Co. (quar.)
Columba Sugar Estates, preferred (quar.)
15
24
1 June
25c
$3
June
1 June
45c
«,
(quar.)
June
June 38
June
10c
10c
SIM
50c
$7 cum. preferred (quar.)-
Columbia Baking
July
July
2 June
1 July
Aug.
1 July
Aug.
July 20 June
July 20 June
Aug. 15 Aug.
25c
—
(Boston, Mass.) (quar.)
8
2 June
tSIM
tSlH
SIM
SIM
Extra
Continental Oil Co
1
Continental Steel Corp., pref. (quar.)
Continental Telep. 7% preferred (quar.)
June
June 30 June
July
2 June
July
July
July
July
15
15 June 30
2
July
k
Aug.
2
July
2
July
July 11
(qu.)_
—
Colgate-Palinoilve-Peet,
15
July
July
July
July
July
July
10
Colonial Finance Co. (Lima, Ohio) (quar.)
Colonial Ice Co. common
1
10
1 June 15
2 June 15
June 30 June
Aug.
July
July
Sept.
.
20
June 30 June 16
1 June 15
July
July
July
5% preferred (quar.).
r.).
5% preferred (quar
Collateral Loan Co.
June 21
June
15
Extra
Chicago Daily News, Inc. (semi-ann.)
$7 preferred (quar.)
Chicago Flexible Shaft (quar.)
Chicago Jet. Rys. & Union Stockyards (quar.)__
6% preferred (quar.)..
Chicago Pneumatic Tool prior pref. (quar.)
$3 preferred (quar.)
Christiana Securities pref. (quar.)
Churngold Corp
Cincinnati Gas & Electric, 5% pref. (quar.)
Cincinnati & Suburban Bell TUep. (quar.)
Cincinnati Union Terminal 5% pref. (qu.)
22
1
1 June 20
lune 2t
1 June
$1
Coca-Cola Co
Class A (s.-a.)
Coca-Cola International common
Class A (s^
15
June 30 June
$1
City Ice&Fuel Co., common
City Invasting Co
Preferred (quar.)_
Clearfield & Mahoning RR. (s.-a.)
Cleveland Electric Illuminating (quar.)
Preferred (quar.)
Cleveland Graphite Bronze Co
—
Cleveland & Pittsb. RR. Co., reg. guar, (quar.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Climax Molybdenum Co
Clinton Water Works 7% preferred (quar.)
Clorox Chemical Co. (quar.)
Cluett, Peabody & Co., Inc., pref
Coca-Cola Bottling (St. Louis) (quar.)_„
2 June 15
July
July
July
July
Aug.
37
July
July
$1
y
July
87 He July
t87Hc July
(quar.)-
2 June 15
15 June 23
15 June 20
5c
Chesebrough Mfg. Co. (quar.)
Citizens Water (Washington, Pi.) 7% pf.
June 28 June
lune 28 lune
July
July
Preferred
,
1 June 10
June 30 June 30
3
July
1 June
3
July
1 June
July
July
6% preferred
S1!S
June
1 June 20
4c
Central & South West Utilities 7% pr. pfd. (qu.)
.
$1M
SIM
July
July
June 30 June 20
1 June 18
July
SIM
SIM
SIM
June 30 June 21
June 20
June 22
15c
Carnation Co
25c
July
July
July
July
Aug.
July
July
July
July
July
July
July
July
July
July
July
68 Mc
75c
2Hc
lHc
Extra
July
25c
37 Mc
20c
62c
Avery (B. F.) & Sons Co. 6% pref. (quar.)
(quar.)
Bangor & Aroostook RR. Co. (quar.)
5% conv. pref. (quar.)
Bangor Hydro-Electric (quar.)
7% preferred (quar.)
6% preferred (quar.)
Bank of the Manhattan Co. (quar.)
Bank of New York & Trust (quar.)
Bank of Nova Scotia (quar.)
Bancohio Corp.
Holders
if Record
■-<
20
15
15
20
15
15
15
15
13
15
20
When
Payabl,
t37Mc
{50c
SIM
A
preferred (quar.)
Cannon Mills Co
Cannon Shoe Co., 5M% Preferred (guar.)
Capital Administration po., Ltd., $3 pref.
Capital City Products
Cariboo Gold Quartz Mining Co. (quar.)
Canfield Oil 7%
75c
—
Automobile Insurance Co. (quar.)
Preferred
Name of Company
25c
Automobile Finance Co. (Greenwood, S. C.)__,
Canada
1 June
June 30 June
12Mc
(quar.)
-
Bird & Son, Inc.
June 15
June 10
June 28 June
1 June
July
June
July
June 30 June
July
20
June 20
June
6
June 15
July
July
July
July
July
June 30 June
June
July
{20c
5% cum. preferred (quar.)
Atlanta Birmingham « Coast RR., pref
Atlanta Gas Light Co., 6% cumul. pref. (quar.).
Atlantic City Fire Insurance (quar.)
Atlantic Refining Co., pref. (quar.)
Atlas Thrift Plan Corp., 7% pref. (quar.)
Attleboro Gas Light Corp. (quar.)
Automatic Instrument Co
Special
'June
July
%
10c
Ashland Oil & Refining (quar.).
Assoc. Breweries of Canada, (quar.)
Preferred (quar.)—
Associates Investment Co. (quar.)
Per
Share
Holders
Payable of Record
June 30 June
June 30 June
June 30 June
June
July
June 30 June
Extra.
Automatic Voting Machine
When
June 25, 1938
Chronicle
June
15
June
9
June
17
sh. of com. for each
Coronet Phosphate Co
:
Corroon & Reynolds, preferred A
SIM
-
—
Cosmos Imperial Mills Ltd. 5% pref. (quar.).—
Cottrell (C. B.) & Sons Co., 6% pref. (quar.) —
July
July
July
July
July
25c
SIM
5
Crandall-McKenzie & Henderson, Inc
Cream of Wheat
Creameries of America, Inc. (quar.)
Crown Cork International Corp., cl. A
Crown Zellerbach Corp
June
t75c
ic
50c
10c
(quar.)—
25c
12 He
June 24
June 30
June 20
June 15
June
20
June
June
July
July
June
10'
10*
June
13
Volume
Financial
146
Per
Share
Name of Company
25c
Crum & Forster (quar.)
Preferred (quar.)
Ppreferred (quar.)
Crystal Tissue, 8% pref. (s.-a.)
—
Cuban Tobacco, 5% pref
Cunningham Drug Stores, Inc. 6% pref A (s.-i.)
Curtis Publishing Co. preferred
Dairy League Cooperative Corp. 5% pref. (s.-a.)
Darby Petroleum Corp. (semi-annual)
Davega Stores Corp. 5% cum. conv. pref. (qu.)
Davenport Hosiery Mills.
David & Frere Ltd., class A
Davidson-Bontell 6% cum. pref. (quar.)
___
Dayton & Michigan RR. Co. 8% pref. (quar.) —
Delaware RR. Co. (semi-annual)
De Long Hook & Eye Co. (quar.).
Dentist's Supply Co. of N. Y. (quar.)
$2
$2
$4
I Holders
When
5
July 15 July
Sept. 30 Sept. 20
June 30 June
20
l'June 20
June
25c
31Hc
June
17
July
25c
tlX
June
20
July
July
June
May 31
15
July
July
June
June
18
1
7 % preferred (quar.)
July
June
21
June
June
15
June
15
June
15
June
15
75c
July
July
July
July
Sept.
75c
Quarterly
25c
25c
Dec.
Aug. 22
Nov. 19
July
July,'
$1H
$1
t1
tlX
M'i
June 20
1
Oct.
Oct,
tlX
Dec.
Dec
75c
7% preferred (quar.)
7% preferred (quar.)
Denver Union Stockyards (quar.)
Preferred (quar.)
Deposited Bank Shares, series B-l
July
1
June 20
Sept.
Aug. 20
23
Fishman (M. H.) Co., 7% pref. (quar.)
$IX
SI X
5% preferred (quar.)
Florence Stove Co
Florsheim Shoe Co., class A
—
Extra
Franklin Rayon Corp., $2 H prior pref. (quar.)
$2 H prior preferred (quar.)
Froedtert Grain & Malting
Fuller Brush 7% pref. (quar.)
-
_.
Nov. 10
75c
Sept.
3-1-39
Aug.
July
July
July
June
July
15 June 20
—
Dixie-Vortex Co
75c
25c
tlH
30c
%l%
20c
$3H
UX
25c
,
62 He
Class A (quar.)
Dr. Pepper Co. (quar.)
25c
25c
—
......
15c
Doernbecker Mfg. (Nevada) (quar.)
Dome Mines, Ltd., old stock
New stock
20
June 20
June
20
18
June
25 June
18
July
July
July
1 June
17
Sept.
1 June 10
1 June 10
1 Aug. 18
Dec
1
Nov.
June 30 June
July
18
4
20 June 30
20 Juno 30
50c
Dominguez Oil Fields (monthly)
Monthly
M onthly
_:
———— —
Dominion Coal Co., Lt
6% pref. quar
Dominion Foundries & Steel, Ltd., interim
Dominion Glass Co. (quar.)
Preferred (quar.)
Dominion Textile, Ltd. (quar.)
Preferred (quar.)
Draper Corp. (quar.)
Driver-Harris Co., preferred (quar.)
—
_
2-10-39
June 25 June
$1
-
10
.,
July
25c
June 30 June 22
25c
July 29 June 22
Aug. 31 Aug. 22
July
2 June 15
June 20
July
June 15
July
June 15
July
June 15
July
June 30
July
July
May 28
June 20
July
June J 5
July
June 15
July
Aug. 15 Aug.
5
July
1 June 20
July 25 July
8
July
July
8
June 15
July
25c
38c
t40c
tlX
tlX
tix
hx
75c
tlX
75c
Duke Power Co.
SI X
Preferred (quar.)—
Duplan Silk Corp. (semi-ann.)
50c
Preferred
quar.)
du Pont de Nemours (E. I.) & Cp. pref. (quar.)
(quar.)
Duquesne Light Co., 5% cum. 1st pref. (qu.) —
$2
$1H
$1H
tix
(quar.)—
Eastern Gas & Fuel Assoc. 4H % pref. (quar.)
Eastern Steel Products, Ltd., 7% pref. (quar.)
-
-
—
Eastman Kodak (quar.)
Preferred (quar.)
$1H
m.
75c
June 30 June
%\X
9
9
—
50c
June 30 June
—
25c
July
21
$1
Oct.
20
20
SI X
%2X
%IX
50c
Ely & Walker Dry Goods Co., 1st pref. (s.-a.) —
2d preferred (s.-a.) —
Emerson Electric, 7% preferred (quar.)
Empire Casualty (Dallas) (quar.)
Quarterly
Empire Safe Deposit (quar.)
Emporium CaDwell Corp
Emporium Capwell Co. 4H% pref. A (quar.) —
4H% preferred A (quar.)
4H% preferred A (quar.)
Endicott Johnson Corp
5% preferred (quar.)
Engineers Public Service $6 preferred (quar.) —
$5H preferred (quar.)
$5 preferred (quar.)
Esquire-Coronet, Inc. (quar.)
European Electric Corp., class A and B, common
Ex-Cell-O Corp
Excelsior Insurance Co. (Syracuse, N. Y.)
Fafnir Bearing Co. (quar.)
2~
25c
tlX
25c
56Xc
56Xc
56Xc
75c
!j
$1X
July
July
July
July 15 July
2
1 June 20
July
1
Aug.
Nov.
1
Fanny Farmer Candy Shops (quar.)
Fansteel Metallurgical Corp.. $5 pref. (quar.)—
Farmers & Traders Life Insurance (Syracuse)
Quarterly
—
Federal Bake Shops, Inc., 5%
Federal Insurance Co. (J. C.,
Co_B_
pref. (quar.)
23
June
23
June
14
June
14
June
14
15c
SI
June 30
Fifth Ave. Coach Co
Finance Co. of Amer., class A & B (quar.)
Preferred A (quar.)
Finance Co. (Pa.) (quar.)
Firestone Tire & Rubber
First National Bank of Jersey City (quar.)-- -First National Bank (Toms River, N. J.) (qu.)—
First National Bank (N. Y.) (quar.)
First National Corp. (Portland, Ore.) $2 class A.
First National Stores (quar.)
First State Pawners Society
(Chicago) (quar.)..
20
July
July
June 20
75c
June
1 June 10
30 June 22
June 30 June
14
June 25 June 24
June 25 June 24
July
July
July
July
1
June
11
(quar.) — —
——
June
16
40c
tlX
Sill
—.
Fire
(quar.)
Insurance Co.
(quar.)..
pref
1
June
14
14
1%
87 He
125
t25c
62 He
%IX
July
1 June 18
July 20 July
5
June 30 June 23
-
July
July
July
July
l!June
liJune
15 June
1 June
June 30 June
22
16
25
10
20
15
June
20
June
18
18
m75c
15
June
21
June
June
10
15
July
1 June 14
1 June 14
July
25c
15 June 30
21
Hercules Powder
15
15
July
July
15
15
June
15
July
July
June
20
July
July
July
July
June
Aug.
July
June 20
15
June 21
June 21
July
1
$1H
$2H
3%
t75c
tlX
10
June 27 June
21
July
July
July
15 June 30
15 June 30
3
1 June
June 30 June 20
July
1 June 15
July
1 June 20
June 30 June
July
2 June
t50c
mx
tix
20c
17
10
1 June 15
June 30 May 31
July
1 June 15
June 25 June 10
July
tlx
July
July
July
10c
July
tlx
tlx
tlx
1 June 20
July
tlx
40c
37 He
60c
tlX
tlX
1 June
20 July
17
6
2 June 15
15 June 30
June 30 June 24
July
July
July
1 June 23
1 June 15
1 June 20
June 30 June
July
I June
15
June 30 June
28
2 June
2 .June
1
July
July
15*
1
June 30 June 20
June 30 June
20
July
July
1 June 10
1 June 10
25c
(quar.)
June
June
25 June 14
25 June 10
June
25 June
10
June
30 June
20
3im
(quar.)
37 He
25c
50c
tlX
lc
-
July
July
tlX
tlx
15c
Hoskins Manufacturing
—
July
37 Xc
Co. 6% pref. (quar.).
Hardart Baking Co. (N. J.)
Co
Houdaille-Hersbey class A (quar.)
Household Finance Corp
5% preferred (quar.)
Houston Natural Gas (quar.)
30 June 20
June 3< June 20
July
8 June 17
1 June 17
July
June
*\g
Hooker Electrochemical
Co
1 June
tlX
Co. (quar.)
(guar.).-.
_June 20
2'June 15
2 June
tl\
Holly Development Co. (quar.)
Holmes (D. H.) Co., Ltd. (quar.)
Home Gas & Elec. Co. 6% pref. (quar.).
Homestake Mining Co. (monthly).
Preferred
1
1
1 June 20
tix
Hickok Oil Corp. 7% prior pref.
Howe Sound
11 July
10 Oct.
July
July
July
July
July
Aug.
43 Xc
(quar.)
SI X preferred (quarA
Hinde & Dauch Paper Co
Holland Furnace.
Preferred (quarterly)
25c
1'
June
June
10c
Heller (Water E.) & Co. vquar.)
Preferred (quar.) — -
June
S2H
16
6
July
July
3c
lc
Extra
Horn &
July
June 30
50c
—
Heath (D.
July
July
July
July
July
July
July
8 He
Aug.
July
July
July
June 30 June
Haverty Furniture Cos., Inc.. $1H pref. (qu.) —
Hayes Steel Products, Ltd., 6% non-cum. pref—
Hazel-Atlas Glass Co. (quar.)
5% preferred (quar.)
Hilton-Davis Chemical Co.
June 30
June
June 30 June
June
25c
Sept. 20
June 18
June 30
June 30 June 15
June 30 June 20
June 30 June 20
15
June 20
July
—
preferred (quar.)
Hackensack Water Co. class A pref. (quar.) —.
Halifax Fire Insurance Co. (N. S.) (s.-a.)
Hamilton Cotton Co. $2 conv. preferred
Hamilton United Theatres 7% preferred
Hammermill Paper Co., 6% preferred (quar.) —
Hancock Oil of Calif., A & B (extra)
Hanes (P. H.) Knitting Co. 7% pref. (quar.)..
Hanover Fire Insurance Co. (N. Y.) (quar.)
Harbison-Walker Refractories Co., pref. (quar.)
Harding Caroets Ltd
Harrisburg Gas Co. 7% pref. (guar.)
Harshaw Chemical Co. 7% preferred (quar.)—.
Hart & Cooley Co., Inc. (quar.)
June
$6
15
June
Juiy
Corp
Oct.
50c
15c
June
t63c
—
—
Guaranty Trust Co. of N. Y. (quar.)
Guilford Realty Co. (Balto., Md.) 6%
July
80c
July
July
July
July
July
July
July
July
July
SI H
62 He
25c
Guarantee Co. of North Amer. (Que.)
Extra
75c
June 22
15
16
15c
Grumman Aircraft Engineering
35c
June
June
16
Griggs, Cooper & Co. 7% preferred (quar.)
Group No. 1 Oil Corp
Helme (Geo. W.), common
Preferred (quar A
50c
30
June
Greening (B.) Wire Co. Ltd. (quar.)
Greenwich Gas Co., partic. pref. (quar.)
Greenwich Water & Gas System 6% preferred..
Greif Bros. Cooperage Corp. class A
Greyhound Corp. (quar.)
1 June 15
June 30 June 16
20
30
20
Green (D.) 6% preferred (quar.)
Green (H. L.) Co. (quar.)
July
Sept.10
10
June
June 29 June
Oct.
1
June
June
June
July
S2H
Tune
11
July
July
Great Western Sugar Co. (quar.)
Preferred (quar.) —
Hartford
July
July
10*
June 30 June
SI X
z—
SI X
S2H
15c
—
June
S1H
tlX
S1H
56 He
C.) & Co. 7% preferred (quar.)
Hedley Mascot Gold Mines (quar.)---
60c
Extra
Fidelity & Guaranty Fire Corp
Fidelity-Phenix Fire Insurance (s.-a.) —
Fifth Avenue Bank of N. Y. (quar.)
20
pref. (qu.)
11
1
1 June 20
1 June 15
June 30 June 15
July
1 June 10
6 Xc
25c
87 He
Feltman & Curme Shoe Stores,
Fernie Brewing Co., Ltd
June
Quarterly
25c
preferred (s.-a.)_.
N. J.) (quar.)
Quarterly
18
July
July
Great Western Electro-Chemical 6% pref. (qu.)
Great Western Life Assurance Co. (quar.)
35c
Faultless Rubber
June
June 30 June 20
25c
Extra
July
July
June 20
Oct.
18
24
June 28 June 20
July 25 June 24
Aug.
Great Southern Life Insurance Co. (quar.)
June
Dec.
June 30
SI H
SI
50c
Gulf Power Co., $6
June
June 24
June 20
SI
preferred (quar.)
Gulf Oil
July
July
July
July
July
June 24
June
75c
Great Lakes Power Co., Ltd., ser. A.
Great Lakes Steamship Co
15
Sept. 17
10
July
July
10c
GilddenCo., 4H% conv. pref. (quar.)
Gillette Safety Razor (quar.)
Preferred (quar.)
Glens Falls Insurance Co. (quar.)
Globe-Wernicke 7% preferred (quar.)
Godchaux Sugars, class A
Preferred (quar.)
Gold & Stock Telegraph Co. (quar.)
Goldblatt Bros. pref. (quar.)
Goodyear Tire & Rubber (Can.) quar.)
Preferred quar.)
22
Oct.
Jan.
June
SI H
Gibson Art Co. (quar.)
Preferred
1
June 20
SI H
—
(quar.)
June
July
July
July
87 He
37 He
Famise Corp. class A (quar.)
—
Georgia Power Co., $6 pref. (quar.)_$5 preferred (quar.)
June 29 June
10c
16 2-3c
Extra
$3H partic. preferred (quar.).
21
15 June 30
1 June 16
15 July
2
30c
25c
Family Loan Society, Inc. (quar.)
1 June
1 Sept.
Oct.
1 Sept.
June 30 June
June 30 June 20
June 27 June 2 )
30c
*7Hc
Mines (quar.).
Aug.
Aug.
July
50c
5% preferred (semi-ann.) —
Elizabeth town Water Co. Consol (s.-a.)
El Paso Electric Co. (Texas) $6 pref. (quar.)
El Paso Natural Gas Co
Federation Bank & Trust
1 June 10
1 June 10
31
1 July
6
1 July
6
1 June 20
June
July
Grant (W. T.) Co. (Dela.)
June 25 May
18
June 26
66c
General Tire & Rubber, pref. quar.)
General Water, Gas & Electric
5
July
July
June 30 June
tlX
General Telephone Corp. pref (quar.)
General Time Instruments pref. (quar.)...
15
3c
15
1 June 15
June 30 May 31
June 28 June 20
20c
15
25c
15
June
1
July
20c
June
S3H
June 30 June
July
July
July
July
July
July
11%
.
General Shoe Corp
Preferred (s.-a.)-,
June
Ecuadorian Corp.. Ltd
Electrical Products Consol. (Seattle, Wash.)
Elizabeth & Trenton RR. Co. (semi-ann.)
25c
$2H
SI x
20c
Preferred
quar.)
General Public Utilities, Inc., $5 pref. (quar.)
General Railway Signal pref (quar.)
June
June 25 June
Electric Storage Battery Co., common
Pr8f8IT6(l
w
S1H
17
10c
July
July
10c
------
July
July
Grand Rapids Varnish (quar.)
Series F
—
17
July
25c
Gorton-Pew Fisheries
Series B
(quar.)
June
10c
17c
June
10c
(quar.)
15
5
$5 preferred (quar.) —_—
Electric Controller & Manufacturing
20
June 23
tlX
24
13
13
13
(s.-a.)
Sept. 22
June
10c
General Mills, Inc., preferred (quar.)
General Motors Corp. $5 pref. (quar.)
June
June
Edison Bros. Stores (quar.)
Electric Bond & Share Co. $6 pref.
Oct
15c
June
June 25 June
15
July
87 He
luly
June 25 June
25
July
50c
-
July
July
July
20c
1 Oct.
23 July
52
$1H
$1X
MX
tlX
$1H
20c
Eaton & Howard Management Fund A-l
25
17c
7% preferred (quar.)
5%
15
15
1 July
tlx
S2H
General Fireproofing
Preferred (quar.)
General Paint Corp., pref.
General Printing Ink
Nov.
15
July
July
(quar.)
General Electric Co
Preferred
June 30 June
June 30 June
Aug.
15
1 June 15
June 30 June
62Hc
62 He
General Capital Con)
General Crude Oil Co. (initial)
General Discount Corp. (Atlanta, Ga.)
25e
Eagle Lock Co. (quar.)
Eagle Picher Lead pref.
Falconbridge Nickel
Preferred
July
51
Aug. 10
Dec.
25c
1 Aug 20
1 June 20
25c
General American Transportation Corp
General Baking Corp. (quar.)
25c
Sept.
July
June 30 June
+50c
Fuller (Geo. A.) 4% preferred (quar.)
7% preferred (quar.)
Fulton Trust Co. (N. Y.) (quar.)
25
June 25
25c
-
37 He
25c
June 20
Quarterly
Par tic. preferred
Partic.
preferred
Diamond Shoe Corp
6H% preferred (quar.)
6% preferred (s.-a.)„:
Diamond State Telephone 6H% pref. (quar.) —
Diesel-Wemmer-Gilbert Corp
;7% preferred (s.-a.)
Di'Giorgio Fruit Corp., $3 partic. pref. (s.-a.)
-
8c
tlX
June
Diamond Match Company (quar.)--
June 3u June 23
June 30 June 23
75c
Dec. 20
June
23
1 June 17
1 June 17
25c
(semi-ann.)
Foreign Light & Power Co. 6% 1st pref. (qu.)
Foresight Foundation, Inc., cl. A (s.-a.)
Foster & Kleiser class A 6% preferred (quar.)
Foundation Co. of Canada, Ltd
Fox (Peter) Brewing (quar.)
Jan.
July
July
July
Sept.
July
July
S1H
t2X
tlX
4 H % conv. preferred (quar.)
Ford Motor of Canada, 6H% pref
June
$2
tlX
Detroit Hillsdale & Southwestern (s.-a.)—.
15 June 30
15 June 30
June 30 June
12Hc
$2
10
July
July
25c
Class B
Food Machinery Corp
$2
June 25
Holders
When
Payable of Record
5'c
$2
Devoe & Raynolds preferred (quar.)
Class A and B
7% preferred
Share
of Company
Fundamental Investors, Inc
Gachin Gold Mining 70c. preferred (quar.)
Galland Mercantile Laundry 'quar.)
Gannett Co., Inc., $6 conv. pref. (quar.)
Garlock Packing Co., common (quar.)
Gas & Electric Co. of Bergen County (s.-a.)
Gatineau Power Co.. pref. (quar.)
General American Investors Co., Inc., pref. (qu.)
6c
Semi-annually
Debenture
Name
July
July
$1H
Detroit Edison Co. (quar.)
Detroit Gray Iron Foundry (semi-annual)
Corrected
Quarterly
Per
Payable of Recora
July
4065
Chronicle
—
62Ti
20c
87 He
75c
15 June 30
1 June 18
1 June
20
June 25 June
20
30 June
13
June
July
1 June 20
June 25 June
July
July
July
1 June 20
15 June 30*
15 June 30*
June 30 June 24
June 30 June 24
June 30 June 24
Financial
4066
Per
Share
Name of Company
Hubbell (Harvey), Inc—
Bay Mining & Smelting, Ltd
—
Humble Oil & Refining (quar.)
Humphreys Mfg. Co. (resumed)
6% preferred (quar.)
—
Huron & Brie Mtge. Corp. (Ont.) (quar.)
Hussman-Ligonier Co., pref. (quar.)
Huston (Tom) Peanut 7% 1st pref. (s.-a.)
Huttig Sash & Door Co. 7% preferred
Ideal Cement Co
July 20 July
37l&
——
June 30 June 20
June 30 June 18
J75c
%
June 27 May
1 June
July
1
27
1
June 30 June 15
June 30 June 15
2 June 15
June 30 June 20
July
1 June 20
June 30 June 20
June 30 June 18
July
—-
Illinois Bell Telephone (quar.)
Illinois Central RR., leased lines (s.-a.)
June 30 June 18
1 June 11
July
Imperial Life Assurance Co. (Canada) (quar.)—
July
Inland Investors, Inc—
Oct.
July
July
July
July
July
8% preferred (s.-a.)
Steamship.
6% cum. partic. preferred (quar.)
International Business Machines Corp. (quar.).
International Button Hole Sewing Machine
International Cellucotton Products Co. (quar.).
International Educational Publishing Co.
—
—
t50c
40c
50c
International Milling 5% preferred (quar.).—
International Nickel Co. of Canada, Ltd.
Preferred
International Ocean Telegraph Co. (quar.)
International Power 7% preferred.
International Products, 6% pref. (s.-a.)
International Salt Co. (quar.).
...
$7 prior pref. (qu.)_
$3 34 prior preferred (quar.)
Interstate Natural Gas—
$134
150c
tUH
$134
mx
3734c
3734 c
$124
87f£
—
Interstate Royalty Corp., Ltd., A (quar.)
28c
Intertype Corp., common.
1st pref. (quar.)
Second preferred (s.-a.)
20c
—...
$2
$3
Investment Co. of America
Stock dividend
—i
Investors Corp. of R. I. $6 pref. (quar.)
Investors Royalty Co. (quar.)
Preferred (quar.)
Iowa Electric Co. 7% preferred A
-
.
50c
-
-
50c
_
$634 1st preferred (quar.)
$6, 1st preferred (quar.)
Iowa Southern Utilities, 7% preferred.
634% preferred
6% preferred.
Iron Fireman Mfg. vtc con v. (quar.)
vtc com. quarterly
Irving Air Chute (quar.)
Irving Trdst Co. (quar.)
Island Creek Coal Co. (quar.)..
—
Jenkins Bros, preferred (quar.).
Jersey Central Power & Light 7% pref. (quar.)__
6% preferred (quar.)—.
534% preferred (quar.).
Johns-ManvilleCorp.,7% pref. (quar.)_
Joliec & Chicago RR. (quar.)
Joplin Water Works Co. 6% preferred (quar.)..
Kahn's (E.) Sons (quar.).
7% preferred (quar.)
Kansas City Power & Light, pref. B (quar.)
__
Kansas Electric Power Co.-
1 June
6
$1!
$6 preferred (quar.)
Kansas Utilities Co. 7% preferred (quar.)
Katz Drug Co preferred (quar.)
Kaufmann Dept. Stores, Inc
15iJune 30
11'June 22
l'June 15
11 June 20
15 July
July
July
July
July
15
1 June 15
15 July
1
1 June 15
1 June 15
June 30 June 15
June 30 June 15
1 June
15
June 30 June 15
June 30 June 15
June 30 June 15
June 30 June 15
1 June 20
1 June 20
1 June 20
June
15
1 June
15
15
1
1 June
1
Aug. 10
1
Nov. 10
1 June 20
July
1 Tune 14
July
1 June 23
July
1 June 23
July
30 June 23
| June
1 June 10
July
1 June 10
July
1 June 10
July
1 June 17
July
I July
5 June 22
'July 15 July
1
1 June 20
I July
1 June 20
tJuly
1 June 14
July
1 June 15
1 June 15
1 June
14
1 June
14
1 June 20
1 June 20
1 June 21
July
1 June
July 28 July
—
15
9
10
15
1 June 15
June 30 June
July 15 June
Kearney (James R.) (reduced)
Keith-Albee-Orpheum 7% conv. pref.
Kemper-Thomas, 7% special prer. (quar.)
7% special preferred (quar.).
July
Sept.
Kennecott Copper Co
Kentucky Utilities, 6% preferred (quar.)..
Kerlyn Oil Co., class A (quar.)
Keystone Public Service $2.80 preferred (quar.).
Keystone Steel & Wire Co
Kimberly-Clark Corp., common (quar.)—
Preferred (quarterly)
King-Seeley Corp. 534% conv. pref. (quar.)
Kings County Light, 7% pref. B (quar.)
6% preferred C (quarterly)
5% preferred D (quarterly).
Klein (D. Emil
5% preferred (quar.)—.
Kleinert (I. B.) Rubber Co..
Knott Corp
Kootenay Belle Gold Mines (quar.)..
...
...
...
Extra..
Koppers Co. preferred (quar.)
Kresge Dept. Stores, prer. (quar.)
Kroehler Mfg. Co. 8% class A pref. (quar.)
6% class A preferred (quar.).
6% class A preferred (quar.).Kroger Grocery Sc Baking Co., 6% pref. (quar.)
7% preferred (quar.)
Lackawanna RR. Co. of N. J.
Lambert Co
Landis Machine (quar.).....
1
Aug. 22
Dec.
1 Nov. 2i
June 30 June
3
July 15 June 25
1 June 10
July
1 June 15
July
June 27 June 14
July
July
July
July
July.
July
July
Aug.
1 June 10
1 June 10
1 June 30
1 June
15
1 June 15
1 June 15
1 June 20
1 July
20
June 30 June 15
1
July 15 July
July 22 June 15
July 22 June 15
1 June 11
July
1 June 20
July
June 30
Sept. 30
Dec. 31
1
July
1
Aug.
1
July
1
July
Aug. 15
June
17
July
20
June 10
June 17
...
.....
Lehigh Portland Cement Co., 4% pref. (quar.).
Lehman Corp.
...
Libby, McNeill & Libby preferred (s.-a.)
Life & Casualty Insurance of Tennessee........
Life Insurance Co. of Va. (quar.)
5
5
Sept. 15 Sept.
...
Aug.
Nov. 15 Nov.
...
.
June 30
July
Preferred-
Lawrence Gas & Electric Co
Leath Sc Co., preferred (quar.)
June 18
June 30 June
July
July
July
July
July
$6 preferred (quar.).
June 22
2
June 30 May 31
1 July
2
Aug.
1 June 30
July
2 June 15
July
July 15 June 30
1 June 15*
July
1 June 15
July
Uuly 20*
Aug.
Uuly 20*
Aug.
July
'july
Kansas Power Co. $7 preferred (quar.).
6
1 June 11*
1 May 24
July
June 30, June 17
July 15 June 20
Dec.
(quar.)
Lerner Stores
CorpPreferred (quar.)
1 June
June 22
July
July
July
July
July
July
Sept.
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Lang (John A.) Sc Sons, Ltd. (quar.)
Lanston Monotype Machine
La Salle Extension University, pref. (quar.)
Lava Cap Gold Mining
Sc Teleg. A & B (quar.)
6% preferred (quar.)
r.
link Belt Co., pref. (quar.)
Lipton (Thomas J.) class A
Preferred (quar.)
Liquid Carbonic Corp. (interim)
Little Miami RR., special guaranteed (quar.)—
Special quaranteed (quarterly)
—
Extra
3
Dec.
5
15 Dec.
2 June
July
Aug. 31 Aug.
1 June
July
June 30 June
July 13 June
1 June
July
1 June
July
8 June
July
July 15 July
1 July
Aug.
July
July
July
15
19
20
10
30
15
14
24
6
20
1 June 17
1 June 15
1 June 22
—a
50c
July
July
July
July
fig
25c
37)4c
20c
50c
50c
$1.05
30c
10c
..
$2
$2
50c
8% preferred (quarterly)
8% preferred (quarterly)
Loew's, Inc
Loew's (M.) Theatres, Ltd., 7% preferred
Lone Star Cement Corp.-Longhorn Portland Cement Co.—
5% refunding participating pref. (quar.)
Extra
Aug.
$1.10
.
———
-
July
30c
30c
$1.10
Lockhart Power 7% pref. (s.-a.)
Lock Joint Pipe Co. 8% pref. (quar.)
"I'd
21
$1)4
—
5% refunding participating pref. (quar.)
June 20
July
134c
Iowa Public Service $7,1st pref. (quar.
Preferred
6
July
July
July
July
July
July
July
July
International Bronze Powder, Ltd. (quar.)
$334 preferred
Quarterly
Original capital
Original capital
Little Schuylkill Nav., RR. Sc Coal Co
Locke Steel Chain (quar.)
87k
50c
15c
$1X
$2)4
30c
Preferred (quar.)
Louisville Gas Sc Electric Co.,
$154
7% cum. preferred (quar.).- —
6% cum. preferred (quar.)
5% cum. preferred (quar.)
Louisville Gas & Electric class A & B (quar.)
Louisville Henderson Sc St. Louis RR...
5% preferred (semi-ann.)
—
Lunkenheimer CP
6)4% preferred (quarterly)6)4 % preferred (quarterly)—...
6)4% preferred (quarterly)
Lykens Valley RR. Sc Coal Co. (s.-a.)
Lynn Gas & Electric Co. (quar.)
Lynchburg Sc Abingdon Telegraph Co. (s.-a.)—
is
37I4C
$4
__—
Extra
Preferred (s -3,)
Melchers Distilleries Ltd J <3%
pref. (s.-a.)".
Memphis Natural Gas Co. $7 pref. (quar.)
Mengel Co., 5% conv. 1st pref. (quar.)—
Merck & Co. pref. (quar.)
—
Midland Steel Products 1st pref. (quar.)
Midvale Co.
Mid-West Rubber Reclaiming Co
Jan.
$154
$1)4
$1)4
50c
$154
50c
55c
$4
$1)4
$1
$154
50c
50c
50c
25c
10c
$1)4
$154
50c
lc
50c
37)4c
Sept.
Sept.
Dec.
15c
75c
75c
75c
35c
30c
1 Nov. 21
1 June 15
1 June
1 June
15
13
June 25 June 13
1 June 17
July
1 June 17
July
July
July
July
July
July
1 June
15
1 June
15
15 June 30
15 June 30
15 June 30
June 25 May 31
Aug. 15 Aug. *1
Oct.
1 Sept. 21
1 Dec. 21
July
July
1 June 15
July 15 June 30
Aug. 31 Aug. 30
Nov 30 Nor 29
July 15 June 30
July
July
1 June 20
July
1 June 30
1 June 20
Aug. 15 Aug.
5
June 30 June 23
June 30 June 23
July
July
July
July
July
July
July
July
July
July
July
July
July
July
15 June 30
15 June 30
July
1 June 30
1 June
1 June
11 July
17
17
1
1 June 20
1 June
15
1 5JuIy 1
1 June 15
9 June 20
17
15
1 June 201 June 23
June 25 June 15
1 June
1 June
June 30 June
July
Sept.
July
July
July
II Aug.
1 June
1 June
1 June
June 30 June
July
July
July
July
July
8
8
I June 20
1 June
June 30 June
1 June
July
50c
5
Nov. 15 Nov.
July
$154
$1)4
$1)4
$154
$1)4
$1)4
$154
17
1 June 15
15 June 30
$1)4
1 June
15
15
15
15
15
20
22
23
16
1
May 31
31
31
1 May 31
1 May 31
1 May 31
1 May
1 May
July
July
July
July
July
July
July
July
1 June
13
18
25c
June 25 June
15
10c
S3H
—
Monroe Chemical Co. $3.50pref. (quar.)..
Monsanto Chemical Co. $4)4 class A pref. (qu.)
_
-
Corp. (quar.).
Preferred A & B (quar.)
Moore (W. R.) Dry Goods (quar.)
July
July
July
1 Aug. 20
1 Aug. 20
1 Nov. 21
June 30 June
$1)4
40c
$154
$154
1 June
15
15 July
5
1 June 24
1 June 30
1 June
1 June 20
July
June 30 June 22
1 June 15
July
July
July
1 June
15
1 June
15
June 29 June
--
MOntana-Dakota Utilities
6% preferred (quar.)
5% preferred (quar.)
Montgomery Ward & Co
Class A (quar.)
3 Dec. 24
June 30 June 16
June 30 June 18
June 30 June 10
$2
75c
—
Minneapolis Gas Light Co.. 5% partic. units—
Minnesota Mining & Manufacturing
Minnesota Power & Light Co., 7% pref. (quar.)
$6 preferred
6% preferred
Mission Corp
Mississippi cviver Power, 6% pref. (quar.)
Mississippi Valley Public Service Co.—
6% preferred class B (quar.)
-Missouri Edison Co., $7 cumul. pref. (quar.)—
Missouri Portland Cement (irregular)
—
Mitchel (J. s.) Sc Co., Ltd., 7% pref. (quar.)—
Mock, Judson, Voehringer Co. pref. (quar)
Monarch Mills (reduced) (s.-a.)
—
Monongahela Valley Water 7% pref. (quar.)—
10
15
$154
July
1 June
Sig
July
July
June
18
June
20
25c
June
June
18
$154
$154
$1)4
$154
July
July
July
July
July
June
Dec.
July
July
July
July
July
July
July
July
15
June 15
June 24
July
1
June 16
Nov. 10
June 15
June
15
June
15
June
10
June 17
June
8
June
8
July
Oct.
(quarterly)
Morris Plan Insurance Society
(quar.)
—
June 10
June 15
June
Class B (quarterly)
2
July
Morris & Essex RR. (s.-a.).
Morris Finance Co., class A (quar.)—
Jan.
June
...
1
1
Jan.
-
Oct.
June
June
Quarterly
Quarterly
Quarterly
Sept. 30 Sept. 30
1 Jtue 21
July
1 Sept. 21
Oct.
June 30 June
$154
-
$7 cumul. preferred (quar.)
$6 cumul. preferred (quar.)
$5 cumul. preferred (quar.)
Michigan Assoc. Telep. Co., 6% pref. (quar.)
Michigan Bakeries, Inc
Middlesex Water Co. 7% preferred (s.-a.)Midland Grocery Co. 6% pf. (semi-ann.)
10 Nov. 25
15 June 17
$154
—
Mesta Machine Co., common
—
Metropolitan Edison $7 prior preferred (quar.) - $6 prior preferred (quar.)
$5 prior preferred (quar.)
Preferred
Dec.
July
Jan.
75c
—
Aug. 25
June 25 June 13
June 25 June 13
July
$1)4
25c
Magnin (I.) & Co. 6% pref. (quar.).—
Preferred (quarterly)......
Magor Car Corp. (quar.)
Preferred (quar.)
Mahon (R. C.) Co. class A preferred (quar.).
Convertible preferred (quar.).
——
Mahoning Coal RR
Preferred (semi-ann.)
Manischewitz (B.)
:—.—.—
Preferred (quar.)..
Manufacturers Trust Co. (quar.)..
Preferred (quar.)
Mapes Consol. Mfg. (quar.)
Mar gay Oil Corp. (quar.)
Marine Midland Corp
Marion-Reserve Power preferred (quar.)
Marion Water 7% preferred (quar.)
Marlin-Rockwell Corp
Mascot Oil Co. (quar.)
Massachusetts Plate Glass, Inc. (s.-a.)-Mathleson Alkali Works (quar.)
Preferred (quar.)
Maui Agricultural Co., Ltd
May Dept. Stores (quar.)
—
Mead Johnson & Co. (quar.)
June 15
Nov. 25
Sept. 10 Aug. 25
40c
4354c
Class B (extra)
Mabbett 'G.) & Sons 7% 1st & 2d pref. (quar.)
June 22
Aug. 15 Aug.
1
1 June 21
$1)4
4354c
Preferred (quar.)
McClatcby Newspapers, 7% pref. (quar.)—...
7% preferred (quarterly)
McColl-Frontenac Oil Co. pref. (quar.)
McKee (A. G.) class B (quar.)
26
1 June 22
1
July
1
July
Sept. 10
Dec. 10
$154
$154
50c
MacAndrews & Forbes
1 June 10
1 July
1 Oct. 26
11 June 30
11 June 30
1 June 15
July
,
•
Nov.
Dec.
Extra
Long Island Lighting, 6% pref. A (quar.)
6% preferred B (quarterly)
Loomis-Sayles Mutual Fund, Inc
Loomis-Sayles Second Fund, Inc
Loose Wiles Biscuit, pref. (quar.)
Lord & Taylor (quar.)
Lorillard (P.) Co. (quar.)
Moore
When
Holders
Payable of Record
$154
—
Lincoln Telep.
June 30 June 20
lSTJune 30
Interlake
6 34 % preferred B—*
8
June
International Elevator Co
Internationa) Harvester
Liggett & Myers Tobacco pref. (quar.)
Lincoln National Life Insurance (Ft. Wayne)
July
(semi-ann.)
Insuranshares Certificates, Inc
Intercolonial Coal Co. (s.-a.)
International Shoe Co..
International Utilities Corp.
1 June
1 June
Share
Name of Company
1 Sept. 30
3 Dec. 81
June 30 June 10
1 June 21
July
6
1 June
July
....
Insurance Co. of North Amer.
2 June 30
Jan.
Quarterly—
—
Quarterly
--Imperial Tobacco Co. of Canada (interim)
Independent Pneumatic Tool.
....
Indiana General Service 6% preferred (quar.)
Indiana Michigan Electric 7% pref. (quar.)
6% preferred vquar.).
———
——
Indianapolis Power & Light preferred (quar.)...
Indianapolis Water Co.. 5% cumul. prer. A (qu.)
Ingersoll-Rand Co. preferred (seml-ann.)
Per
Holders
Payable^of Record
1234c
Houston Oil Field Material
Preferred (quar.)
—
Hudson
I
When
June 25, 1938
Chronicle
June 15
Sept.
Aug. 27
Nov. 26
June 15
June 17
June 24
June 16
Dec.
...
Morristown Securities Corp
Motor Finance Corp. $5 pref. (quar.)
Murphy (G. C.) Co., 5% pref. (quar.).
Mutual Chemical Co. of Amer. 6% pref. (qu.)—
6% preferred (quar.)
6% preferred (quar.)—
—
Myers (F. E.) & Bro
July
June
July
June
15
15
Sept.
Sept.
Dec.
Dec. 15 r
June 15
June
Volume
Financial
146
Per
Name of Company
Nash
Share
25c
(AO Co
When ! Holders
Payable of Record
June 25 June 20
Nashua Gummed & Coated Paper Co.—
SIM
93 Mc
1c
7% preferred (quarO
Nas ville & Decatur
Bhi ""
RR^7M%
gtd. (s.-aO
Nation Wide Securities (M
National Battery, preferred (quar.)
National Biscuit Co
55c
40c
JIM
Preferred (quar.)
National Bond & Share Corp
National Breweries, Ltd. (quar.)
Preferred
15 June 30
Aug.
1 July
12Mc
$1M
B
20c
SIM
National Paper & Type. 6% pref. (semi-ann.)..
National Power & Light Co., $6 pref. (quar.)__
National Supply Co. $2 preferred
6% prior preferred (quar.)
5M% prior preferred (quar.)
1 June 20
Oct.
1 Sept. 24
Aug. 15 July
22
30
1 June 27
1 June
7
17
1 June
13
1 June
16
1 July
16
16
1 July
1 June 22
1 June 22
1 June 15
June 30 June 10
July
1 June 15
June 30 June 15
1 June 20
July
1 June 15
July
New Jersey Water 7%
preferred (quar.)
Newport Electric Corp. 6% pref. (quar.)
New York & Harlem RR. (s.-a.)
July
July
(s.-a.)
1 June 15
1 June 15
June 30 June 20
New York & Honduras Rosario Mining
Interim.
July
July
July
July
July
New York Lackawanna & Western Ry. (quar.)__
—
(quarterly)
New York Trust Co. (quar.)
Niagara Falls Smelting & Refining Corp. (quar.)
Niagara Wire Weaving Co., Ltd. (quar.)
1900 Corp., Class A (quar.)...
Class A (quar.)
Noblitt-Sparks Industries
Noranda Mines, Ltd. (interim)
North American Co. (quar.)..
Preferred (quar.)
North American Rayon, prior pref. (quar.)____
North Central Texas Oil (interim)
North Star Oil Ltd., 7% preferredNorthern Ontario Power Co. Ltd. (quar.)
6% preferred (quar.).
Northwestern Electric 7% preferred
Northwestern Telegraph Co. (s.-a.)
Northwestern Yeast (liquidating)
Liquidating
Norwich & Worcester RR. 8% pref. (reduced)
Nova Scotia Light & Power
N. Y., Pa., N. J. Utils. Co. $3 non-cum. pref
Ogilvie Flour Mills (quar.)
Ohio Edison Co. $5 preferred (quar.)
$6 preferred (quar.).
$6.60 preferred (quar.)
$7 preferred (quar.).
$7.20 preferred (quar.)
..
Finance Co
—
Ohio & Mississippi Telegraph Co. (annual)
Ohio Public Service 5% preferred (monthly)
—
6% preferred (monthly)
7 % preferred (monthly)
Pioneer Gold Mines of B. C.
June
1 June 10
1 June 30
1 June 15
1 June 15
1 June 18*
30 June 15
1 June 17*
July
Aug. 15 Aug.
1
Nov. 15 Nov
1
June 30 June 20
June 27 June
10
1 June 15
July
1 June 15
July
1 June 23
July
1 June 15
July
2 June 15
July
July 25 June 30
July 25 June 30
1 June 18
July
1 June 15
July
Sept. 15
Dec.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
58 l-3c July
July
1 June
15
2 June
18
1 May 31
2 June 20
1 June
15
1 June
15
1 June
15
1 June
15
1 June 15
1 June 10
1 June 10
1 June 16
1 June
15
1 June
15
1 June 15
(quar.)
Omnibus Corp., preferred (quar.)
Ontario Loan & Debenture (quar.)
—
—
....
Prosperity Co., Inc., pref.
June
June
June
1
June
15
June
15
5% preferred (monthly)
July
July
July
June
15
Public Service of New Jersey
June
June
Extra..:
Pacific Lighting Corp., pref. (quar.)
Pacific Southern Investors $3 pref. (quar.)
7% pref. (mo.)
6% preferred (monthly)
Public Service of Northern Illinois
15
(quar.)
(quar.)
SIM
7% prior lien stock (quar.).
6% prior lien stock (quar
l1^
Pure Oil Co. 6% preferred (quar.)
SIM
5% preferred (quar.)
5 M% preferred (quar.)
Quaker Oats Co. (quar.)
Preferred (quar.)
Radio Corp. of Amer., $3M 1st pref. (quar.)—
B preferred (quar.)
Railroad Employees Corp., class A and B
80c. preferred (quar.)
Ralston Steel Car Co. 5% preferred (quar.)
Rath Packing Co. (quar.)
Rayonier, Inc., preferred (quar.)
Reading Co., 2d preferred (quar.)
Real Estate Loan Co. (Canada) (s.-a.)
M
!ig
Preferred
—
Ritter Dental Mfg. Co. 5% qonv.
June 15
June 20
—
(Quarterly)
7% A preferred
7 % A preferred
Pennev (J. C.) Co. common
Penn Traffic Co. (semi-annual)
Penn Western Gas & Electric Co.
Partial liquidation div. consisting of:
One sh. of com. stk. of Amer. Rep. Corp.
1.7 shs. of com. stock of Iowa Pub. Serv. Co.
2.2 shs. of clB com. stk. of Pa. G. & El.Corp
All the above per sh. of Pa. West. G.& El.Co
Penna. Co. for Insurance on Lives & Granting
Annuities (Phila.) (quar.)
Penna. Gas & Electric Corp., $7 pref. (quar.)..
7% preferred (quar.)
Pennsylvania Edison Co. $5 pref. (quar.)
—
$2.80 preferred (quar.)
Oct.
July
Aug.
June 20
June 15
Sept. 15
Aug.
5
Nov
Nov.
5
June
June
17
July
July
11
June 30 June
40c
87 Mc
87 Mc
2
June 20
June 20
June 20
June 10
1 June 10
SIM
SIM
75c
25c
A (quar.)
(quar.)
Inc.,
(quar.)
(quar.)
——
—
(quar.)
St. Louis Bridge Co. 1st
—
pref. (s.-a.)
preferred (s.-a.)
St. Louis National Stockyards (quar.)_.
St. Louis Rocky Mtn. & Pacific pref. (quar.).—
San Francisco Remedial Loan Assn. (quar.)___.
(Quarterly)
Quarterly
Sangamo Electric Co
San-Nap-Pak Mfg.. Inc., 70c. pref. (quar.)
Savannah Electric Ac Power 8% debentures A—
7M % debentures B (quar.)
7% debentures C (quar.)
6 M% debentures D (quar.)
Savannah Sugar Refining (quar.)
Schenley Distillers Corp. pref. (quar.)
Schwartz (B.) Cigar Corp. $2 preferred (quar.)..
Scranton Electric $6 preferred (quar.)
June 20
June 10
June
10
June
10
June
15
June
20
June
15
June 15
July
July
July
June 20
June
June 24
June 20
July
SIM
St. Croix Paper Co. 6% preferred (s.-a.)
2d
21
$ 1.62 M
Roaser & Pendleton, Inc..
7% preferred
Safeway Stores,
5% preferred
6% preferred
7 % preferred
June
15
July
$4
Telep., preferred (quar.)
Rubinstein (Helen) class
Patino Mines & Enterprises Consol., Inc
Peninsular Telephone Co. common
June
20c
Rolls-Royce Ltd., ord. reg. (final)
Amer. dep. rec. ord. reg. (final)
Ross Gear & Tool (quar.)
June 15
June 18
June 23
Aug.
July
July
July
July
July
July
July
SIM
Russell Industries, Ltd
June
July
June
10c
pref. (quar.)—
(quar.)
Riverside Silk Mills Co., class A
Rochester
July
(quar.)..
30'June 20
June 30 June 20
June 27
July
90c
—
June 30
July
July
July
preferred (quar.)
1
June
pref. (quar.)
Mfg. Co. 7% preferred (quar.)......
June 17
conv.
17
15
July
25c
Saratoga
June 15
4%
8
1 June 15
July
July 20; June 30
July 20'June 30
1 June 24
July
1 June 20
July
1 June 15
July
June
37 He
RR. (s.-a.)
Reynolds Metals Co., 4M % conv. preferred
Rensselaer Ac
June
2d preferred (quar.)
Parke Davis & Co
1
1 June
July
June
'
Risdon
1
June 15
4
Aug. 31 Aug.
14 June 23
—
June
1
l'June 10
June 25 June
July
July
(quar.)
Richman Bros, (quar.)
Richmond Water Works 6%
July
llJune 10
II June 10
20c
Rice-Stix Dry Goods Co. 1st & 2nd pref. (qu.)
Rich's. Inc., 6M% preferred (quar.)
June 15
July
July
I June 20
10c
June 15
15
June 15
1 June 20
July
July
t$l
»
Reno Gold Mines, Ltd. (quar.)
Page-Hershey Tubes (quar.)
Panhandle Eastern Pipe Line.
Paramount Pictures 1st pref.
50c
50c
20c
(quar.)
Engineering Co
Reliance Manufacturing Co
Preferred (quar.)
Remington Rand Co. (interim) —
June 30
Inc
20c
33*l-lc
Reliable Fire Insurance Co. (Dayton, Ohio)
July
July
July
July
Paraffine Cos.,
25c
July
July
July
10c
June
preferred (quar.)
SIM
Extra
Telegraph
Class A and B
87 Mc
Hole Machine
June 30
June 20
Tune 22
1
Public Service Co. of Oklahoma—
Reliable Stores Corp. preferred
June
June 30
30iJune
1
July 15 June 15
July 15
Aug.
July 15
Aug.
6% preferred (monthly)
Reliance Electric &
15
16
June
7% preferred (quar.)
Public Service Co. of Colorado,
June 15
15
15
June
June 15
June 15
June 15
Dec.
June 20
June 20
June
20
June
Sept.15
June
June
June
15
July
July
Reed Drug Co. (interim)
Reed Roller Bit Co. (quar.)
July
July
July
July
July
July
July
pref
(quar.)
(quar.)
Providence Washington Insurance
Prudential Investors $6 preferred (quar.)
June 20
June 25
June
June 15
July
July 25 June 30
July 25 June 30
July 15 June 30
l'June 15
July
July 15 June 15
July 15 June 24
July
1
July
June 15
July
Public National Bank & Trust (quar.)
Public Service Electric & Gas Co., $5 preferred..
Reece Button
June 25
30
June 25
Sept.
Providence Gas Co
15
1
Nov. 21
June
June 30 June 10*
June 20
July
preferred (quar.)
June 20
July
Aug. 20
Dec
Premier Gold Mining Co. (quar.)
Procter & Gamble Co., 8%
pref.
June
Pacific Commercial
Pacific Telephone &
Preferred (quar.)
Sept
July
July
July
1st preferred (quar.)
15
Pacific Finance Corp. (Calif.)
Pacific Gas & Electric (quar.)
Pacific Greyhound Lines, $3M conv.,
Pacific Indemnity Co. (quar.)
3-10-39
6-10-39
9-10-39
12-10-39
1-2-40
July
1 June 10
4-1-39
7-1-39
10-1-39
...
Pratt & Lambert
June
15
1
1 Sept. 15
5 June 10
Oct.
4 Sept. 10
12-10-38
1-3-39
Oct.
Dec.
July
July
July
July
July
July
July
July
July
July
July
Extra
Oklahoma Natural Gas, 6% prior pref. (quar.)
Old Colony Insurance (quar.)
June
July
Porto Rico Power Co., Ltd., 7% pref. (quar.)
Power Corp. of Canada (interim)
No par common
15
15
_
July
June
(quar.)
Orange & Rockland Elec. Co. 6% pref. (quar.)
5% preferred (quar.)
Ottawa Car Manufacturing Co., Ltd
Ottawa Electric Ry. Co
Ottawa Light, Heat & Power Co., Ltd. (quar.)
5% preferred (quar.)
Pacific & Atlantic Teleg. Co. (s.-a.)
(quar.)
7% preferred (quar.)
2d
15
July
July
6% preferred (s.-a.).
June
pref..
June 30 June
June 30 June
Pittsburgh Bessemer & Lake Erie (s.-a.)
Ft. W. & Chicago Ry. 7% pref. (quar.)..
7% preferred (quar.)
...
...
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Plate Glass..
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quarterly)..
7% preferred (quarterly)
Pittsfield & North Adams RR. (s.-a.)
Plainfield Union Water (quar.)
Plough. Inc.. common
Plymouth Oil Co., com. (quar.)
Pocahontas Fuel Co
...
15
1
1
1 June
1 June 10
1 June 15
June 30 June 20
July
1 June 15
July
July
July
Pitts
July
July
Ohio Service Holding Corp. $5 non-cum.
Ohio Water Service A
June 30 June
July
1 June
Philadelphia Co., $6 cum. preferred (quar.)
$5 cumulative preference (quar.)
Philadelphia Electric Power preferred (quar.)
Phillips Packing Co. preferred (quar.)
Philippine Long Distance Telep. Co. (monthly).
Phoenix Insurance (Hartford) (quar.)__
Pickle Crow Gold Mines Ltd. (quar.)
Pictorial Paper Package Corp
Piedmont Manufacturing Co
Pollock Paper & Box Co. 7% preferred (quar.)..
Hoc'
I
New York Mutual Telegraph (s.-a.)
New York Power & Light, 7% pref. (quar.)
June 30 June 20
July
9 June 18
common
June 30 June 20
July
New Idea, Inc
15
July
July
New England Telephone & Telegraph Co
New Hampshire Fire Insurance Co. (quar.)
June
1 June 20
1 June 17
Petroleum & Trading Corp. class A
Phila. Bait. & Washington (s.-a.)
Aug.
Aug.
July
July
$2 preferred
New England Fire Insurance Co. (quar.)
1
Peterborough RR, Co. (s.-a.)
June 30 June 20
1 June 15
July
preferred (quar.)
Newberry (J. J.) Co., (reduced).
Newberry (J. J.) Realty Co., 6M% Pref. A (qu.)
6% preferred B (quar.)
New England Power Assoc., $6 preferred
July
July
July
16
June 30 June
Nehi Corp., 1st
June
June 30 June 20
June 30 June 20
8
July
1 June
(s.-a.)
Peoples Drug Stores (quar.)
Peoples Natural Gas Co. 5% preferred (quar.)
Peoria Water 7% preferred (quar.)
Perfect Circle Co. (quar.)
Perfection Stove Co. (quar.)
Pet Milk Co.
June
July
July
July
July
_
Preferred
15
15
15
June 15
June 15
June
July
1 June
June 30 June 20
July
Natomas Co. (quar.)
Navarro Oil Co. vquar.)
(monthly)
Peter Paul Inc
1 June 15
30 June 25
July 15 June 30
June 30 June 17
June 30 June 17
(quar.)
$6.60 preferred
Pennsylvania Pow. & Light, $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Water & Power Co., common (qu.)
Preferred (quar.)
Peoples Collateral Loan Corp. (s.-a.)
1 Aug. 20
1 June 20
1 July 20
1 Aug. 20
18
June
National Steel Corp
National Steel Car Corp.
Sept.
July
Aug.
Sept.
(monthly).
1 June
16
June 30 June 17
Aug.
July
July
National Sugar Refining Co. of N. J
National Standard Co
Old Colony Trust Asso.
1
31
1 May 31
1 May 31
1 June
25c
National Oil Products
Ohio Wax Paper
Tune
July
July
July
July
July
SIM
National Lead Co
6% preferred (quar.)
1
tSIM
-
(quarterly)
National Gypsum Co. 1st pref. (quar.)
2nd preferred (quar.)
Ohio
12
June 30 May
Preferred
$6 preferred
17
17
July
July
25c
Pennsylvania Power Co. $6 preferred (quar.)$6.60preferred (monthly)..
15 June 30
2 June 15
2 June 15
37 Mc
June 25 June 20
July
1 June 15
Pennsylvania Exchange Bank (s.-a.)
Pennsylvania Glass Sand preferred (quar.)
$6.60 preferred
1 June 13
15 June 30
1
1 June
$1M
National Fuel Gas Co
National Funding Corp. 6% pf. A (quar.)
National Grocers, Ltd., preferred
of Record
Company
15
July
July
July
July
July
30c
Holders
Name of
20
50c
Dairy Products (quar.)
Preferred A & B (quar.)
Preferred
1 June
July
1 June
July
1 June
July
July 15 June
Aug. 31 Aug.
July
44c
(quar.)
National
Preferred
1 June 24
25c
National Candy Co. 1st & 2d pref. (quar.)
National Cash Register
Preferred
July
4067
Chronicle
June 30
July
July
July
1 June 20
June
1 June
14
10
16M% June 30 May 16
9 May 19
16M% July
June 20
30c
July
June 20
25c
July
June 15
SIM June
June 15
June
SIM
June 18
25c
July
June 18
July
SIM
June 18
July
SIM
June 18
July
June 24
July
I June 15
$3
July
SIM July
ljJune 15
II June 23
July
SIM
June 30 Tune 15
$1ii
75c
June 30 June
75c
Sept. 30 Sept. 14
15 Nov. 30
llJune 15
July
75c
15c
17yii
SIM
SIM
SIM
50c
SIM
50c
SIM
14
Dec.
June
July
July
July
July
July
July
30 June 20
1 June 20
1 June 20
1 June
20
I June 20
II June 15
1 June 22
June 25 June
15
1 June
6
July
Financial
4068
Per
Name of
Share
Company
7% preferred (quar.)
Seaboard Commercial Corp. (quar.)
5% series A preferred
-
(quar.}
June 30 June 20
June 10
July
June Id
July
—
(qu.) —
Securities Acceptance Corp. of Omaha,
6% preferred (quar.)
_
Selected American Shares, Inc
Selected Industries $5)4 preferred
June 30 June 24
June
July
July
(quar.)
Servel, Inc. pref. (quarterly)
Preferred (quarterly)..
——
17
June 16
Oct.
1 Sept. 15
Jan.
Preferred (quarterly)
Seven-Up Bottling Co. (St. Louis. Mo.) (initial)5)4% convertible preferred (initial)—
Shaffer Stores 5% preferred (initial)
Shawmut Assoc. (Boston, Mass.) (quar.)
3 Dec. 17
1 June 25
1 June 25
1 June 30
1 June 22
20 June 30
July
July
July
Extra..
Shell Union Oil Corp., 5)4% cum. pref——
Sherwin & Williams (Canada) preferred
July
July
July
July
July
July
Sierra Pacific Power Co
June 30 June 16
Sheaffer (W.
R.j
Pen Co. 8% pref. (quar.) —
Sheep Creek Gold Mines (quar.).
—
Preferred (quar.)
Simon (H.) « Sons, Ltd., common
—
Skelly Oil Co
_
.......
Nov.
Smith (H.) Paper"Mills, pref. (quar.)..
Solar Aircraft Co
Solvay American Corp. 5)4% pref. (quar.)
Sonotone Corp., pref. (quar.)
South Carolina Power Co., $6 pref. (quar.) —
South Penn Oil Go. (quar.)
June
'
—*
South West Penna. Pipe Lines
Southern California Edison Co., Ltd—
SiHc
37 He
37 He
6% preferred A (quar.)
Southern Canada Power, pref. (quar.)
Southwest Natural Gas $6 preferred A
(quar.)
—
— —
7% preferred (quar.)
Southwestern Gas & Elec. Co., 7% pref. (quar.)
Southwestern Light & Power preferred
Spartan Mills (semi-ann.)
Square D Co
———
Staley (A. E.) Mfg. Co. 7% pref. (s.-a.)
Standard Brands, Inc., (quar.)
Preferred (quar.)
nk
$2)4
SI H
$1H
$1)4
iK
......
Standard Oil of Ohio pref. (quar.)
Stanley Works
Starrett (L. S.) (quar.)
Preferred (quar.)
Stearns (Frederick) & Co
—
1 Sept. 17
June
(quar.)
Underwood Elliott Fisher Co.
Union Premier Food Stores,
Union Twist Drill (quar.)_
Preferred
—-—---
1
15
preferred (semi-ann.).
June 30 June
July
—
United States Pipe & Foundry Co., com.
Common (quarterly)
United States Playing Card (quar.)
Universal Commodity Corp. (monthly).
Universal Leaf Tobacco Co., Inc
June
Waldorf
June
15
6
Sept.
1
June 30
Ventures,
15
June
June 20
June
June
15
July
July
July
June
16
Tune 15
June
8
June 15
lune
$1)4 preferred B (semi-ann.)
July
_
2 June 17
July
—
...
2c
2c
Corp
$1
Toledo Edison Co., 7% pref. (monthly)
58 l-3e
6% preferred (monthly).
50c
5% preferred (monthly).
412-3c
Toledo Light & Power Co. preferred
(quar.)....
$1)4
Toronto Mortgage Co. (Ont.) (quar.)
$1)4
Torrington Co
20c
Tri-Continental Corp. $6 cum. pref. (quar.)....
$1)4
Traders Finance Corp. 6% pref. A (quar.)
7% preferred B (quar.)
Trlco Products Corp. (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
Tucket Tobacco Co. preferred (quar.)
Tunnel RR. of St. Louis (s.-a.)_
Twentieth Century-Fox Film Corp
Preferred (quar.)
$4
1 June
Id
1
May 21
15
1 June
15
June
15
June 15
June 15
June
15
June 15
June 15
June 15
(quar.)
West Penn Power 7% preferred (quar.)
6% preferred (quar.)
West Texas Utilities $6 cum. pref. (quar.)
IIM
$1)4
$1)4
t50c
$6 preferred
Western Grocers, Ltd. (quar.)
Preferred (quar.)
—
—
—
Westinghouse Air Brake Co., quarterly
Quarterly
Westmoreland, Inc. (quar.)
Westmoreland Water Co., $6 pref. (quar.)
Weston Electric Instrument class A (quar.)
6% preferred (quar}
Wheeling Steel Corp. $6 preferred (quar.)
$5 prior preferred (quar.)
Whitaker Paper Co. (reduced)
7% preferred (quar.)
White Rock Mineral Spring 1st pref. (quar.)—
2d preferred (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)..
Wichita Union Stockyards
Wichita Water Co., 7% pref. (quar.)
Winn & Lovett Grocers, class A (quar.)
Class B (quar.)
Preferred (quar.)
Winsted Hosier Co (quarterly)
—
-
June 24
June 10
I1H
IIH
IIX
IIX
$1)4
IIH
50c
25c
I1H
%\&
50c
6)4% preferred (quar.)
6% preferred (quar.)
$1)4
25c
Woodley Petroleum Co. (quar.)—
10c
June
15
June
15
June 15
15
June 25 June
1 June
July
15
17
2 June 15
2 June 15
1 .Time 14
Dec. r15 Dec
1
15 June 30
1 June 15
June 30 June 17
June 30 June 17
50c
-
6% preferred (quar}
Wright, Hargreaves Mines, Ltd. (quar.)
$1)4
10c
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly-....
Monthly
Wurlitzer (R.) Co., 7%
Yale & Towne Mfg Co
—
——_
....
cum.
preferred (quar.)—
1
15
lune
15
17
July
1 July
1 July
Aug.
Aug.
5
5
1
June
15
1
July
July
July
July
July
June
15
15 June 20
15 June 20
2
Nov.
July
1
July 22
July 22
1
1
June 20
16
,
July
Wiser Oil Co. (quar.)
June
14
18
1 June 24
1 June 24
June
July 10 June 24
1 June 20
July
July 30 June 30
Oct. 31 *opt 30
1 June 15
July
1 June 20
July
1 June 20
July
2 June 15
July
1 June 15
July
I June 15
July
1 June 14
July
1 June 14
July
1 June 18
July
1 June 18
July
1 June 20
July
1 June 20
Tuly
1 June 18
July
June 30 June 20
July 15 July
1
1 June 20
July
1 June 20
July
1 June 20
July
1 July 15
Aug.
1 July 15
Aug.
Nov.
1 Get.
15
June 16
June 15
15
1
June 30 Tune
10c
Wisconsin Investment Co. (interim)
Wisconsin Public Service 7%, pref. (quar.)
Worcester Salt Co
1 June
1 June
July
July
July
July
July
Sept.
50c
15
18
30
June 28 June 20
1 June 23
July
June 30 June
IIH
Sept. 1
June
25
24
50c
—
June 10
June 10
24
25c
Weston (Geo.) Ltd. (quar.)
Wetherill Finance Co. (quar.)
Extra
20
20
25
June 27 June 25
1 June 15
July
1 June 15
July
Western Kootenay Power & Light, pref. (quar.)
1 June
11
10
20
June 30 June
12m
Si 8
Seashore RR. (s.-a.)
West Penn Electric class A
(quar.)
16
10c
Extra
West, Jersey <fc
10
11
1 July
Aug.
July 20 July
Oct. 20 Oct.
1 June
July
1 June
July
1 June
July
2 June
July
3 Sept.
Oct
2 June
July
Oct.
3 Sept
1 June
July
6 June
July
20c
Western Pipe & Steel Co. (quar.)
Western Tablet & Stationery 5% pref. (quar.)—
June
July
July
IIH
Western Massachusetts Cos.
1
July
1
July
1
July
1
July
1
July
1
July
1
July
1
July
Sept. 15
June 30
1
July
1
July
1
July
June 30
July 15
Aug. 22
Aug. 22
July 15
1
July
1
July
1
July
1
July
1
July
July
July
July
75c
2
June 30 June 20
2 June 10
July
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Texas Corp. (quar.)
Texas Gulf Sulphur (quar.)
Texon Oil & Land Co. (quar.)
Thatcher Mfg Co
Thompson Products, pref. (quar.)
Tide Water Assoc. Oil preferred (quar.)
Tlntic Standard Mining Co. (irregular)
50c
2
2
2 June 17
1 June 17
1 June 15
1 June 15
June 25 June 15
2 June 17
July
2 June 17
July
Taylor-Colquitt Co. (quar.)
Teck-Hughes Gold Mines (quar.)._
Telluride Power Co., 7% pref. (quar.)
Tennessee Electric Power Co. 5% 1st pref. (qu.)
25c
2
17
Aug.
July
July
Talon, Inc., new—
Tamblyn (G.L Ltd. (quar.)
20c
$1)4
75c
June 30 June
(quar.)
$3)4
5c
Refining & Chemical Co
Waterbury Farrell Foundry & Machine
Waukesha Motor Co. (quar.)
Wayne Knitting Mills Co. 6% pref. (s.-a.)
Wayne Pump Co. (quar.)
Weiboldt Stores, Inc., preferred (quar.)
Prior preferred (quar.)
Weill (Raphael) & Co., 8% pref. (s.-a.)
Wellington Fund, Inc
Weinberger Drug Stores
Wesson Oil & Snowdrift Co., Inc
11H
$1)4
June 30
June 30
.....
$1 H
50c
—
2 June
Sylvanite Gold Mines, Ltd. (quar.)
Extra...
Todd Shipyards
17
2 June 17
July
July
Tacony-Palmyra Bridge class A (quar.)—
Preferred (quar.)
*
Talcott (James), Inc
June
2 June 17
Sussex RR. (s.-a.)
Swift & Co. (quar.)
Bearer shares
5
June 23
Tune 15
10c
iig
.
June
July
July
Tobacco & Allied Stocks
Toburn Gold Mines (quar.)
75c
$1)4
preferred (quarterly)
7
7
Extra...
vquar.j
IIH
SI M
IIH
1 June
June 25 June
Warren
June 20
1 June 20
July
Prior preferred (quar.)
Prior preferred (quar
July
July
10
1 June 15
June 30 June 23
-
July
July
Aug.
Aug.
July
10
July
System, Inc
June 25
June 20
1
10
Tune
July
Waltham Watch Co.. 6% pref. (quar.)
6%
June
1 June
June 30
.
June 15
1
July
June 30 June
June 25
July
Preferred (quar.)
Taunton Gas Light Co
July
July
July
Upressit Metal Cap Corp., 8% preferred
Utah Power & Light $7 preferred
June
-
10
19
1 June 24.
July
June 30 June 16
1 June 15
1 June
1
.
June
-
16
20
June 27 May
1 July
Aug.
...
Ward Baking Corp., 7% preferred
Ware River RR. guaranteed (s.-a.)
Ordinary bearer (semi-ann.)
15
lune
1 June
June 27
iune 20
June 20
June 30
June
-
16
July
July
-
1
Tune 15
July
July
Tuly
July
July
July
July
July
July
July
1 June
July
Extra
United States Sugar Corp.. pref. (quar.)
United States Trust Co. (quar.)
Preferred (quar.)
Universal Products Co
15
31*
Dec. 20 Nov. 30*
1 June 15
July
1
17
June 15
June 15
vfc
1 June
Sept. 20 Aug
(quar.)
15
7% preferred (quar.)
Ltd. (interim)
Vermont & Boston Telegraph Co
Victor Chemical Works
Victor-Monaghan Co 7% preferred (quar.)
Virginia Public Service, 7% pref. (quar.)
Virginian Railway.
Preferred (quar.)
Vulcan Detinning pref. (quar.)
Preferred (quarterly)
Wagner Baking Corp., 7% pref. (quar.)
2nd preferred (quar.).
June
43 He
43Hc
113 M
1 June
Dec. 10 Dec.
5 June
July
June
-
Ordinary (semi-ann.)
Extra
Bearer (semi-ann.)
July
(quar.)
15c
10c
Stokely Bros. & Co.,Inc. conv.& no conv.pf.(qr.)
Sun Life Assurance (Canada) (quar.)
Sunray Oil Corp. pref. (quar.)
Sunshine Mining Co. (quar.).
Superheater Co. (quar.)
Superior Portland Cement class A—
Superior Water, Light & Power, 7% pref. (quar.)
Supersilk Hosiery Mills, Ltd., 5% pref. (s.-a.) —
Supertest Petroleum Corp., Ltd. (semi-ann.)
18
Sent. 30 Sept.18
—
Sept. 10 Sept.
June 30
July
He
14
15
1 June 20
1 June 20
Vapor Car Heating Co., Inc., 7% pref. (quar.).
2oc
43
June
1 June
b
July
July
July
July
$6 preferred
Valley RR. Co. of N. Y. (s.-a.)
— Van de Kamps Holland Dutch Bakers (quar.)..
June 20
June 2d
Sept.
43 He
15
July
1
July
1
Aug. 10
June Id
June Id
June 15*
June 20
June 30
June 3d
July
July
-
1 June
1 June 15
10 June 20
June 20
June
$1%
9
June 29 June 24
5 June 14
July
United States Gauge Co. (semi-ann.)...
7% preferred (quar}
9
15 June 23
July
July
July
United States Guarantee (quar.)
niteaS
1
10
Sept.
June 30 May 31
June 30 May 31
1 June 15
July
Railways, 7% prior pref. (mo.)..
United States Gypsum, common
June
1
3 Dec
July
Co
18
18
1
Oct.
Jan.
July
—
25c
Extra
July
Preferred (quar.).
....
United States Foil Co. pref. (quar.)
Quarterly
1 July 15
15 June 30
1 June 15
Aug
July
-
6.36% prior preferred (monthly).
6% prior preferred (monthly*..—
United New Jersey RR. & Canal (quar.)
United Pacific Insurance Co. (quar.)
United Shoe Machinery (quar.)
7%
3
15
3
June 28 June 21
—
(quar.)
United Light &
11
1 June
1 June 15
June 28 June 21
Inc. (quar.)
(quarterly) -L
United Biscuit Co. of Amer. pref. (quar.)
United Bond & Share Ltd.. common..
United Carbon Co
——-—
United Dyewood Corp. pref. (quar )
Preferred (quarterly)
Preferred (quarterly)
Preferred
United Fruit Co.
United Gas Improvement
17
1 June
1 June
July
July
July
July
Union Carbide 9c Carbon Corp..—.
Union Electric Co. (Mo.) 7% pref. (quar.).
Union Pacific RR
$1)4
(quar.)
xsb proiwrreu
I June
Oct.
June 27 June
June 30 June
15
Nov.
18
July
TaDisc CIutch Co""(hnai)I——IIII—I——I
15
2d
$1)4
Extra,
Vo
6
50c
-
Steel Co. of Canada (quar.)
Preferred (quar.)-.Stein (A.) & Co., preferred (quar.)
Sterch Bros. 1st preferred (quar.)
Stix-Baer & Fuller Co. 7% pref. (quar.)
i
2d
30 June 15
July
July
July
July
July
July
July
July
July
July
July
$1)4
Stedman Bros. Ltd. (quar.)
Preferred
14
Holders
When
Payable of Record
208 So. La Salle St. Corp. (quar.)
Extra
37 )4c
Original preferred (quar.)
5)4 % series C, preferred (quar.)—
Southern Calif. Gas 6% pref. (quar.)
Southwestern Bell Telep. Co., com.
1
June 30
July 15
July 15
Aug.19
July
1
July
1
July
1
7% pref. (quar.)..
6% preferred (quar.)
5% preferred (quar.).
South Porto Rico Sugar Co. (quar.)
Preferred (quar.)
20
July 15 June 30
3
July
1 June
Aug. 15 July 15
July
1 June 10
July
1 June 15
...
South Pittsburgh Water Co.,
July
_
Quarterly
Extra
_
16
Share
Name of Company
10
June
July 25 June
Aug.
July
July
1 June
June
July
June
July
June
July
June
July
Aug.
1 Aug.
-
6% preferred (quar.)
Skenandoa Rayon Corp. 5% pref. A (quar.) —
5% prior preferred (quar.)...
S. M. A. Corp. (special)
Smith (L. C.) & Corona Typewriters
Preferred (quar.) -_
•Smith (S. Morgan) Co. (quar.)
Preferred
June
_
June 30 June 14
June 30 June 10
June 30 June Id
7% cumul. preferred (quar.)
Extra
Extra
15 June 20
Aug.
Singer Mfg. Co. common
,
15 June 2d
June 30 June
(interim)
Per
Holders
When
Payable of Record
June 30 June 15
June 30 June 15
June 30 June 20
Scranton Lace Co., common
June 25, 1938
Chronicle
5c
25c
25c
25c
25c
IIH
15c
1
Oct.
15
1 June 10
June 29 May 31
June 29 May 31
June 29 May 31
1 June
July
June 30
June
June 30 June
10
15
20
Aug. 15 Aug.
5
1 May 23
July
1 May 23
July
1 June 20
July
1 July 20
Aug.
Sept. 1 Aug. 20
Oct.
1 Sept. 20
1
July
1 June 10
July
.
Yellow Truck & Coach Mfg.. preferred
Yosemite Portland Cement, 4% pref. (quar.)
IIH
Julv
1 June 15
10c
Youngs town Sheet & Tube .preferred
IIH
July
July
1 June 20
1 June 11
•
(quar.)—
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada,
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
Financial
146
Chronicle
4069
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
New
Clearing House
The
weekly statement issued by the
Clearing House is given in full below:
STATEMENT
CLEARING
OF
MEMBERS
OF
THE
YORK
NEW
ASSOCIATION FOR THE WEEK ENDED
following shows the condition of the Federal Reserve
Bank of New York at the close of business June 22, 1938,
in comparison with the
previous week and the corresponding
HOUSE
Net Demand
Time
Deposits,
Depotits,
Profits
•
Clearing House
Averaoe
Average
Surplus and
Capital
date last year:
SATURDAY, JUNE 18, 1938
Undivided
♦
York
The
New York City
Members
June 22,1938 June 15, 1938 June 23, 1937
$
$
$
Assets—
*
$
S
5
Gold certificates
11,703,000
Bank ofN YA Trust Co
6,000,000
13,389,000
143,759,000
Bank of Manhattan Co.
20,000,000
25,867,200
384,756,000
38,875,000
National City Bank
Cbem Bank A Trust Co.
77,500,000
58,493,500 al,485.681,000
493,310,000
54,648.700
174,858,000
181,840,400 51,361,873,000
472,262,000
45,129.400
54,439.000
20,000,000
United States Treasury.*
Redemption fund—F. R.
Other cash
8,669,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,381,000
Cent Hanover BkATr Co
21,000,000
70.902,100
c744,198,000
54,626,000
Corn Exch Bank Tr Co.
Flret National Bank
15,000,000
18,309,200
248,270,000
25,338,000
10,000.000
109,384,500
549,523,000
2,853,000
Irving Trust Co
50,000.000
61,612.100
460,806,000
6,110.000
4,000,000
4,198,800
46,936,000
54,115,000
notes..
4,436,961,000 4.514,931,000 3,375,522,000
1,235,000
1,650,000
1,085,000
85,949,000
98,646,000
93,452,000
,
t
1,419,000
128,391,400 dl, 943,847,000
hand and due from
on
Continental Bk A Tr Co
Chase National Bank...
100,270,000
Fifth Avenue Bank
Total
reserves
4,536,692,000 4.609,618,000 3,463:121,000
90,683,000
500,000
3,674,700
45,237,000
25,000,000
77,113,500
€815,102,000
10,000,000
1,129,100
12,285,000
9,026,800
91,447,000
12,500,000
27.812,800
293,116,000
32,994,000
7,000,000
8,247,400
77,295,000
2,844,000
8,932,000
81,857,000
S. Govt,
obligations.
2,772,000
525,000
50,384,000
New York Trust Co
Com m-i Nat Bk A Tr Co
Public Nat Bk A Tr Co.
.
Totals
523,151,000
INSTITUTIONS NOT IN CLEARING HOUSE WITH THE CLOSING
BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 17. 1938
BANKS—AVERAGE
1,552,000
5,908,000
216,454,000
329,307,000
200,094,000
210,233,000
335,283,000
179,513,000
745,855,000
725,029,000
753,634,000
753,679,000
738,420,000
68,000
68,000
3,720,000
135,871,000
9,890,000
12,385,000
Total bills and securities
publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended June 17:
STATE
211,000
4,293,000
745,855,000
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected Items
"Times"
NATIONAL AND
1,868,000
216,454,000
332,148,000
197,253,000
Total U .8. Government securities..
57,286,000; (d) 5119,887,000; (e) $32,947,000.
New York
5,931,000
211,000
Treasury notes
Treasury bills
As per official reports:
National, March 7, 1938; State, March 31, 1938; trust
companies, March 31, 1938.
Includes deposits in foreign branches:
(a) $268,217,000; (b) 588,870,000; (c)
The
3,320,000
4,271,000
..1.........
United States Government securities:
Bonds
!
*
advances
4,063,000
3,824,000
164,876,000
9,890,000
12,137,000
668,638,000
9.751,560,000
908,102.600
—
Bills bought In open market
Industrial
2,813,000
507,000
3,297.000
9,477,000
" 7,000,000
U.
Total bills discounted
2,343,000
5,000,000
by
direct or fully guaranteed
Other bills discounted
44,385,000
Title Guar A Trust Co..
Marine Midland Tr Co..
Secured
2,523,000
Bankers Trust Co
Bills discounted:
Bank premises
All other assets..
Total assets......
OF
78,000
5,924,000
157,316,000
10,069,000
11,648,000
5,452,260,000 5,554,092,000 4,386,576,000
FIGURES
Liabilities—
Loans,
Other Cash.
Disc, and
Including
Y
,
and
F. R. notes In actual circulation
Dep. Other
Banks and
Bank Notes
Elsewhere
Trust Cos
$
5
Grace National
20,563,500
106,300
7,506,100
Sterling National
Foreign bank
27,707,400
20,259,000
509,000
7,419,000
Trade Bank of N. Y.
4,182,094
270,838
2,569,624
299,503
6,165,736
Brooklyn—
Lafayette National..
6,433,500
316,100
7,573,500
4,867,000
87,000
1,442,100
598,000
299,200
People's National
596,000
5.506,000
132,637,000
50,937,000
51,943,000
7,744,000
8,210,000
3,581,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Dep. Other
Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
Cash
1
$
N.
Investments
Total liabilities
$
5
Ratio
of
total
Empire
51.032,800
Federation
to
reserve
9,290,184
Contingent liability
9,564,800
3,567,900
59,681,400
1,325,611
1,646,634
*4,844,900
203,566
1,472,975
158,137,000
50,937,000
51,943,000
7,744,000
8,210,000
3,528,000
157,496,000
51,196,000
51,474,000
7,744,000
9,117,000
2,422,000
on
deposit
and
87.3%
87.4%
84.3%
605,000
bills
660,000
1,652,000
3,992,000
5,883,000
purchased
10,265,944
246,200
62,779,000
92,477,000
5,452,260,000 5,554,092,000 4,386,576,000
F, R, note liabilities combined
Manhattan—
50,507,000
247,793,000
4,308,388,000 4,377,999,000 3,204,879,000
Deferred availability Items
Reserve for contingencies
All other liabilities
Res. Dep.,
Loam,
Disc, and
53,753,000
246,523,000
Total deposits
28,502,000
FIGURES
COMPANIES—AVERAGE
902,248,000
..
Other deposits
3,453,100
3,916,000
TRUST
895,594,000
reserve aco't
3.708,180.000 3,645,480,000 3,023,153,000
U. 8. Treasurer—General account....
299,932,000
26,470,000
434,219,000
Deposits
$
5
888,820,000
Deposits—Member bank
Gross
%
Investments
Manhattan—
Res. Dep
N
Fiduciary
13,184,759
Fulton
19,311,700
*5,112,800
302,400
Lawyers
27,992,400
*8,058,500
581,800
34,421,000
United States...
62,332,241
*44,904,324
77,802,864
Brooklyn—
Brooklyn
Kings County
78,542,000
34,614,000
49,000 108,636,000
10,104,267
for foreign correspondents
39,664,554
*
*1,502,369
17,341
13,557,076
Commitments
20,430,100
to
make
Industrial
ad¬
vances
3,965,000
t "Other cash" doee not Include Federal Reserve notes
or
a
bank's own
Federal
Reserve bank notes.
3,037,000
2,442,106
32,687,852
Includes amount
with
Federal
Reserve
as
follows:
x
These are certificates given
over
by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31. 1934. devalued from
to 59.06 cents, these certificates being worth less to the extent of the
100 cents
Empire, $2,915,400; Fidu"
ciary, $861,779; Fulton, $4,813,400; Lawyers, $7,386,500; United States, $25,251,"
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
456.
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
he 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
described in
an
announcement of the
Federal
Reserve Bank of New
were
made in the breakdown of loan#
York of April 20,
1937,
as
as
reported In this statement
which
were
follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily co 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
York City.
•utside New
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
revised caption "open market paper " instead of in "ail other loans," as formerly.
cial paper bought in open market" under the
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 and unsecured."
A more detailed explanation
of the revisions was published in the May 29. 1937. issue of the "Chronicle." page 3590
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
Federal Reserve Districts—
New York
Boston
Total
ASSETS
$
$
$
'Cleveland 'Richmond
Phila
$
Atlanta
Chicago
St. Louis
$
$
$
ON JUNE 15 *1938, On Millions of Dollars)
$
$
$
$
Dallas
San Frm.
$
Minneap. Kan. City
I
20,866
1,151
8,039
1,121
1,750
610
550
2,841
642
362
605
477
2,118
8,361
599
3,409
426
683
233
281
848
283
154
237
222
986
552
38
241
46
47
12
n
37
42
9
15
10
44
3,406
234
1.388
149
223
90
137
447
125
61
128
130
294
354
72
142
22
11
10
3
34
7
5
17
2
29
663
22
531
17
22
3
7
36
5
3
4
2
11
581
32
268
34
37
16
15
78
13
7
12
14
55
1.157
83
223
58
173
31
28
90
48
6
22
20
375
121
4
93
2
2
1
4
5
7
1
1
1
700
Loans and Investments—total
Loans—total
55
257
48
123
28
26
45
10
12
10
75
Commercial, Indus, and agrlcul. loans:
On securities
Otherwise secured and
Open market
unsecured..
paper
Loans to brokers and dealers In secs..
Other loans for purchasing or carrying
securities
Real estate loans
Loans to banks
Other loans:
On securities
11
unsecured..
827
59
266
50
45
42
50
76
26
52
26
33
102
United States Government obligations
8,032
394
3,342
332
728
286
151
1,350
204
152
214
172
707
Obligations fully guar, by U. 8. Govt.
1,451
26
697
90
85
29
39
204
60
16
39
33
Other securities...
3,022
132
1,191
273
254
62
79
439
95
40
115
50
292
Reserve with Federal Reserve Bank..
6,405
306
3,289
260
367
142
90
1,134
151
67
161
98
340
Otherwise secured and
,
133
10
385
124
64
16
38
17
10
60
10
5
11
Balances with domestic banks
2,446
134
167
154
267
142
133
429
124
125
291
Other assets—net
1,342
72
627
81
102
34
38
81
23
16
22
15.065
1,004
6,854
781
1,047
407
324
2,225
382
263
484
400
894
5,227
262
1.052
287
735
199
183
877
186
119
144
131
1,052
2
18
25
91
127
346
190
260
Cash In vault
20
223
•
257
26
220
LIABILITIES
Demand deposits—adjusted
Time deposits.
506
12
127
20
18
13
23
134
5,927
United States Government deposits..
23
238
2,551
299
344
208
194
907
263
309
9
273
4
1
Inter-bank deposits:
Domestic banks
-
Foreign banks....
.....
1
7
89
■
765
Other liabilities
Capital account
7
—
22
314
15
19
24
6
23
3,644
240
1,614
226
360
94
90
372
1
1
1
1
4mm,
8|
55'
12
mmm,
5
95
319
82
327
Financial
4070
June 25, 1938
Chronicle
Board of Governors of the Federal Reserve System
System on Thursday afternoon, June 23,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon th§
returns for the latest week appear in our department of"Current Events and Discussions "
Weekly Return of the
The
following
issued by the Board of Governors of the Federal Reserve
was
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
COMBINED RESOURCES
,1
"
"
7-
'
■
Three ciphers
June 15,
1938.
June 22,
(000) omitted
1938.
*
June
8,
1938.
May 18,
May 11,
1938.
1938.
1938.
t
10.637,400
9,619
10,638,900
10,639,417
10.639,916
10,640,912
10,641,412
10,641,911
8,186
8.881
8,948
8,886
8,386
9,360
397,797
389,350
411,903
414,244
427,070
434,876
451,582
8,836,904
10,241
322,491
11,063,108
11,076,868
11,084,674
11,102,853
9,169,636
5,592
2,879
9,844
8,471
13,303
550
4,273
22,012
11,057,374
11,047,891
11,044,816
11,036,436
11,060,201
6,054
3,454
5,992
3,404
5,442
3,126
5,479
2,935
5,661
3,007
4,932
2,903
5,321
2,844
5,379
2,813
9,508
Total reserves
23,
1937.
S
S
S
s
I
%
June
April 27,
1938.
May 4.
1938.
25.
May
1,
1938.
J
10,637,401
9,164
401,326
10,635,912
9,900
411,562
U. S. Treas.x
Redemption fund (Federal Reserve notes)
June
S
S
ASSETS
Gold ctls. on hand and due from
Other cash
THE CLOSE OF BUSINESS JUNE 22. 1938
'
9,396
8,568
8,414
8,668
7,835
8.165
8,192
Bills discounted:
Secured
U.
by
direct or fully
9. Government obligations.
guaranteed—
-
Other bills discounted
Total bills discounted
Bills bought In open
United States Government
534
550
550
16,899
16,421
16,798
16,973
657,253
1,191,905
714,857
657,253
1,191,905
714,857
657,253
1,191,905
714,857
657,253
1,191,905
714,857
657,253
1,191,905
657,253
1,191,905
657,253
732,558
1,191,905
1,168,213
714.857
714,857
714.857
625,469
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,240
2,590,583
2,589,851
2,589,781
2,589,988
2,589,283
2,589,151
2.589,555
2,590,009
2,565,828
744,105
1,132,053
687,857
2,564,015
2,590,595
—
bills
Total U. 8. Government
securities
Total bills and securities
183
Uncollected
banks
Items
premises
All other assets
—
183
......
22,109
682,909
44,657
41,525
20,816
513,229
44,641
49,267
"""186
20,427
44,641
527,851
44.695
48,070
47,547
170
"""170
46,396
21,109
597,351
44,730
46.746
186
"""219
170
19,973
"""186
18,742
582,086
184
22,473
549,768
44,621
42,560
foreign banks
Due from
Federal Reserve notes ol other
r
......
loans on gold....———.——
ForeUfi
Bank
534
16,771
536
16,732
744,105
1,141,819
678,091
securities—Bonds..
Treasury notes
Treasury
534
537
16,635
'
Industrial advances—.
3,459
16,818
537
16,535
market
,
23,005
550,492
44,717
45,214
20,672
523,357
44,765
45,339
14,337,827
14,327,165
12,475,824
527.996
44,730
23.108
630,603
45,697
40,733
14,307,574
14,429,857
14,262,804
14,319,942
14,290,895
14,362,513
14,305,284
circulation....
4,108,568
4,123,102
4,135,785
4,157,156
4,116,875
4,123,513
4,132,337
4.147,997
4,120,373
4,162,832
Deposits—Member banks' reserve account
United States Treasurer—General account..
7,921,888
7,847,605
1,004,684
131,989
267,141
7,744,949
1,092,819
7,716,352
1,182,761
7,622.253
1,283,396
7,560,482
1,361,133
130,200
133,118
137,609
133,908
7.661,269
1,321,319
131,802
262,794
253,844
245,233
236,245
7,503,630
1,428,693
125,674
227,746
6,854,411
149,500
295,508
7,904.250
934,887
139,487
298,579
211,655
166,963
156,553
9,295,486
9,277.203
9,251,419
9,230,762
9,286,075
9,288,491
9,291,768
9,285,743
9,326,045
7,328,855
549,504
133,569
147,739
27,683
32,846
12,179
675,937
133,551
147,739
27,683
32,840
11,796
521,177
133,558
147,739
534,887
133,575
551,583
133,523
147,739
27,683
32,915
11,386
133.482
527,113
133,478
147,739
27,683
634,198
132,205
147,739
27,683
32,880
11,181
597,742
133,575
147,739
27,683
32,880
10,800
527,933
32,915
35,906
12,563
578,995
133,582
147,739
27,683
32,880
11,145
14,307,574
14,429,857
14,262,804
14,319,942
14,290,895
14,362,513
14,305,284
82.5%
82.4%
82.5%
82.4%
82.5%
82.5%
1,686
1,840
1,703
1,530
1,460
1,357
13,260
Total assets
LIABILITIES
Federal Reserve notes in actual
|
Foreign banks
<
Other
deposits
Total deposits
Deferred availability Items
Capital paid In
—
Surplus (Section 7)
Surplus (Section 13-B)
....
Reserve for contingencies....
All
.......
liabilities
other
Total liabilities
Ratio ol total reserves to deposits
t
928,590
27,683
32,880
'
147,739
27,683
32,915
10,685
150,928
145,854
27,490
11,819
8,484
14,337,827
14,327,165
12,475,824
82.5%
82.5%
82.6%
79.8%
1,357
1,357
1,103
4,044
13,144
12,700
12,678
12,735
16,733
11,451
■
and Federal
Reserve note liabilities combined....
liability on bills purchased
foreign correspondents
Contingent
for
.
13,600
13,638
13,373
13,140
1-15 days bills discounted
7.556
7,685
6,913
6,677
6,986
6,198
6.572
6,527
6.836
16-30 days bills discounted
477
464
559
599
359
410
330
285
288
31-60 days bills discounted
477
358
321
369
613
702
709
508
375
403
292
235
169
184
607
242
268
362
573
400
Commitments to make Industrial advances...
,
Maturitv Distribution of Bills and
Short-term Securities—
61-90 days bills discounted
...
616
595
Total bills discounted
597
540
600
526
378
293
309
266
461
9,508
Over 90 days bills discounted
9,396
8,568
8,414
8,668
7,835
8,165
8,192
8,471
13,303
1,956
75
87
178
166
223
117
117
87
95
470
247
164
117
104
75
104
75
1,421
158
253
238
226
"""297
157
426
4
128
127
107
110
4
31-60 days bills bought In open market
298
299
61-90 days bills bought In open market
128
1-15 days bills bought In open market
16-30 days bills bought In open market..:
"""297
Over 90 days bills bought In open market....
537
537
536
534
534
534
550
550
550
4,273
1,290
Total bills bought In open market
1-15 days Industrial advances
1,259
1,544
1,607
1,472
1,526
1,419
1,581
1,665
871
16-30 days Industrial advances..
160
274
263
263
274
275
234
204
96
140
31-60 days Industrial advances
316
298
405
262
367
406
522
567
470
910
61-90 days Industrial advances
920
885
798
923
937
960
974
541
748
13,849
13,919
1,022
13,498
13,888
13,735
13,755
13,286
13,472
14,201
19,343
Over 90 days Industrial advances
Total
Industrial
16,535
81-60 days U.S. Government securities
8. Government securities
16,732
16,818
16,771
16,899
16,421
16,798
16,973
22,012
155,437
101,541
193,239
264,905
109,604
183,017
186,171
208,287
115,354
116,668
34,710
85,874
357,781
191,294
1,813,712
353,460
186,586
1.802,990
93,734
115,354
338,218
217,672
1,799,037
....
Over 90 days U.S. Government securities
2,245,281
Total U. 8. Government securities
2,564,015
2,564,015
2,564,015
2,526,240
4,501,262
173,696
192,780
1,951,474
171,040
181,285
174,203
95,524
252,711
232,997
173,696
1,942,758
1,803,467
1,812,337
1,809,087
104,311
217,598
237,770
*
193,239
1,811,097
2,564,015
16-30 days U. 8. Government securities
61-90 days U
16,635
117,172
128,893
advanoes
1-15 days U. 8. Government securities
2,564,015
2,564,015
2,564,015
2,584,015
2,564,015
204,754
104,311
35,063
78,920
132,266
1-15 days other securities
16-30 days other securities
81-90 days other securities
61-90 days other securities
Over 90 days other securities
Total
other
Federal
0
securities.
Reserve Notes—
4,434,946
4,425,573
4,412,650
4,425,523
4,434,356
268,417
295.775
4,411,710
288,197
4,425,484
299,161
293,147
277,526
313,983
338,430
4,123,102
4,135,785
4,157,156
4,116,875
4,123,513
4,132,337
4,147,997
4,120,373
4,162,832
4,531,632
4,535,632
4,535.632
4,535,632
6,865
4,539,632
7,208
4,542,632
7.659
4,527,632
7,707
4,541,632
8,321
4,535.632
7,047
4,519,632
8,505
In actual circulation
4,420,471
297,369
4,108,568
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
7,271
7,463
4,416,044
307,476
Collateral Held by Agent as Security for
Issued to Bank—
Notes
Gold ctfs.
By
on
eligible
hand and due from U. 8. Treas..
paper
United States Government securities
Total collateral
•
x
"Other
4,540,137 V 4,543,953
cash"
does
not
Include
Federal
Reserve
notes,
t
4,543,291
Revised
4,542,679
4,540,339
4,542,497
4.546,840
4.526.903
31,
1934, these certificates being worth less
provisions ol the Gold Reserve Act ol 1934,
to
the extent ol
4.549.095
.
4,576,433
figure.
These are certificates given by the United States Treasury lor the gold taken over from the Reserve banks wnen the dollar was
cents on Jan.
13,801
20,000
5.000
tne
dlllerenoe.
tne
difference
tself
aavlng
oeen
devalued from 100 cents to 59.00
appropriated as profit oy the Treasury under
Volume
Weekly Return of the Board of Governors
WEEKLY STATEMENT OF
on
and
hand
9
9
due
10,635,912
from United States Treasury
9,900
Redemption fund—Fed. Res. notes..
411,562
Other cash •
Total
9
Cleveland Richmond
Phila.
9
9
ASSETS
certificates
New Yort
Boston
Total
Federal Reserve Agent at—
11,057,374
reserves
of the Federal Reserve System (Concluded)
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 22, 1938
RESOURCES AND LIABILITIES OF
Three Ciphers (000) Omitted
Gold
4071
Financial Chronicle
146
Atlanta
Chicago
9
215,755 2,181,852
9
690,522
182,260
261,599
212,780
325,687
%
I
%
%
San Fran.
Dallas
St. Louis Minneap. Kan. City
9
9
583,044 4,436.961
1,085
1,033
526,903
1,337
712,359
1,516
842
382
484
489
857
274
368
98.646
27,218
33,193
25,521
24,264
57,814
18,750
9,855
26,559
15,923
1,233
33,978
623,918 4,536,692
555,458
747,068
332,553
240,401 2,240,150
344,926
223,492
288,432
198,551
725,733
200
20
45
45
195
288
10
79
195
417
285
612
573
39,841
306,190
'
Bills discounted:
8eoured by U. 8. Govt, obligations,
■"'/
6,054
595
2,772
721
552
359
262
3,454
174
525
546
203
340
680
Total bills discounted.
9,508
769
3,297
1,267
755
699
942
Bills bought In open market
Industrial advances
537
40
~7 211
55
49
23
16,535
2,457
4,271
2,947
852
1,537
direct and (or) fully
guaranteed..
Other hills discounted
'
notes
15
120
563
137
1,066
436
828
1,321
36,168
28,232
63,456
53,678
216,454
332,148
61,098
71,357
32,335
80,458
34,600
25,647
82,368
93,753
109,494
62,337
49,616
123,461
53,091
39,356
55,500
197,253
55,677
65,026
37,020
29,465
73,320
31,529
23,372
32,959
43,323
25,728
97,372
57,826
40,622
2,564,015
184,962
745,855
210,528
245,877
139,979
111,416
277,239
119,220
88,375
124,627
97,283
218,654
188,228
753,634
214,797
247,533
142,238
112,497
278,068
119,390
89,567
125.318
98,739
220,586
14
68
19
17
8
6
23
3
2
5
5
610
3,720
1,121
1,545
1,796
2,246
3,490
2,348
1,041
1,908
485
2,163
56,201
44,781
17,959
71,372
22,940
16,337
21,585
33.263
2,097
1,959
4,538
2,320
1,277
3,295
3,949
1,754
1,533
1,538
29,296
3,126
1,843
1,507
3,651
377,165 2,601,590
493,681
333,510
449,928
322,149
988,704
549.768
57.868
135,871
42,295
premises
44,621
2,978
9,890
4,762
6,138
2,667
All other assets
42,560
2,565
12,385
3,980
4,625
2,804
822,432 1,063,127
526,847
items
14,307,574
»
876,181 5,452,260
LIABILITIES
4,108,568
353,666
888,820
300,439
405,468
188,000
141,447
957,648
173,464
133,786
162.480
76,474
326,876
7,921,888
928,590
F. R. notes In actual circulation
383,502 3,708,ISO
299,932
43,028
378,365
214,414
154,186 1,326,248
179,186
41,057
247*003
118,587
217,804
27,074
49,492
541,053
37.229
17,775
4,481
3,436
24,606
4,332
161,217
42,611
4,332
10,605
1,575
6,556
2,940
180
1,918
14.468
204,078 1,524,784
285,114
174,455
246,922
210,078
603,355
33,491
10,142
9,805
2,121
Deposits:
U. 8.
Other
52,654
471,329
75,224
149,500
10,755
53,753
14,638
13,742
6,423
295,508
account
reserve
Treasurer—General account-
Foreign
4,119
246,523
1,497
9,427
2,698
441,404 4,308,388
447,154
569,722
280,032
56,597
132,637
41,750
54,907
43.584
18,511
73.587
24,327
15,687
30,120
24,306
9,405
50,937
13,377
14,323
4,954
4,449
13,153
3,904
5,626
4,667
2.907
3,153
4,159
22,387
1,001
1,142
bank
deposits
Total deposits....
9,295.486
Deferred availability Items
Capital paid In
Surplus (Section 7)
549,504
133,569
56,497
5,228
3,607
27,683
2,874
7,744
12,245
13,466
4,411
730
1,429
545
1,448
8,210
2,000
1.007
3,177
3,409
32,846
1,401
1.603
7,174
1,215
1.908
934
,3937
3,892
1,270
1,776
3,581
1,146
503
721
1,428
445
613
558
914
887
967
416
12 179
377,165 2,601,590
493,681
333,510
449,928
322,149
988,704
147,739
Surplus
(Section 13-B)
Reserve for contingencies
All other liabilities
51,943
9,900
4,964
L»I^vkl
Total liabilities
14,307,574
on bills purchased
for foreign correspondents
•
to
make Indus,
"Other cash"
1,686
does not Include
1,415
526,847
155
72
59
201
51
39
49
49
12
118
1,536
1,859
186
24
569
277
443
91
3,11
3,965
Federal
Reserve notes.
0
RESERVE NOTE STATEMENT
FEDERAL
Three Ciphers (000) Omitted
S
$
$
$
$
198,243
157,014
981,650
187,472
139,007
173,012
84,100
24,002
14,008
5,221
10,532
7,626
371,897
45,021
307,476
27,634
106,422
17,126
10,243
15,567
888,820
300,439
405,468
188,000
141,447
957,648
173,464
133,786
162,480
76,474
326,876
353,666
390,000 1,010,000
739
3,145
337,000
9,41
432,000
200,000
159,000 1,000,000
192,632
141,500
177,000
88,500
404,000
4,531,632
580
640
200
20
124
226
612
566
8,505
certificates
390,739 1,013,145
337.941
432,580
200,640
159,712 1,000,200
192,652
141,624
177,226
89,112
404,566
4,540,137
317,565
995,242
381,300
banks:
and
hand
on
due
from United States Treasury
Eligible
Minneap. Kan. City
St. Louis
$
by Agent as security
for notes Issued to
Gold
Chicago
$
$
4,108.568
actual circulation
held
$
Atlanta
$
Cleveland Richmond
Phila.
$
San Fran.
Dallas
429.542
24,074
4,416,044
Held by Federal Reserve Bank
Collateral
New Yorl
$
S
Issued to F. R. Bank by F. R. Agent
In
Boston
Total
Federal Reserve Bant of—
Federal Reserve notes:
2,000
165
605
13,600
advs..
121
3,613
822.432 1,063,127
876,181 5,452,260
Contingent liability
Commitments
13
183
22,473
Due from foreign banks
Member bank
38
16
-
48,916
Fed. Res. notes of other banks
Total assets
240
2
2,590,595
Total U. 8. Govt, securities
Total bills and securities
Bank
124
3
744,105
....
Treasury bills
Uncollected
30
66
1,141.819
678,091
U. 8. Government securities— Bonds.
Treasury
200
19
•
paper
712
U. 8. Government Securities
Total collateral
United States Treasury
Rates
quoted
are
United
Bills—Friday, June 24
for discount at purchase.
.
Securities
Government
States
York Stock Exchange—See
following
on
the New
page.
•
Bid
June >29 1938.
Aug.
0$8%
24 1938
0"t)8%
Aug.
0 08%
17 1938
Aug,
0.08%
0 08%
July 6 1938
Asked
Bid
Asked
31 1938
Transactions
at
Daily, Weekly and
the
Exchange,
Stock
York
New
Yearly—See
4087.
0.08%
July
13 1938-.
July
20 1938
0
7 1938
0 08%
July
27 1938
0.08%
Sept. 14 1938
0,08%
0.08%
0.08%
Sept. 21 1938
.....
page
0.08%
•
Aug.
Aug.
3
1938
....
10 1938
08%
Sept.
Stock and Bond
Quotations for United States Treasury Notes—Friday,
Averages—See
THE
page
4087.
BOURSE
PARIS
June 24
Quotations of representative stocks as
Figures after decimal point represent one
a
32ds of
more
or
P
i
l
received by cable
m
il
point.
Bid
Asked
Rate
Maturity
Bid
Asked
Bank of France..
101.19
June
15 1940
1H%
102.25
102.27
1H%
101.17
101.19
Dec.
15 1940...
1H%
103
103.2
Canadian
1H%
1 H%
1 H%
102.16
102.18
Mar. 16 1940
l6A%
102.25
102.27
Canal de Suez cap
102.7
102.9
xMar. 15 1942...
l
103.30
102.10
102.12
Dec.
1H%
102.24
102.26
Sept. 15 1942...
Mar. 15 1939...
1H%
10L26
101.28
June
Mar. 15 1941...
1H%
103.1
103.3
15 1943...
l
Dec.
15 1938...
Dec.
15 1941...
Sept. 15 1939...
Dec. 15 1939...
June
15 1941.
..
Ys%
Bauque
H%
1H%
104.10
104,12
BERLIN
6,900
459
449
459
105.8
105.10
Cle Generate
15 1939...
102.23
102.25
Sept. 15 1938...
2K%
100.15
Cle Distr d'Electrlclte
STOCK
201
210
219
23,000
22,700
22,800
657
684
661
671
1,330
June
June
June
June
June
June
18
20
21
22
23
24
190
200
200
190
238
232
231
mmm m
490
485
488
1,610
1,600
1,260
1,590
1,240
1,590
1,250
1,430
1,430
305
306
305
301
Nord
Littoral..
551
118
118
Nord
125
125
125
125
162
114
162
114
162
121
120
Deutsche Erdoel (6%)
137
Deutsche Relchsbahn (German Rys. pf. 7%)125
Dresdner Bank (4%)
112
Farbenlndustrie I. G. (7%)
160
Gesfuerel (6%)
147
Hamburger Elektrtzltaetswerke (8%)
151
120
120
137
125
112
161
120
120
137
125
112
78
76
75
113
78
194
224
158
204
112
78
194
224
159
202
112
77
193
224
Berliner Krart u. Llcht (8%)
Cornmerz-und Privat-Bank A. G. (5%)
Deesauer Gas
(5%)
Deutsche Bank (5%)
Hapag...
Mannesmann
Roehren
(4H %)
Nordeutscher Lloyd
(8%)
Relchsbank
Rhelnlsche Braunkohlen
Saizdetfurth
Siemens
ft
(8%)-,
(6%)
Halske (8%)
Ex. Div
145
152
xl56
■
145
151
162
Capital
1,410
1,460
mmmm
rnrnmm
1,250
796
790
801
808
821
814
809
354
ma
'
650
1,230
m m --
354
355
353
23
21
21
m 5io
1,515
1,508
21
1,487
355
mwmm
114
114
114
Pechiney
120
120
137
124
112
„156
146
151
120
120
136
124
112
120
120
136
T4.00
74.30
73.90
Rentes 4%. 1917.....—--—.
72.25
72.50
71.80
71.80
1918
Rentes 4H%. 1932, A
Rente* 4J4%. 1932 B
Rentes 5%, 1920
Royal Dutch
—
Sa'nt Gobalo C&C.
Schneider A Cle
Societe Francaise Ford
Societe Generale Fonclere
71.80
72.20
71.50
71.30
72.40
79.00
79.30
78.75
78.90
80.20
77.20
77.50
76.90
76.90
78.25
...
112
155
124
112
155
145
151
75
143
151
73
112
77
112
76
Perpetual 3%
Rentes
Rentes 4%,
...
193
Lyonnalse,....
224
194
224
Societe
224
Societe
Marseillaise
159
201
556
655
835
Ry
Pathe
552
663
1,370
Orleans Ry 6%
162
114
125
162
569
652
day
ri9
761
1,610
Holl-
119
760
190
.....
of Par
119
32
765
490
Kuhlmann
Allgemeine Elektrlzltaets-Gesellschaft 4%-.119
Berliner Handels-Gesellscbaft
(612%)
125
1,430
30
515
235
de France..
Energle Electrlque du
1,400
30
517
759
Eaux dee
Energle Electrlque du
1,390
515
30
--
—
1,420
517
Lyonnalse
Lyonnalse cap
Credit
Per Cent
...
Electriclte
Transatlantlque..
Credit Commercial
Closing prices of representative stocks as received by cable
each day of the past week:
■
203
23,100
Comptolr Natlonale d'Escompte
Coty 8 A
EXCHANGE
6,900
1,225
195
Citroen B
...
Francs
22,800
...
Cle Generate d
2%
2H%
15 1942
Courrleret
THE
6,900
1,230
Pacific......—....
103.28
Francs
7,100
1,255
457
Pays Bas
de l'Unlon Parleletfue..
Banuue de Paris et Des
101.17
June
Francs
Francs
1,243
—
Francs
7,000
Francs
Int.
Int.
Rate
Maturity
161
Tublze Artificial
199
Union
202
Silk preferred..
d'Electrlclte
Wagon-Llts.
74.00
----
74.50
72.80
98.00
98.30
97.25
97.10
98.20
6,510
6,670
6,600
6,620
6,700
1,965
1,975
1,960
1,956
1,070
1,063
1,059
1,050
63
66
65
66
92
91
91
1,460
1,418
.1,428
564
568
66
90
1,374
<*<•«• •*
mmmm
565
124
121
126
J25
426
446
436
436
88
87
86
86
....
June 25, 1938
*
4072
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range,
is taken of such sales in computing the range for the year.
No
of the day.
unless they are the only transaction
account
United States Government Securities
Below
we
furnish
118.26
118.29
118.30
118.29
118.30
5
1
27
2*8, 1948-51
104.27
104.25
104.22
104.14
104.25
104.23
104.19
104.14
104.26
104.23
104.19
104.14
76
4
9
103.16
103.18
103.14
103.11
103.14
103.15
103.14
103.8
103.4
103.16
103.16
103.14
103.8
103.4
31
27
1
12
5
102.27
102.26
102.21
102.17
104.25
(High
Treasury
8
June 18 June 20 June 21 June 22 June 23 June 24
Bond Prices
118.26
30
.
Daily Record of U. S.
118.23
118.31
1 Close
118.29
118.30
*1.000 units.
Total taut in
118.30
118.29
118.31
{LOW
4*8. 1947-52
118.30
118.31
(High
Treasury
June 22 June 23 June 24
June 18 June 20 June 21
Owners' Loan and Federal Farm Mortgage
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
Daily Record of U. S. Bond Prices
Stock Exchange
the New York
on
daily record of the transactions in Treasury, Home
a
104.24
{Low.
...
.
.
.
'
[Close
104.24
Total salts in $1,000 units...
26
.
.
1
•
110.2
110.3
110.2
109.30
110.2
110.2
,110.3
110.1
109.30
109.22
110.2
110.2
110.3
110.1
109.30
109.22
2
3
110.2
32
Total salts in $1,000 units.
114.20
114.19
114.19
114.14
114.20
114.19
114.19
114.14
114.20
114.19
114.19
114.14
2
2
4
2
[Close
9
113.11
113.6
113.11
113.6
113.15
I Close
113.11
113.6
113.15
Total sous in 31,000 units...
25
*2
1
110.25
110.25
110.22
110.16
■
110.24
Low.
Close
110.24
110.24
110.24
110.25
110.22
110.16
110.24
110.24
110.25
110.25
110.22
19
2
6
2
1
106.15
106.15
106.15
106.15
106.12
106.6
106.14
106.13
106.15
106.13
106.7
106.4
106.14
106.14
106.15
106.13
106.7
106.6
5
13
18
22
I Hlgb
.{Low
3s. 1951-65...
[Close
.
.
101.30
102.26
102.26
102.21
102.14
102.26
J02.26
102.21
102.15
2
25
6
101.31
101.29
101.27
101.19
101.26
101.27
101.29
101.28
101.22
101.26
101.30
101.31
101.29
101.22
11
43
86
42
71
..
106.6
106.4
{Low.
2*s. 1945
106.4
106.4
'
[Close
m'mm
m
105.28
....
105.28
mmmm
....
5
104.16
104.17
104.17
6
(High
104.16
{Low.
104.16
104.15
104.16
104.15
104.16
104.16
1
29
144
104.8
104.16
104.15
31
I Close
27
105.28
26
Total sales in $1,000 units
2*8, 1948
101.17
101.19
*
106.7
106.6
(Hlgb
110.16
3
Total salts (i> 31,000 units
.
....
101.28
[Close
Total salts in $1,000 units.
110.24
.
mmm
m
{Low.
2*8, 1949-53
(Hlgb
3*8, 1943-47
mmmm
[Close
Total salts in $1,000 units...
113.15
3*8. 1946-56
-
120
{Low
2*8.1956-59
(High
[High
{Low
m
mmm
m
(Hlgb
114.15
Total salts in $1.000 units..
mm
{Low
Total salts in $1,000 units..
114.10
Close
-
2*8, 1951-54
114.16
Low.
(Hlgb
48, 1944-54
(High
109.22
Low.
I Close
(High
3*s, 1943-45
103.5
104.6
mmmm
.
104.6
....
'
Total salts in 31.000 units..
18
107.30
Total sales in $1.000 units.
10
107.24
...
-
.
.
30
.
(High
[Hlgb
108.5
108.4
108.3
Low
108.3
108.5
108.4
108.3
107.28
108.3
108.5
108.4
108.3
107.28
107.22
19
6
Total salts in $1,000 units..
26
102.1
102
102
101.28
101.22
101.31
102
102
101.30
101.21
101.21
101.30
101.21
101.21
[Close
High
106.25
106.27
106.25
106.25
106.27
106.24
•
*
mm.
Total sales in $1,000 units
106.25
106.27
106.24
106.22
1
3
27
i
Total salts in $1,000 units.
m
107
107.4
....
107.3
107
107.4
mm
mm
(Hlgb
....
*2
-
108.1
I Close
Federal Farm Mortgage
3s, 1942-47.
108.1
106.14
106.14
106.17
106.14
Mortgage
2*8, 1942-47
.
(High
108.25
108.18
108.25
108.20
108.16
[Close
8
29
.
.
108.24
Total salts in $1,000 units...
1
6
1
Home Owners' Loan
3s, series A,
{Low.
106.14
106.18
106.14
1
4
units...
2
Home Owners'Loan
5
106.12
105.10
106.12
mmmm
1
mmmm
....
mm
....
mmmm
105.5
rnt'mmrn
105.10
mmmm
105.6
....
mm
105.5
mmmm
mm
106" 15
106,17
106.13
106.12
106.14
106.13
106.11
106.3
106.16
106.13
106.11
106.3
3
J29
15
m
mmmm
106.6
106.15
m
mmmm
201
106.15
(Hlgn
1944-52....{Low.
106.2
106.18
2
108.3
106.7
1
1
Total tales in $1,000 units...
108.15
108.15
106.10
106.12
8
....
[Close
{Low.
[Close
106.2
...
105.10
....
108.3
108.3
106.7
106.14
m
108.15
(Hlgb
106.10
4
.
m
mmm'm
106.2
106.14
Total salss in $1.000 units...
108.24
108.23
mm
....
mmmm
1
106.7
106.18
....
$1,000 units...
Federal Farm
108.13
108.25
107
4
106.12
106.14
....
108.16
108.23
108.24
....
8
....
[Close
Total sales in
108.23
....
mmmm
mmmm
106.14
3
.
(High
107.3
.mmmm
106.14
108.21
[Hlgb
{Low.
[Close
3*s. 1949-52
106.17
{Low
Total salts in $1,000 units...
3*8. 1946-49
(Hlgb
Total salts in $1,000 units.
108.1
{Low.
8*8, 1941-43
3s. 1944-49
7
108
107.4
{Low.
Mortgage
229
.....
[Close
Close
Federal Farm
20
30
107.4
-
mmmm
1 Close
106.22
-
102
102.1
135
(Hlgb
{LOW.
106.22
Low.
101.31
Total sates in $1,000 units..
Federal Farm Mortgage
3*8, 1944-64
3*8. 1940-43
101.31
{Low.
2*s, 1958-63
107.22
Oloflc
38. 1946-48
108.3
106.2
105.31
106
9
2
108.10
108.8
108.8
Low.
108.10
108.8
108.8
103.4
103.6
103.3
102.31
103
103.4
103.4
103.4
103
102.29
102.28
103.7
103.4
102.31
103
Close
108.4
Close
108.10
108.8
108.8
108.7
Total sales in $1,000 units...
6
104.14
104.14
Low.
104.14
104.14
104.14
104.14
Total sales in $1,000 unUs...
1
5
Home Owners' Loan
2*s, 1942-44
10
3
109.31
109.24
110.1
109.26
109.22
110.1
109.26
109.24
(Hlgb
110.1
110.3
110.3
110.1
{Low.
110.1
110.1
110.3
[Close
110.1
110.3
110.3
8
31
103.31
104
103.30
103.28
103.21
Total salts in $1,000 units...
1
fHlgb
103.31
*
Odd lot sales,
.{Low.
[Close
103.29
103.29
103.30
103.30
103.24
103.30
103.31
103.30
103.24
82
47
13
23
6
106.8
Hlgb
•
106.21
106.21
106.23
106.21
Low.
106.18
106.19
106.20
106.21
106.13
106.21
106.21
106.21
106.21
106.13
106.8
Total salts in $1,000 units...
13
30
70
9
4
-
.
.
-
39
104.4
104.11
104.7
104.1
104.14
104.7
104.4
15
1
7
-
above
includes only
registered bonds
table
Transactions in
sales
of
coupon
were:
114.17 to 114.17
110.12 to 110.22
109.19 to 109.31
-
109.19 to 109.20
103.18 to 103.18
106.8
Close
....
104.7
Treasury 4s 1944-1954
32 Treasury 3*8 1943-1947
2 Treasury 3*8 1944-1946.
8 Treasury 3*s, 1943-1945
1 Treasury 2*s, 1955-1960
103.21
6
.
2
104.14
1
103.19
103.29
Total salts in $1,000 units...
11
21
....
t Deferred delivery sale.
Note—The
bonds.
2*8. 1956-60
103.3
103.6
4
[Hlgb
[Close
Total salts <» $1,000 units
3 * 8. 1944-46
103.7
108.7
Hlgb
3*8. 1941
[Hlgb
2*s, series B. 1939-49__ Low.
Total salts in $1,000
2*s. 1945-47
106.18
United States
8
United States
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
STOCKS
Sales
SHARE, NOT PER CENT
NEW
for
Saturday
Monday
Tuesday
Thursday
YORK
June 18
June 20
June 21
June 22
June 23
June 24
On Basis of
Week
S per share
*42
43
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*43
44*
*42 *
*28
32*2
*28
*28
*31
3134
*32
32*
34*
S
8
8
17*2
*1834
*238
46*
84
1034
19*
2*
*15*
19*
2%
4784
33
9
*15*
78
6'4
5*
*4*
73.i
14
46*
S4
1034
17*
*16
*18*
2%
17*
19
*16*
19*
2%
*2%
2*
4934
51*
5234
3s
50*
%
1078
10*
*34
978
%
10*
2%
52
78
10*
8
*5
*5*
578
149
*7*
*10
8
10*
534
*42*
40*
*12*
*1%
*13*
61*
578
44
40%
1234
2
17*
*%
78
*
6*
6
6
6
6*
6*
6*
8*
14*
14*
*8*
1534
578
« 6
14934 15234
*7*
8
10*
10*
6
6*
zdl*
42*
41* 43
1234
1278
*1%
2*
20
61*
53
53
16*
1634
*
Bid and asked
^ri
46
*29
40
20
36*
10*
40
40
1,100
10*
10*
17*
20*
17*
20*
2%
20lo
900
2*
5634
2,200
13,700
35
934
*16*
20
10*
1
*2%
52*
*
978
1
10
10
1
10*
1
1*
834
7
634
7%
8
8
07g
7
7*
7%
7%
9*
18%
*9*
10*
18*
19
*27
fi
163
162
634
*7*
107g
6*
8
8
8
*8
1078
11*
67g
12
12
44
44
44
44
43
437g
127g
*17g
13%
7%
42*o. 44*
13*
11%
2
2*
*15
1934
7*
4634
11
1934
7*
168
8*
12%
734
48%
43*
14*
2*
46
18
18
1434
2*
-
17,600
100
19,900
7,800
14,200
2,400
1,400
700
1078
19
*27
1,100
1,300
8*
6
-
8,100
mmmmm
m
778
1,300
168* 170
*8
8*
11%
12*
8*
734
48% 48%
47%
4578
14*
15%
2*
2*
9,100
7*
*17
18*
200
2,600
39,000
1,100
61,800
3,500
2,500
100
Acme Steel Co
28
Adams
Express
..No
Adams-Mlllis
Address-Multigr
10
No pa*
No pa
Air Way El Appliance..N* par
Alaska Juneau Gold Min.,.10
Albany A Susq RR
Allegheny Corp
100
No par
5X% Of A with $30 war J00
5H% pf A with $£0 war. 100
5H% pf A without war.100
$2.50 prior conv pret.No par
AJegbeny Steel Co
No par
Alleghany A W. Ry 6% gtd 100
Allen
Industries Inc
..,1
Allied Chemical A Dy9.N0 par
Allied Kid Co
5
7g Mar 31
6*June17
5
Mar 30
5* June 17
734June 18
11% Mar 31
May 11
4* Mar 30
28
124
7
Mar 31
Mar 31
4* Mar 26
38
Mar 31
5%
preferred......
Alils-Cbalmers Mfg
No par
Alpha Portland Cem...No par
Amalgam Leather Cos Inc._.l
6% conv preferred.-
67*
70
3,200
Amerada Corp
59
62*
64
1,000
Am
17%
17*
177S
17
177S
17*
1734
7,600
56
56
56
56
57
57
50
American Bank Note
delivery
83* Mar 31
95
Apr 16
8% Mar 28
70
Def
% Mar 30
No par
100
59
a
14* Mar 31
16% Mar 31
1% Jan 4
40 May
2
No par
67
t In receivership
.
Allied Mills Co Inc
57*
this day.
3
Allied Stores Corp..
66
on
June
6* Mar 30
par
No par
Corp
Advance Rumely
Air Reduction Inc
*5578
sales
4
30* Mar 23
25
Nt par
55
49
May 27
Mar 26
10
Mar 30
6%
n
34* Mar 31
11* Apr 1
1* Mar 26
10
Mar 30
Agrlc Cbem (Del)..#0 par
preferred
New stock,
..10
50
r
Cash
saie
Lowest
Highest
$
share
36* Feb
65*
40
per
Abbott Laboratories.,.#'; par
Straus..
No par
55*
60
$
Abraham A
64*
55*
17*
*56*
100-Share Lots
Lowest
Par
65
ces: no
1
1*
158
2*
55
8*
7
18
56%
17*
*
7%
*27
7*
2*
4634
734
162
17
56*
*56
45
38
*6
53
*16
834
17
44
*33*
156
63*
*4fl78
....
....
*13
61*
*56
8*
1678
*27
9-*
17*
20
678
*734
*13
20
*
678
*27
149
33
Oil
6%
6*
734
14*
33
44
32*
34*
9%
*
*27
*42*
32*
9
6*
5*
6
44
32*
Range for Previous
Year 1937
Range Since Jan. 1
STOCK
EXCHANGE
the
Friday
prr
$
share
4634June 24
Mar 11
36
52
Jan 14
10*June 24
x20% Jan 20
23
Jan 24
2*June24
68* Jan 10
1* Jan 7
13% Feb
1
95
Apr 16
1% Jan 7
177« Jan 12
17* Jan 12
17% Jan 12
17% Jan 12
21% Jan 17
28
May 11
97S Jan 17
176% Jan 10
9% Jan 10
14% Jan 19
9% Jan 12
63% Jan 11
61% Jan 11
16% June 24
3% Jan 11
24
J&D 12
72% Feb 21
66
Jan
8
per
share
46* Apr 27
Ex-rights
per
share
36
Nov
55
Mar
37
Nov
69
Mar
43'4 Dee
778 Nov
17* Oct
16* Oct
1* Oct
44* Nov
* Oct
85
8
Oct
146
Oct
Aug
2238 Mar
28%
Feb
36
Jan
4%
Jan
80*
5*
Jan
1534
Feb
166
Jan
Aug
1
Oct
5%
11
Oct
69%
11
Oct
59
Feb
10
Oct
58%
52*
Feb
10*
Oct
Feb
Feb
Feb
13
Oct
103
Apr
110
Oct
237$ Apr
258% Mar
17% Aug
33% Jan
217g Mar
6*
145
7*
10
6%
Nov
Dec
Oct
Oct
45% Mar
Jan
49
Dec
85
34
Oct
83% Jan
39*4 Jan
87g Mar
62* Mar
8%
1*
19
Oct
Oct
Oct
61% Nov
63% Oct
10
Oct
50
177gJune 22
Highest
Dee
Mar
1147g Mar
101%
Jan
41%
75*
Jan
Feb
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
146
HIGH
SALE PRICES—PER
SHARE,
CENT
NOT PER
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 18
June 20
June 21
June 22
June 23
June 24
$ per share
$ per share
$ per share
$ per share
8 per share
Shares
29
*28
29%
31
31
31%
122% 122% *122%
*122l2
8658
88
86%
*164
*163% 166
♦15%
*30
33
*11%
15%
15%
11%
*32
11%
89%
90%
165
166
17%
17%
37
*33%
12%
12%
31%
90%
165
*165
*1C9
23
*15
6%
6
9%
9%
9%
9%
6%
7%
10%
10%
9
9
9%
9%
10
10%
10%
69
*67%
69%
69
69
70
70
3%
3%
7
*4%
6%
♦4%
*16%
18%
*7%
8%
8%
8%
8%
14%
14%
14%
9%
14%
9%
2%
2%
*16%
*35%
*16%
35%
36
2
2
19%
19
35%
2
3%
20%
20
9%
9
9%
*13%
*9%
*2%
*15%
18
10
2%
18
*34%
36
*1%
*18%
*4%
2
19
19%
5
14%
*40%
48
13
13
1434
*45
13%
3
3%
29%
*28%
30%
110
106
23
*106
*23
23
11
3%
19
19%
20
20
20%
36
36%
36%
37
37%
2%
18%
2%
19%
2
*17%
6%
6%
1,400
500
8,800
30
12%
150
*
150
16%
16%
*
150
"l7"
17%
*
150
~18~
18%
*
"l9%
71%
71%
19%
72%
360
40,500
8,100
9,800
83,700
24",700
3,100
*50
American Rolling MUl
4H%
25
17
1,700
11
12
2,500
American Seating
28%
39%
29%
45%
30%
47%
51
51
*139%
18%
18%
19%
7
*6%
21%
21
18
140
....
21%
8
*7%
12%
12%
22%
22%
23
5%
102
18
5%
*26%
141
25
132
29
*25
141
102
102
18
5%
5%
29
29
22%
27%
102% 103
6%
29%
25
26%
26%
27%
32
32
35
35
*36
15
14
14
15
15
75
*15
12
2%
22
*119
12C
119
95
90
90
43s
35%
4%
35%
120
92
*50
*5C
75
*2738
27%
~~6%
6%
"~6%
*40
55
*28
29%
*80%
24->8
*40
'
31%
6%
7%
3%
♦
_
«
"6%
24%
41%
94
32
7%
15%
15
*5
3%
79%
*
""7"
7%
60
*35
29%
29
29
*80%
84
*80%
84
*80%
27%
29%
29%
32
31%
45%
45%
47%
45%
46%
*38%
42
*39
42
42
42
*43
45
119
*115
119
115
115
*115
119
*115
*4%
2%
*2%
*13%
6%
5%
2%
2%
15
*3%
3%
6%
6%
4%
5%
4%
5%
4%
5
4%
2%
*2%
3
2%
2%
2%
*13%
3%
6%
4%
5%
15
15
3%
3%
7%
7%
5
5
6
6%
5%
2%
2%
15
3
3%
2%
*14%
3%
4
7%
2%
16%
4%
7%
5%
6%
5%
5%
9%
22%
1107
*90
94%
*90
94%
*15%
16
16
17%
7%
17
17%
16%
7%
7%
2478
24%
*90
<
8
1,800
2,900
200
2,200
3%
*15
4
4%
7%
8%
6%
7%
24%
8
8%
3%
2%
*14
17%
4%
8%
4%
7%
7
6%
8%
8%
32
*31
33
94%
*90
2,500
20,COO
400
13,300
700
1,800
800
17%
8%
* •
105
*103
6
6
*6
105
105
6%
6%
78
105
6%
78
*103
110
6%
78
*1C%
10%
11
11%
11%
11%
11%
17%
*31%
17%
17%
17%
17%
1.7%
17%
*74%
50
*74%
6%
78
12%
17%
105
6%
*75
105
6%
20
34,900
8,500
400
78
90
1,200
1,000
*75
78
12%
12%
12%
18
18
1
60
Corp
Atlas
6%
preferred
16,100
1,600
*83
85%
*84%
87
87
87
88
90
90%
90%
90%
91
1,000
*17%
17%
17%
18
18%
19%
20%
20%
21
22%
22
3,700
14
14
13%
13%
14%
13%
*14%
*35%
14%
16%
22%
15%
14%
*14
17%
62
*35%
62
26
27
»
18%
18%
20
19%
16%
62
20
20%
Bid and asked prices; no sales on th/a
26%
21%
day
25%
21%
26%
23
23
t In rece'versblp.
1,900
10,600
60
34,000
23%
a
Mar 29
Oct
Jan
70% Mar
16% Feb
17% Jan
100
Nov
6
Dec
58
Dec
101
Jan
6
83
Nov
125
Mar
Jan 10
33
Dec
71%
Dec
106
Feb
70
Deo
88
June
8% Jan 12
69
Jan 12
68% Mar
July
24% Mar
67%
Feb
3,000
Pef
delivery
2
Deo
Sept
20% Jan 25
4% Jan 10
16
Deo
2%
Oct
5
Mar 30
5
Oct
4
Mar 31
10% Feb 23
10% Jan 11
13% Jan 11
8%
Oct
10
Oct
Jan
Feb
9%
Feb
Jan
52% Mar
9%
Jan
23% Aug
40% Mar
47% Mar
Mar 31
34
Feb 23
30
Oct
46
Feb
Jan 21
95
Mar 22
89
Deo
110%
Feb
12% Mar 30
19
Feb 23
10%
Oct
43% Mar
5
10%
Jan 12
Jan 19
7%
Dec
32
Jan
Nov
42
Jan
10% Mar 30
5
No par
9
..100
25
109
108
17% Jan 13
9%
13%
Oct
Oct
Oct
Oct
92
Nov
Dec
90%
8% Jan 17
83
Jan 11
7%
Oct
Oct
82%
Dec
8% Mar 29
14% Jan 15
105
8b
Oct
15% Mar 31
26% Mar 31
2
15
Oct
40% Feb 28
29
Dec
39%May 27
12%June 14
65% Jan 11
16% Jan 12
41
Oct
14
Oct
Mar 31
98% Jan 20
85% Nov
75
19
Mar
17%June 3
9% Mar 30
5
5
28
Jan 12
17%
Jan 11
10% Mar 31
13% Apr 4
37
May 10
20% May 27
Co No par
No par
Brass
10
Jan 31
77% Mar 19
Bloomlngdale Brothers.No par
B'u men thai A Co oref—..100
Cash sale,
18% Feb 23
12% Jan 13
115
29%
5% Mar 31
No par
r
20
96% Jan 17
94% Apr
Steel (Del) .No par
preferred..
20
preferred
100
Blgelow-Sanl Carp Inc.No par
Bohn Aluminum A
30
30% Mar 12
June 21
25
5%
7%
Co
Apr
90% Apr 29
Apr 9
2
No par
60
Beech-Nut Packing Co
20
Belding-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation
6
Beneficial Indus Loan.-No par
Blaw Knox Co
Mar 30
9
11% Mar 30
preferred w w
Black A Decker Mfg
Mar 23
21% Mar 29
50
Creamery
New stock,
2
3%
Mar 25
6% Jan 12
3% Jan 19
Mar
18%
86%
No par
Bayuk Cigars Inc
1st preferred
n
Oot
86
preferred
Boeing Airplane
94
133
4%
29
Barnsdall Oil Co
Beatrice
Mar
Deo
7% Jan 12
5% Mar 29
Jan
37
Nov
12% Mar 30
2% Mar 29
100
preferred
Asphalt Corp.-
Barker Brothers
6H%
Oct
44
118% Feb
18% Mar
62% Mar
38
1
Mar
Feb
Mar
60
100
10
Bangor A Aroostook
Barber
39%
94% May
104
101
Jan 11
48
2%June
No par
preferred
101% Sept
7% Deo
119
2
No par
Del (The) ..3
-.13
Baltimore A Ohio
100
4%
Dee
4% Apr
No par
$5 prior A
Jan 11
66%
3
105
Automobile.-No par
{Auburn
48
Mar
32% Nov
Jan
36
100
Austin Nichols..
24
6
Mar 29
No par
Beet A Co
24%
2%
Oct
Oct
Bethlehem
*34%
Oct
4%
Oct
2,900
13%
30
9
55% 120,900
14%
2,500
25%
Jan 12
8%June 24
6% Jan 13
13% Feb
99% Mar
126
18
25
Refining
38%
45
Feb
l07%May 20
9% Jan 10
100
preferred
4% conv pre! series A...100
14%
13%
Oct
Dec
Feb
Mar
17% Mar 31
101% Apr 12
5% Mar 30
38% Mar 26
5%
Atlantic
38
24%
4%
67
96
Feb
121%
65% Ma
53%
*35%
46
111
Jan 1?
39
Jan
Feb
29
38
24%
Dee
) 16% May
93
Oct
94% Jan 31
72
Feb
37%
10%
Oct
53%
14%
45
22
111
6
14
*13%
Jan 13
Oct
Dec
7% Jan 11
14% Jan 10
3/%
*35%
24%
30%
121% Mar 2
100% Jan 18
6% Jan 10
Oct
7
2%
4% Mar 25
6% Mar 26
49%
15
Jan 11
3% Feb 24
Oct
50%
14%
62
19
69% Mar
Feq
18
36
23%
107% Jan
24% Nov
Jna 14
13%
23%
*17%
36% Jan 11
42
48%
*13%
Feb
27% Jan 12
34%
*35%
79%
72
14
15%
13%
Oct
Mar 31
49%
15
x27%
May 27
34%
*14
Jan 10
40
14
14
14
Feb
40
34
13%
Jan
20
22% Mar 31
preferred
48
12%
79
Oct
100
6%
48%
13%
14
Deo
3%
May 20
Jan 12
32%
13%
26%
June
13%
13
Jan
June 23
8% Jan 10
36
80
45%
15
Feb
14%
84
31%
13%
Oct
Jan 22
13
11%
Jan
107
3%
Mar 29
44%
13
Oct
5% Jan 12
Jan
Feb
72
32
12
82
86-
Feb
72
13
*12%
Jan 20
Jan
29%
35
43%
*11%
99
Oct
Mar 30
S5
200
18
Dec
Oct
27
Conv 5%
1,600
11%
Mar 19
May 12
68% Mar 5
Baldwin Loco Works v t c
7
18
Dec
68%
128% May
80
Aviation Corp of
*105% 109
6%
1
Apr
Mar 30
24% Mar 26
5% Mar 25
2% Mar 30
Beech Creek RR
*74%
*74%
*24
57
8
Assoc Investments Co..No par
22,000
27
1
«o CO
*24
Jan
4%
7% Jan 12
z52
22,900
94%
18%
8%
27%
Jan
Jan
187
13% Jan 12
100
100
6% 1st preferred
5% conv preferred
Atlas Tack Corp
2%
143%
25%
Oot
99%
150%
20%
4
120
2%
16%
June 22
1
117
5%
June 24
-.00
Dry Goods
117
3%
20
Atl G A W I 88 Lines..No par
35,800
24%
Corp
500
15
13
15
15
14%
14%
14%
13%
13%
15%
14%
15%
11
12
12
12
11%
*10%
11%
11%
11%
11%
12%
12%
*110% 113
♦110% 113
*110% 113
*111% 113
*110% 113
*110% 113
16
*15
16
16
16
15%
*15%
15%
15%
*15%
15%
15%
*92
120
120
*92
*91
100%
*93% 100%
*93% 100%
*93% 100%
*22%
Artloom
Associated
*115% 117
17%
6
Mar 31
82
100
Co...No par
Corp
6
No par
Atlas Powder
5%
80
Oct
5% pref with warrants.. 100
1,500
7%
*23
Constable
800
5%
76%June 24
141
14
140
$5 pref without warrants 100
Atch Topeka A Santa Fe..l00
8%
27%
*6%
*22%
7% preferred
Armstrong Cork
Arnold
400
*90
Apr
Mar 31
2
No par
7% 2d preferred
"""loo
11,200
7%
28
$6 conv pref
Preferred
16.600
18%
*6%
Armour A Co of Illinois
45
94%
17%
97
10
20
No par
10,100
8%
Jan 10
98
43
5%
7%
94%
7%
10
Oot
149%
3
$6.50 conv preferred. No par
Atlantic Coast Line RR —100
23%
23%
*106% 107%
104%
117% Mar 14
19%May 24
24% Aug
45
31%
*90
10
23%
107
Jan
97
6%
10%
6
56%
Oct
20%
19%
Dec
Oct
42%
7%
31
6
Jan
24
Jan 11
31
10
42
31%
*30
20%
26%
39
43
3%
*2%
4% Mar 30
73%
Dec
11
43
*5%
23% Mar 31
1
Oct
7%
9
Jan 15
7%
41%
►
6%
33
31
8%
_
31%
*30
31
5%
*5%
*19%
6
100
22%
Jan 18
11%
1234June
Jan
32%
45
5%
68
Jan
34% Jan 10
18
*79
45
41
*6%
84
—
28"
19
Mar 30
jan
Feb
00
84
5%
Mar 30
'an
68%
148
Mar 29
60
*28%
*80%
17%
58
58% Mar 31
Apr
1
3% Mar 28
Apr 16
3% Mar 31
$5 prior conv pref
79%
*31%
5%
Nov
May 26
8%
3%
58
18
125
10% Mar 31
1,200
3C%
5%
9%
June 23
105% Mar
154
29
"9^300
*31%
*28%
26%
141
Feb
21
8%
7%
Mar
Anaconda Copper Mining..60
Anaconda W A Cable. .No par
36%
4
Feb
68
AnchorHockGlass Corp No par
8%
3%
29
Jan 17
3% Mar 26
28% Mar 28
"7%
36
Oot
Dec
500
94
*
Dec
7%
24%
Oct
130
Jan
1,000
132,200
35%
7%
45% Mar
101% Aug
Dec
5
94
Oct
Deo
Mar 26
21,100
47
170
Nov
Mar 30
Jan
Oot
46
101% Mar 31
12% Mar 30
6
Jan
7
111
Dec
Jan
Feb
41
21% Mar 30
Feb
29%
122
June 10
Jan
68% Mar
129%
31%
16%
25
35%
79%
*79
12
15%
63%
16%
Feb
25
5%
5
Jan 15
78
140
125
Oct
Jan 17
117%June 21
44%
65*4 Mar
62% Mar
Oot
June 23
No par
No par
Preferred
800
200
60
*79
10
Amer Zinc Lead A Smett
165% Jan 12
22% Jan 16
9%
63
7% preferred
100
ArmourACo(Del)pf 7% gidlOO
*52
11% Mar
87%
72%
131
Mar 29
Archer Daniels Mldl'd.No par
5%
"7%
S6 1st preferred
Woolen
American
5.400
40,900
25
100
Am Water Wks A Elec.No par
500
95%
*94
43%
8%
Common class B
14% Feb 23
20% Jan 12
200
26%
*117% 120
95
3%
*
par
American Sugar Rerining..lOO
Preferred
100
6% preferred
Am Type Founders Inc
33
14% Jan 12
35% Jan 11
66% Jan 12
1
200
*23%
26%
120
30%
*40%
8
20%
106%
33
8%
8
9
9%
9%
9%
21
22
22
20%
20%
22%
106% 106% *106% 107
*106% 107
7
7
6%
6%
7%
6%
43
43
41% 41%
*41%
*41%
*7%
20%
*52
32%
No
Mar 29
15% Mar 31
6% Mar 31
No par
Stores
1
13% Mar 30
130
preferred..:
100
Amer Steel Foundries..No par
American Stove Co
June
45% Apr
6%
American
150
103
26
Am Sumatra Tobacco..No par
2,900
26
Mar 30
28% Mar 31
par
100
Amer Telep A Tel eg Co...100
American Tobacco
25
5,500
Jan 12
9
Andes Copper Mining
A P W Paper Co
*28%
5%
*106
42%
—
Snuff
1,100
32,900
Oct
7% Mar 26
16,600
300
Oot
10
*32
16%
6
900
Dec
3
200
59
*43
Preferred
American
24% Nov
31
22s4 Apr
par
3
Oct
26
1,300
*57
26%
*5
*92%
4%
5%
3%
7%
3%
*79
*15%
*23%
*115
14%
Dec
7% Jan 12
40% Jan 12
3
*2%
27% Feb
17% Mar
68% Feb
5%
29% Jan 18
Mar 31
17
*15
2%
4% Mar
Oct
14
Mar 29
19
*104% 107
16
♦2%
58
55
43
14%
41
7%
15%
v-4 O
i"H O
94
*50
32
30
39
15
58
30%
25%
4%
37%
4%
36%
29%
38
15%
60
*28%
*80%
*42
*
29%
39
*55
*55
84
15%
61
60
*79
95
79%
_
*31
84
—
*5C
7%
6C
*79
94
3%
79%
60
*52
4%
36
30%
*2%
*
79
*90%
4%
*6%
7%
3%
*6%
*2%
*
28
*38
92
35%
438
27%
39
117% 117% *115
119
*90
*34%
28%
15%
104
104
*104
105% *104% 107
12
14
12
13
13%
14%
*2
3
2%
*2%
2%
2%
*22%
24%
21% 21%
24% 24'%
104
*21%
26%
75
75
Oct
Oct
Oct
3% Mar 29
20
107
16% Mar 31
Co ..No par
Ship Building Co.No
Amer Smelting A Refg.No
7,200
24
*2
142
2,900
2,400
35
*8%
19%
19%
139
200
76%
74
*1334
*103
19
2,400
78
80
77
76%
77%
77%
*14C % 141% *140% 141%
140% 141
6
6
6%
5%
6%
6%
10%
9%
8%
9%
9%
10%
*73
75
75
,78
76%
76%
4%
4%
4%
4%
4%
4%
34
36
35
35%
34%
34%
7
6
7
7%
7%
6%
34
32%
30% 31%
33%
33%
*29
23%
27
*103% 104%
138% 142%
19
32.500
27
28
400
25%
8%
12%
8%
*12
Jan 13
26
Nov
58
conv
Amer
700
20
24%
8%
12%
18%
139%
74%
56
50,700
144%
*140
25%
7%
*12
102%
18%
133
133%
23%
123
*53%
53
7%
12
70
71
72%
74%
72
77%
*70%
72%
74%
73%
*139% 140% *139
140% *135% 140%
5
5%
4%
5%
*4%
5%
9%
838
8%
8%
8%
8%
*72
*74
78
78
75%
75%
*4
4%
4%
4%
4%
4%
32
34
33
*30l,i
34%
31%
*5
53
140
23
17%
17%
52%
*50
12
129% 132%
129% 129%
*68%
70%
52
21%
7%
7%
12%
21%
21%
102% 102%
102
*17
*139%
•
*11
21%
102
51%
7
12
*11
51
45%
123
Jan
Feb
100
16% Mar 31
30
29%
68%
21
June 21
$5 preferred
No par
Am Rad A Stand San'y.No par
Preferred
100
17
42%
Mar 30
99% Mar 30
10%
750
23
preferred
100
American News Co new No par
Amer Power A Light.—No par
$6 preferred
No par
conv
29
*139%
1-4
6%
16
122% 122%
Dec
Oct
Oct
Amer Metal Co Ltd.—No par
300
10%
42%
Mar 29
Jan 18
4% Jan 13
6,800
16
120
12
19% Feb 25
12
13%
10%
120
Mar 29
29% Mar
16
40%
May 26
Oct
10
39%
9
Jan
Oct
10
28%
Jan
5% Jan 12
38% Jan 12
16%
116% 118%
Jan
38%
2% Mar 31
68%
39
68%
Oct
3,900
9%
29%
Dec
5%
Oct
68%
116% 116%
25% Feb 25
11% Jan 14
10%
*15%
29% 29%
35% 35%
*115% 118%
Mar
13%
53
9%
17
Jan
225
Oct
14% Jan 10
16%
29%
17
Oct
2%
17%
23% Feb 25
74% Jan 17
9%
29%
36%
68%
Oot
Jan 22
4% Jan 13
Mar 31
Preferred
15%
9%
5
175
6% Jan 17
177
19%June 20
7% Jan 11
pref
...100
American Safety Raior..18.50
*9
33% Jan
99% Mar
13% Jan
4% Mar 30
12% Mar 29
16
*15%
Oct
June 17
150
19%
Nov
2
13% Mar 28
68
69
80
100
6% non-cum pref
67
69
Oct
Jan 18
4% Jan 12
Amer Internet Corp...No par
American Locomotive.-No par
Ice
67%
*66
12%
83
23% Mar
30*4 Mar
10
5,200
11%
5%
8%
1%
1,200
14%
4%
29
Jan
8% Feb 21
13% Jan 15
16% Jan 12
44
19%
56
14
11%
Aug
29
100
18%
56
29
112
Dec
Oct
Oct
Amer Mach A Fdy Co..No par
Amer Mach A Metais. .No par
18%
10%
Mar 26
Oct
20%
2% June 23
700
14%
5%
10
90
37% Jan 14
8,800
3%
3%
3%
33%
33%
33%
31% 32%
32%
106% 106% *100% 105% *100% 105%
24
24%
24%
24% 24%
24%
6%
6
5%
5%
6%
5%
36%
34%
36%
33% 35
34%
30
31%
30%
31%
29% 31
12
13
123j
13%
13%
12%
Jan 22
33% Aug
7
May 16
19% Feb
1% Mar 30
7
54%
23%
Feb
30% Mar 26
50
19
14%
34
104%
1
preferred
6%
17%
33
Oot
No par
6%
*17%
51
*23%
5%
36
Jan 15
60
14%
7%
2%
20%
32%
American
17%
3%
32%
Mar 29
2
1
American Home Products
14%
27%
1
$6 preferred
.No par
Amer Hawaiian SS Co
10
American Hide A Leather
900
50
107
4
177
5% Mar 30
1,300
17
30%
June 20
No par
%7 2d preferred A
3,100
4
8% Mar 30
2% Mar 25
2% Mar 30
13% Mar 29
2
9,400
Mar 29
No par
No par
37%
13%
10%
1
Amer A For'n Power
$7 preferred
1%
50
28
"l5"
17
3%
17%
*26%
15
16%
*10%
3%
49%
14%
23%
5%
32%
*14%
17%
preferred
American
3,100
13%
3%
5
*
2,600
10
16%
32
150
19
48%
5
-.
11,600
13%
31
10%
7
4
10%
107
Mar 31
69
153s
3%
30%
27
Jan
6% 1st preferred-.
100
American Encaustic Tiling.. 1
Amer European Sees
No par
Amer Express Co
100
49
106
Feb
27% Jan 12
90
10
4
71
12% Mar 30
3,500
"""500
9%
7%
Jan
Oct
No par
Feb
4
19
19
174
8
9
16%
6
Oct
Feb
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
3%
19%
5%
151%
15%
167
Feb
2,000
4,400
10
18%
121
"3", 300
16
5%
Dec
Apr
3%
18%
69
110
*9%
5%
June 23
80%
88% Mar 31
19% Feb 7
4% Mar 29
3% *
2%
160
Chicle
No par
Am Coal Co ol N J(AUegCoj25
American Color type Co
10
16
2
Dec
150
3%
3%
Oct
109
Oct
9%
16
28
2
160% Mar 30
..100
Am Chain A Cable Inc.TVo par
share
3
97
Jan
per
42% Jan
100
American Car A Fdy
Preferred
70%
Highest
share I
125% Feb
3
Preferred
6%
*168%
10
25
Apr 21
per
Oct
*6
8
Can
23% Mar 31
114
$
share
11%
3%
4
21%
100
per
86
3
19%
*30
*4%
9
3%
American
pre!
$
17% Jan 17
9%
19
4%
*14
*3
18
*5
*168%
3%
3%
19%
3%
conv
share
71
11
*70
3%
3%
8
*168%
3%
17
3%
3%
*4%
8
*168%
*168%
3%
3%
5H %
per
100% Jan 24
7%
11%
11%
6%
11%
3
1,900
23
7%
7
10%
Am Brake Shoe A Fdy .No par
$
9% Mar 29
*15
6%
Par
89% Feb 18
*15
23
Year 1937
Lowest
Highest
100
108% 110
23
69
*4
*168%
*3%
18,000
*15
3
3%
40%
14%
14%
70
3
10,500
*90% 110
109
109
11
11%
9
*68%
*-•
14%
23%
38%
38
13%
22
*90% 110
10%
6%
10
14
Lowest
400
107% 107%
*90% 110
6
*9%
36
12%
23
*5%
*165% 165%
19%
19%
21%
37%
8,600
166
166
166
4,800
96
94%
97
*90% 110
110
*15
96
Range for Previous
100-Share Lou
EXCHANGE
10
*122
34
13%
*104% 110
96
34%
33
34%
18%
36
*104% 110
23
z32%
*122
90%
18%
*90% 105
*15
33
*122%
*90% 105
*
Range Since Jan. 1
On Basis of
STOCK
Week
% per share
YORK
4073
15% Mar
16% Mar 31
x
Ex-dlv.
y
22%
Deo
13% Nov
35%
20%
115
28%
Feb
Jan
Aug
Feb
105% Mar
43%
Feb
114*4 July
15*4
Feb
88% July
30%
23%
62%
Feb
Jan
Jan
106% Mar
20
129%
69%
38
Jan
Feb
Feb
Jan
9
Oct
29% Mar
15%
Dec
32%
Feb 16
50
Dec
94%
35% Jan 17
30
Jan 17
18
Oct
49% Mar
21
Oct
48%
5
17% Jan 20
50
Ex-rights,
t Called for redemption
Jan
Jan
Feb
SALE PRICES—PER SHARE, NOT PER
AND HIGH
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 18
June 20
June 21
June 22
June 23
June 24
Week
$ per share
*88
90
% per share
*88
90
*9
912
♦9
*1518
19%
*2
2%
1512
15l2
*6%
7l2
714
1734
*2514
*618
87S
1734
27i2
3312
1%
678
87S
20
26
26%
1314
*32ia
*U2
*1212
*26
7
25i4
14%
24%
1434
26
15%
26
3112
*30
34
32
32
323gJ
7
712
7712
.
14
8is
80 ;
15
8
16
2
16
15i2
*134
*27
2812
15i2
18U
153g
*1814
6OI4
♦45
6I4
19l2
2%
*3712
5%
5%
2534
2534
658
21%
23%
23
4%
24%
15%
8%
16%
*17g
*534
1734
9
17%
18
87g
16%
2%
*0%
14
7
9
32
10%
19%
20
50
*37%
534
26l2
5%
26%
5%
26%
1%
634
11
16%
5%
*5%
*31
*62
70
13
13
*37%
2634
5%
7%
13
17%
*37%
5,600
1,000
6%
«31%£32%
39#
*31
69
*64
*60
6%
6%
22,800
A.
1,000
400
*
84.7g
17ig
*20%
*2l2
*
22
27g
*10212
97g
*4U
514
4l2
*414
"17%
20
59
59
*57
59
59
59
*2034
21%
21%
21%
*89
104
35
3684
6%
6%
38
*6%
29%
22%
31
24
85
*65
22ig
85
%
2%
34
258
*12
*1%
*12
»23g
♦%
%
*34
1
*34
%
25g
*214
*1012
11
*2414
28
3934
2
*1%
*1
lis
2334
*1%
78
2%
%
%
*2%
2%
134
11%
*%
*%
11%
11
*12
*65
*%
*78
34
*2%
10%
*25
%
84
2%
11%
*37%
2734
3984
*1%
134
1
1
*8
9
*8
9
*12%
1312
13%
5%
*28%
13%
5%
30%
45%
5
514
*27
30%
4H2
11
70%
62
42%
11
11
*69
70%
62
*52
7
2734
21
21
*8%
9
9
31%
24%
33%
25%
245g
*%
90%
7S
2%
34
234
134
12
12
*%
5
%
%
1
*65
2%
*%
2%
23„
12%
*2634
*38%
27
3984
%
*1%
\
134
1%
1%
26%
28%
28%
*%
134
3%
*%
13
%
1
%
2%
13
27
28
_
♦38
3934
%
*34
1%
1%
13s
1%
9
13%
5%
31%
45%
1134
9
13%
100
%,
%
3% j£ 3%
900
1%
1
3%
13%
*%
13%
29
12,500
1,000
£ 29%
*39341 40%
%
1
*%
1%
2
2
'1%
1%
1%
*8%
10
*9
10
13%
13%
14
14
5%1* 6%
6%
6%
6
31%
33
33
49%
53
11%
12
48%
1134
69
69
69
69
*69%
*52
62
*58
62
62
*58
3
"5" 100
1,200
18%
*62
39
39
*13l2
14
»11234 118
14
*59
...
4034
41%
41%
40%
38% 39% 338% ,41
16%
1634
1634
16%
15%
1534
16%
16%
*11334 118
*11334 118
113% 113% *11334 118
134
135% 138
136% 135% 139
131% 135
60
*59
9
♦8514
*1778
9%
87
1984
*88
90
♦
59
59
*940
*940
*940
9%
*85%
1934
"9*78
867g
1984
*86
90%
90%
20%
...
*88
'9%
1978
14%
11
4
4
6%
6%
*6%
678
*5%
14%
15
*14
*70
72%
1012
*30%
578
10%
3184
6%
62%
53
*60
*5
*90
6
36
100
77g
114
77g
3714
31%
32%
93%
*90
37
*99
37%
24
24%
*
53
37
7%
1%
2334
15M
62
53
100
3684
100
138
3714
l36«
61
»««
8
1%
39%
2484
"m
38%
101
8
1%
39%
2484
%4
8%
1%
40%
25%
*11
94
*87
22
23%
90%"J 90%
| 24%
15 ' 116%
*18
14
.
23%
77%
11%
*31
*90
38%
2,200
20
6%
| 884
710
4
02% Mar 31
98% Jan 3
29% Mar 31
100% Jan 4
25%
ru3j
81%
py
32%Mar
40
80
11
10
Jan 12
4% Jan 10
7
64%
65
53
34%
53
53
0% preferred series A
6% preferred
20
34
35
10,200
93%
42
*90
93%
42
41
*99% 101%
8%
1%
8%
4 H % conv preferred
Mar 23
Jan 26
Mar 26
Mar 28
Mar 31
Jan 11
13% Nov
2% Oct
4% Jan 12
97% Jan 20
25% Jan
4% Jan 12
2
Oct
Jan 25
Jan 10
96
June
8
Oct
4
4
Jan
89
Oct
Sept
34%
3%
18%
103%
Dec
Oct
Oct
Dec
25% Nov
Jan
1
Dec
a
Oct
Oct
2
Oct
1
Oct
3
2%
10
Jan 11
14
Oct
31
1% Feb 23
3% Jan 13
1% Jan 10
5% Jan 10
2% Jan 22
Dec
Dec
%
1%
Dec
2%
0%
28%
Dec
%
13%June 24
Dec
%
6
1% Jan 10
1% Jan 10
4% Jan 12
Dec
Oct
Oct
Dec
1%
Oct
1
Oct
12
Oct
6%June 23
3
Oct
Feb 23
36
Mar 30
Jan
5
37
2
Mar 24
4
24
Jan 12
112
Mar 12
111
Jan
May
7% Mar 30
78
May 81
13% Mar 31
60
May
Mar 31
90
2
29
Feb
20
19%
82
9
1
Mar 30
27% Apr 1
5% Mar 30
57 May
3
60
Jan 31
5% Mar 30
1
Mar 29
8%
Deo
98% Nov
26
Jan
11%
5%
Dec
8
8
Dec
7%
10*4
10%
06
Oct
Dec
Dec
Dec
Nov
10
Oct
25%
*4%
*08%
04%
Deo
Oct
38% Jan 17
30%
Dec
95%May 18
Jan 17
80
Dec
34
Dec
101% June 23
10
Jan 12
80
Dec
5
Oct
3
1
Oct
11
May 11
34
Oct
15% Jan 10
34
Mar 4
9% Jan 13
79
Jan 15
05
Jan 18
44%
Mar 31
45
May
22% Mar 30
n«4June 8
28
v
Oct
Deo
18
9% Jan 10
22% Jan 16
21% Jan 11
80 June 23
Jan
Ex-dlv.
Oct
95
8% Jan 12
11% Jan 10
2
25
Dec
24% Nov
13% Dec
110% Dec
93% Oct
56% Jan
Jan 15
53% Apr
Oct
17% Dec
102*4 June
Jan 22
June 24
Mar 29
Dec
5
9% Mar 30
13
Oct
Dec
58
11% Jan 12
95% Jan 4
27% Jan 12
20
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
Oct
Dec
57
Jan 27
70
45%May 11
16%June 23
Oct
11
26% Jan 10
88
x
46%
Feb 28
June 28
Mar 22
07% Apr 10
32% Mar 29
10% Mar 31
6%
03% Jan 15
13% Jan 12
70%June 24
10% Mar 20
Apr 7
15% Mar 26
Rights
Cash sale,
95
8% Jan 10
32% Feb 23
Mar
Oct
3%
46% Jan 11
106
Oct
16% Feb 18
90
r
Oct
24
Mar 29
31% Mar 31
New stock,
Dec
52
62% Feb 26
Jan 3
28
Mar 25
54.25 oonv pf ser
5.No par
Commercial Solvents—Wo par
a
Dec
Dec
19%
7
2% Jan 12
12% Jan 12
200
Def. delivery,
Dec
13
90
Mar 28
100
Commonwealth Edison Co..25
a
Dec
Nov
97
40%May 13
1% Jan 20
2% Jan 11
Mar 28
14,100
Nov
97
32% Jan 17
~8~ 100
15«4 278,100
80
40
109% Mar 3
55% Jan 10
106 May 11
18% Jan 12
94
Jan 12
Mar 30
84
26%
r,5«4
Oct
18
89
100
25%
Dec
Dec
90
54
*0 preferred series...Wo par
Jan
Nov
4%
37%
8
Commonw'lth A Sou...We par
61n
Oct
5
Apr 26
May 10
Mar 30
33,100
8,300
28
Feb
38% Mar
Oct
23
40%
1%
6%
3% Mar 30
25 May 31
35% Mar 31
100
100
39
37%
Oct
Deo
Nov
Comm'l Invest Trust..Wo par
14,800
Dec
9%
5
10
Commercial Credit
1
10
44
Jan 17
May 17
1,200
64
62% Sept
6% Feb
20% Jan
80
970
Columbia Plct v 10
Jan
Feb
Oct
12
Wo par
No par
9% Feb
33% Mar
f 91
Oct
1
2.60
18ii Mar
36% Mar
48%
*40
6% Mar 31
4% 1st preferred
100
4% 2d preferred—
100
Columbia Br'd Syslnc clA 2.50
Feb
1
Jan 15
37%June 9
% Mar 31
1% Mar 28
Colo Fuel A Iron Corp.Ws par
Colorado A Southern
100
Jan
Feb
46%
34% Mar
12% Jan 11
48%Mar 2
38% Jan 17
% Mar 28
% Mar 26
6% conv preferred
100
Colonial Beacon Oil...Wo par
*
Oct
30% Jan 12
>4 Mar 29
No par
Feb
11%
Dec
Dec
4
8% Mar 31
100
18% July
39
Dec
Oct
Oct
Oct
Jan
65% Mar
46% Jan
35%
Oct
1
June 18
1%
%
2%
1%
,
Jail
Feb
4
7% Feb 25
Apr 18
5
e
k
Oct
12%
18%
49%
8% Jan 10
976
Columbian Carbon v t
Oct
Dec
May
70
Colgate Palmolive-Peet Wo par
B
J
5%
16%
2%
8% Feb 25
Feb 23
May 12
Class
Dec
10
22
14*8
I 98
Oct Z 13
Oct
1%
6%
Jan 17
June 23
20
5%
16
3% Jan 15
60
4,000
1,400
10%
9% Feb 26
20% Jan 10
Oci
Oct
2%
24%
Jan 11
20
De'
2%
35
4
139
6% preferred
Collins A Alkman
70
Jan27k
6% Jan
54% Jan 11
5% Jan 20
118
1634
X In reoelvership.
Oct
8
3
100
58,900
»64
0%
9% Jan
105% Mar 30
58
Mar 28
Preferred...
17%
1%
42
26%
50
Oct
June 14
22
52.75 conv preferred.Wo par
1%
40%
Dec
6
June
6
Columbia Gas A Elec.-Wo par
40%
34
Jan 10
Coca-Cola Co (The)—.Wo par
Class A
No par
12%
101% 101%
8
8%
Jan 24
10
5% Jan 20
104
Apr 2
18
Molybdenum..Wo par
Cluett Peabody A Co..Wo par
100
41
52%
41
8% Jan 10
94
Clev Graph Bronte Co (The) 1
Clev A Pitts RR Co 7% gtd.50
33%
7%
101%
8
8%
1%
1%
39% 42
25
26%
4
4% Mar 30
17% Mar 31
Climax
33%
*100
Deo
11
59
4,300
*90
21% Jan 11
15%
Mar 29
6H% preferred
..100
City Investing Co...—
100
City Stores
5
13%
33
102%
Mar 20
10
80
33
53
Dec
3% Mar 31
90 June 15
20% Mar 29
25
5
1638
7%
Dec
105
Wo par
13
6%
Dec
7
7
Wo pai
80
64
Jan
38%
5%
21
Jan 13
37
4
0% preferred
—100
Chicago Yellow Cab...Wo par
Chickaeha Cotton Oil—
10
80
*52%
Mar 30
22
12%] 13
53
8
99% Apr 11
($2.50)cumdiv_.Wo par
tChic Rock Isl A Pacific—.100
7% preferred
-100
78
7%
63%
47
Oct
40
03% Apr 14
12%June 13
2% Mar 25
Pr pf
16
33%
Dec
1
30
May
Chicago Pneumat Tool No par
53 conv preferred
No par
13
*31
28
2
21
2
16%
,
Feb
Jan 20
2% Jan 13
9% Jan 13
13% Jan 13
4% Mar 3i
34% Mar 28
——100
78
94
31%
200
3,000
6
Mar 30
% Mar 18
*6%
6%
5
JChic A East 111 Ry Co
100
6% preferred
100
^Chicago Great Western..100
4% preferred
100
JChic Ind A Louisv 4% pi. 100
Chicago Mail Order Co
5
JChlo Mil St P A Pec—Wo par
5% preferred
100
t Chicago A North West'n.100
17
16%
16%
8%May 27
12% Mar 30
5
2,500
33%
6%
6138
*50%
1~2~366
16%
6%|
6%
16%
16%
900
90%
20
*6
Feb
Feb
53%
Oct
Jan 11
Mar-31
27% Mar 30
10
5,800
15%
7%]f 8
*5%
3,700
20
*88
5
5%
10%
94
24%
934
*87%
7i2
Bid and asked prloes; no sales on this day.
"l0%
10
700
23" 100
59%
Dec
44
Mar 31
23%
Oct
22
7
Mar 30
37% Apr 29
No par
Clark Equipment
Wo par
Clev El Blum 34 50 pt.No par
Dec
18
Oct
Chesapeake Corp
—Wo par
Chesapeake A Ohio Ry
25
Preferred series A
—100
Corp
15%
15*4 Mar
34
Aug
Oct
1
1
City Ice a Fuel
50% Aug
Oct
6
5% Mar 30
100
Pap A Fib Co 6% pf 100
Chrysler
28
Deo
24
45
6% prior preferred
Chile Copper Co
Dec
3
11
12
11
18
10
11
10
19% Feb 23
Mar 26
Co
Jan
10
22%
Jan
Jan
Jan
Feb
Jan
JaD
Jan
2
Chllds
Aug
11% Jan 10
1
Central D1 Lt 4H% pref-100
Centra! RR of New Jersey. 100
Central Violeta Sugar Co—.19
Preferred
25
13
Central Foundry Co
Cab
Dec
36%
19%
24%
49%
2%
10%
16%
15% Mar 30
Jan
Apr
11
13
12
10
10
13
11
20
13
40%
Mar 31
Mar 31
Common
34
share
93
Oct
Mar 31
Mar 28
Checker
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
per
Oct
0
20
Cham
13%
19%
28%
4%
22%
10%
26%
30%
share $
76%
39
20
40
Certain-Teed Products
per
share
92% Jan 12
45
May 31
per
Coca-Cola Inter. Corp..Wo par
*10001
*1000
4%
16
11%
*30%
6%
5934
5934
59
59
7%
16
77
14%
67%
*62
4%
15%
77%
12
33%
6%
62%
53
31%
93%
"61
*90
36
24%
13%
16
1134
32
*50%
30%
*98
91
*20
15%
74
10
87
22
*88
15
11%
*30%
93U
30
20%
15%
*14%
73%
30
*50%
i934
86%
21%
15
15
59
...
20%
12%
4%
7%
6
12%
4%
7l2
67g
*5
11
4
4
*18
11
*6
59
*1000
91
20
*10%
97g
867g
21
67%
10
67%
*62
*62
3984
15%
90
*62
90
*112% 118
129
130%
500
17
90
»12578 129
200
10,400
62
*38
112
16
2,200
*58
*62
*109
2%
284
14
400
70%
*17
14
800
50
33
53%, 55% 163,300
900
*12
g 12%
60
70%
70%
4
3%
4
3%
3%
3%
3%
*17
18
17
17
17% *16%
17
*110% 112
*110% 112
*110% 112
110% 110% *110% 112
22%
22%
187g
187S 319% 20
20% 22%
*17%
187g
234
234
*1214
100
*28%
1134
2% Mar 30
par
500
%
*3
2%
13%
28%£ 28%
3934 139%
1%
1,300
1,300
1,000
%|
%
%
""800
tf 13
l%li
2%
12%
1,500
184
*%
13
1%
5%
30%
47%
11%
30%
4434
2%
L
%
%
*2
1*4
1
3,800
33,200
85%
*%J
13
55gMay 31
16% Mar 30
100
1,500
700
29%
*75
3%
13
*238
12%
9
5%
37%$ 3734
3
1334
*8
*13
3634 i
3
*12%
%
*%
20
95
3434
*%
0% Mar 30
12% Mar 20
7,700
1,270
10
*1%
%
15% Mar 26
13% Mar 31
6% Mar 29
14% Mar 31
1% Mar 28
4% Mar 26
par
7%
2284
Mar 26
100
27%
10
Mar 26
3
Cerro de Pasco Copper .Wo par
22%
%
2%
34
25
9
7
90%
3% Mar 31
92
18,700
10%
*75
31
29
27
20
5% Mar 31
75
Apr 18
par
Amer.No
7% prior preferred
Celotex Co
No
5% preferred
Central Agulrre Assoc..Wo
43%
23
84
'
2%
1134
90%
%
*%
600
104
*
95
21%
20
400
100
preferred
Celaneee Corp of
26
7%
28
*
95
I9,800
5%
3
5% Mar 30
Century Ribbon Mills—Wo par
Preferred
100
42
4234
25%
800
Co
Preferred
[900
*89
104
7
7%
26%
*134
*%
258
*%
1
40
884
31%
31
2914
*89
40
20
94% *....
1934
1984
7%
7%
1934
_
27%
95
20
94%
37%
7%
6%
104
*89
104
37
96
*52
21%
1
20
9
*69
61
2138
3
3%
3%i
3%
3%
2%
,3%| 3%
*103% 104
103
103
*10284 108% *10234 108% *103%: 104
*10
10
10
11%
*9
*9
9%
10%
11
97g
5%
6%
5%
5%
5%
6% 3L 6%
*4%
518
*4%
*4
4%
4%
4%
5% ? 5%f 5%
4%
4l2
*4%
*18i2
*614
2914
*10S4
19%
4,400
|20
278
27g
2 534
41
21
*50
22
17i2
23
*3712
80
22
*89
6ig
♦10
*
80
22
2534
22
193g
60
17%
35
*6
*65
80
18 34
22
*2234
*
*
80
20
104
3434
Case (J I)
Caterpillar Tractor....Wo par
Feb
*16% Mar
10% Mar
27%May
5% Mar
5
1
100
100
Mar 30
1% Mar 25
3% Mar 20
1
Carpenter Steel Co
Mar 29
28
No par
Carriers A General Corp
Mar 23
18
25
A
Capital Admin class
2
6% Mar 31
12% Mar 30
Corp
1
Mach—No par
JBush Terminal...
No par
Debentures
100
fBush Term Bldg gu pf ctfa 100
Butler Bros
10
6% conv preferred.
30
Butte Copper A Zinc
6
Byers Co (A M)
No par
Participating preferred—100
Byron Jackson Co
No par
California Packing
No par
5% preferred
—
50
Callahan Zinc-Lead———.1
Calumet A Hecla Cons Cop..5
Campbell W A C Fdy.-Wo par
Canada Dry GlDger Ale
6
Canada Sou Ry Co——100
Cannon Mills
June
14
Burroughs Add
Canadian Pacific Ry
5
2
Burlington Mills
15% fc 2,000
3% 4 i-300
"
*9
*89
*
80
_
*57
17ig
59
*56
82
Co
BuJIard
102
*99
Watch
Buiova
0
Jan
15 May 31
10% Mar 31
No par
No par
No par
Budd Wheel
Apr
9
100
preferred
7%
82
No pat
Budd fE G) Mr*
5
share
40
A
B
Class
69
3
*3%
3%
3%
3%
33g
85
90
83
82
84%
18,000
8134
82%
105
*107
110
105
106
|140
100% 100% *99
15,900
49%
51%
45% 48%
43% .45%
47%
49%
42% 4334
100
10334 10334
*103% 1047g *103% 104% *103% 104% *10334 104%
*103i2 105
16
15,800
14
16%
13
145g
14%
15%
13%
14%
*12
1214
12%
234
234
7834
..No par
No par
Bond Stores Inc
......-1
Borden Co (The)
15
Borg-Warner Corp..
...5
Boston A Maine RR—---100
Bower Roller Bearing Co.. 17
Bridgeport Brass Co—No par
Briggs Manufacturing.Wo par
Brlggs A Stratton
No par
Bristol-Myers Co.——--—5
Brooklyn A Queens Tr.Wo par
50 preferred
No par
Bklyn-Manh Transit—No par
16 preferred series A .No par
Brooklyn Union Gas..-Wo par
Brown Shoe Co—-—No par
Bruns-Balke-Collender.Wo par
Bucyrus-Erie Co
—---5
7% i referred
100
Bon Ami class
53 preferred A
10
Carolina Clinch A Ohio Ry 100
£ 39
15
15
334
87
14%
100
11,500
17,300
2,900
62,800
48^
6%
30
6%
6%
14
7%
1234
6%
*31
70
13
49%
1%
7%
13%
18%
49%
134
43
27%
5%
90
15
_
13%
6
39
700
7% I
712
21% j 21% 1
3%
3% t
f 10
10% i.
17%
*37%
2634
9%
17%
2%
15
17
6
534
9
49%
1%
7%
1%
12%
17%
48
*60
13%
20%
*48%
7%
1634
*31
39
70
7
11%
4%
25
17%
16%
2%
10%
338g
17
50
134
*47%
1%
4
4,400
6,200
*350
i 32%1 333g
17
* 1734j
1734 H 1,200
20%
2034 & 1,600
20%
32%
20
40
*24%
17%
3%
3%
9%
32%
17%
*3034
1634
19%
*47%
220
18,500
2,230
5,600
8,000
1,600
3,700
17,600
14
9%
2,600
10,100
53g
40
7%
20%
7%
20
1984
3%
400
10,600
5,400
1,600
*7
14
73g
I95g
3%
800
83jf
9%
17
2%
16
5%
"13*
37
16%
2%
83g
"i"66o
5
5%
3934
3%
1,500
25,500
*78
3434
334
31
39
t
13
27g
27g
*7514
76%
*9712101
4134
4134
*12U
9%
1012
1634
43
*5
*31
40
19%
3
1%
7%
11%
17%
48
0i4
48
67g
■
9
13g
634
1%
1012
16U
634
*1878
278
82
434
3078
334
434
1,400
16,600
400
8%
9%
8%
884
9
£
*78
1534
12,000
28,500
33
*30
8%
8%>,
82
4%
28
27%
15%
323g
8 Ak.
7%
8%
*634
9%
27
600
178
7%
9%
*134
15%] 157g
884
13
12
12
5014
*1114
16%
2%
8'
2%
*534
8
*5
*1478
70
15%
8%
8
8i2
28>4
*
4%
3434
334
21%
31%
2034
1438
8i2
*31
82
4%
33%
3%
'20%
33
734
*80
*80
438
8
1512
7%
85
7%
8%
143s
138
6%
9i2
*2834
33%
9%
25
1834
8%
23%
32%
33%
22
7
9%
*8
538
1%
250
10
1634
26
3
18%
8%
33%
2
7
17g
*612
12
6i2
19i2
234
9
30
15%
19
*5
*27%
33%
*1%
9%
3U
1912
*25
33%
834
314
193s
14%
8
15%
2
8
12
6l8
1912
2%
*3712
33
*1%
*6%
33
9i2
*27%
20%
10
103g
2434
234
8%
227g
40
778
2078
9%
4I8
1538
2%
17%
8%
21
29
17%
7%
17g
7]8
33
*018
*2
23%
2%
18%
9
*31
I8I4
*978
157g
1534
2334
7
712
*U4
15%
33
33
714
4
*45
10%
*9%
10
5 per
Lowest
Highest
Lowest
Par
Shares
447g
447g
45
10%
167g
25%
2%
18%
*43%
13i2
3112
7812
187S
*1334
*7%
1514
*134
*478
*lll4
6i8
*177g
2%
45
90
912
28ig
13i2
134
7
4
*3%
*89
22
$ per share
♦89
90
$ per share
90
*89
*43%
2034
*2612
28i2
33i2
178
8%
'32
*0l2
7U
*7
19
$ per share
30
7i2
19
*32ig
*28
*77
15i2
734
18
912
15%
22i8
2i2
17
8
20%
*214
10i2
2i2
*2
*15
45
912
15%
912
153g
2114
1518
19»4
15%
1938
45
45
a45
45
45
$ per share
90
90
100-Share Lots
On Basis of
STOCK
NEW YORK
for
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
CENT
1938
June 25,
New York Stock Record—Continued—Page 3
4074
St.
.
1
Oct
Dec
filnA OO
Ex-rights.
1 Called for redemption.
Volume
New York Stock Record—Continued—Page 4
146
AND
June 18
SALE PRICES—PER
HIGH
~
5*2
Wednesday
Thursday
Friday
June 20
June 21
June 22
June 23
June 24
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*4i2
5i2
17*4
734
1734
*8*4
.
15*4
1534
15i2
*6
634
634
*9
734
7
578
18*4
16
6
15i2
7
95g
1512
7*4
934
*7
6*2
8
*4i2
18
*6*2
9*4
934
10
16
20
8
6*2
7
*6*2
68
*58
68
*58*2
62
62
62
*62
74
74
74
74
*73
80
*74
i*s
l's
96*2
96*4
3*4
3*2
8i2
25*8
96*4
3*2
103
*10112 103
*3
68
13s
6*2
26*4
z6i2
25
26
27
98
98
98
9878
35s
4
37g
37g
4
4
9*4
9
93g
9*2
95g
9*2
934
1,600
1,500
85,200
2,700
1,700
35,000
*101*2 110
*101*2 HO
*101*2 110
4i2
4*4
35s
35s
334
334
»8
38
*4
*4
38
*4
3*4
3*4
3*8
3*4
3i2
3*8
3*4
96*4
312
9
103
3*2
600
*4
38
18,700
1,600
3
11*2
88*2
11*8
163g
1*4
103g
1512
178
11
2
81*4
82ig
*83
39
39
39*2
11034 11034
*110*4 11212
6*8
6*8
2734
2734
155s
17S
3
15
13
13
*12
15
*13
14
200
*87
88*2
87
88*2
*86*2
88*2
*81*8
88*2
200
11*2
163s
1178
2
1134
163s
17,
123g
2
84i2
40*4
*11
*83
85
85
17
2778
29l2
1
1
2712
27*8
♦10i2
63g
2778
30
29
*11*2
45*4
12
12
125s
4534
45*4
46
12
45
45
*64l2
65
65
*165
*165
3
3
24
3i8
25
6534
mm
mm
3*4
26*2
30*8
2
84
86
43*2
44*4
43
7*8
31*8
18
2*8
*11158 1125g
8
7*2
1
30*2
2978
14
14
4534
67*8
-
m
35g
28*4
91
91
91
94
97
97
97
9678
*23*4
23*4
235g
235g
23*4
2334
24
7*2
26*4
7*4
26*2
235g
758
8
8
8
8*2
29
30
30
30
33
*27*2
*27*2
9*2
323g
30*8
29
*6784
72
*27*2
30
*27*2
2358
7*2
28*2
30*2
*27
29
*27
29
*6*8
*25*2
*8*4
87g
72
♦62
9
9*2
*65i4
75
23*2
6978
2434
2578
70
70
*2
h
%
734
734
*7
31'
4
13i2
*6*8
3I2
59i2
♦125s
♦434
5
5
5
3614
4i2
1912
36i4
36i2
36*2
4i2
45s
*2234
*64
*2
*6
33s
3%
69
59
*1258
287S
3034
978
27
6038
1338
13
13
434
5
37
37i2
458
195s
20
434
62
*69
62
*59
62
*59
*26
3378
*26
3378
*26
3378
14i2
19*2
434
*13*2
634
2OI4
*13i2
18*4
*4i2
*13*2
19*2
*4l2
17*2
5i4
17*2
7U
*6i4
106
106
155s
21*2
11*2
834
15*2
2H2
*11%
*8*s
*6i4
107
165s
2178
*1034
834
514
16
634
107
17*2
2178
12
35
i.
Consol Film Industries
1
$2 partlc pref
—No par
Consol Edison of N Y—No par
17
15 preferred
No par
Consol Laundries Corp
5
No par
No par
Consol RR of Cuba 6% pf.100
Consol Oil Corp
55 preferred
^Consolidated Textile--No par
Consol Coal Co
32
29
295S
10*4
13,300
*71
75
*7H4
2914
73
73
Class
8%
7
7
4
4
61
61
1312
434
3714
45s
1312
514
38
434
20
30*2
79l2
17,500
12
lo
8*4
4*g
*58i2
1512
512
834
414
6H4
16
55g
38*2
61
15
558
39
38
39
434
478
434"j
5
195s
203s
193it
203g
59
*59
63
*28
337g
203s
*5
5*4
434
16
*13l2
16
7
634
73g
*106
107
107
107*4
18
17*2
18%
17*4
22
2234
221* 22l2
12
*lll2
12
*lll4
978
9'4
978
1034
20*4
16
712
45g
1*4
85
5
*1*8
84l2
1*4
5*8
1*4
85*2
85l2
5I4
*1
53g
1*4
86l2
2
2
*1
2
*3
mm mm
27*8
27
28
28
29
26*4
26*4
26*4
26*4
26*4
36*2
534
12*4
*1
3658
534
365s
57g
37
*3
27*8
26*4
36*4
*5l2
1214
*62
*13*4
677g
1412
*29l2
30
*13
1378
60
60*4
*45g
5l8
44
43*4
*103*8 1057s
18*2
*14i2
*7
8*4
677g
13*2
13i2
*13*4
30
30
123s
*62
137S
58*2
*4*2
4412
127g
1778
*22
5%
10
16
14i2
30
30S4
30
13
14*2
14i2
15*4
14*4
15*4
567g
58*2
5*4
n28*4
287g
*458
4438
457g
5*4
46
16
*4l2
463g
4434
105l2 10634
16
834
834
5
1051410812
16
18
18
9
9
9*2
2*4
*1*4
10
*8
*100*8 113
9678
9678
135
135
11512 11512
*114*4
4*4
4*4
mmmm
150*2 150*2
160
160
12
*11%
3
*278
15
15
*9
2*4
2*4
10
*9
7*4
7*4
23,
9*4
95g
10*8
3712
33*2
265g
*34
3512
36i2
*30
32
32
25*2
265s
1
23
♦39
39*2
105
105
5
5
♦51l2
55
54
54
*7S
conv
pref w w_.No par
No par
5
..No par
pref
100
Preferred
37
7
100
Preferred
13
Cushman's Sons 7%
5
*29123 31
16
'% 16
1634
29*8 £27*2 285,
'140
14l2
30*4
47
110*2
*19
200
300
5*4
4434
109
13*81 13*2
671st 68
.
10
5
Dayton Pow A Lt 4H% pf-100
Deere A Co new
No par
20
Preferred
10
Diesel Wemmer-Gllbert
100
Detroit Edison
Det A Mackinac Ry
Co.—100
100
900
60
59*2
1®8
1®8
17g
*U2
*17g
*2*4
2
3*4
3
*2
2*4
*2*8
*6*4
378
*334
7
*3*2
7*4
127g
138
127g
*125g
*1
138
5912
1«4
161
No par
3*2
334
19
18
11*2
39
38*8
345g
27*2
41*4
42
35g
185g
8l2
27g
1058
56
*54
60
*5612
65
1*4
1«4
2*4
*2
334
734
13*4
1*2
134
134
278
2*4
378
77g
137g
1*2
*53*4
*55i2
*56I2
178
2
3
56
27g
lll2
i 395g
4114
35i2
283g
220
7,300
7,100
100
7,000
3,100
13,500
13,700
2,100
90,500
11,300
2838i 29
235g
*53*2
56
59
*54
59
65
*57
37
*1
647,
5,200
1,200
300
1*8
2212
2134
*53
5,100
200
170
50,500
55l2
5512
*58
""166
63
100
178
2
2
2
2
3,100
1?8
3*4
2*2
2l2
234
6,000
4
434
3
3ig
7,900
1,200
3*2
2*4
4
4
834
14
23s
4
85s
1334
15g
1*2
7
7
24*4
243g
26i2
412
278
4*8
9*8
1438
1*2
4*4
43g
95g
1414
1*2
9*4
1334
1*2
6
*5*8
21*2
♦24le
*912
21i2
26
10*4
♦75
77
*60
68*2
6
6
23
24
23*2
612
2414
26
26
26
*245,
*10
76
*62
*97
*97
»2l2
"27g
2*4
212
2i2
1*2
17*4
*23g
1*2
♦15*8
1*2
♦15
*
6*2
23*4
26*4
1178
10*4
10*2
10*2
77
77
77
*75
*65
70
70
68*2
mmmm
234
25s
1*2
17*4
*97
27,
25,
1*2
155g
mmmm
27g
25g
1*2
16
Bid and asked prices; no sales on
11%
77i2
70
16
3*8
2*4
158
1612
this day,
27
Co
4
Eltlngon Scblld
No par
Electric Auto-Lite (The)
5
Eaton Manufacturing
preferred
No
preferred
No
Elec Storage Battery—No
Elk Horn Coal Corp new No
57
900
17,000
600
Exchange Buffet
734
540
7,400
1,300
1,100
Mar 30
9
7*2 Mar 29
2i2May 31
458June 11
25
Mar 30
6
Mar 30
II
76
76
300
Federal
♦97
Hi
m'
mm
3*4
3*4
33g
"3,200
3
3
3*4
134
15s
I84
175s
18*8
18*4
1,500
1,600
1,300
t In receivership,
q
Def. delivery,
100
Mln A Smelting Co 100
preferred
39*2 Dec
109*2
Jan
Truck ..No
Works—No
Federal Water Serv A ..No
Federated Dept Stores. No
New stock,
r
2
Oct
8*8 Mar
8*s
Oct
23*4 Mar
Dec
86
Jan
Nov
62
Feb
18*4 Nov
27
54*8
24
Oct
6
Oct
18*2
Jan
12l2
Oct
24
Feb
25
96*2
109
Jan
27
Nov
31*4 Mar
8
29
Oct
68*8 Mar
6
8i2 Feb 25
21* Jan 10
Oct
13
15*2 Jan 11
177t Jan 12
Oct
1*4 Oct
88*8 Deo
Jan 12
108
Oct
19*2 Nov
20*8 Nov
Jan 20
Jan
2414 Mar
1078
146*2
Feb
Jan
Oct
22
May
12*8 Oct
29*2 Dec
18*4 Oct
30
May
6
47g Jan 24
6
May 16
39*4 Feb 28
6
June 22
30
9*4 Jan 12
6*4
76*8
Feb
Oct
36*2
40*8
Dec
23
Feb
Feb
Apr
16
Jan
5
10
Oct
29
Mar
Mar
4
60*2
Oct
96
Mar
17
Jan 12
16
Oct
25
Feb
34
Jan 12
27
Oct
41*4
Jan
Mar 30
12
22ij Jan 11
16*2
Oct
6
2
60*4 June 16
8*4 Jan 20
36
Oct
6
Dec
49*8May 10
26*2 Oct
79*2 Nov
46«4 Apr
4i2June
Mar 30
8778 Jan 27
Mar 26
June 24
115
22
6*2 Mar 25
l*4May
6
8i2 Mar 28
Apr 23
102
90*2 Mar 31
13034 Mar 31
109*2 Apr 1
llis4 Jan
3
3i4 Mar 31
12li2 Mar 31
157
Jan
5
10l2 Mar 30
2
Mar 23
21
*g Jan
3
*8 Jan
3
8*2 Jan
8
lO*8June
13U Mar 30
6
17
Mar 30
Mar 31
Feb
3
33
Apr 6
9412 Apr 5
2i2 Mar 29
38l2 Mar 31
40
Mar 31
46
Mar 29
lit Mar 29
]34June2l
2»4 Mar 30
2
2ig
6*4
10*8
1*8
June
4
Mar 26
Mar 31
9
Mar 31
i2 Feb 10
3*2 Mar 30
Apr
67
6212
96*2
2*8
Vs
Us
April
Apr 5
Feb 2
Mar 30
Mar 30
Mar 31
12*4 Mar 30
x Ex-dlv.
Feb
67*4 Deo
12*8 Mar
77*4. Jan
143*4 July
46*4
55
Jan
8*4 Deo
Jan 10
12*8 Jan 17
*2 Feb 11
14 Feb 28
par
par
par
par
Cash gale,
Jan
75
100
Preferred
Federal Motor
Federal Screw
w
Feb
Mar 18
19i2May 27
72
20*8
Mar
13i8MHy 25
28®4June 2
22i2May 31
07, Mar 30
56
Oct
.
65i8June 17
Fajardo Sug Co of Pr Rloo—20
Federal Light A Traction—15
280
|
19*4 Mar 29
8% preferred
100
Fairbanks Morse A Co.No par
77*2
12
Corp.No par
26
Jan
4
39*4
Jan
Oct
Oct
1*8
Jan
*4
*2
1*2
Deo
Oct
3*2. Feb
8*4 Jan
24
10
Oct
Jan 27
106
Nov
122
Jan
123*8 Feb 23
98
Nov
Mar 16
130
Oct
180*8
135i2
Feb
107*2
Oct
112
116
137
116
June
6
116*2 Mar 1
7*8 Jan 12
109*2
2l2
Oct
17*2
115*2
Jan
Jan
Nov
Jan
Oct
17
Mar
168
June 23
144
Nov
198
Aug
171
Apr 20
160
Apr
164
Nov
21*8 Jan 15
4*4 Jan 12
21i2 Jan 12
10*s Jan 17
16*4
Dec
2134 Mar 31
l2Mar26
3
Jan
43
par
par
Co
Jan
Dec
24
Ex Cell-O Corp
Mar
3
17*s
14*8
12
27
6
5
81*4 Mar
135
127
40i2May 11
31*4 Mar 7
1*4 Apr 9
24*8May 16
Eureka Vacuum Cleaner
***•
Apt
Deo
44*8May 11
100
—100
*
108*4
70
18
100
Service—1
4% 2d preferred
Oct
2212 Mar 31
preferred
No par
preferred w W-.No par
56 preferred
No par
Equitable Office BIdg—No par
lErle Railroad
-—--.100
Evans Products
2*4
par
par
Gas
3
Endlcott-Jobnson Corp....60
4% 1st preferred
Oct
13*8 Jan 12
El Paso Natural
5% preferred
Engineers Public
3
2*4May 27
6*8 Mar 29
3
Am shares
Electric Power A Light-No par
Elec A Mus Ind
56
Deo
2*4 Dec
1478 Dec
3*4 Oct
3*s Oct
6*8 Oct
Electric Boat
4,300
263g
263g
7*2
25
100
No par
pf 100
-—6
Eastman Kodak (N J).No par
6% cum preferred
—100
263g
1178
7712
12
72
3*8
278
134
17*4
7*2
2534
Co.20
Duquesne Light 5% 1st
Eastern Rolling Mills
77*2
1178
*75
*97
♦97
3
25s
1®8
27
100
6% non-voting deb
54.50 pref
Fairbanks Co
6
No par
preferred
8%
Du P de Nemours(EI)&
55 conv
56
2
214
77g
13*2
15,
300
T600
334
193g
884
*37
40
*37
40
z39l2 3912
105
*103*2 105
*103l2 105
10434 10434 a:105
67g
6*4
578
63g
558
6ls
6ig
634
♦53
44,400
1634
37*2
1*
1
23
157g
Duplan 811k
mm
Nov
Jan
•
9i2 Feb 17
100
100
International—4^—1
Dunblll
Oct
*2
107*4June 7
26*4 Feb 25
37
Ltd No par
Jan
2*>i
3
4
5
6% pref with warrants..100
Co
No par
Class A
No par
Oct
57*8 Deo1
7
3
13»4May 27
102i2 jan
81*2 Jan
Dixie-Vortex
Jan
Jan
Feb
56*2
Jan 10
6% participating pref
25
Diamond T Motor Car Co—2
Distil Corp-Seagr's
37
47*4
15*4June 24
28i2May
C4 0 0
m*,m,
162
16*2
105g
40*2
3534
*27*4
3
37g
7*2
135s
138
162
15
11
2
2*4
162
1
6*4June
Jan
28*4
1007a
Dec
June 22
7
Jan
10*4 Mar
56i2 Feb
115
Aug
Dec
May 31
24*4 Jan 10
3
200
167*2
160
233g
13U Mar 29
Feb
71*4
171*2
84
6*4 Jan 10
20*4 Jan
Dome Mines Ltd
234
165
10
*39
*2*8
10
10*8
*101*2 108
111
11434
168
105g
78
Mar 31
13*4 Mar 31
4i2 Mar 29
15
162
10*8
3738
3334
27*4
*78
23
June
No par
Match
Doehler Die Casting Co No par
1400
Jan
July
77
30*2
8*2
7
66a Jan 10
87
Dec
28*4 Nov
23
35
Dre8ser(SR)Mfg conv A No par
Class B
NO par
1984
*9l2i 10*2
163
234
1
68i2May 31
12
May 25
438Mar3l
31
136*8 *135
858
23*4
39*2
Mar 29
3
Dec
Nov
6*2
13*2 Feb
Douglas Aircraft..
No par
Dow Chemical Co——No par
136ig
115*2 115*2
116
*11434 116*4 *11434 H6I4
57«
53g
534
5*2
6*4
28*4
6*2 Mar 31
Dominion Stores Ltd—No par
1157g 11578
234
39
*54
112
107
8*4
39
56
10
3
23
*527,
*9*2
*101*2 108
83g
23
*104*4 105
5*4
5*4
3
*2
25g
27*4
1*4 Jan
500
1934 I 1934
9*2
Oct
80
8
69
6,000
5
3
94i2 Jan 17
Apr
«sJune 20
4758 r52,200
2,900
1111^115
5
Oct
Apr
19*4 Mar 31
18
2,600
457g
60*2
70
48ig Jan 11
5% preferred
14*2
14*4
4
12*4 Jan 12
pref-.100
58 preferred
No par
Cutler-Hammer Inc newNo par
I37*i 37
6778
14*4
30*4
15*2
27*4
355, Mar
163
21i8May 10
Diamond
13*4
*66
Jan
33*4 Jan 12
8
—1
A
Devoe A Raynolds A ..No par
1,400
9,400
87
8*4 Mar 30
125g Mar 30
Curtlss Wright
1,500
1,200
7
3978 Jan 17
-.1
Co (The)..No pai
Preferred
—No par
Curtis Pub
1,890
7 "V:
49
Oct
46*4 Nov
10*2 Jan 11
18*2 Jan 6
7*4 Jan 12
50*4 Jan 18
60
Packing
I 3134-5 33
7
3
434 Jan l2
Oot
Jan
5*4 Jan
109*4 Feb
69*8 Jan
108*2 Dec
25*4 Jan
42*4 Jan
378 Feb
Oct
9*2
21
Mar 31
37
68*4June 24
166*2May
24
72lt Jan 12
44*s Jan 11
JCuba Co (The)
No par
Cuba RR 6% pref
100
Cuban-American Sugar
10
Mar 29
68
Mar 26
1155g
36*4
29
Apr IS
25*2 Apr 1
7*2 Mar 29
Mar 31
*3
Jan 12
56
Oct
7g
Jan 16
21
1
27*4 t 263s, 27*8
1*4
Dec
88*8
4
32 34
Oot
23
Jan 11
76
•»«•<»■»
Dec
6*2
Jan 14
fDenv A R G West 6% pf-100
100
m
37*2
1067g
25
Delaware Lack A Western._60
3
45*4 Jan 12
1115sJune 24
958 Jan 17
32igJune 24
98
5
5i4 Mar 31
22U Mar 30
2,100
*1
Oct
Mar 31
21Sg Apr
7,800
3
65
86
6*2
400
87l2May 12
2212 Nov
Conv 6% pref
26
Davison Chemical Co (The)_l
6
Oct
Apr 16
Davega Stores Corp
*15g
88*2
Oct
1
30
500
600
7*2
2*8 Jan 13
Jan 31
2
8912
8
35
2S4 Mar 26
Delaware A Hudson
6*2
13534 *135
157g
3i2
18*4
Mar 26
9,200
2i2
23
59*2
♦57*2
1
107
6
2214
1214
123g
8*4
23g
9*4
108
Jan
June 17
800
778
212
8
2*2
*34
10
*9
mmmm
*214
*22
3
*100*2 108
*100l2
*100*2 108
103
99
101*2 101*2 1047g
135l8 135ig
134l2 134l2 *135
*115
11534
1155g
II5I2 116
116
*115
115*4 *114*4
5
45g
47g
5lg
4i2
161
160
152
154i2 155
160
158% 160
*158*8 160
13
1234
1378
143s
12*4
3
3
3*4
3*4
33g
17
17
15
16%
1618
*7*2
2512
2*2
10
♦2
37*4
18
Oct
100
JDulutb S 8 A Atlantlo
6% preferred
*2
av
June 23
240
1*2
88*2
37
67*2
37^8
63,900
1*2
37
*1338
Oct
2078
*3
1234
*6434
Aug
10*4
10714
534
*88
z307g
*2634
14*8
921*
16*8 Jan 18
934May 27'
85«Mar26
li4 Mar 29
65*2 Mar 31
36*2Mar 30
16
19
500
1214
1134
Oct
Deo
1
6*2
*22
3
10578 Jan
10*8 Jan
1*8 Feb
13*4 Apr
62*4 Apr
79*4
Apr 12
J 16*4
1,100
Oct
25
ex-warrants
Class
Oct
*8
Jan 12
Apr
Crucible Steel of America.-100
2,100
31,500
33,900
2*8
June 22
162
Crown Zellerbach Corp
1,800
Dec
7
Feb
Apr
88
x53
No par
Cudafay
1778
22
25
Crown Cork A Seal
1,000
13*2
Oot
Apr 18
1
conv preferred
Jan
Oct
7
*2 Jan 4
55g Jan 12
7*t Jan
108
3*4
Mar 31
Apr
No par
180
100
Nov
Jan
10
40
No par
conv
Jan
16*2 Jan 10
Cream of Wheat ctfs_-.No par
55
Jan
June 20
103
10
Crosley Radio Corp
Pref
5*4
18*4
497g
92
34*8 Jan 11
Co
52.25
Oct
Deo
987g June 23
6S4 Jan 15
10*2 Jan 10
7gMay 26
2H4 Mar 30
6
Oct
4*4
2 U8
78
100
Coty Inc
Crane
June 23
1
Motors
Preferred
3,000
75g/ 8!g
12
2684
12*4
26g Mar31
*4 Mar 21
2i4 Mar 19
19
12lg
30*2
677S
9884 Mar 24
*106
22l2
26*2
67g
Mar 30
7
1
178 Jan 11
67g Jan 12
27
21U Mar 30
"7" 100
6*4*
f 1434
7*2
10l2
29*4
6*4
887g Apr 16
27g Mar 30
19
117g
*1
6*4
Mar 31
107
107
3
*2
60
104l2 105l2
*7*2
30
57g
1*2
8784
*3
*3
*36*2
6*4
1212
*64l2
5*8
*114
86i2
Mar 26
I
4*2 Mar 26
52.60
Corn Products Refining
•
45g
*1*8
*82i2
100
20
2234
21*2
6
5*4
preferred
Continental Steel Corp.No par
Corn Exch Bank Trust Co-.20
200
*59 in 63
*28 W 337g
215g
*14
-No par
Continental Oil of Del
150
414
4i8
60i2
14i4
5U
B
54.50 pref
1,400
2958
*76
3378
19*4
76
812
8
10--25
Continental Can Inc
100
58
*t2
v
Container Corp of Amerlea.20
Continental Bak class A No par
400
10*8
28
(Del)
5% preferred vto
100
Consumers P CoS4.50pfNo par
600
31*4;
*2
59
Mar
800
10*2
73
*26
Mar
95
600
2,200
13,800
29
28is
1958
87
Oct
100
70
265s
Oct
63
5,800
*2812
934
*2
5912
30
65
3,100
21,800
834
Jan
Jan 15
330
4 24i8
8*4!
July
1878
Ja.i 17
Mar 19
2,000
10
29
*70
74
*3g
478
3112
*27*2
*27*2
934
70
75g
4i8
603g
20i8
19l2
2578
*61
778
26
Oct
8
5
80
25,600
97*
28i2
*90
2334
Jan
Oot
4*4
Jan
68
Continental
91
22
8
8
1
6,400
*23
Dec
19ia Jan 17
5
Continental Insurance
*87
7*2
578
Dec
lli2June 24
Jan
6,100
30
share
per
19*8 Feb
45*2 Mar
19*4 Jan
Apr
31*41 32*8
1
1*8
t
30*2' 31*2
1434 r 15
47
46*2
68*4
67*4
"4
Oct
Deo
65
6
4
418
20
71
300
_
7ig Jan 14
24i2 Jan 22
Highest
100
800
|
5 per share 5
100
w w
107
283s
24*4
Mar 29
4*4 Mar 29
No par
4**8
3*2
27*4
Mar 29
6
Continental Diamond Fibre-.6
*165
1
434 Mar 30
3,600
1*8
*165
7% preferred
6H% prior pref
No par
5 per share
Mar 29
11
15,300
68
67*2
Consolidated Cigar
37g Apr
15
Year 1937
Lowest
Highest
share
per
8*8
4634
mm
11,800
28,000
14,800
87
2*8
8*8
31*2
145g
4584
Conn Ry A Ltg 4^% pref-100
Consol Aircraft Corp
1
5
4414V 45*2
11158111158
32
3l3g
1
29l2
13*2
4512
67
67
66*4
165*4 165*4 *165
3*4
3l2
3*4
26*4 27l2
27l2
2
1778
87
173g
....
14
13*4
1678
178
13*4
123s
17i4
85
41
3934
41*4
11112 11112 ♦lllSg
65g
65g
63s
29*2 30*4
30*4
1
78
78
6*4
1
*78
100
3*2
3
*10*4
15*4
658
2658
98i2
*101*2 110
11*2
*81*8
*9
6*2
2514
98*8
6*2
h
278
11*2
88*2
*2*8
1*2
138
1*2
*1*8
3*2
*3*8
*4
*81*8
1*8
57g
No par
Congoleum-Nalrn Ino.-No par
Congress Cigar
—No par
20
6*4
1*4
Par
Conde Nast Pub Ino
Range for Previous
100-Share Lou
Lowest
10
80
4
2578
96*2
35s
1*4
9
3*2
*4
*4
900
6
6
24*4
8*2
13,900
25
1*8
6
24
*3*8
8*2
220
16*4
7*2
4
80
6
100
8
11*2
15*8
7*8
*62
68
74
5,900
11
7*4
*56*4
1%
*578
20
19i2
10*4
157g
15*8
800
6*4
6*4
6*4
1834
8
*6*2
95g
6
185g
*72*2
23*8
96*2
Range Since Jan. 1
On Basis of
Week
53s
1734
*6i2
95g
17
*14*4
EXCHANGE
Tuesday
634
*45g
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Monday
% per share
*1612
SHARE,
Sales
for
LOW
Saturday
4075
4
Jan 11
:
37*2
16
45*2
16
Feb
Mar
Feb
Feb
7*4
Feb
Oct
26*8
9214
Jan
Jan
Oct
87
Jan
22
Oct
44*2
Jan
14*2
Oct
29
Jan
8
33
Nov
60
Feb
106*2 Jan 18
100
Nov
116*2
Jan
40*8 Jan
Oct
17*4
Jan
678June 23
3
It1
41
Oct
78*4
Jan
67
May 14
62*8 Jan 10
45
Nov
81
Feb
61
Nov
Feb
9*4 Jan
23*8 Mar
55igMay
27S Jan 11
6*4 Jan
8*4 Jan
3
4*4
Oct
6
8*4
Oct
35*8 Mar
6
Oct
28*4 Mar
3
Oct
6*2 Jan 6
5*4 Jan 13
1012 Jan 10
14*4May
1*8 Dec
86*2
6*2
Deo
1*4
14*8
Jan
34*4 Mar
19
Oct
6*4
Jan
1
Oct
11*4 Jan 12
7*2
Oct
6*8
28
Jan
33*2 Jan 7
33*8 Feb 18
23i2
Oct
717g
26
Oct
70
Jan
June 23
7*2
Oct
29*8
Jan
1*4 Jan 11
2
12
Jan 15
Jan
Jan
72*4 Deo
103
Jan
June 24
60
Nov
150
Mar
17
90
Oct
129
Apr
4*s Jan 12
4*8 Jan 12
2
Oct
2*4
2
8
1*4
Oct
Oct
18*8 Jan 11
14*4
Dec
77i2June
76
99*2May
Jan
y Ex-rlghts.
24
11*8
11*2
Feb
Feb
6
Jan
43*4 Mar
T Called for redemption.
New York Stock Record—Continued—Page 5
4076
LOW
HIGH
AND
PRICES—PER
SALE
SHARE,
NOT PER
Wednesday
Tuesday
June 18
June 20
June 21
June 22
June 23
June 24
S per share
$ per share
$ per share
% per share
$ per share
Shares
*70%
*2778
*13*4
16%
72%
28%
*13%
16%
*78%
72i2
28l2
1712
16%
80
*77
73
73
30
72%
29%
17%
17%
80%
30%
1778
18
♦13%
17%
74%
30%
*14
27
27
267g
27
14%
20%
14%
15%
15%
*19%
20
21
21
*15
20
*15
20
*26
14%
*1%
*24
*91%
93
94
95
95
3,100
480
Food Machinery
93
17
16%
17
8,700
Foster-Wheeler
14%
*50%
*2%
15%
15%
16
1534
16%
16
59
56
56
57
57
57
*3
3%
26%
25%
1%
3%
26%
26
1%
3
3
12
14
*11%
92
*91
13%
93%
*1%
4%
*110
33
29 %
*80
38
37%
7%
7%
*123
91
93
40%
39%
8%
42%
16%
*40
50
47
22% *23
111% *110
24
23%
%
■
*30
56%
120
30
118
*24%
5
4%
a7
7%
~T%
1%
14%
*85%
1%
20%
20%
177g
*11%
*12%
15
19
1%
20%
17%
12
15
i
100
10
*6%
111% *110
36
54%
297g
6%
*32
57
120
120
31%
31%
118
118
*25%
2742
*5
5
7
7%
*1%
16
95
*85%
1%
167g
2%
30%
30%
%
31
50%
58%
120
118
28
60
32%
28
5
17%
95
1%
17%
*85%
25%
26%
20%
20%
21%
12
12
12%
53%
53%
7
40%
44
7%
54%
7%
54
42
41
*35
*14
17%
17%
*32
42
x9%
*8%
*7g
*14
18%
*35
50
17%
*32
3
27%
34
*13%
*13%
90
90
*
90
*78
28%
22%
10
87g
9
*1
18%
3%
13
3%
*12%
14
27%
*25
34
*30
6%
*13%
*88%
7%
16%
6%
*15
90
90
86
*83
3%
12
270
50
*35
19
42
10%
10
10%
9
9
9
1%
1%
1%
200
18%
40
18
18%
4
1%
1%
*78%
6%
67g
1%
86%
67g
*145
10%
10%
1%
84
27%
*26%
27%
*26%
27%
34
*30
34
*30
34
7%
7%
7%
*15%
17%
*16
1%
84
*50
75
1%
85
1%
7%
1%
85
86
75
60
88
88
*145
148
146
146
*146
149%
40
148
7%
13
13
13%
f1,900
51%
51%
52%
5,600
131
131
*49
*90%
91
*15%
20
*15%
*130% 134
*130% 134
50
51
49%
49%
10,
300J
90%
50
91
91
91%
91%
300
18%
100
18%
55
55
*54%
*94
96
*94
7%
6%
34
1%
5%
26
7%
6%
36%
*1%
*4
*5%
5%
26%
5%
%
%
%
7%
7%
*13
14
*13
15
29
*28
29%
*4%
'
5%
15
15
29%
29%
*5
5%
15%
30%
5%
16%
30%
Bid and asked prices; no gales on this day
6
17
17
32
32%
*5%
38% Jan 15
118%June 22
33
May 12
6% Feb 24
June 24
Nov
111
124
70%
Feb
122%
60%
Feb
21%
Oct
3%
8%
Oct
15%
Oct
19
Deo
110
3
299
2% Jan 8
26% Jan 15
Dec
5%
17
Oct
90
Jan 18
85
Nov
65%
117%
2
Feb
Feb
Dec
Oct
28%
1%
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Gen Steel Cast 36
13
28% Jan 10
Oct
88
Jan
Oct
33%
43%
Jan
Feb
pref.No par
Mar 31
Jan 10
13%
8% Mar 23
14
Jan 10
14%May 23
20
Jan
6
16
Dec
6%
1
100
June
Glmoel
36
9%
37%June 18
58
49%
Oct
Feb
29% Mar
90% Mar
No par
13
Mar 30
27% Jan 11
19%
Dec
51%
50
—1
37
1
1% Mar 26
51% Jan 19
3% Jan 10
3% Jan 11
43
51
Mar 29
Brothers.—...No par
5
Mar 29
preferred
No par
preferred
(The)
Glldden Co
4)4% conv preferred
Gobel (Adolf)...—
Goebel Brewing Co..
Goodrich Co (B F)
10
5% preferred
Goodyear Tire A Rubb.No par
conv
preferred
June 18
31
17
30
30
% Mar 29
2% Mar 31
15% Mar
69%June
2% Mar
52% Mar
No par
No par
6%
18%
33
337g
106
106 »
140
9%
1,000
2,400
9%
15%
105
15%
105 a
58
59
22%
22%
10,600
40
14,200
1,700
Preferred
Oct
Jan 11
10
Oct
5%
27%
Feb
10%May 26
Jan 10
13
Dec
48%
Feb
19
Apr
5
28%June 21
22
Dec
47%
Jan
20
Jan
3
23
19% Deo
22%
Deo
Mar
1
Mar 31
8
Mar 30
9% Mar 30
12% Mar 31
23% Apr 8
122
40
26% Jan 12
32
Jan 14
127% Jan
40
6
Jan 22
10
Oct
20%
23%
129
12
8%
preferred
100
Gulf Mobile A Northern... 100
Oct
28
Jan 12
6
Mar 29
19
Jan 12
35
28
Mar 11
Apr 28
Apr
1
7%June 24
No par
12
Mar al
21% Jan 15
June
6
4%June 3
50% Mar 31
l%June14
76% June 1
—.2
25
Hecker Prod Corp v 10-No par
Helme (G W)
25
5% Mar 25
81
May
5
140
Jan
8
...
Preferred
100
6% cum preferred
Chocolate
100
Jan
20%
Feb
17%
Dec
31
Feb
Feb
108
105
Oct
121
Dec
Oct
17%
Jan
Dec
106%
Feb
1%
Oct
8
Jan
95
Feb 24
7% Jan 17
81
5%
129
Nov
166
Jan 11
11
Oct
Jan U
50
Nov
131% Apr 18
125
May
Mar 19
51
May 20
39%
Mar 28
95
May 20
83
16% Mar 25
17
Jan 31
20
Mar
98
No par
preferred
100
Jan 10
5% Mar 26
5
ll%June
102
l
Marl6
15%
126
152% Feb 17
17
No par
117% Aug
Dec
40
Holly Sugar Corp
Dec
86
80
preferred
Nov
Feb 25
94
No par
Hollander A Sons (A)_.
Feb
5
68
Hlnde A Dauche Paper Co. 10
Holland Furnace
No par
140
55%
preferred ...No par
Hershey
Jan
58% Mar
8
Feb
Mar 26
10
Feb
2% Jan 11
67
42% Mar 31
126% Jan 19
No par
Motors
Hercules Powder new. .No par
36
Oct
Oct
126% Feb 28
z7% Jan 19
100
34%
4%
Nov
Jan
25
7
23% Dec
26% Apr
18
96
Jan
17% Mar
59% Mar
92
100
Jan
Oct
95
2
Mar 29
Apr
59
Feb
Oct
6
May
June 23
15
120
3%
12
Oct
Jan 18
90
83
100
12
4%
Jan 15
100
Co 35 pf. No par
Hazel-Atlas Glass Co
7%
%
Mar 25
6)4% preferred w w
Hayes Body Corp
conv
Jan 10
1%
5
Hat Corp of Amer class A..1
5%
16%
11% Mar
30
preferred
Mar
Oct
Mar 25
Refrao.No par
May
Jan
Mar
Mar
Mar
Dec
10
preferred
Jan
7%
Feb 16
24
98
Jan
June 23
9
25
preferred class A
Printing
28%
56%
42%
145%
64%
39%
Feb
7%
8
preferred
100
Hackensack Water........25
Oct
Nov
4%
11% Mar 15
3
6%
conv
Mar 28
Oct
50% Sept
% Mar 31
Feb 16
Dec
Dec
No par
preferred...
Guantanamo Sugar
2
Dec
135%
67%
Feb
Jan
Jan
16%
Dec
37
June
Oct
June 23
15%
June 24
Jan 12
93
25% Jan 12
May 27
Feb
64
111
34
108
Jan
39%
Nov
109.
11
Dec
Jan
Feb
Nov
7%
Deo
15%
Oct
109
Oct
Oct
52% Feb
120% Jan
30% Mar
43% Jan
114% Mar
53% Deo
65% Jan 20
26
Jan 12
z39%
21
Dec
41
Jan
Mar 30
117g Jan 12
6
Oct
27%
Feb
4
44
Oct
73
Jan
83% Jan 26
57% June 24
96 June
6
78%
Dec
94
Mar
Mar 31
8% Jan 11
4%
Oct
23% Mar 30
1
May
7
3
Mar 29
63% Jan 13
100
17% Jan
90% Mar
5% Jan
15% Jan
Hudson Bay Mln A Sm LtdlOO
20% Mar 30
Homes take
Mining
48% Apr 1
17% Mar 31
12.50
Houdallle-Hershey ol A .No par
Class
B
Household Fin
5%
6
No par
com
46% Jan
stk.No par
preferred
100
5
Houston Oil of Texas v t C..25
5%
5
preferred
Hudson Motor Car
100
5
No par
Hupp Motor Car Corp
Illinois Central
100
*16% I 17
33% ; 33%
6%
*5%
400
6% preferred series A...100
12
190
Leased lines 4%..
100
RR Sec ctfs series A...1000
23
n
New stock,
r
Cash sale,
Mar 30
%June15
6% Mar 30
1
21,300
Def. delivery,
Apr 12
Jan 22
Jan 24
15% Jan 12
1%
10
5)4%
34
Jan
15
15%
Hercules
Jan
Oot
60
6%
Mar
3
7% Mar 31
7% Feb 4
Hanna (M A)
13%
96
Jan 12
Jan 11
9% TlO%
a
Oct
Greyhound Corp (The).No par
Hudson A Manhattan
J In receivership,
65
47% Mar
141
6%
1%
13%
18%
Howe Sound Co
80
16% Oct
72% Dec
3% Dec
45
1,300
13,000
87% Mar
21% Jan 12
5,900
10,200
8,200
60% Mar
Dec
13% Mar 30
1%
%
Dec
34% Mar 29
Harbison-Walk
Feb
Dec
12%
46
1
Hall
115
283%
100
5
7%
Feb
100
1%
28%
8%
Greene Cananea Copper
25,500
%
Oct
Green Bay A West RR
Green (H L) Co Inc
100%
77g
42%
6%
2
Oct
100
300
27%
Feb
10
5
'
Jan
6%
1%
-1
preferred
11,300
200
Feb 23
Feb 28
4% Jan 11
68%
Oct
Jan 12
No par
9%
41
24
89
Jan
Oct
1%
2
33 conv pref series—No par
57%
100
Jan 17
80
19% JaD 15
57% Jan 15
Dec
20
Grand Union (The) Co
Granite City Steel
Grant (W T)
9%
7%
Jan 13
6%
June 16
Graham-Paige Motors
1
Granby Consol MSA P.....5
57%
*96
61
62
100
Preferred
5%
Mar 31
32
No par
No par
Gotham Silk Hose
Apr
2%May 27
60% Apr 26
1
-
Gold A Stock Telegraph Co 100
35
June
No par
35 conv
*
*15%
18%
*15%
18% *18
18%
29%
29% 30%
30%
34
33%
32%
105
*102% 104
104% 104% 105
105
8%
8%
*8%
8%
8%
8%
9%
13
13%
13%
13%
13%
13%
147g
*105
110
*105
110
110
*105
110
62%
58%
61%
58%
59%
60
56%
19%
19%
20%
22
22
20%
21%
7%
77g
8%
8%
9%
8%
9%
56%
*55%
56% *55%
56%
66%
56%
95
95
*9478 95
95
95
*94%
7
7
7%
7%
7%
7%
7%
38
39
38
37%
40% 239
42%
1%
1%
1%
1%
1%
1%
*
158
*4
5%
5%
*4%
5% f 5%
5%
26%
26%
26%
26%
27%
27% 28
6
6%
6%
6%
7
6%
6%
%
%
%
%
%
%
%
8%
8%
8%
10
8%
9%
9%
*28
5%
—
12%
50
19
-
50
*90%
19
-
12%
*49
*18%
7%
-
50
50
*12%
13%
13%
*105% 110
*105%
62
62%
62%
•
12
90%
8%
112
4934
11%
50%
*130% 131
*49
28
10,200
7%
7%
11
*90%
*102%
600
89
i
*87
50
8%
1,200
1%
112
91
27%
10
*87
*49
*102% 105
1,200
»
112
7
Oct
May
Feb
6%
■
60
1%
1%
50
.
7
7%
48
70%
Hamilton Watch Co
*87
*90
♦
3,000
17
*52%
33
117
May 24
62%June 24
Apr 30
5%
48%
7%
467g
10%
44%
44% 45
*130% 131
*130% 131
*4%
------
7
67g
*145
*43%
7%
500
*86% 112
148
26
2,100
60
148
1%
5
16
47g
16
14%
4,400
*145
*4
1.600
86
112
34
36,700
90%
87
6%
30
*84
*
*8
"V, 700
19%
42
*90
112
*27
50
19
42
21
75
35
123
Oct
Great Northern pref
100
Great Western Sugar..No par
2,100
127
85
*50
Jan
Jan
Jan
Oct
39,500
27
127
27%
90
75
3%
64%
65%
Oct
19%
27
127
90
*50
Oct
%
Jan
18
3,600
83
"2l"
Feb
28
Gt Nor Iron Ore Prop-No par
14
7%
17%
44%
Jan
15% Mar 31
12%
12%
18%
18%
300
90
*
20%
*87
*10%
27%
22%
3,500
22%
1%
84%
85
*6%
27%
22%
1%
24
25
20% 23%
23%
24%
*120% 132
*120% 132
*120% 132
*120% 132
*120% 132
5
6
4%
4%
5%
5%
5%
5%
5%
57g
75
*1%
27
23
*25
16
86
~20~
20
*120% 132
5
*4%
*50
26%
*30
6%
90
*
86
"26"
500
1,500
18%
*30
6%
1,000
*15
*25
6%
147g
1%
18%
34
17,000
15%
1%
27%
*6%
30
11%
*1
*25
62
15
1%
*30
1,600
4%
11
10%
3%
1,000
15
*7g
3%
4,300
40,500
11%
1%
13
81
147g
87g
3
50
27,800
157g
43%
21%
*1%
10%
8%
13
70
4,900
8%
*10%
65
1,000
2,000
3%
4%
61%
4%
100
2%
*65
15%
9,800
4%
9%
*8%
13
2%
3%
68
1,900
20%
46
4%
97g
*15
46%
20
4%
9%
*2%
*10%
3%
46
*40
42
20,200
1
9%
18%
9
8%
1
18%
Jan
28% Nov
52%
Feb
8%
1
*35
64%
Aug
600
7g
4%
*32
Oct
88%
62
18%
34
126% Mar
152
Oct
4
50
Dec
56
10
56
37g
42
Deo
Feb 26
9% Jan 10
56
57
80
17%
Oct
22
299
24
Nov
80
42
66
Feb 23
20%
21%
*35
,*an
28
24
41%
18
72
95
62
50
Feb
Mar
Oct
79
42
65
General Refractories—No par
200
100
20
17%
Oct
1
Gen Theatre Eq Corp..No par
38%
27
14
32% Mar
14
Mar 25
1
Gen Time Instru Corp .No par
77%
127
Feb
Oct
Oct
Jan 10
preferred
2,510
39
27
153
Jan 10
2%
6%
14%
21% June 23
36
4,300
20%
126% 126%
Oct
Nov
91
31% Nov
13% Mar 29
Gen Realty & Utilities
12%
15%
19%
76%
3%
117g
Oct
117
45% Jan 10
106
23
37
117g
177g
5
Feb 11
97
101% Apr 9
1% May 21
12% Mar 30
85% Mar 19
26%
15%
417g
20%
26%
*22%
11%
16%
26%
Jan 15
15% Mar
105% Jan
86% Feb
19% Jan
Oct
*65
25
25
25%
24%
23
*22% 23
*22% 23
11
11
11
11%
10%
10%
16
17%
147g
*14%
14%
157g
27
26% 26%
25%
25%
*26%
*125% 130% *125% 130% *125% 127%
Oct
Nov
70
14%
6%
8
*65
12%
Jan
Feb
8
14%
37%
4*%
1%
10%
14%
Jan
19%
95
65
*1%
*10%
12%
25%
*22%
12,800
33
106%
Oct
10
100
1
No par
preferred
Oct
Nov
8
65
1%
11%
12%
25%
3,900
10%
4
June
11% Feb 26
13%
1%
*10%
*11%
14,100
1%
7% Mar
15% July
239% June
Dec
88
6% Mar 29
No par
Oct
Dec
6
4
Signal—No par
Gen Railway
1%
3
11%
7% Jan 12
7% Jan 10
1
No par
preferred
Gen Public Service
6%
95
21
Mar 31
7
16% Jan 20
93
No par
Common
General Printing Ink
Jan
14% Jan 16
65
4%
1%
Gen Outdoor Adv A—No par
Jar 17
Mar 29
3%
4
4,700
19%
No par
preferred
4
2% Jan 12
16
6%June13
3
4
2,200
35
3
25% Mar 31
111% Apr 25
21% Mar 30
10
General Motors Corp
JaD
Jan
120% Feb 11
45% Jan 10
33% Jan 17
1% Jan 11
Mar 25
50% Jan
118
100
preferred
32%
9
3
78
25
No par
General Mills
Oct
Gillette Safety Razor..No par
3
7g
par
No par
Gen Gas & Elec A
Mar 30
27% Mar 31
22% Mar 30
% Mar 30
par
18
25% Jan 12
20% Mar 31
108% Apr 1
par
100
Jan 21
28
9,400
3
%
No
preferred
General Electric—-—No
General Foods
No
Jan
13
Mar 30
35
100
7% cum preferred
83
8%
3
%
11
Jan
Dec
8%
2%
*62
534 Mar 31
No par
A
7%
36
*
2%
62
2% Mar 31
No par
Cable
Jan
40
9
6% Mar 31
115
Apr 12
6
General Cigar Ino
6%
Mar 29
5
No par
Baking
38 1st preferred
Bronze
Feb
18%
8%
2%
*60
29
54%
135
123%June 13
5% Jan 12
4% Mar 31
82
Mar 29
No par
.5
Oct
98
2%
62
preferred
36
MarlO
4% Mar 29
Industries
12%
14%
45%
14%
85
Gannet Co conv 36
2%
preferred... ...—.100
2%
14%
9% Mar 29
No par
pf.-No par
Inc.—3
Gen Amer Investors...No par
Gamewell Co (The)
Gar Wood
Mar 30
Oct
Dec
40% Jan 13
6
2% Mar 31
Oct
66
General Tire A Rubber Co-.5
2%
13%
10
preferred
26%
21%
20%
*40
10
<3
19% Mar 30
1% Mar 29
5% Jan 12
Oct
11%
3,400
19%
41
85
Oct
12%
44
45%
19%
Mar 29
2% Mar 31
25
Apr 13
Oct
share
"12%
2%
4
1%
8
18%
11
*7g
8%
No par
No par
F'k'n SimonACoIno 7% pf 100
Free port Sulphur Co
10
Gabriel Co (The) ci A ..No par
Galr Co Ino (Robert)
1
50
Co
Oct
Dec
per
108% Mar
45% Jan
39% Feb
41% Mar
107% Feb
62% Mar
46% Feb
58% Feb
39% Mar
9% Feb
68
Apr
98
Sept
12%
2%
%
8%
*53
41
3%
9%
54%
187g
3%
9%
8%
8
10
"l% "moo
21
15%
100
"12"
8
44
*39
*12%
*
12
3%
17
15%
100
"11%
7%
40%
17%
17%
*12%
*.
11%
7%
7
7
15
100
3%
*58%
50
1%
21%
12
100
700
9%
95
1%
20%
19%
*12%
5%
18%
*85%
1%
12
19%
42
5%
19%
19%
15%
1,500
1%
11%
75%
*32
*85%
1%
900
32%
*103
19
19
*16
95
1%
%
4%
1%
10%
♦35
187g
36% 157,700
2934
8%
20% Jan 12
36 conv pref series A .No par
60
118% 118%'
"1%
22%
75%
10%
1%
18%
12
187g
76%
1%
11%
8
*103
"T%
22%
18%
35
10%
8
*7%
5,000
"moo
120%
35%
5%
26
18
*1%
*10%
5%
Mar 31
Class
62%
*119
29
23
32
3%
26
11
6,200
50%
62%
35%
33%
118% 118%
118% 118%
5
120
10
General
1
*32
61%
1%
27
17 conv preferred
Dec
Nov
Dec
80
Francisco Sugar
Oct
Dec
Feb 26
Jan 18
Oct
15
96
20%
1
1
50%
23
7
%
120
*103
"l%
*70%
%
3%
1
61%
11%
share $
22
33% Jan 10
2,600
111% 111%
39% 120.300
38%
17,500
30% 31%
Jan 10
3
26%
Mar 25
11,100
700
5
16%
Mar 29
4%
1,600
Jan
20
90
18
10%
25
21
22%
85
General
56%
34% Feb 11
18% Feb 10
29% Jan 12
265
100
General
10
Jan 11
per
100
Corp
Gen Am Transportation
120
31%
Brothers.-No par
4K% conv pref
3,600
8%
54%
*24%
55%
400
t Follansbee
8,300
122
4%
9%
19%
38%
*32
34
*26
8%
24%
30%
%
50%
61%
11,700
7%
122
111
x37%
*118% 120
5%
7%
17%
62
*58
*32
33
37g
*3%
54
10
95
20%
24%
430
1,700
44%
10%
111
377g
13%
36%
36
17%
50
24
36%
6%
95
19%
111
600
6
43%
9%
19
1,400
9,000
14
95
28%
"121% 130
4%
4%
4%
9%
37
76%
32
*70
8%
130
50
93%
43%
8%
21
1078
11%
117g
111
42%
20
1078
*63
65
23%
23%
*93
1%
20%
100
2%
2%
3
7
20
1%
20%
1658
*37%
37%
47
47
111
♦103
1%
15%
6%
*37%
42
18%
1
1
50%
56%
*53
54%
*6%
3578
2978
*10%
6%
678
11%
*123
17%
95
*63
8-
130
17
18%
*19%
17%
*10%
*12%
2%
*2%
8
*123
8%
378
34%
29%
%
6%
6%
90
38%
87g
*85%
1%
37%
*16%
*37%
6%
90
38%
37g
33%
29%
6
*91
5%
90
130
14
*91
5%
14
93%
578
8.200
14%
14%
*91
5%
6%
27
1%
3%
13
93%
*12%
5
700
5%
14%
93%
9%
18%
16%
127g
*91
4%
*103
.
334
130
3%
27
26%
1%
3%
127g
28
26%
1%
3%
127g
56%
3%
*26%
3%
*26%
25%
1%
3%
12
"l"400
56
58
3%
*12%
3%
*103
~~9%
3%
12
8%
*120% 120%
29
28%
11778 1177g
28
*24%
*1%
*14%
1%
3%
12
8!
56
*4%
*6%
30
25%
3%
8%
778
50%
56
10
3%
4
%
*30
25%
1%
5%
5%
90
50
22%
*26%
4%
3%
*40
19%June 13
15
Apr 7
1% Mar 26
*92
12
♦14%
10% Mar 26
93
3
7%
No par
No par
Florshelm Shoe class A.No par
93
June 15
16
92
Fllntkote Co (The)
93
2
2
2
18
*16
18
*16
33% Feb 23
25% Jan 15
Apr 14
Florence Stove Co
2%
28%
*11
*3
900
27%
12
126
15,600
27
25%
*7%
2,400
17%
23%
26%
25
*123
297g
16%
18
1%
*26%
*5%
*78%
37%
29
23%
26%
23
1
June
Jan 18
z79
76
24% Mar 30
*15%
1%
.
z22
15
$
shart
18% Mar 31
A...100
National Stores—No par
First
x26
35
25
1%
3
*4%
17
23
6% preferred series
26%
*26%
92
16%
22%
300
4
67% Jan
per
Highest
Lowest
Highest
%
share
22% Mar 30
4%'% pf-100
N Y..2.50
FUene's (Wm) Sons Co.No par
Fireetone Tire & Rubber—10
1%
3%
35
*11%
29
16%
15%
85%
29%
*81%
~6~800
per
Fidel Pben Fire Ins
25%
*15%
1%
2%
*278
27%
27
*15%
19%
*827g
%
Fed Dept Stores
92
59
*11
19%
19%
3,200
25
*1%
2%
*24%
*1%
77
32%
19%
20
85%
25
14%
*50
77
31%
*14%
18%
18%
83
75
31%
Par
16%
21%
18
1%
2
24%
92
*13%
27
500
75
31
20
17%
80%
80
80
74%
31
Range for Previous
Year 1937
100-Share Lou
Lowest
Week
$ per share
*
On Basis of
YORK STOCK
EXCHANGE
NEW
the
Friday
Thursday
Range Since Jan. 1
STOCKS
Sales
CENT
far
Monday
Saturday
June 25, 1938
Oct
1%
Oct
7% Jan 13
27%June 22
3%
Oct
10
Jan 13
17g Jan 10
12% Feb 25
4
Oct
1%
Dec
8
Oct
38
67% Mar
23% Feb
4% Aug
Mar
6
20
Jan 10
16
Oct
Mar 30
38
Jan
4
34
Dec
72
7% Feb 25
5
Dec
25% Mar
Apr
3% Apr
z
37
2% Jan 13
Ex-dlv.
2
v
Ex-rlghts.
Jan
5 Called for redemption.
Volume
LOW
New York Stock
146
AND
HIGH
SALE
PRICES—PER
SHARE,
Monday
Tuesday
June 18
Wednesday
June 20
June 21
June 22
$ per share
$ per share
6
5
$ per share
7
634
*15i2
16
16
16i2
74
74
76i2
78
*134
138
56%
9i2
*134
56%
138
18
1834
18i2
19U
83
83
84
1,700
*136
138
66
66
1134
5
5
11%
414
378
1712
181?
80
80
80
4
*136
*145
83
35s
3%
378
378
9i4
958
9%
10U
25?
147
149
50%
*151
154
5
*234
*884
5514
*15134 154
5
3
9ig
9%
3%
9%
42%
2i2
22
147l2
3%
22
28
297«
3
3l2
32
3212
2412
312
*31
32
*2134
24%
*1412
15%
*2134
*28i8
15%
*55
68
*60
28
28
8l2
*834
834
4
37,300
3l8
4,400
3
23
2234
146
14734
5734
5978
2,000
24
147
1,400
14758
87g
8%
6712
10%
10%
17l2
17i2
*119
122
*54
60
69%
69%
127% 127%
♦121
14
♦6
1534
14
♦203s
22
19
16l2
19
61
65
_
18
18
1,000
19U
900
68
14
14
14
15
105g
1058
88i2
*85i8
34U
3278
8812
35%
8
8i8
8i8
834
21
934
8%
*7
7%
4
21
4%
22
*2H4
2
*134
95
*6514
634
4U
2
*134
34
*16
34
*16
14
*1H8
173s
*4i2
12
*lll4
1714
5%
13
17
1738
*434
512
26
1712
5's
*25
17i2
5i8
934
21
*18
1534
758
434
88i2
*85%
36l2
36
834
2
2
2
*16
15
15
18
18%
634
263g
534
25i2
1378
141?
25i2
1334
26
15
1538
15
1478
15%
26%
14%
14%
27
13
22
24
2378
24
24
24
24
25%
11%
11%
11%
4%
11%
*5%
1334
14
18
18
18%
18%
11%
4%
14%
19%
12
47g
13%
11%
*4%
1334
478
13%
13
15
16
167g
*101
104
*3%
h
214
*24
3%
%
2%
24%
8%
8%
*101
104
*11%
*3%
13%
17
*101
104
3%
3%
334
%
%
%
%
*23s
234
25%
25%
*8%
8%
2%
25%
8%
23
23%
2734
28%
3034
2934
6%
*28%
29%
234
26%
8%
24%
32%
6%
24
2734
6%
*2134
92%
95%
6%
93
*6
634
29%
*28
29%
93%
93%
9578
104
*3
*16
17
*93
9434
1%
1%
41
42%
3%
16%
94%
16%
*3
16%
*93
16%
16%
16%
13934 140
*140
143
15%
15%
16
30
30
32
14%
15%
2778
14%
*27%
28
*120
*120
*17%
16
28
.
-
»
^
17%
17%
19%
30
30
30
31%
*1058
11%
*11
*23
23%
24
*1
1%
*434
*11
6%
13
♦578
*10
6%
11
*1
*434
127g
6
*10
11%
24%
1%
6%
13%
6%
2
1%
11
-
-
-
6%
12%
6%
5%
1%
*%
1%
*3%
1034
1034
11%
*1%
1%
*1%
1%
23%
23%
23%
8%
23%
2%
3134
2434
*24
24%
*145
*141% 160
*36
37%
*4%
4%
*16%
17%
37
*4%
17%
160
2434
10
*10
10%
8%
*72
80
♦
8%
8%
*72
10%
8%
80
8%
*72
3
27%
9
Jan 21
Jan 11
152
Mar
3
189
Jan
120
Aug
138
162
Jan
7«4 Jan 12
47g Jan 11
3
Octi
167g
l7g
Oot
117« Jan 21
6
Oct
15% Apr
18<4 Jan
37
Jan 19
5284 Feb 23
135ig Mar
97g Jan 12
18% Mar 31
214 Mar 30
39i2 Jan U
28i2 Mar 25
48i2 Jan 21
34
Dec
19i2 Mar 31
24
19i2
Oct
2478
3234
33%
25
7
25
29%
95%
99%
25%
25%
35
33%
35
7
29%
95%
*6%
7
7%
30
.
Nov
733g Mar
1277g May
6U Dec
884 Sept
13584 Jan
19U Sept
9ig Apr
68% Sept
26%
27
29
29
37
37
37
38
17
17%
17
1734
1%
43%
3%
44%
1%
44%
3%
-
6%
11%
5%
*10
-
-
6%
11%
6
11%
1%
5%
5%
*%
1%
1%
8
24
87g
23%
2%
32%
2478
4%
18%
81
10%
25
*6
11%
5%
11%
1%
5%
*%
*3%
1034
*1%
*24
1,700
1,300
30%
97%
10034
1,000
1,100
2,700
172
8
9
834
23
24
23%
27g
32%
*24%
*145
3978
4%
*17%
*76%
10%
9
9
79
*72
2%
33%
3%
17
33%
25
25
160
*145
41%
4%
18
81
10%
9%
79
78
Jan 10
19i2 Jan 10
119i2June
8
984 Feb 25
2%
47%
48%
3%
17%
*92
94%
16%
16%
141% 141%
17
17%
39%
40%
18
1834
29
Loft
54,900
13,200
50
5%
7%
Oot
447S
Oct
35
85
80
Nov
May 27
984 Jan 10
65g Jan 10
June 24
6%
13
12
25g Jan 10
16
13
*24
934
23%
3%
35
35
25%
*145
6%
12
18i2May 12
15i2
Deo
6
Jan 12
4
28
Jan 12
22
Dec
17% Jan 17
14
Dec
Mar 26
Mar 29
18
Jan 12
6
Oct
Mar 26
30
Jan 12
8
Oct
31
13
127g Jan 10
31
30
1514 Jan 12
6
June 24
14
Oct
97
Deo
i2 Mar 26
17g Mar 29
19% Mar 30
1% Jan 12
5% Jan 13
283g Jan 12
678 Mar 29
19*4 Mar 30
11
275g Mar
2314 Mar 31
42
Jan 11
335g
Dec
9
Jan 10
5
Oct
158g Mar
30i2June 24
23
Oct
29
Aug
Dec
11314
Feb
Oct
114
Jan
May
175
Jan
4
6
Mar 29
25
Mar 30
81
Mar 30
2Q
81i2 Mar 31
157
100
Jan 10
102i2 Jan 11
9
Apr
107
Jan
arl8
Feb 28
6
11
9%
"166
19,100
48,300
j In receivership,
27, Deo
2284 Dec
8
Oct
23
Oct
82
8312
151
15i2
18U
Oot
Oct
Oot
Dec
*4 Mar 26
218 June 24
1
Mar 31
48%June 24
4% Feb 23
32
26
2i2 Mar 28
14*4 Mar 31
...25
92
10
June 22
1334 Mar 31
125
100
1
12i2 Mar 31
Apr
2978 Apr 20
l2i2May 27
1
22
10
21
Jan 12
106
Jan 18
18
Jan 14
l41i2June 21
1734 May 10
56i2 Jan 10
21% Jan 12
Mar 29
31
1165g Mar 30
No par
126
Jan
7
Jan 21
Nov
9984 Nov
June
Oct
2ig
17%
101
153g
125
14%
Oct
Dec
Oct
110
110
28%
14784
Oct
28*4
Oct
Jan
37g Feb
7514 Mar
IO84 Jan
43U Jan
Oct
2634 Oct
123lg Nov
Jan
23i2 May
83i2 Feb
63
Aug
267g July
877g Aug
Deo
48i2 Nov
13ig
79
99
May
Feb
Jan
Jan
Mar
4184 Mar
36
Feb
132i2
Feb
2484 Jan 12
17%
Dec
62 U Mar
247g Mar 30
35%June 24
25
Dec
10
Oct
18%
Oct
63
1
I8I4 Mtar31
34 Mar 29
13i2 Feb 10
307g Jan 11
5814 Mar
153g Jan
No par
458 Mar 30
No par
10
Bros
Corp..
Mar 26
Jan 10
6
20i2 Jan 13
10
9
Mar 30
1214 Jan 13
114 Mar 31
5
5
9
Mar 31
l%May 12
784 May 11
14i4May 11
2% May 11
100
i2May
2
3% Feb
7
7
100
7g Mar 30
1
1884 Mar 30
5i2 Mar 30
14% Mar 30
Marshall Field A Co—No par
Martin (Glenn L.)
Co
1
No par
Masonlte Corp
No par
2,400
Mathleson Alkali Wks.No par
160
preferred
...100
Department Stores...10
Maytag Co
No par
7%
3,800
2% May 24
25
Mar 29
1984 Mar 31
157
May
Jan 26
28i2 Mar 31
3i2 Mar 26
"2" 100
5,200
79
a Def. delivery,
McCall
Corp
1
n
New stock,
r
Cash sale,
61
z
29%
684
14U
Jan
Oct
Oct
Dec
Oct
20
Dec
39
13g
Oct
3i2 Mar
Jan
Jan
10
10
Oct
24
184
20
Oct
67g
5184
307g
29'4
137g
Oct
74
22
Dec
4184
142
May
165
Jan
Dec
66
Mar
29
Jan 14
10
June 23
•
34
3
684
Feb
Feb
15
10
Feb 23
43l2June 24
0% Jan 12
24
7%
33*4
Dec
Mar
Apr
Jan
Feb
Jan
Oct
15i2
Jan 10
20%
Dec
44
Apr 22
35
June
45
Jan
91l2 Feb 10
93
Nov
111
Jan
11%
Dec
36
Jan
7«4
Oct
Mar 31
Ex-dlv
y
16
Jan 18
10
Jan 11
79
Jan 18
Ex-rlghts.
4i2
Dec
Mar
Mar
21
Apr 5
884 Mar 31
6
Mar 23
100
Stores
Jan
25
75
No par
Corp
6% conv preferre—!
Jan
16i2
1
16%June
20
McCrory
39
5%
165
Jan
Oct
Oct
Oct
4i2
9%
1%
2434 May
45g Jan
3714 Jan
27i2 Mar
10%
Mar 29
$3 preferred w w....No par
$3 preferred ex-warr. No par
$6 1st cum. pref
No par
81
Jan 13
7i2 Jan 11
100
Jan 28
9
Dec
284 Jan 11
100
Corp
Mar
Mar 15
6% preferred
6% prior preferred
Marlln-Rockwell
8%
2
534 Mar 26
2% Mar 26
25
Martin-Parry Corp
934
3*4 Jan
18i2 Jan
43i2 June
213g Feb
68% Jan
106t2 Jan 14
1,200
3,700
11%
Dec
Apr 18
Jan 12
Feb
24% Mar
102
Maracalbo Oil Exploration..1
600
*72
Mar 25
Feb
Oot
5g
Jan 14
2
Sli2
203
414
Mar 29
Marine Midland
~3^366
*76%
Mar
105i2May 31
684 Feb 25
Jan
6% 2d preferred
1934
17«4 Mar
277g Mar
Oct
X Manhattan Ry 7% guar. 100
Modified 5% guar
100
"360
5%
24
Deo
Mar 29
3
100
Market Street Ry
1934
Deo
5
984
Manhattan Shirt—
190
100
43%
5%
43
10ig
Jan
16
Mandel
6,000
24%
3%
3534
26%
Oct
Feb
Magma Copper
200
10
93g Mar
35i2 July
29% Jan
15?g Jan
47i2 Jan
24U Jan
277g Jan
4H2 Jan
Madison Square Gard.-No par
1%
26
46«4 Apr
Dec
14
Steel
Feb
19>2 Jan
109i2 Jan
698g Mar
2012 Mar
11
No par
preferred
Jan
238g
Oct
435g
Manati Sugar Co.
6
11%
1*4
110
Macy (R H) Co Inc
3,200
2,300
1%
6%
Dec
Jan
Mack Trucks Inc——No par
800
28
80
28% Nov
512 Oct
17«4 Deo
33
MacAndrews A Forbes
26,600
Oct
527g
Ludlum
353g
Oct
42% Mar 5
20 I Jan 12
1,200
7,700
7
4
Jan
Mar
27%
71
95
par
8,900
Mar
Nov
Mar 31
preferred
29
13
12ig Mar 31
preferred
Jan
Mar
14%
33
Biscuit
Feb
46
121
Dec
8i2 Mar
3igMay
10U Mar
13i2 Mar
Louisville Gas A El A..No par
Louisville A Nashville
100
22"
Oct
8
1
1,500
3,300
6%
5
15
1...6
Lorlllard (P) Co
110
136
No par
Inc
Loose-Wiles
64*4 Nov
15ig Dec
1158s Apr
20
12% Mar 31
Lone Star Cement Corp No par
Long Bell Lumber A...No par
600
Jan
No par
$6.50 preferred
Jan
Jan
126
22
25
-
87%
155
Mar
65% Nov
120
15ig Mar 31
2% Mar 26
100
Inc.
Apr
Aug
May 5
16i2 Jan 12
9
100
Liquid Carbonic Corp..No
Loew's
Jan
30
15
1U Mar 29
7
Mar 30
Dec
26i2
May 9
Jan 12
14% Jan 12
24
3
49
Jan
127
I8I4
87i2May 20
4314 Jan 10
97$ Jan 12
Feb
zll6
493g
21
Mar 26
6
Jan 10
200
24%
3%
9%
60%June 24
86
129i2June 23
2
Jan
8
106% 106%
*3%
11%
♦1%
11
Oct
Sept
Jan
29
6
79
Nov
20i2
3,300
19,500
17%
800
*72
Dec
9
Jan 15
18%
49%
38%
4734
6,800
81
70
Jan 18
34*4 Jan 12
1%
*76%
10%
9%
Jan 11
12
Mar 29
125g jan
Llbby McNeill A Libby No par
Savers Corp
6
Liggett A Myers Tobacco..25
1
6%
8
Oct
Deo
24
49*4 Apr 1
12i2 Mar 25
Mar
4
68g
85g
75
20 >4 Mar 26
5%
19
167g Feb
8% Nov
36>g Jan
107i2 Apr
19
No par
No par
Series B
Oct
2638May 27
6i2 Mar 31
..No par
Preferred
Feb
97g Juno 23
Feb 10
80
(The)
Mar
110
117
3
preferred
52
Oot
8
1
preferred
Oct
l0i2June 24
133g Jan 12
Mar 31
6
63
Apr 5
4*4 Mar 29
cl A.l
...
Oct
16
65
4
June
Jan
Jan
30
0% Mar 30
63
Feb
Jan 25
2,900
1,700
*7g
4%
18%
Feb
Feb
Jan 17
14% Mar 31
5%
42%
conv
10
8*4
57i2
2884
20
Lily Tulip Cup Corp... No par
1
41
35*4 Jan 24
Apr
68U
Lima Locomotive Wks. No par
Link Belt Co
No par
5%
26%
6
Apr 16
600
6
160
Jan 21
29%
38%
2834
*1134
1%
10
Mar 28
12
Life
100
6
25
12
40% Mar 30
5% Feb 4
12% Apr
lOi2May
5
B_.
Lehman Corp
14,300
11%
1%
11%
1%
June 17
5ig Mar 29
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
-
6%
12%
28
Kansas City Southern.... 100
4% preferred
100
Kaufmann Dept Stores.S12.60
Kayser (J) A Co..
18
29i2 Deo
2U Oot
4ig Sept
44U Mar 30
Lehigh Portland Cement—25
4% conv preferred
100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred.,
60
800
7%
30%
97
95%
9834
99
99%
9934
*167
166% 166% *165% 170
16
17
1578
17
*16%
2
9
834
6
113U Apr 30
par
Jan
4i2 Sept
100
Preferred
Nov
4% Mar 29
...
Corp
28i2 Mar
9% Apr
03% Apr
3678 Mar 31
International Salt.....No par
International Shoe
.No par
International Silver
100
7% preferred
100
Inter Telep A Teleg
No par
Foreign share otfs...No par
Interstate Dept Stores. No par
Inter type
Jan
Jan
Mar 25
132
100
Preferred
Oeo
Feb
6
1384
I8I4 Oct
127i2 Nov
63i| Nov
No par
Lee Rubber A Tire
13,900
Bid and asked prices: no sales on this day,
Mar
2
100
Voting trust ctfs
5% preferred
5%
70
3
11%
1%
*17
*76%
Oct
Jan 17
70
May 27
3% Mar 31
Laclede Gas Lt Co St Louis 100
2,100
2,400
104% 104%
pref
Lambert Co (The)
Lane Bryant
100
20
2634
*4
17%
*934
6%
15%
19%
3%
27%
834
*1%
*2334
39
81
Oct
2
2%
33%
6*4 Mar 31
1
Internat Rys of Cent Am..100
500
2,100
3
*10%
39
*76%
700
a:26%
*8%
2434
3334
1%
37%
4%
81
48
141
par
Kresge Dept Stores
No par
Kress (S H) A Co
No par
Kroger Grocery A Bak.No par
810
3
8
160
4%.
Dec
6
154 84
15 prior preferred ...No par
Kresge (S 8) Co
10
7,000
9
1134
*145
*76%
1478
15%
26%
-
5%
3134
92
Mar 31
Keystone Steel A W Co No par
Kimberly-Clark
No par
Kinney (GR)Co
1
11,800
*%
*3%
1034
31
Apr 25
4*4 Jan 12
64% Apr
111% July
11% Mar
29
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
200
92%
5%
*30
Oct
Mar 26
26
July
20
15
Preferred
100
Inter Paper A Power Co
15
Class B
No par
Class C
No par
Class
7,300
92
2U
98
Mar 29
0% Mar 30
Int Nickel of Canada..No
par
$8
*8%
92
884
June 10
2
143
Jan 12
684 Jan 13
Mar 26
Internat Mining Corp
Kelsey Hayes Wh'l
300
16%
16%
16%
16%
16%
141% *140
141% *140
141%
16
17
1634
17
16%
16%
34
35
33%
37
39
3334
1578
16%
16%
17%
17%
18%
29
29
29
*28%
29
29
28%
*120
*120%
*120%
*120%
19%
20%
20%
21%
21%
22%
21%
31
32
317g
34
33%
33%
35%
12
11%
1134
*11%
12
11%
1134
24
26
26%
27
2534
26%
27%
1%
1%
1%
1%
1%
1%
1%
2278
80
Feb
131% Mar
2
Internat Harvester....No par
Preferred
100
1,800
*234
2534
157g
1%
8%
25
144
5834 Nov
6% Oct
37g Oct
li2 Oct
13% Jan 12
37g Jan 17
Kelth-Albee-Orpheum pf_.100
""800
1,400
5%
2234
2%
31%
24%
700
34
3%
17%
♦%
8
300
*%
17%
5%
22%
278
"5",000
8,900
1,600
1,300
92
1%
8
Mar 30
118
1,300
3%
*17%
3%
1%
*2%
6
15
Jones A Laugblln St'l pref. 100
Kalamazoo Stove A Furn
10
Kan City P A L pf ser B No
2,440
434
17
1%
22
5ig
78i2 Jan 12
I53g Jan 11
4i2 Jan 19
Jan 24
4%
93
1%
*22
138
Mar 29
4634
3%
17%
3%
*4%
1034
*1%
♦23%
Oct
8
58
34
17
*1%
8
32
Feb
122
17%
4334
11%
1%
5%
8
Jan
87g Jan 10
56i4June 17
7% Mar 30
36a Apr 1
2% Mar 26
100
434
93
*10
135
...No par
No par
2
12%
534
Nov
Johns-ManvUle
2
42
*5
72
Int Hydro-Elec Sys cl A
Int Mercantile Marlne.No
130
15
104%
140
32%
1534
Jan 14
15,800
%
41
1%
Apr
86
1
4%
44
44
41%
45
45%
46%
4534
4834
*105% 106% *105% 106% *105% 106% *105% 106% *105%
106%
40%
3%
47i2
......No par
%
*94
98
95%
98%
98%
169% *165
169% *165
166%
15%
15%
15%
15%
15%
*22
23%
23% 24%
24% 26%
34
*33%
33% t'34
34%
36%
16
16
*15%
17
16%
1634
*101
4
95
*15
1%
40%
Deo
$6 preferred
Jewel Tea Inc
34
*29%
*165
41
478
4
■
29%
9434
14
*101
3%
23
Jan
15
300
"""260
18%
534
1334
*3%
22%
Jan 18
Mar 29
Mar 25
par zl30
34
15
14
15
Oct
22
Prior preferred
...100
Int Business Maohlnes.No
conv
share
per
4
100
6% preferred
Inland Steel..
6%
Highest
share $
per
143s Mar 31
8
700
12l2
*1278
$
60
16
24
13i2
11%
47g
13%
share
per
10
1
3,400
lli2
21%
22
$
Lowest
No par
No par
_
.
No par
83", 700
11
11%
*3%
share
per
Island Creek Coal
9
14l2
11%
Year 1937
Highest
900
88%
34
*17l2
12i2
17%
*5%
*25i2
1378
1,300
37
834
22%
22i2
8%
5%
11
21%
$
Inspiration Cons Copper...20
Insuranshares Ctfs Ino
1
t Interboro Rap Transit.-.100
Interchemfoal Corp
No par
6% preferred
100
Intercont'l Rubber
No par
Interlake Iron
No par
Internat Agrlcultural_.No par
30
95
8
4%
14
*19
24,500
9,900
1,900
1534
12%
*12i4
*65i4
95
2
34
*10
9%
1178
*22
63%
19%
19%
15
105s
95
*16
*11
40
97S 120,000
*120
-
21
9%
32
2
-
18
9%
12
*25
~
1612
*85%
*134
Refining
Industrial Rayon
Ingersoll Rand
380
2358
3H2
62
18i2
9
21
*2014
27
1,130
938
6314
-
8
8
17%
5%
6112
17l2
*120
"9"
34
*2312
978
lli8
*6514
7%
4i2
*85%
3478
32i8
*85is
30i4
2
1634
*10
*4l2
938
62
1578
♦16
17
235ft
3014
30
95fi
60
1578
*10i2
*65i4
634
4%
4%
88i2
Indian
39,100
35
*55
9i8
60's
*1312
634
*334
96,700
40,300
4
934
93g
834
16i2
95
*6
634
4%
2934
734
35
60
2834
*120
1034
105g
*65i4
88i2
♦ia4
8
*13
1012
♦3>2
*85%
29%
734
34%
*2134
60
*120
..
100
18,200
2,100
2,900
68
5934
*1512
15
......
153g
95
341?
237fi
29i8
*16%
9
8
15
♦125s
10i2
*65%
33%
9%
*66
58i2
15
2,400
36,200
33
3114
3&8
17
9l2
9
*120
8~"
♦14
334
10
938
978
10i«
934
10l2
10
914
978
103«
1038
Ills
*6712
6934
67l2
671?
6934
6934
*9
101?
1012
11
11
101?,
10l2
1034
1034
1034
1734
x 1812
181ft
I8I4
181?
181?
*1734
181?
*18l2
187g
*119
122
*119
122
*117l2 122
*117l2 122
*11712 122
62
*53
*54l2
62
*56
60
60
58
6018
60iS
76
7U4
79
7412
78
80
83
817«
7834
81%
*126
12912 *126'4 129i2 *126% 129l2
129i2 129i2 12912 12912
15
*7%
323fl
334
3412
*22i4
3112
19U
914
671?.
56
"
30l2
*2134
331?
241;.
287„
*60
8%
*63
55
53%
*14%
311«
3i2
68
16
68
9%
2914
312
3l2
33
30
9
*8
*64
30%
*3U
914
Range for Previous
...
29
*2134
2878
16l2
;■ 834
90
831?
10V8
4434
27
1,700
6,200
2,500
4
43I2
443s
4534
4512
47i«
46i4
4812
4834
4714
*132% 135
*133
*133
135
135
*133
135
*133
137
*133
137
0%
612
6%
73g
714
75g
7%
8
734
7%
734
8i8
26i2
*3%
31,500
1038
*2178
146i8 146%
2II4
*8012
101?
278
258
434
20
37«
10
8,600
55
56%
64
55%
581-1
5934
15134 15134 *151
154
*151
154
*151
15234
5U
578
6
558
6'4
5%
6%
6I4
3%
3lft
3i2
358
31?
3i2
3%
37«
9
914
9
9i8
914
9U
938
9%
5%
3
42
*147
51
5
2ift
21
45g
83
914
2034
12l2
438
4%
4%
82
3i2
147
50
4<4
80
3
20
75
12
21
8%
20
73
43«
20r>8
2i2
19%
138
721?
123s
414
21
3
*18
*136
1134
4%
434
19
-80
2l2
138
68
681?
1178
8%
2%
2%
Par
82l2
4
80
Shares
7i8
18
11
5
*7
83
63
173«
$ per share
7i«
17i8
107g
5
7
Lowest
83
61i2
1712
S per share
4077
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
17U
137
6
Week
1,800
7,600
♦134
„
the
June 24
80
16i2
7934
4%
5%
17%
8%
*2i4
STOCKS
NEW YORK STOCK
Friday
June 23
7
6%
9%
*4
414
*4%
*1578
*78%
*234
Sales
Thursday
,
$ per share
714
5734
9i2
*4
CENT
J VI
Saturday
*434
NOT PER
Record—Continued—Page
tr66
Oct
Jan
Jan
24ig Feb
IO6I4 Mar
T Called for redemption.
June 18
13%
*12%
7%
8%
42
43%
41%
44%
15
5%
5%
14%
5%
15%
5%
28
43%
*14%
42
28
28%
29%
7%
5%
28%
6%
6%
28
*6
6%
6%
78
65
*4
4%
18%
18%
I8I4
17%
57
57
57
57
41
41
42
42
478
4%
5%
12
12
12
12
12
12
12
12%
12%
30%
32
33%
35
36
37
37
7%
*14%
29%
77S
15%
29%
*15%
16%
16%
89
85%
*28J2
89
*88
*4%
r
*89
93
%
%
*%
*%
13%
1%
1%
13%
1%
5%
5%
6%
1
*78
1
%
*%
•%
13%
1
5%
*%
*1%
*11%
17%
22%
90
93
95
1
14
14
13%
1%
1%
12%
1%
*1%
13%
13%
13%
14
81
83
83
85%
79%
80
32
34%
34%
24%
*25%
24%
26
*23%
25%
24%
25%
26
26
27
12%
12%
13
"
13%
13%
14%
14%
*814
8%
8%
8%
9%
9%
13%
13%
8%
87%
87%
4038
27%
28%
28%
1478
10%
16%
478
15
15%
15%
10%
10%
16%
17
10%
17%
478
4%
5
35% 135
28
28
28%
33
10%
11%
12
12
*10%
39% 40%
*100
100% *100% 100%
5%
5%
5%
5%
40%
42
44
44
46 4
*9
*39
42
29%
40
100%
100% 110% *100
6%
6%
6%
578
43
*40
42% *42
8%
7%
7%
7%
42
*39
7%
*6%
7
*8%
10%
7%
8%
8%
9
*8%
8%
8%
9%
9%
*7%
7%
23%
8
8
8
23%
24%
24%
23%
10
10%
8
8
25%
24%
2478
23%
20%
14%
15
14%
147g
11178
5%
*110% 111% *110% 11178
5
5
5%
*4%
19
J 8%
15
*11
160
*125
132% *125
50
49%
52%
15%
*24%
26
70
70
71%
*66%
72
*60%
*2%
2%
10%
*14%
10%
11
15
15
15%
17%
26%
72
72
*68
17%
2%
278
11%
2%
1078
18%
26%
27
72
72
72
15%
16
17
17%
*65%
69
69
69
*30
35
*31
35
*31
35
31
31
*32
*100
104
*100
104
*100
104
*100
3
*1%
1178
6
11%
11%
10%
10
12%
127S
97S
9
10%
10%
107S
*8
8%
123
*108
123
*4
*
7
1834
18%
53%
9%
9%
92%
92%
7%
7%
9334
*28%
*108
123
*108
123
%
%
*
2134
10%
-
-
134
"2,800
4
4%
2,600
8%
7%
%
7%
1
%
7%
52
52
140
9%
*91
7%
94
22
1034
8%
30
1%
1%
18%
10%
23%
11%
18%
10%
23%
11%
*86
90
5%
5%
15
-
w
53%
5334
6%
6%
3%
14%
14
*38
55
56
634
4
14%
5%
*4%
5%
10%
984
934
26%
27
*76
8%
94%
8%
30
30
1%
18%
10%
934
52%
93g
934
93%
*75
79
79
2734
55
6%
2
18%
*16%
1034
11%
24
25%
11%
12
89
90
534
5%
30
2%
19
5%
*334
6%
4
».
1434
1434
5%
10
5%
10%
27%
27%
14%
5%
*10
27%
-
-
*38
55
2%
58,600
1400
100
1,000
24%
27
24,200
20,000
10,600
5%
2138
126
12%
93
140
6
3,400
22%
126
14,200
10%
*42
51%
<■
16%
100
55
......
60%
65"
7%
734
7%
734
4
4
4
4%
this day.
6
65%
15%
15%
15%
6%
6%
*11%
2734
6%
283g
t In receivership,
Jan
91% Feb 25
114% Apr 22
2
5
111
a Def.
Oct
Dec
i71
Nov
25
105
Oct
25
10% Mar 31
Oct
15%
Dec
Oct
4%
Oct
Dec
50
131
9%
14% Feb 23
9% Apr 7
3434 Mar 26
95
Apr 6
Dec
67
Jan 12
60
Nov
104
Jan 12
102
Apr
Mar 29
7% Jan 17
3
Oct
37% Mar 29
47% Feb 24
12% Jan 10
15% Feb 18
13% Jan 11
44
Dec
5
Oct
10
Oct
4
034 Mar 30
7% Mar 22
8% Mar 30
15% Mar 31
Jan 17
10%May 27
Mar 31
Feb
157
81
150
Oct
8
Oct
0%
1034 Jan 6
25%June 21
Mar 25
6
17
145
5
Dec
May
17% Jan 10
13
Dec
June 24
90
Aug
37% Apr 12
43%June 23
39
Oct
12% Mar 31
11% Mar 31
100% Mar 30
105% Mar 30
3% Mar 29
3% Mar 30
17% Mar 31
11% Apr 1
20%June 24
13
15»4 Jan 12
12
Oct
112% Mar 2
lll%May 27
106%
Dec
104%
Oct
7% Jan 11
5%
Oct
65
Oct
Oct
1
4
23% Feb 17
Feb 25
17
Oct
17%
Deo
4%
Oct
5% Feb
20
778june 23
Mar 30
5
1
Co
12%
8%
Jan 10
14
Mar 31
8
11% Mar 29
Oct
Oct
June
1
130
Jan
4
127
July
National Power A Light No par
13% Mar 29
6
Mar 29
24
..25
4434 Mar 31
(The) Pa..10
$2 preferred
...
40
5 M% prior pref erred.-.100
0% prior preferred
100
14% Mar 31
100
100
National Steel Corp
National Supply
21
8% Jan 12
5
Oct
55
Oct
Dec
20% Dec
63% Dec
17%
1
2
29% Mar
4
79% Mar
Feb 23
75
Dec
4% Jan 14
3
Dec
75
1
11 % June
23% Jan
7
22% Dec
Feb 11
02
Mar 31
40
Jan 14
32
99% Apr 26
5% June 24
100
Jan 18
99% Nov
12
Jan 10
Mar 26
39
10
Mar 29
7
14
38% Jan 12
30% Nov
28% June 21
4% Jan 11
1134Mar 1
120
Apr 25
111
Apr 28
% Jan 10
Mar 30
2
Mar 25
5% Mar 26
No par
50
10% pref
50
t N Y Investors Inc..-No par
N Y Lack A West Ry Co—100
Mar 30
101
111
N Y A Harlem
100
Conv preferred
100
t N Y Ontario A Western..100
N Y Shlpbldg Corp part stk_.l
7% preferred
100
t Norfolk Southern
100
100
Adjust 4% pref
North American Co
100
Apr 28
% Mar 26
54
June
1
Oct
Oct
3
Jan 10
30
Oct
102
Apr
22%May 11
14%
54% Jan 13
10% Jan 10
48% June
25
9
June 21
100
preferred
4
1
Mar 28
1334 Mar 25
122
Jan 14
63s Mar 31
30% Apr 1
10
Mar 30
Oct
3
Oct
Jan 13
93
Oct
93% Jan 13
13% Jan 12
91
Oct
99
94%June 22
31% Jan 21
3
Jan 12
22
Jan 13
1478 Jan 10
327g Feb 23
12% Jan 13
96
Mar 10
7% Jan 21
247g Jan 11
9%
30
1%
Oct
Dec
Oct
53%
Jan
6% Mar
Oct
40
9
Oct
22% Apr
24
Nov
15
6%
90
5%
20%
128% Mar 11
12
Jan 12
125
56
Jan 11
6%
Oct
Nov
Oct
Oct
Nov
Oct
Jan
73
Apr
20%
Feb
114
Feb
19% Mar
45%
140
Jan
Feb
24% Mar
Mar
48
Dec
97
10
Jan 10
12*4
Dec
28
39% Apr 28
50
Jan 12
44
Dec
75
Jan
115
Apr 19
115
Apr 19
114
May
115
June
Owens-Illlnots Glass Co..12.50
40
Pacific Amer Fisheries Inc...5
6
35.50 conv 1st pref.-No par
Outboard Marine A Mfg
Outlet
delivery,
12
May 26
83% Apr
No par
Steel-.
May
19%May 31
7% Mar 30
No par
preferred A
100
Oppenhelm Coll A Co..No par
8%
0%
Oct
100% Jan 17
Omnibus Corp(The)vtc No par
Otis
Oct
180
50
No par
Oct
%
1% Jan 11
198
Jan 13
No par
Otis Elevator
62
38June 16
133 June 3
100
Mar 29
1% Mar 30
1234 Mar 30
Oliver Farm Equip
Oct
10% Jan 24
Norwalk Tire A Rubber No par
Co
Dec
4% Mar 29
38
Mar 31
63g Mar 31
Oil
%
54%
Oct
9334 June 15
Preferred
Nov
1
100
Ohio
Oct
113
4%
1
Pacific
110
1% Jan 15
NorthernStatesPowerCo.$5pf 1
Northwestern Telegraph
50
Northern
Oct
Oct
5
2
50
preferred
6%
Jan 18
284
2% Jan 10
6% Jan 10
No par
North Amer Aviation
61
Oct
15
l%June 10
2% Mar 30
% Jan 5
J N Y N H A Hartford
Norfolk A Western
Oct
22% Jan 10
18
Dock
preferred
Oct
Mar 25
..No par
5%
Nov
15%
123gMar31
NYC Omnibus Cor p.. No par
New York
Oct
10%
197s Jan 12
0% preferred series A...100
Dec
Nov
29
Jan 10
20
No per
N Y Chic A St Louis Co...100
New York Central
Dec
9
19% Jan 15
9% Mar 31
No par
N Y Air Brake
Oct
6%
20
70
28
100
100
1
5% pref series A
Dec
6234 Jan 12
Feb 25
2%May 24
7% Mar 31
14% June 17
58
Apr 5
4M % conv serial pref
100
Newberry Co (J J)
No par
t New on Tex A Mex
Newport Industries..
Feb
16%
Jan 11
23
Mar 31
70
1
Nelsner Bros Inc
Jan
63
No par
Co....——No par
National Tea Co
Natomas
2984 Jan
17% Mar 29
10
Lead
6% preferred B
Nat Mail A St'l Cast Co No par
8,500
28%
May
127
600
27%
67
Jan 12
17
Mar 30
10
20
10
Oot
18
1,570
123g
1134
1%
12%
153
570
10%
3% Jan 11
7
510
14%
1% Mar 25
100
-.100
Dec
Jan 20
13,300
1,800
4
15%
5%
10%
27%
Dec
5
No par
100
Co
Preferred
7
63
Oct
% Mar 30
5%
1%
159
*115
♦115
2
3
200
*16
*38
3% Jan 12
11% Jan 10
2% Jan 8
Feb
40
15,500
10%
1% Mar 20
4% Mar 29
78
150
10
11%
1134
No par
100
75
1934
*88
Dec
Oct
15
Northern Central Ry Co._.50
1034
*17
84
1% Jan 11
1% Jan 12
No Amer Edison 36 pf. No par
2%
Dec
17% Jan 13
20
30
%
% Mar 28
%June 22
600
34,800
61
57%
Bid and asked prices; no sales on
55
*38
*29
Oct
Dec
10%May 27
79
9%
48% Mar
Jan
122
Oct
50
10
95
10%
5%
4
9%
93%
*75
>4 Jan 10
7% preferred A.
1,200
943,}
30
240
74,700
10
2
1,800
5334
53
2
% Feb
13% Mar 31
4534 Apr 1
5% Mar 30
87%May 3
*93%
30
900
102% 102%
21%
20%
10%
88
6%
160
94%
88
58%
160
9%
23%
11%
*115
%
%
6,700
30
53
*45
*93%
11%
55
8%
9%
90
5%
21%
*92
10%
24%
11%
24%
•
500
94%
*17
10%
2034
52%
93
*134
*115
*115
53%
*6%
*3%
75
94
53
102% 1031
53
9%
93
8
22
22
21
21
21%
19%
♦125% 128
125% 125% *125% 128
10%
9%
9%
8%
8%
8%
46
*42
50
39
39
*40%
16
15% *15
15% *14
15%
39
*38
934
92%
94
30
50
*52
75
8%
*38
52
9%
94
39
140
734
,
%
%
%
%
% n
142
149% 159
20%
91%
75
*14
%
a
*45
19%
984
9234
15
53
*47
52
52
39
102
78
8%
*34
102% 102%
19% 21%
102
102% 102%
20%
19%
52
53
%
*%
136% 137
%
%
*13%
*
-
"l34
*34
*9%
26%
«.
1%
5%
5%
19%
18%
"18%
*17%
*124% 127
*124% 127
8%
75g
7%
J34
*5
-
3%
*86
90
*13%
"l~900
"l%
*15%
9%
*3%
%
57
H 334
934
-
*
57
1%
18%
-
*
%
%
%
%
57
w
3%
9%
*115
*
-
3%
1%
*434
*%
%
55
M
""1%
1%
10%
123
1%
*28%
30
*86
*108
123
3%
%
*1%
*15%
*21
111
3%
*34
7%
*70
92
*56
*93
111
"l%
*136
102%
*52
115
1%
*45
133
*102
70
*110
3%
%
*%
133
9%
934
115
*108
57
*34
7 %
%
52
*45
934
3
*34
*684
9%
Mar 31
conv
National
740
""1%
1%
3
3
720
„
15% 150,800
11034 11034 *110
*108
"*i~
3,200
43g
IO-34
9%
112
%
28%
4
*
*108
57
27%
4
27%
i*2%
112
*%
28%
21
334
*108
*
24%
6,500
9,500
27%
8%
43,500
1,400
14%
27
8%
15%
30
1434
35
Chemical Co
preferred
No par
Inc No par
Nat Gypsum
10
20
25
27%
334
334
9%
200
13%
*3%
■
100
24
27'.
27%
3%
19
13%
3%
3%
10%
14%
27%
27%
*3
4,500
2,400
12
20%
*26
"2,400
13%
18
1778
4,000
17,900
12,800
22,100
1,100
1,200
1438
29%
13%
18%
15
210
28%
18
15%
24,200
23,800
14%
6
*3
6
14
26%
13%
11%
26%
12%
*23%
*15
*7%
*1%
13%
1378
25
12%
11%
10%
*8%
6
*1%
12%
6
1278
24
*23
23
100
29
104
*1%
13,100
32%
32%
103% 103%
5%
5%
35
104
10
800
78%
10%
1878
*68%
...
*100
*20%
28
3
18%
18%
*68%
19%
75
73
2% If 3
10%
11
11
7%
59%
Nov
4%
7% Jan 12
60
J an 12
64% Jan
100
*70%
*68% i 72
27g
1078
67g
57%
18%
27-%
53
98%
110
1
Apr
Mar 30
3,600
160
1327g 133
187g
18%
57%
£54%
72
72
*07%
69
*63
69
*63
17%
26%
55
18
26%
53%
72
71%
72
2%
11%
2%
6%
26
26
*25
16
53%
16%
16%
15%
15%
16
6%
52%
16
6%
6%
6%
*49
778
26%
25%
*152
160
*152
13278 13278 *131% 132%
17
183S
16%
17
6%
7%
6%
7
13278 *130% 13278
1478
14%
*13%
6%
160
*153
154
154
*155
160
> 7%
7% |f 7%
23%
25%
7%
24%
2258
*152
73%June 24
May 27
Apr 25
49% Jan 28
20
600
110
7%
7%
23%
7%
21%
7%
21%
6%
19%
20
19%
*1178
15
*1178
6%
6%
19%
4
378
19%
378
4
*3%
18%
14
110
Oct
preferred..-No par
Munslngwear Inc
-No par
Murphy Co (G C)
No par
5% preferred
...100
Murray Corp of America—10
Myers (F A E) Bros...No par
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis..100
National
Acme
i-—-1
Nat Aviation Corp
5
National Biscuit
—10
7% cum pref
100
Nat Bond A Invest Co.No par
5% pref series A w w
100
Nat Bond A Share Corp No par
Nat Cash Register
No par
Nat Dairy Products...No par
100
7% Dfef class A
7% pref class B
100
Nat Dept Stores
No par
0% preferred
10
Nat Distillers Prod
No par
Nat Enam A Stamping.No par
30
1378
4
94% Jan 26
91
35% Mar
Oct
Mar 25
10,800
*110%
111
*110%
11178 *101% 1U78 *110% 111% *110% 111%
6%
6
634
6
6% m 6%
6%
4%
*4
4%
4
4%
4%
4%
21
21%
20
21
19%
1978
19%
15
15%
15%
15
*13% ii.17
*13%
14
41%
18%
14%
Nov
4
9,600
13%
*110
43
19%
17%
110
*41
19%
41%
17%
14%
87
21% Jan 10
7% JaD 16
200
43%
41%
17
Oct
101% Jan 12
Feb
Oct
900
1734
41%
16%
15
1
Jan
72% Mar
20%
Dec
300
81
42
41
16
110
8%
81
4
Apr
36%
260
80
41
111%
13
15%June
12% Mar 30
39% Jan 13
21% Jan 10
37
80
13%
*110
7%
41
Oct
4%
14
Mar 31
2,500
4,500
24,200
24%
24% #23%
156
15478 155
13%
13%
13%
156
80
*78
80
*77
16
*13%
10%
Dec
Feb
101
Dec
44,000
8
*7%
40%
*15%
9%
11%
14
33% Nov
21
200
8%
8%
10% Jan 13
30
14,400
107g
11%
10% iio%
8%
11%
10%
47% Mar
1
4038June 24
320
7
43%
Feb
Dec
Mar
30% Jan 17
1,000
99%
6%
43%
43
8%
80
*38%
48
Jan
16%
10%
23
Mar 31
400
12%
A
6%
10%
*77
80
k
43
156
*153
156
*153
*153
156
*151% 154
127g
1278
13%
*12
12%
12% *12%
12%
*77
14
86
Oct
22%May 27
1,080
148
X99%
11%
10
9
37
12%
48
99% *99%
33%
10%
31%
11%
3178
11
28
*38
5,300
5,100
5%
93% Aug
Dec
3
No par
Morris A Essex
50
Motor Products Corp..No par
Motor Wheel
5
Mueller Brass Co
1
Mulllns Mfg Co class B
1
330
18
5%
5%
Dec
37%
70
Montg Ward A Co
Morrell (J) A Co
8,000
2,200
11
50
Jan 13
Mar 26
Monsanto
100
27%
29%
28%
16%
Jan 19
6% Jan 11
4
J Missouri Pacific
5% conv preferred
Mohawk Carpet Mills
34.60
61
x48
43% Jan 17
1178 Jan 11
22% Jan 11
27% Jan 12
100
100
Preferred series A
122",200
85%
*112%
38%
*23%
29%
Apr
1
1
—
Mo-Kan-Texas RR
10,700
38%
16
16%
4%
4%
4%
4%
*4
83%
37%
35%
16
15
14
1%
*112%
36%
29%
♦23%
*112%
34%
*23%
29%
*112%
14%
1
*112%
32%
31%
*23%
14%
1%
14%
1
%
1%
1%
1%
8%
78
78
1%
7%
13
*112%
1%
7%
2%
Jan
34*4
4
5% Mar 31
M—100
Mission Corp
2,400
2,000
13,200
1,000
1,300
2,300
2%
8%
1
7
6%
%
300
110
2%
7%
1%
2
2
{Minn St Paul ASS
7% preferred
4% leased line ctfs
Jan
112%
Dec
No par
36.50 preferred-
500
Jan
19
Dec
Dec
20% Mar 30
89
300
47%
Oct
78%
10
May 31
June 13
100
15,700
Oct
Dec
0
06%
Jan
B—100
Impl
Jan
Jan
42% Mar
10% Mar
Jan 25
3% Mar 30
Lt 6% pf-100'
Minn-Honeywell Regu.No par
Minn Mollne Pow
5%
28%
Sept
Jan 12
32% Apr
11
Oct
Dec
28%
42%
15
50
Mllw El Ry A
4% conv pref series
30%
18%
Mar 20
5
14
21
Dec
72
Apr
Prod..—No par
1st pref
100
8% cum
84
0% Mar 20
55
Midland Steel
30
14%
14
14%
14%
14%
Apr 12
—5
Petroleum..10
Copper
Mld-Contlnent
~6~,906
1
*%
%
1%
67g
1%
*1%
1
*%
Miami
93
93
93
1%
*12%
1%
12%
87%
Machine Co
Mesta
210
68
73%
66
68%
66%
64%
109%
*105
109% *105
109% 110
6%
5%
6%
5%
5%
5%
53
50
49
47%
*44
47%
%
*%
%
%
%
*%
%
%
%
*%
%
45
45
%
*%
*'4
•%
*%
*12%
1%
17
21%
*90
5%
47%
17%
22
65%
5
*42
43
86%
109%
5
9
16%
21
9278
109% *105
4%
8%
9:
160
9%
16%
19%
19%
86%
64%
64
*105
4%
*40
*85
60%
110
*105
17%,
86%'
18
70
share
per
Dec
7*4
8% Jan 15
Co.No par
5
5% conv
670
2,100
10,600
7,300
4,000
17%
21
86%
9
9
17%
8%
16%
*89
92%
59%
59%
8%
16%
8
15%
Mar 26
1
50
Merch A Mln Trans
19
12%
12%
29%
*11
5
share %
per
11
26% Jan 12
8% Jan 10
35% Feb 23
No par
(The)
1st pref
Co
Mengel
37%
9%
18%
18%
18
18
17%
18%
*18
4%
4%
4%
4%
35.50 pref ser
Melville Shoe
1,700
4,600
15
13%May 27
5% Mar 29
27 June 14
No par
No par
B w w.No par
"""266
5
Lowest
$
share
Mar 15
10% Jan 12
45% Feb 1
36 pref series A
44%
43%
per
36% Mar 25
preferred.....100
Mead Corp
5,000
*57
*75
Mar 26
conv
6%
65
*50
Co..No par
7
Mines..5
McKeeeport Tin Plate
10
McKesson A Robblna..
5
33 conv preferred...-No par
McLeJlan Stores
1
10
11%
11
65
10
Mclntyre Porcupine
7,600
2,200
4,000
94
*75
McGraw-Hill Pub
1,400
8,000
17,900
7%
7%
11%
10%
18%
7
3078
6%
30%
*50
94
*45
42
41
42
1
5
share
Jan 31
McGraw Elec Co new
Lots
Highest
Lowest
3 per
Par
2,700
14%
10
94
*75
10%
9%
70
*50
*54
41%
4%
18%
30%
7%
42%
*50
05
41%
4%
9%
40%
17%
6%
78
*50
14%
14
9%
42
18%
7
30%
7%
1378
78
60
*50
40%
6%
10
9%
*40
40
16%
80
80
9%
8%
8%
*8%
80
*75
80
*75
16%
Week
Shares
1378
9
41%
18%
6%
29%
7%
13%
8%
41%
17%
6%
29
7%
8%
7%
7J2
*7
Friday
$ per share
% per share
13%
13
13
13
June 24
$ per share
June 22
S per share
$ per share
$ per share
the
June 23
Thursday t
Wednesday
Tuesday
June 21
Monday
June 20
Saturday
On Basis of 100-Share
YORK STOCK
EXCHANGE
NEW
for
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
HALE PRICES—PER
AND HIGH
LOW
1938
June 25,
New York Stock Record—Continued—Page 7
4078
...
Mar 30
66% Jan 12
Mar 30
10
2% Mar 26
11% Jac 17
5% Jan 11
No par
No par
Pacific Finance Corp (Cal).lO
10% Mar 25
1778 Feb 23
Pacific
Coast
1st
preferred
2d preferred
Pacific Gas A Electric
n New stock,
r
25
Cash sale.
334 Mar 29
9% Mar 26
x2234Mar30
1
Ex-dlv.
v
8% Jan 21
14% Jan 13
28%May
6
51% Nov
r9% Dec
2%
7%
4
10%
22
Jan
103% Aug
23
15%
Jan
Feb
Oct
Oct
40
Oct
27%
Feb
Dec
32%
Jan
38
Jan
Oct
Mar
Ex-rlghts. 1 Called for redemption.
Volume
LOW
New York Stock
146
AND
HIGH
SALE PRICES—PER
SHARE.
NOT PER
Record—Continued—Page
CENT
Sales
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 18
June 20
June 21
June 22
June 23
June 24
$ per share
38
38
1234
12%
*99
38%
13%
105
$ per share
38%
*38%
13%
13%
*99
105
S per share
$ per share
*100
39%
39
39%
39%
39%
14
14%
15
16
15%
16%
105
*101
105
*
88%
6"8
88%
678
*67"8
73%
*8
17%
*178
89
88%
7%
7%
74
8%
17%
8%
*16
7%
73
8%
9
17%
*16
2
2
2
88%
8%
79%
*37
37%
36%
373s
36%
*14%
153S
1678
17
1%
153s
*1%
16
*1%
*4%
*9%
*5%
4%
9%
5%
*47
1%
1%
4%
4%
9%
5%
10%
534
25
50
51
66
66%
1%
1%
*3
3%
1634
3%
1634
18
12
12
12
14%
14%
15%
*7
7%
19%
20%
*34%
*62%
70
*1%
*3
%
*%
Die
*4
6
*38%
32%
3
*29
39
*6
*45
50
*4%
*21%
*4%
4978
*
6%
51%
72
13
18%
18
1834
27
27
27
21
21%
22
25
24%
25
19
21
21
25
24
340
16%
*12
24%
16%
24%
35
*34
35
35
35
*35
*62%
70
*62%
70
*62%
67
*62%
28
*1%
2%
*3
*1%
2%
*3
3%
*%
7%
23
rl%
*4
6
*38
50
35
*4
*29
37
36%
*2%
39
52
145
145
578
9%
27%
16%
27%
28%
16%
16%
26
26
27%
%
%
*%
*4
54
54
54
*54
94
*50
7%
*%
%
18%
18%
19%
9
9
9
9
7%
9
%
19%
%
19%
*8
778
2%
2%
*%
%
*2%
2%
6%
*2%
2%
6%
6%
2%
2%
678
2%
6%
91%
*117
26%
7%
7
7%
200
8%
2%
2%
2%
700
%
%
%
2%
278
7%
8%
1,300
18,500
9%
6,600
3
*7
8
8
21
21
21
22%
23
24
49
49%
49%
50%
50
50%
8,200
*117
117%
29%
117%
29%
30%
94%
94%
105
105%
70
92
*91%
*105
117
28%
92%
8
28
93
93
105
106
8
*7%
105
117
117
29
30
93%
*105
*117
*117
93%
I057g
8,400
9
74%
*9
*9%
5%
*75
47
2
9%
9%
*83%
9%
10%
5%
*9%
5%
100
*75
48
47%
2
*9%
*16%
*10%
17%
12
*18%
19
*4
*5
10%
10
10%
14%
10%
*83%
7578
9%
*10
5%
100
49%
2
2%
10%
84%
87%
78%
11%
87%
79%
*85
79
97g
9%
10%
10
10%
97g
10%
10
10%
11
57g
6%
11
6
6%
95
*75
50
51
51%
51%
2
2%
16%
17
2%
16%
95
*75
21
21
17%
47g
18
14
*18%
14%
20
13
*19
21%
*21
*13%
*4%
15
13%
14
zl4
15
50
%
4%
7
*40
%
*%
*5
778
4%
*8%
11%
11
1%
1%
12%
12%
*4%
50
%
7%
10%
7%
*8%
778
7%
10%
11%
12
1178
5378
*36
1%
1%
14
*%
1%
14
*42
45
45%
47%
44
48
*9%
10%
*43%
10%
*46%
10%
*18%
24
*22
24
*65
78
59
*65
*
11
78
59
23%
*65
*__,
778
10
12%
13
54
54
56
47
*43
178
d8
18
54
700
54
400
12%
12%
127g
12%
13
5,900
26%
78
11
"11%
12%
"l2%
13
"l3"
85%
*74%
578
85%
*74%
85%
37%
55
38
*53
6%
39%
39
39%
39%
40%
55
55
55
55
55
6
*5
6
5%
5%
*7%
5%
5%
5%
5%
5%
*14%
1678
15%
1678
1%
29%
29%
30%
%
1%
*%
%
1%
1%
1%
8%
17
*1
8%
15%
18%
2%
33
*8
15%
18%
*1
*5%
5%
5%
9
9
9
15%
16%
16%
19%
19%
19%
2%
*1%
2%
34%
%
1%
1%
1%
36i2
78
1%
*%
Bid and asked prices: no sales on tbIs day.
534
122,600
26%
"l3"
6%
6%
40%
*52
6
6%
13%
85%
7
40%
4,066
'
*
-»
*
•
«r
-
8,700
11,300
200
Dec
45
Dec
%June 9
6
May 28
48
May 3
6
Mar 29
% Nov
4
20%
2,800
2%
38%
13,900
1
2
Oct
200
1.000
1,700
delivery
8
Jan
8
Deo
28
Jan
x97%
Apr
141
July
8%
%
Oct
Oct
47% Mar
11%
3%
Jan
Oct
15%
3178
Jan
Feb
31
Feb
86
Feb
Car
Steel
Co
Inc.-l
5
1st pref
conv
50
No par
25
Mar 25
>4 Jan 19
20%June 24
3% Jan
1% Jan
4% Jan
10% Jan
10% Jan
81% Jan
5034June
122%May
35% Jan
98% Jan
13
22
17
10
15
17
24
18
13
12
2%
5%
5%
20
Oct
Oct
Oct
43% Oct
114% Mar
30% Oct
3
Jau
2978
Apr
Feb
Jan
05%
Jan
118%
Jan
5234
Jan
Feb
103%
Oct
123% Jan 13
117
Oct
100
132
Mar 29
143
Jan 14
132
Sept
Pub Ser El & Gas pf 95.No par
112
Jan 12
116
June 13
110
June
112%
12812
140%
162%
113%
25%
Oct
72%
Feb
8%
Oct
243s
Feb
8% preferred
6%
—No par
No
13% Jan 11
98% Jan 18
79% June 23
l0%May 10
16% Jan 14
7% Jan 11
74% June 18
7
No pat
{Radio-Keith-Orph
Mar 29
9
No par
Raybestos Manhattan-No par
Rayouler Inc
...--1
|2
8%May 26
Apr 19
81
No parr
1st pref.-No par
June 16
434 Mar 31
60% Jan 31
37% Mar 31
178June 2
1434June 20
8%May 26
25
18
50
preferred
Reading
10% June 17
Mar 30
4% 1st preferred
50
18
4% 2d preferred
50
5
13% June
234 Mar
34% Mar
% Mar
—
Real 811k Hosiery
100
Reis (RpJbt)
A Co.
No par
1st preferred
100
Preferred with warrants.-25
Mar 22
10
Class A
7% preferred
Joseph
Lead.
{St Louis-San Francisco.—100
0% preferred
100
n
New nook
r
Gash sale,
20
Jan 18
26
Dec
29%
Dv c
Jan 13
18%
Dec
47
Mar
Jan
\pr
h
sc
Jan
Jan
1
Sept
Jan 10
7%
Dec
9% Jan 10
7%
9%
Dec
Oct
8%
Oct
2
11% Jan 12
15% Feb 26
6714 Feb 24
61% Nov
Apr 28
667( Jan 22
09
Dec
1%
12%
Oct
June 10
1% Jan
11
3
3
Jan 10
Jan
4% Mar
30
Mar
22%
Feb
35% Mar
29% Mar
94%
110
Jan
Feb
20% Jan 15
75% Jan 15
05
Dec
124
73
60
Dec
30
17% Jan
8
9
Oct
110% Mar
493a Apr
37
Jan
8
85
Jan 21
Mar 25
Mar 31
Bx-dlv
Jan 21
3%
30
31
29
26
1% Mar 25
t
Dec
83
49%May
13
20
Dec
l%June 18
25%May 27
%June 13
100
--.-10
Jan 11
10%
39
7% Apr 11
14% Mar 30
No par
37% k. ug
■
41
y
Jan 13
20
Oct
9%
Feb
47% Mar
Apr
Dec
98
76'4
Dec
139
94% Jan 21
17% Jan 7
00
Nov
21
80
11
8
578
40%
Dec
68
11
65
Oct
07
Jan
10% Nov
4% Oct
s% Dec
18% Dec
17% Oct
14
Feb
8%
Kuberold Co (The)
80
Oct
Dec
133s
5%June 21
{Rutland RR 7% pref
Jan
Dec
2%
19%
49
51% Jan 31
tit.
Nov
43%
33'4 Mar 30
Dental Mfg
Jan
115
Oct
9% Mar 30
5
Feb
187s
1234 Mar
Dec
10
No par
No par
Feb
23%
Dec
Rhine Westphalia Elec A Pow_
Oil Corp
44
107
Jan 11
22
87%
10%
46%
58%
Richfield
13% Doc
4% Oct
96% Dec
Jan
Jan 15
5%
23%
24%
29%
Reynolds Metals Co.—No par
5M% conv pref
100
Reynolds Spring
1
Reynolds (R J) Tob class B. 10
Common
Oct
Jan
Jan
30
21
25
30
65
Apr 27
82% Feb 24
10%June 9
84% Apr 25
4% Mar 30
100
June 23
6%
Oct
Jan
23
1% Mar
ll%May
39% Mar
38
May
7% Mar
17% Mar
6% conv prior pref ser A. 100
Revere Copper A Brass
5
54
4
85
Oct
30% Jan 15
40
Republic Steel Corp.—No par
6% conv preferred
100
77%May
91
27% Jan 25
478june 24
Reo Motor Car
-5
6
86% Jan 17
par
Quaker State Oil Ref Corp.-10
Radio Corp of Am er.--No par
Jan
21%May 27
100
Purity Bakeries
13.50 conv
8
Apr
100
preferred
5% conv preferred
Roan Antelope Copper Mlnes.
*1%
36%
*78
ds
Jan
May 10
16% Jan 10
33%
Rltter
20
12
57
Oct
900
21
6
Oct
400
17
Jan
Jan 13
Oct
97g
2%
37%
a
30
1
1%
%
12,100
*9%
*16%
2
45
7
6%
10
{ la reoeiver«mip.
Deo
May 2i
108
30
6
17
%
30
Jan 15
5% % preferred—-.-.-100
16%
19%
*1%
35%
%
*d8
Dec
86% Mar 31
10
55
*5%
23
112
59
*70
26% Jan 10
Mar
101% Apr 23
400
70
9%
34%
%
33%
13%
85%
6
5%
*15
*
*
6%
6%
26%
65
*74%
6%
*5%
8%
26%
59
65
♦
59
8
Rensselaer A Sar RR Co—100
17%
27
Mar
100
900
54
*65
122
,1
52
*
Dec
Remington-Rand
17
*24
78
Mar
7
12,400
51
July
20
43
9
51
141
32
-----10
1578
97% Apr
Jan 10
Reliable Stores Corp.--No par
11,300
Mar 14
14% Aug
100% Aug
46
Reliance Mfg Co
2%
Deo
100
100
50
~ii"
37%
dg
Dec
Oct
200
51
*74%
*53
2
Jan
Oct
4
Oct
900
57
76%
25
48%
Mar
8
87g
48
Jan
Oct
4%
"506
57
Feb
18%
8% Jan 10
%
778
*38
Jan
56
16% Jan 12
29
29
5
Apr
1
5% Mar 30
13%
3338
Dec
4%
12
Preferred
11
Oct
20%
No par
--
16
1178
24
6%
50
55
10%
37%
567g
48
200
46%
85%
5%
55
9
47g
74% Jan
20% Apr
36
Jan 17
174
Jan
Oct
5% Mar 29
1% Mar 26
58June 6
l%Mar 30
484 Mar 25
4% Mar 25
1334 Mar 30
39% Mar 31
116%June 6
No par
No par
5% pf (ser of Feb 1 *29) .100
Pub Serv Corp of N J--No par
400
14%
*48
12
*5
%
*7%
*8%
10%
12%
7
9
~io%
5%
%
*8%
*74%
5%
*40
9,500
46%
55
59
%
8
1%
15%
47
44
478
50
7
*38
.
10%
10%
12%
7%
48
*41
*40
%
*5
54
15
*4%
50
*9%
11%
9%
47g
*40
%
*5
7%
54
7%
10%
4%
9%
5%
1,300
18
13%
19%
10
1,100
June 21
9%
Oct
4
22% Aug
5% conv 2d pref
Procter & Gamble
500
16%
18
18%
48
*1%
2,200
18%
12
*50
*%.
16%
*17%
*36
*53
15%
22
18%
19
54
5%
37%
12,500
Dec
July
Oct
Pressed
"MOO
2%
17%
11%
19%
178
Jan
Jan
64
27
7% Feb 26
01
20
87%
Oct
June 24
85
Oct
Nov
30%
Dec
95 preferred B
54
17
5%
50
9
{Postal Tel & Cable 7% pf-100
100
2%
17%
10%
19%
157g
11%
16%
9%
95% Aug
13
Pure Oil (The)
300
Oct
Feb
5
Class B-.
200
89,000
Jan
3%
Jan
38,900
6%
65
Feb
7%
14
11
Pullman Inc
4,700
10,200
Oct
Mar 28
13,100
11
Oct
% Mar 31
Mar 31
6% preferred
7% preferred
79%
10%
11%
Dec
%
Jan
8
Porto Rio-Am Tob cl A .No par
"90
88
,
1%
Jan
100%
15
95 preferred
200
3
Mar 30
No par
Poor <fc Co class B
~
-
53%
2%
*40
4%
*75
54
2%
19
15%
*10%
6%
100
11%
50
10%
78%
6%
*17%
10
9%
51
*
10%
15%
9%
*35
12%
10%
84%
76%
15%
10%
*6%
*8%
10%
*51%
*1%
10%
84%
76%
5%
*75
49%
2
16
*13
75%
9%
*14%
*35%
%
85%
75
84%
75
•»
Jan
23
100
54%
Dec
2%
Mar
38%June24
8% Jan 10
24% Jan 12
52
May 10
7% Jan 17
Mar 29
20% Apr
11% Apr
pf uastmp 100
100
May 21
Jan
5
600
•
13% Feb
6978 Mar
48% Mar
Creek Pocahon.-No par
300
120% *117
120% *117
120% *117
120% *117
120% *117
120%
*136
137
137% *136
137
137
136
136
137% 137%
137% 137%
*115% 120
*115% 116% *115% 116%
116
116
*115
116
115
115
23% 23%
23%
25%
27
25% 26%
2578
26%
28%
28% 29%
*81
con
Plymouth Oil Co
Pond
400
900
21% Mar
Oct
7% Mar 29
-1
preferred
Pitts United
700
9
7
28
106
2%
8%
2%
*%
2%
.
9
18%
4978
117
*91
8%
9
Oct
3
478May 26
conv prior pref 100
Term Coal Corp
6%
7
28%
5H 1st scr
Pitts
18%
49%
20
*105
91%
*104% 107
350
Pittston Co (The)
9
9%
145
100
.100
%
27
5% pref class A
9,300
%
20%
*8
17S
117
1,010
%
*%
9
10%
*%
19%
Jan
3% Mar 30
100
20%
11
19%
1978
77g
117
7% pref class B
Pittsburgh & West Va
9%
25
41
No par
450
*%
48%
117%
Pittsburgh Steel Co
1,180
%
Oct
6
6% Feb 18
8
11
7%
178
*26%
*%
Jan
11
Jan
97%Junc- 24
3
30
%
*6%
%
91
1
3% Mar 31
20 May
5
6
9%
%
*%
19%
10
*%
20
3,500
87
Dec
Mar 31
4
95 conv pref
Nn par
Pitts Ft W & Chi 7% gtd pf 100
Plttsb Screw & Bolt
No par
12,000
Oct
Dec
2% Feb 19
4% Jan 12
30% Jan 18
100
Jan
lllieJune 20
2
100
Pitts Coke & Iron Corp No par
80
Mar
9
50% Mar 9
42% Jan 10
40
94
1%
47%
1,600
58%
17
30%
1
20% Jan
*50
7%
*17
300
6
5%
58
Oct
62
Pirelli Co of Italy "Am shares"
94
*%
6%
25
*21%
5%
58
Feb
3
66
Pittsburgh Coal of Pa
6% preferred
*60
1%
20
700
*'•.
7%
47%
40
5%
116%
65%
Apr 12
5
*4
%
47%
1,500
51%
5%
Mar
Oct
37% Jan 12
Pierce Oil 8% conv pref...100
Pillsbury Flour Mills
25
6
1%
*16%
22%
51%
63
22
30
4% Mar 30
May 4
27% Mar 31
100
-
Oct
Dec
110% Sept
Mar 28
38
No par
*4
m -
9%
*8
6%
900
Phoenix Hosiery
Preferred
20
Jan
12% Feb
76% Feb
29% Feb
50% Mar
18% Nov
34% Nov
l«i6June
Phillips Petroleum
100
Oct
27
4
Jan
6%
Oct
60
100
64
103% Mar
13% Dec
30
No par
6%
*%
6%
10
7%
30,600
152
145% 145% *147
*147
152
6%
6%
6%
7%
67g
7%
10
11
13
11%
12 7g
12%
31
2878 30%
38
36%
30%
17
19
24
19%
26
2278
35
35
34
27% 28
34
6%
9
5%
*53
53
38%
5
25
*23%
5%
53
38%
7%
22%
7%
5
5
4%
3
2278
51%
*46
5
23
39%
2%
15
13% Jan 11
75% Mar 29
7% preferred
Oct
Nov
67% Nov
1% Oct
Jan 12
% Mar 26
Phillips Jones Corp
2%
37
7%June 21
313s Jan 10
Rights
100
14
21
25
10
Jan
10% Jan
2378 Mar
7% Feb
15
3
50
-
7%
Oct
Oct
434 Jan
No par
7% preferred
Phlia& ReadC&I
28% Jan
200% Jan
26% Jan
34% Jan
8% Feb
44% Feb
29% Aug
37% Jan 11
38% Jan 15
Mar 23
1% Arp 25
2% Mar 26
50
3
39
7
22%
51
23
6
*6
70
600
4
8
734 Mar 30
No par
10978 Mar
Oct
8
Feb
15
26
26
Oct
1%
1758Mar3l
25
Philadelphia Co 6% pref.-.50
10,000
6
26
Philip Morris & Co Ltd... 10
3%
%
97%
6
26
Oct
Oct
12
Jan 11
31
Oct
12
112% Feb 9
34% Jan 12
4% Jan 12
8% Mar 29
{Phila Rapid Trans Co..--50
*38%
38%
387S
278
*29
7i4
"5"
Phelps-Dodge Corp
-
%
50
*2%
22
*
52
*%
39
*6%
21%
50
9
%
278
*29
7%
22
5%
%
15
$6 preferred
2%
95%
6
35%
*6%
21%
9%
100
100
100
No par
Petroleum Corp of Am
5
Pfeiffer Brewing Co
No par
100
3%
%
*5
278
*4
*6
*1%
96
*38%
7
*6%
*1%
200
25%
Mar 29
100
26,500
6
50
3578
22
4%
49%
%
93%
*38%
*2%
7%
%
Oct
5
14% Mar 31
19% Mar 28
110
5% prior preferred
5% preferred
Pet Milk.......
4,300
2,700
41,200
lui«
*%
7
*3%
1%
*4
*8
2%
3%
Oct
Oct
24% Jan 10
15% Jan 11
24% Jan 15
Mar 30
Pere Marquette
""606
7%
25
50
Peoria & Eastern
11
10%
7%
7%
25%
*1%
3%
%
7
*7%
*%
*18%
10%
13gJune 13
2% Mar 30
22% Mar
134Mar
5% Mar
17% Mar
65
7%
24%
*21%
4%
%
~2~4o6
36
7%
22%
5
26%
15%
25%
*12
16%
*34
152
Pennsylvania RR
320
19%
rl%
8%
Peoples Drug Stores...No par
6% cum pref
100
People's G L & C (Chic).. 100
21
25
25%
15%
100
*18
3
*4%
10% Mar 30
*20
10%
7%
24%
Mar 26
Mar 31
10
4'
*12
8
18%
8%
Jan 20
634 Jan
12% Jan
6%May
5l34May
73% Feb
2% Jan
Mar 30
55
Penn G1 Sand Corp v t c No par
900
10%
16%
10%
4
41
No par
1,100
32,900
*2%
10%
7%
3
No par
Penn Coal & Coke Corp
10
Penn-Dlxie Cement
No par
97 conv pref ser A
No par
11634 *112
94
"5%
*45
13
*4%
8%
*%
*3%
21%
13
*46%
5%
*23
21%
12%
5
*8%
*13%
20
50
"5%
*25
19%
13
Penney (J. C)
400
93%
.
Peerlees Corp
5,400
10%
80%
24
Mar 26
6% Mar 31
Mar 29
16
Peulck & Ford
600
5,300
1%
*11%
10%
65
3212 Nov
Sept
x95
3,200
6
_
Mar
Jan 21
Feb 11
12% Jan 10
97% Jan 10
12% Jan 10
3% Mar 30
834Mar 31
70
■
90
42
94
534Mar 31
Pathe Film Corp
No par
Pattno Mines & EnterprNo par
51
16%
Jan
May
6,900
5,300
71
*26
121
28
51
15%
*25%
Oct
2% Jan 10
6834
30
29
38%June 24
20«4 Feb 23
4%
21%
27
Jan
4%
Mar 31
51
19%
12%
17%
27
17%
Oct
1% Mar 29
1%
16
12%
Oct
1
June 22
62
Oct
7
8834June 21
1
Feb
4
7
1
10
Apr
Jan
100
...100
Jan
29%
Dec
Jan 12
31% Mar 31
51
12%
27% Mar 26
Jan
Feb 25
10%
5%
10%
6%
149
Parke Davis & Co
No par
Parker Rust Proof Co.-.2.50
Parmelee Transporta'n. No par
4%
50
49%
6
6%
Apr
11%
700
2
*8%
39
*
5%
5%
10%
133
Apr 23
jan 10
1
1%
24
4%
2,000
2%
Jan 28
28
Mar 18
3% Jan 10
4%
5
4978
1778
140
Jan
Jan
152
1% Mar 30
4%
23
153
1778
Nov
1
*134
35
*45
5%
23
38%
16,300
2,600
2%
4478
Mar 31
6% 2d preferred
Park & Tilford Inc
Park Utah CM
100
1%
6
*6%
21%
22
5
10
lui«
*29
7
*21%
5%
10%
6% 1st preferred
7,100
20
2%
37%
2%'
2
%
94%
*38%
33%
*2%
32%
*2%
2,400
53%
Oct
110
% Mar 25
29
share
per
Oct
10%
Jan 31
3% Mar 30
Mar 29
100
share 9
x34%
116
7
No par
4% conv preferred
Paramount Pictures Inc
77,800
*18
2%
37%
17%
8% conv preferred
Paraffine Co Inc
60
9V8
817S
10%
97g
20
17%
93%
*4
50
9%
*18
89
9%
80%
4%
%
Die
*
89
1%
94
92
91%
1%
9*2
81%
9%
11634 *112% 11634 *112% 11634
32
30% 32%
3234
32%
31%
*2
*2
4
4%
434
*3%
*8
10
10%
10%
10%
1034
2%
3%
*3
3%
*%
91%
500
3%
19%
12%
30
70
*1%
940
*1%
7%
*62%
58%
39%
1%
*25
35
2%
56
39%
4%
*112
22%
*34%
61
37%
19%
12%
15%
10
2034
35
57
3%
27
9%
7%
Pan-Amer Petrol & Tranbp__5
{Panhandle Prod & Ref No par
*1%
*llli2 116% *112
11634
30
*28% 2934
2934
*2
4%
*2%
4%
*7%
10%
*7%
10%
*18
21% *18% 21
*16%
19
18%
*16%
12
12
12
*11%
9%
1,000
68
66%
*9
1%
67
51
63
*24
35,900
9%
1%
9 per
Jan 14
15%
5%
9%
1%
*7%
*
*
Highest
16%June 24
18%June 18
1%
Lowest
share
per
40
10
4%
36%
9
Apr 1
100 il32% Mar 30
9%
4%
share
per
32% Mar 31
9% Mar 30
87
1%
4
Year 1937
Highest
100
6% preferred
3%
1D8
*49
50
27
Pacific Telep & Tel eg
30
9
No par
No par
PaclficTin Corp.(sp.8tk)No par
Pac Western Oil Corp
.10
Packard Motor Car
No par
17
5
62%
*15%
2,200
37%
10%
5%
Corp
*7%
9%
20
1%
6
50
*11%
14i4
*23%
400
12
16%
6234
*1%
1%
334
30
2%
37%
5
5%
*25
12%
2%
10%
4%
25
12
2%
37%
1%
10
142
Ltg
Pacific Mills
120
*140
9%
*16
2%
37%
*102
140
80
9%
20
2
Par
Pacific
1,600
3,000*
8%
80%
88%
8%
78%
93s
75
Lowest
140
*101% 120
Range for Previous
EXCHANGE
Shares
39
13%
*139% 140
*139% 140
*139% 140
*139% 140
19
19
*21
18%
18%
23
23
23
11
*10%
10%
113s *11
11%
11%
12%
3%
3%
4
3%
3%
4
3%
378
*734
9%
*7%
9%
*7%
9%
*7%
9%
1
1%
1%
1%
1%
1%
*1%
1%
58
59
56
60
58%
60%
62
57%
*30% 35
*33
*35
*31% 36%
36%
36%
*
S per share
387«
4079
Ranoe Since Jan. 1
On Basis of 100--Share Lots
Week
$ per share
*
STOCKS
NEW YORK STOCK
for
Saturday
8
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7%
11%
20%
23% Jan
7
10
10
19
11
2% Jan 10
40% Jaa 12
1% Jan 12
3
12%
I
Oct
Nov
Dec
Oct
20% Nov
1
Oct
95-%
30%
112
34%
6%
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Oct
31%
Feb
19%
Dec
38
9%
05
4%
June
Feb
Mar
Mar
Jan 10
Ex-rlght*
Called for redemption.
New York Stock Record—Continued—Page
4080
On Basis of
STOCK
YORK
NEW
for
EXCHANGE
Monday
Wednesday
Thursday
Friday
Saturday
Tuesday
the
June 21
June 22
June 23
Week
June 20
June 24
June 18
*5
37
14
3h
15%
*5 >•;
15%
3%
*1%
3%
*1%
15%
*5
15
14%
*5
14
*1%
3%
*1%
3%
*1%
*13%
*68
72
71
71
*68
75
*70
75
I
*70
75
*80
88
*80
88
*83
85
t7
94
94
80
*14%
07
10
14%
97
*01%
*93
*61
63
93%
*10%
93%
11
15%
15%
15%
63
z63
63
63%
15
62
*5%
6%
40%
40%
%
5%
40%
*5%
5%
5%
40%
40%
*40%
%
H
%
%
*1%
2
21%
3%
60
12%
11%
1%
*1%
20%
20
*10
3%
*3%
56
56%
57%
11%
11%
U
1178
*3%
10%
11%
12%
*0012 100%
5%
*5%
15%
16%
*2%
*14%
*20%
2%
25g
15%
15%
22%
5%
22
65%
%
6%
41
%
1%
22%
3%
6378
%
*6%
40%
%
*1%
22%
3%
61%
#54
15
14%
54:
4
38%
*38%
8%
8%
8%
17
*24%
*24%
26
14
6
101% 101%
25%
26
5,600
100
16%
26%
16%
200
Slmonds
27%
7,500
18
*16
26%
25%
82
84
99%
97
95%
95%
160
16%
16%
16%
17%
17%
18
18%
1,500
12
12
12%
13
14
1378
700
10
10
10
10%
11
1378
10%
14%
21%
21%
10
22%
22%
22%
22%
22%
22%
"i, 500
12%
7%
12%
11%
7%
13%
13
14%
14%
15%
87,100
Southern Pacific
10%
7%
Southern Railway
12%
13%
19%
20
20
*21%
3
*2%
20
11%
19%
3
2%
11
11%
*17
20
*2%
3
2%
5
5
*
75
■
75
*19%
21%
*19%
20%
20%
20%
9
9%
*33%
36
*33%
3
700
3%
3
7%
7%
7%
*
22
21%
*19%
22%
10
11
11%
11%
*34%
8%
39
*34%
8%
39
8%
*
75
21%
22%
22
11%
11%
9%
*34
34%
100
50,900
2,200
60
39
'
10%
9%
9%
9
7%
8%
54
52%
53%
53%
53%
54
55
55
57
56%
*18
19
19%
20
21%
20%
21%
21%
7
7%
20%
7%
22
7
19%
7%
2178
7%
101% *100% 101
1%
*1%
1%
101
49,100
57
*50
7%
7%
*100
*1%
*3%
1%
1%
3%
7%
8%
7%
7%
101% 101%
1%
1%
4%
3%
101%
3%
3%
3%
3%
7%
7%
7%
1%
1%
4%
-
8%
8%
1%
1,600
4%
8%
9,300
17,7 0
6%
7%
7%
15%
15%
16
16%
17%
18
18
18%
18
18
15%
17%
18
19%
19
20%
20
21%
20%
22
20
22%
11,300
*%
27%
%
*%
28%
29
30
29%
30%
29%
30%
%
30%
900
28%
%
29%
*30
42
*6%
*14
*17
1
*%
26%
26%
28
*30
%
%
27%
28%
29%
1
*%
26%
27%
28
28
29
42
*30
42
28%
35
49%
50%
50
51%
50%
51%
*30
46%
47%
20
20
20
20
20
21%
21%
61
62
62%
62%
63.
65
65
66%
*21%
22
22
8
7%
8%
66%
7%
66%
8%
4,300
8%
5,400
9%
7
6%
7%
*5
5%
5%
5%
6
6
6%
6%
6%
6%
7%
4%
8
8%
8%
9%
8%
9%
8%
4%
51%
*125%
9%
5%
8%
5%
51%
4%
49
49
49
5
4%
4%
4%
49
49%
5
5
*18
2%
10
10%
11
1~1
11
11%
11
19
20%
22
22
22
22
8
*5%
*4%
*5%
*38%
*4%
*5%
37%
*3%
31%
*8%
*834
*16%
-
2%
2%
2%
2%
.2%
2%
15,100
12%
14%
14%
14%
14%
15%
7,500
24%
24%
25%
25
25%
24%
25%
2,300
8
*6
8
24%
24%
24%
*6
8
*7
8
*6
16%
16%
16%
16%
24%
25%
578
25%
25%
5%
#4%
16%
25%
16%
25
6%
5%
5%
4%
4%
*5%
38%
*4%
.
5%
5%
*39
5
*478
6
5%
4%
6
*5%
43
*5%
5%
38%
5%
43
6
4%
6%
4%
*38%
5
*5%
5
5
5
43
3%
32%
33%
3%
3%
32%
32%
32%
9%
9%
9%
9%
9!.i
9%
9%
9%
20
19
21
*16%
19%
*53%
57
*3%
4
*41
2%
30
*11%
30
4%
*3%
*10%
11%
*43
3
3%
25
*11%
*11%
1%
1%
4
*3%
3%
3%
49
3
278
*1%
1%
*3%
*43
49
25
19%
53%
19%
*53%
*4
4%
*43
43
43
3%
3%
3%
3%
21%
22
4
49
9
9%
*17%
53%
3%
9%
10
21
19%
57
278
*11%
25
*11%
10%
38
39
39
11%
*9%
10%
12
12
12%
13
13
13%
13%
81%
81%
82
S3
83%
83%
8%
8%
9
9%
9%
10%
33%
33%
34
35%
37%
8%
87g
9
9%
35%
9%
5%
*4%
5%
5%
5%
5%
6
5%
6%
6
6%
6%
6%
6
6
6%
6%
6%
7
7%
7%
7%
~*4%
*5%
*20%
*29%
*3
*25
6%
*1%
*45
3%
"4%
4%
8
4%
8
*6
8
22%
30
30
3%
*26
6%
2
27%
7
27
7%
*1%
46
46
9%
9%
65%
2,
46
3%
*27
7%
1%
46
9%
9%
68%
3%
3%
77
*4%
22%
3%
9%
4%
30
3%
64%
*..-
*6%
21%
21%
29%
*8%
3%
3%
77
9%
*
4%
3%
3%
*
8
Texas Gulf Sulphur..—No par
8%
300
23
24%
13,100
30%
31
31%
1,600
3%
1,100
1%
47
10%
70%
7%
1%
47
10%
69%
7%
1%
48
10%
72%
29
30
7%
8
7%
2
2
51
*1%
48
51
29
8%
2
52%
$3.50
cum
$4.50 conv pref
7
22%
30
6,900
300
80
.
0
$1.50
No par
preferred
6
Jan
8
5%
34*4
478 Jan 10
Jan 19
18% Dec
75%
78%
36,000
20
20%
6,200
Union Oil California
75
76%
78%
9,000
Union Pacific
67
67
69
69
70
70
70%
71
1,400
21
67%
20%
67%
21
20%
20%
21%
20%
21
21
21%
1,100
26%
26%
26%
27%
26%
27%
26%
27%
26%
27%
45,500
delivery
...
65
2%
4% Jan 12
36
Mar 24
New stock,
Oct
Sept
93%
13%
40
8%
1%
Oct
4
Dec
10
Oct
28%
Jan
Feb
Sept
Jan
15% Mar
10%
Feb
Jan
13% Jan 11
1%
6%
Oct
Oct
40%
Jan
6
13%
Oct
21%
Feb
72
Dec
98% Aug
3% Jan
8
June 24
7% Jan 15
9% Jan 10
4% Jan 12
83
Jan 10
10% Jan
Oct
28%
36
Oct
79
Feb
10
Oct
17
Aug
Oct
22%
5% Oct
3% Dec
27%
8%
a
4
82
Dec
Feb
Jan
Jan
11% Mar
109% Jan
Mar
4%
Oct
12
7
Dec
18%
Oct
26% Mar
40% Mar
25
Nov
50 '
Mar
Jan 13
Oct
17%
Mar 30
Jan 11
39
Dec
94
Jan
Mar 25
10% Jan 12
2% Jan 13
7
Oct
25
Mar
46%
2%
8%
61%
17%
Oct
Nov
Dec
Nov
Oct
1%
6%
100%
Jan
Jan
Jan
88% Jan
12
80
Nov
59% Apr 20
20
Mar 30
81
Jan
6
78
Oct
23% Jan 12
22
Nov
31% Feb
19% Mar 30
28%May
Oct
35% Mar
No par
r
Nov
21% Feb 23
United Aircraft Corp
n
Jan
13% Mar
Jan
Mar 31
57
100
4% preferred
Union Tank Car
Feb
64
Oct
3%
Mar
15% Jan
64% Mar
6
Cash sale,
Mar 31
7% Mar 30
Union Carbide 4 Carb.No par
75
20%
48
Oct
55
16%
17% Mar 31
10,900
19%
44
55% Mar 31
1034
68%
9%
Oct
Oct
Oct
15% Nov
5%
6%
10% Feb 21
11% Feb 10
24% Mar 1
25
10%
72
Oct
23%
34
15
Oct
Oct
2
Jan 11
44% Jan 11
100
41
Under Elliott Fisher Co No par
19%
Jan
69% Feb 23
12% Jan 12
80
Mar
1
2,300
68
Jan
44
1% Mar 26
No par
Ulen 4 Co
17%
8%
15%
65%
11
24%June 24
31% Feb 23
16
23%
Oct
6% Jan 10
1
Twin Coach Co..
8
Jan
20% Jan
28% Mar
33% Mar
4
31
29
25
29
100
Preferred
Feb
Mar
Mar
Mar
Mar
39%
Jan 10
3% Mar 28
5%
16%
25%
2%
Oct
Oct
6% Dec
13% Jan 11
1
2% Mar 30
Oct
Oct
434
4%
48% JaD 11
12% Jan 12
47S Apr
Oct
15%
Mar 31
8
Oct
5% Feb 18
47
77% Apr 29
Twin City Rap Trans..No par
19%
61% Feb
7% Mar
47% Mar
1%
31% Mar 30
8
Ivlar 30
4
Mar 30
10
Jan
Oct
Feb
Jan
Mar
Apr
Mar
88
20th Cen Fox Film Corp No par
66
.
Mar 31
1% Mar 28
.10
Trusoon Steel
19%
25%
Jan
15%
15% Jan
No par
No par.
Truax Traer Coal
67
25%
77%
125
67%
5% Mar 30
Transcont 4 West'n Air Inc_5
66
,
Feb
Dec
10% Mar 29
2
Transamerica Corp
68%
19%
21%
Jan
Jan
20
20% July
Jan 18
10
No par
18%
67%
Mar 24
1
Tlmken Roller Bearing. No par
65%
62%
33%
Oct
41
7
No par
pref
18%
67%
15
10
...100
Thompson (J R)
64
*20%
Oct
8
278 Apr 13
35
Apr 12
Union Bag 4 Pap new.No par
-
Feb
17%
Oct
4% Jan 17
56
Jan 13
2% Mar 31
18
67 n
Jan
21
Aug
24% Feb 23
58% Feb 21
100
18
62%
75
Oct
Dec
17% Dec
7% Oct
53%June 23
10%
10%
Mar
3% Jan 11
17% Jan 10
15
Thermold Co
$6 preferred
"""400
23%
8
Mar
48
44% Dec
100
Trl-Contlnental Corp..No par
434
30
*28
Dec
76
118
No par
No par
Feb
3
No par
Mar 30
50
43
25%June 23
8% Feb
Jan
Feb
6%
13
13,300
4%
23
3%
6% Mar 31
Mar 31
1
Transue 4 Williams St'l No par
23
3%
4
4% Mar 31
378 Mar 30
1,600
10
30
3%
Apr
32% Mar 30
2% Mar 29
26
Mar 30
7
Mar 30
Texas Gulf Produc'g Co No par
77
4%
8%
Mar 31
34
7%
43%
4%
...50
5
5
25
6%
41%
77
5
Tlmken Detroit Axle—
41%
9%
.9
9,000
7,500
1%900
5,400
11%
10
Mar 30
Jan
4
60
6%
57% Jan 24
Jan 13
6%June 13
15
Jan
6%
24
125
8
8% Mar 31
1778 Mar 30
Third Avenue Ry
Jan
Mar
Mar
Nov
11% Jan 12
7% Jan 12
3% Mar 30
Mar 29
13,800
1,400
30
28
June 17
45
25
Preferred...
Jan
Deo
19% Dec
63% Dec
11% Jan 12
11
Jan 13
5% Mar 29
119% Feb
Jan 15
6 7% June
May 28
5
Jan 7
Feb 15
Feb 24
26
Mar 29
6
Tide Water Assoc Oil
30
28
49
42
Jan 12
33%
36%
35%
64%
25% Mar 31
24% Mar 30
32% Apr 8
39% Mar 31
17% Mar 29
% Dec
27% Dec
26% Oct
30% May
Jan 13
1
38June 21
Superheater Co (The)—No par
Superior Oil...
1
Superior Steel
100
Sutherland Paper Co
10
Sweets Co of Amer (The)
50
The Fair
Mar
72%
18
$3.60 conv pref..
Apr
65
Oct
Thompson-Starrett Co.No par
22%
28
Oct
14
400
8
3%
10
26% Jan 12
3,400
88
Oct
22% Jan 14
2%
11%
Oct
Oct
Mar 29
13
11%
8
3%
5
Jan 12
Jan 12
2% Jan 13
5% Jan 12
85%
Oct
Oct
10% Mar 30
$3 dlv conv pref
*6%
22%
3%
2%
2%
Nov
15% Jan 15
11%
3%
Feb
Aug
28%
95%
48%
16%
107%
12%
14%
32%
7%
8% Mar 28
14%
"*4%
Jan
Dec
Nov
16
Thompson Prods Ino.-No par
13%
*
50
101
Feb 5
Jan 10
4,600
11
3%
77
"4%
Dec
8%
3% Mar 30
14%
85%
9%
35
49
25
85
10
Deo
14% Mar 10
Thatcher Mfg
Jan
23%
29% Jan 13
Texas 4 Pacific Ry Co
Jan
Oct
978Mar3l
25
2%
84%
Feb
36
17% Mar 31
1% Mar 26
10
11%
10%
Feb
94
10
4,500
2%
12%
2%
12%
13%
11%
1%
*
3%
13%
12%
31
Dec
9
600
4%
84%
par
par
par
...100
200
1%
3%
49
Oct
Dec
9% Jan 10
4% Mar 30
100
4%
Oct
39
June 23
22
107%
3%
5%
11%
Mar 31
2
No par
Texas Pacific Land Trust
Jan
Mar
Mar
9% Jan
Oct
10
11% Jan 10
61
Feb 26
l%June 13
1
par
6% preferred
Sunshine Mining Co.
"""266
13%
par
100
1%
2%
29
19%
4%
12%
7% Mar 31
Mar 30
par
56
1%
11
1
Sun Oil
5H% preferred
Telautograph Corp
Tennessee Corp
Jan
10
22%June 24
15% Jan 10
z39
Jan
5
15% Mar 30
Corp..No par
Standard Oil of Calif..No par
Standard Oil of Indiana
25
Standard Oil of Kansas..... 10
Standard Oil of New Jersey.25
Starrett Co (The) L S..No par
Sterling Products Ino
10
Stewart-Warner
5
Stokely Bros 4 Co Inc.
1
Stone 4 Webster
No par
Studebaker Corp (The)
1
'i
Feb
Jan
42%
155
Oct
19%
Mar 14
24
19% Mar 26
23%
9%
*3%
12%
2%
par
par
Texas Pacific Coal 4 Oil.—10
10
1%
11
Mar 26
3% Jan 10
Jan 21
4
Jan 12
9
Jan 12
June
6%
73% Sept
16.4D0
17,700
2,600
3%
4%
13%
12
Mar 25
4
Texas Corp (The)
*3%
10%
77
800
4,600
*1%
11
2
59,100
5,500
7,200
1%
*9
3%
50
4%
12%
2%
46
Stand Investing
Talcott Inc (James)
*1%
1%
4
*3%
11%
2%
*10%
2
6%
6%
41%
3%
4
5
6%
31%
49
43
6%
3%
19
Mar 30
6%
40%
*5314
29
115
Oct
Oct
1%
35%
1%
5%
*5%
6%
*16%
Dec
32
378May 27
41%
17%
Oct
27
17%June 17
2% Mar 29
1
6%
57
15
Mar
Mar
Mar
Jan 14
65%
43%
60%
65%
11%
77%
4,300
32%
18%
Oct
5%
3%
19
Oct
9
5%
31%
9%
9
17
8% Jan 11
3%
9%
18%
Jan
22% Jan 12
13% Jan 12
21% Jan 10
9% Mar 31r
6% Mar 30
8% Mar 30
10% Jan 11
31%
9%
32%
4% Mar 30
31%
9
Oct
22% Mar 30
38%
3%
8%
17%
Symington-Gould Corp ww._l
4%
9
24% Jan 10
Jan
Swift International Ltd
31%
8?8
130
9,100
42%
3%
37%
4
140% Mar 26
1%
20%
1,900
40%
6%
41
Oct
Mar
48%May 26
12% Mar 31
6% Mar 31
94
Mar 18
Without warrants...
Aug
23%
13
128
1
Swift 4 Co
Jan
Feb
Feb
110
~~6~, 200
*39%
Oct
16% Jan 10
7%
41
41
8
1378 Jan 15
64%
40%
29%
113% Feb 28
3% Jan 13
28
Jan 10
17%
40
39%
Dec
9%
6%
5
6%
10
26%
17%
26
41
20% Jan 10
15% Jan 15
7%
17%
26%
6%
5%
Mar
Mar
7%,
5%
16%
26
6%
197
120
18% Jan 10
27
Jan 12
17%
5
5
*6
25%
*53%
*1%
2,800
2%
12%
*16
*1%
"~8~ 600
2%
17%
*2-%
10%
25%
11%
57
T*n%
24
700
2%
*53%
*3%
10%
24
23
11
5%
52%
——
11%
*15
*41
*125%
'L
34,000
15,700
2%
24
*6
16%
*
1,300
7
10%
2-%
10
24
*24%
*125%
*125
■
52%
53
*51
*125%
10%
11%
18%
*124%
10%
.
400
24
67%
*6%
7%
22,500
40,500
66%
8%
6%
7%
32,700
100
35
49%
42
♦18
*48
31%
42
48%
*30
48
4
%
900
Feb
Oct
No par
No par
{Stand Comm Tobacco
{Stand Gas 4 El Co..-No
$4 preferred
No
$6 cum prior pref
No
$7 cum prior pref..-No
Oct
Apr
102%
Nov
Nov
preferred-No par
$4.50 preferred
500
3%
8%
1%
4
Conv $4.50
88
Apr
60%
June
6% Mar 31
Square D Co class B
Standard Brands
1
Mar
4%
26
13
May
2
Spiegel Inc
68
Oct
2% Nov
15% Dec
26% Dec
17%
96
1
No
Spencer Kellogg 4 Sons No
8 perry Corp (The) vtc
Splcer Mfg Co
No
S3 conv preferred A..No
550
4,100
27,000
101
101
101
101
8%
7%
7%
Sparks Wlthlngton
Spear 4 Co
15.50 preferred
21%
22%
11%
*19%
21%
34%
1,100
75
*19%
*11
7,000
Oct
67
100
No par
1st preferred
70
38%
3%
7%
38%
36
2%
34% Feb
105% Feb
17% Mar
Nov
5%
Jan 13
Spalding (A G) 4 Bros .No par
2%
2%
91
June 24
5% preferred
100
Mobile 4 Ohio Stk tr ctfs 100
36
21%
36
300
6%
"21%
9%
20,700
2%
75
21%
*8%
27,200
15%
Feb
84
No par
10
22
9%
Jan
Feb
44
100
100
Co
14%
6%
21%
"21%
22%
2,500
22
9%
2%
75
Solvay Am Corp
4,500
Feb
17%
19% Mar 31
80cony Vacuum
150
*132
6
*
200
2%
19%
2%
19%
2%
*
76,200
14%
13%
36
36
40
2%
5%
2%
5%
*4%
2%
1,100
15%
24
8%
8%
*2%
2%
*35
39
*35
41
*
11%
6%
678
150
*132
150
*132
150
Snider Packing
10%
112
112
14
65
2
13.
Apr 8
10
Mar 31
8% Mar 29
10% Mar 31
111
Apr 14
1% Mar 29
16%May 24
91
No par
10
Cor Typewr...No par
11%
7%
2178
10%
10%
6%
10%
Smith 4
Oct
Dec
6% Oct
24% Dec
1478 Nov
34*4 Jan 10
Feb
Mar
3%
Jan 13
93
120
Mar 28
45
4 Iron.-.100
$6 preferred
Smith (A O) Corp
22
14%
*132
150
*132
Sloss Sheff Steel
44
Feb
42% Mar
Oct
Jan 14
34
Dec
22
18% Mar 31
z84
Apr 1
21%
15
14%
14%
14%
14%
*111% 113
*111% 113
*111% 113
*111% 113
*111% 113
2%
2%
2%
2%
2
2%
2%
2%
2%
2%
19%
18%
18%
18
18
18%
17%
17%
17%
*16%
150
~~2~6io
2% Apr 5
14% Mar 30
Corp..-No par
Oil Co Inc. 15
534% pref 100
South Am Gold 4 Platinum. 1
So Porto Rico Sugar...No par
8% preferred
100
Southern Calif Edison
25
9%
9%
14%
8%
93
11% Mar
98% Aug
60
101% Jan 27
9% Jan 11
24% Jan 11
3% Jan 17
4% Mar 31
12% Mar 30
25
100
8kelly Oil Co
Oct
3%
9% Feb 17
27% Jan 27
18% Jan 11
Mar 30
No par
10
Saw 4 Steel--No par
Apr
5% Jan 10
Jan 14
Mar 20
Simmons Co
92
82%
97
13%
10
Jan
54%
49% Nov
12% Dec
48
3778June 3
6% Mar 12
20% Apr 1
93
2%
8%
Oct
Oct
16
15
66
Mar 30
3
Jan
Oct
%
1%
78 Jan 3
2% Jan 13
27% Feb 25
6% Jan 14
65% Feb 25
16*4 Jan 12
20% Jan 11
1% Mar 29
15% Mar 29
27% Mar
51% Mar
98% Mar
3% Feb
23% Feb
45% Jan
% Oct
3% Oct
84% Nov
7% Jan 11
42
Jan 24
34% Mar 28
% Jan 6
par
par
par
6% preferred
*90
80
*11
Dec
81mms Petroleum
*88
15%
Dec
71
6J4% conv preferred. .100
Sliver King Coalition Mines.5
13,000
97
*11
22
1
45% Mar 31
7
81
*97
6
Feb 23
Jan 4
85
% Feb 10
3
Mar 30
par
par
2%
94
13
27% Jan
14%June 10
June 14
62
par
21
97
15%
Oct
par
6%
76%
99%
8% Mar 29
11
No
No
600
78
*88
Dec
4
Mar 30
1978
*2%
2%
*2%
18
10
Feb
x98
Jan
June 16
7%
19
27g
*2.%
*15%
12,400
Jan
113
Jan 18
Feb 11
19
3
20%
6%
6%
19%
18%
5,200
2478
2478
1478
14%
101% 101%
15
14
14%
101% 101%
878
8%
Mar
113
03
Sharpe 4 Dohme
No
13.60 conv pref ser A .No
Shattuck (Frank G.)..No
Sheaffer (W A) Pen Co .No
Shell Union Oil
No
200
Jan
103
9% Mar 30
10
Mar 26
$5 conv pref..
40%
*39
46
Dec
Dec
105
47
500
94
9%
2%
4,300
4%
Dec
Mar 26
par
No
Sharon Steel Corp
76
13
*35
5
57
2478
*97
12
*2%
5,900
18
70
Mar 24
Sears, Roebuck 4 Co..No par
-.1
Servel Inc.------
*88
15
*17
17%
57%
23% Jan 12
81
Jan 20
86
—1
Seagrave Corp
200
05
99%
*13%
*21%
53,200
19,100
8%
15
*07
*132
64%
15%
78
75%
13
22%
3%
7,000
*3
63%
14%
Nov
78
par
100
10
68
J Sea board Air Line—No
100
4-2% preferred
Seaboard Oil Co of Del.No par
2,400
1%
22
40%
8%
8%
850
%'
1%
4%
1378
400
42
%
15
16%
54%
4
13
54
6%
41
Oct
3%
5% Jan 26
6
May 28
Mar 29
{Schulte Retail Stores
100
8% preferred
Scott Paper Co
-No par
2,200
%
6%'
%
per share
20*4 Mar
37% Mar
$ per share $
$ per share
May 28
Mar 30
6
100
5H% preferred..
800
75
05
*72
*8%
7,400
*88
*88
*10%
17%
67
11%
*24%
26
26
13%
14%
13%
100% *100% 101%
5%
6
6
17
18%
17%
*2%
2%
2-%
17
15% *15%
24
26
24%
100%
15%
127S
39
39
8%
*24%
12%
26
60%
1,100
17
66
65%
22%
3%
62%
1378
*3%
3%
378
39
8%
8%
*7%
*22%
*11%
12%
12%
*51%
37g
*38
39
*38
*3%
59%
12%
17
378
38%
*3%
37«
*3%
2
21%
3%
61%
13%
13%
54%
*1%
20%
54%
*46
55%
*40
%
11%
16
%
6%
40%
%
1%
6%
40%
%
*1%
21%
*%
11%
65
*%
%
*93%
11
16%
10%
%
*3u
%
*%
93%
10
15%
*01%
(■' 9%
i2
68
5% preferred
—
100
6% preferred-.
100
7% preferred
Savage Arms Corp
No par
..6
Schenley Distillers Corp—
10
85
88
88
85
*80
*80
No
Safeway Stores
10
75
par
100
'
4,100
17%
1678
17
*70
*9%
}8t Louis Southwestern—
100
6% preferred
*5
*5
16
157g
100
3%
*2%
Highest
Lowest
Highest
Lowest
% per share
2
Mar 26
Par
Shares
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Range for Previous
Year 1937
1
100-Share Lots
Range Since Jan.
STOCKS
Sales
CENT
PRICES—PER SHARE, NOT PER
HIGH SALE
AND
LOW
1938
25
June
9
5
r
Ex-dlv
v
Ex^rlghta.
7
10%
* Called for
18% Sept
111
28%
Feb
Feb
148% Mar
99%
Jan
redemption,
Volume
New York Stock Record—Concluded—Page 10
146
AND
SALE PRICES—PER
HIGH
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 18
June 20
June 21
June 22
June 23
June 24
S per share
8
$ per share
$ per share
$ per share
8
*7%
8
83s
8
8%
9
8
8is
*7i2
$ per share
8*8
9
*25%
28
28
28
*27
28
30
31
30
61
62
*58
58%
59*4
X6V4
6134
58i2
10
978
10%
10i8
9*4
97s
9*4
9*4
*107% 10878 *10778 10878 *10838 10878 ♦1083s 109
*4
4%
434
4%
4%
4%
4U
414
65s
6%
63g
6%
5%
534
6i2
5%
*66
70
70
*65
72%
69%
6912 6934
*5g
1
*58
*%
1
*5
6*4
5
5
*5*2
*6J4
7
6%
7
7
70
73
70
*166
"5"
5
74%
«r
7*2
5%
76
76%
*169%
5%
*5*4
6*2
7
753g
*169%
*434
*%
1
6*2
6
7*2
8
78
5%
*26
28
28
*23
24
24
24
*17
17*4
17%
17%
18%
18*2
18%
*4
4%
4*4
4*2
4%
434
434
5%
8*a
8%
8*2
8%
8%
8%
9
*7%
*58
■
*58
66%
*25*2
66*2
18
'
*56
36
32%
32%
34%
33%
*4%
4*8
4*8
4%
434
263s
2612
2938
28%
6314
6312
27*4
65*4
5%
30%
67%
66%
69%
60
62%
41%
*57%
43%
62l2
42
60*2
61*2
*58
61%
35%
4%
29%
*59
61%
45*8
45%
96'4
97
97% 100*2
35
35
36
100
99% 100*2
*3312
*43%
36
*712
*25
101
*43*s
45*4
4*8
4*4
2%
58
*%
*16
*14
*19
*100
*3034
*
%
*16
193g
*100
107
*31%
32ig
*
14*8
*13%
3%
634
*42*2
20*2
48
*11034 125
*13g
112
*2
2*8
.
15*2
*100
32%
32%
*
15%
3%
21
20%
107
107
*14"
3%
15
21%
109% 109%
2%
*1*8
2
2
*1*8
6i2
16
15
15
77*2
78
78
18*2
12
23g
33
43g
*18*4
19
30
*28
13
*1%
*%
22
134
112
30
30
*73*2
76
*77
78
88
88
*80
83%
121
121
*116
117
*1278
13*4
*3
3*8
*4*4
*34
8
1%
*20*2
78
134
21
*18*2
185g
745g
7478
*120i2 129
145g
*12*2
*32
6*2
37
13
*2158
6
6*2
36*4
2278
*8*2
33
05g
37
*18*4
145g
212
4*2
*18*4
1234
13*8
2i2
133g
2*2
33*2
35
*10*2
434
*31
3
1212
278
*11*8
25
25
1334
14
14
2212
23
2334
7*8
3834
187s
33*2
434
7
7*8
377g
127g
2l2
30
234
*75
3734
5*8
32
234
137s
278
35
5
14
53g
5%
18*4
278
5%
33
*31
1
*87
*6
1314
800
33
125
197g
80%
125
82 lg
80
125*4
125
2034
34
2
24
21*2
84l4
125
15
15
15*4
33
33
33
34*2
35
36
75
33
*74
75
75
100
79
79*4
9234
79*2
93
200
2034
8334
125
2
2
25*8
1%
24
25%
2278
88
125
15*4
*33
15*4
35
13
13*4
13%
133g
1334
1378
26
26
26
26
26
26
18
18
1878
18 **8
1978
1978
2134
*73*2
81*8
*73*2
81*8
81*8
81*8
*43
45
*44
45
45
46
*4634
50
*1234
15
*1234
15
*1234
15
*1234
15
6*2
13g
*11
12
*2
2*8
*1*4
13g
*33g
*35g
*36
334
334
37
12
2*8
13g
35g
334
37
12
634
1*8
United Stores class A..No par
56 conv pref A
No par
No par
preferred
100
37
1
No par
lojune 22
futilities Pow A Light A
Vadsco Bales......
16
100
Preferred..
2,200
60
2,200
14%
27
800
22%
9,8(
v
100
500
*1234
15
*1234
15
9'_
1*4
7%
9
7*2
1*4
9*
13*400
7%
2,400
134
1,500
Vlck Chemical Co
6
6%
pref...No par
1% Apr 13
6% Mar 26
Mar 29
Mar 31
100
117% Jan 11
1
100
1% Mar 23
No par
1% Apr 22
6% Mar 31
No par
13*4June 10
100
5% preferred B.
Waldorf System
Walgreen Co
15%
14%
15*2
5,400
45*8
17*4
44
45%
1734
34,700
55
57
*30
35
*48*2
55
*51
53
53
53
55
55
28
28
32
*305g
3134
3134
3134
*33
36
*28*2
36*4
36*4
37
*81
87
86*2
*6834
695g
*24
25
37
39
39
39*4
87
87
88
86
87
84
87
*0834
6934
695g
69%
6834
70*4
70
70*2
25
25*2
25*2
26*4
U%, 12%
2634
28
12
2734
1234
28
1178
12*2
133g
76
74i2
77*2
78
81
81
13
32*4
145s
1434
1434»
11*2
1134
3*2
3*2
1178
3*2
345g
75
15*4
123g
3%
14
13*2
1378
34
36
36
*6334
75
*63%
15
39*4
14%
16*2
56*2
*30
*39
,
7,400
57
190
34
200
40*2
400
84
87
560
*6834
71
1,100
2834
31
13%
*80
2,200
13%
84,800
8134
100
15*2
38*2
16%
4,000
38%
40%
56,400
75
75
75
100
1578
1534
1634
16
16*2
4,800
12*2
13*4
1234
14%
14%
15%
11,700
334
334
334
3%
4*8
2,900
4
„3,<
Oot
6% Jan 10
Warner Bros Pictures
13.85 conv pref
20
Mar 21
43*2
71
Mar
52% Nov
8
70% Mar 5
62% Jan 25
114% Jan 10
36
Feb 24
6
2% Jan 10
42
Feb 25
13% Jan 14
60
Mar 4
147% Mar 11
54
Jan 12
25
Jan 17
June 22
Jan 22
June
8
15%May 12
5% Jan 21
Jan 21
32%
110%
4*2
15%
Oot
2%
Mar 31
16% Mar 31
No par
6
Wells Fargo A
11
Wesson Oil A Snowdrift No par
$4 conv
7%
0%
preferred...No par
preferred
6%
Oct
47
Nov
135
Nov
Oct
29
%
Oct
%
Oct
10
Oct
9%
14%
Oct
97
00
"2%
18%
8
Oct
Dec
Dec
118% Mar 21
2% Jan 11
4% Jan 11
117%
Feb
2
Oct
2%
Oct
3% Feb 4
8% Jan 17
20% Jan 10
2%
Oct
6%
Deo
6%
Jan 10
18
2d preferred..
preferred
3
..100
Oot
7% Jan 10
Jan 13
40
4% Jan 13
13% Jan 13
27%June 23
17% Jan 17
2934 Jan 17
Jan
1% Jan
36 June
75
Jan
102% Jan
102% Jan
3
12
28
24
24
3
preferred
Woodward Iron Co
9
Jan 10
140
Jan 27
Mar
Jan
3
11% Mar 29
42
27
Mar 29
Mar 28
28% Mar 30
55% Mar 30
61% Mar 31
20% Jan 31
83g Jan 3
71
Mar 30
9% Mar 31
24
Mar 30
e2%Mar31
11% Mar 29
9
Mar 31
2% Jan
x
Ex-dlv.
3
y
9
117%
Oct
110% Apr
14*2
Dec
2h
512
Oct
1
Oct
1%
22%
Deo
17%
Oct
Oct
Oct
87% Nov
113
10%
Oct
Oct
31% Nov
10% Oct
21%
Dec
19
Oct
Nov
69
Jan 14
55
Dec
15
Jan 13
Mar 26
36
Wool worth (F W) Co
WorthlngtonPAM(Del) No par
Preferred A 7%
..100
Prior pref 4M% series...10
Prior pf 4 M% conv series. 10
Wright Aeronautical...No par
Wrlgley (Wm) 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 SAT
No par
5Vi% preferred
100
Youngst'wn Steel Door. No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Oct
75
12
Mar 30
84
4
May 27
Mar 24
Oct
23% Oct
73% Nov
27% Jan 12
Jan
3
Oct
July
1
95
10% Mar 29
1
Feb
June 24
19
Feb 23
4% Jan 10
*27
32
Oct
2%
Oct
Mar 29
100
10
10
Oct
11%
20
3
Mar 31
No par
10
9734 Jan
42
10
Oct
Nov
Oct
75
8% Mar 31
1% Mar 30
l%June16
33gJune 16
Dec
9
70
20
6%June 20
1% Mar 31
2%
88
Mar 31
6% Mar 31
33
3
10
14% Mar 26
Oct
Oct
17% Jan 15
x33 June 17
16% Jan 18
9% Mar 30
31%Mar28
7%
Deo
28% Jan 10
27% Jan 16
109% Jan 15
Mar 31
Oct
2
1% Jan 11
3% Jan 11
103
Oct
17
4%
16% Mar 31
15% Mar 31
61% Mar 31
100
Telegraph. 100
Westlngh'se Air Brake.No par
Westlnghouse El A Mfg
50
1st preferred
50
Weston Elec Instrum't.No par
Class A
No par
Westvaco Cblor Prod.-No par
5% conv preferred
--30
Wheeling Steel Corp...No par
Preferred
100
$5 conv prior pref...No par
White Dent'l Mfg (The 8 8).20
White Motor Co
1
White Rock Mln 8pr ctf No par
White Sewing Mach...No par
Mar 25
Oct
32
20%
% Mar 23
1% Mar 18
100
Oct
Dec
Jan 18
117
Western Union
$6
81
121
Western Pacific—
Oct
50
6
12%May3l
2% Mar 31
Oct
113
67
Mar 31
111% Jan
Oct
Sept
Dec
110
100
Oct
35«4 Nov
3
7% pref. 100
Supply Co.—10
Western Maryland
100
Jan
Dec
Jan 20
Jan 11
120% Feb 26
Mar 29
preferred
150
Oct
984
Mar 19
74
Western Auto
4%
Mar 30
Jan
126% Mar
June
100
preferred..—
Wes tPenn Power
Mar 30
17
1
75%
Oct
1
46
105
20
5
Feb
Mar
48*1 Nov
7
1% Jan 10
48
$3 convertible pref.-No par
7238 Mar
105
100%
1% Jan
Mar 26
Mar 26
Mar
Dec .118
Deo
58
22% Mar
June 20
Mar 31
1% Mar 31
Oct
43% Feb
15% Mar
45%June 24
2
3% Mar 26
Oot
81
23
No par
J Warren Bros
Oct
35% Feb 25
100
6
8,600
1634
112
No par
Preferred
Mar
72% Mar
19% Jan
No par
A ..No par
Class B...
70
Oct
19% Feb 18
16% Jan 15
3% Jan 13
Mar 26
Feb
23% Mar
Dec
1734May 18
8
Jan
Jan
Feb
24
No par
Ward Baking class
Jan
05
13
13
Walk(H)Good A W Ltd No par
3,400
-*4*2
172
3*4
4*2
4478
1678
164% Nov
5% Dec
29% Dec
7I84
Preferred
34%
137
Jan 24
Mar 29
Oct
Nov
8% Feb 23
44% Jan 15
...No par
378
1,600
6%
53
4% Mar 30
30
Mar 31
74
4Vi% pref with warrants 100
Walworth Co
3712
*6334
Mar 21
100
fWabash Railway
6% preferredA
334
68%
Mar 30
37
37l2
32*4
8
100
6% conv preferred
Wilson A Co Inc
45
23
9
11
12
15
70
June 24
37
40
105
Willys-Overland Motors——1
4*4
86% Mar
66%June 24
42
June
100
Detlnnlng
1,300
75
1334
June 19
14
Apr 9
2% Mar 29
15% Mar 30
100
6% preferred
Vulcan
3,500
44*2
Mar
Oct
40
100
preferred
1%
4*2
Feb
9*2 Mar
63
16%
3%
6%
30% Mar 30
Vlcksburg ShrevAPacRy Co 100
Victor Chem. Works.—
6
Va-Carollna Chem
No par
4
43
Feb 16
107
2*4
16
Mar 26
10
83%June
169*4 Feb
8% Jan
35% Jan
23% Jan
6% Jan
10% Jan
20% Jan 12
x23% Feb 16
134
4*4
Jan
97
4
42*4
1434
Jan
113%
14% Mar 31
2*4
4
17
Oct
11% Mar 31
100
7% 1st pref
134
334
Oct
6
Van Raalte Co Ino
4
900
Oct
9
101
109
Vanadium Corp of Am.No par
2*2
38*2
1334
3
27% Mar 30
% Mar 30
2*2
158
334
Feb
7%June 13
,48 Mar 31
134
May 11
Universal Pictures 1st pref. 100
214
1*2
37g
4ig
40l2
15
43l2
14
United Stockyards Corp
.26
1
1%
1434
*13
No par
new
2*8
44
16l2
12*2
U 8 Tobacco new
1*2
37s
37g
16
11*2
28%
Mar 31
9134May 31
29% Mar 30
40
Apr 26
3% Mar 30
1*4 Mar 26
$4 conv pref erred... No par
Wilcox Oil A Gas
5
13
68%
38
100
14*4
43l2
28*4
No par
U 8 Steel Corp
Preferred..
14*4
1534
*11*4
Mar 31
13*4
13*4
11
15*2
35
50
1*2
4378
*7212
11*2
29*4
*635g
150
100
1*2
15*2
1034
6,900
68,400
90*2
50
7*2
12
77*4
21*4
23%
125
*75
1*2
43
105g
14*4
*25%
2,100
15,500
50
67s
1178
*72*2
15
*33
1,400
1%
2*8
26
iOO
1*8
1434
*6358
14*4
22%
88*4
125
700
'
50
678
4278
425g
*75
9*8
73g
*14
*11
x55
13*4
1*2
37s
60
13*4
2*8
3%
45*2 Jan 3
x4434 Mar 31
13*4
1*2
Mar 31
60
12%
2*8
12*4
2*8
37
40
7
26
6*2
80
7,200
1,000
3%
1
17
*1*4
100
1534
7
1234
138
117
15
3*2
26
9*8
130
120*2
117
1
13
6*2
120
2,800
86
7
16*2
*6*4
*80
1
26
8*4
50
78
7
14*2
8*2
21
10
100
8% 1st preferred
82%May 28
33
8
U 8 Rubber
U 8 Smelting Ref A Mln
100
14
8*4
2% Mar 31
West Penn El class A ..No par
33
7*2
No par
%June 9
25% Mar 31
71
Apr 8
70
Apr
1
14
81*8
21% Mar 30
1% Mar 26
*32
*73*2
20
U 8 Realty A Imp
8%
Mar 29
50
.100
—1
34
79*2
5% Mar 26
No par
7
20
Prior preferred
U S Pipe A Foundry
7% pref.
13% Mar 31
3*4 Mar 30
A .No par
Co
*80
125
conv class
2
93
2
Partlc A
2
93
223g
60
U S Industrial Alcohol.No par
U 8 Leather
No par
253g
93
**4
pref
June 20
24*8
*90
1%
23*8
2012
conv
4% Mar 29
24
Wayne Pump Co
Webster Elsenlohr
88*2
178
5H%
162% Mar 28
Waukesha Motor Co
88
**2
100
Corp...5
1,300
78*2
*6
preferred
U 8 Hoffman Maob
Mar 31
65
4,700
1,500
78*2
6
20
4,800
1
76
No par
U S Gypsum
15
2
3212
U S Freight
2538
*7g
62
June 23
100%
3%
15
2
6512 Feb 25
11% Jan 5
Oct
20%
2478
1
Oct
Dec
2%
7% Jan 12
3% Mar 26
5% Mar 30
100
preferred
15
2
24
100*2 Feb
27*2
*78
74
Jan 12
Oct
15
*1*4
80*2 Jan 10
6% Jan 11
Jan
Oct
27
27*4
2084 Apr
Nov
No par
15
24*4
27
Oct
%
100
Corp
27
1
1478
24
6*8
Jan
Mar
4%
preferred
4*2 Apr
62 May
Warren Fdy A Pipe
2
22
10
13*2
33*8
75
78
37,200
1258
78
178
22%
57g
35
13*2
*74*8
78
700
13*8
7658
*114
21*4
19*4
77*4
5*2
*30*8
6,700
13*4
*1*4
0
'
7,100
765g
8
3*8
37
334
*74*8
8334
27g
37
33s
83
84
8334
8412
84*2
121
121
121
121
120*2 120*2 *120*2 121
116
116
11534 11534 *11534 117
*11534 117
15
13
1334
13%
14*2
13*4
13*2
14%
3*8
3*4
3*4
3*8
3^8
3*8
3*8
3*8
*80*2
3,100
15
14
334
27*4
14*2
24*4
31*2
100
3*4
77
31*4
23,200
2,200
3*8
88
7658
7*2
3978
18*4
31*2
76
30*2
*74
100
3*8
*
1178
26r>8
*78
178
*78
1,200
31*2
3*8
23*4
134
7*8
39
18*2
37
1,400
79
39
14*4
278
37
20
16
1% Jan 18
first
Preferred
16*4
16
79
Mar 31
8*4 Mar 30
Virginia Ry Co 6% pref—100
2,200
46%
Oct
36
21% Mar 31
Virginia Iron Coal A Coke. 100
800
Oct
5
%May 16
$5
Conv
Va El A Pow J0
140
25%
Dec
330
180
32%May 11
7% Jan 12
9% Jan 10
6%
690
734
16
634
19
7*4
15*4
*18*4
37*8
33
1134
32
7*8
*24
*1*4
5,200
6,800
2
*773g
15l2
79
*76
7
2
*16
7*2
""306
10938 110
2
*12l2
7*2
14l2
4*8
247g
2
7
*75*2
27»
12
2278
*14~
237s
10934 10934
7
*14*4
43g
50
334
7
1434
*234
1,100
33*2
23*8
7
77*2
*28
*33
*
8*2
8%June 24
74% Feb 21
3,000
10
Mar
Oct
1
6
No par
78
12,800
1,400
Mar 26
3
Feb
35
2
8
8>4 Jan
10% Feb
24% Mar
Universal Leaf Tob
107
378
23
*1*2
*74
*2*4
22%
109% 109%
15
*1338
334
2
*137g
*29l2
3%
*1*8
6*2
*10*2
95
2
6*2
*18*4
15
23
17
22
*100
22% Mar 31
4&gJune 18
4% Mar 29
60
Apr 1
91
Deo
Oct
80
20
117%
Dec
17%
3*2
100
1,300
Oct
36%
49% Feb 23
19% Jan 10
67S Jan 12
31*4
34
Mar 26
114
Mar 26
Universal-Cyclops Steel Corp 1
20*2
17%
22l2
1
3
300
110
4
2
10
10*4
57*2
135i2
34
33
"
3%
100
20l2
107
33
32
•—•»
2
2
*6*4
5%
36*2
w
x 15
3%
2
57g
*100
♦
-
23
*1*8
36
32
32*2
40
..
2,800
5,600
4*2
34
163g
2078
16%
20%
107
30
17*2
173s
21*2
%
17*2
%
18
7,300
1,200
3
3
3*4
2*4
8
9*4
*7
8
8
9*8
9
834
9*8
*6%
*100% 112% *102% 112% *102% 112% *102i2 112*8 *102i2 112*8
52
53
51
*43
48
48
53*2
53*2
48
*42*2
*11634 125
*11634 125
*116% 125
•*116% 125
*116% 125
134
1%
1*2
1*2
1*8
*13g
1%
*1%
1%
*1%
234
278
234
2*2
2%
2%
*2%
*2%
2%
2%
♦2
6%
%
*16%
15%
20%
20%
19%
109% 109*2
112*8
%
20*2
16%
*16
15%
40
*3*8
3*2
*18*2
20*2
10912 109*2
*2
2*4
*100
%
%
107
%
%
20%
14%
145S
193g
40
14
%
%
®8
34
20'2
30
30
*9
1034
183", 400
Jan
12«4 Apr
Jan
Feb
Jan
Feb
Mar 14
Preferred
44
*40
*55
135*2 135%
30
*9
9%
3,600
2*8
2
2*8
*55
58
56*2
5612
135l2 *123
135*2 135% *123
31
31
31*4
30%
30%
78
78
78
%
%
58
*55
56*2
9%
4i2
438
44
*40
44
61*2
53*4
513g
103*2 104
3578
3578
45*4
45*4
36
2
138%
200
17,000
14,400
*59*2
45*4
*43*8
4*4
1%
*38*2
29
1,800
7,500
102%
36
1%
34
3,900
5*2
912
66*2
4%
*55
56%
138*2 *125
*54
*125
20*4
71*2
45%
8%
19%
5*4
834
63*2
1%
8%
30
*27
723g
4
8%
100
30%
50
7%
"2,400
6*4
64
1%
8%
83*2
*16934
62
4%
8
2,500
6,900
69
45%
39%
83g
82*4
6*2
834
30l2
1%
*38*2
6
160
Oct
100
U S Dlstrlb
1
31
4%
3934
400
72*21
15
share
No par
USA Foreign Secur
*5g
24*8
31%
United Gas Improvt—.No par
55 preferred
..No par
6,100
5%
333g 153,200
74
39,200
36
6
39
5
85»
*66
61*2
51*4
100
United Eng A Fdy
United Fruit
8
53g
32i2
47*2
10
United Pa per board
37
*59
.6
United Electric Coal Cos
3,800
66*2
48*2
No par
5*2
36*4
5*4
3134
5%
S3 preferred
United Drug Ino
United Dyewood Corp
Preferred
5*4
65
*43%
39%
100
3634
178
*38%
19,600
66*2
45%
*43*8
2,400
10*4
35l2
4%
4
*158
61*2
10*8
19*2
5*4
9*8
*60
36%
101%
36
36
500
109%
61
29
B78
61%
45%
46*2
5,300
5*8
31
70*4
61
*58%
*57%
5
6~"
18*2
5*8
66%
68
60
100
70
70
83*2
*26
1,600
65
*56
66*2
32i2
7*2
*108
"
6
578
734
Oct
110
No par
per
Oct
7
Mar 29
United Carr Fast Cor p. No par
United Corp
No par
Highest
share %
5*8
1103s Jan 20
Preferred
United Carbon
2834
per
9%May 10
1,000
558
1
10% Feb 26
19% Jan 11
4,700
34,500
18,500
9,400
share
per
Mar 30
17
3*8
Lowest
Highest
S
share
634Mar3l
14% Mar 31
6
6
No par
4678
2734
6*2
8*4
77*2
*16934
5%
20
113
per
No par
United Biscuit
3
512
7*2
72i2
1
*5g
900
Bosch
17
10*4
*66
17*2
31
109
4%
634
1
*169%
5*2
10*8
United Amer
46
62*2
6134
200
113
3
100
22,900
17*4
31
109
Un Air Lines Transport
9
10
8*4
<1
Share Lots
Lowest
Par
*7
878
Q
8i2
9
*7i4
*17
17
17
17i4
1034
17
17*4
17*4
15%
1578
*112i8 115
*112i8 115
*112i8 115
*112l8 115
*112»s 115
45
44%
45
4634
4378
4378
4678
4734
*4034
4234
15
15
*14
*13i2
15
1634
1634
14l2
14%
14%
258
27s
278
31S
2i2
2%
27g
3*8
23g
2%
28
29
2534
2734
27%
2878
24%
24h
2478 2578
5
47s
5i8
5%
53g
55s
4%
45s
434
434
7
*0
7%
7*4
7*4
012
7
6%
63s
03s
71
71
*68
73
*68
73
70
70
70*2
70*2
478
5
478
5
478
5
4%
478
4%
4%
*7
,
On Basis of 100
Week
Shares
5 per share
Range for Previous
Year 1937
Range Since Jan. 1
Sales
for
LOW
4081
14%
Oct
13% Jan 12
11
Jan 21
3
Jan 22
6
Oct
Jan 24
Feb 25
Jan 7
Jan 10
6% Jan 6
60% Jan 21
19% Jan 17
45%June23
20
Feb 25
11
21%
2%
3
6%
8*2
1%
1%
Oct
Oot
Oct
Oct
2
Dec
4%
Dec
4%
49%
10*2
Deo
34
Dec
12
Oct
Dec
Oct
54*2
Oct
34
Dec
Jan 10
Jan 10
3984
Dec
70%June 23
31 June 24
15% Jan 21
93
Jan 11
18% Jan 10
43% Jan 12
68*2
Oct
21%
Dec
66
Jan 26
35% Feb 24
40
94
Jan 26
22% Jan 10
17% Jan 12
5% Mar 7
75
Ex-rlghta.
38
7*2
Oct
Oct
08
Dec
12%
Dec
34% Nov
70
Oct
11%
Dec
2%
Oct
1 Called for
redemption.
4082
June 25, 1938
YORK
Bond Record,
NEW
STOCK EXCHANGE
Friday, Weekly and Yearly
NOTICE—Prloes are "and Interest"—except for Income and
defaulted bonds
Caab and deferred delivery a alee are disregarded in the week's range,
wben selling outside of the regular weekly range are sbown in a footnote in tbe week in wblcb tbey
No account Is taken of such sales in computing the range for tbe year.
unless tbey are tbe only transactions of tbe week, and
occur.
Wefts
Friday
BONOS
N
y.
Friday
Last
Week Ended June 24
Range or
Sale
EXCHANGE
STOCK
Friday's
u
Price
But
dc
Low
Since
Ashed
03^
High
No.
N.
.
Y
Range or
Sale
Friday's
EXCHANGE
STOCK
Price
Week Ended June 24
Jan. 1
TjOw
Week's
Last
BONDS
Range
•n
Range
Since
Ash
&
Low
High
U. S. Government
Bid
03
<§
No.
High
Jan. 1
Low
High
Foreign Govt. &Mun. (Cont.)
15 1947-1952 A
Treasury 3Ms.--Oct. 15 1943-1945 A
Treasury 4s
Dec. 15 1944-1954 J
O
118.26 118.23
118.31
O
109.22 109.22
110.3
D
114.15 114.10
114.20
M
8
113.11
28
110.8
110.25
33
107.18 110.25
106.15
86
103.26 106.18
108.5
55
105.2
106.27
32
105.21 106.27
Treasury 4Mb—-Oct
Treasury 3Ms.--Mar. 16 1945-1950
113.5
Treasury 3Mfl---June 15 1943-1947 J D lib'. 16 110.16
Sept. 15 1951-1955 M S 106.6
106.4
Treasury 3s
June 15 1946-1948 J
Treasury 3s
D
107.22 107.22
Treasury 3M8—-June 15 1940-1943 J D 106.22 106.22
108.1
Treasury 3M8
Mar. 15 1941-1943 M S
Treasury 3Ms_-.June 1® 1946-1949 J D 108". 16 108.13
D 108.3
Treasury 3 Ma—Dec. 16 1949-1952 J
108.3
Treasury 3Ms
Treasury 3Ms.--Apr.
Treasury 2Ms~.Mar.
Treasury 2 Ms...Sept.
Aug. 16 1941
15 1944-1946
15 1955-1960
15 1945-1947
Treasury 2^s._.8ept. 15 1948-1951
Treasury 2M8...June 16 1951-1954
Treasury 2M8--.8ept. 15 1956-1959
Treasury 2Ms.._June. 15 1958-19^3
Treasury 2 Ms—Dec. 15 1949-1953
108.1
108.25
71
116.4
119
54
107.2
110.5
19
111.22114.23
1
113.11
108.5
106.29 108.2
35
105.27108 25
108.15
3
105.19108.16
108.10
16
F
A
108.7
A
O
109.24 109.22
110.3
M
8
103.21
103.19
104
177
101.24104.15
S
106.8
106.8
♦Costa Rica
52
106.23
134
M S
104.14 104.14
104.27
116
J
103.4
103.18
76
D
103.4
107.4
108.15
107
110.3
A
J
101M
73M
98 M
101 M
69 M
101.27 104.27
J
D
101.21
102.1
280
101.21 102.1
J
D
101.19 101.17
101.31
37
99.18102.2
D
105.28 J 05.28
106.7
235
102.14 106.7
104.6
104.17
529
101
107
107.4
106.2
106.17
21
103.4
106.12
106.18
14
103.22 106.18
15 1942-1947 J
1 1942-1947 M
101.21
P
106.2
J
8
1 1944-1952 M N
2)4s series B._Aug.
1 1939-1949
2)48 series O
...1942-1944
104.17
7
105.5
105.10
202
106
105.31
106.17
60
103
102.28
103.7
104.4
104.1
104.14
103.28 107.7
106.17
F
J
A
J
A
23 H
♦Gtd sink fund 6s
1948
O
Ankershus (King of Norway) 4s 1968 M
♦Antloqula (Dept) coll 7s A...1945
f 7s series B
8
23 H
23M
23M
23 M
96
96
96
TVs
TVs
1945
50
104
6
56
105
1942 J
1955 F
Apr 15 1962 A
J
104M
104M
104M
22
A
100M
100 M
101M
42
98
104
O
95K
96 M
11
94 M
102
(♦Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 5)48.-1942 M 8
*89
97
*55 M
62
55
62
1940 A
O
*55 M
75
56
S
70
65
64
60
55M
58
61
62
62
22
25
21M
M
1969 A
O
*55 M
*55 H
1969 A
O
*55 M
Customs Admins 5)4# 2d ser. 1961
5)4s 1st series
5)48 2d series
83
101.9
103.13
1967 J
J
29
101.5
104.15
TVs
*TVs
*7H
23M
7M
7M
2
23 M
23 M
96
1
16M
17M
1
96
8
6
8M
6
6
8M
8M
8M
1945
1945
f 7s 1st series
1957
6M
4M
TV*.
♦External
sec s f
7« 2d series. 1957
*6M
7
....
5
7M
♦External
sec s f
7s 3d series. 1957
*6M
7
....
5M
7M
100M
Antwerp (City) external 6s
1968
Argentine (National Government)—
8 f external 4 Ms
8 f extl eonv loan 4s Feb
8 f extl conv loan 4s
Apr
1971
8M
9
6M
....
6
....
6
6
94
93
94
31
90 M
90)4
88 M
90 M
45
88
A
1972 A
O
1955 J
J
98 M
88 M
80)4
79M
104 a
104)4
104)4
104
104)4
13
106X
98 H 106 M
100)4
80
..1957 M S
81
79
81
43
78M
78 M
45
99
88 M
External g 4)4* of 1928
Austrian (Govt's) s f 7s
1956 M N
98 M
102
J
a30K
100)4
a31)4
30
1957 J
22
28
105H
♦Bavaria (Free State) 6)48
1946 F
A
21)4
21)4
2
Belgium 25-yr extl 6)4s
1949 M S
104 H
105
1956 J
J
1956 J
D
110)4
1960 M %
100 %
103)4
110)4
100)4
20)4
20)4
2
20)4
15)4
13)4
1
100)4
1
55
64
19
External sf6s
External 30-year s f 7s
TBergen (Norway) extl s f 6s..
♦Berlin (Germany) b f 6)4s
♦External sinking fund 6s...
♦Frail! (U 8 of) external 8s....
i960 A
O
1958 J
D
J
D
1941
20)4
6)4» of 1926... 1957 A
O
f 6)4b of 1927... 1957 A
O
D
14
15)4
13)4
13 H
14
♦7s (Central Ry)
Brisbane (City) sf5s
1952 J
1957 M
12)4
12)4
12)4
8
Sinking fund gold 6s
1958 F
1960 J
D
s f 6s
♦Budapest (City of) 6s
1962 J
♦Buenoe Aires (Prov) extl 6a...1981 M
100
103)4
9
100
111)4
87
100»3J
8
14)4
14
100)4
A
20-year
14
99)4
101
D
100)4
101
71
71
56
D
103M
♦6)4s stamped
External s f 4M-4MS
....
F
A
*63)4
53)4
59)4
3% external
37
1984 J
J
j *55)4
—
55)4
-
a59
I
37
58
42
....
f 7a.
1967 J
♦Stabtlliatlon loar 7)48
J
1968 MN
Canada (Dom of) 30-yr 4a
1960 A
2
112)4
31M
34 M
32 M
35M
105M HO
109 M 113M
112)4
24
102 M
24
98
34
98 M
101H
102)4
101)4
98)4
60
101M
92 M
98 M
..
1942 A
O
♦Extl sinking fund
J
6s..Sept 1961 J
♦External sinking fund 6s... 1962 M S
♦Externa! sinking fund 6s...1963 M N
18
29
24
28
32
Tw
19)4
29
14M
19)4
19)4
111
14M
19M
19M
External sink fund 4 Ms
External s f 4Ma
'.j
4s s f ext loan
19 54
19
19)4
19)4
32
15
19M
Municipal Bank extl
85
19
-
-
16M
22 M
17 H
106M
104M
.4
13K
13
11M
19
13M
3
11M
18M
104
19M
11M
13
55
37
69 M
32M
38M
13
18
38 M
2
18
112M 117M
77
79
71
71
56
79
64
73M
55M
58
40 M
40 M
22 M
*20
D
41
23
8M
8M
*1M
*1M
*1M
72
82
70M
77M
25
75
130
4
12
80H
56
65 M
68 M
81
49M
64 M
35
45M
20 M
23
24 M
8M
2M
6
....
4
6
1M
9M
2M
J
1M
1M
1M
D
4
4
3
4M
....
*1M
D
T
1M
1
1
*1M
J
2M
61H
-63M
IH
1M
J
63M
O
95
57
3
3M
2M
3M
3
67
9M
S
9
9
9M
9M
5
9
6H
7
10K
11
45
....
38M
61
*36
50
....
37
57 M
65
a
101M
~
101 M
♦100M
A
O
101M
105M
3
....
13
97 M 104 M
98 M 103M
A
105 H
105M
105M
106
12
103 H
104
1956 M
S
103M
103 M
103M
24
99 H
107M
106 M
1965 A
O
102 M
102 M
102 M
73
99 M
104 M
A
102 M
102
102M
1963 F
f 5s...1970 J
A
_
_
*102M
D
47
....
107
98M 103 M
102 M 103 M
20
21M
15
19M
♦Nuremburg (City) extl
1952 F
A
20
15
19M
R
51M
51M
53
30
51
62 H
3
15
19M
Oriental Devel guar 6s......
Ext! deb 6Ms-...
1953 M
19)4
1958 M N
47 M
47 M
47 H
14
47
57 M
19)4
30
14M
102M
34
18)4
21
12M
96 M 103 M
104 M
86
7
12M
18M
Oslo (City) a f 4 Ms
Panama (Rep) ext! 6 Ms
♦Ext! s f 5s ser A
1955 A
17
19M
18M
12
12M
18
18M
19)4
18)4
7
16)4
13
page 4087
70
20 M
19)4
18)4
"l7H
16
D
18
*13
14)4
14)4
11 M
16M
13)4
14)4
14)4
30
19M
21M
59
10
16M
9
10
16M
"21H
13 H
13
24 M
*20)4
8
O
7
12
20 M
19
17)4
A
73 M
19)4
19)4
19)4
19 54
S
1946 M N
27
19)4
17)4
17 M
of 1927....1947 F
29
19 M
19)4
O
♦Colombia Mtge Bank 6)4s_._1947 A
22 M
8
*41
New 80 Wales (State) ext! 5S..1957 F
External b f 5s
1—.Apr 1958 A
Norway 20-year extl 6s
1943 F
20-year external 6s
1944 F
30)4
30)4
D
J
1
25
1959 M N
30)4
A
1961
30 M
D
1952 J
30)4
19)4
19)4
J
Oct 1961 A
29
32 M
26 M
26 M
38 M
1969 M S
38
32
1962 M N
Jan
1968 M
f 6Ms
62 M
1961
♦68 extl
s
20
1961
♦6s of 1928
97 M
♦Sec ext!
♦Sec extl s f 6 Ms
♦Montevideo (City) 7a
♦6s series A...
34M
♦Ouar sink fund 6s
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 6s
J
24 M
29 M
....
Mlnas Geraes (State)—
10
D
1961
102*4
102M
1954 J
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦fTreas 6s of *13 assent(large) *33 J
J
♦(Small
Milan (City. Italy) extl
6Ms...1952 A
35
1957 J
♦Cologne (City) Germany 5 )4s. 1960 M
Colombia (Republic of)—
3
28 H
30
1H
30
♦Chile Mtge Bank 8)4s
♦81nk fund 6)4s of 1926
♦Guar sink fund 6s
1960 M
27 M
1H
1946 Q
30)4
♦External sinking fund 6s...I960 M N
♦Extl sinking fund 6s...Feb 1961 A O
♦Ry ref extl s f 0s__.__.jan 1961 F A
34M
24 M
*35
D
34)4
O
"30M
4
13
A
*19)4
A
16 1960
s f 7s
1947 F
Lower Austria (Province) 7Ms. 1950 J
♦4s of 1904
102)4
101)4
8s..July 15 1960 J
26
♦Assenting 5s small
101)4
71
31 M
61M
70 M
112
....
28 M
24M
26 M
*75M
52M
102)4
97)4
M
31
J
♦Assenting 5s of 1899
♦Assenting 5s large
102)4
1950 M
21M
B
79 M
70 M
J
98
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s ser B '47 M
Italian Public Utility extl 7s.—1952 J
64
53
....
24
16
23
13M
A
51
72 M
33 X
45
22 M
*12M
*12M
♦Mexican Irrlg assenting 4 Ms.1943 M N
♦Mexico (U8) extl 5s of 1899 £.1945 Q
J
70 M
28
1957 J
1979 F
♦Medellln (Colombia) 6 Ms—.1954 J
54M
34)4
25
104
1960 M N
D
1951 J
f 5s
78 M
53
110
1954 J
a
85
36M
109)4
A
Irish Free State extl
23
1
33)4
24 M
109
100M
73
J
78 M
12
1944 J
.^,»ar^LoaD * f 6"—-Oct
♦Chile
19M
8
109)4
1961
7-year 2)4a
30-year 3s
♦Carlsbad (City) gf 8s
♦Cent Agrlc Bank
(Ger) 7s
of 1926
19M
37
O
Aug 15 1946 F
25-year 3)4s
f gold
24
23
59)4
1952 M N
f 7s.
23 M
55)4
*33)4
33)4
99 M
102 M
1
Bulgaria (Kingdom of)—
104 M
20 M
*17M
J
65
....
"56"
1945 J
...1946 J
♦Leipzig (Germany)
....
2
24
25
101M
14
all3
26M
A
102 M
78
56
18M
12M
10M
10M
101
28 M
♦Hungarian Land M Inst 7 Ms. 1961 M N
♦Sinking fund 7 Ms ser B
1961 M N
♦Hungary (Kingdom of) 7MS..1944 F A
Extended at 4 Ms to
22
108M
*26
95
106
Refunding s f 4)4s-4Hs
1976 F A
External re-adj 4Ms-4Ms—.1976 A O
External s f 4)48-4)48
1976 M N
$ bonds
--.1968 F
s f g
19M
99
93 M
*28
m
-.--.1968
f g
5
1
26 M
31H
Haiti (Republic) sf 6s ser A
1952 A O
♦Hamburg (State) 6s
!
1946 A O
J
♦Heidelberg (German) extl 7 Ms '50 J
Helslngfors (City) ext 6Ms....1960 A O
Hungarian Cons Municipal Loan—
s
17
rlOO
*22 M
♦(Cons Agnc Loan) 6)4s
1958 J D
♦Greek Government 8 f ser 7a.. 1964 M N
♦7M8 secured
20M
103 M
30
100M
104 M 108M
22
24 M
♦7s unstamped
1949
German Prov A Communal Bks
1964
6
*99M
♦5)48 of 1930 8tamped
1965 J D
♦5)4s unstamped
1965
♦5)4s stamp(Canad'n Holder) '65
♦German Rep ext! 7s stamped. 1949 A O
♦7s part paid
♦Sink fund secured 6s
102M
95
106M
all 3
D
98
*75
8
19 M
J
5
*63
1977 M
100
20 M
1949
18
8
.....1961
107M
107M 116M
1049
7s unstamped
German Govt International—
106M
rl00
Japanese Govt 30-yr s f 6 Ms... 1954 F A
Extl sinking fund 5 Ms
1965 M N
♦Jugoslavia (State Mtge Bk) 7s 1967 A 6
8
*13)4
108
J
1941
-
10M
19M
96H 102
19
17
1961 M
♦6s stamped
23
*95
4.
106M
♦7s secured
19 M
«
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) 8 f 6 )4s.._1953 M N
♦6s part paid
M N
1972 F
Australia 30-year 5s
External 5s of 1927
see
67
55
O
*22
f 7s series C
For footnotes
91
55
1940 A
*20 H
1 7s series D
♦Sinking fund 7s
♦Sinking fund 7s
83
1st ser 5 Ms of 1926
J
s
s
101M 106M
Deutsche Bk Am part ctf 6s... 1932
1948 J
s
a
78M
21
73M
1945 M N
s
(Rep)—Extl
62 M
74 M
♦Dresden (City) external 7a
♦External
a f
96M 102
100
106
73 M
♦El Salvador 8s ctfs of dep
EstoMa (Republic of) 7s
♦External
♦Farm Loan
147
73 M
106.23
♦External
10-year 2)4s
22
75
110M
73M
External 7s stamped..
1947
s
10
98 M
102
24
101M 104
103
-
73M
7)4» unstamped
♦Otd sink fund 6s
♦Secured
3
w
O
102.13 105.10
Agricultural Mtge Bank (Colombia)
g f
101 M
O
French Republic 7 Ms stamped. 1941
s
16 M
A
103.9
Govt. & Municipals—
8 f
5
Corp—-
May
♦External
90
18M
2d series sink fund 5)4s
Jan.
♦External
80 M
A
Denmark 20-year extl 6s
External g4)4s
3s
s
62 M
2
1951
Sinking fund 8s ser B
External gold 5)4s
May 15 1944-1949 M N
♦External
„
92 M 100M
80
43
-.1942
Czechoslovak (Rep of) 8s
100.26 103.18
3s
Foreign
101 M
♦103M
D
100 14 103.10
Mar.
82
18M
101M
11
82
A
92M 101M
80
54
C
1949 F
Sinking fund 5M8._-Jan.15 1953 J
153
Mar. 15 1944-1964 M
Loan
'14
79
External loan 4)4s ser
102.27
3M«
3s series A
59
95 M
52
54
S
1949 F
97 H
94M
♦
♦Public wks 6)4s...June 30 1945 J
102.15 102.14
Federal Farm Mortgage Corp—
2)4s
1944 M
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
95 M
103.25106.23
M
108.4
_1948 M S 104.6
Home Owners'
96 M
1951 M N
(Rep of) 7s
M S
Treasury 2Mb
D
1952
25-year gold 4 Ma
1953 M N
{♦Oordoba (Cltyl 7s
1957 F A
{♦7s stamped
1957 F A
J
Cordoba (Prov) Argentina 7s..1942 J
Copenhagen (City) 5s
Dec. 15 1946 J
Treasury 2Mb
J
*23
27
22)4
*23
23)4
24
16 M
23 M
23 M
17
23 M
17M
15
6s
102M
O
102
90 M
91
20 M
91
5
8
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
•
s
1953 J D
1963 M N
«47
a47
a47
3
40
46M
.—.1963 M N
♦Stamped
♦Nat Loan extl
♦Nat Loan extl
20 M
42
42
42
11
32
45
1947 M
1959 M
f 6s 1st aer..1960 J
♦Stabilization loan a f 7s
♦Externa] "dnk hind g 8a
S
7M
m
m
*
-
9H
6M
8M
8M
13
5M
9M
9H
5
7M
11M
9H
105
7M
11M
9'A
74
7M
A
O
7M
11M
1940 A
O
46
45 M
46
14
44M
1947 A
O
61
61
61
2
59 M
67 H
82 M
1950 J
J
44 H
44M
45 H
42
62
f 6s 2d aer.. 1961
•Poland (Rep of) gold 6s
8
D
9M
8
24
Volume
New York Bond Record—Continued—Page 2
146
Friday
BONDS
N.
Last
£1
IS
EXCHANGE
8TOCK
Y
Week Ended June 24
Foreign Govt. &Munlc. (Concl.)
oi)8s_ J...1961 J
1966 J
Prague (Greater City) 7Xe
1962
♦Prussia (Free State) extl 6XB.1951
M
1946 A
10X
1953 F
A
..1946 A
98 X
♦Deb
20 X
1
19
22 X
♦Debenture 6s
19
23
20 X
22
7
102 X 108 X
106X
9
103X 109X
O
*
„
2
30
30
#•
— m
9
5X
10X
7X
13
1968 J
♦7s extl loan of 1926
1966 M N
*7 X
9
*7 X
9
6
----
D
-MM-
1967
D
29
♦6s extl 8 f g
♦78 municipal loan
J
1952 A
♦Roumanla (Kingdom of) 7s...1969 F
Rome (City) extl 6Xb
♦Saarbruecken
1963 J
(City) 6s
8X
"71
A
J
x
67 X
71X
75
23 X
26X
176
......
60
1
73
20 X
25
*21X
10X
10X
38
1
1
1
1
•
1
•
1
•
Sao Paulo (City of. Brazil)—
♦8s extl secured
1952 M N
f
secured
♦6 Xs extl
s
s
1967 M N
f
10X
*7X
......
~~
M
V
7X
-
5
8
8
5X
11X
10X
1936 J
J
——.—.—1950 J
J
iox
9X
8X
J
1940 A
O
1946 J
D
1946 J
Serbs Croats A Slovenes (Kingdom
D
Secured
f 7s
s
♦Saxon State Mtge Inst 7s
♦Sinking fund g 6 Mb.
32 %
♦7s series B sec extl
1962 M N
♦Silesia (Prov of) extl 7s
1958 J D
♦811eslan Landowners Assn 6s. .1947 F A
Sydney (City) s f 5 Mb
1956 F A
1971 J
Taiwan Elec Pow at 5 Ma
1961 A
External s f 5 Mb guar
♦Uruguay (Republic) extl 8s... 1946 F
24 X
22
23
....
47X
25 X
26
4
20 X
35
24
20 X
34X
1
41X
60 X
1
25
33
43 X
33
14
102
99X 104X
'
43
44 X
46 X
50
48
45
9
50
47 X
6
41
60 X
54 X
1960 M N
43 X
41X
43 X
9
38 X
54
f 6s__.
1964 M N
43 %
42 X
43 X
10
40X
63X
21
37X
38
53
50
38 X
42 X
67X
69 X
1978 F
1984 J
A
J
A O
1952 M N
1958 F A
1961 J D
39X
42
41X
41X
41X
42 X
*
38
-mmmm>m
*
Venetian Prov Mtge Bank 7S..1952
Vienna (City of) 6s
-MM MM -
♦Warsaw (City) external 7s
Yokohama (City) extl 6s
*20 x
9
----
69X
-mmmmm
42
42
23X
42 X
52 X
52 X
Bklyn Manhat Transit 4>4s
1966 M N
Bklyn Qu Co A Sub con gtd 5s. 1941 M N
J
1st 5s stamped
...1941 J
Bklyn Union El 1st g 5s......1950 F A
Bklyn Un Gas 1st cons g 5s
1945 M N
Debenture gold 5s
1st lien A ref 6s eerles B
s
--M-
53X
18
-mm-
1957 M N
1950 F
1981 F
f deb 3^s
AND
28
9X
6%
36
105J4
55
*18X
105)4
{Bush Term BIdgs 5s gu.
106 X
113
100
Canadian Nat gold 4>4s
Guaranteed gold 5s
78 X
100
108 X
12
64
82
9
85
61
11
A
110X
110X
1
"22"
*78
D
17
9
6
9
36
37
45X
90
80
49%
3
18
4
91
cons
•
-
1
101X
74 X
101X
81
19
114X
116X
115
34
115
116X
119X
119X
*119X
Guaranteed gold 4>4s_.Sept 1951
114%
Canadian Northern deb 6 34s
1946
Canadian Pac Ry 4% deb stk perpet
Coll trust 4>4s
1946
62
27
52 X
65
Coll trust gold 5s
Collateral trust 4>4s
117
115X
114X
124X
115X
115X
124X
111
115X
120X 125X
73
111%
94
111%
116
120
73
78
16
86
86 %
97
100
100 X
66
Allegh Val gen guar g 4s
1950
A
1951 F
A
39 X
35
58
74 X
59
88
4
86
94 X
♦Cent Branch U P 1st g 4s
1948
20
76 X
26
99
100
94
101X
{♦Central of Ga 1st g 5s..Nov 1945
♦Consol gold 5s
1945
♦Ref A gen 5 >4s series B
1959
♦Ref A gen 5s series C
1959
35
50
104
20
75
60
36
—
19
81
79
82X
105X
-
-
22X
60
*30
102
-
MM
103X
*
35
108
♦Mid Ga A At Dlv pur m
76
♦Mobile Dlv 1st g 5s
67 X
25
41X
16 X
384
38
Central Foundry mtge 6s
iol" 109"
79
87
Alplne-Montan Steel 7s
1955
Am A Foreign
2030
M
1953 J
*26 X
50
S
8
"54%
100
D
Amer IO Chem conv 5Xb
1949 M N
Am Internat Corp conv 5Xb
1949 J
104
104%
30
54 X
27
104X
1
38 X
3
!
95
95
81
28
J
95
91X
20-year sinking fund 6XB—.1943 M N
113
112X
113X
76
68 X
100
99 X 105H
80
98 X
Genera! 4s.;
O
102X
102X
103
57
J
D
102%
102
J
102 X
99
79
Type Founders conv deb. 1950 J
98
98
Amer Wat Wks A Elec 6s ser A. 1975 M N
Anaconda Cop Mln s f deb 4Xb 1950 A O
93
95
104X
104X
2
95
14
105
103
112X 113 X
99X 103
99 X
102 X
97X 107
84
97
102X 105X
♦Anglo-Chilean Nitrate—
1967
8 f Income deb
Jan
1996 Q
{Ann Arbor 1st g 4s
Ark A Mem Bridge A Term 6s. 1964 M
Armour A Co (Del) 4s
1st M
s
series B.1955 F
1967 J
f 4s ser C (Del)
J
S
30 X
25X
32X
-
——
-
-
—
*
98
-----
"92"
94 X
A
J
32 X
25X
92
94
78
1
-MM
M
107
General
1995 A
4s
O
101X
1996 Nov
25X
32X
23
41
98
100
94X
94X
57
88
95
41
86 X
94 X
102X
184
98 X
110X
1956 J
D
1955 J
D
1960 J
1948 J
1965 J
D
Rocky Mtn Dlv 1st 4s
Trans-Con Short L lBt 4s....1968 J
Cal-Aris 1st A ret 4 Ma A
1962 M
82
D
J
82
82
91
96 X
101 x
------
------
S
52
*78
96
J
3
83
81
------
80
82
82
Conv gold 4s of 1910
Conv deb4Hs
78
77%
83
Conv gold 4s of 1909
Conv 4s of 1906
100X
------
1995 M N
99%
99%
1946 J
Atl A Charl A L 1st 4 Ma A——1944 J
D
J
*66
1944 J
J
67
Atl Knox A Nor 1st g 6s
1st 30-year 5s series B
At! Coast Line 1st cons 4s July 1952 M S
General unified 4Mb A
1964 J D
10-year coll tr 5«
May 1 1945 M N
-
Second mortgage 4s
Atl Gulf A W I 88 coll tr 5s
1969
1
7
-MM-
69
5
96 X
102
11
2
99%
1
105
68
--MM
75X 103
75X 103X
82
102
81
104X
89
101
26 %
20
22 X
18
106X
101
(♦Cent RR A Bkg of Ga coll 5s 1937
1941
1948
Champion Pap A Fibre deb 4Ks *50
Ches A Ohio 1st con g 6s
1939
General gold 4Mb
1992
Ref A Imp mtge 3 Xs ser D_ 1996
Ref A impt M 3 Mb ser E
1996
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s—1946
RAA Dlv 1st con g 4s
.1989
2d consol gold 4s
1989
Warm Spring V let g 5s
1941 M
98 X
105
108
X
97
69X
3
67
69
94
104X
75X
60 X
28
53
77 X
70
10
63
88
55
48
56
40
45
76 X
22
25
23
14X
SIX
17X
54X
20
35
14
60
15
30
♦Gen 4s series A
81X
85
series B_.May
♦Gen 4Ks series C
May
♦Gen 4X8 series E
May
♦Gen 4Mb series F—.May
19%
*-___.
55
17X
8
----
77
0
1
99 X
36
41
197
15X
~~39X
99X
237
97X, 102
34 X
78 X
15X
39 X
{Chic Milwaukee A
St Paul—
103 % 106
112
110X 121
106
105
S
27 X
32 X
30 X
210
27 X
70
20
86
19
59 X
25X
40
17X
46
S
21
17X
15X
12X
22 X
196
13X
38 X
20
916
11X
34
15
22 X
121
14
39
105
105X
6
105
4
95
106
31
99
108
40
48
Bell Telep of
Pa 5« series B
1st A ref 5s series C
18X
21
99
MM
100
99
99
101X
101 x
*37 X
—
*
60
86 X
------
--MM
MM
-
M
1948
117X
117%
H8X
45
1960
128X
128X
128X
27
For footnotes tee page 4087.
i
19
9
10 X
12 X
112X
99X 100
115X 119H
125X 128 X
"
4 x
4X
5
5
*50
68
*1'11X
19X
34X
30
1961
10X
73
35 X
31 %
Beech Creek ext 1st g 3 Ma
9
11X
9%
25
—
16X
Pac 5s A..1975
J
1961
Battle Creek A Stur 1st gu 3s..1989
"11"
12X
36
Tol A CIn Dlv 1st ref 4s A...1969 J
Ref A gen 6s series D
2000 M
1951
*60 X
19X
{♦Cblc A No West gen g
....
9X
11
83 X
21
82 X
4s stamped
10
25
46
Con ref 4s
"l2M
78 X
100
24
15X
F
Bangor A Aroostook 1st 6s
M N
76 X
*52
35X
30
37
Rel A gen M 5e series
91
70
20 X
245
S
81X
20X
202
A
90
77%
83 X
98 X
24 X
24 X
F
94 X
24 X
16X
M
18X
88 X
93 %
21X
38
1960
1996
1943
11%
98 X
92%
21%
23
4 Ma
97
161X 115*
*105X
*
97
106
24 M
44 X
Conv
85 X
91
1989
1989
1989
1989
O
July
..1995 J D
P L E A W Va Sys ref 4s
1941 M N
J
Southwest Dlv 1st 3 Ma-5a
1950 J
22 X
C._
85 X
89 X
1
1
1
1
{♦Chic Mllw 8t P A
♦Conv adj 6s
1st gold 5s
67
95 X 106
103X
May 1 1989
♦Gen g 3 M*
23 X
44 X
Ref A gen 6s series
64
31
60X
49
114X
3s......1949
Dlv 3Ks... 1949
4s
1949
General 4s
.....—1958
1st A ref 4 Ma series B
1977
1st A ref 6s series A
1971
53
X
112X 116X
96
96
Illinois Division
gold 5e
1982
{♦Chicago Great West 1st 4a. —1959
{♦Chic Ind A Loulsv ref 6s
1947
♦
Refunding g 6s series B
1947
♦Refunding 4s series C
1947
♦
1st A gen 5s series A
..1966
♦1st A gen 6s series B._May 1966
Chic Ind A Sou 60-yr 4s
1956
Chic L 8 A East let 4Xa
1969
*54
97
103 %
Cblc Burl A Q—111
Chicago A Erie 1st
74 X
58
Chic A Alton RR ret g
112
65
35X
115X
64 X
_
112X
100
60
64
54"
54
1942
Certaln-teed Prod 5 Mb A
24
D
29
64%
Central Steel 1st g s f 8s
69X
*15X
1995 J
1948 A
34 X
106X
38
1960
Guaranteed g 6s
60
l*Auburn Auto conv deb 454s.1939
Austin A N W 1st gu g 5s
1941
Refund A gen 5s series A
46
62 X
4s..l949
Through Short L 1st gu 4s—1954
69X
------
Baldwin Loco Works 5s stmpd.1940 M N
Bait A Ohio 1st g 4s
July 1948 A O
100X
25
{{♦Chicago A East III 1st 6s—1934
{♦C A E 111 Ry (new Co) gen 58.1951
♦Certificates of deposit
87X 106X
95X 103X
84
109X
89
27X
24
69
------
Oct 1952 MN
J
1948 J
1948
LAN coil gold 4s
Atl A Dan 1st g 4s
105
— — ---
79 X
96
51
105X 108X
Atchison Top A Santa Fe—
♦Adjustment gold 4s
♦Stamped 4s
70
1961
1987
Cent Pacific 1st ref gu gold
58 extended to May 1
Amer Telep A Teleg—
A
54
100
"70
100
9
112
98
Central of N J gen g5s
10
9
.....1987
1982
17
Central N Y Power 3Kb
M
6
1951
1966
Cent Illinois Light 3 Ha
{♦Cent New Eng 1st gu 4s
1C8
7X
95
Cent Hud G A E 1st A ref 3X8-1965
92 X
96
7
3X
1941
79
12X
4
1946
6s.1947
1946
1941
Gen mortgage 5s
2
295
8
4s„ 1951
Cent 111 Elec A Gas 1st 5s
~
10
81
82 X
♦Mac A Nor Dlv 1st g 6s
90
44
----
-MM
57
45
48
♦Chatt Dlv pur money g
90
MM
"35
54
35
-
1
55X
•
78
105
95X 103X
2
MM
66 X
55
107 X
-
MM-
74
-----
103
—
36
60 X
67
100
....
—
97X
*55
------
1952 M S
1961
1966
89
1981
1947
O
3X8 debentures
47X
80 X
Cart A Adlr 1st gu gold 4s
21
Allied Stores Corp deb 4 Ma
3^8 debentures
99
X 108
Celotex Corp deb 4>4s w w
55X
S
♦Am
94
95
------
M
Pow deb 6s
104
X
35
*31
A1952
103X
lllX 114X
92
93 M
98
1949
89
90
96 %
111X
62 X
_
1998
1942
American Ice s f deb 6s
121
120X
114X 118X
112X H6X
96 %
1944 J
Deo 1 1954 J
1960
ser
111
115X
114X 117X
9
117H
*~77X
68 equip trust ctfs
9
119X
117X
Guar gold 4Xs
June 15 1955
Guaranteed gold 4>4s
1956
40 X
116X
87 X
66 X
1960
4s
93 X
74X 109
37 X
-.M-M-
1949
Allis-Chalmere Mfg conv
61
79
4
97 x
*35
1950
debentures
35X
101"m104X
94
X
*
1946
Alleghany Corp coll trust 5s...1944
4 Mb
42
56
-
100
1948
♦5s stamped
9
26 X
88X
Alb A Susq 1st guar 3 Ma
Allegh A West 1st gu 4s..
10
85 X
87
-
Albany Perfor Wrap Pap 6s...1948
Coll A conv 6s
7X
45X
-
1943
♦Coll A conv 6s
16X ■ 44
-
.1943
6s with warr assented
95 X
111X
107
*io2X
8
1952
4s series B
110
55 X
D
10-year deb 4Mb stamped... 1946
1st
73
86
M
1947
Ala Gt Sou 1st cons A 5s
78X
85
Carriers A Gen Corp deb 5s w w 1950
Adriatic Elec Co extl 7s
59 X
106 X
105 X 107X
7X
8X
75
37
95 X
106
*108
22
*62
1957
Caro Clinch A Ohio 1st 6s
{f♦ Abltlbl Pow A Paper 1st 5s.1953 J
Coll trust 4s of 1907
30
46
99
COMPANIES
1948
63 X
105 X
10
July 1969
Oct 1969
1970
Guaranteed gold 5s
Guaranteed gold 5s
10
INDUSTRIAL
Adams Express coll tr g 4s
35X
20
29
107 X
1962
5s A
cons gu
101
105
1966
deb 5s
51
59
85
1940
conv
45 X
106 %
18
1960
Calif-Oregon Power 4s
12
5X
30
107
1955
41
18X
3
"u"
99
1952
ICal Pack
15
68
*6X
Consol 5s
ft6
*26
69
deposit
{Bush Terminal 1st 4s
9X
38
105H
58
28X
104X 107 X
45 X
19X
20 X
45
58 X
36
A
Buff Roch A Pitts consol 4>4s..l957 M N
{(♦Burl C R A Nor 1st A coll 5s 1934 A O
of
20 M
20
1947 M N
1950 J D
{♦Car Cent 1st guar 4s
RAILROAD
98 X
93 X
60
40
18
51X
f 6s
1979 M N
102
1st g 4>4s series JJ___.
t*Boston A N Y Air Line 1st 4s 1955 F A
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3>4s_. 1966 M N
Canada Sou
s
3 Mb extl readjustment
141
30
D
Buffalo Gen Elec 4 Xaser B
Buff Nlag Elec 3>4s series C..1967 J
s
3X-1-4X % extl read)
30 X
11X
12
External
4-4X*4X% extl read)
*102X
19M
29
Brown Shoe
17
•External
♦
29%
1955 M N
1961 A O
13
42 X
50
O "50"
45
A
82
13 X
V
47
47%
J
1952 M S
Tokyo City 5s loan of 1912
92 X
585
7X
6X
30 X
101X
■
197
93 X
7X
30
43 X
33
MMMMMM
98
91%
13X
24
29X
29X
"30X
97 X
93 M
5
*25X
1962 M N
28X
22X
29
99X 104X
1
89
..1944 J
Big Sandy 1st 4s
♦Certificates
♦8s secured extl
29X
29 X
21
26 X
28%
9
25X
20X
2
104 X
7
32 X
30
*25 X
-MM---
10
28X
9X
8X
7X
.1968 J
♦6s extl Dollar loan..
29 %
29%
103 X
10 x
8X
1
High
Low
103 %
97 M
16
15X
9X
....1956 M S
§♦88 extl loan of 1921
♦7s extl Water loan
No.
Jan.
27%
27
1966
1952
s f conv debs...
1st lien A ref 6s series A
San Paulo (State of)—
♦8s external
oq6Q
1967 M S
Cons mtge 3 >48 series E
1st M 5s series II
10 X
,
5X
6X
26X
O
Since
Asked
High
<k
*29X
29X
1959
..1955
Boston A Maine 1st 5s A C
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
Binklng fund 6 >48
Range
or
Friday's
Bid
12
31
8X
6X
9
6X
8X
7%
8%
Price
♦Berlin Elec El A Undergr 6>4s 1956
Beth Steel cons M 4>is ser D—1960
3>4s
31
25
1
1
7X
6X
JS
q.
Belvidere Delaware cons 3 Ha.-1943
♦Berlin City Elec Co deb 6 >48—1951
62
105X
O
6Xs
11X
5X
4
106X
"1O6X
A
1950 M S
s
•n
Low
80
20 X
♦Rio de Janeiro (City of! 8s
Ranoe
Sate
EXCHANGE
High
7X
10
STOCK
Week Ended June 24
104X
—
MM-
♦Rhlne-Main-Danube 7s A
sec
11
Y
20 X
O
♦Extl
8%
7%
N.
1
Low
Last
BONDS
Since
Jan.
80
S
O
f 6s
No.
7X
1962 A
a
High
&
8X
8%
J
M N
Queensland (State) extl a t 78—1941 A
26-year external 6a
1947 F
♦External
Ask
Bonds Sold
Friday's
Bid
Price
D
♦Extl loan 7 He
Range
Range or
Sale
Low
♦Porto Alegre (City
4083
Week's
Friday
Weeks
Jan 1 2000
3X8--1987
♦General 4s
♦Stpd 4s non-p Fed Inc tax
1987
1987
14%
15%
13 X
2 X
13X
4X
18
16
13X
18X
15X
13X
14X
18X
15X
stpd Fed Inc tax.. 1987
♦Gen 6s stpd Fed Inc tax
1987
♦Gen 4Mb
—1987
1936
•1st ref g 5s—
May 1 2037
♦
1st A ref 4Mb stpd.May 1 2037
♦ 1st A ref 4X» »er C.May 1 2037
♦Conv 4Kb series A
..1949
7X
14X
3%
9).
3X
16X
stamped
(♦Secured 6Xs
♦4 Xs
*18"
9X
15X
16 X
17X
22
18X
16
22 X
7
12 X
8%
7
11X
8X
9X
6X
11X
5%
5X
3X
7X
New York Bond Record—Continued—Page 3
4084
June 25,
BONDS
N.
«
Week Ended June 24
cBennett
.sorBC
& Johnson
Railroad
Ask
High
Bid
Price
A
Since
Low
6
6
1
Jan.
High
4H
54*
4?*
5?*
25
8
39
5H
34*
34*
15
*204*
1124*
1064*
1134*
8
7?*
4
7
{♦Den A R G West gen 5a.Aug 1955
♦Assented (subj to plan).
•Ref A lmpt 5s ser B.-.Apr 1978 AO
{♦Des M A Ft Dodge 4s ctfs.—1935 J
{♦Des Plains Val 1st gu 4 4*8—1947 M S
Detroit Edison Co 4>*s ser D..1961 F A
'bonds
No.
<k
Low
F
Bonds Sold
Friday's
Sale
a.
*■<
Range
Range or
Last
|u
EXCHANGE
STOCK
Y.
1938
Week's
1/
"
10?*
3
4
42
80
42
11
111?* 113?*
Gen A ref 5s ser E———1952 A
O
1074*
54
10634 109?*
1965 A
O
110
111
28
107
S
107
107?*
D
*25
45
*15
37
88
92
Gen A ref M 4s ser F
rork, H. r.
Chicago, III.
One Wall Street
^Private Wire
Connections
M
-1966
♦Detroit A Mac 1st lien g 4s.-.1995
135 So. La Salle Si.
T)lgby 4-5200
Gen A ref mtge 3 4*s ser G
Randolph 7711
Cgo. 543
-
J
1064*
Friday
BONDS
N.
Y.
STOCK
EXCHANGE
£
I
Week's
Last
§
Range or
Sale
Week Ended June 24
I
Rid
Asked
&
1 "3
1054*
1094*
108?*
East Ry Minn
Ranoe
Friday's
Price
105?*
{{♦Dul Sou Shore A Atl g 5s__1937 J
Duquesne Light 1st M 34*s...l965 J
H.. T. 1-761 -<• 'Bell System Teletype -y
♦Second gold 4s
-1995 J D
Detroit Term A Tunnel 44*3.-1961 IVI N
D
Dow Chemical deb 3s
1951 J
♦Certificates
of
O
......
I960 MN
1951 J
June 16 1951 J
4
Gold 3?*s
D
Inc gu
144*
2
144*
77
64*
6?*
74*
27
54*
7
2
54*
75
44*
....
65
*35"
D
63
61
*
D
....
45
mm.
am
ma
10
84*
3
65
70
86
86
784*
784*
474*
Dec 1 1960
5s
194*
184*
94*
8*
"I02
164*
84*
......
Memphis Dlv 1st g 4s
1951 J
Chic T H A So'eastern 1st 5s. .1960 J
fil
17 4*
34*
♦554*
Ch St L & New Orleans 5s
High
42
7
74*
64*
74*
.1952 MS
{♦Secured 4 He series A
♦Certificates of deposit
♦Conv g 4?*s
Low
6
......
A
1934
No.
47
♦454*
154*
164*
644
64*
174*
deposit
{♦Refunding gold 4jb
♦Certificates of deposit
High
12
474*
67
374*
44
494*
44
46
36
544*
Guaranteed 4s
1944
1st mtge 4a series D
1963
1st mtge 3^s series E
1963
1951
34*s
guaranteed
con
cons
1044*
1962
5
1054*
41
1024* 1074*
103
1024*
100
.......
*95
974*
80
814*
11
71
81
78
81
41
71
69
64?*
70
24
48J*
14
1
M
M
1943 A
5s.-.1952
1044*
104
J
4s.. .1952 J
1st A ref M 4 ?*« series D
Cbllds Co deb 6s
{♦Choc Okia A Gulf
O
M N
1966 F
1967 J
4s... 1942 M
CIn Un Term 1st gu 6s ser C...1957 N
1st mtge guar 3?*s series D..1971 IVI
Clearfield A Mah 1st gu 5s
1943 J
......
A
Cincinnati Gas A Elec 3?*s
1st mtge 34*8
N
con gu
1064*
......
1064*
N
109?*
1004*
108?*
103?*
109
N
1064*
J
....
18
1064*
*109
......
70
1024*
14
.
D
Cln Leb A Nor 1st
J
Electric Auto Lite conv 4s
1952 F
A
Elgin Jollet A East 1st g 5s
1941
Cieve Cln Chic A St L gen 4s._ -1993
General 5s series B
-1993
....
1
1004*
109
24
1064*
24
*30
Ref A lmpt 4 4*8 series E
1977
D
65
Cairo Dlv 1st gold 4s
1939
Cln Wabash A M Dlv 1st 48.1991 J
.
"424*
J
99
1094*
974* 1054*
100
924*
684*
14
144*
1024* 1064*
1064* 1094*
1004* 102
107 H 1094*
102
108 44
1990 M N
1940 M S
J
1940
Cleve-C'Ilffs Iron 1st mtge 44*8.1950 M N
J
Cleve Elec Ilium 1st M 34*8—1965
Cleve A Pgh gen gu 4 4*s Ber B.1942 A O
Series B 34*8 guar
1942 A O
Series A 4 4*8 guar
J
1942 J
61
1950 F
1054*
109?*
1084*
♦1054*
5s
stamped
Coal River Ry 1st gu 4s
Colo Fuel A Iron Co gen s f 6s.
♦5s Income mtge
Colo A South 44*8 series A
......
.
A
82?*
754*
71?*
o
O
Apr 15 1952 A
Jan 15 1961 J
494*
4s
♦1st consol gen lien g
1953 A
♦Conv 4s series A
♦Series B
♦Gen
conv
Columbia A H V 1st ext g 4s... 1948 A
Columbus A Tol 1st ext 4s
1955 F
24*s debentures
1942 J
Commercial Invest Tr deb 3 4*8 1951 J
Commonwealth Edison Co—
If 1st mtge g 5a series A
If 1st mtge 5s series B
1953
1st mtge g 4 4*8 series C
1st mtge g 4 4*8 series D
1st mtge g 4s series F
1st mtge 3?*s series H
Conn A Passura Rlv 1st 4s
Conn Ry A L 1st & ref 4 4*8
s
1967
1975
1955
IVI N
1st s f 68.-1957
♦Erie A Jersey 1st s f 6s
♦Genessee River
{♦3d mtge 44*8
1938
1981 IVI
Ernesto Breda 7s
1954 F
Fairbanks Morse deb 4s
1956 J
D
Federal Light A Traction 1st 6s 1942 M
58 International series
1942 M
1st lien
1st lien 6s stamped
1942 IVI
1942 IVI
30-year deb 6s series B
1954 J
s
f 5a stamped
9?*
43
13?*
10?*
15
341
9?*
42?*
*394*
42 4*
994*
100
37
102?*
53
103?*
104?*
17
*60
.
mm
am
.
.
1117/*
1074*
.
ma
ma
mm
am
m
ma
m
J
1084*
140
2
27
107
100
.
-
-
....
-
.
108
-...
Cuba RR 1st 6s g
....
J
......
g 4s
1
rnrnmm m
.
-
13
mm
474*
mm
mmmm
108
108
19
1044*
1044*
105?*
14
105
105
104?*
104?*
105?*
21
105?*
93
22
102?*
102?*
......
103
103
92 4*
90
1034*
102?*
5
92 4*
1034*
26
19
3
34
For footnotes see page 4087
244*
204*
924* 101?*
...
*104*
*104*
*444*
384*
49
33 4*
16
37
384*
49
49
42
39
8
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......
109
109
1
364*
30
38
81
.....
J
108
114*
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1034*
1064*
*1084*
108
9?*
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4*
.....
....
....
114*
174*
164*
114*
154*
154*
40
54
1044* 109
1014* 1064*
1024* 1054*
1004* 1054*
984* 1024*
984* 10514
83
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100
104
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31
43
314*
544*
41
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35
52
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28
54 4*
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1
103
104
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106
108
.....
....
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45
1
14
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15
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1
1
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59
24
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97
1
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97
92?*
97?*
89?* 100
89?*
75
85
93?*
98
35?*
40
51
51
4
49
58
♦1st A ref 5s series A
1974 IVI
8
♦Certificates of deposit
*75 %
---_
54*
54*
74*
7?*
308
3?*
74*
35
3?*
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74*
{{♦Proof of claim filed by owner. M N
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1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
17?*
2?*
2?*
1941 J
J
IFramerlcanlnd Dev 20-yr 7 4*s 1942 J
J
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1?*
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2
2
{{♦Galv Hous A Hend lst54*s A'38
A
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J
al04
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100
1949
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1
103
35
8
34
100
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4
60
----
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484*
.
...
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J
*15
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19
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Goodrich (B F) conv deb 6s.-. 1945
O
*294*
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93 4*
35
98
D
894*
D
1st mtge 44*s
1956
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95?*
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1942
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1950 J
-
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49?*
100
964*
484*
95
1951
J
105i»i,
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95
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1939
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..
.
48
A
A
----
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34
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.
f 54*s A
44*
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2?*
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s
90
1952
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General 54*s series B
1952
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1973
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General mtge 4s series G
Gen mtge 4s series H
Gen mtge
J
16
100
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68
J
84
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75
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71?*
72
100
80
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18
80
67
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14
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209
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134
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1946
J
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1946
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1966 A
O
105
104
1946 A
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104
103?*
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1952 J
♦Harpen Mining 6s
Hocking Val 1st cons
1949 J
J
J
J
..
89
44*s.._1999
Hoe (R) A Co 1st mtge
J
85
*1094*
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1094*
1104*
1944 A O
61
5s...1937 M N
*20
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Hudson Coal 1st s f 5s ser A..-1962 J D
102
cons g
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
A.1957 F
A
Telep 34*s
ser
B..1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 34*s
——1951 J
Extended 1st gold 34*8
1st gold 3s sterling
Collateral trust gold 4s
Refunding 4s
Purchased lines 34*s
Collateral trust gold 4s
Refunding 5s
A
1951
Gold 34*8
*
Springfield Div 1st
1951
34*8—1951
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1951
119?*
52
29
30
....
05
38?*
13
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474*
44
40
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16
164*
75
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1953 M N
34*8.-1953
27
11
....
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16
J
1955 M N
40 year 4?*s
Aug 1 1966 F A
Cairo Bridge gold 4s.
1950
Litchfield Dlv 1st gold 3s.-.1951
Loutsv Dlv A Term g
....
1104*
44
J
.—1955 M N
Omaha Dlv 1st gold 3s
St Louis Dlv A Term g 3s
100?* 104?*
108
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1204*
224*
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1951
1951 IVI S
1952 A O
1952 J
...
1024*
224*
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ser
♦Adjustment income 5s_Feb. 1957 A O
Illinois Bell
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1952 J
s
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Stamped
Gulf States Steel
95?* 111?*
1976
Gulf Mob A Nor 1st 54*s B...1950 A
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1950 A
Gulf A S I 1st ref A ter 5s Feb 1952 J
104*
36
J
714*
1
Greenbrier Ry 1st gu 4s
2
1
5
1074* 1084*
1074* 1084*
11?*
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38
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I
98
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
2
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1
38
1084*
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105
172
106
1936 J
109J* 1124*
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994* 1024*
106
J
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42
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106
1969 J
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14
J
1951 IVI N
954* 1004*
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I
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108
f 5s.-.1951 IVI N
Penna tax
964*
1044* 1124*
1064* 1094*
1024*
101?*
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Dayton Pow A Lt 1 st A ref 3 4*3 1960 A O
Del & Hudson 1st A ref 4s
1943 IVI N
Del Power & Light 1st 4 4*3
J
1971 J
1st & ref 44*s
1969 J
J
65
1044* 108
100
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974* 103 4*
1942 J
J
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16
1951 J
D
924* 104 4*
77
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107?*
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1952
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22?*
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98
Gen Motors Accept Corp deb 3s.'46 F
101
I
101?*
J
100
11
105
36
75
J
D
1064* 108
100
87
4
1946 J
J
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
J
D
♦Sinking fund deb 64*s
1940 J
♦20-year s f deb 6s
1948 IVI N
107
1004*
74*8 series A extended to 1946.-.
6s series B extended to 1946
J
1074* 1124*
103
1950 M N
Crown Willamette Paper 6a
Cuba Nor Ry 1st 64*3
103 4* 106
10 4*
......
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J
1951 F
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....
----
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1943 J
{♦Florida EastCoast 1st 44*3.-1959 J
Flat deb 8 f 7s
974*
1104* 113
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101?*
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96
100
90
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6
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20
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107?*
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Grand R A I ext 1st gu g 44*8.-1941 J
Grays Point Term 1st gu 5s__.1947 J
104?*
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30
36
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1
41
24
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103
1946 J
61
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...1943 J
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1970 M N
cons
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{{♦Den A R G 1st
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s
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as to
72
----
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1951
1956
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106
S
86
1943
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1st mortgage 4 4*s
Den Gas & El 1st A ret
71
94?* 104?*
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1965
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f 4s
m
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s
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J
1960 J
Consumers Power 3 4* s.May 1 1965 IVI N
1st mtge 34*8
May 1 1965 IVI N
1st mtge 34*8.—
-1967 M N
s
m
44
J
J
{♦Consol Ry non-conv deb 4s.. 1954
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1955
4*s
mm
82?*
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.
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88
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-rna
Container Corp 1st 6s
2
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ma
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J
1961
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mmma
.....
131?* 132?*
----
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15
16
s
92
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1957 J
924*
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108
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1951
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A
101
1
794*
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194*
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J
1927
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35
A
D
1954
1956 A O
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7a.-.1956
Consol Oil conv deb 34*8
1951
s
18
894*
J
Consol Edison (N Y) deb 34*8.1946
3 4*8
debentures
1956
34*s debentures
1958
Crane Co
O
914*
f
guar
24
39
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 34*8.-.1951 A O
Stamped
41
11
O
Conn Rlv Pow
J
1953 A O
1953 A O
-
4s series D
♦Ref A lmpt 5s of
♦Ref A
J
23
110
....
101?*
1374*
1044*
*45
J
1996
14
106
106
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J
914*
O
5s.
11
110
"166" "994*
1980 IVI N
Columbia G A E deb 6s.. .May 1952 IVI N
Debenture
6
D
1943
1970
mm ,m mm m .
o
1945
mam
1054*
*102
O
1973
1977
f 4 4*a series C
mam
*1034*
J
O
1972
ammm
904*
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A
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*104
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1940
{♦Erie RR 1st cons g 4s prior.-1996 J
Gen Cable 1st
A
Cleve Union Term gu 54*8
1st s f 5s series B guar
mm
93
1054*
1948 M N
Gen 44*8 series A
1977 F
Gen & ref mtge 4 ?*s series B. 1981 J
Cleve Short Line 1st gu 4 4*s—1961 A
50
5
98
"
......
97
64
♦
924*
41
....
50
......
*
94
59
1
97?*
"56"
g 4s--
....
534*
*
......
St L Dlv 1st coll tr g 4s
Series C 34*8 guar
Series D 34*8 guar
75
...
53
20
65
*
..
J
J
W W Val Dlv 1st g 4s
s
D
1965 A O
1965 A O
El Paso AS W let 5a
1
32
80
106
Erie A Pitts g gu 34*8 ser B.„1940
102?* 106
102
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109
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D
'
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J
7
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37
20
88
11
14
#
IVI N
El Paso Nat Gas 44*s ser A—1951 J
Fonda Johns A Glov 44*8
Spr A Col Dlv 1st
O
J
4a. —-1939
III (N Y) 1st cons g 5s.. 1995
37
105?*
14
♦N Y A Erie RR ext 1st 4s—1947 IVI N
Chicago Union Station—
Chic A West Indiana
J
J
1956 M N
Ed El 111 Bklyn 1st cons
Ed El
Low
{{♦Chicago Railways let 6s stpd
Feb 1 1938 25% part paid
{♦Chic R I A P Ry gen 4s
1988
A
Nor Dlv 1st 4s—1948
East T Va A Ga Dlv l3t 5s
Since
Jan. 1
92
111
103?* 108
9
47
52
95
60
72
——
75
52
♦
3
59J4
*
*
54
-----
5
52
-----
50?*
-----
55
-----
75
Volume
New York Bond
146
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Range or
Sale
5*
Week Ended June 24
Range
Bid
&
Asked
High
No.
40
113
1963 J
38 X
32
1963 J
36
32 X
37 X
22
^106 X
106X
26
Ind
111 A Iowa 1st g 4s
{♦Ind & Louisville 1st
1950 J
1956 J
4s
gu
*55"
Ind
Union Ry 3Xs series B..1986 IVI
1961 F
{lnterboro Rap Tran 1st 5s—1966 J
S
de"u 4s
conv
♦
96
139
42 X
60
48
14
42 X
10
65
40
58 X
50 X
12
40
57X
81
25
65
81
101
10
100
101X
16
46
13
19X
101
13X
O
3
15
4
13X
38
15
10
♦1st g 5s series C
Internat Hydro El deb 6s
1944 A
"70"
68
Int
1941 A
44 X
39
90
87 X
90
80
73X
80 X
f
s
6s
*14
Internat Paper 5s ser A & B—1947 J
Ref s f 6s series A
1955 IVI
—
Int Rys Cent Amer 1st 5s B—1972 IVI N
1947 F
*76 X
81
"si"
Int Telep & Teleg deb s 4X8—1952 J
Conv deb 4Xs
...
..1939 J
68 X
1st lien & ref 6 Xs
Debenture 58
1955
66X
95X
69X
2X
96 X
F
70 X
{♦Iowa Central Ry 1st A ref 4s.1951 IVI
s
D
Jones A Laughlln Steel 4 X s A. . 1961 IVI
40
s
93
Kanawha A Mich 1st gu g 4s.. 1990 A
{{♦K C Ft S A M Ry ref g 48-1936
*67 X
A
24 X
J
Apr 1950
♦Ctfs with
warr
77
82
75
94
181
96 X 1005
244
71X
39X
74
42 X
2X
IX
3
40
40
96 X
37
78
1
30
53 X
62 X
77
105X
104X
109
*37
41
*17X
20
*23
Keith (B F) Corp 1st 6s.
1946 M
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4X8---1961 J
S
84
9X
87
4Xs unguaranteed
1961 J
Kings County El L A P 69— -.1997 A
Kings County Elev 1st g 4s—1949 F
Kings Co Lighting 1st 6s
1954 J
1st A ref 6Xs
*50
O
+150X
A
*65
Kinney (G R) 6Xb ext to
J
1941
D
ser A
1951 M N
Kresge Foundation coll tr 48—1945 J
3Xs collateral trust notes. —1947 F
*95X
102 X
100 X
100X
94
94
26 X
75
26X
80 X
A
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959 IVI
Laclede Gas Light ref A ext 68.1939 A
Coll A ref 6Xs series C
1953 F
Coll A ref 5Xs series D
1960 F
Coll tr 68 series A
Coll tr 6s series B
53 X
51X
10
1942 F
47
47
*65
*50
82X
78
30 X
30
♦1st mtge income reg
8
1975
J
51X
J
51X
85X
94X
A
O
*78X
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st A ref s f 58.1944 F A
1st A ref
1st A ref.
s
s
27
90 X
41X
63 X
80
22 X
78
Leh Val N Y 1st gu g
cons
2003
2003
M N
IVI N
2003 IVI N
5s
Leh Val Term Ry lstgu g 5s...1941 A
Lex A East 1st 50-yr 5s gu—1965 A
Liggett A Myers Tobacco 78—.1944 A
26
O
6s
1951 F
Liquid Carbonic 4s
conv
debs—1947 J
A
Lombard Elec 7s
ser
A
1952 J
D
1949 IVI
s
1949 IVI
Louisiana A Ark 1st 5s
ser
A—1969 J
Louisville Gas A Elec 3Xs
Louis A Jeff Bdge Co gu 4s
Louisville A
O
99
1966 M S
1945 IVI
10
1
123
~6
107
32
a62X
a62X
'41
a62X
6
86 X
77
73X
73X
127X
119X
119X
7
72X
105X
33
104X
102
127X
72X
104X
103
62
S
2003 A
1st A ref 4 Xs series C
2003 A
O
1st A ref 4s series D
2003 A
O
1940 J
J
O
1st A ref 3Xs series E
2003 A
O
Paducah A Mem Dlv 4s
1946 F
A
100 x
98 X
87
Lower Austria Hydro E16Xs._ 1944 F
McCrory Stores Corp
s
f deb 5s. 1951 IVI N
20
5
McKesson A Robblns deb 5X8.1950 IVI N
1945 J
D
Gen mtge 4Xs ser A
1960 J
D
Manatl Sugar 4s s f
Feb 1 1957 M N
Maine CeDtral RR 4s ser A
{♦Manhat Ry (N Y) cons 4S..1990 A
♦Certificates of deposit
♦Second 4s
O
D
32
36
29
25
45
96
10
23 X
{♦Mo Pac 1st A ref 5s ser A
1965 F
♦Certificates of deposit
♦General 4s
.1975
A
19
15X
19X
74
15X
25X
15X
23
see page 4087.
1977
19
deposit..
10
15
*
3
138
17X
O
1981 F
A
{♦Mobile A Ohio
gen
gold 4s...1938 M S
5s..1947 F
1977 M
g
♦Ref A ,mpt 4Xs
♦Secured 6% notes
1938 M
Mohawk A Malone 1st gu g 4s. 1991 M
Monongahela Ry 1st M 4s ser A '60 M
Monongahela West Penn Pub Serv
A
S
12
10X
T1X
S
23
98
15
25X
8
15
133
3
57
23
6X
85
19X
15X
25 X
23
15
25X
23
85
50
70
16
13X
111
8X
21X
14X
17
11X
12
25
1st mtge
9
15
68
60 X
99
107 X
106 X
58
4X8...———I960
106
106X
7
99
94
94X
4
85
95
92
93 X
98 X
27
84
94 X
Montana Power 1st A rer 3X8-1966
Montreal Tram 1st A ref 5s
1941
D
93 X
J
14
96 X
f 5s series A....1955
O
84
73
1955
O
79
71
Gen A ref
72 X
s
65
Gen A ref
8
95
30
99 X
45
f 4Xs series
C..1955
o
f 5s series D
1955
o
Morris A Essex 1st gu 3Xa
Constr M 5s series A
2000
69
"80
53 X
47 X
53 X
28
42 X
37
43
30
Constr M 4 X s series B.
1955 M N
Mutual Fuel Gas 1st gu g 5s... 1947 M N
42
43
112X
39 X
40
Mut Un Tel gtd 6s ext at
85
Nash Chatt A St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
J
50 X
11X
13
30 X
32
Nat Acme 4 X« extended to
D
1946
Nat Dairy Prod deb 3X» w W..1951 M N
Nat Distillers Prod deb 4X8---1945 M N
17
40
♦4Xs Jan 1914
45
52
♦4Xs July 1914 coup on....1957
♦4Xs July 1914 coup off
1957 J
M N
*50
21X
♦Assent
121X 126
104X
warr
""lX
A rets No 4 on '57
87
73 X
88 X
88 X
73X
Nat RR of Mex prior lien
{♦Assent
.
♦Assent
107 X
*30
120
120
79 X
{♦New England RR guar 5s—1945
J
60
101X 106
102
107X
98X 105
65
107 X
82
112
80
67
4
6
111X
98
74X
f 4s
♦Consol guar 4s
1945
A.. 1952
1961
1st 4s..1986
New England Tel A Tel 5s
1st g 4 Xs series B
N J Junction
RR guar
30 X
J
25
D
122X
123X
K
A
98 X
1955
D
New Orleans Term 1st gu 4s—1953
{{♦N O Tex A Mex n-c lnc 5s..1935
♦
1st 5s series B__
1954
o
97 X 103 X
74X
IX
3X
IX
IX
IX
♦1st 5s series C
♦1st 5X8 series A
107X
30 X
2X
24 X
31
122X
125
123X
120 X
123X
45
107 X
48
95
97
*U
6
40
95
24X
30 X
31
31
1956
...1954
F
26
29X
32 X
27
38
34
64 X
50
86 X
98 X
84 X
25
47
98 X
76
1
23
31
8
22
36
24
32
"8
22
7
23
35X
33 X
49
22
37
26 X
35 X
28
♦Certlf'cates of deposit
104X 108
*23
31
54X
24X
27 X
32
32X
1
1
A
A
126"
24 X
8
25
1956
O
108X
116X
95
107X
49
31
1
103
123X
*33
O
40
"2
30
91X
37
55
23
27
29
20
13X
23
28 X
27X
25X
60
17X
16X
32 X
31 X
10-year 3X» aw a t
-—1946
Ref A lmpt 4X8 series A
2013
10
19
Ref A lmpt
49
48
♦Certificates of deposit
♦1st 4X3 series D
93X 101
107X
J
1st A ref 5s series B__
107
M N
rap
27
----
2X
""x "2X
65
D
74X
40
IX
D
98
100X
mmmm
mmmm
M N
109
74 X
2
1965
a
{♦Naugatuck RR 1st g 4s
96 X
99X
mmmm
1954
77 X
38
98
"lX "2X
Newark Consol Gas cons 5s—1948
100
40
28
"lX ""5
129 X
115X 122 X
126
*97"
74 x
68
18
96 X
81
IX
A rets No 4 on '51
warr
o
8
112
-----
*1X
J
103X
-
mmmmm
4 Xa A 1952
New Orl Pub Serv 1st 5s ser A..1952
103X
-
4Xs—
A rets No 4 onl926
warr
*4s April 1914 coupon on
1951
♦4s April 1914 coupon off...l951
N O A N E 1st ref A
32
65 X
92X 101X
100
106
"*Ix
90
82
101
62
113X
.....
74
80
-
2X
O
J
llix
75X
20
—
O
1977
1977
♦4s April 1914 coupon off
63X
90
34 X
J
♦Assent warr A rets No 5 on '77
55X
105X
34X
112
J
O
99X
100X
71X
60
21 X
100 x
101
69
74
47
J
1957
coup on
♦4s April 1914 coupon on
107X
"94X loOX
62
21X
lOOX
1
112X
99X
*99X
74 X
72X
National Rys of Mexlco-
107X 118
128X 131
99
5%..1941
.1983
"79
36X
112X
A
62
42
101
74
D
1965 M N
N J Pow A Light 1st 4Xs—... I960
19
8
25 X
15
22
99X
N
New Orl Great Nor 5s A
22 X
*11X
14
11X
93 X
*98"
4
15X
65
17
S
75
♦
132
14X
*60
83 X 102
*
17
19X
4%._.July 1938 MN
56
mmmmm
3X
66
19X
17X
19X
18X
4X
19X
23
20
79
*76
15X
16X
15X
6X
♦Certificates of deposit
Mo Pac 3d 78 ext at
5s series C
3X8
2013
1952
*110
J
Newport A C Bdge gen gu 4 Xs 1945
1998
A
N Y Cent RR 4s series A
Conv secured
Fo^ohtnotes
of
5
6X
81X
70 X
42 X
18X
87
♦108X
mmmmm
2013 J
100X
*95
-----
100 x
36
Nat Steel 1st coll
128
"66"
70X
mmmmm
1978
75
*
A
48 X
28
84 X
81X
mmmmm
8t Louis Dlv 2d gold 3s
1980 IVI S
Mob A Montg 1st g 4X8
1945 M S
South Ry Joint Monon 4s—1952 J
J
Atl Knox A Cln Dlv 4s
1955 IVI N
67
28 X
57
f 5s series B
Nashville RR—
Unified gold 4s.
1st A ref 5s series B
48
51
33
s
85
65
"73X
76
31
40 X
s
75
*40
♦
56
33X
29X
Gen A ref
102
97 x
A
J
55
45
106
s
Lorlllard (P) Co deb 78——1944 A
6s
1951 F
26X
45
107X
130X
*
♦LoDg Dock Co 3X8 ext to...1950 A O
Long Island Unified 4s
1949 IVI s
Guar ref gold 4s
4s stamped
290
122X
123
D
Little Miami gen 4s series A.-.1962 M N
Loews Inc s f deb 3X8
1946 F A
49
34
21X
23X
*120
"l8X ~34X
55X
33
77
43 X
107 X
5X
69X
39
30
50
45
O
2X
1962
18X
19X
80
25
O
102
26 X
15X
16X
19X
23X
6X
60 X
32 X
24X
66
43
1940 J
4X8
Lehigh Val (Pa) cons g 4a
General cons 4X8—
General
*72
*30 X
J
95X
85
23
A
—
"2
90 X
27
23
Sec 6% notes extend to.—1943 J
Leh Val Harbor Term gu 5s ±—1954 F
f 5s
025
48
32
A
s
9
14 X
3
1
.
9X
7X
2
48
47
80
32
22
1974 F
1st A ref
5X
23
14X
47X
95X
137
90
1954
f 6s
3
14
6« debentures..............1965
27
1964
f 5s
9
3X
7X
96
a25~"
-----
21
12X
4X
3X
3
IX
18
31X
60
52
C—1954
Lehigh A New Eng RR 4s A...1965
J
IX
..._
12X
68
20
"6X
95 X 100X
61X
51X
J
Cons sink fund 4Xa ser
1959 J
....
Gen A ref
1954 J
f 4Xs A
3X
67X
*
-----
♦Certificates of deposit
♦1st A ref 5s series I
Lautaro Nitrate Co Ltd—
Lehigh C A Nav
3X
1978
13X
.....
6
3X
8
11X
4X
15X
89
30 X
D
8
lix
77
mmmm
6X
4
11
12X
M N
53
16
50
*2X
19
44
83
1997 J
3Xs
13X
1980 A
48
90
Lake Sh A Mich So g
60
17
47
Lake Erie A Western RR—
1941 J
60
18X
4X
1
87
2d gold 5s
mmm m
19
70
23
47
6s 1937 extended at 3% to—1947 J
52
39
1949 MN
75
52 X
46
102 X
77
6
1949
♦Montgomery Div 1st
24
97
61
'm +
O
95
25X
54X
52 X
44 X
1942 F
42
23
89 X
19X
98X 102X
Jan 1967 A
155"
103X
98 X
103 X
47
mrn
1978 M N
100
102 X
101 x
14 X
mm mm
♦Certificates of deposit
♦Conv gold 5Xs
♦1st A ref g 5s series H
97
103
100 X
103"
60
Prior lien 4 Xs series D
♦Cum adjust 5s ser A
81X
88 X 100 X
98 X
102 X
101
79X
52
95
95X
mm
1
95
*16
-----
1941
mm
*20"
♦1st A ref 5s series G
150
80 X
88 X
80 X
Koppers Co 4s
101X
t
71
156
95
—1954 J
95
16
102 X
15
1946
f 4s
50
68
16
94
mm mm
40-year 4s series B
♦Certificates
88 X
88 X
*60
N
Mo Kan A Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A....1962
98
89X
93X
88 X
84
-
*20
1938
♦1st A ref 5s series F
+50
6X
.....
"24" "26X
94
F
{♦Mo-Ill RR 1st 5s series A
20 X
X 108 X
5X
mmmmm
30
84
13X
91
100X
103X 109X
99X 103X
9X
*60
84
J
1962
Int
s
2
5X
*70
25
99
1961 J
13
1938
71X
64X
80
Plain
109X
101X
99X
J
4s Int gu '38
♦1st A ref 6s series A
60
84"
+51
23
101
S
cons 5s
{1st Chicago Term
85
1961 J
100 X
109
101
*26X
..1949
♦25-year 5Xs
♦1st ref 5Xs series B
100X
Stamped..
100M
109M
J
1979
♦1st A ref gold 4s
♦Ref A ext 50-yr fie ser A
90
27
97
101X
27 X
27
rnmmmm
90
77
D
29 X
44X
65
5
102 X
16X
103 X 108 X
103 X 106 X
40
41
13X
6
SOX
J
20 X
14 X
23X
mm-mm
*25
(par $925)--1943
10
7
79
79
D
90
""■46
63
13X
72
1971
cons 5s gu as to
70
79
1961
♦1st
75
96
68
75
*6
{♦Mil Spar A N W 1st gu 4s... 1947
78 X
98 X
90
High
70
80 X
O
con g
Low
85
*68
1940
{♦M St P A SS M
No
High
*96
*._.
{♦Mllw A State Line 1st 3X8—1941
{♦Minn A St Louis 5s ctfs
-.1934 M
68X
96X
71X
Since
Jan. 1
*81
{{♦Mil A No 1st ext4Xs(1880) 1934
1st ext 4X8
1939
Con ext 4Xa
1939
72 X
51
85
68 X
22
103X
stmp (par $925).-1943 M N
w
54
~
1952 IVI N
1st mtge 5s
94 X
83 X
81
24 X
104
D
♦Karstadt (Rudolph) 1st 6s—1943 MN
♦Ctfs w w stmp (par $645)—1943
w
124
60
63
62 X
105X
Kansas City Term 1st 4s
—1960 J
Kansas Gas A Electric 4X8—1980 J
♦Ctfs
35 X
22
O
1950 A
City Sou 1st gold 3s
48 X
80 X
~
Ranoe
Asked
Low
1951 M S
Ref A lmpt 4Xa series C
{♦Mid of N J 1st ext 5s
Mllw El Ry A Lt 1st 5s B
5X
&
1977
Jack Lans A Sag
3X8
1st gold 3X3
19
35
_
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
City Air Line 4s
1940
19
38
22
♦Certificates of deposit
Ref A lmpt 6s
146
coupon)
♦1st
James Frankl A Clear 1st 4s —1959 J
Kan
X
2X
12
12
15X
70X
45 X
1956 J
Sew AD 5Xa
1950
{{♦Met West Side El (Chic) 4S.1938
♦Mex Internat 1st 4s asstd
1977
♦4s (Sept 1914
24
52 X
Metrop Wat
67
35
77X
81
g*
47
O
1956 J
Marine
101X 107X
47
"Box
♦Adjustment 6s ser A__July 1952 A
Merc
100X
49
53X
1942 IVI N
1952 J
♦1st 6s series B
98
107 X
46 X
or
Friday's
Bid
13X
Market St Ry 7s ser A...April 1940
Mead Corp 1st 6s with warr..1945 IVI N
Metrop Ed 1st 4Xs ser D
1968 IVI S
18
18X
1947 A
Int Agric Corp 5s stamped
{♦Int-Grt Nor 1st 6s ser A
12X
107 X
48
7% notes. .1932 M
♦Certificates of deposit...
conv
Interlake Iron
"87" ~90"
23
Range
Sale.
Price
a,
{♦Man G B A N W 1st
3X8—1941
Marion Steam Shovel s f 6s
1947
106X 107 X
49X
A~
1932
28
Week's
Last
I §
STOCK EXCHANGE
Week Ended June 24
Manila Elec RR A Lt s f 5s—.1953 M S
Manila RR (South Lines) 4s...1939 M N
1st ext 4s
1959 IVI N
46 X
42
100
86
H
Y.
High
29
107 X
♦Certificates of deposit
•♦ 10-year 6s
4085
Friday
^
♦
Inland Steel 3Xs series D
{♦10-year
Low
St L 4 N O-
1st A ref 4Xs series C
106X
N.
Jan. 1
Jolnt 1st ref 5s series A
Illinois Steel deb 4X8
1940 A
Ind. Bloom A West 1st ext 48.-1940 A
4
BONDS
Since
Friday's
Price
Low
111 Cent and Chic
Record—Continued—Page
Week's
Friday
O
A
O
M N
111
110X 111X
48 X
82
48 X
60 X
65
66
39X
43 X
53 X
294
38
55
57 X
403
42
73
62 X
53
62 X
199
51
84
57 X
O
"52"
315
35
62
91 X
85X
Range or
Range
Sale
Friday's
Rid
A
Asked
SJnce
Price
June 24
Week Ended
Week's
Last
EXCHANGE
High
Low
N Y Cent
A Hud River 3
Debenture 4s..
Kef A Inapt 4Xs ser
Xs—1997
J
coll gold 3HS...1998
Mich Cent coll gold 3Xs
1998
N Y Chic & St Louis—
Ref 6)48 series A—
J9™
Ret 4 Xs series C
- - - --J97»
3-year 6s
Oct 1 1938
4s collateral trust —----- 946
1st mtge 3Xs extended to—-1947
N Y Connect 1st gu 4Xs A---1953
1st guar 6s series B
1963
N Y Dock 1st gold 4s
1951
O
F
A
3X8 ser D1965
1st lien & ret 3X0 ser E. —1966
Y A Erie—See Erie RR
Y Gas El Lt H & Pow g 6s—1948
N
N
67
94)4
Penn-Pixle Cement
32
64
53)4
38)4
98)4
65 h
Pa Ohio A Det
53
82 H
58)4
84
55
32
58)4
59
5
40
180
30
74
34)4
27 h
35)4
583
26)4
62
38)4
48
56
57 h
8
67 H
99
11
38 h
32
65
55
6
~48~~
105
105 h
J
D
F
A
46
104 X
105
*123
11454"
114)4
.NYLlEl4WC<iVrBBiM»1942
M N
♦Non-conv
♦Non-conv
1947
4s
debenture 3)48-1947
debenture 3)48.-1954
debenture 4s
1955
debenture 4a
1956
♦Collateral trust 6s
{♦N Y Ont A West
----------
105)4
114)4
Peoria A Eastern
112)4 114)4
17
16
100
95
103
61
60
80
*52
81
1st g 4Xs
93
85
96)4
1st ref 5s.
19 H
12
17)4
12
19
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Phlla Bait A Wash
J
J
11
11 h
12
29
11
21
12)4
37
11
20 H
11)4
13
11
f 4 Xa—
B
Trap Rock 1st 6s
Ref mtge 3)48 ser
18)4
{{♦Philippine Ry 1st s
Plllsbury Flour
J
14)4
13)4
15 h
84
13
23 H
23 X
7h
19)4
23 h
8
33
19)4
35
Pirelli Co
5)4
12
5
12
Pitts Coke A Iron conv
D
15 X
13 h
15)4
50
13
51
79
J
M N
51
51
1
D
1955 J
7)4
5X
6h
11)4
41
6)4
9
5)4
11)4
A
4.0"
O
M N
108)4
M N
(VI N
IVI N
M N
106 X
1937
J
1937
F
A
F
1939
M N
1967
J
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106)4
106)4
10
8
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105)4
108)4
105)4
108
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J
80
106)4
10)4
.....
D
1946
65)4
3 h
4
106)4
'23
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108)4
21
65)4
"l"
4)4
22
109
109)4
9
107)4
108)4
32
86 h
85 h
86)4
10
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a98H
6
10 h
10)4
2
10 h
10 h
17
F
A
10 h
106)4
7
16
10
11)4
6)4
40)4
8X
105)4 107
104 X 108)4
62
70
3X
9
16)4
15X
1996
4s
IVI N
51 h
INor Ry of Calif guar g 5a
1938
Northern State Power 3 )4s——1967
119X
A
104 h
103)4
116)4
104)4
111
F
27
97
105X
8
102)4
101)4
102)4
19
99)4 104
F
A
104
103)4
104
101 h
100)4
101 h
115 X
115
MN
IVI
IVI
*20
115""
116 H
4Xs series B
1st mtge
4Xs series C
1
28
28
75
196
67
93 X
f
49)4
42
50)4
164
41
62)4
52)4
42 h
54
28
40
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58
67
58
2
48)4
60
61
58
59 h
A
O
F
A
*
J
102 X
102)4
"64
J
Ohio Connecting Ry 1st
M N
5)4
M S
Ohio Edison 1st mtge
8H
4X
5)4
*102
101 h
101 h
102)4"
79
101
100 h
19
98
96 h
104 34
96)4
97 h
32
91X
98 X
104)4
104 h
55
98 X
104 X
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99 h
100)4
27
113)4
113)4
1
D
A
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J
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112
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112
112)4
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103X
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103
96 X 101X
UlX 113)4
97
74
44
74 X
69
45
110
69
60
1938
269
60
45
14
110
59
107)4
52
103
65
69
4
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60
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109X
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D
94 X
A
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86
98
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1968
1944
1949
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A
O
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For footnotes see page 4087.
57
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72
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72
37
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90
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3
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88 X 104
10
83
103 X
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A
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..........
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109
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108
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102
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153
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1
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92 X
90
92 X
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55
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12
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67 X
66 X
67 X
14
52 X
56
20
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76
J
J
69X
60 X
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75
58
93 X
1997
J
J
70
70
70
3
69 X
93
96
102
84
98
12
100
118
B
Republic Steel Corp 4Xs ser
Gen mtge 4Xs series B
A. 1950
1961
s
S
93
96
M
111
F
-to,...
A
-
-
108
85
88X
89 X
107
M N
107
104X
90
85 X
90 X
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94
92
94 X
34 X
35
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a a
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15
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....
33
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J
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11
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103
50
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stamped.
{♦St L SW 1st 4s bond ctfs
]
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1
S
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104
109
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46
62
2
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56
69
44
60
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31
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97 X 103 X
101)4
....
....
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7
8X
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70
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93 h
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1947
1942
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1942
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1944
u it
ser E trust ctfs.....1952
2»-yeai 4s....-—
1963
95
78
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94 X
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70
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103
.
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105
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106
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A
11
2
99 X
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3
70
J
109
91
1955
Panhandle Eastern Pipe L 4s..1952
*
20
10
40
4
15X
J
110X 118)4
90X 106 X
72 h
Pacific Tel & Tel 3)48 ser B-. 1966 A O
Pat A Passaic G A E cons 6s
109
65
115
97X HON
99
109X
78 X
96 X
106
109X
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ret 4Xs series A
1997
16
96X
102 h
Parmelee Trans deb 6s
108X
4
15X
6s—-—1951
33
J
107
6s—1966
21
12X
81
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J
102 h
1955
79
109X
88
O
A
92 X
108X
iox
3X
14X
12
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110
J
3)4s ser H...1961
3 ha ser I
1966
Pac RR of Mo 1st ext g 4s
1938
Paramount Pictures deb
108X
32
J
103
J
1st A ret mtge
3)4s conv debentures
Paris-Orleans RR ext 6Xs
92 %
S
100
J
Roch G & E 4 Xs series
156
1946
G—1964
f g 3s loan ctfs
D
M
99X
99 X
110
104
....
107
113
106" "~9
110
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s
J
101
107
110
*110
109)4
106)4
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D
100
10
108X
*99 X
J
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1966
J
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J
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100 X
J
F
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J
Richfield Oil Corp—
12
S
IVI N
6s
107X
A
J
108 X 108X
98
104)4
D
J
2d ext gold
105X
F
J
J
deb 4s..l957
{♦Providence Term 1st 4s.
1956
Purity Bakeries s f deb 5s
1948
{♦ Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd) —
'V^UUO
J
Ontario Power N F 1st g 6s
Pacific Gas A El 4s series
76
99 X 108
J
J
M
Ontario Transmission 1st
Pacific Coast Co 1st g 6s
75 X
50
J
13
2
49 X
coll 58.1953
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11
80X
14
F
,.*6)4
53 X
74
1948
{♦Providence Sec guar
8X
8
60 X
50
M 3X8-1966
{{♦Postal Teleg A Cable
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60
107
58
D
80
100 X 102
102)4
100
108
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79
102 X
3
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49 X
51
O
88)4
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4
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102 X
100)4
53)4
40
58
50
*35
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107
37
108
J
*37
76
261
55 X
D
series B
1962
series C—
1974
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1977
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--I960
1st 58 1935 extended to 1950
Porto Rlcan Am Tob conv 63-1942
8
9
5
109
4X
101
89
65 X
113X 117
-
101
40
60 X
190
-
91
46
108X
IVI
28
67 h
117 X
O
1st gen 5s
Gen A ret 4Xa series
28
67X
5
Remington Rand deb 4Xs w w.1956
IVI N
Rensselaer A Saratoga 6s gu... 1941
73
66
75
101X
84X 101X
A
69)4
J
J
1943
6s...1946
Oregon RR A Nav con g 4s
1946
Ore Short Line 1st cons g 5s—1946
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1946
Ore-Wash RR & Nav 4s
1961
Otis Steel 1st mtge A 4 ha
1962
96X 103)4
*35
J
4s—.1943
4s
1965
1967
...1972
3Xa
1966
1946
105
101
17
J
{♦Debenture gold 6s
113
8
J
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8
13
114
6
86 X
75
A—1958
1959
1960
53
IVI
A
ext.-1944
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48
32
O
67
84 X
S
J
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6X
104X 109)4
107 h 108 h
82
95)4
99
86)4
8)4
Pitts A W Va 1st 4 Xs ser
Pitts Y A Ash 1st
62
60
89X 111X
D
1953
1957
1960
1963
1964
1970
1st mtge
52
137
A
F
4Xs
Gen mtge 5s series A
Gen mtge 5s series B
1975
Gen 4X8 series C
1977
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106
118
O
J
1949
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74
183
*115
Apr
O
Series I cons 4X8----
95 X
82
87 X
74
A
4s
Pressed Steel Car deb
68—1941
stamped
Apr '33 to Oct '34 coups—1945
North Pacific prior lien 4s
1997 Q
Gen Hen ry A Id g 3s Jan....2047 Q
Ref A lmpt 4 )4b series A
2047
Ref A lmpt 6a series B
2047
Ref A lmpt 6s series C
2047
Ref A lmpt 6s series D
2047
4s debentures
103
105 h
♦Ctfs of dep
mtge 4s
11
38
21
108 X
♦{Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 & sub coupons.1946
♦Oct 1938 and sub coupons..1945
1st mtge 3)48
94)4
106 X
S
deb 6b— —— 1961
No Am Edison deb 5s ser A—1957
Deb 6)4s series B
Aug 15 1963
Deb 6s Berles C
...Nov 16 1969
North Cent gen A ref 6s
1974
Gen A ret 4)4s series A
-1974
Oklahoma Gas A Elec
70
104
103
O
O
101
Series H cons guar
92
J
1940
1942
1942
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8
A
A
109
311
109X 120X
80 X
O
gold
50
106
8
M
1955
North Amer Co
{•Og A L Cham 1st gu g
5
43
64)4
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50
11
1950 IVI N
deposit
{{♦Norfolk A South let g
106)4
106)4
106)4
A
deb 6Xs1950
Nord Ry ext sink fund 6)4s—
1961
{{♦Norfolk South 1st A ret 6s
Nlagara Share (Mo)
79)4
9h
1946
1st 6s A—
101
80
106)4
106H
{{♦N Y Westch A Bost 1st 4 X«
1966
Niagara Falls Power 3Xs~-~
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108)4
101
J
32
99X
86 X
86
A
J»45
52
111X
81
80
s
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8
82 X
109X
98 X
O
IVI
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8
4
39
89 X
70
D
O
A
4 Xs A..1952
L 4 Xs A
101
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J
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172
84
.1952 IVI N
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104X
92 X
«► —
108
74
J
S
(Italy) conv 78.——
77
83
90
.1949 IVI
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10
D
J
23
A
J
J
-
108
81
111X
.1973 J
f 4s_ —
.1943
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11
O
J
A
.1937 J
C A I ref 6s.
♦Conv deb 6s
M N
1946
-------
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11
12 X
O
A
1
High
85
no
....
-
107X
A
F
18
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107
.1943 M N
13
1943 IVI N
♦Terminal 1st gold 5s—
3Xs deb—
12
J
*104X
107 X
M N
J
Since
Jan.
100X 104 X
-
84
V
IVI N
.1952 J
17 X
J
96 X
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.1980 M
13
M N
97 X
O
83
1
8
84 X
...
84
J
A
.1956 J
series C—-----
S
1940
gold 4)4s
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6s stamped
1st 6Xs—
.1956
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1
No.
High
*105
J
.1974 F
O
13
O
.1947 M S
A
13
Asked
83 X
84 X
D
A
O
1990
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75
S
M
J
O
4s.. ..1940
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1st 4s series B
95
S
A
.
A
45
1951
1st mtge 6s
N Y Telep 1st & gen 8
6a
4s
♦Income
Pere Marquette
22
*45)4
1956
1st mtge
1st
101 h 105)4
121)4 124)4
124
Bid
I
.1943 A
Conv deb 3X8
Peop Gas L & C 1st cons
Refunding gold 5s
75
A Boston 4s.
1993
1st con 8U 4s..
1966
El Lt A Pow 3 )4s
1958
IN Y Rys prior lien 6s stamp..
1951
N Y A Rlchm Gas 1st 6s A
1947
N Y Steam 6s series A
{♦{N Y Susq A West
1981
1984
1952
series D._
series E
Gen mtge 4Xs
106
1942 A O
♦♦N Y Providence
♦Certificates of
48
101
19
95
N Y Queens
N Y
46
29
O
N Y A Putnam
{♦2d
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S
1992 M S
ret g 4s
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NI
Cbes 1st 481954
{♦Harlem R A Pt
55 h
100)4
4§"
M
(JWj7---J967
♦1st & red 4)48 ser
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1st g 4s
.1974
B—-.1977
series C
.1981
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.1967
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.1967
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——195/
4s
General 5s series
105)4
A
1956
1948
1940
3)4s
debenture 6s—-
♦Debenture
39)4
1965
1968
1970
B
4Xs—
108
44
J
J
Term) 4b-}939
♦Conv debenture
♦Conv
series C
fund 4X8
4Xs series A
109 X
*98 h
M N
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M
Branch gen 4a—,-1941
♦Non^conv
65
52
*100)4
M N
♦Non-conv
95 h
General
98
M N
14N Y N H A H n-c deb
1
1960
103
Greenwood Lake 6s.—1946
gold 3ha-■WW
West 4s ser A—1973
N Y Lack A
{♦N Y & N E (Bost
1970
Consol sinking
Peoria & Pekln Un
N Y A Harlem
N Y A Long
Gen m^e 3X8
90
3
*16
♦N Y L E A
77
51 h
44
"53)4
Penn Glass
30
104
98
M N
♦N Y A
69
103
gold 4s
Purchase money
91
269
54)4
"98 X
N Y Edison
1st 6s A—1941
Sand 1st M 4X8..1960
1st A ref 4Xs A-{977
4Xs series B
1981
Pennsylvania P A L 1st 4Xs—1981
Pennsylvania RR cons g 4s.—1943
Consolld gold 4s
..---1948
4s sterl stpd dollar May 1 1948
77
47
O
1947
♦Conv 5% notes-
High
70 h
39)4
Inter st Period
Bonds Sold
Friday's
Sale
Price
Low
Low
57 X
A
M S
A
J{[38
{♦Serial 5% notes
"52"
"59"
O
No.
|
64
A
F
Jan. 1
Y STOCK EXCHANGE
Week Ended June 24
Range
Range or
Last
BONDS
N
68)4
76 X
J
A
A.-----2013
Se Sbo?e
J
J
"J**
-
Week's
Friday
Friday
BONDS
Y. STOCK
N
1938
25,
June
New York Bond Record—Continued—Page 5
4086
14
11H
48
44
48
41
38
67 X
27X
27X
27X
15
20
34 X
24 X
) J
J
2 J
J
13X
15
25
13
)J
J
10
14
24
9
17
Volume
New York Bond
146
Friday
Range or
N. Y. STOCK EXCHANGE
Sale
Week Ended June 24
Price
A
*7
A
*
1972 J
S A A Ar Paaa let gu g 4a
1943 J
If San Antonio Pub Servr let 6a.
_
45*
112*
1952 J
1965 M N
Santa Fe Pres A Phen 1st 5a
1942 M S
{♦Schulco Co guar 6*8
♦Stamped
.
♦Guar
8
1946 J
J
..
f 6*s series B
..1989 M N
{♦Relunding 4s
1959 A
112*
♦Series B certificates
1935 F
A
1951 M
S
1952 J
D
{♦Siemens A Halske
s
a
f 7s
f 6*s
1951 M S
Skelly Oil deb 4s
1946 F
A
1941 F
Socony-Vacuum Oil 3 Ha
Southern Calif Gaa 4*8
1st mtge A ref 4s..
2
230
5%
13*
2*
17
~3%
102 H
102*
80 H
*98*
80 H
S
♦60
22 H
69 *
86 H
101*
105*
103*
106 *
108%
94
99
—1981 M N
cons g
J
1946 J
O
—1950 A
1955 J
1956 A
1956 A
.1996 J
..1938 M S
♦{Spokane Internat 1st g 6s...1955 J
Staley (A E) Mfg 1st M 4s
1946 F
J
1961 J
D
1943 J
77 H
93
101*
33
104H 108
110
6
104
107
8
21
94
4
86*
14
120 %
101H 105
105 H 108%
106 % 109
87H 100
83
99
15
1947 J
D
S
68*
67*
S
40
A
E..1963
1st mtge 4s ser H
1st mtge 3Hs series 1
West Va Pulp A Paper 4 Ha
1966
Western Maryland 1st 4s
1952 A
1st A ref 5 Hs series A
West N Y A Pa gen gold 4s
{♦Western Pao 1st 5s ser A
♦58 assented
1977 J
J
1943 A
O
1961
1952
O
1946 M
{{♦Wllkes-Barre AEastgu 5s..1942
85
5
77
104H
52
60 H
421
52
03
237
45 %
83
384
23*
47 H
45*
27 H
60 H
36
34
46
86
26
63
35 H
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77 %
40%
84
28
64 H
40%
*65
68
70
109 H
104 H
70
109
109 *
104 H
11
35
104%
12
25
58 H
"69"
101
105
102*
95
100
103 H
102
120
100 H
106
101
106
120
95
161
30
46H
72%
105* 108
10
119H 125
22
"88""
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104H
104 H
2
110
90 H
110H
10
"81
95
101
70%
99*
101
44
99
73 H
74
2
70
D
Tex A N O
1943
J
Texas A Pac 1st gold 5s
Gen A ref 6a aeries B
2000
D
1977
O
75
Gen A ref 5a series C
1979
O
75%
106
t
ioe*
D
1980
Tex Pac Mo Pac Ter 5Hs A—.1964 M S
70 H
69
76
Third Ave Ry 1st ref 4a
i04H
31%
J
106*
81H
64
"n
70
88 %
17
69
1952 J
J
17
1
31H
26
71H
90
106* 109*
10
101* 105
68*
81*
10
3
73*
98*
97* 108*
23
a47
16
62
a47
93
5
46
21
20
KB
68*
48*
47*
20*
5
72*
70
24
48
75*
47*
104
63
100
105*
105
110*
105
*28
87*
91
63
79*
93
97*
4*
96*
98*
5*
97*
8
91*
99
11
86
86*
5
105
90*
*105*
5
96* 101*
71
87
105* 109*
.....
10
11
7*
4
8
6
6
*5*
106*
♦3*
106*
99*
100*
15*
6*
5*
14
14*
8*
6*
104
9*
106*
5
5*
96
100*
A Tube—
1961 M N
C
ser
100*
138
Cash sales transacted during the current week and not Included In the yearly
No sales.
r Cash sale; only transaction during current week,
a Deferred delivery sale; only
transaction during current week,
n Odd lot sale, not included in year's range,
x Ex-Interest.
{ Negotiability impaired by maturity,
t The price represented is
the
dollar
quotation per 200-pound
unit of
Accrued interest payable at
bonds.
exchange rate of $4,8484.
T Bonds called for redemption or nearing maturity.
t Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
•
Bonds selling flat.
s
In
Friday's bid and asked price.
♦
Deferred
No sales transacted during current week.
delivery sales transacted during the current week and not Included
the yearly range:
Pac. RR. Mo. 1st 4s, 1938, June 23 at 65*.
85H
104
83
24%
3H
9
71
89%
40
98
53 *
86
49*
the
at
York
New
Stock
104*
53
Transactions
34
7H
103
53 H
e
104H 110*
88 H
103 H
6%
103*
D
76
14
105
116
range.
88 H
90
109*
53
J
81
104
31
J
1943 J
103H 106H
75%
71H
7
1937 J
108%
106 %
76 H
90
98* 102*
120*
109* 111*
1
101*
18*
17*
term 1st 4s '36 M N
{♦Wor A Conn East 1st 4 *s
94
103 H 106 %
109H 114
74
106 H
2
48
D
14
101
69*
106H
120H
22
118*
111*
121* 123
105 %
9
1
28
104
110
1
121*
102*
106H 110
104 H
*102 H
59
108*
107*
103* 105*
*8
1961 J
1st mtge s f 4s
104
46
*100*
J
♦Certificates of deposit
Wlsoonsin Publ o Service 4s
Youngstown Sheet
104
105
95
105
80
102 H
102*
{♦Sup A Dul dlv A
43*
71
J
1949 J
29
62
J
1960 J
38
64*
O
..1947 A
Winston-Salem 8 B 1st 4s
{♦Wis Cent 50-yr 1st gen 4s
♦Certificates of deposit
97%
104H
10
12
17
60
75
90
101
O
Conv deb 3*s
79*
23*
D
Wilson A Co 1st M 4s series A.. 1955 J
82
63*
31
"53--
.1949 M S
J
71
68*
23*
Wheeling Steel 4*s series A—.1966 F A
White Sew Mach deb 6s
1940 M N
83 H
55*
10
61
J
43 H
10
105
37
16
D—.1966 M S
RR 1st conaol 4s
100
78*
17
J
2361 J
Registered
61*
68*
71*
43*
57*
58*
57*
61
2361 J
8
48
17*
63*
30*
80
"6* "13"
61
J
105
43*
42%
53 H
13
79
S
460|
33*
33%
43%
11*
7
101
D
1951 J
..I960 IV!
El Power 68—1953 J
West Shore 1st 4s guar
70*
81
S
63 H
63
53 *
6
109*
.
76*
1950 M N
30
85
2
40
8*
-----
91
8
1946 M
Western Union g 4*8
25- year gold 5s
427,
42 *
42
14*
11*
13*
60
i04"
Westchester Ltg 5s stpd gtd_..1950
Gen mtge 3Hs
1967
76
J
1960 J
*20
*
*104*
121*
102*
101*
118*
118*
111*
111*
109* 109*
104*
63*
A
Jan 1960 A
42*
*
41
O
GeD A ref 5s aeries D
-----
..1939
ser
6*
7*
6*
104*
56
1945
...
Wheeling A L E Ry 4s
2
51
9
6*
104
60
Warren RR 1st ref gug 3 Ha—.2000^ A
Washington Cent 1st gold 4a...1948 Q M
Wash Term 1st gu
3*s
1945 F A
69H
24
7*
8*
104*
O
1941 M
30-year 5s
10
6
4*
'§*
O
31*
35%
30
*6
151
A
Tide Water Asso Oil 3 Ha
1Q80 AO
263
175
45
20
6
43
1953
g 5a
8*
45*
49%
1950
1951
♦AdJ income 5s
{♦Third Ave RR 1st
99 H
S
D
1944 F
gold 5s
O
♦Certificates of deposit
94 H
91
Gen refund a t g 4a
Texarkana A Ft S gu 5Hs A
Texas Corp deb 3 Ha
con
1978 A
ser
35
91*
♦Ref A gen 5s series D
f 5s
67*
16*
40
7*
6*
♦Certificates of deposit
♦Ref A gen 4 Ha series C
♦Certificates of deposit
s
99* 105*
35
9
40
7*
*9"
35*
S
Tennessee Corp deb 6a ser C—_ 1944 M
1939
79 H
90 %
9
40"
9*
A
1st 40-year guar 4s
85
21
45*
1976 F
{♦Warren Bros Co deb 6a
High
25
♦Ref A gen 5s aeries B
34 H
D
TenD Cop A Chem deb 6a B—1944 M
gold 5a_
52
"40""
8
Walker(Hlram)GAW deb 4*a.l945
Walworth Co 1st M 4s
1955
6s debentures
1955 A
Warner Bros Plct deb 6s
1939 M
1
Lojo
45
8
41 %
A
♦Studebaker Corp conv deb 6a. 1945 J
J
Swift A Co 1st M 3*s
1950 M N
Tenn Coal Iron A RR gen 6s
J
1951 J
cons
64
24
50
109
*45
So'western Bell Tel 3Hs ser B..1964 J
D
So*western Gaa A Elec 4a ser D.1960 MN
1st
80 H
1941 M
Ha A.1975 M
deposit
102
*
O
gen 5
of
100*
J
1941 A
42
1951 J
Tenn Elec Pow let 6a ser A..
Term Aaan of St L 1st g 4Hb
1
98
1938 M S
Standard Oil N J deb 3s
Staten Island Ry lBt 4 Ha
22 H
72
93
70H
61H
20 H
1939 J
West Penn Power 1st 5s
5
48*
Devel A gen 6a
East Tenn reorg lien g 5s
Mobile A Ohio coll tr 4s
54
61
~80*
101*
106 H
96 H 103 %
34 H
45
1956 A
Devel A gen 6Ha._
5H
4H
59%
Devel A gen 4s series A
Mem Dlv 1st g 5a
St Louis Dlv 1st g 4s
9%
22
2%
2%
58*
1955 J
1994 J
5s.
13
J
45
S
1969 M N
Southern Ry 1st
♦Certificates
101
J
...1941 J
48
1968 M
So Pac RR 1st ref guar 4a
1st 4a stamped
{♦Wabash Ry ref A
8
A
1954 J
♦Omaha Dlv 1st g 3 Ha
♦Toledo A Chic Dlv g 4a
♦Westphalia Un
1st 4*8 (Oregon Lines) A...1977 M
10-year secured 3*8—
67
93
106*
108 *
1946
Gold 4 Ha
21
Waah Water Power
103
83
A
1st mtge pipe line 4*s..
1951
So Pac coll 4a (Cent Pac coll)..1949
San Fran Term 1st 4a
8
8
10 H
5H
55
84
*99
1965 F
Gold 4*s
Gold 4*s
7H
4*
4
5H
*3*
164"
1947
Southern Kraft Corp 4Mb
Southern Natural Gaa—
5*
4H
8%
4
65
5
8
17H
2%
2
3
5
106*
M
.1961
Southern Colo Power 6s A
9
No
39*
109 H 116
12
20
'"7
5H
92
South A North Ala RR gu 5a
1963 A
South Bell Tel A Tel 3*s—.1962 A
1
14
11*
4H
101H
1950 A
35
19
23
7
6*
39*
21
31
112H
Jan.
High
1939 F
30
5*
"72"
1952 A
...1951 J
12
Since
Asked
1939 M N
20
24
A
1966 M
♦2d gold 5a
♦1st Hen g term 4a
♦Det A Chic Ext 1st 5s
♦Des Moines Dlv 1st g 4a
112H
24
5
Ranae
or
Friday's
Bid
{{♦Wabash RR 1st gold 5s
110H
104
15
15*
15H
3
1935 J
♦Debenture
♦Silesia Elec Corp 6 Ha
Slleslan-Am Corp coll tr 7a
Simmons Co deb 4a
108
....
1
112H
1933 MS
Shell Union Oil deb 3*8
Shlnyetau El Pow 1st 6*8
3
110H
3
10H
O
A
6
112*»«
81%
109 H H3i«,
Range
Sale
Virginian Ry 3*s series A
45
25 H
*11*
♦Certificates of deposit—
cons 6s series A
..1945 M S
♦Certificates of deposit
%
1935 F
13
49
25H
14H
Price
Low
102H
109H 118%
25
♦1st A
{♦Alt A Blrm 1st gu 4a
{♦Seaboard All Fla 6a A ctfa
9H
9%
25H
15H
O
it ♦Seaboard Air Line 1st g 4a. .1950 A O
{♦Gold 4s stamped
1950 A O
♦Adjustment 5s
Oct 1949 F A
98
98
112 *
Week's
Last
Week Ended June 24
High
7H
6H
19
8
110
O
A
Scioto V A N E let gu 4s
110
WH
1946 A
♦Stamped
Low
93
98
112H
49
San Diego Conaol G A E 4a
No.
24
7H
1940 J
St Paul Un Dep 6a guar
High
92
{♦St Paul E Gr Trk 1st 4*8—1947 J
fPaelflc ext gu 4a (large)
4087
BONDS
N. Y. STOCK EXCHANGE
Since
Jan. 1
Asked
D
{♦St Paul A K C Sh L gu 4*8.1941 F
St Paul Minn A Man—
6
Friday
Range
Friday'*
bid
Low
St Paul A Duluth 1st con g 4s__1968 J
Record—Concluded—Page
Week'»
Last
BONDS
88
8H
Exchange,
Daily, Weekly and Yearly
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp 3*s 1960
D
Tol St Louis A West 1st 4s
.1950 A O
Tol W V A Ohio 4a ser C
85
85
55
50
Week Ended
102
*50
1942 M S
Stocks,
63*
*80
80
June 24 1938
Railroad dk
State,
Number 0/
Shares
Miscell.
Municipal dk
Bonds
For'n Bonds
*119
121
Tri-Cont Corp 5a conv deb A..1953 J
*104
106
*94
J
♦Tyrol Hydro-Elec Pow 7H8—1955 MN
Guar sec s f 7a
..1952 F A
♦
"95"
100%
103 H
Saturday
104,530
...
70
108
I {♦Union Elev Ry (Chic) 5a... .1945
1st lien A ref 5a
June 2008 M
34-year 3 Ha deb
35-year 3 Ha debenture
.1970 A
8
1,087,050
4,900,000
1,457,030
5,472,000
Wednesday
1,712,450
2,403,270
7,025,000
753,000
458,000
8,236,000
9,345,000
866,000
548,000
10,759,000
97
26
96
67
.
Thursday
107
109 H
72
104 H
108 H
108 H
98
109H
100H
111H
88 H
88 H
92
88 H
88 H
O
United Clgar-Whelan Sts 5s... 1952 A O
United Drug Co (Del) 5s
1953 M 8
UNJRRA Canal gen 4s
1944 M
"74~~
65H
8
J
1934
{t♦United Rya St L 1st g 4s.
U S Pipe A Fdy conv deb 3 Ha. 1946 M N
J
fU S Rubber 1st A ref 5s ser A. .1947
111
83 H
82
106*
73 H
60*
*106 j
20
..
7%
107 %
74
67
4
159
19
41
105
109
2,290,640
109 H 116
83H
96
7,066,000
774,000
286,000
8,126,000
$35,422,000
$4,094,000
$2,694,000
$42,210,000
Week Ended June 24
Sales at
109 H
1938
Exchange
$1,672,000
$75,866,000
4,634,000
27,498,000
118,384,000
$265,554,000
187,168,000
633,897,000
1,222,433,000
$42,210,000
$33,804,000
$828,147,000
$1,675,155,000
Railroad and industrial
107
19H
Government
Total
27
U2H
41
107
105
103 * 106*
36 H
27%
105*3!
56
♦Un Steel Works Corp 6Hs A.. 1951
♦Sec a f 6 Hs series C
1951
D
33%
33 H
33 H
♦Sink fund deb 6Ha ser A... 1947
J
33 H
33 H
33%
33 H
33H
2
D
226,607,247
35,422,000
State and foreign
77*
81*
109 H
172
107,367,873
4,094,000
95H
107*
~20~~ "~2
1937
2,858,0.50
$2,694,000
82
103
69 %
60
1938
1937
9,054,970
Stocks—No. of shares.
Bonds
7
18
Jan. 1 to June 24
New York Stock
17
110
105
7,016.000
9,054,970
Total
107 H 114*
97
107*
O
1950 A
23
109 H
.1971 M N
United Biscuit of Am deb 5s.
108
7
7%
9%
116H 119
99 H
750,000
80
70H
22
111
$2,158,000
5,915,000
Monday..
22*
119
A
3 Ha debentures
.1952
J
Union Pac RR 1st A Id gr 4s... .1947
J
1st Hen A ref 4a
..June 2008 M S
70
$280,000
372,000
Tuesday
108 H
75
107 H
7%
118%
O
Union Oil of Calif 6a series A... .1942
Sales
$264,000
643,000
794,000
117H 119
Friday
.1945
f 7s
$1,614,000
103
H
22 H
3*8—. .1962
s
Union Electric (Mo)
Bond
*103
Toronto Ham A Buff 1st g 4a. .1946 J D
Trenton G A El 1st g 5a
1949 M S
UJlgawa Elec Power
Total
III
114
5
27H
27H
Stock and Bond Averages
36
1
38
Below
are
the
daily closing
averages
of representative
Exchange
Utah Lt A Trac 1st A ref 5e
1944
O
~82H
81
83
26
73
89*
Utah Power A Light 1st 6s
1944
A
84%
81
85%
84
78 H
92
stocks and bonds listed on the New York Stock
{♦Utll Pow A Light 5 Ha
{♦Debenture 5s
1947
D
53
48 H
53
as
1959
A
53
48H
53%
90 H
90 H
Vanadium Corp of Am conv 53.1941 A
O
Vandalla
77
45
63
109
45
77
compiled by Dow, Jones & Co.:
53*
90 H
Bonds
Stock*
A
Cons
s
cons
g
4a series A
{♦Vera Cruz A P let
gu 4 Ha
{♦July coupon off
Virginia El A Pow 4a
1955 F
1957 M N
f 4a series B
1934
104
10
104
*
*
2
%
2%
ser
A
1955 M N
Va Iron Coal A Coke 1st g 5s... 1949 M
Va A Southwest 1st gu 53
1st cons 5s
2003
1958 A
109 H
108%
8
J
O
10
*50
47
42
109 H
"26
43 H
89
47
106* 109*
35
61
15
Total
10
First
Second
10
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
45
39
20
Rail¬
trials
Date
J
30
Indus¬
J
June 24.
"21
129.06
25.06
20.13
42.34
105.84
87.54
47.76
104.91
June 23.
127.40
24.60
20.51
41.90
105.55
87.46
47.40
104.79
June 22.
123.99
22.46
20.36
40.41
105.51
86.95
45.23
104.55
85.56
June 21.
121.34
21.51
19.60
39.33
105.50
85.70
43.59
104.55
84.84
June 20.
118.61
20.70
19.36
38.39
105.63
85.49
42.36
104.48
84.49
June 18.
113.06
19.73
18.54
36.65
105.55
83.78
40.77
104.26
83.59
86.51
86.30
m
ot
Exchange—Weekly and Yearly Record
New York Curb
4088
J&ttSS SMKS&rK
extensive list
In the following
we
furnish
complete record of the transactions on
a
the New York Curb Exchange for the
compiled entirely
or bond, in
Saturday last (June 18, 1938) and ending the present Friday (June 24,1938). It is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock
which any dealings occurred during the week covered:
Sales
week beginning on
Friday
Sales
Friday
Week's Range
for
Sale
of Prices
Week
Par
com--.-20
A.*
*
Corp com
1
B
Class
Agfa Ansco
Alnsworth Mfg
300
17X
June
34
17
1~906
14%
2X
Feb
""§54 "3X
Supply Mlg olaas
Aero
"Tx
33 X
33X
900
3254
8
854
X
IX
6K
754
com—1
Air Devices Corp com
1
Air Investors common---*
854
X
Air Associates Inc
IX
100
7%
June
600
X
Mar
Mar
15 X
Apr
X
33%
50%
Mar
X
Apr
49%
08%
Jan
Jan
May
36 X
100
00%
67%
20
55
57 X
57 X
160
8X
85*
95
9
Jan
Mar
15
Feb
7,150
58
Mar
90
Feb
95
900
93
1554
100
15
3
June
95
4,800
67
Mar
95%
Feb
103 %
50
14 54
154
200
8
Mar
100
Jan
Apr
2
2,300
25
100
16
2354
1%
25
"~2X
1
Feb
10 %
Mar
Mar
56
100
23%
2%
400
700
IVs
52
Mar
X
10%
25
i x
1%
May
26 %
Jan
27%
16%
Jan
Mar
%
Mar
Mar
24 X
Co..60
Amer Laundry Mach
-20
Amer Lt A Trac com
25
6% preferred
26
Amer Mfg Co common 100
Preferred
-—100
Amer Maracalbo Co
1
Amer Meter Co
*
Amer Potash A Chemical.*
American Republics
10
13X
12%
23
23
100
18%
14 X
10%
100
Anchor Post Fence
%
%
Jan
Mar
27%
Jan
8
Mar
13
Jan
Jar
900
2,300
May
14%
Mar
10
Mar
18H
1454
22%
11%
Mar
24%
26%
45
Class A
preferred
1,200
OX
4,900
"4,000
*
—
Class A
Jan
June
200
£1
Amer dep rets reg
100
ord reg--10s
British Col Power class A.*
Am dep rets
5X
ox
---*
$6 preferred
com—1
5
Buckeye Pipe Line
50
Buff Niag A East Pr pref25
3%
$5 1st preferred
Bunker Hill A Sullivan
"21 %
*
2.50
8
"§1"
15X
Corp Am dep rets..
Burry Biscuit Corp—1254c
Cable Elec Prods v t c—*
Cables A Wireless Ltd—
25
Alcohol A*
B non-voting
— *
Canadian Marconi
1
"2lk
12X
2%
•u
Feb
Mar
4%
Jan
Castle (A M) com
4%
Jan
Catalin Corp of Amer
4%
Mar
7%
May
May
7% June
4%
2,200
8%
500
8%
June
1154
Jan
200
1
7%
1%
3
3X
20%
1
IX
Automatic Voting Mach..*
7X
5
5%
5
10%
%
1%
7%
5%
1,400
19
"2%
2X
100
100
'29.100
*
Centrifugal Pipe
Jan
1
IX
Barlow A Seellg Mfg A...5
13
5X
%
1%
2,200
1,400
ox
Mar
1654
Jan
X
Mar
%
Jan
Strip Co
Charis Corp.
800
X
Mar
600
654
Mar
25*
854
Mar
5
500
Jan
10
Cherry-Burrell com
6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Apr
21
Jan
Chic Rivet A Mach
4
Mar
13
Mar
Chief Consol Mining
Mar
May
13,500
154
Mar
160
1354
Mar
June
19
3X
5,100
Mar
14 %
1,200
254
1154
1,900
454
Mar
5
5
Bath Iron Works Corp. —1
554
6%
854
Jan
254
Jan
25*
Jan
100
5,600
%
1
Apr
June
Mar
255*
45*
Prelerred B
*
May
Preferred BB
Jan
com..
1
City Auto Stamping
*
City A Suburban Homes. 10
154
Jan
Clark
100
4%
700
0%
100
2%
3,600
17
Apr
1%
Apr
50
June
254
Controller Co
20
1354
400
3
Mar
4%
Feb
Mar
23 %
Feb
50
June
""206
Mar
14
May
May
Apr
June
84
Feb
90
Jan
75%
4%
2%
Apr
%
IX
%
5,500
Jan
Cleveland
Elec
400
3
Mar
475
6
Mar
15
Jan
8
50
8
Apr
10
Apr
3
Mar
7%
Feb
Mar
4
Jan
8X
7%
Jan
5
6
354
354
4
800
3%
754
7
754
300
5
13%
300
12%
150
900
13X
*58 X
May
Cockshutt Plow Co
254
Jan
Cohn &
Jan
Colon Development ord...
3%
3%
900
254
Mar
16
454
Jan
7i«
36
9%
33 %
8
3854
9X
45
3%
37%
40
Jan
97
Mar
110
Mar
40
Jan
60
Feb
5%
Mar
9%
X
June
1,300
5,300
4,700
20%
Mar
»hi
39
7%
May
11
165
Jan
Colorado Fuel A Iron
1195*
Feb
Colt's Patent Fire Arms.25
warr
7
June
20
Mar
May
154
Jan
Columbia OH A
hi May
954 Mar
54
Jan
Mar
1%
June
5
Mar
46
May
May
Feb
72
Feb
Feb
67
4
Mar
6
Mar
13X
June
50
20
54%
53
5%
200
21%
2X
4X
100
29
5X
'3~300
4%
13X
15%
400
IX
2%
5,500
1
Jan
100
2%
Mar
Feb
Feb
Jan
X4%
20
May
Jan
2%
Jan
Mar
4
30% June
36
3654
100
30%
4
"5
5%
1,200
3X
Mar
6%
1%
1%
700
1%
June
3%
Jan
1
Mar
IX
June
Mar
1%
IX
1,200
Feb
Jan
10
May
ox
Jan
2%
2%
2,500
1%
June
3%
Jan
4%
2%
4X
100
3%
Mar
4%
Jan
4,000
3%
Mar
10 5*
Jan
3054
Mar
"ox
Feb
Jan
3%
400
OX
51
53
47%
52%
48%
45
Mar
7%
61
60
Commonwealth & Southern
Mar
Jan
Feb
May
May
26
4X
£1
54
30
47%
Jan
5%
Apr
2,500
2,700
Jan
21
200
1,100
8
Rosenberger Inc
Apr
147
58%
716
com.
6% conv pref
Mar
June
7
Jan
1,300
57 X
he
1%
*
Mar
654
Mar
103
OX
8
Club Alum Utensil Co
6354
Mar
12%
102
1%
Mar
15*
June
5
Ilium....*
Cleveland Tractor com...*
Mar
7%
6
14
8
June
5
Mar
For footnotes see page 4093
Jan
Jav
Jan
May
1,100
Mar
IX
554
*
Jan
1
2%
1454
pref
8X
77%
1%
11454
$2.50 conv
Jan
10 %
68>i
400
15%
*
Berkey & Gay Furniture. 1
Blckfords Inc common—*
69
Mar
2%
854
Jan
Jan
82
64
Claude Neon Lights Inc..l
May
854
pref
Purchase warrants
Jan
3%
50
Clayton A Lambert Mfg..*
June
700
100
%
Jan
25
1,300
JaD
*
Conv
Jan
15 %
7
Jar
June
IX
14
Bell Tel of Pa 654% pf. 100
Benson A Hedges com
6%
76
10
5
13%
3%
17,100
*
$6 preferred
Jan
954
454
3
Beaunlt Mills Inc com. .10
1%
Jan
May
Mar
20.
~5l"
55*
*
Feb
17
75*
51
--..100
1%
32
37%
Chllds Co preferred
100
Cities Service new com..10
June
25
Baumann (L) <fe Co com.
14
Jan
Apr
1754
11
6
12
.....
CUnchfield Coal Corp. .100
1
Jan
80
5
Cities Serv P & L $7 pref.*
200
7,200
400
7X
Basic Dolomite Inc com..l
85
74
Preferred
3,800
%
1%
Mar
Mar
k "84k "865*
1
4
24 X
7
65%
Chamberlln Metal Weather
Baldwin Locomotive—
2%
20
14
7
Jan
30
Tobacco—
20
Jan
72%
100
1
15*
Mar
1%
2X
Jan
Mar
1%
4
86
Mar
16
Jan
Ap
3%
21X
4
100
%
20
Warrants
25
1%
16
Apr
Apr
4
1354
13
IX
Jan
Feb
Jan
May
100
*
15
24
10 %
Jan
Jan
X
67
50
4,500
25
25
1
Conv pref opt ser
Jan
1%
2,400
60
5*
Jan
%
4,500
67
X
454
Jan
IX
54
Mar
5
Apr
19
9
154
25*
Jan
Mar
7
105*
5
6% pref without warr 100
18%
Jan
3X
Mar
xhi
5
21%
54
80
Jan
18
60
IX
%
72X
ix
Mar
10014
4%
3%
Mar
15
1
67
Mar
Jan
Mar
Jan
7%
Cent, States Elec com
7% preferred
10
Feb
22%
June
1,600
Cent A South West Utll 50c
Conv preferred
Apr
Apr
Jan
IX
Jan
Mar
18 %
88
Jan
Jan
June
39
June
*
*
Steel Prod
9
June
17%
7% 1st partlc pref.-.100
Celluloid Corp common. 15
com
4%
May
Jan
May
Feb
Mar
Celanese Corp of America
Cent Hud G A E
Apr
6
2%
1
$7 dlv preferred
2X
Jan
40
28
hi
70
Mar
3%
22
Jan
Mar
8
22
May
May
Apr
Apr
Mar
70
Jan
Apr
5
Mar
May
'
Jan
18
Mar
3%
Jan
31
19
Cent Pow A Lt 7% preflOO
1,100
33
50
Cent Ohio
8%
Jan
Mar
16%
100
hi
7%
Jan
"u June
19%
28
Jan
Apr
May
"u June
hi
154
954
%
2154 June
100
Cent N Y Pow 5% pref.
2,100
30
Apr
1,000
Jan
1
Mar
18
X
1
Mar
Feb
May
Mar
0%
28%
2%
2
Cent Maine Pw 7% preflOO
•it
8%
Apr
1%
1
10
1st preferred
Mar
Jan
Jan
15
Jan
Apr
$6 preferied
Mar
4%
4%
27 %
2X
*
Class B.
Casco Products-
Mar
Jan
Apr
2*
200
*
Apr
3%
%
Baldwin Rubber Co com. 1
3,700
1%
*
25c
Jan
200
30
15%
2%
"760
7X
Feb
Mar
2%
2
16%
8%
3%
14X
100
IX
103%
5
%
Mar
2%
Apr
3%
Mar
June
4%
"lox
60
May
Jan
10%
88
19%
27%
shs_£l
.20
Caiamba Sugar Estate.
X
2%
2%
200
27 X
X
"2%
*
7X
May
May
Jan
Jan
June
32
Burma
rets pref
3,400
4%
8
4%
Bruce (E L) Co com
25%
ox
Apr
5%
76
40
7%
75
7
1%
400
Mar
Mar
14
Distillery. 1
Brown Rubber Co
Amer dep
400
---*
Class A pref
Brown Forman
June
59
2%
33
250
25
OX
20%
25
10%
800
7%
---*
fBrown Co 6% pref
100
Brown Fence A Wire com.l
10%
OX
12 %
ord bearer£l
Am dep rets
Jan
6
Feb
Mar
Mar
British Celanese Ltd—
*
Carrier Corp
*
Carter (J W)Co common. 1
Mar
3
7%
4
Jan
3%
11,700
Jan
IX
Jan
Feb
Feb
Apr
100
4,100
Jan
27%
26%
X3X
700
7
20X
X3X
280
1%
16 %
Apr
1
101X
X
%
3%
2%
4%
Mar
Mar
Carolina P A L $7 pre!.—*
96
Mar
Apr
%
22%
25%
Carnegie Metals com
4
2%
16%
11
19%
Jan
Jan
Mar
Mar
Amer Tobacco—
Feb
Mar
Mar
Mar
*
Registered
2%
r72X r72%
Purch warrants for com.
650
""50
21X
4
4
24 X
1,200
4%
25
21X
*21 k
3%
IX
6
Babcock A Wilcox Co
"260
"28% "29%
*
coupon._*
"loo
3
1
10
I%
23X
1%
3%
3%
10
400
78
2X
4%
25
7% preferred..
100
Brlllo Mfg Co common—*
British Amer Oil
200
Carnation Co common—*
1%
7%
Bell Tel of Canada
2X
U%
4%
"lX
"Ik"
Jan
5
Bellanca Aircraft com
Class A
1
X
*
*
B
Brill Corp class
Jan
Products
Corp
-100
Prefernsd
Bright Star Elec clB
4%
25
18
X
Bell Aircraft
50
78
76
7X
Beech Aircraft Corp
125
13
78
Mar
%
7% 1st pref
2
Jan
Jan
Jan
Jan
Jan
"~5~% "ox
"ox
June
10 X
Stainless Steel
9%
6
8%
1
Batlum
Mar
4%
55%
.*
Bardstown Distill Inc
1
Brewster Aeronautical.—1
Bridgeport Gas Light Co.*
Bridgeport Machine.-—*
Breeze Corp
300
100
3X
preferred
600
2X
10X
200
Corp
7%
75*
34
300
1154
4%
ox
Carib Syndicate
Carman A Co class A
"I
Class A common
Apr
1
-.100
Pow—♦
Capital City Products
Mines
Axton-Flsher
600
13
Jan
10%
Atlas Corp warrants
Aviation A Trans Corp
3554
1%
39 %
2%
Jan
xZX
Atlantic Coast Line Co..50
6% preferred w w
6% pref xw
June
X
Jan
1%
Atlantic Coast Fisheries-
Avery (BF)
%
10
1%
Coast
100
Atlanta Gas Lt 6% pref 100
Automatic
1,600
10%
9%
7%
RR Co pref
Silver
Jan
154
Canadian Indus
Atlan Brimlngham A
Austin
21 %
2
Mar
3%
Option warrants
—
Assoc Laundries of Amer.*
Atlas Plywood
Mar
345*
Mar
3
-——1
1
*
-
Jan
150
7
"lX
Canadian Car A Fdy pfd
Eleo—
Common
Feb
175*
A*
9%
1
%
5
800
£1
Mar
Mar
1454
100
7% 1st 1 referred
2d preferred
Brazilian Tr Lt A
Feb
Industries
Amer deposit rets
9
11
"o~X "§"
7X
6,500
3.900
4%
Jan
Jan
June
6~500~
com..*
Jan
1
Jan
1454
1
63%
>
Apr
30
7%
4%
%
58X
15
OX
%
56%
—
23
Mar
1,800
100
45
Apr
Apr
400
23
44
7X
4%
Appalachian El Pow pref-*
fArcturus Radio Tube—1
Arkansas Nat Gas com—*
Common class A
*
Preferred
--10
Arkansas P A L $7 pref*
Art Metal Works com
5
Elec
16
21
45
Angostura Wupperman—1
Apex Elec Mfg Co com—*
Ashland Oil & Ref Co
9X
%
23
*
6
*
American Thread pref
6
26
Mar
54
*
preferred
Mar
Apr
23
200
23
17X
Corp com *
Preferred
100
Apr
2%
1,300
11
17X
14
1054
2
Amer Seal-Kap com
4%
25
104
Mar
Jan
3X
Jan
27%
Feb
26%
Jan
1%
Feb
12%
31% May
Feb
111%
25
Amer Hard Rubber
Am Superpower
3X
45*
1
1
preferred
$2.50 preferred
$2
475
Mar
Apr
8%
19%
110
3%
Mar
500
109
June
1%
500
110
65
10%
19~400
27%
J an
600
Mar
*
Bliss (E W) new com
1
Bliss A Laughlin com—-5
Blue Ridge Corp com
1
$3 opt. conv pref
*
Blumentbal (8) A Co
*
Bohack (H C) Co com.—*
7% 1st preferred
100
Borne Scrymser Co
25
Bourjols InC...------*
com
Bowman-B'Mnore
High
Low
Shares
7
654
Machine Co com
Blauner's
Class B
IX
11%
29%
13,600
Apr
Jan
'20%
28
%
28
IX
9%
"ii'x
com—*
Amer Gas 4 Eleo com-—*
Preferred
*
American General Corp 10c
Feb
3
23%
Apr
10 "20" "lOX
Amer Foreign Pow warr—
Jan
IX
Price
1, 1938
Range Since Jan
Week
of Prices
High
Low
Foundry fr
Birds bo ro Steel
British
65
65
Mar
May
14X June
Mar
6%
2
X
X
x
Feb
Mar
44
—25
Assoc Gas &
Mar
X
"954 "MOO
"m
Cyanamld class A-10
$5
94%
3,400
1
65
Jan
Mar
5%
100
13
warrants.25
Class B n-v
106 %
10 X
3
10154 10154
'l4%
common----10c
10c
Associated
Apr
Apr
83
94
Amer Fork A Hoe
1st
May
3
preferred
*
$5.50 prior pref
---*
Amer Centrifugal Corp—1
Am Cities Power & J<t—■
Amer
Jan
84
Capital—
B
10%
Feb
15%
100
A
Jan
Feb
June
8%
100
S3
Class
2%
1%
%
Apr
6
Mfg—*
Industries com *
Class A with
Mar
May
12%
Common class B
Class
63
7154
93 54
84
common.*
6% preferred
—100
American Airlines Inc—10
American Beverage com—1
American Book Co----100
Amer Box Board Co com.l
Class A
Jan
2
Feb
Aluminium Ltd
American
Jan
1%
Mar
%
Aluminum Goods
Aluminum
9
Mar
44 X
Jan
May
8%
Mar
2
25
common--*
preference
1
400
Class A conv com
6%
33X
5X
36
Southern—60
pref
*
S3 preferred
*
Alles & Fisher Inc com—*
Alliance Invest com
*
Allied Internat Invest com*
$3 conv pref
*
Allied Products com
10
Gt
Co
Jan
23
Jan
June
4%
1,800
*
Ala Power $7
Aluminum
Jan
Apr
Mar
Warrants.-
Alabama
Feb
11X
common--5
Conv preferred
High
Low
Shares
25
18
25
Acme wire v t c
High
Low
Pried
Sale
Par
for
Week's Range
Last
STOCKS
(Continued)
Range Since Jan. 1. 1938
Last
STOCKS
Jan
Columbia Gas A FJec—
Conv 5%
preferred.. 100
Gas...
Warrants
Commonw Dlstrlbut
.
3%
x,
X
X
200
47%
June
6,300
4
3
2%
Mar
4%
3,000
X
Jan
Feb
X
Jan
X
May
X
Jan
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Week
Par
Price
1
Jan
Mar
15
let,
%
100
12%
200
12%
5
5
5
5
3%
69%
900
116% 116%
»i«
1
Mar
3%
Mar
81%
8% preferred
100
Consol Royalty Oil
-10
Consol Stee Corp com—*
3%
4%
pf 100
Continental Oil of Mex—1
Cont Roll A Steel Fdy—*
§ Continental Secur com..5
Cook Paint A Varnish—*
1,800
2%
Mar
325
67%
Apr
May
8%
6%
Mar
8%
"560
20%
21%
300
2%
2%
400
7
1
*
1%
Elec
Croft Brewing Co—
Crocker Wheeler
Crowley, Milner A
5%
7%
9
Jan
Jan
3%
10%
1%
1,100
'"366
%
Jan
1%
Jan
,10%
'"166
2%
Mar
4%
Class A
Mar
%
Feb
18
June
Feb
May
33
Jan
106
Mar
6% June
10
Feb
5%
400
8%
13%
Mar
May
"4%
Apr
3%
Mar
25
pref-100
Derby Oil A Ref Corp com*
Preferred
*
Detroit Gasket A Mfg
1
"2% "*2%
"2%
Mar
2
200
Mar
37%
June
5%
*200
8
5%
8
Jan
Mar
Products—*
10
10
*24%
June
3%
Feb
58
10
100
7% preferred
Dublller Condenser
Duke Power Co
Corp-1
100
Mar
2
Jan
Jan
Grocery Sts Prod
3%
Jan
Grumman
24%
1,000
14
Mar
24% June
1
Duro-Test Corp com
East Gas A
24%
Feb
Mar
3%
Jan
Mar
Mar
13
Jan
Jan
15%
'10%
1,200
1
Mar
2
Feb
175
54
Mar
65
Jan
7%
6%
11%
%
200
6
May
7
Mar
Mar
Jan
6%
9%
12,300
13%
Fuel Assoc—
Feb
Jan
Jan
3%
4)4% prior
33%
36%
100
June
33% June
6%
11
16%
550
11
1%
"1*366
17%
21%
250
14
Mar
26
Jan
16%
19%
325
13
Mar
24
Jan
3%
2%
3%
2,100
12%
10%
2%
Common
preferrd.100
preferred
100
Eastern
18%
Malleable Iron.25
*
Corp
Eastern States
A—*
56 preferred series B—*
Easy Washing Mach B—*
Economy Grocery Stores.*
"l%
57 preferred series
2
Eialer Electric Corp
1
Elec Bond A Share com..5
55 preferred
*
56 preferred
*
Elec Power Assoc com...!
Edison Bros Stores
"19%
pref A
52
May
June
31
Jan
Apr
11
Jan
6%
%
Mar
2% June
---1
ww..—..*
Elec Shovel Coal 54 pref--*
Electrographic Corp
1
56 conv pref
Jan
14
Jan
10%
Apr
14
Feb
1,200
%
4%
Mar
Jan
Jan
May
9
73.700
47
50
400
36
Mar
52
50
55
3,200
42
Mtor
59
May
700
2
Mar
4
Jan
2
1%
%
6%
3%
3%
3%
3
300
27%
750
4%
1,600
2%
24%
2%
700
4
Mar
Mar
4
Jan
15%
2%
Mar
35
1%
100
100
7% preferred
100
8% preferred
100
Empire Power part stock. *
*53%
Emsco Derrick A
10c
1
Esquire-Coronet
Eureka Pipe Line com. ..50
4%
25
17
50%
50%
Jan
1%
51%
Jan
Jan
56
May
Feb
55%
May
Jan
57%
May
Jan
58
May
May
22
Feb
10%
Feb
32
""166
%
4,900
10%
4,400
17%
6%
%
7
Warehouse Co
com...25
1
1
(Phila).lO
Corp
1
Flsk Rubber
56 preferred
8%
5%
8%
18
18
900
6%
Mar
16%
Jan
Jan
31
Mar
Jan
Jan
4% June
%
5%
5%
400
10
Apr
Mar
20%
Jan
Mar
4%
Mar
6%
8%
Jan
Jan
Jan
Jan
32
14%
JuDe
23
11%
14%
19
1,700
%
53%
6%
%
200
49%
53%
80
6%
6,500
5%
55%
56
50
Store com...5
Mar
14%
Mar
%
39%
Jan
Tn
Jan
Apr
60%
Mar
7%
63%
Jan
Jan
Mar
4%
48%
50
preferred
Hecla Mining Co
Helena Rubenstein
Class
Mar
2,100
16
Jan
2%
Feb
150
Apr
25c
*
Preferred w w
800
13%
Mar
1,100
%
5%
3%
Mar
1%
Jan
Jan
Mar
9%
Jan
Mar
6%
Jan
Mar
49%
124%
Jan
4%
700
36
225
49
44%
50
117%
Apr
100
25%
4%
Apr
Mar
3
100
%
Mar
10%
4,300
8%
May
*16
500
•it
Feb
•u
Jan
33
Mar
42%
Feb
Feb
80
81
Jan
90
June
5
X10
June
5
June
61#
10,800
41
37
1%
1%
3%
5%
Jan
Apr
1%
Jan
% Mar
2% June
1%
2,800
"*6% "*8%
'5*300
4%
800
*~8%
—-*
—
48%
50
I
20%
Feb
Jan
8
Mar
37%
Feb
Mar
48%
June
5%
11%
Mar
800
1,800
Z13
18
50
99%
'"*125
*28*
99% 100
50
66
3*600
9
18
Mar
May
Jan
12%
15% June
Feb
14%
Mar
6
Apr
June
20
Apr
Apr
4
Feb
21%
Jan
25
June
98%
Jan
102%
May
8
*65%
61
4%
4
Mar
11
Jan
56
Mar
70
Feb
2%
Mar
6%
Jan
%
4%
Mar
Mar
%
7%
7%
6
500
500
4%
5%
Jan
7%
Jan
Feb
Jan
Jan
Jan
Jan
Jan
3
1%
18%
16
1%
400
18%
1%
300
3%
17%
2,100
1,500
5
9%
1,300
1,750
Mar
2%
June
33%
2
Mar
12:
Mar
1%
3%
Mar
5%
Mar
7%
16%
1*5%
16%
16
16%
16%
14%
4,100
5%
June
15
48%
15
Jan
Feb
Mar
4%
17% June
Jan
6
13%
49%
Jan
Feb
7%
*7*
"*7%
10%
400
8%
19%
Mar
19
Mar
Jan
100
"466
14
140
15%
June
13%
Mar
14%
Feb
32
14%
Mar
Mar
10
Feb
16
Mar
19%
May
June
6%
14
14
40
10
May
93
50
82
Apr
1
1
100
1
June
1%
....
%
%
Jan
Jan
37%
8%
93
Mar
%
93
1%
1%
Mar
100
Jan
Feb
% June
11
11
11%
11%
June
65
59%
65
1,350
48%
Mar
65
June
19%
20
300
16%
Mar
22
14
16%
2,100
8%
%
Apr
Feb
2%
16,100
1%
Mar
3%
Mar
31%
Mar
31
Mar
15
50
Feb
7
6
25%
4093.
Feb
Mar
Mar
400
*26"
28
Petroleum..*
Radio Corp
1
nternat Safety Razor B_.*
6%
3%
2%
nternat
Jan
Mar
5%
Indus cl A *
Paper A Pow warr
Registered
nternational Products—
7%
6
stock purch warrants.
nternational
Jan
Apr
40
18
nternat Metal
nternat
Jan
7
27
11
nternational Cigar Mach
A
Jan
10%
50
14%
9
13%
14
ndustrlal Finance—
Pref 83.50 series
30
500
48%
10%
7%
Hydro-Elec—
Jan
Apr
6% May
2% Mar
200
7%
8%
1
100
May
4%
9
5%
35
32
*
lluminatlng Shares cl A..*
mperlal Chem Indus—
Am dep rets ord reg..£l
mperlal Oil (Can) coup..*
Co of No Am. 10
Jan
May
18
3%
preferred
Jan
6
16%
5%
15%
4%
7%
Mar
13%
20
4%
Vto common
June
1%
800
3%
nsurance
Jan
60
Apr
1%
16%
Registered
*
mperlal Tobacco of Can.5
mperlal Tobacco of Great
Britain A Ireland
£1
ndlana Pipe Line
10
ndiana Service 6% pf.100
7% preferred
100
ndplsP A L6%% pf_.100
ndlan Ter Ilium Oil—
Non-voting class A
*
Class 13..
*
12
Apr
1
3%
16
5%
1
3%
15%
50
Zinc
Mar
700
200
Co...*
Ilinols
Mar
1%
1%
7% pref
preferred
Jan
3%
1%
50
"is
10%
Dlv arrear ctfs
Jan
25
60
60
Co class A...10
5%
Jan
June
10%
9
500
2%
2%
60
48%
unstamped..100
Securities.*
Prod
5
Hygrade Sylvania Corp..*
Jan
Feb
400
7
M...5
Holophane Co common..*
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co com*
Horn (A C) Co common.. 1
Horn A Hardart
*
5% preferred
100
Hubbell (Harvey) Inc.-.6
Humble Oil A Ref...
*
Hummel-Ross Fibre Corp 5
JHuylers of Del Inc—
Common
1
7% pref stamped
100
Feb
7%
33
5%
1%
5%
Hewitt Rubber common.
Holllnger Consol G
20%
72
Heyden Chemical
10
Hires (Chas E) Co cl A...*
Hoe (R) A
June
%
2
25
common
Apr
20
17%
A
Heller Co
nternat
32
*18%
100
For footnotes see page
Mar
Mar
2
1,200
>*11
13
4
8%
Fldello Browery
Fire Association
Mar
200
4%
A
Corp
Flat Amer dep rights..,
Ferro Enamel
Mar
May
»i«
4
Jan
May
28
22%
Falrchild Aviation
Jan
55
28
1
%
Feb
24
28
650
1
1%
June
25
55
"*7%
9
Jan
Jan
'n May
3%
16
6%
Feb
June
95
20
1%
Corp
Illinois Iowa Power
6
55
1
Electric Corp—
Option warrants
Federal Compress
Hartford Rayon v t c
Jan
13
European
1
Falstaff Brewing
1
Fanny Farmer Candy coml
Fansteei Metallurgical—*
Fedders Mfg Co
5
Elec Light
Hartford
Jan
Mar
81%
Apr
400
lo%
5
25
1
*
1
Haloid Co
2%
150
52
51%
52%
52%
%
50
Mar
%
5%
*
Alabast.*
-*
75%
Jan
17%
10
89
*16
preferred
Gypsum Lime A
Hall Lamp Co
Jan
35
16%
40%
86
Feb
Mar
10
7
1
Apr
May
1
Jan
May
'""266
118% 118%
27%
30
Hydro Electric
Hygrade Food
3
16%
Jan
6%
4%
6%
25
Utll 85.60 pref *
Apr
60
6%
95
%
49
com.-25c
Jan
850
50
10%
50
"l% "l% """800
17
Equip. .5
Equity Corp com
100
65
Apr
3,200
5%
4%
Aircraft Engr.-l
6%
Mar
10
6% preferred
6% % preferred
2
64%
4%
65
*50%
Elgin Nat Watch
Jan
50
1%
8%
1
Co
15
Empire Dist El 6% pf-100
Empire Gas A Fuel Co—
Electrol Inc v t c
4%
Jan
700
13
Shareholding—
Common
1%
1%
10%
54 %
4%
Option warrants
1,700
1%
13
1
♦
Class A
Elec P A L 2d
Electric
2%
2
June
15
%
Hearn Dept
Mar
Apr
120
32
7
*
Guardian Investors
Jan
30
6%
41
18%
Jan
20%
110
"1*166
May
Mar
15
17%
Hazeltine
June
"4% "~5
5
Apr
57
2
Jan
Jan
58
20
"""%
63
%
3%
25
95
*15~"
Mar
104
60
75
June
26
Jan
20
58
June
62
4%
5%
67
500
1%
Jan
6
5
Jan
17
1
88
75
30
Co
Harvard Brewing Co
Hat Corp of Am cl B com. 1
Mar
June
May
Hartman Tobacco
106
6%
10
Jan
9
Mar
11%
Mar
June
47
Duval Texas Sulphur—
Eagle Plcher Lead
Jan
16
2%
9%
44
4%
67
B com
Durham Hosiery cl
Mar
Jan
Mar
T200
13
62
75
Gulf Oil Corp
May
14
62
Greenfield Tap A Die
9%
"ill
Jan
Mar
8%
76%
Jan
3%
14%
1%
31%
25
*
May
104
Jan
May
*
14
3
17
Jan
47
11%
100
May
*400
70
Mar
Apr
7% 1st preferred
1%
"13%
Feb
30
Mar
Gt Northern Paper
1%
"if
65
30
73
Jan
9%
22%
13%
20
4%
stock
300
*
Draper Corp
Driver Harris Co
Non-vot com
600
500
66
Great Atl A Pac Tea—
Jan
7%
40
1%
2%
Jan
'it
'14 May
40
Jan
Feb
2%
2%
Mar
40
12%
V t c agreement
Gulf States
Corp...5
£1
com_.l
Dobeckmun Co com
1
Dominion Steel A Coal B 25
Domln Tar A Chem com.*
5>4% preferred
100
Dominion Textile com...*
Jan
50
Apr
26%
preferred
Mfg Co—
83
2%
Distillers Co Ltd
Feb
%
Apr
Gorham
Mar
11
Divco-Twin Truck
14
%
2,300
Gorbam Ino class A
2
Distilled Liquors
Mar
9
1,200
%
1
Jan
22
De Vilblss Co com
Preferred
Jan
36
Mines—1
*
Goldfleld Consol
1%
Diamond Shoe Corp com.
Jan
19%
12
*
900
21
2%
Mar
1
preferred
87
1%
2%
Mar
16%
%
Preferred
2%
Co com__l
Detroit Paper Prod
1
Det Mich Stove
1%
300
—*
10%
6% pref ww
20
Detroit Gray Iron Fdy—
500
19
extend.*
IGrand Nation'l Films Ino 1
Grand Rapids Varnish—*
Gray Telep Pay Station. 10
Jan
Apr
17
400
4%
4
5%
50
20
20
Jan
June
65
*
Gilchrist Co
*
Glen Alden Coal
*
Godchaux Sugars olass A.*
Class B
*
Apr
"1,200
Apr
2
100
preferred
83
Jan
1%
10
Dejay Stores
Dennlson Mfg 7%
Detroit Steel
Mar
1
102
Mfg com.*
35
Dayton Rubber
8%
25
7%
75
June
11%
83%
Mar
10
10
Georgia Power 86 pref—*
85 preferred
*
Gilbert (A C) common...*
May
"7%
May
87
18%
pflOO
*
6% preferred A
Jan
"3% "3%
9
pref
Gen Water G A E com...
Feb
10%
14
"9
34
Jan
Jan
General Tire A Rubber—
""% ""%
Darby Petroleum com—5
Davenport Hosiery Mills.*
Mar
41
Jan
Jan
50
May
Jan
83
%
Jan
%
6%
7%
21%
12
12
5
6%
Mar
18%
*
13%
5
5
(Mo)
June
1%
June
Jan
100
6%% preferred
Curtis Mfg Co
10%
83
Co A stock—*
General Telephone com .20
83 conv preferred
*
Mar
3%
Mar
7%
Jan
3%
*
10
11
86
2%
3
100
16%
Mar
Gen Rayon
100
1%
vto.*
*
Cuneo Press Ino
Gen Pub Serv 86
200
-25
Cuban Tobacco com
Gen Outdoor Adv 6%
Jan
10%
14%
5%
Jan
900
8,800
Jan
72
Jan
3%
10%
1%
400
*
Jan
3%
Mar
Feb
,
Jan
15
28
com.l
preferred
86
Jan
8%
"3%
Petrol (Md)_5
Crown Cork Internet A..*
Crown Drug Co com..25c
Preferred
General Investment
1%
3
8%
18
rets ord reg.£l
Amer dep
Gen Fireproofing com
Jan
27%
%
Mar
Gen Electric Co Ltd—
Jan
3%-Mar
•n «Mar
3
6%
6
100
_*
5% preferred
General Alloys Co
Feb
3,700
1,500
ht
Crown Cent
Crystal Oil Ref com
6% preferred
Mar
3*306
Co—*
100
Gatlneau Power Co com..*
7%
7i«
5%
Jan
7
1
*
83 conv preferred
8% June
%jMay
17%3Mar
6%
5
4% conv preferred... 100
Gameweil Co 86 conv pf__*
"20% ~22*~
21%
Apr
Warrants
4%
200
2%
'
."
14%
%1 June
6,600
1,500
1%
9
5
*
1
Creole Petroleum
1
7
com—1
5% conv preferred
50
Courtaulds Ltd
£1
Cramp (Wra) A Sons com.l
Cosden Petroleum
300
8
7
Fuller (Geo A) Co com
7%
22%
1%-
Apr
4%
6%
4%
15
preferred
9%
53%: May
Jan
10% June
Jan
1
c
Reynolds—
56 preferred A
Conv
17%
187,1 June
Mar
Jan
May
2%
Mar
Mar
Fruehauf Trailer Co
Mar
4%
14%
15
50
5%
18%
18%
May
3,100
18
3%
1
Mar
14:,
17
100 frcs
5
Corp
1
May
4%
1,200
""4% "5%
7%
*5%
45% June
Mar
3%
Brew Co
Common..
Jan
9%
54%
Arp
700
Froedtert Grain A Malt—
Feb
4
Mar
61 ;
26
450
4%
18%
:
Amer dep rets...
Jan
Jan
%
4%
3%
"l,70d
""5% ~*6%
*6%
*
Cooper Bessemer com
*
53 prior preference
*
Copper Range Co
*
Copperweld Steel com..10
Common
5%
80
*1# May
preferred
Corroon A
1%
June
76
72
Cont G & E 7% prior
1%
700
1%
5
1%
18%
*
B
Franklin Rayon
Jan
Jan
Jan
Jan
Jan
Jan
64%
Apr
2%
75
4%
16%
Fox (Peter)
May
48%
41%
•4%
Ford Motor of France—
Jan
1%
Apr
1,250
57
51
57
Class
116% June
Apr
113%
40
44%
High
Low
Shares
45%
*
reg..£l
of Can cl A..*
Am dep rets ord
Jan
6%
70
Mar
600
67
15ie
Mar
55
Price
Ford Motor Co Ltd—
May
5% May
Jan
3%
17,900
116%
-1
Mln A Smelt Ltd.5
Retail Stores
1
Consol Gas Utilities
11
400
4%
68%
Week
Ford Motor
4%
1
Mines
5
Consol G E L P Bait com *
6% pref class A
100
54
25%
Apr
150
%
Consol Copper
Consol
Mar
%
23
Compo Shoe Mach—
V t c ext to 1946
Consol Biscuit Co
18%
16
22%
for
of Prices
Low
High
Florida P A L 87 pref
Jan
28
425
Week's Range
Sale
Par
Mar
25
Last
High
Low
Shares
21
24 %
1, 1938
Range Since Jan.
STOCKS
(Continued)
Jan. 1, 1938
Range Since
Last
Community P A L J6 pref *
Community Pub Service 25
Community Water Serv—1
Sales
Friday
Sales
Friday
STOCKS
Consol
4089
New York Curb Exchange—Continued—Page 2
146
Volume
1%
23%
25%
9,300
24%
24%
100
3%
3%
3%
100
8%
7%
8%
2,200
%
%
500
Apr
23
24% June
2%
Mar
5
Mar
%
Jan
Jan
17%
May
%
May
7
Mar
Jan
4%
Feb
8%
%
June
Jan
New York Curb Exchange—Continued—Page 3
4090
Friday
STOCKS
Last
(Continued)
Sales
Week'$
Sale
Par
Range
Low
Range Since Jan. 1, 1938
for
STOCKS
Week
of Prices
Price
High
7
Class B
1
7
Mar
0
100
28
Vitamin—1
28
H
Mar
1
Jan
100
7**
May
9*4
Jan
24*4
Apr
28*4
Mar
*4
Jan
Murray Ohio Mfg Co
*(
Muskegon Piston Ring.2*4
1,900
1,900
4*4
6*4
""270
2*4 Mar
2X June
Feb
25*4
2*4 Mar
"13*4
14*4
""206
11*4
10*4
9*4
10*4
800
7H
Mar
*4
ht
*4
900
3*4
3
3*4
2
1*4
2*4
1
1
Ol
1
1
Jeannette Glass Co
4
4*4
28
5*4% preferred
6% preferred
Kennedy's Inc
Jan
Jan
Kingsbury
8*4
May
X
Jan
IK
June
3*4
Jan
66
Apr
Jan
20
01
Apr
73
Jan
30
08
Apr
85
Jan
35
4,400
4**
9*4
21
Mar
May
4**
4
400
43*4
108*4
Jan
21*4
7*4
11*4
Mar
Jan
Mar
Jan
Mar
10
200
5*4
Feb
1
Jan
35
35
50
28**
Mar
42
Mar
Mar
30
Apr
22
"in "2%
4"300
Jan
Jan
6*4
Lake Shores Mines Ltd-.-l
"48**
Lakey Foundry <fc Mach.,1
7% pref. .100
2**
11*4
Mar
1*4
Jan
May
15*4
5*<
x5H
Mar
6*4
May
9*4
12*4
June
Nehl
95
Mar
102*4
12*4
Jan
Feb
Jan
100
11*4
June
Feb
Mar
11
Jan
Nevada Calif Elec
May
46
Feb
"48*4 "52 K
9",100
45 *4
2%
IX
800
65
Mar
58*4
Feb
Mar
3*4
85*4
Jan
Mar
14
.........
•
Leonard
Oil
3X
H
*4
Develop...25
Le Tourneau (R G) Inc.-l
Line Material Co new
5
0% preferred
Lit Brothers common
IK
18X
4
Jan
19**
10**
20
700
10**
100
25
*
Newmont Mining Corp. 10
"63*4
20
20*4
Jan
26*4
Jan
Jan
14
Feb
Apr
25
Jan
5
Lockheed Aircraft
1
11*4
12*4
Lone Star Gas
*
8*4
10*4
11*4
754
1
Mar
19
Loblaw Groceterias cl A..*
Mar
"""350
Jan
2*4
22*4 May
11*4
12*4
7*4
Mar
11*4
June
25,800
13*4
June
3,600
5*4
6*4
Mar
8*4
Mar
9*4
Jan
Long Island Lighting—
7%
1*4
100
34
100
preferred
27*4
*
Louisiana Land & Explor.l
Lucky Tiger Comb G M.10
Lynch Corp common
Majestic Radio <fc Tel
Mangel
35
"7*4
2*4
*
Jan
5% 2d preferred
Jan
6*4
Mar
*4
Mar
9*4
*4
24
Mar
38
1
100
400
X Mar
1*4
Apr
29** June
46
19*4
1
2*4
29*4
32
100
May
1*4
3*4
Jan
Jan
Jan
Jan
Feb
Mar
Communlca'ns ord reg £1
Margay Oil Corp
7*4
*
Marlon Steam Shovel
Mass Utll Assoc v t c
*
16
Master Electric Co
1
100
16
Jan
June
7*4
24
Jan
Mar
"7*4
13*4
5*4
3*4
Mar
2
5*4
1
Massey Harris common..*
10
5K
2
100
1*4
Mar
7
7K
700
Mar
7*4
2*4
7*4
Feb
13**
300
4*4
11*4
Mar
16*4
Jan
Feb
53
2K
14**
16**
104** 106
3*4
x4K
700
12**
400
May Hosiery Mills Inc—
Jan
Jan
Mead Johnson & Co
47
2%
15
*
Memphis Nat Gas com...5
Memphis P & L 37 pref...*
"i~X
2
8,600
75
800
May
1*4
Mar
7*4
Mar
16*4
June
Mar
107*4
4*4
Mar
90
3*4
45
Mar
Mar
3*4
Jan
Jan
55
Jan
Jan
Mercantile Stores com...*
Merchants «fe Mfg cl A...1
"16** '16**
'"206
13*4
Mar
19
3
Mar
Participating preferred.*
Merritt Chapman & Scott *
"24** "24**
"~25
21
Mar
Jan
4*4
24*4 June
3X
3
3**
2,800
2
Warrants
Mesabl Iron Co
2,800
Metropolitan Ddlson
Mar
Bumper Corp.,1
Gas & Oil
1
3
6**
%
v t o
*
v t o
2K
2**
X
4,500
5**
**
Midland Oil Corp—
32 conv pref
600
400
*
10
Midwest Piping & Sup...*
Mining Corp of Canada. .*
Minnesota Mining & Mfg.*
com
7
9
IX
*3l"
29 K
70
IX
32.50
1
*4
5*4
8*4
*4
Jan
6%
Monogram Pictures com.l
Monroe Loan Soo A
Montana Dakota Utll
4
Jan
1,800
300
8*4
100
1*4
24*4
Mar
Mar
Mar
5
8*4
4**
*
148 X
146
*
■,
,
===
xl4*4 Mar
80*4
Jan
1*4
Jan
8*4 May
*11*4
Feb
2*4
Feb
Page-Hersey Tubes
Pan-Amer Airways
*
Pantepec Oil of Venez
1
Paramount Motors Corp.l
Parker Pen Co
Mar
4*4
June
Penn Edison Co—
82.80 preferred
Penn Gas <fc Elec cl A
Penn Mex Fuel Co
Penn Traffic Co
200
2*4
8K
400
0*4
Jan
3,000
3*4
Mar
x8*4
0*4
Mar
5K
12*4
Mar
13
Mar
270
122
20*4
28*4
2*4
2
5*4
Mar x149
Feb
Jan
Jan
200
200
*4
33 X
120
47
20
50
Apr
Apr
5*4
100
4
Mar
12*4
4,700
700
Jan
Pepperell Mfg Co
Perfect Circle Co
0*4
8*4
18
Mar
Mar
Mar
20*4 June
87
100
May
May
109*4
Apr
93*4
112
June
85
9
200
9*4
31*4
2,000
8*4
0*4
450
21*4
95
"*1*4
9*4
9
30*4
95
25
1*4
900
""3*4 ""3*4
""166
1*4
""3*4
5*4
29*4
104*4
5*4
5*4
30
29*4
27*4
27*4
104*4 105
100
1,200
100
175
89
1*4
""500
Mar
Mar
Jan
May
Mar
5*4 Mar
2*4 June
4*4
27*4
Mar
25*4
98*4
Mar
40
""5*4 ""6"
Apr
3*4
15*4
Mar
Apr
Apr
Mar
Apr
87
14*4
2,800
5*4
32,100
14
14
15*4
12*4
16*4
2,600
19*4
16
19*4
100
3*4
300
5*4
,
50
June
12*4
354
May
May
3*4
13*4
4*4
14*4
June
14
13
18
3*4
3*4
24
24
100
2*4
21
107*4
24
*
3*4
3*4
200
Feb
12*4 June
2*4
May
Mar
Mar
Jan
Apr
Mar
Apr
Apr
1
2*4
2.50
2*4
1*4
Mar
2,100
4*4
May
450
79*4
Mar
.50
Feb
Rs June
1,000
400
*
Pennroad Corp vtc
1
Penn Cent Airlines com..1
Pa Water & Power Co
Mar
76
100
56 preferred
Penn Salt Mfg Co
Feb
Mar
Mar
66
13
*
June
27
Apr
X
3*4
74
23
2*4
6*4
*
31
145
♦
Pa Pr & Lt 57 pref
Apr
Jan
Class B
Peninsular Telph com
Preferred
May
May
May
*4
4
10*4
11*4
10
Parkereburg Rig <fc Reel-.l
Patchogue-Ply mouthMllls *
Pender (D) Grocery A
*
June
"60
Mar
com..*
108*4
145
For footnotes see page 4093.
Feb
May
1485*
11*4
21
Pacific P & L 7% pref. 100
Pacific Public Service
*
51.30 1st preferred
*
103
28
100
Apr
May
May
20
"22** "22*4
500
Oliver United Filters cl B.*
Mar
Apr
20*4
"n"*4
9*4
Overseas Securities
*
Pacific Can Co com
*
Pacific G & E 6% 1st pf-25
6*4% 1st preferred
25
Pacific Ltg 86 pref
*
June
Mar
17
150
"22"
31*4
Jan
76
June
Mar
Mar
5*4
5
Jan
31
1*4
Mar
12*4
*4
15
1
Feb
1*4
4*4
*
Oldetyme Distillers
June
5"300
*4
31
1,100
64*4
76
100
pref
69
Pow._*
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref
10
conv
10
~2K ""I% "2X
4,500
42
50
com.
150
I
*
com....
70
10
Montgomery Ward A
Montreal Lt Ht
Oklahoma Nat Gas
Apr
June
1*4
38*4
100
31
108** 108**
4
4*4
8K
cl A. .100
May
1*4
Mar
Mar
22
1*4
*4
Engineering..*
Mar
May
Monarch Machine Tool..*
11
Nor Sts Pow
Northwest
6% 1st preferred
Feb
1*4
3
600
Ohio PS 7% 1st pref—-100
5
Jan
16*4
3*4
10
Novadel-Agene Corp
*4
June
""506
Feb
Apr
9K
100
53 preferred
*4
0*4
1*4
4
50
Northern Pipe Line
Jan
Mock, Jud, Voehrlnger—
Molybdenum Corp
1
7% preferred
Feb
May
Feb
37
Nor European Oil com—1
Nor Ind Pub Ser 6% pf.100
"11
7**
1*4
3*4
No Am Utility Securities.*
5
Mar
59*4
4
20
May
600
Apr
Mar
112
*4
800
Mar
89*4
112
6*4
*4
**
7X
9**
354
24*4
Jan
Apr
9X
500
2^666
5*4
'33*4
75
Mar
1
5
"28"
200
*4
1
Apr
25
5
Mar
Mar
May
*4
*4
103
Jan
5J<
Mar
70
100
22
Apr
May
Jan
10*4
1,100
103
5*4
**
7**
*4
1*4
Ohio Brass Co cl B com..*
800
IK
7X
Minnesota P & L 7% pf 100
Miss River Power pref. 100
Missouri Pub Serv com
*
150
Ohio Edison 56 pref
*
Ohio Oil 6% pref
100
Ohio Power 6% pref—100
2,300
9X
-
10,100
Jan
2,700
*
50c
8*4
78*4
Jan
*4
*
Mid-West Abrasive
Midwest Oil Co
7
76
Mar
4
100
130
Nor Central Texas Oil
May
2
5
800
7
4*4
17*4
16
*4
6**
Midland Steel Products—
32 non-cum dlv shs
Mid vale Co
Apr
Apr
4*4
3*4
5
Warrants
2**
"m
**
"x
Middle West Corp com
81
1*4
Apr
Mar
*
91*4
20
"i*4
21*4
20*4
*4
1*4
29*4
*
Class B
30
88*4
"
1
Mar
3,500
10
Class A
Apr
98*4
88*4
5*4
"33*4
1
—
Jan
Middle States Petrol—
Common
*
-
Common
50
3*4
Steel Tube..2.50
Sugar Co
**
2**
5
X
Mar
Mar
0*4
7*4
5
56 preferred
*
North Amer Rayon cl A..*
Class B com...
*
Apr
85
20
Nor Amer Lt & Pow—
Mar
*
50
400
00
5
Noma Electric
30*4
*4
Jan
Mar
7*4
-—100
Nineteen Hundred Corp B1
Ollstocks Ltd
♦
Oil
27
Mar
6*4
96*4
*4
common..
*4
50
*4
Metal Textile Corp new 25c
New partlo preferred..15
,/
Class B
74*4
41
1
30 pref
1*4
5*4
1*4
Class A pref
Niles-Bement Pond
25*
41
Mar
Niagara Share—
X
6*4% A preferred... 100
Mar
400
100
6% prior preferred
*
w
McCord Rad <fc Mfg B___*
McWilliams Dredging...*
Mar
42
800
Class A opt warr
Class B opt warr
100
May
45*4
1*4
2
7*4
Jan
150
2,200
64
6*4
78*4
Jan
2*4
11,100
200
1*4
4*4
Niagara Hudson Power—
Common—..
...10
5% 1st pref
100
34*4
*18
2,700
60
12
5
Niplssing Mines.
Preferred
98*4
88*4
10*4
42
32
12
Mar
18
56*4
1
Apr
Mapes Consol Mfg Co...*
Michigan
Michigan
Michigan
Michigan
Founders shares
New York Transit Co
Mar
Marconi Intl Marine
Mexico-Ohio
*
June
15
1
1
preferred
34 preierred w
56 preferred
25
2*4
29*4
1
100
12*4
4*4
N Y Shipbuilding Corp—
30
7
Apr
Mar
27
N Y & Honduras Rosario 10
N Y Merchandise
10
80
1*4
Mar
85
1*4
N Y Pr & Lt 7% pref-100
425
800
Apr
10*4
—
29
1*4
7*4
Apr
June
City Omnibus—
Warrants..
34
Jan
154
Mar
45
400
.....
1
Mar
6*4
*
com
2,100
1*4
#n
5
Stores
conv
1*4
31*4
27*4
1*4
12*4
49*4
N Y Auction Co com
N Y
80
1*4
N Y Water Serv 6% pf.100
Common
0% pref class B
Loudon Packing
June
Apr
Mar
50
92*4
5*4
*
Feb
15*4
10>*
19**
June
15
com
New Process Co
4*4
30
90
92*4
5
Jan
45
100
May
"ll
"266
*
6% preferred
12 pref--—...
May
29*4 Mar
3*4 June
10
45
2*4
Mar
1,000
*4
"66"
Mar
43
5*4
New Jersey Zinc...
2o
New Mex & Ariz Land- —1
X
700
"4*4 "4*4
June
13
Jan
1*4
X Mar
12*4 May
Tn
Feb
200
14
105
100
New Idea Inc
Feb
May
Jan
4*4
7*4 June
1,700
*4
Mar
1054
""566
2
38*4
43
14
"1*4 "ix "i'eoo
Locke Steel Chain
Corp
7% preferred
New Engl Pow Assoc
Mar
Mar
Mar
32
50
2,000
13
Jan
IX
May
1*4
.100
May
5*4
Apr
com
May
14
1*4
*4
Feb
4.900
"22** "MOO
12*4
""7*4 "I"
New England Tel & Tel 100
New Haven Clock Co
*
10*4
"21"**"
45
11
2
X
1,300
9,800
X
2*4
"560
"l*4 "I*4
45
12*4
X
T"
Lion Oil Refining
*
Llpton (Thos J) class A...1
May
3
1*4
Mar
"2,600
"3X "4*4
"12*4
Neetle Le Mur Co cl A—*
5*4
2X
Mar
38*4
.....
common
*
(Herman) Corp..5
Neptune Meter class A—*
700
38
Lefcourt Realty common. 1
Preferred
*
"l*4
Corp
6*4
Mar
15
1,300
60
Nelson
UK
Lane Bryant
56*4
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref-100
Mar
Jan
""325
""906
5*4 June
12*4
Apr
3
Nat Tunnel <fc Mines
*
Nat Union Radio Corp—1
Navarro Oil Co
*
Jan
Langendorf United Bak-
Lehigh Coal & Nav
National Sugar Refining.*
National Tea 5*4 % pref. 10
National Transit
12.50
Feb
200
166""
"l"7*4 "2l"*4
Mar
May
Apr
Apr
*n
Conv part preferred
*
National Steel Car Ltd---*,
5
9*4
6
3,200
1
common
3*4
"i.
UK
""666
2
"21*4
"i *4
—*
6*4
25
6*4
13*4
13*4
Mar
June
7*
J—
Nat Rubber Macb
Nat Service
June
June
3H
100
8*4
6
13*4
z57*4
June
100
~9§"
8*4
""6*4
National P & L $6 pref.--*
National Refining Co—25
13**
"98""
A
Nat Mfg & Stores com—*
National Oil Products
4
June
10X
B
<3 conv pref
—50
National Container (Del).l
National Fuel Gas
*
1*4
3*4
ix
8*4
9 *4
100
4
3
100
3**
1*4
Koppers Co 0% pref...100
10
Class
'3^666
National Candy Co com..*
National City Lines com.l
Jan
1,100
Klein (D Emll) Co com..*
Klelnert (I B) Rubber ColO
Class
"""*4 ""*4"
com
Jan
7
5,100
Jan
Mar
H
Kress (SH)& Co
7
6*4
com
May
6
400
9
7
4*4
*4
81
*4
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
8*4
7
6
1
1
8,300
100
1
9
Machman-Sprlngfliled ...*
Nat Auto Fibre
Nat Bellas Hees
S
Breweries...
Knott Corp common
Kobacker Stores common
Mar
300
7*4
National Baking Co com
70
9 *4
2 *4
0
110
7*4
7*4
Jan
21H
1
Mar
Jan
106
Kir by Petroleum
1
Klrkl'd Lake G M Co Ltd 1
,00*
*4
26**
33 *4
Kings Co Ltg 7% Pf B 100
5% preferred D
Kingston Products
Mar
50
108
15*4
12*4
69
4
4*4
Mar
80
6
3*4
1,300
May
52*4
Ken-Rad Tube & Lamp A *
10,900
0*4
Jersey Central Pow <fc Lt—
100
100
7% preferred
-.100
Jones & Laughlln Steel-100
Kansas G & E 7% pref. 100
Keith(G E)7% lBt pref-100
100
5*4
5*4
•n May
smmmm
Iron Fireman Mfg v t C..10
4*4
5
Mountain Sts Tel <fc Tel 100
Jan
4*4
4*4
5*4
IMountain States Power.*
Feb
f
*4 June
Feb
3*4
700
"xi
5*4
Mountain City Cop com 5c
Mountain Producers
10
3*4
3*4
1
Interstate Power J7 pref..*
Investors Royalty
*4
Low
Shares
High
1*
Range Since Jan. 1,1938
for
Week
of Prices
Low
Price
Mtge Bk of Col Am shs—
1,100
3*4
2*4
3*4
3*4
Interstate Home Equip. .1
Interstate Hosiery Mills-.*
Irving Aur Chute
Italian Superpower A...
Jan
100
11
7*4
*4
7%
-
Jacobs (FL)Co
9
ht
"u
11.75 preferred
*
13.60 prior pref
*
Warrants series of 1940-
Week's Range
Sale
Par
High
tMoore (Tom.) Distillery. 1
—
International
Last
(Continued)
Low
Shares
International Utility—
Class A
June 25, 1938
Sales
Friday \
*
*
100
*
1*4
5*4
87*4
81*4
135
125
2*4
6*4
90*4
81*4
135
11,900
10
175
67*4
67
67*4
300
65
60
66*4
1,075
74
121*4
69
54*4
24
Mar
Mar
May
Mar
Apr
Mar
High
Week's Range
for
Sale
of Prices
Low
High
Price
Pierce Governor
Week
Par
June
Mar
4
Smith (H) Paper
115?*
31?*
Mar
Sioux City G & E
May
5?*
7?*
Mar
Solar
Mfg. Co
Feb
So no tone
Jan
Corp
3?*
Jan
3,400
\%
Mar
310
10?*
Mar
21
Jan
1,000
Mar
Jan
Jan
6%
Jan
17?*
1?*
"3",900
2?*
Mar
3?*
Jan
1
.....
iCO
~~3X
5?* % pref series C
Jan
6?*
Mar
ex
500
5?*
37?*
Mar
39
7X
3,300
4?*
Mar
42 X
7
680
Mar
Jan
Jan
200
34?*
4?*
9?*
62?*
Southern Union Gas
5
Mar
7?*
Jan
South Penn Oil
86 3*
4,400
Jan
So
X
100
Jan
5?*
70
863*
3*
-
6?*
2?*
X
3X
3
12?*
123*
Potrero Sugar
Feb
3?*
Jan
Mar
Mar
1?*
Jan
Mar
4?*
Jan
June
14?*
Feb
2?*
•u
900
2?*
10
25
2
2
23*
800
June
21?*
Jan
Mar
2?*
Feb
1?*
June
300
14
13?*
hi
88
500
4?*
5X
X
53*
500
5?*
1,000
19?*
283*
143*
Mar
3X
Jan
June
Jan
22?*
Mar
310
11X
14?*
33?*
15?*
99?*
Jan
Apr
80
May
92
Feb
May
June
X
300
23 H
Mar
37
175
10?*
4?*
Mar
May
May
300
230
"75
"Is"
June
Feb
Jan
7X
7X May
Jan
Mar
7
Mar
4?*
90
136
"15"
Apr
17?*
5
n
Feb
106
May
96
4
95
100X
Jan
140
Feb
May 1
Mar
Mar
15?*
Mar
13?*
7?*
10
Jan
X
n
Feb
X
Feb
X
Mar
X
%
Jan
X
X
Jan
Jan
200
163*
2 3*
163*
550
400
1,900
26 n
500
4 n
14
2 3*
en
300
h«
900
2n
x
5
3,300
Feb
10?*
29
53*
2H
en
24
Co
'in
x
-1
1
2x
n
X
4n
Goods
~2~x
1%
2H
100
1?*
16?* June
Feb
500
9 n
*
*
50c
*
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust ctfs
1
Rochester G&E6%pfD 100
Roeser & Pendleton Inc..*
34
Mar
3?*
Jan
19
Mar
2?*
May
May
2 J*
May
8
May
28?*
4 J*
Jan
June
>ii
Jan
Jan
Mar
11?*
2?*
Mar
X June
1?*
Jan
hi June
8 J*
May
2?*
200
4
Mar
3,000
1
Mar
5?*
Jan
2?* June
Mar
hi
Jan
90
Apr
96?*
Feb
11?*
n
x
Apr
13?*
Jan
200
X
Rolls-Royce Ltd—
ord ref—£1
Rome Cable Corp com—5
Roosevelt Field Inc
5
Root Petroleum Co
1
$1.20 conv pref
20
Rossla International—
22?* June
Am dep rets
Royal Typewriter
Russeks Fifth Ave
Rustless Iron & Steel
6
ix
m
100
Jan
IX
Jan
Mar
""2 k"
2
2?*
2,000
IX, Mar
3?*
Jan
4
5
600
3X
Mar
9?*
Jan
5
73*
?*
400
400
5
100
preferred
Samson United Corp com 1
5
*
25
Scranton Elec $6 pref
*
Scranton Lace common..*
Scranton Spring Brook
Water Service pref
*
Scullln Steel Co com
*
Savoy Oil Co
Schlff Co common
Scovill Mfg
general—*
Seeman Bros Inc
*
Segal Lock & Hardware.. 1
Selberling Rubber com—*
Selby Shoe Co
*
Common
Convertible stock
1
5
25
$5.50 prior stock
Allotment certificates—
Amer dep rets reg
*
Simmons-Broadman Pub—
Silex Co common
Simmons H'ware &
Paint.*
com—1
100
6~200
X
June
"""160
173*
June
33*
Mar
72
Jan
35
72
70
Jan
*n
Mar
63*
Mar
93*
Jan
2
Apr
33*
Apr
3?*
23*
33*
800
4?*
3X
4X
2,600
Mar
48
92
Jan
Apr
13
Apr
800
3X
3X
3X
59
2X
2?*
55?*
8,500
125
2?*
2
1?*
"l2"~
3?*
59
1?*
800
200
11?*
12
200
16
21
1,800
Mar
4?*
63?*
Jan
'
1?*
Mar
3?*
Jan
IX
May
2?*
Jan
2X
42
8
Mar
Mar
23
10
15
15
100
23
23
15?*
June
111?*
20 n
Apr
6
Jan
16?*
3?*
Mar
7?*
Jan
H
Mar
1?*
1?*
Jan
May
300
®16
400
1?*
100
29?*
100
x
X
2
Mar
11
June
2n
3X
12?*
12 X
50
1
Mar
29?* June
X
May
1?*
June
7?*
4?*
2X
6
Mar
3?*
250
5?*
Mar
8X
Jan
Jan
Mar
2
Feb
'""290
13*
73*
12
Jan
10
Mar
10
33*
2?*
Jan
8
Mar
133*
Feb
Mar
Apr
33*
363*
Jan
Feb
Jan
8,700
IX
sx
»i«
7
IX
sn
52
60
56?*
60
57?*
H
5
Mar
1,050
48?*
Mar
8?*
60?*
200
49?*
Mar
61?*
150
Mar
IX
300
3X
3X
100
2X
2X
7
5n
2X
7%
3,500
hi
79 H
92 X
110?* 110?*
3,500
May
May
3?* June
4 n
3,600
2?*
Mar
313*
600
26 X
Feb
n
3*
200
X
Mar
n
X
n
600
X
143*
4?*
Mar
4?*
4?*
4?*
123*
10
12?*
9?*
10?*
53?*
33*
53?*
3?*
66
10
5?*
Feb
Jan
3?*
10?*
Jan
Apr
20
Jan
95
107
Jan
X
10?*
10
10?*
400
1?*
33*
IX
IX
1,400
2X
33*
1,000
Jan
111?*
1,400
1,500
12 3*
Jan
Apr
10?*
June
250
16?*
1?*
Mar
2?*
Mar
212
Mar
Mar
Am
500
102"
'""26
16?*
May
Mar
X
2?*
2%
6
6
13*
1,900
3,600
2,200
8?*
2,800
Mar
5?*
Jan
Mar
Apr
983*
Mar
Jan
Jan
June
953*
103
Jan
Jan
Jan
hi
Jan
X
Mar
13*
Jan
Mar
33*
43* June
3* June
7X
2
53*
June
Mar
Jan
Jan
1?* June
7?*
Mar
11?*
Jan
35
Jan
400
2
Mar
33*
Jan
100
4X
Apr
100
1?*
Mar
73*
2?*
Jan
Feb
2
Mar
1?*
Mar
2
100
2'
Mar
1?*
200
Mar
Mar
15
Jan
Mar
Jan
Jan
63*
143*
23*
Mar
23*
Mar
123*
1,500
X
113*
4
100
3 3*
13
1?*
133*
1,300
133*
4
12?*
10
Jan
10,400
Jan
3*
hi
n
33*
43*
24,500
Mar
Mar
4
Jan
Mar
34
Feb
X
X
90
1
June
3*
Mar
X
Jan
2X
Mar
5?*
Jan
62
20
69
Mar
2,100
X
n
67
800
67
84
Jan
3*
14,800
2,700
3?*
89?*
43*
2
9?*
81*
Mar
62
Apr
23*
2?*
10,900
2?*
2X
100
13*
1?*
20?*
24X
10,600
133*
100
13*
77
200
8X
»hi
3,200
9
8?*
n
"1#
70
683*
40
1,500
70
40
41
U S and Int'l Securities..*
1*
S Lines pref
*
S Playing Card
—10
8 Radiator com
1
S Rubber Reclaiming..*
X
n
50 X
46
13*
800
100
Jan
Jan
Mar
Jan
43*
26?*
203*
Apr
70
63*
5X
2153*
June
May
230
June
1
Jan
23*
X May
503* Mar
Jan
Jun
Jan
May
Feb
Jan
773*
42?*
May
6?*
Jan
63*
13*
43*
2,400
2?*
33*
June
n
800
X
Mar
13*
3
Apr
May
Mar
43*
52
9?*
Jan
Jan
39
500
<
Jan
Apr
X
5?*
Jan
3?*
173*
5?*
Jan
Mar
65
"23"
reg.
B
1st pref with warr
60
June
33*
U
44
Feb
18
23*
U
163*
13*
23*
4
U
Feb
Feb
53*
43*
Jan
33*
2?*
2?*
53*
United Specialties com..
Jan
Apr
Mar
100
22
22
Molasses Co—
Class
U
4?*
*
United Shoe Mach com.25
Preferred
-.25
5?*
243
Feb
23*
73*
7
83*
2?*
A
100
United Profit Shar new 25c
United Shipyards cl A..
Jan
5
55
Ji#
United N J RR <fe Canal
2?*
Apr
100
Milk Products..
dep rets ord
Mar
Mar
853*
U 8 Foil Co class B
10
73*
50
preferred
United
Apr
hi May
Jan
5?*
Apr
pref non-voting.*
$6 1st preferred
$3
Jan
4?*
Mar
1?*
Clgar-Whelan Sts..10c
Corp warrants
United
Apr
Mar
Mar
1?*
5?*
18?*
3,2.50
Jan
Jan
30
Option warrants
United G & E 7% pref. 100
Feb
*i«
5?*
703* June
Mar
325
60
60
United
IX
May
102
153*
33*
9?*
Warrants
3?* June
Jan
Jan
.
63*
Co (Pa)—
$17.50 paid-in
50
United Aircraft Transport
United Lt & Pow com
Common class B
Jan
33*
Union Traction
1st $7
Mar
H
1?*
243*
May
3
53?*
•»'
Canada...
May
923* June
Feb
53*
313*
300
13*
.
Mar
44
60
96
$3 cum & part pref...
Jan
Jan
Mar
Mar
7
4
United Chemicals com..
Apr
4
90
1?*
11
3*
United Gas Corp com...
3,500
Apr
May
313*
Investment com..*
Union Premier Foods Sts.l
Un
23*
293*
30
95
Jan
7
4?*
96
Jan
Jan
100
53*
Inc—*
Corp... 1
*• «•» 1
Tung-Sol Lamp Works—1
80c dlv. preferred
*
Ulen & Co ser A pref
*
Series B pref
*
Unexcelled Mfg Co
10
Jan
Apr
200
100
34
3?*
8
Tubize Chatillon
Jan
4?*
17
Mar
2
34
10
Jan
Jan
7
3
Screen—
Mar
35
29
Mar
800
10
Union
June
Jan
Mar
600
In In
.....1
Union Gas of
Jan
1,700
100
Devel.l
Mining of Nev.l
Jan
113
23
29?*
3X
Jan
Feb
5?*
4,300
1,900
Jan
25
IX
X
15
29?*
June
15
5?*
n
IX
Jan
4%
33*
pref-100
M
Apr
53*
23*
53*
2X
ord reg—£1
Am dep rets def reg—£1
Todd Shipyards Corp
*
A
23*
243*
3
Am dep rets
OlflfiS
Apr
June
12?*
4?*
Trunz Pork Stores
12?*
5?*
62
Apr
7
900
Co
June
Jan
•11
103*
9,500
Trl-Contlnental warrants.
Jan
2?*
62
4?*
Transweatern Oil
Jan
May
800
243*
Common.
Jan
May
3*
4X
Plct
1?*
1?*
183*
8?*
83*
83*
22X
Lux
Jan
316
4?*
Trans
99?*
73*
7
23 3*
Tonopah
Jan
X
1
Jar
Jan
22
83*
7?*
pf.100
TexasP&L7% pref—100
Texon OU & Land Co
2
Thew Shovel Co com
5
Tilo Roofing Inc
1"
TIshman Realty & Constr*
Tobacco Allied Stocks
*
Tobacco Prod Exports. — *
Tobacco Securities Trust-
Toledo Edison 6%
*hi May
Jan
7?*
2,000
2,700
Tenn El Pow 7% 1st
Fel
ord reg.£l
""Ik
15
Mines
Teck-Hughea
Mar
Singer Mfg Co Ltd—
For footnotes see page
20?*
Taylor Distilling Co
1
Technicolor Inc common.*
Mar
*
Conv preferred
18
"i"
*
Swan Finch Oil Corp
6
-1
Leather common—*
Corp—1
Shattuck Denn Mining..5
Shawlnlgan Wat & Pow..*
Sherwin-Williams com..25
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Line stamped..
25
Mar
90
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A—1
35
£1
1
Seversky Aircraft
Jan
15
203*
50
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
Stroock (S) Co..
*
Sullivan Machinery
*
Sunray Drug Co
*
Sunray Oil
1
5?*% conv pref
50
Superior Ptld Cement B__*
$3.30 class A partlcipat.*
100
Selfrldge Prov Stores—
Sentry Safety Control
Serrick Corp (The)
3*
preferred
2,000
Inc—
Selected Industries
Jan
14?*
Co common.
preferred
100
8
Warrants
Securities Corp
12
Mar
1st preferred
2d
Feb
Apr
6
Stein (A) &
Sterchl Bros Stores
2?*
400
11
1
Standard Sliver Lead
1
Standard Steel Spring
5
Standard Tube cl B
1
Standard Wholesale Phosp
& Acid Works com...20
Starrett (The) Corp vto.l
Steel Co of Can Ltd
*
63*%
Mar
'""450
"IT?* "\7X
en
1?*
Apr
Jan
223*
23*
7% preferred A
Tonopah Belmont
4
2
18
""ex "93*
23*
"9
Preferred
Jan
Mar
Jan
18
1
*
Common class B
Jan
Mar
Jan
Mar
1,000
6
X
Jan
Jan
3*
12?*
100
preferred
49
2X
Jan
13*
X
Mar
June
Apr
500
Jan
4?*
Jan
13*
163*
Mar
300
3*
Mar
3*
3
Mar
June
36?*
2?*
16i«
Feb
83*
4X
9?*
hi
100
X
30X
38
Jan
Feb
Jan
3*
1,700
2,900
5%
Jan
Mar
39
223*
6?*
200
%
& Lt
*
Corp Ltd—*
A
50
Amer dep rets
Feb
Apr
May
173*
200
$2 conv pref
Simplicity Pattern
Singer Mfg Co
hi
28?*
ex
lsx
5
X
73*
163*
46
x
2?*
7%
1
7?*
3
Mar
ex
5
Ryan Consol Petrol
Ryerson & Haynes com_.l
St Regis Paper com
Mar
5?*
Mar
17X
7x
Safety Car Heat
Jan
Apr
Mar
10
40
46"
363*
St Lawrence
4
22?* June
en
—*
$2.50 conv pref
Feb
5?*
1,000
38
X
OH
5
*
23*
1
May
2
2,000
19
Standard Products Co
Mar
333*
37
pref*
Standard Pow & Lt
Pile—
Reybarn Co Inc
Reynolds Investing
Rice Stlx Dry
Jan
98
37?*
7
*
*
Reeves (Daniel) common.*
Relter-Foster Oil new..50c
Reliance Elec & Eng'g—5
Feb
45
140?*
3X
63*
(Neb)
25
Standard Oil (Ohio) com 25
ex
....
Reed Roller Bit
Feb
May
Feb
2
June
preferred--20
Standard
X
Prod—
*
preferred
31
100
2
6
1
Common
$1.60 conv
Standard Oil (Ky)__
Jan
21
193*
32 J*
Common
Mar
*
*
1
Conv preferred
10
Standard Dredging Corp—
Jan
22
'
$3 conv
13*
Standard Cap & Seal com.
Jan
75?*
Manufacturing-.10
*
100
Quebec Power Co
*
Ry & Light Secur com...*
Railway & Util Invest A..1
Raytheon Mfg com
Red Bank Oil Co
100
Stahl-Meyer Inc com.
Standard Brewing Co
7X
6?*
87
Quaker Oats common
6% preferred
Raymond Concrete
Mar
May
273*
253*
Mar
23?*
39
Apr
253*
20
2
6?*
ord reg—£1
Am dep rets ord bearer £1
Spencer Shoe Corp
*
6?*
95
Pyrene
A
343*
500
West Pa Pipe Line..50
Mar
430
pref—100
pref... 100
Rainbow Luminous
90
1,100
31
Am dep rets
Mar
103?*
preferred
Puget Sound Pulp <fe Tim.
Pyle-Natlonal Co com—5
33*
140
25
3X
June
1st preferred—-.100
1st preferred
100
Public Service of Okla—
$6
6?*
383*
27
25
IX
*
Jan
Apr
88
7%
| Pub Util Secur $7 pt pf.
Puget Sound I' & L—
$5 preferred
Mar
Mar
31
Southland Royalty Co...5
Standard Invest $5?*
100
6%
Class B
Jan
373*
.353*
preferred
*
Public Service of Colorado-
Mar
-
88
88
Indiana—
preferred
375
7
18
9?*
3*
6?*
43*
37
Mar
33
14"
$6
Class
/ Feb
Feb
17
preferred
6% prior lien
7% prior lien
95
95
Public Service of
$7 prior
90
Jun&
6
800
Mar
1?*
8?*
June
x
1,100
X
3?*
123*
Mar
55
700
ex
X
Co..—25c
common—5
Powdrell & Alexander..-.5
Power Corp of Canada— *
6% 1st preferred
100
Pratt & Lambert Co
*
Premier Gold Mining
1
Prentice-Hall Inc
*
Pressed Metals oi Amer.
'
Producers Corp
-1
Prosperity Co class B
*
Providence Gas
*
Prudential Investors
*
6
3
Inc
13*
3?*
Mar
Spanish & Gen Corp—
373*
7
Polaris Mining
Mar
100
26?*
25
100
preferred
ex
423*
Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co. 1
200
South New Engl Tel... 100
Southern Pipe Line
10
7
Pittsburgh
Jan
Jan
Jan
2X
IX
24?*
1?*
27
Southern Colo Pow cl A. 25
63*
Forglngs
1
Pittsburgh & Lake Erie.50
Mar
4X
37X
25
25
preferred B
7%
&LERR—50
Pittsburgh
1?*
5% original preferred.25
*10 ?<
1
1
Mar
33*
IX
2X
2?*
500
Calif Edison—
Southern
33*
193*
15?*
Jan
13
23*
23*
11
88
Mar
13*
13*
4x
17?*
15?*
Jan
13
1
1
South Coast Corp com
High
Liw
Shares
88
7% Pf 100
Mills...*
1
...1
Soss Mfg com
,
Price
3
Meter
Pitts Bess
Seton
for
of Prices
Low
High
19
A
1
Pioneer Gold Mines Ltd..l
Pitney-Bowes Postage
$6
2?*
*
Pines Winterfront
Plough
5?*
112?*
29?*
*
1
10
common.*
Conv pref series
Apr
Mar
Feb
3H
100
pref 25
Phillips Packing Co
Phoenix Securities—
Common
X
6
400
6
4
53*
Philadelphia Co com—
Phila Elec Co 15 pre!
5X
4,100
Pharls Tire & Rubber—
Week's Range
Sale
High
Low
Shares
Last
1, 1938
Week
1, 1»38
Range Since Jan.
STOCKS
(Continued)
Range Since Jan.
Last
Par
Sales
Friday
Sales
Friday \
STOCKS
(Continued)
Phlla Elec Pow 8%
4091
New York Curb Exchange—Continued—Page 4
146
Volume
650
42
Mar
100
1
Mar
57
IX
25
Jan
Jan
Feb
Jan
June
500
22
Feb
3X
3
3?*
4,100
2
Mar
43*
Jan
23*
23*
23*
300
1?*
Mar
33*
Jan
24
4093
&
25
New York Curb
4092
Friday ■ f
Last
Week's Range
STOCKS
(Concluded)
Sale
Par
of Prices
High
Price
Low
U 8 Stores Corp com—
$7
conv
United Stores v t c~»
United Wall
%
200
1X
IX
IX
7.000
2%
9,400
1%
IX
X
x2%
10
7
"~2
Tx "2
8X
"866
8%
7
50
Mar
Mar
1H
IX
IX
85 X
32 X
3%
8X June
40
81X
40
IX
2
1%
Jan
Mar
43 X
Jan
IX
Apr
Jan
IX
275
31 %
X
June
1,100
1,800
IX
Mar
•ii
X
Mar
X
Mar
X
10%
8X
2%
IX
10X
2X
7
250
4,400
575
11
5X
100
IX
Jan
Jan
Cudahy Packing 3 %s. 1965
x7%
Feb
Delaware El Pow 5%s.l959
Mar
3%
11X
Jan
Mar
Jan
Denver Gas A Elec 5s. 1949
Det City Gas 0s ser A. 1947
5s 1st series B
1950
Jan
IX
6
83
Mar
Jan
1%
Mar
Jan
Jan
4X
Apr
3X June
X
1%
7X
6%
6%
Apr
Jan
Jan
1%
Mar
2%
May
2
May
4X
Jan
8
Jan
8
Jan
Elmlra Wat Lt A RR 5s *56
El Paso Elec 5s A
1950
Jan
7
100
6
Welsbaum Bros-Brower__1
5%
5%
300
Wellington Oil Co
Wentworth Mfg
3%
4%
2,700
2%
2X
400
2%
2%
1,500
1
..1.25
1
1%
7
1,600
20
2%
Mar
Jan
Western Maryland Ry
7% 1st preferred
43
100
43
10
30%
75
Mar
Western Tab & Stat—
—*
com
10 X
Westmoreland Coal Co—*
78%
Weyenberg Shoe Mfg
Williams (R C) A Co
1
*
Mar
IX
5%
Mar
2%
Jan
Apr
"266
X
4%
4%
2%
7%
6%
4%
Feb
100
6X
Apr
Apr
June
6
May
9X
Jan
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57
Florida Power 4s ser C 1966
Apr
66X
3 %
7%
6X
Feb
Florida Power A Lt 5s. 1954
Jan
Jan
100
"~2~X ~~2X
2
com
Woodley Petroleum
Wool worth (F W) Ltd-
7
50
"366
58%
2
Mar
4%
Amer
dep rets
...5c
0% preferred
£1
Wright Hargreaves Ltd
5%
2,500
3%
Mar
5%
5X
.1
5%
200
5%
May
15%
7X
IX
Yukon-Pacific Mining Co.5
15%
7X
IX
8
IX
100
14%
Mar
14,700
6%
1%
Mar
Jan
Jan
16 X
Mar
400
10
Jan
8X
2X
Jan
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s. 1956
Jan
Deb gold 0s. June 15 1941
Deb 6s series B
1941
Feb
Jan
1st A ref 6s...
1940
98 X
1951
1st A ref 5s...
1950
92 X
90 X
1st A ref 5s
1968
96%
91%
90
85
85
1st A ref 4%s.....1907
Aluminium Ltd debt 5sl948
80X
78 X
Amer G A El debt 6s..2028
108%
Am Pow A Lt deb 08.-2010
Amer Radiator 4%s._1947
Amer 8eating 0s stp_.1940
108
83
1113
------
102
Jan
103 X
89
Jan
101
78
70%
70%
Apr
Apr
Apr
05
Jan
105% June
66.00Q
79 X
84 X
tl05X 106%
"83 X
-
98% $18,000
92%
19,000
90%
10,000
85 X
24,000
79 X
36,000
*105% 106 X
83
Appalao Power Deb 0s 2024
ioi'x
94 X
42
83%
115
106
62,000
58%
104%
------
3,000
79
107%
90%
Apr
Mar
Mar
Jan
1938
92
Registered
Conv deb 4Kb C...1948
107X
May
90
Jan
May
38%
42 X
60,000
30
Mar
Houston Gulf Gas 0s..1943
90
92
15,000
0%8 ex-warrants.-.1943
Houston Lt A Pr 3%s.l960
90
1,000
1968
29%
27
30 %
1977
38
38
38
------
76,000
42 X
62
Jan
92 X
Mar
64%
20%
Jan
91
Mar
Mar
20%
21%
Mar
70,000
21
Mar
1,000
23
Apr
------
31,000
57,000
Mar
Jan
111 Northern UtU 5s—.1957
33
Jan
111 Pr A Lt 1st 6s ser A. 1953
38
June
77X
15,000
62
Apr
80 X
30,000
92%
Feb
99% June
7,000
96%
Apr
90
Feb
100%
Jan
June
91X
65
Mar
88
1998
73
Birmingham Elec 4%sl988
~82~X
Birmingham Gas 5s.-.1959
Broad River Pow 5s..1954
Canada Northern Pr 5s '63
Canadian Pac Ry 6s..1942
Carolina Pr A Lt 5s...J956
Cedar Rapids M A P 5s '53
Central 111 Public Service—
5s series E
1956
112%
119% 120%
122% 122%
81X
63 X
179
130
82 X
66
83
104% 104%
102
92
49,000
100 X 102
90
92 X
27,000
57
2,000
110%
117%
120%
9,000
129
8,000
70
10,000
10,000
------
15,000
44,000
54.000
*113% 115
101X
Mar
79
Feb
Apr
Apr
Jan
114 X
122 X
Jan
May
Apr
140
Jan
07
Feb
71%
101%
100%
Mar
87
Jan
Mar
73
Mar
Mar
Mar
94%
85%
Mar
Mar
85% May
104%
108%
98
.
115%
Mar
Jan
Jan
May
92%
94 %
75,000
22,000
Apr
99%
102% May
95% May
92
Apr
101%
85
Mar
51
0s series B
3,000
95
4,000
88
Apr
97
77 X
May
9,000
66%
79%
23%
Jan
81
May
Mar
94%
May
24
30
30 %
49%
93% 113,000
33% 114,000
33% 173,000
1955
105
88%
104
101%
76
47
165
67
82
87%
100
Jan
3,000
47
Mar
61
June
90%
Mar
96%
53
73
75
79
May
Apr
52%
Jan
June
5%
June
5
1
Feb
76"boo
65
June
106
Apr
109%
Jen
%
53%
7,000
7,000
7,000
97%
78
Mar
Apr
98
Mar
83%
Apr
May
May
104%
May
Jan
May
Apr
43
May
103
Mar
71%
Feb
Feb
1%
1%
81%
95% May
92% June
Apr
102%
58
56
Feb
Feb
106
June
Apr
101% May
102% Mar
102%
Apr
78% June
74% May
105
Feb
105%
105%
95
Jan
Jan
84
85
ib'ooo
76
Apr
87
May
90
125,000
74
Mar
90
June
Apr
90%
104%
101%
101%
May
78
20,000
11,000
102
4,000
100
Mar
63
101% 101%
101% 101%
Apr
73
Jan
Apr
87%
Jan
Apr
99%
69
82
"i'ooo
75%
76
53,000
62
72%
474
50
430%
65%
455
81%
Mar
Mar
77
75
Jan
77
Apr
84%
June
94
May
66%
52
93
27%
92
15:666
08
Jan
33%
Feb
62
Feb
71%
Jan
Apr
June
81%
"2:600
2,000
2,000
4,000
50%
Jan
Jan
Mar
Jan
05
Jan
51
June
59
Feb
Mar
37%
Jan
Jan
107%
105%
Apr
Mar
2,000
8.000
76%
Jan
33%
i3,roo
Mar
21%
83%
97%
28
June
Feb
92
June
Apr
104
Feb
102% June
107% May
Feb
.98
Apr
103
Apr
15
15
3,000
54
54%
6,000
95
63
93%
107%
29
25,000
93
May
34%
May
1:660
12%
May
15
43
Mar
63
43
57
106% 106%
Apr
49% June
80%
Apr
107
27%
92
Mar
May
53
39:606
60
83
78
106% 107%
98
Jan
65%
107%
106%
Jan
78
37
453
Feb
81% ii'ooo
92% 104,000
52
16,000
51%
91
Jan
12
89
86%
103% 104
Mar
62%
106
June
110
Feb
Apr
Apr
100
Jan
85%
June
Jan
Jan
88
91
50,000
16,000
94%
Jan
85
90
49,000
76
Mar
91%
Jan
78%
79%
30,000
68
Mar
85%
Jan
98%
79
Electric Corp—
1947
6 %8 series B
1953
1951
Indiana Hydro Elec 5s 1958
5s-——
Ind'polls P L 5s
ser A. 1957
International Power Sec—
0%s series C
1955
7s series E
..1957
7s series F
.1952
International Salt 5s._1951
Interstate Power 5s
Interstate Publl
1957
1952
c
78%
81
2,000
"26:660
57
109
1,000
81
82
3,000
106% 106%
4110%
54% "57%
54
"69%
104%
53
60%
60%
"52
57%
67
69%
104% 105
53
53
5,000
44:660
16,000
5,000
31,000
1,000
60%
62
15,000
58
60%
18,000
8,000
108% 109
49%
53% 176,000
79
Mar
84
95
Apr
93
May
May
64
Apr
Jan
82%
May
108%
75
104%
109%
45%
43
49%
100%
48
50%
51%
Mar
91
109%
82
Mar
June
Apr
Apr
107%
111%
Jan
Mar
63%
Mar
61%
Jan
Apr
72%
May
May
May
106%
Jan
Apr
Apr
Mar
Jan
58%
Mar
65% June
60% June
107
Jan
35
Mar
53%
Apr
June
June
109
30%
29
32
75,000
18%
Mar
32
76
74%
77
18,000
04
Mar
80
May
71%
68%
71%
40,000
57%
Mar
73
May
94
94
95
90
Mar
98%
Jan
Q9
Q9
91
June
96%
Jan
Service—
Ssserles D
1956
4 %s series F
1958
Iowa-Neb L A P 5s—.1957
5s series B
1901
Iowa Pow A Lt 4%a..1958
Iowa Pub Serv 5s
1957
Q9
106%
103%
7s... 1942
Italian Superpower 08.1963
Jacksonville
88
109
"81
1957
♦Indianapolis Gas 5s A 1952
88
491
88
"80%
106% 106%
101% 102%
61
58%
78
78%
47
47%
8,000
1,000
2,000
105%
Mar
30,000
98%
Jan
52%
8,000
Feb
106%
103% May
Apr
63
4,000
78
Jan
85
16,000
39
Jan
47%
June
May
Jan
Feb
Gas—
5s stamped
1942
Jersey Central Pow A Lt—
5s series B
1947
4%s series C
1961
Kansas Elec Pow 3 %s_ 1966
Kansas Gas A Elec 6s.2022
87
Jan
Kansas Power 5s
91%
Feb
41%
30,000
32
Feb
42
104% 104%
7,000
100
Apr
Apr
106
40
104%
104%
100%
104
104%
100% 100%
Jan
76,000
98%
105%
Jan
30,000
97
Mar
100%
June
112
Mar
115
Mar
101%
Mar
115
115
1,000
101
101
2,000
95%
3,000
9,000
05
Kentucky Utilities Co—
1947
81%
6 %s series D
94%
1948
81%
94%
81%
94%
5%s series F
1955
*85
1969
82
82
"6:666
84%
Apr
Mar
82% May
Apr
97
78
90
5s series I
3%
15,000
1.000
1st mtge 5s ser H...1961
For footnotes see page 4093.
Feb
101% 103
101% 101%
107% May
107%
Jan
------
103
86%
27%
92
Apr
Jan
Mar
101%
105%
100%
Jan
91
May
100
426%
78%
Apr
Apr
105%
2,000
10,000
21,000
102% 102%
103% 104
104% 105
106% 106%
93
61
42
110
Mar
5,000
100
Jan
June
93
66%
72% 280,000
102% 103
9,000
102% 103
6,000
90%
20,000
93%
90%
92% 260,000
35
Jan
101%
103%
108
18,000
109
4107% 107%
54%
55%
2,000
15,000
45,000
Mar
30,000
"16:660
1%
71%
65
90%
52
Isarco Hydro Elec 7s_1952
Jan
97%
7,000
Jan
22,000
19,000
1
1
92%
Isotta Fraschlnl
95
33,000
3%
4
3%
t%
78%
Jan
Apr
Jan
2,000
61
"81%
Jan
84
103
95
79
52% June
5,000
Mar
466
41
5,000
Jan
65%
82% May
Apr
03%
100%
May
Apr
94%
100
100%
108
108%
103% 104%
99% 100%
89%
41
88
104% 105%
93% May
54
26,000
59%
93%
"84%
Mar
106
165
63%
Jan
May
J50
Mar
88
44
60%
76%
81% 188,000
101% 101% 22,000
71
102%
103%
Mar
84,000
106
104 X
46
124
53
32%
105%
52 X
106% 106%
Chicago A Illinois Midland
Ry 4M« A
1956
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 5Ms A '52
92%
76 X
Chlo DIst Elec Gen 4%s'70
6s series B
1961
Chic Jet Ry A Union Stock
Yards 6s
1940
June
94 X
33%
33%
106%
Feb
106
1963
99
5%s ex-warrants... 1954
Cent States P A L 5 Ms '53
1956
122% June
94 X
Cent States Elec 6s...1948
Indiana
Debenture 6s
1,000
91%
Apr
73
91
C
1950
99 X
92 X
93
93%
90%
89
ser
1st lien A ref 5s
55%
113%
101% 101%
92
103"
5%s—May 1957
Indiana efervtce 5s
1st &rei4%sser F.1907
4%s series H
1981
Cent Ohio Lt A Pr 5S..1950
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 53.1950
"71%
1st A ref 5%s ser B.1954
Feb
5s series G
1968
104%
120%
*i
Indiana A Mich Elec 5s '55
112
130
2,000
108%
1st A ref 5s
8 f deb
Indiana Gen Serv 5s. .1948
Bell Telep of Canada—
1960
May
108% June
71%
—1949
58 series C
95
Works—
Bethlehem Steel 6s
0s series B
6s series A
72
128
Jan
1
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A
1949
34%
Jan
99 X
2,000
..
May
98
91X
178
♦Hamburg El Underground
A St Ry 5%s
1938
Heller (W E) 4s w w
1940
28 %
29
75%
100X 100 X
Avery A Sons (B F)—
6s series C
1947
Feb
Debenture 5s
Conv deb 5%s
112%
Apr
103%
3%
1935
May
June
32
1st M 5s series A...1955
1st M 6s series B...1957
125%
45,000
Jan
75% June
95
59%
93%
100%
108%
104%
100%
Hackensack Water 5s. 1977
Hall Print 6s stpd
♦Hamburg Elec 7s
98
29%
29
♦Convertible 6s....1950
79%
"51%
Guardian Investors 5s. 1948
113
28
Locom
June
63%
Guantanamo A West 6s '58
102
25%
Baldwin
99
*123
"83
Jan
29
5s with warrants... 1947
5s without warrantsl947
Jan
104% 104%
123%
104%
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd..I960
Grocery Store Prod 08.1945
Feb
30 X
77 X
94%
*128% 133
May
May
May
107%
Apr
108 X May
84X June
94
89 X
83 X
Apr
1950
99%
12,000
98%
"65%
80
1949
Assoc TAT deb 5 %s.A'55
104
Mar
98%
Glen Alden Coal 4s.—1905
Gobel (Adolf) 4%s—.1941
64,000
Conv deb 4%s
Conv deb 5s
Atlanta Gas Lt 4Ms.. 1955
Atlantic City Elec 4lis '64
Apr
52
75%
99
May
May
96 X
94 X
129
Jan
100
53,000
103h«
Georgia Pow A Lt 5b__ 1978
♦Gesfurel 6s
1953
93 X
100 X 101%
Associated Gas A El Co—
Conv deb 5%s
Mar
72
Feb
90
4s..l951
Arkansas Pr A Lt 5s.-1956
Associated Elec 4%s..l953
Ark-Loulslana Gas
Gen Pub Utll 6%s A.1956
♦General Rayon 0s A. 1948
Gen Wat Wks A EI 5s. 1943
Georgia Power ref 5s..l907
U02% 104
1st A ref 58
Mar
40
70
103
General Bronze 6s
1940
General Pub Serv 5S..1953
BONDS
Abott's Dairy 0s
1942
Alabama Power Co—
40
7,000
42,000
74
Federal Wat Serv 5 %s 1954
Finland Residential Mtge
Banks 6s- 5s stpd
1961
Firestone Cot Mills 5s. 1948
Feb
47,000
Gary Electric A Gas—
7
7
1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement.10
Wolverine Tube
07 X
100
60%
56
'l03
Ercole Marelll Elec Mfg
6%s series A
.1953
Erie Lighting 5s
1907
20
7
Wilson Products Inc
Mar
9% Mar
78 % June
Edison El III (Bost) 3 %s 65
Elec Power A Light Ss.2030
May
100% 100%
60
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
100
"Tx "Tx
Wilson-Jones Co
Feb
Mar
♦Deb 7s
78%
IX
5%
5%
Williams Oll-O-Mat Ht—*
22%
May
9
West Texas Utll $0 pref.
West Va Coal A Coke.—.*
Apr
91%
64
102%
Feb
01% May
61% May
100% June
59%
Empire DIst El 6s
1952
Empire Oil A Ref 5 %s_1942
Apr
X
Apr
"i« June
1
Wayne Knitting Mills—5
86%
11,000
101% 101%
55%
60% 165,000
102
Detroit Internat Bridge—
♦6%s
Aug 1 1952
♦Certificates of deposit
7
*
Walker Mining Co
Mar
25,000
99%
stamped—.1943
Cont'l Gas A El 5s—1958
77 X
83
43
66% May
04% May
64% June
98%
ser A
1%
5X
1,200
Wahl (The) Co common
Waltt & Bond class A—
Vot tr ctfs
1939
Gen mtge 4%s
1954
Consol Gas Utll Co—
4%
*
Mar
Mar
58%
Consol Gas (Bait City)
Apr
June
Feb
43%
42%
99%
N—.1971
Mar
3%
69
"63%
Conn Lt A Pr 7s A...1951
Consol Gas El Lt A Power
6s
High
Mar
64% 334,000
84,000
58,000
64%
Community Pr A Lt 5s '57
Community P 8 5s...1960
ser
Low
107% 108%
Cities Serv P A L 6 %s. 1952
6%s
1949
♦Commerz A Prlvat 5 %s'37
Com'wealtb Subsld 5%s '48
(Bait) 3%s
Shares
47%
65
58
1943
X
"loo
7X
1969
Cities Service Gas 6%s '42
Cities
Service
Gas
Pipe
Crucible Steel 5s
1940
Cuban Telephone 7%s 1941
Cuban Tobacco 6s
1944
59
6
63%
Range Since Jan. 1, 1938
for
Week
8.000
62%
58%
1958
Mar
1,000
7%
62%
1950
Debenture 6s
Debenture 6s
0s
27 X June
20X June
Mar
1960
2X
100
5X
Jan
Jan
Jan
900
X
Jan
•i«
2%
27X
pref..100
Vogt Manufacturing—.—*
*
2X
2
Jan
20 X
3
Jan
17%
19
3
Jan
X
IX Mar
20X June
t
Petroleum—1
44
Mar
20%
25
2%
June
200
Va Pub Serv 7%
Western Grocery Co
Apr
7it
7ie
1%
Van Norman Mach Tool.5
Western Air Express
Jan
Feb
Mar
300
Venezuela Mex Oil Co--10
Class B
8
16 X
Cities Service 5s
Conv deb 5s—
Line 0s
Jan
800
2
100
1
6
Waco Aircraft Co
Jan
Mar
300
1
Wagner Baking v t c
Feb
2X
Mar
35
*
Priority stock
*
Utility & Ind Corp com..6
Conv preferred
..7
JUtll Pow <k Lt common—1
Class B
Jan
11
Mar
Utility Equities Corp
7% preferred
*n
1%
May
Utah Radio Products..new
Venezuelan
5
Feb
Jan
May
5
pref.—*
7% preferred
Valspar Corp com
34 conv pref
J*n
IX June
Universal Products Co.—*
Utah Pow & Lt $7
X
Jan
Universal Pictures com
Utah-Idaho Sugar
Jan
Sales
Week's Range
of Prices
Low
High
Sale
Price
Feb
3
Paper..—-.2
Universal Consol Oil
Last
High
X
*
Universal Corp v t c—-.1
Universal Insurance
8
BONDS
(Continued)
Low
*
United Verde Exten...50c
June 25, 1938
5
Friday
Range Since Jan. 1,1938
for
Week
Shares
%
1st pref
Exchange—Continued—Page
Sales
Mar
90
Jan
65
Mar
82
June
Jan
Volume
New York Curb Exchange—Concluded—Page 6
146
Sales
Friday
Last
BONDS
<Continued)
Sale
Price
Lake Sup Diet Pow 3 %a '66
Lehigh Pow Secur 6s__2026
Week's Range
97 h
98m
♦Leonard Tletz 7%s_.1946
96%
Lexington Utilities 6a.1952
*25%
90 m
Llbby McN & Llbby 5a '42
Long Island Ltg 6s-__1945
103 m
86
Louisiana Pow & Lt 5a 1957
104 m
for
BONDS
Range Since Jan. i, 1938
16,000
98%
25,000
93
98
June
Jan
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
May
97%
Jan
Southeast P & L 6a.-.2025
Sou Calif Edison Ltd—
84
Apr
103
25
Mar
27
2,000
84
Apr
14,000
101
Apr
29
91
103%
1,000
76
Apr
80,000
86
103 m 104%
Prue
Jan
100
Mar
104%
100
104%
Debenture 3%s
Feb
Mar
♦7s without warr'ta.1941
24%
*26%
tlOO
102M
Marlon Res Pow 4%8.1954
McCord Rad & Mfg 6s '45
70
60 m
Apr
97
6,000
70
Jan
55
Apr
28% June
101% May
83
Jan
Memphis Comml Appeal—
...1952
Memphis P & L 5s A..1948
Mengel Co conv 4%s.l947
Metropolitan Ed 4a E_1971
88 m
80
*90
89 m
87
92 m
89 m
75
Deb4%s
104
8,000
12,000
104 m
14,000
Apr
89
67 M
Feb
92%
70
100
June
Apr
93
106%
Apr
May
Jan
Jan
-.1965
107
106
107
8,000
101%
Mar
107
June
Middle States Pet 6 Ma '45
80
76
80
2,000
75 M
Jan
95
Apr
Midland Valley RR 5s 1943
55
57
7,000
50
Apr
63
Feb
Mllw Gas Light 4 %s. .1967
96
96 %
29,000
88M
Jan
98
June
91m
92%
99m 101M
59,000
83
Apr
94%
June
28,000
87%
Apr
101%
June
5,000
61%
Mar
81
May
26,000
70
Mar
89
May
110M 110m
6,000
109
Jan
66 m
41,000
54
Apr
4s series G
Minn PAL 4Mb
1978
-.1955
1st A ref 5b
93 m
101
76
Mississippi Power 58--1955
1957
"82"
Miss River Pow 1st 5s.1951
110M
Missouri Pub Serv 5s_1960
66 m
Miss Power A Lt 5a
77
82
83 m
63m
110%
70%
5%a
..1944
__
95
94
95
Nassau A Suffolk Ltg 5a '45
1m
83 m
83 m
Nat Pow A Lt 6s A
2026
86 M
82 M
2030
79
78%
{♦Nat Pub Serv 5a ctfs 1978
42
42
Nebraska Power 4 Ms. 1981
6s series A
2022
109
109
1948
Conv deb 5s
1950
New Eng Power 3 Ms.1961
New Eng Pow Assn 5a. 1948
Debenture 5Ms
1954
1m
1115
80
New Amsterdam Gas 5s '48
5a
Apr
97
120
94
*91
80
77m
116% 116%
44%
Jan
108
Mar
110%
111
10,000
June
Apr
120
May
June
Apr
Apr
83
Jan
118
80 M
28,000
9,000
69
115%
93%
Jan
May
Jan
54%
51
55
19,000
40
Mar
57%
Feb
54
51
54 m
10,000
40
Apr
Feb
50 m
57%
58%
54
104%
84
Feb
'37,000
12,000
102
Feb
105
May
20,000
70
Mar
85
Jan
Mar
87
39%
86 m
42,000
74
90
v91%
20,000
86%
76
86 %
Mar
54m
104% 104%
82 M
84 m
80
85m
Jan
♦Income 6s series A.1949
N Y Central Elec 5 Ms 1950
*97 m
Feb
91%
64
Feb
80%
June
100%
Mar
♦Ext 4Ms stamped.1950
......
NYPAL Corp lst4Ms'67
107m
91%
N Y A Westch'r Ltg 4s 2004
64
107
90 m
105
1954
Nippon El Pow 6Ms..1953
10,000
45
May
37,000
105
91%
36,000
88
Apr
Apr
105
5,000
*113%
54 m
64
107%
Debenture 5s
"5.000
55
103%
112%
53%
84
Jan
Jan
Jan
Apr
Mar
Jan
62%
86
Nor Cont'l Utll 5 Ms..1948
81M
45%
108
No Indiana G A E 6S..1952
86
43,000
47%
18,000
108
1,000
86
June
Mar
47%
Apr
108%
June
Mar
70
Apr
30
105%
Northern Indiana P S—
5s series C
1966
5s
1970
"97
N'western Elec 6s stmpd'45
105
4 Ms series E
29,000
Jan
65
71
40,000
54
Apr
72%
Jan
"~50%
47
51%
89,000
36
Mar
29
27
29
32,000
18%
Mar
54%
31%
May
50
50
"51%
105%
60
m
105% 105%
2,000
104% 105%
100% 101%
32,000
1951
101M
1946
93 m
105%
91
105%
"26%
5%s
1959
103%
Un Lt & Rya (Del) 5%s '52
United Lt & Rys (Me)—
78%
1952
»
«
1973
•>
to
-
86%
Jan
Feb
Mar
108%
63%
Jan
Jan
1,000
40
m
«.
mm
Mar
112%
Apr
Jan
47
114%
52
Mar
24
Feb
27%
62
Jan
Apr
June
26%
23
Jan
28
Mar
56
Mar
75
May
76%
May
75
80
"LOGO
30
26%
*76
mmmmmm
57%
Apr
102% 103%
73
79%
13,606
94%
Feb
48,000
64%
Feb
103% June
82% May
23,000
96
Fob
107%
106%
May
May
Feb
86
75
Apr
90%
84
9,000
75
Apr
85
Jan
77
1946
75
48,000
83%
84
77
2,000
65
Apr
84%
Feb
*78
85%
Jan
Waldorf-Astoria Hotel—
♦5s
Income deb
1954
20
Wash Gas & Light 5s. 1958
Wash Ry & Elec 4s... 1951
106%
106%
West Texas Utll 5s A 1957
90
West Newspaper Un 6s '44
40%
West United G & E 5%s'55
totototo
.to
Mar
103%
18,000
114
Mar
116%
79
Apr
113
Apr
28
Apr
106
87%
"87%
100
30
69,000
May
"2,000
Mar
27,000
106%
June
96"
55
75%
83%
106
75
101%
48,000
99%
80%
1966
75
Mar
96
*91
Feb
Jan
Yadkin River Power 5s '41
71
90%
May
Jan
61
Feb
♦York Rys Co 5s
1,000
104%
64
Mar
3,000
Mar
53%
May
85
94
8,000
95
115
60,000
6,000
82
85
Jan
102% 103
96
75
1944
1st ref 5s series B—.1950
101%
115% 115%
100%
Feb
74%
Jan
115
Mar
71%
Apr
115
Apr
82%
73
Apr
115%
48%
57,000
75
96
101m 101m
98,000
36,000
74%
Wheeling Elec Co 5s-.1941
Pacific Coast Power 5s '40
May
May
106
106
Utah Pow & Lt 6s A..2022
Feb
June
91%
'
M
83
51,000
Jan
Feb
Feb
93
91
71
75
1974
69
25,000
Apr
65%
57%
*26%
6%s
Wlso-Minn Lt 4 Pow 5s '44
95
103%
6,000
Jan
82
1,000
41%
Jan
90
June
37%
107
*80
May
51%
106%
106%
114% 114%
58
59%
106%
Okla Power A Water 5s '48
51%
Jan
Apr
30,000
105% 105%
85
86%
94
92%
58% 60%
43
39
104
59%
1956
Feb
Mar
1,000
United El Serv 7s
May
May
Jan
Jan
1,000
18,000
51%
51%
105% 106
44
105%
Feb
49%
79
106 %
West Penn Traction 5s '60
104%
Ohio Power 1st 5s B..1952
5a conv debs
53%
56
June
Jan
OklaNat Gas 4Mb
Jan
53%
Mar
97
Apr
1st A ref 4 Ms ser D.1956
Jan
36%
Apr
80%
Jan
Jan
49
86%
102
55
Jan
27,000
103%
104%
103%
Mar
56
101 %
4,000
40
Mar
West Penn Elec 5s.-.2030
4,000
6,000
37%
Wash Water Power 5s 1960
11,000
Mar
53,000
June
90%
May
93
30
4%a
May
5,000
11,000
Va Pub Serv 5%s A..1946
June
81%
105%
Mar
56,000
6s series A
98%
100
65%
23,000
56%
6s series A
Apr
Jan
June
89
Apr
55
101
104 m 104%
93
Mkr
102
104% 105%
1,000
39%
Feb
90 %
Feb
99%
99%
74%
79%
99% 100
51%
63%
Apr
104 m
85
48
93%
1945
Apr
35%
2,000
61%
52%
93
N'western Pub Serv 5s 1957
Ogden Gas 5s
103%
49,000
98%
55
3,000
97
3.000
45%
Mar
9,000
95
104%
108% June
110% June
106% Mar
56%
Jan
39
102
100
108% June
Apr
17,000
22,000
100 m 101
101M
1969
series D
Apr
Apr
106%
54%
6s
1956
102%
102%
5.000
56
No Amer Lt A Power—
5M8 series A
20,000
31,000
41
Mar
Jan
108
108%
110
Conv 6s 4th stamp. 1950
United Elec N J 4s.—1949
Feb
108%
97%
105%
113%
Jan
May
52
2022
♦United Industrial 6%s '41
♦1st s f 6s
1945
107
50
Toledo Edison 5a
1962
Twin City Rap Tr 5%s '62
Ulen Co—
May
93
8,000
99 m
Apr
51%
TldeWater Power 5s..1979
Tletz (L) see Leonard
June
New York Penn A Ohio—
1980
series A.
101%
106
55
United Lt & Pow 6s. ..1975
1942
N Y state E A G 4Ms
6s
26,000
105%
107%
107%
109%
104%
36%
Mar
92%
102%
42
June
95%
38
92%
87% May
80% May
81%
Mar
40,000
35,000
Texas Elec Service 5s_1960
Texas Power & Lt 5a..1956
Apr
Mar
81%
94%
52
Tenn Public Service 5s 1970
Ternl Hydro-El 6 %s._ 1953
95
Mar
58 M
Jan
70
71%
81%
91%
47%
Jan
May
62%
63%
51%
1940
1946
May
51%
♦Starrett Corp Inc 5s.l950
Stinnes (Hugo) Corp—
2d stamped 4s
2d stamped 4s
54
2,000
3,000
51
__
85
7,000
44 m
109 m
100
Tennessee Elec Pow 5a 1956
June
9,000
84
79
Feb
1%
81%
6%
99%
{♦Stand Gas & Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935
♦Certificates of deposit
Debenture 6s
1951
Debenture 6a. Deo 11966
Standard Investg 5%a 1939
{Standard Pow <fe Lt 6sl957
High
Low
Shares
59
98
May
86
56,000
10,000
2m
45
106
New Orleans Pub Serv—
6a stamped
107%
Super Power of 111 4%s '68
lst4%s
1970
7,000
80
N 13 Gas A El Assn 5s 1947
105%
S'western Lt & Pow 5a 1957
So'west Pow & Lt 6s..2022
So'west Pub Serv 6s—1945
Apr
5,000
86 M
Deb 5s series B
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 58.1956
1945
Sou Counties Gas 4%s 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
May
Montana Dakota Power
♦Munson SS 6Ms ctfe.1937
94%
1st & ref mtge 4s...1960
Mansfield Mln A Smelt—
Range Since Jan. 1. 1938
for
Week
of Prices
High
Low
57 %
Ref M 3%8-May 1 1960
Ref M 3 %s B.July 1 '60
Mar
Sales
Week's Range
Sale
High
Low
Shares
98
Last
(.Concluded)
Week
of Prices
High
Low
4093
Friday
Wise Pow 4 Lt 4s
Jan
80
1937
80%
...1947
Stamped 5s
18%
20%
105% 106%
ll 6% 107%
104% 105
101% 102%
104% 105%
88%
90%
40%
37%
105
105%
106% 106%
106% 106%
96
95%
100% 101%
80
78%
80
80%
21
12%
103%
Mar
Apr
106%
June
8,000
106%
Jan
107%
Mar
4,000
37,000
10,000
May
Jan
99%
Apr
106
28,000
97
Feb
7,000
96
Mar
102% June
105% June
74%
Mar
93
May
30,000
32
June
40%
June
9,000
103
Apr
105%
106
68,000
Jan
June
108
May
105%
Jan
107
Mar
36,000
86%
Apr
96%
24,000
15,000
96
Feb
105%
58%
Apr
5,000
10.000
June
Feb
85
May
80%
June
6,000
72
Jan
23%
23%
Apr
Apr
5,000
20%
May
21%
Feb
May
Apr
80%
May
Pacific Gas A Elec Co—
1941
1st 6s series B
Pacific Invest 5s
ser
A.1948
Pacific Ltg A Pow 5s__1942
Pacific Pow A Ltg 58..1955
Park Lexington 3s
1964
74 m
Feb
Mar
FOREIGN
May
AND MUNICIPALITIES
"88"
6,000
Mar
83
53,000
74%
Mar
89% May
89
4,000
78
Mar
93
May
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
♦20-year 7s
..1947
87%
89
24,000
76
Apr
89
June
♦Baden 7s
97
18,000
82
Apr
92 m
Penn Electric 4s F
30
79%
94
"83"
94%
10,000
75
Mar
98%
94%
May
June
3,000
99
Mar
107%
Feb
♦Cauca
93
Mar
103%
Jan
Cent Bk of German State 4
June
108% May
109
Jan
May
Jan
Penn Ohio Edison—
1950
B..1959
104% 105
Penn Pub Serv 6s C..1947
5s
series
*101% 102%
1954
D
Penn Water A Pow 5a. 1940
4
Ms series B
1968
"
5~000
108
108%
106%
14,000
106% 106%
108m
106%
Apr|
89 m
4s series B
1981
4s series D
1961
92 m
Phila Elec Pow 5Ms—1972
u1m
Phlla Rapid Transit 6s 1962
Pledm't Hydro El 6 Ms '60
Coal
Pittsburgh
59%
6s..1949
Pittsburgh Steel 6s... 1948
♦Pomeranian Elec 6s..1953
Portland Gas A Coke 5s '40
Potomac Edison 5s E.1956
4 Ms series F
59
107m
90
18,000
17,000
"
4~O6O
105% 105%
89
91%
*20%
23%
56%
59%
6,000
33
♦Prussian Electric 6s.. 1954
5%s
26%
*26%
*98%
99%
78%
Mar
Mar
93%
May
113%
Mar
1952
♦German Con Munlc 7s '47
♦Secured 6s
1947
May
Apr
79
Feb
61
Feb
June
108
Feb
53
104%
(City) 7s.-.1939
♦Hanover (Prov) 6%s_1949
♦Lima (City) Peru 6%s '58
"20%
♦Hanover
100
Jan
22
59%
June
Apr
107%
Jan
♦Medellln 7s series E.1951
108
105%
107
29%
100
20%
Apr
Jan
Apr
♦Maranhao
<.
'm
m
mm
m
10%
Apr
♦Mendoza 4s stamped-1951
June
65
Jan
June
103
Apr
Jan
25%
June
136% 137%
8,000
130
110% 111%
12,000
Jan
137% June
Apr
113
Feb
Apr
107
Mar
104%
10,000
102%
Apr
104%
104% 104%
104% 104%
2,000
101%
Apr
105%
May
2,000
101%
Mar
104%
4Mb series I
106
7,000
104
Apr
106%
May
Feb
4Ms series E
1980
1960
104 m
104
106
106%
Jan
Pub Serv of Oklahoma4s series A
103
73%
103%
12,000
74%
33,000
72%
66%
8,000
59
Mar
Apr
18,000
53
Jan
72%
72%
3,000
72%
29
1966
29
7,000
25%
1950
70%
72%
70%
1st A ref 4Ms ser D.1950
65%
65%
Queens Boro Gas A Elec—
5Mb series a—
1952
72%
Puget Sound P A L 5 Ms '49
1st A ref 5s ser C
♦Ruhr Gas
Corp 6 Ms.1953
*22%
♦Ruhr Housing 6 Ms. .1958
Safe Harbor Water 4Ms '79
{♦St L Gas A Coke 6s. 1947
14%
«[San Antonio P S 5s B 1958
San-Joaquin L A P 6s B '52
105i%!
Sauda Falls 5s
1955
Scullin Steel 3s
44
1951
Servel Inc 5s
100
1948
Shawlnigan W A P 4 Ms '67
*107%
104"
44%
June
8,000
102%
Apr
103% June
75
May
72%
66%
93%
29%
25
110%
15
105%
130%
112
Jan
28
Mar
2,666
21%
Jan
27
May
21,000
96%
Apr
102
50
Apr
22%
Mar
Jan
23
Mar
22%
20%
22%
1,000
20
Jan
23
Mar
20%
1,000
19
Jan
22%
Mar
9%
10%
13
9%
mmmrnmm
9%
Apr
13%
16%
Jan
18%
Jan
Feb
7%
Jan
9%
May
14,000
25
Feb
80
Feb
23%
16%
Jan
23
12%
Apr
17%
June
102%
Feb
May
Mar
18
99%
6'
21
80
25
1919
••
17%
*%
x%
%
m
to
-
-
3,000
Jan
7%
%
%
96
Apr
2,000
10
6%
%
%
10,000
mmmrnmm
Mar
7
Mar
10%
9,000
27,000
6
Apr
10%
Jan
Jan
Jan
%
Mar
%
Mar
%
%
Jan
%
22:606
1
Jan
%
%
%
Jan
56
56
1,000
45
16
16%
2,000
U%
16%
1,000
11%
Feb
16%
16%
June
June
65
Jan
16%
Mar
%
Jan
Mar
Jan
rule sales not included -in
Apr
101%
Mar
107%
105%
May
x
In receivership.
{ Reported
e
Cash sales transacted during
NO sales.
y
,
Under-the-rule sales transacted during the current week and not
Mar
1968
104% 104%
1,000
102
Mar
105%
1970
104
8,000
102
Mar
105
Jan
Apr
the current week and not Included In weekly or
yearly range:
Jan
106%
1st 4 Ms series B
Jan
19%
No par value,
Jan
Apr
19%
3,000
a Deferred delivery sales not included In year's range,
n Under
year's range,
r Cash sales not included in year's
Ex-dlvidend.
* Friday's bid and askod price.
No sales were transacted during current week.
* Bonds
being traded flat.
*
the
range,
Feb
25
1st 4Ms series D
104
Mar
May
May
Jan
38%
4,000
21
Jan
Feb
5,000
20%
10
7%
♦5%s
May
Apr
June
18:666
59%
20%
20%
May
108%
"
de Janeiro 6%s.l959
♦Russian Govt 6%s...
100%
June
May
128%
4:660
.....
103% 104%
Feb
107
9%
"
25%
99% 100
June
Mar
9,000
105H32l05i%
25%
♦Schulte Real Est 6s..1951
32:666
108% 109%
13%
14%
105% 110
*24%
28
Mar
21
%j
*130%
108%
♦Saxon Pub Wks 6s... 1937
Scripp (E W) Co 5 Ms. 1943
26
98%
60%
♦Rio
May
*99
1921
♦5%s certificates... 1921
♦Santa Fe 7s stamped.1945
♦Santiago 7s
1949
♦7s
1961
1978
Feb
Jan
39
*13
♦6%s certificates.-.1919
1st A ref 4Ms ser F.1981
4 Ms series D
106
Mar
101%
98
*23
16%
1931
Mtge Bk of Denmark 5a '72
♦Parana (State) 7s—1958
103%
106
Jan
28
Apr
1,000
*23
6s stamped
110
110%
1966
27
Jan
98%
1,000
79%
80
♦Issue of Oct 1927
1,000
1956
Apr
25
98
*8%
Mtge Bk of Bogota 7S.1947
♦Issue of May 1927
Pub Serv of Nor Illinois
1st A ref 5s
22%
Jan
May
39
*9
1958
7s
♦Mtge Bk of Chile 6s. 1931
58 series C
mmmm m
mmmrnmm
10
39
External 6%s
Jan
Public Service of N J—
6% perpetual certificates
7,000
m
Feb
76
98
1953
5s...
June
4,000
28
Apr
Danzig Port 4 Waterways
Jan
19
33
Jan
6%
26%
...1952
♦6s series A
89
109%
65
9%
48
10,000
68
75
20
24
*9%
i9"666
107% 107%
75
*65
1948
7s
♦Prov Banks 6s B..1951
Jan
23%
...1955
Valley
20,000
*99% 100%
*22%
25%
'59
91
*65
1952
1947
♦7%s stamped
82%
111
65
19,000
59%
59
*108
1961
Potrero Sug 7s stmpd.1947
PowerCorp(Can)4MsB
89%
91%
92%
111% 111%
*69
69%
20%
(Province)
♦7s stamped
Danish
Peoples Gas L A Coke—
17%
*23%
*23%
20%
1951
Buenos Aires
6s series A
Deb 5Ms series
GOVERNMENT
75%
34%
88
Penn Cent LA P4MS.1977
1st 5s
1979
.1971
88%
115
Included In
weekly or yearly range:
No sales.
z
In
Deferred delivery
sales transacted during the current week and not included
weekly or yearly range:
No sales.
Abbreviations
•cum
"v t
Used Above—"cod." certificates of deposit; "cons,"
" cumulative;
c," voting trust
without warrants
consolidated;
"conv," convertible: "M," mortgage; "n-v," non-voting stock;
certificates; "w 1," when issued; "w w." with warrants* "x-w •
Financial
4094
June 25,
Chronicle
1938
Other Stock Exchanges
New York Real
Estate Securities Exchange
Closing bid and asked quotations,
SECURITIES
CHICAGO
Friday, June 24
Listed, and Unlisted
38th
7s
Unlisted Bonds
Ask
Paul H.Davis & 0a
Interest Commerce Bldg—
Bldg—
1945
St
Ask
Bid
Unlisted Bonds
B'way
Bid
4
6%s
75
Bryant Park Bldg 6 >$81945
Central Zone Bldg lnc 0s '53
24
Lefcourt Manb Bldg 5s '48
55
42
Marcy (The) 0s
1940
00
West 42d St 6%s..l945
33
Park Place Dodge
11
St
A
Corp—
1952 vtc—
Income 6s
Ave
Madison
Office Bldg ctfs
59th
0
10 East 40th St Bldg 5sl953
250 W 39th St Bldgs 08 '37
2450 B'way Apt Bldg
Chicago Stock Exchange
Chicago Board of Trade
CHICAGO
10 So, La Salle St.,
9
25
Granada (The) ctfs
77
74%
1939
42 B'way Bldg 0s
Members
Stock Exchange
New York Curb (Associate)
New York
12%
ctfs—
Chicago Stock Exchange
Baltimore Stock
both inclusive, compiled from official sales
June 18 to June 24,
Par
Week's Range
for
Sale
Stocks—
Last
Sale
Range Since Jan. 1, 1938
Last
of Prices
High
Low
Low
Shares
High
Par
Stocks—
Price
18
20%
%
11
%
17
Mar
18
June
June
12%
10
c.*
Bait Transit Co com v t
28
Jan
Apr
1
Jan
H
1%
1%
82
%
Mar
2%
Apr
*
15%
13%
15%
343
9%
Mar
17%
Jan
4% % pfd 100
Consol Gas E L <fc Pow—*
93 %
93 %
93%
5
93% June
93%
June
00
100
Sugar Assoc com.l
115%
*
1st pref vto
Comra Credit
6% preferred
Eastern
09
415
55%
Mar
70
Jan
115 >4 110
30
Apr
116
June
0
550
112%
4%
514
6
Mar
8%
Jan
Mar
18%
104%
Jan
35%
Jan
12%
200
11
20
10
95
99*
149
30
30
55
Mar
75 H
27% June
Glenn L Martin Co com__l
23
24
225
22% June
14%
10
1,190
12%
Preferred.-.-.,-
Fidelity A Deposit
Fidelity & Guar Fire
100
Houston Oil pref
11%
Mar
24
Jan
June
Jan
17%
Mfrs Finance—
z6%
X6%
2%
2%
2%
2
2
2%
1,200
50
218
218
-
Common class A
Mercantile Trust Co.
10
220
June
7
Jan
1%
1%
0,750
1
6
25
1
25
let preferred-—
Mar Tex Oil
Mar
3
Jan
May
2%
Jan
215
Apr
220
June
Merch A Miners Transp.. *
12%
12
12%
748
10
Mar
16%
Jan
MonWPenn P 87% pref. 25
25 %
25
25%
303
21
Apr
25%
Jan
37
37%
05
35
June
47%
Jan
821
Mar
11%
Jan
74%
10%
1%
75
67
68%
198
59 %
Apr
12%
12%
47
10%
13%
3.513
12%
8%
June
Mar
Mt V-Woodb Mills-
37%
10%
1
1%
North Amer Oil com
Northern Central Ry
50
Penna Water A Pow com. *
"68 %
10
Seaboard Comrnl com
U S Fidelity A Guar
"13 %
2
8%
1%
"
7%
625
1
June
1%
Jan
10
72
June
94%
Jan
Jan
76
12%
June
15%
Jan
Bonds—
120% 120%
17%
17%
City 4s 3rd water coup 1955
Bait Transit 4s flat.-.1975
A
5s
$1,000
5,000
1975
18%
19%
1,100
.1975
80%
80%
500
flat
B 5s flat
Week
of Prices
120%
June
15
Mar
23%
Jan
15%
Mar
27
Jan
78
Mar
85
Feb
Feb
100
June
June
68
June
120% June
Finance Co of Amer4 % 1942
100
100
100
1,000
96%
Florida South RR 4%. 1945
08
08
08
2.000
68
High
Low
Shares
High
Low
pref 100
American Pub Serv
Armour A Co
common.—6
1
Asbestos Mfg Co com
1
Associates Invest Co com. *
Aro Equip Corp com
200
4%
7%
Jan
3
150
2
Mar
4%
Jan
5
5%
200
4
Mar
46%
550
9
9
80
7
June
7%
100
6
June
11%
9%
Mar
15%
53%
5%
8%
7%
Jan
15%
50
12%
Mar
15%
53%
53%
10
45
4%
5%
3,400
3%
Mar
6%
Jan
8
8%
150
5%
Apr
8%
June
1
450
1
%
28%
350
3%
1%
3%
100
1%
50
%
com..3
Aviation A Trans C cap.l
36%
7%
%
Apr
Automatic Washer
2
2,450
%
Mar
1%
Jan
Mar
36%
Jan
June
4%
Jan
Mar
1%
Jan
% June
2%
Jan
Jan
1
1%
7%
Mar
2%
June
10%
8
1%
1%
5
8
7%
11
9%
11
Mar
13
Jan
10
9
7
10%
1,200
6% June
13
Jan
11
12%
1,485
8%
14%
Jan
7%
8%
700
5%
Mar
8%
May
5
5
150
4
Mar
6%
Jan
Jan
A
com
Belden Mfg Co com
Bendlx Aviation com
Berghoff Brewing Co
12%
8%
5
1
-.1
Blnks Mfg Co cap
350
900
Mar
18%
15
18%
1,550
12%
Mar
22%
25%
19%
25%
8,900
16%
Mar
28%
14
lnc com.5
13%
14
150
10
Mar
15
15%
350
14
Apr
Corp—
Borg Warner
(New)
5
8%
---5
common
Brach A Sons (E J)
cap—*
Wire cl A. *
Common—
—-—1
Bruce Co (ET) com
5
Brown Fence A
M)
6
400
7%
8%
900
6
May
7%
2%
8%
50
27
June
3%
300
3%
7%
21%
30
5% conv pref
5%
8%
8%
Bucyrus-Monighan cl A—*
Burd Piston Ring com
: 1
Butler Brothers
10
10
Central Cold Storage com20
Cent 111 Pub Serv pref-.-*
Castle A Co. (A
.....
"10%
55%
7%
4,600
20
21%
400
19
com.
19
10
53%
6%
5%
Jan
2% May
5% Mar
17%
Mar
Mar
8
9%
27
Last
Sale
Par
Price
100
Stocks—
140%
Amer Tel A Tel
Week's Range
of Prices
High
Low
129% 142%
5%
8%
Jan
Jan
21%
Mar
50
14
Apr
25
10%
120
9
Mar
14
57%
700
41%
Mar
57%
June
%
3%
Mar
%
Jan
May
6%
Jan
Mar
2%
Jan
Jan
Jan
%
100
5
5%
250
1%
2
4,400
1
90
%
%
—1
Common..—...
pref....—*
Bigelow-Sanford Carp com*
Preferred
100
"22%
Boston & Albany
"72"
100
Boston Edison Co
100
Boston Elevated-
100
117
53%
15%
Boston Herald Traveler—*
17%
22%
80
80
65
72%
113% 117
53%
15%
54
15%
Shares
3,137
Low
110%
80
13
High
Mar
% June
17
June
80
June
639
60
Mar
725
108
Apr
Jan
94
108%
Jan
125
Am*
Jan
58%
May
13%
Mar
20%
Jan
420
2%
1%
2%
115
3
3
3
9
8%
9
140
1%
1%
1%
7%
6%
200
Class A 1st pref (stpd)
Class B 1st pref (stpd)
100
100
Boston Personal Prop Tr.*
*
Brown-Durrell Co com
25
9
Calumet A Hecla
25
7%
6%
Copper Range.--.
25
5%
4%
10
1% May
5%
Mar
1%
Mar
15%
2%
Mar
12%
12%
200
2%
1%
2%
29%
16,050
1%
Mar
1,250
25%
38%
Mar
Jan
%
5%
Mar
10
Jan
8
Mar
12%
Jan
10%
May
1%
June
6
3
2%
*
17%
18%
Georgian Ind cl A pref..20
1%
4%
1%
5
7
8%
*
Gillette Safety Razor
*
8%
4
Feb
Jan
Consumers
Jan
June
Cudahy Packing Co preflOO
Cunningham Dr Stores 2%
vt c
10%
7%
Jan
Curtis Lighting lnc com.. *
May
Dayton Rubber Mfg com. *
Decker (Alf) A Cohn comlO
Dixie-Vortex CoclA.——*
52
June
30%
Jan
30
*
ClassB
*
;
c
.
T%
Mergentlialer
Linotype. .*
1
lnc
New England Tel A Tel 100
NYNH AHRR
100
North Butte
2.50
Old Colony RR
100
Pacific Mills Co
„*
1%
Feb
178
4% May
6% June
25
19
Mar
Jan
Mar
1
Feb
Fu.ler Mfg Co com
7%
Jan
Gardner Denver Co com.. *
Feb
11
35
May
1
500
27c
Jan
50c
Apr
20c
Apr
50c
Jan
Goldblatt Bros lnc com..*
285
%
June
1%
Jan
Jan
Great Lakes DAD com—*
15
5
12
Mar
22
2
125
1%
Mar
2%
Jan
Hall Printing
19
19
415
18%
Mar
24%
Jan
Harnischfeger Corp com. 10
Heileman Brew Co G cap.l
4%
5
1%
3%
Jan
5%
Feb
Heln Werner Motor Parts 3
50
1%
Jan
2%
Jan
Hibbard Spen Bart
249
81
Mar
1%
215
1
June
41c
49c
2%
2%
13%
16
2,025
37o
110
2
155
9%
Mar
Apr
Jan
2%
79c
Borders lnc com
*
Jan
Houdallle-Hershey cl B
*
Jan
102
Hupp Motors com
Jan
16%
Illinois Brick Co
24%
Jan
111 North Util pref
4%
Jan
9%
10%
Mar
Indep Pneu Tool v t c
*
Indiana Steel Prod com_.l
9%
1,392
23%
970
25
Preferred
17%
41
90c
68
17%
70%
41
41
90c
58
Co 100
90c
58
Mar
Apr
11%
Jan
Jan
Iron FiremanMfgvtc
15
Apr
20%
Feb
Jarvis (W B)
50
Mar
77%
jan
38%
Jan
55c
Mar
56%
June
43
May
Jan
1%
Jan
103
Co cap
Katz Drug Co com
1
1
June
3%
Jan
Mar
10%
Jan
30
30%
120
29
May
34
Jan
14%
14%
140
13
May
16%
Jan
8%
3%
9%
3%
17%
14%
Jan
1,650
2%
16%
350
250
100
6
6
100
4%
Jan
Apr
7
Jan
8
Mar
1%
Mar
11% June
"2%
.50
10
16
Jan
51
52
100
52%
Jan
300
47% May
2% June
4%
Jan
2,150
May
2%
Jan
June
23%
2%
2%
%
13%
1%
Mar
%
6%
5%
*35%
13
13
7%
200
6
15%
17%
4,950
6%
17%
650
7%
15
2%
6%
120
6%
6%
7
6%
5
5%
15
Jan
Jan
35%
11
13
8%
Jan
17%
June
5
Mar
7%
Jan
570
35%
Mar
Mar
5%
Mar
250
5%
Apr
500
4
10
250
12%
Jan
Jan
7%
7%
Mar
6%
Jan
35% June
45%
Feb
11
14
Jan
May
8%
9%
750
5%
Mar
11%
9
9%
9%
200
8%
Mar
11
Jan
1,700
%
June
2
Jan
350
5
8%
Jan
80
100
Mar
Jan
Jan
Mar
108
200
14%
Mar
29
Jan
3%
3%
50
3%
June
7
Jan
3
3%
20
2%
May
4
Jan
106%
106
"19"
19
18
14%
.....
14%
150
13
15%
1,900
20
15%
20
75
"16"
100
4
800
7
1,250
75
3%
6%
Kellogg Switchboard com _1*
Preferred
100
10
8%
10%
150
7%
110
5%
Mar
8%
Jan
Ken-Rad TubeALp com A*
3%
205
1%
4%
Jan
Kentucky Util Jr cum pf 50
23%
23%
40
Mar
25%
Feb
5
3%
3%
150
Kerlyn Oil Co com A
Jan
24
500
3%
24
12% May
10% June
15%
Jan
18%
Jan
Mar
23%
Jan
15%
3
Mar
5%
Mar
5%
7%
Feb
5%
20
80
Mar
12
Mar
65
28%
3% June
Jan
Jan
May
Jan
Jan
5
Mar
Kingsbury Brewing cap.-l
La Salle Ext Univ com
5
Bonds—
1948
1
400
%
Feb
1%
Mar
2
2%
700
3%
Feb
*
3%
100
1%
2%
May
3
Mar
4
Jan
6%
7
300
6%
May
10
Feb
Leath A Co com.
Eastern Mass St Ry—-
$1,000
49
Mar
65
May
For footnotes see page 4097.
4%
Mar
500
6%
Series A 4%s
Mar
15
2
12%
3%
Jan
Mar
2%
Jan
10%
"7%
20
7%
3%
1%
*
10
Mar
11%
*
24
1%
10%
2
12%
Warren Brothers
*
Jan
1%
Waldorf System
Warren (S D) Co
Jan
Feb
15%
5%
Jefferson Electric Co com. *
10
6%
70
50
*
65
40
Jan
5% May
700
Interstate Power $6 pref.. *
27
699
900
46c June
25
1%
100
May
5%
Mar
9
2%
6%
June
17
May
3%
1%
%
1%
7%
20c June
12
7%
5%
13%
20
2,300
9
6%
385
May
Jan
"i%
""%
670
8
5%
1
1,726
Utah Metal A Tunnel Co.l
Apr
5%
10
2%
Vermont A Mass Ry
May
11%
1,550
%
18%
"70%
48
500
Hubbell. Harvey lnc com.5
Jan
5
Mar
com.25
14%
23
170
14%
37o 145,500
18
5%
Co com...10
2,283
92%
~~8%
Feb
60
13
Gossard Co (H W) com—*
1%
8%
*
4
51
20c
Common——————
45
1%
2%
Stone A Webster
10
60
1%
Gen Household Util—
18%
Torrington Co (The)
*
Union Twist Drill Co.—25
United Shoe Mach Corp.25
5
5
$3 cumul conv pref.-.20
40c
1
*
13
Brewing com.5
1%
50
Shawmut Assn T C
17
15
Elgin Nat Watch
Qunlcy Mining Co-.__.25
Pennsylvania RR
May
FltzSlmmsAConDADcom *
50c
91
2%
28
3%
1%
16
Mar
*
"92%
49c
22
Elec Household Util cap.5
1%
1%
4%
10,750
Dodge Mfg Corp com
Narragansett Racing Ass'n
Nat Tunnel & Mines Co.. *
26%
May
2
19
24
May
50c
15
Maine Cent 5% cm preflOO
Mass Utilities Assoc vtc.l
Jan
26
8
.*
40c
5Cc
1
Isle Royal Copper Co...15
32
15%
30
28
3%
June
June
Apr
20
7%
14
Apr
25
1,450
Jan
50
3%
157
9%
1%
20
13%
Apr
8%
Mar
Feb
1%
25
Apr
8
Feb
59%
15
45
2%
9%
1%
9%
14%
9%
15%
50
400
*9%
pref part shares ..50
Mar
June
1,300
%
Jan
34
Go¬
1%
11%
58%
8%
6
Commonwealth Edison—
12%
265
57%
%
Coleman L-P Stove com..*
4%
Jan
Hathaway Bakeries—
Helvetia Oil Co t
10
(New) com
Feb
310
28
12
Cities Service Co—
Gen Finance Corp com
Preferred
58
""8%
Club Aluminum Uten Co.*
Fox (Peter)
Gilchrist Co
29
Chic Yellow Cab Co lnc—*
Common
25%
—
1% June
8%
Apr
23
Mar
12%
—
May
75
6
Employers Group
Jan
Mar
Apr
*
Chain Belt Co com.
4%
153
25
com
5%
698
15%
*
Eastern SS Lines
33%
Apr
401
37%
100
Preferred B
June
2%
Jan
11%
_100
1st preferred
25%
20
1%
5%
34%
15%
30
5
New capital
25
Rights wl
Compressed Ind Gases cap*
Consolidated Biscuit com.l
Jan
2%
12
East Gas A Fuel Assn—
4%% prior preferred 100
6% preferred..
100
East Mass St Ry—
190
28
4%
93
Chic A Northw Ry com 100
48%
1%
9
Jan
93
26%
Chic Rivet A Machine cap 4
10
1%
100
97
91%
pref
Preferred
Jan
80
6%
100
Prior pref
1%
*
Prior lien
Apr
1%
22% June
149%
Boston & Maine—
Preferred (stpd)
1
*
Chicago Corp common. .*
Preferred
*
Chic Flexible Shaft com—5
Range Since Jan. 1. 1938
for
lVt>/> t
5
Associated G & E class A1
Jan
June
Central States P A L pfd - .*
Sales
Friday
Jan
Jan
Central 111 Sec—
Common
both inclusive, compiled from official sales lists
June 18 to June 24,
Jan
June
14
22%
Central S W—
Exchange
Jan
Jan
56
Bastian-Blesslng Co com.*
Barlow ASeellg Mfg
Convertible
Boston Stock
Jan
2%
27
350
28
'"3%
Athey Truss Wheel cap—4
Automatic Products com.5
June
7
Apr
Mar
46%
6
2%
42%
*
Advanced Alum Castings. 5
Aetna Ball Bearing corn.. 1
Allied Laboratories com..*
Allied Products Corp com 10
Class A.
-25
Adams Oil A Gas com
Bliss A Laughlin
100
New Amsterdam Casualty 5
Preferred
Range Since Jan. 1, 1938
for
Abbott Laboratories—
Common (new)
1,553
16'A
20 A
18
Atlantic Coast L (Conn) 50
Black A Decker com
Week's Range
Week
Price
*
Arundel Corp
Sales
Friday
lists
Sales
Friday
official sales lists
both inclusive, compiled from
June 18 to June 24,
Exchange
■i
Le Rol Co com
10
%
3%
Volume
Financial
146
Friday
Range Since Jan. 1, 1938
Week's Range
for
Sale
'
1
Stocks {.Concluded)
of Prices
Week
Price
Par
Libby McNeill & Libby— *
Lincoln Printing com
*
Lion Oil Ref Co
*
com
Loudon Packing com
*
5
Lynch Corp com
—
-
-
334
-
,w
-
Apr
4
25
Jan
Jan
234
Apr
134
154
100
134
3234
350
2434
Mar
34
54
3,650
Mar
10,325
34
634
Mar
934
2,000
234
Mar
434
25
10
1934
Mar
25
Apr
8
934
434
Prior pref
Members Cleveland Stock Exchange
Jan
Mar
1634
2734
-
3234
34
Mer & Mfrs Sec cl A com.l
650
Jan
2
650
22 34
9
Mar
6
200
Ohio Listed and Unlisted Securities
High
Low
Shares
734
3
2034
—
*
com
High
634
------
Manhatt-Dearborn com..*
Marshall Field
Low
734
—
4095
Sales
Last
1
•
Chronicle
10
4
454
Feb
34
OILLIS
Jan
134
Jan
Jan
*
Mlckelberry's Food Prod—
Common
1
3
234
3
Mar
3
Jan
634
34
534
654
3,165
19,750
154
Middle West Corp cap...5
Stock purchase warrants
434
Mar
7
Jan
34
54
2,150
%
Mar
2
aWOOPcb
Jan
25
Union Commerce
Midland United Co—
Common.
*
Conv preferred A
*
34
34
4
34
1,000
434
4
150
Jan
34
100
100
6% pref A
7% prior lien
7% pref A
Modine Mfg com
*
134
50
34
54
10
1834
2034
734
200
3
3
3
*
Nachman Springfield com
%
134
100
pref.*
Miller Hart Inc conv
34
30
------
7
Apr
34
134
Mar
i
2
Jan
134
434
Jan
Feb
2734
Jan
834
Mar
34 May
100
234 June
18
Apr
350
7
Apr
National Battery Co pref.*
22
22
22
320
20
Mar
National Standard com.. 10
18
1634
18
200
1334
Apr
2334
Jan
34
Mar
34
2334
Jan
-'
—
-
National Union Radio coml
19
Noblltt-Sparks Ind com..5
North American Car com20
254
Northwest Bancorp com..*
734
Northwest Eng Co com—*
------
1454
234
Northw Util pr lien pref
100
Ontario Mfg Co com
*
Parker Pen Co com
10
Penn Elec Switch com A 10
2234
------
------
------
Penn Gas & Elec A com..*
1
54
54
_
20
100
1,650
Mar
12
May
23
Jan
Jan
254
300
134
734
654
550
5
Mar
834
Mar
13
Mar
1834
Apr
32
Jan
934
12
12
50
2234
2234
10
254
Apr
Jan
834
1034
1034
Feb
13
14%
1434
50
14
Jan
1534 May
12
1334
300
11
Apr
1434
Mar
3
354
750
3
June
934
Jan
334
10
Jan
Peoples G Lt&Coke cap 100
32
2934
32
250
2434
Mar
33
Feb
Perfect Circle Co...
24
24
24
30
22
May
29
Jan
100
3
*
Pictorial Paper Pkge com.5
Potter Co com
1
Quaker Oats Co common.*
9834
100
Preferred..
Rath Packing
Co
10
334
h
334
54
------
145
95
254
254
com...10
1034
934
1
134
134
50c
Jan
85
Mar
90
254
Common vt c
Jan
134
10034
129
Mar
145
145
2034
------
434
880
98%
145
2034
com
Mar
% May
400
100
1634
Jan
200
..
134
Mar
734
34
Mar
Jan
June
2034
June
334 May
Raytheon Mfg Co—
Reliance Mfg Co
Rollins Hob Mills com
Sangamo Electric Co com.*
------
20
11
134
2034
834
6434
5734
1534
Mar
2,550
634
May
1334
Jan
700
4734
Mar
6634
June
300
2
Mar
534
Jan
28 34
Common
*
------
Sou Bend Lathe Wks cap.5
Sou Colo Pow A com
1734
22
10
20
11
11
50
Mar
15
450
834
13 34
14
1
134
Jan
27
June
1
25
Par
for
of Prices
Week
Price
Low
Cleve & Buffalo Transit..*
Cliffs Corp vtc._
Elec Controller & Mfg
Federal Knitting Mills
%
..*
16%
12%
17
4,271
11
Mar
65
70
60
Jan
1134
2%
UH
20
*
*
234
Kelley Isld Lime & Tr
15
*
Lamson & Sessions
15
*
Leland Electric
5X
Lima Cord Sole & Heel
12
1
2%
Medusa Ptld Cement... _*
19%
Metro Paving Brick
*
Monarch Machine Tool..*
16%
3
3 X
25
100
National Tile..._......_*
Ohio Brass B
*
Patterson-Sargent
Peerless Corp
6
3
9%
*
35
18""
12
1
1
*
Mar
2X
Jan
32%
Apr
37%
Jan
439
27
Mar
4434
Jan
15
202
12%
June
20
Jan
15
527
13
June
18%
12 X
13
5
10
31 %
Jan
210
3%
12
185
8
Jan
12
June
X
15%
2%
19%
235
2
Apr
4
Jan
1,135
13
Mar
2%
16%
3%
16%
30
3 X
490
50
H
5%
10
2
3
2%
188
10
500
Mar
2%
Mar
12
Apr
2%
Mar
45
Apr
4%
Jan
3
25
20
June
5
16
Mar
6%
435
4
Mar
8%
Feb
Jan
33
Jan
19%
Feb
6% May
Apr
11%
Jan
35
464
30
Mar
3634
Jan
3
20
2
Mar
3 34
14 %
18
165
12
32%
11%
12
410
9%
Apr
Mar
12
June
235
4
June
7
Feb
4%
"2%
3%
16% June
60
16%
125
Jan
19% June
Apr
23
8%
6%
1% June
16%
5%
8%
32%
3
*
Van Dorn Iron Works
Jan
11%
33
23
Reliance Electric & Eng..5
100
2
Jan
Mar
28
IX
*
Bros
Apr
Mar
18%
70
50
*
.
17
2%
9%
1
32%
"33"
_*
Seiberling Rubber...
8% cum pref
SM A Corp
T7 pson-Walton.......
High
Feb
%
60
100
Jaeger Machine.
Rlchman
Low
100
*
Interlake Steamship
National Refining
Preferred
X
Range Since Jan. 1,1938
Shares
*
Fostoria Pressed Steel
Halle Bros pref—
High
5
2%
5%
2
635
1% June
Jan
Jan
3%
Apr
5
Mar
7
Feb
1%
Mar
234
Jan
Jan
22
Slgnode Steel Strap pref .20
Stocks (Concluded)
Week's Range
Sale
Jan
9
3
334
200
1134
134 June
Mar
6634
734
Sears Roebuck & Co com.*
1
1,500
Jan
334
Schwitzer Cummias cap.-l
Serrick Corp cl B com
130
Sales
Last
Jan
Mar
A. T. & T. CLEV. 565 & 566
Friday
Jan
34
5
Feb
3
Midland Util—
Building, Cleveland
Telephone: CHerry 5050
Mar
Vlchek Tool
*
Warren Refining
2
Welberger Drug Inc
*
5%
IX
15
1X
1%
15%
15
60
121
88
15
June
20
Jan
Feb
17
70
1
June
Southw Gas & El 7% pf 100
98
100
60
90
Apr
100
Jan
St Louis Natl Stkyds cap.*
65
65
60
58
Jan
65
June
Apr
254
Standard Dredge—
Common
234
234
234
1,550
134
Mar
------
1234
1234
50
734
Mar
13
Jan
834
934
300
734
Apr
13
Jan
2534
2634
900
2234
Mar
27
Jan
Mar
534
1834
Jan
1634
Feb
1
Convertible pref
20
Sunstrand Mach Tool com5
934
15
26
Thompson (J R) com
25
------
Swift & Co
25
Swift International
Trane Co (The)
1734
common. 2
1634
Union Carb & Carbon cap *
------
H S Gypsum Co com...20
------
Utah Radio Products
*
com
4
434
200
2,742
1554
1754
1654
200
1434
70
7534
284
6334
Mar
7534 June
7734
8234
110
June
8234 June
134
1,850
7734
34
1634
134
Utility & Ind. Corp com..5
134
34
54
134
*
134
1634
Williams Oil-O-Metic com *
------
3
3
100
WisconsinBankshares com*
------
4
434
550
334
334
100
2
2
50
Convertible pref
7
Walgreen Co common
Woodall
Industries com..2
Yates-Amer Mach cap...5
1434
------
--
Zenith Radio Corp com..*
14%
Jan
334
11
34
2
100
650
1634
1554
1,800
7.410
334
15
Mar
Feb
Mar
154
Jan
34
May
Jan
34
134
Jan
Mar
2
Feb
Detroit Stock
June 18
to
June 24, both
2034
Jan
2%
Mar
Friday
May
4%
534
Jan
334
Jan
Last
Week's Range
for
234
Mar
534
Jan
Sale
of Prices
Week
134
934
May
234
1734
Mar
May
Stocks—
Par
1%
com.
Auto City Brew com
Baldwin Rubber
42c
1
com
Bower Roller
Cincinnatf^Usted and^Unllsted Securities
7
Low
High
*
*
1234
Burry Biscuit com
89c
35c
134
42c
7
700
5,242
1234
1334
2,861
1534
285
800
1
134
1,650
10,071
36
Mar
400
13
May
14
13%
14
1 %
88c
134
1,575
Det & Cleve Nav com... 10
IX
1
134
600
87
8834
197
100
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
"ix
134
134
600
1
134
234
5,530
1
5
2%
2%
234
234
1,510
12
13 34
361
24
24
Range Since Jan. 1, 1938
20
Champ Paper & Fibre
Champ Paper pref
Churngold
100
..
.
94%
9
*
.. .
Cln Ball Crank pref
2234
146
9434
834
94 34
40
*
9
Low
50
2
90
Apr
174
3
May
81%
56
75
Jan
734
754
28
6
Mar
1034
1034
57
734
Mar
24
24
50
2234
Apr
30
31
20
30
8154
8034
*
10
Gibson Art
*
Hobart A
*
Kahn com
Feb
202
334
Eagle-Picher Lead
June
634
2
334
Crosley Radio
94
97
3 34
-
1834 May
31
*
8
8
8
100
Jan
Mar
7
Apr
._*
1454
1334
1434
89
1234
Mar
*
Kroger
5034
154
4734
5034
882
3934
Mar
134
134
50
134
Mar
98
98
25 34
24
2534
134
P & G
Randall B
——*
-..*
Rapid
Sabin Robbins pref
1334
100
U S Playing Card
-.10
U S Printing..
*
134
—.50
1434
734
134
734
834
571
6
Mar
1034
Jan
1%
134
2,775
1
Mar
134
Apr
834
300
534
Mar
1034
Jan
*
Frankenmuth Brew com.-l
1
3
com
~~6
2%
35%
31
Jan
Goebel Brewing com
105
Mar
6
234
30
634
925
234
3634
11,632
334
3,758
234 May
1,400
3%
1
Graham-Paige com
Grand Valley Brew com..l
234
1
87c
1
55c
51c
55c
1,070
234
200
2
Mar
334
Jan
8
834
658
634
Mar
1234
Jan
934
2,275
6
Mar
1134
Jan
Hudson Motor Car com..
7
634
734
842
534
Mar
Hurd Lock & Mfg com
55c
40c
75c
2,722
37c
Apr
934
34
Jan
Jan
134
Mar
334
Jan
40c
Mar
34
Jan
June
234
2,820
3134
934
1734
5034
334
Jan
Kinsel Drug com..
60c
46c
60c
500
1734
1834
1,558
19
19
—
10
*
18%
Mar
1834
Mahon
100
17
Mar
1934
Jan
Masco Screw Prod com—1
"l%
85c
134
660
80
June
154
Jan
Jan
M c Aleer M f g com
75c
68c
75c
250
Mar
134
Jan
Kresge (SS) com..
(RC) A pref
39c
40c
6,744
75c
72c
75c
300
69c
Mar
134
Jan
Mich Steel Tube Prod -2.50
6%
534
634
525
5
May
Feb
51c
65c
760
40c
Mar
734
34
334
700
234
Mar
434
Feb
134
1,350
2
Jan
McClanahan Oil com
834
100
734
Mar
1034
—
Mich Sugar com.
Feb
*
Mlcromatic Hone com—1
3%
Jan
Mid-West Abrasive com50c
134
June
May
Motor Products com
16%
6%
*
4%
-
*
Parke Davis com
28c
37X
Parker Rust-Proof cm-2.50
334
134
1634
534
3 34
1634
37
3734
1534
*
10
.....
Packard Motor Car com.
Exchange
1534
386
City Ice & Fuel
934
11
*
Clark Controller
1
Cleve Cliffs Iron pref
*
Cleve Railway
1434
9 34
1134
70
216
4097.
15
83
•42
49
245
20
"49"
100
For footnotes see page
High
Week
21
419
Low
834 May
10
Mar
High
1634
12
Feb
3134
Mar
185
14% June
634
Apr
2034
May
4% Mar
134 May
134 Mar
234 Mar
334
Jan
734
June
234
Jan
4
Jan
597
2
434
Jan
100
22
2%
134
234
6,785
734
734
734
1,680
2
2
2
fc)eo Motor com
.....5
Rickel (H W) com
2
River Raisin Paper com..*
134
334
234
134
745
"Tk
334
234
2,399
Jan
Scotten-Dlllon
com
24
10
14
June
2034
Jan
Standard Tube "B" com.l
"3%
41 34
19
June
May
64 34
32
Jan
Timken-Det Axle com-.10
Jan
Tivolf Brewing com
11%
3%
1
234
11
334
1834
Jan
734
Jan
534
Jan
3734 June
933
Metal Prod com..l
2%
Mar
Jan
Mar
1,605
*
11
Apr
434
334
8
—
87c June
55
2,891
634
Pfelffer Brewing com.
Mar
6,593
Prudential Investing com-.
Range Since Jan. I, 1938
34
7
"~7%
Penin.
60c
434
Parker Wolverine com—*
Sales
1534
*
1
McClanahan Ref com
834
Jan
Jan
Jan
3
1
Jan
Mar
7
*
Jan
Jan
7
—
Feb
734
June 18 to June 24, both inclusive, compiled from official sales lists
Apex Electric Mfg—„
70c
234
98
May
2534 June
Shares
Jan
Jan
34
9%
2
Mar
of Prices
70c June
8%
*
2%
Mar
Low
Jan
Hall Lamp com
Kingston Prod com
5
Sale
Jan
Jan
Houdaille-Hershey B
Jan
534
Price
734
434
38
Hoover Ball & Bear com. 10
8134
1034
1234
2534
100
Par
Mar
Jan
Murray Corp com
Stocks—
Mar
June
334
134
700
June
27
for
2
May
Jan
5
534
Week's Range
434
2534
1634 June
234 June
10034
534
Last
June
24
Mar
1
5
Friday
1534
Jan
Mar
Apr
10
5
Cleveland Stock
Jan
Jan
9
com
100
Wurlitzer
16
334
12
General Motors com
10
Western Bank
Jan
334
860
1334 June
93
Jan
1% May
1% June
10
May
1,370
98
May
Jan
2134
134 June
33
Jan
2
1634
10
295
134
Mar
14%
22
1334
134
108
15
Jan
Apr
134 June
Mar
13 34
1834
934
Jan
1434
Gar Wood Ind
High
Mar
2
"97"*
—50
Cln Telephone.
34
15
96
-100
50
Cln Gas & Elect pref.
Cln Street Ry
Preferred
61
19%
*
16%
Jan
134 June
Jan
6234
Feb
1534
1634
Fruehauf Trailer
Shares
16
200
77
Jan
334
—4
Eaton Mfg com
General Finance
Amer Ldry Mach
*24
70c May
1
June
Jan
26
2034
Ex-Cell-O Aircraft com...3
Federal Mogul com
Week
Price
5
Det Paper Prod com
Det Steel Corp com
Sales
bazt
Mar
Mar
June
134 June
1
May
234
5534
*
434
2%
43%
Det Steel Prod com
Jan
17
Det Gray Iron com
Exchange
Jan
934
2134
1734
Consolidated Paper com. 10
24, both inclusive, compiled from official sales lists
34
Mar
23
Consum Stl
Telephone: Main 4884
Jan
35c June
18
53%
Detroit Edison com
134
16
Chrysler Corp com..—.5
CINCINNATI, O.
Cincinnati Stock
to June
High
Jan
17
6.655
Det-Mich Stove com
June 18
Low
1,426
23
"Ik
Brown McLaren
Members
Cincinnati Stock Exchange
New York Stock Exchange
___
Range Since Jan. 1, 1938
Shares
534
1634
5
Briggs Mfg com
Burroughs Add Mach
W. D. GRADISON & CO.
BUILDING
Price
Sales
Jan
Allen Electric
DIXIE TERMINAL
Exchange
inclusive, compiled from official sales lists
1334 June
24
100
Mar
134
Mar
Jan
12
234
27
334
7,212
134
Apr
4
1134
1,347
Mar
14
434
4,770
834
234
June
434
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Financial
4096
Sales
Friday
Last
Par
of Prices
1%
Jan
May
Apr
6%
Jan
5
Jan
*
5%
Jan
New York Stock Exchange
3A
Jan
Philadelphia Stock Exchange
200
3%
2%
965
2Y
3
200
2 Yi
1%
3%
*
Universal Cooler "B"._
Townsend
DeHaven &
40c June
4
3%
3
*
United Shirt Dlst corn..
High
Low
3%
*
Union Investment com.
Universal Cooler "A"__
Established 1874
2,663
75c
50c
75c
Tom Moore Diat com.. _.l
1, 1938
Week
Shares
High
Low
Price
Range Since Jan.
for
Week's Range
Sale
Stocks (Concluded)
June 251 1938
Chronicle
2 %
2,015
1%
June
Mar
1%
Apr
2%
Jan
2%
Members
2%
2
2%
225
80c
75c
8 l>c
700
65c
Mar
1%
Jan
PHILADELPHIA
Warner Aircraft com—
NEW YORK
Wayne Screw Prod com ..4
Wolverine Brew com.. _ ..1
2%
1V*
2Y
300
1 Ys
June
3%
Jan
1513 Walnut Street
30 Broad Street
22c June
%
Jan
May
6%
Jan
♦
Walker & Co "B"
Wolverine Tube com...
1,500
25c
22c
22c
4
4%
?,
100
%
3%
Philadelphia Stock Exchange
Sales
Friday
Wm. Cavalier & Co.
Week's Range
Last
Sale
Par
Stocks—
official sales lists
both inclusive, compiled from
June 18 to June 24,
Chicago Board of Trade
New York Stock Exchange
Lot Angelet
"523 W. 6th St.
Los Angeles
*
Budd Wheel Co
Los
from official sales lists
both inclusive, compiled
for
of Prices
Week
Price
Pa.
Bandlnl Petroleum
Week's Range
Sale
Stocks—
High
Low
Shares
1,000
2%
2%
3
65(
Co—!
Berkey & Gay Furn Co-..:
Bolaa-Chica Oil A com._lC
55c
65c
300
3Y
2%
3%
3,600
Chrysler Corp—
Claude Neon Elec Prods..*
48 %
46%
48%
300
9
9
9%
400
Corp...*
Consolidated Steel Corp..*
Preferred
---'*
8%
8%
8%
100
Consolidated Oil
Creameries of Amer
Mar
25%
3%
3%
53
31%
3%
2,300
Jan
37%
Jan
9
Feb
Mar
7
500
29
399
Jan
Jan
500
4%
5
Mar
3% Mar
May
2%
30%
Mar
95c
300
50c June
1.50
4c
4,150
2c May
12c
12c
12c
12c
3,000
Apr
18c
12%
3,000
5%
Mar
13%
2%
2,300
2
Jan
3%
3%
3%
4%
32%
Feb
Apr
2%
Jan
2
Mar
4%
2%
3%
5%
6%
323
4%
Apr
7%
Jan
19%
17%
3,101
10%
Jan
27%
May
45%
Jan
1%
Jan
10c
;
3%
June
50c
50c
700
49c
May
1%
6,300
80c
Mar
41%
40%
35%
Mar
%
%
355
%
May
"~2%
2%
2%
371
1%
Jan
3
180
1%
22%
Mar
8%
99%
Mar
4c
4c
1,000
3c
Feb
100
52%c May
70c
28%
150
9%
10%
6,621
246
1.600
16c
16c
10,100
6c
May
Mar
8
259
6%
5%
6
$14,000
5%
Jan
11%
June
109
Jan
10%
Apr
Apr
Bonds—
4s '45
Jan
7
CO.
H. S. EDWARDS &
PITTSBURGH, PA
BANK BLDG.,
UNION
A. T. & T. Tel. Pitb-391
Tel. Court-6800
BROADWAY, NEW YORK
120
17c June
18c
18c
2,000
18c
June
30c
Specialists in Pittsburgh Securities
Jan
95c
90c
95c
800
75c May
1.20
Jan
6
5%
6
400
5
Jan
7%
Mar
40c
200
40c
40c
30c
Mar
49c
Jan
Pittsburgh Stock Exchange
12
10%
12
600
9%
Mar
14%
28
27%
28
200
23%
Mar
28
June
21%
21%
21%
600
18%' Mar
101% Mar
23
Feb
106
June
Friday
June
Last
106
106
106
10
200
6
4%
5%
50
35
4%
Mar
6
3,400
3
Mar
5%
Jan
30
Mar
37%
16c
16c
16c
2,500
16c June
6
5%
6%
4,500
5
1%
1%
100
Mar
1,600
1.50
500
4%
100
28
110
23%
25%
900
18
•
Security Co units ben Int. *
28
4%
26%
Signal OH & Gas Co A
*
So Calif Edison Co Ltd..25
25%
22
2%
10%
9%
90c
60c
1.00
4,625
June
Mar
Jan
27%
Apr
Devonian OH Co
Mar
24%
Jan
Feb
1,000
400
25%
Apr
27%
25
24%
25%
300
23%
25%
30%
30%
30%
100
28%
Apr
Apr
9%
30%
Feb
Jan
5
100
Fort Pitt Brewing
1
Koppers G & Coke pref. 100
21%
Jan
McKlnney Mfg Co
2%
3
1,400
25% Mar
2% June
33%
3
3%
Jan
Mesta Machine
Superior Oil Co (The)...25
Transamerica Corp
2
37
31%
37
2,100
26
37
12
15
3,100
26%
30%
1,300
10
8%
2,600
10
Mar
8%
Jan
June
300
>3%
6%
7%
570
5
Mar
9%
75c
99
8%
120
17
Mar
20
Feb
1,137
8
a-pr
14
Jan
7%
10%
9%
220
5
Mar
11
Jan
70c
75c
900
70c
7%
Apr
1.50
Feb
43%
6%
Jan
Mar
Mar
Corp..5
Pittsburgh Brewing pref..*
Feb
Pittsburgh Forging Co
m*>•+m*—
1
20%
3,700
17%
Mar
11%
13%
1,600
6%
Jan
13%
Pittsburgh Plate Glass..25
D Bak._ *
6%
6
200
5%
Mar
Wellington Oil Co of Del. .1
4%
4
6%
4%
June
6% June
1,600
3%
June
6%
Jan
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Foundry .*
Corp 1
Western Pipe & Steel Co. 10
Yosemlte Ptld Cement pf 10
2%
2
2%
200
2
June
2%
Mar
Plymouth Oil Co
5
100
19
Mar
Mar
Renner Co
1
5
5%
1,417
2%
"~5%
2%
313
27%
4%
1%
22%
22%
135
19%
6%
..10
Mountain Fuel Supply
Jan
6%
86%
355
4%
1
Jan
San Toy
Mining Co
86%
69%
5%
7%
7%
7%
1,300
7%
19%
20%
78
75c
80c
200
2c
2c
18c
18c
3c
3c
1,000
Mar
23c May
%c May
3c June
12c
1
3
2%
*
5
1
8
8
United Eng & Foundry
...
Victor Brewing Co
100
3
600
8
80
30%
1
6c
6c
9c
22c
Jan
Westlnghouse Air Brake._ *
"23%
Cons Choilar G&SMng.l
2%
2%
200
2%
June
4%
Apr
Westinghouse El & Mfg_50
89%
Co.25c
1%C
2%
1%C
1%C
10,000
lc
Mar
3c
15
50c
13,000
37,500
30%
50c
500
19%
23%
1,006
77%
90%
755
1%
1%
Apr
Mar
Apr
56
9%
Jan
90%
Jan
6
Mar
Jan
9
10
Mar
75c May
lc
1%
Apr
Mar
Jan
20%
June
1.25
Jan
2c
Feb
Jan
6%
Jan
Feb
May
15%
Jan
3%
25%
4%
6,000
20%
Standard Steel Spring
18c
723
7%
Shamrock Oil & Gas
Mining—
Jan
Mar
12%
3%
9
90c
Mar
May
Jan
Jan
Mar
100
18%
2%
6%
105
200
13%
300
563
Apr
96
1
20
2%
8%
80c
37
10
19
121
98% 100
Feb
1
25
2%
Jan
17
37
Universal Coasol OH.
19
Jan
*
Union Oil of Calif.
2%
9%
Co......5
21%
19
Jan
Jan
June
6
10
'
Natl Flreproofing
19
6%
6
17
"16%
Lone Star Gas Co_..____*
Mar
Sunray Oil Corp..1-.......!
15
7%
Duquesne Brewing Co
Follansbee Bros pref
27
30%
'
.10
May
140
5%
Columbia Gas & Electric.*
22%
1.75
*
1
(D L) Candy Co...*
5
21%
50c May
13%
29
26%
Mar
11%
*
Mar
22%
Mar
10%
Byers (.. M) com
Carnegie Metals Co
27
Jan
15
24%
787
Jm
19%
39
358
14%
10%
June
Clark
Mar
Mar
19%
1%
Apr
Mar
2%
1.50
21%
36%
3%
2%
1.05
2%
1.50
Mar
12%
Blaw-Knox Co
Jan
11%
15%
Jan
High
Low
237
30%
Armstrong Cork Co
2%
Week
Shares
18%
*
*
Allegheny Steel com
Jan
of Prices
High
Low
Range Since Jan. 1, 1938
for
36
26c May
7%
Mar
1.10
1%
2%
4 Y2
Sales
Week's Range
Sale
Price
Par
Stocks—
official sales lists
both inclusive, compiled from
June 18 to June 24,
Jan
35
35
Jan
12
6
5
Blk Mammoth Cons MIOc
Mar
7
8
__*
3% Mar
Jan
3%
32% May
Jan
52%c 57%c
18c
Western Air Express
41%
27%
10%
109%
9c May
6
Van de Kainp'sH
184
107% 109%
*
Preferred....
2% June
16c
100
21
2%
Westmoreland Inc
Jan
3%
.50
Preferred
June
Apr
1%
Apr
1%
57 %c
Standard Oil Co of Calif..*
117
29%
10
87
United Gas Impt com..
Jan
65c
4c
6%% pref C
So Calif Gas Co 6% pf A 25
Feb
554
1%
United Corp common..
Feb
75c
1,000
50c
25
25
112
31%
1%
-.1
Mining
Mar
85c
1Y
Markets..2
50
30%
±
-
*
Union Traction
June
2%
3 Yi
Ryan Aeronautical Co-.-l
Samson Corp 6% pref... 10
116% 116%
;
Jan
Jan
Mar
144%
•-«-W-
.
Jan
11%
2%
Warrants.
Apr
Apr
12%
...1
123
Jan
4c
70c
4c
com...*
25
124
124
m, «.
-
*.
-50
7% preferred
—
Philadelphia Traction. .50
Salt Dome Oil Corp... -.1
Elec & Peoples tr ctfs
Republic Petroleum com.l
Southern Pacific Co
14%
Mar
7
31% June
3%
25
4%
1%
14%
322
Jan
50c 62 %c
80c
62%c
1
Occidental Petroleum.... 1
Oceanic Oil Co
1
Pacific Clay Products.,...*
Pacific Distillers Inc
1
Pacific Finance Corp com 10
Pacific G & E com..
25
Pacific Indemnity Co.-.IO
Pacific Ltg 6% preferred .*
Pacific Public Service com *
6% pref B..
Jan
8%
3A
Nordon Corp Ltd
Roberts Public
95c
Mar
Apr
4%
31%
Co
5c
Diablo OH M & Dev-.l
Richfield Oil Corp
To no pah
52c May
4,900
4,217
Feb
30%
-50
Transit
Scott Paper
Jan
Mar
8
Mid-Western Oil
Rice Ranch Oil Co.
700
June
Phila Rapid
Jan
6%
2%
18%
*
-
Phlla Elec Power pref.. .25
Jan
10%
1%
Phlla Elec of Pa $5 pref __*
Jan
6%
18%
50
.50
Jan
4
1.00
4%
10%
340
35%
Jan
Mar
7
::i
Mar
2%
*
National Power & Light
4%
4%
com...*
Holly Development Co.-.l
Hupp Motor Car Corp...l
Klnner Alrpl & Motor.... 1
Lincoln Petroleum Co. 10c
Lockheed Aircraft Corp..l
Los Ang Industries Inc...2
Los Ang Invest Co
10
Mascot Oil Co.
...1
Menasco Mfg Co
— 1
5%% Pref..
7,700
Feb
8%
10%
8%
Hancock Oil Co A
Mt
80c
375
32%
35%
100
8
8
62 %C
Feb
6%
Apr
3%
375
4%
Mar
Mar
8
75c
May
3
Mar
2%
400
375
Farmers & Merchs
41%
3
1,415
7%
600
8
Equip..5
1
Natl 10C
General Motors com
l(i
Gladding-McBean & Co..*
Globe Grain & Milling..25
Golden State Co
*
Exeter Oil Co A com
Mar
1,512
Mai
Mar
200
4
2,753
3%
Jan
4%
Jan
7%
31% May
4%
June
10%
4
Jan
Mar
35%
9%
4%
63%
Mar
3%
62 %
8%
4
5%
Mar
Jan
3%
Mai
6%
2%
Jan
4%
3%
36
Jan
Mzr
Mar
3%
Mai
4%
Emsco Derrick &
May
Mai
2%
119%
6%
50
Pennsylvania RR
Penna Salt Mfg
High
Low
52%c
1%
Mar
Lehigh Coal & Navigation *
Pennroad Corp v t c
10 %
vtc.l
1, 1938
Range Since Jan.
Last
195
29
Feb
28%
Lehigh VaUey.
Sales
Fridai
28%
Jan
18%
Elec Storage Battery... 100
.10
General Motors.
Angeles Stock Exchange
June 18 to June 24,
10
27%
149%
Mar
4%
21%
25%
565
4%
Mar
-
1,397
53
4%
11%
36
561
4%
3%
42%
at*
•
*
Curtis Pub Co common
310
5%
4
4%
"5
Chrysler Corp
422
5%
G) Mfg Co...
Budd (E
116% 117%
117
Bell Tel Co of Pa pref. 100
Teletype L.A. 290
663
Mar
12%
114%
3%
983
129% 142%
17
18%
18%
Barber Co..
Jan
6%
111%
8%
6%
8%
100
American Tel & Tel
Exchange
San Francitco Stock
Stock Exchange
*
High
Low
Shares
MEMBERS
American Stores
Jan. 1, 1938
Week
of Prices
High
Low
Price
Range Since
for
Jan
4
Jan
9
Mar
34%
Jan
45c June
65c
Feb
27%
Jan
107%
Jan
3
Jan
22
Apr
Calumet Gold
Cardinal Gold
3c
10c
Imperial
Develop
6c June
1
20c
20c
20c
306
20c
Mar
...1
3%c
3%c
3%c
2,000
3c
Zenda Gold
25c May
Mar
Tom Reed Gold
9c
Jan
*
12%
11%
12%
400
9%
Mar
14%
29%
29
29%
200
21%
May
36%
Jan
4%
4%
4%
200
4%
(Del) 3
4%
3%
4%
500
3
Mar
4%
Jan
4%
8%
200
3%
Mar
5%
Jan
Feb
9%
Mar
45%
Jan
Jan
9%
Curtiss-Wright Corp.....l
Electric Bond & Share...5
General Electric Co
*
4%
4%
8%
8%
39%
36%
200
200
39%
9%
5%
28
June
June 18 to June 24,
Last
Sale
Par
Stocks—
400
5%
Mar
*
33
33
33
100
27%
Mar
41
Jan
A S Aloe Co com
*
35%
35%
400
29
Mar
36%
Feb
American Inv com..
*
15%
33%
11%
15%
900
North American Aviation. 1
9%
9%
9%
800
*
11%
6%
11%
6%
Ohio Oil Co
.
*
Radio Corp of America...*
Radlo-Keith-Orpheum .,..*
9%
2%
9%
2%
100
11%
400
6%
2%
100
17%
300
61
200
Republic Steel Corp
Sears Roebuck <fe Co
*
17%
15
*
61
59
Standard Brands Inc
*
7%
7%
7%
Standard Oil Co (N J)... 25
50%
50%
50%
«
100
100
10%
6
10%
5
Mar
19%
Jan
Mar
10%
June
May
Mar
1% June
13
59
7
44%
May
June
12%
7%
5%
16
61
20%
83
32%
32%
230
June
Columbia
Brew com..
5
#
Dr Pepper com
.
30%
Jan
Griesedieck-West Brew cm*
43%
May
Hamilton-Brown Sh com.*
2%
5%
100
5%
Apr
200
34%
May
41%
27%
100
24%
Apr
*
50%
400
Warner Bros Pictures Inc_5
4%
4%
4%
300
28
38%
Mar
61 %
3%
Mar
7%
Jan
Jan
Hussmann-Ligonier
com.*
Huttig S & D com...
5
4
7%
70
3%
29%
110
8%
41%
50
4
95
100
..
com
Mar
200
33
—-1
Brew
June
23
May
10% June
4
4
Ely & Walker D G 1st pflOO
preferred..
30
June
12
33
2nd
Jan
June
20
27%
4
7%
Chic & Sou Air L pref. -.10
Coca-Cola Bottling com..1
30
11
Flastaff
5%
Jan
Jan
June
10
30
4
8%
43
33
4
30%
High
Low
20%
Jan
41%
27%
47%
4097.
...1
Burkart Mfg com
Century Electric Co.. -.10
1,1938
Week
Shares
30%
Apr
5%
For footnotes see page
Brown Shoe com
of Prices
High
Low
Range Since Jan.
for
30
49%
41%
27%
50%
U S Steel Corp
*
*
May
25
5
official sales lists
Sales
Week's Range
20%
20
9%
-..J
(The)
United Aircraft Corp
Apr
Price
May
5%
Studebaker Corp
1% June
both inclusive, compiled from
Friday
Montgomery Ward
New York Central RR
.
1
4% June
Kennecott Copper
International Tel & Tel.
Texas Corp
------
June
Armour & Co (111)
Aviation Corp (The)
1
St. Louis Stock Exchange
Feb
50
.5
Anaconda Copper.
Mar
Mar
I
Unlisted—
Pennroad Corp v t c
Unlisted—
Amer Rad & Std Sanitary.
15%
62%
21
26
June
Apr
Jan
130
2%
Jan
320
23%
Jan
40%
Jan
21
Jan
5
Mar
2% June
33%
4
33%
June
June
May
110
5
107
June
118
Jan
95
45
95
June
97
Feb
Mar
10
Apr
8%
44
570
6%
311
27%
Jan
46% June
900
1
Apr
2%
June
11
•12
40
11
June
14%
8
8
115
May
12
Jan
Mar
1%
2%
7%
Volume
Financial
146
4097
Chronicle
Sales
Friday
r
Last
ST. LOUIS MARKETS
for
of Prices
&co.
Business Established 1874
554
■
6
724
Jan
7%
Mar
Mar
1124
June
324
Mar
524
2,755
3,087
3%
1154
654
1054
130
4
High
Low
Shares
25
25
25
50
23
Mar
42
25
25
25
20
17
Apr
40
Jan
No American Oil Cons..10
Securities
12
1154
2554
1254
Mar
1324
Feb
Mar
2824
Jan
preferred.
% preferred
Insurance
26
10
Occidental Petroleum
1
Occidental
1,440
9%
23
100
26
20c
20c
20c
400
17c
June
30c
Jan
6
855
324 May
624
Jan
554
573
4%
7
Jan
1.90
23
Oliver Utd Filters A
*
554
4%
Pacific Can Co com
*
554
554
Pacific Coast Aggregates 10
1.90
1.40
,
Mar
Jan
2.05
Jan
Mar
2824
Jan
Mar
3024
Jan
1.40
2854
2954
27%
2954
2854
1,987
3,330
2954
939
27
2754
654
2754
2754
983
25%
Mar
28
Pac Pub Ser non-v com..*
Chicago Stock Exchange
654
6,091
3%
Mar
6
*
1754
1754
1754
335
13%
Mar
1724
40
37
40%
1,117
2934
Mar
42
5%
396
954
1154
5,792
1754
1954
554
1,814
Pacific Gas & Elec com..25
St. Louis, Mo.
315 North Fourth St.,
25
25
6% 1st pref
554 % 1st pref
Telephone Central 3350
1st preferred
Week's
Last
Sale
Stocks
(Concluded)
of Prices
High
27
30c
30c
21
30c
28%
31%
10
10
50
7
624
10M
145
824
115
"60c
95
June
103
15
Mar
17
4
Apr
12c
754
June
754
854
1,211
27
June
Bonds—
42%
1641
tScullln Steel 3s
fUnited Railways 4s
fUnited Ry 4s c-d's
2,000
19%
June
19
20
20
28
20
6,000
19
June
27
4%
Jan
Jan
724
Mar
110
12'
12
June
17
Jan
87
June
90
Mar
90
1.50
165
$1.05
1.60 June
Apr
May
10454 10454
554
554
30
10224
Apr
10
3
Apr
10524
524
1454
1454
326
10
Apr
1624
Feb
2554
2454
2554
695
18
May
26
Apr
1954
1354
1954
5,031
1124
Mar
23
Jan
81
81
81
60
Mar
83
Feb
554
1454
1454
20
6
6
Mar
2224
Jan
Apr
624
3324
Feb
Mar
Mar
9%
7,944
1554
1054
6
20
June
23
6
cap...10
2254
22
23
1,035
13
Oil—1
TideWater Ass'd Oil com 10
90c
75c
90c
200
70c
Mar
1454
1354
1454
560
1024
Mar
1524
Jan
Mar
1224
Jan
Super Mold Corp
4254 June
4254 June
$2,000
Mar
954
Jan
25%
Jan
20
.1934
.
43%
Apr
7,851
Jan
10%
3624
1424
3054
Jan
Feb
1.23
Jan
Mar
2%
June
2654
Mar
45c June
Mar
624
3054
Jan
12354
2924
Spring Valley Co Ltd....*
Standard Oil Co of Calif..*
Jan
Apr
7
360
23%
17
June
654
4% June
70
60c
Mar
June
3%
154
7
Southern Paciflo Co
Jan
12c
Apr
115
862
5%
Feb
554
25
June
40
12
1.50
May
30
70
88
10454
-.100
100
Soundview Pulp pref
*
1.50
Ryan Aeronautical Co
954 June
June
4
27
5%
115
45c
2324
15
Wagner Electric com
Mar
50
7
Scullin Steel warrants
May
Apr
5
380
4%
424
324
Sterling Alum com
1
Stix Baer & Fuller com.. 10
102
90
55
12c
524
May
18
Jan
554
,
90
A.-.100
1
SanJL&P6% prpref. 100
Schlesinger (B F) 7% pf-25
Shell Union Oil com.
*
Signal Oil & Gas Co A
*
Soundview Pulp com....5
Roos Bros pref ser
May
30
20
5
4 24
1054
Feb
150
16 24
12c
Southwest Bell Tel pref 100
12
Jan
20
5
115
6
1
Jan
1,469
0%
1654
6%
25
100
100
*
Roos Bros com
Mar
13
100
4%
1154
11
7%
1624
Jan
Richfield Oil Corp com
1854 June
100
100
10%
Rheem Manufacturing... 1
Feb
8
May
20
com..*
St Louis Pub Serv com..*
Scruggs-V-B Inc com
5
Scullin Steel com
.*
Apr
June
20
1st preferred
4%
June
20
Rice-Stix Dry Gds
Jan
9
Natl
National Oats Co com...*
13
Jan
Feb
624
8
3,290
June
Mar
14
10
9
654
36
954
Jan
Jan
Jan
Jan
17%
850
28% May
140
10 X
.*
100
1254
169
924
100
12%
1154
1
295
com..*
Bearing Metals com *
Preferred
35
200
7
Mldw Pipe & Sply
National Candy com
35
11
1824
11
Feb
35
.
5
2,000
5
Republic Pet 554 % Pf A.50
18%
7
14
20
com..25
Mo Portl Cement
454
Republic Petroleum com.l
395
10%
10%
554
1954
Rayonier Incorp pref.-.25
June
741
554
11
__1
Rayonier Inc com
5
June
45
Jan
85
*
R E & R Co Ltd com
High
Low
45
~3124
Jan. 1, 1938
Week
Shares
44 24
44%
com.-.10
Hydr Pressed Brick comlOO
Internat Shoe com
*
Johnson-S S Shoe com...*
Key Co common...
*
Knapp Monarch com
*
Laclede-Christy Clay P cm*
Hyde Park Brew
Laclede Steel com
Range Since
for
Range
Low
Price
Par
Paraffine Cos common...*
Sales
Friday
Jan
Feb
100
100
New York Curb (Associate)
Chicago Board of Trade
Exchange
St. Louis Stock Exchange
1054
5 54
MEMBERS
New York Stock
*
6%
Enquiries Incited on all
Mid'Weetern and Southern
High
454
Amer Invest com.. 100
Natomas Co
No
Low
6
National Auto Fibres com 1
i. m. simon
Range Since Jan. 1, 1938
Week
Price
Par
Stock* (.Concluded)
Week's Range
Sale
Jan
Jan
Texas Consolidated
12,943
10
9
10
2
Transamerlca Corp
8
Jan
June
Jan
1.20
81c May
Corp.. 1
80c
70c
80c
4,878
45c
Feb
Calif.—25
Union Sugar com
25
Universal Consol Oil
1
2054
1854
2054
2,259
Mar
2124
Feb
1254
1254
1254
168
1724
924
Mar
22%
Mar
Jan
Mar
1324 June
Treadwell-Yukon
Union Oil Co of
1354
1354
1154
7,778
624
424
Jan
4124
Jan
1
3
3
3
250
Agricultural Co 20
Wells Fargo Bk & Un TrlOO
31
30
31
70
270
270
270
35
25724
Apr
330
1424
Mar
2224
Jan
May
32
Jan
Victor Equip Co com
Waialua
Steel._.10
Checker Cab ser 1
50
Western Pipe &
Yel
25
20
May
22
Jan
285
324
11124
Apr
14924
Jan
42c
June
70c
Jan
Unlisted—
MUNICIPAL AND
CORPORATION BONDS
Amer Toll Bridge
Private Leased Wires
BeardefTrads
Stock Exchange
Honolulu Los Angolos
NewYork Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu
Oakland
iovorly Hills
Stockton Ifrosno
Socramonto
Now York
Portland
Tscoma
Suattlu
Ppsodono
50c
44c
50c
500
Anaconda Copper
Members: NevYork Stock Exchange, Son Francisco Stock Exchange, Chisago
San Francisco
252
14054
132
140
Co. 100
(Del)-.l
Min__50
Anglo Nat Corp A com... *
Argonaut Mining Co
5
Ark Nat Gas Corp A
*
Aviation Corp of Del
3
American Tel & Tel
8c Co.
Dean Witter
2954
2354
2954
1,415
21
1254
12
1254
430
354
100
3 54
100
354
3 54
May
36
Jan
11
Apr
17
Jan
2
Mar
4.25
Jan
3
Mar
324
Jan
324 May
424
Jan
Mar
524
Jan
454
454
454
354
240
454
3,049
2.65
2.65
2.65
100
1.85
Mar
2.85 June
15%
1254
1554
450
1024
Mar
1724
Jan
Jan
454
1
Bolsa-Chica Oil A
10
Bunker Hill & Sullivan 2.50
Bancarnerica-Blair Corp.
354
354
Jan
2.75 June
310
2.75
2.75
2.75
pref. 10
195*
25
25
—
Yosemite Port Cem
1954
1954
224
25
.
ton® ftoocfc
3
Claude Neon Lights
San
June 18 to June
Francisco Stock Exchange
24, both inclusive, compiled from official sales lists
Sales
Friday
Week's Range
Last
Alaska-Juneau
25c
700
16c
June
45c
Jan
454
1.064
254
Jan
454
June
854
1,803
754
454
454
tMay
354
1354
Mar
1954
Mar
21
Jaa
Jan
12
June
1954
1854
1954
390
11
12
70
8
9
413
554
154
154
760
124
Jan
224
5
454
5
353
324
Mar
Mar
524
524
924
Jan
3224 June
4024
Mar
Mar
26 24 May
60
com.l
1
5
General Electric Co..
*
Gt West El Chem com—*
Hawaiian Sugar Co
20
Idaho-Maryland Mines.. 1
Intl Tel & Tel Co com
*
Italo Pet of Amer com
1
Preferred
1
Kenn Copper Corp com..*
Klieber Motor Co
10
M J&M&MCons
1
Montgomery Ward <fc Co.*
Mountain City Copper..5c
Mar
554
1254
Mar
Jan
Jan
North American Aviation.
300
15c
June
Jan
Pioneer Mill Co
834
1554
Mar
24
Jan
Riverside Cement Co
Apr
50
Jan
Shasta Water Co com
23c
23c
23c
100
4254
5054
2,200
*
1.95
1.95
2.05
5,070
49
4954
80
4554
2754
38c
954
38c
12c
5
•2.35
Jan
11
Preferred (w w)
.50
34
Emsco Derrick &
Equip..5
9
101
Apr
10654
15%
June
18
Jan
United Aircraft Corp
853
22 54'May
33
Jan
U S Petroleum
'
31
854
33
3%
Mar
454
Jan
56
Mar
12
Mar
754
7354
June
554
Mar
Jan
Jan
r
Cash sale—Not
1454
Jan
t
Listed,
34
170
2654
9
362
33
10
Mar
3454
1054
4654
Feb
Feb
82
7854
82
150
62
Mar
82
June
28
26
28
395
17
Mar
33
Jan
1.25
Mar
254
Mar
2 54
1.80
1.80
200
10
3454
31
3554
2,978
2554
Mar
38
General Paint Corn com..*
754
854
7
754
1,520
654
Mar
9
Jan
8
854
365
654
May
9
Apr
4
4
454
740
254
Apr
454
Jan
281
1154
Apr
13 54
Jan
250
2554
Mar
235
2054
Apr
Gladding-McBean & Co..*
Golden State Co Ltd
*
*
Hancock Oil of Calif A___*
Hawaiian Pine Co Ltd
*
Hale Bros Stores Inc
1254
1254
1254
3054
2954
3054
24
24
24
85c
Holly Dest Co
Honolulu Oil Corp cap...*
10
.10
Hunt Bros com
Preferred
Hutchinson Sugar Plant. 15
Langenri'fUtdBakA unstpd
-.-50
B pref.
1.80
19
83 c
1654
85c
20
1,470
4,114
100
88c
May
2.50
2.50
175
2.00
Mar
11
11
11
1454
1454
14%
40
38
40
654
654
10
8
Apr
410
12
Apr
130
1554 June
654
710
3654
36 54
3654
Libby McNeill & Libby ..*
2054
18
2054
1,810
*
*
Lyons-Magnus B
Lyons .Magnus
A
Magnin & Co (I) com....*
Meier <fc Frank Co
354
3254
Apr
Apr
Mar
13
Mar
7
654
7
200
554
42c
42c
43C
310
42c June
1154
1254
9,895
5
Jan
255
7
Mar
1254
9
854
9
50c Jan
64c
70c
300
13
1154
2,815
100
Inc—10
1254
11
1354
1254
854
854
854
480
7%
Mar
1
1.75
1.50
1.75
1.725
80c
Mar
Magnavox Co Ltd
254
Marchant Cal Machine..5
Market St Ry com
Mar
1.00
180
T/>ckheed Aircraft Corp-.l
1354
2.50
.10
LeTourneau (R G) Inc.-.l
Leslie Salt Co
66c June
1.00
1.00
Menasco Mfg Co com
64c
150
Jan
110
22
1154
100
1124 June
1124 June
14
15
11
20
6
25
100
27
754
854
Mar
54 June
Jan
3054 June
2954
Jan
June
1.50
Jan
2.63 May
Jan
17
23 24
June
654 June
Jan
39
2054 May
1354
June
—Moore,
nounce
on
Mr. Koerner was
—Fenner & Beane,
June
4
1.55
Jan
6024
Jan
724
Jan
Mar 1
b Ex-stock dividend,
x
yEx-rlghts.
Ex-dlvldend.
NOTICES
Privat-Bank,
McDermott, 200 S. La Salle
St., Chicago, an¬
Starr C. Koerner will become
members of the New York
associated with
For the past 13 years
Stock Exchange, announce
they will open
McClelland
Jan
490
2724
Mar
branch offices in Milwaukee, Wis.; Davenport, Iowa,
and Rockford, 111., on July 1.
—H. Hentz & Co., members of the New York Stock Exchange, announce
that
the establishment
54 June
554
of their trading department.
associated with F. M. Zeiler & Co.
Jan
954
40
554
Mar
May
75c
1,568
their firm in charge
Jan
2.20 June
1924
3,950
5154
Endorsed.
June 27
Apr
Jan
485
1.15
44%
554
McLean &
that
13
Jan
40%
27%
Jan
June
4024 June
Aktiengesellschaft, Berlin, repre¬
W. Ercklentz at 50 Broadway, New
York City, has issued a pamphlet dealing with Germany's regulations
concerning the use of registered marks for traveling purposes.
This
illustrated brochure recites in simple English the],1 advantages and easy
methods of complying with the Reich's foreign exchange regulations at a
time when Germany's interest in stabilizing her currency is described as
of paramount importance to her national economy.
The folder likewise
sets forth the services of the bank and its extensive network of branches.
1254
154
4054
2754
1.00
50
,
Jan
United States by Enno
sented in the
50
1454
June
50
4024 June
Feb
824
Mar
100
Feb
18
Apr
100
Jan
Feb
Mar
2524
2924
Apr
Mar
7
5154
1.05
27
Mar
50
Included In r<nge for year,
Conunerz-und
14% May
40
4054
27
754
50
CURRENT
—The
85c June
20
50
724
Apr
5
300
654
27
May
t In default.
Jan
Mar
June
654
30
Food Machine Corp com 10
...
35
2554
1154
654
cap.5
Dlv. Pay
Llq
a
28
Mar
Fireman's Fund Ins Co..25
General Motors com
2nd
Jan
Mar
33
Foster & Kieiser com
Jan
May
2354
No par value.
954
3
Co cap..20
Ewa Plantation
*
1854
11
Mar
8
27
1
United States 8teel com..*
Warner Bros Pictures....5
10
2354
1054
35
424 June
15
Co
466
2354
■
1924 May
210
1154
*
Texas Corp com...
730
295
2354
100
5
7%
Jan
2454
4
454
100
Corp.*
Emporium Capwell Corp—
454
195
1.65
Jan
27
22
2524
8 24
10354 10354
1654
1554
454
com.._10
924
Mar
2354
.25
Preferred
Jan
624
455
24
Feb
Emporium Capwell
Jan
June
924
100
2454
Di Giorgio Fruit
954
38c
3624
15c
100
10354
310
954
Mar
June
324 May
31
2,610
467
1
*
7354
554
Feb
1254
Coast Cos G & E 1st pf. 100
68
5
Jan
17c
27
Standard Brands Inc
7254
796
38
5%
Standard Oil Co of N. J.25
Preferred..
16c
3154
Jan
Feb
25
Jan
7,988
5,100
20c
38
50c
3.20
3924
1254
Jan
1054
22c
June
Mar
27
2.35
9%
500
June
May
12c May
25
6254
1054
12c
Feb
724
924
25c May
1254
Mar
5
*
12c
3524
28 24
27
Mar
Crown Zellerbach com
695
25
1.65
454
3654
pref...25
3754
454
1.50
30%
6 % preferred....—.25
S P Cold Gate 6% pref. 100
3,235
454
4,960
3654
So Cal Ed 554%
3,380
Creameries of Amer v t c.l
1,460
1,700
954
Jan
2.05
350
38c
2.50
Jan
5454
10
27c
2.15
May
Feb
6
2.40
Jan
Mar
4.95
30c
1.95
23 54
1,360
5254
44%
16
33
754
9
44%
Apr
1.95
Consol Chem Ind A
2754
654
854
Mar
15c
30
54 54
Consol Aircraft Corp com.
2754
654
1
1
.......
20
754
954
51
Preferred
Chrysler Corp com
59
—20
A..*
*
20c
5054
59
27
2054
-.50
1,050
1,647
Co Ltd cap..20
Co.20
Onotnea Sugar Co
20
Pacific Fin en- e Corp comlO
20c
Caterpillar Tractor com..l
Carson Hill Gold
39
59
Oahu Sugar
1954
2054
4954
33
854
Olaa Sugar
20c
Calif-Engels Mining
1
Calif Packing Corp com..*
39
Jan
240
12
754
10
190
Mar
17
9
Jan
Mar
454
171
252
454
17
17
17
25
186
185
186
*
100
Central Eureka Mining—
Feb
1354
16c
354
754
Engine..5
.80
Bishop Oil Corp
-.5
Byron Jackson Co.
,,*
Calmaba Sugar com.
20
Bank of California N A.
Preferred
Mar
9
16c
Atlas Imp Diesel
Calif Cotton Mills com.
High
Low
4
Anglo-American Mining—1
Assoc Insur Fund Inc... 10
Calif Art Tile A
1,1938
Range Since Jan.
Shares
475
10
10
10
Gold....10
High
Low
for
Week
of Prices
Sale
Price
Par
Stock*—
154
Curtiss-Wright Corp
Elec Bon & Share Co
& Co, in the
—James
Corp.,
of a Planned Invastment
Department with Frederic M.
as manager.
—Harry Frank
and Benjamin Grody have
Talcott,
become associated with Pelz
the firm's New York office.
Inc., has been appointed factor for Goodyear Silk
Trading Department of
New York City,
distributors of silks.
4098
Financial
Chronicle
June 25, 1938
in
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Municipal Issues
Montreal Stock
Closing bid and asked quotations, Friday, June 24
Province ol Alberta—
5s
Bid
1 1948
Jan
Oct
11956
Prov of British Columbia—
July
4%s
Oct
Province of Ontario—
54
5s
Oct
52
6s
Sept
15 1943
May
4s
June
1 1959
1 1962
1 1942
Stocks (ConcludedI)
118
Week's Range
for
Sale
111% 112%
117
of Prices
Week
99
101
1 1953
94
96
94
96%
15 1954
90
.Jan
4%s
93
2 1959
91
94
1 1941
5s
June
5s
Deo
122
123%
108% 109%
115
40%
39%
40%
42
42
41
45%
117
4%s
106
104%
4%s..
Sept 15 1952
108
Mar
34%
109%
111%
N 8 Steel & Coal
pref...l(
42
May
2,186
31
Mar
45%
June
24
26
70
24
June
31
Jan
62%
67
10,301
48
Mar
67
June
10
10
3
10
June
14
Jan
30
780
Mar
31
Feb
32
25
24
Feb
33
June
24
2
23
May
33%
Mar
------
Ogllvie Flour Mills
Prov of Saskatchewan—
83
86
109%
5%s
84
87
4%s
Nov
Oct
15 1946
...
1 1951
80
12%
12%
23
Sept
15 1942
4%s
Dec
6s
July
15 1944
1 1944
111
6s
94%
Bid
Ask
14%
8,565
42%
770
34
15%
16%
735
14
14
14
Saguenay Power pref-.
St Lawrence Corp....
98
98
5
4
------
■-
4
3
Sept
1 1946
96
5s
Dec
1 1954
97%
July
1 1960
90%
91%
Ask
4%s___ ...Feb
117%
11956
115% 115%
114% 115
4%S...
5s
...Oct
1 1969
116% 117%
119% 120
1 1946
5s
...Feb
1 1970
Ask
Jan
17%
10
17
June
20
Feb
32
40
1,189
24
Apr
48
Jan
19%
20%
1,242
17%
Mar
21%
14
14
95
10
Mar
16
Jan
12%
35
11%
Mar
17
June
62%
64
1,151
56
Mar
69
60
59
60
840
Mar
63
Jan
9
9
50
10%
Apr
-
-
—
'
Preferred
98%
99 K
-
-
-
5
4%
15
15
-
-
Sale
Price
Week's Range
of Prices
High
Low
5
10%
Preferred..
100
Alberta Pacific Grain A._*
Preferred
105
3%
....100
Associated Breweries
*
Bawif
Bell
(N) Grain.
Telephone
3%
5
10%
105
8%
*
100
11%
British Col Power Corp
30
495
1.25
Mar
50
57%
Jan
162%
Apr
178
Jan
204
210
140
197
Mar
211
June
17
295
June
305
Feb
84
170
Mar
191%
Jan
100
100
295
295
100
171
173
Low
35
5?
25
9%
210
10
7
Feb
Apr
11
Jan
104
Mar
110
Mai
35
2
Mar
4
Jan
25
June
163
10%
29%
2%
30
50
11%
245
11%
Apr
10
109%
Apr
6,132
935
361
6,373
442
6% June
1.15 Mar
147
Mar
2% June
27%
Apr
13%
255 St. James
Apr
111
Feb
10%
2.25
56
Jan
Public Utility and
St., Montreal
Sparks St., Ottawa
Apr
166
Jan
12%
Jan
33%
Feb
Montreal Curb Market
10%
2,332
167
10
10
10%
315
10
7%
75
7%
Jan
18
7%
17%
370
17%
Mar
19%
Jan
3%
14%
Mar
4%
June
14
Canadian Bronze
_.*
Canadian Car <t Foundry.*
Preferred
25
16%
June
39
37
39
12 %
11
3,635
Canadian
12%
28%
10%
10%
975
9
June
20
Jan
Brewers & Distill of Van..5
3
97
Apr
106
Jan
Brit Amer Oil Co Ltd
130
11
June
19
Feb
British Columbia Packers *
Can & Dom Sugar Co
*
Locomotive
Canadian Paclfio Ry
Cockshutt Plow
9%
3%
27%
9%
99
11
2%
19
4%
99
12%
2,014
38
2
16%
12%
Apr
28% June
556
2%
300
1.50
5%
6%
5,950
5
8
9%
1,330
6%
56 %
50%
58
*
18
18
18
*
13%
12%
13%
100
69
69
28
32%
18
18
97
96%
97
13 %
10%
13%
"32 k"
18
*
7%
35
6
Jan
17%
15%
Mar
40
69
June
1,075
21
Mar
Preferred
General Steel Wares
Preferred
12%
11
*
"m
Gurd
(Charles)
265
58
May
70
4
Mar
*
""6%
*
5%
Apr
15
Jan
Ea Kootenay P 7%cmpfl00
Mar
32
Jan
7
Jan
EasternDairIes7%cm pflOO
10
Jan
Falrcbild Aircraft Ltd
15%
12%
Jan
Fleet Aircraft Ltd
5
52
5
53
International Power
*
International Power pf.100
Lake of the Woods...
*
*
*
*
*
40
7%
10%
29%
7
70c
85c
Jan
37
Mar
23%
Mar
Mar
74
May
10%
Mar
53
7%
29%
62%
31%
Jan
Jan
June
Feb
Feb
Jan
5%
.*
Ltd
Corp A
B
*
1
Lake Sulphite
Lake StJohnP&P
85c
*
"23"
3%
Mackenzie Air Service
*
MacLaren Pow <fc Paper..*
"Ilk
Massey-Har 5% cum pf 100
McColl-Fron 6% cm pf. 100
"94%
Mitchell (Robt) Co Ltd- *
Feb
Pow ofCan6%cmlst pf 100
Jan
Feb
Quebec Tel & Pow A
16%
Sou Can Pow 6% cm
June
105
May
look
Mar
5
Jan
7%
Feb
Walkerville Brewery
*
Walker-Good <fe Worts(H) *
56
56
18
June
14
Feb
Mar
31
Jan
56
Mar
Jan
62
SI
*
Jan
cum
pref
No par value.
3%
23
*
10
350
415
125
11%
630
44%
445
94%
94%
37
1.50
125
5%
12%
1,224
9%
90
100% 100%
7
4%
4%
60
3% June
1.70
Mar
Apr
Jan
4.50
Jan
8%
Jan
Mar
1.00
Jan
2%
13
Mar
12%
Mar
31
1.00
7
Mar
17
Apr
50
Feb
87%
Jan
1.50 May
5% June
98
May
32%
7%
Mar
Mar
1.60
1.50
1.60
230
39%
39%
18%
39%
18%
161
77
Jan
Mar
June
30
Jan
40c
7
25
Jan
Mar
92
21
Jan
Feb
55c
5
300
Apr
6
78
8
8
Mar
40
103% 104
United Securities Ltd..100
3
4%
10
10
1,225
90
pf 100
100
5
27
4,037
7
25
864
9
5%
*
Jan
4%
476
1.50
12%
Provincial Trans port
84
2,095
70c
9
3
5%
7%
18%
41%
Page-Hersey Tubes Ltd..*
Mar
18
65c
Melchers Distillers Ltd...*
Preferred
*
3%
2,848
10
Jan
17%
3% June
7
16,133
5,355
Feb
Apr
Jan
Mar
Intl Utilities
Apr
7%
9
3%
Jan
Jan
16%
50
May
11%
29%
6%
Mar
300
7
6%
Mar
Mar
3%
23
10%
28%
Mar
3
Jan
14%
3%
245
100
3%
3%
8%
6%
Feb
Feb
1,020
16
575
100
100
4% June
35
Mar
Jan
3%
Feb
3%
May
6%
4%
2%
Mar
10
21
Mar
25
12%
19%
14%
41
3%
70c
1.60
7%
6%
8%
18%
16
28%
1,429
10
280
*
Mar
4
4
*
Mar
14
396
(Can) Ltd A..*
15
78
8%
4%
5,450
Voting trust ctfs
20%
4
6
Intl Paints
Feb
12
6%
4
Hydro-Elec Sees Corp
Feb
78
4%
Jan
16
14
250
Jan
15%
1.990
5
Feb
7%
8%
8%
98
13%
270
56
Mar
382
27
Mar
Mar
Mar
2,698
25
25c May
90c Mar
Fraser Companies Ltd—
90
3,423
26,485
Mar
11%
10%
25%
June
Mar
2,152
24
9
70
15
25%
Apr
100
Mar
Mar
*
7
8%
Mar
June
%
34
15%
5
49
10
Mar
14%
33
25%
Mar
15
45
7%
24%
42%
3
18
18%
245
48
176
217
*
7
60
5
9
8
Fraser Companies
37
705
Feb
June
34
Ford Motor Co of Can A.*
Mar
7
*
Jan
8
2% June
22
May
May
; May
June
Mar
35
*
Jan
2.00
1.00
35
Jan
7
-£l
1.35
Jan
95c
2
8
June
7%
45
17%
Mar
1,575
75
86%
8%
Mar
75
1.35
Feb
Apr
5%
7%
16%
8%
67
28%
Massey-Harrls
*
Donnacona Paper A
Donnacona Paper B
Mar
May
110
Mar
8%
Dominion Stores Ltd
14
74
Jan
1.10
5
Jan
Mar
1,765
16%
27
Jan
55c
60
14%
Engineering Works.*
11%
186
26%
15
Alcohols
24
872
167*
Dom
pref
cum
20
190
7
14%
MoColl-Frontenac Oil
Mont L H <fc P Consol
Montreal Telegraph
8%
5%
Jan
Apr
14%
6%
12
*
30
10
59%
103
620
4%
84
Imperial Tobacco of Can.5
7%
"32"
1.00
Jan
635
6%
Jan
37
28
*
*
67
Consolidated Paper Corp.*
16%
Feb
Mar
Preferred.
7% cum pref
100
Catelll Food Prods Ltd...*
10
Mar
Lindsay (CW)
Jan
84
5
Preferred
Jan
Mar
4
Industrial Accept Corp
Int Nickel of Canada
Internat Pet Co Ltd
Can Vlckers Ltd
75
June
4%
962
*
2%
8
32%
136
75
4,611
Hudson Bay Mining
Imperial OH Ltd
75
8
Jan
301
22
95c
75
Feb
21%
315
11
15%
1.00
*
4%
7%
Mar
25c
20
94
.
May
1.50
560
12
1
2
20
*
.
cum pref.
Jan
June
5
8%
7
14
......
*
2
17
12
105
68% June
10
71%
105
9%
1,917
250
13
94
5%
12
70
105
Jan
June
1.00
8%
94
*
Preferred
Cndn Marconi Co
Cndn Pow & Paper Inv.
5
21%
19
25
Mar
8%
6%
"is"
pf.100
5
Mar
June
47
"1.50
7%
*
cum
2%
20%
2% June
25
*
5%
5
7%
Can Breweries Ltd
3%
"21%
High
Mar
45
4,144
*
8%
100
Can Nor P
*
*
Low
1.00
3,455
2,045
Commercial
9%
Hollinger Gold Mines
Howard Smith Paper
Preferred
68%
3%
City Gas & Elec Corp
*
100
25
62
Jan
Gypsum Lime & Alabas..*
Hamilton Bridge
*
Preferred
20
25
67%
Jan
52
Goodyear T pref inc '27.50
16
25
*
JaD
11
5%
20
100
26
60
100
100
108
84
100
pref
Mar
7
*
cum
cum pref
Mar
*
Foundation Co of Can
Gatlneau
6%
7%
Asbestos Corp Ltd
Bathurst P & P Ltd B
28.385
Mar
Eastern Dairies
75c
2%
9
55
14
1%
16
1,200
29%
2%
Range Since Jan. 1, 1938
Shares
98
*
75c
Abitibl Pow & Paper Co..*
Price
61
Dryden Paper
13%
Par
650
65
27%
Stocks—
20,730
65
*
Jan
64%
*
1
Jan
Mar
Dominion Textile...
*
8%
11%
Mar
75
B
Mar
Mar
Mar
70
Electrolux Corp
English Electric A
Jan
Jan
Mar
16
2,280
6%
4
11
8
4%
4%
10%
47
75
6%
Mar
25
75
6%
Mar
Mar
Feb
695
8,203
100
Preferred
Wstfilr
YV GCl\
40
2%
Con Mln & Smelt new...25
for
of Prices
Low
High
June
Mar
3
9%
Week's Range
Sale
10
Mar
6
"6%
10% June
Mar
6
Sales
Last
7
Mar
inclusive, compiled from official sales lists
Friday
Jan
7%
18%
1,598
June 18 to June 21, both
Jan
30
2%
*
110
Jan
Jan
230
2%
25
June
4
62%
12%
6,497
2%
Crown Cork & Seal Co
Distill Corp Seagrams
Preferred
Dom Tar & Chemical
90
2%
*
Dominion Bridge
*
Dominion Coal pref
25
Dominion Glass
100
Dominion Steel & Coal B 25
230
|nd|lslrja| ^
330 Bay St., Toronto
96%
Canadian
Municipal
Apr
12
incorporated
established im
94
Canadian Indus Alcohol..*
Class B
*
•
Feb
HANSON BROS Canadian Government
High
June
10%
*
Feb
160
160
96%
27%
60
29
*
..*
39
57%
78
Canada Cement
100
June
June
164
Preferred
...100
Can Forgings class A
*
Class B
*
Celanese
54
17
162
2% June
Apr
7% Mar
86% June
Preferred 7%
Mar
164
*
Cndn Foreign Invest-
7
162
*
50
2% June
100
Building Products A
Preferred...
220
Jan
100
.....
Bruck Silk Mills
Can Northern Power
*
Canada Steamship (new).*
Jan
Range Since Jan. 1,1938
for
13ft
50
A.*
Jan
3
Week
Shares
3%
163
Brazilian Tr Lt & Power.*
6
20
Apr
2%
Royal
15%
13%
109% 109%
7%
8%
1.25
2%
14%
13%
Preferred
...100
Bathurst Power & Paper A *
Mar
June
Sales
Acme Glove Works Ltd..*
Agnew-Surpass Shoe.....*
3
1.50
17
Jan
15
406
2
-
Feb
Bank9—
inclusive, compiled from official sales lists
Last
Par
20
June
2%
Nova Scotia
Exchange
9
1,065
5%
15
11
100
.j
54%
2%
__»
109% 110%
Jan
5%
12%
-
Montreal
Stocks—
Feb
17%
*
Canadienne
Friday
100
17
20
Winnipeg Electric A
Commerce
June 18 to June 24, both
Feb
Mar
-
Tooke Bros pref.......100
Dnited Steel Corp...
*
Canada
Montreal Stock
95
Mar
Wabasso Cotton
124 % 124 %
119% 120
1 1962
Jan
Feb
2%
25
B
Grand Trunk Pacific Ry4s
Jan
1 1962
3s
17%
12% May
Jan
63%
Preferred
117%
5s
Feb
8%
Steel Co of Canada
Bid
July
18
Jan
1,850
Shawlnlgan W <fc Pow—
Bonds
Canadian Northern Ry—
6%s
Jan
Mar
15
14,610
40
Sherwin-Williams of Can.*
Dominion Government Guaranteed
Bid
50
14%
98%
4%s
114% 115%
16%
Mar
10%
Southern Canada Power.
4%s... ...Sept
1 1951
4%s.__ ...June 15 1955
95
Mar
Mar
------
97
111%
Canadian National Ry—
9%
8%
14%
4%s
95%
3,780
10%
38
14
Canadian Pacific Ry—
77%
78%
102
102%
13
14%
Price Bros & Co Ltd-..
Roliand Paper vt........
Ask
Jan
Mar
28%
Noranda Mines
110
Railway Bonds
Bid
Feb
41%
38
16
Canadian Pacific Ry—
4s perpetual debentures.
Apr
100
42
1 1960
89
63
111
108
11961
June 15 1943
116
2,060
High
Apr
24
110
1 1958
5s
5s
80
32
2 1950
Feb
May
107%
103
Low
162
26
Mar
4s
Province of Nova Scotia—
Range Since Jan. 1,19 38
Shares
80
45
15 1965
4%s
15 1960
15 1961
Apr
4%s......Apr
High
80
......
Province of Quebec—
Prov of New Brunswick—
4%s
Low
Price
Par
42
12 1949
Aug
Sales
Last
Ask
Province of Manitoba—
4%s
Exchange
Friday
Bid
5s
152
f5 0%
4%s
5s
Ask
Apr
4% May
104%
Feb
10
May
1.10 Apr
32% Mar
17% May
Jan
Jan
2%
6%
15%
Feb
95
Feb
99%
7
4%
Jan
Jan
Mar
June
Jan
106
Jan
15
Mar
1.60
Jan
44%
Jan
19
Feb
4099
Financial Chronicle
146
Volume
Unlisted
Canadian Markets—Listed and
Toronto Stock Exchange
Montreal Curb Market
Friday
Week's Range
of Prices
Low
High
Week
Price
Par
Shares
Par
Stocks (Continued)
High
Low
Calgary & Edmonton.
Mines—
Aldermac Copper
75c
500
68c
Mar
90c
Apr
19c
2,500
17c
Mar
33c
Feb
Canada Cement-
31c
38c
57c
Jan
7c
6,300
4,100
1,700
32c June
6%c June
13 He
Feb
Canada Packers
-1
10c
Feb
Canada Permanent
2,510
24 H
Apr
3,300
10,000
8,100
77c
Mar
1.27
3He
Mar
8Hc
4c
1
Bulolo Gold Dredging.-.6
Cndn Malartic Gold
*
(1936)
Browniee Mines
4c
—
"28 H
31c
950
2.12
41c
27H June
30 H
37,400
3 He
6Hc
6,450
1.05
1.77
June
2.17
2.11
2.23
5,400
1.96
Mar
3.25
Mar
6.95
Jan
Mar
55 He
Feb
5.50
50
30c
33c
3,400
27c
27c
500
5.50
28c
8,945
lOMc June
15Hc May
8c
2,000
1.18
500
99c
Mar
1.50
Jan
1,598
46%
Mar
58 %
Feb
1,000
3c
May
50
Feb
5Hc
6%c
4,466
lHc
5.10
1.10
1.12
Mar
28%
25
June
Jan
15c
1,300
15c June
200
60c May
1.14 June
80c
100
80c June
85c June
5.40
Jan
4.30
Feb
Consumers
62c
Jan
4,695
2.75
Mar
3.60
250
2.90
Mar
20c June
Jan
Mar
1.28
Feb
11,130
5
Mar
8H
2
Mar
3H
Apr
Jan
2.40
June
85c
June
76c
.
—
*
*
13
11H
Mai
22c
3,140
20c
Mar
42c
56
50
58H
9,225
46 H
Mar
64 H
100
178
177
180 H
199H
22c
Gas
*
Apr
105
Mar
10c
1,600
41c
32,792
18c
25c
19,750
100
13 %
Mar
17%
Feb
Distillers Seagrams
13%
12 H
2,770
11
17c
13 H
16HC
2.39 June
57%
June
1.70
Mar
61 %
100
Apr
2.30
1,632
47 H
2.30
60 Vs
Mar
4.50
27H
20%
6,707
27H
189
June
Apr
29%
3,200
2.60
June
Feb
3.10
2.85
8c
8c
3%c
7c June
600
3Hc
1,000
10c 10 He
10c
10c June
14,300
1.18
99c
1.22
2.28
2.28
2.47
1.12
44c
47c
94c
1.00
4.95
25c
23 c
25c
5.50
22c
23c
Jan
*
Dominion Foundry
June
78c
May
Dominion
Mar
1.23
3.60
Feb
Preferred
Apr
5.60
Jan
Dorval Siscoe
4.40
Mar
19c
4.75
Apr
Mar
22c
1,145
Mar
6.55
Jan
38c
5.45
June
8.10
Jan
Jan
1.40
1.45
9c
500
40c 45Hc
8,100
2.20
2.55
44
8c
June
34c June
1.86
1,000
40
2.55
1.35 June
1,200
9c
3,000
Mar
Uo
44
40c
Mar
1.07
1.29
7,725
95c
Mar
41H
"
45 H
1,290
33%
Mar
1.51 May
15c
Jan
58Ho Apr
3.10
70c
1.45
47 H
Jan
of Prices
High
Low
Price
for
2.65
1.55
10%
13 H
9Hc
21,300
6Hc
June
16c
1.68
1.60
1.71
43,520
1.05
Mar
2H
3%
150
2%
Mar
5
June
32
2.10
3%
26
8c
9c
2Hc
8c
2Hc
2H
22 H
21c
16Hc
54c
52c
19H
Mar
8H
Mar
7c
Mar
lHc
June
3,500
4,000
4
433
26
420
22c
5,420
61c 301,424
10
10%
14c May
4Hc
Mar
Apr
2
10H
4
June
Jan
25
May
16 He June
40c
Mar
18H
May
16Hc
Jan
36 He
Jan
70c
Feb
Jan
26 %
33c June
24 He
23 He
27c
58,000
*
1.45
1.38
1.48
8,710
2,900
95c
1,500
1,960
15c
Feb
33c
Mar
5c
Mar
10c
Jan
*
3.25
3.00
3.25
16c
19c
6H
...1
2Hc
2Hc
2Hc
27c
23c
27c
44,000
100
100
100
Ault & Wiborg pref... .100
10c
50c
16c
Bagamac Mines
Bankfleld Cons
1
Bank of Canada
50
70c
I
Mar
285
June
305
Feb
227
May
249
Feb
-
30
30
20
30
June
40
Jan
Mar
45c
Feb
_
_
„
32c
40c
18,550
1.16
8H
1,330
6H
June
10 H
Mar
3%
20
2H
May
4H
Jan
1.15
1.20
8,100
1.45
Jan
9
8
9
145
1.00 May
8
June
15
Jan
Jan
2%
3H
447
2
Mar
5H
161 H
3%
163H
223
146 H
Mar
166H
Jan
28c
23,550
20c
Feb
50c
Feb
25c
37c
32c
39c
23,731
25
30c
9
Mar
58c
Jan
June
11%
Mar
9
3H
140
30 H
100
8Hc
9Hc
4,600
7c
Mar
9.75
mrnmrnmm
9
3H
30
3H
10.15
3,480
8.00
Mar
24
11H
24
10H
11H
5
4,484
58
Apr
24
Mar
13
21 H
30
160
3
10
38c
47c
73,000
16c 16Hc
5,883
3%c
18,500
3c
3c
7%
50
58
321
•
10
10
11
4,800
*
13
12
13
100
17
17
30
28
Apr
2H June
34
11c
Mar
17Hc
2He
Mar
9H
15
Mar
May
Jan
Jan
Jan
68 He
9Hc Mar
Jan
Feb
Feb
June
Apr
June
4H
33c
37
Jan
10.25 June
Mar
3
16c
21
12c
16 %
20%
*
Jan
2,938
20%
1
34
June
*
44 He
June
29
4H
21%
•
Jan
312
20 %
♦
5
5%
5
B
3H June
7%
21H
..25
20c
7
*
Hill
195
3H
Distillers .. ...5
*
May
12
pref_25
Brown Oil
Jan
Feb
Feb
99
*
B A Oil
27C
1.03
60c
.Tune
235
*
*
Jan
14c
Mar
294
Bloodgood Kirkland.. ...1
Traction
Mar
June
101
204
Bell Tel Co of Canada. 100
Preferred.......... ..50
...1
Bobjo Mines
54c
Feb
235
8%
*
13c
62c
Apr
Jan
44o
290
*
1
99
6Hc
June
4HC
203
*
*
2,500
30,783
100
Mar
235
B
*
17c
77c
58
20c
Jan
293
37c
♦
600
4.15
210
*
Base Metals Mln
10c
June
Jan
11
.100
Bank of Nova Scotia.. .100
100
Bank of Toronto
Barkers Bread pref— -.50
70c
58
58
10
1.65
2c June
4,000
Auglte-Porcupine Gold ...1
2.90
Mar
Feb
6Hc May
58
22c
13
23 H
June
Jan
June
Feb
31
—
Jan
Jan
4HC
18
26
64,700
18c June
15
500
6c
6c
5,000
16%
18H
3,883
20c
6,200
29c 32V,c.
18H
19,900
17%c
18c
4
*
7
.——
1
Gillies Lake Gold
17c
18c
Mar
3H
June
7
135
5
50c
32o
Mar
Apr
5c
Jan
68c
Jan
51,533
31o
14c
Mar
45c
45c
31,100
2,800
20c
37,400
lec
5c
4,500
_
19Hc
17c
4c
3 He
Apr
25
52
54 H
30
51%
3H
4,200
4
3H
3%
May
3Hc May
58
53
50
Jan
30c
58
Goodyear Tire
7c
7c
...1
5c
1,000
Mar
June
Mar
mm
45c June
40c
Feb
12o
Jan
72%
Jan
Jan
56
4H
Feb
8 He June
0
8
9
344
Mar
12
Jan
19
25
415
16
Mar
33
Jan
11H
7Hc
11H
11H
10
10
May
12
9c
7,500
.1
79c
79c 82 He
20,080
6%
5%
6H
4,700
4.
4c
3,000
32%
32%
32%
35
27
Mar
34
16
50
June
55
mm
*
Greening Wire
Grull-WIhksne.
Gold..
—
Gypsum Lime &
Alabas..*
Hal crow-Sway ze
6c
1
Hamilton Cottons pref ..30
*
Harding Carpets
...-.-
Hard Rock
1
2.48
Harker
1
llHc
Howey Gold
Jan
9c
17c
Mar
900
Hudson Bay Mln &
1.20
1.05
18c
15 He
26c
Imperial Bank
■*
Imperial Oil...
—5
Imperial Tobacco
Inspiration Mln & Dev ...1
-.2
Inter. Metals pref
91c
Mar
2,600
14,270
15
Mar
19 H
Mar
40C June
14H
7,844
902
40
40
49
1,500
65
69
115
......
5%
.
7
65
June
Mines
Cons.
J M Consol (New
Jan
Feb
Mar
8H
Jan
23%
26
7,646
23
Mar
6H
25
5
May
65c
80c
700
50c
Mar
1
38c
37c
40c
20,315
1
20c
16c
21c
1
35c
stock). 1
11c
Kirkland-Hudson
Kirkland Lake
1
Gold
Lake Shore.
Lake Sulphite.
Lamaque Contact
No par value.
13He May
40c
Mar
33c 38 He
59,700
37c May
82c
Mar
10c llHc
60,285
10c June
16c
May
11 V,
15
2.00
49,388
70c
80c
4,750
1.12
1.08
1.17
13,828
29c
31c
13,800
52%
5,355
49 H
49
*
3%
3
*
3c
3c
3%c
6,500
50c
49c
53c
15,800
1
Laps Cadillac
Laura Secord
Jan
16,199
1.70
1
*
Jan
53c
10
1.75
1.00
Feb
30c
1
Mar
Mar
25%
Kerr Addison
Jan
49c June
76
9%
37
*
Jan
Mar
52%
31H
20,548
Kelvlnator
Jan
102 H
49
6H
—
214
Jan
Mar
Mar
42 H
80c
B
Jack Waite.
Jan
Apr
Mar
4H
48
*
Intl Utilities A
Feb
08% May
1,195
100 H
99
13 %
1
International Pete
28 H
Mar
14K
.
33c
190
17H
7
37o
48
14H
.
1.47
200
*
.
Mar
20c
2,485
16
.
15c May
Mar
22c
20%
1.40
15M June
28
*
International Nickel.
Mar
7,270
14%
*
8c
Mar
17
A
Intl Milling pref...... .100
1.00 May
11
18c
199
100
Mar
5,015
26c 28 He
26 %
8m.-*
Feb
22,500
4,000
1
Feb
June
1.1C
...1
Co
Homestead Oil...—-
4c June
2.59
10c llHc
1.29
Jan
JaD
2.30
15
Jan
8%
1.10
9c 11 %c
*
2c
Mar
Apr
Mar
79,845
2.50
13%
14
4%
Jan
10c
1.09
3H
80
_
Hollinger Consolidated ...5
3Hc May
Mar
61c
Apr
2%
*
Highwood-Sarcee
4%
2%
2%
1.08
1
Hedley-Mascot
54
50
pref 10C
Hamilton Theatres
Laguna
•
1
Preferred
Jelllcoe
29c June
23
*
Great Lakes Paper...
Jacola
8%
Mai
28c
*
June
Mar
53c
1
June
14
2c June
8c
49c
1
1
86H
Mar
2%c
•
Feb
12H June
Feb
6H
74 H
25%c
Goodflsh Mining
Preferred
Apr
53c
Mar
27o
28c
Gold Eagle
Graham-Bousquet
Granada Mines
Jan
22c
33
2,000
Feb
20c
18 H
Mar
4
22c 112,300
Apr
25
Mar
13c
3c
2%c
1
30c May
5c June
14%
40c
1
Glenora
84 H
3H
5%
Jan
14c
Mar
390
12
83 H
83%
13 %
435
11 H
100
General Steel Wares..
*
6.96
15
*
Feb
21%
3 He May
...1
Mar
8
Mar
2,187
1,455
21,500
25c
Jan
3.25
4.70
18 H
5 He
22
1
Feb
16
5.20
6.00
June
Mar
Mar
18 H
*
Home Oil
5H
Jan
1.79
1.97 May
5.85
A
Gunnar
28
5Hc
Fernland Gold
Goldale Mines
June
18,575
18H
Federal-Klrkland
Ford
2.65 June
20
2.25
7
7
...
5
28
28
2.15
.'
*
1,00
Jan
7c
God's Lake Mine
10,770
Jan
Mar
9c
»
Preferred
2,927
2.65
20
84
73
26c
...1
Fanny Farmer
FontanaGold——
High
May
70
75
11 He May
Gatlneau Power
Low
10
21,400
Falconbridge
Firestone Pete
Week
Shares
Mar
12c
1
Jan
Range Since Jan. 1, 1938
Jan
4%
9c
-25
Feb
Sales
Week's Range
Jan
8%
515
Easy Washing
Economic Investment. -.25
Rights...
June
16 H
June
9c
1
Apr
official sales lists
102
Mar
4%
7%
Foundation Petroleum
both inclusive, compiled from
Apr
9
0%
*
43c
Mar
*
East Malartic..
Mar
7c
34
1
East Crest Oil
Feb
10%
Jan
25 H
235
74 H
206
Apr
101
5
100
Jan
9,592
4%
7%
*
Jan
16
Mar
25
13%
5
Dominion Tar
Mar
2.70
102
11
13%
—*
Stores
Mar
80c
102
43
25
43
46o
3He June
1,500
662
40
100
Preferred.
5c
5c
Mar
73
June
16
'
Feb
23Ho
June
17c
200
18
18
18
10c June
30
55
193H 197
197
25
Dominion Explorers.. ...1
Dom Steel Coal B
7,100
8.00
Dominion Bank
Dominion Coal pref—
Jan
39c
28%
100
Jan
Mar
Mar
100
7.75
*
Feb
42c
6Hc
33c
1.39
19,602
5.50
Dome Mines..
Dome Mines (new)
1.78
625
5.50
Jan
3.40
3,150
4.90
*
*
Mar
6,825
3.40
*
May
88c
103H 103 H
103 H
...1
May
20,118
1.00
Preferred
2.01
6,500
44c
100
91 He
7,335
1.02
Apr
3Hc
12,100
6
102
10c
1
(FN)
10
32c
1
Burt
Feb
23c
Jan
...1
Steel... —
24
Denison Nickel Mines.....1
Ashley Gold
Bunker
June
Jan
B ..10
Building Products
June
16
5.15
Arntfleld Gold
B urllngton
Jan
177
Mar
*
Buffalo-Canadian
Jan
134
325
17
17
Feb
3.90
*
Buf falo-Ankerlte .
Jan
16
13
2,450
...1
Brit Col Power A
415
13
Jan
5.00
Grain.
Alberta Pacific Grain pf 100
A P Consolidated Oil— ...1
Brewers A
May
4.80
*
Mines
85c
Chlbougama......1
...5
Smelters
Gold Belt
Brazil
Jan
64c June
68
4.80
*
Bralorne
1.84
37c
100
Brantford Cordage
Mar
Davies Petroleum
Abltibl
Blue Ribbon
1.10
Darkwater
Salt
Big Missouri
Biltmore Hots
2,620
1,000
Jan
Last
Beauharnois
1.35
Feb
Par
Beatty Bros A.
2.25
1.77
Friday
Beattie Gold
Jan
June
7
2.70
*
*
*
A
11%
1.25
68
*
Bat hurst Power
Feb
Mar
200
2.65
1.55
Toronto Stock Exchange
Bank of Montreal
72o
625
Apr
*
_
33,975
0%
1.45
1.25
1.25
Francoeur
...
June
70c
7%
36c
1.37 May
1.02
Jan
45c
Aztec Mining
35c
Feb
Feb
June
60c
4,400
6,250
Brown Oil
Astoria-Rouyn
May
1.45
66c
0%
*
Equitable Life
Anglo-Can Hold Dev.
Anglo-Huronian
25c
50,000
1.45
Amm Gold Mines
1,500
55c
.
-
.
1.40
*
American Cyanamld
24,600
55c
.
3.20
16c
1.95
Oil-
Copper
Jan
Mar
Mar
54c
2.05
Anglo-Canadian Oil
Aldermac
2.10
8 He
11HC
......
*
Eldorado
Afton Mines Ltd
11,125
15c
1.32
23c
Alberta Pacific
10,800
2.72
1.90
7.65
Acme Gas &Oil
85c
2.48
2.48
Jan
2.00
Cad
preferred
1,150
1.32
Wright Hargreaves
6%
1.65
2.40
2.25
1.90
1
*
Stocks—
10
3
3
3
2.05
1
June 18 to June 24,
6H
5%
6%
2%
3,000
3.35
Royallte Oil Co
4%
74c
25c
Sylvanite Gold
Co
Mar
11,500
23 He
*
1
Calgary <fc Edmonton
Dalhousie Oil Co Ltd
125
95c
23Hc
1.05
Anaconda Oil Co.
2%
83c
2.40
*
Bakeries
Consol
Cons
35
Apr
2%
...5
Cosmos
3.70
Cons
22
60
Jan
85c
...1
Commoil Ltd
6%
29
2%
1
Mining
68c
3.55
Sladen Mai
Home Oil
18%
Coniagas Mines
.
Thompson Cad
Ventures Ltd
Apr
450
Coniaurum Mines
3.35
3.65
1
*
Pandora Cad
1
Pato Consol Gd Dredging 1
Pend-Orellle M & M Co..l
Perron Gold Mines Ltd—1
Pickle Crow Gd M Ltd—1
Placer Development
1
Powell-Rouyn Gold
1
Read Authler Mine
1
Red Crest Gold
—.
1
Reward Mining
-.1
Shawkey
1
Sherrltt-Gor don
1
Siscoe Gold Mines Ltd—1
O'Brien Gold
12H
..1
Cockshutt Plow
80c
36
28%
Chromium
15c
9
Apr
28
Jan
68c
Apr
12H
June
15c June
Jan
28
1.12
Mar
June
Jan
12 %
5.50
80c
Feb
17%
Mar
Mar
44 H
5%
Apr
7%
Mar
Jan
177
Apr
210
825
Mar
Mar
Mar
4
16
400
510
3.50
35 H
157
6
5
325
lHc
30 He
June
8
80c
615
May
21
33
Chemical Research.lmm ..1
500
2.65
Mar
17H
7H
Jan
54c
Mar
10
Jan
42 %
Jan
22
June
1.10
14 H
32
14c
54c
Jan
335
163
5
17
2Hc
June
15
415
Jan
3,590
162
CentraljPatrlcla..
CentraltPorcuplne
42 %
15
5
5Hc June
4,000
3,825
1,200
lHc
4.60
4.65
June
6H
2.35
1
Castle-Trethewey
3c
16H
2,704
21
*
Caribou Gold
52 H
Apr
2,204
1.90
25
Canadian Wineries
3c
June
19
*
C P R
1.12
4%
15
*
Malartic
50%
Pamour-Porcupine
Gold
Feb
Mar
4%
Canadian Dredge
40c June
27c
150
2.15
25
Preferred
2,350
May
May
25
Can Car & Foundry...
Canadian
8c
128
*
Canadian Ind Alcohol A
8c
123
16 H
*
10c 10 He
10Hc
137
*
preferred
Canada Malting
45c June
45c
Jan
72
21
*
28c June
24c
Jan
108
Mar
13H
_
*
*
Mar
40c
—
Consolidated
2d
13
Apr
58
2
Canadian Cannerslst pf_20
Mar
4.90
May
Jan
Mar
89
60
4
14H
Cndn Bk of Commerce. 100
Jan
1.70
7
105
4
*
Canadian Canners
557
64
128
*
Breweries._.
3H
137
100
Preferred..
June
1,280
6Hc
1
(new)
Feb
30 H
Gold..*
1
1
— _
Mar
3.20
Mar
4c
1
6
McWatters Gold
--*
New Golden Rose.
1
N ormetal Mining
*
Oro-Plata—-—*
Teck-Hughes
Mar
20c
1.60
Lake
Mclntyre-Porcuplne
Wood
1,850
27 H
Mackenzie-Red
Sullivan
Canadian
Apr
Jan
Feb
4H
94
03%
m
Canada Wire B
Feb
75c
5c
—
.
Jan
15c
Mar
24c
2,050
21c
9Hc
62c
May
Jan
3.10
June
3
10%
90 H
50
Jan
5c
Mar
25c
16
9H
10H
*
Preferred
1.80
9,975
3H
+
Canada Steamships.
Feb
19,905
37
28
High
Low
Shares
2.57
2.16
2.45
32
100
Preferred
Jan
30
1.70
28 %
Gold(New)
Ltd ... 1
Kirkland Lake Gold
1
Lake Shore Mines
.1
.
37c
2.73
21c
Kirkland Gd Rand
Mines
Ar*
6 He
6c
June
3c
2.58
Chibougamau—.1
Dome Mines Ltd
*
Duparquet Mining Co—1
East Malartic Mines
1
Eldorado Gold M Ltd—.1
Ealconbrldge Nickel*
Francoeur Gold M Ltd—*
Goldale Mines
1
Inspiration Min & Dev...*
Lee Gold
85c
83 c
~6%c
Consol
Lamaque Contact
Lebel-Oro Mines
29 %
28
3Hc
Capltol-Rouyn Gold
1
Cartier-Malartlc G M Ltd 1
Central Cadillac G M Ltd 1
Central Patricia Gold
1
J-M Consol
*
Canada Bread
18Hc
6Hc
Price
*
1
Big Missouri Mines
Bouscadillac Gold
Week
1
38c
75c
for
of Prices
Low
High
.
Oils
18Hc
Beaufor Gold
Btadacona
Calmont
1
Bank field.
Macassa
Jan
67c
Mar
42c
36,250
53He 60Hc
Corp— *
1,1938
Range Since Jan.
Week's Range
Sale
for
Sale
Last
Jan. 1. 1938
Range Since
Last
Stocks (Concluded)
Sales
Friday
Sales
57
3%
59
120
110
32c
10
June
15
1.25 June
2.30
Mar
1.50
60c
95c
27c
Mar
June
1.50
59c
Jan
Mar
Jan
Jan
Mar
46
Mar
58%
2
Mar
13
3c
Mar
5o
Feb
Jan
74o
Mar
37 He
56
Mar
65
Feb
Jan
Apr
SEb
4100
Financial
Chronicle
June 25, 1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Last
Lava
{Continued}
Par
Week's Range
of Prices
Week
Price
Cap Gold.—-—
Low
High
Shares
85c
91c
5Hc
6Hc
5,600
18.700
lc
IHc
6,000
7H
30
lHc
Apr
5He June
1.13
15c
lc June
Walkers.
Feb
Macassa
Wendlgo Gold..
74c
20,795
Mar
1.12
Feb
3.95
8,100
3.50 May
6.00
Feb
1,250
19H
Mar
24
Jan
Westons
20 H
20 H
21H
18
Mar
4.55
5.10
18,750
3.50
Mar
5.55
3.40
22,452
1.30
Jan
3.90
Mar
39c
17,340
36Hc
16c
.
Mar
7
3Hc June
3Hc
6H
10
1,925
5
Apr
6
May
Mar
19Hc
Mar
Wright Hargreaves
Jan
Ymlr Yankee Girl
44
41
28
Mar
10
June
14
99
May
35H
Mar
45
69c
Mar
810
10
11
896
95
96
45
86 H
41
44 H
4,135
1.12
19,330
1.09
1.06
24o
Mar
6c
500
5c
1.97
Week's Range
for
Sale
8c
Apr
Mar
2.49
Mar
4Ho
Jan
12c June
20c
Apr
2.56
Mar
10,400
4c
3,000
2Hc
2.02
1,100
21,410
1.60
25
30
5Hc
6Hc
1 He
lHc
5,866
1,000
33c
3Kc
2Hc
3Hc
17c
63 H
62
14 H
67
May
4Hc
Jan
38c
Mar
2.15
Jan
Mar
14H
6,765
4c
4c
5Hc
17,800
7c
2c
56c
74c
13,810
50c
33c
35c
17,360
27c
Apr
7.75
7.65
7.75
740
*
*
—
Northern Empires Mines. 1
O'Brien Gold
Okalta Oils
14c
3.60
3.30
3.70
1.20
1.59
21,800
2Hc
48 He
2Hc
2,500
47c
2 He
54c
50
39,897
1.60
1.60
1.60
5
—*
"77c
5
.*
Page-Hersey..
*
5
77c
85c
25c
8,465
3,500
5H
300
10c
2,000
25,400
34,798
10,100
'7Hc
5,500
1.02
10c
1
8Hc
6c
9c
1
49c
54c
1
Perron Gold
12 H
48 H
12c
1
1.30
1.30
1.42
Petroleum-Cobalt
1
He
*
He
3.05
__1
2.24
*
13H
23c
Mar
Jan
He Mar
3.30
Mar
2.18
2.31
16,150
1.37
2.41
Feb
12
13H
150
9H
Apr
15
Jan
37c
9,000
30c
Mar
1.81
Mar
14H
10
89c
45,450
43c
500
3.10
2,870
Mar
4.55
Jan
7Hc
14c 16Hc
800
7Hc June
45c
Jan
95,250
3,000
10,300
14c June
36 He
Jan
25c June
173H
50c
105
llHc
1.27
55c
24
12H
3,355
65
45 H
105
11 He
3
'T4H
25c
10Hc llHc
171
173H
*
57
1,240
10
13c
4
1,500
Mar
2.42
Mar
10
19
67o May
41c Mar
2.60
39 Ho
21
Jan
Apr
9o June
5,500
170
34H
101
10c
3
1,160
Feb
Mar
May
Mar
45
12H June
9 Ho June
1.25
1.34
1
10c
Sheep Creek
Sherrltt Gordon..
9 He
10Hc
50c
1.00
1.00
1.01
7,217
25,500
2,400
...1
1.17
1.11
Mar
91c May
91c May
97c
1.22
71,526
1.25
1.25
20
8H
8H
10
8H June
5
5
5
78
3
*
Simpsons A
100
75
78
2.30
2.25
2.45
18,910
1
1.10
1.03
1.12
15,300
1
South End Petroleum
Southwest Pete
Stadacona
78
1
10Hc
10c
16
12c
36,000
*
3c
3c
1,000
*
40c
50c
3,250
*
43c
Standard Chemical.,
6
*
64 H
25
100
46c
6
61H
58 H
4
64 H
60
4
13,306
*
Tip Top Tailors
Preferred
Toburn
*
11
-.100
100
1
Toronto Elevators
*
Toronto General Trusts 100
Tawagmao Exploration-.1
7,175
4.40
Mar
1.31
9,025
1.05 June
11H
20
10
Mar
5
100
June
825
610
75
"~45c
45c
50c
1.90
1.71
1.95
*
13 H
13
13H
United Oil
*
*
Ventures
*
16c
5
4
Mar
4.95
1
United Steel
1H
May
2.25
11
9,550
43,610
5H
1,430
3,700
4,445
18c
1.78
12
Mar
lc
May
2c
Mar
2.62
Jan
lHc
1,000
3c
Jan
500
3H
16c June
lHc June
25
3
May
Jan
4
Mar
3
1,350
2
Mar
20
45
12
Mar
23
Jan
35H
20
31
Apr
36
May
11c
35
5
30
Mar
35
June
10HC 12HC
.100
33
*'
14,200
36
1.25
9Ho
50
1.25
Apr
1.00
Jan
25c
May
30
501
4H
Jan
42
May
Jan
1.75
Jan
77c
1.23
Mar
16
Jan
5.70
Jan
1.57
Jan
13H
Feb
108
Jan
2.90
Jan
17
Jan
Mar
73
Mar
85
Mar
66c
Jan
3
Jan
Mar
2H June
79H Mar
3.60
Feb
90c
13c
Mar
Jan
1.95 June
15H
Jan
Mar
26c
Jan
Mar
6
Jan
5.75
10,692
4.00
1
1.00
1.00
1.10
90c
*
7,100
Apr
4.30
3.90
103,721
1.02
Mar
Mar
bid
Abitibl P & Pap ctfs 5s 1953
Alberta Pac Grain 6s_. 1946
Ask
82
88
112
53
95 H
Canada Bread 6s..—1941
Canada North Pow 5s. 1953
■
--
104
Canadian Inter Pap 6s 1949
Canadian Lt <fc Pow 5s 1949
Canadian Vlckers Co 6s '47
104 H
87 H
par value)
3 Hs
95
Cedar Rapids M & P 5s '53
Consol Pap Corp 5Hs 1961
113H 115
39
5Hs ex-stock
1961
Dom Gas & Elec 6HS-1945
Donnacona Paper Co—
-
-
80
65
95
97
50
4s
Gatlneau Power 5s
Gt Lakes
94
1956
83H
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
5Hs
1961
6s
1951
*
No par value.
95 H
103 H 104
Pap Co 1st 5s '55
85 H
98 H
104H
/28H
29H
103
1939
49 H
50
99 H 101
1956
1973
93 H
Montreal Tramway 5s 1941
Ottawa Valley Pow 5Hs '70
-
66
48
-
81
1956
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Eraser Co 6s
Jan 11950
3s
3Hs.-
39 H
44
97
104
Montreal Island Pr 5 Hs '57
Montreal LH&P ($50
88 H
99H 101
98 H
55
Massey-Harrls Co 5s. .1947
McColl Frontenac Oil 6s '49
Minn & Ont Paper 6s. 1945
97
106
Ask
97H
71
Maple Leaf Milling—
2Hs to '38-5Hs to '49
112H
51
Calgary Power Co 5s..1960
MacLaren-Que Pr 5Hs '61
Manitoba Power 5HS-1951
-
82H
Bell Tel Co of Can 5s. 1955
Burns <fc Co 5s
..1958
bid
56
/5 5
Beauharnols Pr Corp 5s '73
104 H
Powsr Corp. of Can 4 Hs'59
5s
Dec 1 1957
Price Brothers 1st 5s..1957
94 H
Oft 6%
99 H
103
100 H
........
89
93
-
79
2nd conv deb 4s...1957
Provincial Pap Ltd 5 Hs '47
Saguenay Power 4Hs A *66
4Hs series B
1966
103H
Shawinigan W & P 4Hs '67
104
Smith H Pa Mills 4Hs '51
United Grain Grow 5s. 1948
101H 103
100
103
m,
104H
100
103
87H
89
85
87
United Secure Ltd 5Hs '52
68 H
46
48
69 H
Winnipeg Elec 6s Oct 2 '54
72H
/Flat price,
n
Nominal.
CURRENT
—A
NOTICES
of Newark, N. J., investment houses,
representing a large
majority of the investment dealers and brokers in that
group
city,
May
63 H
Jan
5
May
15Hc
Jan
33c
11
Utility Bonds
Closing bid and asked quotations, Friday, June 24
announcing that they will close their
Mar
5.15
Jan
Mar
5.75
4.70
June
5c
summer months of
3.80
17
45H
1.30
Jan
19c
14
Mar
4,500
Jan
Mar
75
17
32
Mar
66,740
70c
Mar
12 H
100
Mar
10c
2.15
1,061
Jan
31
11c
10c
85c
30
1.10
*
1.38
24c
4,474
Mar
1.31
Texas Canadian
Jan
2,700
Mar
4.70
24c
Mar
Jan
Apr
2.60
4.80
8H
Mar
20
Feb
lHc
10c June
27
35
35"
Jan
June
73
3.40
13
He June
166
1.99
Industrial and Public
Jan
3.40
6c
6,577
3.25
13
8,900
Mar
95
2.00
212
Jan
1.25 June
18
4
5
12c
2H
39Hc May
Feb
Apr
1.00
76
Apr
1.80
Jan
Mar
54
93c
74
Apr
1.21
Jan
265
llHc
3.25
7c
2Hc May
1.55
34c
Jan
Jan
4,175
»
Mar
17
Mar
Feb
32,000
1
2.00 May
5H
Jan
May
6H
10c
100
20c
69 H
2.90
2
48 H
110
Jan
Mar
9c
1
190
Feb
Feb
Mar
Mar
2.45
*
64c
25
24c
Jan
4
9c
1
55c
56
2.75
Supersllk A...
Supers!Ik pref..
Sylvanlte Gold
May
Apr
86c
40c
Jan
150
*
Sullivan Cons...
71
Apr
Jan
Feb
70c
524
*
Sudbury Basin
Sudbury Contact..
1.00
Feb
1.34
June
14H
Shawkey Gold...
Simpsons pref
Slscoe Gold
Apr
81c
"50c
100
Sladen Malartlc
Slave Lake
52c
2.05
40
*
Jan
Mar
24
......
lHc
2.80
He
23c
Feb
3.10
25c
1
Simpsons B
1.76
2.75'
Riverside Silk
1
12o June
Jan
14c
50
Feb
Feb
3.00
Jan
Feb
13c June
Jan
Mar
69c
5.10
*
San Antonio
20c
22c
Mar
19
7Hc
A
Jan
5c June
38c
500
150
8H
50 H
Feb
43c
1
.100
7H
Apr
Mar
June
35 H
United Fuel pref
Waterloo Mfg A
May
90c
Mar
5
4,500
45 H
2H
ordinary
Common
Feb
Jan
17
20
Temlskamlng Mines
Feb
May
32
17c
3H
10
Feb
63c
Jan
12
32 He
lHc
3
Preferred
Feb
4.30
Jan
69c
Mar
Mar
45c
Jan
7
40c June
5
21 He
1,500
30
lHc
17c
Mar
4.00
lHc Mar
lc
...
96
22c June
4
Mar
Mar
11c
Standard Paving
14H
Red Crest..
Royallte OU_.
Jan
Mar
Jan
1.57
1.92
Ritchie Gold
Mar
81c
Red Lake Gold
1
2.90
45
1.40
92
1.25
28H
40 H
Feb
275
14c
11c
.
29H
Jan
17H
He June
1,800
35
1.00
*
Rogers Majestic.
June
1
Reeves-Macdonald
Apr
1
*
June
2.00
Pressed Metals...
*
Preston E Dome........1
Reno
Malrobic—
Mandy
90c
20
364
6H
34
13c
Montreal LH&P
Jan
3.80
5.05
34
1
78
6
6H
Kirkland-Townslte
June
55c
160
60 June
13,200
*
National Steel Car
16
17
4.75
7,569
10
28c 32He
70c
75c
100
Apr
20,870
3,205
16
4.85
25c
Read Authler
13c
47c
40c
10
Pend Oreille
5H
3.60
Paymaster Cons
Payore Gold
3H
Oslsko Lake Mines......
Pawnee-Klrkland
1.45
23c
Paulore Gold
2,500
10,313
Jan
Jan
3.40
Partanen-Malartlo....... 1
2.00
6H
Jan
Apr
90
5
405
1.00
2.30
4
6Hc
3.45
Quebec Mining
5.45
46c
89
325
2.75
75c
47c
Jan
9
May
June
4H
'31He
12c
Apr
2.50
5He
Mar
8Hc
1
..1
8.10
3,050
6H
15
6H
*
Hamilton Bridge
Preferred
Jan
40
1.00
Foothills..—-—..-——*
35o June
100
90
.1
.1
1.14
180
2.50
Dalhousie Oil
June
6H
15H
..*
DeHavUland.
Supertest
9c
Feb
Feb
High
2Hc June
1.25
Dominion Power stubs...*
15c June
5 Ho May
1.07 June
2c June
31c
Mar
15
7,500
Apr
Mar
7.50 May
2.75 Mar
9,555
1.44
1
....
»_....*
Omega Gold....
67
Mar
34c
Norgold Mines
Norrnetal
Amulet
Jan
48
6H
32,400
1
41H
126H
Jan
Low
3c
5
May
Apr
Apr
73c
......
Jan
8.20
30c
Range Since Jan. 1, 1938
Shares
1.00
Cobalt Contact
1.65
8,964
May
"l".l5
Coast Copper
12c May
Mar
675
6H
Marconi
Consolidated Paper
41c June
2 He
15
Jan
2c
2,600
1.80
3c
Jan
13 He
4,400
16c
1.75
Canadian
Price
—
17o
38
1.78
5
Par
Brett Trethewey
Canada Bud
Canada Vinegars
35H
Jan
159H June
Apr
115
17c
Nlplsslng
Noranda Mines.......
Apr
Stocks—
3Hc
10
275,650
Mar
5c May
lHc June
100
41c
43c
Mar
14c
Jan
12c
40H 40H
115H H5H
Jan
Jan
22c June
6.50
Jan
2H
16
93
Apr
Week
Mar
of Prices
Low
High
1.45
37c
Jan
Sales
Last
Jan
143
115H
June
65
2,700
13,242
9,400
20c
Mar
112
100
15
18c
1.85
5Hc
105
Friday
80c
31H
...»
265
7.45
Jan
lie
3H
3c
444
2H
8c
Feb
1H May
1H Mar
7H May
lie 173,400
15
Feb
Mar
3Hc
Exchange—Curb Section
Jan
159 H
Corp
84
lHc Mar
4c May
inclusive, compiled from official sales lists
Mar
8c June
28
-New Goden Rose
Vulcan Oils
June 24, both
10c
152
Naybob Gold..
Newbec Mines
Gas
to
6c
1.87
Klrkland
Uchl Gold
June 18
June
1.67
Murphy Gold—
Hughes
Toronto Stock
Jan
1.12
32c
*
Russell Motors pref
St Anthony
Apr
Feb
Jan
9,900
100
Tamblyns
50
2,200
12c
1
Royal Bank
74
2H
16c
5,900
4c
Long Lac
25
22c 22 He
8.00
7.45
10c
_25c
Moneta Porcupine
Moore Corp
Sterling Coal
Straw Lake Beach
"*22c
56c
Gold
Preferred
66
10c
6c
Gold
14
Feb
Jan
45
10 H
95
1.85
Rouyn...
Mar
66
9H
*
*
Steel of Canada
15
*
7H
♦
Sllverwoods
Winnipeg Electric pref. 100
Mar
363
4H
Mar
3
18c 18 He
Corp
St Lawrence
Apr
May
3H June
*
5c
*
7
Apr
1H
B._
9c
Mining
Powell
1H
2H
6c
50c
Power Corp
9
5,500
9c
2H
4H
*
.....
Prairie Royalties
Premier
Jan
Apr
765
6c
9Hc
5,200
McWatters Gold
Gold
34c
14Hc
3,500
1
5,675
4
42 H
Photo Engravers
Pickle Crow
Feb
Mar
lHc
*
10c
Merland Oil...
Pioneer
35
May
Mar
80
Winnipeg Electric A
7H
1
Pamour Porcupine
Pandora-Cadillac
Pantepec OH
June
8c
lHc
W Utsey-Coghlan
6H
J*
......
Pacalta Oils...
Jan
Feb
19H
20c
9Hc
10H
Feb
4c
9Hc
Mclntyre Mines
McKenzle Red Lake
McVlttle-Graham
Orange Crush pref...
Oro Plata
28
10
H
Mar
Mar
8c
500
High
44
Mar
17
17,700
80
100
10c
*
Ontario Loan
48,300
He
Jan
lHc May
3 H
Preferred
7H
100
Northern Canada
30H
509
17c
10H
White Eagle
*
National Brew..
National Groc pref
18H
30
11c
"lOH
Low
2,245
10c llHc
Wood (Alex) pref
100
Wood-Cadillac1
100
Olga Gas
"lie
*
1
Mines
Massey Harris
Nordon Oil
30
*
Whitewater........—-.1
27c
1,000
1,900
2H
4
Maralgo
Morris
Jan
49c
June
16c
lHc
3Hc
6H
Preferred
A
40
18H
14Hc
Jan
25c
13 He
16c
Maple Leaf Gardens pref 10
Maple Leaf Milling
*
Mlnto
475
lHc
3Hc
*
Monarch Oils
36 H
Range Since Jan. 1,1938
Shares
Jan
3.20
35Hc
McDougall-Segur
Mercury Oil
60c
June
4.60
Madsen Red Lake..—..1
McColl Frontenac...
Preferred
39 H
18 H
West Turner Petroleum 60c
22 H
70c
9
3.30
Manitoba <fc Eastern
Preferred
Price
16c
3.55
June
1
.
Week
--1
21H
7H
..1
MacLeod Cockshutt
Maple Leaf Gardens.
for
of Prices
Low
High
Preferred.......——*
Jan
2Hc May
3.60
Mines
Week's Range
-*
-
.....
22H
""73c
A
B
Waite
85c
Par
West Can Flour pref-..100
Westflank Oil
*
Long Lac
Loblaw
Roche
Stocks (Concluded)
High
20 H
Little
Union
Low
7H
Lee Gold
Sales
Last
Sale
6c
Leg are Co Ltd....
25
Leltch Gold-.--—-—
Teck
Range Since Jan. 1, 1938
91c
Lebel Oro
Exchange
Friday
for
Sale
Stocks
Toronto Stock
Exchange
Friday
7.40
1.25
Jan
Jan
4.85 June
offices
July and August this
In agreeing to close
on
on
example
of the
The banks decided
over
on
are
Newark
Clearing
the action
as a
today
during the
Saturdays in these months, according to
ment made in connection with the
announcement,
the
Saturdays
year.
House
result of
tne past
the firms
banks
a
and
are
a state¬
following
savings
banks.
study of Saturday business
two years, whicn showed that
banking business transacted
on
Saturdays has been negligible and can be handled on week
days.
Chapter 115 of the New Jersey Laws of 1938,
relating to the Saturday
closing of the banks, was signed by the Governor last
April.
Banks and investment houses
in neighboring States
experiment with
a
are
observing this
view to similar action, the statement
said.
The 19 investment firms
signing the announcement include:
Adams &
Nueder; F. M. Chadbourne & Co.; Colyer, Robinson &
Co., Inc.; Edwin M.
Daniel; C. P. Dunning & Co.; Ganor &
&
Gunther, Inc.; Lane Waters
Jr.
&
& Co.;
Co.; J. B. Hanauer & Co.; Koellner
MacBride, Miller & Co.; Fred Mason
Co.,
Inc.; Minscb, Monell & Co., Inc.; Richard H.
Monaghan;
Weissenborn, Inc.; Pascal & Beckelman, Inc.; C. A. Preim &
Co.; J. S. Rippel & Co.; C. D. Robbins &
Co., and Van Deventer, Spear
& Co., Inc.
'
Parker &
•—Loeb, Newman & Co.
announce
the removal of their offices to
quarters at 44 Pine St., New York
City.
—Victor, Thomas & Co., Inc., have moved
at 165
Broadway, New York City.
to new and
larger
larger quarters
Volume
Financial
146
Quotations
a3s
a3
Bid
98
1 1975.
10234 104
10234 104
a334s Mar
1 1960.
114
Bensonhurst N atlonal
11434 U634
Chase
11454 11654
Commercial National..100
120
126
Penn
Fifth
700
750
Peoples National
Public National
102
104
a3 34s Jan 15 1976
102
10334
a4^s Nov
1 1975
104
107
1 1981
a4 34s May 1 1957
15
May 1 1957
Nov
a4s
May 1
10834
10934
a434sMar
a4s
May \ 1977
110
112
a4s
Oct
1 1980.
a4 34s
1 1957
1 1963
Nov
1 1960.
11034 11254
11234 11334
a43is
1
11234 114
a4 34s Dec
1 1964.
-.100
........
a4 34s
40
100
National City
2434
26
Kingsboro
National...100
-.1234
National Safety Bank.1234
31
2934
104
15
13
48
25
2434
2634
Sterling Nat Bank & Tr 25
44
65
11
43
21
23
Trade
1605
x9
50
16
19
Exchange........10
Bank
1234
11634 118
117
11834
11834 120
12034 122 34
Dec 15 1971
'
a434s Mar
98
35
Bank
117
11234 11434
........
Mar
100
National Bronx Bank...50
11534 11734
116
—
1 1967
a4Hs July
a434s Sept
Avenue
Merchants
75
.50
_
13.55
1734
48
11534 11734
«434s June 1 1965
10734 10934
108
10934
1 1958
_
AsA
1534
40
First National of N Y..100 1565
Flatbush National
100
34
11634 118
a43*sMar
a4s
117
115
'78
a4s
116
Bid
Par
Bank of Manhattan Co. 10
Bank of Yorktown_.66 2-3
1 1966
<z43*sFeb 15 1976
a4>^8 Jan
1 1977
o354s July
Ask
Bid
113
11434
11334 11534
a4 J4s Apr
99
1 1954.
May 1 1954.
Par
a4^s Apr 15 1972
9934 10034
a334s Nov
Ask
a43is June 1 1974
1 1977.
Jan
a33*s July
New York Bank Stocks
City Bonds
Ask
Bid
4101
Over-the-Coimter Securities—Friday June 24
on
New York
Chronicle
1 1979
Chicago & San Francisco Banks
Par
Bid
Ask
American National Bank
& Trust
Par
Harris Trust &
100
180
160
Bid
Ask
255
505
45
100
270
480
Savings. 100
Northern Trust Co
47
Continental Illinois Natl
Bank & Trust
New York State Bonds
Bid
33 1-3
65
.100
189
First National
Bid
Ask
3s 1974
62.30 less
1
World War Bonus—
3s 1981
62.40 less
1
Canal & Highway—
5s Jan & Mar 1964 to '71
434s April 1940 to 1949—
Highway Improvement—
62.55
•
61.70
*67
Canal Imp 4s J&J '60 to '67
137
Barge C T 4s Jan '42 & '46.
Par
134
Barge C T 434s Jan 1 1945.
8734
9134
Home Fire
10
4534
4734
Homestead Fire
10
24 34
26
Importers & Exporters
Life
Agricultural
American
Bid
Bid
Ask
Gen & ref 4s Mar 1 1975.
10534 10634
Gen & ref 2d ser 3 34 s *65
10434 10534
Gen & ref 3d
Ask
Holland Tunnel 434s ser E
1939-1941
M&S 60.50 to 1.25%
111
1942-1960.
M&S
11234
10034 10134
ser
Gen & ref 4th
3 34s '76
3s 1976
9634
9734
1977
ser
9734
M&S 60.75 to 1.50%
1939-1941
1942-1960
George Washington Bridge
M&S
Ask
107J4 10934
10
5
734
10
6334
72 34
Ins Co of North Amer.
1934
20
Knickerbocker
5
934
2134
Lincoln Fire
5
Maryland Casualty
1
...10
6
734
2334
25
40
42
10
2934
3054
.
.
1134
1334
3134
33 34
2534
Merch & Mfrs Fire New'k 5
234
Merchants
654
534
25
77
National
(Providence)
Casualty
-
543
National
555
1034
254
4
46
40
43
734
634
4
.5
10
6
19
10
Liberty
66
43
6054
2
2134
6254
734
National Union Fire
20
New Amsterdam Cas....2
80
100
Boston
834
334
Mass Bonding & Ins..1234
Merch Fire Assur com
5
National Fire
Bankers & Shippers
234
15
2
American Surety
Automobile
Camden
134
1334
2034
69
American of Newark. -.2 34
American Re-Insurance. 10
American Reserve.
10
Baltimore American
Inland Terminal 434s ser D
9834
Gen & ref 334s
Bid
10
5
Equitable
American Home
Authority Bonds
Security
10
..25
American Alliance
Port of New York—
Par
10
Aetna
11534
Port of New York
Companies
Ask
Bid
Aetna Cas & Surety
Aetna
11234
Can & High Imp 434s 1965
137
FRANCISCO—
....
129
Highway Imp 434s Sept '63
Canal Imp 434s Jan 1964..
SAN
Bk of Amer NT &S A 1234
Insurance
....
129
4s Mar & Sept 1958 to
•
6634
194
Ask
109
834
11434
1034
2734
29
1134
109
110
4s 1946...
Bid
Honolulu
Feb
1952
106
108
534s Aug
1941
109
110
Ask
Govt of Puerto Rico—
1955.......
10334 10434
10034 102
1959
434s July
1952
5s
Apr
5s
1934
New Brunswick
2234
New Hampshire Fire
10
41
43
1634
1834
New Jersey
20
37
40
2634
2834
New York Fire
2834
3034
Northern.
Continental Casualty
5
Eagle Fire
-.234
Bid
Ask
10134
10334 104 34
100
434s Oct
1734
2054
Fire.
Carolina
United States Insular Bonds
Philippine Government—
5
10
City of New York
10
Connecticut Gen Life.-.10
434s ser B 1940-53.M&N
63.50
5s
4134
Employers Re-Insurance 10
Excess
334
43 34
5
Federal
41
97
101
11034 11234
434s July 1952
39
Fire Assn of Phila
52*4
55
81
1434
12.50
7934
8234
2.50
2534
27
River
Northwestern
11434 119
National.25
Pacific Fire
1554
25
10
10234 10634
85
119
121
10
109
11034
Fireman's Fd of San Fr.25
109
111
Firemen's of Newark
5
109
July 1948 opt 1243.
U S conversion 3s 1946
North
5
Phoenix
634
534
10
Fidelity & Dep of Md...20
U S Panama 3s June 1 1961
5s
3.00
234
..10
111
Franklin Fire
6
8
76
80
6
1434
Providence-Washington 10
3034
1634
3234
Preferred
Accident
.
934
Reinsurance
Conversion 3s 1947
11534 11734
2534
2434
Corp (N Y).2
734
Republic (Texas)
10
•
34
2234
24
Revere
Hawaii 434s Oct 1956
10
2054
2234
(Paul) Fire
General Reinsurance Corp 5
Bid
J&J
38 1956 opt 1946
J&J
3s 1956 opt 1946
M&N
10334 10334
10334 10334
10334 10334
Bid
334s 1955 opt 1945...M&N
4s 1946 opt 1944
J&J
434s 1958opt 1938...M&N
Ask
10434 105
11134 11134
10134 10134
Rhode Island
20
22
Rossia
___5
4
5
1734
191
199
5
3734
1834
3934
St Paul Fire & Marine...25
Glens Falls Fire
Ask
36
10
Gibraltar Fire & Marine. 10
Federal Land Bank Bonds
3s 1955 opt 1945
3354
Georgia Home
Globe & Republic.......5
1134
2234
1234
Seaboard
24 34
Security New Haven
Globe & Rutgers Fire... 15
2d preferred
15
Great American
5
Great Amer Indemnity
Halifax
Ask
Surety
Bid
Ask
9934 10034
Lafayette 5s
100
Springfield Fire & Mar..25
Stuyvesant
9934 10034
Lincoln 434s
88
11434 117 34
5
334
434
Sun Life Assurance
100
470
520
23
Travelers..
100
440
450
9
U S Fidelity & Guar Co..2
10
2834
10
7334
3034
7534
U S Fire.
5134
53 34
U S Guarantee.
Home
2534
27
Westchester
13
14
4
5054
4534
4754
2.50
Fire
4854
10
28 54
3034
101
Atlantic
3034
63
2134
__5
834
2234
2934
2534
8
Hartford Fire
Atlanta 3s
634
20 34
10
24
.10
7
10
60
1
Hanover
Bid
Seaboard Fire & Marine..5
Hartford Steamboiler...l0
Joint Stock Land Bank Bonds
5
5
91
3s..
Burlington 5s
/45
434s
50
/45
50
100
102
Central Illinois 5s
/28
31
Chicago 434s and 5s_.
634
/5 34
100*4 10134
California 5s
....
Dallas 38..
89
9934
9934
Ohio-Pennsylvania 5s_..-.
Oregon-Washington 5s
First of Fort Wayne 434s_.
100
Pac Coast of Salt Lake 5s..
100
Pac Coast of San Fran 5s..
100
100
102
9934 10034
9934 100 34
First Texas of Houston 5s.
First Trust of
9934 10034
100
101
105
107
434s
10634 108
Potomac 38
Fletcher 334s
Fremont 434s
101
St Louis 58
/28
10234
San Antonio 3s
100
78
76
79
100
102
Southwest
5s
m
~
«.
-
30
10034
40
48
88
91
42
issues) 2-5s
Iowa of Sioux City 434s...
93
96
Virginia-Carolina 3s
1953
74
Potomac Cons Deb Corp—
3-6s
1953
77
1945
2-3s
49
42
44
Corp 3-6s '53
42
44
.1953
42
34
68
Interstate Deb Corp 2-5s'56
16
3-6s.
Mortgage Bond Co of Md
100
9934
Virginian 5s
74
Corp (all
Potomac Deb
10034
9934 10034
9934 101
9934 10034
5234
Empire Properties Corp—
99
64
Illinois Midwest 5s
1954
Series B 2-5s....... 1954
Potomac Bond
1953
Debenture. 3-6s
Ask
Corp—
55
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s '53
/14
Southern Minnesota 5s
Union of Detroit 434s
5s
3s.
76
Arundel Deb Corp 3-6s '53
Bid
Nat Union Mtge
Series A 3-6s
9934 10034
100
75
5s
Greenbrier 5s
Ask
84
Associated Mtge Cos Inc—
Pennsylvania 5s
101
Chicago 434s
...
Phoenix
5s
Bid
Allied Mtge Cos Inc—
101
Pacific Coast of Portland 5s
9934
First of New Orleans 5s—
Surety Guaranteed Mortgage Bonds and Debentures
35
10034
First of Montgomery 5s—
Greensboro
9934 10034
99 34
Carolinas 5s
92
10034
10034
/32
9834
Denver 5s
First
5s
New York 5s
North Carolina 5s
1953
Inc 2-5s
ture
85
1953
72
Realty Atlantic
1953
ealty Bond & Mortgage
42
Corp 3-6s
otomac
Nat Bondholders part ctfs
Deb Corp 3-6s
(Central Fund'g series)..
/22
Nat Cons Bd Corp 2-5s '53
42
25
74
Nat Deben Corp 3-6S.1953
deb
44
1953
3-6s
44
31
33
Bid
Ask
Joint Stock Land Bank Stocks
Par
Bid
100
Atlanta
30
Ask
Par
Bid
Telephone and Telegraph Stocks
Ask
New York
100
9
12
38
45
North
100
59
63
Dallas
80
85
Pennsylvania
Denver,..1
20
25
Potomac..
45
55
San Antonio
Atlantic
Carolina
Par
Bid
Ask
19
24
77
85
100
50
55
16
164
Pac & Atl Telegraph
13
115
118
Peninsular Telep com
30
40
50
58
25
30
♦
89
92
So & Atl Telegraph
Sou New Eng Telep
25
100
136
138
100
58
61
S'western Bell Tel pref. 100
115
11534
110
Wisconsin Telep 7% pf.100
115
117
Am Diet Teleg
(N J)
com.
*
.100
Preferred
90
96
Moines
..
First Carolinas
Lincoln
100
4
7
1
.....100
Fremont
234
5
11434
Bell Telepof Canada...100
159
Bell Telep of Pa pref... 100
Cuban Telep 7% pref--100
19
117
Emp & Bay State Tel..100
Franklin Telegraph
100
Des
par
New York Mutual Tel. 100
Mtn States Tel & Tel-.100 zI06
100
-.100
16
25
*
23
26
....100
110
115
7
Virginia
5
Virginia-Carolina
Federal Intermediate Credit Bank
100
134
70
134
80
Debentures
Gen Telep Allied
$6
Bid
Ask
Bid
15 1938 6 .20%
15 1938 6 .20%
FIC 134s...Dec
15 1938 6
FIC 134s—Jan
FIC 134s—Sept
FIC 134s—Oct
15 1938 6 .25%
FIC 134s._.Feb
FIC 1
Telephone—
S6.50 1st pref
100
109
Ask
Telegraph
...
12
16
16 1939 6 .35%
15 1939 6 .35%
15 1938 6 .30%
15 1938 6 .30%
Rochester
Corp—
preferred
Int Ocean
FIC 134s—July
FIC 134s—Aug
Preferred A
FIC 134s—Nov
.35%
343—Apr
FIC 1%
15 1939 6 .40%
June 15 1939 6 .45%
Miscellaneous Bonds
Bid
New York Trust
Par
Bid
Associates Invest 38.1946
Companies
River Bridge 7s...1953
Ask
Par
Bid
Ask
Banca Comm Itallana. .100
90
102
Fulton
100
185
200
Bk of New York & Tr_ .100
Guaranty-
100
227
232
343
352
10
43
45
7
4
100
78
83
86
Bankers
Bronx
County
Brooklyn
Central Hanover
534
20
83
Chemical Bank & Trust. 10
39
41
Clinton Trust
54
60
11
14
50
Colonial Trust
Continental Bank & Tr.10
Corn Exch Bk & Tr__ ..20
Empire
Irving
Kings
10
County
1034
100 1550
Lawyers
25
28
Manufacturers
20
20
25
Preferred
New York
Bid
1134
1590
54 % notes Nov 2 1939
Federal Farm Mtge Corp
Sept
134s
3434
3634
28
4934
5134
2s.
8234
8534
634
Federal
13
Title Guarantee & Tr...20
Underwriters
100
16
United States
100 1485
534
75
«
M
-
-
June 1 1939
134s
101.6
101.9
New York City Park¬
10434
3 34s revenue
1944 b
2.50
less
1
101.16 101.18
3 34s revenue
1949 b
3.00
less
I
Authority 3 34s '68
Reynolds Invest'g 5s 1948
100,17 100.19
Tri borough
51
49
Bridge—
1939
..July
1938
100
Dec
1940
102.20 102.23
4s serial revenue.. 1942 b
2.10
less
1
1 1943
101.22 101.25
4s serial revenue-.1968 b
3.50
less
1
Apr
100.2
1943.opt'39
s
f revenue '77 A&O
10834
For footnotes see
page
10934
United Stats Steel Corp—
Natl. Mtge Assn
2s May 16
4s
101.6
101.8
Debenture?
3 34s.-1948
102 3*
102
85
1535
10534
way
July
134s
4734
100.10
Aug
100.18 100.21
Fed'l Home Loan Banks
Is
1134
I 1939
100.7
Home Owners' L'u Corp
97
2s
101
Ask
15 1938
Ask
Commodity Credit Corp
32
4634
zl5
9634
Bear-Mountain-Hudson
4103.
7
Financial
4102
June 25,
Chronicle
1938
Quotations on Over-the-Counter Securities—Friday June 24—Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
1945
1945
1939
1939
20
25
20
25
..—..1943
5s....-...--—1940
1944
Akron Canton and Youngs town
08-
—
Baltimore A Ohio 4KB--..-.*
Boston A Maine
4K--
Dealers in
Tel. RE ctor
Cambria & Clearfield 4s
GUARANTEED
NEW YORK
..........—......
Since1855,
Abhbss
Dividend
Bid
Asked
50
55
100
6.00
.100
10.50
86
91
6.00
28
32
2.00
24
27
8.75
70
75
Allegheny & Western (Buff Roch A Pitts)
Beech Creek (New York Central)
—
Central)
Boston & Albany (New York
40
Boston & Providence (New Ilaven)
8.50
30
.100
Canada Southern (New York Central)...
Carolina Cilnchfleld A Ohio common 5% stamped. .100
2.85
39
43
5.00
65
69
Y Central). .100
.50
Pittsburgh (Pennsylvania).
5.00
55
62
Cleve CInn Chicago A St Louis pref (N
Cleveland &
Betterment
Fort Wayne A Jackson pref
Georgia RR & Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack & Western)
...
36
5.00
.50
*-
——
—
76
1.50
37
3.00
75
.100
7.00
130
140
100
7.00
147
152
100
6.82
43
48
—
Bid
120
63
2Vs
3K
f/s
5
5K
Missouri Kan Pipe Line. .5
6
Monongahela
$7
preferred
pref.*
10.00
212
217
100
6.00
40
45
5.00
50
5.00
38
43
45
50
21
25
107
■
Pub Serv
110
$1.60
64K
Carolina Pr & Lt $7 pref..*
—.*
6% preferred
66 K
50
Boston &
2.00
New Orl Tex & Mex 4Kb—
65.50
New York Central 4Kb.--
63.75
2.75
63.00
2.00
67.50
6.50
6.50
5s
65.00
Maine 4Kb
4.00
N Y
65.00
4.00
63.25
3Ks Dec 1 1930-1944...
Canadian National 4Kb..
4.00
65.00
5s
Ask
2.75
63.25
63.10
65.75
62.75
2.00
5s
61.75
1.00
67.00
6.00
67.00
6.00
5.00
66.00
6.00
67.00
5.00
5.00
66.00
5.00
62.25
1.50
62.25
5s
5.00
4Kb
65.75
1.50
2.50
Cent RR New Jersey 4Kb.
4Kb""I
65.75
& St L
5s
N Y N H & Hartf 4Ks
2.75
Canadian Pacific 4Kb
Chic
5.00
5s
Northern Pacific 4Kb
—--
Pennsylvania RR 4Kb
61.75
5s
Chesapeake A Ohio—
Chicago A Nor West 4Ks.
5s
Chic Milw & St Paul 4Ks.
67.00
5a
Jan
13 K
15K
107 H
CS
Newark Consol Gas
105 %
126
N®
CO
74K
69 K
74 K
100
100
62
64
76
63.00
5s...
90
5.00
5Ks
66.00
5.00
St Louis Southwestern 5s.
92
Southern Pacifiv 4Kb
4KB
88
5s
92
88
4KB
92
92
6
8
1.25
2.50
64.75
Hocking Valley 5s...
61.75
1.00
Power $5 pref*
Illinois Central 4Kb
65.00
4.25
Union
65.00
4.25
Internat Great Nor 4Kb.
65.75
Long Island 4Kb
64.25
3.25
64.25
3.25
61.75
1.10
5s.
Loulsv & Nash 4K8
1.00
61.70
1.00
85
75
5s.
75
85
5KB...
75
85
3.75
3.50
65.50
4.75
5s
65.50
4.75
5Ks
65.50
85
75
6s
Western Maryland 4Kb.
Western Pacific 5s
63.50
2.50
4.75
66.00
5.00
66.00
5Ks-
56
93 K
94 K
89 K
91K
5.00
Pref—100
Ohio Pub Serv 0% pf.,100
19K
20K
preferred
preferred...*
*
20
21K
$7 cum preferred
22K
25 K
Gas & Elec of Bergen.. 100
126
Hudson County Gas—100
187
100
7% preferred
pref.. 100
Pacific Pr & Lt 7% pf.-lOO
Penn Pow & Lt $7 pref-—*
Okla G & E 7%
*
100
$6 preferred
Gas..*
Natural
Interstate Power $7 pref.*
100K 102K
110
22 K
5
112
Republic Natural Gas
24 K
Ask
6% preferred C
100
Sioux City G & E $7 pf.100
Southern Calif Edison—
100
40 K
42 K
Jamaica Water Supply—
50
7K% preferred
pf.-lOO
Kan Gas & El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr_100
7% preferred
100
Jer Cent P & L 7%
53
55K
6% pref series B
25
South Jersey Gas & El. 100
Tenn Elec Pow 6% pf.100
80
82
106
108
34
37
Texas Pow A Lt
100
7% preferred
7%.pf-100
Edison 7% pf A. 100
26 K
28K
Toledo
31K
33 K
5% conv partic pref..50
27.
29
Utah Pow A Lt $7 pref—
Memphis Pr A Lt $7 pref. *
65
67 K
Virginian Ry
Public
Bid
1964
66 K
1963
105..
f debenture 4Kb..1948
100 K
1st mtge 4s
8
/G Foods Inc
3
6
100
70
80
*
1
..
7% preferred..
B
Bid
Ask
common
IK
*
$2.50 conv pref
9
11
*
Blckfords Inc
30
35
7% preferred
*
IK
100
Bohack (H C) common.
11K
100
Fishman (M H) Co Inc..*
7
2K
14
95
Diamond Shoe pref
Kobacker Stores
7% preferred
■
-
■
-
8K
65
75
Kress (S H) 6% pref
Miller (I) Sons common..*
11K
3
6
6K% preferred
100
Murphy (G C) $5 prcf.100
15
20
Reeves (Daniel) pref.-.100
United Cigar-Whelan Stores
$5 preferred
*
98 K
98
12
101
-
106K
100K
50K
6K
8K
Eastern Sugar Assoc
1
5
31
Bid
Ask
6
1
12
13
Preferred
see page 4103.
27K
187
59 K
61H
62 K
64K
96 K
101K 103 K
94K
26K
1978
28K
28 K
Keystone Telep
Income deb 4Kb—1978
31K
32 K
Missouri Pr & Lt SKs.1966
Income deb 4s
1973
Conv
deb
—
Conv deb 5Ks
52 K
53 K
1973
56 K
57 K
1973
4Kb
Conv deb 5s
52
1973
Conv deb 4s
27 K
29K
2K
3K
64 K
67
35 K
122
101K
26 K
Mtn States
62 K
-
5Kb.-1955
Pow 1st 6s. 1938
64 K
Ask
66
102
103 K
105
105 K
98 K 100
28
29 K
109
109K
88
100K
88
92 K
101K
90
Mountain States Tel & Tel
Debentures
3 Kb—1968
Narragansett Elec
86
88
Newport N A Ham
87
90
3Kb '66
5s. 1944
102
102K
105 K
106
101K
103 K
N Y State Elec A
28
Sink fund inc
4K3-. 1983
22
1983
24
21
26
Sink fund inc 4-5S..1986
—
-
-
-
29
22
S f inc 4Kb-5Ks—.1986
23 K
24
Sink fund inc 5-6s__ 1986
S f inc 5Kb-6Ks—.
Bellows Falls Hy El 5s
1986
1958
Blackstone V G A E 4s 1965
25
27
100K
28
«.
»
S3
86
70 K
72
74
75 K
G '60
Colorado
Power
5s
3Ks series I
6s series
B
/2K
105K
1962
Debenture 3Ks
1948
101K 102 K
50 K
52 K
86
104K
4KB-.
2K
-
-
-
105 K
44
46
44
46
-1947
1st mtge 4s
100
107
64K
66
67
103 K
1963
99 K
Sioux City G & E 4s._
98
43
1966
A..1958
Tel Bond & Share 5s.. 1958
Texas Public Serv 5s .1961
Utica Gas A El Co 5s. 1957
Western Mass Co 3 Kb 1946
Western Pub Serv 5Kb
104
'60
Wisconsin G A E 3Ks_1966
Wis
103 K
...
98 K
106 K
Sou Cities Util 58
1953
1962
5K8---1948
Heat & Pow
91
105K 106 K
69
104K
3an Antonio Pub Serv—
103K 104 K
stk '52
1968
Peoples Light A Power
1st lien 3-6s
1961
89K
St Joseph Ry Lt
109
Central G A E 5Ks. —1946
ser
Gas Corp
4s
1965
North Boston Ltg Prop's—
Secured notes 3 K8. .1947
Ohio Pub Service 4s..l962
Old Dominion par 5S..1951
Parr Shoals Power 5s._ 1952
Pennsylvania Elec 53.1962
Penn Telep Corp 1st 4s '65
Pub Util Cons
102
Consolidated Edison Co—
Fq footnotes
84 K
26 K
108K
26K
Consol E A G 6s A
West Indies Sugar Corp_.l
82K
107 K
26 K
Income 5Ks with
Savannah Sug Ref com_._i
4K
95
101
1978
Commonwealth Edison—
Cuban Atlantic Sugar... 10
94
3Kb'66
Dallas Pow & Lt 3K3-1967
Federated Util 5Kb—1957
Green Mountain Pr 5s.1948
Idaho Power 3Kb
1967
Iowa Sou Util 5Kb---1950
Kan City Pub Serv 4s. 1957
Kan Pow A Lt 1st 4Kb '65
Cumberl'd Co PAL
1978
Central Public Utility—
Par
23 K
3K
Bid
Cent Ark Pub Serv 5s. 1948
29
Sugar Stocks
Ask
91K
21K
34K
Income deb 3Ks
Cent Maine Pr 4s
Bid
61K
90K
116
Income deb 3Ks
1st lien coll trust 6s. 1946
Par
59
Utility Bonds
67M
49
Sink fund inc 5Ks._ 1983
100
101K
100K
100
As*
Corp—
Assoc Gas A Elec
..100
7% preferred
Mass Utilities Associates
Sink fund inc 5s
Borland Shoe Stores.
93
99K
98
United Gas & El (Conn)—
Cons ref deb 4Kb..1958
Sink fund inc 4s
1983
Par
91M
Rochester Gas & Elec——
6K
Iowa Southern Utilities—
7% preferred..
100
1
6% preferred
Assoc Gas A Elec Co—
Bid
98 K 100
111K 1115*
Queens Borough G A E—
Idaho Power—
Interstate
*
$7 preferred
8-year 8s with warr.1940
Chain Store Stocks
*
100
pref.....*
8s without warrants. 1940
Par
K
Power—
Ohio Power 6%
Appalachian Elec Power—
61.70
Wabash Ry 4Kb
53
Ohio Edison $6
$6.50 cum
se cum
1.00
1.10
64.25
Missouri Pacific 4Ks
187
Associated Electric 53.1961
5s
99
States
(Del) 7% pref
(Minn) 5% pref
Federal Water Serv Corp¬
1.50
3.75
64.50
5Ks
100
Essex Hudson Gas
1.00
64.50
Minn StP ASSM 4a...
78 K
31
61.50
Virginia Ry 4Kb
97K
Northern
116
2.75
61.75
58
Maine Central 5s
99K
76K
28
61.50
.
8
7% cum preferred—100
41K
114
Amer Utility Serv 6s.
5.00
Pacific 4Kb
71K
$6 cum preferred
98
pref..*
Derby Gas A El $7
62.25
5s
5s
5s
70
87 K
New York Power & Light—
7% preferred... -—100
Dallas Pr A Lt 7% pref-100
2.75
63.25
4Kb
16K
31
..*
New
Continental Gas A El—
4.00
63.25
Texas Pacific 4s.
15
29
4.00
64.75
% Pf-*
Co—
pref
*
Orl Pub Serv $7 pf..*
$7 prior lien
K
37K
1.75
61.80
5s
3.00
63.00
5s
4.75
63.75
Southern Ry 4Kb
4.75
65.50
5s
62.25
Great Northern 4Kb.
95
65.50
5 Kb
88
94
92
St Louis-San Fran 4s
5.00
66.00
6s
2.00
6.00
66.00
88
2.50
62.50
-
5s...
Erie RR 5Ks
2.75
63.25
1937-50
Dec 1
Reading Co 4Kb.
Denver & R G West 4Ks..
2.25
63.50
2Kb series G non-call
84
82
2.25
62.85
1937-49
& July
100
New Eng G & E 5K
78
*
7% preferred
Pere Marquette 4Kb
Chicago R I & Pacific—
Trustees' ctfs 3Ks
1.10
4s series E due
23 K
pf 100
Nassau & Suf Ltg 7%
New Eng Pub Serv
Consol Traction (N J). 100
Bid
25K
20 K
Nebraska Pow 7% pref. 100
72
Consol Elec & Gas $6 pref
Ask
24
21K
Central Maine Power—
7% preferred
$6 preferred
..100
7% preferred
——
25
preferred
Penn
25
West
7% pref
65K
110
108
4K
5K
63
Mountain States Power—.
Buffalo Niagara & Electern
.100
47
Ask
*
.*
*
$6.50 preferred
125
58
3.00
Bid
59
.100
50
67.50
5s
Par
66K
Consumers
Baltimore & Ohio 4Kb.—.
32
64 K
Original preferred
Equipment Bonds
62.60
40
28
$7 preferred
Cent Pr & Lt 7% pref. .100
Atlantic Coast Line 4Kb..
35
*
Mississippi P & L $6 pref.*
Miss Riv Pow 6% pref. 100
BangorHydro-E17% pf. 100
Birmingham Elec $7 pref.*
(Pennsylvania).
Bid
65
75
125
Preferred
98
94
103
73
120
Warren RR of N J (Del Lack A Western)
Railroad
79
104 K
56K
6.00
Vlcksburg Shreveport A Pacific (Illinois Central).. .100
West Jersey A Seashore
l6i"
99
Mississippi Power $6 pref *
5.00
._
60
68 K
3.50
(Pennsylvania)...
(I) LA W)
86"
82
Utility Stocks
100
Tunnel RR St Louis (Terminal RR)
Valley (Delaware Lackawanna A Western)
114
66 K
Atlantic City El 6%
Utica Chenango A "Susquehanna
90
48.
104
102
pref..*
Arkansas Pr & Lt 7 % pref *
Associated Gas & Electric
3.00
—
United New Jersey RR A Canal
85
44
Ask
Alabama Power $7
6.00
100
preferred..
100
80
39
.50
Public
Par
35
Hudson)
Bridge 1st pref (Terminal RR)
Second
97
82
1954
1990
....
Pittsburgh 4s
79
30
Rensselaer A Saratoga (Delaware A
St Louis
—
55
4.00
(U S Steel).....
(Pennsylvania).
100
29 K
26 K
4.50
Oswego A Syracuse (Del Lack A Western)
Preferred
West Virginia A
60
Pittsburgh Fort Wayne A Chicago
4s
—
Washington County Ry 3Ks
40
110
96
;—1961
1947
..1942
1967
1957
1946
1951
1940
4s
84K
81K
109
..1939
1941
1947
Canal 5s
Philadelphia A Reading Terminal 5s...
Pittsburgh Bessemer & Lake Erie 5s
Buffalo 4s
United New Jersey Railroad A Canal 3Ks
500
3.875
Norwich & Worcester 4Kb
Pennsylvania A New York
Vermont Valley 4Kb
..50
Pittsburgh Bessemer A Lake Erie
Preferred
•sj
62
2000
1948
...1947
Norfolk 4s
Toronto Hamilton A
134
4.00
50.00
50
(Pennsylvania)
88
49
....
New York A Harlem 3Kb
New York Philadelphia A
Toledo Terminal 4Kb
48
43
9.00
.100
New York Lackawanna A Western (D L & W)
Central
l66"
99K
60
1953
1950
Kansas Oklahoma A Gulf 5s_._.-.1978
Memphis Union Station 5s
....
...
.1959
New London Northern 4s..
...
-.1940
Providence A Worcester
44
.100
Morris & Essex (Del Lack A Western)..
95
34
105
1962
1945
Terre Haute A Pecoria 5s
39
.100
Michigan Central (New York Central)—
Northern
40
35
5.50
100
(N Y Central)
61
K
29
Terminal 3Ks
Toledo Peoria & Western
2.00
25
....
68
60
55
92
1995
Portland Terminal 4s
67
63
3.50
2.00
stock...
Delaware (Pennsylvanla)
97""
92
1951
—
Hudson).
32
25
Indiana Illinois A Iowa 4s.
Par in Dollars
(Illinois Central)
67
20
———1956
—...1951
1961
Florida Southern 4s
Louisville Dlv. A
Albany A Susquehanna (Delaware A
32
60
Illinois Central—
(Guarantor In Parentheses)
Alabama A Vlcksburg
92 K
30
1955
....
.....
Connecting Railway of Philadelphia 4s
Duluth Missabe A Iron Range 1st 3Ks
Guaranteed Railroad Stocks
91K
.
Chicago Indiana & Southern 4s—.......
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
2-6600
STOCKS
..........—
...
Boston A Albany 4Kb——
Members J^ew York Stock Exchange
120 Broadway
---
—
..
_.
Atlantic Coast Line 4s.
3o$*pb Walkers Sons
5Ks
Mich Pow 3Ks—1961
100
98 K
44
62
63
81
82K
121K
105K
79
106
81
104K
105
105
105 K
.
Volume
Financial
146
Quotations
on
Chronicle
4103
Over-the-Counter Securities—Friday June 24—Continued
Water Bonds
Industrial Stocks and Bonds
Bid
Ask
Bid
Ask
Alabama Wat Serv 5s -1957
98
100%
Muncle Water Works 5s '65
104%
Alabama Mills
Ashtabula Wat Wks 5s '58
101
New Jersey
100%
American Arch
100% 102
New Rochelie Water—
Atlantic
County Wat 5s '68
Birmingham Water Wks—
1957
104%
5s series B
1954
100%
5%s series A
1954
104
1957
••
m
„
Par
..1951
79
83
5%s
..1951
85
90
91%
New York Wat Serv 5s '51
106"" Newport
Inc
Bid
...*
5%
94%
Water Co 5s 1953
98
102
76
conv
10%
10
81
8%
Amer
*
8
9%
*
2%
3%
Scovill Manufacturing..25
20
Singer Manufacturing..100
Singer Mfg Ltd
243
104% 106%
Ore-Wash Wat Serv 5s 1957
82
85
Art Metal Construction. 10
Bankers Indus Service A.*
95%
Belmont
%
14%
5s
1941
101%
1957
1st 5s series C
105%
,.1946
6s series A
101
103%
—.1948
Prior lien 5s
59
1946
64
63
100
107
4%s
1958
90%
1958
96
St Joseph "Wat 4s ser A. "66
Scranton Gas & Water Co
99
105
100
106%
---
94
1st mtge 5s
«-
•
Richmond W W Co 5s_1957
Roch A L Ont Wat 5s. 1938
101%
Water of Utlca—
103%
101%
Pittsburgh Sub Wat 5s '58
Plainfleld Union Wat 5s '61
68
108
98% 101
5s series A
1942
6s series B
1942
5s series D.
1960
101
102%
101% 102%
105%
5s series A.
1952
South Bay Cons
.1952
97
South
Hackensack Wat Co 5s. '77
106
5s series B
100
ser
1977
..1954
110
...
6s
1954
5s
1962
Iilinois Water Serv 5s A '52
101%
103
1966
1958
Joplin W W Co 5s
1960
r—<
1960
r-4
Texarkana Wat 1st 5s. 1958
102
104% 106%
Union Water Serv 5%s '51
Wr Va Water Serv 4s..1961
101%
...
...
1957
Kokomo W W Co 5S..1958
104% 105%
Long Island Wat 5 %s. 1955
102%
Middlesex Wat Co 5 Ms '57
Monmouth Consol W 5s '56
107
1st mtge 58
104%
'
*
m
1950
Westmoreland Water 5s '52
Monongahela Valley Water
5%s
1950
101%
Morgantown Water 5s 1965
104% 105%
Bake Shops
51
*
Preferred
93
V
-
-
99% 101%
100%
.«•-*.
4%
1956
101
1960
1949
17
18%
50
65
Tubize Chatlllon
cum
pf.10
Stock Yards Corp—
Union
cum
Warren
pref
14
T%
*
4%
37%
100
22%
29%
Harrisburg Steel Corp
5
Kildun Mining Corp
1
King Seeley Corp com_._l
-
Lord A Taylor com
-
1st 6%
100
preferred
conv
Macfadden Pub
13
15
91%
95%
1%
14%
16
75
85
$3
cum
t c 1
com v
preferred
*
White Rock Min Sprlng$7 1st preferred
100
Wick wire Spencer Steel.
Wilcox A GIbbs
41%
24%
Par
Bid
7%
%
5
Adminis'd Fund 2nd Inc. *
11.40
12.13
Affiliated Fund Inc.—1%
Amerex Holding Corp..
3.72
4.10
19%
21%
Amer Business Shares
3.18
3.51
Amer
A
Continental
Amer Gen
Corp
6
Equities Inc 25c
7
13
WJRTbe Goodwill Sta___5
18
20
Worcester Salt
100
9.63
10.29
25.02
27.32
20.47
22.43
1
Series B-l
.....
Series B-2
Series B-3
56c
63c
4%
Series K-i
5%
6%
Series K-2_,
Bankers Nat Invest Corp *
Basic Industry Shares..10
1.55
2.05
Series S-2
18
Series S-4
Boston
Fund
Inc
3
13.65
15.52
24c
39c
22.82
24.41
13%
1434
M utual Invest Fund
3.65
4.00
Nation Wide Securities 25c
21.65
23.28
3.13
3.35
6%
6%
1
Century Shares Trusti__*
Commonwealth Invest..
Continental Shares
pf.100
2.20
Corporate Trust Shares.
Series AA
1
14.11
4.37
14.79
Canadian Inv Fund Ltd.
14.42
10.72
12.74
1
Bullock Fund Ltd
14.99
13.15
9.65
...
Broad St Invest Co Inc..5
British Type Invest A
2.95
Keystone Custodian Funds
4
Corp*
1
2.58
Investors Fund C
10%
7% preferred
100
Young (J S) Co com... 100
53%
56
75
85
100
122
American Tobacco 4s. 1951
107
7%
preferred
Bonds—
Am Wire Fabrics 7S..1942
90
92%
Major Shares Corp......*
Maryland Fund Inc
10c
-
-
1
19.60
10.61
1.23
12.02
12.92
8.30
Aviation
Bank stock.
7.08
7.14
Electrical equipment
7.07
Insurance stock
8.44
:
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Shs ser B1
Diversified Trustee Shares
C
5.25
5.90
1.19
1.29
Eaton A Howard Manage¬
ment Fund series A-l...
16.21
17.41
Equit Inv Corp (Mass)..5
26.36
Equity Corp S3 conv pref 1
Fidelity Fund Inc
*
Class B
5%
6%
21%
24M
9.12
Royalties Management-.1
40c
Selected Amer Shares..2%
Selected Income Shares..
48.70
9.48
Investors
»
•
66c
7.07
Spencer Trask Fund
,.*
14.29
Standard Am Trust Shares
1.55
16.91
Fundamental Tr Shares A2
4.67
5.25
General Capital Corp
*
General Investors Trust.*
28.96
Utilities Inc.50c
State Street Invest
Corp
49c
73
Super Corp of Am Tr Shs A
3.2G
4.87
BB
C
45.41
1.08
1.18
D
45.41
78c
86c
Aviation shares
1.12
1.22
Building snares
1.25
1.36
Series C
1
1.19
1.36
Series D
1
89c
Automobile shares
Food shares
Investing shares
71c
79c
Merchandise shares.:
93c
1.02
Mining shares
1.18
1.29
Petroleum shares
1.06
1.16
69c
76c
RR equipment shares
1.10
•.
1.20
1.01
Steel shares
Tobacco shares
1.11
%
%
45c
85c
16.52
17-76
99c
1.09
Guardian Inv Trust com.*
Huron Holding
Incorporated
Corp
I
Investors. .*
Institutional Securities Ltd
Bank Group
shares
Insurance Group Shares.
Invest Co. of Amer
com.
10
3
Trustee Stand Oil Shs A.l
Series B
1
Trusteed Amer Bank Shs B
Trusteed
Industry Shares.
U S El Lt A Pr Shares A..
B
1.24
1.37
32
87c
1.67
Voting shares
•
«.
-
-
*
1
12.43
Investm't
Banking Corp
Corp.l
28
First Boston Corp
Schoelkopf, Hutton A
17
Pomeroy Tnc
com
10
2
5
44
40
42%
•
29
2%-4s (w-8)
1949
1946
*
•
-
-
98c
1.77
1%
/6%
r
40
...
1%
•*«•
17
165 Bway Bldg let 5%s '51
/44
46%
1961
5%s stamped
35%
56
Realty Assoc Sec Corp—
38
5s
5%
/4
29%
33%
36
..1943
income
/4I%
44%
39
Roxy Theatre—
.......1957
1st 4s
31%
32%
35
47
49%
25%
27
Sherneth Corp—
60%
2s
46
units
44%"
43
Income 5%s
w-s—1963
20
/19
60 Park Place (Newark)
1st fee A leasehold
56
-
m
»
Apt Bldg—
1950
1956
1956
with stock
1947
3%s
40
...
61 Broadway Bldg—
34
---
62%
...
1950
Syracuse Hotel (Syracuse)
3%s with stock
35%
1955
63
1958
36%
1939
;F 1st 3s.
44
36%
—
Loew's Theatre Rlty Corp
1st 6s
1947
89%
90%
Textile Bldg—
1952
39
42
Trinity Bldgs Corp—
1st 4s (w-s)
1st 5%s
(Bklyn)
1st 5s fL I)-
— —
1947
..1951
55
...
3s with stock
28%
1st 3s 1957 w-s
Wall A Beaver St
Majestic Apt Inc—
1948 stamped
w-s
Metropolitan Chain Prop—
6s
1948
4s 1946
...
52%
"""
Walbrldge Bldg (Buffalo)—
Mad (The) Ave Apt Hotel
4s
2 Park Ave Bldg 1st
37%
oz
5
6
84
87
1950
Cori>—
18
1951
20%
22%
Westinghouse Bldg—
1st fee A leasehold 4s '48
66%
—
l8t4%8
w-s
13.71
5%
33
No
/Flat
value,
par
price,
dividend.
v
a Interchangeable,
b Basis price,
d Coupon,
v Nominal quotation,
w 1 When issued,
Now selling on New York Curb Exchange,
e Ex-interest.
With stock, a: ExEx-stock dividend,
w-s
z
5
18%
t Now listed on
New York Stock Exchange.
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure
10c
...
Prudence Co—
33
Lexington
1st 5s
13%
1951
mtge 6s
Savoy Plaza Corp—
3s with stock
1st A gen 38 w-s
61c
Nov 15 1939
1st 6s
2d
103 E 57th St 1st 6s... 1941
4l"
Lefcourt Manhattan Bldg
'
/19
Oliver Cromwell (The)—
60
1944
32%
-
39
1957
49
1 Park Avenue—
34%
38
6%s stamped.. 1948
July 7 1939
1st 6s
-
m
/46%
19th & Walnut Sts (Phila)
28
_
1958
*
4%
Central Nat Corp cl A...*
Class B
*
4
London Terrace Apts—
96c
1
40
Ludwig Baumann—
2%
Wellington Fund
48
f37%
Hotel St George 4s...1950
-
-
2
Un N Y Tr Shs ser F
/46%
5%s series Q
Lincoln Building—
*.
-
10.03
87c
Un N Y Bank Trust C-3.*
5%s series F-l
1st 4-58 extended to 1948
5.60
13
/30%
26
1st 4s..
6.11
55c
30
Lewis Morris
Trustee Stand Invest Shs—
Bancamerica-Blalr
29
9.23
6
Co—
Hearst Brisbane Prop 6s '42
2.06
Supervised Shares
Corp—
24
3%s
-
2.28
81c
Agricultural shares
23
/5
Y Majestic
Harrlman Bldg 1st 6s. 1951
53c
2.34
Chemical shares
Group Securities—
21
2s
N
47
27
Hotel
76%
»
1946
N Y Athletic Club—
64
1950
1st
2.06
B
61%
Metropol Playhouses Inc—
S f deb 5s...
1945
5%s series BK
5%s series C-2
Graybar Bldg 5s
3.05
AA
31.14
4.48
91
59%
4s with stock stmp—1956
m-rnrn'
N Y Title & Mtge
Income 3s
2.36
Fundamental Invest Inc. 2
Ask
87
34
Fuller Bldg deb 6s
15.04
4.10
Standard
32
Fox Theatre & Off Bldg
73c
6.51
4.21
83%
45
m
•
3.85
*
80%
Bid
1947
6s
50%
1st
60c
3.89
/21
1939
1400 Broadway Bldg—
30c
15.66
B
41%
102
Metropolitan Corp (Can)—
23
61%
1945
42 Bway 1st 6s
9.62
27c
Sovereign
1944
Film Center Bldg 1st 4s '43
1
Foundation Trust Sbs A.l
Foreign Bd Associates Inc.
38%
100
Certificates
Ask
31%
40 Wail St Corp 6s
102
19.25
b% deb series A
Representative TrustShslO
Republic Invest Fund.25c
98
17.88
3.51
1957
1st leasehold 3s. Jan 1 '52
10.59
6.90
1962
9%
52d A Madison Off Bldg—
9.67
8.69
10
2d conv income 5s—1962
500 Fifth Avenue 6%s. 1949
26
Quarterly Inc Shares..10c
series. 10c
11%
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
2.23
28.04
Fixed Trust Shares A... 10
9%
8
*
Hotel units....
43c
2.53
1st 5s
50 Bway Bldg 1st 3s inc '46
%
3.16
108%
Woodward Iron—
34%
1st
--
38c
2.28
Insurance stk
-
*
10c
B
-
24
*
...
Plymouth Fund Inc
Witherbee Sherman 6s 1963
42
Eastern Ambassador
2.54
10c
Fiscal Fund Inc—
series
1
Pacific Southern Inv pref
Class A..........
86
107
Dorset 1st A fixed 2s.. 1957
2.50
Series 1958.
61
39
5
Court A Remsen St Off Bid
7.96
2.12
1
Series 1956-...
3.40
18
/15
Colonade Constr'n 4s. 1948
49%
No Amer Tr Shares 1953.*
1
Bank stock
7.35
—
No Amer Bond Trust ctfs.
25c
8
75
Chesebrough Bldg 1st 6s '48
7.03
1.37
.3.50
D
Dividend Shares
55
1945
32%
100
Yeast...100
Pharmacal
Broadway Motors Bldg4-68
1948
9.31
6.49
Series 1955
Scovill Mfg 5%s
Chanin Bldg inc 4s
8.51
8.66
2.90
2.63
1946
N Y Shipbuilding 5s—1046
'
7.76
7.86
Railroad equipment..
4.43
7.17
Metals
Oils
110
——
73%
New Haven Clock—
1st 3s
7.89
Steel
7% preferred
100
Cumulative Trust Shares. *
29
N$t Radiator 5s
18
B'way & 41st Street—
9.13
7.29
.......
Machinery
26
4%
21
*
B'way Barclay 1st 2s. .1956
7.76
10
New Britain Machine
Alden 1st 3s
7.73
Common B share
3
18
16%
100
Bid
7.67
Building supplies
8% preferred
100
Crum A Forster insurance
preferred
..1948
Real Estate Bonds and Title Co. Mortgage
5.45
2.17
114
5%
Conv. deb 6s
43
81
78
/71 %
/6%
107
Nat Paper & Ty pe com... *
1.35
5.12
7.67
National Investors Corp.l
New England Fund
1
Agriculture
23
*
40
9%
Ohio Match Co
3.12
Voting shares
2.57
20
Preferred
8%
1937
1938
Kelsey Hayes Wheel Co-
Ohio Leather common...*
11.59
3.02
2.57
10
Muskegon Piston Ring. 2%
Deep Rock OH 7s
Haytian Corp 8s
90
20.50
10
Mass Investors Trust
1
com
113
-
5.69
1
Crum A Forster
Cont'l Roll & Steel Fdy—
1st conv s f 6s
..1940
Preferred 6 >4%
4.90
-
Series A A mod
....
23
Norwich
'
2%
5.16
Accumulative series...1
Series ACC mod
21
Northwestern
N Y Stocks Inc—
2.17
Chicago Stock Yds 5s,. 1961
80
95~"
4%
3%
32%
Casket.—__...*
11%
17
28
National
X40
*
100
100
7
6
200
100
100
1%
10
com
*
7% preferred
Ask
Investors Fund of Am Inc.
Assoc. Stand Oil Shares._2
Am Iasurance Stock
1
—
50
6%
14
100
6% preferred
Bid
'
32%
Mock Judson & Voehrlnger
Par
Ask
18
West Va Pulp & Pap com
Preferred
..100
Merck Co Inc common.. 1
Investing Companies
46
16
105
7%
150
common. *
Preferred..."
3
42
preferred..
preferred
6
5%
%
100
2d 8% preferred
103%
6%
%
%
2
(Northam)—
West Dairies Inc
3
*
1
100
10%
2%
5%
.100
32%
13
*
3%
2%,
30%
*
9%
1%
*
com.
Welch Grape Juice com-.5
7%
2%
Great Lakes SS Co com..*
104%
100%
5%
*
Good Humor Corp
Graton & Knight com
104%
«.
1952
A
31%
21
Lawrence Portl Cement 100
5s series B
W'msport Water 5s
2%
29%
3%
54%
17
shares
8
1%
*
70c
30
American
7
*
York Ice Machinery
Wichita Water—
6s series
2%
*
Great Northern Paper..25
5s series C
94%
1%
97
93%
...1951
1st mtge 5%s...
31%
prior pref
Federal
...*
common
Trico Products Corp
Preferred
Preferred
99% 101%
1950
5s series B
m
36%
United Merch & Mfg com *
United Piece Dye Works.*
105
Western N Y Water Co—
92
-m>
United Artists Theat
Fire Extinguisher...*
General Foods $4.50 pf..*
103% 105%
7%
14%
Tennessee Products..
112
Gen
102
93%
32%
100
Garlock Packing com
95
Terre Haute Water 5s B '56
87
28%
*
Preferred
—
-
OO
104%
Indianapolis W W Secure—
5s
5s series A
1949
Steel
15
34
Foundation Co For shs...*
104
6%
13%
Taylor Wharton Iron &
34
Fobs Oil Co
Pittsburgh Water—
6s series A
7%
58%
74%
101% 103%
104
5%
13
31%
$3
101%
71%
.
3
26
3%
79
76
99%
B 1961
Springf City Wat 4s A '56
Indianapolis Water—
1st mtge 3%s
79%
2
24
30
—
1%
5
%
55%
Draper Corp.
1stmtge 5s........1955
Huntington Water—
5s scries B
*
5%
6%
%
20
.
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
5
2%
Preferred
Standard Screw
Devoe A Raynolds B com *
77
5s series B
5 %s series B._
37
10
Skenandoa Rayon Corp.
109
Conv
Wat 5s '50
54%
4
21%
253
4%
4%
Standard Coated Prod. 10c
Douglas (W L) Shoe—
.1967
Sbenango Val 4s
98% 101
53%
Dixon (Jos) Crucible...100
Water Service 5s_1961
1st & ref 5s A
Greenwich Water & Gas—
2%
2%
2%
com
*
Croweli Publishing com..*
S7 preferred
100
Denmson Mfg class A
10
Dentist's Supply com...10
Scranton-Spring Brook
105
17%
1
*
Columbia Baking com
SI cum preferred
99% 101%
1958
4%s
16%
1
Dictaphone Corp
E St L & Interurb "Water—
60
43
100
Chic Burl & Quincy
Chilton Co common
---
106
Pinellas Water Co 5%s_ '59
ConnclJsvllle Water 5s 1939
Consol
99
100
Phlla Suburb Wat 4s„ 1965
Community Water Service
5 %s series B
..1948
1st consol 4s
51
41
*
Corp
Beneficial Indus Loan pf
Burdines Inc common
103
1st consol 5s——-1948
101
1954
;
100
1950
1st A ref 5s
City Water (Chattanooga)
5s series B
94%
4%S—1966
1st coll trust
Products...*
American Mfg. 5% pret 100
Andian National Corp...*
Peoria Water Works Co—
5%
13%
Remington Arms
Cnester Wat Serv 4%s '58
Citizens Wat Co (Wash)
103
*%
4%
12
Pollack Manufacturing
101
101%
Exploration
95
99
1951
%
23%
16%
105
5%s series A
97
89
Ohio Valley Water 5s_1954
Ohio Water Service 5s. 1958
Radio
Pilgrim
Ask
Bid
1
22
102% 104
Penna State Water—
pref.....*
Conversion
.25
Hardware
Maize
Petroleum
100
pref
cum
American
104%
City of New Castle Water
11%
Pa the Film 7%
Petroleum Heat A Power. *
pref
Calif Water Service 4s 1961
1951
Par
3%
28%
American Hard Rubber—
Ohio Cities Water 5%s *53
5s..
Ask
2%
25
American Cynamld—
5s series B._
5s series C
Butler Water Co 5s
Water 5s 1950
2%
gold.
4104
June 25, 1938
Financial Chronicle
•
Quotations on Over-the-Counter Securities—Friday June 24—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
Oberpfals Elec 7s
-
-
Bank of Colombia 7%.
78
.
Bavarian Palatlnlte
1946
Colombia 4s
30
Cordoba 7s stamped..1937
24 M
Costa Rica funding
24 %
Costa Rica Pac Ry 7Ms '49
21M
1949
1959
Cundlnamarca 6 Ms
/10
ollv
7s.
7s.
Duesseldorf 7s to
Dulsburg 7% to
East Prussian Pow 6s. 1953
3M
5s..1931-51
Brazil funding scrip
Frankfurt 7s to
/15
—
gg
(Colombia) 7 Ms '46
Call (Colombia) 7s.—1947
Callao (Peru) 7 Ms
1944
Cauca Valley 7 Ms
1946
Ceara
/15M
/5M
/ 10M
/2
1947
(Brazil) 8s
German Building &
9
6
I
f11
2
23 M
Conversion
••
---
mmm
18
1968
/66
68
.1953
/H
7s assented
Chilean Nitrate 5s
P> Budapest 7s
Dec 1 '35 stamped
REGISTRATION
OF
/54
/42
/22
/50
f24
J22
1947
Santa Fe 7s stamped.1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s.. 1943
/i2M
/6M
13 M
Saxon Pub Works 7s-.1945
/22M
23 M
/22M
/24
Halske deb 6s.2930 /420
23 M
3
3
22 M
99
mmm
mmm
mmm
mmm
mmm
mmm
30 %
5s.
1956
24
2d series 5s
1956
68 M
22
Oct 1932 to April 1935
22
Oct 1935 to April 1937
...
common
Co.
/33*
/96
/96
always
as
Toho Electric 7s
UNDER
(2-3725, Form A-2) of Milwaukee, Wis.,
registration statement covering 300,000 shares of $1 par value
stock to be offered at the market for estimated cash proceeds of
61M
/58
...
/68
/56
64M
/10M
■
....
...
66 M
11M
1943
62 M
order.
record July 1.
This compares with 20 cents paid on Dec. 20 and on June
25, 1937; 35 cents paid on Dec. 23, 1936, and 10 cents paid on July 15 and
on Jan. 10, 1936, this last being the first dividend paid since Sept. 30, 1931,
a
quarterly dividend of 25 cents per share was distributed.
the current dividend is not to be considered
The managers stated that
regular dividend, and that the policy of the Board Managers is to de¬
clare dividends from time to time when conditions warrant without regard
as
a
periods.—V. 146, p. 3943.
fixed
to
i.
Akron Canton & Youngstown
'
Ry.—Earnings—
1938
Net after rents.
1937
$122,463
22,404
def3,713
Gross from railway.....
Net from railway.
$184,315
64,260
27,601
1936
$191,147
72,619
43,062
21,234
39,406
From Jan. 1—
„
621,962
95,387
965,909
365,759
922,314
350,631
834,272
293,501
def41,631
Net from railway
Net after rents..
—V. 146, p.
1935
$148,130
170,775
198,826
174,997
3486.
Alabama Fuel & Iron Co.—Dividend Omitted—
omit the dividend ordinarily
A dividend of 20 cents was paid
April 1, last, and previously regular quarterly dividends of 30 cents per
Directors at their recent meeting decided to
be issued under plan of reorganization.
No underwriter
due at this time on the common shares.
on
share were
distributed.—V.
Alabama Power
Period End. May
Gross
146,
p.
1938—Month—1937
31—
$1,636,144
revenue
3943.
Co.—Earnings—
1938—12 Mos.—1937
$1,692,359 $19,845,336 $19,867,484
705,282
217,690
700,641
227,431
8,894,559
2,684,075
8,871,981
2,082,431
$713,171
403,338
$764,287
401,924
$8,266,701
4,801,876
$8,913,071
4,831,173
$309,833
$362,362
$3,464,824
$4,081,898
195,178
195,178
2,342,138
2,342,138
$114,655
Oper. expenses & taxes
Prov. for depreciation..
x
$167,184
$1,122,686
$1,739,760
Filed June 16,
are to
Inc. (2-2621, Form A-l, a refiling) of
registration statement covering a maximum of
be offered at $1,800 each. According to the registration,
Investor'.
1,000 certificates to
and F. C. Woodward.
Fund,
Int.& other fixed charges
a
E. F. Dougherty is President of the company.
Net income
Div.
x
previous list of registration statements
issue of June 18, page 3942.
was
given
Abbott
Alaska-Juneau Gold Mining
Stock Exchange has approved the application of the
com-
registration under the Securities Exchange Act of 1934.—V. 146, p. 3169.
Co., Ltd.—Earnings—
May, 1938
Earnings after expenses
Before
April, 1938 May, 1937
$181,931
$406,144
$5,
last, and one
Ltd.—Pays 10-Cent Div.—
a dividend of 10 cents per share on the common
June 1, last.
A dividend of 20 cents was paid on Dec. 1,
of 10 cents per share was paid on March 1, 1937.—V. 142,
company
par
$285,264
depreciation and bond interest.—V. 146, p. 3942.
Acadia Sugar Refining Co.,
paid
on
4165.
Adams Express Co.—To Pay
Smaller Dividend—
The Board of Managers on June 21 declared a dividend of 10 cents per
on the common stock, no par value, payable July 12 to holders of
share
provided by a subsidiary company.—V. 146,
3487.
Co.—Extra Dividend—
extra dividend of 15 cents per share in
quarterly dividend of 15 cents on the common stock,
par $10, both payable Aug. 1 to holders of record July 5.
Like amounts
were paid on May 2 and on Feb. 1, last.
An extra of 30 cents was paid on
Nov. 1, last, and extra dividends of 15 cents per share were paid in each of
the 16 preceding quarters.—V. 146, p. 3796.
addition to the usual
100 to value.
fany par list 20,000 shares 4M% will be admitted to trading upon notice of
These securities cumulative convertible preferred stock,
Abitibi Power & Paper
provision was made in 1936 for Federal surtax on undistributed
all taxable income was distributed.
No provision was made in
as
1937 except for a small amount
The directors have declared an
Laboratories—Application Approved—■
Month—
No
profits
p.
♦
The Chicago
pref, stock
on
Balance
Filed
20, 1938.
The last
p.
/70
and Investment News
Filed June 15, 1938.
464 certificates have been issued to residents of the State of Washington.
Proceeds will be used for investment.
Uhderwriters are E. F. Dougherty
The
...
23 M
/21M
J86.92 91.54
Unterelbe Electric 6s. .1953
/22M 23 H
Vesten Elec Ry 7s
1947 /21M 22%
/20M 22 £
Gross income
.stock,
61
/62
747
Union of Soviet Soc Repub
Gross from railway
Robert L. McClure is President of the company.
Securities
Insurance
x
...
61
/58
/58
/II
/99M
Harold
a
Seattle, Wash., has filed
x
1947
7% gold ruble
1938.
our
mmm
/II
approximately
Schuyler Hudson Corp. (2-3727, Form E-l) of New York, N. Y., has
a registration statement covering $340,000 4%
10-year 1st mortgage
bonds, due 1947. The company plans to issue $304,700 bonds in exchange
for a like amount of certificates of deposit for 6% 1st mortgage gold bond
certificates of Philip Schuyler Corp. The remaining $35,300 bonds are to be
issued in exchange for $156,700 principal amount of certificates of deposit
for 6% 1st mortgage gold bond certificates of Philip Schuyler Corp. and
now held by Metropolitan Casualty Insurance Co. and Maryland Casualty
in
1955
possible to arrange companies in exact alphabetical
near alphabetical position as possible.
filed
June
7M
f Flat price
registration statement covering $1,500,000 of 1st mortgage bonds,
series A, due 1968.
Interest rate will be filed by amendment.
Proceeds
will be used to redeem $1,500,000 of 4M% 20-year gold bonds, series B,
due 1940.
Bids for the bonds will be invited under Massachusetts law.
Co.
1946
Tollma 7s
10«
12 H
Lawrence Gas & Electric Co. (2-3726, Form A-2) of Lawrence, Mass.,
named.
1946
Certificates 4s
mmm
r
16M
a
Fred H. Sargent is President of the company.
1936
Certificates 4s —1936
...
7s unstamped
SM
not always
$687,000, to be used for investment. No underwriter was named.
W. Story is President of the company. Filed June 15, 1938.
has filed
Stettin Pub Utll 7s.-.1946
Nat Bank Panama
6M
59 M
58
Coupons—
/22M
32 X
—
9
/8
Jugoslavia
Stinnes 7s unstamped.
May—
Investment
81em &
24 M
66 M
100
...
1951
Saxon State Mtge 6s.. 1947
6Ms
/22M
/20M
/20M
23 M
$4,327,000.
Wisconsin
/22
State Mtge Bk
3
when
has filed
/23
8%
mmm
&
Luneberg Power Light
1948
8s ctfs of depo8lt-1948
8s
mmm
Coupons—
7
/12
STATEMENTS
The total involved is
10
51
following additional registration statements
(Nos.
and 2621, a refiling) have been filed
the Securities and Exchange Commission under the
Securities Act of 1933.
mmm
13
/5
49
3725 to 3727, inclusive,
with
/14
/12
3
SECURITIES ACT
The
1957
7s ctfs of deposit. 1957
-
UTILITY—INDUSTRIAL—MISCELLANEOUS
RAILROAD—PUBLIC
FILING
Salvador 7%
mmm
--
7M
Santa Catharlna (Brazil)
General Corporation
are
1933
6%
51
720
it is
25
Janeiro
49
24M
flQn
June 1 '35 to June '38-.-
they
/21
Rio de
mmm
/15
/28
/30
...
reasons
/22
8aarbruecken M Bk 6s '47
1941
mmm
3
24M
/7M
/15M
However,
R C Church Welfare 7s '46
23 X
23
1941
5s
Rhine Westph Elec 7% '36
f22
/32M
/95
/6M
NOTE—-For mechanical
...
mmm
/21M
/20
/70
/25
/6M
/22M
3
terman Young coupons:
City Savings Bank
f21H
/21M
3
Office
Apr 15'35 to Apr 15'38.
18
7M
/6M
21M
22 H
3
Dec 1934 stamped......
f25
/16
/10
1934
Chile Govt 6s assented
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
many) 7s
4s scrip
Central German Power
p*Madgeburg 6s
37
/35
(Ger¬
Protestant Church
/II
7
Funding 3s
1946
Int ctfs of dep July 1 *38
4
Central Agric Bank
see German Central Bk
•
28
29
21M
/22
-.1938
Agricultural 6s
erman
1936-1937
1968
Coupons
Porto Alegre 7s
22
27
Rom Cath Church 6 Ms '46
...
70
/90
f22
German Central Bank
6
11M
/20M
60
9M
1956
Poland 3s
08
3
/46
Land1948
bank 6 Ms
11
16M
6s.
1952
Panama 5% scrip
112H
—-
)
German Atl Cable 7s. .1945
45
122
10M
Caldas
7
1937 /100
1940 /100
6s
1953
/23
Buenos Aires scrip
/42
Burmelster & Wain 6s. 1940 /118
111 M
/20
Gelsenkirchen Mln 6s. 1934 /100
Brown Coal Ind Corp—
...
8
17 K
96
French Nat Mall 88 6s '52
191
7 Ms
Mtge 7s_'63
1945
Farmers Natl
...
1967
7s Income
mm
•
British Hungarian Bank
0Ms
1967
7s
/25
.
17 H
/18
/H
/18
/II
/H
/20M
1966
7 Ms Income
19 H
18
/17M
1953
6Ms
European Mortgage & In
vestment 7 Ms
1966
21H
/16
6s.
Electric Pr (Ger'y) 6 Ms '50
36/8
3M
6M
/20M
/24
f22
/24
3
1945
13
mm
mmm
17 H
/22
f20H
/20M
/21M
f2 2%
/22M
1945
13 M
/5
/20M
/18M
/32
6s.
Brazil funding
19
/12M
/12
/3M
/3M
/3 M
Cities 7s to
8s.
m
Panama City 6 Ms
s
62
/9
Dortmund Mun Util 6s '48
Cons
1941
mm
-
Guatemala 8s
36
m
/60
/16M
/16 X
/16%
5s. '51
rjg
20.
'mm
mmm
0
A si
Bid
22 M
/20M
/27
f22%
f22%
/17
f20H
m
mrnmm
Foreign Unlisted Dollar Bonds
A si
m... «*
'
July to Dec 1936
Jan to June 1937
July to Dec 1937
Jan to June 1938
Bid
/39M
/38M
/37
-
July to Dec 1935
Jan to June 1936
2-5422
Tel. H An over
f22
1945
7s to
Jan to June 1935
co., inc.
braunl &
William St., N. Y.
23 M
1946
Oldenburg-Free State
July to Dec 1933
Jan to June 1934
July to Dec 1934
52
Asl
Bid
Ask,
Bid
Inactive Exchanges
Allied
International
Investing Corp.—Accum. Div.—
50 cents per share on account
pref. stock, no par Value, payable'
Aug. 1 to holders of record July 15.
Like payment was made on Feb. 1,
last, 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 pref. stock
since Aug. 1, 1931, when 50 cents was distributed; similar payments were
made on the two preceding quarters, prior to which regular quarterly divi¬
dends of 75 cents per share were disbursed.—Y. 146, p. 899.
The directors have declared a dividend of
of accumulations
on
the $3 cum. conv.
Alpha Portland
Directors have declared
common
stock,
no par
Cement Co.—25-Cent Dividend—
a quarterly dividend of 25 cents per share on the
value, payable Sept. 24 to holders of record Sept. 1.
Financial
146
Volume
A regular quarterly dividend of like amount,
will be paid on June 25.—V. 146, p.
which was declared on
May 11,
Corp.—To Pay S3.50
$3.50 per share on account of
pref. stock, par $100, payable July 1 to
holders of record June 23.
Dividends of $14 per share were paid on Dec.
23 and July 1, 1937.
A dividend of $10.50 was paid on Dec. 15, 1936.
Accumulations after the current payment will amount to $14 per share.
Earnings for Years Ended
Jan. 1 '38 Dec. 27 '36 Dec. 29 '35 Dec. 30 *34
declared a dividend of
The directors have
accumulations on the 7%
$1,579,612 ■■■ $470,311
457,398.
454,999
384,427
513,473
$494,003
415,246
595,338
$1,370,815
$737,786 loss$498,161
loss$516,580
Prov. for conting.,
117,000
43,000
259,200
10,000
$598,161 loss$491,710
Trade creditors,&c
27 '36
$111,405
7,078
7,769
Accrued payrolls..
7,650
Other accr.liabils.
20,518
16,457
acct.
30,087
24,108
293,168
227,209
15,400
& notes re¬
715,859
363,242
Affil.
333
Accrd. int. receiv.
1,064^605
526,296
60,639
52,214
,405
1,961,
1,780,506
12 ,668
Inventories
12,803
co. cur.
Taxes.
Mtges. payable
Invest, in & adv. to
other companies
for contings.
Res.
9,351
27,674
Prov. for income tax
$190,782
$108,739
$54,340
Net income
31,1937
Balance Sheet, Dec.
Assets—Cash, $22,321; accounts receivable, $4,246; accrued interest,
$13,116; securities (at cost), $642,915; miscellaneous investments (at cost),
$145,704; deferred charges, $335; total, $828,638.
Liabilities—Accounts payable, $28,530; accrued taxes, $24,006; collateral
loans payable, $135,000; participating preferred shares (par $1), $176,550;
common shares
(par $1), $30,000; dividends unclaimed, $2,051; paid-in
surplus, $434,896; deficit, $2,394; total, $828,638—V. 146, p. 1388.
3,500,000
3,500,000
(140,000
Com.
shares..
Ended April 30, 1938
for Four Months
.$9,159,225
Net sales
and administrative,
sold incl. selling, advertising
&c., expenses (excl. of depreciation)
Cost of goods
82,311
Other income
$1,402,962
131,391
280,000
280,000
B
cl.
——
undistributed profits
without
$971,262
741,060
Net income
Dividends
(140.000 shs.
Earnings
,
per
share..
—
718,236
718,236
8,177 defl23,516
Apr. 30*38
,
1936.—V.
reserve
$5,005,120 $4,837,472
of $5,249,393 in 1937 and $5,028,902 in
for depreciation
Total
(
145, p. 3965.
Foundry
&
$
1,185,318
Notes
22,611
16,271
Accts.
Receivables
(net). 2,986,848
Inventories
4,500,837
2,415,455
4,783,261
Consolidated Income Account for
[Including Company and
all
1935
1936
1937
after prov. for taxes..a$4,620,773
d Renewals, repairs, &c.
3,867,366
$4,972,170
2,779,717
$753,407
24,020,918
$1,210,676
23,968,041
$604,916
2,573,430
$2,197,202
3,761,494
Net profit...
Total surplus...
Preferred dividends....
e$582,515 e$l,968,514
24,550,557 26,519,071
cl49,850
$23,968,041 $24,550,557
"
....
-
applicable for that
$24,050,700 $24,020,918 $23,968,041
$24,550,557
Federal normal tax and surtax on un¬
Excludes $26,375 paid on preferred
capital stock in treasury in 1937 and $42,200 in 1936.
c Excudes $150
paid on common stock in treasury,
d Including renewals, replacements,
repairs, new patterns, flasks, &c.
e Loss.
Consolidated Balance Sheet April 30
After provision for estimated
distributed profits
($202,000).
b
a
1938
1937
1938
73,468,809
Mat'l on hand..
6,825,534
73,235,314
12,291,801
5,135,046
6,260,325
&
notes
receivable....
Stocks
&
1,552,366
3,826,046
Treasury stock
533,400
533.399
1,245,362
10,039,629
4,547,139
112,115
125,778
177,729
30,000,000
5.294,95
1,500,0007
overhead,
8,760,474
7,169,150
stock
2,833,645
2,983,495
Res. for conting.
1,598,944
3,889,019
62,208
62,208
Surplus account 24,050,700
24,020,918
94,432
common
210,873
securities,
less reserve
Securs.
cos.,
of
&
American Maracaibo Co.—Note Extension—
collateral note payable to bankers in amount
The holder of the
1937, has agreed to extend it to
Ryan.—V. 144, p. 4333.
227 which fell due Nov. 8,
American Meter Co.,
Net
Net
Inc.—Earnings—
:
profit for year before
—
taxes
Balance Sheet,
2,597,033
stk.
Dec. 31, 1937
receivable, $429,073; due
$2,091,940; interest
Assets—Cash, $596,379; accounts and notes
an
affiliated company, $26,240; inventories,
investments in and advances to
receivable (long-term), $85,458;
accrued, $252; investments, $619,321;
affiliated companies, $691,771; notes
$1,321,557; patents (less amortization), $8,437;
$16,686; advances to employees (account expenses),
Liabilities—Accounts payable,
$5,584; due to an affiliated company,
security taxes, $16,459;
no par (outstanding
total, $6,415,592.—
$5,373; accrued State taxes, $67,230; accrued social
for Federal taxes, $187,604; capital stock,
243,800 shares), $4,095,000; surplus, $2,038,340;
reserve
V. 146,
p.2030.
American States
Utilities Corp. (&
Interest- on
100,553,282
104,919,747'
>.100,553,282 104,919,747
Total
value, y Represented by
of common stock.—V. 146,
Subs.)—Earnings—
Year Ended Dec. 31,
companies:
l,322,o95
$551,464
of $1,691)186,928
Interest on
...........
funded debt (inch int. to parent co.
unfunded debt (incl. int. to parent co.
Amortization of bond discount
1937
®i'oao'Vnc
-
Gross income
Represented by 600,000 shares of no par
10,550 shares of preferred stock and 600 shares
p. 2353.
machinery and
of $1,335,
prepaid insurance.
$2,244; total, $6,-
deposits in closed banks, $17,258; land, $508,974; buildings,
equipment, motor vehicle equipment (after res. for depreciation
2,431,305
x
$766,649
$3.14
$943,871
$3.87
----
243,800 no par shs. of cap.
$928,369
161,720
180,841
v
profit for year
Earns, per share on
726,523
201,846
$1,124,712
Federal income taxes. .
Operating expenses and taxes
net current...
1936
$4,583,683
999,339
125,373
profit
Gross revenue
acc'ts
of $1,470,Nov. 8, 1939,
1937
$6,034,966
Provision for Federal income
Subsidiary
rec.of affil.cos
Total
.12,877,087 12,849,107
Total
Consolidated Income Acc.ount for
affil.
less res..
6,765,865
p.3487.
415 592.
&
.
569,445
741,545
6,948,896
Cap. stk. (par $1)
Earned surplus
673),
im¬
provement
528,738
741,545
Reserves
12,877,087 12,849,107
—V. 146,
212,405
Prepaid taxes in¬
surance, &C-.
Notes
S
30,000,000
Res. for employ.
17,191
Cash
207,613
money
mortgages
from
Res. for divs. on
&
Liberty bonds
Misc.
1937
for gen'l
maintenance
U. S. ctfs. of in¬
debtedness
Preferred stock.
Res've
bonds
of other co's..
y
$
30,000.000
x Common stock
30,000,000
1,747,311
Accts. pay., &c.
1,500,000
Ins'ce res've
Liabilities
8
$
Cost of prop'tfes
Accts.
Deferred expenses.
Net operating
Other income
0149,850
Assets—
430,069
156,944
225,583
Purchase
Net sales
purpose.
Balance,surplus
426,867
145,630
payable....
Notes
1
Calendar Years—
Com. stk div. paid from
res.
255,770
250,000
3,861,959
according to President
$24,774,325 $25,178,718
b723,625
bl,157,800
Common dividends
148,212
100,141
1
Total
sources
Previous surplus
296,424
Wholly-Owned Subsidiaries]
1938
from
Earns,
Dividends payable
trade¬
marks, &c.
Other assets
Years Ended April 30
787,127
inc., &c., taxes..
101,707
3,839,679
reserve)
Goodwill,
1,401,071
Fed. & for'n
Acer.
786,002
(less
assets
1,500,000
1,750,000
payable
pay. & ac¬
1,298,471
crued expenses..
Other curr. liabs..
Investments
Fixed
«
,
.
102,608
45,680
94,517
assets..
cur
$
Liabilities—-
1,033,670
Market, securities.
Other
Co.—Annual Report—The
remarks of Charles J. Hardy, President, together with income
account and balance sheet as of April 30, 1938, will be found
under "Reports and Documents" on a subsequent page.
Car
American
Dec. 31'37
Assets—
Cash..
After
Dec. 31*37
Consolidated Balance Sheet
..
x
$1.31
Apr. 30'38
_
par
value)
—J
Capital surplus...
Earned surplus...
34,837,4721
83,862
196,446
20,000
Depreciation
Provision for Federal and foreign income taxes
Provision for Federal tax on
value)..
par
$5,005,120
7,838,573
$1,320,651
Operating profit
without
shs.
Common
Total
■
Stock
York
Other deductions
cum.
pref.
stk. (oar $100)
7%
insur.,
&c
Corp.—Listing—
Exchange has authorized the listing of 70,798
upon official notice of issuance in con¬
nection with the acquisition of all of the assets, property, business and
goodwill of S. M. A. Corp., making the total amount applied for 811,858
New
additional shares of stock (par $1)
Total income
.......
Capital stock:
xLand. bldgs., ma-
chin'y& equip..
Expenses
3,402
16,800
drafts
ceivable
$87,500
33,160
69,333
$170,799
40,712
21,348
$59,299
Gross income
Consolidated Statement of Income
29.745
Empls. accts. pay.
330,000
bonds
prepay.,
$117,036
Outstand'g payroll
31,542,561 $1,419,460
U. S. Treas. notes
Unexpired
loss$493,650
Jan. 1 '38 Dec.
Liabilities—
'36
Cash in banks and
Accts.
$323,961
63,846
_
American Home Products
Sheet
Balance
Jan. 1 '38 Dec. 27
hand
34,888
$132,852
63,925
9,628
sale of securs.
on
The
$1,133,615
Net profit.
Assets—
$49,210
36,421
83,236
&c..
Provision for surtax
and
22,930
loss$493,650
20,375
$1,402,815
Prcv. for Fed. inc. tax—
on
6,451
$758,161 loss$491,710
31,999
Other income
Net profit before taxes
$51,143
23,683
61,915
cum.
Operating profit
$2,248,275
Sell., adm.& gen. exps__
549,732
Depreciation
327,729
Operating profit
$60,922
40,399
222,640
$47,254
Other income
Profit
1934
1935
1936
1937
Interest received
Dividend—
4105
,
Corp.—Earnings—
American Electric Securities
Calendar Years—
2837.
American Bemberg
Chronicle
46,541
4 *753
922
of $23,239)
and expense
Miscellaneous deductions.
$312,319
applic. to common stocks of sub. cos...
Utilities Corp. (excl. of divs. received on
common stocks);
Income—Interest from subsidiary companies
Balance of income
American
Centrifugal Corp. (& Sub.)—Earnings—
Consolidated Statement of
American
Operations for Year Ended Dec. 31,1937
$2,511
Gross profit
General and administrative expenses
34,423
b Extraordinary expenditures.
23,418
a
$55,330
Loss for the year
a
advertising and publicity benefits accruing therefrom,
b For machine
parts, materials, engineering labor, &c., used for experimental work, not
considered appropriate charges to development expenditures.
Consolidated Balance Sheet Dec.
31,1937
patent rights, $160,000; machine development
for amortization, $105,316; patent application
expenditures, less reserve
expense less reserve
for
$27,166; deferred charges to future operations, $14,375;
total, $517,721.
Liabilities—Trade accounts payable, $1,658; other current and accrued
iabilities, $3,177; common stock
(par $1), $400,000; paid-in surplus,
$229,743; capital surplus, $79,951; deficit, $196,808; total, $517,721.—
amortization,
V.
Expenses and taxes.
$300,235
Net income
Dividends
Utilities
--—----—
declared
on
pref.
The directors have
stock
of American
Consolidated Balance Sheet,
&
equipmentSll,449,692
Other assets
Bond discount
-v-—
43,918
and expense in
74.604
of amortization—
Cash (incl. working funds)..
a
Accounts receivable
Merchandise, materials and
115,603
172,152
supplies—
— Prepaid insurance, taxes, &c.
102,418
30,983
process
5)4%
cum.
a
pref. stock (par
$25)
(par $1)
sub. cos
Deferred liabilities
.
Note payable to bank
...
Accounts payable and accrued
Common stock
Funded debt of
liabilities
Customers' service
Accrued
-
deposits..
interest..
Accrued taxes
Reserves..
Co.—To Pay $1 Dividend—
surplus
Earned surplus
dividend of $1 per share on the common
stock, payable June 28 to holders of record June 17.
This compares with
$2 paid on Dec. 28, last, and dividends of $1 per share paid on June 28,
1937 and on Dec. 28, 1936.—V. 146, p. 1229.
Total
a
154,369
Dec. 31, 1937
Liabilities—
Plant, property
Capital
declared
-----
States
Corp
144, p. 3659.
American Dredging
406
$337,656
37,421
Total income-..
Assets—«
$105,160;
inventories,
$73,058; accounts receivable,
$31,573; investment in subsidiary company not consolidated (Canadian
Centrifugal Corp., Ltd., 56,150 shs. of capital stock of no par value), $1;
furniture and fixtures
(after reserve for depreciation of $140), $1,071;
Assets—Cash,
24,931
Miscellaneous
special price in consideration of the valuable
On two machines sold at a
States
Less reserve
-
$11,989,373
Total
accounts of $20,447.—V.
for uncollectible
4,097,875
221,088
4,407,000
53,661
13,000
96,375
56,091
51,859
103,941
2.617,600
99,833
171,048
...$11,989,373
146, p. 2523.
4106
Financial
American Thermos Bottle
Calendar Years—
Chronicle
Consolidated Balance Sheet Dec. 31
Co.—Earnings—
1937
1936
1933
Operating
$897,390
379,026
$515,096
300,647
$481,431
47,220
40,832
$214,449
44,738
19,314
$186,271
28,286
11,059
$14,929
$6,388
$25,423
$17,227
Deductions
Otherincome.net-,..
Profit before taxes...
Est. Fed. income taxes..
$533,293
95,238
$487,819
84,531
$239,873
30,259
$438,055
$403,287
71,057
326,801
$209,613
71,182
Contrac'l constr.
Common
x
funds.
116,917
130,232
Cust. deposits-
593,140
533,022
2,422,244
Interest accrued
663,628
647,138
Taxes accrued..
,397,365
1,872,373
326,808
receivable—
2,447,094
Unadjust. cred's
4,530
1,555
Contrib.in aid of
1,605,660
1.213,824
98,049
143,785
4,280,104
2,649,200
at dates of ac¬
Unadjust. debits
See
1,812,031
650,926
quisition
Capital surplus.
4 792,581
2,036,043
Earned surplus.
11 ,780,766
11,824,458
Notes
x
$3.37
$3.04
$1.27
acc'ts.
<fc
patents and goodwill, $164,794; total, $2,324,233.
Liabilities—Accounts
payable,
$72,102;
dividend
payable,
$17,767;
accruals, $20,443; Federal income taxes, $95,238; reserve for advertising,
$30,126; 7% cumulative pref. stock (par $50), $1,015,941; common stock
108,967 shs. (no par), $544,836; capital surplus, $251,790; earned
surplus,
$275,990; total, $2,324,233.—V. 146, p. 1865.
Total
Co.-—Weekly Output
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending June 18,
1938, totaled 38.033,000 kilowatt hours, a decrease of 24.8% under the
output of 50,609,000
kilowatt hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows:
1937
1935
44,105,000
43.061,000
44,155,000
45,115,000
37,878.000
36,505,000
38,100,000
36,711,000
35,634,000
33,692,000
35,014,000
34,334,000
1937
operating profit.
for
163,824,548
depreciation and amortization
Net profit
253,468
Total.......174,410,608 163,824,548
Arkansas Power &
May 31—
Light Co.—Earnings—
1938—Month—1937
$630,733
359,605
95,000
1938—12 Mos.—1937
$9,112,876
$8,420,017
4,798,008
4,641,618
1,119,546
595,200
$243,261
$3,195,322
12,313
res. approp.
Net oper. revenues
Rent from lease of plant
$627,200
34u,739
43,200
$176,128
Operating revenues
Oper. exps., incl. taxes..
Dr47,676
120,407
$255,574
$3,303,606
18,478
$3,183,199
t
(net)..
Operating income
$176,128
855
581
$3,147,646
9,924
$176,983
$256,155
151,071
16,625
Cr2,358
$3,157,570
1,805,287
110,454
Crl2,952
$3,322,084
1,813,390
95,214
Crl 0,693
$21,707
$90,817
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,254,781
$1,424,173
Other income (net)
Int.
on
mtge. bonds
146,385
9,993
Other int. & deductions.
Int. chgd. to construc'n.
Cr 1,102
949,265
949,265
$305,516
$474,908
1936
$119,596
25,138
11,553
Social security taxes
.
Surplus of subs,
174,410.608
Period End.
x
Co.—Earnings—
Calendar Years—
Provision
5,180
53,500,167
.
Net income
Anchor Post Fence
Net
19,615
Capital
stock
(no par).
53,500,227
construction—
x
1934
50,672,000
48.018,000
50,718,000
50,609,000
38,603,000
36,060,000
.38,670,000
June 18
38,033,000
—V. 146, p. 3944.
1936
11,115
8,029,051
x Represented
by $6 cum. pref., 63,891 shares; $7 cum. pref., 271,683
shares, and common 5,969,977 shares.—V. 146, p. 1389.
Prop, retire,
American Water Works & Electric
37,061
,841,417
Reserves
Unamortized dt.
$0.97
trade-marks,
4
16,138
2,2S7,916
affil.
Mat'ls & suppl's
xl26,877
54,466
ceivable, $4,934; inventories (net after reserves), $509,209; foreign subsi¬
diaries, $137,357; land, buildings and equipment (after reserves for
deprecition of $709,666), $668,672; prepaid and deferred, $37,553;
May 28
39,381
,001.591
from
2,672,111
affiliated
Assets—Cash, $259,960; United States Govt, securities. $221,230; other
securities, $220,150; accounts receivable, $100,374; accrued interest re¬
June
(af¬
cos).
cos.
Acc'ts receivable
Balance Sheet, Dec. 31, 1937
June 11...
pay.
company
rec.(not curr.)
1938
(gen.)
accr. accts.
Adv.
Notes and accts.
Preferred and common dividends.
Week Ended
Accts.
Oth.
765,194
-
-
2,157,715
47,919
401,381
& State
securities..
,812,448
1,199,043
filiated
Cash
Federal
80,774,000
110,878
2,188,697
150,905
special depos.
Working
$
80 ,561,000
disct. & exp—
71,062
dividends
Accts. pay.
1936
S
Funded debt
1,873,258
246,473
Misc. investm'ts
$177,688
Earns, per sh. on 108,967
sns. com. stk. (no par)
Liabilities-
S
151,882,383
Sinking fund and
$203,497
25,811
Net profit
Preferred dividends
S
Fixed capital—159,367,909
$463,398
277,127
44,614
Operating profit
Other income
$845,196
363,765
$518,365
59,543
expense
^
AS8ClS~~~
1937
1936
f 1937
1934
Mfg. profit from sale of
merchandise
June 25, 1938
Balance.
$111,617
23,704
x
...
Dividends accumulated and unpaid to May 31, 1938, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
$1,344,792.
Income charges (net).
$82,905
17,298
Net income for the year
Federal income tax
$65,607
a28,939
$.56,671
$41,216
2,414
18,596
April 1, 1938.
$70,155
8,936
Transferred to surplus
stock and $1.50 a share on $6 preferred
stock, were paid on
Dividends on these stocks are cumulative.
Surplus, Jan. 1
62,226
Miscellaneous credit
to
surplus
Surplus, Dec. 31
a
$118,897
Includes reorganization
$87,913
17,758
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 montns ended May 31,1938 and 1937.—V. 146, p. 3944.
Arrow-Hart & Hegeman Electric Co.
—Earnings—
Calendar Years—
Net income
$62,226
expenses.
Condensed Balance Sheet, Dec. 31, 1937
Assets—Cash, $73,783; notes and accounts receivable (after reserve for
doubtful receivables of $17,000),
$176,794; inventories, $270,615; invest¬
ments and other assets, $115,670; land and
buildings (after depreciation
reserve of $62,472),
$461,358; machinery and equipment (after
deprecia¬
tion reserve of $176,910),
$105,501; patents at amortized value, $6,504;
deferred charges, $17,396; total, $1,227,622.
Liabilities—Accounts payable,
$34,215; accrued
salaries
and
taxes,
$15,985: first mortgage bond inerest, $7,724; pro-rata
payment on notes,
$46,156; registered 1st mortgage 5% income bonds,
$243,000; non-negoti¬
able, non-interest, notes payable (non-current),
$59,599; 6% cumulative
prior pref. (par $100) stock, $96,900; $5 cumulative
pref. (no par) stock
outstanding 233 shares, $23,300; common stock (no
par) outstanding
227,751 shares, $581,847; surplus, $118,897; total,
$1,227,622.—V. 146,
p. 2195.
1937
64,995
$327,332
$5.14
Balance, surplus
Earns, persh. on 200,000
shs.com.stk. (par $10)
Assets—
1937
Cash
a
7l'l67
Taxes—State and Federal
__
1936
-
-
$144,874
79,413
-
Net addition to surplus
$65,461
Balance Sheet Dec. 31, 1937
Assets—Cash, $83,364; accounts receivable (after reserve for
doubtful
accounts of $5,00,.), $395,052; notes
receivable—considered good, $32,210:
inventory, $704,202; lands, buildings and
equipment (after depreciation
and depletion of
$1,363,510), $1,813,306; securities and stocks,
$91,199;
?efeFr<S f0a,rB $3,502; prepaid insurance, $497; interest payable, $417;
totftl, $0,1-60,749.
.
LiabilUies-\-
1936
1937
Serial note payable
673.832
812,244
Accts. pay. & accr.
liabs. & taxes...
2,646,907
2,070,443
pref.
Notes pay. (bank)
10-yr
4%
50,000
485,983
unsee'd
950,000
6)4% cum. pf.stk.
Common stock
for amortizat'n)
Prepaid Ins., taxes
20,138
25,397
31,884
2,000,066
Surplus
2,941,970
27,086
2,865,394
$300,000
$350,000
serial note
b367,309
Patents (less res've
2,631,220
estate,
plant
(less
re¬
for depr.)
Total
$6,777,953 $7,057,679
Total$6,777,953 $7,057,679
a After
reserves to reduce valuation to market
sented by 3,703 shares, at cost.—V. 146, p. 2031.
Art Metal
rHvWo^Ho^ngS
Dividends
$0.75
924,878
stock in treasury
395 735
42'843
46^902
$70,075
$2.70
(current)
Inventories
6cum.
& equip,
"
$401,285
$4.44
$199,101
(lessallow'ces for
serves
_
$338,606
337,135
doubtful accts.).
Real
_
550,000
$254,927
104,852
80,000
$202',662
Marketable see's
Notes & accts. rec.
$6,591,298
Gross earnings
Depreciation and depletion
Social taxes
1934
$643,556
102,270
140,000
Consolidated Balance Sheet Dec• 31
Earnings for Year Ended Dec, 31, 1937
Net sales
1935
$953,601
& misceil. assets
Apollo Steel Co.—-Earnings—
1936
$1,059,779
32,447
700,000
n___
Preferred dividends
Common dividends.
quotations,
b Repre¬
Works, Inc. (& Subs.)—Earnings—
Calendar Years—
Gross profits on sales
1937
1936
1934
1935
Operating income
Other income
Income taxes
Prov.for Fed.surtax...
$1,151,829
771,268
$1,089,056
683,287
$959,450
x587,564
$666,697
452,774
$380,560
y5,006
$405,769
$371,886
$213,923
19,015
$385,567
Sell. & admin, expense..
$405,769
57,100
3,000
$371,886
$232,938
63.000
32,000
$345,669
268,290
$308,886
145,269
$1.38
$200,938
55,873
$0.90
60,200
10,500
Liabilities—Notes
payable, $100,000; accounts payable,
$194,121; re¬
serve for taxes, $46,232; reserve for
social security tax,
$7,600; reserve for
workmen s compensation, $13,709;
capital stock outstanding, $1,269,110:
surplus, $1,492,977; total, $3,123,749.—V.
146. p. 2196.
Approval of sale of part of the
company's assets was entered in the
Federal Court s records at Fort
Wayne, Ind., June 16.
Dallas Winslow, Inc., of
Detroit, purchased parts and equipment in
the plant at Auburn
Ind., for $85,000.
Equipment in the plant at Los
Angeles was sold to the Hamlin Co. of Los
Angeles for $7,250. Karl Nussbaum of Louisville, Ky., purchased
air-conditioning units in the plant at
Connersville, Ind„ for $3,582.
Federal Judge Thomas W.
the
146
p.
company's
3174.
Slick, who approved the sales, rejected bids
building and airport at Auburn—V
administration
Appalachian Electric Power Co. (&
Subs.)—Earnings-
Calendar Years—
Operating
4937
revenue, electric
Operation.
Maintenance
Depreciation
....
aTaxes-
Operating income
$8,797,980
Other income, net
6,826
Total income
Interest on funded debt
c Amortization of
debt discount & exp., adjusted-.
Net income
Dividends on $6 preferred stock
Dividends on $7 preferred stock
Dividends
a
on
Includes
amount
common
surtax
stock
on
purposes,
of $100,000
a
undistributed
c
Adjusted
year.
to
$8,804,807
4,078,312
297,901
194,721
$8,665,923
$4,048,244
383,346
1,901,781
profits,
the
310 812
113,253
1,104,446
b Amounts
increase
4 193 612
restated for
amortization by an
J
$1.54
Including $14,641 amortization of development
damages in suit for breach of contract.
expense,
y
Recovery
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $156,125; time certificates of deposit, $65,000; marketable
securities, $5,006; notes and accounts receivable (after allowance for
doubtful accounts of $16,161), $800,262; inventories, $525,253; loans and
advances to officers, $27,478; investment in and advances to Ronson
Holding Co., $133,939; miscellaneous investments, $37,743; land, $394,735;
buildings, machinery and equipment (after allowance for depreciation of
$370,614), $434,766; patents, trade-marks, &c., $106,513; prepaid insur¬
ance, &c., $11,668; total, $2,696,489.
Liabilities—Notes payable, banks, $100,000; accounts payable and
accrued expenses, $94,794;
provision for Federal and Canadian income
taxes, $74,467; capital stock (par $5), $1,124,175; capital surplus, $565,862;
earned surplus,
$740,957; cost of 1,341 shares of capital stock in treasury,
Dr$3,767; total, $2,696,489.—V. 145, p. 3646.
Associated Cos. (Mass.)—Reorganization Sought—
The company, affiliate of the Postal Telegraph & Cable Corp., filed
a
Petition the Bankrup5cy Act, in connection with similar proceedings pending
7-B of June 1, in Federal Court for permission to reorganize under Section
for Postal.
$8,536,871
129,051
$4,233,872
383,346
1,901,788
1,164,145
Otherdeductions.net
comparative
bl936
$24,086,818 $22,982,569
7,692,610
7,420,663
1,143,829
1,067,552
3,051.250
2,709,082
3,401,148
3,248,400
234,666
$1.41
x
of
Auburn Automobile Co.—Some
Assets Sold—
on
$314,867
Dividends paid
Earns, per com. share
.
^
MMV
The petition, which was filed
by Alexander B. Royce and L. Kerniof
Counsel for the company, explained that officials of Associated Cos. were
in accord with its affiliate and
that, with the Court's pern ission, George B.
Gibbs and Raymond C.
Kramer, trustees of Postal, could carry on Associated's business during
reorganization.
Associated, it is set forth, holds
the stock of
many subsidiaries, which operate a coordinated system of
communication by telegraph, wireless and cable.
Its assets, which consist
for the most part of stock
holdings, amounted to $122,869,259 on March 31.
Since then Associated has paid $60,000 to Postal by order of the
Court,
and has advanced
$310,000 to Federal Telegraph Co.
Liabilities,apart
from stock, total
$36,219,729, of which $36,219,729 is owed to Postal.
In vestments in
subsidiary companies total $83,416,632, the petition explains,
Associated Cos. was created under a declaration of trust. Its trustees are
Clarence H. Mackay, John Goldhammer, William J. Deegan, Lewis L.
Clarke and Milton W. Blackmar.
Volume
Financial
146
Associated Gas & Electric Co.—Weekly Output—
17, Associated Gas & Electric System reports
net electric output of 82,548,095 units
(kwh.).
This is a decrease of
6,077,496 units, or 6.9% below the figure of 88,625,591 units which was the
production for the comparable week of last year.
Gross output, including sales to other utilities, amounted to 89,923,635
For the week ended June
units for the current
week.
in Simplification—
Further Progress
Baltimore Water & Electric Co., an
The affairs of North
Ohio unit of the
wound up, it was announced
companies removed from the
System be merger, dissolution, consolidation or other means.—V. 146,
p. 3945.
Associated Gas & Electric System, have been
on
This brings to 359 the toyal of
June 20.
Atlantic City
Electric Co.—Earnings—
Calendar Years—
al936
1937
,
$7,610,642
2,207,255
Maintenance
551,308
$7,123,726
2,246,602
Depreciation
1,223,177
1,199,824
b Taxes
1,207,941
1,072,695
$2,420,961
$2,172,713
Operating revenue
Operation
26,231
Corp. made a collateral loan of $75,000 to Continental Service Co.
At
April 1, 1938 the principal of this loan has been reduced by payments to
$42,119.
An involuntary proceeding for the reorganization of Continental Service
Co. under Section 77-B of the Bankruptcy Act has been filed in the Federal
District Court in Wisconsin.
Automatic Products Corp. has been advised
$2,421,258
611,918
45,457
30,319
$2,198,944
839,800
64,482
124,649
that the appointment of a permanent trustee will be resisted by the cor¬
poration.
As security for the principal amount now due, Automatic Products Corp.
holds firsv mortgage bonds of Bay City Rice Mills, Inc., in the principal
amount of $31,500, and first mortgage bonds of Gulf Coast Water Co. in
$1,733,563
$1,170,012
341,250
341,250
1,138,500
764,750
.
Total income
funded debt
on
Amortization of debt discount
and expense
Other deductions
Net income..
$6 preferred stock
Dividends
on
Dividends
on common
a
Amounts
The stock of Air Devices Corp. is listed on the New York Curb
Exchange and is currently selling at 50c. to 75c. per share.
Loan to Condor Pictures, Inc.—On -luly 7,1937 Automatic Products Corp.
made a collateral loan of $150,000 to Condor Pictures, Inc., secured by a
pledge of Condor's interest in certain motion picture negatives and all of the
outstanding stock of Schuyler Securities Corp. | The principal amount of
this loan has been reduced by payments received to approximately $120,000.
The collection of this loan nas been impeded by a voluntary proceeding
for reorganization of Condor Pictures, Inc., under Section 77-B of the Bank¬
ruptcy Act and by an effort made therein by unsecured creditors of that
company to avoid the lien position of Automatic Products Corp.
Hearings in this matter were recently held in the U. S. District Court at
Los Angeles, Calif., and on March 5,1938 an order was entered by the Court
upholding the validity of the lien position of Automatic Products Corp.
and permitting Automatic Products Corp. to receive the proceeds of the
pledged properties.
A request for rehearing has since been denied.
It is
the belief of the management that approximately one-half of the remainder
of this loan will bo collected prior to May 1 and that collection of the balance
will be effected within the year 1938.
Loan to Continental Service Co.—On May 21, 1937 Automatic Products
account.
297
Operating income.
Otherincome.net
Interest
431,892
1
stock
b Includes surtax on
comparative purposes,
for
restated
the principal
Income Account,
9
Fixed capital
42,124,302
Contractual constr
28,008
131.017
129,381
400,000
375,000
157,938
5,168
1,092,337
1,063,292
Misc. stks. & bds.
owned cos
fund
and
special deposits.
Cash
Accts. pay.
Accts.
Advances to Jointly
Sinking
$
Funded debt. ....18,000,000 16,796,000
Adv. from affil.co.
2,200,000
Liabilities—
41,267,348
,
41,690
10,852
400
1,009,078
Working funds
Municipal scrip
Temp.cash invests.
116,809
$33,291
12,955
operations
a
Provision for Federal surtax on
17,000
undistributed profits
$
Customers'dep
Interest accrued..
Taxes accrued....
accrued
206,629
215,368
62,555
385,402
1.227,721
53,218
408,940
339,468
1,138,542
56,875
(gen.).
(affil.
companies)
Divs.
51,484
pay.
$83,518
,_
Interest paid
1936
1937
1936
^5
Year Ended Dec. 31,1937
&c
Income—Dividends,
Net loss from
Balance Sheet Dec. 31
1937
.i
amount of $73,000.
Expenses and other charges—
undistributed profits.
at
4107
Chronicle
56,875
393,298
on
prof, stock
Contractual !iab__
119,718
2,021
117,921
976,329
3,406
Misc. eurr. liabs—
6,064
1,154
Unadjusted credits
35,551
992
Mafls & supplies.
Notes & accts. rec.
360,659
399,189
Reserves
7,380,379
355,113
357,568
8,369
3,254
par). 5,687.500
5,687,500
resolution of the board of directors.
Revaluation of "Other Investments" Year
Reserve for
Ended Dec. 31, 1937
Balance Dec. 31, 1936/vfAKQ
Tlffti
SI
^rOTTl
gfl
1 PIC1
30,000 shares ($1 par) common stock of Permutit Co
100,000 shares ($1 par) common stock of Air Devices
$240,000
300,000
6,465,596
(not current)
Unamortized debt
$63,247
a Based on computed taxable net income (including dividends of $86,815
received from subsidiaries in cash or notes paid from earnings prior to date
of acquisition and applied as reduction of cost of shares purchased.
b Exclusive of net profit from sales of "other investments" applied as
an appropriation to
"reserve for revaluation of other investments," per
b Net loss
Notes&accts.
rec.
Accts.rec.affil.cos.
discount
Contrib.
in
407,459
& exp.
279,847
1,217,074
83,857
shares, no
Com. stk, (1,150,«
000 slis., no par)
Surplus
46,399.857 45,929,097
Total...
Total
11,481,240 11,481,240
960.364
1,350,350
46,399,857 45,929,097
....
1866.
Atlas Radio
New York, are
stock at par
Corp.—Stock Offered—Charles King & Co.,
offering 25,000 shares of class A convertible
(34 per share).
Transfer agent.
,
:
June 1937 in California. On
the same name was formed in
Delaware.
Tnis company acquired by written agreement from the original
company all of the assets of every kind owned by its predecessor, in consid¬
eration of which the new company issued 137,500 shares of class B stock
of the California corporation.
is the production and, through its
all of the obligations
The business of the company
subsidi¬
the distribution of electrically-recorded radio entertainment.
Writing,
directing and acting talent is employed only when needed to do a specific
piece of work; there are no long-term artists' contracts.
Recording is done
ary,
eliminate fixed overhead charges.
Under its articles of incorporation the company is also empowered to
engage in the production and distribution of television shows.
Company acquired from its predecessor 28 electrically-transcribed radio
programs, each of which contains between 13 and 130 episodes wnich
are five, 15 or 30 minutes in length.
A subsidiary. Atlas Radio Distributing Corp., 51% of whose outstanding
stock is owned, was organized to perform the functions of distribution.
in leased studios, so
as
Net
proceeds from sales
Cost of sales on basis of average cost of shares owned—
acquisition.
Spun Steel Corp. earned $77,067.
In December 1937 Spun
cash dividend in the amount of $8 per share, and the
dividend received by Automatic Products Corp. upon the shares
owned by it was $68,968.
By reason of the fact that Spun Steel Corp. had employed a substantial
part of its 1937 earnings in the purchase of additional plant equipment,
Automatic Products Corp. loaned the sum of $50,000 to Spun Steel Corp.
to enable it to pay its dividend.
Tne amount of the dividend received by
Automatic Products Corp. upon shares being purchased under agreements
providing for serial payments was employed by Automatic Products Corp.
1937
by the purchase agreements.
Inc.—Automatic Products Corp. on Aug. 17, 1937
purchased 1,000 shares of the preferred stock and 155 snares of the common
stock of Baldwin Laboratories, Inc.
Baldwin Laboratories, Inc., is en¬
gaged in the manufacture of insecticides, floor polish and shoe polish, with
plant and offices located at Saegertown, Pa.
The shares purchased, con¬
stituting all of the outstanding preferred stock and 86.11% of the outstand¬
ing common stock of Baldwin Laboratories, Inc., are carried in the balance
sheet at $187,292, representing cost of acquisition less $33,042 covering
dividends received out of earnings accumulated prior to date of acquisition.
For the year ended Sept. 30, 1937 Baldwin Laboratories, Inc., earned
$46,768.
In September 1937 Baldwin Laboratories, Inc., paid dividends
in notes and cash at the rate of $19.72 upon each preferred share and $92.50
upon each common share.
To facilitate tne borrowing of funds by Baldwin Laboratories, Inc., for
the purposes of its seasonal manufacturing program, Automatic Products
Corp. has guaranteed loans made by a commercial bank direct to Baldwin
Laboratories, Inc.
At April 1, 1938, the amount of the loans was $100,000.
Permutit Co.—Automatic Products Corp. sold 30,000 shares of Permutit
Co. on Feb. 18, 1937, at $8 per share, and now holds 107,240 shares of
capital stock.
The Permutit Co. is the largest manufacturer in the United
States of water-softening and water-conditioning equipment.
The shares
now held by Automatic Products Corp. constitute slightly more than 40%
of the outstanding stock of Permutit Co. and also constitute the largest
single investment of corporation.
For the year 1937 Permutit Co. earned $138,113.
In December 1937
the Permutit Co. paid a cash dividend of 50 cents per share and the aggre¬
gate dividend received by Automatic Products Corp. upon tne shares
owned by it was $53,620.
Air Devices Corp.—On March 19, 1937 Automatic Products Corp. sold
100,000 shares of Air Devices Corp., through an underwriter, at $3 per share
net to the corporation.
At Dec. 31,1937 corporation owned 100,000 shares,
whicn holding constitutes 25% of the outstanding stock of Air Devices
account of the next
243,000
269,165
Corp. shares.
Air Devices
Net profit on sales, as adjusted (see note)
Appropriation from deficit (immediately after
priation, the deficit account as shown by the
June 30,
1937. was applied against paid-in
authorized by directors on Sept. 25, 1937
$10,207
such appro¬
books as at
surplus), as
259,291
$269,498
value of "other investments" to reflect
average cost of shares purchased less those sold (adjustment
applicable to sales in prior years which had been priced out
on the basis of costs applied to specific certificates)
payment, as required
62,103
$207,395
Note—The net profit on the above sales was originally determined by the
company as $40,709, on the basis of computed prices applied to specific
Balance, Dec. 31,
mined
on
1937
$10,206 as reflected above has been deter¬
of shares sold, such average cost being
the basis of the average cost
after giving effect to
shares sold in prior
appreciation recorded prior to Jan. 1,1931.
the retroactive adjustment as to
and to the elimination of
years
-
The net profit of
certificates.
Balance Sheet Dec. 31,
1937
Assets—Cash, $282,422; marketable securities, $18,125; collateral (notes
receivable), $140,231; investment in sub. cos., at cost (Spun Steel Corp.,
8,621 shs. no par common stock, $472,059; Baldwin Laboratories, Inc.,
1,000 shs. of $100 par pref. stock and 155 shs. of $100 par common stock,
$187,293), $659,352; notes receivable from above sub. cos. for dividends
and advances for dividends, $82,949; other investments, at cost (Permutit
Co., 107,240 shs. of $1 par common stock, $869,182; Air Devices Corp.,
100,000 shs. of $1 par common stock, $269,165; Reliable Jack Co., 232 shs.
of $100 par pref. stock and 250 shs. of no par common stock, $85,803;
miscellaneous investments, $437), $1,224,587; office equipment, $1; patents,
$1; total, $2,407,669.
Liabilities—Notes payable to bank, collateralized by stocks
Co. and Air Devices Corp
(due currently), $250,000; notes
of Permutit
payable for
payable, accrued
$17,000; accrued
taxes other than Federal income taxes, $4,924; notes payable for stock
acquisitions, $346,227; reserve for revaluation of investments, $207,395;
common stock ($5 par), $1,125,000; paid-in surplus, $322,323; earned deficit,
stock acquisitions (current portion), $148,135; accounts
interest, &c., $17,320; reserve for Federal income taxes,
$30,656: total,
Steel Corp. paid a
aggregate
on
$522,372
—
Permutit Co. shares
to
Automatic Products Corp.—Report—
The annual report for 1937 states in part;
Spun Steel Corp.—In the report for the nine months ended Sept. 30, 1937.
stockholders were informed of the purchase of a majority of the shares of
the capital stock of this company as at Sept. 30, 1937.
The shares held by
Automatic Products Corp. at Dec. 31, 1937 constitute 98.23% of the out¬
standing stock of Spun Steel Corp., which shares are carried in the balance
sheet at $472,058, representing cost of acquisition less $53,771 covering the
portion of dividends received out of earnings accumulated prior to date of
For
17,627
Less—Incidental expenses
Reduction of carrying
Corporation Trust Co., New York City.
Corporation was originally formed in
May 19, 1938 a new corporation bearing
and assumed
$540,000
Total
aid of
construction
Pref. stock (56,875
Unadjusted debits
-V. 146, p.
Corp—
$2.407,669.—V. 146, p. 2676.
Automatic Signal Corp.—Earnings—
Income Account for the Year Ended Dec. 31, 1937
Gross
profit on sales
and royal ties received
$91,281
—
147,318
Lease ren t als
$238,599
Operating income
Sell.
& service & miscell. operating costs
charges, &c
191,684
22,018
& adminis. exps.
Interest, finance
—
Baldwin Laboratories,
^<Air
in
incurred an operating loss of $162,229 for
charged an aggregate amount of $450,000 direct
Devices Corp.
addition
1937, and
to surplus
Profit
— -
Other income
—
—
Total income.--..
— - — -—
Federal income tax
undistributed net income.
Provision for
Surtax on
Net income
—
...
Balance Sheet Dec. 31,
$24,897
2,819
$27,716
450
300
$26,966
1937
Assets—Cash, $10,700; notes and accounts receivable, $59,633; accrued
royalties, $15,671; rentals due within 1 year under agreements in effect at
Dec
31, 1937, per contra ($57,403 assigned as collateral against loans
payable to finance company), $98,405; inventories, $62,621; traffic
apparatus
(after allowance for
depreciation of $26,364),
control
$159,182; land,
$10,000; buildings, machinery and equipment (after allowance for
depreciation of $23,169). $47,896; prepaid interest, finance charge?,
$14,960; patents, contract rights and goodwill, $700,000; total,
Liabilities—Note payable to^bank (8,000 shares of treasury stock de¬
posited as collateral), $1,560: loans payable to finance company
of $94,009 assigned as collateral), $57,403; mortgage payable,
due within 1 year, $3,000; note payable to director due July 11, 1938 (5,000
shares of treasury stock deposited as collateral), $5,000; trade acceptances
payable, $3,440; accounts payable and accrued expenses, $21,190; provision
for Federal income taxes, $979; deferred liabilities, $114,195; royalties re¬
ceived in advance, $11,167; rentals due within 1 year, $98,405;
stock (par $1), $819,120; capital surplus, $62,110; earned surplus
174,332 shares of treasury stock, at par value (58,000 shares
as
collateral against bank loan and notes payable to director),
at cost,
&c.,
$1,179,068.
(rentals
instalments
capital
$155,830;
deposited
/Jr$174,332;
total,
$1,179,068.
Automobile Banking Corp.—Dividend Reduced—
Directors have declared a dividend of five cents per share on the class A
and common stocks, payable July 1 to holders of record June 21.
Previously
4108
Financial
Chronicle
regular quarterly dividends of 10 cents per share were distributed.
In
addition, extra dividends of 10 cents were paid on Dec. 27 and on July 1,
1937 —V. 146, p. 589.
(The) Aviation Corp.—Initial Dividend—
Directors have declared an initial dividend of 18H cents per share on the
capital stock, par $3, payable July 22 to holders of record July 1.—V, 146,
p. 2840.
Baldwin Locomotive
of these mortgages), $594,851 reserve for self insurance (fire), $20,519; collections on employees' subscriptions to 2,535 shares of Bickford's,
Inc., common stock, $14,465; preference stock, balance issued and out¬
standing 47,253 shares of no par value, $1,795,614; common stock and
surplus (paid-in and earned surplus) issued and outstanding 290,698 shares
of no par value, $2,382,248; minority interest (capital stock $40 and surplus
$168—subsidiary), $208; Deduct; preference stock of Bickford's, Inc., in
treasury (2,856 shares at cost), $98,248; total, $5,600,078.—V. 145, p. 1892.
Works—Bookings—
The month's bookings brought the total for the consolidated
group for the
first five months of 1938 to $11,847,011, as compared with $174044,550
the
same
period last
Bill-O-Type Corp., St. Louis—Stock Offered—Public
financing of the corporation was announced June 22 with
the offering of 100,000 shares of capital stock, 50 cents par
value, by Harvey F. Robison of New York.
The stock is
being offered as a speculation at $2 per share by means of
year.
Consolidated shipments, including
Midvale, in May aggregated $3,669,051, as compared with $3,599,915 in May of last year.
Consolidated ship¬
ments for the first five months of 1938 were $19,128,120, as
compared with
$15,941,700 for the first five months of 1937.
On May 31, 1938, consolidated unfilled orders including
Midvale, but
exclusive of orders on which performance has been suspended, amounted
to $16,611,926, as compared with $23,757,714 on Jan. 1, 1938 and iwith
$30,882,638 on May 31, 1937.
All figures are without intercompany eliminations.—V. 146,
p. 3174.
company will meet interest payments
remarked after the board meeting on June 22.
due
Net proceeds from the sale of this stock, together with proceeds from the
"first" and "second" rights, will be
used by the company in part payment for assets of its predecessor, as well
for the purchase of additional property and manufacturing equipment and
as
July
on
The company is reported negotiating for the sale of the
Ohio Canal, which has not been used since World War
1,
a
for
working capital.
Corporation was organized in November, 1937, in Delaware as successor
a Missouri corporation of the same name formed in 1933.
Its business
is the developing, manufacturing and selling of billing and
typewriterbookkeeping machines and kindred office appliances.
For the last five years the Missouri corporation has been
engaged in the
development and perfecting of the Bill-O-Type machine, which it has
completed.
The company has acquired most of the necessary dies, tools,
and jigs and assembly fixtures, and will complete this
program and enter
production at an early date.
Among the outstanding features of the Bill-O-Type is that it uses a
standard typewriter for its writing head.
The machine automatically
adds and subtracts as desired, the operator using only the typewriter
keys
for the purpose.
The typewriter used may be selected according to in¬
director
to
Chesapeake &
days, to the Public
Works Administration for the national parks service for about
The proceeds would be
$2,000,000.
jypplied to the company's debt to the Reconstruction
Finance Corporation.—V,
146,
p.
3945.
Bamberger Electric RR.—Receivership—
The Interstate Commerce Commission on June 8 authorized
H.
L.
Balser to solicit the deposit of, and the right to represent the holders
of,
Salt Lake & Ogden Railway Co. first-mortgage
5% gold bonds, due Feb.
1,
1934.
Default
was
prospectus.
a
sale of 300,000 shares issued under
Baltimore & Ohio RR.—To Meet Interest—
The
made in the payment of the interest due Feb.
1, 1933, on
$1,500,000 first-mortgage 5% 25-year gold bonds, due Feb. 1, 1934, of
Lalt Lake & Ogden Ry., Julian M. Bamberger and Lahman V.
Bower, on
Jan. 31, 1933, were appointed receivers of the company,
upon petition of
Crowley-Anderson Co.
By application filed with the Commission on April 21, 1938, H. L.
Balser, as Reorganization Manager under a plan of reorganization promul¬
gated by him, dated March 23, 1938, and filed with the court, seeks au¬
thority to solicit the deposit of, and authorizations to represent the holders
of, the above bonds.
dividual preference.
The Bill-O-Type in no way interferes with the typewriter for
ordinary
A single lever disconnects the computing functions, and either unit
use.
developed.
one-half the price of competitive equipment.
The anticipated cost of
production, distribution, advertising, taxes and administrative expenses is
estimated at $255.
Authorized capitalization of the company consists of 1,000,000 shares of
50 cent par value common capital stock, of which 800,000 shares are to be
outstanding upon completion of this financing and the sale of shares re¬
served for exercise of purchase rights.—V. 145, p. 3647.
If Mr.
Balser is the successful purchaser of-the-property in
receivership
judicial sale now scheduled for July 20, 1938, he will transfer it to a
company and that company will, by obtaining bank loans upon part
of the assets so purchased, obtain funds
necessary to pay for the property
and to pay the costs of carrying out the plan of
reorganization.—V. 134,
p. 1755, 2805.
Bangor & Aroostook RR.—Earnings1938—Month—1937
$568,760
$644,882
Net
$296,315
70,597
$1,405,207
361,372
$225,718
Dr2,971
$1,043,835
Dr55,638
$1,195,749
Dr67,009
$222,747
58,926
2,899
$988,197
302,516
8,717
$1,128,740
295,241
$160,922
$676,964
$824,074
$47,735
$44,843
—V. 146, P. 2527.
Birmingham Electric Co.—Earnings—
Period End. May 31—
Operating revenues.
Oper. exps., incl. taxes..
Amortization
Gross income
6 Months
Jan. 31 '38 Apr. 30 '38
Apr. 30 '38
prof$2,892
Net loss
$1,548,697
352,948
$74,237
Other income
$207,689
80,296
-3 Months
Period Ending—
1,832,897
$139,545
63,046
2,262
Operating income
.
1,935,229
12.152
_
348,567
$127,393
from opers_
Tax accruals-.
rev.
Bireley's, Inc.—Earnings—
1938—5 Mos.—1937
$3,340,436
$3,381,594
361,071
The machine is designed to render efficient service for
The tentative retail sales price of the standard Bill-O-Type is
$385, and
the cost of installation of the accounting equipment is expected to be about
at the
Oper. exps. (incl. maint.
& deprec.)
be replaced.
may
many years.
As the units are separate, advantage may be taken of im¬
provements in either the typewriter or the Bill-O-Type as future models are
new
Period End. May 31—
Gross oper. revenues
1938
of any
The dollar value of orders taken in May by the Baldwin Locomotive
Works and subsidiary companies, including the Midvale Co., was announced
on June 17 as $1,189,184, as compared with $1,978,126 for
May, 1937.
in
June 25,
stocks, $114,788; tenants' deposits, &c.f $14,151; real estate mortgage in¬
stalments due withine 1 year, $23,929; balance due on subscription to New
York World's Fair 1939, Inc., debentures, $12,500; deferred income (rents
received in advance), $45; mortgages payable by certain subsidiary com¬
panies on real estate owned (Bickford's, Inc., has not guaranteed payment
term
1938—Month—1937
$608,112
$622,313
471,534
473,328
1938—12 Mos.—1937
$7,635,663
$7,178,283
5,732,714
5,365,896
of limitod
investments
on
funded debt
Other deductions
Net income
—V. 146, p. 3798.
Barium Stainless Steel
Corp.—RFC Loan—
common
listing and registration.—V. 146, p. 3661.
Bethlehem
Not
Steel
Corp.—Court Rules
801
$1,249,200
6,132
$1,328,604
3,920
$86,542
4,371
$109,472
45,750
4,250
$1,255,332
549,000
52,084
$1,332,524
549,000
51,372
$36,421
$59,472
$654,248
$732,152
on account
of the current dividend will
amount
Bickford's, Inc. (& Subs.)—Earnings—
*
1937
1936
1935
$10,381,081
39,978
$10,629,714
39,118
Total income
--$10,421,059
Cost of sales, exps., &c_
9,102,855
Adminis. & gen. expenses
$10,668,833
9,315,912
income
1934
$9,801; 513
39,383
$9,840,896
8,506,041
i,437,914
44,881
$8 482 796
7,262,833
'
'
(excl. furnishings used
DPapr1d?I>ra'Sorti?zn)-ana
on
335'937
292'820
410,067
84,333
374,842
83,684
338,169
7,082
Cr41
23
'
undis¬
tributed profits
Net income, applic.
Net income
preference stock
stock,
82,059
$430,308
114,178
346,405
$504,252
117,257
301,757
$540,392
117 622
287|388
$506,912
152,815
244,279
Consolidated Balance Sheet Dec. 31, 1937
^
wages
and additional
compensation—employees, $18,652; accrued interest, $7,299; unpaid and
taxes, $145,314; dividends payable on preference and
common
accrued
$302,978
accumulated and unpaid to May 31, 1938, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
stock, were paid on April 1, 1938.
Dividends
on
these stocks
are
cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended May 31, 1938 and 1937.—V. 146, p. 3946,
(H. C.) Bohack Co., Inc.—New President—
Ernest Haberle has been elected President of this company, operating
in Brooklyn and Long Island.
He succeeds Fred
Hildebrand, head of the company since Nov. 5, 1935.
Mr. Haberle has
been associated with the company for 24 years.
Henry Schmidt has been
chosen Vice-President; Charles G. Eden, Treasurer, and Harold J. Vogt,
Secretary.—V. 144, p. 3998.
several hundred stores
Bond
Stores, Inc.—-Sales—
Period End.
Sales.
—V.
146,
Nay 31—
3799.
p.
1938—Month—1937
$1,439,124
$1,877,729
^
1938—5 Mos—1937
$7,287,709
$8,003,985
Boston Elevated Ry.—Stock Purchase Bill—
The Massachusetts House passed to be engrossed the bill authorizing
purchase of the common stock of the company.
The bill, which will go to the Senate, was amended in only one
respect,
to give the Governor and Council authority to determine the common
stock price, this, however, not to be over $60 a share.—V. 146,
p. 3661.
Boston
Metropolitan Buildings, Inc.—Earnings—
Years Ended Dec. 31—
®
Rent of Metropolitan Theatre, & stage portion of
Wilbur Theatre (up to Oct. 21, 1937), under
lease to New England Theatres, Inc
Rent of Wilbur Theatre under new lease effective
Nov. 1,1937
Rent of offices
Rent of stores
Gross profit on sale of electricity to tenants
1937
$165,697
111.917
26,608
—
106,899
25,700
6,904
$314,686
79,615
123.921
$299,018
76,560
74,775
74,775
24,925
24,925
——
July 1,1938
Depreciation of buildings & equipment
.-
121,703
11.065
111,254
133,499
$110,869
Amortiz. of bond discount and expenses..
$148,958
16,516
>
Net loss for the year
x
$159,515
7,631
Fixed interest on 1st mtge. bonds at 3% per annum
Additional int. of 1% on 1st mtge. bonds (fully
earned) payable July 1, 1938 & 1937 (payable to
trustee April 1, 1938 & 1937)--Int. of 1 % on 2d mtge. bonds (fully earned) payable
x
1936
2,833
-
-
Assets—Cash on hand and in banks, $1,120,639; accounts receivable
$38,456; notes receivable—secured, $1,037; notes
receivable—unsecured
$4,210; merchandise—at cost, $114,469; merchandise in
transit, $4 051crockery, glassware, &c,
(includes furnishings in storeroom)—at cost'
$120,209; prepaid expenses, $22,882; furniture,
fixtures, furnishings and
equipment, and improvements to leased and owned
premises—depreciated
cost, $2,525,920; real estate—depreciated cost,
$1,404,396: leaseholds
unamortized cost amount, $127,564; deposits,
&c., $14,550; investments
cost, $88,313; accounts receivable (not a current
asset), $3,375; total
$5,600,078.
'
Liabilities—Accounts payable, $453,740; accrued
429,174
$225,074
-
Total operating income
Operating and general expensesTaxes on real estate and equipment
~
to
minority int. held by
public in a sub. co
on common
347'162
2,562
income taxes
Federal surtax
39°'724
410,358
84,293
furnishings used
429,174
Dividends
x
1930#
Accumulations after the payment
to $14 per share.—V. 146,
p. 3489.
Years End. Dec. 31—
income
stock and $1.50 a share on $6 preferred
of
preferred stock, par $100, payable
Juiy 1 to holders of record June 20.
Like amount was paid on
April 1, last.
A dividend of $5.25 was
paid on Dec. 21, last; dividends of $3.50 was
paid
on Oct. 1, July 1 and on
April 1,1937; a dividend of $8.75 was paid on Dec.
'21, 1936, and dividends of $1.75 per share were
paid on Oct. 1 and July 1,
Sales
45,750
period, whether paid or unpaid
$286,116.
Foods, Inc.—Accumulated Dividend—
on
$108,671
Dividends applicable to preferred stocks for the
Corporation Need
The directors have declared a dividend of
$1.75 per share
accumulations on the 7% cumulative
Divs.
Divs.
$86,267
275
Balance
Treuhand, A. G., and others
seeking judgment against the Bethlehem Steel Co. for $48,797 claimed to be
payable in respect of 1,244 coupons matured between Nov.
1, 1934, and
May 1,1936, on the first lien and refunding mortgage bonds.
The corporation admitted
liability for the coupons only in respect to thenface amount in dollars.—V. 146, p. 3798.
Federa
480,000
Gross income.
Int. on mortgage bonds.
Other int. & deductions.
par,
The Appellate Division of the New York
Supreme Court decided June 17
that the corporation was not obligated under the
multiple currency clauses
of bonds of its subsidiaries to meet
coupons in terms of foreign currencies at
above their dollar value.
The suit was brought by Anglo-Continentale
Other
3,783
650,000
Other income (net)
x
stock, $1
Pay Interest in Foreign Currencies—'
B-G
3,722
40,000
Net
Dolomite, Inc.—Listing and Registration—
The New York Curb Exchange has admitted the
to
314
50,000
Prop, retire,
9,425
Company announces it has received a five-year loan in the amount of
$150,000 from the Reconstruction Finance Corp.—V. 146, p. 2357.
Basic
311
res. approp.
Net oper. revenues-__
Int.
The balance of unamortized bond discount and expenses as at Jan.
1,
was charged to surplus (deficit) in 1937.
1937, $90,148,
Balance Sheet Dec. 31,1937
>
Assets—Cash, $76,842; notes and accounts receivable—tenants (less
$6,243 reserve), $8,662; fixed properties, less reserve, $3,108,345; contin8,476; total $3,204,050.
fency fund, $1,440; sinking fund cash, held by trustee, $285; prepayments,
Liabilities—Accounts payable and accrued
for
Federal and State taxes,
expenses, $15,201; provision
$751; bond interest payable, $35,990; loans
Volume
146
Financial
Chronicle
payable to New England Theatres, Inc., $100,000; bonds due'Jan. 1,
1950,
$3,599,000; common stock (96,270 shs., no par, at stated value of $0.10
per sh.), $9,627; deficit after reorganization
adjustments, write-downs, &c.,
$556,519; total, $3,204,050.—V. 144, p. 272.
(2)
Ltd.12^officially reported by that
$1,531,596 $13,175,851 $16,310,872
527,416
5,812,238
5,391,639
555,471
Net non-oper. income
$591,225
59,414
$1,004,180
76,282
Gross income.
Total income deductions
$650,639
683,902
$1,080,462
673,529
Capital Surplus—
Appreciation of land
in Brooklyn during 1912 and 1918
Reduction in par value of common stock from
$100 per share to
$5 per share during year 1932
$7,363,613 $10,919,233
863,728
958,737
$8,227,341 $11,877,970
7.563,224
7,315,197
Capital surplus as at Dec. 31, 1936
Adjustment of carrying value of investment
Ltd., in accord with
$406,933
$664,117
$4,562,773
on
oper.
43,937
def$33,263
285,526
$362,996
$664,117
$835,342
350,365
surplus
833,241
$876,456
564,803
$9,183,018
1,254,245
$311,653
$797,222
$4,287,021
Directors at their meeting held June 20 took no
action on payment of a
on the
company's $6 preferred stock, due at this time.
A regular
dividend of $1.50 per share was
paid on April 15, last.—V. 146,
p.3329.
Deficiency in earned surplus as at April 30,1937
Transferred to capital surplus as above
1938—Month—1937
1938—11 Mos.—1937
$1,778,363
$1,905,960 $19,012,070 $19,489,049
1,457,972
1,485,017
15,636,450
15.661,437
from oper
$320,391
205,106
$420,943
208,536
2,131,222
$3,827,612
1,984,113
Net non-oper. income._
$115,285
15,417
$212,407
13,656
$1,194,398
166,523
$1,843,499
190,058
Gross income
Total income deductions
$130,702
134,245
$226,063
130,783
$1,360,921
1,494,026
$2,033,557
1,414,383
on oper.
properties
$3,375,620
at
Assets—
Cash
on
1937
1936
1937
Notes <fc accts.
Brooklyn
c
951,044
1937
1936
g2,104,327
h520,000
in Exhibition
Inc
66,878
21,633
11
properties, &c__
Res. for conting. &
reorganiz. exps.
Prov. for claim in
Term.
Prepaid
16,878
Injuries
1,481
54,975
45,508
377,232
10,104
10,864
13,766
7,000,000
12,655
Provision for taxes
in
oper.
exps.
for
1,000,000
210,417
dispute
7% pref. stock...
Com. stk. (par $5)
50,000
7,000,000
50,000
e913,694
2,977.254
391,654
Surplus
and
deferred charges
...
$3,139,251 $3,033,828'
Represented by 180,219 shares,
Bush Terminal
Total...
no par
......
$3,139,251 $3,033,828
value.—V. 145,
p.
103.
Buildings Co.—Annual Report—
E. T. Bedford 2d, President,
says in part:
profit of
$114,304 in 1937 as compared with a net loss of $35,996 in
1936.
Sepa¬
rately, company sustained a net loss of $27,901 in 1937 as
compared with
a net loss of $144,636 in
1936, while Bush House, Ltd., shows a net profit of
$142,205 in 1937 (being £28,455 converted into dollars at
$4.99%, the rate
of exchange on Dec. 31, 1937), as
compared with a net profit or $108,639
in 1936 (being £22,126 converted into dollars at
$4.91, the rate of exchange
on
Dec. 31,
1936).
The present management assumed office on
May 1, 1937, as authorized
in conformity with the provisions of the
plan of re¬
organization under which company is now controlled
by its preferred stock¬
holders.
It is no longer controlled by the Bush Terminal Co.
by the Federal Court
Under the plan of reorganization the amount owed to
company
Terminal Co. was compromised at $500,000.
This reduced the
by Bush
surplus by
$1,525,032.
During the latter part of the year the management purchased and now
holds in the treasury $673,000 of
company's bonds at a cost of $428,185,
thereby reducing the fixed interest charges by $33,650 per year.
These
-
available for surrender
to the trustee under
company's first mort¬
gage in satisfaction of sinking fund payments which, under the
plan of re¬
organization, may be made in bonds at net cost to the
company.
The forms of the new securities which are issuable under
the plan of re¬
organization to the holders of company's securities were
approved by the
Court on May 3, 1938.
The new securities are being prepared and will be
ready for distribution as soon as the listing on the stock exchange of the
new securities has been completed and the
right to trade therein has become
effective.
Total
17,091,254 20,319,889
b
After depreciation of $1,910,704 in 1937 and
$1,751,575 in 1936
After depreciation of $27,521 in 1937 and
$24,027 in 1936.
d After
depreciation of $774,297 in 1937 and $736,290 in 1936.
e
Includes earned surplus (since April 30, 1937) of $213,694.
f Since
Dec. 31, 1937 the holder of the mortgage on the
principal property of Ex¬
hibition Building, Inc., has instituted foreclosure
proceedings and said
property has been sold at foreclosure sale, in view of which action a reserve
has been provided to reduce the investment in ahd
advances to that com¬
pany to tne nominal sum of $1.
g The investment in Bush House Ltd. is stated at the net asset value
thereof as reported by that company as at Dec. 31,
1937, converted at par
of exchange ($4.86 per £).
Bush Terminal Co. holds an option exercisable
at any time before April 15, 1942, or before the holders of
depositary certifi¬
cates become entitled to receive certificates
representing 6% cum. pref.
stock
of Bush Terminal Co. under the terms of the
deposit agreement,
whichever shall first occur, to acquire ah the interest of Busn Terminal Build¬
ings Co. in Bush House Ltd. for the
sum of $2,500,000.
The capital stock
(exclusive of directors' qualifying shares) of Bush House Ltd. is to be pledged
with the trustee for the 1st mtge. 50-year sinking fund gold bonds to sbcure
the deferred sinking fund instalments under the
supplemental indenture
dated
as of April 21, 1937.
h Bush Terminal Co. 15-year 6% income notes and accrued interest,
i Bush Terminal RR. rentals and advances (including accrued
interest),
$1,464,689; less
reserve,
$1,189,689.
Condensed Income Account of Bush House, Ltd.,
Year Ended Dec. 31, 1937
Revenue from rentals and other services
Total operating and maintenance expenses
Net income from
Other income
£198,127
161,462
operations
£36,665
4,421
Total income
£41,087
3,632
9,000
Depreciation and amortization
Comparative Income Account (Company Only)
Jan. 1 to
May 1 to
Apr. 30 '37 Dec. 31 '37
Period—
Provision for income tax and National Defence contribution.
-Calendar
1937
Yearsma
Revenue from rents &
other services
Oper. & maint.
$835,696
417,390
exps
Operating income
Provision for bad debts.
Real estate taxes
taxes
Int. on funded debt
Amort, of bond discount
Other interest charges.
_
Depreciation
$1,729,391
874,595
$2,565,087
1,291,986
$2,366,959
1,174,640
$418,305
3,291
143,788
15,738
137,350
5,183
20,302
$854,796
4,347
287,577
$1,273,102
$1,192,318
7,638
431,365
46,012
410,877
15,549
23,005
201,233
10,438
422,053
37,483
412,050
67,077
30,274
273.527
10,366
2,703
134,155
Res. agst. inter-co. ad vs.
to Bush Term.
Net loss for period
15,548
55,038
213,345
51,000
114,324
165,324
171,000
$25,424
$2,477
$27,901
$144,636
1,
1937,
the
revenue
and
expense
The income account for 1936 (above)
in accordance with the 1937 classification of accounts.
£28,455
Balance Sheet (Bush House, Ltd.)
j
$142,205
Dec. 31, 1937
Assets—Office
buildings at cost (after deducting reserve for leasehold
depreciation of £37,298), £1,032,068; movable equipment
and fittings at cost, less depreciation, £56,943;
advances to and investment in subsidiary and affiliated companies, at cost
less amounts written off Bush House (East) Ltd., capital stock), 1 shilling;
miscellaneous investments and accounts, £6,662; cash in banks and on
hand, £45,228; accounts and notes receivable, less reserve, £15,422; main¬
tenance and operating supplies,
£3,330; prepaid expenses, £194; total,
and
furniture,
fixtures
Liabilities—5%
1st mtge. debentures, £675,379; Bush Terminal Build¬
capital advances, £159,501; current, liabilities, £51,482; capital
(20,000 ordinary shares of £1 each, fully paid), £20,000; surplus,
£253,487; total, £1,159,851 —Y. 144, p. 3830.
ings
Includes interest charged on inter-company note and advances
1937 and $162,722 in 1936).
reclassified.
Net income for year
Net inc. converted at $4.99% per £, rate of exch. at Dec. 31,1937
Co.
stock
272 in
Effective Jan.
-
amortization and
RR. &
Exhibition Bldg., Inc.
Notes—(1)
..17,091,254 20,319,889
c
The annual report of company and its
wholly-owned British subsidiary,
Bush House, Ltd., for 1937, on a consolidated
basis, shows a net
were
2,288
RR
and
dispute.Prov.
1,000,000
and damages
supplies
and
Total
a
6,110
of
2,030
Total
Other
3,686
reserve for
3,305
Maint,
23,901
Prepaid items
252,594
of Exhtb. Bldgs.,
Inc
General
3,795,894
1,780,047
83,920
132,406
3,199
in
1,805
3,935,873
73,352
84,864
mtge.
2,030
Common stock.. 3,935,873
1,863,422
to
Statutory deposits
128,928
Deficit
Due
Miscell. accounts.
Reserve
Bush Term. Co.
Due
from
Bush
x
641,181
on
funded debt
obsolescence
199,800
150,747
auto—net
a
1,406,931
187,400
219,901
are
2,009,399
1275,000
Cr4,189,000
1,151,038
166,814
23,810
16.680
possess, of prop,
109,714
Mach'y, fixtures &
bonds
2,266,725
500,674
pre¬
45,735
74,272
Federal taxes...
Prepaid rentals...
Cash
ferred stock
expenses
Accrued Interest
Accts. & notes rec.
Due from trustees
securs.
Other assets
x
697,925
plants,
equipment, &c.
Investm't In Bush
74,212
conv.
investments
marks
697,817
d Steam
250,000
reserve for taxes
6%%
$
8,296,000
Real est., franch. &
71,199
1,035,739
933,705
goodwill
178,393
500,000
$353,990
Street impt. assess.
9,783,034
174,899
$308,201
1,114,247
192,752
Trade
9,628,425
Co
1936
$
7,623,000
26,837
Accts. pay. &accr.
Office bldg., New
York
Inv.
Accts. payable and
..
Marketable
2,644,355
bldgs.,
Ltd
1937
Liabilities—
Funded debt
2,644,355
b Industrial
Bldg.,
Liabilities—
re¬
ceivable—net
Mdse. inventorynet
§
Notes payable
$512,562
213,694
$913,694
1936
$
Assets—
Loans payable
$541,017
Dec. 31, 1937---.
Dec. 31, 1937
as at
Land & land impt.,
$619,174
-Balance Sheet Dec. 31
hand and
in banks..
Other
$95,280 loss$133,105
as at
Balance Sheet Dec. 31
Int. in Bush Term.
RR
Brown Durrell Co.
f
216,171
Int. in Bush Term.
loss$3,543
$2,477
1937.
Earned surplus (since
April 30,1937)
House,
Current income carried
to surplus
—V. 146, p. 3329.
—
discount) of
April 30, 1937, and held in treasury
Dec. 31,
Brooklyn
Operating income
2,498,933
$1,243,856
1,243,856
Net loss for the eight months ended
Dec. 31, 1937
Excess of par value over cost
(incl. unamortized
bonds purchased since
Combined surplus
Brooklyn & Queens Transit System—Earnings—
Taxes
$700,000
$1,255,077
Building, Inc.,
to nominal sum of
$1, $720,601; appropriation to reserve for
contingencies and reorganization expenses, $216,531
$7,104,312 $10,437,263
6,307,090
6,150,242
dividend
rev.
1,243,856
-
loss$29,720
Period End. May 31—
Total oper. revenues
Total oper. expenses
$1,943,856
April 30, 1937, $25,424;
adjustments applicable to operations of prior periods,
$2,903;
reduction in indebtedness or Bush Terminal Co. under
terms
of plan
of reorganization, $1,525,032; additional reserve
against indebtedness of Bush Terminal
RR., $8,441; reserve
provided to reduce investment in Exhibition
$9,902,786 $12,590,544
3.631,015
3.407,526
318,880
Preferred Dividend Omitted—
Net
221,678
Capital surplus as at Dec. 31, 1937
Earned Surplus—
Earned surplus as at Dec.
31, 1936
Net loss for the four months ended
Current income carried
to
House,
reported by that com¬
as
ings)
$4,277,247
$6,271,071
74,964
$541,386
571,106
....
$801,492
56,409
Gross income
Total income deductions
$1,120,372
$484,977
Operating income
Net non-oper. income.._
Bush
earned surplus as at April 30, 1937 (date on which
company was restored to possession of its properties in its own
right and free from the control of the Court in 77-B
proceed¬
1938—Month—1937
1938—11 Mos.—1937
$2,360,822
$2,594,755 $26,395,926 $28,317 697
1,525,480
1,474,383
16,493,840
15,727,153
props..
950,000
$1,722,178
-
in
Deficiency in
Q. T_>_
from oper___
rev.
$772,178
Total
^
[Excluding Brooklyn and Queens "transit System]
Net
Taxes
net asset value
pany as at Dec. 31, 1937
Current inc. carried to
surplus
loss$33 263
Accruing to minority in¬
Period End. May 31—
Total operating revenues
Total oper. expenses
$11,698
April 30, 1937.
Surplus Accounts Year Ended Dec. 31, 1937
Net revenue from oper
$1,146,696
Taxes on oper. props
terest of B. &
The interest charged on
inter-company advances includes
advances to Bush Terminal Co. for the four months ended
Such interest formed
part of the indebtedness of that company, settled as
of April 30, 1937
through issuance of its income note for $500,000.
The
mterest accrued ($20,000) on such note for
the eight months ended Dec. 31,
1937, has been included in the
foregoing income account although not col¬
lectible until earned by Bush Terminal
Co.
[Including Brooklyn & Queens Transit System]
Period End. May 31—
1938—Month—1937
1938—11 Mos.—1937
Total operating revenues
$4,127,347
$4,487,278 $45,272,257 $47,663,158
Total operating expenses
2,980,651
2,955,682
32,096,406
31,352,286
Balance to B.-M. T.—
company, of £28,455 for 1937 and
(3)
on
Brooklyn-Manhattan Transit System—Earnings—
Operating income
4109
The income account does not include the net income of Bush
House,
has
($183,-
accounts
been recast
Bulova Watch Co.—Dividend Reduced—
The
directors
have
declared
a
dividend
of 50
cents
per
share
on
the
stock, payable July 1 to holders of record June 27.
This compares
with $1 paid on March 23, and Jan. 3, last, and on Sept. 30 and July 1,1937,
and a dividend of $2.50 per share (a special of $1.50 and a quarterly of
common
$1)
was
paid
on
March 23, 1937 this latter being the first distribution
to
be
Financial
4110
1, 1931, when a
made since Sept.
dividend of 20 cents
regular quarterly
per share was distributed.
A. Bulova, Chairman on
„
.
.
,
.
,
_
.
June 17 issued the following statement.
received, based upon the annual audit for the
March 31, 1938, now in the course of preparation,
seem to indicate that the operations of the company for the
12 months
ending March 31. 1938, resulted in net earnings of approximately
per
share after taxes on the 324,881 shares outstanding.
Usual report to stock¬
holders, it is expected, will be ready for mailing in about 10 "ays.
"At this time, however, because of the reduced volume of sales of the
"Preliminary figures just
would
$8
fiscal year ending
for the current (June 30)
company
1937, being the first quarter
meeting held today (June 17)
stock of the
common
compared with sameperiod in
fiscal year, directors at; a
dividend of 50 cents per share on the
quarter
of the company s
voted a
company.—V. 146, p. 1704.
Butler's, Inc.—Sales—
for
Sales
month
the
$99,292, an increase of
,
^
California-Oregon Power
Canadian Breweries,
Co.—Accumulated Dividends
Gross revenues
—V.
share on account of
payable July 15 to
share.—V, 146, p. dob/.
—V. 146, p.
$650,342
$1.53
1934
$2,350,945
1,662,943
$2,266,772
1.512,821
$1,963,625
1,373,655
Operating revenues
Oper. exps., incl. taxes..
Amortization of limited-
198,874
222,090
234,478
145,314
Prop, retire't res. appropi
$468,378
177,644
240,000
$519,474
182,138
240,000
$444,656
172,017
160,000
Other income (net)
$50,734
$97,336
$112,639
Int.
31
1937
1937
$
15 ,181,530 15,118,082
Pref'ce sh. redemp
Net
3,500,000
490,995 Ordinary shs. $100
560,995
8,000,000
General reserve
Cndn. Util., Ltd
8,000,000
1,707,414
1,652,319
49,006
each)
of
1,838,996
1,572,636
43,370
120,000
Res. for amortiz..
25,000
Reserve for deprec.
Cap. redemp. res.
Consum. depos. &
560,995
accrued interest-
353,108
payable.
150,500
345,076
119,855
explora¬
60,426
companies.
hand & in
Accounts
22,315
579,813
Unclaimed divs...
298,201
Investments
x Accts. receivable
50,297
596,232
banks
282,541
Unclaimed consum
deposits.
Indebt. to affil
Advs. to officers &
empl. for travel.
2,510
2,998
& other expenses
3,759
3,238
14,274
14,712
387
1,709
88,438
Deferred charges..
10.012
11,427
income
36,839
32,366
560,995
490,995
215,005
Other interest
reserves..
$15,091 in
of $25,520 in 1937 and
Baltimore—Earnings—
1936
1937
$723,317
10,870
$677,632
7,729
Interest charges.
$734,188
159,991
156,325
17,4.38
$685,361
176,508
143.329
22,352
Other income, net.
$400,434
45,836
$343,172
8,064
Expenses
Taxes
$446,270
Net income.
„
Gross income
$7,420,997 $7,391,755
10,046
10,053
564,383
569,716
Co._
1,119,625
Stocks and bonds.
132,130
1,050,125
131,750
249,553
317,094
Other curr. assets.
86,855
85,069
Deferred assets
74,812
1937
Capital stock (22,000shares)
400,000
24,666
12,075
65,330
55,851
1,427,602
1,384,456
47,631
Deferred
80,000
80,000
5,584,229
..
5.467,958
1,821,444
credits.
sales contract
on
Total
$9,658,401 $9,610,936
$
3,407,249
4,791,449
10,869,740 14 ,311,076
18,131,822 15 ,383,129
S
1,163,374
2,986,951
260,034
Res. for Fed. taxes 1,974,239
2,590,551
Accounts payable.
z
stock
•
$1,297,182
have
9,411,200
6,014,776
9,411,200
13,733,577
60,558
Common stock..
Earned surplus
declared
Corp.—Accumulated Dividends—
the following dividends all
30 to holders of record June
payable on
15:
11,515,200
and
146,
1233.
Earnings for the Year Ended Dec.
Net profit before deducting prov. for
31, 1937
deprec. & Fed'l income taxes
Provision for depreciation
Normal tax and tax on excess profits
Surtax
14,899,637 18,094,053
$654,157
45,268
93,609
60,837
undistributed profits
on
$454,442
Earned surplus, Dec. 31,
2,275,721
1936
$2,730,163
Total
Federal income taxes—prior years
Commissions and expenses incident
Transfer to common stock account
to issuance of cum.
6% cumulative preferred
stock
Dividends
on
pref. stk__
120,000
1937
Upon change and reconstitution
3,188
110,306
xl,265,000
48,800
stock
on common
of each $100 par value share
value of $5 each.
$1,182,870
of common
stock into 700 common shares of the par
Balance Sheet Dec.
509,991
(par
$100)..
y
properties
Assets—Cash in bank and on
31, 1937
hand, $168,981;
marketable securities (at
approximate market value), $16,750; customers' notes and accounts receiv¬
able (less reserve for doubtful accounts, $11,564), $468,332; miscellaneous
balances currently receivable, $8,041; inventories, $2,009,772; sundry re¬
ceivable balances, $34,714; prepaid expenses, $12,054; cash surrender value
of life insurance policy, $21,600; land, buildings, machinery and equipment,
at
cost,
less
reserves
for
depreciation
of $365,540, $1,565,749;
total,
$4,305,993.
50,528
&c
52,957,261
(trade) and accrued expenses, $167,448;
(building and equipment), $61,228; provision for
Liabilities—Accounts payable
34,696
53,341,0991
Total
52,957,261 53,341,099
and $11,336,791
in 1937.
y Represented by 1,882,240 no par shares,
z Does not include
any amount for Federal surtaxes on undistributed earnings.
After
$1,809,187
$1,297,182
the 7 % preferred class A shares;
31Y cents per share on the 6% preferred class B shares;
37 Y cents per share on the 6% preferred class O shares;
9% cents per share on the 6% preferred class B shares, par $25;
10.937 cents per share on the 7% preferred class A shares, par $25,
9% cents per share on the 6% preferred class C shares, par $25.—V.
x
Prepaid insurance,
x
$1,633,825
$108,099
43 % cents per share on
,
Capital surplus...13,733,577
1
buildings,
equipment,. &C.20,497,920 18 ,760,189
Total
directors
payroll &
expenses
Pref.
Pats., trade-marks
taxes,
$138,368
$108,099
Central States Electric
The
1937
$
Liabilities—
Accrued
Notes & accts. rec.
Miscell.
64,310
327,316
1,330,027
107,142
4,310
14,780
Earned surplus, Dec. 31,
1938
1937
$
and goodwill
46,400
222,116
7,146
15,367
$107,174
Dividends
3813.
1938
Land,
$3,530,840
account of accumulations on June
Caterpillar Tractor Co.— Balance Sheet May 31-
x
$3,186,560
1,284,219
Net income
Spec, deposit-acct.
$9,658,401 $9,610,936
Inventories
39,595
$264,600
$3,491,245
31,652
1,821,444
Accrued deprec.
real estate
less reserves
42,740
Central Steel & Wire Co.—Earnings—
250,000
Earned surplus
Cash
$3,143,820
(net)
income
$357,500
Accrued taxes
Appreciation
Assets—
$260,490
4,110
183,883
57,579
3,700
27,864
paid at one-half of the regular rate
since Oct. 1, 1934, and arrearages for the quarters ended Sept. 30, 1934;
Dec. 31, 1934; Mar. 31, 1935; June 30, 1935; Sept. 30, 1935; and Dec. 31,
1935, were paid on Jan. 1, 1937; Apr. 1, 1937; July 1, 1937; Oct. 1, 1937;
Jan. 1, 1938 and Apr. 1, 1938, respectively.—V. 146, p. 3948.
1936
$357,500
Note payable
Current liabilities.
55,374
—V. 145, p.
Net
p.
Liabilities—
1936
1937
Real estate and lm
Total
1938—12 Mos.—1937
$6,642,834
$6,815,836
2,406,926
2,427,408
681,199
694,806
23,211
38,725
213,255
338,075
$533,516
deductions
Pref. div. requirements.
$351,236
General Balance Sheet, Dec. 31
Cash
108,054
Note—Preferred dividends have been
Other revenue.
Canton RR.
$682,706
108,054
...16,937,229 16,819,919
Total
Years Ended Dec. 31—
Ground rents
$806,086
-
$236,998
107,311
Bond interest
208,573
Miscell
..16,937,229 16,819,919
Furniture & equip.
$72,145
for the
150,965
After reserve for doubtful accounts
provements
322,146
7,968
Cr2.731
$233,316
3,682
income)
Non-oper. income (net).
139,057
(estimated)
1936.—V. 145, p. 4112.
Assets—
Cr4,257
$503,323
174,094
59,123
3,815
32,975
State & munic. taxes
Fed. taxes (incl.
Other
Canton Co. of
Cr995
1938—Month—1937
Operating revenues.
Operating expenses
Special surplus
x
$1,010,089
227,500
10,332
Central Maine Power Co.—Earnings—
Period End. May 31—
Earned surplus
Total
$1,039,661
627
$698,032
$574,652
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended May 31,1938 and 1937.—V. 146, p. 3491.
Net oper. income
inc. & other taxes
9,039
11,533
73,784
$90,735
18,958
Balance
Prov. of Alberta
current)..
$858,333
151,756
Dom. of Canada &
of affil
Mat'ls & supplies.
$898,309
141,352
•
period, whether paid or unpaid
Social Security taxes
cos.
$80,119
10,616
2,979
Dividends applicable to preferred stocks
490,995
41,777
110,000
9,200
affilited co.)_..
Adv.toaffil.co...
35,757
285,550
$60,472
$
Liabilities—
6% cum. pref'ence
shs. $100each). 3,500,000
35,156
345,700
$79,245
18,958
1,160
Crl,345
interest
Int. charged to construe.
1936
$
1936
$
24,000
$69,132
10,113
mortgage bonds.
on
1937
$3,661,422
2,481,782
187,064
2,913
15,000
Net oper. revenues...
Other
1938—12 Mos.
$4,055,934
2,776,769
$294,162
$301,079
214,034
Gross income
Balance Sheet Dec.
fund
1938—Month-—1937
investments
term
'
Co.—Earnings
Central Arizona Light & Power
.
$76,162
Fixed assets
47,045
period of 1937.— v. 146, p. 3662.
share on the same basis for the like
a
$2,316,614
1,626,145
dividends
cos.
& Power
Period End. May 31—
Balance, surplus.
Indebted,
$109,128 after all charges, compared with net of $8,403 in the preceding
for the same period a year ago.
No provision
undistributed profits tax was necessary because of
statutory deductions in excess of net profit.
Net for the three month
period was equivalent, after preferred dividend requirements, to 27 cents
a share on 268,685 shares of common stock outstanding, compared with
for Federal income or
47,999
Ordinary
$0.59
three months and $447,600
$1,915,626
$489,128
172,966
240,000
232,480
$2.39
$0.16
268,685 shs. com_
$2,219,726
.
1936
$3,310,199
x715,931
Including profit of $66,000 received from sale of investments,
y After
depreciation and other charges, but exclusive of Federal income and un¬
distributed profits taxes.
Note—No provision necessary for Federal surtax because of statutory
deductions in excess of that amount.
For the three months ended April 30, 1938, company reports a net profit
57,265
dividends
1937
$5,112,608
117,531
$2,259,349
and
Assets—
1938
$4,099,068
April 30—
Net profit
1935
Net income
to
$399,000
$2,607,000
Natural Gas, Light, Heat
Preferred
on
Corp.—Earnings—
Net sales
1936
amortization
tion
Celotex
6 Months Ended
64,427
Total income
Cash
Inc.—Dividends Omitted—
decided to omit the dividends ordinarily due at this time
6% class A and B preferred stocks.
Regular quarterly dividends of
$1.50 and 60 cents per share respectively were paid on April 1, last.—
—V.145, p.3969.
the
$2,286,518
Expenses, &c—
Deprec., depletion
Advs.
Carthage Mills,
Directors have
on
1937
Sales of gas
Other income.'
sinking
Decrease
1937
$2,208,000
....
Calendar Years—
Inv. in 6% notes
434.
p.
of
Ended June 14
Co., Ltd.—Earnings—
•
Decrease
3947.
Canadian Western
due at this time
shares.
A dividend of 6
cents was paid on Dec. 30,
dividend of 10 cents per share was paid on May 15,1937.—V. 146,
x
Ry.—Earnings—
1938
Co.—Dividend Omitted—
decided to omit the dividend normally
Earnings per sh. on
Week Ended June 21
1938
1?37_
$3,106,638 $3,756,980
Earnings for Week
Traffic earnings
last, and a
y
146, p. 3948.
Canadian Pacific
(L. E.) Carpenter &
the $1 par common
of 50 cents per
Ry.—Earnings—
Earnings of System for
on tractors
by tne markdown.
Company officials in announcing the reduction expressed hope that the
new prices
would stimulate business sufficiently to obtain continued or
additional employment for its 8,000 workers.
Company recently announced
that its sales in May had fallen to $4,382,264 from $6,739,845 in May, 1937,
a decline of 35% .—V. 146, p. 3948.
Ltd.—-Accumulated Dividend
accumulations on the $3 cumulative preferred stock,
holders of record June 30 leaving arrears of $5 per
Canadian National
the nation's largest producer of track-type tractors and
Diesel engines, on June 20 sharply reduced its
and Diesel engines in an attempt to stiumlate business.
Tractor prices were cut $150 to $650 per unit, or 7.51% to 14.19%, and
reductions on Diesel motors ranged from $175 to $750, or 8.5% to 23.33%.
Every tractor and Diesel engine produced by the company was affected
This company,
prices
on
on the 7%
$1.50
the
dividend of $1 .o0 per share
$100, all pay¬
of record June 30.
stock and $6 per
declared a dividend
I
f
The directors have declared a dividend of $1-75 per share
$100, a dividend of
per
6% cumulative preferred stock, par $100, and a
on the 6% cumulative preferred stock, series C of 1927, par
able (on account of accumulations) on July 15 to holders
Arrearages after these payments will total $7 on the 7 %
share on the 6% stocks.—V. 146, p. 3799.
The directors have
published
12 months ended May 31 was
leading manufacturer of
a
Directors have
cumulative preferred stock, par
the
3948.
Reduces Prices—
$100,025, compared with
of May amounted to
1%.—V. 146, p. 3330.
account for
The income
in V. 146, p.
,,
_lljl
1938
25,
June
Chronicle
reserve
for depreciation of $11,831,384 in 1938
other accounts payable
Federal income taxes and surtax on
undistributed profits, $154,447; first
preferred
$1,500,-
mortgage 4% notes, due Jan. 2, 1939 (final instalment), $40,000;
stock. 6% cum. (par $50), $1,200,000.
Common stock (par $5),
000; earned surplus, $1,182,870; total, $4,305,993.—V. 145, p. 601.
Volume
Financial
146
Central Vermont Public Service
Period End. May 31—
85.842
12,901
1,230
State & munic. taxes
Social Security taxes
Fed. taxes (incl. income)
Net oper.
54
$733,404
3,669
$737,073
259,294
$404,012
227,136
53
$58,569
2,017
1.830
$36,609
18,928
151,842
7,028
52,652
$638,944
245,000
8,466
21,859
$29,311
18.928
income
Pref. div. requirements
146,
$2,076,471
1,131,545
$635,159
3,785
886
$52,901
20,416
1,157
Gross income
Bond interest.,
Other interest (net)
Other deductions
Net
$2,159,576
1,260.062
153.511
14.035
96.809
$58,516
52,847
income
Non-oper. income (net).
—V.
1938—12 Mos.—1937
$166,434
82,857
14,493
$163,490
Operating revenues
Operating expenses
Chicago
Corp.—Earnings—
1938—Month—1937
$363,619
227,134
20,416
Cr286
549
73,218
3492.
p.
Champion Paper & Fibre Co.—Listing—
authorized the listing of $5,500,000
4%% sinking fund debentures (1938 issue), due Sept. 1, 1950, which are
and outstanding; and 7,517 additional shares of 6% cumulative
preferred stock (non-voting) par $100 on official notice of issuance, making
the total amount applied for 85,000 shares.
Company intends, from time to time, to sell the 7,517 shares of 6%
cumulative preferred stock through brokers on the New York and Cin¬
cinnati Stock Exchanges, through dealers and directly to investors.
Com¬
pany will not sell these shares at a lower price than is permitted by the laws
of the State of Ohio.
The price of any shares sold to investors, either
directly or through dealers, will be approximately the same as the market
price of these shares on the Exchanges, although a concession of not ex¬
ceeding $5 per share may be allowed in the case of any shares sold through
dealers, particularly in the case f the sale of a large block.
The bonds were offered publicly on March, 1938 (see V. 146, p. 2199)
—V. 146, p. 3492.
The New York Stock Exchange has
4111
Chronicle
Island
Rock
Ry.—Reorganization
Pacific
&
Hearing Postponed Until July 20—
The Interstate Commerce Commission has postponed until July 20 further
hearings in the company's reorganization case.
Hearings previously had
been assigned for Jupe 28.
The request for postponement
was filed by the protective committee
for the 1st & ref. 4s and secured 4 J^s and concurred in by nearly all parties.
This committee has promised a completed plan of reorganization ready for
filing with the Commission by July 20.
Bondholders* Committee Reassures Depositors—
protective committee for the 1st mtge. 5% bonds of Burlington
Rapids & Northern Ry. have notified holders of their certificates
deposit that they will not approve any proposed reorganization plan
of the Rock Island which, in their opinion, fails to accord fair and equitable
treatment to holders of the Burlington Cedar Rapids bonds.
The deposit agreement provides if no reorganization plan is approved
by the committee before June 21, that any bondholder may withdraw
from the agreement upon surrender of his certificate of deposit.
The
committee will continue to represent bondholders who do not exercise
their right of withdrawal.—V. 146, p. 3949.
The
Cedar
of
issued
Chesapeake & Ohio Ry.—Earnings—
Net after rents
$8,825,156
3,595,894
2,618,687
52,427,902
23,482,165
19,002,525
44,371,435
18,173,706
13,751,662
From Jan. 1—
Gross from railway
38,763,032
12,438,056
7,962,067
Net from railway
Net after rents
53,589,613
23,173,628
16,720,301
—V. 146, p. 3662.
Chesapeake Corp.—Dividend Action Postponed—
Action
the
on
company's
dividend
by directors
deferred
again
was
Southeastern Ry.—Judge
of Bedford Belt Bonds—
&
Haute
Terre
Federal Judge James H. Wilkerson at
Chicago has taken under advise¬
the question of whether trustees of Chicago Milwaukee St. Paul &
should pay
of Bedford Belt Ry. 1st mtge. bonds
ment
$250,500
Pacific RR.
The trustees of the Milwaukee had petitioned the
maturity.
Opposition to the payment was forthcoming from the trustees of some
of the St Paul's bond issues and the committee for institutional investors.
maturing Juiy 1, 1938.
Court for instructions regarding the
These charged that repayment of the maturing bonds would constitute a
preference for such bondholders over those who are involved in the pending
reorganization.
Such funds could more appropriately be expended on
maintenance, it was argued.—V. 141, p. 1432.
1935
1938
1937
1936
$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
May—
Gross from railway
Net from railway
Chicago
Takes Under Advisement Payment
Corp.—Interest Payment
Chilean Nitrate & Iodine Sales
Holders of 5% sterling income
debentures were notified on June 23 that
half-year ending June 30, 1938, will be
interest at the rate of 2H % for the
paid in full
on or
after that date.
Sterling at the office of J. Henry Schroder
in dollars at the office of J. Henry Schroder Banking
Corp., New York City, at the buying rate for sight exchange on London
current on the date of presentation or the coupons.
Payment will also be
made in Holland, Switzerland, Germany and France in their respective
currencies.—V. 146, p. 105.
Such interest will be paid in
& Co., London, or
a meeting held June 21.
It was stated that consideration would be
given to the matter at the next board meeting, date for which was not set.
at
Action
the dividend has been
At a meeting
action pending decision on disso¬
was again
scheduled for New York on
June 15, but was postponed until June 2l in Cleveland.
The committee of directors appointed to study dissolution did not have
a final report ready on June 21.
Failure to declare a dividend will not affect payment of interest due
Aug. 1 on Alleghany Corp. 5s of 1944, it was stated, since that company
has sufficient cash on hand to make this interest payment.—V. 146, p. 3948.
on
in Cleveland May 31, directors
lution.
Dividend consideration
postponed twice before.
took
no
Chicago Aurora & Elgin Corp.—Earnings—
1937
$520
1936
$520
1935
$1,360
1934
$1,360
1,064
Int. on notes payable-258,141
Acer. int. on deb. bonds.
360,000
1,174
258,290
1,220
258,142
360,000
360,000
1,214
258,142
360,000
$618,944
$618,001
$617,996
Calendar Years—
Total income
Miscellaneous
expenses.
Deficit
$618,686
in
62.373
4,950.000
4,590,000
4,290,000
debenture bonds
Notes
payable
affiliated
62,917
217
interest
6.000,000
4,290,000
Accrued interest on
13,840,100 13,840.100
15,798
15,798
Cash
Acer,
6,000,000
gold bonds
(in receiver¬
ship)
Miscell. investm'ts
217
to
cos
Accrued interest
re¬
ceivable
notes
on
payable..
225
3,749,025
x
Represented by 27,491
no par
3,749,025
6,636,949
Capital stock
Deficit..
13,918,488 13,919,032
1,308,045
1,566,186
Misc. current liab.
x
Total
$
$
Debenture 50-year
Au¬
& Elgin RR.
rora
Co
Liabilities—
$
Chic.
1936
1937
1936
1937
Assets—
6,018,263
13.918,488 13,919,032
Total
shares after deducting nine shares held
in treasury.—V. 144, p. 2821.
1936
1937
1938
Years End. Jan. 31—
1935
$4,827,463
$3,871,798
5,808
5,988
$4,363,297
7,768
$2,981,939
$4,821,655
$3,865,810
$4,355,529
4,938,525
4,893,906
4.863,302
4,848,047
Chicago Rys. (60%)—. $3,054,305
72,366
Joint account expenses
_
_
Balance
Deduct—Int.
at
5%
on
capital valuation
Net
receipts divisible
city
def$l,956,587
License fees paid to city.
5,436
with
1938—5 Mos.—1937
$37,483
$121,573
$0.08
$0.26
x After depreciation, interest. Federal income taxes, &c.
y On 475,239
shares of capital stock, $50 par.—V. 146, p. 3331.
y
Earnings
def$72,251 def$997,492 def$492,518
share
City Investing Co.—Larger Dividend—
The directors have declared a
College of Intellectual
S.
Securities
Cohege of Intellectual Science and its two
Domback and R. Sanderson Howell, from
the entry
of the decree.
Development Co., Ltd.—Earnings—
Colon
Years Ended Dec. 31—
Prov. for deprec.,
$1,001,729
$498,154
3,861,573
11,178
$4,828,894
$3,872,751
$4,359,043
4,012,214
4.012,214
4,012.214
less adjust, in respect
Prop., plant & eq.
4,012,214
44,400
15,000
185,154
Prov. for Fed. inc. tax..
Corp. expend. & adjust.
&c.def$1,080,443
11,217,212
33~738
Oil in stock.
$572,126 def$213,872
10,779,519
10,993,391
134,432
$268,691
10,724,700
in
207,443
13,326
rec.
6%
from
cos..
Road,
equip.
&
$
Capital stock...
.
11,275
81,327
franchise
105,312,582
Treasury secure.
672
Gen.
and
acct.
104,342,<824
6^2
7,136,002
6,717,490
11,537,405
cash items
11,438.091
Accts.
a
Int.
.
.
payable.
on
199,677
Drafts
80,720.546
59,142
accrued
34,887
14,249
213,916
21,176,669
407,933
11,634,403
4,616,024
10,136,770
19,251.517
.
346,445
11,445,115
2.654,001
626,651
11,217,212
on
13,344
14,245
100,888
payable...
ciated cos
creditors
34,177
&
71,818
fund
reserve
26,901
113,307
802,474
714,498
65,483
sundry accruals.
Sink,
c
Capital surplus.,
d Earned
82,319
66,133
Total
£4,283,845 £4,153.481
Total
surplus..
£4,283,845 £4,153,481
(of which 325,560 shares are held for con¬
preference stock), £126,500.
Issued, 2,195,793 shares, £109,789.
Issuable under plan of reorganization, principally for unsurrendered capital
stock of Colon Oil Corp., £210.
b Series A and B authorized under plan in
a
Authorized, 2,530,000 shares
version of
the aggregate
principal amount of £2,500,000; principal amounts issued and
£166,398 of series A retired pursuant to pro¬
fund.—V- 145, p. 4113.
outstanding after deducting
Deficit in 5% re¬
turn
9,903
32,565
59,142
Reserves
Surplus...
9,780
30,018
Accts. pay. to asso¬
810,000
80,720,547
Deferred credit.
Special renew. &
equip, fund..
Accts. receivable
784,000
100,000
bonds
Fed. taxes acc'd
Renew. & deprec
fund
Funded debt.
hand..
$
100,000
87,130
2,315,609
conv.
series A & B._
1,555
1937
$
Liabilities—
red.
pref. stock...
Trade
1938
1937
$
2,315,609
B
5% red. inc. stk.
Investment
Balance Sheet Jan. 31
1938
Assets—
on
660,000
Interest declared:
Trade debtors and
payments in adv.
sur.llO,136,770 $11,217,212 $10,779,519 $10,993,391
Series
1,119
13,265
1936
£110,000
651,119
5% redeem, inc.
stock—Series A.
107,815
62,882
transit..
associated
1937
stock
stock &
30,508
in
from Jan. 1, 1936.
6% red. conv. pref.
b
13,643
Cash in banks and
Total prof. & loss
47,804
Dec. 31
Ord. shs. (Is. par). a£110,000
reserves)..£3 109,944 £3,020,050
Mat'ls
Accts.
Net inc. for int.,
104,399
Liabilities—
1936
1937
44,400
_
.vTonn
81,249
adopted by the management as
Balance Sheet
44,400
10,418
26,000
98,326
£188,697
£264,531
Note—No provision has been made during the year ended Dec. 31, 1937
for depletion of the cost of the concession and development expenditines.
ing fund agent..
44,400
coupons
...
194,851
of retirem s
Cash held by sink¬
on
321
1ft,
243.705
Profit for year
(less
tax
Previous surplus..
Items in suspense
£64o'£Zn
4,349,893
9,150
$2,986,590
income
2,533
3,655
$76,491
Deduct—
32,344
fee
pursuant to the policy
Interest accrued
£577,029
15,125
Drilling, production and field expenses (including
Intangible drilling expenditure) —
Administrative and general expenses, &c
Provision required to state the investment in
British Government 2M % conv. loan.
4,817,415
11,479
5,636
£605,266
21,186
Totalincome—
Directors'
Assets—
Federal
■
crude oil to associated co_
Miscellaneous income
4,237
5%
Gross income
Exchange Commission reported June
Des Moines, Iowa, had permantly
and
District Court at
4,239
Company's income:
Net rects. from oper
Science—Enjoined—
21 that the
enjoined the
principal officers, Charles M.
selling securities in violation
of the fraud provisions of the Securities Act of 1933.
The Commission
charged in its bill of complaint that the defendants had attempted to sed
debentures to be issued by the College of Intellectual Science by repre¬
senting to purchasers that the funds would be used to induce students to
enroll at the college and would result in profits as high as 18% per annum.
The bill also alleged that the defendants did not intend to use the funds
acquired through the sale of such securities for the purpose of the college
but intended to keep such funds intact until the maturity of the debentures
and promptly return the principal amounts invested together with interest
in order to establish credit and to enable them later to induce the previous
purchasers to invest larger sums of money.
The defendants consented to
The
2,976,502
10,088
in
dividend of $2.50 per share on the common
stock, par $100, payable June 30 to holders of record June 28.
This com¬
pares with $1 paid on Jan. 4 last, April 27 and Jan. 5, 1937, and on July 7
and Jan. 7, 1936; 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.—Y. 145, p. 4113.
$1,962,023
deficit
Total
$27,025
$6,878
per
Oil proceeds from sale of
Interest on investment
Chicago Rys. Co.—Earnings—
Ry.—Earnings—
1938—Month—1937
Net income
U.
Balance Sheet Dec. 31
Inv.
Cincinnati Street
Period End. May 31—
x
visions of purchase
certi¬
fied val'n due
fr.
future
4,616,024
Total
128,851,489
a
Columbia Baking Co.—Extra
re¬
ceipts
Interest due Feb, 1,
2,654,001
125,793.980!
The directors have
Total
128,851,489 125,793,980
1938, on the first mortgage bonds amounting to
the
$1,043,531 was paid on Jan. 27, 1938 and is therefore not included in
accrued interest on bonds shown on this balance sheet.—V. 146, p. 907.
Dividend—•
declared an extra dividend of 25 cents per
addition to the regular
share in
quarterly dividend of like amount on the $1 cum.
partic. pref. stock, no par value, both payable July 1 to holders of record
June 15.
Similar payments were made on Dec. 15 last and on Dec. 15 and
Oct. 1, 1936, and an extra dividend of 20 cents was paid on July 1,1936.—
V. 145, p. 3342.
Financial
4112
Columbia
Pictures
Corp.—$1,500,000 Bonds Placed
Privately—The corporation has sold privately $1,500,000
six-year 4^ % sinking fund debentures due on May 1, 1944,
and retirable at the rate of $250,000 annually.
Proceeds
of the financing will be used to retire bank loans and increase
working capital.
Consolidated Statement of Operations
39 Weeks Ended
Mar. 28,'36
Mar. 30/35
$14,415,207 $10,881,771 $10,930,109
7,352,993
6,319,661
5,596,150
549,060
234,758
186,118
Cost of accessories
329,137
346,125
227,404
249,322
Gen. adminis & sell. exp.e4,994,569
4,753,219
3,222,469
3,198,010
Gross income
$15,356,846
Amortization of film
9,231,008
Share of other producers
376,122
175,687
179,191
$426,009
50,509
$1,413,810
9,195
$1,053,168
56,411
$1,879,700
15,552
$476,519
$1,423,005
233,650
$1,109,579
151,000
$1,895,252
<312,000
$1,189,355
4,018,463
$958,579
4,627,555
$1,572,720
3,151,128
$5,207,818
$5,586,134
$4,723,848
Oper. profits of for.subs.
Balance
Other income
Net profit before Fed.
income tax
Prov. for Fed. inc. tax
12,000
Capital stock taxes
Expenses relating to or¬
ganization & estab. of
newly formed for. subs
26,250
Net profit
Previous earned surplus.
$438,269
4,420,607
10,532
Il45,235
Misc. credits
Totalsnrplus
$5,004,111
Prov. for retire, of pref.
302,068
stock
Exps .relating to issuance
of $2.75
stock
pref.
,
owned
June
conv.
92,342
Deficit of sub.
(wholly
subsequent to
26,
1937)
not
heretofore consol
Preferred dividends
Common dividends
64,978
154,696
g262,101
154,695
b328,952
bl,533,846
38,837
b!85,416
$4,522,336
$4,724,171
$3,576,060
$4,499,595
349,468
$0.81
316,358
$3.27
280,413
$3.13
177,933
$8.62
_
c81,817
Earned surplus end of
period
Shares
com.
stock
out¬
standing (no par)
Earned per share
b $227,414 in 1937, $184,092 in 1936 and $130,503 in 1935 in cash and
$101,538 in 1937, $1,349,754 in 1936 and $54,913 in 1935 in stock, c $32,-
091, paid in preference stock (called for redemption Nov. 19, 1935) and
$49,726 paid on preferred convertible stock, d including operations of the
corporation in foreign territories and of its foreign subsidiary companies
for the nine months ended Feb. 26, 1938, converted at prevailing rates of
exchange, except depreciation of fixed assets, which is at dollar cost, e In¬
cluding depreciation on furniture in head office and branches of $51,088.
Depreciation on stildio buildings and equipment of $142,028 has been
capitalized as production cost and is being written off as film amortization,
f includes $80,325 liability provided for
expenses charged off in prior
years, no Io.nger required and: $65,000 reversal of reserve for investment in
a former
partly owned company now wholly owned and consolidated,
g Cash.
Note—No provision has been made for possible surtax on undistributed
profits.
Consolidated Balance Sheet
Assets—
Notes receivable.
Prepaid
expenses..
Deposits
Invest,
260
3,259
8,445,786
277,806
5,032
accrued expenses
domestic
Adv.
cust'rs
526,439
599,761
of royalty rights
Deposits payable
13,897
......
222,354
145,196
50,713
56,120
3,267
Reserve
102,982
87,818
1,836
304.809
in¬
vestments
for
2,180,527
2,230567
Common stock..
Capital surplus...
Earned surplus...
....14.852,014 14,473,694'
3,267
138,742
302,601
F d.
Res. for conting..
b Conv. pref. stock
c
13,897
produc's
income tax.....
of life insurance.
reserve
79,090
.
outsid
producers
Cash surrender val.
Land, bldgs., &c.
85,388
Fds. withheld from
held from outside
Miscellaneous
57,989
87,367
ducers & owners
549,754
...
After
183,799
payable for¬
685,413
Advance to outside
a
984,522
240,820
Due to outside pro¬
producers
Cash in trust with¬
259.182
258,336
3,487,500
4,621,200
67,399
4,522,337
3,487,500
4,095,604
67,256
4,724,171
..14,852,014 14.473,694
Represented by 349,468
1938and316,358in 1937.—V. 146, p. 3949.
c
Commonwealth Edison
no
b Repre¬
par shares in
(inter¬
company sales deducted) for the week ended June 18,1938, was 117,087,000
kilowatt-hours, compared with 132,677,000 kilowatt-hours in the corre¬
sponding period last year, a decrease of 11.8%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year.
1938
June 18.
June 11
117,087,000
119,787,000
111,772,000
....119,757,000
4
May 28
Debentures of
group
Kilowatt-Hour Output
.
WeekEnded—
June
Company has made loans of $149,000 to West Virginia Gas Corp., It has
also made advances of $13,000 to Ohio Valley Gas Corp., $3,000 to Kenova
Gas & Oil Co. and $5,433 to Commonwealth Gas System, Inc.
minated, effective May 3, 1938.
Upon presentation of voting trust certificates by the holders thereof,
properly endorsed for surrender, accompanied by the requisite transfer tax
stamps, to the company at No. 1 Exchange Place, Jersey City, N. J., the
company will issue and deliver to such holders a certificate or certificates
for the number of full paid shares of the common stock of the company,
equal to the number of such shares represented by the voting trust certifi¬
cates so presented, to which such holders may be entitled under the voting
trust agreement.
Memphis Natural Gas Co.—The earnings in 1937 amounted to $744,635,
compared with $517,819 for 1936 and $249,826 for 1935.
The earnings for
the year were equivalent after dividends on the pref. stock to 77 cents a
share on the 918,680 shares of common stock.
After deducting the cost of
preferred stock purchased in the year in excess of the amount received when
the stock was issued, the earnings for the year were equivalent to 71 cents
a share on the common stock.
Dividends declared and paid during the
year on preferred and common stock amounted to $585,501.
As of March 1,1937, the company owned $650,000 notes of West Virginia
Gas Corp.,^hichamount included the $470,000 of such notes owned as of
Dec. 31, 1936.
On or about March 1, i937, the company purchased
$2,019,500 of 5% sinking fund mortgage bonds of West Virginia Gas Corp.
at 92, or a totai of $1,857,940, and made payment therefor with the $650,000
of notes and $1,207,940 in cash.
Subsequently during the year company
sold privately $150,000 of the bonds at the average price of 96 2-3 ana sold
to the West Virginia Gas Corp. sinking fund an additional $80,000 of such
bonds at par and accrued interest.
The interest received by the company
during the year on the bonds amounted to $79,081.
Since Dec. 31, 1937,
Memphis Natural Gas Co. has sold privately an additional $60,000 of the
bonds at 94 and interest and an additional $40,000 thereof to the West
Virginia Gas Corp. sinking fund at par and interest.
During the year Memphis Natural Gas Co. borrowed from Guaranty
Trust Co. from time to time a total of $2,000,000, which was applied to the
payment of the cost of the physical additions and improvements to pipe
line property, the payment of the $120,000purchase lien note, the retire¬
ment or preferred stock, the purchase of West Virginia Gas Corp. bonds
and the payment of common stock dividends.
repayments out of earnings
on account of such loans during 1937 amounted to $418,400,
leaving a
balance of $1,581,600 owing at Dec. 31, 1937.
Additional repayments out
of earnings amounting to $566,000 have been made since Dec. 31, 1937,
leaving a balance of $1,015,600 still owing.
West
Virginia Gas Corp.—The earnings oi corporation and its subsidiary,
Monickel Gas Co., for 1937 amounted to $400,542, prior to depreciation
and depletion and interest deductions, compared with $396,981 for 1936
and $306,963 for 1935 (1935 figure is exclusive of $124,269 profit from sale
of investment
securities).
During 1937 corporation paid the balance of $300,000 due under its
contract to purchase $1,000,000 of Atlantic States Gas Co., Inc. 10-year5%
notes due July 1, 1946.
These notes are convertible into preference stock
of Atlantic States Gas
Co., Inc. under certain conditions.
West Virginia
Gas Corp. also during the year purchased $500,000 of Atlantic States Gas
Co., Inc. 5% notes,
due
on or
before June 30, 1938.
In the summer of 1937 Atlantic States Gas Co., Inc. completed its
negotiations with certain investment bankers for the sale by them to the
public of from $2,000,000 to $3,000,000 par value of its first pref. stock,
the proceeds of which were to be used for capital expenditures required i
connection with instalation of its equipment and aservice; but because of
business and market conditions such bankers were unable to proceed with
stock and Atlantic States Gas Co., Inc. was, therefore,
At
Virginia Gas Corp. acquired its first 100,000 shares of the
outstanding common stock of Atlantic States Gas Co., Inc., an agreement
was made that substantially all of the balance of the outstanding common
stock thereof would be held and used for additional financing.
20,000
additional shares of such common stock were transferred to West Virginia
Gas Corp. when it purchased the $500,000 5% notes of Atlantic States
Gas Co., Inc., and 400,000 additional shares thereof were likewise trans¬
ferred when the above mentioned financing was not consummated, thereby
increasing West Virginia Gas Corp.'s per cent of ownership of Atlantic
States Gas Co., Inc. to 86.6%.
As of March 1, 1937, West Virginia Gas Corp. created an issue of $2,350,000 of 5% sinking fund mortgage bonds, initial series, duo March 1,
1952, secured by a first mortgage on physical properties and securities
having a value as fixed by independent engineers of in excess of $5,000,000.
$330,500 of such bonds was initially acquired by Commonwealth Gas Corp.
in exchange for a like principal amount of West Virginia Gas Corp.'s prior
issue of first mortgage 6.50% sinking fund gold bonds, and the balance
thereof was purchased by Memphis Natural Gas Co.
A part of the pro¬
ceeds of the new issue was used to pay at maturity, on June 1, 1937, the
balance outstanding of said prior issue of first mortgage 6.50% sinking
fund gold bonds of West Virginia Gas Corp. and its 6% secured notes, due
unable to procure the necessary capital for continued rapid expansion.
West
1937
132,677,000
133,803,000
126,083,000
132,262,000
Decrease
11.8%
10.5%
11.4%
9.5%
Subsidiary Called—
Pursuant to action taken by its directors at a meeting held June 17,
Commonwealth Subsidiary Corp. (a subsidiary of Commonwealth Edison
Co.) has called for redemption on July 18, 1938, its 5K% debentures, due
Sept. 1, 1948, in the principal amount of $19,429,000, at 102M and accrued
interest.
The redemption of these debentures is in accordance with the
financial
plans of Commonwealth Edison Co. announced in connection with the
issuancenf its convertible debentures, 3H% series due
1958, which are
being offered to stockholders through rights.
The redemption notice will provide that holders of Commonwealth Sub¬
sidiary debentures may receive the full redemption price including accrued
interest to July 18, by presenting their debentures for
payment on or after
July 2.
Subscriptions to Debenture Issue—rThe exercise of subscription rights for the purchase of the 3
K % con¬
vertible debentures reached a total of $25,000,000 at the close of
business
June 22.
This is about 64% of the issue of over
$39,000,000.—-V.
146,
3950.
Commonwealth Gas Corp.—Annual
On June
$982,500
p.
Report—
1, 1937, West Virginia Gas Corp. contracted to purchase for
property (Jane Oil Co.) in Texas, and there¬
an interest in an oil
upon paid $50,000 on account of the purchase price.
This contract was con¬
summated as of July 4, 1937, and an additional $236,800 of the considera¬
tion was paid in cash, and the company gave its deferred purchase money
notes of
Co.—Output—
The electricity output of the Commonwealth Edison Co.
,
6.50% sinking fund convertible gold bonds of Wayne United Gas Co., and
a distribution of $1,900 on account of its ownership of $158,000 of 7H%
demand notes of said company, making a total final realization of $15,069.
Feb. 1,1937.
Total
of $1,579,929 in 1938 and $1,371,985 in 1937.
sented by 75,000 no par shares,
_
of $13,168 on account of its ownership of $17,000 of the first mortgage
the time
1,083,361
eign customers..
Dividends payable
foreign
Total
$
Adv. payable from
9,190,371
204,325
10,385
subsidiaries
a
$
Accts. payable and
wholly
in
owned
Afar.27*37
Liabilities—
%
1,538,150
451,001
1,426,599
485,676
.
Inventories.
Mar. 26*38
Mar. 27'37
$
Accts. receivable..
1938
25,
the sale of such
Mar. 26'38
Cash....
June
of Wayne United Gas Co. at foreclosure sale was finally confirmed.
As a
result thereof company's interest in the common stock of Wayne United
Gas Co. was completely extinguished, but company received a distribution
The voting trust agreement dated as of July 1, 1933 which would have
expired on July 1, 1938, hais by consent of the voting trustees, been ter¬
(Including Domestic Subsidiary Companies]
dMar. 26'38'dMor. 27,'37
Chronicle
$402,700 due March 15, 1938, and $293,000 due March 15, 1939.
The revenues from these properties have
fallen short of the amount esti¬
by independent engineers at the date of purchase; however, this
shrinkage in revenues has been brought about primarily by the reduction
by the Railroad Commission of the State of Texas of the allowable with¬
drawals from these properties.
The principal effect of the reduction in
allowable withdrawals should be to extend the life of the field.
mated
As of June 30, 1937, the company issued and sold privately $500,000 of
5% secured notes, due June 30, 1938This issue of notes is now in the
being extended and refunded.
As of April 30, 1938, Ohio Valley Gas Corp., was merged into-and with
West Virginia Gas Corp.
As apreliminary step in this merger, Ohio Valley
Gas Corp. purchased from West Virginia Gas Corp. the Jane Oil Co,
process of
properties.
Ohio Valley Gas Corp.—Ohio Valley Gas Corp. sold to National Gas &
Electric Corp. all the physical properties, leaseholds and franchises of
Mid-East Gas Co. and Zane Gas Co. for $716,000, less a commission of
$45,000 paid in connection with the sale, taking as part payment 23,734
shares of the common stock of National Gas & Electric Corp. at a value of
$178,005.
Mid-East Gas Co. and the Zane Gas Co. were thereupon
liquidated into Ohio Valley Gas Corp.
The properties of Mid-East Gas Co. and the capital stocks of Zane Gas
Co., which were theretofore mortgaged and pledged under the indenture of
mortgage of Ohio Valley Gas Corp. to the New York Trust Co., trustee,
dated as of Jan. 1, 1928, were released upon the sale to National Gas &
Electric Corp., and cash in the amount of $498,0Q0 and 23,734 shares of the
common stock of National Gas & Electric Corp. were deposited with the
New York Trust Co., for the release thereof.
Ohio Valley Gas Corp., as a preliminary step to its merger into and with
West Virginia Gas Corp, pmchased the Jane Oil Co. properties from
West Virginia Gas Corp. afr-tne cost thereof to West Virginia Gas Corp.,
and assumed the deferred purchase money notes above referred to.
A part
of the $498,000 deposited with the New York Trust Co. was used to pay
in full the notes of $402,700 which matured on March 15, 1938, and the
balance of $498,000 and the 23,734 shares of the common stock of National
Gas & Electric Corp. have been deposited with the Alamo National Bank,
San Antonio, Texas, as collateral for the payment of the $293,000 deferred
purchase money notes (now reduced to $280,000), at their maturity on
John J. Klise, President, says in part:
Dividends of $264,514 on the common stock of Memphis Natural Gas
were received during the year.
The sinking fund requirement under the collateral note
agreement, secur¬
ing the 10-year 4% collateral sinking fund note, due July 1, 1943, was met
by the payment of $60,000, reducing the note to $507,000.
The sinking
fund requirement under the note agreement,
securing the secured sinking
fund 6% notes, due July 1, 1938, was met
by the payment of $50,000,
reducing the notes to $50,000 at Dec. 31,1937.
Late in 1937 the litigation affecting Wayne United Gas Co. and this
Said merger has been consummated and the manner of converting
shares of the common stock of Ohio Valley Gas Corp. into the shares of
company's interest therein
common
-
Co.
was
ended, and the prior sale of all of the assets
March
As
a
15
1939.
result of the merger of
Ohio Valley Gas Corp. with West Virginia
Gas Corp. all debts owed by each to the other have been canceled, and
West Virginia Gas Corp. has expressly assumed the first mortgage 6.50%
sinking fund gold bonds and the general mortgage 7 % gold bonds of the
company.
,»
stock of West Virginia Gas
\
Corp. is as follows:
the
the
•
Volume
146
Each holder of
Financial
Chronicle
stock of Ohio Valley Gas
Corp., upon surrender
of the certificate
representing the same to West Virginia Gas Corp., duly
endorsed in blank, will
be entitled to receive for each full share thereof
Consumers Power
Period End.
May 31—
Gross revenue.
common
.
stock.
The company's 5-year
7^% secured notes of 1938 ($254,000 outstand¬
ing) and company's general mortgage
7% gold bonds ($355,000 of which
were
pledged as collateral security for the payment of notes) matured on
Jan. 1, 1938.
All but $2,000 have been
exchanged for a like amount of a
new issue of
5-year 7>£ % secured notes of 1943.
Said general mortgage
bonds are being extended for five
years from Jan. 1, 1938, and upon com¬
pletion of such extension, will be
pledged as collateral security for the pay¬
ment
of the
new
Gross income
Int. & other fixed
chgs..
$995,937
385,134
Divs. on pref. stock
Amort, of pref. stk. exp.
$610,803
285,389
65,278
$745,405
285,389
$9,614,823
3,413,375
65,278
783,339
130,556
$260,136
$394,738
$5,418,109
$5,310,038
Net income
notes.
Balance....
,
1937
1936
$253,736
34,950
33,666
$198,521
distributed.—V. 146,
36,087
$95,930
25,769
38,944
$290,734
$185,120
$124,582
$31,216
157,396
134,646
133,244
133,116
$133,338
134,495
Net corp. income
Previous deficit.
$50,473
184,968
Deficit.
$1,156
37,853
Crucible Steel Co. of
$184,968
3496.
on
June 14.—V. 146,
Cumberland County Power &
Light Co.—Earnings—-
[Including Cumberland
Period End. May 31-
Operating
Operating
$176,307
Securities Corp. and Berwick
Electric Co. for all periods]
revenues..
expenses
State & municipal taxes.
Social security taxes
Fed. taxes (incl.
Balance Sheet Dec. 31, 1937
Assets—Securities
undis¬
on
p.
America—Obituary—
George E. Shaw, Secretary of this
company, died
3951.
p.
loss$8,662 loss$101,900
176,307
74,407
$134,495
$9,710,896
4,270,301
.
1934
1935
$350,174
31,970
27,469
Amort, of deb. disc, and
debt expenses, &c
$1,107,658 $14,073,718 $13,887,196
362,253
4,458,895
4,176,299
* No provision was made in 1936 or 1937 for
Federal surtax
tributed profits as all
taxable income was
Income Account for Calendar Years
Total revenues...
Expenses and taxes
Interest
Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$2,915,345
$3,064,314 $37,589,746 $34,785,971
xOper. exp. and taxes._
1,583,908
1,621,156
19,490,028
17,533,775
Prov. for depreciation..
335,500
335,500
4,026,000
3,365,000
one-fifth of ofne share of the common stock of
West Virginia Gas Corp. and,
upon such surrender, West
Virginia Gas Corp. will issue and deliver to
such holder a certificate or
certificates for the pertinent nxfmber oif shares
of its
4113
common
income)
owned:
Common stocks, $2,044,160; bonds and longterm
notes,
$1,256,530; short-term notes receivable, $335,000; other
intangible capital, $957,372; cash
deposited with trustee under the secured
sinking fund 6% note agreement for release of
collateral, $3,593; cash
deposited with trustee for
purchase of $20,000 principal amount of secured
sinking fund 6% notes, due July
1,1938, together with interest to maturity,
$20,600; cash deposited with trustee for interest
payable Jan. 1, 1938,
$6,720; cash deposited as
surety in connection with suit against Wayne
United Gas Co.,
$50,000; cash (on deposit with banks subject to cheque),
$29,498; other accounts receivable,
$275; interest receivable, $58; indebted¬
ness of affiliated
corporations, $35,190; deferred charges, $1,425,851; total,
$6,164,848.
Net oper. income
Non-oper. inc.,
$99,301
5,867
net
Gross income
Bond interest
Other interest, net
Other deductions
...
$105,168
32,749
$108,826
33,735
4,235
Salmon
2,707,311
364,988
35,112
309,502
2,751,360
362,502
20,313
145,468
$1,251,140
57,165
$1,376,618
$1,434,243
458,968
2,260
267,367
$705,648
$272,047
184
11,645
$1,308,305
399.647
Crl9,603
175,572
$59,476
$63,262
$24,580
$752,689
$310,728
$29,164
Fall3
1938—12 Mos.—1937
$4,668,053
$4,656,261
95
Net income
stock, ($1 par) $957,553; 15-year
6% income debentures,
July 1,1948, $4,625,400;
10-year4% collateral sinking fund note, due
July 1, 1943, $507,000; Secured
sinking fund 6% notes, due July 1, 1938,
$50,000; accounts payable, $1,008; interest on
debt, payable Jan. 1, 1938,
$6,720; taxes accrued, $900; indebtedness to
affiliated corporations, $17,419;
paid-in surplus, $4; earned
deficit, $1,156; total, $6,164,848.—V. 146.
p. 3180.
$104,591
&
12,848
Pref. div. requirements.
—V. 146, p. 3496.
Liabilities—Cap.
1938—Month- -1937
$343,249
$364,867
189,267
203,467
32,805
30,861
2,405
2,666
19,471
23,282
57,625
due
Dallas Power &
Light Co.
Period End.
May 31—
Operating revenues
Oper. exps., incl. taxes._
Prop, retire, res. approp.
Accident res.
approp
Prov.
exp. & taxes
for
tirement
deprec.
&
re¬
1,339,796
Gross income
Int. & other fixed
chgs._
Divs.
on
x
13,183,073
$4,462,445 $52,523,925 $54,848,260
3,268,981
39,729,762
39,427,881
$620,950
749,781
$1,193,464 $12,794,162 $15,420,379
749,760
8,997,407
8,997,227
pref. stock.
Balance
16,334,079
$3,990,451
3,369,500
Net income
y
1,342,851
def$128,831
$443,704
&
$357,428
108,384
22,121
146, p. 3494.
$3,796,755
$218,549
46,667
a37,915
$204,178
70,125
4,461
$2,584,365
583,458
a389,958
$2,342,659
757,208
$1,610,949
$1,529,802
$4,537,119
1,528,569
16,698
Operating revenues
Oper. exps. incl. taxes..
Prop, retire, res. approp.
1937
--$19,370,888 $19,216,355
3,586,960
3,907,684
1,148,194
1,147,968
$3,124
186.472
$40,676
15,505
$55,195
15,505
$509,198
186,063
$655,216
186,063
$25,171
1,833
$39,690
1,041
$323,135
$469,153
12,500
Gross income
Interest on mtge. bonds.
Other deductions
$27,004
23,515
2,057
$40,731
23,853
2,002
$343,281
$3,404
Electric
Baltimore—$10,440,000
Light
Bonds Placed
&
Power
Co.
Privately—The
of
com¬
has filed with the P. S. Commission of
Maryland
application for the Commission's approval of an issue
pany
of
ref. mtge. 3}4%
sinking fund bonds, series O.
The company sold these bonds
at private sale,
subject to the
approval of the Commission, to a small
group of insurance
companies.
The proceeds will be
applied to the refunding
of $10,440,000 series L
3%% bonds.
Negotiations were
conducted by White, Weld & Co. and
associates.
June 3
on
last
Balance
Consolidated
Textile
mission to Delist Stock—
"The Committee
Stock List has been advised that
the U. S. District
District of New York has confirmed
the amended
as of Feb. 24, 1938.
"It appears from this
plan that in exchange for shares of the
presently
listed capital stock now
outstanding, and in full adjustment and satisfaction
of all claims in respect
thereof, the holders of such shares shall be
entitled
to receive, for each 10 shares
of capital stock so surrendered
for exchange,
on
Court for the Southern
plan of reorganization, dated
subscription
warrants entitling the holder at
any
time during a period of
three years after the date of such
subscription warrants, unless such sub¬
scription warrants shall, during such
period, become null and void as
pro¬
vided by the plan, to subscribe for
one share of the
capital stock of the new
corporation at the rate of $4 per share
during the first year of said period,
and at the rate of $5
per share during the second and third
years of said
period.
"In
view of the
foregoing, the Committee on Stock List
requests author¬
ity of the Board of Governors to file application with
the Securities and
Exchange Commission to remove the capital stock of
the Consolidated
Textile Corp. listing and
registration.
"The Committee on Stock List further
recommends that
dealings in this
stock not be suspended
pending action by the SEC."—V. 146, p. 3180.
$481,653
286,230
25,418
$32,348
$170,005
103,901
103,901
$66,104
accumulated and unpaid to May 31,
1938, amounted to
$476,213.
Latest dividend amounting to $1.75 a share on
7% pref. stock
paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
Note—No provision for Federal surtax on
undistributed profits has been
made during the 12 months ended
May 31, 1938.
Includes provision of
$35,001 for the 12 months ended May 31, 1937.—V.
146, p. 3666.
was
Dictograph Products Co., Inc.—Obituary—
Archie M. Andrews, Chairman of the
Board, died on June 17 after
Mr. Andrews was 59 years of age.—V.
145, p. 2070.
illness.
Distillers
allowances...
Cost of sales
Gross profit
1938—3 Mos.—1937
Directors' fees
$5,469,323 $19,073,243 $18,937,105
25,991
85,057
81,341
$4,765,330
3,281,197
Expenses
$5,495,314 $19,158,300 $19,018,446
3,206,468
10,198,271
9,685,978
250
250
750
750
78,538
50,774
.54,974
54,753
7,457
519,802
37,782
16,651
287,652
174,347
344,926
89,934
92,151
1,841,980
160,000
236,714
143,078
453,078
119,197
$830,882
Executive salaries
$1,467,865
$5,968,289
$6,029,384
$0.37
$0.73
$3.09
$3.95
100,310
Legal fees
52,999
Interest (net)
Depreciation
on disposal of assets
Loss
Income & profits taxes..
on
invest.
.
89,403
31,549
7,315
331,425
40,000
Flood loss
Net profit.
Earnings per sh.
mon
1938—9 Mos.—1937
$4,740,531
24,799
Total income
Prov. for loss
short
$15,928,109 $19,183,995 $64,498,039 $63,639,189
11,187,578
13,714,672
45,424,796
44,702,084
Miscellaneous income
x
a
Corp.-Seagrams, Ltd. (& Subs.)—Earnings—
Period End. Apr. 30—
less freight
and
Sales,
Corp.- -Exchange Seeks SEC Per-
The Board of Governors of the
New York Stock
Exchange at its meeting
June 22 approved the
recommendation of the Committee on
Stock List
that application be filed with
the Securities and
Exchange Commission to
remove from
listing and registration on the
Exchange the capital stock of
the corporation.
It was decided that
dealings in this stock would not be
suspended pending action by the
Commission.
The Committee on Stock List in
recommending the delisting of this issue
said:
285,277
25.656
Dividends
announced
that an issue of
$18,000,000
30-year 3
1st ref. mtge.
sinking fund bonds series O, had been sold
privately to six insurance companies.—V.
146, p. 3951.
20,146
def$71,553
-
$10,440,000 1st
The directors
_
15,049
Net income
$1,432
$14,876
Divs. applicable to pref. stock for the
period,
whether paid or unpaid
x
x
Gas
1938—12 Mos.—1937
$3,014,303
$3,120,190
2,314,644
2,306,999
190,461
157,975
192,807
24,856
Other income
1938
outstanding
1938—Month—1937
$258,339
$256,716
416,349
Note—For purpose of
comparison, above statement reflects re-allocation
of retirement expense for
each of the calendar
years 1936 and 1937 to the
months of each of said
years in proportion to the gross
operating revenue.
—V. 146, p. 3665.
Consolidated
507,386
$1,022,416
Railway & Terminal Co.—Earnings—
Period End. May 31—
$4,135,604
1,368,932
675,704
May 31—
per share
507,386
$1,103,563
Operating income
stock and other
corp. purposes
number of shares
55,649
Includes amount required to amortize debt
discount and expense over
the life of the
outstanding debt plus an additional amortization of
$32,500
for current month and
$324,500 for 12 months ended current month.
Note—No provision for Federal surtax on
undistributed profits has been
made during the 12 months ended
May 31, 1938.
Includes provision of
$28 for the 12 months ended
May 31, 1937.—V. 146, p. 3496.
1938—12 Mos.—1937
$327,631
102,998
com.
Average
Earnings
$2,339,943
2,716
Balance
$6,423,152
Connecticut Light & Power Co.-Earnings—
Bal. for
533
Net oper. revenues
Rent for lease of
plant.
Co
12 Months Ended
Gross earnings.
45
5,451
Net
munity Power & Light
—V.
60
Light Co. (& Subs.)—Earnings—
1938—Month—1937
Balance avail, for divs.
and surplus of Com¬
$2,583,832
Dallas
Community Power
Oper. revs. subs, cos
Gross inc. sub. cos
$204,133
a
Includes provision for Federal surtax
1937.
y Reflects deduction for
Period End. May 31—
$218,489
income.
$133,967
$129,592
Dividends applicable to preferred stocks for
the
period, whether paid or unpaid
on undistributed
profits for 1936
full preferred stock dividend
require¬
ment at the rate of
$6 per share per annum.
Dividends were paid in full
to Jan. 1,
1935, and at the rate of $3 per share
per annum since that date.
—V. 146, p. 3494.
and
263,879
37,407
Gross income
Int. on mortgage bonds.
Other int. & deductions.
1938—Month—1937
1938—12 Mos.—1937
...$11,506,734 $12,102,346 $147,133,053 $141,925,989
6,176,487
6,297,050
78,275,049
73,894,656
reserve
1938—12 Mos.—1937
$6,593,579
$6,329,155
3,435,461
3,291,029
568,835
698,183
293,466
18,046
Net oper. revenues
Other income
Commonwealth & Southern
Corp. (& Subs.)—Earns.
Period End.
May 31—
Gross revenue
xOper.
-Earnings-
1938—Month—1937
$530,001
$505,419
70,316
2,009,329
13,266
257,356
on com¬
stock.
x Exclusive of $195,150
($161,309 in 1937) charged to production for
3 months ended April 30 and $578,074 ($482,843 in
1937) for 9 months ended
April 30.
Listing of Additional Stock—
The New York Stock
Exchange has authorized the listing of 5,000 shares
pref. stock 5% series, with and without warrants
attached,
$100 (United States currency) on official notice of issuance and
pay¬
ment in full; and 5,000 additional shares of common stock
(no par) on
of
cumul.
par
official notice of issuance upon the exercise of warrants
attached to the
5,000 shares of cumulative preferred stock 5% series to be issued as stated
above making the total amounts applied for 165,000 shares of
cumulative
pref. stock, 5% series, and 1,927,645 shares of common stock.
The directors May 27," 1938, authorized the issuance and
sale of 5,000
of cumulative pref. stock 5% series with warrants
attached; and
5,000 shares of common stock, without par value, were reserved against
shares
Financial
4114
Issuance upon
to the
the exercise of common stock
.
^
of Brintcan Investments Limited or its
purchase 5.000 shares of cumulative pref.
stock 5% series at SI00 per share (United States currency) plus accrued
dividends thereon with common stock purchase warrants attached.
The proceeds will be loaned by the company to its subsidiaries for such
subsidiaries' general corporate purposes.—V. 146, p. 3952.
Co.—Earnings—
Dobeckmun
Profit after charges
$103,771
Dividend—
Common
Co.—No
Casting
Die
Doehler
Works Co.—Earnings—
1938—Month—1937
1938—12 Mos.-—1937
Operating revenues.-—
$74,224
$73,817
$890,401
$865,370
Operation
—...
42,725
41,694
504.017
449,950
Maintenance
4,669
4,378
57,408
78,508
Taxes..
12,785
12,578
151.963
151.665
Director Resigns—
Net oper. revenues—
tributed.
Interest charges—
dividend on the common
W. C. Beschorman
has resigned as a director
elected to take his place on
was
„
June 21 rejected a proposal of the company
purchase 13 vessels of the line and allow the company
to act as managing agent for the ships, with the added proposal that if the
Commission purchased the present fleet, the line would inaugurate a new
building program under terms of the 1936 Merchant Marine Act and a new
operating subsidy would be asked.
_
...
This proposal was made counter to the Commission s
line accept (1) a loan for reconditioning and repairing the
service and (2) an operating differential subsidy contract
—V.
Stock Exchange has
authorized the listing of 2,000.000
(voting), without par value, upon official notice of
issuance in exchange for 1,000,000 shares of capital stock without par value
now issued and outstanding, in effecting a 2 for 1 stock split-up.—V. 146,
p.
3801.
Co.—Earnings—
1938—12 Mos.—1937
$48,674
$43,342
$197,548
$178,519
33,293
32,907
143,670
123,238
East Missouri Power
1938—3 Mos.—1937
Period End. Mar. 31—
Operating revenues
Oper. exps. & taxes
on
$53,878
29
$15,411
2,812
Gross income
Int.
$11,515
2,787
$54,614
11,250
long-term debt_-
$56,400
11,281
13
11
78
163
157
51
677
654
2,084
51
$40,525
5,950
$10,935
$7,020
$34,575
Profit
x
After
Pref. stock dividends—
5,950
—
—
mi
—
•
267,199
194,480
m'
of old-style
mdse. in excess of res.
1937
.,1938
Consolidated income
$10,224,580 $10,848,481
2.905,035
Net income available for dividends
2,078,523
Available for
Federal taxes, depreciation and depletion reserves,
31—
31, '35
$655,780
198,160
Red. in val.
90,402
Adj. ofcurr.int. to reflect
lower sell. vals. and to
adj .books to lower mfg.
costs.
265,972
w
-
x72,067
yl43,385
Extraordinary charges._
$2,739,569
$213,387
$822,213
$853,940
includes rearrangement and rehabilitation of
Balance, loss
Extraordinary charges
x
plant and machinery, $211,509, less balance deferred to be charged against
future operations, $176,258; balance, $35,251; and settlement or sales con¬
tract, $36,815; total (as above), $72,067. y Extraordinary charges includes
rearrangement and rehabilitation of plant and machinery $90,526, loss on
sales of machinery $29,616 and expenses on property not operated (including
depreciation of $3,964) $23,242.
Comparative Balance Sheet April 30
1937
&
Bank loans
Bank loans
$246,862
$56,778
198,573
Land
4,927,412
68,812
254,270
1,250,026
7,000,000
302,663
7,000,000
8,708,714
12,546,528
pay'le &
Accounts
accruals
bldgs.,
&
637,239
payable
346,785
1,712,045
6,550,548
190,770
Cap. stk. (par $50)
Capital surplus
6.814,432
Deferred charges..
211,037
$
1,000,000
$
700,000
-
accepts.
&
Notes
notes re-
ceiv., less res
Inventories
1937
1938
>
Liabilities—
Liabilities—
$
$
Assets—
Cash
mach. & equip..
Fuel Associates—Earnings-
Year End.
$81,334
184,826
199,680
$220,465
206,170
155,614
$2,134,506
Depreciation.
T&XCS
y
Eastern Gas &
11 Months
Apr. 30, '38 Apr. 30, '37 Apr. 30,'36 May
_
x
p.2040.
Shops, Inc.—Earnings—
Years Ended
Period—
Accts.
Balance
12 Months Ended May
3668.
p.
1938
$12,423
income
$114,240
105,889
Alpaca Co.—Earnings—
Farr
$38,346
Miscell. income deduc'ns
$104,234
105,889
1938—Month—1937
1938—5 Mos.—1937
$617,840
$615,969 $2,800,857
$2,668,578
85,171
84,601
323,939
329,895
depreciation but before Federal income taxes.—V. 146, p. 3953.
Sales
x
$44,296
1,487
$8,508
1,487
Amort, of bd. disc. & exp
—V. 146,
736
117
General interest
Net
$55,281
1,119
$10,435
1,080
$15,382
Net oper. income
Other income (net)
146,
Loss fr. oper. & reduc. in
mkt. price of inv. prof.
Mines, Ltd.—Listing—
Dome
The New York
$9,224
Period End. May 31—
A
shares of capital stock
$125,428
11,188
Fanny Farmer Candy
suggestion that the
vessels now in
covering their
operation.—V. 146, p. 3801.
943
$117,133
12,899
Dividends declared
The Maritime Commission on
that the commission
60,000
$10,167
$8,064
Gross income
5,000
$185,428
60,000
984
accruals
Net income
Ltd.—Proposal That
Lines, Inc.,
Ships Rejected—
181
$177,133
$15,167
$9,048
Balance
Retirement res.
2847.
120
$14,048
5,000
and Fletcher W. Rockwell
the board.—V. 146, p.
Steamship
Dollar
United States Buy
,
m
„
$185,246
$177,013
3
Non-oper. income
meeting held June 22
$15,167
$14,045
(net).
took no action on payment of a
stock at this time.
A dividend of 20 cents was
paid on April J last, and dividends of 50 cents per share were paid on
Pec. 24, Oct. 25, July 26. and April 30, 1937, and on Dec. 24 and Sept. 30,
1936, this latter being the first payment made by the company on the
common stock since Feb. 1, 1925. when 50 cents per share was also dis¬
Directors at their
payable in American
holders of record at the close of business June 20. In
by Italian stockholders residing in Italy, the dividend
is payable in Italian currency at 6.30 lire per share.
The coupon on bearer share warrants is payable at City Bank Farmers
Trust Co., 22 William Street, New York, and National Trubt Co., Ltd.,
Montreal.—V. 145, p. 3816.
money on June 27, to
the case of shares held
Period End. May 31—
3333.
146, P.
1937 of 30 cents a share has been
of class A and B common stock,
declared on each share
Fall River Gas
Ended March 31, 1938
and deprec. but before Fed. income taxes—
Earnings for 12 Months
—V.
dividend for the fiscal year
A final
Dividend—
Electric Corp., Ltd.-^Final
European
purchase warrants to be attached
certificates.
Company accepted the offer
nominee dated May 27, 1938 to
1938
June 25,
Chronicle
Flamed surplus
1,600,000
1,442,232
a
dividends.
Note—There
is
no
provision for surtax on
undistributed profits.—V.
12 Months Ended May
Associates- -Earnings—
31-
Eastern Utilities
$8,243,599
1,220,166
309,824
1,390,984
Investing Corp.—Loses
$8,661,903
1,796,067
309,824
1,966,966
Move to Halt
Exchange Commission on June 20, at the opening of
a motion by conusel for the corporation (an Associate
Electric affiliate), for dismissal of a SEC inquiry into the affairs of
The Securities and
overruled
Maintenance
the company.
Edwin Hueber,
counsel for the company,
ment trust
For the week ended June
16, 1938 the kilowatt-hour system Input
1938
Oper.Subs. of—
&t.
Co.
102,600,000
Electric P. & L. Corp... 52,156,000
National P. &L. Co
76,138.000
American P.
x
Decrease.—V.
146,
p.
a
No
provision for surtax on
$731,292
650,000
650,000
Fixed charges
Renewals
Taxes
—Y. 146,
1,457,180
4,218,766
4,276,586
4,174,625
3,644,901
6,000,000
3,069,972
6,000,000
62,578
3,518
180,958
124,743
Equipment purch.
obligations
6,299,022
Special deposits...
179,412
6,750,000
1,169,463
1,203,430
9,189,734
supplies
Long-term
rec.
Reserves
fr.
Investments
....
Deferred income.
.
Cap. stk. (par $25)
177,260
Earned surplus
3.929,678
437.928
......
140,265
expenses
Total
19,291,859
$54,006
42,265
$52,906
40,723
$302,558
220,748
$299,714
219,014
$11,740
5,776
4,000
4,227
$12,183
5,776
$81,810
28,882
$80,700
28,882
4,000
4,172
54,000
37,000
22,760
$23,832
$7,800
First National Stores, Inc.-
Equipment
Securities
Corp.—
organization meeting of the newly elected board of directors held
June 15, Charles J. Hardy, President of the J. G. Brill Co.; H. L. Andrews,
Vice-President of General Electric Co. and Charles E. Stephens, VicePresident of Westinghouse Electric & Mfg. Co., were appointed members
of the executive committee of the corporation, with Mr. Hardy serving as
•Chairman.—V. 146, p. 438.
-Earnings-Years Ended-
53 "Weeks
Apr. 2 '38
Period—
$
2.473
$
$
2,556
$
119,575,418 111,323.464
115,535,901 114,846,540 106,234,952
1.079,778
1,119,989
1,126,447
124,294,618 120.682,961
Costs, expenses, &c—-120,179,976
Depreciation
1,005,649
y
Profit
-
Int. & divs.
rec.
(net).
3,108,993
177,577
4,067,282
214,714
xl03,149
3,608,889
156,871
3,962,066
154,830
3,286,570
4,385.145
58,208
657,435
3,765,760
82.025
520,406
4,116,896
143,942
539,449
259,354
2,038,355
Refunds
-
on
98,110
468,269
sale of assets.
Federal taxes
a
Preferred
dividends
Common dividends
Surplus...
x
'35
2,623
Mar. 27 *37 Mar. 28 '36 Mar. 30
2,350
Stores (number of)
Loss
19,291,859 19,603.905
Total
2478.
22,618
$1,765
—V. 144, p.
431,508
19,603,905'
15,000
22,500
136,114
2,042,975
3,647,002
181,416
2,858,296
3,163.329
181,470
2,040,480
526,102
607,290
941.379
Executive Committee—
1,230,339
.
169,330
&
bt cost
1938—5 Mos.-
Co.—Preferred Dividend Deferred—
At the
87,606
taxes.
Def. chgs. & prepd.
decided to defer the dividend ordinarily due at this time
on the 5% cumulative participating class A stock.
A regmar quarterly
dividend of $1.25 per share was paid on April 1, last.—V. 145, p. 1583.
Railway
61,969
accr.
118,519
interest..
crued
Mat'ls
Intangibles
Directors have
Electric
50,000
96,088
90,000
Fed. inc. tax accr'd
Accrued interest.
x3.8
p.3497.
Elder Mfg.
$
153,820
Other
Sales
Total deficit
288,138
Invest, subscr.pay.
ac¬
Fixed assets,at cost 9,396,626
$2,263
expenditure.
Operation surplus
1936
$
lncl.
payroll
pay.,
accr.
notes
x7.0
3953.
/1938—Month—1937
Total revenue
Total oper.
xl0.3
31
Liabilities—
$896,271
Omnibus Corp..
%
Amount
xl1.832,000
x3,953,000
x2,97u,000
495,000
$0.66
1937
S
Accts,
hand
lncl.
635,779
40,745
$159,173
1936
$
Cash in banks & on
rec.
$862,315
26,618
480,000
Consolidated Balance Sheet Dec.
Treas.
$698,745
163,569
capital stock—
$1.22
undistributed profits has been made.
1937
Assets—
U.S.
540,090
419,318
2,125,956
364,946
$293,068
Net income
Ry.—Earnings—
Edmonton Street
Period End. May 31—
1937
114,432,000
56,109.000
79,108,000
59,750
equipment purchase obligations, &c
on
Dividends paid....
Earnings per share on 240,000 shs.
of the
-Increase-
$1,053,348
18,836
681,694
Net income before taxes and interest
Federal income tax
General taxes
Accts.
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as compared
with the corresponding week during 1937. was as follows:
298,092
-
at cost
Inc.—Weekly Input—
Ebasco Services,
400,218
$755,256
Net operating revenue.
Other income
objected to the examinaton
the ground that the section of the Utility Act authorizing the invest¬
investigation limited the authority of the SEC to the period on
and prior to Jan. 4,1937.
He also contended that the only possible purpose
of the investigation is to report on or to recommend future legislation relating
to investment trusts.
In denying counsel's motion, Commissioner Healy said it was well settled
that Congress has the power of investigation as part of its function of legislartion.
Mr. Healy also pointed out that since Jan. 4, 1937, Congress has
made appropriations for continuing the investment trust studies.—V. 146,
p. 438.
upon
2,204,146
General expenses
Interest
$4,149,055
466,444
Depreciation
Traffic and transportation expenses.
a
1936
1937
$4,318,542
492,477
Gross operating revenue
Inquiry—
Gas &
(& Subs.)-—Earnings-
Calendar Years—
1937
1938
Operating revenues, subsidiary companies
—
Net earns, of sub. cos. appl. to East. Util. Assoc.Other income of Eastern Utilities Associates
Bals. for Eastern Util. Assoc. divs. and surplus—
—V. 146, p. 3801.
the hearing,
146, p. 3186.
1937.—V.
Fifth Avenue Coach Co.
Eastern Utilities
....
1938 and $116,084 in 1937. y After reserve
and obsolescence of $6,629,132 in 1938 and $7,312,770 in
After reserve of $291,286 in
x
for depreciation
146, p. 3667.
Total
8,708.714 12,546.528
Total
a
interest and
1,135,795
prior
from supplies covering processing taxes applicable to
after deducting windfall tax thereon, y Includes interest
Refunds
years, net
paid.
Volume
Financial
146
Comparative
Apr. 2 *38 Mar. 27'37
$
$
Apr. 2 '38 Mar. 27'37
$
Assets—
Cash
4,114,360
...
Liabilities—
$
4,214,264
Accepts
pay.
5,025,528
395,745
378,832
Prepa:dlns. & exp.10,298,508 11,178,573
z Investments. &c.
617,583
1,079,750
116,541
129,465
3,670,318
3,779,783
385,430
Acct's rec., less res
Prep'd
x
648,014
9,677,296
Goodwill
1
1
-
The announcement by the corporation disclosed that its common stock¬
now number 67,652.
holders
Initial
ment certificates
Federal
for
Prov.
Income
870,080
2,427.344
660,833
643,600
i.
a80,631
2,721,600
6,977,422
6,977,422
surplus...16,617,967 14,799,718
General Metals
Common stock,.
Earned
Total
32,111,782
29,152,741
29,152,741 32,111,782
Total......
x After
depreciation,
y Represented by 827,634 no-par shares,
z In¬
cludes lu,057 (10,557 in 1937) shares of common and 1,296 shares of prefstocks held in treasury,
a Represented
by 7,007 outstanding shares of
8% pref stock plus conversion premium thereon (the con¬
privilege was withdrawn by a vote of the directors on May 24,
1938).
There are authorized 72,007 shares of 8% pref. stock having a
par value of $10 each.—V. 146, p. 3802.
non-callable
version
Florida Power &
The
directors
have
a
dividend
of 87
cents
per
share on the
$7 pref. stock and a dividend of 75 cents per share on the cum. $6
pref. stock, both payable July 1 to holders of record June 22.
See Y. 146,
cum.
Corp.—Earnings-
Years Ended Dec. 31—
1937
0
ciation
Selling and administrative
$648,765
97,426
45,118
$507,587
$446,144
$5,874,601
221
221
2,650
2,650
Operating income
Other income (net)
$507,808
11,542
$446,365
10,028
$5,877,251
549,198
$5,408,421
423,402
$519,350
$456,393
216,667
216,667
110.000
$6,426,449
2,600,000
1,320,000
241,753
$5,831,823
2,600,000
1,320,000
299,116
$2,264,696
$1,612,707
1,153,008
1,153,008
$1,111,688
72,178
44,739
$506,221
$328,157
Crl,254
38,700
1,100
expense
Operating profit
Non-operating income (net)..
Dr20,772
76,128
Normal income and excess-profits tax
Surtax on undistributed profits
4,639
$404,682
Earned surplus at beginning of period
Elimination of reserve for plant rehabilitation
Miscellaneous adjustments, net
$289,610
117,377
194.150
—
8,049
260
2,037
$607,141
347,104
$409,024
214,874
$260,037
$194,150
Dividends paid in cash
Earned surplus
Adjuster to include shipping expense.
x
Balance Sheet Dec. 31,1937
$5,405,771
Net oper. revenues...
Rent from lease of plant.
x$445,074
Provision for depreciation
Total..
Period End. May 31—
1938—Month—1937
1938—12 Mos.—1937
Operating revenues
$1,197,679
$1,102,921 $14,535,484 $13,074,702
Oper.exps.,incl. taxes..
606,759
590,110
7,777,550
6,902,264
Prop, retire, res. approp.
83,333
66,667
883,333
766,667
1936
Manufacturing profit, before provision for depre-
1874, for record of previous dividend payments.
p.
initial quarterly dividend of S1.12M per share
Aug. 1 to holders of record July 11.
Netprofit
Light Co.—Preferred Dividends—
declared
an
the $4.50 preferred stock, payable
—V. 146, p. 3803.
7% 1st pref. stock.
y
Preferred Dividend—
Directors have declared
on
taxes
Reserves.
a record for an offering of this nature.
The initial dividend on the
preferred stock, payable on Aug. 1 next, was declared by'the directors
last week.
Employees' Invest¬
557,538
8,987.253
Ins. & exp.
Fixed assets
accrued expenses
close to
406,370
Acc'ls payable and
4,091,277
sees-.
and underwriting groups were terminated on the Monday
following the offering, the day on which the shares were issued, which was
new
und.
letters of credit-
U. 8. Govt.
4115
Chronicle
The selling
Balance Sheet
$459,699
Assets—Cash on deposit and working funds, $92,007; marketable securi¬
(less reserve, $21,000),
$276,376; inventory, $282,540; deposits, contract, note, &c., less reserve,
$10,955; property, plant and equipment, less reserve, $591,385; industrial
property not used in operations, $451,189; deferred charged, $60,486;
total, $1,867,439.
Liabilities—Trade accounts payable, $67,052; Federal taxes on income,
$81,032; accrued wages and commissions, $24,808; Federal State and local
taxes, $17,743; reserve for defective castings, $5,000; deferred income,
$992; capital stock ($2.50 par value), $661,150; unearned surplus (repre¬
senting appreciation of land based upon appraisals), $406,044; Paid-in
surplus, $343,581; Earned surplus, since April 1, 1933, $260,037; total,
$1,867,439.—V. 145, p. 3973.
ties at cost, $102,500; trade notes <fe accts. receiv.
Gross income
Int.
on
Int.
on
mortgage bonds.
debentures
110,000
Other int. & deductions.
Net
x
income.
20,476
22,463
$172,207
$107,263
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
Dividends accumulated a,nd unpaid ot May 31, 1938 amounted to
Latest dividends, amounting to 88 cents a share on $7 pref.
stock and 75 cents a share on $6 pref. stock, were paid on April 1, 1938.
Dividends on these stocks are cumulative.
Georgia & Florida RR.—Earnings—
—Week Ended June 14——Jan.
x
1938
Operating
—Y. 146,
Notes—Income account includes full revenues without consideration of
Fonda Johnstown & Gloversville RR.—Abandonment—
The
Interstate
Commerce
Commission
on
June
8
issued
a
p.
$23,625
1
to
June
14—
1937
1938
$443,421
$580,432
3954.
Georgia Power Co.—Earnings—
rate reduction in litigation
for which a reserve has been provided by appro¬
priations from surplus in amount of $627,063 for the 12 months ended May
31, 1938, and of $569,065 for the 12 months ended May 31, 1937.
Includes provision of $67,882 for Federal surtax on undistributed profits
for the 12 months ended May 31, 1938.
No provision has been made for
the 12 months ended May 31, 1937.—V. 146, p. 3802.
revenues
1937
$19,250
$5,812,301.
Period End. May 31—
1938—Month—1937
230,000
1938—12 Mos.—1937
$2,351,861 $28,658,603 $27,932,545
1,204,281
14,929,960
14,237,997
230,000
2,760,000
2,115,000
$812,409
550,039
$917,580 $10,968,703 $11,579,547
535,481
6,599,810
6.364,318
$262,370
$382,098
$4,368,893
245,862
245,862
2,950,350
$5,215,229
2,949,780
$16,507
$136,236
$1,418,543
$2,265,449
$2,243,296
Gross revenue
1,200,887
Oper. expenses & taxes
Prov. for depreciation._
x
Gross income
Int.& other fixed charges
certificate
permitting abandonment by J. Ledlie Hees, trustee of the road, (a) of the
electric lines of railroad of that company; (b) of operation over the line of
RR., and (c) of
operation under trackage rights over a line of railroad of the Schenectady
Railway Co., in Fulton, Montgomery and Schenectady Counties, N. Y.
—V. 146, p. 3953.
Net income..
Div.
on
pref. stock
railroad of the Johnstown Gloversville & Kingsboro Horse
Fort Smith Subiaco
& Rock Island
RR,—-Files Bank¬
ruptcy Petition—
Balance
x
No provision was made in 1936 or 1937 for Federal surtax on un¬
distributed profits as all taxable income was distributed.—V. 146, p. 3500.
Georgia Power & Light Co.—Earnings—
1937
Calendar Years—
for reorganization under Section 77B
of the Bankruptcy Act in Federal District Court in Western Arkansas.
The
road
has
also filed a
petition with the Interstate Commerce
The company has filed a petition
Operating revenues
$1,086,321
Oper. expenses, taxes &
1936
1935
$920,381
$847,029
1934
$823,172
provision for retirem't
a950,775
a697,076
633,863
585,514
Operating income
$135,546
$213,166
2,820
$237,658
Commission.
The company stated that it is indebted for taxes now due and payable in
the amount of $3,131 and, as of May 31, for unpaid wages aggregating
$3,056 and on the same date owned interest on its mortgage bonds In the
sum of $516,349 and owned accounts payable of $7,0»5 and notes payable
of $28,902.
The company is a subsidiary of Chicago Rock Island & Pacific Ry. and
operates 39 miles of road between Paris and Dardanelle, Ark.
Capitaliza¬
tion comprises $400,000 in first mortgage 7% bonds, on which interest and
sinking fund payments have been in default since Aug. 1, 1919, and 4,000
shares of stock.—V. 146, p. 1242.
Four Wheel Drive Auto Co.—Dividend
Deferred—
on
new
$10 par common stock on Dec. 15, last.—V. 146, p. 1242.
Froedtert Grain &
Malting Co.—25-Cent Dividend—
directors
declared
have
Galveston Electric
Period End. May 31—
a
Co.—Earnings1938—12 Mos.—1937
1938—Month—1937
$28,684
16,402
2,389
1,531
2,970
Operating revenues.
Operation
Maintenance
Retirement accruals
Taxes
Net oper. revenues.
$224,559
$215,986
$241,301
176,447
178,606
179,402
179,423
8,826
9,553
9,791
97
'9,791
1,800
4,085
..
$25,613
16,152
1,777
1,531
2,951
$315,863
188,798
26,874
18,370
33,208
$272,402
171,705
30.287
2,662
22,579
$5,392
$3,202
$48,612
8,487
$45,169
1,797
Nou-oper. income (net).
$5,392
$3,202
69
$57,099
4,512
$46,966
315
$5,077
Balance
$3,133
$52,587
$46,637
Int. on equip notes
3,643
Bond and other interest
charges paid or accrd_
Amortization of debt dis¬
count and discount...
Miscell. deductions.
Write down of invest'ts.
...—
......
a
$26,696
$36,400
$46,202
Including surtax on undistributed profits.
Balance Sheet Dec. 31, 1937
Assets—Fixed capital, $5,558,135; miscellaneous investments, at nominal
$1; deposits for matured bond interest (contra), $27,275; cash
(including working funds), $20,241: accounts receivable, $84,089; accounts
receivable in litigation ($100,000 was received in full settlement in March,
1938, and the balance of $28,589 charged against the specific reserve car¬
ried therefor), $128,589; materials, supplies and merchandise, $75,042;
appliance accounts receivable sold (contra), $15,936; deferred debit items,
$413,446; total, $6,322,756.
Liabilities—Preferred $6 series, cumulative, no par value (15,000 shares
authorized, 10,993 shares issued, 421 shares in treasury, 10,572 shares
outstanding), $957,060; common, no par value (30,000 shares authorized,
21,650 shares issued and outstanding), $1,462,770; 1st mtge. bonds, 5%
series, due June 1, 1978, $3,140,000; Town of Climax, Ga., 6% bonds,
due May 1, 1943, $9,500; note and accounts payable to current company
and affiliated companies, $246,109; matured bond interest (contra), $27,275;
Advances from
Federal Rural Electrification Administration, $87,904;
accounts payable, $23,721; taxes accrued, $5,415; interest accrued, $18,509;
miscellaneous accruals, $1,053; consumers' service and line deposits, $82,722;
valuation,
dividend of 25 cents per share on the
common stock, payable July 23 to holders of record July 15.
This com¬
pares with 15 cents paid on Nov. 1, last; an extra dividend of $1.05 in
addition to a regular dividend of 15 cents paid on July 25, 1937, and a divi¬
dend 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. 146, p. 2368.
The
$140,379
An initial dividend of 30 cents per share was paid
the common stock.
the
4,833
Total income..
Net income for year.. loss$44,895
Directors at their recent meeting took no action on payment of a dividend
on
Non-oper. income
$223,304
1,255
329
accounts receivable sold (contra), $15,936; reserves and mis¬
$102,094; contributions for extensions (non¬
$130; capital surplus, $141,297; corporate surplus, $1,257,
total, $6,322.756.—V. 146, p. 3187.
appliance
cellaneous unadjusted credit,
refundable),
(A. C.) Gilbert Co.—Preferred Dividend Deferred—
defer payment of the dividend usually due at
preferred stock.
A regular quarterly dividend of
Directors have decided to
Net income
—V.
146, p. 3o00.
this time on the $3.50
87^ cents per share was paid on April 1, last.—V. 146, p. 3804.
General Baking Co.—New Director—
8hepard has been elected a director to fill the vacancy on the
resignation of Frederic H. Frazier.—V. 146, p. 2850.
Goderich Elevator & Transit Co., Ltd.—Earnings—
Frank R.
board caused by the
General
Capital Corp.—To Pay 17-Cent Dividend—
Directors have declared a
dividend of 17 cents per share
stock, payable July 11 to holders
of record June 30.
on
the
common
A dividend of 25 cents
gsr sharelast; 40 cents paid on11, last; and on July of 45 cents wasdividend
was paid on April Oct. 11 a dividend 10, 1937 and a paid on
24,
ec.
of 25 cents per share
paid on April 10, 1937.—V. 146, p. 2535.
General Foods
The new $4.50
Corp.—Preferred Stock Listed—
Earnings for the Year Ended March 31. 1938
$98,716
Revenue
Administrative expenses
19,210
Financial expenses &c._7,179
Provision for depreciation of properties & amortization of leases
26,555
Provision for Dominion & Province of Ontario income taxes on the
1,604
year's profits
Net profit for the year
Balance surplus at March
$5,726
67,830
31,1937
cumulative preferred stock, 150,000 shares of which were
publicly offered at $101 a share on May 4, was admitted to trading June 23
on the New York Stock Exchange, the opening sale being $109 a share.
Coincident with the admission of the shares to trading on the Exchange,
the corporation announced that there are approximately 2,432 holders of
the preferred stock, with average holdings of only slightly more than 60
preferred stock, offered by an underwriting group headed by
Goldman, Sachs & Co. and Lehman Brothers, sold above $104 on the day
of the offering and has recently been quoted in the over-the-counter market
at around $107 to $108 a share.
Dividends
to shareholders
Balance, surplus at March 31, 1938—
Earns, per share on 84,006 shares cap.
--$31,552
-
stk. (no par)
Balance Sheet March 31, 1938
new
$73,555
42,003
Total
03«cll
The
38,443
Operating expenses
...
.4
$0.07
}
$4,746; charges for shovelling,
elevation and
storage receivable, $6,013; insurance policy held by the company on the
life of the President—cash surrender value, $24,656; land and water lots
Assets—Gash
in
bank,
Financial
4116
held under lease, the value of these leasee being estimated by the manage¬
in 1929 at $156,666; less amounts written off, $62,485; balance,
$94,181; docks, foundations, buildings, machinery and equipment, $1,002,271; miscellaneous supplies and expenses applicaole to next year's
business, $3,892; total, $1,135,848.
Liabilities—Accounts payable, $1,582; provision for income taxes on the
year's profits and accrued 1938 municipal and provincial taxes, $5,891;
reserve for contingencies, $20,000; surplus created by valuing the leases
and increasing the asset value of docks, buildings, &c., to appraised values,
$747,476; less portion of this surplus which was distributed to shareholders
by issuing additional capital stock of the company as stock dividends,
$604,052; balance, $143,424; capital: authorized 90,000 shares of no par
value, issued 84,006 shares of no par value, $933,400; surplus, $31,552;
total, $1,135,848.—V. 142, p. 3510.
Chronicle
June 25, 1938
Consolidated Balance Sheet Dec. 31
ment
Glen Alden Coal
...
Due
cents per share on the
17 voted not to declare the dividend
for the second quarter
of this year on the 5% cumulative preferred stock. A
regular quarterly dividend of $1.25 per share was paid on March 31, last.
—V. 146, p. 1877.
6 Months Ended May 31—
1938
After depreciation
1937
$183,693
$0.84
$145,511
$0.67
Net profit
x
and normal Federal income taxes but before surtax
146, p. 914.
undistributed profits.—V.
value, payable July 1 to holders of record June 20.
Like
paid on March 15 last.
An initial dividend of 30 cents was paid on Nov. 15 last.
J
The directors also declared a participating dividend of 8 cents per share
in addition to the regular quarterly dividend of 31K cents per share on
the $1.25 participating preferred stock, both payable July 1 to holders of
record June 20.
A similar participating dividend was paid on March 15,
last, and one of 10 cents was paid on Nov. 15, 1937.—V. 146, p. 1711.
par
no
was
Gulf &
Ship Island RR.
-Earnings1936
1935
11,396
defl5,210
$134,259
28,721
1,675
$119,232
22,766
def2,471
$107,099
13,086
defl0,535
557,939
51,293
def86,941
697,174
143,705
4,326
627,215
114,963
def8,350
def46,735
1938
$109,356
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 146, p.
541,289
68,744
3501.
Gurney Foundry Co., Ltd. (& Subs.)—Earnings—
Consolidated St atement
of Income, 12
Gross profit on sales
Selling, administrative,
&c., expenses, inch depreciation
Months' Period Ended Dec.
31,1937
j310 281
328,709
2,933,483
4,745,720
4,892,822
775
9,169
4,873.809
accrued
3,171,299
2,372.969
& interest (see
contra)
Depos. to
A cap.
stock
Inventories
Other income.
Loss
Other
debt & interest
279.645
32,709
of
of Gurney
year
sale of bldg.
54
Sundry liabilities
Haverhill Gas Light
Period End. May 31—
Operating revenues.
Operation
<fc discount
26,584
93,834
52,861
on
209,435
reacqulr. sees.
Miscell.
80,624
213,197
128,021,266
Total.
reserves
176,005
2,819
17 125,850
14,877,376
Total
127,438,491
128,021,266 127,438,491
a After
reserves for
depreciation and amortization of $14,195,860 in
1937 and $13,014,918 in 1936.
b After reserves for doubtful receivables,
discounts and allowances of $343,484 in 1937 and $394,170 in 1936.
c Rep¬
resented
by 2,000,000 no par shares.—V. 146, p. 3669.
The Virginia Corporation Commission has approved the issuance of
$100,000 first 4 % bonds by the company. The company said proceeds would
be used for refunding and for purchasing and improving equipment.—
Harvard Brewing
Directors have declared
Co.—Preferred Dividend—
an
initial dividend of $1.04 per share on the 5%
convertible preferred stock, payable June 30 to holders of record June 15.
—V. 146, p. 2370.
Hecker Products
Corp.- -Listing—Voting Trust Expires-
The New York Stock Exchange has authorized the listing of 1,802,802
shares for delivery to the holders of voting trust certificates for outstanding
shares of
common stock upon the expiration of the voting trust on
July#l,
1938, on a share for share basis, and, after June 30, 1938, to holders of old
unexchanged certificates of stock of constituent companies (calling, as of
May 31, 1938, for not exceeding 1,940 shares of common stock of the
corporation) in accordance with the bases set forth in the consolidation
agreements dated Dec. 1, 1928, and Aug. 2, 1929; and 15 directors quali¬
fying shares; making a total of 1,802,817 shares for which listing is requested.
The voting trust under which the common stock is deposited will
expire
July 1, 1938. The holders of voting trust certificates, upon the surrender
thereof properly endorsed to First National Bank of Jersey City, at 1 Ex¬
change Place, Jersey City, N. J., will be entitled on and after July 1, 1938,
to receive certificates
for
common
stock for the number of shares repre¬
by such voting trust certificates.
stockholders on June 22, 1938, approved
change in the shares
a
no par to $1 par.
The retirement of the 23,075 shares of common stock, for which voting
trust certificates were held in the treasury of the corporation, was also
8uch retirement is to be effected
approved.
an
average
common
value of $5.68
stock
are
on
before June 30,
or
carried
on
1938.
its books of account
per
Taxes-.
Net oper. revenues—
$7,195
Non-oper. income (net)_
1938—12 Mos.—1937
$570,513
370,677
30,278
87,573
48
6
81
$82,065
35,000
$2,232
147
$47,065
2,164
$4,181
Net income
$2,084
$44,901
44,226
stock,
have
no par
declared a dividend of 20 cents per share on the
value, payable June 23 to holders of record June 20.
1937
1936
1935
1934
—_
$77,926,131 $72,196,990 $61,966,248 $59,613,349
66,994,692
60,911,115
51,413,240
48,455,830
OtSrSSS" ta-t»mS10'931'439
rentals, &c
1,054,329
$10,553,008 $11,157,519
2,222,976
2,139,895
2,455.908
DSru&%™frts--„f,U'985'768 813'5°8'851 $12,692,904
$13,613,426
American Weekly, Inc.
to other companies
1,665,428
Depreciation
1,204,948
Other (incl. Fed.inc.tax) x2,053,000
Int. on bonds & debens1,148,284
1,777,743
1,361,367
x2,665,216
1,354,967
Amort, of bond discount
and expense
1,542,286
1,206,705
2,131,510
1,550,693
1,531,378
1,249,711
2,801,472
1.716,332
167,899
Earned surplus, Jan. 1_.
151,894
203,367
252,737
$6,197,663
13,986,385
$6,058,342
14,444,230
63,487
$6,061,794
13,422,678
110,419
Dividends
$133,175
40
327
$131,711
$133,502
,
(net)
Crl09
290
Cr68
150,000
137,500
125,000
$4,524
$6,079
sur$8,567
Balance Sheet Dec. 31, 1937
'
Assets—Property investments, $3,835,516; statutory power of capitaliza¬
tion, $500,000; other investments at cost, $89,524; cash in hand and in bank,
$46,965; special deposits, $2,205; miscellaneous accounts receivable, $4,047;
material and supplies at cost, $121,646; deferred assets, $7,070; total,
$4,606,975.
Liabilities—Capital stock (125,000 shares), $2,500,000; audited accounts
and wages payable, $41,410, taxes, $38,408; matured interest and dividends
unpaid, $3,289; notes payable, due 1938, $150,000; notes payable, due
subsequent to 1938, $250,000; due affiliation: Pearl Harbor Traction Co.,
Ltd., $68,044; Deferred liabilities, $30,688; unadjusted credits, $1,322;
accrued depreciation, $1,177,037; earned surplus,
$227,007; unrealized
appreciation of lands, $119,767; total, $4,606,975.—V. 146, p. 3501.
Hoover Ball &
Bearing Co.—Earnings—
Years End. Dec. 31—
sales
Net
Sell.,
adver., admin.
office expenses
for
Fed.
inc.
1&37
1936
1935
$2,044,174
1,379,346
$1,674,767
1,109,688
$1,310,072
907,059
1934
$980,287
737,693
&
223,992
Operating profit
Other deductions (net)_Prov.
$20,623,585 $20,184,048 $20,566,059 $19,594,892
3,377,735
4,938,322
6,500,860
5,072,624
i
85,516
$131,670
974,620
108,236
Equipment
gen.
Surplus credits
29,799
$968,643
757,466
78.002
Dividends.
Cost of goods sold
$5,746,209
14,877,376
$1,048,316
831,130
1935
$145,367
&c.
of
&c
$938,844
280
(est.)
Operating gain
Non-operating income
Publications, Inc. (& Subs.)—
1937
$1,010,018
38,299
45,006
$145,087
Taxes assignable to ry. opers.
Balance, deficit
Hearsts Consolidated
Calendar Years—
Rev. from operation
1936
$1,182,937
$1,227,943
$63,492
58,968
Dividends declared.—-.
directors
This compares with 30 cents paid on March 1, last; 50 cents paid on Dec. 1
and on Sept. 1 last; 20 cents paid on June 28, 1937; 50 cents paid on June 1
and on March 1, 1937; 25 cents on Dec. 15, 1936; 40 cents on Oct. 1, 1936,
and 25 cents paid on April 1, 1936, this latter being the first payment made
Revenue from other railway oper
$65,802
2,310
charges
Holophane Co., Inc.—Smaller Dividend—
The
common
Calendar Years—
Revenue from transportation
$100,802
35,000
103
Gross income.
3
$5,148
2,917
$4,285
accruals.
Dec. 21, last.—V. 145, p. 1902.
$100,753
$7,201
2,917
Balance
Directors have decided to omit the dividend ordinarily due at this time
the common stock.
A semi-annual dividend of 50 cents was paid on
Honolulu Rapid Transit Co.. Ltd.—Annual R.p.nnrt.—
$563,762
354,943
24,966
83,099
$81,984
$5,145
on
on the common stock since
April 1, 1932, when a semi-annual dividend of
25 cents was paid.
A like payment was made on Oct. 1, 1931, as against
40 cents paid on April 1, 1931 and 50 cents on Oct. 1 and April 1, 1930.—
V. 146, p. 915.
Co.—Earnings-
1938—Month—1937
$43,956
$44,275
27,891
29,052
2,034
2,413
6,835
7,664
Maintenance.
185,609
152,651
124,183
$440,836
22,946
$379,470
19,902
$250,362
17,576
$118,410
109,204
a70,476
40,718
13,863
$308,686
139,473
$289,091
139,414
$2.07
$192,067
139,412
$82,230
143,922
$0.57
22.316
tax
(estimated)
■
Red. for invest, in
approx.
194", 968
Def. cred. to inc.
Hershey Creamery Co.—Dividend Omitted—
I
_
Expenses
1 000,000
.
512,402
278,818
$61,420
$15,668; wages and other accounts (accrued), $40,090; Accounts payable
(trade and sundry), $49,270; 1st mtge. 5^ % income bonds, 1949, $780,000
rable, $27,500; reserves, $11,027; minority interest in SUD""1
,UV/D, iCOOl VCO,
JLUlilUl It J
Jilveresi; in sub-*
sidiary, $16,653; deferred credits, $95,457; 5% non-cumulative red. non¬
voting pref. shares (par $5), $117,000; common stock (par $100), $859,000:
deficit. $110,595; total, $2,105,822.—V. 141, p. 277.
'
'
'
newspapers,
26,584
for
399,536
specific purp's
Other assets
Consolidated Balance Sheet Dec. 31, 1937
Interest
contra
share. The foregoing change from no par
value common stock to a par value of $1 and the retirement of the 23,075
shares of common stock will result in a capital surplus of $8,181,874.—
V. 146, p. 3955.
Assets—Cash, $33,457; accounts receivable (current trade less reserves)
$193,183; accounts receivable (officers and employees), $2,498: material
and supplies, $425,806; accts. receiv. non-current (less
reserves), $20,041;
mtge. investments, $16,784; real estate (other than plant properties) held
for sale (values established on books), $61,209; fixed assets (net), $1,343,982; deferred charges, $8,863; total, $2,105,822.
Liabilities—Bank loans (secured), $204,752; taxes (sales and
other),
reserve
467,123
285,037
for
372,716
nancing exp._
Other def. chgs
Cash
held
for
at
$61,474
km
Consolidated loss
Retire,
liabs
held
specific purp's
Collect, on acct.
of mat'd fund.
The issued shares of
_
curr.
Cash
593,713
from
$1,550
59,924
Other charges.
_
279,645
secure
circulation
Dep. tor paym't
The
$18,429
16,879
Minority shareholders' proportion of loss for
North-West Foundry Co. Ltd
4,257,410
Mat. fund, debt
Instal. subscript
sented
Loss
Totfl/I lOSS
4,408,274
banks & others
Change in Par of Stock—
1937
May—
5,991.042
Accts. payable &
King
Harrisonburg (Va.) Mutual Telephone Co.—Bonds—
The directors have declared dividend of 24 cents per share on the common
amount
5 ,102,432
5 ,079,129
366
19,819,085
Notes payable to
Features
Greenwich Gas Co.—-Dividends—
stock,
14 ,515,885
7 ,017,948
Earned surplus.
Earnings per share on commonon
long-
3,000,000
(H. W.) Gossard Co.—Earnings—
x
48,280,300
<fc
Due to affil. cos.
(see contra)..
Bond disc. & fi¬
(B. F.) Goodrich Co.—No Preferred Dividend—
partic.cap.stk. 48 ,256,150
term debt
Cash
paid on Oct. 20,1936, and each three months previously.
In addition
of 25 cents per share were paid in each of the four quarters
of 1935.—V. 146, P. 2042.
8,620,669
Funded
3,001,019
for cl.
,606,820
Class A 7% cum.
(parent
from
$
20,000,000
83,873,958
Due from Hearst
Corp.
Co.)
1936
'■
$
,000,000
28,613,445
326,391
83,847,912
27,591.641
128,113
libraries, &c..
extra dividends
Directors at a meeting held June
1937
Liabilities—
Initial surplus...
receivable
A like amount was paid on April 20 last, and compares with 25 cents paid
on Dec. 28 last; 12 Yt cents paid on Oct. 20 and on July 20, 1937; a special
dividend of 50 cents paid on Dec. 23, 1936, and a regular dividend of 25
cents
5
cCom. cap. stk.
Property
a
Investments
stock, no par value, payable July 20 to holders of record July 2.
common
1936
$
b Notes & accts.
Co.—12%,-Cent Dividend—
The directors have declared a dividend of 12 K
1937
Assets—
Circulat'n, press
branch., refer.
sec. to
Net
mark, val., &c
Prov. for contingencies
'
.
Miscell. surplus charges.
78,039
120,006
profit
Shs. cap. stk. (par $10)Earnings per share
368", 351
7*8",813
a
$2.21
$1.38
Includes $31,264 in 1937 and $4,246 In 1936 Federal surtax on undis¬
tributed profits.
x
Includes $334,708 ($152,401 in 1936) for surtax
on
undistributed profits.
Note—Depreciation in the amount of $74,667 in 1937, $74,689 in 1936,
$79,823 in 1935 and $75,936 in 1934 has been deducted.
Volume
146
Financial
Balance Sheet Dec. 31,
Chronicle
Earnings for Three Months Ended
Assets—Cash, $34,769; trade notes, acceptances and accounts receivable,
(after reserve of $4,088), $144,741; inventories, $879,217; investments and
assets,
$82,218; property, plant and equipment (net), $777,882;
goodwill, $25,458; patents, $1; unexpired insurance premiums and prepaid
taxes, $9,092; office supplies, $1,000; total, $1,954,377;
Liabilities—Note payable to bank, $30,000; accounts payable, $47,134;
accrued liabilities, $3,681; Federal taxes on income of
year 1937, $109,204;
1st mtge. 6% bonds, $154,200; capital stock
(par $10), $1,394,731; capital
surplus, $52,049; appreciation surplus, $41,942; earned surplus, $121,436;
total, $1,954,377.—V. 146, p. 1878.
Calendar Years—
Gross oper. revenue
Material
costs,
to holders of record
Period End. May 31—
Gross oper. revenue
RR.—Earnings—
1938—Month—1937
$597,828
$658,624
437,593
423,078
exps. & taxes
Operating income
Non-operat ng income.
$19,904,056 $20,492,976 $18,837,970 $17,527,816
18,424,901
$40,413
1938—5 Mos.—1937
$3,080,762
2,237,442
$3,300,399
2,120,332
$843,320
59,432
$1,180,067
61,187
1934
1935
salaries,
& other op. exp.
Maintenance & repairs.-
1937
$7,982
share, payable July 20
July 1.—V. 146, p. 3955.
Hudson & Manhattan
Oper.
1936
1938
The company has declared the
regular quarterly dividend on its pref.
stock amounting to 37
H cents per share, payable June 30 to holders of
record June 20, and has also declared a
dividend for the second quarter
on its common
stock at the rate of 12H cents
per
Co.—Earnings—
1937
March 31
Net income after
provision for Fed. inc. & surtax
other
Horn & Hardart
4117
1937
443,083
17,348,267
439,760
16,249,515
354,193
$1,036,072
140,737
$2,704,949
101,773
$2,234,263
43,715
$2,806,722
$2,277,978
555,432
687,855
a541,737
682,213
305,999
$2,065,467
710,613
261,100
$361,527
137,605
838,771
$1,577,129
$1,289,766
196.000
196.000
Balance to surplus.._def$614,850
Shs.com .stk.out. (no par)
560,024
$178,890
$235,546
$172,111
287,671
$247,726
281,092
$902,752
1,440,059
$1,241,254
1,453,706
$115,559
$33,366
$537,307
$212,452
12,179
$2,000,934
$1,176,809
$160,235
11,876
15,194,231
332,650
wages
Income charges
x
Operating profit
Other income
Deficit.
64,533
x
Total income
Deprec. & amortiza'n..
Provision for taxes
Net
259,850
income
Preferred
dividends
Common dividends
Earnings
share
per
Balance
1937
Property
Cash
...
Accts. & notes
rec
Inventories
.,
$
Lease deps. receiv.
Real
16,000
15,000
500,000
485,000
21,853
Investments
24,495
2,800,000
stock
49,097
49,097
Def'd charges, &c
159,754
110,504
937,500
653,406
pay.
....12,488,279 13,532.069
After
x
reserves
for
Balance Sheet Feb. 28, 1938
279,590
250,251
.
466,484
8,563
....
rrrvefufor depreciation and obsolescence, $1,569,173), $2,180,102;
oo
jl
Total
11,255
4,034,427
*
4,213,208
12.488,279
on leases
13,532,069
depreciation and amortization of $8,914,226 in 1937
y Represented by 560,024 no par shares.—V. 146,
2209.
Houston Electric
1938—Month—1937
Operating revenues
$258,224
$247,194
Operation..
—123,535
118,067
Maintenance
36,228
34,700
Retirement accruals
27,578
24,923
Taxes
29,513
28,555
$2,596,240
1,271,658
355,577
283,190
281,298
$40,947
16,051
1,544
$409,814
189,019
25,717
546
651
7,294
$22,700
$187,784
$179,395
Houston Gulf Gas
1937
1936
$3,125,920
1,424,579
345,400
$3,627,681
1,655,853
300,000
$1,355,942
$1,671,828
6,409
Operating expenses, including taxes
Property retirement and depletion reserve approp.
Other income
Gross
Interest
Interest
Interest
(net).
1,838
income
on
on
on
$1,357,780
254,280
120,250
456,534
14,949
$1,678,237
254,280
120,250
669,764
24,523
$511,766
$609,420
mortgage bonds...
debentures
7 % income notes..
Other interest and deductions.
$190,845
70,487
securities
23,750
stock
dividends
and
$206,175
dividends.
common
Hydro-Electric Securities Corp.—Earnings—
Calendar Years—
Divs. & int.
Divs.
rec.
received
1937
in cash.
in
Other
Includes provision of $8,300 and approximately
$50,000 for Federal
surtax an undistributed profits for the 12 months ended Dec.
31, 1937 and
1936
$808,316
$839,743
1935
1934
$618,170
$577,255
stock,
whereof sold for cash.
Net income
of
Condensed
Co.—Earnings—
x
preferred
1936
$271,838
57,244
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $112,678; customers' accounts and notes receivable
(net),
$558,091; merchandise inventories, $864,440; advances, &c., on
consigned
merchandise, $23,957; employees' notes and accounts
(incl. $5,150 sales¬
men's traveling funds),
$9,183; deposits on mutual insurance contracts,
$20,863; investments, $270,837; plant sites, buildings and equipment
(less
reserves), $1,047,631; 2,408 shares of common (1,780 shares set
aside to
fulfill option) stock, $24,789; deferred charges,
$17,489; total, $2,949,961.
Liabilities—Notes payable, banks, $175,000; notes
payable, $10,000;
accounts payable and accruals,
$161,352; Federal normal income and excess
profits taxes and surtaxes in undistributed profits,
$74,629; long-term debt,
$83,353; 7% pref. stock (par $100),
$865,800; common stock (par $5),
$699,305; capital surplus, $736,436; operating surplus,
$144,086; total.
$2,949,961.—V. 146, p. 3955.
146, P. 3501.
Calendar Years—
$61,474
a
1937
$410,710
74,702
$336,008
a267,649
(consisting
Net profit after all charges
Dividends paid
7,717
$23,871
Net income
Non-recurring charges
w-o as worthless)
$404,516
206,716
10,688
Amort.of debt disct.&exp
-V.
$2,945,134
1,454,154
409,129
327,663
344,373
$41,369
15,204
1,747
Other interest, &c
Calendar Years—
Consol. profit before Federal normal income and
undistributed profits tax
Normal income taxes and surtaxes
1938—12 Mos.—1937
—
Net oper. revenues—.
Interest on bonds
equipment (less
total,
♦
Huttig Sash & Door Co. (& Subs.)—Earnings
Co.—Earnings—
Period End. May 31—
__
4
11
Liabilities—Notes payable, banks (secured
by merchandise), $1,580,000;
notes payable, banks
(loan for betterments), $50,000; accounts
payable—
trade, $60,200; accrued payrolls, taxes and expenses,
$67,448; deferred
notes payable due
1939 and 1940, $165,000; pref. 6
cumul. stock (par
$10), $905,650; common stock (par $10),
$1,505,0^, capital surplus,
0;
$362,532; earned surplus, $86,537; total, $4,783,017.—V.
145, p. 1421.
and $8,630,510 in 1936.
p.
9,460
Assets—Cash, $154,026; customers' accounts receivable
(less reserve,
$1,388), $173,664- sundry accounts receivable,
$115,382; inventories,
$2,106,306; prepaid expenses, $53,537; property, plant and
on
stock..
Reserves for taxes.
Deposits
$165,967
75,745
27,169
1,660,000
602,783
300,000
common
$23,229
73,672
charges.
2,800,000
3,501,440
Preferred dividends
Notes payable
Surplus...
Total
3,501,440
Accts. pay. & accr.
24,495
Pref.
Total income
Interest and miscellaneous
estate mtges.
Dividend
Com. treas. stock
treas.
$
4,414,656
136,839
$1,520 prof$92,801
50,927
24,749
22,240
Provision for Federal income tax
payable
Loan receivable..
Net operating loss
1936
$
Common stock..
y
$474,994
382,193
Non-recurring income
1937
par)
1937
$5,026,489
Miscellaneous other income.
5% cum. pref. stk.
($100
1938
$4,400,987
3,859,042
140,541
$401,404
402,924
31
Liabilities—
.10,472,133 10, 040,042
612,698
2, 193,985
39,726
31,631
607,522
567,313
Mtge. receivable.
Dec.
1936
$
Assets—
x
Sheet
Del.)—Earnings—
Cost of goods sold
Provision for depreciation
undistributed profits, $47,891.
on
Condensed
adjustment income bonds at 5%.—Y. 146,
p. 3502.
Hunt Brothers
Packing Co. (of
$1,093,754
196,000
1,118,362
894,690
on
Years Ended Feb. 28—
Sak* (net)
$199,076 def$220,608
560,024
560,024
$1.95
$1.60
560,024
$2.47
$0.40
Including Federal surtax
a
1,202,239
Including interest
15,519
_
income
27,419
30,769
$835,735
22,122
$870,512
x
Total income
Interest paid or accrued.
1936, respectively.
Admin. & gen. exps. and
differences of exch., &c
Balance Sheet Dec. 31, 1937
Assets—
Plant,
prop.
Invest.
Liabilities—
& equipment..$18,528,927
& fund accounts
Cash in banks
on
demand...
Special deposits
Notes
Accounts
438,128
—
6,351
receivable
310,930
Materials and supplies
25,706
Prepayments.
Other current &
Deferred
7% pref. stock, series B
a
5,975
assets.
Matured Int.
2,608
Taxes
1,850
accr.
debits
Interest
on
long-term dt.
accrued
Other current and
accr.
llab.
Reserves
Capital
surplus...
Earned
surplus.....
....
33,413
$559,360
1,976,493
$2,759,080
$2,417,017
$2,535,853
337,030
295,278
397,611
401,517
223,683
415,087
$2,457,208
$2,361,468
$2,015,500
$1,897,083
writing
Divs.
on
143,061
accrued.
34,242
$519,934
1,897,083
off investments
9,344,715
payable
60,347
$743,580
2,015,499
$3,089,517
Amt. allocated to
1,500,000
5,170,080
Long-term debt
Accounts
Total surplus
cum.
($100 par)
Common stock
85,564
Divs.
on common
6,987
140,256
208.071
preferred shares
shares
Surplus Dec. 31—
Balance Sheet Dec. 31
1937
2,680
Assets—
1,751,368
169,472
740,084
Cash
at
call
1936
a
$19,983,076
Represented by 517,008
Houston
no par
Total
bankers & on dep
909,438
Net oper. revenues—
Other income
10,704
5%
23,462921
x
$322,977
1,150
$3,969,948
20,301
$324,127
80,208
12,214
$3,990,249
80,208
12,947
962,500
155,508
$3,833,368
1,185,833
111,543
$244,918
$231,705
$2,872,241
$2,535,992
315,078
315,078
Total
x
$3,818,860
1,496
$338,073
mtge. bonds
Other int. & deductionson
income
Dividends applicable to preferred stocks
period, whetner paid
or
unpaid
for the
Common stock..
reserve...
7,381,965
689,869
Special reserve.... 7,391,711
Earned surplus... 2,457,208
1938—Month—1937
1938—12 Mos.—1937
$931,869
$872,395 $11,092,154 $10,053,701
515,750
405,105
5,532,370
4,876,488
79,542
144,313
1,589,836
1.358,353
$336,577
15,632
class B cum.
partic. pref. stk.
($10 each)
6,735,610
Capital
24,671.996 24,632,451
Represented by 1,476,393 shares,
Total.
no
par.—V
6.745,610
7,381.965
688,732
5,487,961
2,361,468
24,671,996 24.632,451
144, p. 3001.
Hygrade Sylvania Corp.—Earnings-
14,508
o
Gross income
Net
Sundry creditors..
Lighting & Power Co .—Earnings—
Period End. May 31—
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Int.
1,956,010
249,000
11,092
313,502
303
Investments
22,902,891
Promissory note.. 1,455,300
shares.—V. 146, p. 2044.
1936
Liabilities—
Purch. consider'n.
Sundry debtors—
$19,983,076
1937
$
with
Loan..
Total
$592,773
$728,049
Previous surplus
$806,300
$618,170
63,994
2,361,468_
Net profit—
cum.
($100 par)
6,987
—
receivable
7% pref. stock, series A
655.612
66,583
Years Ended Dec. 31—
1937
1936
1935
1934
$7,913,989
5,629,854
302,618
$7,949,648
5,363,707
323,709
Gross sales—less returns
Depreciation
(other
Taxes
$9,417,035 $10,234,322
6,458,540
7,289,926
401,188
340,855
than Fed¬
eral income
taxes)
Selling, general and ad-
237,157
174,459
84,839
60,786
1,310,924
1,210,378
1,093,570
1,029,208
$1,009,226
75,944
$1,218,703
103,112
$803,108
97,519
$1,172,235
62,536
$1,085,170
6,105
a211,000
$1,321,815
15,078
a272,000
$900,627
2,477
121,300
$1,234,771
237,973
$868,064
749,775
$1,034,737
741,236
$776,851
523,917
$874,416
526,223
$3.58
$4.38
$3.31
$3.81
Balance
$2,557,163
$2,220,914
Note—No provisions have been made for Federal
surtax on undistributed
profits for the 12 months ended May 31,1938 and 1937.—V.
146, p. 3669.
Houston
Oil
Field
Contemplated—
Material
Co., Inc.—No Financing
Other income.
Deductions from income
Prov. for Fed. inc. taxes
In response to
inquiries, the company has announced that it is not con¬
sidering any public financing at this time.
An amendment to the initial
registration statement covering the offering of a small Dlock of
common
stock (less than 3,800 shares), which the
company acquired from a former
employee who has gone into the drilling business is to be withdrawn
because
of market conditions.
Divs. decl. and paid
Earns, per sh. on no par
shares common stock
.
a
,
122,381
Including $34,000 in 1937 and $50,000 in 1936, provision for surtax
undistributed profits.
on
Financial
4118
$636,897
507,815
282,913
880,870
2,449,962
Other market, sec.
a
$170,680
$249,064
Acer, items <fc res.
296,463
383,552
377,235
430,053
58,749
25,000
2,088,000
d Common stock. 1,023,420
412,238
Capital surplus...
Earned surplus... 2,105,353
1,218,024
1,702,038
U. 8. Govt, oblig.
Inventories
Federal
and State taxes.
..
for
Res.
c
pensions,
273,794
301,476
life Insurance...
Prepaid lnsur. and
48,893
60,255
1,411,949
1,023,420
412,258
1
Goodwill
921,243
$2,735,717
63,423
$2,976,877
$2,799,140
1,274,150
399,402
Maintenance..
1,085,095
Depreciation
b Taxes
Other income, net.
2.025,198
1,468,255
1
mlscell. expenses
b Fixed assets
al936
$7,914,122
2,915,230
276,961
1,104,283
881,931
$2,947,044
29,833
Operating revenue, electric...
Operation
$6.50 cum. conv.
preferred
Cash surr. value of
1937
$8,793,351
3,440,565
Calendar Years—
2,088,200
for
Prov.
Accts. and notes
receivable
1936
Accounts payable.
$564,129
930,494
431,116
.
1937
IAabUilies—
1936
1937
Assets—
Cash
Electric Co.—Earnings—
Indiana & Michigan
Comparative Balance Sheet Dec. 31
f
June 25, 1938
Chronicle
Interest on funded
1,274,150
debt
Amortization of debt discount
^
48,641
33.223
$1,562,974
$1,400,654
277,095
214,308
929,135
Other deductions
After
a
.$6,532,138 $6,636,745
Total
$6,532,138 $6,636,745
Total
provision for doubtful accounts
of $77,467 in 1937 and $55,192 in
1936.
b After provision for depreciation of $2,244,768 in 1937 and $1,914,035 in 1936,
c Represented by 23,800 shares no par value before
deducting 2,920 shares in 1937, 2,918 shares in 1936, held in treasury,
d Represented by 204,684 no par shares.—V. 146, p. 3806,
Net income..
Oper. exps., inch taxes..
Prop, retire, res. approp.
$4,956,906
2,525,653
450,000
$2,334,224
1,055
$1,981,253
Assets—
$191,711
Dr214
Dr393
56,250
9,145
«
$2,335,279
689,328
$191,318
54,167
8,355
Cr3,656
$175,091
bonds
deductions Int. charged to constr'n.
on mtge.
Other int.
Contractual
Dr716
------
$1,980,537
108,948
650,000
80,892
Cr32,407
Crl2,845
$109,696
$132,452
applicable to preferred stocks for the
period, whether paid or unpaid
-
$1,569,410
$1,262,490
414,342
414,342
Balance
$1,155,068
income
&bds.
...
$848,148
Federal surtax on undistributed profits has been
made during the 12 months ended May 31, 1938.
Includes provision of
$29,000 for the 12 months ended May 31, 1937.—V. 146, p. 3806.
$8,121,516
1,921,580
851,305
Net after rents
$9,574,921
1,937,036
717,898
47,705,365
10,527,222
4.747,758
44,726,190
10,012,812
4,988,937
$7,775,823
1,258,694
386,171
$9,037,171
2,097,555
41,646,674
9,925,103
4,774,064
Gross from railway
Net from railway
940,343
Net after rents
38,980,901
7,889,761
4,205,946
1937
$8,296,191
1,563,282
559,504
Gross from railway
36,075,521
Net fron\ railway.
Net after rents
8,339,206
41,109,916
8,433,206
3,730,836
Net from railway
Net after rents
From Jan. 1—
4,225,019
1935
Reserves
886,442
722,950
Contrib.
8,812
8,509
1936
1935
1934
$6,058,305
$5,843,944
$5,819,767
481,800
481,800
493,098
4,961,792
4,961,792
4,961,792
$100,387
$614,713
9,382,403
$400,352
8,842,841
$364,877
8,500,488
income
tax.
war
6,285,502
and
for
expenses
Balance
1937
Sheet
328,707
446,253
394,806
Other creditors...
1,216,070
854,562
971,381
875.960
11,910,369
Prov.fortaxes
Res've
3,905,294
x
8,030,000
Capital surplus...
Accrd.div.
1,761,099
erence
101,579
3,000,000
3,248,134
101,579
803,000
120,450
9,382,403
1,399
&c
28,816,801 28,816,801
Total...
72,549,151 71,891,362
Total
—V. 146, P.
72,549,151 71,891,362
3670.
Independent Pneumatic Tool Co. (& Subs.)—Earns.
1937
1936
1QQR
10^4.
$2,454,365
$2,151,781
$1,690,459
$1,346,012
1,122,672
882,568
712,384
617,185
$1,331,693
46,035
$1,269,213
38,251
$978,075
$728,828
Misc. income (net)
65,300
61,999
Total income.
$1,377,728
$1,307,464
al92,722
8,889
18,470
$1,043,375
143,444
20,263
$790,827
a215,200
$1,153,639
939,245
$1,096,272
986,207
$879,667
751,396
$672,280
563,547
375,698
$3.07
187,849
$5.83
187,849
187,849
$3.57
Calendar Years—
3.571,800
1
9,560,775
9,560,775
3,113.825
55,003,252 54,047,812
145, p. 116.
Industrial Credit Corp. of New England—Extra
Div.—
an extra dividend of 6H cents per share in
quarterly dividend of 32 cents per share on the
common stock, both payable July 1 to holders of record June 15.
Like
amounts were paid on April 1 and Jan. 3, last, July 1, 1937 and in each of
the seven preceding Quarters.—V. 146, p. 2210.
declared
have
Ltd.—Optional Dividend—
Bank
class 1 stock on July 1 to holders
declared a dividend of 2H% payable in cash or in
Interborough
Rapid Transit Co.—Extension Given on
extension of time
An
on
the deposit of voting trust certificates until
30 was announced June 17, by Frank Hedley, surviving voting
letter to holders. The letter follows in part:
"By letter dated March 31,1938, the undersigned as sole surviving voting
trustee announced his desire of terminating his duty and obligation as voting
trustee by depositing the certificates of stock represented by the outstanding
voting trust certificates with a suitable trust company in accordance with
the terms of the voting trust agreement quoted in the letter.
It was also
stated that such deposit would be deferred until May 31, 1938, to enable
the holders of voting trust certificates to make their exchange at his office
upon payment of the stamp tax of seven cents per share, if taken in the
game name, together with one cent for each five shares, or fraction thereof
to cover expenses.
"Because of certain
changed in the Revenue Act adopted May 16, 1938
until June 30, 1938, and may require further
which do not become effective
time for the adoption of
governmental regulations, the undersigned deter¬
the deposit of the stock with a trust company on May 31,
Accordingly voting trust certificate holders may continue to make
their exchanges upon the terms above specified at Room 1213, No. 165
Broadway, New York City, until Sept. 30, 1938.
"This extension of time will afford ample opportunity to gain possession
of stock certificates in time to vote the stock at the next annual stockholders'
mined to postpone
1938.
meeting to be held on Sept. 28, 1938.
.
.
"The undersigned repeats his statements
.
that he will give no further
proxies nor will he vote the stock left standing in his name for any purpose
whatsoever.
He feels that with numerous questions pending relating to
unification, reorganization or other matters affecting the interests of the
stockholders, they should get possession of their stock certificates and place
themselves in a position to vote the same according to their own judgment."
Court Orders I. R.
See latter company
T. to Disaffirm Manhattan
Over
the protest
Ry. Lease—
below.
Court—
of counsel for the Manhattan Ry.
and its receiver,
22 Thomas E. Murray Jr., re¬
1 interest due on the company's
such of its 5% bonds as are held as collateral
Federal Judge Patterson directed on June
ceiver for the I. R. T., to pay all of the July
publicly held 5% bonds and on
7% secured notes.
Judge Patterson also directed Mr. Murray to make a cash payment of
$174,330 on the Interborough's sinking fukid requirement of $1,116,330 as
of July 1.
He reserved decision on a motion riied by Carl M. Owen of
counsel for Mr. Murray, asking permission to buy as large a proportion of
$942,000 face value of I. R. T. 5% bonds as may be acquired with cash on
hand, after deducting $200,000 for a working fund.
The July 1 payment of interest on publicity held 5s will be $2,429,775.
Interest on the collateral bonds, now in the hands of the Bankers Trust Co.,
amounts to $1,374,725.
The 5s are due in 1966.
Bonds for the sinking fund usually are pur¬
chased by the receiver in the open market at a cost far below face value and
accepted for the fund at face value.
Judge Patterson's rulings were based
for its
tr.-marks
and patents
Total
Bond Interest Ordered Paid by
120,450
6,285,502
in¬
taxes,
54,047,8121
55,003,252
3,571,800
3,493.639
Represented by 720,260 no-par shares.—V.
Directors
pref¬
3,045,345
26,653
tings (at cost).-
on
shares
Profit & loss acct..
fit¬
stock
($100 par)
Common stock..
Surplus
Ordinary shares.-.47,255,160 47,255,160
General reserve
(at cost)
1,810,176
Plant, machinery,
surance,
bldgs.,
6% cum. pref. shs. 8,030,000
61,203
61,203
Real est. & bldgs.
G'dwill,
for
machinery, &c._ 3,954,609
under...18,164,409 17,199,626
Shares in other cos.
Prepaid
168,146
EmpJ. benev. fund 1,168,146
cost & ad vs. for
&
$
$
cos
Creditors: Sub.
155,295
leaf purchases.. 10,524,130
Inv. in sub.cos. at
Liabilities—
4,913,046
4,027,178
Sundry debtors...
Stock in trade at
1936
1937
$
5,406,107
Cash In banks
furniture
for
31
Dec.
1936
$
Dom. Govt, bonds 4,162,831
cost or
and providing
management
.
Assets—
109,549
trustee, in a
5,906,895
charges
all
After
x
pref.
6%
1,686,059
238,556
Sept.
1937
Balance, surplus
Profit and loss surplus._
1,594,947
...
Deposit of Certificates—
481,800
Ordinary dividends
940
3,958,500
34,402,300
7,023,087
4,258,849
$6,489,082
Calendar Years—
Net profit
4,186
39,152,405
8,492,722
4,503,293
•
$2,000,000.—V. 146, p. 3502.
Preferred dividends
exp.
debits
Directors have
Imperial Tobacco Co. of Canada, Ltd.—Earnings—
x
in aid of
construction
debt
discount
9,995
7%
pref.
stock
(5100 par)
3,958,500
receivable
Group Shares, on the Bank Group Shares
of record May 31.—V. 144, p. 4348.
President, said that the road now has on hand the cash required to meet
July 1 interest and other charges.
As of July 1 company has $1,171,000
of interest charges on debt plus rental and other payments all coming to
about
5,624,414
curr.
138,775
$6,778,453
1,031,590
347,937
the new board of directors, L. A. Downs,
At the first full meeting of
8,740
6,244,072
Other
$7,799,017
1,662,641
725,104
Sufficient to Meet July 1 Interest Charges—-
Cash
22,969
Taxes accrued
Institutional Securities,
1936
1938
$7,018,064
1,566,517
699,085
1,055,463
11,143
1,032,019
liab..
Unadjusted credits
(not current)...
Earnings of Company Only
May—
Gross from railway
545,160
addition to the regular
From Jan. 1—
Gross from railway
Net from railway
360,763
563,266
932,132
916,193
Mat'ls & supplies.
x
1935
1936
1937
1938
29,341
371,712
134,526
Total
RR.—Earnings of System-
Illinois Central
90,312
Interest accrued..
(affili¬
Unad] usted
748,540
payabte
(affiliated cos.).
Customers' deps..
cash In¬
vestments...--3,006,507
rec.
%
572,412
(general)
4,010,991
Notes & accts. rec.
Accts.
1936
$
payable
Accounts
729,440
Temporary
Unamortized
Note—No provision for
Accounts
36,500
Cash
Accts.
Dividends
May—
on
debt. —.25,483,000 25,483,000
Funded
8
8
448,895
Working funds...
ated cos.).
Net
surtax
1937
IAabUilies—
?
$
47,483.805 45,365,502
343,897
constr.
248,059
Fixed capital
Federal securities.
Int.
b Includes
1936
1937
1938—12 Mos.—1937
$5,613,265
2,834,041
445,000
Misc. stocks
$175,305
Net oper. revenues—
Other income (net)
277,095
214,308
957,946
—
comparative purposes,
for
a Amounts
restated
undistributed profits.
u
Balance Sheet Dec. 31
1938—Month—1937
$443,516
$423,329
230,711
199,618
37,500
32,000
Operating revenues
...
...
—
7% preferred stock dividends
6% preferred stock dividends
Common stock dividends
Idaho Power Co.- —Earnings—
Period End. May 31—
91.112
91,112
and expense.
,
Gross profits
Sell.,
&
adm.
&
gen.
exp.
depreciation
Operating profit
Reserve for income tax..
Miscellaneous
charges..
Net profit
Dividends
Shares
a
petition recently filed by Mr. Murray,
and its 1906 contract.
Report for Month of May—
Including United States surtax
in 1936.
on
$4.69
undistributed profits of $11,500 in
1937 and $3,112
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $151,027; U. S. Government securities, $1,133,566; cus¬
notes and accounts receivable, $418,253; working funds and ad¬
vances, $30,622; inventories, $1,432,312; prepaid exps., $22,610; advs. to
employees' capital stock club, $14,264; land, $64,469; bldgs., mach'y and
equip, (after reserve for depreciation of $1,289,791), $715,285; trade marks,
goodwill and patents, $891,342; total, $4,873,752.
Liabilities—Accounts
payable and accrued expenses, $209,687; pro¬
vision for U. S. and British income taxes, $215,200; capital stock (no par)
tomers'
37r5'?9£ shares' $3,482,450; earned surplus, $966,415; total,
$4,873,752.—V. 146, p. 2044.
Murray Jr., Receiver, in his monthly report, states:
Traffic—The Subway Division during the month of May carried 64,306,732 passengers, a decrease of 3,367,697, or approximately 4.98%, as com¬
pared witu May, 1937. All lines on the division carried less traffic than in
the corresponding month of last year, with losses ranging from 2.45% on the
Queens Line to 6.14% on the Brooklyn Line.
The month this year had
one less Saturday, wnich reduced the loss by approximately
.75%. The
low percentage of the loss on the Queens Line, relative to that on the other
lines, was due to increased traffic to the site of the World's Fair at Flushing
Meadows, and to some extent to the elimination of the initial loss caused
by the opening last year of the Independent System to its easterly terminus
Thomas E.
in Jamaica.
„
The Manhattan Division during
Fund, Inc.—Registers with SEC—
the month of May
carried 16,624,310
decrease of 1,462,929, or approximately 8.09%, as compared
with May, 1937.
All lines on the division reported less traffic than in the
corresponding month of last year, with losses ranging from 5.03% on the
passengers, a
Second Avenue Line to
Insurance Investors
See list given on first page of this department—V. 143, p. 3320.
asking for instructions
regarding payment of the various classes of interest due July 1.
Judge Patterson will hold a hearing on June 28 on claims alleged by the
Manhattan Ry. against the Interborough, arising out of the receiverships
of both companies.
He also will hear motions from counsel with respect to
the form of order to be entered in connection with his ruling, permitting
disaffirmance of the Manhattan lease but denying disaffirmance of the
Interborough's elevated extension certificate, its joint trackage agreement
of
capital stock
outstanding (no par).
Earns, per sh. on cap. stk
a
102,416
16,131
upon
9.64% o the Third Avenue
on
the division and is
Line. This was the first
the Second Avenue Line was the lowest
largely due to World's Fair traffic. Undoubtedly part
time in 18 months that the loss on
Volume
Financial
146
of the greater loss on the division as
was due to weather conditions.
of
number
1937
May was
compared
passengers
Operating expenses
$1,292,772
Net oper. revenue
203,lo3
Taxes
Income from operation
218,707
$870,961
Balance
$1,365,278 $11,919,765 $15,188,084
218.707
2,405,783
2,405,783
56,621
Balance—City &
__
$814,340
co._
$1,148,371
,
21,531
Crl,800
net
on
Other loans
$814,340
823,998
loss$9,659
Net inc. from oper—
758
N on-oper. income
$286,744
$*74,450
def$8,900
Balance
Manhattan Division
Gross oper. revenue
Operating expenses.
$3,035,017
17,500
2,066,528
4,911.871
7% cum. pref. stk
($100 each)
8 000,000
852,605
807,698
17,500
5 ,776,806
8,000,000
6%
$955,005
Queensboro Line
Lexington Ave. Line-
$5,044
3,797
6,443
$4,960
3,814
3,451
6.594
$55,500
43,144
41,208
70,865
$54,591
White Plains Rd. Line
$19,192
$18,820
$210,719
pref. stk
cum.
1 622,750
x
Common stock..
Consol.
1,458,669
earn. surp.
37,804,153 37,062,843
Total
37,804,153 37,062,843
2,000,000
1,622,750
1 669,640
2 000,000
Represented by 115,610 no par shares.—V. 146, p. 3807.
x
International Products
Years Ended Dec. 31—
Corp.—Earnings—
1937
,
Gross sales, less discount &
Cost of goods sold
xl935
1936
$2,498,133
1,717,897
allowances $2,634,443
1,808,489
$1,722,968
972,135
$825,954
$750,833
54,767
$780,236
114,110
$805,600
13,456
91,672
121,450
$894,347
95,555
123,235
$579,021
1,689
$536,693
Other income.
$663,702
1,793
Depreciation and depletion
Prov. for inc. taxes (Fed. & foreign)__
$665,495
275,589
57,250
$580,710
269,731
32,547
$541,697
297,862
30,001
$278,431
269,529
$213,834
67.548
Other operating income
68,493
$894,447
11,955
Total income
Taxes (other than income taxes)
Selling
expenses
General & administrative expenses.
,
Expense of packing house while idle-
5,456
138,644
95,815
6,538
11,500
50,000
$207,255
3,908
Other rent items
42,513
38,381
71,769
$747,750
$101,701 loss$596,903
loss$45,540
Provision for doubtful accounts——
_
Prov. for invent, write down..
Prov. to reduce Paraguayan currency
& accts. rec. to market value
49,700
—V. 146, p. 3503.
Corp.—Stock Sold—
International Business Machines
Co., Inc.; Lee Higginson Corp., and
Kidder, Peabody & Co. purchased and reoffered after the
close of the market June 21 10,000 shares of capital stock
Brown Harriman
&
corporation over the counter at a retail price of $145
share, ex-dividend, plus the regular stock exchange
commission of 27 cents per share.
All of this stock was
sold prior to the end of the business day.
This stock did not constitute a new issue but represented
of the
per
previously outstanding with investors.
The closing
quotation for the stock on the New York Stock Exchange
June 21 was 146H bid, 148 asked, ex-dividend.
The last
sale was 147^-—V. 146, p. 2855.
shares
$332,655
315,105
transactions
the
499.543
U.S.Treas. bills..
Accts.
Fed. taxes
for
res.
1937
1936
1935
1934
$3,209,342 x$3,134,287 x$2,937,431 x$2,782,907
1,271,585
1,203,489
1,135,404
1,238,268
Mgt. costs & expenses-.
y3,633
Interest
paid (net)
140,023
149,078
155,673
167,736
Deprec. & amortization.
248,074
38,996
34~,724
27,512
$1,482,556
1,545,728
Dr3,581
$1,419,714
1,535,831
$1,335,636
1,400,195
$1,279,655
1,321,876
Drl,336
Dividends paid
$3,024,704
1,410,000
$2,955,728
1,410,000
$2,735,831
1,200,000
$2,600,195
1,200,000
Surplus
Sns. cap .stk.out. (no par)
Earnings per share
$1,614,704
600,000
$2,47
$1,545,728
600,000
$2,37
$1,535,831
600,000
$2,23
Federal surtax
Other corporate taxes—
1
Balance
uctsCorp., Ltd.,
4,157
1,485,471
In 1934.
y
$1,400,195
600,000
$2.13
1936, $6,143 In 1935 and $6,707
After deducting $1,067 interest received from affiliated company.
Balance Sheet Dec. 31
469,570
809,499
402,623
91,872
96.323
138,294
Accts. receivable-.
LiabUUie*—
8
$
— -
1937
1936
1937
Assets—
Cash
Accounts
receivable
Inventories
more
after date.
for
tingencies
352.936
293,880
z
124,063
456,110
281,660
-
3,717,051
3,880,052
13,836
assets
13,419
Deferred charges..
$7,326,854 $7,466,011
x
After
reserve
Total
$7,326,854 $7,466,011
for depreciation and depletion of $2,953,632 in 1937 and
$2,737,280 in 1936.
y Represented by 435,826 no
and 435,832 no par shares in 1936.—V. 146, p. 3956.
par
shares in
1937
International Radio Corp.—Earnings—
Earnings for 9 Months, Aug. 1, 1937 to April 30, 1938
$392,496
255,599
Gross profit on sales
Net
profit
on
$136,897
sales
19,995
Other income & deductions, net
$156,892
53,534
Net income before Federal income taxes
Provision for Federal income taxes & other
Net income..
Earns per share on
contingencies
$103,358
$0.55
— —
188,400 shares common stock
Balance Sheet April 30, 1938
Assets—Cash, $85,007; receivables—net, $186,449; inventories (priced at
of cost or market), $388,322; cash value of life insurance, $2,990;
assets: ($189,033 less: reserve for depreciation, $49,623) $139,410;
lower
deferred charges—including
111,278
$16,887; reserve for contingent excise tax assessment, $8,472;
reserve for Federal income taxes and other contingencies, $53,534; common
stock—$1 par, $213,726; paid-in surplus, $265,301; earned surplus, $137,399;
dies, tools and molds, $29,186; total, $831,364.
Liabilities—Accounts and notes, $102,909; accrued taxes, $33,137; other
1,614,704
1,545.728
accruals,
3658.
International Safety Razor Corp.1937
Total-
— .
12,134,414 12,213,439
deducting reserve for amortization of $3,682,457 in 1937 and
$3,546,551 in 1936.
y After depreciation of $65,509 in 1937 and $50,598
in 1936.
z 600,000 no-par shares.—V. 115, p. 2394.
1935
1934
$81,622
70,944
$66,367
$95 733
76,514
104,896
$302
14,904
$10,678
17,610
loss$10,147
loss$9,162
20,155
475
Sell., gen. & adm. exp—
1936
$78,736
78,434
Calendar Years—
Gross profit
540
After
x
Operating profit
Depreciation.
Federal taxes
International Power Co., Ltd. (&
Calendar Years—
1937
Gross earnings of con¬
trolled companies
$4,998,297
1936
Subs.)—Earnings—
1935
1934
6,312
$4,775,049
2,179,736
6,633
$5,024,558
2,450,257
6,750
$4,541,910
2,239,127
6,575
x407,991
Oper. exp., maint. & tax
x407,424
X445.064
492,253
2,052,517
Directors' fee
Int.
fund, debt., &c.,
controlled cos. in
of
pref. and com.
stocks of control, cos.
in hands of public
Res. for contingencies—
Res. for deprec. & renew
on
96,765
90,000
829,548
773,625
29,647
605",660
18,930
33,308
32,179
24,308
20,017
$1,398,442
$1,113,831
$1,107,689
$1,052,634
Co., Ltd
Exps. and int. paid—Dr
98,911
140,091
104,883
143,230
113.067
116,530
324,661
Interest on debentures—
$1,357,262
434,492
$1,075,485
439,484
$1,046,106
437,593
$844,503
318,271
$922,769
$636,001
480,000
$608,513
240,000
$526,233
97,218
99,040
90,000
27,263
Amort, of bond discount
and
expenses
Class A dividends
Ltd
Misc. earns, of Int. Pow.
Net profit for year—
on 1st pref. stock .
Divs.
480,000
$22,257 in 1937.
$17,542
Deficit
$32,359
$9,937
$75,276
Balance Sheet Dec. 31, 1937
Assets—Cash, $32,293; accounts receivable (less reserve of $500 for
doubtful accounts), $10,987; Inventories, $35,132; property account (after
for depreciation of $199,199), $86,675; goodwill, trademarks, &c.,
$144,414; advertising, $606; prepaid insurance, $179; total, $310,285.
Liabilities—Accouhts payable and accrued liabilities, $3,549, reserve for
Federal taxes, $839; a capital, $247,265; surplus, $58,633; total, $310,285.
a Represented by class A stock, no par value, $2.40 cumulative dividend—
outstanding, 1,027 shares; class B stock, no par value—outstanding,
173,973 shares.—V. 145, p. 2077.
Interstate Bakeries Corp.—50-Cent
dividend of 50 cents
174,650
stock, payable July 1 to holders
on Aprh
1, last, and an initial
Dec. 27, last.—V. 146, p.
(net) of $18,707 in 1935; $33,164
Preferred Dividend—
per share on the $5 pref.
of record June 25. A like amount was paid
dividend of $1.25 per share was paid on
3189.
Intertype Corp.—20-Cent
After deducting miscellaneous interest
in 1936 and
$29,318
2,465
43,493
Class B dividends
Directors have declared a
Net inc. avail, to int.
Power Co.,
1,220
$29,894
2,465
reserve
94,869
90,194
870,936
43,727
Min. int. in sur. for year
18,526
$15,078
2,465
Net loss.
on
Divs.
x
4,358,318
487,002
Colom¬
total, $831,364.—V. 145, p.
12,213,439|
Common stock.. 4,358,262
y
273,355
10,269,304
111,162
103,988
23,361
24,297
-12,134,414
Total
2,210,500
111,278
goodwill, &c— .10,341,722
Fixed assets
Deferred charges..
235,900
6% cum. pref. stk.
(par value $100) 2,083,600
295,354
con¬
devel,.
y
264,250
fixed
Capital stock...10,000,000 10,000,000
Surplus
Pats.,pat. rights,
licenses,
9,951
payable
taxes accrued....
maturing 1 yr. or
Fixed
58,275
contin¬
Earned surplus...
bia Prod Co
x
(est.)..
134,275
159,013
Fed., State & other
Reserves
Notes & accts. rec.
%
103,127
affiliated co
Notes and acrepts.
1936
8
Accounts payable.
154,467
664,552
1,220,598
$77,502
95,729
31,950
Selling & general expenses
Includes interest earned of $3,565 in
x
33,362
accts. receivable
in
for
gencies, &c
In liquidation
Total
244
Crl83
Res.
1936
$70,482
4,982
200,314
214,503
261,458
5,553
50,137
U. 8. income tax..
344,862
335,300
accts.)
InternationallTod-
Invest,
1937
Accts. pay. &accr.
liabilities
Bills payable
bills rec.
&
(less
doubtful
Liabilities—
1936
1,557,782
.$1,271,494
Paraguayan cash &
revenue
Products
International
Balance Sheet Dec. 31
1937
Assets—
Cash
Calendar Years—
Gross
of
5,004
Corp., Ltd., a
subsidiary for the period from Jan. 1 to Dec. 17, 1935.
On the latter date
the subsidiary went into voluntary liquidation and ceased operations.
Includes
x
Inventories
Co.—Earnings—
International Cigar Machinery
x
1
—...
($100 each)
Balance.
$120,521 loss$386,184
1O38$26,347
Net oper. revenue
18,954
Rent, of jtly. oper. lines:
6,237
Reserves.
bonds and debs.
$3,016,063
1938—11 Mos —1937
$9,824,389 $10,355,664
10,210,573
9,400,659
$962,684
842,163
$889,029
915,376
120,000
Div. pay. by sub—
225,442
191,994
and expenses on
Operations
1938—Month—1937
Period End. May 31—
169,299
120,000
Minority Interest- 2 ,057,686
deferred charges
Unamortized disc,
157,046
$277,215
9,529
507,836
16 5~ 717
Div. pay
Prepaid and other
$9,492,450 $12,625,253
9,215,235
9,609,191
$271,428
3,021
493,080
incl. Int. thereon
Unclaimed divs.—
Cr98,411
Cr58,598
$9,492,450 $12,625,253
$1,148,371
876,943
317~073
Interest accrued-.
current
In foreign
Total
charges
312,376
.
Employees' & con¬
sumers'deposits,
currencies
tract No. 3
Gross inc. from oper-
135,349
Accounts payable
Pay. to city under Con¬
Fixed
1
n.n
_
of enterprise
1,245,331
569,874
629,768
$
14,742,973
1,122,106
,110,761
14 ,322,487
Bank loans
467,120
1,167,521
reserves)
1936
$
Funded debt
34,302,627 33,800,882
Materials & suppl.
Res. for exchange
$9,513,981 $12,782,300
$1,146,571
Used for purch. of assets
Liabilities—
763,143
assets
31
1937
$
Accounts rec. (less
$1,555,079 $14,038,046 $17,072,596
189,801
2,118,281
1,884,512
$1,089,668
Current rent deductions-
Capital assets
Dec.
1936
$
Assets—
Cash
1938—Month—1937
1938—11 Mo?.—1937
$3,499,893
$3,672,434 $38,648,691 $40,313,683
2,207,121
2,117,355 24,61o,645 23,241,087
Period End. May 31—
Gross oper. revenue
Balance Sheet
Consolidated
compared with the Subway Division
carried on the entire system in
80.931,042, a decrease of 4,830,62(kteOr approximately 5.63%, as
with May, 1937.
Subway Division Operations
The
4119
Chronicle
Dividend—
have declared a dividend of 20 cents per share on the
stock, no par value, payable July 15 to holders of record July 1.
A like amount was paid on Dec. 27, last, and compares with 30 cents paid
on Nov. 1 and on June 1, 1937; 25 cents paid on Dec. 15, Sept. 15, and on
June 15, 1936, and 20 cents paid on Dec. 15 and on July 1, 1935, this
latter payment being the first made since Aug. 15, 1931, when a quarterly
dividend of 25 cents per share was paid.—V. 146, p. 3956.
The
directors
common
4120
Financial
Interstate
At
a recent
Chronicle
Hosiery Mills, Inc.—New Director—
meeting of the board of directors Paolino Gerli was elected
an existing vacancy.—V. 146, p. 3504.
a
member of the Board to fill
Interstate
Telephone Co.—Earnings—
Calendar Years—
1937
Gross earnings
1935
1936
$848,811
242,696
105,804
$354,612
100,000
1,745
7,821
$325,623
100,000
Crl38
Taxes
Net
bef. deprec.
funded debt
earns,
Int. on
General interest, &c
Amort, of dt. dis. & exp.
Int. during construction
Prov. for deprec. as de¬
termined by company.
1934
$724,850
224,537
88,471
107,949
expenses
Maintenance expenses-.
$782,918
233,481
102,334
92,491
$392,361
100,000
1,809
7,821
.
Operation
disposition of the corporation's protest.
Kingdom of Roumania Monopolies Institute, 7%
bonds, due
1959, at indicated market value on Dec. 28, 1937, the date of acquisition.
e Not including interest paid and accrued on debentures held
by whollyowned subsidiary prior to its dissolution.
d In
100,000
138,956
140,496
142,244
$137,790
146,978
$106,335
102,877
$75,827
29,445
Balance Sheet, March 31, 1938
7,821
GV246
145,079
$45,162
1,236
A.8S€t3
r'"
Investments—cost or declared value.
C$29,874,650
Less; Reserve for valuation of Kingdom of Roumania Monopo¬
a
lies Institute, 7% bonds, due 1959
Subscription to Meridionale Elec¬
tric Co., new shares 91,951
shares at 250 lire per share—Lit. 22,987,750
Less: Amount unpaid
18,390,200
Crl30,000
--
Net income
Pref. dividends
......
$1,209,937
967,949
.
Balance
Sheet Dec.
31,
1937
Lit.
on
dividend
$31,840,052
Interest accrued on debentures
Debenture coupons due but not presented for payment
b Accrued taxes, including United States income and capital
stock
of $1.50
Iowa Electric
taxes
not converted into United States currency
87M cents
dividends
of accumulations
account
on
of
share on the 7% cum. pref. stock series A; 81X cents per
share on the 6]/%% cum. pref. stock series B and 75 cents per share on the
6% cum. pref. stock series C, all of $100 par value, and all payable July 20
per
to holders of record
June 30.
Similar distributions were made in each of
the 12 preceding quarters, on March 20, 1935; and on Dec. 20 and June 15,
1934, prior to which no dividends had been paid since June 30, 1932, when
regular quarterly distributions of $1.75 per share on the 7% pref., $1.62^
per share on the 6
pref. and $1.50 per share on the 6% pref. stock were
made.—V. 146, p. 2211.
Iowa
Public
To Be Placed
Service
Issue
$300,000
Bonds—
Privately—
Company, a subsidiary of Penn Western Gas & Electric Co., a registered
holding company, has filed with the Securities and Exchange Commission,
an
application (File 43-131) covering the issuance of $300,000 of first
mortgage gold bonds, 5% series, due 1957.
The bonds are to be sold at
{jrivate to financeapproximately $200,000 of proposed planwill rural electri¬
the proceeds of be expended
part sale, and
construction under
n
new
a
fication.—V. 146, p. 3504.
Island Creek Coal Co.—Production—
Month of—
May, 1938
Coal mined (tons)
—V.
215,773
-
May, 1937
340,199
normal United States income tax
a
Interest
1938—3 Mos.- -1937
$128,673
ave
$128,673
earnings and surtax
on
undistributed
c
840,076.
d Stated at the official parity of exchange of $.052634 established
Oct. 5, 1936.
e Represented by :
Capital stock (all classes—no par value) $6 cum.
pref. stock, 124,172 shares, stated at $100 per share; common stock, class A,
970,015 shares, stated at $0.10 per share; common stock, class B, 1st series,
75,000 shares, stated at $0.10 per share; common stock, class B 2d series,
75,000 shares, stated at $0.10 per share.—V. 146, p. 3956.
Corp.—New Director—
In recognition of the new era of broadened social
responsibility upon
which American industry is now entering, the directors at their
meeting
held June 20 established a policy of widening the board's
membership to
include not merely stockholders' interests but direct representation for the
viewpoint of the general public, Lewis H. Brown, President, announced.
To serve this purpose or
interpreter of the public viewpoint in correlating
modern corporation policies witn these newer
concepts, the Johns-Manville
directors elected to the board of directors one of the country's
leading edu¬
cators, Dr. Walter A. Jessup, President of the Carnegie Foundation for
the Advancement of Teaching.
Dr. Jessup
has had a long and distinguished career as an educator,
Schools in
the
various
Indiana
He was successively Superintendent of
Dean of the School of Education at
towns,
University of Indiana and at the State University of Iowa, and from
1916 to 1934 President of State University of Iowa. For the last four years
he has been President of the Carnegie Foundation.—V. 146,
p. 3505.
Joslyn Mfg. & Supply Co.—Earnings—
Statement of Consolidated Income, Year Ended Dec. 31, 1937
Net sales
Cost of goods sold.
$12,387,343
10,031,674
8
Gross profit on sales
b Inc. from realization of
restricted lire
Warehouse, selling, administrative and general
500,000
$8
3,226
"4","104
$628,682
29,162
$128,673
29,914
2,189
Expenses
c
1938—12 Mos.—1937
on
Erofits both resulting from receipts of lire value, March 31, 1938, which
dividends and interest $21,been included in income,
Market
Superpower Corp.—Earnings—
a
$31,840,052
The following securities are pledged as collateral for the loan
payable
$244,417.41:
$980,000 principal amount of Kingdom of Roumania
Monopolies Institute, 7% bonds, due 1959; 100,000 shares European Elec¬
tric Corp., Ltd., class A stock.
b No provision has been made in the above balance sheet for possible
(Including operations of wholly-owned subsidiary to March 24, 1938, the
date of dissolution thereof)
Period End. Mar. 31—
Dividends
preferred stock
a
primarily in the Middle West.
April, 1938
184,476
146, p. 3504.
Italian
on
of
Johns-Manville
Co.—To
17,251
2,123,900
5,215,224
Total..—
per
Light & Power Co.—Accumulated Divs.—
The directors have declared
$10,504,000
13,563,689
244,417
157,560
14,010
Unrealized income from lire dividends and interest received and
share on account of
accumulations on the 6% convertible preferred stock, payable July 15 to
holders of record June 30. A dividend of $2 per share was paid on April 15,
last.—V. 146, p. 2696.
a
dl ,723,937
Total
Liabilities—
Foundation, Ltd.—Accumulated Dividend—
declared
129,476
ex¬
35-year 6% gold debentures, series A, due 1963
6 Capital and surplus
a Loan payable
Reserve for accrued dividends
have
d241.987
on deposit in the United States
deposit in Italy, Lit. 32,752,767.35—subject to
change restrictions
Lire
cash (including certificates of deposit of $107,500), $274,662; working funds,
$3,019; accounts receivable (less reserve for uncollectible accounts, $8,789),
$31,093; notes receivable from employees, $1,152; materials and supplies,
$124,524; total, $5,461,724.
Liabilities—$6 cumulative preferred stock, $882,090; common stock
(Issued and outstanding 23,000 shares, at stated value),
$1,196,000;
1st mortgage 5% gold bonds, series A, due April 1, 1961, $2,000,000;
due to stockholders of former subsidiary company, $1,620; accounts pay¬
able, $45,589; accrued interest on funded debt, $25,000; accrued taxes,
$46,254; miscellaneous current liabilities, $2,510; reserves, $769,270; capital
surplus, $266,039; earned surplus, $227,350; total, $5,461,724.—V. 145,
p. 117.
Investment
4,597,550
Cash—Dollars
Assets—Telephone plant and equipment, $4,783,215; miscellaneous in¬
vestments, $44,072; special deposits, $580; debt discount and exp. in process
of amortization, $181,840; prepaid accounts and deferred charges, $17,565;
Directors
Revenue
to the final
as
$296,464
1,786
7,821
CY305
-
advice has been received from the Commissioner of Internal
no
$668,986
208,395
85,797
78,331
86,219
June 25, 1938
proposed assessments of $27,790 in respect to the year 1935 and $147,712
for the year 1936.
All but $1,238 of the tax proposed for 1935 and all of
the tax proposed for 1936 is based on lire receipts not included in income in
those years.
The corporation has protested the assessments, except as to
said sum of $1,238 which has since been paid, and its protest has been
upheld at a hearing before the New York Revenue Agent in charge, but
3,396
31,163
37,470
incl. pro v. for
normal United States
Taxes,
Net profit from operations
$1,109,172
201,898
Other income
Total income
inc. & capital stock tax
Interest paid, other than
on debentures
Provision for loss on lire
2.409
110
2,492
1,351
Interest expense.;
..
...
Financing
expense
Provision for loss on investments
Provision for
a
balance due to devalua¬
Federal income
taxes
Minority interests in profits of subsidiary companies
tion of lira
d Prov. to State invest.
$2,355,669
1,246,497
expenses
16,176
b Consolidated net profit
bl~30*,666
_
a
Including
excess
$1,311,070
12,862
11,950
38,531
233,229
96,597
$917,899
profits tax of $35,149 and surtax on undistributed
bin the accompanying statement there has been
1os8$7,816
e
crued
on
$435,864
$43,761
profits of $16,326.
157,560
157,560
630,240
630,240
consolidated the accounts of the parent company, Joslyn Mfg. &
Supply
Co., and the following subsidiary companies: The Joslyn Co., Joslyn Co. of
$165,376
Interest
loss$7,610
$165,170
$194,376
4,417
$586,479
$165,170
$198,794
$586,479
paid and ac¬
debentures..
Net loss
Loss
sales of securities
4,417
c
Net loss for period-.
$169,793
a
Dividends in lire
on
lire
on
on securities owned
by the corporation and interest in
the corporation's bank balance in
Italy are being collected and
deposited in Italy by the corporation's representative.
As exchange restric¬
tions, in effect since Nov., 1935, have prevented the
conversion of these
deposits into United States currency, the
corporation does not include
them in income.
A comparative statement of
lire dividends and interest
received in the respective periods is
given below:
r>,
.,
,
Dividends
.
rec.
„
in lire.
1938—3 Mos.—1937
2,411,050
23,883,894
21,685,365
324,096
157,791
531,585
205,846
5,838,418
2,568,841
24,415,480
21,891,211
$135,208
$1,285,084
$1,152,222
on bank balance
collected in lire....
Total
1938—12 Mos.—1937
5,514,322
Int.
xEquivalent
in
United
States currency at the
official
parity of ex¬
$307,299
^?Tv1?t®rSSo,re(inoV^1 a,nd nol converted
the March 31, 1938 balance sheet.
into United States currency"
cash
surrender value of corporate life insurance, $11,378; sundry receiv¬
reserves of $54,266), $135,669; due from officers and employees,
$50,364; fixed assets (net), $1,787,739; total, $7,104,946.
Liabilities—Bank loans, $515,000; accounts payable, $344,149; accrued
ables (after
$323,302; long-term debt, $270,000; minority interest in sub¬
companies, $360,718; cum. pref. stock ($100 par), $1,470,600;
stock ($5 par), $750,000; paid-in sin-plus, $1,155,989; earned sur¬
plus, $1,920,688; preferred (35 shares) stock in treasury, Dr.$3,500; com¬
mon
(100 shares) stock in treasury, Dr.$2,000; total, $7,104,946.—V,
146, p. 3670.
expenses,
common
acquisition,
was
$370,000.
Period End. Mar. 31—
Subs.)—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
$1,671,245
$1,562,826
1,128,634
1,050,059
Operating revenues
Oper. exps. & taxes
$390,318
276,879
$366,969
263,677
Net oper. income
Other income (net)
$113,439
24
$103,291
24
$542,611
902
$512,766
982
$103,315
65,025
2,513
7,345
$543,513
267,773
Amort, of bd. disc. & exp
$113,463
68,175
1,483
7,258
29,218
$513,748
262,491
6 >576
29,602
Amort, of pref. stock dis¬
count and expense...
1,250
1.250
5.000
5,000
Miscell. income deduc'ns
516
437
3,492
2,984
$34,781
29,885
$26,745
29,885
$230,354
119,540
$207,095
119,540
$4,896
def$3,140
$110,813
$87,555
on
b Income from realization of restricted
lire arises through the Italian
authorities permitting the purchase and
export from Italy of $1 000 000
principal amount of Kingdom of Roumania
Monopolies Institute, 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
A
reserve of $130,000 has been
provided, by a charge to income, to state this
.investment at the market value at date of
acquisition.
The purchase of
these bonds represents a realization of lire
inasmuch as the bonds were
taken out of Italy.
No provision has been made in the above
statement for possible normal
United States income tax on
earnings and surtax on undistributed profits
both resulting from receipts of lire dividends and
interest which have not
been included in income.
The income tax returns for the
years 1935 and
1936 have been examined by the Internal Revenue
Department which has
deferred
Kansas Power Co. (&
The equivalent in United States
currency of lire dividends and interest
not taken into income is included in
"unrealized income from lire dividends
x
c
Assets—Cash, $372,008; receivables (after reserve for doubtful accounts
$38,724), $1,151,767; inventories, $2,152,955; prepaid expenses and
charges, $81,050; investments and advances, &c., subsidiary com¬
panies not consolidated (net), $102,423; other associated companies (net),
$1,233,412; other security investments, at cost, less reserves, $26,180;
of
sidiary
change
of
$.052634
established Oct. 5,'36
Calif., South East-Joslyn Co., Southern Joslyn Co., Inc., Joslyn South¬
west Co., Federal Tool Corp.
Note—The above statement includes charges for depreciation aggre¬
gating $132,837.
Consolidated Balance Sheet Dec. 31, 1937
Gross income
Int.
long-term debt..
on
General
Net
interest
income
Pref. stock dividends
Balance
—V. 145, p. 2850.
%
7,677
.
Volume
Financial
146
Kansas
fromry.
$419,994
oper.
Balance Sheet Dec. 31,
1938—5 Mos.—1937
$5,528,206
$5,696,395
3,544,422
3,728,430
,
rev.
$1,983,784
*518,000
$428,470
$1,967,965
$1,439,965
246,162
32,656
Railway tax accruals
xl02,000
88,000
Railway oper. income.
Equipment rents (net)-_
Joint facility rents (net)
$340,470
59,312
-
$317,994
42,860
10,070
8.455
$1,465,784
224,626
35,700
Net ry. oper. income.
$265,064
$272,703
$1,205,457
x
Includes
charge
no
for
Federal
tax
on
528,000
$1,161,146
undistributed
profits.—V.
146, p. 3341.
1937
1936
employees, $16,431; deposits
insurance companies, $15,381; cash surrender value of life
$75,477; deferred charges, $17,114; machinery, tools, equipment,
buildings (less reserves for depreciation of $1,664,834), $529,783;
new plant under
construction, $506,235; patents, $52,150; total, $4,445,998.
Liabilities—Accounts payable, $193,555; accrued Federal income, excess
profits and surtax, $103,000; other accrued
taxes, $79,188; dividends pay¬
able Jan. 31,1938, $53,958;
5% cum. pref. stock $100 par (27 shares in
treasury), $1,080,800; common stock (no par); issued 270,058 shares at a
stated value of $5 (171 24-40 shares in
treasury)—97,272 shares reserved for
with
material sold
conversion
privileges of preferred stock, $1,350,290; paid-in surplus, $1,~
166,498; earned surplus, $422,046; cost of treasury stock,
Dr$3,338; total,
$4,445,998.—V. 145, p. 2079.
Kinner Airplane & Motor
Corp.,
$511,130
$852,557
$701,420
190,627
145,486
122,492
$555,934
248.560
$661,930
236.337
207,153
$474,210
$425,593
$348,781
$181,823
$722,770
gen. exps-
Operating profit
Other income, incl.
inc.
from
investments, int.
earned, &c. (net)
78,942
57,199
Profit before providing
for Federal taxes$553,152
Prov. for Federal taxesNet profit
$484,588
1,060,998
463,428
$1,472,127
370,742
40,386
$1,144,130
216,266
$1,001,802
185.371
$1,082,158
$1,060,998
$927,863
$816,431
$1.57
$1.37
$0.76
$1.06
a
Resulting from closing reserve for fire insurance,
b Depreciation and
depletion provision amounted to $214,158.
c Includes $2,969 taxes for
prior years.
Assets—
1937
Accrued
secur.
int.
1936
$486,672
432,300
——
Liabilities—
$585,079
1937
432,300
Accrued
1936
$88,437
$77,984
46,242
Accounts payable.
on
p.
Court, according to
3019.
Exploratory
liabilities, $2,223; accrued Federal income tax payable, $3,353; purchases of
leaseholds (payable in oil, as and when produced,
per contra), $40,486;
capital stock, $500,000; capital surplus, $2,306,135; deficit, $1,564,389;
total, $1,326,810.—V. 146. p. 1880.
Kirkland-Hudson Bay Gold Mines,
Rents
Dividends
1938
$368
338,765
Profit & loss surp.
6,197,101
6,119,799
454,272
473,872
Interest and exchange.
fund-..
99,959
55,749
101,144
61,033
Insur.
res.
99,959
101,144
7,723,800
1,082,158
1,060,999
Prospecting & explora'nReports and examina'nsExpense—general
Exp.—transfer agency-Traveling expenses
48,252
22,276
$28,971
14,220
848
4,151
393
2,842
573
425
$53,747
$26,445
12,354
3,118
3,279
257
2,693
662
400
1,700
x
395
Legal expenses
$9,106,191
After
308,952
Directors' fees
$6,077.315|
Total....
$9,106,191
of $35,000 in 1937 and $37,165 in 1936.
shares.—V. 146, p. 2046.
reserve
no par
y
1,800
Net sales
Cost of sales, including freight charges
Selling and administrative expenses
19,297,929
12,270,944
$4,563,613
107,290
-
.
$4,670,902
68,009
2,201.000 shares
provided
common
during
stock (par $1)
the year
Consolidated Balance Sheet, Dec.
Assets—
aggregated
$537,870
of
$5,068,143
bonds,
492,250
Inventories
April 30, 1938
$162,121; total, $1,959,502.—V. 145,
p.
117.
(I. B.) Kleinert Rubber Co. (& Subs.)—Earnings—
Years End. Dec. 31—
1937
1936
1935
1934
Net income after deduct¬
ing mfg., sell., admin.
&gen. exp., &c.,chgs_
Adj. of branch assets in
respect of for'n exch__
$198,546
61,746
17,503
Fed. inc. & cap. stk. tax
Federal surtax
on
$266,403
$264,586
$105,983
82,978
22,650
Cr20,032
84,006
3,000
——
72,438
22,572
undis¬
3,251
Net proceeds of life ins.
—xl,903,153
2,747,735
Accounts payable
$805,263
Reserve for
U.
S.
<fc
230,226
foreign
income taxes...
965,709
Reserves
Common stock (par $1)
_....
mortgages &
miscellaneous.
24,837
Property accounts, at cost... y6,029,669
Patents, trademarks & good¬
325,280
2,201,000
Capital surplus..
1,560,387
Earned surplus
.
..
Treasury stock
11,359,096
Dr720,000
will-_
Deferred charges
now
—
Net income for year-Dividends
Shs.
_
deceased
stk. (par $10)-
com.
Earnings
per
share
Cr224,119
...—
$119,298
135,369
168,275
$0.71
$168,142
136,732
170,515
$0.98
$158,958
17,201
171,715
$0.92
$263,128
174,139
$1.51
Consolidated Balance Sheet Dec. 31, 1937
Accrued liabilities.....
at cost...-
Accounts receivable.
Land contracts,
account,
31, 1937
Liabilities—
hand
on
Canada
$3,185
Balance Sheet
$3,740,346
3,721,500
$1.71
and administrative expense.
of
$10,642
tributed profits
862,548
which $400,964 has been included in cost of sales and
$136,905 in selling
Dominion
54
$3,583
policies on life ol officer
Net profit for the year.
on
109
$428
——-
Depreciation
Total income
Other charges
Provision for United States and foreign income taxes
including
surtax of $133 on undistributed profits
Note—Depreciation
840
90
Assets—Cash in bank, $4,391; accounts receivable, $12,456; Investments,
cost, $488,939; mining properties, $1,453,335; prospecting equipment,
and office furniture (less deprec. reserve of $532), $380; total, $1,959,502.
Liabilities—Accounts payable, $32,963; capital stock, authorized and
issued ($3,000,000, less stock discount of $1,235,582), $1,764,417; surplus
$36,132,486
-
Dividends paid
Earnings per share
113
at
Kellogg Co. (& Subs.)—Earnings—
Profit from operations
Other income
404
5,795
1,327
1,448
-
-
21,300
5,474
6,883
92
$9,077,315
Represented by
Consolidated Income Statement for the Year Ended Dec. 31. 1937
Gross sales, less returns
$37,389,010
DLscounts and allowances
1,256,523
Cash in banks &
556
Taxes
Net profit.
Total..
$4,169
28,921
Depreciation
Deferred assets.._
65,595
7,723,800
ma¬
cos.
1935
$5,495
$31,848
23,002
1,211
4,182
181
revenue
595,156
bldgs.,
1936
$50
31,480
555,233
taxes..
Capital stock
Ltd.—Earnings—
1937
—-
463,486
Land,
50,879
18,303
18,364
Assets—Cash, $43,036; accounts receivable, $37,528; notes receivable,
$2,095; crude oil inventory (at market), $1,062; stocks and bond of other
companies (at cost), $293; physical property, $1,230,478; deferred charges,
$12,316; total, $1,326,810.
Liabilities—Note payable, $20,000; accounts payable, $19,000; accrued
Total
and
chinery, &c
Invest, in sub.
1935
113,388
taxes
Reserve forinsur..
other assets
$146,493
Net profit
y
Investments
$97,814
78,495
on cost..
4,718
Inventory
$425,659
38,287
58,759
90,902
3,668
cost
365,450
and
$472,676
41,612
100,658
91,807
2,554
74,484
43,092
20,652
$86,677
Depletion on
Depreciation
1936
$455,108
30,975
101,070
87,825
6,917
42,924
20,226
expense.
General expenses
Maintenance of Old River properties.
Lease abandoned
4,718
notes
accts. rec., &c..
notice by Los Angeles
1937
356,701
Cust.
x
a
Kirby Petroleum Co.—Earnings—
Calendar Years—
Prov. for Fed. inc.
sees
Exchange—V. 146,
Years End. Apr. 30—
Interest
Condensed Balance Sheet Dec. 31
U. S. Govt,
to be on record with the
Balance Sheet Dec. 31, 1937
loss—surplus,
Dec. 31
Earns, per sh. on 308,952
(no pax) shs. cap. stk.
Cash
as
Gross income
Direct field expense.-
$234,573
767,229
$327,699
816.431
Dividends
Reduction of sand inven.
&
$234,573
$372,088
44,389
$423,086
927,863
121,178
.
Credit
Prof.
52,750
23,307
$482,792
59,706
c68,565
Previous surplus
„
so
Stock
Gross profit
Sell., adm. &
The trustee has been ordered to file with U. S.
District Court a list of
stockholders of record June 30, 1938.
In order to protect their interests,
stockholders should make certain that
any stock held is in their own name
$388,638
206,815
See b
Ltd.—To List Stock¬
holders—
Depreciation & depletion
of plants & property--
mutual
insurance,
land and
1934
1935
1937
Assets—Cash, $613,315; bonds owned and accrued interest, $1,319,456;
Notes and accounts receivable
(less reserve of $56,095), $383,665; Inven¬
tories, $916,990; receivables from officer and
Kelley Island Lime & Transport Co.—Earnings—
Calendar Years—
Department oper. prof,
after deducting cost of
a
4121
City Southern Ry.—Earnings—
WPeriod End. May 31—
1938—Month—1937
Railway oper. revenues. $1,122,466
$1,150,598
Railway oper. expenses702,472
722,128
Net
Chronicle
Assets—Cash, $447,148; Canadian Government bonds at cost (market
quotation $9,975), $9,956; trade accounts anf acceptances receivable,
$310,541; sundry debtors, $6,346; inventories, $1,253,646; due from officers
and employees, $74,350; prepaid expenses, $60,792; investments and other
assets, $298,857; fixed assets, $715,455; goodwld, trade-marks, patents,
&c., $1; total, $3,177,096.
Liabilities—Trade accounts payable, $93,797; accrued expenses, $96,958;
due to officers, employees and related Interests, $77,309; sundry creditors,
$13,753; reserves, $182,515; common stock (par $10), $1,741,743; capital
surplus, $604,107; earned surprns, $366,911; total, $3,177,096.—V. 146,
p. 3808.
_
_
_
461,172
(B. B. & R.) Knight Corp. (& Subs.)—Earnings—
Total
x
After
reserve
reserve
.$16,726,9601
Total
$16,726,960
for discounts and doubtful accounts of
$17,949.
y After
for depreciation of $6,944,349.
Notes—(a)
On Nov. 24. 1937, the stockholders authorized changing the
common stock from 2,201,0.^ shares without
par value to 2,250,00^ shares
of a par value of $* each. the 2,201,000 shares of the old stock
outstanding
to be exchanged share for share for the new stock.
(b) Options have been issued to officers and employees of the companies
for the purchase by them of 25.000 shares of common
stock during the
period from June 30, 1938, to Dec. 31, 1938, and 8,625 shares of common
stock during the period from Oct. 1, 1939, to Oct.
31, 1939, at $36 a share.
In this connection the company has an
option for the purchase from a
certain stockholder during the period from June
30, 1938, to Dec. 31, 1938
of 25,000 shares of common stock at $36 a share.
(c) The assets and liabilities of foreign subsidiaries and results of their
operations for the year have been included in the above balance sheet and
related statement of profit and loss on the basis of
treating Canadian dollars
as the equivalent of United States dollars ana
converting the British and
Australian pound at the approximate rates of exchange
prevailing at Dec. 31,
1937, with the exception of property accounts which were converted at
the rate of $4.86 to the pound.—V.
146,
p.
3956.
Net profit.
Depreciation
Patent amortization
Federal income tax
1937
1936
$647,841
65,804
17,791
al03,000
$440,782
63,720
$461,247
$302,653
61,330
171,893
21,883
52,525
1935
$217,476
71,816
24,779
Gen. & admin, expense,
Selling expense
Interest paid
Res. for loss on commit's
Adjust
of
or
on
1934
$162,146
74,985
27,382
Dec. 28, '36
Dec. 31, '35
Dec. 29, '34
$685,688
51,492
33,355
72,870
236,511
34,394
$61,886
60,392
54,513
42,655
172,399
29,770
$77,066
140,217
70,128
74,052
190,877
67,918
31
5,800
1,262
*
—■—
$488,256prof$257,067
2,128
$297,843
3,928
$466,125
10,823
Cr38,8l7
1,775,657
19,524
182,091
$2,096,952
4,192,992
$659,039
4,852,032
plant assets sold
scrapped
6,649
Plant liquidation exp
Federal income taxes
Fed. surtax
on
...—.
37,114
undistrib.
46,035
profits..
Net loss for period
$494,905prof$210,607
2,306,648
2,096,041
Cr175,363
years
Consolidated
a
■
-
tax
process
claims
Net operating loss
Maint. of idle plants—
Loss
'37
a43,248
53,200
45,346
50,473
249,015
39,912
Dec.
profit
Depreciation
Taxes (local and misc.)
Previous consol. capital.
Adjust, of deprec. prior
Kellogg Switchboard & Supply Co,—Earnings—
Calendar Years—
Years Ended—
Total gross
capital.
Loss from sales
$1,987,106
-
— —
—---
$2,306,648
$2,096,041
$4,192,992
$79,383 less rentals and other income of $36,136, loss
$>4.3 243
5,850
iVo(e—All inter-company accounts have been eliminated in this statement.
Net profit
Preferred dividends
Common dividends
a
Includes $12,000 surtax
54,466
228,974
on
$115,030
undistributed profits.
Consolidated Balance Sheet Dec. 31,1937
$59,780
Assets—Cash
on
,
hand and in banks, $57,001; accounts receivable, $293,-
800; inventory, $942,384; loans receivable,
$279,497; investments, $8,440;
plant and equipment (less reserve for depreciation of $431,330), $888,394;
Financial
4122
payable—banks, $200,000; accounts payable and
accrued expenses, $281,657; taxes accrued and reserved, $12,775; reserve
for credit risk, $15,276; reserve for loss on commitments, $5,800; capital
stock (6H% preferred, 69,130 shares, no par; common class A, 11,791
shares, no par; common class B, 26,974 shares, no par; common class C,
5,000 shares, no par). $8,061,314; capital surplus, $42,530; deficit, $6,116,739; total, $2.502,614.—V. 146, p. 2539.
Liabilities—Notes
R.) Kinney Co., Inc.—Plan Abandoned—
(G.
Owing to the face that there was an insufficient number of shares rep¬
at an adjourned special meeting of stockholders company has
abandoned its efforts to amend the voting rights on prior preferred stock.
The proposed amendment to the by-laws would have given preferred stock¬
holders voting rights in the event of two or more defaults of semi annual
dividend payments.—V. 146, p. 3019.
Lehigh & New England RR.—Abandonment—
Commerce Commission on June 14 issued a certificate
abandonment by the company of its so-called Saylorsburg
northerly from the point of connec¬
tion with the applicant's main line at Saylorsburg Junction to the end"
of the branch in Saylorsburg, approximately 5.1 miles, all in Northampton
The
branch line of railroad, which extends
1936
1935
Gross
$5,250,506
$3,671,819
$3,123,410
3,804,547
from oper--
earns,
2,513,984
2,276,019
$1,157,834
1934^
$2,912,804
2,417,436
$847,391
Operating income.— $1,445,959
Interest earned
$495,368
1,814
8,674
------
44,483
17,137
9,559
$1 ,490,443
273,008
20,619
xl7,962
3,419
352,610
241,680
275,782
80,649
32,614
$1,174,971
$856,950
186,782
16,104
7,581
5,675
296,382
107,746
161,792
Miscellaneous income—
Pa.—V. 146, p. 3507.
and Monroe Counties,
Lehigh Valley Transit Co. (&
Depreciation
— -
written off..
Bad accts.
Prov. for Fed. inc. tax_.
State taxes—
Rents
Interest
mortgages..
on
Real estate taxes
Miscellaneous
Int.
on
taxes
notes and loans._
Includes
x
17,987
xl7,971
6.392
325,573
189,163
208,080
33,230
27,813
*935
$2,686,763
al,958,101
$2,504,364
from oper.
$592,987
131,116
$728,662
142,634
$722,464
119,878
$762,743
142,704
$724,103
434,968
9,690
$871,296
334,795
479,042
29,940
$842,342
285,870
518,772
19,576
$905,446
345,318
521,239
19,589
$13,001
$27,519
$18,123
$19,300
earns,
Other income (net)
Total net earnings
266,444
Depreciation allowanceInterest on funded debtOther deductions
y$143,946
166,002
share
$0.86
$1,122 in 1937 and $4,698 in 1936
$505,856
165,274
4,979,687
4,979,687
598,473
335,802
2,997,350
$1,539
shs.) ($50 par) 2,997,350
Sub. (11 shs. com.)
14,000
47,900
8,308,057
Accounts payable.
89,012
Accrued accounts.)
190,165
9,125,250
72,001
undistributed
tJ.;]3. Govt.securs.
1936
Notes payable
168,570
Accounts payable.
173,511
Accts. receivable.
199~697
648,037
330,454
Ma"ls & supplies.
63,791
182,181
-
Misc. curr.
32,353
5,993
Special deposits.
40.837
67,982
85,746
42,898
Accruals
102,410
99,289
140,528
81,006
Bal. pay. on N.
World's Fair bds
credits
Defd.
1
Reserve for taxes..
33,025
35,535
2,372
3,185
Tenants' prepay'ts
6,436
9,402
-
after
25,000
-
9,242
6,837
9.402,875
5,761,757
99,708
3,626,501
3,206,171
4,611,605
---
Line Material Co.— Unlisted
one
Tenants'
as
442,454
490,087
24,976
year..
co.
10.661
12,861
90,000
6,728,673
pret. stk.
90,000
4,116,967
169,756
166,002
Surplus
10,115,037
6,234,906
common
exchange for one share of old common stock.—V.
2,101,281
967,096
Total
.10,115,037
6,234,906
Common stock..
Represented by shares of $1 par value.—V. 145, p. 2080.
137,p. 152.
The Securities and
Exchange Commission reported June
District Court at Denver, Colo.,
part of the property
power
[And Predecessor Kuner-Empson Co. and Subs.—Consolidated]
7 Months
5 Months
Year Ended
Period—
Mar. 31 '38 Aug. 31 '37 Mar. 31 '38
returns
$1,589,574
1,527,533
Total
Income
Surtax
$110,548
3,240
200
400
$113,788
65,168
7,400
4,200
1,200
$18,517
$17,303
$35,819
undistributed profits.
on income
...
Balance Sheet March 31,
Assets—Cash
bank and
in
1938
hand, $19,538; cash on deposit to meet
serial notes ($12,500) maturing April 1, 1938, plus int. on serial notes,
$16,688; accounts receivable, $62,992; inventories, $703,443; cash surrender
value of life ins. policies (pledged), $64,488; due from officers and employees,
$18,921; property, plant and equipment, ($2,041,684. less reserve for de-
had been permitted to become flooded and electric
1938.—V. 146, p. 2048.
had been shut off at the property on Jan. 10,
Louisiana & North West RR.—Court
Against ICC Plan—
proposed by the Interstate Commerce Commission for re¬
organization of the road was opposed before Federal Judge Henry w.
Goddard, June 16, on the ground that it would give control of the line to
interests closely associated with a competitor, Louisiana & Arkansas.
Judge Goddard indicated that he would not approve such a plan as fair
and adjourned hearings until July 9 to allow time for modifications in the
The
plan
ICC plan.
Counsel for the company
Couch
p.
interests,
contended that under the ICC proposal control
Chase National Bank and Harvey
the latter controlling Louisiana
& Arkansas.—V. 146,
3507.
Louisiana Power &
Period End. May 31—
Operating revenues
Oper. exps., incl. taxes-Prop. retire, res. approp.
Light Co.—Earnings—
1938—Month—1937
$603,828
$554,414
388,895
356,828
55,500
59,000
1938—12 Mos,—1937
$7,502,030
$7,541,495
4,828,590
4,898,925
747.500
695,500
on
Sreciation of $906,295), $1,135,390; deferred charges, $75,147; total
2,095,607.
Net oper. revenues
Rent from lease of plant
$159,433
$138,586
$1,947,070
(net)
......
surplus, $180,501; earned surplus, $1,319; total, $2,095,607.—V. 146,
23,234
23,004
$162,218
72,976
4,148
$1,970,304
875,551
58,945
$1,951,459
875,305
52,386
$59,720
$85,094
applicable to preferred stock for the
period, whether paid or unpaid
$1,035,808
$1,023,768
788
Calendar Years—
cost of oners.,
1936
1934
1935
sell. &
maint.,
aefm. exps
$573,832
on
Net
$455,729
$240,656
1,619,971
$227,351
1,516,370
$2,130,731
412,500
$1,860,627
185,625
$1,743,721
123,750
$1,640,120
123,750
$1,718,231
$1,675,002
$1,619,971
$1,516,370
$2.21
$1.17
$1.10
$0.50
45,223
2,696
McKesson & Robbing,
Net sales
yr.
Surplus.
Earns, per sh.on 206,250
shs.
1937
1936
on
hand
$278,467
Exp.advs.to empl.
Due fr. cust'mers.
$132,374
3,225
2,636
Other assets
468,182
842,655
2,083,746
Inventories
2,080,184
1937
$209,504
-
$299,594
122,243
interest, &c
142,813
Reserve for Fed'l &
Real est.
.
40,294
4,217,447
4,440,686
Deferred charges..
21,877
20,799
State inc. taxes.
94,831
39,821
3-yr. 3% notes '38
40,323
bldgs.,
mach. & equip..
$7,113,276 $7,559,629
750,000
Mines, Ltd.—Earnings—
Capital stock
4,125,000
4,125,000
1,718,231
1,675,002
Mahoning Coal RR.—Earnings—
3 Mos. End. Mar. 31—
$7,113,276 $7,559,629
x
Net income
Co.—Registers with SEC—
department.—V. 146,
p.
3958.
1938
x
1937
'1935
1
$151,172
$4.58,
$4.76
On 30,000 shares of common
$103,829
$240,798
$3.19
1936
$145,571
$7.75
Earnings per share
After taxes, interest and other charges,
stock, $50 par.—V. 146,
Lawrence Gas & Electric
$152,807
$0.06
undistributed profits
Earnings per share on 2,680,824 shares
146, p. 757.
127,398
1936^—v i46re^a2046reSerVeS °f $3,360,375 in 1937 and $2»937«889 in
See list given on first page of this
paid on Dec. 22, 1936.
Net income after operating expenses. Federal income taxes and
other charges, but before provision for Federal surtax on
750.000
93,467
Reserves
Total
per share on the
23.
This compares
and a dividend of 75 cents per
months previously.
In addi¬
of 25 cents
Earnings for 3 Months Ended Mar. 31, 1938
y
Total
dividend
—V.
Surplus
x
a
3976.
1936
400.000
Notes payable
Accr'd wages,taxes,
declared
tion, an extra dividend of 25 cents per share was
Macassa
LiabilitiesAccounts payable
have
stock, payable July 1 to holders of record June
with 50 cents paid on April 1 and Jan. 3 last,
share was paid on Oct. 1 last, and each three
Consolidated Balance Sheet Dec. 31
Assets—
Cash in bank and
Inc.—Sales—
April 30—
1938—Month—1937
1938—4 Mos.—1937
.$12,986,126 $14,047,042 $54,245,744 $56,627,145
3342.
directors
common
—V. 145, p.
capital stock
$667,236
McQuay-Norris Mfg. Co.—Smaller Dividend—
The
Total surplus.
Divs. paid during the
_
356,532
$679,276
Petiod End.
—V. 146, p.
Net prof. for the year.
Previous surplus
356,532
Note—Includes provisions of $18,920 and $31,860 for Federal surtax on
undistributed profits for the 12 months ended May 31, 1938 and 1937,
respectively.— V. 146, p. 3507.
$104,012
1,536,107
i
35,397
income
Dividends
260,895
24,352
$787,354
508,605
72,963
6,691
mortgage bonds.
Other int. & deduc'ns
$389,260
301,258
$1,076,598
523,809
93,852
3,208
1,675,002
Prov. for deprec. & obs.
Fed'l & State inc. taxes.
Prov. for Fed. surtax
Int.
(& Subs.)—Earnings—
1937
$139,374
Gross income
Balance
Gross prof., after deduct,
2,515
$1,928,455
$1,947,070
Liabilities—Notes
payable, $225,000; accounts payable, $32,512; ac¬
$68,607; provision for Federal and State taxes on income of
predecessor companies (fncl. surtax on undistributed profits), $35,304;
provision for Federal and State taxes on income (incl. surtax on undis¬
tributed profits), $3,600; funded debt, $630,195; deferred credit, $605:
6% cum. pref. stock, $231,700; common stock ($5 par), $686,265; capital
$1,925,940
$159,433
2,785
$138,586
Operating income
Other income (net)
crued liabilities,
Laclede Steel Co.
and
of Louisiana & North West would go to
$50,422
23,920
4,800
4,000
State taxes
Net income
1,915
800
from income
taxes
on
$48,507
$63,365
41,249
2,600
income
Deductions
$2,244,326
2,133,778
$62,041
1,325
Net operating profit.
Other Income
$654,752
606,245
16 that the U. S4
had permanently enjoined company
principal executive officers, Robert D. Elder and George R. Elder,
from violating the fraud provisions of the Securities Act of 1933 in the sale
of the company's stock.
The Commission alleged that since Oct. 4, 1937.
the company had represented that its mining properties were being operated,
whereas, in truth, underground operations had ceased on Sept. 15, 1937,
its two
Kuner-Empson Co.—Earnings—
discounts,
privileges
Mines Co.—Enjoined—
London Deep
Bond & mtge. pay.
x
in
Trading—
has admitted to unlisted trading
stock, $5 par. New common stock issued in exchange for
stock, no par, on the basis of two shares of new common stock
new common
32,000
deposits
security
Subs.
the
23.429,892 25,613,128
Total
917
The New York Curb Exchange
old
Rent payable
63,190
Deferred charges..
less
15,792
Reserves
16,545
3.642,904
income
23.429,892 25.613,128
Total
-V. 146, p.
Y.
Notes payable, due
for
sales,
to
Earned surplus--.
Deferred charges.
13,450
1
cos..
8ec.dep.by tenants
Gross
44,970
demption acct._
59,446
5,268
1,700
debt «fc re¬
term
22,874
MLscell. curr. assets
137,995
llabils./
Accrd. int. on long-
191,252
Prepayments
275
Long-term debt
156,264
Other accts. receiv.
x
229,902
Short-term notes--
109,235
131,730
Inv. in & advs. to
Total
deposits)
$
$
144,300
Investments
rent
par)
Common (59,947
Temp, cash invests
65,625
Fixed assets
($50
(5%)
demand)--—-Cash in banks (time
145,171
.
Inventories
Deposit—sec.
Pref.
445,287
224,515
other sub.
sit Co.:
Special funds._--Cash in banks (on
$0.01
Liabilities—
S
Lehigh Valley Tran¬
chises, &c...—20,681,608 23,367,486
585,828
800,819
Investments
$0.26
on
1936
$
Liabilities—
$
31,193
1937
$
$
165,276
surtax
1937
1936
1937
y$43,612
164,607
1936
5
Assets—
Cash
Accts. receivable.
Consolidated Balance Sheet Dec. 31
■l\
Assets—
JPlfint, prop., fran¬
profits.
y Exclusive .of net
losses sustained by subsidiaries not consolidated,
whose properties are involved in default of bond and mortgage term or
lease rentals.
Such losses amounted to $43,214 in 1937, $125,543 in 1936
and $209,460 in 1935 for which Knott Corp. is not considered accountable.
Consolidated Balance Sheet Dec. 31
1937
'
4,095
5,423
l'lb", 171
1,781,900
$2,463,987
1,701,244
undistributed profits.
Includes Federal surtax on
p
146,486
41.674
31,275
y$192,099
169,756
$1.13
Profit for year
Shs.com .stk.out. ($1 par)
Earnings per
204,815
1934
1936
$2,513,639
a1,920,652
Years Ended Dec. 31—
.
Net income
Total income
-Earnings—-
Subs.)
1937
Total gross earnings
Total op. exp., incl. tax.
Net
1937
Operating expenses
Interstate
permitting
Corp. (& Subs.)—Earnings—
Calendar Years—
succeeding
Theodore R. Malsin has been elected Secretary of this company
Raphael B. Malsin.—"V. 146, p. 3808.
resented
Knott
Inc.—New Secretary—
Lane Bryant,
trademarks,
and expense, $33,097; goodwill,
prepaid interest, insurance
&c., $1; total, $2,502,614.
June 25, 1938
Chronicle
p.
y
2212.
Manhattan Towers Hotel—Sale
Postponed—
postponed until June 30
$215,000.—V. 146, p. 3192.
The auction sale scheduled for June 20 has been
The upset price fixed by the court is
Volume
Financial
146
Manhattan Ry.—Court Voids Lease of Elevated Lines—
Stay Granted to Permit Case to Be Taken to U. S. Supreme Court
Judge Robert P. Patterson of the U.S. District Court granted on June 18
the application of Thomas E. Murray Jr., receiver for the Interborough
Rapid Transit Co., for permission to disaffirm the company's 999-year
lease of elevated lines in Manhattan and the Bronx
and to return the proper¬
ties to their owner, the Manhattan Railway .
The ruling, if sustained on appeal, would mean that the Interborough
receiver would be empowered to abandon operation of the Second,
Third,
Sixth and Ninth
Avenue elevated lines.
the case and the fact that all interested
parties, including the City of New York and the Transit Commission,
are certain to appeal and to carry the case to the U.
S. Supreme Court,
Judge Patterson granted a stay as to the return of the elevated lines to the
Manhattan Railway.
He directed the Interborough receiver to continue
to operate them pending further adjudication.
Judge Patterson denied the applications of the Interborough receiver
for leave to disaffirm contracts under which it now operates subway trains
over elevated extensions and joint trackage.
He also denied an application
by the Manhattan receiver for an order directing the Interborough receiver
to adopt the 999-year lease of the elevated lines.
Judge Patterson ruled that the Interborough was obligated to continue
its free transfer service between the subway and elevated lines at 149th
Street and Third Avenue.
Although the company could not be compelled
to operate the elevated line, he ruled, it must continue to supply transfers
at the expense of the Interborough estate.
Mayor La Guardia referred to this part of the decision in a statement
issued at City Hall late in the afternoon, declaring the city's intention to
appeal to the court of last resort if need be, and blaming the Transit Com¬
mission for the present situation.
The commission's failure to achieve
unification, the Mayor declared, was responsible.
...
Criticism was also directed against the Transit Commission by Samuel
Seabury, former special counsel for the Board of Estimate in transit matters
and co-author of the $436,000,000 unification plan rejected by the com¬
Because of the importance of
mission
a
William
year ago.
G. Fuilen,
declined tb
of
decision, pending a study
the text.
.
said, "will continue to exert every effort to pre¬
serve for the traveling public the right to a 5 cent ride over a through
system of subway and elevated lines, as at present.
The necessary steps
will be taken by appeal and otherwise."
Unless unification intervenes Judge Patterson's ruling will come before
"The commission," he
months lat a*
Courfr
to the
contention advanced by the city and the Transit Commission, who insisted
that, the Interborough, by virtue of its elevated extension certificate, its
joint trackage agreement, and another agreement made in 1906, was
obliged to provide a through service over combined subway and elevated
the Circuit Court of
Appeals for review in the Fall, and some
will find its place on the calendar of the United States Supreme
The 62-page decision handed down by Judge Patterson was a blow
lines at
a
single 5-cent fare, regardless of whether the 999-year lease
elevated lines was affirmed or disaffirmed.
Although the elevated extension certificate
and the joint trackage were
entered into Contract
in them, Judge Pat¬
by the Interborough,
to operate the Manhattan Railway elevated lines in conjunction with the
subways and the extensions and joint tracks, regardless of what happened
No. 3 covering subway operation, there was nothing
terson ruled, which could be construed as an obligation
to the Manhattan lease.
Judge Patterson also ruled that the Court of Appeals decision in the
5-cent fare case in 1928, upon which the city and the commission relied,
did not compel the through operation for which the city and commission
contended.
All that was decided in that case, Judge Patterson ruled, was
that the Transit Commission had no power to grant a fare rise.
At most,
he declared, the case was authority for the proposition that the Interborough,
so long as the lease of the elevated lines was in effect, must provide a single
5-cent fare ride over the combined subway and elevated system.
Nathan L. Amster, President of the Manhattan Railway, and Charles
Franklin, its counsel, indicated that they were prepared to take back the
elevated lines, if eventually necessary, and operate them on a 10-cent fare.
Fully half of Judge Patterson's opinion was devoted to the history of the
receivership, which began Aug. 26,1932, and admittedly had as its principal
objective the disaffirmance of the lease of the elevated lines.
The rest
of the opinion is devoted to a detailed analysis of the various contracts
and other documents involved and a discussion of financial matters brought
during hearings before the court.
Judge Patterson ruled, "it follows that the
receiver in behalf of Interborough creditors may disaffirm the lease of the
Manhattan lines and return them to the lessor or lessor's receiver.
The
out
"From what has been said,"
application
disaffirmance
for such
receiver will account to the
will be granted.
The Interborough
Manhattan for the net earnings of those lines
receivership or pay some equitable equivalent, taking credit for all
attan taxes; and
Eayments made byfor theirManhattan bondholders contractaccount of Manhim to damages for breach of and on the Manhattan
extensions and also over the Manhattan lines so long as the Inter¬
borough shall operate the Manhattan lines."
"There is no covenant, express or implied," the Court continued, "that
requires the Interborough to operate the Manhattan lines for any fixed
period; the most that can fairly be said as to those lines is that the Inter¬
borough, so long as it does in fact operate them, is bound to furnish through
service over the entire route made up of Manhattan lines, extensions and
joint trackage lines at a five-cent fare."
The decision was hailed as "a blessing in disguise" by Mr. Amster and
Mr. Franklin, speaking for the Manhattan Railway Co.
In separate
statements they announced that the directors, in anticipation of just
such a ruling, had authorized the steps needed to establish separate operation
of the elevated lines, including a move to seek a 10-cent fare.
Both spokes¬
men stressed the fact that the Manhattan, in their opinion, was entitled
to substantial damages from the Interborough because of the breach of the
lease and for failure to live up to its provisions in recent years.
Loses Tax Lien
"The
claims against the Interborough estate.
applications to disaffirm the extension certificate, the joint trackage
Manhattan receiver
denied.
will be denied.
to compel adoption of the
In view of the
The application, of the
Manhattan lease will be
importance of the matters involved, a stay as to the
return of the Manhattan
lines will be granted and the receiver for Inter¬
borough creditors will continue operation of them
the appeal be brought on for argument with due
pending appeal, provided
promptness."
Five-Cent Fare on Extensions
Fight in Court of Appeals—
The U. S. Circuit Court of Appeals on June 20
now using both subway and elevated lines by way of the ex¬
the decision is sustained and the elevated lines be sepa¬
operated, be comrel'ed to pay an additional fare at the junction
points.
Manhattan Railway officials indicated that they were prepared
to ask the Transit Commission for a 10 cent fare, in which event a through
subway and elevated ride would cost, 15 cents.
In arriving at his decision to permit disaffirmance of the elevated lines
lease Judge Patterson found that "there is ample proof that the Manhattan
lease is burdensome to the Interborough insolvent estate."
The record,
he found, showed that the elevated lines and the "elevated division" are
and for years have been losing ventures.
There can be no doubt, Judge
Patterson found, that disaffirmance would be of benefit to Interborough
bondholders and other creditors of the company.
Judge Patterson's refusal to permit disaffirmance of the Interborough's
elevated extension certificate and the joint trackage agreement, as well as
the 1906 agreement, was based upon his finding that these documents
were part of a single transaction, namely, the 1913 transaction involving
not only the operation of city-owned subways but also the linking of these
lines to existing elevated lines by means of extensions and joint tracks at
strategic points in Manhattan and the Bronx.
In this part of his opinion Judge Patterson treated the extension cer¬
tificate as a mandatory franchise coupled with a contract with a public
authority.
The decision of the New York Court of Appeals in the five-cen(
fare case holding Contract No. 3 and the elevated extension certificate to
be part of a single transaction was binding on the
Federal courts, Judge
Riders
tensions would, if
rately
Patterson ruled.
Judge Patterson rejected, however, the contention of the city and the
elevated extension certificates, the joint track¬
Transit Commission that the
agreement and the 1906 agreement must be construed as obligating the
Interborough to continue to operate the elevated lines, lease or no lease.
The language of his opinion indicated clearly his belief that the represent¬
atives of the city, the Public Service Commission and the Interborough,
age
during the 1913 negotiations leading to the dual contracts, would have used
clear and unmistakable language had it been their intent to compel the
Interborough to operate the subway and elevated lines as a unit for the 85year
In
term of the extension certificates.
fact, Judge Patterson ruled, certain language in the certificate
dicated clearly the intention and promise of
U. S. Circuit Court of Appeals,
of the city's proposed sale of a
of the company, ad¬
for June 30.
The application was made by H. O. McCollum,
for the Hanover Bank & Trust Co., trustee of the Manhattan 4%
$9,000,000 tax lien
Counsel
the franchises and real estate
on
1st mortgage bonds.
Judge Manton's ruling
Manhattan
railroad."
in!
the
in line with the recent affirmance by
was
Circuit Court of Appeals of a ruling
the
by Federal Judge Robert P. Patterson,
equity for an injunction
rejecting the request of the Manhattan stock
against the tax lien sale.—V. 146, p. 3959.
Manufacturers Finance Co.—Accumulated
The directors have declared
Dividend,—
dividend of 21% cents per share on the
a
of record June 23.
Like payment was made on March 31, last; Dec. 21 and on Sept. 30, 1937.
A dividend of 12% cents was paid on June 30, 1937 and dividends of 21%
cents per share were previously paid In each quarter since June 30, 1933.
Prior to that date regular quarterly dividends of 43% cents per share
7%
cum.
were
pref. stock, par $25, payable June 30 to holders
paid.—V. 146.
Mar-Tex Oil
H.
B.
uncertain
p.
1881.
Co.—Changes Dividend Policy—
Thomas Jr., President of this company stated that in view of
conditions directors have decided that future dividends should
paid every 90 days but at the end of each calendar year.
Directors
at meeting in November will give consideration to payment of dividend in
not be
December.
In respect to recently authorized purchase of several leases
County, Texas, the company has in payment issued a note for
in addition to stock.—V. 146, p. 3809.
in Jack
$300,000
Corp.—Dividend Deferred—
Martel Mills
of the dividend normally due
preferred stock, par $50.
A regular quarterly
April 1, last.T—V. 143, P. 2685.
Directors have decided to defer payment
time
this
at
on
the
6%
dividend of 75 cents per share was paid on
Investors Trust—17-Cent
Massachusetts
Jan. 20 last.—V. 146, p.
Melville Shoe
The
directors
common
Dividend—
dividend of 17 cents per share on the com¬
The trustees have declared a
pany's stock, payable July 20 to
with 16 cents paid on April 20,
holders of record June 30.
This compares
last, and a dividend of 17 cents paid on
2049.
Corp.—Smaller Dividend—
a dividend of 50 cents per share on the
value, payable Aug. 1 to holders of record July 15
declared
have
stock, no par
with 87% cents paid on May 2, last; $1 paid on Feb. 1,
last; four quarterly dividends of $1.25 per share each paid during 1937 and
on Nov.
1, 1936; $1 paid on Aug. 1, 1936; 87% cents per share paid on
May 1, 1936; 75 cents on Feb., 1 1936 and on Nov. 1, 1935; 62% cents on
Aug. 1, 1935; 50 cents per share paid in each of the four preceding quarters
and in addition, an extra dividend of $1.12% was paid on Dec. 23, 1936,
and 50 cents per share was paid on Feb. 1, 1935.—V. 146, p. 3959.
This
compares
Memphis Natural Gas
Co.—10-Cent Dividend—
dividend of 10 cents per share on the com¬
28 to holders of record June 24. A
and compares with 30 cents paid on
Dec. 17, last; 20 cents paid on Sept. 10, last; 10 cents paid on May 20,
1937; 30 cents paid on Dec. 29, 1936; 20 cents paid on May 11, 1936, and
10 cents paid on Feb. 15, 1935, and on May 24, 1934; this latter payment
was the first made since April 15, 1932, when a regular quarterly dividend
The directors have
declared
a
stock, no par value, payable June
like amount was paid on May 25, last,
mon
1937
1936
1935
1934
$2,740,909
$2,389,943
$1,993,404
$1,726,392
y1,729,374
y1,508,134
1,326,732
xl ,050,726
$1,011,535
128,544
$881,809
22,901
$666,672
7,393
$675,666
7,199
corporate inc-- $1,140,079
$904,710
7,275
7,000
$674,065
21,565
5,000
$682,865
42,808
5,343
22,673
23,747
maint.
Other income
Gross
40,443
7,000
Interest on bonds
Amort, of organization--
Amort, of bond discount
and expense
:
levee taxes
(1929-1933).
Appropriation for renew¬
als & replacements, &c
Mississippi
32,616
348.000
Balance
x
*
Including
$50,000
wu,vvv
provision for surtax on
375,000
331,700
$517,819
44,954
459,340
$249,826
47,990
91,868
$279,267
51,762
91,868
$159,134
on
on common
340,000
$744,635
34,293
551,208
pref. divs.
pref. stock
stock.
Balance for
Divs.
Divs.
$13,525
$109,968
„
extraordinary maintenance reserve.
$135,637
y
Includes
undistributed profits.
Balance
Assets—Property, plant
Sheet
Dec.
31,
1937
and equipment, $8,521,491; less reserve for
de¬
preciation. $2,841,572; balance, $5,679,919; investment in oil properties
(at cost), $561,844; less reserve for depreciation and depletion, $57,450;
balance, $504,394; investment in 5% mortgage bonds of West Virginia
Gas Corp., due March 1, 1952, $1,646,340; cash (on deposit with banks
subject to check),
$140,260; cash deposited for dividend payable, $6,711:
$383,104; interest receivable, $29,825; materials and
accounts receivable,
supplies,
$10,617; prepayments, $5,044;
in process
of amortization,
organization and other expenses
$15>30; total. $8,421,944.
Liabilities—$7 cum. pref. stock (3,835 shs. outstanding, no par), $345,150;
common
stock ($5 par), $4,593,400; promissory notes (non-current),
$1 031,600; promissory note, due March 1, 1938, $400,000; notes payable,
$150,000; accounts payable, $224,727; dividends on pref. stock payable
Jan. 1, 1938, $6,711; accrued liabilities, $260,216; paid-in surplus, $801,680;
earned
surplus,
$608,459;
total,
$8,421,944.—V.
146, p. 3343.
Metal Box Co.,
Ltd.—Final Dividend—
final dividend on the common of 10% plus
2%% for the year ended March 31, 1938, less tax, making total
18%% for the year, against 15% in the preceding year.
The dividend
is payable on £110,966 more capital.
,noo
In preliminary statement for fiscal year ended March 31, 1938, company
reports profit of £331,956 after taxation, debenture interest, &c., comaring with £285,641 in preceding year.—V. 145, p. 3661.
Directors
bonus of
of
the Interborough to operate a
through subway and elevated service only so long as it "shall operate
prior decision
Injunction in City's Tax Lien Case Denied—
If Judge
Str66t
a
Martin T. Manton, presiding Judge of the
on June 23 an application for a stay
denied
Calendar Years-
Patterson's decision is sustained in its present form, the Inter¬
borough receiver will operate, at a five-cent fare, the existing subway
lines and the following elevated extensions: Across Queensboro Bridge
from the Queens Plaza subway station to the connection with the Second
Avenue elevated line, from the Jerome Avenue station at 162nd Street to
the Ninth Avenue elevated station at the Polo Grounds, from Fordham
Road to Gun Hill Road, the Bronx; between the Third Avenue elevated
line and the White Plains Road subway, and between the Third Avenue
elevated line at 143rd Street and the Bronx Park subway line at 149th
affirmed
by Judge Robert P. Patterson refusing to stay the-City of New York from
continuing to advertise sale of tax liens against the elevated system.
The
tax lien sale has been advertised for June 30, next.
This development is
interpreted in some quarters as advancing further the proposal of the MerleSmith protective committee for Manhattan first mortgage bonds to sell
the Sixth Avenue line to the City for $12,500,000.
bondholders and stockholders will file
agreement and the 1906 agreement
the ex¬
the
»
executed in 1913 when the city and the Interborough
of the certificate," Judge
"the Interborough has tne obligation to operate
by recapture);
in conjunction
with the extension for the first 49 years (again barring recapture), to the
end that through service may be furnished over the joint trackage lines, over
of the
Manhattan Railway
since
"On analysis and synthesis of the provisions
Patterson said,
tensions for the 85-year period (unless the period is shortened
it has also the obligation to operate the joint trackage lines
vertised
Chairman of the Transit Commission,
make extended comment on Judge Patterson's
4123
Chronicle
have declared a
4124
Financial
Chronicle
Memphis Power & Light Co.—Earnings—
Period End. May 31—
Operating revenues
■_
Oper. exps., incl. taxes.Prop, retire, res. approp.
1938—Month—1937
$698,766
$660,181
446,746
425,376
59,177
57,321
.
Net oper. revenues
$192,843
Other income (net)
$192,825
61,448
$177,484
61,448
3,218
3,073
$8,202,682
5,313,285
697,962
$2,618,246
48,574
$177,484
Drl8
Gross income
Int. on mortgage bonds.
Other int. & deduc'ns
Net
1938—12 Mo,?.—1937
$8,973,351
5.612,961
742,144
$2,191,435
31,923
$2,666,820
737,375
39,140
$2,223,358
737,375
42,522
June
Minneapolis St. Paul & Sault Ste. Marie Ry.—Interest
on
Consolidated 5s—
The Canadian Pacific Ry. has been advised that the Minneapolis com¬
pany will be unable to pay the six months' interest due July 1, 1938, on the
1st consol. 5% bonds (Nos. 12865 to 21000 inclusive), and the 1st consol.
5%
50-year bonds (bearing int. at reduced rate of 4%
per annum).
In
issued without coupons for the final
date, the Canadian Pacific, as guarantor
of such instalment of interest, gives notice to the holders of such bonds,
that, in paying such instalment in accordance with its guaranty, it will
require the production of the bonds in order that notation of the fact of
such payment may be endorsed thereon.—V. 146, p. 3961.
view of the fact that such bonds
instalment of interest due
income
$128,304
$112,818
$1,890,305
Dividends applicable to preferred stock sfor the
period, whether paid or unpaid
Balance
$1,443,461
394,876
^
394,876
$1,495,429
.
$1,048,585
Note—Includes provisions of $75,000 and $91,199 for
Federal surtax
undistributed profits for the 12 months ended
May 31, 1938 and 1937,
spectively.—V. 146, p. 3671.
Michigan Gas & Electric Co.
Calendar Years—
Gross earnings
1937
$1,394,623
Oper. expenses & taxes-1,045,058
Period End. May 31—
Operating revenues
Oper. exps., incl. taxesProp, retire't res. approp
1936
1935
$1,198,390
$1,202,113
193S—Month—1937
$544,487
$501,642
371,138
356,962
60,000
33,300
,
949,420
894,382
905,291
from oper-Other income (net)
$349,565
7,819
$329,007
5,146
$304,007
3,395
$296,822
3,045
Total net earnings
Int. on funded debt
General Interest (net)
Amort, of dt. disc. & exp.
$357,384
231,798
2,563
18,300
$334,153
231,798
1,398
18,300
$307,403
231,828
$299,867
232,348
2,034
18,298
18,676
2,546
3,076
2,545
2,546
Net oper. revenues—
Rent for lease of plant
2,719
$113,349
earns,
-
Amort,
of capital stock
commission & expense
Miscell. inc. deductions-
>
income
on
7%
3,556
66,360
29,268
$6 prior lien stk.
on
$80,111
$52,695
75
Net
46,452
20,487
Balance Sheet Dec. 31,
4,151
1,829
33,198
14.634
1937
plant, &c., $7,769,554; other assets, $44,400; cash,
deposit for payment of bond int., &c., $12,901; market¬
able securities at cost (quoted value
$130,595), $131,028; receivables (less
reserve for uncollectible accounts of
$23,919), $198,110; other accounts
receivable, $12,466; materials and supplies, $161,550;
prepayments, $10,395:
deferred charges, $208,613;
prior lien and preferred stock commissions and
expenses, in process of amortization,
$10,332; total, $8,765,544.
Liabilities—Common stock (par $100),
$1,556,000; common stock (no
on
par value; authorized
19,000 shs., issued and outstanding 2,500 shs., stated
value), $187,600; 7% series prior lien
stock, cum. (par $100), $948,000;
$6 series prior lien stock, cum. (issued and
outstanding 4,878 shs., stated
value), $439,020; 6% series pref. stock, cum.
(par $100), $373,300; $6 series
pref. stock, cum. (issued and outstanding 818
shs., iess 14 shs. reacquired;
stated vame), $80,400; 1st
mtge. & ref. 6% gold bonds, series
A, due Sept. 1^
1943, $1,734,800; 1st mtge. 5% gold bonds, series
B, due Dec. 1, 1956,
$2,554,200; accounts payable, $73,711; customers'
deposits, $43,707;
accrued State, local,
&c., taxes, $45,391; Federal income taxes, $29,847;
accrued interest, $61,375; miscellaneous
current liabilities, $7,337; custom¬
ers
advances for
construction, $24,010; reserves, $374,079; capital surplus,
$128,115; surplus, $104,748; total, $8,765,544.—V.
146, p. 3193.
37
161
$113,386
68,142
6,555
$111,466
68,142
7,380
$1,600,797
817,700
83,591
$1,611,209
817.700
77,019
$38,689
—
income
$35,944
$699,506
$716,490
—
Minneapolis Brewing Co.—Earnings—
or
unpaid——
bonds retired
Dividends accumulated and unpaid to May 31, 1938, amounted to
Latest dividend, amounting to $1.50 a share on $6 preferred
was paid on May 1,1938.
Dividends on this stock are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended May 31,1938 and 1937.—V. 146, p. 3509x
Mission
Corp.—Listing—
The New York Stock Exchange has authorized the
listing of 1,379,545
common stock (par $10) in substitution share for
share, for a like
aggregate number of shares of common stock without par value, but having
shares of
stated value of
a
$10 per share, previously authorized to be listed and
$714,046
358,988
23,710
12,317
3,675
-
$315,356
-
Miscellaneous income—net
8,341
Profit.
Provision for depreciation
Provision for income taxes—estimated
-
Income Account for Quarter Ended March 31, 1938
Income—Dividends received
Stock transfer and registration fees and
Printing, postage and stationery
Taxes, other than Federal income
Depreciation
3323,697
112,534
54,590
.
Assets—
Cash in banks and
and
stamps
on
hand...
$231,950
revenue
hand-.
49,589
Notes & accounts receivable
x
Contracts
95,352
131,604
Fixed assets
2,338,390
8.653
800
in
hands
of
.....
Reserve for contingencies
Deferred income
Earned surplus
Total..
accounts
:
of $60,494.
at date
including accrued depreciation
339,505.—V. 1446, p. 3508.
365,269
41,793
3,025
500,000
1,117,843
836,682
Capital surplus
After reserve for doubtful
186,350
cus¬
Common stock
x
.$224,003
per share on
capital stock
Years—& JF*. 1937 *
Operating revenue
$1,082,554
x
Operating expenses
598,136
$3,571,720
y
of
After reserve for
appraisal of $1,-
Assets—
Invest, in
of Tide Water..
of
1935
1934
$881,048
469,635
79,740
$845,936
447,007
$331,673
98,243
$386,174
$312,425
6,220
726
1,570
$316,748
2,756
Gross income
Int. on funded debt
$392,395
193,000
$313,151
$333,243
195,675
39,383
$319,505
198,229
40,506
24,223
25,680
count and expense
Loss
on
bonds red. thru
42,571
23,885
sinking fund
Net income
Divs.
on
194,488
40.233
24,074
82.180
2,739
$132,93s
pref. stocks
2,029,275
17,488
com
stock tax
9,208,996
9,192,184
held
3,754,465
com.
3,663.522
Corp
122,675
5,620
5,790
exps., &c_
497
15,196,319 15,013,944
$3.674
5,010
for
2,237
Capital stock
Earned surplus
y
2,251
z22,722
26,000
Federal
x
203,537
Total
divs
on
tax on income-.
Furn. & fixtures..
Prepaid
Pro v.
stk.
of Pac. Western
Oil
839
7,515
...—
Fed. inc. tax with¬
.stk.
Skelly
$
Accounts payableAcer. Fed. capital
13,993,450 13,993,450
1,537,162
1,313,159
Cap. stk. purch.
for retirement
Total
__
Dr367,605
Dr329,600
15,196,319 15,013,944
x Represented
by 1,399,345 no par shares, y Cost of 19,200 (16,400 in
1937) shares, z Includes surtax.—V. 146, p. 3810.
Missouri Edison
Co.—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
Operating revenues
Oper. exps. & taxes
$60,803
39,278
$62,006
43,924
$263,209
170,200
$236,052
158,850
Net oper. income
Other income (net)
$21,525
$18,082
$93,009
1,556
$77,201
Gross income
Int. on long-term debt..
Other interest
Amort, of bd. disc. & exp
$21,594
8,937
$18,082
8,937
$94,565
35,750
3,017
3,419
$77,209
35,750
3,111
3,419
69
$51,617
45,234
45.234
8
707
745
855
74
855
54
629
436
$11,020
$7,489
$51,749
$34,492
Miscell. income deduc'ns
Net income
Pref. stock div.
require¬
ments for the period.
$73,961
28,281
3,216
3,216
12,866
12,866
$7,804
$4,273
$38,883
$21,626
_
"
Balance
Missouri Pacific RR.—Committee Seeks Extension—
1936
$944,706
Net operating incomeNon-operating income..
Misc. int. deductions...
Amortiz.
of
debt
dis¬
Liabilities—
2,006,214
com .stk.
Invest. In
Invest, in
Mar. 31,'38 Dec .31,'37
$
Cash in banks
Accountsr ceiv'le.
—Y. 146, p. 2051.
544,157
88,123
Taxes
$0.16
-
Mar.31,'38 Dec.31,'37
Michigan Public Service
Co.—Earnings—
Calendar
128
127,041
Long-time liabilities
aeprociation
746
3,000
;
77,941
Res. for Fed. & State Inc. taxes
tomers paid for
$3,571,7201
3,006
Profit for period
Period End. Mar. 31—
pay'le—signs—due
Accruals
Containers
Total
225
Provision for Federal normal income tax
4,895
242,177
....
monthly
Bond deposit
Other assets
Deferred assets
$59,252
-
Accounts payable
332,965
Inventories
y
Notes payable
Trade acceptances
391,870
197
2,591
Office and administrative expenses
Directors' fees and expenses
$156,574
Liabilities—
on
State
$236,306
2,410
expenses
Telephone, telegraph and miscellaneous
Balance Sheet May 31, 1938
Federal
now
outstanding.
Balance Sheet
—-Z-I
ns
403,608
$312,882
$655,863.
Earnings
Gross profit from operations
before providing for depreciation-Selling, delivery, administrative and general
expenses
Doubtful accounts charged off and
provided for
Interest paid
Net profit from
operat
403,608
$295,898
Earnings for 5 Months Ended May 31, 1938
on
2,253
Dividends applicable to preferred stock for the
Balance--
*
Premium
2,294
$1,608,956
stock,
Assets—Utility
$206,152; cash
1,119
$111,305
$1,599,044
1,753
Other int. & deductions.
$42,568
lien
stock
Dlvs.
388,167
,
$113,349
Gross income
Int. on mtge. bonds
x
$99,101
prior
$1,611,250
'
'
Operating income
Other income (net)
period, whether paid
Net
Divs.
$6,412,775
4,413,358
$1,600,163
$111,380
(net).
Net
1938—12 Mos.—1937
$7,158,132
4,849,636
708,333
1934
$1,278,427
were
that
on
Mississippi Power & Light Co.—Earnings—
on
re¬
-Earnings-
251938
deposits, $21,054; accrued State, local, &c. taxes, $40,247; Federal income
taxes, $9,238; accrued interest, $55,320; deferred liabilities, $6,377; reserves,
$440,859; contributions in aid construction, $1,112; capital surplus, $435,601; surplus, $307,241; total, $8,397,897.—V. 146, p. 3508.
$55,091
22,620
The Stedman protective committee for
holders of the
1st & ref.
5% bonds has petitioned the Interstate Commerce Commission
to July 21, 1941, authorization to
continue its present activities.
mtge.
to extend
The committee asked that its
deposit agreement be amended so that any
may withdraw his bonds at any time after July 21,
depositing bondholder
The
committee's
permission
represent them under
mission is scheduled to
to solicit proxies of bondholders and to
a
deposit agreement now on file with the Com¬
expire July 21.—V. 146, p. 3509.
Monolith Portland Cement
Co.—Earnings—
Years Ended Dec. 31—
Net sales.
Cost of sales
(excl.
tion of leasehold)
1937
1936
$2,619,100
$2,530,984
of depreciation and amortiza¬
;
Selling, general and administrative expenses
Prov. for deprec. (as allowed
by Fed. income tax)_\
Addit'l prov. for deprec. &
amortiz. of leasehold._ /
1,868,819
378,812
See
note
1,645,842
J
]
301,615
110,000
146,613
Balance
$87,704
$6,383
$45,680
$32,471
«2lI]KMPJL retirement appropriation of $100,194 in 1934, $102,864 in
1935; $103,105 in 1936 and $105,403 in 1937.
$371,468
y46,298
,
Balance Sheet Dec. 31,
Assets
1937
Utility plant, &c., $7,805,433; cash, $127,646; cash
on deposit
interest, etc., $7,488; receivables (less—'reserve for
accounts,
$12,933)
$134,405; other accounts receivable,
$2,539; materials and supplies,
$84,463; prepayments, $8,077; deferred
charges, $227,844; total $8,397,897.
►
Liabilities—-Common stock (issued and
outstanding
85.000
shares,
stated value)
$1,700,000; 7% cum. pref. stk ($100 par)
$130,800; 6% cum.
pref. stk. ($100 par)
$601,300; $6 cumulative junior-preferred stock (issuedfand outstanding 1,369
shares, stated value) $136,900; 1st mortgage
20-year 5% gold bonds, series A, due
April 1, 1947, $3,824,500; due to
Inland Power
&
Light Corp., parent company, demand
notes, $620,132;
notes payable to
banks, $28,000; accounts payable,
$39,214; customers'
for
payment
uncollectible
of bond
Net profit before int.
charges & Fed. inc. taxes.
Bond int., amortiz. of bond
disct. & expenses, &c_
x Provision for
Federal income taxes
$417,766
50,196
Net profit to earned
surplus
Preferred stock dividend
paid
$281,067
x
Includes
surtax
86,502
$326,914
23,702
$350,615
48,751
116,000
$185,864
146,446
undistributed profits of $30,000 in 1937 and $45,000
y Includes $30,076 realized portion of profit on sales of
preferred
stock of Monolith Portland
Midwest Co. to that company.
on
in 1936.
Note—Provisions
the
above
$27,622.
Effective
for depreciation and leasehold amortization included
in
statement—depreciation
as
of Jan. 1,
1937, the
$135,225—leasehold
amortization
changed its method of providing
for depreciation of
plant and equipment, from the basis of appraisal values
company
Volume
Financial
146
to the basis of cost.
Chronicle
This change resulted in a decrease of approximately
$120,000 in the depreication provision and in a corresponding increase in
1937, as compared to the method followed for
troactively in the accounts.
(2) No provision has been made for Federal income tax or for surt'ax
undistributed profits for the years 1936 or 1937 as it is estimated that
such taxes will be
payable for those years.—V. 146, p. 3962.
the net profit for the year
the year 1936.
Condensed Balance Sheet Dec. 31, 1937
-Assess—Cash in banks, bonds, notes and accounts receivable, less reserve
for bad debts, $455,303; inventories, $324,602; cash and securities deposited
Munson
trustees, &c., $32,275; cash surrender value of life insurance policy,
$48,260; due from employees, $22,786; repaid taxes, insurance, &c, $25,-
[Exclusive of Subsidiaries Not Consolidated]
9 Months Ended March 31—
498; investment in advances to subsidiary companies, $1,449,254; plant and
equipment (less reserve for depreciation,$2,145,202), $1,884,782; limestone
deposits, less reserve for amortization of leasehold, $2,419,266;
patents
and goodwill, $1; total, $6,662,027.
Liabilities—Note payable to bank, $175,000; liability on equipment pur¬
Operating
.
$122,922
12,460
16,713
$237,485
12,490
33,426
2,992
Net income for year__
Cash surrender
value
$93,749
835,614
$188,577
826,521
1934
$294,392
12,417
Accts.
239,502
miscell.
Notes & drafts pay.
invests,
1,738,869
149,920
of
stock
4,750
48,637
971,652
8,029,233
4,875,735
12,266,014
557,750
557,750
4,890
241,203
-
$1,019,739
14,288
11,130
13,790
18,840
187
665
70,000
62,994
70,616
138,600
73,824
78,750
126,000
Earned surp. Dec. 31-
$781,894
$835,614
$826,521
in
918
Dividends on pref. stock
Divs. on common stock.
$803,619
1938—Month—1937
1938—12 Mos —1937
Operating revenues
$1,046,373
$1,421,048 $14,362,196 $14,304,090
Oper. exps., incl. taxes..
557,982
599,993
7,207,322
6,874,410
Prop, retire. & depletion
reserve appropriations
129,714
137,445
1,698,953
1,051.446
$358,677
Dr2,875
$683,610
737
Total
x
After
After
y
12,588,125 19,156,634
$5,455,921
Drl8,551
$6,378,234
26,876
$684,347
160,993
162,161
$5,437,370
1,935,260
529,495
423,528
CV347.399
44,125
Other int. & deductions.
Int. chgd. to construct'n
34.978
44,125
33,592
Cr38,606
Crl8,639
Net income
$154,312
$463,108
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$2,896,486
957,452
956,989
$1,939,034
June 20 declared an initial dividend of 84 cents per share
cumulative preferred stock, series A, payable Sept. 1 to
holders of record Aug. 15.
The dividend represents accumulations from
the
5%
on
Like amounts
Funding Corp.—Extra Dividends—
paid
were
The directors also declared a dividend of 75 cents per share on the common
stock, payable July 15 to holders of record July 1.
This compares with
$4.50 paid on March 4, last; 75 cents paid on Jan. 15, last, and on Oct. 15,
1937; $3 paid on March 25, 1937 and 75 cents paid on Jan. 15, 1937.
—V. 146, p. 3810.
per
—V. 146, p.
The directors have declared
of accumulations
a
dividend of 15 cents per share
the series 1931
on
of record
June
22.
on
to
A
dividend of 45 cents
paid
was
on
Oct.
paid
on
was paid on Dec. 27 last; dividends of 15
cents were
1, July 1 and on April 1, 1937, and a dividend of 30 cents
Dec. 26, 1936.—V. 146, p. 2051.
Mountain States Power
Net oper. rev.
1938
maintenance and taxes.
(before
approp.
for retire. res.)__
Rents from lease of properties.
Int. on securities and notes receivable, &c
Income from merchandise and jobbing (net)
___
Net oper. revenues.__
lease of plants
$7,082,748
1,262
$7,081,486
Operating income____
reserve
income
^
Rent for lease of electric property
Interest
on
funded debt
Amortization of debt discount and expense
Other interest (net)
-
Other income deductions
Net income
Gross income
to
public
______
Notes—(1)
the year ended
c23,776
143,357
$7,089,650
$7,270,046 $28,355,412 $27,508,501
Other income deduc'ns__
Int.
36,848
63,457
55,293
Other income
&
other
2,987,827
Cr4,353
deductions
Int. charged to constr'n.
$4,106,176
1,515,416
Balance
public.___
applicable
to
minority interests
Pref. divs. to
3,021,026
Cr4,404
11,994,351
Cr 19,327
12,295,693
GY17.004
$4,253,424 $16,380,388 $15,229,812
1,515,768
6,062,012
6,063,155
Portion
246
Net equity of N. P. &
L. Co. in inc. of subs
2,321
8,371
2,661
$2,590,514
$2,735,335 $10,315,715
$9,158,286
.of subs. $2,590,514
9,267
$2,735,335 $10,315,715
16,344
118,575
$9,158,286
79,667
$2,599,781
37,694
$2,751,679 $10,434,290
35,831
175,942
340,950
1,358,896
$9,237,953
215,230
1,357,055
NationalP. &L. Co.—
Net equity in inc
Other income
Total
bExps., incl. taxes
341,568
$3,781,405
2,497,230
$1,438,465
243,310
1,645
Dr60,759
$1,284 176
Bal. carried to consol.
1937
$4,165,500
2,727,035
242*580
3 *278
Dr\l,7\7
earned surplus.____
Earns.persh.oncom.stk.
a
Incl. prov. for
surtax on
$2,220,519
$0.33
$2,374,898
$0.35
$8,899,452
$1.32
$7,665,668
$1.09
$41,730
$34,251
$130,651
$93,066
2,139
1,411
Federal
undis. profits
b Incl. prov. for Federal
surtax on undis.
profits
Addition due to reclassification of accounts.
for 1936 as previously published have in certain cases
been re-arranged in this statement.
Note—Figures
$1,622,662
300,000
$1,512 317
$1,322,662
$1,212,317
477,521
30,611
374,060
15,767
8,000
477,521
45,917
382,636
13,981
300 000
$424,701
$284,261
In the above statement of income accounts, net income for
April 30, 1937 has been reduced by $23,080 to reflect ad¬
justments applicable to the period of 1936 included therein of amortization
of debt discount and expense charged to surplus in 1937 and
sundry other
_
$7,292,887 $28,253,943 $27,548,050
$7,256,039 $28,277,719 $27,404,693
70,006
335,665
382,036
55,999
257,972
278,228
Statement
Gross
1938—12 Mos—1937
Rent for
c
Net oper. rev. and other income (before approp.
for retirement reserve)
Appropriation for retirement
$0.56
Co.—Earnings—
revenues
expenses,
$42,091
$1.01
Light Co. (& Subs.)—Earnings—
1938—3 Mos—1937
Int. & other deductions.
Year Ended April 30—
Operating
Operating
_
Operating revenues
$20,999,300 $20,845,276 $84,576,082 $80,439,119
a Oper. exps., incl. taxes
12,151,292
11,814,920
48,581,464
46,089,056
Prop, retire, res. approp.
1,765,260
1,737,469
7,740,675
6,802,013
account
6% preferred stock payable July 1
was paid on April
1, last.
Like amount
1937
$19,975
1938
share on combined class A & B shares
3346.
Period End. Apr. 30—
Subsidiaries
Morris Plan Corp. of America—Accumulated Dividend—
holders
April 20, last, Dec. 20 and Oct. 20, 1937.
on
5 Months Ended May 31—
conv.
July 1 to Sept. 1.
19,156,634
for bad debts of $19,100 in 1938 and $162,550 in 1934.
for depreciation as provided by the companies of $3,511,074
$6,123,364 in 1934.—V. 146, p. 3194.
Net income after all charges
(Philip) Morris & Co., Ltd.—Initial Preferred Dividend—
Directors
on
624,421
12,588.125
Total
The directors have declared an extra dividend of 2 H cents per share I n
addition to the regular quarterly dividend of 17 M cents per share on the
class A and class B shares, all payable July 20 to holders or record June 30.
$2,901,445
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended May 31,1938 and 1937.—V. 146, p. 3509.
2,451,000
reserve
(net)
Balance
2,451,000
%6,462,153
(A.) Nash Co.—25-Cent Dividend—
$3,858,434
Cr146,922
1,104,500
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 25 to holders of record June 20.
This compares with
$1.50 per share paid on June 26, 1937 and with a cash dividend of $1 and
a dividend of $1 payable in debentures,
paid on Dec. 24, 1936.—V. 144,
p. 4352.
$6,405,110
1,724,891
629,331
339,376
i
1,007,255
973,752
1,104,500
reserve
in 1938 and
National Power &
$355,802
__
of subs,
value
Earnings
mtge. bonds.
debentures
on
737,074
&
consoli. herein..
National
(& Subs.)—Earnings—
Period End. May 31—
on
443,330
329,473
625.361
stock
Earned deficit
total, $1,378,809.
Liabilities—Dividend payable on preference stock, $17,456; accounts
payable, $4,779; accrued Federal income tax, $16,713; accrued taxes, &c.,
$10,274; stated capital (represented by shares of no par value: Preference—
issued 24,400 shares, incl. 4,450 shares in treasury; common—outstanding
126,000 shares), $324,300: surplus. $1,005,287; total, $1,378,809.—V. 145
p.3662.
Montana Power Co.
cap.
Pref. stk., 6% cum
Com. stk., no par
Assets—Cash, $96,043; customers' accounts receivable (less reserve
$30,305), $197,587; inventories (at cost), $115,443; cash surrender value of
life insurance policies, $65,748; salesmen's and employees, accounts, $2,461;
claim against closed bank (iess reserve $5,237), $1,048; investments in
stocks of local companies
(at cost), $2,101; deferred charges, $13,804;
property account (net) $241,772; goodwill, trade marks, &c., $642,803:
Gross income
9,777,085
reserves
surplus
7~8~990
Condensed Balance Sheet Dec. 31, 1937
Interest
_
Min. stkhldrs. Int.
Add'l Fed. income tax__
Interest
229,276
cos.
not consolidated
Other
capital
Net oper. revenues
Other income (net)
_
Funded debt
$993,803
120,863
revs.over
exps. on voyages
not completed
$1,064,335
3,520,032
847,378
9.847,375
claims, compen¬
in8ur., &c
Owing to sub.
$929,363
3,012,806
personal
sation
Excess of
600
retired
pref.
for
inj. claims,cargo
not consoL.
Deferred charges.
249,274
int., taxes. &c._
Res.
of
Gross surplus
Excess of cost over stated
value
cos.
&c.
accts. pay. accr.
Property
y
drafts
wages pay.,
nvests. in & amts.
$2.39,069
780,670
$
payable, sals. &
Spl. depo8., claims,
39,906
3,000
$
441,788
287,215
219,674
89,747
Prepaid insurance.
»
&
97,508
250,924
Goodwill, &c_____
Fed.
cap. stk. tax for 1935accrual
$409,628
.Mar.31,'38 Jr«nel3,'34
Liabilities—
$
725,386
Receivables
x
of
life insurance
Excess,
Dr264
$97,494
June 13,'34
S
Cash
$185,435
803,619
Cr38,805
$288,007
owing from sub,
Earned surplus, Jan. 1__
2,463
Consolidated Balance Sheet
Mar.31'38
Assets—
$234,175
12,413
32,662
3,665
$373,551
1,834
_
Bal. carried to surplus account
Stores & supplies.-
and Federal taxes
$99,328
20,483
June 13, 1934 to June 30, 1935
Min. stkhldrs. int. in profits & losses
before deprec. of subs, for the period
June 30,1935 to March 31,1936.
Co.—Earnings—
Federal income tax
Federal capital stock tax
$361,601
11,949
Mm. stkhldrs. int. in
profits & losses
before deprec. of subs, for the period
July 31 December,30. 1936.—Y.145, p. 3977. 1936, and 12)4 cents paid on
aid in and April 1936; 25 cents on Oct. 31,
Depreciation
$81,781
17,547
charges on notes for insurance
premiums, &c
a dividend of 25 cents per share on the com¬
stock, payable June 30 to holders of record June 18.
This compares
Dec. 20, last; 50 cents paid on June 30, 1937; 75 cents
1935
$390,786
Dr29,185
$308,490
Total income
$111,161
Dr29,380
$295,885
12,604
-
Int.
The directors have declared
1936
4,280,687
$289,202
6,684
miscell. operations.
Net operating profit
with 75 cents paid on
1937
4,951,294
239,920
Non-operating income
Missouri Portland Cement Co.—Smaller Dividend—
Calendar Years—
Net income before depr.
$4,671,473
5,025,225
-
on
1936
$5,302,375
revenue.
Profit
Profit
1937
$5,314,427
-
.
contracts,
Monroe Chemical
1938
revenues, steamships.
Uncollectible mail
$25,779; accounts payable, trade and miscellaneous,
$162,764; accrued taxes, salaries and wages, $72,702; provision for Federal
income taxes, &c., $90,000; current portion of subscription on bonds,
$50,000; subscriptions received on 1st mtge. 5% serial bonds, $250,000;
reserve
for compensation insurance, $47,012; deferred profit, $120,303;
8% cum. pref. stock ($10 par), $1,464,460; common stock (issued 225,000
shares no par incl. 10,495 shares not yet exchanged for prior issue), $2,237,240; excess of underlying book value of investment in Monolith Port¬
land Midwest Co., over stated value of 75,000 shares of common stock
issued therefor, $393,750; appreciation surplus less amortization ($177,243)
capital stock selling expense ($300,006) and goodwill ($250,000) charged
thereto in prior years, $1,635,292; deficit, $62,274; total, $6,662,027.—-V.
146, p. 3022.
mon
on
no
Steamship Line (& Subs.)—Earnings—
with
chase
4125
items charged or credited to
surplus in 1937 which have been applied re¬
Period End.
of Income (Company Only)
1938—3 Mos.—1937
Apr. 30—
Income from subsidiaries
Other income
$7,526,699
16,344
118,575
$6,409,305
79,667
$7,645,274
al75,942
$6,488,972
b215,230
$7,469,332
1,358,896
$6,273,742
1,357,055
$6,110,436
$4,916,687
$0.59
$1,414,920
$1,319,352
37,694
35,831
$1,377,226
341,568
$1,283,521
Other deduc. from inc._
$1,035,658
$942,571
$0.09
Net oper.
Net
income
income
Earns, per sh.on com
.stk
1937
$1,303,008
,
Total income
Expenses, incl. taxes
1938—12 Mos.
$1,405,653
9,267
$0.11
340.950
$0.81
Financial
4126
New York Fire Protection
Summary of Earned Surplus for 12 Months Ended April 30,1938
(net). $7,260; balance, $5,345,625; add net income for 12 months
ended April 30,1938, $6,110,436; total, $11,456,062; $6 pref, stock dividend,
$1,678,296; common stock dividend, $3,273,670; earned surplus April
30, 1938, $6,504,095.
a Includes Federal surtax of $2,139 on undistributed profits for year 1937.
b Includes Federal surtax of $1,410 on undistributed profits for year 1936.
—V. 146, p. 3673.
ments
National Gas & Electric Corp.
$109,042
Gross
income
after
$96,672
$1,272,539
$1,107,891
19,052
10,573
Operating revenues
25,349
19.184
236,020
140,582
146, p. 1410.
Co.—Series F Distribution—
New York Title & Mortgage
of $2 on each $100 of certificates will be made
of guaranteed mortgage certificates in series F,
according to an announcement by trustees for the issue serving under
appointment of Supreme Court Justice Alfred Frankenthaler.
The pay¬
ment will be made to holders of record of June 15.
An income distribution
on
June
30
holders
to
The trustees, William J. Pedrick, William J. Schmitt and Alexander
Pfeiffer, also have made known that the trust, which consists of 12 units,
arrears.
The issue originally amounted to $2,665,000.
253,388
179,263
income
—V. 146, p.3672.
Nevada-California Electric Corp.
Operating revenues
Maintenance
—
expenses—
-
Depreciation
$133,976
4,901
1938—12 Mos.—1937x
is free of tax
Interest
Amort, of dt. disc. & exp
Misc. income deductions
_
283,803
2,094,117
537,202
596,827
$2,079,431
88,629
certificates.
$2,210,980
1,338,113
87,241
13,710
Series BX-19—
on
affected by this mortgage is being
The property
operated by
Distribution
Series CS—
on
Adrian P. Burke, trustee for series C-3, plans to make a distribution of
3% out of income and 1% out of principal to certificate holders of the issue
on June 30.
During 1937 4% out of income and 3% out of principal was
distributed.—V. 146, p. 3963.
Niagara Wire Weaving Co.,
Ltd.—Earnings—
1938
Earnings for the Year Ended March 31,
14,657
incl. income from investments, and after
Net profit for the year
$237,269
providing for all expenses, deprec. and income taxes
Balance at credit as at March 31,1937
352,400
$589,669
Total
Net
$15,049
$16,381
$697,787
$771,915
148
30,389
43,802
25,163
Cr2,042
income-
Cr803
Dr7,960
Cr7,938
of bonds & debs, (net)
credits to surp. (net)
Earned
—
surplus avail.
$733,629
$805,016
make proper comparison, 1936 figures (as to major items) were
In order to
$47,574
$17,240
for red .of bcls. divs. ,&c
x
revised to conform with Federal Power
Commission classification effective
Jan. 1,
1937.
Note—This statement properly omits extraordinary debits to
arising from amortization of pension funds, &d.—V. 146, p. 3512.
New Mexico Gas
1937
1936
$626,312
.
$526,371
1,084
33
$627,397
91,909
146,230
4,607
32,578
.
74.726
100,739
2,853
29,593
$352,072
30,309
$318,492
$382,381
Gas purchases
Plant operating expenses
Allowances and adjustments.
Taxes, other than income
.
revenue.
667
9
$319,159
7,285
85,823
53,329
146,027
48,000
$117,846
preferred stock.
$243,219
83,175
stock—
92.603
.
Non-operating deductions
Interest expense, net
Provision for peoperty retirements.
Dividends
on
Dividends
on common
Unavail¬
able
Assets—Fixed assets, $4 588,292; organization expenses,
$14,285; invest¬
ments, $2,107; cash, on demand, $35,174; accounts receivable, $168,749;
inventories, at cost, $64,403; other current assets, $8,180; deferred charges
$4,886,299.
Liabilities—1st mortgage, series A 15-years 5% sinking fund convertible
bonds, dated May 15, 1936, due May 15, 1951, $1,455,000; notes and
accounts payable, due more than one year from date hereof, $21,526; notes
payable, trade, $55,629; accounts payable, trade, $61,182; notes payable,
banks, $102,300; accrued liabilities, $65,496; payrolls, $3,841; other cur¬
rent liabilities, $20,253; consumers deposits, $27,392; 6% cumulative con¬
vertible pref. stock (par $50), $1,383,500; common stock (no par value,
$5 stated value), $1,157,425; surplus, $117,706; retirement reserve, $415,047;
total, $4,886,299.—V. 145, p. 949.
New Orleans Public Service
Directors
have declared
a
dividend
Inc.—Tp Pay Pref. Dividend
of $1.75 per share on
account of
to holders of
pref. stock, payable July 1
873^ cents was paid on April 1, last, this
latter being the first dividend paid since April 1, 1933, when 87^ cents
per share was also distributed.
accumulations
record
on
June 20.
the $7 cum.
A dividend of
Net oper. revenues—
-
Gross income
$308,714
$322,598
917
310
Other int. & deductions.
Int. charged to construe.
$322,908
204,831
38,799
Cr7,009
x
on
mtge. bonds
Assets—Cash, $154,925; Govt. & corporation bonds
& other invest¬
at quoted
market
values,
$186,700; accounts receivable, less
$66,998; inventories of wire, wire cloth & supplies, $349,059;
cash value (life insurance), $58,891; unabsorbed fire insurance deposit &
municipal tax prepayment certificate, $8,642; investment in and advances
reserve,
sub.
Net income
$97,154
$79,278
Dividends applicable to preferred stock for the
$3,517,386
17,800
$3,797,675
2,432,067
246,729
Cr34,661
North German
$1,153,540
shipping
x Dividends
accumulated and unpaid to May 31, 1938, amounted to
$2,813,694.
Latest dividend, amounting to 87H cents a share on $7 pref.
was paid on April 1,1938.
Dividends on this stock are cumulative.
Note—Includes provisions of $228,500 and $587,600 for Federal surtax
on undistributed profits for the 12 months ended May 31, 1938 and 1937,
respectively.—V. 146, p. 3673.
Chicago & St. Louis RR.—Earnings—
1938
railway
Net from railway
Net after rents
$2 ,737,642
663,230
224,544
1936
1935
1937
$3,469,101
1,127,960
572,564
$3,273,434
1,140,479
667,278
$2,687,583
722,971
393,488
18,493,262
6,499,511
3,651,484
16,263,219
5,711,040
3.499,962
13,839,785
4,357,407
2,518,303
Net after rents
13 ,917,191
3 ,158,430
Co.—Deposit Time Extended—
New York & Richmond Gas
Period End. May 31—
Operating
revenues
Co.—Earnings—
ment
Net
accruals
income
—V. 146, p. 3963.
47,887
6,221,356
2,624,772
reserve
Salaries & wages
employees
10,697,180
1938—Month—1937
$95,934
$96,717
27,265
14,272
24,082
10,692
1,410,801
2.138.542
634,095
60.562
7,092,387
38,666
7,133,830
29,449
shore, employees
Depreciation on plant—
803,262
10,101,798
5,004,578
1,333.064
612,062
Property taxes
Other expenditures
—
399,304
1,625,601
402,253
Interest
3,614,458
1937
loss$5247131
1937
$
Securities
2,769,769
1,364,080 Pref. stock with
132,800 votes...
667,739
6,993,636
1,876,911
96,690 Legal reserve.
5,306,247
91,443 Special reserve
49,950 Insurance reserve. 3,290,274
Guarantees
193,857
61,258
Real estate mtges.
48,536
2,026,877
Bills
Accts. receivable-
2,107,558
566,143
Cash
7,870,052
472,690
Other bk. balances
1,428,192
_
Pension reserve
845,724 Long term bldg.
losns
8,369,469
6,873,500
396,468 Mortgage loans...
Payments on acct- 2,671,623
1,959,113
4,112,402 Accounts payable- 1,895,941
Accts.
1938—12 Mos.—1937
$1,175,598
$1,161,419
292,927,
133.777/
289,747
133,144
16,426
3,925,251
1,461,181
payable to
204,580
sub. cos
3,488,725
Transitory items
Surplus
21,606
2,598,087
6,377,263
4,232,229
75,388
Other creditors
4,958
3,435,695
2,672,032
Acceptances llabs-
2,642,433
77,530,638 77,245,193
Total
77,530,638 77,245,193
666,667
1.873,895
5,297,723
2,796,270
9,339,929 12,057,694
1,810,137
1,405,622
13,576,117 14,544,058
Other reserves
Loans
receivable
cos
$
with
450,000 votes—18,101,368 18,072,289
1,016,458
1,608,251
4,869,156
Supplies
stock
Com.
1936
$
Liabilities—
53,476,266 49,617.004
Participations
227,555
2.963,021
the upkeep, repairs and
the pooling agreement.
1936
$
Assets—
Fixed assets
from sub.
749,539
192,451
431,937
$75,388
Net profit
a After
deducting the direct expenditure for
working of the ships and after adjustment under
Balance Sheet Dec. 31
Other debtors
5,925,726
464,126
27,452
335,009
999.400
5,855,714
Other allow, for deprec. -
Allot, to reserve
4,012
$9,808,676 $17,324,692
$16,093,838 $14,473,463
for shore
947,076
1,318,691
Total revenue
—V. 144, p. 4355.
Northern States Power Co.
Period End. Apr. 30—
Operating revenues
Oper. exps. & maint
Taxes
a
$4,751,918
13,392
$5,126,577 $14,637,755 $14 604,758
34,960
48,281
94.520
Net oper. revenue &
other income
$4,765,310
964,989
long-term debt--
$3,800,321
1,254,182
220,869
Crl9,350
Gross income
Int.
(Del.) (& Subs.)—Earnings
1938—4 Mos.—1937
1938—12 Mos —1937
$12,139,127 $12,258,619 $35,711,610 $35,259,115
5,292,829
5,371,036
15,773,124 15,538,186
2,094,379
1,761,006
5,300,731
5,116,172
a Net oper. revenue-Other income (net)
on
Divs.
on
54,534
$5,161,537 $14,686,036 $14,699,278
883,333
2,981,655
2,900,000
$4,278,203 $11,704,380 $11,799,278
1,534,123
3,741,087
5,475,492
214,317
661,918
613,733
8,244
Cr25,696
10,003
18,600
102,120
54,065
pref. stock of
subs, held by public--
of other sub.
a
income
cos-.
275,000
458,333
275,000
1,375,000
22,588
22,588
59,090
62,338
$1,809,164
$2,205,330
$5,790,861
$5,308,647
Minority int. in net Inc.
Net
Gross income after retire»
13,143
49,870
944.027
Distribution reserves—
Other income deduc'ns—
Exchange that the time
(due April 1, 1938) may
be deposited under the plan of recapitalization dated Feb. 16, 1937 as
amended has been extended to and including Oct. 1,1938.—V. 146, p. 3512.
This company has notified the New York Stock
within which 5% serial gold notes, series due 1938
r
18,081
15.073
1,102,080
4,127,806
Extraordinary revenue. _
Withdrawal from special
Amort, of dt. disc. & exp
Other interest (net)
891,285
—V. 146, p. 3512.
New York Dock
26,571
2,175",037
Other capital revenue—
Approp. for retire. res__
From Jan. 1—
Gross from railway
Net from railway
$354,257
544.586
stock,
May—
1935
$6,176,864
$815,387
$270,801
1934
1936
$13,892,230
business
Rev. from participation _
Accts.
currency
in 1937,
$9,210,423
1937
Rev. derived from the
Bank loans
544,586
equipment,
Lloyd—Earnings—
Years End. Dec. 31—
a
Total-
Gross from
buildings, machinery &
[All conversions from German reichsmarks to United States
have been made at the rate of 2.486 reichsmarks to the dollar
2.488 in 1936 and 1935 and 2.485 reichsmarks in 1934.]
$3,535,186
2,477,152
242,647
$608,954
period, whether paid or unpaid
Balance
New York
$245,496; land,
company,
$581,213; patents, $1; total, $1,651,925.
Liabilities—Accounts payable & accrued charges, incl. provision for
income taxes, $134,377; dividend payable April 1,1938, $57,500; reserve for
returnable containers, $44,237; reserves for depreciation, $394,078; capital
stock, no par value (115,000 shares outstanding March 31, 1938) $349,249;
capital surplus account, $310,315; profit & loss account (as per statement),
$362,169; total, $1,651,925—V. 144, p. 1609.
Translroty items.. 3,860,756
$309,631
200,660
18,826
Int.
$3,781,657
16,018
$2.06
_
ments
Payments on acct-
Earnings for Month and 12 Months Ended May 31
Period End. May 31—
1938—Month—1937
1938—12 Mos.—1937
Operating revenues
$1,457,544
$1,464,515 $18,330,863 $17,574,678
Oper. exps.,incl. taxes—
971,830
964,917
12,425,206
11,933,292
Prop, retire't res. approp
177,000
177,000
2,124,000
2,124,000
r
Other income (net)
$362,169
Social welfare charges for
Balance Sheet Dec, 31, 1937
and other items in suspense, $5,108; total,
227,500
.
31,1938
share on 115,000 shares capital stock
Balance Sheet March 31,1938
$526,405
Miscellaneous revenue-
payable
Balance at credit, March
to
surplus
Co.—Earnings—
Calendar Years—
Non-operating
Dividends paid and
E arns. per
Other miscell. debits and
dis¬
of this
of the
BX-19 announced June 18 that a
the trustee, U. S. Coan.
$2,117,928
93,052
$2,168,060
1,371,443
84,172
$136,024
111,314
7,055
1,273
199,431
2,204,132
603,539
582,426
6.941
Distribution
Counsel for the trustee of series
tribution ot 214% would be made June 24 to holders of certificates
issue.
There are outstanding in the hands of the public $997,500
$5,545,506
$5,753,332
$129,083
$138,877
115,448
6,937
1,442
Net oper. revenues—
Other income-—.
■Earnings
(& Subs.)
1938—Month—1937
$426,054
$404,594
30,519/
19,426
163,328
165,642
48,363
43,161
49,867
47,281
Period End. Apr. 30—
Other oper.
Taxes
the
gold bonds.
is inviting tenders for
it of $1,000 principal amount of first mortgage 4%
Offers will be received until 12 o'clock noon, July 6,1938.—V.
sale to
re¬
accruals
tirement
Net
(& Subs.)—Earnings—
1938—12 Mos.—1937
1938—Month—1937
Period End. May 31—
Co.—Tenders—
The Chase National Bank, as successor trustee,
$5,352,885; deduct miscellaneous adjust¬
Earned surplus, May 1, 1937,
June 25, 1938
Chronicle
Before appropriation for retirement reserve.
Notes—(1) The revenues and expenses subsequent to Jan. 1,1937 are shown
in accordance with the classifications of accounts prescribed by regulatory
in certain respects from the
by the companies.
In certain instances
commissions effective Jan. 1, 1937 which differ
classifications previously followed
the
figures prior to Jan. 1, 1937 have been adjusted in
accordance with the
Volume
146
Financial
classifications of accounts.
(2) Northern States Power Co. (Minn.)
has made no provision for Federal and State income taxes for the
year 1937.
(3) Net income as above for the year ended April 30,1938 increased $481,854
over the year ended
April 30, 1937.
However, Northern States Power Co.
Chronicle
4127
new
(Minn.)
Federal and State income taxes for the year 1937.
This increase in net income is also
partly due to increased sales of service
and to savings In interest charges effected
through the refunding of the
funded debt of Northern States Power Co.
(Minn.) during February, 1937.
To
was relieved of
Pay
Smaller
Preferred
Dividends—
The board of directors on June 18 declared a dividend of
$1.31M per share
the 7% cumul. pref. stock and a dividend of
$1.12^ per share on the 6%
cumul. pref. stock, both payable
July 20 to holders of record June 30.
on
Previously, regular quarterly dividends of $1.75 and $1.50 per share,
respectively, were distributed.
R. F. Pack, President, in a letter to the holders of the
preferred stocks
states that "it is with extreme
regret that I beg to advise that after an un¬
interrupted payment of full dividends on the preferred stocks annually since
its incorporation in
1909, it has become necessary to reduce these dividends
commencing with the quarter ended June 30, 1938."
No
dividends have been paid on the common stock since
Aug. 1, 1934,
nor can any such
dividends be paid until all arrears of dividends on the
preferred stocks (which are cumulative), have been
paid.
Substantially, all the revenue of the company comes from the Northern
States Power Co.
(Minn.) which, in addition to its earnings from its own
large utility business, derives some part of its revenue from the Northern
States Power Co. (Wis.), so that
anything affecting the revenues of these
companies directly affects the Delaware
company.
The earnings of the Minneasota and
Wisconsin companies are included
in the following consolidated
statement of earnings of the Delaware company
and its subsidiaries.
The year 1938 is compared with the year 1931 (actual
figures for four months and estimated for the balance of the
year 1938)
because 1931 was the best
earning year the company had prior to the business
depression of a world-wide nature.
*1938
_
Gross
earns. &
other
income
$36,929,000
22,880,000
14,049,000
Operating
expenses.
Net earns. & other income
Deprec., int., divs.
of
^
subs.in
of
other charges
Balance available for dividends
*
9,112,000
4,937,000
8,862,203
9,041,436
a249,797
b4,410,436
$2,279,527
3,459,241
826,448
costs
Total
a
Liabilities—6% cum. pref: stock (par $100), $919,700; common stock, no
(°uts,tanding 176,929 shares), stated at $724,011; 1st mtge. bonds,
4M % series due Dec. 1,1966, $1,770,000; due to
parent and affiliated com¬
panies, $121,334; accounts payable,
$48,002; accrued interest, $6,637;
accrued taxes,
$43,320; accrued dividends on preferred stock, $4,598;
service billed in advance,
$16,078; miscellaneous current liabilities, $16,871;
®fnrc£eo f?r depreciation, $433,702; earned surplus,
$59,863; total, $4,164,121.—V. 146,
$6,565,216
result of these uncontrollable
conditions,
directors were unable to
announced, more especially as
greater provision must be made for depreciation
and as other reserves of
company must be kept intact or increased if the
rmancial stability of
company and its subsidiaries is to be maintained.
oeclare dividends in excess of
the amounts
the time may come when
Oper. exps., incl.
Amort,
of
Electric output of the Northern States Power Co.
system for the week
ended June 18,1938, totaled
24,389,785 kwh., an increase of 0.2%,compared
corresponding week last year.—V. 146, p. 3963.
account of accumulations on
Arrearages after the
stock, par $100, all payable on
July 14 to holders of record June 20.
current payments will amount to the
and one-half quarters.—V.
seven
full dividend
a
1938—4 Mos.—1937
Other
a
6,618.029
Net oper
income
Net
revenue.
$3,908,151
182,183
_
(net)
oper.
rev.
1938—12 Mos.—1937
6,424,958
18,716,439
18,479,574
$4,090,334
743,992
$4,531,055 $13,066,664 $13,065,272
743,855
2,443,097
2,444,231
$3,346,342
969,483
retire't res.
$3,787,200 $10,623,567 $10,621,040
1,248,924
2,886,116
4,619,301
200,073
Cr20,120
49,406
Net income.
193,347
7,843
15,500
597.439
Cr26,769
90,487
548,676
10,122
44,292
$2,147,500
Other
interest (net)
Other income deductions
$2,321,585
$7,076,293
$5,398,649
capital stock-—
cum. preferred...
cum. preferred
Cumul. pref., $5 series
Class A
a
243,337
208,586
275,000
458,333
1.375,000
common
2,068,363
1,772,982
275,000
170 775
36 458
Class B common
Common
1,733,678
1,242,788
Before appropriation for retirement reserve.
5,243,100
1,242',788
Notes—(1) As reflected by the above statement, net income of $7,076,293
for the year ended
April 30, 1938, shows an increase of $1,677,643 when
compared with net income of $5,398,649 for the year ended
April 30, 1937.
This increase is due to a
large extent to a reduction in income taxes for 1937
and a reduction in interest
charges resulting from the refunding of the com¬
pany's funded debt during Feb., 1937.
The increase of $1,677,643 was
offset to the extent of
$1,100,000 by dividends on the 275,000 shares of
cumulative preferred stock, $5
series, issued and sold Feb. 19, 1937, the
proceeds of which were used in the said
refunding of the company's funded
debt.
(2) The revenues and expenses subsequent to Jan. 1, 1937 are shown
in accordance with the
classifications of accounts prescribed by regulatory
commissions effective Jan. 1, 1937 which differ in certain
respects from the
classifications previously followed by the companies.
In certain instances
the figures prior to Jan. 1, 1937 have been
adjusted in accordance with the
new classifications of accounts.
(3) Northern States Power Co.
(Minn.)
has made no provision for Federal and State
income taxes for the year 1937,
as it will claim as a
deduction in its income tax returns for that
year un¬
amortized discount and expense and
redemption premiums and expense and
duplicate interest applicable to bonds redeemed during the
year 1937, which
deduction, it is estimated by company will result in no taxable
that
income for
year.—Y.
146,
p.
3963.
Maintenance
earnings
funded debt.
General interest
Amortization
of
debt,
disc, and expense
Int. charged to construe.
on
Provision for deprecia'n.
Balance of income
on
Balance
Dr94
Dr57
Dr9,819
$89,135
30,121
16,550
$1,084,778
346,578
203,972
:$1,160,480
Cr9
Crl3
CY216
Crl22
$534,444
$592,668
__
372,877
195,057
334,182
334,178
$258,490
* Dividends
accumulated and unpaid to May 31, 1938, amounted to
$1,109,028.
Latest dividend on 7% preferred stock was $1.75 a share
paid
on April
1,1938.
Latest dividend on 6% preferred stock was $1.50 a share
paid on Oct. 1, 1932.
Dividends on these stocks are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended May 31.1938 and
1937 —V. 146, p. 3964.
Ohio Edison
Co.—Earnings—
Period End. May 31—
1938—Month—1937
1938—12 Mos.—1937
Grossrevenue
$1,440,547
$1,622,995 $19,062,560 $18,877,337
x
Oper. exps. & taxes...
747,208
783,489
9,313,124
9,056,501
Provision for deprec'n..
200,000
200,000
2,400,000
1,750,000
Gross income
Int. & other fixed chgs.
$493,338
286,852
on
pref. stock
Balance
$639,505
255,194
$7,349,436
3,280,109
$8,070,836
3,315,472
$206,486
155,577
_
Net income
Divs.
$384,311
155,577
$4,069,327
1,866,923
$4,755,363
1,866,923
$228,734
$2,202,404
$2,888,440
$50,909
x No provision was made in
1936
tributed profits as all taxable income
1937 for Federal surtax on undis¬
distributed.—V. 146, p. 3513.
or
was
Oklahoma Natural Gas Co. (&
Subs.)—Earnings—
12 Months Ended May 31—
1938
Operating
revenues
Gross income after retirement accruals
a Net income
Earnings
1937
$7,942,874
2,875,480
1,307,836
$7,956,018
2,899,533
1,415.567
per common share without deduction for
undistributed profits
$1.83
$1.64
Without deduction for surtax of $40,000 on undistributed profits for
fiscal year ended Nov. 30, 1937 (none in fiscal year ended Nov. 30,
a
1936),
charged to surplus.
Note—No provision has been made for the Federal surtax on undis¬
tributed profits for the fiscal year beginning Dec. 1, 1937, since
any liability
for such tax cannot be determined until the end of the fiscal
year.—V.
146,
p.
3513.
Otter Tail Power Co.
(Mi,nn.)—Accumulated Dividend—
Ser share on the amounts were paid onpayable 1, last. to holders ofV, 145,
record
15.
Like $5.50 pref. stock, both
April July 1
See also
une
4123; V. 146, p. 2055.
Years Ended Dec. 31—
Gross earnings
1937
1936
$2,659,348
1,153,925
255,843
28,118
4,616
504,840
10,200
239,599
45,789
4,310
505,135
10,200
$489,620
47,097
$399,434
42,399
9,611
11,744
$536,717
200,734
10,905
17,499
$441,833
216,114
10,547
11,978
* $337,816
346,289
$307,579
213,004
$203,194
182,607
def $8,473
$94,575
$20,587
Maintenance.
General taxes
187,771
283,632
74,420
2,820
504,840
5,950
Federal and State income taxes..
.
Retirement
reserve
reserve
Other income.
Interest
funded debt
on
138,000
Amortization of debt discount.
Miscellaneous interest
.
Preferred stock dividends.
Balance to surplus.
.
1937
Assets—
$
Mdse.,
mat'Is
309.396
Liabilities—
4,078
2,781
Contracts....
252,935
Taxes accrued
2,027
9,192
170,125
.
$
Long-term debt— 3,604,000
Accounts payable.
102.275
10,073
11,985
.
Accr'd int. ree'le..
Prepaid accounts
13,006,688
283,184
Notes & war'ts rec.
Accts. receivable.
1937
1936
$
Fixed capital
13.359,290
Cash & bank bals.
303,772
177,051
120,367
67,900
129,935
151,957
159,048
0,298
contracts
39,060
68,754
37,357
68,278
Miscellaneous
151,321
4,927,412
562,828
1934
Earned surplus
57,134
122,740
$319,512
79,650
5,752
$328,083
103,987
3.529
$305,308
106,200
9.471
$256,271
106,200
10,107
..
Paid-in surplus
2,322
2,065
Cr518
Cr493
132,632
130,337
1,800
100,359
2,128
2,065
Cr435
104,988
2,726
$85,578
$48,232
def$79,130
$85,578
Pecos
Valley Power & Light Co.
Period End. Mar. 31—
387,938
2,036,169
2,048,315
14,489,032 14,157,468
-Earnings—
1938—3 Mos.—1937
1938—12 Mos —1937
$103,455
Oper. exps. and taxes—
$82,126
39,051
44,286
$365,255
167,925
$387,689
174,183
Net oper. revenues—
$43,075
$59,170
$197,330
$213,506
1st mtge. 6M%
gold bonds, series A—
22,630
23,106
90,966
95,653
$20,445
$36,063
$106,364
$117,853
Electric oper.
revenues.
•
Int. on
a
$30,622
Total
—
-V. 146, P. 2055.
$30,622
$86,626
165,756
73,471
145,267
Capital & surplus. 4,927,412
$598,954
1,026
199,544
2,094*769
1935
CY940
212,418
Reserves—Retire't 2,507,265
Casualty
14,489,032 14,157,468
240,134
34,695
63,967
43,106
6,220
deposits
Casualty claim def.
$633,392
161,578
52,280
114,226
Total....
3,000
34,565
60,279
int. on con¬
sumers'
Miscell. assets
$
49,037
Divs. accrued
Acer.
1936
3,608,000
112,653
304,799
Interest accrued..
Consumers' depos.
&
supplies
Mtge. & long-term
Deferred charges..
169,860
60,127
112,696
81,939
Balance Sheet Dec. 31
1936
180,071
1935
$2,321,934
1,035,526
$445,988
51,183
expense
$2,495,789
1,112,072
90,478
$497,171
Operating
& expense
Co.-—Earnings—
$101,392
53,160
pref. stock
208,323
$70,360
28,242
16,582
$688,028
Miscell. deductions
Divs.
!$1,170,299
$726,032
191,436
72,735
142,348
Operation expenses
Net
$1,084,835
1937
Taxes
Interest
$89,229
Unamort. dt. disc.
Ohio Associated Telephone
Calendar Years—
Gross earnings
;$1,378,622
$200,262
Casualty insurance
6%
$1,291,555
206,720
Dr 38
Bad debts
cash:
7%
$106,710
17,481
Net income
$25,545
$42,477
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
x
p.
expense...
on
260,000
The directors have declared a dividend of $1.50
per share on the account
of accumulations on the $6 cum. pref. stock and a dividend of $1.37)4
Gross income
Int. on long-term debt._
Amort, of debt disc, and
Divs.
276,667
$70,398
Gross income
Int. on mortgage bonds.
Other int. & deduc'ns_«
Int. charged to constr'n.
$4,181,769 $12,179,412 $12,020,250
349,286
887,252
1,045,022
and
other income
Appropr. for
600
21,667
$87,826
17,428
_
Operating income
surtax on
Operating re venues
$10,526,179 $10,606,727 $30,895,851 $30,499,824
Operating exps., maint.
and taxes
215
25", 600
approp.
Other income (net)
146, p. 3674.
Northern States Power Co.
(Minn.) (& Subs.)—Earns.
Period End. Apr. 30—
48
res.
Net oper. revenues
Rent for lease of plant.
Northern Indiana Public Service Co.—Accum. Divs.—
The directors have declared a
dividend of $1.75 per share on the 7%
cumulative preferred stock, par
$100, a dividend of $1.50 per share on the
6% cumulative preferred stock, par
$100, and a dividend of $1.37H per
share on the
5H% cumulative preferred
for
1937,
1938—12 Mos.—1937
$4,408,046
$4,448,027
2,839,609
2,808,805
limited-term
investments
Prop, retire,
1,
-Earnings—
1938—Month—1937
$326,539
$346,598
213,713
218,173
taxes
since Jan.
3026.
Northwestern Electric Co.
Period End. May 31—
Operating revenues
Weekly Electric Out-put—
with the
p.
Balance
Increase in operating payroll
Increase in taxes.
As
$46,168; working funds, $3,525; U. S. Treasury bonds,
$16,627; accounts
receivable, $67,257; materials and supplies, $88,047; total, $4,164,121.
Inc. or Dec.
a$2,722,876
a6,577,515
b3,854,639
Actual figures for four months and
estimates for the balance of the
year
1938.
a Increase,
b Decrease.
Gross earnings have increased
$2,722,876, in spite of rate reductions
amounting to approximately $4,900,000 in the past seven years,
the in¬
crease in
operating expenses of $6,577,515, is largely due to the following:
Increase in fuel
Assets—Telephone plant, equipment, &c., $3,872,718; miscellaneous In-
vesments, $4,441; special deposits, $275; debt expense in
process of amorti¬
accounts and deferred charges, $40,005; cash,
seton,. $25,056; prepaid
pref. stock
public and
on
hands
1931
$34,206,124
16,302,485
17,903,639
Balance Sheet Dec. 31, 1937
Balance
a Before provision for depreciation,
amortization and trust indenturfl
requirements.—Y. 145, p. 3355.
Financial
4128
71% of the votes at the annual meeting of
3964.
than
p.
stockholders.—V. 140,
stock
(par $i), $357.241; less treasury stock, 6,034 shares, $6,034; capital
outstanding, 351.207 shares, $351,207; capital surplus, $1,346,778;
operating deficit,
$1,063,652
61,418
$1,025,937
96,947
$1,127,794
x649,652
100,049
120,116
$1,122,885
622,294
119,272
$1,129,427
120,470
Gross earnings
Philippine Ry.—Earnings—
Traffic Statistics for Calendar Years
$1,029,378
$1,125,070
-
$1,034,417
93,377
x664,176
Oper. exps. & taxes
Prov. for retirement res.
616,737
118,698
....
$340,424
$358,026
$381,318
$393,992
Charges of
suo. cos—__
13,147
13,782
15,761
15,933
Interest on
funded debt.
236,613
262,012
271,674
Sundry int. (net)
Amortization of debt dis-
1,056
1,036
265,579
946
18,405
18,914
14,563 '
count & expense
903
2,472,693
No. carried 1 kilometer.
61,954,522
no. pass,
25.1
25.5
26.1
26.5
$0.0950
$0.0038
$0.0898
$0.0035
$0.0814
$0.0031
370,408
12,404,812
359,114
12,167,093
341,484
12,814,159
$0.0833
$0.0031
389.264
33.5
33.9
37.5
35.3
$0.6690
$0.0199
$0.7048
$0.7671
$0.0204
$0.7311
$0.0207
Total
no.
tons fr t
carr'd
No. tons carried 1 km—
Av. length of haul, kms.
Aver, receipts per ton—
Av.
rec.
km
per ton per
Incorrte
$80,118
$85,808
105,000
105,000
$29,955
$42,210
$24,882
$19,192
Total
Pennsylvania Gas & Electric Corp.—Pre/. Div. Halved—
Directors have declared
dividend of 87 5^
a
cents per share on
the $7
20.
Sreferred and 7% preferred stocks, both payable July $1.75 per share were
Previously regular quarterly dividends of 1 to holders of record
une
distributed.—V.
140,
$509,384
$512,337
$544,132
69,293
93,059
3,818
169,471
52,640
76,596
92,721
3,653
172,505
52,582
66,239
89,462
3,639
175.085
63.340
$388,282
121,102
2,730
$398,058
114,279
2,757
$397,766
146,368
2,898
$94,234
revenue
Ma int. of way & struc.
Maint. of equipment. -
$118,361
$143,462
2,346
$145,808
341,960
66,605
General
Railway tax accruals.
Uncoil ectibles..
experimental passenger coaches and 20
total cost of whichwillbe approximately
$8,440,000.
Bids are asked on two interest bases, one with interest at the
rate of 2j^% and the other at 2%%.
Bids will be received by the comune
Wednesday,
160
963
$111,522
1,169
$94,394
341,960
$119,325
341,960
$112,692
341,960
Misc. income charges...
""§78
""494
Additions & betterments
2,071
6,063
$250,515
$229,192
Non-oper. income
Gross income
Int.
on
funded debt
Extraord.exch .exp.acct.
bond int. payments—
of $1,038,000 and equipment trust prin¬
cipal maturities of $122,000, which fall due in June, it was stated following
The company will pay interest
directors' meeting June 21.
1938—Month—1937
$1,888,158
$2,696,316
1,695,060
2,078,049
May 31—
Operating revenues
Operating expenses
1938—5 Mos.—1937
$9,534,756 $13,772,432
8,831,303
10,212,795
Railway tax accruals...
$193,097
154,025
$618,268
186,764
$703,453
764,212
$3,559,637
930,260
Operating income
Equip.rents (net)
Joint facility rents (net).
$39,072
46,324
60,284
$431,502
37.564
60,476
def$60,759
302,148
201,517
$2,629,377
231,427
182,626
income, def$67,537
37,364
15,009
$333,461 def$564,425
2,364
47,073
18,717
158,086
$2,215,324
12,073
159,649
def$15,164
4,732
$354,543 def$359,265
5,157
28,081
$2,387,046
29,361
Net oper. revenue
Net ry. oper.
Dividend income
Total income
Misc. deduc. from inc..
Rent for leased roads and
5,810
272,089
equipment
Interest
debt
on
...
income
22,363
Cr571
190
Cfrl", 375
$251,251
$198,148
3,371
def$297,795
to
profit and loss:
Balance Sheet Dec. 31
1937
31,465
1,367,134
30,563
1,361,304
$69,276df$l,785,946
Income applied to sink'g
& other reserve funds.
2,500
575
*
2,861
9,642,197
112,827
4,999,000
143,201
2,303
Cash
2,937
182,479
139,507
rec...
5,208
7,397
5,268
Prepaid Ins., Ac..
6,681
Misc. accts.
1st mtge.
bonds..
Philip. Govt, adv,
8,549,000
8,549,000
for bond interest
6,641,385
6.325,118
28,623
79,002
liabilities....
4,722
3,153
credits300
Deficit
5,271,202
5,016,825
Tav
145, p.
unadjust.
Other
14,952,827 14,939,449
Total
.14,952,827 14,939,449
Total-
—Y.
5,000,000
5,000,000
Accts. & wages pay
Agents & condtrs.
Mat'i & supplies...
S
Cap, stock, com.
9,644,208
rights 4,999,000
and equipment.
Contractual
1936
$
lAabilUics—
Investment in road
128.
Pittsburgh United Corp.—Time Extended—
An order of the Court of Common Pleas of Allegheny County, Pa., has
been made, dated June 21, 1938, extending the time up to and including
July 13, 1938, within which any holders of preferred stock of the corporation,
whose certificates are not stamped or have not been surrendered for liquida¬
tion under the terms of the agreement dated March 1, 1938, may surrender
their certificates of preferred stock for liquidation by forwarding the same
to the Peoples-Pittsburgh Trust Co., trustee, at Pittsburgh, Pa.—V. 146,
p. 3515.
.
Plymouth Oil Co.—Earnings—
Period End. May 31—
x
1938—Month—1937
$206,511
$231,139
1,018,400
Net income
Shares capital stock
1938—5 Mos.—1937
$1,160,742
$1,101,085
1,050,000
1,018,400
$1.14
Earnings per share
$965,818
5,704
274,405
1937
1936
$
Assets—
x
After
depletion,
depreciation
and
Federal
income
1,050,000
1.05
■' •-,/•
Poli-New
146
taxes.—V.
3516.
P.
Net
transferred
balance....
Marquette Ry.—To Pay June Interest—
Other income.
7
11
Railway oper. income.
two
cars,
Jany 29—V.12 o'clock noon, (Daylight Standard Time), on
up to 146, p. 3965.
Period End.
_
purchase of $6,330,000 equipment
electric passenger locomotives, the
Pere
$412,307
99,378
Total oper. expense.
Net operating revenue-
the construction of 1,000 gondola cars, eight
to finance
freight
type
3,787
173,390
Transportation
Pennsylvania RR.—To Sell $5,330,000 Trust Certificates
special
96.864
Traffic
3352.
p.
The company has invited bids for the
a
10,423
17,472
Expenses—
Deficit
trust certificates
$237,172
284,588
10,597
11,775
5.144
Incidental
$7,408,081; investments,
(at cost), $672,512; special deposits, $6,953; bond discount and expense in
process of amortization, $220,054; prepaid accounts and deferred items,
$114,145; cash in banks and on hand, $164,290; working funds, $3,700;
accounts
receivable (less, reserve for uncollectible accounts $44,237),
$199,580; unbilled revenue (estimated), $10,000; due from affiliated com¬
panies, $15,548; materials and supplies, $104,157; total, $8,919,024.
Liabilities—7% cumulative 1st preferred stock ($100 par), $1,500,000;
common stock (par $10), $1,200,000; preferred stock of subsidiary com¬
panies, $199,200; funded debt, $4,216,000; deferred liabilities, $1,331;
accounts payable,
$25,897; accrued interest on funded debt, $62,301;
customers' security deposits and interest accrued thereon, $17,744; accrued
taxes,
$59,826; dividends payable, $3,112; due to affiliated company,
$1,095; other current liabilities, $12,477; reserves, $1,527,563; earned
surplus, $92,473; total, $8,919,024.—V. 146, p. 3352.
1934
1935
$227,108
261,951
9,206
14,072
$228,407.
253,082
$234,874
247,780
10,639
—
Includes surtax.
Consolidated Balance Sheet, Dec. 31, 1937
Years
1936
71,661
Freight
-——
Mail, express, &c
Balance, deficit......
Assets—Plant, property, rights, franchises, &c.,
Calendar
$511,685
Passenger
105,000
x
Account for
13,732,201
18,392
$62,790
105,000
'
$0.0208
*937
$75,045
on
1934
2,848,058
75,357,547
kms-
Av. length of haui,
pref. stock....
Net income...
1935
2,790,474
72,869,713
Aver. receipts per pass..
Av. rec. p. pass. p. km__
Revenue—
Divs.
1936
2,544,846
64,964,362
1937
carried..
Total
19,673
Net earnings
less
3018.
$982,500; total, $1,414,004.—V. 145, p.
1934
1935
1936
1937
Operating revenues
Non-operating income.
§1.973;
S3,388;
sundry accounts payable and accruals, $6,813; funded debt, $520,000;
other liabilities, $21,322; reserve for contingencies, $5,228; capita! stock
Pennsylvania Gas & Electric Co. (& Subs.)—Earnings
Calendar Years—
royalties
accrued
counsel, and John W. Hicks Jr., Vice-President in
charge of foreign affairs of Paramount Pictures, were on June 21, elected
directors of the company and the retiring directors were reelected by more
Weisl,
L.
30, 1938, $50,000; accrued wages payable,
and commissions, $1,724; accrued _interest,
instalment due Sept.
Inc.—New Directors—
Paramount Pictures,
Edwin
June 25. 1938
Chronicle
■
England Theatres, Inc.—Tenders—
The New York Trust Co., will until July 20 receive bids for the sale
of sufficient 1st mtge. bonds due Nov. 15, 1958 to exhaust the sum
$87,316 at prices not exceeding the redemption price.—V. 137, p. 4370.
it
Income
bal.
transfer-
able to profit & loss.def$297,795
—V.146, p.3814.
$66,776df$l ,786,521
$962,957
f
The
directors
have
declared
dividend
of
10
share on the
common stock, no par value, payable July 25 to holders of record July 1.
This compares with 20 cents paid on April 25, last; 25 cents paid on Jan. 25,
last; 15 cents paid on Oct. 25, last; 20 cents paid in each of the two pre¬
ceding quarters; 25 cents paid on Jan. 25, 1937; 15 cents paid on Oct. 26,
1936; 20 cents paid on July 25 and April 25, 1936, and 25 cents paid on
Jan. 25, 1936—V. 146, p. 3815.
a
Pond Creek Pocahontas Co.—ProductionMonth of—
Philadelphia Co.—Dividend Halved—
cents
per
payable July 1
cover
the accumulation
a
dividend of $3 per share on the first preferred
to holders
on
of record
June
17.
Portland Gas & Coke
Period End. May 31—
Operating revenues
Oper. exps., incl. taxes._
Prop, retire, res. approp.
these shares from Jan. 1,1938 to June
Philadelphia Rapid Transit Co.—Hearings Concluded—
V^ngSt°n inc^catec^ as hearings were concluded June 23.
Years Ended April 30—
1937
$730,465
565,402
$146,028
68,982
46,059
$165,063
prof$30.988
Gross profit on sales..
Shipping and selling
Administrative
exp.
expenses
Operating loss
Special charges.
103,254
Net operating loss.
Other
Co.—Earnings—
1938
$808,956
662,927
Net sales..
Cost of goods sold
1936
1935
$258,197
226,053
$312,937
209,154
124,885
51,834
$32,143
48,166
38,507
$103,783
53,081
62,530
$11,656
204,872
$54,520
48,270
$11,828
171,809
$183,638
$72,266
$216,528
$102,799
Dr31,516
Dt 9,774
Dr 8.515
$118,564
67,455
$248,044
68,263
$112,573
69,136
$192,154
70,935
$186,019
Depreciation
Net loss..
Net loss per share
$316,308
$0.96
$181,710
$0.58
$263,089
$0.85
$0.54
Balance Sheet April 30, 1938
Assets
Gash
in
banks
and
hand, $21,782; accounts and notes re¬
inventories, $103,470; containers, $552;
prepaid accets, $6,329; fixed assets, $1,209,818; goodwill, patents, trade51: other assets, $24,335; total assets, $1,414,004.
Liamlxtxes—Trade accounts payable, $29,049; notes payable, secured by
accounts receivable pledged, $25,100; reserve for taxes, $33,922; 1st
mtge.
ceivable,
$47,717;
on
merchandise
'
1938—12 Mos.—1937
$3,405,120 $3,365,078
2,384,324
2,362,422
275,000
260,416
LY407
$745,796
Dr3,980
$742,240
Dr4,597
Int. on mortgage bonds.
Other int. & deductions.
$53,364
40,604
4,416
$58,351
40,604
4,170
$741,816
487,250
50,419
$737,643
487,250
50,738
Int. charged to constr'n.
CY5
$8,349
$13,577
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$204,782
$199,655
430,167
430,167
Gross income
Net
x
income
CY635
$225,385
$230,512
x
Dividends accumulated and unpaid to May 31, 1938, amounted to
Latest dividends, amounting to $1.25 a share on 7% preferred
$1,872,033.
stock and $1.07 a share on 6% preferred stock, were paid on Dec. 24, 1937.
Dividends
miscell.
Net loss before deprec.
Co.—Earnings—
1938—Month—1937
$273,693
$274,218
196,988
192,544
22,916
22,916
$58,758
Balance,
Dr46,298
(less
inc.
charges)
May, 1937
138.629
Dr425
30,1938.—
The Pennsylvania Public Utility Commission will hand down a decision
the pending P. R. T. plan of reorganization in the early part of August,
Pines Winterfront
82,945
$53,789
Net oper. revenues
Other income (net)
on
3965
Apr., 1938
This dividend will
V. 146, p. 3676.
vTIb
May, 1938
52,520
Coal mined (tons)
—V. 146, p. 3677.
Philadelphia Dairy Products Co., Inc.—Accumul. Div.
The directors have declared
stock,
to
of
deficit
on
these stocks
are
cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended May 31, 1938 and 1937.-—V. 146, p. 3516.
Pressed Steel Car Co.,
Inc.—Application Approved—
Chicago Stock Exchange has approved tne application of the com¬
list the following securities: 268,496 shares 5% cumulative con¬
vertible first preferred stock, par value $5 (cumulative from Jan. 1, 1939);
75,457 shares 5% convertible second preferred stock, par value $100 (cumu¬
lative from Jan. 1, 1939, if earned); 925,078 shares common stock, par
value $1; 18,435 shares stamped common stock, par value $1.
These securities will be admitted to trading upon notice of registration
Tn
pany, to
under the
stock
now
Securities
p.
shares of the common
notice of issuance and
Securities Exchange Act of 1934.—V. 146,
Exchange Act of 1934; those
unissued will be admitted to trading upon
notice of registration under the
3029.
Prudential Investing
The directors have declared
Corp.—Dividend Reduced—
a
dividend of three cents per share on the
stock, par $1, payable July 1 to holders of record June 20.
This
compares with five cents paid on April 1, last; six cents paid on Dec. 28,
last; 7H cents paid on Oct. 1, last; 10 cents paid on July 1, 1937; 15 cents
paid on April 1, 1937, and dividends totaling 55 cents per share distributed
during the year 1936.—V. 145, p. 4126.
'
common
Volume
Financial
146
Porto Rico Power
1937
1936
1935
1934
$691,947
187,876
$692,663
$697,793
177,398
$633,669
"5.666
"5,000
90,000
90,000
186,486
and
on
bonds
debentures
13,472
pref. stock
common
stock-
11,890
$393,132
$411,461
70,000
240,000
Dr4,137
$90,808
64,563
on
on
12,417
$397,704
70,000
240,000
Cr5,209
Divs.
Divs.
13,472
$395,599
70,000
240,000
Net profit
$83,567
1,021,278
70,000
240,000
Adjustment applicable to
Balance, surplus
Previous surplus
Loss
on
amt.
sale
of prop.
Dr92,832
$83,132
938,146
$8,629
929,516
,
&
off capital
writ,
assets, less proportion
of deprec. reserve
$155,372
Consolidated
$64,563
Balance Sheet
Dec.
St.
The
31,
$938,146
Jersey (& Subs.)—Earns.
7,248,412
Commerce
Oommisson
June
on
10 issued
a
certificate
St. Louis Screw & Bolt Co.—Accumulated Dividend—
paid on June 25, 19,
anddividends of $1.75 were paid on June 1, May 1, March 22 and Feb.
1,
1937, Nov. 1, Aug. 1, May 22 and Feb. 29, 1936, and on Nov.
30, 1935.
Accumulations after the current payment will amount to
$14 per share.—
V. 146, p. 609.
Period Ended June 11— 1938—4 Weeks—1937
Sales.
Stores
Period End. May 31—
1938—Month—1937
1938—12 Mos.—1937
Gross earnings.
$10,046,604 $10,332,180 $126937,321 $124781,698
Oper. exps., maint., de¬
7,491,043
Louis-San Francisco Ry.—Abandonment—
Interstate
The directors have declared a dividend of
$5.25 per share on account of
accumulations on the 7% cum. pref.
stock, par $100, payable June 25 to
holders of record June 21.
Dividends of $1.75 were paid on Feb. 1, last,
Nov. 1 and on Aug. 1, 1937 a dividend of
$7 was
1937
V. 144, p.4196.
prec. &taxes
on
Safeway Stores, Inc.—Sales—
$1,021,278
Assets—Land, buildings and plant, $8,155,866; goodwill, franchises,
water rights, &c., $858,188; refunding mortgage bonds of
company pur¬
chased for sinking fund, $102,857; cash on hand and in banks, $70,636;
accounts and notes receivable, $837,372; materials and
supplies, $153,348;
unamortized discount on bonds and debentures, $240,622; prepaid insur¬
ance, taxes and other deferred accounts, $71,573; total, $10,490,565.
Liabilities—7% cum. pref. shares ($100 par), $1,000,000; common shares
($100 par), $3,000,000; refunding mtge. 5% bonds, due 1962,
$924,666;
6% 20-year debentures, $1,074,000; 5% 2^-year secured notes, due 1939,
$1,500,000; accounts payable, $147,332; employees' and consumers' de¬
posits with interest accrued thereon, $361,818; interest accrued on funded
debt, $30,059; dividend payable Jan. 3, 1938, on pref. stock, $17,500;
reserves,
$2,279,816; earned surplus, $155,372; total, $10,490,565.—
Public Service Corp. of New
paid
permitting abandonment of operation by the trustees of the company of
part of the Empire branch line of road
extending from the Warrior River
to the northerly end of the
branch, near Sipsey, approximately 1.95 miles,
all in Walker
County, Ala.—V. 146, p. 3969.
1,040,283
Surplus.*.
4129
cents was
seven
Jan. 15, last; one of 27 cents was paid
on July
30,1937; one of seven cents was paid on Jan. 15,1937; 12 cents paid
on July 25,
1936, and extra dividends of four cents per share were paid on
Jan. 15. 1936, and on July 25, 1935.—V.
145, p. 4127.
182,986
22,333
5,003
19,845
5,000
90,000
__
Directors' fees..
Prov. for contingencies.
Amort, of disct.
An extra of
Co., Ltd. (& Subs.)—Earnings-
Calendar Years—
Net profit from opera'ns
after deprec. & taxes._
Interest on funded debt.
Other interest
Chronicle
91,915,326
—V.
__
m
146,
p.
1938—24 Weeks—1937
$28,311,390 $29,390,387$165,838,201$170,896,031
-
operation.
3,251
3,330
3678.
San Francisco
Bay-Toll Bridge Co.—Plans Revamping—
Reorganization Planned—Inability to Meet Interest and Sinking
Fund Requirements Forces Move—
The inability of the company to meet interest and
sinking fund require¬
$4,303,000 first mortgage 6M% bonds and $2,000,000 debenture
outstanding, has resulted in a proposed 77-B reorganization of the com¬
pany and a transfer of control from stock to bondholders.
The company has filed an
application with the California Corporation
Commission, asking authority to solicit deposit of debentures, the same
authority being asked in behalf of first mortgage bonds by a bondholders'
committee already formed.
The Commission will hold
ments on
7s
public
June 29.
,
•
•
hearings
-
The company in a recent statement to the California
Railroad Commission
attributed part of its financial difficulties to decreased revenues
caused by
competition of the San Francisco-Oakland Bay Bridge and the San Fran¬
cisco-Oakland ferry route with its present low tariffs.
Applications of the company and the bondholders' committee indicate
a 77-B reorganization has been decided
upon between the two groups
86,095,602
that
Net inc. from oper... $2,555,561
Bal. for divs. & surplus..
1,577,314
$3,083,768 $35,021,994 $38,686,096
2,032,918
22,819,715
25,215,852
and the details of the proposed
corporate set-up have been determined.
Terms of Plan
Another 50-Cent Common Dividend—
Directors
Under the proposed reorganization plan, holders of first
June 21 declared a dividend of 50 cents per share on the
payable Sept. 30 to holder* of record Sept. 1. A like amount
which was declared on May 17, last, will be paid oa June 20, and
previously
regular quarterly dividends of 65 cents per share were distributed.
See
also V. 146, p. 3355.
on
common stock
Public Service Co. of New
Period End. May 31—
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
_
.
-
Federal taxes (incl. inc.)
Net oper.
.
Hampshire—Earnings—
1938—Month—1937
$465,251
$466,227
208,086
210,458
78,170
75,605
1,402
2,973
23,009
21,036
21, cm
given
$5,795,085
2,828,184
808,273
24,213
173,089
300,199
Holders or present 7% debentures would receive $250 new series B
4%
income bonds and would be given 22 shares of class A
($5 par) stock for
each $1,000 of debentures held.
Holders of 8,705 shares ($100 par) 8% preferred stock would be
1.6 shares of
1938—12 Mos.—1937
$6,090,919
2,923,615
888,014
44,751
mortgage 6lA%
bonds would receive an even
exchange of 2% fixed, 3% income bonds and
would be given 20 shares of a new class A stock
($5 par) for each $1,000
of first mortgage bonds held.
new class A stock for each share of
preferred held.
Holders of 128,650 shares of 1-cent par common stock now
outstanding
would be given one share of new class A stock for each 100 shares of common
now
held.
The capital structure of the company would be scaled down from a total
of
$7,174,786
outstanding to a proposed $5,531,774 under the re¬
The new set-up would include in addition to series A
145.274H shares of class A stock, 240,150 shares of
trustees' class B stock, to be given the trustee under the new indenture and
to be voted by the trustee in accordance with instructions from a
majority
of holders of bonds to be outstanding.
The reorganization plan agreed upon by the company and the first
mortgage bondholders' committee is designed to reduce the company's
annual fixed charges and to transfer control of the company to the bond¬
holders.
Under the proposal, present bondholders would own 60% of the
proposed class A stock issue and would have voting power over the proposed
now
organization plan.
and series B bonds and
$154,584
$156,155
$1,934,340
2,470
1,591
44,320
$157,054
$157,746
56,018
Cr2,887
9,075
9,200
$1,978,660
672,212
CY13.902
108,784
$1,996,681
56,018
GV760
$92,721
$52,176
income
$95,415
$52,176
$1,211,566
$624,036
$1,167,207
$591,329
Non-oper. inc., net....
Gross income
Bond interest
Other interest, net
Other deductions.
$1,961,326
35,355
645,222
7,859
111,093
65,300
Prov. for special reserve
class B stock.
Net income...
Pref. div. requirements.
Note—Figures for all periods include operations of the former wholly
owned subsidiary, Manchester Street Ry.f which was
merged with this
company as at Dec. 1, 1937.—V. 146, p. 3677.
Interest and sinking fund requirements on outstanding bonds aggregate
$384,755 for 1938.
Under the proposed plan, only $86,060 would be
required annually for the 2% fixed interest on class A bonds.
The 3%
income interest on class A bonds and 4% income interest on class B bonds
would be payable only if earned and if other requirements of the proposed
indenture of the new bonds are met.
Dividends on class A stock
would be paid only after retirement of all class A bonds and after cumulative
on class B bonds had been paid and established reserves set up.
Another feature of the proposed reorganization would be the effective
trust
Reading Co.—Earnings—
Period End. May 31—
Ry.
Ry.
oper. revenues
oper. expenses
Net
1938—Month—1937
1938—5 Mos.—1937
$4,117,079
$4,784,092 $19,531,833
$6,558,771
2,825,728
3,423,733
15,188,403
17,806,056
from ry.oper.
$1,291,351
Railway tax accruals...
340,380
rev.
$1,360,359
416,577
$4,343,430
1,428,316
$950,971
18,823
6,966
$943,782
43,600
3,637
$2,915,114
106,952
033,137
$6,363,540
99,653
3,610
$976,760
$991,019
$3,055,203
$6,466,803
Ry. oper. income
Equipment rents (net)..
Joint facility rents (net).
Net ry .oper. income..
—V. 146, p. 3517.
$8,782,715
2,419,175
dividends
lengthening of bond maturities.
Schumacher Wall Board
a dividend of 50 cents per share on the $2
partic. pref. stock, no par value, payable July 15 to holders of record
July 5. A like payment was made on Aug. 16, May 15 and on Feb. 15,1937,
this latter being the first dividend paid since May 15, 1932, when a regular
quarterly dividend of like amount was distributed.—V. 146, p. 1416.
Schuyler Hudson Corp.—Registers with SEC—
See list given on
dividend of 10 cents per share on the common
stock (not 15 cents as stated in last weeks "Chronicle"
page 3966), payable
paid
and Aug. 1, 1936.
V. 146, p. 3202.
was
Aug. 2, May 1 and on Feb. 1, 1937, and on Nov. 2,
A special dividend of $2 was paid on Dec. 23, 1936.—
on
declared
common
stock
June 20.
Dividends of
(25 cents
one
of this department.
Directors at a meeting held June 22 decided to postpone payment of
the dividend usually due at this time on the 5% cum. pref. stock.
A
regular quarterly dividend of $1.25 per share was paid on March 31 last.
—V. 146, p. 2708.
Securities
have
page
Seagrave Corp.—Preferred Dividend Postponed—
Republic Investors Fund, Inc.—Dividend—
Directors
first
a
Aug. 1 to holders of record July 21. Previously regular quarterly dividends
of 15 cents per share were distributed.
In addition, an extra dividend of
10 cents
Corp.—Accumulated Dividend
The directors have declared
cum.
Reliance Mfg. Co.—Corrected Dividend Record—
Directors have declared
Present first mortgage bonds are due in
Under the proposed plan, maturities
14i, p. 766.
1957 and debentures mature in 1942.
of both class A and class B bonds would be June 1, 1977.—V.
a
dividend
of one-half cent
per
share
on
the
par value), payable July 1 to holders of record
cent per share were paid on Dec. 24 and on
July 1.
1937.—V. 146, p. 1087.
Acceptance Corp.—Earnings-
Period End. May 31—
x
Net income
y
1938—Month—1937
$14,890
$18,271
Earnings per share
x
-
.
1938—5 Mos.—1937
$91,201
$77,114
$0.55
After all charges and taxes,
y
$0.46
On 144,013 shares of common stock.—
V.146, P.3820.
Reynolds
77-B
In
Investing Co., Inc.—Placed
of Bankruptcy Act—New Directors—
signing
Under
Section
formal order at Newark, N. J., June 22, placing the com¬
pany under the provisions of Section 77-B of the Federal
Bankruptcy Act,
Federal Judge Guy L. Fake also issued a restraining order
prohibiting legal
action on claims by creditors of the concern.
The signing followed an agreement between counsel for
petitioners for a
reorganization of the company and attorneys for officers of the
company
inducted on March 18, who opposed the 77-B action.
George Furst,
attorney for the petitioners, who hold $21,000 of the company's
debentures,
and Merritt Lane of counsel for the officers, consummated the
agreement.
Judge Fake also enjoined any persons, firms, associations and corpora¬
tions from removing transferring or disposing of the
company's property,
except by order of the board of directors or its agents, acting at the direction
a
of the court.
Federal Judge Guy Fake also approved an order
authorizing a new board
The new board includes Irving Rossi, the
of directors.
company's Presi¬
dent, Arthur T. Vanderbilt, President of the American Bar Association;
Fred G. Stickle Jr., former Essex County, N. J.
Judge, and Charles F.
Lynch, former Federal Judge.—V. 146, p. 3966.
Richmond
Fredericksburg & Potomac RR.—Dividends
Reduced—
Directors have declared
dividend of 50 cents per share on the
voting
and non-voting common shares and on the dividend
obligation stock all
payable June 30 to holders of record June 18. Previously regular semi-annual
dividends of $2 per share were distributed.—V. 146, p. 3518.
a
(H. W.) Rickel & Co.—Extra Dividend—
The directors have declared an extra dividend of 12 cents
per share in
addition to tne
common
regular semi-annual dividend of eight cents per share on the
stock, par $2, both payable July 25 to holders of record July 1.
Securities
Corporation General—Earnings—
1937
Calendar Years—
1935
1936
1934
Income from;
Int. on bonds-
—
Other interest
Total..
Int.
on
loans payable—
Taxes, salaries & gen. exp
Fed. capital stock tax..
Net income
Credit
forward
x$61,524
19,779
x$61,640
$55,913
12,926
9,350
$92,435
8,239
22,437
$81,303
$74,566
3,473
32,120
$65,263
1,269
21,370
$61,758
3,438,625
Int. & divs. on invest.
$37,008
3,466,929
$38,974
2,974,733
$41,370
2,989,135
x$66,869
22,225
3,340
4,298
38,247
1,750
1,254
Surplus arising from re¬
duction stated value of
pref. stock to basis of
declared
cents
per
value
of
50
442,152
share
Miscellaneous credits..
y52,431
_
$3,508,290
$3,030,505
$3,500,383
Miscellaneous debits—
750
Excess of cost over stated
val. of cum. preferred
stock retired
28,016
$3,503,938
Divs, paid—pref. stock.
55,651
65,263
41,361
55,771
Surp. at end of period
$3,415,966
$3,438,625
$3,466,929
$2,974,733
Total
50
-
x Dividends only,
y Excess of stated value over cost of 237 shares of
cumul. pref. stock, $7 series, and 713 shares of cumul. pref. stock, $6 series,,
held in treasury—now retired.
>
Financial
4130
Chronicle
June 25, 1938
Consolidated Balance Sheet Dec. 31
Balance Sheet Dec. 31, 1937
Assets—Investments at cost, $4,356,412; cash in banks, $54,144; accrued
interest and dividends receivable, $6,850; prepaid insurance, $375; funds in
closed bank, (less reserve $2,500), $1,133; total, $4,418,914.
Liabilities—Loans payable to banks, $195,000; miscell. accounts
payable,
Trust—Earnings—
$226,340
8,762
*37 Feb. 29. *36 Feb. 28. '35
$269,475
$206,135
$207,181
Drl0,395
91,327
132,689
$259,080
$297,462
$339,870
29,759
221,305
Profit-.---
x32,053
233,674
24,737
23,400
243,654
Current operating exps.,
including taxes
Interest paid and accr.
-
241,915
Dep.
rec.
$15,962
$6,647 prof$30,808 prof$72,816
Including $1,850 provision for Federal surtax on undistributed profits.
1938
$170,739
Prov.
7,981
4,433.896
Prov.
2,884,616
interest
for
1937
Federal
for
$1,850
Federal
$2,321
capital stk. tax.
Accr. int. on Junior
2,333
value
454,108
388,662
3,605,000
960,000
43,434
960,000
Junior notes
39,842
Surplus
Unreal,
deprec. of
securities
Z)rl,167,645
int.
mining
in
cap.
332,573
224,954
146,844
135,051
Cap. stock (par $1)
1,760,000
14.447
Consol. cap. surp.
Consolld'd earned
6,945
6,945
2,406,218
2.074,567
stock & surp. of
sub.
cos.—book
value
Tax ref. and claims
""ill
Sundry lnvestm'ts
Mining prop., rts.,
claims, &c
1,615
surplus
791,419
787,052
&c_ 2,619,533
2.334,715
hydro-
equipment,
Def. chgs. & other
assets
55,970
-
14,015
$3,209,318 $4,612,617
Total
Note—Capital as represented by share capital of 75,000 common shares
no par value; 44,405 (44,105 in 1937) shares issued and outstanding,
and 30,595 (30,895 in 1937) shares issuable on conversion of warrants out¬
standing.—V. 145, p. 3982.
of
Shell Union Oil Corp .—35-Cent
Dividend—
Directors on June 21 declared an interim dividend of 35 cents per share
the company's 13,070,625 outstanding shares of common stock, payable
July 15 to holders of record July 1.
The policy of declaring an interim dividend at mid-year and a final divi¬
$5,687,062 $5,310,567
$5,687,062 $5,310,567
Total
of $12,201 in 1937 and $12,376 in 1936. y After reserves of
$45,998 in 1937 and $41,163 in 1936. z After depreciation and amortization
reserved and for write-off of $1,846,164 in 1937 and $2,108,398 in 1936.
a
Accounts receivable only.—V. 145, p. 3668.
After
reserve
Ry.—Earnings—
Jan. 1 to June i4
1938
1937
—Second Week of June
1938
1937
$2,136,015
Gross earnings (est.)
—V. 146, p. 3972.
Southern Pacific
$3,209,318 $4,612,617
-
of
properties
Min.
interest
Southern
28,800
Senior debentures- 3,346,000
Total
611,374
1,760,000
.
Prospect'g, other
ad vs., &c., lncl.
x
surtax
re¬
ceivable
Securities
746,422
for
employees—
Total....
1938
LiabUUies—
1937
$324,702
Cash in bank
188,485
Res. for contings.
Res.
agst. stated
Funds on dep.
Balance Sheet Feb. 28
Accr.
13,439
310,481
122,867
1,707
elec. pl't, bldgs.,
loss from opera¬
tions of year......
Assets—
17,800
340,991
Accrued expenses.
2,219
supplies (at cost)
Dredges,
22,917
129,661
7,524
Sundry accts. pay.
96,202
4,339
(empl.)
cost,which is less
than market)
accrued
16,608
95,740
wages
228,620
Inv, of bullion (at
y
$185,174
&
135,839
Colom¬
with
salaries
a31,003
bian Govt
z
Net
x
Accts.
Feb. 28, '38 Feb. 28,
—
Net profit on secur. sold-
incl. accr.
int., at cost
Notes & accts.rec
Inv. of materials &
$235,102
Years Ended—
Int. &divs. received--
secure,
x
$173,470
Accrued taxes..—
Accr.
1936
1937
Liabilities—
1936
$1,117,443 $1,079,186
Inv.in U. S. Govt.
$385; provision for Federal and 8tate taxes, $8,065; dividends on pref. stocks
payable Feb. 1, 1938,. $10,508; general reserve, $340,945: $7 cumul. pref.
stock (1,890 shs. no par), $94,500; $6 cum. pref. stock, 15,764 shs. (no par),
$288,200; 272,500 shares common stock (no par), $136,250; surplus, $3,415,966; less corporation's own preferred stock repurchased and held in
treasury (17 shares of $7 series and 944 shares of $6 series at cost), Dr.
$70,905; total, $4,418,914—V. 144. p. 4360.
Shawmut Bank Investment
1937
Assets—
Cash
$2,474,943 $50,345,620 $62,207,606-
Lines—Earnings—
1938—Month—1937
1938—5 Mos.—1937
Ry. operating re venues .$15,950,317 $18,054,376 $75,737,088 $92,403,829
Ry. operating expenses. 13,041,321
14,644,449
65,187,613
71,626.164
Period End. May 31—
$3,409,926 $10,549,474 $20,777,664
1,432,994
7,560,451
6,901,701
894,894
4,069,670
4,086,051
58,841
329,084
313,952
Net rev. fromry.opers $2,908,996
Railway tax accruals—.
1,564,971
Equip, rents (net)
866,541
Joint facility rents (net)
59,165
-
on
Net ry. oper. income.
-V. 146, p. 3523.
dend at the close of the year was inaugurated by
In view of present uncertain conditions prevailing,
the company last year.
the directors considered
it prudent at this time to follow a conservative policy, and to limit the mid¬
year to 35 cents per share on the common stock.
Earnings of the company during the first six months of this year, while
less than earnings during the corresponding period of 1937, are expected to
be in excess of the common and preferred dividend payments.
Dividends of 50 cents were paid on Dec. 20 and on July 15, 1937, and a
dividend of 25 cents was paid on Dec. 15, 1936, this latter being the first
dividend paid on the common stock since 1930.—V. 146, p. 2709.
Southern Weaving Co.—To
Sierra Pacific Power
Period End. May 31—
Operating revenues
Co.—Earnings—
1933—Month—1937
$152,862
$139,833
1938—12 Mos.—1937
$1,924,138
$1,754,310
$9,475,960
Pay 20-Cent Dividend
the com¬
value, payable June 30 to holders of record June 27.
This compares with $1 paid on Dec. 21 last; 50 cents paid on June 30, 1937;
$3 was paid on Dec. 21, 1936; 30 cents paid on June 30, 1936, and on Dec.
31, 1935; 75 cents per share paid on June 29, 1935 and on Dec. 31, 1934;
50 cents on June 30, 1934, and $1 per share on Dec. 31, 1933; 20 cents per
share paid on June 30, 1933, and 35 cents per share previously distributed
each six months.—V. 145, p. 4128.
stock,
no
par
Southwestern Associated
after July 15,
1938 have been called for redemption on July 15 at 101 and accrued interest.
Payment will be made at the Bank of the Manhattan Co.—V. 145, p. 449.
$1,023,197 df$l,409.731
The directors have declared a dividend of 20 cents per share on
mon
Shippers Car Line Corp.—Certificates Called—
All of the outstanding 5% gold certificates series H maturing
$418,318
Telephone Co. (& Subs.)—
Calendar Years—
1937
Operating revenues
$1,344,464
Prov. for depreciation..
217,990
Oper. expenses & taxes681,460
Net
operating income.
Other income (net)
1936
1935
1934
$1,128,122
207,282
604,327
$997,903
180,411
535,075
$919,476
177,648
501,576
$445,014
-Dr2,766
$316,512
$282,417
653
2,519
$240,251
1,580
$442,248
$317,165
162,500
$284,937
162,500
1,748
$241,832
Gross income after retire¬
ment
Net
accruals
63,336
51,885
_>
income
56,180
45,064
734,358
603,029
681,280
554,082
Note—The above statement includes parent company for period prior to
July 31, 1937.—V. 146, p. 3971.
1
Net earnings
Interest on funded debtGeneral interest
of debt
Amortiz.
King
Coalition
Mines
Co.—Common
Dividend
Directors have decided to omit the dividend ordinarily due at this time
on the capital stock, par $5.
A dividend of 10 cents was paid on April 1,
last; 25 cents paid in each of the four preceding quarters; 15 cents paid on
Jan. 9, 1937 and on Oct. 1, 1936; 10 cents distributed each three months
from Oct. 1,1934 to and including July 1,1936, and 15 cents per share paid
previously quarterly.—V. 146, p. 3356.
Silverwood Dairies,
Ltd.—Initial Preferred Dividend—
Directors have declared an initial dividend of 25 cents per share on the
40 cent cumulative participating preferred stock, no par value, payable
July 15 to holders of record June 30.—V. 145, p. 3983.
Simms Petroleum
Co.—Liquidating Trustees—
On June 15, 1938 petition was filed in the Delaware Court of Chancery
for the appointment of the directors of the corporation as trustees in liquida¬
tion, in accordance with the procedure provided in the Delaware statute.
The Chancellor of the Court on June 15, 1938 appointed as such trustees
Alfred J. Williams, John W. Cunningham and George A. Upham, who
were the directors on that date, the former directors, with the exception of
Alfred J. Williams, having resigned within the past month.
Wilmington Trust Co. has been appointed custodian to hold all funds
received by the trustees, except a small working balance for administration
expenses.
It is proposed that, as and when authorized by the Court on
petition of the trustees, the Wilmington Trust Co. will from time to time
make distributions of available funds to the shareholders.
In paying
Int.
South American Gold & Platinum Co.
Years Ended Dec. 31—
Proceeds from sale
of
1937
1936
1935
1934
$2,180,780
857,654
$1,698,720
649,346
$2,049,165
847,091
metals $1,276,853
13,844
$1,323,126
10,428
$1,049,374
5,723
$1,202,074
17,237
$1,290,697
205,459
$1,333,554
163,169
$1,055,097
129,311
$1,219,311
145,614
178,015
174,237
197,924
107,526
67,402
194,443
205,984
117,296
71,880
158,584
205,496
115,827
90,052
metals
x
$1,986,698
Cost of metals sold, &c.
709,845
Oper. profit
on
Other income
(& Subs.)—
Total income
Expenses
Inc. taxes, exchange ad¬
justments, &c
Deprec. & amortization.
Depletion
Minority interest
Net profit-.
$536,670
352,000
Dividends
Surplus
Earns, per
190,547
108,107
71,900
......
$184,670
$623,297
$336,183
528,000
$503,738
528,000
$95,297 def$191,817
def $24,262
528,000
sh. on 1,760,-
000 shs. cap. stk. (par
$1)
x
12,621
$0.35
$0.19
$0.28
>nths Ended March 31
1938
yEarnings
per share
$130,897
$0.07
1937
$217,416
$0.12
1936
$153,096
$0.08
x After depreciation, depletion, United
States and Colombian income
taxes, minority interest, &c.
y On 1,760,000 shs. capital stock (par $1).
constr.
12,622
Cr319
12,622
Cr58
12,621
Or 10
subsidiary company. _
Misc. deduct, from inc--
17.124
1,492
14,741
3,954
8.903
2,393
10,753
2,784
Net Income---Preferred dividends—_
$246,964
y228,855
$122,842
x91,542
$96,828
$49,380
Cr67
x
Applicable to the period Oct. 1, 1932, to Sept. 30, 1933.
y Including
charged to reserve
dividends.
$144,941 accumulated prior to date of recapitalization
for preferred stock
Consolidated Balance Sheet Dec. 31, 1937
Assets—Telephone plant, equipment, &c., $6,537,502; miscellaneous in¬
vestments, $27,737; debt discount and expense in process of amortization,
$293,448; prepaid accounts and deferred charges, $6,969; cash, $304,070;
working funds, $38,754; special deposits, $2,676; notes receivable, $980; ac¬
counts receivable (less reserve for uncollectible accounts of $10,543), $95,049;
materials and supplies, $211,425; total, $7,518,611.
Liabilities—$6 cumulative preferred stock (issued and outstanding 15,257
no par shares), $1,395,080; common stock (issued and outstanding 42,000
shares—stated value), $1,050,000; minority interest in common stock and
surplus of subsidiary company, $171,430; 1st mortgage 5% gold bonds, series
A, $3,250,000; accounts payable, $65,731; accrued interest, $40*625; pre¬
ferred-stock dividends payable, $22,885; general taxes, $41,245; Federal
Income taxes, $43,954; miscellaneous current liabilities, $21,746; reserves,
$1,256,164; contributions of telephone plant, $15,756; earned surplus since
Jan. 31. 1937, $143,994; total, $7,518,611.—V. 146, p. 3523.
Southwestern
Bell Telephone
Co.—Plans $30,000,000
Bond Issue—
The company filed on June 23 with the SEC a registration statement
under the Securities Act of 1933 covering $30,000,000 1st & ref. mtge. 3%
bonds, series C, due on July 1, 1968.
Net proceeds are to be used to reimburse
the company's treasury for
past expenditures for extensions and improvements to its plant and for
retirement of funded debt.
The company then intends to use $25,053,325
of its treasury funds for the redemption at 115 of an outstanding issue
of $21,785,500 7% cum. pref. stock, and will repay advances received
from American Telephone & Telegraph Co. since June 23, 1937, which
used for extensions, additions and improvements.
Of the issue $1,100,000 is to be sold, without underwriting discounts,
the Bankers Trust Co., New York, as trustee of the pension funds
were
to
by certain affiliated companies of the registrant.
The re¬
publicly.
The price to the public,
underwriters, underwriting discounts or commissions and re¬
demption provisions are to be supplied by amendment to the registration
statement.—V. 146, p. 3972, 3821.
established
mainder of the bonds will be offered
names
of
Spokane International Ry.—Reorganization Plan—
A
plan of reorganization for the Spokane International Ry. and the
& Fend d'Oreille Ry., calling for the merger of the two
Coeur d'Alene
properties, the wiping out of capital stock and unsecured claims and the
issuance of 4 H % income bond? and new common stock to the bondholders,
was approved June 14 by the Interstate Commerce Commission.
This is
the first approval involving a class I carrier in reorganization under Section
77 of the Federal Bankruptcy Act.
With all 11 commissioners agreeing that the reorganized company should
have no fixed interest debt, the adopted plan provides for the exchange of
contingent interest hearing bonds and stock for present debt, with equity
of stockholders and unsecured claimants being wiped out.
The company,
thus in effect, is to be turned over to the bondholders.
Three members—Commissioners Eastman, Mahaffie and Miller, while
,
$0.30
After adjustment of inventories.
162,500
3,859
Min. com. stockholders'
int. in net income of
liquidating dividends prior to the final distribution, checks will be mailed
to the registered holders of the shares, who will not be required to send in
their certificates.
The Chase National Bank, New York, will continue to act as transfer
agent for the shares, and New York Trust Co. will continue to act as regis¬
trar.
The Committee on Stock List of the New York Stock Exchange nas
determined that the circumstances do not, at the present time, require the
removal of the shares from listing on the Exchange.—V. 146, p. 3521.
charges to
825
disct.
and expenses
Silver
Omitted—
162,500
1,556
.
,
concurring in the decision, said some means of future financing should have
been provided.
Adequate provision for future financing—should be a
feature
of
any
reorganization
plan.
Commissioner Mahaffie remarked.
Volume
Financial
146
while Mr. Eastman said the way should have been left open
of first mortgage
,
for the issuance
bonds for financing.
Standard National
Corp.—Preferred Dividend Deferred—
Directors have decided to defer payment of the dividend ordinarily due
7% preferred stock.
A regular quarterly dividend of
$1.75 per share was paid on April 1, last.—V. 144, p. 120.
The plan of reorganization as approved provides as follows:
(A)
4131
Chronicle
at this time on the
The effective date of the plan shall be Jan. 1, 1938.
The properties of the debtor and intervening debtor shall be merged
by transfer of same to the reorganized debtor or to a new
corporation created for the purpose of this reorganization.
Dividend Decreased—
(C) The capitalization, after consummation of the plan, shall consist
substantially of $2,846,400 of income-mortgage 4}4% bonds, maturing
Jan. 1,2013, and 28,464 shares of common stock (no par).
Directors have declared a dividend of 20 cents per share on the common
stock, par $20 payable July 15 to holders of record June 30.
Previously
regular quarterly dividends of 30 cents per share were distributed.
In
(B)
Standard Wholesale Phosphate & Acid
consolidated
or
The capital stock of the debtor and intervening debtor
(D)
Unsecured claims against the debtor shall
and the
The
new
income-mortgage bonds shall be secured by a
except for the lien of equipment obligations and purchase money
The mortgage shall provide that the principal amount of bonds
(F)
The reorganized debtor shall have corporate authority to issue new
common stock in total amount of 50,000 shares,
(no par) with voting
rights. Of such amount, 28,464 shares shall be issued in the reorganization
for the purpose stated, and additional shares shall be issued in order to
quality directors.
(G) Provision shall be made for the creation of a capital fund into which
payments equal to 3 % of the gross revenues of the reorganized debtor for the
preceding calendar year shall be made annually with the provision that the
amount in such fund shall not exceed $50,000.
The fund shall be available
for the capital cost of additions and betterments to the debtor's or inter¬
vening debtor's property chargeable to road, or to acquisitions of fixed
property. The expenditures so made out of the fund shall not be capitalized
by any issue of securities.
(H) The available net income of the reorganized debtor after fixed
charges shall be determined for each calendar year, as promptly as possible
The available net income for any income period after Jan. 1,
1938, until the new company comes into possession and operation of the
properties, shall be computed as if the new company had come into such
possession on Jan. 1,1938, and had issued, as of that date, the new securities
issuable in the reorganization. The available net income so determined shall
be applied to the following purposes, to the extent that it is sufficient, in
the following order:
(I) To the payment into the capital fund, on or prior to April 1 of each
year, beginning April 1, 1939, of an amount up to, but not exceeding 3%
of the gross revenues of the reorganized debtor during the preceding calendar
year, such payment not to exceed the sum necessary to increase the fund to
$50,000, after appropriate payments for capital expenditures during the
previous year;
(2) Any then remaining available net income shall be applied to the
payment on April 1 of each year, of accumulations, if any, of earned, but
unpaid contingent interest on the income-mortgage bonds then outstanding,
limited to a total accumulation of 13
%; such payment to be followed
by the payment of contingent interest for the preceding calendar year;
(3) Any then remaining available net income, up to J4 of 1% of the
maximum principal amount of the income-mortgage bonds at any time
outstanding, shall be applied, on or prior to April 1 of each year, beginning
April 1,1939, to the sinking fund provided for such bonds;
(4) Any then remaining available net income shall be applied, as the
board of directors of the reorganized company may determine, to dividends
thereafter.
the
stock
other proper corporate purposes.
(I) The $4,200,000 of first mortgage bonds of the debtor, and the $544,000
of first mortgage bonds of the intervening debtor, now outstanding, shall be
common
or to
surrendered
and the mortgages satisfied of record and canceled.
The
accrued and unpaid interest on such bonds, as of the effective date of the
plan, amounting to approximately $1,186,000, shall be included with the
principal obligation, and the holder of each $1,000 bond shall receive, in
satisfaction of all claims for principal and interest $600 of new incomemortgage bonds and six shares of new common stock.
(J) Any new common stock additional to that actually issued in con¬
nection with the reorganization, as above stated, shall not be issued without
be determined by the board of directors.
(K) The reorganized debtor shall be deemed to have assumed such of the
contracts of the debtor which are executory in whole or in part, including
any executory leases and liabilities under guaranties, as shall have been
affirmed by the debtor or the trustee of the estate, with the approval
of the Court and prior to the date of confirmation of the plan, and also any
executory contract made by the debtor or the trustee, with the approval of
the Court, which, by their terms, do not terminate at the conclusion of the
reorganization proceeding.
(L) The plan shall be carried out by a committee of three, of which one
member shall be appointed by the bondholders' committee, one by the
trustee under the debtor's mortgage, and one by the trustee under the inter¬
vening debtor's mortgage. The appointments shall be communicated to the
Court for its consideration, and the entire committee designated by the
Court immediately upon confirmation of the plan. Any vacancy which may
occur in the committee shall be filled through a new appointment
by the
party which had designated the retiring member.
(M) The method of carrying out the plan shall be determined by the
committee in its discretion, subject to approval by the Court and the
committee shall also determine the form, and except as herein otherwise
expressly provided, the provisions of the mortgage, and the bonds, coupons,
charters, bylaws, stock certificates, and all other instruments necessary or
desirable in carrying out the plan.
(N) The plan shall be carried out either by revesting the properties of the
debtor and intervening debtor in the reorganized debtor or by transferring
said properties to a new corporation organized for the purpose, and the
execution by the new corporation of the new mortgages and the issue by it
of the new securities contemplated under the plan. The
existing lease of the
property of the intervening debtor shall be canceled.
(O) The construction of the plan by the Court shall be final and con¬
clusive. The Court may cure any defect, supply any omission, or reconcile
any inconsistency in such manner or to such extent as may be necessary or
expedient in order to carry out the plan effectively.—V. 146, p. 3524.
may
Standard Gas & Electric Co.-
Board
on
■Security Holders to Elect
July 1—Slate Chosen—
Company filed
petition June 16 before the U. S. District Court for the
District of Delaware for authority to hold at Wilmington,
on
July 1,
1938, a special meeting of the stockholders and registered holders of notes
and debentures, for the purpose of electing a new board of directors to
consist of 9 members.
Only holders of record at the close of business June
20, 1938, would be entitled to vote at the meeting.
Bernard W. Lynch, President, announced that the following persons have
been nominated for election as directors by certain of the committees which
during the reorganization proceedings have represented holders of securities
of the respective classes under which the names of such persons appear, or,
in respect of the common stock, by the owner of a majority of the shares of
that stock: Notes and debentures, Hamilton Pell; Prior preference stock,
George N. Armsby, Thomas J. Walker; $4 cumulative preferred stock,
Benjamin L. Allen, John K. MacGowan; Common stock, James Bruce,
Georges F. Doriot, Bernard W. Lynch, Thomas A. O'Hara.
a
Weekly Output—
was
paid on May 25. last.—V. 146,
In addition, an extra dividend of $1 was paid on
P.
Dec. 15, last.—V. 145,
3510.
State Street Investment
Corp.—Div. Again Reduced—
Directors have declared a dividend of 25 cents per share on the common
stock, payable July 15 to holders of record June 30.
A dividend of 50 cents
was paid on April 15 last and
previously regular quarterly dividends of
75 cents per share were distributed.
In addition, a special dividend of
$1.50 was paid on Dec. 22 last, and a special dividend of $20 was paid on
Dec. 19, 1936.—V. 146, p. 2710.
Suburban Electric Securities Co.—Accumulated Div.—
The directors have declared
accumulations
on
dividend of 50 cents per share on account of
a
the $4 cum. 2d pref.
to holders of record June 24.
stock,
value, payable July 1,
April 1 last and
no par
A like amount was paid on
paid on Dec. 29 last, 75 cents paid on Oct. 1, July 1
and April 1, 1937; a dividend of $1 paid on Jan. 4, 1937, and dividends of
50 cents paid on Dec. 19, Oct. 1, July 1, April 1 and Jan. 2, 1936, and on
Oct. 1 and July 1, 1935.—V. 146, p. 2062.
compares with $1.75
Supervised Shares, Inc.—Six-Cent Dividend—
Directors have declared a dividend of six cents per share on the common
stock, payable July 15 to holders of record June 30.
This compares with
8 cents paid on April 15, last; 12 cents paid on Jan. 15 last and dividends
of 15 cents per share paid in the two preceding quarters.—V. 146, p. 2550.
Sylvanite Gold Mines, Ltd.—Earnings—
1938
produced
$2,255,381
compensation
14,538
1937
1936
1935
$2,147,237
28,190
$1,931,892
24,174
$1,584,817
31.774
Total oper. income
$2,269,919
Less: Operating expenses
1,001,570
$2,175,427
884,576
$1,956,066
789,101
59,117
$1,616,592
696,478
53,395
Years End. Mar. 31—
Bullion
Exchange
60,722
60,112
Netoperatingearnings $1,207,627
$1,230,740
Administrative exps__
compared with
the
cor¬
_
$866,719
115,777
27,500
$1,107,848
119,732
41,210
145,000
125,045
160,000
.....
$1,021,417
Common dividends.
824,875
$945,695
824,875
$875,116
659,900
$723,442
659,900
Dr79,707
$120,820
705,303
6,658
JDrl87.502
$215,216
661,504
3,897
Drl75,313
$63,542
713.138
34,938
Drl50,115
$764,866
$645,279
$705,303
$661,504
Beserve for deprec
Reserve for taxes
Profit
Surplus for
$196,542
645,279
year
Previous surplus
Profit on bonds sold
2,753
Devel. chgs. written off.
Balance, forward
V
113,000
Balance Sheet March 31, 1938
Assets—Cash on hand and on deposit,
$310,526; bullion on hand and in
transit, including mint settlements outstanding, $148,782; accounts re¬
ceivable; $3,695, stores and materials, book value, $62,977; bonds and
debentures, at cost, $269,879; buildings, plant, machinery and equipment
$901,768; less: reserve for depreciation, $857,843; mining properties, &c.,
$43,925; mining properties, &t., $1,401,146; shares in, and advances to,
wholly owned subsidiary company, $1,221,157; prepaid expenses and
sundry assets, $22,387; total, $3,484,477.
Liabilities—Accounts payable, $37,515; reserve for taxes, $169,132;
payroll payable, $24,296; Accrued charges, $22,809; reserve for contin¬
gencies, $82,858; subscribed capital,($3,299,500; less: discount on shares,
$916,499;) $2,383,000; profit and loss balance, $764,866; total, $3,484,477.
—V. 146, P. 769.
Ltd.—Earnings—
Taiwan Electric Power Co.,
Statement
of Earnings for the Six Months
Ended Dec. 31, 1937
Yen
General
7,185,434
J'^5,941
I
Operating revenues
Operating expenses
—
expenses—Head office
benefits
Reserve for employees'
1,347,778
200,000
50,000
1,053,001
.....
—
—
Directors' bonus
Depreciations ....
Net
.... —
2,878,714
222,305
operating income
Other income
3,101,019
1,473,982
Gross income
Interests
1,627,037
884,193
Net income
Dividends paid to
public only
Balance Sheet, Dec. 31,
1937
LiamUles—
Yen
Yen
Yen debentures
30,331,534
properties, incl. real
43,707,121
and equips.105,242,384 5J4% dollar bonds
45,750,000
Investments
.....
16,913,240 Capital stock.
Bills and accounts payable..
3,233,076
Uncalled instalment on capital
961,699
stock
2,813,750 Dividends payable
Miscellaneous liabilities
290,483
Cash
8,220,208
1,037,218
Bills and accounts receivable.
417,361 Res. for employees' benefits.
2,143,800
Materials, supplies, &c
2,966,595 Legal reserve
5,269,000
Miscellaneous assets
424,278 Contingency reserve
Sinking funds
444,540 Reserve for equalizing divs__ 5,478,500
Assets—
a
Fixed
estates, plants
—
Reserve for
b Discounts and expenses on
3,651,153
bonds....--------—----
disadvantage on
the rate of exchange
Reserve for the dry season.
Surplus
141,093,609
Total
a
Less depreciations
..
—......
1,350,000
800,000
741,078
141,093.509
b Less amortization of 1,582,318
Total
of 15,863,132 yen.
yens.—V. 142, p. 3014.
Tampa Electric Co.—Earnings—
Period End. May 31—
Operating revenues
Gross income after re
tirement accruals
Net income
—V. 146, p. 3526.
1938—Month—1937
$380,203
$382,268
rt/>0
133,550
132,979
123,968
122,885
1938—12 Mos.—1937
$4,600,206
$4,331,381
1,625,008
1,514,940
Teck-Hughes Gold Mines, Ltd.—Allowed to
Stock from
New York Curb—
Lack of authority under
the Securities Exchange Act of
1,433,221
1,420,918
Withdraw
1934 to prevent
delisting by foreign issuers was admitted by the Securities and Exchange
Commission June 21 in an opinion granting application of the company to
withdraw its capital stock from listing and registration on the New York
C^Mi^oCughfwe may differ
cannot affect our
with the judgment of applicant's directors, this
disposition of the matter in view of our limited powers
under the act respecting this type of application," the
The SEC noted that the company was not shown
Electric output of the public utility operating companies in the Standard
Gas and Electric Co. system for the week ended June 18, 1938 totaled
98,145.797 kilowatt-hours, a decrease of 9.0%
responding week last year.—V. 146, p. 3972.
special dividend of 30 cents
Stanley Works—25-Cent Dividend—
the further authorization of this Commission.
Class I claims, taxes, and the expenses of reorganization, as allowed by
the Court, shall be paid in cash.
Such claims and expenses, where not so
paid by the debtor or the trustee, and any claims not affected by the plan,
shall be assumed by the reorganized debtor, or adjusted or compromised
as
a
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 30 to holders of record June 15.
This compares with
regular quarterly dividends of 40 cents per share previously distributed.
liens.
to be
be issued
only for the following purposes:
(a) in partial exchange for the present
bonds of the debtor and intervening debtor, $2,846,400, principal amount;
and (b) for future capital purposes as may be authorized by this Com¬
mission.
The new bonds shall be redeemable on any interest date at the
principal thereof and accrued and accumulated interest, if any.
Provision
shall be made in the indenture for the creation of a sinking fund for the
purchase of the income bonds at not exceeding their redemption value.
issued thereunder be limited to $3,500,000, and that they may
on
addition,
P. 3358.
be canceled.
first lien on
all the fixed properties and equipment of the debtor and intervening debtor,
shall be dated as of Jan. 1, 1938, shall mature Jan. 1, 2013, and shall bear
interest at the rate of 4^% per annum, cumulative against available net'
income, if earned and not paid, up to a maximum of 13
%. The mortgage
shall provide that all physical property acquired by the reorganized debtor
subsequent to the date of reorganization shall be subject to the same lien,
(E)
Works, Inc.—
commission said.
to have any other
the expense incident to compliance
assistant treasurer of the company
testified before the commission that such expense ran between $300 and
$400 annually.—V. 146, P 2710.
motive in seeking delisting than to save
with the Securities Exchange Act.
The
4132
Financial
Tennessee Electric Power
1938—Month—1937
1938—12 Afos.—1937
$1,342,208
$1,340,300 $16,240,437 $15,617,962
xOper. exps. & taxes...
775,273
807,247
9,453,262
9,303,498
Prov. for depreciation..
105,000 I
105,000
1,260,000
1,260,000
revenue.
.
Gross income
$461,936
236,404
Net
on
$5,054,465
2,728,855
$203,374
$2,700,132
129,517
1,550,850
$2,325,609
1,551,035
$96,047
pref. stock.
$5,527,174
2,827,042
129,484
income.
Dlvs.
$428,053
224,678
$225,531
Int. & other fixed chgs..
$73,856
$1,149,282
$774,574
Period End. May 31
Operating revenues
Operating expenses
State & municipal taxes
No provision was made in
x
1936 or 1937 for Federal surtax on undis¬
all taxable income was distributed.—V. 146, p. 3526.
tributed profits as
Tennessee
TVA
Public
Service
Co.—Bondholders
to
Take
of the recent TVA offer of 97
for the
company's bonds.
Security
holders of the company are confronted with the necessity of taking the best
price obtainable for their property or of facing the competition, Mr. Lamar
view of the
competitive threat, Mr. Lamar said, the management
of Tennessee Public Service regarded the deposit of bonds with the Guaranty
Trust Co., agent of the TVA, as in the best interests of the bondholders
and
$ 46,041
$2,411,353
1,608,343
167,375
6,928
52,587
$527,784
41,833
$576,120
29,778
$45,682
42
983
income
11,161
Other interest
11,161
7,457
2,783
7,393
2,551
$569,617
133,936
100,074
36,285
$605,898
167,353
87,581
61,350
$24,682
$20,790
$25,560
$20,790
$299,322
$249,475
$249,475
$46,083
(net)
deductions..
Net income
requirements.
Union Pacific
i
$46,665
$289,614
RR.—Earnings-
Period End. May 31—
1938—Month—1937
1938—5 Mos.—1937
$8,267,373
$9,944,471 $40,559,846 $51,034,793
1,254,081
1,343,399
5,768,931
5,992,898
411,829
424,161
2,008,241
1,979,225
803,738
186,304
209,983
726,553
253,708
284,956
1,638,730
1,433,094
987,280
146,666
213,811
697,490
Freight revenue
Passenger revenue
Mail
revenue
Express revenue
All other transp. revenue
In
1938—12 Mos.—1937
$2,485,749
1,657,942
166,230
12,975
120,818
Offer—Deposit of Securities Urged—
Citing the existing situation in the City of Knoxville, whereby the
company is faced with "destructive competition" from both the munici¬
pality and the Tennessee Valley Authority, R. W. Laman, Vice-President
of the company, in a letter sent June 21 to bondholders advised the
accept¬
ance
7,544
Bond interest
Pref. div.
813
11,571
Net oper. income
Non-oper. income—net.
Other
$189,588
119,977
15,572
14,435
1,242
_
1938
Co.—Earnings—
1938—Month—1937
$191,784
118,495
Social security taxes
Fed. taxes (incl. income)
Gross
Balance
June 25,
Twin State Gas & Electric
Co.—Earnings—
Period End. May 31—
Gross
Chronicle
the utility company.
Consummation of the contracts for sale of its
properties to Knoxville, the TVA and the Appalachian Electric
is contingent on such deposits.
Mr. Lamar's letter to bondholders followed a recent acceptance by the
management of the National Power & Light Co., parent of Tennessee
Public Service, of a joint offer of $7,900,000 for the electric facilities of the
subsidiary made by officials of Knoxville and the TVA.
The compromise
figure did not include company's traction system or its Kingsport trans¬
mission line.
The latter is to be sold to Appalachian Electric for approxi¬
mately $1,300,000.
Tennessee Public Service, Knoxville and the TVA are not obligated to
electric
Power Co.
carry out the provisions of the contract unless 80% of the bonds of Tennessee
Public Service are deposited by Aug. 13/
The TVA and the city have the
right voluntarily to extend this date.
There is outstanding $7,000,000 of
Incidental
-
.
Net
$2,319,149
1,278,033
$2,561,743 $12,201,788 $13,370,226
1,382,043
6,226,390
6,507,574
Railway oper. incomeEquipment rents (net)..
Joint facility rents (net)
$1,041,116
605,948
55,356
$1,179,700
545,573
64,994
$5,975,398
2,727,144
213,157
$6,862,652
2,467,712
253,666
$379,812
$569,133
$3,035,097
$4,141,274
holders, with cash and other quick assets aggregating considerably less
than the amount invested in the preferred stock, and with
nothing for the
stock, in which
large sum has been invested.
a
All that will re¬
rev.
Net
-V.
146,
3528.
p.
Union Premier Food
Stores, Inc.—Sales—
Sales for the four weeks ended June 19, 1938, amounted to $1,335,197,
compared with $996,986 for the four weeks ended June 19,1937, an increase
of $338,211, or 33.92%.
electric
common
from ry. op..
Railway tax accruals...
Tennessee Public Service 1st mtge. bonds bearing interest at 5% and due
1970.
The letter from Mr. Lamar accompanied a letter from the TVA, deposi¬
properties under the present agreement, amounting to $9,333,000
($7,900,(100 from Knoxville and the TVA, $1,300,000 from Appalachian
Electric and $133,000 from minor adjustments in the TVA contract), Mr.
Lamar's letter said:
"The amount still leaves the company, after providing fcr the bond¬
.
.
in
tory under the plan, calling attention to the deposit requirement.
The
present offer of 97 M compares with an offer of 96 M under an agreement
worked out in 1934Ibetween the company and the city, but subsequently
voided by litigation by preferred stockholders.
In discussing the total price that will accrue to the company for its
revenue.....
Ry. oper. revenues.. .$10,519,961 $12,420,781 $51,165,139 $62,465,680
Maint. of way & struc.
1.179,689
7,704,775
1,857,588
4,712,379
Maintenance of equip.
13.440.917
2,159,839
2,596.297
9,972,577
Traffic
386,093
1,811,283
441,302
1,701,472
3,803,186
Transportation
22,186,610
4,203,371
19,220,941
Misceh. operations
262,570
1,293,130
234,040
1,221,577
General expenses
410,808
526,440
2,658,737
2,137,870
Dr2
Transp. for inv.—Cr__
1,373
3,465
For the 24 weeks ended June 18, 1938, sales totaled $7,825,523. compared
with $5,793,888 for the 24 weeks ended June 19, 1937, a gain of
or
$2,031,635,
35.07%.
For the preceding 4 weeks ended
May 21, 1938 sales showed an increase
of 32.19% over the corresponding 1937 period.
The company now has in operation through its wholly-owned subsidiaries
27 food fair super-markets compared with 15 super-markets and 9 service
type stores in operation at this time last year.—V. 146, p. 3528.
main for these
preferred and common stockholders above any cash distribu¬
tion will be the street railway and bus transportation syste n and some mis¬
cellaneous properties of only saivage value."
National Power & Light owns 100% of the common stock of
Public Service and 42,342 shares of the $6
preferred stock, or
the amou nt outstanding.
a
Tennessee
85.4% of
Mr. Lamar pointed out that, while the preferred stockholders "are facing
loss of a substantial part of their invests ent and the common stock¬
United American Bosch
are
facing
being offered
the loss of their entire investment, bondholders are
a price of 97lA% of principal, plus accrued interest.
originally sold to the public at 96 K. and this was the
price at which the bonds were deposited in 1934."
now
Lamar stressed that the present contract was contingent not only
on the deposit of
bonds, but also on approval of the sale by Government
authorities as well as by the stockholders of Tennessee Public Service an
National Power & Light.
He added that his company has been given to
understand that holders of a substantial number of the bonds had
expressed
their intention to
deposit their securities.—V. 146,
Texas Electric Service
Period End. May 31—1
Net oper. revenues...
income
$8,555,814
4,066,226
604,162
$2,971,220
7,534
$220,515
$265,065
140,542
$2,978,754
1,686,500
30,777
$3,153,869
1,686,500
18,618
United Milk Products Co.—Dividends—
a dividend of 50 cents per share on the com¬
stock, no par value, payable July 1 to holders of record June 22.
Similar payments were made in preceding quarters.
Dividends similar to the above have been paid on the $3 cum. partici¬
United
$124,523
$1,261,477
Printers & Publishers,
Directors have declared
$1,448,751
2,577
Inc.—Accum. Dividend
dividend of 50 cents per share on account of
a
accumulations on the $2 cumulative preferred stock, payable July 25 to
holders of record June 25.
See also V. 146, p. 1263.
United Wall Paper Factories, Inc.—10-Cent
Directors have declared
$77,396
19, *37
88,817,191
83,625,022
The directors have declared
$3,152,304
1,565
449
income
84,300,588
mon
$7,822,692
4,517,927
1,066,667
$264,616
140,542
Co.—Weekly Output—
June 18, '38 June 11, *38 June
Electric output of system (kwh.)
—V. 146, p. 3973.
pating pref. stock, no par value, in addition to the regular quarterly divi¬
dends of 75 cents per share.—V. 145, p. 2248.
264
interest
1935
1936
1938—12 Mos —1937
$220,251
(net)
Gross income
Int. on mtge. bonds
Other
3972.
p.
Co.—Earnings—
1938—Month—1937
$693,137
$670,051
389,553
355,435
83,333
50,000
Operating revenues
Oper. exps., incl. taxes..
Prop, retire't res. approp
Other
United Gas Improvement
Week Ended—
were
Mr.
1937
$9,735,193
$7,173,219
$6,095,239
lossl69.217
x387,834
188,998
55,079
x Before surtax on undistributed
profits,
y After Federal income taxes,
depreciation and charges.—V. 146, p. 3529
yProfit
holders
The bonds
Corp.—Earnings—-
Y2Mos.End.Mar. 31—
1938
Net sales
$7,939,099
a
Dividend—
dividend of 10 cents per share on the common
stock, payable June 28 to holders of record June 27.
An initial dividend of
15 cents was paid on June 26, 1937.—V. 145, p. 2092.
United States Rubber Co.—Bond Trustee—
Net
Dividends applicable
to
preferred stock for the
period, whether paid
or
Central
unpaid
375,678
375,678
$885,799
$1,073,073
company.
000,000.
Balance
-
Option Cancelled—
Note
No provisions have been made for Federal surtax
on undistributed
profits for the 12 months ended May 31,1938 and 1937.—V. 146,
p. 3526.
Texas & Pacific
Period End. May 31—
Operating revenues
Operating expenses.....
Railway tax accruals...
Equipment rentals (net)
Joint facility rents (net).
Ry.—Earnings—
1938—Month—1937
1938—5 Mas.—1937
$2,132,481
$2,622,606 $10,409,031 $12,525,553
1,476,368
1,707,302
7,468,686
8,382,163
142,884
190,484
743,182
946,089
83,333
136,756
620,865
628,821
2,073
6,663
16,589
36,852
Net ry. oper. income-
The company has advised the New York Stock Exchange that the option
granted to William de Krafft to purchase 15,000 shares of common stock
of the company at $20 per share has been cancelled.—V. 146, p. 3974.
United
$427,823
34,624
$581,401
37,609
$1,559,709
178,392
$2,531,628
188,849
Total income
Miscell- deductions
Fixed charges
$462,447
10,095
328,901
$619,010
10,817
329,165
$1,738,101
$2,720,477
44,053
1,652,842
$123,451
$279,028
50,111
1,645,613
—V.
$42,377
146, p. 3527.
Toledo Edison Co.—Plans
$1,023,582
$66,500,000 Financing—
The Ohio State Utilities Commission
granted, on June 24, the company's
at not less than 99, not less than
$30,000,000
application to issue and sell
^Q^rnn^nn31jP?R'0()0 of,fLrst mortgage 3**s, due from 25 to 30 years,
$36,500,000 of 10-year debenture 4s.
Company will refund $27,500,000 first mortgage 5% bonds secured
by
$5,000,000 in notes
and
like amount of first
mortgage 4% bonds and another
due 1941 and $2,600,000 in short-term
notes.
a
Application was granted with the provision that any discount on the new
be charged to surplus and that
existing discount expense be amortized
issue
£yer I
u
11
P* new bonds anci
life of the debentures.—V.
146,
expenses of debentures be amortized
p.
over
1570.
Triumph Explosives, Inc.—Earnings—
Earnings—
-kt
.
•
v.*
$92,166
80,635
$52,134
43,573
The company, which is
engaged in the manufacture of aircraft flood
lights, aviation signals and
various types of naval and
military pyro¬
technics, states that it plans to enter the
foreign field shortly to negotiate
contracts.
Negotiations it is said are also under way for the manufacture
of small
arms
ammunitions.—V.
146,
p.
3528.
&
Co.—
Mining
31
1936
1935
$3,459,248
$2,914,623
756,17$
846,064
798,229
$3,103,133
717,623
$1,056,218
reserves
1937
Pref. div. requirements.
682,424
$2,613,184
682,424
$2,116,394
682,424
$2,385,510
682,424
Balance
Earns, persh. on 528,765
shs. of com. stk. out-.
$373,794
$1,930,760
$1,433,970
$1,703,086
$0.71
$3.65
$2.71
$3.22
The directors have declared a dividend of $1 per share on
stock, par $50, payable July 15 to holders of record June 30.
A
was paid on April 15 and on Jan. 15 last; a dividend of $3 was
22 last, and a regular quarterly dividend of $2 per share was
like amount
paid on Dec.
15
earnings
Pay $1 Dividend—
last.
See
V.
payments.—V.
1^4, p. 2153,
146, p. 3530.
for
the common
paid on Oct.
detailed record of previous dividend
United States Steel Corp.—Bonds Listed—
Tne New York Stock Exchange has authorized the listing of $100,000,000
10-year 3M% debentures due June 1, 1948.—V. 146. p. 3974.
Utah Light & Traction
Period End.
lay 31—
Operating revenues
Oper. exps.,incl. taxes.
Co.—Earnings-
1938—Month—1937
_
1938—12 Mos.—1937 *
$94,119
93,608
$93,781
85,007
$1,133,148
1,126,389
$1,150,335
1,052,612
$511
51,586
$8,774
43,663
$6,759
618,646
$97,723
530,603
$52,097
51,629
$52,437
12 Mos.End
Mau 31, '38 July 31, *37
x
Refining
$1,812,392
Gross earnings
Property
Net oper. revenues.__
Rent from lease of plant _
10 Mos. End
Net income before taxes
Net after taxes.
Smelting,
1938
To
income
States
Estimated Consolidated Earnings for 5 Months Ended May
Net
Other Income
Net
Bank & Trust Co. has been appointed trustee of the
4)^% bonds, series A due July 1,1958, of the
The initial issue is $45,000,000 and authorized issue is $75,-
Hanover
first mortgage collateral trust
Gross income
Int.
on mortgage bonds.
Other int. & deductions.
Balance, deficit
795
51,858
907
$625,405
620.668
8,668
$628,326
622,300
9,967
$327
$328
$3,931
$3,941
Notes—No provision has been made in the above statement for unpaid
on the 6% income demand note, payable if, as, and when
earned,
amounting to $1,542,131 for the period from Jan. 1, 1934, to Dec. 31, 1937.
interest
Volume
Financial
146
No provisions have been made for Federal surtax on undistributed profits
for the 12 months ended May 31,1938 and 1937.—V. 146,
3530.
p.
Corp.—■Earnings—
Period End. Mar. 31—
x'Net loss...
Utah Power & Light Co. (&
Period Ended May 31—
1938—6 Mos.—1937
$159,066
$39,236
772.
Subs.)—Earnings—
PNet oper. revenues
Other income (net)
$301,274
$368,803
$4,311,823
$4,514,333
364
Gross income
241
2,546
4,769
$369,044
195,879
25,000
19,335
$4,314,369
2,348.419
$4,519,102
2.350,550
300,000
300,000
206,493
Cr3,933
$62,123
$128,830
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,469,923
$1,665,992
1,704,761
1,704,761
Int.
on
e
$301,638
195.397
mortgage bonds.
deben. bonds
25,000
19,118
Other int. & deducts
or the
warrants, no underwriting commissions being payable on
purchased, not exceeding $3,745 in the aggregate on the assumption
presently outstanding $4.50 preferred stock are converted
into common stock
prior to the record date for the offering to holders of
shares of common
stock), exclusive of accrued dividends, after the deauction of expenses estimated in the
amount of $23,496. are proposed to
he used, to the extent
received, to expand and construct additions to plants,
196,027
Int. chgd. to constructs
......
that no snares of
ana
1938—Month—1937
1938—12 Mos.—1937
$991,408
$1,014,466 $13,158,626 $12,439,420
599,009
581,721
7,944,386
7.169,455
91,125
63,942
902,417
755,632
Operating revenues
Oper.exps.,incl. taxes..
Prop, retire, res. approp.
on
Ereferred stock, estimated inshareamount of $1,474,104stock purchased will
the of $4.50 preferred (which amount by
increased by $1.50 per
stock so
1938—3 Mos —1937
$83,960 prof$22,914
Before Federal income tax.—V. 146, p.
Int.
4133
exercise
Universal Cooler
x
Chronicle
to install or construct new and
additional gas mains and service pipe
connections, &c.
History of Business—The corporation and Georgetown Gaslight Co.,
formerly a subsidiary were incorp. by Acts of the Congress of the United
States of America,
approved on July 8, 1848 and July 20, 1854, respectively.
Georgetown Gaslight Co. was merged Dec. 7, 1936, and
operations are now
consolidated with those of the corporation.
Subsidiaries of the corporation and the respective
power thereof owned
percentages of voting
by the corporation follows:
Washington Gas Light Co. of Montgomery County, Md
Rosslyn Gas Co
Prince George's Gas Corp
99.9%
100%
100%
Corporation is engaged in the business of manufacturing, distributing,
and supplying gas for cooking, heating, refrigeration, and other
miscellaneous purposes in the District of Columbia.
Corporation sells to
selling,
Net income.
x
its
subsidiaries, Washington Gas Light Co. of Montgomery County, Md.,
and
Rosslyn Gas Co. their entire supply of gas, since these subsidiaries
no production
plants.
The gas distributed and sold by the corporation
carburetted water gas mixed with reformed natural gas and natural
gas,
of
approximately 600 B.t.u. per cubic foot, the proportions being approxi¬
mately 70% generated gas and 30% natural gas.
All of the natural gas
used is purchased
by the corporation from Atlantic Seaboard Corp., a non¬
have
Balance, deficit
x
Dividends
-
$38,769
1938,
amounted
$234,838
accumulated
and
umpaid
to
May
31,
to $6,534,917, after giving effect to dividends of $1,16 2-3 a share on $7
preferred stock and $1 a share on $6 preferred stock, declared for payment
July 1, 1938. Dividends on these stocks are cumulative.
Note—No provision for Federal surtax on undistributed profits has teen
12 months ended May 31, 1938.
I.cludes provision of
$4,000 for the 12 months ended May 31, 1937.—V. 146, p. 3531, 2874,
2713, 2552, 2389.
on
made during the
Utilities Power &
Light Corp., Ltd.—Hearing Reopened
The Securities and Exchange Commission announced June 17 it has re¬
opened the hearing on the applications (Files 46-69 and 46-70) of Utilities
Power & Light Corp. Ltd. under the Holding Company Act with reference
to the manner in wnich certain of its cash funds
are to be
employed.
The applications provided for the expenditure of $3,000,000 for the pur¬
chase of outstanding debentures of Utilities Power & Light Corp., parent
of the applicant, and for the purchase of $3,000,000 of certain securities
of associated companies.
Tne application with reference to the debentures has been amended to
Commission to permit the applicant to use $12,000,000, or such
ask the
other amount
as the Commission shall deem proper, of the cash now held
by it, either for the purchase of the debentures through tenders or at a
price; or to permit the parent company to acquire $10,000,000, or
such other amount as the Commission shall deem proper, in cash from the
applicant and to distribute such sum pro rata among the parent's creditors.
The reopened hearing has been set for July 7, 1938, in the Commission's
Washington offices.—V. 146, p. 1573.
fixed
is
affiliated company.
The territory served by the corporation and its subsidiaries includes the
City of Washington, D. C., and several of its suburbs.
Based upon an
estimate for the District of Columbia alone of 627,000 as of
July 1, 1937,
made bj
~
""
.
x
1938
$107,604
After charges, depreciation and
x
gas
.—
by
and surrounding territory, both of which are affiliated
companies of the
corporation, being subsidiaries of Washington & Suburban Cos.
Corpora¬
some mixed gas to the Alexandria Gas Co. and some natural
gas
directly to Washington Suburban Gas Co. •
Of the total cubic feet of gas sold in 1937 by the
corporation and its
subsidiaries, approximately 57% was used for ordinary domestic purposes,
approximately 23% for building heating purposes (mostly residential), ana
approximately 17% for commercial and industrial purposes. The remaining
3% was supplied to Federal government departments and the Governmenttion sells
of
the District of Columbia, and to the above-mentioned affiliated
gas
companies.
Approximately 89% of the mixed gas soxd in 1937 was sold to
in the District of Columbia, the balance to consumers outside of
consumers
the District of Columbia.
Funded
Debt
and Capitalization—The funded debt and capitalization
be as follows, assuming the issue and sale of all of 15,600 shares of
$4.50 preferred stock.
will
'
Valspar Corp. (& Subs.)—Earnings—
12 Months Ended May 31—
Net profit
__
Alexandria Gas Co., operating in and about the city of Alexandria, Va., and
Washington Suburban Gas Co., operating in the town of Hyattsville, Md.,
To be
1937
$299,162
1936
loss$70,710
Federal income taxes.—V. 146,
2713.
p.
Washington Gas & Electric Co.—Earnings—
Authorized
Washington
Georgetown
Washington
Washington
Gas Lt. Co. gen. mtge. 5s, I960--..- $5,200,000
Gaslight Co. 1st 5s, 1961.1,000,000
Gas Lt. Co. ref. 5s, 1958
x not limited
Gas Lt. Co. ref. 4^s, 1956
x3,000,000
$4.50 cum. conv.
pref. stock
$5 cum. pref. stock (no par)
(no par)
Outstanding
$5,199,500
1,000,000
8,500,000
2,880,000
60,000 shs. 35,600 shs.
40,000 shs.
None
y900,000 sns. 390,000 shs.
1937
1936
1935
$1,637,509
$1,462,985
725,493
83,129
96,705
$1,579,511
711,383
102,278
129,434
95,161
99,744
series due 1956, without limit as to aggregate amount, but only for specified
purposes and subject to specified restrictions,
y Of this amount 60,000
shares of common stock are reserved for issuance upon conversion of the
$508,533
70,542
$541,255
68,422
$435,691
61,904
20,000 shares of $4.50 preferred stock outstanding.
An additional 46,800
shares of common stock will be reserved for issuance upon conversion of
$579,075
368,539
192,000
10,229
$609,677
369,912
192,000
8,510
28,955
370
$497,595
371,479
prof $9,930
$110,145
Underwriting—The name and address of each principal underwriter is:
Auchincloss, Parker & Redpath, Washington; Y. E. Booker & Co., Wash¬
ington; Brown, Goodwyn & Olds, Washington; Folger, Noian & Co., Inc.,.
Washington; Johnston, Lemon & Co., Wasnington; William W. Mackall
Jr.. Washington.
Corporation has entered into no agreement with the underwriters provid¬
ing for a specified amount to be sold to or by any of the several underwriters;
and no firm commitment to take any of the $4.50 preferred stock has been
Calendar Years—
Operating
expenses
758,950
119,760
153,560
$
.
Maintenance
-v
-
Taxes (other than Fed. inc. taxes)
Depreciation
Net operating income.
Non-operating income.
_
118,928
Common stock (no
par)
x The
refunding mortgage, as supplemented, permits the issuance
additional bonds of any series except the refunding mortgage bonds, 4
the 15,600 shares of $4.50
Gross income
Interest on 1st mtge. bonds
Int. on 1st lien & gen. mtge. bonds..
Other interest
Amortiz. of debt discount & expenseOther income deductions
28,818
Net loss.
$20,511
192,000
7,084
29,119
8,056
Balance Sheet Dec. 31
1937
5
Plant,
equip.,
Purch.
15,427,103 15.349,990
3.487,252
3,512,644
&c
Inv. In subs
31,161
170,172
Notes payable
211,736
190,577
4,898
Accounts payable.
Accrued Interest..
4,125
4,125
Accrued taxes
99,233
95,842
Accts.rec. (other).
5,546
Accrd. int. recelv..
Inventories
taxes—prior
91,827
158,334
88,509
10,334
1,200
877
6,836
7,454
1,930
Guar, custs. mdse.
Guar, custs. medse.
1,930
accounts
Deferred charges..
512,220
accounts
Due to affll.
562,305
cos...
Holdings—The records of the corporation indicate that
common stock (83.99% of the common stock out¬
of all the stock outstanding, both common and
preferred) are registered in tne name of Henry B. Rising, 24 Federal S).,
Boston, Mass.
Corporation is informed that the beneficial owner of the
shares is Washington & Suburban Cos.—V. 146, p. 3974.
7,439
Purchase contracts
40,887
79.145
65,845
line extensions..
12.146
1,807,395
Washington Water Power Co. (& Subs.)—Earnings—
1938—Month—19371
Period End. May 31—
Operating revenues
Oper. exps.,incl. taxes..
Prop, retire't res. approp_
92,824
_
$294,062
1,930
$3,467,437
33,582
$3,620,850
$3,501,019
995,550
58,771
Cr4,115
$3,652,735
2,490
$295,992
82,963
2,381
$133,607
$210,648
$2,4.50,813
$2,620,778
applicable to preferred stock for the
period, whether paid or unpaid
—
622.518
622,518
$1,828,295
$1,998,260
$217,096
1,964
$219,060
Gross income
Int.
82,963
mtge. bonds
on
Int. charged to construe.
Net
10,605
1938—12 Mos—1937
$854,871 $10,825,201 $10,477,741
477,264
6,304,141
5,830,949
83,545
1,503,623
1,025,942
$772,467
462,547
Net oper. revenues—
Other income (net)
1,743,266
Reserves..
79.90%
Other int. & deductions.
(non-curr.)
Consumers' deps..
Contributions
for
pay.
and
standing
55,150
73,418
yrs.
Other accrd. llabs.
10,009
revenues.
27,336
Accrd. Fed. Income
1,296
Deps.for bd.Inc.tax
10.206.600
36,292
157,510
107,871
Stock
327,588 shares of the
during
1938
149,149
Notes & accts.rec
Unbilled
$
contracts
payable
119,132
Cash.
Common
1936
$
Long-term debt.... 10.177,600
Mlscell. lnvestm'ts
a
1937
Liabilities—
&
prop.
preferred stock offered.
made.
1936
$
Assets—
of
income
31,885
995.550
46,204
Cr9,797
Dividends
7%
cum.pref.stk.
($100 par)
1,346,800
263,809
Note—Includes provisions of $3,401 and $1,500 for Federal surtax on
undistributed profits for the 12 months ended May 31, 1938 and 1937.
respectively.—-v. 146, p. 3532.
20,015,498
19,934,950
Weinberger Drug Stores, Inc.—To Pay 10-Cent Dividend
b Common stock. 2,495,000
Surpl. from apprals 3,374,796
Earned surplus
Total
a
n
..20,015,498
After
1936.
reserve
19,934,9501
Total
for uncollectible accounts of $48,319 in 1937 and $41,316
b Represented by 100,000
no par
shares.—V. 146,
p.
Gas Light Co.—Preferred Stock Offered—
Co.; Auchincloss, Parker & Redpath;
Johnson, Lemon & Co.; Brown, Goodwyn & Olds; Folger,
Nolan & Co., Inc., and William W. Mackall Jr. on June 7
E.
Booker
&
offered at $97.50
cum.
conv.
a
share and divs.
15,600 shares of $4.50
pref. stock (no par).
Issuance—The issue and sale of tne preferred stock have been authorized
by the P. U. Commission of the District of Columbia and have been ex¬
empted from the provisions of Section 6(a) of the Public Utility Holding
Company Act of 1935.
Preferred Stock—Entitled to cumulative cash dividends, in preference to
the common stock, accruing (on shares offered) from May 1, 1938, or
dividend date next preceding date of issue, payable q. F.
Entitled, in
preference to common, upon any voluntary liquidation, to $105 per share,
and upon any involuntary liquidation, to $100 per share, in each case with
accrued divs.
Red. at option of corporation in whole or in part at any
time at $105 per sh.,plus divs., upon not less than 45 days' previous notice:
Entitled to
for each share held and not entitled to any preemtive
rights; transferable at the office of the transfer agent in Washington, D. C.
one vote
Listing—Corporation is making application for the listing of the preferred
stock
on
the Washington
Stock Exchange and for the registration thereof
under the Securities Exchange Act of 1934.
Convertible into common stock at any time
.
Directors have declared a dividend of 10 cents per share on the common
payable June 27 to holders of record June 25. Previously
regular quarterly dividends of 50 cents per share were distributed.—V. 145,
p. 3985.
stock, no par value,
3036.
Washington
Y.
Balance
1,346,800
2,495,000
3,374,796
277,637
West
Virginia Pulp & Paper Co.—Five-Cent Dividend—
declared a dividend of 5 cents per share on the
stock, payable July 1 to holders of record June 21. A dividend of
10 cents was paid on April 1 and on Jan. 3, last; dividends of 20 cents were
paid on Oct. 1, July 1 and on April 1, 1937, and previously, dividends of
10 cents per share were distributed each three months.—Y. 146, p. 3823.
The directors on June 21
common
Wesson Oil & Snowdrift Co., Inc. (&
Net sales
-
Cost of sales
x622,325
x612,402
x594,679
515,036
$4,480,637
209,614
$2,513,148
130,507
$3,225,161
265,782
$3,146,341
$4,690,251
$2,643,655
$3,490,943
50,558
649,152
60,462
913,758
21,947
482,655
91,800
542,972
$2,446,631
Operating profit..
$2,953,158
193,183
Depreciation....
$3,716,031
885,910
1,461,767
$2,139,053
886,965
878.121
$2,856,171
$1,368,354
$373,967
585,414
$1,091,085
584,000
$4.84
$2.14
—
...
Other income
Total income
Interest
Federal taxes
Net
profit
Preferred dividends
at
rate
of three shares
stock for each one share of $4.50 preferred stock.
Purpose—In view of the fact that the corporation has entered into
of
Subs.)—Earnings
1938
1937
1936
1935
$47,452,906 $48,405,940 $47,163,757 $45,904,675
43,877,423
43,312,901
44,055,930
42,164,478
9 Mos. End. May 31—
Common
dividends
878,700
1,086,000
886,965
878,121
common
no
firm commitment with respect to the 15,600 shares of preferred stock, it is
unable to determine the amount to be received by it and within what period.
The maximum net proceeds from the issue
and sale of 15,600 shares of $4.50
Surplus
Shs. com. stk.
(no par)..
Earnings per share
x
Includes amortization.
$481,931
579,200
$2.71
585,414
$3.36
Financial
4134
June 25, 1938
Chronicle
Comparative Balance Sheet May 31
Consolidated Balance Sheet May 31
*
Real eat., plant,
equip., <fcc., less
depreciation
10,686,716
In
co.'s
152,359
Accounts
255,029
Dueaffll.cos
15,001
notes & accts—
16,513
19,672
1,174,079
held for employ's
243,809
90,634
654,300
1,032,637
1,862,486
2,700,000
5,000,000
6,237,465
8,528,593
shares
692 in 1938 and
Rys. Co. (&
West Penn
Subs.)—Earnings—
Non-operating income
——
Reserved for renewals &
Gross income
debt
Interest on funded
—
Other interest
under
fees and other
447
Inc.—Liquidation—
entered an order of liquidation, permitting
of the corporation except accounts receivable,
merchandise and other items, for $30,000 or any other higher bid to be
obtained at a meeting before the referee.
The New York Curb Exchange
has suspended dealings in the preference and common stocks of the com¬
pany.—v. 145, p7I38.
The U. S. District Court has
Winnipeg Electric Co. (&
from operation
Operating expenses
$3,303,935
Taxes
1,255,348
51,780
538,504
Depreciation
1,052,719
1,018,601
6,708
40,193
5,884
54,340
Net operating
Interest
on
income
funded debt--
Other interest
Amortiz. of bond discount & expense.
Other income deductions
Inventories.
-
...
liabilities
Deferred credits.......
Reserves
Common stock (par
129,601
$100)..
Corporate surplus
53,569
Deferred charges
liabilities
Deferred
68,659
29,959
2,052
Other assets
$700,000
4,969,000
233,330
7,371
27,250
14,062,044
17,091,700
Funded debt
Current
580,175
Mlscell. notes & accts. rec_.
1937
6,172,225
—
$
7,795
75,039,361
13,415
1,367,242
2,396,882
722,261
834,822
lnvestm'ts
Sundry
Cash
Funds
on
dep.
a
fds.
643,649
752,040
other accts. rec.
Wkg.
After reserve
of $12,000 for
..$43,262,921
notes.—V. 146,
50,744
50,995
570,638
494,236
409,747
542,678
operation..
Maryland Ry.—Earnings—
Western
—Week Ended June 14—
1938
1937
$348,545
$222,554
(est.)
3974.
Gross earnings
bonds.
1,020
23,614
700,000
1,025,000
52,333
1 to June 14
1937
1938
$5,852,077
$8,387,563
Surplus
resented by shares of no par value,
shares of class B.—V. 146, p. 3683.
meeting voted to reduce the stated value of
$3,776,745, represented by 107,907 no-par shares,
Stockholders at a recent
corresponding adjustments of the corporation's surplus, depreciation
and other accounts, also voted that the surplus resulting, $1,618,605, be
used to reduce the book value of the mill stocks held or for other cor¬
poration purposes, including the payment of dividends, as directors may
determine.
A reduction
the outstanding
in
be
sinking fund. This
from $3,000,000 to
preferred stock was approved, to
effected by cancelling 10,000 shares acquired for the
will reduce amount of preferred stock outstanding
$2,000,000.—V. 146, p. 1265.
Wichita Falls & Southern
RR.—Reconstruction Loan—
Commission on June 15 found the company,
on the basis of present and prospective earnings, reasonably to be expected
to meet its fixed charges without a reduction thereof through judicial
reorganization and approved a loan of $350,000 by the Reconstruction
Finance Corporation for specific purposes.
The loan shall be for a period not exceeding three years from July 1,1938,
the proceeds to be used to pay the company's indebtedness of $300,000 to the
Reconstruction Finance Corporation, maturing July 1, 1938, and to pay its
note for $50,000, to the First National Bank, Dallas, Tex., maturing July 1,
Co.—Registers with SEC—
department.—V. 146, p. 3533.
first page of this
Public Service
Wisconsin
1937
Corp.—Consolidated Balance
$
demand depos..
415,161
769,135
Special deposits...
1,371
n
696,112
1 ,122,806
955,364
142,522
388,478
stock ($100 par)
3 ,414,202
634% ser. B cum.
pf.stk.($100 par)
Deferred charges..
Commissions &
for the loan the applicant shall
held by the RFC as
3 736,461
ex¬
6%
sales of
security for its outstanding loan,
1957,
and the $500,000
lien bonds, due 1957, now pledged to secure the note
Bank, Dallas, Tex., upon the payment of the note and
the release of such collateral.
The loan shall be further secured by the unrestricted personal endorse¬
ment and guaranty of Frank Kell as to the payment of both principal and
interest.—V. 146, P. 1898.
of its 1st mtge. & coll.
to the First National
Directors have declared a dividend
no par
Co .—Smaller Dividend—
of three cents per share on
the common
A divi¬
value, payable July 20 to holders of record July 10.
March 20, last.—V. 144, p. 4366.
dend of six cents was paid on
Com. stk. ($10 par)
Capital surplus—
b Earned surplus.
1938
1937
1936
$3,451,468
$4,126,852
3,466,374
$3,264,151
2,820,915
$660,478
$443,237
30,193
3,300,491
3,429,900
3,429,900
4,370,300
9,000,000
557,325
647,240
365,652
4,370,300
surplus—
9,000,000
557.325
647.240
348,733
57,739,454 55,317,972
a After reserve for doubtful accounts
of $141,938 in 1937 and $126,736
in 1936.
b Reserved for accumulated unpaid preferred stock dividends.
Note—The income account was given in "Chronicle" of March 5, page
57,739,454
Total
55,317,972'
Total...
1576.—V. 146, p. 3974.
Woodward Iron Co.—Interest—
The
semi-annual
interest
on
the first
approximately $176,000, will be paid on
has announced.—V. 146, p. 3364.
Woodward & Lathrop
Directors have declared a
Wilson-Jones Co.—Earnings—
9 Months Ended May 31—
5,397,500
C cum. pf.
stock ($100 par)
432,197
preferred stock.
ser.
5,024,787
5,397.500
deposit and pledge
& coll. lien 5% bonds, due
(J. V.) Wickland Development
6,173,269
Reserves
Earned
As collateral security
798,993
6%ser.Acum.pref.
50 414,392 49 ,306,133
less)
Fixed assets
8,214
185,402
Long-term debt
24,749,000 25,000,000
149,578
Deferred liabilities
148,892
167,499
lnvestm'ts (at cost
penses of
filiated cos
360,510
assets,
curr.
400,000
Indebtedness to af¬
735,082
(customers)
or
1,600,000
275,237
1,014,946
10,191
payable-
Accrued liabilities.
Accts. receivable
Other
Accounts
$
$
Liabilities—
Notes payable
hand and
on
1936
1937
1936
$
Assets—
Cash
1938.
with the RFC the $1,010,500 of 1st mtge.
283,277
281,712 shares class A and
Sheet Dec. 31—
Mat'ls & supplies.
The Interstate Commerce
80,064,889 79,883,108
Total. —
for doubtful accounts,
b 50,000 shares of $100 each,
non-cumulative dividend rates 4% to Jan. 2, 1942; thereafter 5%1
c Rep¬
Wisconsin Investment
the common stock to
558,329
After reserve
See list given on
with
626,962
12,844,016 12,147,420
7,290,947 7,290.947
585,922
617,291
Property reserve..
80,064,889 79,883,108
242,954
214,506
563,494
541,699
Depree. reserve
a
—Jan.
3,067
Other interest
Deferred liabilities
Total
808,141
1st ref. 5%
f. gold
s.
Mlscell. reserves..
Inc.—Capital Reduced—
(William) Whitman Co.,
•
30-yr.
Other liabilities—
Dividend—
stock,
interest
Special bank loan.
Deferred charges to
Western Dairies, Inc.—Accumulated
The directors have declared a dividend of 75 cents per share on account
of accumulations on the $3 cum. pref. stock, no par value, payable June 30
to holders of record June 20.
A like payment was made Dec. 20, Nov. 20
and June 30, 1937, on Dec. 30, Oct. 30 and June 1, 1936, and on Dec. 20.
1935.—V. 146, p. 3533.
76,689
2,336
718,905
Scrip ctfs. (North¬
Bond
Mat'ls & supplies.
741,008
121,865
secur.
western)
& dep.
with Workmen's
290.
748,084
& salaries
deposits.......
and
Consu.ers'
$
.
incl.
pay.,
wages
Consumers'
200,000
Call loan
1936
5,000,000
5,000,000
c Common stock.
13,754,521 13,754,521
Funded debt
.36,946,200 36,946,200
b Preferred stock
Accts.
to
liab.
meet spec
$385,354
$
Liabilities—
Comp. Bd., &c_
Total
doubtful accounts and
$43,262,921
Total
now
4,940
60,799
1937
1936
$
Phys. properties..75,851,490
Funded debt of subs
21 211,134
Marketable securities
146, p.
66,201
502,334
1,000,000
$440,568
$372,391
$1,373 for miscellaneous income (net).
Consolidated Balance Sheet Dec 31
Includes
Assets—
equipment$21, 187,769
Cash In banks & on hand
x
$966,341
1,309,224
31, 1937
Liabilities—
Investments
p.
$3,262,226
1,242,598
$3,365,024
1,255,348
48,610
527,966
1935
$6,352,338
3,090,111
Net income before prov. for int. on
series B bonds
$1,139,259
1,162,236
stock..
Assets—
a
Subs.)—Earnings—
1937
1936
$6,750,381 x$6,639,869
3,446,445
3,274,845
Calendar Years—
Gross earnings
29,391
26,799
bond expenses
on common
Property, plant &
a
depreciation of $1,746,375 in 1938 and
the sale of all of the assets
1,868
agents'
Consolidated Balance Sheet Dec.
»
$1,279,629
283,450
^1,451,916
283,450
539
and expense
covenants, paying
tax
Net income
Dividends
327,330
56,771
77,861
Total
$3,979,698 $4,310,041
$1,646,224 in
disposal of $587,802 in 1938 and $619,875
$3,979,698 $4,310,041
After reserve for
,
Amortiz. of bond discount
Payments
$2,877,788
1,136,197
298,30b
...—...—57,475
retirements
64,755
—
»—
.....
$1,625,560
1,252,228
$1.393,042
1,488,588
$2,881,630
1.009,178
Total earnings.
Taxes
x
1937.
y After reserve for loss on
in 1937.—V. 146, p. 2390.
1936
Calendar Years—
Operating revenue
Operating expenses
Maintenance
10,107
Wil-Low Cafeterias,
48,099,432 48.027.443
Total
48,099,432 48.027.443
Represented by 300,000 shares $4 convertible pref. stock and 600,000
no par common stock,
y After reserve for depreciation of $10,907
$10,405,947 in 1937.—V. 146, p. 3683.
x
.
Total
3,200,000
Aug. 31, 1932—
less
plant,
Patents, less amort.
761,900
761,900
3,200,000
6,237,465
8,051,551
425,011
Earned surp., since
depreciation
286,851
360,638
Idle
Deferred charges.
42,500
payable
4,692,842 4,482,156
140,000 Bank loans
U. S. Govt, bonds
140,000
Reserve for Insur¬
Inventories...---24 637,243 25,590,692
ance Acontlng—
AcctS. & bills rec.- 3,669,789
4,227,386
462,936 Paid-in surplus...
Mlscell. lnvestm'ts
636,096
1,492,734 Capital surplus...
Loans & advances. 1,704,359
321,483 Earned surplus...
Cash value life Ins.
348.391
Prepaid expenses..
y
Purch. money note
Cash
288,550
478,285
244,705
35,341
11,221
payable...
dlvs.
214,107
109,427
3,000,000
equip.
Plant
(excl. Idle plant)
1,025,000
299,994
39,159
3,000,000
478,285
1,203,930
x
Res. for Fed. tax..
197,212
389,501
liquidation
Total
Invest'ts, less res.
Officers' &
em pi.
Pref. and common
Co's common stk.
Prov. for Fed. taxes
1,342,906
69,502
1,759,204
7,191
& accrd. llablls.
$297,318
$173,704
accruals
on income
729,253
1,372,536 Capital stock
15,001 Capital surplus
506,874
less reserve—
Inventories
2,065,095
payable
175,674
own
pref. stock
Cash In banks In
conv.
1937
1938
inabilities
Accts. payable and
$678,383
$579,774
-
Accts. & notes rec.,
240,000
Other reserves
460,972
affiliated cos
hand
on
765.615
780,897
expenses
Inv. in & advs. to
Inc.
Capital stock...20,571,786 20,571,786
Res. for Idle plant
10,101,717
1937
1938
Assets—
Cash in banks and
8
S
Liabilities—
Assets—
y
1937
1938
1937
1938
mortgage bonds amounting to
June 30, H. A. Berg, President,
Co.—Dividend Increased—
dividend of 50 cents per share on
the common
stock, par $10, payable June 29 to holders of record June 23.
Previously,
regular quarterly dividends of 37 % cents per share were distributed.
In
addition, the company has paid a number of extra dividends, the record of
which is given in V. 146, p. 2067.
Mississippi Valley RR.- Earnings—
1936
1938
1937
railway
$1,103,452
$1,278,730 $1,238,154
Yazoo &
$150,977
25,371
Other income.
35,414
Gross from
13,100
$695,892
89,777
93,200
$473,429
81,304
prof, taxes
beginning of period .
$74,666
418,484
$512,915
321,296
$340,125
139,607
$493,150
$834,211
$479,732
204,600
409,200
272,540
$176,348
88,582
Other deductions
x
Prov. for Fed. inc. & exc.
Net income
Earned surplus,
Dividends paid in
cash.
May—
52,000
Net after rents
capital
surplus
and
$288,550
478,285
$425,011
478,285
earned
$766,835
outstanding.
Earnings per share
Net after rents
—V.
$207,192
478,285
272,800
$0.27
$903,296
272,800
$685,477
$1.88
provision has been made for Federal surtax on undistributed
which may be payable under the Revenue Act of 1936.
x
No
5,571,153
1,585,897
6,595,449
2,094,016
968,622
148,394
434,914
206,039
From Jan. 1—
Gross from railway
Net from railway
146,
p.
5,573,785
1,520,090
444,544
1935
$989,359
219,093
31,734
4,558,150
846,223
def90,478
3534.
Yonkers
Electric
Light & Power Co.—To
Place Loan
subsidiary of the Consolidated Edison Co. of New York,
negotiating with the Metropolitan Life Insurance Co. and the
Insurance Co. for private placement of $9,515,000 of 3H%
debentures of the Yonkers company.
F. N. Nickerson, Vice-President of the Consolidated, told the P. S.
Commission, at a hearing June 23, that it was the desire of Yonkers com¬
pany to have the debentures mature in 1950 rather than in 1948, as pre¬
viously planned.
Proceeds of the issue will be used to pay advances from
the parent concern.—V. 146, p. 3684.
The company, a
Inc.,
is
Prudential
Total
373,754
Privately—
Earned surplus, since Aug. 31,1932
Capital surplus
Shares capital stock
355,063
143,220
502,445
Net from railway
136,400
$2.49
income
Volume
Financial
146
Chronicle
4135
Jjtepxrtfs ixml gflaxmrnts.
PUBLISHED
AS
ADVERTISEMENTS
Q/C€
AMERICAN CAR AND
FOUNDRY COMPANY
THIRTY-NINTH ANNUAL REPORT—YEAR
TO THE
STOCKHOLDERS:
The results of the
operations of your Company and of its
wholly-owned subsidiaries and their condition at the close
(April 30, 1938) of the thirty-ninth year of your Company's
corporate existence, are as shown by the annexed Consoli¬
dated Balance Sheet, Consolidated Income Account and
Statement of Consolidated Earned Surplus, as prepared and
independent auditors whose Certificate of Audit
certified by
is,
as
ENDED
President.
Once again the
the unswerving
Management records its appreciation of
loyalty and devotion to the interests of the
Company and its Stockholders, shown during the period
under review, as heretofore,
by the individual members of
organization.
our
usual, attached to such statements.
By order of the Board.
Briefly, the net earnings after all charges, including one
approximately One Million Six Hundred Thousand Dol¬
lars for depreciation, amounted to somewhat over Seven
Hundred and Fifty Thousand Dollars, and the Consolidated
Earned Surplus has been increased from Twenty-Four Million
and Twenty Thousand Dollars to Twenty-Four Million and
Fifty Thousand Dollars. The ratio of Current Liabilities to
Current Assets at the close of the year was substantially
Respectfully submitted,
disbursed as a dividend of two and one-half per cent,
upon the Preferred Capital Stock—such disbursement ab¬
solving your Company from liability for the onerous tax
imposed by the law as it then stood (but which since has
been somewhat modified) upon corporate earnings not dis¬
April 80, 1938
ASSETS
In view of the industrial and economic conditions
generally prevailing at the close of the
factors
careful consideration
of all
the
Directors,
entering into
the situation, came to the conclusion that it would be im¬
commerce
and industry.
Equipment buying,
fiscal year,
advanced and practically
in fair volume in the early part of our
appreciably lessened as the year
ceased during the last quarter—with the result that
your
Company entered upon its fiscal year now current with a
dollar volume of business
case
on
at the
year's opening.
At this writing the congressional session has come to an
come no enactment that will chart a
course for the radical
readjustments that must be made if
proper
function
as
carriers of the
commerce
and the
products of the industry of our country. Up until
practically the end of the session there was hope of legis¬
lative action that would broaden the powers of the Recon¬
struction Finance Corporation to assist the roads by
way of
loans for the purchase of new equipment—but in the welter
of legislation that always marks the
closing days of a con¬
gressional session, even that small measure of relief failed of
enactment. Had it received legislative sanction it would
not,
of course, have furnished a solution of the
problem—but
it would have been a step, though a small one, in the
right
direction inasmuch as it would have made it possible for
many of the roads to substitute modern and up-to-date
equipment for much that is now impossible of economical
operation because obsolete in type or in such state of dis¬
repair as to make prohibitive the cost of attempted recon¬
struction to conform to modern standards. The "moderniza¬
tion" of equipment, both motive power and
rolling stock,
having as its concomitants increase of efficiency and lessening
of operating costs, is a necessary element in the rehabilitation
o f the railroad
systems and the restor ation to them of the meas¬
ure of prosperity to
which, in all justice, they are entitled.
During the year, Air. G. R. Scanland, after having faith¬
fully served the interests of your Company for thirty-seven
years, formerly as Auditor and then as a Vice-President,
retired from active participation in the affairs of
your Com¬
pany—the Company, however, retaining the benefit of his
services in a consultative capacity.
Also during the year,
the condition of his health compelled the retirement of Mr.
Cary D. Terrell after a service with your Company of twentyeight years. At the time of his retirement, Mr. Terrell, a
member of our selling organization, was a Vice-President of
the Company and in charge of its Chicago office—in both
which capacities he has been succeeded by Mr. J. H. Van
Moss, also for many years a member of our organization.
During the year Mr. Victor R. Willoughby, for many years
your Company's General Mechanical Engineer, was made a
Vice-President in general charge of engineering; and also
STOCK
AT
2,597,032.80
533.399.75
COST
10,550 shares of Preferred Capital Stock
600 shares of Common Capital Stock
$100,553,282.32
♦
Includes $1,651,964.83 maturing subsequent to one year.
LIABILITIES
CAPITAL STOCK,
Preferred, authorized and outstanding (300,000 shares—
par value $100.00 per share)
$30,000,000.00
Common, authorized and outstanding (600,000 shares—
no par value)
30,000,000.00
CURRENT LIABILITIES
1,747,311.33
Accounts Payable, Accrued Taxes and Pay
Rolls
$1,747,311.33
RESERVE
ACCOUNTS
14,755,270.95
For Insurance
$1,500,000.00
For Depreciation, General
Maintenance
For Dividends
to be
on
Overhauling and
8,760,474.18
Common Capital Stock,
paid when and
as
declared by Board
of Directors
2,833,644.74
For Contingencies
1,598,943.57
For Improving Working Conditions of Em¬
ployees
62,208.46
SURPLUS ACCOUNT..
EARNED
industry is to be preserved and put in condition
its
112,114.92
177,728.67
re¬
94,432.00
TREASURY
end—and from it has
fulfill
1,552,365.94
serve
its books
considerably less in
The reason
for this is to be found in the conditions
confronting the rail¬
roads.
Their plight is still deplorable and heroic action is
needed if they, and the many industries
dependent upon them,
are to be restored to a state of even moderate
prosperity.
amount than was the
6,825,533.57
NOTES AND ACCOUNTS RECEIVABLE OF AFFILI¬
ATED COMPANIES, less reserve
The year has been one of uneasiness, uncertainty and
industrial disturbance, affecting not only your Company but
was
3,151,931.06
1,983,114.54
(Quoted market value $1,663,356.01)
PREPAID TAXES, INSURANCE, ETC
MISCELLANEOUS SECURITIES, less reserve
SECURITIES OP AFFILIATED COMPANIES, less
politic and unwise at this time to make a dividend declara¬
tion with respect to the Common Capital Stock.
practically all
23i569|764.70
$10,039,628.96
17,190.63
(Quoted market value $18,473.25)
Accounts Receivable, less reserve
♦Notes Receivable, less reserve
Materials, inventoried at cost or less, and
not in excess of present market prices..
Marketable Securities, at cost or less
year, your
after
$73,468,809.48
Cash in banks and on hand
U. S. Government Securities at cost
year,
tributed.
President.
CONSOLIDATED BALANCE SHEET
Of the net earnings, the sum of Seven Hundred and Fifty
Thousand Dollars was, prior to the expiration of the fiscal
to
CHARLES J. HARDY,
June 17, 1938.
PROPERTY AND PLANT ACCOUNT
CURRENT ASSETS
1 to 13.5.
this basic
30, 1938
there was created the office of
Comptroller of your Company*
and to that office was
appointed Mr. J. Homer Platten, who
holds as well the office of Executive Assistant to the
of
which
APRIL
24,050,700.04
8100.553,282.32
Subject to contingent liability of $375,000 for guaranteed'
bank loan of Hall-Scott Motor Car Company.
STATEMENT OF CONSOLIDATED
INCOME ACCOUNT
Earnings from all sources for the thirty-ninth fiscal year
ended April 30, 1938, before deducting Depreciation, Re¬
pairs, Renewals, etc., as noted hereunder, and after
making provision for Estimated Federal Normal Tax and
Surtax on undistributed
Renewals,
Depreciation,
profits ($202,000.00)
Repairs,
Replacements,
$4,620,773.39
New
3,867,365.95
Flasks, etc
Patterns,
Net Earnings
$753,407.44
STATEMENT OF CONSOLIDATED
EARNED SURPLUS
Consolidated Earned Surplus, April 30, 1937
$24,020,917.60
Add: Net Earnings for the year—
753,407.44
$24,774,325.04
Less:
Dividends
On Preferred
On Common
Capital Stock, 2H %
Capital Stock
$750,000.00
150,000.00
$900,000.00
Deduct:
Dividend
Preferred Capital
Stock held in Treasury
$26,375.00
Dividend on Common Capital
Stock held in Treasury
150.00
on
26,525.00
$873,475.00
Stock Dividend paid
applicable for that purpose
Common
Less:
Reserve
from
149,850.00
Consolidated Earned Surplus, April 30, 1938-
723,625.00
$24,050,700.04
CHARLES J. HARDY, Esq., President
American Car and Foundry Company, 30 Church Street, New York City,
Dear Sir:—We have made
an
examination of the Consolidated Balance
Sheet of American Car and Foundry
Company and its wholly-owned sub¬
sidiaries as of April 30, 1938, and of the Consolidated Statements of Income
and Earned Surplus for the fiscal year ended on that date. In connection
therewith, we examined or tested accounting records of the companies and
other
supporting evidence and obtained information and explanations from
officers and employees of the companies; we also made a general review of
the accounting methods and of the operating and income accounts for the
but we did not make a detailed audit of the transactions.
based upon such examination and upon our acceptance
provisions for Depreciation and Federal Taxes, the
accompanying Balance Sheet and related Statements of Income and Earned
Surplus fairly present, in accordance with accepted principles of accounting
year,
In our opinion,
of the companies'
consistently maintained by the companies during the year under review,
their combined position at April 30, 1938, and the combined results of their
operations for the fiscal year.
Very truly
T
„
.
—
.n,0
New York, June 17, 1938.
yours,
ERNEST W. BELL AND COMPANY.
*
4136
Financial
Chronicle
June 25, 1938
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Coffee—On
the 20th
inst.
futures closed
higher, with sales totaling 64 lots.
11 to 14 points up,
the general
to
7
19
to
points
The Rio contract closed
with sales totaling 52 lots.
In response
improvement in commodities and the better
demand for actuals, coffee futures today had their sharpest
Short covering accompanied an
demand from Wall
Street commission house
sources, and some hedge lifting against actual sales was
entered.
Hedging and profit-taking on the advance sup¬
in recent months.
run-up
improved
Prices in Brazil were holding firm, with
in spot Rio 7s of 200 reis to 11,200 milreis per
plied contracts.
advance
an
10 kilos.
contract closed
higher
7 points down to 1 point up.
55
totaled
the
on
Coffee
lots.
but
opening,
futures
Sales in this
were
later lost a
active
portion
and
their
of
gains when profit-taking came into the market.
This after¬
noon Santos contracts were 2 points higher to 4 points lower,
with December at
4
6.12c., off 4 points.
Rios
unchanged
were
higher, with March at 4.40c., up 4 points in
the early afternoon.
Trading to 1 o'clock exceeded 130 lots.
National roasters were reported good buyers of both Brazil
to
points
mild coffees
and
of
ment
Brazil
yesterday.
has
extended
which
canceled
The National Coffee Depart¬
a decree issued last March
preferential treatment to certain unwashed
Cost and freight offers were generally higher.
coffees.
the 22d inst. futures closed
On
in the Santos contract,
contract
closed
totaling
10
11
lots.
unchanged to 4 points up
with sales totaling 93 lots.
points
Coffee
down
to
unchanged,
futures turned
The Rio
with sales
steady
after
an
rather good buying by trade and European
interests.
After opening 2 to 5 points lower, Santos con¬
tracts during early afternoon stood 1 point higher to 1
initial
dip
on
Rio contracts at that time were unchanged
with December selling at 4.34c., off 2
points.
Cost and freight offers from Brazil were about
unchanged, with Santos 4s at 6.30 to 6.90c.
Offerings were
light.
Milds held steady.
Temperatures as low as 41
degrees were reported in the coffee belt of Sao Paulo,
point
2
to
taking
at
lower.
points lower,
Brazil.
On the 23d inst. futures closed 8
points off to unchanged
with sales totaling 97 contracts. The
Rio contract closed unchanged to 6 points up, with sales
in the Santos contract,
totaling 36 contracts. Santos contracts were unchanged to
2 points advance during the early afternoon. Sales of Santos
during the forenoon amounted to 15,000 bags.
Rio prices
were also higher, with gains of as much as 6 points recorded.
Sales in this contract to early afternoon totaled 5,500 bags.
The cost and freight market for Santos 4s was unchanged
this morning, although milds were firmer, with Manizales
for July shipment being held at 10 %c.
The Havre market
showed gains from % to 1% francs. Today futures closed 9
to 3 points up in the Santos contract, with transactions
totaling 132 lots.
The' Rio contract closed 9 points up to
unchanged,! with sales totaling 68 lots. Coffee futures con¬
tinued active and strong, with most of the distant months
at new seasonal high prices.
In early afternoon Santos con¬
tracts stood 3 to 10 points net higher, with December at
6.18 cents, up 5 points.
Rios were unchanged to 8 points
higher, with December at 4.42 cents. Five Santos notices
stopped. Cost and freight offers from Brazil were light
unchanged. Prices of mild coffees were firm, with
Manizales held at 10% to 10% cents a pound. Havre futures
were % to 1 franc lower.
Rio coffee prices closed as follows:
July
September
4.31 March
—4.39 May
-
4.44
__4.44
4.42
December
Santos coffee
prices closed
as
follows:
5.96 March
.6.06 May
July
September
6.20
__6.23
6.17
December
trading, futures losing all the early gains and more besides.
Reports were current that Gold Coast merchants were hav¬
ing difficulty in absorbing offerings of cocoa.
Warehouse
stocks decreased over 900 bags.
They now total 656,501
bags compared with 1,307,000 bags a year ago.
higher.
The opening range was 2 to 4 points net lower.
lots, or 6,606 tons. Cocoa values soared
totaled 493
quite sharply today as some fairly general buying entered
the ring.
The general advance of other markets, especially
of securities, played its part in the advance of cocoa values.
London noted no change to a 3d. loss on the outside and
losses
Local clos¬
ing: July, 4.38; Sept., 4.53; Oct., 4.58; Dec., 4.73; Jan., 4.77;
March, 4.87; May, 4.98.
On the 22(1 inst. futures closed 5 to 8 points net higher.
Transactions totaled 551 lots.
in
With bullishness prevailing
commodity markets and the stock market con¬
all other
tinuing its upward trend, cocoa took the cue and advanced
With Wall Street interest broadening prices
July selling at 4.45c.
Transac¬
early afternoon were 300 lots.
Switching from
gained 6 to 8 points, with
tions
of 6d.
to l%d.
on
the Terminal Cocoa Market, with
1,340 tons of futures changing hands.
Local closing: June,
4.39: July, 4.44; Sept., 4.60; Dec., 4.77; Jan., 4.82; March,
4.92; May, 5.01.
On the 21st inst. futures closed 8 to 3 points net lower.
Transactions totaled 509 contracts.
The
cocoa
market
re¬
sponded to the general change in psychology evidenced in
commodity markets.
Prices advanced 2 to 3 points by early
to
July into December at 50 points was active.
More interest
in actual cocoa was reported.
Warehouse stocks increased
They now total 662,029 bags against
1,306,000 bags a year ago.
Local closing: July, 4.43; Sept.,
4.60;
Oct., 4.66;
Dec., 4.78; Jan., 4.84; March, 4.94;
May, 5.04.
On the 23d inst. futures closed 18 to 23 points net higher.
5,500 bags overnight.
Transactions totaled 970 lots. The cocoa market was strong
today in the most active session of the year. Prices were 24
to 30 points higher on a turnover of 750 lots up to
earlyafternoon, the largest volume of 1938. There was some profit
taking, but this appeared to be well taken care of by the
demand. Warehouse stocks advanced 3,800 bags to 665,889
bags.
Local closing: July, 4.61; Sept., 4.80; Oct., 4.86;
Dec., 4.98; Jan., 5.05; March, 5.16; May, 5.27.
Today
futures closed 31 to 18 points net higher.
Transactions
totaled 833 contracts. Heavy Wall Street buying and hedge
covering caused cocoa futures to advance to new high ground
on a large turnover, which to
early afternoon amounted to
660 lots. July then was selling at 4.81 cents, up 20 points.
Tenders of 20 lots on July were regarded as small. Traders
reported that cocoa was hard to buy in any volume, as sellers
were reluctant to part with their holdings.
Manufacturer
demand for distant months was reported. Increased activity
in the spot market also was reported.
Warehouse stocks
decreased 1,100 bags. They now total 664,778 bags against
1,324,460 bags a year ago. Afloats from Africa today totaled
136,200 bags.
Local closing: July, 4.92; Sept., 5.03; Oct.,
5.10; Dec., 5.22; Jan., 5.28; March, 5.37; May, 5.45.
Sugar—On the 20th inst. futures closed 2 points lower to
unchanged.
the
Transactions
totaled
44
lots.
Moving
general commodity trend, domestic futures
in
extremely dull trading.
to
be
tive
The selling, which
hedging mostly for the account of
absorbed
an
by trade and commission houses for
account
on
the scale
down.
Failure
against
were
was
heavy
believed
operator, was
new
of the
specula¬
market to
follow the general commodity improvement is regarded as
reflecting the present unfavorable statistical picture.
Spot
raw sugar declined 4 points on a sale of 3,000 tons of
Philip¬
pines, due June 24, at 2.66c. to American.
That price
was
only 1 point away from the seasonal low, and com¬
with
pares
world
the all-time low
of
5.57c.
for
duty-frees.
The
contract closed
unchanged to 1 point higher,
only 23 lots.
London raws at 5s. 3d. were
unchanged, and futures closed unchanged to %d. higher.
with
in
sugar
sales
of
On the 21st inst. futures closed 1 point up to 1 point down
the domestic market.
Sales totaled 190 contracts.
This
market held fairly
steady in face of the easy tone of the
market for actual sugar.
While demand
was not aggressive,
prices 1 to 2 points on sales to
6,000 tons to early afternoon.
September sold at 1.81c.,
up 1 point.
In the raw market July-August shipment Philip¬
pines sold at 2.70c. after prompt Puerto Rico went for 2.66c.
it was sufficient to advance
Withdrawals of refined sugar are expected to improve with
the advent of warmer weather.
The world sugar contract
closed
Cocoa—On the 20th inst. futures closed 12 to 16 points
Sales
this profit-taking became more pronounced in the late
ever,
were
and about
net
by
further today.
On the 21st inst. futures closed 1 to 4 points off in the
Santos contract, with sales totaling 119 contracts. The Rio
contract
with July at 4.46c., in spite of liberal profitearlier buyers.
Sales to early afternoon stood
431 lots, making this the largest day in some time.
How¬
afternoon,
Friday Night, June 24, 1938.
unchanged to 2 points off, with sales totaling 107
London futures were unchanged to %d. higher.
contracts.
On the 22d inst. futures closed 1 to 2 points down in the
domestic
market,
with
sales totaling
425
contracts.
The
market failed to
respond to the general boom in commodity
markets.
September this morning sold at the season's low
level of 1.79c., while in early afternoon it was quoted at
1.80c., up 1 point.
By early afternoon 300 lots had been
sold,
most of the trading being in the form of switches
September into May.
Another switch was from July
into May.
In the raw market offerings were small.
One
nearby lot was available at 2.68c., while shipment Philip¬
pines were held at 2.71c. and Cubas, at 1.85c., equivalent
to 2.75c., duty paid.
Withdrawals of refined sugar were
reported improving.
At the close world sugar futures were
% to 3 points net lower, with sales totaling 19 lots.
from
Volume
Financial
146
On the 23d inst. futures closed 2 to 3
points up in the
The
market was active and strong today.
Wall Street support on
a more optimistic stock market accounted for a rise of 3 to 4
points early in the day, A heavier amount of sales accom¬
panied the bulge and by late afternoon 15,000 tons had been
sold.
In the raw sugar market an operator paid 2.72c. for
I,000 tons of July-August shipment Philippines sugars. The
world contract closed H point up to 2 points down.
Trans¬
actions in this department totaled 115 contracts.
London
Transactions totaled 503 contracts.
domestic contract.
futures showed losses of 1 % to 2 pence on a turnover of 6,000
tons.
Cuban raws offered at 5s. 1 yd., while the raw market
was quiet.
Today futures closed unchanged to 1 point
in the domestic contract, with sales totaling 280 contracts.
The world contract closed unchanged to 1 point up, with
sales totaling 95 contracts.
The rise in the domestic sugar
market continued.
This forenoon prices gained 2 to 3 points,
but hedge selling checked the rise, with the result that by
early afternoon gains had been reduced to 1 or 2 points, with
September selling at 1.80c.
Twenty-three transferable
notices, the first against July, were readily taken.
In the
raw market a sale of 1,000 tons of Philippines for July-August
here
up
shipment was made at a price of 2.75c., up 1 point over the
prices paid late yesterday for an equal quantity. Meanwhile
withdrawals of refined sugar continued to show improve¬
ment, due in part to the warm weather.
In the world sugar
contract prices were about half a point higher.
Futures
were % to yd. higher in London.
Prices
were as
follows:
18th
closed
12
to
,15 points
net lower.
The opening range was unchanged to 7 points
net lower.
Trading was light, with prices moving within
a
narrow
range.
Lard clearances from the Port of New
York today totaled 103,880 pounds, destined for Southamp¬
ton and Hamburg.
Liverpool lard futures closed unchanged
to 3d. lower.
Hog quotations at Chicago today were steady
at Friday's average.
A few sales were reported at $9.10.
Receipts at Western markets totaled 10,400 head against
II,816 head for the same day a week ago and 8,493 head
for the same
On
the
the
inst.
futures
day last year.
20th
inst.
futures
15
closed
to
23
points
firm throughout
ruled
session, recovering Saturday's losses and closing with
wTas
attributed
to
shorts,
with
trade
interests
the
prin¬
quotations at Chicago ran steady to
10 points higher.
Sales were worked at $8.35 to $9.25. Hog
receipts ran about 15,000 head, with a like number expected
tomorrow.
Dressed hogs held at 13%c. for 100 pounds or
cipal
less,
sellers.
Hog
14Hc. for 100 to 400 pounds,
and 12%c. for 140 to
200 pounds.
On
Oils—Linseed
paint
deliveries
manufcaturers
are
now
$7.75.
Cottonseed Oil
Crude, S. E., 7c.
sales, including switches, 167 contracts.
Prices closed as follows:
July
August
September
November
8.14@
n
8.14®
n
December
8.15® 8.16 January
8.14@
February
8.14®
8.14@
8.14@
n
8.14®
October
Rubber—On the 20th inst. futures closed 33 to 44 points
net
higher.
in
the
in
rubber
Higher securities and the recent favorable turn
position figured in a good-sized advance
values here today.
Short covering on the ex¬
statistical
futures closed 2 to 5 points net higher.
fairly active, with prices firm.
Com¬
mission houses were reported as the chief buyers.
Packers
were hedging their stocks.
Hog prices reacted at Chicago,
losing 10 to 20c.
Prices ran $8.35 to $9.05.
Dressed hog
prices in New York showed no change.
On the 22d inst. futures closed 2 to 5 points net higher.
prices, after declining early, rallied during the late
and closed at the highs of the day.
The firm
stock market and the further advance of cottonseed oil were
Lard
The activities
change added to the strength of the market.
of
manufacturers
as
they normally would
in
outside
the
be
on
trade
were
not
as
broad
upturn, but crude prices
an
%c. for most descriptions, with spot stand¬
to 12%c., from 12%c. last week.
Local
bettered by
ard ribs
moving
up
Sept., 12.82; Dec., 12.97;
Jan., 13.00; Feb., 13.02; March, 13.04.
On the 21st inst. futures closed 21 to 28 points net higher.
was
hands
the floor.
The
on
upward
active,
fairly
Trading
441
with
contracts
changing
London and Singapore were both firm.
in
movement
rubber
today
was
largely
in
sympathy with the other commodity markets, and of course
active securities market had its influence. Deal¬
quoting spot and June rubber at 12%c.,
the strong
ers
in the trade were
No.
basis
1
ribs, late in the day,
up
He. a pound, accom¬
panied with gains of similar proportions in other descrip¬
tions of crude.
Local closing: June, 12.85; July, 12.87;
Dec.,
13.03;
13.16;
Jan.,
13.21;
March,
13.30;
May, 13.43.
On the 22d inst. futures closed
Transactions
totaled 786
45 to 41 points net higher.
contracts.
This market was bid
levels for the recovery movement under
heavy covering of shorts and increased commission house
buying.
Trading was active, transactions reaching 3,910
tons to early afternoon.
At that time prices were 24 to 34
points higher, with all positions above the 13c. mark.
Fac¬
tory buying was more active.
London closed unchanged,
but Singapore was l/32d. lower at l/32d. higher.
Local
closing: July, 13.30; Oct., 13.52; Jan., 13.65; March, 13.75;
up
to
high
new
May, 13.84.
On the 23d. inst. futures closed 30 to 24 points net higher.
Transactions
the 21st inst.
The lard market was
oil
reported as less active,
complaining of business.
Linseed oil in tank cars is quoted 8.0 to 8.2c.
Quotations:
China wood: tanks 10.8 to 11c.; drums, 11H to 12c.
Coco¬
nut: crude, tanks, .03He.;
Pacific Coast, .03. Corn: crude
west, tanks, nearby, .07 HOlive: denatured, spot, drums,
84 to 87c.
Soy bean: crude, tanks, west, .05H; L. C. L.,
N. Y., .07.
Edible: 76 degrees, 9Hc.
Lard: prime, 8%c.;
extra winter strained, 8He.
Cod: crude, Norwegian, light
filtered, 31c.
Turpentine: 28H to 30He.
Rosins: $4.90 to
with
Sept.,
net
the
sub¬
stantial net gains.
The general upward trend of commodity
markets, not to speak of the securities market, was in no
small
measure
responsible for the rise in lard values.
There was considerable activity in the July delivery, which
futures
lard
Chicago
higher.
Butter: creamery, firsts to higher than
premium marks: 25He to 26yc.
Cheese: State,
held '36, 22 to 24c.; held '37, 19H to 21 He.
Eggs: mixed
colors, checks to special packs: 18H to 22He.
lbs., 12 He.
closing: June. 12.63; July, 12.65;
1.861
January (new)
Lard—On
30
to
extra and
were
1.91
1.92
1.771 March (new)
1.82 J May
July.
September
4137
Chronicle
market
was
totaled
635
contracts.
The
crude
rubber
firm after opening 5 to 12 points above yester¬
Trading was unusually active, with the turn¬
approximately 4,390 tons.
The London and
Singapore markets were both firm, with closing prices 2-16
to 5-16d. higher.
Local closing: July, 13.60; Sept., 13.76;
Oct., 13.80; Dec., 13.88; Jan., 13.93; March, 14.00; May,
14.08.
Today futures closed 34 to 37 points net higher.
day's close.
over
to
noon
Transactions
totaled
697
session
futures
given as the influences directly responsible for the firmness
of lard values.
Another stimulating factor was the upturn
10 to 15c. higher at Chicago,
Receipts today were esti¬
mated at 14,000 head.
Tuesday's official receipts reached
17,726 head, considerably more than had been forecast.
On the 23d inst. futures closed 15 to 17 points net higher.
and December at 14.24,
Lard prices soared in sympathy with other markets.
mission houses were operating on the buying side.
contracts.
Trading in rubber
after early hesi¬
crossing the 14-cent level.
gains.
of
hog
with
prices.
the
range
These
ran
$8.50 to
$9.20,
Com¬
Selling
Hog prices moved higher also,
points. Prices
ranged $8.55 to $9.35.
Receipts were estimated at 12,000
head for today and 10,000 head for tomorrow.
Wednesday's
official receipts amounted to 13,590 head, somewhat under
the trade estimate.
Lard exports of 205,400 pounds were re¬
ported, destined for Hull, New Castle and Antwerp. Today
futures closed 3 points down to unchanged.
Trading was
light and without special feature.
was
was
active and prices turned strong
taking, all positions excepting July
A London dealer was reported as
buying, factory interest increased and outside speculative
demand was broader.
Sales to early afternoon totaled 4,450
tons.
At that time July stood at 13.93c., Sept. at 14.07
tancy
due
offerings
Shipment
London
to profit
closed
H
gains ranging from 31 to 36 points.
were described as "light and dear".
to 3-16d. higher.
Singapore made like
Local closing: July, 13.96; Oct., 14.12; Dec., 14.22;
Jan., 14.29; March, 14.37; May, 14.45.
chiefly by the trade.
closing gains at Chicago amounting to 5 to 15
DAILY CLOSING PRICES OF LARD FUTURES
Sat.
Mon.
Tues.
Wed.
IN CHICAGO
Thurs.
Fri.
July--September
8.20
8.37
8.35
8.60
8.40
8.62
8.45
8.65
8.62
8.62
8.60
8.80
October
8.52
8.42
8.67
8.57
8.72
8.72
8.75
8.75
8.92
8.90
8.90
8.87
December-.
Pork—(Export), mess, $27.75 per barrel (per 200 pounds);
family, $24.87 H (40-50 pieces to barrel), nominal, per barrel.
Beef: (export) steady.
Family (export), $28 per barrel (200
pounds), nominal.
Cut meats: steady.
Pickled hams—
picnic, loose, c. a. f.—4 to 6 lbs., 15%c.; 6 to 8 bs., 1 5Mc-;
8 to 10 lbs., 14c.
Skinned, loose, c. a. f.—14 to 16 lbs.,
20Hc.; 18 to 20 lbs., 20J^c.
Bellies: clear, f. o. b. New
York—6 to 8 lbs., 19c.; 8 to 10 lbs., 18yc.; 10 to 12 lbs.,
17 He.
Bellies: clear,
lbs., 13Kc.; 18 to 20
dry salted, boxed, N. Y.—16 to 18
lbs., 13^c. 20 to 25 lbs., 12%c.; 25
g Hides—On the 20th inst. futures closed 28 to 42 points
net
higher.
Transactions totaled 9,000,000 pounds, the
heaviest recorded in some time.
The upsweep in securities
and other commodity values carried the hide futures list
to much higher levels today.
The market was irregular
at the start, with first prices ranging from 18 points ad¬
vance to 2 points decline.
The broad advance in the other
major markets, however, stimulated covering and new buy¬
ing around the hide futures ring, with the result that values
closed at about the highs of the day.
Interest in the
domestic spot hide market was somewhat keener.
There
were 15,000 May-June light
native cowhides sold at 8y2c.,
and April-Mays at 8Hc., representing an increase of He.
Local closing: June, 9.75; Sept., 9.05; Dec., 9.34; March,
9.49; June, 9.59.
On the 21st inst. futures closed 7 points lower to 11
points higher.
The market opened from 15 points advance
to 20 points decline, and considering the large volume of
business
consummated around the hide ring
during the day,
fluctuations were held within a comparatively
narrow
range.
Transactions totaled 8,880,000 pounds.
Business in the Chicago hide futures market was reported
slow, sales totaling 200,000 pounds.
Closing prices there
the
price
4138
Financial
from 3 to 5 points higher.
were
The last reported domestic
spot hide sales included 37,400 hides, with April-May heavy
steers bringing 8%c. to 9c.
Local closing: June,
8.86; Sept., 9.02; Dec., 9.31; March, 9.46; June, 9.56.
native
On the 22d. inst. futures closed 24 to 27
points net higher.
Transactions totaled 227 contracts.
With the stock market
strong and active and other commodity markets advancing,
the hide market could hardly do otherwise but follow along.
After
opening
9
26
to
points lower, the market turned
strongly upward, standing 8 to 9 points net higher this
afternoon, when September stood at 9.10c. and December
at
9.40c.
Further
sales
of
June 25, 1938
Saturday's easing.
Grade D
unchanged in Kobe at
but lost 5 yen at Yokohama, going to 695 yen.
quotations were unchanged to 7 yen lower and
unchanged to 5 yen lower, respectively. Cash sales totaled
525 bales at these Japanese centers, and trade in contracts
reached 2,575 bales.
Local closing: June, 1.59; July, 1.55%;
700
was
yen,
Bourse
Aug., 1.53; Sept., 1.54; Oct., 1.53; Dec., 1.52%.
On the 21st inst. futures closed unchanged to 2%c. higher.
The opening range was lc. to 2%c. over the previous finals.
Short covering was a feature, with values
scoring as much
l%c. to 3c.
at one time during the day.
Considerable
buying was in evidence. A total of 2,120 bales changed
hands, which was the biggest volume recorded in weeks.
Grade D rose 12% yen at Yokohama and 10 yen at
Kobe,
as
reported at
steady prices.
Sales in the domestic market totaled 30,000,
including May-June branded cows at 8%c. In South Amer¬
ica 9,000 frigorifico steers sold at 9%c.
Local closing:
June, 9.12; Sept., 9.26; Dec., 9.58; March, 9.72.
On the 23d. inst. futures closed 13 to 3 points net higher.
going to 707% and 710 yen, respectively.
Bourse values on
those markets netted respective gains of 11 to 15 and 10 to
15 yen.
Sales of actual silk rose to 975 bales, while trans¬
Transactions totaled 358 contracts.
actions
spot
hides
Chronicle
were
The hide market
was
new
futures
in
net
before
market did
the
close.
Transactions
to
totaled
noon
about
9,280,000 pounds.
Local closing: June, 9.25; Sept., 9.36;
Dec., 9.63; March, 9.75.
Today futures closed 22 to 25
points net higher. Transactions totaled 377 contracts. Raw
hide futures were lifted to new high levels under speculative
and dealer buying stimulated by the general enthusiasm in
commodity and security markets.
Trading continued on a
large scale with sales to early afternoon totaling 10,680,000
pounds. The firmness of spot hides and the favorable tenor
of advices from the shoe
manufacturing industry were factors.
Sept. was selling at 9.52c.; Dec. at 9.82; or 17 to 19 points
higher. Local closing: Sept., 9.58; Dec., 9.88; March, 9.98.
Ocean
Freights—Conditions in the freight and charter
markets were generally quiet.
Charters included: Grain
booked: Two loads, Montreal to Antwerp, July 1-15; 14c.
Two loads, Montreal to Rotterdam, June, 14c.
Grain:
Gulf Antwerp-Rotterdam, 2s. 3d.; picked
ports United
Kingdom, 2s. 6d.; German ports, 2s. 10%d., July 12 to 25
loading.
Scrap Iron:
Two picked ports United States
Atlantic to Genoa or Savona, 5s. 10d., August.
Gulf of
Gdynia, June-July; 18s.
In the early part of last week
$12,000,000 worth of scrap iron was purchased from the
United States by European countries.
It is expected that
within the
future the demand for tonnage to transport
this metal will become active.
near
Coal—According to figures furnished by the Association of
American Railroads, the shipments of anthracite into eastern
New York and New England for the week ended June
4th,
have amounted to 2,070 cars, as compared with
1,336 cars
during the same week in 1937, showing an increase of 734
approximately 36,700 tons. Shipments of anthracite
for the current calendar year up to and including the week
ended June 4, have amounted to 36,326 cars, this
being a
decrease of close to 204,250 tons
compared with the same
period of 1937.
Shipments of bituminous coal into this
territory during the week ended June 4 have amounted to
962 cars, as compared with 1,196 cars
during the corres¬
ponding week in 1937. Calendar year shipments of bitumi¬
nous coal have amounted to
36,234 cars during the same
period in 1937, indicating a decrease estimated at 600,800
cars, or
tons.
.
'>■
Metals—The report
of Copper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity/' where
they are covered more fully.
5,950 bales.
Transactions totaled
not
in
other
ment.
In
the
double
extra
Prices
silk in
bale.
more or
less in the doldrums.
Most
done
by dealers is in new wools not yet
shipped from producing areas or en route to the East. Such
raw material is said to be
steady to slightly higher in prices.
Moderate spot selling of twelve months Texas wool was
reported during the week at 58 to 60 cents clean, or un¬
changed from previous prices. Such wools in Texas are found
slightly firmer than they were, at around 56 to 57 cents
delivered for good French combing
length or better. Graded
combing bright fleece wools are quiet, but nominally steady
in price. As in territory, most business of dealers has
been in
offerings for direct shipment from growing sections. Some
choice fine fleeces containing both delaine and
clothing wool
has been sold by several houses at about 24 cents in the
grease
for delivery from the
country. A cable from Brisbane on the
22d stated that
the wool
wools
Germany and France continued to dominate
sales, followed by Japan and Italy. Good to
average
unchanged in price. Scoured wools were noticeably
Greasy was up to 18%d and scoureds were at 21 %d.
were
firmer.
Silk—On
higher.
the
20th
The market
inst.
futures closed 2% to 4%c. net
strong throughout the session today
low volume of sales, only 270 bales
strength of the securities market,
notwithstanding a very
changing hands.
The
together with inflationary talk and the general rise of most
commodity markets were the influences responsible for the
rise in silk futures
today.
Prior to this turn of events the
uptown trade had marked down the average
spot price of
crack
double extra 2c.
market
action.
on
today's and Saturday's Japanese
Primary markets
softened
further
after
silk
York
market
spot
advanced
was
contracts.
The
silk
2c.
the
to
price
of
$1.65%
crack
pound.
Grade D
a
10 yen to 717% yen a
Local closing: June, 1.60%; July, 1.58;
Aug., 1.55%;
Oct., 1.55%; Nov.. 1.54%; Dec., 1.54%; Jan., 1.54.
On the 23d inst. futures closed l%c.
up to unchanged.
Transactions totaled 86 contracts. After opening
% to 1%
cents lower, the raw silk futures market steadied on sales of
500 bales. September was
quoted at 1.55%,
unchanged and
December at 1.54%, also unchanged in the early afternoon.
Crack double extra in the spot market declined
% to $1.65.
The Yokohama Bourse was 1 to 9 yen lower at the close and
the price of Grade D in the outside market was
unchanged
at 717%fyen a bale.
Local closing: June, 1.61; July, 1.59%;
Aug., 1.57; Sept., 1.56; Oct., 1.55%; Nov., 1.55; Dec., 1.55;
Jan., 1.55.,
Today futures closed 4c. to lc. net higher.
Transactions totaled 215 contracts.
Raw silk futures
were
strong and active in sympathy with other markets.
The
opening was 1 to 2 cents higher and additional strength
developed after the opening.
In early afternoon prices were
3% cents higher, with July at $1.61%, up 2 cents. Sales
to that time totaled
1,520 bales.
In the New York spot
market the price of crack double extra silk was advanced 3
cents to $1.68 a pound.
On the Kobe Bourse prices closed
8 yen higher to 2 yen lower.
Grade D silk at Yokohama
closed 10 yen higher to 727%
yen a bale.
Local closing:
July, 1.61%; Aug., 1.58; Sept., 1.58; Oct., 1.57; Nov.,
1.56%; Dec., 1.57; Jan., 1.57%.
2 to
COTTON
Friday Night, June 24, 1938
Crop, as indicated by our tele¬
grams from the South tonight, is given below. For the week
ending this evening the total receipts have reached 24,113
bales, against 27,019 bales last week and 20,069 bales the
previous week, making the total receipts since Aug. 1, 1937,
7,048,604 bales, against 6,231,593 bales for the same period
of 1935-36, showing an increase since
Aug. 1, 1937, of
817,011 bales.
The Movement of
Receipts at—
Sat.
the
Mon.
1,087
761
167
Tues.
2,516
Wed.
Thurs.
Fri.
Total
804
1,031
478
94
6
1,430
6,972
4,116
1,256
"888
l",068
"105
~"l7
3,501
486
386
25
515
778
2,875
492
47
4,027
4,217
100
Savannah
1,056
1,646
112
Corpus Christi..
138
120
358
31
179
204
2
Charleston
Lake Charles
204
31
4
....
Wilmington
Norfolk
"141
"l03
Totals this week.
4,543
4,408
4,691
3,371
40
5
4,083
51
335
347
Baltimore..
347
3,017
24,113
The following table shows the week's total
receipts, the
total since Aug. 1,
1937, and the stocks
tonight, compared
with last year:
1937-38
1936-37
Stock
Receipts to
June 24
This
Since Aug
This
Since Aug
Week
1, 1937
Wfek
1. 1936
1938
1937
Galveston
Texas City..
6,972 1,905.001
1,086 1,696,280
656.455
331,152
Houston
4", 116
3",310
2
697,883
42,806
16,761
683,347
53,403
6,513
2,377
262",679
204
Corpus Christ!..
Beaumont
New Orleans
Mobile.
was
markets,
New
106
well today to the strength dis¬
especially the securities depart¬
the outside market advanced
and the market remains
business
so
9 to 12 yen on the Yokohama Bourse.
rose
New Orleans
Mobile
the
respond
played
Galveston
Houston
of
these
Local closing:
higher.
Wool—The domestic wool situation
appears little changed
from last week. Inquiry for raw wool is still
distinctly light,
in
Japanese markets soared to
June, 1.59%; July, 1.58; Aug.,
1.54; Sept., 1.54%; Oct., 1.54; Nov., 1.53%; Dec., 1.53%.
On the 22d inst. futures closed unchanged to 1%
points
unusually active and strong today. After opening 5 points
higher to 3 points lower, futures firmed and by the late after¬
noon prices were 17 to 26
points up. At this level there was
heavy profit taking, which scaled prices down considerably
1,810,249
399,752
11,847
3,501 2,107,321
4,027
216,196
Pensacola, &c__.
Jacksonville
335
Savannah
Charleston
Lake Charles
347
26,394
358
31
Wilmington
5
Norfolk
N ewport N ews
New York
77,954
3,615
132,988
194,721
78,924
27,751
55,891
4,217
1,290,262
283,920
23.286
6",534 2,013,387
2,880
314,830
100,910
4,477
2,751
327
141,382
169,045
837
56,000
26,404
42,685
2.426
68,725
5,201
14,521
22.607
26,525
155
24,113 7,048,604
"""i5o
3,702
Philadelphia
Totals
40,255
13,804
23,362
28,594
_.
Boston
Baltimore
146,992
26,305
15,170
313,603
44,885
3,878
1,528
129,973
4,394
1,075
1,375
19,653 6,231,593 2,417.429 1,203,896
Volume
Financial
146
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Chronicle
4139
steady, and while
some
local buying developed, the demand
not sufficient to absorb the
was
overnight accumulation of
Liverpool bought moderately, but Bombay
brokers were credited with buying the deliveries from De¬
cember forward.
Southern spot markets as officially re¬
ported were 5 to 9 points higher. Average price of middling
at the 10 designated
spot markets was 8.49c. On the 20th
inst. prices closed 10 to 13 points net higher. The market
was more active and
stronger today, this strength being
sustained throughout most of the session,
prices for all
deliveries selling above the 8J^c. level. Prices started with
a
gain of 8 to 9 points in response to higher Liverpool and
Bombay cables and reports of further heavy rains over the
Eastern half of the cotton belt. Houses with foreign connec¬
tions, especially Bombay houses, were active buyers early.
selling orders.
1936-37
1937-38
Receipts at—
Galveston
1935-36
_
Savannah
8,631
16,705
24,551
7,727
4,097
149
233
16,614
8,732
17,434
7,262
2,381
""526
""209
1,460
*6",724
21
487
1,307
781
387
136
496
800
1,086
3,310
6,034
2,880
2,751
2,278
2,476
12,019
1,250
1,207
""358
Houston
New Orleans.
Mobile
1932-33
1933-34
1934-35
6,972
4.116
3,601
4,027
4,217
'"327
543
2,624
4,176
10
Brunswick
Charleston
5
Wilmington..
Norfolk
""837
335
N'port News.
"
All others
""582
2,428
"l'.uo
"""249
"4" 178
"5",4l2
Total this week
24,113
19,653
21,698
8,706
59,054
75,954
Since Aug. 1.. 7,048,604 6,231,593 6,663,679 3,995,078 7,242.221 8,481,437
The exports for the week ending this evening reach a total
of 31,333 bales, of which 399 were to Great Britain, 7,354
to
France, 4,059 to Germany, 4,360 to Italy, 8,552 to Japan,
In the cor¬
200 to China, and 6,409 to other destinations.
total exports were 41,642 bales.
For the season to date aggregate exports have been 5,472,900
bales, against 5,284,592 bales in the same period of the
previous season.
Below are the exports for the week:
responding week last
year
Week Ended
Exported to—
June 24, 1938
Exports from—
'
•
Great
Ger¬
Britain
France
Galveston
Italy
many
Japan
1,583
100
604
100
2,180
1,382
Houston
2,677
6",790
New Orleans
China
935
3~425
564
Total
Other
2,398
1,229
2,455
6,962
4,610
14,850
"399
Mobile..
399
"52
4~185
Los Angeles
52
225
Norfolk..
4,410
50
50
6,409
31,383
San Francisco
399
Total
Total
1937.
Total
1936
7,354
13,595
4,439
4,059
4,360
2,241
15,274
2,676
2,441
7,788
200
8,552
4,915
3,029
1~393
'
8,594
4,827
5,184
41,642
34,754
There
also
was
scattered
as
fair demand from trade interests
a
buying
through
strength
in
exerted
strong influence
mon
a
factor
the
stock
which
market
on
and
values.
influenced
as
well
houses.
The
in other commodities
commission
all
If there
of
the
was one com¬
markets, it
was
apparently more disposition on the part of traders to antici¬
pate increased business activity as a result of the Govern¬
ment's spending plan.
Southern spot markets as officially
reported were 9 to 14 points higher.
Average price of
middling at the 10 designated spot markest was 8.60c.
On the 21st inst. prices closed 8 to 10
points net higher.
The market continued its
upward trend during today's
session. At the high point of the
day prices were only a few
points short of a full advance of lc. a pound, or $5 a bale
from the low levels established on
May 31. This sharp gain
resulted in active profit-taking and served to check new
buying to some extent. The market rallied quickly from the
small setbacks and
range was
the undertone
was
firm.
The
opening
6 to 9 points advance in response to sharp gains
both the Liverpool and the Bombay markets. Houses
with foreign connections were
aggressive buyers, and while
in
also
From
Exported to—
Aug. 1,1937 to
June
Great
1938
24.
Ger¬
France
Exports from—
Britain
Galveston
290,484 184,648
Houston
264,462 171,579
92,349 75,145
Corpus Christ!
123
4,250
459,479 260,210
24,435
6,819
Beaumont
New Orleans.
Lake Charles.
Mobile
Pensacola, &c.
Savannah
Charleston.
18,819
100,303
1,543
41,568
54,176
Jacksonville..
Wilmington..
mmm
China
44,029 283,205 1404,677
28,448 219,909 1137,417
177
-
mm
-
•
-
48,387
,
mm'mrnrn
..
"200
rnmmm
mmm
mmm
mm
rnmmm
rnmmm
mmm.
rnmmm
914
100
mm
mmmmmm
357
52,258
mm
mm
11,510
36,241
rnmmm
58,285 373,439
725
8,923
4,143 216,478 1298,522
64,578
26,352
"50 18,478 195,903
60
1,742
395
34,007
6,321
97,652
3,829
33,558
-
139
102,211
..
-
200
-
Norfolk.
6,018
4,432
Gulf port
New York
7,774
5,373
1,381
2,157
3,622
..
22,930
-
-
-
mmm
420
mmmtm
m
m
m
mmm
m
rnmmm
m
-
mm
mm
rnmmm
rnmmm
mm
1,659
934
"10
34
286
250
18
530
561
322
200
103,183
22,414
30,124
1,163
26,436
100
10,863
Boston
384
Baltimore
144
Philadelphia..
Los Angeles..
271
•
mm ——
----
Total
Other
Japan
195,012
129,412
Italy
many
247,579 156,720
190,303 133,304
57,294 52,979
3,825
152,564 157,261
4,131
2,841
43,519 14,534
400
9,053
1,000
1,681
2,249
10,325
9,121
mmm
m m
mmm
rnmmm
mm.
rnmmm
10,075
694
2
•
mm
163,622
1,200
35,481
17,553
18,331
m
3,585
3,481
78,619
73,784
399,466
186,082
55
San Francisco
6,897
157,066
71,314
2,127
55
Seattle..
Total..
Total
23,035 705,417 5284.592
41,575 939,097 5321,032
867,670 522,123
1936-37 1169.482 706,377
Total
635,629
91,381 1018224 5472,900
736,733 392,664 1550,884
852,251387,641 1528,576
1583,092 754,781
1935-36 1372,064 700,850
NOTE—Exports to Canada—It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns
concerning the same from week to week,
while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view
however, of the numerous inquiries we are receiving regarding the matter, we will
that for the month of May the exports to the Dominion the present season
have been 19,779 bales.
In the corresponding month of the preceding season
say
the
exports were
were
16,950 bales.1
For the 10 months ended May 31,
1938, there
211,734 bales exported as against 239,806 bales for the 10 months of 1936-37.
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
June 24 at—
Leaving
Ger¬
Britain
Galveston
France
New Orleans..
many
Foreign
wise
300
Stock
Total
707
49
1,277
100
11,300
11,998
8,393
600
"152
'728
1,500
226
2,089
....
"543
Mobile
"33
Norfolk
Other ports
Total 1938.
Total
_
1937-.
Total 1936--
9,718
6,298
25,015
171
1,952
4,942
2,784
4,177
4,161
16,531
22,759
18.079
3,815
2,211
1,262
645,155
685,885
674,954
146,392
40.255
52,675
28,594
110,500
33,019 2.384.410
37,397 1,166,499
53,459 1,390,231
Speculation in cotton for future delivery during the past
has been more active, with the trend decidedly up¬
ward, like most other commodity markets.
The cotton makket's chief stimulus came from a strong and active stock
market, reflecting growing business confidence.
The best
week
active
textile
less bullish
business
crop
of the year,
together with
and weather reports,
were
more
or
influences that
played their part in the rising market.
On the 18th inst.
prices closed 7 to 9 points net higher.
activity in the Southwest and fears that the com¬
plaints will become aggravated by forecast for continued
unsettled weather, lifted cotton prices into new high ground
for the current upward movement in today's session.
As
nervous
shorts moved to cover, the supply of contracts
dwindled, and with good supplementary demand from foreign
interests, commission houses and locals, prices moved ahead
easily. Trading was fairly active on the rise. Initial prices
were unchanged to 3 points lower.
Liverpool cables were
Insect
josses for the first time in
in
over a
week, attracted attention
trading circles.
The decided change for the better in
the belt, and the fact that the market
had been going up steadily of late, attracted heavy selling,
as it was thought that with
prices up nearly a pound from
the lows of the season, a reaction for technical reasons, if
for no other, was to be expected.
Southern spot markets
as
officially reported were unchanged to 5 points lower.
Average price of middling at the 10 designated spot markets
weather conditions
was
over
8.67c.
On
the
23d
market
inst.
prices closed 9 to 5 points net higher.
continued
strong in the afternoon following
leadership of Wall Street and other commodity mar¬
kets, which were at new highs for the movement.
By the
the
start of the last hour active
"89
8,000
7,269
1,010
Savannah
Charleston
Coast¬
500
Houston
1,600
3,707
3,968
Other
10 designated spot markets was 8.69c.
On the 22d inst.
prices closed 2 to 5 points net lower. Improved weather
conditions caused the market to ease 15 to 16
points during
the early session.
Continued strength in the stock market
and further large sales of textiles served to offset the effect
of bearish weather reports and
prices recovered most of the
early losses. Sentiment was more two-sided, and early in
the day the market showed a reactionary tendency. Foreign
markets were steady, but rather feverish, and after opening
3 to 4 points lower, local prices continued to decline under
domestic and foreign liquidation as well as hedge selling.
This carried the market 15 to 16 points lower. While the
market rallied sharply and at one time was unchanged to a
point or two higher, the fact that final quotations showed
The
Shipboard No. CI ared for—
Great
liquidating July and taking profits in some of the later
months, they bought on balance and early in the day ab¬
sorbed a great deal of realizing as well as New Orleans local
selling. Reports that sales of textiles on Monday had totaled
about 20,000,000 yards and that business continued active
during the day, had a wholesome influence on the market
for futures.
Southern spot markets, as officially reported,
were 3 to 10 points
higher. Average price of middling at the
above the closing
8.70, up 12 points.
were
10 to 12 points
Around
noon
the list was 7 to 10 points
The opening range was 5 to 6 points lower than
higher.
the
positions
levels of yesterday, with July selling at
with trading light.
Bombay traders
6n both sides of the market, selling July and
supporting March and May.
Spot dealers were light sell¬
ers, while trade shorts continued to buy and small demand
was
coming from Wall Street interests.
Following the
opening the list sold off further on local liquidation.
Weather reports said that there were some scattered over¬
night rains in south Texas, Arkansas and along the Atlantic
previous finals,
appeared
seaboard.
Cotton
from the
early activity, and prices were also slightly below the best
levels of the day.
By, 2 o'clock the list was unchanged to 5
points higher, with July quoted at 8.67c., unchanged, and
May at 8.83c., up 5 points.
Around noon the market was
2 to 8 points better.
Futures opened 7 to 8 points higher,
Today
prices closed 4
to
9 points
net
higher.
trading quieted down somewhat in the afternoon
with
the
volume of business one
of the heaviest since the
upward. July was heavily purchased by trade
cooperatives and spot interests, and the latter were also
moderate sellers of December and March.
Bombay houess
recent spurt
The opening gains were well main¬
Weather news indicated scattered
showers in -the Eastern sector, but none elsewhere in the
continued to sell July.
tained
belt.
after
the
call.
4140
Financial
Chronicle
The official quotation for middling
upland cotton in the
New York market each day for the past week has been:
June 18 to June 24—
Sat.
Mon.
Tues.
8.43
8.62
8.71
Middling upland
New York
1938-
8.82c.
1937
1936
1935
1934
1933
1932
1931
18.55c.
1918
24.20c.
29.35c.
1917
1916
1923
28.55c.
1915
11.90c.
12.15c.
8.70c.
5.30c.
9.80c.
Thur».
8.68
Fri.
8.77
8.82
13.25c.
18.45c.
22.25c.
16.80c.
1922
1921
21.90c.
11.05c.
1914
1913
1920
38 25c.
1912
1919
33.50c.
30.45c.
27.15c.
1910
1909
11.60c.
13.60c.
9.60c.
1908
1907
13.00c.
13.25c.
12.30c.
11.55c.
1911
only.
15.00c.
15.05c.
June 24—
Stock at Liverpool
Stock at Manchester
Total
Stock at
Stock at
Stock at
Stock at
Stock at
the spot each day during the
week at New York are indicated in the
following statement.
For the convenience of the reader, we also add columns
which show at
closed
on
Spot Market
Closed
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
8 pts. adv..
11 pts. adv.
9 pts. adv..
3 pts. dec..
9 pts. adv..
5 pts. adv..
Steady
Steady
Steady
Steady—
Steady
Steady
t
t
1
l
I
1
i
l
l
1
t
«
—
Contr'ct
I
1
I
1
t
I
II
1
1
1
I
1
1
t
t
i
Total
ft
1
1
1
1
>
1
i
t
1
I
1
1
1
I
1
I
_
886,000
168.000
183.000
11,000
721,000
203,000
49,000
26,000
18,000
Great Britain
Bremen
Havre
Rotterdam
21", 000
581,000
399,000
—
i
I
1
1
I
1
t
1
1
t
1
1
1
1
1
1
1
I
1
t
1
»
1
450,000
1
Total visible supply-
1
8,245,927 5,033,157 5.606,954 4,998,489
Futures—The highest, lowest and closing prices
New York for the past week have been as follows:
at
Monday
Tuesday
June 18
June 20
June 21
Wednesday
Thursday
June 23
June 22
Friday
June 24
(1938)
follows:
635,000
107,000
169,000
225,000
64,000
123,000
296,000
247,000
199,000
56,000
44,000
35,000
125,000 :
144,000
136,000
150,000
117,000
79,000
25,000
108,000
95,000
111,000
166,000
204,000
2,100,775 1,203,896 1,443,690 1,293,897
-.2,417,429
964,392 1,424.612 1,201,295
9,723
8,869
10,652
10,297
Manchester stock
Bremen stock
Havre stock
—
Other Continental stock
American afloat for Europe
Saturday
as
American—
47",452 152",255 199~652
■
U. 8. port stock
U. S. interior stock....
U. 8. exports today
Range..
8.31- 8.42
8.48- 8.58
8.56- 8.63
8.45- 8.62
8.47- 8.72
8.66- 8.74
Total American
Closing
8.41- 8.42
8.52- 8.63
8.61
8.58
8.67
8.72
East Indian, Brazil. &c.—
-
-
Aug.—
-
-
Closing
8.41n
.
8.5377
8.6177
8.5877
8.6777
8.71/7
8 5877
8.67/7
8.71/7
Sept.—
Range
8.41/i
8.5477
8.6277
8.32- 8.43
8.50- 8.60
8.58- 8 65
8.47- 8.64
8.48- 8.74
8.65- 8.74
8.42
8.55- 8.56
8.63- 8.64
8.58- 8.59
8 67-
8.71- 8.72
_
Range
__
Closing
.
-
8.68
—
Range
8.45n
8.5777
8.6577
8.37- 8.48
8.55- 8.65
8.63-
8.60
8.68
_
8.6177
Closing
_
8.48
-
—
8.69/7
8.52- 8,69
8 53- 8.79
8.71- 8.72
8.78
Total East India, &c
Total American
8.74/7
—
—
Closing
Feb
8.38- 8.39
.
.
8.56- 8.64
8.64- 8.70
8.52- 8.67
8.55- 8.76
8.74- 8.80
8.4871
8.58- 8.59
8.68
8.6577
8.72
8.79
8.5071
8.6177
8.7077
8.6777
8.73/7
—
—
—
Range—
Closing
_
Range
—
.
8.41- 8.52
8.60- 8.68
8.68- 8.75
8.58- 8.75
8.59- 8.83
8.77- 8.85,
8.64
8 73
8.70
8.75- 8.76
8.84
—
—
April—
Range..
8.5377
8.6577
8.7477
Range..
8.44- 8.53
8.62- 8.71
8.70-
Closing.
8.5471
8.67- 8.68
8.75
Closing
May—
_
lppl
Middling uplands, Liverpool....
Middling uplands, .New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
8.76/7
8.85/7
8.62- 8.85
8.73
8.78
8.86/7
-—
At
Closing.
Nominal.
Range for future prices at New York for week ending
June 24, 1938, and since trading
began on each option:
June
1938-
9.63
June 18
8.74 June 24
Aug. 27 1937 11.36 July
the
Interior
Oct.
8 1937 11.36 July
Towns
to
Receipts
5.93d
7.93d.
5.80d.
5.95d.
1936,
over
the
and
gain
a
movement—that
June
24,
1938
Week
Ship¬
Season
24
to
June
June
Week
Movement
Slocks
ments
27 1937
May 25 1938
Towns
27 1937
7.65
8.31
8.31
6.05d.
8.25d.
5.75d.
4.03d.
6.85d.
12.20c.
8.33d.
9.55d.
5.72d.
of
is,
the
detail below:
Range Since Beginning of Option
1938—
July
7.18d.
12.43c.
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Movement
Range for Week
6.95d.
12.74c.
11.15d.
8.80- 8.88
Range—
Option for—
4.83d.
8.82c.
8.85d.
3.96d.
Continental imports for past week have been 89,000 bales.
The above figures for 1938 show a decrease over last
week of 130,105 bales, a gain of 3,212,770 over
1937, an
June—
77
8,245,927 5,033,157 5,606,954 4,998,489
increase
of
2,683,973 bales
3,247,438 bales from 1935.
8.7171
8.60- 8.77
8.78
388,000
56,000
52,000
15,000
73,000
105,000
154,000
163,000
739,000
2,395,000 2,093,000 1,902,000 1,745,000
5,850,927 2,940,157 3,704,954 3,253,489
C.P.Oomra No.l staple,s'fine. Liv
8.52
-
33,000
22,000
129,000
126,000
137,000
8.81/7
Mar.—
Closing
358,000
72,000
59,000
37,000
80,000
128,000
177,000
170,000
821,000
219,000
380,000
1,191,000 1.068,000
Stock in Alexandria, Egypt
Stock in Bombay, India
8.72- 8.80
8.64
8 70
yaw.(1939)
Range
44,000
31,000
38,000
71,000
Egypt, Brazil, &c., afloat
Dec.—
Range
458,000
76,000
54,000
Indian afloat for Europe
-
Closing
357,000
54,000
Manchester stock
Bremen stock
Ha vre stock
Other Continental stock
.
.
Closing
Oct.—
Nov
5,850,927 2,940,157 3,704,954 3,253,499
Liverpool stock
Range
-
545,000
72,000
83,000
11,000
10,000
6,000
1,285,000 1,266,000 1,128,000
129,000
128,000
105,000
111,000
204,000
166,000
Egypt, Brazil,&c.,afl't for Europe 219,000
126,000
177,000
154,000
Stock in Alexandria, Egypt.
380,000
137,000
170,000
163,000
Stock in Bombay. India
1,191,000 1,068,000
821,000
739,000
Stock in U. S. ports
2,100,775 1,203,896 1,443,690 1,293,897
Stock in U. S. interior towns
2,417,429
964,392 1,424,612 1,201,295
U. S. exports today
9,723
8,869
10,652
10,297
Liverpool stock——bales.
.
9.000
188,000
94,000
22,000
65,000
48,000
23,000
10,000
Of the above, totals of American and other descriptions are
Aug. 1
678,000
154,000
13,000
Barcelona
Total Continental Stocks—..
Total week.
Since
116,000
—1,153,000
223,000
256,000
9,000
1935
587,000
91,000
605,000
132,000
Total European stocks
1,734,000
India cotton afloat for Europe—
71,000
American cotton afloat for Europe
123,000
SALES
Spot
1936
754,000
161,000
Stock at Trieste.
glance how the market for spot and futures
days.
^
Futures
Market
Closed
1937
992,000
Genoa
S toe if at Venice and Mestre
a
on same
1938
bales-
11.80c.
Market and Sales at New York
The total sales of cotton
1938
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
Quotations for 32 Years
1930
1929
1928
1927
1926
1925
1924
12.61c.
12.16c.
Wed.
June 25,
The Visible 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
Receipts
25
1937
Season
Stocks
ments
Week
Ship¬
June
Week
25
Aug. 1938—
Sept. 1938
Oct.
—
1938—
8.32 June 18
8.74 June 23
7.70
Dec. 1938-
8.37 June 18
8.80 June 24
7.73
Jan.
1939—
8.38 June 18
8.80 June 24
Feb.
1939
8.41
8.85
9.39 Feb.
18 1938
May 31 1938
9.48 Feb.
23 1938
May 31 1938
7.74 May 31 1938
9.50 Feb.
23 1938
9.51
Feb.
23 1938
8.18
8.18 June
3 1938
Nov. 1938-
—
Mar. 1939—
June
18
June 24
Apr. 1939..
May 1939
8.44 June 18
—
8.88 June 24
June
3 1938
7.77
May 31 1938
8.34 May 25 1938
7.81 May 31 1938
9.20 Apr. 29 1938
8.34 May 25 1938
8.94 May 14 1938
Delivery—The Commodity
Exchange Administration of the United States Department
Agriculture. makes public each day the volume of sales
for future delivery ana open contracts on the New
York
Cotton Exchange and the New Orleans Cotton
Exchange,
from which we have
compiled the following table.
The
given in bales of 500 lb.
gross
Contracts
New York
June 17 June 18 June 20 June 21 June 22
June 23
(1938)
44,400
October
25,400
56,400
51,000
53,300
680,100
29,800
52,000
3,300
31,700
538,300
135,800
370,300
16,800
14,000
171,500
17,100
51,900
64,800
December
28,600
11,800
46.200
30,500
47.200
January (1939)
3,000
23,900
700
9,500
13,100
6,500
20.200
18,200
3,700
28,100
18,800
28.800
May
Inactive months—
Feb .-April
(1939)
53,800
6,200
262,900
—
200
Total all futures.. 164,900
New Orleans
June 23
49,800
82,700
46,800
March
27,669
534
80
69,340
171
171,188
277
49,031
57,838
89,282
25,510
31,723
23,999
23,588
87,577
20,054
63,700
30,962
10
Montgom 'y
Ark.,Blythev.
Forest
City
-
Helena
-»
-
-
-
Hope
7
Jonesboro—
Little
■
........
Rock
52
1
Pine
71,800 210,900 221,800 207,100 233,500
2,159,100
Open
Contracts
June 15 June 16 June 17 June 18 June
20 June 21
June 21
(1938)
4,800
8,050
8,400
October
December
January (1939)
May
Total all futures
5,100
2,300
23,600
5,000
-
46r850
9,100
8,600
5,650
19,050
10,600
9,100
2,200
27,000
17,450
13,700
200
100
550
200
1,750
1,050
2,300
i"66o
2,900
650
2,450
550
500
1,300
2,650
2,150
7,150
40,600
17.200
40,950
389,650
—
March
6,250
26,350
27,750
25,700
12,450
75,750
60,410
5
101,147
65,894
36,549
145,927
46,398
187,205
62,126
230
—
•i
-
-
-
43
116
167,800
110,500
83,507
2,191
20,668
9,389
83
7,731
35
53,014
2,064
28,317
3
55,379
1,388
21,512
702
34,952
168,184
21
32,786
59
59
60,510
674
54,557
....
2,491
4,995
3,850
19,784
50
7,707
192,979
743
34,120
27,981
125
1
5,293
Bluff.
51
178
13,724
Walnut Rge
Ga., Albany..
1
17,555
222
15,896
42
13,889
496
13,955
835
27,508
157,996
130,786
34,700
29,650
22,052
41
29,453
1,560
15,630
114,606
Athens
693
15
45,415
Atlanta
1,010
233,152
5,657
Augusta
1,305
176,386
2,621
300
200
Columbus..
22
32,850
47,260
16,955
147,391
260,537
Columbus..
102
40,711
285
Greenwood.
235
301,581
753
Macon
•
Rome
—
—
25
Jackson
2
300
*.
«
-
-
703
423
29
«••...
1
66,046
18,831
52,275
Yazoo
76,068
21
2,329
201,838
2,359
9,038
134
32
Mo., St. Louis
N.C., Gr'boro
-
-
-
37
361,471
7,022
204,384
1.500
76,569
18,425
600
35.000
163
47,331
1,276
21,102
21,198
675
21,582
6
100,182
170
2,409
74
164,734
420
4,193
515
39,527
1,149
17,916
221
3,608
City
218
«.
10,017
300
3,939
175
...
46,184
1,223
49,728
28,860
56,889
24,101
10,535
12,978
26,134
1
_.
Natchez
142,210
1,000
57,581
Vicksburg..
262,343
692
9,863
63,135
1.105
4,698
123
20,998
241
942
39,408
326
1,138
51,396
17
1,818
1,846
329,268
1,919
2,763
169
10,867
93
3,342
........
19
Oklahoma—
15 towns
*_
1,794
139,540
84,932
177,297
1,240
522,152
147,622
473
S. C., Gr'ville
2,140
233,739
3,235
72,892
Tenn., Mem's
6,485 2655,826
11,910
543,257
3,378 2555,792
14,927
283,306
46,022
12
38,932
Texas, Abilene
2
1
Brenham
—
Dallas
Paris
18,043
13
1
13,987
15
196
Austin
114,889
93,541
15,661
92
29
22,713
13,701
_
9
_
Waco
Total,56towns
7,639
42,082
15
Texarkana
877
71,825
623
4
Robstown.
*
942
7,518
1,431
2,249
34,003
San Antonio
July
356
8,165
La., Shrevep't
Miss., Clarksd
weight.
Open
July
559
5
66,364
12,106
52,805
Newport...
of
are
20
Selma
Volume of Sales for Future
figures
Ala., Birm'am
Eufaula..
91,039
13,734 6589,851
16,253
83
1,614
15
280
10
1,288
83.020
227
3,819
8,952
19,113
13,357
32,315 2100,775
....
6,423
„
29
....
54,784
......
7
646
"~2
....
35,243
3
38
145
2,102
79,584
21
575
12,383 6045,234
46,696
964,392
Includes the combined totals of 15 towns In Oklahoma.
The
above
decreased
totals
show
during the week
that
the
18,581
interior
bales
and
stocks
are
have
tonight
Volume
Financial
146
1,136,383 bales more than at the same period last
receipts of all the towns have been 1,351 bales
the
Chronicle
The
year.
centage compares with 85.7 for April, 101.0 for March, 98.9
for February, 93.5 for
January, 92.0 for December, and
than
more
week last year.
same
137.6 for May, 1937.
■■'"I;.
made
as
up
1936-37
—1937-38
Week
Via St. Louis.
2,359
Active Spindle Hours
Since
Since
Shipped—-
Week
Aug. 1
1,300
129,006
3,972
164
Via Virginia points. 1
Via otner routes, &c
3,347
8,707
6,239
174,045
Spinning Spindles
Aug. 1
896,112
5,426
5,837
.15,877 1,409,878
14,932
In PLace
1,451,424
ing May
26,520,732
18,807.688
6,911,972
United States
Active Dur¬
May 31
159,512
5,348
9,731
227,716
720,330
4,740,210
575,016
Cotton growing States
New England States.
All other States
347
256
26,182
10,078
298,829
2,426
68,725
218
.12,304
5,037
14,066
475,629
.12,907
12,907
335,089
7,681
558,420
2,970 1,074,789
7,251
893.004
Alabama
*
.
21,341,750
5,449,312,478
205
16,026,524
4,233,246,233
1,101,091,853
114,974,392
225
403,917,727
103,880,451
740,342,725
212
146.770,545
208
1,902,242
628,360
1,484,882
496,320
2,783,590
704,924
Georgia..-.
..
557,932
2,414,964
Massachusetts
3,827,844
Mississippi
Leaving total net overland _$
Average per
Spindle in Place
3,243,186
Connecticut
Maine
Total to be deducted
Total
801,072
Deduct
Between interior towns
for May
State
328,787
1,919
1,750
200,504
Via Mounds, &c_
Via Kock Island
Via Louisville
Shipments—
Overland to N. Y., Boston, &c—
number of active spindle
average
active, the number of active spindle hours, and the average
hours per spindle in place, by States, are shown in the follow¬
ing statement:
;
•
from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
Aug. 1,
The
hours per spindle in place for the month was 205.
The total
number of cotton spinning spindles in place, the number
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since
4141
165
228
v
562,120,213
147
139,640
639,876
43,353,488
209
493,480
207,636
New Hampshire
New York
159
144
111,290,412
174
The
foregoing shows the week's
this year has
been 2,970 bales,
the week last year, and that for
aggregate net overland exhibits an
of 181,785 bales.
'
233,010
41,408,988
117
6,065,120
5,094,866
1,012,456
5,706,870
700,538
5,075,326
535,908
1,239,816,309
157,596,944
1,379,077,920
173,948,514
204
Rhode Island
net overland movement
355,388
North Carolina
Including movement by rail to Canada.
South Carolina
against 7,251 bales for
Tennessee.-
600,068
156
242
Texas
255,838
220,026
76,728,383
300
Virginia
the season to date the
increase over a year ago
V
290
634,064
549,722
561,546
142,293,437
126,766,422
224
736,860
All other States
..
172
,
In Sight and Spinners'
■
-
Week
24,113
Net overland to June 24
2,970
Southern consumption to June. 24 90,000
Total marketed
Interior stocks in
Excess
over
Week
Aug. 1
Receipts at ports to June 24
7,048,604
1,074,789
19,653
7,251
140,000
4,790,000
8.9
6,231,593
344,049
132,591
14,609,886
—
North, spinn's' takings to June 24-
15.801
<
Week—
Bales
1936—June 26
73,383
72,831
.140,825
-
Since Aug. 1—
-
and the cotton released.
State—
Closing Quotations for Middling Cotion
Saturday Monday
Tuesday
8.32
8.45
8.60
8.58
8.70
8.77
Mobile.
8.32
8.57
8.67
8.42
8.53
8.70
8.51
8.51
New Orleans
8.48
8.57
8.71
8.78
8.74
8.75
8.60
9.05
8.60
8.50
8.50
8.17
8.17
8.85
8.70
8.85
8.83
8.90
Norfolk
8.65
Montgomery
■
8.50
Augusta
Memphis
8.92
8.50
Houston
8.40
Little Rock
Dallas
8.40
Fort Worth
8.06
8.06
8.70
9.08
8.70
8.60
8.60
8.26
8.26
8.75
8.70
8.60
8.60
8.23
8.23
9.13
8.75
New Orleans Contract Market—The
for
leading contracts in the New Orleans
the past week have been as follows:
Saturday
Monday
Tuesday
June 18
June 20
June 21
9.17
8.65
8.65
8.32
8.32
8.52- 8.53
8.62
8.66
8.65
Louisiana.
8.53- 8.55
8.66- 8.67
8.71
8.70
December.
Jan.
(1939)
February
8.57
8.70
8.76
8.57
8.71
8.62
8.75
8.66
—-
8.79
Spot
Quiet.
Steady.
Quiet.
Steady.
Dallas.
8.70
8 39
Kerrville..
8.39
Lampasas
Luling
Nacogdoches-.-.
8.93
Quiet.
Steady.
Quiet.
Steady
i
Steady.
Steady.
83
64
79
94
70
82
98
70*
84
1.26
94
68
81
4
1.96
0.13
0.01
92
74
83
88
74
92
70
81
98
68
83
94
62
78
94
66
80
>96
72
84
66
70
81
3
—
1
dry
0.04
1.44
2
2
dry
81
0.08
0.98
90
0.08
0.04
92
0.02
2
-
98
68
72
72
92
68
80
dry
92
98
78
80
85
84
1
0.48
92
68
80
1.67
92
60
76
0.42
92
Little Rock
2
2
2
0.24
90
60
75
Pine Bluff
2
0.46
90
65
78
3
0.98
92
72
82
4
2
2
1.20
96
69
2.98
92
66
79
0.48
90
79
3
2.74
91
68
69
3
1.38
0.40
88
64
2
92
70
81
4
1.04
92
81
2
1.72
88
70
72
4
1.39
0.78
1.53
88
74
81
92
69
80
77
Oklahoma—Oklahoma City
Arkansas—Eldorado
Fort Smith
8.78
Louisiana—New Orleans
1!
■
'
8.83- 8.84
■
Shreveport
Mississippi—Meridian
—
Vicksburg
Alabama—Mobile
Birmingham
Montgomery..
——
Florida—Jacksonville
—
Miami
Pensacola.
8.97
Georgia—Savannah
3
...
4
Atlanta
Quiet.
80
83
79
76
80
2
Macon
1.48
94
66
68
1.46
92
66
79
3
4
2
1.52
0.63
88
70
86
58
79
72
0.87
90
5
2
4
3
—
South Carolina—Charleston
Nortn
88
68
4
3.48
0.43
88
66
84
68
1.11
86
4.38
1.10
88
64
88
66
Augusta..
Steady.
Activity in the Cotton Spinning Industry for May,
1938—The Bureau of the Census announced on June
20,
that, according to preliminary figures 26,520,732 cotton
spinning spindles were in place in the United States on May
31, 1938 of which 21,341,750 were operated at some time
during the month, compared with 21,786,054 for April,
22,288,098 for March, 22,356,638 for February, 22,327,444
for January, 22,328,472 for December and
24,656,284 for
May, 1937.
The aggregate number of active spindle hours
reported for the month was 5,449,312,478.
Since the in¬
auguration of this inquiry in 1921, the average hours of
operation for the day shift for all of the mills was used in
computing the monthly percentage of activity.
The hours
of employment and of productive
machinery are not uniform
throughout the industry.
However, in order that the statis¬
tics may be comparable with those for earlier months and
years, the same method of computing the
percentage of
activity has been used.
Computed on this basis the cotton
spindles in the United States were operated during May,
1938, at 89.3% capacity on a single-shift basis.
This per¬
Mean
78
1.10
Weather ford
8.90
8.84
Low
94
--
June 24
8.94
Thermometer
3
---
Brownsville
,
—
High
0.10
dry
Brenham
Friday
8.90
8.86
Rainfall
Inches
0.39
Henrietta
8.84
Tone—
Options
Corpus Christ!
8.70
8.75
sections
some
1
8.80
8.80
by telegraph this
3
1
Abilene.
8.82
April.....
May—.-.
Rain
Days
Texas—Galveston
Am aril lo
Austin
8.95
8.80
9.21
8.77
us
replanting and made fields grassy.
In other parts of Texas,
conditions as a whole are mostly good.
1
.
March.—
9,670
.........
evening denote that in west central Texas
8.87
8.83
255,560
280,604
.1,636,865
have had washing rains, which has necessitated considerable
8.83
8.61
8.74
48.758
84,766
Telegraph—Reports to
8.65
u.
77,033
121,415
....
Oklahoma
1
8.79
.....
........
.
Carolina
Virginia....
San Antonio
September
Bales
....
Texas
Taylor..
November
.
South Carolina..........
1
8.72
.
591,610
Returns by
Friday
•
..
North
2
June 23
v
...
New Mexico
294,559
......
Mississippi..
Paris..--.-....-
Thursday
*
which loans have
Tennessee...w
Palestine—
August
October
995
Missouri
on
445,631
cotton market for
June(1938)
July
72,616
Georgia
closing quotations
Wednesday
June 22
State—
782,947
125,810
California
on—
Wed'day Thursday
Galveston
Savannah
Bales
Alabama...
Arizona
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each
day
Week Ended
on
Commodity
The loans average 8.39 cents
per
Florida
of the week:
$235,683,852
16—The
1938, showed
by the Corporation and lending agencies of
Arkansas.567,003
Below
June 24
June
7,949,423
12,710,117
-
1933
Aggregated
Bales
13,205,582
1935.
1934
Through
pound.
<;■;
■;
Figures showing the number of bales
been made by States are given below:
1,660,287
Movement into sight in previous years:
Bales
CCC
$235,683,852.29 on 5,395,842 bales of cotton.
This includes
loans of $6,897,970.86 on 164,094 bales which have been
paid
14,154,942
1,182,305
of
loans disbursed
835,007
_
Loans
Credit Corporation announced on June 17 that "Advices of
Cotton Loans" received by it through June 16,
893,004
6,415,000
166,904 13,539,597
*34,313
*219,662
Came into sight during week—101,502
Total in sight June 24.
1935—June 28
1934—June 29
5,395,842
Aug. 1
117,083 12,913,393
*15,581
1,352,444
excess
of Southern mill takings
consumption to June 1
♦Decrease.
Cotton
Since
Since
Takings
•
1936-37-
1937-38-
,
--
Carolina—Charlotte—
Newbern
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
1
Nashville
81
64
77
77
76
76
76
77
66
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8
a. m.
of the dates given:
June 24, 1938
Feet
New Orleans--
Above
of gauge-
11.4
Memphis
Above zero of gauge-
19.9
Nashville
Above zero of gauge.
16.0
Shreveport
Vicksburg
zero
.--Above zero of
Above zero of
Receipts from
the
gauge.
gauge.
14.3
27.1
June 25, 1937
Feet
6.9
18.0
95.
8.6
22.4
Plantations—The following
table
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
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Financial
4142
June 25, 1938
Chronicle
Shipping News—Shipments in detail:
End.
1936
1937
1938
1938
1937
1938
1936
1937
1936
GALVESTON—To Buena Ventura—June 15—Margaret Lykes,
To Puerto Columbia—June 15—Margaret Lykes, 306
Apr.
1.
44,595
59,427
51,480
26.976
50,142
42,828
30,687
45,944
40,673
44,904
24,610
16,918
17,042
14,112
40,825
39,157
40,609
45,482
52,470
3.
17.425
23,761
10.
20,069
23,325
27,019
24,113
15,944
19,653
39,972 2119,356
21,698 2100,775
NU
NU
15,333
47,072 2167,585 1064,946 1554,313
32,597 2138,409 1030,520 1517,933
17.
3,173
34.771 2322.171 1387.245 1814,475
20,044 2289,937 1322,016 1779,076
4.617
NU
15.
22.
29.
13.
20.
27.
NU
NU
NU
116
20—Idarwald, 16
163
HOUSTON—To Ghent—June 17—Endicott, 163
31,296
28,231
25,457
2263,791 1255,379 1732,379
2237,238 1206,606 1693,071
Nil
NU
NU
NU
NU
NU
100
2,577
100
To Antwerp—June 17—Endicott, 100
To Bremen—June 17—Idarwald, 2,577
1,20
4,060
Nil
7,151
2216,336 1162,626 1651,649
2194,843 1107,259 1594,234
To Hamburg—June 17—Idarwald, 100
To Rotterdam—June 17—Endicott, 103
103
>18
To Oporto—June
June
24.
To Hamburg—June
100
1,366
1,366
20—Idarwald,
To Bremen—June
NU
Nil
745
393
1,583
741
To Japan—June 17—Musterlann, 1,583
To China—June 17—Musterlann, 100
NU
Nil
May
6.
NU
805
564
935
To Gdynia—June 17—Delaware, 4; Taber,
To Gothenburg—June 17—Tabor, 393
NU
6,06
14,040
13,710
35.607 2362,621 1503,310 1871,482
34,922 2338,818 1440,172 1833,913
306
To Genoa—June 16—Morfiore, 935
22,525
10,815
16,110
35.770 2397,991 1569.244 1902,472
8.
Nil
17,929
48,797 2431.771 1622,611 1940,895
61,190
47,032
,149
149
157; Tabor, 648
To Copenhagen—June 17—Delaware,
To Dunkirk—June 17—Floride, 564
Mar.
25.
Bales
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
Week
17—Endicott, 18
Copenhagen—June 18—Delaware, 168
To Gdynia—June 18—Delaware, 46
Nil
NU
NU
7,966
NU
NU
To China—June 18—Monsterland,
5,53?
998,705 1465.362
964,392 1424,612
NU
Nil
To
World's Supply
1936-37
1937-38
Takings,
Cotton
To
and Takings of Cotton—The follow¬
—
100
100
604
15
Japan—June 18—Monsterland, 604Valparaiso—June 13—Margaret Lykes, 15
Buena Ventura—June 13—Margaret Lykes, 21
Puerto Colombia—June 13—Margaret Lykes, 220
To
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
168
46
To
To
21
220
375
23—Erlonger, 375
NEW ORLEANS—To Antwerp—June 20—Ostende, 300.. -June 21
—Floride, 37; Blommeradijk, 150
To Havre—June 20—Ostende, 3,100—June 21—Endicott, 100;
Floride, 111
T® Dunkirk—June 20—Ostende, 15
June 21—Floride, 375—
To Rotterdam—June 21—Endicott, 192; Blommersdijk, 157—
To Genoa—June 21—West Camack, 869--June 22, Marion, O.
1,717
To Venice—June 21—West Camack, 289...
To Melbourne—June
487
mi
3,211
390
349
2,586
289
-
Week and Season
Week
Season
Week
Season
To
500
Naples—June 22—Marino O, 500
50
To Trieste—June 21—West Camack, 50
8,376,032
17
1
American in sight to June 24—
Bombay receipts to June 23—
Other India snip'ts to June 23
Alexandria receipts to June 22
Other supply to June 22. *5. _
Visible supply June
Visible supply Aug.
lbl",502
48,000
2,000
9,000
5,000
4,339",022
14,609,886
2,398,000
585,000
2,047,200
4,899,258
14,154,942
3,016,000
1,123,000
1,857,800
539,000
132",591
474,000
Valparaiso—June
11—Ulua,
43
June 20—
Contessa, 700
To Japan—June 13—Jhelumak, 1,350—June 17—Rando, 830
To Copenhagen—June 17—Trolleholm, 58
To Gdynia—June 17—Trolleholm, 443
To Gothenburg—June 17—Trolleholm, 175
—
To Bordeaux—June 21—Floride, 3,089
To Porto Columbia—June 16—Port Antonio, 200
MOBILE—To Liverpool—June 14—Azalea City, 314
To Manchester—June 14—Azalea City, 85
LOS ANGELES—To Japan—June 17—Beshalt, 1,350; Besholt,
To
5,126,485
7,000
20,000
19,000
1,200
743
2,180
58
443
175
3,089
200
314
85
-
5,306,276 25,590,000
8,541,534 24.453,108
Total supply
Deduct—
Visible supply June
24
Total takings to June
Of which American
5,033,157
5,033,157
8.245,927
8,245,927
Of which other
Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,790,000 bales in 1937-38 and 6,415,000 bales in 1936-37
—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 11,417,181 bales in 1937-38 and 14,141,843 bales in
1936-37, of which 6,386,381 bales and 7,891,043 bales American.
*
4,185
2,835
273,119 20,556,843
221,919 14,306,043
51,200 6,250,800
295,607 16,207,181
181,607 11,176,381
114,000 5,030,800
24.a—
To Canada—June 14—Roseband, 100
To
100
—
Sydney—(?)—Monterey, 125
-
125
-
50
52
(?), 50NORFOLK—To Antwerp—June 24—Black Condon, 52-.-—.
SAN FRANCISCO—To Belgium
Embraces receipts in
b Estimated.
India Cotton Movement from
Stand-
High
d.45c.
Week
Aug. 1
Week
Aug, 1
Aug. 1
Flume
d,45c.
.60c.
.67c.
Antwerp
.52c.
.67c.
Barcelona
Havre
.52c.
.67c.
Japan
Venice
*
Copenhag'n.57c.
Naples
d.45c.
.60c.
.65c.
Leghorn
d.45c.
Gothenb'g .57c.
.720.
*
.52c.
.67c.
Shanghai
6.0c.
Bombay
Olso
,58c.
.73c.
Bremen
.52c.
.67c.
.63c.
•78c.
Hamburg
.52c.
For the Week
*
Conti¬
Britain
nent
Great
China
Conti¬
Britain
Total
nent
China
Total
Bombay—
112,000
258,000 698,000 1007,000
364,000 1455,000 1901,000
385,000 1255,000 1752,000
2,000
2,000
196,000
389,000
585,000
15~6o6
4,000
19,000
480,000
643.000
1123,000
20,000
5,000
25,000
359,000
578.000
937.000
1937-38..
5,000
16,000
1,000
22,000
1936-37—
15,000
4,000
7,000
26,000
1935-36
21,000
10,000
22,000
53,000
1,000
20,000
51,000
7,000
7,000
82,000
22,000
28,000
14,000
5,000
5",000
i"66o
1935-36..
Other India:
1937-38—
1936-37—
.
1935-36..
.60c.
No Quotations,
d Direct steamer.
Only small lots,
x
Japan &
Jap'n&
1937-38—
x
Since Aug. 1
Great
1936-37..
.72c.
.67c.
Genoa
Exports
from—
1.00
1.00
*
*
♦
.50c.
Stockholm
Bombay
.85c.
d.85c.
Salonlca
*
d.45c.
Rotterdam
45,000 2,879,000
20,000 3,016,000
48,000 2.398,000
Piraeus
.60c.
Stand-
Density
ard
,85c.
1.00
ard
Density
Trieste
Manchester.52c.
Week
Since
Since
Since
Receipts—
High
Stand-
High
ard
Density
.67c.
.52c.
Liverpool
1935-36
23
June
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
All Ports
1936-37
1937-38
31,333
Total
Cotton
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Forward
June 10
June 17
June 24
June 3
20,000
42,000
46,000
50,000
1,173,000 1,169,000 1,173,000 1,153.000
769,000
758,000
742,000
776,000
17,000
49,000
30,000
28,000
14,000
6,000
4,000
3,000
120,000
107,000
107,000
88,000
26,000
24,000
20.000
21,000
-
Total stocks
Of which American
Total imports
Of which American
Amount afloat.
Of which American
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
Total all—
—
247,000 647,000 698,000 1592,000
562,000 1007,000 1455,000 3024.000
471,000
963,000 1255,000 2689,000
Alexandria Receipts and
Alexandria, Egypt,
Shipments
Saturday
June 22
12:15
Since Aug.
1
1,000
8,207,720
6,000
8,823,844
This
Since
This
Week
Aug.
1
Week
This
Since
1
Aug.
Since
Wtek
Aug., 1
4,000 178,823
170,067
6",666 695,982
1,000 26,344
To Liverpool
To Manchester, &c
To Continent & India
To America
Total exports
2,000 189,094
2,000 202,936
9,000 710,591
42,010
3,000 197,924
5,000 156,970
10,000 645,808
1,000 36,617
1.071,216
13,000 1144631
Moderate
Moderate
demand.
demand
4.84d.
4.78d.
Market
4.84d.
4.76d.
4.68d.
Mld.Upl'ds
Quiet-put
Quie> but
Steady,
Very stdy.,
Stdy., 1 pt.
5 to 3 to 5 pts. 2 to 4 pts. dec. to 1 pt
advance.
decline.
advance.
changed to 6 pts. adv.
steady, us.- s^jy.,
■
opened
Market,
4
1 pt.
t
f
4.83d.
Firm
Egyptian bales weigh about 750 lbs.
P. M.
i
Steady,
10 pts.
decline.
Quiet,
Quiet,
Very stdy.,
4
advance.
[
June 18
received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady.
Demand for both yarn and cloth
is improving.
We give prices today below and leave those
for previous weeks of this and last year for comparison: 1
advance
6
to
pts. 3 to 4 pts. 3 to 5 pts.
decline.
decline.
advance.
Steady at
Thurs.
Wed.
Frl.
to
June 24
New Contract
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
4.49
4.57
4.59
4.65
4.65
4.65
4.62
4.59
4.58
4.64
4.69
October
4.62
4.70
4.72
4.78
4.78
4.78
4.75
4.72
4.71
4.78
4.82
July (1938)
4.75
4.78
4.81
4.76
4.86
Cotton
Lbs. Shirt¬
Lbs. Shirt¬
834
Cotton
32s Cop
ings, Common
MiddVg
32s Cop
ings, Common
MiddVg
Twist
to Finest
Upl'ds
Twist
to Finest
December
4.66
January (1939)..
4.68
4.76
4.78
4.84
4.83
4.84
4.80
4.78
4.77
4.83
4.71
4.79
4.81
4.87
4.86
4.87
4.83
4.81
4.80
4.86
May
July
1937
1938
11
to
each day are given below:
Tues.
Mon.
Sat.
10
pts. adv.
March
834
at
7 to 9 pts.
dec.
Quiet but
stdy., 1 pt.
Prices of futures at Liverpool for
Market—Our report
Manchester
More
demand.
demand.
19,000 1037319
11,000
Note—A cantar is 99 lbs.
Friday
'
Futures.
Exports (Bales)—
Quiet.
■
P. M.
45,000
10,299,334
QUSet.
Thursday
Wednesday
Tuesday
Market,
Receipts (centars)—
This week
Monday
More
Spot
1935-36
1936-37
1937-38
each
4.74
4.82
4 84
4.90
4.89
4.90
4.86
4.84
4.83
4.89
4.77
4.87
October
4.78
4.88
December
4.79
4.89
—
—
--
-
-
-
4.92
-
4.85
4.89
4.92
_
_
_
_
4.93
«.
4.88
4.91
4.94
4.96
4.88
4.84
4.94
4.89
4.84
4.94
Upl'ds
d.
8.
d.
8.
d.
d.
d.
8.
d.
8.
d.
d.
Mar.
25- 10
@11M 10
@10
3
4.97
14
@15H 10
7M@10 1034
734 @10 1034
7.97
9
@11
7.87
9
@11
BREADSTUFFS
7.95
Apr.
9K@11H
8—
9^@im
16—
9
9
@10
4.91
9
9
@10
4.79
9
1—
9
@10
4.89
10
UX@15X
143$@153$ 10
143i@153$ 10
7.47
shows
no
signs of real im¬
9
9
@10
4.94
1434@15tf 10
6
@10
9
9
@10
4.80
14
10
6
@10
9
6-
93*@103*
9
4.69
143$@15H 10
1434@15 H 10
6
@10
@10
9
6
9
7.12
6
@10
9
7.29
being worked for prompt
shipment.
Forward bookings are nil.
However, instruc¬
tions against contracts remain
brisk, bakers being quite
ready to take the comparatively cheap flour they own on
6
@10
9
7.36
mill
9
7.31
29.
@15
7.22
Friday Night, June 24, 1938.
area
9^@10 H
22-
7.49
Flour—Business in this
9
May
9
7.45
provement.
Only job
6
@
9
13.
9M@10H
9
6
@
9
9
4.77
20—
934@10H
9
9
73$
4.68
27-
9
9
43*@
3
@
9
6
4.46
14)i@153$ 10
14
10
@15
8H@ 9X
9
3
@
9
3
4.43
14
10
6
@10
10-
8h®
9/4
9
@
9
3
4.54
13J4@14% 10
6
@10
8
7.06
17-
8%@ 9%
9
@10
9
@
9
3
.
4.69
10
6
@10
9
6.92
lower.
9
1H@
9
43$
4.83
133$@15
13J4@15
10
6
@10
9
6.95
values showing
@10
lots
are
books.
Tiinp!
§ uuc
3—
24—
@15
Wheat—On
the
Pressure
18th inst.
was
prices closed IY2 to 2%c. net
market today, with
Buying demand was
heavy against the
substantial setbacks.
Volume
146
Financial
Chronicle
despite plentiful trade news that could be con¬
distinctly bullish.
Further pessimistic crop news
from the Southwest had little effect, however, and was
offset by reports of favorable growing conditions in the
spring wheat belt.
The decline of the last four days has
strued
as
reduced
substantially the 15c. upturn scored since the first
June.
Nevertheless, many traders believe the market
of
has discounted crop deterioration
so far this month.
With the wheat pit apparently
overbought, profit-taking combined with the early flow of
hedging against movement of new wheat contributed to the
slow
decline throughout the session.
On
The
20th
the
market
inst.
its
stimulus
chief
ports of black stem rust in
net higher.
ominous
from
Grain
decidedly stimulating factor in the wheat market.
traders here construed
the upturns in the stock
market as
Late advances of wheat
being of inflationary significance.
values
re¬
of the best domestic spring
some
Notable advances shown by securities were also
crop areas.
a
% to l%c.
prices closed
received
the
Chicago Board accompanied even sharper up¬
Winnipeg, where the market suddenly shot up¬
ward, making net gains of more than 2c. a bushel.
Reports
on
turns
at
of the
northerly spread of black rust appeared to have rela¬
on Winnipeg values than in Chicago.
tively greater effect
A
Winnipeg observer touring the United States spring wheat
wired that the crops in North and South Dakota did
belt
not
promise good yields,
dition
from
north
Valley City.
demand
and that there
Huron
of
Dearth of
burnt con¬
a
any
given but passing notice.
was
On the 21st inst. prices closed
market
was
through Aberdeen and
sizable North American export
up
yielded
1937 low
attributed
pressure
recorded, and then
was
in
to
part
increase of more than
an
84^
T
I
Season's
OF BONDED
Low
and
67^
68%
71
When
Tues.
Wed.
Thurs.
106 M 108K 109 % 108
84%
December
down.
87
84%
82£
Corn—On
the
18th
inst.
prices
Made
May 31, 1938
May 31, 1938
May 31, 1938
WHEAT IN WINNIPEG
Sat. Mon.
.
S£y-rOctober
87%
84%
closed
Fri.
107 M 105%
86%
83%
85%
83%
%c.
selling increased,
85%
to
up
Corn held steady until just before the
close,
%c.
when
partly
in sympathy with wheat action.
reported, but 700,000 bushels cleared
by lake for Eastern ports.
On the 20th inst. prices closed
%C. off to %c. up.
This market presents little of interest.
No export sales
were
No new export business was noted, and this is
having a
dampening effect on those inclined to the upward side.
On the 21st inst.
prices closed "Vs to %c. down.
Trading
light and without any special feature.
Afloat supplies
of corn appeared sufficient for immediate
European needs.
was
Corn
belt
weather
was
improved,
advices
so
the22d inst. prices closed unchanged to
On
stated.
*4c. higher.
This
grain
was steady owing to estimated export purchases of
1,000,000 bushels, and because of spreading against wheat.
On the 23d inst.
Trading
prices closed unchanged to V2c. higher.
relatively light in this grain, with fluctuations
was
extremely
The rather favorable weather reports
responsible for corn's halting action in the
face of advances in other commodity
markets, and especially
the stock market.
Today prices closed unchanged to %c.
up.
Trading was relatively light, with the undertone
narrow.
believed
were
The
in¬
creased arrivals from the new winter crop, as a result of
which values dropped 2c. late today.
Reports indicated that
domestic harvest operations would proceed more rapidly
from now on, and that the United States visible supply
having probably reached the low point for the season, would
show an increase next Monday.
At this time last year the
under
Made
Sept. 28, 1937 July.
Feb.
9, 1938[September
June 15,1938[December
"DAILY CLOSING PRICES
Open interest in
steady.
% to l^c. net lower.
When
105%
92^
September
December
in the winter -wheat belt
reported
4143
Season'* High and
limited
corn
DAILY CLOSING PRICES
__
„
43,967,000 bushels.
was
OF
CORN
IN
NEW
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES
„
YORK
Sat. Mon. Tues.
Wed. Thurs.
71^
71%
71%
71%
71%
,
Sat.
,
July---September
57%
58%
58%
December
Season's High
July
September
and
66%.
6394
December
58%
Mon. Tues.
Wed. Thurs.
57%
57%
57%
57%
58%
58%
58%
58%
57%
57%
57%
58%
Season's Low and
When Made
Sept. 30, 1937 July
53%
Mar. 26, 1938 September
54%
June 18, 1938 December
52 %
...
Fri.
71%
CHICAGO
IN
When
Fri.
57%
58%
58%
Made
May 31, 1938
May 31, 1938
May 31, 1938
121,000,000 bushels from the low to the peak within 90
days was recorded.
Dry weather complaints from spring
crop areas both sides of the Canadian line, together with
Oats—On the 18th inst. prices closed unchanged to %c.
lower.
There was very little to this market.
On the 20th
fresh
inst.
advances
in
securities, were largely responsible for
here.
One Canadian report called
7,000,000 acres needing rain.
Only meager
transient
price bulges
attention
to
export purchases from North America could be confirmed,
and
did
this
not
the
prices
Vs
closed
undertone
to Vso. off.
This market ruled steady, though
On the 22d inst. prices closed Vs to %c. net lower.
changed
quiet.
This decline in oats
help the market much.
On the 22d inst. prices closed
% to l%c. net lower.
In¬
creasing harvest movement of new crop domestic wheat
did much today to pull Chicago prices down.
According to
some
reports from the Southwest, the output and quality
of the later fields were expected to do better.
Talk still
persisted, however, that there would be considerable light
test wheat.
In addition to prevailing favorable domestic
harvest weather,
forecasts indicated showers and cooler
temperatures needful for growth of spring wheat North¬
west.
Apparent complete absence of North American over¬
night export business acted also as a weight on values.
Russian offerings of new crop wheat continued.
On the
other hand, the Washington weekly crop summary empha¬
sized State-wire spread of black rust in Kansas, and said
Nebraska damage from rust in late-sown fields was ex¬
%c. higher.
Trading quiet, with
On the 21st inst. prices closed un¬
to
steady.
was
due in large measure to the reac¬
tion of wheat values.
On
the
23d
inst. prices closed unchanged to
%c. off.
virtually little to report concerning this market.
Today prices closed %c. up to unchanged. The market was
There
was
dull, though the undertone
DAILY CLOSING
PRICES
was
OF
steady.
OATS
Sat.
July
September
27%
26%
27%
December
Season's High and
July
32%
September— 30%
December
28%
When
Oct.
Jan.
June
FUTURES
Mon.
26%
26%
Tues.
CHICAGO
IN
Wed.
27
26%
27%
Thurs.
26%
26%
27%
Made
J
Season's Low and
2, 1937 [July
25%
10, 1938[September ... 25
11,1938[December..._ 2696
26%
26%
27%
Fri.
27
26%
27%
When Made
Apr.
5,1938
May 31,1938
May 31, 1938
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
July
45
47%
38%
3796
December
47%
46%
46%
46
38%,
38%
38
37%
35%
-
October...
35%
tensive.
23d
inst. prices closed Vs to %c. lower.
The
activity of the stock market continues to
influence most commodity markets, and wheat was no ex¬
On
the
and
strength
values bulged l%c. today, but
profit-taking. All gains were more than
There was a lack of follow-up buying of wheat
the price advances.
Selling then increased in
Chicago
ception.
wheat
then receded under
wiped out.
futures
on
especially
volume,
of
stimulus
a
the late dealings.
Something
hedging sales appeared less
during
talk
was
that
urgent than generally at this time of year.
A
reason
sug¬
gested was that unusually liberal amounts of new wheat
were being stored.
It was reported in this connection that
Government wheat loan price might not
the
until
11, and
July
pressure
that
consequence
a
be announced
would
be
to
hold
in
moisture
%c.
closed
prices
the
unchanged.
Timely
belt did much today to make
up
to
spring crop
a bit lower, but with rallies at. the
Nervousness of traders was evidenced by many fluc¬
wheat prices
last.
average
tuations, although the price changes were confined to about
lc.
Continued advances and activity in the stock market
served
to
of
turns
counteract
stimulus
stock
to
market
wheat
sell wheat futures
the
of
rains.
Persistent
up¬
came
without
were
much
effect
as
a
On
the contrary, incentives to
from favorable harvest weather in
values.
Southwest winter crop areas and from reports of bene¬
ficial
moisture
in
Canadian line.
the
effect
Liverpool quotations and continued bulges in the
York
New
the
Dakotas
spring
Forecasts
tended
Minnesota.
and
territory
crop
both
sides of
additional
to
Open interest in wheat
OF WHEAT
Sat.
No. 2 red
92%
PRICES
OF
77 X
.
77%
79%
IN
Mon. .Tues.
93%
WHEAT
Sat.
July
September
December
more
The heaviness of wheat and
lower.
the heaviness
a
of
to lc. net
favorable turn in the
weather, together with the absence of any appreciable de¬
mand
was
from
mills,
the 23d
On
light and
%c.
up
without
to
factors depressing rye values.
%c. net higher.
Trading
significant feature.
Today prices
down.
Trading was fairly active,
prices closed
%c.
less mixed, with prices irregular.
but more or
DAILY
were
inst.
CLOSING
PRICES
OF
RYE
Sat.
December
Season's High
July
September
December
—
and
7296
69%
56
RYE
Sat.
October
-
53%
52%
53%
53%
52
53%
52%
51%
52%
Season's Low and
When Made
Feb.
9, 1938 July
49 %
48
Feb.
9, 1938 September
June 11,1938 December
5096
DAILY CLOSING PRICES OF
July
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
Mon.
53%
52%
5396
July
Septemoer
52%
53%
When
June
June
June
53%
52%
53%
Made
1, 193R
1, 1938
2, 1938
FUTURES IN WINNIPEG
Tues.
Wed.
Thurs. Fri.
Mon.
53%
53%
54%
54%
December
54%
5496
53%
54
54
53%
54
54
53%
53%
54
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
SaX.
Mon.
July
54%
Octooer
was
less by
or
On the 22d inst. prices closed %
values.
49
55%
50%
Tues.
55%
50%
December
Wed.
54%
49%
47%
Thurs.
54%
49%
48%
Fri.
54%
49%
48%
Closing quotations were as follows:
DAILY CLOSING PRICES
CLOSING
influenced
being
ance,
wheat
the
showers in
68,750,000 bushels.
DAILY
ing in evidence.
On the 20th inst. prices closed unchanged
Vsfi. higher.
Trading was very light, with fluctuations
extremely narrow.
On the 21st inst. prices closed un¬
changed to %c. off.
This market presented a heavy appear¬
to
closed
of the new crop movement in check.
Today
Rye—On the 18th inst. prices closed 1 to l^c. net lower.
pressure was rather heavy, influenced largely by
the sharp reaction in wheat values.
There was some hedg¬
Selling
92%
NEW
Wed.
78 X
79
80%
Tues.
77
78%
79%
Thurs.
91^
FUTURES
Mon.
YORKr"'
IN
Wed.
75%
77
78%
91
Fri.
91%
CHICAGO
Thurs. Fri.
75%
76%
78%
75%
76%
78%
FLOUR
Spring oats, high protein_6.10@6.50
Spring patents
5.45@5.80
Clears, first spring
4.95%5.25
Soft winter straights
4.10@4.45
Hard winter straights..__5.10@5.40
Hard winter patents
5.30@5.60
Hard winter clears
4.40@4.60
Rye flour patents
4.50 ( >4.65
Seminola, bbl., Nos. l-3._7.00@
Oats good
Corn flour
Barley goods—
Coarse
2.30
1.70
4.00
Fancy pearl .Nos .2,4&7-5.00 @ 5.25
Financial
4144
Chronicle
June 25, 1938
United States—
Oats, New York—
No. 2 yellow, all rail
38
No. 2 white
Rye. No. 2 f.o.b. bond N. Y— 71
Barley, New York—
47H lbs. malting
55}
Chicago, cash
35-5:
Corn, New York—
71 %
regarding the movement of grain
give the receipts at Western lake and river ports
we
for the week ended last
Bushels
146,000
452,000
371,000
11,000
26,000
Indianapolis.-----..--..
113,000
932,000
145,000
6,000
41,000
2,000
6,065,000 10,116,000
718,000
Peoria
-
Chicago—1-
179,000
346,000
1,379,000
3,000
8,000
320,000
132,000
74" 000
114,000
835,000
158,000
6,000
177,000
3,038,000
59,000
4,621,000
207,000
1,911,000
2,053,000
110,000
2,521,000
133,000
2,547,000
2,000
4,278,000
466,000
245,000
916,000
On Canal... ;i_i.■—
Milwaukee
.......
Minneapolis
Duluth
—-
Detroit.—.
•«
...
—
..
Buffalo
-
afloat
5,000
2,000
150,000
830,000
208,000
102,000
148,000
1,039,000
19"666
1938—24,125,000 23,075,000
7,544,000
1.258,000
3,488,000
24,371,000
4,507,000
8,242,000
2,838,000
1,423,000
3,793,000
4,259,000
Saturday and since Aug. 1 for each
Total June 18,
of the last three years:
Total June 11, 1938—25,881,000
9,659,000
Total June 19, 1937—
Flour
Wheat
Corn
Oats
bbls. 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Barley
Bushels
35,000
63,000
afloat
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First
Rye
Bushels
Sioux City.--..-..-....
St. Louis
On Lakes
All the statements below
Corn
Bushels
Bushels
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
91H
Manitoba No. 1, f.o.b. N. Y-121M
Oats
Wheat
Rye
Barley
grain
Note—Bonded
not
Included
Oats—On
above:
1,520,000
Lakes,
244,000
bushels;
against 366,000 In 1937.
Barley—On Lakes, 693,000 bushels;
bushels, against 081,000 bushels in 1937.
Wheat—New York,
109,000 busheLs; Buffalo, 139,000; on Lakes, 1,747,000; on Canal, 150,000; Erie,
258,000; total, 2,403,000 bushels, against 8,247.000 bushels in 1937.
total, 244,000 bushels,
bush 56 lbs bush 48 lbs
231,000
778.000
106,000
40,000
186,000
835,000
53,000
39,000
113,000
246,000
2,000
5,000
215,000
35,000
22,m
Toledo.....
7,000
43,000
37,000
90,000
1.000
14,000
234,000
100,000
mood
128,000
130,000
32,000
"Tooo
37"6OO
Peoria.
32,000
7,000
509,000
36,000
j 18,000
67,000
Kansas City
12,000
459,000
169,000
150,000
106.000
20,000
3.000
38,000
24,000
181,000
2,000
Indianapolis
St.
Louis
—
Omaha
St.
Joseph.
Wichita
21,000
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
Lake, bay, river & seabd. 9,356,000
Ft. Williams & Pt. Arthur 7,560,000
468,000
Total'June 18, 1938...24.990,000
7,000
38,000
"i'ooo
521,000
65,000
1938...26,467,000
740,000
3,010,000
807,000
3,449,000
38,300,000
3,903,000
1937.-40,047,000
1,000
1,233,000
781,000
239,000
1
Total June 19,
-
70,000
379,000
2,602,000
8,074,000
Other Can. & other elev.
Total June 11,
.
671,000
Sioux City
Buffalo
693,000
216,000
267,000
Duluth
Milwaukee.
2,588,000
251,000
321,000
189,000
Chicago...
Minneapolis
total,
......
1,030,000
5,033,000
281,000
4,153,000
1,090.000
4,557,000
Summarymooo
24,125,000 23,075,000
24,990,000
7,544,000
1,258,000
3,488,000
3.449,000
1,090,000
4.557,000
1938.-49.115,000 23,075,000 10,993,000
Total June 11, 1938—52,348,000 24,371,000 12,072,000
Total June 19, 1937...49,706,000
4,507,000
6,741.000
2,348,000
American
Canadian
Tot. wk. '38
364,000
2,607,000
6,949,000
1,184,000
176,000
915,000
Same wk '37
326,000
4,404,000
3,135,000
804,000
174,000
659,000
Same wk '36
394,000
3,789,000
6,320,000
1,523,000
319,000
1,355,000
Total June 18,
8,045,000
2,453,000
8,826,000
1,801,000
8,412,000
Since A up. 1
1937
The world's
17,532,000 273,766,000 290,179,000 104,845,000 25,225,000 93,331,000
....
1936
75,011,000 17,330,000 79,700,000
18,546,000 203,950,000 149,186,000
17,163,000 310,876,000 182,188,000 127,556,000 24,904,000 91,758.000
....
1935
Total receipts
the week ended
of flour and grain at the seaboard ports for
shipment of wheat and
corn, as
shown in the
following:
Saturday, June 18, 1938, follow:
Wheat
bush 32 lbs
Barley
Exports
3,000
108,000
8,000
17,000
9,000
13,000
1937
16,000
1,000
24",000
87", 000
175"666
256,000
5,000
1,607,000
2,902,000
"i'ooo
Bushels
Galveston..
128*666
98,000
"i"66o
487,000
777,000
"l's'ooo
2,171,000
Australia
1936
Bushels
Bushels
1,431,000 120,715,000 101,293,000
11,864,000
14,720,000
544,000
.
India
2ii~66o
3.481,000
86,246,000
7,000
583,000
10,893,000 27,620,000
1,724,000 189.160,000 393,236,000
64,986,000 162,731,000
Total...
237,000
2,002,000
5,799,000
206,000
111,000
609,000
6,503,000
42,978,000
49,443,000
2,217,000
1,785,000
7,561,000
247,000
2,891,000
864,000
182,000
74,000
33.000
6,658,000
28,271,000
18,714,000
2,133,000
2,029,000
386,000
121,000
24,410,000
216,000
countries
l.eoYooo
Tot. wk. *38
Since
July 1,
Other
T666
Three Rlv's
1,
1937
Bushels
Bushels
3,606,000 182,094,000 186,718,000
560,000
78,660,000
64,808,000
No. Amer.
18.000
Quebec
Halifax
July
1937
Argentina.
i4"666
35~66o
..
Sorel
Boston
Since
June 17,
1,
1936
Black Sea.
3,000
News
New Ori's *
Week
July
1937
Bushels
~~3~ 000
2,000
15,000
Since
1,
July
June 17,
23,000
30,000
Corn
Since
Week
bush 56 lbs bush 48 lbs
25,000
Baltimore.
Montreal
Rye
118,000
York
Philadelphia
N'p't
Oats
bush 56 lbs
bush 60 lbs
bbls 196 lbs
New
Corn
Wheat
Flour
Receipts at-
furnished by
Broomhall to the New York Produce Exchange, for the week
ended June 17, and since July 1, 1937, and July 1, 1936, are
31,424,000
8,528,000 485.585,000 558,838,000
Corn
Loans
CCC
of
591,000
78,102,000
20,394,000
6.379,000 364,401,000 441,257,000
Through June
16
Aggregated
Since Jan. 1
1938
Week 1937.
Since Jan. 1
1937
*
on
....
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
ended
from the several seaboard ports for the week
Saturday, June 18, 1938,
shown in the annexed
are
statement:
$21,210,741
made
June
on
43,766,184
on
17
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
159,000
34,000
39,740
28,000
1938, showed loans disbursed by the Corporation and held
by lending agencies on 43,766,184 bushels of corn.
Such
loans aggregated $21,210,740.54, based on a loan rate of
50 cents per bushel of 2lA cubic feet of ear corn testing up to
14lA% moisture; the average amount loaned per bushel
35"66O
7,000
352,000
"2",000
716,000
A0.666
New Orleans
Galveston
which loans
Bushels
Missouri...
1,419,061
Nebraska
3,420,036
1,031,066
Ohio
Dakota
96,112
1,198,290
Wisconsin....
4.203
2,327
.——..25,444,513
Iowa...
829" 000
on
State—
7,471,704
.......
Indiana
"4", 000
Halifax
Sorel
Bushels
State—
Illinois
306~66O
Houston
thus far has been 48.46 cents.
manner
Figures showing the number of bushels
have been made by States are given below:
Colorado.....
250.000
Albany
was
by the Commodity Credit Corporation
that "Advices of Corn Loans" received by it through June 16,
determined in this
Wheat
Exports from—
Bushels—Announcement
Kansas.......2,3577
Minnesota
...........
South
3,653,495
—
331,000
Montreal
1,906,000
Prince Ruppert
ioYooo
Ho'ooo
475,000
148,000
Quebec
72,000
120" 000
Three Rivers
84,000
493,000
m'ooo
3"O"666
Weather
general
Report for the Week Ended June 22—The
summary
of
the
weather
bulletin issued
by
the
Department of Agriculture, indicating the influence of the
Total week 1938
2.923.000 2,919,000
—
Same week 1937
95,740
167,000
198,000
609,000
109,565
2,628,000
75,000
204,000
8,000
July 1, 1937, is
for the week and since
Flour
Wheat
Corn
Exports for Week
Week
Since
Week
Since
Week
Since
June 18
July 1
July 18
July 1
July 18
July 1
1938
1937
1938
1937
1938
1937
Barrels
Bushels
Bushels
Bushels
Bushels
and Since
July 1 to—
Barrels
United
Kingdom.
1,985
2,300,916
508,441
1.S43.000
Continent
So. & Cent Amer.
9,500
609,050
7,000
25,500
3,000
52,080
West Indies
Brit. No. Am. Col.
2,000
4,675
258,773
95,740
109,565
5,131,630
5,201,237
1,070,000
1,425,000
29,000
Other countries
Total 1938
Total 1937
The
visible
at
granary
supply
70,900.000 1,934,000 45,829,000
53,975,000
985,000 40,010,000
1,233,000
172,000
73,000
5,000
2,116",000
12,000
1,000
2,923,000 128,297,000 2,919,000 86,029.000
2,628.000 116,544,000
7.000
of grain,
comprising
the
principal points of accumulation at
seaboard ports
Saturday, June 18,
GRAIN
were as
stocks
lake
in
and
follows:
STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
Boston
1,000
New York
18,000
was characterized by general unsettled condi¬
of the country.
Showers were frequent and rather
15th, while from the 19-21st, fairly general rains oc¬
curred over most of the Southeast.
Temperatures were largely moderate
for the week, although rapid changes were noted, especially in central
sections on the 18th, and in parts of the West on the same date.
Except
for rather general rains in the far Northwest on the 17th, most of the
country west of the Rocky Mountains had only scattered showers, with
many areas receiving no measurable amounts.
Temperatures for the week were above normal in the Northeast, central
Mississippi Valley, and most of the Great Plains and Rocky Mountain
region.
Subnormal temperatures were noted in the central Lake region
and In most of the East and Southeast, except for an area from western
North Carolina southwestward to eastern Louisiana.
Temperatures were
also below the seasonal average in most of the West, except for local areas
in central California and the north Pacific coast.
The relatively warmest
weather occurred in the central and northern Great Plains, where the mean
temperatures were from 6 to 7 degrees above normal.
Precipitation was moderate to heavy in the Piedmont section of the
Carolinas.. parts of the central Gulf States, and locally in Texas, Oklahoma,
Missouri and Iowa.
Mostly moderate falls were reported from portions
of Florida, extreme southern Texas, and in the upper Mississippi Valley.
Substantial areas of the Northeast, the Ohio Valley and lower Lake region,
and much of the Southwest, reported inappreciable amounts for the week.
In many central areas of the country moderate temperatures and less
rainfall than for some preceding weeks made more favorable conditions
for cultivation of row- crops and harvesting operations.
Some areas, how¬
ever, remain too wet, notably in eastern Kansas and adjacent sections,
with the fields too wet to work and in some localities too soggy to support
heavy harvesting machinery.
Temperatures were generally somewhat
above normal in many portions of the Mississippi Valley and Great Plains,
while the normal to somewhat excessive sunshine was favorable for reducing"
rust} damage
tions througnout most
widespread
below:
as
weather for the week ended June 22, follows:
The weather of the week
The destination of these exports
530,000
on
the
29,000
50,000
7.000
Philadelphia
77,000
63,000
22,000
12,000
2,000
Baltimore..
52,000
26,000
313,000
8,000
32,000
1,000
11,000
83,000
11,000
132,000
3,573,000
136,000
276,000
201,000
153,000
16,000
some minor damage occurred, principally by lodging of
grain and splitting of cherries.
Although the abnormal amount
of rainfall in many central sections has been detrimental to cultivation,,
656,000
892,000
30,000
12,000
42,000
the
"
afloat
128,000
New Orleans..
Farm work
Galveston.
2,000
Wichita..
Droughty
conditions
still
prevail
in
much
of the
Southwest,
including
4,000
Arizona and most of New Mexico, with conditions reported serious in the
2,000
4,000
western part
tions,
—.
...
...
507,000
of the latter State.
In the Northwest adequate rains were
2,000
Hutchinson
Omaha
interrupted by moderate to heavy rains in the Carolinas
2,000
Fort Worth
St. Joseph
Kansas City
was
and adjacent localities, but in some portions of the Northeast and extreme
Southeast the weather was again dry with moisture becoming needed.
5,000
beneficial in relieving dry condi¬
although
winter
advent
of
haying operations indicates unusually satisfactory yields.
Volume
In
some
146
Financial
meadows and pastures are reported
early cuttings of alfalfa show uniformly good results.
parts
Small
Grains—Fields
too
are
wet
for
better,
never
while
heavy harvesting machines in
and southern Kansas; continued wet weather in this State has
favorable for development of black stem rust which is now almost
Statewide, while in some southern and central counties damage from late
spring freezing has caused winter wheat to lodge badly.
Rust damage to
late-sown winter wheat is also extensive in
eastern
been
is
rust
reported
in
extreme
Chronicle
and truck crops excellent.
portions of Nebraska and some
South Dakota, and there are
southeastern
early-sown wheat ripening and oats, barley and rye in very good condition.
Harvest is well under way northward to Missouri, and condition is mostly
to
layed
excellent from
harvesting
in
Illinois
portions
eastward, although occasional showers de¬
of the Lake region and Ohio Valley.
In
southern sections condition of winter wheat is
mostly
more
good, although
interfered with harvesting and threshing.
In more western sec¬
tions wheat is maturing nicely, but there are some
reports of uneven de¬
velopment in portions of the Rocky Mountain States, while lodging is
noted in parts of the far Northwest.
Conditions are largely favorable
rain has
the northern Great Plains.
over
Oats and
as
far north
barley is blooming northward to Iowa and heading is reported
as North Dakota and
Michigan.
Some early rice is heading
in Louisiana.
••
-•/
Corn—The reaction to warmer, drier weather, with adequate sunshine,
has been unusually favorable for corn in the main
parts of the belt, but
some sections, notably
eastern Kansas and localities elsewhere, are still
too wet.
Warmer weather would also be helpful in some eastern and
northern sections.
In the Ohio Valley corn is making good to
very good progress in most
sections, with the weather during the past week largely favorable for cul¬
tivation, except on some lowlands and in southern Illinois.
Corn is gen¬
erally fair to good in the lower Missouri Valley, where fields range from just
up to three feet high on uplands and drier areas where it is well cultivated
and clean; lowlands are still
weedy in this section, whiie cultivation was
again considerably delayed in the eastern half of Kansas.
Progress and condition
were generally good to excellent in most north¬
of the belt, but warmer weather would be helpful in the
Iowa the cessation of rains permitted cleaning up fields,
witn most corn cultivated twice and some three
times; the crop averages
from one foot high to too tall to cultivate in
the extreme south; much sun¬
shine improved the color, except in a few low
spots.
western
parts
Lake region.
In
Cotton—The weather was somewhat more favorable for
development
of cotton in the central States of the
belt, but in some eastern and west¬
ern portions rains were
again unfavorable.
In Texas progress and condition of cotton
were
mostly good, except in
where washing rains necessitated considerable re¬
weedy; plants are putting on squares and bloom¬
ing over most of the eastern half, while picking made fair progress in
the extreme soutn.
In Oklahoma progress ranged from poor to fair in
the east to good elsewhere, but much of the
crop is two weeks late.
In central States of the belt
progress and condition ranged from fair to
very good, except locally in wet places, with
chopping now advancing in
northern portions; blooming has progressed to southern Arkansas and
squaring to northern portions of this Stste.
Progress and condition were
mostly good in the Southeast and cotton was blooming to central Georgia
some
west-central parts
planting and fields
and
are
the Piedmont section
of
South
Carolina.
The weather
in portions of the Carolinas and warmer weather
would be
was
too
furnished
the
helpful in this
following
conditions in the different States;
of
resume
\
Most truck fields weedy, but growing well.
Southeastern
Meadows and pastures
potato harvest in full swing; marketing delayed.
good
but hay damaged.
North
Carolina—Raleigh: Some harvesting and cultivation of crops
by return to rainy, unfavorable weather.
Heavy
locally excessive rains washed out fertilizer.
Tobacco damaged, espe¬
cially on light soils.
Progress of cotton poor in east, fair in west.
Much
upland corn good, but too much rain for lowlands and some damage
first of week, followed
to
by
overflows.
South Carolina—Columbia: Weather
generally favorable for corn, truck,
minor crops, gardens and
pastures; with good to excellent progress.
Wheat
and oat threshing retarded locally in north
by rain.
Condition of cotton
fair to fairly good, but too cool first part of week and too
much rain locally;
squaring, except extreme north, where chopping made fair progress; be¬
ginning to bloom in Piedmont section; favorable for weevil activity.
To¬
bacco being cured; discolored locally from excess rain.
Georgia—Atlanta: Favorable for cultivation, except last 2 days and
dry in south for pastures, truck, sugar cane, tobacco, and sweet
po¬
Moderate to excessive rains Sunday and
Monday.
Progress of
cotton goo-.; blooming many places in middle and
boiling in south.
Wheat
and oats mostly threshed.
Peanuts, melons and pecans generally good
condition; excellent for peaches.
too
tatoes.
Florida—Jacksonville:
Normal
warmth
and
rains.
Condition
and
progress of cotton good; moderately
fair to good.
Sweet potatoes still
favorable for weevil activity.
Corn
being planted.
Tobacco being harvested,
cured and stored.
Truck season practically over.
Citrus groves again
need rain; considerable June bloom.
Figs and pears ripening.
Alabama—Montgomery: Normal warmth; moderate rains last of week.
and progress of cotton good; still
late; chopping finished in
Condition
most
Corn
sections; weather favorable for uoluing weevil in check; few blooms.
good condition and progress.
Sweet potatoes mostly
prospects good.
Melons plentiful.
transplanted;
Vegetables and pastures good.
Mississippi—Vicksburg: Frequent rains favored
corn,
but unfavorable
for cotton.
Progress of cotton mostly fair; occasional bloom on
early
planted, with conditions favoring weevil activity and spiders.
Progress
of corn mostly good.
Oat harvest nearly done.
Progress of gardens,
pastures and truck generally excellent.
Louisiana—New Orleans: General showers latter half ana soil
moisture
ample most sections.
Progress and condition of cotton
now
New York,
good
improved appreciably, although the volume of sales contin¬
ued to run behind last
year's figures, partly owing to the
fact that the general
price level is now substantially below
the 1937 range.
Chief interest was shown in seasonal ap¬
parel lines, whereas the demand for home
furnishings con¬
tinued in its previous
desultory fashion.
While a further
gradual improvement in consumer demand is
anticipated,
a sustained
upturn in sales is of course dependent on a sub¬
stantial recovery in industrial activities and a
resulting im¬
in
provement
the
in
Texas—Houston: About normal warmth; heavy to excessive
rains over
central portion, along coast, and in east and middle
portions of the Pan¬
handle; light and scattered elsewhere.
Condition of winter wheat good,
though some rather poor in west-central; little damage caused by
rains;
harvesting and threshing nearly done, except in northwest where
good
progress,
although some delay by rain.
Corn improved considerably,
except in southwest where rain still needed; silking and
tasseling becoming
oats and minor grains fair to good.
Progress and
mostly good, but some poor to fair in west-central
where washing rains have necessitated considerable
replanting; some fields
becoming weedy in that area, where conditions are favorable for insect
activity; plants squaring and blooming over most of east;
picking making
fair progress in south.
Truck, ranges and cattle mostly good.
Rice late,
but making good progress.
employment
situation.
Department
11, according to the Fed¬
15% below the corresponding week
store sales for the week ended June
eral Reserve
Board,
of last year.
were
For stores in New York and Brooklyn a de¬
11.5% was reported by the Federal Reserve Bank of
New York, while Newark establishments
registered a loss
in sales
amounting to 10.9%.
Trading in the wholesale dry goods markets improved
perceptibly, reflecting the better flow of goods in retail chan¬
nels and the growing
belief, largely engendered by the up¬
cline of
ward movement in securities and the better
tone of both
materials and semi-finished products, that an
upswing
in general business is not far off.
Fair-sized reorders on a
number of summer items were
received, and an
raw
amount of
increasing
inquiries for percales, denims, chambrays, pillow¬
and wash goods came into the
market, some pertain¬
ing to forward deliveries as far ahead as October.
The sharp
expansion in the gray cloths markets was an important fac¬
cases
tor in
as
stimulating buying interest
well
as
retailers.
on the part of wholesalers
Business in silk goods gained moder¬
ately as users showed somewhat more interest in covering
fall requirements.
Attention centered in crepes with prices
showing a slightly steadier trend.
Trading in rayon yarns
indications of
a mild improvement, as
weaving mills
interest in adding to their yarn commit¬
ments.
No immediate change in the statistical
position of
the market is anticipated, however, as the
slightly increased
sales were offset by the gradual termination of the labor
troubles in one of the large viscose
plants.
displayed
more
Domestic
Gotton Goods—Trading in the
gray cloths
expanded sharply, with total sales exceeding five
weeks' output at present curtailed
production schedules.
Stimulating factors were the further advance in raw cotton
market, the sharp rally in security prices, a moderate im¬
provement in the movement of finished goods and the grow¬
ing conviction that the low point of the depression has been
passed and a general upturn in business may be anticipated
during the late summer or early fall.
Converters as well as
bag manufacturers bought considerable quantities of goods,
and the fact that supplies in many instances have shrunk
to subnormal levels proved a further incentive for the broad
buying movement.
Prices stiffened appreciably as mills
showed little inclination to accept orders for later deliveries
at current low quotations, or increase their present curtailed
production schedules.
Business in fine goods, after a slow
start, also turned more active, reflecting the activity in the
coarse goods markets.
Broadcloths, dimities, lawns, voiles
and organdies moved in substantial volume, and prices
markets
showed
a
steadier
undertone
as
sellers
were
reluctant
in
accepting business for delivery beyond August.
Closing
prices in print cloths were as follows: 39-inch 80's, 6%c.;
39-inch 72-76's, 63^c.; 39-inch 68-72's, 5^c.; 38M-inch
64-60's, 43^c.; 383^-inch 60-48's, 3^8 to 4c.
Woolen
to
good; squaring freely in north where some bloom; early bolls
setting
south; weather favorable for weevil activity.
Other crops making satis¬
factory progress.
Some early rice heading.
very
Friday Night, June 24, 1938.
Under the stimulus of favorable weather
conditions, special
promotional events and rising security markets, retail trade
gave
Virginia—Richmond: Temperatures slightly below normal; moderate
heavy general rains.
Farm work stopped entirely by wet ground.
Cotton continues poor.
Corn decidedly uneven.
Most wheat and barley
ripening; majority southern fields cut.
Tobacco averages knee high;
to
color splendid.
THE DRY GOODS TRADE
wet
area.
The Weather Bureau
wheat
cutting delayed in west account
rain; completed in central and
east; threshing progressing; condition fair
to good.
Condition and progress of corn good to
excellent; color fine;
some fields
grassy.
Progress and condition of cotton fair; small and only
fair stands; warmth
needed.
Tobacco growing well; condition good to
very good.
Hay crops fine; some difficulty curing and saving.
Potatoes
reports of red rust locally in Minnesota.
In Iowa more favorable weather
and much sunshine has slcakened rust
development and straightened
growth in some lodged areas; winter wheat is filling and is beginning to
turn.
Good growing conditions were reported in most of Nebraska, with
fair
4145
Tennessee—Nashville: Winter
spotty.
Goods—Trading in men's wear fabrics continued
While wholesale clothing markets displayed a bet¬
ter tone and sentiment among manufacturers showed an
improvement in line with better reports from security and
commodity markets, new commitments were restricted and
were confined to fancy suitings, whereas
staple fabrics con¬
tinued neglected.
Reports from retail clothing centers made
a somewhat better showing,
reflecting the stimulating effect
general.
Condition of
of favorable
weather conditions
condition
of cotton
at attractive
prices.
Oklahoma—Oklahoma City: Warm, with heavy rains in
northwest,
including panhandle; elsewhere mostly light to moderate rains.
Harvest
delayed by continued rain; heavy hail damage in Ellis County on 14th.
Progress of corn poor in east, but fair elsewhere; condition fair to
good;
tasseling in south.
Oats 50% harvested; good yields.
Progress of cotton
poor to fair in east, good elsewhere; some grasshopper damage in
west;
crop 2 weeks late.
Winter wheat harvest general and nearing end in ex¬
treme south; much down and harvesting difficult.
Livestock good.
Pas¬
tures very good, but some weedy.
Grasshoppers numerous.
Arkansas—Little Rock: Progress of cotton very good,
except where
liberal rains occurred; condition fair to
very good; large part of crop chopped
and cultivated, but mostly still grassy; bloom
becoming rather general in
south; squaring in some northern localities.
Progress and condition of
corn fair to excellent; growing rapidly but needs
cultivation; ears forming
rapidly in south: tasseling locally in north.
Weather favored crop growth;
unfavorable for harvesting wheat, oats and hay,
digging potatoes and shi]>ping early peaches.
and
numerous
promotions
Business in women's wear goods again
gave a satisfactory account, with boucle coatings moving in
large volume.
Dress goods also were in somewhat better
call, reflecting the quickening flow of goods in distributive
channels.
Foreign Dry Goods—Trading in linens continued quiet,
with sales confined to occasional small lots for the
tain accessory
use
in
cer¬
sections such as the millinery, shoe and hand¬
bag trades.
Prices were largely nominal, reflecting the con¬
tinued uncertainty surrounding the pending Anglo-American
tariff negotiations.
Business in burlap gained appreciably
as speculative buying and covering by consumers was cuased
by favorable curtailment prospects reported from Calcutta.
Prices ruled higher in sympathy with the movement in the
primary market.
Domestically lightweights were quoted
at 3.50c., heavies at 4.75c.
4146
Financial
State and
Chronicle
June 25, 1938
City Department
"Today one can examine Florida's municpal debt
as
you
would that of
any other public securities.
You can examine Florida without the emotional
bias that favored Florida in the 1920-1926 period and crucified it in the 19301934 period.
Today the fundamental values of Florida stand restored,"
R. E. Crummer & Co. declare.
Specialists in
The book traces the financial history of the State from the time the boom
began in the twenties, culminating in a peak in 1925-1926 and the conse¬
quent disasters that followed caused by over-speculation and two destructive
Illinois & Missouri Bonds
hurricanes on the East Coast.
Particular consideration in the work has been given to the Florida securi¬
ties owned by clients of the Crummer organization.
The book
expresses
the
opinion that "The approximately $50,000,000 par value of current
Florida bonds owned by clients of this organization show an
average in¬
terest return decidedly more favorable than has ever before been obtained
on an equal par amount of public securities
purchased through a single
medium during the entire history of public finance."
Ii. E. Crummer & Co.. the predecessor of which was established in
1897,
STIFEL, NICOLAUS & CO., Inc.
105W.Adams St.
314
DIRECT
CHICAGO
WIRE
N.'Broadway
ST. LOUIS
the pioneers in rehabilitating the municipal finances of Florida
taxing
units, and have undertaken 169 refunding and debt readjustment programs
were
for^ various subsdivisions in the State aggregating approximately $110,000,PUBLIC
Statement
WORKS
ADMINISTRATION
Method of Allotting Funds—The following is
press release (No. 3321) made public on June 18
on
the text of a
Publication of this book at this time, said Mr.
Crummer, President,
to the fact that the organization is
willing to publicly record its
opinion that Florida municpal securities have reached a point where they
can accurately be judged by the same
yardstocks used for over municipal
attests
obligations.
by the above Federal agency:
Memorandum to
Housing Act Upheld in Court Decision—We quote in
Correspondents
PWA is about to enter another period during which it will announce
part as follows from a press release made public on June 22
a
large number of allotments. These will be for a variety of projects in every
part of the country.
It is essential that the method of making allotments and the relationship
between PWA and municipalities be understood clearly if allotments are
to be correctly understood by the public.
To aid accuracy, to assist in full
understanding, the following facts about the mechanism involved in the
PWA system are called to your attention:
I Allotments— PWA non-Federal allotment is an individual approval
specific project submitted by a public body, such as a city, State,
municipality, county, bridge authority, &c., which is entitled by law
in the type of activity to be undertaken. A non-Federal project
may be either a 45% grant, or a loan, or both.
A PWA Federal allotment is an allocation of funds to a Federal Depart¬
ment or Agency to enable it to undertake a project within its jurisdiction
of
a
town,
to engage
authorized by law.
A PWA allotment Is an approval of a proposal from a public body on
the basis of an application prepared by that public body and submitted
by it to PWA. Any figures (as to loan or grant or estimated cost) appear¬
ing in an allotment are figures which were submitted by the applicant at
time or such figures revised by competent engineers who calculated the
some
applicant's estimate as too high or too low for the construction to be done.
ft may happen that after filing its application, a municipality may change
its mind about wanting the project, or it may decide to change the amount
for wnich it has
applied.
Sucn decision may have been taken after examina¬
tion of the project by PWA and after an allotment has been made or recom¬
mended by PWA's examining divisions.
As a result there may be cases
where allotments are announced for projects which do not precisely corre¬
spond with what the applicant has decided it wants at that particular
moment.
II.
Application—Applications for PWA allotments, whether for loan or
or both are requests originating with a public body.
Applications
grant
conceived, prepared and submitted by public bodies, and are not con¬
ceived or prepared by PWA.
They are submitted by municipalities
or other public bodies for the purpose of obtaining useful, permanent public
are
improvements.
Formal and authorized action by the applicant's city
council, commission or board and legally selected officials is requested by
PWA before an application is eligible for consideration.
Such action
eliminates any
project a public body does not officially desire.
Construc¬
tion of the projects is undertaken entirely by the municipality, or other
public body, PWA maintaining building inspectors on the job to see that
the specifications and agreements and contracts under which PWA agreed
to assist the project are complied with.
III.
Offers—After an allotment has been made to a puDlic body for a
non-Federal project, an "offer" is sent by PWA to the applicant.
The
offer is a contract, through which the public body enters into an agreement
with PWA that it will proceed with a particular project on the basis of
receiving an outright grant of 45% of the total cost of the project.
(It
may also include provision for a loan of the remaining 55%.)
The offers
are signed
legal contracts oetween the Government and the applicant
confirming the approval and the conditions of the allotments.
When the offer has been signed by the applicant, it is then executed by
PWA, and becomes a binding contract. Allotment funds are then advanced
to the applicant in instalments as the money is needed to advance con¬
struction.
IV. Amendatory Allotments—After an allotment has been made and an
offer executed, an applicant may find it desirable to change the scope of
the project,
either making it smaller, or larger, or in some other manner
varying from the original conditions as laid out in the contract. If such a
situation arises, the applicant is permitted to
present his case and ask for
changes in the extent or character of the project. If, after examination,
such changes are approved by PWA, the original contract is modified by
amendment.
an
If the amendment involves
difference in
a
allotment, an "amendatory allotment" is made to increase
allotment, according to the need.
the
or
original
reduce the
by the United States Housing Authority:
In a far-sweeping decision, the Supreme Court of North Carolina has
upheld the basic principles of the United States Housing Act of 1937 pro¬
viding for an $800,000,000 slum- clearance and low-rent housing program
now going forward under the
guidance of Nathan Straus, Administrator of
the United States Housing Authority.
Although the Court's decision dealt primarily with the North Carolina
State Housing Law, the ruling is regarded as
containing far-flung implica¬
tions in that it upholds the fundamental feature of the United States Hous¬
ing Act which declares that slum-clearance and low-rent construction is a
public purpose.
The decision also sustains the exemption of local
from
a
municipality's debt limit requirements.
The Supreme Court of Alabama
an opinion simi¬
larly sustaining the constitutionality of the Alabama State Housing Act.
Together with the North Carolina ruling, they constitute the first high
court decisions concerning slum clearance to be rendered in
any State since
passage of the United States Housing Act.
Commenting on the Court's ruling, Mr. Straus said:
"The decks are now cleared for North Carolina to
engage in a wide-
scale program of slum clearance along with the other 27 States in
which
total of 170 local authorities have been established.
"So far the United States
Housing
"The Congress recently authorized the USHA to make loans for
on
Treasury suffered
Assessment
a reverse on
special assessment bonds of the above city is not taxable
income, according to newspaper advices of that date.
The Court is said to have ruled that special assessment bonds
are properly city
obligations, although the interest and prin¬
cipal was to be paid from special rather than general funds.
(A more detailed report on this ruling is given on a sub¬
sequent page of this section, in the items devoted to the
various Illinois units.)
on
as
Debt
Problem
Surveyed—Today, 66
economically
of the 67 counties of Floraida have recovered
to the extent that
they are now making all interest payments
on their obligations when
due, with the exception of a few
unimportant isolated issues, it is shown in a book on the
Florida municipal debt problem published
by R. E. Crummer
& Co. of Chicago and Orlando, Fla.
This recovery has taken
place since the late twenties following the beginning of the
liquidation period when about 80% of the $500,000,000 of
ad valorem debt outstanding had
gone in default following
the collapse in real estate values.
The book is though to be
the most comprehensive study ever made on the
municipal
debt
of
Florida.
addi¬
With this $800,000,000 at hand we are ready to go
forward at top speed.
"The new homes which will rise in the Nation over the next two
years,
under the government rehousing
program, will confer a three-fold
benefit.
Slum dwellers will benefit
liver.
jobs.
by being given an opportunity for new and better
Wage earners will benefit by being called back to work on productive
Taxpayers will benefit by the reduction in expenditures of local
governments.
For when you tear down the slums, it means less disease,
less juvenile delinquency, less crime, and reduced
expenses for hospitals,
insane asylums, reformatories, and jails."
Prior to the enactment
by Congress of the United States Housing Act
last summer, the high tribunals or
Kentucky and New York rendered de¬
cisions upholding the
constitutionality of their State local
housing authority
laws.
Test suits
are
pending in Pennsylvania, Indiana, Louisiana, South
Carolina, Georgia and Florida, for the purpose of determining the con¬
stitutionality of the Housing Authorities Law of those States.
It is ex¬
pected that decisions will be handed down within the next 30 to 60 days.
now
Modernization
of
Savings
Banks
Legal
Lists
Recommended—Statutory investment standards have failed
to
provide a sufficiently broad list of sound investments which
legal for purchase by savings banks and trustees, accord¬
ing to an article by William R. White and Irving A. J.
Lawres, which will appear in "Law and Contemporary
Problems" to be published on June 25
by Duke University
School of Law, Durham, N. C.
Mr. White is the New York
State Superintendent of Banks and President of the National
Association of Supervisors of State Banks, and Mr. Lawres
are
is his confidential assistant.
The article is part of a sym¬
posium of "The Investment of Trust Funds" comprising the
issue of the journal.
The
June 18 in its effort to reduce the number of tax-free securities
when the U. S. Circuit Court of Appeals ruled that interest
Florida—Municipal
an
tional $300,000,000.
"It is true that some of the defects of our investment statutes are of a
technical nature and no doubt could be cured
by revision of existing statutes.
News Items
Chicago, 111.—Federal Court Rules Interest
a
Authority has set aside $357,874,000
for 95 American localities to clear their slums.
We have signed contracts
for loans of $111,070,000 for 17 cities in which slums are
already being torn
down to make way for decent homes for low-income families who
now reside
in the slums.
summer
Bonds Tax-Free—The Federal
housing authority bonds
recently handed down
basic weakness, however, that of
inflexibility, can apparently be
corrected only by a fundamental
change which would permit the exercise of
discretion in compiling legal lists," the State bank officials say.
"It is difficult, if not
impossible, to prescribe fixed tests which will work
with a high degree of
accuracy.
General standards, if sufficiently strict
to exclude unsound
ments because
securities, often disqualify otherwise desirable invest¬
the issuing body fails to meet one of the prescribed tests.
Conversely, some securities which are undesirable from the standpoint of a
sound investment
policy manage to qualify because they meet the technical
minimum standards."
The
authors suggest that consideration be
given to the compilation of a
legal list by a board, such as the New York State Banking Board or by a
specially created State Investment Board, in order to provide t^e flexibility
recommend
that
members
of such
board
be appointed
to serve without
salary.
The so-caded "legal list" consists of those securities which meet the tests
laid down by the investment
statutes.
In New York, as well as in other
States which adhere to the New York
rule, savings banks and trustees are
prohibited from investing the funds in their custody in any securities other
than
"legals."
The opinion
coming from the New York State Banking Department, that
consideration should be
given to effecting a fundamental change in the
providing legal lists, is of particular significance, because, in
banking legislation, a number of States follow New York.
Furthermore, deposits in New York savings banks approximate $5,500,000,000, while an enormous volume of funds is neld by the great corporate
trustees in N. Y.
City.
method of
matters
of
The committee on trust functions of the New York State Bankers Asso¬
ciation has reprinted the article in
pamphlet form and is distributing it to
trust companies and
savings banks of the State.
New
Jersey—Legislative Session Ends—The 1938 session
of the State Legislature
adjourned at 3:40 a. m. on June 17,
until Oct. 17,
according to Trenton advices.
It is said that
the Democratic leaders wanted sine die
adjournment but
could not obtain sufficient
support.
They wanted a final
adjournment rather
than
a recess
because the
special election
Volume
be
cannot
Financial
146
held under the
Bidder—
*
York, N. Y.—Council Votes Rental Tax on Business
Housing—The City Council on June 21 passed the
occupancy tax bill, to provide approximately $600,000, which
will be used to guarantee the interest on $20,000,000 worth of
bonds of the New York City Housing Authority for slum
clearance and low-cost public housing projects.
Aid
from $1 to $6 a year, will be levied on rentals of
offices in the city, at a rate of $1 for each $1,000
becomes effective on July 15.
The maximum
tax will be $6.
It will have to be paid only by persons actually renting
space "for gainful purposes"—those who own the premises on which they
conduct their busness will be exempt.
In the case of doctors and dentists
and other professional men maintaining small offices in their own homes,
the tax will have to be paid if the home itself is rented, but not if the pro¬
fessional man owns the premises.
Rules and regulations governing the
collection of the tax will be promulgated shortly by the office of Comp¬
troller Joseph D. McGoldrick.
The tax, which will range
all business and professional
of rental up to $6,000, and
of Estimate Votes Rental Tax—The Board of Estimate,
at a special meeting held on June 22, concurred with the
City Council by passing the above described occupancy tax.
Passage of Relief Proaram—The Demo¬
Council are said to have promised
Council Promises
Mayor La Guardia on June 21 they would pass an emergency
June 24 to finance relief
for the year beginning July 1.
This will permit the necessary
five days to elapse before the Mayor can sign the tax bills
and will prevent any interruption in relief payments after
tax program
at a special meeting on
July 1.
In
promising enactment of the tax program tne councilmen did not
particular measures.
It was assumed that the
commit themselves to any
sales tax, gross business tax, utility tax and personal property
re-enacted.
Whether the proposed tax on banks and on
tax would be
bookmakers
.
Welfare
Commissioner
Hodson has estimated that the city must
raise
fiscal year were estimated
by Commissioner Hodson at $137,228,000, an increase of $17,633,927 over
tne budget for the fiscal year which closes June 30,1938.
United States—National Housing Program Gets Under
Way—With the bond quota for the United States Housing
Authority increased to $800,000,000 in the Congressional
relief bill, the magnitude of the public housing program for
this year is definitely established, the National Association
of Housing Officials said on June 20.
Cities in those 15
States not yet equipped by law to participate in the program
only await the passage of State enabling legislation in current
special sessions or the regular biennial sessions scheduled for
early in 1939.
the program such legislation is required to empower
housing authorities authorized to build, manage and
Eacn city is expected to secure 10% of tne capital cost
from non-Federal sources and contribute a minimum of 20% of the annual
subsidy of any housing projects, the Federal Government supplying the rest.
The 15 States still lacking the necessary enabling laws are:
Arizona,
Idaho, Iowa, Kansas, Maine, Minnesota, Missouri, Nevada, New Hamp¬
shire, New Mexico, Oklahoma, South Dakota, Utah, Wasnington and
Under provisions of
the cities to set up local
operate projects.
Wyoming.
United States Housing Authority contracts for loans to local
legislation wnich so far have no municipal projects
(altnough all but four of them have former
Public
projects and other low-cost housing) are:
Arkansas, California, Colorado, Connecticut, Delaware, Illinois, Indiana,
Massachusetts,
Mississippi, Montana, Nebraska, New Jersey, North
Carolina, North Dakota, Oregon, Rhode Island, Tennessee, Virginia,
Vermont, West Virginia and Wisconsin.
Three of these States—Illinois, Massachusetts and Montana—have found
their laws unsatisfactory for U S H A loan provisions, but Illinois and
Massachusetts in current sessions are considering the necessary change.
In
California, where cities were delayed by absence of legislation, Los Angeles
City, Los Angeles County, San Francisco City and County, and Oakland
have set up municipal housing authorities since the first of the year.
The eight most recent U S H A contracts have been signed with Allentown and Pittsburgh, Pa.; Baltimore, Md.; Birmingham, Ala.; Buffalo,
N. Y.; Cleveland and Columbus, Ohio; and Detroit, Mich.
Contracts
previously had been signed with Jacksonville, Fla.; Augusta, Ga.; Louis¬
ville, Ky.; New Orleans, La.; New York City; Syracuse, N. Y.; Youngstown, Onio; Charleston, S. C. and Austin, Texas.
With these new projects,
the total number of larger-scale, limited-rent hosusing projects listed is
more than 200, including those privately and publicly owned.
Together
they can accommodate over 90,000 families.
States with enabling
S H A program
Works Administration
under the
U
Housing Authority Property from
decision of the State Supreme Court,
Alabama has joined the list of 28 States that grant tax
exemption on properties owned by housing .authorities, the
National Association of Assessing
Officers reported on
June 24.
Only three of the 33 States with low-rent housing
authority enabling acts now fail to permit this exemption,
which has been a frequent subject for legislation and court
29
States
Exempt
Now
Taxes—Through
a
decision.
To encourage private
building New York and Wisconsin several years ago
to exempt new dwellings, if completed
gave local governments autaority
within ,a given period.
New York
City permits exemption on limited divi¬
dend projects erected before 1937 for a 20-year period.
A third type of
exemption is in connection writh Federal Public Works Administration
housing projects, under which PWA agreed to pay a service charge in lieu
100,797
35*%
250,675.00
35*%
100,270
35*%
250,451.00
35*%
100,181
250,325.00
35*%
100,130
250,225.00
35*%
100,090
ahan, Harris & Co
Marx & Co
250,375.00
35*%
35*%
100,150
The
Weil-Roth-Irving Co., Walter,
Woody & Heimerdinger, Field,
Richards & Shepard and Stubbs,
t
35*%
Smith & Lombardo, Inc
Lehman Brothers, Hemphill, Noyes
& Co. and Steiner Brothers
35*%
*
Successful bid.
Condensed Financial Statement as of May 1, 1938
Valuation of taxable property for purposes of
on assessed value
taxation, based
$267,266,288.00
but estimated
Assessed valuation (assessed by law at 60%,
to be
160,359,773.00
only 30%) 1937 assessment
General
Obligation
Bonded
Debt:
For providing and construct¬
$9,156,000.00
1,559,000.00
ing school houses
For
sewers
Other
bonds—incl.
special
11,691,000.00
assessment bonds
$22,406,000.00
Total bondsLess Assets Applying
Bonded Debt:
Cash in bank
the
to
~
$628,058.53
-
915,065.70
Investments (par)
receivable
Assessments
for
2,299,366.79
paving, sewers, «Scc
$3,842,491.02
Total assetsNet general obligation
Tax anticipation loans
18,563,508.98
bonded debt--
360,000.00
Tax Rate—$18.00 on each $1,000 of assessed value.
In
addition to the above, the State and county levies certain
school taxes from which levies the
receive $980,000 in
1938.
City of Birmingham will
The city will also
collect in 1938,
$1,540,000 of special occupational license taxes.
Percentage of real & personal tax levy on all prior years to
and including the 1933 levy collected through May 1,1938
98.8%
Percentage of 1934 real & personal tax levy collected through
May 1,1938
96.0%
Percentage of 1935 real & personal tax levy collected through
May 1,1938
99.8%
Percentage of 1936 real & personal tax levy collected through
May 1,1938
99.7%
*
Percentage of 1937 real & personal tax levy collected
through May 1,1938-90.9%
General fund cash, plus contractor's estimates, tax title
liens, &c
$403,410.85
Industrial water works bonds: (Special revenue liability—
not tax obligation bonds)
3,580,000.00
City of Birmingham bonds are on the legal list of New York and Massa¬
chusetts, for savings banks investments.
Population, 1930 cenus, 259,678; 1938 (estimate), 290,000.
♦ Tax collection
year does not close until about July 1, 1938.
CALIFORNIA
CONTRA
COSTA
COUNTY
(P.
O.
Martinez),
SCHOOL BOND MATURITY—In connection with the
CM!.—OAKLEY
offering scheduled
for July 5, of tho $50,000 Oakley Union School District bonds, described
in our issue of June 18—-V. 146, p. 3990—we are now informed that the
bonds mature on June 15 as
Hawaii
35*%
'
Provident Savs. Bank & Trust Co.,
Breed & Harrison, Inc., and Stran-
authorities
passed the $100,000,000 mark the first of this month.
These loans and
supplementary subsidy contracts bring the local housing autnorities with
approved contracts to 17.
Recent earmarkings of funds raise the total of
allocations to date to $357,784,000 for 95 authorities in 23 States and
251,992.50
ferle & Kountz
_
would be included could not be learned.
$86,000,000 from relief taxes next year.
Total relief requirements for the city in the next
$100,409
$251,022.50
,
Price
Rate
3H%
Co
3M%
Ward, Sterne & Co., BancamericaBlair Corp. and Halsey, Stuart &
Co
3M%
Watkms, Morrow & Co., Charles
Clark & Co., Nunn, Shwab & Co.,
Merchant® Nat. Baiik of Mobile,
Seasongood & Mayer and Seuf-
Board
cratic leaders of the City
Price
Rate
"
Equitable Securities Corp., Gold¬
man, Sachs & Co., Eldredge & Co.
Inc. and the Robinson-Humphrey
New
to
$100.000
$250,000
constitution until four months
after the end of the session.
4147
Chronicle
follows: $1,000, 1939 to 1943; $1,500, 1944 to
1948; $2,000, 1949 to 1953; $2,500, 1954 to 1958, and $3,000, 1959 to 1963.
The following official information is also furnished:
The Oakley Union School District has been acting as a school district
under the laws of the State of California continuously since July, 1936.
The assessed valuation of the taxable property of the Oakley Union School
District for the year 1938 is $1,038,890, and
District has no outstanding indebtedness.
the said Oakley Union School
FRESNO COUNTY (P. O. Fresno) Calif.—SIERRA SCHOOL
$30,000 issue of Sierra Union High School District
SALE—The
BOND
bonds
146, p. 3836—was awarded to Donnellan
& Co. of San Francisco, as 15*s, paying a premium of $22.50, equal to
100.075, a basis of about 1.43%. Dated June 1,1938. Due on June 1, 1939.
offered for sale on June 21—V.
O. Los Angeles), Calif.—ALHAMBRA
will be received until 2 p. m. on
by L. E. Lampton, County Clerk, for the purchase of a $200,000
issue of Alnambra City High School District bonds.
Interest rate is not to
exceed 5%, payable semi-annually.
Denom, $1,000. Dated July 1, 1938.
Due on July 1 as follows:
$30,000 in 1939; $8,000,1940 to 1955, and $7,000,
1956 to 1961, all incl.
Prin. and int. payable at the County Treasury, or
at the county's fiscal agency in New York City, at the option of the holders.
Each bid must state that the bidder offers par and accrued interest to the
date of delivery, and state separately the premium, if any, and the ra,te of
LOS ANGELES COUNTY (P.
SCHOOL BOND OFFERING—Sealed bids
June 28,
interest offered for the bonds bid for.
Bids will be received for all or any
portion of said bonds.
In the event
purchase a portion of said bonds, the
bonds bid for. All bonds sold to a bidder
bidding for a portion of said bonds shall bear the same rate of interest, and
bids for varying rates of inte est for the same block or portion of said bonds
will be rejected.
Payment for and delivery of bonds will be made in the office of the
Board of Supervisors.
A certified or cashier's check for a sum not less than
3% of the amount of the bonds bid for, payable to the order of the Chairman
of the Board of Supervisors, must accompany every bid.
Alhambra City High School District has been acting as a High School
District under the laws of the State of California continuously since July 1,
that the bidder submits a proposal to
bid shall designate specifically the
1900.
The assessed valuation of the
taxable property in said school district for
1937 is $39,544,770, and the amount of bonds previously issued
outstanding is $346,000.
Alhambra City High School District includes an area of approximately
19.97 square miles, and the estimated imputation of said school district is
the year
and
now
69,470.
of taxation.
COUNTY (P. O. Los Angeles), Calif.—BALD WIN
OFFERING—We are informed by the Clerk of the
will be received until July 12 by L. E.
Lampton, County Clerk, for the purchase of a $25,000 issue of not to
exceed 5% semi-ann. Baldwin Park School District oonds.
Due $1,000
from 1939 to 1963 incl.
Interest payable J. & D.
LOS ANGELES
PARK SCHOOL BOND
Bond
Proposals and Negotiations
ARIZONA
DISTRICT No. 16 (P. O. Holbrook),
Ariz.—PRICE PAID—It is reported by the Cxej-k of the Board of Super¬
visors that the $3,000 coupon school bonds purchased by Dahlberg, Durand
& Co. of Tucson, as 42*s, as noted here on June 11—V. 146, p. 3836—were
sold for a premium of $11, equal to 100.366.
Due from 1939 to 1944 incl.
NAVAJO COUNTY SCHOOL
ALABAMA
Ala.—LIST OF BIDS—The following is an official
bids for the two issues of bonds aggregating $350,000,
described in our issue of June 18—V. 146, p. 3990:
BIRMINGHAM.
tabulation of the
awarded on June 14, as
Board of Trustees that sealed bids
WATER DISTRICT OF SOUTHERN CALI¬
Angeles), Calif.—BONDS SOLD BY RFC—A $60.Colorado River waterworks refunding bonds was
June 22 by the Reconstruction Finance Corporation to two
METROPOLITAN
FORNIA (P. O. Los
000,000
awarded
issue
on
of 4%
of New York.
The Chase group
g-oups headed by the Chase Nationaltook two-thirds of the bonds Lehman
Bank of New York, and and the
ros.
Lehman group
one-third, and they consolidated the two groups for the
public reoffering. Dated Aug. 1, 1937. Due on Aug. 1 as follows: $46,000
$228,000, 1947; $411,000, 1948; $685,000, 1949; $1,006,000, 1950;
$1,667,000, 1951 to 1969; $1,666,000, 1970 to 1981; $1,622,000, 1982;
$1,439,000, 1983; $1,256,000, 1984; $982,000, 1985, and $660,000 in 1986.
Legality approved by Thomson, Wood & Hoffman of New York, and
O'Melveny, Tuller & Myers of Los Angeles.
in 1936;
4148
There
Financial
about 140 members in the two syndicates.
The RFC, which
paid par for the securities, sold them at 107, netting $4,200,000 on the
transaction.
This represents the largest individual sale ever conducted
by
the RFC.
After this sale, the Federal agency has $87,000,000
Metropolitan
Water District bonds remaining and in addition has bid for and
been
awarded the last $60,000,000 of the district's bonds, which will be
delivered
to the RFC in blocks when, as and if the district needs the
proceeds for the
completion of an aqueduct to bring water from Parker Dam on the Colorado
River to the district.
The Public Works Administration also owns
$1,500,000 of the securities.
Originally the bonds bought by the RFC were
5s, but they have been refunded with 4s.
While there has been no official comment on the matter
by the RFC,
it is believed that disposal of this block of bonds will be followed
later by
another
offering, depending upon conditions of the market and the manner
in which the present offering is digested.
A list of the underwriters comprising the successful
syndicate follows:
Chase National Bank.
R. H. Moulton & Co.
Lehman Bros.
Allison-Williams
Lazard
Freres & Co.
M. H. Lewis & Co.
Mackey, Dunn & Co., Inc.
Magnus & Co.
Mason-Hagan, Inc.
Morris Mather & Co., Inc.
McDonald-Collidge & Co.
Co.
A. C. Allyn & Co., Inc.
American Trust Co.
Anglo California National
Bank.
Bacon, Stevenson & Co.
Bancamerica Blair Corp.
Bankamerica Co.
Milwaukee Co.
Boettcher & Co.
Mitchell, Herrick & Co.
Mitchum, Tully & Co.
Charles K. Morris & Co., Inc.
Morse Bros. & Co., Inc.
F. S. Moseley & Co.
Mullaney, Ross & Co.
G. M.-P. Murphy & Co.
National City Bank of New York
Bond <fe Goodwin, Inc.
Newton,
Bankers Trust Co.
Banks, Huntley & Co.
Bartlett, Knight & Co.
Bigelow, Webb & Co., Inc.
Blyth & Co., Inc.
Bosworth,Chanute,Loughridge&Co.
Bramhall & Stein.
Alex. Brown & Sons
Brown Harriman & Co., Inc.
Brown, Schlessman, Owen & Co.
Brush, Slocumb & Co.
Burr & Co., Inc.
California
Bank
Campbell, Phelps & Co.,
Inc.
Cassatt & Co., Inc.
Wm. Cavalier & Co.
Central
Chronicle
Republic Co.
Abbe & Co.
Northern Trust Co.
Northwestern Nat. Bank & Tr. Co.
Otis & Co., Inc.
Pacific Co. of California
Page, Hubbard & Asche
Paine, Webber & Co.
Pasadena Corp.
Arthur Perry & Co., Inc.
Phelps, Fenn & Co.
Piper, Jaffray & Hopwood
R. W. Pressprich & Co.
COLORADO
CROWLEY COUNTY (P. O. Ordway), Colo.—BONDS OFFERED
FOR INVESTMENT—A $70,000 issue of
3>£% refunding bonds is being
offered oy Peters, Writer & Christensen of Denver, for
public subscritpion
priced from 102.58 on the earliest maturity, to 104.71 on the latest maturi¬
ties.
Denom. $1,000.
Dated June 1, 1938.
Due $5,000 from Dec. 1, 1939
1952, incl.
Prin. and int. (J. & D.) payable at the office of the
County
Treasurer.
The approving opinion will be furnished
by Myles P. Tallmadge of Denver.
These bonds are being issued to refund a like amount of
to
funding bonds
which were authorized by a majority vote of the
taxpayers and are a direct
general obligation payable from unlimited ad valorem taxes of the entire
county.
DENVER (City and
County), Colo.—REPORT ON PROPOSED BOND
REFUNDING—The following letter was sent to us as of June 18,
by Glenn
G. Saunders. Assistant City Attorney:
Pursuant to your request we beg to advise that the
city and county oi
Denver is preparing to refund all of its outstanding
public improvement
bonds as of date Aug. 1, 1938.
$3,848,200 of bonds will be outstanding for
refunding at that time.
All Denver's public improvement bonds are callable on 30
days notice.
The outstanding bonds will be called and new bonds issued under a
contract
between the city and Carleton D. Beh Co. of Des Moines.
The new bonds will be due on or before Aug. 1,1953,
being subject to call
as are
presently outstanding bonds; denominations will be $1,500 and $100.
Bonds are being sold to bear 3, 3h, 3Yi and 4% interest.
The earlier
estimated maturities carrying the lower rate.
BONDS OFFERED FOR INVESTMENT—An offering
circular, dated as
16, on $3,848,200 3, 3H, 3^, and 4% refunding improvement
was issued by J. H. Goode, of Denver, acting in conjunction with
of June
bonds,
the Carleton D. Beh Co. of Des Moines.
for subscription is par and interest, to
The offering price to the
public
yield the full coupon rate of the
bonds.
To be dated Aug. 1, 1938.
To be due on or before Aug. 1, 1953.
Denoms. $1,000, $500 and $100.
Negotiable coupon bonds, not subject to
registration.
Prin. and int. (F. & A.) payable at the office of the
City
Treasurer in Denver, or at the Bankers Trust Co. in New York
City. The
approving opinion of Pershing, Nye, Bosworth & Dick of Denver, as to the
legality of all proceedings and the issuance of the bonds will be furnished.
LA SALLE, Colo.—BONDS SOLD—It is stated
by Bessie Little, Town
Clerk, that $6,000 street oiling bonds have been purchased by Gray B.
Gray, Inc. of Denver.
Redfield & Co.
City National Bank & Trust Co.
Reynolds & Co.
Charles
Riter & Co.
Clark
&
Co.
CONNECTICUT
Crowell, Weedon & Co.
B.
J. M.
Robinson-Humphrey Co.
Hartley Rogers & Co., Inc.
E. II. Rollins & Sons, Inc.
Dain & Co.
Darby & Co., Inc.
Dick & Merle-Smith
R. 8. Dickson & Co., Inc.
Donnellan & Co., Inc.
Drumheller, Ehrlichman & White Co.
Francis I. duPont & Co.
Eastman, Dillon & Co.
Eldredge & Co., Inc.
Equitable Securities Corp.
Estabrook &
Co.
Farwell, Chapman & Co.
Ferris & Hardgrove
Field, Richards & Shepard, Inc.
First Boston Corp.
First of Michigan Corp.
First Nat'l Bank of St. Paul
First Nat. Bank & Tr. Co., Mpls.
Fox, Einhorn & Co., Inc.
Geo. B. Gibbons & Co., Inc.
Graham, Parsons & Co.
Gregory & Son, Inc.
Griffith-Waggenseller & Durst
Hallgarten & Co.
Hannahs, Ballin & Lee
Harrison, O'Gara & Co.
Hayden, Miller & Co.
Heller, Bruce & Co.
Hemphill, Noyes & Co.
Illinois Co. of Chicago
Jackley & Co.
Jackson & Curtis
Kaiser & Co.
Kalman &
Co., Inc.
Kean, Taylor & Co.
Kelley, Richardson & Co., Inc.
Kidder, Peabody & Co.
Ladenburg, Thalmann & Co.
B.
Robinson &
Co.
Roosevelt & Weigold, Inc.
L. F. Rothschild & Co.
Schlater, Noyes & Gardner, Inc.
Schoellkopf, Hutton & Pomeroy, Inc.
Schwabacner & Co.
Securities Co. of
Milwaukee, Inc.
Security-lst Nat. Bk. of Los Angeles
J. & W. Seligman
Sherwood &
Reichard
Sidioi Simons, Roberts & Co.
Smith, Barney & Co.
Spokane & Eastern
Wm.
R. Staats Co.
Starkweather & Co., Inc.
Stern, Wampler & Co., Inc.
Stern
Brothers & Co.
Stifel, Nicolaus &
Co., Inc.
Edward Lowber Stokes & Co.
Stone & Webster and
Stone & Youngberg
Blodget, Inc.
Stranahan, Harris & Co., Inc.
Thrail West Co.
Tucker, Anthony & Co.
Union Bk. & Tr. Co. of Los Angeles
B. J. Van Ingen & Co.
Walter, Woody & Heimerdinger
Watling, Lerchen & Hayes
Weed en & Co.
WeUs-Dickey Co.
HARTFORD COUNTY METROPOLITAN DISTRICT
coupon or registered
bonds offered June 20—V. 146,
p. 3837—were awarded to a syndicate composed of Lazard Freres &
Co.;
Goldman, Sachs & Co., both of New York; Mercantile-Commerce Bank &
Trust Co., St. Louis; B. J. Van Ingen & Co., Inc., and
Eldredge & Co.,
both of New York, and Washburn & Co. of Boston, at a
price of 103.90, a
basis of about 2.02%.
Dated July 1, 1938 and due $60,000 on July 1 from
1939 to 1978 incl.
The banking group re-offered the bonds to yield from
0.25% to 2.20%, according to maturity.
In the opinion of the bankers, the
bonds are legal investment for savings banks and trust funds in the States
of
East
New
Branch
Wilmerding & Co.
York and
Following is
a
water
supply
Connecticut.
list of unsuccessful bids:
Bidder—
Price Bid
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.; J, & W.
Seligman & Co.; G. M.-P. Murphy & Co.; Gregory & Son, Inc.;
R. F. Griggs Co., and Coburn & Middlebrook
102.777
Chase National Bank, Manager; Stone & Webster and
Blodget,
Inc.; Harris Trust & Savings Bank; Hemphill, Noyes & Co.; Lee
Higginson Corp.; Chas. W. Scranton & Co.; Martin & Chambers;
Mansfield & Co., and Schlater, Noyes & Gardner.
102.289
Brown Harriman & Co., Inc.; First Boston Corp.; Smith,
Barney
& Co.; F. S. Moseley & Co., and
Cooley & Co
101.7399
Shields & Co.; Ladenburg, Thalmann & Co.; Sherwood &
Reichard;
Brown & Groll; Charles Clark & Co.; Mackey Dunn &
Co., and
Edward Lowber Stokes & Co
101.71
Bankers Trust Co.; Kidder, Peabody & Co.; Salomon Bros. & Hutzler; Paine, Webber & Co., and Newton Abbe & Co
100.709
Estabrook & Co.; Putnam & Co.; R. W. Pressprich &
Co., and
R. L. Day & Co
101.4497
Chemical Bank & Trust Co.; Lehman Bros.; Blyth & Co.,
Inc.;
Phelps, Fenn & Co.; Kean, Taylor & Co.; Eastman, Dillon & Co.;
& Curtis; Tucker, Anthony & Co.; First of
Michigan
Corp.; Morse Bros. & Co., Inc.; Equitable Securities Corp.;
R. D. White & Co.,and Bridgeport-City Co
101.44
SHELTON,
that
payable
approving the
County Treasury.
A satisfactory legal opinion
legality of the bonds will be furnished without charge to the purchaser. A
certified check for not less than 10% of the
par value of the bonds bid for,
payable to the Clerk of the Board of Supervisors, is required.
Said bonds will be sold for cash and at not less than
par and accrued
interest to date of delivery, and each bid must
specify the rate of interest
offered and must state that the bidder offers
par and accrued interest to
date of delivery, aid state
separately the premium, if any, offered for the
bonds for which the bid is made.
Bidders will be permitted to bid different
rates of interest for different maturities of
said bonds.
P»The San Lucas Union School District has been
acting as a union school
district under the laws of California
continuously since July 1, 1921.
The assessed valuation of the taxable
property in said school district is
$1,115,635 and there is no outstanding bonded indebtedness.
ORANGE COUNTY (P.
O. Santa Ana), Calif .—REPORT ON TAX
DELINQUENCIES—The following comparative tax
delinquency figures
for tne above county have been
compiled by the Gatzert Co. of Los Angeles:
'
1935-1936
1936-1937
1937-1938
Tax delinquency
4.58%
3.41%
3.56%
IP* All elementary and high school district bond issues in
Orange County as
well as all County 1915 Act
Improvement District, Road Improvement
District and County Water Works District bond
issues are up to date in
payments of principal and interest.
Conn .—BOND ELECTION—The City Clerk informs us
will be held June 25 on the question of
issuing $50,000
previously authorized by the Board of Aldermen.
election
an
relief bonds,
Dean Witter & Co.
MONTEREY COUNTY
the
additional
Jackson
Welsh & Green, Inc.
Werthelm & Co.
Wheelock & Cummins, Inc.
Whiting, Weeks & Knowles, Inc.
(P. O. Salinas), Calif.—SAN LUCAS SCHOOL
BOND OFFERING—Sealed bids will be received until
10 a. m. on July 1
by C. F. Joy, County Clerk, for the purchase of a $45,00u issue of San
Lucas Union School District bonds.
Interest rate is not to exceed
5%.
payable F. & A.
Denom. $1,000.
Dated Aug. 1, 1938.
Due on Aug. 1
as follows: $2,000,1939 to
1959, and $3,000 in 1960. Prin. and int.
at
(P. O. Hart¬
ford), Conn.—BOND SALE—The $2,400,000 2M%
BONDS OFFERED FOR INVESTMENT—'The purchasers rcoffered the
above bonds for public investment at
prices to yield from 2.65% to 3.65%,
according to maturity.
(The official advertisement of this public reoffering appears in our adver¬
tising columns in this issue, on page iv.)
m
June 25, 1938
are
FLORIDA
BONDS
Clyde C. Pierce Corporation
Barnett National Bank Building
JACKSONVILLE
.....
Branch Offlca:
First
National
Bank
Building
FLORIDA
TAMPA
T. S. Pierce, Resident M ana per
FLORIDA
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO 4
(P. O. Pensacola), Fla.—BOND OFFERING—Sealed bids will be received
until 10
a. m. on July 8, by J. H. Varnum, Superintendent of the Board of
Public Instruction, for the purchase of a
$25,000 issue of building bonds.
Due $1,000 from 1939 to 1963 incl.
These bonds were approved by the
voters at the election held on Feb. 8.
PORT OF PALM BEACH DISTRICT
(P. O. West Palm Beach),
Fla.—BOND TENDERS INVITED—It is Stated by George W. Slaton.
Secretary-Treasurer,
that he will receive sealed tenders for tne purchase of
refunding bonds, dated July 1, 1937, until 2 p. m. (Eastern Standard
Time), on July 8.
Bonds tendered must be described accurately as to
designation and bond numbers.
All tenders must be firm for a period of
10 days from July 8.
„
TULARE COUNTY (P. O.
Visalia), Calif.—WAUKENA SCHOOL
BOND OFFERING—Sealed bids will be received
until 10 a. m. on
July 5,
by Gladys Stewart, County Clerk, for the
purchase of a $7,500 issue of
Waukena Union School District bonds.
Interest rate is not to exceed
5%,
payable J. & J.
Denom. $500.
Dated July 1, 1938.
Due $1,500 from 1940
to 1944, incl.
Prin. and int. payable at the office of tne
County Treasurer.
A certified check for
5% of the amount of bonds bid for, payable to the order
of tne Chairman of the Board of
Supervisors, is required.
The bonds will
be sold for casn
only and at not less than par and accrued interest to the
date of delivery.
Eacn bid must state that the bidder offers par and
accrued
interest to tne date of delivery, and state
separately the premium, if any
offered for the bonds bid for, and the rate of
interest said bonds shall bear'.
Waukena Union School District has been
acting as a school district under
laws of the State of California
continuously since 1920.
The assessed valuation of the taxable
property in said school district for
the year 1937-38 is Seven Hundred
Forty-three Thousand, Three Hundred
Ten Dollars
($743,310), and the amount of bonds
previously issued and now
outstanding is Twelve Thousand Dollars
($12,000).
The said school
district includes an area of
approximately nine (9) square miles, and the
estimated population of said school district is
825.
IDAHO
BANNOCK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O. Pocatello), Idaho—BONDS VOTED—It is stated by the District
Clerk that at the election held on June 14 the voters approved the issuance
of the $85,000 not to exceed 4% semi-ann. high school bonds by a count of
1,000 to 125.
Due in from 1 to 17 years.
BOUNDARY
COUNTY
(P.
O. Bonners Ferry),
Idaho—BOND
OFFERING—It is stated that sealed bids will be received until 2 p. m. on
July 6, by Dollie Bruce, County Auditor for the purchase of a $50,000 issue
,
not to exceed
4% semi-ann. court house bonds.
Dated July 1,1938.
The
bonds shall mature and be payable annually upon the annual amortization
plan prescribed by the law of ldano whereby thefirst annual amortized bond
principal payment of said bond issue shall mature and be payable at the
expiration of two years from and after the date of issue of said bonds, as
stated above, and the various annual bond maturities, commencing witn
said first annual bond
principal payment and including
all subsequent annual
maturities, shall, as nearly as practicable, be in such principal amounts as
will, together with the accruing interest on all outstanding bonds of such
issue, be met and paid by an equal annual tax levy for the payment of the
principal of said bonds and interest
tnereon
during the 20-year term for
which said bonds shall be issued and the ultimate maturity of said bonds
shall be 20 years from the date thereof, as aforesaid.
The various annual
,
amounts
of the
foregoing amortized annual bond maturities will be de¬
termined upon the sale and ascertainment of the rate of interest to be borne
by sucn bonds, in complinance with the relevant law of Idaho.
Volume
The Board
146
Financial
Chronicle
the right to redeem any or all of the last maturities
reserves
OAKLAND
of said
bonds, $10,000 in principal amount, in tne inverse order of their
numbering, highest numbers first, on any interest payment date upon
published notice of the intention so to redeem any of said bonds.
Principal
and interest payable at a place
designated by the Board of Commissioners.
The approving opinion of Burcham & Blair, of
Spokane, will be furnished.
Enclose a certified check for 5% of bid, payable to the County Treasurer.
PRESTON, Idaho—BOND OFFERING—Sealed bids will be received
until 7.30 p. m. on June 30, by C. L. Greaves, City Clerk, for the purchase
of an $87,000 issue of coupon city bonds.
Interest rate is not to exceed 6 %,
payable J.
&
J.
Denom.
$1,000.
Dated July
1938.
1,
Due in from
2 to 20 years,
A certified check for 5% of the amount of the bid. payable
to the city, is required.
O. Vermont), 111.—BONDS VOTED—
election the voters^authorized an issue of
$20,000 road bonds
At a recent
by
BEAVERVILLE,
June
25
the voters
111.—BOND
large majority.
a
fAI-OS PARK, III.—BOND
to
approve
an
a special
election on
issue of not more than
$25,000 highway improvement bonds.
BIRMINGHAM
recently approved
TOWNSHIP,
an
III.—BONDS
VOTED—The
voters
exempt.
"The
city," they said, "is not obligated under the terms of such instru¬
ments except in the capacity of trustee for the collection and proper dis¬
tribution of the proceeds of assessments made applicable to their satis¬
faction."
The special assessment bonds, they asserted, were not obligations of the
which Congress contemplated when it exempted State and
municipal bond interest.
The court's opinion, written by Judge J. Earl Major and concurred in
by Judges Will M. Sparks and Walter C. Lindley, held that such bonds
were properly city obligations, although the interest and
principal was to
be paid from special rather than general funds.
It was pointed out that the city promised investors to pay the bonds off,
the only qualification being that it would use due diligence in levying taxes
for their payment.
Further, the opinion said, it was evident that Congress
did intend to exempt such obligations, and there is "little if any room" for
character
other construction of the wording of the Revenue Act.
Casper W. Ooms, attorney, said that the decision affected about $100,000,000 of special assessment bonds in Chicago alone.
These would produce
perhaps $5,000,000 of interest annually, and the Government would
probably have collected several hundred thousand dollars each year on
this [the amount depending on the brackets of the income taxpayers], if its
contentions had been upheld.
any
COOK COUNTY SCHOOL DISTRICT NO. 36 (P. O. Winnetka),
111.—BOND SALE—The $40,000 coupon, registerable as to principal only,
site bonds offered on June 30—V. 146, p. 3838—in which issue
the item was captioned Winnetka Board of Education, were awarded to
Bartlett, Knight & Co. of Chicago, as 2Ms, at par plus a premium of
$366, equal to 100.91, a basis of about 2.15%.
Dated June 15, 1938 and
due June 15 as follows: $3,000 from 1943 to 1948 incl. and $22,000 in 1950.
school
T. E. Joiner & Co. of
for
Chicago, second high bidder, offered
J:nmerstat£ highway toll bridge
Stices
Township, adjacent
CRYSTAL LAKE, 111.—BOND SALE—Lewis, Pickett & Co. of Chicago
an issue of $60,000 4% water and sewer revenue bonds
purchased on June 7
at a price of par.
CENTER
TOWNSHIP (P. O. Stringtown), Ind.-—BOND SALE—
$43,0( 0 school building bonds offered on June 15—V. 146, p. 3549—
awarded to the City Securities Corp. of Indianapolis.
Dated July 1,
1938 and due as follows:
$1,560, July 1, 1939; $1,5( 0, Jan. 1 and July 1
from 1940 to 1952 incl.; $1,500, Jan. 1 and $1,000, July 1, 1953.
The
were
DANFORTH, III.—BONDS VOTED—At
a
a recent election the voters
bond issue in connection with the proposed $45,000 high school
EARL TOWNSHIP
(P. O. Earlville), III.—BONDS SOLD—-The issue
February has been sold
of $20,000 road bonds authorized at an election in
GREENE
& Main of Chicago.
COUNTY
SCHOOL
DISTRICT
NO.
82
(P. O.
Eldred),
111.—BOND SALE—The
$8,000 4 M % school bonds offered June 21—
3991—were awarded to the Municipal Bond Corp. of Chicago,
at par plus a premium of $550, equal to 106.87, a basis of about 3.65%.
Due $800 on Aug. 1 from 1943 to 1952 incl.
V.
146,
P.
HERRIN, 111.—BONDS PUBLICLY OFFERED—C. W. McNear & Co.
offering $340,000 4M% water revenue refunding bonds.
of Chicago are
Dated April 1,
1938.
Denom. $1,000.
Due April 1 as follows:
$7,000
1939 to 1942, incl.; $8,000. 1943 and 1944; $9,000, 1945 to 1947, incl.;
$10,000.1948 to 1950. incl.; $11,000, 1951 and 1952; $12.000,1953: $13,000,
1954 and 1955; $14,000, 1956 and 1957; $15,000,000, 1958 to 1960, incl.;
$16,000,1961; $17,000,1962; $18.000,1963; $19,000,1964; $20,000, in 1965,
and $16,000 in 1966.
Bonds maturing from 1964 to 1966, both incl., are
callable at par on and after April 1, 1943.
Principal and interest (A. & O.)
payable at the Continental Illinois National Bank & Trust Co., Chicago.
These bonds are issued to retire $635,000 6% water fund certificates of
indebtedness and are payable solely from revenues of the municipallyowned water works system.
The city has convenanted and agreed to
punctually perform all duties with reference to its municipally owned water
utility required by the laws of Illinois, including the establishment and
collection of rates for service which shall be sufficient at all times to pay the
cost of operation and maintenance, provide an adequate depreciation fund
and
the principal of and interest upon the water revenue refunding
same become due, all of which must be deposited as collected in
as required by statute.
It has further convenanted and
agreed not to sell, lease, mortgage or in any manner dispose of said water
utility, including all extensions and improvements, until all of the revenue
bonds shall have been paid in full, or provisions for such payment has been
made.
The city further agrees to continuously operate and maintain said
water works in good condition.
Legality approved by Chapman & Cutler,
of Chicago.
pay
bonds
a
as
separate fund
HULL
SCHOOL
DISTRICT, III.—BOND SALE DETAILS—The
$33,300 (not $33,000) school construction bonds purchased by the WhitePhillips Corp. of Davenport, as reported in—V. 146, p. 3991—were pur¬
chased by the bankers as 3 Ms, at par plus a premium of $100, equal to
100.30, according to Lewis Weir. Gierk of the Board of Education.
Coupon
bonds, due Dec. 1 as follows:
$1,800, 1939; $2,u00 in even years and
$1,500 in odd years from 1940 to 1957. both incl.
Interest payable J. & D.
,
HUME, 111.—BOND ELECTION—-At
an
election
on
Aug. 2 the voters
III.—BOND
SALE DETAILS—'The $70,000 3% water
revenue bonds mentioned in—V. 146, p. 3991—were sold to Stifel, Nicolaus
& Co. of St. Louis, at par.
MARION
AND
CLINTON
COUNTIES
SCHOOL
bridges
across
private
sets forth that, although tnere are now a
the Mississippi River in the general vicinty
WADE
TOWNSHIP, III.—BONDS VOTED—At
recent election
a
2uProvet* an issue of $22,000 road graveling bonds by
328to
the
a count of
INDIANA
ANDERSON TOWNSHIP SCHOOL TOWNSHIP (P. O. Anderson),
*nd-—BOiVD OFFERING—C. A. Iiinker, Trustee, will receive sealed bids
p*
m-
fnot
1938.
(Central Standard Time)
on
July 12 for the purchase of
Dated June 1,
exceed 4 M % interest school building bonds.
One bond for $500,
others $1,000 each.
X)ue as follows: $1,000,
July 1, 1939; $1,000, Jan. 1 and July 1 from 1940 to 1950 incl.; $1,000,
Jan. 1 and $500 July 1, 1951.
Bidder to name one rate of interest, ex¬
pressed in multiples of M of 1%.
No conditional bids will be considered,
lhe bonds are direct
obligations of the school township, payable out of
unlimited ad valorem taxes to be levied
certified check for $1,000,
all of its taxable property.
on
A
payable to the order of the school township, must
accompany each proposal.
The approving opinion of Matson, Ross,
McCord & Clifford of Indianapolis will be furnished the successful bidder.
CROWN POINT, Ind.—BOND OFFERING—Vernon R. Everett, City
Clerk-Treasurer, will receive sealed bids until 10 a. m. (Daylight Saving
on July 2, for the purchase of $20,000 not to exceed 5% interest
street improvement bonds.
Dated June 1, 1938.
Denom. $1,000.
Due
Jan
1 as follows:
$2,000 from 1941 to 1946, incl. and $4,000 in 1947 and
1948.
Bidder to name a single rate of interest, expressed in a multiple of
M. of 1%.
A certified check for $500, payable to the order of the city,
Time)
must accompany each proposal.
The bonds are direct obligations of the
city
payable from unlimited ad valorem taxes to be levied on all of its
taxable property.
City would furnish at its own expense the
legal opinion of Matson, Ross, McCord &
conditional bids will be considered.
approving
Clifford of Indianapolis.
No
EDINBURG, Ind.—BOND OFFERING—J. F. Drybread, Town ClerkTreasurer, will receive sealed bids until 2 p. m. (Central Standard Time)
on
July 11 for the purchase of $26,000 not to exceed 4M% interest sewer
system construction bonds.
Dated April 1, 1938.
Due $2,000 on Jan. 1
from 1940 to 1952, incl.
Bidder to name one rate of interest, expressed in
a
multiple of M of 1%.
Interest payable J. & J.
A certified check for
$500, payable to the order of the town, must accompany each proposal.
The bonds are direct obligations of the town, payable out of unlimited ad
valorem taxes to be levied on all of its taxable property.
The project will
be constructed in cooperation with the Public Works Administration.
No
conditional bids will be considered.
The approving legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be furnished the successful
bidder.
FAIRPLAY SCHOOL TOWNSHIP (P. O. Switz City). Ind.—BOND
OFFERING—Dencil Shepherd, Trustee, will receive sealed bids until
7 p. m. on July 15, for the purchase of $10,625 4% judgment funding bonds.
Dated July 1, 1938.
One bond for $625, others $500 each.
Due as follows:
$500 July 1, 1939; $500 Jan. 1 and July 1 from 1940 to 1948, incl.; $500
Jan. 1 and $625 July 1, 1949.
Interest payable J. & J.
The bonds are
direct general obligations of the township, payable from unlimited ad
valorem taxes
own
expense
on all of its taxable property.
Township will furnish at its
the approving legal opinion of Matson, Ross, McCord &
(Mailing address of the trustee is R. R. No. 1|
Clifford of Indianapolis.
Bloomington.)
FORT
WAYNE,
Works
week of
a
Ind.—OBTAINS
$2,322,000
Administration announced
PWA GRANT—'The
approval this past
Presidental
grant of $2,322,000 to the city to finance in part the construction
of new
intercepting sewers and a sewage treatment works to cost approxi¬
mately $5,160,000. The remaining $2,838,000, or 55% of the total outlay,
will be raised by the city through the sale of sewage works revenue bonds.
HUNTINGTON
SCHOOL
CITY,
Ind.—BOND SALE—The $48,000
3M % coupon heating plant bonds offered June 17—V. 146, P. 3838—were
awarded to the First National Bank of Huntington, at par plus a premium
of $3,317.05, equal to 106.91, a basis of about 2.42%.
Dated June 17,
1938 and due semi-annually in from 1 to 18 years.
The following were unsuccessful bids:
Bidder—
7
Premium
Bartlett, Knight & Co.
$3,984.00
-
3,256.00
Fletcher Trust Co
Union Trust Co. of Indianapolis
McNurlen & Huncilman
Kenneth S. Johnson..
2,768.00
-
—
2,041.70
2,110.00
—
Central Securities Corp
—
Seipp, Princell & Co
Lewis, Williams & Co
-
-
2,005.00
1,513.00
624.00
INDIANAPOLIS,
Ind.— WARRANT
OFFERING—A.
B.
Good,
Manger of the Board of School Commissioners, will receive sealed
for the purchase of $300,000 not to exceed
6% interest warrants issued for the special fund and payable only from the
proceeds of the tax due in 1938 and levied on behalf of said fund.
Warrants
will be due Dec. 15, 1938 at the office of the Treasurer of the School Board.
Dated June 30, 1938.
Loan must lie consummated and money paid over
to the School Board not later than June 30.
Proposals to be accompanied
by affidavit of non-collusion.
Business
bids until 8 p. m. on June 28
IOWA
CENTERVILLE INDEPENDENT SCHOOL DISTRICT (P. O. Centerville), Iowa—BONDS DEFEATED—At the election held on June 15
the voters defeated the proposal to issue $232,000 in high school construc¬
tion bonds, according to the District Clerk.
^
DES MOINES, Iowa—BONDS NOT SOLD—The various issues of bonds
aggregating $617,000. offered on June 21'—V. 146, p. 3992—were not sold,
as all bids were rejected, according to Rex Ramsey, City Clerk.
The bonds
are
described
as
follows:
$80,000 bridge bonds.
Due Dec. 1 as follows: $2,000 in 1939 to 1943,
$4,000 in 1945 to 1949. $6,000 in 1950 to 1955 and $7,000 in 1956
and 1957.
These bonds are payable only out of the City Bridge
Fund, the tax for which is to be levied and pledged for the payment
will be asked to approve an issue of $4,000 street bonds.
KEWANEE,
The application
i
5
tne project, there has long been need for a span of the type
jpiaiXixiea., to relieve constantly increasing traffic congestion between the
two large industrial and business
centers on the opposite banks of the Mis¬
sissippi
A further consideration suggested by the applicant is the need of
the bridge in the interest of
improved National defense.
Public
gymnasium.
to Ballman
Mississippi River, between
across the
to East St. Louis, 111., and St. Louis, Missouri.
to pay 101.61
2Ms.
authorized
village hall bonds.
The grant represents
45% of the estimated cost, the balance of $3,025,000
will be obtained
by the couaty through the sale of revenue bonds to
issue of $20,000 gravel road construction bonds.
CHICAGO, 111.—SPECIAL ASSESSMENTS HELD EXEMPT FROM
FEDERALTAXATION—A Chicago dispatch of June 18 to the New York
"Times" of the following day reported as follows:
The Federal Treasury suffered to-day a reverse in its efforts to reduce
the number of tax-free securities, when the United States Circuit Court of
Appeals ruled that interest on special-assessment bonds of the city of
Chicago was not taxable as income.
Previously the United States Board of Tax Appeals had made a similar
ruling.
Carter H. Harrison, Collector of Internal Revenues, then carried
a test case to the court.
He argued that $6,338 of interest received on such
bonds by Michael Pontarelli, 4840 Dakin Street, in 1933 was taxable.
The point at issue was whether the special assessment bonds were exempt
from income taxation.
The Government's counsel argued they were not
ELECTION—On July 27 the voters will be
ST. CLAIR COUNTY (P. O.
Belleville), 111.—OBTAINS $2,475,000
FEDERAL GRANT—The Public Works Administration has earmarked a
grant or $2,475,000 to the county toward the cost of constructing a $5,500,-
number of toll
ELECTION—At
be asked
will
(P.
asked to approve an issue of
$10,000
purchasers.
ILLINOIS
4149
TOWNSHIP
DISTRICT
NO.
38,000 city improvement bonds.
Due Dec. 1 as follows: $2,000 in 1939
to 1943, 1945 to 1948, and $4,000 in 1949 to 1953.
These bonds
are payable only out of tne City Improvement Fund, the tax for
which is to be levied and
pledged for the payment of the bonds.
& Wood of
44,000 sewer outlet and purifying plant bonds.
Due $4,000 Dec. 1, 1942
and 1943 and 1945 to 1953.
These bonds are payable only out of
MAROA, 111.—BONDS SOLD—The White-Phillips Corp. of Davenport
purchased the $8,000 water plant bond issue authorized at the May 10
the City Sewer Outlet and Purifying Fund, the tax for Which is to
be levied and pledged for the payment of the bonds
70,000 main sewer bonds.
Due $7,000 Dec. 1, 1943 and 1945 to 1953.
Tnese bonds are payable only out of the City Main Sewer I und,
the tax for which is to be levied and pledged for the payment of
135 (P.
O. Centralis), 111.—PURCHASER—We learn that Vieth, Duncan
Davenport, paying par, was the original buyer of the $81,000
3M% refunding bonds reported sold in Y. 146, p. 3991, to the Harris
Trust & Savings Bank of Chicago.
election.
MURPHYSBORO, 111.—BOND SALE DETAILS—'The $15,000 park
improvement bonds sold to the White-Phillips Corp. of Davenport, as
reported in V. 146, p. 3991, were sold as 4s, at par plus a premium of $985,
equal to 106.65, a basis of about 2.98%.
Due as follows: $1,000 from
1939 to 1947 incl. and $2,000 from 1948 to 1950 incl.
t/iio bonds
175,000 grading bonds.
Due Dec. 1 as follows: $10,000 in 1945 to
1948
These bonds are payable only out
City Grading Fund for opening and extending University
Ave., tne tax for which is to be levied and pledged for the payment
and
$15,000 in 1949 to 1957.
of the
of the bonds.
Financial
4150
100,000 grading bonds.
Due Dec. 1 as follows: $7,000 in 1946 to 1949 and
$9,000 in 1950 to 1957.
These bonds are payable out of the City
Grading Fund, for opening, improving and repairing numerous
streets, the tax for which is to be levied and pledged for the pay¬
ment of the bonds.
,
110,000 park and cemetery bonds.
Due Dec. 1 as follows: $10,000 in
1941 to 1943 and $20,000 in 1945 to 1948.
These bonds are pay¬
able only out of the City Park and Cemetery Fund, the tax for
which is to be levied and pledged for the payment of the bonds.
Dated June 1, 1938.
said to have been
part of the above bonds at private sale.)
Some of the bids rejected were as follows:
authorized to sell all or any
Br em. onZH %
Names of Other Bidders—
Moines
—
Shaw, McDermott & Sparks, Des Moines.
Equitable Life Insur. of Iowa; Bankers Life Co., of Des
Jackley & Co., Des Moines
_______
Ballard & Hassett Co.;Polk, Peterson Co., Des Moines
Wheelock & Cummins, Des Moines..
Moines.- 10,000.00
3,450.00
COUNTY (P. O. Burlington), town—BONDS SOLD
reported that $70,000 2%% semi-ann. funding bonds have been
purchased^at par by the White-Phillips Corp. of Davenport.
DES MOINES
—It is
DICKINSON COUNTY (P. O. Spirit
Lake), Iowa—BOND OFFER¬
until 9 a. m. on June 28, by the
Treasurer, for the purchase of a $350,000 issue of primary road
After all sealed bids are in, open bids will be considered.
Interest
County
bonds.
rate to
specified by the bidder, in multiples of % of 1%, at not less than par
and accrued interest.
Denom. $1,000.
Dated July 1, 1938.
Due on
May 1 as follows:
$25,000, 1945 to 1948: $70,000 in 1949 and $180,000 in
1950.
Optional on and after May 1, 1944. Prin. and int. payable at the
office of the County Treasurer.
Bidders are to furnish the blank bonds,
while the county will furnish the approving opinion of Chapman & Cutler
of Chicago.
A certified check for $10,500, payable to the County Trea¬
be
19230564
surer,
must accompany the
bid.
HAMBURG, Iowa—BOND SALE—The $25,000 issue of water works
revenue bonds offered for sale on June 22—V. 146, p. 3992—was purchased
by Shaw, McDermott & Sparks of Des Moines, as 4Ms, according to the
City Clerk.
Dated June 1, 1938.
Due from June 1, 1940 to 1954 incl.
JOHNSON COUNTY (P. O. Iowa
City), Iowa—BONDS OFFERED—
bids were received until 10 a. m. on June 24 by W. E.
Smith, County Treasurer, for the purchase of a $40,000 issue of funding
bonds. Interest rate is not to exceed 5 %, payable M. & N. Dated June 1,
1938. Due $5,000 on May and Nov. 1, from 1950 to 1953. The approving
It is reported that
opinion of Chapman & Cutler of Chicago
LETTS CONSOLIDATED
will be furnished.
SCHOOL DISTRICT (P. P. Letts), Iowa
bids will be received until 8p.m.
of the Board of Directors, for the
—BOND OFFERING—It is reported that
on June 27 by W. Fay Collins, Secretary
purchase of
$15,000 issue of refunding bonds.
a
was
WICHITA
DISTRICT NO.
SCHOOL
1
(P. O.
Wichita), Kan.—
offered for sale on
National Bank of
issue of refunding bonds
146, p. 3839—was awarded to the First
BOND SALE—The $110,000
June 20—V.
Chicago, paying a total premium of $68.20. equal to 100.062, a net interest
of about 1.892% on the bonds divided as follows: $60,000 as
maturing $10,000 from Feb. 1, 1943 to 1948: the remaining $50,000 as 2s,
maturing $10,000 from Feb. 1, 1949 to 1953, inclusive.
We are informed that the next best bid was an offer of $751.25 premium
on
2s, submitted by
John Nuveen & Co. of Chicago.
$10,200.00
Carleton D. Beh Co., Des
ING—Sealed bids will be received
reported later by the said Clerk that the Harris Trust & Savings
Bank of Chicago, was associated with the above named firm in the purchase.
Due on June 1 as follows: $8,482.16 in 1939, and $12,000 from 1940 to
1948 incl.
Legality to be approved by Bowersock, Fizzell & Rhodes of
Kansas City.
It
cost
Denom. $1,000.
(The County Treasurer is
June 25, 1938
Chronicle
KENTUCKY
BROOKSVILLE, Ky.—BONDS SOLD—We are informed by H. C.
Blades, City Clerk, that $53,000 water works revenue bonds authorized
recently by the City Council have been sold.
He states that the bonds were sold as 4Ha, payable M. & N. Denom.
$1,000.
Dated May 1, 1938.
Due on May 1 as follows: $2,000, 1943 to
1945; $3,000, 1946 to 1953; $4,000, 1954 to 1957, and $7,000 in 1958.
by Robert
that he will, on July 11, at
and publicly open sealed com-
KENTUCKY, State of—BOND OFFERING—It is stated
Humphreys, Commissioner of Highways,
10 a. m. (Central Standard Time), receive
Eetitiveto befor the purchase Department ofBridge Revenue Project No.the
onds, bids
issued by the of $10,300,000 Highways, an agency of 15
of Chapter 172, Acts of 1928,
157, Acts of 1930, for the following purposes:
Commonwealth, pursuant to the provisions
and Chapter
redeem $1,060,000 bridge revenue 3% bonds, Project No.
all of the outstanding bonds which have not heretofore been
To
10, being
called for
redemption or retired by purchaser and which were issued to purchase the
highway portion of the bridge structure over the Ohio River from a point
at or near Saratoga St. in the City of Newport, Ky., to a point near Butler
St. in the City of Cincinnati, Ohio.
_
To redeem $1,740,000 bridge revenue 2K% bonds, Project No. 12,
being all of the outstanding bonds which have not heretofore been called
for redemption or interest by purchase and which were issued to purchase
the highway portion of the bridge structure over the Ohio River from the
northwest corner of Main and Fourth streets in the City of Covington,
Ky., to a point In Smith St. at the south side of Third St. in the City of
Cincinnati, Ohio.
To purchase the bridge over the Ohio River from a point at or near
Second St., approximately opposite Court St., in the City of Covington,
Ky., to the south side of Third St. in the City of Cincinnati, Ohio, com¬
monly known as the Suspension Bridge, the purchase price being $5,000,000.
To purchase the bridge over the Ohio River from a point at or near
Third and York streets in the City of Newport, Ky., to a point at or near
Broadway and Second St. in the City of Cincinnati, Ohio, commonly
known as the Broadway-Central Bridge, the purchase price being $2,-
SCHOOL DISTRICT (P. O. Mason
City), Iowa—BOND SALE—The $55,000 issue of refunding bonds offered
20—V. 146, p. 3839—was awarded to the White-Phillips
Corp. of Davenport as 2&s, paying a premium of $550.00, equal to 101.00,
a basis of about 2.12%.
Dated July 1, 1938.
Due from July 1, 1939 to
5°The°four
1953, inclusive.
partment, on July 1,1939, or on any interest payment date thereafter prior
to maturity on 30 days' notice at par and accrued interest, together with a
premium of 2H% or the principal amount thereof if redeemed on or
prior to July 1, 1940, 2% if redeemed thereafter and on or prior to July 1,
1941, 1 Yi% if redeemed thereafter and on or prior to July 1, 1942, 1% if
redeemed thereafter and on or prior to July 1,1944, and without premium if
redeemed thereafter and before maturity.
Both principal and interest will
MASON CITY INDEPENDENT
for sale on June
MUSCATINE COUNTY (P. O. Muscatine),
Iowa—BONDS SOLD—
by A. J. Nicholson, County Treasurer, that $39,000 2^%
semi-annual funding bonds have been purchased by Vieth, Duncan & Wood
of Davenport and associates.
Due on Dec. 1 as follows: $7,000 in 1944
and $16,000 in 1945 and 1946.
It
is stated
PELLA,
Iowa—BONDS SOLD—It is stated by the City Clerk that
$45,000 3 \i% semi-annual electric light and power plant
purchased by the Carleton D. Beh Co. of Des Moines.
bonds have been
Due from 1939
to 1944.
ST. CHARLES CONSOLIDATED SCHOOL DISTRICT (P. O. St.
Charles), Iowa—BOND SALE-—The $30,000 issue of building bonds offered
for sale on June 20—V. 146, p. 3839—was awarded to the Farmers & Mer¬
chants National Bank of Winterset as
2}$s, paying a premium of $150.00,
equal to 100.50, a basis of about 2.45% to maturity.
Due from 1940 to
1957; callable on and after Nov. 1,1940, on the last $13,000 maturing bonds.
WOODBURY COUNTY
(P. O.
Sioux City), Iowa—BOND OFFER¬
of
ING DETAIL—In connection with the offering scheduled for June 27,
bonds, described in our issue of June 18—V. 146, p.
3992:—we are now informed that the interest will be payable on Jan. and
July 1, not June and Dec. 1, as previously reported.
The county will
furnish and print the bonds.
Due from July 1, 1939 to 1945 incl.
the $100,000 funding
Official Financial Statement
Area, 876 square miles; 561,000 acres. Population, 101,669, 1930 census.
value—Real estate, personal, public utilities, $118,962,621.00.
one mill levy produces approximately, $118,962.00 in 1938.
Moneys and credits—$11,015,474.00, subject to 6-mill levy; $107,594.00,
subject to 2-mill levy.
Assessed
Taxes
Uncollected
Assessed
Value
149,653,376.00
150,329,676.00
146,991,772.00
144,322,532.00
119,538,369.00
118,562,181.00
118,443,562.00
118,512,119.00
1932__
1937--.
Dec. 31
Levied
$147,282,992.00
$4,669,266.04
5,003,215.54
5,069,222.04
4,705,843.78
4,459,822.79
3,816,179.51
4,043,884.86
4,488,236.88
4,683,261.34
ea.
yr.
$69,561.00
95,045.94
109,661.63
240,524.31
800,889.31
428,514.15
218,216.16
326,022.00
279,442.09
1.489%
1.899%
2.163%
5.110%
17.92%
11.23%
5.4%
7.27%
5.97%
$40,938,932.78 $2,567,876.59
98%
_
x
,„„v,
income $150,000.00 per annum.
plus,
Indirect
Taxes payable in two instalments.
De¬
linquent April 1, and Oct. 1. Tax sale first Monday in December.
County operates on budget plan and has for 10 years or more prior to
enactment of State law compelling budgeted operation.
Cash on hand June 1, 1938, $1,236,148.05 less $21,385.80 in banks in
receivership and operating under conservators all guaranteed by the State
Sinking Fund.
O
WORTH COUNTY (P. O. Northwood), Iowa—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Jane 28, by Louis Mostrom,
County Treasurer, for the purchase of an $80,000 issue of primary road
bonds.
After all sealed bids are in, open bids will be considered.
Denom.
Dated July 1, 1938.
Due on May 1 as follows:
$20,000 in 1949,
and $60,000 in 1950.
Optional on and after May 1, 1944.
Interest rate is
to be specified by the bidder, in multiples of
of 1 %, at not less than par
and accrued interest.
Prin. and int. payable at the office of the County
Treasurer,
Bidders to furnish blank bonds free of expense, ready for
signature.
The county will furnish the approving opinion of Chapman &
Cutler of Chicago.
A certified check for $2,400, payable to the County
Treasurer, must accompany the bid.
KANSAS
CLAY CENTER, Kan.—BONDS SOLD—We are informed by V. R.
vergades, Clerk of the Board of Education, that arrangements have been
Midges above described will
be paid in lawful money at the
Chemical Bank & Trust Co., New York
City, or at the State Treasurer's office.
The bonds will be subject to
registration in the names of the holders as to principal alone. All of the
bonds will bear interest at the same rate, not exceeding 3%, in a multiple
semi-annually on Jan. and July 1,
bonds to be redeemed cannot be called
all Jan. 1, 1939, coupons, appertaining
to $2,800,000 or the bonds to be issued will be detached from such bonds and
can be called prior to the delivery of such bonds.
And such $2,800,000
bonds will, in effect, bear interest only from Jan. 1, 1939.
In considering the relative merits of the bids submitted the Commissioner
will estimate the future annual revenues from this Project to be $1,465,000 and will also assume that revenues in excess of interest requirements
Such interest being payable
of>6 of 1%.
in year, but, as the above described
for redemption prior to Jan. 1,1939,
of retiring bonds, on each interest payment
under the terms of the trust inden¬
be entertained except for all of the bonds and each
bid must specify the interest rate and price bid for the bonds, which shall
be not less than par and accrued interest. The bonds will be secured by a
trust indenture to be executed by and between the Department of Highways,
an agency of the Commonwealth, and a trust company qualified to act and
hereafter to be selected by the Department of Highways, as trustee, as
provided by Chapter 157, Acts of 1930, which trust indenture will contain
substantially the same provisions and covenants as the trust indenture
heretofore executed by the Department of Highways, dated Dec. 1, 1937,
securing the Commonwealth of Kentucky bridge revenue bonds, Project
will
be used
for the purpose
date, to the fullest extent possible
ture.
No bids will
and covenants are applicable. If the
prepared and be ready for delivery on July 21,
Department of Highways will issue temporary printed bonds
of the same denomination, which will be exchangeable for definitive bonds
when the latter are ready for issuance and delivery. All bidders must agreeto furnish and pay for the cost of printing the trust indentures and the
lithographing of the bonds as furnished by the Department of Highways,
the forms and terms of which will be substantially the same as the Com¬
monwealth of Kentucky bridge revenue bonds, Project No. 13, now out¬
standing, with such changes as may be necessary to conform with the
provisions of the notice of sale. All bidders must agree to pay the fees and
expenses of Masslich & Mitchell of New York City, for the preparation of
the trust indentures and their legal opinions approving the validity of the
No.
13, in so far as such provisions
definitive bonds shall not be
1938, the
proceedings, sale, execution and delivery of the ponds. Enclose a
check for $206,000, payable to the State Treasurer.
(The above notice cancels the sale of the $7,500,000 bridge
bonds, which had been scheduled originally for June 20.)
UNION
stated that
certified
revenue
(P. O. Morganfield), Ky.—BONDS SOLD—It is
$21,000 court house bonds were purchased by local investors.
COUNTY
WILLIAMSTOWN, Ky.—BOND SALE DETAILS—It is stated by the
City Clerk that the $35,000 4% electric revenue bonds purchased by the
Bankers Bond Co. of Louisville, as noted here recently—V. 146, p. 3992—
were sold at par, and mature as follows:
$2,000, 1942 to 1944; $3,000. 1945
and 1946; $4,000,1947 and 1948, and $5,000, 1949 to 1951-
Municipal Bonds
Louisiana
Bought and Sold
Whitney National Bank
of
made with local banks to handle the $65,000 school construction and equip¬
ment bonds approved by the voters in April, as noted in these columns at
the time—V.
be coupled or uinited into one
project for financing purposes and said four bridges will be designated as
Project No# 15#
Dated July 1, 1938. Denomination $1,000. Due July 1, 1948. Redeem¬
able in whole or, when selected by lot, in part, at the option of the De¬
New
Orleans
146, p. 2892.
HUTCHISON, Kan.—BOND SALE—The $116,482.18 issue of 2%
registered internal improvement, paving bonds offered for sale on June 17
P" 3839
was awarded to Estes & Co. of Topeka at a price of
'
V^?r<^ng to the City Clerk- Dated June I- 1938. Due serially
In from one to 10 years.
The following is an official list of the bids received:
ir
19 ir
"
...
La.—
for the purchase of $33,046.80
.
Beecroft, Cole & Co
Small-MUlburn-W. E. Davis Co
Stern Bros. & Co
Halsey, Stuart & Co
Baum, Bernheimer Co
LOUISIANA
LAFAYETTE,
in'oi
io'o
~
"r"
if
16*57
OFFERING—It is reported that
CERTIFICATE
sealed bids will be received until 10 a. m. on June
28, by the City Clerk,
paving certificates.
LOUISIANA, State of—STATE AND MUNICIPAL DEBT COM¬
PILATION REVISED—A net gain in the funded debt of Louisiana, all
parishes, cities and towns of the State, of $3,182,532.37 as of Jan. 1, 1938.
as compared with Jan. 1, 1933, Is shown in a detailed compilation issued
by A. M. Smith Investment Co. recently.
The same firm compiled a
detailed analysis of the State debt and the debt of its subdivisions five years
ago and now has compiled its revision.
Volume
Financial
146
The debt of the State of Louisiana is shown to have jumped from
116,460 in 1933 to $153,999,460 Jan. 1, 1938. a gain of $17,883,000.
sides this the indirect
debt of the city has declined almost $3,000,000.
parishes have decreased in the five-year period
than $15,000,000 and the debts of all cities, towns and villages,
exclusive of New Orleans, have been decreased by $2,934,194.
The funded debts of the
more
ORLEANS
LEVEE
DISTRICT
New Orleans), La.—BOND
CALL—It is stated by Chas. J. Donner, Secretary, Board of Levee Com¬
missioners, that 5% semi-annual bonds, dated Jan. 1, 1909, numbered
from 2101 to 2200, aggregating $100,000, are being called for redemption
under date of July 1, at the State Treasurer's office and at the office of the
board's fiscal agent, the Whitney National Bank of New Orleans.
Due
on July 1, 1938.
Interest ceases on date called.
(P.
O.
WEBSTER PARISH SCHOOL DISTRICT NO. 6 (P. O. Minden).
„
La.—BOND OFFERING—It is reported that sealed bids will be received
until July 19, by the Secretary of the Parish School Board, for the purchase
of a $75,000 issue of construction bonds.
Interest rate is not to exceed
6%, payable semi-annually.
These bonds were approved by the voters
at the election held on May 16.
MAINE
Me.—BOND OFFERING—David Walton, City Manager,
(including offers by telegraph) until 3 p. m., Eastern
Standard Time, on June 29 for the purchase of $45,000 coupon bonds,
AUBURN,
will receive
divided
bids
follows:
as
HAVERHILL, Mass.—BOND SALE—The $50,000
relief bonds offered June 23
During the same period the direct debt of the city of New Orleans had
declined from $53,790,000 to $47,140,000, a decrease of $6,650,000.
Be¬
by
Due
$500.
municipal
coupon
awarded to the National Shawmut Bank
Boston, as 2Ms, at a price of 100.79, a basis of about 2.60%.
Dated
July 1, 1938 and due $5,0Uu on July 1 from 1939 to 1948 incl.
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
Second high
bidder was Tyler & Co. of Boston, which bid 100.65 for 2Ms.
MALDEN, Mass.—NOTE SALE—The $500,000 revenue notes offered
June 21—V. 146, p. 3993—were awarded to the Second National Bank of
Boston at 0.38% discount.
Dated June 22, 1938, and due $250,000 on
June 1, 1939 and $250,000 June 15, 1939.
Other bids: National Shawmut
Bank, 0.393%; Merchants National Bank, 0.407%; Chace, Whiteside &
Co., 0.40%; Maiden Trust Co., 0.47%; First National Bank of Boston,
0.48%; ana Leavitt & Co., N. Y., 0.533% for Boston delivery or 0.618%
for New York delivery.
LOWELL, Mass.—SEEKS $500,000 LOAN AUTHORITY—City offi¬
cials
are reported to be seeking legislative authority to borrow $500,000
tax abatements to keep the 1938 tax rate below $50.
Mayor
Dewey G. Archambault anticipates a minimum of difficulty in securing the
authorization in view of the fact that the proposal has been approved by
Theodore N. Waddell, State Director of Accounts.
against
MASSACHUSETTS (State ol)—HOUSE APPROVES PURCHASE OF
BOSTON ELEVATED STOCK—The Massachusetts House passed a bill
authorizing the purchase of the common stock of the Boston Elevated
Ry. Co.
It was amended In only one respect, to give the Governor and
Council authority to determine the common stock price, this however, not
to be
over
$60
a
The bill now goes to the Senate.
share.
METHUEN, Mass.—NOTE SALE—The issue of $50,000 notes offered
was
discount.
awarded to the Second
Due June 8, 1938.
National Bank of Boston, at 0.438%
Other bids:
Bidder—
10,000 highway and school equipment bonds.
Denom. $1,000.
Due
$2,000 on July 1 from 1939 to 1943 incl.
All of the bonds will be dated July 1, 1938.
Bidder to name one rate of
Interest, in multiples of X to 1%.
Principal and semi-annual interest
payable at the Merchants National Bank of Boston, which will supervise
the preparation of the bonds and certify a- to their genuineness.
Legal
opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished the
successful bidder.
Delivery to be made at the Merchants National Bank
Discount
First National Bank of Boston
0.468%
Shawmut National Bank
MIDDLESEX
0.52%
COUNTY
O.
(P.
East
Cambridge), Mass.—BOND
SALE—The Second National Bank of Boston obtained award on June 21
of $208,500 hospital funding bonds as lMs, at a price of 101.41.
Other bids were: (for 1 Ms) R. L. Day & Co., 101.039; National Shawmut
Bank & Merchants National Bank, jointly, 101.037; Newton, Abbe & Co.,
100.969; First Boston Corp., 100.84; Brown Harriman & Co., 1^0.8199, and
First National Bank, 1j0.75.
of Boston for Boston funds.
Financial Statement
Year
1934
Tax levy
$666,3Co.28
Uncollected June 2,
1938
161.04
were
of
June 24
$3o,000 general improvement bonds.
Denoms. $1,000 and
$3,500 each July 1 from 1939 to 1948 incl.
4151
Chronicle
$136,-
1937
1936
1935
$654*38.56
$654,897,94
$683,006.80
6,874.06
6.400.49
7.001.19
Tax titles June 22, 1938, $65,695.16.
1937 assessed valuation, $17,040,995; population,
MILTON, Mass.—NOTE SALE—The $15,000
coupon water
loan notes
offered June 21—V. 146, p. 3993—were awarded to Tyler & Co. of Boston,
as lMs, at a
price of 101.333, a basis of about 1.57%.
Dated July 1, 1938,
and due $1,000 on July 1 from 1939 to 1953, incl.
Second high bidder
the Merchants National Bank of Boston, at 101.25 for
oids:
was
lMs.
Other
18,579: tax rate, 1937,
Rate Bid
Bidder—
$39.00.
of June 22,1938, is $682,800.
Total
includes $16,000 bonds and notes to be paid in cash at maturity on July
First National Bank of Boston
Second National Bank
R. L. Day & Co
101.225
101.033
1.1938.
Estabrook
100.29
Bonded and other indebtedness, not including current year's tax
tion notes
amounting to $375,000,
anticipa¬
as
MARYLAND
WICOMICO COUNTY (P. O. Salisbury),
100.899
Co
bonds offered June 23 were awarded to Kennedy, Spence & Co. and Tyler
Md.—BOND OFFERING—
sealed bids
The Clerk of the Board of County Commissioners will receive
until June 28 for the purchase of $125,000 school bonds.
Co., both of Boston, jointly, as 2Ms. at a price of 100.399, a basis of
2.42%.
Dated July 1, 1938.
Denom. $1,000.
Due July 1 as
1939 to 1943 incl. and $8,000 from 1944 to 1948 incl.
Principal and interest (J. & J.) payable at the National Shawmut Bank
of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge
&
about
follows: $9,000 from
of Boston.
MASSACHUSETTS
BRAINTREE, Mass.—NOTE SALE—The
&
PEABODY, Mass.—BOND SALE—The $85,000 coupon municipal relief
National Bank of
Boston was awarded on June 22 an issue of $100,000 notes at 0.379% dis¬
count. Due $50,000 May 22,1939, and $50,000 June 26,1939. Other bids:
Second
Bidder—
Discount—
Merchants National Bank of Boston
.
National Shawmut Bank of Boston
First National Bank of Boston
Lee Higginson Corp
0.40%
0.42%
0.444%
0.46%
BROCKTON, Mass.—NOTE SALE—The $300,000 notes offered June
were awarded to the First National Bank of Boston, at 0.394% discount.
Other bids:
Bidder—
National Shawmut Bank
$20,779,400.00
Assessed valuation 1937..
Tax
Levy—1935, $934,063.68; 1936, $891,543.24; 1937, $952,255.28
Uncollected Taxes—1935, $2,507.43; 1936. $13,637.13; 1937,
Total bonded debt (exclusive of tax title loans) (includes water)
113,000.00
113,113.26
Tax titles held
Cash
EVERETT, Mass.—NOTE SALE—The issue of $300,000 notes offered
$199,679.85.
_$931,500.00
Water debt
1939.
I
100.25
100.042
Financial Statement June 1, 1938
Dated June 22, 1938, and due $200,000 March 16 and $100,000 April 17,
Lee Higginson Corp., second high bidder, named a rate of 0.41%.
2M%
2M %
Tax title possessions
Loans against tax titles
21
Rate Bid
Int. Rate
_
First National Bank of Boston
on
36,099.26
67,093.81
.
479,995.37
hand
TAUNTON, Mass.—BOND SALE—The $192,000 coupon bonds offered
146, p. 3993—were awarded to Halsey, Stuart & Co., Inc.,
June 21—V.
June 22—V. 146, p. 3993—was awarded to the National Shawmut Bank of
Boston at 0.32% discount.
Dated June 22, 1938 and due June 15, 1939.
New York, as 1%b, at a price of 100.38, a basis of about 1.66%.
The
bankers reoffered the obligations at prices to yield from 0.40% to 1.90%,
Other bidders: Merchants National Bank, 0.34%; Second National Bank,
0.38%; Washburn & Co., 0.38%; Leavitt & Co., N. Y., 0.465% New York
delivery, 0.483% Boston delivery; First National Bank of Boston, 0.467%.
according to maturity.
They regard the bonds as legal investment for
savings banks in the States of New York, Massachusetts and Connecticut.
The sale consisted of:
Financial Statement
as
of June 1, 1938
$100,000 municipal relief bonds.
Assessed valuation, 1937
Tax levy
$2,534,015.02
Rate
$33.40
Uncollected
taxes
20,694.75
1937
$2,706,523.34
$36.40
78,100.24
Total bonded debt (exclusive of tax title loans) (incl. water)
Water
$2,542,618.90
$35.60
debt
Sinking fund
(sewer)
Tax titles held
Tax title
possessions
Loans against tax titles
Cash
on
hand
-
$1,818,400.00
104,000.00
88,119.54
73,173.55
55,177.54
61,072.95
568,494.57
Other bids:
$92,000
FALL
RIVER, Mass.—BOND SALE—The $400,000
municipal
relief bonds offered June 21—V. 146, p. 3993—were awarded to Kennedy,
Spence & Co., Boston, and John Nuveen & Co., Chicago, jointly, as 2s,
at a price of 100.079, a basis of about 1.98%.
Dated July 1, 1938, and due
$40,000 on Jmy 1 from 1939 to 1948, incl.
Other bids were:
Bidder—
coupon
Int. Rate
National Shawmut Bank of Boston
2%
Brown Harriman & Co., Inc., and Newton, Abbe &
Co., jointly
Smith, Barney & Co
2X
Par
C. F. Childs & Co
Halsey, Stuart & Co., Inc
Rate Bid
100.599
Int. Rate
2%
1 M%
macadam
Kennedy, Spence & Co.—$100,000 relief
100.467
100.07
100.288
2%
$92,000 macadam
Whiting, Weeks & Knowles
JM%
WORCESTER,
-
Mass.—FINANCIAL
1 H%
STATEMENT—'The
following
June 16
issued in connection with the offering of $1,699,000 bonds on
of which, as previously noted in these columns—V.
the award
3994—was awarded to the Bankers
146, p.
Trust Co. of New York, and associates,
lMs, at 101.129, a basis of about 1.28%—V. 146, p. 3994:
Debt Statement and Borrowing Capacity June 11, 1938
as
Average valuation less abatements
1936 and 1937.
Debt limit
for 1935,
„
„
$286,107,131.66
$7,152,678.29
2M % of the same
$10,820,800.00
Total bonded debt
100.829
2X%
100.741
100.70
2X%
100.399
2X7o
100.319
2X%
2M%
2M %
100.539
100.479
101.104
-
First Boston Corp
Tyler & Co., and Phelps, Fenn & Co., jointly
Estabrook & Co.; R. L. Day & Co., and Whitting,
Weeks & Knowles, jointly
Bond, Judge & Co., Inc., and Schiater, Noyes &
Gardner, Inc., jointly
Rate Bid
„
_
Bidder—
First National Bank of Boston—$100,000 relief---
was
W
$20,000 in 1939, and
92,000 macadam bonds.
Due July 1 as follows:
$18,000 from 1940 to 1943, incl.
All of the bonds will be dated July 1, 1938.
392,262.94
_
Due $10,000 on July 1 from 1939 to 1948,
incl.
$70,615,250.00
1936
1935
M^orial auditorium debt
Water debt----------------
Relief debt
Financial year adjustment
$648,000.00
2,658,800.00
3,477,000.00
loan
Flood damage loan
432,000.00
150,000.00
7,365,800.00 $3,455,000.00
Borrowing capacity within debt limit-:
Taxes and Other
—
$3,697,678.29
Information
vehicle taxes committed for collection for
1937 amount to $10,599,982 of which $9,279,390 or over 88% has been
collected to the close of business June 8,1938.
Taxes of 1936 of aU kinds outstanding at the close of business June 1,
1938, $16,228 or less than 2-10ths of 1% of the total committed.
Real
estate taxes for 1936 were over 99.99% collected as of the same date.
Taxes of 1935 of all kinds were over 99.98% collected at the close of
Real, personal, poll and motor
GLOUCESTER, Mass.—BOND SALE—The $105,000
coupon
municipal
relief bonds offered June 21—V. 146,
p.3993—were awarded to the Cape Ann
National Bank, as 1 Ms, at a price of 100.09, a basis of about 1.23 %.
Dated
June 1, 1938, and due June 1 as follows: $11,000 from 1939 to 1943, incl.,
and $10,000 from 1944 to 1948, incl.
Other bids:
Int. Rate
Bidder—
Rate Bid
Gloucester National Bank
IX%
100.021
Tyler & Co
IX%
1M%
1M%
1M%
1 M%
100.01
100.911
100.80
100.681
100.659
1M%
100.59
100.44
100.329
100.251
101018
business June 1, 1938.
100.635
IX>%
1M%
1X%
1M %
IX%
Lee, Higginson Corp
Gloucester Safe Deposit & Trust Co
E. H. Rollins & Sons
-
F. S. Moseley & Co
Chace, Whiteside & Co
Smith, Barney & Co
Estabrook & Co
——•
R. L.Day & Co
Halsey, Stuart & Co
Harris Trust & Savings Bank, New York
HAMILTON, Mass.—BOND SALE—R. L. Day & Co. of Boston ob¬
tained award
a
on
June 21 of $6,500 water bonds, as Is, at a price of 100.039,
basis of about 0.99%.
1944 incl.
Dated July 1, 1938 and due serially from 1939 to
Other bids were:
Bidder—
Int. Rate
1X %
1X %
-
Estabrook & Co
Merchants National Bank of Salem__
-
..
remain unpaid.
Tax rate 1938, $38.60.
including estimated valuation of motor vehicles,
Valuation
for
1938,
$284,000,000.
MICHIGAN
Mich.—BONDS AUTHORIZED—'The City Council on
June 14 authorized an issue of $55,000 street resurfacing bonds.
MACOMB COUNTY (P. O. Mount Clemens), Mich.—TENDERS
WANTED—Sherwood J. Bennett, County Comptroller, will receive sealed
tenders until 10 a. m. on July 6 for sale to the county for sinking funds of the
DEARBORN,
following:
$5,000 series B, dated Feb. 15, 1936, part of an issue of $137,000.
15,000 interest refunding certificates, issued Feb. 15, 1936.
MAPLE VALLEY
TOWNSHIP SCHOOL DISTRICT NO. 6 (P. O.
Trufant), Mich.—BOND SALE DETAILS—The Howard City State Bank
of Howard City, which purchased $10,000 school construction bonds—
1M %
Naumkeag Trust Co
Tyler &Co__
Rate Bid
100.30
100.05
.
No taxes of any kind for 1934 or previous years
Tax rate 1936, $35.80. Tax rate 1937, $37.20.
100.33
V.
1X%
100.29
to
146, p. 3840—paid par
1958 incl.
for 4s, and mature serially on Jan. 1 from 1939
4152
Financial
June 25,
1938
1933, as amended by Chapter 48, Session Laws of Minnesota for 1935, and
by Chapter 105, Session Laws of Minnesota for 1937.
Rate of interest to
be in multiples of K of 1%, and must be the same for all the bonds.
No
bids for less than par will be considered.
Delivery of the bonds will be
made to the purchaser at such place as he may designate at the
purchaser's
expense, and the purchaser will be required to take and pay for said bonds
immediately upon being notified by the County Auditor of readiness to
make delivery.
The approving opinions of Calvin Hunt, of St. Paul, and
Thomson, Wood & Hoffman, of New York, will be furnished.
Enclose a
certified check for 2% of the amount of bonds bid for.
MICHIGAN MUNICIPALS
Cray, McFawn & Petter
DETROIT
Chronicle
GRAND RAPIDS
RENVILLE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 33
Telephone Cherry 0828
Telephone 9-8256
A.T.T. Tel. DET 640-541
A.T.T. Tel. Grpe. 7
(P. O. Renville), Minn.—BOND OFFERING—Sealed bids will be received
July 6 by C. H. Purdy, District Clerk, for the purchase of a
until 8 p. in. on
$96,000 issue of refunding bonds.
Interest rate is not to exceed
4%,
payable J. & J.
Dated July 15, 1938.
Due on July 15 as follows: $4,000,
1939 to 1954; $8,000, 1955 to 1958, all inclusive.
Prin. and int. payable at
MICHIGAN
the First National Bank & Trust
MENOMINEE, Mich.—BONDS NOT SOLD—No bids were submitted
for the $623,000 not to exceed 4% interest special obligation first
mortgage
electric light and power system bonds offered June 21.—V. 146,
revenue
Co., Minneapolis.
No conditional bids
be considered.
The approving opinion of Junell, Fletcher, Dorsey,
Barker & Coiman of Minneapolis will be furnished to successful bidder.
will
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT
p.3994.
MICHIGAN (State of)—TENDERS ACCEPTED—L. B. Reid, Director
Finance, State Highway Department, reports that $169,000 assessment
of
district highway refunding bonds were tendered for sale at recent date at
average
price of 97.85 plus.
Bonds
were
an
investors.
purchased in the amount of $93,000.
election
June
13 the
issue of $30,000 school addition bonds by a vote of 583
to 119.
They will be issued to bear interest at not more than 4% and
mature on Aug. 1 in 1939 and 1940.
Bids will be asked on Aug. 1, 1938.
approved
an
on
an
MIDLAND
TOWNSHIP
FRACTIONAL
SCHOOL
DISTRICT
(P. O. Route No. 2, Midland), Mich.—BOND SALE—The issue
of $15,000 coupon school bonds offered June 20—V. 146,
p. 3994—was
NO.
5
awarded to the Channer Securities
Co., Chicago, as 2%s, at par plus a
premium of $17, equal to 100.11, a basis of about 2.72%.
Dated May 15,
1938 and due April 15, as follows:
$1,500 in 1939 and 1940, and $4,000
from 1941 to 1943, incl.
Other bids.
Bidder—
Int. Rate
Stranahan, Harris & Co
Chemical State Savings Bank, Midland
Hemlock State Bank, Hemlock.
First of Michigan Corp...
PAW
3}4%
coupon
73.87
electric light
incl., and $4,500 from 1954
Callable in inverse order of maturity, in whole or in part,
any interest date beginning June 1, 1943.
1958 incl.
on
WARREN
TOWNSHIP
(P.
O.
Van
Dyke),
Mich.—TENDERS
WANTED—William Lawson, Township Clerk, will receive sealed tenders
until 2 p. m. (Eastern Standard Time) on
July 5 of 1937 refunding bonds,
series A, B, C and D, dated Jan. 1, 1937, and 1937 certificates of indebted¬
series
ness,
various
1, la, 2, and 2a, dated Aug. 2, 1937.
sinking funds are as follows:
1937 Refunding Bonds
Series—
Amount
A and B
July 1
as
follows:
NO.
$7,000, 1943 to 1950, and $14,000 in 1951.
INDEPENDENT SCHOOL DISTRICT NO. 11
(P. O. Lon? Prairie) Minn.-—BOND SALE— The $77,000 issue of coupon
refunding bonds offered for sale on June 16—V. 146, p. 3841—was awarded
to Thrall, West & Co. of Minneapolis, as 2.10s, paying a premium of $51.00,
equal to 100.066, a basis of about 2.09%.
Dated July 1, 1938. Due from
July 1, 1940 to 1947, inci.
MISSISSIPPI
COUNTY
CLAY
(P.
O.
West
Point),
Miss.—BOND
SALE
CON¬
TRACT—The Board of Supervisors is reported to have contracted to sell
3 % % county-wide bonds to Cady & Co. of Columbus and the First National
Bank of Memphis.
It is reported that these bonds are being sold in order to refund bonds of
Separate Road Districts Nos. 1 and 2, in Supervisor's District No. 5, under
a
law enacted at the last
session of the Legislature, which allows the county
county-wide bonds.
to sell district bonds as
PLANTERSVILLE
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Tupelo), Miss.—BONDS SOLD—It is reported by Byron Long, Chancery
Clerk, that $3,500 5% coupon semi-ann. school building bonds were
purchased on June 7 by E. C. Norton of Guntown, paying a premium of
$25, equal to 100.714.
Dated May 2, 1938.
Due serially over a 20-year
period. '
.
WAYNE COUNTY
1937 Certificates
Series—
Amount
1 and la........
$4,378.79
6,384.94 2and2a_..._
3,986.92
2,006.57
Tenders should fully describe securities offered, giving series
numbers,
par value and sale price
.$4,435.00
(P. O. Waynesboro) Miss.—BONDS SOLD—It is
reported that $42,000 4% semi-ann. road refunding bonds were purchased
by Walton & Jones of Jackson. Dated June 5, 1938. Legality approved by
Charles & Trauernicht of St. Louis. Mo.
....
MISSOURI
WATERFORD TOWNSHIP (P. O. Pontiac, R. F. D. No.
7), Mich.—
BOND OFFERING—C. G. Richardson, Township Clerk, will receive sealed
bids until 1 p. m. (Eastern Standard
Time) on June 28 for the purchase of
$74,250 not to exceed 6% interest coupon water supply system revenue
successful
all
without
MINNESOTA
the election held on June 20 the
approved the issuance of the $15,000 3% semi-ann. hospital con¬
struction bonds by a count of 479 to 306.
Due from 1939 to 1948 incl. We
are informed by the Town Clerk that these bonds
will be sold to the State
of Minnesota.
CHIPPEWA COUNTY (P. O.
Montevideo), Minn.—BONDS RE¬
FUNDED—We are informed by A. C. Erickson, County
Auditor, that
S40,000 ditch refunding bonds have been refunded through the State of
linnesota.
FREEBORN
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
NO. 5 (P. O. Alden) Minn.—BOND SALE—The
$60,000 issue of coupon
refunding bonds offered for sale on June 16—V. 146, p. 3698—was awarded
to Thrall, West & Co. of
Minneapolis, as 2.30s, paying a premium of
$1,341.00, equal to 102.235, according to W. H. Hayes, Superintendent of
Schools. Dated July 1, 1938. Due $6,000 from
July 1,1939 to 1948, incl.
MAHTOMEDI, Minn.—BOiVD SALE—The $4,500
offered for sale
issue of paving bonds
146, p. 3841—was purchased by a local
Datde June 20 1938. Due $500 from June 20, 1941
June 20—V.
on
par.
CONSOLIDATED
SCHOOL
DISTRICT
NO.
BUILDING,
ST. LOUIS, MO.
MISSOURI
COLUMBIA,
Mo.—BOND
of up to $225,000 sewer
t'|i o said date
ADA, Minn.—BONDS VOTED—At
MILROY
LANDRETH
OFFERING—Sealed bids will be received
E. Cox, City Treasurer, for the purchase
The bids will be opened at 7:30 p. m. on
until 3 p. m. on July 1, by Harold
voters
investor, as 3s at
to 1949, incl.
& Town Issues
SCHERCK, RICHTER COMPANY
bidder.
(The township has made several previous bond offerings,
success.)
BONDS
Markets in all State, County
bonds.
Dated July 1, 1938.
Due July 1 as follows: $2,000, 1940 to 1943
incl.; $3,000, 1944 and 1945; $4,000 from 1946 to 1959 incl. and $4,250 in
1960.
Rate of interest to be expressed in multiples of M of 1%.
Prin.
and int. (J. & J.) payable at the
Community National Bank, Pontiac, or
at its successor paying
agent named by the township, which shall be a
responsible bank or trust company in Detroit or Ponitac.
Bonds are pay¬
able solely from revenues of water
supply system.
A certified check for
2% of the issue, payable to the order of the District Treasurer's office, is
required.
Legal opinion of Berry & Stevens of Detroit will be furnished
,
DISTRICT
Sums available in the
O....
D-----
the
SCHOOL
COUNTY
TODD
Par
Par
and power revenue bonds offered June 22—V. 146, p. 3994—were awarded
to E. H. Schneider & Co. of Kalamazoo.
Dated June 1, 1938 and due
June 1 as follows:
$3,500 from 1939 to 1953
to
on
$27.50
3%
INDEPENDENT
Buhl) Minn.—BOND SALE DETAILS—The $70,000 issue of
(P. O.
construction and equipment bonds purchased by the State of Minnesota,
as noted here in Aprii—V. 146, p. 2408—were sold as 3s at par, and mature
Premium
3%
3%
PAW, Mich.—BOND SALE—The $75,000
35
COUNTY
LOUIS
ST.
MIDLAND, Mich.—BONDS VOTED—At
voters
NO. 18
(P. O. Gilbert), Minn.—BONDS SOLD—It is reported that $400,000
funding bonds authorized by the voters at an election on June 13 have been
sold as follows: $200,000 to the State of Minnesota and $200,000 to local
95
(P.
O.
bonds.
** *
Bids snail include the expense of the issue, which includes the cost of
printing and registering and for any legal services required by the bidder
and shad be for sucn portion of the $225,000.00 as shall be necessary,
together with any Government aid that may be received, to complete
the proposed improvements.
All of said bonds shall be general obligation
bonds. $100,000 of said bonds shad be serial bonds, a part of which shall be
retired each year and all to be retired by January, 1949.
All bonds sold in
excess of $100,000 shall be 20-year bonds callable at the option of the city
any time after Jan. 1, 1949.
HAYTI, Mo .—BOND OFFERING—It is stated by T. A. McNail, City
Treasurer, that he will receive sealed bids until 8 p. m. on June 28 for the
Eurchase Denom. $500. issue of 3, ZH 15, 1938. semi-annual sewer $1,000,
of a $23,000 Dated July and 4% Due as follows: system
onds.
1939 to 1952, and $1,500, 1953 to 1958.
Bidders may bid for any of
the above rates of interest.
No bids for less than all the bonds will be con¬
sidered.
These bonds were approved by the voters at an election held on
April 5.
A certified check for $2,500, payable
accompany the
to the Treasurer, must
bid.
HIGGINSVILLE ROAD DISTRICT (P. O. Lexington), Mo.—BONDS
SOLD—It is stated that $30,000 road bonds approved by the voters on
May 31 have been purchased by the Commerce Trust Co. of Kansas City.
Milroy), Minn.—BONDS SOLD—It
$30,000 3%
is reported by the District Clerk that
semi-ann. auditorium bonds were purchased recently by the
MONTANA
State of Minnesota.
MINNEAPOLIS, Minn.—BOND
SALE POSTPONED—It is stated by
George M. Link, Secretary of the Board of Estimate and Taxation, that the
sale of the following not to exceed
6% semi-ann. bonds, aggregating $1,289,207, which had been scheduled for June 23—V. 146, p. 3841—was
postponed;
1939 to 1948.
250,000 permanent improvement (storm drain) bonds.
1939 to 1948.
July
1,
Due from July 1,
39,207 permanent improvement (land acquisition) bonds.
Due from
July 1, 1939 to 1948.
It is also reported by O. J. Turner,
City Comptroller, that the sale of the
following not to exceed 5% semi-ann. bonds, aggregating $386,478.84, also
scheduled for June 23—V. 146, p. 3995—was
postponed.
$17,967.47 special street improvement bonds, maturing from
July 1, 1939
to
1943.
368,511.37 special street improvement bonds, maturing from
July 1, 1939
to
1948.
Prospective bidders
were
notified that
a
postponement had been made
for technical reasons.
Objection to the sale by taxpayers is believed to
No date has been set for the reoffering, but it was
sale would not be held until differences had been
been the reason.
nave
Clerk.
No
other
that
OTTER
the
TAIL
COUNTY INDEPENDENT
SCHOOL
DISTRICT
Parkers Prairie) Minn.—BONDS TO BE SOLD—It is
reported that the $25,000 3% semi-ann. building bonds approved
by the
voters on May 17, will be purchased
by the State Board of Education.
v
25
(P.
RAMSEY
O.
COUNTY
(P.
O.
St.
Sealed bids will be received until 10
Paul), Minn.—BOND OFFERING—
a. m.
County Auditor, for the purchase of
Series
M
was
received.
Due in 20 years, optional in five
TOWNSEND,
bonds.
Interest rate is
not
a
on July 5, by Eugene A. Monick,
$435,000 issue of public welfare.
exceed 6%, payable
J. &
J..
Dated July 1, 1938.
Due on July 1 as follows: $43,000,
1939 to 1947, and $48,000 in i948.
These bonds are issued in full com¬
to
Denom. $1,000.
pliance with the provisions of Chapter 120, Session Laws of Minnesota for
Mont.—BOND
SALE—The
$17,500
issue
of
water
system bonds offered for sale on June 21—V. 146, p. 3553—was purchased
by the State of Montana
bid
was
as
4s, according to the
Town Clerk.
No other
received.
NEBRASKA
CEDAR
Neb.—BONDS SOLD—It is stated by the Village
been sold. Denom. $1,000.
Dated May 1, 1938. Due $1. >00 from May 1, 1943 to 1952, incl. Prin. and
int. (M. & N.) payable at the City Treasurer's office.
Legal approval by
RAPIDS,
Clerk that $10,000 4 >4% refunding bonds have
'Hall, Cline & Williams of Lincoln.
OHIOWA, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$8,500 auditorium bonds have been purchased by the Wachob-Bender
Corp. of Omaha.
NEW
cleared up.
NO.
bid
years.
),000 water works bonds.
Due from July 1, 1939 to 1948.
500,000 permanent improvement (paving) bonds.
Due from
indicated
SANDERS COUNTY HIGH SCHOOL DISTRICT NO. 14 (P. O.
Hot Springs), Mont.—BOND SALE—The $5,000 issue of school building
bonds offered for sale on June 18—V. 146. p. 3553—was purchased by the
State Board of Land Commissioners as 4s at par, according to the District
HAMPSHIRE
CONCORD, N. H.—NOTE SALE—The $100,000 notes offered June 22
146, p. 3995—were awarded to Second National Bank of Boston at
0.297% discount.
Due June 5, 1939.
Other bidders were:
National
Shawmut Bank, 0.31%; R. L. Day & Co., 0.32%; Merchants National
Bank of Boston, 0.32%; E. H. Rollins & Sons, 0.34%; Leavitt & Co. of
New York, 0.349%; First Boston Corp., 0.42%.
—V.
MANCHESTER, N. H.—NOTE SALE—The Merchants National Bank
was successful bidder on June 22 for an issue of $200,000
notes, naming a discount rate of 0.48%.
Dated June 23, 1938 and
due Dec.
12, 1938.
The First National Bank of Boston, only other
bidder, named a rate of 0.57%.
of Manchester
revenue
Volume
Financial
146
NASHUA, N. H.—NOTE SALE—'The $100,000 notes offered June 22
146, p. 3995—were awarded to Arthur Perry & C9. of Boston at
0.46% discount.
Dated June 24,1938 and due Dec. 19,1938.
Other bids:
—V.
Discount
Bidder—
Ballou, Adams & Whittemore
R. L. £)ay <fe Co_
0.49%
0.51%
Nashua Trust Co.
0.53%
First Boston Corp
National Rockland Bank of Boston
0.54%
0.58%
Second National Bank of Boston
0.595%
and trust funds in the States of New York and New
bids were:
NEW HAMPSHIRE WATER RESOURCES BOARD, N.
H.—PRICE
p.
Rate
Amount
Bid
Halsey, Stuart & Co., Inc
181
3.40%
$181,740.29
H. L. Schwamm & Co
B. J. Van Ingen & Co., Inc
H. L. Allen & Co. ana J. S. Rippel & Co.,
181
180
3.40%
334%
181,028.00
181,440.00
181
181
334%
334%
181,503.18
180
3 34%
181,112.00
MATURITY SCHEDULE—The $2,300,000 bonds mature as follows:
$1,400,000 3 34%, series A.
Due Dec. 1, as follows:
$20,000 in 1940,
$22,000 in 1941 and 1942, $23,000 in 1943 and 1944, $24,000
in 1945, $26,000 in 1946 to 1948, $28,000 in 1949, $29,000 in
1950 and 1951, $30,000 in 1952, $32,000 in 1953 and 1954,
$34,000
in 1955 and 1956, $36,000 in 1957. $37,000 in 1958,
1959, $39,000 in 1960, $41,000 in 1961, $42,000 in
1962, $43,000 in 1963, $45,000 in 1964, $46,000 in 1965. $48,000
in 1966, $49,000 in 1967, $51,000 in 1968, $52,000 in 1969,
$54,000 in 1970, $56,000 in 1971, $58,000 in 1972, $59,000 in
1973, $62,000 in 1974. $63,000 in 1975 and $21,000 in 1976.
900,000 234%» series B.
Due Dec. 1, as follows:
$45,000 in 1976,
$67,000 in 1977, $70,000 in 1978, $71,000 in 1979, $73,000 in
1980, $75,000 in 1981, $78,000 in 1982, $79,000 in 1983, $82,000
$38,000 in
in 1984, $83,000 in 1985, $87,000 in 1986 and $90,000 in 1987.
Dated June 1, 1938.
Denom. $1,000. Legality approved by Roues, Gray,
Boyden & Perkins, Esqs., of Boston. Principal and interest (J. & D.) pay¬
able at the First National Bank of Boston, trustee.
Bidder—
Bid for '
jointly
Bancamerica-Blair Corp.
M.
&
9
Co., jointly
NEW
HANOVER
TOWNSHIP,
BAYONNE, N. J —BOND OFFERING—John F. Lee, City Clerk, will
a. m. (Daylight Saving Time) on July 5 for the
coupon or registered bonds, divided as follows:
$15,000 general funding bonds.
Dated June 1, 1938.
Interest payable J. & D.
29,000 water bonds. Dated July 1, 1938. Due $1,000
to 1967 incl.
Interest payable J. & J.
NORTH BERGEN TOWNSHIP, N..J.—REPORTS
Due June 1, 1951.
on
July 1 from 1939
Principal and semi-annual interest payable at the City
or at the Hudson County National Bank, Jersey City.
on the basis of the bonds constituting a single issue and
the price for which they may be sold cannot exceed $45,000.
A certified
check for $880, payable to the order of the city, must accompany each
proposal.
The approvihg opinion of Reed, Hoyt, Washburn & Clay of
New York City will be furnished the successful bidder.
$1,000.
N.
3—PROPOSED
FINANCING—'The
Borough
Council will consider at final hearing on June 27 ordinances providing for
the issuance'of $39,000 park purchase, $27,000 sewer construction and
$8,700 State-aid permanent project bonds.
FAIRLAWN
SCHOOL
DISTRICT,
N.
3.—BOND
ELECTION— On
June 28 the voters will be asked to approve an issue of $264,500 bonds in
connection with a Public Works Administration grant toward the cost of
new
school
FORT
building construction.
LEE,
3.—MAY INVOKE MUNICIPAL DEBT ADJUST¬
MENT LAW—The borough has resolved to file a petition in connection
with its projected refunding plan in the Federal Court under the Municipal
Bankruptcy Act as and when 51% of the holders of .existing indebtedness
N.
ing and $4,000 street improvement bonds.
LINCOLN COUNTY (P. O. Carrizozo) N. M.—BONDS SOLD—It is
County Treasurer that $20,000 court house bonds approved
by the voters at an election held on June 1, have been purchased by the
stated by the
State Treasurer.
NEW
to its provisions.
The Municipal Finance Commission, in addition
approving this course of action, also sanctioned a revision of the refunding
plan "to the end that all dates be advanced one year with attendant in¬
creases
in the amount of refunded
PROTECTIVE
FUNDING
COMMITTEE
PLAN—The
principal."
STILL
Committee
for
OPPOSED
TO
Bondholders
PROPOSED
of
the
RE¬
borough,
fenerally known as the Barker group, issued the following statement, dated
23:
une
■
;
..
"An erroneous news item in the "Bergen Evening Record" (a newspaper
published in the Borough of Fort Lee) of May 26, 1938, which has probably
been widely copied, stated, in effect, that this committee has approved a
refunding plan of the Borough of Fort Lee.
This newspaper report seems
to place on this committee a duty to state its position.
"This committee has not approved the refunding plan of the Borough of
Fort Lee, which is now being presented to creditors of the borough with
the approval of the Municipal Finance Commission of the State of New
Jersey.
Furthermore, this committee has determined that it is impossible
for creditors of the borough to obtain satisfaction on their bonds through
negotiation so long as the Municipal Finance Commission continues its
unwarranted interference with the bona fide efforts of the borough and its
creditors to adjust their affairs on a sound and equitable basis.
Therefore
this committee has concluded to pursue the only other course left open to
creditors, which is to proceed by appropriate court action for the payment
of its claims.
"While the committee has determined, for the time being, not to accept
further deposits of bonds, nevertheless, within reasonable limits, the Com¬
mittee will furnish such information as it can, to enable bondholders com¬
municating with it to arrive at an informed decision."
KEARNY,
N.
J.—BOND
OFFERING—Donald
Allan,
Acting
Town
Clerk, will receive sealed bids until 8 p. m.
Daylight Saving Time) on
of $98,000 not to exceed 6% interest coupon or
registered paving bonds.
Dated May 15, 1938.
Denom. $1,000.
Due
May 15 as follows: $6,000 from 1939 to 1952, incl., and $7,000 in 1953 and
1954.
Rate of interest to be expressed in multiples of 34 of 1 %.
Principal
and interest (M. & N. 15) payable at the West Hudson County Trust Co.,
Harrison.
The sum required to be obtained at the sale of the bonds is
$98,000.
The bonds are payable from unlimited ad valorem taxes to be
levied on all of the town's taxable property.
The bonds are part of an
authorized issue of $133,500.
A certified check for 2% of the amount of
June 28 for the purchase
the
offering, payable to the order of the town, must accompany each pro¬
posal. The approving legal opinion of Hawrkins, Delafield & Longfellow
of New York City will be furnished the successful bidder.
(These bonds
are part of an authorized issue of $133,500.
The town originally intended
to sell the larger amount on June 16.)
MAYWOOD SCHOOL DISTRICT, N. 3.—BOND OFFERING—W. J.
Cuddy, District Clerk, will receive sealed bids until 8:30 p. m. (Daylight
Saving Time) on June 29 for the purchase of $23,000 not to exceed 6% inter¬
est coupon or registered school bonds.
Dated March 1, 1938.
Denom.
$1,000.
Due March 1 as follows: $3,000 from 1939 to 1941, incl., and
$2,000 from 1942 to 1948, incl.
Bidder to name one of the following interest
rates:
-
COUNTY
(P. O. Freehold), N. J.—BOND SALE—
H. B. Boland & Co. of New York were successful bidders at the offering
of $181,000 coupon or registered improvement bonds on June 22—V. 146,
p. 3842.
Bankers bid for a total of $180,000 bonds, named a coupon of
3.40% and paid a price of $181,076.90, equal to 100.59, a basis of about
3.34%.
Dated July 1, 1938 and due July 1 as follows:
$7,000 from
1939 to 1960 incl.; $9,000 in 1961 and 1962, and $8,000 in 1963.
The
purchasers reoffered the bonds to yield from 1.20% to 3.40%, according
to maturity.
They are stated to be legal investments for savings banks
$2.50
0.91%
R. D. White & Co.._
—;
:
2.30
3.00
1%
1%
CITY, N. Y.—BOND OFFERING CANCELED—'The village
canceled the offering scheduled for June 23 of $88,000 not to exceed 6%
interest general improvement bonds.—V. 146, p. 3997.
A new offering in
the amount of $80,000 will probably be held on July 7.
GARDEN
HARRISON,
Y.—CERTIFICATE SALE—R. D. White & Co. of
$141,000 tax lien certificates
N.
New York were awarded on June 24 an issue of
0.80% interest, plus $1 premium.
Due July 1, 1939.
The Chase National Bank of New York, second best bidder, named a rate
of indebtedness at
of 1%
and $24 premium.
The successful bidders placed the issue
privately.
MINETTO, N. Y.—BOND SALE—The $26,000 coupon or registered
funding bonds offered June 17—V. 146, p. 3843—were awarded to the
Manufacturers & Traders Trust Co. of Buffalo, as 2.10s, at 100.199, a basis
of about 2.07%.
Dated April 15, 1938, and due $2,000 on April 15 from
1939 to 1951, incl.
Other bids were:
Premium
$13.00
45.76
' 31.20
64.00
44.20
Int. Rate
Bidder—
2.30%
2.40%
2.50%
2.70%
2.80%
Bancamerica-Blair Corp
First & Second National Bank of Oswego
Sherwood & Reichard_
E. H. Rollins & Sons, Inc
R. D. White & Co
NORTH
HEMPSTEAD UNION FREE SCHOOL
DISTRICT NO. 4
(P. O. Port Washington), N. Y.—BOND OFFERING—Charles Mullon,
until 4:30 p. m. (Daylight Saving
Time) on June 29 for the purchase of $92,000 not to exceed 5% interest
coupon or registered school bonds.
Dated July 15, 1938.
Denom. $1,000.
Due July 15 as follows: $5,000, 1941 to 1946, incl.; $6,000 in 1947, and
$7,000 from 1948 to 1955, incl.
Bidder to name a single rate of interest,
expressed in a multiple of 34 or l-10th of 1%.
Principal and interest
(J. & J.) payable at the Port Washington National Bank & Trust Co.,
Port Washington.
The bonds are general obligations of the district, payable
from unlimited taxes.
A certified check for $1,840, payable to the order
of the District Treasurer, must accompany each proposal.
The approving
legal opinion of Dillon, Vandewater & Moore of New York City will be
furnished the successful bidder.
District Clerk, will receive sealed bids
ORANGETOWN UNION FREE SCHOOL DISTRICT NO. 4
Nyack), N. Y.—BOND SALE—The $35,000 coupon or registered
(P. O.
school
building bonds offered June 22—V. 146, p. 3700—were awarded to Ira
Haupt & Co. of New York as 2.30s at a price of 100.095, a basis of about
2.29%.
Dated July 15, 1938, and due Jan. 15 as follows:
$2,000 from
1940 to 1955 incl. and $1,000 from 1956 to 1958 incl.
PUTNAM
E.
COUNTY (P.
O. Brewster), N. Y.—BOND
Standard, County Treasurer, will receive
D.
OFFERING—
sealed bids until 11-a.m.
(Eastern Standard Time) on June 30 for the purchase of $36,000 not to
exceed 6% interest coupon or registered, series No. 35, highway improve¬
ment bonds.
Dated July 1, 1938.
Denom. $1,000.
Due $2,000 on July 1
from 1939 to 1956 incl.
Bidder to name a single rate of interest, expressed
in multiple of 34 or l-10th of 1 %.
Principal and interest (J. & J.) Payable
at the First National Bank, Brewster, with New York
exchaiige.
The
bonds are general obligations of the county, payable from unlimited taxes.
A certified check for $720, payable to the order of the county, must ac¬
company each proposal.
The approving legal opinion of Dillon, Vande¬
water & Moore of New York City will be furnished the successful bidder.
VOLNEY (P. O.
Victor
Fulton, R. D. No. 3), N. Y.—BOND OFFERING—
Clerk, will receive sealed bids until 11 a. m.
Town
Simons,
D.
(Eastern Standard Time) on June 29 for the purchase of $3,500 not to
exceed 6% interest coupon or registered water district bonds.
Dated
July 1, 1938.
Denom. $500.
Due $500 on July 1 from 1939 to 1945, incl.
Bidder to name a single rate of interest, expressed in multiples of 34 or
1-10th of 1%.
Principal and interest (J. & J.) payable at the Oswego
County Trust Co., Fulton.
A certified check for $70, payable to the order
of th Town Supervisors, must accompany each proposal.
Legal opinion
of William M. Gallagher, County Attorney, will be furnished the successful
bidder.
WEST
SENECA
(P. O. Ebenezer), N. Y.—BOND OFFERING—
Clerk, will receive sealed bids until 2 p. m. (Eastern
Arthur J. Witzig, Town
Standard Time) on July 6 for the purchase
interest coupon or
of $19,869.10 not to
exceed 6%
registered bonds, divided as follows:
$15,147.59 Water District No. 3 bonds.
One bond for
$800 each
Due July 1 as follows: $747.59 in
from 1940 to 1957 incl.
3,334,3%,3 34,4,4 34,434.434.5,534.534, 534 or 6%. Principal and
MONMOUTH
Y.—CERTIFICATE SALE—The
Lockwood, Sims & Co.rf..^_..__
Eastman, Dillon & Co
,
_
,
$747.59• others
1939 and $800
,
.
«001
4,721.51 Water District No. 1 extension bonds.
One bond for $221.51,
others $250 each.
Due July 1 as follows: $221.51 in 1939. and
$250 from 1940 to 1957 incl.
interest (M. & S.) payable at the Bergen County National Bank, Hackensack.
The price offered must not exceed $24,000.
A certified check for
2% of the bonds bid for, payable to the order of the Custodian of School
Moneys, must accompany each proposal.
The approving opinion of Reed,
Hoyt, Washburn & Clay of New York will be furnished the successful bidder.
YORK
CORTLANDT (P. O. Peekskill), N.
$43,000 certificates of indebtedness offered June 21—V. 146, p. 3843—were awarded to Lee Iligginson Corp., Boston, at 0.88% interest.
Dated
June 1,1938 and due Oct. 15, 1938. Other bids were:
Bidder—
Int. Rate
Premium
Leavitt & Co_
0.89%
Par
assent
to
MEXICO
N. Mex.—BONDS SOLD—A total of $40,000 bonds ap¬
proved by the voters at an election held on April 5 is said to have been pur¬
chased by the State of New Mexico.
The bonds are divided as follows:
$10,000 fire truck, $10,000 airport, $8,500 park, $7,500 municipal build¬
Bids must be made
EMERSON, N. 3.—BOND OFFERING—Michael D. Franco, Borough
Clerk, will receive sealed bids until 9 p. m. (Daylignt Saving Time) on
July 1 for the purchase of $24,000 not to exceed 6% interest coupon or
registered municipal building bonds.
Dated July
1,
1938.
Denom.
$1,000.
Due $1,000 on July 1 from 1939 to 1962 incl.
Rate of interest
to be expressed in a multiple of 34 of 1 %.
The sum required to be obtained
through sale of the bonds is $24,000.
Principal and interest (J. & J.)
.payable at the Peoples Trust Co. of Bergen County, Westwood. or at the
Marine Midland Trust Co., New York City.
A certified check for 2%
of the bonds offered, payable to the order of the borough, must accompany
each proposal.
The bonds are general unlimited tax obligations and will
be approved as to legality by Hawkins, Delafield & Longfellow of N. Y. City.
17% INCREASE IN
TAX COLLECTIONS—Cash collections of current taxes in the township
during the month of May showed a 17% increase over May 1937 and 51 %
over May 1936, according to an interim statement made public by Josiah
M. Hewitt, 100 Broadway, New York, and sent to nolders of $5,000,000 of
the township's bonds represented by him.
Collections of delinquent taxes
gained 67% over May 1937 and 31% over May 1936.
Total tax collec¬
tions for the month amounted to $234,177 this year, compared
with
$191,636 in May 1937 and $157,929 in May 1936.
For the first rive months of 1938 total cash collections, exclusive of fran¬
chise and second class railroad taxes, amounted to $1,137,970, compared
with $1,074,823 for the same period of 1937, the report shows.
Collections of current and delinquent taxes in North Bergen Township,
which created a new 12-year high in 1937, have shown a substantial in¬
crease each month during 1938, it is stated in the report.
Treasurer's office
FELLS,
J.—REFUNDING ISSUE AP¬
the proposal to
used in the main to pay off the
township's debt to the local Board of Education.
LAS VEGAS,
purchase of $44,000 434%
ESSEX
N.
issue $16,750 general refunding bonds to be
JERSEY
receive sealed bids until 11
Denom.
181,483.27
Freeman & Co. and C. A.R. Preim
NEW
NEW
Int.
PROVED—The State Funding Commission has approved
3995—paid a price of 96.65 for the loan.
_
Unsuccessful
Jersey.
Bonds
M.
PAID—The account headed by Brown Harriman & Co., Inc., New York,
which recently purchased $2,300,000 3 34% and 234% bonds—V. 146,
4153
Chronicle
All of toe bonds will be
dated July 1. 1938.
Bidder to name a single rate
multiple of 34 or l-10th of 1%.
Principal and
& J.) payable at the Ebenezer State Bank, West Seneca, with
York Exchange.
The bonds are general obligations of the town,
of interest, expressed in a
interest (J.
New
payable primarily and respectively from benefit assessments on the several
parcels of land in the districts, but if not paid therefrom, all of the
town's taxable property is subject to a levy of unlimited ad valorem taxes
lots or
principal and interest requirements.
A certified check
payable to the order of the town, must accompany each proposal.
approving legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
in
order to cover
for $400,
The
4154
Financial
WESTCHESTER
COUNTY
(P. O. Whit. Plain.), N. Y.—BOND
SALE—The $625,000 coupon or registered bonds offered June 21—V.
146,
p. 3844—were awarded to George B. Gibbons & Co., Inc. and Adams,
McEntee & Co., Inc., both of New York, jointly, as 2s, at
par plus a pre¬
mium of $3,960. equal to 100.633, a basis of about
1.88%.
The bankers
re-offered the bonds to yield from 0.35% to 1.90% for 1939 to 1946 ma¬
turities, with the 1947 to 1951 bonds priced from par to 97.50.
The sale
Chronicle
OHIO
$490,000 Saw Mill River Valley Sanitary Sewer bonds.
Due July 1 as
follows: $85,000,1939; $35,000 from 1940 to 1950 incl. and
$20,000
All of the bonds
dated July 1, 1938.
are
on
July 1
The following other bids
700
were
canton
received:
Bidder—
Premium
_$2,5o6.25
2,500.00
2%
2%
2%
2.260.00
2%
Kidder, Pea body & Co
Brown
Harriman & Co
1,936.88
Chase National Bank
Shields <fc Co
2'
2'
937.50
927.50
*
Smith, Barney & Co
Darby & Co
2'
561.88
-
R. D. White & Co
Lehman Bros
A. C.
2*
1.056.25
1,125.00
.
Phelps, Fenn & Co
2<
2%
2,565.00
6,458.12
5,106.25
Allyn & Co., Inc
Blyth & Co., Inc—
Goldman, Sachs & Co
2.20'
234%
234%
4,606.25
Chemical Bank & Trust Co.
The County Trust Co
Bacon, Stevenson & Co
of the amount bid is
MUNICIPALS
CUYAHOGA BUILDING, CLEVELAND
akron
cincinnati
columbus
springfield
OHIO
r AKRON CITY SCHOOL DISTRICT, Ohio—BONDS NOT SOLD—
According to Hazel Fleek, Clerk of the Board of Education, the two bids
submitted for the $268,000 construction and impt. bonds offered June 16
—V. 146, p. 3844—were rejected.
The Provident Savings Bank & Trust
Co., Cincinnati, bid for 6s, and Fox, Einhorn & Co., Inc., Cincinnati,
named a rate of 534 %.
2<
124.38
„
check for 2%
Int. Rate
Geo. B. Gibbons & Co
HaLsey, Stuart & Co
The Troy Savings Bank
certified
MITCHELL, HERRICK & CO.
In 1951.
Due $15,000
A
required.
consisted of:
135,000 Central Yonkers sanitary sewer bonds.
from 1939 to 1947 incl.
June 25, 1938
will not be considered.
234%
234%
234%
234 %
3,250.00
2,668.75
6.87o.00
BONDS REOFFERED—Hazel Fleet. Clerk of the Board of
Education,
bids until noon (Eastern Standard Time) on
will receive sealed
for
the
July 14
purchase of $268,000
6% construction and improvement bonds.
Dated May 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows:
$21,000
from 1939 to 1946 incl., and $20,000 from 1947 to 1951 incl.
Bids may
be for all or part of the issue and provide for an interest rate other than
6%, although fractional races must be expressed in multiples of 34 of 1%.
Interest payable M. & N.
A certified check for $2,680, payable to the
order of the Board of Education, must accompany each
proposal.
BROADVIEW
HEIGHTS (P. O. Cleveland), Ohio—BOND OFFER¬
Burtscher, Village Clerk, will receive sealed bids until noon
July 11 for the purchase of $23,000*5)4 % village bonds.
Dated Oct. 1,
1937.
Denoms. $1,000, $500 and $300.
Due $2,300 on Oct. 1 from
ING—Carl
on
$25,000
1942 to 1951 incl.
Bidder may name an interest rate other than
534%.
although fractional rates must be expressed, in multiples of 34 of 1%.
Interest payable A. & O.
Principal and interest payable at the Cleveland
Trust Co., Cleveland.
A certiifed check for 10% of the bid, payable to
the order of the Village Treasurer, must accompany each
proposal.
ASHEVILLE, N. C. Refunding l-4s
Due
July 1, 1976 at 31 interest
CANTON, Ohio—SEEKS PWA ALLOTMENT—Council has petitioned
the
Mayor
to
apply
to
the
Public
Works
Administration
for
an
allotment in connection with the proposed construction of a new
city hall.
City proposes to issue $600,000 bonds toward cost of the project.
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
3-9137
A. T. T. Tel. Rich. Va. 83
COSHOCTON, Ohio—BOND SALE—The $25,000 city hospital bonds
offered June 21—V. 146, p. 3700—were awarded to the Coshocton National
NORTH
Bank,
CAROLINA
ASHEBORO,
N. C.—BONDS NOT SOLD—The two Issues of bonds
aggregating $42,000, offered on June 21—V. 146, p. 3998—were not sold
as all bids received were
rejected.
The bonds, which were to bear interest
at not to exceed
6%, are divided as follows:
$10,.000 street improvement bonds.
Due $1,000 from June 15, 1939 to
1948 incl.
32,000
Due $2,000 from June 15, 1939 to 1954 incl.
water bonds.
Interest payable J. & D.
RALEIGH,
as
234s, at
par
plus
a
premium of $192.50, equal to 100.77, a basis
semi-annually on May 1
Harris & Co. of Toledo,
of about 2.14%.
Dated May 1, 1938 and due
1 from 1939 to 1953 incl.
Stranahan,
and Nov.
next
high bidder, offered 100.44 for 2 34s.
CRESTON, Ohio—BOND OFFERING—The Village Clerk will receive
sealed bids until
noon
on
July 7 for the purchase of $4,000 4% street im¬
provement bonds.
Dated July 1, 1938.
Oct. 1 from 1939 to 1946 incl.
Bidder
Denom.
$500.
Due
$500
on
may name a different rate of interest,
although where a fractional rate is bid sucn fraction must be in multiples of
34 of 1%.
Interest payable A. & O.
A certified check for $40, payable to
the order of the village, must
accompany each proposal.
N. C.—NOTE OFFERING—Sealed bids will be received
m. on June 28 by W. E.
Easterling, Secretary of the Local Gov¬
Commission, for the purchase of a $50,000 issue of revenue antici¬
pation notes.
Interest rate is not to exceed 6%.
Denominations to suit
purchaser.
Dated June 28, 1938.
Due on Oct. 10, 1938.
Payable in
Raleigh unless otherwise specified by the purchaser.
A certified check for
$250, payable to the State Treasurer, must
accompany the bid.
DESHLER, Ohio—BOND OFFERING—The Village Clerk will receive
sealed bids until noon on July 15 for the purchase of $50,000
5% electric
light and power plant mortgage bonds.
Dated July 1, 1938 and due
Nov.
1, 1942.
Redeemable at any time.
Denom. $1,000.
Principal
and interest payable at the Village Treasurer's office.
A certified check for
5% of the issue is required.
sXmPSON COUNTY (P. O. Clinton), N. C.—BONDS OFFERED FOR
INVESTMENT—The $152,000 434% and 534% refunding bonds awarded
on June 14 to a
group headed by R. 8, Dickson & Co. of Charlotte, as
reported in detail in our issue of June 18, were offered for
public subscrip¬
tion at prices to yield from
3.00% to 5.20%, according to maturity.
Dated
June 1, 1938.
Due from June 1, 1939 to 1963 incl.
DOYLESTOWN, Ohio—BOND SALE—The $24,000 sanitary sewer
system and disposal plant bonds offered June 15—V. 146, p. 3700—were
awarded to Saunders, Stiver & Co. of Cleveland, as
334s, at par plus a
premium of $337.67, equal to 101.406, a basis of about 3.11%.
Dated
June 6, 1938 and due Oct. 1 as follows:
$500, 1939; $1,000 from 1940 to
1950, incl.; $500 in 1951, and $1,000 from 1952 to 1963, incl.
Other bids
until 11
a.
ernment
f
SOUTHERN PINES,
received until
11
N. C.—BOND OFFERING— Sealed bids
will be
(Eastern Standard Time) on June 28, by W. E.
Easterling, Secretary of the Local Government Commission, at his office
In Raleigh, for the purchase of a $12,000 issue of water and
sewer bonds
Denom. $1,000.
Dated July 1, 1938.
Due on July 1 as follows: $1,000,
1941 to 1946, and $2,000, 1947 to 1949, all
incl., without option of prior
principal only.
New
about
m.
There will
payment.
in
a.
York
be
no
auction.
Coupon bonds, registerable
as
to
Principal and interest (J. & J.) payable in lawful money
City; general obligations; unlimited tax.
Delivery on or
July 12, at place of purchaser's choice.
Bidders
requested to name the interest rate or rates, not exceeding
6% per annum in multiples of 34 of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at
are
the lowest interest
cost to the town, such cost to be determined by
deducting the total amount
of the premium bid from the
aggregate amount of interest upon all of the
bonds until their
respective maturities.
No bid of less than par and accrued
interest will be entertained.
Bids must be accompanied
by a certified check
upon an
the
incorporated bank
order
of
the
State
or
trust company,
Treasurer
Storey,
Thorndike, Palmer
furnished the purchaser.
&
for
Dodge,
$240.
payable unconditionally to
approving opinion of
Massachusetts, will be
The
Boston.
were:
Bidder—
Int. Rate
National Bank of Orrville
FAIRFIELD COUNTY (P. O.
Lancaster), Ohio—BOND ELECTION—
At
the Aug. 9 primary election the
$82,500 jail construction bonds.
voters
will
CASS
COUNTY
SPECIAL
SCHOOL
DISTRICT
NO.
54
Leonard), N. Dak.—BOND
1938.
(P.
O.
SALE—The $13,300 issue of school bonds
June 16—V. 146, p. 3844—was
purchased by Charles A.
Minneapolis, according to the District Clerk. Dated June 1,
Due from June 1, 1941 to
1958, incl.
No ott^er bid was received.
offered for sale
Fuller & Co. of
oJ??,
on
TOWNSHIP (P. O. Churchs Ferry), N. Dak.—BONDS
SOLD-The $1,250 funding bonds offered for
sale on May 19—V. 146,
p. 3230—were purchased by the
County Treasurer, at par, according to
report.
Dated April 1, 1938.
Due from April 1, 1943 to
to
consider
the issuance of
GARFIELD
HEIGHTS, Ohio—APPROVES REFUNDING PLAN—
Byron D. Kuth of Cleveland has been appointed to handle the recentlyapproved plan for the refunding of all of the approximately $2,472,096 of
outstanding general and special assessment bonds.
The city proposes to
Issue new refunding bonds, dated Jan. 1,1939, due in 25 years, and callable
at any interest date.
They will bear 234% interest for three years; 3%
for next three years; 334 % in succeeding four years; 4% for five years, and
5% during last 10 years.
Legality to be approved by Squire, Sanders &
Dempsey of Cleveland.
The city, according to report, is unable to meet
principal and interest charges under the present debt structure.
The
plan will become effective on receipt of approval by not less than 75% of
existing obligations, although the city reserves the option to file a petition
under the Federal Municipal & Bankruptcy Act.
—BONDS SOLD—The
DAKOTA
$259.88
196.80
145.85
133.50
127.50
Stranahan, Harris & Co
Seasongood & Mayer
Ryan, Sutherland & Co
GENEVA TOWNSHIP SCHOOL DISTRICT
NORTH
Premium
334%
334 %
334 %
334%
334%
BancOhio Securities Co
State
Teachers'
(P. O. Geneva), Ohio
Board purchased the
Retirement
$46,000 school building construction bonds authorized by the voters at the
last general election.
HASKINS, Ohio—BOND OFFERING—Jennie Russell, Village Clerk,
July 5 for the purchase of $12,000
will receive sealed bids until 6
p. m. on
4% sewer system bonds.
Dated June 1,1938. Denom. $1,000. Due $1,000
on Oct.
1 from 1939 to 1950 incl.
Bidder may name a different rate of
interest, provided that fractional rates be expressed in multiples of 34 of 1 %.
Interest payable A. & O. A certified check for $120, payable to the order
of the village, must accompany each proposal.
1948; subject
redemption prior to maturity.
DUNSEITH, N. Dak.—BOND OFFERING—It
and oral bids
LAKE WOOD, Ohio—BOND SALE—The $308,600 city hospital bonds
is reported that sealed
offered June 18—V. 146, p. 3700—were awarded to Johnson, Kase & Co.
of Cleveland as 234s, for a premium of $341, equal to 100.11, a basis of
about 2.24%. Dated July 1, 1938, and due Oct. 1 as follows: $14,000 from
will be received until
July 2 at 10 a. m. by Percy S. Fassett,
City Auditor, for the purchase of a $2,000 issue of not to
exceed 6% semi¬
annual city hall bonds.
Denom. $250.
Dated July 15. 1938.
Due $250
from Juiy .15, 1941 to 1948, incl.
A certified check for
2% must accom¬
pany the bid.
1939 to 1959 incl. and $14,600 in 1960.
Halsey, Stuart & Co., Inc., second high bidder, offered to
234s.
pay
102.10
for
LORAIN,
Ohio—BOND SALE
DETAILS—'The
$170,000
refunding
EMPIRE SCHOOL DISTRICT NO.
73 (P. O. Fargo), N. Dak.—
BOND OFFERING—It is reported that
sealed bids will be received until
2 p. m. on July 6,
by John D. Bissett, District Clerk, for the purchase of a
?6,P£PJ?SU? of buidling bonds. Denom. $500. Due $500 in July 1, 1939
to 1950 incl.
A certified check for
2% of the bid is required.
bonds sold to Van Lahr, Doll & Isphording of Cincinnati, as noted in these
columns during Apiil, bear
234% interest, were sold at par and mature
serially from 1939 to 1953 incl.
ta&ILF(P* °* Grand
ING—Sealed bids will be
and
Forks), N. Dak.—BOND
OFFER¬
July 5 by N. B. Arn-
received until 2 p. m. on
berger, Clerk of the Board of Supervisors, at the office of the
County Auditor
for the purchase of a $5,000 issue of
coupon town hall construction bonds.
IntCTest rate is not to exceed 5%,
payable J. & D.
Denom. $500.
Due
$500 from Dec. 1, 1939 to 1948, incl.
A certified check for
2%, payable to
the above Clerk, must
accompany the bid.
GOOSE LAKE SCHOOL DISTRICT
NO. 34 (P. O. Crosby), N. Dak.
—CERTIFICATES SOLD—It is reported by the District
Clerk that $650
534 % certificates of indebtedness were sold at
par on June 7 to a local in¬
vestor.
Due on June 7, 1939.
NORTH
DAKOTA, State of—CERTIFICATE OFFERING—It is
reported that sealed bids will be received until 10 a.
m. on July 6, by James
Mulloy Secretary of the State Industrial
Commission, for the purchase of
a $900,000 issue of certificates
of Indebtedness.
Interest rate is not to
4%, payable J. & J,
Denoms. $5,000 and $1,000.
Dated July 6,
1938.
Due on July 6, 1939.
Bids for less than par and accrued interest
.
LORAIN
COUNTY (P. O. Elyria), Ohio—BOND ELECTION—On
voters will consider the proposed issuance of $1,458,140 bridge
$185,400 courthouse construction bonds.
Aug. 9 the
MOUNT VERNON
SCHOOL DISTRICT, Ohio—BOND ELECTION
Aug. 9 primary election the voters will be asked to approve an
$198,000 school building bonds.
STEUBENVILLE SCHOOL DISTRICT, Ohio—BONDS APPROVED
—At the
issue of
—The
Board of Education recently decided in favor of the issuance of
$385,000 high school building construction bonds.
TOLEDO, Ohio—BOND SALE—The $51,981 property portion street
improvement bonds offered June 21—V. 146, p. 3845—were awarded to
Ponl & Co., Inc., Cincinnati, as 234s, for a premium of $41.58, equal to
100.07, a basis of about 2.73%.
Dated June 1, 1938 and due June 1 as
follows: $10,981, 1940; $10,000 from 1941 to 1943, incl.. and $11,000 in
1944.
The Provident Savings Bank & Trust Co. of Cincinnati, next best
bidder, offered 100.23 for 3s.
UNION RURAL SCHOOL DISTRICT
(P. O. Cooperdalo), Ohio—
an election on July 12 the voters will be asked to
$50,000 school construction bonds.
BOND ELECTION—At
approve an issue of
Volume
4155
Chronicle
Financial
146
bonds awarded to the First National Bank of Westchester as
p.
to
as
R. J. EDWARDS, Inc.
AT&T
Ok Cy
ERIE SCHOOL DISTRICT, Pa .—BOND OFFERING—C. A. Sapper.
Secretary of the Board of School Directors, will receive sealed bids until
Time) on July 7 for the purchase of $200,000
1, 1 K. 1M. 1%, 2, 2K. 2M. 2K. 3, 3M or 3M% coupon or registered
refunding bonds.
Dated Aug. 1, 1938.
Denom. $1,000. Due Aug. 1 as
follows:
$22,000 from 1940 to 1947 incl. and $24,000 in 1948.
Bidder to
name a single rate of interest, payable F. & A.
The bonds are direct and
general obligations of the district and will t>e issued subject to approval of
the Department of Internal Affairs. A certified check for 2% of the bonds
bid for, payable to the order of the district, must accompany each proposal.
Legality to be approved by Townsend, Elliott & Munson of Philadelphia.
Long Distance 787
OKLAHOMA
FAIRVIEW, Okla.—BOND OFFERING—Sealed bids will be received
Nicholson, City Clerk, for the purchase of
a $60,000 issue of electric bonds.
Bidders to name the rate of interest.
Dated July 1, 1938.
Due on July 1 as follows: $8,000, 1942 to 1948, and
$4,000 in 1949. A certified check for 2% of the bid is required.
until 8 p. m. on July 1 by J. C.
GROVE, Okla.—BOND SALE—The $5,000 issue of town hall bonds
on June 21—V.
146, p. 3999—was purchased by a local
as 4s, paying a premium of $5.00, equal to 100.10, a basis of about
3.98%.
Due $500 from 1941 to 1950, inclusive.
offered for sale
OKMULGEE COUNTY SCHOOL DISTRICT NO. 19 (P. O. Ok¬
mulgee), Box 256), Okla.—BONDS OFFERED—Sealed bids were received
Clerk, for the purchase
from 1941 to 1948.
until 2 p. m. on June 22 by Floyd Lawson, District
of an $8,000 issue of building bonds.
Due $1,000
CONSOLIDATED
COUNTY
SCHOOL
NEW CASTLE,
DISTRICT
on
Pass), Ore.—BOND SALE—The $7,500 issue of 4% coupon semi-ann.
building bonds offered for sale on June 18—V. 146, p. 3845—was awarded
to the First National Bank of Portland at a price of 103.10, a basis of
about
15,
3.03%.
1944.
Dated July 15, 1938.
MULTNOMAH
COUNTY
Due from July 15, 1939, to Jan.
SCHOOL
DISTRICT
of Internal
NO.
17
(P.
TRAFFORD
O.
Ore.—BOND OFFERING—Sealed bids will be received until
District Clerk, for the purchase of
a $25,500 issue of school bonds.
Interest rate is not to exceed 6%, payable
J. & J.
Dated July 1, 1938.
Due on July 1, as follows:
$1,500, 1940 to
1943; $2,000, 1944 to 1949, and $2,500, 1950 to 1952; subject to call on
July 1, 1940, and on any semi-annual interest paying date thereafter.
Prin. and int. payable at the fiscal agency of the State in New York, or at
the County Treasurer's office.
The approving opinion of Teal, Winfree,
McCulloch, Shuler & Kelley of Portland, will be furnished.
A certified
check for $1,000 must accompany the bid.
SCHOOL
DISTRICT
NO.
40
(P.
O.
Portland), Ore.—BOND OFFERING—Sealed bids will be received until
8 p. m. on June 28, by M. G. Webber, District Clerk, for the purchase of
a $6,000 issue of school bonds.
Interest rate is not to exceed 6%, payable
J. & J.
Dated July 1, 1938.
Due $2,000 from July 1, 1939 to 1941, incl.
Prin. and int. payable at the State's fiscal agency in New York, or at the
County Treasurer's office.
The. approving opinion of Teal, Winfree,
McCulloch, Shuler & Kelley of Portland.
A certified check for $200 must
accompany
the bid.
RHODE
are now
(P. O. Bandon), Ore.—ADDITIONAL INFOR¬
informed by the Assistant Secretary of the Board
of the Commissioners that the $25,000 time warrants purchased by Tripp
McClearey of Portland, as noted in our issue of June 18—V. 146, p.
as 4 Ms at a price of 97.50, a basis of about 5.40%.
Due
$5,000 from July 1, 1939 to 1943 incl. No other bid was received.
&
3999—were sold
WASHINGTON
CRANSTON, R. I.—NOTE SALE—The
$150,000 tax anticipation notes
146, p. 4000—were awarded to Fenner & Beane of
0.37% discount.
The bankers immediately resold the loan
yield 0.25% on a discount basis.
Dated June 23, 1938, and due Dec. 2,
offered June 22—V.
New York at
to
bids:
Other
1938.
_
Bank of Boston
Discount
0.48%
$5)
0.49%
Bidder—
First
'
National
Stephen W. Tourtellot (plus
EAST PROVIDENCE, R.
I .—BOND SALE—The $65,000 coupon town
20—V. 146, p. 4000—were awarded to Kennedy,
Spence & Co. of Boston as 2s, at a price of 100.419, a basis of about 1.95%.
Dated July 1, 1938 and due $5,000 on July 1 from 1941 to 1953, incl.
Sec¬
ond high bid of 101.18 for 2Ms was made by Estabrook & Co. of Boston.
COUNTY
SCHOOL
DISTRICT
NO.
1 C
(P.
O.
Other bids:
Int. Rate
Bidder—
Stone & Webster and
Blodget, Inc
2y\
2;
!
Chandler & Co., Inc
Tualatin), Ore.—BOND SALE—The $28,000 issue of school bonds offered
for sale on June 21 (V. 146, p. 3999) was awarded to Atkinson, Jones &
Co. of Portland, according to the District Clerk.
Dated June 15, 1938.
Due from June 15,
ISLAND
FALLS, R. I.—BONDS SOLD—John Nuveen & Co. of
Chicago purchased an issue of $95,000 3% coupon refunding and highway
bonds. Dated July 1,1938. Denom. $1,000. Due July 1 as follows: $25,000
from 1950 to 1952 incl. and $20,000 in 1953. Reoffered to yield 2.75% and
2.80%. according to maturity. Principal and interest (J. & J.) payable at
the First National Bank of Boston.
Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston.
CENTRAL
hall bonds offered June
PORT OF BANDON
MATION—We
Pa.—BOND ELECTION—On
issue of $95,000 school
DISTRICT,
SCHOOL
July 19 the voters will be asked to approve an
building construction bonds.
8 p. m. on June 28, by Sybil G. Nelson,
COUNTY
successful bidder.
PITTSBURGH, Pa .—BOND ELECTION—T)ie Finance Committee of
City Council recommended on June 18 the submission to the voters on
Aug. 2 of a program involving the proposed issuance of $8,000,000 bonds.
Portland),
MULTNOMAH
opinion of Burgwin, Scully &
Tne approving
Affairs.
Churchill of Pittsburgh will be furnished the
JOSEPHINE COUNTY SCHOOL DISTRICT NO. 27 (P. O. Grant,
IK, 1M, 2, 2M, 2M,
or 3%.
Dated Aug. 1, 1938;
Denom. $1,000.
Due $13,000
Aug. 1 from 1939 to 1943, incl.
Interest payable F. & A.
A certified
cneck for $2,000, payable to the order of tne city, must accompany each
proposal.
The bonds are being offered subject to approval of the Depart¬
2%, 2M
i
ment
OREGON
Pa.—BOND OFFERING—C. Ed. Brown, City Clerk,
(Eastern Standard Time) on July 7
to bear interest at one
for the purchase of $65,000 coupon refunding bonds,
of the following interest rates: 1 K, 1%, 1M, 1%.
NO. 3 (P. O. Gans), Okla.—BOND SALE—The $2,100 issue of building
for sale on June 21—V. 146, p. 3999—was purchased by
the District Clerk.
O. Lewis, Borough
will receive sealed bids until 10 a. m.
bonds offered
C. Edgar Honnold of Oklahoma City, according to
Due from 1943 to 1946.
No other bid was received.
Pa.—BOND OFFERING—Harry
HOMESTEAD,
Secretary, will receive sealed bids until 7 p. m. (Eastern Standard Time) on
July 11 for the purchase of $120,000 not to exceed 4% interest borough
bonds.
Dated July 15, 1938. Denom. $1,000. Due $30,000 on July 15 in
1943, 1948, 1953 and 1958.
Bidder to name a single rate of interest, ex¬
pressed in a multiple of K of 1 %. Interest payable J. & J. A certified check
for $2,000, payable to the order of the School Treasurer, must accompany
each proposal. Sale of the bonds is subject to approval of the Pennsylvania
Department of Internal Affairs.
The approving opinion of Burgwin,
Scully & Churchill of Pittsburgh will be furnished the successful bidder.
investor
SEQUOYAH
AUTHORIZED—An
1
8:30 p. m. (Daylight Saving
Oklahoma
19
(P. O. Ellwood City), Pa.—BONDS
ELLPORT
issue of $5,000 4% street improvement bonds, to mature $500 each July
from 1940 to 1949 incl., was authorized by Borough Council on June 6.
Municipal Bonds Since 1892
Oklahoma City,
2 Ms—V. 146,
4000—were purchased by the bank at par plus a premium or $115, equal
100.25, a basis of about 2.48%.
Dated July 1, 1938 and due July 1
follows: $2,000 from 1940 to 1961, incl., and $1,000 in 1962.
SOUTH
Rate Bid
102.21
100.139
CAROLINA
ANDERSON COUNTY (P. O. Anderson), S. C.—BOND OFFERING—
Sealed bids will be received until noon on June 30 by James Hunter, Clerk
of the Board of Finance, for the purchase of a $260,000 issue of coupon
road improvement bonds.
Interest rate is not to exceed 4%, payable
J. & J.
Dated July 1, 1938.
Denom. $1,000.
Due Jan. 1 as follows:
1940 to 1950.
$26,000 in 1940 and 1941, $28,000 in 1942 to 1944 and $31,000 in 1945 to
1948.
Rate of interest to be in a multiple of K of 1 %, and must be the
same for all of the bonds.
Principal and interest payable in New York.
registerable as to principal only.
No bid for less than par
will be accepted.
The purchaser will be furnisned with
of Reed, Hoyt, Washburn & Clay of New York that the bonds
are valid and binding obligations of the county, such opinion to be paid for
by the purchaser.
Enclose a certified check for 2% of the amount of
bid for, payable to the county.
j
The bonds are
and accrued interest
the opinion
bonds
HAMPTON COUNTY (P. O.
It is
Hampton), S. C.—BOND OFFERING—
reported that sealed bids will be received until June 30 by the Clerk
of Supervisors for the purchase of an issue of $100,000 highway
of the Board
bonds.
,
SPARTANBURG SCHOOL
DISTRICT NO. 34 (P. O. Spartanburg),
OFFERING—Sealed bids will be received until noon on
Rogers, Secretary of the Board of Trustees, for the
purchase of an issue of $150,000 coupon school bonds, to bear interest
at a rate not to exceed 6%, payable J. & J.
Denom. $1,000. Dated
Jul? 1, 1938. Due on Jan. 1 as follows: $5,000, 1942 to 1947; $10,000,
1948 to 1954; $12,000, 1955 to 1957, and $14,000 in 1958.
Interest rate
to be in a multiple of M of 1% and must be the same for all of the bonds.
Principal and interest payable in New York.
The opinion of Reed, Hoyt,
Washburn & Clay of New York that the bonds are valid and binding obliga¬
tions of the district will be furnished.
These bonds are issued under au¬
thority of an Act passed by the State Legislature Feb. 17, 1938, and approved at an election held on April 5»
The bonds will be awarded to the
bidder offering the lowest rate or interest and at a price of not less than par
S.
C.—BOND
July 7 by Frank C.
PENNSYLVANIA
AMBLER
SCHOOL
DISTRICT, Pa .—BOND ELECTION—At an
consider a proposal for an issue of $165,000
election on July 19 the voters will
school building addition bonds.
CAMBRIA TOWNSHIP
SCHOOL DISTRICT (P.
O. Ebensburg),
Enclose a certified check for 2% of the amount of
the district.
O. Union), S. C.—NOTES SOLD—It is re¬
ported that $30,000 notes were purchased at 5% by the Bank of Jonesville, and the Arthur State Bank, jointly.
and accrued interest.
bonds bid for, payable to
UNION
COUNTY
Pa.—BOND SALE—The $36,000 4% coupon refunding and improvement
bonds offered June 20—V. 146, p. 3846—were awarded to Singer, Deane
& Scribner and Glover & MacGregor, Inc., both of Pittsburgh, jointly,
premium of $813, equal to 102.25, a basis of about 3.80%.
follows: $1,000, 1941; $2,000, 1942;
$1,000, 1943; $2,000, 1944 and 1945; $1,000, 1946; $2,000, 1947; $1,000.
1948; $2,000, 1949 and 1950; $1,000, 1951 to 1953, incl.; $2,000, 1954 and
1955; $1,000 from 1956 to 1958, incl., and $2,000 from 1959 to 1963, incl.
at par
plus
a
Dated June 1, 1938 and due June 1 as
Other
bids
were;
Bidder—
Johnson & McLean, Inc
Leach
Bros., Inc
National
Bank of Ebensburg
Bank of Ebensburg
Chandler & Co., Inc
American
First National
Rate Bid
101.32
100.65
100.50
100.87
100.259
SCHOOL DISTRICT (P. O. Dallas), Pa.—
BOND OFFERING—C. J. Eipper, Secretary of the School Board, will
receive sealed bids until 8 p. m. on June 25 for the purchase of $20,000
4% coupon school bonds.
Dated July 1, 1938.
Denom. $1,000. Due
$1,000 July 1 from 1939 to 1958 incl.; district reserves option to call for
payment one or more bonds in advance of due date upon 30 days' written
notice to the holder, if known, otherwise upon such written notice to the
First National Bank of Dallas.
A certified check for $10 for each bond
bid for must accompany each proposal.
EAST
FALLOWFIELD TOWNSHIP SCHOOL DISTRICT, Pa.—
DETAILS—The $45,000 school construction and equipment
TENNESSEE
HALLS, Tenn.—BOND TENDERS INVITED—It is stated by Mayor
W. N. Beasley that, pursuant to the provisions of the town's refunding plan,
sealed tenders of refunding bonds of the town will be received until 11 a. m.
°n
J
Fund's applicable will be applicable to the purchase of bonds tendered
and the right to accept any part of bonds so tendered
all tenders is s-ecifically reserved.
All tenders must be enclosed in a sealed envelope market on the outside
"Tenders of Bonds," and addressed to Union Planters National Bank &
Trust Co., Trust Department, Memphis, Tenn.
of the lowest price,
DALLAS TOWNSHIP
BOND SALE
(P.
and to reject any or
(P. O. Erwin), Tenn.—BOND TENDERS AC¬
with the call for tenders of highway refunding
1,1935, due on Aug. 1,1949, noted in our Issue of June 11
—V. 146, p. 3847—it is stated by E. G. Bobbins .Commissioner of Finance,
that at the reception of tenders on June 22 a total of $158,000 in bonds was
purchased.
UNICOI
COUNTY
CEPTED—In connection
bonds dated Aug.
TEXAS
AUSTIN, Texas—BONDS SOLD—It is stated by Gulton Morgan, City
Manager, that $375,000 2M% semi-annual school bonds were purchased on
June 21 by a syndicate composed of the Boatmen s National Bank of St.
Louis, Braun,
Bosworth & Co. of Toledo,
the Dallas Union Trust Co. and
4156
the Dallas
Financial
Chronicle
June 25,
1938
National
Bank, both of Dallas, paying a premium of $6,675,
Due serially over a 20-year period.
equal to 101.78.
WYOMING
BONDS OFFERED FOR INVESTMENT—The above purchasers reoffered the said bonds for public subscription at prices ranging from 0.40%
basis for the 1939 maturity to 2.40% for the 1958 maturity.
CHEYENNE, Wyo.—ADDITIONAL INFORMATION—In connection
with the $50,000 refunding bonds exchanged with the holders of the
original
bonds, as noted in our issue of June 18—V. 146, p. 4002—it is stated by
the City Clerk that the bonds bear interest at 3ti%, and mature $10,000
from Dec. 1, 1943 to 1947 incl.
BENAVIDES INDEPENDENT SCHOOL DISTRICT (P. O. BenaTexa*—BONDS OFFERED FOR INVESTMENT—An issue of
$175,000 5% school house bonds, series of 1938, is being offered by the
Ranson-Davidson Co. of San Antonio, for public subscription at prices to
yield from 1.25% to 4.0')%, according to maturity.
Denom. $1,000.
Dated May 20, 1938.
Due from May 20, 1939 to 1958 incl.
Prin. and
Int. (M. & N. 20) payable at the Central Hanover Bank & Trust Co.,
New York City.
Legality to be approved by Chapman & Cutler of Chi¬
cago, and the Attorney General of Texas.
These bonds, authorized at an election, constitute direct and general
obligations of the entire district and are payable from ad valorem taxes levied
on all the taxable property located therein, within the limits imposed
by
law, and are issued for the purpose of constructing and equipping public
free school buildings of other than wood material and the purchase of sites
ALBERTA (Province of)—DOMINION DISALLOWS TWO "DEBT
ADJUSTMENT" ACTS—Premier Mackenzie King announced June 15
the disallowance by the Dominion Government of two more provincial laws,
both of which were enacted at the 1938 session of the Alberta legislature as
so-called debt adjustment laws.
The two measures were the Home Owners'
Security Act and the Securities Tax Act.
The government's action in¬
creased to a total of 13 the number of social credit enactments which have
been outlawed, either through disallowance by the Dominion or invalidated
as unconstitutional by the Supreme Court of Canada.
In addition, 6 other
therefor.
measures
videg),
CANADA
the
The bond order provides
12 VtC. 1938 levy for bond and interest require¬
levy each year thereafter sufficient to pay principal
and interest giving due consideration to delinquencies.
The proposed levy
for 1938 is 43Mc. bond, interest and sinking fund, and 56|^c. maintenance.
manner
building program it would be based upon a Government grant.
Therefore
the amount of bonds submitted to the voters would represent the school
district's part of the program.
"Finally,
where
you are advised that should this program develop to the point
election will be held, the daily press of this city will carry ample
an
notices of the
I shall be glad to advise you of any further develop¬
same.
ments."
British
LAWN SCHOOL DISTRICT ,P. O.
Lawn), Texas—BONDS SOLD—It
is reported that $10,000 school bonds have be6n
purchased by the State
Board of Education.
MELVIN
INDEPENDENT SCHOOL DISTRICT (P. O. Melvin),
Texas—BONDS SOLD—It is stated by the Secretary of the Board of Edu¬
$37,500 construction bonds approved by the voters on Feb.
26, as noted in these columns, have been purchased by the State Board of
Education.
cation that the
MESQUITE INDEPENDENT SCHOOL DISTRICT (P. O. Mesauite),
Texas—BONDS SOLD—It is reported that $30,000 4% semi-annual con¬
bonds have
serially in 25
been
sold
to
the
State
Board
of Education.
years.
Due
.
"palmer independent school district (P. o. Palmer),
Texas—BONDS SOLD—It is stated by the Superintendent of Schools that
$10,000 construction bonds have been purchased by the State Board of
Education.
TEXAS
CITY, Texas<—BOND SALE—The $45,000 issue
sewer
bonds
purchased by the J.
of 5% semi¬
146, p. 3847—was
Phillips Investment Co. of Houston, according to
offered
R.
for
sale
on
June
15—V.
The provisions of the
Act
two
measures
imposes
a
tax of
2% on the unpaid principal
sum of all mortgages on property in the Province.
The tax became due
and payable on June 1, 1938.
For failure to pay the tax, there is a penalty
of 5% of the tax for every month of default.
The tax is imposed on all
mortgages whether held by residents of Alberta or otherwise, except that
a certain discrimination is made in favor of certain residents of the
Province,
depending upon the extent to which they are liable for income tax in the
The tax is payable regardless of the real value of the security,
the actual income derived from the mortgage.
CANADA
(Dominion of)—ENDS FISCAL YEAR WITH $13,775,000
DEFICIT—Hon. Charles Dunning, Minister of Finance, recently reported
that the Government operated at a deficit of $13,775,000 during the 19371938 fiscal year which ended March 31 last.
This compares with a de¬
ficiency of $78,000,000 in the preceding fiscal period and an estimated
budgeted deficit for 1938-1939 of $22,900,000.
Revenues in the recent
amounted to $516,692,000, as against disbursements of $530,467,000.
Comparable figures as budgeted for 1938-1939 are $501,700,000 and $524,600,000.
Failure to record a surplus, instead of a deficit for the last fiscal
year, was attributed by the Finance Minister to an increase of over $20,000,000 in Federal expenditures due to the crop failure in Western Canada,
a $7,000,000 increase in deficit of the Canadian National
Railways, and a
boost of $5,000,000 in the Government's annuities reserve.
Although the
Dominion's funded debt has increased by more than one billion dollars dur¬
ing the depression years, favorable interest cost on new borrowings, coupled
with the refinancing at lower cost of outstanding debt, has lowered the
annual interest cost to a level comparable to that which was required prior
to incurrence of the additional obligations.
"Pump-priming" to stimulate
business activity was scored by the Prime Minister as futile "if at the same
time we dry up the springs of private iniative which feed the well."
year
ELMIRA, Ont.—BOND SALE DETAILS—'The $83,000 3H % improve¬
ment bonds purchased by the Dominion Securities Corp. of Toronto asreported in V. 146, p. 4002, were sold at a price of 101.75, a basis of about
FOREST
HILL, Ont.—BOND
146,
p.
The second
highest bid was an offer of $25,810 premium,
Halsey, Stuart & Co., Inc., of New York.
OFFERED FOR INVESTMENT—'The
the above bonds for general
successful
Va .—BOND OFFERING— Sealed bids will be re¬
July 11 by A. M. Hamilton, City Clerk, for the
purchase of a $98,000 issue of high school
building bonds.
Interest rate
is
not to exceed
6%, payable J. & J.
Dated July 1, 1938.
Denom.
fi.OOO
Due July 1 as follows: $3,000 in 1939 and 1940, $4,000 in 1941
to 1944, $5,000 in 1945 to
1951, $6,000 in 1952 to 1957 and $5,000 in 1958.
Rate of interest to be in
multiples of M or l-10th of 1 %, and must be the
all of the bonds.
Principal and interest payable at the City Treas¬
office.
Tne approving opinion of
Thomson, Wood & Hoffman of
New York, will be furnished.
Enclose a certified check for 2% of the par
amount of bonds bid for,
payable to the City Treasurer.
same for
urer s
our
purchased
re-
on
(Tnis notice supplements the offering report given in
146, p. 3847.)
Rale Bid
issue of $86,936
3%, 10,
Young, Weir <& Co.
Bidder—
Rate Bid
99.128
Dominion Securities Corp
97.897
99.11
Bell, Gouinlock & Co
97.08
98.635
Harrison & Co
97.06
Fairclough & Co
Bros., Inc
96.41
98.27
J. L. Graham & Co,
R. A. Daly & Co
a
bidders
NEWPORT NEWS,
m.
SALE—An
awarded to McLeod,
97.03
Hanson
98.13
98.03
MISSION, B. C.—BOND SALE—A. E. Ames & Co. of Toronto have
offered by
subscription at prices to yield from
0.50% to 2.75%, according to maturity.
ceived until 2 p.
was
Other bids:
Royal Securities Corp
Wood, Gundy & Co
Dyment, Anderson & Co
Cochran, Murray & Co
to 1973.
BONDS
Toronto, at 99.37.
Bidder—
4001—was awarded to a group composed of B. J. Van
Ingen & Co. of New York, the First of Michigan Corp., and Frederick E.
Nolting, Inc., of Richmond, paying a premium of $26,885, equal to 105.337,
a basis of about
2.58%.
Dated June 15, 1938. Due from June 15, 1939
issue of June 11—
Va.—BONDS VOTED—At the election held on June 14
—V. 146, p. 3847—the voters
approved the issuance of the $135,000 not
to exceed 4% semi-annual
water and sewer bonds by a count of
227 to 176.
It is stated
by the City Clerk that these bonds will be offered for sale in
September.
an
issue of $30,000 4% improvement bonds at a price of 101.20,
Due from 1939 to 1944, inclusive.
basis of about 3.62%.
QUEBEC (Province of) TO ACQUIRE NORANDA POWER PLANT—
Premier Duplessis stated at a recent press conference tnat the Province was
taking
over
the Noranda Power
Cov incorporated in July, 1934,
as a
wholly-
owned
subsidiary of Noranda Mines, Ltd.
While no details were made
by the Premier, he indicated that the cost to the Province will be
relatively small, and that it is intended to develop a distributing system that
will serve the mining area of northern Quebec.
Immediate development,
he stated, will be of 40,000 horsepower.
available
RIMOUSKI, Que—BIDS REJECTED—George D'Auteuil, SecretaryTreasurer, informs us of the rejection of all of the bids submitted for the
$62,500 4% improvement bonds offered June 26—V. 146, p. 40u2.
They
were as
follows:
Bidder—
Rale Bid
Clemens, Simmons & Co,;
McLeod, Young, Weir & Co
La Banque Canadienne Nationale
La Corporation de Pret,,_
Dube, Leblond & Co
:
98.68
98.57
—
—
-
—-
98.54
98.26
97.78
L. G. Beaubien & Co
—
96.88
ST. JEANNE DE CFANTAL, Que.—BcND OFFERING—The school
commissioners will receive tenders up to 8 p. m., June 27, for the purchase
of $50,000
30-year serial bonds, dated June 1, 1938, and payable at
Montreal and Pointe Claire.
Alternative bit s are asked for bonds carry¬
,
WISCONSIN
ing 3y2%
FINDLAY PARK SANITARY WATER
DISTRICT (P. O. Madison),
BOND SALE—-A $25,000 issue of
sanitary water main, special assess¬
ment, bonds was offered for sale on
May 24 and was purchased by the
Northwestern Securities Co. of Madison as
5J^s at a price of 95.00, accord-,
ing to the District Secretary.
Wis.
GLENDALE (P. O. Kendall), Wis.—BOND
OFFERING POSTPONED
Vs r®P.ort,? that the offering of the $12,000 3% semi-annual highway
bonds originally scheduled for June
18, as noted in these columns—V. 146,
for the first five
years,
these maturities being guaranteed by-
provincial government grants, and the balance at the rate of 4%.
A
second offer to be at the uniform rate of 3 lA % for all bonds,
including those
guaranteed by the province.
R. Ranger, Secretary-Treasurer, 10 Brise du
Lac, Valois, Pointe Claire.
ST. PIERRE AUX LIENS, Que.—BONDS NOT SOLD—E. Brisebois,
Secretary-Treasurer of the school commission reports that no oids
submitted for the $25,000 4% 30-year serial bonds offered June 7.
were
.
fe.000f™mAp?rif?M?tri943jSmber' Dated June l'
1938'
Due
HIGHLAND, Wis.
BOND OFFERING—It is
reported that sealed bids
received until June 25,
by Thomas Muldowney, Village Clerk, for the
purchase of $2,iit 0 4% semi-ann. water works
pumo bonds.
Dated June 1,
were
-1
in
in'^n
1949;
on March * as follows: $500 in 1947; $1,000
in 1948, and $500
redeemable at any interest date after March
1, 1943.
(P*
m
®oc?nnePreyin I
*
'
Wis.—B01VD OFFERING—It
^°.Wn Clerk. wW offer for sale on June 29,
$32,000 issue of road improvement bonds.
$4,000 from Aug. 1, 1939 to 1946, inclusive.
a
in
extremely vague, particularly with regard to
are
the rights of the creditor.
The Securities Tax Act
VIRGINIA
ALEXANDRIA, Va.—BOND SALE—The $500,000 issue of 3% coupon
funding bonds offered for sale on June
semi-ann. public improvement and
V.
The
on the final order of foreclosure or sale.
The Act applies to mortgages executed up to March 1, 1938, and makes
distiction between debtors who are able to pay and those who are not.
15 and 20-instalment bonds
__
Act.
debtor
of
offered
American
no
report.
20—V.
North
Province,
LAMKIN SCHOOL DISTRICT
(P. O. Lamkin), Texas—BONDS
SOLD—It Is stated by the District Secretary that $4,000 4% semi-annual
construction bonds have been purchased by the State Board of Education.
annual
of the
question were described in the Prime Minister's message as follows:
The Act for the security of home owners prohibits the commencement
or continuance of all proceedings for the foreclosure of
mortgages, or sale,
under mortgage, on a farm-home.
This includes the quarter-section of
land on which the house is situated.
Similarly, under the statute in ques¬
tion, proceedings are prohibited in the case of all mortgages on urban
homes unless the creditor deposits $2,000, which sum is
payable to the
or
struction
under consideration by the Department of Justice and
injurious to the public interest of Canada and contrary to the clear
intention"
HOUSTON INDEPENDENT SCHOOL DISTRICT
(P. O. Houston),
Texas—BOND OFFERING NOT CONTEMPLATED—The following letter
was sent to us on June 21 by H. L. Mills, Business Manager of the district:
"With reference to your recent letter in re a proposed two million dollar
bond issue, permit me to advise you that at this time there is
nothing
definite about this proposition.
The Board of Education has merely ordered
a study made showing the present needs as well as the future needs for
the
next three years, the study to include new buildings needed, new class¬
rooms needed, repairs to present buildings, &c.
"The study is now being made, and as soon as It is finished it will be
submitted to the Board of Education for the Board's study, after which
time the decision will be reached as to whether or not a building program
will be ordered.
I feel quite sure that should the Board determine on the
now
are
Superintendent of Insurance.
In announcing disallowance of the two Acts on June 15, Premier
King
stated that the Government of Alberta "has deliberately legislated in a
ments on this issue and a
Dated Aug.
1.
is reported
at 2 p. m.,
1938.
Due
RUSK COUNTY (P. O.
Ladysmith), Wis.—MATURITY—It is now
stated by the County Clerk that the
$94,000 highway bonds purchased
by
Harley, Haydon & Co. of Madison as 3s at a
price of
103.59,
?Ln and $44,000 in ^•^00^~are d^e .on March 1
?^1 iTT^bnl6,
1940
1941,
giving a basis of about
as
noted here
as follows: $50,000 in
1.40%.
«innnn^ C°lfI!!XYsemi-ann. £a£le River)» Wis.—BOND
(P-' °'
$16,000 issue of 4%
SALE— The
highway, Series I bonds offered for sale on
14—V. 146, p. 3558—was purchased
by Harley, Haydon & Co. of
Madison, paying a premium of $285, equal to
101.78
June
-
TORONTO, Ont.—BONDED DEBT—City's gross debenture debt out¬
standing on Dec. 31, 1937, was $167,425,349, Auditor Sholto C. Scott
reported June 14 to the Board of Control.
Of this amount, he revealed,
sinking fund debentures amounted to $43,001,075, and serial debentures,
not covered by the
sinking fund but provided for directly by payments
from revenue, amounted
The City Auditor,
to
$124,424,274.
presenting nis annual report on the sinking fund, said
made by the City Treasurer from the sinking fund
during 1937.
The expenditure made out of the fund was for sinking fund
purposes, and for the redemption of debentures before maturitv
no
borrowings
were
VICTORIA, B. C.—REFUNDING HELD VALID—In an unanimous
decision this week, the British Columbia court of appeal recently held that
the City Debt
Refunding
1937 was valid, and was within the
In handing down the judgment.
regarded the legislation as being in the
a
moratorium legislation, and therefore within the jurisdiction
of the province.
The act was attacked by J. Day, Victoria merchant, who
sued as a ratepayer and holder of a $100 Victoria debenture. He contended
the statute was invalid on the
ground it affected property and civil rights
outside the province, and that it conficted with Dominion interest laws.
Justice H. B. Robertson of the British Columbia
Supreme Cpurt had pre¬
viously found the act unconstitutional, and granted plaintiff an injunction
against Victoria to prevent the city taking further proceedings under the
Act
of
powers of the provincial legislature.
Chief Justice A. Martin stated he
nature
of
—statute.
;us. ADM.
IU6RARV
jun 1 3
TWO SECTIONS—SECTION
REVENUE ACT OF
A
Commercial
338
TWO
1938
SECTION OF THE
Financial Chronicle
&
Copyrighted in 1938, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of
Congress, Washington, D. C.
VOL. 146.
NEW
YORK, JUNE 11 1938.
NO. 3807.
■
'
REVENUE ACT OF
<
1938
FULL TEXT AS IT BECAME A LAW MAY 27 1938, WITHOUT
PRESIDENT'S SIGNATURE
INDEX TO TITLES
TITLE
I—Income Tax
Subtitle
_Page
A—Introductory Provisions
Part
Part
...
II—Computation of Net Income
Part
V—Returns and Payment of Tax
VI—Miscellaneous Provisions.
of Accounting
3
Supplement M—Interest and Additions
Supplement N—Claims
7
9
9
Supplement B—Computation of Net Income
Supplement C—Credits Against Tax
to
1.5
15
17
18
Supplement G—Insurance Companies
Supplement H—Nonresident Alien Individuals
TITLE
lg
AN ACT
IA—Personal
TITLE
18
TITLE
TITLE
20
23
24
25
TITLE
Orders of the Securities and
Exchange
25
Holding Companies
26
II—Estate and Gift Taxes
...
28
....
III—Capital Stock and Excess-Profits Taxes
28
IV—Excise Taxes.
TITLE
20
I—Foreign Corporations
J—Possessions of the United States.
22
Fidu¬
Commission
Supplement F—Partnerships
Supplement
and
23
10
...
Supplement D—-Returns and Payment of Tax
Supplement E—Estates and Trusts
to the Tax
Transferees
Supplement O—Overpayments
Supplement P—Foreign Personal Holding Companies...
Supplement Q—Mutual Investment Companies
Supplement R—Exchange and Distributions in Obedience
9
Supplement A—Rates of Tax
Against
ciaries
8
C—Supplemental Provisions
Supplement
\(Concluded)—
C—(Concluded)—
Supplement K—China Trade Act Corporations..
Page 21
Supplement L—Assessment and Collection of Deficiencies
21
4
IV—Accounting Periods and Methods
Subtitle
I
Subtitle
7
III—Credits Against Tax
Part
Part
TITLE
3
I—Rates ofTax
Part
2
2
Subtitle B—General Provisions
29
V—Miscellaneous Provisions
m
30
,
VI—General Provisions
32
TO PROVIDE REVENUE, EQUALIZE TAXATION,
AND FOR OTHER PURPOSES
B' it enacted
by the Senate and House of Representatives of the United States of America in Congress assembled. That this Act, divided into titles and
section
according to the following Table of Contents,
TABLE
OF
may
be cited
as
the "Revenue Act of 1938";
CONTENTS
SUBTITLE
Sec.
1.
I—INCOME
Part V—Returns and Payment of Tax
Sec. 51.
TAX
A—INTRODUCTORY PROVISIONS
Application of title.
Individual returns.
Sec. 52.
TITLE
Corporation returns.
Sec. 53.
Time and place for filing returns.
Classification of provisions.
Sec. 4.
SUBTITLE
Payment of tax.
Examination of return and determination of tax.
Sec. 58.
Additions to tax and penalties.
Sec. 59.
Administrative proceedings.
Sec. 61.
B—GENERAL PROVISIONS
Records and
Sec. 57.
Special classes of taxpayers.
'
Publicity of returns.
Sec. 56.
Cross references.
Sec. 3.
Sec. 54.
Sec. 55.
Sec. 2.
Laws made applicable.
specialj-eturns.
Part I—Rates of Tax
Sec.
11.
Normal tax
Sec.
12.
Surtax
Sec.
13.
on
on
Part VI—Miscellaneous Provisions
individuals.
individuals.
Tax
on
corporations in general.
Sec.
14.
Tax
on
special classes of corporations.
Sec.
15.
Corporate taxes effective for two taxable
Part
Sec. 21.
Sec. 62.
Rules and regulations.
Bee. 63.
Taxes in lieu of taxes under
^
1936]Act.
years.
SUBTITLE
II—Computation of Net Income
Net income.
C—SUPPLEMENTAL PROVISIONS
Supplement A—-Rates of Tax
Sec. 22.
Gross income.
Sec. 23.
Deductions from gross income.
Sec. 24.
Items not deductible.
Sec.
101.
Sec. 25.
Credits of individual against net income.
Sec. 26.
Sec. 27.
on
corporations.
Surtax on corporations improperly accumulating surplus.
Rates
Credits of corporations.
of
tax
on
citizens
and
corporations
countries.
Sec.
Consent dividends credit.
104.
Sec.
Corporation dividends paid credit.
Sec. 28.
Exemptions from tax
Sec. JL02.
Sec. 103.
105.
Sec. 106.
of
certain
foreign
•
Banks and trust companies.
Sale of oil
or gas
properties.
Claims against United States involving acquisition of property.
Part III—Credits Against Tax
Sec. 31.
Taxes withheld at
Sec. 33.
Credit for overpayments.
Supplement B—Computation of Net Income
Taxes of foreign countries and possessions of United States.
Sec. 32.
Part
source.
.4
Sec.
ill.
Determination of amount of, and recognition of, gain or loss.
Sec.
112.
Recognition of gain or loss.
Sec.
113.
Adjusted basis for determining gain or loss.
Sec.
114.
Basis for depreciation and depletion.
Sec.
IV—Accounting Periods and Methods of Accounting
115.
Distributions by corporations.
Exclusions from gross income.
Sec. 41.
General rule.
Sec. 42.
Period in which items of gross income included.
Sec.
116-
Sec. 43.
Period for which deductions and credits taken.
Sec.
117.' Capital gains and losses.
Sec. 44.
Installment basis.
Sec. 118.
Sec. 45.
Allocation of income and deductions.
Sec. 46.
Change of accounting period.
Sec. 47.
Returns for
Sec. 48.
Definitions.
a
Sec.
..
period of less than twelve months.
•
119-
Sec. 120.
Sec.
121.
"
!
.
Loss from wash sales of stock or securities.
Income from sources within United States.
Unlimited deduction for charitable and other contributions.
Deduction of dividends paid on certain preferred stock of certain
corporations.
4156
Financial
Chronicle
June 25, 1938
the Dallas National
Bank, both of Dallas, paying a premium of $6,675.
Due serially over a 20-year period.
equal to 101.78.
WYOMING
BONDS OFFERED FOR INVESTMENT—'The above purchasers reoffered the said bonds for public subscription at prices ranging from 0.40%
basis for the 1939 maturity to 2.40% for the 1958 maturity.
BENAVIDES
INDEPENDENT
SCHOOL
CHEYENNE, Wyo.—ADDITIONAL INFORMATION— In connection
refunding bonds exchanged with the holders of the original
with the $50,000
bondfi,
(P. O. Benavideg), Texaa— BONDS OFFERED FOR INVESTMENT—An issue of
$175,000 5% school house bonds, series of 1938, is being offered by the
Iianson-Davidson Co. of San Antonio, for public subscription at prices to
yield from 1.25% to 4.00%, according to maturity.
Denom. $1,000.
Dated May 20, 1938.
Due from May 20, 1939 to 1958 incl.
Prin. and
int. (M. & N. 20) payable at the Central Hanover Bank & Trust Co.,
New York City.
Legality to be approved by Chapman & Cutler of Chi¬
cago, and the Attorney General of Texas.
These bonds, authorized at an election, constitute direct and general
obligations of the entire district and are payable from ad valorem taxes levied
on all the taxable
property located therein, within the limits imposed by
law, and are issued for the purpose of constructing and equipping public
free school buildings of other than wood material and the purchase of sites
from Dec.
1. 1943 to 1947 incl.
CANADA
ALBERTA
(Province of)—DOMINION DISALLOWS TWO "DEBT
ADJUSTMENT" ACTS—Premier Mackenzie King announced June 15
tbe disallowance by the Dominion Government of two more provincial laws,
both of which were enacted at the 1938 session of the Alberta legislature as
so-called debt adjustment laws.
The two measures were the Home Owners'
Security Act and the Securities Tax Act.
The government's action in¬
creased to a total of 13 the number of social credit enactments which have
been outlawed, either through disallowance by the Dominion or invalidated
as unconstitutional by the Supreme Court of Canada.
In addition, 6 other
measures are now under consideration by the
Department of Justice and
therefor.
The bond order provides 12He.
noted in our issue of June 18—V. 146, p. 4002—it is stated by
Clerk that the bonds bear interest at 3H%. and mature $10,000
as
the City
DISTRICT
the
1938 levy for bond and interest require¬
Superintendent of Insurance.
announcing disallowance of the two Acts
In
ments on this issue and a
levy each year thereafter sufficient to pay principal
and interest giving due consideration to delinquencies.
The proposed levy
for 1938 is 43He. bond, interest and sinking fund, and 56He. maintenance.
on June 15, Premier King
Government of Alberta "has deliberately legislated in a
injurious to the public interest of Canada and contrary to the clear
stated that the
manner
intention"
HOUSTON INDEPENDENT SCHOOL DISTRICT (P. O. Houston),
Texas—BOND OFFERING NOT CONTEMPLATED—The following letter
of
the
British
North
American
The
two
measures
in
June 21 by H. L. Mills, Business Manager of the district:
"With reference to your recent letter in re a proposed two million dollar
issue, permit me to advise you that at this time there is nothing
definite aoout this proposition.
The Board of Education has merely ordered
were described in the Prime Minister's message as follows:
The Act for the security of home owners prohibits the commencement
continuance of all proceedings for the foreclosure of
mortgages, or sale,
was sent to us on
or
bond
under mortgage, on a farm-home.
land on which the house is situated.
study made showing the present needs as well as the future needs for the
the study to include new buildings needed, new class¬
needed, repairs to present buildings, &c.
"The study is now being made, and as soon as it is finished it will be
submitted to the Board of Education for the Board's study, after which
time the decision will ne reached as to whether or not a building
program
will be ordered.
I feel quite sure that should the Board determine on the
building program it would be based upon a Government grant.
Therefore
the amount of bonds submitted to the voters would
represent the school
district's part of the program.
"Finally, you are advised that should this program develop to the point
where an election will be held, the daily press of this
city will carry ample
notices of the same.
I shall be glad to advise you of any further develop¬
This includes the quarter-section of
Similarly, under the statute in ques¬
in the case of all mortgages on urban
homes unless the creditor deposits $2,000, which sum is
payable to the
tion,
a
ments."
LAWN SCHOOL DISTRICT ,P. O. Lawn), Texas—BONDS SOLD—It
is reported that $10,000 school bonds have been
purchased by the State
Board of Education.
MELVIN
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Melvin),
Texas—BONDS SOLD—It is stated by the Secretary of the Board of Edu¬
cation that the $37,500 construction bonds
approved by the voters on Feb.
26, as noted in these columns, have been purchased by the State Board of
Education.
MESQUITE INDEPENDENT SCHOOL DISTRICT (P. O. Mesouite),
Texas—BONDS SOLD—It is reported that $30,000 4% semi-annual con¬
struction
bonds
serially in 25
have
been
sold
to
the
State Board of Education.
years.
Due
.
"PALMER INDEPENDENT SCHOOL DISTRICT (P. O. Palmer),
Texas—BONDS SOLD—It is stated by the Superintendent of Schools that
$10,000 construction bonds have been purchased by the State Board of
Education.
TEXAS CITY, Texas'—BOND SALE—The $45,000 issue of
5% semi¬
sewer
bonds offered for sale on June 15—V. 146, p. 3847—was
purchased by the J. R. Phillips Investment Co. of Houston,
according to
annual
the final order of foreclosure
on
the rights
of the creditor.
The Securities Tax Act imposes a tax of 2% on
of all mortgages on property in the Province.
payable on June 1, 1938.
For failure to pay the tax, there is a penalty
of 5% of the tax for every month of default.
The tax is imposed on all
mortgages whether held by residents of Alberta or otherwise, except that
certain discrimination is made in favor of certain residents of the Province,
depending upon the extent to which they are liable for income tax in the
Province.
The tax is payable regardless of the real value of tbe security,
a
the actual income derived from the mortgage.
CANADA
(Dominion of)—ENDS FISCAL YEAR WITH $13,775,000
DEFICIT—Hon. Charles Dunning, Minister of Finance, recently reported
that the Government operated at a deficit of $13,775,000 during the 19371938 fiscal year which ended March 31 last.
This compares with a de¬
ficiency of $78,000,000 in the preceding fiscal period and an estimated
budgeted deficit for 1938-1939 of $22,900,000.
Revenues in the recent
year amounted to $516,692,000, as against disbursements of $530,467,000.
Comparable figures as budgeted for 1938-1939
are $501,700,000 and $524,a surplus, instead of a deficit for the last fiscal
attributed by the Finance Minister to an increase of over $20,000,000 in Federal expenditures due to the crop failure in Western Canada,
a $7,000,000 increase in deficit of the Canadian National
Railways, and a
boost of $5,000,000 in the Government's annuities reserve.
Although the
Dominion's funded debt has increased by more than one billion dollars dur¬
ing the depression years, favorable interest cost on new borrowings, coupled
with the refinancing at lower cost of outstanding debt, has lowered the
annual interest cost to a level comparable to that which was required prior
to incurrence of the additional obligations.
"Pump-priming" to stimulate
business activity was scored by the Primo Minister as futile "if at the same
time we dry up the springs of private iniative which feed the well."
Failure to record
600,000.
year,
was
ELMIRA, Ont.—BOND SALE DETAILS—The, $83,000 3H% improve¬
bonds purchased by the Dominion Securities Corp. of Toronto asp. 4002, were sold at a price of 101.75, a basis of about
3.37%.
ment
feported in V. 146,
FOREST HILL,
Ont.—BOND
15 and 20-instalment bonds
VIRGINIA
Nolting, Inc., of Richmond, paying a premium of $26,885, equal to 105.337,
basis of about 2.58%.
Dated June 15, 1938.
Due from June 15, 1939
highest bid
was
an
offer of $25,810
Halsey, Stuart & Co., Inc., of New York.
BONDS
OFFERED
FOR
premium, offered by
INVESTMENT—The
successful
bidders
98.27
J. L. Graham & Co~
98.13
It. A. Daly & Co
NEWS, Va .—BOND OFFERING—Sealed bids will be re¬
p. m. on July 11 by A. M. Hamilton, City
Clerk, for the
$98,000 issue of high school building bonds.
Interest rate
is not to exceed
6%, payable J. & J.
Dated July 1, 1938.
Denom.
$1,000.
Due July 1 as follows: $3,000 in 1939 and
1940, $4,000 in 1941
to 1944, $5,000 in 1945 to
1951, $6,000 in 1952 to 1957 and $5,000 in 1958.
a
Rate of interest to be in multiples of
H or l-10th of 1%, and must be the
for all of the bonds.
Principal and interest payable at the City Treas¬
urer's office.
Tne approving opinion of Thomson, Wood & Hoffman of
New York, will be furnished.
Enclose a certified check for 2% of the
par
amount of bonds bid for,
payable to the City Treasurer.
(This notice supplements the offering report given in our issue of June
11—
same
V. 146, p. 3847.)
WYTHEVILLE, Va.—BONDS
—V,
146,
to exceed
It
is
p.
3847—the
voters
4% semi-annual
stated
VOTED—At the election held on June 14
approved the issuance of the $135,000 not
water and sewer bonds
by the City Clerk that these bonds
by
will
September.
of 227 to 176.
be offered for sale in
Secretary.
Kendall), Wis.—BOND OFFERING POSTPONED
——It is reported that the
offering of the
boaos originally scheduled for June
$12,000 3% semi-annual highway
18, as noted in these columns—V. 146,
P- 3848
was postponed until September.
Dated June 1, 1938.
Due
$4,000 from April 1, 1941 to 1943, incl.
received until June
BOND OFFERING—It is reported that sealed bids
25, by Thomas Muldowney, Village Clerk, for the
purchase of $2,ut 0 4% semi-ann. water works numo
bonds.
l93^Due on March 1 as fellows: $500 in
1947; $1,000 in
1949; redeemable at
any interest date after March
(P,9* Wo°dman), Wis.—BOND
thloo°^PreymIlier' ^°.wn Clerk- wiU offer for
$32,000 issue of road
a
improvement bonds.
$4,000 from Aug. 1, 1939
97.897
97.08
.97.06
Fairclough & Co
Hanson Bros., Inc
97.03
96.41
MISSION, B. C.—BOND SALE—A. E. Ames & Co. of Toronto have
an issue of $30,000 4% improvement bonds at a price of 101.20,
Due from 1939 to 1944, inclusive.
QUEBEC (Province of)
TO ACQUIRE NORANDA POWER PLANT—
Premier Duplessis stated at a recent press conference tnat the Province was
taking
the Noranda Power Cov incorporated in July, 1934, as a whollyowned subsidiary of Noranda Mines, Ltd.
While no details were made
available by the Premier, he indicated that the cost to the Province will be
relatively small, and that it is intended to develop a distributing system that
will serve the mining area of northern Quebec.
Immediate development,
he stated, will be of 40,000 horsepower.
over
RIMOUSKI, Que.—BIDS REJECTED—George D'Auteuil, SecretaryTreasurer, informs us of the rejection of all of the bids submitted for the
$62,500 4% improvement bonds offered June 2b—V. 146, p. 40u2.
They
were as
follows:
•
,
Bidder-—
.
Rate Bid
Clemens, Simmons & Co
McLeod, Young, Weir & Co..
La Banque Canadienne Nationale....
La Corporation de Fret
Dube, Leblond & Co__
L. G. Beaubien & Co-__
—
..98.68
98.57
—
—
----—
98.54
98.26
97.78
96.88
ST. JEANNE DE CHANTAL, Que.—BuVD OFFERING—The school
commissioners will receive tenders up to 8 p.m., June 27, for the purchase
$50,000,
30-year serial
Dated June 1
1948, and $500
1, 1943.
OFFERING—It is reported
sa'e on June 29, at 2 p. m.,
Dated Aug.
1.
1938
Due
1,
dated June
bonds,
Montreal and Pointe Claire.
FINDLAY PARK SANITARY WATER
DISTRICT (P. O. Madison),
Wi«.—BOND SALE—A $25,000 issue of
sanitary water main, special assess¬
bonds was offered for sale on
May 24 and was purchased by the
Northwestern Securities Co. of Madison as
5Hs at a price of 95.00, accord¬
to the District
HIGHLAND, Wis.
Rate Bid
basis of about 3.62%.
ing 3H%
ment,
were
Bidder—
purchased
of
GLENDALE (P. O.
3%, 10,
Weir & Co.
a count
WISCONSIN
ing
of $86,936
98.03
re-
NEWPORT
purchase of
issue
99.128 Dominion Securities Corp
Cochran, Murray & Co
offered
ceived until 2
Rate Bid
Royal Securities Corp
a
the above bonds for general
subscription at prices to yield from
0.50% to 2.75%, according to maturity.
SALE— An
awarded to McLeod, Young,
Wood, Gundy & Co
99.11
Bell, Gouinlock & Co__
Dyment, Anderson & Co__«__98.635 Harrison & Co
to 1973.
The second
was
Other bids:
Bidder—
a
the unpaid principal
The tax became due
and
of Toronto, at 99 37.
of 3% coupon
semi-ann. public improvement and
funding bonds offered for sale on June
20—V. 146, p. 4001—was awarded to a
group composed of B. J, Van
Ingen & Co. of New York, the First of Michigan Corp., and Frederick E.
sale.
sum
report.
ALEXANDRIA, Va.—BOND SALE—The $500,000 issue
or
The Act applies to mortgages executed up to March 1, 1938, and makes
distiction between debtors who are able to pay and those who are not.
The provisions of the Act are extremely vague, particularly with regard to
no
or
LAMKIN SCHOOL DISTRICT
(P. O. Lamkin), Texas—BONDS
SOLI)—It is stated by the District Secretary that $4,000 4% semi-annual
construction bonds have been purchased by the State Board of Education.
proceedings are prohibited
debtor
next three years,
rooms
in
Act.
q'uestion
Alternative bic
s
are
1938, and payable at
asked for bonds carry¬
these maturities being guaranteed by
provincial government grants, and the balance at the rate of 4%.
A
second offer to be at the uniform rate of 3 H % for al1 bonds, including those
for the first five
years,
Karanteed by the province. R. Ranger, Secretary-Treasurer, 10 Brise du
c, Yalois, Pointe Claire.
ST. PIERRE AUX LIENS, Que.—BONDS NOT SOLD—E. Brisebois,
Secretary-Treasurer of the school commission reports that no oids
submitted for the $25,000 4% 30-year serial bonds offered June 7.
TORONTO, Ont.—BONDED DEBT—City's
standing
on
Dec.
reported June 14
31,
1937,
was
$167,425,349,
to the Board of Control.
were
debenture debt out¬
Auditor Sholto C. Scott
gross
Of this amount,
he revealed,
sinking fund debentures amounted to $43,001,075, and serial debentures,
not covered by the sinking fund but provided for directly
by payments
from revenue, amounted to $124,424,274.
■
The City Auditor, presenting nis annual report on the sinking fund, said
no
borrowings were made by the City Treasurer from the sinking fund
during 1937.
The expenditure made out of the fund was for sinking fund
purposes, and for the redemption of debentures before maturitv
VICTORIA, B. G.—REFUNDING HELD VALID—In
an
unanimous
decision this week, the British Columbia court of appeal recently held that
the City Debt
Refunding
(P. O. Ladysmith), Wis.—MATURITY—It is now
highway bonds purchased by
price of 103.59, as noted here
i
§77yibn16'^f00^"Tare d^e on March 1 as follows: $50,000 in
1940 and $44,000 in 1941,
giving a basis of about
of 1937 was valid, and was within the
powers of the provincial legislature.
In handing down the judgment,
Chief Justice A. Martin stated he regarded the legislation as being in the
nature of a moratorium
legislation, and therefore within the jurisdiction
of the province.
The act was attacked by J. Day, Victoria merchant, who
sued as a ratepayer and hoider of a $100 Victoria debenture. He contended
the statute was invalid on the ground it affected property and civil
rights
«iYnnn^ CO*i^XYsemi-ann. f*a?le River>»
(P/ °*
of 4%
outside the province, and that it conficted with Dominion interest laws.
Justice H. B. Robertson of the British Columbia Supreme
Cpurt had pre¬
to
1946, inclusive.
RUSK COUNTY
stated by the County Clerk that the
$94,000
Harley. Haydon & Co. of Madison as 3s at a
1.40%.
$16,000
June
issue
14—\.
highway, Series
Wis.—BOND SALE— The
I bonds offered for sale
on
146, p. 3558—was purchased by
Harley, Haydon & Co. of
Madison, paying a premium of $285, equal to
101.78
Act
viously found the act unconstitutional, and granted plaintiff an injunction
against Victoria to prevent the city taking further proceedings under the
statute.
jun 1 3 ,338
TWO SECTIONS—SECTION
TWO
REVENUE ACT OF
A
Commercial
1938
SECTION OF THE
•
Financial Chronicle
&
Copyrighted in 1938, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress,
Washington, D. C.
*
VOL. 146.
NEW YORK, JUNE
11
1938.
REVENUE ACT OF
NO. 3807.
1938
FULL TEXT AS IT BECAME A LAW MAY 27 1938, WITHOUT PRESIDENT'S SIGNATURE
INDEX TO TITLES
TITLE
I—-Income Tax
Subtitle
Page
A—Introductory Provisions
Part
Part
\{Concluded)—
C—'(Concluded)—
Supplement K.—China Trade Act Corporations..
..Page 21
Supplement L—Assessment and Collection of Deficiencies
21
4
V—Returns and Payment of Tax
Supplement M—Interest and Additions
7
IV—Accounting Periods and Methods of Accounting
Supplement N—Claims
7
Against
to the Tax
Transferees
and
22
Fidu¬
ciaries
23
8
C—Supplemental Provisions
Supplement O—Overpayments
9
VI—Miscellaneous Provisions
Subtitle
I
Subtitle
3
II—Computation of Net Income..
III—Credits Against Tax
Part
Part
TITLE
3
I—Rates of,Tax
Part
Part
2
2
Subtitle B—General Provisions
Supplement P—Foreign Personal Holding Companies
Supplement Q—Mutual Investment Companies
9
Supplement A—Rates of Tax
9
23
...
24
25
Supplement R—Exchange and Distributions in Obedience
Supplement B—Computation'of Net Income
10
to
Supplement C—Credits Against Tax
15
Commission
Supplement D—'Returns and Payment of Tax
Supplement E—Estates and Trusts....
15
Supplement F—Partnerships
18
17
TITLE
IA—Personal
TITLE
TITLE
Supplement G—Insurance Companies
18
Supplement H—Nonresident Alien Individuals
19
Supplement
I—Foreign Corporations
20
J—Possessions of the United States
20
TITLE
AN
Exchange
25
Holding Companies...
26
II—Estate and Gift Taxes..
28
......
III—Capital Stock and Excess-Profits Taxes
TITLE
Supplement
TITLE
Orders of the Securities and
28
IV—Excise Taxes
29
V—Miscellaneous Provisions
30
VI—General Provisions
32
ACT TO PROVIDE REVENUE, EQUALIZE TAXATION,
AND FOR OTHER PURPOSES
B' i! enacted
by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act, divided into titles and section
according to the following Table of Contents,
OF
TABLE
TITLE
may
be cited
as
the "Revenue Act of 1938";
CONTENTS
I—INCOME
Part V—Returns and Payment of Tax
Sec. 51.
TAX
Sec. 52.
SUBTITLE
A—INTRODUCTORY PROVISION'S
Individual returns.
Corporation returns.
Sec. 53.
Time and place for filing returns.
Sec. 1.
Application of title.
Sec. 54.
Records and
Sec. 2.
Cross references.
Sec. 55.
Publicity of returns.
Sec. 3-
Classification of provisions.
Sec. 56.
Payment of tax.
Sec. 4.
Special classes of taxpayers.
Sec. 57.
Examination of return and determination of tax.
Sec. 58.
Additions to tax and penalties.
Sec. 59.
Administrative proceedings.
Sec. 61.
Laws made applicable.
SUBTITLE
B—GENERAL PROVISIONS
specialjreturns.
Part I—Rates of Tax
Sec. 11.
Normal
Sec. 12.
Surtax
Part VI—-Miscellaneous Provisions
tax on individuals.
on
individuals.
Sec.,,13. Tax
on
corporations in general.
Sec. 62.
Rules and regulations.
on
special classes of corporations.
Sec. 63.
Taxes in lieu of taxes under
Sec.
14.
Tax
Sec.
15.
Corporate taxes effective for two taxable
Part
Sec. 21.
Net
1936*Act.
years.
SUBTITLE
II—Computation of Net Income
incomlk
C—SUPPLEMENTAL PROVISIONS
Supplement A—Rates of Tax
Sec. 22.
Gross income.
Sec. 23.
Deductions from gross income.
Sec. 24.
Items not deductible.
Sec.
,
.
Sec. 25.
Credits of individual against net income.
Sec. 26.
Credits of corporations.
Sec. 27.
Exemptions from tax on corporations.
Surtax on corporations improperly accumulating surplus.
Rates
of tax
on
citizens
and
corporations of certain
foreign
countries.
Sec.
Corporation dividends paid credit.
Sec. 28.
101.
Sec. .102.
Sec. 103.
Consent dividends credit.
104.
Banks and trust companies.
Sec. 105.
Sale of oil or gas properties.
Sec. 106.
Claims against United States involving
acquisition of property.
Part III—Credits Against Tax
Sec. 31.
Taxes of foreign countries and possessions of United States.
Sec. 32.
Taxes withheld at
Sec. 33.
Credit for overpayments.
Supplement B—Computation of Net Income
source.
Sec. ill.
-
Determination of amount of, and recognition
Part
Sec.
IV—Accounting Periods and Methods of Accounting
Sec. 41.
General rule.
112.
113-
or loss.
Adjusted basis for determining gain or loss.
and depletion.
Sec. 114.
Basis for depreciation
Sec. 115.
&
of, gain
Recognition of gain or loss.
Sec.
Distributions by corporations.
!
Sec. 42.
Period in which items of gross income included.
Sec. 116.
Exclusions from gross income.
Sec. 43.
Period for which deductions and credits taken.
Sec. 117.
Capital gains and losses.
Sec. 44.
Installment basis.
Sec. 118.
of stock or securities.
Income from sources within United States.
Unlimited deduction for charitable and other contributions.
Deduction of dividends paid on certain preferred stock of certain
Sec.
119.
Sec. 45.
Allocation of income and deductions.
Sec. 46.
Change of accounting period.
Sec. 120.
Sec. 47.
Returns for
Seci
Sec. 48.
Definitions.
a
,
•.,
period of less than twelve months.
c
121.
Loss from wash sales
corporations.
.
>
,
REVENUE ACT OF 1938
THE
2
Supplement C—Credit* Against
Taxes of foreign countries
Sec. 131.
Sec. 141.
States.
and Payment of Tax
Supplement D—[Returns
Sec. 361.
Definition.
Sec. 362.
Tax on mutual investment
Withholding of tax at source.
Sec. 144.
Payment of corporation
Sec. 145.
Penalties.
Sec. 146.
Closing by Commissioner
Sec. 147.
Exchange Commission
Securities and
the
of
Fiduciary returns.
Sec. 143.
companies.
Distributions in Obedience to Orders
Supplement R—Exchanges and
Consolidated returns of railroad corporations.
Sec. 142.
Companies
Supplement Q—Mutual Investment
Tax
and possessions of United
Information at source.
Sec.
148.
Sec. 149.
Sec.
150.
Sec. 151.
Sec. 372.
Basis for determining gain or
Sec. 373.
income tax at source.
loss.
Definitions
of taxable year.
HOLDING COMPANIES
TITLE IA— PERSONAL
personal holding companies.
Sec. 401.
Collection of foreign items.
/
holding companies.
Definition of personal holding company.
Sec. 403.
Personal holding company income.
Sec. 404.
Returns of brokers.
Surtax on
Sec. 402.
Information by corporations.
Foreign personal
Nonrecognition of gain or loss.
Sec. 371.
Stock ownership.
Sec. 405.
Sec.
161.
162.
Title IA net income.
Sec. 407.
Imposition of tax.
Sec.
Undistributed Title IA net income.
Sec. 406.
Supplement E—Estates and Trusts
Net income.
dividends—Credits and refunds.
used.
Deficiency
Sec-408.
Meaning of tern s
Adn inistrative provisions.
Credits against net income.
Sec. 409.
Sec. 164.
Different taxable years.
Sec. 410.
Improper accumulation
Sec. 165..
Employees' trusts.
Sec. 411.
Foreign personal holding
Sec.
Sec.
163.
166.
Revocable trusts.
Sec. 167.
Taxes of foreign
Sec. 169.
Common trust funds.
countries and possessions of
United States.
181.
Sec. 501.
Returns of additional estate tax.
of estate tax.
of lime for payment or estate tax.
Sec. 503.
Sec. 505.
Credits against net income.
Computation of net gifts.
Computation of partnership income.
Sec. 184.
Rate of interest on extensions
Tax of partners.
Sec. 183.
Extensions of time for payment
Sec. 504.
Partnership not taxable.
Sec. 182.
TAXES
Estate tax returns.
Sec. 502.
Supplement F—Partnerships
Sec.
companies.
II—ESTATE AND GIFT
TITLE
Income for benefit of grantor.
Sec. 168.
of surplus.
185.
186.
Taxes for foreign
Sec.
188.
Excess profits tax.
Termination of certain excise taxes.
countries and possessions of United State#
TITLE
Partnership returns.
Different taxable years
of partner and partnership.
Supplement G—Insurance Companies
Sec. 201.
Capital stock tax.
Sec. 701.
Earned income.
Sec.
Sec. 601i
Sec. 602.
Sec.
Sec. 187.
EXCESS-PROFITS TAXES
III—CAPITAL STOCK AND
TITLE
Tax on life insurance
Sec. 203.
Net income of life insurance
Sec. 204.
Insurance
Sec. 205
Taxes of foreign
Sec. 206.
Mutual insurance companies
Sec. 211.
Tax on nonresident
Sec. 212.
Exemption from tax on
on
other than life.
oil residue from processing tax.
supplies for certain aircraft.
filled cheese.
Tax on matches.
Tax on telegraph,
Sec. 709.
States.
Sec. 707.
Sec. 708.
countries and possessions of United
Sec. 207.
Exemption from excise tax of
Sec. 706.
Computation of gross income.
Amendments to tax on lumber.
Sec. 705.
companies.
Exemption of palm oil and palm
Sec. 704.
companies other than life or mutual.
Tax
Sec. 703.
life insurance companies.
Gross income of
certain oils.
Sec. 702.
companies.
Sec. 202.
IV—EXCISE TAXES
Tax on tractors.
telephone, radio, and cable facilities.
Sec. 710.
Tax on distilled spirits.
Sec. 711.
Exemption from
Gross income.
Sec. 712.
Tax
Sec. 213.
Deductions.
Sec. 713.
Exen ption
Sec. 214.
Credits against net income.
Supplement H—Nonresident Alien
Individuals
alien individuals.
Allowance of deductions
of certain cooperative or
Returns.
Sec. 218.
Payment of tax.
Sec. 219.
Partnerships.
Sec. 231.
Tax on foreign corporations.
Sec. 232.
Deductions.
V—MISCELLANEOUS PROVISIONS
TITLE
future tax liability.
Sec. 801.
Closing agreements as to
Sec. 802.
Approval of closing agreements.
Sec. 803.
Supplement I—Foreign Corporations
formation, etc., of foreign corporations.
Information returns as to foreign corporations.
Sec. 804.
Sec. 805.
Returns as to
Interest on unpaid assessments.
Sec. 806. Administration
of oaths or affirmations.
Sec. 807.
and credits.
Credits against tax.
Basis of property
acquired in connection with reorganizations.
Sec. 808.
Allowance of deductions
Basis of property
acquired in connection with liquidation.
Sec. 809.
Sec. 235.
Payment of tax.
Board of Tax Appeals.
Overpayments found by
Sec. 810.
Returns.
Sec. 236.
Credits against Social
Sec. 811.
Foreign insurance companies.
Sec. 238.
Affiliation.
Security tax for 1936.
Travel allowances in Hawaii.
Sec. 812.
Sec. 237.
Retroactive exclusion of gain
within the United States
Supplement J—Possessions of the United States
Income from sources
Sec. 252.
Citizens of possessions of
from purchase of personal property
and sale within possession.
Revenue Acts of
and penalties on taxes imposed by the
1917 and 1918 upon citizens in a possession and
certain don estic
Sec. 813.
corporations.
of interest
Ren ission
within possessions of United States.
Sec. 251.
United States.
under prior revenue Acts.
Sec. 262.
Credits against the tax.
Extension of time for payment
Income from obligations
Credit against net income.
Sec. 263.
Compromise before suit.
Sec. 817.
Taxation in general.
Waivers in transferee cases
Sec. 816.
Sec. 261.
Sec. 814.
Sec. 815.
Supplement K—China Trade Act Corporations
Sec. 264.
of deficiencies approved by Com¬
missioner.
Affiliation.
Sec. 265.
Income of shareholders.
and mortgages issued by joint-stock
land
banks.
Sec. 818.
Sec. 271.
Abaten ent of jeopardy assessments.
Mitigation of effect of
Sec. 821.
Definition of deficiency.
Sec. 272.
Taxes of insolvent banks.
Sec. 819.
Sec. 820.
Supplement L—Assessment and Collection of Deficiencies
Interest accruing
Procedure in general.
limitation and other provisions in income
tax cases.
Sec. 273.
Jeopardy assessments.
Sec. 274.
Bankruptcy and receiverships.
Sec. 275.
Period of limitation upon assessment and collection.
Sec. 276.
on
Same—Exceptions.
Sec. 277.
Suspension of running of statute.
before Aug. 30. 1935,
and gift taxes.
after Oct. 24, 1933, and
delinquent incoxe, estate,
TITLE VI—GENERAL
PROVISIONS
"
'
Sec. 901.
I
:
Definitions.
Sec. 902.
Separability clause.
Sec. 903.
Supplement M—Interest and Additions to the Tax
Sec. 291.
nonprofit corporations or
associations from electrical energy tax.
Credits against tax.
Sec. 217.
Sec. 234.
admissions to theaters.
on
and credits.
Sec. 215.
Sec. 216.
Sec. 233.
transfers of stocks and
tax on certain
stamp
bonds.
Effective date of Act.
Failure to file return.
Sec. 292.
Interest on deficiencies.
Sec. 293.
Additions to the tax in case of deficiency.
Sec. 294.
Additions to the tax in case of nonpayment.
Sec. 295.
Time extended for payment of tax shown on return.
Sec. 296.
Time extended for payment of deficiency.
Sec. 297.
Interest in case of jeopardy assessments.
Sec. 298
Bankruptcy and receiverships.
Sec. 299.
Removal of property or departure from United States.
TITLE
SUBTITLE
Sec. 1.
The provisions
able years beginnin
visions of this title,
Transferred assets.
Sec. 312.
Sec. 321.
Overpayment of installment.
Sec. 322.
Refunds and credits.
Sec. 2.
Supplement O—Overpayments
The cross references in
word
P—Foreign
Holding
Sec. 331.
Definition of foreign personal holding
Sec. 332.
v
company.
Stock ownership.
Sec. 334.
Gross income of foreign personal holding companies.
Sec. 335.
Undistributed Supplement P net income.
The provisions
of this title are herein
Subtitle A—Introductory
Subtitle
C—Supplemental
classified and designated as—
provisions,
Subtitle B—General provisions,
divided into Parts and sections.
provisions,
divided
into Supplements and
sections.
Sec. 4.
Sec. 336.
Supplement P net income.
Sec. 337.
Corporation income taxes to United States shareholders.
Sec. 338.
Information returns by officers and directors.
inclusive,
Sec. 339.
Information returns by shareholders.
subject to the exceptions
Sec. 340.
Penalties.
ment
Classification of Provisions
Companies
Foreign personal holding company income.
Sec. 333.
of the title, where the
only for convenience, and shall be given no
legal effect.
Personal
this Act.
Cross References
this title to other portions
"see" is used, are made
Sec. 3.
Supplement
such provisions are modified by Title G of
legislation enacted subsequent to
Notice of fiduciary relationship.
taxable years beginning
and excess-profits taxes for tax¬
g prior to Jan. 1, 1938. shall not be affected by the pro¬
but shall remain subject to the applicable provisions of
Income, war-profits,
prior revenue Acts, except as
this Act or by
Sec. 311.
Application of Title
of this title shall apply only to
after Dec. 31, 1937.
Supplement N—Claims Against Transferees and Fiduciaries
I—INCOME TAX
A—INTRODUCTORY PROVISIONS
The
Special Classes of Taxpayers
General Provisions and of Supplements A to D,
special classes of taxpayers, shall be
and additional previsions found in the Supple¬
such class, as follows:
application of the
to
each
applicable to
of the following
.THE REVENUE ACT OF 1938
Estates and trusts and the beneficiaries
thereof,—Supplement E.
(b) Members of partnerships,—Supplement F.
(a)
(c)
Insurance companies,—Supplement
$286,000
Nonresident alien
(e)
Foreign corporations,—Supplement I.
(f)
Individual citizens of any possession of the United States who
individuals,—Supplement
Un.ted
(?)
H.
$461,000
States and who
are
not residents
are
not
Individual
United
States
satisfying the conditions of section 251 by
of their gross income from
reason
sources within a
domestic
or
corporations,
of deriving a large portion
possession of the United States,
—Supplement J.
(h)
P.
ment
(j)
B—GENERAL
PART
Sec.
Jl,
PROVISIONS
surtax
upon
of
excess
on
(c)
incomes
net
means
Surtax
$5,000,000, 75
loss from the sale
Sale of Oil
the amount of the net income in
Tax
excess
of the
XX :^X v-'-v'■
>
$4,000 and not in
excess of
no
a
surtax as
Xa'X'-'' "'/'X-'- ■J:''"X':X
surtax; upon surtax
$6,000 4
per centum
of
$80 upon surtax net incomes of $6,000; and
upon surtax net incomes in
of $6,000 and not in excess of
$8,000, 5 per centum in addition of
'-rXJ- X
excess.
v.';
(f)
or
or
such excess.
.
;
^
of
case
exchange of capital assets held for
26
capital
than
Section 105.
gas properties, see
on
personal holding
on
shareholders,
Tax On Corporations
(a),
the
means
net
relating to interest
States and Government
(b)
a
more
corporations
Section 102
see
In General
Adjusted Net Income—For the purposes of this title the
income
on
minus
certain
the
credit
Corporations.
"ad¬
term
provided in
obligations of the
United
•
Imposition of Tax—There shall be levied,
-
collected, and paid for
posed by section 14, section 231
tax
(a), Supplement G,
computed under subsection (c) of this section
or
Supplement Q)
or a tax
a
computed under
subsection (d) of this section, whichever tax is the lesser.
General
(c)
as
Rule—The
follows:
(1)
tax
computed
under
this
subsection
shall
be
■
A tentative tax shall first be computed equal to 19
per centum of the
adjusted net income.
(2)
The tax shall be the tentative tax reduced by the
(A)
16H
section 26
(B)
2)4
(d)
percentum
sum of—
of the credit for dividends received
provided
in
(b); and
but not to
$440 upon surtax net incomes of $12,000; and
upon surtax net incomes in
of $12,000 and n6t in excess of
$14,000, 8 per centum in addition of
excess
surtax net
upon
Losses—For rate and computation
or
each taxable year upon the net income of every
corporation the net income
of which is more than $25,000 (except a
corporation subject to the tax im¬
per centum in addition of
of the dividends paid credit provided in section 27,
exceed 2 lA per centum of the adjusted net income.
per centum
Alternative
Tax
(Corporations
With
Net
Income
Slightly
More
Than $25,000).^-
excess.
$600 upon surtax net incomes of $14,000; and
upon surtax net incomes in
of $14,000 and not in excess of
$16,000, 9
excess
per centum in addition of
e .cess.
vXX--X-':
$780 upon surtax net incomes of $16,000; and
upon surtax net incomes in
excess of $16,000 and not in excess of
$18,000, 11 per centum in
addition of
(1)
If
portion of the gross income consists of interest allowed
no
as
a
credit by section
26 (a) (relating to interest on certain obligations of the
United States and Government corporations), or of dividends of the class
with respect to which credit is allowed by section 26 (b), then the tax
com¬
puted under this subsection shall be equal to $3,525. plus 32 per centum
excess of $25,000.
of the amount of the net income in
excess.
(2)
$1,000 upon surtax net incomes of $18,000; and
upon surtax net incomes
in excess of $18,000 and not in excess of
of such
$20,000, 13
(A)
of such excess,
$1,560
in excess
of such
per centum in addition
excess.
per centum in addition
excess.
$3,380 upon surtax net incomes of $32,000; and upon surtax net
incomes
excess of $32,000 and not in
excess of $38,000, 21 per centum in
addition
of such
excess.
$4,640
of such
(B)
such
upon surtax net incomes of
$38,000; and
of
excess
upon surtax net incomes
$44,000, 24
per centum in addition
of such
per centum in addition
not
excess.
excess.
addition
excess.
,•
income over the
in excess of $68,000 and not in excess of
upon surtax net incomes
$74,000, 43
per centum in addition
excess.
$16,580 upon surtax net incomes of $74,000; and
upon surtax net incomes
in excess of $74,000 and not in excess of
$80,000, 47 per centum in addition
of such
so
$25,000;
gross
dividends which is not already allocated to the
equal to the
an amount
if any, of the net
excess,
of $25,000 plus the amounts
already allocated to the
The tax shall be equal to the
sum
of the following:
A tax on the $25,000 allocated to the first division, computed under
(i)
if the amount
so
allocated constituted the entire net income of the
cor¬
poration.
12 per centum of the dividends received allocated
(ii)
32
(iii)
per centum
such
as
of the remainder of the amount allocated
the
to
to the sec¬
ond division, except interest allowed as a credit under Section 26 (a),
Corporations in Bankruptcy and
Receivership—If
poration is for any portion of the taxable
year
laws of the United States, or insolvent and in
of any State,
or
Territory,
receivership in
2)4
per centum
under
cor¬
the
any court
of
the District of Columbia,
or
then, when the tax is computed under Subsection
shall be reduced by
domestic
a
.in bankruptcy
(c),
the tentative tax
of the adjusted net income, instead of
by 2)4 per centum of the dividends paid credit.
(f)
Joint-Stock Landbanks—In the
case
of
ganized under the Federal Farm Loan Act,
joint-stock land bank
a
as
or¬
amended, when the tax Is
excess.
$19,400
upon surtax net
incomes of $80,000; and upon surtax net
incomes
in excess of $80,000 and not in excess of
$90,000, 51
per centum in addition
under
Subsection
(c), the
tentative
tax
shall be reduced by
2)4 per centum of the adjusted net Income, instead of by 2)4
of the dividends
per centum
paid credit.
excess.
(g)
$24,500
upon surtax net incomes of
of $90,000 and not in
excess
tion of such
$90,000; and
excess
of
upon surtax net incomes
$100,000, 55
per centum in addi¬
excess.
$59,000 upon surtax
excess
of $150,000;
excess
of
and
upon
$200,000, 60
surtax
net
in¬
per centum in
excess.
per centum in addi¬
incomes in
excess.
upon
excess
$152,000
incomes in
upon
excess
incomes in
upon
excess
net
incomes
of
of $250,000 and not in
$250,000;
excess
of
surtax
corporation which
by the Federal
(2) of the National Housing
amended, when the tax is computed under Subsection (c), the ten¬
by 2)4 per centum of the adjusted net income,
insted of by 2M per centum of the dividends paid credit; but only if such
or
restriction existed at the close of the taxable year.
of such Adminsitrator promptly to
It shall be the duty
make such certification to the Commis¬
the close of the taxable
regulated
restricted by him,
(h)
or
upon
$300,000, 64
surtax
net
per centum
net
(i)
year
of each corporation which is
so
Exempt Corporations—For corporations exempt from taxation under
of
$300,000; and
upon
$400,000, 66
surtax
net
on
net
Personal Holding Companies—For surtax
ing companies,
(j)
incomes
Tax
Improper
see
Title IA.
of
$400,000;
of $400,000 and not in excess of
and
upon
$500,000, 68
of
Surplus—For
surtax
personal hold¬
on
corporations
surtax on shareholders, see Section 102
per centum
Sec. 14.
incomes
on
,
Accumulation
which accumulate surplus to avoid
excess.
surtax
in addition of such
and
excess.
of $300,000 and not in excess of
in addition of such
$218,000
a
this title, see Section 101.
surtax
in addition of such
as
tative tax shall be reduced
sioner after
$89,000 upon surtax net incomes of $200,000; and upon
surtax net incomes
excess of $200,000 and not in excess of
$250,000, 62
$120,000
of
Administrator certifies to the Commissioner the fact that such regulation
net incomes
of $150,000 and not in
addition of such
tion of such
case
the close of the taxable year is regulated or restricted
Housing Administrator under Section 207 (b)
Act,
per centum in addi¬
tion of such
at
Rental Housing Corporations—In the
excess.
$30,000 upon surtax net incomes of $100,000; and
upon surtax net incomes
excess of $100,000 and not in excess of
$150,000, 58
In
over
Section 14 (c), on the basis of the allocation made to the first division and
computed
of such
third,
sum
the United States
$14,000 upon surtax net incomes of $68,000: and
of such
aggregate equal to the excess of the net income
already allocated to the first division: second, the portion of the
(e)
$11,660 upon surtax net incomes of $62,000: and
upon surtax net incomes
in excess of $62,000 and not in excess of
$68,000, 39 per centum in
of such
over
second division.
$9,560 upon surtax net incomes of $56,000; and
upon surtax net incomes
in excess of $56,000 and not in excess of
$62,000, 35 per centum In addition
of such
equal to the excess, if any, of $25,000
second division.
as
of such
an
income consisting of such
excess.
$7,700 upon surtax net incomes of $50,000; and
upon surtax net incomes
in excess of $50,000 and not in excess of
$56,000, 31 per centum in addition
an amount
already allocated to the first division.
First, the portion of the gross income consisting of such interest, which is
(D)
$50,000, 27
aggregate of $25,000
income consisting of such
gross
To the second division shall be allocated, until there has been
(C)
allocated
incomes of $44,000; and upon surtax net
incomes
upon surtax net
in excess of $44,000 and not in excess of
an
allocated: First, the protion of the gross income
consisting of
so
dividends; and third,
excess.
$6,080
To the first division shall be allocated, until
interest; second, the portion of the
first division; and
of $38,000 and not in
excess
divi¬
or
follows:
of the net income.
the amounts
$2,240 upon surtax net incomes of $26,000: and
upon surtax not incomes
in excess of $26,000 and not in excess of
$32,000, 19
as
consisting of $25,000, and the second division consisting of the remainder
has been
surtag net incomes of $22,000; and upon surtax net incomes
of $22,000 and not in excess of
$26,000, 17
upon
portion of the gross income consists of such interest
any
The net income shall be divided into two divisions, the first division
excess.
per centum in addition
of such
If
dends, then the tax computed under this subsection shall be
per centum in addition
$1,260 upon surtax net incomes of $20,000; and upon surtax net
incomes
in excess of $20,000 and not in excess of
$22,000, 15
in
73 per
per centum in addition of such excess.
Avoidance of Surtaxes by Incorporation—For surtax
section
per centum in addition of
$300 upon surtax net incomes of $10,000; and
upon surtax net incomes in
excess of $10,000 and not in excess of
$12,000, 7
comes
$2,000,000,
Title IA.
see
justed net income"
such excess.
in
and upon surtax net
of
excess
which accumulate surplus to avoid surtax on
•
$180 upon surtax net incomes of $8,000; and
upon surtax net incomes in
of $8,000 and not in excess of
$10,000, 6
excess
in
net
per centum
117 (c).
excess
in
of $1,000,000;
Personal Holding Companies—For surtax
on
companies,
(a)
term
such excess.
in
surtax
upon
Gas Properties—For limitation of surtax attributable
or
Individuals
on
Upon a surtax net income of $4,000 there shall be
net incomes in excess of
of
excess
Sec. 13.
the surtax net income of every individual
year upon
or
(e)
in Section 25 (b).
Rates of Surtax—There shall be levied,
collected, and paid for each
follows:
such
and
excess.
Tax in Case of Capital Gains
to the sale of oil
Individuals
credits against net income provided
such
net
per centum
$1,000,000, 72
$3,591,000 upon surtax net incomes of $5,000,000; aaid
incomes in
(d)
Definition of "Surtax Net Income"—As used in this section the
"surtax net income"
such
$750,000;
$1,000,000 and not in
18 months, see Section
I—RATES OF TAX
Normal Tax
See. 12.
such
of
of alternative tax in lieu of normal tax and surtax in
the
There shall be levied, collected, and
paid for each taxable year upon the
net income of every indi
idual a normal tax of 4 per centum of the amount
of the net income in excess of the credits
against net income provided in
Section 25.
*
(b)
surtax
upon
$1,371,000 upon surtax net incomes of $2,000,000; and upon surtax net
incomes in excess of $2,000,000 and not in excess of
$5,000,000, 74 per
gain
SUBTITLE
taxable
incomes
net
of $750,000 and not in excess of
centum in addition of such
V'V:X'X
Mutual investment companies,—Supplement Q
(a)
and
$750,000, 70
centum in addition of such excess.
China Trads Act coroorations,—Supplement K.
Foreign personal holding companies and their shareholders,—Supple¬
(i)
$641,000
incomes in
citizens of the
$500,000;
in addition of such excess.
of the
States,—Supplement J.
excess
of
excess.
surtax
upon
incomes in
incomes
net
of $500,000 and not in excess of
excess
in addition of such
(d)
otherwise citizens of the United
surtax
upon
incomes in
G.
3
surtax
net
per centum
(a)
Special
Tax
on
Special Classes of Corporations
Class Net Income—For
the
purposes
of this title the term
"special class net income" means the adjusted net income minus the credit
excess.
for dividends received
provided in Section 26 (b).
,
>
THE
4
for each taxable year upon
corporatioas (in lieu of the
hereinafter in this section specified.
There shall be levied, collected, and paid
(b)
class net income of the following
the special
imposed by Section 13) the tax
tax
REVENUE ACT OF 1938
With Net incomes of Not More Than $25,000—If
m||(c) Corporations
the net income
of the corporation is not more than $25,000, and if the cor¬
of the classes specified in subsection (d),
poration does not come within one
this section, the tax shall be as follows: ■
Upon special class net incomes not in excess of $5,000, 12 M per centum.
$625 upon special class net incomes of $5,000. and upon special class net
incomes in excess of $5,000 and not in excess of $20,000, 14 per centum
(e), (f), or (g) of
or
(3)
(8) Miscellaneous Items—The following items, to the extent provided in
Section 116:
Earned income from sources without the United States;
The income of foreign governments;
equal to 19 per
the tax shall be an amount
in, the tax
shall be as provided in Section
shall
Producers and Processors of Certain Non-Ferrous Metals—A tax¬
231 (a).
of Insurance companies, the tax
corporations exempt from taxation under
v
Companies—For surtax on personal hold¬
Title IA.
Accumulation of Surplus—For surtax on corporations
accumulate surplus to avoid surtax on shareholders, see Section 102.
Improper
which
"Net income" means the gross
income",
income computed under Section 22, less
For definition of "adjusted net
13 (a); for definition of "special class net income",
Section
see
so
Inventories of Raw Materials—A taxpayer entitled to elect, and who
elected, shall, in taking his inventory as of the close of any taxable
beginning after Dec. 31, 1938, of raw materials which are—
(A)
Used in a business described in paragraph (1); and
Not yet included in goods in process or finished goods; and
(C)
So intermingled that they cannot be identified with specific invoices;
treat such raw
of whatever kind and in whatever
trades, businesses, commerce, or
6r
profits,
and
form paid, or from professions, vocations,
sales, or dealings in property, whether real
of or interest in such prop¬
dividends, securities, or the transaction of any
personal, growing out of the ownership or use
erty; also from interest, rent,
gain or profit, or gains or profits and income derived
business carried on for
In the case of Presidents of the United States
from any source whatever.
of the United State.? taking office after June 6, 1932,
and judges of courts
compensation received as such shall be
the
all Acts fixing the
included in gross income; and
compensation of such Presidents and judges are hereby
amended accordingly.
included in
Gross Income—The following items shall not be
income and shall be exempt from taxation under this
gross
title:
paid by reason of the death of the insured, whether in a
pay
single sum or other¬
(but if such amounts are held by the insurer under an agreement to
wise
the interest payments shall
interest thereon,
be included in gross
income);
of the death of the insured and interest payments on
and other than
amounts received
endowment contract, but if
before the taxable year
or
as
annuities)
Inventories at Cost—In the case of the application of the provisions
under
an
Amounts received as an annuity
annuity or endowment contract shall be included in gross income;
excluded from
except that there shall be
gross
amount received in the taxable year over an
of the aggregate premiums or
equals
ment or
the
In the
otherwsie,
premiums or
aggregate
of
case
of
a
a
consideration paid for such
transfer for a valuable consideration, by assign¬
endowment,
life insurance,
or
annuity contract,
interest therein, only the actual value of such consideration and the
any
amount of the
premiums and other sums subsequently paid by the trasnferee
shall be exempt from taxation
(3)
aggregate amount excluded from
income under this title or prior income tax laws in respect of such
annuity.
or
income the excess of the
amount equal to 3 per centum
consideration paid for such annuity (whether
paid during such yearj, until the
annuity
Gifts, Bequests, and
gift, bequest, devise,
or
under paragraph (1) or this paragraph;
shall not be
(4) Tax-Free
Devises—The value of property acquired by
inheritance (but the income from such property
or
corporation is
an
the obligations of
a
instrumentality of the United States; or (C) the obliga¬
Every
the obligations enumerated in clause (A), (B), or
required by this title, submit
a
person
owning
any
and
case
with
(C) shall, in the return
statement showing the number and amount
such
information
as
the
Commissioner may require.
of obligations of the United States issued after Sept.
(other than postal savings certificates of deposit) and in the
tions of
a
case
1,
1917'
of obliga¬
corporation organized under Act of Congress, tne interest shall
he exempt only if and to the extent provided in the respective Acts authoriz¬
ing the issue thereof
as
amended and supplemented, and shall be excluded
from gross income only if and to the extent it is wholly exempt
taxes
(5)
from the
imposed by this title;
Regulations as to Change—The change to such method shall be made
of the Secretary ; may
or
health
insurance
prescribe
Commissioner, with the approval
as necessary
to prevent the avoidance of tax.
(7) Change to Different Method—An election made under this subsec¬
tion shall be irrevocable and the method so elected shall be applied in all
subsequent
business
taxable
years
of the taxpayer,
notwithstanding
change
any
in
the principal
unless with the approval of the Commissioner
change to a different method is authorized, and then upon such, terms
conditions and in
with the
accordance with such regulations
as
and
the Commissioner,
approval of the Secretary, may prescribe.
(e) Distributions by Corporations—-Distributions by corporations shall
be taxable to the shareholders
provided in Section 115.
as
Determination of Gain or Loss—In the case of a sale or other disposi¬
tion of property,
the gain or loss shall be computed as provided in Sec¬
tion 111.
For
Gross
Income from
Sources Within and Without
computation of gross income from sources within
United States—
and without the
United States, see Section 119.
Foreign
(h)
Personal
Holding
Companies—For
provisions
relating
to
income of foreign personal holding companies and of their sharenoiders,
gross
Section 334.
Consent Dividends—For inclusion in gross income of amounts speci¬
(i)
fied in shareholders' consents, see
Section 28.
Deductions from Gross Income
Sec. 23
In
(a)
computing net income there shall be allowed as deductions:
Expenses—
(1)
In General—All the ordinary and necessary expenses paid or incurred
during the taxable
in carrying on any trade or business, including a
year
reasonable allowance for salaries or other compensation
or
under
workmen's
compensation acts,
as
for personal services
actually rendered; traveling expenses (including the entire amount
for meals and
other payments required to be made as a condition
or
to the continued use or
possession, for purposes of the trade or business,
property to which the taxpayer has not taken or is not
which
(2)
he
has
no
paragraph
equity.
(1) to
as
a
a
Interest—All
indebtedness, except
allowable
corporation for any contribution or gift which
deduction under subsection (q) were it not for the
5 per centum limitation therein
that payment must
carry
of
taking title or in
Corporate Charitable Contributions—No deduction shall be
under
expended
lodging) while away from home in the pursuit of a trade or
business: and rentals
contained and for the requirement therein
be made within the taxable year.
interest
on
paid
or
accrued within the taxable year on
indebtedness incurred or
continued
to
purchase or
obligations (other than obligations of the United States issued after
Sept. 24, 1917, and originally subscribed for by the taxpayer) the interest
upon
(c)
which is wholly exempt from the taxes imposed by this title.
Generally—Taxes paid or accrued
Taxes
within the taxable year,
except—
(1)
Federal income, war-profits, and excess-profits taxes (other than the
excess-profits tax imposed by Section 106 of the
Section 602
Revenue Act of 1935 or by
of this Act);
(2) income, war-profits, and excess-profits taxes im posed by the authority
of any
foreign country or possession of the United States; but this deduction
shall be allowed in the case of a taxpayer
his desire to have to any extent
for taxes of
who does not signify in his return
the benefits of Section 131 (relating to credit
foreign countries and possessions of the United States);
inheritance, legacy, succession, and gift taxes; and
(3)
Compensation for Injuries or Sickness—Amounts received, through
accident
applied unless the taxpayer, at or before the filing of his return
of
obligations owned by him and the income received therefrom, in
such form
In the
State,
corporation organized under Act of Congress, if such
tions of the United States or its possessions.
of such
a
political subdivision thereof, or the District of Columbia;
(B) obligations of
year.
apply.
in accordance, with such regulations as the
(b)
(A)
Interest—Interest upon
or any
the close of the preceding taxable
preceding taxable year, has filed with the Commissioner his election
would be allowable
shall be included in gross income);
Territory,
(3) all inventories of such materials shall be taken at
or
Election of Method—The method provided in paragraph (2) or (3)
(5)
life insurance or
paid during tne taxable year) then the
shall be included in gross income.
gross
such amounts
(2)
cost, including the inventory as of
under such contract) exceed the aggregate premiums
consideration paid (whether or not
not
a
as
goods) in the business of tanning hides, or skins, or both, if so
such amounts (when added to amounts received
excess
or
under
or
materials (including those included in goods in process and in
to the raw
see
(other than amounts paid by
Etc.—Amounts received
Annuities,
(2)
reason
(in the order of
1938) the method provided in paragraph (2)
beginning after Dec. 31,
finished
(g)
Life Insurance—Amounts received under a life insurance contract
(1)
being: First, those included
both, shall be entitled to elect (with respect to any taxable year
or
(f)
Exclusions from
(b)
as
Tanners—A taxpayer whose principal business is tanning hides
skins,
(6)
income" includes gains,
salaries, wages, or compensation for personal service,
income derived from
hand
in the order of acquisition.
to have it
Gross Income
Definition—"Gross
on
of the beginning of the taxable year
as
.
acquisition) to the extent thereof, and second, those acquired in the taxable
for the
-Sec. 22.
General
(a)
materials remaining
in the inventory
of paragraph
Section 14 (a).
see
(2)
has
(4)
Net Income
Section 23.
allowed by
of them, not further advanced than rods, sheets, tubes, bars, plates,
intermingled that they cannot be identified with specific invoices.
NET INCOME
II—COMPUTATION OF
Sec. 21.
deductions
concentrates, or refining non-ferrous
strips.
(3)
(2)),
of this Act, or by section 13, section 14,
or Supplement G of the Revenue Act of 1936, shall not apply to any taxable
year beginning after Dec. 31, 1939.
section 13, section 14 (except subsection (e)
Supplement G, or Supplement Q,
PART
or
Producing brass, copper products, or brass products, or any one or
(B)
more
year,
Two Taxable Years
Corporate Taxes Effective for
Sec. 15.
The taxes imposed by
ores
metals, or both; or
(B)
Tax on Personal Holding
(i)
Smelting non-ferrous
(A)
or
ing companies, see
(j)
shall be entitled to elect the method of taking inventories provided in
payer
year
Exempt Corporations—For
101.
\
paragraph (8) if his principal business is—•
such Supplement.
title, see Section
the income.
(1)
companies, as defined in Supplement
(h)
be to the best accounting practice in the trade
therein,
centum of the special class net
Companies—In the case of mutual investment
Q, the tax shaU be as provided in
Mutual Investment
(g)
as may
business
and not having an office or place of business there¬
Insurance Companies—In the case
be as provided in Supplement G.
(f)
nearly
as
business and as most clearly reflecting
Inventories in Certain Industries—
corporation not engaged in trade or business
In the case of a foreign
(2)
inventories shall be taken by such taxpayer upon such basis as
with the approval of the Secretary, may prescrioe as
taxpayer,
the Commissioner,
(d)
regardless of the amount thereof.
within the United States
Inventories—Whenever in the opinion of the Commissioner the use
in order clearly to determine the income of any
(c)
of inventories is necessary
or
In the case of a foreign corporation engaged in trade or
within the United States or having an office or place of business
the
Dividends from China Trade Act corporations;
conforming
251.
(1)
income,
political subdivisions;
Receipts of shipowners' mutual protection and indemnity associations;
Compensation of employees of foreign governments.
Foreign Corporations—
this
Income of States, municipalities, and other
regardless of the amount thereof.:
entitled to the benefits of Section
(e)
Income Exempt Under Treaty—Income of any kind, to the extent
(7)
Salaries of certain Territorial employees;
104.
Corporations organized under the China Trade Act, 1922.
Corporations which, by reason of deriving a large portion of their
income from sources within a possession of the United States, are
gross
Ministers—The rental value of a dwelling house and appurtenances
required by any treaty obligation of the United States;
Banks, as defined in Section
(2)
sickness;
(6)
$20,000, and upon special class
net incomes in excess of $20,000, 16 per centum in addition of such excess.
(d) Special Classes of Corporations—-In the case of the following corpora¬
tions the tax shall be an amount equal to 16^ per centum of the special
(1)
sickness, plus the amount of any
thereof furnished to a minister of the gospel as part of his compensation;
$2,725 upon special class net incomes of
class net income,
or
damages received whether by suit or agreement on account of such injuries
such excess.
in addition of
injuries
compensation for personal
estate,
(4)
taxes assessed against
local benefits of a kind tending to increase the
value of the property assessed; but
this paragraph shall not exclude the
THE
allowance
deduction of
as a
maintenance
interest
or
so
much of such taxes
is
as
REVENUE ACT OF 1938
properly allocable to
charges.
(d)
Taxes of Shareholder Paid
By Corporation—The deduction for taxes
allowed by subsection
(c) shall be allowed to a corporation in the case of
taxes imposed
upon a shareholder of the corporation upon his interest as
shareholder which are paid
by the corporation without reimburserr ent from
the shareholder, but in such cases
no deduction shall be allowed the share¬
holder for the amount of such taxes.
(e)
(2)
of
case
individual, losses sustained
an
year and not compensated for
If incurred in trade
(1)
business;
or
exclusively
by insurance or otherwise—
or
If incurred in any transaction
fires, storms, shipwreck,
loss shall be allowed
filing of the
entered
into
for
to
(f)
other casualty, or from theft.
or
return such loss has been claimed
as a deduction
Losses by Corporations—In the
during the taxable
year and not
(g)
No
of the
for estate tax
of
case
corporation, losses sustained
a
compensated for by insurance or otherwise.
Limitation—Losses from
of this subsection.
exchanges of capital assets shall be
or
allowed only to the extent provided in Section
117.
(2) Securities Becoming Worthless—If any securities
(as defined in para¬
graph (3) of Ihis subsection) becon e worthless
during the taxable year and
are capital
assets, the loss resulting therefrom shall, for the purposes of
this
title, be considered
as
loss from the sale
a
or
exchange, on the last day
of such taxable
year, of capital assets.
(3)
Definition of Securities—As used in this subsection the term ''secur¬
ities"
for
(A) shares of stock
means
to receive such
or
(h)
in
a
corporation, and (B) rights to subscribe
shares.
Wagering Losses—Losses
from wagering transactions shall be allowed
only to the extent of the gains from such transactions.
(i) Basis for Determining Loss—The basis for
determining the amount
of deduction for losses
sustained, to be allowed under subsection (e) or (f),
and for bad
debts, to be allowed under subsection (k), shall be the adjusted
basis provided in Section 113
other disposition of
Loss
Wash
on
■
Sales of Stock
or
.
(p)
before
case of sales
of stock or securities where within 30 days
after the date of the sale the
taxpayer has acquired substantially
or
(k)
property, see Section
Bad
(1)
118.
Rule—Debts ascertained
be
to
worthless
and charged
debts), and when satisfied that
recoverable only in part,
off
security
(2)
debt is
in
an
charged off within the taxable year, as
This paragraph shall not
apply in the case of a
bank,
a
a
the Commissioner may allow such debt,
amount not in excess of the
part
than
a
taxpaye?, other
defined in Section 104, with respect to a debt evidenced by a
defined in paragraph (3) of this subsection.
as
as
Securities
Becoming
Worthless—If
(as
securities
any
defined
in
paragraph (3) of this subsection) are ascertained to be worthless, and
charged off within the taxable year and are capital assets, the loss
resulting
therefrom shall, in the case of a
taxpayer other than a bank, as defined in
Section 104, for the
purposes of this title, be considered
or
means
tear
bonds, debentures, notes,
by
the
de¬
General Rule—An employer establishing
maintaining
or
pension
a
during the taxable
as
allowed
year,
deduction
a
as
(in addition to the contributions to such
year to cover the
pension liability accruing during
deduction under subsection
a
transferred
(a)
of this section)
a
paid into such trust during the taxable
year in excess of such
contributions, but only if such amount (1) has not
theretofore been allowable as a deduction, and
(2) is apportioned in equal
over
period
a
which the transfer
(2)
1932
Act
of
or
or
10 consecutive years
beginning with the
Section 23
of
(q) of the Revenue Act of 1928
or
the Revenue Act
the Revenue Act of 1934, or under Section 23
or
1936, wrhich under such
section
was
years to
which
so
of
(p) of the Revenue
apportioned to
beginning after Dec. 31, 1937, shall be allowed
year
in
year
payment is made.
Deductions Under Prior Income Tax Acts—Any deduction allowable
under
as
taxable
any
deduction in the
a
apportioned to the extent allowable under such section
if it had remained in force with
respect to such year.
(3)
Exemption of Trusts Under
graphs (1) and (2)
that
the
Section
165—The provisions
of para¬
of this subsection shall be subject to the qualification
deduction
under
either
paragraph shall
be allowable only
with
a taxable year (whether the year of the transfer or
payment or a
subsequent year) of the employer ending within or with a taxable
year of
respect to
the trust with respect to which
the trust is exempt from tax under Sec¬
tion 165.
(q) Charitable and Other Contributions by Corporations—In the
a
corporation, contributions
or
a
case
gifts payment of which is made within
or
the taxable year to or for use of
domestic corporation,
or domestic trust,
domestic community chest, fund, or foundation,
organized and operated
exclusively
butions
for
religious,
gifts to
or
gifts
or
purposes),
charitable,
educational
or
or
of con¬
case
foundation, only if such contri¬
be used within the United States exclusively for such
individual, and
or
carrying
legislation; to
literary,
of the net earnings of which inures to the benefit of any
no part
of which is
scientific,
cruelty to children (but in the
trust, chest, fund,
a
are to
private shareholder
on
propaganda,
an amount
payer's net income
Such contributions
as
or
substantial part of the activities
no
otherwise attempting, to influence
or
which does not exceed 5 per centum of the tax¬
computed without the benefit of this subsection.
gifts shall be allowable
deductions only if verified
as
under rules and regulations prescribed by the Commissioner, with the
ap¬
proval of the Secretary.
(r)
For deduction of dividends paid by certain
Section
see
banking corporations,
121.
Sec. 24.
(a)
or
Items Not Deductible
Depreciation—A
of
reasonable allowance for the
used
property
in
the trade
In the
(1)
allowed to the life tenant.
of property
case
in
accordance
creating the trust,
reasonable
a
In the
case
of property he Id in trust the allowable
or,
with
the
pertinent
provisions
of
(m)
Depletion—In the
deposits, and timber,
the
of mines,
case
oil and gas wells,
reasonable allowance for
a
(4)
other natural
depletion and for
such
reasonable allowance in
all
cases
to
directly
(5)
Secretary.
In
any case
development work
in which it is ascertained
that the recoverable units
as a
are
or
depletion)
shall
be revised and the allowance under
subsequent taxable
shall be based
years
the case of leases the deductions shall be
lessor and lessee.
In the
remainder to another
life tenant
duction
trustee
shall
in
be
In the
accordance
or,
owner
of the property
of property
between
the
the
wear
pertinent
to
each,
as
if the
for the
(1)
use
or
provisions
of
the
on
and
the
instrument
or
and tear, and obsolescence
cruelty ot children
are
of
State, Territory,
Columbia,
for
case
of
or
or any
no
deductions shall in
exchanges of property,
Between members of
Except in the case of distributions in liquidation, between
family,
a
as
defined in paragraph
(2)
(D);
an
corporation more than 50 per centum in value of the
a
standing stock of which is owned, directly or indirectly, by
or
in¬
out¬
for such in¬
dividual;
(C)
Except
in
the
case
of distributions
in
liquidation,
between
applicable to such taxable year, a personal holding company or
two
year to
a
foreign
personal holding company;
(D)
Between a grantor and a fidiciary of any trust;
(E)
Between the fiduciary of a trust and the fiduciary of another trust,
is
a
grantor with respect to each trust; or
(F)
Between a fiduciary of a trust and a beneficiary of such trust.
(2)
Stock Ownership, Family, and Partnership Rule—For the purposes
determining, in applying paragraph
(A)
(1), the ownership of stock—
Stock owned, directly or indirectly, by or for a corporation, partner¬
ship, estate, or trust, shall be considered as being owned proportionately
political subdivision
or
or
animais,
educational purposes, or for the prevention
no part
private shareholder
of the net earnings of which inures
or
individual, and
on
no
propaganda,
substantial
or
otherwise
organizations of
part of their net earnings
or
An individual shall be considered as owning the stock owned, directly
indirectly, by or for his family;
(O)
An individual owning
auxiliary units
or any
or
societies
units,
or
of its possessions, and if
inures to the benefit of any private shareholder
(otherwise than by the application of sub¬
paragraph (B)) any stock in a corporation shall be considered as owning the
stock owned, directly or
(D)
Indirectly,
by or for his partner;
The family of an individual shall include only his brothers and sisters
(whether by the whole pr
and
half blood), spouse, ancestors, and lineal descend¬
ants;
(E)
war veterans, or
organized in the United States
(B)
or
Constructive
Ownership
as
Actual Ownership—Stock constructively
owned by a person by rbason of the application of
subparagraph (A) shall,
of applying subparagraph
(A), (B), or (C), be treated as
actually owned by suchlperson, but stock
constructively owned by an in¬
for the purpose
of any such posts or organizations, if such posts, organizations,
individual;
or
(B)
of
The special fund for vocational rehabilitation authorized by Section
are
any
wholly
indirectly—
(A)
dividual and
individual,
an
exclusively public purposes;
of the activities of which is carrying
Posts
Losses Disallowed—In computing net income
be allowed in respect of losses from sales
be allowed in
to
12 of the World War Veterans' Act, 1924;
(4)
not
or
accrued)
byjbis_ title.
or
de¬
attempting, to influence legislation;
societies
or
Losses from Sales or Exchanges of Property—
if the same person
which
upon
or domestic trust, or domestic community
foundation, organized and operated exclusively for religious,
to the benefit of any
(3)
(whether
by or for its shareholders, partners, or beneficiaries;
District
any
charitable, scientific, literary,
part
interest
is received
classes
(1)
(For percentage depletion allowable
(b), (3) and (4).)
(2) A domestic corporation,
chest, fund,
deduction which is allocable to
any case
the basis of
of:
the
or
as a
than
if either one of such corporations, with respect to the taxable year of the
beneficiaries
gifts payment of which is made within the taxable
The United States,
thereof,
of income of that class
or
in¬
corporation preceding the date of the sale or exchange was, under the law
Charitable and Other Contributions—In the
or
other
or
and shall be allowed
income
respect of any property shall be as provided in Section 114.
contributions
trade
any
or
held in trust the allowable de¬
Depreciation and Depletion—The basis
pletion, exhaustion,
of income
classes
more
the life of any
each of which is owned, directly or indirectly, by or for the same individual,
under this subsection, see section 114
Basis for
In
beneficiary under such policy;
Any amount otherwise allowable
or
made;
covering
financially interested in
any person
estate;
making good the
by the taxpayer, when the taxpayer is directly
directly
equitably apportioned between the
in the absence of such provisions,
the trust income allocable
for
employee, or of
or in
has been
corporations more than 50 per centum in value of the outstanding stock of
case
with
subsection
or
the deduction shall be computed
apportioned
creating the trust,
this
revised estimate.
upon such
allowance is
of property held by one person for life with
case
person,
the absolute
were
the life tenant.
(0)
for permanent improve¬
(b)
less than
prior estimate thereof, then such prior estimate (but not the basis for
an
exempt from the taxes imposed
result of operations
grSater
a
amount
de¬
made under rules and
be
or
business carried on
preciation of improvements, according to the peculiar conditions in each
(n)
or
Premiums paid on any life insurance policy
officer
instrument
the basis of the
on
regulations to be prescribed by the Commissioner, with the approval of
the
buildings
new
Any amount expended in restoring property
(3)
one
in the absence of such provisions,
trust income allocable to each.
of
Any amount paid out for
exhaustion thereof for which
held by one person for
deduction shall be apportioned between the income beneficiaries and the
trustee
the
deduction shall in any
no
Personal, living, or family expenses;
(2)
exhaustion, wear and
business, including
or
property and shall be
case;
General Rule—In computing net income
be allowed in respect of—
other evidences of
any corporation (including those issued by a govern¬
political subdivision thereof), with interest coupons or in registered
allowance for obsolescence.
or
de¬
as
prescribed
(For unlimited
trust
the
case
certificates,
or
life with remainder to another
person, the deduction shall be computed as
if the life tenant were the absolute
owner of the
no
regulations
Secretary.
ments or betterments made to increase the value of any property or
(1)
of
gifts shall be allowable
and
to provide for the
payment or reasonable pensions to his employees
loss from the sale
as a
form.
or
rules
be allowed
indebtedness, issued by
ment or
•
under
approval of the
trust
on the last day of such taxable year, of capital assets.
Definition of Securities—As used in this subsection the term "secur¬
ities"
to
the
or
exchange,
(3)
or
with
exceed*15
computed without the benefit
as
Pension Trusts—
tributions
within the taxable year
(or, in the discretion of the Commissioner, a reason¬
able addition to a reserve for bad
deduction.
contributions
purposes or the prevention of
Debts—
General
Such
educational
or
combined does not
cases
be used
to
are
animals;
or
shall
of
Securities—For disallowance of loss
deduction in the
identical
gifts
or
literary,
duction if contributions and
gifts exceed 90 per centum of the net income,
Section 120).
(b) for determining the loss from the sale or
property.
(j)
scientific,
in all the above
only if verdict
Commissioner,
parts
sales
charitable,
taxpayer's net income
reasonable amount
Capital Losses—
(1)
which
amount
(1)
if the loss
in the estate tax return.
purposes
an
per centum of the
profit, though not
business,
or
deduction under this paragraph if at the time
as a
association, operating under
or
but only if such contributions
religious,
see
or business; or
Of property not connected with the trade
arises from
for
purposes, or for the prevention of cruelty to children
connected with the trade
(3)
A domestic fraternal society, order,
the lodge system,
ductions
Losses by Individuals—In the
during the taxable
(5)
5
dividual by reason of th A application
of subparagraph (B) or (C) shall not
be treated as owned by him for the purpose
of again applying either of such
subparagraphs in order tq make another the constructive owner of such
stock.
THE
6
REVENUE ACT OF 1938
Unpaid Expenses and Interest—In computing net income no deduc
(c)
tion shall be allowed under Section 23 (a), relating to expenses incurred, or
under Section 23 (b), relating to interest accrued—
If such
(1)
interest
expenses or
within two and one-half months after the close thereof; and
allowed
as a
incurred
If, by reason of the method of accounting of the person to whom the
(2)
There shall be included in computing
or
imposed by this
accrued which is not
deduction by Section 23 (b), relating to interest on
Affiliates—In
the
of
case
a
holding
defined in Section 2 of the Banking Act of 1933), the amount
in the gross income of such person for the
or
taxable
in which or with
year
ends; and
the
within two and one-half months thereafter, both the taxpayer and
to whom the payment
is to be made are persons between whom losses would
Section 24
be disallowed under
States,
7
by
income to the holder of a life or terminable
as
by gift, bequest,
interest acquired
diminished
the value of such
stock in
The aggre¬
this subsection for all taxable years
devoted under such Section 5144 to such purposes, and the amount of
credit for any taxable year shall
in
such
provided for in subsections (1)
the
exceed the adjusted net income for
YY'Y
-,
Dividends Paid Credit—For corporation dividends paid credit, see
.'
.\:V.
Yy; Y':YY'YYY7
,
Consent Dividends Credit—For corporation consent dividends credit,
(f)
Section 28.
see
not
year.
(e)
Section 27.
interest due to the lapse of time, nor by any deduction
allowed by this Act (except the deductions
other than bank
compliance with Section 5144 of the Revised Statutes.
gate of the credits allowable under
inneritanee shall not be reduced or
or
deduction for shrinkage (by whatever name called)
any
by such affiliate during the
taxable year to the acquisition of readily marketable assets
beginning after Dec. 31, 1935, shall not exceed the amount required to be
State, Territory, District of Columbia, possession of tne United
foreign country
or
(b).
Terminable Interests—Amounts paid under the
(d) Holders of Life or
laws of any
person
(as
of the earnings
profits which the Board of Governors of the Federal Reserve System
certifies to the Commissioner has been devoted
If, at the close of the taxable year of the taxpayer or at any time
(3)
obligations.
affiliate
company
payment is to be made, the amount thereof is not, unless paid, includible
which the taxable year of the taxpayer
indebtedness
continued to purchase or carry certain tax-exempt
or
Bank
(d)
income the amount of
gross
is wholly exempt from the taxes
title, decreased by the amount of interest paid
not paid within the taxable year or
are
(B)
interest received which
Y"'Y"; Y
.
and (m) of Section 23) for tne purpose of computing the net income of a
estate
but
trust
or
allowed under the laws of sucn
not
District of Columbia, possession of the United
for the purpose
foreign country
or
of computing the income to which such holder is entitled.
Tax Withheld
(e)
States,
of tax withheld
on
Sec. 27.
State, Territory,
tax-free covenant bonds, see Section 143 (a)
(3).
the term "dividends paid credit" means the sum of:
The basic surtax credit for such year, computed as provided in sub¬
(1)
section
(b);
The dividend carry-over to such year, computed as provided in sub-
(2)
Credits of Individual Against Net Income
Sec. 25.
Definition in General—As used in this title with respect to any taxable
(a)
year
Tax-Free Covenant Bonds—For nondeductibility
on
Corporation Dividends Paid Credit
YY'Y YY'Y '"Y, Y'YY..
section (c);
Credits for Normal Tax Only—There shall be allowed for the purpose
ia)
of the normal tax, but not for the surtax, the following credits against the
net income:
(1)
-i.-.v,;-,';':; ;r',
Interest
interest
:7;;
Y
United
on
Y\
YY Y
Obligations—The
States
obligations of the United States which is included in gross
upon
>
income under Section 22.
(2)
Interest
on
interest
as
under Act of Congress, if
and
States;
section 22; and
and
"
(B)
on
obligations of
a
corporation organized
instrumentality of the
interest is included in
gross
income
(C) under the Act authorizing the issue thereof,
under
amended
as
supplemented, such interest is exempt from normal tax.
(3) Earned Income Credit—10
but not in
net income,
Y;-
income.
(A)
"Earned income"
amounts received
means wages,
of this section—
purposes
nor
rendered by him to a corporation which represents a distribution of earnings
profits rather than
or
a
reasonable allowance
trade
producing factors,
compensation for the per¬
of
a
reasonable allowance
a
personal services actually rendered
taxpayer engaged in
considered
capital
by the taxpayer, not in
excess
"Earned income deductions"
such deductions
means
income
over
the
sum
means
the
excess
of the amount of the earned
of the earned income deductions.
net income is not more than
be earned net income,
to
properly
are
chargeable against earned income.
or
"Earned net income"
If the taxpayer's
$3,000, his entire net income shall be considered
and if his net income is
than
more
$3,000, his
earned net income shall not be considered to be less than $3,000.
shall the earned net Income be considered to be
case
(b)
Credits for Both Normal Tax and
for the purposes
more
In
no
than $14,000.
Surtax—There shall
allowed
be
of the normal tax and the surtax the following credits
(1) Personal Exemption—In the
person not
living with husband
in the
of the head of
case
wife,
a
or
family
of
case
wife,
single person
a
or
married
a
personal exemption of $1,000;
a
or
or a
married person living with husband
personal exemption of $2,500.
A nusband and wife living together
shall receive but
one
a
personal exemption.
exemption shall be $2,500.
If such
The amount of such personal
husband and wife make separate re¬
turns, the personal exemption may be taken by either or divided between
wife) dependent
dependent
such
upon
person
person
(other than husband
or
and receiving his chief support from the taxpayer i
is under eighteen years of age
or
is incapable of self
(3)
Change of Status—If the status of the taxpayer, insofar
the personal exemption or credit for dependents,
as
it affects
changes during the taxable
personal exemption and credit shall be apportioned, under rules
year, the
and regulations prescribed by the Commissioner witn the
approval of the
Secretary, in accordance with the number of
change.
For the
purpose
case
it shall be considered
as
Sec. 26.
In the
extent
(a)
of
case
a
a
fractional part of
than half
a
month
month in which
a
month.
Credits of Corporations
provided in the various sections imposing tax—
Interest
on
Obligations of the United States and Its Instrumentalities
interest upon
as
of corporations organized
individual
(b)
a
more
corporation the following credits shall be allowed to the
—The amount received
or
months before and after such
of such apportionment
shall be disregarded unless it amounts to
as a
Dividends Received—85
dends from
a
obligations of the United States
under Act of Congress which is allowed to
credit for purposes of normal tax
by Section 25 (a)
per centum of the amount
(1)
received
or
as
an
(2).
divi¬
domestic corporation which is subject to taxation under this
title, but not in
excess
of 85 per centum of the adjusted net income.
Act,
or
from
a
corporation which under Section 251 is taxable only
income from
sources
on
1922,
its gross
within the United States by reason of its
receiving a
large percentage of its gross income from
sources
within
a
possession of the
United States.
pay
Net operating Loss of Preceding Year—
(1)
Amount of Credit—The amount of the
this paragraph for
this title the term "basic surtax
The dividends paid during the taxable year,
(1)
dividends credit provided in Section
increased by the consent
28, and reduced by the amount of the
certain obligations
provided in Section 26 (a), relating to interest on
credit
of the United States and Government
corporations;
Dec. 31, 1938, the net
In the case of a taxable year beginning after
(2)
operating loss credit provided in Section 26 (c) (1);
26 (d).
The bank affiliate credit provided in Section
(3)
The aggregate of the amounts
under paragraphs (2) and (3)
Dividend Carry-Over—There shall be
(c)
taxable year
shall not
income for the taxable year.
exceed the adjusted net
computed with respect to each
such year from the
of a corporation a dividend carry-over to
of the sum of—
credit for the second preceding tax¬
able year, reduced by the adjusted net income for such year, and further
reduced by the amount, if any, by which the adjusted net income for the
first preceding taxable year exceeds the sum of—
(A) The basic surtax credit for such year; and
(B) The excess, if any, of the basic surtax credit for the third preceding
taxable year (if not beginning before Jan. 1, 1936) over the adjusted net
two
preceding taxable years, which shall consist
The amount of the basic surtax
(1)
income for such year ; and
The amount, if any, by which the basic surtax
credit for the first
adjusted net income for such year.
referred to in this subsection,
which begins in 1936 or 1937, the adjusted net income shall be the adjusted
net income as defined in Section 14 of the Revenue Act of 1936, and the
basic surtax credit shall be only the dividends paid credit computed under
the Revenue Act of 1936 without the benefit of the dividend carry-over
preceding taxable year exceeds the
In the
case
of
a
a
preceding taxable year,
provided in Section 27 (b) of such Act.
paid in property other than
held by the corporation as an
with respect thereto which shall be used in computing
Dividends in Kind—If a dividend is
money
(including stock of the corporation if
investment) the amount
be^the adjusted basis of the property in the hands
corporation at the time of the payment, or the fair market value of
the basic surtax credit shall
is the lower.
Corporation—If a dividend is paid
the corporation, the amount with respect thereto which
shall be used in computing the basic surtax credit shall be the face value
of the obligations, or their fair market value at the time of the payment,
whichever is tne lower.
If the fair market value of any such dividend paid
in any taxable year of the corporation beginning after Dec. 31, 1935, is
lower than the face value, then when the obligation is redeemed by the
corporation in a taxable year of the coiporation beginning after Dec. 31,
1937, the excess of tne amount for which redeemed over the fair market
value at the time of the dividend payment (to the extent not allowable as
a deduction in computing net income for any taxable year) shall be treated
as a dividend paid in the taxable year in which the redemption occurs.
(f) Taxable Stock Dividends—In case of a stock dividend or stock right
which is a taxable dividend in the hands of shareholders under Section 115
(f), the amount with respect thereto which shall be used in computing the
basic surtax credit shall be the fair market value of the stock or the stock
the property at
the time of the payment, whichever
Dividends in Obligations of the
(e)
in obligations of
right at the time of the payment.
f
Distributions in Liqidation—In
(g)
.
.
the c«ise of ^mounts
distributed in
p.operly chargeable to
the earnings or profits accumulated after Feb. 28,, 1913, shall, for. the
purposes of computing the basic surtax credit under this section, be treated
liquidation the part of such
as
a
distribution whicft is
taxable dividend paid.
(h)
Preferential
Dividends—The amount of any
made in connection with
net operating loss (as defined
of the corporation for the preceding taxable year, but not
adjusted net income for the taxable year.
"W here the indebtedness is for a principal
such interest .
credit" means the sum of:
each portion thereof is received
(c)
business on Dec. 31, 1937, or by a
Basic Surtax Credit—As used in
(b)
The
credit allowed by tnis subsection shall not be allowed in
respect of dividends
received from a corporation organized under the China Trade
aside'to
close
by a bond, note, debenture,
deed of trust, issued by the cor¬
with interest, no credit shall be allowed under
of the
support because mentally or physically defective.
evidenced
corporation prior to, and in existence at,
the close of business on such date.
(d)
Credit for Dependents—'$400 for each
and
1937,
bill of exchange accepted by the
them.
(2)
only an indebtedness of the corporation existing at the
poration and in existence at the close of
(2)
against the net income:
or
means
certificate of indebtedness, mortgage, or
allowed
are
as
by Section 23 for the purpose of computing net income, and
(C)
ness"
of business on Dec. 31,
of 20
business, shall be
or
earned income.
as
allocable to
material
are
indebtedness
terms
a
compensation for the
as
of his share of the net profits of such trade
per centum
(B)
as
case
business in which both personal services and
or
income
In the
to
kind, if such amounts are reasonable with respect to the size and
of such indebtedness.
As used in this paragraph the term "indebted¬
that
of the compensation derived by the taxpayer for personal services
sonal services actually rendered.
(relating
of any
salaries, professional fees, and other
but does not include any amount not included in gross income,
part
(c)
(if beginning after Dec. 31, 1937) ^ and
amounts used or set
compensation for personal services actually rendered
as
26
Amounts used or irrevocably set aside to pay or to retire
3tun,
Earned Income Definitions—-For-the
(4)
of the amount of the earned
per centum
of 10 per centum of the amount of the net
excess
Section
taxable year
(4)
an
(A) such corporation is
such
in
(whether beginning
credit provided
net operating losses), for such preceding
.
obligations of Instrumentalities of the United States—
The amount received
United
as
profits, as of the close of the preceding taxable year
before, or after Jan. 1, 1938), exceeds the amount of the
on,
received
amount
The amount, if any, by which any deficit in the accumulated earnings
(3)
and
(4))
.
a
by
consent
shall not be considered
as
distribution (although
shareholder as a taxble dividend), not
distribution (as defined in Section 28 (a)
a
of computing
with no prefer¬
dividends paid for the purpose
in paragraph (2))
the basic surtax credit, unless such
in
of the same class,
and with no preference to one class of stock as compared with another class
except to the extent that the former is entix-led (without reference to waivers
of their rights by shareholders) to such preference.
For a distribution made
excess
(2)
of the
Definition—As used in this title the
the
excess
the
term "net
operating loss"
means
following exceptions and limitations—
(A)
of the deductions allowed by this title over the
gross income, with
The
deduction for
depletion
shall
not
exceed
the
amount
which
would be allowable if computed without reference to discovery value or to
percentage depletion under Section 114 (b)
(2), (3),
or
(4);
ence
to any share of stock as
in connection with
(i)
a
distribution is pro rata,
compared with other shares
consent distribution, see
Section 28-
Nontaxable Distributions—If any part of a
stock dividends and stock
distribution (including
the hands of
rights) is not a taxable dividend in
shareholders
such of the
as are
subject to taxation under this title
period in which the distribution is made, such part
credit.
computing the basic surtax
for the
shall not be included in
to the consent dividends credit of the
(i)
•
Effect
total amount of consent
made.
Capital Account of
on
Corporation—The amount of the consent
(c) shall be considered as paid in
dividends credit allowed under subsection
(a)
Definitions—As used in this section—
surplus or as a contribution to the capital
(1)
Consent Stock—The term "consent stock" means the class or classes
the payment of preferred dividends (as defined in
cumulated earnings and
of stock entitled, after
paragraph (2)), to a share in the distribution (other
than in complete or par¬
earnings or
liquidation) within the taxable year of all the remaining
tial
proportion of such distribution
such distribution.
profits, which share constitutes the same
regardless of the amount of
Preferred Dividends—The term "preferred dividends" means a dis¬
tribution (other than in complete or partial liquidation), limited in amount,
which must be made on any class of stock before a further distribution (other
(2)
than in complete or
partial liquidation) of earnings or profits may
Consent Dividends Day—The term "consent
Consent Distribution—The term "consent distribution" means
would have been made if on the consent dividends
(4)
istribution which
received by each
cash and
consent filed by the corporation under
shareholder making a
specific amount stated in such consent.
subsection (d), the
Distribution—The term "partial distribution" means such
Partial
(5)
the taxable
the whole or any part
actual distribution, payable during the last month of
part of an
of the corporation, as constitutes a distribution on
(as defined in paragraph (1)), which part
of the consent stock
tribution, if considered by itself and not
bution (as
PART III—CREDITS AGAINST
a
The
Distribution—The
share of stock as
by foreign countries or possessions of
credit against the tax, to
be allowed
"preferential
term
distribution"
with preference to
compared with other shares of the same class, or to any
as compared with any other class of consent stock.
stock
of the consent stock.
credit for the taxable year, a consent dividends
equal to such portion of the total sum agreed to be included in the
income of shareholders by their consents
gross
filed under subsection (d)
entitled to include in computing its basic surtax
it would have been
equal to such total sum had been
and each shareholder making such a consent had received, on
credit if actual distribution of an account
made in cash
the amount specified in the consent.
the consent dividends day,
entitled to a
Shareholders' Consents—The corporation shall not be
coasent dividends credit with respect to any taxable year—
(d)
with regula¬
tions prescribed by the Commissioner with the approval of the Secretary)
signed consents made under oath by persons who were shareholders, on the
last day of the taxable year of the corporation, of any class of consent stock;
and
■
Unless in each such consent the shareholder agrees
(2)
taxable dividend, in his return for
a
which the taxable year of
that he will include
the taxable year in which or with
the corporation ends, a specific amount; and
Unless the consents filed are made by such of the shareholders
(3)
the amount
preferential distribution—
OF
taxable year
of the corporation,
or
If there was such a partial distribution, then when
(B)
connection with such partial
if received from sources within the United States,
that the specific amount stated in the consent shall
such shareholder agrees
be considered as a dividend
received by him from sources within the United
States; and
Unless each
(5)
of payment as
medium
an
consent filed is accompanied by cash, or such other
the Commissioner may be regulations authorize,
amount equal to the amount
or
what would be required by Section 143
144 to be deducted and withheld by the
corporation if the amount
day of the taxable year of the
dividend.
The amount
accompanying the consent shall be credited against the tax imposed by
specif id in the consent had been, on the last
corporation, paid to the shareholder in cash as a
Section 211 (a) or 231
(e)
(a) upon the shareholder.
Consent Distribution as Part of
last month of the taxable year
are
filed by the corporation
Entire Distribution—If during the
with respect to which shareholders' consents
under subsection (d) there is made a partial
distribution, then, for the purposes of this title, such partial
and the consent distribution shall be considered as
other
(f)
as
one
able dividend in the gross
regardless
included as a tax¬
income of the shareholder making such consent,
dividend only if received
within the United States, shall be included in the computation
of his tax as a
dividend received from sources within the United States;
f
of—
■■■■*.
im 'ides it in his return; and
(1)
Whether he actually
(2)
Whether the distribution by the corporation of an amount equal to
the total sum included in all the consents
filed, had actual distribution been
made, would have been in whole or in part a
(3) Whether
the corporation
taxable dividend; and
is entitled to any consent dividends credit
by reason of the filing of such consents, or to a
credit less than the total sum
included in all the consents filed.
(g)
is
a
shareholder who makes the consent
considered as
profits for the taxable year, and shall be included in
Corporate Shareholders—If the
corporation, the amount specified in the consent shall be
part of its earnings or
computation of its accumulated earnings and profits.
(h)
made under subsection
basis of the consent stock with respect to
treated
as
which the consent was given, be
having been reinvested by the shareholder as a
capital of the corporation; but only in an amount
*
specified in a
(d) shall, for the purpose of adjusting the
contribution to the
which bears the same ratio
employed, or if the method
Period in Which Items
Sec. 42.
original
of Gross Income
Included
shall be included in the gross
income for the taxable year in which received by the taxpayer, unless,
under methods of accounting permitted under Section 41, any such amounts
are to be properly accounted for as of a different period.
In the case of the
death of a taxpayer there shall be included in computing net income for the
taxable period in which falls tne date of his death, amounts accrued up to
date of his death if not otherwise properly includible in respect of such
The amount of all
period or
a
items of gross income
prior period.
Period for Which Deductions
Sec. 43.
Tne deductions
credit provided in
and credits (other than the
and Credits Taken
corporation dividends paid
Section 27) provided for in tnis title snail be taken
which "paid or accrued" or "paid or incurred,"
taxable year in
the
for
de¬
the basis of which the net
reflect the income the de¬
ductions or credits shall be taken as of a different period.
In tne case of
the death of a taxpayer there shall be allowed as deductions and credits for
the taxable period in which falls the date of his death, amounts accrued up
to the date of his death (except deductions under Section 23 (o)) if not
otherwise properly allowable in respect of such period or a prior period.
pendent upon the method of accounting upon
income is computed, unless in order to clearly
Sec. 44.
(a)
Dealers in Personal
Installment Basis
Property—Under regulations
prescribed by the
approval of the Secretary, a person who regularly
personal property on the installment plan may
return as income therefrom in any taxable year that proportion of the
installment payments actually received in that year which the gross profit
realized or to be realized when payment is completed, bears to the total
Commissioner with the
or
otherwise disposes of
contract price.
(b) Sales of Realty
casual sale or
property of a
the taxpayer
and Casual Sales of Personalty—In the case (1) of a
disposition of personal property (other than
other casual
kind which would properly
if on hand at the close
be included in the inventory
of the taxable year), for a
of
price exceeding
other disposition of real property, if in either case
the initial payments do not exceed 30 per centum of the selling price (or,
in case the sale or other disposition was in a taxable year beginning prior
to Jan.
1, 1934, the percentage of the selling price described in the law
$1,000, or (2) of a sale or
regulations prescribed
returned on
As used in
this section
received in
cash or property other tnan evidences of indebtedness of the purchaser
during the taxable period in which the sale or other disposition is made.
applicable to such year),
by the
the income may, under
Commissioner with the
the basis
approval of the Secretary, be
above prescribed in this section.
the term "initial payments" means the payments
and in the manner
Accrual to Installment Basis—If a taxpayer entitled
(a) elects for any taxable year to report his
net income on the installment basis, then in computing his income for the
year of change or any subsequent year, amounts actually received during
any such year on account of sales or other dispositions of property made in
any prior year shall not be excluded.
(d) Gain or Loss Upon Disposition of Installment Obligations—If an
installment obligation is satisfied at otner than its face value or distributed,
transmitted, sold, or otherwise disposed of, gain or loss snail result to the
extent of the difference between the basis of the obligation and (1) in the
case of satisfaction at other than face value or a sale or exchange—the
amount reaiized, or (2) in case of a distribution, transmission, or disposition
otherwise than by sale or exchange—the fair market value of the obligation
at the time of such distribution, transmission, or disposition.
Any gain or
loss so resulting snail be considered as resulting from the sale or exchange
of the property in respect of wnich the installment obligation was received.
The basis of the obligation shall be the excess of the face value of the obliga¬
tion over an amount equal to the income which would be returnable were
the obligation satisfied in fuli.
This subsection snail not apply to the
(c) Change from
benefits of subsection
of installment
obligations if there is filed, with
the
regulation prescribe, a bond in
deem necessary, conditioned
upon the return as income, by the person receiving any payment on such
obligations, of tne same proportion of such payment as would be returnable
as income by the decedent if he had lived and had received such payment.
If
installment obligation is distributed by one corporation to another
Commissioner, at
such amount
an
So in
taxpayer'!
the case may be)
employed in keep¬
but if no such method of accounting has been
employed does not clearly reflect the Income,
the computation shall be made in accordance with such method as in the
opinion of the Commierioner does clearly reflect the income.
If the tax¬
payer's annual accounting period is other than a fiscal year as defined In
Section 48 or if the taxpayer has no annual accounting period or does not
keep books, the net income shall be computed on the basis of the calendar
year
For use of inventories, see Section 22 (c).)
so
transmission at death
Basis of Stock in Hands of Shareholders—The amount
consent
method of accounting regularly
ing the books of such taxpayer;
to the
Specified in Consents—The total amount
and, if the shareholder is taxable with respect to a
sources
together with the
entire distribution.
Taxability of Amounts
specified in a consent filed under subsection (d) shall be
from
distribution
having been made in
connection with each other and £ach shall be considered
General Rule
computed upon the basis of the
period (fiscal year or calendar year, as
in accordance with the
sells
shareholder who is taxable with
Unless in each consent made by a
(4)
considered in
distribution; and
respect to a dividend only
(b)
annual accounting
METHODS
ACCOUNTING
Sec. 41.
shall be
income
distribution during the last month of the
If there was no partial
(A)
and
specified in each consent is such, that the consent distribution
would not have been a
in
IV—ACCOUNTING PERIODS AND
Unless it files with its return for such year (in accordance
(1)
of taxes imposed by this title
Section 322.
for other taxable years, see
net
Section 143 or 144 shall
•
against the tax of overpayments
PART
allowed as a
Credit for Overpayments
Sec. 33.
For credit
Allowance of Credit—There shall be allowed to the corporation, as
part of its basic surtax
credit
credit against the tax.
a
taxes imposed
131.
Taxes Withheld at Source
withheld at the source under
distribution, as
shall not to* be
entitled to a consent dividends credit with respect to any taxable year—
(1) Unless, at the close of such year, all preferred dividends (for the
taxable year and, if cumulative, for prior taxable years) have been paid; or
(2) If, at any time during such year, the corporation has taken any steps
in, or in pursuance of a plan of, complete or partial liquidation of all or any
(c)
as
of United States
the United States shall be
the extent provided in Section
Sec. 32.
The amount of tax
of the dis-
Corporations Not Entitled to Credit—A corporation
(b)
as
TA C
Countries and Possessions
war-profits, and excess-profits
of income,
amount
The
distribution which is not pro rata, or which is
class of consent
as
Taxes of Foreign
Sec. 31.
in connection with a consent distri¬
defined in paragraph (4)), would be a preferential
Preferential
(6)
means
a
of a
return.
defined in paragraph (6).
part
Shareholder's Return—The failure
include in his gross income for the proper
him and filed by
the corporation, shall have the same effect, with respect to the deficiency
resulting therefrom, as is provided in Section 272 (f) with respect to a
defiency resulting from a mathematical error appearing on the face of the
the
day
paragraph (3)) there had actually been distributed in
(as defined in
any
shall be
specified in the consent made by
taxable year the amount
the last of such days.
means
.
Not Included in
Amounts
shareholder of consent stock to
be made
dividends day" means
the last day of the taxable year of the corporation, unless during the last
month of such year there have occurred one or more days on which was
payable a partial distribution (as defined in paragraph (5)), in which case it
year
(j)
of the corporation, and the ac¬
profits as of the close of the taxable year
reduced.
correspondingly
the taxable year.
within
(3)
such
stock with
corporation as the amount of
shareholder's consent stock bears to the
respect to which consents are
<
Consent Dividends Credit
Sec. 28.
7
KEVENUE ACT OF 1938
THE
such time as he may by
and witn such sureties as he may
8
THE
REVENUE ACT OF 1938
corporation in the
gain
no
course of a liquidation, and under Section 112 (b) (6)
loss with respect to the receipt of such obligation is recognized
or
in the case of the recipient
corporation, then
to the distribution of such otligation shall be
no
gain
(d)
recognized In the
(e)
individual's
an
name
is
filed return shall be prima facie evidence for all purposes that
a
the return
of the
case
Signature Presumed Correct—The fact that
signed to
loss with respect
or
actually signed by him.
was
Fiduciaries—For returns to be made by fiduciaries,
Section 142.
see
distributing corporation.
_
Sec. 52.'
S«c.[45.^Allocation of Income and Deductions
Every corporation subject to taxation under this title shall make
In any case of two or more organizations, trades, or businesses
(whether
not
or
incorporated, whether
whether
not organized in the United
or
Corporation Returns
stating specifically the items of its
States, and
or not
affiliated) owned or controlled directly or indirectly by the
interests, the Commissioner is authorized to distribute, apportion, or
allocate gross income or deductions between or among such
approval of the Secretary may by regulations prescribe.
trades,
by the treasurer, assistant treasurer,
same
ment,
to
income
of
of such
any
organizations,
trades,
or
the basis of such
to
sworn
where
shall
Change of Accounting Period
for
make returns
Returns
Period—If
Returns for
for
Short
a
are
Period
Resulting
from
return
was
period between the close of the last fiscal year
made and the following Dec. 31.
If the change is
from calendar year to fiscal
year,
a
separate return shall be made for the
period between the close of che last calendar
year
for which return
was
made and the date designated as the close of the fiscal
year.
If the change
is from one fiscal year to another fiscal
year a separate return shall be made
for the period between the close of the former fiscal
year and the date
designated
as
the close of the
Income
Computed
new
the
same manner as
other principal officer and
assignees
corporations in the
same
In
cases
operating the
are
and
manner
Any tax due
form
the basis of
on
if collected from the corporations of whose business
Sec. 63.
of
or
Time and Place for Filing Returns
(a) on account of
a change
a
separate
in the accounting
cases whore a
separate return is required or permitted,
by regulations prescribed by the Commissioner witn the
approval of the
Secretary, to be made for a fractional part of a year, then the income shall
be computed on the basis of the
period for which separate return is made.
on
Annual Basis—If
a
calendar year.
corporation) under subsection (a) on account of
change in the accounting period, the net income, computed on the basis
which separate return is
15th
Returns made
on
the basis of the calendar year shall
day of March following the close of the
the basis of
on
a
fiscal year shall be made
on
before the 15th day of the third month following the close of the fiscal
or
year.
Extension
(2)
of Time—The
extension of time for
Commissioner
may
grant
reasonable
a
filing returns, under such rules and regulations
shall prescribe with the approval of the Secretary.
Except in the
taxpayers who are abroad, no such extension shall be for
as
case
than
more
he
of
six
months.
(b)
made, shall
be placed on
To Whom Return Made—
Individuals—Returns (other than corporation returns) shall be made
to the collector
for the district in which is located the legal residence or
principal place of business of the
legal residence
making the return,
person
if he has
or,
(2)
Corporations—Returns of corporations shall be made
office
or
of the corporation,
principal office
ness or
at
agency
or agency
or,
if it has
no
to the collector
principal
or
principal place of busi¬
in the United States, then to the collector
Baltimore, Maryland.
an
Sec. 54.
annual basis
by multiplying the amount thereof by 12 and dividing by the
number of months included in the
period for which the separate return is
no
principal place of business in the United States, then to
the collector at Baltimore, Maryland.
or
of the district in which is located the principal place of business
separate return is made (except
returns of the income of a
for
before the
or
on
(1)
Period—Where
Short
period, and in all other
Income Placed
be made
fiscal year.
Basis
on
return is made under subsection
the period
or
required to make returns.
(1) General Rule—Returns made
Change of Accounting
a
return shall be made for the
for which
such
or
chief accounting officer.
or
bankruptcy,
property they have custody and control.
Period of Less than 12 Months
taxpayer, with the approval of the Commissioner, changes the
basis of computing net income from fiscal
year to calendar year a separate
a
the
(a) Time for Filing—
Sec. 47.
of
with
The return shall
such returns made by receivers, trustees, or assignees shall be collected in
accounting period, subject to the provisions of
new
in
trustees
Section 47.
(c)
Commissioner
the
as
by the president, vice-president,
receivers,
corporations
as
taxpayer changes his accounting period from fiscal year to calendar
year, from calendar year to fiscal year, or from one fiscal year to
another,
the net income shall, with the approval of the
Commissioner, be computed
(b)
title
property or business of corporations, such receivers, trustees, or assignees
the
a
(a)
of this
reflect
allocation is necessary in
Sec. 46.
on
provisions
the
out
be
businesses.
If
carrying
organizations,
businesses, if he determines that such distribution, apportion¬
order to prevent evasion of taxes or
or
or
clearly
return,
a
income and the deductions and
gross
credits allowed by this title and such other information for the purpose of
(a)
Records and
Special Returns
By Taxpayer—Every person liable to any tax imposed by this title
made.
of for the collection thereof, shall keep such records, render under oath such
as
statements, make such returns, and comply with such rules and regulations,
The tax shall be such part of the tax
computed on such annual basis
the number of months in such
period is of 12 months.
(d) Earned Income—The Commissioner with
the
approval of the
Secretary shall by regulations prescribe the method of
applying the pro¬
(b) and (c; (relating to computing income on the
basis of
cases
short
a
period, and placing such income
where the taxpayer makes
account of a
on
an
so
annual
basis)
to
separate return under subsection (a)
on
change in the accounting period, and it
period for which the return is
(e)
a
appears that
made he has received earned
for^the
income.*
Reduction of Credits Against Net Income—In the case cf a
return
a fractional
part of a year, except a return made under subsection
made for
(a;,
on account of a
change in the accounting period, the personal exemption
and credit for
dependents shall be reduced respectively to amounts which
bear the same ratio to the
full credits provided as the number of months in
the period for which return is
made bears to 12 months.
(f)
Closing of Taxable Year
year in case of
jeopardy,
in Case of
Jeopardy—For closing of taxable
the
as
Commissioner necessary he may require any person, by notice served upon
him, to make
records,
as
(c)
Definitions
Information at the Source—For requirement of
turns
by
provisions
under regulations prescribed
by the Commissioner with the
approval of the Secretary, the
period for which such return is made.
(b)
Fiscal Year—"Fiscal year" means an
accounting period of 12 months
ending on the last day of any month other than December.
(c)
"Paid
or
Incurred,"
"Paid
or
year,
Accrued"—The
terms
"paid
or
business"
includes
the
Returns—If
or
any
person,
required by law
the
of
case
with
a
fiduciary, partnership,
whom
the return
the amount of tax due in
return in
return.
the
of
on
excess
a
corporation return,
or
shall
Sec. 61.
a
or
period of
allowed
under
this
title
and such
other
information
for
the
purpose of
carrying out the provisions of this title as the
Commissioner with
the approval of the
Secretary may by regulations prescribe—
(1) Every individual who is single or wrho is married
but not living with
husband or wife, if—
(A)
Having
(B)
Having
gardless of the
(2)
a net
a
income for the taxable year of
$1,000
Sec. 55.
(a)
Publicity of Returns
Returns made under this title shall be open to inspection in the
the
same
including penalties,
extent, and subject to the same
as returns
who is married and
living with husband
joint return is made under subsection
(b) and if—
Such individual has for the taxable
no
(A)
over
net
or
wife, if
year a net income of $2,500 or
or
a
gross income of
income;, and the
$5,000
or
over
other spouse has
(regardless of the
no gross
income;
amount
of the
made under Title II of the Revenue Act of
returns made under
this Act shall constitute public records
or
Such individual and his spouse each has
for the taxable year a gross
Income (regardless of the amount
of the net
income) and the aggregate net
income of the two is $2,500 or
over; or
(C)
Such individual and his spouse each has
for the taxable
income (regardless of the amount
of the net
income)
(b)
income is
$5,000
or
case
of
a
husband and
gether the income of each (even
though
included in
a
year a gross
and the aggregate
over.
Husband and Wife—In the
wife
living to¬
one has no gross income)
may be
single return made by them
jointly, in which case the tax
shall be computed on the
aggregate income, and the liability with
respect
to the tax shall be
joint and several.
No joint return
may be made if
either the husband
or
wife is
a
be
so
to
open
official, body, or commission, lawfully charged with the
administration of any State tax law, if the inspection is for the purpose of
such administration or for the purpose of obtaining information to be
furnished to local taxing authorities as provided in paragraph (2).
The
inspection shall be permitted only upon written request of the Governor of
such
State, designating the representative of such official, body, or
com¬
mission to make the inspection on behalf of such official, body, or commis¬
The inspection shall be made in such manner, and at such times and
places,
(2)
as
shall
be prescribed
by regulations made by the Commissioner
Any information thus secured by
any
official, body,
or
commission
of any State may be used only for the administration of the tax laws of
such
any
State, except that
upon
written request of the Governor of such State
such information may be furnished to
tration of the tax laws of such
any
official, body,
or
commission
political subdivision, but may be furnished
only for the purpose of, and may be used only for, the administration of
such tax laws.
Any officer, employee, or agent of any State or political
subdivision, who divulges (except as authorized in this subsection, or when
called upon to testify in any judicial or administrative proceeding to which
the State
or
commission,
an
political subdivision, ,or
as
inspection
guilty of
a
such, is
a
permitted
party)
him
the
the person or
property
such State or local official, body, or
information acquired by him through
another
under
this subsection
shall
be
$1,000,
or
by imprisonment for not more than one
year, or
both.
Sec. 56.
own
any
or
misdemeanor and shall upon conviction be puJished by a fine of
not more than
nonresident alien.
Persons Under Disability—If the
taxpayer is unable to make his
the return shall be made by a
duly authorized agent or by
guardian or other person charged with the care of
of such taxpayer.
any
as
by the President.
(1) All income returns filed under this title (or copies thereof, if
inspection by
(c)
return,
inspection to such extent
of any political subdivision of such State, lawfully charged with the adminis¬
(B)
gross
same
provisions of law,
with the approval of the Secretary.
amount of the net income.
Every individual
to this subsection
less than two years from the date
holding companies, see Sections 338, 339, and 340.
or over; or
re¬
upon a
the face of the
under the direction of the Commissioner.
sion.
income for the taxable
year of $5,000 or over,
gross
the
Such
copy.
same manner
prescribed by regulations made under this subsection), shall
deductions
credits
on
prepared pursuant
not
$10
by the taxpayer
appearing
error
or
and
(e) Foreign Personal Holding Companies—For information returns by
officers, directors, and large shareholders, with respect to foreign personal
(b)
Individual Returns
Requirement—The following individuals shall each make
under oath
return stating
specifically the items of his gross income and the
and
such
prepare
of that shown
mathematical
a
file for
filed
shall be authorized in rules and regulations promulgated
(a)
regulations
required to be filed, and may be destroyed at any time thereafter
are
1926; and all
V—RETURNS AND PAYMENT OF TAX
or
paid, without interest, in the
Copies of returns filed
shall remain
they
case
is
and shall be open to public examination and
PART
and re¬
tax liability of another
fails to file such copy at the time required, there shall be due and
manner, to
or
not such
statements
Sections 147 to 150-
Copies
in¬
this Part.
keep such
or
assessed against such person $5 in the case of an individual return
in
curred" and "paid or
accrued" shall be construed
according to the method
of
accounting upon the basis of which the net income is
computed under
(d) Trade or Business—The term "trade
performance of the functions of a
public office.
to assist in determining the
person
one
person, see
(d)
or
made pursuant to law to file a copy of any income return for any taxable
as
(a) Taxable Year.—"Taxable year" means the
calendar year, or the
fiscal year ending
during such calendar year, upon the basis of whicn the
net income is
computed under this Part.
"Taxable year" includes, in the
case of a return made for a
fractional part of a year under the
or
return, render under oath such statements,
amount shall be collected and
When used in this title—
of this title
a
the Commissioner deems sufficient to show whether
liable to tax under this title.
person is
collector
Sec. 48.
from time
may
To Determine Liability to Tax—Whenever in the judgment of the
(b)
Section 146.
see
Commissioner, with the approval of the Secretary,
prescribe.
to time
visions of subsections
(a)
Payment of Tax
Time of Payment—The total amount of tax imposed by this title
shall be paid on the fifteenth day of March
year, or,
if the return should be made
on
following the close of the calendar
the basis of a fiscal year, then
on
the fifteenth day of the third month following the close of the fiscal year.
9
THE REVENUE ACT OF 1938
the tax in
paid
on the date prescribed for the payment of tne tax by the taxpayer, tne
second installment shall be paid on the fifteenth day of the third month,
the third installment on the fifteenth day of the sixth month, and the fourth
installment on the fifteenth day of the ninth month, after such date.
If
any installment is not paid on or before the date fixed for its payment, the
whole amount of tne tax unpaid shall be paid upon notice and.demand from
in which
case
the first installment shall be
Rule—At the request of the taxpayer, the Commissioner
General
extend the time for payment of the amount determined as
the tax by
installment thereof, for a period not to
exceed six
the taxpayer,
or
any
months from the date prescribed for the payment
In such
ment thereof.
is
of the tax or an install¬
which the extension
the amount in respect of
case
granted shall be paid on
or
before tne date of the expiration
of the period
Commissioner
the
Companies—At the request of the
by the
(under regulations prescribed
may
Commissioner with the approval of the Secretary)
the time for the payment
of the tax)
amount determined as the
by the taxpayer
of such portion of the
is attributable to the short-term or long-term
as
capital
other than
money upon the complete liquidation (as defined in Section 115 (c) ) of a
corporation.
This paragraph shall apply only if the corporation, for its
taxable year preceding the year in which occurred tne complete liquidation
gain derived by the taxpayer from the receipt by him of property
(or the first of the series of distributions referred to in such
under the law applicable to such taxable year, a
section), was,
personal holding company
An extension under tnis para¬
holding company.
foreign personal
a
the Com¬
the
to which
the extension is granted shall be paid on or before the date of the expiration
of the extension.
If an extension is granted under this paragraph the
Commissioner may require tne taxpayer to fiflriiakh a bond in such amount,
not exceeding double the amount with respect to which the extension is
graph shall be granted only if it is shown to the satisfaction of
will result in undue hardship to
missioner that the failure to grant it
If
taxpayer.
granted,
an
and
conditioned
extension is granted the amount with respect
with
upon
sureties
such
as
the
Commissioner
deems necessary,
which the
the payment of the amount with respect to
extension is granted in
accordance with the terms of the extension.
Voluntary Advance Payment—A tax imposed by this title, or any
(d)
installment thereof, may be paid, at the
the date
election of the taxpayer, prior to
in
of jeopardy, she Section 146.
(f) Tax Withheld at Source—For requirement of withholding tax at
source
case
in the
case
the
and in the
of nonresident aliens and foreign corporations,
of so-called "tax-free covenant bonds", see Sections 143
and 144
Fractional Parts of Cent—In the payment of any tax under
(g)
a
this title
disregarded unless it amounts to one-half
it shall be increased to 1 cent.
fractional part of a cent shall be
cent or more, in which case
(h)
Receipts—Every collector to whom any payment of any income
tax
give to the person making such payment a
full
is made shall upon request
written
or
'
printed receipt therefor.
soon
Tax
Examination of Return and Determination of
Sec. 57.
As
as
shal
practicable after the return is filed tne Commissioner
examine it and shall determine the correct amount of the tax.
Additions to Tax and Penalties
Sec. 58.
(a)
For additions to the tax in case of negligence or fraud in the non¬
payment of tax or failure to file return
(b)
therefor, see Supplement M.
For criminal penalties for nonpayment of tax or failure to file return
therefor,
and no substantial part of the
propaganda, or otherwise attempting, to
individual,
or
influence legislation;
(7)
Business
real-estate boards, or
of the net earnings of
of commerce,
chambers
leagues,
see
organized for profit but operated
welfare, or local associations of
employees, the membership of which is limited to the employees of a desig¬
for
which
Sec. 59.
Administrative Proceedings
administrative proceedings
over*
follows:
deficiencies.
(a)
Supplement L, relating to assessment and collection of
(b)
Supplement M, relating to interest and additions to tax.
(c)
Supplement N, relating to claims against transferees and
(d)
Supplement O, relating to
fiduciaries.
purposes;
and
Oiubs organized and operated exclusively
(10)
shareholder;
purely local character,
cooperative telephone
like organizations; but only if 85 per centum or more of the
Benevolent life insurance associations of a
mutual
ditch
companies, or
companies,
irrigation
or
mutual or
income consists of amounts collected from
members for the sole purpose of
meeting losses and expenses;
(11) Farmers'
companies
or
or
other mutual hail, cyclone,
associations
or
casualty, or fire insurance
(including interinsurers and reciprocal under¬
writers) the income of which is used or
held for the purpose of paying losses
expenses;
organized and operated
products of
and turning back to them the proceeds of
sales, less the necessary marketing expenses, on the basis of either the
quantity or the value of the products furnished by them, or (b) for the
purpose of purchasing supplies and equipment for the use of members or
other persons, and turning over such supplies and equipment to them at
actual cost, plus necessary expenses.
Exemption shall not be denied any
(12) Farmers', fruit growers', or like associations
on
a
(a) for the purpose of marketing the
cooperative basis
members
or
other producers,
such association because it has
capital stock, if the dividend rate of such
stock is fixed at not to exceed the legal rate
of interest in the State of in¬
corporation or 8 per centum per annum, whichever is greater, on the value of
the consideration for wnich the stock was issued, and if substantially all such
preferred stock, the owners of which are not
stock (other than nonvoting
indirectly, in the profits
fixed dividends)
is owned by producers who market their products or purchase their supplies
and equipment through the association; nor shall exemption be denied any
such association because there is accumulated and maintained by it a reserve
required by State law or a reasonable reserve for any necessary purpose.
Such an association may market the products of nonmembers in an amount
the value of which does not exceed the value of the products marketed for
members, and may purchase supplies and equipment for nonmembers in
an amount the value of which does not exceed the value of the supplies and
equipment purchased for members, provided the value of the purchases
made for persons who are neither members nor producers does not exceed
15 per centum of the value of all its purchases.
Business done for the
United States or any of its agencies shall be disregarded in determining the
right to exemption under this paragraph;
(13) Corporations organized by an association exempt under the pro¬
visions of paragraph (12), or members thereof, for the purpose of financing
the ordinary crop operations of such members or other producers, and
operated in conjunction with such association.
Exemption shall not be
denied any such corporation because It has capital stock, if the dividend
rate of such stock is fixed at not to exceed the legal rate of interest in the
entitled
permitted to participate, directly or
or
dissolution or otherwise, beyond the
whichever is greater,
stock was issued, and if
incorporation or 8 per centum per annum,
State of
the value of the
consideration for which the
stock (other than nonvoting preferred
not entitled or permitted to participate,
all such
of which are
stock, the
directly or
of the corporation, upon dissolution or otherwise,
dividends) is owned by such association, or members
thereof; nor shall exemption be denied any such corporation because there
is accumulated and maintained by it a reserve required by State law or a
indirectly, in the profits
beyond the fixed
reasonable reserve for any necessary purpose:
(14)
overpayments.]
Corporations organized for
the exclusive purpose
of holding title to
and turning over the entire amount
organization which iself is exempt from the tax
collecting income therefrom,
thereof, less expenses, to an
VI—MISCELLANEOUS PROVISIONS
for pleasure, recreation,
of which
nonprofitable purposes, no part of the net earnings
other
inures to the benefit of any private
property,
PART
particular municipality, and the net earnings of
to charitable, educational, or recreational
devoted exclusively
are
owners
in respect of the nonpayment or
payment of a tax imposed by this title, see as
of social
the promotion
nated person or persons in a
on
Section 145.
shareholder or individual;
Civic leagues or organizations not
(8)
exclusively
substantially
For
children
of
of the net earnings of which inures to the benefit
shareholder
of the association, upon
prescribed for its payment.
(e) Advance Payment in Case of Jeopardy—For advance payment
case
exclusively
activities of which is carrying on
extend (for a period not
from the date prescribed for the payment
to exceed five years
or
no part
private
(9)
(2) Liquidation of Personal Holding
tax
community chest, fund, or foundation,
for religious, charitable, scientific,
any
operated
educational purposes, or for the prevention of cruelty to
or
animals,
any
of the extension.
taxpayer,
and
which inures to the benefit of any private
(c) Extension of Time for Payment—
(1)
literary,
or
and
Corporations,
organized
boards of trade, not organized for profit and no part
the collector.
may
(6)
Installment Payments—The taxpayer may elect to pay
.(b)
four equal installments,
imposed by this title;
Laws Made
Sec. 61.
All administrative, special, or stamp
Applicable
relating to the assessment of taxes, so far as applicable, are
to and made a part
Rules and Regulations
Sec. 62.
and publish
hereby extended
of this title.
The Commissioner,
with the approval of the Secretary, shall prescribe
all needful rules and regulations for the enforcement of this
title.
Sec. 63.
A
SUBTITLE
The following
on
if such
organizations shall be exempt from taxation under this
title—
Labor, agricultural, or horticultural organizations;
Mutual savings banks not having a capital stock represented
of
but
their returns)
by
tion for such year.
in business for the common
of the net income of the
Any amount so
shall be treated as a
even
benefit
only if the members thereof include (at the time of
in their gross income their entire pro-rata shares,
associations or corporations engage
of the members,
filing
of investments;
Religious or apostolic associations or corporations, if
corporations have a common treasury or community treasury,
whether distributed or not,
(2)
purely local character,
(other than through payment
such associa¬
(18)
tions or
Corporations
(1)
fund associations of a
of their net earnings inures
benefits) to the benefit of any
and income in respect
A—RATES OF TAX
Exemptions from Tax
if, (A) no part
retirement
[Supplementary to Subtitle B, Part I]
Sec. 101.
meeting expenses;
Teachers' retirement
private shareholder or individual,
and (B) the income consists solely of amounts received from public taxation,
amounts received from assessments upon the teaching salaries of members,
amended.
C—SUPPLEMENTAL PROVISIONS
SUPPLEMENT
Corporations organized under
instrumentalities of the United States
(17)
title and Title IA shall be in lieu of the taxe®
Imposed by Titles I and IA of the Revenue Act of 1936, as
are
ments and
Taxes in Lieu of Taxes Under 1936 Act
The taxes imposed by this
Act of Congress, if such corporations
and if, under such Act, as amended
and supplemented, such corporations are exempt from Federal income taxes;
(16) Voluntary employees' beneficiary associations providing for the
payment of life, sick, accident, or other benefits to the members of such
association or their dependents, if (A) no part of their net earnings inures
(other than through such payments) to the benefit of any private shareholder
or individual, and
(B) 85 per centum or more of the income consists of
amounts collected from members for the sole purpose of making such pay¬
(15)
provisions of law, including the law
association or corpora¬
included in the gross income
of a member
dividend received.
shares;
(3)
Fraternal beneficiary societies, orders, or associations, (A) operating
under the lodge system or
for the exclusive benefit of the members of a
fraternity itself operating under the
lodge system; and (B) providing for the
other benefits to the members of such
their dependents;
payment of life, sick, accident, or
society, order, or association or
(4)
Domestic building and loan associations substantially all the business
making loans to members; and cooperative banks
of which is confined to
without
without
(5)
capital stock organized and operated for mutual purposes
Cemetery companies owned and operated
chartered
solely for burial
exclusively for the benefit
operated for profit; and any corporation
purposes
as
a
cemetery corporation and not
incident
earnings of which inures to the benefit
permitted by its charter to engage in any business not necessarily
to that purpose, no
part of the net
private shareholder or individual;
Corporations Improperly
Accumulating Surplus
paid for
Imposition of Tax—There shall be levied, collected, and
each taxable year (in addition to other taxes imposed by this title) upon the
net income of every corporation (other than a personal holding company as
(a)
defined in Title
holding company as defined in
created or organized, is formed
the purpose of preventing the imposition of the surtax upon
or the shareholders of any other corporation, through the
Supplement P) if
availed of for
or
its
profit;
of their members or which are not
of any
and
Sec. 102 Surtax on
shareholders
medium
IA or a foreign personal
such corporation, however
profits to accumulate instead of being
equal to the sum of the following:
of the amount of the undistributed Section 102 net income
of permitting earnings or
divided or distributed, a surtax
25 pot centum
not in excess
of $100,000, plus
35 per centum
$100,000.
of the undistributed
Section 102 net income in excess
of
10
THE
Prima Facie Evidence—The fact that any corporation is
(b)
investment company shall be prima
or
KEVENUE ACT OF 1938
surtax
facie evidence of
a mere
(2)
holding
a purpose to
avoid
stock
Evidence Determinative of Purpose—The fact that the earnings or
a corporation are perm itted to accumulate beyond the reasonable
(c)
Section 102 Net Income—The
minus the
e
term
"Section 102
and
income"
net
excess-profits
the extent not allowed
(B)
payn ent of
purposes
(C)
for the
or
disallowed
Undistributed
(5)
as
gifts
otherwise allowed
year, not
exchanges of capital
or
deduction by Section 117
a
102
Net
and
as
on
assets
Sec.
103.
Tax
Citizens
and
Corporations
of
Certain
extraterritorial taxes,
the President shall
proclaim and
so
the rates of tax imposed by Sections 11,
211
12, 13, 14, 201 (b), 204 (a), 207,
(a), and 362 shall, for the taxable year during which such
(a), 231
proclamation is made and for each taxable year thereafter, be doubled in
the case of each citizen and corporation of such
foreign country; but the
tax at such doubled rate shall be considered as
imposed by Section 11, 12,
13, 14, 201 (b), 204 (a), 207' 211 (a), 231 (a),
in
no
casejshall this section operate
sections (computed without
362,
or
the
as
case may
an amount in excess of
80 per centum of the net income of the taxpayer.
Whenever the President
finds that the Jaws of any
foreign country with respect to which the president
has made a proclamation under the
preceding provisions of this section have
been modified
that
so
discriminatory and extraterritorial
citizens and corporations
to
shall
so
Property
but in the
taxes
applicable
of the United States have been removed, he
proclaim, and the provisions of this section providing for doubled
not apply to any citizen or
corporation of such foreign
beginning after such proclamation
one
or
person or
in control
persons are
of an exchange by two or more persons
^case
Received
i
Corporation
by
Complete
on
Liquidation
be recognized upon the receipt by
of
a
cor¬
distributed in complete liquidation of another
cor¬
distribution shall be
a
con¬
The corporation receiving
property
sucn
was,
the date of the
on
adoption of the plan of liquidation, and has continued to be at all times
of stock
(in such other
cor¬
poration) possessing at least 80 per centum of the total combined voting
power of all classes of
stock entitled to vote and the
centum of the total number
at
time
no
on
of at least 80 per
(except
to dividends), and
as
was
after the date of the adoption of the plan of liquidation
or
and until the receipt
any
owner
of shares of all other classes of stock
nonvoting stock which is limited and preferred
of the property the
of
owner
a
greater percentage of
class of stock tnan the percentage of such class owned at the time of
the receipt of the property; and
No distribution under the liquidation was made before the first day
(B)
of the first taxable year
of the corporation beginning after Dec. 31, 1935;
and either
The distribution is by such other corporation in complete cancella¬
(C)
tion
redemption of all its stock, and the transfer of all the property
or
occurs
within
the taxable year;
in such
the adoption
case
by tne share¬
holders of the resolution under which is authorized the distribution of all the
assets of such corporation
stock, shall be considered
no
in complete cancellation
adoption of
an
a
or
redemption of all its
plan of liquidation,
time for the completion of the transfer of the property is
resolution;
(D)
rates of tax shall
country with respect to any taxable year
is made
loss
or
by
to a corporation
securities in such corporation,
or
For the purposes of this paragraph
poration.
be.
to increase the taxes imposed by such
regard to this section) to
cor¬
sidered to be in complete liquidation only if—
personal hold¬
on
securities in another
or
paragraph shall apply only if the amount of the stock and securities
poration of property
obliga¬
Foreign Countries
or
solely in exchange for stock
immediately after the exchange such
(6)
amount
Whenever the President finds that, under the laws of
any foreign country,
citizens or corporations of the United States are
being subjected to dis¬
criminatory
or
the
party to
a
loss shall be recognized if
or
under the receipt of the property, the ov\ ner
on
corporation
of reorganization, solely for stock
Another—No gain or loss shall
Title IA.
of
another
be recognized if property is transferred
(A)
Personal Holding Companies—For surtax
Rates
loss shall be recog¬
or
party to a reorganization are,
a
received by each is substantially in proportion to his interest in the prop¬
"undistributed
(b) (1) shall be made without its reduction by the
see
in
or
erty prior to the exchange.
tesrm
tions of the United States and Government
corporations.
(e) Tax
corporation
of the corporation;
(d).
Income—The
of the credit provided in Section 26 (a),
relating to interest on certain
ing companies,
is
party to a reorganization exchanges property, in pursuance
a
more persons
Section 102 net income" means the Section 102 net income minus the
basic
surtax credit provided in Section 27
(b), but the computation of such credit
under Section 27
such
corporation
a
Transfer to Corporation Controlled by Transferror—No gain
shall
or
this
Section
be
corporation
a
poration a party to the reorganization.
therein specified.
are
securities in
Same—Gain of Corporation—No gain
of the plan
paid
deduction
of donees described in Section 23 (o), for the
use
in
corporation
or a corre¬
Contributions—Contributions
Disallowed Losses—Losses from sales
which
(2)
Etc.,
shall
loss
or
corporation.
same
Reorganization—No gain
on
gain
if preferred stock in
or
or
(4)
prior income-tax law.
which is made within the taxable
deduction, to
a
a
Disallowed Charitable,
Stock for Stock
pursuance
means
taxes
as a
by Section 23, but not including the tax imposed by this section
sponding section of
Corporation—No
corporation is exchanged solely for common
corporation,
same
of the plan of reorganization, exchanged soley for stock
a
war-profits,
accrued during the taxable year, to
or
Same
reorganization.
of—
sum
income,
the
securities
Definitions—As used in this title—
(1)
of
nized if stock
evidence shall prove to the contrary.
(A) Taxes—Federal
Stock
in
shareholders unless the corporation by the clear preponderance of the
the net incom
in
(3)
needs of the business shall be determinative of the
purpose to avoid surtax
(d)
for
common stock in a
exchanged solely for preferred stock in the
profits of
upon
Stock
recognized if
shareholders.
upon
even
though
specified in such
or
Such distribution is
of
one
series of distributions
a
corporation in complete cancellation
cordance with
plan
a
by such other
redemption of all its stock in
or
ac¬
of liquidation under which the transfer of all the
property under tne liquidation is to be completed within three years from
Sec. 104.
trust
or
Banks and Trust
company
the close of the taxable year during which is made the first of the series of
Companies
Definition—As used in this section the
(a)
"bank"
term
means
bank
a
ncorporated and doing business under the laws of the
United States (including laws
relating to the District of Columbia), of any
State, or of any Territory, a substantial
part of the business of which con¬
sists of receiving deposits and
making loans and discounts,
fiduciary
11
(k)
law
of the Federal Reserve Act,
to
of exercising
or
powers similar to those permitted to national banks under Section
as
supervision and examination
amended, and which is subject by
by State,
Territorial,
Federal
or
au¬
thority having supervision
over banking institutions.
Rate of Tax—Banks shall be taxable under Section 14
(d).
(b)
Sec. 105.
In the
case
of
Sale of Oil
or
Gas
106.
Properties
bona fide
Claims
Against
United
States
Involving
case
of amounts (other than
deem
the
does not
property
and
assessment
on
collection,
of
taxpayer from
a
or
waiver
both,
or
he
as
(A)
if the taxpayer does not continue
or
until the completion of such
transfer,
and excess-profits
year,
to the extent attributable to property so received.
by law for such taxable year or subsequent taxable
constituting
distribution
a
in
A distribution
complete liquidation
mearning of this paragraph shall not be considered
as not
distribution merely because it does not constitute
a
distribution
no
witnin the taxable
occur
then imposed
otherwise
under
qualified
if the transfer of the property is not com¬
necessary to insure,
pleted within such three-year period,
made; and for the purposes of this paragraph
a
within
the
constituting such
(other than interest)
a
distribution
liquida¬
or
transfer of property of
such other corporation to the taxpayer shall not be considered as not con¬
stituting
received.
transfer of all
transfer,
the Commissioner may require of the taxpayer such bond,
of the statute of limitations
may
continue
distribution in complete liquidation.
a
tion within the meaning of the corporate law under which the distribution
the United States with
respect to a claim against the United States involving
the acquisition of
property and remaining unpaid for more than fifteen
years, the portion of the tax imposed
by Section 12 attributable to such
receipt shall not exceed 30 per centum of the amount
so
If such
year
does not
until the completion of such
under the plan shall be considered
is
Acquisition
Interest) received by
(A)
the assessment and collection of all income, war-profits,
Property
In the
subparagraph
qualified under subparagraph
exceed 30 per centum of the
selling price of such property or interest.
Sec.
except that if such transfer is not completed
within such period, or if the taxpayer
taxes
sale of any oil or gas property, or
any interest
therein, where the principal value of the
property has been demonstrated
by prospecting or exploration or discovery work done
by the taxpayer, the
portion of the tax imposed by Section 12 attributable to such
sale shall not
a
distributions under the plan,
distribution
a
cancellation
(or
one
of
series of distributions)
a
in
complete
redemption of all of the stock of such other corporation,
or
merely because the carrying out of the plan involves (i) the transfer under
the plan
the taxpayer by such other corporation of property, not at¬
to
tributable to shares owned by the taxpayer, upon an exchange described in
paragraph
(4)
of this
subsection,
redemption under the plan,
as a
and
(ii)
complete
the
cancellation
or
result of exchanges described in paragraph
(3) of this subsection, of the shares not owned by the taxpayer.
SUPPLEMENT
B—COMPUTATION
Sec.
111.
Determination
of
to
Computation of Gain
or
the
determining loss
(b)
excess
excess
(A)
of, and Recognition of,
of the
Recognition of Gain
to
wnich
the
gain
provisions of Section
(d)
Installment
amount
or
Loss—In the
loss
in
of
(a)
General
be
except as
or
this
other dis¬
plus the fair
this
section
determined
shall
under
be
the
section
shal
be
construed
to
providing for payment
of Gain
or
Loss
(ii)
Exchanges Solely in Kind—
or
including stock in
nor
trust or beneficial
interest,
Investment—No gain
trade
use in
or
trade
other
or
or
loss
business
property
held
stocks, bonds, notes, choses in action, certificates of
or other securities or evidences of
indebtedness
interest) is exchanged solely for property of
for productive use in trade
and
the
transfer
then in
the
of
case
or
business
or
complete
pursuance
of
plan of liquidation adopted
a
after Jan. 1, 1938; and
or
of all
each
(C)) gain
subparagraph
the property
or
redemption of all the
under the liquidation
qualified
upon
electing
shareholder
(as
occurs
defined
a
like kind to be held either
for investment.
in
the shares owned by him at the time of the
provided in subparagraphs (E) and (F).
(B) Excluded Corporation—The term "excluded corporation"
corporation which at
any
time between April 9,
means
a
1938, and the date of tne
owner
of
stock possessing 50 per centum or more of the total combined voting power
of all classes of stock entitled to vote
(C)
on
the adoption of such plan.
Qualified Electing Shareholders—The term "qualified electing share¬
holder"
means
a
shareholder
(other than
liquidation)
who is
a
an
excluded corporation) of
to have the benefits of
has been made and filed in accordance with
(i) in the
case
of
at the time of the
possessing
at
a
shareholder other than
so
filed
of such
subparagraph (A)
subparagraph (D), but—
a
corporation, only if written
by shareholders (other than corporations) who
adoption of the plan of liquidation are owners of stock
least
80
(exclusive of voting
per
power
centum
of the total
combined
Voting
power
possessed by stock owned by corporations)
all classes of stock entitled to vote
tion; or
any
the plan
shareholder at the time of the adoption
plan, and whose written election
elections have been
Use
shall be recognized if
property held for productive
primarily for sale,
before,
on,
The distribution is in complete cancellation
stock,
of
or
(not
in
class of stock (whether or not entitled to vote on the adoption of
Recognition
Property Held for Productive
investment
distributed
property
adoption of the plan of liquidation shall be recognized only to the extent
exchange, the
any installment payment
profit in the year in which such
payment is received.
(b)
for
of
case
adoption of the plan of liquidation, both dates inclusive, was the
in
(1)
or
sale
or
Rule
gain
the
domestic corporation, if—■
after the date of the enactment of tnis Act, whether the taxable year of the
Upon the sale or exchange Of
property the entire
loss, determined under Section
111, shall be recognized,
hereinafter provided in this section.
amount of the
Rule—In
a
The liquidation is made in
corporation began
112.
Sec. 112.
or
a
under
of property sold under
contract
or
Corporate Liquida¬
other dis-
installments) the taxation of that portion of
representing gain
Certain
within the month of December, 1938—
case
determined
General
liquidation of
(b; for determining gain,
realized from the sale
or
Sales—Nothing
case
Recognition of Gain in
to
as
therefrom
realized.
recognized for the purposes of this
titie, shall
prevent (in the
or
amount realized
sum of any
money received
market value of the
property (other than money) received.
(c)
Gain
(i)
position of property shall be the
extent
(7) Election
INCOME
of the adjusted basis
provided in such section
over the amount
Amount Realized—The
NET
II]
Loss
adjusted basis provided in Section 113
and the loss shall be the
for
Part
Loss—The gain from the sale
postion of property shall be the
over
Subtitle B,
Amount
or
(a)
OF
tions.—
[Supplementary
on
of
the adoption of such plan of liquida¬
♦
(ii) in the
case
of
elections have been
a
so
shareholder which is
filed
a
corporation, only if written
by corporate shareholders
(other than
an
ex-
THE
11
REVENUE ACT OF; 1938
in the
such plan of liquidation.
(j) Installment Obligations—For nonrecognition of gain or loss
of installment obligations, see Section 44 (d),
Sec. 113. Adjusted Basis for Determining Gain or Loss
(a) Basis (Unadjusted) of Property—The basis of property shall
cost of such property; except that—
(1) Inventory Value—If the property should have been included
elections referred to
in subparagraph (C) must be made and filed in such manner as to be not
in contravention of regulations prescribed by the Comn issioner with the
approval of the Secretary.
The filing must be within 30 days after the
adoption of the plan of liquidation, and may be by the liquidating cor-
last inventory, the basis shall be the last inventory value thereof.
(2) Gifts After Dec. 31, 1920—If the property was acquired by gift
after Dec. 31, 1920, the basis shall be the same as it would be in the hands
of the donor or the last preceding owner by whom it was not acquired by
gift, except that for the purpose of determining loss the basis shall be the
such plan of
of the
total combined voting power (exclusive of voting power possessed by
stock owned by an excluded corporation and by shareholders who are not
corporations) of all classes of stock entitled to vote on the adoption of
which at The time of the adoption of
corporation)
eluded
liquidation
owners
are
of stock possessing at least 80 per centum
Making and Filing of Elections—The written
(D)
poration or by the shareholder.
Noncorporate Shareholders—In the case of a
(E)
holder other than
qualified electing share-
corporation—
a
There shall be recognized, and taxes as a dividend, so
(i)
much of the
and profits of the
corporation accumulated after Feb. 28, 1913, such earnings and profits to
be determined as of Dec. 31, 1938, but without diminution by reason of
gain
is not in excess of his ratable share of the earnings
as
month of December, 1938; and
distributions made during the
There shall be recognized, and taxed as short-term or long-term
(ii)
capital
the gain as is not in
of that portion of the assets received by him which consists of money, or of stock or securities acquired by
the corporation after April 9,1938. exceeds his ratable share of such earnings
gain,
the case may be, so much of the remainder of
as
of the amount by which the value
excess
and profits.
qualified electing share-
Corporate Shareholders—In the case of a
(F)
holder which is a corporation the gain
of the greater of
shall be recognized only to the extent
the two following—
of money, or
corporation after April 9,
The portion of the assets received by it which consists
(i)
of stock
1938;
securities acquired by the liquidating
or
or
Its ratable share of the earnings and profits of
(ii)
the liquidating cor-
portation accumulated after Feb. 28, 1913, such earnings
determined
of
as
31,
Dec.
1938,
distributions made during the
but
month of December, 1938.
Obedience to Orders of Securities
Exchanges and Distributions in
(8)
and profits to be
by reason of
without diminution
Exchange Commission—In the case of any exchange or
and
described in Section 371, no gain or loss shall
distribution
be recognized to the extent
specified in such section with respect to such exchange or
distribution.
Gain from Exchanges Not Solely in Kind—
(c)
of subsection (b)
(1), (2), (3), or (5) of this section if it were not for the fact that the property
received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other
property or money, then the gain, if any, to the recipient shall be recognized,
but in an amount not in excess of the sum of such money and the fair market
If
(1)
exchange would be within the provisions
an
value of such other property.
If
(2)
paragraph (1) of this subsection but has the
taxable dividend, then there shall be
a
of
to each distributee such an amount
(1)
of reorganization is
effect of
taxed as a dividend
the gain recognized under paragraph
distribution made in pursuance of a plan
a
within the provisions of
the distribution of
undistributed earnings and
Feb. 28, 1913. The remainder,
is not in excess of his ratable share of the
as
profits of the corporation accumulated after
recognized under paragraph (1) shall be taxed as a
if any, of the gain
from the exchange
gain
of property.
be within the
for the fact that
received in exchange consists not only of stock or securities
permitted by such paragraph to be received without the recognition of
gain, but also of other property or money, then—
(1) If the corporation receiving such other property or money distributes
it in pursuance of the plan of reorganization, no gain to the corporation shall
Same—Gain of Corporation—If an exchange would
(d)
provisions of subsection (b) (4) of this section if it were not
the property
recognized from the exchange, but
be
If the corporation receiving such other property or money
(2)
distribute it in pursuance
be recognized, but in an amount not in excess
the corporation shall
of such money and the fair
sum
does not
of the plan of reorganization, the gain, if any, to
of the
market value of such other property so
received, which is not so distributed.
(e) Loss from Exchanges Not Solely in Kind—If an exchange
if it were not for
not
such paragraph to be received without
of gain or loss, but also of other property or rr oney,
shall be recognized.
loss from the exchange
or
in part, theft or seizure, or an
condemnation,
or
to
converted,
the property so
or
of its destruction
exercise of the power of requisition
the threat or imminence thereof)
involuntarily converted into property
then no
'
Involuntary Conversions—If property (as a result
(f)
or
subsection (b)
only of property permitted by
the recognition
in whole
would be
(1) to (5), inclusive, of this section
the fact that the property received in exchange consists
within the provisions of
is compulsorilyor
similar or related in service or use
into money which is forthwith in good
faith, under regulations prescribed by the
Con missioner with the approval
of the Secretary,
expended in the acquisition of other property similar or
related in service
or
of control of
ment of a
use
If any part
expended, the gain, if any, shall be recognized, but
amount not in excess
an
loss shall be recognized.
section and Section
113—
(1)
The term "reorganization" means
solidation, or (B) the acquisition by one
all
or a
and at least
of stock of
another corporation, or
its assets to another
feror
or
(C)
transfer by a corporation of all or a part of
a
corporation if immediately after the transfer the trans-
its shareholders or both are in contral
the assets
transferred,
are
indentity, form,
(2)
(A) a statutory merger or concorporation in exchange solely for
80 per centum of the voting stock
80 per centum of the total number of shares of all other classes
another corporation; or of substantially all the properties of
part of its voting stock: of at least
or
or
(D)
a
of the corporation to which
recapitalization, or (E)
a mere
change
place of organization, however effected.
The term "a party to a reorganization" includes a corporation re-
suiting from
a
reorganization and includes both corporations in the case
by one corporation of
"
(h) Definition of Control—As used in this section the term "control"
means the ownership of stock possessing at least 80 per centum of the total
of
a
stock
reorganization resulting from the acquisition
or
properties of another.
combined voting power of all classes
80 per centum of the total
of stock entitled to vote and at least
number of shares of all other classes of stock
ft)
which gain shall
described in subsection
much of Subsection (c) as refers
Foreign Corporations—In determining the extent to
in the case of any of the exchanges
(b) (3), (4), (5), or (6), or described in so
to Subsection
(b) (3)
or
(5),
or
described in Subsection (d), a foreign corporcorporation unless, prior to such exchange,
ation shall not be considered as a
it has been established to the
satisfaction of the Commissioner that such
exchange is not in pursuance of a plan
poses
in the
the transfer was made. This paragraph shall not apply
acquired consists of stock or securities in a corporation a
if the property
party to the re-
organization, unless acquired by the issuance of stock or securities of the
transferee as the consideration in whole or in part for the transfer,
(8; Property Acquired by Issuance of Stock or as Paid-in Surplus—If
acquired after Dec. 31, 1920, by a corporation—
(A) By the issuance of its stock or securities in
action described in Section 112 (b) (5) (incluaing,
connection with a trans-
also, cases where part of
the consideration for the transfer of such property to the corporation was
property or money, in addition to such stock or securities), or
(B) As paid-in surplus or as a contribution to capital,
then the basis shall be the same as it would be in the hands of the transferor,
increased in the amount of gain or decreased in the amount of loss recognized
to the transferor upon such transfer under the law applicable to the year in
which the transfer was made.
(9) Involuntary Conversion—If
the property was acquired,
after Feb. 28,
involuntary conversion described in
Section 112 (f), the basis shall be the same as in the case of the property so
converted, decreased in the amount of any money received by the taxpayer
which was not expended in accordance with the provisions of law (applicable
to the year in which such conversion was made) determining the taxable
status of the gain or loss upon such conversion, and increased in the amount
of gain or decreased in the amount of loss to the taxpayer recognized upon
such conversion under the law applicable to the year in which such con1913. as a result of a compulsory or
^version was made.
Stock—If the property consists of stock or securities
tne contract or opticn to acquire which) re¬
suited in the nondeductibility (under Section 118 of this Act or corrrsponding provisions of prior income tax laws, relating to wash sales) of the loss
from the sale or other disposition of substantially identical stock or securities,
then the basis shall be the basis of the stock or securities so sold or disposed
of, increased or decreased, as the case may be, by the difference, if any,
(10) Wash Sales of
the acquisition of whicn (or
of the corporation.
be recognized
be the
basis so determined or the fair market value of the property at the time
of the gift, whichever is lower. If the facts necessary to determine the
basis in the hands of the donor or the last preceding owner are unknown
to the donee, the Commissioner shall, if possible, obtain such facts from
such donor or last preceding owner, or any other person cognizant thereof,
If the Commissioner finds it impossible to obtain such facts, the basis in
the hands of such donor or last preceding owner shall be the fair market
value of such property as found by the Commissioner as of the date or approximate dat» at which, according to the best information that the Cornmissioner is able to obtain, such property was acquired by such donor or
last preceding owner.
(3) Transfer in Trust After Dec. 31, 1920—If the property was acquired
after Dec. 31, 1920, by a transfer in trust (other than by a transfer in
trust by a bequest or devise) the basis shall be the same as it would be in
the hands of the grantor, increased in the amount of gain or decreased in
the amount of loss recognized to the grantor upon such transfer under the
law applicable to the year in which the transfer was made.
(4) Gift or Transfer in Trust Before Jan. 1, 1921—If the property was
acquired by gift or transfer in trust on or before Dec. 31, 1920, the basis
shall be the fair market value of such property at the time of such acquisition.
(5) Property Transmitted at Death—If the property was acquired by
bequest, devise, or inheritance, or by the decedent's estate from the decedent, the basis shall be the fair market value of such property at the time
of such acquisition. In the case of property transferred in trust to pay
the income for life to or upon the order or direction of the grantor, with
the right reserved to the grantor at all times prior to his death to revoke
the trust, the basis of such property in the hands of the persons entitled
under the terms of the trust instrument to the property after the grantor's
death shall, after such death, be the same as if the trust instrument had
been a will executed on the day of the grantor's death. For the purpose of
this paragraph property passing without full and adequate consideration
under a general power of appointment exercised by will shall be deemed to
be property passing from the individual exercising such power by bequest
or devise.
If the property was acquired by bequest, devise, or inheritance,
or by the decedent's estate from the decedent, and if the decedent died
after Aug. 26, 1937, and if the property consists of stock or securities of a
foreign corporation, which with respect to its taxable year next preceding
the date of the decedent's death was, under the law applicable to such
year, a foreign personal holding company, then the basis shall be the fair
market value of such property at the time of such acquisition or the basis
in the hands of the decedent, whichever is lower.
(6) Tax-Free Exchanges Generally—If the property was acquired, after
Feb. 28, 1913, upon an exchange described in Section 112 (b) to (e), inelusive, the basis (except as provided in paragraph (15), (17), or (18) of
this subsection) shall be the sam e as in the case of the property exchanged,
decreased in the amount of any n oney received by the taxpayer and increased in the amount of gain or decreased in the amount of loss to the
taxpayer that was recognized upon such exchange under the law applicable
to the year in which the exchange was made. If the property so acquired
consisted in part of the type of property permitted by Section 112 (b) to
be received without the recognition of gain or less, and in part of other
property, the basis provided in this paragraph shall be allocated between
the properties (other than money) received, and for the purpose of the allocation there shall be assigned to such other property an amount equivalent
to its fair market value at the date of the exchange.
This paragraph shall
not apply to property acquired by a corporation by the issuance of its
stock or securities as the consideration in whole or in part for the tansfer
of the property to it.
(7) Transfers to Corporation—If the property was acquired—
(A) After Dec. 31, 1917, and in a taxable year beginning before Jan. 1,
1936, by a corporation in connection with a reorganization, and immediately
after the transfer an interest or control in such property of 50 per centum or
more remained in the same persons or any of them, or
(B) In a taxable year beginning after Dec. 31, 1935, by a corporation in
connection with a reorganization,
then the basis shall be tne same as it would be in the hands of the transferor,
increased in the amount of gain or decreased in the amount of loss recognized to
the transferor upon such transfer under the law applicable to the year in which
the property was
of the money which is not so expended.
Definition of Reorganization—As used in this
(g)
the acquisition
corporation owning such other property, or in the establish-
a
replacement fund, no gain or
of the money Is not so
in
to the property so converted, or in
case
having as one of its principal pur-
the avoidance of Federal income taxes.
which the property was aoquired and the price at which
substantially identical stock or securities were sold or otherwise
disposed of
between the price at
such
THE
12
Acquired
Property
(11)
During
Affiliation—In
BEVENUE ACT OF 1938
the case
of property
(2)
Substituted Basis—The term "substituted basis"
acquired by a corporation, during a period of affiliation, from a corporation
with which it has affiliated, the basis of such property, after such period
section
of affiliation, shall be determined, in accordance witn regulations prescribed
used in this sub¬
as
providing that the basis shall be determined—
by the Commissioner with the approval of the Secretary, without regard to
in
grantor,
For the purposes of this paragraph, the term "period of affiliation"
means the
period during which such corporations
taxable year beginning on or
was
of property
after Jan. 1, 1922. unless
acquired by a corporation during
return is made
by such corporation
Section 141 of this Act
under
Revenue Act of 1928 or the Revenue Act of 1932
1934
tion during any
the Revenue Act of 1934
or
The basis in the
period, in the taxable
of property
case
1929
year
held by
of substituted bases.
subsequent taxable
or any
in respect of which a consolidated return is made by such corporation
year,
141 of this Act
under Section
Act of 1932
Revenue Act of 1928 or the Revenue
or the
the Revenue Act of 1934
or
Act of 1928
the Revenue Act of 1932
or
or
the Revenue
the Revenue Act of 1934
or
the
or
Basis Established by Revenue Act of 1932—If the property was
(12)
tear, and obsolescence are to be allowed in respect of any property shall be
the adjusted basis provided in Section
the gain upon the
of determining
purpose
Basis for Depletion—
(1)
General Rule—The basis upon which depletion is to be allowed in
respect of any property shall be the adjusted basis provided in Section 113
(b) for the purpose of determining the gain upon the sale or other dispo¬
(2), (3), and (4)
of this subsection.
(2)
taxable year beginning prior to Jan. 1,
any
113 (b) for the
sale or other disposition of such property.
(b)
sition of such property, except as provided in paragraphs
applicable to such period.
acquired after Feb. 28, 1913, in
Basis for Depreciation and Depletion
Basis for Depreciation—The basis upon which exhaustion, wear and
(a)
period, in accordance
prescribed under Section 141 (b) of this Act
Revenue Act of 1936,
V
the Revenue Act of 1936, shall
or
be adjusted in respect of any items relating to such
with regulations
Sec. 114.
*'
the
or
a corpora¬
or grantor, or
A similar rule shall be applied in the case of a series
is to be determined.
,
Revenue Act of 1932
1928 or the
Revenue Act of 1936.
making in respect of such sub¬
during which the other property was held by the person for whom the basis
regulations prescribed under Section 141 (b) of this Act or the Revenue Act
of
adjustments provided in paragraph (1)
during which the property was held by the transferor, donor,
the Revenue Act of 1936, shall be determined in accordance with
or
.
of this subsection shall be made after first
the
or
time by the person for
any
stituted basis proper adjustments of a similar nature in respect of the period
the Revenue Act of
or
or
or
payer is a substituted basis, then the
The basis in
1929 or any subsequent taxable year, in respect of which a consolidated
year
prior income tax law,
transferor, donor,
a
Whenever it appears that the basis of property in the hands of the tax¬
period, in the taxable
any
a
subsection (a) of
whom the basis is to be determined.
any
consolidated return
a
taxabie year after the taxable year 1928.
made, nor any
case
but does not include
corresponding provision of
(B) By reference to other property held at
affiliated (determined
were
the law applicable thereto)
with
accordance
basis determined under any provision of
a
under any
or
(A) By reference to the basis in the hands of
intercompany transactions in respect of which gain or loss was not recog¬
nized
means
this section
in
Discovery Value
Case of Mines—In
the
(other
of mines
case
1934, and the basis thereof, for the purposes of tne Revenue Act of 1932 was
than
prescribed by Section 113 (a) (6), (7),
Feb. 28, 1913, the basis for depletion shall be the fair market value of the
of this Act the basis shall be the
poses
in
the
a
same as
the basis therein prescribed
acquired, after Feb. 28,
was
to the
in which
year
property was distributed in kind by
of such property in the hands
his
hands
of his
a
the transfer
partnership to
it would be
same as
gain
in the amount of loss recognized to the transferor upon such
in
1913,
partnership and the basis is not otherwise determined under any other
paragraph of this subsection, then the basis shall be the
law applicable
or
decreased
transfer under
made.
was
If the
partner, the basis
any
of the partner shall be such- part of the basis
partnership interest
is
as
properly allocable to such
Property Acquired Before March 1, 1913—In the
case
of property
acquired before March 1, 1913, if the basis otherwise determined under this
subsection adjusted (for the period prior to March 1, 1913) as
subsection
proyided in
(b), is less than the fair market value of the property as of
In determining the fair market value of stock in
discovered
by
the
taxpayer
after
property at the date of discovery or within thirty days thereafter, if such
acquired
as
the result of purchase of
tract or lease,
a proven
The depletion allowance under Section 23
to the cost.
covery
disproportionate
(m) based on dis¬
value provided in this paragraph shall not exceed 50 per centum
of the net income of the taxpayer (computed without allowance for deple¬
tion) from the property
in
which the discovery was made, except that
upon
it
shall the depletion allowance under Section 23 (m) be less than
no case
would be if compute^
Discoveries
without reference to discovery value.
shall include minerals in commercial quantities contained within a vein or
deposit discovered in an existing mine or mining tract by the taxpayer
the
1913, if the vein
or
deposit thus discovered was not merely
of a continuing commercial vein or deposit
uninterrupted extension
already known to exist, and if the discovered minerals are of sufficient
value and quantity that they could be separately mined and
marketed at
a
profit.
March 1, 1913, then the basis for determining gain shall be such fair market
value.
mines)
sulphur
or
and if the fair market value of the property is materially
after Feb. 28,
property.
(14)
coal,
mines were not
property
in the hands of the transferor, increased in the amount of
the
pur¬
Revenue Act of 1932.
(13) Partnerships—If the
by
(9) of such Act, then for the
or
metal,
(3)
Percentage Depletion for Oil and Gas Wells—In the case of oil and
(m) shall be 27 H
as
gas
wells the allowance for depletion under Section 23
of March 1, 1913, due regard shall be given to the fair market value of the
per
centum of the gross income from the property during the taxable year,
assets of the
corporation
as
corporation
a
of that date.
(16) Property Received by
excluding from such
Corporation
a
Another—If the property was received by
on
Complete Liquidation of
corporation upon
a
distribution
a
in complete liquidation of another corporation within the meaning of Sec¬
tion 112 (b)
(6), then the basis shall be the
of the transferor.
same as
it would be in the hands
The basis of property with respect to
which election has
been made in pursuance of the last sentence of Section 113
amended.
(16)
acquired, after Feb. 28, 1913, in any taxable
1936, and the basis thereof, for the
purposes
prescribed by Section 113 (a) (6), (7),
in the
(17)
tions
year
beginning prior to Jan. 1,
of the Revenue Act of 1934
(8) of such Act, then for the
or
Act the basis shall be the
poses of this
same as
was
pur¬
the basis therein prescribed
Revenue Act of 1934.
Obedience to
income an amount equal to any rents or royalties
gross
Certain
Orders
of
Securities
and
Exchange Com¬
mission—If the property was acquired in any manner described in Section
50 per centum of the net income of the taxpayer
shall the depletion allowance under Section 23 (m) be less
no case
(4)
Percentage Depletion for Coal and Metal Mines and Sulphur—The
allowance for depletion
under Section 23
(m) shall be, in the case of coal
of sulphur mines or deposits, 23 per centum, of the gross income
case
from the property during the
an amount
in respect
taxable year, excluding from such gross income
equal to any rents or royalties paid or incurred by the taxpayer
Such allowance shall not exceed 50 per centum
of the property.
(computed without allowance for deple¬
of the net income of the taxpayer
A taxpayer making his first return under this
tion) from the property.
shall state whether he elects to have the deple¬
tion allowance for such property
is made
for the taxable year for which the return
computed with ot without regard to percentage depletion, and the
depletion allowance in respect of such property for such year shall be com¬
puted according to the election thus made.
such
in
Certain
Corporate
Liquidations—If
property was acquired by a shareholder in the liquidation of
in cancellation
or
the
corporation
a
redemption of stock with respect to which gain
realized
was
but with respect to which, as the result of an election made
by him under
paragraph (7) of Section 112 (b), the extent to which gain was recognized
was determined under such
paragraph, then the basis shall be the
the basis of such stock cancelled
same as
redeemed in the liquidation, decreased
or
in the amount of any
money received by him, and increased in the amount
of gain recognized to him.
(b)
determining the gain
whenever
adjusted
(1)
acquired,
as
cases
loss from the sale
shall
be the
basis
or
other disposition of property,
determined
under
subsection
(a),
hereinafter provided.
General
in all
or
Adjusted Basis—The adjusted basis for
Rule—Proper adjustment in respect of the property shall
The method,
other
carrying charges for which deductions have been
taken by the taxpayer in
prior
taxable
(B)
determining net income for the taxable
year
or
years;
obsolescence, amortization, and depletion, to the
extent allowed
(but not less than the
amount allowable) under this Act or
prior income tax
Where for any taxable year prior to taxable
year 1932 the depletion
allowance was based on discovery value or a
laws.
adjustment for depletion for such
to
have been
(C)
wear
year
allowable for such
discovery value
or
a
shall be based
year
tear,
the depletion which
on
if computed without reference
percentage of income;
1,
1913,
for exhaustion,
obsolescence, amortization, and depletion,
the
to
extent
sustained;
(D)
through
case
of stock (to
going subparagraphs)
for
the
the extent
amount
which, under the law applicable to
made, either
were
tax-free
or
of
not
provided
distributions
for
in
the
applicable in reduction of basis
with the provisions of Section 218 of the Revenue Act of
1918
To the extent provided in Section 337 (f) in the
United States shareholders in
a
a
shareholders'
case
foreign personal holding
To the extent provided in Section 28
specified in
which
other person if the basis of the
in his hands is, under Section 113, deter¬
directly
The
qualification that this para¬
graph shall, for the purpose of determining whether the method of com¬
puting the depletion allowance follows the property, be considered a con¬
tinuation of Section 114 (b) (4) of the Revenue Act of 1934
Act of 1936, and as giving no new
sections
Distribution
Sec. 115.
(a)
election in
cases
and the Revenue
where either of such
would, if applied, give no new election.
by Corporations
Definition of Dividend—The term
"dividend" when used in this
title
(except in Section 203 (a) (3) and Section 207 (c) (1), relating to insur¬
ance
companies)
means any
holders, whether in
distribution made by a corporation to its share¬
money or
of the taxable year
(1) out of its earnings
in other property,
(computed
or
(h)
or
(b)
in the
case
consent made under Section 28.
of amounts
profits at the time the
Source of Distributions—For the purposes of this Act every distri¬
bution is made out of earnings or profits to the extent
the most
thereof, and from
Any earnings or profits
increase in value of property accrued, before March 1,
recently accumulated earnings or profits.
or
1913, may be distributed exempt from tax, after the earnings and profits
accumulated
after
Feb.
28,
1913,
have
been distributed,
but any such
applied against and reduce the adjusted basis
of the stock provided in Section 113.
(c)
Distributions
for the stock,
1921);
made during the taxable year),
made.
was
(not
of the stock of
of the close of the taxable year without
diminution by reason of any distributions
distribution
liquidation of
company; and
as
without regard to the amount of the earnings and
was
a corporation, which was classified as a
personal service corporation under the provisions of the Revenue Act of
1918 or 1921, out of its earnings or profits which were taxable In
accordance
(F)
any
above right of election shall be subject to the
previously made
the year in which the distribution
were
fore¬
including distributions made by
(E)
of
substituted bases, as defined in that section.
one or more
tax-free distribution shall be
In the
above, of computing the depletion allowance
property (for determining gain)
accumulated,
In respect of any period prior to March
and
as
mined by reference to the basis in the hands of such taxpayer, either
or
percentage of income, then the
would
computed without reference to percentage depletion.
determined
profits accumulated after Feb. 28, 1913, or (2) out of the earnings or profits
In respect of any period since Feb. 28, 1913, for
exhaustion, wear
and tear,
If the taxpayer fails to make
the depletion allowance for such property
return,
it is in the hands of such taxpayer, or
be made—
or
the
shall be applied in the case of the property for all taxable years in
to
made for taxes
in
statement
for such year shall be
(A)
For expenditures, receipts, losses, or other items, properly chargeable
capital account, including taxes and other carrying charges on un¬
improved and unproductive real property, but no such adjustment shall be
15 per centum, and, in
mines, 5 per centum, in the case of metal mines,
property.
Received
than it
would be if computed without reference to this paragraph.
372, the basis shall be that prescribed in such section with respect to such
(18) Property
Such allow¬
incurred by the taxpayer in respect of the property.
shall not exceed
title in respect of a property
Property Acquired in Connection With Exchanges and Distribu¬
in
in
the
Basis Established by Revenue Act of 1934—If the property was
or
(computed without allowance for depletion) from the property, except that
(a) (15) of the
Revenue Act of 1936, as amended, shall, in the hands of the corporation
making such election, be the basis prescribed in the Revenue Act of 1934,
as
paid
ance
a
tion shall be treated
The gain
or
determined
Liquidation—Amounts
in
as
in part or
Section
111,
the
full payment in exchange for the stock.
Despite the provisions of Section 117, the gain
as a
short-term capital gain, except in the
of amounts distributed in complete liquidation.
preceding
series
complete
but shall be recognized only to the extent
recognized shall be considered
case
in
loss to the distributee resulting from such exchange shall be
under
provided in Section 112.
so
distributed
corporation shall be treated as in full payment in exchange
and amounts distributed in partial liquidation of a corpora¬
sentence,
"complete
of distributions made by
a
liquidation"
For the
includes
any
purpose of
one
of
a
corporation in complete cancellation or
THE
redemption of all of its stock in accordance with
bona fide plan of liquida¬
a
tion and under which the transfer of the property
to be
completed within
close
of tne taxable year during which
made
under the liquidation is
time specified in the plan, not exceeding, from the
a
distributions under the plan,
of
is made the first of the series
(1) three
years,
if the first of such series of
1937,
(2) two years, if the first of such series of distributions was made in a
taxable year beginning before Jan. 1, 1938.
In the case of amounts dis¬
distributions
is
in
taxable
a
year
beginning
after
(whether before Jan.
liquidation (other than
(h) of this section
1, 1938,
or on or
after such date) in partial
distribution to which the provisions of subsection
a
applicable) the part of such distribution which is
are
distribu¬
properly chargeable to capital account shall not be considered a
of
tion
earnings
(Including
profits.
or
of
any one
If
distribution in complete liquidation
any
series of distributions made by the corporation in
a
complete cancellation or redemption of all its stock) in made by a foreign
corporation which with respect to
any
taxable
and ending
was
a
after, Aug. 26, 1937,
year
beginning on or before,
foreign personal holding company,
and with respect to which a United States group
331
despite
(as defined.in Section
(a) (2)) existed after Aug. 26, 1937, and before Jzpi. 1, 1938, then,
of this subsection, the gain recognized resulting
the foregoing provisions
from such distribution shall be considered
as
a
(2)
Unless (if it is established to the satisfaction of the Commissioner
completed
on or
before such date as the Com¬
Other Distributions from Capital—If
any
distribution (not in partial
is not
accrued before March 1, 1913, and is not
dividend, then the amount of such distribution shall be applied against
a
and reduce the adjusted basis of the stock provided in Section
in
113, and if
of such basis, such excess shall be taxable in the same manner as a
excess
in
(1)
(e)
Distributions
by
Service
Personal
tion under the provisions
tne
personal service corpora¬
of the Revenue Act of 1918 or the Revenue Act
(f)
218 of
(1)
>
General Rule—A distribution made by a corporation to its share¬
or
in rights to acquire its stock shall not be
treated
as a
dividend to the extent that it does not constitute income to the shareholder
within the meaning of the
Sixteenth Amendment to tne Constitution.
.
(2)* Election of Shareholders as to Medium of Payment—Whenever a
corporation is, at the election of any of the shareholders
distribution by a
(wnether exercised before or after the declaration thereof), payable
either
(A) in its stock or in rights to acquire its stock, of a class whicn if distributed
election would
without
in money or any other
its
stock,
of
be exempt from tax under
property (including its stock or in rights to acquire
if distributed without election would not be
class wnich
a
(1), or (B)
paragraph
(1)), then the distribution shall consti¬
taxable dividend in the hands of all shareholders, regardless of the
exempt from tax under paragraph
tute a
medium in which
(g)
essentially equivalent to the
distribution of
a
taxable
distribution of earnings or profits
Effect on Earnings and Profits or Distributions of Stock—The dis¬
(h)
(whether before Jan.
tribution
distributee by or on
behalf of
a
1,
1938, or on or after such date)
If
shall not be
gain to such distributee from the receipt of such stock or securi¬
recognized by law, or
(2) If the distribution was not subject to tax in the hands of such dis¬
ties, property or money, was
constitute income to him within the meaning
tributee because it did not
Sixteenth
of the
Amendment to the Constitution or because
Section
him under
exempt
to
115 (f) of the Revenue Act of 1934 or a corresponding
provision of a prior Revenue Act.
As used in this subsection the term "stock or securities" includes rights
such contract the tax imposed by this title is to be
the District of Columbia, and if, but for the im¬
or
taxable year would accrue directly to or
the net income from
for the
use
of such State, Terri¬
the District of Columbia, then a tax upon
tory, political subdivision, or
the operation of such
public utility shall be levied,
assessed, collected, and paid in the manner and at the rates prescribed in
this title,
but there shall be refunded to such
subdivision,
or
State, Territory, political
the District of Columbia (under rules and regulations to be
the same relation
to the
Secretary)
of the
amount
an
the
which
bears
amount
which
(but for the imposition of the tax imposed by this title)
would
accrued
have
directly to
for the
or
use
of such
tax
State,
as
Territory,
political subdivision, or the District of Columbia, bears to the amount of
of such public utility for such taxable
the net income from the operation
year.
■):
■
•/>
•'
■
;
J-,—:y.\
:
by the terms of such contract no part of the proceeds from the
operation of the public utility for the taxable year would, irrespective of
the tax imposed by this
title, accrue directly to or for the use of such State,
Territory, political subdivision, or the District of Columbia, then the tax
the net income of such
upon
person
from the operation of such public
utility shall be levied, assessed, collected, and paid in the manner and at the
rates
prescribed in this title.
■
.
Bridges to Be Acquired by State or Political Subdivision—Whenever
State
any
v;7;; y
.
,
political subdivision thereof, in pursuance of a contract to
or
which it is not
a
party entered into before the enactment of the Revenue
Act of 1928, is to acquire a bridge—
If by the terms of such contract the tax imposed by this title is to be
(1)
paid out of the proceeds from the operation of such bridge prior to any
by this title,
and if, bat for the imposition of the tax imposed
part of such proceeds for the taxable year would accrue
a
directly to or for the use of or would be applied for the benefit of such State
or
political subdivision, then a tax upon the net income from the operation
bridge shall be levied, assessed, collected, and paid in the manner
of such
and at the rates
State
prescribed in this title, but there shall be refunded to such
political subdivision (under rules and regulations to be prescribed
or
by the Commissioner with the approval of the Secretary) an amount which
bears the same relation to the amount of the tax as the amount which
directly to
or
(but
of the tax imposed bV this title) would have accrued
for the imposition
for the use of or would be applied for the benefit of such State
or
political subdivision, bears to the amount of the net income from the
operation of such bridge for such taxable year.
No such refund shall be
made unless the entire amount of the refund is to be applied in part payment
for the acquisition of
such bridge.
■v'J
If by the terms of such contract no part of the proceeds from the
Definition of Partial Liquidation—As used in this section the term
"amounts distributed in partial liquidation" means a distribution by a
corporation in complete cancellation or redemption of a part of its stock,
one of a series of distributions in complete cancellation or redemption
or
of all or a
Valuation of Dividend—If the whole or any part
shareholder in any medium other than money
Consent
(k)
of a dividend is paid
the property received
be included in gross income at its fair market value
of which it becomes income to the
at the time as
State
income from the
operation of such bridge shall be levied, assessed, collected,
shareholder.
taxability as dividends of amounts
by shareholders' consents, see Sec¬
^
Distributions—For
agreed to be included in gross income
tion 28.
tion organized
distribution, he is
Earned Income from Sources Without United States—In the case
of the United States, a bona fide nonresident of the
States for more than six
months during the taxable year , amounts
received from sources without the
the United States or any agency
earned income as defined in
the United States:
from his gross
United States (except amount paid by
thereof) if such amounts would constitute
Section 25 (a) if received from sources within
but such individual shall not be allowed as a deduction
income any
deductions properly allocable to or chargeable
excluded from gross income under this subsection.
(b) Teachers in Alaska and Hawaii—In the case of an individual em¬
ployed by Alaska or Hawaii or any political subdivision thereof as a teacher
in any educational institution, the compensation received as such.
This
subsection shall not exempt compensation paid directly or indirectly by
the Government of the United States.
against amounts
(c)
Income or
ments
other domestic
Governments—The income of foreign govern¬
//
in the United States in stocks, bonds,
securities, owned by such foreign governments, or from
United States of moneys belonging to
from any other source within the United
deposits in banks in the
governments,
foreign
States.
Foreign
received from investments
interest on
,
a
of the shares of stock of the corporation is in good faith vested in him.
(g)
Shipowners' Protection and Indemnity Associations—The receipt of
profit, and no part of the net earnings of which inures to the
for
any
benefit of
private shareholder; but such corporations shall be subject as other
to the tax upon their net income
persons
rents.
from interest, dividends, and
v-,^
(h)
Compensation of Employees of Foreign Governments—
(1)
Rule for Exclusion—Wages, fees, or salary of an employee of a foreign
(including
government
a
consular
or
other
officer,
or
a
nondiplomatic
representative) received as compensation for official services to such gov¬
States; and
those performed by
United States in foreign countries;
(A)
If such employee is not a citizen of the United
(B)
If the services are of a character similar to
employees of the Government of the
and
If the foreign government whose employee is claiming exemption
grants an
equivalent exemption to employees of the Government of the
United States performing
similar services in such foreign country.
State—The Secretary of State shall certify
of the foreign countries which
grant an equivalent exemption to the employees of the Government of the
United States performing services in such foreign countries, and the char¬
(2) Certificate by Secretary of
Secretary of the Treasury the names
to the
acter
of the services performed
by employees of the Government of the
States in foreign countries.
Sec. 117.
Capital Gains and Losses
'
or
(a)
Definitions—As used in tnis title-—
(1)
and shall be exempt from/I taxation
of an individual citizen
United
under the China Trade Act,
specified in Section 22 (b), the following items
be included in gross income
under this title;
(a)
dividends to or for his benefit by a corpora¬
1922, if, at the time of such
resident of China, and the equitable right to the income
amounts distributed as
Exclusions from Gros» Income
In addition to the items
shall not
and at the rates prescribed in this title.
Dividend from "China Trade Act" Corporation—In the case of a
(f)
United
Sec. 116.
or
and paid in the manner
(C)
portion of its stock.
other than money shall
political subdivision, then the tax upon the net
benefit of sucn
ernment
acquire stock or securities.
(i)
such
of
public utility—
shipowners' mutual protection and indemnity associations not organized
distribution of earnings or profits or any corporation—
a
no
to a
corporation of its stock or securities, of stock
securities in another corporation, or of property or money,
considered
or
a
position of the tax imposed by this title, a part of such proceeds for the
person,
accumulated after Feb. 28, 1913, shall be treated as a taxaole dividend.
a
maintain
imposed by this title, accrue directly to or for the use or be applied for the
stock, to the extent that it represents a
to
or
and
make the distribution and cancellation or redemption
dividend, the amount so distributed in redemption or cancellation of the
(j)
contract with any person, the object and purpose
a
Redemption of Stock—If a corporation cancels or redeems its stock
in whole or in part
to
or any political subdivision thereof.
or the District of Columbia, or any
Territory, prior to Sept. 8, 1916, entered
operation of the bridge for the taxable year would, irrespective of the tax
(whether or not such stock was issued as a stock dividend) at such time
(1)
or
acquire, construct, operate,
If by the tgrms of
(2)
paid.
in such manner as to
or
State
a
division of such proceeds,
distributees.
Stock Dividends—
holders in its stock
income accruing to the government
Territory,
State,
any
political subdivision,
taxable in accordance with
provisions of Section 218 of the Revenue Act of 1918 or Section
of the Revenue Act of 1921, shall be exempt from tax to the
or
division of such proceeds between the person and the State, Territory,
any
(e)
Corporations—Any distribution
of 1921, out of its earnings or profits which were
to
Territory,
paid out of the proceeds from the operation of such public utility, prior to
gain from the sale or exchange of property,
made by a corporation, which was classified as a
or
of the United States,
good faith into
which is
(2)
complete liquidation) made by a corporation to its shareholders
out of increase in value of property
State
a
political subdivision of
find reasonable, but not later than Dec. 31, 1938.
missioner may
(d)
it is
impossible to complete the liquidation of such company before
such date) the liquidation is
or
by
July 1, 1938, that due to the laws of the foreign
country in which such corporation is incorporated, or for other reason,
will be
Whenever
amount
Unless such liquidation is completed before July 1, 1938; or
or
subdivision of
of any possession
prescribed by the Commissioner with the approval of the
short-term capital gain—
(J)
evidence submitted before
Etc.—Income derived .from any
States, Municipalities,
Income of
(d)
public utility or the exercise of any essential governmental function and
accruing to any State, Territory, or the District of Columbia, or any political
31,
Dec.
or
tributed
13
REVENUE ACT OF 1938
Capital Assets—The term "capital assets" means property
the taxpayer
not
would properly
the close of the
sale to
for
held by
(whether or not connected with his trade or business), but does
include stock in trade of the taxpayer or other property
of
a
kind which
be included in the inventory of the taxpayer if on hand at
taxable year, or property held by the taxpayer primarily
customers
in the ordinary course of his trade or business,
or
trade or business, of a character which is subject to
for depreciation provided in Section 23 (1);
property, used in the
the allowance
Capital
Short-Term
(2)
means
than
Gain—The term "short-term capital gain"
of a capital asset held for not more
gain from the sale or exchange
18 months,
if and to the extent such gain is
taken into account in
computing net income;
(3)
Short-Term Capital Loss—The term "short-term
Joss from the sale or
capital loss" means
exchange of a capital asset held for not more that 18
months, if and to the extent
such loss is taken into account in computing
net income;
(4)
Long term Capital Gain—The term
"long-term capital gain" means
exchange of a capital asset held fpr more than 18 months,
such gain is taken into account in computing net income;
gain from the sale or
if and to the extent
(5)
loss
Long-Term Capital Loss—The term "long-term
from the sale or exchange
capital loss" means,
of a capital asset held for more than 18 month s
such loss Is taken into account In computing net income;
I If and to the extent
Loss—The term "net short-term capital
of short-term capital losses for the taxable year over
Short-Term Capital
Net
the excess
means
Gain—The term
Capital
Long-Term
Net
gain" means the excess of long-term capital gains
"net Isng-term capital
for the taxable year over
Net Long-Term Capital Loss—The term "net long-term
(9)
capital loss"
of a taxpayer, other
only the following percentages of the gain or loss
(b) Percentage Taken Into Account—In the case
than
corporation,
a
taken into
recognized upon the sale or exchange of a capital asset shall be
if the capital asset has been held for not more than 18
100 per centum
months;
:
.
(c)
has been held for more than 24 months.
taxable year
Sections 11 and
•
collected, and paid, in lieu of the tax imposed
12,
determined
a tax
as
by
follows, if and only if such tax is
less than the tax imposed by such sections:
partial tax shall first be computed upon the net income
A
as
reduced by the
long-term capital gain, at the rates and in the manner
amount of the net
if this subsection had not been
enacted, and the total tax shall be the
partial t-ax plus 30 per centum of the net long-term capital gain.
In Case of Net Long-Term Capital Loss—If for any
(2)
11 and 12, a tax determined as follows, if and only
Sections
year a
collected, and paid, in lieu of the tax imposed by
be levied,
there shall
taxable
sustains a net long-term capital loss,
taxpayer (other than a corporation)
if such tax is
by such sections:
greater than the tax imposed
long-term capital loss, at the rates and in the manner as
if this subsection
had
total tax shall be
enacted, and the
been
not
the
Limitation on Capital Losses—
exchanges of capital assess
the gains from such
or
sales
case
exchanges.
If a bank or trust company in¬
corporated under the laws of the United States (including laws relating to
the District of
Columbia)
of whose business is the
or
of
or
any
State or Territory, a substantial part
receipt of deposits, sells any bond, debenture, note,
certificate or other evidence of indebtedness issued by any corporation
(including
issued by
one
with interest coupons or
government or political subdivision thereof),
a
in registered form, any loss resulting from such sale
(except such portion of the loss as does not exceed the amount, if any, by
which the adjusted basis of such instrument exceeds the par or
face value
thereof) snail not be subject to the foregoing limitation and shall not be
included in determining the
applicability of such limitation to other losses.
Other Taxpayers—In the case of a taxpayer other than a corporation,
(2)
short-term
capital losses shall be allowed only to the extent of short-term
capital gains.
(e)
than
corporation) sustains in
loss, such loss (in
any
an amount not
in excess of the net income for such year)
capital loss,
shall not be included in computing the net short-term capital
loss for such year.
(f) Retirement of Bonds, Etc.—For the
of inis title, amounts
purposes
certificates
evidences of indebtedness
other
or
issued by any corporation
government or political subdivision thereof),
(including those issued by
a
with interest coupons or in
the
purpose
of this
title—
(1)
gains
(2)
(h)
or
or losses
Gains
losses from short sales of property shall be considered
from sales
or
lossas
or
or
as
as
purpose
within the United States, as determined under the provisions
exchange there shall be included the period for whicn he held
the property exchanged, if under the provisions of Section 113, the property
received
<>
has, for the
exchange, the
same
purpose
of determining gain
basis in whole
or
or
loss from
a
sale
or
in part in his hands as the property
(2)
was
by
any
exchange, the same basis in whole
in the hands of
or
of
a
sale
or
other person.
sucn
of those
gross
income is shown to the satisfaction of the Com¬
missioner to have been derived from sources within the United States, as
ending with the close of the taxable year of such corporation preceding the
(or for such part of such period as the cor¬
declaration of such dividends
poration has been in existence), or
(B)
From
foreign corporation unless less than 50 per centum of the
a
income of such foreign corporation for the three-year period ending
gross
with the close of its taxable year preceding
the declaration of such dividends
(or for such part of such period as the corporation has been in existence)
derived from sources within the United States as determined under the
was
provisions of this section; but only in an amount which bears the same ratio
dividends
to such
derived from
from
the gross income of the corporation for such period
within the United States bears to its gross income
but dividends from a foreign corporation shall, for the
of Section 131 (relating to foreign tax credit), be treated as income
without the United States;
sources
(3)
as
sources
all sources;
from
for
Services—Compensation
Personal
labor
In determining the period for which the taxpayer has held stock
or
not
(c)
or
securities in the
or
securities upon such distribution.
distributing corporation prior to the receipt of the stock
exceeding
total of 90 days during the taxable year, compensation
a
by such
individual
an
compensation does not exceed
(if such
under
or
a
contract with a nonresident alien,
corporation,
foreign partnership, or foreign
engaged in trade or business within the United States,
not
shall not be deemed to be income from sources within the United States;
Rentals and Royalties—Rentals or royalties from property located
(4)
or
from any interest in such property, including rentals
use
royalties for the
or
of or for the privilege of using in the United States,
trade brands, franchises, and other like property;
acquisition of which (or the contract
resulted in the
or
from the sale
or
or
real property located in the
United States.
Sale of Personal Property—For gains, profits and income from the
(6)
subsection (e).
Net Income from Sources in United States—From the items of gross
(b)
the expenses, losses, and other
thereto and
can not
or
the Revenue Act of 1932
or
or
disposition of substantially identical stock
there shall be included the period for which he held the stock
the loss from the sale
or
In the
case
the Revenue
or
securities,
or
securities
other disposition of which was not deductible.
Loss from Wash Sales of Stock
of
any
or
(1)
Interest
States
other
than
treated
that
as
income from sources without the
derived from sources within the United
provided in subsection (a) (1) of this section;
as
Dividends other than those derived from sources within the United
(2)
provided in subsection (a) (2) of this section;
as
Compensation for labor or personal services performed without the
(3)
United States;
(4)
or
Rentals
or
royalties from property located without the
from any interest in such property;
use
of
or
for
copyrights,
the
secret
United States
including rentals or royalties for the
privilege of using without the United States, patents,
processes
and formulas,
goodwill, trade-marks, trade
(5)
Gains, profits, and income from the sale of real property
.(d)
Net Income from Sources Without United States—From
of gross
or
days after such date, the taxpayer has acquired
(by
pur¬
and other deductions propdrly apportioned
allocated thereto, and a ratable part
deductions which can not definitely be
income.
sources
Income
of any expenses, losses, or other
allocated to some item or class of
The remainder, if any, shall be treated in full as net
without the United
from
Sources
income
States.
Partly Within
States—Items of gross income, expenses,
those specified in subsections
or
the items
(c) of this section there shall be
income specified in subsection
deducted the expenses, losses,
(e)
loss claimed to have been sustained from any sale
located
without the United States.
Securities
other disposition of shares of stock or securities where it appears
that,
within a period beginning 30 days before the date of such sale or disposition
The
within
United States:
gross
or
.and ending 30
losses, or other deductions which
Gross Income from Sources Without United States—The following
items of gross income shall be
from
Sec. 118
ratable part of any expenses,
definitely be allocated to some item or class of gross income.
the United States.
Section
the Revenue Act of 1936, relating to wash saies) of the loss
other
a
(a) of this section there shall be deducted
deductions properly apportioned or allocated
remainder, if any, shall be included in full as net income from sources
or
option to acquire which)
nondeductibility (under Section 118 of this Act
118 of the Revenue Act of 1928
Act of 1934
good will, trade-marks,
and
Sale of Real Property—Gains, profits, and income from the sale of
brands, franchises, and other like properties; and
In determining the period for which the taxpayer has held stock
securities the
services
$3,000 in the aggregate) for labor or services performed as an employee of
or
of this Act, there shall be included the period for which he held the stock
personal
in the United States for a period or periods
dividual temporarily present
of the Revenue Act of
(g)
the Revenue Act of 1932, or under the provisions of Section 371
or
performed in the United States, but in the case of a nonresident alien in¬
States
distributee under the provisions of Section 112
(a)
domestic corporation other than a corporation entitled to the
251, and other than a corporation less than 20 per
a
Section
determined under the provisions of this section, for the three-year period
in part in his hands as it would have
securities received upon a distribution where no gain was recognized to the
(4)
From
centum
other person, if under the provisions of Section 113, such
property has, for the purpose of determining gain or loss from
1928
be applicable, or
Dividends—The amount received as dividends—
(2)
(c)
In determining the period for which the taxpayer has held property
held
(3)
preceding the payment of such interest, or for such part of such
as may
acceptances;
exchanged.
however acquired there shail be included the period for which such property
sec¬
Income derived by a foreign central bank of issue from bankers'
(C)
income specified in subsection
on an
sources
of this
tion, for the three-year period ending with the close of the taxable year of
such payor
of this
In determining the period for which the taxpayer has held property
received
in¬
—
domestic'corporation has been derived from
such resident payor or
sale of personal property, see
Determination of Period for Which Held—For the
any
Interest received from a resident alien individual, a resident foreign
(B)
short-term capital
losses.
or
Territory,
corporation, or a domestic corporation, when it is shown to the satisfaction
of the Commissioner that less than 20 per centum of the gross income of
(5)
attributable to the failure to exercise privileges or
sell property shall be considered
any
having an office or place of business therein, or
exchanges of capital assets; and
section—
(1)
including
patents, copyrights, secret processes and formulas,
Gains
options to buy
gains
States,
Interest on deposits with persons carrying on the banking business
(A)
in the United States
(g) Gains and Losses from Short Sales, Etc.—For
United
the
paid to persons not engaged in business within the United States and not
registered form, shall be considered as amounts
received in exchange therefor.
from
bonds, notes, or other interest bearing obligations of residents,
on
received
received by the holder upon the retirement of bonds, debentures, notes, or
(or the contract or option to acquire
be treated as income from sources within the United
corporate or otherwise, not
taxable year a net short-term capital
shall be treated in the succeeding taxable year as a short-term
except that it
(other
of which
Income from Sources Within United States
Interest—Interest
terest
purposes
Net Short-Term Capital Loss Carry-Over—If any taxpayer
a
disposed of, then the particular shares of stock or
political subdivision of a Territory, or the District of Columbia, and
benefits
of a corporation, losses from sales or
shall be allowed only to the extent of $2,000 plus
(1) Corporations—In the
„
by the
States:
(A)
-
•
J
covered
regulations prescribed by the Commissioner with the approval of
income shall
gross
partial tax minus 30 per centum of the net long-term capital loss.
(d)
(or
Gross Income from Sources in United States—The following items of
(a)
period
amount of the net
deductible shall be
the Secretary.
partial tax shall first be computed upon tne net income increased by the
A
(or covered by the
which) resulted in the nondeductibility of the loss shall be determined under
(1)
a
made in the
option to acquire) is not less than the amount of stock or se¬
Sec. 119.
(other than a corporation) derives a net long-term capital gain,
be levied,
deduction be
corporation, a
by the Commissioner
of stock or securities acquired
If the amount
curities sold or otherwise
been held, for more than 18 months
(1) In Case of Net Long-Term Capital Gain—If for any
there shall
a
particular shares of stock or securities
under rules and regulations prescribed
securities the acquisition
(c) Alternative Taxes—
taxpayer
such
approval of the Secretary.
the
with
but not for more than 24 months;
50 per centum if the capital asset
shall
the loss from the sale or other disposition of which is not.
\
662-3 percentum if the capital asset has
nor
option to acquire) is less than the amount of stock or securities
otherwise disposed of, then the
rules and
computing net income:
account in
(2);
(e)
23
(f) unless the claim is made by
of stock or securities acquired
If the amount
or
contract or
for such year.
long-term capital gains
(b)
sold
taxable year over the
the excess of long-term capital losses for the
means
Section
ordinary course of its business.
determined
capital losses for such year;
the long-term
under
allowed
be
contract or
capital gains for such year;
the short-term
shall
allowed under Section 23
dealer in stocks or securities, and with respect to a transaction
taxable year under subsection (e);
brought forward to the
(8)
of the preceding taxable year, to the extent
capital loss
short-term
loss"
exchange upon which the entire amount of gain or loss was
an
for the taxable year over
(A) shortr-term capital losses for the taxable year, plus (B) the
the sum of
(7)
by
recognized by law), or has entered into a contract or option so to acquire,
substantially identical stock or securities, then no deduction for the loss
gain" means the excess of snort-term capital gains
net
chase or
Snort-Term Capital Gain—The term "net snort-term capital
Net
(6)
REVENUE ACT OF 1938
THE
14
and Partly Without United
losses and deductions, other than
(a) and (c) of this section, shall be allocated
apportioned to sources within or without the United States, under rules
and regulations
prescribed by the Commissioner with the approval of the
THE EEVENUE ACT OF
Where items of gross income are separately
Secretary.
allocated to sources
deducted (for the purpose of com¬
within the United States, there shall be
and other deductions
ratable part of other ex¬
puting the net income therefrom) the expenses, losses,
properly apportioned or allocated thereto and a
losses or other deductions which can not definitely be allocated to
item or class of gross income.
The remainder, if any, shall be in¬
penses,
some
case
of gross income
the United States,
In the
United States.
cluded in full as net income from sources within the
derived from sources partly within and partly without
the net income may first be computed by
deducting the
allocated thereto and a
ratable part of any expenses, losses, or other deductions which cannot
definitely be allocated to some items or class of gross income; and the
portion of such net income attributable to sources within the United States
may be determined by processes or formulas of general apportionment
prescribed by the Commissioner with the approval of the Secretary. Gains,
expenses,
losses, or other deductions apportioned or
profits, and income from—
(1) Transportation or other services rendered partly
without the United States, or
within and partly
y
produced (in whole or in part)
by the taxpayer within and sold without the United States, or produced (in
whole or in part) by the taxpayer without and sold within the United States,
shall be treated as derived partly from sources within and partly from
sources without
the United States.
Gains, profits and income derived
from the purchase of personal property within and its sale without the
United States or from the purchase of personal property without and its
sale within the United States, shall be treated as derived entirely from
sources within the country in which sold, except that gains, profits, and
income derived from the purchase of personal property within a possession
of the United States and its sale within the United States shall be treated as
derived partly from sources within and partly from sources without the
From the sale of personal property
(2)
United States.
"sale" or "sold"
include "exchange" or "exchanged"; and the word "produced" includes
"created",
"fabricated", "manufactured",
"extracted", "processed",
Definitions—As
(f)
used in
this section the words
(d) Year
the taxes of the foreign
Contributions
In the case of an
.
•
and Other
Proof
allowed
United
of the 10
war-profits, or excess-profits taxes paid during
in respect of preceding
year
applicable subsection,
Section 23
such
taxable years, exceeds 90 per centum of the
taxpayer's net income for each such year, as
of the
and
computed without the benefit
imposed by
then the 15 per centum limit
of Certain
Paid
on
Certain Preferred Stock
national banking association, or of
organized under the laws of any State, Territory,
possession of the United States, or the Canal Zone, or of any other banking
corporation engaged in the business of industrial banking and under the
supervision of a State banking department or of the Comptroller of the
Currency, or of any incorporated domestic insurance company, there shall
be allowed as a deduction from gross income, in addition to deductions
otherwise provided for in this title, any dividend (not including any dis¬
tribution in liquidation) paid, within the taxable year, to the United States
or to any instrumentality thereof exempt from Federal income taxes, on
the preferred stock of the corporation owned by the United States or such
instrumentality.
The amount allowable as a deduction under this section
shall be deducted from the basis surtax credit otherwise computed under
Section 27 (b).
of
SUPPLEMENT C—CREDITS
or
Foreign Countries and Possessions
of United
to
shall be credited
(1)
United States
Domestic Corporation—In the case of a citizen of the
and of a domestic corporation, the amount of any income,
war-profits, and
excess-profits taxes paid or accrued during the
foreign country or to any
taxable
possession of the United States; and
States—In the case of a resident of the United
States, the amount of any such taxes paid or accrued during the taxable
year to any possession of the United States; and
(3) Alien Resident of United States—In the case of an alien resident
of the United States, the amount of any such taxes paid or accrued during
the taxable year to any foreign country, if the foreign country of which such
alien resident is a citizen or subject, in imposing such taxes, allows a similar
credit to citizens of the United States residing in such country; and
(4) Partnerships and Estates—In tne case of any such individual who
is a member of a partnership or a beneficiary of an estate or trust, his
proportionate share of such taxes of the partnership or the estate or trust
paid or accrued during the taxable year to a foreign country or to any pos¬
session of the United States, as the case may be.
(b) Limit on Credit—The amount of the credit taken under this section
shall be subject to each of the following limitations:
(1) The amount of the credit in respect of the tax paid or accrued to any
■country shall not exceed the same proportion of tne tax against which such
credit is taken, which the taxpayer's net income from sources within such
country bears to his entire net income for the same taxable year; and
(2) Tne total amount of the credit shall not exceed the same proportion
of the tax against which such credit is taken, wnich the taxpayer's net
income from sources without the United States bears to his entire net in¬
(2)
come
Resident of United
for tne same
taxable year.
of Accrued Taxes—If accrued taxes when
claimed as credits by the taxpaeyr, or if any
tax paid is refunded in whole or in part, the taxpayer shall notify the
Commissioner, who shall redetermine the amount of the tax for the year
or years affected, and the amount of tax due upon such redetermination,
(c)
Adjustments on Payment
paid differ from the amounts
if any,
shall be paid
by the taxpayer upon
notice and demand by the
overpaid, if any, shall be credited or re¬
funded to the taxpayer in accordance with the provisions of Section 322.
In the case of such a tax accrued but not paid, the Commissioner as a con¬
dition precedent to the allowance of this credit may require the taxpayer
to give a bond with sureties satisfactory to and to be approved by the
Commissioner in such sum as the Commissioner may require, conditioned
upon the payment by the taxpayer of any amount of tax found due upon
any such redetermination; and the bond herein prescribed shall contain
collector,
or
the amount of tax
such further conditions as
•
Subsidiary—For the
possession of the United
any
accumulated profits:
purpose
of this
section
a
or
States,
upon
or
with respect to the
from which such dividends
That the amount of tax deemed to have
Provided,
been paid under this subsection shall
of the tax against
in
no case
exceed the
same
proportion
which credit is taken which tne amount of such dividends
bears to tne amount of the entire net income of the domestic corporation
in
which
dividends
such
are
included.
The term
"accumulated
profits"
when used in this subsection in reference to a foreign corporation, means
the amount of its gains, profits, or income
excess-profits
and
or
years
taxes
imposed
in
excess
upon
or
of the income,
war-
with respect to such
income; and the Commissioner with the approval of the Secretary
dividends were paid; treating dividends paid in
such
the first
sixty days of any year as having been paid from the accumulated profits
of the preceding year or years
and in other respects
(unless to his satisfaction shown otherwise),
treating dividends as having been paid from the most
recently accumulated gains, profits, or earnings.
the
corporation,
determined
are
the basis of any
on
and
war-profits,
income,
In the
case
of
a
excess-profits taxes
accounting period of less than
foreign
of which
one year,
this subsection shall be construed to mean sucn
the word "year" as used in
Corporations Treated as Foreign—For the purposes of this section
corporations shall be treated as foreign corporations:
the following
A corporation entitled to the benefits of Section 251, by reason of
receiving
a
large percentage of its gross income from sources within a posses¬
sion of the United States;
A corporation organized under the China Trade Act, 1922, and en¬
(2)
titled to the credit
the Commissioner may
require.
provided for in Section 262.
SUPPLEMENT
D—RETURNS AND PAYMENT OF TAX
[Supplementary to Subtitle B, Part V]
Consolidated Returns of Railroad Corporations
Sec. 141.
(a) Privilege to File Consolidated
rations, shall, subject to
of making
a
Returns—An affiliated
group
of corpo¬
the provisions of this section, have the privilege
consolidated return for the taxable year in lieu of separate
The making of a consolidated return shall be upon the condition
corporations which have been members of the affiliated group
time during the taxable year
for which the return is made consent to
under subsection (b) (or, in case such regulations are not
prescribed prior to the making of the return, then the regulations prescribed
under Section 141 (b) of tne Revenue Act of 1936 in so far as not inconsistent
prescribed prior to the making of such return; and the making
of
a
consolidated return shall be considered as such consent.
of
a
corporation which is a member of the affiliated group for a fractional
part of tne year
with;
Citizen and
year to any
(3) all other information necessary for the verification
paid, which the amount of such dividends bears to the amount of such
were
with this Act)
of Credit—If the taxpayer signifies in his return his
the benefits of this section, the tax imposed by tnis title
Allowance
nave
the tax paid or accrued to which is
country,
of such credits.
Foreign
all the regulations
States
desire to
each
accumulated profits of such foreign corporation
at any
AGAINST TAX
[Supplementary to Subtitle B, Part III]
(a)
of the Com¬
(2) the amount of
excess-profits taxes paid by such foreign corporation to any foreign country
returns.
Taxes of
provided in Section 119,
as
deemed to have paid the same proportion of any income, war-profits,
that all the
131.
a
be
corporation from which it receives dividends in any taxable year shall be
(1)
bank or trust company
Sec.
as
shall
section
domestic corporation which owns a majority of the voting stock of a foreign
Corporations
the net income of any
In computing
any
this
accounting period.
(o) shall not be applicable.
Deduction of Dividends
121.
in
regulations prescribed by the Commsisloner with the approval
Taxes
(g)
Sec.
provided
credits
credit under this section, such amount to be determined under
as a
and computation
or
preceding taxable years the amount of the contributions or gifts described
in Section 28 (o) (or corresponding provisions of prior revenue Acts) plus
the amount of income,
upon
'
(1) the total amount of income derived from sources without the
of the Secretary, and
(f)
subsequent years shall be taken
succeeding year.
Credits—The
of
States, determined
claimed
(c)
of the United
the possession
or
portion of any such taxes shall be allowed
no
same or any
income derived from
rules
country
only if the taxpayer establishes to the satisfaction
missioner
States
shall have full power to determine from the accumulated profits of what year
-V
individual if in the taxable year and in each
and
deduction in the
(e)
the possession of the United
or
the credits for all
basis,
same
country
of the foreign
taxes
States accrued,
the
this
If the taxpayer elects to take sucn credits in the year in
of this section.
the
in
for
of the taxpayer and irrespective of the method
keeping his books, be taken in the year in which
however, to the conditions prescribed in subsection
accrued, subject,
which
Taken—The credits provided
Credit
of accounting employed in
profits
Unlimited Deduction for Charitable
Sec. 120.
Which
in
section may, at tne option
profits,
"cured", or "aged."
15
,1938
In the case
the consolidated return shall include the income of such
corporation for sucn part of the year as it is a member of the affiliated group.
Regulations—The Commissioner, with tne approval of the Secretary,
shall prescribe such regulations as he may deem necessary in order that the
tax liability of any affiliated group of corporations making a consolidated
(b)
return and
of each corporation in the group, both during and after the period
affiliation,
of
be
may
determined,
computed,
adjusted in such manner as clearly to
assessed,
collected,
and
reflect the income and to prevent
avoidance of tax liability.
(c)
idated
Computation and Payment of Tax—In any case in which a consol¬
return is made the tax shall be determined, computed, assessed,
collected, and adjusted in
accordance with tne regulations under subsection
(or, in case such regulations are not prescribed prior to the making of
return, then the regulations prescribed under Section 141 (b) of the
(b)
the
Revenue Act
of 1936 in so far as not inconsistent with this Act)
prescribed
which such return is made.
(d) Definition of "Affiliated Group"—As Used in this section an "affili¬
ated group" means one or more chains of corporations connected through
stock ownership with a common parent corporation if—
prior to thet date on
(1) At least
95 per centum of the stock of each of tne corporations
(except the common parent
the other
corporation) is owned directly by one or more of
corporations; and
corporation owns directly at least 95 per centum
of the other corporations; and
(3) Each of the corporations is either (A) a corporation whose principal
business is that of a common carrier by railroad or (B) a corporation the
assets of which consist principally of stock in such corporations and wnich
does not itself operate a business other than that of a common carrier by
railroad.
For the purpose of determining whether the principal business of
a corporation is that of a common carrier by railroad, if a common carrier
by railroad has leased its railroad properties and such properties are operated
as such by anotner common carrier by railroad, the business of receiving
rents for such railroad properties shall be considered as the business of a
common carrier by railroad.
As used in this paragraph, the term "rail¬
road" incldes a street, suburban, or interurban electric railway, or a street
or suburban trackless trolley system of transportation, or a street or suburban
bus system of transportation operated as part of a street or suburban
(2)
The common parent
of the stock of at least one
electric railway or
As used in this
not
(e) Foreign
be
trackless trolley system.
»,
(3)) the term "stock" does
stock which is limited and preferred as to dividends.
subsection (except in paragraph
include nonvoting
Corporations—A foreign corporation shall not be deemed to
corporation within the meaning of tnis section.
affiliated with any other
THE
16
REVENUE ACT OF 1938
China Trace Act Corporations—A corporation organized under the,
Act, 1922, shall not be deemed to be affiliated with any other
(f)
China Trade
partnership not engaged in trade
not
*
corporation within the meaning of this section.
a
corporation entitled to the benefits of
Subsidiary Formed to Comply With Foreign Law—In the
(h)
of the capital stock
of
case
annual or periodical gains, profits, and income a tax equal to
10 per centum thereof, except that such rate shall be reduced, in the case
of
a
100 per
(exclusive of directors' qualifying shares) of
deduct and withhold
from such
possessions of the United States, shall be treated as a foreign corporation.
centum
business within the United States and
or
place of business therein and composed in whole
or
prescribed by the Commissioner under Section 215)
Section 251, by reason of receiving a large percentage of its income from
domestic corporation owning or controlling, directly or indirectly,
office
any
(except In the cases provided for in
subsection (a) of this section and except as otherwise provided in regulations
Corporations Deriving Income from Possessions of United States—
(g)
For the purposes of this section
having
in part of nonresident aliens, shall
or
nonresident alien individual
a
rate
a
(not less than 5
a
centum)
per
resident of
contiguous country, to such
a
be provided by treaty with such
as may
country: Provided, That no such deduction
withholding shall be required
or
corporation organized under the laws of a contiguous foreign country and
in the
maintained solely for the purpose of complying witn the laws of such country
tion is engaged in trade or business within the United States
and operation of property, such foreign corporation may, at the
to title
as
as
Suspension of Running of Statute of Limitations—If
notice under
a
of
Section 277, shall apply in tne case of corporations with which
corporation made a consolidated return for such taxable year.
such
an
the
affi.iated
entitled to the benefits of Section
13
(e), the affiliated group shall be
In all other
titled to the benefits of such subsection.
group
cases
such subsection,
regardless of the fact that one
(k)
the affiliated
of .related
trades
businesses,
or
Sec. 142.
45.
and
tax
in¬
(d)
information for
other
this title
prescribe—
Every individual having a net income for the taxable year of $1,000
(1)
or
E very individual having a gross income for the taxable year of $5,000
(3)
regarless of the amount of his net income;
Eevery estate the net income of which for the taxable year is $1,000
(4)
over;
(5)
or
*
over;
(6)
$5,000
(7)
or
the
Every estate
Commissioner with
as the
or
joint fiduciaries and filed in the office of the collector of the district
where
fiduciary resides shan be sufficient compliance with tne above
sucn
requirement.
fiduciary shall
Such
make oath
(1)
knowledge of the affairs of tne individual, estate,
return is
wnich the
return under this
Fiduciaries—Any fiduciary required to make
title shall be subject to all the provisions of law
a
paid shall
so
Requirement of Withholding—In any
to pay
or
agrees to
the obligee,
upon
obligee for any portion of the tax,
income, but
any amount
as
penalty be imposed upon
any
the
or
(f)
Refunds and Credits—Where there has been
be made
the
to
a tax equal to
deeds of rustt,
tions, whether such interest is payable annually
or
or a
office
individual,
by the obligor does not exceed 2
in the
case
of
of
case
a
In the
of any
overpayment of tax
withholding agent unless the amount
Payment of Corporation Income Tax
of foreign corporations subject
case
to
a
partnership,
engaged in trade
office or place of business therein, there shall be deducted and withheld
or
business within the United States and
provided in Section 143
in the
the
case
tax
a
equal to 15
the
per centum
resident of
centum,
individuals and partnerships;
rate
(not less than 5
subject to the
per
centum)
as may
be provided by treaty with such
conditions
same
as
same manner and
provided in that section: Provided, That
of interest described in subsection
case
(a) of that section (relating
bonds) the deduction and withholding shall be at the
specified in such subsection.
(a) Any
or
any
records,
Penalties
required under this title to pay any tax,
person
law
2 per centum of
or
a
other obliga¬
at shorter
or
or
(A) 10
per centum
business within the United
aliens, ^B) in the
and
(C) 2
case
of such
centum in the
per
Provided further, That if the
are not known to the
a
case
foreign
(b)
over
more
than
or
times required by law or regulations, shall, in
thereof, be fined not
one year, or
be guilty of
more than
of
case
Feb. 1
of
a
$10,000,
imposed by this title, who willfully fails to collect
and
for
pay
such
over
and any
tax,
person
or
who
truth¬
willfully
or
by law,
or
imprisoned for not
more
than five years, or both, together with
(c)
The term "person"
ployee of
a
as
used in this section includes
corporation or a member
an
(d)
employee,
or
officer
or
em¬
employee of a partnership, who
or
member is under
a
as
duty to perform the act in
<
For penalties for failure to file information returns with respect to
may
tion 340.
personal
holding
Sec. 146.
companies
and
foreign
corporations,
Sec¬
see
Closing by Commissioner of Taxable Year
(a)
citizen
or
resident entitled to
the witnholding agent on or before
a
215.
Tax in Jeopardy—
(1)
Departure of Taxpayer or Removal of Property from United States
—If the Commissioner finds that
the United States
self
or
a
to remove his
or
his property therein, or to
to render
wholly
taxable year
taxpayer designs quickly to depart from
property therefrom, or to conceal him¬
do any other act tending to prejudice
or
partly ineffectual proceedings to collect the tax for the
or
then last past or the taxable year then current unless such
proceedings be brought without delay, the Commissioner shall declare the
(3)
Income of Obligor and Obligee—The obligor shall not be allowed a
deduction for the payment of the tax imposed
by this title, or any other tax
paid pursuant to tne tax-free
in the gross
covenant
clause,
nor
shall such tax be included
income of the obligee.
Nonresident
including lessees
Aliens—All
or
mortgagors
or
in
whatever
personal
capacity
acting,
property, fiduciaries,
employers, and all officers and employees of the United States, having the
deposits with
persons
carrying
or payment
of interest (except interest
the banking business paid to persons
not engaged in business in the United States and
not having an office or
of
annuities,
business
therein),
compensations,
determinable annual
or
on
dividends,
rent,
remunerations,
salaries,
emoluments,
wages,
or
prexitms,
other fixed
periodical gains, profits, and income
or
(but only to
the extent that any of the above items constitutes
gross income from
within the United States), of any nonresident alien
taxable period for such
notice of such
with
a
individual,
or
sources
of any
taxpayer immediately terminated and shall cause
finding and declaration to be given the taxpayer, together
demand for immediate payment of the tax for the taxable period so
declared
persons,
of real
control, receipt, custody, disposal,
place
imprisoned
both, together with the costs of prosecution.
the costs of prosecution.
foreign
provided for in regulations prescribed by the Commissioner under Section
on
misdemeanor
or
be guilty of a felony and, upon conviction thereof, be fined not more than
sucn
signed notice in writing claiming the benefit of the crdeits provided
in Section 25 (b;; nor in the case of a nonresident alien
individual if so
(b)
a
$10,000,
the payment thereof, shall, in addition to other penalties provided
per centum.
holding shall not be required in the
keep
attempts in any manner to evade or defeat any tax imposed by this title
Benefit of Credits Against Net Income—Such deduction and with¬
receive such interests, if he files with
required by
return,
Any person required under this title to collect, account for, and pay
any tax
fully account
of other
owners
withholding agent the Commissioner
interest, then at the rate of 10
(2)
a
supply any information, for the purposes of the computa¬
upon conviction
for not
longer
foreign corporation
contiguous country, to such rate, not
or
or
regulations made under authority thereof to make
authorize such deduction and withholding to be at the rate of 2
per centum,
or, if the liability assumed by the obligor does not exceed 2
per centum of
the
is
of dividends the rate shall be 10 per centum, and except that in
respect of which the violation occurs.
in part of nonresident
per
as
thereof, except that
of corporations organized under the laws of a contiguous
country
case
in whole
15
having
such rate of 10 per centum with respect to dividends shall be reduced to such
such officer,
obligations
not
items of income
same
fails to pay such tax, make such return, keep such records, or
supply such
of the interest, then the de¬
per centum
partnership not engaged in trade
corporatiion,
Source
at
taxation under this title
any
at the source in the same manner and upon
States and not having any office or place of business therein and
composed
or
of such
not
less than 5 per centum, as may be provided by treaty with such
country),
or
an
the interest
nonresident alien individual (except that such rate shall be
a
the
tion, assessment, or collection of any tax imposed by this title, who willfully
business within the United States and not having
duction and withholding shall be at the following rates;
reduced, in tne
pay
to
or
place of business tnerein: Provided, That if the liability assumed
or
or
actually withheld by the withholding agent.
and,
the interest upon such bonds, mortgages,
any
to be
collected from the recipient *
or
States, the obligor shall deduct and withold
an
return.
fraudulent and for the purpose of evading
was
information, at the time
or
the
withheld shall be
so
withholding agent for failure to return
addition to other penalties provided by law,
engaged in trade
of tax
computed in such
required under this section
any tax
mitted to pay thereon, or to retain therefrom under any law of the United
periods, if payable to
of any
with
which any tax is required to be
without deduction for any tax which the obligor may be required or per¬
not
demands
accordance
under this section any refund or credit made under the provisions of Section
322 shall
where bonds, mortgages,
case
portion of the tax imposed by this title
the
and
in
under this section shall be included in the return
source
Bonds—
1, 1934, contain a contract cr provision by which the obligor
reimburse
before March
on or
payment.
which
deeds of trust, or other similar obligations of a corporation, issued before
any
individuals
is hereby made liable for such
the claims
upon
Sec. 145.
(1)
pay
;
Withholding of Tax at Source
Tax-Free Covenant
Jan
Recipient—Income
or
to tax-free covenant
(a)
or
of any
unless such failure
same,
rate
Sec. 143.
alien
deducted and withheld is paid by the recipient of the income, it shall not
be re-collected from the withholding agent; nor in cases in which the tax is
in the
individuals.
to
person
country; and such tax shall be returned and paid in the
knowledge and bexief, true and correct.
Law Applicable to
apply
trust for
or
made, to enable nim to make the return, and {2, that the return is,
to the best of his
(c)
he has sufficient
tnat
Every such
payments made
Sec. 144.
of which any beneficiary is a nonresident alien.
or trust
the
before June 15, in lieu of the time prescribed
Tax Paid by Recipient—If
$100
approval of the Secretary may prescribe a return made by one of two
more
(e)
trust the gross income of which for tne taxable year
(b) Joint Fiduciaries—Under such regulations
or
against
of the recipient of such
regardless of the amount of the net income; and
or over,
of
deduction and withholding
hereby indemnified
Income
,
Every estate
Under
approval
nonresident
the amount
for
tax was
the net income of which for the taxable year is
Every trust
is
of the income
if married and living with husband or wife:
over,
or
if married and not living with husband or wife;
or
Every individual having a net income for the taxable year of 82,500
or over,
is
if single,
over,
(2)
of
credited against the amount of income tax
the provisions of
the Commissioner witn the approval of the Secretary may by
as
regulations
or
the purpose of carrying out
services
the
56, pay the tax to the official of the United States Government"
withheld at the
he acts, stating specifically the items of gross
income thereof and the deductions and credits allowed under this title and
such
with
agent.
provisions of this section.
dividual) shall make under oath a return for any of the following indivduals,
trusts for which
personal
authorized to receive it.
Fiduciary Returns
an
authorize
may
withholding
hold any tax under this section shall make return thereof
person
estates, or
for
15 of each year and shall on
by authority of law in possession of part only of the property of
the
to
Return and Payment—Every person required to deduct and with¬
in Section
Requirement of Return—Every fiduciary (except a receiver appointed
(a;
known
not
by the Commissioner,
prescribed
compensation
(c)
of the corporations
Section
see
are
who enter and leave the United States at frequent intervals.
Allocation of Income and Deductions—For allocation of income and
deductions
of which
owners
the
in bankruptcy or in receivership.
or more
determined under the provisions
as
That the Commissioner
be deducted and withheld from the interest upon any securities
Secretary, there may be exempted from such
en¬
making a consolidated return shall not be entitled to the benefits of
in the group are
119: Provided further,
tax to
regulations
making a consolidated return would, if filing a separate return, be
within the United States
sources
Section
such
m
Receivership Cases—If the common parent corporation of
(j;
group
office
an
part of such period as the corporation has been in existence) was derived
from
a
corporation, the suspension of the running of tne statute of limitations,
provided
has
or
than 85 per centum of the gross
more
Income of such corporation for the three-year period ending with the close
of its taxable year preceding the declaration of such dividends
(or for such
domestic corporation.
a
(i)
Section 272 (a) in respect of a deficiency for any taxable year is mailed to
of dividends paid by a foreign corporation unless (1) such corpora¬
place of business therein, and (2)
or
option of the domestic corporation, be treated for the purpose of this title
case
terminated
much of such tax
as
and
is
of the
tax
for
the preceding
taxable
year
or
so
unpaid, whether or not the time otherwise allowed
by law for filing return and paying the tax has expired; and such taxes
shall
in
thereupon become immediately due and payable.
court
virtue
made
not,
of the
as
provisions of this section the finding of the Commissioner,
herein
provided, whether made after notice to the taxpayer
or
shall be for all purposes presumptive evidence of the taxpayer's design.
(2)
Corporation
in
collection of the tax of
year
In any proceeding
brought to enforce payment of taxes made due and payable by
Liquidation—If
a
the
Commissioner
finds
that
the
corporation for the current or last preceding taxable
will be jeopardized by the distribution of all or a portion of the assets
of such corporation in the
liquidation of the whole or any part of its capital
THE
tion to be
finding and declara¬
cause notice of such
given the taxpayer, together with
demand for immediate pay¬
a
ment of the tax for the taxable period so declared terminated and of the tax
the last preceding taxable year or so much
for
whether
not the time otherwise allowed
or
the tax has
unpaid,
tax as is
of such
by law for filing return and paying
expired; and such taxes shall thereupon become immediately
due and payable.
Commissioner, render
by
prescribed
Commissioner,
the
with
the
be paid.
required to be filed and
The Commissioner
of the provisions
may
the tax next thereafter required
pay
and accept in like manner
approve
of this section, provided the taxpayer has paid in full
all other income, war-profits,
excess-profits taxes due from him under
or
Same—Exemption
from
Section—If security
approved and
is
cepted pursuant to the provisions of this section and such further
security with respect to the tax
tax due
profits
on
details
such
the profits, losses, or
as to
gains of such customers has been paid.
or
Sec. 150.
Collection of Foreign Items
All persons undertaking as a matter of business or for profit the collection
of foreign payments of interest or dividends by means of coupons, checks,
bills of excnange shall obtain a license from the Commissioner and shall
or
be subject to such regulations enabling the Government to obtain the in¬
formation required under this title
as
of the
and
collect
Secretary,
shall prescribe;
the Commissioner, with the approval
knowingly
whoever
ac¬
other
or
be fined not
by
proceedings under the provisions
any
prior to the expiration of the time otherwise allowed for pay-
v:'
-.
Sec. 151.
For
Commissioner shall from time to time find necessary and require, payment
information
Foreign Personal Holding Companies
returns
by officers, directors,
with respect to foreign personal
and 340.
misdemeanor and shall
a
than $5,000 or imprisoned for not more than one year,
more
both.
or
undertakes to
payments without naving obtained a license therefor, or without
sucn
taxes covered thereby is given as the
or
of such taxes shall not be enforced
of this section
business, with
any
complying with such regulations, snail be guilty of
Act of Congress.
(c)
by the
duly verified under oath, under such
other information which the Commissioner may require, as to each of such
be
security for return and payment of taxes made due and payable by virtue
any
broker shall, when required
a
tary, may prescribe, showing tne names of customers for whom such person
has transacted
Secretary,
of the
approval
security approved by the Commissioner that he will duly make the return
next thereafter
as
correct return
a
rules and regulations as tne Commissioner, with the approval of the Secre¬
return or paying income, war-profits, or excess-profits tax under any
Act of Congress may furnish to the United States, under regulations to
to
Every person doing business
customers, as will enable the Commissioner to determine whether all income
Security for Payment—A taxpayer who is not in default in making
(b)
any
Returns of Brokers
Sec. 149.
stock, the Commissioner shall declare the taxable period for such taxpayer
immediately, terminated and shall
17
REVENUE ACT OF 1938
and
holding companies,
large shareholders,
Sections 338, 339,
see
,X'V;;
-'/..'v
:/■:>
ing such respective taxes.
(d) Citizens—In the
of
case
citizen of the United States
a
or
of
SUPPLEMENT
possession
a
of the United States about to depart from the United States the Commis¬
sioner may, at his discretion, waive any or all of the requirements
the taxpayer
(e)
Sec. 161.
placed on
by this section.
has complied with
all the obligations imposed upon him by the
income, war-profits, and excess-profits tax laws.
Addition to Tax—If
(f)
taxpayer violates
a
of the total amount of the tax
together with interest at the rate of 6
>'
Sec. 147.
(a)
Payments
of $1,000
acting, including lessees
Information
More—All
or
'
premiums,
wages,
emoluments,
other
or
annuities,
fixed
remunerations,
compensations,
determinable
or
gains,
(a)
148
profits,
and income
149), of $1,000
or
United
States, the officers
formation
such
to
as
thereto by the
accurate return to the Commissioner, under such regulations and in such
form and manner and to such extent
as
be prescribed by him with the
may
approval of the Secretary, setting forth the amount of such gains, profits,
and income, and the name and address of the recipient of such payment.
(b)
Returns Regardless of Amount of Payment—Such returns
required, regardless of amounts,
bonds,
upon
deeds
mortgages,
corporations, and (2) in the
(1)
of
in the
trust,
be
may
of payments of interest
case
or
other
similar
obligations
of
of collections of items (not payable in the
case
United States) of interest upon the bonds of foreign countries and interest
the
upon
bonds of and
undertaking
dividends from foreign
matter of business
as a
payments of such
dividends by
interest or
by persons
corporations
for profit the collection of foreign
or
of coupons, checks, or
means
bills of exchange.
(c)
•
Recipient to Furnisn Name and Address—When
effective
the
provisions of this section the
name
(d)
Obligations
of United
and address of the recipient
States—The provisions of this section shall
apply to the payment of interest
render
correct
a
return,
duly verified
r
(b)
Profits Declared
as
see
and
under oath,
Dividends—Every corporation shall,
during such periods
distributed
or
profits,
gains,
as
ordered
during such taxable
tne
a
of its
when
statement of such facts
income
as
taxed)
not
Commissioner may specify,
as
missioner,
or
collector,
any
correct statement
(a)
which
respectively,
re¬
the same if divided
each.
(d)
or
shareholders
distributed, and of the
by the Com¬
forward
would
who
him
to
amounts that would be
the
payable
Liquidation—Every corporation snail,
of its capital stock, render
as
resolution
a
or
plan
correct return to the
a
or
Commissioner,
or
plan and
the Commissioner shall, with the approval of the
Distributions
in
Liquidation—Every
quired by the Commissioner, render
a
corporation
correct return,
oath, of its distributions in liquidation,
paid to him
stating the
shall,
name
when
re¬
and
for the
(b)
distributed
(f)
to
or,
him.
Compensation
of
Officers
and
Employees—Under
There shall be allowed
trust for its taxable year
to the
of
an
of all officers and employees of such corporation and
so
allowed
as
the returns made
each
sucn
shall
a
the
or
so
of the corporation
paid to tne individual
The Secretary of the Treasury snail compile from
list containing the names of, and tne amounts paid to,
list available to
23 (o),
is to
or
cruelty to children or animals, or
operation of a public
or
additional deduction in computing the
the estate
a
In the
case
distributed
or
as
a
the public.
or
guardian
the court may direct, but
deduction shall be included in computing the
whether distributed to them or not.
deduction under this paragraph shall not
a
under
deduction
a
subsection
(c)
•
.
Any
be allowed
of this section in the same
or
any
:y.[
of income received by estates of deceased persons during
to
the beneficiary or accumulated, there shall be allowed as an
deduction in computing the net jncome of the estate or
distributed
additional
trust the amount
of the income of the estate or trust for its taxable year, which is
paid
or
credited during such year to
net
income of the legatee,
any
properly
legatee, heir, or beneficiary, but
heir,
or
the
beneficiary.
Credits Against Net
Sec. 163.
Income
(a)
Credits of Estate or Trust—
(1)
For the purpose of the normal tax and the surtax an estate shall be
allowed the
25
same
(b)
personal exemption
and
(1),
a
(2)
If
no part
be allowed
(1))
a
is allowed to a single person under
be allowed
(in lieu of the personal
credit of $100 against net income.
of the income of the estate or trust is included in computing
the net income of any legatee,
shall
as
trust shall
exemption under Section 25 (b)
heir,
or
beneficiary, then the estate or trust
the same credits against
allowed by Section 25
net
income for interest as are
(a).
Credits of Beneficiary—If any part of the income of an estate or
trust is
included in computing the net income of any legatee, heir or bene¬
ficiary, such legatee, heir, or beneficiary shall, for the purpose of the normal
tax,
be allowed as credits against net income, in addition to the credits
allowed to him under Section 25, his proportionate
of interest
specified in Section 25 (a)
to be included in
as are,
computing his net income.
share of such amounts
under this Supplement, required
Any remaining portion of such
specified in Section 25 (a) shall, for the prupose of the nrmal tax,
be allowed
as
credits to the estate
Sec. 164.
If the taxable year of a
or trust.
Different Taxable Years
beneficiary is different from that of the estate or
trust, the amount which he is required, under Section
162 (b), to include
in
computing his net income, shall be based upon the income of the estate
or
trust for any
(a)
taxable
year
of the estate
or trust
(whether beginning on,
1, 1938) ending within or with his taxable year.
or
Sec. 165.
Employees' Trusts
Exemption from Tax—A trust forming part of a stock bonus, pension,
profit-sharing plan of an employer for the exclusive benefit of some or
all of his employees—
(1)
or
If contributions are made to the trust by such employer, or em ployees,
both, for the purpose of distributing to such employees the earnings and
principal of the fund accumulated by the trust in accordance with such
n,
and
.
officer and employee and the name of the paying corporation,
make sucn
as
succeeding taxable year;
other compensation for
and
individual, except that—
which is to be distributed currently by the fiduciry
net income of the beneficiaries
amount allowred as
a
by tne corporation.as salary, commission, bonus,
personal services rendered, if the aggregate amount
of $75,000.
an
(in lieu of the deduction for
pre¬
year
excess
as an
infant which is to be held
every
respective amounts paid to tnem during the taxable
is in
be computed in the same
of
case
deduction
a
beneficariesf, and the amount of the income collected by
before, or after Jan.
regulations
Secretary,
corporation subject to taxation under this title shall, in its return, submit
names
shll
trust
or
in the
establishment, acquisition, maintenance
-
by the Commissioner with the approval of the
list of the
as
as
net income of the estate or trust the amount of the income of
address of
by him, and the
if the distribution is in property other than money,
the fair market value (as of the date the distribution is made) of the
property
scribed
by
made
returns
cemetery not operated for profit;
duly verified under
shareholder, the number and class of shares owned
eacn
amount
estate
basis
tional purposes, or for the prevention of
amounts
Secretary, by regulations prescribe.
(e)
For
grantor).
Net Income
be used exclusively for religious, charitable, scientific, literary, or educa¬
(b)
or
days after the adoption by the corporation of
other information
paid by the fiduciary, except
aside for the purposes and in the manner specified in Section
a
and
names
be entitled to
verified under oath, setting forth the terms of such resolution
sucn
same
There shall be allowed
Section
for the dissolution of the corporation or for tne liquidation of the whole
any part
the
deed creating the trust, is during the taxable year paid or permanently set
.
Contemplated Dissolution
within 30
of
income, without limitation, which pursuant to the terms of the will or
gross
have been
to its shareholders
shall
corporation
every
or
either
charitable, Etc., contributions authorized by Section 23 (o)) any part of the
accumulated
of accumulated earnings and profits and the
addresses of the individuals
be
may
will
the Commissioner may specify.
Accumulated Earnings and Profits—Wnen requested
(c)
to
and
be distributed,
to
years
fiduciary,
(relating to revocable trusts) and Section 167
Sec. 162.
of the
the
on
enable him to determine the portion of the earnings or profits of the cor¬
(including
the
the amount so allowed as a deduction shall be included in computing
quired by the Commissioner, furnish him
poration
and
of
Section 142.
The net income
(c)
■"
.
infant which is to
during the period of
the period of administration or settlement of the estate, and in the case of
payments of dividends, stating the name and address of each shareholder,
the number of shares owned by him, and the amount of dividends paid to
him.
an
persons
income which, in the discretion of the fiduciary, may be either
Dividend Payments—Every corporation shall, when required by the
Commissioner,
or
,
accumulated.
or
benefit
'
obligations of the United States.
Information by Corporations
Sec. 148.
(a)
on
discretion
the
for
income
to
the amount
make
necessary to
of income shall be furnisned upon demand of the person paying the income.
not
in
provided in Section 166
fiduciary,
and
a true
trust;
or
Computation and Payment—The tax shall be computed upon the
manner
regulations hereinafter provided for, shall render
unascertained
direct;
settlement of the estate;
or
make returns in regard
to
or
Income which,
(relating
employees of the United States having in¬
or
payments and required
guardian of
a
net income of the estate or trust, and shall be
as
or
Income which is to be distributed currently by the fiduciary to the
Income received by estates of deceased
(b)
in any taxable year, or, in the case of such payments made by the
more
-
(3)
capacity
personal property, fiduci¬
or
(2)
(4)
whatever
individuals
with contingent interests, and income accumulated
be held or distributed as the court may
administration
in
persons,
(other than payments described in Section
or persons
distributed to the beneficiaries
aries, and employers, making payment to another person, of interest, rent
salaries,
Income accumulated in trust for the benefit of unborn
beneficiaries, and income collected by
from the time
Source
at
mortgagors of real
or
of the
deficiency in the tax,
per centum per annum
'
the tax became due.
(1)
persons
attempts to violate this
or
upon
kind of property held in trust,
held for future distribution under the terms of tne will
or
section there shall, in addition to all other penalties, be added as part
tax 25 per centum
Imposition of Tax
including—•
unless he first procures from the collector or agent in charge -a certificate
he
TRUSTS
Application of Taxr—The taxes imposed by this title
(a)
shall apply to the income of estates or of any
Departure of Alien—No alien shall depart from the United States
that
E—ESTATES AND
t So in orginal.
\
THE
18
REVENUE ACT OF 1938
part of the corpus or income to
for any
the inclusions with respect
exclusive benefit
actually distributed
or made available to any distributee shall be taxable to him in the year
in whicn so distributed or made available to the extent that it exceeds the
amounts paid in by him.
Such distributee snail for the purpose of the
normal tax be allowed as credits against net income such pare of the amount
so distributed or made available as represents the items of interest specified
under Section 161. but the amount
provided in subsections (c) and (d) of
or
Where at any
Irrevocable Trusts
capital gains or losses, his distributive
share of the net short-term capital gain or loss of the partnership.
(b) As a part of his Jong-term capital gains or losses, his distributive
share of the nee iong-term capital gain or loss of the partnership.
(c) His distributive share of the ordinary net income or the ordinary net
loss of the partnership, computed as provided in Section 183 (b).
either alone or in conjunction with any person not
substantial adverse interest in the disposition of such part of the
the income therefrom, or
(2) in any person not having a substantial adverse interest in the dis¬
position of such part of the corpus or the income therefrom,
then the income of such part of the trust, shall be included in computing the
having a
corpus or
Computation of Partnership Income
183.
in the same manner
and
on
(b)
Segregation of Items—
(1)
income of a trust—
partnership shall be computed
individual,
the same basis as in the case of an
provided in subsections (b) and (c.)
except as
Income for Benefit of Grantor
Where any part of the
(a)
General Rule—The net income of the
Sec.
of the grantor.
Sec. 167.
As a part of his short-term
(a)
time the power to revest in the grantor title to any part of
of the trust is vested—
net income
shall include, whether
distribution is made to him—
not
(a)
in the grantor,
(1)
Tax of Partners
Sec. 182.
computing the net income of each partner, ne
In
1, 1939.
the corpus
partnership shall be liable for income
in their individual capacity.
tax only
Sec. 166.
Partnership Not Taxable
Sec. 181.
Individuals carrying on business in
clause (2) of
Jan.
method
method
SUPPLEMENT F—PARTNERSHIPS
Taxable Year Beginning Before Jan. 1, 1939—The provisions of
subsection (a) shall not apply to a taxable year beginning before
(b)
Act of 1936, and not by the
this section.
provided in Section 169 of the Revenue
,
25(a).
in Section
participant, shall be made by the
puting the net income of such
■
shall not be taxable
trust fund begins
participant begins after Dec.
income of the common trust fund, and
to the common trust fund net income in com¬
1938, and the taxable year of a
before Jan. 1,
31, 1937, the computation of the net
be (within the taxable year or there¬
diverted to, purposes other than for the
after) used for, or
of his employees,
Exception—If the taxable year of the common
(2)
If under the trust instrument it is impossible, at any time prior to
of all liabilities with respect to employees under the trust,
(2)
the satisfaction
Capital Gains and Losses—There
shall be segregated the short-term
capital gains and losses, and the
loss and the net long-term capital gain or
Is, or in the discretion of the grantor or of any person not having a
substantial adverse interest in the disposition of such part of the income
capital gains and losses and the long-term
accumulated for future distribution to the grantor; or
(2) May, in the discretion of the grantor or of any person not having a
substantial adverse interest in the disposition of such part of the income, be
loss shall be
(1)
may
income over tne
computing the net income of the
partnership the so-called "charitable contribution" deduction allowed by
Section 23 (o) shall not be allowed; bu« each partner shall be considered as
having made payment, within his taxable year, of his distributive portion
of any contribution or gift, payment of which was made by the partnership
within its taxable year, of the character which would be allowed to the
and in the manner specified in Section 23 (o), relating to the
contribution" deduction);
of the trust shall be included in computing the
part of the income
of the grantor.
net income
(b)
means
As used in this section, the term "in the discretion of the grantor"
"in the discretion of the grantor, either alone or in conjunction with
part of the
The partner
of income, war-profits, and excess-profits taxes imposed by
The amount
possessions of the United States shall be allowed
25, his proportionate share
of the net income
as
the tax of the beneficiary of an estate or trust to the extent
Sec. 169.
approval of the Secretary and shall be
with the
separately shown in the return of the
partnership.
' ■.-•"■V.v.-
under rules and regulations to
i
a
As
a
Sec. 187.
may
income if
be
participant in the amount of interest specified in Section 25 (a)
as
as
re¬
such interest.
basis as in the case
There shall be segregated in the short-term capital gains and losses
long-term capital gains and losses, and the net short-term capital
(1)
and the
long-term capital gain or loss shall be computed;
gain or loss and the net
After excluding all items of either short-term or long-term capital
(2)
shall be computed—
(A) An ordinary net income which shall consist of the
partnership, the inclusions with respect to
partnership, in computing the net
Computation of Common Trust Fund Income—The net income of
fund shall be computed in the same manner and on the
of an individual, except that—
(d)
is different from that
the net income of the
income of the partner for this taxable
year, shall be based upon the net income of the partnership for any taxable
year of the partnership (whether beginning on, before, or after Jan. 1, 1938)
ending within or with the taxable year of the partner.
(b) Partnership Year Beginning in 1937—If the taxable year of the
partnership begins before Jan. 1, 1938, and the taxable year of a partner
begins after Dec. 31, 1937, the computation of the net income of the partner¬
ship, and the inclusions with respect to the partnership net income, in
computing the net income of such partner, shail be made by the method
provided in Sections 182 and 183 of the Revenue Act of 1936 and not by the
method provided in Sections 182 and 183 of this Act.
of the
the common trust
same
Partner and Partnership
General Rule—If the taxable year of a partner
(.a)
trust fund shall for the purposes of this Supplement
having been received by such participant
by any one of the partners.
Different Taxable Years of
188.
Sec.
Credit for Partially Exempt Interest—The proportionate share of
considered
the Commissioner with the
Tne return shall be sworn to
vidual.
part of its long-term capital gains or losses, its proportionate
long-term capital gain or loss of the common trust fund;
Its proportionate share of the ordinary net income or the ordinary
loss of the common trust fund, computed as provided in subsection (d).
each
taxable year, stating
by regulations prescribe, and shall
addresses
part of its short-term capital gains or losses, its proportionate
short-term capital gain or loss of the common trust fund;
ceived by the common
Partnership Returns
approval of the Secretary
include in the return the names and
of the individuals who would be entitled to share in the net
distributed and the amount of the distributive share of each indi¬
sions of this title as
(0)
(2)
imposed by
specifically the items of its gross income and the deductions allowed by this
title and such other information for the purpose of carrying out the provi¬
share of the net
net
war-profits, and excess-profits taxes
partnership shall make a return for each
Every
share of the net
(B)
hr'y
United
in Section-131.
of such titles and Sections shall not be considered a corporation.
(c) Income of Participants in Fund—
(1) Inclusions in Net Income—Each participant in the common trust
fund in computing its net income shall include, whether or not distributed
and whether or not distributable—
As
and Possessions of
of the United States shall be allowed as a
of the member of a partnership to the extent provided
credit against the tax
Trust Funds—A common trust fund shall not
under this title, Title I A, or Section 105 or 106 of
Act of 1935, or Section 601 of 602 of this Act, and for the
purposes
(A)
Countries
foreign countries or possessions
of trust funds by national banks.
subject to taxation
the Revenue
Foreign
The amount of income,
Taxation of Common
(b)
be
of
be prescribed by the Commissioner
States
In conformity with the rules and regulations, prevailing from time
of the Board of Governors of the Federal Reserve System pretalning
collective investment
Taxes
186.
Sec.
to time,
to the
part of each
consists of earned income shall be determined
of the net income which
share
Definitions—The term "common trust fund" means a fund main¬
tained by a bank (as defined in Section 104)—
(1) Exclusively for the collective investment and reinvestment of moneys
contributed thereto by the bank in its capacity as a trustee, executor, ad¬
ministrator, or guardian; and
(a)
(2)
of the members of a partnership the proper
In the case
Common Trust Funds
specified in Section 25 (a)
,
Earned Income
Sec. 185.
provided in Section 131.
of such amounts (not in excess
of the partnership) of interest
received by the partnership.
as are
be allowed as a
the credits allowed to him
shall, for the purpose of the normal tax,
nis net income, in addition to
credit against
under section
credit against
Credits Against Net Income
Sec. 184.
United States
foreign countries or
section if this subsection had not
been enacted.
Taxes of Foreign Countries and Possessions of
Sec. 168.
Charitable "Contributions—In
partnership as a deduction under such
substantial adverse interest in the disposition of the
income in question."
,
not havihg a
any person
consist of the excess of the deductions
the gross income.
(c)
so-called "charitable
then such
deductions; or
An ordinary net loss which shall
(B)
over
the payment of premiums upon policies of insurance on
grantor (except policies of insurance irrevocably payable for
be, applied to
shall consist of the excess of the gross
An ordinary net income which
(A)
Is, or in the discretion of the grantor or of any person not having a
substantial adverse interest in the disposition of such part of the income
the purposes
Ordinary Net Income or Loss—After excluding all items of either
capital gain or loss, there shall be computed—
(2)
(3)
the life of the
computed.
short-term or long-term
distributed to the grantor; or
may
capital gain or
short-term
net
be, held or
gain or loss, there
income over the
(B)
tion 23
(.a)
income;
The so-called
means
"charitable contribution" deduction allowed by Sec¬
(o) shall not be
trust fund by the
admission or withdrawal of
withdrawal of any participating interest
sale or exchange of
by
a
participant.
if distributed and the
(1)
General
income
of
the
amount of the pro¬
be
trust fund for any
taxable year of the
common trust
fund (whether
year
of the participant.
an
thereof.
Special Class Net Income of Foreign
a
foreign life insuracce company,
amount which
within the
paragraph, as tne reserve funds required
end of the taxable year upon business transacted
funds held by it at the end
United States bear to the reserve
of the taxable year upon
all business transacted.
,
Business—Foreign life insurance com¬
panies not carrying on an insurance business within the United States and
holding no reserve funds upon business transacted within the United 8tates,
shall not be taxable under this section but shall be taxable as other foreign
(3)
'
Life Insurance Companies—In
the special class net income shall
the special class net income,
bears the same ratio to
by law and held by it at the
in computing the net income of the
beginning on, before, or after Jan. 1, 1938) ending within or with the taxable
imposed by Sections 13 and 14, there
the special
tax of 16 M per centum of
collected, and paid for each taxable year upon
computed without regard to tnis
participant for its taxable year shall be based upon the net income of the
common
amount
(2)
the case of
participant, the inclusions with respect to the net
trust fund,
Imposition of Tax—
In General—In lieu of the tax
the
f
en¬
Rule—If the taxable year of the common trust fund is
common
of its total reserve
class net income of every life insurance company a
Different Taxable Years of Common Trust Fund and Participant—
different from that of a
life, health,
funds of which held for the fulfillment
(1)
shall be levied,
portionate share of each participant.
The return shall be sworn to as in
the case of a return filed by the bank under Section 52.
(g)
(including contracts of combined
comprise more than 50 per centum
(b)
and addresses of the participants who would be
titled to share in the net income
contracts
funds.
as
such interest by the participant.
bank (as defined in Section 104) main¬
taining a common trust fund shall make a return under oath for each
taxable year, stating specifically, with respect to such fund, the items of
gross income and the deductions allowed by this title, and shall include in
the return the names
COMPANIES
Life Insurance Companies
Definition—When used in this title the term "life insurance company"
an insurance company engaged in the business of issuing life insur¬
of such
Returns by Bank—Every
(f)
on
and accident insurance), the reserve
The
a participant shall be treated
Tax
and annuity contracts
ance
allowed.
Admission and Withdrawal—No gain or loss shall be realized by the
(e)
common
a
Sec. 201.
An ordinary net loss which shall consist of the excess of the deduc¬
tions over the gross
(3)
SUPPLEMENT G—INSURANCE
excess of the gross
deductions; or
No United States Insurance
corporations.
REVENUE ACT OF 1938
THE
See. 202.
(a)
In the
Grossjneome of Life Insurance Companies
of
case
life instance company the term
a
interest,
amount
(b)
dividends,
and
For inclusion
rents.
speficied in shareholder's consent,
The term "reserve funds required
insurance,
assessment
sums
in
of
able year.
actually deposited by
of the
funds maintained under the charter
associa¬
on
tion of the company or association
exclusively for the payment of claims
arising under certificates of membership
plan and not subject to
other
any
articles of incorpora¬
policies issued upon the assess¬
or
■■■P'
use.
(a)
To
all
income"
of
case
year.
For the purpose of computing the net income
subject to the tax imposed by this section there shall be deducted from
(c)
allowed
deductions by subsection (c) of this section.
(1)
All ordinary and
tion 23
(2)
Reserve Funds—An amount equal to 4 per centum of the mean of the
(a);
necessary
incurred,
expenses
provided in
as
All interest
provided in section 23 (b);
as
(3)
Taxes
taxable year, except that in the case of any such reserve fund which is com¬
(4)
Losses incurred
puted at
(5)
Subject to the limitation contained in section 117
lower interest assumption rate, the rate of 3% per centum shall
a
be substituted for 4 per centum.
Life insurance companies issuing policies
covering life, health, and accident insurance combined in
one
cancellation, shall be allowed, in addition to the above,
of the
per centum
the
mean
of such
Reserve for Dividends—An amount equal to 2
(3)
deduction of
a
of
per centum
held at the end of the taxable year as a reserve for dividends
Bad
(6) of this section;
debts in
the
(8)
(d), losses
sus¬
any sums
balances and bills
(b)
receivable
charged off within the taxable year;
which under
year
(4) is excluded from gross income;
Reasonable allowance for the exhaustion,
wear
and tear of property,
provided in section 23 (1);
(9)
Charitable, and
(10)
(other than
of agency
nature
The amount of interest earned during the taxable
section 22
as
for the protection of the holders of such policies only;
necessary
(6)
Commissioner finds to be
year, as the
defined in subsection (b)
as
ascertained to be worthless and
(7)
funds (not required by law) held at
reserve
beginning and end of the taxable
subject to
provided in section 23 (c);
as
tained during the taxable year from the sale or other disposition of
property;
policy issued
the weekly premium payment plan, continuing for life and not
on
sec¬
w
required by law and held at the beginning and end of the
reserved funds
insurance
an
subject to the tax imposed by this section there shall be allowed
deductions;
/
able year which under Section 22 (b) (4) is excluded from gross income;
(2)
as
Deductions Allowed—In computing the net income of
company
as
the gross income less—
means
unpaid at
expenses
preceding taxable
Tax-Free Interest—The amount of interest received during the tax¬
(1)
add
year
expenses incurred as defined in this paragraph all expenses incurred which
.h-
life insurance company the term "net
a
shown
expenses
follows:
as
paid during the taxable
expenses
means all
by the National Convention of Insurance
the end of the taxable year and deduct expenses unpaid at the end of the
Net Income of Life Insurance Companies
General Rule—In tne
unpaid losses outstanding at the end
Expenses Incurred—"Expenses incurred"
the annual statement approved
are not
Sec. 203.
obtained add all unpaid losses outstanding at
so
year;
Commissioners, and shall be computed
Territorial officers pursuant to law as guaranty or reserve
or
preceding taxable
(7)
any company or
or
To the result
the end of the taxable year and deduct
Section 28.
see
by law" includes, in the case of
tion with State
any
from
computation of tax
funds, and
ment
duct salvage and reinsurance recoverable outstanding at the end of the tax¬
"gross income"
the gross amount of income received during the taxable year
means
19
so
forth, contributions,
provided in section 23 (q);
as
Deductions (other than those specified in this subsection) as provided
dividends payable during the year following the taxable year) the payment
in section 23, but not in excess of the amount of the gross income included
of whicn is deferred for
under subsection
the
a
period of not less than five
from the date of
years
v'"
policy
(4)
contract;
Investment Expenses—investment
Provided: .That if
year:
paid during tne taxable
expenses
general expenses
any
in part assigned to or in¬
are
cluded in the investment expenses, the total deduction under tnis
paragraph
shall not exceed one-fourth of 1 per centum of the book value of the mean of
*tne
extent
invested assets held at the beginning and end of the taxable year;
(5)
Real Estate Expenses—Taxes and other
paid during tne tax¬
expenses
including taxes assessed
not
company,
benefits
local
against
of
amount paid out for new buildings,
betterments made to increase the value of any property.
or
The deduction
sharenolder of
by the
cases
a
no
company upon
his interest
shareholder, wnich
as
are
paid
without reimbursement from the shareholder but in such,
company
deduction shall be allowed the shareholder for the amount of such
of
foreign
a
allowed
be
cor¬
the
to
foreign corporation
a
or
having
office
an
Taxes of Foreign Countries and Possessions
of United States
The
of
amount
as a
tax
of
war-profits,
income,
by foreign countries
or
and excess-profits taxes imposed
possessions of the United States shall be allowed
credit against the tax of a domestic insurance company subject to the
imposed by section 201, 204, or 207, to the extent provided in the case
domestic corporation in section
a
posed by section 201
as
131, and in the
204 "net income"
or
defined in this
as
of the tax im¬
case
used in section 131
means
Supplement.
.
Depreciation—A reasonable allowance,
(6)
provided in Section 23 (1),
as
Sec. 206.
for the exhaustion, wear and tear of property, including a reasonable allow¬
for
ance
case
shall
of
case
deducted.
same item to be twice
the net income
taxes;
in the
business within the United States
kind
allowed by this paragraph shall be allowed in the case of taxes imposed upon
a
or
I
Double Deductions—Nothing in this section shall be construed to
Sec. 205.
for permanent improvements
or
Supplement
in
place of business therein.
permit the
tending to increase the value of the property assessed, and not including
any
(C) of this section.
deductions allowed in this section
provided
by the
a
the
engaged in trade
or
(1)
(b)
Deductions of Foreign Corporations—In the
(e)
'
able year exclusively upon or with respect to the real estate owned
(d)
poration
(7)
obsolescence;
and
Interest—All interest paid witnin the taxable
its indebtedness,
year on
Computation of Gross Income
The gross income of insurance companies subject to the tax imposed by
Section 201
or
204 shall not be determined in the
manner
provided in Sec¬
tion 119.
except on indebtedness incurred or continued to purchase or carry obliga¬
tions (other than obligations of the United States issued after Sept. 24, 1917,
and
originally subscribed for by the taxpayer) tne interest
Sec. 207.
whicn is
upon
(b)
Rental Value of Real Estate—The deduction under subsection
(6) of this section
or
in whole
or
in part
whicn bears the
by
a
same
(a)
account of any real estate owned and occupied
on
life instrance company, snail be limited to
ratio to such deduction
an amount
rental
value of the entire property.
Sec. 204.
(2)
Class
Special
a tax
Net
of 16H
Income
of Foreign
(A)
Interest
on
life
or
mutual
Companies—In
income
the
insurance company),
from
sources
Section 26 (a).
Definition of Income,
(b)
&c.—In
Gross income—"Gross income"
(1)
other foreign corporations.
the case of
insurance company
an
year,
of (A) the combined
sum
underwriting and investment exhibit of the annual statement
approved by the National Convention of Insurance Commissioners, and
(B) gain during the taxable year from the sale or other disposition of prop¬
erty and
(2)
(A)
(C) all other items constituting
Net Income—"Net income"
gross
means
income under Section 22;
the gross income as defined in
per
as
on
an
by
(1)
paragraph
shall
within
insurance business
the
other foreign corporations.
gross
premiums collected and received by them less amounts
.
case
•:
companies—
The net addition required by law to be made within
funds (including in the
I
'
Life Insurance—In the
the taxable
of assessment insurance com¬
panies the actual deposit of sums with State or Territorial officers pursuant
funds); and
The sums other than dividends paid within the taxable year on policy
and annuity contracts.
(2)
Mutual Marine Insurance Companies—In the case of mutual marine
insurance
companies, in addition to the deductions allowed in paragraph
(1) of this subsection, unless otherwise allowed, amounts repaid to policy¬
upon
from investment income and
from underwriting income as provided in this subsection, computed on the
basis of the
imposed
tax
of mutual insurance companies other than life insurance
holders
the
means
earned during the taxable
carrying
Mutual Insurance Companies Other Than
(1)
(B)
subject to the tax imposed by this section—
gross amount
not
to law as additions to guarantee or reserve
as
each
16>£
Deductions—In addition to the deductions allowed to corporations
case
Dividends Received—The credit provided in Section 26 (b).
No United States Insurance Business—Foreign insurance companies
carrying on an insurance business within the United States shall not be
for
Gross Income—Mutual marine-insurance companies shall include in
year to reserve
taxable under this section but shall be taxable
paid
and
tax equal to
by Section 23 the following deductions to insurance companies shah also
within the
(3)
not
Corporations—The
companies
income the
(c)
of
of—
sum
a
be allowed, unless other wise allowed—
case
Obligations of the United States and Its Instrumentalities
—The credit provided in
(B)
a
collected,
paid for reinsurance.
the special
of the amount thereof.
or mutual
special class net income shall be the net
United States minus the
(other than
per centum
foreign insurance company (other than life
the
Foreign
(2)
gross
year upon
be levied,
life insurance company)
apply to foreign corporations as well as domestic corporations; but foreign
(b)
Imposition of Tax—
In General—In lieu of the tax imposed by Sections 13 and 14, there
class net income of every insurance company
a
centum thereof.
Mutual
(a)
collected, and paid for each taxable
shall
the special class net income of every mutual insurance
(other than
United States shall be taxable
or
(1)
insurance company)
company
insurance
Insurance Companies Other Than Life
shall be levied,
General—There
taxable year upon
(computed without regard to
this subsection) as the rental value of tne space not so occupied bears to the
In
Companies Other Than Life
Imposition of Tax—
(1)
wholly exempt from taxation under tnis title.
(5)
Mutual Insurance
(a)
(3)
case
on
account of
premiums previously paid by them, and interest paid
such amounts between the ascertainment and the payment thereof;
Mutual Insurance Companies Otner Than Life and Marine—In the
of mutual insurance companies
underwriters,
(including interinsurers and reciprocal
but not including mutual life or
mutual marine insurance
companies) requiring their members to make premium deposits to provide
for losses and expenses, the amount of premium deposits returned to
their
policyholders and the amount of premium deposits retained for the payment
of losses, expenses,
and reinsurance reserves.
paragraph (1) of this subsection less the deductions allowed by subsection
(c) of this section;
computed
To
all
means
and deduct all interest, dividends and
rents
due and accrued at the
(4)
and
Underwriting Income—"Underwriting income"
(5)
on
insurance contracts
expenses
during the taxable
Premiums
the
To
of
year,
less losses incurred
earned
an amount
premiums
gross
on
computed
written
on
insurance
as
contracts
follows;
insurance
the result
so
obtained
and
unearned
premiums
year
ahd
on
out¬
deduct
unearned premiums on outstanding business at the end of the taxable
year;
Losses Incurred—"Losses incurred"
means
losses incurred during the
taxable year on insurance contracts, computed as follows:
To
losses
paid
during the
in lieu of the tax imposed by Sections 11 and 12, upon the
nonresident
individual
engaged in
amount
received,
business within the United States and not having an office or place
of
or
business
taxable year,
add salvage and
by
therein,
every
from
sources
alien
within
the
United
(except interest on deposits with persons carrying on the
rents,
salaries,
wages,
premiums,
reinsurance
not
States
as
interest
banking business),
compensations,
annuities,
remunerations, emoluments, or other fixed or determinable annual or peri¬
except that such rate shall be reduced, in the case of a
of such amount,
resident of a con¬
tiguous country, to such rate (not less than 5 per centum) as may
vided by treaty with such country.
of amount
(2)
Aggregate More Than $21,600—The tax imposed by paragraph
shall not apply to any
(3)
grapn
be pro¬
For inclusion in computation of tax
specified in shareholders' consent, see Section 28.
tne taxable year
recoverable outstanding at the end of the preceding taxable year, and de¬
Office—2
lime—There shall be levied, collected, and paid for each
odical gains, profits, and income, a tax of 10 per centum
contracts
deduct return premiums and premiums paid for
standing business~at this end of the preceding taxable
(6)
No United States Business or
General
taxable year,
dividends,
Earned—"Premiums
amount
during the taxable
reinsurance.
means the premiums
year
incurred;
during the taxable year" means
From
Nonresident Alien Individuals
trade
end of the preceding taxable year;
earned
on
(1)
and rents received during the taxable year,
add interest, dividends and rents due and accrued at the end of the taxable
year,
Tax
Sec. 211.
(a)
dividends,
INDIVIDUALS
the gross amount
dividends, and rents,
follows:
as
interest,
H—NONRESIDENT ALIEN
SUPPLEMENT
Investment Income—"Investment income"
(3)
of income earned during the taxable year from interest,
(1)
individual if the aggregate amount received during
from the sourcas therein specified is more than $21,600.
Residents of Contiguous Countries—Despite the provisions of para-
(2), the provisions of paragraph
(1) shall apply to a resident of a
THE REVENUE ACT OF 1938
20
such country
long as there is in effect a treaty with
contiguous country so
under which the race of tax under Section
211 (a) of the Revenue Act of 1936, prior to its amendment by Section
501 (a) of the Revenue Act of 1937, was reduced.
(b) United States Business or
Office—A nonresident alien individual
engaged in trade or business in the United 8tates or having an office or
place of business therein shall be taxable without regard to the provisions
of subsection (a).
As used in this section, Section 119, Section 143, Sec¬
tion 144 and Section 231, the phrase "engaged in trade or business within
the United States" includes the performance of personal services within the
United States at any time within the taxable year, but does not include the
(ratified prior to Aug. 26, 1937)
services for a nonresident alien individual, foreign
performance of personal
partnership, or foreign corporation, not engaged in trade or business within
the United States, by a nonresident alien individual temporarily present
United States for a period or periods noi
in the
days during the
in the United States in stocks, securities, or com¬
resident broker, commission agent, or custodian.
Office and Gross Income of More Than
$21,600—A nonresident alien individual not engaged in trade or business
within the United States and not having an office or place of business therein
who has a gross income for any taxable year of more than $21,600 from the
sources specified in subsection
(a) (1), shali be taxable without regard to
the provisions of subsection (a; (1), except that—
(1) The gross income shall include only income from the sources specified
The deductions (other than the
so-called "charitable deduction" pro¬
that they
shall be allowed only if and to the extent
vided in Section 213 (c))
properly allocable to the gross
income from the sources specified in
(1);
subsection (a)
and surtax under Sections 11 and 12
than 10 per centum of the gross income from the
The aggregate of the normal tax
shall, in no case, be less
(1); and
specified in subsection (a)
resident of a contiguous country
(ratified prior to
26, 1937) under which the rate of tax under Section 211 (a) of the Rev¬
Act of 1936, prior to its amendment by Section 501 (a) of the Revenue
(4) This subsection snail not apply to a
long
so
Aug.
enue
as
sidered
office
he is
as
Foreign Corporations
on
Nonresident Corporations—There shall be levied, collected, and paid
each taxable year, in lieujof the tax imposed by Sections 13 and 14,
(a)
for
the amount received by every foreign corporation not engaged in trade
within the United States and not having an office or place of
upon
of business
business therein,
dends, rents, salaries, wages,
ations,
(except
business), divi¬
from sources within the United States as interest
deposits with persons carrying on the banking
interest on
emoluments,
premiums, annuities, compensations, remuner¬
other fixed or determinable annual or periodical
or
of 15 per centum of such amount, except
and except
of a contiguous
country such rate of 10 per centum with respect to dividends shall be
reduced to such rate (not' less than 5 per centum; as may be provided by
treaty witn such country.
For inclusion in computation of tax of amount
specified in shareholder's consent, see Section 28.
J
(b) Resident Corporations—A foreign corporation engaged in trade or
business within the United States or having an office or place of business
therein shall be taxable as provided in Section 14 (e) (1).
gains, profits, and income, a tax
of dividends the rate shall be 10 per centum,
that in the case
of corporations organized under the laws
of a foreign corporation gross income
from sources within the United States.
Gross Income—In the case
(c)
includes only the gross income
Ships Under Foreign Flag—The income of a foreign corporation,
which consists exclusively of earnings derived from the operation of a ship •
(d)
ships documented under the laws
of a foreign country which grants an
United States and to corporations
equivalent exemption to citizens of the
organized in the United States, shall not be
snail
included in gross income and
from taxation under this title.
be exempt,
Flag—The income of a nonresident alien in¬
exclusively of earnings derived from the operation
dividual which consists
under the laws of a foreign country which
grants an equivalent exemption to citizens of the United States and to
corporations organized in the United States shall not be included In gross
income and shall be exempt from taxation under this title.
In
(a)
be
shall
the case of a foreign corporation the deductions
allowed only if and to the extent that they are connected with
General—In
within the United States; and the proper
nected with income from sources
of the deductions with respect to sources of
income within and without the United States shall be determined as pro¬
vided in Section 119, under rules and regulations prescribed by the Com¬
apportionment and allocation
missioner witn the
the trade or business
entered into for profit, allowed by Section 23 (e)
if incurred in transactions
(2) shall be allowed whether or not connection with income from sources
within the United States, but only if the profit, if such transaction had
the collector a
all
casualties or theft, allowed by Section
connected with income from
States, but only if the loss is of property within
(3), shall be allowed whetner or not
within tne United
Allowance of Deductions
and Credits
the benefit of the deductions and
it in this title only by filing or causing to be filed with
sources
in
true and accurate return
United
the
Credits Against Tax
Foreign corporations shall not
by Section
deem
such deductions and credits.
for tne calculation of
for taxes of foreign
this title:
information which the Commissioner may
including therein all the
necessary
of its total income received from
in the manner prescribed in
States,
Sec. 234.
connected witn the trade
The deduction for losses of property not
business if arising from certain
sources
Sec. 233.
income from sources within
foreign corporation shali receive
would be taxable under this title.
resulted in a profit,
(e)
not connected with
credits allowed to
Losses—
The deduction, for losses not connected with
Contributions—The so-called "charitable
23 (q; shall be allowed whether
the United States.
Charitable, and So Forth,
(b)
or
A
(1)
(2)
proval of the Secretary.
contribution" deduction allowred by Section
approval of tne Secretary.
(b)
within the United States; and the proper
and allocation of the deductions with respect to sources
ment
under rules
deductions
apportion¬
within and
United States shall be determined as provided in Section 119,
and regulations prescribed by the Commissioner with the ap¬
income from sources
without the
Deductions
Sec. 213.
Rule—In the case of a nonresident alien individual the
shall be allowed only if and to tne extent that they are con¬
General
Deductions
Sec. 232.
ship or snips documented
(a)
23
which
of business.
I—FOREIGN CORPORATIONS
Tax
Sec. 231.
and as having an
United States if the partnership of
member has such an office or place
a
Ships Under Foreign
(b)
or
of which he is a member is so engaged
place of business within the
or
SUPPLEMENT
or
Gross Income
Sec. 212.
(a) General Rule—In tne case of a nonresident alien individual gross
includes only the gross income from sources within the United States.
a
title, a nonresident alien individual shall be con¬
being engaged in a trade or business within the United States
if the partnership
there is in effect a treaty with such country
Act of 1937, was reduced.
of
Partnerships
Sec. 219.
that in the case
(a) (1);
in subsection
sources
of tax on income
For the purpose of this
exceeding a total of ninety
No United States Business or
(3)
Withholding at Source—For withholding ** source
143.
(b)
of nonresident aliens, see Section
taxable year and whose compensation for such services
Such phrase does not include the
modities through a
(2)
the close
the close of
the fiscal year.
effecting of transactions
are
day of tne sixth month following
then on the fifteenth
year,
basis of a fiscal
if tne return should be made on tne
of the calendar year, or,
exceed in the aggregate $3,000.
does not
(c)
fifteenth day of June following
prescribed in Section 56 (a), on the
be allowed the credits against tne tax
United States ahowed
countries and possessions of the
131.
Returns
Sec. 235.
the United States.
so-called "charitable con¬
(0) shall be allowed whether or
Contributions—The
Etc.,
Charitable,
(c)
tribution" deduction allowed by Section 23
with income from sources within the United
not conn30 ed
as
to contributions or
States, but orily
gifts made to domestic corporations, or to
chests, funds, or foundations,
community
created in the United States, or to the voca¬
tional rehabilitation fund.
Sec. 214.
In
the
case
of
of
alien
nonresident
a
exemption
(b) _(1) of this title shall be only $1,000.
alien'individual unless he is
a
resident of a contiguous
country.
him in this title
of his total income received from all sources in tne
in the manner prescribed in
and accurate
United States,
this title; including therein all the information
the Commissioner may deem necessary for the calculation
of such
deductions and credits.
(b)
Exemption from
exceptions and under such
filing returns of such tax.
Tax Withheld at
Payment of Tax
Sec. 236.
individual shall
Return to Contain Information—A nonresident alien
only by filing or causing to be filed with tne collector a true
which
Requirement—Subject to such conditions, limita¬
regulations as may be prescribed by
the Commissioner, with the approval of the Secretary, corporations subject
to the tax imposed by Section 231 (a; may be exempted from the require¬
(b)
tions and
ment of
receive the benefit of the deductions and credits allowed to
return
place of business in the
Allowance of Deductions and Credits
Sec. 215.
(a)
or
made by the agent.
the personal
individual
The credit
dependents allowed by Section 25 (c) (2) shall not be allowed in the case
allowed by Section 25
for
Credits Against Net Income
nonresident
a
of a foreign corporation not having any
United States the return, in lieu of the time
prescribed in Section 53 (a) (1), shali be made on or before the fifteenth
day of the sixth month following the close of the fiscal year, or, if the return
is made on the basis of the calendar year then on or before the fifteenth day
of June.
If any foreign corporation has no office or place of business in the
United States but has an agent in the United States, the return shall be
Time of Filing—In the case
(a)
office
Source—The benefit of the personal exemption
in the discretion of tne Commissioner and
foreign corporation not having
United States the total amount of
tax imposed by this title shall be paid, in lieu of the time prescribed in
Section 56 (a), on the fifteenth day of June following the close of the calendar
year, or, if the return should be made on the basis of a fiscal year, then on
the fifteenth day of the sixth month following tne close of the fiscal year.
(b) Withholding at Source—For withholding at source of tax on income
of foreign corporations, see Section 144.
(a;
any
Time of Payment—In the case of a
office
or
place of business in tne
and credit for dependents may,
under regulations
be received by a
claim tnerefor with the withholding agent.
'
Sec. 216.
Credits Against Tax
be
allowed
the
credits
against
United States
A foreign corporation
Sec. 251.
the fifteenth day
of tne six month following the close of the fiscal year, or,
if the return is made on tne basis
the fifteenth day of
of the calendar
year,
then on or before
June.
(b) Exemption from Requirement—Subject to such conditions, limita¬
tions, and exceptions and under such regulations as may be
the
Commissioner,
prescribed by
with the approval pf the Secretary, nonresident
individuals subject to the tax imposed by Section 211 (a) may be
from the requirement
alien
exempted
of filing returns of such tax.
(a)
Payment of Tax
Time of Payment—In the case of a nonresident alien individual the
total amount of tax imposed by this title snail be
f
paid, iri lieu of the time
Income from Sources
OF THE UNITED STATES
Within Possessions of United States
United States or domestic
conditions, gross income means only
gross income from sources within the United States—
(1) If 80 per centum or more of the gross income of such citizen or
domestic corporation (computed without the benefit of this section) for the
three-year period immediately preceding the close of the taxable year (or
for such part of such period immediately preceding the close of such taxable
year as may be applicable) was derived from sources within a possession of
(a)
General Rule.
In the case of citizens of the
corporations, satisfying the following
the United States; and
(2)
Sec. 218.
affiliated with any other
of Section 141.
SUPPLEMENT J—POSSESSIONS
Returns
Requirement—In the case of a nonresident alien individual the return,
lieu of the time prescribed in Section 53 (a) (1), snail be made on or before
(a)
in
Affiliation
shall not be deemed to be
corporation within the meaning
131.
Sec. 217.
companies, see Supple¬
ment G.
the tax for taxes of foreign countries and possessions of the
Section
Foreign Insurance Companies
relating to foreign insurance
Sec. 238.
A nonresident alien individual shall not
by
For special provisions
1
i
allowed
Sec. 237.
prescribed by him witn the approval of the Secretary,
nonresident alien individual entitled thereto, by filing a
gross
on
If,
in the case of such
corporation, 50 per centum or more of its
benefit of this section) for such period
income (computed without the
such
part
thereof was derived from the
business within
a
active conduct of a trade or
possession of the United States; or
REVENUE ACT OP 1938
THE
(3)
If, in
of such citizen, 50
case
per centum or more
(computed without the benefit of this section)
within
possession of the United States either
a
employee
an
or agent
of his grossincome
Sec. 264.
for such period or such
part thereof was derived from the active conduct of
trade
a
his
on
or
business
account
own
or
as
A corporation
Section 141.
of another.
Sec. 265.
(a) there shall be included in
Income of Shareholders
For exclusion of dividends from gross income, see Section 116.
income all amounts re¬
gross
Affiliation
organized ulhder the China Trade Act, 1922, shall not be
deemed to be affiliated with any other
corporation within the meaning of
(b) Amounts Received in United States—Notwithstanding the provisions
of subsection
21
ceived by such citizens or corporations within the United States, whether
derived from
within
sources
or
SUPPLEMENT l^-ASSESSMENT AND COLLECTION
without the United States.
benefits of this section shall be taxable
For
provided in Section 14 (d).
as
inclusion in computation of tax of amount specified in shareholder's consent,
see Section 28.
'
■;
y':.
(d)
Definition—As
used
in
this
section
the
term
(e)
Deductions-
Cl)
Citizens of the United States entitled
shall have the
of
case
as
the United States
or
having
an
office
deductions
same
as
are
having
an
office
or
or
by Supplement I in the case of a
business within the United States
place of business therein.
to
the benefits of this section shall be allowed a personal exemption of
only $1,000 and shall not be allowed the credit for dependents provided
in Section 25
(g)
and
domestic
entitled
the
to
benefits
of
this
shall
section
or
if
If
no
no amount
is shown
return is made
in the manner
prescribed in this title; including therein all the information
which the Commissioner may deem
necessary for the calculation
of such
as a
(h)
Credits Against Tax—Persons entitled to the benefits of this section
shall not be allowed the credits against the tax for taxes of foreign countries
and possessions of the United States allowed
by Section 131.
(i) Affiliation—A
corporation
entitled
to
benefits
the
of this
section
shall not be deemed to be affiliated with any other corporation within
the
meaning of Ejection 141.
as
credited, refunded,
or
otherwise repaid in respect of such tax.
Procedure in General
Sec. 272.
Petition to Board of Tax Appeals—If in the case of any taxpayer,
the Commissioner determines that there is
tax
Citizens of Possessions of United States
of the United
to income
District of Columbia
a
or
no
the ninetieth day), the taxpayer may file a
derived from
citizen of any possession of the United States
sources
within the United States, and in such case
computed and paid in the
conditions
as
distraint
or
deficiency in respect of the tax imposed by this title and
proceeding in court for its collection shall be made,
prosecuted until such notice has been mailed to the taxpayer,
until the expiration of such
filed with the Board,
ninety-day period, nor, if a petition has been
until the decision of the Board has become final.
Notwithstanding the provisions of Section 3224 of the Revised Statutes
the making of such assessment or the beginning
same manner
service for the fiscal year ending June 30,
For exceptions to the restrictions imposed by this
amend the pro¬
or
organized
tax of amount
appearing upon the face of the return;
(3)
Section 273, relating to jeopardy assessments;
(4)
Section 274, relating to bankruptcy and receiverships; and
(5)
Section 1001 of the Revenue Act of 1926,
assessment or collection of the amount of the
TRADE
ACT
(bj
CORPORATIONS
under
the
14
China
(d).
Trade
Act,
1922, shall be
shall be
Section 28.
of
corporation organized under the
a
China Trade Act, 1922, in addition to the credits against net income other¬
wise allowed such corporation, a credit
against the net income of
equal to the proportion of the net income derived from
'determined in
a
similar
manner to
that provided in Section
value of the shares of stock of the corporation owned
par
of the taxable year by (1) persons resident in
an amount
sources within China
119) which the
on
to be collected
or
possessions of the United States, and (2) individual citizens of the United
States
or
number
China
wherever
of the tax
section)
section
resident, bears to
of shares of stock
Provided, That in
no case
the
par
value of the whole
of the corporation outstanding on such
shall the diminution, by
reason
date:
of such credit,
imposed by such Section 14 (computed without regard to this
(b; of this section; and in
no case
shall the diminution, by
without regard to this section)
106
or
reason
602 (computed
exceed the amount by which such special
dividend exceeds the diminution permitted by this section in the tax imposed
by such Section 14.
tary of Commerce has certified to the Commissioner—
filing the return, the corporation has distributed
to or for the benefit of such persons as on
were
resident in China, the United
States,
or
were
as a
special dividend
the last day of the taxable year
States,
individual citizens of the
or
possessions of the United
United
States
or
China,
and
owned shares of stock of the corporation;
(2)
payable or to be payable to such persons
or
for their benefit, by
reason of
their interest in the corporation; and
or
for the benefit of such
in proportion to the par value of the shares of stock of the corpora¬
tion owned by each; except that if the corporation has more than one class
persons
stock, the certificates shall contain
a
among
such persons, and that the amount certified has been distributed
accordance with the method
(c)
of
a
so
in
provided.
Ownership of Stock—For the purposes of this section shares of stock
corporation shall be considered to be owned by the person in whom the
Definition of China—As used in this section the term "China" shall
have the same meaning as when used in the China Trade Act, 1922.
A corporation
or any
the amount
so
Credits Against the Tax
organized under the China Trade Act, 1922, shall not be
notice of wnich has been mailed to the taxpayer,
any
if claim therefor is asserted by the
a
Further
Commissioner at or before the hearing
rehearing.
(f)
or
and to determine whether
penalty, additional amount or addition to the tax should be assessed—
Deficiency
Letters
Restricted—If the
mailed to the taxpayer notice of a deficiency as
of this section, and the taxpayer
files
a
Commissioner
has
provided in subsection (a)
petition with the Board within the
prescribed in such subsection, the Commissioner shall have no right
time
to determine any
additional deficiency in respect of the same taxable year,.
subsection (e) of this
Board, or in
section, relating to assertion of greater deficiencies before the
273
If the
(c), relating to the making of jeopardy assessments.
taxpayer is notified that,
on
account of a mathematical error appearing
the face of the return, an amount of tax in excess of that shown upon
will be
upon
the return is due, and that an assessment of the tax has been or
made
on
the basis of what
but for the mathematical
Would have been the correct amount of tax
such notice snail not be considered
error,
Section 322
right to file
(for
of this subsection, or of subsection (a) of this section prohibiting
assessment and collection until notice of
deficiency has been mailed, or of
(c), prohibiting credits or refunds after petition to the Board
a
of
a
deficiency, and the taxpayer shall have no
petition with the Board based on such notice, nor shall such
assessment or collection be
prohibited by the provisions of subsection (a)
of this section.
(g) Jurisdiction Over Other Taxable Years—The Board in
a
redetermining
facts with
deficiency in respect of any taxable year shall consider such
relation to the taxes for other taxable years as may be necessary
to redetermine the amount
no
correctly
of such deficiency, but in so doing shall have
jurisdiction to determine whether or not the tax for any other taxable
year
has been overpaid or underpaid.
Final Decisions of Board—For the purpose of this title the
(h)
which
a
to the
Prorating of Deficiency to Instalments—If the taxpayer has
to pay
date on
decision of the Board becomes final shall be determined according
provisions of Section 1005 of the Revenue Act of 1926.
elected
the tax in instalments and a deficiency has been assessed, the de¬
ficiency shall be prorated to the four instalments,
allowed the credits against the tax for taxes of foreign countries and pos¬
Section 273 (relating to jeopardy
so
by Section 131.
Board shall have
redetermined is greater than the amount of the deficiency
sessions of the United States allowed
part of the deficiency.
jurisdiction to redetermine the correct amount of the deficiency even if
(i)
Sec. 263.
provided in subsection (a) of this section on the assessment
Increase of Deficiency After Notice Mailed—The
(e)
equitable right to the income from such shares is in good faith vested.
(d)
(a) of this section, the
signed notice in writing filed with the Commissioner, to waive
and collection of the whole
statement that the articles of in¬
corporation provide a method for the apportionment of such special dividend
;
notice and demand from the collector.
of Tax Appeals) as a notice
(3) That such distribution has been made to
of
a
the restrictions
the purposes
That such special dividend was in addition to all other amounts,
v :
;
Waiver of Restrictions—The taxpayer shall at any time have the
(d)
right, by
Section
(1) The amount which, during the year ending on the date fixed by law
for
and shall be paid upon
except in the case of fraud, and except as provided in
Special Dividend—Such credit shall not be allowed unless the Secre¬
(b)
-vi;
Failure to File Petition—If the taxpayer does not file a petition with
deficiency, notice of which has been mailed to the taxpayer, shall be assessed,
exceed the amount of the special dividend certified under sub¬
of such credit, of the tax imposed by such Section
final shall be assessed
by distraint or by proceeding in court with or without
the Board within the time prescribed in subsection
the last day
China, the United States,
No part of the
deficiency by the Commissioner but disallowed as
assessment.'
Sections 14 and 602 of this Act and Section 106 of the Revenue Act of 1935
case
the deficiency
as
paid upon notice and demand from the collector.
amount determined as a
(c)
the
pending court review.
Collection of Deficiency Found by Board—If the taxpayer files a
such by the decision of the Board which has become
Credit Against Net Income
be allowed, in
amended, relating to
by the decision, of the Board which has become final shall be assessed and
For inclusion in computation of
see
as
deficiency determined by the
petition with the Board, the entire amount redetermined
Allowance of Credit—For the purpose only of the taxes imposed by
there shall
see—
Subsection (f) of this section, relating to notifications of mathematical
errors
or
(a)
subsection,
Subsection (d) of this section, relating to waivers by the taxpayer;
appropriations for the naval
specified in shareholder's consent,
Sec. 262.
joint notice,
1922, and for other purposes"
Taxation in General
provided in Section
joint notice, except
(1)
Board
SUPPLEMENT K—CHINA
as
a
each spouse at his last known address.
and subject to the
Virgin Islands of the United States.
corporation
enjoined by
joint return filed by hus¬
duplicate originals of the joint notice must be sent by registered mail to
approved July 12. 1921, relating to the imposition of income taxes in the
A
a
(2)
"An Act making
Sec. 261.
In the case of
residences have been established, then, in lieu of the single
sources.
Nothing in this section shall be construed to alter
visions of the Act entitled
taxable
of such proceeding or dis
that if the Commissioner has been notified by either spoulse that separate
in the case of other persons who are taxable only as to
income derived from such
(b)
a
citizen of the United States) and who is not a resident
petition
Board of Tax Appeals for a redetermination of the deficiency.
No assessment of
begun,
as
Within ninety days
(not counting Sunday or a legal holiday in the
band and wife such notice of deficiency may be a single
States, shall be subject to taxation under this title only as
the tax shall be
same
a
deficiency in respect of the
deficiency to the taxpayer by registered mail.
traint during the time such prohibition is in force may be
Any individual who is
(a)
(but not otherwise
a
imposed by this title, the Commissioner is authorized to send notice of
with the
nor
collected without
or
shall first be decreased by the amounts previously abated,
proceeding In the proper court.
Sec. 252.
the tax by the taxpayer upon his return,
deficiency; but such amounts previously assessed,
and
deductions and credits.
otherwise repaid in re¬
or
by the taxpayer, then the amount by which the tax
after such notice is mailed
United States,
deficiency, and decreased by the
exceeds the amounts previously assessed (or collected without assessment)
title only by filing or causing to be filed with the collector
true and accurate
by the amounts previously assessed
a
spect of such tax; or
such
a
as
previously abated, credited, refunded,
receive the benefit of the deductions and credits allowed to them in this
return of their totai income received from a,l sources in the
"..v;'/ ■ 7'
Y-V
s
the return shall first be increased
(a)
corporations
'
•'
(or collected without assessment)
amounts
(b) (2).
Allowance of Deductions and Credits—Citizens of the United States
'
the tax by the taxpayer upon his return; but the amount so shown
assessment,
Credits Against Net Income—A citizen of the United States entitled
(f)
as
(b)
to the benefits of this section shall
allowed
foreign corporation engaged in trade
or
Supplement H in the
:
"
The amount by which the tax imposed by this title exceeds the amount
shown
place of business therein.
or
(2) Domestic corporations entitled
have the
(a)
to the benefits of this section
allowed by
are
nonresident alien individual engaged in trade or business within
a
As used in this title in respect of a tax imposed by this title "deficiency'!
means—
on
deductions
same
Definition of Deficiency
Sec. 271.
of the
"possession
United States" does not include the Virgin Islands Of the United States.
DEFICIENCIES
OF
(c) Tax in Case of Corporations—A domestic corporation entitled to the
Except
as
provided in
assessments), that part of the deficiency
prorated to any instalment the date for payment of which has not arrived.
THE REVENUE ACT OF 1938
22
shall be collected at the same time as
That
and as part of such instalment.
deficiency so prorated to any instalment the date for payment
which has arrived, shall be paid upon notice and demand from the
part of the
of
Extension of Time for Payment of Deficiencies—Where it is shown
the satisfaction of the Commissioner that the payment of a deficiency
(j)
to
upon
the date prescribed for the payment
thereof will result in undue hard¬
Commissioner, under regulations prescribed by the
of the Secretary, may grant an extension
ship to the taxpayer the
Commissioner, with the approval
period not in excess of eighteen
for a further period not in excess of twelve
the Commissioner may require the
of such deficiency for a
for the payment
months, and, in exceptional cases,
If
months.
extension is granted,
an
bond in such amount, not exceeding double the
and with such sureties, as the Commissioner
deems necessary, conditioned upon the payment of the deficiency in accord¬
ance with the terms of the extension.
No extension shall be granted if the
to furnish
taxpayer
a
of the deficiency,
amount
is received by the
Commissioner; but the suspension under this sentence shall
period in excess of two years.
Claims for the deficiency
in no case be for a
presented, for adjudication in
the bankruptcy
which
receivership proceeding is pending,
or
for the redetermination of the deficiency in pur¬
petition for any such redeter¬
filed with the Board after the adjudication of bankruptcy
pendency of proceedings
of
suance
petition to the Board; but no
a
mination shall be
the
appointment of the receiver.
(b)
Unpaid Claims—Any portion of the clai x. allowed in such bankruptcy
is unpaid shall be paid by the taxpayer
or
receivership proceeding which
or
proceeding, and may be
six
collector after the termination of such
collected by distraint or proceeding in court within
proceeding. Extensions of time for
notice and demand from the
upon
Address for Notice of Deficiency—In the absence of notice to the
(a) of the existence of a fiduciary relation¬
and additions to the tax may be
accordance with law, to the court before
despite the
interest, additional amounts
and such
tions, or to fraud witft intent to
intentional disregard of rules and regula¬
evade tax.
trustee or receiver
date upon which the notice from the
30 days after the
deficiency is due to negligence, to
(k)
on the
the date of
the appointment of the receiver to a date
shall be suspended for the period from
making of assessments
adjudication in bankruptcy <r
'
collector.
appoint¬
ing to the Commissioner of the adjudication of bankruptcy or the
ment of the receiver, and the running of the statute of limitations
after termination of such
years
be had in the same manner and
subject to the same
Commissioner under Section 312
such payment may
by tnis title, if mailed
to the taxpayer at his last known address, shall be sufficient for the purposes
of this title even if such taxpayer is deceased, or is under a legal disability,
or, in the case of a corporation, has terminated its existence.
provisions and limitations as are provided in Section 272 (j)
in the case of a deficiency in a tax imposed by this title.
ship, notice of
deficiency in respect of a tax imposed
a
ment
immediately
amounts,
assess
to
the tax provided
been
interest, additional
for by law) and notice and
for the payment thereof.
under
mailed
notice under
which the jeopardy assessment relates has
(a), then the Commissioner shall mail a
Section 272
after the making of the
subsection within sixty days
such
r':
of Board—The jeopardy assess¬
deficiency greater or less than that notice
assessment.
>
<.-\ >/,;V
Amount Assessable Before Decision
(c)
be made in respect of a
ment may
of which has been mailed to the taxpayer,
theretofore filed a petition with the Board of Tax
the taxpayer has
or not
despite the provisions of section
determination of additional deficiencies, and whether
272 (f) prohibiting the
The Commissioner may, at any time
Appeals.
before the decision of the
unpaid portion thereof,
he believes the assessment to be excessive in amount.
shall notify the Board of the amount of such assessment,
Board is rendered, abate such assessment, or any
the extent
to
that
The Commissioner
abatement, if the petition is filed
or
with the Board before the making of
Board shall have juris¬
is subsequently filed, and the
the assessment or
diction to redetermine the entire amount
of the deficiency and of all amounts
assessed at the same time in connection therweith.
:
.
assessment is made after the
ment
be made only in respect of the deficiency
may
determined by the
Board in its decision
Expiration of Right to Assess—A jeopardy assessment may not
(3)
has filed a
petition for review of the decision of the
Bond
(f)
made
the
Board.
been
10 days after notice and demand from the
within
of the amount of the assessment, may obtain a
of the amount of the assessment
bond in such amount, not exceeding double
stay of collection of the whole or any part
by filing with the collector a
the amount
conditioned upon the payment of so much of
necessary,
the amount, the
by
is desired, and with such sureties, as the
to which the stay
as
collector deems
collection of which is stayed by the bond, as is not
abated
decision of the Board which has become final, together With interest
a
thereon
as
provided in Section 297.
is abated
ment
If any portion of the jeopardy assess¬
proportionately
before the tax¬
has filed his petition with the Board under Section 272 (a), the bond
Same—Further Conditions—If the bond is given
payer
a
by
decedent, or by his estate during
corporation, the tax shall be
a
apply in the case of a corporation unless—
not
Such written request notifies the
(1)
period, together with interest thereon at the rate of
the expiration of such
The dissolution is in
(2)
18 months' period;
and
good faith begun before the expiration
from the date of the jeopardy notice and demand
date of notice and demand under this subsection.
Waiver of Stay—Upon the filing of the bond the collection of so
of the amount assessed
is covered by the bond shall
as
the whole or any part
be stayed.
much
The
waive such stay at any time in respect of
taxpayer shall have the right to
of the amount covered by the bond, and if as a result
of such waiver any part of
the amount covered by the bond is paid, then
the bond shall, at the request
begun without assessment, at any
time within 5 years after the return was
Shareholders of Foreign Personal Holding
(d)
assessed,
or a
proceeding in court for the collection of such tax may
at any time within seven years
Shareholders—If the taxpayer omits
therein under Section 115
liquidation of a corporation, other than a
foreign personal holding company, the tax may be assessed, or a proceeding
in courts for the collection of such tax may be begun without assessment, at
Distributions in Liquidation to
(e)
income an amount properly includible
from gross
(c) as an amount distributed in
For the purposes of subsections
(f)
day prescribed by law for the
filed before the last
considered
as
filed on such last day
tax of the
but each of the shareholders includes
of the net income of the
which any such
be proportionately
Collection of Unpaid Amounts—When the
petition has been filed
with the Board and when the amount which should have been
been determined
by
a
assessed has
decision of the Board which has become final, then
unpaid portion, the collection of which has been stayed by the bond,
collected
as
part of the tax upon
already
collected exceeds the amount
amount which should have been
refunded to the taxpayer as
therefor.
claim
notice and demand from the
and any remaining portion of the assessment shall be abated.
amount
determined
as
Sec.
return with intent to
in court for the collection of
If the amount
determined
as
the amount
which should
actually assessed, then the
difference shall be assessed and shall be collected
as
part of the tax upon
Claims in Abatement—No claim in abatement shall be filed in respect
of any assessment in respect of any tax imposed by this title.
Sec. 274.
Section 275 for the assessment
taxpayer have consented
or
in any receivership proceeding before any court of the United
of any State or Territory or of the District of Columbia, any de¬
ficiency (together with all interest, additional amounts,
or
additions to the
tax
provided for by law) determined by the Commissioner in respect of a
tax
imposed by this title
imposed by Section 272
such
upon
such taxpayer shall, despite the restrictions
(a) upon assessments be immediately assessed if
deficiency has not theretofore been assessed in accordance with law.
In such cases the trustee in
of the tax, both the
such time, the
be assessed at any time prior to
the assessment of any income
within the period of limitation
properly applicable thereto, such tax may be collected by distraint or by a
proceeding in court, but only if begun (1) within six years after the assess¬
ment of the tax, or (2) prior to the expiration of any period for collection
agreed upon in writing by the Commissioner and the taxpayer before the
expiration of such six-year period.
The period so agreed upon may be
extended by subsequent agreements in writing made before the expiration
Collection After Assessment—Where
(c)
tax imposed
by this title has been made
of the period previously
Sec.
277.
agreed upon.
Suspension of Running of
Statute
provided in Section 275 or 276
on the making of assessments and the beginning of distraint or a proceed¬
ing in court for collection, in respect of any deficiency, shall (after the mail
ing of a notice under Section 272 (a) ) be suspended for the period during
which the Commissioner is prohibited from making the assessment or
beginning distraint or a proceeding in court (and in any event, if a proceed¬
ing in respect of the deficiency is placed on the docket of the Board, until
the decision of the Board becomes final), and for 60 days thereafter.
The running of the
SUPPLEMENT
taxpayer in any bankruptcy proceeding or the appointment of a receiver for
States
expiration of the time prescribed in
Commissioner and the
the
in'writing to its assessment after
the expiration of the period agreed
The period so agreed upon may be extended by subsequent agree¬
in writing made before the expiration of the period previously agreed
tax may
upon.
such tax may be
time.
statute of limitations
Bankruptcy and Receiverships
Immediate Assessment—Upon the adjudication of bankruptcy of any
any taxpayer
before
Waiver—Where
(b)
Same—Exceptions
276.
Return—In the case of a false or fraudulent
evade tax or of a failure to file a return the tax may
No
or
assessed, such excess shall be credited or
notice and demand from the collector.
(a)
after the last date
shareholder's return was filed.
False Return
(a)
the
provided in Section 322, without the filing of
have been assessed is greater than the amount
(j)
in his
corporation, then the
corporation shall be assessed within four years
upon.
is
reduced.
the
corporation makes no return of
Corporation and Shareholder—If a
(g)
the tax imposed by this title,
on
filed.
(a), (b), (c), (d), and (e), a return
filing thereof shall be
time within four years after the return was
any
ments
rendered the bond shall, at the request of the taxpayer,
If
be begun
after the return was
filed.
amount
which should have been assessed, then when the decision of the Board
be
Companies—If the tax¬
omits from gross income an amount properly includible therein under
Section 337 (b) (relating to the inclusion in the gross income of United
States shareholders of their distributive shares of the undistributed Supple¬
ment P net income of a foreign personal holding company) the tax may be
payer
of the taxpayer, be proportionately reduced.
If the Board determines that the amount assessed is greater than the
collector,
collection of such tax may be
assessed, or a proceeding in court for the
begun without assessment, at any
shall
.
completed.
(c) Omission from Gross Income—If the taxpayer omits from gross
income an amount properly includible therein which is in excess of 25 per
centum of the amount of gross income stated in the return, the tax may be
be assessed, or a proceeding
any
of such
V. r
The dissolution is
(3)
to the
(i)
'_
-
_
6 per centum per annum
.
Comissioner that the corporation
expiration of such 18 months*
contemplates dissolution at or before the
period; and
further condition that if a petition is not filed within the
stayed by the bond will be paid on notice and demand at any time after
(h)
received
the period of
assessed, and any
proceeding in court without assessment for the collection of such tax shall
be begun, within 18 months after written request therefor (filed after the
return is made) by the executor, administrator, or other fiduciary represent¬
ing the estate of such decedent, or by the corporation, but not after the
expiration of three years after the return was filed.
This subsection shall
or
period provided in such subsection, then the amount the collection of which
is
shall be
for the collection of such taxes
Assessment—In the case of income
Request for Prompt
(b)
return his distributive share
reduced.
shall contain
and Collection
"
expiration of such period.
during the lifetime of a
of the Board is
by the Commissioner before the decision
rendered, the bond shall, at the request of the taxpayer, be
(g)
begun after the
without assessment,
Collection—When a jeopardy assessment has
Stay
to
taxpayer,
collector for the payment
be
Board has become final, or after the taxpayer
made after the decision of the
^
'
filed.
,
Amoqnt Assessable After Decision of the Board.—If the jeopardy
decision of the Board is rendered, such assess¬
(d)
ceeding in court without assessment
administration,
is made before any
Deficiency Letters—If the jeopardy assessment
(b)
notice in respect of the tax to
provided in Section 276—
shall be assessed
such deficiency (together with all
additions
or
demand shall be made by the collector
as
General Rule—The amount of income taxes imposed by this title
within three years after the return was filed, and no pro¬
(a)
Jeopardy Assessments
Sec. 273.
Authority for Making—If the Commissioner believes that the assess¬
or collection of a deficiency will be jeopardized by delay, he shall
(a)
Period of Limitation Upon Assessment
Sec. 275.
Except
and Section 296
bankruptcy
or
receiver shall give notice in writ¬
M—INTEREST
Sec.
291.
AND
ADDITIONS
TO
THE
TAX
Failure to File Return
required by this title, within
Commissioner in pursuance
of law, unless it is shown that such failure is due to reasonable cause and
not due to willful neglect, there shall be added to the tax: 5 per centum if
the failure is for not more than 30 days with an additional 5 per centum
In
case
the time
for
of any failure to
make and file return
prescribed by law or prescribed by the
each additional 30 days or fraction
continues, not exceeding 25 per centum
thereof during which such failure
in the aggregate.
The amount so
REVENUE ACT OF 1938
THE
added to any tax shall be collected at the same time and in the same manner
and
as
part of the tax unless the tax has been paid before the discovery
a
of the neglect, In which
.
the tax.
same manner as
the amount
case
added shall be collected in the
so
3176 of the Revised Statutes,
Sec. 292.
provided in Section
amended.
as
Interest
on
Interest upon the amount determined
deficiency shall be assessed at
same
the
collector, and shall be collected
umfrom thedate prescribed for the payment of th" tax (or,
the
deficiency, shall be paid
notice and demand from
upon
of 6 per
part of the tax, at the rate
as a
installment) to the date the deficiency is assed,
if the tax is
in the case of a waiver
or,
under Section 272 (d), to the thirtieth day after the filing of sucn
Additions
the Tax in
to
Negligence—If any part of
(a)
waiver
case
of the total amount of the deficiency
(in addition to such
deficiency) snail be assessed, collected, and paid in the same manner as if
were a deficiency, except that the provisions of Section 272 (i), relating
deficiency, and of Section 292, relating to interest
on
Fraud—If
evade tax, then
addition
50 per centum of tne total amount of the deficiency
such
to
of any deficiency is due to fraud with intent to
any part
deficiency) shall be
Additions
(a)
Tax Shown
(1)
General
3176 of
by this title,
or any
installment, is not paid
installment thereof,
on
as
©r
or any
part of such
before the date prescribed for its
part of the tax, interest upon such
a
rate of 6 per centum
of the
case
fiduciary shall be
or
liability of
follows:
as
initial transferee of the property of
an
In the
case
of the
liability of a transferee of
the taxpayer,—within
one
year
a
transferee of the property
after the expiration
of the period of
limitation for assessment against the preceding transferee, but
only if within
three years after the expiration of the
period of limitation for assessment
against the taxpayer;—
except that if before the expiration of the period of limitation for the assess¬
liability of the transferee,
a
court
proceeding for the collection
of the tax
or
liability in respect thereof has been begun against the taxpayer
last preceding transferee, respectively,—then the period of limitation for
or
assessment of the
liability of the transferee shall expire
return of execution
In the
(4)
by the taxpayer as
from the date prescribed for its
of the liability of a
case
one year
after thar
fiduciary,—not later than
one year
in the court proceeding.
,
/-v.:;
Where
(1), (2),
before
the
expiration
of
the
;
time
prescribed
and the transferee
after such time,
fiduciary have consented in writing to its assessment
or
the
liability may be assessed at
expiration of the period agreed upon.
The period
time prior
any
so
agreed upon
If Extension Granted—Where
of time for payment of
extension
an
section, if the taxpayer is deceased,
has been extended, and the interest tnereon determined under Section 295,
tern inated its existence, the
is not
taxpayer shall be the period that would be effect had death
paid in full prior to the expiration of the period of the extension, then,
lieu
of
the
interest
provided
for
in
of this subsection,
(1)
paragraph
(c)
unpaid amount from the date of the expiration of the period of the extension
until it is paid.
deficiency,
a
interest
or any
or
additional amounts
assessed in connection therewith under Section 292, or under
addition to the tax in
is not paid in full within ten
of
case
Section 293,
delinquency provided for in Section 291,
days from the date of notice and demand from
the collector, tnere shall be collected
as
part of the tax, interest upon the
unpaid amount at the rate of 6 per centum per
notice and demand until it is
paid.
If
annum
deficiency prorated to
a
any
unpaid installment under Section 272 (i) is not paid in full on or before
the
date prescribed
collected
for the payment
of such installment, there shall be
part of the tax interest upon the unpaid amount at the rate of
as
(c)
Filing of Jeopardy Bond—If
a
bond is filed,
as
provided in Section
Sec. 295.
by the bond.
Payment of Tax Shown
If the time for payment of the amount determined
as
of the
in
liability of the transferee
as
a
part of such amount, interest thereon at
the rate of 6 per centum per annum from the date when such
payment should
have been made if no extension had been
granted, until the expiration of the
(e)
notice of
Time Extended for Payment of
jDeficiency
by this title, if mailed to the
(f)
tne time for payment
per
so
on
such part
-/
Definition of "Transferee"—As used in this section, the term "trans¬
legatee, devisee, and distributee.
(a)
Notice of Fiduciary
Relationship
Fiduciary of Taxpayer—Upon notice to the Commissioner that
is acting in
person
fiduciary capacity such fiduciary shall
a
assume
rights, duties, and privileges of the taxpayer in respect of
powers,
imposed by this title (except
a
any
the
tax
otherwise specifically provided and except
as
that the tax shall be collected from the estate of the taxpayer), until notice
fiduciary capacity has terminated.
Fiduciary of Transferee—Upon notice to the Commissioner that any
is acting in
specified
in
fiduciary capacity for
a
Section
the fiduciary
311,
a person
shall
subject to the liability
assum e,
on
behalf of such
rights, duties, and privileges of such person under such
(except that the liability shall be collected from the estate of such
the part
no
other interest shall be
so
extended
there shall
is not
paid in
be collected,
as
a
powers,
person), until notice is given that the fiduciary capacity has terminated.
Manner of Notice—Notice under subsection (a) or (b) shall be given
(c)
If the part of the
in
accordance
approval
with
regulations prescribed by the Commissioner with the
of the Secretary.
such unpaid amount at the rate of 6 per centum
for its payment until it is paid, and no other interest shall be
collected on
such unpaid amount for such period.
Sec. 297.
case
SUPPLEMENT
same
time
as
Section 273
such amount, and
at the rate of 6 per centum per annum
upon
as a
(i).
of the
such amount from tne date of
or,
in the
of the amount collected
case
jeopardy assessment, interest
as
in
O—OVERPAYMENTS
excess
Overpayment of Installment
If the taxpayer has paid as an installment
of the tax more than the amount
already paid, whether
the unpaid installments, if any.
or not on
determined to be tne correct
credited
or
refunded
as
If the amount
the basis of installments, exceeds tne amount
amount
of the tax, the overpayment
shad be
provided in Section 322.
under
Sec.
of the
in Section 292.
provided
321.
shall be credited against
(i) there shall be
part of the tax, interest
the jeopardy notice and demand to the date of notice and demand
Section 273
Sec.
determined to be the correct amount of such installment, the overpayment
Interest in Case of Jeopardy Assessments
of tne amount collected under
collected at tne
amount
legal disability, or, in the case of a corporation,
a
for the period from the time fixed by the terms of the extension
per annum
In the
imposed
section
the terms of the extension,
on
a tax
his last known
of the deficiency
on
of the deficiency for such period.
part of the tax, interest
at
of this title even if such person
extended, at the rate of 6 per centum
deficiency the time for payment of whicn is
accordance with
subject to the liability
purposes
the
for the period of the extension, and
annum
collected
of which is
person
person,
part of the tax, interest
as a
fiduciary relationship,
inated its existence.
tern
person
If the time for the payment of any part of a
deficiency is extended, ther®
shall be collected,
proceeding
days thereafter.
a
liability enforceable under this section in respect of
address, shall be sufficient for the
has
a
the docket of the Board, until the
Address for Notice of Liability—In the absence of notice to the Com¬
(b)
Sec. 296.
termination
fiduciary of the
or
fiduciary (and in any event, if
missioner under Section 312 (b) of the existence of
is given that the
period of the extension.
or
respect of the liability is placed on
Sec. 312.
of Section
or
(a), be suspended for the period during
decision of the Board becomes final), and for sixty
the tax by the tax¬
payer, or any installment thereof, is extended under the autnority
56 (c), there shall be collected
fiduciary shall, after the mailing to the transferee
Retrun
on
corporation, has
a
which the Commissioner is prohibited from making the assessment in respect
feree" includes heir,
Time Extended for
of
case
the statute of lim itations upon the assessor ent of the liability of a transferee
273, the provisions of subsection (b) of this section shall not apply to the
amount covered
in the
Suspension of Running of Statute of Limitations—The running of
is deceased, or is under
6 per centum per annum from such date until it is
paid.
or
period of limitation for assessment against the
notice provided for in Section 272
from the date of such
of
any part
Period for Assessment Against Taxpayer—For the purposes of this
(d)
or
Deficiency—Where
or any
be
of existence not occurred.
interest at the rate of 6 per centum per annum shall be collected on such
(b)
to the
may
of the period previously agreed upon.
the amount so determined as tne tax
by the taxpayer, or any installment
thereof, has been granted, and the amount the time for payment of whicn
in
in paragraph
(3) for the assessment of the liability, both the Commissioner
or
extended by subsequent agreements in writing made before the expiration
payment until it is paid.
(2)
(2)
of
the later;
payment, there shall be collected
unpaid amount at the
In the
(3)
Return—•
on
any
deficiency in tax.
such liability of a transferee
(1)
as
after the liability arises or not later than the expiration of the period for
collection of the tax in respect of which such liability arises, whichever is
thejTax in Case of Nonpayment
Rule—Where the amount determined
the tax imposed
amount or
to
(in
collected, and paid, in
assessed,
so
lieu of the 50 per centum addition to the tax provided in Section
the Revised Statutes, as amended.
Sec. 294.
the
ment of the
deficiencies, shall not be applicable.
(b)
!'■
to the amount of tax shown
on
may
taxpayer;
it
to the prorating of a
be either
Period of Limitation—The period of limitation for assessment of
(b)
to any
as
the taxpayer,—within one year after the
expiration of the period of limita¬
tion for assessment against the
of Deficiency
intentional disregard of rules and regulations but without intent to defraud,
5 per centum
■
•;
Any such liability
deficiency is due to negligence, or
any
of
transferee
a
/.•'
of the taxpayer.
return or
or
deficiency is assessed whichever is the earlier.
Sec. 293.
of
(2) Fiduciaries—The liability of a fiduciary under Section 3467 of the
Revised Statutes in respect of the payment of
any such tax from the estate
paid in installments, from tne date prescribed for the payment of the first
to the date the
in equity,
or
taxpayer, in respect of the tax (including interest* additional
a
by this title.
payer
Deficiencies
as a
the
as
Transferees—The liability, at law
(1)
property of
amounts, and additions to the tax provided by iaw) imposed upon the tax¬
cen
time
provisions in case of delinquency in payment after notice and demand, the
provisions authorizing distraint and proceedings in court for collection, and
the provisions prohibiting claims and suits for
refunds):
The amount added to the tax under this section
shall be in lieu of the 25 per centum addition to the tax
23
If the amount included in tne notice and demand from the collector under
Refunds and Credits
322.
Authorization—Where there has been an overpayment of any tax
(aj
imposed by this title, the amount of such overpayment shall be credited
Section 273 (i) is not paid in full within ten days after such notice and de¬
against any income, war-profits, or excess-profits tax or installment thereof
mand, then there shall be collected,
as
then due from the taxpayer, and any balance
unpaid amount at the rate of 6
centum per annum from the date of
such
per
part of the tax, interest upon the
notice and demand until it is paid.
Sec. 298.
If the
proceeding, as-provided in Section 274, is
not
as a
bankruptcy
or
receiversnip
paid in full within ten days
part of sucn amount interest upon the unpaid portion thereof
per centum
per annum
from the date of such notice and
demand until payment.
Sec.
299.
Removal
For additions
to
on
Property
in
property in such manner
within three
years
a
claim for credit or refund is filed by
from the time tne return
taxpayer or within two years from the time the tax was
refund shall be allowed
or
periods expires the later.
credit
or
tax was
of
case
as to
or
Departure
from
United
leaving the United States
or
States
concealing
hinder collection of the tax, see Section 146.
SUPPLEMENT N—CLAIMS AGAINST TRANSFEREES AND
If
no
refund shall be allowed
on
return is filed by the taxpayer, then no
or
made after two years from the time the
Method of Collection—The
amounts of the
following liabilities shall,
'
Amount of Credit or Refund—The amount of the credit or
piaid during the three years
immediately preceding the filing of the claim, or,
during the three
years
immediately preceding
if no claim was filed,
the allowance of the
credit or refund.
Effect of Petition to Board—If the Commissioner has mailed to the
taxpayer a notice of
Transferred Assets
files
a
deficiency under Section 272 (a) and if the taxpayer
petition with the Board of Tax Appeals within the time prescribed
in such subsection, no
credit
or
refund in respect of the tax for the taxable
in respect of which the Commissioner has
determined the deficiency
except as hereinafter in this section provided, be assessed, collected, and
year
paid in the
snail be allowed or made and no suit by the taxpayer
in the
sam e manner
case
of
a
and subject to the same provisions and limitations
deficiency in
a tax
imposed by this title (including the
filed by the
paid, unless before the expiration of such period a claim therefor is
Limit
v2)
(c)
FIDUCIARIES
Sec. 311.
as
was
paid, no credit or
made after the exphation of whichever of such
refund shall not exceed the portion of the tax
then
(a)
Allowance—
filed by the taxpayer.
of
tax
Period of Limitation—Unless
the taxpayer
a
from the date of notice and demand from the
collector, tnen there shall be
collected
Limitation
(1)
Bankruptcy and Receiverships
shall be refunded immediately
taxpayer.
(b)
unpaid portion of the claim allowed in
at the rate of 6
to the
any pare
for the
of such tax shall be instituted in any court except—
recovery
of
'
THE
%2A
determined by a decision of the
As to overpayments
(1)
become final;
REVENUE ACT OF 1938
if, but only if, the effect is to
Board which has
income.
Actual Ownership—Stock constructively
by reason of the application of paragraph (1) or (3)
shall, for the purpose of applying paragraph (1) or (2), be treated as actualy
owned by such person; but stock constructively owned by an individual by
reason of the application of paragraph (2) shall not be treated as owned by
him for the purpose of again applying such paragraph in order to make
owned by a person
another the constructive owner
withholding at the source, see
' Sec.
.
Definition of Foreign
331.
(2) or
(3).
(b) Convertible Securities—Outstanding securities convertible into stock
(whether or not convertible during the taxable year) shall be considered as
after Aug.
as
having
Exceptions—The term "foreign personal holding company"
a corporation exempt from taxation under Section 101.
Sec.
Foreign Personal Holding Company
332.
r
of this title the term "foreign personal holding company
of the gross income determined for the purposes
For the purposes
income" means the portion,
(a) (1), which consists
of Section 331
of:
Dividends, interest, royalties, annuities.
(a)
Transactions—Except in the case of regular
dealers in stock or securities, gains from the sale or exchange of stock or
securities.
'
A/
(c) Commodities Transactions—Gains from futures transactions in any
commodity on or subject to the rules of a board of trade or commodity
exchange. This subsection shau not apply tc gains by a producer, processor,
merchant, or handler of the commodity which arise out of bona tide hedg¬
ing transactions reasonably necessary to the conduct of its business in the
manner in which such business is customarily and usually conducted by
(b)
Stock and Securities
others.
(d)
Trusts—Amounts includible in computing the net
corporation under Supplement E, and gains from the sale or
and
Personal Service Contracts—(1) Amounts
under which the corporation is to
than
the corporation has
received under a contract
furnish personal services; if some person
by
the right to designate (by name or
services, or if the individual
the services is designated (by name or by description) in
the contract; and (2) amounts received from the sale or other disposition of
such a contract.
This subsection shall apply with respect to amounts
received for services under a particular contract only if at some time dunng
the taxable year 25 per centum or more in value of the outstanding stock of
the corporation is owned, directly or indirectly, by or for the individual
who has performed, is to perform, or may be designated (by name or by
description) as the one to perform, such services.
(f) Use of Corporation Property by Shareholder—Amounts received as
compensation (however designated and" from whomsoever received) for the
use of, or right to use, property of the corporation in any case where, at
any time during the taxable year, 25 per centum or more in value of the
outstanding stock of the corporation is owned, directly or indirectly, by
or for an individual entitled to the use of the property; whether such right
is obtained directly from the corporation or by means of a sublease or other
description) the individual who is to preform the
who Is to perform
arrangement.
(g)
Rents—Rents, unless constituting 50 per centum or more of the gross
For the purposes of this subsection the term "rents" means com¬
income.
pensation, however designated, for the use of, or right to use, property;
but does not include amounts constituting foreign personal holding company
income under subsection
(f).
Sec. 333.
(a)
Stock Ownership
Constructive Ownership—For the purpose of determining whether a
foreign corporation is a foreign personal holding company, in so
determination
is
Section 332 (e)
',
(1)
based
or
on
stock ownership under
far as such
Section 331
(a)
(2),
Stock not Owned by Individual—Stock owned, directly or indirectly,
being owned proportionately by its shareholders, partners, or
Family
sidered
as
and Partnership
considered as
beneficiaries.
Ownership—An individual shall be con¬
directly or indirectly, by or for his
owning the stock owned,
family or by or for his partner.
For the purposes of this paragraph the
family of an individual includes only his brothers and sisters (whether
the whole or half blood) spouse, ancestors,
(3)
by
and lieneal descendants.
Options—If any person hqs an option to acquire stock such stock shall
For the purposes of this paragraph
be considered as owned by such person.
an
option to acquire such an option, and each one of a series of such options,
shall be considered as an option to acquire such stock.
(4)
"\"
Income—In the case of a foreign personal holding
company (whether or not a United States group, as defined in Section 331
(a) (2), existed witn respect to such company on the last day of its taxable
year) whicn was a sharenolder in another foreign personal holding company
on the day in the taxable year (whetner beginning before, on or after Jan. 1,
1938) of the second company which was tne last day on which a United
States group existed witn respect to the second company, there shall be
included, as a dividend, in the gross income of the first company, for the
taxable year in which or with which the taxable year of the second company
ends, the amount the first company would have received as a dividend if
on sucn last day thpre had been distributed by the second company, and
received by the shareholders, an amount which bears the same ratio to the
undistributed Supplement P net income of the second company for its tax¬
able year as the portion of such taxable year up to and including such last
day bears to the entire
taxable year.
(b)—The rule provided in subsection (b)—
of a foreign personal holding company
undistributed Supplement P net income
which, or a part of which, is to be included in tne gross income of its share¬
holders, whether United States shareholders or other foreign personal hold¬
(c)
Application of Subsection
(1)
Shall be applied in the case
for the purpose
of determining its
ing companies;
(2)
Shall be applied in the case of every foreign corporation with respect
United States group exists on some day of its taxable year, for
Application of Famdy-Partnership and Option Rules—
Pagagraphs (2) and (3) shall be applied—
(A)
For the purposes of the stock ownership requirement provided in
Section 331
(a)
(2), if, but only if, the effect is to make the corporation a
foreign personal holding company;
(B)
tracts)
For the purposes of Section 332 (e) (relating to personal service con¬
,
or
the purpose
of Section 332 (f) (relating to the use of property by shareholders).
of determining whether sucn
corporation meets the gross income
(a) (1).
requirements of Section 331
Undistributed Supplement P Net
Sec. 335.
Income
"undistributed Supplement P net
income" means the Supplement P net income (as defined in Section 336)
minus the amount of the basic surtax credit provided in Section 27 (b)
(computed without its reduction, under Section 27 (b) (1), by the amount
of the amount of the credit provided in Section 26 (a), relating to interest
For the purposes
on
of this title the term
certain obligations of the
For the purposes
United States and Government
of this title the term "Supplement
the net income with the
corporations).
Supplement P Net Income
Sec. 336.
P net income" means
following adjustments:
shall be allowed as deductions—
war-profits, and excess-profits taxes paid or accrued
not allowed as a deduction under
(a) Additional Deductions—There
(1) Federal income,
during the taxable year to the extent
Section 23; but not
including the tax imposed by
Section 102, Section 401,
law corresponding to either of such sections.
allowed by Section 23 (q), contributions or
gifts payment of wnich is made within the taxable year to or for the use
of donees described in Section 23 (q) for the purposes therein specified, to
an amount wnich does not
exceed 15 per centum of the company's net
income, computed without the benefit of this paragraph and Section 23 (q),
and without tne deduction of the amount disallowed under subsection (b) of
this section, and without the inclusion in gross income of the amounts in¬
cludible therein as dividends by reason of the application of the provisions
of Section 334 (b) (relating to the inclusion in the gross income of a foreign
personal holding company of its distributive share of the undistri buted
Supplement P net income of another foreign personal holding company in
or a
section of a prior income-tax
(2) In lieu of the deduction
which it is
(b)
a
shareholder).
Deductions Not Allowed—
Trusts—The deductions provided in Section 23
paid by the corporation, and in
pension trusts, snail not be allowed.
(2) Expenses and Depreciation—The aggregate of the deductions allowed
under Section 23 (a), relating to expenses, and Section 23 (I), relating to
depreciation, which are allocable to the operation and maintenance of
property owned or operated by the company, shall be allowed only in an
amount equal to tne rent or other compensation received for the use or
rignt to use the property, unless it is established (under regulations pre¬
scribed by the Commissioner with tne approval of the Secretary) to the
(1) Taxes and Pension
(d), relating to taxes of a shareholder
Section 332 (f)—
by or for a corporation, partnership, estate, or trust shall be
(2)
Supplement with respect to a
Additions to Gross
of any interest in an estate or trust.
other disposition
other
also included.
Foreign Personal Holding
to which a
Estates
income of the
(e)
Income of
Gross
domestic corporation.
(b)
does not
Income
convertible
Companies
foreign
corporation the term "gross income" means gross income computed (without
regard to the provisions of Supplement I) as if the foreign corporation were
a
of the application of Section
prior conversion date are
General Rule—As used in this
(a)
"
a
334.
Sec.
group."
(b)
of the outstanding securities are
date than in the case of others, the class having the earlier
conversion date may be included although the others are not included, but
no convertible securities shall be included unless all outstanding securities
only after a later
taxable year ending
subsequent taxable year, the minimum
include
in paragraphs (1), (2), and (3) that all convertible
included if any are to be included shall be subject to the
that, where some
exception
Ownership
Stock
requirement
securities must be
334 (c) (2); and
Requirement—At any time during the taxable
year more than 50 per centum in value of its outstanding stock is owned,
directly or indirectly, by or for not more than five individuals who are
citizens or residents of the United States, hereinafter called "United States
(2)
holding company income.
foreign personal
The
personal holding company income.
For the purposes of this paragraph
there shall be included in the gross income the amount includible therein as
dividend by reason
property by
effect of the inclusion of all such securities
make the amounts therein referred to includible under such subsection
is to
of the gross income is foreign
For the purpose of Section
(3)
shareholders), but only if the
be 50 per centum in lieu of 60 per centum, until a taxable
year during the whole of which the stock ownership required by paragraph
(2) does not exist, or until the expiration of three consecutive taxable years
a
and
332 (f) (relating to the use of
personal holding company income;
HOLDING COMPANIES
Personal Holding Company
of which less than 50 per centum
such securi¬
Section 332 (e) (relating to personal service con¬
tracts) but only if the effect of the inclusion of all such securities is to make
the amounts therein referred to includible under such subsection as foreign
percentage shall
in each
provided in
corporation a foreign personal holding company;
For the purpose of
(2)
holding company with respect to any
26, 1937, then, for each
For the purpose of the stock ownership requirement
(a) (2), but only if the effect of the inclusion of all
(1)
Section 331
ties is to make the
General Rule—For the purposes of this title the
holding company" means any foreign corporation
foreign personal
owned by him under paragraph
outstanding stock—
term "foreign per¬
sonal
if—
(1) Gross income requirement—At least 60 per centum of its gross income
(as defined in Section 334 (a; ) for the taxable year is foreign personal hold¬
ing company income as defined in Section 332; but if the corporation is a
(a)
stock may
(3) it shall be considered as
Section 143 (f)»
P—FOREIGN PERSONAL
SUPPLEMENT
of such stock.
Option Rule in Lieu of Family and Partnership Rule—If
be considered as owned by an individual under either paragraph
(6)
Board—If the Board finds that there is no
deficiency and furtner finds that the taxpayer has made an overpayment of
tax in respect of the taxable year in respect of which the Commissioner
determined the deficiency, the Board shall have jurisdiction to determine
the amount of such overpayment, and such amount shall, when the decision
of the Board has become final, be credited or refunded to the taxpayer.
No
such credit or refund shall be made of any portion of the tax unless the Board
determines as part of its decision that such portion was paid (1) within
three years before the filing of the claim or the filing of the petition, which¬
ever is earlier, or (2) after the mailing of the notice of deficiency.
'
(e) Tax Withheld at Source—For refund or credit in case of excessive
Overpayment Found by
(d)
referred to includible
Constructive Ownership as
(5)
collected in excess of an amount computed In
accordance with the decision of the Board which has become final; and
(3) As to any amount collected after the period of limitation upon the
beginning of distraint or a proceeding in court for collection has expired;
but in any sucn claim for credit or refund or in any sucn suit for refund the
decision of the Board which has become final, as to whether such period
has expired before the notice of defiency was mailed, shall be conclusive.
As to any amount
(2)
make the amounts therein
foreign personal holding company
under such subsection as
"
and
Section 23 (p), relating to
satisfaction of the Commissioner:
(A) That
obtainable,
the
or,
if
rent
or
compensation received was tne
received, that none was obtainable;
other
none was
(B) That tne property was
bona fide for
held in the course of a business
highest
carried on
profit; and
expectation that the operation of
profit, or that the property was necessary
(C) Either that tnere was reasonable
the property would
result in a
to the conduct of the
Sec. 337.
business.
Corporation Income
(a) General
Taxed to United States Shareholders
Supplement P net income of a
snail be included in the gross income of
Rule—Tne undistributed
foreign personal holding company
THE
the
citizens
residents
or
domestic partnerships,
of
the
United
and estates
States,
trusts
or
REVENUE ACT
domestic
corporations.
(other tnan estates
trusts
or
OF
1938
25
proval of the Secretary shall by regulations prescribe
ing out the provisions of this Act.
of the Secretary, may by regulations prescribe,
witnin the United
to which returns shall be
States),
wno
are
shareholders in such foreign personal
holding
company
manner
and to the extent set forth in this
(nereinafter called "United
States
shareholders;') in tne
Supplement.
the return shall be due
shareholder
was a
on
the day in the taxable year of the company which
last day on which a United States group (as defined in Section 331
was tne
(a) (2) existed with respect to the
as
a
dividend, for the taxable
company,
shall include in nis
in which
year
or
witn which the taxable year
of tne company ends, the amount he would have received
by tne shareholders,
which
amount
an
bears the
dividend if
a
as
such last day there had been distributed by the company,
on
income,
gross
and received
ratio to the undis-
same
(b)
on
In such case
month.
a
such day are United States shareholders.
Annual Returns—On the sixtieth day after the close of the taxable
year of a
by
longer period than
a
for carry-
the period with respect
as
the fifteenth day of the succeeding period, and
on
shall be filed by the persons who
(b) Amount Included in Gross Income—Each United States shareholder,
who
filed,
as necessary
The Commissioner, with the approval
the gross income of which under this title includes only income from sources
or
foreign personal holding company each United States shareholder
for whom
such sixtietn day 50 per centum or more in value of the
on
outstanding stock of
ing in the
of
sucn
company is owned directly or indirectly
(inciud-
individual, stock owned by members of nis family as
defined in Section 333 (a) (2) ), shall file with the Commissioner a return
case
an
setting forth the
same information witn respect to such taxable
year as is
required in subsection (a); except that if all the required returns with respect
tributed Supplement P net income of the company for the taxable year as
to such year have been filed under subsection (a) no return shall be required
the portion of such taxable year up to and including such last day bears to
under this subsection.
the entire taxable year.
(c)
Sec.
Credit for Obligations of United States and Its Instrumentalities—
Each Umted States shareholder shaU be allowed
a
credit against net income,
orthe purpose of the tax imposed by Section 11, 13
204, 207, or
14,201
362, of his proportionate share of the interest specified in Section 25 (a,
(1)
(2) which is included in the
or
gross income
of the company otherwise
than by the application of the provisions of Section 334 (b)
(relating to the
inclusion in the gross income of a foreign personal holding company
information>
any
(d)
Information
in
required under subsection
with respect
in which it is
company
Return—Every
United
a
to the undistributed
gross
day
who
shareholder
$2.000,
foreign
ment
United
created
ratio to the undistributed Supplement
foreign personal holding
for its taxable year
company
P
subsequent taxable
or
as
years
by the corporation, be considered
paid-in
as
contribution to capital and the accumulated earnings and
a
if such amount
dend, directly
or
any
portion thereof is required to be included
indirectly, in the
or
as a
divi-
States share-
income of United
gross
than
one
year, or
both,
as an
purposes
domestic corporation
any
investment trust,
(whether chartered
otherwise), other than
of,, and substantially all its business
purpose
reinvesting in stock
or
or
or
(4) An amount not less than 90
(5) Its shareholders
as
per centum
taxable dividends
of its net income is distrib-
during the taxable year; and
the distribution would have been made
made), be treated
as
(if it had been
having been reinvested by the shareholder
as
a con-
thereof.
(b)
Limitations—Despite the provisions of paragraph (1)
shall not be considered
during the taxable
More than 5
as
(2)
ties,
per centum
of the gross assets of the corporation, taken
or
securities,
(g)
(3)
(4)
Basis of Stock in Case of Death—For basis of stock
foreign personal holding company acquired from
a
(h)
of
Period of Limitation
limitation
to
a
on
both, of
or
any one
case
of failure
Section 275 (d).
see
It had
Information Returns by Officers and Directors
corporation;
any one
any
outstanding bonds
It fails to comply with
any
is
an
officer
taxable year
year
director of
or a
rule
on
(whether beginning
Sec* 362,
or
on,
before,
or
month the
shares
name
Tax
on
Mutual Investment Companies
taxable
year
upon
the
Supplement Q
and address of each shareholder, the class and number of
in' stockholdings during
3
UPPLEMENTj[R—-EXCHANGES
OBEDIENCE
TO
a
registered holding company or
a
a
solely in exchange for stock
out
the
provisions
of
may
regulations prescribe
this
Act.
The
as
necessary
Commissioner,
by regulations prescribe,
as
with the
with
the return shall
case
be due
on
the fifteenth
are
officers
of
foreign personal holding
a
company
transferred to such corporation
each individual who
on
such
to
or
registered holding company
an
or
or
a
associate
majority-owned
securities
company
company
thereof
subsidiary
(other tnan stock
or
transferee
corporation
in
obedience
to
an
order
of the
Securities
and
Exchange Commission.
(b)
Exchanges of Property for Property by Corporations—No
gainjor
loss shall be recognized to a transferor corporation which is a registered
holding company or an associate'company of a registered holding company,
*
(b) Annual Returns—On the sixtieth day after the close of the taxable
year
Loss,
securities which are nonexempt property), and the exchange is made by the
In
day of the succeeding
period, and shall be filed by the individuals who on such day
and directors of the corporation.
the
the period with
respect to which returns shall be filed, a longer period than a month.
such
for
'"T
•
.
or
majority-owned subsidiary
company
such other information with respect to
AND
_
which is
carrying
SECURITIES
Nonrecognition of Gain
'
•
are
approval of the Secretary,
OF
(a) Exchanges of Stock or Securities Only—No gain or loss shall be
recognized to the transferor if stock or securities in a corporation which is
into stock of such corporation, and
by
ANDl DISTRIBUTIONS
ORDERS
EXCHANGE COMMISSION
such period, the name and address of any holder of securities convertible
the stock and securities of the corporation as the Commissioner
thereof
,
such day
after Jan. 1, 19.38) in which such
held by each, together with any changes
mutual
net income of every
investment company a tax equal to 16M per centum of the amount
setting forth with respect to the preceding calendar
approval of the Secretary shall
regulation prescribed by the Com-
basis surtax credit computed under Section 27 (b) without the application
°f paragraphs (2) and (3).
i4l
(b) Imposition of Tax—There shall be levied, collected, and paid for
month occurs, was a foreign personal holding company, shall file with the
a return
of 10 per
(a) Supplement Q Net Income—For the purposes of this title the term
"Supplement Q net income" means the adjusted net income minus the
(if not beginning before Aug. 26, 1936) preceding the taxable
Commissioners
excess
or
ing the actual ownership of its outstanding stock.
foreign corporation which, with respect to its
a
indebtedness in
or
(a) Monthly Returns—On the fifteenth day of each month which begins
after the date of the enactment of this Act each individual who
gg|
or
or
missioner, with the approval of the Secretary, for the purpose of ascertain-
each
Sec. 338.
corporation,
in obligations of
or
than 10 per centum of the outstanding stock or securi-
more
both, of
liquidation
Collection—For period of
income the amount properly includible therein under
groas
,
Section
see
Section 115 (c).
Assessment and
on
and collection without assessment, in
on assessment
include in
subsection (b)
company, see
securities in
or
decedent,
Liquidation—For amount of gain taken into account
foreign personal holding
(i)
It owned
or
centum of its gross assets taken at cost;
the date prescribed by law for filing the return
time
political subdivision thereof, but this limitation shall not
or
instrumentality of the United States;
an
creased by any adjustment of such amount in the last determination of the
shareholder's tax liability, made before the expiration of seven years after
any
corporation organized under general Act of Congress if such corporation
any
is
corporation
a
mutual investment company if at
a
year—
at cost, was invested in stock
tribution to the capital of the corporation; but only to the extent to which
such amount is included in his gross income in his return, increased or de-
redemption
of their stock for their proportionate interests in the corporation's properties,
or the cash equivalent thereof less a discount not in excess of 3 per centum
apply to investments in obligations of the United States
respect to which
securities; and
or
are, upon reasonable notice, entitled to
section
of adjusting the basis of his stock with
securities; and
other disposition of stock
government,
purpose
or
personal holding
a
.
per centum of its gross income is derived from the sale
uted to its shareholders
(1)
required to
amount
or
per centum of its gross income is derived from dividends,
(3) Less than 30
holders.
(f) Basis of Stock in Hands of Shareholders—The
of this title the term "mutual invest-
be included in the gross income of a United States shareholder under sub-
(b) shall, for the
snail, in
or other disposition of stock or securities neld for less than six months; and.
of the close of the taxable year shall be correspondingly reduced,
as
company" means
(2) At least 95
as
taxable year, shall, for the purpose of determining the effect of distributions
profits
more
consists of, holding, investing,
United States group existed with respect to the company bears to the entire
surplus
supply such
or
MUTUAL INVESTMENT COMPANIES
interest, and gains from sales
the portion of such taxable year up to and including the last day on which a
in
Q
(1) It is organized for the
shall set forth in
Capital Account of Foreign Personal Holding Company—
net income of the
return, or to supply
company as defined in Title IA, if—
income, Supplement P net income, and undistributed Supplement P net
same
a
Definition
a
income of such company.
on
imprisoned for not
* (a) In General—For the
a
which
on
in value of the outstanding stock of such company,
Effect
or
SUPPLEMENT
is
his return in complete detail the gross income, deductions and credits, net
(e)
339 to file
times required by law or regulations,
or
of its
States group existed with respect to the company, owned 5 per centum or
An amount which bears the
or
willfully fails to file such return,
lieu of the penaities proVided in Section 145
(a) for such offense, be guilty
of a misdemeanor and, upon conviction
thereof, be fined not more than
income any amount
Supplement P net income of
personal holding company and who, on the last
more
Penalties
shareholder).
States
(b) to include in his
wno
information, at tne time
distributive share of the undistributed Supplement P net income of another
foreign personal holding
340.
Any person requinxl under Section 338
if such corporation, in obedience to
an
order of the Securities and
Exchange Commission transfers property solely in exchange for property
(other than nonexempt property), and such order recites that such exchange
sixtieth day is an offier or director of the corporation shall file with the Com-
by the transferor corporation is necessary or appropriate to the integration
missioner
or
(1)
a
return
setting forth—.
In complete
detail
the
gross
income,
deductions
and
credits,
income, Supplement P net income, and undistributed Supplement
net
income of such foreign personal holding company for such taxable year; and
(2)
The
same
in subsection
year
information with respect to such taxable
year as
is required
(a); except that if all the required returns with respect to such
have been filed under subsection (a)
no
information under this para-
graph need be set forth in the return filed under this subsection.
simplification of the holding
corporation is
P net
(c)
a
company system
of which the transferor
member.
Distribution of Stock
or
Securities Only—If there is distributed, in
obedience to an order of the Securities an^ Exchange Commission, to a
shareholder in
a
corporation which is
a
registered holding
majority-owned subsidiary company, stock
or
or
securities which are nonexempt property),
such shareholder of stock or securities in such
company or
a
securities (other than stock
without the surrender by
corporation,
no
gain to the
distributee from the receipt of the stock of securities so distributed shall be
Sec. 339.
Information Returns by Shareholders
recognized.
Monthly Returns—On the fifteenth day of each month which begins
after the date of the enactment of this Act each United Stares shareholder,
(a)
by
a
of
for whom 50 per centum or more in value of the outstanding stock of
or
foreigh corporation is owned directly or indirectly (including in the
individual, stock owned
an
Section 333 (a)
year
by the members of his family
as
case
defined in
(2) ), if such foreign corporation with respect to its taxable
(if not beginning before Aug. 26,
(whether beginning
on,
1936) preceding the taxable
year
before, or after Jan. 1, 1938) in which such month
(d) Transfers Within System Group—(1) No gain or loss shall be
recognized to a corporation which is a member of a system group (A) if
such corporation transfers property to another corporation which is a
member of the same system group in exchange for other property, and the
exchange by each corporation is made in obedience to an order of the
Securities and Exchange Commission, or (B; if there is distributed to such
corporation as a shareholder in a corporation which is a member of the
same system group, property, without the surrender by such shareholder
the Com-
of stock or securities in the corporation making the distribution, and the
the preceding calendar
month the name and address of each shareholder, the class and number of
distribution is made and received in obedience to an order of the Securities
and Exchange Commission.
If an exchange by or a distribution to a
shares held by each,
corporation with respect to which no gain or loss is recognized under any of
occurs
was a
missioner
a
foreign personal holding company, shall file
return
setting forth
with
respect
to
with
together with any changes in stockholdings during such
period, the name and address of any holder of securities convertible into
the provisions of this paragraph may also be considered to be within the
stock of such corporation, and such other information with respect, to the
provisions of subsection (a), (b), or (c), then the provisions of this paragraph
stock and securities of the corporation as the Commissioner with
only shall apply.
the ap-
If the property received upon an
(2)
KEVENUE ACT OF 1938
THE
26
exchange which is within any of the
provisions of paragraph (1) of this subsection consists in whole or in part
of stock or securities issued by the corporation from which such property
was
order of the Securities and Exchange
is not preferred
received, and if in obedience to an
(other than stock which
Commission such stock or securities
dividends and assets)
to both
as
from
sold and the proceeds
are
derived there¬
applied in whole or in part in the retirement or cancellation
of securities of the recipient corporation outstanding at the time
are
of
of
recognized to the recipient corpora¬
sale of the stock or securities witn respect to which such order
was made; except that if any part of the proceeds derived from the sale of
such stock or securities is not so applied, or if the amount of such proceeds
is in excess of the fair market value of such stock or securities at the time
of such exchange, the gain, if any, shall be recognized, but in an amount
not in excess of the proceeds which are nor so applied, or in an amount not
more than the amount by wnich the proceeds derived from such sale exceed
stock
or
such exchange, no gain or
loss shall be
company" of a registered
which, representing in the
aggregate more than 50 per centum of the total combined voting power of
all classes of stock of such corporation entitled to vote (not including stock
which is entitled to vote only upon default or nonpayment of dividends or
(c)
(a)
is the greater.
Kind—(1) If an exchange (not within any
of subsection (d) ) would be within the provisions of sub¬
(b) if it were not for the fact that property received in ex¬
or
majority owned subsidiary companies of
permitted by such subsection to be
received witnout the recognition of gain or loss, but also of other property
or,money, then the gain, if any, to the recipient shall be recognized, but
in an amount not in excess of the sum of such money and the fair market
value of such other property, and the loss, if any, to the receipient shall
connected through stock ownership
(2)
recognized.
If
distribution which has the effect of the
taxable dividend, then
a
of his ratable share of the undistributed earnings
and profits of the corporation accumulated after Feb. 28, 1913.
The re¬
mainder, if any, of the gain recognized under such paragraph (1) shall be
taxed as a gain from the exchange of property.
(f) Application of Section—The provisions of this section shall not apply
exchange or distribution unless (1) the order of the Securities and
to an
Exchange Commission in obedience to
priate to effectuate the
which such exchange or distribution
and received upon such
distribution
was
majority-owned subsidiary company.
also be considered to
witnin any of the provisions of Section 112 (other than the provisions
paragraph (8) of subsection (b) ), tnen the provisions of this section
Sec.
Basis for Determining
372.
Gain
or
Stock
(4)
stock
such
shall be the
same
in the case of the property
as
the amount of any money
the exchange was
of loss to the taxpayer that was
applicable to the year in
If the property so acquired consisted in
made.
part of the type of property
permitted by Section 371 (a) or (b) to be
gain or loss, and in part of nonexempt
received without the recognition of
subsection snail be allocated between
(other than money) received, and for the purpose of the
property, the basis provided in this
allocation there shall be assigned to such
nonexempt property (other than
market value at the date of the
acquired by a cor¬
poration by the issuance of its stock or securities as the consideration in
whole or in part for the transfer of the property to it.
(b) Transfers to Corporations—if, in connection with a transfer subject
to the provisions of Section 371 (a), (b), or (e), the property was acquired
by a corporation, either as paid-in surplus or as a contribution to capital, or
money) an amount equivalent to its fair
This subsection shall not apply to property
exchange.
in consideration for stock or securities
issued by the corporation receiving
(including cases where part of the consideration for the transfer
the property
of such property to
the corporation consisted of property or money in
tion to such stock or securities), then
addi¬
the basis shall be the same as it would
be in the hands of the transferor, increased in
creased in the amount of loss recognized to
under the law
than
other
(2)
the amount of gain or de¬
The term "stock or securities" means shares of stock in any corpora¬
certificates
a
distribution subject to the provisions of Section
case
371 (c), then
of the stock in respect of which the distribution was
made shall be apportioned,
under rules and regulations prescribed by the
Commissioner with the approval of
ere
a
the Secretary, between such stock and
securities issued by the corporation
securities issued
consideration for the property
transferred to such corporation, then the basis of
be
therefor,
either
or
(A)
such stock
or
securities
(B) the fair market value of such stock or securities at the time
the lower; or (2) as part consideration for the
the basis of such stock or
amount which bears the same ratio to the
property transferred to such corporation, then
securities shall be either (A) an
basis of the property
transferred
as
the entire consideration received, or (B) the fair market value of
As used in this supplement—
of
such stock
Jan.
the
Definitions
Definition of Personal Holding
1,
1940, by the Securities and Exchange Commission to effectuate
provisions of Section 11
(b) of the Public Utility Holding Company
Dec. 31, 1939,
Act of 1935, or (2) issued by the Commission subsequent to
in which It is expressly stated that an
clause (1)
accordance with
(b)
and
order of the character specified in
is amended or supplemented, and (3) which has become final in
The terms "registered holding company", "holding-company system",
"associate
company"
shall
have the meanings assigned to them
Section 2 of the Public Utility Holding Company Act of 1935.
by
if—
respect to any taxable year
of its gross
defined
personal holding company with
beginning after Dec. 31, 1936, then, for each
shall be 70 per centum
taxable year during tne whole of tne last
subsequent taxable year, the minimum percentage
in
lieu of 80 per centum, until a
half of whicn the stock ownership required
until tne expiration of three
or
less than
by paragraph (2) does not exist,
consecutive taxable years in each of which
70 per centum of the gross income
is personal holding company
income; and
during the last half of
outstanding stock
is owned, directly or indirectly, by or for not more than five individuals.
(b) Exceptions—The term "personal holding company" does not include
a corporation exempt from taxation under Section 101, a bank as defined
in Section 104, a life insurance company, a surety company, a foreign
Stock Ownership Requirement—At any time
(2)
the taxable year more
than 50 per centum in value of its
licensed personal
of the
gross income of whicn is lawful interest received from individuals each of
whose indebtedness to such company did not at any time during the taxable
year exceed $300 in principal amount, if such interest is not payable in
personal holding company as defined in Section 331, or a
finance company,
advance
(c)
under State supervision, at least 80 per centum
compounded and is computed only on unpaid balances.
or
Returns—If tne common parent
corporations making a consolidated
ownership
Corporations Making Consolidated
the provisions
under
return
of Section 141 satisfies the stock
requirement provided in Section 402 (a)
(2), and the income of such affiliated
the gross income
determined as provided in Section 141, satisfies
group,
requirement provided in Section 402 (a) (1), such
affiliated group shall be
subject to the surtax imposed by this title.
For the purposes
Personal Holding Company
come"
(a)
in
the portion
means
in¬
of the gross income whicn consists of:
Dividends, interest (other than interest
subsection
Income
of this title the term "personal holding company
(g)), royalties
constituting rent as defined
(other than mineral,
oil, or gas royalties),
annuities.
(b)
and
Stock
dealers in stock
Transactions—Except in the case of regular
securities, gains from the sale or exchange of stock or
Securities
or
securities.
(c)
Commodities Transactions—Gains from
on
exchange.
This subsection shall not apply to
merchant,
or
transactions
manner
in
or
futures transactions in any
subject to tne rules of a board of trade or
commodity
commodity
gains by a producer, processor,
of bona fide hedging
to the conduct of its business in the
customarily and usually conducted by
handler of the commodity which arise out
reasonably
which such
necessary
business is
others.
(d). Estates and Trusts—Amounts includible in
other
computing the net income
Supplement E of Title I; and gains from the sale
disposition of any interest in an estate or trust.
Personal Service Contracts—(1) ^mounts
under which the corporation
received under a contract
is to furnish personal services; if some person
designate (by name or by descrip¬
tion) the individual who is to perform the services, or if the individual who
is to perform the services is designated (by name or by description) in the
contract; and (2) amounts received from the sale or other disposition of such
a contract.
This subsection shall apply with respect to amounts received
other than the
for
corporation has the right to
services under
a
particular contract only if at some time during the
taxable year 25 per centum or more
law.
Company
and Title I, the term
personal holding company income as
Section 403; but if the corporation is a
in
of $2,000; plus
Income Requirement—At least 80 per centum
Gross
(1)
income for the taxable year is
(e)
(1) issued after the date of enactment of this Act and prior to
the
of the amount thereof in excess of $2,000.
"personal holding company" means any corporation
or
.
The term "order of the Securities and Exchange Commission" m«>ans
order
holding company (in
General Rule—For the purposes of this title,
per centum
of the corporation under
Sec. 373.
(a)
and paid, for each taxable year, upon tne
imposed by Title I) a surtax equal to the sum of
(a)
securities at the time of their receipt, whichever is the lower.
an
COMPANIES
75
the fair market value of such stock or
securities at the time of their receipt bears to the total fair market value
bonds,
Personal Holding Companies
65 per centum of the amount thereof not in excess
the same as in the case of the property transferred
of their receipt, whichever is
or
on
(1)
by the corporation from which such stock or securities were
received and they were issued (1) as the sole
shall
that if such property
from which such stock or
notes
(including any evidence of an
following:
(d) (1), then the basis shall be the same
it would be in the hands of the transferor; except
or
in any corporation,
Title IA net income of every personal
add tion to tne taxes
Sec. 403.
member of a system group upon a transfer or dis¬
tribution described in Section 371
as
Surtax
snail be levied, collected,
undistributed
Transfers Within System Groupr-If the property was acquired by a
corporation which is
is stock
interest
IA—PERSONAL HOLDING
TITLE
T
or
right to subscribe to or purchase any of the foregoing).
interest in or
the stock or securities distributed.
(d)
of stock
and evidences of indebtedness
debentures,
corporation of an affiliated group of
applicable to the year in which the transfer was made.
the basis in the
evidenced by a security
paragraph
obligation described as nonexempt property in
an
(3).
or
the transferor upon such transfer
Distributions of Stock or Securities—If the stock or securities were
received in
(3)) were acquired in obedience to an order of
Money, and the right to receive money not
(5)
exchanged, decreased in
recognized upon such exchange under the law
the properties
or
property in paragraph (2) or
Sec. 402.
received by the taxpayer and increased in the
gain or decreased in the amount
amount of
thereof);
securities which were acquired after Feb 28, 1938. unless
securities (other than obligations described as nonexempt
or
the Securities and Exchange Commission;
Loss
acquired upon an ex¬
provisions of Section 371 (aj, (bj, or (e), the basis
change subject to the
(c)
instrumentality of a government or subdivision
an
(2)
Exchanges Generally—If the property was
whicn
Securities issued or guaranteed as to principal or interest by a govern¬
thereof (including those issued by a corporation which
(3)
is
only shall apply.
(a)
(including notes, drafts, bills of exchange,
having a maturity at the time of issuance of not
ment or subdivision
Sec. 401.
provisions of this section and may
cancellation or assumption of
of encumbrances subject
exceeding 24 months, exclusive of days of grace;
order and was completed within
made in obedience to such
a
transferred);
Short-term obligations
(2)
of
other liabilities (including a continuance
prescribed therefor in such order.
is within any of the
of
Any consideration in the form
or
to which the property was
(3) such exchange or
made in obedience to an order
be
"nonexempt property" means—
The term
(e)
(1)
debts
provisions of Section 11 (b) of the Public Utility
Non-application of Other Provisions—If an exchange or distribution
of the Securities and Exchange Commission
(g)
Each of the corporations is either a registered holding company or a
(3)
(f)
exchange or distribution, and
of the other corporations; and
dividends and assets) of at least one
tion,
Holding Company Act of 1935, (2) such order specifies and itemizes the
stock and securities and other property which are ordered to be transferred
the time
The common parent corporation owns directly at least 90 per centum
(other than stock which is preferred as to both
(2)
exchange or distribution is necessary or appro¬
made recites that such
was
owned directly by one or more
corporations; and
of the other
graph (I) as is not in excess
fc,
of the stock (other than stock
both dividends and assets) of each of the corporations
(except the common parent corporation) is
dis¬
there shall be taxed as a dividend to
of the gain recognized under such para¬
distributee such an amount
each
provisions of paragraph (1) of this
exchange is within the
an
tribution of
of corporations
with a comir on parent corporation if—
(1) At least 90 per centum of each class
which is preferred as to
and bankers' acceptances)
subsection and if it includes a
such registered holding company.
The term "system group" means one or more chains
(d)
change consists not only of property
not be
partly by such registered holding company
majority-owned subsidiary companies thereof, or by one or more
more
of the provisions
section
holding
and partly by one
is owned wholly by such registered
special circumstances)
other
or
of each class of the stock
Exchanges Not Solely in
(e)
"majority-owned subsidiary
term
company, or
tion upon the
such fair market value, whichever
The
holding company means a corporation, stock of
in value of the outstanding stock of the
by or for the individual who
corporation is owned, directly or indirectly,
has
performed, is to perform, or may be designated (by name or by
tion)
as
the one to perform, such services.
descrip¬
THE
REVENUE ACT OF 193S
Use of Corporation Property by Shareholder—Amounts received
(f)
(a)
of,
time
or
right to
use,
property of the corporation in any case where, at any
during the taxable
25 per centum
year,
standing stock of the corporation is owned, directly
individual entitled
an
to
the
of the
use
in value of the out¬
or more
indirectly, by or for
or
whether such right is
property;
(g)
a/'
Rents—Rents, unless constituting 50 per centum or more of the gross
income.
For the purposes of this subsection the term "rents" means com¬
pensation, however designated, for the
and the interest
of, or right to use, property,
use
debts owed to the corporation, to the extent such
on
debts
Federal
Section 23; but not
including the tax imposed by Section 102, Section 401,
or
section of
a
the extent not allowed
to
(2)
unless
(1) constituting 50
or
royalties,
gas
income, and (2)
(relating to expenses) other
(a)
than compensation for personal services rendered
15 per centum or
oil,
per centum or more of the gross
the deductions allowable under Section 23
personal
constituting
by shareholders, constitute
specified, to
(a)
15 per centum of the taxpayer's net income,
computed without the benefit of this paragraph and Section 23 (q), and
without the
deduction
of the
disallowed
amount
is based
Stock
Ownership
personal holding company, insofar
a
such determination
as
(2), Section 403 (e),
(3)
In
(1)
by
or
being owned proportionately by its shareholders, partners, or beneficiaries.
(2) Family and Partnership Ownership—An individual shall be con¬
sidered as owning the stock
owned, directly or indirectly, by or for his
family
the whole
(3)
by
or
family of
for his partner.
or
For the purposes of this paragraph the
an individual includes
or
half
blood),
Options—If
any
shall be considered
paragraph
an
as
only his brothers and sisters (whether by
spouse, ancestors,
has an
person
owned
and lineal descendants.
an
For the
option, and each
purposes
of
one
a
as an
option to acquire such stock.
Application of Family-Partnership and Option Rules—Paragraphs
(2) and (3) shall be applied—
deduction is allowed under this paragraph.
For the purposes of the stock ownership requirement provided in
Section 402 (a) (2), if, but
only if, the effect is to make the corporation a
403
(f)
403
(e)
(relating to personal service
(relating to the
holders), if, but only if, the effect is
of property by share¬
use
to make the amounts therein referred
to includible under such
subsection as
personal holding company income.
Constructive Ownership as Actual Ownership—Stock
constructively
owned by a person by reason of the
application of paragraph (1) or (3) shall,
(5)
for
the
purpose
of applying paragraph
(1)
(2),
or
be treated
owned
by such
reason
of the application of
paragraph (2) shall not be treated
him
for
person; but stock constructively owned
the purpose of again
by
an
as
actually
individual by
as
owned by
applying such paragraph in order to make
another the constructive owner of
such stock.
(6)
it shall be considered
as owned
by him under paragraph (3).
Convertible Securities—Outstanding securities convertible into stock
(whether or not convertible during the taxable
year) shall be considered as
outstanding stock—
(b)
(1) For the purpose of the stock
ownership requirement provided in
Section 402 (a) (2), but
only if the effect of the inclusion of all such securities
tracts)
the
holding
For the purpose of Section 403
(e)
,
therein
referred
to
includible
under
(1)
to make
(f) (relating to the use of property
by shareholders), but only if the effect of the inclusion of all such
securities
is to make the amounts
therein referred to includible under such subsection
as
personal holding company income.
The requirement is
paragraphs (1), (2), and
must be included if
(2)
of the
(3) that all convertible securities
may
outstanding securities
are
(3)
witiout tie benefit of
paragraphs
Its reduction, under Section
27 (b)
Sec. 407.
(a)
paid credit provided in Section 27 (a)
(3) and (4) thereof (computed without
(1), by the amount of the credit provided
(a), relating to interest on certain obligations of tne United
Government corporations); but, in the computation of the
dividends paid credit for the
purposes of this title, the amount allowed under
subsection (c) of this section in
tne computation of the tax under this title
such
preceding taxable
preceding taxable
(b)
Amounts used
or
year
shall be considered
year and not in tne year
irrevocably set aside
as
a
dividend paid in
of distrioution;
(1)
By
a
(2)
By
a
of
1928,
under this suosection in the
return, but only ro the extent to which sucn
dividends are
includible, for tne purposes of T.tle I, in t.ie computation of
the basic surtax credit for the
year of distribution; but the amount allowed
under this subsection shall nor exceed
either:
The accumulated earnings and profits as of the close of the taxable
year; or
net income for the taxable year
computed
10 per centum of
(A)
The dividends paid during the taxable year (reduced by the amount
tne sum of—
preceding the taxable year); and
that the
property was
Deficiency—If the amount of
imposed by this title for
amended;
'
or
final judgment in
a
so
necessary
any
a
deficiency
taxable year has been
a suit to
S
or
\
which the United States is
a
party;
established and all interest, additional amounts, and
additions to the tax provided by law not paid on or before the date when
deficiency dividend credit is filed under subsection
a
amount of such credit shall
dividends,
be 65 per centum of the amount of
defined in subsection
as
(c), not in
of the amount of such dividends in
per centum
The
deficiency
of $2,000,
excess
excess
(d).
plus 75
of $2,000; but such
credit shall not exceed the portion of the deficiency so established which is
not
paid on
or
before the date of the closing agreement,
decision of the Board
credit
of the date the claim for
as
the date the
deficiency dividend
filed.
is
Credit
(b)
or
the judgment becomes final, as the case may be.
or
Refund of Deficiency Paid—"When the Commissioner has
or
determined that there is
a
title and the corporation
deficiency with respect to the tax imposed by this
has paid any portion of such asserted deficiency
and it has been established—
(1)
By
a
a
(2) By
decision of the Board of Tax Appeals which has become final;
closing agreement made under Section 606 of the Revenue Act
or
of 1928, as amended; or
By
(A)
final judgment in
a
suit against the United States for refund—
a
If such suit is brought within six months after the corporation be¬
entitled to bring suit, and
came
If claim for refund
(B)
That any
was
filed six months after the payment of such
de¬
a
ficiency at the time when paid, then there shall be credited or refunded to
the corporation
equal to 65 per centum of the amount of de¬
an amount
of such dividends in
as
excess
of $2,000, plus 75 per centum of the amount
of $2,000, but such credit or refund shall not
excess
refund.
(c)
No credit
to any amount
thereof.
may
or
refund shall
be.
No interest shall be allowed
on
(b)
such credit
or
refund shall be made under this subsection with respect
of the
Board
or
the
judgment becomes final,
the
as
'•
■
Deficiency
(1)
Definition—»For the
•'
Dividends—
purpose
of this title, the term "deficiency divi¬
dends" means the amount of the dividends
paid,
the closing agreement or on or after the date the
the
or
of tax paid after the date of the closing agreement, or the
of the decision
date
Such credit
provided in Section 322 but without regard to subsection
subsection
or
judgment becomes final,
as
on
after the date of
or
decision of the Board
or
the case may be, and prior to filing claim,
under
subsection
in the
computation of the basic surtax credit for the year of distribution.
(d),
which
are
includible,
for
No dividends shall be considered as deficiency
of allowance of credit under subsection
scribed
(a)
the purposes of Title
I,
dividends for the purposes
unless (under regulations pre¬
by the Commissioner with the approval of the Secretary) the cor¬
poration files, within thirty days after the date of the closing agreement,
the date upon wnich
final,
as
the
case may
credit intended
the decision
be, notification
to be claimed)
of the Board or judgment becomes
(which specifies the amount of the
of its intention to have the dividends
so
considered.
Effect
(2)
(A)
on
Dividends Paid Credit—
;
For Taxable Year in Which Paid—Deficiency dividends paid in any
taxable year (to the extent of the portion thereof with respect to which
credit under subsection
both,
or
are
(a),
or
the credit
or
allowed) shall be subtracted from the basic surtax credit for
for such year
year
the
refund under subsection (b),
such year, but only for the purpose of computing the tax
under this title
and succeeding years.
For Prior Taxable Year—Deficiency dividends paid in any taxable
(to the extent of the portion thereof with respect to which the credit
both,
Title IA Net Income
"Title IA net income"
income with the following adjustments:
allowed) shall not be allowed untler Section 405 (c) in the computation
of the tax under this title for any
taxable
year
preceding the taxable
year
in which paid.
(d)
(b)
title the term
portion of the amount so paid was the whole or a part of
Claim
Required—No deficiency dividends credit shall
under subsection (a) and no credit or
The consent dividends credit for the taxable year.
or
closing agreement made under Section 606 of the Revenue Act
deficiency
claim for
are
allowed under this subsection in the
computation of the tax under this title
for the taxable year
the net
profit,
a
under subsection (a), or the credit or refund under subsection (b), or
(3)
Sec. 406.
on
deficiency dividend credit shall be allowed against the amount
a
(B)
The undistributed Title IA
without regard to this
subsection; or
For the purposes of this
business carried
decision of the Board of Tax Appeals which has become final;
as
By
Then
of the
Dividends paid after the close of the taxable
year and before the 15th
day of the third month following the close of the taxable
year, if claimed
(B)
a
established—
(c)
(2)
ob¬
Deficiency Dividends—Credits and Refunds
with respect to the tax
or
to pay or to retire indebtedness
of any kind incurred
prior to Jan. 1, 1934, if sucn amounts are reasonable
with reference to tne size and terms of
such indebtedness;
(1)
of
course
the highest
was
obtainable;
reasonable expectation that the operation of
Credit Against Unpaid
(c)
in Section 26
for any
held in the
was
was
the property would result in
Undistributed Title IA Net Income
amount of tne dividends
and
Either that there
be made
a
For the purposes of tnis title
the term "undistributed Title IA net income"
means the Title IA
net income (as defined in Sect on
406) minus—
States
of
use of,
to the conduct of the business.
case
The
That the property
none was
convertible only after
vertible securities saall be
included unless all outstanding securities having a
prior conversion date are also included.
(a)
compensation received
received, that
subject to the exception
case of
others, the class naving the earlier conversion
be included altnough tne others are not
included, out no con¬
Sec. 405.
other
or
none was
exceed the portion so paid by the corporation.
later date tnan in tne
date
if
or,
ficiency dividends not in
•
any are to be included shall be
some
other compensation received for the
or
amount;
For the purpose of Section 403
that, where
(1), relating to
maintenance
bona fide for profit; and
con¬
holding company income; and
(3)
equ^al to the rent
That the rent
tainable,
personal
as
and
operation
the right to use, the property, unless it is established
(under regulations
(3)
subsection
the
to
satisfaction of the Commissioner:
company;
(relating to personal service
but only if the effect of the inclusion of ail such securities is
amounts
and Section 23
expenses,
allocable
are
operated by the corporation, shall be allowed only in
or
Such credit shall be allowed
Option Rule in Lieu of Family and Partnership Rule—If stock
may
as owned
by an individual under either paragraph (2) or (3)
is to make the
corporation a personal
(a), relating to
which
prescribed by the Commissioner with the approval of the Secretary) to the
be considered
(2)
amount
(3)
of Section
purposes
or of Section
Section 23
property owned
personal holding company;
the
1
Deductions Not Allowed—The aggregate of the deductions allowed
depreciation,
(A)
For
decedent, amounts paid in liqui¬
a
Section 23 (o) for the purposes therein specified, to the ektent such lia¬
bility of the decedent existed prior to Jan. 1, 1934. No deduction shall be
of this
(4)
(B)
corporation organized prior to Jan. 1, 1936, to take over
allowed under paragraph (2) of this subsection for a taxable
year for which
series of
such options, shall be considered
contracts),
a
,
option to acquire stock such stock
by such person.
option to acquire such
of
in
or
Stock Not Owned by Individual—Stock owned, directly or indirectly,
for a corporation, partnership, estate, or trust shall be considered as
of
case
or
Section 403 (f)—- '
(fo)
dation of any liability of the corporation based on the
liability of the dece¬
dent to make contributions or gifts to or for the use of donees described
an
stock ownership under Section 402
(a)
on
under subsection
section.
under
Constructive Ownership—For the purpose of determining whether
corporation is
a
an
amount which does not exceed
(b)
Sec. 404.
sec¬
gifts payment of which is made within the taxable year to or for the use of
donees described in Section 23 (q) for the purposes therein
a
of the gross income.
more
deduction under
prior income-tax law corresponding to either of such
a
the assets and liabilities of the estate of
amounts
a
In lieu of the deduction allowed by Section 23 (q), contributions or
by the corporation; but does
include
as
tions.
this
not
accrued
or
year
represent the price for which real property held primarily for sale to cus¬
tomers in the ordinary course of its trade or business was sold or
exchanged
holding company income under subsection (f).
(h) Mineral, Oil, or Gas Royalties—Mineral,
deductions—
as
war-profits, and excess-profits taxes paid
income,
during the taxable
obtained directly from the corporation or by means of a sublease or other
arrangement.
Additional Deductions—There shall be allowed
(1)
as
compensation (however designated and from whomsoever received) for the
use
27
unless
(under regulations
be allowed
refund shall be made under subsection
prescribed by the Commissioner with the
approval of the Secretary) claim therefor is filed within 60 days after the,
means
date of the closing agreement, or
Board
or
the date upon which the decision of the
judgment becomes final, as the case may be.
REVENUE ACT OF 1938
THE
28
and Stay of Collection—
Statute—If the corporation files a notifica¬
tion, as provided in subsection (c), to have dividends considered as de¬
ficiency dividends, the running of the statute of limitations provided in
Section 275 or 276 on the making of assessments and the bringing of distraint
(e)
Suspension of Statute of Limitations
(1)
Suspension of Running of
of the deficiency and all
interest, additional amounts, and additions to the tax provided by law,
shall be suspended for a period of two years after the date of the filing of
or
a
proceeding In court for collection, in respect
carrying on or doing business for any part of such year an excise tax of $1
to
for each $1,000 of the adjusted declared value of its capital stock.
(b)
each
For
ending June
year
June 30, 1938, there
30,
the year ending
beginning with
is hereby imposed upon every foreign corporation with
respect to carrying on or doing business in the United States for any part
such
of
excise tax equivalent to $1 for each $1,000 of the adjusted
year an
declared value of capital employed in the transaction of its business in the
United
States.
The taxes imposed by this section shall not apply—
(c)
such notification.
the case of any deficiency with respect to the
(1)
To any corporation enumerated in Section 101 of this Act;
provided in subsection (a)—
(A) The collection of the deficiency and all interest, additional amounts,
and additions to the tax provided for by law shall, except in cases of jeop¬
ardy, be stayed until the expiration of 30 days after the date of the closing
agreement, or the date upon which the decision of the Board or judgment
(2)
To any insurance company subject to the,tax imposed by Section 201,
(2)
Stay of Collection—In
imposed by this title established as
tax
becomes final, as the case may
207 of this Act.
or
Every corporation liable for tax under this section shall make a return
(d)
under oath within one month after the close of the year with respect to
provided in subsection (c), the
collection of such part of the deficiency as is not in excess of either the credit
allowable under subsection (a) or the amount which, in the notification, is
specified as intended to be claimed as credit, shall, except in cases of jeop¬
ardy, be stayed until the expiration of 60 days after the date of the closing
agreement, or the date upon which the decision of the Board or judgment
United States, then to the collector at
Baltimore, Maryland.
with
sioner
Commissioner
The tax shall, without assessment by the
section,
(C) duing the period for which the collection of such amount
(f) Credit
is stayed.
credit shall be allowed under subsection
(b) if the closing agreement, decision.of the Board,
made under subsection
due to
under this
judgment contains a finding that any part of the deficiency is
or
fraud with intent to evade tax, or to failure to file the return
title within the time prescribed by law or
pursuance
prescribed by the Commissioner in
of law, unless it is shown that such failure to file is due to reason¬
able cause and not due to willful neglect.
the
as
inconsistent with this
not
imposed by this section.
paying
prescribe with the approval of the Secretary, but no such extension
(e) Returns required to be filed for the purpose of the tax imposed by
be open to inspection in the same manner, to the same
this section shall
extent, and subject to the same provisions of law,
including penalties, as
under Title II of the Revenue Act of 1926.
returns made
(1) The adjusted declared value shall be determined with respect to
and each
thereafter.
The first year of each such three-year period, or,
(f)
three-year periods beginning with the year ending June 30, 1938,
third year
of
case
when used in
corporation not subject for such year to the tax imposed by this
a
For each declaration year the adjusted declared value shall be the
(2)
declared by the corporation in its return for such declaration year
as
(which declaration of value cannot be amended), as of the close of its last
imposed by Title I, shall insofar as not inconsistent with this title, be
applicable in respect of the tax imposed by this title, except that the pro¬
ending witn
income-tax taxable year
no
or
prior to tne close of such declaration
(or as of the date of organization in the case of a corporation having
year
ending with or prior to the close of such declara¬
income-tax taxable year
tion year).
131 shall not be applicable.
visions of Section
as
taxes
imposed by this section, under such rules and regulations as he
taxes
may
Administrative Provisions
(including penalties) applicable in respect of the
of law
of 1926 shall, insofar
be applicable in respect of the
The Commissioner may extend the time for making the returns and
value,
All provisions
taxes
Revenue Act
the
of
subject to the tax, shall constitute a "declaration year".
Title I.
Sec. 409.
from
All provisions of law (in¬
section, the first year of such three-year period for which the corporation is
meaning
The terms used in this title shall have the same
paid.
cluding penalties) applicable in respect of the taxes imposed by Section 600
in
Meaning of Terms Used
Sec. 408.
as
shall be for more than sixty days.
Denied if Fraud, Etc.—No deficiency dividend
(a) and no credit or refund shall be
Refund
or
of the
part of the tax interest at the rate of 6 per centum per annum
(in whole or in part),
and if disallowed in part collection shall be made only of the part disallowed.
No distraint or proceeding in court shall be begun for the collection of an
which is stayed under subparagraph (A), (B), or
notice from the
If the tax is not paid when due, there shall be
period for filing tne return.
the time when the tax became due until
amount the collection of
or
collector, be due and payable to the collector before the expiration
credit is filed under subsection (d),
the collection of such part of the deficiency as is not in excess of either the
credit allowable under subsection (a) or the amount claimed, shall be
stayed until the date the claim for credit is disallowed
Commis¬
of the Secretary may by regulations prescribe.
the approval
added
If claim for deficiency dividend
Sucn return
shall contain such information and be made in such manner as the
becomes final, as the case may be.
(C)
which
imposed to the collector for the district in which is located its
such tax is
principal piace of business or, if it has no principal place of business in the
be.
If the notification has been filed, as
(B)
204,
(3)
corporations which accumulate surplus to avoid surtax on
For each year of any three-year period subsequent to the declaration
year,
Improper Accumulation of Surplus
Sec. 410.
For surtax on
the adjusted declared value in the case of a domestic corporatiion shall
be the value declared in the return for the
shareholders, see Section 102.
'■ f<\,:
shares,
Foreign Personal Holding Companies
Sec. 411.
For provisions relating to
shareholders,
\
".'Vv;;.*::.
'
(B)
foreign personal holding companies and their
Paid-in surplus and contributions to capital,
(C)
Its net income,
*
Supplement P of Title 1.
see
declaration year plus—
The cash, and the fair market value of property, paid in for stock or
(A)
II—ESTATE
(D)
GIFT TAXES
AND
The amount, if any, by which
the deduction for depletion exceeds
would be allowable if computed without regard to dis¬
the amount which
(b) (2), (3), or
value or to percentage depletion, under Section 114
covery
Estate Tax Returns
Sec. 501.
Its income wholly exempt from Federal income tax, and
(E)
TITLE
(4) of this Act or a corresponding section of a later Revenue Act;
Section 304 (b)
amount
of the Revenue Act of 1926, as amended (relating to the
of gross
and
is amended by
estate requiring the filing of a return),
striking out "$100,000" and inserting in lieu thereof "the amount of the
The cash, and the fair market value of property, distributed to share¬
(i)
holders,
specific exemption provided in Section 303 (a) (4) ".
(ii) The amount disallowed as a deduction by Section 24 (a)
Act
Returns of Additional Estate Tax
Sec. 502.
minus—•
Section 403 of the Revenue Act of 1932, as amended, relating to returns
estate
is amended by striking out "$40,000" and
tax,
inserting in lieu thereof "the amount of the specific exemption provided in
Section
401
(c)".
read
as
"(b)
(b) of the Revenue Act of 1926,
as
Where the Commissioner finds that the payment on the due date
the amount determined by the executor
as
time for payment of any such part not to exceed ten years from due date.
In such case the amount in respect of which the extension is
be paid on or
granted shall
before the date of the expiration of the period of the extension,
and the running of the statute of limitations for assessment and collection,
provided in Sections 310 (a) and 311 (b), shall be suspended for the period
of any such extension.
If
ment of the amount in respect
in
for the pay¬
of which the extension is granted in accordance
same
Rate of Interest in Extensions of Time for
Section 305 (c)
of the Revenue Act of 1926,
inserting at the end thereof the following
any
as
new sentence:
"In the
case
of
such extension granted after March 31, 1938, the rate of interest shall
be 4 per centum per annum."
Sec. 605.
(a)
a
tion of net gifts,
is amended to read
as
"(b) Gifts Less Than $4,000—In the
or
case
the calendar year,
purposes
made during
of gifts (other than gifts in trust
the first $4,000 of such gifts to such
person
shall not, for
of subsection (a), be included in the total amount of gifts
such year."
the tax for the calendar
year
1939 and each calendar year
thereafter (but not the tax for the calendar year 1938 or a previous calendar
year),
pose
for
such
of computing the tax for the calendar
year
1939
years
be
Act,
credit against the adjusted declared value of its capital stock, an
allowed in the
1922,
as a
amount
of
case
or any
States
calendar year
TITLE III—CAPITAL STOCK AND EXCESS-PROFITS
or
Cnina
wherever
of stock
declared value which the
day
resident in China, the United States, or
of the corporation outstanding
year
have the
as
amended, shall not apply to
after the
year
used in this subsection
Cnina
meaning as when used in the
any taxpayer
the Revenue Act of
with respect to any
ending June 30, 1937.
Sec. 602.
(a)
Excess
Profits Tax
If any corporation is taxable under Section 601 witn respect to any
ending June 30, there is hereby imposed upon its net income for the
taxable
year
ending
the
ending June 30,
1938, there is hereby imposed upon every domestic corporation with respect
after tne close of such
year,
an
excess-
profits tax equal to the sum of the following:
year as
Capital Stock Tax
year
same
1922.
The capital stock tax imposed by Section 105 of
(h)
1935,
date.
whom the equitable right to the
income from such shares is in good faith vested; and as
Act,
on sucn
subsection shares of stock of a corporation shall be
considered to be owned by the person in
the term "China" shall
citizens of the United
resident, bears to the par value of the whole
6 per centum of such portion
TAXES
corporation organized under the China Trade
equal to the proportiion of such adjusted
For the purposes of this
year
For each year ending June 30, beginning with the
a
value of tne shares of stock of the corporation, owned on the last
income-tax
Sec. 601.
year.
for the pur¬
thereafter.
(a;
declaration
For the purpose of the tax imposed by this section there shall
but such amendment shall not be applied in any computations in
respect of the calendar year 1938 and previous calendar
is terminated shall constitute a declaration year.
adjusted declared value for any subsequent year of the three-
period shall be determined on the basis of the value declared in the
Trade
The amendment made by subsection (a) of this section shall be applied
(b)
in computing
the
number of snares
of future interests in property) made to any person by the donor during
the
case
possessions of the United States, and (2) individual
follows:
capital
which bankruptcy or receivership, due to insolvency, of
domestic corporation,
of the taxable year by (1) persons
Computation of Net Gifts
adjusted (for
by the Commissioner witn the
The capital-stock tax year beginning with or witnin an income-tax
(6)
taxable year within
par
Section 504 (b) of the Revenue Act of 1932, relating to the computa¬
corporation shall
year
domestic corporation),
a
employed in the transaction of its business in the United States.
(g)
amended, is amended by
regulations prescribed
of
approval of the Secretary, to reflect increases or decreases in the
return
Payment of Estate Tax
declaration
income-tax taxable years as in the csae
accordance with
year
Sec. 504.
the adjusted declared value in the case of a foreign
In such
with the terms of the extension."
The amount of
according to the income tax law applicable to such year.
be the value declared in the return for the
extension is granted, the Commissioner may,
an
if he deems necessary, require the executor to furnish security
ending witn or prior to the close
For each year of any three-year period subsequent to the declaration
(5)
year,
the
for the declaration year to the
adjustment for each such year shall be computed (on the basis of a
separate return)
the tax would
(3) shall be made for each
three-year period from the date as
for which the tax is imposed by this section.
of the year
such
impose undue hardship upon the estate, the Commissioner may extend the
as
income.
income-tax taxable year included in the
close of the last income-tax taxable year
amended, is amended to
follows:
of any part of
gross
The adjustments provided in paragraph
(4)
income tax purposes
of the deductions allowable for
excess
of which the value was declared in the return
Extensions of Time For Payment of Estate Tax
Sec. 503.
Section 305
The
its
over
of the additional
(5) of this
corresponding provision of a later Revenue Act, and
or a
(iii)
is in excess of 10 per centum and not in excess of 15 per centum
adjusted declared value;
12
of its net income for sucn income-tax taxable
per
centum of such
of
.■,
portion of its net income for such
taxable year as is in excess of 15 per centum of the
income-tax
adjusted declared value.
THE
f
as
declared
The adjusted
(b)
601
Section
of the date of organization if it
taxable
year
shall be
Processing Tax
Act of 1934
a
of
use
palm oil residue resulting from the manufacture of tin plate or terne
plate."
imposed, computed without the deduction of the tax imposed by this sec¬
tion, but with a credit against net income
received provided in Section 26 (b) of
for the purposes of this paragraph no deduction shall
with
this section, be applicable in respect of the tax imposed by this section,
except that the provisions of Section 131 of that title shall not be applicable.
(d) The excess-profits tax imposed by Section 106 of the Revenue Act
imposed by Title I of this Act shall, in so far as not inconsistent
taxable year
of planing,
'lumber*
ending after June 30,
1938.
unless in conflict with any
(2) if
IV—EXCISE
TITLE
(b)
(d)
Sporting Goods—The tax imposed
1932 shall not apply to articles sold
by Section 609 of the Revenue
(g)
by Section 614 of the Revenue
sold after June 30, 1938.
Crude Petroleum.—The tax imposed by Section
of 1934 shall
Act
Revenue
Act of
after June 30, 1938.
Gum—The tax imposed
Chewing
not
604, as amended, of
apply to crude petroleum sold after
imposed by Section 605, as
the Revenue Act of 1934 shall not apply to crude petroleum
Refining of Crude Petroleum—The tax
(h)
amended, of
30, 1938(i) Brewer's Wort, Malt Syrup, &c.—The tax imposed by Section 601
(c) (2), as amended, of the Revenue Act of 1932 shall not apply to articles
refined or
sold
(j)
processed, or gasoline produced or recovered, after June
imported after June 30, 1938.
or
Sales of Produce for Future
4 of Schedule A of Title VIII of
not
Delivery—The tax imposed by subdivision
the Revenue Act of 1926, as amended, shall
sell made after June
(c) of the Revenue Act of
apply to sales, agreements of sale, or agreements to
Effective July 1, 1938, Section 726
30, 1938.
1932,
as
Tax
Sec. 702.
601
(c)
inedible animal fats, inedible
animal greases, fatty acids derived from any
foregoing; all the foregoing, whether
hydrogenated, or otherwise pro¬
whale oil (except sperm oil),
fish oil, or marine animal oil of any kind (whether or not refined, sulphonated,
sulphated, hydrogenated or otherwise processed), or fatty acids derived
therefrom, shall be admitted to entry, after June 30. 1939, free from the
tax herein provided unless such oil was produced on vessels of the United
States or in the United States or it's possessions, from whales, fish, or marine
foregoing, and salts of any of the
of the
or
refined, sulphonated, sulphated,
not
cessed, 3 cents per pound: Provided, That no
animals or parts
thereof taken and captured by vessels of the United States;
paragraph 1732 of the Tariff Act of 1930,
sunflower oil, rapeseed oil, kapok oil, hempseed oil, perilla oil, fatty acids
derived from any of the foregoing or from linseed oil, and salts of any of the
foregoing; all the foregoing ..whether or not refined, sulphonated, sulphated,
hydrogenated, or otherwise processed, 4j^ cents per pound;
.
"(C) Any article, merchandise, or combination (except oils specified in
Section 60236 of the Revenue Act of 1934, as amended), 10 per cenium or
more of the quantity by weight of which consists of, or is derived directly
or indirectly from,
one or more of the products specified above in this
paragraph or of the oils, fatty acids, or salts specified in Section 60233 of
the Revenue Act of 1934, as amended, a tax at the rate or rates per pound
"(B)
such Section 602 33 in respect
by weight of the imported
or
prescribed in this paragraph or
of such product or products which the quantity
article, merchandise, or combination, consisting
bears to the total weight of
derived from such product or products,
the imported
article, merchandise, or combination;
taxable under this
but there shall not be
subparagraph any article, merchandise, or combination
and other than products resulting from
commercial extraction of the oil content), by
reason of the presence therein of an oil, fat, or grease which is a natural
component of such article, merchandise, or combination and has never had
(other than an oil, fat or grease,
processing seeds without full
a
separate existence as an
"(D)
Sec. 705.
Section 630 of the Revenue Act of 1932, as
(a)
this section includes civil aircraft
the United States and any
of the United States
United States
by
or
forces.thereof.
oil, fat, or grease;
seed, 1.38 cents per pound;
rapeseed, 2 cents per pound; and sesame
Hempseed, ! .24 cents per pound; perilla
kapok seed, 2 cents per pound;
or
.
subparagraph (B) shall not apply to rapeof rubber susbtitutes or
lubricating oil, and the Commissioner of Customs shall, with the approval
of the Secretary, prescribe methods and regulations to carry out this sub¬
"(F) The tax imposed under
imported to be used in the manufacture
paragraph.
"(G)
The taxes imposed by this section
coconut oil
or
Section 601 (b) (5) of the Revenue
shall not apply to any article,
Samoa, or any direct or indirect
Act of 1932, as amended is amended
to read as follows:
subsection (c) (4) to (7), inclusive, and
(8) (G) with reference to
imposed in full
notwithstanding any provision of law granting exemption from or reduction
of duties to products of any possession of the United States; and for the
purposes of taxes under subsection (c) (4) to (7), inclusive, the term 'United
"(5)
Such tax (except tax under
except as
specifically provided in subsection (c)
certain products of
States'
(c)
Guam and American Samoa) shall be
includes Puerto Rico."
The amendments made by this
includes aircraft owned by the
granted under this section in respect of civil
trade or trade between the United States and
of its possessions, in respect of aircraft registered in a
shall be allowed only
foreign country,
if the Secretary of the Treasury has been advised by
such foreign country
privileges in respect of aircraft
Secretary of Commerce that he has found that
the
allows,
will allow, substantially reciprocal
or
If the Secretary of the Treasury is advised
registered in the United States.
by the Secretary of Commerce that he has found that a fpreign country has
or
will discontinue the allowance of such privileges, the
discontinued
privileges granted under this section shall not apply
civil
aircraft registered
trade
The amendment made by
(b)
thereafter in respect of
in that foreign country and employed in foreign
States and any of its possession's."
trade between the United
or
Sec. 706.
subsection (a) shall be effective July 1,
Exemption from Tax on
section shall be effective July 1, 1938.
Filled Cheese
of the Act en¬
regulating
of 'filled cheese' ",
approved June 6, 1896, is amended by adding at the end thereof the follow¬
ing: "Substances and compounds, consisting principally of cheese with
added edible oils, which are not sold as cheese or as substitutes for cheese
but are primarily useful for imparting a natural cheese flavor to other foods
shall not be considered 'filled cheese' within the meaning of this Act."
(b) The amendment made by subsection (a) shad be effective July
(a)
(relating to the definition of filled cheese)
Section 2
the
manufacture,
sale,
and also imposing a tax upon and
importation, and exportation
1, 1938.
Sec. 707.
read
Tax
Section 612 of the Revenue Act
(a)
as
on
Matches
of 1932, as amended, is amended to
follows:
.
"Sec. 612.
.
bulk, sold
Tax
on
Matches
matches and wooden matches
packed in boxes or in
by the manufacturer, producer, or importer, a tax of 5 cents per
hereby imposed on fancy wooden
"There is
dyed, or colored stick or stem,
having a stained,
1,000 matches."
(b)
The amendment made
Tax
Sec. 703.
(a)
by subsection (a) shall be effective witn respect
1938.
sold after June 30,
to matches
Telegraph, Telephone, Radio, and Cable Facilities
on
Section 701 (b) of the Revenue
Act of 1932 is amended to read as
follows:
No
"(b)
shall be imposed under this section upon any payment
services or facilities furnished to the United States or to any
tax
received for
nor
facilitias
upon
by means of
billed
any
payment received from any person
utilized in the collection of news
broadcasting, or
is
subdivision thereof, or the District of Col¬
for services or
for the public press or radio
in the dissemination of news through the public press or
Territory, or political
State or
umbia,
in
for such services or facilities
The right to exemption under this
radio broadcasting, if the charge
writing to such x>erson.
with the
by regulation prescribe."
(b) The amendment made by subsection (a) of this section shall apply
to the utilization after June 30, 1938,,of services or facilities.
subsection shall be
evidenced in such manner as the Commissioner
approval of the Secretary may
(a)
Section 606 (a) of the
Tax
on
Tractors
Revenue Act of 1932 is amended to
read as
follows:
"(a)
Automobile truck chassis, automobile truck bodies, tractors
used for highway transportation in combination with a
kind chiefly
of tne
trailer
above cases parts or accessories
therefor sold on or in connection therewith or with the sale thereof), 2 per
centum.
A sale of an automobile truck shall, for the purposes of this sub¬
section, be considered to be a sale of the chassis and of the body."
(b) The amendment made by subsection (a) shall be effective with
respect to sales made after June 30, 1938.
or
semitrailer
combination, by reason of the presence therein of any
produced in Guam or American
derivative of such oil."
(b)
'vessels' as used in
foreign nation and constituting a part of the armed
Sec. 709.
this paragraph shall apply only
with respect to the importation of such articles after the date of the enact
ment of the Revenue Act of 1934, and shall not be subject to the provisions
of subsectibn (b) (4) of this section (prohibiting drawback) or Section 629
(relating to expiration of taxes)
amended, is amended by
employed in foreign trade or trade between
of any foreign nation'
any
aircraft employed in foreign
"(E) The tax on the articles described in
merchandise,
:
Certain Aircraft
of its possessions, and the term 'vessels of war
The privileges
seed, 1.18 cents per pound:
seed oil
'
•.^•'
v;;■„
Exemption from Excise Tax of Supplies for
inserting at the end thereof the following: "The term
Sesame oil provided for in
equal to that proportion of the rate or rates
of
■
,
titled "An Act defining cheese,
fish oil (except cod oil, cod-liver
halibut-liver oil), marine-animal oil, tallow, inedible animal oils,
(A) Whale oil (except sperm oil),
oil, and
■
■
Certain Oils
on
of the Revenue Act of 1932, as amended, is
(8)
amended to read as follows:
"(8)
.
(c) shall be effective July 1,
The amendment made by subsection
1938.
1938.
amended, is repealed.
Section
(a)
■
any
1938.
June 30,
strobus), Norway pine (pinus resinosa), and
Western white spruce."
(d)
Revenue
apply to such records
apply to articles sold after June 30, 1938.
Act of 1932 shall not apply to articles
the
of Northern white pine (pinus
of the Revenue
Cameras—The tax imposed by Section 611 of the Revenue
(f)
further amended by
1938.
Act of 1932 shall not
(e)
obligation otherwise
United States of a new
Section 601 (c) (6) of the Revenue Act of 1932 is
(c)
sold after June 30, 1938.
phongraphs shall not
Act of 1932 upon records for
tne termination of such
on
the undertaking by the
following: "The tax imposed by this paragraph shall not apply to lumber
toilet soaps, sold after June 30, 1938-
sold after June 30,
with
connection
inserting after the amendment made by subsection (a) of this section the
Phonograph Records—The tax imposed by Section 607 of the
(c)
in
obligation which continues such conflict.
imposed by Section 603 of the
Furs—The tax imposed by Section 604, as amended,
Act of 1932 shall not apply to articles
conflict, then
so in
than
date of the enactment of this Act
international obligation of the United States or
tooth and mouth washes, dentrifices,
Revenue Act of 1932 shall not apply to
tooth pastes, or
TAXES
Termination of Certain Excise Taxes
Sec. 701.
Certain Toilet Preparations—The tax
(a)
sawed timber."
Each sentence of the amendment made by subsection (a) shall become
(b)
f;
be made on account
As used in this paragraph, the term
grooving.
tonguing, and
includes
effective (1) on the sixtieth day after the
amended shall not apply to any taxpayer with respect to any
income-tax
Lumber
"In determining board measure
adding at the end thereof the following:
applicable in respect of the
on
Section 601 (c) (6) of the Revenue Act of 1932 is further amended by
(a)
of 1935, as
Amendments to Tax
Sec. 704.
equal to the credit for dividends
this Act.
All provisions of law (including penalties)
(c)
taxes
of palm oil in the manufacture
use
thereof "but does not include the use of
palm oil in the manufacture of tin plate or terne plate, or any subsequent
which the tax under this section is
fax purposes for the year in respect of
(relating to the processing tax on certain oils) is amended by
of tin plate" and inserting in lieu
the net income for income-
this section the net income shall be the same as
(a), as amended, of the Revenue
1938, Section 60233
1,
striking out "but does not include the
For the purposes of
12 months.
number of months in the period bears to
Exemption of Palm Oil and Palm Oil Residue from
Effective July
of which the tax under this section
period of less than 12 months, such adjusted declared value
reduced to an amount which bears the same ratio thereto as the
imposed is
29
(or
had no preceding income-tax taxable year).
If the income-tax taxable year in respect
is
Sec. 703.
be determined as provided in
value shall
of the close of the preceding income-tax
as
REVENUE ACT OF 1938
(including in each of the
Sec. 710.
Section 600 (a) (4) of
amended to read as follows:
(a)
Tax
on
Distilled Spirits
the Revenue Act of 1918, as
amended, is
.
Jan. 12, 1934, and until July 1, 1938, $2.00. and on
and after July 1, 1938, $2.25, on each proof gallon or wine gallon when
below proof and a proportionate tax at a like rate on all fractional parts
of such proof or wine gallon."
.
(b) Section 600 (c) of such Act, as amended, is amended by striking
out "$2.00 per wine gallon" and inserting in lieu thereof "$2.25 per wine
"(4)
On and after
gallon".
(c)
Section 4 of the
Liquor Taxing Act of 1934
lieu thereof "$2.25".
"$2.00" and inserting in
is amende^ by striking out
THE
30
REVENUE ACT OF 1938
without
regard
to
brandy shall be the rates applicable
and 341
(insofar
it relates
as
to
Section 340) of the Revenue Act of 1936,
added to such Act by Section 201 of the Revenue Act of 1937, shall remain
amendments.
such
in force only with respect to aiding, assisting, counselling, or advising, on
Sec.
Transfers
of
Subdivision 3 of Schedule A of Title VIII of the Revenue Act
of
711.
Exemption
(a)
1926,
Tax
Stamp
from
Certain
on
paragraphs:
deliveries or transfers Of shares or
upon
"(1) From the
be¬
to a custodian if under a written agreement
owner
by such custodian for, and subject at all times to the instructions of, the
from sucn custodian to such
or
"(2)
From such custodian
from one such
shares
or
Foreign Corporations
to
as
it relates to Sections 338
201 of the Revenue Act of 1937, shall remain in force only with respect to
Sec. 805.
parties the shares or certificates are to be held or disposed of
the
as
(insofar
months beginning on or before the date of the enactment of
certificates—■
tween
Information Returns
(a), 339 (a), and 341
(a) and 339 (a) of the Revenue Act of 1936, added to such Act by Sections
"The tax shall not be imposed
owner;
Sec. 804.
Sections 338
amended, is amended by inserting at tne end thereof the following
as
new
before the date of the enactment of this Act.
or
Bonds
and
Stocks
or
(dj Aid, etc., Before Enactment of Act—The provisions of Sections 340
The amendments made by this section snail not apply to brandy
(d)
and the rates of tax applicable to such
to
owner;
custodian,
nominee, if in eitner case the
certificates continue to be held by such nominee for the same pur¬
pose
nominee
at
interest at the rate of 1 per centum a month"
inserting in lieu thereof the following: "and interest at the rate of 6
from the date of such notice to the date of payment".
per centum per annum
(b)
The
trade
amendment
notice is served
or sent
subsection
by
(a)
shall
apply
only
where
after the date of the enactment of this Act.
for which they would be held if retained by such custodian; or from
such
this Act.
Unpaid Assessments
on
Section 3184 of the Revised Statutes is amended by striking out'
the end thereof the words "and
and
nominee of such
registered
a
another such
nominee to
(a)
Interest
No
or
fo
transfers
accompanied by
are
Commissioner,
prescribe
with
a
certificate setting forth such facts as the
approval
the
of
No delivery or transfer to a nominee shall be exempt
unless
such
by
Secretary, may
the
regulation
for the evidencing of tne rignt to such
necessary
as
nominee,
accordance
in
Administration of Oaths
Sec. 806.
custodian.
such
exemption shall be granted under this paragraph unless the deliveries
exemption.
under this paragraph
regulations prescribed
with
by the
Commissioner, with the approval of the Secretary, is registered with the
Affirmations
or
Any oath or affirmation required or authorized by any internal-revenue
Jaw
by
by
or
any
regulations made under authorit y thereof may be administered
any
authorized to administer oaths for general purposes by the
person
law of the United States, or of any State,
United States,
tion is
Territory, or possession of the
of the District of Columbia, wherein such oath or affirma¬
or
administered.
be construed
This section shall not
enumeration of the persons who may
an
as
exclusive
administer such oaths or affirmations.
Commissioner.
"Any
who,
person
with
division, falsely makes
shall
be
deemed
shall
be
fined
months,
intent to
guilty of
not
Sec. 807.
evade the tax provided in this sub¬
misdemeanor,
a
than
more
$1,000,
and
conviction thereof
upon
imprisoned not more thqn six
or
as
the parties the instruments are to
be held
disposed of by such
or
custodian for, and subject at all times to the instructions of,
from such custodian
such
to
from
After Dec. 31, 1917, and in
centum
a
In
nominee of such
registered
custodian,
nominee, if in either case the
an
same persons
in connection with
or
the law
under
transfer
transfers
as
are
accompanied by
a
securities
delivery
the
as
of loss
unless
such
transfer to
nominee,
be exempt
nominee shali
a
accordance
in
with
under this
applicable to the year in which the transfer
in
by
person
shall
be
be fined
with intent to
who,
deemed
or
a
guilty of
not
evade the tax provided in this sub¬
certificate accompanying
misdemeanor,
a
than
more
$1,000,
or
and
delivery
any
conviction thereof
upon
imprisoned
transfer
or
not
more
than six
both."
(c) The amendments made by this section shall be effective with respect
to transfers or deliveries made after June
Sec. 808.
Sec. 712.
amended
30, 1938.
500
(a)
Tax
(1)
on
(b)
of
tributions
as
amended, is
The amendment made by subsection
June 30,
(a)
respect
•
or
Associations from Electrical
or
li apply with
s
Exemption of Certain Cooperative
tions
taxable
a
Nonprofit Corpora¬
comma
systems
and
the
owned
following
and
words:
operated
by
"or
to
electric
cooperative
or
amended, is further
and
power
nonprofit
plants
or
corporations
engaged in rural electrification".
(b)
The amendment made by subsection (a) shall apply only to electric
energy
sold
on or after
TITLE
Sec. 801.
July 1, 1938.
of
Closing Agreements
as
to
tary,
or an
or
loss would
Revenue Act of 1934,
as
amended, if
180 days after the date of the enactment of the
by the Com¬
Overpayments Found by Board of Tax Appeals
of
1934,
are
amended to read
as
follows: "No such
part of its decision that such portion was paid within three
as
before tne filing of the claim or the filing of the petition, whichever
that such portion was paid after the mailing of the notice of
or
deficiency; except that where the decision of the Board is rendered before
the
expiration of thirty days after the date of the enactmen; of the Revenue
Act of 1938, the credit or refund may be made of any portion
paid after the
mailing of the notice of deficiency."
(b)
The last
amended
sentence
of Section 528 (d) of the Revenue Act of 1932, as
is amended to read
,
claim
the
or
was
follows: "No such credit or refund shall be
as
of the tax unless the Board determines as part of its
paid within three years before the filing of
filing of the petition, whichever is earlier, or that such
paid after the mailing of the notice of deficiency; except that
where the decision of the Board is
rendered before the expiration of thirty
days after the date of the enactment of the Revenue Act of 1938, the credit
refund may be made of any portion paid after the
mailing of the notice of
deficiency."
Approval of Closing Agreements
(c)
Seccion 606 (b) of the Revenue Act of 1928 is amended by striking out
or
1935, no gain
refund snail be made of any portion of the tax unless the Board
earlier,
portion
Future Tax Liability
31,
elects, under regulations prescribed
1938)
Revenue Act
or
determines
or
Secretary,
Dec
Tne last sentence of Section 322 (d) of the Revenue Act of 1936 and
the
the
Section 606 (a) of the Revenue Act of 1928 is amended by striking out
lieu thereof the
of
decision that such portion was
PROVISIONS
the words "ending prior to the date of the agreement".
"is approved by the
beginning after
made of any portion
V—MISCELLANEOUS
Sec. 802.
year
recognized on the receipt of such property under such Section
Sec. 809.
years
amended by inserting after the word "plants" in the second sentence thereof
a
ade before June 23, 1936, if with respect to all the property
missioner, to have such basis apply "
credit
Energy Tax
as
29, 1935, and the last of the series of dis¬
(6), the basis of such property in the hands of such corporation
(b)
Revenue Act
is
Section 616 (c) of the Revenue Act of 1932,
was n
have been
(a)
1938.
(6) of the Revenue
amended, in case the first of the series of distributions in
as
(other than money) received by a corporation prior to June 23, 1936, and
such spoken play sold at the ticket office of theaters at reduced rates
sales made after
(a)
con¬
com¬
Acquired in Connection with
corporation within the meaning of Section 112 (b)
a
Act of 1931,
liquidation was made after Aug
such corporation (within
1926,
by inserting before tne period at the end of the second sentence
Sec. 713.
unless
the
(15) of the Revenue Act of 1936 is amended by in¬
Section 113 (a)
(a)
the tax shall be based upon the price for which sold".
to
Basis of Property
shall be the basis prescribed by the
Admissions to Theaters
of the Revenue Act of
the following: ", and except that in the case of tickets or cards of admission
to any
as
Liquidation
112
Section
party to the reorganization,
a
securities of the transferee
before Jan. 1, 1938.
in
(a)
or
in part for the transfer."
serting at the end thereof the following: "If upon the complete liquidation
division, falsely makes
months,
was
putation of net income for taxable years beginning after Dec. 31, 1935, and
Commissioner, with the approval of the Secretary, is registered with the
shall
it
the
Commissioner.
"Any
corporation
a
or
paragrapn
prescribed
regulations
same as
recognized to the transferor upon such
The amendment made by subsection (a) shall be applied in the
No
for the evidencing of the right to such exemption.
necessary
or
or
(b)
unless the deliveries
certificate setting forth such facts
of them, or
This paragraph shall not apply if the property acquired consists of
made.
sideration in whole
Commissioner, with the approval of the Secretary, may by regulation pre¬
scribe
or any
reorganization, then the basis shall be the
a
the amount
in
acquired by the issuance of stock
under this paragraph
reorganization, and Imme¬
would be in the hands of the transferor, increased in the amount of'gain or
stock
No exemption shall be granted
beginning before Jan.
year
interest or control in such property of 50 per
remained in the
which they would be held if retained by such custodian; or from such nomi¬
to such custodian.
a
taxable year beginning after Dec. 31, 1935, by a corporation
a
instruments continue to be held by such nominee for tne same purpose for
nee
taxable
a
corporation in connection with
a
or more
"(B)
decreased
nominee to another such
such
one
the owner;
owner;
"(2) From such custodian to
or
"(A)
1, 1936, by
to a custodian if under a written agreement be¬
owner
as
Corporation—If the property was acquired—
to
diately after the transfer
paragraphs:
"The tax shall not be imposed upon deliveries or transfers of instruments—
or
Transfers
"(7)
amended, is amended by inserting at the end thereof tne following
"(1) From the
tween
Section 113 (a) (7) of the Revenue Act of 1936 is amended to read
(a)
follows:
(b) Subdivision 9 of Schedule A of Title VIII of the Revenue Act of
1926,
new
Acquired in Connection with
Reorganizations
both."
or
Basis of Property
certificate accompanying'any delivery or transfer
a
the Under Secretary", and inserting in
following: "is approved by the Secretary, the Under Secre¬
of
1932 and of the Revenue Act of 1928, are amended to read as follows:
be made of any portion of the tax unless
"No such credit or refund shall
the
Assistant Secretary".
Tne last sentence of Section 322 (d), as amended, of the Revenue Act
Board
determines
as
part of its
decision that such portion was paid
within two years before the
Sec, 803.
(a)
Returns
as
to
Formation, Etc., of Foreign Corporations
Requirement—Under regulations
prescribed
by
the Commissioner
with the approval of the Secretary,
any attorney, accountant, fiduciary,
bank, trust company, financial institution, or other person, who, after the
date of the enactment of this Act, aids,
assists, counsels,
with respect to, the formation,
or
advises in,
or
organization, or reorganization of any
foreign corporation, shall, within 30 days thereafter, file with the Commis¬
sioner
a
filing of the claim or the filing of the petition,
whichever is earlier, or that
such portion was paid after the mailing of the
notice of deficiency; except
Revenue
Act of 1938,
(d)
The last sentence of Section 284 (e; of the Revenue Act of 1926, as
amended, is amended to read
return shall
be in such form,
credit
determines
as
the control of the person required to file the return, such information
the case of
a
as
the
Commissioner with the approval of the Secretary prescribes by regulations
as necessary for
carrying out the provisions of the income-tax laws.
Noth¬
ing in this section shall be construed
to
require the divulging of privileged
communications between attorney and client.
to
Penalty—Any
follows: "Unless the Board determines as
person
required under subsection (a) to file
or
times required
by law
or
a
return, or
than
one year, or
or
the petition, was
part of its decision that
tax
the Board
it was paid within four years (or, in
imposed by this title, within three years; before the filing
petition, whichever is earlier, or that such
or
portion
paid after the mailing of the notice of deficiency: except that
was
the filing of the
where the decision of the Board is rendered before the
return,
supply
of
regulations, shall,
in lieu of other penalties provided
by law for such offense, be
more
refund,
subdivision (g) for filing claims, no such
refund shall be made of any portion of the tax unless
of the claim
or
guilty of
a
misdemeanor and, upon conviction thereof, be fined not more than $2,000.
imprisoned for not
or
expiration of thirty
days after the date of the enactment of the Revenue Act of 1938, the credit
supply any information, who willfully fails to file such
such information, at the time
or
as
filed within the time prescribed in
and shall set forth, under oath, in respect of each such
corporation, to the
full extent of the information within the possession or
knowledge or under
or
days after the date of the enactment of the
the credit or refund may be made of any portion
paid after the mailing of the notice of deficiency."
part of its decision that the claim for credit or
return.
(b) Form and Contents of Return—Such
(c)
ohat where the decision of the Board is rendered
before the expiration of thirty
both.
refund may be made of any portion
paid after the mailing of the notice
deficiency."
(e)
The last sentence of Section 319 (c) of the Revenue Act of 1926, as
amended, is amended to read
any
as
follows: "No such refund Shall be made of
portion of the tax unless the Board determines as part of its decision
that such
portion
was
paid within four years (or, in the case of a tax im-
THE
REVENUE ACT OF 1938
posed by this title, within three years) before the filing of the claim
filing of the petition,
whichever is earlier,
after the mailing of the notice of
or
that such
portion
or
the
of the Board is rendered before the expiration of thirty days after the date
of the enactment of the Revenue Act of 1938, the credit or refund may be
made of any portion paid after the mailing of the notice of deficiency."
Sec. 810.
Credits
the
for
tax
imposed by 8ection 901 of the Social Security Act,
allowed credit for the amount of
during such
The
Act,
provisions of the
into
unemployment fund under
Security Act (except the provision limiting
before the date of filing returns) shall apply
allowance of credit under
this section, and the terms used in this sub¬
to
meaning
same
as
when used in Title IX of the Social
Security Act.
(b)
Refund—Refund of the tax (including penalty and interest collected
with
if any),
thereto,
respect
based
on
allowable under
credit
any
this
section, may be made in accordance with the provisions of law applicable
in the
case
allowed
or
of
iliegal collection of the tax.
erroneous or
paid
the amount of
on
Sec. 811.
No interest shall be
Travel Allowances in Hawaii
Whenever by or under authority of law actual expenses for travel may
Sec.
818.
"Sec.
22.
(a)
bankruptcy,
ency or
on
such
inter-
on
Hawaii, shall not exceed the rate for
steamships equivalent
lowest first-class accommodations
on
nearly
as
as may
transpacific steamships.
be to the
The maxi¬
fixed by this section shall be in lieu of the maximum fixed by
Section
10 of the Treasury and Post Office Appropriation Act for the fiscal
year
ending June 30, 1934 (47 Stat. 1516).
Sec. 812.
found
Retroactive Exclusion of Gain from Purchase of Personal
Section 119 (e) of the Revenue Act of 1936, of the Revenue Act of 1934,
1932, and of the Revenue Act of 1928, and Section
217 (e) of the Revenue Act of 1926, are amended by striking out of the last
sentence
"purchase of personal property within the United States and its
sale witnin
Sec. 813.
The amend¬
of the date of enactment of such Act.
as
Remission of Interest and Penalties
the Revenue Acts of 1917 and 1918
of
from the".
or
by this section to the respective Acts amended shall be effective
each of such Acts
as to
the United States
and
on
Taxes
Upon Citizens in
Certain
of
authorized
Domestic
Imposed by
a
Possession
the
following taxpayers,
be assessed,
assessment, collection, or payment
of penalties,
or
Corporations
tne date of the enactment
collected,
Internal
to
additions to tax, incurred prior to
or
States
remit
Individuals
United
were
wno
of this Act:
States for
taxable
bona
were
more than
fide
six months
citizens of the United
as
Persons who for such taxable
(2)
residents
of
a
possession
during such taxable
year
of
part of the Revenue Act of 1917
States; and
would
year
nave
been entitled to the
If,
(b)
in
the
of taxpayers
case
the Revenue Act of 1918.
or
notwithstanding
described
in
the provisions of subsection
the rate of 6
at
per centum per
subsection
No distraint
(c)
or other
(a)
annum shall
date until it is
(a),
any
tax
of this section,
be collected
"(c)
proceeding for the collection of
interest
such unpaid
such
taxes shall
1939.
as
1918 for
tax
shall be refunded
year,
or the
Revenue
credited
or
without
interest, if claim therefor is filed by such taxpayer prior to July 1, 1939.
Sec.
814.
(a)
Waivers
Cases
Under
Prior
Revenue
Acts
Section 280 (b) of the Revenue Act of 1926 is amended by inserting
at the end of the
"(4)
(1)
Transferee
in
following
new
paragrpah:
Where before the expiration of the time prescribed
in
paragraph
(3) for the assessment of tne liability, both the Commissioner and the
or
transferee
or
fidiciary have consented in writing to its
assessment after such
time, the liability may be assessed at any time prior to the expiration of the
period agreed
sequent
agreements in
previously agreed
(b)
The period
upon.
so
writing made before the expiration of the period
para¬
graph :
Where before the expiration of the time prescribed in paragraph (1),
(3) for the assessment of the liability, both the Commissioner and
the transferee
fiduciary have consented in writing to its
or
assessment after
such time, the
liability may be assessed at any time prior to the expiration
of the period agreed upon.
The period so agreed upon may be extended
by subsequent agreements
period previously agreed
in
writing
made before the
upon."
expiration
of the
•
snail be effective
as to
each of such Acts
Act.
,
Sec. 815.
consent of the
as
Secretary of the Treasury, or of the
or
of an Assistant Secretary of the
"(d)
Extension of Time for Payment of
272
(J)
This section shall
Sec.
of the Revenue Act of 1936,
Section 274 (k) of the Revenue Act of 1926,
time for payment
shall
be
as
1934,
amended.
of deficiency in income, estate,
or
gift tax shall
not
apply
days after tne date of the enactment of this Act, but the approval
by the Commissioner under regulations prescribed by the Com¬
missioner with the approval
of the Secretary.
are
provisions and limitations of law,
so
The running of the statute of limitations
a tax
which has been abated may
during the time within which, had there been
not
apply to
any tax
imposed by the Social Secur¬
819.
Abatement of
Jeopardy Assessment
follows:
as
"(c)
Amount Assessable Before Decision of Board—The jeopardy
ment may
be made in respect of
deficiency greater
a
or
assess¬
less than chat notice
of which has been mailed to the taxpayer, despite the provisions of Section
272 (f) prohibiting the determination of additional deficiencies, and whether
or
not the taxpayer
has theretofore filed
a
petition with the Board of Tax
any
The Commissioner may, at
time before the decision of the
Board is rendered, abate such assessment, or any unpaid portion
thereof,
to the extent that he believes the assessment to be excessive in
amount.
The Conm issioner shall
or
to
notify the Board of the amount of such assessment,
abatement, if the petition is filed with the Board before the making of
is
or
redetermine
subsequently filed, and the Board shall have jurisdiction
the
entire
tim
same
Section 279
(b)
amount
the
of
deficiency and
of all
amounts
in connection therewith ."
e
(c) of the Revenue Act of 1926 is amended
to read
as
follows:
"(c)
The jeopardy
assessment
be made in respect of
may
deficiency
a
greater or less than that notice of which has been mailed to the taxpayer,
despite the provisions of subdivision (f) of Section 274 and whether
the taxpayer
The
has theretofore filed
Commissioner
rendered,
abate such
that
extent
he
a
assessment,
believes
the
not
or
petition with the Board of Tax Appeals.
at any tim e before the decision of the
n ay,
or
is
unpaid portion thereof, to the
any
assessment
Board
to
be excessive
in
amount.
The
Commissioner shall notify the Board of the amount of such assessment, or
abatement, if the petition is filed with the Board before the making of the
assessment
to
or
is subsequently filed, and the Board shall
redetermine
the
assessed at the
entire
amount
of
the
have jurisdiction
deficiency and of all
amounts
time in connection therewith."
same
Section 514
(c)
(c)
of the Revenue Act of 1932 is amended
to
read
as
follows:
Amount Assessable Before Decision of Board—The jeopardy
"(c)
ment may
of which
be made in respect of
has been mailed to
deficiency greater
a
the donor,
or
assess¬
less than chat notice
despite the provisions of Section
513 (f) prohibiting the determination of additional deficiencies, and whether
the donor
not
Appeals.
has
theretofore filed
The Commissioner may, at
petition with
a
any
the
Board of Tax
time before the decision of the
Board is rendered, abate such assessment, or any unpaid portion thereof,
to
the extent that he believes the assessment
to
be excessive in amount.
The Commissioner shall notify the Board of the amount of such assessment,
or
abatement, if the petition is filed with the Board before the making of
the assessment
or
redetermine
(d)
is subsequently filed, and the Board shall have jurisdiction
the
assessed at the
entire
amount
of
the
deficiency and of all
amounts
time in connection therewith."
same
Section 312
(c) of the Revenue Act of 1926 is amended to read
The jeopardy assessment
"(c)
as
may
be made in
respect
of
a
deficiency
greater or less than that notice of which has been mailed to the executor,
despite the provisions of subdivision (f) of Section 308 and whether
a
or
not
petition with the Board of Tax Appeals.
Commissioner may, at any time before the decision of the Board is
extent
Deficiencies Approved
Section 274 (g) of the Revenue Act of 1924. Section 250
(f) of the Revenue
Act of 1921, Section 513 (i) of the Revenue Act of 1932, and 8ection 308
(i)
of the Revenue Act of 1926, of approval by the Secretary of extension of
after 30
or cor¬
which
Section 273 (c) of the Revenue Act of 1936, the Revenue Act of 1934,
the Revenue Act of 1932, and the Revenue Act of 1928, are amended to
abate such
that
he
Commissioner
or
1928,
and
(a)
by Commissioner
1932, and
claims
Act.'
rendered,
Treasury".
The requirement of Section
depositor
be made, and
The
Sec. 816.
trust company, such individual
abatement, collection night have been made.
ity
,
Statutes is amended by striking out "witn
Secretary of the Treasury" and inserting in
Treasury,
or
aforesaid.
the executor has theretofore filed
the
is
collected shall be deemed to be erroneously collected,
Under
of
him,
insolvent
thereof.
lieu thereof "with the approval of the
Secretary
such
shall be found to
follows:
Compromise Before Suit
Section 3229 of the Revised
the advice and
so
be reassessed and collected
of the date of enactment of such
as
to
appear
any
as
paid into the Treasury of the United
of such
payment
ment or collection may not
to
Tne amendments made by this section to the respective Acts amended
(c)
shall
against
the making of assessment and collection shall be suspended
during, and
for 90 days beyond, the period for which,
pursuant to this section, assess¬
or
or
bank,
or
be refunded subject to all
diminish the assets
upon."
Section 311 (b) of the Revenue Act of 1928, and of the Revenue Act
"(4)
tax
on
agreed upon may be extended by sub¬
of 1932, and of the Revenue Act of 1934, and of the Revenue Act of
1936,
are eacn amended by inserting at the end tnereof the
following new
(2),
facts
the
so abated or
refunded after the date of the enactment of the Revenue Act of 1938
shall
be reassessed whenever it shall appear that payment of the tax will
paid
preceding the date of the enactment of this Act by any
in subsection (a) with respect to income, war-profits,
any taxable
paid into the
applicable, relating to the refunding of taxes, but tax
assessed at the
additions to
or
excess-profits taxes imposed by the Revenue Act of 1917
Act of
or
against it, and such depositors have accepted, in
collected,
or
the
Any such tax
and shall
far
taxpayer described
or
collected,
or
such agent, which shall diminish the assets thereof which
or
for
the assessment
Any interest, penalties, additional amounts,
within two years
on
paid.
be made, begun, or prosecuted prior to July 1,
(d)
sub¬
a
discharged from its liability to its depositors for
or
account of such
Appeals.
referred to in such subsection is not paid on or before June
30,1939, then,
amount from such
when
of the said
much
necessary for the full payment
the
and wno
benefits of Section 262 of tne Revenue Act of 1921 had such section formed
a
company,
account of such
on
Revenue,
so
be assessed
on
available
are
read
(1)
trust
or
agent, no
tax shall
and paid, without the
of interest incurred prior to July 1, 1939,
additional amounts,
after any bank
lieu thereof, a lien upon subsequent
earnings of such bank or trust company,
or claims against assets
segrated by such bank or trust company or against
assets transferred from it to an individual or
corporate trustee or
no
Act of 1917 or the Revenue Act of 1918 for any taxable year shall, in the case
of
Banks
"(b) Whenever any bank or trust company, a substantial portion of the
business of which consists of receiving deposits and
making loans and dis¬
Income, war-profits, and excess-profits taxes imposed by the Revenue
(a)
Insolvent
of
not
possession of the United States
a
ments made
Act, all
gross income
by the Comptroller of the Currency to be insolvent; and the Com¬
missioner
porate trustee
Property Within the United States and Sale Within Possession
of the Revenue Act of
of this
bank, or trust company,
wnich shall diminish the assets thereof
necessary for the full payment of all
its depositors; and such tax shall be abated from such
national banks as are
counts, has been relased
mum
the enactment
tax shall be assessed
no
Treasury of the United States
any part of their claims
of travel after the date of the enactment of this Act
accommodations
Taxes
Whenever and
be allowed to officers and employees of the United States, such allowance,
case
Loan
obligations issued by
stantial portion of the business of which consists of
receiving deposits and
making loans and discounts, has ceased to do business by reason of insolv¬
in the
island steamships in tne Territory of
the][Federal Farm
or
banks and trust companies organized under State law
affect the claims of their depositors.
such refund.
any
of mortgages made
case
Issued by Joint-
Section 22 of the Act of March 1, 1879 (20 Stat.
351; 12 U. S. C. 570), is
amended to read as follows:
State law.
a
amended, in the
as
joint-stock land bank after the date of
any
shall be
such credit to amounts paid
section shall have the
Notwithstanding the provisions of Section 26 of
Act,
1936
year
any taxpayer
contributions, with respect to employment
an
Social
Income from Obligtions and Mortgages
Stock Land Banks
and shall not be exempt from Federal income taxation.
paid by him, before the sixtieth day after the date of the
year,
of this
enactment
calendar
817.
income, except interest, derived therefrom shall be included in
Against Social Security Tax for 1936
Allowance of Credit—Against the
(a)
Sec.
paid
was
deficiency; except that where the decision
31
assessment,
believes
shall
the
or
any
to
unpaid
be
notify the Board of the
abatement, if the petition
the assessment
or
assessment
is
portion thereof,
excessive
amount
and the
Board shall
the
The
assessment
filed with the Board before the
is subsequently filed,
to
in amount.
of such
n
aking of
have juris¬
diction to redetermine the entire amount of the deficiency and of all amounts
assessed at the
(e)
san e
tin
e
in connection therewith."
Section 273 (f) of the Revenue Act of 1936, the Revenue Act of 1934,
the Revenue Act of 1932. and the Revenue Act of 1928, and Section 279 (f)
of the Revenue Act of 1926, Section 514 (f) of the Revenue Act of 1932,
and Section 312
(f) of the Revenue Act of 1926,
at the end thereof the
assessment
following
are
amended by inserting"
new sentence: "if any portion
of the Jeopardy
is abated by the Comn issioner before the decision of the Board
"
THE
32
is rendered, the bond shall, at the request
REVENUE ACT OF 1938
of
shall be effective only with
made after the date of the enactment of
The amendments made by this section
(f)
(dj
of the taxpayer, be proportionately
reduced."
respect to jeopardy assessments
Ascertainment of Amount of Adjustment—In computing the amount
adjustment under this section there shall first be ascertained the
an
previously determined for the taxable
shown
this Act.
by the taxpayer, with respect to whom the
.
return for such taxable year,
Mitigation of Effect of Limitation and Other Provisions
Sec. 820.
in Income Tax Cases
amounts
the income tax
(A) A closing agreement made
under Section 606 of the Revenue Act of
judgment, decree, or
A decision by the Board of Tax Appeals or a
(B)
which has become
of competent jurisdiction,
by any court
order
by the Commissioner of a claim for refund.
(C) A final disposition
For
of this section a claim for refund shall be deemed finally dis¬
As to items with respect to which the claim was allowed, upon the
refund or credit or upon the date of mailing notice of
date of allowance of
disallowance (by reason
ment, decree,
include
any
such agreement made, or decision, judg¬
order, which has become final, or claim for refund finally
or
disposed of, prior to ninety days after the date of the enactment of this Act.
Taxpayer—Notwithstanding the provisions of Section 901, the term
(.2)
Related Taxpayer—The term "related taxpayer" means a taxpayer
(3)
who, with the taxpayer
with respect to whom a determination specified in
(2), (3), or (4) is made, stood, in the taxable
year
and wife; (B) grantor and fiduciary; (C) grantor and
beneficiary; (D) fiduciary and beneficiary, legatee, or heir; (E) decedent
and decedent's estate; or
Circumstances
of Adjustment—When a determination under
the
credited in the
or
shall
paid and which was erroneously excluded
or
omitted from
computation of net income of beneficiaries, heirs,
tne inclusions in the
or
legatees, specified in Section 162 (b) and (c) of this Act, and corresponding
or
prior revenue Acts, and the correlative inclusion
or
be, has been erroneously excluded, omitted,
the case may
deduction,
or
included,
disallowed, omitted, or allowed, as the case may be, in respect of the
related taxpayer; or
tear, or obsolescence, or
nition
for gain
or
loss on a sale
an erroneous
omission from the fross income of, or an erroneous recog¬
or
nonrecognition of gain or loss to, the taxpayer
or
and
wear
exchange, and in respect
or
transaction upon which such basis depends there was
of any
inclusion in
or any person
who
acquired title to such property in such transaction and from whom mediately
or
immediately the taxpayer derived title subsequent to such transaction—
and,
date the determination
the
on
effect of the
becomes
after the date of enactment of this Act)
revenue
laws other than this section
Revised Statutes,
of the
error
amended
as
of
correction
of
(whether before,
the
on,
or
provision of the internal-
any
and other than
(relating
of the
then the effect
if there is adopted in the derermination
position maintained by the Commissioner
(in
adjustment would be refunded or credited in the
payment under subsection
(c) )
or
case
of the
the amount
deficiency under subsection
same manner as a
(c) ), wnich position is inconsistent with the erroneous inclusion, exclusion,
omission,
case
may
allowance,
be.
disallowance, recognition,
nonrecognition,
or
the
as
In case the amount of tne adjustment would be assessed and
collected in the
same
manner
as
a
deficiency, the adjustment shall not be
made with respect to a related taxpayer unless he stands in such relation¬
ship to the taxpayer at the time the latter first maintains the inconsistent
position in
a
return,
to the Board of Tax
claim for refund,
or
petition
Appeals for the taxable
year
(or amended
maintained, then at the
time of the determination.
Method
(c)
(b)
of
shall
made
by
(d), in the
adjustment
assessing
crediting, the amount thereof,
tion
as
to
same manner as
and
were a
authorized
collecting,
be ascertained
if it
an
of the
Etc.—The
ascer¬
set-off based
or
subject of the
1932.
1,
Sec. 821.
to
upon
if paid,
item,
any
erroneous
one
shall not be
refund
or
error.
based
loss other
'
1932—No a-justment
of any taxable
be
be refunded
loss other than the
or
Such amount,
error.
amount
or to
under this section,
overpayment,
by any credit
No Adjustment for Years Prior to
(f)
Jan.
shall be
beginning prior to
year
v,'
\
Interest Accruing After Oct. 24, 1933, and Before Aug. 30»
1935,
Interest
on
Delinquent Income, Estate, and Gift Taxes
accruing after Oct.
24,
1933, and prior to Aug.
1935,
30,
on
delinquent income, estate, and gift taxes shall be computed at the rate of
6 per centum per annum.
in
has
been
Any such interest accruing during such period
collected prior
the date of the enactment of this Act
to
of such rate shall be credited
excess
Act.
No interest shall be allowed
TITLE
refunded to the taxpayer, if
or
or
paid
Sec. 901.
such credit
on any
VI—GENERAL
claim
refund.
or
PROVISIONS
Definitions
(a)
When used in this Act—
(1)
The term "person" means an individual,
a
trust or estate, a partner¬
ship, or a corporation.
The term "corporation" includes associations, joint-stock companies,
(2)
'
insurance companies.
(3)
The
venture,
"partnership"
term
or
other
includes
syndicate,
a
unincorporated organization,
pool,
group,
through
or
by
joint
means
of
which any business, financial operation, or venture is carried on, and which
is not,
and
within the meaning of this Act, a trust
the
term
"partner" includes
estate
or
member in such
a
a
or
corporation;
a
syndicate, group,
pool, joint venture, or organization.
The term "domestic" when applied to
(4)
created
United States
or
or
The term
(5)
means
a
corporation
organized in the United States
or
or
partnership
under the law of the
of any State or Territory.
"foreign" when applied to
a
corporation
or
partnership
corporation or partnership which is not domestic.
a
The term "fiduciary"
(6)
means a
guardian, trustee, executor, adminis¬
trator, receiver, conservator, or any person acting in any fiduciary capacity
or
any person.
(7)
The term "withholding agent" means
and withhold any tax
any person
(9)
or
The term
cludes
an
or
144.
association, joint-stock
insurance company.
The term "shareholder" includes
stock company, or insurance
(10)
required to deduct
under the provisions of Section 143
The term "stock" includes the share in
(8)
only the
"United States"
States,
member in
a
an
association, joint-
cOmpany.
the
when
Territories
used in
a
of Alaska
geographical sense
and
Hawaii,
and
in¬
the
District of Columbia.
(11)
The term
(12)
The
as
or
term
in
sub¬
refunding
provided in
subsec¬
means
"Commissioner"
the Secretary of the Treasury.
means
the
Commissioner
of
Internal
(13)
The term "collector"
(14)
The term "taxpayer" means any person subject to a tax imposed
means
collector of internal revenue.
by this Act.
(b)
The
term
and
"includes"
"including"
when
used in
a
definition
contained in this Act shall not be deemed to exclude other things otherwise
within the meaning
of the term defined.
Sec. 902.
If any provision of this
Act,
•
Separability Clause
or
the application thereof to any person or
circumstances, is held invalid, the remainder of the Act, and the applica¬
of
affected
such
provisions
to
other
persons
or
circumstances,
shall not be
thereby.
or
deficiency determined by the
"Secretary"
Revenue.
tion
Adjustment—The
be
so
additions to
as
item, inclusion, deduction, credit, exemption, gain,
petition)
with respect to which the
determination is made, or if such psoition is not so
section
The amount
same manner as an over¬
by the taxpayer with respect to whom
the determination is made (in case the amount of the adjustment would be
assessed and collected in the
There shall then be
deficiency,
same manner as a
manner
than the one which was the
company,
Section 3229
to compromises),
shall be corrected by an adjustment made under this section.
Such adjustment shall be made only
a
final,
is prevented by the operation
error
assess¬
shall be the amount of the
recovered by a claim or suit for refund or suit for
means
Determines the basis of property for depletion, exhaustion,
(5)
error)
credit, exemption, gain,
the subject
was
upon any
and
computing the net income of estates or trusts, or requires or denies any of
as
same
diminished
be
not
which
Allows or disallows any of the additional deductions allowable in
sections of
defi¬
as
of the item, inclusion, deduction, credit,
Unaffected by Other Items,
assessed and collected in the
income of the taxpayer for another taxable year or from the gross
income of a related taxpayer; or
(4)
assessment)
collected without
or
the correct exclusion, inclusion, allowance, disallowance,
Adjustment
(e)
income of the taxpayer for another taxable year
or in the gross income of a related taxpayer; or
(2) Allows a deduction or credit which was erroneously allowed to the
taxpayer for another taxable year or to a related taxpayer; or
(3) Requires the exclusion from gross income of an item with respect to
which tax was
in
adjustment under this section.
ously included in tne gross
the gross
the
therefor is filed within six months after the date of the enactment of this
Requires the inclusion in gross insome of an item which was errone¬
(1)
without
(together with any amounts wrongfully collected,
which
(F) partner,
laws—
tax
by
repaid
the tax by such tax¬
made by such taxpayer, then the
was
collected
the tax or interest, as a result of such
with
tionships: (A; husband
income
as
gain, or loss, which was the subject of the error.
disallowance therein referred to was made, in one of the following rela¬
(b)
made, upon his
decreased
otherwise
or
otherwise repaid in respect of such tax.
or
recognition, or nonrecognition,
the erroneous inclusion, exclusion, omission, allowance,
respect to which
or
(or
made under this section in respect
Act.
sub-section (b)(1),
refunded,
and
ascertained the increase or decrease in the tax previously determined which
"taxpayer" means any person subject to a tax under the applicable Reve¬
nue
previously assessed
inclusion, deduction,
(unless suit is instituted prior to the expiration of such time).
Such term shall not
funded,
of offsetting items) of the claim for refund, and
l^(ii) As to items with respect to which the ciaim was disallowed, in whole
or in part, or as to items applied by the Commissioner in reduction of the
refund or credit, upon expiration of the time for instituting suit with respect
thereto
credited,
his return, or if no return
payer upon
tained
posed of by the Commissioner—
(i)
error was
deficiencies,
as
ciencies, but such amounts previously assessed,
results solely from
^
final; or
the purposes
tax
error
ment, shall be decreased by the amounts previously abated, credited, re¬
1928, as amended;
otner
previously abated,
amounts
means—
which the
increased by the amounts previously assessed
assessment)
respect of such tax; or (2) if no amount was shown
Definitions—For the purpose of tnis section—
(1) Determination—The term "determination under
(a)
laws"
without
collected
(or
year with respect to
The amount of the tax previously determined shall be (1) the tax
made.
was
Sec. 903.
Except
as
Effective Date of Act
otherwise provided, this Act shall take effect upon its enact¬
ment.
Commissioner with respect to the taxpayer as to whom the error was made
oi
an
overpayment claimed by such taxpayer, as the case may be, for the
taxable year with respect to which the error was made, and as it on the date
of the determination
specified in subsection (b)
the expiration of the
periods of limitation
for refund for such taxable year.
one
year
remained before
upon assessment or
filing claim
[Received by the President, May 16, 1938.1
[Note by the Department of State—The foregoing Act having been pre¬
his approval, and not having
been returned by him to the House of Congress in which it originated
within the time prescribed by the Constitution of the United States, has
become a law without his approval.]
sented to the President of the United States for
Volume
146
Financial
This
announcement
is neither
an
The
Chronicle
ni
offer to sell,
nor a solicitation of offers to
buy,
offering is made only by the Prospectus.
any
of these securities.
New Issue
$5,500,000
THE CHAMPION PAPER AND FIBRE COMPANY
*>!,% SINKING FUND DEBENTURES (1938 htm)
Dated March I, 1938
Price
Due
991/20/o plus accrued interest from March I, 1938
to
Copies of the Prospectus
such
September 1,1950
may
date
of delivery
be obtained from either of the undersigned, or from
as are registered dealers in securities in this State.
of the other Underwriters
W. E. HUTTON & CO;
GOLDMAN, SACHS & CO.
March 28,1938
WANTED
CHRONICLES
Jan.
17 1920
Jan.
7 1922
Jan.
5 1924
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9 1926
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Jan.
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Jan.
5 1929
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26 1929
Oct.
be started in time
6 1929
Oct.
But treatments must
12 1929
Oct.
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Oct.
26 1929
July
19 1930
Jan.
3 1931
Jan.
10 1931
July
18 1931
Jan.
30 1932
Jan.
7 1933
Jan.
helping
now costs
America 140,000 lives
6 1934
in
to
spread the information that
be cured, but treatments
can
9 1932
July
Cancer
a
year.
You may save one of these lives in 1938
time.
Call
at
First,
inform
must
by
cancer
be started
yourself thoroughly.
The Red Door of the New York
City
Cancer Committee. Or mail this
coupon.
BANK & QUOTATION
January—1914
January—1919
January—1918
February—1916
New York City Cancer Committee
130 East 66th Street, New York
For the 31 enclosed, send me a
year's subscription to the
Committee's new publication of information, "The
Quarterly
Review." Also send a supply of labels for
my packages.
January—1916
Name
December—1915
Address
•
January—1926
January—1931
January—1933
Will pay 25 centM per copy
WM.
25
B.
DANA CO.
Spruce Street
NEW YORK
If you
are net a
resident of New York City, write for information to the American
York.
Society for the Control of Cancer, 1250 Sixth Avenue, New
THE NEW YORK CITY CANCER COMMITTEE
of the AMERICAN SOCIETY
FOR THE
CONTROL
OF CANCER
June 25, 1938
Chronicle
Financial
nr
;"X:
$60,000,000
Metropolitan Water District
of Southern California
Bonds
4% Colorado River Waterworks Refunding
Dated August
August 1, as shown below
1, 1937
principal office of The Chase National Bank of the City of
New York, or at the office of the Treasurer of the District in the City of Los Angeles. Coupon bonds in denomination of $1.000,
registerable as to principal and interest, and interchangeable with the consent of the District and at the expense of the holder.
Principal and semi-annual interest,
In the opinion
February 1 and August 1, payable at the
of Counsel, these Bonds are Exempt from
interest thereon is
Exempt from present Federal
Personal Property Taxes in California and the
Income and California State Income Taxes
Legal Investment for Savings Banks
and Trust Funds in California
AMOUNTS. MATURITIES AND YIELDS
1946
2.65%
$1,667,000
1952
3.05%
3.40%
1978-81
3.65%
46,000
1953
3.45
1,622,000
3.65
2.70
1,667,000
1982
1947
3.10
228,000
3.50
1,439,000
1983
3.65
2.75
1,667,000
3.15
1948
1954
411,000
$
1,667,000
1955
3.20
1969
3.55
1,256,000
1984
3.65
685,000
H
© to © o o
1,667,000
2.85
1949
1,667,000
1956
3.25
19501 2.95
1,667,000
1957
3.30
3.00
1,667,000
1958-59
1,667,000
3.35
1951
ea. yr.
$1,666,000
ea. yr.
1,666,000
ea. yr.
1970-
3.55
982,000
1985
3.65
1,666,000
ea. yr.
1973-
3.60
660,000
1986
3.65
(Accrued interest to be added)
Circular
The above Bonds are offered
when, as and if received by us,
Wood & Hoffman, Attorneys,
It is
and are approved as to legality by Messrs. Thomson,
Tuller <& Myers, Attorneys, Los Angeles.
in the first instance pending preparation of definitive
New
Weeden & Co., Inc.
Dean Witter & Co.
Ladenburg, Thalmann & Co.
Bancamerica-Blair
Lehman Brothers
BrownIncorporated& Co.
Harriman
Blyth & Co., Inc.
Smith, Barney & Co.
Corporation
bonds.
R. H. Moulton & Company
^Incorporated
The National York Bank
City
Bankers Trust Company
o*
The First Boston
Request
New York City, and Messrs. O'Melveny,
expected that temporary bonds will be delivered
The Chase National Bank
on
Corporation
The Northern Trust Company
Stone & Webster and Blodget
Chicago
J. & W. Seligman & Co.
Phelps, Fenn & Co.
Incorporated
The Anglo California National Bank
Bankamerica Company
San Francisco
American Trust Company
F. S. Moseley & Co.
Bond Department
•
.
San Francisco
R. W.
Roosevelt & Weigold
Stifel, Nicolaus & Co., Inc.
Chicago
Hallgarten & Co.
Pressprich & Co.
Kean, Taylor & Co. ~[B. J. Van Ingen & Co. Inc.
Paine, Webber & Co.
Tucker, Anthony & Co.
Kelley, Richardson & Co, Inc.
[ Now York, June 23,
\
Wells-Dickey Co.
Chicago
Minneapolis
A. C. Allyn and Company
Incorporated
Eastman, Dillon & Co.
Cassatt & Co.
' Incorporated
Arthur Perry & Co., Inc.
Boston
1938.
'
The information contained herein has been
of Los Angeles
Hemphill, Noyes & Co.
Incorporated
Schwabacher & Co.
Security-First National Bank
accepted by us as reliable but it does not constitute a
representation on our part.
@FedFRASER