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JUN 4
JUS. ADM.
1939
LIBRARY
nmmcrrial f
*U> U.
COPYRIGHTED IN 1939 BY WILLIAM B. DANA COMPANY,
NEW YORK.
ENTERED AS SECOND-CLASS
S.^^^FAT.
OFFICE
MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, JUNE 3,1939
25
mU
Spruce St., New York City
BANK
NATIONAL
COMPANY
DO JO
•
CHASE
THE
TRUST
BROOKLYN
QQRQ
MO
William B. Dana Co., Publishers,
lssued%6?8%4p°Ynl8araCopy_
VOL. 148
OF THE CITY OF NEW YORK
Chartered 1866
George V McLaughlin
Maintaining effective cor¬
President
respondent bank service
BROOKLYN
NEW YORK
Member Federal
is
traditional
a
policy of
the Chase National Bank.
Deposit Insurance
Corporation
Broaden your customer
with
service
Chase
cor¬
respondent. facilities.
Member Federal
FUNDAMENTAL
Deposit Insurance
Corporation
Canadian
INVESTORS
Securities
INC.
DIRECT PRIVATE WIRE
TO
Underwriters
of
TORONTO
and
Prospectus on
request
in
dealers
capital issues
States
United
Government, State, County and
from authorized dealers in all prin¬
Municipal bonds and in Public
cities or Fundamental Oroup
Corporation, Jersey City, N. J.
cipal
Utility, Railroad, Industrial
and other investment
T'he
securities.
FIRST BOSTON
Harriman
CORPORATION
-
BOSTON
NEW YORK
Hallgarten & Co
AND OTHER
Established J8SO
NEW
63 Wall
CHICAGO
PRINCIPAL CITIES
"
Street, New York
Chicago
Philadelphia
Boston
SAN FRANCISCO
PHILADELPHIA
Ripley & Co.
Incorporated
Representatives in other
leading Cities
YORK
London
Chicago
City of
Philadelphia
New\orkTrust
Commonwealth of
Pennsylvania
BEAR, STEARNS & CO.
Bonds
ONE WALL STREET
NEW YORK
Capital Funds
.
$37,500,000
.
Moncure Biddle & Co,
PHILADELPHIA
IOO
40TH
HOMER & CO., INC.
40
BROADWAY
ST. &
FIFTH
MADISON AVE.
AVE. & 57TH
ST.
to
Banks and
Dealers since
NEW YORK
Exchange Place, New York
Service
1888
'
HORNBLOWER
European Representative's
8
CarlM. Loeb,Rhoades&Co.
61
Office:
Paris
WEEKS
Established 1888
,
LONDON, E. C. 4
40 Wall Street
NEW YORK
Members New
*
Amsterdam
&
STREET
BROADWAY
NEW YORK
London
KING WILLIAM
Member of the Federal Deposit
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Insurance Corporation
"
ii
Financial
June 3, 1939
Chronicle
General Motors
Acceptance Corporation
NOTICE OF REDEMPTION OF
Ten-Year 3%
between
$50,000,000
Debentures, Series due 1946, issued under Indenture
General
Motors
Acceptance Corporation and The First
City of New York, Trustee, dated August 1,1936
National Bank of the
To the Holders of the above'described Debentures:
•
-
Notice is hereby given that, in accordance with the
provisions of Section I
of Article Three of the above-mentioned
Indenture, the undersigned has elected
to
redeem
principal
on
August 1, 1939,
amount of
at 102j/2% of the principal sum, $50,000,000
the Ten-Year 3% Debentures, Series due 1946, being all of
the
Debentures of the Series due 1946
outstanding under the said Indenture, and
accordingly there will be redeemed and paid all such outstanding Debentures of
the Series due 1946.
Debentures will be
redeemed on and after August 1, 1939, at the redemption
price of 102/z% of the principal sum thereof at the office of J, P. Morgan & Co.,
23 Wall Street,
Borough of Manhattan, City and State of New York, upon
presentation and surrender of such Debentures and also, in the case of coupon
,
Debentures, of the
coupons
maturing after such redemption date.
v
"
,
Coupons due
August 1, 1939, and also
any previously matured coupons not paid on coupon
Debentures may be detached and collected in accordance with the terms thereof.
The interest due
coupons
August 1, 1939, will be paid
in accordance with the
tures, if payment to anyone
.
Debentures
,
•
must
terms
thereof.
on
registered Deben¬
other than the registered holder is desired, such
Interest will
1
be accompanied by instruments of assignment and transfer duly
executed in blank.
k
.
'
cease
August 1, 1939.
registered Debentures without
With respect to
the
on
-
3% Debentures, Series due 1946, from and after
'
.
'
\
'
GENERAL MOTORS ACCEPTANCE CORPORATION
By George H. Bartholomew, Secretary
Dated: May 29, 1939
Dividends
THE ATLANTIC REFINING CO.
German Government International
PREFERRED
NUMBER
DIVIDEND
5v2%Loan 1930 (Young Loan)
13
At
Pursuant to the official statement published by the German
Consulate General in New York on May 30,1939, the undersigned
Company hereby gives notice that the June 1,, 1939 coupons
appertaining to bonds of the American Tranche of the Young
Loan stamped "U. S. A. domicile 1st October 1935" will be pur¬
chased
on
and after the date of
maturity either at the office of
Co., 23 Wall Street, New York City,
or at any of its own offices in the United States.
The purchase
price will be $20 per $27.50 face amount of such coupon, which
is the same price as heretofore paid by the undersigned Company
for stamped coupons of the
Young Loan which matured on
Messrs. J. P. Morgan &
December 1,
to
and
1935, and which have matured since that date
those
on
which
Reichsmarks
one
ort
May
have
offered for the June 1, 1935, and subsequently
heretofore
matured
been
coupons
dividend of
pany,
payable
August
1,
1939,
to
stockholders of record at the close of
business
July
1939.
5,
be mailed.
w M
Checks
will
O'CONNOR
Secretary
May 31,1939
61
Broadway, New York, N. Y.
Dye Corporation
Broadway, New York
May 31,1939
Allied Chenvcal & Dye Corporation
has declared quarterly
dividend No. 73
of One Dollar and Fifty Cents ($1.50)
per
share
on
Company,
HAMBURG-AMERICAN LINE
57
a
Convertible 4%, Series A/of the Com¬
whose
of unstamped bonds of the Young Loan.
May 31, 1939.
31/ 1939,
dollar ($1) per share was declared
the Cumulative Preferred
Stock
Allied Chemical 8C
or
June 1, 1939 coupons are not stamped with the above-quoted
legend may obtain Reichsmarks (Young Marks) on the same
as
meeting of the Board of Directors
up
including December 1, 1938.
Holders who fail to avail themselves of this offer
terms
a
held
common
the Common Stock of the
payable June 20,
1939, to
stockholders of record at the
close of business June 10, 1939.
W. C. KING,
For other dividends
see
pages
Secretary
iii and
v
Volume 148
Financial
The Billion
Chronicle
Dollar Buyer
The United States Government is
interested in
to
everything from
billion dollar
a
buyer—
clips and rubber bands
paper
construction projects like
great
m
TVA and Shasta
Among the customers of financial institutions
Dam.
are
con¬
tracting firms, manufacturers, and supply agents who would
like
share of this tremendous business.
a
The United States
Fidelity and Guaranty Company maintains at Washington
Government Service Bureau, the facilities of which
its clients.
We shall be
glad to send to
describing these facilities.
you a copy
of
a
a
free to
are
booklet
It explains how full and regular
information
struction
can be obtained on
government supply and con¬
projects in ample time to filq bonds and submit bids.
Copies of the booklet—CULTIVATING THE BILLION
DOLLAR BUYER—are available at the various U. S. F. & G.
offices
in
the
United
States
and
Canada;-
if
or,
you
prefer, write to the Secretary of the Company at Baltimore.
Agents of the U. S. F. & G.
are
found in every city.
S. F. & G.
UNITED
STATES
FIDELITY AND
GUARANTY
COMPANY
with which is affiliated
FIDELITY &
GUARANTY FIRE CORPORATION
HOME
BALTIMORE
OFFICES:
Dividends
Offer to Holders of Certain
Hungarian. Municipal, Ecclesiastical and
Beneficial Industrial
DIVIDEND
Dividends
have
The
NOTICE
been
as
Cash
by
follows:
PREFERENCE STOCK
per
Foreign Credits
of
at.
Budapest,
share
45^ per share
during the period stated, at the rate of $8.75
are
payable June
30, 1939 to stockholders of record
at
close of business
June 15, 1939.
E. A. Bailey
June 1, 1939
per
coupon
detached from
a
$1,000
bond.
Such payment will be made through its Central Paying Agents in New York,
SCHRODER TRUST COMPANY, 46 William Street, New York, N. Y.
This
Offer
does
apply to coupons attached to any of the securities below
have been stamped and registered as being in Hungarian
ownership under the Decree of the Hungarian Cabinet Council, No. 300/1936 M. E.
and is made only to persons resident outside of the
Kingdom of Hungary or firms or
corporations situated outside Hungary, excluding branches thereof in
Hungary.
which
not
shall
Name of Issue
dividends
announces
Coupons
presented
in acceptance of this
Offer
must
be
transmitted
to
SCHRODER TRUST COMPANY, as Central Paying Agents of the Cash Office of
Foreign Credits, together with a form of letter of transmittal which is obtainable
from such Paying Agents.
COMMON STOCK
Both
Hungary, hereby
pursuant to the Offer of the Cash Office, published on July 23, 1937, it will
redeem coupons of the maturity, and with respect to the issues, hereinbelow specified,
mentioned
$2.50 Dividend Series of 1938
62j/20
Office
that
declared
the Board of Directors,
PRIOR
Private Long-Term Bonded Debts
.
Loan Corporation
CITY
6%
OF
BUDAPEST
Gold
BRITISH
Bonds
AND
of
HUNGARIAN
7V2%. thirty-five
gage
Gold
Sinking
Dollar issue
year
Bonds,
Treasurer
June 1, 1939.
External
*
Coupon Date
Sinking
Offer Expires
Fund
1927
June 1, 1939
BANK
November 30, 1939
June 1, 1939
November 30, 1939
LTD.
Fund
Mort¬
i..
financial
w
flmnmrW §
Vol
148.
JUNE
No. 3858.
1939
3,
CONTENTS
Editorials
page
The Financial Situation
Government
3273
It Is.
as
_-^__3284
-
Germany and Her Proximate Objectives-
—
-_._3285
Comment and Review
Week
the
European Stock ExchangesForeign Political and Economic Situation-on
--3277
3277
Foreign Exchange Rates and Comment
Course of the Bond Market
3281 & 3326
-----
-
on
the New York Stock Exchange.^..
Week
on
the New York Curb
-
—3275
Exchange----—
__3323
News
Current Events and DiscussionsBank and Trust
3303
-
Company Items--
3322
General Corporation and Investment News
Dry Goods Trade
State and
3289
..
Week
'
3288
-
Indications of Business Activity—
—-3367
3408
...»
Municipal Department--
—
-
—3409
Stocks and Bonds
Foreign Stock Exchange Quotations
----3331 & 3333
Bonds Called and Sinking Fund Notices.--Dividends Declared
Auction Sales-New York Stock
New York Stock
_
__3326
3326
--------
3326
l-----
Exchange—Stock Quotations.
^3334
_
Exchange—Bond Quotations.-3334 & 3344
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations.
_.i3354
Exchanges—Stock and Bond Quotations
-.—3356
Other
3350
Canadian Markets—Stock and Bond Quotations
3360
Over-the-Counter Securities—Stock & Bond Quotations.3363
Reports
1—-
Foreign Bank Statements
.13280
-
Course of Bank Clearings
3324
t
Federal Reserve Bank Statements...:
3303 & 3331
General Corporation and Investment News...
.3367
Commodities
'
.
The Commercial Markets and the
Crops.,...
>A •
_^_3399
Cotton
3401
Breadstuff s
3405
Published Every Saturday Morning
by the William B.
Dana Company, 25 Spruce Street, New York City.
Herbert D. Seibert, Chairmai of the Board and
Editor; William Dana Seibert. President and Treasurer; William D. Riggs, Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June
23, 1879, at the post office at New York, N. Y.t under the Act of March 3, 1879.
Subscriptions
in United States and
Possessions, $18.00 per year, $10.00 for 6 months; in Dominion of Canada. $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6
months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line. - Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances,
for foreign subscriptions and advertisements must be made in New York funds.
"
»
»
,
,
.
The Financial Situation
WHILE certain advocates of "social insurance" being whenaside fact is that the accruing under the
the
found
with the
plan, laid the to meet liabilities
collected
who have
from
first
fault
rejoicing
are
the prospect of at least
over
abandonment of the so-called
going ultimately into the general fund of the Treasury
partial
a
principle and
reserve
and
a
are
come
postponement of prospective increases in taxation in
there subject to
to the Treasury.
scheme,
This
Of
ground that purchasing
event be
an
sharply
so
in
cur¬
plan
are
unless
come
"Great
which
to
for
long
so
the so-called full
principle for old
re¬
pensions has always been
mystery, since few if
advisers
press
qualified
cated
and
have
under
no
oppose
in the
the
advo¬
" ever
recommended it,
or
tions
ex¬
on
opinion
an
subject
No
levy of taxes in
nection with any
one
with
As
program.
"breakdown"
other, it
Yet
it
is
fact
a
positions
taken
a
a
they
any
the
it
stands,
or
of
any
Neither
tions"
the
paid
as
which
"contribu¬
now
nor
size of the so-called
fund has any
the
reserve
direct bear-
taxes
things
we
we
now
our
actually do that
place
whether
upon
the
scheme
down" at
will
some
or
not
"break
future date.
Nor does the collection of
taxes
"curtail"
now
chasing
pur¬
in the
apparently supposed by
some.
serious
a
tinued and cumulative
nomic
eco¬
and
progress
thus
weaken the basis for taxes
time
some
in
the
future,
when funds must somehow
be raised to meet matured
obligations;
plan
this
simply
reserve
enables
the
politicians to tax the
national
peo¬
ple in the
sulting
isolationism is what
as
most
of
of social
name
funds
for
re¬
wholly
different purposes.
call
us
names—in
Not New
a
in
many
such thing in mind
as
instances
Another
rather
the Secretary de¬
..."
*•
attend to
our
own
knitting
the social
we
popular
is
can
essentially
new
under
its
as
something
the
sun
and
is
con¬
therefore
generis in this respect.
The
fact
the
is
general
principle of finance
appear¬
ing here is found in
stantial
number
a
of
sub¬
other
so-called trust funds with
the
avoid becoming entangled
of
sort
" same
sound fiscal
The
ment.
conflicting ambitions and quarrels of
other peoples is not to advocate what the
Secretary of State seems to consider isolation¬
ism; but by whatever name it may be called we
are strongly of the view that such
entangle¬
ments should be most scrupulously and intel¬
ligently avoided.
sion
old
rangement
result
manage¬
age
pen¬
account
reserve
ar¬
in force
as now
involves, perhaps, the larg¬
est amount of money, or
least will do
for that
The really valid and
far
as
financing, is
cerned,
sui
that
security scheme
'
upon
To insist that
apparently
common
misunderstanding is
have
sense
power
en¬
pur¬
can
in the
ing
for
obstacle in the way of con¬
citizens.
'
measure
levied
taxes
scheme is to
is
isolationists
we
purchasing
larger
dangers the solvency of the
peaceful economic relationships of all sorts
other nations,
encourage
trade with
them, and in general do what we can to give
all peoples peaceful access to all the world's
resources to
the end that all people prosper
in proportion to their abilities, initiative and
physical proximity to needed resources.
It is when the Secretary and, upon occa¬
sion, the President, talk rather vaguely about
"our appropriate role as a member of the
family of nations," and the like, that uneasi¬
ness
arises, in
the
breasts
of
thoughtful
replace it.
may
nation to meet the
with
standing of the • financial.
program
a
do
"cur¬
reserves
in
or
entries
other purposes. What these
well,
and usually does, subscribe quite fully to the
Secretary's doctrine that we should cultivate
lamentable lack of under¬
aspects of the
as
not
are
The citizen of the United States who insists
that
are
to reveal
appear
endowed, they
as
current
than
with
resources
scribes.
both
by
of critics
decline of
country,
called
come.
disheartening,
sense
since
this
an¬
that
material
Germany, Autarchie; in
policy of economic self-suf¬
ficiency.
He speaks of "the advocacy of na¬
tional isolation, which is frequently heard in
this country," but we doubt whether the so-
a "
pro¬
or
well
may
these groups
in
the
of
at one time
gram,
to
the
bookkeeping
power
who has
care
think of
secur¬
taxes
so
suppo¬
security and spend the
by other
ity
exact reverse
thought about the subject
likely to find fault with these
declarations, but what the Secretary seems to
con¬
phase of
the so-called social
The
wants."
greater temperance
that these
tail"
efficiency
and, consequently, an inexorable lowering in
the
level
of
satisfaction
of
our
people's
likelv to
is
are
Some of the
a
a
known
our
would be
present condi¬
one
disastrous illusion than
perhaps pro¬
duce domestically, but at a much higher cost
in terms of economic effort than is required
for the production of exports with which we
now buy these foreign
products.
For others,
we can develop substitutes of inferior
quality,
and again at a relatively higher cost.
Still1
others we cannot produce at all, and if we did
not import them we would have to do without
them altogether.
In each case the net result
a
to
■
more
chase in other countries
any
it involves
the
country is
industries.
age
as
sition
take
we
people on the level of well-being
to which we aspire.
Today we supplement
our
own
resources
by imports from abroad,
some of
which, like rubber, tin, manganese,
though small in relative volume, are essentials
to the functioning of our greatest national
insisted
upon
as
our
needs of
Why
serve
Sunday evening last
sufficient to enable Us
the President from the first
and
on
domestic problems.
great
higher taxes
levied meanwhile.
are
far
is true.
plan is in danger of break¬
years
at once
purposes
curtailment idea
power
Course, but—
the thought that a policy of national isola¬
tion would make it easier for us to solve our
predicting that the entire
ing down in the
Chicago
the following:
"There is no
tailed, other critics of the
Administration
fact that the funds
currently used for miscellaneous
are
From the address of the Secretary of State
,
would not in such
power
very
demolishes the purchasing
the'
on
all calls for funds which
any or
connection with the old age
pension
are
moneys
system installed by the Washington Administration
so
in
reason
is
possibly
the most important, but several of the others
far
are
urgent objections both to the taxes imposed and the
from negligible in size.
so-called
much confusion of thought concerning this entire
reserve
the taxes take is
that
reason
reserve
a
particularly vicious
ought to be altered
or
The form
one,
and for
dropped, and the
principle is grossly misleading in that it gives
rise to the
or
principle lie elsewhere.
supposition on the part of the uninformed
the ill-informed that somehow funds
are
actually
subject, it
more
may
Since there
at
time, and
appears
be well to summarize
to be
some
of the
important, although to the matriculate
monplace, facts of the
so
corn-
case.
To begin with the old age pension scheme.
The
Social Security Act in 1935 established the old
age
Financial Chronicle
3274
reserve
Each
account in the Treasury.
year
Congress
estimated by the Treasury to be
necessary to meet the requirements of the account,
These funds go into this account, and the Treasury
is in effect, though not technically, provided with the
approximate amount of money required for the purpose from "contributions,", or, technically and really,
appropriates funds
levied
taxes
on
employees
Treasury is then required to
these funds not
and employers.
"invest" the portion of
required to meet current withdrawals
obligations of the Treasury itself.
in
The
Through April
total receipts of the account amounted to
of this year
At the end of April the account
$1,142,'700,000.
held Treasury
obligations in the amount of $1,044,-,
June 3, 1939
,
available for any purposes a servile
billions in cash
Congress under the influence of pressure groups
might happen to devise, the danger to sound budget-
management is painfully obvious,
observe the workings of these
financial expendients during the first ten months of
the current fiscal year. Take the two social security accounts, the Old-age Reserve Account and
ary
It is instructive to
the latter the
inclusive deposited some |657,000,000 and withdrew some $368,000,000, leaving a net increase of $289,000,000. To
this latter figure we must add some $12,200,000 in
interest paid by •the Treasury upon, the investments" of the fund. This gives a total of . some
$301,200,000. The Treasury fell heir to practically
all of these funds ($300,000,000 to be exact) through
the Unemployment Trust Fund. Into
States from July 1 last to April 30
obligations
dollars for
general purposes which it otherwise would not have
had.
It is true, of course, that the funds were pro-; sale to the fund of its obligations.
Social security
vided in the first place by taxpayers, but most of
taxes collected during the ten months in question
these latter supposed in their innocence that they
amounted to about $509,000,000, but as alwere not merely paying taxes in the oridnary sense
ready indicated these funds do not go directly
of the,term, but were contributing to a fund which
and as such into the Old-age Pension acactually provides the money for benefits to them at
count, but rather Congress appropriates certain
some later date.
amounts from the general fund (into which these
The same Act made provision for an unemploytaxes go, of course) to the Old-age Reserve Account,
ment trust fund into which the various States
Actual transfers to the Account during the period
would deposit sums collected in taxes in the name
in question amounted to some $397,000,000. Someof unemployment insurance.
Here again all funds
what less than $11,000,000 was actually paid in
not required for current withdrawals by The States
benefits, while the Treasury borrowed practically
are invested in Treasury obligations, which means,
all the remainder by issue of its own obligations to
of course, that the Treasury obtains the cash for
the Account, the amount of such borrowing being
its own use.
It is in effect an arrangement whereby • approximately $382,000,000.
Thus from these two
the States lend to the Federal Government—alfunds alone the Treasury during the first ten
though, of course, described in the statute in quite •months of the current fiscal year obtained some
different terms.
Through April of this year the
$682,000,000 with which to whittle down its actual
States • had deposited some $1,715,000,000 in this
cash deficit to $2,131,000,000!
Since the Treasury sold these
300,000.
cash, it has had more than a billion
for
■
'
fund and the
A Matter of Immediate Concern
Treasury had paid it in interest some
$30,200,000. Meanwhile the States have withdrawn
only some $560,500,000 leaving a balance of about
It may be said, of course, and probably with a
considerable degree of truth, that as long as Treas-
$1,184,600,000 of which $1,172,000,000 was invested
ury
in
(Thus there came into the
Treasury obligations.
possession of the Treasury substantially more than
a' billion additional dollars which the politicians
squander without having to account for its
could
deficits
glorified, and converted (in the vain
are
imaginings of amateur economists and politicians)
into instruments with which to induce general rethis devious mode of providing the Treasury
covery,
with funds to meet the demands of hungry poli-
provision, since in this case the States did the tax-
ticians is
ing.
is to be hoped that
•
v
a
matter of secondary importance, but it
we
have reached or are about to
'
Does all this
stances
it
seem
incredible?
In other cireum-
Yet the financial ar-
certainly would.
rangements made to give effect to the social
curity
There
and
se-
found elsewhere also,
is, for instance, the Civil Service Retirementprogram,
so-called,
are
Disability Fund which dates from 1920 and
which
holds
now
several
hundreds of
.dollars of special Treasury
millions
of
obligations; the United
States Government Life Insurance Fund established,
for
1924
in
which holds
the
even
benefit
of
World
War
veterans
larger amounts of Government ob-
ligations; the Railroad Retirement Account; and a
number of other smaller funds
which in
one
degree
or
or
accounts, all of
another divert into general
reach the end
of
this
nonsense
applied' to public
policies at least where the vast number of informed
and thoughtful voters
is
now
are
problem in the future, to find
making
The problem
concerned.
and it certainly will be increasingly the
much
more
•
ways
sensible
and means of
attitudes
toward
budgetary control effective in this practical worka-day world.
The most formidable foes which have-
to be encountered in this
pressure
groups
profligacy.
struggle are the so-called "
vested
representing
Such lobbies
are
always
interests in
more
difficult
to combat successfully when ways and means exist
of raising funds for what they want without
pearing to tax the people for the purpose.
ap-
These
funds
paid the Government for special purposes
various funds and accounts in the Treasury that
by
means
of this device of "investing" surplus funds
operate in the way already described to enlarge the
in
Treasury obligations.
use
were
At the end of April there
outstanding "special" issues of one sort and
another
amounting to little less than $3,500,900,000.
When it is recalled that most of the
ing in this
way are
that the full reserve
age
agencies operat-
but a very few years old, and
principle as applied to the old
pension program would net the Treasury untold
cash
resources
available at any given moment
are
certain in the future to prove a serious stumbling
block to any return to sound and conservative fiscal
management
in
Washington
unless
changes
are
made in existing arrangements,
The truth of the matter is that
security,
or any
so
far
as
social
other sort of security, is concerned,
Volume
no
Financial
148
to demand
an
financial
end to such devious
schemes than those who have
stake in the "bene¬
a
fits" for which the Federal Government is
itself from
self.
The
the taxes
the
of such
the size of
Treasury, but rather
enterprise
as
the health and vigor
upon
industry in the
cash must be
the
must
certainly not upon
and
purely bookkeeping "reserves" set up in
of American
business
plans depends not upon
paid long in advance of the maturity of
obligations assumed,
the
pledging
day to day or has already pledged it¬
success
It is
to come.
years
it will exist at the time when
found for such
payments which
provide the wherewithal to meet these obliga¬
tions.
Government, unless it is to become
com¬
pletely totalitarian, must in the nature of the case
depend
tain
its credit and its taxing
upon
the funds.
There
are
be
vigorous in the
as
to ob¬
power
things that need
many
to be done to make certain that
will
$1,232,000
child in the country has a better
man, woman or
reason
industry and trade.
to
$13,672,936,000.
$1,176,761,000.
Total
institutions receded
Reserve
Federal
notes in actual circulation advanced
deposits
$30,385,000 to
with
regional
the
$31,460,000 to $11,535,315,000,
with the account variations consisting of a decline
of member bank
$10,029,051,000;
account
balances
reserve
by $67,568,000 to
increase of the Treasury general
an
by 1,910,000 to $920,325,000
;
a
rise of for¬
eign bank deposits by $3,265,000 to $281,806,000,
and
advance of other
an
$301,130,000.
The
were
deposits by $21,903,000 to
un¬
Discounts by the regional banks
$3,000 to $1,058,000.
up
declined
remained
ratio
reserve
changed at 85.1%.
Industrial advances
$338,000 to $12,187,000, while commitments
to make such advances fell
$105,000 to $11,530,000.
Open market holdings of bankers' bills
were
un¬
changed at $561,000, while holdings of United States
Treasury
securities
equally
were
motionless
at
$2,561,015,000.:
to come as it is
years
3275
Chronicle
The New York Stock Market
humanly possible to make them, and that the ability
the
of
Government
to
borrow
to
or
raise
funds"
BUSINESS on the Newwith price changes small
York financial markets
this week,
dull
was
through taxation will be at
but
nothing is
ting
more
urgent
a
practical maximum,
financial house in order.
our
vital than get¬
or more
and
irregular.
There
were
few developments of
nature to influence stock levels
one
way or
.
and the attitude of traders and investors
Federal
Reserve
that of
Bank Statement
of
business
and
CHANGESdue, the official to the usual sharp are
chiefly in this week, banking statistics
pansion of currency in circulation resulting from
the
ex¬
combination 4of Memorial
requirements.
All
Day and month-end
in circulation advanced
the
A
measures
holiday
Memorial
reduce
Day
trading
in
previous
on
the New York
The downward effect of this factor
around the
it;
bank
on
reserves
remained
stocks
of
the
the
major influence.
Monetary gold
country increased $29,000,000 in the
weekly period to $15,956,000,000, which naturally is 6
high record.
Member bank reserve bal¬
•another
fell
ances
$67,568,000, while
legal requirements
mated
were
of
aggregate
level may
reserve
excess
reserves
down $80,000,000 to
$1,220,000,000,
be reduced somewhat
But the current variations of
ury.
of little
importance in
would have to be lowered
any
in mid-
crease
been
of idle bank
effective
tremendously to exercise
States
resources
in
mainly
Treasury securities.
reserves
' The
rapid in- *
in recent months has
the. market
That
an
for
United
effective
com¬
mercial demand for credit accommodations still is
to
Equity
Exchange ranged
Monday, Wednes¬
on
the
in
than
figure.
Price variations
investment
category showed
Fractional
others.
little "
here and there.
groups
V
The
small in
were
of issues, but it is noteworthy that stocks
better results1
advances
the industrial leaders.
event, for the total
genuine and lastihg influence.
any
under this,
all groups
were
more
excess
600,000-share level
stocks
excess
tended
day and Thursday, while dealings yesterday were
among
June, owing to heavy tax payments to the Treas¬
are
Stock
esti¬
The
in
prevailed,
weeks and months.
over
an
This
observance.
business
offset, in part, by fresh gold acquisition, but
contemplated
atmosphere
from the extremely poor levels
even
current
was
was
course
owing to the suspension of business, Tuesday, for
$75,000,000 in the statement week ended May 31.
money
again
waiting for fresh indications of the
Washington.
the
a
the other
changed,
rule
the
were
Utility and railroad
save
for special issues
Merchandising, airplane and other
attracted attention at times.
impression prevailed early in the week that
revision of the
straitjacket tax structure might be
permitted by the Administration:
Statements by
Secretary of the Treasury Henry Morgenthau Jr.,
last
late
week, fostered this notion, and
a
mild
degree of optimism prevailed in consequence.
The
gains
were
modified
Thursday, partly because
on
of the adverse effect of the Russian
the
question
of
joining
the
temporizing
Anglo-French
on
anti-
lacking is indicated by the condition statement of/ aggression alliance.
The tendency yesterday was
New York City reporting member banks.
In the
better, so that the good note of early dealings was
week to May 31 such banks found their business
restored. ' Important developments were confined
loans
off
$8,000,000
brokers and dealers
at
on
$1,361,000,000.
Loans
security collateral
were
to
up
$3,000,000 to $568,000,000.
The
banks
Treasury in Washington continued its
somewhat
a
recent
gold certificates than
to
reflect
much
change.
made toward remedial legislation in
Washington, but this
was
offset in good part by
announcement, Wednesday,
that the
an
Central RR.
of New
Jersey will seek Interstate Commerce Com¬
approval for
reversal of the unofficial "sterilization" of
to
and
was
mission
tion.
a
plan of fixed charges reduc¬
The Eastern railroads announced
mains
to
be
seen.
In
move
on
Washington
strategy was toward fresh Federal
of currency
deficit
total
reserves
Because of the rapid
into circulation, other cash
of
the
12
banks
dropped
on
day a plan for passenger fare reductions
trips, but the effect of this
$13,317,722,000.
movement
fell
carriers^ failed
actu¬
gold in the latter part of 1938 and early this year.
The
gold certificate deposit amounted to $35,-001,000, raising the total holdings of the 12 regional
banks
the
received in the form of metal, this consti¬
was
tuting
more
of
Progress
policy of depositing with the 12 Federal Reserve
ally
mainly to the railroad situation, but the equities
the
on
same
round
earnings
the
re¬
apparent
spending and
financing, Which left the markets somewhat
nervous
as
to the ultimate course of events.
Financial
3276
to
into
It
due next
that notes
indicated
be refunded with
will
an-
will be sought on the June quarter-date,
money
was
especially after
higher ground,
notes to be refunded
a
September
short-term issue, and the
thereupon fell % point
Best-
grade corporate bonds were quiet and firm. In the
new
issues field business was confined to taxexempt securities, mostly of short maturities.
in
at 80 against 82%; Interna59% against 59%; Sears, Roebuck & Co. at 75% against 75%; Montgomery Ward
& Co. at 50% against 50%; Wool worth at 46%
against 45%, and American Tel. & Tel. at 164%
against 164.
Western Union closed yesterday at
20% against 20% on Friday of last week; Allied
Chemical & Dye at 165% against 165; E. I. du Pont
de Nemours at 146% against 146; National Cash
Register at 18% against 18%; National Dairy
tional Harvester at
quiet demand, but foreign dollar securities were
The commodity markets returned to dul-
neglected.
after the bulge in grains of the two previous
ness
weeks, but the better levels were, generally mainBase metals remained idle.
tained.
The
foreign
ex-
change markets were quiet throughout, with hardly
for
States
shipment from Europe to
were
smaller
a
on
weeks.
scale
On
York
New
the
in
than
Stock
levels.
low
new
year
65
On
Stock
on
22% against
high levels and 15
Mfg. at 96% against 95%; Lorillard at
22%; Canada Dry at 16% against 16%; Schenley
loans
remained
the
on
Distillers at 13% against 13%, and National Dis-
unchanged
/
Exchange the sales at
tillers at 25% , bid against 26.
In the rubber group, Goodyear Tire & Rubber
382,460
closed yesterday at 27% against 27% on Friday of
last week; B. F. Goodrich at 17% against 17%, and
on
Saturday last
Decoration Day and
was
change;
at
against 36; Eastman
162% ex-div. against 163; Standard
6% against 6%; Westinghouse Elec. &
Monday they were 603,420 shares; Tues-
half-day session
shares;
day
York
at
Brands
Curb
:
the New
Kodak
Call
new
Exchange
16% against 16; National Biscuit at
against 26%; Texas Gulf Sulphur at 28% against
29%; Continental Can at 37%
stocks
York
1%.
the
27
while 11 stocks
the New
low levels.
new
Stock
York
Exchange
On
Exchangte 59 stocks touched
stocks touched
Products at
earlier
"
high levels for the
new
touched
New
engage-
the United
\
touched
at
Gold
business done early in the week.
any
ments
at 37 against 37%; J. I. Case
of N. J.
Service
were
speculative tinge
took form.
Threshing Machine
Rail-
road and other bonds with a
the session
recovery
by the Treasury on Thursday that no
nouncement
new
as
States Treasury securities continued
United
move
progressed a tendency toward modest
In the final hour prices yielded
to uncertainty and closed the day irregular. Closing prices yesterday, when compared with final
quotations on Friday of last week, show also irregular changes.
General Electric closed yesterday at
35% against 35% on Friday of last week; Consolidated Edison Co. of N. Y. at 31% against 31%;
Columbian Gas & Elec, at 6% against 6%; Public
bond market was quiet and generally
The listed
firm.
June 3, 1939
Chronicle
on
a
were
holiday
the Ex-
on
Wednesday, 664,570 shares;
on
U. S. Rubber at 41% against 41%.
The
Tliurs-
day, 598,540 shares, and Friday, 397,040 shares.
week.
shares show mixed
railroad
changes this
Pennsylvania RR. closed yesterday at 18%
On the New York Curb Exchange the sales 011
against 18% on Friday of last week; Atchison To-
Monday;
peka & Santa Fe at 29% against 28%; New York
Saturday
last
were
82,995 shares;
shares;
Wednesday,
on
Thursday, 89,135
62,975
shares,
and
95,455
v"
Central at 15 against 15%; Union Pacific at 95 ex-
dir. against 97; Southern Pacific at 13% against
•
13%
from the steel industry lent encour-
agement to the stock market
under the
on
79,760
shares;
Friday,
on
shares.
Good reports
on
on
improvement became quite general throughout.
Monday
h
sluggishness
featured
On
trading until the
Southern Railway at 15% against 15%, and
The steel stocks present a higher trend the present
Saturday last, and
leadership of the steel shares fractional
;
Northern Pacific at 8% against 8%.
week.
United States Steel closed yesterday at 48%
against 48%
at
79%
on
Friday of last week ; Inland Steel
against
76%;
at 57%
Bethlehem' Steel
closing hour, when the better showing in estimated
steel production for the week influenced
prices. As
against 57%, and Youngstown Sheet & Tube at 36%
a
closed yesterday at 2% bid, unchanged from Friday
consequence,
to above one
and
a
stocks moved forward from fractions
point.
holiday
on
one
of last week; General Motors at 44 against 44%;
Chrysler at 69% against .69%.; Packard at 3%
opening'on Wednesday after its
against 3%, and Hupp Motors at 1% against 1%.
Decoration Day
was
day respite, with equities commanding the best
values in
a
couple of months.
In the first hour: trad-
ing reached its peak, and from then
less keen due to reports
ing
an
seeking
Russia.
tinued
an
so
up
was
frequent and
sharper and prominent issues
Heaviness
featured
one
trading
on
Thursday
refusal to accept
military pact of England and France.
volume for the
declines
day
was small but broad
were
the
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 43% against 44 on Friday of last week;
Shell Union Oil at 12% against 11%, and Atlantic
.
Refining at 29% bid against 20%.
group,
Sales
and per-
rule, leading issues net-
In the
copper
Anaconda Copper closed yesterday at 24%
against 24%
on
Friday of last week; American
at 41% against 43%, and
Smelting & Refining
Phelps Dodge at 33% against 33%.
Trade and industrial reports had a more opti-
gave
point from former
following the Soviet Government's
si stent
con-
to a brief interval before closing, when
from fractions to above
levels.
the
interest
anti-aggression pact with Soviet
Transactions became less
recessions grew
up
on
coining from London reveal-
impasse in the negotiations of England and
France
In the motor group; Auburn Auto
The mar-'
Tuesday
the various Exchanges.
ket did well at-the
against 36%.
mistic
was
appearance
than in several months, but this
apparently due in part to termination of the
recent bituminous coal strike and to quickened steel
production at the cut-price rates quoted for a time
to
Steel operations for the
automobile makers.
week ending today
are
estimated by American Iron
ting losses of approximately two
and Steel Institute at 52.2% of capacity against
the
48.5% last week, 47.8%
day.
but the
or more points on
Sales turnover declined further yesterday,'
opening tone of the market was steady, and
this time last
year.
a
month
ago,
and 26.1% at
Production of electric
power
Volume
for
Financial
148
the week ended
3277
Chronicle
absorbed.
May 27 is reported by Edison
278,000 kwh. in the corresponding week of last year.
Car
with
substantial
gains at the close,
American
showed
stocks
Gilt-edged
against
2,170,496,000 kwh. in the preceding week and 1,973,-
Electric
Institute
loadings of
May 27
tion
at
of American
11,708
cars
the
As
cars
Railroads.
This
a
was
indicating the
European issues
French
kets, the July option for wheat in Chicago closed
prevailed
American
day
the
of last week.
July corn at Chicago closed
day of last week.
July
oats
week.
"
The
'
■
/
16.45c.
was
market
Friday of last
on
to
small
'
.
Friday of last
on
Changes
.
price of bar silver yesterday
20 pence per ounce as
the
close
was
against 20 pence per ounce
Friday of last week, and spot silver
on
in New York
closed
yesterday at 42%c., the close
In
the
of
matter
transfers
the
foreign
London closed
on
against $4.68 3/16 the close
exchanges, cable.
yesterday at $4.68 7/16
on
of
lower,
Small gains were recorded yester¬
were
idle.
the Paris Bourse were mostly in favor
on
The fact that ominous international
Tuesday.
lacking'
developments were
taken
was
as
good
a
over
the holiday period
and modest buying
omen,
French
day,
2.65
l/16c. against 2.65c. the close
yesterday at
Friday of
on
the
European Stock Markets
much increased scale, Wednes¬
a
on
official predictions that the
owing to
Russia.
last week.
interactional section also advanced.
was
ring around the Reich
aggression
The
price trend also was
when
close,
Rentes
equities slowly improved, and a few
the
issues in
closed
Paris
on
apparent in all parts of the market.
and
Trading
cable
and
in Continental Euro¬
holders, when business was started for the week
on
Friday of last week,
and
transfers
slightly
were
was
Friday of last week.
on
issues
securities.
national issues
•
In London the
The net result was a modest
larger recessions developed
pean
soft
day in gilt-edged and industrial stocks, while inter¬
closed yesterday at 10c.
10%c. against 10c. the close
'week.
,Friday of
on
was
gilt-edged, industrial and mining stocks.
Anglo-American
Friday
on
The opening
Thursday.
on
rally developed.
decline in
spot price for rubber yesterday
Domestic copper
of the declaration by the Rus¬
news
spokesman, M. Molotoff, disappointed the Lon¬
selling continued until near the close, when a
against 16.33c. the close
last week.
improvement,
and
yesterday at 9.78c. against 9.82c. the close
The
their
continued
favorites
overnight
sian
Fri¬
spot price for cotton here in New York closed
of last week.
A degree
neglected.
don
;
<
.
were
Wednesday, owing to the
closed
Chicago
at
yesterday at 33%c. against 34%c.
on
on
Gilt-edged issues held barely
proposals.
yesterday at 77^c. against 75%c. the close on Fri¬
yesterday at 51%c. against 51%c. the close
higher, to conform
steady, while small gains were the rule in indus¬
trial stocks and the commodities shares.
Anglo-
of the commodity mar¬
course
marked
were
reports from New York, but Con¬
expected Russian statement of views on the Anglo-
week of 1938.
same
stocks
week-end
of caution
gain of
while industrial and mining
attracted
good buying.
Anglo-
likewise
tinental
by the Associa¬
the previous week and of 65,598
over
cars
over
shares
freight for the week to
revenue
reported at 627,674
are
kwh.
2,204,858,000
modest recession
a
non-
would include
good until near
took
place.
Closings were at good advances in rentes and bank
PRICE trends were somewhatprincipal European
irregular this week
exchanges in the.
stock
on
financial
centers, with international political
siderations
exchanges
the
again
once
nancial week
were
closed
active influence.
an
short
was
the
tendency
When business,
On
perturbing,
cord.
Dealings
of thg
dices
Business and financial
the
Britain
improvement
early
Heavy armaments outlays
draw the
that
was
ac¬
curtailed, pending clarifica¬
generally satisfactory in
and
thereby.
were
was
are
in¬
and
aided
beginning
unemployed into activity in England,
while French confidence in the future of the franc
and
in
internal
mount.
political
stability
continues
were
The
Stock
ness
total¬
equities were irregular.
severe
group
yesterday
was
In the inter¬
losses were recorded.
The
quiet, with small gains
re¬
The Berlin Boerse
reopened
Tuesday, after the
on
long holiday suspension, with trading still in the
doldrums and
changes of little consequence.
fractional gains and losses were
while the fixed-interest
ties,
Small
registered in equi¬
division
was .* preoc¬
cupied with dealings in the new tax anticipation
certificates of the German Government, the trend
being upward.
Modest losses were noted in the
Wednesday, possibly as a con¬
German
market
sequence
of month-end influences.
on
on
Declines in equi¬
ranged to two points, while losses in fixed-in¬
issues were more modest.
The Boerse session
Thursday was brief, as an early closing was or¬
in honor of the visit by the Yugoslavian
dered
The overshadowing
reflected,
as
in
so
war
many
fears of
preceding
Regent, Prince Paul.
small
The sparse trades resulted in
gains throughout the list.
ket held to its idle course
The German mar¬
yesterday, with dealings
.
Whitsuntide
small
suspension
Exchange closed
was
resumed
sphere prevailed.
in
overnight disclosure of Russian
bf the
corded tin almost all groups.
come
weeks, by fresh shipments of gold to the United
States.
session
to
relatively dull,
owing to the acute economic strains of the
Europe
ar¬
political arrangements. Rentes fell sharply
on
national
ties
The Berlin market remains
itarian program.
sequence
ideas
pro¬
only stood in the way of the
situation.
were
France,
to
On Wednesday, how¬
though the assumption*
even
technical details
was
re¬
general pact of non-aggression proved
a
settlement
Thursday reflected the uneasiness* felt as a con¬
while French
the Russian rejection of Anglo-French
posals for
tion
was
the basis of earlier in¬
dications of continued peace.
ever,
all
upward, in continuation
was
of the trend established
month-end
The
*
ranged easily, with money at 1%%. ' Dealings on
,
Whitsuntide holiday.
sumed
as
Monday in observance of
on
others.
con¬
The fi¬
throughout Europe,
shares, while , larger gains appeared in utility stocks
and
some
on
on
the
was
a
a
cheerful
atmo¬
little profit-taking
parts of the market, but this
London
throughout.
Monday, and when busi¬
Tuesday
There
kept
was
easily
I
Cotton Conference
YEARS world wheatinternational wrangling on
of fruitless problem apparently have
the
taught our
Administration in Washington nothing
3278
Financial
whatever,
world
initiative
question
of Henry
riculture.
absurdities
of
the
United
States
advocacy of such a program is farthest from the
difficulty, with the loss
of genuine political
thoughts
phase of life would be the inevitable conse-
every
of
quence
product stimulated production
isolationist policy.
an
that "one needs only to look at the experience of
14,000,000
ize themselves on a basis of even partial self-suf-
less than 11,400,000 bales repregovernment-loan cotton.
Having failed so
results of such regimentation would probably be."
Our
sents
countries,
some
point of exporting
surplus
is
now
of which
on a
placed
at
now en-
The fact is, of course, that the countries with the
conference for world-wide control of
pro-
a
duction
ficiency to realize what the character, scope and
no
signally in the United States, Mr. Wallace
visions
highest degree of regimentation are precisely the
and
marketing.
Acting for the Secretary
Agriculture, the State Department
ones
Wednes-
on
that are most internationally minded, in a
political sense, for they have been absorbing their
day dispatched invitations to the leading producing
neighbors rapidly
countries for
Europe.
an
beginning
whether
basis
a
exploratory gathering in WashingSept. 5, which is to determine
can
be reached
for
an
The countries invited
Britain.
are
ance
Argentina, Brazil, Egypt,
behalf
of
their
be
forthcoming in
for the American surplus is
intrigues
and
entagle-
should not be confused with
totalitarian States.
European Diplomacy
Ac-
ALTHOUGH
every
European
moves
and counter-moves
made with the greatest
were
little while ago,
potential disturbance in the markets of the world,
Whether any agreement can be reached
of
peace
economic self-sufficiency and the regimentation of
factor of great
a
.That policy
invited
cotton-exporting colonies.
ceptance doubtless will
case,
are
political
foreign
of
ments.
Sudan, Russia, France and
The two last-named countries
threatening the
and
The isolationist policy pursued by this
country from the beginning calls merely for avoid-
agreement
export quotas and the elimination of bounties,
India, Mexico, Peru,
in
With Germany
and Italy obviously in mind, the Secretary added
the few countries which have attempted to reorgan-
bales, of which
on
Mr.
now
scale.
ton,
isolationists.
Hull even warned that regimentation in practically
of recent
program
entail, while conveniently forgetting that
would
typically
handsome
have reached the
of
that economic autarchy, or national self-sufficiency,
quite obviously due to the
agricultural
number of other
a
United States.
the
Artificial maintenance of high prices for
years.
in
the wheat
the
on
Secretary of Agmore
He made much of the dislocations
on
proposed,
are
problem is far
external markets
our
the
now
A. Wallace,
The cotton
American than
of
discussions
"exploratory"
for
cotton
June 3> 1939
Chronicle
rapidity only
the current tendency would
to be toward the most intense care and
that actu-
^jon
ally Will tend to solve the problem of the American
jn
an
arrangements.
The
a
seem
circumspec-
Alliance
Grand
against aggression is still to be achieved, for
American Foreign Policy
on
Wednesday
surplus remains most questionable.
as
the
Russian
Government rejected
inadequate the Anglo-French proposals.
Vyaches-
IN Secretary ofdiscourse at Chicago,spoke at
a lengthy State Cordell Hull last Sunday, laff Molotoff, Premier andthe Supreme Soviet that
Foreign Minister, disclosed in
address before
some
length
on
foreign policy, with
an
an
obvious view to in-.
Moscow questions the sincerity of the anti-aggres-
fluencing the neutrality and other legislation under
consideration by Congress.
The prestige and influence
„
of
his
office make
it
sort, his Chicago address leaves
great deal to be desired.
the advocates of national isolation
on
the glib assumption that economic isolation is the proclaimed
aim of those who
tion^
actually assert that political isolaavoidance of European entanglements, is
or
desirable.
Mr. Hull combated the
thought that pre-
occupation with our country's international relations, and with developments outside our frontiers,
is
an
unnecessary
dissipation
of
national
opr
From this plausible
error, as much as from
any other source, he said, springs the
advocacy of
energy.
national
isolation, which is frequently heard in this
country.
These
comments
are
well
enough
as
a
defense of the recent
meddling of President Roosevelt in
the
strictly political affairs of Europe, but
thereupon shifted the ground entirely to
economic
sphere, and made some startlingly
Mr. Hull
the
erroneous
statements
"There is
no
more
on
his
disastrous illusion," Mr. Hull
stated, "than the thought that
a
policy of national
isolation would make it easier for
great
domestic
problems.
The
us
to
exact
solve
reverse
our
is
true."
The
Secretary proceeded to demonstrate the
importance of foreign markets for American wares
and
the
corresponding requirement for American
purchases
abroad
of
goods
not
produced
in
the
con-
for concerted action by the three Powers in the
event of aggressive
•
and guaranties of
M.
attacks against any of therh,
number of European countries,
a
Molotoff restated the minimum Russian
ditions
as
conclusion of
con¬
effective pact of mutual
an
assistance, exclusively defensive, by Great Britain,
France and Russia; guaranties by the three
coun-
tries to the States of Central and Eastern Europe,
including all European countries bordering
sia, and
on
Rus-
concrete undertaking as to the form and
a
extent of mutual
measures.
It
was
indicated also
that the Anglo-French proposals call for reservatibns as to certain clauses of the League Covenant,
to
which
Russia takes
briefly the
course
man
exception.
After tracing
of the anti-aggression
tions, M. Molotoff made
a
negotia-
gesture toward the Ger-
Reich, through suggestions for
of trade conversations.
a
resumption
The disclosures of Russian
views caused profound disappointment in London
and
account.
own
The text of the address supplied
firmafion of previous reports that the plan calls
a
JGe denounced, vigorously
believes the proposals fail to meet the standards of
reciprocity.
to attend
necessary
closely to such pronouncements. Although Mr. Hull
usually speaks with restraint and clarity oh vital
matters of, this
,
sion stand of Great Britain and France and still
-
Paris, but it
was
that the door still is
maintained in those capitals
open
for fresh negotiations,
The trend of Central European affairs is exceed-
ingly difficult to discern,
as
the portents vary.
The
question of the Free City of Danzig plainly is being
discussed
with
all
interests
concerned.
Oddly
enough, this is being done through the League of
Nations, which the British and French direct and
control.
Last
Sunday the League High Commis-
Volume
sioner
Polish
with
Royal Tour
officials, and on Monday
YJ77ITHIN
a very few days the British King and
Queen will complete the first stage of their
visit to America and will enter the United States,
The brief journey of King George VI and Queen
Elizabeth to Washington, to New York and to Hyde
Park will, it is to be hoped, be held on the high
plane that marked the long tour across Canada,
The Canadian journey naturally is the more important part of the transatlantic mission of the
royal couple. The people of the Dominion welcomed
VV
Reich
Nazi district leader for Danzig.
Herr Foerster had
just completed a visit to Chancellor Hitler before
he talked to the League High Commissioner.
This
set of circumstances gave rise to rumors of another
"appeasement" move, in which Danzig might be
turned over to Germany.
The military experts of
Germany and Italy started to integrate the forces
he talked at
length with Albert Foerster, the
of the two countries under the terms of the
recently
them everywhere with befitting enthusiasm. The
itinerary included a halt at Ottawa on May 19 and
20, at Toronto on May 22, at Winnipeg on May 24,
and at Vancouver on May 29. From the Pacific
Coast the long return trip began last Wednesday,
and the only respite the King and Queen will have
from the grueling round of entertainments and
receptions will be a stop at one of Canada's superb
parks. Several brief addresses were made by King
George in the course of the journey. They were
In Hungary an election was held
signed alliance.
Telecki
regime was upheld, but in which Nazi elements increased their parliamentary seats to 53 from 6.
last
Sunday
Monday
and
Prince Paul of
Yugoslavia
was
the
which
in
welcomed in Berlin
on
Thursday with great ceremony, and the effort
to
keep the Balkan State neutral in the current
alignment of Powers
A
resumed by the Germans,
was
treaty of non-aggression was signed Wednes-
new
day by German and Danish plenipotentiaries.
invariably concerned with the maintenance of peace.
\
Czech Gold
When
financial circles
and
with new Patriotism and loyalty to the Crown. "If
that was their PllI?ose in cominS to Canada> the^
|iave served the British Empire well and the gruel-
000,000 of gold held in the vaults of the Bank , of
England for account of the Bank for International
Pa£e
Settlements, but known to represent a balance of
former
storm of
bank
central
indignation aroused by the bloodless Ger-
other
thangs,
a
British parliamentary
seizure of former Czech balances
the
.
conquest of Czechoslovakia produced, among
man
implied intention of applying
in
QOME indications are becoming available of the
O
for
measure
London, with
any
such funds
refugee needs and perhaps to liquidation of Britblocked
ish
accounts
resulting from the
assumption of sovereignty.
German
On May 19 the
rumor
spread that the Czech gold held by the B. I. S. in
London
was
being turned
over
to German authori-
ties.
Apparently without inquiring carefully into
this
relatively minor matter, Prime Minister Neville
Chamberlain
promptly described the
rumors as. a
have set for themselves has paid divi-
dends,' the report added,
Spanish Aftermath
The
Czechoslovakia.
of
royal couple completed their westward
to the New York "Times' remarked, a people fired
an
ing controversy regarding some £5,000,000 to £6,-
the
the
across Canada they left behind them, a dispatch
DURING the latter part of May British political
engaged in
interest-
to
3279
Chronicle
Danzig, Karl J. Burckhardt, conferred
for
Warsaw
in
Financial
148
-
nature and extent of German and Italian aid
to General Francisco Franco's fascist forces in the
long Spanish civil war, and of the demands being
made on the impoverished country in consequence
of such assistance.
The current indications are
that Spain will fall almost completely under the
domination of Rome and Berlin, not only politically
but economically as well. German fighters to the
number of 5,000 returned to their own country from
Spain, last Saturday, and the official greeting constitutqd the first acknowledgment of assistance to
Franco on this scale.
"Mare's Nest."
The withdrawal of foreign
fighters.was virtually completed on Thursday when
the B. I. S. was not subject to seizure, unless Great ^ 20,000 Italian troops sailed from Cadiz for Naples.
Britain desired to take such a step in direct violaSpanish military representatives accompanied both
tion of treaty obligations.
Sir John Simon, Chanthe German, and Italian fighters back to their homecellor of the Exchequer, made this abundantly clear
lands. There have already been indications that
in discussions of the question, and on Tuesday last
Italy expects payment for the Spanish "war debt"
It
soon-appeared, however, that the gold held by
the B.
S.
I.
issued
of
orders
National
the
new
necessarily
the
in the form of iron ore and other supplies, and the
subject to the
expectation is that the German Government will
of
make similar claims.
of its
was
administration
to
own
the
Czech
being transferred to Ger-
anxiously from time to time that Spain must be
strong and prepared, but not for the purpose of "for-
this stand," the Bank statement pointed
not oppose
eign adventures." Another of these declarations
was made last Tuesday, but it carries little convic-
was
out, "for the simple reason that deposits with the
S.
B. I.
that
is,
by central banks have been made immune,
no
them."
proper
other
ery
right of retention
This
be exerted against
end the matter
on
the
any
course
appears
would have made
a
farce and
a
mock-
of the agreements under which the B. I. S.
established.
appears
was
The German march into Bohemia and
which
another and
are
to
can
basis of due observance of pledges, for
Moravia,
General Franco proclaims
"The British Government could
Bank and
by request.
many
statement
a
effect that the metal
gave
rise to
the
controversy,
anything but commendable matter.
is
It
that the private Czech balances in London
being held there, since they are not covered by
treaty stipulations.
tion in view of the enormous influence obviously
exercised by the German and Italian dictators over
the Iberian peninsula.
The European diplomatic
scene must now be gauged in the light of a possible
firm alliance of Spain with the totalitarian States
which made the Nationalist victory an accomplishment.
Far East
INTERNATIONAL incidents of various kinds
1 again are reflecting the enormous strains occasioned in the far East by the war of conquest
the Japanese militarists have
which
been waging against
Financial
3280
China for
to
sors
Efforts of the
nearly two years.
Chronicle
aggres¬
distinct setback
a
of the
as a consequence
Pre¬
Rate in
Date
vious
Established
Rate
contingents
nese
their
to
compound
own
when
British, French and American forces were landed.
Belgium
Bulgaria....
Canada
Mar. 11 1935
'«•
3
Dec.
16 1936
4
July
18 1933
3
Jan.
1 1936
4
-
-
7
Japanese made demands for additional
sentation
the Amoy
on
Municipal Council,
-
vakia
Denmark
Italy
week-end, but little attention
have
4^
May
3.29
Java
2 1936
been
of
paid by other nationals there.
prestige
reflected
"face" suffered by the Japanese is
or
in
sharp decline within
a
unbacked yen
which circulates in the
In
by the aggressors.
May
15 1939
5
May 28 1935
51938
4
5
Lithuania..
7
6H
3H
Norway
3H
Jan.
4H
Dec.
Jan.
2 1937
5
Poland
Feb.
23 1939
4
Portugal...
4
June
30 1932
3M
Rumania
3H
..
protests
for the
-
be
5
17 1937
Aug. 11 1937
5 1938
4H
4H
halted,
were
were
and
ves¬
diplomatic
prompt
made in all instances.
expected to continue,
Spokesmen
such
on
contentions
"Sauerland"
with
respect
the
to
British
needs
no
emphasis.
There
were
sev¬
reports this week of airplane clashes along the
Outer
Mongolian
that 42
border,
Mongolian planes
the
Japanese
downed.
were
Chinese authorities appeared to be
the
reports, there is clearly
the
statements,
declared
in
his
Wednesday,
hausted
claiming
Although
skeptical about
justification for
some
Premier Vyacheslaff Molotoff
as
foreign policy speech at Moscow,
that
Russian
patience
is
beingex¬
by the continual Japanese encroachments.
M. Molotoff stated
unequivocally that Outer Mon¬
golia will be defended by Soviet Russia with all its
resources.
2M
South Africa
3M
May 15 1933
Oct.
1 1935
5
Spain
5
July
Finland
4
Dec.
3 1934
4H
Sweden
2H
Dec.
France
2
Jan.
21939
Germany
4
Greece
6
long been characteristic of the Sino-Japawar that international diversions are created
by the Japanese whenever the
against the
be
The
in
last
a
aggressors
current
course
on
bills
were
the
week
same
in
virtual
series
in the undeclared
of
incidents
tradition.
northern
Severe
Money
Paris the open
claimed
also
Bank of England Statement
THE statement ofmonth-end circulation expansion
the Bank for the wreek ended
May 31 shows
a
of
£5,211,000 raising the total to £499,775,000 as
compared with £484,920,920
rise
currency
holdings,
was
operations had resulted
fighting began
some
driven back
were
last
854,000 while
The latter
material
long
continues
were
war on
to
that, defeats
wTere.
areas
ad¬
where
Tokio had little to
In
statement
a
more
in
the
efficient defensive
deaths
of
120,138
had
been
captured.
The effect
the internal economy of Japan
become
ever
more
stringent.
Warn¬
issued by the authorities at Tokio, late
last
week, of new restrictive measures which, it is
believed, will relate to the food distribution arrange¬
ments of the
country.
The
£5,256,000.
re¬
other
week
a
£12,-
rose
deposits fell off £12,236,441.
of bankers'
consists
it was 20.4%
ago
accounts
de¬
which
creased £12,955,918 and other accounts which rose
Government
£719,477.
securities
and other securities, £902,230.
£5,000,000
rose
Other securities
com¬
prise discounts and advances which increased £902,and securities
show
which fell
parisons for previous
BANK
.
of%£562.
Below
comparison of the different items with
a
OF
we
com¬
years:
ENGLAND'S
COMPARATIVE
STATEMENT
•'
-
'
1939
Banks
Circulation
shown in the table which follows:
June 5,
June 3,
1936
£
1935
£
£
£■
£
■
499,775.000 484,920,920 4751552,639 433,452,483 395,890,877
8,217,312
7,611,996
38,340.000 24,867,913
10,231,850
Public deposits
Other deposits
119,476.342
Bankers' accounts.'
Other accounts
138,264,956 146,800,147 126,814,476 138,701,347
82,391,149 102,802,912 109,499,480
37,085,193
35,462,044 37,300,667
89,718,476 102,591,704
Securities
37,096,000
36,109,643
118,966,164 109,676,164 102,822,412
Other securities..
Disct. & advances.
98,543,310
89,976,044
25,485,180
4,749,339
19,593,597
6,242,981
13,350,616
16,606,610
25.70%
39.34%
29,713.860
7,999,441
28,910,271
8,934,151
5,380,405
11,226,205
20,735,841
Reserve notes & coin
57,563,713
26,944,000
46,537,402 34,717,811
Coin and bullion
226,718,989 327,247,486 322,090,041 208,170,294 193,454,590
21,714,419
19,976,120
42,326,562
,
Proportion of
reserve
to liabilities..
17.0%
2%
Bank rate
Gold val. per fine oz.
148s.
5d.'
29.06%
25.9%
84s.
2%
llHd. 84s.
2%
ll^d. 84s.
2%
llKd. 84s.
2%
HHd.
Bank of France Statement
THE further. contraction inended May 25 showed
statement for the week note circulation of
,a
741,000,000
francs,
reduced
which
121,390,000,000 francs.
the
total
before
bills
85,745,254,850
discounted,
to
Notes outstanding a year
aggregated 98,923,248,070 francs and the
ago
French
francs.
advances
against
year
commercial
securities
creditor current accounts recorded increases,
and
namely
593,000,000 francs, 5,000,000 francs and 419,000,000
francs
Bank's
respectively.
No change
was
shown in the
gold holdings, the total of vrhich remained
92,266,006,224 francs.
on
hand to
The proportion of gold
sight liabilities is
pared with 46.62% last
loss of
are
1937
.4
.
'
banks.
leading, centers
June 2,
1,
1938
..
vious year.
rates of any
rates at the
June
May 31,
THEREdiscount no changes during the week in
the
have been
of the foreign central
As the
ago.
Public deposits
at
Discount Rates of Foreign Central
Present
17.0%;
25.9%.
year,
year
loss of £44,977 in gold
dropped sharply to the* lowest it
has been this year,
and
a
a
decreased
reserves
Govt, securities
Japanese soldiers in the period from March 1 to
May 15, and it also was claimed that much Japa¬
war
attended by
proportion
serve
was made by
Feng Yu-hsiang, Chinese .Vice-Minister of
Military Affairs, that the
ings
At
market rate remains at 2J4% and in
to
rout, according to Chinese spokesmen.
regarding the recent fighting.
of the
Friday was lA%-
on
Switzerland at 1%.
Chungking, Tuesday, the assertion
nese
week.
Friday of last
on
call at London
on
con¬
appears
Hupeh Province, and
Japanese forces
guerrilla contingents operated.
General
as
11-16%
against
as
of the fighting
ministered to the Japanese in various
at
6^
Friday of last week, and %% for three-months'
on
,
The defenders
say
1 1935
Feb.
_
of the best-trained
in
5
Yugoslavia.
3
2
7
Jan.
•
flict.
5
1 1933
Nov. 25 1936
Switzerland
Sept. 22 1932
4 1937
5
15 1935
IN bills Friday market 11-16% rates for %%,
LONDON open
discount against short
.
runs
June 30 1932
Foreign Money Rates
792
-
It has
nese
2
4H
the alleged ground that
flying other flags, but the absurdity
were
"Ranpura," the French "Aramis," and the German
eral
4^
Japanese Navy asserted that searches might
Chinese
of
Three
British, French and German nationality,
respectively,
4M
May
England
occupied
munitions reaching
foreign ships approaching Hongkong.
of
4
China of the
area
China, the Japanese Navy last w^eek began to halt
sels
3.65
6 1936
14 1937
obvious effort to create
an
diversion and to halt any
a new
The serious loss
5
18 1936
Apr.
Estonia
appears to
2M
4H
3H
Jan.
3
3H
..
Eire
last
Nov. 28 1935
3
Danzig
the
over
Dec.
Aug. 29 1935
3
Morocco
Colombia..
repre¬
2
4
Japan
•
4
Czechoslo¬
The
Rate
India
2H
6
vious
Hungary...
1 1935
Apr. 17 1939
Aug. 15 1935
2M
...
Dae
Established
Holland
July
Argentina..
Pre¬
Effect
June 2
Country
1 1936
Mar.
4
4
Chile
Amoy affair, which ended in a withdrawal of Japa¬
3M
Batavia
1939
Rate in
Effect
June 2
Country
gain greater advantages in the treaty ports
received
June 3,
year
now
at 64.28%, com¬
and 55.33% the
pre¬
The items of balances abroad showTed
a
1,000,000 francs, while temporary advances
to State remained
unchanged at 20,576,820,960 francs.
Volume
Below
sons
148
Financial
furnish the different items with
we
compari¬
for previous years:
BANK
continues quiet.
maturities.
STATEMENT
mercial
May 27, 1937
Francs
Francs
Francs
92,266,006,224 55,807,815,592 57,358,993,881
13,553,578
20,300,933
—1,000,000
11,000,000
No change
French commercial
+ 593,000,000
7,898,000,000
+ 5,000,000
Note circulation....
Credit current accts
Figures
a
the
as
on
were
Bank's
books
abroad, c In
the decree of Nov. 13, 1938, the
temporary advances to the State
representing
wiped out and the unsatisfied balance of such loans was
of non-lnterest-bearing loans
entry
transferred to a new
to the State.
fine per franc
nnder the
of Nov J7. 1938; prior to
that date and from June 20, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26. 1936, the value
was 49 mg. per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9
decree of Nov. 13, 1938, was effected In the statement
the franc.
•
.
,
Bank of Germany
is
declining and prime bills
has been
no
for bills up to
and including 90 days
7-16% asked; for
bills
an
marks, which brought the total outstanding up to a
record
a
marks and two years ago
in
serves
holdings
foreign
Re¬
4,901,766,000 marks.
silver and other coin, and
currency,
other liabilities recorded decreases,
namely 200,000
marks, 64,501,000 marks and 3,352,000 marks, re¬
spectively.
changed at
70,772,000 marks.
1.21% last
Bills of
year
and 1.52% the previous year.
342,300,000 marks, advances of. 10,800,000 marks,
of
100,600,000 marks, other assets of
for
following is the schedule of rates
the
classes
various
Reserve banks:
DISCOUNT
•
furnish
we
in effect
the
different
V
0
'
Rale in
(
Federal Reserve Bank
Previous
Da
Effect on
June 2
Established
IX
2
4, 1937
2
11, 1935
2
New York
1
Philadelphia
IX
Sept.
Cleveland
IX
May
Richmond
IX
Rate
2, 1937
Aug. 27, 1937
!
Boston
Sept.
■
IX
2
Aug. 27, 1937
Atlanta..
IX
Aug. 21, 1937
2
Chicago
IX
Aug. 21, 1937
2
2
2, 1937
IX
tions -of
Following
now
at
,
Aug. 24, 1937
IX
".
Minneapolis
Sept.
IX
St. Louis
comparisons for previous year:
of. paper
RATES OF* FEDERAL RESERVE BANKS
Kansas City
188,400,000 marks.
at
rediscount rates of
The
521,943,000 marks and other daily maturing obliga¬
the various items with
unchanged
remain
acceptances
ratio
reserve
exchange and checks registered an increase of
investments
-
run¬
THERE have been nothe Federal Reserve banks.
changes this week in the
again reached the record low of 0.90%, compared
with
of
J4% for bills
The Federal Reserve Bank's
Discount Rates of the Federal Reserve Banks
The Bank's gold holdings remained un¬
The
The bill-buying rate of
$561,000.
Notes in
6,268,733,000
aggregated
ago
year
months
four
9-1.6% bid and 34% asked; for five and six months,
high of 8,525,423,000 marks.
circulation
34% hid and
are
for
running
Y%% bid and 9-16% asked.
THE statement for the last quarter of May showed
expansion in note circulation of 725,900,000
as re¬
ported by the Federal Reserve Bank of New York
the New 'York Reserve Bank is
Statement
There
are scarce.
Dealers' rates
change in rates.
ning from 1 to 90 days.
new
unchanged at
been very
ances
b Includes bills discounted
of revaluing the Bank's gold under
are
THE market for prime week. Interest in accept¬
quiet this bankers' acceptances has
of May 11, 1939.
three entries oh the
Rates
Banker's Acceptances
55.33%
46.62%
64.28%
+0.14%
Includes bills purchased in France,
process
sharp decline.
9,024,129,673
20,576,820,960 40.133,974,773 19,979,738.771
No change
out int. to State..
hand to sight llab.
light supply and the demand
%@H% for all maturities.
3,400,000.000
Temp, ad vs. with¬
*
a
*742,292,162
abr'd
Propor'n of gold
has shown
High
has been only fair this week.
class paper has been in
8,376,963,697
1,039,527,521
792,630,600
3,454,454,149 3,777,459.972
—741,000,000 121 390,000000 98,923,248,070 85,745,254,850
+ 419,000,000 22,142,000,000 20,773,389,226 17,920,124,445
bills discounted.,
b Bills bought
Adv. against securs.
c
May 25, 1938
Francs
Gold holdings
Credit bals. abroad,
a
May 25, 1939
134% f°r four to six months'
The volume of business in prime com¬
paper
Changes
for Week
Rates continued nominal at 134%
to 90 days and
up
FRANCE'S COMPARATIVE
3281
Chronicle
2
3, 1937
2
Dallas
IX
San Francisco
IX
Sept.
r.
Sept. 3, 1937
Aug. 31, 1937
REICHSBANK'S COMPARATIVE STATEMENT
2
2
Course of Sterling Exchange
Changes
for Week
Assets-—
Reichsmarks
Gold and bullion
May 31, 1939 May 31, 1938 May 31, 1937
Reichsmarks
Bills & exch. & checks.
—200,000
_
_
1
5,374,000
19,359,000
5,854,000
market
period of extreme quiet, due to two distinct factors.
The quietness
reflected both the less disturbed polit¬
on the Continent and the closing of
_
..."
ical situation
and in observance of the
Liabilities—
Notes in circulation
STERLINGduring the past two weeks experienced
and the entire foreign exchange
a
+725,900,000 1,525,423,000 6,268,733,000 4,'901,766,000
Advances
Other assets..:
68,605,000
:
+342,300,000 7,546,748,000 5,849,856,000 5,055,370,000
172,131,000
172,552,000
124,146,000
—64,501„000
50,039,000
56,790,000
+ 10,800,000
39,786,000
844,246,000
414,235,000
+ 100,600,000 1,206,323,000
774,815,000
+ 521,943,000 2,057,381,000 1,200,725,000
_
Silver and other coin.!.
Investments
Reichsmarks
70,773,000
20,228,000
.5.953,000
No change
Res've in for'n currency
Reichsmarks
70,772,000
10,572,000
No change
Of which depos. abr'd
....
Oth. dally matur. oblig.
+ 188,400,000
Other liabilities
[,291,775,000 1,020,793,000
246,348,000
192,443,000
0.90%
1.21%
1.52%,
m
London and
on
the Continent
—3,352,000
on
Monday
Whitsuntide'holidays and
803,863,000
569,475,000
markets
the commemoration of Memorial Day in
New York
Propor'n of gold <& for'n
curr.
to note circul'n.
—0.09% [ '
on
Tuesday.
chiefly of
>
New York Money
Market
BUSINESS on the Newproportions this week,was
York money market as
extremely small
of
the
holiday
than
Rates
were
on
common
in
recent" weeks.
from previ¬
The Treasury issue of $100,060,066 dis¬
count bills due in 91
last
even
continued in all departments
periods.
ous
Tuesday held dealings to lesser levels
been
have
days
was
sold at the close of
week, and awards were at 6.604% average, com¬
puted
on an
annual bank discount basis.
Call loans
Stock Exchange held
to 1% for
on
the New York
all
transactions, while time loans again
for maturities to 90
months'
a
rates without
w^ere
l1/4%
days, and 1%% for four to six
datings.
.Business has been extremely light and
routine character, resulting in steady
the active intervention of equalization
funds either here
to
or
abroad.
be of the opinion that
rates
may
Market observers
seem
the current quiet steady
continue for the next few weeks.
The
sterling this week has been between
$4.68 1-16 and $4.68 "5-16 for bankers' sight bills,
for
range
compared with
of between $4.67 15-16 and
range for cable transfers
$4.68^8 and $4.68 7+16, compared
a range
$4.68 3-16 last week.
has been between
with
a
a
range
The
of between $4.68 1-16 and $4.68 5-16
week ago.
There has been great
improvement in the tone of
British and Continental markets since May 8, which
was
increasingly evident
in the
past
two
weeks
although the Whitsuntide holidays resulted in sus¬
New York Money Rates
pension of activity.
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
was
ruling quotation all through the week for both
loans
and renewals.
The market for time
new
money
For some weeks past the in¬
creased note circulation of the Bank of England was
due
to
anxiety
on
the part of the general public,
fears, to have available cash.
Foreseeing this demand the British banks made ready
arising
from
war
extraordinary percentage of till money.
an
June 3, 1939
Financial
3282
England
entirely
due
was
profit
But last
-
the
to
the declining export
capital will accrue to the British
exchange equalization fund by removing the neces¬
sity of intervention to prevent a drop in sterling. In
any event commercials may expect sterling to con¬
Any advantage resulting from
Whitsuntide
of
demand, which however fell substantially short of
the
£4,700,000 which occurred before that
of
rise
holiday last
May 31
with
with £484,924,000 a year ago and
compares
£475,552,639 in 1937.
There is
from
the
The £499,775,000 circulation as of
year.
a
private British
period at around present
considerable
a
levels, with fluctuations so slight as to cause little or
no
inconvenience.
/
Increasingly large amounts of Treasury bills are
taken by the British Treasury
measures
for
tinue
.
marked decrease in the outflow of funds
England to the United States, resulting from
special
if the exodus of foreign funds to the
even
United States should cease entirely.
circulation at the Bank of
week's increase in note
Department since the end of December with the
being absorbed by the London money market without
object of reducing the export of British investment
effort
and without any
capital to the United States.
which
now
Exact data
of the
the distribution
not available as to
States
bills
prior to the imposition of the informal ban on capital
A net total of
v
United States in
the
to
$133,424,000 of foreign capital came
are
Gold
•
London open' market
the
offer in
£243,000,
Tuesday
on
bank, de¬
$6,731,000 purchases of foreign securities owned by
Americans
(sold at
• a
loss).
by withdrawals
of
These
imports
were
deposited in
$3,173,000
on
and
Thursday £347,000,
on
At the Port of New York the
the week ended
May 31,
On"
Wednesday,
on Friday
Reserve Bank of
gold movement for
reported by the Federal
as
New-York,
was as
"
/
follows:
25-MAY 31, INCLUSIVE
GOLD MOVEMENT AT NEW YORK, MAY
Exports
Import 8
brokerage balances here.
The
and
£300,000.
of
$118,688,000
posits, $11,178,000 purchases of American securities,
offset
are
Saturday last £181,000, on Monday there was no
market;
£472,000,
inflow included
capital
Two-
bills
three-months
ll/%%.
on
It is of particular interest to note that the
sury.
21-32%,
are
taken for unknown destination was as follows:
February, mostly to seek
refuge from political tension, according to the Trea¬
bills
a
long period
a
11-16%, four-months bills are %%, and six-months
figures relating to the operations in February just
exports by the London authorities.
established at
Yi% customary for
before the recent series of international crises.
months
disclosed
Treasury Department
the
above
little
foreign funds domiciled here, but on May 28
United
the
are
advance in discount rates,
to be definitely
appear
$27,938,000 from England
significane of this report of February
tions lies in its indication of the relative
15,188,000 from Holland
opera¬
3,492,000 from Canada
None
2,284,000 from Switzerland
proportion
1,458,000 from Mexico
of
foreign
invested in securities to such
money
money
deposit here, much of the latter in short-term
on
investment.
arrived in
In
Since
funds
foreign
have
Net Change in Gold Earmarked for
Increase
greatly increased volume.
July,
foreign
February
44,000 from Nicaragua
$50,404,000 total
'
1938, owing to the vast movement of
money
United
the
into
the
States,
Note—We have been
Foreign Account
$36,108,000
notified that approximately $246,000 of gold was
'
received at San Francisco from China.
The
gold
above
figures
for the week ended on
are
On Thursday $5,075,000 of gold was,
holdings of the United States passed the $13,000,-
Wednesday.
000,000 mark and have since increased to $15,956,-
received from
England.
000,000
the metal.
Friday $2,596,000 of gold
as
of May 31.
While the
'
foreign exchange and security markets
in London are* at
present extremely dull, London is
encouraged by the marked improvement in prices,
iUwas
appreciation
of
of May 19 indicating
as
£160,409,000,
Government issues in London
low levels reached less than
are
have recovered about half the
an
2.7%.
.Some
4J^% above the
or
month ago.
a
reported
Industrials
ground they lost in
a
During„ the week ended May 27
£5,000,000
was
a
South African
issued.
London
encouraged by the fact that the loan was im¬
mediately oversubscribed,
as
the issue constituted
a
slight test of the strength underlying the gilt-edged
market and of the attitude of the
investment in
The
public toward
was seen
discount of
The
9-32% and
as
stantial
It
rate
dollar.-
States
discount of 5-32%.
Paris, the London
on
and the price
mean
open
London check
market gold price,
paid for gold by the United States:
LONDON
Saturday, May 27
CHECK RATE ON
176.74
Monday,
May,29
Tuesday,
May 30.
____
.Holiday
176.73
PARIS
,
Wednesday, May 31
176.73
Thursday,
June
1
176.74
Friday,
June
2,_
176.74
LONDON OPEN MARKET GOLD PRICE
148s. 5^d.
Saturday, May 27
Monday, May 29
Tuesday, May 30
PRICE
PAID
.Holiday
148s. 5}^d.
FOR GOLD
Tuesday,
$35.00
35.00
Holiday
May 30
Wednesday, May 31—148s. 5J^d.
Thursday,
June
1
Friday,
June
2—148s. 5d.
—
UNITED STATES
BY THE
RESERVE
148s. 5d.
(FEDERAL
BANK)
Wednesday, May 31.!
$35.00
Thursday,
June
1
35.00
Friday,
June
2
35.00
Referring to day-to-day rates sterling exchange on
was more or
less nominally quoted in
Bankers' sight was
transfers$4.68^@$4.68K.
Monday the market continued largely nominal as
limited
trading.
the money market's capacity to absorb sub¬
$4.68 l-16@$4.68K;cable
Treasury bill issues is by
On
seems
much
long-term
a
following tables show the
Saturday last
a
United
'
extremely
immediate need to float
the
ranged during the week between a
Saturday, May 27
Monday, May 29
that in view of the im¬
of
terms
Montreal funds
Treasury has
loan
Friday that $277,000 of gold was
exchange is steady though continuing at
proved market tone the British Government might
soon plan to raise a large defense loan.
However, the
no
exports of the metal.
in
new
general.
possibility
received
was
discount
MEAN
Government loan of
no
were
exports of-
no
were
received at San Francisco from China.
the March crisis.
was
on
There
Canadian
Magazine" (of London) valued, 365
representative securities
There
from Canada.
particularly in gilt-edged.issues.
The "Bankers
On
no means
exhausted.
highly improbable that sterling will derive
advantage from tourist traffic this
summer,
and
London
was
closed.
Bankers' sight was $4.68 1-16
@4.68 3-16; cable transfers $4.68 3-16@$4.68 5-16.
because of the demoralized condition of international
On Tuesday, Memorial Day,
trade, strictly commercial business does not stand to
New York.
On
there
was no
market in
Wednesday the market continued
Volume
limited
Financial
148
with
rates
steady.
sight
Bankers'
Chronicle
3283
It would realize
was
3-16®S4?68 5-16; cable transfers $4.68%@
$4.68%.
On Thursday the pound was dull and
profit of about 3,000,000,000
a
$4.68
francs during the-three
steady.
it would establish within the country
of nickel against war requirements,
Bankers' sight
$4.68 3-16@$4.68 5-16;
was
cable transfers $4.68 5-16@$4.68 7-16.
On Friday
the market continued quiet and
The
steady.
The Belgian
currency
ruling well above
range
required for minting and
years
continues firm, the spot rate
of 16.95.
par
stock
a reserve
The prevailing rate
was
$4.68 3-16@$4.68 5-16 and$4.68 5-16@$4.68 1-16
this week has been generally above 17.03.
for
cable
belgas have also shown marked improvement, with
30-day belgas at 3% points and 90-day belgas at 14
transfers.
Closing quotations
on
Friday
$4.68 5-16 for demand and $4.68 7-16 for cable
were
transfers.
Commercial
sight bills finished at $4.68%;
points discount.
60-day bills at $4,67 3-16; 90-day bills at $4.66%;
belgas
documents for payment (60 days) at $4.67 3-16,
was
seven-day grain bills at $4.67 13-16.
and
Cotton and
grain for payment closed at $4.68%.
Continental
and
Other
On May 1 the discount
16 points and the discount
was
on
Forward
30-day
on
90-day belgas
40 points.
The following table shows,the relation of the leading European currencies to the United States dollar:
.
Foreign Exchange
°pj52r
,
" TtoWe*
•
rTHE French franc C0ntinues exceptionally steady
1
in
terms
both
of
the
pound and the
dollar.
Italy (lira)—
5.26
8.91
During the past week the market has been extremely
dull owing to the Whitsuntide holidavs
rr-,-1
„
1 he
a New dollar parity as before devaluation of the European currencies
between Sept. 30 and Ocf. 3, 1936.
.
^
6,000,000,000
5% internal loan which
iranc
5.26^
5.26^to
eaoe
b Franc cut from gold and allowed to "float"
June 20, 1937.
on
•
was
fully subscribed
on
the date of issue
to have been oversubscribed
all of which
,
regarded
sists
as
by 4,000,000,000 francs,
accepted.
was
The London check rate
The oversubscription is
the^most successful since 1928 and
at 176
con-
chiefly of the consolidation of short-term
turities
on a de,aoto basis °f 179
seems now
New
ma-
to the extent that
they
resources
are
only
almost
that such deposits
are
provide liquid funds to
subscriptions to
new
and 40.i2% for cable transfers, in comparison with
and 40 12
Exchange on Czechoslovakia is
In
nominal and most banks refuse to make commitments
Czech currency.
at
0.72, against 0.72;
18
83; and
In other
words, the banks withdrew from the Treasury submade with customers'
Hi
large margin for meeting credit requirements
by bond issues, and as capital continues to return to
market.
issues
assured
are
a
relatively
rencies
move
However, it is apparent that the return of
capital to France is
proceeding at
now
limited rate.
A few
days
nounced the
and Swiss
ago
a
decidedly
■.
.
•
Finance Minister Reynaud
conclusion
of
agreements
■
an-
extremely quiet.
in strict
ago
'
By these
90-day futures.
Bankers' sight
at
•
5,000,000,000
guilders and Swiss francs.
The Holland
or
at
few
a
fractional
a
53.44, against 53.72%
franCs
•
.
.
cable transfers at
than
importance
Amsterdam finished
on
mercial
having to meet within the next nine months
more
of
Currently these curThe Scandinavian units
quoted either flat
was
agreements the French Treasury will be relieved of
equivalent to
features
sympathy with sterling.
the task of
maturities
new
weeks.
discount under the basic cable rate for both 30 and
floating debt in those countries
francs in terms of Dutch
no
of recent
premium for future delivery, is currently at % point
by which the remainder of the
will be converted into medium-term bonds.
.
guilder and the Swiss franc continue to show marked
days
with Dutch
French short-term
are
+
the" countries neutral during the
firmness, although the Swiss unit, which "only
.•
bankers
on
presents
war
from those
easy
•
.
EXCHANGE
a
such
Bucharest closed
on
Poland at 18.83, against
on
Finland at 2.07, against 2.06%. ' Greek
.
Nevertheless, the 5% loan by consolidating
part of the short-term debt provides the Treasury
France
on
Exchange
exchange closed at 0.85%, against 0.85%.'
deposits.
with
Final quotations
-
40 12
loans private banks called in
scriptions to Treasury loan
Antwerp belgas closed
40.i2% for bankers' sight bills
were
in
instead of renewing iTreasury bills.
In
Friday at 2.65,
on
sight bills and at 17.03 for cable
their customers'
cover
Friday
on
Friday of last week; cable transfers
on
1-16, against 2.65.
for Berlin marks
used
exclusively in 3-months Treasury bills.
order to
money
reason
Paris closed
Friday of last week.
transfers, against 17.03 and 17.03.
paid with bank notes
were
on
on
sight bills finished
a^ j7-03 for bankers'
thus withdrawn from circulation and not with bank
deposits, for the
2.65
at
expected to provide the Treasury with
York
against 2.65
already issued.
,The 6,000,000,000 francs in cash subscriptions
74) against 176.73
on
Friday
Friday of last week;
on
53.45% against 53.72%; and
sight .bills at 53.40, against 53.66.
closed at
22.59% for checks and
com-
Swiss
at 22.59%
for cable transfers, against 22.53
and 22.53.
24.12 and
Norway finished at
Copen255,000,000 * hagen checks finished at 20.91 arid cable transfers at
guilders.
A Dutch banking syndicate headed by
2o.91, against 20.90 and 20.90.
Checks on Sweden
Mendelssohn will take 155,000,000 guilders in the
dosed at 24.12 and cable transfers at 24.12, against
The total involved in the agreements is
form of
6-year 4% bonds at
repayment in dollars at
a
par
with the option of
fixed rate.
Swiss bankers also have underwritten
24.12; while checks
Dutch and
a
23.53%
100,000,000
cable
guilder 6-year 3%% loan which will be offered to the
public at 97%.
Half will be offered in Holland and
half in Switzerland and the loan wilil
the French
in
serve
to convert
Treasury's Swiss franc loan which matures
October.
It is
reported in Paris
on
apparently
reliable
authority that the French finance ministry is
considering the substitution of nickel coins for the 5-,
10-and 20-franc silyer coins.
serve a
double
object.
Such
an
on
23.52% and 23.52%.
and
operation would
'
transfers
at
23.53%,
against
—♦
r'XCHANGE
continues
on
the
steady.
South
Each
American
country
evidence of a decided tendency to
countries
is
remove as
giving
far
as
practicable the restrictions on exchange. The export balance of most of the South American republics
shows marked improvement, but owing to the weakness in world prices for the raw products of these
countries
the increased volume of exports
is
not
Financial
3284
likely to find reflection in their fiscal position during
season.
The Peruvian sol is inclined to
the current
international
owing to the unsatisfactory
weakness
Iriday at 31.22 for
bankers' sight bills, against 31.21 on Friday of last
week; cable transfers at 31.22, against 31.21.
The
closed
Argentine paper pesos
free
or
market
on
rate
ruption and malice, in behalf of grasping favorites;
Brazilian milreis are quoted
at 6.06 (official), against 6.06.
Chilean exchange is
quoted at ,5.19 (official), against 5.19.
Peru is
nominally quoted at 18against 18
'
—♦—-
is
there
It is
EXCHANGE on theofFar Eastern countries presents
features
importance. The Hongkong
no new
the Java florin,
which
The yen
sympathy with Amsterdam exchange.
in
moves
and the
ship to sterling.
moving in close relation¬
rupee are
The
however, as represented
yen,
Japanese sponsored Federal
by the
notes of the
Reserve
Bank of North
continues to show
China,
exceptional weakness in Shanghai in terms of the
yuan.
old
doctrine, apparently widely held, and
more
plausibly defended than in the volume
an
nowhere
under discussion.
Wilson's
dent
for
the
League
Nations,
of
Hoover, it is suggested that America
the
was a
de¬
Nation, running after false idols, and that
people heedlessly permitted their
From the blind
ruin.
which
folly of
feverish
but
immense
and
our
economic
own
citizens
unsound
comes
the
productivity
culminated, about the time of the maximum
expansion of American exports and foreign loans,
in the
speculation and abnormal price relations that
caused the
ensuing collapse and all the painful ad¬
justments of the partial and halting liquidation that
has been
Closing quotations for yen checks yesterday were
27.32, against 27.31 on Friday of last week.
Hong¬
kong closed at 29\i%291/£, against 29.17(5)29 3-16;
Shanghai at 16j^@16)i, against 16^@16}^; "Manila
at 49.80, against 49.80; Singapore at 54.50, against
54.45; Bombay at 34.91, against 34.91; and Calcutta
at 34.91, against 34.91.
'
From the Senate's defeat of Presi¬
plan
through the administrations of Harding, Coolidge,
luded
dollar is inclined to firmness, as is
to act unhampered wherever
power
anything needed to promote the general
welfare.
and
■
full
accorded
23.15(2)23.20,
was
against 23.15@23.25.
•
it, the Federal Government lias functioned, some¬
ineptitude but often through cor¬
to
times from mere
(third) that the Executive Department should be
cotton situation.
unofficial
June 3, 1939
Chronicle
going
on
during the entire depression.
the Beards failure has been
picture
is
unrelieved
capacity
or
upright intention.
by
To
complete and the dark
indication
any
of
real
Government has been
weak, inept, and corrupt, ignoring the needs of the
for the aggrandizement of the few.
many
would
now
ask it to do
than it has
more
Yet they
ever
before
—♦—■
All its
attempted.
Gold Bullion in
European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at,the
British statutory rate,
the
in
.84s. llKd.
principal European banks
dates of most recent statements,
shown for the
four years:
-
.
.
by
us
are
:
■
1937
1938
1939
Bants at-
of respective
as
reported to
corresponding dates in the previous
\
1
fine ounce)
(Friday); comparisons
cable yesterday
special
per
*129,780,751
311,709,194
327,247,486
322,090,041
293,725,347
347,630,266
3,010,000
2*. 527,250
2,462,300
Spain....__
c63,667,000
a23,400,000
100,750,000
82,260,000
87,323,000
87,323,000
25,232,000
94,172,000
102,500,000
83,591,000
25,735,000
6,549,000
6,602,000
—
Italy......
Netherlands
Nat. Belg..
25,232,000
123,400,000
78,103,000
Switzerland
98,865,000
74,372,000
Sweden
33,777,000
29,082,000
6,555,000
6,540,000
Denmark
.
.
important that this doctrine, underlying the
historical exposition of Professor and Mrs.
Beard,
is also the
Norway
8,222,000
...
Total week.
574,229,829
89,106,000
90,780,000
42,575,000
53,850,000
101,164,000
Pursuant to
the
Currency and Bank Notes Act,
44,252,000
23,944,000
18,978,000
6,554,000
6,604,000
6,601,000
7,394,000
1939, the Bank of England
statements for March 1. 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date, Instead of the statutory price,
which
was
basis of value.
On the market price basis (148s. 5d.,
the Bank reported holdings of £226,718,989 equivalent, however,
formerly the
per fine ounce),
toonly about £129, 780,751 at the statutory rate (84s. ll^d. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with former
periods as well as with the figures for other countries in the tabulation, we show
English holdings In the above in statutory pounds.
.
a
Amount held
Bank of Germany
Deo. 31, 1938, latest figures available,
are
reported at £528,600.
b Gold holdings of the
exclusive of gold hejd abroad, the amount of which Is now
c As of April 30, 1938, latest figure available.
Also first
report subsequent to Aug. 1, 1936.
The value of gold held by the Bank of France is presently calculated, In accordance
with the decree of Nov. 13, 1938,, at the rate of 27.5 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold In the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values Its gold
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France is now Just about £1; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 165
francs
per
£1 ;when 65.5
mg.,
In
their
latest
volume*
Professor
consistently well-intentioned.
Lincoln, probably because he freed the
slaves and suffered martyrdom; Theodore
Mrs.
and
Roosevelt,
Wilson, in
recognition of
legislative
to
an
timely translation from
a
a
executive
sphere, merit feeble and fragmentary
commendation, but the elevation of each was, in the
opinion of the Beards, exceptional.
All the other
Presidents of that long
period, legislators, and other
office, holders were the tools of selfish
greed. No
New Dealer has
Yet in
as a
ever been slow to
paint this,picture.
spite of file condemnation of the Government
failure, its
powers are. to be
augmented and its
functions enlarged!
In its latest
,
manifestation, the enthusiasm
centrate all power in the hands of
1932,
be
forever
the
to
prevent
Federal
to con¬
Washington (and,
as President Roosevelt said in
in
retrenchment in
It Is
No
decades comprising that
in virtue of his
surname; and Woodrow
speech
as
seven
completely and
Abraham
thereby,
about 125 francs equaled £1.
Government
Presidency of Herbert Hoover.
during the
period was, in their view, at once fully enlightened
and
92,862,000
49,103,000
The
for the political
scorn
intelligence and capacity of the citizenship of the
United States, at least from the Civil War
period to
63,024,000
56,984,000
3,021,950
861,995,945 1,054,994,083 1,103,886,607 1,042,650,189 1,148,447,369
867,981.691 1,057,219,047 1,097.592,749 1,045,992.925 1,182,855,532
Prev. week.'
*
7,442,000
guiding principle of the New Deal.
typical New Dealer has only
193,454,590
208,170,294
456,172,045
2,273,850
'
"
.»
It is
the close of the
1935
1936
Germany b.
France
be enlarged, all the
withdrawn, and its activities must be magnified and
emphasized.
President
England
powers must
traditional limitations upon their exercise must be
a
compaign
economy
and
Government), would
ridiculous absurdity, were it not so serious and
dangerous to the well-being of the Nation. The
idea is, in
brief, that the Government in Washing¬
a
so
Beard,
whose
work
will
attract
wide
throughout this country, accept and
fold doctrine.
is
(first)
that everything
by the people of the
fashioning
a
three¬
They offer what they plainly believe
convincing evidence
dertaken
attention
argue a
United
representative government
States
has
un¬
in
been
badly done; (second) that, in all matters entrusted
ton shall become the national
banker and source of
capital funds for
the development of new
enterprises
enlargement of those already in existence.
argued that idle capital funds must be made
and the
It is
___
^
•♦"America
New
in
Midpassage";
by
Charles
York, the Macmillan Company, 1939.
A.
Beard
'
and
Mary
R.
Beard;
Volume
order that idle
active in
into
those
cause
who
In order to
capital tools may be put
the entire economic
capital do not approve suf¬
have
their
take
should
Government
funds,
and
tax
the
prises which have already appealed in the usual
new
no
ply
a
same
either
projects into existence; it would merely ap¬
investments that
the
extent
competent authority had al¬
tion,
It would mean precisely nothing in
move
it
affords
of
prices
supply of vital raw materials
of
of
activity.
or
controls
easily obtained than under present practice.
banking,
and restricts
and investors many new
liminary scrutiny
Government
were
eliminated and unrestricted
wasted
power
resources,
wealth,
wisdom.
or
an
artificial,
too
particularly
man-
most
1937
*
Government
nation
to
as
occupations,
persons,
for
use
in
as
satisfying the
5,000,000,000 marks less than that
exacting prescriptions of what amoiints to
labor
.union,
and
though
earnings of workers and employees
interests of
or
year.
regarded by the Government
Moreover, the German worker is subject to
of
its citizenship, without discrimi¬
depression
Thus, in 1937 taxes (including social in¬
the
among
increase of 22,-
an
a
State, though actually the figure of
some
maintaining public order and equalizing the balance
justice
For example, the
payments) took 33.5% of the national in¬
surance
come.
functions of
its historic
to
1932,
over
adaptable
the
was
for 1929.
well, but it has served best when
closely limited
of
needs
freely entrusted with new powers
us
indirectly.
69,400,000,000 marks,
This difference is
affecting the lives-and the comfort of the people.
-It has served
or
000,000,000 marks
entity that is neither to be too harshly con¬
nor
the
Government loans.
in 1937 to
It is only as great as
It is
into
savings
compelled to apply
aggregate income of the German people amounted
to direct the lives of its
people it represents.
of
capital by
regimentation of the economic life of the
individual, directly
foolhardy pro¬
on
less
of
country is supplemented by controls applied to the
funds of the
It is not something endowed with superior
people?
demned
This
And, what is this Government which is to
unrestricted
created
them to
or
branches
all
raising
forcing
thus
more
are
the
varying de¬
Likewise, the Gov¬
substantially
industry,
banks which
If this pre¬
financing substituted, the
Nation would be wantonly
posals.
private
by bankers
undertakings prove short¬
lived and often entail serious losses.
agricultural produc¬
and subject in
concern
to its control
ernment
Even after the most careful examination
and
products, amount of profits and
will be
promise that capital funds
no
otherwise,
or
plants to manufacture them,
industrial
governmental
grees
frankly towards the point of recklessness,
to
of
Thus
wages, and conditions of labor are considered as of
Unless
of augmented industrial activity.
as more
industry, the organiza¬
by development of substitutes
construction
investment is to be less cautious in the future and
the
new sources
the
the way
have
materials in
raw
different and less responsible judgment to the
ready rejected.
more
of
use
tion of
This device would bring
quarters without success.
adjusted to proceedings regarded
are
important from the national point of view.
from these same people to aid the enter¬
moneys
field, at least to the extent of
seeing that the transactions do not interfere with
ficiently of the projects offered for investment to
risk
effectively support such operations the
Government has (taken within its aegis practically
employment; that be¬
and idle labor find
use
3285
Chronicle
Financial
148
the
a
gross
from 25,-
rose
operated any industry, small
700,090,000 to 38,800)000,000 marks from •1932 to
large, with continuing impartiality, efficiency,
1937, and probably reached 41,500,000,000 marks in
any
or
It has
sort.
integrity,
most
never
or success,
and,
as now
ever
will do
unlikely that it
1938, yet it has been estimated that
constituted, it is
so.
a
skilled worker
(direct and indirect)
in taxes
pays
*
and enforced
contributions of various kinds about 22% of his an¬
income.
nual
Germany and Her Proximate Objectives
In
considering the next
probable
objectives of
.
Herr
Hitler, attention must be given to develop¬
ments
Reich.
of
last
the
four
or
five
years
organize the nation to make it powerful and
conquerable.
The
vast
organizing and
-
devoted
that
to
the national income
as
a
logical
means
un¬
of attaining
The industrial and economic life of the
it.
has been
country
subjected to the full control of the Gov¬
ernment.
So far the paramount
objective has been
finds it
,
ing fo carry out its objective is illustrated by the
fact
that
during the fiscal
or
but
no means
been overlooked,
they have been adjusted to harmonize with the
rearmament aim.
its
leaders
has
and distrust of
nation, which through
continuously professed abhorrence
a
communism, tolerating and support¬
ing governmental interference and control
ters
of
in
mat¬
which, under capitalism, have been considered
private
concern
to
a
degree similar to that in
Soviet Russia.
The
German
of industrial
at least
for
Government
controls
activity concerned with
every
phase
rearmament.
ag-,
long
as
program
poses,
mans
Were
seem pos^
indefinitely,
the Germany people's patience
by increasing production
so
greatly
pur¬
goods and services which would have been
been
have
organized
enjoyment and welfare of the Ger¬
otherwise
governmental
employed.
efforts to
deleterious effects of the necessary
as
.
military and non-productive governmental
well
as
the
The highly
minimize
the
belt-tightening,
people's amenability to discipline
might well, nevertheless, continue indefinitely.
However,
tirely,
as
For
endures.
continue her
couducive to the
The world has witnessed
of the national income.
Germany entirely self-sufficient, it would
Rearmament has been the leit motif
by
1937-1938 the
public organizations of every character "amounted
to about two-thirds
tary sense.
nomic activities have
year
gregate expenditures of all governmental and semi-
sible for hep tp
eco¬
in sufficient quantities in
inexpedient to permit.
keep the nation powerful in the mili¬
The remainder of the
spend his
may
The vast effort the German Government is mak¬
to make and
of the economic efforts.
in which he
ways
Germany, the importation of which the Government
technical
end, and incidentally to increase
consumer
particularly for goods, including foods made
materials not found
of
re¬
ability at the disposal of the Reich has been mainly
addition, the ultimate
with respect to the
money,
within the
A tremendous effort has been made to
In
is subject to considerable governmental limitations
or
necessary
as
is well known, Germany lacks
almost entirely,
many
of the
raw
en¬
materials
to feed her people, to supply her indus¬
tries, and to meet the requirements of modern
war-
Financial
3286
effective basis must export in
narily regarded as tending to produce inflation are
deemed in the Reich to be free of that consequence,
since prices and other factors concerned in infla-
greater quantities, as she is not a creditor
In a world of high tariff walls this situa-
even
nation.
Early in the Nazi regime
tion is her Achilles heel.
the battle bgan in agriculture,
(1934)
the word
being used advisedly, both because the activity was
designated a "production battle" and because the
Nazis use, as
much as possible, the psychology and
in selling almost any proposition ;
dramatics of
to their
war
territorial limits by adding some 82,000 square
of import control, foreign ex-
system
tion are within strict governmental control,
• In four years the world has witnessed not only
this tremendous economic effort centering around
rearmament, but has seen Germany radically reorganized in domestic politics, and unilaterally readjusting its international political relations and
In 1935 Dr. Schacht's "New Plan,"
people.
complex
a
June 3, 1939
public contracts by the issue of tax-anticipation
warrants.
This as well as other measures ordi-
in large quantities, and in
She must import
fare.
order to do so on an
Chronicle
transactions, and export subsidies, was put into
miles to its territory (including the protectorate of
Slovakia/) and about 21,000,000 to its, population,
effect.
All this has been
change devices, marks good only for foreign trade'
■
1936
In
Plan,"
-
without war, and in most cases the tactical ex-
the "Four Year,
Germany inaugurated
pedient of surprise has been fully employed.
huge effort to decrease her dependence 011
a
accomplished dramatically, but
There
imports by increasing the domestic production of
has, so far, occurred no convincing indication of
necessaryL raw materials and developing synthetic
satisfaction with these vast accomplishments and a
desire to consolidate them.
On the contrary, the
able
inventive
German
of
resource
Every avail-
impossible.
substitutes when that was
faculty, tech-
competency and skill were employed.
nical
result of all
The
these expedients has
markable and until 1938
been
might have qualified
sided activities all continue unabated, and
many *
.
re-
the atmosphere of uncertainty as to the next step
to be taken in the international field has been
sedulously cultivated with the dramatic-instinct
as a
complete success, though much of the credit can
repeatedly displayed at home and in foreign
safely be ascribed to the world economic revival of
so
lations by the group now in power in Germany.
All this has made inevitable intense speculation
1934-1937, during which years Germany's total ex-
balance aggregated 1,104,000,000 marks.
port
by the world as to what Germany's next move will
In
be in the sphere of territorial aggrandizement
1938, however, to some extent due to the acquisition
of Austria
the
and
Sudetenland, the balance
international power politics.
was
of
turnover
about
850,000,000 marks within
ments already consummated, so great
a
hectic cry, last
January, that Germany must "ex-
It is obvious that these restrictions on her
been"
have
costly to
Germany,
foreign
though
an
the
economic
Hitler,
On
reasons.
Goering,
Marshal
referred to the
other and the
are
of
tions and others have been followed
consistent
credited
assertions
speakers.
from
In
any
the
shortly by in-
sahie
or
other
ac-
event nothing tangible
has resulted.
activities,
labor
keyed
to
of these economic "
rearmament,
continues
There has been, such an acute
abated.
that
the. average
creased about
work 60 and
the world
are
un-;
shortage of
working day has been in-
12%, and in
some war
70 hours
week.
industries
men
In its report,
appear
ready to believe
That this is
,
areas
so
may
well be doubted.
Hitherto,
Ilerr Hitler has enjoyed certain advantages.
was
110
of
substantially unlimited,
There
real opposition, especially on the part of
Great Britain—and
no
opposition could have been
be effective without her co-operation—to the
or can
re-establishment
In the domestic field the pace
spirit close
a
that liis opportunities to dominate great
Some
hedged with reserva-
be
'hattred because of certain
with which he is confronted
might indicate that
temporary character.
a
ac-
akin to defeatism and overlooking the difficulties
importance of the freedom of .inter-
of these statements have been
even
may
acts of his administration at home and abroad,
present self-imposed restrictions on Germany's
foreign trade
,
that large sections of the world, in
inter-dependence of nations on each
national trade in terms which
inten-
So much international prestige has been
with distrust and
1937,
Schacht, and his
Dr.
an
quired by Hitler, impregnated though it
Dr.,Funk, on,various occasions have all
successor,
the
30,
January
effort,,
an
economic hegemony of the most complete charac-
ter.
price has apparently been cheerfully paid for other
than
or
in-
tion to acquire, by force if necessary, huge areas
in Eastern and South-eastern Europe, or at least,
port or die."
trade
seems
still continued, could only be justified by
This undoubtedly was the cause of Hitler's
year.
The public
clined to believe that in spite of the great achieve-
400,000,000 marks in favor of imports, constituting
a
re-
of
compulsory
military
service,
the military re-occupation of the Rhineland, the
union with Austria, and the taking
over,
of the
Sudetenland.
It is evident that those in control in-,
Great Britain
were
errors
sincerely" convinced that serious
have been made in the peace treaties result-
published May 27, the Institute for Economic In-
ing from the Great War, and that the map of
Europe then established did not conform in certain
quiry of Berlin while attesting to the great strain
respects to the enduring realities.
placed
and economic
nation
a
the nation by the tremendous political
on
become
even
pace,
asserted that Germany has
now
"beyond question" the leading industrial
of
Europe.
evidence of
a
While there is
no
substantial
breakdown, there have been
of indications of strain under the
has been
placed
for other
than
on
a
number
heavy load which
Germany by her rulers largely
economic purposes.
Let it suffice
By certain polit-
ical devices regarded as legitimate in a democracy
they secured the approval of the British people to
their
course.
This favorable psychological factor will probably
continue to weigh in Herr Hitler's favor in
nection
with
methods
are
Danzig,
as
long
not too obvious.
as
his
con-
pressure
It is, moreover, quite
possible that if he had adopted
a more
conciliatory
to refer to another New Plan, which went into ef-
course
feet
through diplomatic channels the opportunity then
on
May 1 and provides for the liquidation of
after
Munich
and
exploited
skillfully
Volume
3287
Chronicle
Financial
148
presented, he would have secured even more than
Hitler's
plan is to develop such military strength
he is
that the
possibilities of economic expansion in the
likely to, without war, in that region and
now
foreign economic field, particularly to the east and
perhaps elsewhere.
Another factor in Hitler's
tinue
is that his
of his
for
out
enduring popularity with
his
without
country
is
comparatively
of
real
true that the morale would be at least
short war,
especially
local
a
in
It is probably
the majority of Germans.
among
possible
in those regions
moves
a
situation may
offer to establish
possible
doubt the morale of the German
which his country needs so
While it
situations
which
In
not" prevented
past
wars,
southeast
a
will
he
been the settled
and
one.
general project to the east
continue to
Balkan areas, except
early war opera¬
tober
of
plan, which is to
into effect
go
Oc¬
on
service—army,
all Germans
17 not
over
will
be incorporated
Storm Troops in
officers, under
reserve
is reasonable in the
"
embark
to
a
„
Her last important oil operation of
ago
left Rumania
more
pression that France had driven
second
than confidence in her value as a
Removing their
ing.
of the army, navy
to
body of
a
is
a
step
tions,
to
corps
said
are
not
have
to
when
combined
with
been
brilliant,
other
measures
In the
exports for
the
first quarter of 1939
to
are
be
found
naturally in
erally expected.
the
military establishment, rather than
early
an
consideration
which
must
be
as
probable next step
was
.popularly recognized
friendly, to take extraordinary steps
for
France has performed
war.
the miracles she is
Soviet Parliament "amid
received
the
On May
deafening cheers"
over
last
vociferously complaining
extent of
an
seems at
least to the
enforced intense rearmament
by
a
not
Rumania.
and
Germany
that
been
making it may be hazardous to exclude the
possibility of
in
the
Polish
veloping, it
a
war
area.
seems
in the
As
much
near
the
future, especially
situation
more
is
now
de¬
probable, however,,
that, at least for some appreciable period of time,
of
advantage
the
She has largely
This has by
trade of
no
means
proved satisfactory to the countries there located,
not
only because of the conditions exacted by Ger¬
many,
to
be
one
but also because they naturally do not wish
dependent on any foreign country, especially
whose motives and
with
objectives they contemplate
misgivings.
However, Great Britain and France seem reluc¬
tant to
undertake large scale economic and credit
operations in the southeast of Europe.
at the amount
huge military effort Germany has
took
share of the export
part of the world.
liances, to be
matter of immediate pendency.
France, but her
regards Yugoslavia
as
foreign trade in "the Balkans.
maintained her lion's
for instance, is
a
nor
League sanctions to develop at the expense of Italy
her
particularly friendly world, wholly apart from al¬
In view of the
Southeast Europe."
Germany's natural rival in that
ally, Italy,sespecially
own
The "encirclement" against which Germany
year.
so
of
biggest budget in Soviet history, in¬
creasing the military expenditures by 66%
is
one
capable of when confronted with
danger, and is united and ready to resist.
the
in
He has forced Mr. Chamber¬
lain, who only last Fall
25
borne
foreign field is the fact that he has recently
overplayed his hand.
prepare
was
will,be in that direction is gen¬
move
field is neither Great Britain
war.
mind in connection with Hitler's
Germany
there
lowing: "Prospects for development of foreign trade
preparation for
to
drop of
a
1,000,000,000 marks in the value of Germany's
over
fluence
in
re¬
report of the Berlin Institute for Economic
Enquiry of May 27, after referring to
gest long term political steps to minimize the in¬
in the
economic
sources.
That the next
Another
long time partner
Rumania's
least for the time being, the esprit-de-
as
of
of
with the im¬
hard bargain,
added, according to the New York "Times," the fol¬
so
of the officers of the military forces, as to sug¬
corps
exploitation
a
obviously designed
by the Nazi authorities,
affect,
and entrusting it
discordant with,German military tradi¬
so
and
taken
and air
the
in
whose services in the two recent
men
mobilizations
from the control
OAvn reserve
-
also been disinclined
35, of the three services, with the rank of first and
lieutenants, who will give the actual train¬
own
large scale economic operations in
on
regions.
few years
re¬
privilege of determining what
France has of recent years
those
done "rea¬
light of the interests of his
country.
corps—of
actually in the active serv¬
ice is to be confined to the Nazi
which
air
and
navy,
were
Hitler, of course, most emphatically
to himself the
serves
Pur¬
1, the military training for the three branches
the
sonably."
■
suant to this
Germany exploit those
regions economically, provided it
tions, in spite of the enormous war preparations,
is the plan announced originally* on January 21,
May 26.
Mr.
have indicated comparatively recently Great
Britain's willingness to see
on
psy¬
For, it has
for oil production.
men,
published
enjoy the
policy of Great Britain since 1919
exaggerated, but which presents some evidence that
were
materials
raw
Chamberlain, and otlief responsible British spokes¬
factor, the importance of which may be
of which
the best terms
on
of the
badly.
Herr Hitler does not contemplate
details
Hitler
to minimize her economic activities in the Danubian
long before entering a war
likely to be a short
Another
supply
chological advantage alluded to above.
Germany is under should at least induce its
hesitate
of
sources
carrying out such
and
the present financial strain
yet
ones,
authorities to
not
the
people for a long
unfavorable .financial
that
true
in
have
long
even
is
even
definite goal, but intends
spirit of opportunism, confident in his coun¬
fought by the people, not by dictators, and many
war.
number
any
and elsewhere
try's strength, to seize all chances the developing
adequate for
But wars are
one.
which he is familiar.
lias not set himself any
sentiment
war
be fully exploited, with¬
can
(it is quite within the probabilities that
From all reports
war.
little
Germany
by methods with
war,
Apart from preparing the ground for
large mass
a
people rests on his having secured so much
there
a
southeast of
favor, which will con¬
long as the facts will admit its application,
as
Rumania,
reported to be bitterly disappointed
of the recent credit extended her by
England, regarding £5,000,000 as wholly inadequate
to
render
her
at
many's economic
more
least
Turkey
of
Ger¬
has
semi-independent
inducements.
been
fortunate, and her recent alliance with Great
Britain
is
ambition's,
not
to
only
a
a
severe
check
on
Germany's
certain extent blocking her from
.
3288
Financial
to
access
Asia,
is
but
also
symptomatic
of
Chronicle
The Course of the Bond Market
the
lengths to which some, at least, of the Balkan coun¬
tries will go
to free themselves from dependence
This week has
issues
southeastern
pend
form
what
role
rails
in
activities
economic
of
those
in
that
Powers
dropped % and Chesapeake & Ohio 4%s, 1992, lost % at 108
and
124%, respectively.
Medium-grade and speculative
railroad bonds have recorded gains during the week.
Great
re¬
closely-knit economic
necessities
terial
Italian
The
that
of
area
tuned to the
raw
as
well
the Mediterranean
as
to
area
develop therein its economic -position.
be
could
doubtful*
seems
so
The
tendency
same
in
the
stock
market.
While
generally predominated there have been occasional
gains, and California Oregon Power 4s, 1966, Ohio Edison
4s, 1967, Alabama Power 5s, 1956, Mississippi Power &
Light 5s, 1957, and West Penn Electric 5s, 2030, sold at
new high levels.
na¬
this
has
the
losses
Italy to
That
view
utility
of
ence
have recently indicated
Germany has agreed to leave the Balkan
tions
1953, gained 3 points at 52.
bond market has been rather dull, with a
tendency toward weakness.
Highest-grade issues have held
firm, but speculative issues drifted lower under the influ¬
The
ma¬
Germany.
newspapers
4%s, 1976, gained 3 points at 79%, while Illinois
Northern
Central 4s,
prevent it, it will not take the shape of
can
be no new
High-grade railroad bonds have displayed a firming tend¬
throughout the week.
Atchison gen. 4s, 1995, were up
at 110%, while Duluth Missabe & Iron Range 3%s, 1962,
1
If the Balkan countries and those three Great
gion.
would
ency
France, and the
countries
United States Governments spurted
been firm.
have
Speculative rail
gains of two or three points, and high-grade
made
when it was announced that there
offering of long-term bonds in June.
by the form and extent of Soviet Russia's
Great Britain and
continuation of the upward trend
up
Europe will take must necessarily de¬
relations with
a
economic
the circumstances, and may be largely ori¬
on
entated
Germany's
a
seen
prices, all groups being strong.
bond
in
on
Germany if the occasion offers.
Just
June 3, 1939
this
Industrials
been
week
have
been
generally
steady
to
The Bethlehem Steel 4%s, I960, gained % at 107%,
the Wheeling Steel 4%s, 1966, were up 1% points at 95%,
higher.
widely and firmly held in Germany that should she
and other issues in the steel group
the task of
assume
developing Southeastern Europe
economically it would be to the best interests of
concerned.*
all
It is
tier
106%, gaining % point on the week.
In the building
the
Certain-teed
Products
5%s,
1948,
showed
strength, paper company obligations have been firm to
strong, and retail selling company obligations have been
mixed, with strength shown in the Allied Stores 4%s, 1950,
and the Childs Co. 5s, 1943, but with, weakness developing
in the United Cigar Whelan 5s, 1952.
Italy and Germany, affording
Italy
support for her territorial and economic
After continuing their advance in the early sessions, for¬
eign bonds developed
as¬
require in their opportunistic
their
improve
positions.
.
.
occasion
and
Greek
and
continued
1939
U.
S.
Daily
Govt.
Bonds
June
2— 117.61
1- 117.28
May 31
.
—
30-
117.08
Stock
within
Corporate by Groups *
All
RR.
U.
Indus.
102.84
85.52
91.97
111.23
114.30
P.
105.22
121.04
116.64
105.04
120.82
116.64
102.66
85.38
91.97
111.03
120.82
116.64
102.48
85.24
91.81
110.83
114.09
91.51
110.83
113.89
91.05
110.83
113.89
91.05
110.83
113.68
1
June
found
support at somewhat im¬
Japanese and Australian issues
limits.
bond
yield
averages
on
Individual Closing Prices)
120 Domestic Corporate
120 Domestic
*
by Ratings
■,
Corporate by Groups
tic
116.43
102.30
84.96
120.82
116.43
102.48
84.41
26- 116.98
104.48
120.82
116.43
*25.. 117.06
116.21
102.12
84.55
„
104.11
120.82
24—
117.01
103.93
120.59
116.21
101.58
84.01
90.14
110.83
117.08
103.74
120.59
116.21
101.23
83.60
89.84
110.63
113.68
120.37
116.00
101.06
83.60
89.84
110.43
113.48
101.94
84.14
90.59
3.14
3.85
4.94
4.49
3.41
3.26
3.14
3.86
4.95
4.50
3.42
3.26
ExChan ge Cios ed
2.95
3.15
3.87'
V.
Indus.
3.25
4.97
4.52
3.42
2.95
3.15
3.86
5.01
4.55
3.42
3.27
2.95
3.15
3.88
5.00
4.55
3.42
3.28
3.77
2.95
3.16
3.89
...
3.28
4.58
3.42
3.78
—
2.96
3.16
3.91
5.04
4.61
3.42
2.96
3.16
3.93
5.07:
4.63
3.43
3.28
2.97
3.17
3.94
5.07
4.63
3.44
3.29
22-.....:.
3.79
20.
3.79
■
5.03
•
3.27
116.99
103.74
116.00
101.23
83.46
110.43
113.48
2.96
3.17
3.93
5.08
4.62
3.44
ri9._ 116.97
103.56
120.59
115.78
101.06
83.46
89.84
110.43
113.27
19—..
3.80
2.96
3.18
3.94
5.08
4.63
3.44
3.30
18- 117.05
,
103.56
120.37
116.00
101.23
83.19
89.84
110.24
113.07
18
3.80
2.97
3.17
3.93
5.10 '
4.63
3.45
3.31
83.33
89.99
110.24
113.27
17
3.79
2.96
3.16
3.93
5.09
4.62
3.45*
3.30
110.43
3.15
120.59
89.99
17- 116.91
103.74
120.59
116.21
101.23
16- 116.74
103.93
120.59
116.43
101.58
83.46
15- 116.65
103.93
120.59
116.43
101.58
83.73
90 59
13- 116.36
104.11
120.59
116.43
101.76
83.87
90.75
90.29
...
3.29
113.48
16-
3.91
5.08
4.60
3.44
110.24
113.48
15..—
3.78
2.96
3.15
3.91
5.06
4.58
3.45
110.24
113.68
13
3.77
2.96
3.15
3.90
505
4:57
3.45
3.28
3.78
2.96
3.29
'
,
—
.
3.29
*
12- 116.37
104.11
120.37
116.43
101.76
83.73
90.59
110.24
113.48
12..
3.77
2.97
3.15
3.90
5.06
4.58
3.45
3.29
•
11-. 116.46
104.11
120.37
116.64
101.94
83.73
90.90
110.24
113.48
11
—i—
3.77
2.97
3.14
3.89
5.06
4.56
3.45
3.29
10- 116.49
104.11
120.37
116.64
101.76
83.87
'90.75
110.43
113.48
10—
3.77
2.97
3.14
3.90
4.57
3.44
3.29
9„ 116.43
5.05
103.93
120.14
116.43
101.58
83.60
90.59
110.24
113.27
9—
3.78
2.98
3.15
3.91
8,. 115.93
5.07
4.58
3.45
3.30
103.56
120.14
116.00
101.23
•'
.'
'
83.06
90.14
110.04
112.86
8—....
3.80
2.98
3.17
3.93
5.11
4.61
3.46
6........
3.80
2.98
3.17
3.93
5.12
4.62
3.46
3.32
5.
3.80
2.98
3.18
3.93
5.11
4.62
3.47
3.32-
4—....
3.81
2.99
3.18
3.95
5.13
4.64
3.48
3.32
6- 115.79
103.56
120.14
116.00
101.23
82.93
89.99
110.04
112.86
5„ 115.78
103.56
120.14
115.78
101.23
83.06
89.99
109.84
112.86
4- 115.56
103.38
119.92
115.78
100.88
82.79
89.69
109.64
•
112.86
3- 115.50
103.20
82.66
89.69
2- 115.46
1- 115.41
103.02
119.47
115.57
100.70
82.40
89.25
109.44
112.45
102.84
119.47
115.35
100.53
82.13
89.10
109.24
112.45
119.69
115.78
100.88
109.64
28.
3
112.66
Weelly—
3.82
rr
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
115.13
102.66
119.03
114.93
100.53
82.40
89,10
109.05
112.25
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
89.40
108.85
112.45
102.84
119.25
114.72
100.70
82.66
103.93
119.25
115.14
102.30
84.83
91.51
109.24
112.86
24.. 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
17— 114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
10
105.22
114.93
102.84
87.21
93.53
110.04
113.68
10
120.14
114.72
102.30
85.52
91.97
109.64
119.69
114.30
101.06
84.14
90.14
109.05
113.27
103.38
119.69
114.30
101.23
83.87
89.99
109.05
103.20
119.69
114.09
101.06
83.60
89.69
Mar. 31
113.27
10- 113.21
6...
113.48
103.38
108.85
102.84
119.47
113.68
100.88
83.19
89.10
108.66
119.03
113.07
99.83
82.00
87.93
107.88
112.86
103.20
102.66
113.48
83.87
113.07
101.06
100.53
102,48
112.25
100.53
83 06
89.55
89.10
88.80
108.66
107.88
6- 112.95
119.69
119.47
119.25
107.69
High 1939 117.61
105.41
121.04
116.64
103.02
87.21
93.53
111.23
114.30
83.06
3.34
8.50
3 34
3.84
3.01
3.20
3.97
5:16
4.66
3.50
3.85
3.03
3.22
3.97
5.16
4.68
3.5L
3.35
3.03
3.23
3.99
5.22
4.71
3.53
3.37
3.02
3.23
3.96
5.14
4.66
3.52
3.34
3.02
3.21
3.91
4.98
4.52
3.50
2.99
3.21
3.88
4.91
4.47
3.48
3.30
2.99
3.22
3.87
4.89
4.46
3.48
3.30
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
5.14
4.64
„
....
3
1
3.35
3.32
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.30
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
10
113.48
101.94
20- 113.18
13- 112.93
3.49
4.68
3.95
24
.
Feb.
112.45
3.. 113.16
.27.. 112.59
4.67
5.18
3.74
2417
104.48
5.16
3.97
3.75
-
.'.
6- 114.85
3„ 113.59
3.33
3.96
3.20
3.78
28...
Apr.
Mar.31.. 114.85
17- 113.30
3.48
3.19
3.84
14.
24- 113.38
3.18
3.01
3.01
3.87
21.
114.76
120.37
3.00
3.83
dsn/ty
115.41
14.
114.79
.
3.32
3.84
2—......
,
21.
3.82
3.29
.
3.29
3.00
3.26
3.94
5.07
4.64
3.52
3
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
112.86
6
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
High 1939
3.89
3.05
3.37
4.01
5.26
4.76
3.60
3.36
3.25
Jan.
3.29
Low 1939 112.59
101.94
118.60
111.84
99.83
81.09
87.93
107.30
111.64
Low
1939
High 1938 112,81
101.76
2.94
3.14
3.83
4.81
3.40
111 43
3.70
4.39
118 60
100.18
82.27
Low 1938 109.58
1 Yr. Ago
88.36
107.11
112.05
High 1938
88 80
112 45
4.70
3.34
3.85
4.68
6.98
6.11
4.23
8.76
102.66
89.10
62.76
71.15
96.11
104.30
Low 1938
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
June 2 '38 112.17
94.01
114.72
107.11
94.01
69.89
76.41
101.76
108.66
Year Ago—
June 2,1938
4.36
3.23
3.61
4.36
6.23
5.64
3.91
3.53
101.76
113.27
110.43
100.70
86.07
96.44
100.53
109.05
June 2,1937--..
3.90
3.30
3.44
3.96
4.89
4.21
3.97
3.51
2
'
3.27
3.74
3.79
—
24.
23'
3.40
P.
3.75
.25..
'
4.49
2.95
3.74
,
'•'.'26
113.68
110.83
RR.
4.93
2.95
Stock
27—
113.89
23-
Baa
3.14
3.73
29
A
3.84
2.94
3.72
•
May 31
.
Aa
3,71
30
120.82
104.67
Aaa
Corp.
2
ed
104.67
20-
120
Domes¬
,
Averages
114.09
104.85
103.74
to
v
Baa
27- 116.93
22— 117.06
"
1939
Daily
Cios
narrow
(Based
by Ratings
Aa
29- 116.99
■
contrast
MOODY'S BOND YIELD AVERAGES f
3
120 Domestic
Aaa
Exchan ge
The Province
in
issues, which receded slightly.
Moody's computed bond prices and
given in the following tables:
tic
Corp.*
higher
are
120 Domestic Corporate *
Domes¬
issues
under pressure.
fluctuated
strategic
.
(Based on Average Yields)
Averages
American
closed
proved prices, while Italian and Polish Government bonds
MOODY'S BOND PRICES t
All, 120
obligations
South
other
most
adventures to
respective/ economic
•
as
Aires
Buenos
of
German
dustry and armament, and co-operating
irregularity towards the close,
some
but declines have been only small in extent.
pirations in the Mediterranean and to the south,
lending her technical and other assistance in in¬
may
Among
1939 high
new
group,
„
quite possible that Germany believes she is
between
a
at
paying Italy in full for her co-operation by accept¬
ing (for the time being at least) the Brenner fron¬
moral
have been firm.
metals, the Anacorida 4%s, 1950, recorded
1
Yrs.Ago
2
June 2 '37 108.56
prlces are computed from average yields
level or the average movement of actual
on the
basis of
one
Years
"typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
price quotations.
They merely serve to illustrate In a
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used In computing these Indexes
Agq—
was
more
comprehensive way the relative levels and the relative movement of
published In the issue of Feb. 18, 1939 .pages 939 and 940.
.
Volume
Financial
148
3289
Chronicle
Indications of Business
Activity
EPITOME
Reports,
States and Canada
of 32,445 automobiles and trucks, a decrease of 35,925 units
from the preceding week and 535 units below the corre¬
sponding week of last year.
Ward's said that this was
the first week of 1939 which failed to show a gain over the
1939.
generally
from Washington
Friday Night, June 2,
The
and
news
favorable
to
developments of the week were
business,
though
the
news
be regarded a stimulus.
devoid of anything that could
was
The President met with
eight so-called leading
industrialists
blies
of
Inc.,
TRADE—COMMERCIAL
OF
STATE
THE
estimated
like
the
Ward's. Automotive
Corp.
Chrysler
output for the United
The volume is exx>ected to rise next
period of 1938.
all or most of them, are predominantly
friendly to the New Deal.
So the meeting caused little
stir in the business world.
Business men generally seem
week, but the seasonally lower plane of
quite settled in the belief that no appreciable help can be
expected from Washington., To many it is remarkable the
of
last
but
night,
business activity is holding up in the face of the multi¬
tudinous handicaps and especially the seeming indisposition
of the Administration to get behind business in
a real
way
ules is
about
likely
225,000
the
in
Increase
ago
bituminous coal
according to the "Journal of
Commerce"
which rose a full point to
53.0 and compares with a revised figure of 82.0 for the
week ended -May 20 and 68.7 for the corresponding week
of
1938.
Crude
runs-to-stills and automotive activity
showed recessions, .according to this source.
All important indices of iron and steel activity except
automobile production moved up this week, ingot output
having gained 4 points to 52% of capacity, while a number
of
banked blast furnaces resumed and scrap prices ad¬
States for the week ended May 27 amounted to
kwh., according to figures released by the Edison Electric
Institute.
Output, for the latest week showed a "gain of
the previous week's total of 2,170,496,000 kwh., and 231,580,000 kwh., or 11.7%, over the
1,973,278,000 kwh. for the week ended May 28, 1938.
Engineering construction awards for the short week due
to the Memorial Day holiday total $39,887,000, a decrease
34,362,000 kwh.
of
12%
over
volume for
from the
the
corresponding week last
"Engineering News-Record" reported
week's total brings construction awards
date to $1,334,716,000, an increase pf 24%
115,000 for the 22-week period last year.
yesterday.
year,
tion for the
awards
are
the year to
over the $1,077,Public construc¬
week is 3% higher than a year ago, but private
60% lower than in the short week last year. '
Association
The
627,674
This
of
American
for
Railroads
rei)orted
over
This was an increase of 11,708 cars,
or
1.9%, compared with the preceding week; an increase
of 65,598 cars, or 11.7%, compared with a year ago, and a
.decrease of 162,829 cars, or 26.0%, compared with 1937.
The Association of American Railroads reported improve¬
ment
in
the
railroads
net
during
operating
income
operating income of the Nation's Class I
the first four months of this year.
Net
rei>orted
at
$101,066,278 through April
represented an annual rate of return of 1.55% on property
investments.
This compared with a net income of $29,-
0.45%
property investment in the first four
months of 1938.
Gross oi)erating revenues for the firsts
four months of 1939 totaled $1,179,891,873, compared with
.360,310,
or
on
$1,081,376,968 for the same period in 1938.
Operating ex¬
for the period amounted to $921,547,450 compared
with $896,407,684 for the same period in 1938.
The strike in the Briggs Mfg. Co.'s plants and the Me¬
morial
Day holiday combined this week to reduce auto¬
mobile production to less than half the previous week's
; total.
This combination resulted in virtually halting assem¬
;
penses
heavier run of orders
Wholesale prices, it was
have strengthened. In New England, the advance
year's level broadened to 6% to 10%, the largest
a
kiiQwn in weeks.
recorded
so
far this year,
the agency states.
The. outstanding feature of the weather the past week
was the intense
heat wave that prevailed in many parts
of the country,
especially in the New York area. New York
heat wave sent the temperature to 92
City's pre-summer
at 6:50
degrees
p.
m.
Wednesday, making it the hottest
and the first since last Aug. 16 with a
reading of 90 or above.
Wednesday was the fourth con¬
secutive day that the mercury had hit 85 degrees or more.
Unofficial temperatures ranged as high as 100 degrees in
Westchester County.
In many parts of the Westv and
the
day of
year
spell was broken
cooler weather. This served
to check the many pessimistic reports concerning the crops
in those areas, especially wheat, and while much damage
has been done in some sections, there has been a decided
improvement reported in other areas as a result of the break
in the dry spell.
During the early part of the week the
New York City area suffered from intense heat, though no
deaths were reported.
:
, *
Today the weather was fair here, with temperatures
ranging from 60 degree to 70 degrees.
The forecast for to¬
night is partly cloudy with the lowest temperature hovering
about 58 degrees. "Saturday partly cloudy with slowly ris¬
ing temperature.
Warmer weather is predicted for Sun¬
day, with showers in the afternoon or at night.
Overnight
at Boston it was 52 to 66 degrees;
Baltimore, 60 to 82;
Pittsburgh, 64 to 80; Portland, Me., .,48 to 70; Chicago, 64
to. 82; Cincinnati, 68 to 76; Cleveland, 68 to 76; Detroit,
60 to 80; Charleston, 74 to 82; Savannah, 70 to 86 ;■ Dallas,
68 to 86; "Kansas City, 68 to 92; Springfield, Mo., 64 to 84;
Oklahoma City, 66 to 80; Salt Lake City, 42 to 68; Seattle,
48 to 68, and Montreal, 54 to 64.
"
Northwest, however, a rather extended dry
by beneficial rains followed by
.
.
,
"
♦
*
v
\
Moody's Commodity Index Declines
Moody's Daily Commodity Index declined from
week ago to 143.5 this
vidual changes were the
The movement of the
May
Sat.,
May
Mon.,
May
Tues.,
May
Wed.,
May
Thurs., June
Fri.,
June
*
isfo
27_
29
30
31
1
*
2
144.6 a
Friday.
The only important indi¬
declines in wheat and silk prices.
index is
144.6
—:
*
144.3
* 1
...144.4
...-.144.0
143.5
Fri.,
as
follows:
Two weeks ago,
May 19.
Month ago, May
2.
June 21938 High—Jan. 10
Year ago,
,
144.0
141.2
...-.130.9
152.9
Low—June 1
1939 High—Mar. 6-_-„
Low—Apr. 22
130.1
145.8
138.6
index.
Railroads Place 6,817 New
of revenue freight were loaded during the week
cars
last
increase
today
ending last Saturday.
weekly review, continued to show
giving wholesalers
goods,
reported,
,
the United
Bradstreet, Inc., reported today.
the corresponding week a year
trend toward
sonal
gain in ingot output, it is pointed out,
.2,204,858,000 kilowatt hours, the highest output since the
week ended April 1, when the total stood at 2,209,971,000
of
averaged 6% to 12% in the retail section, identical with
previous week's position. All trade movement, accord¬
than they have
The
is by far the sharpest
of any week so far in 1939 and is within 4 points of the
high mark for. the year, 56% an the week beginning
March 12.
Another favorable sign for the steel industry,
the magazine points out, is the volume of fabricated steel
awards which total more than 35,000 tons this week, the
largest tonnage since the first week of January.
The total
includes two bridges across the Mississippi River, one at
Greenville, Miss., and the other at Natchez, Miss.
"It
seems certain that the automobile companies will not take
the bulk of their commitments until the third quarter.
The
strike at the Briggs plants, Detroit, coming at the end
•of the 1939 model season and as the 1940 program
is
getting under way, may postpone completion of the one
-and delay production of the other.
This may tend to create
.a bulge in steel operations in July and August when it is
usually lagging.
Shipbuilding requirements are causing a
..steady flow of specifications to the mills, and they will be
.augmented by 9,400. tons to be used for eight submarines
.and eight destroyers that the Navy Department has allo¬
cated to its own yards and private builders.
Railroad buy¬
ing leaves a lot to be desired."
Production by the electric light and power industry of
volume
improvement. Higher temperatures in most
sections of the country sharply accelerated demand for sea¬
a
weekly index of business activity
vanced, the "Iron Age" states in its current summary.
Dun &
week,
over
ing to the credit agency's
production7 and steel operations and gains for car loadings
and electric output,
virtually throughout the
Despite loss of one business day, both retail and whole¬
week held close to the level of the
remainVso indefinitely.
upturns
compared With a tentative estimate
The service also reported that
units,
sale trade volume this
preceding
reflected
production sched¬
the current month to
296,000 upits in May.
It has been relatively quiet on the Euro-.
pealoVfront the past fortnight, but the situation abroad
continues an overshadowing influence and is exx^ected to
activity
reduce output for
three-day operations are maximum
industry at this time.
substantial way.
Business
to
Class I railroads in the
Freight Cars in Service
,
first four months of 1939 put in
freight cars, the Association of American
on June 2.
Of that number, 1,713
were installed in April.
In the first four months of 1938
Class I railroads put 5,302 in service.
New steam locomotives put in service in the first four
months of 1939 totaled nine compared with 94 in the same
service 6,817 new
Railroads
announced
of 1938.
period
New electric and Diesel locomotives in¬
months' i>eriod this year totaled 70 com¬
stalled in the four
pared with 49 in the same period last year.
Class I railroads on May 1 had 6,391 new freight cars on
order
6,502
compared with 4,867 on the same day last year
on
New
and
April 1, 1939.
steam locomotives on
order on May 1, 1939 totaled
61, the same as on May 1 last year and 62 on April 1, 1939.
New electric and Diesel locomotives on order on May 1 this
numbered 23 compared with 10 one years ago and 33
April 1, 1939.
Freight cars and locomotives leased or otherwise acquired
are not included in the above figures.
year
on
Financial
3290
Revenue
Freight Car Loadings Total 627,674 Cars in
Week Ended May 27
Loading of revenue freight for the week ended May 27
totaled 627,674 cars, the Association of American Railroads
announced on June 2.
This was an increase of 65,598 cars
or 11.7% above the corresponding week in 1938 but a de¬
crease of
162,829 cars or 20.6% below the same week in
1937.
Loading of revenue freight for the week of May 27
was an increase of 11,708 cars or 1.9% above the preceding
week.
The Association further reported:
Miscellaneous freight loading totaled 251,585 cars, a decrease pf 2,002
car.,
from
the preceding
week, and an increase of 33,152
above the
increase of 74 cars above the
above the corresponding
Coal loading
the preceding
an Increase of
cars,
4,329
•
cars
above
.
Loaded
on
Own
Lines
Received from Connections
Weeks Ended—
Weeks Ended—
May 27 May 20 May 28 May 27 May 20 May 28
1939
Fe Ry.
1939
1938
1939
1939
1938
19,992
19,078
19.929
4,921
5,011
4,626
Baltimore <fe Ohio RR—
28,005
28,4.50
21,620
14,360
12,376
12,820
Chesapeake & Ohio Ry——
20,165
18,091
8,099
6.381
8,146
Atchison Topeka & Santa
Chicago Burlington & Qulncy RR
21,686
13,153
13,324
12,634
Chicago Milw. St. Paul <fc Pac. Ry
18,074
18,417
17,331
6,787
6,478
6,268
Chicago & North Western Ry...
13,509
13,434
12,826
8,832
8,846
8,354
3,106
Gulf
Coast
Lines
7,062
6,796
5,934
3,028
2,803
1,661
1,707
2,078
1,853
1,885
2,106
RR.....
3,723
3,878
3,626
2,433
2,510
2,474
Missouri Pacific RR
11,081
8,263
8,495
7,841
33,309
11,409
33,443
11,170
New York Central Lines
30,921
32,289
29,084
29,901
5,541
4,810
4,128
8,682
7,658
Chicago & St. Louis Ry...
Norfolk & Western Ry
week, but an increase of 560
responding week in 1938.
above the
cars
cor¬
1,240
1,331
1,358
7/582
18,886
Pennsylvania RR
Pere Marquette Ry
17,496
14,878
4,116
4,092
3,630
54,892
—
55,034
48,608
36,354
34,448
33,677
4,350
4,973
5,375
Southern Pacific Lines
Wabash Ry
•
4,167
4,039
3,702
4,839
4,185
3,244
4,857
4,230
4,032
25,450
5,135
—
Pittsburgh <fe Lake Erie RR
■
products loading totaled 33,904 cars, a decrease of 380
below the preceding
(Number of Cars)
N. Y
week, and an increase of 2,279 cars above the corresponding
Grain and grain
cars
preceding week, and
week in 1938.
amounted to 100,357 cars, an increase of 7,636
week in 1938.
June 3, 1939
LOADED AND RECEIVED FROM CONNECTIONS
FREIGHT
Missourl-Kansas-Texas
Loading of merchandise less than carload lot freight totaled 152,855
cars
REVENUE
International Great Northern RR
cars
corresponding week in 1938.
an
Chronicle
25,882
25,659
7,341
7,647
6,882
5,220
4,647
7,774
7,560
6,817
.
287,015 284,335 258,543 169,525 159,012 156,150
Livestock loading amounted to 10,706 cars, a decrease of 1,105 cars below
the preceding week,
and a decrease of 1,342
below the corresponding
cars
TOTAL
week in 1938.
LOADINGS
AND
Forest products loading totaled 29,763 cars, a decrease of 325 cars below
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
the preceding week, but an increase of 2,922 cars above the corresponding
week in 1938.
Ore loading
Weeks Ended—
amounted to 43,670 cars,
increase of 7,438
an
preceding week, and an increase of 23,239
above the
cars
above the
cars
May 27, 1939
May 20, 1939
May 28, 1938
Chicago Rock Island & Pacific Ry.
21,960
22,420
Illinois
System......!..
26,165
26,662
21,721
25,227
St. Louis-San Francisco Ry......
12,022
11,292
10,802
60,147
60,374
57,750
corresponding
week in 1938.
Coke'loading amounted to 4,834
cars, an increase of
372
cars
above the
preceding week, and an increase of 459 cars above the corresponding week
in 1938.
Total
The first 18 major railroads to report for the week ended
May 27, 1939 loaded a total of 287,015 ears of revenue
freight oR their own lines, compared with 284,335 cars in
the preceding week and 258,543 cars in the seven days ended
May 28, 19d8. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenue
Railroads
Boston &
1939
Chicago Indianapolis & Loulsv.
Central Indiana
521
1,681
7,322
1,598
1,592
6,750
1,437
2,134
3i3
229
8,703
1,526
9,706
1,832
9,056
22
26
35
51
1.31P
4,829
Delaware Lackawanna & West.
9,166'
.........
376
Detroit & Mackinac
Detroit Toledo & Ironton—...
437
Maine Central.
.
Montour
123
245
169
423
11,305
3,336
14,311
5,695
New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis....
Pittsburgh & Lake Erie.......
Pere Marquette
Pittsburgh & Shawmut..
.....
208
276
1,529
8,520
2,493
3,695
1.450
33,443
9,145
1,395
4,810
4,316
5,375
8,639
2,164
9,798
2,945
1.691
9,388
4,926
1.692
1,022
6,950
2,58?
4,845
1,486
951
4,293
172
6,559
2,351
17'6
2,494
36
17
44,970
11,376
29,155
28,967
9,972
1,610
7,847
2,105
11,544
1,704
7,658
4,099
4,039
1,613
5,445
7,925
6,808
3,345
3,658
Great Western
.;
Pacific.
St. P. Minn. <fe Omaha.
Duluth Missabe & I. R
Minneapolis & St. Louis
Minn. St. Paul <& S- S. M
Northern Pacific
698
674
953
576
638
.1,193
1,107
985
622
Wabash
5,220
4,671
5,242
7,560
Wheeling <& Lake Erie—
3,217
2,503
5,451
2,271
7,216
2,102
134,146
120,302
168,803
127,913
120,091
Central Western District—
Atch. Top. & Santa Fe System.
411
401
631
585
501
28,450
21,625
13,684
1,347
36,467
7,678
12,376
2,769
838
1,068
Bingham <fe Garfield
Chicago Burlington & Quipcy..
338
88
287
5
5
1,383
6,204
826
1,181
7,906
5
7
5,747
10,188
9,426
818
Alleghany District—
Llgonler Valley
Long Island..
Penn-Reading Seashore Lines.
Pennsylvania System.,
Reading Co
30
Maryland
41
187
'
'
57
,
34
2,749
1,372
2,646
46,709
12,180
5,285
1,425
71,968
13,832
16,971
34,418
15,247
1,888
8
30
0
1
3,407
Total
22
630
776
48
....
36
572
55,034
12,595
6,622
....
87
670
916
...
Western
45
597
156
Union (Pittsburgh)
West Virginia Northern
2,625
3,816
5,674
4,389
119,772
98,935
•
163,693
85,467
20,165
17,496
3,783
Norfolk & Western
Virginian
Total.
41,444
Alabama Tennessee & Northern
179
Atl. <fc W. P.—W. RR. of Ala..
Atlanta Birmingham & Coast.
Atlantic Coast Line
_
Central of Georgia
Charleston & Western Carolina
16,566
13,048
3,471
33,085
1,175
80,139
23,499
21,524
4,103
6,381
4,092
49,126
7,660
961
841
11,434
12,066
180
258
123
137
632
683
820
1,181
1,073
553
546
690
788
622
9,140
3,767
8,643
3,689
1,013
4,101
4,457
2,615
3,958
2,643
475
528
665
970
976
1,035
1,293
1,305
1,458
201
491
338
324
Durham <fc Southern
159
160
169
224
267
603
636
551
702
724
27
19,734
2,574
20,396
8,846
2,336
6,478
3,173
17,265
23,920
4,943
130
200
679
131
195
252
238
430
1,985
1,791
5,542
9,260
410
3,661
64
1.535
4,586
7,805
1,659
6,755
10,007
1,561
1,547
2,025
3,702
1,815
2,708
♦ Previous figures,
x
55
201
126
210
300
189
1,929
1.536
1;807
1,408
1,250
70,731
126,929
37,844
33,837
19,078
2,913
20,062
24,097
3,126
5,011
2,418
4,627
1,785
465
405
513
67
101
13,324
1,415
11,095
1,976
12,399
14,099
7,062
6,127
1,527
629
484
1,553
I
1,924
10,693
12,219
7,401
7,224
2,122
,2,556
647
2,333
1,307
2,160
590
2,425
2,311
435
35
27
1,068
1,126
1,731
1,024
1,283
1,050
"
613
1,708
1,872
151
278
1,199
2,378
1,229
1,679
1,198
1,205
1,119
1,954
; 543
1,857
63
81
807
820
877
410
364
13
"31
138
0
0
21,327
23,518
3,151
3,859
380
256
1,040
974
11,001
12,806
7,026
6,798
398
341
.
1,125
236
119
186
1
6
1,407
1,546
1,959
1,808
91,793
106,451
44,378
42,413
143
173
206
268
102
175
3,357
1,940
3,521
1,210
1,562
2,258
1,885
2,056
162
349
208
191
812
1,820
1,782
1,450
1,978
1,776
1,615
1,462
1,010
1,001
355
117
Missouri-Kansas-Texas
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
_
I.
129
179
216
658
681
466
471
213
214
110
283
251
190
3,878
11,442
Lines
119
275
168
Missouri Pacific
Wetherford M. W. & N. W
Total
Discontinued Jan. 24, 1939.
832
429
Midland Valley
Missouri A Arkansas
3,710
11,384
4,496
1,434
2,510
2,246
8,495
7,756
364
88
90
126
77
91
6,178
2,010
6,178
3,780
6,568
7,895
2,090
6,459
2,254
7,875
3,817
2,336
2,723
3,422
2,328
2,662
4,314
5,563
3,226
3,469
248
287
46
63
56
30
46
51
25
43;148
44,787
54,037
31,526
31,174
546
137
151
2,460
538
1,685
Texas <fe New Orleans.
89
157
2,897
617
132
Louisiana & Arkansas
Louisiana Arkansas & Texas...
Litchfield & Madison
Texas & Pacific
Wichita Falls & Southern
14,633
458
21,938
528
Kansas Oklahoma <fc Gulf
Kansas City Southern
80
912
408
9,984
1,707
481
8,547
4,394
3,528
502
International-Great Northern..
1,405
984
337
15,768
x
85
9,282
143
420
3,768
"3",028
Fort Smith <fe Western
Gulf Coast Lines..
424
1,929
4,216
94,676
Southwestern District—
Burllngton-Rock Island
1,478
20,296
407
5,849
6,134
2,701
171
0
Total.
46
1,523
3,821
22,479
1,494
9,319
1,538
Ill"
883
17,399
3,402
3,465
8,375
2,014
12,705
.
Toledo Peoria <fe Western
Union Pacific System.
Utah..
329
Note—Previous year's figures revised.
Peoria & Pekln Union
Southern Pacific (Pacific)!
893
1,544
...
13,569
2,406
16,348
340
i
244
18,036
Macon Dublin & Savannah
Mississippi Central
22
54,841
982
21,224
IIIIIII
Northern........
233
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Nevada
889
.<
.
3,565
Florida East Coast
Galnsville Midland
58,413
<
Fort Worth & Denver
City
Illinois Terminal
Missouri-Illinois
302
Georgia & Florida
106,035
'
North Western Pacific
1,310
Columbus <fe Greenville
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
12,569
Southern District—
Cllnclifleld
Chicago & Illinois Midland.
Chicago Rock Island <fe Pacific.
Chicago & Eastern Illinois
Western Pacific
Chesapeake <fe Ohio
542
86,156
1,682
2,057
96,650
Total
1,168
33,387
Pocahontas District—
Georgia
....
Spokane International
Spokane Portland & Seattle...
Alton
168
446
597
2,068
2,240
573
Green Bay <fe Western
Lake Superior <fe Ishpemlng
Pittsburgh <fc West Virginia
206
524
172
778
'
Ft. Dodge Des Moines & South.
Great Northern.
Pittsburgh Shawmut & North..
Cumberland & Pennsylvania..
444
140
Duluth South Shore & Atlantic.
Elgin Jollet & Eastern
24
"560
11,760
385
15,548
2,452
18,166
3,683
12,623
<fc North Western
Milw. St. P. <fc
227
551
9,388
21,719
4,767
3,191
1,978
Northwestern District—
Chicago
Chicago
Chicago
Chicago
54
...
8,523
16,821
5,187
3,383
12,220
357
Total.
174
Central RR. of New Jersey...
Cornwall
:
429
134
144
Buffalo Creek & Gauley
Cambria & Indiana,
629
299
Southbound
320
Bessemer & Lake Erie..;..
890
86,130
Winston-Salem
240
Akron Canton & Youngstown*.
Baltimore & Ohio
412
;
...
289
Total.
830
316
8,706
17,904
System."
349
...
1,244
382
295
Rutland
1938
3,044
945
1,466
•9,229
1939
443
Seaboard Air Line.
Southern
141
from Connections
1937
2,035
2,619
1,110
Piedmont Northern
Richmond Fred. & Potomac
Tennessee Central
984
1938
1,725
.2,683
1,088
Nashville Chattanooga & St. L.
Norfolk Southern.I
6,136
3,152
1,597
2,784
1,175
29,410
8,516
1,320
3,892
3,507
4,387
1,729
Southern District—(Concl.)
Mobile & Ohio...
5,534
436
251
Lehigh & Hudson River._
1,578
1,966
6,643
6,240
1,653
6,087
11,281
2,294
Grand Trunk Western
Lehigh & New England
Lehigh Valley..
...
1,238
6,183
9,248
12,947
4.449
Detroit & Toledo Shore Line...
Erie
Monongahela
2,093
•
859
1,029
Total Loads Received
Freight Loaded
1939
563
Delaware & Hudson
Central Vermont
Railroads
1938
17
±
Maine
OF CARS)—WEEK ENDED MAY 20
Total Revenue
from Connections
1937
1938
524
Bangor & Aroostook..
1939.
During this period 90 roads showed increases when
compared with the same week last year.
CONNECTIONS (NUMBER
Eastern District—
Ann Arbor
In the following we undertake to show also the
loadings
for separate roads and systems for the week ended
May 20,
Total Loads Received
Freight Loaded
1939
*
"
'
...
Central
186
.
/
Volume
Selected
Financial
148
Income
and
Balance
Steam
Items
Sheet
Class I
of
Railways for March
showing the aggregate
totals of selected income and balance sheet items of class I
railways in the United States for the month of March.
These figures are subject to revision and were compiled
from 135 reports representing 140 steam railways.
The
present statement excludes returns for class I switching and
terminal companies.
The report in full is as follows:
TOTALS FOR
THE
STATES
UNITED
iALL
REGIONS)
izer Association
1939
Net railway operating income-
Total Income
MIscell. deductions from income
for
leased
equipment
1939
1938
$19,963,172
33,566,255
$85,808,339
31,753,001
$53,529,427
6,239,193
6,371,065
23,117,708 $111,322,147
$47,158,362
$41,812,104
period since
rise
39,550,416
179,963
Other deductions
Income after fixed charges
'
low point for the
The
quotations.
food
index showed
price
of the
Changes in prices of
industrial commodities during the week were slight; quotations for
lumber and hides.
burlap,
took place in tin,
while declines
.
,
,
slight
a
declined during the week and
25 advanced; in the preceding week there were 25
in the second preceding week there were
d40,551,481 dl02,699,762
3,037,720
3,039,393
16,882,766
661,936
16,894,502
;
1,391,157
464,325
On preferred stock.
Ago
72.9
68.6
70.4
49.4
49.9
63.5
63.0
63.7
75.5
62.1
62.6
61.8
65.4
52.6
52.3
48.7
45.5
59.8
57.4
54.5
60.2
64.2
65.8
66.3
72.1
58.3
'
Cottonseed oil
Farm
28,
1938
1939
1939
49.8
Fats and oils
v
A
products
Cotton
Grains
3,733,201
,
27, May
20, April 29, May
68.8
Foods..
18,762,057
13,483,900
4,151,244
,
Ago
1939
25.3
Year
Month
Week
May
Group
Total Index
Dividend appropriations:
1,192,446
464,325
Preced'o
Week
*.
Bears to the
23.0
On common stock.
V
(1926-1928=100)
'
50,335,176
2,901,569
50,422,814
5,280,012
,
PRICE INDEX
Latest
Per Cent
Each Group
Depreciation (way & structures
and equipment)
WHOLESALE COMMODITY
WEEKLY
Compiled by the National Fertilizer Association.
d$10505377 d$28012572 d$43,590,874 d$105737482
Federal income taxes
declines and 23 advances;
28 declines and 21 advances.
656,070
541,608
215,177
d9,492,244 d26,999,999
1,012,573
1,013,133
.
Net income d__
I
livestock
following declines in the three preceding weeks.
$51,304,348 $50,117,707 $151,873,628 $149,858,124
Total fixed charges
_
a new
the farm product index was lower as a result
Sixteen price series included in the index
Interest deductions
_
in
livestock index dropped to
Although the cotton and grain averages rose to new
year
'
30,891,412
32,583,627
39,560,598 all8,748,393 all8,310,642
10,341,932
...
Contingent charges
1934.
silk, linseed oil and rubber advanced,
and
roads
in the last five years, the
high points for the
week's drop
With hog prices at the lowest level reached
all-commodity index.
decline
2,120,593
2,101,736
Inc. avail, for fixed charges..
Fixed charges:
Rent
1938
$43,913,840 $25,238,301 $117,561,340
*
A decline in livestock prices was largely responsible for last
in the
534,316,892 $14,728,276
9,596,948 10,510,025
Other Income
price index compiled by the National Fertilizer Association
a slight decline in the week ended May 27, dropping
to 72.3 from 72.4 in the
preceding week.
Based on the
1926-28 average of 100, a month ago the index stood at
72.4; a year ago at 74.2, and two years ago at 88.0.
The
lowest point reached by the index in the current year, and
also since 1934, was 72.1.
The Association's announce¬
ment, under date of May 29, further said:
recorded
Months of
For the Three
For the Monlh of March
Income Items—
Further During
National Fertil¬
For the third consecutive week the wholesale commodity
statement
a
steam
.
Wholesale Commodity Prices Declined
Week Ended May 27 According to
The Bureau of Statistics of the Interstate Commerce
^
Commission has issued
3291
Chronicle
—
Livestock
...
17.3
76.4
75.2
79.2
10.8
Miscellaneous commodities..
77.8
77.7
78.2
76.4
Textiles...
7.1
March
76.4
8.2
Balance at End of
Fuels
57.6
Asset
Investments in stocks, bonds. &c.
$451,797,309
13,721,338
19,955,556
Demand loans and deposits
...
Time drafts and deposits
..;
Special deposits
....
...
....
7,903,202
52,914,840
43,092,397
39,055,423
118,891,333
Materials and supplies
.....
330,455,430
....
18,460,020
Selected
380,376,609
22,950,442
*
4,309,493
than
$1,124,139,454 $1,062,948,592
Funded debt maturing within 6 months b.
$266,824,784
$221,688,647
Loans and bills
$247,040,555
$238,867,417
67,636,060
c
Traffic and car-service balances payable...
74,497,368
Audited accounts and wages payable..
Interest matured unpaid
225,257.722
72,746,068
69,863,583
.
711,149,788 :
13,853,470
860,006,201
...
Dividends matured unpaid....
11,143,186
Funded debt matured unpaid
645,378,382
Unmatured dividends declared.....
Unmatured Interest accrued..
839,031
89,062,548
...
Unmatured rents accrued.....
513,346,836
1,188,977
92,484,644
,
...
29,548,409
...
Other current liabilities
77.2
77.2
77.3
76.8
Farm machinery
94.9
94.9
94.8
98.1
72.3
72.4
72.4
74.2
...
All groups combined
21,192,558
26,514,654
April
Gain of llA% in Chain
Compared with Last Year
as
Second
a
„
230,050,823
'
;
71.5
Fertilizers
April sales of the reporting chain store systems in
(New York) District were about 1H%. higher
year ago, but after allowing for one less shopping day
this year than last, the increase in average daily sales
amounted to about 53^%, a slightly smaller percentage
increase than in March," states the Federal Reserve Bank of
New York in its "Monthly "Review" of June 1.
The Bank
also had the following to say:
the
3,903,119
....
Miscellaneous accounts payable
71.3
"Total
1,416,334
UabUUy Items—
payable
71.3
Store Sales in
1,366,499
Total current assets.
71.3
...
However, owing to the somewhat earlier date of Easter this year,
the Easter shopping, deferred last year
and variety chain stores was
almost as large as the March increase
larger than the increases in sales in
daily
sales
$2,281,774,473 $1,991,715,104
increase in
the two preceding months.
United States Government taxes
$55,706,068
April than in March, and grocery chain store sales,"on a
143,050,457
145,678.155
Represents accruals, including the amount in default. ' b Includes payments
hand, reported a smaller volume of sales
increase in March.
number of units operated, there was a
Average sales per store of all chains,
in
obligations which mature not
other
reverse
more than two years
after date of issue,
Includes
d Deficit or
items.
.
and candy chains in the
net decrease between April, 1938 and
number of chain stores in operation.
combined in April were 5% higher than
April, 1939 of about 3K% in the total
debt matured unpaid)
c
of approximately \M% in
1938, in contrast with the increase
April,
!
'
total sales.
PERCENTAGE
1939 COMPARED
CHANGE APRIL,
WITH APRIL, 1938
Sales
Number
"Annalist"
Index
Weekly
of
Wholesale
Prices Declined 0.1 of Point in Week
Commodity markets
were
in
a
Commodity
Ended May 27
cheerful mood during the
week ended May 27 despite weakness in some items, accord¬
ing to an announcement issued May 29 by the "Annalist."
Wheat soared to new highs for the season on inflation talk
and news of a higher Government loan.
Rye and oats rose
in sympathy,
Cotton continued its upward trek with quota¬
tions reaching the best level since August, 1937.
Rubber
improved on speculative demand.
The announcement went
on
to
as
Hogs dropped into the lowest ground in
five-year low.
liberal supplies pressed on the market.
prices
sugar
were
cut
stimulate business.
THE
Total
per
Stores
Sales
Store
...
Grocery
+ 12.8
+ 2.8
—8.9
+ 0.5
variety..,.
Shoe
+ 1.6
+ 1.1
—0.8
Ten cent and
—p12 .6
—11.9
—6.9
Candy...
,
+ 5.8
—1.4
"
All
types
A....
—
3.4
+ 1.4
+5.0
5^% in Department Store Sales in
Compared with April, 1938, Reported by
Decrease of
as
April
New
York Reserve Bank
Reflecting sharply lower prices for hogs and other livestock, however,
new
of
Type of Chain
say:
the "Annalist" weekly index dipped 0-1 of a point last week to close at 77.2,
a
this year
Owing principally to reductions by the grocery
which will become due on account of principal of long-term debt (other than funded
within six months after close of month of report,
daily
than in a number of months.
Shoe chains, on the other
$61,878,028
Other than United States Government taxes..
and was
Avtrage
candy chains showed a larger year-to-year
of the reporting
than last, following some
Tax liability:
a
of the 10 cent
Even so, the increase in the daily rate of sales
ing March.
part of
until April, was done this year dur¬
basis, registered a larger year-to-year advance
Total current liabilities.
94.0
New York Reserve Bank Reports
1
Rents receivable
"
94.0
Fertilizer materials
100.0
136,014,873
.....
91.9
,
6,713,968
59,879,172
Net balance receivable from agents and conductors..
Miscellaneous accounts receivable..
Other current assets
91.9
27,403,272
Traffio and car-service balances receivable
Interest and dividends receivable........
91.9
,
73,440,391
...
Loans and bills receivable
79.8
Chemicals and drugs
.............
$310,439,745
61,293,820
1,323,461
Cash.
Building materials
84.4
03
$659,289,982
$644,844,294
of affiliated companies.
89.3
84.5
0.3
other than those
61.4
87.8
83.9
1.3
Items—
62.7
87.8
0.3
Selected
62.9
Metals
6.1
1938
1939
"ANNALIST"
about
5%
in the
Steers
were also
Far West
as
many years
weak.
Refined
refiners sought to
Most of their items showed minor changes.
WEEKLY
INDEX
OF
WHOLESALE
COMMODITY
April sales of the reporting department stores in
York) District were approximately 53^%
lower than last year, but the decrease in average daily sales
amounted to only about 1}4%.
In noting this in its
"Monthly Review" of June 1 the New York Federal Reserve
Bank also had the following to say:
Total
the Second (New
This small reduction
PRICES—(1926=100)
in sales followed a year-to-year increase
of 4% in
for the earlier date of Easter this year and other
that the rate of sales in April was nearly the
the March average.
April sales of the leading apparel stores in
March; however, allowing
May 27, 1939 May 20, 1939 May 25, 1938
seasonal factors, it appears
same
Farm products
71.5
72.0
77.5
Food products
65.5
65.7
72.1
Textile products
61.2
60.9
57.1
Fuels
83.6
83.6
84.9
Metals
95.5
95.4
100.7
Building materials
70.9
70.9
70.1
Chemicals
85.5
85.5
88.0
Miscellaneous
68.7
68.4
69.2
77.2
77.3
80.5
All commodities
.
as
this District were
basis the decline
about 5% lower than last year, and on an average
daily
amounted to approximately 1 %.
retail valua¬
tion, were about 5% lower at the end of April, 1939 than at the end of
April, 1938, and apparel store stocks were 1% lower.
Collections of
accounts outstanding continued somewhat slower than a year ago in the
department stores, but were practically the same as last year in the apparel
Stocks of merchandise on
stores.
I
hand in the department stores, at
"
Financial
3292
Chronicle
this
in
stores
District
declined
have
were
about 2% higher than in the corresponding
The rate of sales for the three weeks, however, appears to
period of 1938.
April average,
from the
whereas little
change
be
to
was
Year Ago
a
Stock
Feb.
April
—- -
Syracuse
Month
—3.2
—2.5
—1.3
+6.1
+ 1.2
+ 1.7
-—
—u*
1939
—6.1
48.7
47.5
—6.9
42.1
45.4
—8.9
56.4
57.0
+ 4.1
—4.0
—3.7
40.3
40.0
+0.1
+ 3.2
—2.1
42.7
—1.9
+ 5.6
38.4
+ 5.2
33.6
—12.5
Northern New York State...
Southern New York State
—16.3
+ 3.7
—2.3
Central NewYork State...
groups."'
——
-
-
sources,
Hudson River Valley District
—4.6
—6.8
+0.2
...
m
—
sumers
—2.6
+3.1
All
...
risers
—2.0
—5.2
46.0
—2.9
—1.1
43.3
43.4
April, sales and stocks in the principal departments
a
compared with
are
was
The decline of 16.1% in sales to large power
offset, in part, by further increases in the use of electricity by
2,528,000,003,
farms totalled
previous in the following table:
year
1938.
Kilowatt-hour sales to
residential, farm and small commercial customers.
44.8
—5.1
department stores.
those of
from the record level of 1937,
"
m
,
—5.3
Apparel stores
from 74,206,000,000
Sales to ultimate con¬
amounted to 93,894,000,000 kilowatt-hours, a decrease of 5.6%
by steam, however, decreased by 7.3%
kilowatt-hours in 1937 to 68,765,500,000 in
—0.8
Westchester and Stamford..—...
Niagara Falls
production of electricity by water power totalled approximately
Production
m.
1938, the Bulletin points out
year
during 1938 was wholly confined to that
44,750,000,000 kilowatt-hours, as compared with 44,388,000,000 in 1937-
m
-
for the
Including purchases from Boulder Dam and other
produced by steam.
39.8
■'
~
,
In summarizing the statistics
+ 3.1
...
and is evi¬
by these customer
general acceptance of electricity
more
that the decline in power output
32.9
<
of the
dence
36.7
—0.2
-
took only 40.4%
The growth in the use of electricity
stability of the industry markedly over the last thirteen years
1938
to
—2.0
Northern New Jersey
Elsewhere..
the pro¬
farm and small commercial customers has increased the
by residential,
April
End of
Apr.
—7.1
...........
*
-
years in
consumed 16% of the total energy distributed in 1938,
1938, compared with 46.2% in 1926.
in
Collected in
Hand
on
.
taken place in the last thirteen
change which has
against 13.5% in 1926, and large light and power customers
March 31
Net Sales
-
mark-pH
mercial customers
Outstanding
Locality
Rochester.
hensive electric
phasized by the fact that, in 1938, 17% of the electric energy distributed
was for residential use—as compared with only 9.7% in 1926.
Small com¬
Per Cent of
Account
Percentage Change from
Buffalo..
diversification of the use of electricity since 1926, when compre¬
statistics were first collected, the BuUetin states that: "The
greater
portion of the total energy used by different classes of customers is em¬
expected considering seasonal factors.
New York and Brooklyn.<.
June 3, 1939
Commenting on the increased stability which has been occasioned by the
For the three weeks ended May 20, sales of the reporting department
increase of 5.8%; to residential customers,
an
18,461,000,000 an increase of 9,.4%; and to small commercial customers,
18,316,000,000 an increase of 4.3%.
At the close of the year, the electric light and power industry was serving
27,851,471 customers of all classes, and increase of 687,484 customers or
•Net Soles
Stock on Hand
Percentage Change
Classification
Cotton goods..
+ 4.3
----
Silverware and
Hosiery
—9.6
...
Linens and handkerchiefs..........
—5.2
—5.3
Home furnishings..........
Women's ready-to-wear accessories..
—5.5
—6,2
Last
hold above the volume a year ago,
motor truck in April, 1939,
reflected a 6.4% decrease in business compared with March,
according to the monthly survey of "truck loadings compiled
—7.1
—8.7
—13.2
+ 8.7
.
commodities by
of
movement
.
Toilet articles and drugs
—8.3
+ 1.9
—9.0
—9.7
on
—9.2
—9.8
Women's and Misses' ready-to-wear.
—J0.1
+-11.5
Men's and Boys' wear
—10.6
—8.8
loadings
—20,8
—2.1
March
—24.1
—2.8
—7.3
—2.7
Inc., and released
by the American Trucking Association,
Silks and velvets.
Men's
furnishings
.......
.........
Woolen goods—
Toys and sporting goods
Miscellaneous
.......
May 29.
976,972
of
and
The
818,992
1939, 11.7%
against
puting
weekly report
estimated that production of electricity by the electric light
and power, industry of the United States for the week ended
May 27, 1939, was 2,204,858,000 kwh.
The current week's
output is 11.7% above the output of the corresponding week
of 1938, when production totaled 1,973,278,000 kwh.
The
qutput for the week ended May 20, 1939, was estimated to
be 2,170,496,000 kwh., an increase of 10.3% over the like
year ago.
14.2%
increase
over
index
figure
PREVIOUS YEAR
19.8%
Week Ended
New England
Middle Atlantic
13.2
11.1
9.2
'
11.1
51.6%
10.0
11.1
3.6
3.4
3.8
Southern States
'9.0
0.1
9.0
13.0
Rocky Mountain.
10.5
12.5
Pacific Coast--
8.9
Total' United States.
RECENT
11.7
11.6
"
WEEKS
'
7.0
*
12.4
14.6
10.3
(THOUSANDS
20.Q,
10.3
L
OF
.
„
11.6
KILOWATT-HOURS)
Percent
1938
1939
,
the
April,
for
1939,
stood
114.19
at
of
month,
the
in
goods,
scattered
of
to
iron
6.8%
was
of
and
last .month
about,. 77%
of
but
month
was
represented
which
10.3%
steel,
under
under
lkst
but the current figure was
and trucks by automobile transporters
1938,
petroleum
tonnage
parts
indicate
but
definite
a
a
on
in Aprjl,
•
decline
trend
on
1.5%
of
the movement of
those
1939,
month.
1938.
textile products,
reports
last
under
slight
April,
over
figures
were
groceries,
the
4.8%
declined
products, reported
livestock,
and
but
18.9% increase
an
total
tobacco*
machinery
class,
tonnage
ago.
year
but
as
In com¬
the year
dairy
house¬
products
commodities
were
theSe" commodities.
in
Bank Debits
8% Higher Than Last Year
Pebits to individual accounts,,
as reported by banks in
leading cities for the week ended May 24, aggregated $7,431,000,000, or 9% below the total reported for the pre¬
ceding week and 8% above the total for the corresponding
week of last year.
h
.
Aggregate debits, for the 141 cities for which a separate
January, 1919, amounted
to $6,850,000,000, compared with $7,501,000,000 the pre¬
ceding week and $6,314,000,000 the week ended May 25
total has been maintained since
Change
1939
"
19.3% over April, 1938,
1930 monthly average.
Thus, the
A* decrease
1938.
a
above April,
Transporters
last
April
movement
Movement of cars
13.2
12.0
6.2
Week Ended
the
April
over
jumped
too
year.
10.0
10.3
14.2
_
West Central
FOR
Week Ended
Week Ended
10.6
Central Industrial
DATA
Week Ended.
May 27, 1939 May 20, 1939 May 13, 1939 May 6, 1939
merchandise
reported,
April,
over
23.8%
hold
last
increase of
100.
represent
general
disclosed-in
and
Major Geographic
Regions
taken to
Included
PERCENTAGE INCREASE FROM
an
loadings
tonnage
under
in April of
tons
118,98 in March, 1939; and 94.88 in April last year.
the index figure, the monthly average of tonnage for
the
In
total
235 carriers in 42 States, having aggregate
April as compared with 1,043,621 tons in
.
is
1936
The Edison Electric Institute in its current
in
tons
figures, represented
April
truck
ATA
a
-
Reports were received from
tonnage and
Electric Output for Week Ended May 27,
Above a Year Ago
week
19.3%
1939,
Year
While continuing to
—11.3
—6.7
—7.0
;
....
of
Ahead
—3.8
Shoes..
by Truck in April,
Freight
+ 7.9
—1.2
Musical instruments and radio..—
Luggage and other leather goods....,
of
Movement
—0.4
—1.1
......
$2,168,495,200; a decline of $12,292,400 from the year before.
—11.0
.
—2.8
Jewelry...:
of electricity to all customers amounted to
Revenues received from sales
Apr. 30, 1938
—0.4
...
1938.
579 were farms, which represented the addition of 165,074 during
Apr. 30, 1939
Compared with»
+4.7
....
Furniture.:
Books and stationery......
Of these total customers, 1,406,-
2.5% over the close of the previous year.
Percentage Change
April, 1939
Compared with
April, 1938
1937
1932
1929
from
1938
of last year.
•
These figures are as reported on May 29, 1939, by
Board of Governors of the Federal Reserve System.
,
Mar.
4...
2.244,014
Mar. 11...
Mar. 18...
2.237,935
2.225.486
Mar. 25...
2,198.681
1...
Apr.
Apr.
Apr.
Apr.
Apr,
May
May
May
May
15...
2,209,971
2,173.510
2,170,671
22...
2,199,002
29...
2.182,727
2;l63,538
2,170,750
2,170,496
2,204,858
8...
6
13...
20...
27...
3...
2,035,673
2,014,729
2,017.653
1,975,239
1,978,753
1,990,447
1,957,573
1,951,456
1,938,660
1,939,100
1,967,613
1,967,807
1,973,278
1,878,851
+ 10.2
+ 11.1
+ 10 3
+11.3
+ 11.7
2,199,976
2,212,897
2,211,052
1,519,679
1,538,452
2,200,143
1,514,553
1,480,208
1.465,076
1,480,738
1,469,810
1,454,505
1,429,032
1,436,928
1,435,731
1,425,151
1,381,452
+ 10.3
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
2,194,620
2.198,646
+ 11.7
2,206,718
+9.2
+ 10.9
+ 12.7
+ 12.6
+ 11.6
+ 10.3
1.537,747
1,700,719
1,702.570
1,687,229
1.683,262
1,679.589
1.663.291
1,690,543
1,709,331
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615.085
the
SUMMARY BY FEDERAL RESERVE DISTRICTS
No.
Federal Reserve District
Incl.
1—Boston
...
Week Ended—
of
Centers
17
May £4,
1939'
$389,188,000
3,302,236,000
May 17, 1939
May 25, 1938
$436,041,000
3,603,703,000
423,464,000
3,034,027,000
490,734,000
438,721,000
291,065,000
234,039,000
$380,882,000
Edison Electric Institute Issues
Annual Statistical Bulletin
The continued expansion of electric service in
spite of the
decline in general business activity during 1938 is
emphasized by the Edison Electric Institute in its Annual
Statistical Bulletin, released on May 31 by C. W. Kellogg,
great
President of the Institute.
"The most significant aspect of the
year's operations" the
Bulletin states, "was the further increase in the use of
energy
by residential, farm and small commercial customers.
This
growth occurred during a year when the general level of
business
was
below that of 1937.
It is further evidence of
the results achieved
by the continuing efforts of utility com¬
panies, in cooperation with appliance dealers, iq building up
growing recognition by customers of the
value and cheapness of electric service in the home, on the
load and of the
farm and in small commercial establishments."
15
3—Philadelphia.....
18
4—Cleveland
25
375,209,000
463,171,000
24
252,444,000
6—Atlanta
2,131,092
2—New York
5—Richmond
June
26
209,847,000
236,538,000
194,077,000
7—Chicago..
41
16
1,136,318,000
240,438,000
945,503,000
8—St. Louis
1,056,251,000
227,784,000
142,025,000
246,568,000
159,465,000
278,927,000
222,068,000
204,946,000
661,114,000
541,086,000
$8,162,753,000
$6,858,324,000
9—Minneapolis
17
10—Kansas City
11—Dallas
28
12—San Francisco
29
189,092,000
577,151,000
274
$7,430,966,000
Total
18
330,861,000
215,537.000
142,574,000
178,949,000
Dividend
Payments by Companies of Standard Oil
Group in Second Quarter Estimated at $63,010,882
Against $80,623,933 in 1938
Cash dividend payments by the
Oil group
companies of the Standard
for the second quarter of 1939 are estimated at
$63,010,882, compared with $80,623,933 in the correspond¬
ing quarter of 1938, according to figures compiled by Carl H.
Pforzheimer & Co., member of the New York Stock Exchange
In addition to the cash payments this year, Standard Oil Co.
of New Jersey.on June 15 is distributing a stock dividend of
Volume
Financial
148
266,133 shares of capital stock, having a current market
approximately $11,843,000 and which, if added to
cash payments, would
bring the total for the current quarter
to $74,853,882.
The firm's announcement of June 1 went
value of
Chronicle
food prices and rents more than
offsetting the seasonal
decline in coal, according to the regular
monthly survey of
the National Industrial Conference Board.
Living costs
in
to say:
on
year will total
of New
approximately $85,330,807, not including the Standard Oil
Jersey stock dividend, and
compares
by these companies in the first six months
of 1938.
a
stock dividend in lieu of the cash extra
year and smaller extra payments
by International Petroleum Co., Ltd. and
Jersey, in addition to paying the regular semi-
annaul cash dividend of 50 cents per share on June 15, will
dividend of two shares for each 200 shares outstanding
as
distribute
a
stock
while in December, 1938, the regular cash payment was supplemented by a
stock dividend of three shares for each 200 shares then outstanding.
of
quarterly and
total
cash
prices
Rents
than
disbursements
in recent
years
April,
1938
...
1937
...
1936
...
1935
...
1934
...
a
low
Coal
1932
...
.
...
$25,427,903
94,996,530
31,984,248
74,817,051
63,821,486
58,908,391
18,122,737
...
1931
29,911,506
17,653,161
34,527,547
46,278,873
The cost of
two
42,457,920
44,112,501
68,271,015
months.
It
April, 1929,
but
1.1%
were
April,
1929,
lower
37.5%
but
point.
than
March, 3.9%
in
lower
but 18.9% higher than
ago,
from
year,
and
7.3%
the
same
March
lower than
in
April
to
April.
in
the
0.9%
was
lower than a year ago, 3.6%
higher than at the low of 1933.
7.2%
higher
than
dollar
in
0.2%
was
April,
1938,
lower
and
1929.
1929.
preceding
than
lower
in
16.4%
They
April,
in
as
in
than
in
than
April
higher
in
•
Indexes
in Family
of the
Living
<
Cost
of
% of Increase (+)
(1923—100)
or Decrease
(—)
from March, 1939
—
Rndaet
Apr., 1939
Afar., 1939
to A pril,
1939
33
78.2
78.0
Housing
20
86.2
86.1
+ 0.1
Clothing.
12
72.2
72.3
—0.1
78.5
78.4
+ 0.1
Men's
Women's
66.0
■
Fuel and light..
5
+ 0.3
66.2'
*—0.3
<
.85.2
Gas and
86.2
0
96.7
30
85.6
86.2
electricity
Sundries.
85.8
84.7
Coal
96.7
0
—0.7
—
1.1
«
dividend of 10
year an extra
was
3.6%
were
1929, but 28.0%
Food *
of 75 cents per
Standard
years
1.1%
seasonally,
Importance
,739,182
dividends of 5 cents per share in addition to the regular
quarterly dividend of
25 cents per share, whereas in each quarter last
share
They
They
in
lower
10
averaged
purchasing value of the
2.1%
April.
their. low
0.1%
were
last
Item
286 526,728
extra dividend of 25 cents
an
the regular semi-annual payment,
to
181 ,050,895
220
48,530,230
83,012,644
quarters this year declared extra
per
than
sundries
170 ,113,682
169 ,092,529
128 ,938,375
share compares with extras of 50 cents
per share previously paid.
Oil Co. of California in the first and second
cents
declined
lower
239 000,627
67,289,092
51,263,688
68,555,901
April.
1933.
prises
0.7%
were
273 ,735,561
70,516,298
43,858,468
,57,843,467
to
than
beginning of 1934,
$200 ,917,805
$71,315,026
121,317,075
114,399,982
18,582,065
19,546,576
International Petroleum Co.'s declaration of
per share in addition
of
to
lower
Relative
80,623,933
March
March
6.4%
26.9% lower than
year ago,
the
April,
Totals
Quarter Fourth Quarter
the
$63,010,882
24,312,981
32,406,332
46,801,053
63,101,797
66,687,168
1933
1930
Second Quarter Third
from
from
and
Clothing prices in April
than
at
March,
$22,319,925
23,550,943
25,437,708
19,872,088
0.3%
0.1%
1938,
higher than at
follows:
1939
advanced
increased
in
The
First Quarter
of
2.1% lower than in April, 1938, and 14.1%
April, 1929, but 18.5% higher than at the
1933.
The Board, on May 16, further ex¬
a
year ago, and 24.1% lower than in April,
higher than at the low of 1933.
of May 16, 1939.
In June last year, Standard of New
Jersey paid a cash extra of 50 cents per
share in addition to the regular semi-annual dividend of 50 cents per share,
record
Food
Jersey company's
paid at this time last
Standard Oil Co. of California.
Standard Oil Co. of New
point
plained :
in
lower than
compared with the
similar period of last year principally reflects the New
declaration of
were
than
low
with $104,174,876 disbursed
The reduction in the total for the current
quarter as
The
April
lower
Aggregate cash disbursements of the group for the first half of the current
3293
Weighted
100
85.0
*
Bpsed
food price indexes of
on
84.9
117.6
Purchasing val. of dollar.
paid.
Other members of the group paying less this quarter than a year ago are
Northern Pipe Line Co. and South Penn Oil Co., while the
redemption by
of all
average
items
117.8
the' United States Bureau
+ 0.1
—0.2
of Labor Statistics for
April 18, 1939, and March 14. 1939.
Ohio Oil Co. last September of 30% of its
outstanding 6% preferred stock
resulted in
substantial reduction in the amount paid
a
on
Nor¬
this issue.
thern Pipe Line's semi-annual payment of 15 cents
per share this June com¬
pares with
20 cents per share paid last June, )vhile South Penn's declaration
of the regular
quarterly dividend of 373^ cents per share compares with
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Volume of Industrial Production Declined
Sharply
in
payment of extra dividends of 12 cents per share in addition to the regullar
'*
dividend in June, last year.
Regular quarterly dividends of 25 cents
April
The volume of industrial production declined
sharply in
per share each by Atlantic Re¬
fining, Standard Oil of Indiana, Standard Oil of Kentucky and Standard
April reflecting chiefly shutdowns at bituminous coal mines
Oil of Ohio
and reduction in
are
the
same as were
paid by these companies last year.
Humble
Oil & Refining Co.'s dividend of 37M cents per share: Buckeye
Pipe Line's
Governors
payment of 50 cents per share; Union Tank Car Co.'s payment of 30 cents
summary
share; Chesebrough Mfg. Co.'s extra dividend of 50 cents per share in
per
addition to
the regular quarterly dividend
pil's extra payment of 373^
annual dividend
of $1
per share;
and
of 25 cents per share are likewise the same as
.
:
•
.
.
were
,
•
Dividend payments for the first quarter of 1939 were given
in
our
Federal Reserve System in its monthly
of general business and financial conditions in the
three weeks of
paid
*
activity at textile mills, said the Board of
the
United States, based upon statistics for April and the first
Imperial
cents per share in addition to the regular semi¬
last June.
of
by
The Board added that retail purchases
May,
consumers
were
maintained.
March 4 issue, page 1228.
Between
mines,
Factory
Employment
Mid-March
and
Well
Maintained
/" Factory employment in Pennsylvania
was
well maintained
between the middle of March and the middle of
.fractional decline in the number of wage earners
Philadelphia. •. Compared with
factories continued to employ
porting
workers.
a year
April, the
being about,
ago
nearly
the
5%
re¬
more
which was
with
a
a year ago,
however, payrolls were almost 13% larger, indicting that
factory activity continued well above that prevailing in April,
1938.
.Employment in virtually all branches of the durable goods industry was
well sustained, while payrolls showed decreases.
Activity at plants pro¬
ducing such consumers' goods as textiles, clothing, shoes, and food products
registered somewhat larger than seasonal reductions, as indicated by smaller
employment, payrolls and employee-hours in April than in March.
marked expansion in the last six months of 1938 employment,
payrolls and working time, in the first four months of this year have been
this period.
same
period last
The average levels have been higher than those in
in the two previous months.
first
four months
this
year
week, following increases
A year ago it was 31.4 hours
a
week.
working time averaged 35.2 hours
compared with 31.2 hours in the
this year averaged
a
about 69 cents
same
period last
horn*
an
but appreciably higher than in either 1936
As to conditions in Delaware
or
or
In the
week
Earnings
year.
about the
a
same
as
so
last year
in 1937.
factories, the Philadelphia
Reserve Bank stated:
in part to
17%
greater
than
a
year
placed during
as
in
March,
the fact that stocks of new cars were larger than is usual at this
time of the year.
Plate glass production decreased sharply in April follow¬
ing smaller declines earlier in the year.
increased somewhat in April, while
cement
production, which had risen sharply in February and March, showed less
than the usual increase.
Textile production declined sharply in April, particularly at woolen mills,
where output
had been at a high level, and in the silk goods industry where
further curtailment reflected in part recent high prices for raw silk.
decrease from the high level maintained
a
Output
during the first
At flour mills and sugar refineries activity increased
quarter of this year.
further, while in most other non-durable goods lines changes in output
largely seasonal in character.
Bituminous
coal
were
■
production was in small volume during April and the
first half of May as most mines were closed pending settlement of contract
negotiations
mine operators and
between
May agreements
rapidly.
Production
sharply in
workers.
After the
middle
of
reached at most mines,and output began to increase
were
of anthracite,
which
had
been reduced
April and crude petroleum production
In the first half of May
in
March,
rose
further.
anthracite production was maintained but petroleum
output declined somewhat.
Value of construction contracts awarded, according to the F. W. Dodge
Corp.,
was
larger in April than in March, owing chiefly to a rise in awards
for
public projects.
in
the
aggregate
seasonal
Contracts for private construction showed little change
as
tendency,
private
while
residential
contracts
private construction increased.
Employment and wage payments in Delaware factories increased approxi¬
mately 2% from March to April.
The number of workers employed was
was
■
although usually there is some increase, and in May outRut declined owing
as
far
Around the middle of May
made in prices of some types of steel and it is
„
increased
but substantially below those in 1937.
year
Working time in April averaged 34.5 hours
were
Automobile production in April was at about thevsame rate
a
comparatively stable.
the
prevailing, a month earlier.
reported that a considerable volume of orders for steel
of shoes showed
Following
production declined in April and the first three weeks
May but in the fourth week ingot output increased to 48}4% of capacity,
about the rate
The Bank's announcement further said:
paid and the volume of work done declined 4%
larger drop than usual from March to April.
In comparison
>
•
'
*
In the steel industry
of
.
adjusted index of output at factories and
92% of the 1923-1925 average, compared with 98 in March
In the lumber industry output
The amount of wages
the level of
at
substantial Concessions
the same as that which usually occurs in this
jieriod, accord¬
ing to the report released May 18 by the Federal Reserve
Bank of
was
and 77 a year ago.
Mid-April—Payrolls
De¬
clined 4%—Increases Noted in Delaware Factories
issued
summary,
Production
In April the Board's seasonally
Pennsylvania
In its
May 26, the Board further said:
for
contracts
declined,
commercial,
factory,
contrary
and
to
other
In the first half of May awards for private
work increased somewhat while the volume of public contracts declined.
Employment
earlier, and payrolls and working time showed
Employment in non-agricultural pursuits
increases of 23 and 22%, respectively.
declined somewhat from the
middle of March to the middle of April reflecting a sharp drop at bituminous
coal mines offset in part by seasonal increases in construction and trade.
Living
Costs
creased
Wage Earners in United States In¬
0.1% from March to April, According to
of
At factories the number employed showed little change while payrolls de
clined considerably because of fewer
National Industrial Conference Board
The cost of
rose
living of
slightly, 0.1%
wage
from
earners
March
in the United States
to April, the increases in
hours of work.
Distribution
In
April distribution of commodities to consumers showed about the usual
seasonal increase.
The Board's adjusted index of department store sales
3294
Financial
remained at 88%
of the 1923-1925 average, about the level that has
June 3,
Chronicle
1939
FACTORY EMPLOYMENT AND PAYROLLS
pre¬
(1923-1925 Average=100)
vailed since last autumn.
Railroad freight-car loadings declined sharply owing mainly to a reduc¬
than the usual seasonal rise.
Commodity Prices
week
of
Apr.
Apr. Mar.
Apr.
Apr. Mar.
Apr.
1939
1939
1938
1939
1939
1938
1939
1939
1938
87.5
87.7
81.6
88.3
88.3
Prices of copper and steel scrap, on the other hand, were
Durable Goods
reduced and substantial concessions were granted in prices of several leading
Machinery
Bank Credit
Automobiles
Total loans and investments at reporting member
banks in 101 leading
security brokers and dealers and redemption of obligations of New York
State and city governments.
mand deposits at
half of May.
,
reserves
Money Rates
Prices of United
States
:
The
yield
average
on
change.
•
■
.
•
•
-
Paper and printing
72.9
99.4
97.2
63.3
93.4
94.3
84.2
86.3
89.5
69.0
63.7
61.9
64.3
62.6
61.6
55.3
53.9
50.1
71.8
64.9
72.6
69.6
65.4
63.1
61.6
54.3
97.7
89.4
98.6 101.4
91.8
80.0
89.0
71.6
89.2
78.9
88.7
91.2
79.5
73.9
79.4
63.3
89.4 104.8
85.6
Chems.
92.1
97.6
94.3
89.8
prods.
61.7
64.9
60.3
of
Board
111.8 110.7 108.2 114.5 114.0 110.2 117.9 118.6 108.0
85.4
61.9
72.7
83.0
72.2
81.7
82.8
81.1
82.3
1
—
payroll period ending
April, 1939. figures are preliminary.
Governors of
Employment in
of 200,000
Workers—Increase Slightly Smaller Than Usual—
March—Secretary Perkins Reports Gain
System issued its monthly indexes of industrial production,
Employment on WPA Projects
follows:
as
There
BUSINESS INDEXES
in
(1923-1925 Average=100)
Without
/"Seasonal expansion in. manufacturing and
April 26.
Mar.,
Apr.,
Apr.,
Mar.,
Apr.,
1939
1939
1938
1939
1939
1938
98
77
p95
100
p92
p92
Manufactures—Total
73
96
p 96
100
76
p77
80
53
p84
86
r57
pi 05
Durable
110
91
pl06
111
"
Non-durable
,.
Minerals.
'110
rlOO
p88
102
91
p68
69
52
p 78
69
59
p 56
55
37
p66
58
p79
All other
Factory employment—Total..
80
65
p88
79
Non-durable goods
p91.3
91.4
85.7
76.2
p84.1
83.5
77.0
98.6
94.1
p98.0
98.9
94.0
•
m
—
*
-r
p85.0
86.9
m
p80.1
80.1
p90.5
57
58
63
60
72
70
February to March.
63
86
88
88
Department Btote stocks, value
66
68
r
83
88
82
69
•
69
69
71
daily
on
To convert durable and non-durable manufactures Indexes to points in
averages.
of
total Index of manufactures figures, shown in Federal Reserve Chart Book, multiply
contractors
the exception
trade and
wholesale
Construction contract indexes based on three-month moving averages, centered
at second month, of F. W. Dodge data for 37 Eastern States.
To convert indexes
to value figures, shown In Federal Reserve Chart Book, multiply total by 1410,-
between
of
seasonal decline of nearly 13,000 employees in
coal mines, the employment losses
a
by 2.7%
petroleum
small
and
declines
producing.
,
/
The
(1923-1925 Average=100)
tries
*
Adjusted for
Without
Seasonal A dju fitment
Mar.,
Apr.,
Apr.,
Mar.,
Apr.,
1939
1939
1938
1939
1939
1938
Iron and steel
r49
88
93
44
69
r79
47
81
84
50
90
94
r55
87
91
54
106
105
66
65
83
.
Locomotives..
The March
toThe March,
March.
for
payrolls
in
factory employment and payrolls
of
months of 1937.
Inarch of last year and the factory payroll index
1923-25 average)
12i6%
was
higher.
gains in factory employment and payrolls were! general, 61 of the
74
p 100
76
106
114
77
113
119
82
late
88
108
101
87
104
100
90
89
84
81
84
76
73
.66
72 "
74
58
_
..." II
IIIII
Plate glass
Tin deliveries
*
83
...
.
*
12
17
90
67
*
131
42
91
138
•>
«•'
12
92
m —
15
65
46
76
V2
65
.
6
112
71
'
Beehive coke
p2
5
p97
110
-
6
.
7
Non-durable Goods
...a
_
Cotton consumption
Silk deliveries
Slaughtering and
meat
II
.1
packing. 1.1! 11
Hogs
Cattle. 1
...II
.III"
...IIIII
Wheat flour....
IIIIIII
Sugar meltingsIIIIIII
Newsprint production
IIIII
Newsprint consumption...........!
99
87
92
manufacturing
Statistics
the
of
(6,100),
knit
106
105
Calves
105
110
111
114
111
121
machinery
135
156
151
127
142
142
machine
100
97
90
91
91
81
94
78
77
109
92
89
1,500
...I.I. Ill
Cattle hide leathers
III
Calf and kip leathers.....
,_I
Tanning
shops
to
64
61
47
135
.127
134
implements, and aircraft.
104
pll2
125
102
stood
95
72
*
94
71
♦
than
in
Lubricating oil
Tobacco products
Cigars
Cigarettes
Manufactured tobacco
..II"!
I.IIIIII
I.IIIIII
IIIII
IIIIIII
III.IIIII
I.
1929).
*
93
72
*
93
72
*
103
72
*
91
65
reached
95
r74
*
97
73
202
*
building,
197
201
196
*
256
250
Minerals
Bituminous coal
Anthracite
-
—
164
159
highest level
111
109
foundries
156
146
151
77
78
69
72
71
65
236
236
230
215
224
210
81
80
84
78
81
80
p31
77
r60
p26
77
r50
the
61
45
p82
50
47
173
170
p 174
171
170
69
74
70
70
The
90
80
94
96
96
*
94
83
millinery,
6ince
knit
varnishes.
since
(2,400), and
ranged from
brick,
stoves,
agricultural
employment in
aircraft industry,
the
steel
increases
March
the March employment indexes
in which
the
months
latter
of
boots
goods,
Employment
February,
and
in
and
1938,
shoes,
the steel
electrical
1937 were ship¬
textile machinery,
shirts
and
collars,
industry was at the
plants
machinery
and
reported the largest number of workers since March of last year.
machine tool
principal
in
the
automobiles
73
♦ Data not yet available.
the
industry, employment rose for the seventh consecutive
month.
were
86
Revised.
In
levels
clothing,
and
113
137
..
164
91
r
paints
119
140
71
Silver
pottery, men's
and
In
(2,700),
which
engines-turbines, stamped and enameled ware,
*
__
shoes
(3,300),
in
(4,000), electrical
(2,800), foundries and
preserving
and
(nearly 90% more workers being employed now
high
Other industries
highest
*
114
P79
Zinc..
the
*
122
pl74
Petroleum, crude
Lead
all-time
substantial gains in
(7,000), fertilizers
which
in
>vomen's clothing
canning
cement,
were
46
125
.I.IIIIII
Fuel oil
2,000 workers
62
121
an
year.
were
Industries
122
at
larger
marble-slate-granite
(2,800),
(2,400).
and
industries
clothing
men's
63
*
Kerosene..
(4,000),
126
*
kid leathers
Petroleum refining
Gasoline
goods
(3,600),
shipbuilding
last
shown
were
pll4
Leather and products...
Preliminary,
93
-
autumn 'of
manufacturing
workers
by
monthly
surveyed
employment
more
apd
summer
Among
number
industries
showing
Sheep
p
indexes
the Bureau of Labor
payrolls in March than
in
February.
Employment in
the durable goods group of industries
increased 1.0% and .payrolls rose 1.9%, while in the non-durable goods
group of industries employment increased 0.5% and payrolls 1.4%.
The
durable goods employment index in March, 1939 (83.4% of the 1923-25
average), stood at the highest level since December, 1937, while the non¬
durable goods employment index (98.9) was somewhat lower than in the
*
Cement
Goat and
1.8%
and
index/ (91.3% of the 1923-25 average) was 4.1% above
(86.8% of
employment
The
87
somewhat smaller than the usual average increases
employment
the Bureau's
level of
$2,800,000, in weekly pay-,
or
81
Steel Ingots....
Automobiles.
Textiles
1939,
55
r75
79.
...
Pig iron...
in
raised
of,,1.6%,
rise
a
highest levels recorded 6ince the latter
the
Durable Goods
by
in manufacturing indus¬
50,000 wage earners,
or
These gains were
1.0%
the
0.7%,
accompanied
was
gains
the
Manufactures
increase of
rolls:
of
Apr.,
Brokerage firms decreased their
reported in metal mining and
were
,
.
Factory Employment
INDUSTRIAL PRODUCTION
Seasonal Variation
gain
of 3,000 workers in
February and March were small.
forces
crude
269.000, residential by $184,137,000, and all other by $226,132,000.
Emp oyment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Labor Statistics.
\
seasonal
substantial
a
6,179 worker^.
With
durable by .463 and non-durable by .637.
"
80,000
February-March gain.
of the average
reported
excess
construction
Revised.
Note—Production, carloadlngs, and department store sales Indexes based
of the year.
employees was
at this season
than usual
approximately
of
increase
Private building
in employ¬
ment, while highway and street work was curtailed.
Dyeing and cleaning
establishments enlarged their forces to handle increased spring volume.
Slight gains in employment were reported by utility companies, hotels,
laundries, and insurance firms.
Class I, railroads reported an increase
Slightly in
55'
73
the
smaller
slightly
was
somewhat smaller
was
trade
retail
In
84.7
66
Department store sales, value
Preliminary,
94.6
60
70
...
number
This
65.6
Non-durable goods
.....
*
74.6
—
-
-
Durable goods
...
73
85.4
83.0
Factory payrolls—Total
Freight-car loadings, total,
Miscellaneous
43
-
91.0
p90-9
p83.2
p98.2
Durable goods
V
91
p94
Construction contracts, value—Total.
Residential
she
than the usual
About 360,000
more workers were employed in non-agricultural industries
in March, 1939, than in the corresponding month of last
year," Miss Perkins said.
"These figures do not include
employees in Works Progress Administration and National
Youth Administration projects nor enrollees in the Civilian
Conservation Corps.
Secretary Perkins continued:Approximately 50,000 factory wage earners returned to jobs in March.
gain
"The
stated.
78
month,"
the
during
workers
200,000
seasonal increase from
Industrial production—Total
of
activity accounted largely for the increase
trade
approximately
Apr.,
Perkins announced
Secretary of Labor Frances
Seasonal Adjustment
retail
employment
further rise in non-agricultural
a
was
March,
on
Adjusted for
Seasonal Variation
Non-Agricultural
in
Rise
Further
May 25 the Board of Governors of the Federal Reserve
■
53.2
116.6 117.4 121.9 116.0 116.2 121.3 127.8 131.3 134.9
Rubber products...
Indexes of
,
70.6
51.5
.
Federal Reserve System for April
factory employment, <fcc.,
53.0
63.4
59.5
Note— Indexes of factory employment and payrolls are for
On
83.2
except
group,
petroleum refining
nearest the middle of the month.
Monthly Business
75.0
99.4
106.4 106.3 105.0 106.1 105.9 104.6 103.5 104.2
112.7 112.0 110.9 114.8 114.4 112.4 120.2 121.6 114.3
...
.
93.2
63.2
Petroleum refining
Other money rates showed little
.
103.8
84.5
122.4 122.6 120.4 114.0 112.0 112.6 114.2 113.9 114.1
—-
Chemicals & petroleum
high
'f
2.34% on April 11 to 2.13% on May 22.
68.8 102.1
93.9
92.0
...—
Tobacco products
bonds declined from
Treasury
long-term
64.9
97.0
113.0 115.5 112.2 119.2 123.0 118.5
Leather products
■
new
83.6
92.1
80.1
88.2
—---
Wearing apparel
Government bonds and notes increased sharply
during the last half of April and the first three weeks of May to
levels.
Fabrics
Food products
"
94.3
94.2
82.3
72.0
products
Textiles and-products
increased further in May to a nevf high level.
"
,
93.7
71.9
Non-durable Good®
After increasing substantially in April, de¬
banks in leading cities showed little change in the first
Bank
93.2
95.7
96.4
Lumber
and
94.7
95.4
64.7
Stone, clay and glass—-—
reduction in loans
a
95.1
68.3
96.3
—
The decline
banks and reflected
92.8
90.4
93.6
— ...
Nonferrous metals
cities, which had increased in April, declined during the first half of May.
at New York City
63.3
94.9
90.4
—
equipment.
Transportation
81.6
94.9
Iron and steel
steel products.
to
sonal Adjustment
Adjustment
Apr. Mar.
May and there were also increases in prices of silk, hides, and
bituminous coal.
was
sonal
sonal Variation
middle of April to the third
Without Sea¬
Without Sea¬
Adjusted for sea¬
Prices of grains and cotton advanced from the
Payrolls
Employment
Loadings of miscellaneous freight showed less
tion in shipments of coal.
packing
(2,300),
and radios
The
employment
factory
following
industries:
declines
woolen
(4,400), cigars and cigarettes
and
book
and
phonographs
announcement
job
printing
over
and
the
worsted
month
goods
interval
(11,200),
(3,800), sawmills (2,900), meat
(1,300),
cotton
goods
(1,300),
(1,200).
issued
by
the
Department
of Labor
'
96
from which Secretary Perkins's remarks are taken also had
the following to say:
Volume
also
Non-Manufacturing Employment
The
usual
increase
between
in
retail
shown
South
resulted in an employment
February and March of 2.5%, or 80,000 workers.
This
pick-up
spring
3295
Chronicle
Financial
148
trade
in
employment
ment
the last 10 years,
raised the March, 1939, employment index to 83.5 of the 1929 average,
which is 0.6% above-the level of a year ago.
Employment gains were
reported in all retail lines with the exception of jewelry and wood-coalice.
The general merchandising group showed a gain of 4%, and apparel
gain, slightly greater than the average March increase for
the
Central,
remained
Central,
North
West
and
Pacific
South
States
decline in employ¬
which these figures
the Works Progress
the Reconstruction
the Federal, State
The only
unchanged.
virtually
The reports on
construction projects
cover
financed by
,
their
increased
stores
lines
interval
month
employment
trade
retail
of
which
in
10%.
by
Finance
turing
% Change
from
Over the
+0.1
Hardware..—
4-1.1
Drugs
+ 0.6
Lumber and building material.
+1.3
Farmers'
Furniture
+0.7
February and
between
recessions
assemblers
and
in
+ 5.3
were
Petroleum
+ 0.6
Automotive
+ 0.9
Paper and paper
the
in
workers
wells
oil
and
to
0.9%,
was
or
both
Brokerage
increase
the
Pay¬
below February.
Metal
reported employment declines of 0.4%, while
gain of 6.4% indicated the return of 2,300
utilities
'
+
.
2.7% and employment
personnel by
companies showed virtually
ance
no
change,
a
in insur¬
gain of 0.2%.
building construction showed an increase of
6.2% from February to Match, according to reports received from 13,575
contractors employing 101,258 workers in March.
Corresponding payrolls
rose13.5%.
The Match
employment
increase whs the largest gain
Employment
private
the exception of 1934 and 1936.
The
Atlantic and Mountain States showed the most pronounced employ¬
reported
Middle
ment
in
March Bince 1932 with
in
12.0%
"gains,
15.3%,
and
Substantial
respectively.
:
increases
were
Adjusted to Census Totals for 1935.
Feb.,.
Mar.,
1939*
1939
1938
Goods
+ 2.2
Mar.Ji
Feb.,
.1939
91.5
81.6
64.3
rolling mills...
Electrtc
light
and
Metalliferous
81.1
92.3
94.7
Quarrying A non-metallic
mining
Crude petroleum producing
61.5
54.'8
55.4
45.8
82.1
+ 0.4
—1.7
70.8
+ 1.4
+ 1.3
—12.7
34.2
—24.2
—27,6
—1.4
—6.2
78.6
—3.2
+ 15.0
60.7
—0.4
—2.6
53.3
—0.1
—5.3
40.3
+ 6.4
+ 3.6
33.1
+ 11.6
+9.7
66.1
—0.4
—10.1
62.1
—0.9
—8.6
+ 0.4
—0.4
—2.1
79.3
+ 3.7
—3.0
67.6
*
Preliminary,
able.
c
room,
1*88
a
than
"—2.7
—5.0
b
+ 0.2
+0.9
b
+ 0.7
+0.9
+ 6.2
—4.3
b
+ 13.5
—0.1
and tips cannot be computed.
IN MANUFACTURING
(Three-year Average 1923-25=100 0)
63.3
65.0
Stamped and enameled ware..
Steam
and hot-water beating
129.0
apparatus and steam fittings
69.1
68.2
64.7
56.2
571
47.0
73.3
66.7
62.3
57 A
-
83.7
88.3
93.2
Machinery,
„_T_*
not
tractors)
*
Cash registers
85.9
1
Textile machinery and parts...
Typewriters and parts—..
64.9
63.8
55.5
119.2
121.0
110.8
63.9
64.3
59.8
52.2
53.2
46.6
69.8
41.1
99.6
122.2
123.8
115.1
90 2
71.1
80.6
119.6
**
136.6
131.9
160.7
120.3
119.6
130.0
117.1
106.7
103.3
94.1
96.6
94.2
83.2
83.3
76.6
98.4
97.1
97.2
80.0
79.5
Leather...^—......
86.0
86.8
74.7
87.8
90.0
71.1
.111.8
110:9
112.0
113.6
111.9
113.3
142.1
141.5
141.7
138.0
136.6
227.4
223.7
230.5
121.5
Baking...".
125.1
135.8
135.0
131.2
129.1
98.5
102.5
76.1
*84.3
87.7
57.9
70.5
69 9
61.5
69.6
68.1
51.3
127.6
125.4
115.4
136.2
122.5
94.1
262.4
253.0
271.2
90.5
99.5
79.6
79.1
83.2
78.0
73.2
70.2
70.0
77.1
77.3
77.1
74.3
75.7
73.5
76.7
75.7
75.7
74.6
71.3
69.7
67.8
69.9
61.1
59.3
60.7
Slaughtering and meat packing.
92.5
94.3
93.0
100.0
100.5
100.7
Sugar, beet
40.9
39.8
38.8
45.6
46.7
88.3
85.3
81.5'
85.5
71.8
59.5
62.4
63.8
51.4
50.9
60 6
61.4
62.0
66.4
63.8 '
t
Confectionery ......
'
V—•-
'
Ice cream..
—
....
Sugar refining, cane-.
Tobacco manufactures
Chewing, and smoking tobacco
and snuff.........—;
65.1
Cigars and cigarettes
Aircraft
816.4
Paper and printing....
Automobiles..
103.4
104.5
79.3
96.0
96.7
62.3
Boxes, paper
33.2
34.3
34 4
32.1
32.6
33.5
Paper and pulp
Printing and publishing:
Book and job....
16.5
17.5
35.9
13.7
13.2
32.5
106.6
100.0
118.5
112.9
105.1
94.3
93.6
86.9
89.1
88.3
74.3
145.3
133.5
160.0
152.1
129.5
99.2
98.8
90.5
98.6
96.4
77.5
Chemicals
and
68.4
54.7
.....
67.4
59.4
62.5
64.0
49.5
49.3
63.0
105.9
105.3
104.2
102.3
101.3
-—
periodicals
allied products.
refining
99.7
94.5
107.2
103.5
94.2
106.1
106.3
105.4
105.5
105.1
101.8
100.3
101.3
102.0
91.9
90.0
91.7
106.1
105.3
105.9
108.2
106.2
106.4
117.3
112.1
115.1
121.5
119.8
116.4
121.2
131.2
132.1
136.5
113.8
111,1
113.6
118.5
116.0
111.3
116.3
refining.
114.3
116.2
and petroleum
Petroleum refining
Other than petroleum
watches and time-
44.2
■
101.5
Newspapers and
153.4
73.5
106.0
91.4
111.1
137.7
,
72.2
....
961.3
Shipbuilding
76.5
77.0,
;
91.6
Locomotives
,
92.1
...
Butter.;
Flour.
75.2
97.6
.....
Food and kindred products..
Canning and preserving
100.8
95.8
97.7
and shoes....
i
Beverages
77.4
82.9
76.6
Leather and Its manufactures..,.
1013.8
and
69.0
145.6
82.8
77.4
Clocks
68.9
68.2
69.4
67.4
71.6
151.7
133.3
887.9
Brass, bronze A copper products
72.9
72.5
77,7
96.0
Aluminum manufactures
157.2
'
940.9
Non-ferrous metals A their prods.
164.4
.
152.5
....
...
95.8
Cars, electric A Steam railroad.
165.6
146.4
76.4
995.0
Transportation equipment
139.6
148.8
89.1
137.6
128.4
Machine tools
Radios and phonographs
110.7
83.7
142,4
83.4
119.7
114.1
137.2
150.3
84.1
79.9
108.6
116.3
....
•
Men's furnishings....—...
Engines, turbines, water wh'ls
Foundry A machine shop prods
82.2
118.7
Millinery
Shirts and collars
133.6
78.0
102.0
69.9
75,7
121.5
79.5
101.2
92.3
,106.3
133.2
87.1
105.2
'85,7
•'
81.9
108.8
125.0
106.9
116.6
116.6
99.0
88.0
"
112.0
67.2
92.9
,
00
89.4
83.0
102.3
Boots
90.6
82.3
103.7
71.2
03.9
72.7
Corsets and allied garments-
*
and windmills
66.5
85.7
136.1
122.7
83.9
75.6
134.8
83.9
86.9
75.2
142.2
157.5
86.5
82.4
182.1
84.8
83.6
82.9
87.9
172.9
,170.0
85.2
60.7
84.7
178.4
Electrical machinery, apparatus
and supplies
67.6
71.7
80.2
adding machines
and calculating machines
78.0
81.1
75.9
62.0
79.2
CO
87.7
79.3
71.8
86.2
134.7
94.2
88.7
82.2
104.4
84.7
96.9
95.0
92.1
54.4
160.6
93.4-
101.2
122.7
85.5
•
1938
105.7
161.4
94.7
1939
120.2
Including trans¬
portation equipment..:
Agricultural Implements (incl.
1939*
104.9
Tools (not Including edge tools.
machine tools, files, & saws)
Mar.,
1938
1
fur-felt
Wearing apparel
Clothing, men's
Clothing, women's
50.6
54.6
85.8
Feb.,
1939
87.6
—
Silk and rayon goods...
Woolen and worsted goods..
'I';
«
85.7
Mar.,
106.7
,
57.8
Mar.,
91.2
'
Tin cans and other tinware
Payrolls
Feb.,
123.0
•
•
■»
62.0
INDUSTRIES
■'
101.4
Knit cloth........
118.8
64.0
,
Goods
—
Dyeing & finishing textiles..
52.5
137.0
66.2
avail¬
board,
;
Mar.,
1939*
Knitted underwear
70.6
work
—6.1
b
Knitted outerwear
128.1
Structural A ornamental metal-
—0.9
Source:
Interstate
Commerce Commission,
b Not
one-tenth of 1%.
d Cash payments only; value of
35.4
73.6
75.0
+0.9
+ 6.9
b
56.4
131.3
78.7
+0.8
+0.8
—1.5
,
b
...
Insurance..i;
Building construction
47.0
,
73.6
...
—1.5
d81.6
+0.1
Hosiery
137.3
Plumbers' supplies.
+0.3
—1.7
—0.9
95.6
78.9
45.8
70.5
+ 1.7
/
69.6
92.8
66.9
74.4
76.9
80.4
+ 0.5
93.0
...
Knit goods
48.6
96.9
+c
Dyeing and cleaning.....
Brokerage
Hats
83.2
—2.6
89.6
Hotels (year-round)......
Laundries..
'48.5
82.9
+ 1.3
Dvi VlLCSt
61.6
65.7
47.9
+ 1.6
92.9
,
....
Cotton small wares
91.8
66.1
84.5
66.9
+c
87.4
V
Bituminous coal
silver
and plated cutlery), and edge
83.2
+ 0.3
—2.1
+ 2.0
73.3
+ 1.7
51.7
bus oper. A maintenance
Anthracite
Including
—
+2.0
+ 2.0
Electric railroad & motor-
Mining:
Carpets and rugs
Cotton goods
91.9
\
power
and manufactured gas..
64.5
Bolts, nuts, washers, and rivets
tools.....
+ 3.6
+0.6
+ 4.0
81.2
chandising...
Telephone and telegraph..
Fabrics—
Cast-iron pipe
Forglngs. Iron and steel
69.8
83.9
+ 2.5
92.4
1938
83.3
■
Public utilities:'
and
84.7
•
+ 0.3
74.9
—2.2
83.5
merchandising.
Non-durable
90.9
'
;
+0.4
+ 2.1
—0.8
Textiles and their products—
84.4
'
„
Mar.,
79.7
1939*
87.2
88.3
92.1
Wire work
b
b
Employment
"
Hardware
+ 12.6
+ 1.6
b
Other than general mer¬
f)
Including machinery....
(not
1938
Manufacturing Industries
Iron and steel and the .r products.
Cutlery
Mar,,
86.8
+ 4.1
+ 0.6
87.1
General
/
Mar.,
Blast furnaces, steel works,
Change from—
Feb.,
,1939
+ 0.7
Payrolls
Employment
lVLiinU](X(AVJ%Tl{J 1 Jt(JLUhLT%tb
Durable
%
1939*
53.1
Retail
INDEX NUMBERS OF EMPLOYMENT AND PAYROLLS
not
Index
Mar.,
Mar.,
1938
Feb.,
91.3
a
Wholesale
'
showed, a
0.4%.
of
reduced
firms
Payrolls
Trade:
Bitu¬
negligible gain during the
month.
Dyeing and cleaning plants took on 3.7%, or 2,000 workers, in
response to the usual spring expansion in this industry, while employment
in
laundries remained virtually unchanged, and
hotels showed a slight
contra-seasonal
variation.
seasonal
for
adjusted
Change from—
%
1939*
The accompanying
.
public
in
not
are
Index
Industry
Class I steam railroads
700 wage earners between
insignificant when compared with
employment.
Employment
indexes
Employment
15 pay period were 3.2%
seasonal
the
quarries
These
(1929=100)
decline of
mid-March,
during the March
mines
records.
(1923-25=100)
Manufacturing
;
-
payroll loss of 24.2% reflected the decreased production in March.
minous coal mines curtailed employment by 1.4%, or 5,500 workers.
rolls
Bureau's
+0.6
......
mines
and
computing
in
1
March decline of 7.8% for the last 10 years.
average
shown
are
base
and
equipment
mid-February
1938,
a
1939
—0.2
;——0.4
prod ucts .....
—0.6
products—-
+ 1.3
..'
anthracite
as
Month
Dry goods and apparel-
In
March,
used
is
Over the
......
...
available,
Mar..
Month
supplies _;
and
% Change
Over the
Machinery,
1939, for all manufac¬
railroads, and selected nonand
percentage
changes
steam
I
where
follows:
as
% Change
Groceries
1939,
1923-25,
average,
the
The changes in employment in
5.3%.
wholesale groups
Food products
combined,. Class
industries,
products, 32.8%;
farm
country buyers,
important
more
-
trade establishments declined seasonally by
March, the loss resulting largely from sea¬
agents and brokers, 7.1%, and
wholesale
in
Employment
0.8%
—- - - - -
supplies
of
the
+0.9
Automotive
',Food«._.^—'
and payrolls for March,
employment
industries
February,
year
Month
Month v
and
appropriations
regular
below.
The threethe indexes for
manufacturing industries and Class I steam railroads, and the 12month average for 1929 is used as a base in computing the index numbers
of the non-manufacturing industries.
Information for the non-manufac¬
turing industries for years prior to 1929 is not available from the
% Change
Over the
sonal
of
manufacturing
were:
by
or
Central
governments.
Indexes
were
Administration,
Public Works
the
Corporation,
local
or
the other important
shown over the
Among
gains
employment
Administration,
West
Atlantic,
South
East
the
In
States.
New England.
reported in
was
based do not
are
East
and
116.1
113.4
130.7
129.6
118.5
88.0
79.1
Chemicals
86.8
76.1
67.9
Cottonseed—Oil. cake A meal
88.9
104.6
74.4
87.2
92.3
76.8
69.4
92.6
85.3
Jewelry
88.8
71 6
77.6
82.7
55.6
Druggists' preparations
Explosives
107.9
10S.6
119.0
117.9
114.8
88.4
107.6
Lighting equipment
Silverware and plated ware
80.8
80.2
82.5
90.7
91.9
88.1
Fertilizers
131.0
98.2
129.5
104.6
77.2
109.2
Paints and varnishes
115.1
112.5
113.5
120.5
115.7
110.8
317.3
313.9
recording devices
82.8
66.7
83.6
65.3
85.9
84.5
61.6
64.7
60.7
51.1
Smelting and refining—Copper,
71.5
products
Furniture
71.9
66.5
67.0
65.5
62.1
62.6
62.3
53.6
53.0
51.8
Rayon and allied
79.0
lead and zinc
Lumber and allied
78.8
74.6
66.1
66.0
56.8
Soap
70.9
Rubber products
Lumber:
Mill work
53.4
Sawmills
48.5
53.3
49.1
50.7
51.0
43.7
41.8
43.5
41.1
39.5
Rubber boots and shoes
44.5
Rubber tires and Inner tubes—
69.6
66.6
63.7
61.7
58.0
53.0
Brick, tile, and terra cotta
49.7
48.0
43.8
37.2
35.6
60.1
54.8
57.7
55.4
48.9
49.7
Glass
91.0
89.5
83.5
95.6
93.3
81.4
goods, other
312.1
314.4
281.7
89.7
89.0
92.7
91.2
89.7
81.3
72.9
85.3
82.8
60.9
62.1
60.7
55.1
59.7
59.8
44.4
67.0
65.9
61.7
75.7
72.6
51.5
134 0
131.9
111.6
130.4
127.9
99.0
91.3
90.7
87.7
86.8
85.4
77.1
83.4
82.6
79.3
79.9
78.4
67.4
98.9
98.4
95.8
94.5
93.2
87.9
28.8
Cement
Rubber
...
319.1
90.5
82.7
products..
Stone, clay, and glass products..
Summary
All Industries
Marble, granite, slate A other
•
March.
goods
44.7
products
Pottery
—
37.7
41.2
34.3
26.5
31.6
Durable
81.2
80.0
75.5
73.5
72.3
67.5
Non-durable goods
1939. Indexes preliminary, subject to revision.
3296
Financial
Employment
March
In
there
Federal
on
Other Public
and
2,915,000
were
Average
projects operated
on
in
of
$151,000,000
with
March
in
than
more
working
and
Student
On
There
March
Aid
of
construction,
than
payrolls
for
those
The
Federal
the
with
amounting
employment
of
March
18,000
15.
workers
This
As
in
this
the
usual
of workers
to
of
this
were
working
$18,724,000.
to
end
of
in
persons
enlistment
an
ship
year
work
the
were
Payrolls
ago.
there
to
placed for materials
ending
was
for
decrease
a
March
15
totaled
PWA
on
construction
$38,525,000,
and
projects
construction
on
projects financed from regular Federal appropriations $31,413,000.
Orders
for materials on Federal projects
under the Works Program amounted
to $974,000.
,
EMPLOYMENT
$14.74
and
men
for
for
earnings
male
female
averaged
for
women.
all
industries
reporting
female
and
male
During April' in Comparison with March
in Man-Hours
Changes
worked
in
1.6%
declined
worked
workers
3,934
4,630
combined;
during
enterprises
and
April
establishments
in
in
separately declined, respectively, 1.4%
enterprises
comparison
reporting
for
man-hours
reported
these
with
male
total
March.
and
female
for
hours
Hours
workers
and 2.5%.
Employment and Payrolls in New York State Factories
Decreased from Mid-March to Mid-April
Factory emDloyment in New York State dropped 0.8%
from the middle of March to the middle of
rolls fell off
3.4% according to
April, and
by Industrial Commissioner Frieda ,S. Miller.
shows
pay¬
statement issued May 10
a
April usually
loss in employment, following the peak of the spring
in clothing and leather goods which is reached in
a
season
March.
The employment drop this April was equal to the
usual decrease of
orders
of
month
$16.33
and
these
projects
during
at
of the Civilian Conservation Corps.
22,000 and reduced the total number
camps
decrease amounted
a
period,
combined; $27.92 for
for both sexes
$26.20
$26.23
were
male
industries
greater
315,000.
value
the
the
at
number
The
road
working
127,000
for
$28.78
non-manufacturing
for
Average
,
a
than
more
amounted
For March
in
number
the
the
from funds provided by the Public
gain of 11,000, bringing the total number
for the month ending March 15 to 228,000.
showed
program
127,000
1939,
is
$1,456,000
were
ending
As
on
v.
financed
projects
on
on
was
March,
month
worked
State-financed
the
for
projects
170,000.
man-hours
the
In
$26.22
were
women.
Works
•
Employment
Works Administration
of
the
to
work
of
on
in
Payrolls
persons
industries
combined;
workers
female
In
'
in
drop
$9,185,000.
.
the
the manufacturing
in
earnings
weekly
and
workers.
Administration.
construction
on
$18,315,000
to
of
under
during
at
men
number
number
Youth
preceding month.
a
ending
of
the
in
$31,856,000
both
1939
Weekly Earnings—April
reporting industries average weekly earnings
sexes
combined; $28.60 for men and $15.95 for
all
In
reported.
was
employment
appropriations
number
decline
seasonal
continued
month
the
increase
the
and
operated
National
the
in
in
•
projects
of
employment
regular
February
in
Declines
ago.
decline
marked
than
Federal
small
reducing
a
less
projects
change in
no
a
from
15,
result
year
on
work
on
was
financed
a
reported
were
Program
$761,000
were
June 3,
Programs
employees at work
the Works Progress Administration, a decrease of 40,000 compared
February.
As compared with March, 1938, the employment level
March, 1939, was higher by 520,000 workers.
Payroll disbursements
by
Chronicle
AND
PAYROLLS
ON
PROJECTS
FINANCED
WHOLLY
0.8%, computed from the average March
April movements over the last 24 years.
The payroll
decline was more severe than the usual wage loss of 1.8%.
to
Miss Miller's statement went
on
to say:
The New York State
Department of Labor's indexes of factory employ¬
ment and payrolls, based on the average of the years 1925-1927 as 100, fell
76.7 respectively.
82.0 and
to
Average weekly earnings at $26.72
were
OR PARTIALLY FROM FEDERAL FUNDS AND ON ROADS
FINANCED
$0.72 below March's figure.
FROM
registered in March but the index figures for employment, payrolls and
STATE
FUNDS, MARCH,
1939
;
„
•
e
(All Figures In Thousands)
The losses this month wiped out the gains
average weekly earnings still stood at approximately
the February levels.
All Comparisons with last April, however, were favorable as gains of 8.5%
<•
Employmem
Payrolls
in
'
forces,
Mar.,
1939*
Mar.,
-
1938
Feb.,
Mar.,
1939
1938
S
228
+ 11
+ 127
18,724
'$
+ 2,225 + 11,439
170
.—2
+ 13
18,315
+ 1,456
+ 3,148
—39
5,119
—565
—761
+ 31,856
Federal
regular
projects
Works
under
117
—1
2,915
—40
Student ald.b
370
N. Y. A, work projects.b__......
Civilian Conservation Corp.c.
233
•
—9
315
—22
State roads.a
127
Employment
a
ended Feb. 15 and March 15.
and March 31.
c
Figures
for the entire month."
on
were
analysis of the reports of 2,211 out of
Information under the direction of Dr. E. B. Patton.
facture.
of the State and
employees
one-third of all factory employees in the State and
in this sample is believed to be a
These factories
are
engaged in all lines of manu1
are
Their total working force of 396,980
an
represents about
analysis of the changes
fairly accurate indication of changes in
the whole.
the
Program..a.
Projects operated by WPA.b..
Preliminary,
on an
2,596 factories which report each month to the Division of Statistics and
—2,179
+ 520 151,500
.
Program—
Federal
*
1939
$
hi appropriations .a
WPA
Mar.,
weekly earnings
average
.
These statements are based
located in all sections
Construction Projects-—
Financed by PWA.a.l
by
Feb.,
1939
Financed
Change from—
in payrolls and 3.3% in
13.6%
noted.
Change from—
Class
0
M-42
2,350
+ 100
+ 132
+ 78
4,200
14,205
—257
+ 1,448
—584
—371
d
—18
■
figures
—1
9,185
maximum
are
—928
number
for
+ 681
the
months
b Figures are for the calendar months ended Feb. 28
employment
for the last day of the month; payrolls
are
d Minus 800.
Losses Smaller in Upstate Cities
The
April losses in employment and payrolls were greater in New York
City than in any Upstate districts, due chiefly to the larger seasonal losses
at the apparel
factories here.
Of the six Upstate districts, three registered
employment gains of approximately 1 % and three had slight losses in forces
of lesh than one-half of 1%.
In Buffalo, gains made by several large iron
radio, airplane, minerals and musical instruments plants were
and steel,
responsible
for
the
increases
in
employment
and
noted.
payrolls
„
main factors in the increases in
ing equipment,
Syracuse
typewriter and
were
printing plants.
newspaper
The
gains at pottery, steam heat¬
The employ¬
ment gain in
Employment
Utica was due to the hiring of more firearms and cotton goods
workeis but payroll losses at brass and
copper and knit goods firms wiped
out the wage gains.
All industries, except chemicals and
and
Payrolls in Illinois Industries
Decreased During March-April Period
.
Employment in
Illinois
industries
decreased
0.3
of
printing, in the
1%
during the March-April period, and payrolls declined 1.8%,
it
announced
was
May 25 by the Division of Statistics and
Research of the Illinois Department of Labor.
during April
based
are
upon
The changes
explained, adding
The
a
current
March-April
smaller than seasonal
decrease
in
records
payrolls.
the
of
decreases of
Division
0.7
City
district
reported
payroll
this
losses
Rochester
district, losses at clothing, textiles and shoe
firms moire than offset gains at metals and
machinery and chemical plants.
Despite increases
at
brick, wood products and textile firms in the Albany-
Schenectady-Troy district, losses at railroad repair shops and brush fac¬
tories lowered the level of
employment and payrolls.
the Depart¬
March to April,
1939
City
Employment
changes
in
the
show
the
:
decline
For
In
reports from 6,913 manufac¬
turing and non-manufacturing establishments,
ment
Binghamton-Endicott-Johnson
month.
for
all
reporting
employment but
16-year
that
period,
the
industries
1923-1938,
inclusive,
March-April
average
represent
greater than seasonal
a
the
changes
are
of
1% in employment and of 0.4 of 1% in payrolls.
In
only five of the preceding 16 years were declines in both employment and
payrolls reported for all reporting industries in Illinois during the MarchApril period.
Syracuse
Payrolls
+0.1
+ 1.0
Utlca
1
+ 1.0
Buffalo
—0.7
■
+ 0.9
Albany-Schenectady-Tr oy
.
>
+1.7
—0.1
Rochester
;
Binghamton-Endicott-Johnson City
New York City
—0.7
—0.2
i_
—0.9
—0.4
—3.5
—2.7
j
—8.3
..
The
current
than
seasonal
ment
April
declines
in
employment
and
payrolls
follow
greater
is
increases
in
these
series
for
March.
,
The
index
of
employ¬
1.6%, and that of payrolls 1.8% higher in April" than in January.
compared with April, 1938, the current April indexes for all report¬
ing industries in Illinois show increases of 0.7 of 1% in
employment and
4.6% in payrolls.
The index of employment for all reporting industries
was
75.5 in April, ,1938, as
compared to 76.0 in April, 1939 (1925-1927
average equals 100).
In other words, for every 1,000< persons employed
Unemployment in United States Declined 2% in April,
Reports National Industrial Conference Board—
Total Remained Above
10,000,000 Level
As
during the 1925-1927 period, only 755 and 760 persons, respectively, were
April, 1938, and April, 1939.
The index of payrolls rose
1938, to 68.3 in April, 1939.
During April, 1939, practically no changes in wage rates were reported.
Only 15 reports of wage rate increases,
affecting 1,221 workers, were
received by the Division.
Six reports of wage rate
reductions, affecting
employed in
from 65.3 in April,
_
179 workers,
reported
were
made.
employed
of
rate
average
Only 0.2 of 1% of the total number of workers
affected
were
increase
by
and
increases.
rate
wage
5.7%
was
of
decreass
The
weighted
11.8%.
of
which
0.3
of
designated the
1%
and
0.7
of
sex
of
their
working forces
showed
decreases
female workers employed.
1%, respectively, in the number of male and
Total wage payments to male workers decreased
2.2%, while those paid to
women
Within
ments
the
reported
manufacturing
an
paid to
In
a
men
the
1.0%
in
declined
of
the
and
of
of
1% but
female
3.7%
in
number
7.5%, while
of
the
number
women
those
paid
of
men
employed.
to
women
2,470
1.2%,
employed.
women
Total
but
wage
increased
respec¬
wages
dropped 4.5%.
establishments
employed
Total
establish¬
2,311
decrease of
workers
classification,
It is pointed out that this slight improvement in the
employment situation
due largely to a considerable increase in the number of
was
agricultural
at this time of year.
Workers gainfully occupied numbered 44,296,000,
over
the March
figure.
an
increase of 0-6%
Besides agriculture, in which there
of 500,000 workers, there
was a rise
was an
increase
in employment in forestry and fishing
of 5.5%; one in construction of
3%; and seasonal rises in trade and distri¬
bution, of 0.5%, and in public utilities, of 0 6%.
there
were
In all other activities
slight losses, except in mining, where employment fell off 36.4%
because of the coal dispute and strikes.
industry,
a
declined 0.7 of 1% while those paid to
non-manufacturing
decrease
3.3%.
classification
increase of 0.6
tively, in the number of male
declined
still remained above the 10,000,000 level,
according to the
monthly estimate of unemployment and employment of the
National Industrial Conference Board, issued May 29.
The
figures released, which are subject to revision, show that
there were 220,000 fewer jobless workers in April than there
were in
March, and 517,000 fewer than in February.
The
declines during March and
April leave the unemployment
total at 10,177,000.
workers, which is usual
Changes in Employment and Total Wages Paid
According to Sex
Reports from 4,781 manufacturing and
non-manufacturing establish¬
ments
Unemployment in the United States fell 2% in April, but
an
reported
increase
payments to
1.3%.
of
men
The
Conference Board's
estimate
of unemployment
for April includes
3,034,000 workers in the Government
emergency labor force, represented
by the Wcrks Progress Administration, the Civilian Conservation Corps,
and the Federal Projects Works Program.
The Government's labor force
declined 8.6% trom the total for March, which was 3,319,000.
Unemployment totals and the distribution of employment during Feb¬
March/and April, 1939, and comparisons with April, 1938, and
ruary,
March, 1933,
are
shown in the following table:
i
-
,
Volume
148
Financial
UNEMPLOYMENT AND EMPLOYMENT
(IN THOUSANDS)
_
Chronicle
there
was
application of
1929
Unemployment
Employment
Mar.,
Apr.,
Feb.,
Mar.,*
Apr.,*
Avge.
1933
1938
1939
1939
1939
total
469
total
10,177
10,397
10,694
47,885
Forestry and fishing
Total Industry
35,940
42,534
43,671
44,022
44,296
10,539
9,961
10,943
10,443
10,838
city sales tax
on
267
180
182
pensate for the decline which occurred
15,536
15,514
15,277
645
758
744
742
472
6,980
9,196
9,884
9,943
2,180
2,100
1,804
1,805
2,164
1,804
924
925
930
2,465
I-I-IIII
1,549
1,518
1,724
1,167
865
finance"
944
8,007
6,407
7,363
7,166
7,186
7,242
8,960
1.011
7,752
9,046
9,446
9,402
9,354
704
856
901
899
893
Public utilities
Trade, distribution
and
Service Industries
Mlscell. industries and
services
.
II
Preliminary.
of the
Percentage changes in the
cost of goods purchased
the
Prairie
in
Bank
Montreal
of
Provinces of
Canadian
by
combined, by groups of items.
Table 2 presents indexes based on average costs in the years 1923-25 as
100 by groups of items, for each of these cities and for these cities combined.
was
100, for the 32 cities combined, are
as
The index of the cost of all goods, on the 1913
142-9 on March 15, 1939 as comparecLwith 144.2 on Dec. 15,1938.
Prairie
TABLE
'
1—PERCENTAGE CHANGE FROM
DEC.
15, 1938 TO MARCH 15,
1939 IN THE COST OF GOODS PURCHASED BY WAGE EARNERS AND
Canada seeding operations
LOWER-SALARIED WORKERS IN 32 LARGE CITIES OF THE UNITED
'
STATES, BY GROUPS OF ITEMS
practically completed, wheat is showing well above the
ground and growing conditions on the whole are
favorable
'
House¬
AU
at
present," the Bank of Montreal states in its current
crop
report issued June 1.
"Moderate to heavy rainfall has been
beneficial and has
improved the condition of crops in areas
where soil
drifting has occurred. The Bank added:
Area and
Items
Cloth¬
Food
Fuel
Rem
ing
Southern and Central
Manitoba, Southeast and Central Saskatchewan
Sputhea,8tern Alberta, precipitation has been
light and good rains
needed
to
maintain
prevalent but
no
present
Cutworms
prospects.
important damage is reported.
hoppers is threatening crops but
measures are
insects.
f
'
In Quebec Province the
and
—0.8
—
—0.1
Buffalo
growth,
favorable
conditions
—0.6
—0.1
—2.6
+0.1,
—0.2
—0.1
—0.3
—0.1
—0.7
;
Scranton..
—2.3
—0.1
—0.2
b
—3.7
—0.3
+ 0.1
—0.2
—1.6
c
—0.9
—0.7
—2.9
+0.2
—1.7
-—1.2
—0.5
—2.1
—
—6.8
—0.1
+0.1
+0.1
—0.8
—0.2
b
+0.3
—0.8
—2.4
d
d
b
—0.5
d
—1.1
—3.2
—0.3
c
c
+ 0.4
—0.3
c
+0.6
East North Central:
Chicago
is
—1.9
—0.9
—1.3
—
Philadelphia.
Pittsburgh r
An outbreak of grass¬
well
——0.9
—0.1
laneous
*
New York
"«
later than average, but
seeding is
advanced, early growth improving and
apple bloom promising.
Ontario, while cool weather retarded
season
Boston
Portland. Me
Middle Atlantic:
are
being taken to combat these
ing
Goods
New England:
are
wireworms
furnish¬ Miscel¬
and
Light
City
•
and
and
separately, and for these
cities
are
In
wage earners
lower-salaried workers from Dec. 15, 1938 to March 15, 1939 are shown in
Table 1 for 32 large cities of the United States,
base,
Favorable
com¬
still below the September
was
Secretary Perkins were contained in an
by the U. S. Department of Labor (Office
Secretary), which also had the following to say:
Group indexes with costs in 1913
"In
This rise did not
between September and December
March, 1939
announcement
also presented in Table 2.
Crowing Conditions
Provinces, Says
Jackson¬
1.1% rise, in
The remarks of
9,907
941
products sold at retail.
level.
192
14,140
3,340
-
186
10,980
1,067
11,064
minerals.!"""
Man ufact ur ing
IIII
Construction.I.IIIIII
Transportation
III" I"
136
19,102
tobacco
ville costs of the miscellaneous
group of items also showed a
this case due to the higher cost of
laundry services.
11,339
---Ill
Extraction of
*
11,295
a
In Birmingham, a 1.1% increase resulted from the
and the cost of these services in
Agriculture
„
14,706
3297
change.
no
Cincinnati
now
—1.1
Detroit
-
-
Indianapolis
-3.0
—0.9
—0.8
+0.1
—2.3
—0.6
—0.4
+ 11.9
—0.7
Cleveland...
In
—1.9
—0.3
—0.8
+0.1
+ 0.8
c
d
b
'
d
are
are
—0.3
c
+ 1.2
+ 1.5
—0.1
d
+ 0.2
+ 1.5
—0.1
—0.3
—0.1
+ 0.1
—0.3
+ 0.5
—0.1
—0.9
+0.2
—0.2
+ 1.0
+ 0.2
seeding of field
crops of
hay
and berries.
are
has been completed
crops
Atlanta
—1.2
—3.7
—0.5
d
+ 0.2
—0.2
Baltimore
—0.6
—1.8
+0.2
d
b
—0.1
b
Jacksonville
—0.5
—3.7
—0.2
d
+ 1.9
■—0.1
indicated and prospects
+ 1.1
—0.9
—2.7
—0.5
—O.l
—0.3
—1.3
c
—0.8
—2.9
—1.1
—4.3
Kansas City
Minneapolis
St. Louis
-
South Atlantic:
favorable
are
—
Washington D. C._
Lower
on
March 15 Than
Labor Perkins
Reports
The cost of
Dec.
on
1%
0.9 of
was
Dec. 15, 1938,
on
1%
Secretary of
Labor Frances Perkins
reported on May 17.
items included in the
quarterly
purchased by
wage
survey
"All groups of
of the cost of goods
and lower-salaried workers de¬
earners
—0.2
•
c
+0.6
+ 1.2
d
d
+ 0.1
—1.1
+ 0.1
b
—1.0
—2.7
—0.1
—0.2
—0.2
+0.3
—0.1
—0.4
—2.6
—0.1
—0.2
—0.3
+0.4
—0.9
—3.5
—0-3
—0.3
c
+0.7
+ 1.1
+0.1
—0.2
—0.8
—0.6
c
—0.5
+0.4
+0:7
—1.0
—4.0
+0.6
+ 0.4
+ 1.5
—0.4
d
—0.2
Birmingham
Memphis
Secretary of
large cities of the United States
March 15, 1939 than
clined in cost, with the
exception of fuel and light," she said.
"Food costs were
considerably lower.
In addition to the
usual seasonal declines in some
items, bread also showed a
marked decrease.
Costs for
Mobile
-
Houston
—
New Orleans
—0.7
—0.7
+ 0.2
+ 0.5
+ 0.4
c
—1.7
—0.3
C
—1.7
+ 0.2
+0.5
Mountain:
.
'
—0.5
Denver.—.-Pacific:
—0.8
—3.1
—0.2
—0.1
—0.2
+0.9
d
—0.8
—1.7
—0.2
-r-0.4
—2.7
+0.3
—0.3
San Francisco
—0.9
—2.9
—0.2
+ 0.1
+ 0.2
d
+0.1
Seattle
—0.1
—0.5
d
—0.1
—0.1
+0.8
—0.1
—0.9
a—2.7
—0.5
-—0.1
+0.5
—0.1,
—0.1
Los Angeles
;
Portland, Ore
—
large cities
of the United States.-
Average—32
a
Includes 51 cities,
b No change,
c
Increase less than 0.05%.
2—INDEXES
COST
OF
OF
GOODS
PURCHASED
100,
and lower-salaried
workers, based
on
costs
in
OF THE UNITED STATES, BY GROUPS OF ITEMS, MARCH
(Average 1923-25=100)
December, 1929.
were
10-1% higher than
Average living
at the low
costs declined
over
In Pittsburgh, substantially lower food costs
resulted
a net decrease of 2.1
%. A new schedule of gas rates caused an advance in
Cleveland, the only city reporting an increase.
in
Food costs averaged
2.7% lower at the end than at the beginning of
the quarter, reflecting the
customary seasonal decline in the cost of many
of the items.
In each of the 32 cities, the index of
food costs was lower at
the end of the quarter.
In most cities, this drop did not exceed
4%.
In
Pittsburgh, however, food
costs
were
6.8% below the
level
Dec.
on
15,
1938, due not only to the seasonal drop in the cost of
dairy products and
eggs, but also to a sutstantial decline in the cost of cereals and
bakery
products.
In Savannah, the only other city in which food costs
were resported to be
more
than
4% below their Dec.
15 level,
noted jn all food groups
except meat.
Clothing
lower prices
'
were
•
■
Rent costs remained at
approximately the same level as at the
a
net decline in average rental cost of
The introduction of
a net
a
one
city
no
the
was
new
1% on the
rate schedule
average in the 32 cities.
of the 32 cities.
for natural gas in Cleveland
The
gas rate in
re¬
Cleveland has been
of the lowest in the country and the new schedule, still leaves Cleveland
gas rates
Statistics
costs
below the average for the cities for which the Bureau of Labor
secures rates.
occurred
in
furnish¬
ing■
Light
Miscel¬
laneous
Goods
New England:
81.(
73.1
85.2
75.3
87.5
81:3
98.1
Portland, Me
83J
74,8
82.3
76.5
79.2
89.8
103.0
Buffalo
84.
76.8
80.5
73.6
97.8
New York
83
78.9
78.9
77.7
87.3
77.3
99.7
Philadelphia
81
77.9
76.3
69.3
82.1
79.9
97.2
Pittsburgh
80
72.7
80.8
70.5
101,0
83.7
95.9
80.
73.1
83.0
72.1
76.3
85.6
96.4
78
76.3
74.2
60.8
96.0
74.2
99.8
Middle Atlantic:
-
Scranton
90.9
99.3
East North Central:
Chicago—
Cincinnati
Detroit
76.0
80.6
76.6
94.4
94:0
101.0
.85
78.9
84.4
68.9
113.0
79.2
104.2
79
75.2
81.9
66.6
79.3
82.3
95.1
81
76.8
79.4
66.0
85.7
89.1
93.2
81
78.5
81.0
61.5
80.6
79.0
100.5
84
83'.2
79.1
72.2
90.7
87.8
96.6
82
82.0
82.1
58.2
88.5
90.3
101.5
84
Cleveland—
—,—
Indianapolis
West North Central:
Kansas City
—
Minneapolis
St. Louis
-—
70.5
83.5
65.3
73.7
89.1
95.1
Baltimore
85
81.6
82.0
76.2
83.7
82.6
103.8
Jacksonville
78
73.7
80.6
59.6
88.1
81.4
90.2
Norfolk
83
73.5
87.4
64.8
81.6
85.6
104.0
82
69.4
89.6
73.3
83.4
91.6
99.1
79
74.5
83.9
64.2
83.0
86.4
91.4
Washington D. C.
85,
78.0
82.6
86.8
84.6
89.5
99.7
79
Atlanta
East South Central:
The only decline of more than 2% in fuel and light
Portland,
Ore.,
where a
decrease in
wood
prices
was
65.7
86.7
82.9
81.4
80
71.7
87.0
62.7
85.6
93.5
94.9
82
73.4
88.5
67.5
71.1
89.0
98.0
81
74.7
76.8
74.2
77.8
92.5
94.6
83
82.2
80.5
73.4
74.6
93.7
92.7
82.4
81.2
77.8
64.4
76.4
88.8
99.6
Birmingham
—
59.5
93.9
76
Mobile
In
increase of 11.9%, the only increase of more than 2% in fuel
and light costs in any
and
Memphis
1-10th of 1%.
1 %.
Fuel and light costs increased 0.5 of
sulted in
beginning
Slight increases in 13 cities and decreases in 19 resulted
as great as
Rent
Savannah
dropped 0 5 of 1%, reflecting declines in
All these changes were less than 1
of the municipal sales tax.
change
ing
South Atlantic:
%, except
Philadelphia where the decline of 2.9% resulted from the discontinuance
quarter.
Fuel
Cloth¬
Food
Richmond
costs over the quarter
28 cities and increases in four.
of the
Items
City
Boston
point of June,' 1933.
the quarterly period in all but
one of
the 32 cities surveyed.
in
Area and
was
They
in
House¬
as
82.0 on March 15, 1939 as compared with 82.7 on
Ddc(. 15, 1938.
The current
survey showed living costs in these cities 1.2% below the
level
of the year before, and
17-7%* below the peak point in
15, 1939
'
AU
1923-25
WAGE
BY
EARNERS AND LOWER-SALARIED WORKERS IN 32 LARGE CITIES
The Bureau of Labor Statistics' index of
the cost of all goods
purchased
wage earners
d Decrease less
than 0.05%.
TABLE
clothing, rent, housefurnishing
goods and miscellaneous items dropped but
slightly." Secre¬
tary Perkins added:
by
—0.2
East South Central:
0.9 of
wage earners and lower-
surveyed by the Bureau of Labor Statistics
lower
d
+0,2
West 8outh Central:
living for families of
salaried workers in the 32
15,
—0.1
-
„
Norfolk
<.
Living Costs of Wage Earners in United States
—0.5
West North Central:
.
In the Maritime Provinces
ploughing and seeding, hitherto delayed, are
now
well under
way.
Heavy bloom is indicated in Annapolis Valley
orchards.
In British Columbia
forjorchard fruit
—15
—1.7
now
some southwestern
Seeding of spring grains is nearing completion.
Fruit trees have blossomed
well.
infgood time, good
-0.4
Richmond
making rapid growth, although
in need of rain.
-0.5
Savannah
prevail, and crops
sections
West South Central:
Houston
-
New Orleans
Mountain:
Denver-
—
-
Pacific:
55.2
81.6
82.9
94.8
71.4
85.9
Portland, Ore
82
78.4
81.5
61.8
83.8
85.2
99.8
San Francisco
87
79.5
92.2
73.8
78.9
89.3
106.4
86
78.1
88.9
70.9
97.6
91.6
101.0
82.0
a76.4
81.1
69.6
88.4
83.2
98.5
142.9
al21.1
145.5
113.3
163.9
174.4
196.4
78
Loe Angeles
Seattle--
.
responsible for the movement of fuel and light costs.
The average decrease of
0-1% in the housefurnishing goods index reflected
lowered costs in 13 cities and increased costs in 19.
change of
as
much
as
2%.
Prices
were
In
no case was
there
a
generally lower for suites of furniture,
sewing machines and sheets, while rug prices advanced in most cities.
The
miscellaneous group also reflected
a
0.1%
drop.
Seventeen cities
shared in this decline, while 11 cities reported increased costs.
In four cities
Average—32
large cities
of the United States.
(Average 1913=100)
Average—32
large
cities
of the United States.a
Includes 61 cities.
Financial
3298
Weekly
Lumber Movement,
May 20, 1939
of
Report
Week
Chronicle
Ended
stood at
72% of
the
The
Manufacturers Association
from
regional associations
determined
mills.
in
week
and
New
heaviest of
the
was
the
exceeded
orders
Reported production
above the preceding
4% above.
May 20 was 2%
ended
week
week
any
date in
to
corresponding week of
were
tion,
ing
he
New
(hardwoods
business
and
of the 1938 period.
Loans
loans
During
feet
of
000
orders
hardwoods
229,923,000
milla,
were
and
of
All
regions
duction
526;
production
and
the
ended
California
above
corresponding
shipments
Northern
week
Pine,
shipments
Southern
except
Pine
in
Western
230,118,000
232,794,000
feet;
for
the
output.
week
above
All
1938,
of
last
year.
1938
Lumber
softwood
the
orders
mills
544,000
feet,
Reports
35%
totalled
for
4%
the
week
above
below
feet;
production.
production.
mills
May
those
or
5%
for
the
Production
give
of
Shipments
reported
as
32% above production.
by
in
production
of
the
the
same
was
Last
week's production
feet, and
a
year
219,998,000
feet, and
it
ago
feet;,
and
182,816,000
of
435
week
180,883,000
was
194,733,000
feet.
In
feet;
the
reported production' last week and
feet;
a
year
orders
Territory
made
much
While it is
total
of
Most
of
21:9,550,000
identical
mills
5,909,000 feet and 5,707,000
-not
Sales of United States wheat and flour for
export totaled
approximately 109,300,000 bushels from July 1, 1938, to
April 30, 1939, of which about 93,000,000 bushels have been
exported,
the
Marketing
and
Marketing
Agreements
Division of the Department of Agriculture announced on
May 17.
^Of the total sales for export,, the sale of approxi¬
mately 85,000,000 bushels has been assisted by the Federal
the
of
program.
Sales of wheat represent about 80% of
109,300,000 bushels total, and sales of flour about 20%.
The sales of wheat by the Federal
Surplus Commodities
Corporation under the Federal program have totaled about
than
of
wheat
18,200,000 bushels
of
wheat
in
pastures,
machinery
because
and other American relief
agencies for export to
China.
Spain and
Loan
Program for 1939 Announced by CCC—
Rates and Provisions Similar to 1938
Program
Wheat loans
ducers
under
farm
who
on
keep
1939
the
program,
nounced
the 1939 crop will be offered
within
their
Agricultural
the
wheat
Adjustment
Commodity
wheat pro¬
acreage
Credit
allotments
Administration
Corporation
an¬
May 21.
on
The loan program, which was recom¬
mended by Secretary of Agriculture
Henry A. Wallace, and
approved by the President, will be available to farmers
with
the
beginning of this year's harvest.
In general, the
provisions of the 1939 loan program are similar
to those of the 1938
program.
The principal changes are:
rates
and
(1) Upward
and
the
adjustments
Pacific
in
Northwest
rates
where
to
farmers
in
the
Great
experience indicated that the
Plains
1938
area
rates
out of line with usual price
relationships.
(2) Increases in rates at country points in relation to the terminal loan
values by lc. per bushel in those areas where the loan
values are computed
were
on
the
basis
of
terminal
winter and hard white wljeat to
where farmers
of
their
can
obtain
wheat.
include
protein tests
,
an
or
on
hard
red
spring, hard red
allowance, for protein premium
certifications
of
protein content
the
sown
Buenos Aires,
in
has
an¬
this
seen
have
to
the
1938-39
of the
sown
of
seeded
by
away
part
there.
large
members.
efforts
much
wheat
drought'
autumn
drought
of
sales
and
dust storms.
the Argentine
severe
more
Because
their
terminated
outlook
a
in
out
has been
blown
year.
are
is
the
to
out
acres
in Argentina
acreage
been
Argentine
the
according
area,
in April and May but to date
western
never
than
of
acreage
fully 6,000,000
sown
usual
the
in
have
damage
to
Several farm
that
in
region
for the wheat acreage and crop.
estimated
wheat
in
made
was
our
crop
320,000,000
of
March 4
issue,
it,
of
Finished
page
and
.n
Semi-Finished
Goods
Increased in March, According to National Indusr
trial Conference Board—Method of Computation
Described
*
Manufacturers'
,
March
after
of
stocks
finished
consecutive
four
goods
monthly
advanced
declines,
in
according
preliminary estimates of the Conference Board indexes
manufacturing
inventories,
released
recently
by
the
National Industrial Conference Board.
The rise brought the volume of these stocks up to the
level that existed on Dec. 31, 1938, but holdings at the end
of March were higher in relation to production than they
at
the end
of
last
year
because of the sharp decline
in productive activity during the
plies of finished
a
year
for
ago
but
goods
still
were
10%
first quarter of 1939.
Sup¬
5%% lower than they
were
above
the
monthly
average
1936.
Inventories
of
semi-finished goods rose 1.2% in March,
continuing the advance which began last November.
Some
rise
in this type of stocks is normal, however, in a period
declining output.
Raw material holdings by industry followed the down¬
ward trend that has been operating for the past 11 months,
falling 1.6%.
At the end of March they were the lowest
of
since
September, 1936.
These
indexes
provide no indication of any serious de¬
inventory position of manufacturing in¬
the first quarter.
Stocks of both finished
terioration in the
dustry
and
than
during
semi-finished
they
goods are considerably higher, however,
were in the last
production
rates.
(3) Provision for increasing the lean rate
its office
wheat
to
sown
being shipped
poor
Inventories
were
Wheat
pre¬
1230.
of
'
they
storms
are
Reference
the
approximately 1,000,000 bushels
and-wheat products,to the American Red Cross
been
companies
of the
bushels for
form
included
now
southern Cordoba,
in
drought-affected
that, section is
experience
that
dust
cattle
usually
in
has
long
report
more
to
on
the
and
total" wheat
the
present
fraction of
a'
that
with
and
the
Sales
Pampa,
low yielding area,
a
20,000,000
seed
Men
export
about
the
their
sow
The Department of Agriculture's
of
the
in
the wheat
more
belt
of
one-third
as
report.
Export Sales of Wheat and Flour to April 30 Totaled
109,300,000 Bushels, Department of Agriculture
Reports
flour.
to
up
of
also says:
respectively
feet; shipments 7,663,000 feet and 4,956,000 feet, and orders,
7,885,000 feet
4,580,000 feet.
'
export
1939, while
dates
75%
storage.
La
of
public May 26.
located
and
of
About
this year, according to a report received in
usually
66,800,000 bushels, and ah indemnity has been paid
various
Foreign Agricultural Service of the United States De¬
230,235,000
90
have
substantial reduction in the wheat acreage
a
was
received
hardwoods,
ago
at
loan.
the
of
the part of farmers to plow and
because of an extreme drought
on
were
shipments
and
of
case
mills
fall due until May 31,
date
crop
that region
As
softwood
$11,417,928
totaling
Loans outstanding amounted to
become- payable
the
partment of Agriculture from
7,265,000
Reports
identical
bushels.
farmers this year and the increase in acreage allot¬
nouncement
Mill
the
from
85,742,449 bushels and
on
repayments
10
loans
upon
commercial
result in
feet.
Identical
1940, and
30,
months
appeared in these columns May 20, page 2989,
the
feet.
for
May
made
were
storage loans, do not
storage
in
was
wheat
may
220,-
were
feet,
Production
April
seven
1940.
vailing in the western part of the 'Province of Buenos Aires,
439
9,824,000
as
farm
Inability
fall
230,604,000
was
business
new
the
week1
for
Argentine Wheat Acreage May Be Substantially Reduced This Year Because of Extreme Drought,
United States Department of Agriculture Reports
reported
1939,
below
same
mature
run
^
reported
region
20,
will
pro¬
Pine,
reported
Redwood
Hardwood
ended
reported
as
hardwood
or
regions
orders
California
but Northern
220,099,000
Shipments
9,574,000 feet,
were
Pine
the
Cypress,
above
Southern
except
reported
all" but
Southern
orders
new
All
Northern
regions
All
104
or
from
above
reported
1939.
and
in
Reference to tbe decision not to hold a wheat referendum
among
221,568,-
week.
reported
mills.
same
20,
and
Pine,
Western
Pine,
Hardwood
will
farm
loans
21,493,108
depending
31,
ment
May
printed
offices
64,244,341 bushels.
on
commercial
collateral
feet;
As
releasing
1938
The
the
preceding
shipments,
the
on
program
$49,375,297.
made
July
figures
being
are
conservation
but not later than April 30,
loan
1938
$37,957,386
also 7% above out¬
shipped
Revised
Redwood .and
production above the
or
totaled
b2p mills produced -237,809,000
combined;
feet.
stored
wheat
commercially stored wheat
the
been
feet; orders 231,717,000 feet.
Northern
of
1939,
20,
material
agricultural
county
/
on
on
On
New business for the 20 weeks of 1939
ended May
week
softwoods
booked
week
the
The rates may
1
The Association further reported;
put.
the
in
date of the notes,
date was 18% above
shipments were 13% above
orders were 14% above the orders
were
1938.
in
as
terminal
than
inspecting farm-stored wheat placed under
informational
future.
soft¬
of 1938;
8% above output; shipments
was
available
be
duction for the 20 weeks of the year to
the shipments, and new
same
been
have
country
rather
certify producers who are eligible for loans and will
other
and
Forms
near
was
corresponding weeks
the
wheat
of
by the Commodity Credit Corporation, as in 1938, at 4% interest.
will
3% below production and shipments were 3%
below output in the week ended May 20.
Reported pro¬
woods)
prices
about the
of
part
eastern
farm
responsible for grading and
loan.
new
1938.
of
week
and
of
average
committees will
AAA
orders were respectively 27%
greater, 13% greater and 20% greater than in correspond¬
shipments
will
the
in
basis
authorized by the Agricultural Adjustment Act of 1938, will
loans,
be made
by
Reported production was 27% above and shipments
14% above last year's week. • For softwoods—produc¬
21%.
price
calculated.
The
3939.
1938
average
average
within
been
Reported new orders were 0.8% below the preceding
the
the
the States above and below the average to reflect ordinary
price differentials.
All loan rates at country points are now being computed and will be
available to county agricultural conservation offices as soon as they have
vary
ering the operations of important softwood and hardwood
week and shipments were
represent
of
also taken, went on to say, in part:
areas
the
on
and
markets,
cov¬
for
rates
Loan
the National Lumber
week's orders, according to reports to
80%
their
for
farmers
by
the following is
corresponding week of 1929;
shipments, about 68%
of that week's shipments; new orders about 71% of that
of
1939
for
and
wheat during the past 10
They are between 54% and 55% of parity.
Agriculture Department's announcement, from which
years.
73% of the 1929 weekly average of production and
1929 shipments. Production was about 70%
average
75%
between
rates
received
The lumber industry during the week ended May 20, 1939,
established
rates
loan
The
farm
June 3, 1939
averaged
months
the
were
end
quarter of 1935, when industrial
as in the first three
Finished goods inventories
15.8% higher at the end of March, 1939, than at theof 1935;
stocks of semi-finished goods were 11.8%
.
higher.
of
about the same
current
year.
Volume
following table gives the Conference Board indexes
The
for
these
of
Financial
148
classes
three
1939,
March,
end
monthly
commodity holdings at the
of
together
with
comparable
the
figures since January, 1933:
THE
BOARD
CONFERENCE
INDEXES
INVENTORIES,
MANUFACTURING
OF
1933-1939
For
instance, all goods which had undergone processing of any kind were
classified
of them,
materials that
Aiso included
among raw
materials were the visible supplies of leading agricultural
staples, stocks of which exerted only an inuirect effect on the industrial
cycle.
The individual series entering into the Department of Commerce
Raw Materials, Including Cotton at Mills
refined
were
1934
1935
1936
114.0
110.4
101.4
99.9
110.9
111.2
_.
114.6
109.9
101.1
99.7
113.2
100.6
inventories,
100.2
114.4
a99.0
stocks
99.3
116.7
102.7
115.9
110.5
100.0
Marcu
112.5
115.3
April
114.5
116.6
110.4
99.3
May
116.5
116.8
109.2
99.8
111.6
given series should
109.6
which
98.2
107.0
108.7
105.2
99.5
107.6
105.9
facturing industry.
104.2
100.2
108.3
103.5
types
102.6
100.8
109.7
101.4
finished
115.0
114.6
114.6
113.4
114.0
111.3
the
of
goods
processed
Semi-Finished Goods*
In
1935
122.8
,
1939
1938
1937
1936
1934
♦
111.4
1933
seemed
109.2
102.4
87.8
116.5
121.7
108.6
102.5
86.7
119.0
112.3
107.5
105.0
87.3
120.8
all3.6
130.3
120.0
107.5
103.1
86.3
121.9
126.0
118.0
107.8
103.1
87.7
122.6
115.9-
108.3
103.3
88.4
121.5
to
were
February
130.9
March
131.5
April
May
.
122.0
June
July.
118.5
116.0
108.6
98.7
91.4
118.5
115.7
108.0
100.4
93.5
114.7
September.
120.6
116.5
107.1
98.3
95.6
111.1
114.6
composite
After
120.9
104.2
96.8
101.4
109.2
122.3
113.4
102.3
92.9
107.7
110.0
December
126.4
112.1
101.6
89.4
113.7
110.8
-
1933
1934
,
91.6
94.7
84.3
1939
1937
1938
107.3
119.9
107.6
118.0
116.5
allO.l
107.4
114.9
•
97.8
95.3
98.6
82.2
...
May
June.
98.3
95.4
93.0
92.3
96.8
98.1
$
108.8
93.2
97.4
98.0
"
109.5
July......
85.5
95.4
96.6
98.8
109.0
August
89.8
95.6
95.4
98.4
111.3
114.2
December
*
96.0
96.6
95.4
95.6
103.7
118.0
»
93.8
94.7
104.4
118.5
111.4
95.1
9*.7
93.8
'
of
the
in
throughout' the
held
inventories
be
given time is complicated by the fact that stocks may
any
1936,
inventory
In
relatively
a
the
of
few
and
of the national economy, fairly
released for the information of the
segments
inventory data exist and
are
such data are not "compiled
piled, are kept confidential from fear that buyers will force
of a specific product as soon vas they become'aware of the
heavy stocks in the hands of their producers and suppliers.
In general, data on stocks becpme more fragmentary and
public;
in
we
as
hands
of
of
these
in
converting
is
line
most
the
seldom
can
of
hands
ascertain,
from
the
likely
to
.
distribution,
In
appear.
of
months'
"
and
at
are
all
along
static,
the
this
periodic
and
supplies
line
volume required
in
and
demand
whenever
increment, is
decline.
sales
decline
chases,
goods
have
There
be
by
Under
in
is
rising.
on
fined
a
to
up
of
given
a
;
these
of
demand
relatively
a
becomes
high
level,
even
a
moderate
very
raw
materials
in
material
pur¬
of
terms
These
cycle,
changes
no
reasonably accurate
industrial
in
and
data
which,
these
measurement of
for
relatively
balance sheets which
indexes
were
page
of
course,
few
inventories
take
changes
best
esti¬
could
been
con¬
value
to
or
released
of
account
no
has
industries,
at
are
Department
the
of
published
physical
monthly
in
of
Commerce
only
changes
four
in
808.—Ed.).
were
inventories.
value
.
of
the
classification
processing.
the
as
are'
refining of metals
been
have
items
here
included
In
made
one
of
Publication
indexes
and
based
was
here
of
through
base
stock
the
production'
purposes
superphosphates
sales.
or
made
was
turnover,, of
of
indexes
and
direct
The
and
by
or
selection
The
order
in
the various
Basic
take
to
industries,
and
to
in
was
the
The
of
excess
the
the
index
is
estimated
included
held
in
Thus,
equivalent
all
to
of goods in
consumers' hands.
semi-prccessed materials
group
posite index of
indexes
have
attempts
inventories.
Such
importance
As
more
combining
in
the
as
here
into
to
a
statistics
single
,
to the amount
of
of
raw
finished
presented.
into
compute
of
economy
of
inventory
consumers
consumers
combined
which
inventory
indexes
group
on
average
.
measure
comprehensive figure
a
American
comprehensive
the
indexes
the
variously esti¬
the sample used
roughly one-fifth
to
ultimate
of
been
not
leading because of the lack of data
relative
as
applies do the
The limitation
three
well
where
indexes
hands.
This is true of industrial
as
our
;
is
year
manufacturers'
on
in
$2,000,000,000
during that
apparently
as
limitations
serious
appears
coverage,
manufacturing companies
inventories
inventories
sample
the'
extend
to
$9,3(30,0000,000 to $10,3()0,000,000.
stocks
of
1936,
year,
of
,
being currently collected
are
eourpes.
from individual
value
of
into
Data
based
are
Government
reports
total
manufacturers'
from
total
goods.
the
be retailed for
by the farmer
used
are
whether
on
to
or
changes is the practical impossibility of obtaining data
for
alcohol, but
denatured
as
consumer,
but the Conference Board plans
of all
One
*■
such
part
-
the
are
single
a
com¬
be
mis¬
would
weights of the
variuos
types
obtained,
composite
may
a
of
basis
become
"
'
Petroleum
r
and
Its
Five-Day
on
Week's
Products-"—Texas June
Schedule—Sharp
Crude
Spurt
Production—Petroleum
Production
Shown
Stocks
in
De¬
cline—Sinclair Discusses Price Situation—Chile to
Pay Oil Firms—Mexican Picture Again Clouds
The Texas Railroad
on
Commission, in
a
surprise order issued
May 29, revised the June production regulation to
vide for
a
pro¬
five-day production week rather than the original
ruling which provided for
weeks out of the month.
Saturday shutdowns only two
Under the
new
ruling, the
average
figure of 1,426,000 barrels set for Texas by the United States
Bureau of Mines in its regular
volume
the
issued
domestic
of
Department's
the
only
compre¬
commodity
"Survey
of
stocks.
Current
of
these
indexes
was
changes
of
these
in
volume
the
data
was
seriously limited
weighting
adopted
by
an
raw
as
the
attempt
of
made
manufactured
discontinued
a
was
to
materials; in the other,
result
in
of the
Department
of
1938.
goods
The
method
of
Commerce.
monthly
market
demand
estimates.
In also
disclosing that
a
State-wide hearing of oil
been called for June 12 to consider the
the
(also in the "Chronicle"; last appeared in issue of Aug. 6, 1938,
portray the trend in the volume of stocks of
estimates
in
the next quarter,
recently the
Business"
further
the
price level.
hensive
which
without
inclusion
of
value
weighting
associations
computing
the
stocks
Despite the influence of inventory accumulation and deple¬
business
year,
Until
articles
.
purchases of materials
complete stoppage of
the present time,
month-to-month
appearing in
a
on
form or another.
daily production will be 1,279,000 barrels against the June
uncoordinated
to
figures
times
-the
performed
process
one
are
adoption
provide
in "normal
Once
at
occurs
circumstances,
some
in
oversupply
an
been,
which
measured.
tion
series.
which are the basic
along this
shortages
or
general
increment
an
longer necessary and
no
result
may
even
in
lowered sales volumes.
mates
in
well-
any
calculating the composite group averages were based
the inventory of each individual commodity during
which
on
available.
where,
,
though the. stabilization
even
in
however, that this practice of maintaining inventory
given ratio to sales
a
the other
At
wholesaling,
It should be noted,
the
of consumption requirements suggests that
usually small in the fields of manufacturing
coverage
speculative commitments
engaged
are
"
.
however,
years,
the stocks
consumption
inventory surpluses
recent
in
value
The
the practice of maintaining inventories at a level that will
number
these
in
and
copper
of
•
the
on
for
industries.
goods.
who
determine from the available data
production and
and
less reliable
finished' goods.
or
public.
to
easy
than
trade
adequate,
and
however,
the manufacturers
into semi-processed
them
of
not
of
in
we
the
the most
for
Adequacy
the ultimate con¬
raw materials
to
know almost nothing of the stocks of
we
hands
It
producers;
items
same
extreme,
the
the basic extractive industries
from
or,
Fairly comprehensive figures exist for the Stocks of
-
the
'in
if com¬
down prices
existence of
other segments,
many
progress
sumer.
cases,
weights roughly representative of the "inventory normally held.
mated at
productive
the
in
the ultimate consumer.
adequate
1936
a
contains
goods
to the ultimate
'
value
the
and
(5)
on
1933.
industry in the further processing of
finished
explains
which
differences
account
have
of
go
This
use.
rather
possible,
points
several
of
one
any,
two
the only
such
Some
the
and
January,
evidence
goods
earth,
products,
used in
are
class
ready to
The data
of
volume
total
the
■
the
cement,
distributive
systems.
Thus, inventories of any given item may be held by. (1) the
producer, (2) any one of a number of industrial consumers, processors
or
fabricators, (3) the jobber or wholesale distributor (4) the retailer,
at
placed
made
consumer
hides.
was
In
materials"
however,
sample,
a
to
monthly data from 192£
on
of
case
the
data prior
to
little
were
every
from
finished
sense,
the average value of
on
Board,
Conference
discussion:
Measurement
held
in
over
Indexes of seasonal variation
gave
stocks
ultimate
processing of
a
in
was
finished
1939, issue of its "Bulletin," discussed the prob¬
lems* involved in collecting inventory statistics and the
method pursued by the Board in preparing its figures.
We
reproduce below what we consider the more salient parts
at
semi-
articles.
individual
March 23,
Nation
include
processing,
The weights used in
Preliminary.,
a
Industrial
National
the
the
the
in
for
commodity
only
series
available.
adjustments
no
reliable
a
based
were
data
In almost
,the contractor.
110.1
118.8
106.1
,
estimated for 1933.
Stocks of copper
of
index
however,
back
relative method.
extraction
.to
the
in
whole,
a
individual
were
link
figures
some
in
are,
other
112.4
96.7
The
each
"semi-processed
go
included
are
agricultural
constitute
to
available
major part of which
product
93.2
.
to
Inclusion
96.0
.
.
the
was
for
partial
which
the
112.2
November
the
or
111.8
100.8
October
index
as
consequently carried
industry.
materials
is
domestic
to
113.4
••
112.6
September.
of
which
which
not a
or
extent
for various
excluded except
liquors
the group
adjustments
the
the
(raw material.—Ed.).
For
material
raw
ready
110.0
115.5
82.3
April
r.ot
109.5
107.9
95.0
92.1
81.8
.>
March.
91.8
83.3
February
major
been
has
(2) produced by, manu¬
or
have been
malt
malt,
fragmentary
by
They have had
97.0
1
only
seasonality and
The
these
1936
1935;
85.9
for
in,
three
possible to obtain data for individual items
was
were
auto-cloth,
into
these
(2) semi-processed goods,
indexes
used
in
for
data
analyzed
combined
has
materials,
these
(1)
for
adjustment,
calculated
The
January
too
indexes
materials
Finished Goods
The
it
These seasonal
defined
October...
November.
and
date, wherever such figures
wool
in
either
and
years.
seasonal
basis.
118.1
August
goods.
many cases
and
raw
Food products
milk
index,
long period of
120.8
128.7
January
included
was
of the indexes is cotton
any
1933
(1)
and
collected
fluctuations
and
levels
the
The test applied in determining whether-
be
commodity
processed
cojn-
Indexes
of
has
commodities,
(3) finished goods.
113.7
Board
follows:
as
104.2
October
■
of each
the supply
of
New
of
indication
some
individual
105.8
106.8
_
80
composite indexes
and
primarily raw
are
"relative value
Conference
104.7
118.2
December
the
99.9
117.6
..
provide
98.1
September.
_
of
to
98.8
119.0
November.
order
108.0
119.5
116.1
...
In
100.6
108.3
118.2
114.4
August
the
&c.,
1923 and 1925.
years
107.3
113.7
July..
June
•
by
weighted
zinc,
Computation
1933
February
slab
copper,
1939
1938
many
undergo further processing by manufacturing industry.
modity" in the
1937
fact that
the
despite
goodB"
as
must
110.2
January
"manufactured
as
such
index
Adjusted Tor Seasonal Variation; 1936=100
3299
Chronicle
men
has
production quotas for
Lon A. Smith, Chairman of the Railroad
Commission, pointed out that there is too much oil accumu¬
lating in storage to permit continuance of the original order
covering June operations and a five-day production week was
deemed the best answer to the problem of over-production.
Completion of
new
wells during May automatically lifted the
production quota to
1,496,000 barrels daily which is far
qf probable market demand for
above the Bureau's estimate
Lone Star State.
'
,
-
Chronicle
Financial
3300
Sadler, member of the majority group of the
Commission, had previously indicated that there
was a distinct possibility that the June allowable for Texas
would be boosted unless neighboring States cut down their
action
recent
of
non-member
behind with
decline of 13,500 barrels to
a
was
A loss of
crude oil
Oil
11,400
Companies
that
be floated for
York
the, purpose.
(The peso
Monday at 5.19 cents.)"
on
From Mexico
Workers' Union
City
came
the
news on
was
quoted in New
June 1 that the Oil
was
meeting in extraordinary convention to
discuss the possibility of
taking absolute control of the in¬
dustry which, since the Federal seizure of some $500,000,000
of American and British oil
properties early in 1938, has been
under the direction of the National
Administration.
It was
indicated that the officials of the oil workers'
group were
planning to ask the Cardenas Administration to turn the
industry over to them as
to the railway workers.
There
were
no
week.
it turned the national
railways
over
of finished
tank wagon
during the
was
re¬
some
time have
the result of "a material increase
and
unfinished
prices of grades
Chicago area, effective June
fuel
motor
showed
a
an
B and
advance of # cent a gallon in
C of its
Stanolex fuel oil in
the
1.
June 1—Standard of New Jersey posted an increase of 10 cents a barrel in
the Atlantic Coast port price of Grade C bunker oil and of 5 cents
at Gulf ports.
Under the
new
a
barrel
schedule, New York harbor is posted at $1-05.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
New York-
New York-
Stand. Oil N.
Other Cities—
Texas
J._$.06#
Chicago.
..$.07#
Socony-Vacuum..
.06
Gulf
.08 #
New
Tide Water Oil Co
.08 #
Shell Eastern
.07#
$.05
Gulf
Richfield OiKCal.)
Orleans-
porta
Tulsa...
.07#
Warner-Qulnlan,.
-.05#
.06>$-.07
.05#
04#.-05#
.07#
"
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
I North Texas
(Bayonne)
.
..$.04#
Fuel
N. Y.
$.04
Los Angeles..
.03#-.05
Oil, F.O.B. Refinery
(Bayonne)—
Bunker C-...
I
or
iNew
|
Orleans.$.05#-.05#
-.04#
Tulsa...04
Terminal
I California 24 plus D
$1.05
1.651
Diesel......
i
$1.00-1.25
New Orleans C—..— $0.90
1.45
Phila., Bunker C
I
Gas Oil, F.O.B. Refinery or Terminal
Y.
N;
(Bayonne)—
27 plus.....
IChlcago—
I
$.04
iTulsa.,
.$.053
28-30 D
$.02#-.03
|
Gasoline, Service Station, Tax Included
iNew York....
i
$.1951 Newark
..._...$.1591Buffalo
Brooklyn
*
195 | Boston
Not Including 2% city sales tax.
$.17
....
1851 Chicago
-.175
Daily Average Crude Oil Production for Week Ended
May 27 Gains 146,850 Barrels
The
,
American
Petroleum. Institute
estimates
that
the
daily average gross crude oil production for the week ended
May 27, 1939, was 3,585,250 barrels.
This was a rise of
146,850 barrels from the output of the previous week, and
the current week's
figure
was
above the 3,425,200 barrels
calculated by the United States Department of the Interior
'to be the total of the restrictions imposed by the various
oil-producing States during May.
Daily average produc¬
tion for the four weeks ended May 27, 1939, is estimated
at 3,585,250 barrels.
The daily average Oqtptit for the
week ended May 28, 1938, totaled 3,098,650 barrels.
Fur¬
ther details as reported by the Institute follow:
Imports of petroleum for domestic
use
and receipts in bond at principa
United States ports for the week ended May 27 totaled 1,895,000 barrels,
a
daily
average of
270,714 barrels, compared with a daily average of 213,143
barrels for the week ended May 20, and
weeks ended
ended
224,107 barrels daily for the four
May 27.
.
Receipts of California oil
crude oil price
changes posted
barrel for domestic
a
barrel for bonded fuel oil at the
May 29—Standard of Indiana ported
the
a
Government oil monopoly would be established
by Sept. 3»
said today that the
companies would be paid the value of
their properties.
An internal loan of 60,000,000 pesos will
price of $1.05
a
wholesale
the
Stocks
on their
investment, and give those who
material what crude oil is really worth."
An Associated Press
dispatch, dated Santiago, Chile,
May 30 reported that "The Finance Ministry, which has
British
an
slump of only 392,000 barrels during the May 27 week,
easing off to 84,152,000 barrels, according to the figures of
the American Petroleum Institute's report.
The loss would
have been 250,000 barrels greater save for a revision of the
May 20 figures to allow for an additional amount of gasoline
(unfinished) which had not been reported in time for the
original report covering that peripd, it was pointed out.
Although refinery operations showed a decline of 1.4
points to 84% of capacity, the inability of the industry to
really hit the normal seasonal trend of sharply lower re¬
ductions in stocks of motor fuel week-by-week in response to
the constantly broadening consumption is accepted as con¬
crete proof of the contention that refinery operations are far
too high and must be curbed if the statistical position of
gasoline is to be maintained at a stable level. Daily average
runs of crude oil to stills
during the May 27 period, despite
a decline of 55,000 barrels, at 3,405,000 barrels were
nearly
a
quarter-million barrels higher than the figure thought
advisable by oil economists.
Representative price changes follow:
raw
and
1 posted
price of these grades," according to the
company's officials.
reasonable return
States
of New Jersey on June
The advance
June 1.
in
half-million barrels in inventories of domestic
the major factor in the combined drop of
United
LOW.
higher than the price for bunker qualities.
This in¬
crease
reestablishes the normal differential (or brings it
nearer) between the price for cargo and bunker lots."
A few days previous to the move made by Standard of New
Jersey, Standard of Indiana (May 29) announced an advance
in the tank wagon price of its Stanolex fuel oil, grades B and
C, of M cent a gallon throughout the Chicago area, effective
particular differed with recent remarks attributed to J. A.
Brown, President of the Socony-Vacuum Oil Co. to the point,
that while the industry is not getting fair
prices for its refined
products in compraison with their production cost, he
(Mr. Brown—Ed. note) could see little hope of rectifying
this condition at the present time.
"I still think," Mr. Sinclair said, "that if the
problem were
approached from a different angle we could avoid what I
regard as almost a calamity.
But nobody can expect that
the purchasers of domestic crude oil are
going to keep on
losing the substantial difference now existing between what
we pay for oil and what we
get for the products.
I believe
that the public is willing to
pay a fair price in order that the
industry may be able to continue its contribution to national
prosperity, provide the enormous amounts -of new money
that are required to meet its
wage bill, pay its stockholders
warned
RAISES
INDIANA
INVENTORIES
bunker fuel oil in the United States Gulf for
671,000
holdings of domestic and foreign petroleum stocks
during the week ended May 20, the U. S. Bureau of Mines
report disclosed in putting the May 20 figure at 277,068,000
barrels.
Foreign crude stocks were off 171,000 barrels to
bring about the combined loss of nearly 700,000 barrels in
holdings of domestic and imported crude oil.
California
heavy crude .oil stocks, not included in the "refinable"
crude petroleum holdings, were off 75,000 barrels to
drop to
14,593,000 barrels.
Stockholders attending the annual meeting of the Consol¬
idated Oil Corp. recently heard Board Chairman
Harry F.
Sinclair tell them he believed that a cut in crude oil
prices
could and should be avoided by means of
posting higher prices
for refined products.
On May 27, Mr. Sinclair issued a
statement further commenting on this
situation, and in
a
OF
been
barrels in
produce its
JERSEY
finery, New York harbor.
In making known the new price, the company stated: "For
some time, stocks of residual fuel oil have been at extremely
low levels while demand has been maintained at a high rate.
A shortage of supplies is in evidence.
Prices for cargoes of
a
was
Co.
company will post a
fuel oil and 95 cents
achieved
by California producers who cut their output by
barrels to a daily average of 613,500 barrels.
NEW
OIL PRICES—GASOLINE
Oil
Standard
daily figure of
a
A substantial reduction also
OF
PRICES—STANDARD
advance of 10 cents a barrel in the price of Grade C. bunker
fuel oil at all Atlantic Coast ports and an increase of 5 cents
a barrel at
all Gulf ports.
Under the new schedule, the
oil
producing States to become affiliated with the Interstate
Compact Commission plus the new production control
measures recently adopted in California is believed to have
caused a change in sentiment in the majority group now
ruling the Railroad Commission.
As expected, Oklahoma
continued its production quota of 428,000 barrels daily
average unchanged for June.
Reflecting the temporary spurt in Texas production to a
seven-day week, daily average crude oil production for the
Nation showed a sharp climb during the week ended May 27.
The mid-week report of the American Petroleum Institute
showed a gain of 146,850 barrels to a daily average of 3,585,250 barrels, the highest total in many months.
Since the
May demand for crude oil was placed at a daily average of
3,425,000 barrels in the monthly estimate of the United
States Bureau of Mines, output last week was more than
160,000 barrels daily in excess of expected demand.
Storage
stocks will undoubtedly reflect the heavy expansion in do¬
mestic production.
Texas, which ran its wells on a 7-day week against a 6-day
week in the previous period, showed a gain of 176,650 barrels
to a daily average of 1,462,000 barrels, the report disclosed.
Louisiana was the only other ma jor oil-producing State to
show a gain and it showed only a nominal rise of 600 barrels
to hit 267,950 barrels.
Sharpest reduction in production
was achieved by Kansas which was off
13,800 barrels to a
daily average of 161,750 barrels with Oklahoma not far
449,7.50 barrels.
FUEL
LIFTS
OIL
1939
ER—REFINERY OPERATIONS OFF—
production and stopped competing with Texas oil men in
Texas on an unfair price basis, the new order caused much
However,
FUEL
BUNKER
Railroad
comment.
PRODUCTS—STANDARD
REFINED
Since Jerry
June 3,
at Atlantic and
May 27 totaled 325,000 barrels,
a
-
Gulf Coast ports for the week
daily average of 46,429 barrels
compared with
Prices of Typical Crude
per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
$2.00
are not
and
Reports received from refining companies owning 85-8% of the 4,268,000
shown)
barrel
Lima (Ohio Oil Co.)
Corning, Pa
1.25
Eldorado, Ark., 40..
Rusk, Texas, 40 and
1.02
Darst Creek
Illinois
1.25
Western Kentucky
Mid-Cont't, Okla., 40 and above.r
Rodessa, Ark., 40 and above
1.20
Michigan crude
Sunburst, Mont
1.10
Huntington, Calif., 30 and
1.25
Smackover. Ark.. 24 and over..^..
.75
Kettleman Hills, 39 and
Petrolla, Canada
a daily average of 33,857 barrels for the week ended
May 20
36,714 barrels daily for the four weeks ended May 27.
$1.05
1.05
over
estimated
1.02
basis,
.789
companies
1.22
a
over...
over
1.22
daily
potential refining
capacity
of the
United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
3,405,000 barrels of crude oil daily during the week, and that all
pipe lines
had
as
in storage at
refineries,
bulk terminals, in transit and in
of the end of the week, 84,152,000 barrels of finished and
1.24
finished gasoline.
2.15
is estimated to have been 11,180,000 barrels during the week.
un¬
The total amount of gasoline produced by all companies
Volume
DAILY AVERAGE CRUDE
3301
Chronicle
Financial
148
OIL PRODUCTION
ties
(Figures in Barrels)
reported
of $149,454,500,
revenues
Total
sales
manufactured
of
State
Week
Change
Weeks
Week
lated
Allowable
Ended
from
Ended
Ended
May 27,
Previous
May 27,
May 28,
1939
Week
1939
1938
May 1
ments
428,000
449,750 —13,500
456,450
152,600
170,350
161,750 —13,800
170,350
70,000
—900
72,900
65,050
+ 3,700
83,200
74,200
31,700
+ 450
31,150
214,650
96,200
177,750
water
143,550
86,500
Panhandle Texas
-
West Central Texas...
234,150 + 36,750
97,550
+ 5,750
446,250 + 73,900
West Texas
East Central Texas.--
the
12.6%,
industrial
259,200 +32,700
241,050
409,450
etc.,
commercial
were
5.5%
gained
uses
and
13.4%.
sales for
domestic
showed
purposes
in¬
an
"
184,300
..
while
gas
362,550
203,900
223,000
.
5.3%.
10.7%- while industrial sales gained 9.0%.
of
crease
92,550
236,650 +24,300
.
quarter
of
such as cook¬
0.7% above
Sales for house heating purposes
refrigeration,
increased
uses
Natural
27,500
Coastal Texas
heating,
period of 1938.
same
gained
Southwest Texas
East, Tpyas
first
the
increase
an
Manufactured gas sales for domestic uses,
439,650
North Texas
feet,
cubic
utility sales for the period amounted to 391,289,300,000 cubic feet, an increase of 9.9%.
ing,
455.800
-
Kansas
than
more
Natural gas
(May)
Oklahoma
102,022,400,000
were
Four
Calcu¬
for
gas
a
B.ofM.
Require¬
9.1%
or
for the first three months of 1938.
Weekly Coal Production Statistics
The National Bituminous Coal Commission in its current
1,406,100 b1393200 1,462,000 + 176650 1,371,600 1,187,800
Total Te*M,
72,850
—500
74,500
+ 1,100
193,800
177,650
•—
Coastal Louisiana
261,600
263,634
267,950
+ 600
268,300
256,100
52,900
Total Louisiana
weekly coal report stated that production of soft coal in¬
creased sharply in the week ended May 20.
The total outout is estimated at 5,200,000 net tons.
This is greater by
246,000 tons, or 5.0% than production in the corresponding
78,450
195,100
North Louisiana-
54,627
55,100
—100
55,000
41,500
222,300
99,250
+ 6,700
212,000
+ 1,500
99,300
j 139,600
63,850
—50
+ 100
63,600
59,300
53,250
60,700
14,650
—50
13,300
week of 1938.
Arkansas
„
Illinois
159,700
Eastern (not incl. 111.)_
102,900
Michigan
50,000
64,200
,
Wyoming..
Montana-
3,950
+ 350
—150
110,650
5,200
C117.100
115,500
582,600
"
3,950
90,400
2,971,750 +158250 2,884,750 2,420,950
677,700
617,000
613,500 —11,400
Total east of Calif- 2,842,600
Calif or nia
.
d575,000
3,585,250 +146850 3,501,750 3,098,650
Total United States. 3,425,200
Note—The figures Indicated above do not include any estimate
of any oil which
might have been surreptitiously produced.
These
a
ESTIMATED
crude oil
month of May.
Bureau of Mines calculations of the requirements of domestic
are
based upon certain premises outlined in its detailed forecast for the
"
.
higher than in 1938.
On April 1, production
approximately 22% ahead of 1938.
The U. S. Bureau of Mines reported that resumption of
bituminous coal mining in the Appalachian field and a
Church holiday on May 18 were contributing causes to a
sharp decline in the production of Pennsylvania anthracite
for the week of May 20.
Total output for the week is
estimated at 924,000 tons, 37% less than production in the
week of May 13, and 15% less than that of May 21, 1938.
51,850
14,500
3,700
110,500
•16,100
Colorado
New Mexico
',
Accumulative production of soft coal in 1939 to date now
stands 2.5%
in 1939 was
PRODUCTION
STATES
UNITED
templated
Bureau's
estimated
determine the
requirements to
amount of
new
OF
SOFT
COAL
(In Thousands of Net Tons)
requirements may be supplied either from stocks or from new production, con¬
withdrawals from crude oil Inventories must be deducted from the
As
Week Ended
Calendar
Year to Date d
crude to be
'•
produced.
b Net dally
average
Shutdowns
ordered for the first two Saturdays and all Sundays during
a
•
are
-
.
basic allowable for the
TO
AND
STILLS
ENDED
PRODUCTION
MAY
27,
1939
WEEK
and
at
District
Rate
Daily
Percent
527
85.7
85.9
85.2
464
90.3
83.6
1,011
Indiana, Illinois, Kentucky.
574
89.5
Oklahoma, Kansas, Missouri
419
81.6
316
50.3
125
78.6
«89.5
834
93.2
97.3
131
90.3
322
100
__
California--.-
42
74.5
54.2
57
89.1
500
67.1
3,075
100
May 21,"
1939
1938
1938
1929 c
c
878,000 1,390,000 1,035,000 20,739,000 17,258,000 26,270,000
Beehive Coke—
United States total
9,894
330
Estimated unreported
1939
924,000 1,463,000 1,089,000 21,831,000 18,166,000 28,308,000
243,800
181,500
154,600
185,800
240,900
154,000
a
4,300
717
383
a
1,286
Includes washery and
operations.-
433,300
2,450,200
2,045
3,611
20,418
dredge coal, and coaj shipped by truck from authorized
b Excludes colliery fuel,
of working days In the
245,400
12,500
2,083
2,300
Daily average..
84.10
Calendar Year to Date
May 13,
Dally average..
Comm'l produc'n b
1,446
Reported
•
,
Tot.,Incl.coll.fuel
215
90.0
85.8
Rocky Mountain
55.0
118
828
North Louisiana & Arkansas
.<
Anthracite—
Pa.
2,619
149
■
May 20,
1939
v,'.
527
1,000
Inland Texas
Louisiana Gulf
AND
ANTHRACITE
COKE
Week Ended
1,823
286
A ppalachian
4,954 124,500 121,407 203,957
826
1,052
1,020
1,714
PENNSYLVANIA
(In Net Tons)
388
149
OF
BEEHIVE
1,443
109
615
Texas Gulf
PRODUCTION
Blended
100.0.
East Coast
179
Inc. Natural
Operated
1,071
867
Refineries
Average
Percent
Reporting
5,200
—...
Production
to StUls
1929
corresponding 20 weeks of 1938 and 1929.
ESTIMATED
Gasoline
1938
1939
of historical comparison and statistical convenience the
semi-anthracite, and anthracite outside of Pennsylvania,
c Revised,
d Sum of 20 full weeks ending May 20, 1939,
of lignite,
b Subject to revision,
Crude Runs
1938
c
Includes for purposes
production
.
Daily Refining
Capacity
a
1939
a—
Total, Including mine fuel..
Daily average.
GASOLINE,
OF
(Figures In Thousands of Barrels of 42 Gallons Each)
Potential
May 20 May 13 May 21
1939 b
Bituminous Coal
Export allowance of 4,000 barrels included.
d Recommendation of Central Committee of California Oil Producers.
c
RUNS
■
31-day period beginning May-1.
May,
total of six shutdown days.
CRUDE
*
c
Adjusted to makercomparable the number
three years.
•
,
•Estimated total U.S.:
4,268
May 20, 1939
3,405
11,180
4,268
1
May 27, 1939
3,460
11,139
3,201
10,533
*U. S. B. of M. May 27 '38
Non-Ferrous Metals—Fair Call for Lead—More Interest
in
STOCKS
OF
AND UNFINISHED GASOLINE AND
WEEK ENDED MAY 27, 1939
FINISHED
Copper—Zinc Duty Raised in England
"Metal and Mineral Markets" in its issue of June 1 re¬
•. Estimated Bureau of Mines basis.
GAS AND
FUEL OIL,
action
(Figures in Thousands of Barrels of 42 Gallons Each)
Stocks of Gas Oil
Finished and
Unfinished Gasoline
Fuel Oil
District
At Terms,
At Terms,
Total
Total
Finished
At
in Transit
At
Finished
and
Refineries
and in
Refineries
in Transit
Pipe Lines
Unfin'd
2,499
and in
Pipe Lines
2,949
3,982
20,333
3,294
21,642
Appalachian
3,581
244
57
13,108
13,900
2,244
358
7,586
1,105
31
2,630
2,734
an
London prices for non-ferrous metals were
improved demand for near-by metal, which
reflected in
was
a
better tone here.
2,872
East Coast.:.
7,289.
Okla., Kan., Mo...
•.
•
Copper
"""47
Inland Texas
1,401
1,648
289
8,944
10,423
3,408
"""538
5,197
174
2,328
2,664
1,011
18
1,306
244
440
515
243
9
561
evidence on May
574
ended May 29, the volume
1,628
108
1,717
14,230
15,436
Mountain..
1,644
"
abroad
•
California.
*
72,995
,79,112
4.940
Reported..
unreported
8,541
-
5,040
Est.
19,692
■
developed among domestic copper producers as prices
improved during the short holiday week.
Buying early in the week
Better sentiment
Louisiana Gulf
Rocky
v
.
Texas Gulf.,.-
No. La. & Arkansas
The news that
raise the import duty on
non-Empire zinc attracted wide interest here.
Domestic^
quotations for copper, lead and zinc were unchanged for,the
week, with tin slightly higher, antimony up one-quarter
cent, and quicksilver lower.
The E.&M.J. index of prices
for May was 73.61, against 74.79 in April.' The publica¬
tion further reported:
,
429
Ind., 111., Ky——
that
on
the British authorities agreed to
Stocks of Residual
and Distillates
Stock of
ported
firmer
•
60,358
1,707
78,624
2.260
6,700
600
25", 407
28,502
continued to be confined to moderate tonnages,
but inquiries
31, resulting in a fair tonnage being sold.
were more
in
For the week
sold involved 8,201 tons, against 5,789 in the
The total sold for the month to date was 49,629 tons.
refinery quotation Was abo ve the domestic
previous week,.
Yesterday (May 31) our export
there were no indications that the domestic
disturbed until buying took on real volume.
Exports of refined copper from the United States (foreign and domestic
metal) during the months of March and April, in short tons, were as follows:
refinery basis of 9.775c., but
quotation would be
•Est. total U. S.:
May 27, 1939...
77,935
84,152
a20,292
6,700
May 20, 1939...
b78,350
84,544
a!9,713
6,676
81,206
88,394
22.074
a80,884
28,502
c81,082
C28.323
a
March
To—
U.
S.
B.
1938..
363
Belgium
Czechoslovakia
Mines
of
•May 27,
110,677
*
Estimated Bureau of Mines basis,
b
c
a
For comparability with last year, these
be increased by stocks "At Terminals, &c." lh California district,
Revised In California district to Include 250,000 barrels not previously reported,
Revised due to transfer of 109,000 barrels in East Coast district.
must
France
-----
Germany
Great Britain
Italy
399
Poland and Danzig
Sweden..
—
3,268
Japan
1,306
1,402
Other
751
Denmark
figures
To—
April
202
U2
3,369
3,267
1,888
March
April
712
3,524
2,929
1,087
3,261
"112
China and Hongkong..
308
Netherlands
countries
Totals
138
222
10,055
1,080
10,639
25,461
25,466
533
Lead
Summary of Gas Company Statistics for the Month of
March,
American
The
tured
and
natural
Gas
gas
1939
Association
reported
that
manufac¬
utility revenues amounted to $248,-
449,900 for the first three months of 1939, as compared with
$232,750,800 for the corresponding period of 1938,
crease
of
in¬
industry reported revenues of $98,-
period of the preceding year.
paints, oxides,
in
5,979 tons.
move
dence
to
3.4% from the
The natural gas utili¬
sheet lead, and pipe.
of real stability in
the London market before taking any
action
domestic quotation.
settl¬
Smelting & Refining Co., and at 4.60c , St..
booked by St. Joseph Lead (?o. in its own brands
continued at 4.75c., New York, which was the contract
basis of the American
Louis.
Sales for the week amounted to
The undertone was firm in all directions, but there was no
Most producers of lead would like more evi¬
toward lifting the
ing
in good volume, inspired by steadier prices
trade in a number of lead products, particularly
disturb the price.
Prices here
995,400 for. the first quarter, an increase of
same
an
6.7%.
The manufactured gas
Buying of lead again was
abroad and a fairly active
Business was
for delivery in
the East at a premium.
Chronicle
Financial
3302
Worli
Zinc
Demand for zinc increased slightly during
common
duced in first quarter
Higher prices
abroad during the week en¬
remained steady at
Steel
Prime Western
The price for
couraged producers.
Production in
Ingot
the
the increased
The industry is awaiting announcement of full details on
tariff on non-Empire zinc before appraising what
influence the
British
Statistics
covering
and
imports
of zinc during the first four
exports
period last year, in
with figures for the same
short tons, follow:
—Jan.-April—
—Jan.-Apr ll—
ore.
1938
44
Slabs, Ac
1,882
1,926
13,768
In
,
Totals
a
1939
2,447
5,300
In
6,479
7,747
Totals
dust,
plates, rolled zinc, and zinc
b Slabs,
Zinc content,
1938
——
2,979
galvanized products.c^ 3,500
Exports—
Slabs, Ac. b.
1939
4,349
9,419
Imports—
c
Zinc contained
In galvanized products exported.
four months
manufactured products,
figures over a short period of only
The import and export
are
comparable, as most of the exports, being
not
contain zinc that may have been
imported in prior months.
Tin
Dejnand for tin
was
moderate,
Prices ruled fairly steady in
abroad and here.
plate industry here continued at
the United States
tons in
London on a better feeling
The operating rate of the tin-
the international political situation.
over
The. "Iron Age" in its issue of June 1 reported that all
of iron and steel activity, excepting
have moved upward this week.
Ingot output has gained four points to 52% of the industry's
capacity; additional blast furnaces that were banked during
the recent coal tie-up have resumed, indicating that the May
production total, which will be available next week, will
exceed that of April; the steel scrap price composite of the
"Iron Age" has advanced 13c. to $14.21, and the "Iron
Age" capital goods index has gained for the second con¬
secutive week, now standing at 60.9 or 1.8 points above the
low for the year thus far of 59.1 in the week ended May 13,
and this has occurred in spite of shrinkage in automobile
assemblies.
The "Iron Age" further reported:
'
The gain in ingot production is by far the sharpest that has occured in any
business interrupted by holidays
with
Deliveries of tin in
of capacity.
70%
during May amounted to 6,905 long tons, against 5,980
Straits tin for prompt and near¬
April and 4,755 tons in March.
pound most of the
by delivery was tightly held and was quoted at 49c. per
week this year.
This week's rate compares with
the first quarter
in the week beginning March
year—56%
Chinese tin, 99%, was nominally as follows:
47.000c.; 27th, 47.000.; 29th, 47.000.;
DAILY PRICES OF
May 25th, 46 900c.; 26th,
five points to 41% in the
12.
Pittsburgh district,
There has been a gain of
49%, nine points in the Wheeling-Weirton district to 65%,
Export,
Refinery
Refinery
St. Louis
St. Louis
New York
Neto York
slight one in the Cleveland-
tone of
a
strength,
though not much mill buying is taking place.
even
At Chicago, brokers are offering $13 and would probably quote $13.50 to
At
consumers.
Domestic,
a
10 points in
46%%, and four points at
Encouraged by the higher steel operating rates, scrap markets have taken
Zinc
•
The only loss is
Birmingham at 50%%.
on
Lead
Tin
Straits
of four and a half points
one
53%% in the Chicago district, six points in the Youngstown district to
to
("E. & M. J." QUOTATIONS)
METALS
Electrolytic Copper
of 54.14% in
Lorain district, due mainly to furnace repairs.
Holiday; 3l8t, 47.000c.
30th,
an average
and is within four points of the highest week figure of the
southern Ohio to 53%, five points at Buffalo to
week.
Weekly Rise of
Sharpest
Year
of the important indices
automobile production,
the domestic and world markets.
of 1939, together
months
to
compared with the 766,000 tons pro¬
world automobile output amounted to
as
of last year;
4%c., St. Louis.
action might have on
of 1939 amounted
quarter
1,418,000 vehicles, being an increase of 39% over the 1,017,000 last year.
3,638 tons and unfilled orders on
grades involved 29,969 tons.
the first
in
of 24%
950,000 tons, an increase
the last week; 3,944 tons of
2.790 tons two weeks ago.
Ship¬
the books for all common
grade metal were sold, against
ments totaled
June 3, 1939
production
tinplate
there has
been
Pittsburgh the
quotations
in
range
May 25
9.775
9.650
48.900
4.60
4.50
May 26
9.775
9.725
49.000
4.75
4.60
4.50
May 27
9.775
9.725
49.000
4.75
4.60
$.725
while
being higher than those
now
4.50
9.775
has narrowed,
advance of 50c a ton at Cleveland and one of 25c. at
an
Youngstown, quotations in the latter market
4.75
49.000
4.75
4.60
4.50
9.800
Holiday
Holiday
Holiday
Holiday
9.775
9.850
49.000
4.75
4.60
,4.50
9.775
May 29
9.746
48.980
4.75
4.60
4.50
Holiday
May 30
May 31
Average.
Average
-
Domestic copper f.o.b.
prices lor calendar week ended May 27 are:
They are reduced to
the baste of ca«h, New York or St. Loute, as noted.
All prices are In cents per pound.
Copper lead and zinc quotations are based on sales for both prompt and future
on sales
reported by producers and agencies.
deliveries: tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a
delivered ba3te; that is, de¬
destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Deliv¬
ered prices In New England average 0.225c. per pound above the refinery baste.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business In copper sellers usually name a c.l.f. price—Hamburg,
Havre and Liverpool.
The c.l.f. baste commands a premium of 0.325c. per pound
livered at consumer"'
f.o.b.
above
As delivery charges vary with the
plants.
refinery
quotation.
■-
3M
Lead
Tin, Std.
Copper
1
47%
42%
May 26
May'29
42%
42%
47%
Hoi.
May 30
42 %
May 31.———
42%
Prices
for
-
3M
Spot
(Bid)
41I3i«-
May 25
Natches,
which this
Mississippi
River,
week total
Although
Miss.
225%
223%
226%
224%
14
13«i.
14»u
14%
14116
14h6
Hoi.
Hoi.
Hoi.
Hoi.
Hoi.
Hoi.
Hoi.
Hoi.
47
%
226%
224%
14%
1411ib
14%
14%
48%
227 %
225
14Hl«
1413is
143ie
14316
lead and zinc are the official
14uie
14%
buyers' prices for the first session of the
per long ton
new
Greenville, Miss., and
at
projects
requiring
World
Years-—First
Tih
official closing buyers'
(2,240 lb.).
Production
are
fairly heavy in
some
districts,
amount of such steel for which
are
also
the
Hague Office of the International Tin Research and Develop¬
These 7,500 tons bring the total for the first
quarter at 33,400 tons, a decrease of 23% as compared with
the first quarter of *1938 when production amounted to
43,300 tons.
The Council's announcement of May 26
ment Council.
added:
While the
Exports from the'signatory countries in the first quarter of 1939 amounted
control scheme of 24,649 tons.
permitted exportable amount under the
So, there
was an
Long Tons\
118
Bolivia
French
Long Tons
Netherlands
Indies
Nigeria
China
Indo
162
Malaya..
13%
396
-
Siam
and strip
It
for 700,000
seems
one automobile
cars.
company
"
■
certain that the automobile companies will not
their commitments until the third quarter.
tons
to
As
a
13,400
decrease of
may
be
an
from the following
seen
increase of 800
table, tin con¬
sumption in most other important tin consuming countries show decreases
Quar.
Is*
Quar.
1938
1939
Long Tons
United States
Long Tons
14,500
% Increase
or
Decrease
%
13,500
—7
Kingdom
Germany
4,400
5,200
+ 18
3,600
2,550
—29
Japan
2,750
2,250
—18
4,600
2,200
—52
France
2,500
1,800
—28
Italy
1,280
1,360
+6
760
750
—1
6,610
6,090
United
S.
R
Sweden.
Other countries
are causing a
marines and eight destroyers that the
own
steady flow of specifications to
yards and private builders.
Navy Department has allocated to its
'
Tin plate orders are maintaining a steady operation averaging 70 per cent,
with larger specifications expected during
Railroad buying leaves
a
June.,
,
'
(
lot to be desired., but orders have been placed
for 20 diesel-electric locomotives with
THE
"IRON
I
one
company.
One week ago
One month ago...
a
One year ago
—
Steel
Based on steel bars,
Lb.
2.236c.
t
April.
COMPOSITE PRICES
AGE"
Finished
May 29. 1939, 2.236o.
wire, rails,
2.288c.
___2.487c.
beams, tank plates,
black pipe, sheets and hot
rolled strips. These products rep esent
85% of the United States output.
Low
High
1939
_2.286c.
Jan.
3
2.236c
1938.....
.2.512c.
May 17
2.211c
1937
_■
Oct:
1934.
...2.062c.
Apr. 24
1927
1.792c
7
1.962c
4
2.212c
.
.
,
:
May 16
Oct.
Mar.
8
2
.
Mar. 10
.
Jan.
8
Jan.
2
1.870c
Jan.
2.402c.
_.v
3
6
Jan.
2T92c.
1.945c
Oct.
1.953c.
..1.915c.
1930
2.056c,
1
Sept.
...2.118c.
_•
1932
2.249c
2.016c
.Mar.
.2.249c.
1935____
9
Dec. 28
2.512c.
1936i
,
.
May
2
Mar. 15
,
.
Oct.
29
Nov.
1
Pig Iron
May
29.
One week
1939, 120.61
a
ago....."
Grass Ton
$20.61
One month ago........
One year ago
Based on average for basic iron at Valley
furnace and foundry iron at Chicago.
20.61
Philadelphia,
23.25
Southern Iron at Cincinnati.
Buffalo,
Valley
Low
High
_$23.25
and
June 21
$19.61
July
6
1937
23.25
Mar.
9
20.25
Feb.
16
1936
19.73
Nov. 24
18.73
Aug. 11
May 14
1935
18.84
Nov.
5
17.83
1934
17.90
May
1
16.90
Jan.
1933
16.90
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.56
Dec.
6
1930
18.21
Jan.
7
15.90
Dec.
16
1927....
19.71
Jan.
4
17.54
Nov.
—8'
May 29,
Total apparent consumption
41,000 1
35.700
—13
1939, $14.21
One week ago
One month ago
One year ago
a
27
3
1
Scrap
Based
on
No.
1
heavy melting steel
Gross Ton
quotations at Pittsburgh, Philadelphia
$14.08
and Chicago.
14.25
11.17
High
Low
1939
$15.29
Mar. 28
$14.08
1938
15.00
Nov. 22
11.00
June
1937
21.92
Mar. 30
12.92
Nov. 10
1936
17.75
Dec. 21
12.67
June
1935
May 16
7
9
13.42
Dec. 10
10.33
Apr. 29
1934
13.00
Mar. 13
,9.50
Sept.25
1933
12.25
8
Jan. 12
Feb. 18
6.75
Jan.
6.43
July
5
11.25
Dec.
9
17
13.08
Nov. 22
-
1932
1930
the 1940 program
July and August, when it is usually lagging.
Shipbuilding requirements
Steel
Is*
S.
as
the mills, and they will be augmented by 9,400 tons to be used for eight sub¬
for the period under review.
U.
and
season
1932
Consumption in the United Kingdom shows
5,200 tons.
take the bulk of
The strike at Briggs plants at
This may tend to create a bulge in steel production
1938...
compared with the 41,000 tons consumed in the first quarter of
last year.
covered for enough sheets
■
1,013
_
4,691
bringing the total for the first quarter at 35,700 tons,
as
1,258
—
World apparent tin consumption in March, 1939 is estimated at
tons
The
than could
over-export of 1,310 tons
during that quarter, and the total outstanding at the end of March was
3,734 tons.'
Exports from the signatory countries in April amounted to:
Belgian Congo
more
bookings still cannot be accurately estimated, it is
aggregate
reliably reported that
1933
a
important factor.
an
the mills are committed is
there will be an ample volume for the mills throughout the third quarter.
Quarter Output 23% Below Year Ago
compared with
total
possibly be rolled during the remainder of this quarter, thus assuring that
Five
Over
in
Lowest
the May issue of the "Statistical Bulletin" published by
as
steel
Aside from the heavy bookings of sheets and strip in May, a number of
tons, the lowest figure for more than five years according to
25,959 tons,
structural
Specifications against recent low-priced commitments for flat rolled steel,
which
World tin production iu March, 1939 is estimated at 7,500
to
largest
the other at
is probably the largest single factor in current rollings.
other products made a better
showing than in
March
than 35,000 tons,
more
They included 20,000 tons for two bridges
one
steels to the mills for projects that have been awarded during recent months
in
3M
Spot
42%
43%
All are in pounds sterling
the
across
duction of the other.
Zinc
3M
Spot
London Metal Exchange: prices for copper and tin are the
prices.
tural steel awards,
since the first week of January.
is getting under way, may postpone completion of the one and delay pro¬
Electro.
Spot
unusual situation.
an
Detroit, corping at the end of the 1939 model
Dally London Prices
Copper, Std.
Pittsburgh,
Another favorable sign is an expansion in the volume of fabricated struc¬
only about 16,500 tons this week, the flow of specifications of all building
refinery, 9.775c.; export copper, 9.663c.; Straits tin, 48.867c.; New York lead,
4.750c.; St. Louis lead, 4,600c.; St. Louis zinc, 4.500c.; and sliver, 42.750c.
The above quotations are 'M.AM. Ms" appraisal of the major United States
markets based
at
1927
—
—
——
8.50
* 15.00
15,25
Aug.
Jan.
3
Volume
The
148
Financial
American
Iron
and
Steel Institute
nounced
that telegraphic reports which it had received
indicated that the operating rate of steel
companies having
96% of the steel capacity of the industry will be 52.2% of
capacity for the week beginning May 29, compared with
48.5% one week ago, 47.8% one month ago and 26.1% one
year ago.
This represents an increase of 3.7 points or 7.6%
from the estimate for the week ended
May 22,1939.
Weekly
indicated rates of steel operations since May 9, 1938, follow:
IQll)
1938—
1 oift
30.4%
30.7%
29.0%
26.1%
Aug. 22—42.8% Dec.
5
Aug. 29._r_.44.0% Dec. 12
Sept. 6
39.9% Dec. 19
Sept. 12
45.3% Dec. 26
June
6
26.2%
Sept. 19
47.3%
June
13
46.7%
47.9%
51.4%
49.4%
53.7%
56.8%
61.0%
62.6%
61.9%
9
27.1%
Sept. 26
28.0%
Oct.
3
..28.7%
22.4%
Ocr.
10
Oct,.
17
32.3%
36.4%
37.0%
Aug.
1
39.8%
Aug.
8...—39.4%
Aug. 15
40.4%
June 20
June 27.^
July
5
11
18
Oct.
24..,
July
Oct.
31
July
25
Nov.
July
"Steel"
Nov. 14
Nov. 21
Nov.
of
in
Mar. 13
57.6%
Mar. 20
55.7%
55.4%
Mar. 27
56.1%
51.7%
38.8%
3—54.7%
10
52.1%
Apr. 17
50.9%
Apr. 24
48.6%
Apr.
Apr.
2
50 7%
Jan.
9
51.7%
Jan.
16
52.7%
Jan.
23
51.2%
Jan.
1
May
May
47.8%
47.0%
45.4%
48.5%
52.2%
8
30
—52.8%
May 15
Feb.
6
53.4%
May 22
Feb.
13
54.8%
May 29
Feb.
20
53.7%
Feb.
27
55.8%
28—60.7% Mar.
Cleveland
steel markets
A moderately
7
59.9%
1939—
Jan.
its
there
of the iron and
better tone pervades steel markets despite the realization
some
year ago.
in
most
leading
bulge in low-price orders for sheets and strip.
an
important factor in expanding opera¬
Stronger
areas.
markets
scrap
accompany
the
gain in output.
Shipment of a large portion of flat-rolled steel booked lately will be de¬
ferred until next quarter, consequently ingot production will be
for
extended
an
period
equally as long, and
now
by this
a test
New
buying
supported
•
Awards
demand generally is slight.
20
cludes
inquiries
car
switchers
"
continue
ordered
by
three
.
Recent
roads.
locomotive
May
be shipped
Seven
consumers,
mobile
industry,
appears
likely
such
railroads,
as
recovery
be
to
in
building
steelmaking
restricted.
Hopes
Ingot production at this time in
light but will in¬
are
and
concrete
reinforcing
bars
up
for
-'
week's
last
rise
in
steelmaking.
3 points to 36% and Chicago 33^ points to 49.
included 3 points to 45 at
eastern
Substantial tonnages remain to
contracts.
accounted
Pitts¬
Other in¬
Youngstown, 4 points to 54 at Cleveland,
Wheeling, 4% points to 42
Detroit
at Buffalo and 8 points to 52
down
2 points to 57.
Unchanged centers
Pennsylvania at 37, Birmingham at 57, New England at 45
was
St. Louis at 39.
A small price increase in
boosted the scrap price composite 4 cents to $14.
finished steel composite holds at
The
$55.70.
Steel ingot production for the week ended
May 29, is
placed at a shade over 483^% according to the "Wall Street
Journal" of June 2. This compares with 46% in the
previous
week and 463^% two weeks ago.
The "Journal" further
reported:
•
'
The bulk of the gain is due to an increase of
nearly five points on the par t
of the
leading independents, which
Subsidiaries
one-half of
of
U.
S.
are
credited with about 533^%, against
and 49% two
Steel
point, but
one
„current week.
are
weeks
estimated
are
ago.
to
expected to show
For U. S. Steel the
rate is
preceding week and 423^% two weeks
*
have
•
moved
ahead
only
much larger gain in the
a
423^ %, compared with 42% in the
ago.
The following table gives a comparison of the
percentage of production
with the nearest corresponding week of previous
years, together with the
approximate changes, in points, from the week immediately preceding:
are
during
that
the
subsequent
prices until late that month.
^
trend
were
halve
followed
sheets, strip and bars.
and shapes.
,
In
mills
some
in
establishing
89^
63^
42
—1
+2
38 ^
48
+ 2X
36^
$68,000,000.
Reductions
/■
or
68
+
+1H
—2)4
51
42
75
—4
67K
95
1927......
79^
•
+
75 ^
—4H
*.
«,
»
«•
•»
—
2
1M
—
92)4
'
+ 1
76
8QY
'
2
1
3
+
40
83X
3^
—7
71
a. m
mm
2
—
(In Millions of Dollars)
New York City
May-31 May 24 June I
*.
»
1939
1938
1939
1939
$
$
$
s
June 1
$
.
1938
Loans and investments—total..
8,000
7,940
7,482
1,981
1,985
1,827
Loans—total—a
2,798
2,795
2,964
538
535
537
1,364
1,372
1,527
351
352
356
Commercial
industrial
and
agricultural loans...
125
123
134
18
18
21
568'
565
47.2
40
36
27
200
199
203
68
111
111
118
13
45
42
85
Other loans
.
Decrease
Chicago-
;
May 31 May 24
1939
Assets—
385
383
425
Treasury bills
147
165
•
Open market paper—^
Loans to brokers and dealers.
.
Other loans for purchasing or
carrying securities.
Real estate loans
,
•
Loans to banks,
Treasury notes
:
TJ. 8. Gov't direct obligations..
744
2,121,
(—)
mi
12
*
m
mm
m
m
"56
128)
[
624J
212
212
631
mm
0
870
United States Government—
1,044
1,030
1,102
Reserve with Fed. Res. banks..
4,976
4,982
60
612
57
145
118
980
,
338
341
302
3,214
884
137
899
814
f
«
.
•
* K
'
*
\
"
'
•
-----
57
29
28
32
82
78
81
272
259
245
389
501
50
49
53
7,614
7,533
6,101
1,649
1,641
1,446
617
Cash in vault
>397
624
641
484
484
463
66
76
135
60
66
116
2,830
■
Jjjfcfic#
2,926
•
65
13
mm
48
48
125
727
2,137
68
.
mm
Obligations fully guaranteed by
1,130
(+)
4-2
99 H
34
—
—
—2K
/
«•
Increase
—16
72
44
,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
May 31 will be
on pages 3332 and 3333.
Changes in the amount of Reserve bank credit outstanding
follows:
78
•
Yi
M
—2
reserve
found
were as
*■
+5
1932 not available.
The statement in full for the week ended
and related items
M
+
71
1928.........1....
on
circulation, $5,000,000 in Treasury deposits with Federal
Reserve banks and $27,000,000 in non-member depooits and
other Federal Reserve accounts, and a decrease of $3,000,000
in Reserve bank credit, offset in part by increases of $29,000,000 in gold stock and $4,000,000 in Treasury currency
and a decrease of $11,000,000 in Treasury cash.
Excess
reserves of member banks on May 31 were estimated to be
approximately $4,220,000,000, a decrease of $80,000,000
'
+
41
in
,
—3H
—
1930.....
from increases of $75,000,000 in money
for the week.
53)4
28X
1931
member
in
Independents
Y
1933
The Week with the Federal Reserve Banks
arose
+
59 J*
44 X
■
decreased
42 ^
28 X-
+ 2X
1929
prices
During the week ended May 31 member bank
reserves
—9 H
68H
1934
districts reductions also embrace plates
.
,
—2
83
1936
low, and this
base
lower
28K
1937.
of
contributed to the steady rise in output the ensuing five months.
Warehouses
U. S. Steel
Industry
48 Y
1938.
will
Output started to
Like today, inventories
•
1939
"
28.5%.
''
'
immediate future
based partly on the similarity
was
*
'
the auto¬
1935...
the
*
1938
and
expand early in June, but demand did not receive the stimulus of lower
"
far
for the year to date.
Scrap is stronger at Pittsburgh and Chicago.
Orders to date
construction
certain conditions today and a year ago.
bank
districts
was
\ "
significant improvement in steel requirements of
parallel that of last year's second half
balances
shapes
average
make up the difference.
Cincinnati.
and
awards
car
so
5% ahead of the 1938 period.
In the absence of any
large
structural
against old
3 points to 59 at
at
buying in¬
freight
totaled 1,000, against 3,095 in April and 6,014.a year ago.
this year are
fabricated
construction to
.
scant.
steady, but this week is expected
models
This reflects
passing of the peak in contracts for public works and inability of private
certain extent in steel plant
schedules, principally in better operations among blast furnaces and coke
ovens.
Some railroad shops also have reopened, but the effect on steel
Freight
of
recently have held below the
483^% in the week before
a
was
new
sales this month, and
expectations are for a further reduction in assemblies
in June.
.
Resumption of coal mining is reflected to
third
shortly, principally from parts companies.
Dealer stocks of current
models continue ample in relation to retail
demand, despite slightly better
be retarded
will
prices for
crease
of current prices awaits the absorption of material
order.
on
business.
reaffirm current
because of extended holiday shutdowns.
Steel releases for production of
districts the upturn is attributed more to a genseral rise
Nevertheless. the latter tonnage is
tions
Output by other interests
to see more general curtailment
the latter market
in demand than to the recent
because
partly
accounting for practically all the drop of more than 12,000 units in auto¬
mobile production.
The total of 67,740 units compares with 45,120 a
Steelmaking moved up 2 34 points last week to 48%, first increase in 12
In
though
A body plant strike
crippled assemblies of the Chrysler Corp. last week,
by producers that unprofitable business largely is responsible for the quick¬
weeks.
steady,
iron producers this week are
expected to
quarter.
were
ening in activity.
reasonably
are
is
burgh
6—55.1%
summary
3303
quotations
insufficient
ne\y business to test some of them. Concrete rein¬
forcing bar prices remain highly unsettled, particularly in the East.
Pig
creases
May 29 stated:
on
Producers'
1939—
-
May 16
May 23
May 31
May
Chronicle
May 29 an¬
on
2,824
2,392
730
736
678
'
May 31,1939
May 24,1939
$
Bills discounted
advances
(not
Other assets—net
Liabilities—
2,564,000,000
Demand
including
812,000,000 commitm'ts—May 31)
Other reserve bank credit
Balances with domestic banks..
1.000,000
1,000,000
U. S. Government securities
Industrial
1,1938
S
4,000,000
-
Bills bought
June
deposits—adjusted-..
Time deposits
12,000,000
—1,000,000
-5,000,000
—8,000,000
—3,000,000
-11,000,000
2,573,000,000
—3,000,000
—20,000,000
15,956,000,000
+29,000,000
+ 3,038,000,000
2,803,000,000
+4,000,000
+160,000,000
10,029,000,000
—68,000,000
+ 75,000,000
Inter-bank deposits:
+ 2,284,000,000
6,968,000,000
Treasury cash
2,635,000,000
Treasury deposits with F. R. bank..
920,000,000
Non-member deposits and other Fed¬
United States Govt, deposits.
+499,000,000
Total Reserve bank credit
-
Member bank reserve balances
Money In circulation
-
eral Reserve accounts
Returns
-—
839,000,000
of Member Banks in
—11,000,000
+ 381,000,000
+ 5,000,000
—173,000,000
+27,000,000
+186,000,000
New York City and
Below is the statement of the Board of Governors of the
Reserve
System for the New York City member
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks which will not be available until the coming Monday.
553
558
276
14
14
6
"345
300
"14
"~16
"16
1,486
1,489
265
263
246
I
Borrowings
Other liabilities..
Complete
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
Chicago—Brokers' Loans
Federal
Foreign banks.
345
1,490
Gold stock
Treasury currency
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannoi be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
,
Chronicle
Financial
3304
returns of the entire
$8.75
body of reporting member banks of the
for the week ended with the close
condition
The
May
member
reporting
banks
in
mortgage
101
of $78,000,000 in
loans
to
brokers and
$124,000,000 in reserve balances with Federal
$274,000,000 in demand deposits-adjusted, and a
dealers
in
Reserve banks,
decrease
of
$43,-
member banks.
all reporting
$8,000,000 at
and
$18,000,000
all
at
Loans to brokers and dealers in securities
to
member
reporting
banks.
Holdings
States Government bonds decreased $12,000,000 in the Cleveland district
$24,000,000 at all reporting member banks.
Be Purchased in Same Manner
as
Those of Dec.
1—Payment at Rate of $20 per $27.50 Coupon—
New York Stock Exchange Ruling on Bonds
United
of
of American Tranche of Young Loan
June 1 Coupons
Holdings of Treasury bills decreased $10,000,000 In the Chicago district
and
gold bonds, dollar issue.
+
loans decreased
$70,000,000 in New York City.
increased
$1,000 bond: City of
Co., 46 William Street.
000.000 in deposits credited to domestic banks.
Commercial, industrial and agricultural
a
Coupons presented in acceptance of this offer, which ex¬
pires Nov. 30, 1939, and is made only to persons resident
outside of Hungary, must be transmitted to Schroder Trust
the following principal changes for the week ended
Increases
24:
securities,
and
of weekly
statement
detached from
coupon
per
Budapest external sinking fund 6% gold bonds of 1927, and
B itish and Hungarian Bank Ltd. 73^% 35-year sinking fund
Federal Reserve System
of business May 24:
leading cities shows
June 3, 1939
The German Consulate General in New York announced
Holdings of obligations
May 29 that the June 1 coupons of the American tranche
Loan (German Government 5M% International
Loan of 1930) will be purchased in the same manner as those
of Dec. 1, last—the purchase price to be $20 per $27.50 face
amount of the coupon.
The following is the announcement
of the Consulate General:
\
•
/
guaranteed by the United States Government increased $8,000,000 in the
on
Chicago district, $7,000,000 in the San Francisco district, and $15,000,000
of the Young
member banks.
at all reporting
Holdings of "Other securities" increased
$10,000,000 at all reporting member banks.
Demand
deposits-adjusted
$62,000,000 in
Chicago
the
;
increased $183,000,000 in New York City,
district,
$274,000,000
and
all
at
reporting
member banks.
Purchase of Coupons of German Government
Deposits credited to domestic banks decreased $18,000,000 in the Chicago
$15,000,000 in the Philadelphia district, and $43,000,000 at all
district,
member
reporting
district.
bankB,
and
increased
$13,000,000
the
in
Louis
8t.
falling due on June 1, 1939, the following is communicated herewith:
Coupons maturing June 1, 1939, of the American tranche of the Young
A summary
Loan stamped
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended May 24, 1939, follows:
Increase
(+)
'
■
May 24, 1939
$
1
Investments—total.^..21,673,000,000
Loans—total
8,125,000,000
manner
^
the
cultural loans
brokers
to
loans
—8,000,000
309,000,000
+ 8,000,000
717,000,000
+78,000,000
+139,000,000
in
dealers
tor
purchasing
carrying securities
'..
Other loans
1,511,000,000
guaranteed
NEW
Cashinvault...................
.
Balances with domestic banks....
430,000,000
+ 661,000,000
+ 274,000,000
—14,000,000
American offices
—43,000,000
6,647,000,000
639,000,000
+'6,000,000
New
the
York
STOCK
—1,000,000
Stock
EXCHANGE
May 31, 1939.
.
-
1939, from
of Hamburg-American
or at
Line, at the rate of $20 for each
from "Plain" bonds at the customary rate of exchange
Notice also
having
as
hereto¬
"
•
been received that arrangements
have
been
made
whereby the coupons due June 1, 1939, from the bonds stamped "Canadian
Holder" will be purchased on and after that date upon presentation at the
+ 951,01)0,000
+325,000,000
1,000,000
—2,000,000
.
of
fore, according to the regulations in effect;
'
Foreign banks...
face
$27.50 face amount of coupons; that Young Marks, mayi be acquired for
+ 37,000,000
Inter-bank deposits:
Domestic banks
Borrowings
on or after
$27.50
Germap Government International Loan 1930 5^% gold bonds, due 1965,
+35,000,000
5,247,000,000
United States Government deposits
575,000,000
,
per
date, upon presentation at the office of Messrs. J. P. Morgan & Co.
+ 2,258,000,000
.....
16,955,000,000
Time deposits
$20
stamped "USA Domicile Oct. 1, 1935," will be purchased on and after that
coupons
Demand deposit*—adjusted-
YORK
,
+ 293,000,000
+124,000,000 + 2,246,000,000
+11,000,000
+27,000,000
+ 36,000,000
+ 379,000,000
2,707,000,000
be
will
Notice having bben received that the coupons due June 1,
+10,000,000
.
Procedure
+342,000,000
2,046,000,000
3,238,000,000
Reserve with Fed. Res. banks.... 8,476,000,000
purchase price
Committee op Floor Procedure
by
United States Government-
Other securities
of the American offices
.
Floor
—2,000,000
+15,000,000
2,032,000,000
fully
\
—8,000,000
.....1.5,838,000,000
United States bonds.
on
—57,000,000
—18,000,000f
+ 2,000,000(
—24,000,0001
394,000,000
The
of maturity.
or at any
Hamburg-American Line,
Exchange adopted several rulings affecting the bonds of the
Young Loan; the rulings follow:
—46,000,000
—2,000,000
+4,000,000
+3,000,000
'
56,000,000
Treasury bills
Treasury notes
Obligations
+2,000,000
541,000,000
1.154,000.000
—
Loans to banks
Dec.
oppor¬
Following the issuance of the above announcement the
or
Real estate loans.i
date
Committee
•
-
same
Young marks may be acquired according to the regulations in effect.
—194,000,000
—58,000,000
>
and
securities
Other
3,837,000,000
-
paper
Co., New York,
German steamship company
amount of the coupon.
Commercial, industrial and agri¬
Open market
Holders of such bonds and coupons will therefore have the
Messrs. J. P. Morgan &
of the
+1,076,000,000
—220,000,000
+ 79,000,000
"USA Domicile Oct. 1, 1935," will be purchased in the
those coupons of the same tranche which became due on
tunity to sell their coupons falling due on June 1, 1939, against dollars at
■
May 25, 1938
+ 64,000,000
as
1, 1938.
(—)
Decrease
or
Since
1
May 17, 1939
^
Loans and
Loans
Government 5 lA % International Loan of 1930),
the Young Loan (German
May 24.
jJi.S8CtS
purchase of coupons of the American tranche of
With reference to the
Deposits credited to foreign banks increased $3,000,000.
Borrowings of weekly reporting member banks amounted to $1,000,000
on
,
5H% International Loan of 1930 {Young Loan)
Bank of Canada, at the rate of the equivalent of $20 lawful money of the
United States of America, payable in Canadian dollars, on the basis of the
current rate of exchange on the day such coupons fall due:
The Committee
Books
Closed
French
New
Loan—Subscriptions
Total 10,600,000,000 Francs
on
The
following regarding the new French loan is from
United Press Paris dispatch of yesterday (June 2):
u
The
loan
Domicile Oct.
been
Closed
with
total
subscriptions
($280,900,000).
Subscriptions
.
amounting
to
of
will be used to
with
a
carry
were
June 1, 1939;
of
Exchange Contracts
made
the Dec. 1", 1939, and subsequent
beginning
coupons.
offering appeared in
Plain;
delivery in
1939,
must
„
S-2479, bids and offers
"
"
Stamped "Canadian Holder;" and
•
our
1,
Stamped "USA Domicile Oct. 1, 1935";
in effect in the
now
,
June
-
in the bonds may be made as follows:
special so-called "soldiers' penny tax,"
defray costs of the semi-mobilization
Reference to the
page
on
In accordance with the ruling dated Dec. 15, 1936,
francs, ($159,000,000)
republic.
$1,000 bond
That the bonds shall continue to be dealt in "Flat" and to be a
settlement
received within six hours of the opening of the books, the Ministry said.
Part of the proceeds, along
per
That the "Plain" bonds be quoted ex the June 1, 1939, coupon on June 1,
.
6,000,000,000
Floor Procedure rules that the bonds stamped "USA
1939;and
francs
10,600,000,000
on
1935," and the bonds stamped "Canadian Holder," be
quoted ex-interest $20
a
Ministry of Finance announced today that the recent rearmament
had
1,
Unless otherwise specified, bids and offers shall be considered as being for
bonds stamped "USA Domicile Oct. 1, 1935."
issue of May 13,
!
2819.
„
CHARLES
-
.
E.
.
SALTZMAN,
•
Vice-President and
♦
Secretary.
ft
Mexico
Pays
United States $1,000,000
on
Account of
American Claims of Seized Lands
On
ment
May 31 the Mexican Government made its first
of .11,000,000 on account of the claims
citizens
whose
lands
have
been
"{Statistical
exnropriated
since
pay¬
1937
19, 1938, issue, page 3095.
I ft reporting the payment, a
Washington dispatch of May 31 to the Baltimore "Sun"
said, in part:
The exact amount of these claims, which do not include the much more
valuable oil properties expropriated by Mexico, is now being determined by
Joint Agrarian Claims Commission, which was established in Mexico City
a
another
provision of the
November arrangement.
Owners
of the
seized lands in question have valued them at $10,132,388.
Payments to claimants of the awards made
to them
by the joint commis¬
sion will not begin until the evaluations have been completed, the State
partment
announced.
The time for filing these claims recently
tended, by agreement between the two
money
Governments,
to
De¬
was
July 31.
ex¬
The
received today will be held by the United States Government
behalf of the
expenses
claimants,
after
the American
Government's
share
of
Analysis
of
^
Approximately 35% of the $6,334,170,000 publicly offered
foreign dollar bonds outstanding on Dec. 31, 1938 were held
abroad according to a bulletin entitled "Statistical Analysis
of Pubhcly Offered Foreign Dollar Bonds," issued May 29 by
Dean John T. Madden, Director of the Institute of Inter¬
national Finance of New York University.
This estimate
reduces the amount still outstanding in the United States to
about $4,120,000,000.
Debt service had been paid in full
on $3,783,398,000 or on
59.96% of the total amount out¬
standing on Dec. 31, 1938. During the 1938 the principal
amount of bonds in default as to interest decreased by about
$200,000,000.
The Institute's announcement said, further
adding:
STATUS
on
OF
PUBLICLY
OFFERED
FOREIGN
DOLLAR
BONDS
the
of the claims commission has been deducted.
Dec. 31, 1938
Dec. 31, 1937
%
Hungary to Redeem June 1 Coupons of City of Buda¬
pest 6% Gold Bonds of 1927 and British and Hun¬
garian Bank Ltd. 7F£% 36-Year Gold Bonds
The Cash Office of
Foreign Credits at Budapest, Hungary,
announced on June 1 that it will redeem through its central
paying agents in New York, Schroder Trust Co., coupons
dated June 1, 1939 on the following bonds at the
ratje of
on
Publicly Offered
ForeignDollar Bonds"—About 35% of $6,334,170,000 Out¬
standing on Dec. 31 Were Held Abroad—$4,120,000,000 Still Outstanding in United States
of American
under the Mexican agrarian program. ■ This payment was
made under the terms of the agreement concluded by the two
Governments last November, which was noted in our Nov.
under
Institute of International Finance Issues Bulletin
Debt service paid in full
In default as to Interest
In
default
as
Total
to
58.17
$3,783,300,000
59.96
2,696,700,000
41.08
2,497,600.000
39.59
49,100,000
.75
28,200,000
.45
$6,564,800,000
sinking fund
^
%
$3,819,000,000
100.00
$6,309,100,000
100.00
At the end of 1938 Latin America accounted for 51.1% and Europe for
44.5% of total defaulted bonds.
and
26 9%
respectively,
of the
Brazil and Mexico represented 28.2%,
total
Latin
American bonds in default.
volume
141
Financial
while German issues accounted for
Chronicle
63.3% of the European defaulted bonds.
based upon weekly reports filed with the New York
Stock Exchange and the New
York Curb Exchange by their
respective
members.
These reports are classified as foUows:
Almost 75% of the Latin American bonds and
60% of the European bonds
outstanding
were in default at the end of 1938.
This contrasts sharply
4-9% of the bonds of North America in default and practically
with only
no
default
on
New
31,
Amount
in Default
Bonds
$2,531,500,000
and
4.
partments..
971,100.000
339,200.000
209,400.000
972.300.000
38.9
$6,309,100,000
$2,497,600 000
100.0
:
38-6% of the national
the
no transactions
New
8.4
66
579
..
606
York
The number of
reports in the various classifications
may total more
than the number of
reports received because, at times, a single
report may
carry entries in more than one classification.
government issues, 34.9%
of the
8tates\ provinces', and departments' issues, 39.1% of the munici¬
palities' issues and 42.8% of the issues of corporate borrowers were in default
STOCK TRANSACTIONS ON THE
NEW YORK STOCK EXCHANGE
FOR
ACCOUNT OF MEMBERS* (SHARES)
The actual average rate of interest return in
1938, based upon the amount
payments received for 1938 coupons on the nominal amount of all
of cash
Week Ended May 13,
"
1939
publicly offered
was
3.28%
as
foreign dollar bonds outstanding at the end of the year
compared with the average contractual rate of 5 42%.
B.
Amount
Outstanding
Latin America
Amount
of
Interest Due
Actual
Amount
odd-
dealers):
1. Transactions of specialists in
stocks In which they
Average
Rate of
Int. Due
Received
Rate
in Cash
registered—Bought
Far East
North America..
51.703,944.000
1.859,241,000
586,814,000
$96,411,000
5.66
$21,696,000
6.15
58,390.000
3.14
297,920
5.59
32,782.000
5.59
2,159,171,000
98,368,000
4.56
94,367,000
4.37
5.42
$207,235,000
629,440
3.28
2. Other transactions Initiated
'
"
constituting 81.37% of the total in default,
the
on
"
Sold.
floor—Bought
v
.....
360,980
.
Total
4.
186,540
Total—Bought
states:
Total
definite information available
regarding the extent of repatria¬
purchases by nationals of ether countries of
foreign dollar bonds
originally issued in the United States.
The Institute has compiled from
no
...
tion and
official and other reliable
sources
C. Transactions
the
odd-lot accounts
'
of
specialists
odd-lot dealers:
1.
In round
the face amount of bonds held abroad of
issues of 18 countries out of 40 countries
for
Total
The figures, however, are not
comprehensive and have
been determined in some instances
by the amount of coupons tendered to
the fiscal agents by the obligors in lieu of
cash, or by the ownership declara¬
tions which accompanied the
coupons surrendered for payment, or by the
number of bonds presented for
stamping in connection with default
2.
20.96
104,310
76,470
-
having dollar bonds outstanding in
the United States.
180,780
In odd lots—Bought
3.22
389,395
Sold...
402,080
„
Total
readjust¬
ments
1,176,960
and
lots—Bought....
Sold
•
3.32
593,360
583,600
Sold
discussing repatriation the bulletin
6.43
85,270
101,270
Sold
no interest payments
11.21
176,570
184,410
3. Other transactions initiated off the
floor—Bought
at all were offered.
In
331,520
1.27
114,326,000
32,812.000
Some of the foreign obligors that are in
default as to interest continued to
offer partial payments.
In 1938 such cash payments were made on
18.63%
of the total amount of bonds in
default.
On $2,032,348,000 nominal amount
There is
are
...
Return
Total
of bonds
*
Sold
•
of
56,309,170.000 $341,917,000
Europe.
Totals
-
Total.......
_.
791,475
.....
agreements and requirements of evidence of ownership
by United States
on a stipulated date.
«
STOCK TRANSACTIONS
ON THE NEW YORK CURB
ACCOUNT OF MEMBERS*
residents
EXCHANGE FOR
(SHARES)
Week Ended May 13, 1939
•
Exchange Commission that the dollar value of sales on
registered securities exchanges in April, 1939 amounted
$1,000,919,742, a decrease of 19.1% from the value
sales in March and
B.
Total value of sales
'
which they are
54,180
72,085
...
Total
126,265
of
2. Other transactions Initiated
Sold
on
thp floor—Bought
Total
13.38
13,725
14,390
±
•
28,115
2.98
'
3. Other transactions Initiated off the
Sold
floor—Bought
''
15,000
14,155
.......
Total
29,155
..
4. Total—Bought...
Sold
3.09'
82,905
100,630
-
Total.
C.
a
183,535
.
Odd-lot transactions for account of
Sold
decrease
3% from March.
specialists—Bought...
19.45
46,246
~~~
■»
29,087
Total
:
-
75,333
♦
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended
May 13
According to data issued by the Securities and
Exchange
Commission
yesterday (June 2) trading by all members of
the New York Stock
Exchange, except odd-lot dealers, in
all stocks for their own account
during the week ended
May 13, in relation to total transactions on the
Exchange,
was below the
previous week ended May 6.
On the New
York Curb Exchange,
however, the percentage of trading
during the week elided May 6
higher than the preceding week.
Trading on the Stock
Exchange for the account of all members, except odd-lot
dealers, during the week ended May 13 (in round-lot
trans¬
actions) totaled 1,176,960 shares, which amount was
20.96%
of total transactions on the
Exchange of 2,807,430 shares.
During the preceding week trading for the account of Stock
Exchange members of 1,204,605 shares was
21.55% of total
trading of 2,793,860 shares. On the Curb
Exchange member
trading during the week ended May 13 amounted to
183,535
shares, or 19.45% of total transactions of 471,745
shares;
this compares with member
trading during the previous week
ended May 6 of 163,930
shares, or 17.72% of the total
for the account of members
was
are
in the series of current
figures being published weekly in accordance with its
pro¬
gram embodied in its report to Congress in
June, 1936 on
the "Feasibility and
Advisability of the Complete Segrega¬
tion of the Functions of Broker and Dealer."
The figures
for the week ended May 6 were given in these columns
of
May 27, page 3138.
The Commission, in making available
the data for the week ended
May 13, said:
a
.
exempt exchanges in April was $561,271,
volume of 462,490 shares.
The data issued by the SEC
Cent
471,745
......
registered—Bought."
an
''
on
;
Sold
94.8% of the value
94.2% of stock sales and 99.8% of bond sales, on all
registered
exchanges.
Per
•
Round-lot transactions for account of
members:
1. Transactions of specialists in stocks In
.
to
Total sales of stock, including rights and
warrants, in April were 42,614,219 shares, an increase of 5.5% over March's
total.
Total principal amount
of bonds sold was
$165,924,650, k decrease of 32.3% from March.
The two leading New York
exchanges accounted for
of 26
Total round-lot volume
all
increase of 13.8% over
April, 1938.
Stock sales, including
rights and warrants, had a value of
$881,860,834, a decrease of 16.60% from March.
Bond
sales were valued at
$119,057,163, a decrease of 33.7%
from March.
The Commission added:
'
of all sales,
Total for
Week
.
A.
"
-
SEC
Reports Sales on National Securities Exchange
During April Decreased 19.1% from March but
Were 13.8% Above April, 1938
'
Announcement was made on June 1 by the Securities and
a
transactions for account of members
(except
transactions for odd-lot accounts of
specialists and
%of
Contractual
Per
Cent
2,807,430
Round-lot
lot
% of Atge.
Contractual
'
Total for
Week
A. Total round-lot volume..
CONTRACTUAL AMOUNT OF INTEREST DUE AND AMOUNT RECEIVED
IN CASH FOR COUPONS OF
BONDS OUTSTANDING DEC. 31, 1938
Nominal
43
224
Curb Exchanare the round-lot tra's \ct1ons of
specialists
"in stocks In which
they are registered" are not strictly
comparable with data
similarly designated for the New York Htock
Exchange, since specialists on the New
York Curb
Exchange perform the functions of the New York Stock
Exchange
odd lot dealer, as well as
those of the specialist.
13.6
535,400.000
2,271.100.000
As of the end of 1938,
Reports showing
Note—On
Municipalities
Corporations
223
-
39.1
$976,700,000
102
,
the
floor
I
3. Reports
showing other transactions Initiated off the
floor
de¬
Exchange
811
199
on
York
Curb
1,074
Reports showing transactions as specialists
Reports showing other transactions initiated
2.
% of Total
Defaulted
Outstanding
provinces,
New
Exchange
Total number of reports received
1938
Amount
National governments
York
Stock
1.
Total.
are
the Far Eastern bonds.
INTEREST DEFAULTS BY TYPES OF OBLIGORS DEC.
States,
3305
The data published
The term "members" includes all
Exchange
partners, including special partners.
members, their firms
and
their
a Shares
in members' transactions as
per cent of twice total
round-lot volume.
In calculating these percentages the total of
members' transactions Is
compared with
twice the total round-lot volume on the
Exchange for the reason that the total
of
members' transactions includes both
purchases and sales while the
Exchange volume
includes
only sales.
SEC to Publish
Weekly Figures of Short Sales on New
York Stock
Exchange
The Securities and
Exchange Commission announced on
Mky 31 that it would soon begin the weekly publication of
the figures for short sales on the New
York Stock
Exchange.
The figures for total round-lot short
sales will be included in
the Commission's
weekly report of members' trading on the
Exchange.
Short sales by members will
New York Stock
also
be
shown in
this report.
The
Commission
will
also
publish the figures on short sales by odd lot customers. These
figures will appear in the daily and weekly
reports of odd lot
trading on the New York Stock Exchange.
Publication of
the short sales figures will in each case
begin with the
reports
The SEC further
explained:
for the week ended June 3.
These
changes
are
in
line
with
the
Commission's continuing effort
to
extend and improve the available
statistics on stock transactions.
With
the publication of these figures, data
will be available for the first
time
showing the following:
(1)
Daily short sales in round lots
(2)
Daily short sales in round lots for the
on
the New York Stock
account
Exchange.
of members
New York Stock Exchange.
(3)
Daily short sales
by odd
lot
customers
on
the
New
York
of the
Stock
Exchange.
In addition, the
figures
|g
on
transactions for the odd lot account of odd
lot dealers and specialists on the New York
Stock
from the report
Exchange wiU be dropped
of members trading, and will hereafter
appear only in the
report on odd lot transactions.
'
Report
If
Listed Corporations
erican
summary of selected data on 21 manufacturers of
chemicals and fertilizers having assets over $10,000,000 each
Natural Readjustments Seen by
Co. of New York in Government
Measures Designed to Raise Prices
by Artificial
Means—Quotes Governors of Federal Reserve Sys¬
Guaranty Trust
of
manufacturers of chemicals and fertilizers, as well as
with
Interference
Price Control
tem on
the summary on meat packers, manufacturers of containers
and closures and chain grocery and food stores, are available.
whole, might well
a
as
price manipulation had been avoided entirely
if attempts at
with Payment
devoted to the single problem of providing a
favorable environment for normal business recovery, states
and attention
Act Dealing
SEC Amends Rule Under Holding Company
of Fees to Associates
Holding Company
happened to commodities and prices in relation to business
activity.
Its views are contained in the May 29 issue of
the "Guaranty Survey," its monthly review of business and
financial conditions.
In part, the "Survey" says:
Act, which deals with the payment of fees to associates and
announced
was
Commission.
an
acquisition
or
sale of securities
May 23 by the Securities and Exchange
The amendment is to subparagraph (2) of
on
applicant or declarant, or of a company of
which the applicant or declarant is a subsidiary, are affected
by that subparagraph.
The amendment is effective
immediately. '
*
*
.
$1,467,196 in Outstanding Brokers* Loans
During May—Total
Is
horse of recovery.
ments
would necessarily
instead
fore,
if
Even
than produce
more
of aiming
at
Federal Reserve
these
devices
suc-
removal
the
balance that natural forces
a
the long
impossible
an
toward
Future policy, there¬
run.
price control, would be more
artificial obstacles to recovery.
of
"Survey'* that "after several
years
with
banking and monetary devices
conferred upon it by Congress, the
under the broad powers
published
statement setting forth its conclusions
a
ing price regulation
„
by
monetary action."
continues:
Its
first
conclusion
that
is
"prices cannot
the amount and cost of money."
of
by central
money
complete."
of
$30,492,889
the
Board
that
assumption
the
Government
400,000
regard¬
"Survey"
"can
changes
„
"is not complete and
accordingly
Federal
control
thereby raise the price level to
be controlled by
in
The second is that control of the amount
banking authorities
The
the
Time
$30,092,889
Net borrowings on collateral from New York Banks
The
,
on
$515,483,090
other
as
be controlled by monetary
cannot
maladjustments.
new
no
experimentation
made
39,837,800
well
Board of Governors, of the Federal Reserve System recently
(,>f the close of business May 31»
Demand
on
It is also noted in the
of
Net Borrowings on collateral*
$475,645,290
price level
tend to produce in
if directed
•effective
compilation of the Stock Exchange for May
issued June 2, follows:
Trust Companies.
V
as
The expedients used in the effort to effect price readjust¬
brought
ceeded, they could do
The detailed tabulation follows:
or
have
the
that
credit devices.
or
1939, aggregated $545,975,979.
(1)
that markets
or
.
'
a year ago.
The monthly
contracted for and carried in New York as
.
Farm "parity" has not been achieved.
•
declare
authorities
and
as
.
farm prices,
attempts to raise
prices, suggest that the cart of purchasing power is being put before the
April 29 figure and the May 30, 1938, total, while time loans
were below a month ago and a year ago.
The demand loans
on May 31 totaled $515,483,090, as compared with $515,173,525 April 29 and $418,490,405 at the close of May, 1938.
Tim.e loans at the latest date were reported at $30,492,889,
against $32,269,650 and $40,873,500, respectively, a month
New York Stock Exchange Member Total
of
the results
Thus "far
According to the monthly compilation of the New York
Exchange, issue June 2, outstanding brokers' loans
on the Exchange decreased $1,467,196 during May to $545,975,979 May 31 from $547,443,175 April 29.
As compared
with May 30, 1938, when the loans outstanding amounted
to $459,363,905, the figure for the end of May, 1939, repre¬
sents an increase of $86,612,074.
Demand loans outstanding on May 31 were above both the
be reduced
finished
the
for
dependent on those costls can
products can be restored. «
prices
selling
Stock
31, 1939,
and
readjust¬
ments
by which markets might have been restored and the volume of
activity increased.
This point of ;view, fortunately, is gaining some
recognition.
Increasing emphasis has been placed recently on the need
oi lower prices in certain fields as a stimulant to demand.
But arbitrary
price reductions in some directions are no more feasible than arbirtary
price advances in others.
When costs have been raised and "frozen" at
certain levels, by legislation or otherwise, "it is yain to expect that the
New York Stock Exchange
31
Reported
at
$545,975,979-^-Amount
$86,612,074 Above Year Ago
-
the establishment
with
Measures designed to raise prices to predeter¬
points by artificial means have interfered With the natural
mined
■
May
States have been
the United
in
preoccupation
excessive
an
price levels.
maintenance of
affiliates of the
on
by
handicapped
t
business expansion
promote
to
Efforts
„
faragraph (a) that only thosethe group affected by which are
makes clear and clarifies
persons or companies the rule,
Decrease of
Trust Co. of New York in discussing what has
the Guaranty
Amendment of Rule U-12F-2 under the
affiliates in connection with
to say nothing, of domestic and foreign
be more satisfactory today
farm products,
of
trade
Securities and Exchange
.
general price level and the statistical position
Both the
addressed to the Publications Unit,
Commission, Washington, D. C.
be
the crowd, the Floor broker or specialist is required
and Rules to charge the regular commission for execut¬
by the Constitution
Works Progress Administration project known as the Census
of American Listed Corporations.
Copies of the summary
should
specialist executes an order left with him temporarily
ing the order.
registered under the Securities Exchange Act of 1934 was
made public by the Securities and Exchange Commission on
June 1.
This was the 16th of a series of reports based on a
Requests
Floor broker or
a
by a member who leaves
A
on
absence.
market during his
Issued
1939
another member, the order shall not be represented in the
the order to
Manufacturers of Chemicals and Fer¬
by SEC—Based on Census of Am¬
21
on
tilizers
June 3,
Chronicle
Financial
3306
a
bpposes
Reserve
the
volume
of
or
ba^ed
other agency
any
credit
and
money
be
cannot
legislation
any
System
and
prescribed point and maintain it there."
Net borrowings on collateral from Private Bankers.
(2)
Brokers,
Foreign
Bank
Prices
Agencies or others in the
City of New York
,
°
*
Even
important
more
the
1 $545,975,979
Combined Total of Time and Demand Borrowings
"government securities" pledged as collateral for the borrowings included in items (1) and (2) above
Total
face
of
amount
The scope of the above
a
are
steady
important to
•
furnish
we
'
a
two-year compilation of
Time Loans
Total Loans
$
$
June 30......
May 29
31
836,864,420
Aug. 31
872.462,148
Sept. 30
732,505,016
30
367,495,246
336,893,088
313,987,000
306,615,500
232,282,704
189,219,404
493,340,168
Nov. 30
'498,567,175
511,888,305
Dec. 31...
1938—-
•
«
418,490.405
40,873,500
June 30...
431,926,400
37,961,000
459,217,933
508,992,407
484,019,538
540,439.140
34,398,000
32,498,000
577.441,170
681,885.192
42,514.100
35,199,137
632,513,340
33,983,537
666,496,877
455,549,419
Apr. 30
413,578,029
May 30
30
Aug. 31
Sept. 30
31
Nov. 30
Dec. 31
■
106,464,000
84,763.000
65,567,500
53,188,500
40,183,000
40.302,497
1939—
Jan.
28
646,178,362'
37,254,037
Mar. 31
617,191,932
37,663,739
683,432.399
654,855,671
Apr. 29
515,173,525
May 31
515,483,090
32,269,650
30,492,889
547,443,175
545,975,979
*
by
the
necessarily
average
result
prices
between
of
prices
Board,
is
in
not
the
the
strikes "at
vital
the root
question
is
the
not
general
are
the
but
the
relation
concern
one
level,
price
the
of
to
namely,
lasting
nearly
prices of
as
the
In this
price problem.
To
a
between selling prices
the costs of another.
are
relations
among
individual
important from the standpoint of recovery and prosperity,,
Assets
andjDeposits of National Banks on March 29 at
Recordj^Figure—Comptroller of Currency Delano
Reports Total Assets at $31,844,396,000, Against
$31,666,177,000" on
Dec.
31—Deposits
Increased
$118,575,000 in Quarter to $28,169,251,000
.
Comptroller of the Currency, Preston Delano, announced
May 24 that the total assets and total deposits of Na¬
tional banks in the continental
United
States, Alaska,
Hawaii, and the Virgin Islands of the United States on
March 29, 1939, the date of the last call for condition re¬
on
ports, were greater than
on any previous call date in the
history of the National Banking System.
The total assets
of
the
5,218 active banks were $31,844,396,000, an increase
$178,219,000 over the amount reported by 5,230 active
banks on Dec. 31, 1938, the date of the previous call, and
of
31
Feb.
of
relationship
costs; and the selling prices of
is
,
'
July
Mar. 31..
Oct.
the
concern
prices, that
659,219,305
597,418,040
*576,961,814
521,116,919
466,766,529
459,363,905
469,887,400
493,615,933
541,490,407
524,202,538
680,741.637
619,955,270
717.084,329
-
level
fair
a
not
they produce and those which they must buy."
725,622,872
687,786,579
•
...
490,954,040
*492,198.814
as
does
Board
It
-
1,173,757,508
1.186,449.148
1,039,120.516
147,331,000
.
31
Feb. 28
people
reached
conclusions
prices
of
1,152,212,988
1,186,327,581
374,376.346
777,836,642
818,832,335
July
Jan.
the
$
1937—
Oct.
the figures:
Demand Loans
two
relation
the
on
last statement
business
month ago.
'
other
average
"-
Prosperity
bearing
commodities which
$44,367,600
and
Below
"a
and
their
prosperity" and that "a steady
compilation is exactly the same as in the loan
the Exchange
report issued by
recovery
that
v
in
increase of
an
the
$2,039,973,000
5,256 active banks
on
over
March
corresponding call
a year ago.
In
of all National bapks, Comptroller
Revised.
New York Stock Exchange
the amount reported by
1938, the date of the
7,
announcing the position
Delano further said:
Issues Ruling on Members
Making offers for Other Members Requires Written
The deposits on
March 29,
1939, totaled $28,169,251,000, exceeding
by $118,575,000 and $1,931,009,000 the amounts reported on Dec. 31 pid
Order
March
7,
demand
1938,
and
The following ruling regarding
members making a transaction
ernment
issued
divisions of
The
on
New York Stock Exchange
for another member was
May 29 by the Committee on Floor Procedure:
Committee
on
Floor
Procedure has rule that
Floor shall make any bid, offer or transaction
member except pursuant
order
has
to a written order..
for
no
or on
member
on
the
behalf of another
If a member to whom
an
been entrusted leaves the crowd without actually transferring
of
deposits
deposits
and
of
of
individuals,
$7,582,235,000,
$534,314,000,
partnerships, and
United
respectively;
deposits
of
States
and
consisted!
of
corporations
States
Gov¬
political
sub¬
$2,175,390,000, postal savings deposits of $46,681,000, certified
and cashiers'
of
Deposits on the last call date
respectively.
time
$12,762,685,000
checks, cash letters of credit and travelers' checks outstanding
$290,279,000,
ireluded
deposits
deposits
included
and
of
deposits
banks
with
of
time
of
other
foreign
deposits
banks
of
$4,777,667,000,
countries of $27,7,849,000.
of
individuals,
which
Savings
partnerships,
and
Volume
corporations,
amounted
$6,716,423.,000
to
on record for a five-year note of the Treasury.
Regarding his press conference on June 1 a Washington
dispatch to the New York "Herald Tribune" said:
16,025,982
represented
and
the lowest
accounts.
Loans
and
of
crease
discounts,
including overdrafts,
7,
a de¬
$162,886,000
$8,468,480,000,
were
$20,640,000 since Dec. 31, 1938, and
since March
decrease of
a
Mr.
1938.
United
in
States
Government
obligations,
direct and
and
$58,785,000 in the year.
$574,889,000, balances with other
of
of collection of
process
$4,294,090,000,
banks of $5,145,787,000, a totdl of
and
and
I
have
cash
and
banks
Federal
with
a
funds
working balance
estimated at
"This June refinancing, in other words, clears the deck for
September in
by second
do want to borrow
"Well, I won't
States Treasury
money
cerned,
,
we
go
tax
returns,
new
money," he was asked.
"All Twill say is that the United
that far," he replied.
itself won't be in the market again before September, but
mean
between
of the many other
some
now
can't
we
income
quarter
than $400,000,000.
more
case you
items in
Reserve
$10,014,766,000, increased $308,357,000
periods, respectively.
"We've got
use
which
slightly
that doesn't
reserve
not seeking additional
was
"ample."
was
for money," he told reporters.
As of May 29, the
Treasury's working balance totaled $2,264,760,293 and it will be urther
no
augmented
since December and
Cash
Morgenthau said the Treasury
because its working balance
fully
guaranteed, aggregating $8,673,784,000, showed a decrease of $132,175,000
since December, but an increase of $481,622,000 in the year.
The direct
and indirect obligations held on March 29, 1939, were $6,861,577,000 and
$1,712,207,000, respectively.
Other bonds, stocks,
and securities held
aggregating $3,781,512,000, which included obligations of States and
political subdivisions of $1,665,911,000 and corporate stocks, including
stocks of Federal Reserve banks, of $226,435,000, increased $28,278,000
Investments
3307
Financial Chronicle
148
use
and
may not
want some
between now and September, when
any new money
will take another look at the
agencies-
But as far as the Treasury is con¬
September.
picture."
$1,636,010,000 in the three and, 12 month
The
unimpaired
which
included
capital stock
class
A
March
on
29,
1939,
$1,565,333,000,
was
preferred stock of $233,759,000 and class
Treasury Department Statement Showing Amount of
B pre¬
Government
ferred stock' of $16,844,000.
Surplus of $1,159,886,000, undivided profits of $444,576,000, and re¬
serves
of $191,404,000, a total of $1,795,866,000, increased $38,344,000
since December ahd $114,404,000 since March 7, 1938.
Bills
payable,
aggregating
but
The
rediscounts,
$5,980,000
decrease
a
of
and
showed
an
loans and
30.06,
comparison
was
32.90
on
in
March
7,
liabilities
increase
$8,263,000 in the
percentage of
1939,
other,
for
$372,000
of
borrowed money
since December,
year.
discounts
with
to total
30.26
on
deposits
December
1938.
March 29.
1938, and
on
31,
•
^
,
<J
,
Tenders of $392,040,000
Received to Offering of $100,of 91-Day
Treasury
Bills—$100,521,000
Accepted at Average Rate of 0.004%
000,000
Secretary of the Treasury Henry Morgenthau Jrl an¬
on May 26 that tenders to the
offering, May 24, of
$100,000,000, or thereabouts, of 91-day Treasury bills
totaled $392,040,000, of which $100,521,000 were accepted.
Except for $385,000 tendered at par, Secretary Morgenthau
said, the accepted bids were tendered at 99.999, the equiva¬
lent rate being approximately 0.004%.
Of the amount
tendered at 99.999, 68% was accepted.
The Treasury bills
are dated May 31 and will mature on
Aug. 30, 1939. Refer¬
ence to the offering appeared in our issue of
May 27, page
nounced
3142.
'
Held
Securities
Trust Funds
Investments
as
in
of
AprjJ 26
Figures showing the amount of Government and other
securities held in governmental trust accounts and by gov¬
ernmental agencies and corporations as of April 26 were made
available on May 31 by Secretary of the Treasury Morgen¬
thau.
The previous monthly statement of this new series
issued by the Treasury Department was given in our issue of
May 6, page 2673. The present statement—as of April
26—shows a total of $5,334,881,000 of securities held as
investments in trust funds and in accounts of governmental
agencies, of which $5,018,658,000 were governmental se¬
curities, $271,890,000 Government-guaranteed securities,
and $44,333,000 other securities.
The statement in full is
given below:
as
,
SECURITIES
HELD
ACCOUNTS
AGENCIES
OF
AS
INVESTMENTS
IN
FUNDS
TRUST
AND
IN
CORPORATIONS AND
GOVERNMENTAL
CERTAIN
ON DATES INDICATED
■
,
Governmentor
Government
Agency
Securities
As of March 29, 1939—
Postal Savings System
982,335,000
Federal Deposit Insurance Corporation.
Individual Indian Trust Funds.
'/
353,594,000
42,327,000
Mutual Mortgage
Other
Guaranteed
Securities
Fund
Securities
a
166,834,000
"79", 000
22,000
Insurance Fund and
1
.....
New
■
♦
•
Offering of $100,000,000,
Treasury Bills—To Be
Tenders to
hew
received at the Federal Reserve banks, or the branches there¬
of,
to 2 p. m. (EST), June 5, but will not be received at
Treasury Department, Washington.
The bills, which
will be sold on a discount basis to the highest bidders, will
up
the
be dated June 7 and
will mature
on
Sept. 6, 1939;
They (the bills) will be issued in bearer form only, and in amounts
denominations
of
$1,000,
$10,000,
(maturity value).
No
tender
for
less
amount
than
tender must be in multiples of $1,000.
on
and
or
$1,000,000
U. S. Govt. Life Insurance Fund (1)..
D. C. Teachers' Retirement Fund
$1*,000 wili be considered.
Each
The price offered must be express
.•
,
(2)_._
Allen Property Custodian Fund
Panama Canal Zone Funds (!)__......
General Post Fund, Veterans' Adminls.
Library of Congress Trust Fund (2)
D. C. Workmen's Compensat'n Fund (1)
_
-
2.
104,867,006
and Harbor Workers'
Compensation Fund (I)
Deposit Accounts......
National Institute of Health Gift Fund.
Comptroller of the Currency Employees'
451,900,000
789,432,000
6,128,000
31,009,000
1,850,00Q
1,067,000
1,000
10,000
41,999",000
95,000
1,694,000
""5,000
•
"290,6o6
1,000
273,000
11,000
Longshoremen's
I
German Special
Retirement Fund
„..
Alnsworth
Library Fund,
■,
_.
...
10,000
43,000
271,890,000
44,333,000
117,000
3,957,000
83,000
..
Pershing Hall Memorial Fund
National Park Trust Fund {2)
1,243,000
198,000
12,000
Walter Reed
lO,000
General Hospital
736,000
District of Columbia Water Fund
Unemployment Trust Fund..........
Railroad Retirement Account
Old-Age Reserve Account
....
1,172,000,000
77,200,000
1,044,300,000
Foreign Service Retirement and Disabil¬
ity Fund
the basis,of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used,
Fund..
«
.
an
$500,000,
$100,000,
I
_
Civil Service Retirement and Disability
the
on
maturity date the face amount of the bills will be payable
without interest.
There is a maturity oi; a similar issue of
bills on June 7 in amount of $100*487,000. The following is
from Secretary Morgenthau's announcement of June 1;
19,686,000
11,110,000
....
Federal Savings & Loan Insurance Corp.
Thereabouts, of 91-Day
Dated June 7, 1939
or
offering of $100,000,000, or thereabouts,
of 91-day Treasury bills were invited on June 1 by Secretary
of the Treasury Henry Morgenthau Jr. The tenders will be
a
Housing Insurance Fund
.
Canal
•
.»
Retirement and
Zone
3,441,000
—
Disability
3,870,000
20,500,000
Fund (1)..
Adjusted Service Certificate Fund
Alaska
Railroad
Retirement
Dis¬
and
542,000
ability Fund........—
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit of
of the face
ainount of Treasury bills applied for, unless the tenders are
10%
accompanied by
or
an express
guaranty of payment by
ah incorporated baiik
trust company.
5,018,658,000
Totals
April 30,1939—
Federal Farm Mortgage Corporation...
Federal Land Banks..
Federal Intermediate Credit Banks.....
Banks for Cooperatives.........
Production Credit Corporations.......
T.
Immediately after the closing hour for receipt pf tenders on June 5, 1939,
all tenders received at the Federal
to the
Reserve banks
closing hour will be opened and
able prices will follow
public
announcement
ail
of the accept¬
possible thereafter, probably on the follow¬
The Secretary of the Treasury expressly
ing morning.
reject any or
as soon as
branches thereof up
or
reserves
tenders or parts of tenders, and to allot less than the amount
applied for* and his action in any such respect shall he final.
npitting tenders will be advised of the acceptance
ment at the
or
Those sub-
rejection thereof.
or
other immediately available funds
7, 1939.
,
*
"
"
on
<
Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
The
taxation,
except
estate and
inheritance taxes.
gift tax.)
No loss from the sale
a
deduction,
or
other disposition of the Treasury bills
or
otherwise recognized, for the purposes
of any tax now or hereafter imposed
by the United States
or any
of its
Department Circular No.
418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
Treasury's June 15 Financing Operation to Be Confined
to
Refunding—No "New Money" Needed, Secre¬
tary Morgenthau Announces
Secretary of the
nounced
Federal Home Loan Banks............
Reconstruction finance Corporation...
Corporation.
Production Corporation.
Inland Waterways
U. S. Spruce
U. S. Housing Authority.._
on
Treasury Henry Morgenthau Jr.
an¬
June 1 that the June 15 financing operation of
the Treasury will be confined to refunding $427,000,000
1%% notes maturing in September with a new five-year
note issue.
There will be no "new money" borrowing. The
interest rate on the new notes will be disclosed on Monday
(June 5) and Mr. Morgenthau said that it will probably be
...
—
22",6~95~666
.
11,500 ,000
25,777 ,000
75,423 ,000
25 ,000
125,000
1,350,000
51,057,000
335,449,000
Totals...
3,585,000
6,877,000
6,897,000
11,603,000
879,505,600
Note—All trust funds may be Invested In Government and Government-guaranteed
securities and certain funds may also be invested in additional securities as indicated.
(1) In Federal Farm Loan Bonds.
a
Consist
(2) No Limitations,.
.
•
principally of Federal Farm Loan "Bonds and Federal Intermediate
b Latest figures available.
Credit Banks Debentures,
Figures on HOLC Financing—$687,767,025 of
Corporation's 2%% Bonds Called for Redemption
Aug. 1 Exchanged
Final
Secretary of
Possessions.
Treasury
Joint Stock Land Banks b.
766,780,000
71,105,000
74,400,000
70,751,000
16,391,000
6*724,000
2,110,000
40,986,000
48,020,000
-3,487,000.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
shall be allowed as
Production Credit Associations
Pay¬
price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash
June
the right, to
8
As of
the Treasury Henry Morgenthau Jr. an¬
May 29 that reports from the Federal Reserve
banks indicate that $687,767,025 of Home Owners' Loan
nounced
on
Corporation 2%% bonds of series B, 1939-49, called for
redemption on Aug. 1, 1939, have been exchanged for the
Corporation's llA% bonds of series M-1945-47. The called
issue amounted to approxiintaely $900,000,000. In addition
to the series M bonds to be issued on exchange.
Mr. Mor¬
genthau said arrangements have been made to purchase
not to exceed $100,000,000 of these bonds for Government
investment accounts, the proceeds together with other cash
balances available to the Corporation to be applied to the
redemption on Aug. 1 of called bonds not exchanged. Re¬
ference to the offering on May 22 was made in our issue of
May 27, page 3141.
Financial
3308
Subscriptions
allotments
and
divided
were
several Federal Reserve districts and the
as
Total
Federal Reserve
New York
Allotted
Minneapolis
$24,973,425
389.840,050
Kansas City.
10.209,725
36,500,450
55.324.050
20,558,625
San Francisco.
17,514,150
Treasury.
_
Cotton Surplus
Total
,14,735,500
on
The 'Times"
H
82,837,050
St. Louis
attended
who
Members
$687,767,025
meeting
to
believe
to build
on
of at least two
tracts
of ground,
acres
by his home county would be talked
about all over the East.
He proposed that the rest of the
Nation might similarly expand its country dwellings.
In
Hyde Park Associated Press advices of May 30 it was also
stated:
He conceded that the plan—patterned after the Government's resettle¬
drastic but worth considering.
Long experience in the West has shown, he said, that when
one acre
or
family has
a
less, most of the land is occupied by the house, garage, drive¬
and lawn, but that with
additional
an
acre
there is space for a cow,
pigs, fruit trees and a vegetable garden.
family which is out4
a
It is still able to raise most of its food.
Within easy commuting distance of Poughkeepsie, the Dutchess
county
seat, he said, one could buy all the land he wants for $100 an acre or less.
If the county accepted his suggestion, he added, it would be talked
about"
all over the
intended
cotton
to
Committee
by
led
adopt
shortage created
Secretary
immediate
by the loan
Ark., May 26, by Secretary
problem, is referred to in another
Passes Resolution
Removing $30,000,000,000 as
Outstanding Government Bonds—Adopts
Authorizing TVA to Issue $100,000,000 Bonds
Limit of
Rider
The Senate
on June 1 passed the bill
adopted by the House
May 23., eliminating the $30,000,000,000 limitation on
outstanding Federal bonds.
The bill, which we noted in
our issue of May 23, page
3146, amends the Second Liberty
Bond Act, leaves unchanged the maximum restriction of
$45,000,000,000
East.
"
-
on
his special train.
With reference to his projected trip to the San Francisco World's
Fair,
the ITesident said he would learn from Congressional leaders this week
Congress might adjourn by July 15.
If Congress
quit then,
can
he said his trip would be deferred until after that date.
If it appears that the legislators will
keep at work to Aug. 1, he said he
would push off for the coast June
15.
He said he would go straight to
viewing the Great Smoky Mountains National Park in
San Francisco after
passing the bill on June 1 the Senate added as a rider
Senator Norris authorizing the Tennessee
Valley Authority to issue $100,000,000 in bonds, backed by
the Treasury's guarantee to consummate the
purchase by
TVA of certain properties of the Commonwealth and South¬
ern Co. in the Tennessee
Valley under arrangements already
agreed upon.
The New York "Times" in
If time permits, and he hopes it will, Mr.
Roosevelt expects to go from
San Francisco to Seattle and there board the cruiser Houston for
a
4M-day„
trip to Juneau, Alaska.
reporting this in Washington
The Senate previously had passed a bill containing this
authorization, but
its independent measure has been threatened with death
through inaction
by the House.
As
a result of attachment of the rider, accomplish by a roU23, the House is put in the position of having to vote on
call vote of 44 to
the Senate amendment to its own bill and
accept or
without
reject the amendment
House committee report on the purchase
project.
\,
a
Passage of the bond-limit bill
after
only
'
Texas.
amendment by
advices June 1, added:
North Carolina and Tennessee and would not
drOp in on his son Elliott,
Fort Worth,
the total national indebtedness.
on
In
President Iioosevelt left here at 11 p. m. for an overnight run to Wash¬
at
Standards
were
Little Rock,
at
the cotton
on
Senate
an
The extra acre, he said, makes all the difference to
of work.
whether
Government
they
on
ment program—was
ington
the
Cotton
that
item in this issue.
act
an
that
said
relieving the artificial
address
An
Wallace
on
May 30 President Roosevelt suggested requiring rural home
and said such
Universal
month
policy.
Nation
conference at his Hyde Park, N. Y., home
for
the
last
America
measure*
Roosevelt Urges Larger Rural Homes—Pro¬
Two-Acre Tracts for Home County as Example
press
owners
way
in
Wallace
a
United
of
regard to 11,000,000 bales of surplus cotton that it controls.
advices added:
5,456,400
9,868,800
—
Chicago---.----—----
to
Policies
Lancashire cotton spinners cabled that day to
Secretary Wallace at Washington asking for information
on
the future policy of the United States Government in
11,338.850
Dallas
Philadelphia
Richmond
At
Wallace
Secretary
"Times,"
$8,609,950
;
Cleveland
poses
Ask
Future
to
as
According to London advices, May 26, to the New York
Received &
District
Allotted
District
President
Spinners
Subscriptions
Boston
Atlanta
Cotton
Information
for
States
Total
June 3, 1939
Lancashire
the
follows;
among
Treasury
Subscriptions
Received <k
Federal Reserve
Chronicle
forceful
some
was
comment
accomplished without difficulty, but
Federal
on
Vandenberg and Senator King.
Senator
Vandenbprg agreed with Senator Harrison
Congress
Appropriate
to
there
was
no
an
to whether this country can stay within the $45,000,000,000
next fiscal year.
Senator Vandenberg told the Senate
as
that, during hearings
on
Treasury is "operating
asked by President Roosevelt
May 29
appropriate $340,000 for an exploratory expedition to the
Antarctic regions.
The Budget Bureau estimated that this
sum would be needed to finance the
expedition being arranged
by the Division of Territories and Island Possessions of the
Department of the Interior.
Regarding the expedition
Associated Press Washington advices of
May 29 said:
on
to
this bill, Secretary Morgenthau had stated that the
on a
24-hour basis."
King Hits Spending Program
n
was
that
"cannot even guarantee
debt limit in the
Asks
$340,000 to Explore Antarctic Regions—Comments
on
Proposed Trip to West
Congress
Senator
alternative to removal of the bond debt limit, but he maintained that the
opinion"
Roosevelt
by
*
.
Secretary of the Treasury, Mr. Morgenthau,
President
expenditure
'
Senatpr King, constant critic of New Deal spending,
told the
Senate
that the country is "spending like a drunken sailor" and reiterated criticism
of the program of concentrating power in
Washington.
In
his
speech
he embodied criticism of the
TVA and
the
Bituminous
Coal Act, among operations which he termed "indefensible."
When
under
the
the
Senate
Second
Finance
Committee reported the
bill it stated that,
Liberty Bond Act, there remained authority for the
Treasury to issue about $5,000,000,000
more
obligations, including bonds
Plans for the expedition, which Is expected to
lay claim on behalf of the
United States to a vast segment of the Antarctic
of
been
the balance of the calendar year he faced the need of
taking up some $980,000,000 In notes which would mature and indicated the
continent, already have
worked out in considerable detail under direction of
Dr. Ernest
Gruening of the Interior Department.
Such final questions as the date of
departure
and
personnel
will
await
Congress'
action
the
on
requested
appropriation.
The money asked of Congress would not be sufficient to
finance
as
the Government plans.
much equipment, and
Rear Admiral Richard E. Byrd and Lincoln
It is not expected,
exploratory party.
Ellsworth,
the expedition
on
however, that either will be
Persons close
to
a
member of the
of
likely wOuld be Capt. Richard Black, Interior
Department
a member of the 1933-35
Byrd Antarctic expedition.
.
President Roosevelt
Reported Favoring International
Cotton
Conference Announced by
lace—-Views of Senator George
was
a
press
conference
May
on
reported as saying tbat
26
Secretary Wal¬
President
Roosevelt
projected international
a
con¬
ference to divide world markets for cotton would be in
the
direction of helping to solve the cotton
problem.
He de¬
clined, however, to say that it would provide a complete
solution.
We quote from Associated Press
accounts
Washington, May 26, which further
Secretary Wallace's
Walter
just
F.
Senator
is
new,"
means
markets
that
leader
the
of
the
opposition
to
were
today
cotton
as
an
attempt
program.
the Administration
by Senator
to "escape
The
Georgia
plan
to
sub¬
cotton-growing
an
nations
illusive dream,"
subsidy proposal
Amendment
on
May 19 passed
effective
he
remains
to
be
seen."
"I
on
July 1, the beginning of the
new
fiscal year.
simplifying the accounting and
Both plans have already
been approved by
Congress by the defeat of motions to
reject.
Under the Reorganization Act, plan No. 1 would
have become effective 60
days after April 25, the date the
President submitted it to Congress, that is, June
25; and
plan No. 2 would have taken effect July 7.
In approving the resolution on June 1 the House amended
it, in a Washington dispatch June 1 to the New York "Times"
indicating the change as follows:
A House
amendment, which wiU require Senate action, provides that
nothing in the reorganization orders or in the measure shall be construed
continuing any agency or function beyond the time when it would have
terminated
without regard to the plans.
House approval of the President's first plan was
reported
in our issue of May 6,
page 2674 and Senate approval of
the second plan appeared in these columns of
page
as
"abandonment of
on
Mead-Schwert Bill
Business
Democratic
Four members of
elsewhere in these columns today.
to
Provide Loans for Small
Heard
by
Sub-Committee
of
Senate
Banking and Currency Committee—Secretary Mor¬
genthau Asks Treasury Experts to Study Plan
he added.
denounced
2983.
Views
hope
Plaps for an international cotton conference disclosed
by
Secretary Wallace at Little Rock, Ark. on May 26, are
joint resolution making
Senator Byrnes of South Carolina introduced the
joint reso¬
lution for the purpose of
party principles."
noted
a
May 20,
George told reporters that the cotton conference
proposal "is
but that "whether exporting nations can be induced or
forced"
of a subsidy or otherwise to consent to a division
of world
not
Two Reorganization Plains into
1—House Also Passes Resolution
President Roosevelt's Reorganization Plans No. 1 and No. 2
as
described
exports.
among
it is
But
a
from
stated:
proposals
George, Democrat, of Georgia,
for
"collapse" of the
cotton
Senator
by
cotton
criticism"
sidize
not
newest
with
Put
July
bookeeping in the departments.
*
i.
re¬
He also recommended that future deficit financ¬
largely by issuance of bonds rather than notes.
to
on
The Senate
expe¬
Gruening said his choice for leader
Votes
Effect
veteran Antarctic
plans for the
field representative and
At
Senate
•
explorers, have been advising Government officials
more
private
It is expected, however, that
a,t least one boat, will be supplied by the Navy and
Guard.
dition.
a
committee stated, that during
desirability of
placing them with bonds.
ing be conducted
expedition such
Coast
approximately $1,700,00(7,000.
Secretary Morgenthau pointed out, the
Congress, heard
May 31 by a sub¬
Currency Cpmmittee
on
committee of the Senate Banking and
reported to have asserted that small business and in¬
dustry would put billions of dollars to work if the Governare
Volume
Financial Chronicle
148
ment insured
loans granted to such enterprises by private
banks, and they urged approval of legislation which would
allow the Reconstruction Finance Corporation to insure such
loans in much the same manner as the Federal Housing
Administration
homes. Associated
"Post" of June 1 in report¬
insures mortgages on
now
Press advices in the Washington
Elimination of the
tax-exempt
that many of the 400,000 small businesses scattered
throughout the country
community."
provided "the bulk of employment and prosperity for an entire
The Mead bill would permit the RFC to insure 90%
and
industry
of loans to a business
of 4%,
$1,000,000, with interest limited to a maximum
up to
and repayment
said
(Democrat), New York, author of the legislation,
from
one to
ten years.
provide the little
Government insurance of these loans, he added, would
fellow with credit facilities "equal to those
Joining Mead in his plea
were
enjoyed by his bigger
brothers."
(Democrat), Florida, and
Senator Pepper
(Republican),
Representatives Allen (Democrat), Pennsylvania, and Jeffries
New Jersey, all of whom have introduced similar legislation.
Calling attention to the billions of dollars
now
piled up in banks and
securities
...
Representative Jeffries urged the Senate group to provide a special type
of "character loan" of from $500 to $2,500 for
are
established small merchants.
Senator Carter Glass
tion of the Mead
That Congress set
up machinery for co-ordinating Government income
This could be done, he
and outgo.
committee
Bill, which is understood to have Administration support
also quote:
we
would be joined in
Appropriation Committees
That
adequate plan for division of spending responsibili¬
ties.
/
•
_H°us© leaders, according to
bill to set
the .floor of the House within two weeks.
on
It
to
think
Meanwhile,
make
a
direct
homework"
on
comment
it.
.
.
the measure,
on
asserting he was
"doing his
of the
statements made
by Representatives Schwert and Voorhis in the course of
their testimony.
Senators John G. Townsend Jr., Republican, of Delaware;
Alva B. Adams, Democrat, of Colorado, and D. Worth
of
Idaho, sought
to
find
from
the
witnesses
plans to
..
.
Mr. Voorhis told the committee that the Mead plan
and
not
a
temporary
Wagner made references
expedient in
the
'
.
Senator
monopoly committee show¬
run
No
the hearings continuously until all who wish to be heard have
...
the program.
on
and
Morning and afternoon
possibly night sessions, if these
sessions are
are necessary,
planned to be held
in order to clean
the
up
•
;
.
In Associated Press advices from
stated in part:
Washington May 27 it
was
Placing his suggestions in three categories, Mr.
that
the
effect
on
undistributed profits tax
"produces little
Morgenthau testified
and has little
revenue
business."
preventing tax avoidance and had acquired prominence as a "psychological
irritant largely because of the widespread and emotional criticism which
has been directed against
it"
He renewed the administration's
advocacy of removing
from Government securities.
If this
were
the tax exemption
done, he said, it would be "fair
large incomes may nqt be so high that they discourage the limited
very
number of individuals
subject to them from taking normal business risks."
These two questions—tax exempt securities and surtax rates in the
higher
brackets—should be considered together, the
Secretary said,
business.
to small
by the Secretary.
and logical to reexamine the question of whether the
present surtax rates on
should be a perma¬
national economy.
our
to recent studies of the
ing the need of Government
submitted
program
The Chairman has
tentatively set aside a week for receiving testimony
Clark, Democrat,
estimated cost to
the
Government of insured loans to small business.
nent
of the
He said that the tax in its
present form does not attain the objective of
the committee were somewhat critical
on
stated in informed
quarters that the bill will be written entirely
the framework
testified.
1
.
A number of Senators
same
to go beyond this program because it is feared that
any move along this line might bring White House
opposition and be a threat
to the entire program.
write a report,
However, he declined
will be asked to say something."
we
From the
quote:
attempt will be made
intermediate credit
experts were studying the Mead bill "and most likely will
we
was
we
,
up an
from Washington
an account
May 28 to the New York "Journal of Commerce", believed
that the "suggestions" of
Secretary Morgenthau for tax
revisions as an aid to business will
be ready for consideration
Secretary of the Treasury Henry Morgenthau Jr. disclosed that Treasury
but
of the Senate.
"small
a
.
a
joint
temporary national commission" be created to prepare a
program for removing tax conflicts between
Federal and local governments
and working out a more
witness calendar.
throwing his full support to the Mead bill.
was
a
fiscal policy, consisting of the
membership of the Ways and
Chairman Doughton (Dem., N. C.) of the
Ways and Means Committee
-
Representative Voorhis, author of
plan said he
suggested, by the creation of
on
Means and Appropriations
Committees of the House and the Finance and
within
adop¬
Representative Schwert, author of a House bill similar to
that of Senator Mead's, supported the Mead bill before the
Senate sub-committee on June 1, according to Washington
advices of that date to the New York "Herald Tribune"
from which
Secretary Morgenthau, it
ky Felix Cotten in the Washington "Post" of
■rur18
of Commerce"
(Dem., Va.) said today that he plans to fight
and good chances of passage, and it was reported that he
his efforts by a sizable group of other Senate members.
Federal and
May 28, also advanced the following proposals.
account
Advices May 31 to the New York "Journal
from Washington stated:
both
securities
eliminated.
Aside from his tax
suggestions,
other
absolutely inadequate to furnish credit needs of business, not to mention
capital needs.
on
Reduction of the rates of surtaxes in the
higher brackets if the tax-exempt
'
institutions. Pepper said this demonstrated "our present banking system
is
feature
exces8
State.
ing this further said;
Senator Mead
3309
Increase in the present limit of
$2,000 allowed on capital losses in
of capital gains.
adding that
"tax exemption of securities is highly
inequitable and tends to nullify our
progressive surtax rates."
House Defeats Townsend
The
House
Old-Age Pension Plan
Another question he suggested for re-examination
of
Representatives defeated the Townsend
old-age pension plan on June 1 by a vote of 302 to 97. The
bill, sponsored by Representative Joe Hendricks of Florida,
called for the payment to persons over 60 years of age
monthly pensions ranging up to $200. It proposed to finance
the plan by levying a tax of one-half of 1% on the gross
revenue
of all producing, manufacturing, wholesale and
jobbing enterprises and a 2% tax on the revenue of retail
establishments.
From a Washington dispatch of June 1 to
the New York "Times" the following is taken: >
■
The roll-call showed that the Republicans furnished the majority of the
votes in favor of the
measure,
55 voting with 40 Democrats, one Farmer-
Laborite and
Against the
one
Progressive.
measure were
The
decisive
margin
was
interpreted
by
many
to be deducted from
business profits of future years.
death-knell of
'
'
Mr. Morgenthau reiterated before the Senate Finance Committee yester¬
strike it out when the
tax
bill reached
Senate*.
the
Progressive, of Wisconsin, said he would support such
Senator
an
LaFollette,
effort.
Both chambers already have approved legislation eliminating tax exemptions
on
Federal and State salaries,
but
Finance Committee members
some
said that the insertion of the provision to
exempt income
ties might
from public securi¬
bring powerful opposition from State officials and delay enact¬
of the
ment
measure.
These
persons,
speaking
anonymously,, suggested
that the exemption problem be dealt with in separate legislation.
A group
of nuisance taxes which provide
more
expire on June 30 under the present law and
the
as
the absence of any
day his recommendations that the exemption be wiped out.
Senator Brown, Democrat, of Michigan, a Finance Committee member,
told reporters that if it were not
eliminated in the House he would try to
107 Republicans,
194 Democrats and 1 American Labor Representative.
was
provision in present income tax laws for carrying over net business losses
tax bill would continue these.
similar schemes to pay the aged up to $200 a month through sales or trans¬
the
action taxes pyramided upon most other taxes the Government is collecting.
than $400,000,000 annually
one
provision of the projected
Administration leaders
anxious to have
are
revenue.
During five hours of bitter debate
speakers
as
a
"crackpot"
one
and
over
the measure,
security
any
program as a means of
Security Act.
The Democratic
aged.^Many asserted that
withinThe framework"If the
\
\
.
nearly ready did they
an
permitVvote.
They
were
then in
a
passed before June 30 in order
In his statement to the House
on
to
avoid any* loss
I desire fiist to reiterate two tax recommendations
which the President
Treasury has presented:
In his budget message of January 3,1939, the President recommended
that Congress extend the miscellaneous internal
revenue taxes
those taxes which otherwise would be reduced in June.
In his message of Jan. 19, 1939, the President recommended legislation
2.
making all Government salaries hereafter earned and interest
plated by the Act.
ment securities
—
,
'
v.
'
'
,
Two
Committees—G.
Association
and
M.
Other
Morris
of
Present
American
Views
to
Bar
Com¬
mittee
am
3.
Secretary of the Treasury Morgenthau submitted to
Ways and Means Committee on May 27 a state¬
ment bearing on general features of the tax system for re¬
examination by the Committee.
Secretary Morgenthau's
statement, which he said had been approved by President
Roosevelt, made no specific proposals, it was noted in
Washington advices May 27 to the New York "Herald
Tribune," but rather, he suggested that Congress give con¬
sideration to the following:
Continuation of the existing excise taxes which expire June 30-
Federal and
on all govern¬
State income tax
pleased to note, has already been incorporated into law.
•
In my statement of March 24,1939, I presented for your consideration
four alternative rate plans for old-age insurance contributions during the
next three years.
Even though a
not
comprehensive revision of the tax structure probably wiU
be feasible at this time that fact, in my
your
any
the House
hereafter issued subject to
That par of this recommendation dealing with Government salaries,
laws.
I
Secretary Morgenthau Before House Committee Urges
Tax
Revision—Would
Repeal Profits Tax and
Revise Capital
Tax—Also Favors Elimination of
Tax Exempt Securities—Also Proposes Creation of
which under
existing law will expire In June and July, and maintain the current rates of
position to offer to the membership some liberalization of old-age pensions
by making these payable next year instead of in 1942, as was first contem¬
♦
of
May 27 Secretary Mor¬
has already made and a suggestion which the
1.
effort to get
Not until the_SociaI Security amend¬
measure
genthau said in part:
~
,
leadership had set the stage carefully in
the Townsend plan out of the way
ments were
the basis of the social
on
caring for the
liberalization of pensions should be done
Social
branded by final
"delusion to the aged people of the
a
Nation," members pitched their fight against it
revenue
opinion, should not restrain
committee from giving serious attention to removing from the tax laws
manifest inequities or other defects.
Before specifying the tax provisions which I believe deserve your
attention at this time I wish to emphasize the importance
the present revenue in any tax revisions which may be made.
special
of maintaining
...
If tax revision were confined to tax reductions the resulting uncertainty
as
to
our
furute fiscal position, would injure and not help business.
We
should take no step which the public may interpret as moving away from
the
objective of a balanced budget.
In discussing the elements or features of the tax system
wish to re-examine, I should like to
The first group includes features which have been
to
which you may
classify them roughly into three groups.
characterized
as
likely
hinder business expansion and investment.
One such feature is the absence
of provision in
our
income tax laws for
Elimination of the controversial undistributed-profits tax.
carrying over net business losses to be deducted from business profits of
Revision of the
future years.
capital-stock and excess-profits tax.
w
Amendment to present law to permit corporations to carry over business
osses
for
more
than
one
year.
erence
The profits or losses of each year are considered without ref¬
to those
of any other year.
In consequence
a
business with alter¬
nating profit and loss now pays higher taxes over a period
of years than does
3310
Financial
business
a
with
stable
profits, although
the average
income
of
the
Chronicle
firms may be equal.
New enterprises
and the capital goods industries
are
especially subject
Mr. Alvord's program included, in addition to the undistributed profits
to wide fluctuations in earnings.
As
a
second
exempt
example, I should also like to mention the questions of
securities
questions should
and
surtax
rates
in
the
be considered together.
highly inequitable and tends
to
higher
brackets.
These
and
(1)
holding period.
(4) An annual declaration of capital stock value,
a
second group are
"tax irritants."
features of
As
our tax
•
system which have been
The tax produces little
from
a sound
objective.
tax is
on
A
revenue
bill
outlawing "sit-down"
Senate changes.
in
risburg
The Treasury, of course,
One
Capital Slock Tax
the
on
the value of capital
capital losses.
on
can
selves,
an excess of corporate
capital losses
be deducted from
ordinary income only to the extent
associated
difficult, it is
one that must be
revisions.
faced.
general lines along which
future appear to be quite clear.
direct taxes that can be made to
of individuals
Although
problem
that
other
on
we
taxes
would
The
is
the
Committee
organization
taxes.
to go
the
at
Associated
Press
advices
further
re¬
a
forbids
by
a
the
The
lawyers
States
tax
credits for taxes paid foreign governments.
Mitchell B. Carroll, counsel for the National
Foreign
Inc., and Paul L. Peyton,
representing the American^
Commerce in London.
were
Trade Association
Chamber of
Mr. Peyton
suggested, said the "Herald Tribune," three
changes which he said would promote foreign trade:
tax-law
(1)
The granting of
or
unions'
with
.
Violence.''"
rights
that
would have
such
to
expressions
threats."
or
a
to include
any taxes treated as income taxes
foreign country and borne by the
recipient cf the income.
by the laws
widely
secret,
used
in
in
the
$7,500
15% and outright repeal
of the undistributed
profits levy.
The proposal was pre¬
sented by Ellsworth C.
Alvord, Vice-Chairman of the Cham¬
ber's Committee on Federal Finance.
It included a recom¬
mendation for
a
specific credit of $2,000 to reduce the
cor¬
them¬
employ¬
to
pass on
of
not
are
the
fixing
off"
to
accompanied
pay
of
the
other
two
/
system of Collective union dues unless
the employees and
employee
Pennsylvania's
affected.
rich
coal
checks.
pay
em¬
an
interest
$9,000 salary of the three members,
and
majority vote of
industry,
'
written
Under
indi¬
check-off
the
dues
union
-
are
;
Senator Weldon Hey burn, Chairman of the Senate Labor
long
step
breaks
as
to
views
As
toward
the
stating that "this measure is
as
Employers
recovery.
should
a
have, the
employees."
of
labor,
the Associated Press:
"The State Labor Act
we
quote the following from
*
now
is
really
.
criminal code," protested James L.
a
McDevitt, President of the Pennsylvania Federation of Labor (A. F. of L.).
"The new bill just about nullifies the Labor Relations Act.
Certainly
there
•
-was
no
Patrick
T.
(C. I. 0.)
Act,
justification
Fagan,
and
declared:
a
the
for
these
District
a
sweeping changes."
President
of
the
member of the State Board that
"The bill
worker
in
destroys
this
Act
every
State.
United
Mine
administers
by
United
Workers
the
Labor
vestige of advance that has
Labor
would
be
better
off
been
if
the
repealed."
were
Gold Clause Resolution of 1933 Subject of New
Rulings
States
Supreme Court—Held
Payment of Obligations in Foreign Gold
Bar
to
The
scope of the congressional gold clause resolution of
abrogating payment of contracts in gold currency or
bullion, was broadened on May 22 by interpretation of the
United States Supreme Court to include even the payment of
obligations in foreign gold at a designated foreign source.
In noting this, advices
May 22 from Washington to the NewYork "Journal of Commerce," stated, in part:
1933
In
a
sweeping decision that split the Court five to four on the issue.
was
language of the
intended to close "legal loopholes" contributing to "disloca¬
tion of domestic
economy
A suggestion to the House
Committee on June 2 in behalf
of the United States Chamber of
Commerce called for a
flat rate normal
corporation tax of
for
,
resolution
of
of
permitted
matter
any
Associate Justice Black declared that the comprehensive
profits and excess, prof its taxes
of
terms
'
power
paid
or accrued"
intent
and
decide
to
a full foreign tax credit to
American citizens or corpo¬
having investments abroad; (2) allowing a credit for
inter-corporate
dividends, and (3) defining "income, war
rations
the
conditions
be their bargaining representative.
respect
provided
Committee, is reported
Two New York
attorneys presented memoranda asking that changes be
made in tax law so
may
.
.
demands,
craft
with
authorization/ from each
He proposed elimination of
what he said was double taxation on the profits
of mergers,
asserting that a recent Supreme Court decision causes the Inter¬
nal Revenue
Commissioner to tax the profits realized
by both an absorbed
abroad
to
provision
"check
(labor Relations)
business
employer by threats of violence
•
by
doing
a
to
entire
American corporations
any
employer
to invalidate legal contracts between
reduction
ported:
obtain full United
coerce
respect
public
made
company and its stockholders.
its officers
$7,000.
deducted from
co¬
re¬
declares
measure
or
organization.
said
opinions
same
into the matter of business
the
union
employee by threats of force
compelling such employee to join
of
labor
or
power
Chairman
Act
system,
should
of the American Bar
Association's finance committee,
intent
or a
G.
or
authorized
conclusion, Mr. Morgenthau said that one of the major
tasks we have before us is to do
everything we can to promote
lasting business recovery.
At the hearing before the
House, Ways and Means Com¬
mittee on May 29,
George M. Morris, of Washington, chair¬
asked the
to
Board's
express
the
members
commodity
facilitate
Workers.
any
employee "by threats of force
The bill ordered
In
man
"to
cutting
shifted directly to consumers, putting the emphasis
based on
capacity to pay.
Such revision
ordination of Federal with State and
local taxation.
strikes,
employee
coerce
any
of
by acts of discrimination
We ought to increase the part played by
support the Government.
This means
endeavor to minimize the use of
manufacturers' excises and
ta^es which tend to be
member of
a
.
Board
take account of differences in the abilities
to
Mine
Hines, Secretary of Labor and Industry,
regulations.
Board's
vidual
should develop in
United
sit-down
an
or
the
person
.
any
the
employees
...
Federal taxation
with
joining
The/Senate struck out
Accordingly,
this
political
or
employees.
ployer
changes involving loss of revenue there should
revenue-producing
business
any
'
revenue-producing capacity of the tax system.
already emphasized the importance of not permitting the revenueany such
the
by majority vote, who should
and
the
result in reductions in the
adoption of
restrain
employer to accede
.
Give Lewis
In the consideration of
possible changes in the parts of the tax structure
just mentioned, it is essential to bear in mind
that most of them would
with the
the,
the
Curtail
the deduction of corporation
power of the tax system to be reduced
at this time.
of
in
practice" for
from
to
Require
of $2,000.
producing
in
officer of any labor organization.
an
President
intimidate, restrain
coercing
qr
Under the present law
capital gains
To
harm
ers
placed
prohibit any member of the State
engaging
principal changes in the present Act:
■V
Prohibit any officer or agent of a labor organization from intimidating
later session.
now
would
Other
problems and, if your committee
desires, our staff could continue
these studios in collaboration with
the committee, possibly with a view to
a
as
participation
harm
or
refrain
compelling the
of tax problems now being widely discussed
which raises questions of tax
equity.
The Treasury has already worked on
An example is the limitation
to
intimidate,
employment.
those
action at
To
2.
or
third category
a
addition
to
at times in¬
The
District
a
"unfair labor
violence
ordinately high.
be
is
or
-
There is
Act
from
requirement would hit Mr. Fagan, who besides being
or
excessive profits.
profits actually realized during each of the three
years.
Forecasts of earnings are
particularly difficult to make in the case of new
businesses and those with unstable incomes such
as the capital good indus¬
tries, with the result that taxes imposed on such businesses are
I have
Board
Regulations
Board
1.
Their major defect is that they operate
very
The tax liability they impose depends on the
taxpayer's ability
forecast profits for the next three
years, as well as upon the amount of
over
the revised
in
an
it
de¬
a
erratically.
to
May 29, which added:
on
In
really taxes
or on
The bill amends the State Labor Rela¬
Double-Edged Coercion Ban
submit, regardless of the actual value of the stock.
stock
was
clause
That
excess
10% of such
unfair labor
an
by
capital stock value which the taxpayer
may revise every three
The declared value may be any figure that the
taxpayer desires to
The excess profits tax
applies to profits in excess of
clared value.
The taxes are thus not
strikes "as
during the previous Democratic Adminis¬
contended during the hearings on the new
activity and from serving
upon a
years.
Labor
spokesmen for industry that the former Act
"one-sided," said Associated Press accounts from Har-
was
Labor
declared
It
tration.
measure
you on it.
Another example is found in the capital stock tax and the
related
profits tax.
Under the present law the capital stock tax is based
Pennsyl¬
State
Revises
Act
tions Act passed
corporations, of which the undistributed profits
by its own terms at the end of this year,
problem.
individual
.
practice" and "an illegal act" was passed by the Pennsyl¬
vania Legislature on May 29, when the House concurred
The law in its present form does not attain it.
ready to work with
inter-corporate
from
.
Legislature—Measure
Relations
'
your committee should deal with this
stands
all
dividends
.
vania
minor segment, expires
a
exempting
corporate
Bill Outlawing "Sit Down" Strikes Passed by
referred
One of the objectives which the law
sought to attain was to prevent the
avoidance of the personal income tax
through the retention and accumula¬
tion of earnings by corporations.
This is still an important and, to
my
Since the income tax
by
taxation
excluding
Remedying a few of the existing defects in the so-called technical.or
(7)
on business.
It has acquired prominence as a
psycho¬
logical irritant largely because of the widespread and emotional criticism
mind,
and
administrative provisions of the present law.
and has little effect
which has been directed against it.
of double
tax,
normal tax.
an
plish the objectives of the original proposal.
the
Permission for affiliated groups to file consolidated returns.
Elimination
example I would mention the undistributed
In its present form this tax is unimportant and does not accom¬
profits tax.
with
(5)
individuals subject to them from taking normal business risks.
as
beginning
(6)
dividends
This having been accomplished first, it would then be fair and
logical
to re-examine the question of whether the
present surtax rates on very large
incomes may not be so high that they
discourage the limited number of
In
as
current year.
.
to
Treatment of long term capital gains and losses of corporations
(3)
Tax
.
years.
ordinary gains and losses.
exemption also operates as a magnet which pulls persons subject to
high income taxes away from investments in private business.
We should
by all means pass legislation to make it impossible in the future to issue any
more tax-exempt securities.
'
'
"
Simplification of the individual capital gains provision, eUminating
distinction between assets held 18 and 24 months and substituting a shorter
Most
securities which yield them an income free from Federal income
taxation,
while other persons entirely escape the high surtaxes in this manner.
Surtaxes
Provision for a carry-over of net business losses for three
(2)
two
Tax exemption of securities is
nullify our progressive surtax rates.
15% recommendations, these points:
tax-
subject to the high surtaxes have sizable holdings of Governmental
persons
June 3, 1939
poration tax on small incomes, said Associated Press advices
from Washington yesterday, which also said:
two
.
.
.
Payment in Gold
He added that the fact that
payment was to be made in gold of a foreign
country could not be deemed to limit the scope of the resolution because
"the language of the joint resolution was
intended to refer to
a
monetary
obligation in its entirety."
■
Joined by Chief Justice Hughes and Associate Justices
Reynolds in
a
Butler and Mc-
vigorous dissent from the majority opinion, Justice
held that the legislative history gave "no
Stone
support" to an interpretation of
Financial
Volume 14S
its provisions that it cover agreements to pay the gold content
of foreign
currencies.
"Any construction of the gold clause resolution which would in the cir¬
cumstances of the present case
equally forbid performance of
of
a
commodity
preclude
an
the rendition of services," he said.
or
The ruling in the gold clause
would
payment in foreign money
for the delivery
alternative promise calling
...
of four cases involving
Louis
case came in a group
so-called "multiple currency" bonds of Bethlehem Steel Co. and St.
Southwestern
Railway,
in the
in financial reorganization proceedings
now
Eastern Missouri Federal District Court.
bonds involved, issued
vided for redemption either in American dollars
rencies of specified gold value and in
the
In
gold clause
prior to approval of the
1933 abrogating gold clauses in outstanding obligations, pro¬
resolution in
foreign cur¬
in certain
or
foreign countries.
'
cases, in one of which
Chief Justice Hughes wrote the
dissenting opinion—the first
dissenting opinion of which he was the author in at least two
years.
The litigation involved controversies between New
York and Colorado and between Alabama
and Tennessee.
Justice Stone, in his
majority rulings, was joined by Justices
and
Douglas.
Chief Justice
Hughes^ wrote the dissent in the New York-Colorado case.
With him were Justices
McReynolds, Roberts and Butler,
Reed,
Washington May 29:
majority decision Justice Black recited the history of the con¬
The tribunal held by a 5-to-4 vote
that New York could collect
heritance
States contracts, fully administered and executed in this country and con¬
for Mrs.
mortgage on property in this country.
a
"Whether it
.
'
wise and expedient to adopt that
was
"The
comprehensive
terms it
did—to
close
language
of resolution
its
'legal loopholes' contributing to 'dislocation of the
domestic economy* Which would be caused by such a disparity
required
$1.60 in currency while respectively receiving their taxes, rates,
pay
charges and prices
the basis of $1 of that currency.
on
Protection Against Depreciation
ing the gold clause
creditors
contractural
money.
It
was
the
of United
protection
was
that of the gold clause itself, that is, to
same as
States
against
debtors
possible
depreciation
States
United
of
plan, wholly legal when contrived, specifically designed
a
to require debtors to pay 1912 gold dollars or
rencies which
obligations
domestic money
on
fixed amounts in foreign cur¬
the exact equivalents of gold dollars in
were
1912.
In purpose, pattern and, as shown here, in result, the multiple currency
provision is
a
Scales,
trust was held
by the Title Guarantee Loan
case
&
of Mrs. Grace
le estate
died in
The
1936.
Trust Co. of Birmingham.
that the Court "cannot say that
the legal interest of decedent in
the intangibles
Colorado
was
so
(securities) held in trust in
disassociated from her person as to be
beyond the taxing
In the Alabama-Tennessee
suit, the Tennessee Supreme Court had ruled
that Tennessee could collect taxes
on that part of Mrs. Scales' estate held in
Alabama, but that Alabama could not.
Overruling this, the high tribunal
'
said:
We
find nothing in the history of the Fourteenth
Amendment and no
can
support in reason, principle, or
authority for saying that it prohibits either
State, in the circumstances of this case, from laying the tax.
On the con¬
trary this Court, in sustaining the tax at the
place of domicile in a case like
the present, has declared that both the
decedent's domicile and that of the
trustee are free to tax.
diction to tax, and
Against by United States Supreme Court
May 22 lost
a
Supreme Court decision in
its patent infringement action against Hurley Machine Co.
and the Easy Washing Machine Co., said Washington advices
to the "Wall Street Journal" of
won a
part of t
was
Nashville, Tenn., when she
"It is undeniable," Justice Stone
said, "that the State of domicile is not
Appeal by Maytag Co. in Patent Infringement Action
General Electric Co.
of
Justice Stone said in the New York
than
more
on
resident
a
deprived, by the taxpayers' activities elsewhere, of its constitutional
juris¬
>
Maytag Co.
a $15,653 transfer tax.
decision, the Court ruled that Alabama could levy death
be against
Congress declared to
to end."
Ruled
Colorado already has collected
Alabama trust fund which
mischief which the resolution was enacted
identical with Hie practice
public policy, and it furthers
on an
jurisdiction of the State of her domicile.
Here the admitted purpose of the multiple currency provision supplement¬
afford
C.
of conditions
in which, it is insisted, those debtors under gold clauses should be
to
by
intended—as
was
$265,767 trust fund held by the Denver National Bank
Katherine H. Brown, who was a residant of New
York at her
In another 5-to-4
taxes
in¬
an
tax on a
death in 1931.
resolution," he said,
"was for Congress to decide, not for the judiciary.
Frankfurter
who wrote the Alabama-Tennessee
dissent.
Details of the decisions were
given, as follows, in Associated
Press advices from
gressional resolution and emphasized that the bonds involved were United
stituted
3311
State in which the deceased
person had his domicile and by
other States where the
property is located.
Justice Harlan
F. Stone delivered the
opinion in both
Black,
Terms of Bonds
All of the
Chronicle
May 23, which added:
Supreme Court decision in its appeal from a
by
consequently that there are many circumstances in which
State may have jurisdiction to impose a tax and measure
it
one
some or all of the
taxpayer's intangibles."
"
u
"Shares of corporate stock," Justice Stone
said, "may be taxed at the
domicile of the shareholder and also at that Of the
corporation which the
taxing State has created and controls; and income may be taxed both
by the
State where it is earned and
by the State of the recipient's domicile.
"Protection, benefit, and
\
power over the
subject matter
not confined
are
to either State.
The taxpayer who is domiciled in, one State but carries on
business in another is subject to a tax there measured
by the value of the
intangibles used in his business."
■
.
patent infringement suit brought against it by the Maytag Co.
The Maytag Co. sued General Electric for
"
Chief Justice
infringement of certain Snyder
patents for washing machines and the Circuit Court held three of the claims
under the patent valid and infringed
Meanwhile,
however, another
Hurley Machine Co. held these
were
by the electric
Circuit* Court in
same
company.
a
Both decisions
appealed and consolidated for argument before the High Court.
The
National
Electric
Products
a case
in
an
appeal in the case.
New
United
States
Supreme
Court
Sustains
Personal
Property Assessment on
Insurance
Companies
Incorporated in New Jersey but Maintaining Head¬
quarters in New York
New York.
went
to
an
"un¬
unjust result."
an
subjected
to
inheritance
an
»
that Newark, N. J., could levy a personal property assess¬
ment on the capital stock of insurance companies incor¬
involved
case
Chief Justice in at least two
an estate tax on
the
question of whether
securities held in trust for
a
New
New Yorker
The State sought to collect $36,716 on the
Katherine H. Brown, who died in 1931 while
She had established
a,
a
$265,767 trust in 1924 while
resident of
a
resident
Penver.
immediately aroused interest because of the possible effect it
might have on the $36,137,335 estate of Col. Edward H. R. Green. *
case
Massachusetts; New York, Florida and Texas contended
tax
the
Green
The
estate.
first issue—Mr.
Green's
for the right to
legal domicile—was
decided in favor of Massachusetts by the Supreme Court on March 13.
The
May 29
on
produces
"is
written by the
by the Denver National Bank.
This
Supreme Court ruled 8 to 1,
continued,
dissent
York-Colorado
York could collect
of
♦
The United States
dissenting opinion in the New York-
contending that the majority decision
This was the first
estate of Mrs.
.
,
The High Court directed the Circuit Court to hear
the
transfer tax by two States."
\.
The
Corp. is suing Electrical Fittings
Corp. for infringement of certain of its patents.
k
wrote
warranted extreme and thus
unnecessarily
"The same
,
Supreme Court sent back to the Circuit Court of Appeals
the
Hughes
years.
Electric Products Patent Case
which
case,
property," he
Maytag suit against
claims to be invalid.
Colorado
in
our
Supreme- Court's findings in the Green
case were
noted
issue of March 18, page 1569.
porated in New Jersey but maintaining operating headquar¬
ters in New York.
•
United
*
/
,
Two
opinions, said the Associated Press, were delivered in
the New Jersey case, eight Justices concurring in the result,
but dividing evenly on the method of reasoning.
Justice
McReynolds dissented.
From Washington advices May 30
to the New York "Journal of .Commerce" we take the. following regarding the Court's conclusions:
The three insurance companies involved in the third
Fire
Insurance
Insurance
Co.,
Co.
In
Universal
Insurance
Co.'and
their suit they attacked
attempting to levy imposts
case
were
Universal
Newark
Indemnity
the action of New Jersey
on assets situated outside the
in
State under the
provisions of Chapter 236 of the New Jersey Laws of 1918.
The three
companies were incorporated in New Jersey and maintain offices in that
State for local business, but conduct their business from New York where
Exercise
a
of Sovereign Power
its creator," Justice Reed said in delivering the
.
"In
accordance
with
the
ordinary
Court, in
a
decision May 29
despite residence abroad from her fourth to her twenty-second
' The United States Labor Department had sought to
deport Miss Elg as an alien.
She was born in New York
year.
after her father became
a
naturalized citizen.
From Asso¬
ciated Press advices from Washington we quote:
In
a
•
»
decision delivered by Chief Justice Hughes, the Court ruled that Miss
Elg had not lost her Unitpd States citizenship.
This ruling confirmed
.
an
.
'
"
In 1911 she was taken by her mother to Sweden where she lived until" 21
,
years
tion, the corporation becomes a citizen, and domiciled in the jurisdiction of
The dominion of the State
The United States Supreme
ruled that Marie Elizabeth Elg, of Mount Kisco, N. Y., a
native of Brooklyn, retained her United States citizenship
„
State exercises its sovereign power to create a private corpora¬
it must dwell.
|
opinion by the District of Columbia Court of Appeals.
practically all of their assets are located.
"When
States Supreme Coui't Rules Against Labor
Department Question of United States Citizenship
of M. E. Elg.
over
majority opinion.
"There
its creature is complete.
recognition
of the
rule
of
old.
*
,
Miss Elg'8 father returned to Sweden in 1922 and; Miss Frances Perkins,
Secretary
of
citizenship.
Labor,
contended,
This, the
voluntarily
relinquished
his
American
Department argued, made his minor daughter
a
citizen of Sweden.
mobilia
But Chief Justice
Hughes said "it has long been
a
recognized principle
sequuntur personam to determine the taxable situs of intangible personality,
in this
the presumption is
country of his parents' origin, where his parents resume their former alle¬
poration's origin.
that such property is taxable by the State of the
There
are occasions,
however, when the
personality in another State becomes so inextricably
there conducted that it
the assumption of a
that
use
a part
cor¬
of intangible
of the business
becomes subject to taxation by that State.
With
country that if a
child born here is taken during minority to the
giance, he does not thereby lose his citizenship in the United States provided
that on attaining
majority he elects to retain that citizenship and to return
to the United States to assume
his duties."
business situs and commercial domicile in New York,
State, under the authorities cited, would have the right
to
tax
in¬
tangibles with this relation to its sovereignty."
Investigation
of
Newsprint
Industry
Instituted
by
Federal Bureau of Investigation
United
States
Supreme Court Increases Powers of
Impose Death Taxes—Decisions Permit
Levies on Intangible Property by State Where De¬
ceased Lived and also by State Where Property
States
to
Located
The United States Supreme
Court, in a 5-to-4 ruling given
in two cases on May 29, decided that death taxes may be
imposed on intangible property and securities both by a
A Nation-wide
investigation of alleged anti-trust activities
newsprint industry is proposed, with a Grand Jury
investigation at San Francisco, to determine, according to
the Department of Justice at Washington, if Pacific Coast
of the
producers and distributors are violating the anti-trust laws.
The inquiry will be extended to other parts of the country if
an investigation being made by the Federal Bureau of In¬
vestigation indicates conspiracy in restraint of trade in the
3312
Financial Chronicle
manufacture of
newsprint, according to Assistant'Attorney-
of the land
General Thurman Arnold.
A United Press
went
to say,
on
dispatch from Washington dated May 23,
in part:
uniform
Coast area
questions
under the
Federal
anti¬
Manufacturers and distributors in the Pacific
only conform to these practices but also engage in other
not
activities which appear to
be in violation of the 8herman Act.
concerted
that
indicates
freedom
of competition
Hence the
action
by
Canadian
United
in the
States
manufacturers
newsprint
restrains
market.
Other
evidence tends to show that certain United States manufacturers and dis¬
tributors
Canadian
with
cooperate
situation.
and
maintain
to
trade
He said small
than
newspapers
larger dailies.
United
San
this
a "striking uniformity" of
"generally uniform" price in¬
have increased the
cost
subscription
had felt the price adjustments
While manufacturers increased
prices
more
from
rates.
acutely
$41
per
States
about 10% higher.
District
Attorney
Francisco that the
Oregon; 42-72%
Frank
J.
Hennessy disclosed tonight
Federal investigation
would
be opened
before
State.
in
Wyoming;
in Montana;
Utah;
in
39.46%
82.67%
58-07%
in
California;
in
33.34% in Colorado, and
....
business loans it should do
Federal Government made
only on a local
so
participation basis.
For Local Loan
Loan applications
men's
Participation
should originate with local banks
he suggested.
organization,
advance 20%
The
or
some
local business
a
borrower should
of the money he needs for
should put
be
required
to
specific purpose, the local
up another 20%, and the Federal Government should
supply the remaining 60%, or no
more
than that amount, he declared.
Chairman O'Mahoney cautioned that "every step in that direction is an
expansion of big government."
"It changes the original function of government of preserving order to
actual
of newsprint 20%
generally, $51 in 1938, small papers buying less than carload
lost had to pay prices
in
in
industry displayed
He said that
practices.
and have forced some newpapers to raise advertising and
ton in 1936 to
prices
Arizona; 60 45%
equipment and working balances, Mr. Hicks recommended that if the
new
sponsors
further investigation of this
in
today on industrial property, and the difficulty of raising capital for
gages
'
in the last three years
creases
a
.
Mr. Arnold said the entire
prices
producers
The Department has undertaken
country.
in
63.5%
1939
owns
After describing what he called the virtual impossibility of getting mort¬
Department is taking separate action in respect to each of these situations.
"Some evidence secured by the Federal Trade Commission, he said,
,
46-29%
Idaho;
32.28% in Washington
which raise serious
practices
laws, Mr. Arnold said.
Nevada;
in
35.32% in New Mexico; 33.95%
Most Canadian and domestic manufacturers of newsprint follow certain
trust
June 3,
The map showed, he added, that the Federal Government
participation in the affairs of individuals," he said.
According to advices to the New York "Herald Tribune"
from its Washington bureau Arthur D. Whiteside, President
of Dun & Bradstreet, asserted before the Committee on
May 25 that changes in the Securities Act of 1933 and the
banking laws are necessary to provide needed capital for
small business and put "idle dollars" to work.
This was the
first time that the Federal securities and
the Federal Grand Jury here June 22.
banking laws have
injected into the proceedings, said the advices to the
paper indicated, which also had the following to say in part:
been
United
States
Calls
World
Cotton
Major Exporting Nations Invited
ington Sept. 5
The
Conference—10
to Meet in Wash¬
After Mr. Whiteside's testimony, the SEC produced five
witnesses, four
men from various parts of the country, and one of its
business
Department at Washington made known
behalf of Secretary of Agriculture Henry A.
Wallace, that invitations have been extended to the ten
major cotton exporting countries to attend a conference to
discuss the possibility of world control of
production and
marketing. The meeting will be held at Washington begin¬
ning Sept. 5.
The countries invited to the conference are
Argentina, Brazil, Egypt, India, Mexico, Peril, Sudan,
Soviet Russia, France and Great Britain, the latter two for
their cotton-exporting colonies.
«
In another item in this issue, reference is made to an ad¬
dress made by Secretary Wallace in Little
Rock, Ark., on
May 26 indicating that such a conference would be called.
May 31,
Associated Press advices from
had the following to say:
Washington, May 31, also
Mr. Whiteside in the
"exploratory" character only;
Its only function would be to de¬
termine whether it might be advisable to recommend to the
respective coun¬
a later conference be called to draft an
international agreement.
Such an agreement, if written along lines
tries that
suggested by President Roose¬
and
Secretary
Wallace, would provide export
quotas assuring each
country its "fair share" of world markets and production control measures
designed to prevent accumulation of price-depressing surpluses.
A somewhat similar exploratory conference on world
wheat
has been meeting in London this spring.
is expected, American officials said,
be called to draft
a
securities issues.
formal conference
•
two
of
major problems—unsatis¬
excessive
supplies,
located
principally in the United States.
On May 15 prices American grower^
re¬
ceived for cotton averaged about 8.5 cents a
pound.
This compared with
the Agriculture Department's contention
that
Officials
havq estimated that when
market there will bo
this
15.6 cents is
year's
crop
a
12,500,000 bales.
Nearly 11,400,000 bales
Don't tie up the Federal
fails, the "proprietor
ness
of
the
The,.conference
was
called at
sixty
a
years.
moving
time
to
when American exports had fallen
Foreign sales for the
current season are
an
average
215,000 bales during the 1923-'32 period.
,
of 8,,
Government
loans which pegged prices of the
American crop above
world levels, expansion of production in other
countries and increased use of
substitutes were said by officials to be
largely responsible for this decline.
American officials have indicated
they would insist that an international
agreement assure this country between 70 and
100% of its former share of
world markets.
*
,
Proposals for Loans for Small Business Presented at
Hearing Before Temporary
National
Economic
Committee—Views of Arthur D. Whiteside
Problems of the small business
Man, as presented to the
Temporary National Economic Committee in Washington
were concluded on
May 26, said special advices from Wash¬
ington that day to the New York "Times" which said that
the representatives of small business
enterprises who testified
during the two days made it clear that they did not favor the
Reconstruction Finance Corporation and inclined to the
belief that the Federal
Housing Administration might be
expanded to take over the function of making loans to
business.
T. N.
In part the "Times" advices also stated:
B.
Hicks, Industrial Commissioner
of the
Chamber of Commerce, told the Committee that the
trouble with the RFC
that its loan requirements were so rigid that "if
you can get it from the
RFC you should be able to get it from
your local bank."
L. F. Davis of the Detroit Association of
Credit Men said that there
definite need for Government loans to
was
business, preferable through the
FHA.
.
.
jail."
that when
so
small busi¬
a
Mr. Whiteside said the "liberality
to
the
development of the
United
.
.
Loan Sharks Evident
.
Ernest Jerome Hopkins, member of the SEC investment
banking section,
testified that from
it
study he made of retail business in Fall River, Mass.,
evident, he said, that lack of adequate working capital has driven
was
Thomas W.
Chicago,
a
to finance companies and
concerns
"even loan sharks."
Hellyer, Secretary-Treasurer of
'
the Columbia Feather Co.,
$230,000 firm told the Committee that
system should be worked out.
a
an
intermediate loan,
Mr. Hellyer told the Committee that with the
company's sales ranging
between- $650,000
bank loans.
advances
and
$750,000
He testified that
from
S. V. P.
a
he
once
large customer.
had
experienced
difficulty obtaining
when his firm needed funds it obtained
Failure to
have obtained
funds would
'
■
Quackenbush, President of the Scranton, Pa., Chamber of Com¬
merce
and business man, told the Committee:
taken
care
of in eastern Pennsylvania.
money."
What
"The credit needs
we
are
amply
need is capital or venture
-
"Fear and uncertainty arising from
ment
ness
a lack of a definite long-term govern¬
policy—Federal, state, county and local"—were blamed by the wit¬
contributing to the rigidity of capital funds, Mr. Quackenbush
as
asserted that there appeared to be a
"predetermined prejudice
banks against the small borrowers."
Inquiry
'
'
among
°
.
some
.
into
Investment
Banking
by
.
Temporary
National Economic Committee Deferred Until
Fall
—Delay It Is Said Necessary Becasue of Study by
SEC
It
was
made known
May 28 by the Temporary National
by it on investment
banking have been postponed until the fall.
According to
an announcement
by Senator O'Mahoney, Chairman of the
Committee, the delay is occasioned by reason of plans of the
Securities and Exchange Committee to include in its
study
an
inquiry into private placements of securities.
It is also
announced that beginning June 5 the Committee will hear
another phase of the SEC's study of insurance
companies.
The statement, which it is understood, was issued
by Senator
O'Mahoney and Chairman Jerome Frank of the SEC as a
result of reports incident to the
postponement, reads as
on
Economic Committee that the hearings
follows:
"
,
■
Recent reports have given undue importance to a simple administrative
detail in scheduling the presentation to the TNEC of the
study on savings
and investment which had been allotted to the SEC. In the
circumstances
it
seems
desirable
banking have
to
state
This postponement
1.
emphatically that the hearings
not been called off, but have merely
was
on
investment
been postponed.
made for the following reasons:
Some delay of these hearings was necessary
because the SEC, in its
presentations of the concentrations of savings and of the capital needs of
small
businesses, had consumed the time allotted to it for the presentation
of the subject of investment banking.
2.
The
investment-banking phase of the study
the extent to
Wyoming Valley (Pa.)
was
a
.
<v
of the American surplus is stored
expected to total only 3,500,000 bales, compared with
bankruptcy laws,
goes to
bankruptcy laws contributed
States."
collateral for government loans to growers.
to the lowest point in
originate
except to turn them over to underwriters for distribution.
"fair price."
starts
surplus of about
14,000,000 bales of old American
Normal annual domestic and export
requirements; take about
cotton alone.
as
a
to
Banks will not be permitted to distribute the issues,
have meant loss of the customer, he declared.
international agreement authorizing export
quotas and
providing for elimination of such price-cutting practices as payment of.
bounties on exports.
<
three-
Raise the limit of
Change the national banking law to permit National Banks
new
an
Cotton, officials explained, is beset with
factory producer prices. and the existence
of his testimony outlined the following
course
the present level of $100,000 to $250,000-
problems
Now in short recess, this meeting
tq recommend that
readily making loans for expansion.
securities exempt from registration under the Securities Act of 1933 from
Agriculture Department officials emphasized that the conference would
an
are not
point program to meet the demands of small business:
some
velt
bqnks
Offers Three-Point Program
on
,
be of
employees,
who testified that
State
which
was
intended to develop
concentration of control has appeared in investment
banking and what, if
any,
effect on such concentration the divorcement of
commercial banks from investment banking affiliates by the Banking Act of
1933 has had.
The
SEC
members of the
Committee felt that the study
would be more complete if it included in the presentation an
inquiry into
private placements.
O'Mahoney,
the
TNEC
They, therefore, suggested to
Chairman,
that,
before
taking
up
Senator
the investment
banking
.
When Peter R. Nehemkis
Jr., Counsel for the
Commission,
described Alaska as "America's
O'Mahoney, Committee Chairman, introduced a
questions, the results of this related study, not yet completed, be presented
Securities and Exchange
last
map
frontier".
Senator
prepared by the Pro¬
Division of the Treasury which
showed, he said, that the Federal
Government still had plenty of public domain in the West.
curement
by the SEC to the TNEC.
trative detail and
was
The matter
was
immediately agreed to.
regarded
as a
mere adminis¬
/
Beginning June 5, the Committee 'Mil hear another phase of the SEC's
study of insurance companies.
Thereafter, at a date not yet fixed, some
time in the fall, the Committee will hear the study of private placements
Volume
Financial
14S
and immediately following that, the inquiry into investment
Chronicle
Amplifying that
banking prac¬
tices will be presented.
The truth of the matter is that
phases of the broad scope
numerous
and the Com¬
mittee is faced with the problem of allotting time to several
inquiries.
Congressional members who have
in what may now be the closing weeks of Congress
involve
welcomed this week's
"In
on
Only
Restricts
„
to outline the
Violation of this ruling could serve as the basis
service which
The
wiU reflect
no
Sunday Evening Club.
country and
restrictions,
however, that
than the
more
name
which will
of the sponsor
of the
adver¬
tised."
Evening Club,
by playing
we
_
Rules
"It is not through a
and the name and
program
governing the experimental service eliminate the former general
Class
*
research
or
for the advancement
experimentation
lines which are not
specifically directed to
any
of the radio
proposed
art
along
Class
2
experimental
stations
are
for
licensed
stations
and
research
established service.
•
3 experimental stations
are
»
•,
aim to conduct experiments on their own behalf requiring
for
limited time.
a
the
use
of radio
V
newal
since
by July 1.
are
—1
*
Declares
Futile
for
isting
Against
United
Legislation
Policy
of
States—Would
Isolation
Loans
Respecting
as
Continue
"The result
asserted
Nations
to
Secretary of State Hull, in two recent public
..
Hull's
views
«
neutrality legislation were made
known in kjentitcal letters on May 27 to Chairman Key
Pittman of the Senate Foreign Relations Committee and
Acting Chairman Sol Bloom of the House Foreign Affairs
Committee.
A Washington dispatch of May 27 to the
Philadelphia "Inquirer" summarized Mr. Hull's statements
as
on
follows:
It
-
was
assumed that he
respect to
was
stating the Administration's viewpoint with
Roosevelt has expressed public
embargo provisions Mr.
Hull urged enactment of legislation:
"To
■
V-:'
continue
the
'
.
existing
legislation
Arguing for repeal of the
go
respecting
loans
and
credits
to
and
collection
in
Control
this
selves out of war, the logical thing to do
Secretary Hull wrote:
Modern warfare is
no
"Lists of contraband
are no
closely related commodities.
life of the enemy nation.
would be to make out embargo
longer limited to
arms and ammunition and
They include not only those items which
con¬
A nation at
war is no less anxious to
keep cotton
petroleum, or, indeed, any useful product, from reaching an enemy nation
it
is
to
keep
guns
and airplanes from reaching the enemy's armed
forces.
"I doubt whether
our
on
help ourselves to keep out of
we can
upon all exports
"It therefore
seems
would obviously be ruinous to
clear that
we
should have
embargo inflexibly and rigidly imposed on
Neutrality Act of that
year,
of
keeping
us
"To
our
eyes to
a
attempt
complete
our economic life.
general and automatic
group
of exports."
the occasion of signing
of that law "might
Jrag
us
into
war
are
drastically reduced
domestic
problems,
than
Hull
Mr.
the thought
us
that
a
to solvcrour great
is
true," he added.
essentials
to
the
functioning of
some
of
national
our
cause
the Nation to lose
trade and force farming, mining and manufacturing industries
surpluses
over
domestic needs
curtail production and reduce
to
.
"Reduction
Hull
Mr.
of
surplus
producing
em¬
/
branches
of our
national
economic
predicted
that
"regimentation
in
practically
every
a
phase of
national life would be the inevitable consequence" of such a readjustment.
Eastern Roads
to
Reduce Round
Eastern railroads announced
The
TripTares
May 31 that they
would make drastic reductions in round-trip coach and Pull¬
man rates, which will go into effect this month.
Only once
before since 1920 have the railroads in this region taken
action of this kind.
The decision reflects uncertainty con¬
cerning the benefits of a rise in fare made effective last July
and is described
rails.
as a move
All
on
to restore passenger
v'
v
traffic to the
.
Round-trip tickets sold at the
sixty days- /
;
the important Eastern lines,
new
rates will be good for
—
■
with the exception of the New York,
Railroad, will reduce coach
rates on a
round-trip
basis from the present "straight" basis of 2.5 cents a mile to rates starting
2M cents a mile and declining on a sliding scale to 1.7 cents
a mile.
The New Haven will charge 2 M cents a mile for return coach trips, with
out
further reductions.
any
Its
Pullman rates' will remain
unchanged.
The Boston & Maine now charges 2 cents a mile in coaches.
Since last July 25, the Eastern lines
coach travel and 3 cents
a
have charged 2.5 cents
a
mile for
mile, plus berth and other charges, for Pullman
that by placing an embargo dn arms we are making our¬
from dangers of conflict with belligerent conutries is to close
manifold dangers in other directions."
Under the
new
miles,
Return rate reduced to 2%
diminishing
thereafter every
follows, except for New
cents a mile for distances up to
fifty miles
1.7 cents for 901 miles and more is reached.
of 32%
as
'
Coaches:
100
will be
scales, the charges
England:
until
This offers
a
minimum
a maximum
of
saving
compared with present tariffs-
Railway tickets good in the purchase of upper Pullman berths:
One way,
2.7 cents a mile, regardless of distance; round trip, at rates scaling down to
a
minimum of 243-100 cents for 901 miles and more.
provide savings up to 10% against the new one-way
of 19% against
The return rate would
upper
berth fare and
the present 3-cent rate.
Railway tickets good in the purchase of all other Pullman accommoda¬
tions:
Round-trip, scaling down from 3 cents
901 miles and more.
The present
for
Pullman
2.7 cents
a
mile for
Pullman rate.
basic rates of 2.5 cents
a
travel remain unchanged,
most travel is
a mile to
The maximum saving would be 10% compared with
the present basic 3-cent
mile for coaches and 3 cents
a
mile
but railroad officials explain that
round-trip travel.
It is expected that the new
tariffs will be in effect by the end of June.
The chief cause of delay will be the necessity for compiling fares based on
the
new
tariffs,
a
work made
more
than usually arduous by the sliding-
scale feature of the new rates.
The
in¬
November of 1935 had declared:
assume
secure
an
out."
He also recalled that he himself in
selves
on
by
Yet
President Roosevelt warned Congress that
the rigid arms embargo provisions
stead
no
any class or
Secretary Hull recalled that in August, 1935,
the
war
part to distinguish between categories of exports.
embargo
on
activity to the dimensions of domestic requirements would necessitate,
longer warfare between armed forces
tribute toward making warfare possible, but almost every item useful in the
than
nations
disastrous illusion
ployment.
of funds
only: It is warfare between nations in every phase of their national life.
or
on
Y
reverse
volume,
with
•.
embargo provision,
arms
country
Board and the system
in for embargoes on exports, for the purpose of keeping our¬
all-inclusive.
effect
travel, without reductions for return trips.
regulate the solicitation
we
more
many
long time to come."
a
.
*
•
for belligerents.
"To continue the National Munitions
of arms export and import licenses."
"If
put
its
"some of which, like rubber, tin, manganese, though small in rela¬
its export
at
"To prohibit American ships, irrespective of what they may be
carry¬
ing, from entering combat areas.
"To restrict travel by American citizens in combat areas.
"To provide that the export of goods destined for belligerents shall
be
preceded by transfer of title to the foreign purchaser.
war.
no
New Haven & Hartford
dissatisfaction.
In addition to the proposed repeal of the arms
"To
was
and
Elimination of imports, Mr. Hull added, would
the much discussed proposal for revision of the neutrality law
with which Mr.
nations at
be to
only
Mi-. Hull said that the Nation needs to supplement its resources with im¬
ports,
carry" basis, while he also decried the policy of isolation
.
.
can
"there
A,"The exact
pronounce¬
for this country.
He said that such policy would not solve
the problems of the United States or keep the Nation out
of war.
Mr.
fearful toll in generai economic
long, painful and costly process of readjustment," he said.
ments, urged a change in the neutrality laws to permit the
United States to carry on trade with belligerents on a "cash
and
a
policy of national isolation would make it easier for
Ex¬
War
at
those embodied in the reciprocal trade program."
as
"must inevitably exact
industries."
Secretary Hull Urges Changes in Neutrality Laws to
Permit "Cash and Carry" Trade with Belligerents
—Also
"world
a
for the preservation
for promotion of international economic relations
and
Discussing isolation
tive
•
our
and social deterioration
throughout the world."
requested to submit applications for re¬
they involve existing licenses which expire on Oct. 1.
efforts
today withoin
us
working for
one
the sole effective instrumentality
as
peace
as
domestic problems."
These applications would normally be filed on Aug. 1,
Sunday
domestic
He warned the world's great powers
that, even if war is averted, present
All licensees of experimental stations now authorized, except those oper¬
ating in the broadcast service,
our
member of the family of nations that
a
as
feeling
»
through such policies
defined by
as
the Communications Act interested in radio technique solely with a personal
facilities
enduring
a
States.
frontiers."
rations of civilized existence for
licensed to individuals
United
policy of isolation," he told the Chicago
appropriate role
armament programs
experimentation in radio directed toward the development of a proposed or
Class
of
for the Nation
policy would tend to create
He outlined the role of the United States
established radio
or
service.
a
assure peace
for itself by merely procaliming its
"but rather through supplementing
our
order under law
1 experimental stations are stations licensed for general or specific
said, would not
peace
hope to solve the problems which confront
can
own
and special experimental license and divide the licensees of this service into
three groups.
insure
can
of ill-will in other nations toward the
"commercial program continuities give
general character of the commodity, utility or service, or attraction
"no nation
desire for peace" and because such
specified, among
was
was broadcast through¬
gist of it was reported as fol¬
dispatch of May 28 from Chicago:
The
A policy of isolation, Mr. Hull
because
broadcast stations to transmit com¬
It
The speech
the United States.
lows in a United Press
understanding and cooperation."
rules permit international
new
should he testify in a closed session.
out
"shall render only an international broad¬
the culture of this
said, because he regarded the
was
Mr. Hull's declaration
regarding the futility of a policy
of isolation was made in an address
May 28 before the Chicago
for refusal to renew a
mercial and sponsored programs for the first time.
other
to secrecy
license, said the Commission, which stated that the licensees of
promote international goodwill,
Administration's views, it
international situation as too tense to be discussed frankly in
open session
and some committee members had indicated a
disinclination to be bound
that reflect the culture of the United States
international goodwill can be broadcast from
under new rules and regulations issued on
May 23 by the Federal Communications Commission and
effective immediately. '
cast
rights as"a
Mr. Hull had refrained from
appearing before Congressional committees
Foreign Broadcasts
programs
international broadcast stations
our
Secretary Hull's move today was in the nature of a surprise because
during the past few weeks there had developed a feeling that these was
and promote
this country
station's
the exercise of
upon
little likelihood of
neutrality legislation during the present session of Con¬
gress.
V
;
'
•+>
FCC
in the conflict.
us
indicating certain restrictions
neutral I do not wish to be considered as
advocating the abandonment of
these, or indeed of any, neutral rights; but there is reasonable
ground for
restricting at this time the exercise of these rights."
May 16 incident to the study
was referred to in these columns
May 27, page 3157, and a
letter by President Roosevelt to Senator O'Mahoney relative
to the matter was given in our May 20 issue, page 2982.
by tbe SEC
our nationals may properly be restricted
by our own legis¬
along certain lines for the purpose of avoiding incidents which might
lation
recess.
A statement
Secretary Hull said:
special danger.
"The rights of
legislative duties to perform
numerous
theme in his letter today,
"Our involvement in controversies is more
likely to arise from destruc¬
of American lives.
In this regard we can effectively diminish our
risks by
keeping our nationals and ships out of areas in which there is
tion
of
the Committee's hearings are about ready for presentation
3313
statutory
notice for a
tariff change is 30 days, but the Interstate
Commerce Commission may waive this requirement.
the new tariffs in
The
It is planned to put
effect,on "short" notice of ten days or less.
principle of the sliding scale is an innovation in America.
It was
tried first in the East for the special rates now effective for travel to the
World's Fair.
Financial
3314
*
prevent any constructive action from being taken in the
present situation, the entire cotton program will break down and then
they will be rid of it.
They have been trying to destroy this program
since it began but they have failed and will fail so long as it deserves
only
for railway tickets good for this purpose will
tariffs narrowed the "spread" be¬
Railroad traffic officials said the new
The coach rate of 2.5 cents a mile
tween coach and Pullman costs.
com¬
striking
2 cents a mile, as it was until last
deterrent to Pullman travel.
July 25, it
considered a
was
on May 31 the Southern railroads had
10% reduction in round-trip coach fares.
Unless-suspended by the Commission, officials said, the
tariff will become effective on June 1.
The coach fare in the
South is a cent and a half a mile but there is no round-trip
variation of the processing tax has been suggested.
It is
widely.. discussed.
I refer to the so-called certificate plan,
production certificates would be issued to growers.
Manu¬
which
under
of
facturers
Bill Giving New York State's
Library Plan
have
of Dec. 17, page
3692.
for
The
statement
Wallace
South.
is
world
no
cotton
Senator
resolve to
and
comes
soil
Fourth,
the
issue
we
In another item
.
ence
Fifth,
attainment
national
income
to
as
serve
State
the
leaving
I
has
received
now
important cotton
the attitudes of
out
world
a
proceed
cotton
discussions.
mer
replies
from
ih
that
the
with
It
the, issuing of
representatives
is
hoped
that
to
of
all qf
of
inquiries
to its
Both
will
Government
invitations
'Washington
the various
to
for
these
be
can
now
held
Gov¬
preliminary
in
late
sum¬
international
an
agreement
the
and
cotton
on
exceedingly important for the long run.
are
trade
reciprocal
Our immediate and
cotton
as
buying
formerly,
nations
taking
adjust
must
we
only
fully competitive in the world market
(i
President
Roosevelt,
mediate solution
loss.
The
for
allow
to
necessary
this
to
cotton
what happened to the prices
„
This
is
cotton
pay
the
cheapest
surplus.
One
cotton
sales
on
the
at
for
result in
a
which
drop of at least two cents
extra
an
appropriated
cotton
over'
$120,000,000
for
the
1939
world
cotton
price
protected
without
regardless of
has
been
pound.
a
and
Government
proposed
To do
With
above
a
the
would
program
to
so
to
probably
of 12,000,000
crop
$200,000,000
have
be
would
would
be
to
raised
a
meeting, of
farmers
sponsored
by
not
this
for
the
those
result
The
from
cotton
for
in
their
the
arguments,
trade,
some
cheap
cheap
opponents
cotton
cotton
for
for
the
like to
opposition
to
have
had
the
keep
a
some
price to
experience
question what their choice will be.
.
subsidy
domestic
program
for
on
with
.
.
down
cheap
to
equitable
for
division
its
or
today has approximately
children, but only-about
unified program,
our
produce
This program will
too
I
is
subsidy
in
by
in
at
the
of
the
equivalent,
24%
of
the
11%
of
the
plan
a
which
is based
that will
do
the
doubt be adjusted from
no
program
we
it
solve
can
for
if the facts
way
of
year
to
raise
striving to protect
just
cottqn,
as
Treasury.
soon
total' national
the
The
cotton
make
we
deserved
if
it
a
such
as
»,
agriculture.
solving
can
without
or
I let
possible
effect.
the road to its well
on
believe
duty if
my
everything
piinimum cost to the
a
conformity with
American
Only
bales
6,000,000
farmers
in
doing
the
farm
program
is
national
problem
that
sure
long taken the short, end, gains its
Only by solving it can we keep
income.
whole
export
be derelict
without
pass
be placed
can
unified
a
has
an
program
problem.
the
share
proper
American
a
South,
of
our
which
national
agriculture
as
a
gains.
farmers
have their
and,, they will
way,
known.
are
Associated Press accounts from Washington May 26 said:
Later,
the
at
cost of
a,, press
such
a
conference,
Secretary
Wallace
declined
to
estimate
program,
but told reporters to "figure it out for
he
"if
'
...
"For
instance,"
said,
the
subsidy
payment would be $10 a bale."
Thus for a 6,000,000-bale export
the
two
was
cents
subsidv
annual
.
r;
your¬
•
pound
a
would
the
amount
to
$60,000,000.
Previous
to
the
from
extracts
above,
Secretary
changed world conditions
his
Wallace
we
prepared
stated
have built
a
remarks,
that
to
meet
unified program
for agriculture which:
First—accepts parity income for the farmer
and
to prevent
the
as
the goal.
soil.
production
to
help
soil
conservation
on
burdensome supplies on the other.
Fourth—works
want
mills,
cheap
-
Sixth—sets
years of
He
would
propose
for
for
increased
American
consumption
agriculture's
at
the
one
hand
world
mar¬
„
home.
fair share of
the
up
an
ever
normal
granary
or
warehouse
to
balance
the
good weather against the years of bad weather.
added:
Cotton farmers, .wheat farmers, dairy farmers, livestock farmers and fruit
floor under the price
go
and
by the reciprocal
processing tax,
a
experience, to
minimum'of
a
means
Fifth—stands
the
everybody.
*
wants
and
kets.
of
opposing the export subsidy if the plans they
a
lower price for all the cotton
crop.
would
market—now, by
possible,
revenue.
all
of
I would
exports
Second—builds
foreigners,
President
Farmers
cotton
Third—adujsts
country.
The
of
years
Arkansas
the
world
as
When the surplus is whittled down
Federation, the Arkansas State Grange, the
cheap cotton," and he continued, in part:
Ask
a
for
Arkansas Farmers Union and Little Rock Chamber of Com¬
merce.
He declared that "the real issue in this
struggle is
cotton
an
given
Bureau
Judging
of
Agriculture
increase the income of
That
already
Secretary's address at Little Rock, Ark. referred to
briefly in our issue of last week, page 3161, was delivered
cheap
and
the
reduce
The
Farm
low
exports
a
alone.
before
past six
retary of Agriculture,
such
im¬
practical,
soon
the least doubt that farmers greatly need and
increase in .their income,
let him consider
30%
and
through
source
deserve
figures:
selves."
the
farmers to keep their cotton out of the loan.
bales,
only
'•••.
.
consumption.
fair and
nearly
more
a
Well and at less cost.
as
have their
the
protect both in¬
'
again to 7,000,000 bales,
we have had an
international conference to share the
market, when
other nations have begun to live and trade in
peace,„ we shall have changes
in our program.
We may not then need an export subsidy.
But as Secj
be
abroad.
way
alternative
that will
times.
proposed
home would. remain
practical
from
cotton
level
a
.
of
:
when
Exporters would be paid the amount
export
at
much
as
price to
at all
28,
emergency.
them
price of
March
on
one-sixth
export
our
ex¬
-
of, the
as
the farmer's price
for
build and
agreement on' cotton
farmers
continuing
a
time to time.
This
imperative problem, however, is to maintain our fair share of cotton
ports.
With the world trade disorganized, as it now is, with some
us
job
early fall."
or
program
the
to
as
desirability of working
States
these discussions
Department
the
,
Governments
response
United
The
agreement.
send
to
favorable
exporting nations
word
those Governments in regard to the
immediately
ernments
have had
I
share
program;
challenge all those who criticize
the
on
;
„
Washington
Birmingham
national income.
in
called by the United States inviting the
"Since
of
with
If anyone Ghould entertain
of
went on to say:
sub¬
to
whether
was
in
trade agreements program,
today reference is made to the world confer¬
major export¬
ing countries to meet in Washington in September.
He
our
in
happen in the future,
may
payments to
fair
our
international
an
have proposed
cotton."
on
facts
Senator Bankhead's
speech
a
protection
'
a
,.
subsidy
export
by
run,
national
With these ends in mind,
In
,
of benefit
maintenance, of
necessary
population
international conference
a
the
problem with this unified program:
as
;'
resources.
total
an
an
as
by
that the authority
Third, increased efforts to expand domestic
long
and
level
for
it
significant
not on
Whatever
the cotton
qf the loan
Second, continuation
these
reasonable
a
that authority.
■
overwhelmingly
to support
of
is very much alive today.
'
of
and
three
to
was
Bankhead pointed out
attack
continuation
cotton.
the
market
attention
your
repudiation
a-
Senator
authority
erroneously hailed
was
as
First, the vote
should be put on
agreement on cotton to assure each country its fair share of
export
and
existing
of cotton already existed, and the only question
export subsidy plan
First,
At the same time, in his address, Secretary Wallace
that "great gains would result from an international
world prices.
call
to
this vote
plan,
export
the
upon
May 13 he reaffirmed that view.
of
need the subsidy
we
'
;
quarters,
that vote
vote,
Let u&
plan."
said
the
sidize exports
Agriculture
in the loan,
(of cotton)
agreement,
new
exists.
plan itself; second, 21 out of the 32 voting Senators from cotton-growing
voted to suspend the rules; and third, in the debate" which pre¬
,
of
wish
with
limitations
Secretary
already
program
States
Proposal
by
eight million bales
or
seven
there
made
was
export
suspend its rules to consider
limitations
some
cotton
I
But
ceded
May 26 that "as long as we have more than
on
through
the
permit
for
In
the
connection
the
Bankhead's
cotton
Senate refused to
proposal
subsidy.
on
Senator
required
the certificate plan will require
or
for a
is pending.
Congress
defeat
Declares That Pending a World
Cotton Agreement United States Needs Subsidy
Plan—Proposes Unified Program for Cotton Prob¬
lem and Indicates Action by Government for World
Agreement—Comments on Stamp Plan and Vote
on
voted
of
export
Wallace
Secretary
be
financing of the cotton export plan
by the United States Senate and final action by both
Recently, the
*
•
would
which
Bankhead's
issue
our
processing tax
authority
The
been
houses
cated his intention to vest title to the material in the United
made in
would
products
1935, and also by the Agricultural Adjustment Act of 1938.
Funds
May 23 signed the bill
giving the consent of the State of New York to the Federal
Government's occupancy of twelve acres of President Roose¬
velt's estate at Hyde Park, N. Y., for the establishment of
the Franklin D. Roosevelt Library.
The library, incorpor¬
ated under the State's laws, will house all of the President's
correspondence, private papers, pamphlets, books, etc.
Last December Mr. Roosevelt expressed the wish that all his
documents be kept intact in an archives building and indi¬
was
cotton
given by amendments to the Agricultural Adjustment Act, approved
was
in
on
the
either
But
It
Consent to Roosevelt
Reference to this
of
could sell them to the manufacturer, either directly or
This plan would not require funds from the Treasury.
pool.
a
legislation.
States Government.
importers
buy
grower
territory generally is south of the Potomac
Mississippi.
and Ohio Rivers and east of the
Governor Herbert H. Lehman
and
cotton
these certificates in order to sell their goods.
The certificates
would be equal in value to a certain number of cents a pound and the
to
fare.
Governor Lehman Signs
ever
we
a
being
now
of the crop adjustment act.
badly now as
as
Recently
a
The southern
for the first two
which proved so useful and practical
tax,
half years
a
revenue
Southern Roads Plan Cut
tariff for
I have
since 1933
cotton
on
continuing source of revenue for the cotton
We need such a source of
did.
Those who propose to pay farm¬
ers to keep their cotton
out of the loan should be fighting vigorously for
a
continuing source of revenue to support the program they propose.
and
The ICC announced
a
I have made
statement
importance of a
Last fall, once more, I suggested the re-enactment of the cotton
program.
prevailed under other tariffs.
filed
support.
every
the
processing
contemplated for years to fill the many vacancies in these berths which
have
almost
stressed
charges is a step which the railroads have
The concession in upper berth
can
farmer
has
In
it was when the coach rate was
as
they
and
charges for berths, seats or other
While this difference in cost is not as
with a cost of 3 cents a mile, plus
pares
accommodations in Pullman cars.
1939
3,
who oppose the President's plan seem to believe that if
of those
Some
reduce its charges for upper berths in about
The Pullman Company is to
the same amount as the rate
June
Chronicle
of cotton in
,
rock
There
«
to
is
no
these
objectives.
appropriate $225,000,000 for
plus
bottom.
cotton.
'
-
farmers believe in
disposal
payments.
upheld the Senate.
farmers
of
this
That
Yes,
Nation
is
out of
have
That is why the Senate voted 65 to 14
parity payments and $113,000,000 for
why
the
learned
the
House
experience
to
work
of
last
Tuesday in
the last six
together.
sur¬
effect
years
the
The beginning of
wisdom
for
the
minute
a
chaser
cotton to the
bind
which
ties
third
agriculture of the United States, we must remember that cotton has
been hit to an unusual degree by actions taken in certain European coun¬
rest of
did
it
and
building
14,000,000 bales
it will be
or a
on
next August 1,
the
If
in
retail
cities
could expect
on
effective
how
under
to
for
a
year
this front.
such
cotton
goods
undoubtedly can
may try
we
a
would
us
great
a
our
deal about
however,
Meanwhile,
be.
we
are
obligation to protect cotton markets and cotton income.
an
N.
Y. was noted in our issue of May 20, page 2988.
Earlier
items appeared in these columns March 18, page 1572 and
Apr. 22, page 2360.
.
Confer
Leaders
Business
a
President
With
White House conference
In addition to Mr.
Roosevelt
a
Big&ers, head of Libbey, Owens, Ford Co. of Toledo,
Co.;
W. Averell Harriman, Chairman of the Board of the Union
Pacific Railroad; A. D. Whiteside, President of Dun &
Bradstreet; E. R.
Steel Corp.; J. F. Fogarty,
Stettinius Jr., President of the United States
President of North American Co.; Carle C. Conway, Chairman
Although the group went to the White House with the
intention of hav¬
general discussion of problems hindering recovery, their primary pur¬
a
to reach an understanding, if possible, on the
pose was
stand on
Administration's
specific proposals to amend the National Labor Relations Act.
Full details of the report were
lacking, but it was understood to Include
the following proposals:
for
jurisdictions.
all
in
Act
largely
by
parties,
definite trend towards
of
ultimate con¬
the
the
from
In most
member of his family,
be; injured,
may
the
of
enactment
majority of the States.
a
who
fraud.
deceit or
on
the protection
springs
Sales
bring action
may
dealer or manufacturer.
Most juris¬
dictions allow anyone injured to bring claim direct.
directly
against the
Many States have enacted
ing it
misdemeanor
a
pure
sell
to
food and drug laws, mak¬
impure products for human
consumption, and their courts have frequently held in civil
actions
based
ligence
the
negligence,
on
the
on
ultimate
efforts
has
now
to
amounting to
facts
that
a
automatically constitute neg¬
of the seller.
part
consumer
his
in
course
The
for
recover
result
net
is that
easier legal
definitely
a
defective
impure
or
The
laws, the courts and juries are all at¬
tuned to increasing liberality in favor of the consumer,
Legal liability to prospective buyers extends not only
to the
product sold but to the containers
samples and
of
when
the
as
Some
manufacturers
by label
or
their product.
as
This is
distributors
the package
through their ad¬
when viewed
'
breeder of claims.
a
Manufacturers
ors),
who
,
(and
endeavor
their
wholesale
insure
to
retail distribut¬
or
against
risks involved,
the
Few underwriters, as yet, have
difficulties.
may encounter
"guarantee"
or carton,
dangerous practice
a
irrespective
sold.
was
and
on
It applies to
injury,
personal
of
result
the merchandise
vertising,
cartons, to free
or
to premiums or souvenirs.
even
claims
any
coped with all the problems involved in furnishing protec¬
tion.
Qne difficulty lies in the determination of the proper
premium to be charged, especially when
contain
catastrophic hazard,
a
article sold
an
result in
or may
may
small
many
claims, and a consequent high cost of settlement.
Again, many companies are not equipped to handle claims
of this nature when they are likely to arise hundreds, or
is
miles
of
thousands
from the original
away
source
the
of
Howeyer, since this class of risk to manufacturers
product.
growing
rapidly,
resourceful
underwriters
less solve the problem of adequate
will
doubt¬
protection in a manner
their policyholders and to themselves.
acceptable to
.
.
provide for
at present, two members to be
board of five instead of three members as
employes on matters regarding collective
bargaining and related subjects
mediation in its
present status of an extra-legal undertaking,
4. Provide by legislation for the right of employers to petition for
tions to determine the majority
elec¬
will among workers for collective-bargaining
eliminate recurring jurisdictional disputes between com¬
left to the discretion of the
purppses so as to
petitive unions, such right of petition not to be
Board members.
5.
Define by
-
.
t
ciear-cut
amendments the rules of evidence by which the
Board would be guided in
In addition to these
deciding cases coming before it.
proposals, a subcommittee of the Business Advisory
Council which drafted the amendments with
the advice and counsel of
Reciprocal Trade Policy
Economic
Achievement
in
O.
Monasterio
Addresses
Foreign Trade Banquet at Galveston, Texas
Years—J.
Many
The
M.
reciprocal trade agreement policy sponsored by Sec¬
3. Amendment of the Act "to
primary functions of the NLRB instead of leaving
Praises
American
Greatest
as
prohibited as coercive of workers.
v '
legalize" mediation proceedings as one of
-now
Banker
New Orleans
representatives of labor, two of business and industry, and one of the
general public.
2. Amendment of the law to permit employers "to speak freely" to their
the
apply
Reorganization of the National Labor Relations Board to
1.
a
of Continen¬
Dun, President of White Engineering Co.
tal Can Co., and Gano
ing
Rolling
included Charles R. Hook, President of the American
the group
Mills
June 1,
on
This
third
or
responsible
actually
impurity, may be 6ued
or
not
may
action based
an
liberality for
merchandise.
^
five-point pro¬
gram, drastically modifying the National Labor Relations
Act was urged on President Roosevelt by eight leaders of
business and industry, who are members of the Bu iness
Advisory Council to the Secretary of Commerce. The group
also sought information from the President as to what the
Administration proposed to do about the utilities and taxes
and the labor problems which they hold to be the stumbling
bldck in the way of business revival.
The business men,
led by John D. Biggers, laid their case before the President,
said the New York "Times," Washington correspondent
Felix Belair Jr. who reported:
At
theory
breach in the criminal statute
of the food stamp plan in Rochester,
The inauguration
defect
for a
States the direct purchaser or any
-
low-income
be worked out with
to
this
seller,
immediate
the
fault
maintain
may
Uniform
what we
We want to know from actual experience just
would teach
program
a
successful,
move
he
sumer.
An experiment conducted along these lines
people.
dry goods
few
a
plan
Satisfactory arrangements
families.
our
this
of
variation
slight
proves
Plan for surplus foods
Stamp
•
including
personal
However,
greater
recently inaugur¬
distribution of farm surplus commodities under the
stamp plan inaugurated in Rochester, N. Y. and said:
food
any
In recent years there has been a
record high.
for which it
purpose
"warranty" is with the pur¬
member of the purchaser's family or any
seller's
'
person,
of
for the
fit
was
the
If the purchaser can show that the seller knew of the defect or im¬
(3)
Secretary Wallace also referred to the
ated
Any
purity,
of American cotton
the carry-over
by.day with the probability that
day
ud
exports,
'
matter
a
article
theory,
only, and not with
negligence.
During the current year our cotton exports will
one-half million bales or the lowest in 60 years.
volume of
the low
of
Because
cotton as
only one-sixth as much
ia taking
countries
as
this
Under
party.
(2)
ago.
years
three
around
be
is
few
a
these
of
One
tries.
the seller that the
of
sold.
was
in cooperation with agriculture as a whole.
forgetting
Without
part
be
problem is to remember that it cannot
solving the cotton
in
solved except
3315
Chronicle
Financial
148
Volume
of
retary
State
Hull
"the
represents
American
greatest
achievement in the field of economy and commerce in many
years," J. M. 0. Monasterio, Vice-President of the Hibernia
National Bank of New Orleans, said on May 25 in an ad¬
dress at the Foreign Trade Week banquet held in Galves¬
Mr. Monasterio discussed many aspects of for¬
ton, Tex.
eign trade, with special emphasis on possibilities of increas¬
ing United States commerce with Latin America, and on
the desirability of fostering the American merchant marine.
He denounced
policy of isolation for the TJuited States,
a
Donald R.
Richberg, former National Recovery
Administration Adminis¬
as
compared to that of internationalism.
trator, had
recommended that the Labor Act be amended so as to require
of labor unions for carrying out col¬
he
declared, "for us to try to live today within ourselves."
financial responsibility on the part
lectively bargained agreements with employers.
.
Products—Personal Injury Claims on Increase
or
brought by the consumer.
There are many
indications that this condition is likely to grow worse.
and
retailers,
The
claim consciousness on
increase in
the part of the
general public, the activity of trial lawyers, together with
the liberality of courts and juries in awarding judgments
in favor of claimants, have all combined to make claims
increasingly popular.
Fake claims have been an important
factor in this development and continue to be a problem.
Other
who
frequently encountered are made by persons
allergic to certain products which are normally
claims
are
harmless
to
the average person.
-
for
principle of legal liability applies in connec¬
with products as with other forms of public liability.
Maynard F. Lydiard, of Hartford, in the "Aetna-izer"
May, states that under the doctrine of common law,
the
claimant
The
tion
Mr.
same
facturer,
has
three "theories"
wholesaler
or
retailer
under which the
may
be
held
manu¬
liable
for
be held liable because he agreed or contracted to
supply a' good article and by failing to do so broke his contract.
Such
"contract" is based either upon an expressed or implied warranty on the
A seller
we
sell
policy
ourselves,
the
from
he
existing;
merely
Yes, of
essential.
Southland
of
in
and
man
order
What
would
their
rest
the
of
trading with
and ceasing to buy
products
own
the
from
exist by
can
but
international flow
devote
ours
we
not satisfied with
today is
for
him
live
live and
to
of credit and commodities is
to the millions who in this
thejr capital to the production
happen
toil
and
of
cotton, if the spinners of Manchester and of Poland and of France and
of
other countries
coffee
if
is
we
our
the shipments
the
by
and
to
move
who enjoy
us
of
a cup
this commodity
No, it is
an
of
from
economic fallacy;
to try to live today within ourselves.
us
and down the docks of any Gulf port one cannot help but
up
impressed
which
It would mean economic chaos
I ask, to those of
to
ports
impossibility for
an
Walking
be
closed
Colombia, Guatemala, Mexico, &c. ?
Brazil,
it
did not buy our cotton ?
'What would happen,
and ruin.
of
variety
from
manufactured
various
products and
Can
countries.
commodities
bananas,
sugar,
spices,
crude rubber, burlap, mahogany logs, sisal and
daily imported in large quantities.
On the
export side we see lumber, rice, cotton, chemicals, motor cars, building
materials, agricultural implements, machinery, &c.
What would happen
if our purchases and sales of these products to and from other nations
petroleum,
were
to
items are being
in
cease
theorists?
The
of
If,
living.
education
of
order
answer
need,
our
Critics
that
saying
economics
'
of
'
our
then
unemployment
come
an
we
spending
a
vital
is
a
return
fundamental
and
and
ingenious
■'/
.
some
proper
that the
to normalcy,
principles of sound
experimenting
'
■
of
lower standard
foreign trade is a
the conclusion that the
to
international lines
violate the
our
and
axiom that
is of prime importance.
Administration cry for
present
'
we
tendencies
nationalistic
the
accept as
along
continue
'
obvious:
we
people
long?as
as
and
please
to
is
therefore,
economic
gieat
coffee,
ores,
other
many
may
live,
must
.
our
nationalistic commercial
a
America
course,
the world,
of
properly, a well balanced
absolutely
isolate
consuming
rest
of
advocates
will
which
only say:
can
but
one
and
though sincere,
development of our ports
damages:
(1)
misled,
economic
world,
no
injiirious substances, and
mechanical products defective in workmanship or design,
during the last four years, account for an increasing num¬
ber of
legal claims against manufacturers, wholesalers,
noxious
the
To
Manufacturers' Liability to the Consumer for Defective
containing
in part:
.
and
Food
Monasterio added,
Mr.
It is impossible,
•
■
•
we
I
3316
political
task
Financial
have
cannot
permanent
of
question,
aspects
tire
confronting the
is not
certainly
tion,
a
This goal
international
of
Such
branches
10% to 50%.
in
long list
a
quantities
of
exceeding
that
10%
which
in
and
to
otherwise
purchase
sold
times
prosperous
look
cannot
and
with
have
which
to
creditor
a
agriculture
pay
in
we,
and
the world's
percentage of
This
us.
nation,
A
steel
The
products,
are
by
from
be found in
prac¬
is
is
supply of
abroad
averages,
to
up
trade
as
Board
New
in
session
of
York
the
our
If
want
we
which
would
goods
own
particularly
as
rest
true
gold.
a
to
ley,
President
C.
tute.
of
Industrial
included
been
streamlined
business
modern
credit
facilities and soliciting
play their part in promoting
step of the way.
r
*,
anxious
every
the
Matthew
and
The decline
country.
in
It
is
the volume of
world-wide
a
of
barriers
interference of
against
government,
in
recovery
not
cure
the
unless
business initiates the
has
it
The
confidence in
.basic
cause
of
the
to
Mr.
eliminate tile
Woll
Insti¬
and
these
rates
is
use
The
not
world
confined
to
the
degree
has
of credit.
vidual
will
we
of
international
But business will
production
and
do
also
the
report
biggest buyer of materials
not
and
will
of
lead
no
well
cause
Labor
and
one
40
can
all
on
enterprise
individual
alone the
as
to
destroyed
by
expressed
through
that
profits,
every
be
governmental
its
discrimination.
able
or
investment
sound
allowed
well
rights."
largest employer—it is
of
its
own
bonds.
In
a
of
commissions
To
powers.
with
where
tremendous
all
this
may
It
private enterprise which
to
competition
taxing
power,
function
or
by
and
not
be
governmental
restrictive
legislation,
has
economic
stifled
or
be
fiat,
whether
or
through
Unless industry is allowed the
opportunity to make reason¬
collective bargaining will be rendered
useless and be of no
Organized
Iqbor views with apprehension the
spreading structure of
boards, commissions and committees; of
rules, regulations, restrictions and
limitations, placed
upon
subject
matter
to
employees
involved
and
that
effect thus
inevitably
com¬
the
on
that
way
principles
do,
say,
that
of
that
I
I' believe
do not
have
many
mean
to the
of
of
is
which
upon
way and
political
the
between
carried
all
we
the
Our
and
in
manner
parties.
new
out.
agree
to
which
That is,
governmental
by
controls
thereby to endorse all the
espionage and
accompanied
business,, in recent
principle
some
of
the
extensions
of
Government
years.
of Industrial
Structure of United
Unemployment
of
New
Prob¬
York
Reasons Why Busi¬
industrial structure
a
of
sound solution
problem—unemployment,
was
urged
May 31 by Richard W. Lawrence, President of the
Cham¬
York, in an address at
Connecticut Chamber of Com¬
at the Hotel Bond in
Hartford.
.
■
•
Mr. Lawrence spoke on the
question "Is Business Encour¬
agement Warranted V' and answered it in
the affirmative.
He cited as
among the hopeful signs
;
(1) President Roosevelt's approval of tax
revision to remove
business deterrents to
expansion and investment,
(2) The growing independence of
some of the
Congress which "has turned its
the White House to the
ground" and
(3)
„
and
is, however, a situation that
may
give these trends and tendencies serious
consideration.
utility shall
avail.
corporations
accurately foretell.
demands
social
huge
purchasing and
the
in
ber of Commerce of the State of
New
the 40th annual dinner of the
Improvement
in the
ear
from
foreign situation.
In conclusion he said:
.
con¬
owner
manager
compe¬
own
made by the
employment,
with
are
A survey of the man
power of the
not
Treasury it appears that Uncle Sam is the holder
roughly $4,500,000,000 of his own bonds.
The Government is the
or
Eco¬
in
Government
the United States to
lay the groundwork for
of the nation's greatest
so
challenge the rights of the indi¬
National Government is
assailed
Chamber of Commerce-^Cites
ness Should Be
Encouraged
4
regiment private
or
our
reconstruct
or
.
Lawrence
trade,
not
trade.
spending
of groups acting within their
Mr. Wall went on to
say, in part:
Today
He
States With View to
Solving
lem Urged by President
merce
we
unfamiliar
Survey of Man Power
brought about by the
of government
Government
that
to
regulation
this
distribu¬
To
construct
modern
I
as
terrorism
and
over,. there
growing tendency of Government to compete with its
citizens," which, he said, "if carried out to its
logical
clusion, "must eventually lead to political
ownership
operation of all the processes of production and
tion.
to
"Problems of Management
we all
adhere, but disagreement as
principles are applied is the basis
here
are
restore employment in private
industry.
He said that labor
wants to see "a very definite check
placed on the rapidly
and control labor
requirement
to
by supplying ample credit
movement
on
its
great
stating,
the
of
ready
are
a
which
future.
that
business
with
<„
distinction
nor
restrictions
transportation
in competition
traffic in return for
grants of lands made many
the building of railroads into the wilderness.
principle of regulation and
Government itself is set up
jess
declared
the
business, growing up during the last 50
years, have
increase of governmental regulation
equally inevitable; that
much of the new regulation is here to
stay, and that we, as intelligent
business leaders, should
frankly recognize this fact and should use of
experience and foresight, working with
Government in the effort to
guide
this regulation into sane and useful
channels for the public
good.
In making this statement I would
make a clear
made
credit in use in less * business.
Instead of
spending our energies criticizing existing institutions
bulging with funds
awaiting constructive use, we ought to be
concentrating on the'study of
ways
....
from
Barge Lines,
its
on
encourage
relatively
plexities of
Vice-
part
every
They
and in trade,
free
use
the
„
disposed of by subordinates
Congress and therefore unresponsive thereto.
Regrettable as these things are, I still believe that
the
will it improve business to accuse
banks of failing to meet their
responsibilities.
Mere availability of more
credit at cheaper rates will not stimulate
business.
Credit does not create,
business,
of
,
'
competition
situation
rates
to
ui-known
*
will
Government
questions of great moment
with business, and
unqertainty with respect to future governmental policies.
In a world dis¬
tracted
by fnanaged economies, unstable currencies, business
barriers,
barter schemes, and threats of
war, the outlook for increased trad? is not
encouraging.
'
It
'
.
railroads
>'.
■
transportation, to be administered
"
everything gets referred
often
general
Woll,
conditions
large,
bank credit in
the
the
of
to the great size of the
country and the consequent mass of cases
be handled, the Federal boards cannot
possibly themselves, even if they
do so, give personal attention to the
matters coming before them.
The result of this condition is that
time and money in advertising
phenomenon.
decline in industrial production
erection
terms,
customers.
to
a
to
as
needs, small
These agencies have spent much
country.
been
have
individual
of
forms
bodies.
or
Due
Conference
address
in
generally—in
to
flow of
a
policy
in transportation.
would
the
facilities
meet
public
real
its
alike
tition as distinguished from Government
regulation.
"In
engineering language," Mr. Kellogg said, "regulation is a
governor; competition is a throttle valve."
He continued:
Annual
country had more adequate' credit facilities than it has
today.
These facilities are provided through many governmental institu¬
tions, through chartered banks, and through other financial
agencies.
These
and
when
treated
is
.
Reconstruction."
nomic
Present—Addresses
Board
only
come
Government.
of
all
to
Mr. Kellogg discussed
Others to
will
transportation
subsidy
deal
square
of
Repeal of the land-grant statutes, under which the Government
enjoys
preferential
'
Risk-Taking Capital Is
at
problem
form
quote, in .part:
„
'
to
a
public body
same
Relieving
5.
large
very
Kellogg, President of the Edison Electric
Mr,.Hanes said, in part:
*
has
every
made public by
was
we
railroads.
have
we
W.
Never
political
by
ing
Federation of Labor; J. J. PelAssociation of American Railroads,
the
cannot
reason
implements
bridges made necesskry by navigation projects, and of the cost of eliminat¬
grade-crossings beyond that represented by direct benefit to the
it
May 24 before the twenty-third
convention
railroad
regulation,
taxpaying citizens.
4.
the
secure
a
;
National
City.
the
when
deal involves:
square
Retirement
own
foreign
render
since
do,
we
of
taxation,
through its operation of the Federal
of
purchase from them;
must
Board, from which
Equal regulation
3.
the
President of the American
and
be
must
of Mr. Pelley's address
support and operations
2.
by the
frac¬
mere
a
with
fact.
Conference
on
the
commissions and
boards,
If the rule of
,
relations'
today,
the
capital, and this lack is one of the greatest
single factors accounting for the failure of recovery, Robert
M. Hanes, Vice-President of the American Bankers Associa¬
of
these
up.
Requiring highway and waterway carriers to pay their proper share
the Cost of maintaining the ways they
use, and a fair contribution to
of
risk-taking
address
set
1.
of
foreign markets.
abroad of the value
The great economic lack at the present time is
an
equanimity the economic and
all
welfare
short, when there is
upon
situation
holding
Industrial
meeting
general
corrected,
of
matters
Meeting—Matthew Woll Says Labor Wants Check
on Government
Competition with Citizens—Other
Speakers J. J. Pelley and C. W. Kellogg
annual,
the
if
solution
is
cause
grown
of income.
turn,
Robert M. Hanes Says Flow of
Greatest Economic
Need
tion, said in
which
and
summary
years ago
National
accept with
of
invested
the Conference
flour,
sold
may
this
upon
source
unbalanced
an
and
consumption
goods
economic
for those who want to purchase
impossible
funds
become
products
our
would
we
and
the higher
the world, we must not overlook one fundamental
nations
and
wheat
production
of consideration
commercial
our
workers
correction
been
have
voluntary,
Such
total
our
negligible proportion of its
studying
the
forms, the workers will resort to their basic remedy of democratic political
But that will be, has always been, their last resort.
/
of
out
$4,000,000 to $5,000,000
In
domestic
of certain commodities dependent
more
country
tional
iron
These surplus-producing industries
contention
negligible account leaves
A
fruits,
of other commodities
tically all sections of the country.
50% and
industry
lead, oil, coal,
copper,
and
machinery,
manufactured
The
of
tobacco,
cotton,
as
the
can
for
action.
important
products
and hog products,
grain
automobiles,
and
be
of world currencies and the elimination of
foreign markets for the disposal of large proportions of their
upon
production.
evils
committees
legisla¬
crop
processes
.
neither
But
social
commerce.
most
cur
time
restrictions, thus reestablishing the confidence needed
cumbersome exchange
Many
this
1939
3,
by Government,
through political action, introduces motives and elements of control, which
result in strangulation.
but to increase
situation,
only be attained by sound
can
reasonable stabilization
depend
economists of the world at
June
Undue intervention in the economic
community.
that the greatest
convinced
am
Chronicle
the
production of certain basic commodities, which would
consumption.
foster
I
to discuss
purpose
my
complicate the unemployment
further
their
to
but
and
statesmen
reduce the
to
It is not
prosperity.
the necessary ahd proper activities of
the economic
:
.
"Yes',
there are sound reasons
why business should feel
encouraged.
The United States has the
greatest natural resources of
any country.
It is
the largest
consuming market in the world.
It has the greatest
industrial
leadership of
any nation.
finest standard of
living.
Its
workers are the highest
paid.
It has the
Americans have what it takes to
win; they have
yet to meet defeat from
any foe without or within.
The day of the
'isms,'
of the 'spend
without toil' dreamers. of the
popularity of unsound economic
theories, of the false prophets
luring us from the paths of established
truths,
will wane and the Ajmerica
we love will drive forward
again to attain
levels of national
progress and prosperity."
new
In
making bis
proposals^specting the solution of the
employment problem Mr. /Lawrence said:
un¬
"Nine years of government
direction in attempting to solve this
problem
has brought little
result.
Theqtf are almost as many persons out of work
today
the
no
as
at
the
depression
greater
height of the/depression.
or
Our knowledge of what
caused
what steps we should take to
prevent a recurrence of it is
was in 1930 when it
began.
The Government
today than it
spent billions of dollars in
treating the disease of
penny to isolate the germ which caused
it.
has
depression, but
not
"Next year when the
Government takes its decennial census
will be
ideal time for it to atone for its
neglect, to tackle the unemployment
to get at the root of its cause and
sound solution.
We have had
further than that.
prehensive survey of the
i
an
problem
scientifically and
much
one
a census
What
man
we
lay the groundwork for
of unemployment, but
need is
a
census
we
a
need to go
of employment—a
com¬
power of the industrial structure of the
nation
Volume
"We need to know the effects of mass production and
provements on the employment
which
out
workers
industries are over or
so
as
to train more men or fewer
men
for certain kinds
the New York "Herald Tribune" of May
of work.
outlived their usefulness
The
and
where there is
determine
be a demand.
We
concentration of workers for
too great a
industry to absorb and relocate them where they will
operators likewise
find a ready market
pay
problem and
toward cushioning
times of business recession."
intelligent solution of our greatest
an
the blow which inevitably falls upon
labor In
of every striking miner
After
devise a plan which would go far
would be in a position to
clause which, in the event of a strike,
on
"penalty"
strike day from the
a
his return to work.
weeks of negotiations the pact was
seven
week,
forced to abandon their claim for a 40-hour
pay cuts and an automatic penalry
convinced that if the Government would make such a survey we
am
were
Thus the union was
The
week, plus pay increases.
30-hour
a
would have allowed them to deduct a $1
would have the basis for
and the 35-hour week
agreement continues the same wage scale
frustrated in its demands for
for their services.
"I
new
provided in 1936 contract, which expired April 30.
replace them with others for whose production there will
must
midnight May 27 and the new pact became effective
In reporting the signing of a new contract
28 said:
of that date.
as
find
unskilled
under-supplied with skilled or
We must find out what industries, if any, have
ended at
technological im¬
of workers in affected industries, to
3317
Chronicle
Financial
148
finally ratified at 11a.m.
yesterday by the joint negotiating committee in the Hotel Commodore.
Mr.
Lewis immediately hailed the event as
"a triumph for collective bar¬
gaining," while Maj. W. W. Inglis, president of the Glen Alden Coal Com¬
About 4,000
pany,
Complete
:
at least two more years
,
the industry," Major Inglis said.
made idle this week
10% of that number.
The Seafarers International Union,
A. F. of L. affiliate, negotiating renewal of a labor con¬
tract which expired last March was unsuccessful in enforcing
its demands for wage increases of $10 to $15 a month and
75 operators
J. Connolly.
Thomas
eliminated the threat of encroachment
lachian
obliged
increase of $5
end the strike.
a
gained
"
Besides settling the union shop issue,
the pact provides for a permanent
officials which will meet at least
questions arising under the contract.
in three months to discuss any
once
If the committee disagrees, it may by a
majority vote refer the dispute to
the joint conciliation board, which was
first created in 1903.
old contract the conciliation board, when unable to settle a
it
umpire appointed by the Federal
over to an
can
Under the
dispute, turned
The
provided it
Court in Philadelphia.
the board to choose its own umpire,
agreement permits
new
agree on one.
,
.
,
reached in the case of the bituminous coal
noted in our issue of May 20, page 2996.
The agreement
operators was
month would probably be sufficient
Five-Day Strike of Chattanooga News Unit
Newspaper Guild Ended
\
♦
/*
.
Federal Conciliator Offers Terms of Settlement
of
Briggs Manufacturing Co. Strike
The
Thus, within two weeks, .nearly 400,000 miners have
region.
committee of six operators and six mine
: ;■
wage
Mr. Lewis
by the Progressive Mine Workers,
the union shop.
Negotiations between the company and the union which
resumed May 29 have not yet been productive.
On
June 1, Matthew Dushane, chairman of the Atlantic sea¬
board division of the Seafarers International indicated that
to
Mr. Lewis
.
with soft coal operators of the Appa¬
earlier this month in negotiations
won
were
a
i
.
atfiliate of the American Federation of Labor, and duplicated the victory
an
arrive at an agree¬
claims that it. has paid wages
higher than those paid by comparable organiza-
tions.
approval.
By gaining exclusive collective bargaining rights for his union,
Bos-;
Nor¬
Bermuda, and between Boston and Yarmouth,
or
For the Union the negotiators were Mr. Lewis, Philip Murray,
Although the contract must be passed on by a referendum vote of the
N. S. and St. Johns, N. B.,
equal to
Pendergast, Ralph E.
Kennedy, Michael Kosek, Hugh Brown, Martin Brennan, John
himself predicted "overwhelming"
,
and
The
at the Hotel Vanderbilt.
miners, there is little likelihood that the union will reject it.
The company
folk
May 26,
Kametz, Peter Flyzik and Joseph Kershesky.
lay off its 3,000 shore workers.
which operates between New York and
ton, New York and Norfolk, New York and Richmond,
to
Friday night
Taggart, Santo Volpe, James Pierce, L. R. Close, C. A. Garner and Harry
stewards and deck and engine-room hands.
engine-room hands voted a strike which
began May 26; the stewards, outnumbering the other group,
were by a large majority opposed to striking, but refused to
pierce the picket lines, and thus about 1,000 men were made
idle, while the entire fleet of 14 cargo and passenger boats
of the line were forced to remain in port.
When negotiations
the end of business June 1, the company was
will act to stabilize
"
.
negotiators for the operators were Maj. Inglis, James
overtime pay for
The deck and
ment at
late
:
.
.
approved unanimously by the full delegation of
The contract had been
an
for the settlement of the strike failed to
of peace in the anthracite industry.
"I believe there will be peace and that the contract
employees of Eastern Steamship Lines were
as a result of a strike voted by about
would
of Scranton, spokesman for the operators, said tnat the pact
assure
Steamship Lines Strike Results
Stoppage of Operations
Eastern
in
Briggs Manufacturing Co. strike gave some indication
approached the settlement stage this week when
of
A five-day strike of The Chattanooga News unit of the
Chattanooga Newspaper Guild ended on_May 27 with the
signing of a one-year contract.
The strike, which started
participated in by members of the editorial,
of having
on
Federal Conciliator, James F. Dewey, on June 1, submitted
his recommendations for adjusting the twenty-eight "griev¬
business, circulation and advertising departments.
for the strike.
and the union, the United Automobile Workers
affiliate) had agreed to accept the conciliator's
ances" which the union had listed as reasons
recommendations.
;
-
v
May 22 when negotiations for renewal
of company's labor contract which expired May 16 and settle-'
ment of the union's "grievances" resulted in failure.
Be¬
tween 13,000 and 15,000 Briggs employees were made idle
by the strike, but Chrysler and Ford shops forced to halt
operations for want of Briggs bodies, brought the total
number of men out of work on account of the strike to
■
■ /1.• ■ - ■■
.. ■': v.......
' • ■'
• -..;
'
somewhat complicated on May 25 when
independent United Auto Workers union
claimed the right to represent
The com¬
the NLRB to hold a
organization should
Briggs employees.
pany on May 27 accepted an offer of
consent election to determine ydiich
rightly act for the workers.
\
■
Associated Press advices of June 1, describing Mr. Dewey's
proposals, said:
Of the 28 grievances,
»
v"
'
,
,
.
Mr. Dewey's recommendations settled 15 in favor
favor of the company.
union and five in
Three were left to the
Labor Relations Board, and five others,
involving wage disputes, were left for settlement in contract negotiations.
W. P. Brown, President of the Briggs company, said that Mr. Dewey's
jurisdiction
of the
recommendations
well
as
R.
National
"uphold the company's right to* discharge
to withhold wages
J.
Thomas,
for services not performed."
President
union considered the
rulings
of the U.
a
A. W.
<
for
cause as
.
faction, asserted that the
justification of its position and a clear-cut
reduction of the pro¬
Guild in the editorial and commercial deaprtments
employe shall be dismissed for reasons
of economy."
reinstated and will return to work Monday.
Regarded
Debt
National
Regard¬
Chattanooga advices
said the contract provides against,
All strikes are to be
as
Grave Problem by Com¬
Reporting to New York State Chamber of
Commerce--—Committee Headed by Percy H. Johns¬
ton Presents Study Warning Against Continuance
of Government's Deficit-Spending Policy
mittee
v
.
.
was
Homer L. Martin's
of the
Guild officials
portionate strength of the
and that Vno present
The strike started
around 70,000.
The situation
was
ing the settlement, Associated Press
May 27 said:
The company
(C.I.O.
May 23,
Chamber of Commerce of
The
the State of New York
May 27 a study of the fiscal situation of
the United Stajtes Government which pointed out that the
World War had cost the United States more than $41,000,-
made public on
1934, and probably $45,000,000,000
characterized the size of the national debt as
a
grave
problem "in view of unsettled conditions in
Europe." The report was presented to the members of the.
Chamber at their monthly meeting on June 1 and adopted
unanimously.
"
'
/
The study, which was prepared as a factual report to
the Chamber by the Committee on Finance and Currency,
was signed by the following members of the committee:
Percy H. Johnston, Chairman, of the Board of the Chemical Bank &
Trust Co., Chairman of the Committee.
V:
f
/
.
H. Donald Campbell, President of the Chase National Bank.
Harry E. Ward, President pi the Irving Trust Company. "
000,000 up to June 30,
by now, and
.
"
■victory.
Mr.
'
...
"The men
will go
basic question
..
arriving at a contract upon Which
The union is
demanding
a
The
said, would be for the purpose of
both sides would be willing to negotiate.
union-shop clause in the contract, but the com¬
has declared it would not begin negotiations until the demand is
The union has stated that the men would not return to work
No
Hard
Coal
Pact
Signed
by
Operators and
U.M.W.A.—Agreement Covering 100,000
for Union Shop in Anthracite Mines
The
signing of
a new
.
Provides
two-year contract between Pennsyl¬
and the United Mine Workers of
America was announced in New York on May 27, following
negotiations of nearly two months.
The new agreement,
covering 100,000 hard coal miners, provides it is stated, for a
union shop and exclusive collective bargaining rights to the
Congress of Industrial Organizations affiliate.
The old con¬
tract expired April 30 but the mines were kept open by four
weekly extensions of the old agreement.
The latest extension
vania anthracite operators
one
face of
lead to
The report states:
disaster.
the saturation point will
be reached in the process
the Government debt, but the most
simple minded know that
knows when
of increasing
,
with a warning that a continuation
Government's deficit-spending policy in the
enormous
Government debt must eventually
the
to
Two-Year
report concluded
the
of
waived.
until the union shop is granted.
Beck, Manager of the
Edward L.
of recognition," he said.
Consolidation Coal Co.
New York Clearing House.
President of the
Hill,
C.
Robert
back to work if they can reach an agreement on the
Tomorrow's conference, the conciliator
pany
'
Dewey declined to predict any date when the plants would reopen.
spend more than one's income, if pursued, inevitably brings ruin.
The founders of this great nation encountered hardships far beyond
anything
reliance
alleviate
We
did
their
must
experiencing—they met them
are
we
and
not look
with courage and self
bear their burdens and
ills.
abandon
the
so-called prosperity to
The
to the Government to
idea that we can
mortgage the future to bring
the present.
report summarized a
number of the outstanding re¬
Government's fiscal policy as follows:
The gross public debt of the United States Government on May 1, 1939,
was
$40,066,450,564 or about $306 for each man, woman and child in
sults of the
the
country.
In
addition to its
500,000,
principal
,
•
responsible for $5,447,outstanding obligations of
publid debt the Government is
and
accrued
interest,
of
Financial
3318
various
Chronicle
governmental agencies which have authority to contract $9,500,more which would also be guaranteed by the Government.
spending during the current fiscal year is on the basis
000,000
"Important
income
that business has received from Government spending has
by taxes which have crippled the spending power of industry
the incentive of private enterprise.
would
Federal
take
history
year
the
were
largest
in
the
There
the
higher than they were in 1929.
Government has collected more than $6,000,000,000
Uneconomic taxation
they
In
balanced
budget rested
the report said:
In' discussing
national
five
of
the
eight
period
the
last
five
$6,000,000,000
the
of
$3,500,000,000
the
last
In
the
taxes
last
from
1929
years
tional
of
this
get
which
and
in
revenue
of
period
of
out
record
in
early
prosperity.
from
tax
In
the
effect
Government
such
as
pre-depression
the
to
in
took
more
This
in
reached
to
its
of
highest
internal
mark,
$5,658,765,314
and
history.
were
exceeded
for
the
fiscal
of
any
previous
those
year
Nation's
and
86% higher than 1930 and 5% higher than the previous record
1920.
They
,
92%
,
•
higher than
the
fiscal
savings
$40
reverse
A
that
savings
income
make
to
millions
of
thrifty
,
American
for his
to
$15
that
wife
of
would
He
including
is
saying
yield
formerly
his
this
$600
Another
and
earn
now
of
income
children,
a
must give,
life
is
to
protect
that
year,
whereas
$50
or
$25,000
or
save
yielded..
a
more,
of
balancing the budget strike home
As
long
the
as
Government
is
its inevitable tendency will be to depress
cheaply as possible.
The thrifty American
as
the
in
and
for widow and children.
Americans.
year
a
their
continue
of
$1,000.
on
$1,000
much
as
way
the question
thrifty
income
and
accounts
The thrifty American
times
4%
at
rates so as to borrow
the bill.
$40
for old age or
of
of
&e.
it is necessary to accumulate $40,000,
same
future
savings
the
The
artificially low
bank
or
$1,000
gear.
graphic
A locomo¬
driving force
not sure they can
are
the
age,
same
the
few years ago savings paid 4%;
a
to
on
the
are
and
squeeze,
there
tens
are
of
millions
of
insurance
policyholders, savings bank depositors, holders
building and loan securities, recipients of rents, &c.
Let these thrifty
people become aware of the fact that their security for old age is
ot
in
gradually shrinking
1929
year
loss
a
is
competition,
that they
me
is
and one-half
formerly.
ought
money
pays
1938
year
the
B.
things that
secure.
by
out
wrung
your
home town
from
two
$15,000 of
these
them,
$81,000,000,000. ''
over
taxes
revenue
take
to live in old
borrowing $3,000,000,000
income
and corporations than it did in either the fiscal
In the calendar year 1929, it will be recalled, the na¬
1930.
S.
'
today
security in
as
have the
to
individuals
or
the
substantial agreement
need is
less
1^%,
at
month,.at lYz%
the
Nearly
in
money
stand
were
v
•
fact
Here
decline,
example,
home
to
Government
the
firm
a
not enough.
are
you
and
my
expected
of
social
formerly
than
alone.
year
is
his
produced
and
"retaining
major
a
startling
Bankers tell
he
yield,
to
this
in
What
Government
In
the
to
as
of saying this is that the thrifty American must
This
the
was
in
period.
was
621/2%
$2,666
was
not
which
way
yeats
$20,077,000,000.
Government received more
were
of
the
collections
took
and
convention
But facts
move.
illustration,
much.
that
pay
from
the .de¬
it did
as
included the
income
the
years
new
years
collections
amounted
to
period
years
1926-1933
taxes
new
fiscal
income
Total
the
depression
fiscal
two
struggling
latter
Government
fiscal
from
early
years
total
in
this
embraced
also
it
$19,804,000,000 and
In
While
the
was
much money from the taxpayers
as
years.
depression,
1934-1938
business
when
years,
pression, took nearly
previous
the
upon
it is interesting to note that the Government in the last
income,
fiscal
simple
a
today, V/2%'
income
have
South Bend, Ind., who, in
becoming less
is
taxation,
heavy
As
to
Government's
not
the < most
millions of earners.
the
would
tax laws were
enterprises
be left alone."
we
There is equally
people are being gradually
yields,
formally
of
dependency
the
affairs
opinion.
American
increasing the national income,
on
bankers
agreement
necessary.
does
public
judgment
my
thrifty
saving
Analyzing the statement made by President Roosevelt in
his budget message last January that the hope of a
general
are
steam
aroused
an
the
pay.
pretty
a
without
tive
in
is
what remedies
to
of
least able to
are
by the
foreign
in
addressed the
in our national economy.
wrong
as
policy of the Government has imposed the heaviest
the people at a time when
on
fiscal
large part of it taken from business.
taxes, a
burden
last
being 92%
Nation,
1933
the
them
our
business
part, said:
rate
for
unanimously
business"
own
those who
of
of
most
stimulating
republic and insisting that
our
One
bring the public debt of 1940 down to the
of average reduction from 1920 to 1930.
to
years
at the
collections
of the
Since
33
level
tax
of
our
toward
view
Pettingill, former Congressman,
destroyed
pre-depression
new
"minding
ideals
benefit
offset
have
It
of
1931-1939
years
problems,
these
of
and probably could be tolerated if
a
recovery," he 6aid.
A resolution
adopted
approximately $2,661,000,000.
Any
been
billion dollars.
for the fiscal
60
with
framed
be
to
dollars; actual national
yearly Government deficit
average
be
and
will be around
probably
The
will
90 billion
income of between 80 and
national
a
all
are
as
decreased significance
Government
of
June 3, 1939
America
presidential
,
and
away
20,000,000
year
you
mobilize in
can
30,000,000
or
people
more
this
business of
than
saving
voted
even
in
a
election.
,
E.
Opposition
to Berle
at
Annual
Convention—High Tax Rates Criticized by Roy C.
Osgood—Meeting Declares for Dual Bank System
all
loans
which
banks
properly
may
make
"Journal
of
Commerce"
of
May 26, in which it
was
The
policy
report distinguished between .credit and capital needs of
pointing out in answer to recent suggestions that there is insuf¬
business,
ficient
Credit
for
protected
sive
"against confiscation
either
by taxation,
inflaton
or
National Bank, Mt. Vernon, was, elected Treasurer.
The
new
the
activities
might
disappear."
.V
contrary,
well
be
-
there
is
dispensed
a
with
the
'
Mr.
fear
Anton
of
told
the
Executive
governmental
capital
Ottawa,
would
Alternate
Old
.
Co.,
tion proposals.
The
for
bankers
supervision
Reaffirmation
and
a
also
were
of
of
declaration
The
that
this
National
faith
for
included
in
in
be
retained
of
system of
double
of
rates
He
to
1
tax.
listed
stating
and
No.
that
trouble
gains,
they
exercise
as
the
investment policies.
income
profound
of
estate
upon
taxes
and
as
capital
Division—Eugene Abegg, President Illinois
C.
Williams,
'
President
State
Bank
&
Trust
State
Bank,
•
,
R.
•'
Torrence,
Vice-President First
*
banking
cannot
character,
convention
nado,
stockholders
"The
Vice-President
Oak
Park
Trust
&
be
"legislated,"
energy,
of
Calif.
the
California
The
Banker and
subject
His
Bankers
of
Mr.
Public."
Association
Burgess's
In
at
Coro-
address
was
defining the principal
weakness of banking in 1933 he said that individual
banks
were on the whole
fairly well managed, but that the bank¬
ing
stated
system
to
run
a
managed.
"We apparently know
banks," he said, "but little of how
banking system."
He continued:
This sounds
examples,
the
expansion
stock
their
banks
a
were
exchange
own
badly
was
much about how
"unreasonably" high
and
Vice-President
but is dependent
ability and statesmanship of
themselves, W. Randolph Burgess, Vice-Chairman
the Board of the National
City Bank of New York, said
May 25 in an address before the forty-eighth
anniversary
on
banks, State and National,
influence
Kohl,
bankers
,
a
Citi¬
'
Ijtockford, 111,
Co.,
Division—C.
'
the
upon
office responsible
the Federal tax problem
was with
the
personal
First
President
tion
Good
reorganiza¬
liability of bank
The advices added:
capital
Vice-President
Banking Is Dependent Upon Individual Bankers*
Cannot
Be
Legislated,
According - to W.
Randolph Burgess—Addresses California Conven¬
same
the
Executive
and
policy platform.
Chicago, delved into
Bank,
Good
paper, in Peoria advices, May 26, stated that
Roy C. Osgood, Vice-President of the First
National Bank
that
National
.
alone.
the dual
abolition
the
post
banks
Trust
Bank
Trust
The paper quoted likewise said:
urged
First
Schwoeffermann,
111.
Division—C.
D.
Seftenberg,
Savings Bank, Oak Park, 111.
Policy Committee report called for retention of the
Comptroller of the Currency, whose abolition had
Government
&
Chester, 111.
capital equally available to the Government or
units for public works.
Mr. Berle's
three-point
plan was referred to in our issue of
May 27, page 3155.
In
the Chicago "Journal of
Commerce" it was also indicated
with
Bank
State Bank
that
connection
President
Nominating Committee—Harry
Centralia, 111.
National
Division—George
Evanston., 111.
local
suggested in
Bank,
Savings
study the advisability of enacting legislation
providing for
credit banks, whose business it would
be to pro¬
vide capital for those
enterprises which need it
and,
.
National
National
capital
been
Gerding,
T.
Bank, Chicago Heights,
Member
Vice-President
other
subcommittee to
a
National
zens
among
that the
A.
Betz,
in Lincoln,
Lincoln, 111.
Nominating Committee—B. J.
Nember
that the strictures above have
reference to the proposal
advanced by A. A. Berle
Jr., Assistant Secretary of State,
in testifying in
Washington on May 17 before the Tempo¬
rary
National Economic Committee,
"when,
office of
meeting, held
of the Illinois
•
Vice-President—Paul
■
,
to
Illinois members
National Bank
'
things, he suggested the appointment of
Council—Fred
111.
State
The Chairman of the committee was John
J. Anton, VicePresident of the First National Bank of
Chicago, who was
elected President of the Illinois
Bankers Association at the
closing session of the convention on May 26. It is inferred
make
by
Bankers Association in Peoria:
feeling that many
and
elected
were
May 25 at the forty-ninth annual convention
agencies of government need be created,"
"On
following officers
of the American Bankers Association
at their
oppres¬
Deny New Agency Need
"No
of
Joliet, was elected Vice-President of the Association,
defeating A. L. Carter, President of the First National
Bank, Murphysboro. R. O. Kaufman, President of the First
supervision."
delegates.
Bank
in
business
expansion, that the banks haye ample funds for
legitimate loans.
But the capital supply comes from
private investors,
the report
stated, and their capital again will be made available to
business when
they are reasonably assured of a profit and, that they will
be
National
ers
Association, succeeds in that post Fred A. Gerding,
President of the First National Bank of
Ottawa, 111.
C. R. Reardon, Vice-President of the First
National Bank
also
stated:
.
First
of Trust Business"; another of the
speakers was James M.
Barker, Vice-President of Sears, Roebuck & Co., Chicago.
Mr. Anton, the newly-elected President of the
Illinois Bank¬
Bank¬
Association, presented at the lattcr's annual convention
Peoria, 111., on May 25. This is learned from the Chicago
ers
at
the
in the farmers' progress and
problems, and the better
he is posted, the more valuable his advice is to the farmer."
William JH. A. Johnson, Trust Examiner of the
Federal
Reserve Bank of Chicago, spoke on "The Plus and Minus
contained
was
Policy Committee of the Illinois
President of
est
The assertion that abundant bank credit is available
for
in the report of the
Placek,
Neb., addressed the convention and he observed
that "a country banker has very few loans outside of
agri¬
cultural loans, and it behooves him to take an active inter¬
Proposal for Capital Credit Banks
Voiced by Illinois Bankers' Association
E.
Wahoo,
to
little
insane.
making
collateral,
account,
run
large
and
but also
for
Let
loans
illustrate.
me
to
making
brokers
some
account of
of
their
In
and
these
the
late
'twenties
individuals
loans
customers.
not
It
against
only
was
for
good
Volume
148
Financial
banking business—for the individual bank; the rates
loans
were
mostly well margined.
speculative
a
of
the
position
But for the banking system as a
built
was
which
up
was
of
one
Another illustration of the opposite sort:
In the autumn of 1931, when
England went off the gold standard and lai^e gold withdrawals from this
country began, many banks took steps to make their position more liquid.
They
sold
bonds,
conservative
result
was
they
step
this
of
to
by
take
care
These
are
banks
all
of
banks wrecked
many
of
the
well.
as
demands.
where the
cases
to avoid
for
the
danger—and
some
Mr. Burgess said that the question may be raised today
whether the banks in their
anxiety to employ funds are not
driving money
to the
rates to levels which may prove damaging
banking system
whole, and to the country's wellbeing also through the effect on the rate on savings.
He
dictated
by
progressive
In
to
economic
an
enlightened
pleasant
must
we
act
then
relations
sound
the
the
well
Deposit
of
and
The
provision
members
of
the
forward,
have
nesses
placed
if
it
been
weeded
all
accentuated
latest
in
annual
remains
System.
recent
report
The
and of
powers
I
as
profession
is
action.
the
of
Banking.
stantial
interest
these
of
of
may
remain
have
banks
taxes
are
than
of
legislation
has
been
even
in
the
Reserve
supervisory
number
a
on
deposits.
on
Federal
dispersion
among
different
of
•
the
encouraging
restriction
have
the
weak¬
action
and
Government
Government
Eor
signs.
about
do
some
their
takes,
and
administrative
years
the
now
been
bringing together a group of the
banking to study the profession in the Graduate School,
The
Reserve
of
City
Bankers
research.
Thesei
Association
appear
new
approach by bankers to their problems,
the
best
has
launched
to'be but
sub¬
a
of
symptoms
a
desire not only to run their
own banks well but to understand
their profession more fully, and on the
basis of that understanding to build a sounder
banking system.
That is
possible
public
ment
in
to
by
the
are
result
increased
part
meet
the
its
relations
a
burton—FDIC Statistician Addresses Annual Con¬
of Financial Group at Baltimore
vention
banking legislation
discussed
was
fore the annual conference of the Financial
more,
Division
on
May 24 be¬
Group at Balti¬
of Research
and
Statistics
the
of
Federal
Deposit Insurance Corporation.
Mr. Warburton in his talk
emphasized the dominant characteristics permeating bank¬
ing
of
legislation
during the past decade, as well as some
the outstanding changes in the character of
operations
of commercial banks which have resulted from this
tion and from changing business conditions.
legisla¬
Among the
major characteristics of banking legislation in
the last
10
years he listed the consolidation
and
diffusion of risks
formerly falling upon stockholders of individual banks, the
increased
scope
Federal
of
supervision over banks of de¬
posit, and the vastly increasel metallic base underlying the
Nation's currency and bank
obligations, as well as the con¬
solidation of the holding of this metallic base in the hands
of the Federal Government.
Mr. Warburton added, in
part:
Let
turn
me
character
of
conjunction
is
a
to
consideration
operations
which
of
few
a
have
outstanding changes
resulted
with other banking developments.
from
in the
this
these changes
trend toward the development of a
group of institutions, not
deposit, specializing in specific types of loan.
These institutions
organized in such a way as a consolidate over large areas the risks
of
adhering to these loans, and operate partly with funds obtained
by stock¬
holders and other long-term individual investors and
partly with funds
obtained
by selling debentures or notes to banks of deposit.
Such
institutions,
and
emergency
three
major
consumer
of
than
Banks
amounts
such
as
part
in
part
institutions
for
very
deposit,
of
notes
and
Federal
Reconstruction
loans,
Much
to
short
in
and
permanent
loans.
of
the
governmental
fields—farm
purchase
similar
other
in
residential
pressure
handle
financing,
is
general
and
personal
and
accumulating for the creation
business
and
industrial
loans
terms.
namely,
enable
Corporation
the
other
and
increased
United
Federal
and in
the
of
This
holding
States
silver
of
through
over
securities
raise
the
Federal
monetary
Government
bank purchases
tal^e
to
the
at
and
Government to
part
Government,
agencies,
gold
sufficient
of
Govern¬
Reconstruction
loans
formerly held
commercial banks.
Conference of National
of
this
issued
banks, Federal
Finance Corporation,
by
development,
specialized
Intermediate
now
loan
Credit
hold
large
institutions,
banks,
and
Association
Mutual
"Cooperating for recovery," the National
to
"Cooper¬
Savings Banks completed
Association of
May 12,
on
notable
a
economic conference in New
York, which brought together
officers and trustees of mutual
institutions from all over the
country.
As the climax of this gathering the Association
adopted a resolution which summed up the
preceedings
/.
■
.
Whereas, this
19th
•'
•
,
as
■■■
Conference of the National Association of
Mutual
Savings Banks has been dedicated to
"Cooperating for Recovery" and,
whereas, discussion of national questions
by representative figures from
banking, business and the Government has yielded
important results,
which it is hoped will point the
way toward a more
satisfactory and stable
plane of business.
Be It
Resolved, that this Association favors strict
economy both in personal
by the cooperation of labor, capital and
and governmental affairs,
supported
the Government to
ensure
dependable
toward
progress
sound economy.
a
Extracts from the various addresses which
featured the
meeting on May 10 and 11, were given in our issue of
May 13,
page 2831.
In addition to the speeches then
noted, one by
Harry P. Gifford, President of the Salem Five Cents Sav¬
ings Bank and Chairman of the Committee on Public Util¬
ities, proposed important utility measures, as follows:,
Instead of fighting taxes, rates and Government
generally, any manage¬
only furnishing fuel to the fire and political ammunition to those
of
our political units who lose no
opportunity of haranguing the multitude.
I said last year and I am going to
repeat, that a sufficient number of execu¬
tives of operating companies should get together in a
spirit of coopera¬
tion with the sole object in view of
preserving this great gift of Edison to
the people.
I believe that the research, engineering, financial and
ment is
statis¬
tical services
so
much emphasized
at a minimum of cost
by
by holding companies could be provided
high-class men whose services
a national board of
should be paid for by the companies on the basis of service
rendered.
Such an organization, needless to say, should be like
Caesar's wife, above
And it should inspire confidence in the public and in the
po¬
development of
complished.
power could be
rapidly
ac¬
,
After
I first said that, a surprisingly large number of
my friends and
fellow-workers not only told me they agreed with the
suggestion but they
said, "Why didn't
you go
board you had in mind ?"
further and suggest what type of committee
or
So'I
am going to make a suggestion as to the
type
of board and I do it without consulting any of the
parties whose names I am
going to suggest.
*
My suggestion would be Herbert Hoover, o^ California; Alfred E. Smith,
Henry Ford, of Michigan; Rudolf Hecht, of Louisiana; and
of New York;
William Allen White, of Kansas.
Edward F. Barrett, President of the Long Island
Light¬
ing Company, also spoke on the subject, "No Where To
Go But On," and said:
Utilities have grave and important problems, but we know it and have
the
men
your
can
a
and management to solve them.
All
we
need is
confidence and the confidence of the public, and it is
hold both.
Not by crying
job, and doing it well.
you
over
a
continuation of
my belief that we
spilt milk, but by going out and doing
I think that that is what
we are
all ought to know it.
doing and I think
•
.
Louis A.
Reilly, Commissioner of Banking and Insurance
for the State of New Jersey in addressing the conference,
declared that "it is important, that those interested in our
financial institutions study the tax situation and bend their
energies toward procuring for real estate some relief from
its tax burden."
It
has
He further stated:
been said the power to tax is the power to destroy; and, if real
estate is burdened with taxes that eat up most or all of the income, it neces¬
sarily will become less desirable and, in some cases, may be considered
even
worthless.
But, regardless of this, some legislators appear reluctant to
support any broadening
real estate.
or
of the tax base
suggest
or
or any other form of tax relief for
They apparently fear that, in times like these,
support by them of any new taxes or economy would
any suggestion
mean
their political
undoing.
Legislators, however, do not seem to mind hidden taxes—taxes you pay
without realizing it; and, in line with this attitude,
taxes on real estate
(particularly now that
a great
it is hinted that high
deal of it is owned by
financial institutions) are not resented by the voters as much as new taxes
or
debentures
economies would be and that the institutions can pass the burden of high
taxes
on
to
inconsistent
their tenants
with
our
by increasing rents.
But all such reasoning is
American democracy and ideals; and should not be
tolerated.
in the place of individual loans which
they formerly h^ld.
I think it likely that such assets will find an increas¬
ingly large place in commercial bank portfolios, regardless of the
tendency
for reduction in the volume of
emergency financing.
The effect
shift in the character of bank assets has been to
give the banks
points
banking.
"
in
part non-governmental, in part
institutions, have developed rapidly in
consequence
Land
great
unit
over
Savings Banks Dedicated
ating for Recovery"—Officers Elected
legislation in
First among
marked
banks
are
now
bank
the
failure' of the
Recent Economic
Md., by Clark. Warburton, Senior Research Assistant
of the
the
of
one
formerly.
of
operating costs,
obligations to
suspicion.
program.
Banking Legislation Analyzed by Clark War-
Recent
of
holdings
litical units, so that the widest
Recent
branch
as
systems
reserves
The
I inance
greqt
a
discussed
been
super¬
specific
pay
and
of
danger
become
constitute
including
Governors
Federal
of
must
Certain
banks
the
size
will
1942
particularly
potent
Association
in
program
Board
influence
there
best young men
of
Reserve
stocks.
sound
effective
more
given
a
book.
monetary control
•"
more
largely
under
over
earlier, what the bankers themselves
perhaps
Bankers
banks
weaknesses
Some
years.
powers
Here
American
the
in
a
lessened the
has
legislation,
the
on
mentions
indicated
indeed
will
public
weaker and
many
establishment
The
statute
through
certain
governmental agencies.
But
towards
made
trial,
System by
the
on
with
of
report
branch
as
by specialized loan institutions.
Two
other
important
vastly increased holdings of cash and reserves at the Federal
Reserve banks and
vastly increased holdings of United States Government
obligations.
The larger
holdings of cash and
Mutual
also a
weaknesses
major
been
on
banks
Reserve
the other hand,
on
is
one
out.
thousands of
that
dealt
a
the nation-wide
risks
force than
in
deposit
high
as
are
true.
other aspects of public
many
has
decidedly
security loans and limitations
But,
not
good.
common
bankers should give attention,
as
we
progress
were
Federal
less
of
risk
with
substantially
former years proponents of
In
banking
together
system
issued
changes
and
theory—but
Through the disasters of 1931 to 1933
runs
much
branch
of
already mentioned,
securities
follows:'
some
Insurance, while still
bank
sound
a
the
course,
number
enemy
years
countries.
consolidation
large
Also,
banking
wish
was
whole.
a
managed banks
vision.
step
There are, of
public
as
six
past
banking system.
less
from
be
would
sum
action
everybody's
irresponsible
that
other things to which
many
bankers'
banking system
In
and
proposition:
banking system.
the
the
if
point of view of
prime essential is not simply sound, useful banks, but
the
relations,
but
is
that
cooperatively and in the
1
Here
notion
self-interest
economy—a
matters
some
be
other
earnings.
unit
diffusion
The second important
change in the operation of banks of deposit which
to mention is the
change in the composition of bank assets.
One
aspect of this change I have
I
of
used
smaller
our
and
as a
added:
There
of
has
argument
reflects
sinking the ship.
so
superiority
But
It was
enough
strong
with
banking systems of
banking cited the
and the net
market,
economy
this country was
assets
has given
degree of consolidation
proper
banks.
individual
bond
the whole
quite
funds—a
of
the
sum
of apparently sound action by many
banking system as a whole.
You can recall
It is very like all the passengers on a ship rushing to one
others.
many
side
of
two
output
view
the gold position of
as
unsound
was
their
of
point
impair the position
quite unnecessary,
to
restricted
the
from
sort
risky
3319
insurance, it
causes
crash.
1929
action
less
whole
major
the
Chronicle
the
attractive ;
were
of
this
presumably
John H. Fahey, Chairman of the Home Owners' Loan
Corporation and Chairman of the Federal Home Loan
Bank Board, and Stewart McDonald, Federal Housing
Administrator, also addressed the Conference.
A .Georg
Financial
3320
Gilman, President of the Maiden Savings Bank, of Maiden,
Mass., and Chairman of the National Association's Com¬
mittee on Federal Legislation, reviewed the present status
before Congress; and Henry S. Kingman,
and Mechanics Savings Bank,
Minneapolis, reported as chairman of the Committee on
Municipal and Government Securities.
Robert B. McGaw, President Hampden Savings Bank,
Springfield, Mass., reported for the Committee on Insurance.
Friday, May 12, was designated as Mutual Savings Bank
Day at the New York World's Fair, when 1,000 savings
of
Legislation
President
by motorcade
Ballantine's
at
Inn.
to the World's Fair for
Grover Whalen, President
of the New York World's Fair Corporation, addressed the
delegates after luncheon.
The following officers were elected for the coming year:
President, Fred F. Lawrence, Treasurer Maine Savings Bank, Portland,
Me.
:
'
Vice-President,
F.
Myron
Converse,
President
Worcester
Bank, Worcester, Mass.
Savings
.
Treasurer, Edmund P.
Livingston, Vice-President Union pime Savings
There is
no reason
National Association of
the
He added:
Real Estate Boards,
'«
Resolutions
adopted by the New York State Bankers
the
S.
S.
"Manhattan"
Convention
which
arrived
held
board
on
New
in
York, on
May 30, after a cruise to Bermuda, included one recom¬
mending to Congress the repeal of the Silver Purchase Act.
Opposition was voiced in another resolution to the bill
enlarging the powers of the Federal Building and Loan
Association, and the bankers recorded it as their conviction
that "it is in the public interest that the office of the comp¬
troller of the Currency be continued as an independent
The bankers authorized the President of the Asso¬
bureau."
ciation to appoint a committee of five to act with representa¬
tives of New Jersey and Connecticut bankers "to the end
that" proper
the Federal
recomendation „of candidates for directors
Reserve
Bank
New
of
York
be
made
member banks."
of
all
to
proper
of our land, including
President, Joseph E. Hughes. President Washington Irving Trust Co.,
°
-
•
"
Vice-President, W. Randolph Burgess, Vice-Chairman of Board National
City Bank of New York, New York, N. Y.
.
\
.
vonia, Livonia, N. Y.
property, fair taxation of real estate, sound appraisal of real estate assets,
work to bring together the
for a given
property
use,
right
constitutes
■
adopted at the Conven¬
New
York,
Pennsylvania,
Jersey,
some
Maryland,
again urge upon Congress the desirability of limiting
the Postal Savings System to those communities which lack adequate bank¬
ing facilities.
4
Resolved, that
we
reecommend to
our
Representatives in Congress the
repeal of the Silver Purchase Act which has failed to achieve any of its major
objectives and has proved of
no economic value whatsoever to the
3. Resolved, that the President is hereby authorized to
mittee of five to act
with the representative
Connecticut
banks
for
Nation.
appoint a com¬
"of the New Jersey banks for
members of the Federal Reserve Bank of New
sentative of the
York, and with the
members
of the
Federal
repre¬
Reserve
Bank of New York, to the end that proper recommendation of candidates
for directors of the
member
Federal Reserve Bank of New York be made to
banks, and that
4.
secure
a
directorship and that all
proper steps
Resolved, that the Association extend its
sincere appreciation to
of the SS. Manhattan for the
many courtesies which
diligent
care
of the Association
on
crew
they have shown, and
this the second cruise which the Association has so
"
Whereas, there is
before the
now
Congress
which would expand the powers of the Federal
tion and in effect create
Resolved, that
Com¬
exercised for the comfort' and safety of the members
greatly enjoyed.
5.
be
the best possible men as directors of said bank.
modore Randall and to the other officers and to the members of the
for the
all
the member banks be informed of the qualifica¬
tions of all candidates for such
taken to
we
a
record
a
H.
R.
opposition to this
measure on
the ground
that
are now available for the care of the savings of the
people
Whereas, there has been discussion of certain proposals which, as a
part of a possible reorganization of various Federal governmental agencies,
might involve changes in the character and
Donald T.
They have
a
right to expect
us
to render them a truly
of their real estate needs."
Pomeroy of Syracuse, N. Y., who presided at
Clement E. Merowit of New York City told the
that decentralization of our cities is bringing
with it the need for a much more accurate appraisal of rental
South.
possibilities than was formerly thought essential. Arthur W.
Binns of Philadelphia declared that the greatest opportunity
in real estate today is the revitalizing of older American
cities by intelligent replanning of existing unused or badly
conditioned structures
to
make
them into
satisfactory
modern housing.
James C. Downe Jr., of Chicago said that
we
"rebuild
must
cities
our
match
to
new
a
consumer
pattern," and added that this represents "the opening of a
of
opportunity."
Madison, Wis., told the conference on
May 13 that in-order to forecast the future of American
business, it is only necessary to gauge the enterprise, courage
and moral qualities of the American business man.
As to
the effect which present tax inequalities are
having in retard¬
ing new enterprise, Mr. Stark said:
*
new
area
Paul E.
"Phere
.
Stark of
hungry
was a time when this Nation gave to the people homes,
were
they for this land,
so
their homes.
and
prodigiously and sacrified to
The conquered the continent and made homes out of it.
today this National has brought about
a
leadership,
the home
our moral stamina that permits that
owner
?.
own
But
tax problem which has taken away
land from people and made it increasingly difficult for them to own it.
is our
so
that they might own it and beautify it
and have security in it, that they labored
In
Where
burden to be fastened
Our real estate tax burden is based upon an economic
system which has vanished from the face of the earth, the one-time system
in which practically all wealth was in the land.
source
m
'
Mr. Stark urged the need of foundation of a research and
educational institution that would be devoted to widening
understanding of real estate trends and real estate use.
"We have dozens of schools of
agriculture," he said, "but
not a one of urban culture which could devote itself to the
our
science of city land use."" "The business of real estate has
great responsibilities," Mr. Stark emphasized.
Stating that
since
85% of the people of the country have incomes of $2,500
less, the business of real estate has responsibility for
solving the problem of adequate housing for this group."
He urged Realtors, in full realization of the social
obligation
involved, to say to the government:
"Let us have this
responsibility.
Give us the right of eminent domain for
public utility housing corporations which could undertake
large-scale rebuilding of blighted areas.
A bill introduced
several weeks ago in the Illinois
Legislature to authorize in
that State public service housing
companies for reclamation
of blighted areas and the
production of low income and other
housing, would, it is said,'meet Mr. Stark's "proposal. The
or
Association's announcement stated:
The companies authorized
would
-
be organized
would be under public
supervision and would
by private initiative but
be given the right of eminent
that they might be able to carry out their operations on a scale large enough
truly
to
reclaim
tdvocated such
a
areas
from
law.
blight.
The
National Association has
long
Large scale operation would be necessary to make
any enterprise of the kind
economically feasible.
—:—
of supervision now exer¬
national
kte-fe.
the supervision
n
of the National Banking
maintenance of the
System, and contributes to the
dual banking system for which the
Bankers Association stands, Now
New York
State
Therefore Be It
Resolved: that the members of this Association record their conviction that
it is
care
conference
banks, and which might even threaten the existence of
the Office of Comptroller of the
Currency, and Whereas, during the past 75
years, the Comptroller's office has developed a high degree of efficiency in
in the
rency
West
domain, with proper safeguards, in the acquisition of properties, in order
banks, be it
6.
over
Virginia,
the conference, said on May 12 that real estate activity in
this area is on the upward trend, with the scale of improve¬
ment in general increasing as one progresses from North to
55S5
Building and Loan Associa¬
system of Federal savings
our
measure
adequate facilities
cised
Delaware,
"The citizens of this country have
27 years
primarily to serve communities lacking banking facilities; not wherefore
.
the most
Mr. Osten-
right to expect the real estate profession itself to furnish adequate solutions
"is from non-land sources/'
Whereas, the Postal Savings System was inaugurated
be it
2
doubt
bringing together leading Realtors of New
Today 80% of our income
••
•,
we
of a property and the
user
beyond all
vitally important group of problems in modern civilization,"
on
The following are the resolutions
Resolved, that
housing for our people,
America 65% of our revenue is derived from general
property taxes.
Treasurer, G. Whitney Bowen, President Stewart National Bank of Li¬
ago
proper
-
Tarrytown, N. Y.
1.
on
financing of real estate ownership, efficient management of real
and creative
•
„
^
The officers of the Association elected at the meeting for
the coming year are:
tion:'
said
;
"The proper use
of these problems.
Association at its 46th Annual
Trends—Moderniza¬
in an address before the Association's Central
Atlantic regional conference at Atlantic City.
Mr. Ostendorf declared that ownership of real estate must be kept wide¬
spread and its rights must be protected. "Moves harmful
to real estate," he said, "are dangerous to our country."
professional service in helping them to take
dent of Association
Most
—
12
May
a
Repeal of Silver Purchase Act Recommended in Reso¬
lutions Adopted by New York State Bankers Asso¬
ciation—Other Resolutions Oppose Bill Expanding
Powers of Federal Building and Loan Association,
Urge Continuance of Office of Comptroller of
Currency, Etc.—Joseph E. Hughes Elected Presi¬
Holds
Boards
Conference
why 80% of the people in the United
land, E. L. Osterdorf, President of
Virginia, and the District of Columbia.
Executive Secretary, John W. Sandstedt.
Estate
1939
States should not own
dorf told the conference, which is
Bank, New York.
Real
Regional
Speakers Find Encouraging
tion Keynote of Addresses
right
5c.
of
Atlantic
Central
Farmers
traveled
bankers
luncheon
June 3,
Association
National
now
the
of
Chronicle
public interest that the Office of
be continued
as an
independent bureau,
the
as
Comptroller of the Cur¬
the agency responsible for
the supervision of national banks alone; that this be
adopted as a declara¬
tion of the policy of the Association, and that the officers of the Association
be directed to transmit
a
copy
gressmen, and to the proper
of the resolution to
our
Senators and Con¬
officials of the United States Government.
The bankers sailed for Bermuda
May 25; references to
the meeting appeared in these columns
May 20 and 27,
pages 3001 and 3661, respectively:
on
Additional Foreign Buildings
Dedicated at New York
World's Fair—Pavilions of Czecho-Slovakia, Venezuela, Peru, Mexico and Palestine Formally Opened
The Venezuelan
was
dedicated
on
pavilion at the New York World's Fair
May 26 with addresses by Dr. Diogenes
Escalante, Venezuelan Ambassador to the United States,
Mayor Fiorello H. LaGuardia, Dr. Tomas Pacanins, Venezu¬
elan's Consul General in New York, Dr. R. Erneston Lopez,
Commissioner General to the Fair, and others.
Regarding
the addresses the New York "Herald Tribune" of May 27
said:
Mayor LaGuardia,
Pan-American Union
gether in
pease and
an
as
unscheduled speaker at the ceremony, cited the
proof that great and small nations could live to¬
harmony.
He warned, however, that the nations of
Vohune
the
Financial
148
Chronicle
tion and that the
Americas, although anxious for their share of the world's trade, would
refuse to sell to other countries to "kill the
"It is unfortunate that of late
sons
world into two opposite camps," said Dr. Escalante, "those who
basing that division simply
the
Almighty
saw
and
resources
liability
has
created
human achievement, by no means less opulent and important.
be said truly that we
It reads,
Fair
May 29 Manuel de Freyre y Santander, Peruvian Am¬
bassador to the United States, dedicated the Peruvian pavil¬
ion at the New York Fair.
In his speech the Ambassador
said the pavilion is a miniature reproduction of what Peru was
among
worth Means.
You will be fascinated by old colonial
whose
legendary beginnings
were
Peru, proud beneath
recorded by Prescott,
the
Fair,
The thing that
which pervades it.
Secretary of Treasury
During Hoover Administration—Was Bond Analyst
for RFC
Ferry K. Heath, Assistant Secretary of the Treasury dur¬
ing President Hoover's administration, died in a Detroit
hospital on May 27.
He was 62 years old.
Mr. Heath
joined the Reconstruction Finance Corporation in 1938 as
Chief of the Bond Service Section, Self-Liquidating Division,
with which he
was connected at the time of his death.
He
Assistant Secretary of the Treasury in charge of
public buildings and Federal public health service from 1929
to 1933,
Mr Heath was Assistant Treasurer of the Repub¬
lican National Committee during the Presidential campaign
of 1928.
The following is from the Washington "Post" of
May 28:
.served
Born
of achievements
at
won
life, even
over
He
'
sur¬
'"Demonstration of Wofk"
,
building and.within it
a
We
see
only the quiet, noble lines of
Mr.
firm.
presentation of the Palestine homeland,
new
..
Heath
once
age-old—and also
work has there created.
rooted
a
practical demonstration of what
Only
a
people that has found
deep in tradition—a security tempered in thousands of
history—only such
a
people
can
thus
express
an
and
Cemetary at Arlington,
Mayor LaGuardia said the Jewish Palestine Pavilion
any
years
of bitter
different from
"
"It is
a
temple of thanksgiving,
a
token of gratitude from
ments," Mayor LaGuardia said.
who
are now
grateful for
a
"It is
a
a
Ten
people who
+.
a
ended with his election as a Progressive
people
made his home in Washington.
tiny piece of land
.
here.
buildings at this Fair—in the exhibitions of the arts, of science, of
chemistry, of medicine and of all the exhibitions that typify the aims of the
Fair." '
'
' ' • ' '
"•
1 '■
;
•
tion.
As President of the free Czecho-Slovak republic I lent all my
support to
worthily
repre¬
sented at this great New York World's Fair.
friendly relations of the United States of America and the
Czecho-Slovak republic to be further strengthened, especially by the
develop¬
ment of our mutual economic relations, which had attained an
extraordinary
degree just before the events of the last year in Europe.
the violent
I
am sure
that
cjhanges in Europe will not destroy these strong ties of collabora¬
'
Since his retirement he had practiced law
.
:
v"
24, 1861, and
came
here with his
Subsequently he served in the Signal Corps of the Army
enlisted man, and dining that time studied law, being graduated from
as an
the National University
He began the practice
in 1894-95.
here in 188J.
;
of law in Hudson and served
as city attorney there
Later he served as District Attorney of St. Croix County,
as a
member of the Wisconsin State Assembly, the State Senate and in 1907-13
as
Secretary of State of Wisconsin:
National Guard, in which he rose to
British King and
He long
was
active in the Wisconsin
the rank of colonel.
Queen Begin Return Trip Eastward
Victoria, B. C., After Sover¬
Across Canada—Leave
eign's Address in Which He Expresses Hope Canada
Will Aid in Good Feeling with Japan-^—Says World's
Prosperity Lies in Co-operation
King George VI and Queen Elizabeth of Great Britain
this week started their eastward trip across Canada, after
Dr. Benes in his remarks said in part:
the idea that the Czech-Slovak State and nation should be
''
parents in 1879.
Czecho-Slovak
pavilion at the New York World's
Fair, begun under the Republic and maintained by private
contributions of Americans after that country was taken over
by Germany, was dedicated and formally opened to the public
on
May 31 by Col. Vladimir S. Hurbin, Czecho-Slovak
Minister to United States, and Dr. Eduard Benes, former
President of the Republic.
Among those who addressed the
gathering were Dr. Benes, Col. Hurbin, Mayor F. H. La¬
Guardia, George J. Janecek, Czecho-Slovakian Commis¬
sioner General to the Fair, Edward J. Flynn, Federal Com¬
missioner, and Grover Whalen, President of the Fair Corpora¬
'
service, which began in 1914 and
Republican in 1934, Mr. Frear had
Mr. Frear was born in Hudson on Oct.
in other
I wanted the
,
Both before and after his Congressional
Command-,
symbol of thanks from
"As-for. the world contributions of the Jewish people, you can find them
The
The
former Representative of Wisconsin who
Congress from 1914 to 1934, died on May 28 in a
hospital in Washington.
He was 77 years old.
From a
Washington dispatch May 29 to the New York ''Times" the
following, regarding his career, is taken:
.
gave civilization the fundamentals of law and order—the
May 31.
James A. Frear,
structure find
served in
was
on
Frear, former Representative from Wis¬
consin—Served in Congress 20 Years
other foreign building at the Fair, in that it did not display or advertise
.
Va.,
Death of J. A.
understanding and appreciative public."
anything.
.
productive
itself.
"May the fine creative spirit of those who have built this
Co.,
general partner
services were attended by high officials of the Government,
members of the Senate and House and many personal friends.
a
inner security
an
a
buried with full military honors in the
was
.
at
He served in the Spanish-
interested in insurance and shipping business on the Great Lakes,
National
'
;
was
of that
„
"Nothing of this shows here.
University of Michigan.
New York banking firm, and in January, 1934, became
It is
and above the bitter economic struggle for
•
the
•
Mich., where he lived most of his life, Maj.
and in 1933 became manager of the Washington office of Harriman &
.
vival.''
Rapids,
American War and the World War, and after the armistice directed the work
exposed to constant attack, and every one of its members is forced to fight
for his very
Grand
of the American Relief Mission in Finland.
Sheer brutal mob violence would rob it
the price of hard work and bitter sacrifice.
in
Heath attended
their contribution
wiU strike the discerning observer
nobility, the spirit of simplicity and harmony
powers.
as
.
In Palestine, a handful of people is threatened by the
political intrigues of the
was
House at funeral services
.
as
He
Death of F. K. Heath, Assistant
here entrusted with the high privilege of officially dedicating the
World's
to 1929.
was
Mead of New York.
In his dedicatory address, Dr. Einstein said, in part:
building which my Palestine brethren have erected
member of the New York State
adjourned in tribute to his memory on May 24
Speaker Bankhead named as a committee to represent
on May 27
Representatives
Lewis K. Rockefeller and W.« Sterling Cole, New York
Republicans; William T. Byrne, New York Democrat, and
Fred L. Crawford, Michigan Republican.
The Senate was
represented by Senators Robert F. Wagner and James M.
pavilion at the World's FanMay 27 Rafael de la Colina, Mexican Consul General in
New York, declared that an accelerated movement to trans¬
form Mexico into a truly democratic state, started in 1910 as
a popular uprising, continues to this
day. Asserting that
Mexican citizens know their country has not performed thus
far a leading role in the march of civilization, the Consul
General said that "we feel that we are doing our best, and
that our cooperation in the advancement of the highest
interest of humanity will be one of an ever-increasing force."
Senor de la Molina was the principal speaker in the absence
of Dr. Francisco Castillo Najera, Mexican Ambassador to
the United States, who was prevented from attending the
ceremony because of official business.
Francisco Sarabia,
Mexican aviator who recently made a non-stop flight from
Mexico City to New York in record time, was also a speaker.
The Jewish Palestine pavilion at the World's Fair was
formally dedicated on May 28 before an estimated crowd of
75,000 persons.
The principal speaker at the ceremony was
Dr. Albert Einstein.
Regarding the ceremony the "Herald
Tribune" of May 29 said, in part:
to
a
The House
the
about this structure is its quiet
was
and
Key."
am
Mr. Lord
and reelected in 1936 and 1938.
blossoming has been lovingly and gracefully depicted by our Ricardo
At the opening of the.Mexican
"I
Representative Bert Lord of New York—
Congress in 1934 from the 34th District, which
included Broome, Otsego, Chenango and Delaware Counties,
on
»
pavilion of Czecho-Slovakia at the
May 20, page 2997.
Commissioner of Motor Vehicles from 1921 to 1923.
Palma and vividly reproduced by your Thornton Wilder in "The Bridge of
San Luis
the
first elected to
others, and by your own Hiram Bingham and Philip Ains-
the patina of ages, whose
retain
elected to the State Senate where he remained
Before entering public life Mr. Lord was Super¬
visor of the town of Afton, N. Y., from 1905 to 1915 and State
Valcarcel and
archeologists
principles, the principal one
of the free Czecho-Slovak republic.
arms
noted in these columns
In 1930 he
our
die.
until 1935.
Peru, the mysterious empire of Inca
by
on eternal moral
Assembly; from 1915 to 1922 and again from 1924
miniature reproduction of what Peru is,
brought to light
to
were
mittees.
of this land distant from your shores but close in friendship to your nation.
pre-Inca times,
We believe that a
pavilion—a nation
Was Serving Third Term
bassador in his remarks said in part:
Tello,
this
Representative Bert Lord, Republican, of New York, died
of heart disease on
May 24 at the Naval Hospital, Washing¬
ton.
He was 69 years old.
Mr. Lord was serving his third
term in the House
representing the 34th New York District.
He was a member of the House Agriculture and
Library Com¬
friendship.
Grover A. Whalen, President of the FanCorporation, welcomed the opening of the pavilion and
praised the display.
Luiz M. Alzamora, Commissioner General of Peru to the
Fair, and Charles M. Spofford, Assistant United States
Commissioner General to the Fair, also spoke.
The Am¬
You will learn something of ancient
in
+
and is, a land distant from the United States but close to it
and
but
displayed in the coat of
Death of
in
a
seen
ardently for the survival of its spirit
"truth prevails 1"
Plans
On
pavilion
than is generally expected.
knows how to create—as is
and conquests
of which is
So it can
have something to offer and that, in the real sense of
our
sooner
.
And she will not die, because our national life is not based
upon ephemeral
successes
the word, there are no 'have-nots.' "
"You will find in
which
.
]be re-established for all nations
in its democratic traditions—we believe that such a nation
cannot
that comes from
That wealth
future will show these relations stronger than ever.
which continues to work andjto fight so
in many regions
kind of wealth
a
rather short.
was
States, perhaps
nation
have not,
with which
fit to endow the different countries of the planet.
"Human skill, however,
where nature's
the amount of natural
on
near
We believe that freedom in Europe will
of democracy."
tendency has developed to divide the
a
3321
traveling the entire distance to the west coast since they
Quebec.
The King and Queen arrived at Vic¬
toria, B. C., on May 29, and on May 31 they began their
eastward journey.
Previous details of the royal trip were
landed at
reported in the "Chronicle" of May 27, pages 3160-61.
Only one major address was delivered by the King this
week.
This was given May 30 at a luncheon by the British
'
Financial
3322
Chronicle
Howard Heinz, President,
F.
E.
Canada from east to west, from
ocean to
and stand now on the shores of the Pacific.
ocean,
Your kind words, Mr. Premier, have set the seal on the wonderful wel¬
that has been given to us at every stage of our long westward
come
I thank you for them; and here, at
V.
O'Daniel,
Vice-President,
Canada's western gateway, I thank all
Mr.
will
Becker
.
.
ion which have a long history
of which
behind them, and I have
first settlement
the
within the
still
is
the newer parts,,
seen
of living
memory
man.
When I remember that here I am as far from Ottawa as Ottawa is from Lon¬
don I realize something of the vastness of Canada.
When I
moun¬
roads, I began to understand the
qualities of the Canadian people.
For most of you, the present
broad
saw the
plains, changed by the pioneers to the uses of man, and the mighty
tain ranges through which they cut their
Nevertheless, in this
before.
gone
vast
land, you have also still before you the rewards of pioneering you the
wards of pioneering
the
and the prizes of exploration. '
fringes of the great north.
being surveyed and mapped, and settled so far.
Valuable mines
the north is
exhaust.
being worked right
are
were
considered
Now they
fur-bearing animals.
There in
field of enterprise for youth which it will take generations to
a
I could only wish
that it had
been possible for me to make
Here,
Her Atlantic windows look to Europe, her Pacific windows to
occupies.
Asia
and
the
East/
Far
As
science
reduces
barriers
the
of space,
country will become a thoroughfare between two hemispheres.
the
peoples of the world will
tion, and not in conflict.
job.
■Mr.
With the dawn of that brighter day, I look to
Assistant Sec¬
an
Assistant to. Secretary of the
He
to
Morgenthau.
to
native of Halsey,
a
the New York Conserva¬
made
Non-Partisan
of. the
was
;/"7, /
Jr.
Mr.
became
Gaston his
League
Non-Partisan
associated with
at
York
7'.' *
Commissioner
Conservation
deputy and
move¬
Leader
the Nc?w
later
.
of
him
brought
his deputy when Mr. Morgenthau became Governor of the
as
been
the
He ig
Administration.
Credit
has
assistant
an
the
editor
was
'
he
Stgte
in
years
many
and
Morgenthau,
Henry
Washington
as
$9,000.
1922 to 1931 he
■'./•
York
He
for
From
D.
When
year
in August.
Albany.
Dakota
North
N.
"World."
Farm
at
interested
was
in
Fargo,
a
pays
to Washington after serving with
came
Commission
Some day
realize that prosperity lies in coopera¬
as
$1,000 cut, in pay with the higher ranking
a
$10,000
Secretary
be 58 years old
Will
Gaston
ment
this
received
had
of Assistant
Ore., and
tion
appointee takes
new
He
The post
came
come to
Assistant
as
since 1933, will succeed Wayne C.
Taylor, who resigned in February as was reported in our
Feb. 18 issue, page 972.
Regarding the nominee, Associated
Press Washington advices, June 1, said:
New
the shores of the Pacific, I can realize the position which Canada
on
the
Morgenthau
Treasury
a
trip into that region, which holds so much of Canada's future.
of
June 1 by President Roosevelt.
Mr. Gaston, who has served as
are
settlement is possible.
as
to the Arctic Circle.
up
Chairman
as
Ev Gaston was nominated
retary of the Treasury on
re¬
You have only touched
Once those northern wilds
of little value, except as the home of
serve
Secretary of Treasury
The
task must be development of the heritage
already secured by those who have
to
Roosevelt Names H. E. Gaston
President
1
•
continue
+
Herbert
of this journey I have seen the old settled parts of the Domin¬
Co.
President.
.
course
Cynamid
Committee, and Dr. Virgil Jordan, who has
served the Board for 18 years, will continue in the office of
bec for the loyalty and affection that they have offered so generously to us
In the
American
Executive
journey.
those thousands of Canadians whom we have seen since we landed at Que¬
both.
Gulf Oil Corp.
H. J. Heinz Co.
Lovejoy, President, Eastman Kodak Co.
W.
Auguste G. Pratt, President, The Babcock Wilcox Co.
John A. Sweetser, President, Bigelow-Sanford Carpet Co.
his address he said in part:
The Queen and I have crossed
F. Drake, President,
J.
Colonel
Columbia Government in Victoria.
In this speech the King
urged Canada to act not only as a tie between the United
Kingdom and the United States, but also to be a link in
bringing about better feeling with Japan.
Some day the
peoples of the world will come to realize that prosperity lies
in cooperation and not in conflict, the King declared.
In
June 3, 1939
.to
cials
said his
.
an
assistant
Treasury and
duties
new
has
to
Mr.
been
have not
Morgenthau
in
since
charge of
been
Mr.
Morgenthau
public relations.
Offi¬
definitely determined.
Canada playing an increasingly important part in furthering friendly rela¬
tions between the East and
West.
national interpretation will come
We also quote
With the widening of her role of inter¬
.
the text of the King's reply
Premier Pattullo:
address,
on
behalf
of the government and people of British
Columbia, gives expression, and to assure you that the Queen and I are
deeply touched by the warmth of the welcome
have received in this
we
Province.
Here In your delightful capital It is gratifying to be reminded that its name
honors the memory
and that the
of my illustrious great-grandmother, Queen Victoria,
of Province itself was chosen by her more than a century
name
Buskie
Made
Orleans
The
W.
Special
Robertson
Assistant
Directors
to
Named" Manager
of
of
New
Agency
transfer
of
George F. Buskie from
the
position of
Manager of the Reconstruction Finance Corporation's New
I wish to thank you most sincerely for the kind and loyal sentiments to
your
F.
RFC—G.
on May 30 to
Legislature by
his formal welcome in the British Columbia
which
G.
corresponding benefits to mankind.
7
ago.
^
,
.
Orleans
to the post of Special Assistant to the
Washington, D. C., effective May 22, was an¬
nounced on May 20 by Chairman Jesse Jones.
George W.
Robertson, Assistant Manager pf the New Orleans Agency,
agency
Directors,
has
Mr.
been appointed Manager at New Orleans to succeed
Buskie, and Justin Green, at present Examiner in the
Agency, has been appointed to the
Manager to succeed Mr. Robertson.
position
/
•
The people of British Columbia are blessed with rich and varied resources,
of
Assistant
/
and their efforts, inspired by the courage and enterprise of those who came
before
them, have made
an
impressive contribution to this great
Dominion
Thirtieth
Annual
Meeting of American
Actuaries Officers Elected
and to the British Commonwealth of Nations/
The
Queen and I, in our journey through British Columbia, have much
enjoyed its scenic beauties and
extend
we
regret that time does not permit us to
visit to other portions of the
our
Prqvince.
May Divine Providence continue to bless and
Columbia.
the people of British
prosper
The King and Queen stopped at Calgary, Alberta, on May
26.
There they were greeted by 150,000 cheering subjects
they rode through eight miles of streets.
Arriving at
Banff, Alberta, on May 27, their Majesties remained there,
resting, until the following day, when they continued their
journey to Victoria, where they arrived on May 29, to be
greeted by 500,000 persons.
Thousands from the United
States visited Victoria to join in the welcoming celebration.
as
E.
Kent
Hubbard
National
Reelected
Industrial
Chairman
Board
of
Board
Conference
of
Annual
at
Meeting in New York
E.
Kent
sociation
Board
Hubbard,
of
New
York
was
of
Manufacturers
the
Chairman
reelected
National Industrial Conference Board
of the
23rd annual
President
Connecticut,
of
As¬
the
its
at
meeting held May 24 at the Waldorf-Astoria,
City.
Irenee du Pont,
of E.
Vice-Chairman
& Co., was reelected Vice-Chairman,
Kohler, Chairman of Kohler Co.
The
newly elected Vice-Cbairmen are Neal Dow Becker, Presi¬
dent of Intertype Corp. and David M. Goodrich, Chairman
Walter
was
Members
of
John
R.
F.
J.
Deasey,
James
M.
year's
Collens,
President,
President,
Henry
Committee
American Radiator
Fogarty,
F.
Executive
H.
Phoenix
The
Mutual
North
Hammond of Hines, Rearick,
John
Brown,
President,
W.
members
Executive Committee
Ernest
David
R.
A.
William
Behrend,
Life
Insurance
American
Dorr &
Johns-Manville
Jr.,
President,
Henry H. Jackson, Actuary, National Life Insurance of
Vermont, and A. J. McAndless, President, Lincoln National
Life Insurance of Fort Wayne/were elected Vice-Presidents,
The following officers were reelected:
.
W. D. MacKinnon, Secretary, Assistant Actuary, Equitable Life of Iowa;
Ross E. Moyer,
Treasurer, Vice-President and Actuary, Continenta
Assurance of Chicago;
.
J
•
Erston L. Marshall, Librarian, Vice-President, Lafayette Life Insurance
of
Lafayette, Indiana;
James
S.
Elston, editor
"The
Record", Assistant Actuary, Travelers
who
will
President,
are:
Sulphur
to
•
Paper
Co.
serve
Co.
Locomotive Co.
a
ITEMS
In
,1
Hammermill
F.
elected
Hammond.
continue
are:
The following were elected to the Board of Governors for
three-year period:
Poorman, Vice-President,
Assistant Actuary,
Corp.
Freeport
Dickerman, President, American
member of the Social
Central
Life of Des Moines;
Assistant Actuary, Prudential Insurance Co. of America.
Co.
Co.
Crawford, President, Pullman, Inc.
C.
a
Mr. Hohaus has served as Vice-President of the Institute
for four years, has been a member of the Board of Governors
of the Institute since 1928 and a member of the Council of
the Actuarial Society of America from 1936-39.
W.
Edgar M. Queeny, President, Monsanto Chemical Co.
Ex-officio
outstanding in the actuarial
Security Sub-committee
of the Business Advisory Council for the
Department of
Commerce and was a member of the Committee
appointed
by the Comptroller of New York City to report on the
municipal pension system.
He is
O.
W.
Perrin, Associate Actuary, Penn Mutual Life Insurance Co.; F. D. Kineke,
Mettler, President, Interwoven Stocking Co.
Williams,
as
Mr. Hohaus' work has been
field.
a
Cates, President, Phelps-Dodge Corp.
Langbourne M.
Canada,
President.
will
Co.
Newly elected members to this committee
Lewis
Louis S.
who
during the forthcoming year are:
President,
than 200 leading
Insurance Co. of Hartford.
Vice-President, The Pennsylvania Railroad Co.
Hamilton,
Arthur
John
last
serve
more
actuaries of American and Canadian life insurance
companies.
Mr. Hohaus succeeds Victor R. Smith, General
Manager of
the Confederation Life Insurance Co., Toronto,
J.
of the B. F. Goodrich Co.
continue to
American Institute of Actuaries at the Institute's 30th annual
I.
Pont de Nemours
du
as
of
Reinhard.A- Hohaus, of the Metropolitan Life Insurance
Co., New York, on June 1 was elected President of the
meeting at Chicago, attended by
;
Institute
on
the
governor
W. O. Mence,
Lincoln National Life Insurance of Fort Wayne
for
ABOUT
a
one-year
was
period.
BANKS,
TRUST
COMPANIES,
&C
anticipation of the arrival in New York during World's
Fair year of more than the usual number of visitors to its
New York offices, the Guaranty Trust Co. of New York has
made arrangements to conduct out-of-town guests on tours
of inspection through the various departments of the bank.
Employees have been coached to act as guides at the Com¬
pany's main office, which occupies six buildings downtown,
and at the Fifth Avenue Office, at 44th Street.
A booklet,
"For the Visitor at 140 Broadway," outlining in brief infor-
Volume
to the bank's
history, equipment, and service, will
supplement their guided tours.
The Guaranty also maintains World's Fair information
bureaus at its main office and New York branches, where
varied facilities to aid customers and other out-of-town
mation
as
.
conveniently centralized.
are
"
'
♦
/"■'
G.
Edwards, President of the Central Savings
Bank, New York, has announced that, as of the close of
business on May 31, 204,045 depositors had $194,511,336 on
account with the bank; and that this May is the 12th con¬
secutive month during which deposits at Central Savings
Charles
corresponding month
also said that after
July 1, for the greater convergence of depositors, both offices
of Central Savings Bank will be open until 6 p. m. on Fridays
Bank have been greater than for the
of the previous year.
Mr. Edwards
instead of
Monday evenings
on
Dr. Chapman has written and collaborated on a number
works
field);
•
«
on
"Contemporary Banking"
(jointly with
Robey); "Concentration of Banking,"
Fort Plain, N. Y. in the
"Economics of Inflation"
passed completed 100 years of service, the in¬
month just
Earlier in his
An attractive book¬
let has been issued to commemorate the occasion.
Begin¬
stitution having opened in May,
ning
as a
it became
State bank under the title of the Fort Plain Bank
a national institution in 1864.
Today it has a
structure
up as
Y\-
follows;
(1) $10,000
par value
'
of preferred stock A divided into 2,500 shares
career
he did research work for
of
the
value of $5 each; and
College.
was
ceed the late
George W. White, but relinquished the office
$25,000 par value of common stock divided into 1,000 shares
(3)
on
the Stock Exchange
Trade.;
of the
value of $25 each.
par
Philander B. Pierson, Chairman of the Board of the Morris
County Savings Bank, Morristown, N. J., and Chairman of
the Board and Vice-President of the National Iron Bank of
that city, died at his home in Morristown on May 28 after a
short illness.
Mr. Pierson, who was 85 years old, was born
in Morristown and received his education in the Morristown
Academy.
Subsequently he»studied law, which he prac¬
tised for 60 years, in his later years, however, confining his
activities to the handling of estates.
Until his retirement
last year as President of the
to become Chairman of the
for
34
He
years.
had
Morris County Savings Bank
Board, he had held the office
Vice-President
been
also
Bank for
of the
when he assumed the
additional title of Chairman.
Among other activities, Mr.
Piersoh for 30 years was Treasurer of the Morris County
Acqueduct Co., a private concern, subsequently acquired
by the muni6ipality.
In 1912 he was one of the organizers
of the New Jersey State Bankers Association and its third
National
Iron
President in 1915.-..
25
years
:
'
IV '
;
Effective May 31, Samuel B. Davis and Leslie R. Tindall'
Vice-President,, and Assistant Treasurer and Assistant Sec"
retary of the Industrial Trust Co. of Philadelphia,
terminated their services with the institution.
"
Harry J. Fritch, for 20
years a
Pa.'
Director of the First Na¬
tional Bank & Trust Co. of Bethlehem, Pa., was elected a
Vice-President at
special meeting of the directors to suc¬
In noting this, a Bethle¬
a
ceed the late Charles M. Stauffer.
in "Money & Commerce" of May 27
hem dispatch appearing
further said in part:
The
Vice-President
new
of
the
bank
was
born
in
Mertztown, Berks
He attended Muhlenberg College and was a
County, on October 5, 1883.
He has been prominent in Bethlebem business
member of the Class of 1904.
He retired in 1934 from the Presidency of T. D.
circles for many years.
He had a seat
to become Chairman of the Board in January.
:;V-
and was
■
member of the Board of
■"
'
a
.
of the
"
■
Reserve Board
Bank for 32 years
THE
$1,500 par value of preferred stock B divided into 300 shares of the
(2)
par
the Federal
National
value of $4 each; and
par
R. W.
A director of the National Metropolitan
and a Vice-President for 29, Mr. Johnson
elected President of the bank in November last to suc¬
John's
York State
New
Willis and
the Board of
Metropolitan Bank of Washing¬
ton, D. C., died on May 25 at the Emergency Hospital,
Washington, after a brief illness.
The deceased banker,
who was 60 years old, was born in Washington and re¬
ceived his education
at Georgetown University and St.
of
Banking Department on May 24
approved an increase in the capital stock of the Citizens'
Bank of Cape Vincent, N. Y., from $25,000, consisting of
1,000 shares of the par value of $25 a share, to $36,500, made
The
P.
Oliver Hazard Jerry Johnson, Chairman of
Directors
■;,>'■-.'..'.v";..v-:.V\.■'
■
H.
and "The Banking Situation" and
(both jointly with H. P. Willis.)
in New York.
1839.
$387,512; deposits of $3,067,166 and
total resources of $3,493,678.
Its officers are Rufus Wiles,
President; J. L. Moore and Albert Sitterly, Vice-Presidents;
John °Kattler, Cashier and Clare Richards and Lewis E.
Birk, Assistant Cashiers.
V. -'■
capital
Banks,"
(jointly with Ray B. Wester-
■■
Plain National Bank,
The Fort
of authoritative
banking, including "Fiscal Functions of Federal Reserve
"Problems in Banking, Money and Credit"
at present.
as
John M. Chapman, Ph.D., Assistant Professor of Bank¬
ing at Columbia University, New York, since 1924, has been
appointed Economic Adviser to the Bank of America
National Trust and Savings
Association, California, it
is
announced
by the bank.
An authority on banking
problems with special reference to branch banking, Dr.
Chapman has spent the past two decades in practical activity
as well as research and
writing in the field. In 1929, he was
appointed Adviser to the State Banking Department of West
Virginia; the State of his birth, and later served as Executor
Secretary and Adviser to the State Banking Board for the
State of Ohio.
At the present time he is Executive VicePresident of the Council for Applied Economics in New
York City.
The announcement from the bank says:
be distributed to visitors to
visitors
3323
Chronicle
Financial
148
CURB EXCHANGE
Trading in this week's Curb market again centered
largely
specialties and the public utility pre¬
ferred stocks, and transactions in these groups showed sub¬
stantial gains and a number of new tops during the fore part
of the week.
On Wednesday the market began to waver
and turned sharply downward on the following day.
Air¬
craft stocks have been quiet with only minor changes.
Oil
shares have been dull and aluminum issues have moved in a
narrow channel. " Mining and metal stocks were moderately
active until Thursday when they turned downward with the
rest of the list.
The volume of transfers has been light.
Further gains among the public utilities and industrial
specialties and a number of new tops for 1939 were the out¬
standing features of the trading on the New York Curb Ex¬
change during the abbreviated session on Saturday.
There
were no spectacular movements, and while the advance was
largely fractional, it was fairly steady throughout the session.
The Great Atlantic & Pacific Tea Co. nv stock was one of
the strong spots and climbed steadily upward to a new top
for 1939 and closed at 97 with a net gain of 23d? points.
around the industrial
Niagara Hudson (1) pref. also advanced 23^ points and
Childs Co. pref. moved up
points to 53. Other active
stocks prominent in the advance were Royal Typewriter,
23^ points to 51J4; Koppers Co. pref., 4 points-to 63; and
pref., 2% points to 83^.
upward swing was again in evidence on Monday and
many advances ranging up to 2 or more points were ap¬
parent as the session ended.
Trading was comparatively
quiet due largely to pre-holiday conditions, but scattered
through the list were a number of active stocks that worked
into new tops for the year.
Standard Steel Spring was one
of the outstanding strong stocks as it forged ahead 2M points
to a new top at 49 M at its high for the day.
Mountain States
Telephone was in demand and worked up to 128Yi with a
gain of 334-points. Aluminum stocks were steady but little
changed at the close.
Aircraft issues were lifeless and oil
shares were quiet. .Mining and metal issues were irregular
and the rubber shares were down.
>
>
On Tuesday the New York Curb Exchange, the New York
Stock Exchange and the commodity markets were generally
closed in observance of Decoration Day.
Industrial stocks and public utility shares were again the
most active issues as dealings were resumed on Wednesday
following the Decoration Day holiday.
Trading was again
light although the volume of transfers was somewhat higher
than the preceding session.
Pittsburgh Plate Glass^ moved
up to a new top at 100 and there was considerable interest
apparent in Jones & Laughlin Steel which advanced lYi
points to 28, New Jersey Zinc improved 2 points to 58, Fisk
Pacific Power & Light
The
,
Gritch & Sons, millers.
'
,
Several changes were
made recently in the personnel of
Bank of Jeannette, Pa. A. L. Leonard, VicePresident and Cashier of the institution since 1924 was
named President to succeed the late A. B. Greenawalt; J. R.
Duncan, Chairman of the Executive Committee, was elected
Vice-President, while continuing in his former office and as
a director; Carl Mehaffey was advanced to Note Teller, and
William
Smith
was
appointed Receiving Teller.
Mr.
Leonard, who is one of the well known bankers in the Pitts¬
burgh area, just recently completed a term as President of
the Westmoreland County Bankers Association.
the Glass City
•
D.
Ralph
elected
an
formerly an
Conrad,
Trust
Mutual
Assistant
In
-
recently
was
from
a
Wheeling dispatch, appearing
"Money & Commerce" of May 20, which added, in part:
Trust
in
Citizens
Va.,
Cashier of the Security Trust Co. of
that city, it is learned
in
officer of the
West
Wheeling,
of
Co.
1917
Co.,
Mr.
which
1924' became
With
Wheeling
the
pag6 3003],
later
associated
with
the
merged with the Citizens
Mutual Trust Co.
Citizens
Savings
Sc
Peoples Trust Co., and
the Citizens
recent
Dollar
became
Conrad
purchase
Savings
of
the
Mutual Trust Co. by the
[notM in our issue of May 20,"
Citizens
and Trust Co.
Mr. Conrad became affiliated with
the Security Trust Cd.
pref. moved forward \ lA points to 85 and General Gas
pref. B advanced 5 points to 60.
,
Recessions ranging from 1 to 2 or more points due largely
to profit taking were apparent on Thursday, and while the
market, as a whole, was down on the day, there were a
number of moderately strong spots and some new tops were
scattered
through the list.
Industrial specialties were
generally off, public utilities were lower with the exception of
a small number of shares in the preferred group, and prac¬
tically all of the aircraft stocks closed on the side of the
decline.
Oil issues were generally lower, mining and metal
shares were down and there was little activity in the alumi¬
num stocks.
The transfers declined to 89,235 shares against
Rubber
& Electric
3324
94,840
Financial
Prominent
Wednesday.
on
the losses
among
Standard Steel Spring, 3 points to 36%;
Singer Manufacturing Co., 2% points to 175, and Todd
Shipyards, 4% points to 55 A.
Irregular price movements dominated the trading on
Friday, and while there were a goodly number of changes on
The market continued to show a very steady tone and during the past week
the variation in both the cash and two months'
2 points to 146;
son,
the side of the advance, the declines were slightly in excess of
the gains.
Industrial shares attracted considerable buying
number of modest
gains were registered by this group.
Oil stocks were irregular and mining and metal issues moved
within a narrow range.
The aircraft shares were quiet and
a
there
number of fractional advances among the pre¬
stocks in the public utilities.
The volume of sales
were
ferred
a
declined to
approximately 80,000 shares against 89,235
DAILY
TRANSACTIONS
AT
THE
NEW
Stocks
■,
CURB
EXCHANGE
-
of i
Shares)
Foreign
Domestic
Saturday
62,975
Monday
immediate future.
Corporate
Total
1,197.000
95,455
1,579,000
89,135
-
Friday...
.—--
$1,000
9,140
8,624
—•,
1,668,000
43,000
1,645,000
1,406,000
1,694,000
9,000
191666
$7,119,000
/
$66,000
Week Ended June 2
at
"7,000
$40,000
1939
'
Stocks—No. of shares.
1938
410,320
1938
17,462,321
17,458,286
4 ,050
2.684
Other countries
£102,666
\
,
2,03 9
...
...
£166,591
.
Coin of legal tender in the United Kingdom,
a
b Coin not of legal tender in the United Kingdom.
Quotations during the week:
IN
LONDON
IN NEW
-Bar Silver per
Cash
YORK
(Per Ounce .999 Fine)
2 Mos
19 15-16d.
20 Hd.
..._20 l-16d.
-—20 l-16d.
20Hd.
20Kd.
20Hd.
20.104d.
11
12
13
15..
16..
May
May
May
May
May
May
Oz. Std-
19Hd.
19Kd.
19 15-16d.
19 15-16d.
19 15-16d.
May
May
May
May
May
May
10
43
43
43
43
43
43
....
11
12
13
15
—
16...
from
cents
cents
cents
cents
cents
cents
19.917d.
the
period
May 11 to May 17, 1939 was $4.68V* and the lowest $4.6
ENGLISH
$4,478,000
$197,760,000
66,000
82.000
2,147,000
as
MARKET—PER
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
.
Sat.,
Mon.,
May 29
May 27
Tves.,
Wed.,
Thvrs.,
Mcy 30
May 31
June 1
19 15-16d. 19 15-16d.
Fri.,
■
June 2
19 15-16d. 19 15-I6d. 20d.
20d.
105,000
2,709,000
2,775,000
$4,665,000
$202,616,000
Holiday
Holiday
Holiday
British 4%
1960-90....
Holiday
Holiday
Holiday
3,160,000
40.000
"
FINANCIAL
The
War Loan..
$7,225,000
Total..
b3,420
...
148s.5d.
£69 M
British 3H%
1939
341,890
$7,119,000
Foreign government...
Foreign corporate
1.
.—
dependencies.
Sweden.
Gold, p. fineoz.148s. 5Hd.l48s. 5Hd.l48s. 5Hd.l48s. 5Hd. 148s. 5d.
Consols, 2 H %.
£70
£69 H
Holiday
Holiday
Holiday
Bonds
Domestic-
Channel Islands.
Aden and
4,482
.
'Poland.......
$7,225,000
Jan. 1 to June 2
New York Curb
Exchange
—-
France
b3,300
dependencies—..
Silver, p.oz...
Sale
Germany
Switzerland
4,400
bl0,185
.
Aden and
1,283,000
23.000
1,397,000
410.320
British India
France
.
Total
24,877
•
£22,625
1,250
33,105
18,180
74,763
1,475
a3,000
Canada
Germany
Norway
Iraq
$1,197,000
$4l000
1,278,000
79,760
Thursday
15,011
Belgium
HOLIDAY
__
United States of Amreica..
£22,647
■
82,995
Tuesday
Wednesday
Exports
Imports
Japan
Australia
The highest rate of exchange on New York recorded durin;
For eion
Government
only l-16d.
The following were the United Kingdom imports and exports of silver,
registered from mid-day on May 8 to mid-day on May 15:
17
Average
CNumber
Week Ended
June 2, 1939
was
covering; sellers proved somewhat reluctant and offerings con¬
sisted to a large extent of resales.
At the moment the market presents a
quietly steady appearance, with no indication of any wide change in the
bear
on
Bonds (Par Valud)
•
/
YORK
quotations
Demand from India was again a feature and further support was provided
by
Other xountries
As compared with Friday of last week prices
were lower, Aluminium Ltd. closing last night at 130 against
132 on Friday a week ago; Cities Service at 6% against 6 A;
Creole Petroleum at 20 % against 21 A; Electric Bond &
Share at 8 A against 8%; Glen Alden Coal Co. at 4 A against
4 A', Gulf Oil Corp. at 33% against 33 A', Humble Oil
(new)
at
59 A against
57%; International Petroleum at 23 A
against 25%; Lockheed Aircraft at 27% against 28 A and
Niles-Bement-Pond at 51% against 58.
Thursday.
June 3, 1939
SILVER
were
Aluminum Co. of America, 2 A points to 107%; Mead John¬
and
Chronicle
$137,469,000
The
£95H
£95
.
A
.
£108 H
£108 H
price of silver per ounce (in cents) in the United
the same days have been:
N
States
on
BarN.Y.(for'n)
$143,404,000.
£96
£108 M
Closed
42 H
Holiday
4254
4254
64.64
64.64
Holiday,
64.64
64.64
4254
U.S. Treasury
(newly mined)
'64.64
'
THE ENGLISH GOLD AND SILVER MARKETS
NATIONAL BANKS
We
reprint the following from the weekly circular of
& Co. of London, written under date of
May 17, 1939:
Samuel Montagu
GOLD
.
The
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
...
The Bank of England gold reserve against notes on
May 10 was £226,160,005 at 148s. 5d. per fine ounce showing no change as
compared with the
previous Wednesday.
In the open market about £2,000,000 of bar gold changed hands at the
daily fixing during the past week.
There was some general selling, but a
good proportion of the supplies was furnished by the authorities; offerings
appear to have been secured mostly for shipment, to New York:
..
„
VOLUNTARY
''
.
'
•
Amount
Commercial National Bank of Sturgis, S. Dak.
Common stock, $40,000; preferred stock, $10,000..j
$50,000
Effective May 3, 1939.
Liquidating agent, G. A. McGarraugh,
Sturgis, 8. Dak.
Absorbed by. First National Bank of The
Black Hills, Rapid City, Rapid City, S. Dak. Charter No. 4631 .
COMMON
Quotations during the week:
LIQUIDATION,
May 23—The
CAPITAL
STOCK
INCREASED
Amt. of Inc.
May 25^—Continental National Bank of Fort Worth, Fort Worth,
Texas. From $550,000 to $750,000..
-$200,000
•
Per Fine Ounce
.__148s. 5d.
May 11
May 12
May 13.
May 15
May 16--..
May 17.
Average—„
_._148s. 5Hd.
_
_148s. 5Hd.
_148s. 5Hd.
__._148s.5Hd.
*148s. 5Hd.
.
"...
____148s.
__
5.42d.
The following were the United Kingdom imports and
exports of gold,
registered from mid-day on May 8 to mid-day on May 15;
Imports
.
Union of South Africa—£1,995,545
Southern Rhodesia.
78,932
British East Africa——
British India...
British Guiana.
Canada.,
"
26,812
274,593
,16,773
5,113
120,000
16,577
1,202,894
428,519
2,621,508
39,360
661,896
115,234
11,176
—
Channel Islands
...
Egypt
Soviet Union
Germany
Netherlands
France
Switzerland.
Poland
Other countries
».
Exports
Uplted States of America£12 ,722,755
Canada.
6 ,174,097
Union of South Africa__
6,045
Central & South America
11,221
—__
Syria......
Netherlands
France
Switzerland. I
Other countries.
'
•
Hoegh Silver Star left Bombay during the week with gold to
the value of about £56,000
consigned to San Francisco.
The following are the'details of United
Kingdom imports and exports of
gold for the month of April, 1939:
Imports
_
„
....
Union of South Africa
British West Africa
643 104
148 424
•
"
I.I*
British West India Islands
and British Guiana
At this center there is
Friday of 1.7%.
a
loss for the
Our comparative
summary
for the week follows:
Per
1939
1938
Cent
—1.7
$2,241,988,970
220.266,747
$2,279 ,868,491
212 .794.656
+3.5
Philadelphia..
290,000,000
262 .000,000
+ 10.7
Boston
147,560,840
134 .752.824
+ 9.5
59 .981,869
+ 6.4
Chicago
Kansas
,
City..
63.806.967
St. Louis
+ 4.4
69.400,000
66 ,500.000
105,547,000
100 .402,000
+ 5.1
Pittsburgh
86,664,060
79 ,228.325
+ 9.4
Detroit
68,737,095
63,323,692
63 ,805.642
+ 7.7
62 ,075.092
+ 2.0
49,214,292
46 ,150,705
+ 6.6
+ 1.2
San Francisco
.
Eleven
cities, five days
$3,406,509,663
631,362-,055
$3,367,559,604
Other cities, five days.
591,637,040
+ 6.7
Total all cities, five days.
All cities, one day
$4,037,871,718
907,574,344
$3,959,196,644
949,442,393
+2.0
—4.4
$4,945,446,062
$4,908,639,037
+0.7
21,706
Canada
5011813
III]
United States of America
Central and South America
Finland.
Sweden
5,667
;
Poland
46,100
6,124
4,391,239
Germany
Netherlands
Belgium...
37',699*,195
France
10,907
Switzerland...
15,855,443
8,922
380
2961718
£61,971,014
£87,863,063
■
I
~
""
Total all cities for week.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
316,741
174,546
31,242
....
,
9,822,001
76,390,187
31,168
11,837
93,466
17,857
10,567
37,178
85,578
19,479
-
8yria__j.
week in 1938.
£8,451
9,830
7,019
Eire
Other countries....
same
36,266
1,034,946
New Zealand
Bermuda
-
the
week ended
414 .373
Australia
BpPt
CLEARINGS
Cleveland
Exports
£l .646 603
British East Africa.
Southern Rhodesia
British India
Morocco
Palestine
BANK
Baltimore....
,
„
OF
clearings this week will show an increase compared
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 3)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 0.7% above
those for the corresponding week last year.
Our preliminary
total stands at $4,945,446,062,. against $4,908,639,037 for'
New York
£19,048,795
SS.
,
COURSE
—
Bank
Clearings—Returns by Telegraph
Week Ending June 3
£7,614,932
The
26,730
71,836
ol3,611
11,681
10,819
-
cases
has to be estimated.
In the elaborate detailed statement,
however, which we
able to give final and complete
present further below,
we are
results
previous—the week ended May 27.
for
the
week
For that week there was an increase of 11.4%,
of clearings for the whole country having
the aggregate
amounted to
$5,520,428,673, against $4,957,713,004 in the same week
Volume
3325
Chronicle
Financial
148
in 1938.
Outside of this city there was an increase of 7.8%,
clearings at this center having recorded a gain of
14.1%.
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 show an improvement of 13.5%, in the
Boston Reserve District of 7.8% and in the Philadelphia
Reserve District of 8.3%.
In the Cleveland Reserve Dis¬
trict the totals are larger by 3.5%, in the Richmond Reserve
District by 4.4% and in the Atlanta Reserve District by
14.8%.
In the Chicago Reserve District the totals record
a gain of 11.4%, in the St. Louis Reserve District of 4.0%
and in the Minneapolis Reserve District of 12.4%.
In
the Kansas City Reserve District the increase is 11.9%, in
the Dallas Reserve District 11.7% and in the San Francisco
Reserve District 4.4%.
.
Week Ended May 27
the bank
In the
following
we
.districts:
furnish
a summary
'-.V.
v.
Inc. or
•
1938
1937
Dec.
$
%
S
Seventh Feder alReserve D istrlct—C h 1 cago—
Mlch.-Ann Arbor
302,759
218,588
+ 38.5
382,486
89,792,196
2,047,039
81,076,524
+ 10.7
140,080.8/8
2,147,259
+ 18.6
3,132,469
1,134,837
773,924
+ 7.8
1,388,573
Wayne
1,223,857
990,893
Indianapolis...
16,602.000
16,048,000
+ 28.0
+ 3.5
1,039,872
18,356,000
Detroit
Grand
Rapids.
Lansing
Tnd.—Ft.
South
Bend
932,698
3,950,540
15,611,319
+ 12.6
+8.4
Rapids
1,316,240
Moines...
1,612,068
+45.5
4,4*6.884
16.917,273
1,357,382
Terre Haute
Wis.—Milwaukee
la.—Ced.
5,221,650
19,491,349
1,061,741
+ 32.7
11,943,687
991,789
7,227,201
+ 65.3
City....
3,654,153
3,005,143
+21.6
Ill.—Bloomington
379,582
378,215
+0.4
3,098,302
"761,424
308,575.754
279,125,293
+ 10.6
328,922,797
Des
.Toux
Chicago
7,354,362
:
940,761
Rockford
.....
Springfield..
+ 3.0
994,549
3,246,075
+ 15.7
1,203,406
Peoria
913,428
3,755,030
Decatur
;
'
al1939
by Federal Reserve
SUMMARY OF BANK CLEARINGS
•.-/
Clearings
1,133,223
+ 6.2
4,285,364
1,576,410
1,229,732
1,327,386
—7.4
1,413,618
467,178,628
419,241.442
+ 11.4
540,172,957
__
;
Total (18 cities)
Lnc.or
Week Ended May 27,1939
1938
Dec.
1937
1936
S
1939
%
S
1
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
Federal Reserve Dists.
S
.
83,700,006
Ky.—Louisville..
30,281,294
84,400,000
26,317,450
15,637,911
13,881,373
251,016,720
191,477,626
Tenn.—Memphis
2,89+,627,575
+ 7.8
+ 13.5
3,458,4o8,679
2,440,405,349
111.—JacksonvJ Lie
385,159,007
355,733,524
+8.3
428,35+,8->8
279,214,842
260,921,878
252,171,377
+3.5
353,473,642
Boston.-,^.12 cities
New York._ 13
"
3,286,237,449
3d
PhliadelphialO
**
4th
Cleveland..
7
"
6th
Richmond
6
111,014,231
+ 4.4
6th
Atlanta.... 10
"
147,439,468
128,391,9+5
7th
Chicago....18
■"
467,178,628
419,2+1,442
8th
St. Louis
4
"
,130,100,205
9th
Minneapolis
7
**
"
123,770,760
"
"
212,795,533
229,425,463
„
"
12th Ban Fran... 10
115,905,607
89,484,674
133,224,589
Total (4 cities)
97,687,266
72,048,686
Ninth Federal
110,622,964
+ 1.19
137,675,862
J.03,789,942
Minn.—Duluth..
2.979,688
54,946,706
+ 11.7
60,328,791
42,398,118
Minneapolis...
206,611,85+
+4.4
248,913,821
169,594,982
64,359,539
23,649,748
2,092,471
5,520,428,673
4,957,713,004
+ 11.4
6.006,903,385
4,227,634,214
S.
2,158,780,659
+ 7.8
2,680,919,753
1,876,735,491
Mont.—Billings
152,687,871
;
,
114,758,187
St.
Reserve Dls
our
Inc.
1938
or
+ 37.4
2,336,227
86,437,030
+ 12.4
97,687,266
Me.—Bangor
2,070,904
26,964,031
Kan.—Topeka
403,190
445,060
—9.4
—5.1
—10.8
2,261,312
217,799,136
722,399
+ 13.0
341,473
602,340
494,256
+ 21.9
449,532
810,492
1,971,203
181,149.830
657,563
343,500
618,719
'
+ 9.0
1,725,495
Springfield
2,991,840
Worcester
2,668,040
1,603,866
9,659,633
459,116
h
+ 9.1
501,066
2,127,194
10,887,818
—o.o"
Joseph
Colo.—Col. Spgs.
Pueblo
90,253
.
City
as
—18
80,181
137,253
.c
+ 35.6
2,357,332
—0.2
2,075,856
+ 15.9
23,255,692
1,472,478 +108.2
—4.2
2,498,837
+ 9.7
77,795,457
+ 15.6
2,366,508
28,580,129
1,523,606
2,932,328
98,502.625
2,383,765
451,356
501,460
—10.0
604,781
584,834
486,769
+20.1
673,863
123,770,760
110,622,964
+ 11.9
137,675,862
...
.Total (10 cities)
295.364
680,132
2,281,978
3,262,048
+ 12.1
+2.5.
3,856,316
9,445,200
v
1,643,850
Conn.—liartlord
774,519
+ 23.9
164,178,377
•
New Bedford..
3,065,549
2,393,129
85,321,287
2,724,246
__
...
St.
1,869,96b
197,377,586
f586,277
388,107
89,654
73,09
122,331
Mo.—Kan. City.
Boston
Kans
Reserve Dis trlct
Omaha
1936
1937
Dec.
'%
Reserve Dist rict
River....
706.439
1,855,721
Hastings...
Wichita
Lowell
1,841,846
+22.4
Neb.—Fremont
Week Ended May 27
1939
Fail
+ 18.9
581,244
97,160,970
Total (7 cities)
Lincoln.
__
1,760,549
660,884
years:
at-
Mass.—iioston
22,869,256
detailed statement showing last week's
Tenth Federal
Portland
65,911,44',
+ 11.6
2,549,344
.
+ 11.0
21,191,841
711,648
D.—Aberdeen
3,247,532
57,991,14k
818,532
Paul
tr|ct—M1 n n eapolis
+ >54.4
2,395,649
290.602,574
298,543,333
—2.5
265,476,439
258,755,855
/:
First. Federal
152,687,871
118,940,5+2
figures for each city separately for the four
Clearings
+4.0
x
375,2^5,923
,
add
now
125,118,823
130.100,20
.
141,928,3-.9
540,172,957
.32 cities
We
560,000
+ 14.8
Helena
Canada
—7.5
215,735,618
■
x
520,000
61,393,620
..113 cities
16,059,069
481,000
Qulncy
N. D.—Fargo
Total
33,768,80
x
+ 11.4
+4.0
125,118,823
86,437,030 + 12.4
97,160,970
Outside N. Y. City
102,300,000
x
2,326,593,156
10th Kansas City 10
11th Dallas
6
—0.
+ 15.
+ 12.7
2 0.275,341
1st
2d
.1,415,768
i
Eleventh Fede ral Reserve
Haven...
4,208,354
8,974,700
722,368
R. I .—Providence
N.H.—Manchea'r
Total (12 cities)
Second
229.425.463
District—Da lias—
254,016,720
191,477,626
11,234, 786
1,272, 370
29.000,000
—0.7
38,500, 000
448,872
+6.9
1,025, 175
616,453
—1.2
672, 322
378,152
+ 14.1 3,325,983, 632
7.466, 838
+ 14.4
,350,898,723
5,491,106
+ 17.0
5,147, 067
3,193,835,517 2,798,932,346
Rochester
6,679,553
5,836,231
Syracuse...
3,4.0,140
2,939,336
Westchester Co
2,768,586
3,205,953
Conn.—otamford
3,888,164
3,275,166
N. J.—Montclair
343,289
382,114
.
15,730,489
20,528,405
Northern N. J.
La.—Shreveport.
8,003,947
-14.9
838,785
3,154,375
—3.3
61,393,620
54,946,706
+ 11.7
60,328,791
i
19,778,309
21,616,137
10,529,514
.
620.960
26,300,000
436.649
Twelfth Feder al Reserve D istrlct—San
847,200
Ore.—Portland—
30,244,603
28,123,288
+ 7.6
28,884,356
3,509,151
Utah—o. L. City
16.204,287
11,719,025
+ 38.3
16,334,665
2,346,950
Calif.—L';g Beach
3,995,991
3,838,117
3,033,466
2,902,824
Yakima..
•
+ 15.8
2,877, 737
4,206, 738
+ 11.3
383, 971
232,912
San
20.6
21,669, 470
16.084,317
aan
—5.0
37,998, f>73
19,602,429
Santa Barbara
3,974,486
Pasadena
450,000
853,174
416,212
350,000
277,042
+27.0
1,521.014
967.520
345,000,000
+ 7.2
1,465,098
415,000,000
1,442,278
1,984,646
689,269
+ 32.2
269,916
274,851
—1.8
1,357,342
1,068,708
370,000,000
Lancaster
Philadelphia...
Reading..
1,285,241
Scranton
123,081,000
2,240,310
2,179,595
+ 2.8
1,181,317
1.070,458
1,721,291
2,006,782
+ 10.4
—14.2
2,156,891
215,735,618
206,611,854
+ 4.4
248,913,821
.
•"
2,376,993
1,324.58.
(10 cities)
2,224,993
901,739
+ 11.6
1,565,426
817,613
1,161,750
3,343,800
+96.8
3,891,700
355,733,524
+8.3
428,354,838
279,214.842
Ohio—Canton
1,825,904
54,186,664
89,202,943
Cincinnati
Cleveland
Columbus
.
Fifth Federal
+ 21.0
2,709,337
1,875,640
+ 10.4
+8.5
62,725,816
44,180.000
104,117,161
67,054,370
+23.2
10,823,300
7,908,400
102,139,122
108,168,^63
260,921,878
Richmond
.
D. C.—Waeh'ton
Total (6 cities).
Sixth Federal
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jacks'nville
Ala.—Birm'ham.
Mobile
La.—New Orleans
(10 cities)
1.892,423
1,421,380
—6.6
3,458.513
167.747,092
2,799,236
—
5.6
+3.5
353,473.642
105,036.315
230,275,341
+ 7.8 2,680,919,753 1,876.735,491
+ 17.5
443,454
229,752
2,484.000
—10.1
2,743,000
33,487,301
—3.6
1,877,000
24,171,789
38,155,235
991,186
928,729
+6.7
1,414.869
901,637
61,166,801
55,692,365
+9.8
67,092.036
46,624,325
18,880,968
18,135,555
+4.1
22,475,995
15,680,171
115,905,607
111,014,231
+4.4
133,224,589
89,484,674
17,041,534
54,400,000
1,078,015
3,396,526
+ 13.6
+7.4
18,562,597
12,950,548
44,100,000
+23.4
48.600,000
783,380
+ 37.6
1.020.322
44,200,000
950.472
2,989,314
15,867,871
at—
Inc. or
1939
1938
2,226.690
797,518
686,509
705,605
15,444,000
+ 16.2
+ 5.1
870,156
16,239,000
17.199,000
19,636,074
1,696,483
16,370,186
+20.0
20,101,517
13,632,000
16,112,012
1,468,930
+ 15.5
1,744,047
1,274,548
86,515
123,533
—30.0
97,044
*88,362
x
33,067,935
30,558,222
+ 8.2
30,337,140
26,800,305
147,439,468
128,391,945
+ 14.8
141.928,349
99,283,683
—22.1
97,027,232
29,053,247
12,368,697
9,195,061
78,444,196
+23.7
25,525,363
14,246.417
—13.2
Winnipeg
Vancouver
--
Ottawa-
—
4,515,630
Quebec—
Halifax:
1,850,416
Hamilton
3,675,101
3.469.057
1,446,074
Calgary
St.
'
John
408,415
Victoria
1937
$
77,316,433
+ 13.8
91,192,947
95,87i;963
40,743,394
16,274.676
14,277,738
3.779,436
12,419,838
2,866,700
2,172,853
—26.0
3,952,117
3,766,043
—7.0
1,775,808
1,371,189
—18.6
1,579,103
+ 2.7
—3.0
1,438,199
2,138,042
—10.5
3.598.520
—20.2
3,322,324
222,549
379,367
1,173,475
+ 57.5
—14.8
—7.9
2,109.38.'
4,438,377
4,816.460
1,874.063
1,931,988
3,290,931
2,347,695
Brandon
235,489
280.693
—16.1
Lethbrldge
340,335
364.975
—6.8
Saskatoon
883,663
947.878
Moose Jaw
421,140
381,756
+ 10.3
572,504
Brantford
664.326
778,986
—14.7
828,957
Fort William
451,844
598,105
—24.5
674,010
549,705
602,918
1,873.882
-
Edmonton
2,944.644
Reglna
•New Westminster
—6
—8.8
689 00.'
167.680
179,430
157,809
+ 13.7
Peterborough
438,692
490.972
—10.6
547,983
Sherbrooke
615,206
476,316
+29.2
655.990
Hat—
Kitchener
714,088
896,310
—20.3
955,541
2,215,432
--
Windsor
2,631,859
—15.8
2,729.131
—10.2
282.690
Prince Albert
222,455
247,727
Moncton
575,636
605.330
Kingston
533,999
636,308
—16.1
459,872
Chatham
495,216
483.771
+2.4
463,527
Sarnta
424.147
415,559
+2.1
398,173
Sudbury
777,091
1,084,346
—28.3
1,089,315
258,755.855
265,476,439
-2.5
298.543,333
il8,940.542
Dec.
%
$
Canada—
Medicine
Reserve Dist rict—Atlant
3,396,394
Week Ended May 25
Clearings
London
Richm ond—
286,278
2,234,000
Miss.—Jackson..
Vicksburg
252,171,377
+50.3
336,261
"
32,296,391
S. C.—Charleston
1.919.219
Reserve Dist rict-
W.Va.—Hunt'ton
•-
+ 11.4 3,006,903,385 4,227,634,214
2,326,593,156 2,158.780,659
Montreal
1,508,571
8,106,500
1,188,257
Youngstown
Va.—Norfolk...
5.520,428.673 4,957,713,004
Outside New York
Toronto
49,081.842
82,198.525
9,985,800
1,786,074
1,795,371
Mansfield
!
(7cities).
(113
2,580,600
2,633,673
769,429
Feder al Reserve D istrict—Clev eland—
.
total
cities)
1,642,096
+ 11.6
385,159,007
(10 cities)
Grand
968,221
1,183,298
i
N. J.—Trenton.
Total
•
1,320,932
6,579,200
'
Wilkes-Barre
Md.—Baltimore
151,394,000
270,000,000
—12.3
Chester......
Total
3,467,679
1.1
*
538,302
Bethleuem...
Pa.—Pittsburgh
+*.5
121,683,000
Francisco.
Jose
Total
elphla+25.2
426,356
+ 36.2
297,500
Fourth
3,834,247
+ 4.1
—
+ 13.5 3,458,438,679 2,440.405.3,49
372,580
580,694
Total
38,293,206
91-3,268
+ 10.0
.
Reserve Dist rict—Philad
—Altoona....
York.
'
+ 11.9
830,418
°
,
SCO
30,860,347
+ 18.7
—
Francl
34,518,086
Wrsh.—Seattle.
Stockton
Total (13 cities) 3,286,237,449 2,894,627.575
Third Federal
8.1
-
'
New Ylrk
Newark
8,391,884
1,983,000
490,882
—13.7
Jamestown
—16.1
963,732
548;559
28,800,000
480,027
...
Elmlra
1,738,000
885,578
2,557,289
+44.2
608,898
Buffalo
1,475,000
Fort
York-
933,352
Galveston.....
6,976,300
7,991,120
1,081,732
7,724,837
44,841,796
.+9.9
Dallas
—5.0
Feder al Reserve D istrlct—New
'
,1,118,951
+ 15.2
3,214.519
+7.8
Bingham ton
+ 22.0
6,563,296
Texas—Austin...
4,534,870
10,102,700
212,795,533
N. Y.—Albany__
1.176,420
47,829,390
7,210,911
41,501,312
Worth...
Total (6 cities).
9,301,163
1,435,452
Wichita Falls,
New
9,656,887
Total (32 cities)
♦
Estimated,
x
No figures available.
—
4.9
673,000
3326
Financial
EXCHANGE
FOREIGN
Pursuant to the
Act of
Chronicle
RATES
Date
Company and Issue—
Pacific Lighting Corp. $6 pref.
Paris Orleans RR. 634% bonds
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is
June 3, 1939
Phelps Dodge Corp.
cable transfers in the different countries of the world.
FOREIGN
a
CERTIFIED
RATES
BANKS TO TREASURY UNDER
♦SieS^Pacific
Co. Ltd. 1st mtge. 5s
bonds
Socony-Vacuum Oil Co., Inc., 15-year 3Hs-
7% preferred stock
Warner Brothers Pictures, Inc., 6% debs
♦West Desenfecting Co. 1st mtge. bonds-.
Weston Electrical Instrument Corp. class A stock
Western United Gas & Electric Co. 6% pref. stock
63^% preferred stock-.
—
White Sewing Machine Corp. 6% debentures
*
Wood ward Iron Co. 1st mtge. 5s_
2nd mtge. 5s
Union Twist Drill Co.
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Unit
May 27
May 29
May 30
May 31
June 1
*
$
$
$
$
S
.170213
.170205
.170258
.170250
.170233
.012125*
Europe—
Belgium, belga
Bulgaria, lev
.012125*
.012075*
.012075*
.012076*
a
Czechoelov'la, koruna
^
a
a
.208965
.208950
Denmark, krone
Engl'd, pound Bterl g 4.681180 4,681805
.020554
.020590
Finland, markka
.026487
.026490
France, franc
.401114
Germany, relchsmark .401100
.008546*
.008566*
Greece, drachma.
June 2
a
.208990.
.209006
4.682534
4.683125
.020567
.020550
.026493
.026493
.401125
.401168
.401150
.008564*
3087
3249
1
1
Sept
3398
3398
Volume 147.
;
DIVIDENDS
are
.008564*
.008564*
.195750*
.195750*
.195750*
.195750*
.052609
.052604
.052603
.052603
.052604
.536966
.537033
.536966
.535550
.235206
.235205
.235218
.235256
.235259
have not yet
.188120
.188120
.188080
.188080
.188060
.042452
.042475
.042475
dividend payments
Portugal,
.042492
escudo
July
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week-.
Then we follow with a second table in wbich
we
show the dividends previously announced, but which
Dividends
.196000*
Hungary, pengo
Italy, lira
Netherlands, guilderNorway, krone
Poland, zloty
...
1
June 16
.020589
.026493
x
1978
3392
.209012
4.682500
Announcements this week,
3247
2612
3397
2921
3087
....July
,---
*
3388
2604
tU1^
(A ) Stein & Co.
preferred stock
♦Tide Water Associated Oil Co., 15-yr. 33^% debs
1939, INCLUSIVE
3388
1
1
July
1
July
1
July
1
..June 29
July
1
July
1
July
1
Servel. Inc., 1st mtge.
RESERVE
2912
1655
3242
3082
—Jan
July
♦(Robert) Simpson
FEDERAL
TARIFF ACT OF 1930
1939, TO JUNE 2,
MAY 27,
BY
Co. 5% preferred stock
Co. 1st mtge. 5s
Co. 6% pref. stock
Power Co. 1st mtge. 5^s_
Procter & Gamble
Roanoke Water Works
record for the week just passed:
EXCHANGE
2601
June
9
June 15
July
1
July 15
June 23
Robertson Paper Box
give below
1179
June 15
3H% debentures
Portland General Electric Co. 5% bonds
We
1
Sept.
certifying
daily to the Secretary of the Treasury the buying rate for
now
Page
3079
July 15
stock
.534150
042477
.
Rumania, leu..
.007050*
.007035*
.007035*
.007035*
.007035*
pany
Spain, peseta
.110225*
.110255*
.110225*
.110225*
.110225*
News
Sweden, krona
.241109
.241113
.241109
.241137
.241150
Switzerland, franc...
Yugoslavia, dinar...
.225227
.225222
.225236
.225363
.225902
.022612
.022680
.022680
.022680
.159333*
in our "General Corporation and Investment
Department" in the week when declared.
name
.022680
.159333*
been paid.
Further details and record of past
in many cases are given under the com¬
.159166*
,
The dividends announced this week are:
Asia—
Per
China—
Holiday
Chefoo (yuan) dol'r
.159333*
Hankow
.159333*
•
Share
Name of Company
.153916*
.153916*
.156416*
.156416*
.156260*
.159812*
Shanghai (yuan) dol
Tientsin (yuan) dol
.157937*
.289968
Hongkong, dollar.
British India, rupee.„ *.348667
.159968*
.159812*
.159812*
.159687*
.158875*
.157312*
.157312*
.157812*
.290125
.290437
.290562
.290312
.348596
.348710
.348768
.348731
Japan, yen
.272725
.272862
.272785
Allied Chemical & Dye Corp. (quar.)
.272830
.272858
Straits
.543500
.543500
.543625
.543625
.543875
Allied Stores Corp., 5% pref. (quar.)
American Agricultural Chemical
(yuan) dol
Settlem'ts, dol
New
3,729000
Zealand, pound- 3.743958*
Preferred..,
3.729437
3.729500 3.730937
3.744114* 3.744583* 3.746062*
4.632291
4.632500
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundl'd, dollar-
4.634250
4.634062
.997050
.997460
.999500
.999500
.997675
.200240*
American Tobacco Co. preferred
.994687
.994570
"
"
.312115*
.312125*
b
Assoc. Breweries of Canada
.999600
.051733*
.995117
.996626
Atlantic Refining Co. pref. (quar.)
.312130*
.312180*
b
b
.051733*
.051733*
.040000*
.040000*
.040000*
.671500*
Colombia, peso.....
Uruguay, peso
.051733*
:o4oooo*
.571500*
.571500*
.571500*
.571500*
.616021*
.616035*
.615996*
_
Nominal rates,
a
No rates available,
b
Temporarily omitted.
Class A
AUCTION
The
following; securities
of the current week:
sold at auction
were
Wednesday
on
Shares
»
Stocks
$ per Share
864 Trimount Dredging Corp. preferred C
10 units Thompson Spa
1 Massachusetts Bonding & Insurance
par
$12)^.__
a
$1,000 Atlantic Securities Co. 4t£s, April 1953,
ser.
Percent
A, coupon Oct., 1937--13 flat
r
■
'
30 Copper Range RR. Co. preferred, par $100-.15 Copper Range RR. Co. common, par $50
9 Massachusetts Real Estate Co.,
par
;
...
20
Co.,
par
100
70
-
CALLS
AND
SINKING
FUND
list of bonds, notes and preferred
stocks of corporations called for
redemption, together with
a
sinking fund notices*
The date indicates the redemption or
making tenders, and the page number gives the
location jn which the details were given ir> the "Chronicle'':
last date for
Company and Issue—
Date
Aluminium, Ltd, 5% debentures.
Arkansas Louisiana Gas Co. 1st mtge. 4s
Bucyrus-Monighan Co. class A shares
Buffalo & Fort Erie Public Bridge
.
,
...July
July
July
Authority 1st lien 5s...July
Colgate-Palmolive-Peet Co. 6% pref. stock
...Aug.
Commercial Credit Co. 2%% debentures...
July
Commonwealth Edison Co. 1st mtge. 4s
June
1st mtge. 3^s
June
Connecticut Ry. & Lighting Co. 1st mtge.
July
Consolidated Laundries Corp., 6H% 10-year notes.. ...June
Container Corp. of America 1st mtge. 6s
June
Continental Steel Corp. preferred stock
July
Cuban Telephone Co. 1st mtge. bonds
Sept.
Empire Properties Corp. collateral trust bonds
-July
♦General Motors Acceptance Corp. 3% debentures.^
Aug
Georgia-Carolina Power Co. 1st mtge. 5s
July
*(B. F.) Goodrich Co. 6% conv. debentures
Aug
♦Hartford Times, Inc. 4H% debentures
July
*(R.) Hoe & Co., Inc, 1st mtge. bonds
June
Certificates
Page
1
1
2414
3212
1
2573
1
32i6
1
6
2892
27
2892
3059
27
3059
1
15
2738
2421
3060
3219
15
1
1
1474
3220
5
1
♦Hydro Electric Corp. of Va. 1st mtge. 5s..
June
12
International Salt Co. 1st mtge. 5s
Julian & Kokenge Co. common stock
♦Kansas City Gas Co. 1st mtge. 5s
Kaufmann Department Stores 7% preferred stock
Manila Gas Corp. 1st mtge. 6s
July 17
May 31
Aug
1
June 30
Marchant
June 30
1811
3072
3073
July
Calculating Machine Co. 7% pref. stock
♦Mercantile Properties Inc. 5M% bonds
;
July
3379
1
1
♦Morris Finance Co. 7% preferred stock
3380
June 30
3381
(Conde) Nast Publications, Inc., 1st mtge. 5V$s
National Steel Corp. 1st mtge. 4s
♦New Orleans Public Service Inc., general lien 4j^s
New York City Omnibus Corp. prior lien bonds
♦New York Trap Rock Corp. 1st mtge. 6s
June 15
July
3076
2596
3381
2598
Nord Railway Co. 6H% bonds
Northeastern Water A Electric Co. coll. trust 6s
Oklahoma Gas Co. 1st mtge. 5s
Northern
June 26
1
July
1
June 26
Oct.
Aug.
1
1
June 15
June
May 31
June 30
July
July
June
5
15
July
June
15
June
June
15
June
June
15
June
June
5
July
July
July
July
June
15
June
15
June
17
30
June
July
May 27
May 31
June
June
June
15
June
_
June
May"31
July
July
June
June
16
July
July
July
June
15
June
20
July
June
June
4
20
June
June 20
June
June
lc
June
June
July
July
July
July
June 30
June
June
10
Jun6
June
10
20c
July
June
15
75c
June
June
14
25c
June
June
15
$13*
July
June 20
$2.19
$1.76
$1s1
July
July
July
July.
July
June
16
$13*
July
June
20
$2
----
July
June 20
$2
t$3'34
62 34c
—
75c
$134
$1 %
16
15
15
June
30
June
14
June
14
'
,
$1.32
-
•
June
15
150c
1 $13*
Distillers Corp.-Seagrasm, Ltd
5% preferred (quar.)__
Doernbecher Mfg. (quar.)__
Dominion Glass, Ltd. (quar.)
July
June
July
July
June
15
June
15
75c
—
June
Aug.
June
$13*
$13*
t70c
—
'
Dominion Scottish Investments 5% pref
Duke Power Co.
(quar.)_
Preferred (quar.)
June
15c
—:
Preferred (quar.)
8
15
5
June
May 30
July
June
$13*
July'
Junp 15
Duncan Electric Mfg. Co__
20c
—:
Eagle Picher Lead, pref. (quar.)
$134
East Mahanoy RR.
$13*
(s.-a.)_
Egry Register Co. 5H% pref.
$134
(quar.)
—
50c
Elgin Sweeper Co. $2 prior pref. (quar.)
40c. cum. pref.
10c
(quar.)
El Paso Natural Gas Co
50c
English Electric Co. (Canada) $3 non-cum. A__ 16234c
Excelsior Insurance (N.
15c
June
June
1
July
June
15
June
June
5
June
June
10
July
July
July
June 23
-
Fear (Fred) & Co.
Fernie Brewing Co
common
June
1
June
15
June
May 31
60c
July
July
July
June
14
June
14
June
June 20
July
July
June
15
June
15
25c
June
June
15
25c
June
June
15c
June
June
15
75c
June
20
25c
July
July
July
66c
July
9
June 23
June 17
$134
Aug.
July
25c
June
June
6
75c
July
June
15
50c
June
June
15
50c
July
July
June
17
June
17
June
June
10
July
June
10
15c
Fidelity & Guaranty Fire Corp
50c
$13*
$13*
37 34c
—
(Peter) Brewing Co. (quar.)
Extra
Preferred (quar.)
Gemmer Mfg. Co., class A
General American Transportation Corp
General Electric Co
$134
General Paint Corp. preferred
General Telephone Allied
(quar.)
:—
Corp., $6 pref. (qu.)_General Telephone Corp. (quar.)
$3 conv. preferred (quar.)
General Telephone Tri Crop
—
Godchaux Sugar, Inc., class A
Preferred (quar.)
Goebel Brewing Co
Goldblatt Bros., pref.. (quar.)
June 23
June 16
234%
(quar.)
Extra
-
.
$13*
June
15
June
Y.)
1176
887
3078
July
15
t$3
——
Chicago Pneumatic Tool prior pref. (quar.)-:—
Convertible preferred (quar.)__
Chicago Towel Co
Preferred (quar.)
Clearing Machine Corp
Clorox Chemical Co. (quar.)
- —
Cluett.Peabody & Co., Inc. (interim)
Preferred (quar.)
;
Craddock-Terry Shoe Corp.— 5-6% 1st preferred (initial)
—
4-6% 2d pref. (initial)i.
3-6% 3rd pref. (initial)--'
'
*
Davidson-Boutell preferred (quar.)_
Dayton & Michigan RR. Co. 8% pref. (quar.)__
De Long Hook & Eye
(quar.)-,
,——
Detroit Hillsdale & Southwestern RR. (s.-a.)_-_
3382
"
Aug.
•
Fox
10
15
15. c
$1
$134
First State Pawners Society
(quar.)
Fisher Flour Mills preferred
(quar.)_
Foster & KJeiser Co.
6% class A pref. (quar.)
June
June
ulli
(qu.)_
2274
2
1
15
15
July
*25c
J50c
t$2
—
3376
3221
3377
3378
3378
3378
3378
440
1
June
50c
,
NOTICES
Below will be found
12
July
20c
—
REDEMPTION
10
June
6234c
6234c
---
♦
$100
June
June
June
4c
Extra
Central Power Co. (Del.) 6% preferred
7 % preferred
1__
4
$5Q--_-__.-
30 Central Vermont Public Service
Corp. $6 preferred.
1 Columbian National Life Insurance
May 31
June 30
June
5
June 17
45c
6% preferred (initial quar.)
Central Patricia Gold Mines (quar.)
$ per Share
*
June
40c
(quar.)
—
Stocks
July
$13*
—
By Crockett & Co., Boston:
Shares
June
15
July
July
— -----
Canadian Foreign Investment, Ltd., pref.
Canadian Oil Cos. preferred (quar.)
Canadian Wallpaper Mfrs. class A and B
Canfield Oil Co-
53
;
—
(quar.)___
Preferred
99c
14
Co.,
Bonds—
_
June
70c
Burdine's, Inc., $2.80 pref. (quar.)
$1.55
Canada Cycle & Motor Co. 5% 1st prior pref__
Canada Malting Co. bearer (quar.)
13734c
13734 c
Registered (quar.)__
t$l
Canadian Cottons, Ltd. (quar.)__
By R. L. Day & Co., Boston:
10
June 20
June
37Hc
$13*
$134
-
'
June
July
M
_
---
British American Oil Co., Ltd. (quar.)
British Columbia Power, class A (quar.)
Budd Realty Corp
SALES
June 20
June
June
—
_
_
*
--
Avery (B. F.) & Sons, pref. (quar.)..
Baldwin Co.,pref. A (quar.)
6% preferred (quar.)
rBastian-Bl essi ng Co
"
Preferred (quar.)
Beneficial Industrial Loan
Prior preferred (quar.)
___t
—
Bondholders Management class A (s.-a.)_
Brillo Mfg. Co., Inc. (quar.)
b
.051733*
,,
June
t20c
tuu
—
.200240*
.040000*
exoort
(quar.)..
.200240*
.312150*
9
June 20
l()c
—
Preferred (quar.)
.V.
Atlanta Gas Light 6% cum. pref. (quar.)_.
b
9
June
July
$1%
1%%
(quar.)
.200240*
\
June
June
10c
.994960
.200240*
June
25c
(monthly)
.998066
.999500
Holders
35c
Art Metal Works
.997050
2Mc
$1M
$1H
$13*
-
Monthly
South America-
Argentina, peso
Brazil, rnllrels
Chile, peso—official.
-
American Optical Co. (resumed)
Preferred (quar.)
Africa—
Union South Africa, £ 4.630833
North America-
-■
When
Payable of Record
l(lc
American Factors, Ltd.
3.729687
i
—
—
Allen Electric & Equipment (quar.)._
Allen-Wales Adding Machines pref. (quar.)___.
.
3.744322*
$3
$3
Alabama Great Southern RR. Co. ord. stock
Australasia-
Australia, pound
j
'
June
15
June
.-
6234c
9
15
1
Volume
Financial
148
Share
Company
June
15 June
1
82
June
20 June
10
9c
5c
35c
May
July
July
July
July
July
July
Apr. 25
25c
20c
Extra
June 20 June
10
June
10
50c
50c
$1A
Harrisburg Gas Co., 7% pref. (quar.)
Chemical Co
Preferred (quar.)_
___!
Hollinger Consol. Gold Mines, Ltd—:
—
—
Hummel-Ross Li Ore Corp., 6% pref.,
Huron & Erie Mtge. Corp. (quar.)___'
(reduced)
__
Calif.
Edison
May 26
July
June
15
July
June
10
June 30 June
9
June
5
Standard Brands, Inc. (quar.)
Preferred (quar.)__.
June
5
Standard Steel Construction, pref.
%1
June
June
June
15 June
July
July
30c
June
70c
10
15 June
1
June
15
_
1 June 15
26 June
9
July
10c
1 June 15
June 30 June 15
1 June 20
10c
July
July
July
1 June
9
50c
June 24 June
14
81
luc
'
Langendorf United Bakeries class A (quar.)
Class B (quar.)__
Class B (extra) ___"
Preferred (quar.)
i.
1 June
9
30c
June 24 June
14
5c
June 24 June
June 24 June
14
14
15 June
1
June 30 June
July
1 June
17
June
15
3
75c
5c
Leonard Refimreies, Inc
nsA
Loew's (Marcus) Theatres, Ltd., 7% preL.
30c
(quar.)_—:_
(quar,)__
Steel Corp., 7% conv. pref
& Co
a
C.) Co*.
R.) & Co., Inc—
u
LoriHard (P.) Go.
SlA
—
June
July
1
15
June
15 June
10c
June
15c
Juhe
15 May 31
5
15 June
niA
10c
July
July
25c
8% preferred (quar.)__
Metropolitan Edison Co., $7 prior pref. (qu.)
$6 prior preferred (quar.)
85 prior preferred (quar.)
_
87 preferred (quar.)
86 pref. (quar.)
85 preferred (quar.)
'
Mickelberry's Food Products preferred (quar.)__
Mid-West Rubber Reclaiming, 84 pref___
Monroe Loan Society, 5A% pref. (quar.)_
Montana-Dakota Utilities
June
25c
81A
81
10 May 31
June 20
June
June
SlA
SlA
Margay Oil Corp. (quar.)_
Marion-Reserve Power, $5 pref. (quar.)—
Merrimac Hat Corp
July
July
July
July
July
SlA
SlA
SlA
SlA
60c
June
May
May
May
May
May
May
May
May
July
15
26
26
31
31
31
31
31
31
June 20
July
May 20
27
81
June
34^c
June
10 May
July
July
July
June
15
June
Mother Lode Coalition Mines (irregular)
25c
;
:
June 3<
June
June 26 June
Thompson Products, Inc
Preferred (quar.)
j
Todd Shipyards
Truax-Traer Coal Co., 6% pref. (quar.)
.
_
m5A% preferred (quar.)____
Inc.Philadelphia Dairy Products Co
1st preferred (quar.)
Pittsburgh Fort Wayne & Chicago (quar.)_
Preferred (quar.)_
Pittsburgh Thrift Corp. (quar.)
Pocahontas Fuel, pref. (semi-ann.)
Poindexter (H. T.) & Sons Merchandise Co.
6% preferred (semi-ann.)
Power Corp. of Canada (interim).
1st preferred (quar.)
2nd preferred (quar.)
Public Service of N. H., 86 pref. (quar.)
_
Union Premier Food Store
-
,
Preferred (quar.)
Rice-Stix Dry Goods, 1st & 2d pref.
(quar.)
Riverside Silk Mills, class A (quar.)
Rochester Telep. 6 A % preferred (quar.)
Roser & Pendleton, Inc.
Ross Bros, Inc.
(quar.)
(Del.)
—
Russell Industries, Ltd. (quar.)__
7% preferred (quar.)
:
June
5
June
June
July
June
5
15
3
June
15
June
June
15
July
June 24
July
June
June
June
10
3
June 15 June
I
June
(quar.)
Preferred (quar.)
United Artists Theatres Circuit, Inc.—
81A
5% preferred (quar.)
United States Elec. Light & Pow.
Trust certificates class A
United States Trust Co. (N. Y.)
Shares. (Del.)July
1 June 20
10c
Norman Machine Tool
Vapor Car Heating Co., Inc
Wayne Knitting Mills, pref. (semi-ann.)
Wellington Fund, Inc
Wesson Oil & Snowdrift Co., Inc.
Western Assurance Co. (Toronto, Ont.)—
;
Preferred
(semi-annual)
1
Western Dairies, Inc., pref
Westmoreland, Inc. (quar.)__
J
West Texas Utilities, 86 pref. (quar.)
86 preferred
Wheeling Steel Corp., 85 prior pref
Wilsil, Ltd. (quar.)^
Wisconsin Michigan Power Co., 6% pref. (qu.)_
.
1 June
15
? Sept. 15
June 20 June
9
25c
—...
,
16
July
40c
,8% preferred
Van
June 30 June
t$2
*82
'
June 30 June 20
40c
_____
Upressit Metal Cap Corp., 8% pref
we
1
815
(quar.)____
United Stove
Universal Products
Below
June
24c
June
SlA
25c
12Ac
81.20
*75c
25c
Oct.
10 June
1
1 June
16
July
June 28 June
July
15
1 June 15
July
3 Juhe 30
June 20 June 10
1 June 15
July
July
July
July
1 June 15
50c
1 June
15
13
*2 5c
July
1 June
15
81A
June
81A
*81
1 June
15 May 31
give the dividends announced in previous weeks
and not yet paid.
The list does not
nounced this week, these being given in
include dividends an¬
the preceding table.
Per
Name
Share
of Company
40c
10c
Abbott Laboratories (quar.)
Extra
25c
June
June
May 29
15
Aero
June
Aetna Ball Bearing.:.
July
July
July
May 31
May 31
16
Agnew-Surpass Shoe Stores pref. (quar.)
Agricultural Ins. Co. Watertown, N. Y. (quar.)_
Alan Wood Steel, 7% preferred
*25c
July
J une
15
Allied Mills, Inc
25c
81A
June
June
10
Allis-Chalmers Mfg. Co
June
17
81.65
81A
81-80
July
July
May
July
July
July
July
July
20c
%SIA
Alpha Portland Cement
—
Altoona & Logan Valley Electric Ry. Co
Aluminum Mfg. Co., Inc. (quar.)
Quarterly.
—
—
__,
Quarterly
7 % preferred (quar.)
7% preferred (quar.)_____
_____
7% preferred (quar.)__
American Bank Note (no action)
Preferred (quar.)
—
;
American Can Co. preferred (quar .)
American Chain & Cable..
Preferred (quar.)
...
American Chicle Co. (quar.)
.
75c
81
June
May 31
May 20
June
15
June
15
June
15
June
15
June
15
June
June
14
June
15
2Ac
July
July
July
July
Jpne
June
June
50c
Oct.
SlASlA
125c
*81A
■
81
SlA
SlA
70c
SlA
SlA
SlA
81A
7 Ac
SlA
June
6
June
6
June
15
May 29
17
Sept. 15
Nov.
Nov.
July
July
Aug.
July
July
July
July
June
10
June
10
July
15
June
15
June
15
June
15
4
June
July 11
May 25
16
50c
July
June
July
June 20
SlA
SlA
81A
17 Ac
July
July
July
June 21
83
July
83
June
June
*30c
July
July
July
June 30
XllA
*75c
June
5 June
June 30 June
.
10
lO
10
1 June 20
1
June 30
June
30
SlA
SlA
87 Ac
SlA
June
25c
June
June
June
19
July
July
July
July
July
July
June
—
37 Ac
—
June
June
50c
37 Ac
95c
-
30
25c
Ray-O-Vac Co
8% preferred (quar.)
Remington Rand, Inc
June
June 20
34c
_
20
50c
1st pref
9
June 20
25c
Preferred (quar.)
;.j._
Union Investment Co., preferred (quar.)_
June
20c
85 preferred (quar.)
Radio Cdrp. of Amer. $3 A conv.
Class B preferred (quar.)
9
July
July
$1H
Tunnel RR. of St. Louis (semi-ann.)
Twentieth Century Fox Film Corp______
June
40c
Peter Paul, Inc
June
May 25
1 June
50c
June
40c
—
June 20
June
SlA
June 20
81A
SlA
Telephone
>
vPreferred A (quar.)
a__._;
Pennsylvania Edison Co., 85 pref. (quar.)
82.80 preferred (quar.)
Pennsylvania Power Co. 85 preferred (quar.)__
Pennsylvania Power & Light 87 pref. (quar.),__
86 preferred (quar.)
85 preferred (quar.,)
Penn Traffic Co. (s.-a.).;.
Peoples Water & Gas Co. 86 pref. (quar.).
Perfect Circle Co. (quar.)
1
July
81A
_
May 15
85 preferred (quar.)
Niagara Alkali Co., 7% oref. (quar.)
Niagara Wire Weaving Co. (quar.)_.
No-Sag Spring Co
a
Nova Scotia Light & Power Co. (quar.)__
NY PA NI Utilities Co., non-cum. pref
Peninsular
June 20
25c
_
June
81A
^
June 15
July
July
July
50c
July
July
New Jersey Power & Light Co., 86 pref. (quar.)
Parke Davis & Co
Sept.
July
10c
15c
preferred (quar.)__
86 preferred (quar.)_
86.60 preferred (quar.)____
a
87 preferred (quar.)
87.20 preferred (quar.)
Oilstocks, Ltd. (s.-a.)
Ontario Loan & Debenture Co. (quar.)
Ottawa Light, Heat & Power Co. (quar.)
5% preferred (quar.)
Page-Hersey Tubes (quar.)
Pantheon Oil Co. (quar.)
12
75c
93 Ac
_
Ohio Edison Co., $5
3
June
8 l-3c
50c
Oakland Title Insurance & Guarantee
8
June
June
July
Sept.
;
40c
National Steel Corp. (quar.)
Naval Stores Investment Co. (quar.)__
New Idea, Inc
—
June 20
75c
A (quar.)
common
SI Ac
(quar.)
June 20
12Ac
:
Teck Hughes Gold Mines (quar.)
Texamerica Oil (monthly)
Texas Corp.
15
5% preferred (quar.)
_'
July 31
15c
;
9
Myers (F, E.) & Bro. Co—
Nanaimo-Duncan Utilities, Ltd.—
75c
81A
81A
0A% preferred (quar.)
June 20
15
6c
6% preferred (quar.)
Nashville & Decatur RR. guaranteed
National Steel Car Corp, (quar.)
June 20
June
10c
15
June
14
14
June
120c
Preference
15
June 20
16
June
July
July
Aug.
SlA July
1A
July
June
SI A
(quar.)
Bros.,
June
July
July
37Mc
34^c
;
(quar.)
Southwestern Light & Power 86 pref. (qu.)
Sparks Withington preferred (quar.)_
Spencer Trask Fund
Stedman
May 31
1 June 10
1 June 10
July
July
SlA
SlA
...
1
1
1
1
June 27 June 20
June
1 May 15
July
1 June 10
SlA
_____
Southern Canada Power
Preferred
June 30
June
Co., Ltd.—
Original preferred (quar.)
Preferred series C (quar.)
June 20
June 17
July
2%
June
75c
Extra
Southern
June
25c
June 20
July
July
July
July
July
SlA
81A
Preferred (quar.)
l'June 16
1
17
37 Ac
South Porto Rico Sugar Co
July
July
75c
6% preferred (quar.)
Kayser (Julius) & Co
Keystone Public Service preferred (quar.)
Kleinert (I. B.) Rubber
Kresge Dept. Stores preferred (quar.)
Lamaque Gold Mines, Ltd. (quar.)
Magnin (I.)
Mahon (R.
Mallory (P.
June
3
SlA
SlA
S1H
Kansas Electric Power 7% preferred (quar.)
MacKinnon
May 15
June
3
10c
Irving Oil Co., 6% preferred (quar
:
Jersey Central Power & Light, 7% pref. (qu.)
6% preferred (quar.).
5A% preferred (quar.)
Preferred
May
17 June
37
Investors Corp. of R. I. $6 preferred
Insuranshares Certificates, Inc....
Joslyn Mfg. & Supply
Preferred (quar.)
2c
15c
(ffm.) Brewery (quar.)
(H.) & Sons, Ltd. (interim)
7% cumulative preferred (quar.)
Smith Howard Paper Mills,
pref. (quar.)____•__
South Penn Oil Co.
(quar.)
17 June
International Shoe Co
19
Simon
June
SlA
81A
June
June
Simon
June
2 A%
June
23
5c
10c
May 23
t50c
3o
July
July
Hygrade Sylvania Corp..
Imperial Tobacco of Canada, ordinary
Indianapolis Power & Light, 6A% pref. (quar.)
6% preferred (quar.)..
i
Institutional Securities, bank group shs, A
June
June
50c
SlA
t$i
37 Ac
June 30
25c
(quar.)
June
15c
(quar.)__
June 30
Simmons-Boardman Publishing, pref
24 June 13
June 16
15c
July
July
July
15
June
Home Gas & Electric Co. 6% pref. (quar.)
Howe Gas & Electric preferred (quar.)
3c
SlA
June
4uc
SI A
June 22
10
1 June 10
;——
15
June
lc
5c
Extra
2
June
15c
June 24
June
1
•
June
July
Extra
July
__
May 17
15c
Shell Union Oil Corp., 5A% conv. pref.
Shepard Niles Crane & Hoist Corp
June 30
July
__
May
July
June
Sheep Creek Gold Mines, Ltd. (quar.)
June 30
SlA'
__
82
83
Selected American Shares, Inc
$1H
-
!
Hercules Powder Co
Holland Furnace
15 June 10
til A
XS2A
Halifax Fire Insurance Co. (s.-a.)
Haloid Co
Harvey Hubbell, Inc. (quar.)
Helme (Geo. W.) Co. (quar.)
Preferred (quar.)__
June
Payable of Record
20c
Saginaw & Manistee Lumber, pref__.
St. Croix Paper, pref.
(semi-ann.)
San Carlos Milling Co. (irregular)
Scovill Mfg. Co
July
3 June 15
May 31
*15c
Greening (B.) Wire Co., Ltd. (quar.)
Grouped Income Shares, series A
Growers Wine Co., Inc
7% preferred (semi-annual)
Guarantee Co. of North Amer. (quar.)
Share
'Name of Company
Holders
When
Per
Payable of Record
25c
Gorham Mfg. Co__
Grand Rapids & Indiana Ry. (semi-annual)
Harshaw
Holders
When
Per
Name of
3327
Chronicle
June
June 20
SlA
SlA
June
June
15
June
June
15
SlA
SlA
50c
SlA
June
July
July
May 31
May 31
June
9
June
9
June
19
June
9
June
15
June
15
June 20
June
10
SlA
Preferred
(quar.)
(quar.)
Supply Mfg., class A (quar.)
Acme Steel Co.
_____
25c
—
37Ac
Holders
June
June 13
June
June 13
July
July
1
May 24
June
July
June
16
25c
June
June
1
July
July
June
15
*75c
June
June
75c
June
May 25
75c
i___
June 20
—
:____
July
June
25c
■"
June
June
8
1
81
50c
June
June
10
June
June
15
50c
Sept.
Sept.
15
50c
Dec.
Dec.
15
June
June 15
«
g
1A
1A
Sept.
Sept.
Dec.
15
75c
July
1 June 12
1 June 16*
SlA
July
15c
June
15 June
6
June
15 June
6
SlA
81
$1
SlA
68Ac
SiS
---
i
15
Dec.
& Cigar pref. (qugr.)—___
American Cities Power & Light, class A (quar.)
Option dividend cash of class B stock.
American Envelope Co. 7% pref. A (quar.)
7% preferred A (quar.)
;
American Felt Co., 6% preferred
American Fork & Hoe
—
40c
American Gas & Electric Co. (quar.)—
SlA
Preferred (quar.)
—
25c
American Hawaiian Steamship
*82
American Hide & Leather preferred
75c
Preferred (quar.)
20c
American Home Products Corp. (monthly)
75c
American Meter Co.. Inc
60c
American National Finance, pref
8194
American Paper Goods Co., 7_ pref. (quar.) —
81A
7% preferred (quar.)
81A
7% preferred (quar.)
*75c
American Power & Light Co. 86 pref. (qu.)
*62 Ac
85 preferred (quar.)
fSlA
American Public Service 7% preferred
Annr. Radiator & Standard Sanitary, pref. (qu.)
30c
American Safety Razor (quar.)
30c
American States Insurance Co. (Indianap., Ind.)
SlA
American Sugar Refining preferred (quar.)
25c
American Sumatra Tobacco Corp
81A
American Surety Co. (semi-annual)
82 A
American Telep. & Teleg. (quar.)____
87 Ac
American Thermos Bottle pref. (quar.)
12
American Thread Co. pref. (semi-annual.)
Amoskeag Co. (s.-a.)
—-Preferred (s.-a.)
Anaconda Copper Mining Co
Anheuser-Busch, Inc
Arkansas-Missouri Power, 6% pref. (s-a)
Armstrohg Cork Co. pref. (quar.)
------Asbestos Corp., Ltd. (new initial—quar.)
American Cigarette
-
5
25c
—. _ _.
Extra
,
81A
—
___
Extra
When
Payable of Record
15 June
June 15 June
1
June 30 June
July
1 June
15
June
Sept.
1
10
Aug. 25
Dec.
Nov. 25
July
June
1
5
June
June
June
May 16
Aug.
July
8
July
June
15
June
June
7
7
14*
June
June
July
June
June
May 31
June
June
1
June
June
5
Sept.
Sept.
5
5
Dec.
Dec.
July
July
June
9
June
9
June
Sept.
May 31
Aug. 25
June
June
9
July
July
June
15
June
5
June
1
10
June
July
June
July
July
June
July
July
July
May 31
15
June 20
June 24
June 24
June
June
6
June
June
1
June
May
June
June
1
June
June
15
June
June
15
1
Financial
3328
Chronicle
June 3, 1939
i2m
tquar.)5% preferred (quar,)————
Atchison Topeka & Santa Fe Ry. preferred
Atlanta Birmingham & Coast BR.—
5% preferred (semi-annual)
Atlantic Refining Co
Atlas Corp. common (quar.)
S2X
June 27 June 14
Consolidated Diversified Standard Securities—
Consolidated Edison Co., N. Y., Inc—_—
Aug.
15
15
11June 23
liJune 12
15 May 22
June 30 June 10
July
June
June
10,May 31
Atlas Press Co.
June
June
July
June 20
June 15'
June
7
(quar.)
Autocar Co., preferred (quar.)
Badger Paper Mills (irregular)
Bangor & Aroostook RR. Co. (quar.)
June
Preferred (quar.)
—Bangor Hydro-Electric Co., 7% pref. (quar.)—
6% preferred (quar.)
Bank of America N. T. & S. A. (quar.)
—
————
Basic Dolomite, Inc
Bayuk Cigars, Inc
1st preferred (quar.)
Beatty Bros., 2d preferred (s.-a.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
July
July
July
July
June
5
7
June
10
l'June 10
June 30lJune 15
June 15 June
1
June 15 May 31
July 15 June 30
_
Bell Telephone of Penna., preferred (quar.).—
July
July
July
July
July
July
July
July
Bellows & Co., A (quar.)
Belmont Radio Corp. (quar.)
June
June
June
Berghoff Brewing Corp. (quar.)
Bethlehem Steel Corp. 7% pref. (quar.)
5% preferred (quar.)
Birmingham Water Works Co., 6% pref. (qu.).
Bishop oil Co. (guar.)
Black & Decker Mfg. Co. common (quar.)
June
June
July
July
June
.—.
Belding-Corticelli, Ltd. (quar.).Preferred (quar.)
Bell Telephone of Canada (quar.)
—
Bon Ami class A (quar.)
Class B (quar.)..
—
Boston Woven Hose & Rubber Co., pref
Bower Roller Bearing Co
Brach (E. J.) & Sons (quar.)
Extra
...
....
■
,
.....
Brazilian Traction, Light & Power, pref. (quar.)
Bridgeport Gas Light Co. (quar.).
(quar.)
com.
—
1 June 10
3 June 15
3 June 15
June 23
June 20
1
1 June
15 June
15> June
—
(quar.).
.
25
31
June 15 June
1
June
9
July
July
July
June
10
June
10
June
15
June
June 16
June 15 June
2
Jfune 15 May 31
15 May 31
15 May 31
June
June
3
June
5
June
May
July
16
June 15
June 30 June 16
July
Aug.
liJune 15
11 July
15
June 10 May 19
Sept.
Aug. 26
Dec.
Nov. 24
July
June
15
June
Apr
29
l'June 20
July
June 15 June
1
1 June 15
July
1 June 15
July
June 20 June 10
June
20|May 31
1 Aug.
15
1 Nov. 15
June
-
15 May 31
June
15 May 31
15 May 31
Sept. 15 Aug. 31
—
June
......
Dec.
Canadian
Oanners, Ltd., 1st pref. (quar.).
2d preferred (quar.)
Canfield Oil Co., 7% pref. (quar.)
Carpenter Steel Co.
July
July
15 Nov. 30
3 June
15
3 June
15
June 30 June 20
June 20 June 10
...
Case (J. I.) Co. 7% preferred (quar.)....
July
Central Cold Storage (quar.)
Central Illinois Light, \X% prer. (quar.).
Central Illinois Public Service 6% preferred
June
July
$6 preferred
Central Ohio Steel Products.
Central & South West Utilities $7 pr. lien pref—
$6 prior lien preferred
...
Chesapeake Corp. (liquidating)
1 June
15 June
1 June
12
5
20
June
June
May 20
May 20
June
June
June
May 31
May 31
June
July
July
July
1
...
Class A (quar.)
Coca-Cola International Corp. (s..-a.)
Class A (s.-a.)..
15
June
15
June
5
July
June
19
Sept. 18
1-1-
(quar.)
Columbia Broadcasting, Inc.,class A & B.
Columbian Carbon Co., votingtr. ctfs. (quar.)
Columbus & Xen a RR. (irregular).
Commercial Credit Co. (quar.)
(quar.)
Commercial Investment Trust Corp. (quar.)
Convertible preference (1935) (quar.)
Commonwealth Petroleum (initial)
Commonwealth & Southern Corp preferred
Commonwealth Utilities, 7% pref. A (quar.)...
on
common
$2X
cum. conv.
June
June
July
July
July
July
July
Dr. Pepper
Preferred
June 30 June
July
July
July
Sept.
15
1 June
9
1 June 15
1 June
15
1 Aug.
15
15 June
5*
pref.
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
Consolidated Amusement, 6% preferred (quar.)
Consolidated Biscuit Co
June
15 June
5*
June
15 June
1
July
June
—
—
— _
—.
(quar.)
l!June 15
10 May 29
June 23 June
1
5
15
15
June
16 June
1 July
June
2Q June 10
25c
June 24 June
1
1
15
June 15 May 31
June 15 June 1 1
June
62 Xc
30c
Electric Boat Co
Electric Controller &
Electric
50c
Mfg
Storage Battery Co
15 June
1
Williamsport RR. (s.-a.)
1 Nov. 18
June
June
June
June
May
June
May
July
July
June
30
15
15
30
27
20
22
10
10
15
June 30 June
20
20
3
July
3
July 15
July
1
July
1
June
14
July
July
25
25
15
July
1 June
5
1 June
5
June 15 May 31
June 15 May 31
June 21 June
7*
July
1 June 20
July
July
(Texas) $6 pref. (quar.)
June 30 June
9
9
June
June
$1.60
SIX
SIX
July
July
July
July
July
15|July
3
15! July
3
June
15 June
June
10 June
— -
-—
July
July
—
Oct.,
— —
Jan.
-
July
July
July
—
June
July
July
June
1 June 16
1 June 16
10 May 31
1 June 10
14
15
1 June 15
13
30,June 16
June 2o June
5
June 20 June
10
3o|June 15
June 30 June 20
A & B (qu.)
June 30 June 20
7% preferred class A (quar.)
Fiscal Fund (bank stock) (s.-a.)
Insurance stock
(s.-a.)
Ford Motor of Canada, A. & B. (quar.)-—-
*
June
July
July
30|June 23
1 June 28
a-
-
—
1 June
6
June
15 June
1
5c
Fort Wayne & Jackson RR., pref. (semi-annual)
Frenkenmuth Brewing (quar.)
„
1 June 16
June 30 June
First National Bank (Jersey City) (quar.)_---First National Bank (Toms River, N- J.) (qu.)First National Stores (quar.)
First Securit. Corp. (Ogden), A & B (s.-a) -——
:
2 Sept. 21
2 Dec. 21
June 30 June
June
com.
1
1
1 June 17
1 June 22
Aug. 31 Aug. 16
Nov.
1 Sept. 15 J
-
(quar.)
(Bait.),
l'June 20
15 June 30
15 June 30
June 30 June
—
Fifth Ave. Coach Co.
Finance Co. of Amer.
15 May 15
15 May 31
Sept. 23 Sept. 13
—
—
June
15 June
1
6c
June
15 June
1
125c
June
17,May 27
S2X
2%
SIX
six
20c
SIX
Sept.
llAug.
19
June
10 June
June
10 June
1
June
15 June
5
July
1
1 June 15
1
June
15 June
1
June
l6|June
SIX
July
July
2c
-
25c
50c
Candy Corp., class A
General Cigar Co
General Gas & Elec. Corp. (Del.),
General Mills. Inc. common—
1 June
lJune
68Xc
(quar.)
1
July
25c
American Transport
Box Co. (s.-a.)
June 20 June
$1.38
5% preferred (guar.)
5X% preferred (initial quar.)
Gaylord Container (quar.)
$5 pref. (qu.)
SIX
87 Xc
July
1
1
1 June
9
1 June 10
June 20 June
10
June
15 May 26
June
15 May
Aug.
15
10*
SIX
$5 preferred (quar.)
General Railway Signal, preferred (quar.)
General Re-Insurance
(quar.)
_
-
June
SIX
SIX
Aug.
July
9*
1 June
May 11
1 July 10
July
1 June 12
12
25c
-
—————————————————————————
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Gibralter Corp. of Amer. 6% partic., pref
Gibson Art Co. (quar.)
Quarterly
Gillette Safety Razor
Preferred (quar.)
Glens Falls Insurance Co. (quar.)
Glidden Co., preferred (quar.)
Globe Wernicke Co.. preferred (quar.)
Gold & Stock Telegraph Co. (quar.)
Goodyear Tire & Rubber Co
$5 conv. preferred (quar.)
July
75c
-
6% preferred (quar.)
General Motors Corp
—
1 Aug. 18
Dec.
June 30 June
Ely & Walker Dry Goods 1st pref. (s.-a.)
2d preferred (s.-a.)
Empire Power Corp., $6 cum. prefParticipating stock
Emporium Capwell Corp
4X% pref. A (quar.)..l
—
\X% preferred A (quar.)
—
4X% preferred A (quar.)
7% preferred (semi-ann.)
Engineers Public Service, $6 preferred (quar.)
$5X preferred (quar.)
$5 preferred (quar J
i
Erie & Pittsburgh RR. (quar.)__
Ex-Cell-0 Corp
Falconbridge Nickel Mines
Falstaff Brewing Corp. (quar.)
!
!Preferred (s.-a.)
Famous Players Canadian (quar.)
Faultless Rubber Co. (quar.)
Federal Bake Shops. Inc. (irregular)
5% preferred (s.-a.)
Federal Mogul Corp__—
Ferro-Enamel Corp
Extra.
Sept.
July
July
25c
—
El Paso Electric Co. (Del.) 7% pref. A (quar.)—
Preferred
1 June 10
30c
Elgin National Watch—
Genera
1 Aug. 10
3-1-40 2-10-40
50c
Electrolux Corp.-
Extra
Sept.
July
60c
,
Preferred
Elmira &
SIX
SIX
six
SIX
SIX
,*1 X
SIX
Six
—
5% cum. preferred (quar.)
15
10*
5
July
75c
Edison Bros. Stores, Inc. (quar.)
Genera
June
Sept. 15 Sept.
June 3o June
is ix
,
General
10*
1
1 May 31
16 June
June 30'June
XS1X
Duquesne Light Co. 5% 1st preferred (quar.)
6
June
stock from date of issuance, Apr. 6,1939, to
June 15. 1939
(quar.)
Eany & Darnel On
pref (quar.).
Eastman Kodak Co. (quar.)
12
June
June
15c
30c
50c
38c
;
(quar.)
Dominion Textile, Ltd. (quar.)
Preferred (quar.)
Draper Corp. (quar.)i
Driver-Harris Co. preferred (quar.)
du Pont (E. I.) de Nemours (interim)
Preferred (quar.)
12
July
July
July
62m
Co. (increased quar.)
Quarterly
Dome Mines, Ltd. (quar.)—;
Dominion Coal Co., 6% pref.
June
June
June
50c
50c
50c
15 June
75c
75c
June
9 May 26
l.June 13
June 30 June 20
June
Participating preferred (s.-a.)—
Participating preferred (s.-a.)
Dixie-Vortex Co., class A
Gatineau Power Co. (quar.)
10 May 19
10 May 25
June
9
June
9
July
SIX
l|Nov. 10
1
June
14
1 June 10*
15 May 31*
1 Aug. 10
June
June
$2
June 24 June
July
June
Dec.
15
June
12Xc
l'June 10
29lJune 10
June 15 May 31
June 15 May 31
Sept.
June
12
25c
66 Xc
June
25c
5,June
12
July
25c
18
June
50c
i2m
1
1
Common
Dec.
June
15 June
SIX
Gamewell Co., preferred (quar.)
Gannett Co., Inc., $6 conv. preferred
15 May 29
15 May 25
June
25c
—
;
Diamond Match Co.. common
June 30 June
...
Col gate-Pal raolive-Peet pref. (quar.)
Colt's Patent Fire Arms
May
June
June
Clark Equipment Co pref. (quar.)
Coast Counties Gas & Elec. Co., 6% pref. (qu.).
Coca-Cola Co
Accrued divs. in cash
June 20
Oct.
5% preferred (quar.)
5% preferred (quar.)..
City Ice & Fuel Co
City & Suburban Homes
ftfay 22
June
s.
May 27
July
_
June 20
June 20
June
Chrysler Corp. common (quar.)
Cincinnati Gas & Electric preferred (quar.)
Cincinnati New Orleans & Texas Pacific
Cincinnati Union Terminal 5% pref. (quar.)
2
July
Chicago Rivet & Machine
Christiana Securities..
Preferred (quar.)
2
May 20
June
„
June
June
June
„
Extra
8
June
...
;
June
June
....
Extra.
8
June
Chesebrough Mfg. Co. (quar.)
9
June
June
Preferred (quar.)
June
June
Chesapeake & Ohio Ry
15 June 30
25c
±
(quar.)
El Paso Electric Co.
25;June 30
15'June 30
10 June
July
20c
2c
Dewey & Almy Chemical (irregular)
Debenture
July
July
Class A (quar.)
Class A (quar.)
Detroit Harvester Co_
Preferred
l'June 15
June
SIX
SIX
15c
Devonian Oil Co
10
3
1 June lo
_June 15
1
l(June 15
SIX
Supply (N. Y.) 7% pref. (quar.)
Foundry (semi-annual)
Detroit Gray Iron
Dec.
.
7% preferred (quar.)
Canada Wire & Cable, class A (quar.)
Preferred (quar.)
Class A (resumed)—...,.
6% preferred B (quar.)
6X% preferred C (quar.)
Compo Shoe Machinery Corp.
—
1 June
9
1 June 10
10c
— -
Delaware Fund
Sept.
New (quar.,
Canada Northern Power Corp. (quar.)_r.
Chestnut Hill RR. Co. (quar.)
Chicago Flexible Shaft (quar.)
Seal Co., Inc., pref. (quar.)
Crown Zellerbach Corp
Crum & Foreter Insurance Shares 8% pref. (qu.)
Cuneo Press, Inc. pref. (quar.)
Curtis Publishing Co. preferred
Daniels & Fisher Stores Co. (quar.)
Quarterly
David & Frere Ltd., A (quar.)-
Dentists
1
9
1 June
July
July
July
July
50c
-
Crown Cork,&
16
15 June
1 June
June 27 June
SIX
SIX
six
25c
—
Crowell Publishing
Crown Cork International Corp. class A
15
15
July
15
15
1 June 15
25c
(quar.)
Continental Telep. Co. 7% partic. pref. (quar.).
6X% preferred (quar.)-—
—
Copperweld Steel Co
—
Cosmos Imperial Mills 6% pref. (quar.)—
Crane Co. 5% conv. pref. (quar.)
Cream-of-Wheat Corp—
Creameries of Amtrica, Inc. (quar.)
Creole Petroleum Corp———
15
July
July
.
25c
—
Preferred
July
July
June 15 May
June 30 May
June
SIX
Extra
June
_
30c
S4X cumulative preferred (quar.)
Continental Oil (Del.)
Continental Steel
Extra
July
July
1 June
1 June
July
SIX
SIX
(quar.)
(quar.)
15 May 31
June
June 15 May 12
1 June 30
Aug.
90c
—
June
Buckeye Pipe Line Co.
Bucyrus Monighan, class A (final)—
Called for redemption at $35 per share
July 1, 1939.
Budd Wheel Co. 7% preferred (quar.)
Buffalo, Niagara & Eastern Power, pref. (quar.)
First preferred (quar.)
;
Bulolo Gold Dredging (interim)
Bunte Bros., 6% preferred (quar.)
6% preferred (quar.)
Burlington Steel, Ltd. (quarA
Burroughs Adding Machine Co
Burry Biscuit Corp. 6% preferred (quar.)..
Butler Water Co., 7% pref. (quar.)
Calamba Sugar Estates (quar.).
—.
Preferred (quar.).
California Ink Co. (quar.)
Canada Cement Co., pref
Canada & Dominion Sugar Co., Ltdi-
Preferred
15
10
*1V*
25c
$4 X preferred (quar j
Continental Can Co., Inc.—
June 30 June
June
July
June
British-Amtrican Tobacco Co. (interim)
Brunswick-Balke-Collender Co
—:
New
1 June
37 Mc
50c
Consumers Power Co. $5 preferred
June
.*
Boston & Albany Railroad Co
Boston Electric Ry. Co. (quar.)
Briggs & Stratton Corp
Bright (T. G.) & Co., Ltd.,
Preferred (quar.)
Bristol Brass Corp. (quar.)
June
1 June
,
....
SIX
Preferred (quar.)
—
Consolidated Investment Trust
July
:
Borne-Scrymser Co
June
31 June 15
preferred (semi-annual)
Non-cum.
$5 preferred
Consolidated Film Industries, $2 preferred
Consolidated Gas Electric Light & Power
July
July
Bohn Aluminum & Brass..
Holders
Payableof Record
June 30 June
June 30 June
Atlas Powder Co
Extra
Name of Company
of Record
Arnold Constable Corp
Associates Investment Co.
I
When
Holders
Name of Company
June 15 June
25c
June 15 June
8
1 June 15
July
SIX
six
8
July
July
July
1 June 15
1 June 24
50c
Oct.
1 Sept. 20
15c
—_
June 30 June 15
30c
50c
SIX
SIX
SIX
Aug.
July
July
July
July
25c
June
40c
56 Xc
—
«
—
SIX
1 June 20
1 July
3
1 June
15
1 June
16
1 June 20
1 June 30
15 May 15
June 15 May 15
Financial
Volume 148
Per
Name of
Share
Company
Golden Cycle Corp. (quar.)__
Gorham
*1
__
Grant (W.
T.) Co. (quar.)
Preferred (quar.)
Great Western Sugar Co., preferred (quar.)
Common (quar.)
Greene Cananea Copper
Group No. 1 Oil
Grumman Aircraft Engineering
Gulf Power Co. $6 preferred
Gulf States Utilities $6 pref.
June
June
75c
35c
_
July
July
July
July
July
25c
$13*
50c
75c
$100
25c
$1H
$134
$134
43 He
(quar.)
(quar.)
$534 preferred (quar.)
Hackensack Water pref. A (quar.)
Hamilton Watch Co
-
25c
Holders
When
Payable of Record
25c
Manufacturing Co. (quar.)
Gorton-Pew Fisheries Co. (quar.)
Lunkenheimer
10 May|31
1
15 June
1 June 21
1 June 14
Preferred
5
9
June 15 May 31
June 30 June 16
2
June 15 June
1 June 25
Harbison-Walker Kefiractories Co 6% pref.(qu.)
Harshaw Chemical Co. 7% preferred (quar.)
$134
Hayes Steel Products, preferred
I60c
si*
July
Hazel-Atlas Glass Co
Hazeltine Corp. (quar.)
L,
-
$13*
1 June
June
15 June
40c
June
14 June
Heileman
10c
June
25c
June
15c
June
15 June
Hibbard, Spencer, Bartlett& Co. (mo.)
15c
$1
June
25c
June
50c
Home Fire & Marine Insurance (quar.)
Hoskins Mfg. Co
June
June 26 June 10
1 June 20
July
June 26 June 15
Houdaille-Hershey class A (quar.)
Class B (interim).i
62m
_
10c
Hewitt Rubber Corp
•_
Hudson Bay Mining & Smelting Co., Ltd
Humble Oil & Refining (quar.)
17 5c
3734c
June
15 June
1
June 26 May 26
1
2 June
July
5c
June 21 June
$2
June 30 June
$2
July
1 June
12
5%
June
8 Apr.
20
(s.-a.)___
Amer. dep. rec. for ord. shs. (final)
Imperial Life Assurance (Can.) (quar.)
Quarterly
Quarterly
Indiana Hydro-Electric Power Co.
7% cum. preferred (quar.)...
Indianapolis Water Co., 5% cfum. pref. A (quar.)
Ingersoll Rand Co., 6% preferred (s.-a.)
_
International Business Machine
International Cellucotton Products (quar.)____
Extra
...
3 June 30
2 Sept. 30
1-2-40 Dec. 30
t$33*
July
W 3*
til J*
Oct.
$13*
June
$13*
July
July
$3
$134
3734c
1234c
July
July
July
15 May 31
1 June 10*
1
10
1
1
Preferred
20
International Educational Publishing Co.—
t30c
1 May 23
15 June 20
International Harvester Co. (quar.)
International Mining Co
...
40c
July
July
10c
June 20
International Nickel Co. Canada, Ltd
J 50c
$134
$3.5u preferred
International Ocean Telegraph Co. (quar.)—International Salt Co.
(quar.)
International Silver Co.,
3734c
$2
75c
preferred-___
_
July
July
n June
l June
Jarvis (W. B.) Co. (stock
Jefferson Electric
Dec.
1 June
15
1 June
15
July
July
15c
dividend)
June
15 June
1
100%
—
June
15 June
1
15
25c
Jewel Tea Co., Inc...
Johns-Manville Corp. 7% pref.
(quar.)
tig
35c
....
Joseph & Feiss Co. (initial)
.v.
Kansas City Power & Light Co. 1st pref. B
Katz Drug Ob—_
Preferred (quar.)
....—
Kaufmann Dept. Stores, 5% pref. (quar.).
Preferred (quar.)—
Keith-Albee-Orpheum Corp., 7% pref
Kemper-Thomas, 7% special pref. (quar.)—
7% special preferred (quar.)
—
6
June 20 June
1 June 16
July
June
$134
July
1234c
June
15 June
1 June
$134
$13*
$13*
--
July
15 June
1 June
June
15 June
$13*
$13*
—
Kennecott Copper Corp
June 30 June
July
Sept.
Hi
-_
—
1
14
1
15
1
1 June
10
2
June
15 May
1 June
31
1 June
1 June
13
13
1 June
15
■__
—
15c
25c
.
;_
25c
Extra
Preferred (quar.).
$134
"■$13*
Kings County Lighting 7 % pref. B (quar.)
$134
6% preferred C (quar.)
$13*
5% preferred D (quar.)
25c
Klein (D. Emil) Co
:
30c
Kresge (8. 8.) Co (quar.)
$1
Kresge Dept. Stores, 4% 1st pref. (quar.)-_-—■$13*
Kroger Grocery & Baking Co. 7% pref. (quar.).
$134
6% preferred (quar.)_^
15c
Kysor Heater Co. (quar.)
—
■
Extra
________
.
Lane-Wells Co
r
_j—
...
15
1 June
15
1 June
20
June 13 June
2
June 30 June 20
1
July
20
1
June
17
20c
15 June
June 15 June
5
5
Aug.
July
June
til
June
15 June
1
Aug. 15 Aug.
5
25c
__
*
a.
July
1 June
13
25c
Lake Shore Mines, Ltd. (quar.).:—*—
Land is Machine Co. (quar.)—
Quarterl y
July
July
July
July
July
July
Nov. 15 Nov.
4
25c
2c
Lava Cap Gold Mining..
Loath & Co. preferred (auar.)
__
62 He
Lehigh Portland Cement Co. 4% pref. (quar.)..
Lehn & Fink Products Corp
Leslie Salt Co. (quar.)
__i
Lessing's, Inc
Lexington Utilities preferred
Libby, McNeil & Libby 6% preferred
Li bbey-Owens-Ford Glass
__
—
*1
25c
65c.
5c
June 15 May 29
June 30 June 10
1 June 15
July
July
1
June
14
June 14 May 31
June 15 May 31
June 10 June
3
30c
Aug.
D. C.) (quar.)...
30c
25c
25c
June
6% preferred (quar.).
7 % preferred (quar
Lindsay Light & Chemical Co., preferred (quat.)
3734c
8734c
15*%
June
25c
June
6 May
10
$154
July
July
1 June
15
1 June
15
--
,
Link Belt Co
(quar
Preferred (quar.)
20c
Liquid Carbonic Corp
Little Miami RR., original
capital (quar.)
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
1
Lock Joint Pipe Co. (monthly)
Lockhart Power Co., 7% preferred (semi-ann.).
Lone Star Cement Corp
Longhorn Portland Cement Co.—
5% refunding par tic. preferred (quar.)
Extra
.
5% refunding partic. preferred (quar.)
Extra
Loose-Wiles Biscuit Co. 5%
Exploration Co. (quar.)
Louisville Gas & Electric Co. class A (quar.).—
50c
50c
60c
66c
$334
75c
$15*
June
*
1 July
1 Oct.
27
27
12 May 31
12 May 31
12 May 31
June 12 May 31
June
June
Sept.
Dec.
June
19 June
3
10 May 24
9 Aug. 24
9 Aug. 24
10 May 24
Sept. 9 Aug. 24
Dee
9 Nov. 24
June 30 June 20
—
—
Aug. 21
Aug. 21
Dec.
25c
Dec.
Nov. 20
Nov. 20
•Tune 17
June 17
SI 5*
July
July
lpc
June
3754c
1254c
June
—
June
1*
24!May 31
June 241 May 31
25c
June
35c
June 30 June
1
12
$134
$134
$134
June 28 June
15
50c
44c
25c
25c
—
734c
20c
$15*
3734c
1234c
$134
Preferred A (quar.)___
Co
Sept. 28 Sept. 21
Dec.
28 Dec
July
July
July
15 June 30
15 June 30
June 21 June
June 30 June
16
Aug.
21
1 July
15 Tune
2
15 May 31
5
1 June
June 15 May 31
July
1 June 16
(quar.)
July
1 June 15
9
June 30 June
(quar.)
Teleg. (quar.)
__
June
Newmont Mining Corp.______
(s.-a.)__^—.—_—
(s.-a.)
Light 7 % pref, (quar.)—
$6 preferred (quar.).
New York & Queens Electric. Light & Power. __
Niagara Shares (Md.) pref. A (quar.)
Niles-Bement-Pond (stock dividend)
Div. of one sh. of U. Aircraft Corp. for each
share of Niles-Bement-Pond stock held.
50c
1900 Corp.. class A (quar.)
50c
Class A (quar.)
$1
Noranda Mines, Ltd. (interim)
.— --$2 34
Norfolk & Western Railway (quar.)
30c
North American Co. (quar.)
_____
m.6o
6% preferred
6% preferred (quar
New York Mutual Telegraph
New York Power &
lb May 20
June
—-----
New York & Harlem RR.
Preferred (quar.)
10
3 June 15
3 June 15
15 June 30
June 15 May 31
June 15 May 25
1
July
1 June
1
Tuly
1 June
July
1 June 10
July
July
July
July
—
New England Telep. &
New Jersey Zinc
21
15 une 13
June 21 June 10
June
National Transit Co
Natomas Co. (quar.)
15 June
June 30 June 20
6
July
1 June
National Oil Products (interim):
National Sugar Refining
15
10 May 20
June 20 May 25
June 15 May 15*
June 15 June
1
Mine
15 May 27
June 15
June 15
July
July
July
July
July
June 30
June
June
15
15
„
(quar.^.
.
53* %. preferred (quar.)—
. _ _
North Central Texas Qil Co., Inc., com.(interim)
North River Insurance Co. (N. Y.)
Northern Ontario Power Co. (quar.)—
Norwalk Tire & Rubber
Ohio Finance
(liquidating)___
preferred (quar.) ______
Tune
June
July
July
July
July
July
Tune
July
July
July
$2
8734c
lune
Tuly
June
40c
Tuly
Tuly
Tuly
1 June
10
25 June 30
1 June
10
1 June
10
1 June
15
10 May 26
25 June 30
25 June 30
I June 15
15 June
3
II June 15
Tune
June
M
Tune
15 June
5
1 June
10
l'June 10
1 June
16
15 May 31
30 June
15
15 May 31
15 May 31
June 20 June
9
Tune
15 May 31
15 May 31
Tune
20 May 26
50c
;--
1 June 15
June
15c
$134
(quar.)
_______
Telegraph (s.-a.)
July
43 Mc
Pacific & Atlantic
Tuly
1 June
15
50c
Tune 27 June
12
Tune 20iMay 26
15c
Tuly
July
July
July
75c
'une
75c
June
$1
15c
$134
preferred (quar.)—
(quar.)
..
1
19 May 31
18?*c
—
——
Paraffine Cos., Inc
Preferred (quar.)___
Paramount Pictures. Inc
June
$13*
$134
7% pref (quar.)
1
20
10 May 20
Tune 15 June 12
70C
6% preferred (quar.)
Omar. Inc.. 6% preferred (quar.)__
Omnibus Corp., pref. (quar.)
Oneida, Ltd
—
;
7% preferred (quar.)
Otis Elevator Co. (quar.)--
15,Nov.
15lMay
9
5
Tune
$134
$2 34
$134
-
15. June
Aug. 15|Aug.
Nov.
25c
15c
1
Oklahoma Gas & Electric,
1st
June
60c
Co__
6% preferred (quar.)
Ohio & Mississippi Telegraph Co
Ohio Oil Co. preferred (quar.)__
Ohio Water Service Co.. class A
Preferred
25c
60c
14,May 26
June 21 June
1
(s.-a.)
Northwestern Yeast Co.
7lm
June
1
6% preferred (quar.).----Northwestern Telegraph
Penick & Ford, Ltd., common..
Sept.
Sept.
25c
30c
40C
National Lead Co
Preferred B
Sept. 25 Sept. 25
$15*
2-2-40
15
15
June
$2
pref. (quar.)——
National Grocers Co., $1)4
June 30 June
12
2-2-40
June 30 June
June 30 June
10c
—
2d preferred (quar.)
Park & Tilford, Inc., pref.
$254
pref. (quar.)
Lord & Taylor (quar.)
Louisiana Land &
Class B.
$1.10
$1.10
$1.10
Nov.
15 June
9
15 June 16
June 15 May 31
June 15 May 31
July
1 July
1
Sept. 30 Sept. 30
60c
Ohio Confections, class A
30c
Lincoln Service Corp. (Wash.,
Extra
50 c
Norwich Pharmacal Co—____ — ----—
Oahu Railway & Land Co. (monthly)
$15*
1 Nov. 10
20c
July
Liggett & Myers Tobacco, preferred (quar.)
Dec.
July
July
$13*
June
Liiy Tulip Corp
i
i___
Lincoln National Life Insurance (quar.).
Quarterly
15 June
1
1 Nov. 10
$15*
$134
$134
$134
$234
—
50c
1 June 16
15 May 31
1 June 13
July
June 15 June
1
1 June 15
Dec.
25c
5% preferred A
National Breweries, Ltd. (quar.)
Preferred (quar.)__
National Cash Register
National Casualty (DetroitV (quar.)—
National Container Corp. (Del.)
National Dairy Products (quar.)
(quar.)
1
10
June
50c
6c
$154
$3
8
June 20 June
40c
(quar.)
9
1 June 15
July
$15*
(quar.)
June
15 June
July
12 June
50c
—
Newberry (J. J.) Co. (quar.)
New England Fire Insurance
16 June
June
$2 3*
$2 3*
--
Neisner Bros., inc.
June
25c
87 34c
(quar.)
10
July
1 June 20
June 29 June
25c
-
6% preferred (quar.)
6% preferred (quar.)___
Mutual System, Inc., pref.
Common
15
Kerr Lake Mine Ltd
8
June 30 June
1 June
1 Aug. 22
Dec.
1 Nov. 21
2
June 30 June
8
16
19
19
16
29
15
16
16
16
17
15^May 31
July
$15*
—
Muskogee Co
Muskegon Piston Ring__
_
Mutual Chemical Co. of Amer., 6% pref. (quar.)
Preferred A & B
Aug.
June
June
June
May
June
June
June
June
June
25c
(quar.)
June 30 June
Kerlyn Oil Co.. class A (quar.)
Keystone Steel & Wire
:
Kimberly-Clark Corp, (quar.)
$13*
National Bond & Investment Co
1 Aug. 10
1 Nov. 10
1
1
1
1
1
June
—
^
-
National Biscuit Co.
June
10c
(C. E.) & Co__
(s.-a.)
13
Sept.
25c
_
Extra
—
10
July
July
July
July
July
_
15*
15 May 31
1
June 15 June
30c
_;
Co. (quar.).......
Quarterly.
Irving Air Chute (quar.)
Jamieson
May 31
30c
Investment Corp. of Phila
Iron Fireman Mfg.
,
June 30 May 31
1 June 30
July
75c
Interstate Natural Gas
June
Mountain Fuel Supply Co. (irregular).
Mountain Producers Corp. (s.-a.)
Muncie Water Works Co., 8% pref. (quar.)
20
June
—
Motor Wheel Corp., common
15
June 22
June
June
_________
;
Preferred B
May 20
5
1
1
1
1
Sept.
July
July
July
(quar.)
Montgomery Ward & Co
*_s_
^
Class A (quar.)
;
Montreal Cotton (quar.)—*■
7% preferred (quar.).
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly
Morris Finance Co., class A com. (quar.)
Class B common (quar.)
10
19
Idaho-Maryland Mines Corp. (mo.)
Illinois Bell Telephone
Illinois Central RR. (leased lines)
Imperial Chemical Inuustries—
10
30|June
June 30'June
_
common
Minneapolis Gas Light Co.—
$5 preferred (quar.)
Mission Corp
!
Mock, Judson, Voehringer Co., Inc
7% cumulative preferred (quar.)_
Modine Mfg. Co
Monroe Chemical Co., preferred (quar.)
Monsanto Chemical Co. (quar.)
$434 preferred A (s.-a.)
15 May 26
5
15 June
20c
(quar.)_L_„
June
June
...
Midwest Oil Co. (semi-annual)
15 May 26
Hiram Walker-Gooderham & Worts
Preferred
Mid vale Co
4
15 May 31
June 20 June
Works (quar.)
8% preferred (quar.)
$2 non-cumulative
5
5
Nov. 15 Nov.
June
-
Midland Steel Products.
June 30 June 20
(G.) Brewing (quar.)
Aug. 15|Aug.
.»
_
Preferred (quar.)
15 May 15
1
15 June
Hein-Werner Motor Paris (quar.)
June
Mesta Machine Co
3
<
15 May 31
15 May 31
15 May 29
June
Michigan Steel Tube Products
Midland Grocery 6% preferred (s.-a.)
1
Hecker Products (extra)
Hecia Mining Co
Nov. 30 Nov. 29
_
Merck & Co..
15*
75c
Alkali
Dec. 23
July
1 June 15
Aug. 31 Aug. 30
June
Preferred (quar.)
May Department Stores Co.
6
July 20 July
June 30 June 26
June 30 June 15
July
June 30 June 15
1 June 30
July
Sept. 22
1-2-40
Master Electric Co
Mathieson
June 21
Oct.
Magma Copper Co
Mangin (1.) & Co., pref. (quar.)
Preferred (quar.)
Maryland Fund, Inc
Masonite Corp. (quar.)
15 May 31
$134
July
pref. (quar.)
Extra
7 May 31
1 June 20
June
July
Co
(quar.)
(quar.)
Lynchburg & Abingdon Telegraph (s.-a.)
McClatchv Newspapers, 7% pref. (quar.)
_7% preferred (quar.)
Macassa Mines, Ltd. (quar.)
14
3 June 15
3 June 15
June 12 June
June 30 June
June
Preferred
1 June
Hammermill Paper Co., 434% cum. pref. (qu.)
Hancock Oil Co. (Calif.) A & B (stock div.)
Hanes (P.
H.) Knitting 7% pref. (quar.)
3329
Chronicle
—
Peninsular Telephone (quarterly)_._
Preferred A (quar.)
------ Penn Western Gas & Electric Co.___
50c
luly
15 July
3
15 June 30
1 June 15
I June 15
2T!June
1
15 June
II June
1
15
5
Aug.
15lAug.
June
$13*
21(May 24
June
10 May 29
10 May 29
Liquidating div. of 1 sh. of Sioux City G. & E.
common stock for each share of Penn W.
G. & E. held.
Pennsylvania Gas & Electric, 7%
$7 preferred
—--Pennsylvania Glass Sand Corp. $7 cumulative preferred (quar.)
_
f
pref-_______
t50c
t50c
June
$13*
July
11 June
15
•
3330
Financial
When
Name of Company
July
July
July
Sunset-McKee Salesbook Co., class A (quar.)...
$14
$14
26c
5oc
4c
25c
3<>c
25c
.
__
_—
...
„
_
...
__
.
Preferred Accident Insurance
Premier Gold Ming Co. (quar.)
$14
SIM
50c
,
SIM
60c
UOc
75c
$1
Public National Bank & Trust Co. (N. Y.)
Quarterly
;
;
:
Public Service (N. J.), 6% pref. (monthly)
(qu.)
_
Publication Corp., common
Oct.
1
June
36c
2%
SIM
SIM
SIM
luc
SIM
SIM
374c
374c
19
1
l5 June
June 24 June
July
a.
SIM"
SIM
SIM
SIM
;
Stores Am. dep. receipts
Shattuek (F. G.) Co.
(quar.)
Shell Transoort & Trader.
(Amer. shs.)__
Sherwin-Williams (Canada) 7% preferred
June 20
June
m
SIM
SIM
20c
July
July
July
June
June
9
15 May 31*
1
June 24 June
Aug. 31 Aug.
1
June 15 May 31
5c
June
10 June
25c
June
50c
July
15 May 31
13 June 22
50c
June
8
July
July
1 June
8Mc
8Mc
12Mc
-7
.
Southwestern Portland Cement, 8% pref. (qu.)_
8% preferred (quarterly)
8% preferred (quarterly)
Spencer Kellogg & Sons
Spiegel, Inc.. preferred (quar.)
Staley (A. E.) Mfg. Co
$5 cumul. preferred (quar.)
7% preferred (semi-ann.)
Standard Brands, Inc pref.
(quar.)
Standard Oil Co. of California
Extra
1 June
Standard Oil Co. of Indiana (quar.)
Standard Oil Co. (Ky.), (quar.)
Standard Oil Co. New Jersey (s.-a.)__
15 May 31
30c
June
15 May 26
June 15
June 30*
SIM
July
July
$4
June
June
June
6! May 27
July
1 June 20
7 June
2
SIM
15 June
30 June
June
June
1
15
15 June
July
15 June 30
^
50c
50c
—
1
5
5.
June 30 June
1 June
July
12*
2
20c
(quar.)..
15 May 20
June
SIM
— --
June
20c
—
July
15 May 20
1 June
5
25c
1 June 20
SIM
July
July
75c
June
15c
75c
1 July
Aug.
July 15 June
Oct. 16 8ept.
1 June
July
8 May
10
15
June 30 June
July
1 June 20
June 20 June
9
Sept. 20 Sept. 8
June 15
July
July
1 June 15
July
1 June 15
June 15 May 31
June 15 May 31
June 15 May 31
June
Aug.
15 June
1 July
June
15 June
1
10 May
1 June
10
June
July"
July
June
June
SIM
SIM
SIM
2M%
July
10
1 June 10
15 May 31
5 May 25
1 June 16
Oct.
1-3-40
June
15
1 Sept. 15
Dec. 15
8 May 16
June 22 June
2
June
8 June
1
July
3 June 15
June
June
15 lune
5
15 May 27
June
15 May 27.
SIM
SIM
Aug.
July
July
15c
1 July
June 21 June
SIM
July
June
1
June
June
July
May 31
June 15
June
June
52
Sept.
Sept. 14
$2
Dec.
Dec.
20c
June
16
14
14
May 25
June
June
20c
June
June
SIM
3M%
SIM
June
1
July
10
June 10
June 20
June
June
June
1
June
May 15
May 16
25c
June
May
25c
June
50c
June
May 31
May 16
15
25c
June
15 May 31
July
15 June 30
5
9
25c
SIM
$6c
50c
lc
50c
—
7 June
1
June 15 June
1
June 30 M ay 31
June 30 May 31
_
June
July
July
July
Tuly
15 June
6
1 June
15
15
15
1 June
1 June
June
10 June 20
15 June
1
June
15 June
1
liJune
15
July
July
...
.llJune 15
Aug. 15 Aug.
5
Dec. 15 Dec.
5
June 20 May 31
Dec. 20 Nov. 29
50c
July
15
July
15 July
5
15 May 29
15 May 29
United States Tobacco Co., common
Preferred (quar.)
2%
SIM
32c
43 Mc
Upper Michigan Power & Light—
6% preferred (quar.)
SIM
6% preferred (quar.).
SIM
6% preferred (quar.)...
1.
Utah Power & Light, $6 preferred
t.
$7 preferred
St 1.16 2-3
Vapor Car Heating Co.. Inc., 7% pref. (quar.).
SIM
7% preferred (quar.).
SIM
7% preferred (quar
'.)
SIM
25c
Veeder-Root, Inc. (quar.)
...
Extra
Preferred
-
Preferred
I June
June 23 June
June
June
•
II July
Nov.
1 Oct.
28
Feb.
1 Jan.
29
July
July
1 June
June
Sept.
Dec.
15 June
July
Tuly
June
25c
50c
July
July
20 Oct
June 20 Tune
1
10 s
10
1
June 20
15 May
June 26 June
23
16
June
25c
—
July
15 May 25
1 June 15
Aug
31
SI M
5%
..j.
June
June
5c
;
West Virginia Waver Service. $6 preferred
tSIM
2Mc
Western Exploration Co. (quar.)
Westminister Paper Co
(semi-annual)
July
July
10
15
15
Nov.
SI
SIM
$2
July
July
July
July
July
15c
—
1—a-
(quar.)
Hosiery Co. (quar.)
June
SIM
1 June
June
50c
20c
Aug
15
15 May 27
15 May 27
June 20 June
25c
Weston Electrical Instrument class A
Weston (Geo.) Ltd. (quar.)
Whitaker Paper Co
...
Preferred (quar.)
Will & Baumer Candle Co., Inc pref.
20
Oct.
25c
Pulp & Paper Co
1
SIM
Common
West Virginia
June'15
1
15 June
15 June
1
June 20 May 31
June 20 June. 12
l()c
July
SI 4 June
Waukesha Motor Co
j.
Welch Grape Juice Co., preferred (quar.)
Stock dividend...
1
June
S2M
SIM
SIM
Warren (S. D.) Co. (quar.)
u_.
Washington Water Power, preferred (quar.).
9 Sept.
June
60c
Wagner Electric Corp. (quar.)
Waldorf System, Inc..
Walgreen Co. 44 % pref. (quar.)
1
1 June
10 June
$2
SIM
_
29
9 Dec.
15 June
25c
--
9*
Aug.
June
SIM
(quar.)
(quar.).*..
Sept 20 Aug. 31
25c
;
—
Virginia Electric & Power $6 pref. (quar.)——
Vulcan Detinning Co
Preferred (quar.).j.
i,.*.
1
1
Oct.
16
June
15
1 June
17
1
Tune
17
1
Tune
1
July
15
10 May 31
50c
Quarterly
Extra
Aug.
Aug.
1 July
Nov.
1 Oct.
50c
SIM
$1.31 M
SIM
SIM
SIM
preferred
7% preferred._._i
Wisconsin Public Service, 7% pref
6M% preferred
6% preferred
Woodward & Lathrop
Preferred (quar.)
Nov.
June
June
15
1 June
1
SIM
Extra
1
Oct.
15
15
15
15
15 May 31
15 May 31
June 20 May 31
June 20 May 31
June 20 May 31
June 28 June
16
SIM
June 28 June
16
Woolworth & Co., Ltd., ordinary (interim)
9d.
Preferred (semi-annual)
Wright-Hargreaves Mines, Ltd. (quar.)
3%
June 22 May
June
8 May
50c
1 June
20
Oct.
15c
July
2 Sept. 20
1 June
9
5c
Transfer books noti
25c
25c
SIM
SIM
25c
1 July 20
1 Aug. 19
June 30 June-15
1 June 17
July
June
15 June
1
closed f°r this dividend,
t Oh account of accumulated dividends.
i Payable
16
8
17
17
25c
Extra
deduction of
3 May
3 May
25c
July
July
July
Aug.
Sept.
10c
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
1
Yellow Truck & Coach Mfg. Co.—
7% cumulative preferred (quar.)
Youngstown Sheet & Tube Co., pref. (quar.)..
Youngstown Steel Door Co
*
SIM
15 June
5
June
IX %
Wisconsin Power & Light, 6%
June
SIM
June
15 June
50c
Wins ted
June
.10c
2
10c
»
United States Playing Card
:—
United States Ruboer Co. 8% 1st pref
United States Sugar Corp. preferred " (quar.)...
9
15c
June
SIM
Wilson Products, Inc
May 20
May 31
June 20
51
...
SeDt. 15 Sept.
1 June
July
June 24 June
50c
5
15 June 15
1 June 12
1 June 15
15
June
Victor-Monogham Co., 7% preferred
Viking Pump Co. (special)
20*
JUne 30 June
30
30
20c
53c
6.36% prior preferred (monthly)
7 % prior preferred (monthly).
58 l-3c
United New Jersey RR. & Canal (quar.).
S2M
United Public Utilities Corp., S3 preferred—__
t45c
$2% preferred
:
t41Mc
United States Gypsum Co. (quar.)—
50c
Preferred (quar.)
SIM
U. S. Petroleum, common.,
lc
Vermont & Boston Telegraph
1*
25c
1
17
20c
...—
18
1 June
1 June 20
15 June
—
— _.
15 May 31
July
July
2'2ooths sh. of
cap. stk. for each sh. held in
addition to cash scrip for fractional shares.
Standard Oil Co. (Ohio),
(quar.)
Preferred (quar.)
June
7 May 30
Quarterly
June
5c
__
15 June
15 June
June
Quarterly
SIM
25c
I
June
Common
United States Pipe & Foundry Co. (quar.)
15
50c
...
Southland Royalty Oil
(quar.)
I "I
Southwestern Gas & Electric Co., 7% pref.
(qu.)
15 May 25
5 May 16
June
—
May 18
15
June 15 May 31
37Mc
6% preferred series B (quar.)._'__
Southern Colorado Power,
7% preferred
Southern Natural Gas
(new)
Southern Phosphate Corp
June
June
SIM
SIM
SIM
(quar.)
Preferred (quar.)
*
United Gold Equities of Canada..
United Light & Railways 6% pr. pref. (monthly)
9
June
5c
South Carolina Power
Co.,
Southern California Edison Co.—
1 June
July
66c
SIM
pref.
Preferred (quar.)
United Gas Improvement (quar.)..
15 May 26
June
9
3c
__I_III.IT
$6"Ts"t"pref."(~quar.)
15 June
15 June
United Gas & Electric Co., 5% pref. (s.-a.)
United Gas & Electric Corp., common
1 June 20
June
15c
Sonotone Corp. (irregular)
June
June
25c
United Dyewood Corp., pref. (quar.)
United Elastic Corp
1
20c
__
1
19
25c
Quarterly
1
93c
Siscoe Gold Mines
Skelly Oil Co., 6% cum. pref. (quar.)
Sloes-Sheffield Steel & Iron, pref.
(quar.).;
15 June
15 May
June 15 June
June 30 June
10c
Co. (quar.)
Union Pacific RR.
16
June 20
ttSlM
Sherwood, Swan & Co., 6% pref. A (quar.)
pimonds Saw & Steel
i
June
June
60c
...
Union Twist Drill
June
10c
,
1 June 15
15 June
5
15 June
1
SIM
SIM
—.
...
Extra..
June 30 June
1
June 27 June 15
June 27 June 15
62 Mc
......
Texon Oil & Land
1
75c
__
15
12c
15
15
1
1
June 30
20c
.'
(quar.).
15
17
1 June
50c
July
July
July
37 Mc
,
_j.;
June
June
16
1 June
10c
.
June 30 June
12Mc
preferred (quar.)
Seeman Bros., Inc. (quar.)
Selby Shoe Co.-.
Aug.
July
July
28c
50c
25c
...
684c
—
June 30 June
June 30 June
20c
60c
June
40c
.
a
7% preferred (quar.)
United Bond & 8hare Corp., Ltd. (quar.)
Quarterly
1
United Carbin Co. (quar.)..,
United-Carr Fastener Corp. (quar.)
June
SIM
—
Preferred (quar.)
*
Tappan Stove Co
Telephone Bond & Share 7% pref..
53 preferred
——
Texas Gulf Producing (interim)
Texas Gulf Sulphur (quar.)
l6
SIM
iw
10c
15 May
15 May
SIM
Seaboard Oil of Delaware (quar.)...
Sears, Roebuck & Co
I.
Securities Acceptance Corp. (quar.)
SIM
.....
54 % preferred (quar.)
Tuckett Tobacco Ltd., pref. (quar.)..
Underwood Elliott Fisher Co. (quar.)
Union Carbide & Carbon Corp
Union Gas Co. of Canada (quar.)
2 Sept. 20
June
25c
preferred (quar.)
25c
—
Preferred (quar.)
Talcott (James), Inc
1
1 June
1
July
June 30 May 28
June 30 June 15
June 30 June 15
United Biscuit Co. of America—
SIM
SIM
i
50c
15
S3
Scott Paper Co.
(quar.)
-25c
15
♦25c
3% 2nd preferred (semi-annual).
Schenley Distillers, pref. (quar.)
50c
...
Extra
Class A (quar.)
Extra
Preferred (quar.).—:
United Aircraft Corp
25c
Quarterly
St. Louis Bridge Co.,
6% 1st pref. (s.-a.)_
(quar.)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
15 May
15 May
30c
__
16
Toronto Elevators 5!4 % preferred (quar.)
RH Assoc (s.-a.)
15 July
5
1 June 20
Oct.
3 June
15 June
Troy & Green bush
16
July
5
July
June
15 May 25
15 June
5
Truax-Traer Coal, 6%
16 May 24
30c
Sabins-Robbins Paper, pref. (quar.)..
St. Joseph Lead
(quar.).
J
Swift & Co.
Tilo Roofing
10
15 July
June
15 June
$2 4
Timken Roller Bearing
1
July
June
30c
30c
5c
Thermoid Co., convertible preferred.
lo May
15 June
June
June
25c
Thew Shovel Co., preferred (quar.)
TideWater Assoc. Oil, pref. (quar.)..
1 June 10
June 30 May 29
June 30 May 29
June 15 June 15
Sept. 15 Sept. 15
Dec. 15 Dec. 15
June
25c
374c
-
Sept. 10
20c
__T
Sutherland Paper Co
June
June 30 June 20
1 June 16
July
SI
(quar.)
Supersilk Hosiery Mills, 5% pref. (s.-a.)
12-10-39
1-4-40
SIM
Ruberoid Co
Sept. 15
July
(quar.)
SIM
Roan Antelope
40c
Copper Mines Ltd., Amer. shares
Robertson (H. II.) Co
25c
___
Rolls-Royce, Ltd., Am. dep. rec. <final)
17M%
Rome Cable Corp. (initial)
10c
Preferred (quar.)
5 May 20
1
3 May 31
July
July
75c
1M%
Rheem Mfg.Co.
(quar.)
Rich Ice Cream pref. (quar.)..
Richardson Co
Risdon Mfg. Co., 7% pref.
Preferred (quar.)
Preferred (quar.)
June
June
*
...
Selfridgo Provincial
9
_
—
..........
..
15'.
20c
75c
7% pref
Class B
1
1 June
(quar.)
Sun Oil Co.
1
July
....
•
1 June
June
25c
Pyrene Mfg. Co
Quaker Oats Co. (quar.
Preferred (quar.)
Quaker State Oil Refining Corp...
Kanier Brewing class A & B_
Raybestos-Manhattan, Inc
Reading Co., 2d preferred (quar.)
1st pref. (quar.).
Reed Drug Co
i
Class A (quar.)
Reeves (Daniel), Inc. (quar.)
Opt. cash or 1 sh. of pref. for each $100 divs.
Preferred (quar.)
Reliance Insurance Co. (s.-a.)
,
Rensselaer & Saratoga RR. (s.-a.)
Reyholcis Metals Co. 54 % con v. pref
Servel, Inc. pref.
July
July
June
June 15 June
Original preferred (quar.)
Pullman, Inc
.■
Co., 5% preferred (quar.)
5M% preferred (quar.)
6% preferred (quar.)
cum.
1
10c
50c
Pure Oil
6%
June 2b June 19
June 10 May 24
July
50c
...
SchiffCo. (quar.)
...
7% preferred (quar:)
5 4 % preferred (quar.)
1
10
4
50c
Non-voting, common....
7% preferred (quar.)
Scran ton Lace..
June 21 June
1 June
July
July
SIM
6% preferred (quar.).^
cum.
1
15 June 21
Oct.
...
Public Service Electric & Gas, 7% pref. (quar.).
$5 preferred (quar.)...
$44
15 June
July
June
Public Service Co. of N. J
6% preferred (monthly).
Public Service of Oklahoma, 7% pref. (quar.)..
.
June
8
tix
50c
7% preferred (quar.)
8% preferred (quar.)
So preferred (quarterly)
8
*$IX
SIM
3c
pref. (quar.)
Prosperity Co. preferred (quar.).—
15
1 June
3 May 22
6 June 10
20c
Procter & Gamble, 5%
1 June
1 June
Standard Wholesale Phosphate & Acid Works.
Strawbridge & Clothier,
J Holders
Payable of Record
Sterchi Bros. Stores, 1st pref. (quar.)
$i
—
Company
June 15 May 31
1 June 15
July
1 June 15
July
$14
--
_
When
Name of
25c
Pennsylvania Salt Mfg. (quar.)
Pennsylvania Telep. Corp. 6% preferred (quar.)
Peoples Drug Stores (quar.)
Special
Preferred (quar.)
Peoples Gas Light & Coke Co.
Perron Gold Mine
les, Ltd. (quar.)
Pet Milk Co. (quar.)
Petroleum Corp. of America
Phelps Dodge Corp
Philadelphia Co., $6 pref
$5 preferred (quar.)...,
Philadelphia Electric Power, pref. (quar.)
Philadelphia, Germantown & Norristown RR.—
Quarterly
Piedmont Mfg. Co
Pioneer Gold Mines of B. C. (quar.)
Pittsburgh, Bessemer & Lake Erie—
(Semi-annual)
Pittsburgh Brewing, pref
_,
Pitts. Ft. W. & Chicago By. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
———
Pittsburgh & Lake Erie RR—
Pittsburgh Oil & Gas
Pittsburgh Plate Glass
Plymouth Oil Co. (quar.)
*
Extra (stock dividend).
J
i
Pollock Paper & Box 7 % preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Ui-Powdrell & Alexander (quar.)
^
June 3, 1939
Holders
Payable of Record
Pennsylvania Water & Power (quar.)
Preferred (quar.)
,
Chronicle
«
in Canadian funds, and in the case of non-residents of Canada,
a
tax of
5% of the amount of such dividend will be made.
Volume
Financial
148
Chronicle
Condition of the Federal Reserve Bank of
3331
Weekly Return of the New
York
City
York
Clearing House
following shows the condition of the Federal Reserve
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
New
The
Bank of New York at the-close of business May 31, 1939,
in comparison with the previous week and the corresponding
STATEMENT
-date last year:
OF
MEMBERS
OF
THE
NEW
CLEARING
YORK
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, JUNE
-V
May 31,1939 May 24, 1939
HOUSE
1,
1939
1938
June 1,
*Surplus and
$
$
$
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
Clearing House
Assets—
Average
Average
Capital
Members
Gold certificates on hand and due from
6,413,056,000 6,415,549,000 4,659,544,000
1,330,000
1,863,000
1,702,000
83,485,000
99,890,000
86,069,000
United States Treasury.*
Redemption fund—F. R. notes
Other cash t-
$
Bank of New York
6,500,827,000 6,517,302,000 4,744,359,000
Total reserves..........
Bills discounted:
Secured
by
direct or
20,000,000
National City Bank....
Chem Bank A Trust Co.
77,500,000
20,000,000
90,000,000
Guaranty Trust Co
S. Govt, obligations,
fully guaranteed...
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
U.
805,000
296,000
1,048,000
1,777,000
280,000
334,000
1,101,000
218,000
2,886,000
1,328,000
218,000
3,208,000
2,111,000
Other bills discounted........
42,243,000
21,000,000
Bills bought in open market
......
Industrial advances
'
Irving Trust Co....
209,000
United States Government securities:
Bonds
Treasury bills
Total U. 8. Government securities.
Total bills and securities..
......
Uncollected Items
.......
Bank premises
;
Other assets
........
46,567,000
3,153,000
133,379,000 d2,493,693,000
48,355,000
4,324,900
3,830,300
47,606,000
4,048,000
Bankers Trust Co
25,000,000
79,762,300
6,000,000
2,424,600
207,948,000
5,000,000
9.253,300
New York Trust Co
Comm'l Nat Bk <fe Tr Co
Public Nat Bk & Tr Co.
12,500,000
28,266,700
745,855,000
7,000,000
8,369,500
e944,935,000
13,223,000
107,180,000
358,385,000
91,934,000
9,497,500
82,205,000
27,052,000
3,163,000
3,377,000
24,968,000
2,466,000
52,649,000
918,777,800 11,732,342,000
626,993,000
721,957,000
726,162,000
726,711,000
752,518,000
7,000,000
519,013,000
71.000
61,000
3,412,000
61,000
5,245,000
569,067,000
Title Guar & Trust Co..
Marine Midland Tr Co.
721,957,000
3,029,000
133,055,000
8,959,000
15,656,000
25,495,000
3,132,000
563,025,000
500,000
Totals.
Federal Reserve notes of other banks..
261,905,000
556,961,000
191,191,000
256,538,000
331,160,000
134,259,000
Due from foreign banks
C867,099,000
45,508,000
165,615,000
6,133,000
£9,588,000
95,490,000
42,447,000
346,716,000
256,538,000
331,166.000
134,259,000
....
109,051,700
53,071,900
100,270,000
Fifth Avenue Bank
....
Treasury notes
19,893,500
60,000,000
4,000,000
Continental Bk & Tr Co.
Chase National Bank...
4,343,000
45,626,700
71,537,000
15,000.000
10,000,000
First National Bank
Total bills discounted
10,109,000
13,746,000
174,388,000
26,257,900
491,754,000
y6l,383,100 al,783,422,000
578,990,000
56,144,300
182,956,700 61,700,003.000
6,000,000
Bank of Manhattan Co.
3,448,000
147,144,000
148,137,000
8,975,000
15,338,000
*As
official reports:
per
trust companies, March 29, 1939.
9,890,000
1939;
March 31, 1939.
National,
y
March
29,
State, March 29, 1939.
Includes deposits In foreign branches as follows: a 5280,368,000; 6 $98,556,000;
13,977,000
C$7,649,000; d $103,113,000;
e $34,477,000.
7,387,749,000 7,419,936,000 5,671,407,000
Total assets.
Liabilities—
F. R. notes In actual circulation......
Deposits—Member bank reserve acc't.
U. 8. Treasurer—General account...
Foreign bank
...
Other deposits..;
...
Total deposits
.............
911,857,000
1,113,653,000 1,097,794,000
5,490,520,000 5,517,012,000 3,708,633,000
524,017,000
236,755,000
208,379,000
46,709,000
100,422,000
101,326,000
222,131,000
THE
each
213,320,000
200,640,000
6,022,356,000 6,054,829,000 4,492,679,000
day of the past week:
....
130,874,000
1,850,000
Deferred availability Items
144,884,000
146,532,000
1,771,000
Wed.,
Thurs.,
Frt.,
May 29
May 30
May 31
June 1
June 2
ordinary."
Marconi
Canadian
»
Central Mln & Invest..
Capital Accounts—
65/734
27/9
£7
95/9
11/6
17/6
2/9
1/-
Courtaulds 8 & Co
50,856,000
52,463,000
Surplus (Section 13-b).
Other capital accounts.
50,961,000
De
51,943,000
Distillers
7,457,000
8,234,000
50,854,000
52,463,000
7,457,000
8,242,000
Surplus (Section 7)
7,744.000
9,774,000
Beers
Co
-
ElectrlcA Musical Ind.
Ltd
Ford
Holiday
Gaumont Pictures ord.
Total liabilities and capital accounts..
7,387,749,000 7,419,936,000 5,671,407,000
Hudsons Bay Co
of
Ratio
total
to
reserve
deposit
Holiday
and
.87.8%
91.1%
91.1%
22/134/-
-
ImpTobof OBAI...
F. R. note liabilities combined
Holiday
A
•
549,000
to
make
Industrial
'
Roan Antelope
2,258,000
4,028,000
2,263,000
„■
£854
£12%
Cop M.
1
.
t "Other cash" does not Include Federal Reserve notes or a bank's own
£163*
"
•
'
Swedish Match B
■/
Unilever Ltd
These are certificates given by the United States Treasury for
United Molasses
,
Vickers
West
79/-
£8®ie
.
£12%
'
•
.
/
-
...
Witwatersrand
£834
£12%
10/3
16/3
111/3
£35%
87/87/25/10% 26/36/9
37/26/26/3
20/7%
20/3
112/6
£35%
86/3
25/10%
37/3
26/20/3
£35%
Shell Transport.
Federa
the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.00 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934,
«
*
133/6
16/3
112/6
•
' *
Rolls Royce..
Royal Dutch Co—...
Reserve bank notes.
17/3
2/9 '
1722/-"
78/-
Rand Mines
ad
28/£634
95/11/3
£16
80/-
Box_„
Rio Tlnto............
vances
4/£16%
65/734
21/9
133/0'
£1634
Metal
bills purchased
for foreign correspondents
Commitments
."
London Midland Ry...
Contingent liability on
43/99/6
£54%
100/7%
£53% '
4/£16%
65/28/£734
95/11/3
17/3 «
2/9
.1/-
£16%
■
Cons Goldfields of 8 A.
Capital paid in
43/-
'43/3
100/£54%
4/-
..
Brltish Amer Tobaceo.
7,268,733,000 7,300,926,000 5,550,985,000
,
,
Tues.,
May 27
J
Cable & Wire
Total liabilities.
received by cable
Mon.,
Boots Pure Drugs
1,565,000
as
"
Sat.,
"
,
1
Other liabilities lncl. accrued dividends..
STOCK EXCHANGE
LONDON
Quotations of representative stocks
...
£6%
Areas.............
£5%
£59i«
System
Weekly Return for the Member Banks of the Federal Reserve
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the, figures for the latest week appears in our department pf *'Current Events and Discussions,M
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans as reported in this statement, which were
described in an announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
.
.
...
...
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (Other than to brokers and dealers) for the purpose
or
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York Olty and those located
•outside New York Olty.
Provision has been made also to Include "acceptances of own bank purchased or discounted
with acceptances and commer¬
carrying
of purchasing
"all
bought In open market" under the revised caption "open market paper," instead of In
other
Subsequent to the above announcement, it was made known that the new items "commercial,.Industrial
each be segregated as "on securities" and "otherwise secured and unsecured."
•
•
,
cial paper
loans,' as formerly.
and agricultural loans
•would
A more detailed
explanation of the revisions was published in the May 29, 1937,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
Boston
Total
Federal Reserve Districts—
BANKS IN 101
New York
PhUa.
$
$
$
,
issue of the
ff
other loans,
and
page 3590.
Chronicle,
LEADING CITIES BY DISTRICTS ON MAY 24, 1939 (In Millions
Atlanta
St. Louis
Chicago
%
Cleveland Richmond
S
,,
„
Minneap. Kan. City
of Dollars
Dallas
San Fran.
'
%
ASSETS
•
J
%
*
,
$
9
$
f
$
.
.0
1,114
673
606
3,073
718
363
2,171
413
655
241
308
862
314
154
252
943
572
259
8,125
8.769
3,152
1,864
510
1,161
651
21,673
238
105
182
496
77
306
1,475
188
167
258
154
3,837
191
•Commercial. Indus, and agrlcul. loans
130
25
6
10
3
18
16
62
3
1
309
32
Open market paper
Loans to brokers and dealers in securs.
3
3
6
41
5
11
23
4
576
19
3
25
1
717
23
260
32
26
15
12
79
13
7
10
15
541
199
53
170
36
30
101
49
7
21
81
24
1,154
1
3
4
Loans and Investments—total
Loans—total
-
•Other loans lor purchasing or carrying
securities
Real estate loans
1
2
91
194
.
'
1
49
383
mmrnrnmm
56
2
42
121
470
110
49
1,511
394
3
165
6
1
8
134
42
172
396
48
37
121
40
34
Treasury notes
785
217
42
60
80
2,032
109
149
640
305
005
107
2,321
140
83
345
114
5,838
920
United
271
65
15
57
46
149
Loans to banks
Other loans..
Treasury
bills
States bonds
47
m
■
m
—
96
72
64
99
74
59
"59
'
mmrnm-m
45
48
6
•
178
29
mm mm mm
1,088
1,258
282
88
490
43
318
260
65
58
134
142
3,238
100
Other securities
415
159
110
1,113
85
114
343
5,107
322
163
8.476
387
158
Reserve with Federal Reserve Banks.
17
41
12
60
12
74
20
7
11
140
15
430
193
296
173
509
133
108
285
175
167
242
142
284
2,707
102
49
23
18
247
480
36
30
81
106
22
1,277
826
1,177
2.399
423
274
934
8,084
370
442
1,080
448
498
16,955
281
746
188
915
191
136
1,071
1,005
203
144
249
118
5.247
15
95
53
42
40
110
575
28
34
Obligations fully guar, by U. 8. Govt.
Cash in
vault
Balances with domestic banks
•Other assets—net
2,046
83 >
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
339
1
272
639
29
1
1
788
19
351
13
16
3,711
246
1,609
223
371
2,901
560
113
20
2
23
977
311
122
367
205
283
252
369
13
6,647
banks
Foreign banks
21
.
249
1
1
15
29
8
-"*26
7
7
3
5
""310
94
399
92
57
100
85
94
341
18
1
'
Borrowings..
Other liabilities
Capital account
1
.
mm"
mmmmm-
3332
Financial Chronicle
Weekly Return
The following was
of
June 3, 1939
the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
Thursday afternoon, June 1,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and withr those of the corresponding
resources and liabilities separately for each of the 12 banks.
The Federal
statement (third table following) gives details regarding transactions in Federal Reserve notes between the
for the System as a
The second table shows the
week last year.
Reserve note
and the Federal Reserve banks.
Reserve Agents
The comments of the Board of Governors of the Federal Reserve System
the
upon
for the latest week appear in our department of "Current Events and Discussions."
returns
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS MAY 31, 1939,
I
May 31,
May 24,
May 17,
May 10,
May 3,
Apr. 26,
Apr. 19,
Apr. 12,
Apr. 5,
1939
Omitted
Three Ciphert (000)
1939
1939
1939
1939
1939
1939
1939
1939
%
ASSETS
S
S
$
*
$
$
S
June
1,
1938
s
$
.
hand and due from U. 8. Treas. x.
13,317,722
13,198,718
13,119,718
8,547
346,667
13,282,718
9,372
382,078
13,222,730
Redemption fund (Federal Reserve notes).....
9,372
365,383
9,076
13,030,716
8,346
381,893
12,876.718
8,785
359,825
7,823
363,506
381,058
376,246
360,682
389,350
13,672,936
13,674,168
13,597,485
13,567,619
13,491,047
13,420,955
13,266,561
13,102,409
12,943.003
11,036,436
2,084
1,974
2,207
1,848
1,668
1,946
2,114
1,773
1,717
1,410
1,628
1,229
1,606
1,637
1,062
1,958
1,626
1.490
5,479
2,935
4,058
4,055
3,614
4,072
3,490
3,038
2,835
3,063
2,552
8,414
561
561
562
562
562
562
560
661
12,487
12,825
12,796
12,810
12,811
13,291
13,478
911,090
1,176,109
911,090
1,176,109
476,816
911,090
1,176,109
*76,816
911.090
911,090
1,176,109
476,816
1,176,109
476,816
911,090
1,176,109
.476,816
476,816
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,581,121
2,581,456
2,580,987
2,581,459
2,580,878
Gold ctfs.
on
Total reserves
—
...
12.716.719
12,572.718
10,638,900
9,444
9,603
8,186
Bills discounted:
Secured
by
(J. 8. Government obligations.
guaranteed..—.;
direct or fully
Other bills discounted
Total bills discounted.—
Bills bought In open
—
-
market.;.:..
—
Industrial advances
United States Government securities—Bonds..
Treasury notes
Treasury bills
Total U. 8. Government securities
Other
561
534
13,879
13,894
16,818
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
1,191,905
2,564,015
2,564,015
2,564,016
2,564,015
2,564,015
2,580,906
2,580.888
2,581,518
2,581,022
2,589,781
-
657,253
714,857
securities
Foreign loans on gold
Total bills and securities........
Gold held abroad
"""lei
'"ibl
"""iel
161
"""Tab
19,494
551,229
19,450
683,343
42,552
52,171
18,991
549,526
609,905
20,976
$80,517
42,464
54,138
19,807
593,886
42,523
53,092
42,549
51,619
42,549
42,599
50,694
16,921,543
Due from foreign banks
16,965,093
16,976,149
16,811,924
16,794,871
.......
Federal Reserve notes of other banks
Uncollected Items
Bank
:
..
premises
Other assets
*
.......
....
-
Total assets............
19,638
""ibb
162
161
.
"-"l86
"■ 19,613
21,334
648,928
18,868
577.007
582,086
42,640
42,642
44,641
50,398
672,694
42,633
49,104
60,162
48,733
48,070
16,696,511
16,631,655
16,447,152
16,211,436
14,319,942
■
.
.
1
18,742
LIABILITIES
Federal Reserve notes In actual circulation.—
Other
,
4,446,379
4,463,349
4,459,364
4,465,004
4,433,389
4,417,822
4,394,453
4,398,430
4,157,156
10,096,622
10,005,034
926,636
272,959
9,966,905
9,902,809
9,742,839
950,876
289,458
222,716
285,975
9,317,830
1,102,897
232,416
237,807
7,744,949
912,910
226,956
9,527,804
1,015,034
267,432
247,116
559,681
5,325
—
.
11,474,546
11,446,909
11,362,324
11,332,133
11,202,406
11.057,386
10.890.950
9,230,762
599,244
656,182
618,943
582,059
573,939
578,995
5,051
4,519
4,574
663,169
4,153
646,270
4,961
688,655
5,285
4,686
4,017
5,477
16,620,359
16,631,835
16,467,506
16,450.790
16,352,155
16.287,550
16.102,795
15,867,336
13,972,390
134,945
149,152
134,948
149,152
27,264
33,370
"135,003
134,982
149,152
27,264
33,020
134,998
149,152
27,264
32,667
134,972
149,152
27,264
32,968
134,971
149,152
27,264
32,718
134,956
149,152
27,264
32,985
134,926
149,152
27,264
32,758
133.582
149,152
27,264
32,895
16,921,543
16,965,093
16,976,149
16,811,924
16,794,871
16.696,511
16,631,655
16,447,152
16,211,436
14,319,942
85.4%
85.3%
85.3%
85.2
84.9%
84.8%
84.7%
82.4%
11,635
11,688
11,686
11,722
11,659
12,016
12,062
13,140
2,938
Total deposits..
Deferred availability Items
11,569,775
11,530
...
270,220
85,4%
....
269,917
27,264
33,097
bank
deposits..
9,872,140
936,271
225,656
328,257
16,577,085
United States Treasurer—General account..
Foreign
4,476,764
10.029,054
920,325
284,806
301,130
11,535,315
Deposits—Member bank—reserve account
2,858
2,280
1,661
2,007
1,549
.
yOther liabilities Inoludlng accrued dividends
Total liabHJtlee
915,385
281,541
276,227
959,289
250,495
'
<
'
1,092,819
130,200
262,794
CAPITAL ACCOUNTS
,
.."......1..........
Capital paid in
Surplus (Section 7).
Surplus (Section 13-b)
yOther capital accounts......
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note
Contingent
liabilities combined
liability
on
bills
purchased
for
'
85.1%
ft
.
147,739
27,683
38,548
'
foreign
correspondents
1,530
Commitments to make Industrial advances
•'
11,749
Maturity Distribution vf Bills and
Short-Term Securities—
1-15 days bills discounted......
16-30 days bills discounted
31-60 days bills discounted
2,732
2,364
107
321
263
320
360
283
129
159
564
,483
4,058
28
286
104
166
363
295
251
355
280
265
301
246
169
449
373
349
322
360
356
340
600
4,055
3,614
4,072
3,490
3,038
?.835
3.063
2,552
8,414
70
242
207
180
203
129
83
151
47
1-15 days bills bought In open market...
16-30 days bills bought in open market...
31-60 days bills bought In open market
61-90 days bills bought In open market
202
190
"""106
23
28
301
214
285
152
Total bills bought in open market
561
1-15 days Industrial advances
1,367
16-30 days industrial advances
599
.
203
206
.•
47
106
.,
.
'
'
369
117
129
69
267
164
143
.
69
206
159
74
253
561
562
562
562
562
560
561
1,629
1,635
1,685
1,670
1,908
2,044
2,358
561
534
2,359
1,607
'
'
526
81-60 days Industrial advances
61-90 dayB Industrial advances
Over 90 days Industrial advances
.
'
Over 90 days bills bought in open market
147
99
156
359
743
712
900
985
1,017
96
104
109
748
725
246
249
1,028
-r
715
704
,
.
182
263
204
200
262
721
.721
798
174
•
*
9,335
9,321
9,276
9,250
1,042
9,278
10,318
10,372
10,422
10,432
13,888
12,487
Total Industrial advances
■
6,677
138
382
230
225
Total bills discounted
>*>
1,916
163
343
255
•"~~308
61-90 days bills discounted
Over 90 days bills discounted
212
399
■j
12,825
12,796
12,810
12,811
13,291
13,478
13,879
13,894
16,818
75,673
86,005
134,293
26,500
89,348
192,168
158,680
2,097,319
208,287
1,812,337
,
1-16 days U. 8. Government securities
'.
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8, Government securities.....
150,623
2,130,139
85,813
67,450
136,793
145,910
2,128,049
2,564,015
2.564,015
2,564.015
4,738,919
262,155
4,746,943
300,564
4,476,764
Total U. 8. Government securities
67,450
82,553
130,468
154,145
2,129,399
85,440
75,673
82,185
83,440
146,043
85,848
84,355
153,613
2,131,204
85,813
152,680
126,468
2,113,049
127,630
2,124,717
123,000
2,117,199
72,518
91,685
186,113
121,500
2.092,199
2.564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564,015
4,750.545
287,196
4,750,139
290,775
4,739,164
274,160
4,740,896
307,507
4,723,841
4,685.403
290,950
4,676,299
277,869
4,425,573
306,019
4,446,379
4,463,349
4,459,364
4,465,004
4,433,389
4,417,822
4,394,453
4,398,430
4,157,156
4,872,500
3,838
4,872,500
3,941
4,872,500
3,491
4,872,500
3,846
4,872,500
3,361
4,872.500
4.847,500
2,667
4,812,500
2,862
4,802,500
2,360
4,535,632
2,893
4,876,338
4,876,441
4,875,991
4,876,346
4,875.861
4,875,393
4,850,167
4,315.362
4,804,860
4,542,679
,
69,520
138,060
137,405
183,017
186,171
174,203
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
....
.
In actual circulation
Collateral Held by Agent as
Nous Issued to Bank,—
Gold ctfs.
on
Security for
hand and due from U. 8. Treas..
By eligible paper
United States Government securities...
Total
collateral
268,417
7,047
*
"Other cash" does not Include Federal
Reserve notes.
s These are certificates
given by the United States Treasury for the gold taken over from the Reserve banks
when the dollar was devalued from 100 cents to 59.06
cents on Jan. 31, 1934. these
certificates being worth less to the extent of the difference, the difference Itself
having been appropriated as profit by the Treasury under
provision of the Gold Reserve Act of
1934.
j With the statement of Jan. 4, 1939 two
new Items appeared, "Other liabilities. Including accrued dividends." and
'Other capital accounts."
The total of these
two Items corresponds
exactly to the total of two Items formerly In the statement but not sxeluded. vis.:
"All other liabilities.' and "Reserve for contiagencies."
The
statement for June 1, 1938 has been revised on
the new basis and to shown accordingly.
Financial
Volume 148
Chronicle
3333
.
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Three Ciphers (000) Omitted
federal Reserve Agent at—
Gold
certificates
from
and
1
Redemption fund—Fed. Res.
S
346,667
794,776
Chicago
$
S
St.Louis Minneap. Kan. City
*
$
Dallas
%
319
928
583
617
527
605
449
86,069
29,008
26,370
22,905
18,052
45,720
17,749
9,648
668,084
822.074
373,930
279,087 2,319,312
335,172
254,083
336,372
350,442
260,418 2,273,065
316,818
Son Fran
$
$
638,757
25,152
13,672,936
reserves
Atlanta
$
757,476 6.500,827
8,547
notes..
$
BANKS AT CLOSE OF BUSINESS MAY 31, 1939
731,635 6,413,056
689
1,702
13,317,722
Other cash *
Cleveland Richmond
PhUa.
%
due
United States Treasury
Total
Neu> Yofk
$
hand
on
Boston
Total
ASSETS
EACH OF THE Ij FEDERAL RESERVE
204,638
771,709
267
554
17,683
17,003
1,307
31,308
222,195
804,324
318,422
243,986
Bills discounted:
Secured by U. S. Govt,
obligations
2,084
1,974
340
805
325
86
125
130
40
174
296
25
43
219
22
34
4,058
514
1,101
350
129
344
152
74
561
42
218
57
52
24
20
71
12,487
1,682
2,886
2,570
370
1,172
789
911,090
67,984
87,759
35,579
256,538
331,160
134,259
73,522
94,907
38,478
90,042
116,233
47,123
47,696
61,570
476,816
direct or fully guaranteed
Other bills discounted...
24,961
2,564,015
191,322
721.957
206,907!
253,398
2,581,121
193.560
726,162
209,884
253,949
...
Total bills discounted...
Bills bought in open market
Industrial advances..
....
65
24
76
68
"""122
36
433
163
407
122
101
457
239
475
2
2
16
16
41
456
5
789
222
596
050
41,369
102,026
131,706
44,123
56,958
27,660,
53,403
53.395
23,092
35,708
14,476
46,954
60,613
21,650
24,573
36,346
46,916
19,021
76,830
99,176
40,209
134,227
116,422
287,127
124,173
77,844
132,140
102,283
216,215
135,767
117,383
287,728
124,302
78,736
132,835
103,134
217,681
.
U. 8. Government securities-
Bonds
...
...
....
Treasury notes
1,176,109
.....
Treasury bills.,
Total U. 8. Govt
securities....
Total bills and securities........
Due from foreign banks.....
161
....
12
61
16
15
19,494
551,229
Fed. Res. notes ef other banks
Uncollected items
Bank premises......
'
148
3,029
133,055
659
52,612
35,808
1,377
60,061
8,959
15,656
4,646
4,700
2,922
....
Other assets
Total assets.........
.
3,500
54,138
'
7
20
2
2
5
1,975
1,615
26,499
5,955
3,827
80,316
3,917
1,374
22,800
5,880
3,369
1,605
26,540
3,196
2,545
923,797 1,155,311
16,921,543 1,010,230 7,387.749
5
1,237
47,730
2,589
503,098
5,423
2,271
2,331
15,596
1,513
1,654
564,629
425,716 2,700,543
491,951
353.199
2,058
2,408
5
11
382
1,238
2,266
23,890
3,200
2,090
4,582
20,322
349,366 1,055.954
LIABILITIES
F. R. notes in actual
382.238 1,113,653
Foreign bank
Other deposits
Total
.........
Total liabilities...
•
559,681
5,325
.
16,577,085
Capital Accounts—
Capital paid In..
Surplus (Section 7)
Surplus (Section 13-b)
.
......
Other capital accounts..
...
992,162
181,510
135,066
170,460
76,285
351,498
185,555 1,326.986
39,279
211,900
9,984
34,517
7,680
4,225
215,269
45,269
8,273
5,292
134,934
47,178
6,561
6,851
232.694
45,213
8,273
8,777
185,211
43,599
1,917
557,799
53,615
20,594
22,519
242,498 1,577,628
274,103
194,524
294,957
239,000
654,527
49,334
27,671
222,131
4,334
11,272
49,458
12,266
1,953
537,116
638,846
308,789
130,874
1,850
36,441
68,269
48,818
21,438
85,747
25,730
14,384
27,424
22,959
24,930
623
480
152
200
502
131
148
287
147
279
891,627 1,122,876
549,897
413,162 2,656,039
481,474
344,122
493,128
13,652
14,323
1,007
3,453
5,074
3,983
4,685
2,912
3,153
1,001
2,011
4,247
923,797 1,155,311
1,556
1,472
564,629
1,038
491,951
353,199
503,098
598
190
634
526
986,402 7,268,733
,
9,397
10,083
2,874
1,474
27,264
33,097
c*
149,026
245,112
52.667
134,945
149,152
....
....
192,138
531,765
69,280
5,179
11,535,315
Deferred availability Items.....
Other liabilities, lncl. accrued dlvs
415,281
455,777
550.971 6,022,356
284,806
301,130
deposits.
317,447
467,432 5,490,520
208,379
57,821
20,539
101,326
4,476,764
circulation
Deposits:
k
Member bank—reserve account... 10,029,054
U. 8. Treasurer—General account.
920,325
50,854
12,057
13,696
4,416
2,001
52,463
7,457
8,242
Total liabilities and capital accounts 16,921,543 1,010,230 7,387,749
Commitments to make Indus, advs
632
2,258
11,530
*
26,529
13,679
4,983
4,516
5,630
3,293
713
1,382
1,695
22,666
1,429
6,730
v
1,264
425,716 2,700,543
150
545
79
.
8,273
338,391 1,031.234
4,010
3,892
1,266
1,807
3,613
1,142
968
10,564
9,965
2,121
2,070
349,366 1,055,953
2,924
"Other cash" does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
In actual circulation..
Collateral held by Agent
as
.....
Boston
New York
Phila.
S
■
S
%
S
Clevelano Richmond
Atlanta
4,738.919
262,155
402,361 1,189,480
20,123
75,827
331,145
435,578
20,297
%
4,476,764
382,238 1,113,653
317,447
415,281
Kan. City
San Fran
Dallas
S
I
*
%
%
160,255 1,021,171
11,229
29,009
203,221
13,698
St.Louis Minneap
Chicago
%
$
%
192,138
11,083
194,009.
12,589
139.083
4,017
177,761
7,301
82,262
6,977
402,503
61,005
992,162
181,510
135,066
170,460
76,285
351,498
149,026
f
security
lor notes Issued to bank:
Gold certificates
.
8
band and due
on
from United States Treasury....
Eligible paper..
439,500
215,000
143,500
180,000
85,500
129
344
169,000 1,035,000
H7
74
196,000
325
25
18
453
238
466
4,876,338
Total collateral...
420,000 1,210,000
499
1,057
345,000
3,838
420,499 1,211,057
345,325
439,629
215,344
169,147 1,035,074
196,025
143,581
180,453
85,738
434,466
4.872,500
United States Treasury Bills—Friday, June 2
United
Government, Securities
States
York Stock
Kates quoted are for discount at purchase.
June
7 1939
Bid
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
June 14 1939.......
June 21 1939
June 28 1939
July 5 1939
July 12 1939.
Asked
...
July 19 1939.......
July 26 1939..
Aug. 2
Aug. 9
Aug; 16
Aug. 23
Asked
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
1939..
1939..
1939.
1939.
Aug. 30 1939.
at' the
New
York
Stock and Bond Averages—See page
Stock
3349.
THE PARIS BOURSE
of the past week:
'
May 27 May 29 May 30 May 31
,
June 2
June 1
June 2
Francs
Francs
Francs
Francs
Pays Bas '
i'Unlon Parlslenne—
Banque de Paris et Des
.
Francs
Francs
Bank of France...............
Figures after decimal point represent
point.
y.
one
or
more
Z2ds of
Ban que de
Canadian
,
.
June 15 1939.:.
Sept 16 1939
Deo.
Int.
15 1939...
Mar. 15 1940...
June 15 1940...
Dec. 15 1940...
Mar. 15 1941...
2X%
1X%
IX %
IX %
1 X%
1X%
IX %
Bid
Asked
100.1
ioi .To
June 15 1941...
Deo. 15 1941...
101.21
101.23
Mar
101.31
102.1
102.2
102.4
Sept. 15 1942...
Deo. 15 1942...
101.8
102.14
102.16
102.24
102.26
1X%
IX %
IX %
15 1942...
June 15 1943...
Deo. 15 1943...
Bid
STOCK
1,630
each day
27
May
;
u
250
103.6
Courrlere.
104.15
104.17
Credit Commercial de Franoe...
549
547
Lyonnatoe.,..———
1,690
1,590
1,690
228
presdner Bank 16%)-
Eaux des Lyonnalse cap. ...... .
102.23
102.25
Energle Electrlque du Nord....
370
366
1X%
102.30
103
Energle Eleotrlque du
littoral..
602
601
670
1,170
1,180
,920
919
915
430
received by cable
May
........
Veretnlgte Stablwerke (6%).......|.
June
June
31
1
2
of Par—
113
114
114
160
160
105
Ill
day
day
m
J
m *» m
Ml
1
1,680
1,580
012
430
Liquids................ HollLyon (P L M)
.............
day
Nord Ry
......
Orleans Ry 6%——
Pathe Capital..
105
105
ill
m
Holl- 122
122
122
day
,
105
105
150
150
150
178
—.....
m
—
672
160
...
W
229
Credit
LJcbt (8%).
Fdruenlxidufltrie I. Q. (7%)-Rilchsbank* (8%)
Siemens A Halske (8%)
250
105.1
30
Holl-
62
842
105.24
Commere-und Privat-Bank A. 0.6%—...
Deutsche Bank (6%)
Dentftcbe Relchsbahn (German Rys.pf.7%). Holt-
1,620
«•
105.22
Eiektriiltaets-GeseUschaft (6%)
Berliner Kraft
-
839
<
104.31
Per Cent
Allgemeine
—
649
102.28
......
...
2% IX %
1X%
May
29
••
102.26
103.4
of the past week:
May
1,620
52
545
Comptolr Nationale d'Esoompte
Coty S A,...................
EXCHANGE
as
190
15,100
824
Citroen B
a
Closing prices of representative stocks
---
15,000
Asked
L'Air
BERLIN
«.
824
Kuhlmsnn
THE
8,200
479
179
Cle Generate Transatlantlque B
Rate
Maturity
1,196
14,909
•
Cle Generals d'Electrlclte
int.
8,200-
180
Canal de Sues cap....;—
,
7,900
1,200
,480
Pacific
Clo Dlstr d'Electrlclte
Rate
Exchange.
Quotations of representative stacks as received by cable
each day
Maturity
New
Daily, Weekly and Yearly—See page 3349.
Quotations for United States Treasury Notes—Friday,
a
the
Exchange—See following page.
Transactions
Bid
on
434,000
178
178
189
187
187
102
101
101
105
Hollday
Hollday
,
46
1,590
m
m
m
~
m
~
m.
1,170
m.
m
m
m.
431
42
Pechlney
1,760
1,755
Perpetual 3%
Rentes 4%, 1917..............
Rentes 4%, 1918..............
Rentes 4X%. 1032, A—......
Rentes 4H%. 1032. B
Rentes, 5%, 1920.............
Royal Dutch
...
Saint Gobaln C A O...........
Schneider A Cle
.......
Soclete Franeaise Ford.........
Soclete Generale Fondere
Societe Lyonnalse.............
Soclete Marseilles—.—
Tublae Artificial Silk preferred..
Unto
d'Electrlclte............
Wagon-Lits
80.10
79.60
79.90
83.25
82.60
82.80
82.60
82.60
83.00
Rentes
„
88.90
88.60
88.80
87.30
87.10
87.30
112.50
112.30
112.40
6,360
6,320
2,199
6,350
2,140
1,425
93
1,500
82
70
72
1,580
1,590
637
637
H
91'
90
605
605
69
71
86
June 3, 1939
3334
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,
such sales In computing the range for the year.
No
of the day.
unless they are the only transactions
account Is taken of
United States Government Securities
Below
furnish
we
-=====r====^^
the Neu) York Stock Exchange
on
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
June 1
Daily Record of U. S. Bond Prices May 27 May 29 May 30 May 31
(High
121.24
121,31
121.29
122.5
121.24
121.26
121.29
122.5
(Close
121.24
121.27
121.29
units—
12
25
'
4tf8. 1947-52
Total tales in $1,00
115.29
116.4
Treasury
107.8
107.8
107.12
108.14
107.8
107.12
108.14
(Close
107.8
107.12
108
108.7
107
107.6
107.8
107.17
108
107
107.8
107.31
108.7
107.2
(High
(Low.
2%t, 1960-65...
116.4
116.11
115.29
116
116.3
116.3
116.4
116.3
116.11
Total tales in $1,000 units...
1
(High
115.30
116.5
(Close
115.30
116.5
Total sales in $1,000 units...
17
51
(Close
Total sales in
-(Low
(Close
115.30
$1,000 units...
11
,
,
20
108.31
108.29
( Low.
108.31
3
(High
(Low.
116.5
108.31
104.2
(High
104.4
104.2
(Close
103.30
103.30
103.30
104
104.2
( Low.
3H8. 1940-43
:
104
1
Total tales in $1,000 units..
108.25
108.31
108.25
108.31
Total sates in $1,000 units...
2
2^s. 1948
38
3
107
107.11
106.31
107.2
107.15
(Close
*2
106.28
106.28
106.25
106.28
106.31
107.11
107.18
7
6
7
24
5
106.29
107.11
107.16
106.29
107.7
107.16
106.29
107.11
107.16
2
11
2
106.4
106.6
106
Total sales in $1,000 units...
106.4
106.6
106
(High
(Low
106.4
(Close
106.6
111.1
111.3
111.1
111.3
*8
Total tales in $1,000 units..
High
■
Low.
106.29
107
106.29
106.29
DAY
106.29
2s,1947
107,,
i
3
110.26
110.27
110.27
110.30
Low.
110.26
110.27
110.27
110.28
110.27
110.27
110.29
1
1
14
111.10
111.10
111.10
111.12
111.10
111.10
111.10
111.12
(Close
111.10
111.10
111.12
111.10
1
3
1
112.6
112.10
111.10
112.6
112.7
Close
111.10
112.6
112.10
4
5
109.16
3
*2
*1
106.26
106.27
106.26
106.27
106.26
106.27
1
7
(High
2Kb. 1942-47
(High
Close
111.17
111.18
111.17
111.18
Total sales in $1,000 units...
Total sales in
111.17
112.2
112.5
111.29
112.2
112.5
112.2
112.5
Low.
2
109.13
109.29
109.4
109.11
109.16
.109.11
109.29
110.5
1
10
11
(High
12
109.26
Total sales in $1,000 units.:.
2
(High
2^8. 1948-51.
109.18
109.20
109.21
109.18
109.20
109.21
109.31
109.18
109.20
109.21
109.31
I Close
Total sales in $1,000 units...
1
5
(High
4
150
2J4S. 1951-54
108.26
108.26
Low.
109
109
109.2
109
109.4
1
109.4
■
109.17
8
1
2
High
107.30
108
108.5
108.16
Low.
4
4
2
105.18
105.17
105.18
105.17
..(Low.
105.18
$1,000
1
5
102.1
1i
1
1
102
102.1
til li t »1 t1
102
102.1
,r
Low.
Odd iot sales,
100.11
100.12
105.17
102
*1
1501
units
t Deferred delivery sale.
J Cash salej
Note—The
107.31
108
108.16
includes
table
only
of
sales
3 Treasury
3^s, 1943-1945
coupon
Transactions in registered bonds were:
107.30
108
108.5
108.16
24
2
10
6
«•
•.
108.27
5
,.
108.19
Total sales in $1,000 units
above
bonds.
108.27
107.30
^Close
.........
100.13
6
109.17
Total sales in $1,000 units...
2^8, 1956-59.
100.13
5
109.17
108.26
•
100.13
109,31
(Low.
■
100.11
Close
Total sales in
*
2
-
100.12
-
(High
...
109.31
»
100.13
100.13
lHs. 1945-47 wl
109.31
109.26
-
100.13
Low.
High
109.31
Low.
-
100.11
i
I Close
13
109.26
100.13
100.13
Total sales in $1,000 units...
(Close
»
-
3
100.13
100.13
2 Ms. 1942-44
110.5
29
19
High
*
2Kb, series B, 1939 49
110
109.4
109.3
109.3
1
109.4
109.17
2
Close
Total sales in $1,000 unils...
112.20
Close
109.17
109.10
'
112.11
112.3
Total sales in $1,000 units...
109.10
109.9
5
'
112.20
111.28
25
109.17
109.9
109.10
109.8
6
jt...
111.28
2
109.14
109.10
109.8
$1,000 units...
10
Low.
109.3
109.10
109.8
Close
(High
3s, series A, 1944-52..
''
Close
(High
109.10
Low.
Loan
Home Owners
----
112.31
(High
Low.
...
—
111.28
Total sales in $1,000 units...
....
Close
50
111.18
(High
(Low.
(Close
Total sales in $1,000 units...
114.1
Low.
2H*. 1945-47
109.16
*
Total sales in $1,000 unitsj...
5
Total sales in $1,000 units...
1955-60
109.13
3s. 1942-47
114.1
It lose
2 J4s,
109.16
I Qlogg
Total sales in $1,000 units...
114.1
■
109.16
.
(High
.....
109.16
109.13
(High
...(Low.
3s, 1944-49
112.18
112,10
112.18
.(Low.
28
109.16
'
5
111,10
3
110.2
109.13
(
Low.
Total talet in $1,000 units...
1
22
(High
-
110.2
'
Total tales in $1,000 units...
111.15
111.15
Total tales in $1,000 units
3s, 1951-55...
(Low.
I
111.15
Low.
•
110.2
DAY
....
QJogg
(High
3tfs. 1949-52
(High
1944-64
111
8
1
3 >^B, 1944-46
3^8, 1946-49
3 Hp,
111
110.26
.
HOLIFederal Farm Mortgage
110.30
_
Total sales in $1,000 units..
■■
(t lose
Total sales in $1,000 units...
106.28
106.28
106.28
(High
Total sales in $1,000 units...
33^8, 1943-45
(Low.
50
107
2
[Close
$1,000 units.
(High
111.7
107
HOLI¬
Total sales in
111.7
111.7
9
107
Close
3^a, 1941
.
3
111.3
111.1
(High
( Low.
(Close
3KS. 1943-47--..
2Hs. 1950-52
106
2
Total tales in $1,000 units.
107.18
106.25
106.23
( Low.
1941-43
13
(High
(Low.
2Hs. 1949-53...
(High
3
.
29
108.25
(Close
Total tales in
129
45
108.31
108.29
(High
2 Ha. 1945
3^8, 1946-56..
107.11
108.29
$1,000 units—
12
5
3
]
Total sales in $1,000 units...
115.29
]
108.14
(High
,
2^s. 1958-63..
close
(High
4s. 1944-54
June 2
June 1
107.16
(Low
122.5
1
_____
May 30 May 31
Bond Prices May 27 May 29
Daily Record of U. S.
June 2
-(Low
Treasury
and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan
a
.110.27 to 110.27
-
■
■
•
,
United States Treasury
■
■■
Bills—See previous
United States Treasury Notes,
page.
&c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
May 27
8 per share
*60i2
*130
HIGH
SALE PRICES—PER
Monday
May 29
6112
8 per share
6H2
1493s *130
40
*34
77«
2ll2
*2li4
2li2
2U2
2134
21
53
5134
34
34
*5238
7s
8i2
8I4
*121
*121
34
83g
34
85g
*7
7&8
7
7
12
1134
17*4
1758
„
8I4
8*4
166i2 166i2
*lli4
1234
*12
1214
834
87«
*63
65
353s
*15i8
357g
*15s
134
*15
68I4
*175s
12l2
*52is
16
171?
68I4
18
12l2
5412
Shares
6H2
130
40
211?
2134
40
22
21
2214
2l3g
5314
78
78
52i4
*34
85g
8i4
*122U 127
*12212
34
78
»4
Stock
Exchange
1838
Memorial
83g
7
7i4
7
Closed—
834
7
lli8
18ig
1H8
185g
*54
1234
12
3534
*15*2
1®4
*15
6714
1778
12l2
*52
9U
65
3614
16
134
17
6734
18
Day
*8i4
166
*1034
12
9
*643s
355g
Z1558
*158
*14
68
18
812
167
IOI4
17i2
8I4
167
1234
12
93g
66
*1078
lli2
■
On Basis of
155g
134
35
15i2
158
17
Bid and asked prices; no sales on
this day.
*1758
*1234
*52i8
400
8l4
183g
87S
*6418
9ig
1,600
"2" 100
1,500
700
600
400
7,900
No
par
634
No par
10
1912
19U
Air Way El
No par
45U
Appliance..No
Alaska Juneau Gold Mln.._10
Albany A Susq RR Co
Allegheny Corp
% pf A with $30
% pf A with $40
100
war.
100
war.
100
5M% pf A without war. 100
$2.50 prior conv pref.Vo par
Alghny Lud Stl Corp. _Wo par
Alleghany&West Ry 6% gtdlOO
Allen
Allied Stores
par
400
800
17
"""800
Corp
No par
5% preferred
100
Allis-Chalmers Mfg
No
Alpha Portland Cem..No
Amalgam Leather Co Inc..
6% conv preferred
50
Amerada
Corp
No
Agrlc Chem(Del).. No
18
1,100
Am
13
125g
128g
1,100
American Bank Note
65
51
5134
360
j In receivership.,
a Def.
delivery,
par
par
6%
n
preferred
New stock,
r
....
Cash sale,
$
Apr 11
Apr 10
Apr 8
Mar 31
Apr 8
Apr 28
Apr 1
Apr 4
Jan 30
8
8
8
9
Apr
14
Apr
52
Jan 19
634 Apr 11
151i2 Apr 10
10
Apr 10
912 Apr 10
6
Apr 11
5412 Apr 11
28
Apr 8
1234 Apr
112 Apr
8
4
4
10
60
50
x
Ex-dlv.
par
May 24
y
9
36*4 Feb
1195s July
3014 Mar
June
45
Jan
18
11
Jan
25
Mar
6U Mar
14i2 Mar
165s Mar
May
27i2 Jan
655s Jan
li8 Jan
10
5ig Apr
MarlO
423i Mar
121
6ig Apr 10
5
Apr 8
$ per share
share
6484 Mar 15
130
Apr 12
34 Apr 10
I3i2 Apr
50
April
16
Apr 26
1034 Apr 11
par
per
65s Apr 11
117
No par
10,700
6,300
s4
par
"MOO
16
15g
18
31*2
Industries Inc
1
Allied Chemical & Dye. No par
Allied Kid Co
5
Allied Mills Co Inc
No
355g
66l4
...25
Address-Multlgr .Corp
35
66I4
33i2
Air Reduction Inc
500
63
120
Lowest
Highest
$ per share
No par
1,100
*15i2
112
*15
100
Adams Express
Adams-MUlls
200
66
conv
2,100
700
68
13i4
1,900
900
*66
52i8
734
8I4
*13
13
Acme Steel Co
*55
18
51l2
*21
91g
4>$%
100
*16512 167
1234 *11
125g
12
*llt2
12
643g
Abbott Laboratories...No par
2284
734
8I4
6818
183s
1234
90
Par
140
167
834
15i2
158
200
Lowest
35i2
*35
100-/S&ar« Lots
EXCHANGE
pref..
Abraham & Straus
21S4 *2H4
22ig
52'4
5278
5278
78
*34
7g
8I4
*814
85g
127
*122l2 127
78
34
78
77s
734
8ig
6i2
6i2
6i2
7
684
*6l2
*10
IOI4
1034
18
175g
177g
643g
3634
54l2
778
6i2
6i2
21
*55
'
*8i4
85«
16612 167
87«
8'8
812
7«
65
75g
5234
884
734
71?
121*
1178
35l2
*2134
7«
81?
6H2
*60i2
61
14938 *125
1493g
40
*3812 4234
*33i2
8i4
*21
53
127
*lli8
6H2
*125
35
8i«
34
173g
3 per share
35
*54
„
$ per share
Range for Precious
Year 1938
Range Sine* Jan. 1
YORK STOCK
Week
40
*85g
*714
73s
*11
June 2
130
8lfi
81*
STOCKS
NEW
the
*6012
35
778
Sales
Friday
June 1
$ per share
$ per share
40
35
PER' CENT
Thursday
May 31
1493s
40
NOT
Wednesday
611?
*3658
*3312
77«
SHARE,
for
Tuesday
May 30
40
58 Mar
Jan
May 25
1338 Mar
1234 Jan
4
4
8
3
19
Mar
9
28I4 Jan
4
114 Jan
1478 Jan
52
Jan 19
111* Jan
193
13>g
4
2% Jan
Oct
30
Aug
6778 Nov
15s July
133s Feb
125
Dec
i«8
Jan
Jan
Jan
Jan
4i2 Mar
85s Mar
4i2 Mar
38
-
Jan
24
173s
Mar
Mar
Oct
1234 July
5i2 June
784 June
145s Sept
28
May
7
1978 Jan
Oct
52
1714
Jan 21
483s Jan
Nov
4-5
Mar
5
Mar
113s Jan
share
78
124
4
pet
61
12334
614 June
3
Jan
133s Jan
70
834 Mar
Apr
Ts Mar
95
Highert
!
21l2 Nov
2934 Nov
28
May
14U Aug
197
1234
Oct
Oct
1478 July
13i2 Nov
Mar
70i8
Oct
34U Mar
IH4 Apr
1U Mar
5534
Oct
20
Oct
19
Jan 20
10
Mar
70
May 25
55
May
o314
24
78
Oct
Jan
July
3
3
22
Dec
1734 Jan
10
Mar
28t2 Oct
23i8 July
60
6
46U
Apr
63
24U Jan
Ex-rlghts
Jan
U Called for redemption.
Nov
Volume
LOW
AND
New York Stock Record—Continued—Page 2
148
HIGH
May 27
$ per share
$ per share
*172
175
227$
23%
393s
17%
38i2
17
*102
110.
534
EXCHANGE
May 31
June 1
June 2
Week
$ per share
6
57$
$ per share
534
5%
Shares
9034
172
23%
39%
173$
2334
403$
40
i734
7
7
'7h
9%
70
312
*7%
9%
*68%
312
*7
*122% 122% *121% 123
77«
163$
147$
434
34i2
47
47
21;
23$
22
22
47$
181$
191$
63
53
13
133$
47$
234
234
285$
285$
*118
121
25
*24i2
4%
*395$
45$
40
351$
127$
351$
127$
*150
155
16
15
"6%
,
*14%
4%
*34%
47%
'2%
*21%
5
*52%
13%
.
28%
4%
1,200
35%
35%
800
47%
*2%
477$
2%
47
4734
1,400
1,300
22
22
*21%
200
5
*4%
52
13%
3%
47$
18
30
40
35%
5334
55%
56
56
13l2
123$ J25$
13%
1334
13%
1384
13
13
13
13
29
29%
441$
67
11
*10i2
1212
*18i4
897$
187$
90
*10%
183$
*89
10
*85
90
.45$
97$
*85
3412
*47$
4%
33%
5
*412
*33
'
5
*27i2 ' 35
2434. 251$
*36U
40
'205$
21
*113
114%
*9%
*17$
1034
2%
*25%
27%
120
120
13%
600
800
American
700
240
28%
151
24%
11%
11
12
183$
91
*89
91
18%
89% 89%
1734
*17%
163% 165
57$
*85.
90.
45$
34%
5%
*27%. 35
245$ 25%
*36% 40
21
223$
114% 114%
*9
10%
*2
2%
25%
25%
1207$ 1207$
25%
*30'
24%
*37%
,
*27%
24%
40
5
*35
4
*3634
*40%
3834,
115$
*71$
5
5
5
2,200
34 0
*27%
*97$
2
26
100
38%
*3634
38
36%
65
*40%
65
*40%
8
*7
15 prior conv pref
-
100
Andes Copper Mining.....20
A P W Paper Co
No par
100
Archer Daniels MidTd.No'par
100
100
4
4
4%
-
2%
600
10%
1207$ *118
100
16.50 conv preferred.No par
-
......
Armour & Co of Illinois
40
II84
7%
39%
40%
115$
1134
*7
95
*81
8
77
8
*72%
7
7
*
95
.
12
*11%
7%
*81
40%
»
""7%
4,400
11%
400
7%
100
Artloom
~~7%
63
63
45
*44
*50
521$
117% 117%
*5%
5%
"25$
*2%
*2
2%
22
*19
5%
II84
5%
6%
584
12%
5%
67$
*44
45
*50
51
117% 117%
*5%
2%
*2
*19
53$
12
5%
13
5%
25$
2%
13
2Q84
13
21
*110
111%
73$
75$
*44
•
•
45
*50% 51
*117% 119
5%
5%
25$
2%
2%
*2%
22
*19
5%
123$
53$
.12%
51$
53$
5%
7%
7%
71$
23
23
*2234
24
6934
69«4
14%
69%
69%
143$
*65
70
14
8
8
27%
14%
28
143$
22
22
14
*28
143$
14%
je2134
122
8%
*71%
2334
8%
74%
237$
205$
54%
4934
58%
173$
108%
21%
1734
20%
*53%
*48%
575$
173$
*107%
*20%
1734
11
11
*17
*37
23%
*
20%
3934
2334
8
*121
8%
*71%
2334
20%
*53%
*48%
577$
17%
108%
20%
17%
11%
*17
3934
23%
14
7%
28%
1434
*28
.
5%
117$
70
14
7%
28%
%
74%
243$
205$
55
4934
593$
171$
IO884
20%
17%
11%
18%
3934
235$
Bid and asked prices; no sales on
8%
*72%
*28
122
8%
75
*8
00
*72%
23%
20%
*53%
*48%
56%
17
17
Xl7
109
109
2334
205$
*533$
*48%
585$
24%
2034
54%
4934
*20%
175$
21%
175$
11%
*36
11%
18%
3934
•225$
23%
175$
this day.
2,600
20%
54%
4934
58%
17%
3107% 107%
20% 20%
17% 17%
11
*17%
*35
22%
0%
100
Atlas
3,600
2,500
-
1,600
100
I*
*122
125
8
8%
*72%
23%
"266
800
75
237$
20%
2034
*53%
*48%
57%
4934
*17
17%
li'eoo
54%
5834
1,800
Aviation Corp. of Del
No par
(The) -3
Baltimore & Ohio...
4% preferred
Bangor &
$5 preferred w w
Beech Creek RR
Beech-Nut Packing Co
No par
—50
20
Beldlng-Heminway
No par
Belgian Nat Rys part pref
Bendix Aviation..—.—.---6
Beneficial Indus Loan.-No par
priorpf*2.50div ser'38No par
Best & Co—
No par
29,900
2,500
1,200
Bethlehem Steel (Del)-No par
200
Blgelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
Blaw-Knox Co
No par
Bloomlngdale Brothers-No par
Blumenthal & Co pref-.-.100
Boeing Airplane Co
5
18%
39%
*34
39%
10
23
23%
6,100
X In receivership,
5%
Atlas Tack Corp.——No par
|Auburn Automobile.-No par
Austin Nichols.
No par
______
227$
*20
500
2,200
60
a Def. delivery.
16% Mar
Jan
7% Oct
475$ Nov
41% Nov
Mar
19%
Oct
Jan
14834 July
165%
Jan
2234 Jan
13% Mar
24^2 Nov
72% Jan
58
Mar
8Q84 July
153$ Mar
12
Dec
207$ Jan
23% Nov
9
183$ Jan
162
20
Jan
34% Mar 10
535$ Jan 6
137% Mar 21
07
May 24
151% Jan 18
41
Jan
7% Mar
2234 Apr
28% Mar
103
Mar
4534 Apr
130
Jan
4
15% Mar
13% Feb 20
0% Mar
14% Feb 18
22% Jan
917$
18%
170%
87%
jan
Jan
12
June
19% Dec
82
_
Mar 11
Jan 19
8934 Jan 16
Dec
12% Mar
111
Mar
58
Mar
6884 Mar
153%May 26
83$ Jan 6
130
145$ Jan 20
93% Mar 10
684 Jan 10
43% Jan 10
6
734 Jan
6
Apr
37$ Mar
Mar
"68
Apr
3% Mar
235$ Mar
43$ Mar
7
25
Mar
36% Jan 5
547$ Jan 4
223$May 29
114% Mar 21
155$ Jan 15
2% Jan 9
29% Jan 6
121% Jan 4
103% Jan 10
6% Jan 4
21
May
29
Mar
33
Jan
IO84 Mar
97
Apr
10
Mar
2
Mar
20
Apr
116
July
82
Mar
35% Jan
58% Nov
140
Deo
6I84 Deo
150
Deo
4084 Deo
1134 Jan
19
31
Oct
Jan
117% Mar
120% Oct
150% Dec
88% Aug
915$ Oct
152
Deo
9% Nov
10% Nov
91
Aug
73$ July
45
95$
43
Nov
Oct
July
42%
Oct
6484
Oct
217$ Aug
113%
20%
Oct
Oct
4% July
31% Aug
122% Oct
1037$ Oot
7
July
Jan
58
Jan
4
24%
Mar
85
Jan
23
13
MarlS
10% Jan
5
Mar 11
5% Mar
2% Mar
72
Nov
20
100
5% preferred
7~% preferred
n
New stock,
r
Cash sale,
t
103$ Jan
3
4
Mar
May
9
100
98
23% Apr 11
427$ Jari
4
517$ Apr 20
71
9
15
Apr
6
Apr
30% Jan 3
10% Mar 14
10
Apr
_
5034june
June
18
18%May
104% Apr 12
7>
April
43% Apr 8
2
24% Apr
«12% Apr
15% Apr
110% Apr
17
Apr
•»
Mar
94% Jan
595$ Deo
5)4% preferred
50
Barnsdall Oil Co—..
--5
Bayuk Cigars Inc
No par
1st preferred
...—.100
Beatrice Creamery
25
30
500
107% 107%
21%
17% 17%
11
107$
*17% 19
11
100
25
conv pref series A... 100
Corp...
.—5
preferred
50
Powder
No par
conv preferred-,.-—100
$5 prior A
1,000
3%,Mar
19
72
-100
——..100
Aroostook—
50
Conv 5% preferred
100
Barber Asphalt Corp
10
Barker Brothers
No par
130
137$
8%
6
Mar
4,500
1,100
8%
75
24
Atlas
100
*
28%
14%
21%
113%
22%
103
Feb
29%
37$ Mar
5%
*28
7
4984 Mar 11
4434 Mar 11
Mar
50
Baldwin Loco Works v t c—13
*28
122
4%
30
20
_
28% Mar
7,l0O
*122
125
100
69%
Nov
3
4
14*300
125
*27
5% preferred
,
Atlantic Refining..
500
Oct
122
Jan
6
5%
22%
101%
22%
114%
-
300
7%
22%
45
99% Mar
z26
89% Apr 27
Fe..l00
..100
5% preferred
Atlantic Coast Line RR—100
22
5%
7%
Mar
124% Mar 20
Jan
117$
22%
69%
13%
*7%
23
Nov
173$ July
5% Jan
Jan
5%
6%.
67$
2234
Mar
2% Mar
65
11%
*19
79
June
10
20% July
834 July
305$ Dec
52
55$ Apr 11
,
Atl G & W I SS Lines—No par.
1°P
400
41
Nov
Mar 31
117%May 27
4% Apr 10
2% Apr 11
2
Apr 13
20 May 17
4% Apr 10
9% Apr 11
4% Apr 10
5
Apr 10
19
Apr 11
07
Apr 8
107$ Apr 8
6
Apr 8
145$
14%
14%
14%
21
215$ 217$
21% 21%
*112% 113% *112% 113% *112%
22
22
21%
22% 22%
*100
110%
101% 101% *100%
*27
*27
11%
5%
*6%
22%
*65
143$
8
28
7«4
101% *100
122
143$
8
28
*11134 114% *112
22
2134
22
*100
5
'
7
23
22
*19
55$
123$
Atch Topeka & Santa
100
"
22
23
30
500
45% Dec
2% June
13
Nov
9
Deo
Nov
64%
13
Mar
Oct
Nov
Mar
Mar
Nov
29%
*207$
21
*110
111% *11084 111%
75$
7?$
7%
75$
3034
1%
13%
4%
12%
67$ Nov
95
100
29
*20%
30
95
*97
313$
*02%
Mar
72
98
30%
63%
19%
*7%
19
18%
18%
18%
8
8%
*7%
*6%
*11% 12% *11% 127$
20% 20% *20%
207$
110% 110% *110% 111%
7%
7%
7%
7%
*43»4 45
44% 44%
51
*49
5034 5034
119
*116
*110% 119
6
*5%
57$
*5%
2%
2%
*2%
*2%
*2%
2%
-2%
*2%
Nov
Mar
May 31
98
1934
8%
15
2
12
Dec
97
645$
19%
7%
May
Mar
30«4
7%
Mar
9
Mar
97
19
1234 July
207$ July
10
72
30%
187$
*7%
*12%
6% July
25% Feb
5% Mar
73
5% pref with warrants.. 100
<5 pref without .warrants 100
.
2% Mar
13% Mar
1
350
*64
Jan
7% Nov
177
Jan
Jan
103
6% 1st preferred...
7% 2d preferred
12,700
1,000
2,600
2
31
31
10
15
Jan
63$ July
90
*97
297$
64
6% Feb
35%May
477$May
2%May
22%May
734 Jan
303$ Jan
79% Jan
1584 Jan
4% Jan
40% Jan
Mar
Jan
83
27
77
29%
7
4
Nov
1634
48
*97
*
J an
15
8% Mar
87% Dec
2% Mar
x52
103
100
5
16%May 29
Oct
July
97$ Nov
MarlS
'
*97
934 Jan
Deo
20
54% M£T 15
37%June 1
*97
30%
64%
193$
7%
13%
207$
Mar
Nov
125
Mar
177
Apr
35$ Jan 20
20% Mar 11
15
9
Nov
117
78
400
100
11% Jan
10% Jan
72 May 22
53$ Jan
6
Mar 22
Feb
Mar
Sept
5
37
295$
64%
Apr
884 Feb 24
Mar
8
51
37
*95
14
Mar
9%
89%
88%
13%
4%
Deo
Jan
*48
9934
27
June
.164
Nov
Apr
51
37
95%
123
176%
347$
5734
2334
April
*72%
*48
37
•
Jan
Oct
160% Mar
125$ Mar
70
75
51
35
95
55
24% Jan
115% Mar
Aug
105%
30
*72%
*48
35
37%
99% 100
Jan
Nov
Jau
41
75
51
35
37%
35
70%
.100
75
51
*34
■
1005$ Jan !
178% Feb 17
143$ July
62
135
J100
Associated Dry Goods.——1
1,500
May -i
Assoc Investments Co..No par
7%
7%
134
per share
634 Mar
23% Mar
114
Apr
■
33% Apr 11
9% Apr 10
53$ Apr 11
....No par
100
Corp
preferred
Jan
Highest
1
77% Dfec
125$ Nov
75
Aug
73% Sept
39% Nov
95
*47%
7%
9
50
77$
*72%
*47%
8%
May
384 Apr 10
3334 Apr 11
*77$
*72%
.
97
6
39%
*7
*
95
884 Apr 11
1% Apr 11
Apr 21
117% Apr 27
21
No par
preferred-.——.... 100
Armstrong Cork Co
No par
Arnold Constable Corp.....5
100
65
'
39
Jan 23
7%
11%
65
111
$6 conv pref.—
39
3684
Apr 11
2O84 Apr 11
35
Apr 11
13% Apr 8
Armour
5,500
37$
37%
37$
*36%
*40%
7% preferred.—---—.100
&Co(Del)pf7%gtd 100
40
Apr 10
24
AnchorHockGlass Corp No par
-
27%
1207$
*25
100
Amer Zinc Lead A Smelt—
130
113
*97$
*1%
10%
2
1207$ *118
4
78
35$ Apr 8
283$ Apr 10
4% Apr 10
100
6,900
21»4
113
4% Mar 31
25
Anaconda Copper Mining..50
Anaconda W & Cable.-No par
-
4
8% Apr 11 I
3,500
•
2484
21
113
-
40
*36
21%
*24
34
24%
24%
40
*40%
3884
95
*81
.
~
Jan
No par
Preferred....
tm
4%
147
No par
$6 1st preferred.
American Woolen
300
*3634
*11%
91
73
Am Water Wks & Elec.No par
200
65
39
115$
7%
"
4]g
3,700
4,900
35
3£%
4
200
Apr 10
April
75% Apr 11
25
100
10
*85
100
*99
Common class B._
6% preferred...
Am Type Foundries Inc
148
.25
.
Apr 13
35% Apr 10
129% Feb 17
59% Apr 14
146%May 3
20% Apr 10
8% Apr 8
9
Apr
1
15% Apr 11
75% Mar 7
14% Apr 8
100
*33
*4%
x27
No par
American Tobacco...
Apr 11
113$ Apr 10
107$ Apr 10
Am Sumatra Tobacco..No par
Amer Telp & Teleg Co
.100
100
5,800
1,400
2,100
8
50
Refining.. 100
91
4%
113
27
*118
100
1734
American Sugar
Preferred-
33
2034
2%
*1%
300
400
5
10%
*97$
*26
1834
*4%
113
113
American Stove Co
12
8
May 15
12% Apr 10
100
33
223$
21%
57$
10
*85
35
45$
400
Apr
10% Apr
Amer Steel Foundries..No par
American Stores.
No par
13,800
8
28
25
6% preferred
pr*.
89%
.
*17%
152
5%
9%
M
164% 165%
82% 83%
85
84%
151
151%
6
584
984
9%
84
103$
*33
Day
84
American Snuff
600
'«•
Apr
152
—100
.....
8
54% Jan
35$ Apr 10
32-
.
Safety Razor—18.50
Preferred
500
*10%
*18%
82
63$
10%
Memorial
82
99%
4%
99%
6,400
*88
12
*18
*151
153
*151
90
*10%
*10%
8434
25%
11%
25
11
12
84
Closed-
25
.
18%
1734
*17%
164% 16534
83
8134
Stock
151
*148
151
*148
267$
-45$
33%
51$,
*12%
12%
27
Jan 14
23
American Seating Co...No par
Amer Ship Building Co.No par
Amer Smelting & Refg.No par
25%
11%
*10%
18%
10%
263$May 17
117% Apr 20
25
4)4% conv pref...—100
1384
1234
*148
Exchange
Apr 8
2% April
American Rolling Mill
55
8
11
100
*13%
11
1734
17i2
17i2 *17
164
164i2 1643$ 165
80%
81%
*8012
8H2
817$
82U
8234 83
*149i2 154
*149% 153
6
63$
57$
57$
10
13%
1234
4% Apr
143$ Apr 8
47
April
8w'y.Nopar
Preferred
9,800
•
l5l
*148
151
2412 25*4
25% 26%
11%
14%
5434
15 preferred.
Am Rad <fe Stand
10
Apr
13$ Jan 24
14% Jan 23
No par
—No par
28
28
277$
43%
44%
4184 43%
41% 43
*1363$ 138% *136% 138% al37, 137
65
65
65%
66%
*63% 65%
*148
113$
12%
$6 preferred.
*53%
28%
137% 137%
"
14%
5434
4,100
1,000
1,200
13,500
153% 153%
14%
14%
155
50
6% conv preferred
.100
'American News Co -—No par
Amer Power & Light...No par
20
40%
34%
12%'
*33%
12%
100
'4%
4%
*39
35
2,800
24%
Apr 11
8
27$ Mar 31
255$ Apr 8
4184 Apr 11
....
600
Apr 10
10
Amer Mach & Fdy Co
No par
Amer Mach & Metals..No pat
Amer Metal Co Ltd
No par
1,600
121
24%
4%
12%
5334
30%
*111
39
*152
5334
*3
25
33%
13
155
15%
*66
121
*24%
4%
39
35%
125$
*152
300
13%
3%
30%
*111
40
6,500
54
*12%
3%
30%
31
147$
67
*50
13
*3
118
15%
67
53
13
245$
.47$
600
5
18%
18
187$
*50
1434
4334
2%
22%
2%
6% preferred
Feb 11
12
6% non-cum pref...
100
Amer Internat Corp—.No par
American Locomotive. -No par
Preferred
_100
4
$6 preferred-.
Amer Hawaiian SS Co
—10
American Hide & Leather—1
400
8
5
American Home Products..
American Ice
No par
24%
434
13
No par
No par
4%
35%
5%,
1984
29%
155
1,800
15
'
118
4
?7 2d preferred A
2,000
16%
Power.—No par
17 preferred.....j_.No par
4%
35%
7%
May
25$ Apr
434May 26
164
Apr 4
2
Apr 8
12% Apr 10
Amer & For'n
4,100
6,600
22%
3%
40
35
200
16
133$
25
American Encaustlo Tiling-. 1
Amer European Sees—No par
American Express Co..
100
900
784
61
—100
*14%
52
29
6% 1st preferred
14%
1434
*2834 29
4314
43*4
137i2 13712
40
157$
1834
.
Comm'l Alcohol Corp—20
American Crystal Sugar
—10
1,000
8
109% Apr 20
14
Apr 5
5% Apr 8
5®4 Apr 10
0% Apr 11
Am
1,400
7%
$ per share
100
-.100
7%
15%
14%
1414
*13
606
-7%
9%
$ per share
American Chicle
No par
Am Coal Co of
Allegh Co NJ 25
American Colortype Co..—10
300
71%
7%
9%
*70
71%
5% preferred-—
Lowest
1
125
April
83% Apr 11
107% Mar 3
17% Apr 11
32
Apr 8
13% Apr 8
Am Chain & Cable Ino-ATd
par
------
16%
14%
4%
35%
477$
2%
23$
*21%
5%
120
*151
16%
14%
4%
477$
,
*24%
45$
39%
34%
1234
7%
9%
*70
77$
35
3
*118
5,900
1,300
2,600
7
Year 1938
Highest
37$ Apr
3134 Apr
Preferred
100
American Car & Fdy__ 2Vo par
Preferred-.
-.100
200
15
—-
~*0%
7
9%
70
734
19%
54
133$
3
2,900
3%
3%
35$
3%
3%
3%
*5
5%
*5%
5%
*484
5%
*160% 500
*160% 500. *160% 500
2%
284
2%
2%
2%
2%
19
19%
18%
18%. 19%'
18%
5
18%
7%
95$
7%
9%
*.
15
*1%
*6%
73$
7
70
734
165$
147$
4%
35
47%
2%
22%
75$
170
123
*
68%
68%
3%
3%
5
5
5%
5%
*16012 500
*160% 500
234
234
25$ J 2*4
19
1834
193$
19%
712
I6I4
*14%
*4l2
34i2
123
*102
Range for Previous
Lots
$ per share
Par
American Bosch Corp
1
Am Brake Shoe &
Fdy.JVo par
oH % conv pref
100
American Can
25
900
I684
16%
17%
16%
110
110
Range Since Jan. 1
On Basis of 100-Share
Lowest
1,200
39
39
39
39
*102
7%
9%
9%
5%
110
7%
7%
share
per
584
17%
*102
15
15
$
40%
17%
110
*121l2 125% *122% 125%
*—'
SHARE, NOT PER CENT
37% 38%
36%
37% *3684 37%
132
*129
128% 128% 128'4 129
92
92% 93
9134
91%
91%
*170% 175
*170% 175
*170% 175
24
23
23%
23%
22% 23%
128
90
*102
the
Tuesday
534
38%:
*37%
172
Friday
•5 per share
May 29
128
STOCKS
NEW YORK STOCK
Thursday
May 30
Monday
5%
53*
37
3834
128*4 129
89% 90
Sales
Wednesday
SALE PRICES—PER
Saturday
3335
Mar
Mar 15
23% Jan 10
110%June 1
87$ Jan 5
4734 Mar 8
6634 Jan 3
127
Jan 11
Jan fi-
22% Mar
40
May
14
Mar
4% Mar
8% Mar
1734 Mar
1017$ Apr
684 ^ar
3834 Mar
36
Mar
105
Jan
'
11
11
10
11
10
Apr 10
98
6% Jan
4t$
37$
30%
87$
173$
884
„
87
21
Jan
5
Jan
5
Feb 28
Mar 22
175$May 31
Apr 18
19
Apr 11
35
Ex-dlv.
y
4
22%May 24
11434 Jan 10
22%May 31
101%June 1
29
163$ Apr 11
177$ Apr 11
48% Apr 6
46
Apr 26
615$ Apr 11
15% Apr 10
99% Apr 11
157$ Apr 10
14
Apr 8
8% Apr 10
Jan 11
13
125
70
4
33
3
Mar
2
Mar
12% Mar
2% Mar
Mar 23
Jan
4
87$ Jan
735$ Jan
2934 Jan
21% Mar
627$May
57% Mar
20
26
3
11
18
11
Mar
4
Jan
19% Jan
4% Apr
2% June
5
jan
108$ Jan
30% Jan
113% Apr 28
7% Apr 10
28
5
Mar 10
Jan 6
Jan
Jan
12% Mar
Ex-rights.
3
36% Dec
8% Deo
17% Deo
1334
23«4
July
Oct
Mar
14
Oct
34
Nov
5
213$ July
Mar
21
Nov
Apr
113$ Mar
90% Apr
115
Jan
9
109
25
Apr
19% Deo
102
Oct
30% Mar
94% Apr
534 Mar
67
Sept
83$ Mar
15% Mar
117
Dec
9
July
21
Dec
50
Nov
,
1*
83
Jan
30% Deo
787$ Dec
18% Nov
Mar
17%
934
10%
13%
Feb 24
3434 Jan
Nov
215$ Mar
10% Mar
75
44
8
6% Jan
55$ Deo
jan
July
Jan
4
23% Mar 11
126% Dec
July
1234 June
1734 Jan
Jan
Aug
Nov
98
Dec
207$ Mar
3984 May
7
Aug
82
4
3
Jab
July
11
Jan
Feb 28
68
Jan
Dec
July
36
Jan 11
22% Jan
8%
14%
27%
109%
97$
48%
Mar
18
27
72
30
5% Mar
2484 Dec
80
115
447$ Nov
1147$ Nov
June
Mar
Mar
2934 Oct
24% Nov
1934 Nov
21% Oct
Apr
May
Sept
55
357$
jj Called tor redemption.
July
Dec
New York Stock Record-Continued—Page 3
3336
June 3,
1939
'
Range Since Jan. 1
May 29
share
$ per
22
$ per share
$ per share
8 per share
*22
22%
Shares
*22%
19%
*19
*1834
20%
25
24%
*1%
25%
2
*1%
26
27
7
7
10%
21%
10%
21%
39
48
*1%
*9
9%
11%
41%
24%
11%
#39%
23%
#35
13%
"
13%
98
985
5
38
39%
14%
13%
#1%
*9%
14%
13%
1%
10
7
14%
13%
1%
10%
*14%
10
7
3
9%
43
44
14%
18%
62
1%
5%
18
*50%
1
6%
*11%
16%
*1312
*1734
*50%
11%
*13%
11%"
1
534
17
16%
*47
48
*47
4
4%
30%
*5%
*38%
*79%
4%
31
*30%
#6%
*38%
*79%,
684
80%
15% •15%
3
#2%
84
40%
*104
106
4104
18%
*94%
1234
18%
94%
12%
18%
a94%
12%
16
*5
~
20
4%
*4%.
4S4
484
4%
*4%
*8514
95
*85%
8
30
*97
98%
98%
*20%
9%
21
21
*9%
9%
21%
34%
89
3g
33%
*88%
*%
*2
21
21
34
34
89
89%
38
2%
%
?l4
*134
2%
*%
*%
*1%
218
.
%
*1%
13%
2
13%
*33
35
*47
47%
*%
*%
i*
47%
*%
K#%
*26
69
69%
13%
14
984
2078
34%
89%
9%
*19%
32%
12%
11
*26
68
69%
09%
70
14
13%
1384
1334
1334
95
95
95
95
95
00
*52
60
52
52
*52
20
20
*05
70
1934
*65
*72
70
40%
29
132
*125% 12612
*10
25
15
15
4%
6%
4%
15
15%
105% 105%
27
27%
IO784 108
*10
15%
*334
93
90
10
6%
6%
8884
79
47%
47%
75%
47%
50%
*107%
11
28%
89%
75%
47%
109% *106
5934
•
*89
11
1%
5934
28%
1%
5834
28%
109%
50%
110
11%
1%
5834
28%
Bid and asked prices; no sales on
40%
2834
133
19
3%
19
27%
23%
,
*61
Central Foundry Co—.1
Central 111 Lt4H% pref—100
Central BB of New Jersey.100
'""600
Central Yloleta Sugar Co...19
Century Ribbon Mllls.No par
Preferred——100
800
2,100
-560
2734
62
*10
15%
*334
200
1,500
600
1,300
100
100
16
88
10
*26
*584
4%
19%
10
0% preferred
1
"MOO
44",300
Chrysler Corp
2,300
2,040
10
300
600
.....
City Ice A Fuel
6
..No par
—.100
6M% preferred.
.....100
City Stores....——
5
Clark Equipment.
No par
City Investing Co
8
.100
3934
27% 28%
131
131
3934
127
127
*61%
62
15%
1,500
4,800
Preferred
100
4
....
100
(The)...No par
Class a....
No par
Colgate-Palmollve-Peet No par
6% preferred.......—100
Collins A Alkman
No par
15
478
20
4,000
*4
Colorado A Southern—..100
300
4% 1st preferred
—100
1978
19%
89
200
89
19%
#8778
4% 2d preferred....... 100
Columb Br'd Sys Ine cl a.2.50
Class B
2.50
200
Columbian Carbon
10%
500
Columbia Plct
89
5%
*934
*26
70
2734
6%
6%
"9*666
47
.
,
a
v t e No par
t c
No par
6% preferred series a...100
5% preferred
..—.100
10
4,000
v
$2.75 conv preferred.No par
Columbia Gas A Elec..No par
500
89
79
*75%
79
#75%
79
4734
4678 47%
46% 47
*106
109% *106
109%
109% *106
5078
51%
50%
51
51%
51%
*107% 110
*10778 110
*1077g 110
11
11
11%
11%
H%
II84
1%
1%
'
13s
1%
1%
59
59%
58% 59
59%
59%
28%
28%
28%
28%
28%
28%
*75%
t In receivership.
Jan 18
May %5
37%
Apr
3
5
Mar
Mar 11
Jan 9
Feb 17
Feb 18
21
Jan
Commercial Credit
..—10
4H % conv preferred.... 100
"V,700
Comm'l Invest Trust...JVo par
10*400
$4.25 conv pf ser '35.No par
Commercial Solvents
No par
9,800
Commonw'lth A Sou ..No par
1,000
19,500
$6 preferred series
No par
Commonwealth Edison Co. .25
Def. delivery.
»
New stock,
r
Cash sale.
*
May
4% Mar
34% Mar
63% Apr
12% June
2% Mar
4
3
9
62% Mar
3
98% Jan
29% Mar
100% Jan
Mar 11
55
9
4
2
9
/
40
2
52% Jan
13
Jan
4
-
4
•
Mar 21
Mar
90
% Jan
46% NOV
8% Jan.
42
July
8% Aug
Nov
45
89
Jan
22% Nov
4% Jan
107% July
120
Aug
68
July
106% Dec
20% Nov
96
Sept
19% Dec
72% July
28
Jan
5% July
111% Nov
14
July
8% Jan
6% July
Apr
104
26% Mar
4% Mar
59%
12%
46
Oct
106
Mar
Oct
Oct
94
18
3
June
May
33% Nov
June
12% July
48% Mar
38% Jan
6
8
20
Dec
9
22
'June
2
70
Apr
% Jan 14
3% Jan
Jan
Oct
20% Aug
21% July
17% Mar
4
i25% Mar
40% Mar
Mar
3% Mar
Aug
88
5
47% Jan
Mar
99% Apr
6% Dec
5
3
6% Mar 11
95
Feb 24
5% Jan
Mar
18% Dec
3
*U%May 19
9% Jan
..July
12% Dec
22% Jan 11
5% Jan
Mar
82
19% Jan 4
72% Mar 14
Aug
%
89
Dec
1% Feb
July
}% Jan
6% Jan
15% July
1% Mar
4
4
5
% Aug
Jan
4
Jan
Mar 11
Jan 3
Jan 4
2% Sept
8% Mar
1
Jan
% Dec
1%
Jan
Jan
4
% Dec
1%
Jan
3% Jan
4
4
3%
13%
%
1%
1
20%
38%
48%
%
Jan
% Nov
2
Mar
5% July
6% Mar
19% Dec
Mar 14
22
Mar 11
Feb 6
37% June
Jan 11
33
85% Mar
9
14%May 23
Mar
% Dec
1
Dec
%
Dec
8
Mar
12
.
Mar
3% Mar
May
35% Mar
7% Sept
25
39% Nov
47
Nov
1% Jan
3
July
2% Jan
12% Jan
19% July
13% Nov
Oct
51
88% Nov
13% Jan
May 23
59
Jan
80
Dec
Mar 11
54
Mar
60
Feb
3
2
Mar
6% Nov
27% Oct
26
Apr
Feb 10
,69
3
115
Jan
3
Jan
<
7
Jan
20% Apr
18
*4
5% Mar
8% May
12% Mar
Jan. 4
4% Jan
11% AprlO
101% Feb 1
100
6%
2%
10%
5
58
58
5% conv preferred.....100
534
478
20
6%
Mar
Jan
96
36% April
21% Apr il
127% Jan 5
114
Apr 11
Colonial Beacon Oil Co .No par
Colo Fuel A Iron Corp .No par
2734
1
Jan 17
2%
8%
17%
20%
July
Jan
Jan
2% Apr
180
97g
51
May
79
62
"V,66o
478
24%
3
9
6
3
15«4
434
6%
22
Mar
1% Jan
9% Mar
14% Jan
13% Jan
24
Oct
Mar
5
*14%
July
July
5
13
1% Jan
*10
10
24
15% Mar
2
Mar 11
Feb 4
Feb 9
29% Mar 10
100
16% Aug
22% July
3% Jan
45
June
45%May
Cluett Peabody A Co. .No par
Dec
52
42
Coca-cola Co
Oct
July
15% Nov
44% Nov.
20% April
74% Jan 23
100
5%
30
29
Mar
68
900
Oct
13% Oct
100% Nov
7% Dec
54% Jan
Mar
111
Climax Molybdenum—No par
Jan
14%
6
Clev El Ilium 14.60 pf.No par
Clev Graph Bronze Co (The). 1
Clev A Pitts RR Co 7% gtd.60
*45
41
20
OCCAStLoulsRyCo5% pref 100
""""40
14% Nov
46% Nov
23% Oct
4
% Apr 10
Cblckasha Cotton Oil.
10
Child* Co..
......No Par
Chile Copper Co.—......25
Jan
Nov
45%May 29
17 % Jan 6
19% Mar 9
% Apr 8
7% Apr 11
10
Apr 5
7
Apr 8
25
Apr .8
63% Apr 11
9
Apr 8
par
19%
9%
89
1
%June
——100
Chicago Yellow Cab.. JVo
19%
*26
6%
44% Apr
7% preferred..........100
100
*86
88
2734
this day.
S3 conv preferred
No par
Pr pf (S2.50) cum dlv No par
tChlo Rock Isl A Paclflo
100
*19
478
20%
20%
6%
89
*4
6
6
,
15%
15%
478
*4%
Jan 24
% Apr 21
1% Apr 10
%Mey 8
l%May 19
9% Apr 8
% Apr 5
% Apr 8
% Mar 22
1% Apr 21
10
Apr 10
32
April
Mar
5% May
16% Mar
2% Mar
Feb 25
86
200
3
6
9
11
-...100
Preferred series A
4% Mar
13% Jan
Jan
Chesapeake A Ohio By.—.25
tChle A East III By Co
100
0% preferred. »
...100
{Chicago Great Western.. 100
4% preferred
—100
Chicago Mall Order Co....—5
tChlo Mil 8t P <fc Pao—No par
5% preferred.......—100
|Chicago A North West'n.100
Preferred....
—.100
Chicago Pneumat Tool .No par
9% Jan
30
April
Mar
Dec
2%
12
lO%May 29
23% Mar
102
27
800
14%
1%
.
18% April
6% April
17% Apr 10
6
....
2% Jan
Apr 20
98
No par
Checker Cab
15% Feb 28
18% Jan
107% Jan
24% Jan
95%June
24
*10
24
1
Chesapeake Corp.,—JVo par
1,200
1434
Common
Mar
15% Mar
13% Mar
6% Mar
Jan
20% Jan
3% Jan
94% Mar
122% Mar
AprlO
6% Apr 8
22% Apr 8
6% prior preferred—...100
Cham Pap & Fib Co0% pf.100
500
26
26
2784 2734
26% 2634
*107% 110% *107% 110% *107% 110%
15%
Certain-Teed Products—
Mar
3
85
33
3% Mar
62
30
Apr 20
4
Apr 11
3% Apr 8
3% Apr 11
88
Jan 12
Apr
6% Jan
34% Mar
0%
34%
7%
42%
Mar 22
75
65% Jan
4
Jan
109
Cerr o de Pasco Copper .No par
400
78
131
131
6% preferred.:
.....100
Central Agulrre Assoc .No par
20
70
11334 11334
#72
39%
10% Mar
27% May
Special gtd 4% stock—50
*65
78'
*126%. 128
62
3%
#23
—
3878
700
7% prior preferred.......100
Celotex Corp,—....NO par
2,600
31
24%
*72
*45
*105l2 107% *104
*19%
90
70
10
9,900
20%
978
2784
6%
20%
2,700
14%
I47g
107% *105% 107%
20%
6%
8884
*75%
138
15
20
9%
*2634
50%
478
*60
3%
*23%
78
127% 128
20%
2734
11
6
478
*90
50
15%
4»4
.
*130
*26
113% 113%
,
20
*25%
*107% 110
25
6
20%
20%
*100
133
12734
6078 6078
4%
20%
*1984
10
25
39%
.28%
31
*65
70
*75%
*10%, 11%
10% 10%
*19%
114
*24
*46
126
6
*65
78
4012
29%
20%
*113
*45
40%
29%
132
4%
*20
11%
10%
*3
3%
*3%
20
.114% 114% *113% 114%
*23«4 24%
24% 24%
27%
10734 10734
7s
9%
31
3%
190
1
71%
11
8,300
100
*20
11%
6% preferred.
..100
Celanese Corp of Amer.No par
100
*5g
*7%
........100
100
%
*7g
%
9
£16'4 Mar
Apr 29
103% Mar 27
13% Apr 10
84
Apr 14
10
Apr 8
64
Apr 17
18% Apr 8
2% Apr 10
100
Case (J l) Co
Preferred!
Caterpillar Tractor—.No par
47%
*%
.
1
*%
140
*46
35%
47%
a78
400
1
4,000
*3434
*45
1
24%May 25
13% Apr 1
2% Apr 6
66
April
110
April
38% Apr 1
Carpenter Steel Co.........5
1,400
*34%
43% Mar
77
Capital Admin class A......1
Carriers A General Corp
.2
I33g
35%
133g
71%
14
60
*26%
*1%
%
31
95
*104
,%
68%
1334
*3
15%
10734
%•
%
2
1184
%
"%
Mar
8
8
4%May 19
38% Mar 31
No par
700
5,000
•
1
3% Apr
29% Apr
.25
600
9%
21
33%
*1%
11%
44
anadaSoa Ry C0....—.IOO
Canadian Pacific By
Cannon Mills
$3 preferred A.—
10
Carolina Clinch & Ohio By 100
70
89%
3g
*134
3
'*%•
?g
M)——No par
Campbell W & CFdy—No par
Canada pry Ginger Ale..—5
300
13%
i'2
1,100
2I84
%
%
100
99
9%
*191233%
*89%
*%
2
12
' 'i
Byers Co (A
(
21
*14
%
37%
8%
28%
*%
*7%
*10%
10%
*10%
7,700
10*400
99
13%
*%
94
15
,3778
*77g
28%
3
*178
*1134
*%
*84
*2
*1%
13%
8
*52
62
*2
68
35
3
*01
2
*%
*78
94
132
%
*05
47%
35.
60
40%
29%
*%
%
■„
2%
%
2%
3
78
8%
29
98%
2034
9%
21
33%
89%
7%
*20%
94
■
08
38
2078
*52
*45
18%
96%
38
98%
70%
*1334
9434
*72
100
*2734
98%
*45
%
9
11%
1034
31
*26
45
105% 105%
18% 18%
95% 95%
12% 12%
12% ' 12%
3034
*1%
13%
35
11%
10%
*10%
10%
4434
20
20%
20% *20
3
3
278
27g
111% iu% *111% 112%
*4%
584
*4%
534
4%
4:
*4%
5
*4%
5
*4%
5
*85% 95
*85% 95
*%
47%
%
1
*%
80
114% 115
45
20%
*%
*8
*10%
10%
Q
80
81
114% 114%
278
*65
84
%
%
%
*ft
,2%
69
*%
*178
134
1%
13%. 13%
*34
*5%
18%
*94%
,12%
2%
12%
%
.%
107s
1878
95
13
*2
*%
4%
*%
%
,
*1%
.
*12
12
12
*77
44
4534
105% *105
33%
89%
*%
900
1,300
10
98%
2078
*9%
20%
21
21
2,400
*15
15%
278
29
98%
29%
1
*38%
*78%
3834. 39%
8%
8%
8%
3084
30
Butte
Byron Jackson Co.—-No par
California Packing....No par
5% preferred
.......50
Callahan Zinc Lead..
1
Calumet A Heel a Cons Cop—5
200
*7#%
3%
—.10
preferred..—30
Copper A Zinc
5
5<% conv
200
2,700
52
478
32
5%
40
81
,
fBush TermBldgdep7% pf 100
Butler Bros
.14
1834
49
*111% 112
*4%
534
*434
6%
*434
6
*85% 95
3834
8%
8%
Memorial
"""216
*13%
18%
51%
434
*30%
278
20
900
Participating preferred.. 100
1634
13% Mar
29% April
,3
Apr 8
21% Apr 10
16
April
11% Apr 10
11% Apr 10
I
Apr 10
0% Mar 31
5% Apr 10
187g April
2% Apr 10
7
April
25% April
11% Apr 8
13% Apr 10
48% Mar 1
% Feb 15
'5
Apr 8
9% Apr 11
12
Apr 11
100
No par
Bulova Watch.....—No,par
Bullard Co
No par
Burlington Mills Corp.
1
Burroughs Add Maob—No par
Bush Terminal
1
510
*47
3% Mar
Jan
........
2,700
434
32
5%
40
81
1578
2%
10% Apr 11
8
7% preferred
9
1034
1% Mar
~
400
49
43
Jan 20
Mar
278
4%
*30%
5%
*38%
40% Aug
Feb
100
300
11
37% Aug
Mar
5% Mar
42
11
12% Mar
18
28
5% Mar
Budd Wheel——.
Dec
June
6
2,200
1,900
Oct
8% Aug
16
June
2
Apr 8
94% April
4
Apr 8
7% preferred.......—100
Budd (E G) Mfg.
No par
Dee
49
13% Jan
700
107
40
31% Jan
7
9
11
16%
82
3
Closed—
Day
38%
39
*38%
95
11
28
Mar
Bucyrus-Erie Co-.———5
600
5%
Mar
4
5% Mar
1,800
*41
1
14
Mar 8
Mar 30
Feb 27
Jan
14% Mar 16
7
*5%
May
2%
27%
7%
15%
3
8
9%
1
June
Jan
9% Apr
43
13%
18
52
5%
9
15
16% Mar
1% Dec
62% Dec
14% July
19% Jan
36% Oct
4% Jan
Bruns-Balke-Collander.No par
20%
2%
Jan
32
Jan 30
Jan 12
April
Apr 8
Apr 10
Apr 10
Apr 8
Apr 10
Apr 12
Apr 14
Apr l
Apr 1
Apr 8
Apr 8
Apr 10
Apr
"I'M
40
Oct
30%
82
40
30
1,100
2,100
*05
Exchange
4%
5%
3
15% Mar
:
Feb 18
69%May 13
19% Mar 14
21% Mar 10
3
14%
13%
1%
12%
18%
*94%
12%
Stock
65
~
7
*20
1
16
79
1834
3
3%
*111% 112
5%
*4%
684
L
678
20%
6%
114% 114%
"
-
*1%
*10%
*47
2%
3
3
1%
H84
27
Highest
S per share $ per share
13%
31% Jan
2,400
40
*79%
95
20
20
20
*111
14%
13%
31
41»4
1%
5%
7%
110
Lowest
—No par
Brown Shoe Co
434
37%
4%
28%
20%
80%
*30%
5%
*38%
*104
13
20
9
48%
4%
32
5%
4%
106
2784
427g
13%
17%
*50%
11%
17%
45
100
,
3
534
*47
48%
4%
65
05'
*00
-
8%,
98
20%
18
11%
11%
17%
14
434
*35%
4%
2778
20%
*13%
13%
13%
*1%
*10%
14
1
100
5,800
14
52
1%
584
6
v
114% 114%
46
14
*50%
40
20
9%
"1,000
38
4%
2734
45
18
18
52
1%
30%
6%
40
80%
1584 I584
3
3
"82
82,
114% 114%
40
46%
40
#82
9%
43
9%
45%
14
11%
Jan 24
12%
16%
I884
1%
19%
5%
8%
16%
—No par
Bklyn-Manh Transit.-No par
$6 preferred series A .No pa
Brooklyn Union Gas...No par
28% Jan
Jan 23
51
$6 preferred.
23
8
104
Brooklyn A Queens Tr.No par
23
078
*3
100
*35
478
37
4%
7
1,000
200
% per share
16% Apr 8
6
No par
Class B
.—..—No par
Bond Stores Inc.——.....1
Borden co (The)
15
Borg-Warner Corp
..0
Boston A Maine RR
100
Bower Boiler Bearing Co—17
Brewing Corp ol America—3
Bridgeport Brass Co—No par
Bohn Aluminum A Brass
Bon Ami class A
Year 1938
Highest
S per share
Par
1%
9%
49
£14
484
307g
1,800
2,800
10,300
*39
8%
8%
100
Range for Previous
100-Share Lots
Lowest
Briggs Manufacturlng.No par
Briggs A Stratton— ..No par
Bristol-Myers Co— —
5
14
1378
20%
3%
10%
38
98
7
3
*1%
*9%
11%
2284
98
20%
7%
40
22%
2812
20%
14%
13%
1
12%
13%
*1%
*10%
20%
9%
9
39%
*20
28%
*20%
3%
*3
21
14%
13%
*1%
21
*39
5%
39%
4%
'
7
*20
28
20
27%
19%
48%
11%
*35
884
38%
4%
4%
47%
1%
*1%
*9%
11%
98
4%
27«4
4%
40
24
5
5%
40
21%
40
*97
39%
4%
27%
19%
21%
8%
98
"l",206
40
38
'
14%
14
14%
2684
034
40
1178
*35%
8%
8%
8%
*96%
4%
37
4,800
*39
9%
23
23%
23%
*35
0,600
2334
2
678
„
40
40%
*40
36%
13%
19
2084
26%
4778
30
19
10%
2I84
1%
1%
*9%
*11%
130
2334
*1«4
26«4
684
10%
684
48
300
20%
*10%
21%
2238
40
47
.
56%
1078
*39%
*4712 ,48%
*1%
1%
*9%
9%
11% 11%
1%
110
56
7%
22
'
*109
57
19%
2O84
24%
2
*184
26%
27%
7
40
21
*39
39
48
19%
10%
2134
11
22%
109
*56%
*1834
20%
23%
21%
25
2
24%
*178
27%
7%
10%
57
21
21%
25
2
26
22%
109
109% 109%
19*4
21
24%
7
23%
*56%
20%
On Basis of
Week
$ per share
57
*18%
.
June 1
June 2
*2238 23%
109% 109%
*56% 67
22
57
.
Friday
Tuesday
$ per share
#109% 110
EXCHANGE
Wednesday
May 31
Thursday
May 30
Monday
May 27
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
AND HIGH SALE PRICES—PER
Sales
for
LOW
Saturday
8
Apr 8
May 20
8
3
Apr 1
4% Mar 31
4
May 16
14
Apr 10
14
April
73
April
7% Apr 11
23% Apr 8
5% AprlO
74% Jan 3
62% Jan 13
38% Apr 10
105% Apr 6
42
Apr 8
100
Apr 14
9% Apr 10
1% Mar 31
45% Jan 3
11% Apr
£25% Apr 10
Ex-dlv.
y
78
Mar 13
2
60% Jan 6
30% Mar 15
135
Marie
10% Mar
70
Nov
75
Apr
15% Mar
67% July
115
106
44
Dec
32% Mar
10%, Mar
111
/Jan
133
Jan
6
105% Mar
62
Mar
2
16% Mar
4
57% July
7% Mar
78
May
l05%May 29
36% Jan
108
20
6
May 15
May 23
13% Mar
87% June
20
June
Mar
Aug
30% Nov
70
Jan
45
Feb
60% Noy
25% July
129
Nov
142% Aug
61% Nov
17
Nov
104% De*
39% Oct
107% Nov
29
Feb
9% Jan 3
7% Jan 4
20%May 27
9% Mar
3% Mar
4% Mar
4
Apr
13% Mar
23% Nov
8% Jan
11% Jan
20%May 25
13
22% July
98% July
23% Jan
7
Jan
6
4
Jan
3
15% Jan
4
30% Mar
6
93
Mar
63%
Apr
9
Mar
10
June
22% July
19
Nov
83
Feb
8
25% Dec
5% Mar
67
May
50
May
57
Jan
3
23
Mar
69% Nov
109% Mar 20
84
Mar
108% Nov
9
91
60
110
Feb
9
Mar 14
Jan
3
Feb 14
31% Mar
90
Jan
35% July
9% Oct
83
Oct
70
Oct
04
112%
13% Feb 25
5% Mar
2% Feb
64% Mar
1
Mar
2%
25
Mar
65%
0
9
20%May 31
Ex-rights.
22i« Mar
Nov
Oct
12% July
2«
5 Called for redemption.
Oct
Oct
May
Volume
LOW
AND
New York Stock
148
HIGH
Record—Continued—Page
4
3337
Monday
SHARE,
PRICES—PER
Tuesday
STOCKS
Range Since Jan. 1
NEW YORK STOCK
the
CENT
NOT PER
On Basis of 100-Share Lots
EXCHANGE
Friday
Thursday
Wednesday
Sales
for
aturday
SALE
May 27
May 29
May 30
May 31
June 1
June 2
Week
$ per share
S per share
$ per share
$ per share
$ per share
$ per share
Shares
*6%
*6
7%
23i2
23i2
*5%
7%
23%
21i2
*5
*5
534
7
22
7ig
*7
7%
2334
534
6
7
*5
*6%
z2334
2334
6
21%
*7%
2178
21%
7%
7%
"Y.966
6
200
7
20%
*5
7
7%
2034
21%
7%
*7
7%
23
*5%
7%
*5
2134
*6%
22%
5%
5%
7
*5
23%
*6%
23
21
7%
*7
*75
81
*75
81
*76
81
81
*75
87
*84%
87
*84%
86%
83%
84%
1%
1%
*1%
1%
10i8
*10%
103s
3112
31%
31%
32
IO6I4 IO6I4 *106% 10634
6i4
6%
6%.. 6%
734
7%
778
778
2
*184
178
178
3
3
*2%
*2%
*11
1312
*10%
13%
*10%
10%
31%
32%
112
*98
*1%
99
11'4
*98
11%
*16
16%
1*2
13s
97
*96
37
37
*114% 115
115
3634
7%
34i2
2%
23i2
*2214
734
*178
23%
22%
57
11
16%
37%
38
37
116
*114
116
7%
35
27g
24
23
2%
24%
23%
57
2%
2.334
23%
5734
62
63
*32%
33%
z3l%
32%
1078
1078
11
79%
79%
78%
79-.
2934
3034
30%
31%
30%
6934
6934
*6678
4%
*334
4
4
*3%
4
62%
*56
*1078
4%
46%
534
4%
4%
46%
l4634
534
26%
4
■
1634
*5%
*6
*110
26
*14%
14%
*84
6%
20
5%
*sA
1%
.
117
116% 116%
25%
2534 26
*32%
33%
*41% 42
*6% > 6%
1834
19
*33
*41%
578
187g
83
*80
*80
Exchange
Closed—
5%
Crane Co
*31%
10%
33
""466
1,900
80
81
2934
4,000
*65%
*334
334
71%
4%
10Q
334
300
Pref ex-warrants
Cuba RR 6% preferred... 100
Cuban-American
4%
4%
700
Curtis Pub CO (The)..-No par
46%
5%
26%
46% ,46%
5%
5%
26%
26%
8,600
90
*80
90
*55
6%
1634
1,700
6%
6%
20
25%
6%
800
*14
25%
14%
14%
14%
18%
17%
5%
17
17
*34
1%
5%
*84
118
118
26
"26
33
5%
1%
25%
33
32%
„42
117
42
*41%
*578
6%
18%
187g
83
83
117
'*34
1%
*116% 119
25%
32%
42
,,26%
32%
42%
0
6
18%
Conv 5%
90
9,700
Deere & Co...
900
Dlesel-Wemmer-Gllbert
10
Delaware & Hudson...
100
3,300
Delaware Lack & Western..50
Detroit Edison
Diamond Match
10%
200
10%
*33
34
*33
34
*14%
15
*14%
1434
500
3134
68%
32
7%
*7%
11
*9
*137
121
*116
11%
*10
1034
*111
114
1034
114
145% 146%
146%
137% 137%
121
121% 121%
11634 *116
11634
137%
15%
157s
1578
478
478
478
163
*175
8
11%
1.1%
*111
146
*7%
•
164
164%
*175
179
16%
179
22%
22%
223g
134
1%
30%
12%
293g
1%
30%
12
12
*2%
2%
*2%
2%
8
8%
8%
8%
2734
2634
28%
27%
277g
24
2434
*29%
29%
22%
*1%
29%
■
12
27%
*24
287g
*1
.
■
*37
9%
*72'
9%
73t2
*75%
*82%
9%
*77-^8
78%
85
*
1
*83
85
177%
22
28
1%
29
22
1178
*23S
12%
2%
11%
*2%
12
1 2%
8%
8%
7%
27%
24%
29%
2778
24%
297g
.26%
23%
28%
28%
1
1
1%
35%
38%
*106% 1067g
73%
77
*83%
77
*77
35
"~7~806
1
35%
39
106% 106%
9%
85
73%
*7134,
*78%
73%
800
700
200
1,500
100
100
1%
500
*234
3
234
3%
3%
*2%
3%
1,000
*1%
1%
*1%
1%
3%
*1%
*4%
1%
5
1%
4%
100
*734
8%
8%
1834
*1%
5
47g
1834
8%
1834
8%
187g
8%
1834
834
19
178
*1%
1%
*1%
1%
*334
4lo
27%
28%
25
25
15%
15%
9034
*247s
15
90%
*3%
134
1'4
26
*8534
8634
8634
34%
34%
34%
20
3%
134
*24
*17%
26
*1%
*4%
1%
4%
'""26
28
28%
2,600
24%
25
25
300
1534
*15
15%
90%
15%
15%
700
91
105
*95
~
105
*88
90%
*95
10
105
*101% 10134
3%
1%
%
34
34
*24
15%
*90%
*95
*101% 10134
3%
84
105
*95
105
*101% 10134
15%
90%
3%
1%
%
%
*3%
134
3%
*3%
134
*84
134
%
3%
200
500
34
900
26
*23%
26
*23%
26
8634
87
87
*86%
88
*87
88
34%
34%
34%
3334
34
*34%
*17%
21
*17%
34%
21
*17%
21
•Bid and asked prices; no sales on this day.
raw:
t In receivership,
4
96*
6
May 17
6
3
Apr 8
49
Apr 5
10% Apr 11
May
5
3
15% Nov
92% Nov
Mar
»19% Mar
4438
Apr
70
3
Mar
58% May
87
12
21% July
8% Aug
60
Aug
Jan
6% Jan
48
May
4-% Mar
Jan
35
June
7% Jan
3% Mar
7% Dec
12% Mar
48% Jan
28% Nov
83
Oct
18
60
Nov
84
May
55
Jan 24
May 26
24% Jan
4
6% Jan 6
17% Mar 10
Mar
13% Mar
4% Mar
13% Mar
3
Jan 26
29% Nov
834 July
17% Dec
11% July
111% Deo
25% Feb
6% June
8% Jan
April
111
1534 Apr 10
Apr 18
11% Apr 10
12% Apr 11
24
Mar
9
102% Jan
1384 May
20
Feb
7
1984 Mar
23
4
Apr
Jan
28% Jan
13% Apr 10
4% Apr 12
16
Apr 11
4% Apr
1584 Mar
9
4
4
1% Jan
4
25
Apr 13
123% Feb 25
Mar
Jan
17
7% Mar
8% Jan
8
9
25% Jan
% Apr 28
103
Jan
94% Jan
13% Feb
0% July
5% Mar
16
1
38
Apr 14
4% Apr 11
19% Apr 11
73% Apr
107
Jan 21
58
Nov
3738 Nov
7% Mar
65%May
3% Apr
45
Jan
6
3% Apr
5% Apr
9% Jan
Nov
25% Dec
Mar
884 NOV
84 Nov
2% Jan
115% Dec
4
70
Mar
12%
35%
22%
33%
78%
30% Jan 26
56
Apr 11
101% Apr 11
6
1
10
Duplan Silk
,
135
Mar 31
MarlO
Dunhill International
No par
10
Eastman Kodak (N J).No par
100
Co
4
.-No par
Electric Auto-Lite (The)
5
6% cum preferred
Mar
23% Nov
05% June
91% Nov
9
8% Sept
2884 June
Jan
Jan 10
Jan 3
Mar 20
3
31
5
87%
12
Jan 25
115
Jan 18
17
Dec
.25% Oct
34% Aug
8034 Dec
141
Deo
Mar
Jan
19% Dec
134 May
8% Mar
Apr
Jan
35
Mar
27% July
Jan
Jan
11% Jan 5
19% Jan 13
,
12
12
.
102
115
154'4
Oct
Jan
5
90% Mar
142
MarlO
13034 Mar
117% Jan 26
122
May 19
115% Jan
5
Eastern Rolling Mills
108
1
Oct
Mar 11
87
934May 18
No par
Co
4
20% Mar
15% Apr 10
7934 Jan 23
118% Feb 27
109% Apr
11134 Jan
138% Nov
120% Dec
118% Dec
1384 Nov
3% Mar
121% Mar
8% Nov
187
Nov
157
173
4
12% Apr 11
4
Apr 1
138% Apr 26
175
May
3
15% Apr 11
1 % Apr
8
22% Apr 11
15634 Jan
18% Mar
8
2
Jan
4
186% Jan
5
18312 Feb 8
27% Mar 10
33g Jan
4
1738
Jan
10% Mar
2
Dec
Dec
(>Deo
2538
5%
36%
15%
13% Mar
July
Deo
4
Jan
14
Mar
Oct
Dec
2
Electric Power & Light. No par
6% Apr 10
38% Mar 10
15% Jan 4
3% Mar 0
12% Jan 19
No par
20% Apr 11
41% Jan 20
22% Mar
46%
$6 preferred
No par
Elec Storage Battery. .No par
1834 Apr 8
23% Apr 11
% Apr 4
38
4134 July
El Paso Natural
28
Jap 25
30
Endlcott-Johnson
38
Apr 13
4384 Jan
3
Electric Boat
$7 preferred
Elk Horn Coal
5%
Corp...No par
Gas.—a—3
Corp....50
8% Apr 10
Jan 23
IOC 2:103% Mar 22
preferred
Engineers Public Servlce.__.l
$5 conv preferred--—No par
Co
---5
3
Corp.No par
Fairbanks Co 8 % pref
100
Fairbanks Morse A Co.No par
Fajardo Sug Co of Pr Rico. .20
Federal Light A Traction... 15
$0 preferred
100
Federal Min A Smelting Co 100
Preferred
100
Federal Motor Truck..No par
7
Apr
62% Apr
65% Apr
8
8
8
69
April
% Apr 10
1% Apr 13
2
Apr 10
1% Apr 10
4
Jan
3
6
April
14% Apr 11
1
April
234 Apr 10
24
April
20
Apr 10
11
Apr 11
"266
700
a Det. delivery,
l%May 24
4M% pf-100
Fidel Phen Fire Isn N Y..2.50
Fllene's (Wm) Sons Co.No par
Fed Dept Stores
n
New stock,
r
Cash sale,
z
30% Mar
3
2184 Mar
111
80
80
234 Nov
Feb
29% Nov
Apr
45% Nov
94% Apr
2% Mar
38% Mar
111% Dec
10% Oct
Jan 20
Jan 20
40
Mar
8
46
Mar
Jan 30
Mar
1%
Jan
5% Mar
Jan
24% Jan
2% Jan 20
6% Feb 27
43% Jan
29% Jan
16% Mar
34May 25
Ex-dlv.
y
110
6
4
Mar 15
Jan
6
3% Jan
7
1% Jan 19
26% Mar 11
8984 Feb 0
35
MarlO
19
Ex-rlghts.
Dec
1% Dec
234 Mar
1% Dec
2% Mar
5% Jan
13
Oct
Nov
% Mar
7
134 Jan
2% Jan
3
35
Dec
17
5
Mar 13
1178Mar 10
78
Mar
„
33
I84 Jan
101% Apr 13
1884 Apr 11
83
Apr 1
2784 Apr 11
1084 Apr 11
6% Mar
18
85
Apr
101% Apr 13
t Federal Screw Works. No par
Federal Water Serv A. No par
2% Sept
6
90%May 29
2% Apr 10
>Mar
6
Feb
Jan 24
81
Federated Dept Stores.No par
134
34
*24
21
No par
Exchange Buffet
25
4
30
24%
*1%
*4%
28%
18
18%
1%
4%
28%
4
29
26
18
*24
4%
29%
*334
29
No par
Douglas Aircraft
Ex-Cell-O Corp
*1%
5
Dome Mines Ltd
1,700
1%
47^
4734 Jan
65
Apr 10
Evans Products
1%
8%
91
Mar 31
1,400
1%
5
75
Apr 14
24% Apr
July
Nov
Oct
1,000
1,300
1
5
4
Jan 10
40
11
4%
1
1
1%
1%
4
Apr
25% Apr
Nov
Mar
8%
18%
100
1O0
1
1
37% Mar
14% Jan
8
29
Oct
Nov
5
$5preferred w w..No par
$6 preferred
'..No par
Equitable Office Bldg.-No par
J Erie Railroad
100
4% 1st preferred.
..100
100
4% 2d preferred
Eureka Vacuum Cleaner
5
79
"
%
Apr
10
70
9,700
85
85
9
30
5,000
23%
29%
13
Apr 29
41% Jan 3
40% Feb 28
7% Apr 11
20% Apr 8
35 May
4
28
April
42%
117%
29%
10%
4334
Elec & Mus Ind Am shares...
2%
8
27
*38%
78%
*83%
%
8,200
4,100
23%
*28%
*%
10
85
2834
27
3434
3434
*37%
39
106% 106%
*71%
1,500
1134
Mar
21% Apr
5% Mar
22% Mar
11
Eitingon Schild.
1%
,
Jan
85
9
Oct
Eaton Manufacturing
28%
11%
*2%
7%
8%
27%
23%
73%
70
1%
.
19
3
_-s.--_--.No par
2,700
1%
8%
*17%
2177
22%
1%
3
Jan
6% non-voting deb..—100
1%
1%
*1%
179
22
1%
303s
Jan
Oct
5% Nov
Deo
179
22%
38
3184 Mar
Jan
Dec
42
4,100
1%
293s
56
7084
177
234 Mar
110
700
1
*1%
*3%
2178
Apr
Apr
Apr
z53
102
40%
4%
4%
*4%
434
16334 165% £161% 163%
''
40
3% Dec
3534 July
29% Nov
Mar
8
Apr
5,900
1%
3
*95
*175
10
Apr 12
26% Jan 3
Apr 14
Apr 12
126% April
13634 Jan 26
700
9
36% Nov
30%
16634
5
658Mar
21% Mar
% May
21% Mar
Jan
$4.50 preferred...._.No par
,
.
11% July
Jan
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc
1
1534
54% Apr 19
171
Apr 21
3% Jan 26
Nov
June
31%
10
*116
15%
Jan 16
31% Jan 3
29% Jan 4
5734May 31
66% Mar 10
17684 Jan 6
June
Jan
6
25
200
»116
15%
7
49
116
107
Mar
8,000
116
4
5
25
1534
1534
May 31
1038 Jan
3584 Mar
Jan 26
8% preferred—
100
Du P de Nem (E I) & Co...20
1
*1%
*234
*90%
5
16434
9%
78%
138
116
8
2034
Dresser Mfg
6,100
Apr
Jan 16
11634
11634
1534
*1"
10
138
5
234 July
103% July
May 25
200
10
138
05% Mar
36% Mar
44
Dow Chemical Co—..No par
200
138
Jan
Jan
33
900
*10
1034
1034
1034
*110
115
115
146
145% 146%
14634
1% Mar
44
Jan
32% Jan 11
179
*116
38%
73%
11%
1,700
8,500
*120% 12134 *120% 12134 *120% 12134
3484
*72
'
114
146% 147%
137% 138
35
106% *106% 106%
*106
10%
32%
69%
70%
.115% He
734
734
11
12%
*110
1034
1034
114
39
3434
3478
39
1
1
1%
3478
*37
11%
11%
478
164%
32
70
Jan
Mar
Doehler Die Casting Co No par
Class A
8% Mar
2
Jan
5%
984 May
100
Apr
Oct
7%
3
6% partic preferred
140
15
32
2% Sept
2% Mar
8
88
Nov
IO84 July
Apr 12
5% pref with warrants.. 100
Dixie-Vortex Co..
No par
34
738
Mar
Apr
Distil Corp-Seagr's Ltd.No par
15
7078
95% Nov
1734 Oct
26% July
2% Mar
18% Apr 10
Diamond T Motor Car Co—2
*10%
69%
22
Apr
104
Apr
39
100
*33
.31%
Mar
78
384 Jan
15
6
5
3
12% Dec
34% Oct
4% Mar
17
Mar
28
No par
500
15
115% 115% *111% 115%
*734
8%
*734
8%
A
1,900
10%
32
707g
10
99%May 31
16% Jan
22% Mar
Mar 10
Dec
..No par
Devoe & Raynolds
500
34
6934
100
220
300
83
*9%
Jan 10
93% Apr 27
9% Apr 10
11% Apr 10
JDenv & R G West 6% pf. 100
""506
15
114% 114%
...20
....
6%
18%
*80
10%
No par
Preferred..
4,200
*33
10%
5
25
Dayton Pow & Lt 4>$ % pf 100
700
*10
.
preferred
par
1834
*6
83
No par
Cutler-Hammer Inc...No
Davega Stores Corp...
Davison Chemical Co (The).I
"
18%
*80
26%
32%
42%
.1
$8 preferred
6%
110% 110%
20%
2034
25% 25%
15%
1534
17%
17%
5%
5%
2534
1
Class A
20
*6
6%
.No par
Curtlss-Wrlght
65
1634
*6%
*1634
*110% 110% *110% 110%
20
20%
,20% 2034
25%
Day
*55
1634
*6
50
Cushman's Sons 7% pref.. 100
65
*1634
6%
100
Preferred
1,100
16%
20
*6
Preferred
6,200
15
*31%
..10
4%
10
7034
Sugar
4%
34
31%
100
4%
10
116
No par
Preferred:
40
15
31%
6934
pref w w..No par
conv
Crown Zellerbach Corp
5
$5 conv preferred_.r-iV0 par
Crucible Steel of Amerlca.-lOO
100
130
par
No par
Crown Cork & Seal
$2.25
29%
*80
7
Mar
35
93
No par
Cudahy Packing
5%
9% Jan
3% Jan
21
prostey Corp (The)....No
conv
Oct
88%
25
700
3,100
5%
834
107% Mar 6
7% Mar 10
preferred...... 100
40
34
*113
1
Cream of Wheat ctfs
*
/
Coty Inc
100
40%
Memorial
83
25
100
500
26
1%
26%
33%
42
6%
19
8,600
47
5%
Stock
26
14%
18%
117
24
Corn Products Refining
Preferred
300
17
18
2,700
30%
11%
24%
46%
5%
86% Aug
2% Oct
49
4,300
26%
Mar
Deo
9% Aug
2984 Dec
85
Corn Exch Bank Trust Co.20
*35
4
70
Jan
1
4
5
3% Apr
88
170
*29%
11%
24%
4%
Apr
71
Mar
Jan
8
21% Apr 11
16% Apr 11
*98% 100
70
55
1
Mar
6
4
Apr
Continental Oil of Del
5
Continental Steel Corp .No par
5
10%
Feb 27
2% Jan 5
12% Mar 10
15
79% Apr 18
1% Apr 1
8% Apr 11
27
Apr 11
10134 Jan 4
434 Apr 11
7
April
1% Apr 8
134 Apr 11
9
Apr 11
700
200
23%
14% July
26% Nov
10% Nov
4,100
»
175
4%
10% Sept
4% Mar
1
5
Mar 31
6
29% Apr 11
1% Apr 10
11%
65
17%.. 18%
5%
5%
62%
25% Jan 3
8% Feb 28
Continental Insurance. _.$2.50
Continental Motors..
1
60
16%
6%
*1634
*25%
14%
62%
*173
18% April
5% Apr 10
Continental Diamond Flbre.fi
4%
578
6%
57
No par
Highest
8% Feb
30% Jan
7,800
2,700
17,000
11%
*55
6%
57
20
14.50 preferred
Lowest
$ per share $ per share
5
Apr 6
April
*5%June 1
4% Apr 17
19
1% Apr 10
100
Continental Can Inc
$ per share
32% Apr 11
111
Apr 1
.No par
60
1634
*6
24
23
,
'
27
110% *110% 110-%
20%
20%
2078
20%
*25%
*22
Class B
11%
65
6%
5% preferred vtc
100
Consumers P Co$4.50 pfNo par
Container Corp of Araerica.20
Continental Bak Co cl A No par
60
*80
*17
20
*16%
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C--25
*11%
90
16%
par
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
i.JVo par
*56
2 684
90
1634
6
x23%
100
8% preferred
Highest
$ per share
73
-.100
Consol Film Industries
1
$2 partic pref__
No par
Consol Edison of NY ..No
11%
*80
90
*55
35
2%
No par
w w
647g
*55
*80
7%
34%
2%
78%
29%
*334
6^ % prior pref
300
116
7%
56%
62%
*65%
*334
Consolidated Cigar
7% preferred
100
4,300
No par
11%
4634
578
26%
29
4%
*56
11%
4%
26%
78%
3i%
*334
64%
11
79
73
*115
2%
56%
62%
Conde Nast Pub Inc.__2V0
par
Congoleum-Nairn Ino
1,800
24
*77
11%
25%
37
11%
1%
96%
37%
23
11
2434
*34%
11%
16%
7%
35
174% 174% *171% 175
5
5
5%
5%
24
23
2478
23%
*99
100
29934
9934
30
30%
30%
30%
11%
11%
11%
11%
24
24
24%
25%
*36
*35
40
40%
*31
33
*31%
33
10%
1078
10%
1034
40%
4
116
23%
5734
15%
37%
*22
200
1%
*95%
37%
97
7%
34%
2%
7%
35
*9934100
*29%
30%
3
13%
100
11%
6%
*95
100
1,700
3,200
16
*1%
96
11%
2478
11
15%
1%
96
*35
*59
3
*2%
2
*1%
*2%
*11
57
4
2
*99
16%
*1034
24%
*334
11,600
13%
35
2%
*66
1,100
7%
99%
11%
23%
22%
30
6%
7*2
*11
16%
61
61
61%
61%
17334 17334 *171
174%
43,i
5
*434
478
24%
2478
24% 24%
30
6%
*98%
1%
1,200
734
3
13%
99%
11%
8
300
17,900
6
*178
113s
115
10%
31%
7%
n%
1%
*934
*106% 107
6
8
2
*25g
*10%
99%
100
1%
Par
^
Congress Cigar
No par
Conn Ry & Ltg 4^ %
pref.100
Consol Aircraft Corp
1
60
31%
10%
31%
37%
7%
34&S
*9934100
10
31
10534 1057g
97
8
34%
2%
57
*75
10578 106%
6%
6%
99
113s
16%
*1%
*96
'
100
88
1%
*83%
*1%
"3" 700
81
*84i2
*li4
10i8
Lowest
„
Range for Previous
Year 1938
Mar 17
5%
10%
1%
3%
19%
22%
6%
Oct
Dec
6%
Oct
Jan
Jan
Jan
6%
6
Jan
Oct
Mar
16
Oct
Apr
25
Deo
Mar
Mar
2% Nov
11%
Jan
May
43
Deo
May
3584
Oct
Mar
16% Oct
84% Nov
67
Apr
52% Apr
90%
Feb
2% Mar
1% Mar
1
71
72%
79%
2%
Sept
133
Nov
99% May
5% Aug
4% July
2% July
12% Mar
67% Jan
29
Oct
90%
Oct
22% Mar
36% Nov
15
25
June
\ Called for redemption.
Oct
VlML,1
:%
LOW
'
—
"
—
New York Stock Record—Continued—Page 5
3338
AND
Monday
21
21
2%
*28%
21%
21%
29%
2%
28
*2
28
18%
♦66%
♦2%
♦32
*2
18%
*2
2%
27%
27%
71
17%
*66%
*2
*2
*32
*2%
2%
9%
178
2%
8%
11%
*10%
*1%
2
*1%
2
2h
2%
*8?8
278
*2%
278
10
*4%
*4%
4%
*15
*46
47%
9
9
138
138
140
3%
*278
11%
11%
24%
23%
*46%
6%
99
47%
6%
47
47%
"
*45
57
22
21
21
124
*122
124
44%
55
*55
55
85
%
63%
59
85
36
35%
35%
*35
5
5
100
10
5^%
200
10,800
1,400
100
:
35%
Mar
91
Jan 13
Jan
^
Apr
58
Nov
19% Mar
32
Sept
5
Jan
3
V 1% Mar
2% Mar
Jan
3
Jan
3
14
25
10
85
Jan 17
48
18
40
Apr
8
Jan 18
1
Mar 31
1734 Apr 8
Apr 10
l9%May 12
zl25 May 16
7% preferred
...100
31
April
General Electric— l—No par
36% Jan 27
General Foods
....No par
43
100
114
$6 conv pref series A.No par
39
3
Jan
3
72% Jan 26
117 May
9
100
preferred
Jan
% Apr 10
No par
3638 Apr 11
121% Apr 8
28
Apr 4
10
General Motors Corp.
3
4% Mar
82
Mar
115
35
Jan
3
75
Jan
4
4
136
Apr
11
Mar
35
$5 preferred
—No par
Gen Outdoor Adv A...No par
5
May 31
44% Jan
45
117% Apr 11
1% Jan 5
59
May 31
Mar
25
50%
86%May 31
127
118
Jan 27
38% Nov
87
Feb
Nov
48
Not
40% Nov
117% Nov
1%
Oct
Mar
50
Nov
Jan
79
Dec
Jan
125
Aug
53% Nov
124% Nov
111%
Feb 28
38
NOV
28
138
25% Mar
Apr
51% Mar 9
125% Mar 11
Oct
5% July
19% Oct
20% Mar
108% Apr
27% Mar
22% Mar
10884 June
% Mar
25% Jan 6
130% Mar 31
Oct
102% Dec
59% Dec
11% July
2% Mar
584 Mar
4
Jan
Mar
6% Mar
Mar 13
4% Jan
18
Mar
29
9
Dec
19% Nov
52
Sept
9% Nov
'
No par
No par
General Mills.
Jan
148
2% Apr
9
No par
$4.50 preferred
9
11
134
No par
No par
Gen Gas & Elec A
52
4% Mar
103% Mar 28
60% Jan 5
8% Apr 10
5
Bronze
Jan 26
July
8%
June
5%May 17
July
97
Mar
Sept
96
Oct
5% July
18
9% Mar
Mar 27
100
3%
Mar
5
preferred..—-50
conv
Jan
3
13
Container Corp
Oct
Nov
5%
2% Mar
3
Class A
6%
50
Jan
1884 Jan
General Cigar lnc
50
44,000
6
9
Jan
13% Apr 10
47% Mar 22
General Cable
90
300
29%
5
$6 preferred
200
2,500
109% Nov
Mar
18
7% Jan
7% cum preferred-
2 6" 600
Mar
11
334 Apr 10
General
""460
37% Nov
85
3
Gar Wood Industries lnc
150
3,600
35%
44%
9% Apr 11
Apr 22
94
Mar
Jan 11
Jan 5
4
1% Apr 10
No par
Oct
2% Jan
8% May 17
13 preferred
Jan
13
2% Apr 10
Gannet Co conv $6 pref No par
Oct
21
55
18% Apr 26
Gamewell Co (The)
4%
Dec
39%
30
2
Sulphur Co..-.---10
Gabriel Co (The) cl A ..No par
Gair Co lnc (Robert)
-1
Free port
31%
108%
2934
9034
334
1% Apr 10
32 May 29
pf-100
F'k'n Simon&Co lnc 7%
May
67
No par
400
1,100
120% 120%
43% 44%
124% 124%
36
*33
36
3% Jan
35% Jan
8
21
Apr 14
103% Apr 6
14% Apr 11
1% Apr
Nov
43% Nov
1% Mar
1
Apr
Oct
100
10% Mar
1984 June
15
Apr
5
Mar
No par
Gen Am Transportation
5
General Baking
5
18 1st preferred
No par
124
36%
45
Jan
20
Gen Amer Investors.-_JVo par
1,900
21
*122
36
May 12
200
44%
44%
115% 115% *115% 116%
*%
■
%
-%
%
*57
63%
*57% 63%
*85% 86
*85%
86
59
*33
36
36
124
*122
6
17
26%
16% Mar
Apr
76
24% Mar
4
25
par
"moo
57
21
31% Jan
par
——-10
preferred
No par
$7 conv
•
47
*45
20%
86% 86%
120% 120% *120% 120%
43
44
44%
45%
124
124%
124% *124
*84% 87
120% 120% *120% 121
44% 45%
44%
45%
123% 123% 123% 123%
*33
57
20%
36%
44%„ 45
115% 115%
%
%
115%
%
h
*45
36%'
36%
44%
115% *113
h
47
par
8
8
Highest
$ per share $ per share
10434May 24
48«4 Feb 16
38% Apr
16% Apr
Foster-Wh eeler
Gaylord
9
9%
8%
8%
8%
8%
*137
140
*138
140
*138% 140
2%
2%
3
*2%
2%
278
11
11%
11%
11%
11%
11%
23%
23% *21% 22% *20% 23
57
44
100
678
'
23%
*113
30
*97% 101
*20%
35%
44%
*14%
99% Jan 16
par
t Follansbee Brothers..No par
Food Machinery Corp
100
200
4%
48%
*48
*120
•
6%
57
36%
140
9834
22
124
11%
700
98
*46%
*48
35%
1,100
15%
48%
*20%
*120
2%
8%
98%
47
10
1,100
*4%
15%
A—100
Stores...No
Flintkote Co (The)
No
Florence Stove Co——No
Florsheim Shoe class A.No
Francisco Sugar Co
3
48%
7
6%
*96%
3
11%
*22%
*14%
Rubber...10
6% preferred series
First National
10
20%
2
98
4%
"i'ioo
58
20%
101
4%
15%
*46
140
*2%
11%
*98
4%
*14%
48%
*9
*10%
100
*4%
4%
6%
6%
*96% 100
47% 47%
9%
9%
6%
*96% 100
47
100
15%
*46%
48%
6%
*
*15
15'%
11
11%
99
99
10
11%
*8%
10
*10%
100
900
18%
73
*66%
3
2
300
300
Lowest
Highest
$ per share
258s Mar 9
4)4% conv pref
18%
58
2%
11%
17%
73
20%
1%
9
20%
*
5.200
2%
*32
21
Firestone Tire &
100
28
*20%
*1%
32
21
99
800
906
*107%
58
32
21%
*9
*2
Lowest
$ per share
17% Apr 10
Par
Shares
19
28
27%
20%
*2%
*32
38
21%
11%
*'98
*18%
2%
27%
19%
73
3%
*66%
3%
*2%
18%
*107%
18
19%
71
&%
19
*107%
19
18%
73
$ per share
*20
20%
20% 20%
*104% 105
*104% 105
46
45% 46
46%
22%
20% 21%
20%
21
*29%
31
30%
*29% 31
*18%
*107%
—
$ per share
46%
21%
29%
18%
18%
29
♦107
46
*29
29i2
1812
2%
♦18
Week
20% 21
*104% 105,
46
46
Friday
June 2
exchange
the
June 1
$ per share
$ per share
104% 104%
•104% 105
♦46
46%
21
21*2
♦29
May 30
$ per share
21
21
% per share
Thursday
Wednesday
May 31
Tuesday
May 29
Range for Previous
Year 1938
On Basis of 100- Share Lots
STOCK
new YORK
for
Saturday
May 27
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
June 3, 1939
21% Mar
>,
45
July
*
8%
*109
*109
110
*% "
17%
1%
*%
18%.
18%
*17%
89
*87
89
89
*87
%
17%
*16%
*87
78
17%
25%
78
*16-%
25
26
25%
20
20%
20
21
21
16
16%
12%
12%
16%
12%
16%
12%
,
1%
500
17%
100
17%
1,100
*16%
25%
%
"1,900
17%
100
25%
20%
24%
*20
20%
*1534
16%
*15%
12%
12%
12%
*12%
13%
13
13
*
97%
20%
6%
*49
*9%
57
*
20%
6%
20%
6%
52%
9%
57
Stock
978
*56%
Closed—
39
3
3
2%
2%
2%
2%
'
*75
99%
3%
99%
*3%
*
*13%
13
31%
*24%
14%
21%
26%
6
6%
1%
.
1%
14%
13%
31%
'
15
2178
22%
26%
*42
26%
138
140
61
*27
*42'
33%
33%
*27
38
19%
%
%
6%
6%
*1%
14%
13%
31%
14%
13%
31%
1%
14%
*14
12%
12%
*13
*30%
31%
30%
24%
24%
24%
14%
14%
23
*%
*12%
*3%
14
15
4%
14
*30
*35%
12
*15%
,
1%
*99
17
*137
991i
21%
140
*6%
*75
6%
*2%
*106
2%
12%
61
32%
,33%
33%
31
*27
31
18%
19
3V.200
12%
18%
*12%
18%
12%
12%
800
*%
1%
*84
31
*12
15
*3%
15%
4%
15%
3178
31%
*35%
12%
*15%
40
13%
*35%
12%
1278
Great Western Sugar..No par
32%
*27
38
*15%
17
1
1% !
14
13
4%
1578
*3%
4%
*3%
3178
*31
36
13
*35%
36
17
*15%
12
100
100
*99
100
*98
21%
22
22
*144
148
*6%
6%
*76
80
•2%
2%
ilo
*106
12%
13%
21%
144
*6
6%
*75
80
2%
2%
108
*106
xl2,
13
12%
16%
99%
100
21%
144
6%
80
31%
*35%
1238
*12%
99%
*98
*144
*75
109
12%
*106
1,400
2184
Hackensack
200
61
61
*108
132
61%
61%
61%
109% *108% 109%
*14%
38%
*107
17%
38%
*15
38%
*107
108
132
132
61%
17%
*61%
109
*108% 109
*15
134
17
*15
*37
40
108% 108% *107
*38%
39
108
Apr
24
Apr
Apr
May 24
24% Jan 26
32
Apr 6
14% April
10
Apr 8
% Apr
9
Apr
3
IF
1
8
Apr 10
8
May 2
Apr
79
38% Jan
10934 Jan
Jan
3
80
Mar
3
1% Jan
77g Jan
3
3
134 Jan
7
15% Mar
3
20
5
Apr
30
Jan
4
35
Jan
21«4 Mar
Apr 11
8% Apr 10
JaD
Dec
50
Oct
13% Mar
,
9
28% Nov
50
June
734 Mar
5
22
Dec
7%
13
Feb
Oct
4
9
6
4
3
Mar
22
Jan
4
8
Mar
24
32%May
9
3
29
10
28
24
30
Nov
30
Apr
Apr
35
June
5
Mar
Apr 20
93
30% Dec
32
142
1% Jan
18% Feb
5% Jan
130
25
Dec
15% Nov
12% Jan
Apr 10
__l
July
July
24%
34% Mar
3434May 25
40
17
Hazel-Atlas Glass Co...
Hecker Prod Corp
;..
12% Mar
23% Apr
Apr
Apr
17% Mar
Apr 10
9% Mar
50
103% Mar
2
Mar
122
Apr 12
T_2
8
1
Apr 19
3
Mar
Mar
May 19
Jan 19
1
Mar 11
28
96
478 Feb
2% Mar
139
13%May
71
Jan
20
Apr 11
100
2
24%May 31
16% Jan 5
31% Jan 4
99
w w
Dec
6% Nov
7234 Dec
19
15
Hat Corp of Amer class a—.1
108
10% May
Jan
100
.100
2% Mar
52% Mar
84 Mar
Nor
z3184 Mar 13
No par
preferred
6934 June
85
26% Oct
68% Dec
38% Dec
8% Oct
2% July
14% Nov
22% Nov
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
6%
Mar
June
15% Mar
3
5
5
8
preferred.
10
32
2434 Jan 4
74% Mar 16
35% Mar
..
% Mar
12
Mar
12
Mar
134
Jan
28
Jan
6% July
Nov
13% Nov
21% Jan
8884 June
101
Nov
Mar 17
83
June
100
Nov
4
15
Mar
May 29
7% Mar 10
120
Apr
103
32.
Jan
144
4% June
50% Mar
Mar 11
79
4% Jan
5
»
1% June
4
76'4 June
13%May 29
5% Mar
106
Jan
3484 July
140
z7'4
75
6%
111
Dec
Jan
Nov
Oct
Dec
11% Nov
Feb 20
117
Mar 24
81
May
111
Dec
159
Jan 21
165
Feb 17
140
Jan
161
Dec
10
Apr 10
17
Jan
5
10
Mar
6984
70%
134%
2,300
Hercules Powder
.No par
63
8
86
Jan
3
4234 Mar
135% Mar
6
Helrne (G W)_—...
*133
Preferred
120
6%
cum preferred
100
Apr
128% Apr 10
62
500
Hershey Chocolate
No par
54
Jan 28
*109
10984
100
Apr 27
17%
40
*38%
$4 conv preferred
No par
Hinde <fe Dauch Paper Co..10
Holland Furnace (Del)
10
104
*15
108
51% Jan
3% July
3% Jan
5
Jan
17%
62%
109
28% Nov
Apr
10
166
131% 131%
Jan
Apr
32
6)4% preferred
Hayes Body Corp
115
*165
68%
69
*130% 134%
Mar
37
110
*106
166
70
13
7
Mar
25
115
*165
69
5
47
.100
*106
166
70
24% Jan
No par
115
*165
69
Jan
2
1
8
10
10
8
27
23
8
8
10
14
July
Hercules Motors
*106
166
68%
Apr
8
8
Feb
1584 July
67
""300
115
*165
12%
4
61
12%
*106
13
*12%
Apr
10
29
6%
Mar
June
27% Nov
11% Feb
*12%
115
166
13
70%
11
2484
22%
12%
16%
—.25
lb", 900
12%
13
*12%
Water
"moo
3
*165
12%
100
Hall; Printing
30
6%
*106
12%
100
preferred-
Hamilton Watch CO
80
108
12%
6%
20
80
2%
3
"5",600
148
•*6%
500
Apr
7% preferred class A.....25
32
36
12%
1234
99%
100
*20%
8% preferred
Gulf Mobile & Northern.. 100
"moo
'
Apr
3
42
50
1584
90
Green Bay & West RR....100
GreeD (H l) Co lnc
1
Greene Cananea Copper..100
No par
Dec
5
1684 Nov
20% Nov
100
37% June
60% Apr
133
Greyhound Corp (The).No par
5H% preferred
...10
46%
Mar 13
Jan
53
Oct
Nov
'
2% Sept
.100
Guant&namo Sugar
4%
1534
16
3178
*97
144
"i",6o6
1%
13%
*15%
99%
100
13
*12
Preferred
20
Mar 14
1378 Jan 3
66% Mar 11
4
78 Apr
10
Mar
6% June
278 Jan
4% Apr
No par
9
J
June
1% A pr 10
1
Grant (W T)
8% Mar
14% May
98
i84 Mar
1
$3 conv pref series...No par
Granite City Steel
27% Mar 10
8% Jan 3
54
26%
3
384 Mar 14
5
Graham-Paige Motors.
Granby-Conso J M S'& P
Grand Union (The) Co
99% Feb
Mar
2% Jan 23
69%June
84 Apr
800
*42
33%
Gotham Silk Hose—...No par
Preferred
100
18,200
61
33%
Goodyear Tire & Rubb.NO par
$5 conv pref erred ....No par
22%
*42
*27
No par
26%
21%
61
33%
5% preferred
5% preferred
20
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
*42
*30
*106
110
125S
300
2,200
61
1978
2%
600
1,000
140
•
Gobel
500
-
*26
12%
6%
1334
*138
*%
*75
80
300
26
19%
140
1,300
140
12%
99%
21%
3,700
26
1%
*99
100
98%
20%
2178
%
*138
26%
12%
*3%.
80
140
1978
*13
100
*138
*78
14%
3178
40
12%
21%
13% Apr 11
Apr 10
21% Apr 11
138
26
No par
7% Apr 11
Apr, 17
1434 Mar 31
34 May 17
52
70
800
15
22%
Glidden Co (The)
Jan 26
44
Goodrich Co (B F)-—-No par
1%
14%
,
No par
-No par
Gold & Stoclc Telegraph Co 100
12,100
24%
15
*24%
14%
24%
15
14%
*1%
No par
Brothers
$6 preferred
conv preferred.—.50
(Adolf)
1
Goebel Brewing Co...
1
6%
%
*6
$5 conv preferred
Glmbel
1,300
30%
%
,
20
1%
•
'
'
72
•
34
8,800
76
6%
%
19%
12%
378
*69
70
*12%
19%
*12%
2778
99%
*3%
41% Nov
13
1,700
17%
17%
69% 70
27% 27%
100% 100%
*3%
3%
69%
69%
1%
13
*24%
99
3%
15% Mar
4
20
Eq Corp. No par
Corp. No par
4)4%
2%
6%
31%
24%
15%
2278
26%
1478
27
3%
%
6%
i%
14%
13
24%
*138
33%
14%
28%
*99% 100%
•
1,400
"moo
3
76
17%
4
8
15
Apr 28
9% Apr 11
1034May 11
6% preferred
100 ,98% Mar 28
General Tire & Rubber Co—5
15-% Apr 11
Gillette Safety Razor.-No par
534 Apr 10
500
17%
*2%
69
2,500
39
3
78
17
69
70
31
*75
28
<
72
%
%
%
5%
*1
59
18%
Jan
32% Jan
Apr
Gen Time Instru
800
*55
70
41
16
13% Mar
4
58
78%
19% Apr 11
2% July
*
9
8
58
2%
3
5
l7%May
"3",600
July
6
1% Jan
1684 Jan
19%
6%
95
92% Apr
15% Jan
58
17%
Mar
Nov
238 July
27% Nov
20% Jan
Gen Theatre
97%
*36%
Sept
1
110
Apr 27
General Telephone Corp
4,600
3%
2%
z85
9% July
12% July
«4 Apr 19
Utilities..——1
800
900
9%
17%
5
1,100
52%
39
Jan
12%
z6%
17
1% Dec
1284 Mar
28
16%
*50%
9%
*278
2%
101% Apr
Gen Steel Cast $6 pref. No par
6%
*86
3
684 Mar
6
Mar
490
51%
9%
18
Jan
90
8
-Mar
1% Jan 20
110
1,600
6%
39
Apr
4
5
3
15
51%
9%
14
No par
100
preferred
Gen Realty &
Apr 15
78May 29
678 Jan
1078 Jan
$6 preferred
No par
General Refractories...No par
678
50%
10%
,68%
18'
69%
28%
99%
3%
19
3%
17%
17%
68%
*70
19%
*75%
78%
1778
70
70
20%
2%
Day
*
2078
3%
68%
28%
27%
.
97%
17%
*35
Memorial
*36
3
78%
16%
97% *„—
49
17%
39
3
17%
68%
27%
99%
*3%
20
12%
20%
6%
Exchange
*36
*75
2478
13
*
10%
57%
17%
17%
25-%
21%
12%
"
57
17%
20%
678
51
*50
9%
17
12%
97%
1
%
17
105
Gen Railway Signal
89
%
*16%
24%
7s
17%
*15%
13
*11
13
*11
%
1
$6 preferred........No par
No par
Gen Public Service
6%
*87
"
78
Mar 31
7
General Printing Ink
70
1%
4% Apr 10
..No par
Common
100
5
*1
18
89
"*87
*4%
5
*78
78
18%
18
18%
*4%
*8%
8%
*8%
8%
8%
8%
109
109
*108
109
*108
109
110
78
1%
4%
478
5
8%
*4%
8%
5
8%
*4%
*61%
108
""600
40
1434 Apr 17
61%May 29
Jan
Mar
40
7
80
Mar
19
Jan
7
15
Sept
109% Feb
1
51
Jan
4
17
Jan
.98
105% Mar 18
110
Jan
6
98
Jan
5
11% Mar
9
534 Mar
Mining
12.50
Houdallle-Hershey cl A.No par
60% Mar 31
27
Apr 8
Jan 4
104% Jan 12
66%May 11
11%June
100
7% Apr 10
10% Apr 1
95 May 10
$5
100
108%
12684
conv
preferred
3l%May
20%
87
Oct
Dec
135% Dec
60
Oct
105% Dec
21% Nov
52% Oct
118
Aug
"
*758
*12
~62~
8%
12%
62"
*778
8%
12%
12%
~62%
*7%
*12
62%
62%
*31%
12%
*31% 33
*31% 32
12
12%
12%
12%
*68%
69
*67% 69
*108% 109% *108% 109
*6%
45
6%
*1%
*4%
6%
45
46
1%
5%
*1%
*4%
21
21
*20%
*43%
45
*44
7
*6%
la—1
62%
32%
11%
61%
*31
1134
109
109
109
*109
6%
46
31%
6%
45%
*45%
*1%
*4%
*1%
1%
*4%
31%
5
32
31%
63
31%
2,600
1134
200
200
6
3184
Holly Sugar Corp
7% preferred
1,500
100
4638
Class B
5%
"3",500
834 Apr 10
Apr 8
Btk.No par
61
.100
com
103
preferred
Houston Oil of Texas
v
t c—25
Howe Sound Co
5%
32%
No par
Household Fin
Hudson &
1%
5
No par
Homestake
"2",200
109%
6
6
1%
""loo
69
*45
5%
Hollander & Sons (A)
8%
12%
*68
5
Manhattan
preferred
100
..100
Hudson Bay Mln & Sm Ltd 100
25%
5
3,100
Hudson Motor Car
No par
434
1%
12%
1%
1%
1%
1%
1%
4,700
13%
12%
12%
12%
9,400
*20%
21%
*19%
*19%
Hupp Motor Car Corp
1
,Illinois Central.
.100
6% preferred series A...100
934
16%
45
*44
21%
45%
1234
22
*44
45%
70
7
45
*6%
~
1
:
5%
.
*6%
7
5%
7
5%
*6%
j In receivership,
=
5%
-
200
7
a Def. delivery.
Leased lines 4%_.
RR Sec ctfs series A
nNewstock.
.
...100
1000
rCashsale.
x
Apr 10
1% Apr
3
1%
5%
Apr 21
478 Apr 10
40
5%
♦Bid and asked prices; no sales on this day.
■
62%
*31%
11%
*12
69
*4%
45
*6%
1%
12%
69
45%
*1%
1%
13%
21%
5%
*12%
*7%
69
6%
5%
32
13
5%
1%
8%
109
6%
12%
3178
63
32%
12%
*7%
69
45
3178
5%
1%
12%
31%
8%
12%
1
3
6
April
Apr 8
Apr 8
Apr 10
Apr 8
Apr
3834 Apr 10
AD rll
Ex-div.
y
15%
9
3
3
109% Mar 16
36% Mar
102
May
Apr
17% Mar
66
Aug
48%
Mar
17% Jan
6
46%
8% Jan
6
9
134 Jan 20
5% Jan 9
35% Jan 10
2% Jan
2084 Jan
5
3
4
35
3
8% Jan
49
Jan
,
Mar 13
11% Jan
Ex-rights.
4
Jan
108
70% Jan
55% Mar
1384 July
25%
Mar
83%
Jan
Jan
Mar
5
23% Mar
35%
Oct
18%
Oct
72% Nov
105% Nov
984 July
53% Jan
1
May
3% July
3
Mar
9% July
35% Nov
20% Mar
Mar
5
10
Jan
% June
234
Oct
6% Mar
12
Apr
20%
35%
Dec
23
44
3%
Mar
Apr
11%
Dec
Nov
Dec
^ Called for redemption.
=-
New York Stock
Volume 148
LOW AND
SALE
HIGH
PRICES—PER
Record—Continued—Page
Sales
NOT PER CENT
SHARE,
STOCKS
NEW YORK STOCK
for
Thursday
June 1
Friday
May 29
Wednesday
May 31
June 2
$ per share
$ per share
$ per share
$ per share
*6
7
Shares
9 per share
7%
7*8
7%
20%
*6%
20
19%
*6
6%
21
6%
2034
20
7%
207g
102%
200
21
102
*20
102
2,400
600
102
*102
105
104
150
150
150
150
76%
llSg
518
*614
*2484
*94i2
*2%
77
77
77
11%
11%
H%
*5
518
65s
6%
6%
26
26
2612
95
95
95
*234
278
■
278
984
958
9%
2
*134
2
-20%
*19% 21
178%
178% *176
60
59% 60%
16034
I60i2 *160
5%
5%
5%
*3
3%
314
714
*7%
7%
*147% 152
150% 150% *150% 155
7734
79%
78% 79
76% 77%
1034 11
11%
11%
10% 11%
*5
*5
5
5%
5%
91g
*184
*19
178U
69%
I60i2
*514
314
*7%
49%
*125
4984
136
9
9
3334
*32
32%
25
*23
*86
*86
7
93%
7%
712
7%
7%
11
24
24
2484
95
95
95
*9484
284
278
97S
2
9%
*134
*2%
9%
284
9%
'9%
2
*134
20% 20%
177% 177%
58% 5934
160% 160%
*20%
21
178%
59% 61%
*159% 16034
5%
5%
*176
5%
3
3
*3
7%
7%
*67g
5%
*32
32%
23%
32%
24%
93%
7%
7%
24%
*87
7%
7%
*86
3,900
3%
7%
200
1,000
6%
7%
1034
100
*82
100
85
*8
9
*8
20%
*20%
2.0%
*123
124
77
*20%
20%
*123
77
*75
124
*123
*77
77%
20%
20%
77
78
74.
133
*130
132
*130
132
*45
50
*46
48
*44
46
16
*119% 121
*16
*16%
16%
*16%
1634
76%
76%
16%
*119% 121
121
*120
8
*120
*7
*44%
*7%
*16%
734
*17%
19
10%
*1584
7%
18%
*85'
98
*90
98
*90
98
*90
98
*90
*14%
1478
14%
*14%
15%
*14%
15%
*1414
15%
*85
98
*85
98
*85
98,
*85
98
*85
10%
10%
10
10%
7%
80
33%
11%
*10%
*7%
*78%
32%
211%
10%
*7%
7%
80
33%
7%
*78%
32%
7%
80
3334
11%
*9%
*6%
*78%
28
*26
10
7
80
33%
11%
27%
2
2
79%
32%
11%
*26
*178
14%
11%
27%
11%
*26
2
*26
*26
•
*884
*25
9%
,
11
*26
*2%
2%
■
6%
*78%
232%
2778
2;
...
10%
17%
2334
2384
.
17%
23%
Stock
6
Exchange
'5
Closed—
*26%
25%
*5
6%
*5
26
26%
25
>
26%
25%
10
*16%
17%
*16%
16%
4% '» 4%
25
9%
978
97g
*1634'
*3%
17%
16%
4%
3278
*20%
33%
21
'16%
32%
20%
115
115% 115%
4%
4%
115
*4
*%
33%
20%
4%
%
4
23%
-
67g
32%
11%
*11
28
*257g
32%
*2
2%
*16
2%
*26
"17"
16%
237g
223%
5
*5
7-
267g
Memorial
Day
4%
100
"""760
40
14,500
800
"""466
Kresge (S S) Co.....—
10
Kresge Dept Stores
No par
500
Kress (S H)
& Co
*14
*16
1634
16%
10
9,300
200
17%
*15
16%
10
16%
900
Lane
*3%
4%
100
31%
32
32%
21
21
32%
21%
3,700
*20%
*112%
4%
5
*112%
'4%
"4%
,
500
70
....
400
4%
"
1,300
%
•
*134
2234
11%
.
178
2284
*184
30
30
4534
*4%
46%
47g
30%
s46%
4%
*37
38
*37%
102
102
*102
16»4
27
*33%
15%
*15
45%
.
I684
27
45%
108
*106
9
9%
4§
48%
*2%
*18%
v
27g
19%
109
109
2278 23
153% 153%
*18%
19
4%
38
104
*180
34%
I534
15%
31
47
10334 104
103% 10334
*180
1%
22%
227g
*11%. 11%
.
11%
"
185
*15%
26%
33%
15%
15%
44
•
*34%
48%. 48%
*2% " 2%
19%
109
19%
109
2234 23
15334 154
#18%
19
44
44
45
*28%
29
*28% 29
*130
131% *130
131%
23% 23%
22% 23
36
36
35%
36
*14
15
*14% 15%
*27%
29
27% 27%
*1%
1%
*1%
1%
6%
6%
*584
6%
*16% .17% *16%
17%
10
10%
10% 10%
*12%
12% *12%
12%
*1%
1%
*1%
1%
4%
4%
4%
4%
*4
434
4%
47s
12%
12%
12%
1284
43%
35
35%
*2%
2%
34%
*2%
41%
25%
41%
26
2584
*170
175
49% 49%
412
4%
*27% 30
*98% 100
*13
13%
13
13%
*101% 102%
41
*170
49%
4%
29%
100
*180
*16%
9%
35%
2%
41%
2584
175
50%
4%
29%
100
*13
13%
13
13%
10134 101«4
*11
*30
31
*30
100
134
22%
3,200
400
1134
31
700
3,200
48
27
16
*180
185
16%
*15%
28
26
35%
33%
15%
16
188
*180
Life Savers Corp
100
487g
2%
*18%
*109
23
*152
1884
44%
29
*130
22%
36
*14%
*27%
*1%
584
16%
9%
12%
1%
4%
49%
2%
19%
48
2%
18
110
110
23%
2234
*153
155
1834
18
45
*4334
29
29
131% *130
22%
23%
36%
15%
2884
1%
584
18
984
12%
1%
4%
*4
5
Lily Tulip Cup Corp—No par
1,600
Lima Locomotive Wks .No par
16
400
Link Belt Co.
800
Lion Oil Refining Co
30
50%
4%
30
29
29
...
*16
9%
*12
1%
4%
484
177g
984
12%
1%
4%
484
12%
34%
14%
27%
*16
12
12
1,200
,.
3,600
50%
*4%
30%
100
6%
Madison
Magma
"""206
Mandel
100
1,400
200
2,500
2,000
190
5
138g
13%
14%
102% 102%
s
No par
Sq Garden—No par
Copper.—.......10
.-1
—No par
t Manhattan Ry 7% guar.100
Modified 5% guar.
100
Manatl Sugar Co.—
4%
50%
4%
30%
No par
Macy (R H) Co Ino
100
I84
100
*13
J In receivership,
Long Bell Lumber a...No par
Loose-Wiles Biscuit.
.26
700
.
18,800
*98% 105
13% 13%
13%
13%
102
102
*101% 102%
Lone Star Cement Corp No par
6% preferred.
35
35%
3584
2%
23g
2%
41
4184
41%
26%
26% 26%
175
*170
175
49%
47g
*30
30%
*98% 105
*13
133g
13
13%
.No par
Mack Trucks Inc.—No par
I884
45
2,600
*4
preferred..—-No par
Inc..
300
70
600
I284
49%
86.50
Loft
"2", 800
4,800
12
1%
4%
*4%
*
preferred...
...100
Lorfllard (P) Co—
10
7% preferred--.—-—100
Louisville Gas A El A—No par
Louisville A Nashville..—100
MacAndrews A Forbes..—10
110
22%
34%
14%
27%
1%
684
17%
9%
—„No par
Liquid Carbonic Corp..No par
Loew's Inc
No par
.—
22%
.
1,600
23
29
*130
*5%
*170
175
*17%
44%
18%
45%
900
154
*138
3484
2%
41%
*25%
4%
22%
154
1%
3584
50
23
154
2,200
48%
2%
18%
112
*109
684
35
*170
.
*1%
*5%
34%
12
*4184
26%
47%
*2%
18%
2784
*14%
12%
2%
42%
26%
2%
18%
110
25
Preferred.——————100
Series B...
2,200
2684
33%
2284
357g
15%
27«4
12%
2%
48
,.—..6
Liggett A Myers Tobacco..25
16% """.300
*15
16
15%
44%
Libby McNeill A Llbby No par
400
188
*15%
2684
33%
17
26%
34
25
6
200
*15
200
15%
1534
15%
45%
45%
437g
3,200
43% 44%
100
*107
108
*106% 108.
*106% 108
9%
984
9%
10%
9%
10% 107,700
*15%
•Bid and asked prices; no sales on this day.
1%
22%
II84
1%
21%
*434
17
16
15%
45%
*1%
22%
*11
47
47%
47% 47%
434
4%
484
484
*4%
38
*37
37% 38%
38
38
*101% 104% *101% 104
*101% 103,84
103
104
104% 104% 103% 104
47%
28%
33%
106% 106%
9
*134
17S
22%\ 2234
11%
11%
31
31%
Lee Rubber & lire
600
1,000
1,000
"
l",600
800
300
20
200
11,500
Manhattan Shirt———..26
Maracaibo Oil Exploration..!
Midland Corp
6
Market St Ry 6% pr pref.100
Marshall Field A Co...No par
Marine
Martin (Glenn L) Co
Martin-Parry Corp
—1
No par
MasonlteCorp
No par
Mathieson Alkali Wks.No par
7% preferred—
-100
May Department Stores—10
Maytag Co
—No par
83 preferred w w..._No par
86 1st cum pref*——No par
McCall Corp
No par
McCrory Stores Corp.——1
400
Def. delivery.
Bros..
6%
n
convpreferred
New Stock,
r
100
Cash sale,
x
'
6
17
105
19%
147%
1584
30%
28
124.
Apr 10
Jan.6
Jan
Jan
9
Ex-dlv.
113%
44% Mar
Jan
7
4984 Apr
12% Mar
118
Mar
5% Mar
.
Jan
48% Jan
30% Nov
8684 Jan
35% Nov
*96% Dec
11% Oct
117g Oct
18
Nov
74% Dec
111% Oct
130
July
78
Jan
24% July
123
Oct
13% July
24% July
12
Mar
Mar 13
11
Dec
12
100
Dec
100
Deo
10% May
63
Apr
484 Mar
10
Nov
91
Nov
23
Jan
12
95
Jan 18
1484 Mar
10% Mar
8
Jan
100
Oct
26% May
6% Mar
Mar
Mar
51
Oct
27?gMay 26
.
19
284 Mar 24
40% Mar
1% Mar
12% Jan
19
,Mar
15% Mar
2% Mar
22
Mar
12% Mar
Jan
Oct
July
31% July
21% Nov
8
Mar
18
Mar
80
Jan
8% Mar
8% May
17
Nov
Jan
7% July
Mar
10% Mar
13% Mar
30%
«25%
Dec
Oct
95
Jan
120
Oct
3
Mar
3
Jan
3g
4
6684 Mar 13
63g Jan 8
-
17g
19%
67g
1984
23%
Dec
Mar
Mar
Mar
Mar
Mar
6% Dec
Jan 10
25
Mar
106% Mar 14
10784 Mar 14
180 May 26
81
Mar
40
1784 Jan 20
40% Jan 6
47
Mar 13
81% Mar
157
Apr
14% Mar
20% Mar
,7% July
1% Jan
5% Jan
29
July
14% Nov
36% Oct
58% NOV
9
Jab
37% Nov
102
Dec
IO384 July
176% Dec
18% Nov
40«4 Nov
Mar
29
60"
Mar
21% July
02% Nov
Nov
May 29
"l2%
Jan
6
64% Jan
4
33
Mar 20
99
19
Mar
Dec
84 Mar
11% Jan 19
Jan
5
26
4% Jan
22% Mar
4
9
2% Mar
1484 Mar
1
92
62
110
Dec
19%
Marie
2784 Jan
12% Mar 10
32»4 Mar 13
108
35
22%
15
% Jan
16
14% Nov
30
July
3% July
'
5% Jan
.
Oct
8
35% Mar 10
*
Feb
9
Mar
23% Mar 29
5% Jan 10
jc27% Jan 19
25%May 25
13% Jan 20
23% Jan 20
18% Mar
5% Jan 5
118
Oct
3
44% Jan
13
14%
10%
Dec
80
Jan 11
92
June
Jan
33
Jan
3
5
Mar 29
4
ll%May
13% Mar
I84 Jan
5% Jan
8% Mar
15% Feb 17
39% Feb 24
5% Jan
67% Jan 3
86
Jan
4
6% Mar 10
36% Mat 10
Feb 14
101
17% Jan 20
14% Mar 16
102%June
t/Ei-rlghta.
Mar
June
13*4 Mar
125
Apr
12%' Mar
297g Apr
2
111%
Oct
9
Oct
03% Oct
534 July
23% Nov
107% Dec
2I84 Dec
154
Nov
19% Oct
57% Dec
Mar
32
'Dec
116% Mar
126
Jan
22
16
Mar
247g Mar
10
Mar
18% Mar
84 Mar
4% Mar
684 Mar
2% Mar
Feb 14
Jan 13
6% Mar
Mar
Mar 11
88
Feb
6
58
62
Jan
Mar
6
June
12
122
175
10% Apr 11
984 Jan 26
28
Jan
Jan
67% Nov
July
15% Nov
527g Nov
Mar
Mar
Mar
Mar
Mar
46% Mar
6% Feb
Oct
140
Jan
4%
18%
2%
28%
19%
4
Jan
93
867g Mar
132
8
Jan
4O84 Apr
28% Jan 30
6'4 Mar
Jan 10
Jan
43% Feb
19% Jan
38% Jan
I84 Jan
7% Mar
19 May
Apr 10
Mar
Jan
31% April
13
Apr 10
25% April
1
Apr 4
4
2
Jan
Oct
Nov
30«4 Jan
164
1647g
9%
47g
117g
24
131-
26% Mar 17
2 May 12
34% Apr 10
23
April
Mar
3% Mar
124
2
Apr
Apr
5
Apr
10
Apr
1
Apr
4% Apr 10
4 May
1
984 Apr 10
141
Apr
68
6
70
June
Apr
Apr 25
Feb
May
16
Mar
Mar 31
20
48
Jan
83% Nov
24% Feb 26
156%May 13
20% Mar 13
Apr
Deo
3?g
,1284 July
25
41% April
2% Apr 10
Jan
185
997£ Jan J 7
16% Jan 20
24
Mar 31
29
Mar
11% Jan
Jan 26
10
3
10
31
10
10
10
4% Apr 11
3484 Apr 6
97% Apr 11
99% Apr 11
l71%May 10
15
Apr 10
21
Apr 10
31% April
l4%May 20
1384May 17
35
Apr 10
105
Apr 10
Mar
Feb
12184 Jan 20
Jan 27
.
Mar
Mar
19% Jan
Apr
17
Apr
Lehigh Portland Cement...25
Jan
4% conv preferred——100 "113
3% Apr
Lehigh VaUey RR...
50
%May
Lehigh VaUey Coal....No par
1% Apr
6% conv preferred——50
Lehman Corp (The)—...... 1
20% Mar
Lehn & Fink Prod Corp....5
9% Apr
23
Apr
Lerner Stores Corp
No par
30% Apr
Llbbey Owens Ford G1 .No par
2
15
*130
8
64
3% Apr
No par
Bryant....
Apr
6% July
16% Nov
63
132
Feb
14
98
6% Mar
5
105
13% Apr11
5% preferred
—.100
Lambert Co (The).——No par
34% Nov
Mar
2
79% Mar 16
Apr 27
20% Apr 11
7
Apr 8
.No par
Mar
June
2
20% Mar 20
4% Apr
Kroger Grocery & Bak .No par
Laclede Gas Lt Co St Louis 100
2% Mar
15
80
June
125
24
17%
16%
„
$5 prior preferred...No par
100
17%
16%
4%
%
No par
4,100
25%
10
*4%
*%
Keystone Steel & W Co-No par
Kimberly-Clark—.....No pat
Kinney (G R) Co
1
23%
24%
*8%
116
'
*5
26%
115
1
19% Oct
6% Nov
9?g Nov
10s4 Jan
12% April
85
Apr 25
7% Apr 10
5% Apr 10
79%May 26
28
Apr 8
8% Apr 11
20
Apr
I84 Apr 11
30
Apr 10
12% Apr 10
23%
2334
25%
*384
97
20
26%
4%
Class B
Kendall Co 86 pt Pf A ..No par
Kennecott Copper..
No par
""""36
17
*26%
24%
*8%
33%
21%
100
1
Kelsey Hayes Wh'l conv ci A.l
200
85
5% Apr 11
11
April
8% Apr 24
5% conv preferred..
100
Kayser (J) & Co......
5
Kelth-Al bee-Orpheum pf 1.100
<8 preferred
25%
10%
*37S
preferred......
Kaufmann Dept Stores
5%
26%
32%
*20%
10
Kansas City Southern.No par
...
*16
100
Mar 24
9% Jan 19
97g Feb 28
I48i Jan 3
Apr 14
65% Apr 8
122% Apr 3
35
Apr 8
13
Apr 10
117% Jan 27
.
10
*26
25
-
16
*16%
2334
9%
80
*26
—
"
*16%
*884
Apr 11
Apr 11
8
Jones & Laughiln St'l pref.100
98
*834
96
Jan 27
98
*15%
35% Jan 21
3178 Mar 9
4
18
800
Feb 10
Jan
68
7%
18%
10%
7%
20
10
3
2
5%
6%
8%
77%
Kan City P & L pf ser B No par
7%
*16%
*834'
6534 Jan
May
84
120
Kalamazoo Stove & Furn
Nov
81%May 19
19
Apr 10
__1
400
Sept
95
84
..No par
No par
.
146
Jan 12
$6 preferred
Johna-Manvllle....
Preferred.
Feb
56% June
7% Mar
3% Apr
29
Jewel Tea Inc.
100
135
1484 Jan 3
5I84 Jan i
6%May 29
60 May 31
-166
170
8
138
Jan 11
"""166
1,600
Feb
■
Apr 10
Jan 9
Apr 11
Apr 4
46%
16%
Mar
Apr 11
Apr 11
Jan 23
Jan 9
Preferred..............100
10% July
30% Aug
119% Dec
60
684
26%
8%
39%
...
Mar
3
94% Jan 4
17% Jan 6
5%May 25
9% Mar 1
28% Jan 8
95
Apr 26
4% Jan 4
1584 Jan 4
3% Jan 4
27% Jan 4
19584 Mar 13
66% Mar 9
162% Mar 23
8% Jan 5
43« Jan 12
8?» Jan 5
4284 April
134
Intertype Corp.......No par
Island Creek, Coal———1
20%
7%
20
11
7%
1
Foreign share ctls...No par
Interstate Dept Stores.No par
16%
*119% 121
121
Iqternat'l Mining Corp
4
Jan
151
Apr
20
79
74% 75%
*130
132
76
*130
46
.100
1,300
1,100
1034
*77%
77%
Preferred—.....
Int Hydro-Eleo Sys class A.25
Int Mercantile Marlne.No par
124
*123
124
Int Business Machines.No par
Interhat'l Harvester
No par
"m6O
9
77
Interlake Iron........No par
Internat Agricultural—No par
Prior preferred......... 100
International Silver........60
7% preferred
..100
Inter Telep & Teleg
No par
.85
9
1034
t Interboro Rap Transit... 100
Interchemlcal Corp
..No par
6% preferred
100
Intercont'l Rubber....No par
5% preferred
100
International Salt
..No par
International Shoe.._.No par
100
7%
11
1
6% conv pref
100
Internat Rys of Cent Am—100
500
*8
20
14% Mar
Highest
( per share
119
3
147%May 11
07
Apr 8
9% Apr 8
4% Apr 8
4% Apr 10
17% Apr 8
90
Apr 8
2% Apr 1
734 Apr 10
1% Apr 8
16
Apr 8
155
April
48
Apr 11
157% Apr 8
3% Apr 10
2% Apr 8
6% Apr 11
...100
1,730
200
*82
1034
No par
5,900
9,200
93%
7%
9
11%
Inland Steel
$ per share
29% Jan 16
43g Apr 10
86
Inspiration Cons Copper
Insuranshares Ctfs Inc
Lowest
8 per share
8
Jan 6
16% Apr 10
No par
Preferred..—
—..100
Inter Paper & Power Co
15
23%
*7%
10
No par
11,200
33
7
Indian Refining.......
Ingersoll Rand
6% preferred
"5~700
*86
33
Range for Precious
Year 1938
Highest
Industrial Rayon
Int Nickel of Canada..No par
*22%
32%
23%
93%
7%
7%
Lowest
8 pet share
Par
500
11
*76
15%
100
500
2,200
82
*7%
76
100
5%
11
9
20%
100
160%
160
434
82
.
80
1
124
75%
9%
9,200
.
*123
46
700
49
493g
48% 49%
49% 50%
*125% 136
*125% 136
*125% 136
8%
884
834
9%
3134 327g
32% 34
31% 32%
5%
5%
5%
5%
534
6
58
59%
587g
5978
59% 60
*31
33
*32% 33
3234 .32%
7%7%
—
1277g 130
100
25
95
234
2
2
7%
7%
600
*19%
21
176
178%
5984 60
3%
*3
7%
lli8
♦80U
*77g
*20%
*6%
100
2,000
3,800
6%
*6
6%
26%
*284
34
6%
59
33
32%
2434
93%
6
57%
*31%
32%
*22%
102
*6%
95
9%
33%
6%
58%
33
104
*2434
249
49%
*125% 136
9%
33%
584
565s
*31l2
Range Since Jan. 1
EXCHANGE
_
102
3339
On Basis of 100-Share Lots
Week,
$ per share
Monday
I984
the
Tuesday
May 30
Saturday
May 27
6
9
Mar
1%
4%
5%
5%
Mar
Sept
Dec
Mar
32% Nov
49% Aug
19% Oct
40% Nov
2% Oct
10% Nov
20% Jan
10% Nov
10
July
284 Jan
7%
16
Jan
Aug
147g Nov
14% Mar
2% May
37% Deo
25
61
Mar
1984 Mar
Oct
Oct
807g Nov
Aug
165
Feb
28% Mar
3% Mar
16% June
75
Apr
884 Mar
63
Oct
160
77g Aug
28% Dec
97
Dec
10
Jan
6
Mar
13% Nov
01
Mar
92% Nov
^Called for redemption*
New York Stock Record—Continued—Page 7
3340
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER CENT
Monday
May 27
May 29
May 30
$ per share
9 per share
*19
1934
$ per share
*19%
7i2
5634
1934
7i2
567g
11
11
NEW YOEK
*93
*95
9934
62
57%
57
2734
8
8
1334
2334
*108
110
04%
110
884
57
4%
22%
22%
*28
29
*13%
734
1334
2,100
13%
23
*22%
2334
600
*110
112
112
*108
64%
64%
6434
112
4%
4%
734
65
'
*110
*111
4%
*43
12
48
5%
5%
1%
117«
1334
*20%
5%
1334
21%
5%
*37
38
*11%
*59%
11%
5978
*110
111
578
45
13
13%
*13
1%
13%
yg
98
*97
97
45
7%
.w
7
20
20
12%
*11%
934
10
27%
27
*163
170
121
121%
51%
52%
*33%
3434
5%
37%
*11%
5934
*11%- 11%
60
10
7%
63
Exchange
Closed—
Memorial
2134
170
12%
4134
45
3%
10%
*12%
*37%
*24%
25%
*79
83
*79
40
*38%
11%
11%
107
11%
36
36
15
15%
35%
15%
1434
1434
14%
24
24%
23%
3634
38
37%
*2*
*5 %
'6%
*fl4% 116
*5%
*478
*115
16
534
15
3,600
Nat
9%
1,300
16%
29,700
90
7% pref class A...
100
111
Feb
50
7% pref class B
100
109
*5l2
*5
15
1134
21
97
684
100
5%
26
2,100
12%
11%
3,500
100
100
97
100
21%
2034
2078
169% *167. 159%
*17
*144
3,300
1778
18
778
64%
778
63%
8%
778.
63%
4,500
878
4,100
878
13
*12
13
*11%
1234
12
4134
*37%
4134
*37%
41%
*37%
45
*40
45
*40
10
No par
Nat Enam & Stamping.No par
Nat
Gpysurn Co
1
$4.50 conv. preferred.No par
National
Lead
8,200
45
12
200
3%
500
National Tea Co
600
Natomas Co,
25%
25%
26
27
85
*80
85
*80
85
*80
'""400
3978
*38
3978
3978
3978
40
112% *106
112% *106
112%
1178
12%
11%
11%
Us4
1134
35
*35% 37
35
*34%
36
l£% 16
15
♦ 15%
1434
15%
1478
14
15%
14% ' 14%
14%
23
23% 24%
23%
23%
23%
37
35
35
37%
3584
3578
12%
36%
15%
14%
24%
3734
#9
*0
6%
*584
115
*114
*115
^
2
.6%
2
534
*114
116
*115
534
116
*115
2
*
*115
6,800
700
27,400
1,200
4,200
3,600
2
*534
*114
20
150
50
6%
116
20
...
% conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A
100
Newport Industries.
...
N. Y.
New
Air Brake
York
No par
Central....No par
N. Y. Chic & St Louis Co..100
6% preferred series A...100
NYC Omnibus Corp..No par
New York Dock
.No par
5%
preferred.......No
N Y & Harlem...
par
*52
*53
60
.
*%
2%
60
2%
2%
53
5
%
53
234
%
2%
*%
%
*%
%
11%
11%
11%
2%
*%
11%
11%
*74
77
*75
*181% 187% *181
J6
16%
16%
87
16
*84
32
3%
3%
*35
3934
7%
7%
32
3%
*35
*85
45
*42%
*115
_
87
9%
3%
3984
7%
*35
20%
21%
20
20
I6S4
17%
16%
16%
*37
984
*38%
*22%
*42%
4134
22%
*42%
*11434
*135
22%
45
*115
63%
63%
63%
438
4%
4%
4%
*12%
4%
140
5
*10%
1034
3034
47%
&
*11
11%
129% 130
*153
*3
*12
4%
*10%
*3
1834
*135
60
334
3834
1,000
7%
20% 20%
*16%
1634
11034 11034
"3',666
7%
1,200
3,500
*115
64
63
4%
•
3%
4%
*3
*12
14
478
4%
11%
11%
*11%
130
*10
2934
*130
Apr 12
...10
6% preferred series...
50
5*A % pref series
:_...50
North Amer Aviation
Northern Central Ry Co...50
Northern Pacific
:
100
North'n States Pow Co $5
pf.l
Northwestern
Telegraph.-.50
Norwalk Tire 4 Rubber No
par
80
50
Ohio Oil Co
No
par
Oliver Farm Equip
No par
Omnibus Corp (The) vtc No par
6% preferred A
100
_
900
Otis Elevator..
No par
6% preferred
100
*135% 139
100
4%
3%
*12
6484
4%
2,000
3%
30
800
14
*4%
11%
30%
*10%
30%
*47%
*11%
5
11%
30%
48%
11%
Otis Steel
No par
200
5
par
100
Owens-Illinois Class C..$2.50
Pacific Amer Fisheries Inc
5
Pacific
Coast
10
1st preferred
'"140
par
$5.50 conv 1st pref..No par
Outboard Marine & Mfg
Outlet Co
no
Preferred
...
64%
4%
131
Jan 25
106
19
3%
4778
12%
168
100
Oppenheim Coll & Co..No
4%
14
.100
Norfolk & Western
No par
...No par
2d preferred
Pacific Finance
Corp (Cal).lO
Pacific Gas & Electric
Pacific Ltg Corp
No par
100
Pacific Mills
No par
140
Pacific Telep & Teleg
4,700
1,000
130
130
155
*153
156% *153
20
19%
19% *18
155
20
21
100
25
Apr
18% Apr 11
5484 Apr 17
53%May 8
12% April
82
Jan
3
7% Apr 10
102% Jan 4
30
Feb 24
234 Apr 10
32% Apr 1
6% Apr 10
15% Apr 8
12% Apr 10
104
Jan 23
5
Apr 1
16% Apr 11
135 May 26
7% Apr 10
May 27
40
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
378 Apr 11
2% Apr 10
11% Apr 8
378 Apr 10
934 Apr 8
27% Apr 10
41
Apr 8
9% Apr 8
100
114
6% preferred
100
Pac Tin Corp (sp stk).No par
146
17
145% Sept
13% Mar
4484 Mar
28«4 Nov
9% Oct
8184 Nov
5
Mar
23
Jan
18
Dec
30
July
55
Dec
82
July
70
Feb
75
Feb
Mar 22
2% May
7% Mar
14% June
58
Apr
Marli
28
Jan
6
Mar
July
71
Nov
40
Jan
10834 Nov
19% July
48% Nov
2I84 Nov
23
Dec
38%
Jan
Mar
3784 July
2
Mar
5% Mar
6
101
120
Mar
110
62
Mar
54
4% Jan
Jan
16% Jan
89% Mar
195% Mar 10
112
May 11
Mar
434
on
this day.
J In receivership,
a Def. delivery,
n New
stock,
r
Cash sale.
*
Ex-dlv.
Apr
Apr
63% Nov
284 Jan
7% July
1% Jan
16% Dec
38
Mar
90
133
June
198
Jan
100
,
Mar
110
Dec
Dec
26% Feb 27
1384 Mar
26%
58%Mav 25
4534 Apr
57% Dec
2
1934 Jan 3
88% Mar 27
75
Oct
55%June
1434 Jan
109
June
5.7g Mar
June
4
6% Mar
2
92% Sept
32%' Jan 18
25
May
Jan
6
20% Mar
3
1% Mar
1234 Mar
87g Sept
19% May
7% Mar
113%May 25
83% Apr
8% Jan
27% Jan
144
Apr
1384 Mar
434
Jan
4
3984 Jan 19
10% Jan 5
30
4
Jan
15
116% Mar 25
5%
2%
10%
384
9%
x22«4
32%
9%
7% Mar
378 Jan
2
3
Jan
5
6
Jan
4
1284 Mar 14
3484 Mar 10
MarlO
14% Mar 11
155
May 22
16
2578
7
Mar
39% Apr
115
Apr
40
16
Ex-rights.
Jan
103
Dec
35
Sept
5
Nov
41
Sept
1478
3278
Jan
Feb
1984 Nov
111% Sept
10
Nov
29% Nov
147
Nov
60
3
Jan
Dec
14% July
22% Aug
Jan
49
Jan
9384
10
Jan
70
Mar
20
6% Mar
30% Apr
Jan
22%June
54%
45
4
122
Jan 30
y
Jan
II84 Mar
120
u
June
78 Dec
2% Mar
% Jan
484 Mar
1% Jan
1
Jan
26
18
118% Mar
„
4%
12% Mar
Jan
Jan
Mar
*Mar
7
43% Feb 25
384 Feb 28
9
20
10
,
23% Jan
38
Mar
99% Apr
978 Mar
Feb
12% Aug
Mar
15% Nov
52
115
Mar
76%
11%
5%
21%
9%
15%
Mar
30
Mar
43%
Dec
Mar
Mar
Mar
Nov
Oct
Apr
Nov
Jan
Jan
Nov
July
July
Nov
Dec
Mar
1978 July
Apr
121
£132% Mar
17% Dec
149
Nov
30
June
87
1
Bid and asked prices; no sales
Oct
12% Sept
ft
•
July
Jan
Mar 16
Apr
31
178%
131
April
2078 July
1634 Oct
June
1.7% Jan
47% Jan
22% Jan
May 16
Apr 28
8
8
Oct
June
75
8
70
Adjust 4% preferred
North American Co
17% Mar
6
40
% Mar 27
884 Apr
Apr
1078
127
110
Jan 17
2% Apr 10
%May 23
Mar
27 June
Apr
May 23
..w.-lOO
200
*115
64
preferred
6
45
...
100
6
*42%
*42%
preferred
19
45
45
Conv
|N Y Ontario & Western.. 100
N Y Shipbldg Corp part stk.
684 July
30
Nov
59% > Jan
50% Apr
4% Jan
11% Feb
Apr 28
12% Apr 8
10% Apr 10
18% Apr 8
30
Apr 8
134May 20
51
Mar
Mar
Mar
154
Feb
20
27
119
16% July
115% Nov
113% Oct
9% Mar
81% Jan
15% Jan
Apr
5% Apr
Sept
Mar
Mar
Mar 10
27%
8% Apr
10% preferred
50
N Y Lack & West Ry Co.. 100
IN Y N H 4 Hartford....100
Preferred
200
47%
18
3134
334
"moo
30%
48%
20
3134
*35
23%
48
*18
100
9%
42
30%
20
200
9%
*38%
*22%
11%
130
10,300
10,400
22%
47%
*153
109
9
109
9%
42
30%
155
1,700
9%
47%
131
400
■
22%
30
155
14,300
*38%
11
131
140
110
10
22%
11
*11
1834
""460
32
107
111
7%
'
6
11
154
*18
112
6
900
"1:266
42
*4%
3%
1334
63%
*110
6%
1934
4%
3%
1334
*3
*4%
1578
85%
878
17%
112% 112%
6278
*12
15%
*84%
21%
113
55%
9
3834
7%
2,000
58%
55%
85
7
*6%
19%
*57
'
7%
*110
,
1034
*72
7634
184% 184%
111% 111%
2134
22
834
85
938
*108% 109% *108% 109
*3178 3278 *31% 3284
378
378
3%
384
32
1634
227«
77
7%
7%
21%
40
%
16%
*6
6%
6%
19%
19%
19%
19%
*12834 137
*12884 136%
9%
9%
9%
9%
40
*38
10%
87
*6
*22l»
*2%
*35
17%
*112% 113%
2%
%
1034
39%
22
*2134
1634
*72
""126
60
H
2%
185
183% 183%
111% 111% *111% 115
22% 22%
2138
2178
*57
58%
58%
58%
55%
55%
55%
55%
16
16%
1538
1534
9
878
9%
9%
*108% 112
*108% 109%
*31
238
*38
1034
*52
%
185
11034 11034 *11034 112%
22
2134
22%
22%
*56% 58%
57%
57%
55
55%
55%
55%
*84
1
11%
7634
*74
185
60'
*52
%
4
27% Jan 3
Apr 12
May 22
43%May 25
2% Apr 11
9%May
18% Apr 11
73% Mar 14
50
,
•
,
Oct
4
4
18% Jan 10
1678 Jan 4
106
684 Apr T
Apr 25
No par
1
*106
Jan
25%
11%
106%
105%
3%
3%
17%
11%
6% Feb 17
6% Apr
No par
10%
25%
39%
107
9
5
Nov
3
Mar 27
8
40
3%
Oct
30% July
28% Jan
59
*10%
Nov
Sept
12% Mar
7
170
3
28
168%
20
145
10%
25%
Jan
Nov
1478 Nov
14% Dec
94% Nov
Jan 14
3
Jan
July
12%
Mar
Mar 25
10
Mar
150
54
29
10% May
114
14% Apr 11
Nelsner Bros Inc..
6
15% Mar
Jan 17
*16%May31
117% Jan 5
9% Apr 10
Apr 21
18% Mar 31
National Steel Corp
..25
National Supply (The) Pa.. 10
$2 preferred
40
Mar
Mar
Mar
Mar
Oct
Dec
10% July
65
165
10%
1,200
37%
684
7%
8%
62%
110%
23% Mar
26% Jan
1234 Mar
4% Apr 11
4% Jan 13
23% Apr 10
11% Apr
Nat Mall & St'l Cast Co No par
National Pow & Lt
No par
Mar
95%May 31
135
3%
10%
■
4
Jan
15% Mar
86
10
Oct
8% July
64% Jan
15% July
19
100
preferred B__
32
Mar
9% Apr
3484 Mar
95
Apr
May 29
9% Jan 20
..100
preferred A
6%
*3%
10%
83
;
No par
preferred
Mar
Mar
26
25% Jan
1578Mar 15
14% Jan
28% Mar 11
~
5H% prior preferred... 100
6% prior preferred
100
900
41%
*40
6%
Nat Distillers Prod
7%
.*290
146%
18
7%
63%
8%
Nat Dept Store
Oct
4
9% Jan
Jan 26
*2584
12%
11%
64%
3838 Aug
11% Mar
14% Mar
64% Mar
16% Apr 10
8% Mar 31
12% Jan 13
No par
112
97
144% 145
Register
113
5
*160
Cash
Dec
117% Sept
40% Nov
2234 July
17% Nov
8
7% Jan
44% Mar 13
*107
534
11%
21%
1578
Nat Bond «fc Share Corp newNo
Mar
Mar
10% Mar
10
*112
26
*93
170
'
300
Jan
175
Jan
3% Jan
20% Nov
110
22% May
Jan
51
May
3% Jan
11% July
238 Jan
25
16% Mar 11
111
Dec
Mar
25
Mar
30
Apr 24
Jan
111
_
54% Mar 10
10% Apr 26
90% May
17% Apr 25
National Cylinder Gas Co
1
Nat Dairy Products...No par
5
*12%
12%
160
Nat Bond & Invest Co.No par
6 % pref series Aww
100
19,
1878
*5%
25%
97
10
100
Oct
1784
67
37% Mar 13
Mar 31
72%
%
May
122%May 24
8
July
Mar
1% Dec
10
Apr
Oct
Nov
8
10
Jan
19
July
92
Mar
Jan
2% Jan
17% Jan
10
Jan
10% May
1% Mar
484 Mar
2% Jan
984 Jan
111
2278 Jan
30% Nov
111
35
MarlO
1
Mar
4
1478 Jan
7% Apr 11
23% Jan 24
5
;
pref..
9%
16%
5%
26%
*93
300
Corp
Biscuit..
cum
19
113
2534
*11%
1134
500
7%
18%
112
112
300
I884
9%
*107
3
115
Corp
Nashv Chatt & St Louis...100
20
18%
*9
*112
*2
3
National
*18
54
5% Apr 10
14% Apr
9% Apr 10
30
100
6% Jan
•
Mar
June
47% July
1484 Oct
Apr *117
49%
..
Mar
Apr
76
Feb 28
11
45
Nat Aviation
19%
112
39
Nash-Kelvlnator
1,300
85% Jan
,
Apr 11
Myers (F & E) Bros—No par
5,000
4,700
20
115% Mar 14
984 Apr 12
50
Apr 8
10684 Apr 14
4% Apr 8
National Acme
21%
9
7
*20
1,600
144% 145
19
19
734
778
65
65%
9
878
*40%" 45
*3%
3%
10%
10%
*24% 25%
107
4734
7
7
£112
*160
Day
64%
12%
*37%
*40%
3%
10%
'
46%
47
678
Jan
121
300
5%
-
2634
584
12%
15%
16% Jan
Mar 22
Murray Corp of Am erica..-10
""400
-
5%
5%
£16
16%
*110% 113
Stock
12%
97
834
*37
-
1
Mar 13
29
8
1,700
11%
-
8
150
100
61
—
Dec
39% Jan
12% Jan
Apr
Co class B
1
$7 conv preferred...No par
Munsingwear Inc
No par
Murphy Co (G C)
^No par
5% preferred..
100
11% .11%
934
10
978 1
2678
27
2678
27%
167
*167% 169% *167% 170
13
13
*13
13%
13%
95% *93% 97
*93% 97
9%
16%
834
*105
61
Dec
I684
9% Apr
10
Apr
16% Apr
4% Apr
5
200
19
9%
5%
20
14%
63
*11%
3834
7% Nov
30
30
50
Co
2134
*18
19%
*142% 145
19
19
19%
734
734
8
61%
8%
5%
20
*4%
2134
11%
02%
109% *109
678
*13
*142% 145
19
*59
95
25%
*160
*11%
109
95
5%
26%
22
38
11«4
534
170
38
11%
*934
12%
No par
Wheel
Nov
57% July
May
Apr 10
40% Apr 11
33
Apr 28
Mullins Mfg
*434
3834
12%
*934. 10%
26%
27
*5%
22
500
5
12
5%
*160
5
*484
2078
112%
12%
Mueller Brass
Motor
6% Jan
118
Motor Products Corp..No par
400
60
167
900
1,200
*1934
113
*11%
•
14
Oct
73
32% Apr
3% Mar
June
115
Essex
20
*4478
113
*93
11%
-
Montg Ward & Co. Inc.No par
Morris &
1584 July
80
11
No par
Morrell (J) & Co
1378
*4478
27%
"
11%
20
20
534
170
12%
100
14%
*109% 111
10
26%
*165
28,000
35%
33
Jan
Nov
95
14
No par
preferred
$4.50
Preferred series B
20%
21%
112
1478
U84
10
100
5% conv preferred
Mohawk Carpet Mills.....20
Monsanto Chemical Co.-.^IO
14
5%
38%
38
113s
400
*20
12%
12%
16%
1178
47
7%
112
12%
410
7
113%
97
1,100
20%
16
12%
97%
14%
21
*113
*93
97%
117g
14%
*20%
434
*110
*10%
97
21
*19
2578
1334
33
9%
10%
5%
*478
13
*3334
46
7%
7
20
*9
T,§6o
34
*44%
19
%
1%
1%
I334
6
19
5%
*%
35
6
20
5%
%
1%
*32
5%
38
11%
6934
*92%
9%
7% preferred series A—100
tMissouri Pacific
...100
5%
1%
*33%
111
19
1,500
5%
*%
50
Feb
Apr
17
3% Apr
Mo-Kan-Texas RR....No par
33%
111
*19%
500
Mission Corp
55
5378 Oct
26% Jan
11% Nov
28% Jan
40% Apr 8
10% Apr 10
1% Apr 8
4
Apr 10
% Apr 14
I
Apr 1
10% Apr 11
8534 Apr 10
No par
10
preferred
$6.50
1%
35
14%
95
"""506
*32
21
*92%
12%
1%
97
57%May 25
Minn Mollne Power lmpt...l
45
*12
1%
*1234
58
6% Apr 10
11% Apr 10
18% Apr 8
101
Apr 11
55
April
1.10
Jan 16
4% conv pref series B—100
1,300
4%
Jan 19
Apr 11
Apr
684 Mar
7034 Jan
20% Nov
12% July
25
No par
*40
Mar
70
MarlO
Apr 28
3% Apr 10
4
Mar
5
9984June
12
Jan
7
13% Jan 25
5
-
10
35% Mar
13% May
18% Apr
Mid-Continent Petroleum.. 10
12%
*34
13%
Copper
Miami
Mario
Jan 21
46
Merest & M'n Trans Co No par
Meat a Machine Co
5
Midland Steel Prod
Jan 5
Mar 10
Jan
10
8
Highest
$ per share $ per share
51
1
-.60
Mengel Co (The)
5% conv 1st pref
Lowest
22%
1034
59%
18%
Jan 27
7% Apr
No par
Melville Sboe
10
1%
■
88
60
2,100
64%
*4%
8
No par
8% cum 1st pref.......100
Minn-Honeywell Regu.No par
50
112
1178
1134
127S
64%
33
20%
*1234
110
*111
4%
1,900
*11534 119
*11534 119
*11534 119
122% 122% 121% 122% 121% 121%
5084
52%
49%
51
5034
50%
*11534 119
578
110
preferred
conv
Mead Corp
44
12-
-*%
7%
6434
4%
12%
%
8
112
*40
12%
1%
*32
""760
13%
5%
*%
1%
3212
1178
291?,
23
1%
13i2
98i2
33
.
8%
1334
5i2
33
200
157*
24%
lis
*1278
*32
1,100
22%
8%
13%
1%
118
200
4%
*28
►1%
118
*4
22%
6%
Apr
15.60 pref ser B w w Jo par
57%
*5534
28%
5%
,*%
-
*45
50%
4%
*13
1%
12112 12H2
5034 51%
110
Stores
28
10
11
11
16 preferred series A .No par
57%
56%
.
15'%
1%
9812
500
61
*13
1%
;
9934
884
*58
24%
8
47
%
McLellan
*8%
01
*45
3,000
10
1
100
McKeesport Tin Plate
87«
9934
.
2,300
8%
16
*1%
•
9934
*58
23%
28%
13«4
2334
12
12%
11
4%
23
*12%
28
11
8%
9934
834
Apr
Apr
Apr
Apr
7
McGraw-Hill Pub Co-JVc par
Mclntyre Porcupine Mines..6
11%
$ per share
15%
6%
49%
884
1
Co
Elec
McGraw
100
1,400
8
57%
4%
300
7%.
8%
57%
17%
19%
57%.
10%
_
9934
834
19%
*7%
7%
Year 1938
Highest
$ per share
Par
56%
878
*56%
4%
*43
48
11'
*95
19
Lowest
57
*7%
Range)or Previous
EXCHANGE
5634
*51
4%
4%
4%
*12
19
778
87S
111% 111%
*43
19%
58
11%
110
64
64%
"112
Shares
61
734
14%
24
*110
$ per share
*7%
23
23
*12%
24
*1334
$ per share
*58
*4%.
4%
$ per share
STOCK
Week
57%
57
22l2
16
2978
June 2
57
*45
*5512
414
22%
*12%
*28*2
June 1
62
*58
*45
May 31
8%
8%
8%
8%
*58
the
58
11%
87«
9934
8%
Friday
*1884
7?8
5734
*7%
57%
11%
8*2
Thursday
Range Since Jan. 1
On Basis of 100-Share Lots
STOCKS
Sales
for
Saturday
1
June 3, 1939
^Called for redemption.
Dec
Volume
New York Stock Record—Continued—Page 8
148
Sales
for
LOW
AND
HIGH
SALE PRICES—PER
NOT PER
SHARE,
Range Since Jan. 1
On Basis of 100-Share Lots
STOCKS
NEW YORK STOCK
the
CENT
Monday
Tuesday
May 27
May 29
May 30
Wednesday
May 31
Thursday
June 1
Friday
June 2
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
9%
3%
12%
5%
7g
12%
"■518
*%
*97
101%
9%
9%
*9%
9%
*93s
3%
12%
*5%
3%
1234
3%
12%
5%
*538
*34
*44%
12%
*5%
12%
5%
%
*34
9
1034
10%
10%
*17
19%
*17%
1%
*4034
*15%
134
4134
16%
2
19%
1%
41%
16%
*134
103s
10
10%
*978
*51
54
*1%
16%
*1%
934
10%
*50%
1034
19%
1034
*17
1%
16%
1%
40%
16%
2
1%
9%
10%
934
10
10%
1634
*1%
2
10
54
87%
88%
87%
87%
1%
1%
*1%
1%
*1%
1%
*3%
3%
3%
*23
3%
25%
3%
25%
*1234
14%
88
*23
2bU
*23
*13
14%
*1234
*121%
1834
*121%
*121%
18%
18%
33
*31
18%
32%
*114
*114% 116
19
*34%
*1034
11%
*10
26%
26%
26%
21
21
35
21
*20
*1734
.19
19
8
81
*7,
7%
34
33%
*2%
*4338
43%
*77
85
*2
3
*7
34%
4334
33%
*42%
44
*41
84%
*79%
82
*2%
%
87% .87%
87%
338
*3%
31
*42%
*7%
3534
3%
44
7%
*25%
26%
*42
4434
115
*90
*3«
3%
15
*14
3%
3%
*%
132
132
89
*131
*3%
*20
45
115
*90
115
*90
4434
*3
3%
*5%
120
37%'
377g
108
108
16
159
%
734
83
9
5634
37%
15%
*11%
6%
*80
•
158
2
2%
19%
*18
9%
*15%
12%
*22%
9%
16
13%
23%
18
18
*3%
4
49
*39
*7%
8%
8
*7
8
83%
12%
6%
*11%
*80
•
*3%
3%
15%
8%
8
8
,
12%
v
64
65
2%
19%
*18
"
2
2%
19%
15%
*15
16%
13
13%
*12%
23
23
*20
13%
23%
19
*17%
18
3%
*8%
,*7%
10
*9
*65%
3%
*7
83
3%
49
*39
8%
*7
70
70
*66%
*9
10
1234
1%
100
140
5,900
16%
12%
9,600
6%
6%
100
500
i6~800
100
*80
64
8%
100
*15%
12%
1%
16%
54
*46%
55
*47%
12%
52
12%
*47%
*3%
100
3,200
200
,
800
200
■
10
12%
68%
*66
74
*65
*66%
17%
16
12%
1%
*46%
47%
12%
*23%
100
9
9
12%
*65
13
1%
*1%
12%
68%
74
1%
16%
16%
16%
55
*46%
47%
*45%
12%
26
11%
*24
26
25
25
*24
*23%
*63
70
*65
70
*65
70
*65
70
*65
*42%
50
*42
50
*42
50
*42
50
*42
9%
86
3,900
10
4,600
20,200
50
9%
*83%
100
•
70
*7
7%
37%
37%
5534
*53
9%
83
9%
6%
37%
*53
12%
9
7
7
37%
8%
8%
8%
*14%
15%
*15
15%
*21%
22%
*22%
*1%
34%
23
*%
1%
3334
3334
%
*%
8%
*7
8
*7
8
15%
*22%
1%
2%
1%
*1%
9
*3%
3934
100
40
40
101
100
*99
110%
110% 110%
115
114% 114% 114%
13
13
*11%
*11%
|H
• Bid and asked prices; no sales on
tits
39%
Brass.—-.6
Class A
-10
7% preferred
..--100
preferred
—100
800
Reynolds
6%
37%
55
*6%
7
37%
37%
8,400
8
*7
8%
7%
8%
*7
8%
2,300
7%
*21%
*1%
22%
1%
34%
*22%
1%
35
""300
22%
*1%
34
*34%
*%
1%
2%
9
40%
1
1
*2
2%
*3%
9
39%
41%
99
99
99
99
110
*108
110
115
115%
12
*1%
2%
*3%
41%
99%
12
1%
300
2%
20
9
42%
99%
Y5800
80
170
116%
12%
{ In receivership,
1,300
110
110
115% 115% *115
12
""166
700
*%
Spring
—-1
Tob class B.10
Reynolds (R J)
10
Rhine Westphalia Eleo A Pow_
Rich fie'd Oil Corp
No par
Ritter Dental Mfg—--No par
Roan Antelope Copper Mines.
Ru hero Id Co (The)
No par
{Rutland RR 7% pref
100
St Joseph Lead
-10
Common
55
*53
23
this day.
pref ser A. 100
Reynolds Metals Co —No par
6M% conv preferred
100
110
12
6% conv prior
Revere Copper A
400
15%
%
*3%
39%
200
{Reo Motor Car
6
Republic Steei Corp.—No par
6% conv preferred
100
1,700
*14%
%
*134
--]»0
Co 1st pref. 100
Corp-_rNo par
Reliance Mfg Co
10
Remington-Rand
—-J
Preferred with warrants. .25
Ren^elaer A Sara RR Co.. 100
Reliable Scores
9
15%
%
*1
50
---5
82
*14%
1%
1%
4% 1st preferred
4% 2d preferred
Hosiery
Real Silk
-25
50
....50
9
15%
35%
9
*110
8%
7%
1%
2%
2,200
—.
35%
*3%
:
82
6%
1%
*2
preferred
Reading,
100
12%
700
a Def. delivery,
{St Louls-San Francisco.—100
6% preferred—..
100
{St Louis Southwestern—100
5% pi ef erred—
100
Safeway Stores—
No par
preferred
preferred
7% preferred
Savage Arms Corp
100
100
5%
6%
n New stock,
100
No par
r Cash sale.
38%
July
Jan
7% Mar
13%
4%
8%
Jan
Jan
Oct
17% Mar
47% Nov
47
5
Feb 17
30
Mar
43
Nov
Feb 16
60
Apr
Apr
74
Nov
3
Nov
86
1%
2%May 26
Mar 27
4
6% Nov
2% Mar
1
% Mar
75% Mar
114
June
32% Mar 23
Jan 3
3% Mar 29
45% Mar 15
Oct
144%
Oct
8% July
60% Mar
44% July
27% Mar
43%
Mar
4
4
Nov
Jan
43
July
Mar
2
30%
8% Mar 14
26%June 1
45 May 31
Mar
143%
4% Mar
32
Sept
9
July
20%
Jan
5
6
26% Nov
Oct
52
May
July
90
July
3% Mar
Dec
3% Mar
4
20% Jan
Jan
39
35
7% Jan 11
67
Jan 12
75
Nov
145
June
174
Mar
Apr
5
9% Jan
5
4% May
5
7% Mar
Jan 14
20% Apr
62
Aug
Jan
11% Apr
30
July
45
Jan
173
14
Jan
>
36% Jan
23
15% Jan
6
%June
81
1% Apr 10
Apr
%May
18
Apr 10
60% Apr 14
112
Mar 15
8
Apr 10
31% Apr
103
4
115
Jan
129
Apr 25
148
Apr
115% Mar
8
7
9% July
16%
May
17% Nov
% Jan
15
Mar
£5% July
8
Mar
11
Jan
4
5% Mar
16%
3%
% Jan 17
1% Mar
% Oct
4% Mar
1%
14%
14%
42%
Dec
Jan
Jan
Dec
Dec
Dec
59
Oct
9
Feb 27
16% Jan
2% Jan
14%
14%
43%
57%
119%
Jan
Jan
Jan 5
Mar 14
Feb 27
38% Mat 11
4% Mar
13% Mar
39% Mar
114
.
Nov
122% May
25
Mar
Jan
105% Oct
118% Nov
Feb 27
86% Mar
123%May 19
139
May 31
161 May 17
101% Apr
112
Apr
109
117%
Jan 19
132
Mar
112
Jan
35%
134
152%
117
,39% Jan
4
11% Jan
3
83
Jan 23
«Apr 12
•90% Mar 29
81% Jan 3
81
72
Jan 26
16% Mar 11
7
Mar
9
June
10%
11% Apr 29
5% Apr 10
1
53% Apr 10
4
8% Apr 10
15%May 24
10% Apr 8
12% Mar 31
17
April
3
Apr 11
47% Feb 7
-
Apr
1
6% Apr
9
Apr
8
7
4
10% Apr 10
65%May
3
60
Apr 11
1
Mar 31
12% Apr 10
Apr 8
42
April
9% Apr 11
22
April
65 May 10
41 May 11
43
7% Apr 10
78% Jan 4
Mar 11
13
8% May
Apr
08%
4
1
60%
67% Jan
5
10%
9%
37% Mar
2% Jan
22% Jan
5
9
14% June
Jan
17
23%
18%
25%
21%
5%
54
5%
1% Sept
24
Oct
Oct
Deo
Jan
July
24%
29%
Jan
Jan
18
10% June
22
18
30% Jan
27% Jan
6% July
Jan
Mar
Jan
Jan
' Mar
Mar 13
13% June
Feb 11
2% Mar
34% Mar
5
Apr
Mar 20
Maris
1% Jan
25% Jan
6
13% July
17% July
June
9% Mar
49% May
78
Dec
40
Apr
69
Nov
1
Dec
71
Jan
38
May
7% Mar
17% Mar
65
Apr
Jan 18
45
Dec
4
10
Sept
Mar 13
Jan
9
11% May
39% Mar
14% Jan
July
11% July
Jan
20% Jan
40% Jan
77% Miff 15
58
11
5% Mar
70
85
66%
Jan
Jan
17% Jan 5
75% Mar 15
54
80
Jan
8% May
9% Jan 6
9% Jan 5
11% Jan 12
72
Jan
15% Nov
4% Mar
.8% Jan
Dec
88% July
74% June
85%June
Nov
Sept
39% Nov
13% July
21% May
April
Apr 8
7
Jan
Dec
Mar
%
22% Jan
1
6% Apr 10
7% Apr 1
»
Jan
Mar
3
8
Jan
9% Nov
41
April
May
7
7%
18%
% Apr 28
17% Apr 11
6% Apr 14
20
1% Apr
16% Apr
9
*53
34%
*1
$2
5
85%June
r
43
17% Nov
24%
Amer.-.No par
_—No par
1st pref--No par
Radio Corp of
Oct
6% July
17% July
8% Mar
8% Mar 14
42
preferred...——..100
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Kef Corp.. 10
82
37%
37%
.55
*3%
8%
*7
"""166
Jan
23
0%
42
44% Jan
12%May 22
No par
Oil (The)-—-^-No par
9
7%
37%
*53
55
pf »5. No par
Pullman Inc
82
9%
83
*81
83
preferred..—.....190
8% preferred..
-...100
7%
Feb
115% Dec
MarlO
10
7% Apr 10
22
Apr 4
-
Rels (Robt) A
8%
8
68
74
1%
8
Apr 11
.
B
Preferred
,,49
*7%
55
50
11%
26%
12%
12
No par
Porto Rlc-Am Tob cl A-No par
Class B—...:
No par
Pressed Steei Car Co Inc
1
5% conv 1st pref
--5
5% conv 2d pref
50
Procter & Gamble
No par
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J ..No par
|5 preferred
No par
6% preferred
..100
Mar
Jan
31
90
2% Apr
Apr
Plymouth Oil Co
5
Pond Creek Pocahontas No par
JRadio-Keith-OrpheumNo par
17%
3%
*7
55
*47
51
-
*48
5% pref class A.
Kayhestos Manhattan-No par
Rayonier Inc
_———1
400
22
*39
3
35% Mar 27
5%j 1st ser conv prior pref 100
Pittsburgh A West Va_.---100
Plttston Co (Tbe)
No par
100
52
12%
26%
*48
7% pref class B
1,200
18%
9%
16
12%
17%
Jan
6% Apr 11
23
Apr 18
No par
— 100
100
Plttsr.urgh Steel Co
1,000
22
36
5
2
2
Apr 20
31% Apr 10
2% Jan 9
166
64%
*18%
*8%
15
Deo
24%
1
4
No par
Pitts Screw & Bolt..,—
$3.50 conv
Mar 10
Jan
Mar 23
Apr 27
55 preferred B .
MarlO
7
3
50
Pure
41
34
20%June
July
15% Nov
121
1% Mar
1
25
55 conv preferred
Pub Ser El A Gas
~9"806
•
13
68
17
*3%
49
~
*7
1234
1%
500
.200
74%
*11%
*11%
63%
*9
16%
5,500
86
15%
6%
*39
49
*7
120
37
'
*39
200
4,300
117
36%
74%
*18
19
200
*121
14%
9%
15%
16 -|
13%
23%
*18
57%
117
74%
*2
934
*20
*24%
*72
85%
*18
*9%
400
*8%
*81
63%
2%
*15%
*13%
200
7,900
86
*81
6%
*65%
1%
122
85%
1234
16%
37%
1%
8%
9
26
57%
*114
117
*113% 116
26%
27%
26%
27%
7%
7%
7%
7%
*6%
68
70
1%
16%
*66%
24%
57%
1%
22% Mar
3
•
Mar
5% Mar
17% Mar
Mar
No par
W A Ch 7% gtd gt 100
—
Poor A Co class
110
7
154
Mar 31
'
63%
18
9
90
6%
1,200
10%
10%
107% 107%
122%
*138
140
*138% 140
158% 159% *158% 160
75
15%
12%
,12%
10
36%
86
90
100
8%
117
122
8
734
*65%
*9
9
107% 107%
28%
*81
*80
2%
21%
*8
57%
*113% 117
*11%
6%
a:18
1,200
%
*20%
117
158
1434
63%
10,400
%
9
350
%
139
74%
90
220
9%
*%
139
15%
15
16
*22%
8%
*8%
24%
57%
75
*72,
65
*63
7%
*81
*14%
Jan
103% Mar
4
preferred
Pitts Ft
17
Dec
14% Mar
19% Mar
Jan
6% July
30
Mar
120%
4
32%May 29
116% Mar 14
4058 Feb 6
3% Jan 24
2%
Dec
10
9
Mar 15
82%May 19
May 19
126
6
60
16
*1%
27
27%
1,000
22%
11
1%
107% 107%
al21% 121%
161
9
33%
21%
*10%
116% 116%
*37%
37%
38
"
'
%
*8
9
57
*8
30
16% Mar
24% Jan
6
12
0%
8
% Jan
Jan
100
-100
400,
1%
2% Mar
10% Mar
6
Mar
4
%
Pitta Coke A Iron Corp No par
600
*28%
8
5% Jan
Co... 100
Pittsburgh Coal of Pa.
5%
5%
7
Feb 27
3
pref.—100
Pitts C C & St L RR
Jan
1% Apr
75
Pillsbury Flour Mills
25
Pirelli Co of Itnly "Am shares"
70
"""40
20%
.
5% Apr 10
28% Apr 11
36
Apr 8
...100
600
13%
6%
58
170% 170%
13%
*5%.
*54%
Hosiery
Pierce Oil 8% conv
210
%
*25
27
57
*10634 10734
*158
8%
35
Jan 18
7%Maj 19
..No par
100
No par
5
100
3%
*3
Phillips Jones Corp.
7% preferred
Phillips Petroleum
A -—100
Preferred
23%
9%
,%
9
11%
2
*8%
117
117
5%
9%
9
*26%
75
15%
12%
; 6%
*73%
8%
*1%
*%
%
''
7%
%
2138
9%
*1147s H6% *114% 116%
28 •
27%
28%
28%
83
22%
1034
*121% 12234
*121% 123
*137
13934 *137
139%
159
*14%
8%
1%
,
58
*6%
26%
5 % conv prof series
Phoenix
9%
16%
23%
10%
21
Day
11
1%
8%
*28%
16
Memorial
*%
834
9
23%
10%
Closed—
6%
—
5%
30
29%
Exchange
,16
1034
*54%
*168
6%
6%
9
27
14%
*5%
58
*54%
26%
3%
14
6
*171
Stock
9
834
15
*5%
6
*3
3%
15
15
*14
7%
*90
115
*3
8%
*115
5,300.
115
*90
2034
5634
31
35%
3%
44
7%
26%
50
*8%
26
3%
*3%
*20
*45
2034
56%
3%
31
Apr
•
100
140
*132
136
15
Philip Morris A Co Ltd-i. —10
45
%
2078
9
26"
4,500
45
10%
'
91%
88
89
8
8
8
17
Phila A Read C A I....N0 par
*6%
26%
23%
9
9
300
26%
7%
26%
4434
10
%
h
*26%
7%
23
8%
*834
%
3%
44
7%
10.
•
30
*42%
23
*1%
""160
3%
81%
*78
Apr 17
7% Apr
21
Apr
5
2%
200
8
30% Apr 11
2 May 10
No par
*2%
*3%
43%
44
26%
5%
Feb
111
Pfeiffer Brewing Co—No par
Phelps-Dodge Corp
—25
Philadelphia Co 6% pref—60
$6 preferred..
No par
{Phila Rapid Trans Co
50
7% pteferred
60
*2%
*42%
*9%
»
400
7
7
3%
*21%"
1034
1%
%
Petroleum Corp of Amer
*2%
26
10%
700
3%
27
15%
■.
8%
*2%
*42%
*6%
6
*8%
20%
Pet Milk
3%
*42
prior preferred
pieferred
5%
24
100
100
100
140
*2%
*42%
54
*%
*20%
Pere Marquette
140
122
,.100
Peoria A Eastern
100
700
35%
172
15%
100
19%
35%
44
124
""706
43%
*20
12
Apr 8
April
15% Apr 10
pref...
;
13% July
8% Mar
Jan 16
33
6H% conv preferred... 100
Peonies GL&C (Chic).. .100
,
Jan
1%
Apr 11
400
3
*18%
8%
3
Apr 11
Corp v t c No par
No par
RR
50
Peoples Drug Stores...No par
27
2%
% Apr
3
Pennsylvania
44
*3%
3%
31
85% July
Penn G1 Sand
7,200
130
Mar
~1~9~ 800
33%
89
55
""166
35
14% Nov
3% Mar
88%May 31
19
conv
Oct
Apr 10
Cement..-No par
$7
Oct
Oct
74
17 conv pref ser A ...No par
-
4
Oct
21%
2%
.No par
Penney (J C)__
32%
19%
Jan
3%
42%
58% Aug
18%
*24
11
1% Mar
July
Mar
Penn Coal A Coke Corp.... 10
-
2% Feb 25
Mar
Dec
13% July
30
41
Penn-Dlxle
~
13
Dec
1
100
13
1% Mar
31% Mar
Jan
5% Apr 10
9
Apr 10
Mar
Dec
13%
103
6% Mar
16
Mar
19
Mar
3
300
-
5% Mar
65
2
61% Nov
102
31% Mar
1%
18%
4
Feb
Aug
9%
57%
3%
11%
82
43
Mar
88% June
Oct
18% Dec
Apr 10
25%
13
29
share
Jan
6
6% Nov
1
Sept
2% Jan
4
Apr 11
15%
48
*1%
*121%
15% Dec
Jan
11% Apr 10
1% Jan 26
per
3% Mar
Feb 14
26
Mar
Highest
;
No par
3%
*22%
35%
6
8%
"4~5o6
1% Apr
10
6
3
4
20
5
4
14% Jan
107% Jan
13% Jan
Apr 14
36
2.50
Pentck & Ford
88
3534
54
8%
*26
Patlno Mines & EnterprNo par
35%
*168
6%
*6
1,000
54
35%
172
*53%
*167
14,100
10%
9%
35%
6
54
*5%
10%
ParmeleeTransporta'n.No par
Pathe Film Corp.."
-No par
#%
137
*20
200
33
*3%
90
*3%
3%
31
1%
7
%
90
1%
33%
*2%
2%
3%
%
1
7
■
7% Apr 11
No par
Parker Rust Proof Co
*9%
Apr 10
18
Park Utah CM..
32%
7%
6% Apr 10
1
_
104
May 10
80
10
Park A Tilford Inc
1% Jan
60% Jan
% Apr
41% Apr 14
100
100
Parke Davl<s & Co
*2%
8%
*78
2%
37fi
*35%
*2i2
8%
8%
16% Jan
6% Jan
1
1st prelerred
6% 2d preferred
900
*10%
20%
20%
20
19%
*8
7"
*%
*20
19%
34%
*3%
132
*18%
33%
4334
*79%
7*2%
*3%
*%
*129
26
21
.100
800
26
28
21
4% Jan
No par
6%
1,400
Apr
10% Apr
5% Apr
5
"moo
1%
35
3
*10
Corp
16%
111
27%
•
400
*1.11% 115
35
*2%
2%
11
11% Jan
3
Pan-Amer Petrol & Transp..5
Panhandle Prod A Ret new—1
41
1%
*30%
32
35
35
2%
8
7
14%
...
185
32
11
19
8
18%
*111% 114% *111% 115
35%
3%
11%
27
*2%
*1234
*121%
$ per share
9%May
16%
-
Lowest
$ per share
10
4% conv prelerred
Paramount Pictures Inc
17,500
Highest
% per share
.No Par
Paralflne Co Inc
19%
87%
3%
Pan Amer Airways
100
10%
*50%
1%'
3%
19%
32
,
88
*1%
.
14%
32
32%
115%
34%
3%
34%
.
934
10
Pac Western Oil Corp
Packard Motor Car
41
1%
*50%
8734
Lowest
Par
200
93
10%
4034
16%
1%
10
""loo
101% 101%
9%
9%
*15
54
2,000
47
*45
*90
10
100
11,600
5%
78
*%
%
46%
*51
10%
54
*3%
87
55s
10%
19%
*17
134
41%
41
12%
*5%
12%
958
94%
*90
9%
3%
12%
*9%
3%
9%
3%
101%
9%
9%
95
*91
*10%
*97
101%
9%
90
*41
45%
*97
101%
9%
%
45%
%
45
*97
90
90
*89
9%
3%
45
45
*427g
9%
3%
Range for Previous
Year 1938
EXCHANGE
Saturday
9%
3%
3341
77%
Dec
358
,
Oct
25% Nov
78% Nov
77% Nov
19% Oct
38% Dec
85
Jan
64%
Jan
Jan
17%
94
Sept
12% July
5% Apr 10
35% Apr 11
11% Jan
5
4% Mar
45
Jan
4
33% Mar
46%
Jan
8
58
Jan 31
51%
68%
Jan
5
54
Mar
6% Apr 11
6%May 2
13% Mar 31
18% Apr 11
% Apr 8
27% Apr 11
% Apr 6
1
Apr 4
5
10% Jan
Jan
Oct
l%,July
3% July
1%
100
Apr 28
May
4
96
3
110%May
104% Jan 11
115%May
10% Apr 11
18% Jan
Jan
2%
49%
1% Mar
Jan
82% Jan
33% Dec
Dec
%
3% Jan
4
13% July
Jan
20%
Dec
%
% Jan
42%June
8% Jan
9% Nov
25% May
1% Jan
3
Mar
13
46% Jan
2
Apr
14% Mar
Jan
3%May 6
27% Apr 11
134May
Mar
7%
9% Jan
10% Jan
34
Jan
Aug
2
18
29
31
3
3%
12
Dec
Dec
Mar
6% Jan
7% July
29% Nov
83% Dec
58
Mar
68
Mar
99
Nov
79
Mar
108
Nov
8% Mar
19
Jan
xEi-dlv. y Ex-rlghts. 1 Called for redemption^
New York Stock Record—Continued—Page 9
3342
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
CENT
Thursday
Friday
May 30
May 31
June 1
June 2
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
1334
*13%
14
14
72
*70
72
7012
♦50
♦116
%
5%
5084
117M
%
7%
5034
%
5%
50»4
3
76i4
15%
1334
60
15%
13%
♦54%
*4%
*43
4%
45%
75
1534
13%
%
45
*9%
*37%
6
*534
24%
24%
24%
24%
*234
3%
18%
*18
20%
3
3
>
20%
20
*18
18%
20%
♦92% 94
*9234
94
*74
*73
80
7-9%
*103% 105
*103% 105
*14
14
14
14%
*12%
13% *12%
13%
19%
18%
19%
19%
11%
12
11%
12%
2
2
1%
1%
*19
19%
19%
19%
*138% 140
*138% 140
26%
26%
26%
27
13%
14%
13%
14%
15%
16
1534
16%
22% 23
22%
23%
*30
37% *30 - 37%
4
4
4
65
63
%
%
4,100
l3j
19%
2%
500
2,200
75%
15%
12%
67%
4%
441(
9%
ll",400
47
1,700
20
13%
67%
4%
4%
44%
48
9%
9%
,
2,500
534
*5%
25%
3%
23%
5%
2434
*2%
*5%
23%
3%
1834
20
93%
*9234
*17%
20
93
2%
80
www
100
Skelly Oil Co
6% preferred
130
*614
6%
10
No par
<-.10
Smith & Cor Typewr_.No par
Snider Packing Corp...No par
15
*14
15
*14
13%
19%
♦11%
1834
11%
13
*11%
1834
19
19%
1134
12
19,600
1%
1%
11%
*1%
2
800
Socony Vacuum Oil CO Inc. 15
South Am Gold & Platinum.. 1
19
19%
700
12%
1%
19
19
19%
*18%
*138% 140
*138% 140
2634 2678
26%
26%
1334 14'%
13%
1334
15%
16%
15%
15%
22% 23%
21%
22%
*30
*30
37l2
*3%
26%
w
4,060
2,800
17,900
14,000
8,600
22
1534
22%
*30
4
*4
*61
400
4%
1st preferred....
2,000
Sparks Withlngton
12%
2234
*24
76
8%
46%
*45%
46%
13
12%
68%
69
22%
46
12%
69
22%
6%
106
2234
6
6%
*105
3%
7
7%
46
40%
12%
66%
2234
*14
Stock
20%
25%
*
Exchange
8
127
Memorial
28l2
*2%
I334
14%
*26
8%
23%
*75%
8%
4%
*4,'
76
4%
4
11%
634
50
*4934"
29
2%
*26
*27
2%
14%
2734
8%
-
27%
2%
t2%
*1384
*2714
*734
14%
28
18%
18%
xl8
18%
18
18
27
27
27
27%
27
27%
27%
5%
27%
*4%
5%
5%
534
38
5
5
5
5
434
434
*434
5
5
534
*35%
40
4%,
29%
*7%
*7%
1412
40%
40
4%
29%
4%
293g
*734
734
8%
8
1434
*14%
6%
5
>
*5
5i
*5%
38
*36%
6%
5%
534
38
5
*5
4%
£29
29
8
8
534
38
*4%
40%
4
7%
6
*5%
5
478
39%
40%
4%
29%
8%
*36%
5
8
-7%
1~400
-
9,400
100
1,700
2,100
700
11%
17,000
4,500
800
70
.
2,700
700
-
100
ww
ww
w
-
•
400
1,20,0
*13%
15%
*14
15%
I984
*17
19%
*17
.1984
61
34
*33%
38
*58%
*334
*33%
60%
4
*58%
*334
3%
*2
3%
19%
2%
3%
22%
2%
*9%
10
12%
12%
93%
13%
41%
*3
23
2%
10%
3%
19
2%
*134
3%
23
23
2%
10%
12
12%
93
93
3%
19
3%
3%
19
*3
19
2%
*10
12%
*90
3%
3%
18
18
*134
*1%^ 2%
*17
1034
12%
94
*1.%
3
*2%
3%
23%
2%
22%
9%
*914
12%
12%
22%
2%
10
12%
*2%
22%
12%
2%
2%
3
23%
2%
9%
3%
23
*2%
3%
19
*92
94
*2
,
93
93
1334
13%
14
93%
14
14
14%
41%
42
1334
14%
41%
5%
8%
42
41%
42%
40%
13%
41%
6
6%
8%
*6%
2%
6%
6%
4034
6%
534
*8%
*6
2%
*73
*3%
*7%
21%
*31
*2%
*26
9%
*2%
*49%
8%
7434
*114
16%
97%
85
*21%
5%
884
6%
2%
80
334
834
21%
32
3
27%
9%
2%
50
8%
75
...
16%
98%
86
22%
38%
39
10%
18%
1034
18%
*6
8%
7
2%
*73
2%
80
3%
734
_
21%
*31
*2%
*26
*73
86
*21%
38%
10%
18
*15%
61
16%
60
16%
*73
3%
*3%
8%
8%
784
2134
21%
32
2%
27
49%
*48%
834
9
7534
16%
..
*114%
16%
98%
39%
99
21%
22
39%
37%
£38
10%
8 534
95%
*84%
60
58%
16%
*15%
no
sales
on
this
60%
17
day.
58
*15%
WW
W—
-
-
100
900
2,300
;
200
3,100
Third Avenue
1,400
3,100
1,600
21%
*2%
49%
8%
75%
w
_
w
•
16%
*48
8%
75%
115
16%
97
y94
86
86
22
37%
58
17
500
400
9%
3
49%
8%
1,100
400
500
76%
115%
16%
3,500
40
95
2,800
86%
22%
*15%
a
17
Def.
4% Mar
Mar
3
May
11
Mar
Mar
Mar
17% Mar
6% June
15
Mar
22% Mar
434 Mar
3% May
5
Mar
34
Apr
4% Mar
3% Mar
32% Mar
9%
Oct
65% Dec
128
Oct
14%
43%
4%
23%
32
Mar
Oct
Aug
Nov
21
Nov
July
15% Aug
2984
Oct
10% Nov
"8%
Jan
9%
Oct
49% Nov
5% June
8
Jan
49% Aug
57g Dec
Mar
38
7
Mar
12% Aug
11% Feb
20
July
Oct
13
Mar
15
Mar
25%
Oct
6034
Oct
9
63% June
2% Apr
7
35
22% Jan
21
Marl6
May 17
5% Apr 10
Mar
6*4 Mar
60
April
Feb
Dec
Jan
17% Nov
26
Jan
434 Jan 10
Jan 10
Mar
Mar
2% Mar
Jan
32% Jan
10% Jan
3
Jan
5018 Nov
June
49
45
6% Mar 11
Jan
35%
58% July
34% Nov
71% Nov
12% Dec
119%
8%
17%
134
8®4
42% Jan 24
40
Jan
July
July
3478 July
5
3% Jan
22% Jan
•21
Jan
0
3
10
3
8
Jan
Feb
24s4 Mar
32% Apr
3934 Mar
17% Mar
3
Jan 28
Apr
9%
25% Mar
Jan
4% Feb
Dec
107%
5%
11%
5
9
127% Jan
IDs Jan
38% Jan
9
Dec
July
July
2
378 Jan 10
3
334 Jan 4
28% Jan
15i2 J An
Apr
2% Mar
15
Mar
1
Mar
3%
8%
1%
534
Mar
Mar
5?8 July
66
Jan
5% July
1834 Nov
2%
Jan
5% July
2878 Nov
Mar
4
Mar
19
July
3
14% Mar 10
10% Mar
July
15»4 July
96
77%
Apr
98
8
Mar
Feb
9
18% Jan
54% JaD
3
3
734 Jan 10
10% Jan
1078 J n
Mar 31
4
3
Jan
Jan
31% Mar
5% Dec
4
Mar
4% Apr
2% Mar
77
July
19% Nov
55% Nov
1234 Jan
10% Oct
12% Nov
478 July
Apr 10
88
3
io
6
Apr 3
Apr 10
20th Cen Fox Film
Corp No par
$1.50 preferred
No
478 Jan
1334 Jan
26% Jan
3% Mar
5% Mar
16% Mar
28
34% Jan
3% Jan
25% Mar
2% Mar
38
July
6
30
Jan
16
Mar
44
Jan
Jan
72% Jan
4*4 Jan
6
Mar
13% Nov
16% April
Apr 11
1% Apr 8
17% April
par
Twin
City Rap Trans. .No
Preferred
par
ioo
Twin Coach Co
Ulen & Co
l
7% Apr 11
No par
2
Mar 28
Under Elliott Fisher Co No
par
Union Bag & Paper...-No
44
Apr 27
634 Apr 10
65% Apr 8
par
Union Carbide & Carb.No
par
Union El Co of Mo $5
pf No par
Union 011 of California
Union Pacific
4% preferred
8,000
6,800
Un Air Lines
500
113%May 17
25
l6%May
No par
United Biscuit
United Carbon
5
5
No par
Preferred.
ioo
No par
United Carr Fast
Corp.No par
n
New stock,
r
Cash
sale
2
81% Apr 11
78
Apr 13
20% Mar 28
33
Apr 11
7h Apr 11
1578 Feb 24
112% Mar 13
52
Apr 8
13% April
100
100
Corp
Transport
"""500
delivery,
Mar
31
Nov
74
Union Tank Car
United Aircraft
100
Mar
2
Mar
17%
45%
15%
70%
No par
2,400
500
6% Mar
94
24
_No par
50
2,600
8,200
22%
38
37%
10%
10%
*17%
17%
*116% 117%
59
*5784
{ In receivership,
2,400
3
Mar
July
49% Dec
t4
48% Jan
2
29
Jan
ll
23
10% Jan 4
8% Jan 4
7% Mar 11
5%May 10
6% Apr 10
Tri-Continental Corp..No par
734 Mar
Oct
438 July
28
1978 Jan 19
28% Mar 27
1034 Apr 10
34% Apr 11
Transcont'l & West Air Inc. .5
Transue & Williams St'lNo
par
19% Dec
15% Mar
4
46
13
10
11
87
par
Mar
3% Mar
534
40% Nov
10% Sept
10% Jan 13
10
10
10
11
pref.....No
4
8% Mar
6% Jan
3334 Dec
19
4
Mar 22
Timken Detroit Axle
...10
Timken Roller Bearing.No
par
Transamerica Corp._______.2
Mar
5% Mar
66
Nov
Jan
25
July
22% Jan
23% Dec
20
6
30% Mar 14
Apr
i84 Apr
7% Apr
11% Apr
2
6% Mar
7% Jan 3
106 May 23
5% Jan 20
10% Jan
20% Feb
24% Jan
30% Mar
29% Jan
50% Mar
63% Jan
3384 Jan
76 May
12% Jan
6% Jan
Mar
48% May
12% Mar
30% Mar 10
Jan
141
•
Jan
28
2% Sept
29
Nov
16%
3%
Jan
8
1
1% Jan 17
Tide Water Associated Oil.. 10
128
9
8
3
conv
Mar 15
10
17
100
32
8
25
$4.50
2
15
Mar
1% Mar
16% Dec
9
Apr
14
100
4,700
*
8
Apr
Inc..No par
Thompson-Starrett Co.No par
$3.50 cum preferred.No par
400
1.700
Ry
Thompson (J R)
Thompson Prods
4
Aug
19% Aug
8% Mar
17% Jan
2% Apr 10
10
Truscon Steel
9%
Apr 28
3% Apr 11
32% Apr 11
.1
400
9%
4
1634 Apr
preferred
8
26
Jan.
56
100
conv
8
10% 10%
10%
10%
17%
17%
*17%
17%
*116% 118% *116% 119%
18
$3 div
$6 preferred
Truax Traer Coal
26
48
16% Mar
75% Mar
'
100
2%
8%
!1
Thermoid Co
60
June
42
No par
300
3
*48
3,000
1
Feb
60
Apr 8
Apr 8
3% Apr 10
26% Apr 10
7% Apr 10
6% Apr 11
1134 Apr 10
.10
Preferred
20%May
141
19
No par
The Fair
384
27%
£74
40
75%
2%
*2534
9%
85%
21%
86
22%
8%
*114%
16%
16%
98%
* Bid and asked prices:
49%
100
2%
75%
*3%
3
76%
4
Jan 10
4
Ry Co._-.100
pref
3
21% Jan 3
4778 Feb 18
No par
conv
6%
21%
76
$3.60
w
38
8
*30%
*2%
3
-
2%
21
3
2%
W w
8
31
984
Texas & Pacific
Tatcher Mfg
w
l034
35
5
*6
20%
9%
5
Texas Corp (The)...
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
6%
31
27
50
Tennessee Corp.
19%May 26
1334 Jan
10
4
Apr 8
5%May 23
35% Apr 26
4% Jan 26
..9
....
8%
2%
75%
334
734
217g
2%
300
m
6%
32
*31
2%
27%
*116% 118% *116% 118%
*60
80
3%
734
*114
16%
97%
8
6%
2%
258
3%
9%
2%
49%
8%
74%
8%
7%
6
(James)
5H % preferred
Telautograph Corp
Texas Pacific Coal & Oil
15
*3'
Talcott Inc
24
10
Apr
Mar
Apr
Apr
8
Apr
17
Apr
2534 Apr
4% Apr
1
Texas Pacific Land Trust
60%
*18%
*1%
Without warrants
900
,
13
10
10
Symington-Gould Corp w w.l
—
Oct
Oct
19% Jan 5
17% Mar 11
April
98
Nov
122
Apr
Apr 17
9% Apr 11
Apr 4
18% April
6
Apr 8
98
Apr
105
25
100
£84
Oct
9% Jan
35% Nov
3% Jan
24% Nov
3434 Jan
Mar
11
120% Jan 27
7% Apr 11
10
500
15
14% Apr
46
100
18% July
106%
May
36
5% Apr 10
..No par
Sunshine Mining Co...
400
*58%
*334
1
Sun'Oil...1
6% preferred...
Mar
91
Mar
8% Feb
8% Apr
1
734
*18
4
No par
734
1984
33
Stone & Webster.
Studebaker Corp (The)
2,400
«.
700
1534
334
1
Sweets Co of Amer (The)---50
Swift & Co.....
......25
Swift International Ltd
W
-
8,800
1,300
60%
34
Stokely Bros & Co Inc
2,100
1,300
W
4%
*18
334
5
Mar
45
434 Apr
Sutherland Paper Co....
4%
28%
*58%
'
Superior Steel
39%
1934
34
Stewart-W arner.......
10
7
105
66%May 26
3% Jan 5
41%May 22
20% Apr 8
65
Apr 11
7,
Apr
3% Apr
Starrefrt Co (The) L S..No par
Sterling Products Inc
10
49% Nov
12% Nov
28% Oct
Aug
6'4 Mar
4% Mar 14
46
j.
36
17% June
10
No par
prior pref....No par
95% Jan 19
101,
Feb 21
Nov
9% Nov
20% Apr
4
25
prior pref
cum
Jan
Jan
Oct
July
70% Nov
Mar
93
Jan
■
23
Mar
3
4
Standard Oil of N J.
No par
cum
$7
10
39% Mar
Standard Oil of Calif ..No par
Standard Oil of Indiana....25
$4 preferred
18
4514 Mar
3338 Jan
Mar 22
2% Apr
1
434 Apr 11
10
April
13% Apr 10
25% Apr 11
23% Apr 11
par
80%
Mar
9% Mar
19% Mar
9% Mar
5% Mar
8% Mar
Apr
*4
60%
4
39%
*34
{Stand Gas & El Co...No
47
27% Mar 11
21% Jan 4
23% Jan 4
2
39
*16%
*3%
Standard Brands.....-No par
$4.50 preferred.^
No par
Apr 17
100
5
28%
734
.734
No par
Square D Co class B..._
1
Apr
22
4
734
Jan 18
Superheater Co (The)..No par
Superior Oil
,1
1,600
4%
3934
734
Conv $4.50 pref..
Feb
2% Apr
14% Mar
18% Mar
500
.
4
29
.....2
Spiegel Inc
27%
5%
12% Mar
Standard Oil of Kansas
7,900
9,700
38%
734
Spencer Kellogg & Sons No V0J
Sperry Corp (The) v t c—..1
$6
5
*7%
-.1
Spicer Mfg Co .......-No par
$3 conv preferred A.No par
900
634
6%
4934 4934
127% 127%
734
734
26% 26%
2%
*2%
14%
*13%
2784 2734
*734
8%
18
17%
27% 27%
6
6,
4%
4%
*5%
*5%
38
*36%
*4%
Spear & Co.
1,700
8%
4%
*58%
V
13,000
5%
*28%
778
11%
50
127% 127%
8
7%
8%
*784
6%
*5%
*5%
*36%
800
76
8%
18
6%
170
23%
75
6%
14%
2734
*22
8%
7
28
*734
43%
76
11%
8
'.
26%
25%
*
441.1
23%
8%
18%
6-%
90
9,300
634
12
127% 127%
2%
14%
,28
"43%
50
28%
2%
800
14%
18%
2034
25%
49%
43%
26%
25%
49%
26%
25%
*
2478
634
*13%
18%
67g
8%
28%
634
18
11%
Day
5034
2%
12%
66%
22%
6%
16%
14%
*13%
1734
45
*4
4%
28%
6%
7%
18%
2634
25%
8%
127
8
22%
4978
76
7
51%
127%
22%
*23%
Closed-
12
6%
5034
22-%
"44%
76
7
67%
"
44®4
8%
66%
*46
16
18%
251
24%
12
68
46
678
15%
19
.25%
497
13
17%
46%
12%
w"w
'
6%
6%
6%
6i.1
6%
*105
106
*103% 105
*103% 105
3
3%
3
3%
234
2%
7
15% *15
18%
1834
25%
2534
25%
25%
49% *.._.
4434
443g
24% *23%
76
75%
11%
1334
5,600
18l2
*
12%
*67%
2234,
3%
113s
*734
6,400
19
16%
43%
4%
*27%
43
18
10%
42%
17%
11%
8
16%
42%
16%
4378
8%
4%
*127
6%
16%
„
8%
4%
6%
*50%
*534
43%
1734
3
44
6%
16%
43%
18%
1016
25
*584-
18
3
25%
6%
16%
43%
*105
18%
2%
18
6%
7%
*14%
*2
44
18
46%
2%
37%May 25
15% Jan 5
2% Jan 25
No par
*2
Jan 11
7% J»n 5
60% Feb 16
ii84 Feb 24
35% Jan 17
134 Apr 10
100
2
*534
43%
*68
2
2%
6
15% Mar
234 Dec
Jan
Spalding (A G) & Bros-No par
170
Jan
Mar 13
Jan
July
34
100
Mobile & Ohio stk tr ctfs 100
64
6
3
23% Jan 24
10% Apr
11% April
15% Apr 11
par
—
Jan
Dec
78
Jan
1% Mar
Jan
100
Ry........-N0
%
5
3234
3%
2134
29%
April
S% preferred
10% Nov
50% Oct
113%
434 Mar
14
Southern
5
Jan
Jar.
127
37%
84 Jan
Feb
So Porto Rico Sugar..-No par
8% preferred...—
Mar
3434 Mar
7
April
Apr
Southern Pacific Co___-.-lO0
1% Nov
112% Dec
107
11% April
Apr 20
Southern Calif Edison..—25
3
5034May 25
1
lis4
12%
10%
1%
60
26%
1334
13%
15%
62
01%
.
138% 139
37%
4
4%
63.
62
100
13
May
Jan
Feb
434 Apr 11
17% Apr 10
2% Apr 10
16% Apr 11
18% Apr
92
Apr
70
April
101
$6 preferred
Smith. (A O) Corp..
*14
6%
16
—25
100
*12%
18%
11%
1%
*6%
16
'
2
2%
•
Sloss Sheffield Steel & Iron. 100
105%
14%
'
2%
..10
Strains Petroleum
Simonds Saw & Steel..No par
**
"700
93
*105
10%May 17
101
No par
Simmons Co
5
Jan
27%
85
June
74 Sept
10% Jan 25
69
April
1334 Sept
62
117%May 29
18% Jan 10
2134 Jan 5
8
Highest
$ per share $ per share
Jan 20
2%
22%
3%
77%
28
Silver King Coalition Mines. .5
80
*75
105
300
18%
93
80
3,300
1
54%May 22
3%May 8
43%May 13
100
5M % conv preferred
38 Apr 25
Apr 8
17% Mar 9
75% Mar 15
11% April
10% Apr 11
No par
Shell Union Oil.
100
400
Year 1938
Lowest
8
2% Feb 21
60% Apr 10
No par
20
20
105
5,300
4
Jan
16% Apr
-No par
$5 conv pref.
400
"5%
24%
2%
18%
*17%
203s
Sbaron Steel Corp
700
500
1
-1
Servel Inc
200
36%
80
64
334 Apr 10
Apr 8
45
Sheaffer (W A) Pen Co .No par
15%
Apr 14
% Apr 10
113
Sliarpe & Dohme——No par
$3.50 conv pref ser A.No par
Shattuck (Frank G)...No par
2%
75%
15%
*1234
*51%
*4%
*44%
£9%
1334
57%
4%
67
Seagrave Corp
No par
Sears Roebuck & Co..-No par
*2%
$ per share
1134 Apr 10
No par
No par
$4.50 preferred
20
1%
19%
*2%
74%
15%
*12%
*51%
*103% 105
4
64
797#
400
%
19
74
9
9%
*36% 37
12
12%
*105% 106
5%
2434
*234
*17%
20-%
*9234
•
2,500
1%
19
*
6
{Schulte Retail Stores
8% preferred
Scott Paper Co
28,400
36
36
36%
12
12
11%
12%
105% 105% *104% 107
16
*4478
300
%
7
5
100
1
100
Range for Previous
Highest
$ per share
Par
Schenley Distillers Corp
% preferred
1,200
71
%
Lowest
J Seaboard Air Line
No par
4-2% preferred-.
100
Seaboard Oil Co of Del .No par
278
76%
57%
*4%
9%
9%
*37
38
11%
11%
11%
1134
*105% 106% *105% 106%
*534
%
15%
13%
4%
45%
9%
37%
%
1334
634
49%
*1%
*2%
7534
57
4%
%
J1*
20
14
57
%
*534
1384
*70%
*6%
49%
49% 50
117% *115
117% ♦115
117%
1%
19%
a:
75%
15%
71
%
*49%
2%
*2%
*212
75U
71
71%
14%
7*8
50%
*115
1%
19%
19
1334
'2
%
1%
1%
1934
14
7
117% 117%
%
*1'4
*19%
Range Since Jan. 1
On Basis of 100-Share Lots
Week
•
*%
EXCHANGE
Wednesday
May 29
$ per share
*5
NEW YORK. STOCK
the
Tuesday
'May 27
♦70
STOCKS
for
1334
Sales
Monday
Saturday
June 3, 1939
x
Ex-div
y
66
Jan
12% Jan
90% Jan
115% June
June
1% Mar
41
Mar
7% Mar
67
Mar
104
Mar
17% Mar
65% Mar
89
Mar
59%
19>4 Jan
23% Jan
42% Feb 25
13% Mar 4
18%May 27
118%May 8
65% Mar 10
20
Mar 13
Ex-rights.
20
Apr
Mar
19% Mar
5
Mar
14
Sept
100%
Jan
39
Jan
12%
Apr
91
Nov
6% Jan
15% Nov
28% Nov
6
Oct
70% Nov
1574 Aug
9078 Nov
22% July
99%
83%
23%
4314
13*4
Nov
20
Nov
Nov
Nov
Jan
Dec
118% Aug
73iz Nov
20% Nov
1 Called for redemption.
Volume
New York Stock
148
Record—Concluded—Page 10
3343
R3
AND
HIGH
SALE
Monday
2%
6*8
*518
534
*61'8
62%
414
4%
*29
12%
Wednesday
MaV 31
Thursday
June 1
June 2
$ per share
$ per share
Shares
2%
2%
35
578
2%
62
62
77%
13
'♦1155s 117
*29
30
*29
78
78%
1234
12%
1234
116
"9%
8%
434
4%
714
7%
84l4
7%
84%
*78
*34
*5%
73g
87
4%
*4
7%
*7%
2:425s
37s
41%
42%
17%
42%
37s
4114
108%
4S12
*51
*64
65
493S
4834 5014
10734 10812
36
36*4
44%
44%
*2is
*634
2%
36l2
*4314
214
678
634
178
178
17S
64%
49%
108
36%
52
10%
*9%
75
75
*74%
*160%
68
65
*%
%
:c
20%
*3134
21
3234
*3134
40
40
....
*2%
22%
22%
1%
*278
*21%
*71%
.
52
52
10%
*9%
10%
77
178
18%
18%
*891s
5%
89%
89%
558
5%
1934
11%
178
*48
514
5178
*9%
77
75
75
162% 162% *161%
72
73
i
72
%
%
""260
280
72
*17l2
26
19%
21
20%
21%
31%
31%
32
32
800
*115
119
60
*115
3934
*
119
*115
39%
80
24
*2%
I 3
1%
18%
89%
5%
1%
1%
6
60
2%
22%
*5%
*1%
1%
*18%
*89
90%
5%
41%
20%
11%
2
2
*1%
35
5%
32%
5%
*49
32%
5%
51
6%
700
18%
90% |.
600
200
1%
1%
1%
33%
*32%
34%
7,400
50
*11
27%
*26
18
18
18
*17%
17%
17%
17%
26%
2%
27
27
26%
26%
*25%
*2%
*2634
2734
*26
95
*94
*10312 105
9678
9678
*1
1%
12212
122%
*2%
*5i4
*%
78
2078
234
5%
121
•
28% >28%
*258
*5%
i
1
6
%.
*1
«
2078
234
20%
%
1%
2034
22%
22
2114 2214
95%
9634
95l2 96i2
*128% 130
*128% 130
14%
14%
*14i4
15
*38
*38
'38%
3£%
1912
*31
60
110
*76
19%
20l2
95
*65
*4412
4738
105s
*45
*10%
9%
978
*5
134
314
*134
*3%
3%
3712
23
3U
178
378
384
37l2
*1103s
*17
45%
14%
*45%
120% 120%
115% 115%, *115% 116
29
29%'
29%
30%
*234
5%
2%
5%
I
I
130
29%
*2%
6
*4%
%
*%
4,700
30%
3
1
5%
%
*
200
100
500
1
1%
1
1,300
20%
20%
21%
3,000
21%
21
22
4,000
95
'128% 130
15%
*14%
95%
128% 128%
*14
15%
*38
95%
96%
128% 131
*14%
15%
*30
31%
*30%
*50
60
*50
75
*50
*76
110
*78
110
*78
6,600
100
110
20%
*95
20%
21%
95
47%
1%'
334
37%
46l8
14%
46%
14%
15
*47%
300
32
100
20
20
20
20
90
*60
50
2,300
9%
9%
9%
" 9%
2,700
*4%
5%
*4%
5%
300
White Rock
1%
*1%
1%
300
3%
3%
3%
1,700
600
1%
1%
1%
1%
1%
1%
900
3%
3%
37%
3%
3%
*3%
3%
3%
3%
600
37%
*36%
*110%
18
18%
46%
15%
*47%
47%
15%
3%
3%
37%
18
18
46%
46%
14%
14%
*47%
...
3%
46%
14%
*47%
3%
3,100
37%
*37
*110%
*17%
300
17%
600
46%
14,300
14%
1,100
*40
48
*40
48
""lio
27%
26
26
*24%
27
100
*34
39
*34
40
40
*34
40
103
103
*97% 100
*96
102
*34
81%
81%
24
24
15%
16%
102% 102%
81%
81%
23-% 241
16%
15%
*1053s 109% *107% 10934
*10734 109%
1234
13
13
37%
38%
*80
23%
35%
37%
38%
78
78
78
*73%
80
2134
21%
21%
£21%
21%
'16%
1678
27S
16%
17%
17%
17%
16%
234
2%
234
2%
234
*73
21%
""36
81-%
81%
81%
90
23%
15%
23
23%
15%
700
15%
15%
107% 107% *107% 109%
12%
12%
*12%
12%
20%
•Bid and asked prices; no sales on this day.
-
36%
36%
80
76%
21%
21%
17%
17%
*2%
{ In receivership.
20.4C0
10
1,000
37%
76%
27,800
21%
18%
2,100
2%'
31% Jan
200
10,600
700
a Def. delivery,
27g Mar
Jan
120%
Feb
77
Mai 16
37
Mar
77%
Dec
131
7
Maris
116% July
119%
2%
Jan
3
Jan
9%
May 20
8
Mar
3
15% Apr
£29
Apr
8
3
Mar
4
July
Mar
51
July
384 Mar
13%May 24
6% Apr 27
6% Apr U
10% Apr
Jan
19% July
2
„
Mar
23
Mar 21
3%
Nov
20% Dec
8
Jan
56
64
Mar
1734 May
Mar
6%
8
Mar
30
Feb
8% July
20% Jan
87% Dec
10% July
4% Mar
44
Apr 10
Feb 3
37
74
Jan
5084 Jan
20% Jan
14% Mar
2%. Jan
.
3%
Dec
1334 June
3
Oct
4% July
534 Mar
9078juue
3
Mar
1%
7% Feb 16
85
126
Jan
1684
Mar
2
134 Apr
Jan
100
-
18% Jan
8
July
45
Aug
20
Mar
4% July
is4 Mar
5
Mar
6%
I684 July
8
' Dec
Dec
31
Nov
31%Mar 14
*
'
16% Mar
24% Jan
32% Jan
3% Jan
11
Mar
25
17
Mar
34% Nov
2
6
Mar
97
MarlO
Mar
9
9814 Mar 14
12484 Mar 10
116% Apr
31% Mar
1
9
82% May
103%
74
Mar
116
Mar
111%
9734
126
1284 May
4
3
Dec
16% Mar
1534 Mar
6184 Mar
120
145
84
Jan
Mar
38%May 16
22% Jan 4
£32% Jan 13
34% Jul
33% No
i24% No
*
Oc
Mar
144
9% Mar
31% Mar
21
Oct
39
Dec
10
Mar
20% July
103
20% Jan
Ja
1% Ja
3% Jul
% Mar
1% Jan
24% Jan
31% Jan
Jao
9*
Mar
84 Jan
Jan
4%
2% Mar
4
Dec
Nov
119% Nov
26% Dec
Jan
Jan
8
Jan
July
82% July
102% Jan
4% Jan
•
39
Oct
Oct
25% Mar
Apr
70
Apr
71
Jan
107
1%
84 Sept
28% Jan
79
4%
1% Mar
20
Mar
31% Dec
Jan 12
60
Mar
60
Mar
65
Apr
90
Jan
Jan 27
80
pref..-No par
457g Apr 20
60
<The S S)20
9% Apr 25
12% Mar 10
7
1334 Jan
60
—
1
6
Apr
Apr 10
3% Apr
Mach...No par
$4 conv preferred
No par
Wilcox Oil A Gas
5
8
l%May
Motors
1
preferred
10
Wilson A Co /nc
—No par
$6 preferred
100
Wisconsin Elec Pr 0% pref. 100
Woodward Iron Co
10
Woolworth (F W) Co
--10
Worthlnyton PAM(Del)No par
Prefeired A 1%
-100
6% preferred B
100
Prior pref 4 H% series—.
10
Prior pf 414% conv series 10
Wright Aeronautical-.-No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
Yellow Truck A Coach cl B.-l
Preferred
-.100
Young Spring A Wire.-No par
Youngstown S A T
No par
5H% preferred
- — 100
Youngst'wn Steel Door.No par
Zenith Radio Corp
No par
Zonite Products Corp.
1
Willys-Ovei land
conv
r
4%
Jan 11
8
5% Apr 11
15% Apr 10
Jan
Oct
Jan
116% Nov
1% Apr
5% Mar
9
Jan
Deo
5%
3218
1584 Mar
Mar
Nov
25%
1% Mar
Min Spr Co No par
New stock,
67
105
8
Jan
42
Feb 20
White Motor Co
n
4
4
Feb 18
117
113
June
13% Sept
2% Mar
25% Feb 18
4% Jan
June
30% Mar
42% Mar 13
75
.
...
11% Mar
14% Mar
97
60
White Dent'l Mfg
6%
6
6
2
6
15% Apr 10
White Sewing
*21%
1%
22
June
1
80
1%
22
116
De
1% Jan
2884 Oct
28% Nov
36% Nov
Mar
Mar 27
—
$5 conv prior
83
% June
16
4
100
300
3
Mar 24
30% Jan
35% Mar
Deo
159% Deo
27% Mar
3
74
•"200
3%
84 Jan
20
Nov
86
1®4 Jan
5H% conv preferred..-.100
Wheeling Steel Corp..-No par
...
May
Deo
15
120
5
Mar 13
No par
19% Apr 8
Pip6—No par
1434 Apr 11
Waukesha Motor Co
—5
20% Apr 11
Wayne Pump Co
-.1
1% Apr 10
Webster Elsenlohr.....No par
1
Jan
7
Wells Fargo A Co..—
1
17% Apr 10
Wesson Oil A Snowdrift No par
58% Apr 25
$4 conv prefer red ..—No par
85
Apr.ll
West Penn El class A—-No par
95
Apr 8
7% preferred..
.— — 100
88
Apr 10
6% preferred
....100
4
West Perm Power 7% pref. 100 £120% Jan
6% preferred---—
100 114% Jan 24
20% Apr 11
Western Auto Supply Co. —10
2% Apr 10
Western Maryland...
100
3% Apr 10
4% 2d preferred
----100
% Apr 21
Western Pacific..
..—100
a4 Apr 8
6% preferred
1G0
16% Apr 8
Western Union Telegraph. 100
18% Apr 8
Westlngh'se Air Brake.No par
82% Apr 11
Wostlnghouse El A Mfg. .—50
.—60
134
Feb 25
78
Warren Fdy A
Instrum'ii-No par
Class A.,
No par
Westvaco Chlor Prod—No par
5% conv preferred.
30
Wheel A L E Ry Co
MOO
Mar
52
7% June
3% Jan
—No par
preferred
48
3% July
Feb
Feb 14
36
11%
22
Mar
4
1st
3
Jan
1% Mar
1% Apr 14
l%May 31
100
Weston F-lec
10% July
37
8334
May
1
.-5
$3.85 conv pref
7% Nov
3
50% Mar 15
12% Jan 21
8% Apr 11
134 Apr 11
31
May 22
{Warren Bros....
No par
$3 convertible pref.-No par
Deo
47% Sept
684 July
3% Jan 20
8% Mar 3
2% Mar 8
64% Apr 12
preferred
47%
3%
Oct
1% Apr 12
5% Apr
■>
Mar
Nov
June
18% Apr 10
2% Apr 8
17
Apr 10
113
Apr 21
125
Nov
Oct
36
19% Apr 28
'..—No par
Nov
40
..No par
Class B...
7 %
56%
109%
7234
70%
71%
29% Mar
40
Apr
Apr 10
110
Oct
July
3634May 25
40
Apr 13
Apr 10
Warner Bros Pictures
47%
23
16
25
A.No par
Preferred..
Ward Baking Co cl
*10%
48"
12%
....100
No par
No par
4^ % pref with warrants 100
12%
*25
39
400
100
{Wabash Hallway...
5% preferred A
5% preferred B
Waldorf System
Walgreen Co
.47%
*44
104
preferred
100
Virginia Ry Co 6% pref... 100
Vulcan Detinnlng........ 100
Preferred
100
Preferred
27
*98
-100
6% preferred
90
45"
*34
..No par
Va El A Pow $6 pref—No par
47%
*110%
"18"
Va-Carollna Chem
4
Mar
7
121
34% Apr 11
Vickab'g 8b rev A Pac Ry Co 100
5
*10%
II
3%
334
19%
i*30%
Mar
Jan
21
Nov
49%
21% Mar
2% Mar
9134 May
Feb 23
5
Victor Chem Works
5%
5%
22%
38
19%
31%
38
70
7% Oct
13% Nov
71
Mar
120% Mar 11
110% Apr 26
....
.
9%
9%
3%
38
20
*60
*65
22%
38%
20
Mar
% Jan 16
17
-100
7% 1st preferred..
Vlck Chemical Co
220
75
110
*1%
45
278
115% 115%
21-
1®4
*26
3634
680
20%
9%
27
*73
150
20
46
12%
38
180
97%
120% 121
97%
97%
934
*3%
3%
*36%
*110%
50
94%
107%
*106
21%
*1%
44
12l2
94%
""400
22%
II
*134
200
21
*46%
3%
■J
96
1034
22
500
67
38%
18
81l2
243s
I6I4
*64
2%
*1
2%
1%
21
300
;
22
47%
44
80%
2%
*4%
*38
10%
*25%
*233s
16l8
97%
,
*19%
18
...
94%
106
9,5%
*1
*38
5%
*1%
223s
106
*2%
*20%
£55
$1 1st preferred..
200.
28
60
.
20%
*60
65
13%
14
*5%
31
*50
*76
1%
2%
20
19% '*19
31
3178
*26
2%
20%
94%
96
121
,2%
*1
*62%
105
96
*5%
20%
95
105
' 116%
116
29
*94%
21
64
96%
121
116l2
29l8
*62%
105
104
*116
*20%
63%
95
*95%
*122
1%
*1
20%
20%
*61%
*94%
2%
*2%
•
13s
*6112
2,400
26%
*10%
*5%
13%
14
.5
Van Raalte Co Inc
60
50
2%
Am.No par
Vandlum Corp of
200
5%
2%
13%
14
No par
100
Sales.
Preferred....
400
1%
*32%
18
2%
Vadsoo
200
10%
51,
Mar 27
l62%June
Aor 10
2,000
20%
2%
45% Jan
£4434 Mar
68
Jan
37
41%
10%
1
Mar 10
Jan 3
Mar 8
Jan 5
45% Apr 10
WaJk(H)Good A W Ltd No par
41%
*19%
5
Mar 13
6%
5234
111%
65%
Apr 10
11%
26%
2li2
6318
167
preferred
4
20%
27%
*1
100
8%
..No par
41%
5%
49
Apr 10
Walworth Co
*9
27%
*11
69
300
41%
5
50
6
4,200
5%'
5%
*19%
*48
3
2%
70
6%
5%
*32%
5%
400
*1%
6%
18%
90%
*9
"466
1%
5%
41%
*19%
10
2
2
No par
5%
73%
61% Feb
35% Jan
30% Nov
13% Mar
3% Mar
5% Mar
May 11
Apr
10% July
June
4
1% Apr 10
9
Universal Pictures 1st pref. 100
24
3
Apr 10
6%May
46
Universal Leaf Tob
Jan 18
5% Jan
10% Jan
Apr 10
2
1
Virginia Iron Coal A Coke. 100
al
18%
1134
33
l.No par
900
*119%
1%
90%
19%
300
7
119%
73%
1
1%
5%
41
53
114% 115
*2
2%
76
*6%
*18%
19%
2%
""506
119% *117
*73%
18%
Day
80
7
*117
903s
Memorial
*10%
*1%
*49
2%
al34
1%
6
Closed—
*2
1,400
41%
23%
234
22%
23%
2%
22%
22%
114% 114%
*119%
1
*i%
6
80
4034
4,200
Nov
43% Feb 16
No par
*6 conv pref A
-
20
25
*
23%
*6
74%
*20
40%
2%
7'
1
Exchange
40
23%
*11634 119%
*73%
119
*50
24
22% 22%
113% 113%
*2
2%
Stock
20-
*11%
*5%
14
*2l4
*2014
1,700
%
%
25
United Stores class A..No par
10
---
Nov
173
32
43%May 18
98%May 19
No par
Conv pref (70a
115
4% Mar
Jan 23
Universal-Cyclops Steel Corp 1
200
26
*514
*27%
,
4,800
Mar
162% Mar
7% Jan
48% Apr 11
No par
7% preferred..
United Stockyards Corp
534 Mar
Mar
Apr 10
......-.100
U S Tobacco
1,100
2%
2778
18%
14
*13
1
6%
2%
3%
13%
14
3is
3%
.
6%
2%
20
40%
32
5is
6%
21%
32%
134
*1%
*534
18%
41
600
2%
6%
%
*119
534
32
74
'}
0
-•
2
2
*75
....
U S Steel Corp
Preferi ed
Nov
87'4 Dec
1% Jan
9% July
12% Nov
180
l%June
»31% April
86% April
60
13
Dec
3% Mar
9
35
-
90
21
1%
534
1934
900
36%
45
32
11934
75%
*1
*1%
41
2,000
20
24%
3
23
134
*10l4
1%
108
%
Nov
10% Aug
8% Oct
4% Apr
62
May
55
25«4 Mar
6
46
.100
8
May 20
3% Apr 11
........—60
Preferred
4
114
Jan
Apr 10
20
8% 1st preferred.
Mar
7% Jan
10% Jan
8
100
10
Sept
113
Apr 11
Apr 25
No par
Mar
6
13% Apr 11
No par
59,800
48%
108
23
U S Smelting Ref A Mm....50
600
Apr
Mar
3
Jan
1
Mar 31
4
Partlc A conv cl A...No par
49%
49%
52%
%
80
*2334
1*4
1%
64%
107% 108%
200
11
534 Apr 10
Apr 10
167
Apr 29
10% July
884 Mar
5
Jan
80% Jan
8% July
39% Oct67% Aug
12% Nov
21% Mar
6
Oct
73s
Mar
50
Oct
4%
38
4% Mar
Apr
100
87% Mar
77
5H % conv pref
50
U S Industrial Alcohol.No par
6,800
20
*119
*1
64%
47%
....100
,108% 10934
*51
52%
64%
65
*50
*5
*119
53
53%
10%
3934
*117l2 11934 *116
747s
*51
36%
7
*71
50%
108% 108%
>
preferred
t.U 0 Realty A Imp
U S Rubber
*43%
72
*11434 115
*113% 114%
*2
*2
2%
2%
*5
64%
20
U S Pipe A Foundry..
89,900
5
100
No par
61,700
36%
*160%
119
*-_..
80
41
%May 15
"moo
21%
3234
2034
3934
24%
3%
24%
41%
76% Apr 17
238,
41%
,
25
*115
*114% 119
40%
100
41%
41%
44%
%
.
*20
2
No par
Prior preferred
44%
74
%
22
*19
3%
7% Jan
4
U S Hoffman Mach Corp...
60
*75
...
69%
4134
1%
10% Mar
U S Leather
*48%
*9%
10%
77
*160%
41%
4
7%
"moo
7%
'*47
60
"MOO
4%
7%
*36%
*2%
52
*9%
17
*4
36%
44%
2%
6%
2%
*43%,
2%
678
214
5378
*50
*16
438
*6%
2«4
45
.
32
43
109%
36%
5%
*25%
*46%
8
U S Gypsum...
6
78% Mar 11
£13% Feb 27
115%June 1
Apr 11
534 Mar 31
U S Freight
Mar
3
6% Apr
10
—
$6 first preferred.
20
8
Apr
Mar
4% June
60
6
USA Foreign Secur
160
11
2
Feb 11
...No par
300
500
62% Apr
Highest
22
6% Jan 4
33% Jan 12
111% Jan
$5 preferred
No par
United Mer & Manu Inc vtc.l
600
*5
60
5
N* par
United Gas Improv't..No par
1,100
16%
16%
41% 43
108% 109%
5234
52%
52%
65
108
108
42%
334
425%
10714 108l2
5234
\
177
7%
734
17.
43
378
*64
85%
7%
*48%
*7i2
United Eng & Fdy
United Fruit.
8% Jan
74
60
5
Lowest
$ per share $ per share
3% Feb 6
39% Mar 14
7% Ma» 10
4% Mar 31
Apr 11
3% April
2584 Apr 11
10
100
United Electric Coal Cos
86
7
32
*25%
United Dyewood Corp
Preferred
United Paperboard
""866
2
Apr 10
30% Apr 10
4% Jan 26
par
5
400
%
6%
6%
32
17%
No
Highest
$ per share
..No par
U S Dlstrib Corp
Conv preferred
%
6%
7%
*4
#4l8
758
334
*51
%
6%
85%
*25%
Corp
S3 preferred
177
%
6%
5%
United
United Drug Ino
7
34
87
Lowest
84
*75
*175
177
*175% 177
5%
5%
5%
5%
52
108
7
84
5U
*46
42%
2,400
434
634
*4%
634
7%
88
52
*44
R3a
*75
*2514
16*2
200
9
9
9
4%
634
31
1734
43s
7%
'!
34
87
438
16%
*4
+
7%
*175% 177
31
,2,900
8,200
12%
8%
84%
634
73s
5%
100
30
77%
*4%
7%
*76
78
0*4
7%
*175% 177
*29
12%
•
34
87
30
77%
12%
9%
5is
*4
77%
*115% 116
9
*7
20
2,200
77%
12%
115% 115% *115% 116
*478
*25i4
6%
77%
415
*80
700
Range for Previous
Year 1938
100-Share Lots
$ per share
Par
1,700
62%
4%
77
5%
*4%
*5%
*60
4
4
4%
«34
87
62%
3*1258
4%
834
*6
*5%
5%
*60
12,400
2%
34%
6
34%
5%
4%
29%
4%
*434
*73s
35
5%
*5%
5%
*5%
627s
35
6>
2%
2%
2%
35%
6
5»4
*514
*61
Range Since Jan. 1
On Basis of
Week
$ per share
35
57s
EXCHANGE
$ per share
29i2
30
77%
2%
35
35
6
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
May 30
May 29
% per share
2%
SHARE,
Friday
Tuesday
May 27
$ per share
35
PRICES—PER
Sales
for
LOW
Saturday
——
Cash sale.
1
Apr 10
14% Mar
3234 Nov
Jan 27
75
Mar
95
Jan
Jan
42
May
01
Nov
3184 Jan
7
4
4
4
Jan
1'4 Jan
Dec
6% Mar
5
Sept
1% Mar
Mar
8«4 Mar
384 Mar
1% Mar
1% Apr 10
3% Feb
1% June
3
6% Feb
3% June
5
3
Mar
32
Mar
14
2% Apr
Apr
1
8
3% Apr 10
35% Apr 8
105% Apr 20
15
Apr 10
23
1084
Jan
49% Jan
108% Jan 12
25% Jan 4
103
36
41% Apr 11
10% April
60
May 17
50% Jan
5
23% Jan
4
66
MarlO
43
May 25
65
Jan 18
7084
Apr 26
31% Apr 19
85
Apr 10
38
Jan
27
24
1
4
April
934 Apr 10
30
April
74
May
17
Apr
5
8
April
2% Apr 8
12'
arEx-dlv.
Mar
Oct
Mar
Jan
Oct
3% Aug
3%
6%
6%
60%
IO034
27%
5334
27%
72%
75%
Oct
Jan
July
Jan
Dec
Nov
Nov
Nov
July
Nov
48% Nov
Jan
5
28% Mar
65% Nov
Jan
3
55% Mar
121% Dec
81%May 27
61% Mar
78
Dec
2034
Jan
JaD
39
July
Mar
109
33% Mar 13
2134 Jan 5
11% Apr 11
11% Mar
42
Jan
3
63
22%May 16
98
Jan
11
24'4
120
Mar 31
75
Oct
10% Mar
15% July
15% July
114% Feb 17
21% Jan
5578 Jan
5
8%
71
9% Mar
24
Mar
2134
Oct
Oct
25% Aug
57% Nov
85
Jan
62% Mar
Sfl% Nov
31%
Jan
11% Mar
31%
22% Jan
3%
yEx-rlghts.
Jan
9
234
Mar
Jan
Dec
2534 July
534 Ma
T Called for redemption^
3344
.
.
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Week Ended June 2
Sale
Jane
.
Friday's
Sg
Price
Nft.
Bid
??
Low
Asked
BONDS
Since
Week Ended June 2
No.
Low
Treasury 354s
Treasury 354 s
Treasury 354s__
Treasury 3%a
__
Treasury 3%a
Treasury 3)48
Treasury 3)4 s
Treasury 3%b—
Treasury 334s..
Treasury 3s...
Treasury 3s
Treasury 2% a
Treasury 254s
Treasury 2 54 s
-
Treasury 2)48
Treasury 2)4a..
Treasury 2)48...
Treasury 2)4s...
Treasury 2)4b_.
Treasury 2Ha..,
-1948
Treasury 2 %a
1949-1963
Treasury 2)4s
..1950-1952
Treasury 2s...—
1947
Federal Farm Mortgage Corp—
3)4s
Mar 15 1944-1964
3s.
—..May 16 1944-1949
A
O
122.5
J
D
116.11 115.29
116.11
81
S
115.30
116.5
49
113 10116.5
104.2
104.4
6
104. 2
105.8
106
106
106.6
6
106 4
106.27
111.7
111.1
D
J
MS
J
D
F
A
121.24
ni03~30
...
2)4 s aeries G
l%a series M
118. 26122.5
Chile Mtge Bank
(Concluded)
♦6a assented
O
Govt
109 .30111.7
♦Chilean Cons Munlc 7s
Since
'
No.
High
106 26107 12
♦Chinese (Hukuang Ry) 5a
1951
111
39
109 22111
111.15
11
109
111.15 111.10
112.18 112.6
114.1
112.18
17
22111.15
109 .11112.18
114.1
112~20
114.1
50
109 .2
111.17
S
111.18
11
108 19111.29
111.28
112.20
42
107 4
M 8 110.5
109.3
M S 109.31 109.26
M S 109.31 109.18
J D 109.17 108.26
M
S
9)4
9%
♦Cologne (City) Germany 6 )4s_1950 M 8
Colombia (Republic of)—
♦6s of 1928...
Oct 1961 A O
110.26
J
D
108.27 107.30
108.14 107.8
J
D
108.7
J
110.5
64
114.1
112.20
104 12110.5
109.31
4
109.31
160
109.17
12
104
109.17
108.27
47
103 4
108.27
108.14
9
107
110.5
105 19109.31
102 .20107.14
J
♦6e extl sf gold of 1927. Jan 1961 J
♦Colombia Mtge Bank 6%b—1947 A
13
1254
Jan. 1
Low
High
10%
14%
10%
14%
14%
8%
2
11%
1
9%
7
*10
25%
35
15
20
*19
J
1154
*17%
D
19%
16
19%
25%
8%
2554
20
14
*20
♦Sinking fund 7s of 1926—-.1946 M N
♦SlDklng fund 7a of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
25 year gold 4J4s
-1953 MN
-
.
.
5
89%
86%
68
*55
A
65.
48%
J
107
108.7
D
108.29
108.31
32
M S
108.25
108.31
15
105 1
D
107.18 106.23
107.18
49
102 .13107.18
External 6fl of 1914
107.16 106.29
107.16
15
102 .16107.16
External loan 4%b ser C
1949 F
♦105.27105.30
102
105.24
4%b external debt.
1977 J
D
54%
Sinking fund 6%B
Jan 15 1953 J
J
101%
110.2
110.2
107.9
110.2
♦Public wks 6)4s—June 30 1945 J
D
109.16 109.13
109.16
106.26109.18
106.26
106.27
106
108.27
105.3
27%
94%
27
96%
47%
57%
40
77
5154
05%
1
48%
*70
20%
24%
76%
73%
22
8554
20%
'
23%
....
88)4
20%
19%
25
-
26
*20
A
19%
51
25%
25%
25%
O
J* Cordoba (City) 7s unstamped 1957 F
§♦78 stamped
-—1957 F
Cordoba (Prov) Argentina 7s—1942 J
11
8
3
9%
13
9%
1960 M S
14
80%
106.13
J
M
J
S
D
M
S
MN
208,
*106.10106.15
109.17
1 1939-1949 F
1942-1944 J
1945-1947 J
100.13
A
J
D
100.11 100.11
105.18
n 102
105,17 105.18
102.1 .102.1
35
.
21
102 .20108.31
106 6 1Q9.1
108.31
106.26109.17
100.11102.22
6
104.1
105.18
151
152.1
♦Coata Rica (Rep of) 7s.-.—1951 M N
Cuba (Republic) 6s of 1904
1944 M S
ser
A—1949 F
Czechoslovak (Rep of) 8s
Sinking fund 8a ser B
1961 A
—1952 A
Denmark 20-year extl 6a
External gold 6%b
;_1942 J
............
A
ser
.-1940 A
5)4s of 1926—
J
-
100
1947 F
A
26
26
26
8
23%
26)4
26 %
20%
5
25
26)4
♦El Salvador 8s ctfs of
a9 0)4
2
90
94 %
14 %
3
10)4
1454
2
'
102%
5454
48
101%
10154
2
68%
68%
1
35
5
18
75
35
6
29
70
31
<-93
'105
54
60
52%
100% 103%
73%
66%
9954
97%
100%
9754
9754
7
89%
90%
13
72
*70
1
....
73
*55
*68'
92% 101
97%
65
71)4
65
71%
7854
M
•»
W
.
.
.
—
.
65
*69%
*55
74%
.
*68
75
J.
.
..
;.
71
66
«.
00%
71)4
71
65
71
Estonia (Republic of) 7s
J
1967 J
Finland (Republic) ext 68--—. 1945 M S
♦Frankfort (City of) s f 6%a... 1953 MN
19%
19%
1
16
19%
21
19%
21
1
14%
21
27
O
105
99
1
89%
O
1948 A
a99
108
.0
O
♦Gtd sink fund 6s
3054
22%
100
105
32
—
O
♦Gtd sink fund 6a
1
2654
33
»
5)4s 1st series
1969 A Q
5 %a 2d series
.1969 A O
♦Dresden (City) external 78—1945 MN
Agricultural Mtge Bank (Colombia)
■4
•
*104%
a99
--
1956 F A
Apr 15 1962 A O
Dominican Rep Cuat Ad 5)48.-1942 M S
1st
26%
a!01% a!01%
2654
A
External g 4%b
102.1
Municipal-
&
Range
"a
Asked
&
13
...1962 MN
♦68 assented
67
111
M
12%
9%
O
1962 MN
♦Guar sink fund 6s
2d aeries sink fund 5)48——-1940 A O
Customs Admins 5%a 2d ser.1961 M S
Foreign
Bid
Price
'
1961 A
.-1961 A
♦Guar sink fund 6s...
107
1 1944-1962 MN 109.17 109.8
.May
39
111.7
Jan
3s series A
122.5
106.28 106.28
2)48
1[2)4s series B..Aug
Friday's
Low
114 17116.11
M
16 1942-1947 J
J
Mar
1 1942-1947 M 8
Home Owners' Loan Corp—
3s
££
Range or
Foreign Govt. &Mun. (.Con.)
..1947-1952
..1944-1954
1946-1966
1940-1943
..1941-1943
.1943-1947
1941
i
1943-1945
1944-1946
1946-1949
1949-1952
...1946-1948
1951-1956
1955-1960
...1945-1947
1948-1951
....1961-1964
1966-1969
.1958-1963
1960-1965
-1945
Treasury 4s
Last
Sale
£- ©
High
U. S. Government
Treasury 4%a
Week's
Friday
__
N. Y. STOCK EXCHANGE
Jan. 1
aj<§
High
&
Range
Is
1939
Akershus (King of Norway) 48.1968 M 8
J
♦Antloqula (Dept) coll 7a A...1946 J
f 78 series B
♦External a f 7s series C
a 90
1454
14)4
1454
1946
1946
♦External
•External
a
a
f 7s series D....1945
♦External a f 7s 1st series
1957
13)4
♦External seo s f 7s 2d series.1957
♦External sec s f 7s 3d series.1957
4%a
conv
loan 4s Apr
1972 A
1956 J
.1967
M
Belgium 26-yr extl 6%b
External
a
89%
87)4
83%
79%
79%
100)4
87)4
79)4
35
79)4
79)4
O
89
J
101
S
101
.
(Germany)
a f 6
*19)4
106
♦External sinking fundus
J
1C3)4
103
Di
112 54
20%
112)4
20)4
1754
"20%
20%
.
1950. A
O
.195S1
.
♦External){ SHs of 1927— .1967 A
D
17%
O
♦7s (Central Ry)
.1952 J
j,
Brisbane (City) sf5s
.1958 F
D
.1062 J
16
96)4
D
♦Budapest (City of) 6s.
95 %
100)4
.1061 M 8
.1977 M 8
4H-4)4b
Refunding s f 4%b-4%b
.1976 F A
External re-adj 4%b-4%b.. .1976 A O
External
a
f
f
4)4a-4)4s
8% external s ? $ bonds
Bulgaria (Kingdom of)—
♦Secured
a
.1975 MN
♦Stabilisation loan 7%b
J
56)4
~59~~
41)4
.
.Aug 15 1945
F
16
1949 J
99% 108
102
14
21
2
13
19%
9%
9%
23
9%
1
7
5
110%
11%
*35
••
119
D
...—1964
119
102)4
1968 F
17
~21%
*36
A
1950
97
23
22%
21%
98%
98%
102
22
8%
64
64
148
44%
57%
24
44%
57%
19
44%
Haiti
(Republic)
s f 6s ser A
1952 A
■
77
80
7
1654
4
1
10%
*7%b secured
102
102
Jan 1961 J
1945 J
J
10%
1946 J
J
10%
10%
*9%
10
♦7s secured
s
s f g
f g
Extended at 4Hs to
F
9%
6s..Sept 1961
M S
♦6a Assented
Sept 1961 M S
♦External sinking fund 6s... 1962 A O
♦68 assented
1962 A
♦External sinking fund'6s__. 1963 MN
♦6s assented
1963 MN
♦Chile Mtge Bank'6«s
1957 J
1957 J
...
D
1961 4
♦6)48 assented
♦Sink fund 6)4s of 1926
D
27
s
f 5s
*103
MN
Italy (Kingdom of) extl 7s
D
1951 J
Italian Cred Consortium 7a ser B '47 M S
Italian Public
J
UtlUty extl 7s_..1952 J
113
F
A
01%
D
1961 J
For footnotes see page 3349.
D
5
78
63%
63
01%
63
80
M%
102
18
105
754
7%
8%
8%
22%
11
11
10
10
33
1854
30
2
101% 103
52
70%
54%
75
46
.
46%
7
38
55
8054
7854
8054
48
75
85%
59
59
60
50
55
1
25
A
O
A
*17
D
,
*23%
13
32%
MN
102%
108% 111%
J
D
M N
43
108% 111%
101% 104%
MN
8
101% 105%
Q
103)4
15
100% 103%
98% 102%
15%
19%
Q
J
66
22
32
26
21
27
18
24%
27%
23%
21
18
12
13)4
9)4
13)4
13%
10%
8%
12
8%
10
13%
13)4
12
13%
10)4
13)4
9
10
10
13)4
10%
13)4
14
13)4
954
*9)4
13%
9%
12%
12%
9
*12%
*9%
12%
8%
12%
23
25
10)4
14%
64
1%
154
72%
%
154
1%
5
....
D
J
J
1%
154
1%
1%
%
1
1%
%
154
1%
1
1
%
%
154
O
6
J
A
1%
%
1%
%
*%
*1
1
J
§♦ Small.
%
%
%
....
*%
D
J
16
——
1%
1%
1%
16
18%
10%
18%
10%
18%
10%
18%
10%
18%
10%
18%
14%
~13%
11%
10)4
9
8%
14%
15
11%
10%
12
7%
14%
Mlnas Geraes
16
47
s
49%
27
39
56%
(State)—
12
12
11%
11%
1154
11
54
54
54
M S
♦Sec extl
f 6)48
M S
J
D
1154
M N
*52%
9854
F
A
9854
A
O
98%
;F
10%
13
8%
11%
8%
14%
75
.
*1)4
J
65)4
38%
16%
....
♦Assenting 4s of 1910 large.
18%
8%
12%
10)4
*1
;
21%
.
14
*07%
*%
♦Assenting 5a large.
♦Assenting 5s small.
32
25
30
10
27%
27%
J
102%
27%
D
10
24
111%
111%
104%
105%
14
9
2
39
J
23
O
5
.
9%
9%
27
42
25)4
*13)4
2
1054
*29
A
29
14
J
9
102%
♦Hungarian Land M Inst 7)4s.l961 MN
♦Sinking fund 7)4s ser B
1961 MN
♦Hungary (Kingdom of) 7)48—1944 F A
13%
13%
J
27%
15
16
33%
71
16%
32%
10
F
25
77
1654
29
19)4
20
13)4
10)4
F
29%
22%
16%
....
25
42
*19
A
27
24%
23
41
14
1942 M N
21%
18
17%
20%
2
16
O
♦Hamburg (State) 6s...
1946 A O
♦Heidelberg (German) extl 7%a '50 J
J
Helslngfors (City) ext 0%8
1960 A O
Hungarian Cons Municipal Loan—
59
*22%
O
1942 MN
15
14%
17%
18%
25
47
*27
1960
105
113% 125
10354 105
18%
25%
....
*2654
.—...1968
58
*19
15 1960 A
19%
109%
104
7
.4 *•
2954
•
♦6s part paid
105
11%
*22%
1960
..
10%
22
2334
.
29 54
100
96
105% 107
16
1954
*23
29%
3
"22" "~4
*17
....
93
20%
22
*14
15 1960
on
10
18%
59
103%
.1944
119
17
18)4
f Ser 78—1964 MN
s
4
——
*103%
♦German Rep extl 7s stamped.1949 AO
♦7s unstamped
.1949
German Prov A Communal Bks
♦(Cons Agric Loan) 0%a
1958 J D
20%
1
'47
D
♦5 %s unstamped
1965
♦5)4a stamp(Canad'n Holder) *65
♦7s part paid
2
109%
1949
♦Greek Government
1
19%
109%
100% 108
14
18
D
105%
*10354
Gorman Govt International—
♦5)4s of 1930 stamped
.1965 J
17%
....
105%
19%
1941
7s unstamped
97
*86
105%
56
111
.1954
♦6s assented
1960
♦Extl sinking fund 6a..Feb 1961
♦68 assented
Feb 1961
♦Ry ref extl a t 6s
Jan 1961
16)4
16
5
78
58
104)4
103%
♦External sinking fund 6s„. 1960 A O
♦6)4 s assented
100%
11%
54)4
111
A
.1967
♦Carlsbad (City) 8s
♦Cent Agric Bank( Ger) 7s
♦Farm Loan at 6s..
July
♦Extl sinking fund
95% 103%
89%
99
J
J
J
O
.1961
7-year 2)4s
30-year 3s
♦6s assented
17%
17%
16)4
96)4
96)4
57)4
57%
*17)4
.1952 MN
♦Farm Loan s f 6s.-Oct
♦6s Oct coupon on
♦Chile (Rep)—Extl s f 7a
♦7s assented
*70)4
54)4
"19)4
.1968 MN
6s
July coupon
,12
20
100%
103)4
112)4
20)4
17%
21%
55
56)4
J
Canada (Dom of) 30-7t 4s... .1960 A
♦6s
9
28
'
J
F
.1984 J
.1967 J
f 7a
10-year 2 Ha
26-year 3)4s._
54
38
87%
76
79%
75)4
79%
95% 103 %
7%a unstamped...
External 7s stamped
Irish Free State extl
♦6s stamped..
a
100)4
9)4
Buenos Aires (Prov of)
External
.
17)4
16
A
.1950 J
f 6s......
17
17)4
.
.1957 M 8
Sinking fund gold 5s
20-year
13)4
101
95
French Republic 7 %a stamped. 1941
♦Sink fund secured 6s_-
.1955 J
Ws—
79)4
101%
101)4
97
12)4
A
♦Brazil (U 8 of) external 8s.
.1941 J D
♦External s f 6)4s of 1928-. .19571A O
s
100)4
.1965 J
External 30-year s f 7s
♦Berlin
1
92)4
95
.1949 M S
f 6a
"l3%
94)4
External g 4)4s of 1928.....1956 MN
♦Austrian (Govt's) s f 7a
J
1967 J
♦Bavaria (Free State) 6WS—. .1945 F
15
94)4
87 54
S f external 4 Hs
;—1971 M N
8 f extl conv loaB 4a Feb..__1972 F A
8 f extl
13)4
....
13)4
92)4
-—1948 M N
Australia 30-year 5a
External 6s of 1927
1
17
*13
Antwerp (City) external 6a
1958
Argentine (National Government)
8 f external
1454
14)4
14)4
14%
14%
14%
10%
14%
9%. 13%
9%
13%
9%
13%
85% 96%
9%
10%
dep.—. 1948
A
104
104%
9854
1
7%
7%
48
10
15%
54
45%
60
99%
9
98%
4
10454
9
52%
94% 101%
93
101%
100% 104%
100% 100%
4s
s
f ext loan.
A
M S
10354
10354
104%
10454
23
A
20-year external 6s
104%
10454
O
10154
101
10154
67
94% 103 %
F
A
100
36
94
J
D
IF
99%
9954
8
98% 105
101%
99% 104
t
Volume
New York Bond Record—Continued—Page 2
148
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Price
d
Oriental Devel Tuar 6a
Extl deb 5 %a
(City)
Oslo
A
M
S
*17%
-
♦Panama (Rep) extl 5 Ha
1953
49%
-.1963 IVIN
♦Extl 8 f 6s ser A
1963 WIN
♦Stamped
1947 W1 S
1959 M S
♦Pernambuco (State of) 7a
♦Peru (Rep of) external 7a
♦Nat Loan extl
8
f 68 lBt 8er._1960 J
*65%
57 H
57 H
9%
"llH
10
10M
9%
9%
*36H
"34"
30 H
7
33%
26%
37%
J
62
62
4
52
62
S
106
106%
J
deb 4%al939 J
Austin A N W lat gu g 5a
J
1941 J
Baldwin Loco Works 5s atmpd.1940 WIN
*21
22%
5
97% 103
Atlant'c
6
99% 102
67%
50
{}*Auburn Auto
7
5%
13%
13%
10
68
Bait A Ohio 1st mtge g 4s_ July 1948 A
♦1st mtge g 5a
July 1948 A
18
8%
10%
59
8%
12%
10%
64
8%
34
50
43
25%
43
♦Ref A gen 5a series D
51%
54
30%
54
J
42
42 H.
42
♦Certificates of deposit
♦Ref A gen 5s series F
D
11%
12H
11%
11%
..1968
J
1963
1961
J
1966 J
♦Certificates of deposit
gen 6s series C
30
23
*17"
20
14%
1952 A
O
*18
19
14
Queensland (State) extl a f 7a. .1941 A
25-year external 6s
1947 F
O
*104
105
101
A
105%
1950 M S
♦Rhine-Main-Danube 7a A
31%
O
♦Rio de Janeiro (City of) 8a—1946 A
♦Extl sec 6%s
1953 F
A
10%
9%
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A
O
11X
11%
-
10 %
♦7a extl loan of 1926-—
A
♦Roumania (Kingdom of) 7s.—1959
F
56%
57
7%
43%
*20%
A
22
17%
21%
39
16
21%
17
16%
24
16%
24%
23%
23%
23%
23%
14%
j"}
42%
21%
15
21
20
15
20%
19
19%
6%
7%
1953 }"j
♦8a extl secured
f
a
1952 WIN
_
*19%
*10%
11%
6%
9%
9%
6%
U%
12%
14%
1957 WIN
♦6 Ha extl secured a f
14%
14%
♦Debenture 6s
1936
f*8a extl loan of 1921
J
1950 J
♦8s external
♦7s extl water loan
1956 M S
i
10%
102
86
6
78
47%
7
90
117%
116% 119
13?%
129% 133%
27%
*24 %
20%
25%
*24 %
22%
25
22 H
21%.
WIN
21 H
20%
D
SOX
30%
♦7a series B
♦Silesia (Prov
aec
oh
-.1962
extl
1958
extl 7s__
J
Sydney (City)
a
f 5
Ha
-1955
FA
♦External
a
40
♦External a f 6s
—_
15%
25%
33
Bklyn Qu Co A Sub con gtd 5a.l941 WIN
J
1st 5s stamped.:
1941 J
28
25%
29
.103
49%
Bklyn Un Gas 1st
..
♦Vienna (City of) 6a
Yokohama (City) extl 6a
AND
44
38
44
%
44
37
44
37 H
37%
45
.38
35%
37%
38
51
14%
18%
51
.
22
34
27%
27%
16%
31
56%
56%
5" %
*29
27%
D
D
47%
*
167"
*52
60
67
42%
101
100
100% 107%,
66%
49%
60
107
108%
104
28%
1998
1942 Wl 8
1950 AO
1951 F A
1952 M S
52
52
Allegh & West 1st gu 4a
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Ha
4 Ha
4a..
conv
__
107
106%
95
109H
Am A Foreign Pow deb
1955 Wl S
5a._r—2030
Wl
1953 J
American Ice a f deb 5a
D
Ha
*31H62 X
3%s debentures..
1943
-.1961
1966
deb. .1950
.
3 % a debentures
6
95
9
25
43
35
22%
41%
60
49%
103% 107
•
93
88%
143
103
103
103%
24
103H
15
2
48%
102
4s
♦Mid Ga A At Dlv pur m
94%
♦Mobile Dlv 1st g 5s
Anaconda Cop Mln a f deb 4 Hs 1950
54
A
O
J
D
10m
11.1 H .111%
110%
109%
110
109H
J
J
106
105
106
4
106%
107
13
105%
106%
57
110%
Amer Wat Wka A Elec 6a ser A.1975 M N
A
O
106%
,
86
73
llli*itll2%
105% 110%
105% 110%
102% 111%
99% 107
104% 106%
{Ann Arbor 1st g 4a
Ark A Mem Bridge A Term 5a. 1964 Wl
Armour A Co (Del) 4a series B.1955 F
J
*36
*93
8
A
100
19
26'
39%
30%
42
92%
98
96 %
100
J
99%
98%
1995 A O
1995 Nov
1995 M N
1955 J D
110%
109%
92%
93%
*95%
*97%
.1957
f 4a aer C (Del)
25
100
168
97
96% 100
96
100
Atchison Top & Santa Fe—
.
Adjustment gold 4s.
Stamped 4a
Conv
gold 4a of 1909
1955 J
I960 J
D
Rocky Mtn Dlv 1st 4a
1948 J
1965 J
Trans-Con Short L 1st 4a
1958 J
Cal-Arli 1st A »ef 4 Ha A
1962
"95%
D
Conv 4a of 1905
...
Conv gold 4a of 1910
Conv deb 4 Ha
103
U2"
1944 J
LAN coll gold 4a
1964
May 11945
Oct 1952
For! ootrotes see page
Ta
r~
JnWKZ L,
.
1
!
1,.
JMTI
■
-
3349.
J
103
Cent
105
40
85
91
"86%
86%
*12
D
A
52
97
14
12%
19%
38
31%
32
8%
3%
3%
3%
3%
.
15
5
3%
5
A
52
A
O
1
52
" 110
104%
*111%
2
104%
„
-
-
«» -
39
n — -
19
J
J
"29%
28%
29%
J
18%
18%
19
3
J
J
15%
15%
17
2
A
O
F
Cent Pacific 1st ref gu gold 4a.. 1949
A
Through Short L 1st gu 4s... 1954
Guaranteed g 5s—...—... 1960 F
O
—1987
♦General 4s
1987
Central N Y Power 3%a...... 1962
-
A
A
Bkg of Ga—
WIN
May 1 1942..
1941 MN
8a
1948 Wl S
Certaln-teed Prod 5%a A
Champion Paper A Fibre—
1950 M S
S f deb 4%s (1935 Issue)
1950 M S
S f deb 4%s (1938 Issue)
1992 Wl s
Ches A Ohio gen g 4 %a.
MN
Ref A imp mtge 3%s ser D_. 1996
1996 F A
Ref A impt M 3 %s ser E
J
Craig Valley 1st 5s
May 1940
J
Potts Creek Branch 1st 4s__. 1946
1989 J
R A A Dlv 1st con g 4s
1989 J
2d consol gold 4s
1941 Wl S
Warm Spring V 1st
s
66%
"67%
67%
68
68
44%
46%
*50
44
4
163
110%
95
95%
140
9
62
86%
95
52
95%
98%
89
95
87%
91
91%
99
99
103%
105% 110%
96
97%
99
103%
98% 102%
*110%
111%
112"
107
112
♦Chlo A Alton
110
110
110%
Chic Burl A
108
WIN
MN
94%
85
96%
96%
89%
97
81
81%
76%
89%
59
57%
59
54
71%
68 H
66%
68%
58%
64%
79
55
72
58%
75%
2
104%
104%
124%
125%
94%
RR ref g 3s
1949
Q—111 Dlv 3%a—1949
Illinois Division 4a
1949
General 4s
...—-.1958
1st A ret 4 %s series B—
1977
1st & ref 5s Berles A
...1971
A
J
J
Wl
A
64
40%
135
100
166
100%
100%
118%
95%
95%
28
24
110
77%
72%
63%
55
115%
86
103%
104%
125%
100
100
104% 105
109
109
*115%
116%
114" 117%
110
104% 111
110
110
*
109%
9%
"99%
99%
103
"97%
10
99%
103%
"91%
96%
98%
86
A
F
64%
39%
*106"
J
s
F
15%
13%
*
O
J
4
33
100
99%
24
70
103%
100
'75
115
73%
100
49
109% 111%
102% 105
110% 111%
13
10
111
93 H
D
115
103%
75%
5%
8
52
55
115
5s extended to
Central Steel 1st g s f
2%
107
107
109%
"46""
6%
iS*
95
91
\10
104%
12%
7
7%
*7
*
F
3
7%
*3%
Wl S
S*
7%
2%
*5
M S
92
43
~*7%
.
45
107%
82
53%
*
5
82%.
100%
114%
89
100%
81% 94%
90'
105
J
1961
{♦Cent New Eng 1st gu 4s
N J gen g 5s
101%
110
1st 30-year 5a aeries B
1944 J
Atl Coast Line 1st cons 4a July 1952 M S
10-year coll tr 5a
1941
—..1941
3 %s.l965
111 Elec A Gas 1st 5s
1951
Illinois Light 3 %S
.—1966
*101
1946 J
Atl A Charl A L 1st 4 Ha A
*92
D
Wl
Atl Knox A Nor 1st g 5s
General unified 4 Ha A
J
6a. 1947
1946
Cent Hud G A E 1st A ref
Cent
.
112
107%
*87
D
'
25
1967 Jan
1995 Q J
5 f income deb
m a
7
Central RR A
♦Anglo-Chilean Nitrate—
General 4a
Gen mortgage 5s
40
100% 103%
98% 104%
13
113
116%
65
34
*
A
♦Mac A Nor Dlv 1st g 5s.—1946
100
64%
103
76%
•
F
F
106% 112
30
64%
102%
■
MN
J
{♦Central of Ga 1st g 6s..Nov 1945
♦Consol gold 5s
—1945 MN
♦Ref A gen 5%s series B
1959 A O
♦Ref A gen 5s series C.
1959
♦Chatt Dlv pur money g 4a.. 1951
♦Central of
Am Type Founders conv
1st
1950
1981
1947
1948
113
114
6
95
.
93%
*106%
♦Cent Branch U P 1st g
1
110%,
76%
D
75%
51
107
123%
75%
45
48%
68
Amer Telep A Teleg—
20-year sinking fund 5 Ha
121% 124%
85%
103
lll»n
112% 115%
57
103
MN
15
90
33
103%
1949 WIN
J
1949 J
Amer IG Chem conv 5Ha
Am Internat Corp conv 6
63
8
116%
115%
124%
116%
85%
Central Foundry mtge 6a
♦Alplne-Montan Steel 7a
117% 120
116% 118%
1
*
109%
24
54
15
92
QO
13
118
93%
Celotex Corp deb 4 %s w w
27%
120
45
Cart A Adir 1st gu gold 4s
1950
117% 120
119%
U7%
115%
114%
93
Carriers A Gen Corp deb 5s w w
♦5a stamped.
26
84
80
33
8
119%
85%
39%
77
116%
93
38
67
115%
119%
J
72
67%
113% 116%
113% 116%
21
116%
J
106%
96%
J
O
D
32
1950
92
89%
116%
J
32%
1949
102
113
45
——
55
92
J
40
♦Coll A conv 58-—
47
10
,
J
*36%
1946
Alleghany Corp coil trust 58—1944
4
254
53
Dec 11954 J
—I960 J
Collateral trust 4%s
41
116
95
Coll trust gold 5s
35
102
99
"124%
{♦Car Cent 1st guar 4a.s
1949
Caro Clinch A Ohio 1st 6s Ber A1952 J
8%
36
116%
J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4 %s
1946 M S
1944
10
,75
J
..Oct 1969
1970 F A
16 1955 J D
Guaranteed gold 4 %8
1956 F A
Guaranteed gold 4%s—Sept 1951 M S
J
Canadia n Northern deb 6 %a—1946 J
*36%
1
35%
.52
Guar gold 4%s.——June
6s equip trust ctfs
113%
67
36%
Guaranteed gold 5s
1948
76%
78%
68%
33
5
92
A
1943
106%
5%
70
1962
5a A.
Guaranteed gold 5s
104
107%
cona gu
5%
*60%
53
Canadian Nat gold 4%a.
1957 J
Guaranteed gold 5s__—July 1969 J
104
101
Canada Sou
6%
*5
101%
1966
36
*5%
36%
..I960
...1948
76%
debentures
Allls-Chalmera Mfg
1955
5a
*107%
106%
Alb A Suaq 1st guar 3 Ha
Coll A conv 5s
'
50%
101%
*1—11
A
1943
1st cons 4s series B
40
34
*17
1952
6a with warr assented
25%
35
INDUSTRIAL
Albany Perfor Wrap Pap 6s
40%
20
36%
♦Certificates of deposit..
{|*Burl C R A Nor 1st A coll 6a 1934 AO
♦Certificates of deposit
Bush Terminal 1st 4s.
;
1952
*48
A
Ala Gt Sou 1st cons A 5a
26%
49
44
.1952 A O
.1952 M N
F
~22
51
Consol
1946
"37%
40
Calif-Oregon Power 4s._._
10-year deb 4Hs stamped
110
42%
Bush Term Bldgs 5s gu..
Coll trust 4a of 1907--.
1
43
CO WIPANIES
«
93
110%
*909%
51
45%
104
73
110%
D
52
42%
Adriatic Elec Co extl 7s__.
92%
104
51
43
1948 Wl S
1947 WI'D
54
93
103%
34
35
Adama Express coll tr g 4s
7
93%
106% 111%
103% 112
95
72%
8
111%
82%
103%
♦Buff Roch A Pitta conaol 4%a,1957 WIN
36
J
111
111
J
42%
f|*AbltIbl Pow A Paper let 6a_1953
92
"~i
111%
Buff Niag Elec 3%s series
41H
A
80%
95
88%
Buffalo Gen Elec 4%s series B.1981
41
.1958 F
.1961 J
4Hs assented
40
58
40 %
.1958 F
♦Warsaw (City) external 7a
45
40
49
42 H
J
35
50%
43
44
A
4
37%
41 %
.1978 F
.1984 J
38%
*40
55%
D
.1978 J
68
40
.1979 WIN
external conversion
3%-4%-4»!53 extl conv
4-4%-4%% extl read]
3 Ha extl readjustment
Venetian Prov Mtge Bank 7s-
77
40
„
64
49
38%
76%
110%
77%
A
.1957 WIN
C...1967
47
107% 110%
110%
76%
110%
1945 WIN
5s
*46
.1979 WIN
96% 102%
64
*60%
F
3%-4-4% % ($ bonds of *37)
RAILROAD
cons g
51
51
27%
108%
106% 107%
24
39%
25
40%
23
37%
5%
10%
7
7
A
1st Hen A ref 6» series A.....1947 WIN
Debenture gold 5s
..1950 J D
1st Hen A ref 5s series B
54%
3%-4-4Ha (J bonda of '37)
external readjustment
1950
Bklyn Union EI let g 5a
•»
F
*46
A
.1964 WIN
121
31%
25%
94
28
26%
100% 105%
33%
31%
21%
102H
105
72
33%
32%
55%
-
55%
.1960 WIN
f 6s—
32%
31%
30%
51
51
51
102%
"84
*107%
33%
28
22%
108%
105%
104%
101%
33%
18
18
102%
.1971 J
Tokyo City 6s loan of 1912... .1952 M
.1961 A O
External a f 5 Ha guar
D
{♦Boston A N Y Air Line 1st 4s 1955 F A
Brooklyn City RR 1st 5s
..1941 J " J
Bklyn Edison cona mtge 3%S—1966 WIN
Bklyn Manhat Transit 4%s—.1966 WIN
"35
*25>
Taiwan Elec Pow a f 5 Ha
♦Uruguay (Republic) extl 8a— .1946 F
6%
*24
4Hs assented
1958 J D
♦Sllesian Landowners Assn 6s_.1947 F A
107%
102
19
21
28
1967 M S
lat g 4%s series JJ._
♦Sinking fund g 6 Ha
1946 J D
Serbs Croats A Slovenes (Kingdom)
♦8a secured extl
1962 WIN
1
*27
107%
105%
21%
1
23,%
..1955 WIN
..1961 A O
1st M 5s series II
D
27%
23%
1952
Boston A Maine 1st 6a A C
14%
27%
"20% "28"
"30
*27%
.1966
,
32
11
26%
♦Saxon State Mtge Inst 7s__..1945 J
15
;
Big Sandy 1st 4s
17%
10%
f 7a
a
80
52
108%
98%
101%
*103
1944 J
15%
7%
10%
J
O
1968 J
1940 A
♦6a extl dollar loan
♦Secured
44
34%
38
20
18
11
12%
33
30
14%
55%
.52%
44%
133
133%
♦Berlin Elec EI A Undergr 6%a 1956
Beth Steel cons M 4%a ser D
1960
San Paulo (State of)—
.47
42%
104
1955
Cons mtge 3%a series E
3 %s conv debs
.....
44%
3
*
♦February 1937 coupon paid.—.
♦Saarbruecken (City) 6a
Sao Paulo (City of, Brazil)—
43
9%.
44%
117"
1960
3%s--1943
cona
9
*
1948
1st & ref 5a series C
15
52%
104
1951
Bell Telep of Pa 5s series B
53%
*30
104~~
1951
Belvidere Delaware
71
85%
*86%
1943
8 tamped
10
12%
24%
16
152
52
1959
...
18
13%
51%
39%
41%
50
'
21%
50%
♦Certificates of deposit
Con ref 4a
21%
11
♦Berlin City Elec Co deb 6 %a_ .1951
♦Deb sinking fund 6 %s
1959
12
"57"
O
22%
20%
20%
20%
20%
11%
21%
Battle Creek <fe Stur 1st gu 3a_.1989
Beech Creek ext lstg3%a
1951
*15
—1952
Rome (City) extl 6 Ha
"21%
m"s
1941 MN
5%
11%
16%
18%
23%
38
12%
13%
U%
11X
102
22%
21%
Bangor A Aroostook 1st 6a
11%
11%
11%
21%
20%
20%
*12 %
14%
15%
15%
14%
14%
69%
D
24
20%
s
31%
11%
D
—1967 J
♦7a municipal loan
63%
16%
1996 wi
:7H
13
63%
47%
■'
6H
10%
49
17
59
....
2000
Toledo Cin Dlv ref 4s A
30
31%
10%
95
63%
21%
1960 FA
4s
1966 M N
1968 J
♦6a extl a f g
10%
62%
62%
j~D
Certificates of deposit.♦S'western Dlv 1st mtge 5s—1950
107
63%
48%
20 %
P L E A W Va Sys ref 4s
102% 106%
105H
;
132
62%
♦Certificates of deposit
19%
19%
♦External a f 6s
5
62%
21%
♦Convertible 4 %s
...
♦Certificates of deposit
42%
17%
70
Prague (Greater City) 7 Ha
1952 WIN
♦Prussia (Free State) extl 6%s.l951 M S
1995
♦Certificates of deposit
15
9%
9%
72
102
20%
♦Ref A
43
o
60
100
D
1995 J
47
o
25
20
O
♦Certificates of deposit
.
102% 106%
60
60
60%
3
44
102
*45
*100%
O
High
Low
62
♦Ref A gen 5s series A
*38
1947
33
conv
34
♦External sink fund g 8s_____1950
•
.1953 M
Refln'ng deb 3a
J
1959 J
22
♦Stabilization loans f7s
4%s assented
21
33%
26
o
♦Extl loan 7%8
No.
41%
J
1948 J
34
o
1958
♦Porto Alegre (City of) 8s
High
102
43%
Jan. 1
Asked
32%
100 H
~58% "18
&
40%
1948 J
40 %
1940
4%s assented
52%
Since
Friday'sU
Bid
Low
Atl & Dan 1st g 4a
Second mortgage 4s
Atl Gulf A W ISS coll tr 6a
12%
.38%
assented
4 %s
48%
64
19%
57
11%
11
D
o
♦Nat Loan extl a f 6s 2d aer__1961
♦Poland (Rep of) gold 6s
16
52%
Range
Range or
Sale
Week Ended June 2
High
Low
"~7
49H
100 H
102
D
J
53%
No.
18%
53%
53%
1958 M N
1955 A O
f 4 Ha
a
F
Last
Price
N. Y. STOCK EXCHANGE
1
Jan.
Asked
High
Low
1952
1953
♦Nuremburg (City) extl 6a
Hi
BONDS
Since
Friday's
Bid
Hft.
Range
Range or
Sale
5 ft.
Week Ended June 2
3345
Week's
Friday
Week's
87
91
92%
8%
14%
97% 100%
100% 103%
94
100 *
85%
94%
91
99%
New York Bond Record—Continued—Page 3
3346
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended June 2
Price
NO.
104%
17%
16%
113
12%
22%
1st Aref4%s
17
12%
21
1st mortgage 4 Hs-—--
*100%
15%
16%
14%
83%
19
19%
*8
86%
1951
1936
{♦Consol gold 4 Ha
1936
{♦Den A R G Wes* gen fis. Aug 1955
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B...Apr 1978
{♦Des M A Ft Dodge 4s ctfs—1935
{♦Des Plains Val lstgu 4 Ms—1947
13
9%
....
11%
J
*3%
*3%
4
....
J
*63%
70
....
D
*111%
{Chic Milwaukee A St Paul—
♦Gen 4s eerlee A
May 1 1989
-
25
20
22%
24%
23
6
A
A
O
24%
7%
7%
2
M N
m
..
-
A
19%
19%
6%
28%
12
139
11
*12%
7%
7%
9%
6
East Ry Minn
19
East T Va A Ga Dlv 1st fis
11
Ed El 111 (N Y) 1st cons g
20
Electric Auto Lite conv 4s
12%
£1 Paso A 8 W 1st fis..
11
3%
5%
2%
67
11
18%
16%
10%
12
14
6
9
4%
8%
9%
D
m
~
58%
1944 A
O
1963 J
65
63%
7
49
10
43
J
1963 J
J
mi'm
J
{♦Choc Okla A Gulf
conB fis... 1962
Cincinnati Gas A Elec
1st mtge 3 Ms
Cln Leb A Nor 1st
:
—.
1967 J
4s... 1942
con gu
Cln Un Term let gu 3 H ser D
1st mtge gu 3%s ser E
.
1971
4s
W W Val Dlv 1st g 4s
91%
8
73%
24
72
18
•
{Florida East Coast 1st 4 Ms.-.1959
15
110
J
110
75
63
63
D
68
D
«.
67
~
*.
j--
15
24
63%
99%
*88
107%
96
~
,
99%
—
*.... 1942
Series C 3He guar....
Series D 3 Ms guar
Gen 4 Ms series A
*106%
1977
1950 F
...
*101%
85
74
1945
45
85
89%
91%
32
75
85
74
68
79%
16 1952 A
mm
22
50
34
35
102%
102
102%
102%
108
114
102%
114%
O
113
102%
A
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3%S—1951 A O
1f2%s del>enturea
1942 3 D
47
92% 102%
120
101%
102%
114%
,33%
29
113
J
106% 106%
102% 104
48
65%
-
104
34%
O
.Jan
16 1961 J
A H V 1st ext g 4s.. 1948 A
Columbus A Tol let ext 4s.
1955 F
Debenture fis.:
mm
-
*47
Cblumbus
79%
88
80
*105%
*103%
1970
Columbia G A E deb fis ...May 1952 MN
mmmmm
72%
.
80
.1980 MN
Commonwealth Edison Co—
Hist mtge g 4s series F
fist mtge 3%s series H
mmmmm
78%
88
fis.. 1943
Debenture fis...—Apr
107%
86%
*82%
•
__
Colo A South 4 Ha series A
108
105
....
*102%
Cleve Union Term gu 5Hs—. .1972
1st s f aerlee B guar
1973
1st s f 4 Ha series C
1977
Coal River Ry 1st gu 4s
.....
A
Gen A ref mtge 4 Ha series B. 1981
Cleve Short Line 1st gu 4%s—. .1961
Colo Fuel A Iron Co gen
♦fis Income mtge
108
108%
*106
1948 MN
94
8
102*%
4
92% 102%
109% 114%
1
109%
113
108%
109
12
107% 110%
105
105
105%
20
101 »i«
101»x«
101'ifl
19
103
105%
101*ii 103%
52
105*31 108%
:
1981
M
S
1055«
104*32
1047,2
110%
113%
110%
111
112%.
113%
113,
1965 A O
1st mtge 3 Ms series I.
..1968 J D
Conv debs 3 Ha
1958 J
J
3 Ms (lnt waived to and
Including
105*37
112%
113
105732
41
104*33 110%
36
107%
111%
105% 113%
163
'
May 15, 1939)
1958 J
J
Conn A Passump River 1st 4s. .1943 A O
Conn Ry A L 1st A ref
J
4%s
1951 J
Stamped
guar
4Mb.—"
1951 J
*88
3Ha debentures..,
.....1948 A
3 Ha debentures
1956 A
J
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s
1956
J
106%
109%
J
1st mtge 3 Ha
1st mtge 3 Ha
J
105%
Continental
Oil conv 2Ha
106
108
10
105
108
108%
109%
21
105% 109%
67
100% 105%
105
4
:
18
25
105%
10%
10
11%
rn
10%
58
m
m
m
-
M
_
-
>
-
—
9%
44%
106% 109%
107% 110%
107% 111%
103% 109%
100
105%
99
is
108%
104%
98%
109
32
104%
99
5
14
1948 J
D
108%
A
105%
108%
105%
109%
1951
105%
2
106
106
106
3
D
34%
47
100
96
105% 109%
102% 106%
104% 106%
40%
34%
34%
14
29%
37
36%
38
10
34%
41%
15
40%
45%
40
34
.
58%
108%
58%
34
1
109
9
59%
68
39
32%
38
107% 110%
52%
70%
^
.
For footnotes
see
page
334P.
108
108 M
105
14M
110%
109%
14M
109%.
A
O
J
25
98%
12%
*105%
*87%
J
89
145
MN
O
145
108M
107 %
A
108M
107%
*50
64 %
*50
'95 M
102%
*102%
102M
42
~42%
43
19
17 M
18%
14
14
18M
14M
27
14M
t
10 M
25
14M
13
~io"
10M
11
'hi
32
10%
10 %
40
41
9
38%
38 M
1
*85
S
94
*60%
83
O
J
13
107
3
102
102M
7
*98%
102%
102%
"3
83
102 M
103M
103
104%
104 M
43
104%
59%
59%
7%
6
103%
98 %
D
M 8
86
106%
106%
3
99
66
43
6%
8,
7
2
4
121
7M
13
1952
—
2Yt
♦Certificates of deposit
Fort St U D Co 1st g 4Mb
1941 }"}
Francisco Sugar coll trust 68—1956 MN
Gas A El of Berg Co cons g 5s„1949 J D
Gen Amer Investors deb fis A—1952 F A
J
Gen Cable 1st s f 5 Ms A
1947 J
♦Gen Elec (Germany) 7s
1948 J J
'
1940 J
♦Sinking fund deb 6 Ms
♦20-year a f deb 6s
2%
17%
2%
2%
*101
104
*40 %
43%
*125%
126%
104M
104%
1948 MN
F A
98
98%
8
53 M
52 %
53%
16
53
53
52%
53%
3
102**32 10215is
104%
105%
59
102"i2
104%
Gen Pub Serv deb fiMs.
1.1939
Gen Steel Cast 5 Ms with warr.1949
{♦Ga A Ala Ry 1st cons fis Oct 1 '46
*99"3Z
"~59%
*10%
*12%
Gouv A Oswegatchle 1st 5s....1942
Grand R AI ext 1st gu g 4 Ms..1941
Grays Point Term 1st gu 6s—.1947
Gt Cons EI Pow (Japan) 7s
1944
1st A gen a f 6 Ms
J
D
J
J
J
D
F
A
stampedl952
Gulf States Steel s f 4
Ms
Gulf States Util 4s series
C
93%
;
77
97
42
122
122%
74
75%
32
32%
MN
,101 *16
101%
33%
MN
"48 M
101»X6
127
34%
127
47%
13%
13M
A
112%
35
.
5
28
7
13
62
1
48%
41
14
75
112%
15
J
90
90
10
J
a86
a86
3
*85%
*85%
521
S
53M
53 M
7
51%
52
53%
5
43%
49%
46%
4
52%
20
56
57%
45%
"46 M
47
*80
*60
*
90
65
*46 "
*
81%
50
—1951
75%
—1951
Springfield Dlv 1st g 3 Ms.—1951
Western Lines 1st g 4s
1951
84%
g 3s
14
93%
108
74 M
Litchfield Dlv 1st gold 3s_—1951
Gold 3M8.___
6
"74"
73
*72
32 %
A
7
6%
A
F
36
56%
*106%
*38%
A
172
*103
73
1950
Loulsv Dlv A Term
g 3 Ms—1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term
73
5%
93M
1951
—1952 A O
1966
96
85%
MN
M
Aug'l
14
*53%
1961 A
.
5
23
71
*60
D
31
80
80%
"
95
J
J
38
92%
85
84%
85
J3
J
Refunding 4s
..1955 MN
Purchased lines 3 Ms
J
—1952 J
Collateral trust gold 4s._.__1953 M N
Refunding 5s
1955 MN
40-year 4Ms
F A
Cairo Bridge gold 4s
77
"96"
1966 A
J
♦Adjustment Income fis.Feb 1957
Illinois Bell Telp 3
Ms ser B—1970
Illinois Central 1st gold 4s
1961
1st gold 3 Ms—
1951
72
106%
79
.1961 A
♦Harpen Mining 6s..1
—1949
Hocking Val 1st cons g 4Mb.—1999
Hoe (R) A Co 1st
mtge
..1944
{{♦Housatonlc Ry cons g 5s...1937
Houston OH sink fund 6
Ms A. 1940
Hudson Coal 1st s f 6s ser A
..1962
Hudson Co Gas 1st g 5s...
1949
Hudson A Manhat 1st 5s ser A 1957
79
106%
90%
79%
Greenbrier Ry 1st gu 4s
Zl940 MN
Gulf Mob A Nor 1st
5Ms B...1950 A O
1st mtge 6s series C
.1950 A O
Gulf A Ship Island RR—
1st ref A Term M 6e
*60
85
...1946 J
Gen mtge 3 Ms series 1
1967 J
Green Bay A West deb ctfs
Feb
A..
Feb
♦Debentures ctfs B
'3
*50
91H
1977 J
1946 J
110
84%
*104%
—1973 I
1976 J
107
104%
*60
Great Northern 4%s series A—1961 J
General 5 Ms series B
1952 I
General mtge 4s series G
Gen mtge 4 sserles H
14%
40%
103*732
78
J
1950 J
General 6s series C
General 4Mb series D_
General 4 Ms series E
104M
45
"37
15
*37%
103%
103%
84%
1031316
1
100
58 K ,60
{{♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir sec 7s..1945
Goodrich (B F) conv deb 6s._.1945
1st mtge 4 Ms
1956
Gotham Silk Hosiery deb 5s w w '46 M S
31
98 M
D
f Gen Motors Accept Corp deb 3s.'46
15-year 3Ms deb.
1951
Collateral trust gold 4s
106
5
109
O
{{♦Prool of claim llled by owner. MN
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner MN
111
8
108%
104%
105
J
—1974
Extended 1st gold 3 Ms
1st gold 3s sterling
106%
111%
1st A ref fis series A
12
-53
108
111%
1950 MN
Cuba RR 1st fis g
1952 J
J
7 Ha series A extended to
1946— J D
6s series B extended to
1946
J
D
Dayton Pow A Lt 1st A ref3 Ha 1960 A O
Del A Hudson 1st A ref is
1943 MN
mmmm*
106
*109%
D
1942 J
10%
13%
9
......
m
108
D
F
8
m
mm-mm
mm
22%
106%
1966 M N
Crane Co a f deb 3 Ha
Crown Cork A Seal s f 4s
Cuba Nor Ry 1st
5Ms
103% 107
56
*52%
1970 M N
1946 J
24
106%
106%
*7
MN
1943 J
104%
*8
1967 M N
Container Corp 1st 6s
15-year deb fis
107% 110%
108
*6
May 1 1965 MN
1st mtge3%s
109
108
103%
*7
J
1st mtge 3 Ha
108
106
,
®
*21%
Consol Oil conv deb 3 Ha
1951 J D
{♦Consol Ry non-conv deb 4s. .1954 J
J
♦Debenture 4s
1955 J
J
♦Debenture 4s...
1955 A O
♦Debenture 4s
1956 J
J
Consolidation Coal s f fis
1960
Consumers Power 3%s_May 1 1965
98
106
104%
O
1958 J
108
O
3 Ha debentures
104% 113
89%
89%
110% 112%
76
*111%
*108%
J
Conn Rlv Pow s f 3%s A
1961 F A
Consol Edison (N Y) deb
3%s_1946 A O
105
1943 J
♦Certificates of deposit
Fonda Johns A Glov 4 Ms
90
107% 111%
106% 106%
30
108%
58
70
90
*
*107%
1942
63%
5
mm
105
85
46%
56%
63%
68%
99%
93%
77
77
1
23
51%
63
*65
108%
-
83
49
*
J
-
68
83
83
50%
♦
110
*42
A
1940 J
79
109
«.
40
35
.
12%
109
101
J
Firestone Tire A Rubber 3Ms. 1948 A
110%
♦18
J
stamped
{♦Fla Cent A Pennln fis
110%
*110
.
s f 6s
5
101
101
J
M
I*
•3%
110%
"50"
J
A
7%
9%
D
1942 M
1st Hen 6s stamped...—...1942 M S
30-year deb 6s series B
1954 J D
1st Hen
64
16
-
1969 F
'•
D
1954 F A
...1956 J L
96%
108% 110%
110% 111%
100% 103
106
109%
>111%
^
Cleve Elec Ilium 1st M 3%B—. 1965
Cleve A Pgh gen gu 4 He ser B. 1942
•
-—1938
88
14%
110%
J
Federal Light A Traction 1st fis 1942 M P
fis Internationa series
1942 M S
105% 109
100% 106%
86%
97
109
D
MN
1940 M S
Series B 3%s guar..
Series A 4 Ms guar
23
*10%
Ref A lmpt 4 Ha series E
1977 J
J
Cln Wabash A M Dlv 1st 4s. 1991 J
J
St L Dlv 1st coll tr g 4s
1990 MN
g
26
106%
90%
M N
Clev e Cln Chic A St L gen 4s... 1993 3
Genera ! 6s series B
1993 J
Spr A Col Dlv 1st
109
110%
110%
♦38 "
'
109%
90
m
73%
A
1943 J
Clearfield A Mah 1st gu 6s
-
MN
1966 F
3%s
-
107
90
*•
90%
1st A ref M 4%s series D
1962 M S
Chllds Co deh fie...
A O
.... 1943
5
108%
1951 M S
4s... 1952 J
D
s
Ernesto Breda 7s
107
106
108%
109
6
J
1953
{♦3d mtge 4Ma
52%
104
105%
108%
"20
110M
60%
'
1
105%
108%
105%
112"
104%
106%
105%
105%
32
*1H'M
J
f 68—1957 J
♦N Y A Erie RR ext 1st 4s__1947 MN
♦Genessee River 1st
Chicago Union Station1st mtge 4s "Ties D
1
109
109
fis of 1927
1967 MN
♦Ref A lmpt fis Of 1930—1975 A O
J
♦Erie A Jersey 1st s f 6s
1955 J
Fairbanks Morse deb 4s
Guaranteed 4s.
9
13
3%
S
.—.1953
♦Series B
4%
55
2
-1965
♦Gen conv 4s series D
83%
65
60%
52%
61
2%
70
55
3M
6
111M
mfc"
O
♦Ret A imp.
8
4
10
«.*,
55
52%
5
1
5%
2%
89%
A
fis stamped
6%
45
6%
5%
4
3%
*30 M
M 8
..1965
Erie A Pitts g gu 3Ms ser B—1940
Series C 3 Ha
-1940
{♦Erie RR 1st cons g 4s prior..1996
♦1st consol gen lien g 4s
1996
♦Conv 4s series A—..
,.1953
13
3%
2
10
9%
10M
5%
J
19
106
3M
J
Low
108
*3%
A
Elgin Jollet A East 1st g fis.—1941
11
5%
6
5%
6
w
D
..
*9%
F
1952 F
5%
45
13
9M
1956 MN
58—1995
5%
4
*5%
„
Nor Dlv 1st 4s_. 1948
13
57
6
16%
10%
'
Dec 1 1960 M 8
con
J
F
Dul MlssabeAIr Range Ry 3 %sl962 A
10
11%
Chic T H A So'eastern lBt fis.. 1960 J
guaranteed
MN
MN
{{♦Dul Sou Shore A Atl g fis..1937
Duquesne Light 1st M 3 Ms—1965
6
*50%
12%
*70
1st mtge 3%o series E
1
106%
105%
108 M
106 %
16
7%
12%
D
3Ha
108 M
J
1951
Dow Chemical deb 3s
37
8
3%
O
1995
♦Second gold 4s_
16%
12
8
fis...1995
11
30
1
7%
3%
„
...June 15 1951 J
Memphis Dlv 1st g 4s
'..1951 J
Chic A West Indiana
J
J
Detroit Term A Tunnel 4 Ms..1961
3%
16
10
14%
7%
7%
7%
2
2
♦Detroit A Mac 1st lien g
29
10%
-
14
12%
*80
fis
29
2%
13
12%
D
gu
18%
15
12%
12%
13%
1951 J
3 Ms
Gen A ref mtge 3 Ha ser
7
*10%
{♦Secured 4 Ms series A—-.1962 M*S
♦ Certificates of
deposit
♦Conv g 4Hs--1960 MN
lnc
11
.1965 A
G—1966 M
Gen A ref M 4s ser F
27
129
11
12%
13
28%
7%
*11%
12%
-
19%
18
25
2
m
♦Certificates of deposit
Gold
112%
30
25
,
12
1987 M N
I ♦Secured 0%s
1936 MN
♦1st ref g 5s
May 1 2037 J D
♦1st A ref 4%s stpd.May 1 2037 J D
♦1st A ref 4%s ser C-May 1 2037 J D
♦Conv 4%s series A—
1949 MN
{{♦Chicago Railways 1st fie stpd
Aug 1938 25% part paid .. .... F A
{♦CbicRI A Pac Ry gen 4s-, 1988 J J
Cb St L A New Orleans fis
105M
J
14a
43
25%
24%
F
stamped
{♦Refunding gold 4s.—..—1934
♦Certificates of deposit—.
105
*108%
105M
Detroit Fdlson Co 4Ha ser D..1961 F
♦Gen 4%s stpd Fed lnc tax..1987 M N
♦Gen fis stpd Fed lnc tax
1987 M N
♦4 Ms
6
75
111
24
♦Stpd 4s non-p Fed lnc tax 1987 M N
■
6%
3
63%
112%
23
...1987 M N
4s
11M
3%
....
24%
1 1989
1 1989
♦Gen 4 Ms series E---May 1 1989
♦GeD 4%s series F—May 1 1989
{♦Chic Mllw St P A Pac fis A..1976
♦Conv adj fis
Jan 1 2000
{♦Chic A No West gen g 3%s—1987
♦Gen g 3 Ms series B._ May
♦Gen 4 Ha series C—May
♦General
3%
16
©
No.
J
Stamped as to Penna tax
{{♦Den A R G 1st cons
©
High
J
Den Gas A El 1st A ref s f 68—1951
13%
S3
03 CO
MN
24%
....
<t
Asked
J
1971
1969
1969
Ha
15%
9%
1956 J
1969 J
Chic L S A East 1st 4 Ms..
Del Power A Light 1st 4
81%
....
13
Bid
Low
101
or
Friday's
Price
High
68
15
*9
Range
Sale
Nft,
3
20%
*10%
TjOw
97
84
9mrnmmm
I
Jan.
1939
Week't
Last
High
♦1st A gen 6s series B..May 1966 J
Chic Ind A Sou 60-year 4s
N. Y. STOCK EXCHANGE
Week Ended June 2
cq<§
16%
1982 MN
{♦Chicago Great West 1st 4e...l959 M 5
{♦Chic Ind A Loulsv ref 6s
1947 J J
J
♦Refunding g fie series B
1947 J
J
♦Refunding 4s series C
1947 J
♦1st A gen fis series A
1966 MN
BONDS
Since
Atked
<k
mmmmmrn
♦Certificates of deposit..
Range
Friday's
Bid
Low
Chicago A Erie 1st gold fie
Friday
Range or
Sale
{{♦Chicago A East III 1st 6s...1934 A O
{♦C A E 111 Ry gen fie
1951 MN
June 3,
Week't
Friday
'69%
17
134
3
Volume
New York Bond
148
Friday
8-e
BONDS
k
N. Y. STOCK EXCHANGE
Range or
Sale
Friday's
Price
lid
1963 J
D
1963 J
D
1940 A
O
♦Ilseder Steel Corp 6s
1948 F
Ind Bloom 4 West 1st ext 4a—1940 A
Ind 111 4 Iowa 1st g 4s
1950 J
{♦Ind 4 Louisville 1st gu 4s—1956 J
A
1st 4 ref 4%s series C
Illinois Steel deb 4%s
Ind
49%
46%
103%2
47%
95
J
61%
.1942
♦1st 6s series B__„.
60
49
53%
68
59
20
51
66
81
7
79
89%
"l6"
_
-
24
9
2
14
2
J
*9
10
J
*9
10
"86%
+
m
98%
92%
23
93
10
82%
94%
83%
12
76%
83%
4
88%
"98%
97
98%
J
64%
64%
66
55
53
F
98%
71%
A
68%
68%
69%
70
56
75%
2%
11
2
M 8
2
2
49
1
91%
"92"
49
92
16
*85
O
.27
85%
"76"
68%
70%
24
69
O
68%
69
17
J
J
109%
105%
D
♦Karatadt (Rudolph) 1st 6s—1943 MN
108%
*
w
stmp (par $645)—1943
stmp (par $925)..1943 M N
♦Ctfs with warr (par $925)..
Keith (B F) Corp 1st 6s__
1946 M 8
Kentucky Central gold 4a
J
J
Kentucky 4 Ind Term 4Mb—1961 J
J
M
mm
—
-
4
30%
"99
108%
-
20
■
9
108%
92%
♦
J
J
"76"
76
J
*55
90
95
....
167
167
2
J
Kinney (G R) 6 Ms ext to
Koppers Co 4s series A
Kreage Foundation coll tr 4s..
3Ma collateral trust notes...
*
*85%
108%
....
103
104%
108%
102%
102%
....
95
"101%
101%
104%
103%
J
"103%
60
105
9
37
103%
1959 M 8
11%
12%
8
O
90
89%
90
A
55%
55
55%
3
21
52%
A
43
A
43%
44
J
J
J
74%
*65"
D
"85%
,
79%
45
45%
91%
68%
58%
2
42
60%
67
75
63
....
67
85%
84
90
22
21%
51%
52
27%
64
64%
84%
31%
91
39
J
58
54
58
J
J
57
54
57%
O
90
89%
6
90
*33%
M S
18
92
18
37
deposit.
•
A
F
A
A
F
1
23
24
1
A
•»
~
—
J
J
2
40
2
44%
17
13
13%
52
62
21%
|WN
15
16
MN
16
54
13
17
1
21%
13%
22
60
17%
18%
i
MN
18
18
i
MN
17
45%
A
O
0
i A
O
I F
A
18%
10
,
.14
1
16
18
•
O
I A
17%
*50
2 A
D
117%
128%
129
2 M N
F
2 J
A
D
3 F
A
3 A
61
M
6
9
M
50%
0
J
6 M S
5
M
0 J
J
1st 4 ref 6s series B
3 A
C
3 A
128%
110%
C
100%
5
4 F
page 3349.
—
e
98% 103%
6
49
56%
3
104
108%
62
68
81%
86%
80
87
88
128%
8%
73
28%
4%
1%
7
*5M
*1%.
2.
2%
8M
8%
a
3%
5%
4
6%
8%
2%
6
9
2
J
4
2
2
*1%
68
68
70
36%
68%
45
68
68
1%
64%
70
2%
J
J
J
D
34
J
22
23
J
J
18%
35%
21%
18%
36%
J
J
19%
17%
51%
37%
32%
20
20
20
19
34
O
19
9
A
14%
•9%
13%
*12%
"T%
14
3%
14%
8
21
12%
15
~
4
13%
14%
14
*56
3
14%
12%
12%
66
14
13
-
F"
A
14
13
13%
14%
A
2
12%
31
14
10
13
65
12%
12%
13
*65%
6%
21%
20%
21%
19%
4%
21%
20%
21%
20%
12%
12%
3
27
O
17%
21%
20%
65
45
"13
3
13
70
18%
18%
18%
3
15
22%
25
25
17M
28%
25%
29%
47
28
17.
19%
29%
34
45
55
*46
49%
106%
106
108%
'108%
109
106
105
107
100%
100%
94%
100%
96
1965 A
.1956 A
102% 106%
10
96
110%
100% 108%
96% 100%
93%
97%
70
72%
67%
67%
13
70
70
107
26
312
1
79
1955 A
1955 A
-
44
41%
44
M N
42
41
42
M N
39
J
38%
109%
D
J
41
*98%
70%
-
70%
42
42
♦4Mb Jan 1914 coupon on...1957
♦4Mb July 1914 coupon on..1967
♦4Mb July 1914 coupon off..1957
49
104% 109%
114
116%
99%
97
70 % 5
42%
4
69
100
72
29%
102
*102
"106%
54
37%
•
56%
39
39%
109%
*115%
A
Nat Acme 4 Ma extended to
D
1946 J
Nat Dairy Prod deb 3% ■ w w„ 1951 MN
Nat Gypsum 4 Ma a f deba„—1950 MN
National Rys of Mexico—
106%
*105%
106%
69
106
46
102
102% 106%
104% 106
*%
%
*%
*%
'
4 rets No 4 on *57
*%
*%
*%
*26
*%
*%
*%
1951
♦4s April 1914 coupon off—.1951
♦Assent warr 4 rets No 4 on *61
58
*%
%
%
1
%
%
%
♦4s April 1914 coupon on——1977
♦48 April 1914 coupon off...1977
♦Assent warr 4 rets No 5 on *77
Nat RR of Mex prior Hen 4 Ma—
on
75
J
Nash Chatt 4 St L 4s ser A...-.1978 F
Nassau Elec gu g 4a stpd——1951 J
{♦Assent warr 4 rets No 4
♦4s April 1914 coupon on
8
3
4%
14%
f 4 Ma se»1ea C
5s series D
50
32
17%
31%
8
""'2%
1981
76%
14%
4%
*8M
13%
{♦Naugatuck RR let
g
1954 MN
4s
"""%
'
1%
%
1%
1%
%
1%
%
%
1%
1
*43
'
60
Newark Consol Gas cons 6s
1948 J
{♦New England RR
1945 J
J
*20
24
♦Consol guar 4s
I.....—1945 J
New England Tel 4 Tel 5a A..1952 J
J
*21
29
127
127
guar 6s
D
D
122% 124
*124%
127
1st g 4 Ma series B
1961 MN
N J Junction RR guar 1st 48—1986 F A
126%
126%
127
N J Pow 4 Light 1st 4 Ma—1960 A
New Orl Great Nor 6s A
1983 J
107%
107%
108"
O
....
128%
J
N O 4 N E 1st ref 4 Imp 4 Ms A 1952
New Orl Pub Serv 1st 5a ser A.. 1952
20
20
1
5
"i§
27%
27%
124% 128%
123% 1?8
106% 109%
6
127% 129%
2
122% 126%
{{♦N OTex4 Mexn-clnc 5s„1936
85%
15
110%
110%
18
105%
New Orleans Term 1st gu 4s—1953
126%
99%
86
100%
92%
86%
47
17
6
83
79
85%
*110
*69
105%
*23%
108
90%
110%
105% 108%
99
27
"16
....
74
103% "1
101
91
99%
84%
93%
89%
80
100
84%
75%
74
85%
97% 101
82%
88
110
111%
65
77
104
105%
22
24%
♦1st 6s series B
♦
♦Certificates of deposit..
1st 6s series C
♦1st 4 Ms series D
♦1st 5 %s series A
♦Certificates of deposit
71
1
66
54%
104%
56
106
7
50
105%
67%
105%
68
71
105
...1955
84%
75%
II"I!
23
11M
*13
2%
13%
s f
99%
84
80%
*79
85%
J
107
86
*99%
Mb
110%
91%
92
86%
5 M S
2 J
96% -99%
107
107
"r80
*108%
6 F
M
127% 130
75
126
85%
C
3 A
.
Gen 4 ref
warr
25
*23 M
8
J
72%
9%
42%
13
11
J
M
74%
60
M
*22
...I960
1st 4 ref 6s series B
C
3 A
3
5
*85
8
1st 4 ref 4Mb series C.
1st 4 ref 4s series D„.
129%
*82%
......
Louisville 4 Nashville RR—
0
108
*67%
*42
13%
f 6s series A
♦Assent
89%'
~90% "97"
"2%
f 5s series B
%
"§6"" "36"
99%
*11
—1977 M S
s
8%
117%
127"
*61
A
9 J
1st 4 ref 3Ma series E.
.50
-
......
M
A
1 F
6s.
Louisiana Gas 4 Elec 3 Mb
Louis 4 Jeff Bridge Co gu 4s_.
103%
50%
108%
112
4
108%
*
9
14
103
g
i
10
*107
103%
C
9
♦Long Dock Co 3%s ext to...
108
a
68
57
108
99%
"I08*"
/
57
117%
128%
129%
99%
129
O
7 J
m
128%
.j;«...
v
22%
22%
■*
55
+
-
15%
yjs
*
21
60
'
J
g 58—1947 F
s
102
7
%
*98%
J
1980 A
Gen 4 ref
.66
44%
46%
17
J
J
5 A
22
15%
17
5
24
36
44
*40
J MN
deb 3 Ms—
Lombard Elec 7s series A
22
49%
44%
-44%
J MN
a f
23
23%
30
"56"
*36%
M
)J
6s.
20
23
16%
17%
16%
35
J
)J
4Mb
2
Ji.
95
33
Mutual Fuel Gas 1st gu g 5s. ..1947 M N
Mut Un Tel gtd 6s ext at
5%..1941 MN
18
1J
♦4s assented
---
"24"
A
1 F
4s....
23
*22%
•
i
Leh Val N Y 1st gu
23
-
F
f 6a.
*23%'
100 M
8
94
Morris 4 Essex 1st gu
3M--—2000
Constr M 5s series A
—.1956
Constr M 4M8 series B
1955
Mountain States T 4 T 3Ma—1968
37
20
18
F
110% 111%
14
♦Ref 4 lmpt 4Mb..
54%
111
...1978 M N
Gen 4 ref
*
39
110%
*M
6s debentures
1966
Montana Power 1st 4 ref
3%s.l966
Montreal Tram 1st 4 ref 6s
1941
13
"72" "87"
*M
{♦Secured 6% notes
1938 M S
Mohawk 4 Malone 1st gu g 4s_1991 M S
Monongahela Ry 1st M 4s ser A '60 MN
Monongahela West Penn Pub Serv
51
41
,
81
...1949 MN
Gen 4 ref
Dec
♦lst 4 ref s f 5s...
{Mobile 4 Ohio RR—
♦Montgomery Dlv 1st
81
%
101% 104%
♦Certificates of deposit...
i*MoPac 3d 7s ext at 4%.July 1938 MN
13%
3
88
J
A
7
25
85%
24%
Lautaro Nitrate Co Ltd—
For footnotes see
102%
47%
44%
29%
82%
83%
17%
50-
8
1976 "MS
—1977 M S
1st mtge 4Ma.
♦
J
J
Lehigh 4 N Y 1st gu g 4s.
Lehigh Val Coal Co-
15
53%
43%
F
...
A
F
Loews Inc
99
24%
88
1965 F
♦Certificates of deposit
♦1st 4 ref 5s series 1
102% 105%
100
103%
26%
14
100
♦Certificates of deposit
"
104
103 %
J
♦Conv gold 5Ma..J
♦1st 4 ref g 6s series H
98
33%
111
J
♦1st 4 ref 5s series G
88%
*107
49
*11—1
1938 J
4s.._
51%
23
81
*72%
♦Certificates of deposit
167
79
98
Lake Erie 4 Western RR—
cons
163"
*98
A
F
cons g
♦General
39%
103 %
*..___
int—.1938 J
♦1st 4 ref 6s series F
mmmmm
....
87%
F
♦General
77
mm
72%
15
64
103%
J
g4s Int gu '38 J
as to
High
67
14
MN
1952
{♦Mo Pac 1st 4 ref 5s ser A
♦Certificates of deposit
mmmmm
'
....
D
MN
F
"72
mmmmrn
:
A
♦Lehigh Val (Pa)
27
93% 100
106
108%
m
con
88
1951 M S
Prior lien 4Mb series D.....1978 J
♦Cum adjust 6s ser A
Jan 1967 A
-
Uniform etls of deposit
s
27
*104%
mmmrnmm
J
4
'
,
J
J
..
30
17%
20
....
*55
4Mb unguaranteed
1961 J
J
Kings County El L 4 P 6a
A O
Kings County Elev 1st g 4s__.
F A
Kings Co Lighting 1st 6s
J
J
1st 4 ref 6 Ma
16%
mm*-"
"98"
•»
J
....
Plain—
103% 107
mrn-m-m
cons 6s gu
Low
95
*8M
A
J
No.
35
D
♦1st 4 ref 68 series A
1946
♦25-year 5 Ma
...1949
♦1st 4 ref 5 Ma series B
1978
{♦ Mo-Ill RR 1st 6s series A
1959
Mo Kan 4 Tex 1st
gold 4s
1990
M-K-T RR pr Hen 5s ser A
1962
40-year 4s series B
...1962
72%
56
71%
107% 109%
*
«*
{♦1st
35
65
37
mmmrnm
m'rnm
{|*M St P 4 SS M
{♦1st cons 6s
36%
19
25
*
mm mm
24%
23%
36%
*17%
m
15
109%
105%
105%
w
79
11
29
*25%
96%
85%
43%
41%
*63
♦1st 4 ref gold 4s
—..1949 M S
♦Ref 4 ext 50-yr 6s
ser A...1962 Q
F
58%
90%
mmmm
27
...
46
41%
*86%
3Ms..1941
{♦Minn 4 St Louis 5s ctfs..
1934 MN
5
32 M
40 %
Ref 4 lmpt 4
Ms Berles C—1979 J
J
{♦Mid of N J 1st ext 5s
1940 A O
{♦Mil 4 No 1st ext 4 Ma
1939 J D
♦Con ext 4 Ms
1939 J D
{♦Mil Spar 4 N W 1st gu 4a
1947 M S
{♦Mllw 4 State Line 1st
J
J
100
A
Ref 4 Impt 6s
Apr 1950 J
Kansas City Term 1st 4s
1960 J
Kansas Gas 4 Electric 4 Ma
1980 J
♦1st 4 ref
60%
21
97%
....
♦Certificates of
48%
58%
31
*28 M
O
1966 J
Jack Lans 4
Sag 3 Ma
1st gold 3 Ma
F
{{♦K C Ft 8 & M Ry ref g 4s._1936 A
♦Certificates of deposit..
Kan City Sou lBt gold 3s
1950 A
Coll tr 6s series B
87
91
98%
James Frank] 4 Clear lBt 4s.. 1969 J D
Jones 4 Laughlln Steel 4 % 8 A.. 1961 M 8
Kanawha 4 Mich 1st gu g 4s..1990 A O
secured 5s
72%
86%
58
92%
43 M
Jan. 1
105% 107
73 %
46
1977 M S
1977 M S
Michigan Central Detroit 4
Bay
City Air Line 4s
1940
20
20
73
J
...
{♦Kreuger 4 Toll
4
83%
58
♦Mex Internat 1st 4s
asstd
♦4s (Sept 1914
coupon)
♦Mlag Mill Mach 1st a f 7s
20%
83%
.1941 AO
32
O
O
D 6 Ms
1950 A
{{♦Met West Side El
(Chic) 4s.l938 F
9%
~
1947 A
6s
Metrop Wat Sew 4
9%
m
a f
High
Since
<§
CQ
107
45 M
Feb 1 1957 MN
A
Range
:3
Asked
&
*72
J
A...April 1940
Mead Corp 1st 6s
with warr..1945 MN
Metrop Ed 1st 4 Ma series D...1968 M S
99% 103
■
"16
9%
2
O
..
Stamped...
43
.1944 A
1st lien 4 ref 6 %s
.1947
Int Telep 4 Teleg deb g
4MS., .1952
Debenture 6s
.1955
{♦Iowa Central Ry 1st 4 ref 4s .1951
w
68
27
f
Marlon Steam Shovel
Market St Ry 7s ser
70
56
1
O
Internal Paper 6s ser A 4 B—. .1947 J
J
Ref s f 6s series A
.1955 M S
w
56
3
*103
J
Int Rys Cent Amer 1st 6s B—. .1972 MN
♦Ctfs
43
34
57%
MN
62%.
60
34
s
Rid
*106%
♦Second 4s
D
2013
Manila Elec RR 4 Lt a f
5s...1963 M S
Manila RR (South
Lines) 4s...1959 MN
{♦Man G B 4 N W 1st
J
3Ma...1941
97%
80%
80%
Price
Low
{♦Manhat Ry (N Y) cons 4s__1990
♦Certificates of deposit
109%
.1956 J
♦1st g 6s series C
Internat Hydro E) deb 6s
Int Merc Marine s f 6s
♦Ctfs
90
106
61%
■>
O
.1956 J
104
59%
mmm
Manati Sugar 4s
95
16
108%
Friday's
s f deb 5s.l951 MN
Maine Central RR 4s
ser A...1945
D
Gen mtge 4 Ms
series A
D
1960
70%
10%
104%
59%
M
{♦Int-Grt Nor 1st 6s ser A
.1952 J
♦Adjustment 6s ser A__July 1952 A
8
"95" "~6
93
108
{♦10-year 6s
1932 A O
{♦10-year conv 7% notes.—1932 M S
♦Certificates of deposit
.1947 A
66
►104
J
if
Range or
Sale
McCrory Stores Corp
41%
95
70
•
{Interboro Rap Tran 1st 6s—1966 J
Certificates of deposit
Int Agrlc Corp 5s stamped
99
*7%
/P
1C8%
deb 4a
32
Week's
Last
STOCK EXCHANGE
Week Ended June 2
High
20
*55
A
conv
1
*94
J
F
Interlake Iron
6
38%
Friday i
N. Y
43
60%
40%
56%
103%i105
12
103%2
Low
88
46%
38%
J
1948 J
1961
50
1037>2
Union Ry 3%a series B—1986 M S
Industr'al Rayon 4%s
Inland Steel 3%s series D
3347
BQNDS
Since
Jan. 1
No.
High
45
O
!
Range
Bonds Sold
Asked
&
IJOW
111 Cent and Chic St L 4 N
Joint 1st ref 6s series A
4
Week's
Last
O
sS
Week Ended June 2
Record—Continued—Page
68
102
106
102
11
68
105%
74"%
23
34%
29
1
30
31
8
*26
59%
33
22
29
1954
75
24%
37
33
31%
35
24%
36%
1956
29%
29%
"16
1956
30
10
24
35%
30
30%
31%
10
24%
*26
31%
39%
34%
1954 O
A
23
New York Bond Record—Continued—Page 5
3348
Week's
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended June 2
Price
Range or
Sale
&
Low
4M8.1945
RR 4s series A
1998
3Ms sec s f
1946
Newport A C Bdge gen gu
N Y Cent
10-year
2013
2013
Conv secured 3Ma
1962
N Y Cent A Hud River 3 Ms —1997
Debenture 4s
1942
Ref A impt 4 Ms ser A
2013
series A
Rel A Impt 6s series C
Ret A impt 4 Ms
J
110
F
Asked
High
110
No.
110
1
BONDS
Since
Jan.
Low
1
Ref
66M
73M
Penn Glass
71
73 M
66
71
82 M
Pa Ohio A Det 1st
49 M
51M
109
45M
62 M
4Mb series B
A
54 M
55 M
135
61
69M
MN
60 M
53 M
59
60 M
46
56
79M
78
79 M
33
76
77 M
84 M
74
74
74
10
74
85M
57 M
J
57 M
50
58 M
49 M
A
O
M
S
62 M
70
•
59
68 M
47 M
71M
47 M
1st guar
6s series B
4s—
E
Erie RR
1st lien A ref 3Mb ser
N Y A Erie—See
86 M
60
18
50
7
104
107
107 M
9
106
107 M
52 M
5
49
59 M
52
52
lioM
109 M
111
4Ms series B—
1973
♦NYLEAW Coal A RR 6Ms '42
5
24
110M
111M
12
72 M
1992
m •
-
*100 M
*53 M
58
49-
*50M
*20 M
*45
A
1942
N Y Steam Corp 3 Ms
1963
{|*N Y Susq A West 1st ref 5s 1937
f*2d gold 4 Ms.—1937
♦General gold 6s—
.1940
♦Terminal 1st gold 5s
1943
N Y Telep 1st A gen s f 4MB—-1939
Ref mtge 3Ms ser B
1967
N Y Trap Rock 1st 6s
..—.1946
6s stamped..
.......1946
31
10
68
10 M
20 M
_
4M
13M
—
14
"*21
49
14
—•
35
21M
*4M
21H
52
18
45
67 M
104
5
104M
*3
F
A
*6M
105M
105 H
67
7M
7M
6
-
MN
1949
1954
F
F
1959 F A
..1974 M 8
,
2%
62
90
2
1
109
21
5
111M
109M
100M
100 M 105i*ii
106M
107 M
*112M
17M
15M
107
39
65M
45
50
70 H
72
-
-•«
-
66
32
42 M
44
43 H
45 M
8
50,,
54 M
56 %
46 M
1.59
'45 M
46 %
J
46
HOM
109M
*
100
......
7
46 M
27
.
16
HOM
.
*6
411
53
41
60 M
50 M
74 M
65
42 M
42 M
107
M
64
HOM
7M
4
4
*
105M
105 M
A
A
M
M
F
J
1957 M
1960.F
1963 F
A....1940
1942
1942
Series D 4s guar..
1945
Series E 3 Ms guar gold
1949
Series F 4s guar gold
1963
Pitts C C C A St L 4Mb
Series B 4Mb guar
Series C 4Mb guar
4s
cons guar
O
O
N
N
A
D
N
A
A
1964 MN
1970 J D
1975 A O
J
197 J
Gen mtge 5s series A...
Gen mtge 5s series B
Gen 4 Mb Series C._
M N
Pitts Va A Char 1st 4s guar...194
D
Pitts A W Va 1st 4 Ms ser A. .1958 J
1st mtge 4Ms series
103 M 105M
H2M 113M
U2M 115M
D
.1943 F
A
105 %
.1945 MN
-
*114
_
Oregon RR A Nav con g 4s.. .1946 J
Ore Short Line 1st cons g 6s.. .1946 J
Guar stpd cons 6s
.1946 J
D
HOM
110
J
117M
117M
1G7
118M
106M
—
Otis Steel 1st mtge A 4MB— .1962 J
Porto Rico Am Tob
74 M
1964
'
105
101H 108M
107
110
3
107 H HOM
8
110M
*101M
Purity Bakeries
s
....
1966
I^Pac RR of Mo 1st ext g 4s__1938
V2d ext gold 6s
1938
Pacific Tel A Tel 3Ms ser B..1966
Ref mtge 3Ms series C
1966
Paducah A III 1st s f g 4 Ms
1955 J
Panhandle Eastern Pipe L 4s._1952 M
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955
Paramount Pictures deb 6s...1955
for deb 6s A
*116M
-----
*117M
---
106 M
106
98'
M
M
1944 A
I
6s_. 1942
1948 J
64M
81M
53
110
*70
J
*70
Penn Co gu 3Ms coll tr ser B..1941 F
75
36
-
-
-
-«»
110M
109M
*101M
104M
-
-
1
110M
J
-
HOM
D
*52
ioi y%
6
----
12
105M
2
87 M
*100^16
101M
56
17
87 M
8
125
45
A
103
D
*103
Guar 3 Ms trust ctfs D
1942
1944
------
103M
Guar 4s
1952 MN
103 M
103 M
1963 F
103M
102M
D
A
-
-
-
2
125M
45
2
1
103
104 M
-
3
56
---
-
H3M
67
83
65M
72
107M 110M
108M 110M
101 M 101 %
44
"72M
117
107
44M
~33
106
15M
*109M
41M
16M
459
^
J
*43
101
6
—
44 M
35
41M
10M
16M
108M 109M
88
2
3M
4
40
...
100M
75M
107 M
34
72
78
*1%
58 M
106
24
101
49 M
95 M
101
«
103 M
103 M
61M
68
80
%
103M
45
4
73
72 M
79
55
54
58
73
74
64 M
58
72 M
3
5
64
72 H
w
w.1956 M 8
gu...
1941 MN
57 M
99 M 102
82 M
98 M
45
89
102M
68
123 M 125M
45
61
101M 103
101H 103 M
1
99 M 103 M
103M
10
103 M
26
98 M 103M
98 M 103 M
103 M
F
.
69 M
80
8 f conv
"90"
"91M "35
85M
106
3
.102 H
107 M
21
85 M
94 H
90
91M
M
2
98
J
98
J
*37
J
*21M
♦Rhine-Westphalia EI Pr 7s...I960 M N
♦Direct mtge 6s
.——.—1952 MN
♦Cons mtge 6s of
-
F
A
*24
24 H
O
*24
106
----
3
106
106
51
22
27 %
21
28
23M
28
23 M
4
24 M
1952 M S
debentures...
101M
18M
-
24 M
24 M
95
M
21M
-
30
*27
94
'37
501
1955 A
1928......1953
104
99
106
♦1st
con
s
f 7s...
gu
A coll trust 4s A
Roch G A E 4Mb Berles
Gen mtge 6s series E
_
J
1949 A
D—..1977
*104M
M
33 M
32
O
17M
27 m
10413i6
f 6s
{♦Rutland RR 1st
♦Stamped
1948 A
_.
stmp.....Il949
—
*-■—
-
100M 107 M
----
103 M 105 M
10M
13M
46
43
-
33 X
10
32
17M
M
*123 M
S
.1967 MS
1967 M S
26
15 M
"
44
20
.....
10 5 M
—
—
—
-
—
3
l"6i»7. lllM
....
*108M
9
{|*R I Ark A Louis 1st 4mb—1934 M S
s
"l6M
—
17
...1962 M S
Gen mtge 3 Ms series H
Gen mtge 3 Ms series 1
---
*26
O
7M
J
"9""
30
*6
J
5
w
7M
8
26
3
4 ,"
con
4Ms—1941
1
4M
5M,
D
Safeway Stores 8 f deb 4s
1947
Saguenay Pow Ltd 1st M 4MS.1966 A O
St Jos A Grand Island 1st 4s.-.1947
J
St Lawr A Adlr 1st g 5s
2d gold 6s
-.1996
...1966 A
-
7H
J
106M
7%
106M
106M
106M
106 M
13M
.26
8
8 '
8
104M 106 M
105 M 107
106M 107M
*107M
*60
J
85
89
O
St Louis Iron Mtn A Southern—
52
65 M
*55
63
51M
64
*13 H
16
12M
17 M
62 M
14
60
1933 MN
♦IRlv A G Div 1st g 4s
♦Certificates of deposit...
60 H
12
103 M 105 M
50
54 M
101M
O
125
52
60
109M
A
1942 M 8
51M
35 M
-
58
Revere Cop A Br 1st mtge 4Ms. 1956 J
♦Rhelnelbe Union s f 7s
1946 J
♦Rhine-Ruhr Water Service 6s. 1953 J
1
111 H
Pat A Passaic G A E cons 5s...1949 M 8
37
39
36M
*73M
91M
11
109
112 H
105M 110M
87 M
98 M
93 M
106 M 107 M
37
51M
——
40
40M '
15M
"91 %
58
18
»
102 M 107 M
101X 106 M
104
M
"70 M
*106M
72 M
J
A
75
20
8
Saratoga 6s
74M
112
-
-
35 M
Purch money 1st M conv 6 Ms '54 M N
Gen mtge 4 Ms series C—...1956 MN
{♦Rut-Canadian 4s
112M
-
116M
112M 116M
(65% pd).—
Remington Rand deb 4Ms
♦Ruhr Chemical
112M
-
112
106 M
106
-98
*34M
O
|*Debenture gold 6s
..1941
Reading Co Jersey Cent coll 4s_1951
Gen A ref 4Mb series A
1997
103 M 107M
111 M
-
105M
105%
96 M
*107 M
*34M
O
1950 J
conv
stk
com
113M 117 M
116M H8M
111M
109 M
8
105
-----
.....
{♦Radlo-Kelth-Orph pt pd ctfs
1
H2M
O
107 M
107 M
105
*10,7M
A
1960 M S
f deb 6s
37
D
D
109
—
*107 M
—
1942
107
D
1st A ref mtge 3Ms ser H...1961
108M 108M
106
106 M 106 M
1948 J
A
ser
6b stamped
58
J
D
1946
-
T —
117 M
J
-
-
118M
Ore-Wash RR A Nav 4s..... .1961 J
J
94 M
104 M 105M
107
108 M
...
1960 A
B._....1959
95
90
*108M
*108
112M
89 M
*108M
*10
1
9.1 H
*43
2
.1946 J
For footnotes see page 3349.
103 M
91M
91M
D
105 M
105M
112"»ill2««
E trust ctfs
*89 M
.1952 MN
Pitts Coke A Iron conv 4 Ms A. .1952 M 8
Pirelli Co (Italy) conv 7s
A
3
ser
106
1955
109 M
28 year 4s
26
1952
1C9
Guar 3 Ms trust ctfs C
110
6s..1939
{♦Rio Grande West 1st gold 4s 1939
73
♦Paullsta Ry 1st s f 7s
4
109
109
{♦Rio Grande June lBt
108M
-
14
10M
14
♦RlmaSteel 1st
107M
•
107
98 M 105
109M 112 M
7
108 M
108M
-
9
12
11M
109 M
12
»
39
106
55
109M
.
91
112M
106
108M
i?*rmelee Trans deb 6s
12
105
111 M
J
107 M
*105
w
104
107M
104M
3
4s
108 %
3Ms conv debentures
1947
•JParis-Orleans RR ext 5Ms.—1968
*106 M
104 %
HI M
Rlchm Term Ry 1st gen 5s
108 M
D
108 M 113
104
109M
8
109M
J
108
107M
109 M
107
.1967 M S
J
110
109 M
114M
*107
7
♦Cons mtge 6s of 1930
Richfield Oil Corp—
6M
14M
7
~68~" "85"
—r
'
.1972 J
71,
15
Republic Steel Corp 4 Ms ser B.1961
44 M
A
67 M
54
106M 116
9
Rensselaer A
*38 M
F
29
50
60
*48
~
"I
76
*112
J
{♦Providence Sec guar deb 4s—1957 MN
{♦Providence Term 1st 4s
1956 M S
60
106
*105M
r*
59 M
111
109
59
52
57
59 M
109
6M
3M
6
64
3M
9
118M 123 M
104M 106
103M 106 M
105M 107M
112M 112M
105M
105 M
107
7 M
1st A ref mtge 3 Ms ser I
"59 M
112M HOM
48
58M
103 M 106 M
106 M
63
*52
8
D
Potomac Elec Pow 1st M 3MS- 1966
Pressed Steel Car deb 5s
1951
Ohio Connecting Ry 1st 4s.— T943 M S
.1965 M N
Ohio EdlBbn 1st mtge 4s
Pacific Gas A El 4s series G
*105
63
{ 5*Postal Teleg & Cable coll 5s. 1953
54
105M
71
5
9
94
8M
50
105 M
.1948
Pacific Coast Co 1st g 5s
A
27
52
*4
3M
1st 6s 1935 extended to
4
108
11 M
106
M
51
9M
1st 4Mb aeries D
Port Gen Elec 1st 4 Ms
80
70M
1
111
109
A
J
117
*115M
"siM
D
A
♦Stamped
_.
O
Apr
115M H7M
117
117
1977 J
7
*40 M
2047 Q
2047
2047
Ref A Impt 5s series C—
2047
Ref A Impt 5s series D
2047
Northern States Power 3 Ms.—1957 F
Northwestern Teleg 4Mb ext..1944 J
—
117
*98
123
Ref A Impt 6s series B
4s debentures..
90 M
O
*110
122 M
Ref A Impt 4Mb series A
Ontario Transmission 1st 5s
74 M
Gen A ref 4 Ms series B.....1997
Gen Hen ry A Id g 3s Jan
Ontario Power N F 1st g 6s.
82
*105
*50
♦Apr '33 to Oct '34 coups.1945
♦Apr '33 to Apr'38 coups.. 1945
North Pacific prior lien 4s
.1997 Q
Eleq 3 Ms— .1966
82 M
3M
Pitts Y A Ash 1st 4s
45
Ctfs of deposit stamped
1st mtge 4s
81
A
n%
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons.. 1945
♦Oct 1938 A sub coupons
1945
{♦Og A L Cham 1st gu g 4s_
81H
D
14
107
97
A
D
122M
1974 M 8
89 M
1974 J
7
*38
A
37
1962 F
97 %
98 M
103 «32 10316ie
MN
97
1st gen 6s series C
#9
O
96 M
96
1st gen 68 series B
11
4s....1996
90 M
96 M
8M
40
23
109
A
90 M
32
J
101«>«103M
80
2M
2
79
32
108M HI
'
103»3
49
96 M
.
9
90
111
85M
95 M.
96 M
2
M
81
109
83 M
105 M
85M
110 M
.78
Niagara Share (Mo) deb 6 Ms.1950 MN
106 M
8
1st mtge 4 Ms series C
9
5M
"~7M
39
110M
2%
101M 105M
5M
12M
115M 119M
95 M 100
103 M 107 M
A
101 "16
*35
~85M
104M
93
6M
101
101 nie
106
104
*106
104M
90
84 M
A
.1949 M
Series J cons guar 4 MB—
77
54
HOM
113
U0
109M 112M
26
J
.1947 M S
Series I cons. 4 Ms
„
89 M
J
{|*PhlUpplne Ry 1st s f 4s.—. .1937 J
.1948 M S
Phillips Petrol conv 3s
6
44 M
113 H
88 M
95M
17
{♦Phlla A Reading C A I ref 6s.
3M
109
*111M
H2M
"89
98 M
104 M 106 M
107 M 109
62
...
Series H
~49~
112M
109M
112M
93 M
93
2
"72
99 M
107
.1981 J D
General 4Mb series D
D
.1967 J
sec 6s series A
Phlla Electric 1st A ref 3Ms—. .1967 M S
.1973 J
9H
62
46M
100
93
105H 107M
„119M
.1977 J
C
Phlla Co
5H
*62 M
7M
F
8M
17M
*108M
High
Low
98 M
.1980 M
General g 4 Ms series
105M
"l04M
Phila Bait A Wash 1st g 4s—. .1943 MN
.1974 F A
General 6s series B__
6%
*110
105 M
O
27 M
4M
10M
97M
104 M
"98
.1956 J
3%
6%
J
A
16
3
118M
.1940 A
_
Series G 4s guar
m
{|*N
Niagara Falls Power 3Ms——1966 M S
Niag Lock A O Pow 1st 6s A..1956 A O
Gen A ref 4 Ms series A
15H
15M
17M
10 M
J
debenture 4s
16
10M
11M
D
North Cent gen A ref 6s
10
14M
A
MN
9M
2
13 H
11M
F
Y Westch A Bost 1st 4 Ms '46 j
debenture 3Ms—-
_
13M
15M
10M
J
J
North Amer Co deb 3Ms.
.
13
10
15
99 M
Phelps Dodge conv 3 Ms deb- .1952 J
.
No.
99 M
106 M
98
119M
4s.
♦Conv deb 6s..'——i
11
14
J
^♦Norfolk A South 1st g 6s...1941
""
75 M
12
J
J
TNord Ry ext sink fund 6ms..19S0
{|*Norfolk South 1st A ref 58.1961
♦Certificates of deposit
12
....
70
—...
10M
Lt A Pow 3 Ms 1966
J
N Y Rys prior Hen 6s stamp... 1958 J
N Y A Rlchm Gas 1st 6s A
1961 MN
.
.
....
68 M
50
1
MN
J
.
....
12
O
{♦N Y Providence A Boston 4s
70
15
*10M
O
N Y A Putnam 1st con gu 4s..1993 A
60
99 M
13
mm**.
61
33
60
—
*10M
m'
63
54
II
*10M
m•--
102
High
99 M
Since
Jan. 1
J
F
April 1990
C
1st g 4 Ms series
17 M
99 M
O
Peoria A Pekln Un 1st 6Ms— .1974 F
Pere Marquette 1st ser A 6s.. .1956 J
116M 117M
12
....
56
MN
.1943 A
♦Income 4s__—
II
106 M
99 M
MN
A
6s—
Peoria A Eastern 1st cons
107 M 110M
107M 11|M
,48M
102 M
60
D
N Y Queens El
~~~7
117M
70
*45
*
M 8
1965 J
4s
1st mtge 3ms
Oklahoma Gas A
Peop Gas L A C 1st cons
Refunding gold 5s
123 M 126
126 M
15
*12
»m
MN
MN
♦N Y L E A W Dock A Imp 6s 1943 J
J
N Y A Long Branch gen 4s
1941 M S
{t*N Y A N E (Boat Term) 48.1939 A O
{♦N Y N H A H n-c deb 4s
1847 M S
♦Non-conv debenture 3 Ms..1947 M S
♦Non-conv debenture 3 Ms—1954 A O
♦Non-conv debenture 4s
1955 J
J
♦Non-conv debenture 4s__._1956 MN
♦Conv debenture 3 Ms
1956 J J
♦Conv debenture 6s
1948 J J
♦Collateral trust 6s
1940 A O
♦Debenture 4s.——.
1957 MN
♦1st A ref 4 Ms ser of 1927 ..1967 J
D
{♦HarlemRAPtChes 1st4s 1954 MN
{♦N Y Ont A West ref g 4s
*125M
117M
1946 M N
gold 3 Ms
2000 M N
4s ser A——1973 M N
Norf A W Ry 1st cons g
77 M
Asked
<fc
J
O
1948
dolIar.May 11948
C
1970
Consol sinking fund 4 Ms
1960
General 4Mb series A...—.1966
General 6s series B
1968
Debenture g 4Mb
1970
General 4Mb series D__
1981
Gen mtge 4Mb series E
.1984
Conv deb 3Ms
1952
Gen mtge 3Ms series
1st 4s series B
N Y Lack A West
♦General
6
52 M
6s„1948 J D
gold 4s
1949 F A
♦N Y A Greenwood Lake 6s—
N Y A Harlem
81
106M
N Y Gas El Lt H A Pow g
Purchase money
59 M
83 M
107
107
1947 A O
1965 A O
.1966 A O
Conv 6% notes
65
64
106M
1951 F A
N Y Edison 3Ms ser D
39
4
58 M
1941 A O
1953 F A
——1963 F A
3-year 6% notes
—
N Y Connect 1st gu 4 Ms A
N Y Dock 1st gold
160
72 M
80
81
50
71M
48M
—1946 F A
3Ms extended to.—1947 A O
59
O
A
J
4s sterl stpd
59 X
56M
57M
.1981
Consol gold 4s
45M
59 %
Bid
D
A
1
60
*
A ref 4 Ms A.1977
M S
J
Pennsylvania PAL 1st 4 Ms..-1981
MN
Pennsylvania RR cons g 4s..—1943
94
51H
60
,
4s collateral trust.
1st mtge
Sand 1st M 4Ms—1960
45
71M
49 M
N Y Chic A St Louis—
1974
1978
A—1941
Penn-Dlxle Cement 1st 6s
Range
Range or
Friday's
Sale
Low
High
109 M 110
A
gold 3Ms— 1998
Mich Cent coll gold 3Ms—.-1998 F A
A
4 Ms series C
Price
A
Lake Shore coll
Ref 6 Ms series
Last
N. Y. STOCK EXCHANGE
Week Ended June 2
Range
1
Bonds Sold
Friday's
Bid
June 3, 1939
Week's
Friday
H
{♦St L Peor A N W 1st gu 6s...1948
St L Rocky Mt A P 5s sptd—.1955
J
{♦St L-San Fran pr lien 4s A.. 1950
J
♦Certificates of deposit
i960 J
"J
♦2d 4s lnc bond
ctfs
2
52 M
9M
89
7M
8M
8M
25
7M
9
56
7M
7M
"9M
1978 MS
"Th
8M
8M
1989 MN
8M
57 M
57 M
58 M
26
26
27
17M
11
ctfs...Nov" 1989
f Mst terminal A unifying 5s
♦Gen A ref g 5s series A
56 M
8M
8M
*8M
.
♦Ctfs of deposit stamped
{St L SW 1st 4s bond
8M
.....
♦Prior Hen 6s series B
♦Certificates of deposit
♦Con M 4Mb series A
56 M
J
J
1952
J
17M
17
1990
J
11
10
9
103
7M
13M
14M
14
14
13M
37
7M
22
54 M
65
6
26
9
16
35M
23M
11
8M
15M
Volume
New York Bond
148
BONDS
N.
Y.
STOCK
D
{♦St Paul E Gr Trk lBt 4Mb—1947 J
Asked
<k
8 A A At Paaa 1st gu g 4s
San Antonio Pub Serv 4s
5M
J
1943 J
5M
O
2
111
111
Santa Fe Prea A Phen let 5a—.1942 M S
*109
110
19
20
6
1946 J,
{♦Schulco Co guar 6 Ms
♦Stamped
J
...
♦Guar
a
J
f 6 Mb aeries B
J
1946 A
"20"
O
A
O
♦Stamped.—
■
'«*
m.
-
cons
15
2
25
30
5
25
32 M
'•*.«.
116M 116M
—
10M
10 M
2
2M
4
2
4
4
6
8
3
3M
2M
w
21
5M
11
m. m
2M
3
6M
±
6M
m,
5M
♦Series B certificates
13 M
1
12
2M
13
105M
105
57M
56
5
2M
106
57 M
9
M
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s
1941
1952
98 M
97 M
98 M
Skelly Oil.deb 4s...
1951
104 M
104 M
104M
If Socony-Vacuum Oil 3 Ms
1950
102 M
102 M
102»3j
46
—'*•
*116M
109M
7
107
107M
14
108 M
108M
104M
58
7
2
—.1961
2
m
-
S
1965 F
1947 J
Southern Kraft Corp 4Mb
Southern Natural Gas—
1946 J
2
J
-
D
------
1st mtge pipe line 4 Hs
1951 A
So Pac coll 4s (Cent Pao coll)—1949 J
1st
104M
O
104 M
40
58 M
46 M
136
40M
61M
42 M
44 M
90
39
57 M
42 M
43% ,249
37
42
57 M
57 M
54 M
43 M
55 M
M
37 M
20
51
68
84 M
85
23
82
93
■
42M
•'
54 M
84 M
63 M
62M
"82""
"83
53 M
J
o
Devel A gen 6s
Devel A gen 6 Ms
1956
o
1956
o
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s_
1996
"82
D_. 1960 MN
♦{Spokane Internat 1st g 5s... 1955 J
Staley (A E) Mfg 1st M 4s
1946 F
J
1953 J
Term Assn of St L 1st g 4 Ms.— 1939 A
1st cons gold 58..
.1944 F
66M
2
HIM
2
109
"l"07M
108 M.
107 M
105M
105
105 M
79
79 M
M
103M
100M
-
-j -
-
*114M
-
108
-
-
+
-
"i05"
104M
*
D
1980 J
Tex Pao Mo Pao Ter 5Ms A... 1964 M S
127 M
101M 103 M
103
26
87
79
-
-r----
82
82 M
24
81
Gen A ref 6s series D
O
Jan 1960 A
♦AdJ Income 6s
1937 J
5s
Tide Water Asso Oil 3 Ms...... 1952 J
Tokyo Elec Light Co Ltd—
{(♦Third Ave RR 1st
g
1953 J
1st 6s dollar series.....
Tol A Ohio CeDt ref A Imp 3Ms 1960 J
Tol St Louis A West 1st 48— 1950 A
Tol W V A Ohio 4s series C
J
81 M
2
79 M
T —
96 M
O
*101
43 M
44
10 M
9M
J
5
J
D
D
44
106M
54 M
54 M
90
O
92
1942 M S
*106M
*
105M
:
89
10£M
22
10 M
114M
108 M
108
1
108M
27
J
Union Pac RR 1st A Id gr 4s... .1947 J
1st lien A ref 4a
...June 2008 M S
114M
114M
114M
67
.June 2008 M 8
"il'lM
{{♦Union Elev Ry (Chic)
Union Oil of Calif 6s series A....1942 F
A
.1952 J
J
3 Ms debentures
1st lien & ref 5s...
!
.1970 A O
.1971 M N
34-year 3 Ms deb
35-year 3 Ms debenture
United Biscuit of Am deb 6s._. 1950 A
United Clgar-Whelan Sts 5s... .1952 A
O
O
.1953
M
S
1944
United Drug Co (Del) 5s.
U N J RR A Canal gen 4s
M
71M
1
12
13
110
13
9M
114M 116M
109M 109M
111M U4M
104M 109
4
110
94
174
93
A
76 M
6
107
5
70
109
,
■
70 M
75 M
76M
37
"28 M
18
105M
70
81
69
105
M
30
J
87
106
50
50 M
O
100
99 M
100
93
1944
A
100 M
99 M
100M
{{♦Utll Pow & Light 5Ms
1947
D
68 M
68 M
68 M
1959
A
68 M
68 M
65M
A
O
100 H
101 M
1955 F
A
108 M
1C8M
1957 M N
*107M
*M
*M
Vanadium Corp of Am conv 58.1941
Cons
s
cons g
4s series A
f 4s series B
(♦Vera Cruz <fe P 1st gu 4 Ms—1934 J
J
(♦July coupon off
Va Elec A Pow 3Ms ser B
Va Iron Coal & Coke 1st g
Va A Southwest 1st gu 5s
1st cons 5s
J
J
1968 M S
5—.1949 M S
111
111
84
80
■
107M
110M 112M
105
108M
84
85
58
87
M
20
107
14
107 M
16M
14
15M
16
62 M
60 M
63 M
22
63
62
63 M
42
21M
•60 M
J
45 M
9
45 M
D_—1966 M S
ser
RR 1st consol 48.
*105M
White Sew Mach deb 6s
F
A
94 M
1940 MN
D
"Tm
J
103 M
Conv deb 3 Ms
Winston-Salem S B 1st 4a.
O
1960 J
22 M
45
1
42
104M 104M
8M
109 M
90 M
108 M
7M
110
10 M
88 M
97 M
113
110
7
Wisconsin Elec Power 3Ms....1968 A O
Wisconsin Public Service 4s
1961 J D
{♦Wor A Conn East 1st 4 Ms..1943 J
J
97
100 M 103 M
95
7M
7
111M
6
9M
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s '30 MN
♦Certificates of deposit..
59
52 M
M
101M 101M
*91M
*110 M
J
67M
17 M
3
95M
103 M
J
{♦Wis Cent 60-yr 1st gen 4a__.1949 J
•
66 M
68
57
38
*101M
{{♦Wllkes-Barre A East gu 5s_1942 J
Wilson A Co 1st M 48 series A.1955 J
1947 A
55 M
—-
95 M
95
57M
"
—
*112 M
1949 M S
Wheeling Steel 4Mb series A...1966
89M
104M 107 M
23 M
14M
23 M
13M
14
63 M
107
76M
82 M
16
15
15
S
111M
,
2361 J
'
156
8
7
*4M
6M
7
4M
6M
5M
*4M
11M
9M
7
1
.
5M
4M
106 M 110M
110
110
109 M
109M
107M 110M
5
9M
105M
107M
100
*9
Youngstown Sheet A Tube—
Conv 'deb
4s
1st mtge s f 4s
e
Cash
sales
1948 M S
—
C
ser
transacted
during
105
105
107 M
MN
...1961
106 M
110
103 M 107 M
the current week and not included In the yearly
range:
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 bonds.
Accrued Interest payable at
6XC^&D^o r&fc© 01S4 8484
? The following Is
list of the New York Stock Exchange bond Issues which hive
a
been called in their entirety:
Commercial Credit 2Mb 1942, July 6 at 101«
Commonwealth Edison 4s 1981, June 27 at 105.
.
3Ms series H 1965, June'27 at 104.
;?
'
•
_
General Motors, Accept. 3s 1946, Aug. 1 at 102MHome Owners'2Ms 1949, Aug. 1 at 100.
Nord Rys 6 Ms 1950. Oct. 1 at 102.
•'
.
Socony-Vacuum Oil July 21 at 102M
•
Warner Bros. Plct 6s 1939, June 29 at 100.
/
■
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
,
Bonds selling flat.
t
No sales transacted during current week.
Deferred delivery rales transacted during
the yearly range:
No sales.
•
the current week and not Included In
»
''
'
Transactions
New
the
at
York
Stock
Exchange,
Daily, Weekly and Yearly
Stocks.
June 2, 1939
Saturday.
—
Railroad dk
State,
United
Total
Number of
Shares
Weed Ended
Miscell.
Municipal &
States
Bond
Bonds
For'n Bonds
Bonds
603,420
'
J
*55
69 M
103M
M
O
*54
59 M
1
-
83
1958 A
4,314,000
5,807,000
123,000
•
5,608,000
598,540
•Total.
529,000
538,000
4,178^000
699,000
516,000
5,393,000
2,646.030
i.
4,541,000
397,040
Friday
$20,103,000
$2,798,000
$1,318,000
$24,219,000
Jan. 1 to June 2
Week Ended June 2
Sales at
....
New York Stock
1939
1938
1939
Exchange
1938
2,646,030
Stocks—No. of shares-
1,918,730
97,795,785
94,b95,033
$40,244,000
$69,428,000
Bonds
$1,318,000
$1,593,000
2,798,000
20,103,000
3,066.000
112,123,000
107,472,000
15,192,000
568,659,000
560,858,000
$24,219,000
Government
$19,851,000
$721,026,000
$737,758,000
—
State and foreign
Railroad and industrial
Total
100
96
111
2003 J
'840,000
Stock and Bond Averages
daily closing averages of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Below
are
the
stocks and bonds listed on
as
106 M 108M
~"M
42 M
107,000
$3,097,000
HOLIDAY
Tuesday.
106 M 106 M
*30
372,000
4,844,000
$34,000
3,835,000
664,^70
Monday..—.—
Sales
$358,000
$2,705,000
382,460
—-
Wednesday
Thursday..
93 M 100 M
69 M
66
Vandalla
O
120M
105M 109 M
119M 122
90
Utah Power A Light 1st 5s
(♦Debenture 5s
*108
123M 127
109 M
120 M
111
ill"
J
100"»»101M
127
109
50
35M
83 M
40
86
104
36
*38
O
109
D
M
106 M 108 M
107
109
*100 M
127
D
1952 A
Registered
110M
24M
37
105M
67
*109 M
51
109 M
83 M
109
*109
27 M
67
*168"
A
21M
99 M
99 M
70
90 M
47
40
88
67
F
2361
116M
97
D
♦Sink fund deb 6 Ms ser A... 1947
85
106 M
99 M
99 M
108M
70
D
United Stockyards 4Ms w w_. 1951
Utah Lt A Trac 1st A ref 5s._. 1944
26
109
108M
J
D
25
lllM
'99 M
S
({♦United Rys St L 1st g 4s... ,1934 J
1948 •I
U S Steel Corp 3Ms debs
♦Un Steel Works Corp 0Ms A.. 1951 J
1951
♦Sec s f 6 Ms series C
•
111
99 M
35
40
50
90 M
108M
•99 M
99 M
46
Q M
E.1963 M S
ser
89M 101M
40
42M
*25
21M
60 M
123M 125M
109 V
20
23 M
75 M
108M
88 M
S
A
66 M
80
74
100 M
89 M
J
65M
104 M
108M
10 M
114M
O
89 M
M
1946
"98" l66"
108
5s._..1945 A
M S
56
77 M
100^16
106
126 M
*73
.1945 M S
J
.1962 J
Ujlgawa Elec Power s f 7a
(Mo) 3Ms
13 M
98
54 M
".30 "
Union Electric
lOO^is
62
J
100M
85
M.
*24
*75
S
F
.
107M
53
54 M
61
*24 M
,
A
105
107 M
99 M
*125M*
J
Trl-Cont Corp 6s conv deb A...1953 J
♦Tyrol Hydro-Eleo Pow 7 Ms—.1955 MN
♦Guar secsf 7s
7M
87 M
'90
61 M
O
6M
13
104M 107 M
105M
62
J
108 M
95
37 Mv 46 M
31
10M
96 %
Toronto Ham A Buff 1st g 4s...1946 J D
Trenton G & El 1st g 5s
.1949 M S
.1952 F
102
105 M
62
1945 F
♦
1960 J
Third Ave Ry 1st ref 4s.
6M
D
O
J
113M 118M
78 M
89
78M
89"
81M
.
1980 A
12M
Paris Orleans 5Ms 1968, Sept. 1 at 100.
3
118
13
5
West Shore 1st 4s guar
---
82
82 M
14
6
6M
6M
♦Westphalia Un El Power 6s—1953
104M 108 M
57
105M
•
6M
6M
6
Teleg g 4 Ms --1950 MN
25-year gold 5s
—1951 J
D
30-year 5s.I
i960 M S
113M 115 M
9
~~7K
6M
O
Western Union
10 I'm 102M
.s.
.
*6M
A
1978 A
1977 J
J
West N Y A Pa gen gold 4s
1943 AO
{♦Western Pao 1st 6s ser A...1946 M S
94 M 101
10
43
1976 F
Western Maryland 1st 4s
1st A ret 6 Ms series A
125
-
12
—
84 M
117 M
O
115
105M 107 M
32
•
108M
86 M
-
D
O
---
101M
J
1977 A
1979 A
128M
105 M
86
68
17
22
17 M
40 M
*42
J
18M
103
94
106
109M
12M
138
105M
105M
102
-
2000 J
-
101 '32
A
—
-
100
J
Gen A ref 5s series B
_
17M
11
S
D
74
106 M
18
S
1967 J
Wheeling & L E Ry 4s
52 M
13
M
1939 J
112M
104 M 105 M
103 M 106 M
....
*11
28
48
"l3"
49 M
28 M
M
1st 40-year guar 4s
Wash Water Power s f 5s
104 M 109
1
15 M
-
60 M
110
5
108
-
72
-
11
100 M
-
D
---
"l03M
A
.1943 J
,78
81
105 M
*127
O
Texarkana A Ft S gu 5 Ms A.—.1950 F
Texas Corp deb 3 Ms
1951 J
*
71M
15M
*105 M
105
.....
1953 J
Gen A ref 5s series C
80 M
80
66M
J
J
Swift & Co 1st M 3 Ms
1950 MN
Tenn Coal Iron A RR gen 5s— 1951 J
J
Tenn Cop A Chem deb 6s B_„ 1944 M S
Tenn Elec Pow 1st 6s ser A
1947 J D
Texas A N O con gold 5s
Texas A Pacific 1st gold 5s
76M
58
111 M
J
Studebaker Corp cony deb 6s.. 1946 J
4s_
61 M
57
52
111M
D
f g
44
48
68
A
s
206
54 M
65 M
69 M
*60
—
Gen refund
91M
51M
J
2MB
77
71-M
D
1961
"89
M
35
15
24 M
1941
1948
{♦Warren Bros Co deb 6s
.1941
Warren RR 1st ref
gu g 3Ms..2000
Washington Cent 1st gold 4s._ 1948
Wash Term 1st gu 3
Ms
1945
72 M
67 M
J
1951
So'western Bell Tel 3 Ms ser B_. 1964
1st A ref 3s series C
1968
Standard Oil N J deb 3s
'
High
105M 109 M
Ms A.1975
gen 5
6s debentures.-.1
J
1994
1956
ser
".
55M
95
64
M
241
1941
95
101
J
So'western Gas A El 4s
M
8
O
Southern Ry 1st cons g 5a
Devel A gen 4s series A
90
82
43 M
43
1950
8
35
93
Low
25
A
Walker (Hiram) GAW deb
4Mb 1945 J
Walworth Co 1st M 4s
1955 A
6s debentures
.1955 A
Warner Bros Plct deb 6s
1939 M
100
45 M
J
San Fran Term 1st 4s
108 M 110M
104 M
7
17
13
♦Ref A gen 5s series B
♦Ref 4 gen 4 Ms series C
♦Ref A gen 5s series D...
117M
104 M
45 M
So Pac RR 1st ref guar 4s...._ 1955
1st 4s stamped.
1955
102 M' 107M
106 M 110
108
106
17M
Jan. 1
*50
♦5s assented..
43 M
45 M
S
1946
99M
105
103M
1981 M N
-
91
102 M
44 M
S
1969 MN
10-year secured 3 M
82
104 M
D
1968 M
Gold 4 MS
20
.
.
22 M
59
-
115
92 M
M
4Hs (Oregon Lines) A...1977
Gold 4Ms
Gold 4 Ms
104M
---
75M
20
1
68M
109M
A
Southern Colo Power 6s A
-----
22 M
*64
-
109M
M
71
22 M
2-
South A North Ala RR gu 58—1963
South Bell Tel A Tel 3*8
1962
Southern Calif Gas 4 Ma
1st mtge A ref 4s
*63 M
3
*
1966 J
West Va Pulp A Paper
4Ms—1952 J
62
76
39 M
1939 J
West Penn Power 1st 5s
1st mtge 3 Ms series 1
55,
No.
109 M
1941 J
Gen mtge 3 Ms—
5
103M
109M
A
Westchester Ltg 5s stpd gtd_—1950 J
5
49
1951 M S
A
10M
17
2M
2M
♦Siemens A Halske deb 6 Ms
♦Silesia Elec Corp 6 Ms
1946 F
6M
105 M
2M
------
Shell Union Oil deb 3Ms—1961 M S
Shlnyetsu El Pow 1st 6 Ma
D
1952 J
18
5
2M
2M
A
1935 F
6M
5M
13M
♦Certificates of deposit
{{♦Atl A Birm 1st gu 4s
1933 MS
{♦Seaboard All Fla 6a A ctfa...1935 F A
17 H
10 M
3M
4
—
19 H
2
2
O
1945 MS
10M
8M
1
10M
A
1959 A
6s series A
13
30
*115
Oct 1949 F
♦Certificates of deposit
♦1st
20
20
30
17
High
108M
39M
S
1954 J
{♦Wabash Ry ref A
20
25
-
BQ&a
{♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3 Ms
♦Toledo A Chic Dlv g 4s
110M
15M
30
-
"30
Scioto V A N E let gu 4a
1989 M N
({♦Seaboard Air Line 1st g 4a..l950 A O
(♦Gold 4s btamped
...1950 A O
♦Adjustment 6a
(♦Refunding 4s
109
Asked
1939 MN
1939 F
Since
&
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
98 M
68 M
105M 107
110
U2M
1
San Diego Consol G A E 4s..—1965 MN
9
1966 M
Range
Friday's
Bid
Low
Virginian Ry 3 Ms series A
{(♦Wabash RR 1st gold 5s
{♦2d gold 5s
49 M
12
107
6M
114M H8
5
50 M
49M
107
87 M
96
117
Range or
Sale
High
3M
3M
3
98M
116
J
1963 A
Low
....
*96 M
J
1972 J
St Paul Un Dep 6s guar
Price
87
5
*3M
St Paul Minn A Man—
1940 J
No.
High
Week's
Last
N. Y. STOCK EXCHANGE
Week Ended June 2
Jan. 1
CQ to
*85
J
A
tPaciflc ext gu 4a (large)
BONDS
Since
Friday's
Bid
Low
{♦St Paul & K C 8h L gu 4KB--1941 F
3349
Friday
Range
Range or
Sale
Price
St Paul A Duluth 1st con g 48..1968 J
6
00
Last
EXCHANGE
Week Ended June 2
Record—Concluded—Page
Week's
Friday
—
107M
Bonds
Stocks
1M
iii"
27 M
72
35
54
10
10
30
63
72
20
15
Total
10
First
Second
10
Indus
Date
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
trials
108.57
89.57
June
2.
136.74
107.50
93.94
1.
136.20
27.95
23.40
45.64
107.52
93.85
48.22
108.45
89.51
June
138.18
28.45
23.67
46.32
107.43
93.78
48.50
108.50
89.55
May 31_
May 27.
23.47
45.80
137.80
136.80
HOLI DAY
HOLI DAY
HOLI DAY
May 30.
May 29.
28.00
48.27
Total
28.21
23.75
46.17
107.38
93.64
47.86
108.39
89.32
28.18
23.65
45.91
107.15
93.75
47.16
108.34
89.10
New York Curb
3350
Exchange—Weekly and Yearly Record
June 3, 1939
NOTICE—Cash and deterred delivery galea are disregarded In the week'g range unless they are the only transactions of the week and when selling outside
of the regular weekly range are shown In a footnote In the week In which they occur.
No account la taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (May 27, 1939) and ending the present Friday (June 3, 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
week
Sales
Friday
iMSt
Par
Week's Range
for
Sale.
STOCKS
0/ Prices
Low
High
Friday
Range Since Jan. 1, 1939
Week
Price
Shares
Acme Wire Co common-10
Low
zl5
16
May
Aero Supply Mfg—
1
——
1
3%
4
Mfg common.5
5%
IK
5%
IK
New class B
Alnswortb
Air Associates Inc com—1
500
1,200
100
J Air Investors common—*
Conv preferred
—*
Warrants
K
K
Alliance
Invest
"o'l"
91
si 3* •
"290
83.;
89,3*
83
50
Class A
Jan
3*
7 3*
17
Co common..*
0% preference
100
Ltd
common.*
0% preferred.
.100
American Airlines Inc. 10
_
1,100
130
127"
132
i~550
1103*
110}* 111
250
108
1123*
3*
9
1105*
27M
3,800
27
Jan
Jan
Mar
73*
Jan
183*
Jan
May
Jan
Apr
131
Jan
1153*
14
Apr
3
100
American Beverage com—1
Mar
104
Mar
Jan
141
Jan
Mar
111
165*
IK
163* May
43*
May
7% 1st preferred
Borne Scrymser Co
153*
1,500
135*
K
50
1
100
.6
6
Apr
34
153*
1
Apr
1,100
43*
9
Jan
Jan
4
Feb
175*
Apr
24
Jan
10
May
Mar
3
,100
7% 1st preferred
preferred
2d
Brazilian Tr Lt A Pow...*
Breeze
175*
Corp
1
175*
100
123*
35*
"35*
200
33*
Apr
Apr
T03*
103*
,105*
400
75*
Jan
43*
43*
43*
1,700
35*
May
83*
9K
3,800
7
May
3
43*
1,700
.
Aeronautical..
Brewster
9
Mar
Class A
32
K
70
70
07
Feb
75
Mar
»x«
"29"
preferred....—.100
A
"293*
"166
1
Jan
30 3*
375
27
Jan
35
Mar
Amer dep rets reg
393*
900
25 3*
Apr
34
Mar
300
1K
Apr
~23~K "~2254 _233*
'0*766
185*
IK
22
23*
K
%
200
%
9K
350
345*
34 k
9K
3 55*
8K
31
1125*1133*
4
4
25
25
29
29 K
3,300
1,100
112K'
3K
400
25*
26
Apr
%
9%
>
Jan
285*
Apr
Apr
British
Amer Tobacco—
Am dep
31
Jan
115*
Apr
323*
Mar
Apr
223*
Mar
2054
Apr
223*
Jan
21
Jan
24
Feb
"UK ~34K
13*
}Brown Co 0%
.1*
Jan
Feb
403*
Mar
Class A pref—
*
Brown Forman Distillery. 1
$0 preferred.'
'»
116
Jan
Brown Rubber Co
May
43*
JaD
24
Jan
283*
Mar
Bruce (E
com
Jan
313*
Mar
Buckeye Pipe Line.
133*
Feb
27
Feb
450
73*
Mar
20
Jan
100
43*
Apr
75*
Apr
233*
Jan
Apr
43*
May
13
«u
20
'
33*
40
5
27
"33* "43*
40
f 300
42
""2d
20 K
1
com...
Jan
Mar
Buff Niag & East Pr pref 25
Mar
40
60
Apr
18
Apr
18
Jan
preferred...*...—26
253*
Apr
Apr
283* May
93*
575*
5*
203*
15
Jan
66
Jan
Apr
293* May
55
Feb
70
Apr
Apr
9
Jan
Camden Fire Ins Assoc
45*
K
7
June
Canadian Car A Fdy pfd 25
Apr
Feb
Cndn Colonial Airways... 1
Canadian Indus Alcohol A*
"215* "213*
106
Am dep 5 34 % pref shs £1
Calamba Sugar Estate. .20
53*
215*
1063*
113*
193*
""266
153*
"l5"
'l5K
800
100
Amer Mar seal bo Co.
1
'hi
3,300
Amer Meter Co
*
28
28
28 K
300
Amer Potash A Chemical.*
07
67
67
5*
50
American Republics.... 10
7K
7K
7K
Amer Seal-Kap com..—.2
ok
6K
7
Corp com*
4,900
103*
33*
Preferred.
1
,1734
1,000
33*
3 K
200
1K
100
773*
13,
200
Apr
27
Mar
Feb
102
100
11
,354
Apr
Jan
13*
Jan
Capital
Apr
33*
Feb
Carlb Syndicate
Jan
1113*
34
1113* 1113*
3*
34
""23*
7
254
40
112
Feb
Carnation Co
Carnegie Metals
2
Apr
Jan
7K
Apr
Apr
Apr
1,500
900
80
55*
783*
K
•
,
43*
55*
43*
100
2,200
Apr
Apr
953* June
5
43*
Apr
Feb
Jan
75*
53*
Mar
Industries
Amer deposit rets
Assoc Gas A Elec —
ht
Class A
"3*
300
5*
1
1,300
5*
._»
$5 preferred
200
55*
Option warrants...
Jan
Jan
Jan
Assoc laundries of Amer.*
Common v t o
13*
11
'3*
Assoc Tel A Tel class A
Jan
Mar
Jan
Jan
3*
Jan
23* May
2 3*
May
Birmingham A
Coast RR Cos pref.._ 100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
354
Atlantic Coast Line Co..60
19 54
68
35*
4 34
»u
'
30
3K
3 K
1,300
19 %
19
100
"is
Apr
68
Apr
96 34
Atlantic Rayon Corp
Atlas Corp warrants..
Jan
98
Feb
23*
17
33*
100
Apr
43* May
Jan
Apr
5*
313*
Feb
43*
Jan
1
Jan
Apr
Atlas Plywood Corp
Austin Silver Mines
14 X
1534
400
1
3*
3*
K
5,300
3*
Automatic Products
.5
254
2%
7 3*
2K
7%
700
15*
Jan
300
65*
23*
A pr
„85*
Apr
45*
163*
15
Feb
*
Automatic Voting Mach—*
Avery (B F)_.
0% preferred
0% preferred
...5
25
w w
13
Babcock A Wilcox
1
2 K
2%
2,100
18 K
300
554
1,500
Mar
53*
25*
May
Jan
%
133*
123*
135*
1
common
$7 dlv preferred...
1st preferred
Cent Hud G A E 60m
23*
13*
Apr
8
Feb
13*
May
*
Cent Ohio Steel Prod
1
Cent Pow A Lt
7% pfd 100
Cent A South West Utll 50c
Cent States Elec 00m
l
.100
100
Conv pref opt ser '29.100
Apr
Jan
Jan
CharIs Corp
Feb
-
Feb
993* May
78
Jan
90
10
55*
Apr
4,200
3
500
Jan
Chief Consol
Mining.
1
Chllds Co preferred.... 100
293*
Cities Service common
May
15 '
; Jan
May
235*
Apr
45*
Jan
Apr
913*
Mar
25*
76
Jan
53*
Mar
"213* "213*
"50
18
Apr
273*
Mar
40
48
Feb
-
33* May
563*
563*
94
575*
143*
933*
Jan
30
90
Apr
101
June
94
90
85
Apr
96
Mar
106"
"160
85
Jan
93*
100
13*
300
1
May
IK
100
•65*
Too"
Mar
133*
>613*
143*
101
143*
101
"99"
Apr
Jan
Feb
June
13*
13*
61»
®16
600
3*
Apr
"~~33*
33*
334
250
2 3*
Apr
5
Mar
75*
Apr
14
Mar
7ii
Jan
Jan
Jan
55*
Feb
33*
33*
100
25*
Apr
45*
Jan
35*
35*
100
35*
May
43*
Jan
Apr
73*
Jan
*63*
Apr
45*
33*
4
55*
Cherry-Burrell common..5
Chesebrough Mfg______25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
483* May
Jan
7
-
50
...10
4
May
213*
Feb
Apr
'
Jan
Jan
85
9054
905*
*
15*
Jan
June
•ie
"""150
Chamberlln Metal Weather
Strip Co
........6
Pipe
43*
31
Jan
Apr
20
"975*
100
Centrifugal
May
17
3
*
Cent Maine Pow 7% p2 100
Cent N Y Pow 5% pref. 100
Jan
22
Apr
243*
Mar
Mar
9
*
Jan
May
Apr
Apr
54
600
Carter (J W) Co common. 1
Casco Products
«
Jan
353*
18
14
Mar
Apr
4
Apr
Baldwin Locomotive—•
com.
7% preferred
..30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
534
20
Basic Dolomite Ino com__l
Bath Iron Works Corp
.1
5K
19
20
120
Jan
zl2
1143* 1143*
73
6.3*
743*
63*
Apr
15
150
110
Apr
130
200
62
Jan
79
Apr
8
1,00
55*
400
34
343*
Jan
Jan
•
Feb
Jan
Mar
Feb
3*
*16
5154
634
5554
475
63*
65*
1,500
♦
485*
485*
505*
1,300
Preferred B
*
Feb
5
Mar
45
47
20
37
Mar
51
Mar
66
66
30
55
Jan
84
Feb
64
64
20
533*
Jan
81
600
43*
May
7
43*
Jan
53*
Mar
Jan
203*
Mar
Mar
500
5*
Mar
15*
Jan
9K
K
9K
250
73*
Jan
Mar
5
5K
600
4
May
103*
65*
City Auto Stamping
*
City A Suburban Homes 10
Mar
Clark Controller
6K
7K
1,100
45*
Mar
K
'Ik
K
2
83*
Jan
Jan
$0
preferred
Co
Claude Neon Lights Inc
Clayton A Lambert Mfg.
Cleveland Elec Ulum
1
2
Jan
50
Jan
40
Feb
11
1
100
Bell Tel of Pa 03*% pf.100
Benson A Hedges com...*
Conv pref..
7K
7K
800
23
23K
1,600
7
7K
700
Feb
13
Jan
53*
2034
Jan
1134
Feb
Apr
Jan
Cohn A
55*
Apr
Jan
Colon
363*
103*
Jan
164
Jan
175
Mar
1183*
Mar
Apr
123
16
Jan
35
Mar
27
Jan
423*
Mar
Rosenberger Inc.
Development ord
Mar
54
383*
5
500
5*
Apr
15*
343*
Apr
50
5
800
4
5*
Jan
58
Jan
93*
553*
Feb
Apr
Apr
May
383*
54
*
Cleveland Tractor com...*
Cllnchfleld Coal Corp..100
0% conv preferred
Colorado Fuel A Iron
454
16
Club Alum Utensil
Co...*
Cockshutt Plow Co com—*
5
43*
*
Jan
13*
33*
40
Apr
65*
Mar
Feb
Jan
Jan
Jan
May
Mar
15*
100
23*
100
7
7
50
*
'~2K "23*
"300
Apr
2
Mar
Jan
Apr
33*
73*
Mar
73*
13*
23*
Jan
83*
Mar
15*
25*
5
Mar
55*
warr.
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
554
600
m
Apr
4
Jan
43*
25*
£1
Conv 5% pref erred ..100
For footnotes see page 3355.
45*
1
Jan
53*
433*
33*
»
May
30
Apr
33* May
35
7K
23
52
Preferred BB
...I*
Cities Serv P A L $7 pref. •
"it
Beaunlt Mills Ino com.. 10
$1.50 conv pref
20
1
Jan
223*
3*
10
'""166
(L) Co com
*
7% 1st preferred
100
7% 1st pref vto
100
Beech Aircraft Corp
9
Apr
Apr
5
.....
Baumann
Bell Aircraft Corp com..
Bellanca Aircraft com
155*
Jan
73*
13*
....
Barium Stainless Steel...1
Barlow A Seellg Mfg A
6
333*
Apr
Preferred
10
Go....*
Bell Tel of Canada
"97"
Carrier Corp
5*
Apr
5*
Purch warrants for
May
May
3*
89
253*
3
May
Jan
454
TOOO
31
883*
preferred
Conv preferred
17 5*
,195*
33*
,29
89
7%
43*
Feb
5
973*
preferred
Feb
203*
13*
Carolina P A L $7 pref.—*
$6 preferred
-a.—*
0%
Mar
1,700
food
*
Apr
143* May
Warrants
Aviation A Trans Corp
Axton-Flsher TobaccoClass A common..
5,5*
1
com
Mar
15
..25
xw
21
55*
1
7% 1st partlc pref...100
Celluloid Corp common. 15
»i«
May
35*
163*
.♦
common
Jan
...
Atlanta
21,
55*
Catalln Corp of Amer
1
Celanese Corp of America
Jan
Jan
1
13*
200
•
Mar
10
Jan
13*
17
Castle (A M) common..10
£1
Common..
25*
Jan
25
163*
...25c
B.
Mar
34
35*
35*
8
55*
4
Class
'
Jan
Apr
73*
953*
94
Jan
3*
IK
3 3*
7
1085*
1,000
Mar
Jan
153*
23*
Apr
1*u May
3*
Jan
Products...*
100
3
3
14
107
Apr
May
Mar
5
Carman A Co class A
Apr
City
Jan
3454
233*
Apr
..
15*
13*
B non-voting—*
Canadian Marconi
...1
Jan
•
1
50c
Cables & Wireless Ltd—
35*
13*
10
Arkansas P A L $7 pref..*
Art Metal Works com...6
1
Jan
Jan
Mar
113*
Vot trust ctfs
25*
..10
Ashland Oil A Ref Co
10
IK
Arkansas Nat Gas com...*
'
13*
Jan
67
*
Elec
1,100
k
...*
American Thread pref...5
Anchor Post Fence
*
Associated
1,600
»
Jan
17
Apr
Jan
May
6
Apr
May
Jan
Burry Biscuit Corp..12 3*c
Cable Elec Prod com...50c
Apr
23*
9
100
Burma Corp Am dep rets..
Amer Mfg Co common 100
500
33*
31
42
May
2734
$5 1st preferred
*
Bunker Hill & Sullivan 2.50
105*
343* June
Jan
33*
11
15*
.
50
L) Co
13* May
100
23 3*
Brown Fence & Wire com.l
pref—.100
Feb
13*
.,,145*
5M
554
British Col Power cl A_— *
Jan
13
.*
Mar
£1
153*
Common class A..
Jan
May
Apr
203*
j£ts ord reg—10s
50
20
Angostura Wupperman—1
Apex Elec Mfg Go com
*
Appalachian El Pow pref *
fArcuturus Radio Tube..1
Jan
Mar
■
50
%
6K
♦
Jan
Mar
Apr
May
Apr
'
$2.60 preferred
1
Amer Hard Rubber Co..60
$0 series preferred
43*
British Celanese Ltd—
IK
K
30
IK
$6 preferred
*
American General Corp 10c
$2 preferred
.1
1st $0 preferred
5*
,154
Apr
293*
Am dep rets ord bearerfl
Amer Cyanamid class A. 10
Am Superpower
Apr
Apr
954
*
:
Jan
Jan
215*
British Amer Oil coupon.. ♦
Registered
Jan
Feb
Mar
1
"166
*
500
IK
30
1
Preferred
77
May
Jan
Mar
Jan
7}*
2
"13* " "13*
...*
i
1K
13*
26
Class A with warrants.26
0%
123*
32
Apr
68
10
Jan
243*
53*
125*
113*
Jan
33*
Brlllo Mfg Co common...*
Class
"
173*
*
25*
*
Apr
43*
Apr
$5.60 prior pref..
Jan
Jan
Jan
Mar
145*
Brill Corp class B
Jan
Apr
23*
Bright Star Elec class B—*
5*
173*
203*
13*
395*
Jan
Jan
Feb
Amer Invest of 111 com
Apr
Jan
Jan
23
Amer Lt A Trac com...25
Jan
8
Apr
Jan
Jan
Apr
Amer Gas A Elec com.—*
Feb
8
13*
33*
18
—10
39
Apr
33*
95*
*
Amer Laundry Macy
153*
Bridgeport Machine
*
Preferred..
—.100
$3 preferred—w
Amer Foreign Pow warr—
Amer Fork A Hoe com..*,
Mar
534.
Bridgeport Gas Light Co.*
10c
Class B.
Mar
200
25
Jan
Common class B
Amer Centrifugal Corp.
Am Cities Power A Lt—
6
17
Bowman-BUtmore com..
60 3*
J*
Jan
Jan
Jan
Bourjols Inc
7%
10c
5*
3*
13
100
May
285* May
Apr
High
Apr
Mar
K
3*
200
"103* "if
1
$3 opt conv pref.—...*
Blumenthal (S) A Co—.
Bohack (H C) Co com...*
Mar
Apr
Apr
200
,
Class B n-v
5
55*
46
Amer Box Board Co com.l
Class A.
103*
2
American Book Go....100
American CapitalClass A common
90-
107K 110
112 }* 113 %
16 34
16H
109J4
Aluminum Goods Mfg—*
Aluminum Industries com*
Aluminum
850
Jan
Mar
Mar
Mar
13*
83* May
150
85*
25
conv com
Aluminum
945*
863*
1
15
53*
Blue Ridge Corp com
2
Low
234
*
Bliss & Laughlln com
Jan
8J*
15
Bliss <E W) common—
Jan
Mar
Range Since Jan. 1. 1939
Shares
High
Blauner's common.....—*
Jan
25*
18
Blrdsboro Steel Foundry
A Machine Co com
May
1K
—*
pref
conv
•
Jan
Jan
'
Low
.»
Jan
85*
11
Price
warrants
$2.50 conv pref
Jan
71
Allied Internat Invest com*
$3
Week
100
Blckfords Inc com...
3*
62 3*
Allied Products com—-.10
Jan
713*
*
com
Jan
6
Apr
*
$0 preferred
Alles A Fisher Ino com.
203*
Par
Apr
lit
60
*
—*
Ala Power 17 pref
185*
Feb
3 5*
Apr
53*
Apr
65*
Apr
15* Apr
145* May
700
K
Alabama Gt Southern—60
for
of Prices
Berkey & Gay Furniture
Purchase
New class A
Week's Range
Sale
(.Continued)
High
May
Sates
Last
STOCKS
Feb
45*
Apr
4
Apr
9
Jan
77
733*
78
200
70
Apr
943*
Jan
73
74
300
553*
Jan
745*
May
Volume
New York Curb
148
Friday
STOCKS
Last
{Continued)
Sale
Par
Columbia Oil A Gas
—1
Price
3%
Columbia Pictures Corp..*
Commonwealth A Southern
Warrants
Commonw Dlstrlbut
Week's Range
of Prices
High
Low
3%
3%
3,200
V t c ext to 1946
2X
Apr]
Jan
11
"ii May
Jan
Flsk Rubber
26
Apr
36%
Mar
24
Apr
Mar
X
28
1
Apr
29%
%
13 X
27%
575
Apr
16
Am
-—1
Consol Copper Mines
6
Consol G E L P Bait com *
414% series B pref—.100
Consol Gas Utilities
1
5H
78%
118?*
Consol Retail Stores
5K
5%
5%
6
76?*
79?*
117% 118%
100
4.600
1,700
30
200
Consol Mln A Smelt Ltd-5
8%
Jan
37
Consol Royalty Oil
.10
Consol Steel Corp com—*
71
Jan
116% May
%
Apr
4%
Cont OAE7% Prior of 100
60
6
Jan
Mar-
92
IX
4%
1X
100
4%
1,200
400
Apr
Jan
3X
Croft
1
%
7H
~2QX
1%
7%
6X
m
20%
5%
1
Jan
Feb
com v
t c.
3?*
Mar
preferred
800
Mar
1?*
Jan
7%
June
Apr
6?*
Mar
Apr
23?*
Jan
9?*
Jan
.%
Mar
4%
17%
400
4
X
Mar
Mar
3
Jan
Gen Water G A E com...l
83 preferred
1?*
Apr
3
Feb
Apr
10%
Mar
X
Apr
IX
Feb
17%
Feb
%
Jan
Gilchrist Co
Jan
Glen Alden Coal
4%
Jan
56?*
May
"600
Feb
2M
46?*
Apr |
Jan
Apr
600
15%
100
14
14
400
.....36
Detroit Paper Prod
...1
Detroit Steel Products..."
Jan
..
Jan
14?*
9
Apr
23?*
Feb
30
20?*
Feb
400
5%
5
4?*
5%
Apr
Apr
IX
400
Stores
27
2%
2X
2%
Apr
36
Apr
7
Apr
13?*
1%
400
1%
1%
Jan
1?*
Apr
May
Apr
Apr
1 %
22?*
22%
22%
100
18?*
2,500
16?*
Apr
23
18
Apr
23
Jan
Mar
2
May
15
Mar
19?*
20
125
2
100
1?*
200
10?*
Jan
Mar
14?*
14?*
17?*
19?*
19
"26"
39
1?*
*|
Jan
Gorham Inc class A
18?*
17?*
27
Mar
7
Jan
2?*
36
May
Apr
9
Mar
Non-vot
7%
stock
com
Jan
25
*
Grocery Sts Prod com..26c
Grumman Aircraft Engr.l
Jan
Guardian Investors—
May
IX
Mar
Jau
OU
.
-
Jan
Gulf
Apr
Gulf States UtU 85.60 pref •
86 preferred
Corp
26
100
11
Jan
14?*
60
150
42?*
%
52%
Jan
60
Jan
Jan
Jan
X
52%
>u
Jan
lu
Jan
%
72
Dominion Bridge Co
*
Dominion Steel A Coal B 25
*30
Jan
11%
12
600
62
62
10
15?*
300
1%
100
1
2%
500
"9%
"""466
"""300
*
12%
Jan
64
Apr
73?*
10
Apr
Apr
Eastern States Corp.....*
$7 preferred series A..
IX
18
1?
18
52
X
Feb
1%
Apr
2%
80?*
52?*
Feb
100?*
6?*
Mar
72
73?*
230
62%
Apr
51?*
51?*
100
46?*
Apr
50
95?*
Jan
35?*
92?*
35?*
93
.82
31-
Apr
Jan
;79X
Jan
"l50
500
82
4?*
3%
100
Hecla Mining Co
Helena Rubensteln
Jan
Jan
7
Mar
25c|
1
400
*1
Preferred
Jan
Apr!
1%
Jan
Apr
25%
Jan
w
25|
w_
'21?*
6
100
5?*
%
12?*
12?*
12%
75
12
25
i
Mar
100
18
"""366
Electric Corp..
15
50
9
1
XX
8%
♦
$6
preferred
*
1%
8%
5
200
8?*
64%
100
95
69?*
124?*
Jan
.1
..*
Feb
Jan
Jan
Horder's Ino
Jan
Feb
100 "
May
2
IX
"2
16?* xl7
16?*
33?*
132
May
Apr
39
Feb
Apr
IX
Apr
7?*
2?*
14?*,
Apr
22?*
900
1,400
%
X
32%
33%
107
Jan
Jan
Jan
29%
95%
1,500
107
Jan
%
Apr
107
June
Jan
109
May
600
%
107
Mar
"166
10
Apr
Jan
Jan
,Apr
4
Mar
65
Mar
Mar
%
X
Jan
12*
Apr
Jan
63
400
Feb
40**
Apr
103?*
IX
8%
1%
Jan
Jan
1?*
%
Apr
15* May
Feb
1?*
1?*
100
1
4
Jan
23
Mar
23
Mar
30?*
30%
200
21
36
Mar
3?*
3%
100
2?*
15?*
6?*
3?*
Apr
Apr
6?*
"6%
T,706
6?*
5%
22%
9X
May
Apr
Mar
Jan
Jan
'
Jan
Feb
4
Feb
Apr
Apr
8
June
6?*
23?*.
Apr
24
8
7X
8
Jan
150
6?*
24?*
25?*
24?*
200
"
•
45
9?*
26?*
26?*
Mar
10
Jan
Feb
Feb
Apr
13?*
600
Jan
60
Apr
15
9?*
14?*
14?*
JanJan
41?*
Apr
Mar
3?*
14?*
Apr
12?*
8?*
Jan
Feb
Jan
Mar
8
11?*
23?*
*
8
Mar
Jan
12
Jan
Apr
24?*
2%
Apr
Apr
17?*
Mar
Horn (A C) Co com
Apr
18?*
Mar
Horn A Hardart
37?*
37?*
10
10
Apr
12
59?*
57
x59%
2,800
53
Apr
69?*
Jan
3
3X
200
3
May
Apr
5%
Mar
Jan
......
12?*
Jan
Apr
65
Feb
Humble OU A Ref——..*
64%
900
59
Apr
Hummel-Ross Fibre Corp 5
IX
700
xl% May
72?* Mar
.3?* May
3?* May
Jan
29?*
Jan
5?*
5
May
Jan
10?*
Hydrade Food Prod
-.6
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
IX
IX
100
3
2%
3%
19
17X
19%
4H
2.200
5,400
2,200
300
16,900
*•;
1
Jan
%
May
15
Apr
200
3
Mar
3t%
"""166
Jan
2
Mar
Hormel (Geo A) A
108?*
9?*
7%
'
8?*
100
Apr
1?*
Jan
Apr
21?*
Mar
63
Jan
70?*
Mar
59?*
51?*
Feb
71
Mar
56
Feb
71
Mar
Illuminating Shares A
52
Feb
73
Mar
54%
Feb
74
Mar
21%
Feb
24?*
Mar
Imperial Chem Indus..£l
Imperial OU (Can) coup..*
Registered
*
Apr
10?*
%
28%
8%
Jan
Imperial Tobacco ox Can.5
Jan
62?*
63?*
62
275
50
10
Jan
6
7i»
25
5?*
X
25%
6
700
225
1,900
Eureka Pipe Line com-.50
X
23H
Apr
5
Mar
Apr
15% May
European Electric Corp—
Option warrants
600
%
11
Jan
Apr
110?*
Mar
Feb
12
Apr
5%
8%
Mar
JaD
•'
Jan
%
Jan
9
Jan
9
.
'
Mar
Britain A Ireland
Line
1,100
8%
500
9?*
7?*
19?*
5%
200
4?*
5
35
Fanny Farmer Candy coml
Fansteel Metallurgical
Fedders Mfg Co
16%
17%
700
14?*
7
3%
15
16?*
Jan
16?*
200
X
%
3,300
15
•
25
Jan
Mar
Jan
Feb
6?*
Feb
54?*
7?*
Mar
Feb
Feb
17
16?*
June
Mar
15
Apr
16?*
Feb
Apr
32
Feb
7
Jan
10?*
12?*
108
Jan
May
May
5?*
Apr
100?*
Apr
1
1
»«!•
Apr
%
Mar
1?*
1?*
I
*1«
Apr
X
Mar
8?*
6?*
Indiana Service 6% pi. 100
preferred
100
IndplsPALfl?*% pf-100
Indian Ter
9
9?*
110
£106
xl06
""25
Jan
Jan
Ilium OU—
16
Feb
Jan
Jan
8?*
23?*
Mar
Jan
8?*
Mar
Apr
7
Jan
May
35
May
Apr
22
Mar
Insurance Co of No Am. 10
Feb
International Cigar Mach *
% May
*
4?*
5?*
Indiana Pipe
Jan
Jan
Apr
Mar
28
10
Jan
Jan
9?*
1?*
4?*
2?*
29?*
'.Apr
2?*
Apr
Apr
14?*
3?* Mar
51?* May
5?*
Apr
14?*
Apr
2,300
15
15?*
£1
Apr
May
Apr
20
4?*
Dlv arrear ctfs
Jan
20
>11 May
11%
8%
X
Jan
Mar
39?*
4
7%
17?*
3
Apr
Imperial Tobacco ox Great
60
11%
-
7% pref unstamped .. 100
Hydro Electric Securities.*
66
57?*
Falstaff Brewing
May
*18
100
IX
5%
"Ioo
1
Common
7% Dref stamped
18%
83 conv pref
2?*
34?*
jHuylers of Del Inc—
r66"
1
preferred.
100
6?*% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.
Emsco Derrick A Equip..5
Equity Corp common—10c
225
9?*
10
15
6%
37?*
Hussmann-Llgonier Co...
10
Empire Diet El 6% pf 100
Empire Gao A Fuel Co—
Jan
Mar
22?*
7?*
12?*
15
xl
1
Flat Amer dep rights
FldeUo Brewery
Jan
19?*
3?*
1?*
Fed Compress A W'house25
Ferro Enamel Corp
Jan
1?*
19?*
"17% '17% """"50
Elec Shovel Coal $4 pref—
Falrchlld Aviation
Feb
18
5
25
"5
5"
Apr
63?*
3%
Esquire-Coronet
Feb
33
129?* 129?*
5
6?*
50?*
55
i?*;
warrants
v t c.
Jan
2?*
Apr
500
1?*
8%
54
Elec Power Assoo com..
Electrographlc Corp
11
Apr
Apr
875
9?*
Feb
98?*
May
•
Jan
5?*
33
Apr
18
16
5% conv preferred..—50
"l7X '
18
Elec Bond A Share com..6
preferred
Feb
May
Mar
IX
Co com*
.1
*
5% preferred..
100
Hubbell (Harvey) Ine
6
.
S5
12%
Apr
Jan
6
Feb
hi
7
10
Apr
May
7
Apr
94?*
1,000
30
Apr
Apr
10%
10%
Jan
Mar
14%
3
3
Economy Grocery Stores.*
2
I
Hey den Chemical.. tr—J 0
Hires (Chas E) Co cl A—•
Hoe (R) & Co cJa»6 A
10
Holllnger Consol (J M...5
Holophane Co common..*
Holt (Henry) A Co cl A-*
Jan
Jan
37
A pi-
4,700
.25
Apr
500
7
16?*
Feb
82
Feb
6
5?*
4?*
2
Preferred ex-war
1
200
Mar
Mar
Apr
-*
Class A.
He'ler Co common
Jan
Apr
'
96
Apr
5?*
3?*
preferred...50
conv
14%.
7?*
May
37
Jan
65
10
4?*
28
Hearn Dept Store com—.6
Mar
Mar
8%
*
Edison Bros Stores
Elgin Nat Watch Co
Jan
IX
5%
18%
12
$6 preferred series B._
Easy Washing Mach B
A
Apr
Apr
ioo
20?*
2
Jan
75
4
35?*
Haverty Furniture cv pfd.*
Hazelttne Corp.
*
72
Mar
May
Jan
100?* 100?*
73
51?*
Co
1
Hat Corp ol Am cl B oom.l
Jan
Jan
Mar
100
1
IX
25
1
Mar
Mar
19
%
Harvard Brewing
May
1
2% May
5
Eastern Malleable lron..25
Elec P A L 2d pref A
1?*
Jan
Jan
66
30
Hewitt Rubber common..6
*
.....
4%% prior preferred. 100
6% preferred—.
100
Electrol Inc
Apr
8?*
64
1
2?*
Class
x30
6%
Duro-Test Corp com...
Duval Texas Sulphur
Option
Jan
60
100
Durham Hosiery cl B com *
Elsler
20%
3?*
62
Corp
Common.
100
2
33?*
75
Hartman Tobacco Co...
East Gas A Fuel Assoc—
Apr
16?*
'""366
Hartford Elec Light
Hartford Rayon v t c
400
May
12?*
%
Hall Lamp Co
Fib
9
89?*
100
Haloid Co
Mar
10
Apr
1
55
1
Mar
Eagle Plcher Lead
Mar
12?*
1st preferred..—100
Gt Northern Paper
Greenfield Tap A Die . *
9?*
1%,
16
18?*
%
*
5?*
15?*
Jan
Apr
Great Atl A Pac Tea
•
21?*
Co__r_—10
Mar
18?*
Gray Manufacturing Co. 10
May
Apr]
Dublller Condenser Corp. 1
Duke Power Co
100
83
Mar
200
Grand Rapids Varnish...*
Feb
6?*
27
*
*
Apr
Mar
V t c agreement extend. *
Apr
Dominion Textile Co
43
1?*
16
Apr
4%
29
Jan
*
7
4X
26
Jan
86?*
83 preferred——
Gorham Mfg Co—
Dobeckmun uo common.1
4%
Jan
17?*
34
""25
Hamilton Bridge Co com.
Am dep rets ord reg..£l
Dlvco-Twln Truck oom..l
preferred
Feb
*
Mar
25%
14
Distillers Co Ltd—
7%
Jan
10
*,
7?*
Apr
Diamond Shoe Corp com."
Driver Harris
17
"
Class B..
Mar
Mar
Draper
50
1,600
75
87 preferredGoldfteld Consol Mines..1
Mar
Jan
9?* Mar
Apr
18?*
19?* May
*
........
Feb'
10
Jan
10
Corp...5
Preferred
Mar
24
Distilled Liquors
*|
Apr
15?*
IX
2%
2%
31%
29%
10
—.
110
Jan
1?*
De Vllbiss Co com......10
preferred.
10
5
5X
15%
25%
Mar
Godchaux Sugars class A.*
Apr
*u
7?*
5%
4%
1
85 preferred
.—*
Gilbert (A C) common...*
Jan
56?*
5
Jan
12?*
Georgia Power 86 pref.—*
Apr
%
600
55%
3?*
83
100
2
Apr
Detroit Gray Iron Ftay.—l
Det Mich Stove Co oom_.l
6% preferred A
700
6
1
100
Derby Oil A Ref Corp com*
A conv preferred..
*
Detroit Gasket A Mfg.—1
6% pref w w
,20
pref-..*[
General Tire A Rubber
200
108
-1
$6 conv pref w
w__....*|
Gen Telephone $3
400
7
56
Jan
600
4
3?*
18?*
39
1
6ie
.5
com
Common
2%
1%
"200
Dennlson Mfg 7% pre!
7%
Mar
90
Apr
%
4
14
Davenport Hosiery Mills.*
Dayton Rubber Mfg new.l
A
Jan
Feb
200
%
Darby Petroleum com—6
Decca Records
2
100
Curtis Mfg Co (Mo)
9%
Gen Rayon Co A stock.
General Shareholders Corp-
*1
--_*
Apr
"26"
Gen Outdoor Adv 6% pIlOO
Gen Pub Serv $6 pref..
101
Cuneo Press Inc
50?*
Warrants—...........
14?*
—26
Cuban Tobacco
Delay
5?*
Apr
2,000
Crystal OU Ref com.....*
Class
Apr
10%
55?*
9?*
Crown Drug Co com...26c
6?*%
Mar
Jan!
Feb
275
Apr
Apr
15?*
19?*
♦
com.
Mar
71
64
17?*
_
Gen Gas & El 6% pref B..*
General Investment
com.l|
86 preferred*
Jan
20
1,800
"it
1%
preferred..
Jan
9
Jan
0%
2
Crown Cent Petrol (Md)
Crown Cork Internat A--*
6%
Gen Fire proofing
Apr
21%
5%
5H
Crowley, Milner A Co—*i
Preferred
Jan
Mar
73
325
6?*
14?*
Gen Electric Co Ltd—
Amer dep rets ord reg.£l
Jan
9%
10
12?*
90
85
2
5% preferred.......100
General Alloys Co
*
4X
15%
3%
74
£1
Brewing Co
Mar
Mar
Apr
6?*
2,100
High
68
Apr
20
♦
Apr
100
5
stock
conv
100
Common
Creole Petroleum
Mar
»i»
1|
800
3Vs
14%
14 X
Reynolds-
Crocker Wheeler Elec—
92%
Mar
Apr
10?*
66
1
8%
52%
14
50
6%
Jan
5
3?*
4% conv preferred
100
Gamewell Co 86 c v pref.*
Gatineau Power Co com.*
Feb
3
X
83
Jan
IX
84
*
*
*
—*
6% conv preferred
Courtaulds Ltd
Fruehauf Trailer Co
Fuller (Geo A) Co com
Jan
Apr
Cook Paint <k Varnish...*
$6 preferred A
*
Coeden Petroleum com—1
Froedtert Grain A MaltCommon
1
Conv partlc pref
15
118% June
1%
Feb
May
Cont Roll A Steel Fdy—*
Corroon A
Jan
Mar
2%
Jan
dep rets ord reg—£11
b|
Feb
8%
38%
Continental Oil of Mex„ 1
$4 preferred..
Cooper Bessemer com
$3 prior preference
Copper Range Co
Copperweld Steel.
6%
800
1%
10?*
83?*
62?*
Lore
.20
8?*
63?*
Amer dep rets...100 trcs
Fox (Peter) Brew Co
450
86
65
Ford Motor of France—
3
41%
10?*
85
Range Since Jan. 1, 1939
High\ Shares
•
Jan
80%
Low
65
Ford Motor of Can cl A—*
Class B
3
40%
1
100
preferred
Apr
Apr
4%
4%
Price
*
Jan
37
Week
100
Jan
Conn Gas A Coke Seeur—*
$3 preferred
Consol Biscuit Co
for
of Prices
(Phila.).l
Corp
10
86 preferred
Florida P A L $7 pref
Ford Hotels Co Inc
Ford Motor Co Ltd—
Feb
1
Sales
Week's Range
Sale
Fire Association
Jan
»n
3351;.
Last
Par
Jan
4%
14
Apr
>a
2,800
28
STOCKS
(Continued)
High
Low
2
Friday
Range Since Jan. 1,1939
for
Week
Shares
1
Community P A L $6 pre! *
Community Pub Service 2C
Community Water 8erv__l
Compo Shoe Macn—
Exchange—Continued—Page
Sales
New non-voting class A.
New class
B
Apr
May
Industrial Finance—
V t c common
7% preferred
Jan
Apr
10
400
59
Apr
68?*
Mar
100
20?*
Apr
24?*
Mar
17?*
400
12
21?*
Mar
"2?* "2?*
"966
100
65X
22%
67
17
X
22%
Internat Hydro Elec—
series—60
purcb warrants.
inc....—.1
Pref 83.50
A stock
I atl Industries
17
Apr
Mar
Mar
'
X
Jan
4%
Jan
Week's Range
for
Sal4
of Prices
Low
High
Week
Par
Indus A..*
Interest Paper A Pow warr
International Petroleum.
Registered——
International Products—*
Internat Safety Razor B_*
International Utility—
Pries
2%
23%
%
1
»
1%
22%
24%
2%
Apr
Apr
Apr
Apr
4%
27%
Jan
Jan
27
Jan
%
Mar
100
300
37
400
Lm
«
m
"200
3
5%
4%
4%
7
7,
200
2%
4%
10%
"25
3%
%
Steel.100
Julian A Kokenge com...*
Kansas G A E1% pref.100
Kennedy's Inc
——6
Ken-Rad Tube A Lamp A *
Feb
98
100
15
18
100
14%
Mar
3
'900
2%
1%
Apr
Apr
'98%
96%
300
~2 6%
102
120
105% 106
101%
30
101
28
26
2,000
4%
4%
200
67%
83%
63
63
IK
2%
1%
12 K
IK
2H
1%
12%
hi
Mar
Jan
Feb
Apr
Mar
Jan
12%
6%
12%
4%
39%
41%
3%
3
10%
10
National P A L $6 pref—*
Feb
108% May
Apr
%
Jan
Jan
83% May
64
May
2%
Jan
Jan
Apr
3%
Feb
400
1%
11%
Jan
1%
Mar
Apr
Apr
Apr
13%
8%
15%
Mar
Apr
9%
10
Jad
64
Feb
73
Jan
Mar
45
Mar
100
Apr
Mar
900
1,900
700
400
2
H
7%
2%
7%
2%
he
K
33%
200
1,000
9%
32%
Mar
50%
Jan
3%
Mar
Apr
Jan
10
May
Jan
Mar
65
Feb
11%
Apr
Apr
17%
May
Apr
Apr
11
May
%
7% June
2.
Apr
Feb
8%
3%
Jan
Jan
11%
11%
3%
24
Jan
22
Apr
Apr
13%
36%
Mar
Feb
3%
37%
82%
1,050
3
Apr
9%
Jan
22%
7%
28
25
28
1,975
75
1%
300
6
500
50
%
Apr
Mar
19%
Jan
Apr
Apr
30
Mar
1%
4%.
89%
Apr
1%
Jan
7%
Jan
98% May
Rosaiio 10
...
New York Transit Co
11%
.
2%
May
Apr
%
1%
Jan
Apr
19
Feb
Jan
2%
%
1%
Mar
Mar
mm-
14%
114
114
48
Jan
6%
Jan
Jan
hi
Jan
Apr
May
1%
60%
10%
Apr
Jan
XK
Jan
Jan
Mar
13
Mar
Apr
Apr
Apr
5%
8%
2%
1%
15%
Feb
Mar
%
39%
200
Apr
50%
12
100
14%
"56
114
48%
"4%
102
300
166
Jan
"%
114
Feb
Jan
Jan
Jan
June
Feb
Jan
78%
Jan
2%
Apr
4
Apr
5%
5%
Mar
"£66
"k
25
13%
71%
65
450
200
10%
950
46%
~7l"
111
Apr
Apr
Mar
Mar
Mar
Mar
May
May
8
Jan
14
Mar
Jan
Jan
Apr
80
Jan
27
Jan
Apr
25
62%
1%
Mar
1%
57%
"366
20
Apr
Apr
4%
100
15
72%
Apr
v.
104
10
J*
40
Apr
18
Jan
Feb
Jan
%
3% Mar
Feb
36%
11% May
28
113%
20
28
28
7%
8
112% 113%
15
200
2
Jan
Apr
23%
£7%
50
1,000
Jan
Jan
107-
120
Jan
10
99
9%
300
6
4
Jan
"19% "l9%
'""~30
16
Apr
104%,104%
9%
6%
6%
84%
7
87%
Apr
'Apr
Jan
66
T660
'
28
June
9
Mar
113% June
104% May
hi
13%
4%
22%
Jan
Mar
Feb
9%
91%
Mar
Mar
Apr
£77%
125
27% May
Apr
Apr
5%,
2,100
■*.
82
Mar
1%
Apr
3%
Apr
Jan
Jti Feb
2
Jan
Niagara ShareClass A preferred
4%
5
£50%
58
Moo
£51%
.5
Noma Electric—
Apr
Apr
7%
1%
5%
Mar
87
100
Nlplssing Mines
%,
1% May
May
400
6%
90%
64%
6%
Class B common......6
41
Nineteen HundredCorp B 1
Mar
5%
Apr
3
2%
78%
4%
84%
Nllee-Bement-Pond—- *
mmmmm
Jan
Mar
Mar
%
1
10
Feb
20%
6
40
85%
Jan
1
Mar
31
Jan
7% May
13% Mar
Apr
May
100
Class B opt warrants
34
43
69
"600
1%
Class A opt warrants
Jan
12% May
Jan
28%
200
12
1%
5% 1st pref——.100
5% 2d preferred
100
Common..
Feb
Apr
Jan
100
6
Mar
"1#
Feb
200
1
1%
pf.100
Niagara Hudson Power-
hi
23%
9%
44
N Y Water Serv 6%
1%
50
Feb
ht
—10
7% pref-100
$6 preferred......
*
N Y Shipbuilding Corp-
Mar
700
JSn
1%
N Y Pr A Lt
Feb
hi
*
Jan
35
1
"566
1%
Jan
Jan
%
—
N Y Merchandise
26
9%
300
3
20
N Y A Honduras
Jan
8
4%
81
3%
Warrants
Jan
Mar
Feb
May
11%
Apr
*
Jan
Mar
10
14% Mar
7% May
70% May
%
37
82%
"7l"
10
300
Feb
130
Apr
Apr
5
4,000
7l"
N Y City Omnibus
1%
Jan
Mar
6% Mar
172% May
32
May
Jan
28%
Jan
%
Jan
5%
Jan
6%
6% Mar
% Mar
10
50
300
7
12%
Newmont Mining Corp. 10
Feb
Mar
Jan
33%
600
12%
40
6%
57
23
Mapes Consol Mfg Co
1%
1%
4
...1
4
'""ioo
4
100
Mar
Mar
Mar
Mar
Mar
Feb
Nor Amer Lt A Power-
Communlca'ns ord reg £1
5%
Margay Oil Corp
Feb
15
Apr
2% May
Marion Steam Shovel...
6% Mhy
17
Mar
5
Jan
Mass Util Assoc v t o——1
2%
2%
100
2
Feb
2% May
Massey Harris common—*
Master Electrio Co:.—.1
4%
5%
200
4%
Apr
7%
14%
May Hosiery Mills Ino—
$4 preferred.
Apr
18%
Jan
Jan
53
....
53%
550
100
McCord Rad A Mfg B—•
McWilliams Dredging...*
11
*
150
Memphis Nat Gas com...5
May
54%
Apr
10^
146
4%
4
800
9
Apr
Apr
125
Jan
4%
500
Memphis P &L $7 pref..*
"IT"
'""166
4%
4%
1Q0
"4% "T%
""400
Merrltt Chapman A Scott *
Warrants...........
6%% A preferred—.100
Mesabl Iron Co—1
Metal Textile Corp....25c
Partlclpat preferred..16
Metropolitan Edison—
$0 preferred..
*
63
63
"""26
63
he
he
%
2%
2%
300
June
4% June
99% May
20%
Feb
Apr
Apr
3%
%
58
Apr
May
Apr
hi
1
Nor European Oil com
53.
13%
Apr
17%'
17%
200
15
Apr
45
Northern Sts Pow cl A—25
8~
Jan
5%
28
Jan
Mar
6%,
%
77
Jan
Jan
Jan
% May
2 % Mafr
Ohio Brass Co cl B com...*
Ohio Edison $6 pref......*
Ohio Oil 6% pref
—.100
6% 1st preferred
36
May
6% conv
Oldetyme Distillers
Apr
95
Feb
Omar, Inc
Overseas Securities
Jan
i»n May
$3 preferred
50
prior pref..100
5%
Steel Tube—2.50
Sugar Co......*
5%
Feb
%
2%
Jan
Jan
300
5%
Apr
8
Jan
Mar
> t o.........
3%
*
%
4
%
6%
%
7%
300
4
Pacific PAL 7% pref
Mar
Apr
75
Jan
93
Jan
*
"51%
Minnesota P A L 7% pf 100
Miss River Power pref.100
Missouri Pub Serv com..*
For footnotes see page 3355.
49%
51%
7
Apr
Apr
12
"T% ""l%
3%
Feb
Mar
%
800
""266
1%
Apr
15%
109
1%
8%
12
Jan
116
26
Jan
106
June
Jan
112%
114%
111%
Mar
Apr
105
Mar
Feb
8%
8%
9%
Apr
Apr
15
Apr
43%
Jan
Apr
Jan
June
15
13%
15
,3,800
43
43
100
35
105% 106%
120
96%
Apr
June
1%
7%
200
1
Apr
200
5
Jan
2%
Apr
Apr
Jan
1%
7% June
4% Mar
9% Mar
32%
33%
29%
30
106% 106%
16,600
83%
106%
8
33
31%
"
Apr
350
28%
Jan
100
104%
Apr
50
68%
Jan
5%
83%
shares........
6
Paramount Motors Corp.l
10
Jan
Parkeroburg Rig A Reel-.l
Patchogue-PlymouthMills*
Jan
Pender (D) Grocery A
Jan
Mar
1%
Jan
51 % June
1,000
37
Jan
80
116
Apr
Apr
Mar
33%
Mar
30
Mar
108%
85
7%
21%
101%
Jan
Mar
Mar
Mar
Pantepee Oil of Venezuela-
12
ICanada..*
Feb
Mar
May
43
Page-Hershey Tubes com.*
Feb
Mar
Apr
May
16
97%
Jan
Mar
1
8%
*
"x7% "~8~~
175
Jan
5%
Apr
Apr
50c
"7%
125
97
Parker Pen Co
Midwest Oil Co
..10
Midwest Piping A Sup...*
16% 17%
104% 106
20
Apr
%
5%
2%
98
34
99
3%
.*
95
Apr
104%
100
400
American
95
24
Pacific Public Serv......*
$1 AO 1st preferred
*
1,500
Midland Steel Products*
600
Feb
Apr
111%
If Pacific Ltg $6 pref.....*
Jan
Jan
May
%
34
107
5%% 1st preferred...25
hi
Middle States Petrol—
Middle West Corp oom..5
Midland Oil Corp—
106
17%
12%
20%
Pacific Can Co oommon—*
Pacific G A E 6% 1st pf.25
May
Jan
...*
Mar
6
15
1%
%
Feb
Mar
100
7%
i»n
%
94%
100%
"2,206
1
700
......10
Jan
Apr
Apr
>
"~9""
1
400
81
•87%
4%
6%
10
100
2%
%
1
Feb
99%
Ohio Power 6% pref... 100
Ohio P 8 7% 1st pref—.100
Oilstocks Ltd common...5
Oklahoma Nat Gas com.15
Jan
Jan
4
17%
Engineering..*
Novadel-Agene Corp....*
Feb
1%
33
Northwest
Jan
47
hi
'"""40
92
Jan
Feb
2% May
~"ioo
99%
1%
65%
22%
21%
42% May
%
Apr
40
1
100
%
Apr
Mar
475
6% pf.100
preferred—
.100
Northern Pipe Line.....10
93%
%
1
ii
500
200
44
*
6% prior preferred
60
No Am Utility Securities.*
Apr
Apr
32%
Bumper Corp..1
Gas A Oil..
1
$2 conv pref
Jan
Jan
Jan
Apr
3%
3,900
2%
Mexico-Ohio Oil
t c
14
25
4%
2%
1,7
150
Feb
3%
86
16%
v
Class B common
1
61%
17
17
7%
550
11%
150
Merchants A Mfg ol A...1
Participating preferred.*
Class B
1
61
Nor Ind Pub Ser
....
Mercantile Stores coin.—*
Class A
—.....—1
-
53
1
6% preferred
Mead Johnson A Co
Common
$6 preferred....
*
North Amer Rayon cl A—♦
Nor Central Texas Oil...5
McColl-Frontenac Oil—
100
N Y Auction Co com...
1,400
"ili "Ik
12%
40
New Jersey Zinc———25
New Mex A Aria Land—
Feb
1
31%
,26
' 2
Apr
Apr
6%
9% Apr
7
May
300
111% 111%
4%
4%
12%
12%
58
54%
17
30%
1%
12%
"6%
13%
Mar
18% May
1%
Apr
23% May
31 %
26
122%
3%
2%
9%
69
New Process Co
Apr
Feb
Mar
%
13%
Founders shares
98%
'"""16
Apr
14%
5%
23
5%
71
Jan
%
Marconi Intl Marine
Minnesota Mln A Mfg
100
*
15
Mar
o
preferred
Apr
%
25
Mining Corp
7%
8
200
"98%
Jan
Mar
6% preferred—
100
$2 preferred
*
New England Tel A Tel 100
New Haven Clock Co
•
New Idea Ino common—*
New Engl Pow Assoc
Jan
May
11,600
5%
98%
4%
7
Nelson (Herman)
34
9%
1%
5%
3%
500
5%
Nevada Calif Elec com. 100
2
'
26%
IK
'21200
5%
69
Neptune Meter class A...*
Nestle Le Mur Co cl A...*
7
Feb
Apr
12%
29%
V
"3% "4%
128% 128%
8%
8%
13%
13%
preferred———.*
Corp...6
51%
$5 conv preferred
Manlschewltz (B) com...*
div shs
1st
Jan
Long Island Lighting—
Co
JNebel (Oscar) Co com...*
Nebraska Pow 7 % pref.100
Nehl Corp common
*
22
9%
27%
*
hi
National Tea 5% % pref.
1O0
100
11%
100
%
3%
5%
Conv part preferred...*
National Steel Oar Ltd.— *
National Sugar Refining.*
Apr
May
12% May
Jan
Apr
Apr
%
%
%
com...*
—*
10
National Transit
12.60
Nat Tunnel A Mines
.*
Nat Union Radio Corp.—1
Navarro Oti Co
*
Apr
29%
Nat Service common.—.1
100
*
non-cum
Nat Rubber Mach
4%
11%
....5
$2
National Refining
11%
700
Loblaw Groceterias cl A..*
Mid-West Abrasive
Nat
Gas...—.*
Mfg A Stores com—*
22
33%
9%
152
140
300
32
.
.
Apr
24%
31%
National Oil Products..—4
9%
%
Lit Brothers common—.*
prel..*
Lucky Tiger Comb G M.10
Ludlow Valve Mfg. Co—*
Lynch Corp common....5
Majestio Radio A Tel
1
Manatl Sugar opt warr...
Mangel Stores..........!
2
Nat Auto Fibre
Jan
2%
1
-25
Louisiana P A L $6
1%
4
170% 172%
Muskegon Piston Ring.2%
Muskogee Co com..
*
National Fuel
100
10
171
f Mountain States Pw com*
Mountain Sts Tel A Tel 100
Murray Ohio Mfg. Co—*
Jan
Apr
100
10
Mountain Produoers
Mar
,
1%
"l"66
Mtge Bank of Col Am shs
Mountain City Cop com 5c
May
57
Line Material Co—....5
Common.............*
7% preferred;......100
6% Pref class B
.100
Loudon Packing
*
Louisiana Land A Explor.l
400
12%
3%
1%
Montreal Lt Ht A Pow..*
Moody Investors part pf
I Moore (Tom) Distillery
9
38
Class B J......
Midvale
Jan
118%
0%
26
15%
Preferred
Mar
5%
3%
com.l
Mar
Apr
Apr
4
30
Class A
Michigan
Michigan
Michigan
Michigan
1%
Util.-.IO
Montgomery Ward A...*
Monroe
May
400
pref..100
Lone Star Gas Corp
Loan Soc A....1
Monogram Pictures
39
6%
Wells Co com—;. .1
...1
800
June
Langendorf Utd Bakeries—
Lockheed Aircraft
Apr
Apr
106
39
High
Mar
102
45
"63""
"63
Lake Shores Mines Ltd—1
Class B
Low
9%
Jan
98% June
9
"11% "ll%
Lakey Foundry A Maeb.l
Locke Steel Chain
Range Since Jan. 1, 1939
Shares
3%
Jan
Apr
Mar
56
Lackawanna RR (N J). 100
preferred
High
14%
1 y*
6% pref......— -.100
Nachman-Sprlngfllled.
.*
com..—1
Nat Bellas Hess com
1
National Candy Co.
*
National City lines com.l
$3 conv pref
50
National Container (Del)-1
7%
1%
4% conv 1st pref
100
Kress (S H) special pref. 10
6%
Low
for
Week
1,100
1
Jan
%
Koppers Co 0% pref...100
Kresge Dept Store*
Llpton (Thos J) class A
Range
of Prices
12
...$2.60
Common
Molybdenum Corp
Monarch Machine Tool.
'
17
20
*
Lefcourt Realty common. 1
Conv preferred
*
Lehigh Coal A Nav
Leonard OH Develop...25
Le Tourneau (R G) Ino .1
Price
Week's
Mock. Jud, Voehrlnger-
86%
.78
105
83%
Mar
4%
2%
Jan
6%
63
%
19%
21%
Apr
22%
112%
4%
May
.14% Mar
7%
Feb
Apr
Apr
Feb
hi
Knott Corp common.... 1
Kreuger Brewing Co——1
May
6
100
Kimberly-Clark 6% pf-100
KobackerStores Ine
hi
4%
'It
"2% ~
Jan
Apr
18
2%
Mar
%
Apr
16%
'■It
Kingsbury Breweries
1
Kings Co Ltd 7% Pf B 100
6% preferred D_.—100
Kingston Products—...1
Klrby Petroleum
...1
Klrki'd Lake G M Co Ltd 1
Klein (D Emll) Co oom..*
Kleinert (I B) Rubber C-olO
15% May
38% Mar
16%
*
Jones A Laugblin
10
Feb
~
~
Apr
Apr
Apr
34
5%
—1
1
*
Jersey Central Pow A Lt—
5%% preferred——1.00
6% preferred....—100
7% preferred
100
3% May
%
Feb
Jan
6%
%
100
14%
3
Jacobs (F L) Go
Jeannette Glass Co
Lane Bryant 7%
Mar
11
1
A
1,200
2,400
Pat
5%
37
c..*
Italian Superpower
Sale
High
May
14 K
preferred.
*
$3.60 prior pref
—*
Warrants series of 10*0-Internatlonal Vitamin—1
Interstate Home Equips
Interstate Hosiery Mills.
Interstate Power $7 pref..*1
Irving Air Chute
he
he
$1.75
Iron Fireman Mfg v t
5
100
8
8
;
,
Investors Royalty
%
Last
Montana Dakota
A
Class B
2K
25%
2%
23H
Low
Shares
25
5
5
Internat Metal
Lane
STOCKS
(Continued)
Range Since Jan. 1. 1939
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Class
June 3, 1939
New York Curb Exchange—Continued—Page 3
3352
Apr
90
Mar
20
115
Jan
116
May
Feb
4
Mar
3%
Class B
5%
6%
15,400
13%
9%
13%
9%
50
Apr
Mar
7%
Jan
3%
Mar
16
Jan
"8%
Apr
14
Mar
15
100
Mar
20
Mar
Apr
8%
39%
8%
100
Feb
Feb
Apr
12
29
8%
Peninsular Telephone com*
Preferred
100
Penn Edison Co—
$2.80 preferred
*
$5 preferred.
*
Penn Gas A Elec class A..*
11
Apr
Mar
35
9%
*
*
4%
3%
Jan
32% May
7%
""3%
36
37
50
31
Apr
37
May
58%
37
60
100
63
Jan
60
May
3%
3%
100
3% May
5%
Jan
Volume
New York Curb Exchange—Continued—Page 4
148
Last
STOCKS
Par
Penn Mex Fuel Co-.—
Price
of Prices
High
Low
for
Week
Pm Pr A Lt 17 pref
*
preferred
50
2
Apr
Apr
2K
Feb
Sllex Co
8K
3,200
Apr
9K
Jan
107X 107K
103K 103K
146 K 148)4
75
Jan
107 *
May
June
98
92 X
1
9K
103K
167
Jan
Simplicity Pattern
10
Jan
74
Jan
84 K
Mar
Singer Mfg Co
Singer Mfg Co Ltd—
58
Apr
75
Mar
Apr
27
Feb
Apr
10K
Jan
Sioux City G A E 7% pf 100
Skinner Organ.
*
7
30 K
Apr
18 H
Feb
2K
2K
2K
1,400
2X
Apr
2K
Jan
Southern Colo Pow cl A. 25
7K
7K
2,900
5K
Apr
7K
June
43
Feb
7% preferred
100
South New Engl Tel.—100
Southern Pipe Line
10
■""§*
""400
6K
Apr
12 K
Jan
Southern Union Gas.—.*
100
47 K
Apr
64 K
Jan
Preferred A..
Southland Royalty Co
25
Mar
South Peon OH
25
Mar
Southwest Pa Pipe Line. 10
Spanish A Gen Corp—
29
Jan
10
1
50
41.
"s
52
7%
52
101
200
Apr
.
Apr
90
K
7K
8
10
117
1
5
_4K
IK
IK
9K
Jan
8
May
*18
IK
•
Feb
2K
Apr
Feb
,
IK
1,400
Jan
8
Apr
Jan
6
800
7K
7K
99
101
Co
25c
common.—6
Jan
Apr
7K
7K
400
»it
10 K
Feb
5K
8K
Jan
Apr
7
Jan
5
Apr
100
5*
Prudential Investors——*
8
6
800
94K
*
Jan
105*
107X 107M
109 K
preferred
Apr
18K
18K
17
Apr
21K
Jan
Jan
105 K
Feb
Apr
IK
Feb
100
18 K
105 K
Common class B___
*
Standard
Wholesale
"25"
Starrett (The) Corp vto.l
Steel Co of Can Ltd
*
Jan
58 K
25 K
Mar
Mar
Sterchl Bros Stores
150 K 152
152
Mar
I8K
Mar
Apr
12K
Mar
Stlnnes
Feb
108
70
100
Feb
Apr
148 K
i6
May
6K
June
123
Mar
158K
Jan
(Hugo) Corp
125
13
13K
—*
K
13 K
Feb
IK
2K
IK
2K
Apr
35 K
100
39
39
12
100
Jan
21
Apr
Mar
41
Stroock (S) Co
Sunray Drug Co
*
1
Sunray
1
Apr
2K
Jan
2K
Apr
5
Jan
5K% conv pref
50
Superior Oil Co (Calif)-.25
Jan
33 K
Jan
K.
100
Eng'g—5
13.30 A part
Jan
7
Investing——1
4
Rice Stlx Dry
"Ik "2x
"166
Jan
X
Class B
Jan
Apr
12 K
Mar
Jan
K
Apr
15K
Apr
Apr
14
700
Apr
IK
Jan
Jan
Apr
Jan
Apr
Apr
Mar
5K
200
4X
2K
200
2K
3K
3M
2,000
2K
6
'3k
5X
2K
5K
6
25
Jan
5
K
Tx'Tx
7K
"•366
300
8
May
2,100
2
Jan
IK
Apr
Apr
IK
42 K
5
Jan
Apr
4
Jan
Tastyeast
K
42 K
""300
30
Apr
40 K
-.*
4
3'
Apr
K~
3
Mar
3K
300
30 K
.31K
200
28 K
May
*1*6
*16
100
May
•is
K
900
K
K
16K
2,400
14
650
69
1
1
class A
Inc
Feb
Apr
13
15
Taggart Corp com
1
Tampa Electric Co corp..*
Feb
"ilk
Technicolor Inc common.*
10 K
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref—100
96
Jan
% Prf 100
Inc..*
112
Apr
112
Apr
Texon Oil A Land Co
2
Mar
15
Jan
Thew Shovel Co com
5
12K
12K
50
—-1
Tlshman Realty A Constr*
Tobacco Allied Stocks
*
12K
12K
200
63
63
25
Apr
Mar
10
00
K
100
v
13 K
Roeser A Pendleton
May
*i«
preferred—
51
51K
8
"1M0
'
50
39
39
2K
500
""53K "53 K
""""25
2K
Mar
Mar
K
Apr
K
Jan
Mar
45
2,500
""366
1K
200
Jan
Apr
71
Apr
Apr
6K
12*
Mar
Jan
35K
Apr
44x
Mar
2K
K
,
Feb
7
49
"2
Mar
May
65
.
Mar
4K
Jan
3*4
59 K
Jan
6
Lace common.
21K
22 X
1,100
9K
1
'
Apr
Apr
Jan
1
Feb
IK
9K
18 K
17
Jan
Jan
u
Jan
17
11K
Jan
27K
Mar
Apr
U4*
Apr
May
114X
Jan
May
22 K
Jan
Brook
Water Service
*
*
pref
25
27
27
Jan
21
28
Mar
7K
Trans
100
.
Class
A
—
Tung-Sol Lamp Works
80c dlv.
preferred.
Convertible stock
55.50 prior stock
Allotment certificates.
Selfrldge Prov Stores—
Amer dep rets reg
Sentry Safety Control
Serrlck Corp (The)
K
K
K
57 X
Apr
May
9K
Jan
May
09 K
70
Mar
200
50
57
57
K
4K
1
6
25
58 K
52
150
54
May
Jan
1
K
£1
1
1
K
K
Apr
K
K
100
Jan
• i»
Mar
Feb
May
Apr
May
May
"266
Corp
For footnotes see page
22K
Mar
Apr
113K
115*
Mar
10 K
335
>.
Apr
Apr
14
Mar
Jan
3K
Jan
7K
5K
Jan
Apr
13K
"15"
13K
~15
United Gas Corp com
1st $7 pref
1
2
A.*
*
$6 1st preferred
*
United Milk Products...*
United Lt A Pow com
2K
500
K
Mar
Jan
3X
Mar
2
Mar
84
15
Mar
Jan
Apr
Feb
42 K
Mar
Mar
IK
•it
Apr
7
Jan
Jan
Jan
Mar
Apr
3*
Jan
Apr
Mar
92 *
Mar
K
Jan
86 K
3
74
83 K
84
270
IK
2
1,700
IK
Apr
1,900
IK
Apr
80
"it
Feb
23
IK
24K
Feb
1,700
Jan
19
Apr
2K
30 K
20 K
IK
24
13K
2K
4K
Mar
1:%
2,300
K
Common class B
6,900
90 K
90
non-voting
Option warrants
United G A E 7% pref. 100
$3
2,000
X
K
K
Feb
23
Mar
Jan
73 K
Mar
Apr
6X
Mar
09 K
preferred-
Jan
Mar
United Molasses Co—
dep rets ord
5
reg.
Jan
Apr
Apr
Apr
7
9
18 K
Jan
Apr
19 X
2
*
warrants..
Apr
83
Jan
Mar
13K
38*
K
5K
108K
Jan
2
23 K
300
Apr
8
6
St8-_10c
100
100
7
llit
3X
38
5K
200
Jan
Apr
K
7 K
$3 cum A part pref...
5K
1,350
2*
5X
IK
2X
United Chemicals com—*
5K
93
Apr
Mar
Shattuck Denn Mining—5
20
K
100
237
Uinted Profit Sharing—25c
114
Jan
Feb
300
United N J RR A Canal 100
91
Mar
Jan
Jan
20
111
2X
Co
Jan
114
105K
Apr
50
Union Traction
5K
92
Feb
May
9K
20
Mar
3
Apr
114
Jan
IK
16
Mar
com-.25
15
81
Jan
2K
6% cum pref ser AAA 100
Sherwin-Williams of Can ~
Jan
Mar
Apr
1,500
Sherwin-Williams
5K
12 K
8K
3K
Shawlnlgan Wat A Pow„*
Jan
May
Apr
'
200
22 K
*
3 K
6
Feb
June
K
com—*
Investment
3 K
300
Mar
53
1'
*
Seversky Aircraft Corp.—1
8
Jan
Mar
200
Am
Seton Leather common...
Apr
3K
78k ~~8K
Union Premier Foods Sts. 1
Jan
Apr
63
4
"400
Union
Mar
Feb
Feb
.
K
-1
—' *
Union Gas of Canada
>*11
12 K
Jan
15 X
2
Jan
Apr
8H
15
100
15*
Apr
3K
United Elastic Corp
13 K
Apr
M ar
United
Jan
2K
IX
,11
IK
Feb
4*
Jan
3K
32 K
5,500
Jan
Feb
8X
H
10
Mar
Selected Industries Inc—
Common
9.50
Series B pref
Un Cigar-Whelan
K
Jan
Mar
Feb
98 K
1
--1
Unexcelled Mfg Co
Feb
7K
13
13
Selby Shoe Co
68 K
*
Ulen A Co ser A pref
May
K
K
•'it
Jan
May
105 K
Tublze ChatUlon Corp..
IK
IK
6K
5K
36K
99*
14 X
50
52
10
Trunz Pork Stores Inc.
13 K
*ie May
Mar
102 K
IK
Apr
300
Mar
14K
5K
Jan
4X
Trl-Continental warrants
Apr
Jan
Jan
42
Screen-
Plot
Liu
K
31
7K
Jan
Mar
Jan
May
2
Common
Tranaweetern Oil Co
5X
Seeman Bros Inc
Segal Lock A Hardware—1
SelberUng Rubber com.. *
Feb
K
94
IK
*
Toledo Edison 6% pref. 100
7% preferred A.——100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
Corp
500
general—
'
60!
£1
Ordinary reg
;
Def registered 5s
Todd Shipyards
K
6K
Warrants
38K
45K
Jan
Tobacco Secur Tr—
200
Scullln Steel Co com
96
102 K
Exports.—*
Tobacco Prod
Jan
K
Apr
Jan
Jan
3
Apr
Feb
.
1
IK
Apr
Feb
43
37
2K
2
2K
——25
Elec 86 pref.—*
Securities Corp
2K
6K
3K
"10 k "10 K
Scranton
Jan
Apr
Apr
3K
ScovUl Mfg
Scranton Spring
2X
1K
•
200
7sk
51
Corp com 1
Scranton
Apr
37
6
100
Savoy OH Co——
Schlff Co common.——
13 H
4K
200
•
Salt Dome OI1 Co
Samson United
24 X
Apr
IK
Russeks Fifth
St Regis Paper com
Apr
9
24K
ord reg—£J
Rome Cable Corp
16
93 K
102
Ttlo Roofing Inc.-'
Rolls Royce Ltd—
~~8
Jan
Mar
Feb
Typewriter
*
Ave
2K
Rustless Iron A Steel
1
52.50 conv pref
*
Ryan Consol Petrol
Ryerson A Hay nee com—1
Safety Car Heat A Lt—-*
St Lawrence Corp Ltd-—*
52 conv pref A
50
Feb
1
11K
2K
May
Royal
Jan
7K
9K
104
2K
4
9X
102
2K
Jan
Feb
Apr
Apr
com.—6
Roosevelt Field Inc
6
Root Petroleum Co—
1
51.20 conv pref
20
Rossla International
*
Royallte OH Co Ltd
*
Feb
6K
3
Apr
Apr
31
2
Feb
Mar
8K
6K
10
2
4K
35
8„
Feb
Am dep rets
Apr
11K
Jan
96
Rochester Tel 6 K
14
May
7K
100
X
Jan
4X
2X
prefD————-100
K
Jan
May
2K
May
28
————*
com
Taylor Distilling Co
Voting trust ctfs
1
RochesterG&E16% pf C10Q
*18
40
w
2K
Swan Finch OH Corp
Mar
9K
K
Goods
-*
Richmond Radiator1
Rio Grande Valley Gas Co-
800
Superior Port Cement
Apr
5
K
OH
100
•
,
40
2K
*
100
25
K"
36
Mar
IK
39
5
♦
Sullivan Machinery..
9K
9K
,
Jan
Feb
10K
,_.*
0% 1st preferred——50
6% 2d preferred
20
SterUng Aluminum Prod-1
Sterling Brewers Ino
1
Sterling Inc
1
Stetson (J B) Co com
*
9K
500
1
37 K
Apr
10
*18
6K
Apr
May
6K
800
Stein (A) A Co common.
Jan
H
21
Jan
9,700
8K
8K
K. v-»it
phate A Acid Wks Inc 20
Jan
Jan
118
'"160
"25
102
'
Jan
Phos
Mar
June
5
6K
525
1,000
1
X
12
6X
4K
500
"16
K
*
Preferred
100
105 K 105 K
1
99 K
Jan
60c
*
Reed Roller Bit Co
*
Reeves (Daniel) common.*
Relter-Foster Oil----—60c
7%
10K
17K
25
107K
Apr
Raytheon Mfg com
Red Bank OH Co
§ Reynolds
Feb
(Neb)
Jan
May
118
—*
Reliance Elec A
6
OH
Jan
Raymond Concrete Pile—
53 conv preferred
7K
18K
7K
Mar
Jan
4
Jan
18*
1
14
Jan
Apr
5
175
23 K
May
17K
Standard Steel Spring
Standard Tube cl B
18K
Apr
IK
1,000
Standard Silver Lead
34K
Jan
12
Mar
17 K
Quebec Power Co——---*
Ry A Light Secur com.—*
Railway A Util Invest A—1
Common.
20
Mar
May
Mar
275
Manufacturing—10
Quaker Oats common.—.*
6% preferred
100
14
•11
3
May
60
50
---*
300
9K
35
Puget Sound Pulp A Tim.*
Pyle-Natlonal Co com.—5
K
7K
Jan
49 K
preferred
Jan
50
Apr
»u
Mar
50
May
101
30
Mar
19K
7K
Apr
Feb
93
107 X
6K
34K
9K
5% preferred
Standard Pow A Lt
Public Service of Okla—
6% prior Hen pref.—100
Apr
Feb
7K
Standard Oil (Ohio) com 26
Apr
IPub Util Secur 57 pt pf..*
Puget Sound P A L—
May
9K
conv
44K
450
5K
27X
200
preferred..20
$1.60
26
53 X
29 K
*16
Standard Products Co.—1
50 X
Mar
Mar
Standard Invest $5K Pref*
Standard Oil (Ky)
10
Mar
107
53 H
Feb
2X
14
2K
12K
Mar
7K
100 K
104
*
Mar
18 K
29 K
Standard Dredging Corp—
Common
1
Standard
Public Service of Indiana—
—*
4
Apr
IK
£1
Mar
Public Service of Coloredo-
100
100
Jan
3K
10
*
Standard Brewing Co
*
Standard Cap A Seal com.l
Conv preferred
10
Mar
K
3
8
Feb
Jan
"266
*
Jan
2*
40
Apr
7
Mar
Jan
Mar
Am.—1
26c
Prosperity Co class B
*
Mar
152
Mar
23
Corp
55
Jan
17K
May
Pressed Metals of
Jan
Apr
16 K
Apr
Jan
42
148
10
55
55
Mar
Apr
4K
Mar
IK
K
102
IK
May
May
3X
Apr
36
Mar
28K
IK
Mar
Mar
200
29 K
Jan
300
K
12
1,000
28 K
27 K
Jan
300
IK
IK
Apr
IK
1,200
28K
IK
Stahl-Meyer Inc
Apr
18K
29K
28K
Feb
3
1%
29K
Jan
9
18K
20
Apr
Mar
25
18H
43 K
•it
101K
*
Jan
Feb
43 K
6
Am dep rets ord reg
Jan
2K
'""260
Prentice-Hall Inc com.—*
40
Jan
Mar
Am dep rets ord bearer £1
Spencer Shoe Co*
*
10 K
10K
June
Jan
•n
"IK "IK
Premier Gold Mining—-1
56
100
Apr
May
43X
Apr
-*
85
IK
Apr
Mar
Apr
Jan
16
400
22
21
Canada—*
6% 1st preferred
100
6%
IK
IK
IK
Apr
May
6% original preferred-25
6% preferred B
25
6K% pref series C
25
A.. 10
7% prior lien pref... 100
600
IK
6K
preferred
2%
1
Apr
Power Corp of
Pyrene
2 K
Apr
2K
57 prior preferred
K
92
3K
1,200
1st preferred
June
1
4K
6% 1st preferred
K
]
4K
preferred
100
Boss Mfg com.
South Coast Corp com
Southern CaUf Edison—
4K
r
Jan
K
Sonotone Corp
4
30
Postage
Gas
84 K
K
K
Jan
Jan
Polaris Mining
Pro«ldence
4X
'
7K
Producers
Jan
Jan
3K
30 K
Apr
Pratt A Lambert Co
Jan
219
3X
IK
5K
2K
2K
Powdrell A Alexander
Feb
3
Apr
Smith (H) Paper Mills...
Solar Mfg. Co
29*
30
Meter
Potrero Sugar
2K
Apr
Feb
175
...
Apr
170
Feb
2,000
Inc
300
"70
IK
175"
100
7K
Pierce Governor common.*
56
IK
1
com
118 K
4
Pneumatic Scale com
Jan
Apr
3K
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Feb
13 X
May
3X
Pitts Bees ALE RR
•it
Apr
5
——1
Pltney-Bowes
IK
177K
Amer dep rots ord reg.£l
1,000
Feb
IK
200
118
Pioneer Gold Mines Ltd—1
7%
Simmons H'ware A Paint.*
JaD
*
Pines Wlnterfront Co
12 X
9X
IK
12 X
*
Feb
»
Conv S3 pref series
86
pref
Apr
Philadelphia Co common.*
Plough
conv
135
20
100
*
Common
$3
450
71
pref 25
High
"is
12 K
,
23 K
70
—100
Phillips Packing Co
Phoenix Securities—
Low
25
common
75
Peppered Mfg Co
Phil a Elec Pow 8%
Range Since Jan. 1, 1939
for
Weel
Shares
Slmmons-Boardman Pub—
79
Phlla Elec Co tS wef
Line stamped
Apr
IK
IK
15
148 K
Low
Shreveport El Dorado Pipe
5K
8K
107 K
of Prices
High
Price
2
IK
7X
78
Pharis Tire A Rubber
Mar
"it
Week's Range
Sale
Par
1,600
IK
Pennsylvania Sugar com 20
Pa Water & Power Co.—*
Pertect Circle Co
Apr
K
*
-
Penn Salt Mfg Co
Last
(Continued)
High
Low
2.50
Penn Traffic Co
STOCKS
1939
Range Since Jan. 1,
Shares
1
Pennroad Corp com
1
Penn Cent Airlines com—1
58
Week's Range
Sale
{.Continued)
3353
Sales
Friday
Sales
Friday
preferred..
10
United Shipyards el A—1
Class B
1
Jan
100
K
Mar
242
Feb
•it
Jan
10%
10 K
10K
400
9K
Mar
IK
IK
800
IK
Jan
10K May
IK
Apr
bait
(Concluded)
Par
Week's Range
of Prices
Week
25
United Specialties com..."
pref
U S Playing Card
U 8 Lines
10
42
300
43
3%
3
%
3A
%
%
"1*4
37
37
12%
H
50
25
700
1%
200
1%
37%
12%
1%
28%
200
2%
17 conv 1st pref.......
United Stores v t c
United Verde Exten.—50c
United Wall Paper
2
ht
Apr
4%
Jan
Apr
2%
Jan
%
6%
ht
Jan
Jan
Mar
Mar
2
"~4%
»!•
1%
14%
.
1,000
"4
i:606
8
%
tUtll Pow A Lt common..!
Class B
....1
7% preferred
-—100
"it
""900
%
58%
325
600
m
600
*10
45
%
1%.
42
600
%
1%
47
"266
100
Apr
100
47
20
38%
Manufacturing...
6
Waco Aircraft Co.—
4
5%
Apr
74% May
1%
Apr
4%
Apr
Wagner Baking v t c——*
100
*
A—..*
Class B_—
———*
Walker Mining Co—1
Wayne Knitting Mills...6
Welsbaum Bros-Brower..1
Wellington Oil Co———1
Wentwortb Mfg—1.25
West Texas Utll $6 pref—*
West Va Co al A Coke—.*
Western Air Express.....!
Jan
Apr
Apr
Waitt A Bond class
*it
Feb
A
Apr
8%
3%
2%
Jan
:
2%
37,000
74%
Apr
87
Mar
Mar
131
Feb
(Bait) 3%sser N—1971
Consol Gas (Bait City)—
111% 111%
10,000
109%
1939
$100% 101%
1127% 128%
5s
6s ser A
stamped—1943
Jan
Feb
Jan
"95"
105
5s er-warr
stamped.1944
General Pub Serv 58—1953
Gen Pub Utll 6%s A.1956
♦General Ray oh 6s A. 1948
Gen Wat Wks A El 5S.1943
Jan
100
2%
Mar
4%
Jan
Glen Aiden Coal 4s—1965
Jan
Gobel (Adolf) 4%s
1941
Grand Trunk West 4S-1950
97% June
32
Apr
60%
12
Vot tr otto com—
12
200
Westmoreland Coal Co—*
10
Apr
8% May
15
Feb
10
Jan
..*
Georgia Power ref 5s—1967
Georgia Pow A Lt 6s—1978
♦Gesfurel 6s—
"5% ""Jan
1
TOO
"1% "lA
Williams OU-OMat HI..*
7A
Wilson-Jones Co.——•
Wlllson Products Ino
1
7%
200
"93% "94""
""26
"4% ""4%
"566
Wolverine Portl Cement. 10
Woodley Petroleum.....!
Woolworth (F W) Ltd—
Amer
dep rots.......5c
5% preferred
£1
Wright Hargreaves Ltd..*
5%
4%
1 %
7
7%
Wisconsin P A L 7% pf 100
2
stpd.. 1950
Grocery Store Prod 6s.l945
Guantanamo A West 6s '68
82%
2%
4%
100
—,j?
......
...—.
1
1
i
•
.....
»
5
12
too
100
1
...1968
103%
98%
1st A ref 5s
1st Aret4Hs.:.. .1967
103
98
103%
25,000
98% 105,000
t Aluminium Ltd 6s.. 1948
Amer G A El debt 5s—2028
"l07%
Am Pow A Lt deb 68—2016
91%
Amer Radiator 4%s—1947
Amer Seating 6s stp—1946
106
106
"l03~"
102
103,
~I6(T"
106
103«i« 103«i6
Appalachian Elec Power—
1st mtge 4s.
..1963
Debentures 4%s
1948
6,000
107% 107%
91
92%
40.000
36,000
4,000
32,000
25,000
109% 109%
Appalae Power Deb 6s 2024
124
Ark-Loulslana Gas 4s. 1951
103%
Arkansas Pr A Lt 6s—1956
Associated Elec 4%s..l95?
106
67%
106
4.000
124
124
102% 103%
105%. 106%
55%
58,
1,000
11,000
86,000
45,000
38%
Conv deb
43
5s.......1950
38%
41%
Debenture 6s......1968
Conv deb 6 Hs—..1977
Assoc
39
46%
T A T deb 6 %s.A'65
IMP*
Atlanta Gas Lt 4%S—1965
Atlantic City Elee
8%s '64
Avery A Sons (B F)—
6s with warrants—1947
.
«,
108#
81%
$105
'
108%
$93%
5s without warrant0l947
Baldwin Looom Works—
♦Convertible 6s
37%
37%
$92%
1950
38%
39
43
39%
47%
83
105%
108%
Apr
Apr
Apr
May
2%
Feb
8%
Jan
6%
Jan
1935
♦Hungarian Ital Bk 7 %s'63
Hygrade Food 6s A...1949
8» series B
1949
Mar
Idaho Power 3%s.._. 1967
ni Pr A Lt 1st 6s ser A.1953
"~8%"Mar
1st A ref 5%s ser B11954
1st A ref 6s ser C—1956
15%
1%
Jan
Sfdeb6%s—May 1957
Jan
87
Jan
Jan
81%
103*i« May
106% May
83%
Apr
104
Apr
99% Apr
107%
105%
104%
103%
98%
106%
109%
96%
106%
May
May
June
96
95
C........1960
7s series E
Canada Northern Pr 5s '63
Canadian Pao Ry 69—1942
1956
4.
101
Cent Pow A Lt 1st 5s.1956
Cent States Elec 6s
1948
106%
110%
103%
91%
104%
40%
6%s ex-warrants...1954
Cent States PAL 6%s '53
40%
68%
^ Cedar Rapids M AP 6s '53
Cent Ohio Lt A Pr 5s—1960
Cent Power 6s ser D—1957
12,000
30
Jan
47%
29%
Jan
44%
Mar
40
Jan
59
Mar
Italian Superpower 6s.1903
Jacksonville Gas—
83
May
14.000
72%
102%
Jan
12,000
104
Apr
89
Apr
92
85
Feb
87
82%
Apr
Jan
106% May
108% May
|*Chlo Ry« 5s ctfs
1927
Cincinnati St Ry 5%s A '62
6s series B.........1955
123
Mar
Apr
Jan
86
47,000
69%
Jan
97%
10,000
81
Jan
Jan
Mar
Jan
June
Apr
May
May
102%
97%
Apr
105
Mar
96%
Jan
107
May
10,000
110% June
44,000
101
81
Apr
Apr
98%
Apr
35
Jan
46
Mar
41%
40,000
52,000
26,000
16,000
32
Jan
46%
Mar
68%
54,000
55%
Jan
69%
Mar
3,000
98
Apr
102%
Feb
103
103
51
6,000
75%
75%
103
1,000
50
1,000
$75
78
44%
70%
72%
—
1
For footnotes see page 3355,
Feb
87
Jan
63,000
95%
Jan
58
Jan
70.
16,000
68%,
.
75
Jan
94
May
105% May
70% Mar
29
Jan
72
"3:660
Jan
Jan
91
Mar
•
87
Mar
72%
Apr
109%
47
Mar
52%
45
107%
~
8:660
"2:606
36
8,000
98
Apr
Apr
Apr
26
May
25
5.00C
10,000
18%
94%
101%
101%
108%
Jau
Mar
Jau
53
Jan
50
Feb
101% June
29
May
Jan
26%
Jan
Apr
103%
Jan
103
.Apr
111
102
Alar
June
Jan
Apr
,
May
40
7.000
96
106%
6,000
10,000
1,000
61%
11,000
60%
61
16,000
83
83
59%
108 % 109%
109%
Jan
60
"9:666
65
65
.
Mar
Jan
97%
91% May
Apr
65% May
25%
40
108% 408%
1,000
9,000
59
Jan
"66% "Mar
..60
Apr
Apr
110%
Feb
Jan
105%
May
Apr
Apr
103% May
107%
101%
95%
94%
85%
65
Feb
101% June
Jan
94% June
96%
Apr
103% May
99%
Apr
Apr
104
85
86
Jan
104
Apr
108% May
50% Apr
49
Apr
68
Apr
108% May
May
.96% May
96
May
107
110%
63
62%
83%
110
Jan
Jan
Mar
Mar
Jan
May
2,000
36%
Apr
52%
$45% 47%
47% .47%
36%
41%
Apr
54
Mar
"3:660
Apr
55%
Mar
41
41
Jan
67%
66
67%
70,000
55
Apr
69%
45%
45%'
46%
19,000
38%
Jan
49
94%
95%
47,000
82
Jan
95% May
88%
89% 110,000
77
Jan
98%
Jan
89% June
102%
Feb
Jan
102% May
115% Mar
103% May
91% June
104% May
Apr
Apr
104%
Jan
Jan
5534
78%
Jan
Feb
Jan
81%
Apr
102
102%
102
102%
107% 107%
,
105% 105%
46
$43 %
163%
38%
44%
Kansas Power 5s...—1947
Kentucky Utilities Co—
Jan
86
1942
Jan
June
116%
5s stamped
68 series B
Mar
May,.
'
102% 102%
61
Feb
95% May
101% June
Feb
38%
34,000
20,000
Jan
108
Apr
Apr
105% May
62%
Jan
59%
20,000
105%
103%
39%
5,000
14,000
70
39%
98
Feb
'80
Jan
31
Apr
44
Mar
47(
Mar
4,000
3§
Jan
24,000
102
May
105% 106
$105
108
$123
126
102% 102%
51,000
105%
103%
119
101%
98%
80,000
42%
44%
Mar
Mar
Jersey Central Pow A Lt-r—.1947
4%s series C—
1961
Kansas Elee Pow 3 %s.l966
Kansas Gas A Eleo 68.2022
Chicago A Illinois Midland
Ry4%sA
—1966
Chle Jot Ry A Union Stook
Yards 5a
.1940
73
22:660
105
"59%
Isaroo Hydro Elee 78-1952
Isotta Fraseblnl 7s... 1942
110%
40%
67%
105
107%
105%
106% June
63% Mar
124%
126%
148%
98%
86%
97%
105%
40
76
95%
95%
89%
102%
Apr
104%
40%
35,000
103% 103% 33,000
2,000
103% 104
95%
96% 109,000
96
6s series D
.......1956
4%sserle8F.
1958
lowa-Neb LAP 5s—1957
6b series B...1961
June
104
3,000
91%
64
"96%
Feb
Mar
Mar
91%
91%
90
Apr
Apr
Apr
101% 102
103%
June
42%
90%
90
Mar
90
$7
105
,Jan
27,000
51,000
81
66
$63
$109% 109%
59,000
105%
104% 105%
102% 103% d5,000
103%
100
101% 135,000
101%
94 ;
94% 32,000
94%
124
27%
101
107
110%
103%
99%
3,000
90
65
Jan
Jan
Iowa Pow A Lt 4%s..l958
Iowa Pub Serv 5b.-..1957
100%
106%
110%
103%
Jan
86%
Apr
15
$111% 112%
May
Mar
27,000
95
68%
$64
101%
Interstate Power 5b...1957
Debenture 6s
1952
42
105
Apr
52,000
99
Jau
Interstate Publl c Service—
Jan
105
92
99%
$21%
Mar
Feb
140%
Jan
$109% 110
50%
60%
47
$43 .
36% ,37
101%
100% 101%
26%
.$20
Mar
41%
98% 105,000
89%
"89%
111
120
96%
"68%
107%
108
4.
Mar
66,000
$25%
Apr
Apr
6,000
97%
«».»•.
104 %
20
50
95%
69
69%
...1952
16,000
Broad River Pow 6s.. 1954
1998
"92%
105%
...—1957
7s series F
108%
124%
128
141
Birmingham Elee 4 >4si 968
Birmingham Gas 5s...1969
Apr
Mar
Jan
Apr
77
$73
94
92%
105% 105%
.
1965
Jan.
48,000
$126
$138.
97%
98%
86
83%
Carolina Pr A Lt 6s
6%s series C.
June
95%
124
50%
108%
87%
Apr
81
Jan
International Power Sec—
103
108
108
May
91%
90
83
92
1st M 5s series B...1957
103
98%
61
1st mtge 5s ser H
lst M 5s series A...1956
Bethlehem Steel 6s
....1957
1950
31
——
May
104%
Jan
86
1st lien A ref 6s....1963
Jan
112
Apr
99%
39%
95%
100% 101% 216,000
98%
♦Indianapolis Gas 5s A1952
Indpls Pow A Lt 3%s_1968
Mar
Jan
Jan
112% May
81% Mar
107%
199% 100
May
Jan
107%
102
Jan
Feb
1,000
45
$19
June
Bell Telep of Canada-
6s series
5s
Indiana Servloe 6s
2,000
53,000
4,000
18,000
10
5,000
17,000
45
107% 108
85
' 85%
'r85"
—.1953
6s series O—
1951
Indiana Hydro Eleo 6« 1958
Indiana A Mich Elee 6s '56
32,000
.
"12:666
$101% 103
Jan
May
Associated Gas A El Co—
Conv deb 4 His O
1948
Conv deb 4Kb—1949
103
6%a ex-warrants.-.1943
Houston Lt A Pr 3%s.l966
9
Jan
101%
103% 104%
102% 103
104%
102% 103
"Jan
102
Apr
Houston Gulf Gas 6s—1943
98
118%
Jan
Apr
66%
Jan
96
107%
"75%
Jan
Apr
% May
106
66 %
3
Apr
102
Apr
10
6 %s series B
106% 107% $13, nor
104% 106% 24,000
103% 104%
2,000
Feb
53%
109%
Jan
Sold
105%
64
6%
Bonds
107%
1%
1%
Apr
Apr
Apr
Alabama Power Co—
1st Aref 6s—.—1948
1st A ref 5s
..1951
1st A ret 6s.......1956
Apr
♦Hamburg El Underground
A St Ry 6%s——1938
Heller (W E) 4s w w ..1946
Indiana Electric Corp—
6s series A
1947
BONDS
Apr
Jan
"2:600 "7%
300
Feb
%
%
Mar
*
1
100
......
4%
9%
4,000
7%
94
Jan
16,000
7%
Mar
Jan
Mar
%
Apr
♦Hamburg Elco 7s
200
6%
Jan
68 %
97
106%
108%
4%
Hall Print 6« stpd-—.1947
Wichita River Oil Corp. -10
G%
Jan
12,000
61% 74% 131,000
10,000
112% 112%
75
76% 61,000
$112% 114%
1953
Guardian Investors 6s_1948
Formerly Venez Mex Oil.
Williams (R CD ArCo
*
104%
Apr
Apr
General Bronze 6s.... 1940
1%
Jan
Jan
56% May
92%
Apr
3,000
Mar
Gary Electric A Gas—
Gt Nor Pow 5s
Wolverine Tube com
1950
1952
Ercole Marelil Elec Mfg
6%s series A
...1953
Erie Lighting 5s
1967
Federal Wat Serv 5%s 1954
Finland Residential Mtge
Apr
Feb
46.000
Feb
Mar
4%
4%
95%
Mar
95%
105%
68
91%
108%
2,000
101%
6%
an
%
Florida Power A Lt Ss.1954
5
Apr
%
Florida Power 4s ser C1968
3%
Apr
79%
96%
19,000
4%
74% May
1%
Apr
6% Mar
Jan
Jan
Jan
4%
Banks 6s- 6s stpd—1961
Feb
.
4%
4%
♦First Bohemian Glass7s'57
1%
58%
2,000
2,000
25,000
107% 107%
Feb
Feb
12.
128%
106%
4%
Mar
Mar
111% May
102
Jan
Detroit Internet Bridge—
%
86
95
105
Denver Gas A Elec 6s. 1949
Mar
1
Mar
125
65
64%
1944
"500
1%
8(
9
9
77
100% May
64%
89
Oudahy Packing 3%s.lfl#5
Cuban Tobacco 6s
97%
1%
97%
97%
Apr
62%
89
53
7%
Apr
105,000
64
Elmlra Wat Lt A RR 6s '66
30
129
10617»2 106 "m 106%
Delaware El Pow 5 %s.l959
200
100
Weyenberg Shoe Mfg
1958
Cont'l Gas A EI 6s
"366
Apr
84
1 Cuban Telephone 7%s.'41
4%
2% May
82%
Gen mtge 4%s—1954
"2% "2%
4%
"82
Consol Gas Utll Co—
Empire DIst El 5s
28
un
74%
73%
Consol Gas El Lt A Power
El Paso Elec 5s A
Weetern Tab A Stat—
Westmoreland Inc
83% 84%
$128
129%
5%S
—1949
Community Pr A Lt 6s '57
Conn Lt A Pr 7s A...1951
Jan
Western Maryland Ry—
"V7% 1st preferred
Mar
Mar
Jab
Jan
67%
86%
Jan
16
Mar
86
Edison El Ili (Boat) 3 %s 65
Elec Power A Light 5s.2030
Mar
Mar
77
Apr
Jan
Jan
Eastern Gas A Fuel 4s. 1956
Feb
78%
Apr
66
72%
72%
74
75%
74%
♦Certificates of deposit
Feb
Mar
Apr
66
80,000
Jan
rtt
High
84
Jan
82%
♦6%s—
Aug 1 1952
♦Certificates of deposit
1%
%
%
Lour
71%
80
Conv deb 5s.
Debenture 5s
♦Deb 7s.—Aug 1 1952
Jan
Range Sines Jan. 1, 1939
$
80
i960
—1950
1958
Debenture 6s——1969
Cities Serf PAL 5%s.l952
$81
Cities Service 5s
Mar
54
Price
for
Week
82%
75% 210,000
74% 38,000
4,000
73%
82% 165,000
Feb
1%
2%
he
150
of Prices
Low
High
Mar
x«u
60
Jan
"
-
Feb
Apr
% Mar
10% .Apr
1% Apr
20
Apr
20
Mar
%
pref—100
Apr
"24%
"24 ~
Tool.6
19
%
1%
600
400
Venezuelan Petroleum—1
May
9% June
Jan
Apr
Jan
1%
1% May
75
15.
15%
1% ' 1%
4—-
Apr
47%
1%
45
Valspar Corp com
.1
$4 conv pref-———5
Jan
Jan
6
1%
1A
7 % preferred.
Jan
16
VA
7
Wahl Co common.
1
Apr
lsti
*
$5.50 priority stock
*
Utility A Ind Corp com-.5
Va Pub Ber.v 7%
Apr
Apr
Apr
56 %
1%
Utility Equities Carp
Vogt
Feb
2% Jan
15% May
4%
Jan
13%
..5
pref—♦
Van Norman Mach
Feb
3
""566
r~8% "9%
Universal Pictures com
Conv preferred..
Jan
1% May
37% June
16%
Jan
27% Mar
1%
H
3%
•it
Universal Products Co
Utah Pow A Lt S7
68
Jan
Jan
Feb
12
10
Universal Corp v t c—
Utah-Idaho Sugar
4%
6%
%
Jao
Mar
2%
400
A
VA
Apr
Feb
85%
44%
100
ht
A
A
1%
Week's Range
Sale
Par
200
3
..
Utah Radio Products.—l
Jan
10%
U 8 Stores Corp com
Universal I insurance
Apr
Apr
Apr
Apr
Apr
21
SI% conv pref..——20
U S Radiator com
*
Universal Consol Oil
Jan
3
100
Last
High
Apr
2%
900
55
55
Plywood—
U S Robber Reclaiming
80
3A
4%
H
43%
4
Securities..
1st pref with warr
1*
72
43%
82
B
U S Foil Co class
Low
70 6
81
U 8 and Int'l
Range Since Jan. 1,1939
High Shares
Low
Price
United Shoe Mach com.25
Preferred.
BONDS
(Continued)
for
Salt
Sales
Friday
Bales
Friday
STOCKS
U 8
June 3, 1939
New York Curb Exchange—Continued—Page 5
3354
6 %s series D
5%s series F.
6s series I...—
1961
103
105%
98%
...1948
1969
♦Leonard Tlets 7%s—1946
Lexington Utilities 6S.1952
Llbby McN A Llbby 5s '42
Long Island Ltg 6s
1945
Louisiana Pow A Lt 5s 1957
98
107%
110%
68 stamped
103
105
101% 101%
98
97%
107% 107%
110% 110%
50
$26
103% 103%
8,000
2,000
5,000
89%
101
93%.
88%
53.000
22,000
100
28,000
107
22%
"1:666
104
104
7,000
99
95
102%
107
Feb
Jan
106%
Mar
Jan
108
Mar
May
Apr
123
Apr
103% May
Apr
Apr
106
Jan
101% May
Apr
Jan
Jan
Jan
Mar
98% May
May
98
May
107% May
110%
Feb
30
Mar
103% May
Jan
105
Feb
June
100
46,000
Jan
100
107
106% 107
64,000
105%
Jan
107%
105
60
105%
16,000
28%
103%
Jan
105
30% May
105% May
$49
61%
100
Mansfield Mln A Smelt—
♦7s without warr'ts.1941
Marlon Res Pow 4%s.l954
McCord Rad A Mfg
97%
105
1955
Lake Sup Diet Pow 3 %a '66
Lehigh Pow Secur 6s..2026
102
$30%
1943
91
45
Jan
May
66
Apr
Feb
Memphis Comml Appeal—
Deb 4%s
1952
Memphis P A L 5s A—1948
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
48 series G
...1965
102
$95
96%
101% 102
82%
82%
108% 109%
110% 110%
95%
17,000
1,000
11,000
1,000
Apr
96% May
Jan
102
Apr
105%
Apr
91% Mar
109% May
107%
Jan
110%
92
82
May
May
Volume
New York Curb Exchange—Concluded—Page 6
148
Friday
Sales
Friday
bonds
Last
Wert's Range
for
C Continued)
Sale
of Prices
Low
High
bonds
I, 1939
Range Since Jan.
Weel
Par
Price
Middle States Pet 6 Ms *45
96 k
Midland Valley RR 5s 1943
Mllw Gas Light 4 %S
1967
*60%
Minn PAL 4Hs.
let & ref 6s
1978
99 K
102
..1955
Mississippi Power 5a_.1956
"~94 %
Miss Power A Lt 5s...1957
Miss River Pow 1st 5s. 1951
102K
Missouri Pub Serv 5s_190G
Nassau A Suffolk Ltg 5s '45
85 k
93
2030
102%
102
|»Nat Pub Serv 5a ctfs 1978
2022
Nelsner Bros Realty 6s '48
78 %
New Amsterdam Gas 5s '48
N B Gas A El Assn 5s 1947
"67 %
..1942
♦Income 0s series A. 1949
N V Central Elec 5 Kb 1950
New York Penn A Ohio—
♦Ext 4%s stamped. 1950
N Y P A L Corp 1st 4 Ks'67
N Y State E A G 4kb 1980
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954
93
Jan
109%
May
92%
Jan
Apr
103%
May
Jan
111%
Jan
121%
Jan
106% June
89% Mar
38
5,000
109% 109 %
*122 % 123
5,000
102%
82 %
33
107%
115%
K
~17666
96
78 %
59,000
75%
77 X
118%
Mar
102
106% May
Feb
99%
102% June
♦1st
s
f 0s
United Lt A Pow 6s...1975
6%a
1974
5%s
—.1959
Un Lt A Rys (Del) 5%s '52
United Lt <fc Rys (Me)—
Apr
May
May
78%
6s series A
1952
0s series A
115%
68
28,000
68 k
48,000
54%
Jan
72%
Mar
109%
95%
May
99%
May
Jan
87%
90
Apr
Apr
101
101%
10,000
99%
77
100 K
30,000
89%
Apr
104% 104%
1,000
102%
Jan
80
80
9,000
106
105% 106%
63,000
104
104
24,000
104%
+106%
113 k 113%
*55
56 -
79
80
107
88
"l'ooo
14,000
May
f»York Rys Co 5s
Mar
100% May
107% May
57% Mar
108%
Jan
95%
Apr
104% May
47
Jan
1,000
107
Mar
105% 106
105
54
107k 107k
82%
Mar
107%
May
Apr
90
Feb
Jan
116
May
72
112
6,000
68%
Apr
81%
17,000
81%
Apr
94%
Mar
91
Apr
97%
June
99%
40,000
89%
Apr
99%
June
31,000
87
Jan
97%
May
6,000
82
Jan
98
June
FOREIGN
20%
"
•
14,000
1,000
19%
107%
Jan
Jan
109
14,000
21%
109
109
104% 104%
106% 106%
104%
May
May
108
104
1,000
102%
59~6OO
102% 102%
-
Feb
-31%
May
.
Mar
Jan
106%
Jan
-<
110%
*114% 115
105%
n"666
52%
21
109
Yadkin River Power 5s '41
Mar
114% May
102% May
99
Apr
June
Mar
63
50
Apr
106
Jan
106%
Jan
105% 106
105% 105%
~9~66o
100%
Jan
106%
May
20,000
102%
Jan
105%
Feb
10,000
56
54%
55%
107
*106
91
91%
13,000
87
Apr
94
Jan
92
13,000
86%
Apr
94%
Feb
26
1,000
25%
Feb
28%
Jan
26
Jan
27
Apr
91%
1947
d90
26
1937
Stamped 5s
99 k 100
*103% 104%
Apr
Mar
78%
26,000
98
West Penn Eleo 5s._.2030
West Penn Traction 5s *00
No Amer Lt A Power—
"54"
Mar
104%
7,000
97%
♦5s Income deb
1954
Wash Ry A Elec 4s...1951
Wash Water Power 5s I960
Mar
58
80%
93%
94
113%
Jan
50
Jan
Apr
'
Mar
97%
96%
Jan
104%
112%
Jan
27%
92
96%
'l05%
86%
109
Jan
27
Apr
68
1,000
50,000
115% 115%
81
81%
97
1946
104% May
106%
Apr
Jan
52
Mar
Jan
Mar
118
6,000
•
89%
1st ref 5s series B—.1950
West Texas UtU 5s A 1957
West Newspaper Un 6s '44
Wheeling Eleo Co 5s..1941
Wise Pow A Lt 4s
1900
May
99
May
Waldorf-Astoria Hotel—
Jan
79
105%
Jan
Apr
19,000
78%
0a
Mar
101%
Feb
100% May
105%
Feb
Feb
d96
May
116%
23
Va Pub Serv 5%s A—1940
107%
52%
35
93
5,000
63%
Apr
98%
81
Utah Pow A Lt 6s A—2022
4%s
1944
99% 105,000
Jan
31
97
1973
Mar
95% 194,000
50%
35
107
Mar
98
May
98% May
40%
26%
79%
109 h 109%
99K
42%
"88"
72
94%
110
Jan
*25
72%
K
June
Jan
99%
86%
*25
1945
120%
99%
..1950
8,000
4,000
♦United Industrial 6%s '41
Jan
"95 %
No Boston Ltg Prop3 %s'47
Nor Cont'l Utll 5%s„1948
No Indiana G A E 0S..1952
36,000
May
118
....
Jan
67 x
Il3K
63%
43%
117% 118
52%
* 47%
43%
Jan
66
%
62
63
Conv 0s 4th stamp. 1950
United Elec N J 4s
)949
United El Serv 7s
1950
107%
men Co—
54
67%
67%
97
98%
3^wln City Rap Tr 5%s '52
55
67
68
101
97%
98%
106% 107%
109% 110
Jan
103
28,000
13,000
56,000
109%
197666
*119% 120 %
Nippon El Pow 0%S—1953
5 Ks series A
107
Mar
38
May
106 K 106
Nevada-Calif Elee 5s_l956
5s stamped
Jan
98
102 x 132,000
38
109%
0s series A
Debenture 5%s
1954
New Orleans Pub Serv—
77
21,000
14T660
93
108% 108K
1948
Conv deb 5s
..1950
New Eng Power 3%s_1961
New Eng Pow Assn 5s. 1948
May
87
9,000
84
108%
6"
110
Jan
*108% 110K
97%
High
Low
$
Tiets (L) see Leonard
Apr
102 % 106,000
2020
Nebraska Power 4Ks_1981
May
Mar
98%
66%
101%
73 %
99 x
35:660
54,000
101% 102
106
13,000
106%
94 % 117,000
93%
100
Mar
Texas Power A Lt 6s—1950
08 series A
—2022
Tide Water Power 5s._1970
Range Since Jan. 1, 1939
for
Week
of Prices
High
Low
Price
Par
108%
62
93%
58%
93%
Week's Range
Sale
High
Low
88 %
4,000
Last
(Concluded)
Jan
May
Apr
Apr
Apr
Jan
Jan
97 k
99 %
"85"
Nat Pow A Lt 0s A
Deb 5s series B
%
3355
Sales
91%
GOVERNMENT
AND MUNICIPALITIES
Northern Indiana P S—
5s series C
5s series
D
1900
I
Ogden Gas 5s
103%
...1945
Ohio Public Serv 4s...1962
Okla Nat Gas 4Ka
1961
109
6« conv debs—.....1940
Okla Power A Water 6s '48
107
Pacific Coast Power 5s '4Q
107
106
102
..—
Agricultural Mtge Bk (Cob
♦20-year 7s
Apr 1946
Jan
7,000
104%
2,000
104%
Apr
Apr
106%
Jan
104 k 105%
106
107
10514
1909
4kb series E
1970
N'westefn Elec 0s stmpd'45
N'western Pub Serv 5s 1957
4,000
102
Apr
105%
May
5,000
104
Feb
108
May
102 K 103%
109
77,000
97%
Apr
157600
108%
104%
103% June
109%" May
109% May
Jan
106%
*108%
108%
105%
106
101
106%
109
♦7s ctfs of dep. Apr '46
♦20-year 7s.._.Jan 1947
♦7s ctfs of dep. Jan
1st 0s series B
1941
113
Pacific Invest 5s ser A. 1948
Jan
May
106
14,000
107%
29,000
98
107%
Park Lexington 3s.
1 At 0a
Penn
"86%
1904
Penn Cent l A p 4Kb. 1977
"99"
54,000
91%
Jan
102
101%
Jan
104
1Q7Q
24,000
3,000
1,000
Mar
Apr
29
♦7s ser A ctfs of dep. 1945
♦7s ser B ctfs of dep. 1945
*12%
*11%
13%
18
18
18
18
18
89
May
♦7s ser D ctfs of dep. 1945
*11%
Apr
♦7s 1st
ctfs of dep.'57
*11%
Jan
♦7s 2d ser ctfs of dep.'57
*11%
♦7s 3d
*11%
*18
257666
29,000
Jan
87%
37%
Mar
Jan
91
Jan
99%
May
Jan
104%
Mar
97
Jan
104%
ser
ctfs of dep.'57
.1951
♦Bogota (City) 8s otfs. 1945
Bogota (see Mtge Bank of;
♦Caldas 7%s ctfs of dep.'46
♦Cauca Valley 7s
1948
May
May
ser
♦Baden 7s
Feb
107
May
1960
Deb 5Ks series B—1959
Penn Pub Serv 6s C—1947
5s series D
1964
Penn Water A Pow 6s. 1940
4 Ks series B
1908
1
11%
Mar
Mar
.
11
Mar
11
May
19
Feb
Mar
15
.Mar
17
15%
18
*11%
*22%
Jan
10
18^000
Mar
16%
18
106 % 107
105% 105%
11,000
100%
Jan
107
June
32,000
91%
Jan
105%
May
109
108
13,000
106%
Jan
109%
Mar
Jan
May
108
Mar
"27666
105%
102%
105
Jan
14%
11%
Mar
Jan
12
Cent Bk of German State A
107
109
*107
109
102% 102%
102%
106% 106%
106
40
22
Jan
25%
Feb
*23%
25
21%
Apr
25%
Mar
Columbia (Republic of)—
♦6s ctfs of dep..July '01
*22
30
♦6s ctfs of dep..Oct '61
2,000
*22
30
,19%
Feb
22
til
17
91
91
♦Prov Banks 0s B..1951
54,000
Apr
75,000
92%
Apr
111% 112%
82
*80
27,000
111%
76
Apr
Apr
45%
~4~666
38
Apr
.1981
98%
97%
1901
99%
98%
112
Pbila Rapid Transit 6s 1902
Pledm't Hydro El 0%s '00
•
45%
98%
Pittsburgh
Coal 08—1949
Pittsburgh Steel 6s
1948
*20
22
76
78
2,000
103
♦Pomeranian Elec 0s..1953
103%
96% -9.7%
Portland Gas A Coke 5s '40
Potomac Edison 5s E.1950
Jan
98%
June
Cundlnamarca (Dept of)
99%
June
113%
Feb
♦6%3 ctfs of dep
Danish 5%s
80
Jan
♦External 0%s
"
*19%
...1947
*18%
i 20 %
Mar
64
Jan
80
May
♦Hanover
Jan
Feb
♦Hanover
Jan
Lima (City) Peru
87666
108%
Jan
39%
100%
Jan
20%
105
Feb
*45% "49
105
30
Jan
109%
109%
45
105%
23
♦Secured 6s
Feb
(City) 7s_..1039
(Prov) 6%s.l949
♦Maranhao
21,000
146
Apr
Feb
*18
106%
Apr
89%
90%
67.000
75%
Jan
92
11%
*11%
*14%
14
86%
87%
21,000
72
Jan
90%
Mar
83%
83
84%
46,000
70%
Jan
86
Apr
20
Mar
4,000
108%
May
,
*25%
♦IssUe of May 1927—...
♦7s ctfs of dep. May '47
13
Jan
Jan
15
Mar
15
Mar
10
Feb
10
Feb
9
11%
14
Jan
9
♦7s ctfs of defp.Oct '47
25%"
*12%
Jan
26%
Mar
Mar
Jan
26%
Apr
26
Apr
11%
Apr
16
Jan
90
Apr
96%
Mar
Jan
15
Mar
Jan
Jan
Jan
14%'
Apr
52
•26
26
17
*24
♦Mtge Bk of Chile 08.1931
Queens Boro Gas A Elec—
32
30
$25%
Jan
25%
28
,
*24
♦Issue of Oct 1927—-
Mar
May
6%
11%
10
15
18
1954
Mar
107% 107%
Mar
Mar
22
Apr
,
,
16
*13%
*11%
1051
Mar
87%
20
20-
Jan
17
24
25
3,000
Mtge Bk of Bogota 7s_1947
90
107%
35%
"1958
♦0%s ctfs of dep
1'52% May
Pub Serv of Oklahoma—
Puget Sound PAL 5 Kb '49
1st A ref 6s ser C...1950
1st A ref 4kb ser d.196C
Jan
24% May
10%
Apr
16%
Apr
*18%
♦Medellln 7s stamped. 1951
Public Servloe ol N J—
151% 152 %
90%
—1958
7s
♦7s ctfs of dep
152%
Apr
1,000
,
6%s stamped
May
Mar
Apr
85
24%
20
20
24%
♦German Con Munlo 7s '47
99
Jan
Feb
Jan
100
85%
89
*86%
1952
Jan
;
.1955
Mar
—a.
Danzig Port A Waterways
Mar
108
1959
..—1053
5s
Feb
51
95%
f LOGO
109% 109%
PowerCorp(Can)4KsB
*22%
.
107
17,000
3MO0
4Ks series F___
1901
Potrero Bug 7s stmpd.1947
♦Prussian Electric 0s.. 1954
Mar
1952
17%
*107% 107%
'59
103
»0s series A
,
108%
-Mar
91 %
4a series B
—..I960
Jan
OO X
15
*11%
105%
4s series D
0% perpetual certificates
*11%
15%
♦7%s ctfs of dep. ..1946
Peoples Gas L A Coke—
Phlla Elec Pow 5 Ks.-1*972
1
"24% "Mar
•
17%
1948
'
*7s ctfs of dep
0s series A
(
1
20
76
106%
•
18
19
*11%
113%
Apr
98
1,03% 104
*11 %
*
94
Apr
Jan
24%
1
lumbia—
Penn Ohio Edison—
4s series A
29
'47
dep...Aug '47
dep...Apr '48
(Dept
of) Co¬
114
Mar
112%
112%
32
43,000
lio'ooo
106% 106%
..196?
29
*24
*24
Antioquia
Mar
*102% 103%
Electric 4s~F——1071 '103%
58 series H
*24
♦6s ctfs of
June
•
29
♦0s ctfs of
May
102
112% 113
92%
92%
112% 112%
85%
86%
40
137%
98%
99%
+103% 104
29%
*26
♦7s8erC ctfs of dep. 1945
108
Pacific Gas A Elec Co—
Pacific Ltg A Pow 6S..1942
Pacific Pow A Ltg 58—1955
*24
'
5 Ks series A_
♦Ruhr Gas Corp
-.1952
0KS-1953
♦Ruhr Housing 0Ks—1958
Safe Harbor Water 4 Ks '79
|*St L Gas A Coke 08.1947
San Joaquin L A P 0a B '52
91 %
91
*30%
108%
♦Schulte Real Est 6s—1951
$22
Scrlpp (E W) Co 5KS.1943
100
Scullln Steel 3s
1951
51%
^ Serv el Inc5s
1948
Shawlnlgan W A P 4Kb *07
"l03%
:
1st 4 Ks series B—1968
1970
1st 4 Ks series D
"l04%
63 %
13"000
108%
Jan
28
Apr
35
HO
Feb
16%
"
Jan
Apr
♦Santiago 7s
106
Feb
Apr
31%
Jan
103%
Mar
11,000
137600
104%
105%
102%
May
65
3,000
14,000
162
70%
Jan
83
83
Jan
97
8%
2,000
2,000
10%
1901
52
11%
*10%
10%
1949
♦7s
%
%
51
51
14,000
10,000
10,000
4,000
5%
%
%
47
14%
Mar
Feb
%
Jan
%
Mar
,
8%- May
14%
Jan
8%
14%,
JaD
May
June
"97"
2025
107%
106% 107% 117,000
Jan
107%
104
103% 104
12.000
103%
Apr
109% 110
109% 110
12,000
108%
Jan
2.000
108%
Jan
2.000
111
Jan
106%
111%
111%
112%
Southeast PAL 6s
12%
Mar
387666
80
Sou Carolina Pow 5s. 1957
97
$87 "•
Apr
103%
105%
105%
Mar
51%
*78
%
*24
*24
♦Parana
107
27
*105%
103% 103%
95%
%
..1947
Apr
Apr
May
104
.■lo%
32
32
32
94
12%
10%
*24
dep.;,.—1946
♦6%s ctfs of dep...1947
Mtge Bk of Denmark 5s '72
May
Apr
Mar
23
Apr
48
103
18% May
136
100
100%
♦7s ctfs of
(State) 7s—.1958
♦Rio de Janeiro 6%s_1959
♦Russian Govt 0%s—.1919
♦5%s
1921
♦Santa Fe 7s stamped. 1945
20%
25
Feb
Feb
43,000
49
Mtge Bank of Columbia—
Jan
"ian
134
40
91% June
♦7s ctfs of dep
20%
103
Sheridan Wyo Coal 0s 1947
8.000
31%
25
*23%
108% 108%
*18%
*136
*25%
♦Saxon Pub Wks 0s.—1937
91%
94%.
Feb
June
Sou Calif Edison Ltd—
Debenture 3%s
1945
Ref M 3%s.May 1 1900
Ref M 3 Ks B.July 1 '00
1st A ref mtge 4s
1960
Sou Counties Gas 4Kb 1968
Sou Indiana Ry 4s
1951
Mar
May
May
111% 111%
103% 103%
43
44%
4,000
103%
Feb
105%
Jan
25,000
5,000
Jan
8'western Lt A Pow 5s 1957
104
104%
7,000
102
Mar
92%
6,000
81
Apr
103%
104%
94%
May
103%
44%
So'west Pow A Lt 6s—2022
91%
So'west Pub Serv 08—1945
107% 107%
3,000
63%
64%
33,000
64
64%
9,000
104%
Feb
Feb
Conv 6s (stpd)
1948
1948
Debenture 6s
1951
(stpd)
■Debenture 6s.Deo 11906
6s gold debs
64%
♦
^The following
108
70
Mar
Cedar Rapids 5s
54 %
Apr
70%
Mar
r Cash sales
d Ex.
not In
during current week.
,
,
,
^
u
Curb bond Issues which have been
„
.
called
Cuban Telep 7%s
Pacific Ltg. 86
Aluminium Ltd 5s 1948, July 1 at 103.
1953, July 1 at 110.
1941, Sept. 1 at 105.
pref., July 15 at $105, and
Servel 5s 1948, July 1 at 105.
65%
Apr
70%
Mar
65
23,000
13,000
55
64%
54
Apr
70
Mar
65
1,000
54
Apr
69%
Mar
6.000
87
Jan
96%
Mar
Apr
70%
Mar
No sales.
dividends.
yearly range:
53%
95
95%
64%
65%
34,00p
6s_1950
23%
23%
23%
31,000
19
May
35
50
1,000
50
Apr
04
Mar
34
Apr
e
Jan
50
Stinnes (Hugo)
V
Cash sales transacted during the current
week and not included in weekly or
.
Under-tbe-rule sales transacted during
the current week and not Included in
weekly or yearly range:
*35
100
Terni Hydro-El 6Ks__ 1953
Texa tElec Service 6s_1960
No sales were transacted
la a list of the New York
Jan
64%
Tennessee Elec Pow 5s 1956
Included in year's range,
Ex-dividend.
In their entirety:
Apr
Standard Investg 5K« 1939
Corp—
2d stamped 4s
1940
2d stamped 4s
1940
x
traded flat.
Bonds being
65
1957
Deferred delivery sales not
{ Reported in receivership.
64%
"64%
a
Under the rule sales not Included in year's range,
55
Standard Pow A Lt 08.1957
♦Starrett Corp Inc
n
a,,* Friday's bid and asked price.
Standard Gas A Elec—
6s
No par value,
eluded in year's range,
Mar
103% 103%
May
Feb
Apr
52%
8'western Assoc Tel 5a 1901
39%
102%
*
Interest,
103%
37
99% 100
44%
45
103% 104%
50
IvFo
Jan
22~666
88%
Jan
100%
38 %
Apr
53%
Jan
97
Apr
t
Feb
2,000
61,000
104% May
n
sales
Deferred delivery sales
transacted during the current week
and not included
weekly or yearly range:
AbfrelSiilons
Used Above—''cod",
certificates of deposit;
"cum," cumulative; "conv/' convertible; "M," mortgage;
"v t c," voting trust certificates; "w 1,
when issued: w w,
without warrants.
"
"cons," consolidated;
with warrants, x-w
3356
Financial
Chronicle
June 3,
1939
Other Stock Exchanges
Baltimore Stock
Exchange
CHICAGO
May 27 to June 2, both inclusive, compiled from official sales lists
Sales
Friday
Week's Range
Last
Sale
Stocks—
Arundel
Par
Corp
High
Shares
Low
High
20 X
Atlantic Cat Line (Conn) 50
20
21 J*
393
203*
Apr
19
*
_
Low
20
230
17
Apr
30c
Bait Transit Co com v t c_*
40c
35c
40c
177
1st pref v t c._
Brager Eisenberg Inc com 1
1.35
1.30
1.35
195
1.20
19
19
120
163*
Mar
77
80
157
71
Jan
79
116
May
10
112
24?*
313*
Apr
19
Apr
Consol Gas EL & Pow___*
783*
118
43*% preferred B__£l00
Fidelity & Deposit
20
Fidelity & Guar Fire
10
Finance Co of Am A
com
.5
Georgia Sou Fla 1st pfd 100
Houston Oil preferred.. 100
Maryland & Pa RR
com
100
MononWPennPS7% pref25
MtVer-WoodbMllls
cm
National Matine Bank
100
mmm~
-
117?* 1183*
1213* 121X'
-
4, mm mm «■*
mrnmmmm
m
m m
~
64
93*
100
6
31X
.
6
mmmrnrnm.
31?*
93*
6
31K
m m
*
27?*
45
1.10
1.10
North Amer Oil Co corn__l
1.40
1.40
r.
U S Fidelity & Guar
13
203*
2
Last
Week's Range
for
Sale
of Prices
Week
May
Stocks
(Continued).
Par
273*
Mar
Amer Pub Service pref. 100
1.00
Jan
2.00
4
423*
Apr
44
May
Armour & Co common...5
10?*
Apr
143*
Jan
1.00
Feb
1.45
May
,883*
Mar
843*
Mar
Aviation Corp (Del)
13?*
233*
Jan
853*
15
833*
79
79
25
73
Jan
13
13
66
12?*
Apr
203*
213*
789
163*
Apr
Jan
.
Mar
3
Belmont Radio
Mm
mm —
Finance Co of Amer 4% '47
mmrnrnLm
833*
243* $16,000
193*
Apr
253*
May
Bendlx Aviation
28
500
223*
Apr
283*
May
1,150
Jan
1003*
May
96
5
com
1
Bliss & Laughlln Inc com.5
521
38
1473*
3?*
30
100
•
"l"53*
.
Feb
IX
Jan
2?*
Feb
Apr
8?*
Apr
4
100
250
23*
14
15?*
2?*
Jan
Jan
50
13
Jan
143*
Apr
2,200
10
Apr
15?*
June
6
5?*
Jan
3?*
450
14
Mar
June
Apr
53*
2?*
14
63*
38
43*
50
3?*
23*
23*
1703*
Apr
May
Apr
5
"~5%
83X June
Jan
59
3?*
23*
1
Berghoff Brewing Co
3,000
High
Low
330
35
Corp——*
23?*
1003* 1003*
"8 X
Aviation & Trans C cap.l
Barber Co (W H) com
'
163?* 165?*
33*
43*
Amer Tel & Tel Co cap. 100
28
-
-.1975
Range Since Jan. 1, 1939
Sharei
High
76
833*
Athey Truss Wheel cap...4
Automatic Prod com
5
Bonds—
A 5s flat
Low
Associates Invest Co com. *
3,400
Feb
Bastlan-Blesslng Co com.*
Bait Transit 4s flat._.1975
Price
Sales
1.00 May
Jan
85
«*
10
com
Friday
52
•
St., CHICAGO
Jan
21?*
"
Seaboard Coinml
Salle
Mar
529
1.45
85
25
La
S.
June
6
Feb
44 '
60
10?*
Apr
13 3*
Northern Central Ry
353*
273*
10
Mar
Teletype
Municipal Dept. CGO. 521
1183* June
1283* Mar
Apr
75c
44
Jan
803*
Principal Exchanges
Bell System
Trading Dept. CGO. 405-406
Jan
May
16?*
133*
Penna Water & Power com*
2.10
19
June
1
Members
Jan
Jan
93*
635
Vmii H.Davis & €><x
Mar
65c
6
21?*
1.00
133*
.30
29?*
2
New Amsterd'm Casualty 6
.
Mar
1.00
213*
Unlisted
Range Since Jan. 1, 1939
for
Week
of Prices
Price
SECURITIES
Listed and
Jan
300
43*
Apr
63*
243*
103*
2,100
163*
Apr
293*
Jan
10
750
103*
May
153*
100
7?*
133*
Jan
153*
"~23X
Apr
20?*
Mar
233*
10
Borg Warner Corp—
Boston Stock
(New) common
5
Brach & Sons (E J) cap—*
Exchange
May 27 to June 2, both inclusive, compiled from official sales: lists
Friday
Last
Sale
Stocks-
Par
Price
Hales
Week's Range
of
Prices
Low
com—...5
Butler Brothers
10
Shares
Low
pref
non-cum
71?*
3*
164?*
32c
100
60c
IX
1%
163X 165J*
55
IX
Jan
2
May
Preferred
1,713
147X
Apr
170
Mar
Prior lien
Jan
Feb
Bigelow-San Carpet—
Elevated100
Boston Herald Traveler..*
17 3*
Prior preferred...... 100
7?*
Class A 1st pref 8td..l00
Class A 1st pref..100
IX
1st pref std.-lOO
4
100
100
100
17 X
83*
75
Loews Theatres (Boston) 25
53*
6X
24 x
15
Jan
Mar
Chic Flexible Shaft com..5
733*
733*
100
62
Jan
783*
Mar
3*
703*
3*
703*
100
X
20
673*
83*
71?*
300
450
533*
6?*
250
'6
2?*
100
441 zl27
141X 146
48 X
49
17X
181
9.1
17X
Jan
146
Mar
383*
Apr
56
Mar
16
Apr
19
Jan
*
8X
IX
i%
343
IX,
114
105
IX
110
2X
13\X
125
16
140
9
300
13*
Jan
13*
Feb
20
43*
Apr
8X
Jan
185
33*
Apr
53*
Jan
25
Compressed Ind Gases cap5
Consol Biscuit com..
1
Consolidated Oil Corp...*
Consumers v t c pt pref. .50
Jan,
35
30
*.
5
292
17X
8
8X
72 X
75
6
45
1
17X
.
Jan
113*
Mar
Jan
13*
13* May
Jan
IX
IX May
Jan
1?*
3?*
Mar
Mar
Mar
Coleman Lamp & Stovecm*
5
Mar
Apr
Jan
IX
Apr
25
Apr
123*
7
79
60
Jan
3
Apr
Jan
5
5X
21
5X
63*
243*
15
20X
5X
63*
243*
'143*
525
160
30
76
10
■
'51
43*
18?*
Apr
53*
Apr
5X
23*
24
14
27
Shawmut Assn T C...._
*
.Fuller Mfg Co com
1
Mar
General Amer, Transp <;om5
General Candy Corp A...5
43 X
78c
80
23* May
223*
Jan
53* May
General Finance Corp coml
General
%
3*
Mar
13*
Jan
Great Lakes D & D com.
23?*
38c
157
35o
Mar
1.00
Jan
Hall Printing Co com
10
Heileman Brew Co G cap. 1
12 3*
Mar
Feb
Apr
113*
28?*
93*
100
ox
23?*
150
10
Apr
21?*
Apr
373*
Apr
11
Jan
Apr
273*
Feb
363*
Jan
373*
Apr
50
1.550
250
6?*
Jan
450
7
Apr
Apr
80c
Jan
Hein Werner Mot Parts. .3
143*
Jan
HibbSpenc BartlettCom.25
589
15?*
Apr
24?*
Jan
Hordes Inc com..'
*
113*
113*
50
140
13*
May
3
Jan
Houdallle-Hershey cl B._*
11?*
12 3*
200
Feb
16
Jan
Hubbell Harvey Inc com.5
9.
.
470
123*
26?*
668
394
80 X
81X
'360
43
43 X
70
83c
800
55
78c
Apr
11
Mar
Hupp Motors com..'
Apr
173*
"Jan
223*
Fpb
283*
Mar
Illinois Central RR
71?*
41?*
Apr
85?*
Jan
Indiana Steel Prod com__l
Apr
44 3*
Mar
50c
Apr
693*
53*
Jan
80
130
Apr
2X
50
13*
Mar
7?*
33*
243*
23
30
23
Mar
85C May
June
88
92 3*
$36,000
80
com 100
6,000
80
923* June
of Prices
High
for
Low
Ifigh
533*
Apr
643*
25
353*
40
31?*
Apr
43
Adams Oil & Gas Co com.*
63*
63*
200
5?*
2
350
May
Apr
73*
133*
73*
14
1?*
93*
3
Jan
Jan
Jan
100
6
Apr
83*
Mar
200
11
Apr
15?*
Mar
Allied Products—
100
5
Apr
83*
Jan
*
63*
35?*
7
Allis-Chalmers Mfg Co
36
145
Apr
473*
Jan
Altorfer Bros
*
213*
213*
28?*
203*
Feb
213*
Apr
50
Apr
133*
446
93*
Apr
2?*
200
23*
Apr
76 3*
90
Apr
94?*
"
'
,63*
203*
4
Apr
66
18
Apr
26
17
Apr
193*
4?*
4?*
50
7
7
4X
Apr
100
5
Feb
Mar
90
10
74
38
270
29
88
70
69?*
23*
150
33*
Jan
Jan
Mar
73* Mar
923* May
Apr
33*
Jan
Jan
Mar
'
5
Jan
88
38
90
36 3*
100
Kentucky Utll Jr cum pf.50
6% preferred
100
Kerlyn Oil Co com A
5
33*
Jan
Jan
50
403*
Jan
Mar
88
May
4
Apr
*
La Salle Ext Unlv com...5
253*
23*
253*
100
253*
10
22
45*
4?*
4?*
325
4
Apr
63*
23*
263*
100
2
Mar
53*
Jan
*
23*
263*
20
26
May
323*
Mar
*
Common
15?*
15?*
75
14
May
Jan
Apr
18?*
1?*
Apr
32
Mar
Apr
15
Feb
*
23*
*
com
Loudon Packing com
*
McQuay-Norris Mfg com.*
Marshall Field
Mar
Apr
100
*
com
1?*
Apr
Jan
Jan
23*
253* June
Jan
100
1
283*
29
100
25
12
12?*
635
26 3*
13*
'12X
263*
33*
650
23*
Apr
43*
Jan
73*
2,950
53*
Apr
83*
Mar
X
1,450
3*
Jan
3*
Jan
100
2?*
May
53*
Mar
200
X
Feb
5?*
13*
13*
9X
Jan
—
Prior preferred
125
13*
4
200
Merch & Mfrs Sec
613*
Jan
52
50
603*
25?*
17?*
Liquid Carbonic
Range Since Jan. 1,1939
Feb
23*
150
17?*
Libby McNeill & Llbby.
Lincoln Printing—
Week
Shares
123*
May
9?*
59
Kellogg Switchboard com.*
Apr
Jan
243*
Feb
June
Jan
Feb
1
1
May
May
13
_*
Katz Drug Co com
Jan
173*
International Harvest com*
com
Jan
Apr
1?*
4?*
.
.Jan
Apr
83*
'93*
9?*
2-?*
76X
Mar
37
Jan
Jarvls (W B) Co cap
Feb
88
9?*
663*
493*
Jefferson Elec Co
Sales
Week's Range
2X
May
Mar
9
12 3*
1
Feb
Apr
34?*
103*
13?*
•
13*
Inland Steel Co cap......*
63*
80
30
Apr
4?*
,
Illinois BrlCk Co.......10
83*83*
35
35
Apr
18?*
83*
13*
80
9
500
19J*
11
5X
100
*
Mar
83*
Jan
23*
45.
51?*
83*
133*
600
'
133*
8?*
■9X
8?*
13*
275
1,224
93*
SIX
353*
11?*
10 3*
Abbott Laboratories—
For footnotes see page 3359.
Apr
273*
$33* preferred
10
10
Goodyear T & Rub com..*
14
Jan
Jan
50
25c
20
Apr
14
60
93*
15
'2?*
Jan
Mar
Apr
25
183*
13*
Jan
43*
Apr
Goldblatt Bros Inc com..*
*
2
Jan
Mar
11?*
Jan
Gossard Co (H W) com
433*
Mar
403*
Mar
1133* May
Apr
Apr
3
Jan
May
22.3*
50
2
pref. *
;
4
Apr
45
31
Gillette Safety Razor
:
100
50
11
2
150
453*
63*
123*
Friday
*
15
Jan
Chicago Stock Exchange
Advanced Alum Castings.5
Aetna Ball Bearing com__l
143*
Jan
Feb
May 27 to June 2, both inclusive, compiled from official sales lists
*
Apr
10
23*
" 45
233*
Low
103*
■
123*'
Mar
13?*
43 3*
Apr
923*
Sale
10
100
350
Apr
Leath & Co com pref
pref
44
"44"
1033*
86
Last
Apr
ic
Preferred
Price
May
13*
Bonds—
Eastern Mass St Ry—
Series A 43*s
1948
Series B 5s
1948
conv
23*
*
com
Motors Corp..10
156
2X
9X
2?*
173*
243*
Jan
May
10-
441
23
150
700
-150
173*
473*
10
1113* 1133*
'
...
Common
10
May
33*
23*
23*
"13?*
47?*
6
6
(SD)Co
Allied Laboratories com
"23*
17
143*
.
33*
Gardner Denver Co com..*
Jan
Apr
123*
27
29%
143*
18
Mar
23?*
293*
Jan
73
Jan
33*
Jan
37?*
May
Apr
19
43*
Jan
50
Apr
3
143*
Jan
213* May
250
103*
103*
June
163*
9
19
H200
25
"six
275
Apr
15X
Elec Household Util cap.5
5
Four-Wheel Drive Auto. 10
93*
23
Elgin Natl Watch Co...15
5c
9X
11
Jan
43* May
30
Jan
IX
15
185*
IX
Reece Button Hole MachlO
7?*
80
150
Mar
27X
36c
Apr
120
14
IX
27X
36c
7
6?*
93*
Mar
482
203*
7
5c
.15?*,
Apr
27
20
15
15
28?*
Apr
300
Deere & Co com
*
June
Apr
5
17
Jan
235
Feb
Mar
May
9
10
Dayton Rubber Mfg com."
Cumulative cl A pref..35
com
33*
200
51
.
153*
»
93*
27
200
May
.
63*
183*
lix
24?*
103*
153*
May
25?*
51
133*
Jan
Mar
"
143*
Mar
84?*
Jan
243*
14
17
11
Common (new)
Acme Steel Co com
43*
5c
Old Colony RR—
Ctfs of dep.
Par
73*
Fox (Peter) Brew com
30
Jan
Apr
Jan
53*
7X
4X
Mar
43*
General Foods
Pacific Mills Co
Stocks-
V
Fairbanks Morse com....*
1,155
•'
73*
43*
FitzSim & Son D & D com *
Jan
Feb
93*
23*
11
5
Jan
2
53*
10
5
Jan
500
;19,
10
Mar
2X
72
10,950
28?*
8
2X
5
283*
27
Jan
Apr
19
283*
Jan
10
8
Jan
1
Jan
100
27
Apr
10
37c
Vermont & Mass Ry Co 100
Waldorf System..
capital
2?*
20
514
13X
37c
Utah Metal & Tunnel Co.l
New
6?*
26
Jan
7?*
Jan
10
(New) common
Cudahy Packing Co pref 100
Cunningham Drug Sts.23*
.
77
.
Apr
Jan
5
Commonwealth Edison-
133* June
1
683*
Club Aluminum Utensil..*
33*
23
25
<
Mar
3?*
May
163*
Chrysler Corp common..5
Cities Service Co—
2?*
May
103*
94
y
4X
53*
19
8
Container Corp of Amer. 20
Crane Co com
25
3*
Warren Bros
"
Chic & N W Ry com... 100
Chicago Towel Cocom
7X
IX
i%
.3*
25
Feb
-23*
383*
113"
6% cum pref
163*
Apr
N Y N Haven & Hart.. 100
United Shoe Mach Corp.25
Jan
15
50
Apr
New England Tel & Tel 100
Torrlngton Co (The)
16
13*
1X
Warren
16
333*
National Ser Co com.__.l_l
*
Mar
200
National Tunnel & Mines. *
N. Eng Gas & El Assn pfd *
Stone & Webster
Mar
108
2,750
13 X
1
Pennsylvania RR
50
Qulncy Mining Co......25
55
Jan
13*
'
2.50
Jan
100
333*
Dixie-Vortex Co
5
20 3*
^.100
Butte
45
30
1?*
4X
.....^.100
Mass Utilities Assoc vtc.l
210
'333*
733*
Mai ne Central-
Mergenthaler Linotype
*
Narragansett Racing Assn
Jan
50
48
'
"ix
r
,,___100
Eastern S3 Lines—
Common.....
Employers Group
.__*
Gilchrist Co,.
...._*
Gillette Safety Razor
*
Hathaway Bakeries pref..*
North
105
Chicago Corp common...*
Preferred
*
1
t
;
IX
Feb
4X
__25
East Gas & Fuel Assn—
Common
*
Inc.....
Apr
Mar
4
Copper Range
pref...
6
1
1033* 105
50
*
-*
2X
.25
Adjustment.'
Apr
1,210
89 3*
IX
5X
Eastern Mass St Ry—
1st preferred
4
263*
IX
5X
X% prior pref
6% preferred..
Feb
350
703* May
*
cum
13*
Jan
20?* May
13
4
Jan
14
10 X
Calumet & Hecla
X
569
100
com
3*
May
20?*
Boston Personal Prop Tr_*
5%
13*
Feb
75H
Boston & Providence.
Common
13*
Jan
Apr
233*
753*
3,050
5
*
preferred
IX
"ix
CI C 1st pref std
100
Class D 1st pref stpd. 100
Brown-Durrell Co
43*
163*
64?*
750
5
Chic Yellow Cab Co Inc..*
_
3*
Apr
Apr
93*
50
73
Jan
9
Apr
6
Jan
16
85
'
,
May
173*'
73
Boston & Maine—
_
113*
173*
Jan
21
Apr
205*
733*
1443*
48)4
Class B
1
Common.
Chain Belt Co com
*
Boston & Albany
.100
Boston Edison Co. .'...100
Boston
660
3*
7ie
7i«
50
100
Common-
700
.
7
7
93*
32
Jan
17
Central Illinois Secur com 1
High
Apr
20
400
113*
103*
173*
713*
Castle & Co (A M) com..10
Convertible preferred..*
6%
355
21
Central S 3V—
*
Amer Tel <fc Tel
25
10?*
Cent HI Pub Ser $6 pref..*
American Pneumatic Ser
Common
23?*
203*
23?*
.....
CampbellWyant&CanFdy*
Range Since Jan. 1, 1939
for
Week
High
Bruce Co (E L)
Mlckelberry'a Food
*
com.
Middle West Corp cap
Midland United Co—
1
5
Common
Conv preferred
Midland Utll—
6% prior lien pre!
6% preferred A
7% prior lien pref
7% preferred A
33*
6K
X
33*
6?*
3*
2?*
*
3
53*,
100
100
X
5?*
3*
100
53*
5?*
100
100
5X
X
X
1
Mar
26
283*
600
»
3*
Jan
1
600
X
Feb
5?*
1,000
3*
Jan
13*
Feb
June
Apr
June
Apr
Volume
Financial
148
Range Since
Last
MUler & Hart
pref.
conv
Minn Brew Co com..
Week's Range
for
Sale
Par
of Prices
Low
High
Jan. 1, 1939
Week
Price
*
_
3357
Sales
Friday
Stocks (Concluded)
Chronicle
2H
2
40
2H
Ohio Listed and Unlisted Securities
High
Low
Shares
3
Jan
Feb
50
7%
Jan
11
44%
40
40%
Jan
45
May
52
815
Members Cleveland Stock Exchange
May
45
.1
Monroe Chemical Co pref *
Montgomery Ward—
Common
*
50%
Class A
*
Mountain States Pw prf 100
National Battery Co pre!.*
Natl Bond & Inv
com.._
National Standard
670
30%
10%
Apr
20
12%
Jan
16
Apr
19%
16%
Apr
27
50
11
•
Jan
12%
700
6%
Apr
9
Feb
48
June
48
100
40%
Jan
17%
110
11
Apr
18
Feb
Friday
16%
16%
25
13%
Apr
20
Feb
Last
Week's Range
for
14
14
12
Feb
14
Mar
Sale
of Prices
Week
15%
May
14%
100
13%
Feb
34%
35%
294
30%
Apr
26
26
24
Apr
100
Circle (The) Co__*
Pines Winterfront Com___l
Steel
.
10%
300
10%
8%
7%
117%
40
152
10
1%
.29'
16%
May
Apr
Spiegel Inc com
2
St Louis Nat'l Stockyds..*
Standard Dredge—
12
8%
9
17%
17%
25
3
Thompson (J R) com_:_25
Trane Co (The) common.2
Union Carb & Carbon cap *
10
65
"i %
Util & Ind Corp conv pref 7
1%
a9%
33
9
10%
May
Apr
Mar
Mar
16%
Mar
75
Feb
2%
Apr
23%
Apr
13%
3%
29%
7
Apr
12%
Apr
10%
,
25%
Apr
28%
Weinberger Drug Stores. *
West Res Inv Corp pref 100
Youngstown Sheet & Tube*
_
18%
17
Apr
19%
Jan
75
3
Mar
3%
Jan
"
11%'
Apr
15%
Jan
06
Apr
Apr
90%
13%
77%
Apr
112%
7%
95
1,300
100
1%
1%
Apr
1%
15%
Apr
18%
32%
Jan
Apr
Apr
16%
Apr
24%
Apr
119%
Jan
Friday
Apr
2%
300
3%
Apr
Last
Week's Range
for
3
Apr
5%
53%
Jan
200
Jan
Sale
of Prices
Week
74%
Apr
81%
May
1%
Mar
18%
5,050
'
138
50
Par
Stocks-
Sales
Low
Price
Jan
820,000
112%
105
Apr
112%
June
Cincinnati Stock Exchange
DIXIE TERMINAL
27c
Apr
3
3
125
3
May
3%
May
Baldwin Rubber com..... 1
6%
6%
600
5
Apr
200
21
17
Apr
Apr
Mar
1,221
1,146
7%
27%
31%
"_5
Roller—
26
"69%
68% .69%
2%
2%
2
"80c"
Detroit Gray Iron
New York Stock Exchange
BUILDING, CINCINNATI, O.
Cincinnati Stock
Sales
Friday
Last
Week's Range
Sale
of Prices
Low
High
Price
20%
107%
..50
(Dan)
...
1 %
-.50
*
......
""!■*
Crosley Radio..
.
..10
9%
*
......
*
Gibspn Art
27%
*
Kahn
......
lioo
1st preferred
......
*
Kroger......
Magnavox'.
25
....
...
.2.50
National Pumps
Proctor & Gamble. 1...
_
—
I*
57%
37
*
Preferred
10
'
1%
5%
-50
—
......
10
Wurlitzer...
2
40
95
34
14%
10
14%
1
5
11%
50
50
27
8%
9%
17%
Mar
36
June
28
Jan
Jan
.
101%
Mar
Jan
108
May
Feb
98%
10.3%
272
352
-May
1% June
88
Jan
13
Jan
3
Jan
95
May
15
.
Mar
30
9%
5
Jan
7%
Apr
50
Mar
7% Apr
9% May
5
12%
50
Jan
Apr
Mar
14%
Jan
9%
3
27%
313
■25
Apr
27%
Jan
11%
11%
100% 101
25%
24%
6
8
Jan
12
Apr
Jan
102 '
Mar
27
%
57
15
876
10
xA
25
,
Jan
1
May
50%
Apr
Mar
4%
8%
150
Jan
43
1
74
4% Apr
4% May
6
Apr
100
85
Cleveland Stock
Apr
7%
37%
411
1%
20%
%
936
10
37%
1%
5%
5%
4%
8%
100
23
57%
10
36%
82
Preferred.
Apr
Apr
Apr
"
11%
1
......
-10
Western Bank
2
%
1
—*
*
Rapid
US Playing Card
US Printing
2
30
352
60
Feb
73
Feb
11
Mar
25% May
% May
2%
Feb
57% Apr
12
Apr
37% May
1%
Feb
5% June
5%
Jan
June
Sales
Sale
Stocks—
Airway El&ct pref.
Brewing Corp of Amer
City Ice & Fuel
Preferred
CI Builders Realty
CI Cliffs Iron pref
Cleve Railway
Cliffs Corp vtc
Dow Chemical pref
Elect Controller
Par
Price
8%
.100
Week's Range
of Prices
High
Low
8
7
3
14%
*
100
a93
*
2
*
100
*
44%
17%
"
14%
100
*
Goodrich (B F)_.
Goodyear Tire & Rubber.*
For footnotes see page 3359.
8%
Week
Shares
43
64
Mar
14%
220
9
8
90
Apr
May
2
400
2
Apr
45
130
43
"May
89
16
310
12
Apr
Apr
Apr
17%
14%
14%
all5%all6%
50%
51
al7% al7%
27%
28%
27
60
115
1%
Feb
876
1%'pApr
.
4
4%
430
44%
2%
1,386
38
Apr
Apr
Apr
1,555
2
Mar
.
1%
13%
138
47c
400
1%
23%
1%
2%
1%
23%
1%
2%
500
1%
Apr
310
20%
Jan
.
325
70c
23c
1%
Jan
99c
1
200
95c
6
3%
650
Parker Wolverine
3%
41
Reo Motor
common...1.5
Sheller Mfg.—
—-
.
.
.
m
TImken-Det Acle com.. .10
1
com...]
Investment com... *
Tlvoli Brewing com.
Tom Moore Distil
Union
350
1%
4Q0
300
"35c"
1%
35c
.
100
300
426
760
200
2%
2%
3
200
3%
1%
190
*
United Specialities
1,
3%
1%
*.*
1
94c
Warner Aircraft common.
-
1%
12c
com..4
Wolverine Brew com ....1
580
12c
5%
,
Jan
Jan
2%
.23%
1%
2%
Mar
Jan
Feb
Mar
Apr
1% Apr
6
Apr
1%- Apr
1
Apr
8
Jan
Mar
-
Jan
1%
Jaii
8%
4%
43%
Mar
Jan
Jan
Feb
8%
Jan
2%
8
Mar
2
Mar
Feb
1%
•
1%
4%
14
2%
35c
United Shirt Dlst com
Wayne Screw Prod
100
'1%;
3
Universal Cooler B
Apr
7%
1%
1%
4%
-13%
2%
"1%
»
—
36
7
.
'1%
1
Standard Tube B com
3
455
1%
"1%
Pfeiffer Brewing ,com
*
Prudential Investing com.l
4%
1,267
7
7%
com..**
Penln Metal Prod com—1
5%
Apr
Apr
41
Jari
16
76c
50c
com..50c
41
Jan
30c
32c
*
2%
Apr
Apr
Apr
300
Parke Davis common
Mar
Apr
200
5%
3%
Jan
51%
96c
6
Murray Corp common.,.10
Packard Motor Car com..*
Jan
7%
2%
1
May
35c
Mid-West Abras
2% May
12 c
1,850
Jan
■
66c
700
16c
Jan
1
200
67c
70c
13% May
May
45c
6
94c
1%
16c
\ 200
300
1%
Apr
3% May
10% Apr
2%
30c
Apr,
May
2„
Apr
2% May
3%
Apr
1%
920
94c
100
Jan
May
V 1%
1,500
12b
Mar
June
2%
Jan
5
Apr
18%
3%
Jan
Jan
.
55c
Jan
Jan
3%
4
Mar
Jan
4%
2%
Feb
1%
Mar
2%
,25c
Mar
Feb
Wm. Cavalier & Co.
New York Stock
90
2%
61
23%
22%
118%
May
Los
May 27 to June 2,
Jan
Jan
70
Mar
34
Feb
Teletype L.A. 290^
Sales
Friday
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan.
1,1939
Week
Price
Jan
31%
Los Angeles
both inclusive, compiled from official sales lists
Jan
Jan
Mar
San Franciaco Stock Exchange
Angeles Stock Exchange
Mar
50%
Chicago Board of Trade
Exchange
Angelea Stock Exchange
9% Mar
7%
Jan
14% May
Shares
High
Low
Bandlnl Petroleum
20
60
Feb
35c
523 W. 6th St.
High
Apr
a93%
7
75
Low
6%
1
Michigan Sugar common**
Lob
Range Since Jan. 1, 1939
for
Jan
250
2
MEMBERS
May 27 to June 2, both inclusive, compiled from official sales lists
Last
1%
2%
8% May
85
Exchange
Friday
Michigan Silica
—Masco Screw Prod com..l
McClanahan Oil com—. 1
Feb
Apr
Apr
Apr
Mich Steel Tube Prod.2.50
20%
107%, .108
1%
94%
High
30
100
50
......
Formica Insulation
197
20%
98%
20%
5
..
*
L lioo
Eagle-Picher
36
36
352
.100
Low
15
16%
98%
.100
Shares
50
16%
"36"
Range Since Jan. 1, 1939
for
Feb
1%
1%
13%,
;
Mar
1%
45c
1%
Jan
1%
350
350
45c
2%
123
605
4%
.1
Kresge (8 6) common... 10
Jan
200
,
44%
2%
La Salle.______
Week*
<
"2%
Kingston Prod com
Jan
4
1%
2%
1%
2%
1
Hoskins Mfg common. __L*
Hurd Lock & Mfg coin— 1
Exchange
Jap
Jan
Mar
Apr
Mar
Apr
May
101
Jan
1%
1%
1%
1%
2%
76c
92
Jan
1%
1%
"T%"
General Finance com—_. 1
both inclusive, compiled from official sales lists
2
100
Gar Wood Indus com....3
Teletype: OIN 68
56%
2%
400
com...5
Goebel Brewing com
Par
2
80c
116% 117%
Durham Mfg
I——
Frankeninuth Brew com._l
25c
1,425
80c
Crowley Milner common. *
Detroit Edison com....100
Detroit Paper Prod com__l
-
Amer Laundry Mach. ..20
22%
Feb
1%
1,100
26
21%
General Motors com._-.10
Cohen
High
27c
27c
100
1%
1%
Det-Mich Stove common. 1
Telephone: Main 4884
Dow Drug pref.
Low
1%
40c
1
Allen Electric com
Continental Motors com.1
Members
Cin Union Stock Yard
Range Singe Jan. 1, 1939
Shares
Feb
2
22%
Apr
W. D. GRADISON & CO.
_
High
Atlas Forge.«
12
Det & Cleve Nav com... 10
CNO&TP...
Jan
Jan
Exchange
3%
81%
1%
2
Cincinnati Listed and Unlisted Securities
Cincinnati Street
14%
67%
•
Jan
100
Briggs Mfg common..®...*
Chrysler Corp common..5
Cincinnati Telephone
27%
May 27 to June 2, both inclusive, compiled from official sales lists
Bower
.
Feb
Apr
Apr
Apr
60
DETROIT
Jan
83%
75
Auto City Brew common. 1
V,
Commonw'lth Ed 3%s, '58
.
Apr
150
Detroit Stock
22
178
154
Bonds—
.
Mar
'
10%
5
16%
"18%
'91
18
10
1%
Yates-Amer Mach cap.__5
Zenith Radio Corp com..*!
Jan
8
Jan
Telephone: Randolph 5530
96%
81
Wrlgley (Wm) Jr (Del).-*
Jan
0%
50
78
059
8% June
35
Chicago Stock Exchange
21%
4%
pref
134
427
Buhl Building
26%
4%
3%
Cln Gas & Elec
Feb
New York Curb Associate
95%
Woodall Indust com_____2
.
Apr
Mar
Wlscon Bankshares com..
Burger Brewing pref. ..50
♦
Champ Paper & Fibre.
1100
Champ Paper pref
Apt
7
30
Feb
500
2
Stocks—
Jan
8
25
348
Jan
2%
1%
2
to June 2,
12%
114
8%
Members
Jan
18%
Williams OlI-G-Matic com*
May 27
Mar
Detroit Stock Exchange
26%
"96"
Jan
Mar
30%
a36% a39
20%
Western Un Teleg com. 100
W'house El & Mfg com..50
9%
15%
Jan
Watling, LErchen & Co.
Jan
212
Feb
Mar
New York Stock Exchange
Mar
50
254
10%
88%
1%
9%
15%
30
50
33%
®7%
a59
Jan
4%
30
a6%
82
72%
a22% a22%
10%
10%
"80%
Feb
750
:
14%
1%
1%
7
Apr
Jan
18
Walgreen Co common
*
Wayne Pump Co cap___.l
Seiberllng Rubber
*
8% pref... *
100
Thompson Products Inc.. *
Jan
Mar
41
Jan
3
Jan
750
27%
76%
87%
*
33
■-
60
a8%
al2
8%
.......
Mar
200
265
a8%
al2
.
Jan
7
500
High
40%
May
Feb
50
409
9%
3%
25%
8%
14%
U S Gypsum Co com...20
Utah Radio Products com *
a9%
20
Apr
20
74%
10%
75%
United Air Lines Tr cap. 5
,30%
3%
26%
27%
15
Swift & Co
9
,
650
65
9%
9%
Stewart-Warner.
....6
Sunstrand Mach Tool com«5
Swift International
13
3%
25%
30%
Mar
8%
*
1
Mar
16%
25
*
2%
60%
250
National Acme
32%
50
56
3
Murray Ohio Mfg
77%
90
34
,
Jan
Apr
18
com.
3
Jan
Richman Bros
10
Conv preferred.......20
34
%
Jan
76%
Low
37
90
37%
14%
Jan
10
Range Since Jan. 1, 1939
Shares
High
37
*
Mar
18
1,024
Lamson & Sessions.,
123
74%
Standard Oil of Ind
Jan
Halle Bros pref
....100
Interlake Steamship
*
157
So Bend Lathe Works cap 5
Standard Gas & Elec
Jan
.
1% May
50
Low
Ninteen Hundred Corp A: *
Otis Steel
i
*
Packer Corp.
*
Sivyer Steel Castings com *
,
Mar
%
Apr
65
Feb
22%
850
1%
27
Price
Far
Apr
150
27
Stocks (Concluded)
May
117
152
Rollins Hosiery Mills com 1
Sangamo Electric Co com. *
Sears Roebuck & Co com.*
40%
Apr
%
108%
*
Jan
Sales
Mar
16
•
Apr
Apr
100
100
24%
.
Apr
125
9
Quaker Oats Co common.*
Preferred..
%
25
»/.
.1
10
291
10
%
...»
Car
A. T. & T. CLEV. 565 & 566
15
19.
Pressed
Telephone:OHerry 6050
Jan
43
14%
Process Corp com
Mar
17%
18%
Poor & Co class B
Unlin Commercs Biildlng, Cleveland
Jan
100
300
11%
7%
Penn Elec Switch conv A 10
Perfect
RUSSELLco.
Jan
17
Ontario Mfg Co com
_*
Penn RR capital.......50
caD
G1LUS
Mar
48
t c com..*
Peoples G Lt&Coke
Mar
May
21%
7%
m
100
...
34
55%
34%
15%
Mar
17
Northwest Bancorp com..*
N'West TJtil prior lien.. 100
v
41%
June
171
May
160
21%
11%
10
Noblltt-Sparks Ind com..5
7 % preferred
54%
Apr
40%
153
55%
33%
12%
"34"
Northern 111 Finance com*
Omnibus Corp
20
171
55
*
.
com.
171
171
_
Co...l
5%
5%
5%
2,200
3%
Jan
6% May
Berkey <fc Gay Furn
CQ---1
40c
40c
40c
600
40c
Apr
75c
Jan
3358
Financial
Last
Bolaa-Chica Oil A
com..
Week's Range
Sale
of Prices
Price
Par
10
Byron Jackson Co
Low
2%
*
alTA
12 A
Chrysler Corp
5
Consolidated Oil Corp—
Consolidated Steel Corp
*
69 A
Preferred
4%
Creameries of Amer
v t
c._l
5%
69%
9%
Exeter Oil Co A com..
Fltzslrnmons Stores A
1
1,200
Mar
1H
15
25
High
Stocks (Concluded)
3% May
Feb
16
Feb
17
Jan
40
15
50
12
May
17%
Jan
240
61
Apr
Apr
83%
Jan
5%
70%
10%
100
3%
60%
572
Apr
313
7
100
3%
Mar
6%
Jan
720
7%
Mar
9%
109
Feb
Apr
46c
47c
900
11%
45%
184
200
6
Apr
8%
28%
300
5
Jan
9
160
24%
Apr
38
Jan
41%
42
725
33
Apr
42% May
8%
Holly Development Co
27 %
42
40c
Apr
9% May
178
7
1
1.15
1.15
1.15
10%
10%
10%
200
11c
10c
Lockheed Aircraft Corp-.l
Los Ang Industries Inc-._2
Menasco Mfg Co
..._1
21%
2%
2%
27%
2%
2%
1
6c
6c
1
57 He
57 He
37%
1,500
Lane Wells.....
4
Lincoln Petroleurh Co..10c
Nordon Corp Ltd
Oceanic Oil Co
11c
6c
1.125
2,500
60c
200
10%
.6% 1st pref
..25
Pacific Indemnity Co... 10
32 %
32H
32%
32
32
120
2%
Jan
5%
Jan
10C
Jan
9%
"
20c
20c
8%
8%
561
1%
1%
200
Roberts Public Markets..2
4%
4%
4%
Ryan Aeronautical Co.^.l
Safeway Stores Incl...
*
Security Co units ben Int..
5%
41%
5%
39%
42
29%
29
29 H
80
al2H al2H
32
<zl2%
*
28
9%
26%
29%
28%
So Calif Gas 6% pref A. .25
33%
Southern Pacific Co.-.100
Mar
Jan
Jan
18c
Apr
30C
6%
Apr
10%
Jan
1%
"
Apr
3%
3%
Jan
.4%
May
5%
Feb
7%
Jan
303
Mar
39
Feb
Jan
30%
26
31
Apr
Feb
13%
32%
10
Jan
f.
Apr
23
Jan
27%
28%
Apr
27%
Jan
29%
28%
June
135
165
32
Mar
33%
550
'10%
Apr
21%
"25% May
1%
Apr
Apr
35%
30%
2%
45%
2,999
1,730
6%
220
100
2%
Apr
5
Jan
3%
3%
100
3%
Feb
3%
Jan
8%
22c 22%c
100
8%
Apr
2*500
3,000
19 %c
lc
Mar
30C
Jan
Jan
5c
8%
22c
3c
3c
12%
*
163 %
24%
a4
a4
5%
a24%
Borg-Warner Corp
6
Caterpillar Tractor Co...*
Cities Service Co..
10
Columbia Gas <fc Elec
.'*
Apr
7%
11
Class
1
A.'
44
a6%
19%
16%
Electric Co..
General Foods Corp
Goodrich (B F) Co
*
Mar
,"*
II*
New York Central
RR..I*
Nor American Aviation. .1
15%
21%
Col""*
7%
3%
Ohio Oil Co
Packard Motor Car
Paramount Pictures Inc-.l
Radio Corp of Amer.
*
Republic Steel Corp.'I""*
9%
6%
16%
Seaboard Oil Co of Del."I*
Sears Roebuck <fe Co.... *
Socony-Vacuum Oil
Southern RyCo
Standard Brands,
Co."l5
*
inc
*
,
Standard Oil Co (N
J).:.25
Studebaker Corp..
i
18%
75%
11%
16%
6%
44%
Swift& Co
25
25
38 %
U 8
Steel"Corp.
Westlnghousp El
May 27
*
&
Mfglso
12%
75%
41%
48%
96%
Jan
165%
38%
5%
5
May
8%
Mar
29%
Feb
21%
Mar
155
43
31
Apr
225
5%
Apr
130
10%
May
6%
Feb
12%
10
•
6% June
Feb
Feb
'
60
Feo
26%
Feb
160
5
Mar
200
24
Jan
7%
27%
Jan
8%
26%
.130
99
Jan
7%
Apr
12%
Jan
34%
Apr
44%
Jan
■175
37%
Jan
160
16%
May
24%
Jan
55
45%
Apr
55%
Jan
May
39%
Jan
.
44% June
221
30
153
45
Apr
50%
Jan
357
14
Apr
22%
Jan
365
•'
12%
Apr
19%
26%
Jan
Feb
10
Jan
99
'
19%
Apr
110
7%
May
25
3%
9%
5%
May
110
118
4%
Jan
June
13%
Jan
Apr
8%
Mar
N
365
14%
Apr
4
,163%
69%
Mar
Jkn
74%
Jan
11%
Apr
13%
Jan
23%
Jan
7%
Jan
160
208
95
■
320
50
•
15% May
6
Apr
44%
Apr
25
20%
Jan
Mar
60
Jan
20
5%
Apr
8%
Mar
50
17%
Apr
17%
May
18
18
38%
40
156
-
12%
12%
115
75
75%
92
41%
41%
48%
48%
867
37% May
Apr
11%
Apr
71%
35
47%
Jan
14%
.
Feb
May
51%
Jan
700
,45%
May
69
Jan
103%
'Mar
110
Chrysler Corp
for
Price
121%
Low
5
4%
—
60c
Jan
Apr
Mar
5%
Eeb
Apr
3,550
90c
Jan
1.50
Feb
9%
4%
722
7%
•
9%
5%
Feb
250
Apr
Apr
1%
670
1%
Apr
26%
100
4%
1%
100
100
5%
100
100
2
6%
4
22
90%
1,000
10
29%
21%
22%
50
95%
96%
99
1%
1%
75
1%
95%
Westinghouse El & Mfg_50
29%
Jan
Mar
116%
Mar
Apr
37%
Jan
3
Apr
1%
80
2
37%
Jan
28%
Apr
Apr
4%
25
;
6%
5%
.
2
37%
June
'
9
26
*
_
Apr
1.50
8%
United Eng & Foundry—5
.
30C
1.25
1%
*
Westinghouse Air Brake
56%
12%
9%
1
Standard Steel Spring
Jan
Apr
9%
Jan
3
Feb
24
25%
Apr
18
Apr
31%
„Jan
83%
10
Jan
Apr
118%
Jan
Apr
2%
Jan
37% June
33% Mar
Unlisted—
1
•
'
Pennroad Corp v t c.-.-.l
Alton, 111.
Tulsa. Okla.
FRANCIS, BRO. & CO.
ESTABLISHED
1877
*
"
"
.
INVESTMENT SECURITIES
FOURTH AND
ST.
OLIVE STREETS
LOUIS
MEMBERS
New York Stock Exchange
St. Louis Stock Exchange
N. Y. Coffee & Sugar Exchange
St. Louis Merchants Exchange
Telephone: CHestnut 5370
;
*
■
Chicago Stock Exchange
Chicago Board of Trade
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
Teletype: St. L 193
St. Louis Stock
Exchange
May 27 to June 2, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1939
Shares
American Inv
*
com
34
Low
36.
'-..A
Century Electric Co.--.10
36
15%
15%
32
.
1
.
m
*
m
High
com
14%
10
2%
800
3
9
31
325
27
115
5
115
......1
8
"si,
Hussmann-Lig pf ser '36.50
420
8%
51
5
51
Jan
3%
34%
Jan
.
Mar
Apr
9%
June
Apr
9%
32%
May
Apr
May
122%
6%.
30
June
20
May
.
Jnnfi
36
Jan
May
May
2%
715
9%
30
115
*
Ely&Walk D Gdslst pf 100
Falstaff Brew
30%
45
34 U
Feb
30
32%
2%
-
30~"
27
120
3
32
2%
.5
Columbia Brewcom
Dr Pepper com
3
mmw-
Coca-Cola Bottling com. .1
Collins Morris com
36
15%
*
Brown Shoe com
Burkart Mfg com
280
34%
*
7%
50
Mar
Jan
8% June
May
Feb
51
June
'
"
Hydraulic Pres'd Brk pf 100
International Shoe com..*
Johansen Shoe com
Johnson-S-S Shoe com:
*
Key Co common.
*
Knapp Monarch com
*
3
14%
4%
con}___._1.25
...
Preferred
14
May
100
6
tfeb
100
9
May
9
1.30 May
60
4%
;
4
3
Jan
15
Apr
8
Mar
10%
Mar
Feb
6
Apr
20
9
Apr
11%
60
22
Apr
6%
100
6
Apr
10
150
Mar
29
3%
2%
7c
1%
2
15
5c
50
1%
30
1%
135
5
Jan
May
15C
Apr
Jan
2%
Feb
6%
May
28
Feb
2%
May
5
Jan
■'
5%
3% June
80
.
6
30
7 75c"
'
10%
6
Mar
-
Apr
35
Jan
Mar
75c
75c
50
75c
May
5%
6%
1
5%
105
Apr
Jan
6%
Jan
6%
May
Apr
32%
Mar
31%
Mar
31%
Mar
25
27%
135
27%
$3,000
24%
28
9,000
24%
1% June
Jan
27
------
4%
5%
21%
27%
Wagner Electric com...15
6%
24
10
com..
100
14%
3%
..100
Stix Baer <fc Fuller
June
7c
1.5
com..
Mar
3
2%
......
Scullln Steel warrants
Sterling Alum
35
June
25
6%
*
*
;
...
May
3
10%
St Louis Pub Serv com...*
Preferred A."
31
30
24
St L Bank Bldg Eqpt com *
Scruggs-V B Inc pref
.
9
Nat Bearing Metals com. *
Nat Candy com
.__-.*
Rice-Stix Dry Gds com
6
230
3
6% "6%
......
Laclede-Christy CI Pr com*
Mo Port! Cem
1%
32%
1%
32
32%
*
Jan
Bonds——
fUnited Railways 4s._1934
"27"
t4s c-ds.
solicited
on
open until 5:3§ P.
M.
Pacific
Coast
Stock
'
which
Exchanges,
Eastern Standard Time
are
(2 P. M. Saturdays)
Schwabacher Si Co.
8%
Jan
45
312
Apr
51%
Mar
Apr
3%
Jan
Apr
Jan
5%
7% June
Feb
2%
200
83
1
Apr
Feb
37
30%
587
2%
400
1%
3%
150
3
115
29%
24%
Jan
119%
30%
Jan
Mar
2%
4%
Francisco Stock
Sales
Friday
Last
Stocks—
Week's Range
for
Sale
Anglo Amer Mln Corp
Par
of Prices
Low
High
Range Since Jan. 1, 1939
Week
Price
Low
Feb
"9%
Mar
Atlas Imp Diesel Engine. 5
Apr
Mar
8%
190
8% May
4%
450
4
5%
6
16%
420
4%
May
16%
20Q
14%
Apr
18 %
Jan
29c
29c
150
25c
Jan
35c
Jan
Calamba Sugar com____20
%
•l«
500
%
May
50%
%
Apr
Calif-Ehgels Mining Co.25
Mar
8%
6
6%
43%
30c
4%
Associated Ins Fund Inc 10
65
High
May
4%
Anglo Calif Natl Bank...20
Mar
542
1 Tc
8%
May
"
1,000
13c
13c
8%
Shares
13c
1
50%
•
Exchange
Feb
Apr
May
118%
Apr
Mar
15%
San
May 27 to June 2, both inclusive, compiled from official sales lists
8%
'
offices in San Francisco and Los Angeles
Jan
30%
49%
50
York
Cortlandt 7-4150
own
Jan
Apr
1,295
3359.
Apr
396
19%
1
4%
30
18%
29%
2%
3%
111 Broadway, New
Private Wire to
Mar
50
8%
Mar
5%
130
50
Shamrock Oil & Gas
Jan
7%
8%
1%
11%
9
1.50
Mar
124
84%
2.070
50
170%
Apr
Apr
1%
Pliila Rapid Transit
12%
Apr
117%
Apr
2%
118
8%
148%
3%
7%
Bee page
550
.
Feb
58%
23%
36%
2%
3%
6%
4
*
200
1%
Jan
Apr
35
Members New York Stock Exchange
Apr
30
1%
50
6%
1%
.
High
974
7%
30%
2%
For footnotes
26
Low
71%
4
118%
Tonopah Mining
73
1%
18%
*
Scott Paper.
684
7%
25
Philadelphia Traction
6%
1%
Pittsburgh Brewing pref. *
Pittsburgh PI ate. Glass ..2 5
Pittsburgh Screw & Bolt..*
Orders
4%
2%
Pennsylvania RR
Phila Elec of Pa $5 pref
Phila Elec Pow pref
7 % preferred
871
5
4%
66%
28%
43%
...
50
1
1,530
Co
10
Corp._ *
Natl Fireproofing
Range Since Jan. 1, 1939
Shares
High
10%
11%
163% 165%
120% 121%
*
National Power & Light..*
Pennroad Corp vtc
4pc
40
Week
Electric Storage Battery 100
General Motors
10
Lehigh Coal & Nav
Lehigh Valley
30c
*
Sales
of Prices
100
5
265
Jan
Week's Range
*
Bell Tel Co of Pa pref. .100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
39%
9%
27%
Mar
84%
5
•
Sale
_
39%
9%
Apr
14%
Jan
Mar
52%
8%
8%
Last
American Stores
American Tel & Tel
39%
1
Mt Fuel Supply
Hioh
; Low
128
Follansbee Bros pref—100
Lone Star Gas Co.
Shares
18
.*
Fort Pitt Brewing..
Range Since Jan. 1, 1939*
for,
Week
High
.
17%
Consolidated Ice Co pref.*
Jan
19%
both inclusive, compiled from official sales lists
Par
Low
18
Allegheny Ludlum Steel..*
Armstrong Cork Co
*
Byers (A M) Co com.:
*
Carnegie Metals Co
__1
Col Gas & Elec Co
Sales
of Prices
Price
Jan
170
Friday
Stocks—
Par
Jan
Apr
Philadelphia Stock Exchange
to June 2,
116% May
Mar
Apr
3%
"
7%
18
Texas Corp
vThfe)..
Tide Water Assoc oil Co. 10
Union Carbide & Carbon *
United States Rubber Co 10
Stocks—
Jan
53%
Jan
61
44%
16%
17%
a48% a50
33%
33%
50%
51%
15%
15%
15%
16%
21% 22%
7%
7%
3%
3%
9%
9%
6%
6%
16%
16%
18%
18%
74%
76%
11%
11%
.•15%
16%
6%
6%
44%
44%
7%
7%
15%
*
.
1'8%
Apr
165
44
50%
Jan
Apr
a35% a36%
33%
*
10
11%
35%
11
8
a49%
*
Montgomery Ward
American Co
.'
Week's Range
Sale.
6% June
40
a23% a23%
5%
5%
26% 26%
8%
Kennecott Copper
Corp.
North
Friday
"
Mar
385
06%
"
11
a35%
44%
16%
& Co
6%
.
a23%
5%
Canadal*
Intl Nickel Co of
V
»
Mar
Apr
149 %
23
195
44,
a.6%
6%
Llghtlll*
135
a4
44
,
i
General
Jan
Jan
May
4
397
5%
5%
a24% a24%
24% 24%
24%
Commercial
3c
13
12%
42% 42%
163% 165%
24% 25%
42 %
Amer Tel & Tel Co....100
Anaconda Copper..
.50
Electric Power &
111%
Jan
5%
16%
12%
100
Mining—
Alaska-Juneau Gold....10
Black Mommoth Consol 10c
Calumet Gold
_10c
Curtlss-Wrlght Corp
"
Mar
6%
16%
15%
3%
Continental Oil Co (Del) .5
292
Feb
Feb
Feb
Jan
5%
16%
.15%
6%
6%
*
V
Mar
3
Solvents...
Apr
Mar
8% $13,000
Last
Jan
614
1,100
6%
16%
Yosemite Ptld Cem pref. 10
-.5
Aviation Corp (The) (Del) 3
Bendlx Aviation Corp....6
6,117
Jan
Mar
245
16%
Armour & Co (Ul)_
Apr
31%
10%
May
41H
Weber Sliwcse & Fix 1st pf*>
Wellington Oil Co of Del._l
Amer Smelting & Refg._
2
.
101
1%
3%
38%
13%
Pittsburgh Stock Exchange
May
843
•
41H
Transamerica Corp
Unlisted—
Amer Rad & Std Sani.^..*
662
High
May
Mar
597
150
41%
2
Union Oil of Calif
25
Universal Consol Oll_._i.10
2%
2%
34%
35%
12%
13%
114% 115%
%
Mar
10% May
425
'
2
»
48%
108%
200
.
2
2
Jan
Apr
,
Jan
26% 26%
29%" 29%
28H
28H
33H 33H
13 H
14 %
26
26%
26%
Mar
33%
1,575
28%
9%
9%
13%
Standard Oil Co of Calif..*
Sunray Oil Corp
1
Superior Oil Co (The)...25
800
6
28
6% preferred B......25
5%% preferred C....25
Mar
43
1%
So Calif Edison Co Ltd. .25
Mar
33%
105
20c
Sontag Chain Stores Co..*
32%
Jan
55
8%
*
Jan
262
1
Shell Union Oil Corp
Signal Oil & Gas Co A
Apr
47%
*
com
Jan
Mar
31 %
27%
106% 106H
Rice Ranch Oil Co.
85c
12%
Apr
28
r
Richfield Oil Corp
Warrants;
Feb
Apr
sr 55c May
266
32
47%
Apr
Apr
261
47%
14c
Apr
150
30
Jan
36%
6c
10%
106 %
1.40
11% May
Low
321
May 27 to June 2, both inclusive, compiled from official sales lists
Jan
Apr
2%
7c
'
30
,
*
1
8%
■
Apr
22%
1,305
10%
*
*
Range Since Jan. 1, 1939
Shares
Bonds—
Mar
51%
9%
May
2%
3
30
.*
*
United Gas Imp com
Preferred
High
%
2%
34%
12%
115%
*
Preferred
Jan
11% June
Apr
10
550
67 %C
Apr
92%c
400
29
Pacific Finance pref A. ..10
Pacific Gas <fc Elec com..25
Pacific Lighting com
86 preferred
United Corp com
Low
%
May
6%
Globe Grain & Milling. .25
Goodyear Tire <fc Rubber.*
Hancock Oil Co A corn...*
Week
Transit Invest Corp pref...
5% May
Feb
70%
11% Mar
Apr
9
11%
43%
6%
8%
26%
Gladdlng-McBean & Co..*
for
of Prices
Price
Par
Jan
47c
44
Week's Range
Mar
9%
11%
General Motors com....10
1939
Sales
Last
Sale
Low
9%
4%
8%
5%
69%
9%
9%
Douglas Aircraft Co
»
Electricl Products Corp. .4
Shares
70%
7%
4%
68%
7%
7%
*
High
Friday
Range Since Jan. 1, 1939
for
Week
2%
3
al3% al3%
al7% al7%
12% 12%
al3%
Calif Packing Corp corb..*
Central Invest Corp... 100
Jane 3,
Sales
Friday
Stcks ; {Concluded)
Chronicle
•
Apr
10% May
5%
Feb
7% May
Volume
Financial
148
Sales
Friday
Last
Stocks
(Concluded)
Par
Calif Packing Corp com..*
Preferred
50
Week's Range
for
Sale
oj Prices
Caterpillar Tractor
Price
Low
18%
51%
51
Chrysler Corp
High
Shares
13 %
19
10
48%
51 %
102 %
45c
Mar
40 %
54%
Mar
102%
10
100
104% 104%
20
6
68
70%
103% 103%
19%
19%
16%
16%
5%
5%
10%
11
79%
80
98
690
com
Csc Cos G & E 1st pref_ 100
Col Broadcast Syst A.2.50
*
Cons Chem Ind A
Creameries of Am Inc vtc. 1
Crown Zellerbacb com...6
Preferred
*
55%
103%
108
19%
240
16%
150
12
12
10
4
4
110
114
114
100
El Dorado Oil Works
*
9%
Emporium Cup well Corp.*
Pref fww)
Fireman
50
Feb
21
Feb
4%
3%
114 May
May
17
Jan
18
Mar
8%
435
Feb
4%
8
114
Jan
Jan
91
1.90
140
9%
14H
14
Jan
41%
Feb
79%
85%
Mar
27%
300
21%
Apr
Apr
30%
Feb
100
May
9%
Jan
Apr
51%
8%
Jan
At
These
5
100
8%
14%
4,150
8%
14%
150
11%
15%.
Mar
19%
19%
156
17%
Apr
21%
Mar
1.15
1.15
300
95c
Apr
1.40
Jan
May
23%
8%
Honolulu Oil Corp cap...*
Hunt Brothers com
10
18
50C
50c
18%
18%
120
Langendorf Utd Bak B_
11
11
287
42%
6
100
Langendorf Utd Bk A...*
Preferred
*
50
19
470
18
40C
15
8%
42,%
30
38%
33%
380
22
Apr
27%
28%
300
22%
Apr
3%
3%
129
3%
May
Magnin & Co (I) com
*
March Calcul Machine...5
250
May
15%
386
11%
Apr
16%
2.90
500
'2.65
Apr
5%
Jan
565
5
Apr
9%
Jan
11%
Mar
7
.1
15c
9%
May
Apr
34
9%
Feb
11%
Mar
50
.
25%
100
24%
15c
15c
256
9%
24%
Mar
■h 20
10%
25%
9%
11
,
23%
Jan
28
adopted
(1916)
ago
designate
to
member in
a
member board of the Association, bound
a
issued
by
May
Association
the
20,
ican
time
the
was
business
national
first
the
follow
to
group
only
the
were
Bar
the
of
that
of
they
their
general
would
board,
of
fact
real
that
estate
to
this country.
in
Association,
boards of
the
use
"Board
of Realtors"
The
exclusive
States
to
the
distinguish those .persons and agencies
in
the
whose
competency
reliability
and
membership
have qualified for
are
right of the Association
the
in
attested
by
the local board and
in
'
designation
and
as
and. unmistakably
the National Association.
membership
the Amer¬
of
United Typothetae.
the Association have in¬
phrase
simply
to'indicate
may
estate
they
adopted
been
Medical
trade code, that of the
like
name,
public how it
business
had
codes
American
and ong
number of the member real
part
the
three other
codes
Association,
been
has
to
Supreme Court of
use
by
upheld
the term Realtor
of
decisions,
15- court
as
in
a
ten
Columbia.
the District of
Mar
The
Jan
Real
term
coined
was
Estate
Board.
by
Charles
Chadbourn,
N.
of. the
Minneapolis
'
"
19c
Jan
7%
12c May
119
„
incor¬
may
name were
coined term, was adopted by the As¬
a
years
Association
that
Mar
11%
\0Vi
25%
25%
Boards
said:
May
3%
16%
6%
Occidental Insur Co..-.10
Occidental Petroleum
Mar
2.90
*
No Amer Invest 6% prf 100
N American Oil Cons...10
May
15
11%
Menaaco Mfg Co com__._l
National Auto Fibres com 1
Natomas Co...
34
37%
•
The
A
n%
_>_*
Realtor,
23
announcement
dicated
Mar
43%
Jan
33%
Lockheed Aircraft Corp.il
Lyons-Magnus A
Estate
Real
example of the professional groups and to adopt a definite code of ethics.
Mar
20% May
12% Mar
Jan
The
further
Feb
55c
Feb
May
LeTourneau (R G) Inc__.l
42^
of
Mar
Apr
5%
38%
522
6%
Part
as
by its code of ethics^
35%
10
6%
T.is
Boards
They are laid down in new by-laws of
It is further stated by the Association that
good standing of
50
,
*
..
word
sociation
16
Hawaiian Pine Co Ltd...*
1
the
84%
Mar'
Holly Development
Association
the Association.
5%
5%
43%' 44%
"44 %
Estate
notation of the term.
40
,27
General Paint Corp com..*
Golden State Co Ltd
*
Real
by action of the Association's directors, meeting recently in
Chicago.
The conditions are, according to the Association,
designed to insure preservation of the meaning and con¬
15%
1
Member
Name
porate the term Realtor into the Board's
84%
Food Machine Corp com 10
Hale Bros Stores Inc
National
39%
40
Fund Ins Co. .26
General MetalsCorp c&p2%
General Motors com
..10
237
Mar
5% |Mar
77
Doernbecher Mfg Co....*
*
Dow Chem Co
2.25
May
19%
9
70
Feb
19%
4
509
Di Giorgio Frt Corp com 10
Preferred.
il00
2.25
Mar
85
10
150
•
Jan
107
by
Board
Conditions under which member real estate boards of the
Mar
30c
131
37c
46
Used
of
May
316
101
37c
46
Be
Mar
884
3359
Association of Real Estate Boards Adopts
Safeguards Under Which Term Realtor May
New
High
Low
51%
%
101
1
Range Since Jan.
18%
18
com.
Preferred
National
Week
Calif Water Service pf.100
Carson Hill Gold cap
1, 1939
Chronicle
Mar
1
O'Connor Moffatt cl AA_*
Oliver Utd Filters A
5%
Class B
40
5%
May
20%
210
18%
Jan
4%
280
4
*
Pacific Can Co coin
5%
20%
..*
J
*
10%
Pacific Coast Aggregates 10
Pacific Gas & Elec com..26
30%
30
...25
33
32 Vi
26
30
29 %
30%
33
30
47
"47
...
6% 1st pref
5%% 1st pref.
10%
Pacific Light Corp com...*
$6 dividend
*
Pacific Pub Service com..*
100
Pig'n Whistle "pref.
.
100
Preferred.
Feb
33
Jan
30
28%
41%
160
109
May
Mar
.
Jan
7%
Apr
3%
June
49%
Feb
104%
1,256
June
.
Jan
•
Jan
21
10
114
Apr
131
May
240
147
Feb
154
May
1.25
200
1.50
'
15%
18%
1.10
30
33
21%
Apr
300
2.80
Apr
Feb
May
60
May
15^
20
16
33
*
Apr
23
2.35
,2,35
254
2 25
Apr
3%
8%
200
Apr
14%
Jan
1,303
10%
6%
Apr
10%
Jan
5%
262
7%
Jan
5%.
.....
5
28
12%
Mar
Apr
6
Jan
150
26
May
32
Jan
300
13
82
5
'
5
28
"l2%
Boards
a definite program
tation of blighted areas and for attack on poor
11
Apr
19%
Jan
May
96
Jan
90
.
82
4%
10
79
32%
13%
33%
150
32
Jan
Southern Pacific Co
100
Standard Oil Co of Calif..*
14%
2,985
10 %
Apr
33% May
Jan
21%
■25%
25%
Apr
29%
such
318
21
Jan
35%
May
45c May
90c
Mar
7%
Jan
Thomas Allec Corp
A....*'
.
c
45c
.....
45c
70
'
Transamerlca Corp
2
Treadwell Yukon Ltd__.,.l
5%
25c
25c
Union Oil Co of Calif....25
Union Sugar com
25
16%
16%
6%
6%
160
5%
10%
10%
477
8%
188
6% May
United Air Lines Corp...5
Victor Equip Co pref
.5
10%
Wells Fargo Bk & U T.100
3Q0~~
Unlisted—
6%
7
300
Western Pipe & Steel Co 10
Yellow Checker Cab ser 150
7
300 '
12%
12%
26
26
442
.
805
25
May
21c
'
May
55c
19%
Jan
Apr
8%
Feb
Apr
13%
280
260
11%
20
a!2%
In
165%
12
163% 166
220
147%
Anglo Nat Corp A com
Argonaut Mining Co
50 c
50c
100
38C
160
21%
Apr
9%
30
5
a3%
a3%
130
a2%
5
Corp A
*
Atlas Corp com.
_.__5
Aviation Corp of Del....3
Blair <fe Co Inc cap..
..1
Corp
a2%
Curtiss-Wright Corp
Mar
•
General Electric Co
*
5%
Mines..1
the
question of
and
Italo Pet of Amer pref
McBryde Sugar Co
1.75
r23~~
*
"a~6%
Schumach Wall Bd com..*
Shasta Water Co com
5% % preferred
0% preferred
a26%
25
S P Gold Gate 6% pref. 100
3
10
3%
06%
5%
sidy,
of
be
for
slum
replace
clearance
in
blighted
in these areas units
areas.
for the
It
accom¬
living in such areas.
now
projects should
ownership
private
as
used
made to
be
people
even
pay
taxes to
though
the
same
larger
sub¬
the localities on
this, necessitates
a
This method would be better accounting practice
give to the public a more accurate picture of the financial
the report holds.
would
operations of the projects and of the cost of the projects to the taxpayers.
Apr
June
Apr
11c May
9
'
Jan
CURRENT
Jan
NOTICES
Mar
37c
Jan
—Paul J. Marache & Co., members of the Los Angeles Stock Exchange,
2.50
Jan
announced the change of the firm name to Few el, Marache & Co. and the
40^
Jan
removal of their offices to laregr quarters in the
25
Jan
3%
Feb
Citizens National Bank
The change in the name of the firm involves
Building, Los Angeles, Calif.
change in the organization or its personnel, according to the announce¬
16c
Jan
no
9.50
44%
Apr
523^
Feb
ment.
4
150
Apr
6%
Jan
Apr
19%
Feb
Jan
25% May
12c
15%
24%
235
3%
13%
70
20%
September of 1933 by Paul J. Marache
Mr. Fewel has been continuously associated with
with Mr. Marache since the firm's inception.
the firm as a partner
3
Apr
4%
Jan
Marache & Co. conduct a general investment securities
Apr
8%
Jan
tain branch offices in Fresno and
120
Apr
6
Feb
938
4
Jan
7%
Feb
15% May
26%
Jan
250
72
5%
6%
18
The firm was founded in
and Richard W. Fewel.
5%
4%
3%
a6%
20
329
349
314
23%
27%
Jan
27%
Jan
29
28%
Jan
29%
5%
15
16% May
a37% a37%
a2%
a2%
15
35
10
58c
200
5%
50%
5%
905
280
4%
4%
51
May
May
Apr
May
4
7%
47%
Mar
May
Mar
Jan
Mar
Mar
8% May
*
—William R.
they affect brokerage
cago,
become associated
will
Feb
announced.
2% May
3%
May
54c
Apr
75c
Feb
44%
4%
May
69%
6H
Jan
—Cobu
Mar
associated
5
of which he was sales manager,
with John Nuveen & Co. about June 15, it was
He is a member of the Chicago
Chicago and Middle
Brothers
announce that Charles H. Bower is now
Municipal Bond Department.
Mr. Bower
The Edwards Company.
& Georgeson
them
with
Bond Club and well known in
Western investment circles.
in
their
Jan
No par value.
a Odd lot sales.
6 Ex-stock dividend,
d Deferred delivery.
Cash sale—Not Included in range for year,
z Ex-dividend,
y Ex-rights.
Listed,
t In default.
been with Ames, Emerich & Co., Inc., Chi¬
for the past 14 years, the last seven
Apr
Mr.
requirements and system s as
and institutional accounting.
—C. T. McCreedy, who has
17
Apr
managing partner, controller and tax expert, has
Derby will specialize exclusively as to tax
42%
May
San Diego.
opened offices at 70 Pine Street, New York City, as a tax consultant.
Jan
4
Fewel,
business and main¬
Derby, for over 20 years associated with prominent firms
the financial field as
in
was
efforts
Jan
50
t
recom¬
outlying sections be-
Feb
a6%
16%
*
in
42%
06%
16%
r
vacant
now
Apr
Studebaker Corp com
47%
lands
on
Feb
r-
5
problem of
A pr
43%
West Coast Life Insur
whole
in which USHA hous¬
Feb
15
Warner Bros Pictures....5
the
The committee had before
7%
37%
100
58c
studying
been,
13%
154
1
has
a
and
3%
*
basis
52
a26% a27
29
28%
29%
29%
United States gteel com..*
which
building
$800,000,000
modations
Feb
44%
United Corp of Del
U S Petroleum Co
of
that
29%
06%
Title Guaranty Co pref
*
United Aircraft Corp cap.f
the
'
report
■
been planned, or are in process of development.
in the hands of the Committees of Congress,
USHA
Jan
Apr
3
400
*
has approved
Association
placed
Jan
Apr
23
of
avoided,, and that the unexpended portion of the original USHA appropria-,
Jan
Apr
Apr
25
the
from the real estate boards of 130 cities
that
asks
3%
21c
23
directors
committee
a
report,
tion
Apr
3%
1
mends
May
1 50
23
creation
objectives set for its
no results in sight
feeling that
*
of
board
projects have
8%
a6%
"a6%
Jan
7%
9%
29.
50%
by
it reports
*3%
44%
*
Mar
May
7
30
further
its
for attaining these objectives needs further research
means
Through, its
Apr
Standard Oil Co of N J..25
Standard Brands Inc
-
6
210
5%
25
67C
Mar
11%
5% June
21c
17
*
So Calif Edison com....25
ii%
1.75
24%
*
Riverside Cement Co A
101
31
1.75
15%
Oahu 8ugar Co Ltd cap_20
*
145
-
27
4
North American Aviation 1
Radio Corp of America
80
635
.
,
36
•
6
May
11%' May
4%
AfT
79
o7%
11c
50%
5
Packard Motor com
130
100
3
1
Montgomery Ward & Co. *
18
a32% a32%
5
Mountain City Copper
6
1%
21c
*
*
235
a.7
1
Kenn Copper Corp com
Matson Navigation Co
24%
6%
11%
"4%'
states
study.
USHA-financed
349
5%
Inter Tel & Tel Co com...*
Italo Pet Corp of Am com. 1
M J & M M Cons
170
the
prompted
the importance of the
feeling urgently
Association
.
which
motives
humane
justify continuance of the present type of development and its belief that
6
1%
the
The
Mar
8% May
3% May
3% May
25
6%
11%
a5%
o5%
35% 35%
a35% a36%
1
Dominguez Oil Co
a7%
a5%
24 H
f
Cities Service Co com.. 10
Commercial Solvents
*
Idaho-Maryland
0.7%,
a5%
1%
a7%
the
and
housing and of rehabilitation of blighted areas.
Jan
25%
9%
encouraging local
aid
it, was brought into being.
of
Aware
USHA,
Federal
Jan
19
Apr
25%
Ark Nat'l Gas
Aviation
for which
work-,
while
made
36H
points
Association
the
funds have not yet been
action and opening the
way
to effective large-scale neighborhood reclamation could be of the
greatest public service, there is no indication that the method at present
being employed by the Authority %ill satisfactorily solve the problems
That previously appropriated
things:
that
spent;
-------
*
fund,
$800,000,0.00
USHA
Housing
States
Congress before whom is a bill
the Committee of
to
present
Jan
Apr
55
the
these
out
Jan
Apr
35
13
Amer Toll Bridge (Del)__l
Anaconda Copper Mln__50
communications
double
to
9
May
a2%
a
appropriations to the United
The Association said:
300
Apr
20
on
additional
Jan
Jan
the National Association of Real Estate
May 31 opposed at this time the granting of
program,
Authority.
ing
a2%
Rad A 8t Sntry
*
American Tel & Tel Co. 100
Bendlx
5%
16% May
•7,949
.
Amer & For Power com..*
Am
a
Boards
Mar
35%
26%
35%
914
Super Mold Corp cap...10
._100
So Calif Gas pref ser A..25
for rehabili¬
housing, and
proposing types of legislation that would open the way to
successful large-scale action
under private enterprise in
Jan
13%
8%
8
by
Emphasizing the need of
Jan
32
13%
1
Sculesinger Co B F 7% pf25
Signal Oil & Gas Cp A
*
Sound view Pulp com... ..5
Mar
Appropriations for USHA Opposed at This
National Association
of
Real Estate
Time
Jan
34%
131
~33~~
Richfield Oil Corp com
.*
Ryan Aeronautical Co.-.I
2.40
Apr
21
Rayonier Inc pref..
25
Republic Tetroleum com.l
Rheem Mfg Co.
Apr
152^ 154
153%
*
R E & R Co Ltd pref.
Jan
1.40
27%
31%
131
1.100
com
Preferred.....
8
896
2,372
2,113
1,219
.
445
106% 106%
5%
5%
106%
1st preferred.*
Pacific Tel & Tel
1.80
Additional
Jan
Jan
5%
10% June
3% May
695
10%
1.75
1.75
21
formerly connected with
"
Estabrook
Alfred L.
&
Co":,
members New York Stock Exchange, announce
Ferguson, Jr. is now
that
associated with them.
at
Financial
3360
June 3, 1939
Chronicle
Canadian Markets
LISTED AND
Provincial and Municipal
UNLISTED
.
Montreal Stock
Issues
Exchange
Sales
Friday
Closing bid and asked quotations, Friday, June 2
Range Since Jan. 1, 1939
Last
Province of Ontario—
Ask
Bid
Province ol Alberta—
Bid
1 1942
Oct
11948
63
65
6b
4%e
.Oct
1 1956
Prov of British Columbia—
60
61*
08
Sept
116
May
15 1943
1 1959
115
6s
122
123*
103* 105
4s
June
1 1962
109
110 *
100* 101*
4 He
Jan
15 1905
117
Jan
6s
12 1949
J*ly
68
Oct
1 1953
Province of Manitoba—
4*8
95
92*
95
4 He
4 He
4He
109*
May
1 1901
112
113
5s
4 He
118*
117
Nov
Oct
80
1 1051
80
79
15 1940
82
78 *
Juno 15 1943
5*s
109*" 110
Sept 16 1952
Mar
1 1960
6s
110*
108.
Prov of Saskatchewan—<*
107* 109
Province of Nova Scotia—
4 He
110
1 1958
110*
109
16 1960
15 1961
Apr
Apr
2 1950
Feb
4*«__
2 J 959
Prov of New Brunswick—
-Deo
Mar
4s
--.—June 15 1954
5e
Province ol Quebec—
93
l 1941
Aug
4 He
6s
110* 110*
81
for
of Prices
Low
•
High
Week
Price
Par
(Concluded)
Stocks
Week's Range
Sale
Ask
5
*
McColl-Frontenac Oil....*
Mont L H A P Consol—'.*
Montreal Loan A Mtge_.25
Montreal Telegraph
140
Montreal Tram ways ...100
National Breweries
*
National Steel Car Corp.. *
Massey-Harris
.
'32
Bid
4b
08
Canadian Pacific Ry—
76
perpetual debenturee.
Sept 16 1942
Deo
58.
July
101*
91*
15 1944
1 1944
4*s
113
92*
1 1954
93
1 1900
85 H
July
95%
93*
94*
86*
113*
Bid
Bid
Ask
Ask
115* 115*
Sept
1 1951
June 16 1955
Feb
1 1950
..July
1 1957
118
116
July
0*s
116*
11940
123* 124*
118*
6s
July
1 1909
Oct
5s
Feb
1 1909
1 1970
4s
Jan
1 1902
3s
116
116*
116* 116*
68..
Grand Trunk Pacific Ry—
-Jan
11902
109* 110*
100
100*
119* 120*
4*s
25
Mar
57
66
Mar
70
Jan
41
42
2,485
Apr
43
Mar
48
50
697
43* May
61
Jan
Exchange
May 27 to June 2, both inclusive, compiled from official sales
lists
15
16
May
2,297
70
Apr
82
Mar
490
23
Apr
29*
Mar
'5
Sales
Range Since Jan. 1, 1939
Last
for
of Prices
Week
Price
Par
Stocks-
Week's Range
Sale
Agnew-Surp Shoe pref__100
Associated Brewerlee
16%
425
22
22%
4,026
19
Apr
28*
16%
16%
112% 113
15
Jan
16*
15
112
May
1,610
5
Apr
8*
Jan
Jan
7
6
17
10*
10
British ColPowerCorpA.*
26%
B
■
.....
*
100
Preferred
95 H
Can Forglngs Class A
Can North Power Corp...*
Canada Steamship (new).*
6 % preferred ....
16
Jan
12*
28
Mar
3
96
7
211
89
15
15
16
330
1.90
16
17
....100
102
102
105
Canadian Cottons pref.100
101
Dominion Bridge
..—*
.
*
Southern Canada Power..*
11*
11*
85
Steel Co of Canada
76*
75*
76*
323
74
73
74
170
66*
Mar
1.60
Apr
Jan
Jan
3
Mar
14*
2*
Jan
Jan
2.00
10
Mar
Feb
9
Jan
7
550
Jan
Feb
7
May
7
195
8
8
Zellers Ltd—.....—.._*
Feb
Apr
524
9
Mar
'
12
1.75
167
166
4
167
.100
Commerce...
.100
168
167* 168*
Montreal
.100
211
211
212
Nova Scotia
.100
302
301
302'
Royal
100
...
187
Mar
162
167* -Feb
Jan
86
160
Apr
178
258
203
Mar
222
Jan
95
300
Apr
310
Feb
87
178
Apr
193
May
187
Montreal Curb Market
May 27 to June 2, both inclusive, compiled from
Last
Week's Range
Sale
102
Apr
Jan
12*
18
Par
Stocks—
Price
of Prices
'
.»
High
Low
Mar
Reauharnols Pow Corp
*
Belding-Corticelli Ltd.. 100
7% cum pref...
..100
Jan
Mar
Brewers A Dlst of Vane.-.5
~~4*
4*
92
140
Jan
Brit Amer Oil Co Ltd
4%
22%
4%
22*
4%
22*
Jan
British ColumblaPackers. *
12
12
18
Jan
Canada A Dom Bug
27
27
27*
35
Jan
17
May
105
Mar
Mar
21
Feb
105
Jan
Canadian
Brew,
pref
*
"22
Cndn Industries Ltd B
*
*
3
Cndn
Vickers7% cumpflOO
22
6%
7%
510
5*
Apr
Jan
Catelli Food Products.^..*
~4l"
40%
41%
2,294
37*
May
61*
Jan
City Gas A Electric Corp.*
24 H
24%
25
120
21*
JaD
27
Mar
Commercial Alcohols Ltd.*
10
Jan
20*
Mar
24*
Apr
37
Jan
Consol Paper Corp
Cub Aircraft
75
15
Jan
18*
Feb
David A Frere Ltee A
37
108
18%
18*
19
480
29
28
30
446
113
113
11%
7%
12*
7*
10,661
7%
11*
545
,
3*
Jan
7*
Apr
5
Apr
115
12*
Mar
Jan
7* May
65
Jan
65
Mar
6
3*
153
May
153
May
Mar
3*
Apr
55c
10
50c
Feb
10
10*
770
9*
Apr
50
75
740
5Gc
May
22*
22*
55c
10
"~4%
6
14*
1.00
15
14*
*
11%
11
Hudson Bay Mining
32
31*
Imperial Oil Ltd
Imperial Tobacco of Can.5
Industrial Accep Corp...*
15*
16%
15
Ltd
11*
16*
Mar
Feb
5*
3*
3*
6*
19
19*
Fraser
International Utilities B.
93*
3*
*
8*
"9%
9*
8*
150
15c
Apr
1.10
Jan
855
1.50
Jan
2.50
Feb
835
4*
Jan
5*
Jan
3*
Apr
7*
Jan
1.00 May
3.50
Jan
1.90
6,504
11*
May
17
Mar
50
25
May
38
Feb
•3
Apr
5*.
Jan
80
3
Apr
5
Jan
60
5* May
8
Apr
14*
17*
150
25
Apr
30
15
2
Apr
3
Jan
45c
Apr
70c
Jan
50c
116
65c
MacLaren Power A Paper *
10
10
40
37*
10*
45
88*
87*
90
5
Mar
6*
May
531
3%
May
6*
Jan
455
51
1,160
70
'
74*
39
132* 132*
12
17*
121
12*
97
39
97
Apr
104
Jan
13*
Apr
15
Jan
Power Corp of Canada—
10
Jan
13*
105
105
48
101
Jan
105
Jan
41
41
145
41
May
47
Mar
6W cum 1st pref
9*
100
50
Jan
Mar
Provincial Transport Co. *
Feb
25*
6%
n c part
2d pref
495
28
Apr
33
Mar
105
50
Mar
55
May
May
May
19
Apr
56*
Jan
6* May
6%
May
$1 cum pref
*
27*
Jan
3
Jan
3*
Feb
Aldermac Copper Corp...*
118
75
Mar
77
Jan
Alexandria
Feb
39
May
50
5
996
5
420
35*
129
13*
112
11
Jan
Apr
Jan
Apr
132
17*
115
13*
Apr
Mar
Feb
7*
Mar
4*
Jan
4*
Mar
•
6*
1.10
16
107
Jan
109
May
30
6*
Jan
6*
Jan
300
1.00
Jan
1.40
Jan
160
6*
1.15
38*
Apr
50*
Jan
Jan
41
20*
41
20*
20*
50
19*
Apr
20*
35c 36 *c
4,200
30c
Apr
50c
1,000
*c
Apr
l*c
Jan
1,000
22c May
26c
Feb
*c
♦
No par value.
23c
'
Big Missouri Mines Corp.l
Cndn Malartlc Gold
*c
22c
Gold
Bldgood-Klrk Gold
Jan
Jan
Jan
6*
10
Mines—
Apr
30
22*
38* May
100
7*
4*
109* 109*
Walkerville Brewery
*
Walker-Good & Worts (H)*
42*
35
7*
United Securities Ltd. .100
24
140
4*
Quebec Tel& Pow A.—..*
Sou Canada Power
100
1,956
3
97
16*
25*
Jan
38*
Page-Hersey Tubes Ltd..*
17*
23*
Jan
Moore Corp
35*
6%
Jan
16*
39
Jan
Apr
6*
Apr
Jan
Apr
600
8
Jan
Mar
0*
6
Mar
5
94
Apr
32
14*
3,586
00*
Feb
Jan
6*
*
15*
50
Apr
5*
Apr
1.00
30
Mitchell (Robert) Co
7,234
24
Jan
Jan
83
385
1.05
15
6*
10
38*
4,267
645
Jan
Jan
Apr
29*
52
5*
1.20
Jan
50c
;
54
485
McColl-Fron 6% cm pf.100
Melchere Distillers Ltd pf*
20
Jan
9
175
575
May
8* May
50
11
Massey-Harrls6%cmpf 100
48*
74*
7*
80
Jan
6
Jan
1,156
9
Jan
24
16
Jan
Mar
Mar
24
121
10*
23*
8
Jan
Jan
Apr
Apr
Apr
82
2*
6
6
17
Apr
49X
3
3*
5* May
928
275
2
65c
.
400
4
6*
20
10*
Jan
Mar
1,480
30
11
Mackenzie Air Service..
50
100
4%
3*
5*
50c
Lake St John P & P
Jan
41
2
50c
Jan
Feb
10
30
~~2
Jan
.
Jan
25
*
2.24
Apr
12
Jan
Mar
Jan
*
12%
Aircraft
23
May
5
3*.
Ford Motor of Can A
Apr
6
Mar
55
16*
1.99
3
25
Apr
1.25
Jan
Intl Nickel of Canada
17%
Apr
Fleet
Apr
18
50
1.80
20
12
5*
Apr
1.10
1,025
6
55
100
Feb
66
30
100
14
42
15
11*
32*
16*
16*
30*
39
Apr
60
4*
23*
Jan
11*
*
745*
Mar
Feb
88
Intl Bronze Powders
Jamaica Public Serv Ltd.*
Jan
'12
745
32
5
3
112
25
1.25
European Electric Corp. 10
Fairchlld Aircraft Ltd—.5
Feb
Mar
,36
Jan
6*
31
32*
Feb
20
4*
Donnacona Paper B
28*
1,515
1.25
*
Feb
May
8*
*
B
12*
26*
Jan
460
68
4*
23%
"
*
Donnacona Paper A
5*
23*
Jan
107
6%
5%
6
5
5
Dominion Engineering..
Jan
Apr
56
15
1.70
4*
4%
19*
358
4
15
5
Jan1
Apr
Mar
22*
8*
1.85
:
11
425
4*
4%
*
141
1,480
*
67
100
7
Ltd...*
Companies Ltd—*
Voting trust ctfs—.*
Inter-City Baking Co.. 100
Intl Paints (Can) Ltd A..*
55c
16
328
94*
100
32
19
6*
208
14*
94*
14*
100
20
535
9
8*
Jan
"
40
125
135
1.99
1.99
Feb
5
3,041
22
Cndn Vickers Ltd
Jan
4*
95
53
1.50
1.30.
i
Jan
Jan
3.25
Jan
.
22
Jan
2*
21*
140
May
111* 112
12*
12*
Canadian Breweries Ltd..*
Jan
36
Apr
1.25 May
85
36
34
May
3
12
(new)*
Canada Malting Co Ltd—*
Can Nor Pow 7% cm pf 100
Canada Vinegars....
*
May
92
•
-140
Jan
Apr
50c
3*
115
6
2*
_*
High
Low
820
4*
39
101
,
140
92
-
Jan
18*
Week
Shares
136
Jan
,
1, 1939
Range Since Jan.
for
131*
128*
Feb
18*
official sales lists
Sales
Friday
2%
Howard Smith Paper
175
290
Jan
50 c
Feb
1.50
8
Jan
•
73*
Apr
May
Bathurst P & P Co Ltd B .*
Jan
3
*1.75
*
Jan
77*
315
6%
8*
Hollinger Gold Mines
Secord
Apr
1.80
2*
Hamilton Bridge
Preferred
10*
67
Mar
12
1.75
*
100
Jan
Mar
Lake of the Woods
110
50c
:
Jan
Jan
3*
2*
■
Jan
Mar
Apr
45
3
Jan
Gypsum Lime & Alabas.
Preferred
110
1.60
Mar
7
100
15
16
Apr
Foundation Co ol Canada •
Preferred
10
320
3
16
...*
18*
50c
10
-,..—.*
-
4*
50c
4
Apr
Famous Players C Corp..*
Laura
10*
78
»
50c
2,347
125
Jan
International Power
14*
115
1*
*
Internal Pet Co Ltd
22*
11
3%
;
Preferred
Apr
May
115
1.25
63
Intercolonial Coal
42
1.185
Apr
100
Apr
25
10*
19*
220
155
Preferred
20
21
Jan
4*
15*
Jan
60c
4
Gurd (Charles)
Apr
Apr
4*
77
Rights
Apr
8
....100
75
63
Preferred
Jan
107
2*
11
•
Jan
98
Apr
18
11
*
25
*
Jan
'
May
93
103*
535
20*
Jan
4*
2* May
28
20*
Jan
Mar
570
55c
35
General Steel Wares
Jan
1,420
.
4
1,800
.
May
25*
19*
26*
300
155
Preferred
Apr
40
1,135
.
9
.4,611
*
Gatlneau Power.
162
3*
10*
2*
2%
10
92*
106
60c
6
l
92*
4
75
Eastern Dairies
,
106
6% cum pref.—..100
Aluminum Ltd
.*
5
Electrolux Corp
Enamel & Heating Prod.
395
2%
Preferred —•........100
Dryden Paper
2*
2*
Abltlbl Pow A Paper Co..*
<75
Dominion Textile..
19
Jan
*
Preferred
16
Mar
100
Dom Tar A Chem
12* June
318
4%
100
Dominion Steel A Coal B 25
225
18*
2.00
25
Dominion Stores Ltd
305
12*
17*
4%
4%
....*
Dominion Coal pref
Dominion Glass j.
42
12
12*
19*
57*
14*
1.90
......*
.*
9*
1.90
Canadian Indus Alcohol..*
Distillers Seagrams
Jan
9
2,745
Jail
98
100
18*
101
28
8*
1,581
1,810
Consol Mining A Smelting 5
Crown Cork A Seal Co...*
Jan
May
1,110
12*
May
19* May
Jan
10*
1,580
21
25
8*
10*
Apr
7*
33
20
16 *
18*
-
Apr
Apr
'
Apr
1.70 May
987
21
17
14*
893
9%
32
4*
,
Apr
12
95%
9%
Rights
Jan
May
7
■
8%
21%
26
Jan
8*
Mar
2
2*
14
23
8
Preferred
5
42
Mar
Jan
511
1.85
50
Canadian Celanese......*
Jan
9*
18*
176* Juns
7*
1,126
Canadian Car A Foundry.*
Class B
15
Jan
9
23
8
32
Canadian Pacific Ry
Cookshutt Plow
Jan
1,815
16
23*
*.*
Canadian Brohze
Preferred 7%
15
7
24
8H
Canada Cement
Jan
15
6*
162
11
11*
pref.100
Shawlnlgan W A Power..*
Sherman-Williams Canada*
Feb
22*
35
15%
Apr
1.50
160
,
55
2%
2%
SilkMills—-I--*
16
115
Jan
670
27
Building Products A (new)*
Bllolo Gold Dredging
14
Apr
6*
May
3,629
10%
27
17
Apr
50c
833
Brazilian Tr Lt A Power.*
Brack
•
-
20
177
176
14
75
90c
80c
177
55
17
,17
.100
10
Jan
6*
Jan
"e*
.*
Bell Telephone
May
22
Feb
100
Preferred
6
15
Jan
51
16 H
Bathurst Power A Paper A*
Bawlf (N) Grain
Jan
17
100
Preferred.
2.50
1.50 May
10
*
♦
Mar
25
100
.
Canadlenne
Feb
"22%
Algoma Steel Corp .—... - *
Asbestos Corp
107
~\Y~
-—.100
Preferred,
High
Feb
107
50
1.50
1.50
Alberta Pac Grain A-—*
5
110
110
Mar
156
7
Banks—
Low
High Shares
Low
110
'
22*
15
157
7
"io*
'
22
Winnipeg Electric A
B--__.._
Jan
17
28
14*
Mills..*
Cotton.'
Jan
80
157
"l2~~
Preferred
Friday
38*
79*
27*
15
*
Regent Knitting
T.»
Rolland Paper pref
100
Saguenay Power pref—100
St Lawrence Corp
*
A preferred
...60
Viau Biscuit
Montreal Stock
39
17
Quebec Power.
Wabasso
Mar
June
54
68
48*
Placer Development
United Steel Corp
28
25
13
69
•
Tooke Brothers
Mar
42
100
Products...*
Ottawa L H A Pow.
100
Ottawa Electric Ry
*
Power Corp of Canada—*
Price Bros A Co Ltd
*
Preferred
100
St Lawrence Flour
Jan
32
55
27*
Preferred
119* 120*
Apr
Apr
Mar
55
"so"
Preferred.
.
29*
Feb
68
St Lawrence Paper
Canadian Northern Ry—
Canadian National Ry—
4*8.
1 1946
Deo
4 He
Government Guaranteed Bonds
Dominion
4*8
Sept
Be
77
101
4Kb
4*s
Ask
Bid
Ask
7*
7*
4,847
25
Preferred
Canadian Pacific Ry—
4*
5*
Apr
320
2,650
6*
32
Ontario Steel
Railway Bonds
5
5*
31*
Niagara Wire Weaving...*
Noranda Mines Ltd..—*
Ogllvie Flour Mills
High
Apr
15
-
.
.
Low
5
4*
4%
4*
6*
*
Legare Pref
Shares
*
"15c
17c
700
82c
82c
2,000
*
15 May
70c
Apr
28
1.00
Jan
Jan
Jan
Volume
3361
Chronicle
Financial
148
1
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
t
Sale
Stocks {Concluded)
1 Far
Price
of Prices
High
Low
1,1939
Week
Stocks (Continued)
High
Low
Shares
Cartler-Malartlc Gold
1
3c
3c
500
2Hc
Feb
6c
1
2.50
2.50
50
2.20
Apr
2.74
Canadian
Jan
Central Patricia Gold
Jan
21c
25c
4,500
15c May
1
23 He
19c
24c
42,450
15c
13Hc
15c
4,300
*
32H
18Hc May
13Hc May
31
Apr
Dome Mines Ltd
32 H
32
640
2o
Cndn Wallboard A
114
Low
High
82c
4
205
33 H
Jan
Castle-Trethewey
20
2Hc
2Hc
2 He
1
2.68
2.71
2.10
Apr
2.80
Jan
1.40
1.50
7,800
4,550
Central Patricia
2.60
1.40
1.04
Apr
2.35
Jan
4.50
Mar
Central Porcupine
Chemical Research
Mar
9
May
13
Jan
103H
Mar
108
May
70c
Apr
1.05
1
.1
Apr
2.75
2,000
2.45
2.58
9,430
9c
9Hc
28He 34c
"2.55
1
8,471
6c
Jan
12c
Feb
6,050
47,963
27 He
May
70c
Feb
85C
5.20
5.35
550
Apr
*
16c
Apr
250
1.15
27c
12,600
1.06
23c
22c
Apr
44c
Jan
65c
65c
30c
3,600
Chromium
30c
6 He
67,200
3c
Apr
6Hc
Commonwealth Petroleum*
26c 26 He
5He
Feb
5c
Apr
10c
Jan
100
7c
Feb
10c
Mar
Coniarum
6Hc
5Hc
6Hc
600
Cockshutt
5 He
H
40 H
538
6c
Lake Shore Mines Ltd
1
40
50 H
Apr
34
"i"08
Chesterville-Larder Lake.l
*
Mines
Consolidated
Jan
6H
1.53
*
16
*
Bakeries.'
Consol Chibougamau
Smelters...:
Jan
8c
4c May
3,200
—
2.05
1.55
Apr
1.39
50c
Jan
85c
Feb
Jan
36c
Jan
5
Apr
1.26
2,446
187
16
14c
3,760
5c
5Hc
1
30c
35c
3,00C
4.10
Apr
5.80
Jan
4.90
2,250
52 H
Jan
58 H
Mar
Apr
1.31
Jan
60c
Mar
Darkwater
1
4c
4c
Jan
Davies Petroleum
*
33 He
29c
35c
27,500
4.80
Jan
Denison Nickel Mines...1
11c
11c
12c
2,000
16o
Jan
Distillers
18H
18H
19
31H
32 H
5
4.70
1
McKenzie-Red Lake
25c MavY
406
1.32
1.30
1.07
347
57
57
1.32
New True Fissure
..1
2.50
2.43
5.60
3,230
*
O'Brien Gold
1.95
3.00
3.00
3.05
2,000
2.82
Apr
6 He
2.50
5,100
4c
May
Pamour-Porcuplne
1
6Hc
Pato Cons Gold Dredging. 1
2.50
Pandora Cad
5c
Apr
2.55
Cosmos
*
(new)
1,300
2.10
Apr
1.42
1.42
1.50
475
1.28
Apr
1.85
Jan
1.75
1.90
2,541
1.45
Jan
1.91
Mar
Dominion
1.76
4.85
4.85
100
4.60
Apr
5.60
Mar
Dominion Scottish Invest. 1
2.55
200
2.35 May
2.65
Jan
Dominion Steel B
2.40
Pickle Crow Gd!M Ltd...l
Pioneer Gold ofBC
1
2.50
Apr
1.72
Jan
4Hc
Jan
Jan
2c
2c
500
1.12
7,751
94c
Apr
1
1.25
1.25
1.40
11,035
96c
48c
51c
3,800
40c
Apr
56c
Dorval Siscoe
57c
38,003
460
Jan
1.03
Feb
6.030
780
Mar
1.01
Mar
225
2.80
Mar
3.55
Jan
Teck-Hughes Gold Ltd.„_l
Thompson Cad...
1
Towagmac Exploration. .1
4.25
4.25
100
•3.95 May
4.60
Mar
13c
14c
12,100
31o
Feb
13c
"
1
Wood Cad
*
Wright Hargreaves
500
Apr
23H
7.50
Apr
8.85
Mar
Apr
1.51
1
900
19c
Jan
31c
1.93
Jan
2.75
Jan
Jan
75c
1,500
,32c
Apr
55c
2.00
Jan
3.70
Jan
1.22
'100
1.00
285
38
36 H
Sale
Par
Stocks—
I
1
"Of
Range Since Jan. 1, 1939
Low
High
6%
'
Alton Mines Ltd
Alberta Pacific Consol—1
*
1
Mines
14C
Ashley
;
Augite-Porcupine Gold...!
Aunor Gold Mines.
1
-
1.75
9Hc
Jan
Gunnar Gold
Feb
4c
Mar
30c
Jan
Halcrow-Swazey
Apr
52c
Jan
Jan
Hamilton Theatres
1.52
Jan
2.40 May
3.25
_.i.—
6H
5H
Apr
8H
Jan
16c
19c
11,600
11c
Mar
32c
Jan
1.27
6,980
1.00
Apr
May
1.40
Jan
Imperial Tobacco....—6
Inspiration..
Intl Coal & Coke
1
8H
105
Jan
Intl Metal A.
1st preferred
*
100
4H
177
21c
Bldgood Kirkland
Big Missouri
1
50
30 H
1...1
pref
Bobjo..
10Hc
612
4H
4H
175H 177
20c 22HC
15c 16Hc
.
7H
Biltmore
50
100
100
100
Beauharnols...
Bell Telephone Co..
100
5
5
30H
474
5
99H
2H
165
Jelllcoe Cons
22H
3,850
19 H
27
27 H
38c
15
33c
21H
28c
20c
25c
22 H
Brit Col Power A
*
27H
Bro ulan-Porcupine
1
34c
Brown Oil
*
B uffalo-Ankerlte
1
Buffalo-Canadian
Building Products (new).*
Bunker Hill
","i6H
._.*
Calgary & Edmonton
Oils
*
1
2.15
36 He
12H
12H
2Hc
12H
*
3Hc
15H
6HC
33,600
30,800
1,500
16H
41c
12,500
1,005
1,000
10.650
13,550
4H
225
6He
2.1012.26
33 He
18o
10H
2Hc
11H May
Jan
12H
5%
23H
Mar
Kerr Lake
27
Mar
May
Apr
Jan
Jan
15H
Jan
5o
Mar
Apr
Apr
llHc
Jan
Lapa Cadillac
Laura Secord (new)..
1.81
Apr
2.80
Jan
30 He
May
3H
May
65o
4
105
5
50
50
19
49
Apr
8
9
177
7
Mar
10H
101H
Canada Cement
Preferred
*
"36""
96
74
89 H
Apr
35 H
36
645
32
Jan
400
66
*
Canada Permanent
Canada Steamships
76
72
77
100
Canada Packers
149
148
150
2.00
*
50
Preferred., j
—Canada Wire B
*
"Th¬
is
1.50
9H
16
1.20
Canadian
Breweries
Canadian
Breweries pref. *
22 H
21
Cndn Bk of Commerce. 100
167H
167
103
103
*
Canada Cycle & Motor. 100
B
Preferred
17
20
Canadian Can A
6
_____.*
Can Car & Foundry
*
25
Canadian Dredge
Cndn Indus Alcohol A_._»
97H May
93H
100
Malting
135
9H
430
May
152
Mar
1.00
2.63
Mar
Apr
10H
Jan
Apr
22
Feb
1.55
1
Macassa Mines
MacLeod Cockshutt
1
Madsen Red Lake
Malartlc Gold
Manitoba & Eastern
23
Mar
Mar
5
101
Apr
103
June
16H May
19
Mar
100
*
100
Mclntyre Mines
—5
McKenzie Red Lake—...1
McVittle-Graham
1
810
17H
2H
6
1,490
8
895
May
May
19
7H
18
Jan
Jan
'
20
575
H May
14H
Apr
1.50 May
34 H
Jab
12H
Preferred
22
70
104
,
Feb
91H
107
Mar
Jan
May
66 H
22 H
Apr
27 H
Jan
1.20
100
1.18
Apr
1.26
Apr
60c
30
45c May
70c
Jan
4MC
6Hc
27,634
3c
May
11 He
6c
10c
37,680
5c
Mar
13Hc
9H
15
1.93
13,565
1.78
45c
36c
1.46
1.68
6.25
6.85
12H
12
28c
70C
31c
12H
72c
9
May
Jan
Jan
Feb
12
Apr
2.08
Jan
900
45c May
65c
Feb
1,100
55,061
30c May
73c
Feb
1.15
1.75
Mar
20,900
2,610
7c
Feb
9c
32 H
50 H
10
13 H
Mar
Apr
17
Mar
5,017
11,100
1,305
2.559
5,50
Feb
6.85
Mar
.
1.47
Jan
Jan
25c May
54o
Apr
Jan
Jan
10 H
Apr
13 H
Jan
59c
Mar
85c
Jan
3Hc May
8Hc
Jan
2.98
3.20
24
23 H
24
21H
22 H
35,734
55,425
6.560
1,180
1,168
4.70
4.65
4.90
13,060
3.85
Apr
5.90
Jan
2.10
2.30
Apr
3.20
J.n
45c
18,275
10,800
1.70
41c
30c
Mar
55c
67 He
75c
117,040
43c
Jan
He
1.50
lHc
7,000
"69c
.......
No par
value.
3HC
5Hc
77He 87H
3
4Hc
1.50
3
180
10
4Hc
3,525
5H
63c
Apr
1.32
16c
Jan
25
Mar
21
Apr
23
Jan
He May
Jan
70c May
lHc
Jan
Apr
1.65
Jan
2H May
2Hc Apr
4H
Mar
7c
Jan
1.00
Apr
2,563
2H
45
590
29 H
Apr
6
125
5H
Feb
87
57 H
Jan
Apr
Apr
38 H
90
60
57
58 H
5
85c
3.60
2.60
22 H
6H
39 H
McColl Frontenac
W Preferred
*
30c May
7H
Apr
Apr
Apr
6.75
--1
Maralgo
Jan
2.75 May
Jan
25c May
42 H
16
Massey-Harris
179
6
Feb
7,707
5,610
16
*
Apr
210
22c
Jan
Mar
3H
40
80
106
8Hc
*
Preferred...
Apr
17
45c
41H
*
Maple Leaf Milling
18
Jan
Mar
215
2.15
B
159
1.80
70H
Apr
7Hc
82c
*
Loblaw A
69
Apr
Jan
Apr
35c
3.10
Little Long Lac
570
17H
77
Feb
35 H
15
80
1
1,535
17H
1.85
7H
Mar
June
May
1.70 May
15
Mar
Apr
17H
16 H
45c
Lebel Oro
Jan
36
3
Leltch Gold
56
25H
Jan
22
Jan
May
Mar
Apr
106
5c
Jan
105
Jan
31c
Feb
400
—-1
1.50
21
1.85
140 H
5H
Mar
22 H
168 H
103
21
8H
35
18
OH
21H
9
12
2.00
*
*
Lava Cap—
17
26He
Jan
Feb
39 H
5Hc
105
9
1
14
3.75
Apr
16H
400
7185
Mines
Jan
80
24c
1.98
'
64H
30c
8c
Lamaque Gold
Jan
202 H
37c
1
Lake of the Woods...
Jan
15
12
5H
Lake Shore
Jan
15
11
16 H
Jan
Apr
Apr
8
13H
11,462
30c
80
Jan
16H
25c
"
Jan
10c
16c
5%
Laguna
33c
June
35o
6c
6,300
27c
—
Kirkland Lake.
75c
Jan
4
Apr
38,400
""5%
Kirkland-Hudson :.....
Apr
Mar
50
Canada Bread B
Jan
Kelvlnator...
Apr
*
A
_
Kerr-Addison
Mar
...100
Canada Bread
.
Island Mountain
Apr
Mar
55
May
Apr
3,400
4,000
Jacola Mines
Feb
May
Jan
9H
Jan
22c
7H
Jan
1.95
94c
25,990
69
15H
6c
32H
4
Apr
212H
67
212
8HC
Jan
22H
*
15H
16H
32 H
26
Apr
695
British American Oil
212H
31H
60c
*
50c
International Utilities B..1
3,625
Apr
2.58
10c 13H6
33c 36 He
1.20
Jan
4,005
1.00
Feb
2.15
23 H
Feb
4H
4H
Jan
45c
100
23 H
Jan
22c
9H
6c
2H
3,650
91,260
37,860
37,185
2,010
""60c
300
9c
Jan
2He May
49 H
10H
50 H
11H
25
«g.
48 H
Apr
27,800
7c
1.20
49 H
Apr
35
31
1.12
*
Apr
11H
\ 4H
pref-—.100
9c
.
6H
3Hc
10
14H
32 H
69
-.100
Preferred—i
Intl Milling
International Nickel
International Petroleum
17o
10 H
10H
5
Mar
9H
10
._*
Mar
Feb
175 H
70
.
10c 12Hc
Brewers & Distillers
5
Jan
..*
35,442
4,100
7H
11H
Bralorne
Brazilian Traction
Jan
f Jan
64o
Apr
10
2.48
....
1.22
Beatty A_.__
Mar
lc May
120
4
14H
13 He
34Hc
10b
Imperial Oil
17c
6H
21,430
10H
100
Imperial Bank
1.25
....
Beattle Gold
6c
14H
Homestead Oil.....
Huron & Erie
Jan
4c
19c
*
_.*
Feb
30c
40c
3H
8Hc
1
Harker
175
BathurstPower A
Calmont
Hard Rock
1.15
Mar
Jan
12c May
5,700
2,852
23,000
Jan
"
252
Feb
239
Jan
May
12H May
Jan
10H
63c
55q
310
300
5
10H
5%
3HC
50c
4H
"6HC
Howey Gold..
—1
Hudson Bay Min & Sm..*
14
10 H
4
Jan
35
3,500
Jan
Mar
2%c May
lHc
Holiinger Consolidated... 5
Home Oil Co
*
'
Bear Exploration
10 H
50 H
Highwood-Sarcee
250
,
4c
13Hc
May
•55c
Hlnde & Dauch
3021
4 He
50 H
Jan
16c 17 He
500
1
Feb
247
'
'
preflOO
72c
300
58
Jan
3o
6c
Jan
6 He
302
5c
Jan
Jan
Mar
78
Apr
56
151
58
57
2c June
66
137
75
2 He May
250
2c
68
37c May
28c
Jan
13Ho
3He
May
Feb
100
_
Mar
75
Feb
100
Bank of Toronto
Base Metals
Mar
5c
100
10He
220
Feb
16c
75
17 He
Apr
20o
7,300
12,000
5,500
75
Harding Carpet
Mar
29,900
21c
Jan
Hamilton Theatres.:
17C
Apr
203
40c
7HC
.
Jan
17
1
-.1
Mar
10
Mar
Apr
Apr
6,400
4c
10 H
Apr
28c
213
Jan
282
5Hc
27c
Feb
2Hc
13H
53c
82c
Jan
7H
llHc
6c
12
5H
9 He
Jan
Jan
May
7c
1
29Hc
23c
Mar
4c
5
6H
—
Halliwell.—
38o
6
Jan
2H
Mar
Apr
*
...
Jan
1.85 June
Feb
705
4H
3c
Gypsum Lime & Alabas—*
24
8c May
94
300
5H
9Hc 102,500
3,600
2Hc
35c
"".6 c
Great West-.-...——
Apr
18c
16H
Apr
Apr
Greening Wire
Apr
1.75 June
Jan
87
4c
9Hc
210
27c
Bank of NoVa Scotia
Canada
Jan
2,000
11
320
3H
11,600
213
100
"58"
Jan
714
■
173
2,500
8c
3,250
3c
3Hc
57c 61 He 167,310
5,415
1.75
1.85
8 He
'
3H
14HC
8c
Bank of Montreal
Blue Ribbon
21H
Mar
25o
5Hc
13 He
...
Cons..
Bankfleld
pref...
Mar
38c
Apr
3H
490
7c ■*
15o
•4 He
2.60
.
Arntfield Gold
Jan
13,400
*
Jan
Mar
Jan
14Hc
..*
*
Great Lakes voting
2c
•
23H
May
13,216
2,700
13,295
9,900
Apr
9c
2c
1
34,500
Anglo-Huronian.
Bagamac
_
38c
1,02
Astoria Que
•_
10c 10Hc
1.15
33c
10Hc
Jan
16 H
6c
50
Preferred
2.45
Copper
Aldermac
Anglo-Can Hold Dev
Mar
4c
20c
1
Granada Mines..
2H
14
24
2,017
2,200
68
14c May
10
Jan
19
20 H
10c
19
,..1
4Ho
500
1,900
17
~35c
4
240
Mar
Jan
2Hc
l
Mar
.3,500
17c
17
Alberta Pac Grain pref 100
Amm Gold
4H
7Hc
2Hc
17c
Acme Gas
4H
7He
2Hc
-.100
preferred
4H
May
6.00
Feb
7c
Mines.,
Voting
60
8H
Apr
10H
4H
5H
1
50c
2,053
50
60
Abitibi
May
6H June
■""7c
Grandoro.
Shares
5H
4.50
10
14 H
GrahamrBousquet
,
Jan
100
2,825
1,491
95
Goodyear Tire
Week'
of Prices
High
Low
Price
■
for
Teek's Range
Last
2.36
6H
*
—1
Goodfish
:,
Sales
Friday
Mar
2.87 May
Apr
17o
14H
Gold Eagle
compiled from official sales list
May 27 to June 2, both inclusive,
279
1.05
8H0
92 H
Gcrd's Lake...
Exchange
Apr
1.65 May
Apr
14H
Glenora
Goldale
Toronto Stock
202
4c May
93 H
Rights
Jan
Mar
5,000
2,700
100
— .
General Steel Wares
Jan
Apr
31H
1.72
44 H
Mar
13c
4HC
9c
...
Gillies Lake..;
Apr
27c
4Hc
4H
Gatineau Power.
Jan
33,140
Mar
Apr
Aprr
14c
6H
20c 26 He
19 H
>....
Francoeur
Jan
35c
2.56
1.22
*
Royallte Oil Co....
38c
35c
June
9Ho
6H
..._.*
Preferred
2.18
Mar
77
4c
Foundation Petroleum...*
Jan
100
.
7
Feb
5c
4Hc
i.
Fernland Gold
Fleet Aircraft
21c
*
81,300
14,700
44,330
22 H
180
2.23
Okalta Oils Ltd....
18c 23 He
Jan
Feb
Apr
73
24,600
22 %
Fanny Farmer
8.15
610
90
6C
Federal-Kirkland
45c
May
5%
5H
Falconbridge....-
Jan
35c
7H
5H
Jan
'21c
2.45
Jan
5.40
8.10
2.23
*
4H
4H
5.15
18 Ho
*
-*
Jan
1,775
5.35
Apr
4,600
12 H
*
Apr
1.15
Apr
77
2.74
Feb
7H
100
8.10
._*
7H
Mar
25
4,539
28.785
5.70
Calgary & Edmonton
Dalhousie Oil Co
Petroleum..
12H
1.54
8Ho
1.05
Davies
11H
210H
2.00
2.00
Ford A
Home Oil Co.
Apr
1.39
300
*
*
Mar
Apr
2.00
9,100
Anglo Canadian Oil
Brown Oil Corp..
34
Jan
Jan
75c June
1.42
14c
Jan
30 H
19
2.66
30c
80c
Mar
200
English Electric B_
"
Jan
20H
30
2.61
Jan
16c
73
8Hc
Jan
8Hc
9Hc- Apr
15H
Apr
1,085
5c
Jan
22
60c
75c
7
Jan
Mar
Apr
23 H
206
Mar
27c
4c May
27c
22 H
204
1
7.00
Oil—r
1,301
1
-
13c
8.10
625
Jan
Mar
182 H
May
Eldorado
East Malartlc
Jan
37c
30c May
17
7Hc
Easy Washing Machine.
30c
13c
310
8c
7.00
_.*
Walte-Amulet..
10c
18
.76
21 He
...1
East Crest Oil
3.40
Apr
5c
Duquesne Mines
83c 88 He
53c
1
175
8H
61
May
157
5H
77
100
Jan
74c
3.25
Sylvantte Gold
7H
Preferred
..1
Stadacona (new)
Sullivan Consolidated
"il'H
;
Jan
1.65
Apr
50c
*
Sladen Mai
25
Dom Tar
1.44
1.53
1.00
__1
Siscoe Gold Mines Ltd
Foundry....:.*
2c May
1.18
2,450
1.65
1.56
1.05
—1
Sherrltt-Gordon
37H
183
75c
205 H
23
Dominion Bank .......100
Dom Stores
1
Preston-East Dome M...1
Shawkey Gold
181
*
Seagrams.—
1
Perron Gold
40
181
17
.1
Pend-Oreille M & M
"40 H
...
Dome Mines
Mar
6
100
Gas
Jan
•
1.74
17
Apr
15c May
1,000
3.35
Mclntyre-Porcuplne
Consumers
•'
Apr
14
700
41H
14c
1
Macassa Mines
Jan
21HC
550
6H
1.50
15H
1
3,700
»1,300
Lebel-Orz
Cons
"Jan
75c
w.*
"6Hc
Jan
May
15
70
Inspiration Min & Dev—l
1
15
9
9
9
6.00
J.M Consolidated Gold.—1
Jan
May
6H
75c
1
_
1
Kirkland Gold Rand
Jan
122
Apr
107
9
107
100
1
Joliet-Quebec..
May
3H
9
East Malartlc Mines
Falconbridge Nickel
106
2,997
4H
High
1.03
Apr
690
3,350
107
*
Carnation pref
Eldorado Gold M Ltd
Francoeur Gold
Low
Shares
112H 114
4H
B
Jan
Jan
8c
Week
79c
25
29c
Apr
for
of Prices
Price
100
13,500
Duparquet Mining Co
Range Since Jan. 1,1939
Week's Range
Malartlc
Preferred
20c May
Cons Chibougamau Gold.l
Cent Cadillac (new).
Par
C P R
22c May
Century Mining..;
Sales
Last
Sale
Range Since Jan.
for
Week's Range
Exchange
Friday
Sales
Friday
lew
7H
60
7H
Feb
83
94
Apr
59
Jan
Jan
Mar
Mar
Mar
2,338
19,475
49 H
1.38
1,03
Apr
1.32
Jan
15HC 19HC
40,850
6c
Mar
20c
May
1.28
Chronicle
Financial
3362
June 3, 1939
Canadian Markets—Listed and Unlisted
Stock
Toronto
Week's Range
Sale
Par
of Prices
High
53c
3Hc
3,500
1.40
1,680
Mining Corp
Moneta.
1
.
1.15
Morris-Kirk land
1
—
1
National Brewing.......*
37 H
lHc
"42"
4
50
47
—
*.
Nay bob Gold.
49
460
192
100
1
—
195
17c
J...
..6
3HC
Niplssing
Mines......
*
"ll50
4c
Gold
Okalta OIL--.
..
—
.*
Robt Simpson
42 H
Mar
6H
May
61
Jan
200
16C
<
2Hc
500
3 He
Apr
Apr
50c
Jan
6c
Feb
70c
Jan
8.85 May
1.25
Mar
3H
200
May
3H
Jan
2.60
9,045
2.01
Apr
3.35
Jan
1.20
1.10
1.28
19,700
9lc
Apr
1.73
Jan
1 He
Ontario Steel
8,726
7
7
1*
3.00
GH
Oro-Plata..........-v.-*
35c
33c
6% c
*
97 H
96
Porcupine......?
Pamtepec.
1
3.00
2.90
Page-Hersey
Pamour
37c
6
210
Cons
-.1
45c
-
Mar
52 He
Jan
12c
104 H
Jan
Apr
Apr
4.75
Jan
4Hc
3Hc
6,500
12,200
50c
7%
.Apr
250
6H
May
5c May
2.76
5 He
7
23c May
16,920
4Hc
Jan
Jan
94
3.10
2 He
44c
Gold..—.*..,.,.!
Jan
3.00 May
Jan
4H
25,000
4Hc
PartanenMal...
1.50
3,900
7c
97 H
5c
May
6H May
105
_*
Pacalta Oils.
25c
104
6%
Preferred.....
2Hc
53c
lc May
.
10
3.00
Orange Crush
Apr
3
8,000
37c
49,550
7c
35c
Jan
7Hc
Feb
7Hc
Apr
He Mar
2
Jan
Mar
61c
Apr
Jan
1.80
1.76
1.88
4,677
1.94
Mar
1
4.85
4.80
4.90
11,625
4.50
Apr
5.60
Jan
1
2.50
2.50
.2.54
225
Apr
2.70
Jan
Powell Rou—............1
Power Corp...
1.87
1.81
1.96
2,175
9,100
1.18
Apr
2.45
9
Apr
Pioneer
..1
!
Gold
Preston E Dome.
Reno
10 H
21c
12H
Apr
2ic
1.80
Apr
2.40
Jan
1.50
1.65
76,146
1.17
Apr
1.75
40c
1,300
40c May
58c
1.58
5Hc
.1
-
...J 100
7 He
)
38
11 He
10 He
J
_.*
Simpsons pref100
•
Apr
32
Apr
44 H
15Ho
5,100
9Hc
Apr
229
2H
118
Apr
4H
Jan
Jan
1.70
Mar
10c
Apr
17c
1.65
9,059
13c
16,600
2c
2.600
1.18
5,550
1.00
1.13
31,004
2,300
Apr
1.45
Jan
6.90
5.50
Jan
7.20
Mar
4H
4H
30
3H
Apr
5
Feb
Apr
90
Mar
3&86
90c
83 H
1.23
1.40
26,215
96c
Apr
48C
51c
41c
Apr
80c
6Hc
5Hc May
13c
*
100
Preferred
26
290
86
'".MO
6Hc
53c
57c
40,241
8
78
11,450
1,000
7
56 He
1.50
45c
130
1.75
160
Canadian Lt A Pow 5s 1949
102
Canadian Vlckers Co 6s '47
84
95H
East Kootenay Pow 7s 1942
Eastern Dairies 6s—..1949
39
92
85
86
;
.
106H 106H
105H 106H
103H 103H
4 Hs series B
1966
Shawlnigan W A P 4Hs '67
Smith H Pa Mills 4Hs '51
103
-
104
United Grain Grow 5s.l 948
92
94
Gt Lakes Pap Co 1st 5s '55
81
81H
United Secure Ltd 5Hs '52
67
68
Int Pr A Pap of Nfld 6s '68
101
Winnipeg Elec 4Hs---1960
4-5s series A
1965
103
Jan 11950
;
'
'
5Hs
Co
1961
73
75
5s
1951
32
34
Lake St John Pr A Pap
.
1
4-5s series B
'mm-**
72 H
•53 H
71H
52 H
1965
3.50
Mar
>3.00
Feb
in
1.01
Jan
and
3H
3H
100
3.45
4,725
12
4.10
-
2H
Jan
2.78
Apr
3.55
Apr
12 H
May
3.80
Apr
4.70
1.95
700
55
10
Mar
15
102
Apr
113
Mar
80
Mav
40
Jan
,
1.74
30c
3,510
1.45
25,575
13 H
13 H
33
2,225
11
80
28
May
7Hc
4
250
9HC
5,000
4H
4%
1,805
3,195
17,500
41
42
19 X
2,467
1.03
•2H
"He
Hi
12J4
92
He
3Hc
155
*
,
255
60
Feb
ance
Feb
of
that
of
North
Jan,
7
Jan
20 H
Jan
May
15c
Feb
24
Jan
8Hc
Jan
12H
Jan
Feb
95
Feb
lHc
Beath (A)
4H
!ioo
Jan
Chicago
1.50 May
Harvey, Illinois,
12.858'
Apr
18He
Jan
7.30
Apr
8.00
Mar
of Prices
High
of
1H
3
3,500
830
4H
25
11 H
25
1.70
125
4H
1,478
40c
Brldgell
Week
4H
11H
"29""
Foothills
28 H
60c
Brldgell
1.00
!Ioo
31
_I
25c
12
12
60
45c
30
72c
1.25
32
25c
12
10
the
3
4
Apr
5
Apr
Apr
14
Mar
June
Apr
2.50
Mar
the
1.50
3H May
60
May
100
23 H
Apr
1.00
10
24
15c
10
7H
75
37
Jan
Jan
75c
in
with
the
6.00
Jan
Apr
35'
him
meet
to
the
E'.
Harry
become associ¬
Hallenbeck has
Tracy,
120 South
Inc.,
has devoted most,
for
receiver
the
Standard,
Ashland,
of the
complete liquidation
the
exception
of
the
Bank
of
Hyde
Douglass,
banks
national
Park
Jackson
National
First
Roseland,
Chicago.
of
first four of the
First
Bank
National
100% to the depositors of the South Ashland,
banks.
national
posted
been
the
for
transfer
Exchange;
Stock
Chicago
of
of
of
dissolution
&
of
to
one
two
mem¬
Chester
D.
Company,
of
the
firm
of
A.
R.
Frank
&
Oo.
H. Hentz & Co., one of the large wire houses, will
A.
of A. R. Frank &
will
Merigold
R.
Frank
&
Co.
Herbert
Weil,
the managing
as
of
acquire
partner
Co., will become the resident manager of H. Hentz & Co.
continue
his
active
work
on
the
Board
of
Governors
of
the
Jan
Apr
over
the Mari¬
expert, for
Insurance
liquidation of defunct national banks in the
as
and
have
notice
15, 1939.
business
Chicago Stock
Jan
the
the
In- 1937 he
Syndicate matters.
as
particularly fitted
ha3
Hallenbeck, who is widely known in'bank¬
With
Roseland
the
and
H
for
banks.
partner
Jan
1.45
55c May
25
Jan
active in
that
South
Calumet
Manager
Marine
a
1925
'
Mr.
to
In
the Insur¬
of
Departinept
appointed
was
Insurance-
Brangle."
Oshkosh, Wisconsin and the
other to Jerome Lewine, partner of H. Hentz & Co., New York City.
The
posting of the application to Mr. Lewine was announced simultaneously
May
Apr
35
and
berships
May
11
Mar
Marine
American
department of Rogers &
served
responsible
Standard
1H
3H
lie
Washington
training
made
Harvey, he returned
3
38c
100
was
Shepard,
High
Low
4,890
3,800
He
area.
—Applications
Shares
wide knowledge gained from
business.
Following ex¬
a
the
Marine
the
joined
very
in
stock
time since 1932
Park-Kenwood,
He
Range Since Jan. 1, 1939
for
of his
above-mentioned
Sales
Week's Range
is
Brad¬
insurance
joined
ing and investment circles throughout the' Middle West,
Mar
9c
position
new
he
that W.
Syndicates announced
position.
bank
2.00
8.20
4H
the
Mar
8.05
York
During his years with the Insurance Company
Street, Chicago.
2.12
5
60
with
Salle
8Hc
1.70
...5
La
Mar
1H
4H
—Announcement
ated
May
2,200
New
the
on
Manager.
America.
was
His
new
1.25
14c
memberships
...
Marine
and
months
3Hc
3
Bruck Silk.
six
some
he
Commission.
10
He May
will maintain its present office
firm
holds
Insurance
the
in
North
America
demands of his
85
of
where lie
•
appointed
Company in 1936.
7,100
1.50
Low
Company of
Jan
Apr
the
firm
experience
Syndicates
2,000
Friday
Sale
left" the"
5
2, both inclusive, compiled from official sales lists
Price
he
51H
9H
member
a
Rye,
the investment business
Syndicates then under the management of Lawrence J.
Apr
Apr
The
brings to his
experience
38
4c May
is'
He
Club of
Brown & Sons jwill continue to be located
founded • in 1800.
In addition to the
Exchanges.
been
brokerage
May
Toronto Stock Exchange—Curb Section
Last
tensive
He
13Hc
8.15
of
years
time
15
association
his
firm Was
Marine
has
Harwood
4He
155
1.50
I III
American
Harwood
Mr.
spent
May
91
r-The
ford
Jan
8 He
the
Stock
Jan
500
Apawamis
the
identified with
been
has
D. "C.
Baltimore
5.80
1,000
and
Chicago offices,
Washington,
8.25
9Hc
who
where
and
Apr
23
12
York
Apr
9 He
York,
principal ^office of Alex.
Baltimore,
New
Apr
20
30
at
3H
Jan
department.
the municipal
New
of
last four years of
years.
The
5.50
19H
that Jo M. French would
office at 2 Wall Street and
a Chicago office under the
in charge of the dealers-department, having
was
in
that
to
4.30
647
5c
Jan
15 He
'
open
For the
Company.
McCormick,
38
Apr
would
firm
&
the
in
1923, has been With the Chicago office of Lee Higginson for the past
14
7Hc May
20H
5c
1.65
Mar
New York
firms
liome.
Jan
Jan
16H
Apr
_*
12
2:30
Apr
1.30
31
13
Jan
8,315
104
since
Jan
'4.35
12 H
1.85
announcement
a
Brown
Alex.
for
banking
Jan
11
25
"
5.15
20H
City
Jan
14HC
4
the
the
business
oldest -investment
was
Club
his
Mr.
Apr
Jan
in
date
same
prior
Bond
Mar
7.10
*
the
7c
4.85
Canada Bud Brew.
Canada Vinegars
served
76c
Mar
.
24 Ho
•
NOTICES
securities
the
the
Manager of
Harriman.Ripley he
makes
1.80
3H
.42
the
French
Natiopal
The
with
Apr
Apr
Nominal.
McCormick.
formerly with Ilarriman Ripley & Co., Inc., having
been continuously associated with .that organization since its establishment
,iu 1934, and prior to that, for a period of almost ten years, was with
l?c
24c
*9 He
become
5
in
of
one
inidicated"
was
cn
Mr.
8H
6.75
Par
that
8H
2.40
n
managemeent of D. Dean
Jan
4H
•
Jan
Feb
June
Baltimore,
June
on
role
active
more
of
country,
Jan
7.00
*
8
•—A
Sons
16
3.20
,
/Flat price.
CURRENT
11c
5.00
III'*
Ilioo
No par value.
Jan
.*
...HI*
-..".HI" V
Ullioo
*
Apr
III".*
"
91
101
99 H
May
65
'
..25
*
Preferred
104
1957
4s... 1957
deb
conv
91
4Hc
12
A---....III 50
Preferred
j
90
60
104
*
Hamilton
1
.Dec
96H
102H
99 H
200
1.85
Walkers..
Honey Dew
Corp. of Can 4Hs*59
Saguenay Power 4H8 A '66
42
..v.........
Eraser Co 6s
25,300
50
Amulet
Dominion
102
95 H
Gatlneau Power 3H9.1969
6c
12
13 H
33
.
104
101
Provincial Pap Ltd 5Hs '47
97
74 H
4! 35
Gas
_
103
Price Brothers 1st 5s..1957
65
Jan
3.35
1.30
Consol Sand pref
Dalhousle
1956
96
64
-14c 16 He
1
Consolidated Paper
53
105
1973
Power
39H
.1956
4s
Mar
2.20
.1
Coast Copper
52
3Hs
5s
Donnacona Paper Co—
77 H
74
*
......
Stocks—
—
104
Montreal Tramway 5s 1941
mmmt
85""
38H
ex-stock
1961
Dom Gas A Elec 6H8.1945
Apr
16 He
.1
Toburn
to June
.
2nd
5 He
5Hc
*
Hughes.
May 27
107
Consol Pap Corp—
66 H
..
1
Wood-Cadillac
Wright Hargreaves
-»*»«•
'
87
Montreal Island Pr 6Hs '57
Montreal L H A P—
36
Canadian Inter Pap 6s 1949
481
...*
B
Ask
87
B......1952
2Hs to '38-5He to '49
108 H
35H
1946
104 H 105
96
96H
74 H
74 H
Supersllk A
A
Mar
Maple Leaf Milling—
—
Canada North Pow 5s_ 1953
Jan
Jan
1.03
Jan
1.50 June
5,500
White Eagle
22H
Apr
3 Ha
76 H
9c
Wlltsey-Coghlln
Winnipeg Electric
_
105
May
88c
Preferred.
'
38H
19H
9c
Westons
18H
Bid
104 H
27H
86C
;
Jan
Jan
' -Apr
125
Feb
Utility Bonds
5Hs series
1958
Jan
1
Preferred.
Mar
Manitoba Power 5HS-1951
Calgary Power Co 5s.-I960
Canada Bread 6s
1941
Apr
.1
Westflank...
243
40
16H
„*
Wendlgo
1.95
lHc
Apr
He
115
Ask
108
15
Sullivan
Preferred
20
49
48H
81H .83
* wu
lst5Ha
Burns A Co 5s
50
Sudbury Basin..
Sudbury Contact
Sylvanlte Gold..
1.65
Mar
3
11,900
1,635
1,500
Walte
vwmj vw
Brown Co
35
8H
United Steel...
Ventures
uu *
i
Bell Tel Co of Can 58.1955
19 H
_)
United Fuel B pref
1.28
50
19
106
18H
Sturgeon River Gold
United Oils
121
J
20
Beauharnols Pr Corp 5s '73
73
H
*
tJcbl Gold
*
Bid
nuiuui
19H
.
Towagrnac
121
.100
Alberta Pac Grain 6s. .1946
16
16
"76
Straw Lake Beach
United Fuel
Mar
49c
Steel of Canada
TJnlon
Jan
1.14
Jan
6.60
*
Toronto Elevators
Toronto Mortgage
Mar
4Hc
lv May
92c
Feb
4H
1
Paving...
Tamblyn Co
Jan
1.05
*
Stedman.
Teck
Mar
1.27
-....*
.......
1.00
...1
.....
pref.
Jan
192
178
]
Standard Chemical
Stuart Oil..
11 He
5Hc May
1
...
Bladen Malartlc....'
Slave Lake...
Stadacona
1
Mar
G-90
Sherrltt-Gordon....
Siscoe Gold
5,000
14,725
Jan
May
46
2c
"ill 8
46c
28
Apr
499
.
1.07
i
*
1.00
1.41
Jan
3He
Jan
9c
3Hc May
20c Mar
22 H
8,600
8Hc
188
1
.
235
10c 11 He
3
3
1.55
Sigman Mines. Quebec
Preferred
14,630
185
'
"Mo
60c
2,000
52c
35
188
"fie
i
I
8HC
28
7c
,
Corp...—..*
Sand River Gold..
Preferred
28
____.*
San Antonio
Standard
49c
49c
28
St Anthony..
,
lHc
Jan
9%.
*
Shawkey...
Sheep Creek
13,200
1.42
2c
1.54
May
Feb
40c
Gold
Royal Bank
Royalite Oil...
1 He
Apr
17c
32 H
Jan
1.97
1,600
1,970
17c
1.91
..lj
Roche L L
2c
Apr
May
Closing bid and asked quotations, Friday, June 2
Mar
20 J^c
Riverside Silk.
St Lawrence
140
Jan
_.l
Prospectors Airway......*
Red Crest
1.45
,25c
Prairie Royalties
Premier
Apr
29 H
Industrial and Public
Jan
Perron Gold
Pickle Crow
10c
188
Mar
Mar
3A
34c
800
32 H
Jan
13c
Mar
38c
8.00
Jan
Jan
1.80
Apr
1,300
*.
70
lHc
15c
31H
Shawlnigan
Apr
82
Apr
6c
2,440
1.00
15c
31H
May
H
9c
1.41 May
70
•
25
51 He
Api
Apr
47c
"
25H
Apr
Jan
9.00
"34c
Omega Gold..
Paymaster
Robb-Montbray
2.43
OlgaGas
Paulore
Pend Oreille
4HC
1.00
High
Low
24
5
...1
Jan
-VA
*
—
Preferred........_.i_.6
25
*
...
Jan
2.48
North Star
♦
Jtin
44 c
..*
North Empire
25
Range Since Jan. 1, 1939
for
Week
Shares
High
*
20c
40
H May
3,700
Low
Price
...
2Hc
Mar
8.65
4Hc
Norgold Mines.........
Norrnetal
Oils Selections
43
390
7c
6Hc
Jan
23
'2,495
80
79
.
•
36,050
16,300
1.50
1.46
80
Nordon Oil
O'Brlon
22C
18 He
Montreal L HAP...
190
H
'
Newbec Mines
Noranda
260
245
Preferred........*-..20
Mandy
1.45
lc
5H
Jan
J an
Mar
8c
1,000
24 H
National Steel Car
National Trust...
Apr
36
17,866
42
VA
H
7c
2.00
Apr
39 H May
4H
Apr
373
11c!
5
Langley's
75c
Apr
89c
lHc
24
National Grocers
0] Prices
100
pref
Jan
Apr
3c May
1.10
Par
Stocks (Concluded)
High
38c
19,015
38
8c
9Hc
Murphy
V
1.23
1.10
38
Moore Corp...
Low
14.677
1.35
-_*
Merland Oil
Week's Range
Sale
Shares
46 He
3c
50c
McWatters Gold
Sales
Last
Range Since Jan. 1, 1939
for
Week
IjOw
Price
Exchange—Curb Section
Friday
Sales
Last
Stocks (Concluded)
Toronto Stock
Exchange
Friday
May
Feb
65c
12
Jan
Jan
Jan
—Frank
Curb
X.
Exchange,
Chicago.
■
Exchange.
Starshak,
has
who
was
formerly
become associated with
a member of the Chicago
Winthrop, Mitchell & Co. in
,
.
Volume
,E=X
1119997757568
0
3,It
Quotations
o3s
1960
Bid
101
Over-the-Counter Securities—Friday June 2
on
New York
1 1977
Jan
3363
Chronicle
Financial
148
New York Bank Stocks
City Bonds
Ask
Bid
Ask
Par
Bid
Par
As*
Bid
Ask
17
18%
National Bronx Bank.-.50
41
45
Bank of Yorktown..66 2-3
40
45
National City
25%
26%
Bensonhurst National-—50
75
100
11%
13%
Chase
13.55
33
35
124% 125%
125% 126%
Commercial Natlonal„100
164
170
121% 122%
Fifth
121% 122%
124% 125%
First National of N Y„ 100 1725
1765
Merchants Bank
103
122
121
a4%s Apr
1 1960a4%s Apr 15 1972.
101%
Bank of Manhattan Co. 10
104% 105%
108% 109%
a4%8 June 1 1974.
122% 123%
123 % 124%
a4%sFeb 15 1976.
123% 124%
1 1954
a3%sMar 1 1960
o3%s Jan 15
109
«4%s Jan
a4s
114% 115%
12%
National Safety Bank.12%
c3s
1
Feb
1
a3%s July
101
a3%s May 1 1954
d3%sNov
May
1
a 4s
Nov
a 4s
May 1
a 4s
May 1
a4s
1
Oct
a4%sMar
a4%s Mar
109
110
114%
115%
115
—
116
118% 119%
119% 120%
119% 120%
1 1964
120
121
Avenue
47
54
26
29%
30%
22
97
24
14%
17%
Sterling Nat Bank A Tr 25
Trade Bank—
-12%
125% 126%
127
128
130
131
NEW YORK BANK, TRUST CO.
New York State Bonds
Bid
STOCKS
less
1
38
62.10
less
1
1981.--..
Laird, Bissell & Meeds
Ask
Bid
Ask
62.05
120 Broadway, New York
World War Bonus—
Bell
Improvement—
Mar A Sept 1958 to *67
5s Jan A Mar 1964 to '71
62.30
134
JAJ '60 to '67
-
-
—
115
4s
Canal Imp 4s
System
New York Trust
....
*
Par
Bank of New York
Bronx
Port of New York—
Gen A ref 4a Mar 11975.
Gen A ref 4th ser 3s 1976
108% 109%
106% 107
105% 106%
102
102%
Gen A ref 3 %s
105
Gen A ref 2d ser 3%s '65
Gen A ref 3d Ber 3%b *76
.1977
1939-1941—
MAS 6
1942-1960-—-
MAS
Inland Terminal 4%8 ser
0.90%
110% 111%
-
D
1.15%
-_MAS 6
110
MAS
1942-1960-
111
7
Philippine Government—
<
20
101
103
4 %s
6s
Apr
5s
Feb
1952
115% 117%
6%8 Aug
1941
109
6s
50%
50
56
.25
9
57%
United States
Bid
38 1956 opt 1948-
.MAN
FIRE
CAMDEN
30
42%
54%
111
14
5%
4%
inn
z
80
inn 1590
90
1640
INSURANCE ASSOCIATION
FIRE ASSOCIATION
CSro.
OF
*
AMERICA
Established 1895
Members Philadelphia Stock Exchange
BUILDING, PHILADELPHIA, PA.
N. Y. Tel.—Rector 2-3300
•
A. T. & T. Tel.—Phla 220
Ask
109% 109%
113% 114
3%s 1955 opt 1945—MAN
4s 1946 opt 1944
JAJ
PHILADELPHIA
OF NORTH
% Suyxtcr A (So.
„
108% 108%
h
52%
108
Title Guarantee A Tr. -20
14%
111% 112
111% 112%
;
Bid
108% 108%
108% 108%
.
25
13%
10
117% 119%
111
112%
July 1952July 1948 opt 1243-
Ask
—JAJ
20
.,
-
12%
Ask
Federal Land Bank Bonds
—JAJ
40%
Preferred
New York
'56%
:
11%
1540
27
Manufacturers
11
STOCK EXCHANGE
3s 1956 opt 1946.
—25
Corn Exch Bk A Tr_—20
123% 124 %
Conversion 3s 1947
3s 1955 opt 1945.
*
Continental Bank A Tr.10
110
116% 119
<"
INSURANCE COMPANY
U S conversion 3s 1946
Hawaii 4%s Oct 1958——
10%
.100 1500
County
Lawyers
100
97
48%
60
Govt of Puerto Rico—
113
273
Irving
Chemical Bank A Trust. 10
114% 116
112
205
268
We Maintain Trading Markets in:
Bid
U S Panama 3s June 11961
1959
1952
1955
195
.100
Kings
..
Clinton Trust
Empire
Ask
)
5
81
Central Hanover
United States Insular Bonds
Bid
4
76
Ask
Bid
.100
Guaranty
58
Underwriters
106% 107%
4%s ser B 1940-53.MAN
*
100
Colonial Trust*
1939-1941.-
106
George Washington Bridge
County.—.-
Par
Fulton.
428
56
-
Holland Tunnel 4%s ser E
Companies
Ask
418
10
Brooklyn
Ask
Bid
Ask
Bid
100
Bankers
Bonds
Port of New York Authority
Bid
Tel. BArclay 7-3500
-
Philadelphia
——
143%
141
—
Teletype N Y-L1248 and 1-1249
134
Barge CT4%s Jan 1 1945.
-
143%
Highway Imp 4%s Sept *63
Canal Imp 4%s Jan 1964—
Can A High Imp 4%s 1965
•
Wilmington
61.30
4%s April 1940 to 1949—
Highway
Canal A Highway—
4%s July
50
and INSURANCE
38 1974
4%s Oct
11
Peoples National
730
700
100
9
Exchange
Penn
126
125
120% 121%
—
100
10
Public National
125
124
1 1977.
a4%s Nov 15 *78.
a4%s Mar 1 1981a4Ha May 1 1957.
a4%sNov 1.1957.
a4%s Mar 1 1963.
a4%sJune 1 1965.
04^8 July 1 1967.
a4%s Dec 15 1971.
a4 Ha Deo
1 1979.
109%
108% 109%
1
1 1962
a4%s Sept
101%
I
nsurance
Companies
.
Par
Bid
Par
Ask
Bid
Ask
Aetna Cas A Surety
10
10
47%
49%
Home Fire Security
Homestead Fire
10
Aetna
10
1%
17%
19%
10
30%
32%
Ins Co of North Amer
10
67
68
78
Jersey Insurance of N Y
39%
42
——
Life
Aetna
Joint Stock Land
Bank Bonds
Atlantic
3s
100
-
22
23%
Knickerbocker
5
9%
21
22%
Lincoln Fire
6
2%
—.10
7
8%
14%
Maryland Casualty
1
Mass Bonding A Ins.-12%
2%
3%
54%
56%
42%
25%
Merch Fire Assur
5
41
45
Merch A Mfrs Fire New'k 6
8
9
62%
84%
Merchants (Providence) —6
3
4%
American
90
94
American Home
91
Lincoln 4%s
95
American of Newark—2%
12%
5a
American Re-Insurance. 10
40%
Equitable
122
Chicago 4%s and 4%s
5%s
101
American Reserve.
10
24
5
New Orleans 5s
100
101%
American Surety—
New York 5e
100
102
Automobile
25
10
50%
5
Central Illinois 5s
26
/3%
4%s
26
f'22
/21%
Burlington 5s*—
5s and
101%
75
99
100
23%
/3 %
101% 102%
Dallas 3s
92
5%S
—a
Montgomery 3s
99
North Carolina 3a
-
-
-
6%
7%,
Shippers——25
88%
92%
Oregon-Washington 5b
101
Pacific Coast of Portland 5s
100
101
Boston
100
101
Pennsylvania 3%s
100
101
Camden
98
First Carolines 5s
Flrs$ Texas of Houston 5s.
Ohio-Pennsylvania 5s
100
100% 102%
—
100
Fletcher 3%s
105% 107%
107% 109
101
100
—
T
102
St Louis
100% 102
84
Fremont 4%s
4%s
6s
Potomac 38.——
101
100
4%s—
Bankers A
J
—
—
/21 %
4% and 5s
100
San Antonio 3s
Southern Minnesota 5s
58....
85
5%s—....:—
86
*Sm
99
100
——5
/12%
23%
101%
14
;
101
Iowa of Sioux City 4%s.__
94
99
Southwest 5s—
10
10
2
20
New Amsterdam Cas
2
28%
61%
30%
63%
8%
117% 123%
14%
12%
31%
33%
47%
45%
15%
16%
7%
10
25%
21%
27%
21%
27%
22%
28%
31
33
Northeastern.——5
3%
4%
2%
50
Northern
12.50
90%
93%
River.
—2.50
25%
27%
Northwestern
Natlonal-26
122
127
25
115
119
—10
77
82
Fire
Eagle Fire
2%
Employers Re-Insurance 10
84
—
87
6
10
Excess-.
Federal
Fidelity A Dep'of Md—.20
101
58
19%
1%
48
9%
8%
42
40%
124
121
New Brunswick
-.-10
New Hampshire Fire
10
New York Fire
North
6
Pacific Fire-—
Phoenix
6
101
Fire Assn of Phlla——10
63%
66%
Preferred
99% 102
Fireman's Fd of San Fr.25
Firemen's of Newark
5
84%
86%
Providence-Washington
-
16%
19
10
31%
33%
Reinsurance
99
Union of Detroit 4%8—
97
Lafayette 5s
614
National Casualty
National Fire.
National Liberty
National Union Fire
3
City of New York
10
Connecticut Gen Life.—10
Carolina.
'
Illinois Midwest 5s
604
com
10%
Continental Casualty—-.6
Phoenix
First Trust of Chicago—
4%s
32%
Baltimore American—2%
99% 102
51
/46
99
Denver 3s
2%
.5
Ask
Bid
Ask
111
25
„_10
Agricultural
American Alliance
Bid
107
Accident—
.
4%s
101%
101
5
29
25
26%
General Reinsurance Corp 6
100
Virginian 3s
10%
30%
Republic (Texas)
98
41
43%
Revere
23%
Georgia Home---—
10
Gibraltar Fire A Marlae.10
22%
24%
Rhode Island
6
3
25%
4%
23%
25%
8t Paul Fire A Marlne.62%
223
—5
6
38%
40%
Seaboard Fire A Marine—5
10%
12
Seaboard
20
22%
Security New Haven.—10
67%
Springfield Fire A Mar.-25
Franklin Fire
Joint Stock Land Bank Stocks
Par
Bid
Atlanta
100
65
75
Atlantic
100
50
60
North
100
110
120
Dallas
65
75
22
27
100
90
100
100
Pennsylvania
15.
100
Carolina
12
100
New York
Bid
100
Ask
Par
76
80
Ask
Glens Falls Fire
Globe A Republic—
Globe A
Rutgers Fire.—15
.9%
.
Corp (N Y)_2
10
(Paul) Fire..—10
Surety
10
7%
6%
29
8%
228
8
31
31%
115% 118%
29%
100
38
40
Potomac
-*—100
60
65
-
San Antonio
—
Moines
Des
5
First Carolines
mmm
mm
Fremont
1
2%
Lincoln
2
Virginia
'
5
------
1%
2
85
4
Virginia-Carolina.
_
-—100
15
—-6
25%
70%
26%
Stuyvesant
__5
Great Amer Indemnity.—1
9%
11%
Sun Life Assurance
100
390
440
10
10
22%
24
Travelers
100
474
484
26%
28%
U S Fidelity A Guar
10
75
78
U 8 Fire
Hartford Steamboller__.10
-------
Denver
54
56
U S Guarantee
30%
32%
Westchester
2.50
2d
preferred.——
Great American
Halifax
Hanover
Home
Federal Intermediate Credit Bank
Bid
1%
1%
1%
1%
due
due
due
due
1% due
1% due
June
July
Aug
Sept
Oct.
Nov
1939
1939
1939
1939
1939
1939
15
15
15
15
16
1
Bid
1% due
1% due
1% due
1% due
6.25%
6.25%
1% due
Dec
Jan
Feb
5
-
1 1939
2 1940
11940
6
6
6
Ask
.30%
.30%
.30%
Mar
84
Arundel Deb Corp 3-68
11940 6 .35%
Par
Ask
198
208
67
.—1945
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Inc 2-68———
1953
2-3s
Bid
Ask
280
290
100
540
555
Northern Trust Co
84
Bank A Trust— .33 1-3
77
,100
210
First
National*...
..
.
,
79%
215
Bk of AmerNT AS A 12%
32%
34%
1954
Ask
80%
1954
94
(all
1953
82
57%
Issues)
2-5s
Potomac Cons Deb Corp—
1953
*53
66
Potomac Deb Corp 3-6s
50%
53%
49
52
Potomac Franklin Deb Co
1953
3-6s
53
94
Central
ture
ctfs
f2l
f'2l
Nat Cons Bd Corp
82
Nat Deben
50
2-5s '53
Corp 3-6S.1953
Corp 3-6s
1953
90
Potomao Realty Atlantic
Funding
series A A D
3366.
35%
Potomac Maryland Deben¬
Nat Bondholders part
FRANCISCO—
series B AC
For footnotes see page
61%
33%
48%
Continental Illinois Natl
SAN
54%
68%
Bid
Series A 3-6s
3-6s
Empire Properties Corp—
Harris Trust A Savings. 100
100
52%
Nat Union Mtge Corp—
Potomac Bond Corp
Cont'l Inv DebCorp3-6s *53
A Trust
mmmmm
Series B 2-5s
54%
Cont'l Inv Bd Corp 2-52 '53
Bid
Fire
20%
4
—10
Ask
55
'53
'53
Associated Mtge Cos Ino—
Debenture 3-6s
1953
1 1940 6 .35%
Apr
Bid
Arundel Bond Corp 2-5s
Chicago & San Francisco Banks
Par
21%
Co—2
Surety Guaranteed Mortgage Bonds and Debentures
6 .25%
American National Bank
4
Debentures
Ask
6.25%
6 .25%
6.25%
—
Hartford Fire
3
Deb Corp 3-6s
1953
50
Realty Bond A Mortgage
1953
Unified Deben Corp 5s 1955
deb
3-6s—
60%
47%
49%
Financial
3364
Quotations
Chronicle
June 3, 1939
Over-the-Counter Securities—Friday June 2—Continued
on
DEALERS
Guaranteed Railroad Stocks
RAILROAD
[Joseph (Ualkers Sons
Mtmbtrt Mrw
Robert L. Whittaker & Co.
York Stork Extboogo
Members Philadelphia Stock Exchange
ss=v
Dealers in
120 Broadway
1420
Tel. REctor
WALNUT ST.,
GUARANTEED
NEW YORK
-
PHILADELPHIA
-
Kingsley—0782-^-Bell Teletype Phil. 377
2-6600
STOCKS
BONDS
Direct Wire to DeHaven 4 Townsend, Phil.
Since1855,,
Railroad Bonds
Guaranteed Railroad Stocks
(Guarantor in Parentheses)
Bid
Akron
Dividend
Canton
Youngstown 534s
and
Bid
Asked
Atlantic Coast Line 4s
6.00
71
10.50
122
Central).—
100
Albany 4 Susquehanna (Delaware 4 Hudson)——
73)4
127)4
Boston 4 Providence (New Haven)
58
30
Buffalo Rochester 4 Pittsburgh 434s registered
7434
75
Cambria 4 Clearfield 4s
9
8.50
-
62
13
46
4834
82
5.00
79)4
6634
3.50
7534
77
•
"
2.00
.100
49
4634
53
9.00
—
47
44
6.50
100
149
4.00
650
—50
3.875
32
34
New York Lackawanna 4 Western (D L 4 W)
.100
5.00
52 34
55
(Pennsylvania).
50
-
Oswego 4 Syracuse (Del Lack 4 Western)
—.
1
O
I
4.50
*
—
Pittsburgh Fort Wayne A Chicago (Penn.) pref— .100
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer 4 Saratoga (Delaware 4 Hudson)
United New Jersey RR A Canal (Pennsylvania).
—
.100
67
6.00
7034
136
3.00
Tunnel RR St Louis (Terminal RR)
146
6734
6.64
6.00
137
141
4234
57
62
5634
60
5.00
5834
62 34
3.50
26
2834
3.00
50
Warren RR of N J (Del Lack 4 Western)...
West Jersey A Seashore
(Penn-Readlng)
__
Georgia Southern 4 Florida 5s
Illinois Central—Louisville DIv. 4 Terminal 334s.
Indiana Illinois 4 Iowa 4s
Jamestown Franklin 4 Clearfield 4s.
5134
5434
1950
65
47
48
Macon Dublin A Savannah 5s
49
Memphis Union Station 5s.
1978
93
44
46
65
68
—
..1947
—
•
— — ...
Mohawk 4 Malone 4s
-
..1959
;
New York Philadelphia 4 Norfolk 4s
L.1993
-2032
Pennsylvania 4 New York Canal 5s.
Philadelphia A Reading Terminal 5s
_________
Pittsburgh Bessemer 4 Lake Erie 5s-
—
95
97
47
49
..1047
80
65
..1941
10334
'1947
___
Portland Terminal 4s
117
_?1961
;
.'
78
105"
-1942
Toledo Peoria A Western 4s
91
89
-1947
......
......
Toledo Terminal 434s
Ask
Atlantic Coast,Line 43*8..
68
l.£5
New Orl Tex A Mex 434s.
New York Central 43*8
3.75
New
64.75
—
Maine 43*b—
3.75
64.40
Baltimore A Olilo 43*8—..
Boston 4
62.00
Bid
4.00
64.40
York
—
64.75
4.00
64.75
4.00
Hartford 43*8—
Canadian National 434s..
62.50
2.00
Northern Pacific 434s
Pennsylvania RR 434s
.
33*8
3.00
62,75
2.00
61.50
&
4)4s
DecT1936-1944-..
6s
61 00
100
-1957
9834
United New Jersey Railroad 4 Canal 3 34s
Vermont Valley 434s
-1951
10934
107 %
-1946
-
—
Vicksburgh Bridge 1st 4-6s
1
....
—
West Virginia 4 Pittsburgh 4s
—
106
72
1940
»
1968
66 %
6934
1954
36
34
3834
1990
—
Washington County Ry. 3 34s
1,00
64.00
Chicago
St. Louis
Ask
10734
98
-1967
Toronto Hamilton 4 Buffalo 4s...
Bid
17 %
/15%
..1939
.
102 34
10034
-1948
...
101
99
—2000
New York 4 Putnam 4s
49~~
47
1940
—
9434
11134
-.1991
—
••
,
..1940
Terre Haute A Peoria 5s...
Equipment Bonds
71
46
63
..1959
—
Lehigh Valley 434s.
Providence 4 Worcester 4s—
Railroad
10834
67
1953
—
...
62
10734
-.1945
—
—
"3834
60
-.1962
-.1945
Norwich 4 Worcester 434s
5.00
35%'
I960
—
.....
51
48
107
New Orleans Great Northern Income 5s...
45
5.00
Preferred
...
New London Northern 4s_.
242 34
6.00 >
Vicksburg Shreveport A Pacific (Illinois Central).. .100
1995
..I960
Duluth Mlssabe 4 Iron Range 1st 334s-_
1
40
8434
1951
—
New York 4 Harlem 3 34s—„.
23834
10.00
Utlca Chenango 4 Susquehanna (D L 4 W)...... .100
.100
Valley (Delaware Lackawanna A Western)
...
4 equipment 5s
104
38
8234
•
1961
—
Connecting Railway of Philadelphia 4s.
Kansas Oklahoma A Gulf 5s....
85
172 34
140
7.00
preferred
44
16934
7.00
(Terminal RR)
St Louis Bridge 1st pref
Second
42
82
68
79
101
—
Florida Southern 4s
8734
3934
3534
1.50
3.00
.50
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
Preferred
,8434
4.00
Cleveland Short Line 434s.——....
Cuba RR. improvement
1956
—1951
..1961
-.1965
—
Denver & Salt Lake income 6s
4234
800
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
9934
—
Chicago Stock Yards 5s
Cincinnati Indianapolis & Western 5s
Cleveland Terminal 4 Valley 4s
56 34
155
40
50.00
Lackawanna RR of N J (Del Lack 4 Western)
33
34
_
Chicago St. Louis 4 New Orleans 5s
1
70
2.00
-s——
—
pref (N Y Central)
Georgia RR 4 Banking (L A N-A CL)
Fort Wayne 4 Jackson
1944
-1957
—
—
Chicago Indiana 4 Southern 4s
3.00
50
..1955
434s
6.00
Central
35
28
N-A C I.)— .100
Cleve Clnn Chicago 4 St Louis pref (N Y Central). .100
Cleveland 4 Pittsburgh (Pennsylvania)...
Northern
7034
-1940
Maine 5s.
2.00
Canada Southern (New York Central)
stock
-1943
6.00
...
(New York Central)—.
Carolina Cllnchfield A Ohio com (L A
Betterment
Boston &
-1939
-
434s
Boston 4 Albany
9934
-
8.75
Allegheny A Western (Buff Roch 4 Pitts)
Beech Creek (New York Central)
Boston A Albany
•
1939
—
Baltimore 4 Ohio 434s
Asked
/30
/31
-.1945
6S
Par in Dollars
Alabama 4 Vicksburg (Illinois
..1945
5134
53
3.25
New York New Haven &
64.00
5s
2,00
64.50
3.75
1.50
0.50
64.40
3.50
64.40
3.50
Chic Milw & St Paul 4)4s.
65.20
4.50
:....
65.20
4.50
.
PUBLIC UTILITY STOCKS
234s series G non-call
61.25
1.00
DEALERS
4s series E due,
62.20
1,50
2.00
62.40
Cent RR New Jersey 43*8.
2.00
61.50
62.60
Canadian Pacific 43*8
%
3.00
63 50
62.21
...
6s
,2.25
434s
5s
62.35
2.00
Marquette 434s.....
62.76
2.25
Jan
—
*
Chicago & Nor West 4)48.
5s
Pere
Bishop Reilly & Co.
1.75
Dec 1 1937-60
Chesapeake A Ohio—
4
1937-49
July
,
64
.
WALL
Incorporated
STREET, NEW YORK
Hanover 2-3888
62.25
6a—
1.75
62.25
Reading Co 434b.
1.75
64.60
64.50
64.00
4.00
Bell Teletype:
N. Y. 1-1043
Direct wire to Fuller, Cruttenden & Co., Chicago
Chicago R I & Pacific—
Trustees' ctfs 334s—..
97
98
St Louls-San Francisco—
4s
Denver & R G West 4348-.
i
...
64.50
4.00
64.50
4,00
St Louis Southwestern 6s_.
Erie RR 4348-
64.50
4.00
Great Northern 43*8.
61.50
1.00
Southern Pacific 434s
Southern Ry 434s
61.25
0.75
Hocking Valley 5s—
61.00
0.50
434s,
Illinois Central 4348——
62.75
2.00
6s—
Virgihia Ry 434s.
61.50
1.00
Western Maryland 434s
62.75
1.50
64.50
4.00
64.50
4.00
6s
434s
Public
4.00
Par
Bid
3.25
Utility Stocks
Ask
Alabama Power $7 pref..*
91
92
Missouri Kan Pipe
Arkansas Pr 4 Lt 7% pref *
94
62.76
2.00
96
Monongahela
Associated
1.75
$6.50 preferred-
62.40
1.75
17 preferred
61.50
1.00
64.00
3.00
Long Island 434b—
63.50
2.50
63.50
2.50
64.26
3.50
6s
Maine Central 6s
634s
Missouri Pacific 434s.
68
64.25
3.50
64.00
6348.
3.00
64.00
J.
;
3.00
Bid
Ask
% % notes Nov 2 1939.
—
.Sept
Bid
City Park¬
Authority 3 34 s '68
100.12 100.14
way
334s revenue
1944 6
1.75
less
3348
1949 6
2.30
less
1
revenue
10834
10934
Fed'l Home Loan BankB
18
July
2s__
Dec
2s
Apr
Federal
100.2
1939
Natl.
100.4
102.14 102.18
103.3
103.7
1 1943
2s May 18 1943—
102.1
Reconstruction Finance
Corp—
7634
2134
7% preferred
22%
97
983*
8834
90
6% preferred
>
Central Maine Power—
♦
7% preferred
New Eng G A E
Federal Water Serv Corp—
56 cum preferred
56.50
101.5
101.7
57
101.4
101.6
b
f revenue '77.A40
34a
May 15
1940
100.7
34s
May 15
1941
100.19 100.21
100.9
cum
1.25
less
%
3.40
less
1
U S
9034
116
102.16 102.18
57 prior lien pref
16
Cuoan Atlantic
Sugar..734
Eastern Sugar Assoc
Preferred
1
734
434
l
143*1
For footnotes see page 3366.
|
Ask
Ohio Edison $6
9
Savannah Bug Ref com
1
30
Ask
S 32
534
16
West Indies Sugar Corp.. 1
4341
•
29
23
30
43
443*
108% H'03*
1043* 106
112% 1143*
Power—
.100
*
pref...
57 preferred
*
Ohio Power 6% pref... 100
Ohio Public Service—
673*
693*
1083* 1093*
104% 106
1123* 114
113% 115
100
102% 103%
100
7 % preferred
Okla G A E 7%
2334
2434
2534
108% 109%
1093* 1113*
83%
85%
253*
Penn Pow 4 Lt 57 pref
107
25%
26%
Queens Borough G A E—
---
30
10834
pref..100
6% preferred
*
100
100
Gas..*
Interstate Power 57 pref. *
Jer Cent P 4 L
7% pf._100
7% pref. 100
Kings Go Ltg 7%
Dref.100
Republic Natural Gas
113
2334
273*
108
6% preferred D
29%
100
3134
57 preferred
534
Mississippi P A
„_i*
L 56 pref. *
Miss Rlv Pow 6% pref. 100
21
22
94.%
963*
25
29%
30%
100
94%
City G 4 E $7 pf.100
Southern Calif Edison—
6% pref series B
32%
Mississippi Power 56 pref •
63*
99% 101
Sioux
28%
partlc pref..50
Memphis Pr 4 Lt 57 pref.*
100
Tennessee Elec Power—
27
conv
5
Sierra Pacific Power com.*
434
5%
10534 107
116
1183*
8234
84%
100
5%
1
Rochester Gas 4 Elec—
253*
7% preferred..
Bid
*
preferred... 100
States
7% pref
(Minn) 5% pref
92%
6% preferred
Par
*
preferred
cum
(Del)
6% preferred
7% preferred-
Mass Utilities Associates—
Bid
cum
Northern
Long Island Lighting—•
Sugar Stocks
Par
53* % pf-*
Pacific Pr 4 Lt 7% pf.. 100
27
»
7% preferred
Interstate Natural
Kan Gas A El
Housing Authority
134% notes Feb 1 1944
563*
21
112% 114%
New York Power A Light—
10034 103%
90%
93%
9934 100%
434
5%
51
54)*
10434 1C53*
*
preferred
543*
100
New Orl Pub Serv 57 pf..*
*
preferred
28
Idaho Power—
112 34
11134
4s serial re venue. .1942 6
4s serial revenue—1968 6
Home Owners' Loan Corp
cum
56 preferred
4s
'
6% preferred
101.7
Trlborough Bridge—
101.16 101.19
100
63*
26%
New Eng Pub Serv Co—
7%
Dallas Pr A Lt 7% pref. 100
Derby Gas A El $7 pref..*
101.5
Jan 15 1942
25
Ask
Penn
Nassau 4 Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
783*
$1 60 preferred
.25
Carolina Power 4 Light—
57 preferred
*
West
5.%
Mountain States Power—.
5
Birmingham Elec $7 pref.*
Buffalo Niagara 4 Electern
34% notes July 201941
%%
Nov 1 1941
102.5
134 s Jan 3 1944—
Call Jan 3 *40 at 102.
4%
Atlantic City El 6% pref. *
34%
Mtge Assn
Call Novl6'39 at 101
3
334
3%
120
1
100.17 100.19
1 193)
2
*
..»
Consumers Power 55 pref*
Continental Gas A El—
Ask
New York
Federal Farm Mtge Corp
134s—
*
LIhe..5
Pub Serv 7% pref
Electric
7% preferred
100
$6 preferred
...100
Cent Pr 4 Lt 7% pref.. 100
Consol Elec A Gas 56 pref *
Consol Traction (N J). 100
Miscellaneous Bonds
Commodity Credit Corp
A
Original preferred
*
Internal Great Nor 434s.
Gas
Bid
Par
3.25
2.00
62.40
5s
!\
61,00
62.50
5348—
32
100
95%
96
96%
7% pf.100
102
103
Toledo Edison 7% pf A. 100
110
111%
Texas Pow A Lt
34
9834 100
77
79%
United Gas 4 El
80
823*
7634
78
7% preferred.:—...100
Utah Pow A Lt 57 pref.
*
115
(Conn)—
-
117
Virginian Ry
1
100
83%
853*
5732
583*
144
...
Volume
Financial
148
Quotations
Public
Bid
Amer Gas A Power 3-5s '53
43 M
80
Associated Electric 5s. 1961
J
62 M
83 M
Income deb 4s
82 M
32
33
Missouri Pr & Lt 3H8.1966
33 M
34 M
1978
35 M
36 M
38
Conv deb 4s
1973
64
Conv
1973
67
68M
1973
70
71M
5Ms..—1973
76
80
8s without warrants. 1940
97
99
Main Office
100
1938
deb
4Mb
Conv deb 5s
101M
115
Conv deb
Narragansett Electric—
1966
111
37
33
Teletype JCY 1518
Private Wire System Connecting
Branch Offices In leading Cities
74M
73
102 M 103
1965
Investing Companies
Nor States Power (Wise)—
34
4Mb—1983
921 Bergen Avenue
Tel. Journal Sq. 2-4400
N Y State Elec A Gas Corp
,
Assoc Gas A Elec Co—
Cons ref deb 4Ms__1958
,
64
4s.
Sink lund lnc
UNLISTED
Jersey City Office
Broadway
New York City
Tel REctor 2-5485
New Eng G A E Assn 5s.*62
N Y. Pa A N J Util 5s 1956
3Ms_
IN
GOODBODY fit CO.
39
1st 6s
MARKETS
Members N. Y. Stock Exchange and other Principal Stock and Commodity Exchanges
Mountain States Power—
Income deb 4Mb—1978
TRADING
84M
101M 101M
107M 108 M
Consol Gas 4s— 1963
ACTIVE
Investment Trust Issues
59
63M
Mich
1978
1978
Income deb 3Ms
MAINTAIN
Ask
57 M
Lehigh Valley Transit 5s '60
Lexington Water Pow 5s '68
Assoc Gas A Elec Corp—
Income deb 3Ms
WE
Bid
Ask
45M
3365
Over-the-Counter Securities—Friday June 2—Continued
on
Utility Bonds
|
Ml
Amer Utility Serv 6s_1964
Chronicle
37
109M 110M
35
1983
35
4MS-5M8—1986
36
Sink fund lnc 5s
8 f lnc
1964
-
109 %
Ohio Power 3 M» 1968
34
Sink fund lnc 5-6s..1986
3 Ms
69 M
Old Dominion par 5S..1951
Ceni Ark Pub 8erv 5s_1948
Peoples Light A Power—
1st lien 3-6s._.
1961
109
97
85
1st Hen coll trust 68.1946
86
88 M
ser
1968
1st mtge 3 Ms
Central Public Utility—
2
/I
'52
Cities Service deb 5s__1963
111M
149M
—
109M 110M
—1968
.
.
94 M"
6s series
1962
50M
51M
50M
51M
St Joseph Ry Lt Heat A Pow
1947
105
48 M
50 M
Sioux City G A E 4s..1966
105
105M
108M 109M
Sou Citiee Util 5s A.. 1958
47
Colllno 6s
(w-s)—..1954
Cumberl'd Co PAL 3Ms'66
Tel Bond A Share 5s.. 1958
73 M
6S.1951
75M
73 7/s
Texas Public Serv 5S-.1961
110M him
Dallas Pow A Lt 3M8.1967
Dallas Ry A Term
93 M
79 M
77 M
.
75 M
95 M
108 M 109M
Toledo Edison 3 Mb...1968
Federated Util 5Ms—1957
/43
1952
Inland Gas Corp 6 Ms. 1938
I960
93
30 M
|
Wisconsin G A E 3M8.1966
109
Wis
109 M
109M '110
15.97
5
Series K-2._
9.55
10.58
5M
Series 9 2
13.51
14.90
Series S-3.
4M
10.12
11.21
Series 9-4.
3.83
4.32
Corp
5M
Boston Fund lnc
British Type Invest A...1
Broad Si Invest Co Inc..5
Bullock Fund Ltd
1
14.54
6M
15.63
.13
.28
23.79
25.44
12M
Mich Pow
4.15
23.52
25.29
...1
9.71
10.50
3.22
3.50
5M
6M
Corporate Trust Shares—1
2.40
Chemical Fund
20.04
21.55
10
10.45
11.42
25c
3.50
Voting shares
National Investors Corp.l
New England Fund
1
5.58
5.94
11.85
12.77
Mutual Invest Fund
3*i8..t96)
Common....
1.21
N Y Stocks Ino—
Agriculture..
;
7.33
7.94
Automobile..
4.65
5.05
Aviation
9.22
9.97
Series A A mod
1
2.67
Bank stock
8.33
9.01
1
2.67
Building supplies
Series ACC mod..
♦Crura A Forster com
10
♦8% preferred
100
6.75
...
Electrical equipment
Insurance stock
27
25
7.31
7.81
8.45
7.34
7.95
Railroad equipment
4.60
6.75
Metals...
-
10.07
Oils
32
30
112M
7.14
9.31
6.26
6.79
6.88
7.45
Steel
Delaware Fund.
CORPORATION
15.07
Deposited Bank Shs ser A1
Deposited Insuur Shs A—.1
Deposited Insur Shs ser Bl
16.29
Collateral Issues
No Amer Bond Trust ctts.
49
1.59
No Amer Tr Shares 1953.*
Series 1956
1
2,97
2.64
Series 1956..
Series 1958—
3.60
3.60
...
2.15
2.71
.1
2.66
—J
2.43
l
5.45
6.10
Plymouth Fund Inc.—10c
.25c
Dividend Shares
1.16
1.26
♦Putnam (Geo) Fund
Eaton A Howard Manage¬
.37
COMPANY,
Quarterly Ino Shares..10c
5% deb series A
y..
Representative TrustShslO
Republlo Invest Fund.25c
*
10,14
ment Fund series A-l...
Ask for Quotation List PRU.
.
>
17.23
18.51
26.71
28.72
17.62
18.27
6.72
7.44
Selected Amer Shares..2M
Selected Income Shares
4.13
Bank stock series...10c
2.45
2.72
Insurance stk series. 10c,
Fixed Trust Shares A... 10
3.19
3.54
Sovereign Investors
Spencer Trask Fund..—.*
14.41
76
3.41
*
26
25
First Mutual Trust Fund-
.
Fiscal Fund Ino—
NEWBURGER, LOEB & CO.
40
Wall
LEBANON, PA.
~8~03
4.40
16.32
17.67
4.89
5,59
ATLANTIC CITY, N. J.
B
♦
AA
10.02
.22
.25
9.97
•
.64
Super Corp of Am Tr ShsA
Fundamental Tr Shares A2
Bell System Teletype NY 1-2033
Telephone WHitehall 4-6300
PHILADELPHIA, PA.
7.30
4.10
9.21
104
9.52
Standard Utilities Ino.60c
♦State St Invest Corp... •
Fundamental Invest Inc.2
Street, New York
100
9.15
Foreign Bd Associates lnc
Foundation Trust Shs A.l
Members New York Stock Exchange & Other Exchanges
.43
14.73
9.26
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
INC.
Specific Property Issues '
*
13.77
Fidelity Fund Inc.
PRUDENCE
7.31
'6.59
Machinery..
118M
94
109M
1.34
2.27
D.
•
5.39
1
Accumulative series...1
C__
BOND
7.62
4.87
Mass Investors Trust
2,27
.
PRUDENCE
6.90
....1
8erles AA
Diversified Trustee Shares
We specialize tit:
Manhattan Bond Fund lnc
Maryland Fund Inc.—10c
13M
3.80
Century Shares Trust.—*
♦7% preferred
100
Cumulative Trust Shares
Western Public Service—
5M328M
Kan City Pub Serv 4s, 1957
Kan Pow A Lt 1st 4Mb '65
16.15
14.56
4M
♦Common B share.-.10
52
49M
23.46
14 72
3.59
127
.1957
5s
—
21.39
Series B-3
Series K-l
♦Crura A Forster insurance
Utlca Gas A Electric Co—
Havana Elec Ry 5s
Series B-2—
.46
Basic Industry Shares—10
48 M
4M8
Crescent Public Service—
29.59
3.29
25M
Commonwealth Invest...1
♦Continental Shares pflOO
75 M
..1962
B
27.09
Nation Wide Securities—
72 M
91M
Consol E A G 6s A
Ask
1
Series B-l
.40
Canadian Inv Fund Ltd—1
1962
5s...
Invest
Bid
Keystone Custodian Funds
2.97
24
r
.
Republic ServiceCollateral 5s
-...1951
Cons Cities Lt Pow A Trac
83
81
Pub Util Cons 5Mb—1948
75 M
73M
Bankers Nat
Pub Serv of Northern HI—
109
3.53
♦Class A—
219M
1st mtge 3Ms
103M
oo OO
CO
t-4
G *60
Income 5Ms with stk
-,.2037
2037
1st A ref 6e
1st A ref 8s
1968
21M
/20
Par
12.02
3.19
Am Insurance Stock Corp*
Assoc. Stand OH Shares..2
Publio Serv Eleo A Gas—
Central Illinois Pub Serv
1st mtge 3Mb..
Cent Maine Pr 4s
1950
6s
Central Gas & Elec—
83
88 %
Portland Electric Power—
98 M
1st lien coll tr 5 Ms. 1946
86 %
Ask
11.30
♦Amerex Holding Corp..*
Amer Business Shares
Amer Gen Equities lnc 25o
102 M 103 M
Parr Shoals Power 5s.. 1952
1968
3Ms
Bid
Admlnls'd Fund 2nd Ino.*
Affiliated Fund lnc
1M
38""
Blackstone Valley Gas
A Electric
Par
110M
71M
.48
""70
15.27
.52
79 M
2,40
:
B
3.56
C—
4.42
D
General Capital Corp....*
General Investors Trust.*
Real Estate Bonds and Title Co. Mortgage
Certificates
31.60
29.40
4.76
,
5.46
5.96
Alden Apt 1st mtge 3s.1957
Beacon Hotel lnc 4s..1958
/32
B'way Barclay lnc 2s..1956
/21M
mm
m
12
11
B'way A 41st Street—
1st leasehold 3M-5s 1944
lb
'
.
2.35
6.83
6.12
6.66
Trusteed Amer Bank Shs B
.55
.61
Trusteed Industry Shares.
.83
.93
U 8 El Lt A Pr Shares A„
15M
6.28
Chemical shares
1948
Metropol Playhouses lnc—
8 f deb 5s
I
1945
68
68 M
/7M
9
Chanln Bldg 1st mtge 4s '45
45 M
47
Chesebrough Bldg 1st 6s '48
48 M
50
33
35
1957
3a.
V
70
ist 4s (w-s)
1948
Court A Remsen St Off Bid
1st 3 Ma--—
'•
2s
1955
4s with stock stmp—1956
24
Dorset 1st A fixed 2s__1957
■
50 Bway Bldg 1st 3s lnc '46
/17^
i
6.
.35
16.97
55 M
43
45
Institutional Securities Ltd
Bank Group shares
Ollcrom Corp y t c_.......
1 Park Avenue—
2d
/4M
103 e 57th St 1st 68—1941
/19
165 Bway Bldg 1st 5M" '51
Sec s f ctfs 4Ms (w-s) '58
mtge 6a
,
'
'
Investors Fund C
6
m
28 M
!mrnm
m
1st leasehold 3s. Jan 1 '52
1st
4s
"mmrn
'
39 M
1958
22 M
52
mmm
38
...
42 Bway 1st 6s
1400 Broadway
36
1st 4s '49
1939
Film Center Bldg
40 Wall St Corp 6s
mmm
23M
1948
58
Income
—
1943
Rlttenhouse Plaxa (Phila)
2Mb
1958
1st mtgb 4a
m m
43 M
46 M
38
m
1957
65 M
1941
/3M
5
1944
22 M
25
1st 2M-4s (w-s)
1949
Graybar Bldglst lshld 5s'46
36 M
39
74
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '42
1st 6M3
Hotel St George 4s—1950
/27
28M
Sherneth Corp—
1st 5Ma (w-s)
1956
/17
18M
20
24
48 M
45 M
46M
1st 3M8
1947
1948
53
-
33
Income 5Ms
w-s
1st 6s
...
3s with stock
1950
34 M
51
1st A gen 3s w-s....1952
53""
69
71
96 M
98 M
1st 3s
1955
...100
Bid
H
IH
'
Ask
Par
95 Ml
9.1
114M 116 M
New York Mutual Tel. 100
175
178
Pac A Atl Telegraph
121
123
Peninsular Telep com
60
Preferred A..
41
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Corp—
$6 preferred.
*
101M 102 M
Int Ocean Telegraph... 100
Mtn States Tel A Tel..100
127
...
Rochester
25
*
Bid
Ask
15
14
15M
32 M
34
100
110
Telephone—
100
113
80 A Atl Telegraph
25
Sou New Eng Telep.-.100
15
152 M 155M
Wisconsin Telep 7% pf.100
118M
56.50 1st pref
25
•mm
m
1958
42
Par
34 M
1st 5Ma
64
mmrn.
/40
8
45
87
1M
1950
15
3
100
21
23
107
...
1951
17M
19M
1948
73
75
100
Ask
67
2"
2
Bohack (H C)
7% preferred...
Corpr—
whs
Bid
Kobacker Storee—
Diamond Shoe pref....100
48
1st mtee 4s
Par
Ask
7% preferred
100
/G Foods lnc common *
common...*
B
1939
Wall a Beaver St
Bid
6
36 M
Westlnghouse Bldg—
50
132~"
Chain Store Stocks
Walbrldge Bldg (Buffalo)—
3s
40
64
Borland Shoe Stores..—*
1st 63
1st 4Ms
1951
Pomeroy lnc com...10c
Bell Telep of Pa pref... 100
70
2 Park Ave Bldg 1st 4-5a'46
Ludwlg Baumann—
(Bklyn)_._.il947
17M
31M
Trinity Bldgs Corp—
1947
1st 5s (L T>
Teleg (N J) com. *
Preferred...
36
29 M
Textile Bldg—
40
London Terrace Apts—
1st 5s
Par
'
Syracuse Hotel (Syracuse)
1963
Corp
15M
37
1957
3Ma with stock
616 Madison Ave—
mm
Lincoln Bu ldlng—
Loew's Theatre Rlty
10.60
10
61 Broadway Bldg—
Lewis Morris Apt Bldg—
Lexington Hotel units
2
♦Schoelkopf, Hutton A
60 Park Place (Newark)—
47 M
56 M
1951
♦First Boston Corp
1.42
2M
26
1
Gen Telep Allied
75 M
Lefcourt State Bldg—
1st 4s
23
...
67 M
1956
1948
1st lease 4-6Ms
9.92
1.19
Cuban Telep 7% pref.. 100
Savoy Plaza Corp—
3s with stock.
Lefcourt Manhattan Bldg
1st 4-5s
1M
Corp cl A..*
♦Class B.__
Ho
14.59*
Inveatm't Banking Corp
Bell Telep of Canada... 100
Fox Thea A Office Bldg—
Fuller Bldg deb 6s
M
Am Dlst
56 M
Roxy Theatre—
Bldg—
stamped
Priidence Secur Co—
5Ms stamped.
1961
Realty Assoc Sec Corp—
13.26
Telephone and Telegraph Stocks
mm
.
6Ms (stamped 4s)-.1949
—.1
Blair A Co
♦Central Nat
2.09
.95
...
41M
500 Fifth Avenue—
52d A Madison Off Bldg—
1
2.20
Voting shares.
Wellington Fund
...
48 M
39 M
Insurance Group Shares.
,
B—
5.58
.15
49
20
5.12
15.78
.
5.39
4.96
5.74
1
39 M
40
Deb 6s 1952 legended—
5.27
Tobacco shares..
25
Incorporated Investors..*
♦Independence Trust Shs.
42
U5M
&7M
Eqult Off Bldg deb 5s. 1952
3.97
♦Huron Holding Corp
1951
6M
4.84
3.64
53 M
|,
m mm
6.52
4.44
32 M
30
25 M
...
5.99
Petroleum shares
53 M
34 M
51M
5Ms series F-l
5Ms series q
Eastern Ambassador
Hotel units.....
5
5Ma series BK
5Ms series C-2
.
28
1950
5.84
RR equipment shares.
Steel shares..
v
N y Title a Mtge Co—
Colonade Construction¬
5.36
....—
3.38
Merchandise shares....
N y Majestic Corp—
Brooklyn Fox Corp—
4.80
3.09
.......
Mining shares.........
N y Athletic Club—
65 M
4.40
Investing shares
Food shares
98 M 101
33 M
32 M
Broadway Motors Bldg—
4-6s
1948
.......
Series C
2.41
4.79
8.02
Building shares........
Ask
Metropolitan Chain Prop—
6s.
23
Bid
10.45
1
4.39
7.37
"
Ask
9.61
Series D__
....1
Trustee Stand Oil Shs A.l
Series B—
;
1
Automobile shares..
Aviation shares..
Bid
Supervised Shares
5.18
Trustee Stand Invest Shs—
Group Securities—
Agricultural shares.....
Fish man (M H) Co Inc..*
H) 6% pref..'
Kress (S
For footnotes see page
7% preferred
common..5
8M% preferred
50
t
1
Reeves (Daniel) pref.-.100
2M
^
20M
"Tf
99
United Cigar-Whelan Stores
7
11H
Miller (I) Sons
H-*
85 preferred..
*
16M
1*M
3366.
3k
Financial
3366
Chronicle
June 3, 1939
Quotations on Over-the-Counter Securities—Friday June 2—Concluded
Industrial Stocks and Bonds
If You Don't Find the Securities Quoted Here
Par
Bid
Ask
Par
Mills Inc
*
Arch....——.-*
1%
2%
32 H
Arner Bern berg A com—*
9%
36%
11%
Alabama
American
in which you have interest,
will probably find them in
you
monthly Bank and Quotation Record.
our
American Enka Corp..,
cation quotations are carried for all active over-the-counter
stocks and bonds.
Railroad Bonds
Industrial Bonds
Railroad Stocks
>
Industrial Stocks
Trust
Stocks
1%
2%
Pilgrim
4H
6
14H
16
Poilak
57 H
63
Remington Arms com....*
2%
31H
34 H
Scovlll Manufacturing..25
20%
14
16
Singer Manufacturing.. 100
Singer Mfg Ltd—:
Skenandoa Rayon Corp..*
Solar Aircraft..........1
Products-
Maize
1
6%
3%
2%
—
Qulnoy—100
3H
"•.8*
U
21
H
23
29
Mining Stocks
U. S.
Territorial Bonds
Your subscription should be sent to
Dept. B, Win, B. Dana Co., 25 Spruce St., New York City.
1H
Tennessee Products
Time Inc
23 H
27H
30%
IK
2%
67 H
64
7H
%
1H
3%
37 H
39 H
3
Tel. HAnover 2-5422
5
Ask
.
Jugoslavia 5s tundtng.1956
Jugoslavia 2d series 5s. 1956
Koholyt6Hs—
1943
...
Cons
Bavarian Palatinlte
5
7
5
7
8
9
0
6s.
.
Leipzig O'land Pr 6 Ha '46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
20%
18 H
3H
3H
3H
4H
1948
Water 7s._
Bid
11H
12%
14
16
West Dairies Inc com
4H
5%
5%
5
0
116 H
51
54
38%
Worcester Salt
4H
47
1945
ens
Recklinghausen 78.-1947
100
3%
31%
33%
27HI Amer Writ Paper 6S..1961
17
i Brown Co 5Hs ser A._ 1946
f43
f35%
45 H
Carrier Corp 4 Ha
1948
Crown Cork A Seal 4He '48
82%
85H
34 %
15
Buenos Aires scrip..
.
J
/45
/112
H
8%
%
2H
3H
*
10H
11H
41
43
Preferred
—,—*
Corp„._l
Martin Rockwell
3
/17H
7
123
i
ational Hungarian
18%
Mtge 7s—.
A Ind
1948
./17H
18%
7
J1H
.1947
4s.
.1945
.1946
City Savings Bank
Budapest 7s. L...
51
olandl 3s.....
V
1956
18
163 H
65
Coupons.....1936-1937
orto Alegre 7s
1968
150
55
roteetant Churob
m
19
many) 78-.,-;
--,1946
rov Bk Westphalia 6s '33
3
)
/16K
17H
119
/19
....
5
/19
.1941
5s.
1
68.'.;
i
/20H
120 H
J
ons.
/19
)
/17
3
-a.-1941
7s.
7
7s income
—
...
•
alvador 7%
1957
7s ctfs of deposlt.1957
4s scrip-
PH
8s
111
7
flH
1
f7H
5
2
-
1948
88 ctfS of deposlt.1948
8%,
i
.1947
/23
6Hs.
.1951
German Central Bank
14%
Minn A Out Pap 6s
25
26
115
Casket
German scrip
Graz (Austria) 8s
195
5a
.1956
2d series 5s_;
6
.1956
j
39
118
/19H
/19H
/36
/47
/20
Britain A Ireland4s_1990
-
50~~
19%
9%
/19H
/19
/20
/II
19%
15
/18
fl7
/10H
,3H
19 H
ist 5s
27%
2d conv income Ss—1962
1962
Ask
29 H
105% 106H
103
Ask
hid
New York Wat 8erv 6s '61
96
98
Newport Water Co 5a 1953
101
105
86
89
.
107
Ohio Water Service 58.1958
100 H
101H 103H
Ore-Wash Wat Serv 6s 1957
107
89 H
1941
'
Penna State Water—
101
101 %
101
102 H
Peoria Water Works Co—
108
1st A ret 5s
104
I960
101
1948
100
Prior lien 5s
1948
104
101H
105H
1948
1st consol 5s—.
10IH 103
5s series B.........1954
108
•'
Pinellas Water Co 5Hs. '59
101
109 H
103
Pittsburgh Sub Wat 5s '58
Plalnfleld Union Wat 5s '61
102
104
100
Richmond W W Co Ss.1957
105
Roch A L Ont Wat 58.1938
1957
100 H
102 H 104 H
101H
St Joseph Wat 4a ser A.'66
Soranton Gas A Water Co
106H
102 H 103 H
101H
4Hs—
-1958
Soranton-Sprlng Brook
Phlla Suburb Wat 4S..1965
Community Water Service
5 Hp series B.
1948
1946
:
Connehsvllle Water 6s 1939
1952
58 series B
1954
6a—
—.1954
5s..—
m
92H
104"
103
6s series B...
65
69/
70H
73H
1962
—
Water Service 5s_1961
108 H
1st A ret
105
6s"A.._.:.1967
107
84
83
87
"
Sbenango Val 4s ser B 1961
South Bay Cons Wat 5a '50
1st mtge 3Hs
1966
108 H
100
102
86
101H
Terre Haute Water 5a B '56
6s series A
1949
107
Sprlngf City Wat 4s A '56
101
103 H
Tex&rkana Wat 1st 6a.l958
Indianapolis Water—
101H
103 H
74
78"
Indianapolis W W Secure—
6a
10
...1958
Joplln W W Co 58—1957
105 H
Kokomo W W Co 58—1958
12
69
105H
Long Island Wat 5H0-1955
9%
105
106"
Union Water Serv 5Hs *51
103
105
Middlesex Wat Co 5Hs '57
Monmouth Consol W 5s '56
106
107 H
w va Water Serv 4S..1961
105
106
100
Western N Y Water Co¬
Monongahela Valley Water
6Hs
1950
Morgantown Water 5s 1965
Muncie Water Works 6s '65
/l?
97
......1950
95
1st mtge 5s
...1951
1950
Westmoreland Water 6s '52
94
98
1st mtge 5Hs
99
101
ds series B
—
H Ho o
99
102 H
Wichita Water—
New
53
56
63
56
69*"
19H
100H 101H
35
m
3
27 H
Woodward Iron¬
2H
Huntington Water—
19 H
27
...
103% 104
Corp 3s....—.1959
17H
25H
103
Greenwich Water A Gas—
5s series A
—..1952
/60
/20
125
/19H
108 % 109 %
105 %
6s series A
f 19,
/24
122
/18
70
..
19H
101H 101 %
Texas
103
1st 5s series O
/35
63
95
/17H
Scovlll Mfg 5Hs—.1945
26
99
Jersey Water 6s. 1950
101
New Rochells Water—
5s series B
...1951
90
95
95
98
5Hs_.
*
1951
No par value,
/ Flat
price,
dividend.
-
1946
Nat.Steel Corp 38—1965
Old Bell Coal inc 6s...1948
City Water (Cbattanooga)
•
34
-
30H
103 H 103 H
14H
23
1
6s.
18
70
/29H
1st eoneol 4s..
/65
130
112
,...*
41
n&H
See United Kingdom
194
75%
—
.1956
101H
.....I960
105 H
105 H
5s series B_.__
£8 series C
6s series A__
..1949
W msport Water 5s_—1952
103 H 106
/19H
Great Britain & Ireland-
Guatemala 8s
-
12%
68
1949
1st coll trust 4Hs—1966
/435
...
32
104
1945
Conv deb 3Hs
Nat Radiator 5s
Mock Judson A Voebrlnger
7% preferred... —100
Muskegon Piston Rlng.2H
Calif Water Service 4s 1961
3
131H
f5H
116
P3%
fl5%
Nat Distillers Products—
8% preferred—— 100
105 H
/21
5
1937
13%
58 series B
19%
/21
j
/19H
3
McKesson A Rob 5Hs 1950
5 Ha series A
18
67
/39
Deep Rock Oil 7s
Haytlan Corp 8s..... 1938
1%
100 H
Ohio Cities Water 5Hs '53
Ohio Valley Water 5s. 1954
/18H
>
26
37H
*
5s series C_.
—
/18H
150
145
.....1948
36
100
18
/9M
J
99
America
103 H
...
5
26
,
36 H
101H 103
(Ger¬
19,
I
Duishurg 7% to¬
117
J
5s.
/25
of
98 H
Water Bonds
ft
fc—
/48
Crucible Steel
4Hs_.
t%
5s
7s to.
/2 5
H
4%
Bonds—
22
Bid
/85
185
Central German Power
i
preferred.—.
50
3 H
Central Agrlc Bank—
see German Central Bk
7%
5
New Britain Machine-...*
/99
16H
J
3%
2H
,
(A A B) 4a
1946-1947
(C A D) 48...1948-1949
rat Central Savings Bk of
Hungary 7 Ha
1962
«...
;
■
36%
7%
25 H
/22
...
10
7
100
York Ice Machinery
/20
Nassau Landbank 6 He '38
18
2H
5H
46
5%
Municipal Gas A Elec Corp
/24
4%
25 H
4H
/19H
Nat Bank Panama—
m 3
£
96
24 H
42 H
5
/35
/19H
Montevideo scrip
Brown Coal Lad (Serp¬
17
13%
23%
Preferred
*
Nat Paper A Type com...*
5% preferred.——100
/19H
1H
22
WJR The Goodwill Sta—.5
38 H
National
/21
92 H
1
27%
British Hungarian Bank_.19{ 2
e
11H
/20
Munich 7s to...
a
t
33 conv preferred
/21
/37
/22
Munlc Bk Hessen 7s to '45
23
24
v
McKesson A Bobbins
56
1 %
105
33 cum preferred..—.*
Merck Co Ino common..1
&
Mannheim A Palat 78.1941
/19
/22
/36
122
Ask
PH
PH
Merldionale Eieo 7s.-.1957
1
6s.
Land M Bk Warsaw 8s '41
/14
/19H
/17H
f3%
f3%
13%
13%
3
-
1936
change Bank 7s
..
preferred.—..100
36
35 preferred
—100
Macfadden Pub common.*
,
Bulgarian Cent Mut 7s '37
Bungarian Ital Bk 7Ha '32
Bungarlan Discount A Ex¬
...
7%
42%
15%
•
Interstate Bakeries 35 prefKlldun Mining Corp
1
King Seeley Corp com—1
Landers Frary A Clark. .26
& CO., INC.
Foreign Unlisted Dollar Bonds
8
42%
33 %
Long Bell Lumber
8
40%
West Va Pulp A Pap com.*
Preferred
....100
Ley (Fred T) A Co.—.*
70.
Veeder-Root Inc com....*
33 conv preferred
♦
Welch Grape Juice com..5
Lawrence Portl Cement 100
7
7H
Warren (Northam)—
<)
6
%
6H
26
Harrlsburg Steel Corp
...
2H
100
Preferred
Great Lakes S3 Co com.
...100
78
70
1%
Great Northern Paper. .25
'
,
United Artists Theat com.*
United Piece Dye Works.*
10
Knight com.—*
Preferred
20
4%
3%
2
1%
160H 165
33% 35%
Wick wire Spencer Steel..*
Wilcox <fc Gibbs com
60
Graton A
Inactive Exchanges
Bid
Trlco Products Corp.^...*
Tublze Chatiiloncum pf.io
24
shares—.—*
Gen Fire Extinguisher—*
/19
/37 .
/26
/26
/23
/19H
*
9
Gen Machinery Corp com*
Good Humor Corp
1
Foreign Stocks* Bonds and Coupons
_*
common
21
*
3H
3K
2%
6H
Foundation CO For ehs—*
6
Steel
57H
American
6H
33H
38H
4H
Taylor Wharton Iron A
33 %
26 H
Garlock Packing com
Anhalt 7s to.
18H
28
Fobs Oil Co.
■
..25
30
•
Falrchlld Eng & Airpl—1
Federal Bake Shops..—*
Preferred
——.30
4H
5
4
Stromberg-Cartson Tel Mfg
Sylvanla Indus Corp.....*
Stanley Works tnc
13H
3%
22%
176
3%
.5%
30 H
36 H
55
com...10
173
.20
24-
Dentist's Supply
11H
31
H
Douglas (W L) Shoe—
Conv prior pref
Draper Corp
and Quotation Record is published monthly and
St*, N. Y.
Manufacturing...*
Devoe A Raynoids B com *
Mill" Stocks
1
Standard Screw..
47
44
10
Chilton Co common
-
H
4%
Exploration..
Dictaphone Corp
*
Dixon (Jos) Crucible—.100
Domestic Finance cum pf_*
Stocks
52 William
'%
Petroleum Heat A Power.*
Dennlson Mfg class A—10
Title Guarantee and S$fe Deposit
BRAUNL
16
94H
$1 cum preferred—
*
Crowell Publishing com..*
Land
and
U. S, Government Securities
sells for $12.50 per year.
1
24
Columbia Baking com—*
Real Estate Bonds
Real Estate
The Bank
Conversion
10
91H
Chic Burl A
Insurance Stocks
ties
Petroleum
17H
100
Corp—*
Art Metal Construction.lO
Bankers Indus Service A.*
Burdlnes Inc common
1
Cessna Aircraft—.
-1
Utility Stocks
Foreign Government Bonds
Joint Stock Land Bank Securi¬
Pan Amer Match Corp.-25
Pathe Film 7% pref
..*
22 H
.
Investing Company Securities
8%
14 H
99 H
H
25
Amer
Public Utility Bonds
Public
~16%
•
American Mfg. 6% pref
Canadian
Out-of-Town)
Canadian
65
2H
Andlan National
Domestic
Federal Land Bank Bonds
Ask
55
100
8% cum pref
American Hardware
Municipal Bonds—
York and
Domestic (New
12%
34%
American Hard Rubber-
The classes of securities covered are:
Banks and Trust Companies-
11H
31H
—.10
6% conv pref
Preferred 6H%
Norwich Pharmacal
Ohio Match Co...
American Cynamld—
In this publi¬
Bid
100
New Haven Clock-
/19
/19H
s
a
Interchangeable,
z Nominal
quotation.
b Basis price,
d Coupon,
e Ex-Interest,
issued,
w-s With stock,
x Ex-
«?< When
ExTiauldatlng dividend.
t Now listed
on
New York Stock Exchange,
I Now selling oh New York Curb Exchange.
a
Quotation not furnished by sponsor or Issuer,
-
.
Volume
FILING
Financial
148
REGISTRATION
OF
STATEMENTS
will be used for
UNDER
is
SECURITIES ACT
xrr^WuYorI5 State Electric & Gas Corp.
Y. has
stock of $100 par value.
Only 29,276 shares of the stock will be issued by the registrant, the
remainder, representing a reclassification of 5% serial preferred stock, will
the Associated Power Corp. and the General Utility Investors
Corp
Lexington Telephone Co. (2-4052, Form A-2), of Madison, Wis., has
a registration statement covering $1,800,000 first A 4s of 1964 and
8,000 shares of 6% $100 par cumulative preferred stock.
The bonds are to be sold privately to John Hancock Mutual Life Insur¬
ance Co. at 103.
The stock will be underwritten by a syndicate composed
of J. D. Van Hooser & Co.; Security & Bond Co.; Almstedt Bros.; Bacon,
Whipple & Co., and Bankers Bond Co.
Proceeds will be used to redeem
6%, 15-year, 1st mortgage gold bonds, series 1929 due in 1944, and for
working capital., J. F. O'Connell is President.
Filed May 25, 1939.
Rochester Gas & Electric Corp. (2-4053, Form A-2), of Rochester,
Proceeds of the issuers part will be used to redeem funded debt of Empire
Gas & Electric Co., Empire Coke
Co., N. Y. Central Electric Corp. and
Seneca Power Corp. and for
payment of registrants' notes and redemption
of the $25 par
for
,
Water Co. (2-4063, Form A-2) of Overland Park,
registration statement covering $150,000 of 5% 1st mtge.
series A bonds of 1953 to be offered at 100.
Of the total, $50,000 will
be offered first to holders of first 6 Ms of 1948 and the unsubscribed portion
to the public.
The remaining $100,000 will be offered to the public.
Proceeds will be used to retire the 6Ms, for payment of bank loans and
additions and betterments.
W. T. Brooks is President of the company.
$8,323,000 3 M % general
The net proceeds from the
the company, will be used
to redeem on Sept. 1,1939, $8,323,000 5% general mortgage bonds, series E,
due March 1,1962.
The series E bonds will be redeemed at the redemption
price of 104% of the principal amount thereof.
The series J. bonds will be redeemable on any interest date at 109% of the
principal amount thereof, if redeemed on or before March 1, 1942; 108%
of the principal amount thereof, if redeemed thereafter and on or before
March 1, 1944; thereafter with successive reductions in the redemption
price of one-half percent of the principal amount effective during each
successive two year period after March 1, 1944, to and including March 1,
1956; thereafter with successive reductions in the redemption price of
one-half percent of the principal amount effective during each successive
12 months period after March 1, 1956 to! and including March 1,1966, and
thereafter until maturity at the principal amount thereof.
Herman
Corp. (2-4064, Form A-2) of New York, N. Y. has filed a
registration statement covering 925,917 shares of $3 par capital stock.
Of the total, 650,793 shares are to be offered through warrants to stock¬
holders other than Aviation & Transportation Corp.
The unsubscribed
portion will be offered at the market through underwriters.
The remain¬
ing 275,124 shares will be offered to Aviation & Transportation Corp.
Proceeds of the issue will be used for payment of, a loan from Aviation &
Transportation Corp., and for an advance to Aviation Manufacturing Corp.
Victor Emanuel is President of the company.
Schroder Rockefeller & Co.,
Inc. and Emanuel & Co. are named underwriters, other will be named by
amendment.
The principal underwriters and the amounts to be underwritten by each
The First Boston Corp.
and Smith, Barney & Co.,$2,175,000
(2-4065, Form A-2) of Rockford,
a registration statement under the Securities Act of 1933
covering $14,750,000 of 1st mtge. bonds, series due 1964, and $3,000,000
of serial debentures due Dec. 1, ,.939-June 1, 1949* incl.
The interest
rates are to be furnished by amendment to the registration statement.
According to the registration statement, the net proceeds from the sale
of the securities are to be applied as follows:
$14,395,815 to the redemption
at 103M%, $13,909,000 1st & ref. mtge. 5% gold bonds, series due 1951;
$772,110 to redemption at 103M% of $746,000 1st & ref. mtge. 6% gold
bonds, series due 1952; $2,002,500 to redemption at 100M% of $2,000,000
three-year 3 % % collateral notes.
The balance of the proceeds, it is stated,
is to be used for additions and improvements to the company's plants and
facilities.
Interest on the bonds and notes
to be redeemed will be paid
out of the general funds of the company, it is stated.
Harris, Hall & Co., Inc., of Chicago will be the principal underwriter.
The prices at which the securities are to be offered, the names of other
underwriters, the underwriting discounts or commissions and the redemp¬
tion provisions are to be furnished by amendment to the registration
„
,
Corp. (2-4054, Form A-l), of Jersey City, N. J., has
registration statement covering 60,000 shares of $1 par value
Cosmocolor
a
capital stock.
The issue of capital stock will be offered publicly at $4.75
per share.
Proceeds of the issue will be used for debt and working capital.
Sears
Filed
Corp. and Johnston Lemon & Co. have been named underwriters.
May 26, 1939.
"
'
'
(2-4055, Form A-2) of Elizabeth, N. J./
has filed a registration statement covering 103,814 shares of $1 par value
capital stock.
Of the shares covered by the registration statement, 70,000
will represent new financing for the company.
The remainder are to be
sold for the account of certain stockholders who will receive the net proceeds.
Swart, Duntze & Co. is named as underwriter for the proposed public
offering of the shares.
The company proposes ultimately to use the proceeds from the sale of
the 70,000 shares for expansion, but until such time as it is able to make
any estimates of representations with respect to specific purposes, the
proceeds will be added to working capital.
Samuel Cohen is President of
the company.
Filed May 27,1939.
The company, organized in Feb., 1937, as successor to a New York
corporation of the same name, is one of the leading manufacturers of radio
variable condensers in the world, having for the fiscal year ended Feb. 28,
1939, produced approximately 30 to 40% of the variable condensers qsed
in home and automobile radio receiving sets manufactured in this country.
The approximate number of condensers sold by the corporation or its
prededessor in the fiscal years 1935 to 1939 increased from 1,340,000 in
1935 to 3,060,000 in 1939.
Sales for the fiscal year ended Feb. 28, 1939,
totaled $1,922,287, compared with sales of $1,025,000 for the 1935 fiscal
Instrument Corp.
General
year.
In May of this year the authorized capital stock of the company, con¬
sisting of 5,000 shares of common stock (no par), was changed to 350,000
shares of capital stock ($1 par).
There are presently outstanding 143,000
shares of capital stock.
Pittsburgh
Fairfax
Corp.,
voting
trustees
(2-4-56,
Form F-l)
of
York, N. Y. have filed a registration statement covering 25,298
voting trust certificates for the no par value common stock of the cor¬
poration. George E. Roosevelt, et al, are the voting trustees. Filed May 27,
New
Filed May 29, 1939.
Central Illinois Electric & Gas Co.
111., has filed
each; Goldman, Sachs & Co., Harris, Hall & Co. (Inc.), and W. C. Langley
& Co., $1,075,000 each; Sage, Rutty & Co., Inc., $548,000, and Little &
Hopkins, Inc., $200,000.
'
The offering price to'the public will be filed by an amendment.
Filed
filed
Filed May 29, 1939.
Aviation
follows:
'
a
Martin Holloway Purcell is named underwriter.
Russell is President of the company.
,
*
Shawnee Mission
Kansas has filed
Y.f has fUed a registration statement covering
•
$1.25 cumulative preferred stock and for deposit with trustee
against expenditures.
Harry Reid is President of the
withdrawal
company.
Glore, Forgan & Co. and the First Boston Corp. of New York
head the list of
underwriters, the others to be announced by amendment.
Filed May 29, 1939.
mortgage bonds, series J, due March 1, 1969.
sale of the bonds, together with other funds of
"
(2-4062, Form A-2) of Ithaca,
filed a registration statement covering $13,000,000 of first mort¬
bonds, due 1964, and 60,000 shares of 5)4% cumulative preferred
gage
filed
May 25. 1939.
working capital and payment of the notes.
Fred T. Ley
No underwriter named.
Filed May 29,1939.
President of the company.
N.
additional registration statements (Nos. 4052
to 4064 inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $180,280,291.
The following
N.
3367
Chronicle
statement.
The company is a
May 31, 1939.
The last
in
our
subsidiary in the Central Public Utility Corp.
Filed
-
previous list of registration statements was given
issue of May 27, page 3209.
:
Air
Devices
Corp., Meriden,
Conn.—1New President,-—
Directors—New Name-^
.
receiver of the corporation,
W. Harwell, who has
been receiver for the past several months, became president.
In addition
to Mr. Harwell, the board of directors of the new company, which will be
operated under the name of Connecticut Telephone & Electric Corp., will
consist of Charles A. Cunneen, Secretary and Treasurer, Edward V, Otis
and Curtis Franklin.
The latter two, respectively, are President and
Treasurer of Automatic Products Corp., which owns 25% of the outstanding
stock of Air Devices Corp.
*
•
Mr. Harwell announced that he planned to concentrate the business of
the company on the production and sale of its telephone and inter-com¬
municating devices.
The local Meriden banks, he said, had agreed to
advance funds to the corporation to enable it to establish itself in this field
and it is expected that a representative of the Meriden banks will be elected
to the board of directors.—V. 148, p. 3209.
Concurrent with the formal discharge of the
in the Federal Court at New Haven, May 26, Harold
1939.
Syndicate (2-4057, Form A-2) of Minneapolis, Minn, has
registration statement covering $150,000,000 of series H investment
Investors
filed
a
period of 15 years at the rate of $4.56 monthly, $13.40 quarterly, $26.40
semi-annually, or $52 annually for each $1,000 face amount. The contract,
it is stated, provides that the owner may continue payments for an ad¬
ditional period of 10 contract years with the price to range from $1,300 to
$1,368 per $1,000 contract, with settlement value of $1,958 plus any ad¬
ditional credit as may be determined by the board of directors.
The 3%
series I, coupon certificates will be offered at $100 per "$100 certificate,
and will have, certificate optional settlement privileges.
J
The company's6 own organization, consisting of divisional managers,
agency, district managers and representatives will solicit applications for
the certificates being registered.
Proceeds from the sale of the securities are to be used for investment.
J. R. Ridgeway
Note—In
Jr., is President of the company.
no case
Filed May 27, 1939.
does the act of filing with the Commission give to any
security its approval or indicate that the Commission has passed on the
merits of the issue or that the registration statement itself is correct.
Inc. (2-4058, Form A-2) of Shreveport, La. has
registration statement covering 750 collateral trust notes.
Of the
Motors Securities Co.,
filed
a
total issue of notes registered, 70 of such will be offered at $3,000 each; 230
will be offered at $2,000 each; 210 at $1,000 each and 240 at $500 each.
capital. No underwriter named.
President of the company. Filed May 27, 1939.
Proceeds will be used for working
D. Wray is
George
(2-4059, Form A-l) of New York, N. Y. has filed a
registration statement covering 62,500 shares of 50 cents par capital stock.
The issuer will offer 40,000 shares through underwriters.
Another 10,000
shares is reserved for issuance upon exercise of rights by underwriters.
William L. Maxson will offer 12,500 shares through underwriters. Proceeds
of the issue will be used for payment of debt, machinery, equipment,
improvements, development, and working capital.
William L. Maxson is
President of the company.
F. Eberstadt & Co., Inc. has been named
underwriter. Filed May 29,1939.
W. L. Maxson Corp.
Kankakee Water Co.
registration
(2-4060, Form A-2) of Kankakee, 111. has filed 4
statement covering $1,000,000 of 414%, 1st mtge. bonds,
Of the proceeds, $752,760 will be used to redeem out¬
series A of 1959.
standing first and refunding A 6s; $115,242 to payment of indebtedness;
and $146,758 will be deposited under the indenture of the bonds. Vernon F.
West is President of the company.
H. M. Payson & Co. and others named
by amendment are expected to
Fred T. Ley &
be the underwriters.
Filed May 29, 1939
Co., Inc. (2-4061, Form A-l) of New York, N. Y. has
registration statement covering $150,000 of $1 par capital stock to be
offered at the market—estimated at $4.50 maximum.
The stock will first
be offered in exchange for outstanding notes issued under a plan of reorgani¬
zation and the ubsubscribed portion will be offered to the public.
Proceeds
filed
a
Alabama Great Southern Ry.-^Dividends—
dividends of $3 per share on the ordinary and
the preferred stocks, both payable June 28 to holders of record June 9.
^Directors have declared
contracts, and $2,500,000 of series I, 3% coupon certificates.
The series H investment contracts provide for instalment payments over a
on
were'paid on Dec. 23, last.
Like amounts
'
.
was
paid on the ordinary stock on June 28, 1938 and an
dividend of $4 in addition to a semi-annual dividend of $1.50 per share
distributed on Dec. 24, 1937.
Semi-annual dividends of $1.50 were
paid
on
A dividend of $3 was
.
extra
the preferred stock on Feb. 15
and June 28, 1938.—V. 148, p. 3210.
Alleghany CorpIndenture Plan Expected Soon—
*
A plan to change the indentures of the 5s of 1944, and 5s of 1949, is
expected to be approved by directors and sent to bondholders within the
next two weeks.
Attorneys for the corporation now are working on the
draft of the proposal which requires the approval of 60% of the bond¬
holders of each issue to become effective.
The indenture change to which the bondholders will be asked to assent
would, it is stated, permit the use of cash deposited as collateral to be used
for the purchase and retirement of the bonds in the open market.
Another
change would be to permit the use of dividends received on Chesapeake
Corp.—in liquidation—holdings as income and for the payment of bond
interest.
Under the present interpretation of the indentures cash distri¬
butions by Chesapeake would have to be considered as a capital distribu¬
tion and hence as addition to the collateral behind the bonds.
The third
change which will be asked is to permit the use of funds for operating ex¬
penses, the funds being provided when collateral securing an issue is in
excess of 150% of the par amount of bonds outstanding.
The fourth feature which was to have been included has been dropped.
This would have provided that funds be made available for the payment of
back bills.
However, these bills have been cleared up through the funds
received from
March 9
the
excess
collateral underlying the 5s,
1944, under the
150% at
appraisal date which showed the collateral in excess of
Hearing was held June
2 on the petition of the trustees of Alleghany Corp.
5s, 1950, and 5s, 1949, for a temporary injunction against Alleghany con¬
cerning the use of funds received from the 1944s.
This action is in the
nature of a friendly suit and seeks to bring about a judicial interpretation
of the
complicated Alleghany bond indentures.—V. 148, p.
Allied Stores
Robert
elected
It
3051.
Corp.—New Directors—
C. C. Anderson and Joseph Chapman have been
replacing S. W. Dittenhofer and Walter S. Mack Jr.
filled a vancancy on the Board.—V. 148, p. 2883.
Guthrie,
directors,
The third director
Canada—Stock Offered—Union
offered a block of 6,000 shares of
common stock
at $133.50 per share.
The offering was
made after the close of the market.—V. 148, p. 2414.
Aluminium,
Ltd.,
of
Securities Corp. May 25
Financial
3368
June 3, 1939
Chronicle
Comparative Balance Sheet March 31
RR.—Earnings—
Alton
1939
1938
328,678
47.865
$1,251,189
269,849
2,777
4,714,183
168,334
def75,299
Net after rents.
1936
$1,368,539
137,915
def125,067
$1,221,981
railway
Net from railway
Gross from
1937
$1,122,421
1939
Anril—
5,442,788
1,579,555
500,892
From Jan. 1—
4,837,672
Gross from radway
Net from railway-
737,314
def293,220
.
def126,020
Net after rents
4,963,875
1,029,779
13,523
.—Optional Div.—
American Cities Power & Light Corp
Directors have declared a regular quarterly dividend of 68% cents cn the
op 7r. a stock
optional dividend series of 19o6, payable July 1 to holders of
A stockholders have option o( receiving l-16th
B in lieu of
share of class
cash.—V. 148, p. 1307.
Commercial Alcohol Corp.—New Secretary—
has been elected Secretary of the corporation. He has
with the corporation in various capaciti3s 10 years.
V.
American
Thomas 8. Brown
been
connected
less returns
and allowances:
RpuIlpd 8Ug! t-dr-^$14,031.507
$12,478,809 $15,269,005 $11,086,483
-
stock taxes
------
of
q
.
o
^
9,868,646
sales $1,099,780
$2,128,463
$3,280,126
$2,028,967
364,371
291,567
2.15,137
39,289
21,794
$2,459,320
$3,517,057
59,000
53,685
111,266
74,570
184,546
15,223
755,515
235,000
248,192
802,043
19,089
785,421
180,000
26,978
772,537
abandonment-
138,000
56,233
400,000
54,166
$1,234,465
10,350,717
$454,674
income:..
10,472,156
Surplus begin, of year.
Adjust, of prov. for add'l
beet payments------Disc, oncap.stk. purch..
.
of subs
-*
-r-
.
debs, purch—
surplus:
through exch. of 2d
pref. stock
Through acquisition of
beet sug. fact'y, &cThrough prem. paid on
2d pref. stock called
—■>-*
„
Total.
3,515,980
11,460
---
-- — -
817,384
.
<■
•
•
1939
in which
Litigation
a
$3.79
$2.33
,
4
1938
1939
$
••
Liabilities—
6,4,19,820
6,419,820
Common stock__
3,639,660
120,730
2,275.000
667,060
166,921
6,205
821,033
47,162
Accounts payable.
3,639,660
193,877
Bank acceptances.
4,075,000
Accrued interest._
7,563
42,017
3,664
c
Salaries & wages..
Accrued
15,125'
39,368
1,690,113
557,764
2,012,994
taxes
19,831
834,898
Add'l beet paym'ts
Other curr. liabils.
13,932
444,133
411,745
to'bks.
275,000
825,000
Capltal surplus... 7,983,696
140,000
contlng's.
7,983:696
Earned surplus.2,832,375
,
44,158
Res. for insurance-
2,488,460
Notes pay.
5,9)7
...28,099,898 26,612,389
Total -.-—"—'28,099,898 26,612,389
depreciation of $9,859,951 in
Represented by 363,966 shares of $10 par
After
American Investment
Stockholders
of the
1939 and $9,520,475 in 1938.
value.—Y. 147, p. 1181.
Co. of 111.—Stock Increase Voted—
company
approved a plan to issue new
$50 par
preferred stock and to retire present outstanding series of 7%, 8%, and
preferred-stocks. An increase in number of authorized common shares
750,000 from 500.000 shares was also approved.—V. 147, p. 3052.
$2
to
American Smelting & Refining Co.—Official Resigns—
Reitler, President of Federated Metals divisions of the American
Smelting & Refining Co., has resigned from that position. He is succeeded
by E. L. Newhouse Jr., who is a director and member of the Executive
Committee of American Smelting.—-V. 148, p. 1468,.
■
'
Ivan
American I. G. Chemical
1939
$5,273,120
Gen. & admin, exps.—
391,034
Fed. tax & other deduc.
404,387
Interest
l
1,253,908
Years End. Mar. 31—
Income.
-
—
Net
income..—
Dividends
....
x
Of which
Corp.—Earnings
1938
1937
1936
$6,235,810
319,745
418,060
1.311,896
$6,947,693
298,126
553,143
1,411,655
$5,155,959
202,836
218,241
1,431,943
$3,223,792 x$4,186,110 y$4,684,769 z$3,302,939
3,183,152
3,975,755
3,567,061
2,754,470
$40,640
Surplus...
$210,355
$548,469
$1,117,708
$150,641 transferred to reserve for continegncies, $265,000
appropriated earned surplus for debenture retirement and
$3,770,468 transferred to earned surplus.
y Of which $400,000 transferred to reserve for contingencies, $750,000
transferred to appropriated earned surplus for debenture retirement and
$3,534,768 transferred to earned surplus.
z Of which $261,380 transferred to appropriated earned surplus for deben¬
ture retirement and $3,041,559 transferred to earned surplus.
transferred
to
Statement of
Surplus, Year Ended March 31. 1939
(1) Capital surplus: Balance at March 31, 1938, $14,573,571;
resulting from conversion of $549,000 debentures into 5,490
shares of common A stock, $411,750; balance at March 31,
1939
(2)
Earned surplus; Balance at March 3_,
_
$14,985,321
1938~, $10,970,981;
transferred from profit and loss, $3,223,792; total, $14,194,773.
Dividends paid ($4 per common A share and 40 cents
per common B shares), $3,183,152; balance at March 31, 1939 $11,011,621
(3) Appropriated earned surplus: Balance at March 31, 1938 (no
changes during the year ended March 31, 1939)
$6,380
of the subsidiaries had been engaged regarding
provided by appropriations
one
rate reduction, for which a reserve had been
An adjust¬
charged against operating revenues in Dec., 1938 to remove from
for the year 1938 the amount of the rate reduction applicable to
the first 11 months of the year;
For the 12 months ended Feb. 28. 1939,
ment was
revenues
this adjustment has the effect of removing from operating revenues $117,870
than the amount applicable to that period. Operating revenues for the
12 months ended Feb. 28, 1938 in the above statement include $616.021
of such subsidiary in litigation during the period * for which
revenues
was
provided.—V. 148,
p.
of
a
3212.
Works
& Electric
Co., Inc.— Weekly
Output, of electric energy of the electric properties of American Water
Works <fc Electric Co. for the week ended May 27, 1939, totaled 44,616,000
kwh., an increase of 15.6% over the output of 38,603,000 kwh. for the
corresponding week of 1938.
1
Comparative, table of weekly output of electric energy for the last five
years follows:
;
1938
38,666,000
39,542,000
37,701,000
38,603,000
1939
May
6-.- 39,367,000
May 13-._ 39,154,000
May 20... 43,269,000
May 27-.. 44,616.000
April Power Output—
The
1937
1936
50,876,000
51,191,000
50,723,000
50,672,000
"
*
'
1935
44,433,000
44,766,000
44,605,000
44,105,000
•
37,658,000
38,207,000
38,269,000
37:878,000
•
.
of the electric subsidiaries of the American Water
172.272,593 kilowatt
hours, as compared with 165,898,585 kilowatt hours for the corresponding
month of 1938, an increase of 4%.
For the four months ended April 30, 1939, power output totaled 756,995,497 kilowatt hours, as compared with 679,462,152 kilowatt hours for the
same period last year, an increase of 12%.—V. 148, p. 3212.
power
output
Works & Electric Co. for the month of April totaled
Anaconda
Copper Mining Co.—To Pay 25-Cent Div.-—
Directors have declared
c
$9,304,508 $li;658.173
140,000
Res. for
hi
$3,151,032
from surplus, was decided against the company in Nov., 1938.
Wk. End.
$
$
6% pref. stock...
8,997,026
161,313
463,002
-1.:.-11,542,093
Total
1,
■
$2,687,484
__
------
$10,472,156 $10,350,717 $10,721,775
$1.38
1938
,5
assets.-.-14,997,241 15,857,354
16,917
Other investments
26,242
30,000
U. H. Treas.securs
30,000
Deferred charges..
$3,974,368 $12,640,587 $14,963,814
97,893
429,395
394,848
725,443
2,906,684
2,910,793
Output—
h Fixed
Accts. receivable.".
C£urii0ci
American Water
13,555
[Excluding Amalgamated Sugar Co.]
_
'
Balapce carried to con-
reserve
•
Consolidated Balance Sheet March 31
Other assets:.—
$3,953,959 $12,564,036 $14,898,921
20,409
76,551
64,893
$3,516,804
104,448
724,872
...
"
•
more
Surplus end of year—$10,816,071
Earns.persh.oncom.stk.,
$0.19
a
Including capital surplus.
1"
•
;
$3,953,959 $12,564,036 $14,898,921
$3,494,348
22,456
__
Other income
solidated
■'
.
'
surplus..:
-
.
$3,494,348
Light Co:—
85,370
Keduc'n in cap.
Adv. acct. crops..
Cr345,386
Net equity of Ariier. Pow.
& Light Co. in incortie
•
■
■
274,oo2
(
-------
16,006,257
Cr337,435
American Power &
$915,261
12,656,394
$1,807,707
10,721,775
$11,201,182 $11,585,182 $12,529,482 $13,657,025
413,471
Divs. on pref. stocks--385,112
426,452
909,915
Div. on common stock..
——
727,932
4,981
Sundry adjs.^&c. (net)819
Inventories
16,023,803
Crl05,922
Net equity of American <
Pow. & Lt. Co in
Expenses, iricl. taxes __.v
--1-
Cash-,
4,039,904
Crl,356
Balance—$5,306,580
$5,765,938 $19,799,539 $22,143,024
Pref. divs. to public
1,792,934'
1,792,915
7,171,713
7,171,657
Portion applic. to min.
interests
19,298
19,064
,
63,790
72,446
140,000
■
a
/i sscts
$9,699,920 $35,485,907 $37,803,895
,
4,039,169
Int. & other deductions.
on
1930—12 Mos.—1938
$9,629,749 $35,354,219 $37,565,470
238,425
131,688
70,171
$9,344,393
income of subs
52,299
*■.
maint., incl.
Depreciation of property
Prov.for Fed.inc.taxes
Pfov. for contingenciesOther deductions-.-.--
Prem.
Light Co. (& Subs.)—Earnings—
other de-
ductions
172,410
discount. _1
Miscell. taxes, &c
Total
6,380
14,573,571
per share; 1938, 495,448 shares; 1939, 500,938
eAtcost.
f Includes accrued interest of $31,944.
$9,326,396
17,997
(net)----.
Groasincome
5,268,415
Total
Net
10,970,981
6,380
Approp. earn.surp
1939—3 Mos.—1938
Net oper. revenues...
20,395
------
plant
Capital surplus.— 14 985,321
Earned surplus... 11 011,621
99,543
219,052
39,336
from other
incl.co.farms,
other by-prod., &c-__
Other income—Int., dis-
Idle
725,000
8,330,993
11,988,879
11,442,097
sources,
Interest and
725,000
Subsidiaries—
Operating revenues..--.-$25,314,507 $25,610,945 $97,205,675 $98,776,006
Oper. exps., incl. taxes__ 13,448,038
13,450,352
52,145,072
52,142,347
Prop, retire.
& deple.
reserve appropriations
2,540,073
2,530,844
9,706,384
9,068,189
Int. to public &
Net oper. inc.
count,
1,638,780
Res. for conting's.
49,463
38,275
Period End. Feb. 28—
-- — -
$1,503,489
Gross profit from
1 604,818
-—^-66,861,716 66,883,5531
Total —
66,861,716 66,883,553
b At cost or lower.
Aggregate market value,
$28,751,328 in 1939.
c Represented by no par
Total
Other income
------
526,098
liabilities
Deferred
24,940,880 28,673,281
Int. charged to construct
(incl. sell.,
& admin, exps.).
gen.
secure.
22,957,000
513,517
83,609
interest..
Accrued taxes
19.325
15,150
Int. rec..
Market,
a
At ,cost or lower,
$29,618,707 in 1938 and
shares, stated value $25
shares."
d Par value $1.
—V. 147, p. 2521.
-$12,541,877 $11,997,110 $15,269,005 $10,359,960
sales
Cost of sales
J
481,759
1,489,629
sales---.—------
to
Net
•*
b
Deferred charges..
•Z0»o^3
T
it
applicable
sugar
,
mfg.
Leps excise tax on
-•
Cash-—.
3,000,000
22 408,000
Debentures
5,850,000
6,380
1,958,081
Deb. retire, fund..
3 ,000,000
d Common B stock
2,531,944
7,005,000
6,380
4,066,063
.
$
12,386,200
Com. A stock
Accrued
....
processing & floor
Less
42,531,944
loan
$
12 ,523,450
Liabilities—
c
787,521
American Power &
C
Crystal Sugar
American
Gross sales,
Sundry lnvest'ts.
Secured
2252.
148, p.
...
e
Demand loan to
subsidiaries
Divs. &
2569.
—V. 148, p.
J
Stock of sub. co .27,391,903 27,007,558
866,121
1938
1939
1938
$
Assets—
a
a
dividend of 25 cents per share on the common
stock, payable June 22 to holders of record June 6.
Similar amounts
were paid on March 23, last, Dec.
22,and on March 28, 1938; dividends of
50 cents were paid on Dec. 20, Sept. 27 and June 28, 1937 and a dividend
of 25 cents per share was distributed on March 9, 1937:—V. 148, p. 2886.
Ann Arbor
RR.—Earnings-—
April—
1939
$265,323
def9,105
def47,886
\
Gross from radway.
Net from railway.
Net
after rents
From Jan.
p.
64,875
27)974
2571.
1936
,$319,082
57,921
26,731
,
Net after rents.
148,
1937
$342,324
1—
Gross from railway...__
Net from railway.
—V.
1938
$280,913
27,374
def9,957
1,222,898
H3.245
defl,819v
.
"
1,090,950
98,498
def39,287
'
"
,
1,406,399
291,802
143,674
1,303,775
228,130
109,927
A. P. W. Paper Co., Inc.—To
Change Conversion Feature
of Notes—Interest to Be Non-cumulative—
The company proposes to make more attractive the convertible ratio of
the notes whose holders assent to the plan so that commencing with a date
to be set
by the directors, which date shall be not later than Jan. 1, 1940,
such notes shall become convertible into stock of the company at $6.25 per
share instead of $12.50 per share as at present (which stock may be the
present
stock
In
no par
having
a
value stock or such stock changed in due form of law into
fixed par value).
therefor holders are asked to agree that on and after
consideration
July 1,1939, the present 6% fixed interest be made a non-cumulative income
charge for the remaining life of the notes.
It is proposed that the non-cumulative income interest on notes whose
holders assent to this plan shall be paid annually within 90 days following
the close of each fiscal year, the first payment however, to cover the interest
due, if any, for the six months' period ending June 30, 1939.
Whether or
not such interest has been earned shall be determined by the board of
directors of the company, and no interest shall be payable except in amounts
of M of 1 % or multiples thereof.
The determination of the extent to which
such interest shall have been earned in the six months' period ending June
30,1939 and in each fiscal year thereafter, shall be based upon the consistent
application of accepted accounting principles such zs have heretofore goverened the preparation of the annual financial statements of the company.
It is the intention that the full interest accrued on all of the company's fixed
interest obligations, including the full 6% interest on its outstanding first
mortgage bonds, whether paid to bondholders or used for any other purposes
under any subsequent plan affecting said bonds, but not the additional con¬
tingent interest which may accrue to the holders of the company's first
mortgage bonds, with warrants, shall be considered as a prior charge in the
interest
determination of the income interest
on
the notes.
Volume
it
3369
Chronicle
Financial
148
Baltimore & Ohio RR.—Earnings—
This plan is to be offered to security holders of the company as soon as
be done legally.
Provided that in the opinion of the board of directors
can
the holders of
a
Gross from railway
Net from railway
Net after rents..
plan, it is to be declared effective as of Jan. 1, 1939, and
six-months' interest due July 1, 1939.
The board of directors reserves the right to determine, change or extend
the effective or closing dates of the plan, but only on conditions which
would result in giving late assenters to the plan no better terms than those
who assented prior to the extension and perhaps subject them to a penalty
which may take the form of an alteration of the conversion privilege of
notes assenting after any such period of extension has commenced to a less
favorable ratio than $6.25 per share.—V. 148, p. 2733.
of assenting to the
shall apply to the
Associated Electric Co.
Operating
revenues
Other taxes
1,740,439
160,791
174,589
164,901
038,854
50
Cr37,030
40
Prov. for divs. not being paid on cum. pref. stock
.'
.
....
Associated Electric Co.'s deductions:
$5,808,430
>
Bell
14,832
239,741
Bell
11,374
247,863
j.
$2,076,255
Balance of income
/
.
$1,488,579
55,730,379 $23,417,277 $22,728,699
3,777,653
15,983,400
15,324,149
$1,993,238
548,524
$1,952,726
512,610
$7,433,877
2,082,166
$7,404,550
1,981,858
$1,444,714
$1,440,116
978,758
$5,351,711
$5,422,692
3,544,251
3,589,878
Operating taxes
Net oper. income....
Net
Bishop Oil CoDividend-—
common
formerly known as the Bishop Oil Corp. and had distributed the following
dividends:
2}4 cents on Dec. 15, last; 5 cents on Sept. 15, 1938 and pre¬
viously regular quarterly dividends of 7M cents per share.—V. 148, p. 3054.
Brazilian Traction, Light & Power Co., Ltd.—Earnings
1939—Month—>1938
1939—4 Mos.—1938
$3,127,526
$3,071,883 $12,802,425 $12,064,697
Operating expenses
2.
1,519,835
1,445,700
6,215,350
5,716,042
Period End. Apr. 30—
earns, from oper..
Gross
$222,524
$190,733
$230,192
'
148, p. 3213.
Atlanta Birmingham
—V. 148, p.
•
xNet earnings
Brillo Mfg.
•
1937
$345,740
49,999
1938
$289,261
30,411
def23,496
2,218
1,152,531
107,689
1,350,007
228,051
56,633
1936
2887.
1,262,516
231,136
17,392
'•
def96,477
Net oper. revenues—
1,118,296
120,915
def7,682
B
1939—Month—1938
1939—4 Mos.—1938
$4,583,734 $18,619,876 $18,102,150
3,212,434
12,970,212
13,071,116
$1,371,300
$1,476,972
600,000
$5,649,664
2,150,000
2,125,000
Operating income
Equip. & joint fac. rents
$876,972
293,712
$771,300
312,631
$3,499,664
1.004,714
$583,260
$458,669
$2,494,950
$2,044,210
'
Gross from railway.....
Net from
railway
Net after rents........
1938
1939
$139,664
' 14,909
April—
defl0,052
1937
•
$127,960
def584
$153,886
12,847
def8,485
$137,600
19,424
def321
519,220
626,139
557,189
9,686
82,947
def83,368
def9,222
From Jan. 1—
Gross from
railway:
Net
,'
569,176
66,519
Net from rail way......
def29,472
after rents
—V. 148, p. 2733.
66,312'
defll,180
'
,
Austin Silver Mining
Co.—Refund Ordered in Stock Deal
'—Misleading Statements Entitle Recovery of Purchase Price-—
Justice Edgar J. Lauer of the New York State Supreme Court handed
down, May 25, a decision that misleading statements in the registration
statement of the company
entitled Grant Thorn and four other plaintiffs
about $10,000 of the price that they paid for stock in 1937. The
State Court under Section 11 of the
Securities Act of 1933.
'
to recover
decision was the first of its kind in a
alleged misrepresentations
The
on
which the judgment is based
sisted of failure to li6t certain option agreements
con¬
given to underwriters of
stiOck issue
The decision declared that Charles II.
Sabin Jr., former President of the
mining company; Paul Klopstock, former Chairman of the Board and
underwriter; Max Winkler, former director; Hugh Duffy, Secretary and
Treasurer, and David R. Posner, sub-underwriter, are liable.
Two other
former directors were not served in the action.
Justice Lauer held that the plaintiffs were entitled to recover the differ¬
ence between the price of the stock on the day they bought it and the day
they brought suit. "I deem the failure to set forth in the registration state¬
ment these commitments and
options as material misstatements and
the
omissions," the Justice said.
"The fact that an amended registration
filed does not detract from the cause of action
.
but rather strengthens the plantiff's position that material mis¬
statements wrere made in the registration statement."
According to Howard F. R. Mulligan of Douglas, Mulligan & McNamee,
who tried the case for the plaintiffs, the transaction involved 6,000 shares
bought on March 31, 1937, by Mr. Thorn, Joseph Brinton, Thomas Hall
and M. McConnell. The action was brought on Dec. 31 of the same year.
statement was thereafter
.
.
period, he said, the stock fell from $3 a share to 87K cents.
The company, which straightened out its difficulties with the Securities
and Exchange Commission some months ago, is now undergoing reorganiza¬
tion under Allison L. Bayles, its new head.—Y. 148, p. 1311.
In that
Aviation
Corp.—Registers with SEC—
See list given on first page
of this department.—V. 148, p. 1946.
Ayrshire Patoka Collieries Corp.—Listing—
has authorized the listing of 142,265 shares
The stock is to be issued and outstanding upon
The New York Curb Exchange
of common stock, par
filing
of
certificate
$1.
of consolidation.
$0.34
Power
Columbia
Ltd.—Bonds
Corp.,
Sold
.oversubscribed.
1936
def22,429
.
$0.34
comprising Nesbitt, Thompson & Co., Ltd.;-Wood, Gundy
& Co., Ltd., and Societe de Placements, Inc., has been
RR.—Earnings—-
Atlanta & West Point
$0.33
offering of $4,500,000 4lA% 1st ref. & coll. trust bonds,
1939 series, at.$100. and accrued interest by a syndicate
'
•-r-V. 148, p. 3213'.
$0.43
...i
1936
$62,108-
An
.
$2,906,034
861,824
Net ry. oper. income.
1 937
y$62,339
1 938
After
British
$5,031,034
600,000
...
$60,162
1939
depreciation, Federal taxes, &c. (also a special reserve for taxes
$10,000 in 1939).
y Before surtax on undistributed profits.
At March 31, 1939 the company's balance sheet showed total current
assets of $675,688, including cash of $416,573 (not including company's
'-own securities held at a cost of $184,945), com pared, with current liabilities
of $191,316.
Earned surplus at March 31, 1939 was $783,575.
At March
31, 1938 total current assets, including cash of $350,072, were $565,419
(not including company's own securities held at cost of $178,183) and cur¬
rent liabilities were $106,542.
Earned surplus was $681,690.
"Should there be no disturbance in the company labor situation, and with
the continued fine reception of Brillo products, company should again
present a favorable report of sales and profit for the ensuing quarters of
1939," Mr. Loeb said in his letter to stockholders.—V. 147, p. 3605.
x
$4,568,732
3,091,760
Taxes..
$73,999
*1
145,310
of
■
Atlantic Coast Line RR.—Earnings—
Period End'. Apr. 30—
Operating revenues
Operating expenses...
$6,348,655
amortization.—V. 148, p. 2573.
Co.—Earnings—
noparshares
$272,688
25,839
1,203
$6,587,075
$1,626,183
$1,607,691
3 Mos.End. Mar. 31—
Net profit..
Earns, per sh. on
x
& Coast RR.—Earnings—1
1939
$280,625
35,330
defl8.601"
...
Before depreciation and
x
1—
Net from railway.
Net after rents..
on May 25 declared dividend of 2 H
cents per share on the
stock, payable June 15 to holders of record June 1.
An initial
paid on March 15, last.
This company was
dividend of like amount was
Fe Ry.)
x2,458,447
x Indicates
loss,
y Includes for 1939 and" 1^38 respectively $352,441
and $336,605 representing accruals under the
Carriers Taxing Act of 1937
and the Unemployment Insurance Acts,
z Includes for 1939 and 1938
respectively $1,378,446 and $1,442,792, representing accruals under the
Carriers Taxing Act of 1937 and the Unemployment Insurance Acts.—
Net ry. oper. income.
..
2888.
Directors
& Santa Fe Ry.—Earnings—
30—
1939—Month—1938
1939—4 Mos.—1938
revenues_$ll,310,964 $10,861,480 $43,993,378 $43,225,764
Railway oper. expenses.
9,859,496
9,410,805
38,644,145 40,357,802
Railway tax accruals... y 1,164,131
y1,193,272
z4,826,<160
z4,934,887
Other debits...........
57,144
66,670
300,650
391,522
—
989,843
income
—V. 148, p.
oper.
From Jan.
112,950
86,928
33,004
21,146
$5,888,516
3,895,278
Period End. Apr.
Gross from railway
1939—Month—1938
1939—4 Mos.—1938
$5,763,383 $23,504,205 $22,841,649
$5,909,662
revenues..
Operating revenues...
Operating expenses
Output—
(Incl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa
April—
the
Uncollectible oper. rev..
Electric System reports
This is an increase of
8,548,380 units or 10.4% above production of 81,943,989 units a year ago.
Gross output, including sales to other utilities, amounted to 98,358,571
units for the current week.—V. 148, p. 3212.
Net from railway......
Net after rents
I
been appointed a director, succeeding to
Telephone Co. of Pa.—Earnings—
Operating
For the week ended May 26 Associated Gas &
net electric output of 90,492,369 units
(kwh.).
Gross from railway
-
•
Associated Gas & Electric Co .-"-Weekly
V.
853,028
331,643
114,020
Harrison has
Period End. Apr. 30—
3,550,000
Amortization of debt discount and expense
Railway
1.276,802
704,475
414,438
533,884
294,982
Net oper. revenues...
Other interest
Atchison Topeka
1,115,788
540,240
303,004
\
Telephone Co. of Canada—New Director—
William H.
$5,297,815
3,477,602
;
•
$233,291
94,403
38,312
place made vacant by resignation of Charles P. Cooper, of New York.—V.
148, p. 1313.
,
long-term debt.
—v. 148, p. 1310.
$301,290
158,241
89,887
—V. 148, p. 2572.
Amortization of debt discount and expense..
Interest charged to construction
on
$278,882
129,677
77,572
1,089,212
From Jan. 1—
Gross from railway
$7,325,143
1936
1937
1938
$258,954
119,648
64,337
Net from railway
Net after rents
Other interest
Balance....:'.-....!..;
''
1939
$6,958,623
366,520
Subsidiary companies'deductions—
Interest on long-term debt
dividend of 40 cents per share on the common
of record June 15.
Previously reguiar
April—
Gross from railway
$7,861,562
....
Co.—40-Cent Dividend—
a
holders
Net from railway
Net after rents
177,689
Gross income.^
to
was
1,895,952
$7,393,562
468,000
.........
(net)
1
Beaumont Sour Lake & Western Ry. —Earnings—
•
1,922,978
1,952,213
317,499
1,737,845
Operating income....;
Interest
payable July
3uarterlyof 20 cents of 25 cents Nov. 25, 1938.—V. 148, addition an extra
In p. 1794.
ividend dividend
paid on were distributed.
12,178,518
1,568,092
2,083,231
804,357
1,981,562
Provision for retirements.
Federal income taxes
Other income
Bastian Blessing
1938
11,787,775
50,842,024
11,592,323
7,163,399
Directors have declare*!
$25,618,580 $25,225,783
»
58,342,169
15,303,081
9,488,721
40,556,103
5,323,637
291,747
45,521,243
9,721,521
4,967,712
Net after rents..
—V. 148, p. 2887.
stock
1939
Operating expenses,
Maintenance.
$13,568,619
3,784,937
2,636,471
From Jan. 1—
Gross from railway.....
Net from railway..
(& Subs.)—Earnings—
12 Months Ended March 31—
1939
1938
1937
$10,207,230 $10,054,899 $15,086,048
1,276,030
1,809,294
3,740,846
11,044
494,685
2,426,767
April—
intention
sufficient number of the notes have indicated their
!
Proceeds of the issue will be applied.towards the retirement of the presently
outstanding 5% 1st mtge. sink, fund gold bonds of Western Power Co. of
Canada, Ltd., a subsidiary.
The Western Power Co. of Canada 5% bonds are callable at 105 and
accrued interest.—V. 148> p. 2735.
<
: •
1
V.
Corp.—Plan Submitted—
Brooklyn Daily Eagle
for reorganization, providing for settlement with
35%, was submitted May 26 to Wilmet Morehouse,
special referee, in the Brooklyn Federal Court.
Decision was reserved
,when the plan,was submitted by John Dwight Sullivan.
A petition for the reorganization of the company under the terms of the
Chandler Act was filed with the Federal Court last month.
It was indi¬
cated that a motion would be made on June 2 before Mr. Morehouse for the
naming of a trustee for the corporation.
•
Under the proposed plan a new corporation, to be known as the Brooklyn
Eagle, Inc., is to be created.
This corporation would issue 7,000 to 8,000
shares of non-cumulative 6% preferred stock ($10 par) and also 3,000 to
3,500 shares of common stock ($10 par).
The plan seeks also to pay secured and prior claims and to raise working
capital for the new corporation by the issuance of $300,000 to $350,000 in
three-year notes, which would have parity with all future obligations and
yield not more than 6% interest.
For unsecured claims the plan provides for the issuance of $175,000 to
$275 000 in unsecured, non-interest bearing junior notes to be liquidated
from a sinking fund created by setting aside 50% of the annual net earnings
of the new corporation.—V. 148, p. 2416.
A
proposed
plan
creditors on a basis of
Earnings—
Burlington-Rock Island RR.
Gross from
$95,722
defl4,954
def29,109
Net after rents
Gross from railway
Net from railway
Net after rents
-
$122,240
21,549
3;745
$120,426
26,428
defl ,218
392,028
def7,952
def62,164
railway
Net from railway
—V.
1937
1938
1939
April—
441,586
12,132
def61,602
429,416
62,639
def34,844
1936
$64,740
def9,138
def25,126
266,012
def37,737
02,665
defl
148, p. 2573.
Burns
Bros. (N.
Y.) & Subs.—Earnings—
Calendar Years—*
Net sales
Cost of sales
-
-
(incl. freight and
lighterage)
Operating expenses
Net loss from
- - -•
—
'
—-
InterestT&c" ; deductions
Net loss for
period
—
-----
-
—
$737,016
24,281
$434,303
31,0b8
$712,734
operations
Other income
Net loss
1938
1937
-$14,702,480 $17,032,696
12,116,158 13,894,010
3^0,000
o,o/z,uuu
,$403,236
145.507
197,085
$858,242
$600,320
Chronicle
Financial
3370
Accounts
$780,096
$508,130
—
4,805
Mlscell. Investm'ts
a
2,060,272
Fixed assets
claims,
Interest,
102,000
254,336
5,305
2,277,953
263",663
Investments
payable.
1937
342,810
357,187
143,611
bl25,785
143,611
b!04,021
b79,139
bl35,607
6,881.700
6,981,700
Gross from
Provision for prior
Net after rents...
ligations
25.050
23,250
55,668
Deferred charges..
Goodwill—..... 2,500,000
lowance
Funded
78,653
2,500,000
and
$8,942,083 $9,707,456
Total.—..
81,175
143,940
637,312
Gross from railway
46,803
46,803
Net from railway.
250,000
914,805
250,000
764,927
2,086,766
1,228,525
After deprec. and amortization of $760,077
b Current,
c Represented by 46,803 shares
a
,
1938
$82,078
def38,516
def64,581
313,987
deflOl.639
def205,544
252,169
defl83,089
def287,414
396,047
def61,605
defl64,893
312,275
defl54,650
def254,906
Canadian Pacific
Ry.—Earnings—
1939—Month—1938
1939—4 Mos.—1938
—-$10,113,601 $10,413,610 $39,459,392 $40,579,963
Working expenses9,200,452
9,914,058
37,078,322
38,832,462
Period End. Apr. 30—
Gross earnings
——
Net
earnings
$913,149
——
$499,552
$2,381,069
$1,747,502
Earnings for the Week Ended May 21
1937
Sales, including interest on standing credit bals.
(less provision for magazine returns)....... J — $2,356,563
1939
$2,820,933
Traffic earnings
Cost of sales and
shipping Expenses (incl, cost of
replacing pattern discards)
— —.a.
Selling, general and administrative expenses
— —
Net after rents
—V. 148, P. 2574.
in 19.37 and $369,594 in 1938.
(no par).—V. 146,p.3175. >
Calendar Years—
'
$87,711
def28,890
def53,635
From Jan. 1—
(& Subs.)—Annual Report—
Butterick Co., Inc.
1936
1937
1938
$68,557
def39,644
def66,233
Net after rents
32,000
$8,942,083 $9,767,456
Total....
971,694
182,668
571523
1939
685",274
ligations—
Mortgages payable
Deficit....
1,130,034
375,001
245,541
$83,082
defl4,194
def40,504
....
Net from railway
Reserves...
6% pref. stock
Capital surplus...
1,163,429
355,515
212,499
Canadian Pacific Lines in Vermont- —Earnings—
Gross from railway.
Truck purchase ob¬
Common stock..
— —
April—
^long-
term debt
c
1936
$191,017
21,775
def8,297
—V. 148, P. 2574.
Truck purchase ob¬
Vendors' credit al¬
1937
$229,934
46,878
14,105
1,066.906
394,485
270,983
railway....
Net from railway...—
years' State tax.
Mtges. payable...
1938
$245,171
64,639
19,445
Net from railway
Net after rents...
From Jan. 1—
,
taxes,
Ac.
1939
$247,987
98,827
70,649
April—
Gross from railway.
$877,748 $1,098,876
600,000
300,000
Notes pay, to bank
Accrued
damage
2,518,148
1,225,916
2,306,148
1,220,155
(net)
Inventories—
Special deposit—
1938
LiaMlilies—•
1937
1938
Assets—
Cash
Notes A accts. tec.
June 3, 1939
Canadian Pacific Lines in Maine—Earnings—
Consolidated Balance Sheet Dec. 31
148,
—rV.
1,366,616
904,682
i;736,289
1,042,088
$85,265
$42,555
p.
1938
$2,831,000
....
$2,383,000
Increase
$448,000
3055.
Carpenter Steel Co.—To Pay 40-Cent Dividend—
have declared a dividend of 40 cents per share on the
stock, par $5, payable June 20 to holders of record June 10.
March 20, last; dividends of 10 cents
were paid on Dec. 20, Sept. 20, June 20 and on March 21„ 1938; dividends
of 25 cents were paid on Dec. 20 and on Sept. 30, 1937; a final dividend
of $1 was paid on June 20, 1937, and an interim dividend of 25 cents was
paid on March 20, 1937—V. 148, p. 2574.
The directors
Profit from operations—.
——■ —
.
payable, foreign inc. taxes., &c.,
(less miscellaneous income)..
Expenditures in connection with moving offices—
Int.
on
common
notes
Net profit for the year
Note—Costs and expenses include provision for
in 1938 and
Dividend of 15 cents was paid on
40,088
44,691
28,583
-
$11,990
'
$2,467
depreciation" of $35,438
Central of Georgia
$44,897 in 1939.
Ry.—Earnings—
1939
April—
Summary of Consolidated Deficit Account Dec. 31,1938
$1,247,516
Net from railway—:—
119:348
Net after rents..
def4,063
Gross from railway—...
Deficit, balance Dec. 31, 1937-—
——
$1,571,802
Deduct—Net profit for the year ended Dec. 31,1938, as above. _ .
11,991
—...
^Deficit, balance Dec. 31, 1938—... — —
hand
April 6, 1939—.
$109,266
$103,977
.—
Notes & accounts
Accounts payable:
"
receivable
264,826 Acer, taxes A exps.
363,133 Res. for replacing
248,005
Inventories.
326,278
agents'
16,152
1
189,518
1
-
228,870
,
April 6, 1941...
Deferred Income
both
240,455
-
-
,
10,157
200,000
1,214
500,000
3,392
105,388
88,982
5% preferred stock 1,689,717
Common stock
44,880
1,534,203
1,689,717
44,880
1,559,812
_
...
Total——
.
—
..$2,420,451 $2,522,079
b After depre¬
$288,748 in 1937. c Represented by 86,328
noparshares in 1938 and 85,553 in 1937.-—V. 146, p. 3329.
«
After reserves of $19,344 in 1938 and $27,010 in 1937.
ciation of $292,735 in 1938 and
.
Cahuenga-Halifax Co.-—1Voting Trust -Terminated—•
The voting trust agreement was terminated on May 3.
As the result
of the termination of the. voting trust agreement all of the capital stock
of the company, will be distributed directly to the present record holders
of participating certificates in the respective amounts for which such par¬
ticipating certificates were issued.
The former voting trustees were H. II. Cotton, John H. Ramboz and
T. R. Cadwalader, who also acted as directors.
.
V
California Water Service
Co,—Earnings—
April 30—
'
Gross income after taxes and charges
—V.
148, p. 2889.
Cambria & Indiana
April—
$2,588,201
918,695
>
'
432,190
172,809
295,214
—
Net after rents—.
—V. 148, p. 2574.
—
.
396,756
113,289
274,228
32,589
—
Canada Cement Co.,
;
.
.
—
1936
$87,096
def58,455
3,622
1937
$93,249
30,214
78,227
1938
$74,065
def5,214
Gross from railway—
Net from railway.
895,427
RR.—Earnings—
1939
$7,886
def47,681
def26,215
Net after rents——
From Jan. \r—
$2,476,633
..
'
'
Gross from railway—.—
Net from railway—
1938
1939
-
i
,
*
.
476,967
213,410-
418,357
81,494
350,467
281,474
Ltd .—Accumulated Dividend—.
!
Directors have declared a dividend of $1.25 per share on account of
accumulations on the 6H% cum. pref. stock, par $100, payable June 20
to holders of record May 31, leaving accumulations of $32.62H per share.
--V. 148, P. 574.
Canada
■
.
:
.
Steamship Lines, Ltd.—Obituary-—
Tom Ranger Enderby, 55, managing director of this company is dead.
associated with the company for 20 years, had
just completed one year in his present office.—V. 148, p. 1796.
Mr. Enderby1 who had peen
Canadian Breweries, Ltd. (&
Period End. Apr. 3d—
Profit from oper. after all
—
x
$1,099,394
124,206
$1,043,675
71,781
120,293
$160,447
26,346
123,038
$1,223,600
105,474
469,851
$1,415,456
98,430
446,106
$1,979
$11,064
$648,275
$570,920
126,880
31,623
43,407
$149,373
27,101
—
Prov. for depreciation..
~~
Profit
Provision for Federal and Provincial taxes
Net profits applic. to
V
„•
,
Total income
Interest
1939—12 Mos.—1938
$146,713
13,734
$105,966
taxes except inc. taxes
Otherincome.
Subs.)—Earnmos—
1939—3 Mos—1938
minority interests
136,877
68,251
Net profits—
r—
$443,147
$412,417
Earnings per share of preference stocks
$2.71
$2.53
x Subject to provision for minority interests and Dominion Government
income taxes.—V. 148, p. 3055.
Canadian National Ry.—Earnings
Period End. Apr. 30—
Operating revenues
Operating expenses
Net revenue
x
...
-
of System—-
1939—Month—1938
1939—i Mos.—1938
$14,452,302 $23,924,655 $55,649,743 $55,147,637
14,128,719
14,623,787
57,616,098
59,578,423
$323,583
x$699,132 x$l,966,355 x$4,430,7£6
Indicates deficit .- -V. 148, p. 3216.
Central Illinois Electric & Gas Co.—Seeks Exemption—
A hearing has been set for June 12, 1939 in the Securities and Exchange
Commission's Washington offices on the -application of company for an
exemption from the necessity" of filing a declaration under the Holding
Company Act regarding the proposed issue and sale of $14,750,000 first
mortgage bonds and $3,000,000 serial notes;—V. 148, p. 3217.
..
quarterly dividend of four cents per share on the common stock,
Like amounts were
.
■
Central Power Co .—Dividends—
Directors have
declared
a
dividend of $3.50
per
share
on
the 7% cumula¬
tive preferred stock and $3 per share on the 6% cumulative preferred
stock payable July 15 to holders of record at the close of business on June 30.
Dividends are in arrears.—V. 148, p. 3056.
,
,
1,571,803
c
—$2,420,451 $2,522,0791
12 Months Ended
Gross revenue.
a
payable June 30 to holders of record June 15.
§aid on April 1, last.148, p. 1472.
Extras of two cents were paid on Jan. 3, last and on
ept. 30, 1938.—V.
"
12,811
Reserves..-:.'...
Deficit—
a
Central Patricia Gold Mines, Ltd.—Extra Dividend—
6% notes pay., due
copy¬
5,106,115
709,421
224,253
Directors have declared an extra dividend of one cent per share in addi¬
tion to
for magazine
returns—......
rights, subscr'p'n
lists, adver'g A
pat.contr'ts, Ac. 1,534,203
Total.
„
240,055
14,066
6,018,951
1,206,749
678,454
4,863,866
423,488
def97,218
—V. 148, P. 2575.
$296,000
1,357,902 $1,442,195
51,354
65,045
Res.
Mlscell. investm'ts
b Fixed assets....
Net after rents.——.—
pattern
discards
5,628
4,403
deposits
Prepd. ins., exp.
advances, Ac...
Publlc'ns.,
1937
'
Post office & other
5,077,446
590,957
93,778
Gross from railway.
Net from railway
6% notes pay.; due
Cash in banks & on
1936
$1,298,721
215,764
100,520
From Jan. 1—
...—$1,559,812
1938
Liatrililles—
1937
1938
Assets—
a
........
Consolidated Balance Sheet Dec. 31
,
1937
$1,547,641
306,464
203,321
1938
$1,184,544
91,081
def40,921
Central RR.
Modify
Holders
Bond
Until
Co. of Neiw Jersey—Directors
Interest Charges—Will
Proposal Is Approved
5s and 4s—'
'
"
,
'
Vote Plan to
Not, Seek Assents of
by ICC—Applies to
J,
•
•
//,
A plan for modifying the interest charges on bonds of company was
approved by the board of directors.
Pending approval of the plan by
the Interstate Commerce Commission assent of bondholders to the pro¬
posal will not be sought.
>
Under the adjustment plan 25% of the interest on the company general
mortgage 4% and 5% bonds will continue as a fixed charge and the balance
of 75% as a contingent and cumulative, obligation for the period from
Jan. 1, 1939 to Jan. 1. 1944.
It is provided/however, that the plan may
be termined on or after July 1, 1941, on the written demand of the holders
of a majority of outstanding bonds.
There are outstanding $43,824,000 5% bonds and $5,000,000 4% bonds,
on
which annual interest of $2,391,200 was paid in 1938.
In addition,
rentals of $2,350,604 were paid last year-for use of lines in Pennsylvania
owned by the Lehigh Coal & Navigation Co.
The only other nearby funded
debt maturities are equipment trust certificates.
The company announced it has been attempting for some time to negotiate
a reduction in the rentals paid
Lehigh Coal & Navigation but without
success to date.
It intends, however, to continue its efforts looking toward
.
a
revision downward in such payments.
,
Pointing to an accumulated- net loss of $17,351,081 in the seven years
through 1938, the company attributed the successive losses to (1) the general
business depression and the special situation confronting the road because
of unsatisfactory conditions in the anthracite coal industry, upon which the
company depends for a large part of its traffic, (2) higher operating costs,
such is wages, costs of materials, and social security and other taxes, and
(.3) to the extraordinary high State and local property taxes assessed against
the property of the company by the State of New Jersey aggregating in the
seven year period in excess of $33,000,000.
Unless some satisfactory solution of the tax problems can be found,
there is little likelihood, the company stated, that even the proposed volun¬
tary adjustment can be effective in the absence of a much greater increase
in the company's business than can be hoped for at least in the reasonably
near
future.
The plan provides for the creatior of a bondholders* committee, of not
exceeding seven members, which will give consideration to the future po¬
tentialities of the company and keep nformed on the current condition of
the carrier.
Neither the company nor bondholders will be bound by the
action of the committee, which will not be formed until holders of 50% of
outstanding bonds assent to the modification plan.
The plan may be declared operative by the company, with the consent of
the bondholders' committee, whenever the- board of directors decides
sufficient assents have been received.
It will not be declared effective,
however, until holders of at least 90% of the bonds give their approval.
If the company becomes bankrupt after the plan is effective, all Interest
becomes fived and payable on the dates in effect before the plan functioned.
All fixed interest under the adjustment proposal is payable on Jan. 1 and
July 1; at present registered interest is payable quarterly.
It Is provided
further, however, that the plan may be effectuated by proceedings under
the Bankruptcy Act or other law in force at the time.
Contingent interest will be payable on May 1 of each year from the earn¬
ings of the proceeding calendar year.
The company has agreed to establish a sinking fund to be operative from
and after the adjustment period.
On May 1 of each year after the adjust¬
ment period a part of the preceding year's earnings will be paid into a sinking
fund until $25,000,000 of outstanding bonds are retired.
When asked for comment on the proposed capital readjustment plan
Eugene S. Brooke, Chairman of a committee representing holders of the
carrier's bonds, pointed to the disparity between claims of the two major
creditors, bondholders and the State of New Jersey to which the company
owes a large amount of accrued taxes, saying:
"As compared with the average Class I railroad, Jersey Central's bond
interest absorbs 50% less of the gross revenue dollar while taxes absorb
nearly 500% more.
The bondholders can hardly be expected to show a
disposition to defer 75% of their claim unless the State of New Jersey and
its political subdivisions lead the way in accpeting a comparable cut in their
exorbitant claims.
This is essential to any constructive effort to preserve
this property as a producer of taxes
and interest so that It may continue
providing essential service to the industries and inhabitants of New Jersey.
The only alternative would appear to be trusteeship."
Savings Group Representative Praises Interest Proposal—
The plan of adjustment is a first step toward solving company's financial
problems, August Ihlefeld Jr., President of the Savings' Banks Trust Co..
Volume
said
Financial
148
1.
June
The
Trust
company
Chronicle
New
the savings banks of
represents
Chicago & North Western Ry.—President Resigns—
iork State.
Mr. Ihlefeld said officials of savings banks and insurance companies
owning about one-half of Jersey Central bonds outstanding had studied the
railway's financial and operating problems for nearly 1
years and that
announcement of the plan was a sequel to this.
"It is believed by representatives of savings banks and insurance com¬
panies," said Mr. Ihlefeld, "that the plan represents the most satisfactory
solution available to meet the company's immediate needs and at the same
time assure fair treatment for the security holders.
"Further problems will require the attention of the bondholders from
time to time.
One of the most pressing of these is that relating to the tax
situation.
Unless the New Jersey Legislature affords relief with respect to
the taxes now imposed upon New Jersey railroads, it is doubtful that the
plan may become effective, even under favorable circumstances otherwise.'
—V. 148, p. 3217.
3371
railway announced on May 26 that Fred W. Sargent, its President
1925, had resigned on May 24 because of ill health, and that he also
relinquishing his directorships in all the railroad's subsidiaries.
Cady, Vice-President, issued the following statement:
Mr. Fred W. Sargent has
resigned as President and director of the
Chicago & North Western RR. Co. and all of its subsidiaries, including the
Chicago St. Paul Minneapolis & Omaha Ry Co.; the Escanaba Iron Moun¬
tain & Western RR.
Co.; the Superior Coal Co. and several real estate
and bridge companies owned
by the Chicago & North Western Railway Co.
•
,
since
was
Samuel H.
and also as director of its several
affiliates."
Earnings for April and Year to Date
April—
1939
Gross from railway
Net from railway......
Net after rents
Certain-teed
Products
Granted—New
Corp.- -Option
From Jan. 21—
Gross from
railway...,.
Net from railway
President—
Corporation has notified the New York Stock Exchange that an option
has been granted to Bror G. Dahlberg for the purchase at $12 per share Of
an aggregate of 25,000 shares of common stock of the Corporation on or
Net after rents
-V. 148, p. 2737.
before the close of business Nov. 4, 1941.
Corporation has notified the New York Stock Exchange that Henry J.
Hartley has been elected President and director of the company as of May
13, 1939.—V. 148, p. 3057.
'
"/
Charleston & Western Carolina Ryv
Gross
$187,105
50,778
20,823
railway
railway.
Net
rents
from
_____
From Jan.
.$230,784
85,264
48,209
$187,536
54,613
33,430
734,323
149,504
46,305
882,597
311,068
188,337
railway
Net from railway
after rents
___
____
Chesapeake & Ohio Ry.-—Construction—
>
Gross from railway.
Net from railway.
.....
Net after rents._
1939
railway
railway
from
Net
1938
$6,650,156
1,495,623
403,460
$7,596,541
1,437,154
26,817,246
5,301,652
853,564
31 *730,589
after rents
...
1,135,760
43,014
1936
410,539
'
$7,051,198
1,176,574
109,774
From Jan. ,1—
Gross from railway
Net from railway—...
28,271,664
6,231,419
rents.....J'..
1,941,212
—V. 148, p.
2736.
Chicago
...
8,051,308
3,740,138
29,415,463
7,005,966
3,102,016
.
Illinois RR.—ICC Fixes Expenses
& Eastern
Reorganize Road—
The Interstate Commerce Commission May 29 fixed maximum compen¬
allowances for services and reimbursement of expenses in connec¬
sation
tion with the reorganization of the company.
Allowances as set by the "Commission,
.
including
already
payments
made, and the amounts requested by the claimants, follow:
"
Maximum
Amount
•
,
Fixed
Claimed
Claimant—
Reconstruction Finance Corporation
Chemical Bank & Trust Co...
_
_
:
_
_
_
_____
Wright, Gordon, Zachry & Parlin; Burry, John¬
stone, Peters & Dixon
•
Central Hanover Bank & Trust Co
Larkin, Rathbone & Perry
Gilruth, Beck & McConnell
j
i._
:
12,515
7,790
,.i
i
5,515
.
6,090
'4,500
3,539
2,42.3
9,000
2,175
9,086
2,723
■__!
15,500
3,825
'
650
300
315
100
—
Louis B. Wehl
$4,751
6,651
15.000
._
Guaranty Trust Co. of New York
'•
$5,751
7,651
__
__
Davis, Polk, Wardwell, Gardiner & Reed
Tenney, Harding, Sherman & Rogers
Irving Trust Co
•
Davis, Auerbach, Cornell & Hardy...
Isham, Lincoln & Beale:..
Protective Committee—General mortgage bonds._
365
150
77,354
88,619
i
$164,460
27,008
64,566
$247,062
Ernest S. Ballard
Grand total
1,347,019
340,607
65,630
$256,036.
_________
Gross from railway
Net from railway
Net after rents
Year
1937
1936
$5,876,673
def658,617
$6,133,156
617,176
def 197,614
22,288,025
2,279,967def896,746
24,196,901
22,564.749
3,208,772
1,443,540
17,989 def1,479,528
176,289
386,873
def455,024
Certificates—
on May 20 authorized the company
exceeding $4,500,000 of trustees' certificates, to be sold or
otherwise disposed of at par and accrued interest, and the proceeds used to
pay a like principal amount of outstanding certificates due June 1, 1939.
Pursuant to authority granted by ICC order of May 26, 1936, the trustees
issued $4,500,000 of trustees' certificates, dated as of June 1, 1936, bearing
interest at the rate of 3H% per annum, and due June 1, 1939.
Of these
certificates, $4,300,000 were issued to First National Bank, Chicago, and
$200,000 to Mississippi Valley Trust Co., St. Louis, Mo., and the proceeds
used for maintenance and additions and betterments on the lines of the
company and certain of its subsidiaries.
The certificates are outstanding
and the trustees will not be able to pay them at maturity, but each of the
banks mentioned is willfng to renew or extend its load for a period of two
years from June 1, 1939, with interest thereon at the rate of 3% per annum,
payable semi-annually, and is willing to accept as evidence of the indebted¬
ness so renewed or extended, trustees' certificates in a principal amount
equal thereto.
,
■
<•
The proposed certificates will be dated June 1, 1939, will bear interest
at the rate of 3% per annum, payable semi-annually on June 1 and Dec. 1,
will be redeemable as a whole at the option of the trustees on any, interestpayment date after June 1, 1939, upon not less than 30 days' notice, at par
and accrued interest, and will mature June 1, 1941.
The certificates are
to be secured by a prior lien upon all the property and surplus earnings and
income of the railway company, but not of any subsidiary thereof, subject
only to the lien of taxes and assessments, the rights of pledgees of the
railway company in respect of pledged collateral now in the possession of
the pledgees, and the rights of the trustees under the respective equipment
trusts in respect of the equipment subject thereto.
Except for the date of the certificates, the rate of interest thereon, and
the maturity date thereof, the proposed certificates will be in substantially
the same form and will contain substantially the same terms, provisions,
and conditions as the outstanding certificates.
The certificates will be
issued at par and accrued interest direct to the banks mentioned above in
the amount of their respective loans, and the outstanding certificates will
thereupon be canceled and surrendered to the trustees.—V. 148, p.^3217.
issue not
Chicago St. Paul Minneapolis & Omaha Ry.- Earnings
1939
1938
1937
Gross from railway
$1,199,797
$1,163,295
149,087
def53,348
$1,340,486
174,219
$1,349,251
106,810
def42,703
def50,212
5,272,828
5,384,395
352,717
def452,225
def86,517
Net after rents
From Jan.
4,927,724
1938
1937
$1,193,128
181,484
def32,624
$1,083,718
142,242
def70,976
$1,282,665
248,184
16,065
4.938,958
945,125
79,433
Gross from railway.
Net from railway
Net after rents..___,
4,698,036
810,001
def41,076
5,691,059
1,574,612
636,855
1936
$1,230,156
273,391
58,535
'
From Jan. 1—
Gross from railway
Net from railway.:
•
after rents
5,216,931
1,208,452
336,044
__
Net after rents
i
..
401,711
def439.963
4.886,964
515,417
def308,822
351,598
def528,197
2577.
New OrleansJ&iTexas
Changed—Dividend—
Cincinnati
Value
164,330
1—*
Gross from railway
to Date
1939
April—
-Par
Pacific Ry
«
•
annual meeting approved change in the
shares of $20 par value from 90,000
shares of such new shares to be issued in exchange
for the 89,700 shares of $100 ,par value presently outstanding.
No change
of any kind is contemplated in the existing shares of preferred stock.
The
change in the common stock par value and number of authorized sharesJis
subject to approval of the Interstate Commerce Commission.
,
Directors on May 25 declared a cash dividend of $10 per share on the
common stock, par $20, now outstanding payable June 26 to holders of
record June 5. An extra dividend of $6 and a regular semi-annual dividend
of $5 per share was paid on the old $100 par stock previously outstanding
on Dec." 22, last.
See V.147, p. 3154 for record of previous dividend pay¬
ments.—V. 148, p. 3217.
Stockholders
at
their recent
authorized common stock to 1,000,000
shares of $100 par, 448,500
i
—V. 148, p. 3057.
Chicago Great Western RR.-—Earnings—
1939
1938
1937
1936
$1,397,522
347,208
74,650
$1,339,498
244,461
def24,2C6
$1,511,083
324,634
'31*402
$1,469,701
,432,958
179,384
5,629.605
1,253,241
143,960
5,352,666
6,107,490
5,270,938
737,017
def.353,921
1*262,181
104,000
def136,197
April—
Gross from railway
.
Net from railway..;
Net after rents
1—
Gross from railway....,
Net from railway.
Net after rents.._____
.
.
1
844,063
—V. 148, p. 2575.
Chicago Indianapolis & Louisville Ry.—EarningsApril—1939
Gross from railway.
$733,668
Net from railway
105,602
1938
$662,953
96,136
def26,012
Gross from railway
Net from railway
after rents
def42,748
2,809,923
278,081
def286,733
Net after rents
From Jan. 1—
2,610,478
204,482
def379,899
1937
$803,015
89,198
"def54,172
$841,790
154,409
4,942
3,561,655
690,363
77,975
3,376,044
699,927
143,917
Chicago Milwaukee St. Paul & Pacific RR.- -Earnings
1939
$7,811,066
1,010,223
def5,807
railway
Net after rents
From Jan. 1—
Gross from
railway
Net from railway
1938
$7,222,833
1,089,959
16,484
1937
1936
$8,544,487
1,403,031
340,447
$8,193,945
1,851,858
31,266,694
5,128,101
29,444,131
4,519,258
34,029,990
6,762,721
792,445
April—
Gross from railway
118,032
2,339,701
32,652,687
6,637,596
2,116,654
Net after rents
695,999
No Interest—
Stock Exchange has been notified that the trustees of
Chicago Milwaukee St. Paul & Pacific RR. Co. have not made and do not
contemplate amking application to the court in charge^ of reorganization
for authority and direction to pay the principal amount of
Milwaukee & Northern RR. Co. extended first mortgage 43^ % bonds and
extended consolidated mortgage 43^% bonds due June 1, 1939, upon their
proceedings
148, p.
2891.
City Stores Co. (&
Subs.)—Earnings—
3 Months Ended April 30—
Consolidated net profit.„
—
funded debt, &c
Consolidated net loss
148,
p.
14,390
86,969
Cr 1,692
88,091
$71,176
3217.
Cleveland Cliffs Iron Co. (&
a
$23,895
8,671
$112,053
18,560
_"_
$7,866
Minority interest-Interest on parent company's
—V.
1938
1939
.
(
Estimated Federal income taxes....
1936
2576.
maturity.—Y.
1938
$5,393,612
Trustees'
• • .
The Interstate Commerce Commission
V. 148, p.
Earnings for April and
The New York
1939
22,244,648
3,421,971
460,655
Net after rents
From Jan. 1—
No specific amount claimed.
Net from
1,495,281
420,911
58,493
$5,452,542
699,318
def90,322
,
...
Net from railway
—V. 148, p.
1,472,236
392,151
def27,698
1,473,703
257,947
def170,604
'April—
Kenneth D. Steere
Net
def20,373
$331,717
56,648
def20,940
Net from railway.
...1.
From Jan.
1936
1937
$417,253
129,388
37,655
86,417
[Exciuding Chicago Rock Island & Gulf Ry.]
75,000
29,000
15,000
committee
.VTotal
Net
Earnings—
1938
$353*268
$355,276
def8,612
defl40,073
Chicago Rock Island & Pacific Ry.—EarningsApril—
Lump sum for future expenses of all parties except
a
26,053,852
2,005,233
—V. 148, p. 2577.
to
1937
$7,026,909
April—
Gross from
Net
protective
27,256,323
2,436,041
-1939
railway ....^
Net from railway
"
•
23,535,344
331,357
April—
Gross from
.
,
Chicago Burlington & Quincy RRr —Earnings—
to
24,154,269
1,734,043
.
Gross from railway
Net from railway
The Interstate Commerce Commission on May 20 issued a certificate
authorizing construction by the company of a line of railroad extending
from a point at or near Huffsville to a point at or near Cyclone, approxi¬
mately 9.6 miles, all in Logan and Wyoming counties, W. Va.—V. 148,
p. 3217.
"
.
after
$6,588,568
273,310
def498,761
'
735,062
227,059
145,474
__
—Y. 148, p. 2575.
Net
$7,104,428
563,819
def298,185
1—
Gross from
Net
$175,805
39,788
13,544
800,4.54
263,072
144,878
from
Net from
1936
1937
1936
defl37,471
def919,066
Chicago Rock Island & Gulf Ry.
Net after rents...
From Jan. 1—
—Earnings—
1938
1939
April— •
1937
$5,748,460
"..defl',620',503def2,97l',939defl',069',507 defl',324',675
.
"
1938
$6,030,268
260,541
def499,384
3 Months Ended
Total income
Subs.)
1939
Interest on bonds
Premium and commission on bonds purchased
Amortization of bond discount and expense.
Provision for depreciation
Earnings-
and depletion.
1938
$105,420
March 31—
$184,869
169,631
19,273
17,040
49,396
bl82,447
7,099
44,670
$128,795
Net loss
$70,470
deduction of normal Federal income taxes of subsidiaries but
deducting interest on bonds, premium and commission on bonds
purchased, amortization of bond discount and expense, and provisions for
depreciation and depletion (except cost depletion applicable to land and
standing timber sold).
b Includes interest on bank loans.
Note—Total provision for depreciation and depletion for the period of
three months ended March 31,1939. was $101,157 (incl. depletion applicable
to land and standing timber sold in the amount of $4,836), of which the
applicable amount of $51,651 was charged to surplus arising from adjust¬
ment of properties for Federal income tax purposes.—V. 148, p. 3057.
a
After
before
Cluett, Peabody & Co.,
June 15.
Inc.—Interim ^Dividend—
*
declared an interim dividend of 25 cents per share on
stock, no par value, payable June 26 to holders of record
Like amount was paid on March ,25, last; a final dividend of 30
Directors have
the common
Financial
3372
cents was paid on Dec. 24, last; dividends of 15
26 and on May 2, 1938 and previously quarterly
share were distributed.-—V. 148, p. 1318.
Chronicle
Community Public Service Co.—Earnings-
cents were paid on Sept.
dividends of 25 cents per
Electric
$474,389
213,592
1936
$602,832
291,373
262,830
Icerevenues-
$483,267
186,492
172,694
1,960,540
793,994
644,967
2,258,856
1,131,504
989,551
Gross from railway
2,4/6,133
1,243,901
1,182,033
2,100,991
944,696
912,096
and State
Net from
— .
$560,604
129,915
45,314
1,915,268
200,864
defl82,189
1,850,527
316,559
Gross from railway-—
Net from railway—
2,454,340
541,338
180,897
2,088,038
348,345
38,692
.def43,482
Net after rents
3058.
Gas
Columbia
Electric
&
:
222,169
$1,267,845
Dr5,263
Dr4,659
4,706
5,000
43,672
5,000
for renewals &
replacements, &c. _
bonds—
Sundry int. paid public
and inter-company in¬
$1,145,443
$1,316,518
340,408
prov.
Corp.—Government
Pushes
$214,464
x134,546
Further steps to force the corporation to divest itself of control of the
Panhandle Eastern Pipe Line Co. and the Michigan Gas Transmission Co.
were taken June 1 by the Department of Justice.
Requesting permission
to intervene in the case, Robert H. Jackson, Acting Attorney General, said
he would ask the Securities and Exchange Commission to issue orders
disapproving any plan which did not carry out the divertment and also
refusing to defer any longer the consideration of the status of Panhandle
and Michigan.
The controversy with Columbia Gas dates back to March, 1935, when
that company and the Columbia Oil & Gasoline Corp. were charged with
violating the anti-trust laws through acquisition of Panhandle.
A consent
obtained to free Panhandle from Columbia control,
but the
Department concluded that the purpose of the decree was not being carried
Accordingly, last December it told Columbia Gas & Columbia Oil
out.
that something must be done, and after 4 H months motions were filed in
the Federal District Court of Delaware on May 15.
Mr. Jackson argued that the consent decree had failed to "nullify" the
elements of control by Columbia and» that Columbia actually "had streng¬
2,473
10,741
33,912
51,219
244,853
25,053
278,382
23,503
$43,275
1,020,143
$117,187
'
(net)
renewals and
replacements
Fed. and State inc. tax-
April—.
1939
8?0,169
$478,942
849,974
222
702
$665,717
535,425
3,057
$1,063,421
Total
$937,578
$1,329,619
$1,204,199
returned through
cancellation of scrip-_
Divs. paid on com. stk._
Net after rents
From Jan. 1—
•
Gross from railway^—
88",732
*
.
42,202
13,455
1936
$85,678
311
def3,505
338,578
16,294
440,441
79,651
37,822
•
defl,288
Co,—Weekly Output—
——Kilowatt-Hour Output
1939
r 1938
134,673,000
131,669,000
129,679,000
130,073,000
—
*
—
—
.
Per Cent
12.8
8.1
7.1
8,.6
InvCst'ts in sub.
—
—
"
Net oper. revenues--
163,369
"18,977
41,361
$146,424
1,231
Non-oper. income (net).
Balance:...----.
Gross income..
Interest to
$112,817
4,099
71,345
—
public
Int. to parent company.
Amort, of debt disc't &
expense-,-..--
—
—
$1,836,349
$140,743
33,250
$1,900,284
456,274
$1,843,832
320,648
$1,444,010
$1,523,183
43,149
31,207
840,399
"
842,511
:-,
1,027
450
1,025
197
12,314
3,516
$35,895
—
$31,046
$542,521
$630„582
102,743
1,891
100,788
4,606
$437,887
437,887
$525,188
525,188
18,418
2,576/
Divs. paid and accrued on preferred stocks:
To public.
To parent company—
-----
---.-.
Letter of credit for
•
»
a
Total...
832,794
830,771
— —
Interest not earned..
Preferred dividends
■
Other earningsu
a Com. div. from
sub., not consolidated
•Otherincome.
____
11,739
1,891
6,393
125,029
-
7,605
4,606
6,761
186,449
-
,$1,413,98P
880,959
$533,022
Connecticut
See Air
Devices Corp.
of
New
893,428
$670,281
York, Inc.—Weekly
Output—
Company announces production of the electric plants of its system for
the week endedMay'28, amounting to
134,800,000 kilowatt hours, com¬
pared with 119,000,000 kilowatt hours for the corresponding week of 1938,
an increase of 13.3%.—V. 148, p. 3219.
Consolidated
Gas
Electric
Light & Power
Baltimore—Underwriters for Bond Issue Named—
Co.
of
The company in an amendment to its registration statement filed with the
Securities and Exchange Commission, lists underwriters and the amount
of their participation in its $7,000,000 1st 3s series P of 1969, as follows:
White, Weld & Co., $1,675,000; First Boston Corp., $1,300,000; Minsch,
Gross & Co., $800,000; Lee,
Higginson Corp., $500,000; Alex Brown & Sons, $450,000; Baker, Watts &
Co. and Mackubin, Legg & Co., $300,000 each; Robert Garrett & Sons, and
W. W. Lanahan & Co., $225,000 each.—V. 148, p.
321p.
Monell & Co., Inc., $1,225,000; Joseph W.
Cosmocolor
See list
Corp .—Registers with SEC—
given on first page of this department.
"27,881
72,725
9,639
273,102
1,797,244
4,436,625
71,543
17,669
265,261
1,675
1,784,256
4,436,625
974,689
849,974
Total, ._....-.14,335,101
14,402,766
int.
on
con¬
deposits
Acer, insur:, wages
taxes (other than
Income tax)
Accrued lnc. taxes
_
Consumers' depos.
Unred. ice coupons
994
Com. stk. (par $25)
Earned surplus.
..
210,890
After
reserve
14,402,766
for retirements of $2,891,973 in 1939 and $2,982,994 in
Consolidated Gas Utilities
Operating revenues
Total income
Operating
b Net
al80,685
—
$699,243
297,050,
$1,979,370
1,101,236
$2,233,941
1,126,445
$338,059
$878,134
345
687
$1,107,496
2,709
$402,284
150,443
$338,405
155,639
$878,821
591,689
$1,110,206
;
760
123,169
125,983
140,540
497,179
6,034
507,940
$128,672
$0.15'
-
from oper
$634,621
296,561
$402,193
—
$56,022
$0.06
c$35Q,588
c$0.40
c$9,807
c$0.01,
91
Total.
Prov. for deprec. & depl.
Loss on expired leases &
retir em' t of cap. assetsi
Interest deductions
,
Net income
per
1939—12 Mos.'—1938
$1,979,370
$2,053,255
______
Other income-
Earnings
$634,621
—
expenses
earns,
Corp.—Eamings-r-
1939—3 Mos.—1938
$699,243
Funds released.____
share
o
606,039
Which had been impounded during rate litigation prior to April 30.
1937.
b Before provision for depreciation and depletion and before interest
c Indicates loss.
a
Balance Sheet
,
Accts.
316,770
246,207
239,953
194,077
& notes re¬
ceivable
(net)..
Liabilities—
$,
87&.026
Com. stk.($l par).
8,016,158
Accounts payable.
62,515
Taxes accrued
,64,423
Funded debt—»_
Interest accrued
215,487
27,970
_.
Miscell. accruals..
Consumers' depos.
3,786
gas
3,645
38,213
183,983
872,174
8,226,560
66,685
.73,060
200,793
50,746
157,663
3,387,587
6,378
def74,816
284,511
12.725,353
1.3,326,158
146,381
Earned surplus.
46,979
183,200
16,056
employees..
$
"
Capital surplus— 3,382,828
6,378
"surplus...
Paid-in
of officers
'
and
Unbilled
1938
1939
„
Cash..
April 30
1938
48sets—
1
$
" $
Prop., plant, equip
& leaseholds, netll.074,633 11,767,965
Intangible assets..
838,496
835,862
Investments
5,682
5,838
Cash dep. with tr_
,7,624
17,999
24,542
rev.
Material & suppl-.
Prepayments
_____
Total
..12,725,353 13,326,158
-V. 148. p.2579.
Consolidated Oil
above.
Co.
25,428
Acer.
.21,806
Period End. Apr. 30—
Telephone & Electric Corp.—New Name
Consolidated Edison
26,235
count and exp..
$1,563,709
a Includes $125,029
(1938, $186,443) representing amount assigned to
shares of common stock of General Public
Utilities, Inc., received as a
dividend.—V. 148, p. 3059.
'
7,891.
84,596
Reserves
surance, «fec.—
(net)
.
4,621
Unamort. debt, dis-,
Indebt.
—
2,600
365,345
Prepaid taxes, in¬
306
269
.
Expenses, taxes Sf deductions from gross income.
imp
a Amount avail. for divs. and
surplus.
2,600
311,214
material & suppl
Inventory of mat'l
and supplies:
6,767,700
87,694
22,000
called for red--..
sumers'
990,336
10,200
485,942
4,147
786,620
7,350
405,106
3,728
—
1939
Balance applicable to parent company.
Bal. of earns, applic. to parent company
Earns, from sub. cos. deducted in arriving at above:
Interest earned._.
i.._
—
.40
-
hand-.--
6,600,000
118,034
-
pref. stk.
debt.:..
trustee.:.-
7,483
,
Miscell. income deducts/
Net income-
.
$1,896,107
4,177
$107,493
4,337
70,887
$147,655
Retirement accruals—34,838
.
1938.
y After reserve for uncollectible accounts of $55,129 in 1939 and.
§53;053 in 1938.—V. 148, p. 1801.
$138,830
1,913
-
•
$
Acer. Int. on fund
Bank depos. & cash
x
1939—12 Mos.—1938
$4,659,557
$4,507,322
2,049,141
1,968,578
222,249
261,779
492,059
440,615
159,730
18,612
40,003
.
2,844
Liab. for
71,379
2,844
.
Total...-..-..14,335,101
\
1939—Month—1938
$370,132
$357,17,5
Operation—
Maintenance....-—
Taxes..
"
71,160
cos
Miscell. lnvestm'ts
Community Power & Light Co. (& Subs/)—Earnings—
Per. End. April 30—?'
Operating revenues.—
debt
Funded
Accounts payable
Funds depos. with
Increase
119,408,000
121,803,000
121,043,000
119,814,000
'
•
1938
$
Liabilities—
progress—-.12,507,352 12,448,125
in
Insur. & other dep.
the Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended May 27, 1939 was 134,673,000
kilowatt-hours compared with 119,408>000 kilowatt-hours in the corres¬
ponding period last year, an increase of 12.8%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Week Ended—
$
Prop., plant and
Notes receivable.,
y Accts. receivable
The electricity output of
May 27—
May 20...
May 13-...
May
6—
—V. 148, p. 3217.
$849,974
1939
1938
$
equip., Inc. wrk.
x
on
Commonwealth Edison
■
Balance Sheet March 31
,
-
.
$974,689
Includes interest to May
.
389,663
111,501
65,642
Net from railway
Net after rents. ——
—V. 148, P. 2578.
$849,974
$974,689'
354,930
13,1939, on 1st mortgage 5%, series A bonds,
due 1960, called for redemption and interest since March 13, 1939, on
presently outstanding bonds.
Notes—(1) Revenues of subsidiary which are not included in this state¬
ment are for year ended March 31, 1939; gross $115,521; net, $4,882.
(2) Federal and State income tax deductions are based on rendered return
by the company for 1937 and 1938; no provision has been made for income
taxes which may be assessed against 1939 earnings.
x
Assets—
1937
455,347
88,873
,
$110,678
12,595
def1,422
■
Crl ,269
355,494
Crl ,269
Surplus, end of period -
.
1938
$87,529
6,256
134
8,508
Divs.
Ry.—Earnings—
$121,282
.31,073
19,672
Gross from railway.....
Net from railway——
7
3
Surplus begin, of periodDisc, on bonds reacq—
1939
Columbus & Greenville
x385,853
;
for
thened its position" by acquiring control "over the physical means of access
;
$255,498
84,619
2,731
Interest on
Prov.
by Panhandle Eastern to Detroit."—V. 148, p. 3058.
223,406
$1,135,737
merchandise &
Fight—
decree was
54,432
$260,157
Balance avail, for int.,
terest
'
,
$3,233,432
1,519,215
224,203
Divs. from subsidiary.-
1936
$620,140
145,088
61,341
7,511
Net after rents.
From Jan. 1—
$3,179,812
1,570,061
250,608
56,311
other miscell. opers—
$477,517
55,369
def51,454
$507,890
104,834
Gross from railway.^—
Net from railway—
279,472
211,636
413,989
$219,727
income)
Net income from opersi
Colorado & Southern Ry.—Earnings—
April—
1938
1938
1937
$2,328,335
279,159
212,758
372,156
Fed.
(other than
Taxes
148, P. 2577.
—V. 148, P.
-—
$2,315,738
$731,704
357,297
59,817
$731,282
375,949
79,295
Total oper. revenues-
Operation expense
Maintenance-
Net from railway-—
Net after rents..
—V.
1937
$471,334
198,877
151,115
172,560
Net after rents
From Jan. 1—
-
Gas revenues
1938
1939
April—
Gross from railway
revenues..,—
Water revenues
1939—12 Mos.—1938
1939—3 Mos.—1938
$556,074
$564,898
63,897
63,787
89,589
78,496
21,722
24,522
Period End. Mar. 31—
;
Clinchfield RR.-—Earnings—
Net from railway..
1939
June 3,
Total
Corp.—New Treasurer—
M. L. Gosney, formerly an Assistant Treasurer, has been elected
Treasurer of this corporation.
J. Koetting has been elected Assistant
Treasurer.—V. 148, p. 2579.
(Wm.) Cramp & Sons Ship & Engine Building Co.—
Balance Sheet Dec. 31—
Assets—
1938
Cash in banks.—
Accts. receivable.
x
$294
876
Notes receivable
(not current)
16,913
16,710
219.599
207,937
125,000
7,578,548
125,000
7,578,548
24,580
Gen. mtge. 6s held
in treasury
y
Fixed assets
Deferred assets
24,494
Total..
x
$7,966,241 $7,953,880
Includes accrued interest,
—V. 148, p. 729.
Notes
payable
Prop, taxes, penal¬
ties, &c
—
1937
$1,011
319,441
$1,265
290,914
1,203,391
Accounts payable.
1,098,445
1,397,500
1,457,500
6,182,563
Ground rents (est.)
4,032
Reserves
24,272
Notes payable
Proceeds of sale of
assets
1938
Liabilities—
1937
$268
1,332
.
y
Past due obliga'ns-
-
Capital stock
Deficit
Total.
5,997,643
4,032
24,272
15,232,590 15,232,500
—16,458,469 16,092,711
$7,966,241 $7,953,860
After deducting deprec. of $1,818,811.
'
I
.
Volume
Financial
148
Chronicle
Crosley Corp. (& Subs.)—EarningsConsolidated Income Account for Periods Stated
Net sales.
Profit from operat'n..
Other income
$511,079
98,669
.
Total income.
Amortiz. of pat. rights.
Interest paid__n
Loss on capital assets
Flood and fire loss
_
11,585
284,812
44,496
14,422
Depreciation
taxes
.
Net profit. 1
Previous net worth
$5,851,369
$469,675
5,259,631
20,729
$5,750,035
See
x
136,434
385,776
51,921
229,135
272,643
rJfofit 1 •"
l
*r v - - - r- -r - " - 7 - - - r - - - - - - $2,1*7.392
applicable to capital stock of sub.
$1,051,778
Federal normal income tax (estimated) ..........
Federal surtax pn undistributed profits (estimated)
82,597
T
Loss
W
(now merged
held by the minority interest
during part of the period.
with the company)
-
-
-
-
Dividends paid
19,538
">
...w*.
Net worth at Dec. 31.
Earnings
136",450
682",250
„
$5,851,369
$5,766,468
$1,081,513
1,712,040
....
per
.....
share...
Capital Surplus
Balance Nov. 30, 1937
.
Assets—
1938
Liabilities—
1937
$466,363
$186,961
Acc'ts and notes
Acc'ts pay.
1,505,740
Inventories
4,0*0,002
accepts, payable
Accrued royalties.
2,907,607
Accrued taxes
Sundry accounts..
3,028,293
b
R'lest, Abldgs.,
mach'y& equip. 2,675,800
Securities—Argen¬
tine Republic.
and
79.799
266,666
2,500
2,500
13,567
...
13,567
533,333
Surplus
689,440
3,000,000
2,766,468
earned... 2,851,369
life insurance...
33,725
-
in statement of profit and loss
Balance Nov. 30,
3,275
1938
Assets—
1937
$
Total......
Disputed
claims
agst. U. S. Govt.
jp. 3157.
Delaware Lackawanna & Western
1939
$4,365,254.
1938
$3,598,976
706,493
198,371
Net from railway.1,119,634
Net after rents.
563,675
From Jan
.
1—
RR.—Earnings-r
Due
.
Gross from railway.
Net from railway
14,065,557
2,523,561
667.264
16,159,586
3,520,821
1,503,112
..
Net after rents-----—V. 148, p. 2581.
17,440,746
4,367,579
16,197,229
a
Delaware River Steel
Cd., Chester, Pa.—Reorganization
Proceedings Dismissed—
Denver & Rio Grande Western RR
April
,
Gross from railway.
Net from railway.
Net after rents
.....
From Jan. 1—
Gross from railway.....
1939
$1,712,147
61,854
def195,851
1938
.
$1,560,880
def102,438
def372,679
...
1937
$1,979,506'
def50,080
def302,153
April—
...
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents;
-
...
—V. 148, p. 2739.
6,942,808
809,327
6,421,761
def666,055
421*560
1939
$154,759
def.5,252
16,125
8,180,745
757,447
def198,698
740,647
157,993
211,026
1939
railway
Net from railway_
Net after rents
l
.
.
.
7,224,276
1,179,556
298,086
148, p. 2894.
5,824
1,404,458
Earned surplus-
Total-
$185,665
53,294
def 5,835
556,862
212,396
1937
i1,204
1936
$162,019
def 569
19,552
.
599,673
105,555
168,026-
V
972,779
316,245
348,497
950,658
318,267
380,427
$130,145
def15,047
-
2,683,053
.
.
.. —
13,947,346.19,314,126
2582.
p.
Ky.—Earnings1937
3
$2,006,421
1,167,273
749,434
1936
$168,264
def356,415.
def410,30Q
.
RR.—Earnings-
1938
$169,346
51,695
def 1,051
908,348
407,536
142,488
$262,515
82,880
61,457
$178,631
25,486
1,787
865,085193,414
100,937
$138,316
10,578
def40,009
•
1936
1937
1938
$143,872
685,419
72,249
6,023
defl ,339
1—
Net from railway.....
Net after rents
—
532,979
def 82,187
....
553,865
def45,524
defl56,403
def 119,810
—V. 148, p. 2894.
Corp.—Income Statement—
Du Pont Film Mfg.
Income Account Year Ended
from operations..:—
Provision for depreciation and obsolescence.
Dec. 31, 1938
..*$1,742,766
222,420
Income
... _ — ...
—
Income from operations
— .
:
Dividends received on common stock of E. I. du Pont de Nem___________
1937
1936
$302,911
156,080
75,863
oprs
$331,560
178,090
93,868
1
1,528,400
929,722
512,276
1,500,418
888,143
489,624
& Co.
$1,520,346
1,893
acquired for awards to employees under bonus plan
Total
—
—
—
a
....—w—.
,
$1,522:239
262,673
_-__i
...
$1,259,566
'—^
Net income
Surplus at beginning of year.
908,130
........
^
.
Diamond Match Co.
Quar. End. Mar. 31—
Operating income
Federal taxes, &c_
Depreciation
—
def 16,995
railway
Provision for Federal income tax.
1,191,892
.
.
1938
$165,965
def377,099
def436,848
1939
April—•
Gross from
Net from railway. . . i.
Net after rents.......
From Jan.
1938
$127,449
18,337
38,208
•
.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
991,727
Capital .stock... 4,360,104
Capital surplus— 3,783,131
a
.
Gross from railway....
4
Detroit & Toledo Shore Line
Gross from
757,784
164,277
4,360,104
3,783,131
2,593,688
on
2,439,432
'
474,702
def145,881 defl ,537,432
_def2,185,062defl ,850,813 defl,240,181 defl ,711,928
—V. 148, P. 2582.
.
,
April—
taxes,
Income (est
1—
Net after rents..
$1,946,630
226,871
def47,268
Denver & Salt Lake Ry.— -EarningsGross froni railway...
Net from railway._....
322,276
Gross from railway
484,767
512,050
Net from railway.....:def1,694,185def1,636,072
1936
•
138,395
811,999
Duluth South Shore & Atlantic Ry.- -Earning*—
def 181,922
Net from railway
Net after rents—
—V. 148, p. 2739.
2,824,425
1939
$208,787
def365,320
def495,564
Net after rents
From Jan.
197,784
Reserves.
Represented by 570,680 no par shares.—V. 148,
April—
-Earnings-—
469,452
324,949
...
Federal
9,0*9
.-13,947,346 19,314,126
Gross from railway.....
Net from railway.
delphia, May 30, on the repo(t of John Hemphill, trustee, that a reorganiza¬
tion cannot be accomplished.
Company's plant has been idle since-1930.
-41,202
563,691
tracts
Duluth Missabe & Iron Range
Proceedings filed Jan. 28, last, by the company, for reorganizatibn under
the Chandler Act, were dismissed by Federal Judge Dickinson at Phila¬
.
and
payroll
commission pay.
Accrued taxes....
17,710
.
Total
5,230,000
1,495,021
689,707
Prov. for add. costs
Prov. for add. costs
on
del. planes._
on del. planes__
Acer,
$
%
Notes
Notes pay. to bks.
Accts.
Accts. pay. (trade)
Deps. ree'd on con¬
...
3,043,422
1,658,412
2,616,502
174,056
Sundry receiv'les,
advances, &c...
Prop., plant, and
equipment (net) 3,007,924
8,559
Intangibles
Deferred charges.
2,007,335
$4,264,045
1,095,062
729,915
1,092,853
69,542
officers
and employees..
1936
1937
'
$5,013,822
1,622.533
from
1937
1938
Liabilities-—
Liabilities—
$
3,558,093
1,420,560
Accts. rec. (trade) 1,115,189
1,137,686
Inventories.
4,084,055 12,240,569
Cash val! of life ins
71,729
62,735
Domestic corp. bds
24,919
17,052
$8,020,253 $8,802,049
a After reserve for loss in collection of
$120,754 in 1938 and $110,681 in
1937., b After reserve for depreciation of $1,987,319 in 1938 and $1,784,002
in 1937. c Represented by 545,800 no-par shares.—V. 148, p. 2739, V. 147
April
$2,683,053
....
Consolidated Balance Sheet Nov. 30
1938.
<-v
.$8,020,253 $8,802,0491
Gross from railway.....
2,612,040
900,000
...
....
Cash
Total
2,701,405
$5,295,093
.a...
paid ($3 per share)
$1,712,040
possible loss under contract for
experimental military project, in addition
to costs incurred to date which are deducted
Provision Tor
28,037
1
554,013
.rrzrmrr
27.800
49,746
Patent rights
$2,593,688
$2,147,.392
Deduct—Cash dividends
Gash surr. val. of
Sundry def'd assets
L
to
Total.
78,856
Common capital. 3,000,000
c
Earned Surplus
.
^charged against operations of 1938--
70,688
144,993
notes
payable..
Reserves
inactive subs...
38,162
667,724
112,180
*68,892
52,706
$3,783,131
surplus of reserve provided in
1937 from surplus against loss on a contract
which was completed in 1938, such loss being
trade
789,722
Non-current
73,925
Sees.—cap. stk. of
Other securities
Notes
,
...
Add—Consolidated net profit for the year.
Restoration
162,373
transit).
241
6,530
'
(no change during year)..
Balance Nqv. 30, 1937...
$812,485
$616,345
Acc'ts pay. (mat'is
and
mdse.
in
(customers) 1,669,919
Acc'ts rec. (officers
and employees).
280
Adv. to salesmen.
6,134
rec.
1937
1938
•
(trade),
$1,081,513
$1.84
Provision for depreciation of $157,864 included in above figures.
Consolidated Balance Sheet Dec. 31
Cash.__..^_..l__
$435,352
$3.76
.......
$5,613,585
$6,188,913
Including $20,650 cash surrender, value of life insurance.
—V.
29,735
$2,147,392
i
Balance surplus..
50,000
-
x
a
$1,689,991
789,530
132,799
.
for undetermined
liabils. for prior years.
Dividends paid
a
i.._.
$1,597,648
92.342
$2,585,088
_________________
$2,519,978
$2,510,138
74,950
•_
Profit before depreciation
Provision for depreciation
218", 021
$6,871,163
$5,836,006
$4,056,193
1,496,615
49,440
..
.*...
Other deduction from income
^Consolidated net profit....
Provision for prior years'
Federal taxes
Prov.
Operating profit...________
Experimental costs written off..
Othermcome
$1,237,056
5,613,585
20,521
$7,318,477
....
_
11",100
36,044
310,738
504,097
$7,856,867
1938
1937
.$28,347,474 $20,950,361
23,079,172
17,642,689
Selling & adminis, expenses, excl. of depreciation..
1,212,109
787,694
2,806
30,313
233,153
1939—20 Weeks—1938
$1,486,876
Cost of goods sold, exclusive of
depreciation..
Net profit
$84,901 loss$376,915
5,766,468
6.188,913
a24,008
Surplus adjustments.
$1,637,720
2740.
Income Account for Years Ended Nov. 30, (Jncl, Subs.)
$863,304
79,103
3,964
p.
Net sales.
994
for
undetermined
liabilities.
$2,274,979
114,676
56,402
12,000
148,
Douglas Aircraft Co., Inc. —Earnings—
$739,865
123,438
$2,016,660
258,319
$415,992
98,935
49,325
12,000
7,287
17,586
343,314
i"Ms
Sundry losses
Miscell. deductions
$288,864
127,128
$609,748
32,016
110,949
3,274
21,305
-
Cash discount on sales..
Loss on bad accounts
Federal
Sai?®vro- — juris.
—V.
$12,991,320 $18,735,450 $21,583,213 $15,056,176
11,004,754
16,308,433
17,605,459
13,119,211
1,475,487
2,138.154
1,961,094
1,197,098
Cost of goods sold
Expenses
Prov.
Period End. May 20— 1939—4 Weeks—1938
Year Ended Year Ended Year Ended 9Mos. End.
Dec. 31, '38 Dec. 31, '37 Dec. 31, '36 Dec. 31, '35
Period-—
3373
Dominion Stores, Ltd.—Sales—
Total surplus..
Dividends paid
(& Subs.)-—Earnings—
263,102
59,964
1938
$798,933
235,389
61,020
1937
$897,142
298,052
67,012
$529,661
450,000
350,000
$502,523
450,000
350,000
$532,078
450,000
350,000
1939
$852,727
1936
$807,157
231,863
68,535
Surplus
$2,167,696
700,000
-
-
$1,467,696
at end of year—
*
Includes $78,587 carried in reserve for contingencies at
restored to income account in 1938.
Dec. 31, 1937,
Balance Sheet Dec. 31,1938
Net profit..
Preferred dividends
Common dividends
$506,759
x375,000
700,000
Cash.
x
$297,477
$267,922
$568,241
700,000
700,000
700,000
$0.44
$0.39
$9.44
$0.40
Includes $225,000 accrued on preferred stock payable Sept. 1, 1936.
$270,339
700,000
—V. 148, P. 2740.
Accounts and notes
Deps. with mutual ins. cos..
b Common stock
.......
Plants and properties
Patents
Dominion Scottish Investments, Ltd.—Accum. Div.—
The directors have declared
a
dividend of 70 cents per share
on account of
on the 5% cum. red. preference stock, par $50, payable
June 1 to holders of record May 30.
This compares with 50 cents paid on
March 1, last; Dec. 1 and Sept. 1, 1938; a dividend of $1 paid on June 1,
accumulations
,1938; .dividends of 50 cents paid on March 1, 1938, Dec. 1 and on Sept.
1, 1937; a dividend of $1.75 paid on June 1, 1937, and one of 25 cents
paid on March 1, 1937. Accruals after the current payment will amount to
$7.54 per share.—y. 148, p. 436.
...—--
receive
Inventories at or below cost_ _
Miscel. accts. rec., adv., Ac.
a
Deficit....
Shs.com.stk.out. (no par)
Earnings per share.....
Liabilities—
Assets—•
Deferred charges
—
$389,155
524,541
1,093,775
6,835
58,203
c
d
Accounts
Misc.
$197,805
payable, trade...
payable and
accts.
accrued
391,666
liabilities
Prov. for awards to employees
under bonus plan
...
95,923 Reserve for deprec. & obsol..
4,992,248 Reserve for pensions
521 e Common stock....
40,328 Surplus
...
......
.
121,841
1,855,222
167,299
3,000,000
1,467,696
$7,201,529
a Less reserve for doubtful accounts and notes,
$213,247. b E. I. du
Pont de Nemours & Co. acquired for awards to employees under bonus
plan (733 shares, at cost),
c Including accotuits payable to E. I. du Pont
de Nemours & Co. and its wholly-owned subsidiary companies, $97,752.
d Including provision for Federal and other taxes, $311,324.
e 10,000
■hares (no par) authorized, issued and outstanding.—V. 131, p. 945.
Total
$7,201,529
Total
'
Grow? from railway-
Period End. Mar
1936
$72,093
def 16,083
def36.183
$122,875
$100,179
34,933
12,907
8,135
def 11,523
435,964
55,878
384,938
15,688
def37,764
def86,249
509,816
127,720
22,172
480,073
107,945
7,784
1937
1936
$2,757,528
2,408,138
57,415
$2,930,871
2,457,955
186,198
79,775
102,656
$206,943
-
11,792
def11,846
Net from rail way-.---Net after rents
From Jan. I—
1937
1938
1939
8103,052
....
-
—.
Oper. exps.,
Property retire. & depl.
$8,649,133 $30,394,336 $34,799,872
Net sales-
1938
—
$2,198,806
1,892,205
146,531
..... —
Cost of sales-..—*
...
Selling and administration expenses.
Depreciation
.•
.
Operating profit..
Other income.
.
-
-
$8,782,741
$8,649,133 $30,394,336 $34,801,086
104,273
490,114
687,560
*
.
Interests
.
.........
9,750
11,888
Inventory adjustmentIncome tax
.
.....
20,634
5,591
reserve—
Net income—
Preferred dividends
..."
x
$170,176
32,738
$2,865,471
$2,653,894
$6,788,669 $10,400,438
$2,865,471
$2,653,894
$6,788,669 $10,400,43$
354
12
$2,865,825
Expenses, incl. taxes...
48,682
Interest and other deduc
414,176
1937
$2,653,906
47,615
415,244
$6,789;865 $10,401,045
273,682
198,403
1,658,130
1,611,393
$2,191,047
$4,858,053
Elec.Pow. &Lt.Corp.—
& Light Corp. in
of
inc.
subsidiaries
Other income
...
Total
.
Total———$2,689,542 $2,841,055
Statement of Income (Company Only)
and 59,324 no par shares
Period End. Mar. 31—
Co.—Earnings—
Gross operating income.
$2,041 >354
...
Operating and general expenses.....
459,189
Net operating loss....
Other income.........—.—.
$13,587
5,795
—
■
-
....
Depletion, depreciation, &c._,
Net loss
Paid-in
1 —•
-
-
—
.
...
--
***_
Other int.
Power
x
Light & Power Co.—Seeks Exemption—-
Company, a subsidiary in the Cities Service Power & Light Go. holding
company system, has filed an application (Pile 32-147) under the Holding
Company Act for an exemption from the necessity of filing a declaration in
connection with the proposed issue and sale of $481,000 promissory note
and the issue of $481,000 3H% first mortgage and refunding bonds, due
1943, to be pledged as collateral security for the note.
Proceeds are to be
used towards payment at maturity of $481,000 5% first mortgage bonds,
due July 1,1939, of Bristol Gas & Electric Co.—V. 148, p. 579.
.Eastern Utilities Associates (& Subs.)1—Earnings—1939—Month—1938
$724,060
$670,816
364,386
343,718
32,181
21,972
63.707
63,741
98,884
'
Balance
Interest & amortizationMiscellaneous deducts..
$153,711
$167,130
36,163
291,514
764,710
1,050,547
332,320
764,758
1,160,860,
3,972
Balance..
;
$126,994
Preferred dividend deductions:
B. V. G. & E. Co—.
...
for
Subscr.
$7
pref. stk. allot-
99,661
122,635
Accts. receivable
14,377
33,080
1,121
103,109
3,548,370
34,418
Reacq. cap. stk.
Deferred charges
Total
Oth.
payable.
llabs.
164,729
156,349
4,511,688
122,703
Earned surplus.
23,133
156,294
4,804,683
curr.
Reserve-
103,002
3,583,514
.192,502,743 192;351,593
...192,502,743 192,351,593
Total
x Represented by:
$7 pref. cum. (entitled upon liquidation to $100 a
share); pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135.shares.
$6 pref., cum. (entitled upon liquidation to $100"
a
share); pari passu with $7 pref. and $5 pref,; authorized,
1,000,000'
shares; issued and outstanding, 255,430 2-3 shares.
$5 pref., cum. (en¬
titled upon liquidation to $100 a share); pari passu with $7,pref. and $6
pref.; authorized; 1,000>000 shares; issued, none.
2d pref., series A ($7),.
cum. (entitled upon liquidation to $100 a,,share); pari passu with 2d pref.
series AA ($7); authorized, 120.000 shares; issued and outstanding, 79,339
shares.
2d pref., series AA. ($7) cum. (entitled upon liquidation to $100 a
share); pari passu with 2d pref., series A ($7); authorized, 100,000 shares;
issued, none.
Common, authorized, 4,000,000 shares; issued, 3,436,589
shares.—V. 148, p. 2895.
El Paso Natural Gas Co. (Del.) (& Subs.)—Earnings—
Period End. Apr. 30—
Gross oper. revenues-
10,595
$1,621,338
$1,359,760
...
77,652
$1,543,686
24,380
$1 ,'320,934
21,522
Amort. of dt. disc. & exp.
$1,519,306
$1,519,306
309,824
$1,299,412
$1,299,412
309,824
Non-recur. inc. & exp__
131,636
$1,609,236
134,631
$1,697,494
$1,474,604
1939—Month—1938
$403,966
$386,178
104,610
119,503
7,235
7,861
39,807
39,519
46,231
44,281
1939—12 Mos.—1938
$5,133,172
1,454,596
$4,861,140
38,826
.
13,809
.
,
—
—
;
...
Expenses, taxes and interest..
Balance available for dividends and surplus
—
Operation.*
Maintenance
Taxes (incl. Fed. inc.)-.
Proy. for retirements. .*
Interest
_
_
;
Net income before
income
Pref. stock div. require
Balance
for
For the week ended May 25, 1939 the kilowatt-hour
system input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light
Co., as com¬
pared with the corresponding week during 1938, was as follows:
Increase
1938
American Pow. & Lt. Co. 113,616,000
Electric Pow. & Lt. Corp 55,427,000
102,251,000
49,353,000
N^ionalPow^Lt.Co. 78,363,000
76,695,000
Musical Industries, Ltd.-
■
-New
.
1,364,060
129,050
436,560
552,492
$190,245
986
$2,515,274
11,421
$2,378,978
11,162-
$191,877
27,785
698
$191,231
33,787
2,725
$2,526,696
373,054
23,511
$2,390,140
388,228
33,268
$163,394
$154,719
$2,130,131
all9,088
$1,968,645
$163,394
8,632
$154,719
8,632
$2,249,219
103,579
$1,946,749
103,579
$154,762
$146,087
$2,145,640
$1,843,170
.
.
Dr2l ,896
a Federal income tax accrual for the year 1938 was reduced by $124,768
due to the write-off of unamortized debt expense and premium on funded
debt retired by refinancing consummated
credited to non-recurring income instead
Dec. 15, 1938.
Adjustment was
of tax expense for the purpose or
retaining normal comparison of operations.—V. 148, p. 2741.
Exolon Co.—10-Cent Dividend—
Amount
11,365,000
6,074,000
1,668,000
98,523
481,118
583,660
common
dividends & surplus
Ihc.—Weekly Input—
.
non¬
recurring inc. & exp.
Net
•
$190,851
1,026
Net oper, income.
Other income
-V. 148, p. 2740.
12.3
2.2
Directors have declared a dividend of 10 cents per share on the common
stock, no par value, payable May 31 to holders of record May 24.
This
compares with 15 cents paid on Jan. 16, last, and on Jan. 15, 1938, and
Dec. 15,1937 and two dividends of 35 cents per share each were paid in the
year 1936.—V. 148, p. 127.
t
Managing
Director—
Sir Robert McLean has been appointed
Managing Director of Gramo¬
phone Co. and Columbia Graphophone Co., the two main operating subs,
of Electric & Musical Industries, Ltd.—V. 147, p. 3308.
360,054
Accrued taxes..
146,946
528,300
10,264
Total income
Electric &
32.090,000
Special depos.
.
Long-term debt.
Accts.
4,025,167
Dividends mcelv.
Other curr. assets
1938
LiabUtties—
$
f,$
Capital stock—xl55,044,139 155,044,139
$7 preferred stk.
allotm't
ctfs.
1,500
284,228
'
..
On demand..
$1,898,324
applicable to E. U. A__
1939
207
$147,346
31,980,931
10,104
1,582
A
Cash in banks—
$2,136,931
504,998
Applicable to E. U. A
Operating Subs, of—
879
$292,995
3,810,217 Accrued, accts.*
certificates-
$154,246
43,147
3,954
Non-subsidiary income.
Ebasco Services
,
1939
$
-184,630,573 184,696,226
Total gross income.
cos.
,
1938
"
%
Investments
$1,884,515
Balance
Applicable to minority interest
$17,506
Balance Sheet March 31 {Company Only)
$107,144
.
185
$9,572
55
$2,167,491
Dr30,560
535
_
Earns, of sub.
1939—12 Mos.—I938
$8,285,427
$8,605,374
4,294,141
4,179,945
87,675-
$164,892
2,238
_
38,974
592
592
$i ,829,130
Non-oper. income (net)
x22,212
38,974
1939
$27,023; preferred stock dividend payable Jan. 5, 1939, $7,175; long-term
liabilities, $23,550; $1.50 cumulative convertible preferred stock (par $20),
$382,620; common stock (paf $1), $460,520; paid-in surplus, $1,724,262;
treasury common stock, 146,328 shares at cost, $841,479; total, $1,865,425^
—V. 147, P. 3608.
Net oper. revenues...
67,685
9,744
Represents interest from Dec. 8,1937, on which date these bonds were
Assets—
and deferred charges, $48,994; total, $1,865,425.
—
17,815
9,744
assumed by this company.
Liabilities—Notes payable, $993; accounts payable. $79,174; due to
officers and employees, $1,587; accrued taxes, commissions, interest, &c,,
Retire, res. accruals..
Taxes (incl.inc. (taxes).
1,550,000
16,285
Net income.........
ferred receivables, $172,074; investments, $28,963; property, plant and
equipment (net), $1,000,378; land, buildings and equipment not used in the
business, at cost less reserves for depreciation of $36,482, $36,395; prepaid
*
1,550,000
bonds retired...
Assets—Cash in banks and on hand, $176,267; receivables (less reserve
for doubtful receivables of $16,998), $241,552' inventories, $160,802; de¬
Operation
Maintenance
387,500
deductions
Balance Sheet Dec. 31, 1938
Period End. April 30—
Operating revenues
387,500
and exp.
on
Secur.
Corp.
Balance, Dec. 31. 1938.——.. $1,724,262
East Tennessee
$1,957,142
198,40$
gold debens.
expense on
$85,013
1,837,973
28,699
...
Dividends paid on preferred stock.*...
expenses
$2,224,807
273,682
Amort, of debt disc, and
$242,539
157,527
—
.:
surplus....
$472,431
47,615
...
$7,792
6,250
228,498
Premium
*
Special credits (net)..*—.
$1,956,530
612
$472,419
fold series....
bonds, American
%
i
V
Netlosg--..
Interest charges.
Net loss.
12
$480,364
48,682
,
Expenses, incl. taxes...
Interest on gold debs.,
5% series, due 2030._
Interest on Power Securi¬
ties Corp. coll. trust
1,595,752
...
— —
•/;'.'
$2,223,611
1,196
$480,010
354
Total..
....
—
$8,591,249
1939—12 Mos.—1938
1939—3 Mos.—1938
Other......
,
Earnings for the Year Ended Dec. 31, 1938
...
612
Includes $418,505 representing non-recurring charges during the quarter
ended Dec. 31, 1937 for reorganization expenses of certain subsidiaries.
Gross income from subs.
—
l,'l96
x
x Represented
by 12,500 no par shares of class A
of class B stock.—V. 148, p. 2894.
Cost of sales and services—
255,187
.
Net equity of Elec. Pow.
30,314
Tbtal—..$2,689,542 $2,841,055
Eason Oil
185,020
90,025
...
in inc. of subs
1938
LiabUUies-
1937'
29,000
30,623
$4,715,537 $14,930,329 $18,494,311
1,971,618
7,886,473
7,908,858
Net equity of Electric
Power & Light Corp.
notes
receivable.—...
Deferred charges..
.
75,724
ority interests—.
......
estate
..
$54,573
6% pref.stocl£-..-$2,182,550 $2,1$2,550
Land, bldgs., ma¬
113,108
113,108
chinery, Ac
$1,864,423 $1,872,850 x Common stock..
Cash
280,000
100,000
130,035
109,756 Notes payable....
Notes receivable..
30,262
50,684
2,303 Accounts payable.,
1,499
Accts. receivable.*
26,412
20,424
311,324 Accrued expenses.
277,455
Inventories......
5,591
481,742 Res.for inc.taxes.
347,995
Other receivables.
27,796
3,001
32,766 Contingent reserve
2,274
37,899
Cash
Deprec. rese/ve.:.
- 95,741
deposit
in
Earned surplus..*
escrow...
137.438
124,032
6,237
Beat
308,471
Cr2,186
Balance.
$4,912,813
Pref. divs. to public....
1,971,618
Portion applic. to min¬
1,999,599/
1,997,970
1,323,084
xl ,442,640
Cr81,732
Cr105,344
491,442
295,019
020,532
493,315
deductions
Int. charged to constr..
Balance Sheet Dec. 31
1938
_
Other
Before deducting income tax reserves of $10,854.
Assets—
3,034,685
on long-term debt.
interest
(notes,
loans, &c.)-.---
873,416
420,810
$8,614,810 $30,463,640 $34,615,230
3,133,344
12,292,360
12;785,653
Other
$70,942
16,369
$137,438
$8,747,098
Balance carried to consol. earned surplus. $2,402,967
......
Balance, surplus....
x
138,596
109,475
_
—
.........
$98,346
98,214
$132
—
;
Int.
10,601
$110,506
2,333
36,164
1,066
Other deductions
73,832
...
deduct¬
incl. taxes
,
Gross income.
$99,905
9,589
$216,531
2,866
17,265
income
Other
174,943
74,542
21,464
.,
...
Other income..
ions
1,214
......
......
Operating income-
$124,120
4,134
..—
...
Total income
•
15,919,304
—
Mills—Earnings—■
Years—
15,179,972
4,031,972
$8,782,741
(net)
Durham Hosiery
4,128,203
appropriations
Net oper revenues
Rent from lease of plants
reserve
—V. 148. P. 2582.
Calendar
1939—12 Mos.—1938
1939—3 Mos.—1938
31—
$28,070,936 $27,554,250 $104750,107 $108592,336
incl. taxes. 15,256,223
14,776,914 58,436,467 58,612,492
r"v
_
.
.
OpOTitmgwvSues
,
Gross from railway
Net from railway. ....
Netafterrents
Light Corp. (& Subs.)*—Earnings—
Electric Power &
Ry.—Earnings—
Duluth Winnipeg & Pacific
April—
June 3, 1939
Chronicle
Financial
3374
Federal Screw Works-
Plan—: ■
-Meeting Date jor Recapitalization
•
Stockholders at a meeting to be held on June 23 will vote on
recapitalization plan outlined in last week's "Chronicle."—V.
the proposed)
148, p. 3221.
I
/ olume
Financial
148
Dec. 31, 1938.
Equitable Office Building Corp.— Earnings—
Years End. Apr. 30—
1939
S60-
1936
1937
1938
$2,895,224
258,464
$3,103,253
297,326
$3,217,531
320,288
$3,215,717
$3,153,688
94,382
Depreciation
247,010
Real estate taxes.
846,800
Other oper. expenses
615,546
Prov. for doubtful accts.
15,703
Taxes
(other than real
estate <fc Fed. inc. tax)
46,750
$3,400,579
83,852
247,010
816,833
622,585
25,607
$3,537,820
$3,507,230
82,790
78,391
252,382
806,200
577,001
21,883
55,945
91,695
161,855
44,106
91,440
corp.'s
on
own
offices)
Total oper. income
Maintenance & repairs..
Alterations for tenants..
Other general expenses..
62.972
145,156
607,953
10,005
$1,079,369
1,367
$1,295,197
8,009
$1,465,681
14,678
funded
Interest
$1,303,207
1,100,977
$1,480,360
1,124,883
funded debt.
on
40,000
46,000
58,500
8,500
business
Surtax
undist. profits
on
......
Net income...
loss$14,685
Dividends paid
$275,576
Nil
1939
$
Viabilities—
April-
priv., ten-
railway
Net from railway
4,390,000
for
182,359
ac-
Net after rents.
'
.
assur.
35,000
debentures
5,477,000
5,867,000
fund
Acc'ts pay., taxes,
583,283
" 601,521
taxes...
24,870
90,545
Other current llab.
418,286
386,196
3,798
7,068
Reserves..
1,885,385
1,596,882
Surplus..
1,325,730
182,018
795,764
182,679
1,071,548
I ' 55,147
Inventories..^
d42,501
1
6,592
Deferred charges..
294,558
Accts. receivable-_
investments
Dec. 31,
1.98
Dec. 31,
Dec. 31,
nil
nil
nil
257
Feb. 28,
Feb. 28, '22x
Apr. 30, '21x_
1
1
<fcc_._„
Federal
for
Income
received
Rents
in
advance
7,708
343,516
36,264,678 36,795.282
Total
undistributed profits taxes,
b After deducting depreciation
$7,790,903 in 1939 and $7,543,376 in 1938.
c Represented by
862,098 no par shares,
d Includes notes.—V. 148, P. 1956.
Includes
def6,179
_
Faber, Coe & Gregg, Inc.—Balance Sheet Feb. 28—
.
v.........
$223,480
$304,286
Notes
481,871
450,360
806,115
less reserve
Inventories
payable
to
$250,000
r
848,936
&
Res've for
"
preferred stock.
Preferred stock
x
64,721
60,254
47,524
8,294
1
30,000
.30,000
Common stock..
1
1,532,016.
1,583,853
Surplus
interest, &c
6,911
.526,600
22,295
7,421
Life insur. policies.
6,746
495,200
,
76,405
Prepaid ins., taxes,
Automobiles, turn.
and fixtures.
Goodwill
&
marks.
_i.
trade¬
'
—
rfotal—.-$2,621,806 $2,562,261
.$2,621,806 $2,562,261
Total
147,
Represented by 30,000 shares no par stock.—V.
2531.
Griffin, editor and publisher of "The New York
William
Enquirer,"
He recently bought a
in promoting its
May 25 elected a director of this company.
was on
p.
Inc.—New Director—
Fidelio Brewery,
substantial block of stock in the company and is active
products.—V. 147, p. 3911.
Fort
•
Moines
Des
Dodge
Deposits—The
Interstate Commerce
& Southern
'
Commissioh
on
RR.-—To Seek
May 20 authorized John L.
Hugg, E. McLain Watters, and Walter E. Kennedy, serving as a protective
committee for holders of first mortgage 5% gold bonds of the company, to
solicit the deposit of such bonds and to act for Such holders in accordance
with the terms of a deposit agreement.—V. 148, p. 1028.
Ford Motor Co. of Detroit—New Director—
been elected a director of the
v Other directors are Henry Ford, Edsel B. Ford and P. E.
Henry Ford 2d, son of Edsel B. Ford, has
company.
Martin.
1
-
,
..
Sales Higher—,
sharp increase in sales of motor cars and
Ford dealers in the United States reported earlier in the month
Company announced that $he
trucks by
continuod during the second 10 days of May.
Sales, of Ford V-8 and Mercury 8 units during
the 10-day period totaled
23,042 units, a substantial increase over the volume reported in the first
10 days of the month.
,.
Total sales for the first 20 days of May were 43,195 units. This was an
.
increase of 12% over the same period of April and a gain of 46% over the
volume in the same period a year ago. The volume also was the largest for
the first 20-day period of any month since July 1937.
Mercury 8 Sales were 19% better in the first 20 days of May than during
the same period in April.
The volume for this period was the largest for
any comparable period since the car was introduced to the public last fall.
Used car sales for the 20-day period exceeded those for any comparable
period since September, 1937.
Condensed Balance Sheet Dec. 31
(As filed with Massachusetts
1938
$
.130,398,265
Assets—
Real estate
Commissioner of Corporations)
1937
1936
1935
$
$
$
122,375,918 123,275,143 141,004,515
145,006,010 125,645,403 118,519,374
83,237,332 135,943,385
95,002,834
Mach'y & equipment
Inventory
*
91,536,808
68,568,702
..307,973,616 317,387,396 378,119,715 377,310.316
Cash
6,881,061
Deferred charges.
3,570,439
2,442,300
3,129,588
..673,496,284 704,922,541 717,359,366 681,549,929
Total..
JLjid b x li t
17,264,500
57,521,618
Capital stock.
Accounts payable,
Reserves.
Profit and loss.
&c_._
Includes notes and accounts
The
17,264,500
70,387,417
17,264,500
70,346,432
receivable, securities, patent rights, &c.
following tables are taken from the Boston "News
Bureau":
"...
*
in the profit and loss account
reported to the Massachusetts Commissioner
Changes
are
17,264,500
79,729,171
9,888,891
9,184,688
17,699,023
10,961,346
...588,821,275 608,085,936 602,666,672 582,977.651
673,496,284 704,922,541 717,359,366 681,549,929
Total....
*
161,493
89,888
$460,560
132,533
67,408
2,000,491
587,704
311,174
1,841,935
548,374
300,139
$531,425
railway
1,755,539
299,248
-
2,C50,655
16,985
156,695
483,367
Four Wheel Drive Auto
Co.—Acquisition—
Mr.
Olen said the Clark
has
concern
a
production schedule of about six
weeks to be completed at its present plant.
A$ departments finish their
work, he said, machinery, patterns ahd drawings will be moved to Clin-
tonville.
»
.
While the F.W.D. was the largest buyer of Clark cabs, the concern built •
cabs for other truck companies and it is planned to continue this policy
far
as
as
possible.
About
a
half dozen key men connected with the Clark
It is expected that employment will
will come to Clintonville.
be given to 50 additional men.—V.
company
Franklin Towers
146, p. 4115.
(333 West 86th St. Corp.)—Payment
Principal—
,
a
payment of
55% on account of the
principal amount of first mortgage series A 6% gold bond certificates issued
by the corporation bearing Nos. 40 to 125, inclusive.—V. 126, p. 1679.
shown below:
General Acceptance Corp. (Pa.")—Stocks Offered—Masland, Fernon & Anderson, Philadelphia, are offering 11,588
shares 7% cum. con v. pref. stock at par ($20), and 15,0Q0
shares class A common stock (par $5) at $12.50 per share.
History—Corporation was incorporated in Pennsylvania Aug. 7, 1933 J
on or about April 1, 1934 acquired by merger the
properties and assets
Wimsett Thrift Co
incorp.
in Pennsylvania April 13, 1928.
F. Reed Wills, the President of tne cor¬
poration, together with certain of his relatives, owns and (or) controls
approximately 59% of the voting power of the corporation.
The corporation's active subsidiaries are: Motor Credit Co., Inc. (a
Pennsylvania corporation, 100% owned), Motor Credit Co., lnq. (a new
Jersey corporation, 100% owned), Madison Finance Co., Newark, N. J.
(a New Jersey corporation, 100% owned), Madison Finance Co. of Jersey
City (a New Jersey corporation, 100% owned), Madison Finance Co. of
Hackensack (a New Jersey corporation, 100% owned), and Towles & Co.,
Inc. (a Pennsylvania corporation, 75% owned).
Corporation also has an
inactive subsidiary, General
Consumer Discount Co.
(a Pennsylvania
corporation, 100% owned), and an inactive affiliate, Motor Acceptance
Co. (a Pennsylvania corporation, all of whose stock is owned by Towles
& Co., Inc.).
' .
>■
Corporation owns all of the outstanding stock of the Motor Credit Co.,
Inc. (Pa.), with offices at Bethlehem, Scranton, Wilkes-Barre and Sunbury, Pa.
This company is now engaged, pursuant to a license from the
Banking Department of that State, in the business of making small loans
of $300 or less in Pennsylvania secured by bailment leases or other lien
instruments upon motor vehicles.
The corporation also owns all of the outstanding stock of the Motor
Credit Co., Inc. (N. J.), with offices at Newark, N. J.
This company is
now engaged, pursuant to a license from the Banking Department of that
State, in the business of making small loans of $300 or less in New Jersey,
also secured by lien instruments upon motor vehicles.
In April, 1936, certain directors and officers of the corporation acquired
the Guaranty Fund Certificates of the National Mutual Assistance Co.,
which in January, 1937, was authorized by the Insurance Department of
If the company has a
Pennsylvania to continue its insurance business.
surplus, however, the Guaranty Fund may be discontinued and the cer¬
tificates retired from surplus.
According to the by-laws of the company,
the directors are chosen first from the holders of its Guaranty Fund Cer¬
tificates and secondly from its policyholders.
The original issue of Guar
anty Fund Certificates in the amount of $10,000 was at one time held by the
President of the corporation, but this amount has been Increased to $75,000.
Of this amount, certificates in the amount of $60,000 are held by the cor¬
poration to be applied as the purchase price of 5,000 shares of class A com¬
mon stock of the corporation in the event that the Assurance company exer¬
cises an option held by it covering these shares.
The remaining certifi¬
cates are held by Towles & Co., Inc., and by the officers and directors of
the corporation.
Since April 1936 all of the directors of the National
Mutual Assurance Co. have been directors or officers of the corporation
with the exception of H. K. Towles.
"
r—In April 1937 the corporation purchased 30 shares of the unissued capital
stock of Towles & Co., Inc.,,for $1,500,- thus becoming the owner of 75%
of the outstanding shares of that company, the other 25% of said shares
being owned by the wife of F. R. Wills, President of the corporation.
This company was incorporated in Pennsylvania in 1936 as successor to
Towles & Wills, a partnership, and, with the approval of the Department
of Insurance of Pennsylvania, is now engaged in the general insurance
brokerage business.
In addition, this company places all of the insurance
of the corporation and its subsidiaries incidental to the financing of auto¬
mobiles.
Towles & Co., Inc., is one of the general agents of the National
Mutual Assurance Co.
On Feb. 20, 1939, the corporation acquired all of the outstanding capital
stock of Madison Finance Co., Newark, N. J.; Madison Finance Co. of
Jersey City, N. J., and Madison Finance Co. of Hackensack, N. J., for a
total purchase price of approximately $45,500.
In computing the purchase
price of the outstanding capital stock of the three Madison companies, the
corporation did not consider the profit and loss statements of these com¬
panies, which under former ownership obtained practically all of theiy credit
from the Avon Finance Corp.
The purchase price consisted of a percentage
of the outstanding receivables of the three Madison companies and was
based upon a consideration of the profits made in the operations of the
corporation's own small loan subsidiaries engaged in the same type of small
loan business, and also upon the probable cost of acquiring in the normal
course of business small loan receivables of an equivalent amount.
These
three corporations were incorporated under the laws of the State of New
and
colLsion
insurance.
Fund for redem. of
46,827
216,735
Federal
taxes payable...
840,725
894,550
Investments.:
Accts.
$250,000
256,007
banks
Accts, & notes rec.,
1938
1939
Liabilities—
1938
1939
Assefs-r-
x
1936
1937
1938
$464,780
86,317
2,748
of
reserve
Cash..
$100 par.
Ry.—Earnings—
63,695
Manufacturers Trust Co. announces
a
100
473
Walter A.
Olen, 'President and General Manager of this company,
recently announced the purchase of the heavy-duty cab business of the
J. L. Clark Manufacturing Co., Oshkosh, Wis.
on
,..36,264,678 36,795,282
Total..j,
57,601,040
17,198,564
—_
nil
nil
436
666
667
476
691'
334
—V. 148, p. 2584.
1,485,458
interest,
Res.
43,748
ac¬
count of employ.
Other
$
8,986,645
35,000
a
81,077
Cash
1.03
—
From Jan. 1—
Gross from
mtge.n.17,524,681 17,738,967
Society
...
quis. of corp'n's
Invest, held for
Life
Equit,
4,390,000
204,334
debentures.
,.
$434,814
Net from railway
Net after rents
6% gold mtge. bds.
35-yr. 5% sinking
.
,
ancles and going
held
Dec. 31,
Dec. 31,
1939
Gross from
1938
.$
8,986,645
Capital stock
c
,
b%
nil
7.65
Fort Worth & Denver City
amortization of
1939
1938
$
......17,816,156 17,816,156
b Building
12,431/520 12,679,056
Miscell. equipt
20,147
23,365
Cash
loss..$72,221,498
'27
_loss42,786,727
'26
75,270,895
V5
115,078,383
'24
115,105,416
'23x
82,263,483
'23
119,298,862
Dec. 31, '28
Ten months,
y $5 par stock in 1935 and 1934; previous years
-V. 148, p. 3063.
$0.32
$0.33
$0.14
Land.
value.
Per
Share
Profits
Years to
nil
x
Comparative Balance Sheet April 30
Sinking fund deps.
— -
1923
1922
1921
1920
Per
Share
31, '34
31, '33
31,' 32
31, '31
31, '3044,460,823
Dec. 31, '29
81,797,861
$536,691 ($510,797 in 1938); less depreciation charged to
income (as above) in accordance with rates allowed by U. S; Treasury
Department, $247,010 ($247,010 in 1938); balance charged to surplus,
$289,681
($263,787 in 1938); net income insufficient for amortization
equirements by $304,367 ($147,558 in 1938).
Rights,
28,
Feb. 28,
Apr. 30.
June 30,
542,476,497
442,041,081
359,777,598
240,478,736
182,877,696
165,679,132
-
Dec. 31, 1923
follows:
26,426,698
3,565,617
6,860,462
_loss3,480,331
_..loss79,247,669
loss53,586,000
Dec.
Dec.
Dec.
Dec.
Dec.
debt,
Assets—
Dec. 31, 1925
Dec. 31, 1924.
Feb.
697,637,788
622,366,893
--
:
Note—Earned surplus appropriation:—Cash required for
funded
as
Dec. 31, *36...;.
Dec. 31, '35
258.629
Earns, per sh. on 862,098
shs. cap. stk. (no par).
been
y
9,572
$288,476
$116,229
have
Years to
Profits
Dec. 31, '38 _.loss$18,560,459
Dec. 31, '37
loss3,095,070
45.000
Prov. for Fed. inc. tax..
654-8^1,061
— ..
profits per share since the 10 months ended April 30,
1921, as indicated by changes in the profit and loss surplus and reserves,
and exclusive of any dividends that
may have been withdrawn from the
$1,472,270
1,151,695
22,600
debt
664,427,424
'^§2.629,563
Dec. 31, 1928--.
Dec. 31, 1927Dec. 31, 1926
earnings and
Net income before int.
on
708,888,247
Dec. 31, 1929.
$1,462,697
$1,080,736
1,072,821
Net oper. income
Other income.
Dec. 31, 1931
Dec. 31» 1930
35,225
91,058
182,391
200,035
602,666,672
582,977,651
580,276,392
576,517,079
580,440,603
655,302,247
Dec. 31, 1934....
Dec. 31, 1933
Dec. 31, 1932
291,513
247,010
788,800
.$588,821,275
}$!!—608,085,936
Dec. 31, 1936.
Dec. 31, 1935
Rental income (incl. rent
Other operating income.
3375
Chronicle
'
since 1920, based on figure
of Corporations and Taxation
and assumed the liabilities of the Allentown
,
Jersey and authorized by the Banking Department of that State to engage
in the business of making small loans pursuant to the New Jersey Small
Loan Act.
The three Madison Finance companies are now being financed
by the corporation. •
The business of the predecessor)
Allentown Wimsett Thrift Co., included
financing of real estate notes and evidences of indebtedness arising from the
sale of new and used motor vehicles, appliances, machinery, equipment
Financial
3376
Chronicle
June 3,
1939
1
products, and In addition industrial loans in various amounts to
individuals.
The physical assets of the corporation and its subsidiaries
consist of real estate investments aggregating $10,193, office furniture,
fixtures and equipment and automobiles required in the usual conduct of
its business.
The corporation does from time to time hold a varying
amount of repossessed motor vehicles;
From 1932 to date, however, the
predecessor of the corporation and the corporation through and with their *
respective subsidiaries confined their activities to the financing of new and
used motor vehicles for purchasers and dealers and the making of small
and other
principal payments on the bonds.
A summary judgment was granted on
March 7, 1939 against the company for a total sum of $4,097,341.28.
The
company has taken appeal.—V. 146, p. 2535.
General Gas & Electric Corp. (& Subs.)—Earnings—
12 Months Ended March 31—
Maintenance.
loans on used motor vehicles.
Earnings
Ended
Operating revenues—finance charges,
interest, insurance & miscellaneous.
Operating, general & admin, expenses,
including provision for losses
Gross income
,
Dec.
_
1937
Inc. deduc'ns—-int. & money costs.__
Prov. for Fed. & State income taxes..
$101,883
$127,282
70,472
11,627
Total....
162,784
$139,529
572
$140,102
$105,040
54,245
Other income
68,063
16,570
1,428
tive
Net income before deduction of
minority interest.—
Minority int.—25% of adjusted earn¬
ings of Towles & Co., Inc.
....
preferred stocks, and minority interest.
$7,814,581
4,670,570
234,010
412,301
012,698
454,230
449,122
026,416
742,833
__—
$7,633,220
181,362
4,757,520
Gross income—»:■
Subsidiary Companies Deductions—
on long-term debt._
Other interest
!
:
Amortization of debt discount and expense...
Interest charged to construction
Dividends paid or accrued on preferred stock
Provision for dividends not being paid on cumula¬
Interest
3,156
2,677,917
125,266
*
—
2,805,276
$7,916,097
Operating income
(net)
$264,667
252,235
$126,226
1,056
,,
$391,765
255,439
■
1,402,557
2,390,329
$7,790,830
Other taxes
1936
1938
1,345,308
3,170,340
533,444
_
Federal income taxes
31
$381,666
—
.
.
Provision for retirements
Years
1938
Other income
1939
$25,634,139 $24,473,344
9,988,941
9,908,217
Operating revenues
Operating expenses
1,177,895
461,104
514,622
83,869
$1,267,508
$1,005,311
41,142
299,919
299,919
$926,448
.
$672,098
,
$45,182
—.....
8,626
$55,468
.
$49,365
Balance.....
General Gas & Electric Corp.
2,713
Interest
Consolidated net income
Capitalization—The
$36,556
■
$52,755
$49,365
following is the
capitalization of the corporation
except for its collateral trust notes, as authorized, and as outstanding as of
Dec. 31, 1938, after giving effect to the change by charter amendment of
the cumulative convertible preferred stock from a 6 % stock to a 7 % stock:
Authorized
7% cum. conv. pref. stock (par $20). 15,000 shs.
Preferred stock (no par)
18,500 shs.
$5)
.100,000 shs.
Common stock (par $5).—
10,000 shs.
Class A common stock (par
......
'
1323.
•
33,294
•
7 General Instrument Corp —Registers with SEC—
-
See list given on first page of this department.—V. 130, p. 3171.
General Motors Acceptance Corp.—Debentures Called—
The
corporation is notifying holders of its $o0,000,000 10-year 3 % deben¬
tures, series due 1946, called for redemption on Aug. 1, 1939, that the issue
will be redeemed at 102
upon presentation or the debentures on and
None
b 4,265 shares were reserved for the conversion of 3,412
$1.50 series,
$5 prior preferred stock
Balance of income.
"
a
Deductions—
5% notes and interest-bearing scrip, &c.
on
—V. 148, p.
Reserved for
Outstanding
Options,&c.
3,412 shs.
None
a6,853 shs.
None
23,500 shs. bl8,140 shs.
8,000 shs.
on
Dividends
after that date at the office of J. P.
6% convertible preferred stock outstanding and 8,875
2, 1939 without
being exercised.
On Dec. 27, 1938, 5,000 shares were reserved for the
option to National Mutual Assurance Co.
On Feb. 28, 1939, 14,485 shares
were reserved for conversion of 11,588 shares of 7% convertible
preferred
stock and 10,000 shares were reserved for purchase under certain warrants
shares of the then
York.—V.
148, p. 3064.
Morgan & Co., 23 Wall Street, New
•
shares were reserved for warrants which expired on Jah.
General Motors
The
period brought Chevrolet's sales for the year to date to 291,765
units, the records indicate.
This is 70,212 units more than had been sold
at this time in 1938, the percentage of increase being 3i.7.
Used car sales in the first 10 days of May were 46,663 units, the report
showed.
This represents a gain of 5,172 units over the first 10 days of
April and of 10,483 units over the first 10 days of May a year ago.
Chevrolet's truck sales for the year to date have gained 32.8%.
Chev¬
rolet is leading the field with 64,322 sales, as compared with 48,409 at this
time one year ago.
Extension of the truck line and addition of cab-overengine modern are credited as factors in the gain.
*
Retail sales of Pontiac cars in the second ten-day period in May totaled
5,346, up 15.2% from the first 10 days and 81.6% over the like period in
1938.
Inventories of new cars decreased 1,171 units from May 10 to
May 20.
Used car sales were the second highest for any 10-day period
this year with a total of 11,174 units.
Used csr inventories have declined
steadily since the first week in April.—V. 148, p. 3064.
in advance.
Collateral Trust Notes—The only collateral trust notes issued by the cor¬
poration and now outstanding were issued under its trust indenture entered
into with the First National Bank & Trust Co. of Bethlehem, Pa., trustee,
1935.
The corporation sells its collateral trust notes for
principal amounts with varying discounts of 2H% to 8%
and semi-banking institutions.
All collateral trust
notes now outstanding bear maturities of not more than nine months from
their respective dates of issue and the total amount of such collateral trust
notes now outstanding varies from day to day, pepending upon the maturi¬
ties of those already issued.
The aggregate principal amount of such notes
issued oy the corporation and outstanding as of Dec. 31,1938 was $1,079,000
and as of Feb. 28, 1939 was $1,216,500.
Underwriting—Masland, Fernon & Anderson, the principal underwriter,
has entered into an underwriting agreement with the corporation wherein,
it has agreed to find purchasers for or to purchase such portion of
11,588
shares of the 7% convertible preferred stock at the offering price of
$20
per shire (plus accrued divs.) and (or) such portion of 5,000 shares of the
class A common stock at the offering price of $12.50 per share as will
aggre¬
gate a total purchase price of $58,852 (excluding accrued dividends) within
120 days after the effective date of the registration statement covering the
shares of stock or the qualification of the shares for sale in Pennsylvania,
whichever is the later date; and to use its best efforts to find purchasers
for the remainder of the 11,588 shares of 7% convertible preferred stock at
the offering price of $20 per share (plus accrued divs.) and the remainder
of the 5,000 shares of class A common stock at the
offering price of $12.50
per share as will aggregate a total purchase price of $235,408 for the re¬
mainder of the shares of stock of both classes within 120
days after the
effective date of registration statement covering the shares of stock or
quali¬
fication of the shares of stock for sale in Pennsylvania, whichever is the
later date.
Out of the consideration received from the sale of said shares
of stock, an underwriting compensation or commission is to be
paid to the
principal underwriter of $3 for each share of 7 % convertible preferred stock
purchased from the corporation and of $2.50 for each share of class A com¬
mon stock purchased from the corporation.
As additional consideration
for purchasing or finding purchasers the corporation
agrees to issue to the
per
May
1,
General Public Utilities, Inc. (&
their
at
annum
to banks
underwriter warrants for the purchase of 10,000 shares of class A
stock at $10 per share. .
Proceeds of Issue—The
Period End. Apr. 30—
Gross
are
exercised,
which will
the under¬
the corporation expects to receive an additional
increase- the net proceeds expected to be received,.
deducting estimated expenses, to $334,754.
'
Approximately $45,500 of the net proceeds is to be used to replace the
working capital of the corporation for the amount of the purchase price
paid by the corporation on Feb. 20, 1939 for all of the outstanding shares of
capital stock (100 shares) of the Madison Finance Co. (N. J.)
acquired for
approximately $18,190; for all of the outstanding shares of capital stock
(100 shares) of the Madison Finance Co. of Hackensack, N. J.,
acquired
for approximately $2,168, and for all of the
outstanding shares of capital
stock (100 shares) of the Madison Finance Co. of
Jersey City, acquired for
approximately $25,141.
„
The remainder of the proceeds Is to be used to increase the
working capital
of the corporation.—V. 148, p. 1958.
General Electric Co.—Common Dividend—
The directors
May 26 declared a dividend of 25 cents per share on the
value, payable July 25 to holders of record June 23.
on April 25, last and compares with 20 cents
paid on
Dec. 22, Oct. 25 and July 25, 1938; 30 cents
paid on April 25, 1938; $1 paid
on Dec. 20, 1937; 40 cents
paid on Oct. 25, July 26 and April 26, 1937, and
an extra dividend of 50 cents in addition to
a regular quarterly dividend of
25 cents paid on Dec. 21, 1936.
A dividend of 25 cents was paid on Oct. 26,
1936, and each three months previously.—V. 148, p. 2426.
stock,
Like amount
on
no par
was
paid
General Electric
Co., Germany—Appeals Decision—
The National City Bank, New York, as trustee for the
20-year 7% sinking
fund gold debenture and 15-year 0y2% gold s. f. deb. and
20-year 6% gold
s. f. deb. issue, obtained on April
12,
Alfred Frankenthaler of New
undis-
6,856.
223,018
4,080
$137,101
2,681
$1,860,922
19,042
$1,834,403
25,931
$134,746
29,919
$139,783
$1,879,964
360,711
$1,860,334
374,106
71,353
71,353
856,238
8,876
856,238
$37,288
3,242
$654,138
38,910
$629,989
*38,910
$615,228
$591,079
31,142
Int.
on
1st mtge. and
coll.tr, 6^% bonds
'
.
Other interest
.
Net income..
833
$32,640
3,242
$5 pref. stock..
»
Bal. avail, for common
•
stock and surplus
$29,398
$34,045
—V. 148, p. 2587.
.
General
,527,072
83,183
$131,418
3,327
Charges of subsidiaries..
Charges of Gen. Public
Utilities, Inc.:
on
534,260
570,710
125,280
-
Gross income..
Divs.
$5,536,623
2,330,607
203,334
556,358
'
Non-operating income-.
•
'
•
Telephone Tri Corp.—50-Cent Dividend—
Directors have declared
a dividend of 50 cents per share on the common
payable June 22 holders of record June 15.
The last previous payment was on Dec. 22, 1938, when an initial dividend
of $1 a common share was distributed.—V. 148, p. 2427.
shares
Genesee
Valley Gas Co., Inc.—Hearing June 29—r
Creditors and stockholders are notified that a hearing will be held before
W. Ehrhorn, referee in bankruptcy, in the U. S. Court House,
New York City, June 29, on the confirmation of the plan ot reorganization.
The primary provisions of the plan of reorganization which has been
Oscar
approved by the Court
are
as
follows:
"
(1) The rights of Genesee's present stockholders (prior preference and
common) shall be terminated.
"
(2) A tax claim of the United States, in excess of $14,000, shall be com¬
promised by the payment of $3,000.
Other tax claims of the United
States in minor amount shall be paid in full.
(37 Two claims totaling not in excess of $6,500, each secured by property
of Genesee having a value in excess of the debt, also shall be paid in full.
(4) Thei outstanding securities of Genesee shall be (a) $733,000 (its pres¬
ent) first lien gold bonds; (b) 23,650 (approximately) shares of new com¬
v
1938, from Supreme Court Justice
.
mon
stock.
(5) Any existing defaults shall be waived by bondholders, but all their
rights existing prior to the commencement of the reorganization proceeding
shall continue.
Additionally, Genesee hereafter shall pay to their trustee
for the purchase and retirement of bonds, 50% of any net earnings of
Genesee in excess of $16,000 per year, and 50% of the excess over $18,000
paid in any year by the two principal subsidiaries of Genesee to their officers,
general managers and directors.
(6) The new common stock shall be divided pro rata among Genesee's
general creditors on the basis of five shares for each $100 of principal and
interest due to Dec. 10, 1936 (the date of the commencement of the reor¬
ganization proceeding).
The general creditors include holders of Genesee's
10-year 7% debenture gold bonds, and for the principal and interest to
said date due on each $1,000 debenture (with Sept. 1, 1931 and all subse¬
quent coupons attached!, they will receive 74 shares of the new common
stock.
The expense of this reorganization
and shall be paid
Georgia
shall be fixed
by Genesee.—V. 147, p. 3912.
1939
railway
Net from railway
Net after rents
Gross from railway
Net from railway.
trustee.
Net
capacity as
According to the complaint in a suit brought by the bank against
the company, the latter has defaulted in
interest, sinking fund, premium and
From Jan.
—V.
after
148,
approved by the Court
1938
2743.
1937
$288,973
30,988
25,047
$280,208
34,389
30,036
$344,482
87,739
77,128
1,153,465
182,727
170,161
1,086,322
105,388
88,100
1,303,579
306,355
268,068
1—
rents
p.
or
RR.—Earnings—
April—
Gross from
York, a warrant for the attachment of any
of the company which might be found in New York.
The bank
claimed that a total of $3,865,930 was then due to it in its
funds
20,214
45,306
45,087
.
If all the.
after
common
on
Net operating income.
estimated net proceeds expected to be received
.
21,537
45,891
47,551
9,475
1939—12 Mos.—1938
$5,730,154
2,413,550
189,787
tributedprofits—.
vertible
$100,000,
208,065
Federal normal inc. taxes
Federal surtax
Subs.)—Earnings—
1939—Month—1938
$463,937
$444,352
Provision for retirements
General taxes. _—;
.
in connection with the registration and sale of all of the
shares.
warrants for 10,000 shares of class A common stock
issuable to
revenues
Maintenance
common
,res of 7% cumulative con¬
preferred stock and 5,000 shares of class A common stock are
$246,996.. Of this sum, approximately 20%, or $49,399, represents a
firm commitment by the underwriter, and
approximately 80%, or $197,596,
represents the proceeds to be received when and if the underwriter purchases
or finds purchasers for the remainder of the
11,588 shares of 7% cumulative
convertible preferred stock and the remainder of the 5,000 shares of class A
common stock.
The sum of $246,996 will be reduced to
approximately
$234,754 after deduction of estimated expenses payable by the corporation
operating
Operating expenses.
by the corporation from the sale of 11,588 sh
writer
corresponding period in April and of 6,142
units, or 35.9%, over the same 10 days last year.
poration of certain Guaranty Fund Certificates of the Assurance company,
in the name of the Corporation.
The Assurance company has the right sub¬
ject to the approval of the Insurance Commissioner to obtain the return of
the Guaranty Fund Certificates or a portion thereof upon redelivery to
the corporation of the certificates representing such shares of stock or a
portion thereof.
The corporation has construed this agreement as an option
to acquire the 5,000 shares of class A common stock upon which the
purT
chase price of $60,000 in Guaranty Fund Certificates has been deposited
dated
increase of 1,505 over the
an
issuable to underwriter.
,
Note-—Pursuant to a certain agreement dated Dec. 27, 1938, the corpora¬
tion delivered, to the National Mutual Assurance Co, certificates purport¬
ing to represent 5,000 shares of its class A common stock in the name of
the corporation endorsed in blank, in return for the delivery to the cor¬
cash
Corp.—Sales—
The company announced on May 19 that dealers' retail sales of new
Chevrolet cars and trucks in the first 10 days of May totaled 23,248 units,
1936
$293,669
51,665
50,987
,
1,137,693
173,407
183,632
Volume
I
Financial
148
(W. F.) Hall Printing Co. (& Subs .)—Earnings-
Georgia & Florida RR.—Earnings—
.Railway
Railway
oper. revenue-
-
oper. expenses.
$332,847
347,074
$334,413
340,949
$14,227
$6,536
31,942
$5,963
7,621
$5,108
8,016
Net loss from ry. oper.
Railway tax accruals
Consolidated Income Account March 31
1939—i Mos —1938
1939—Month—1938
$78,804
$78,202
83,912
84,166
Period End. Apr. 30—
31,010
$38,478
1,629
Dr7,901
$13,585
Crl ,373
,943
$45,237
Crl ,316
Dr7,852
_
$13,124
Dr3,941
Drl ,948
Net ry. oper. loss
Non-operating inc6me__
$19,013
1,507
$14,155
1,376
$58,008
5,786
$51,774
$17,506
$12,778
$52,222
928
957
3,787
$45,802
3,769
Railway oper. loss
Equipments rents (net).
Joint fqcility rents (net)
Gross loss
Other charges
—Week
1939
1
1939
Jan.
May 21
1938
21—1938,_
$386,646
—V.
Glidden
$4,000,000 Notes at
Co.—Arranges to Refinance
Lower Cost—1
"
-
'
.
.
,
.
•
-
.
•
'
stockholders.
Originally issued in aggregate principal amount of $5,000,000 on July
1, 1938 and bearing interest at an average rate of about 3M%, payment
was anticipated before maturity on $1,000,000 of the notes.
Company has
"practically completed arrangements" to borrow $2,000,000 from banks at
an average interest rate of 2)4% maturing from 1940 to 1944, to redeem
a
Company has obtained consent of the
July 1, 1938, for $2,000,000
note issued
maturity.
insurance company which holds a
maturing July 1, 1945, to reduce
from July 1, 1939 to
3%% to 3% for the period
'
.
$2,000,000 notes to be issued to banks, $1,750,000 will have
For this reason holders of two-thirds of
preferred stock must give their consent, which the company is soliciting.
—V. 148, P. 438.
Of
the
maturities exceeding 18 months.
Globe Grain & Milling Co.—Capitalization Reduced—
reduction in par value of outstanding common
Shareholders have approved
capital shares from $25 to $20 reducing capitalization from $6,000,000 to
$4,800,000 the $1,200,000 reduction in capital is being transferred to capital
surplus against which will be charged losses expected to be taken on dis¬
posal of current non-productive capital assets.—V. 147, p, 2686.
981,384
864,045
1,103,553
914,711
792,507
950,015
$1,288,578
$1,665,022
$894,325
58,045
d33.551
91,490
$1,668,497
344,510
$1,346,623
363,124
$1,698,573
421,828
$985,815
441,170
392,302
219,872
b45,000
Interest charges
cess
1936
:$2,636,848
$1,589,310
79,186
(net)
Prov. for credit losses
Prov. for Fed. inc. &
211,665
a37.319
271,347
188,578
76,464
141,141
115,297
89,078
ex¬
profits taxes
Other charges
Min. int. in net income
160,261
of partly-owned sub__
$701,523 loss$13,200
Shs.cap.stk.out. (par$10)
370,357
367,857
Earned per share
$1.79
Nil
a Provision for loss on disposal of capital assets,
b Addition to reserve
for contingencies,
d Includes profit of $1,588 on sale by subsidiary com¬
Net profit
$593,372
370,357
$1.49
$898,853
370,357
$2.32
stock of parent company.
Consolidated Statement Surplus
Year Ended March 31, 1939
(1) Surplus Earned—
"Balance, April 1, 1938
Net profit for the year ended March 31, 1939
Discount on first mortgage and collateral trust sinking fund
gold bonds purchased for sinking fund or held in treasury
Portion of reduction of reserves for depreciation applicable to
provisions made subsequent to April 1, 1936, to bring amount
of reserve into agreement with amount acceptable to Bureau
of Internal Revenue
I:
Balance, March 31, 1939
(2) Surplus Arising from Appraisal of Properties—
Balance, April 1, 1938
——
Adjustment of properties and related reserves for depreciation
to
eliminate appraisal increment contained therein as at
April 1, 1938
—
Less—Portion of adjustment charged to capital & paid-in surplus
Balance, March 31, 1939
paid
was
declared a dividend of 50 cents per share on the class A
stock, payable July 1 to holders of record June 17. Like amount
April 1, last, and previously regular
distributed.—V. 148, p. 1959.
on
quarterly dividends of $1
profit after normal
Shares common stock
—V.
148,
made prior to March 31, 1936, as of which date the operating
deficit account was applied against capital and paid-in surplus
a
of the B. F. Goodrich Co.,
substantial savings in interest to the
company, will be carried out with the proceeds from bank loans privately
arranged through Goldman, Sachs & Co. together with cash from the
company's treasury. The $18,000,000 of bank loans in which several banks
participated, will bear interest at 8%, and will mature June 1,1945.—V.
148, p. 3222.
*
which will effect
The redemption,
for depreciation to
Ltd.—Plans Bond Issue—
shortly $2 ,000,000 5% general (closed) mortgage
fund bonds maturing on June 1, 1957, and carrying a sinking fund
Company plans to issue
sinking
commencing 1940.
•
Proceeds will be used to replace an issue of same principal amount which
has been held by the parent company, Middle West Utilities Co. of Canada,
since
1936.—V.. 148, p. 2743.
759,797
1,795,334
Value of life ins-.68,231
Notes & accts. rec. 1,270,944
Inventories
386,615
Bals. rec., deferred
404,832
Net after rents
...
.
32,432
'
'
'
'
-
From Jan. I—
Net after rents
1939
1939
1
— —
_
Net after rents
„
2588..
York
additional shares
"
;
,
•'
23,238,553
4,549,266
2,181,305
'
,
.
1937
$126,954
35,212
,
19,388
458,685
94,783
30,663
553,202
.136,700
80,040
509,553
126,917
'69,456
Co.—Listing—
Engineering Corp.—Dividend—
declared a dividend of 25 cents per share on the com¬
stock, payable June 7 to holders of record at the close of business on
May 31.
Like amounts were paid on Dec. 27, Sept. 27 and June 27, 1938,
Dec. 27, 1937, this latter being the initial dividend.—V. 147, p. 2245.
Guarantee Co. of North America—Extra Dividend—
dividend of $2.50 per share, and a regular
quarterly dividend of $1.50 per share on the common stock, par $50, Doth
payable July 15 to holders of record June 30. Extra dividends of $2.50 per
share have been paid each quarter since and including Jan. 16, 1933.
In
addition, a special dividend of $1.50 was paid on April 15, last.—V. 148,
Directors have declared an extra
1959.
ciigs.
80,602
86,843
Surp. arising from
Prepd. & def.
»
General
a
Dec. 31,*38
Selling and delivery expenses..
Administrative and general expenses-
—
Federal taxes-
—
----
-,—
_---—...
$6,851,392
3,861,277
2,115,664
516,272
155,045
259,118
$86,238
—
Depreciation.
Jan. 1, '38
$6,527,851
3,470,213
2,028,510
498,380
167,913
276,598
returns)
State, local and
1939.
shares
Inc.-—Earnings-
Hathaway Bakeries,
Years Ended—
Operating profit—
loss$55,984
36,205
. -
Other income..
—
25,470
-—
•
Total income
---- - —
i
_ .
30,045
6,000
..
loss$19,779
35,073
'
•
the year
—
$75,663 loss$54,852
arising from sale or abandonment of plant facilities
x
•
$111,708
t
Federal income tax..
Net income for
x
Exclusive of losses
charged to surplus
^deficit,
^ ^ ^^ ^^
Ended April 22—
/
.
...
1939
all charges. i
$28,449
provision for Federal income taxes.
16 Weeks
Net loss after
x
Before
1938
profx$29379
Comparative Balance Sheet
130,464
243,566
5,000
Accts. rec
40,000
45,000
2,603,427
2,431,637
551
2,550
—
Inventories
due within
Mtge.
x
1 yr.
receivable. _
Land, bldgs.,ma¬
chinery & equip.
Miscell. invest*mts
Claim
Accts.
&
Salesmen's
Prov.
deposits
40,863
42,036
44,862
59,726
54,729
for Federal,
and
local
51,071
taxes
18,622
Instal.
on
5,068
5,913
39,687
1
25,900
105,881
91,125
100,575
90,000
90,000
Purchase obliga'ns
34,128
1
33,946
17,500
mtges.
due within 1 yr.
for mach.; notes
insurance,
&
$125,562
payable
acct.
in 1939
Accrued payrolls
officers, empl'ees
taxes
1,*38
$140,314
Purchase obllga'ns
State
& others
Jan.
and
for mach.; notes
Notes & accts. rec.,
Prep'd
pay.
accrued expenses
& deposits
receivable
Dec. 31,*38
Liabilities—
5,000
31/38
$502,494
Cash
a
Jan. 1/38
$434,142
140,720
302,897
Dec.
A ssets—
&acct. pay.
other
expenses
(not
current)
Mtges. payable
Res.
for
possible
tax on
Manager of refineries was elected Viceand the Gulf Refining Co.—V. 148, p. 2743.
process'g
tax refunds
y
z
3,746,479
536,751
stock.. Z>r283,315 Dr283,315
Capital stock
Treasury
3,746,479
512,799
dividend of 50 cents per share on the common
stock, payable July 1 to holders of record June 15. A dividend of 20 cents
was paid on Dec. 31, last, and 40 cents was paid on Sept.
15, last, this
latter being the first dividend paid since Jan. 1, 1938, when a regular
quarterly dividend of 25 cents per share was
14,132,472 15,069,540
Total--,
14,132,472 15,069,540
a After
depreciation of $13,305,676 in 1938 and $12,683,013 in
Represented by 29,643 shares common stock at cost, and 1,498
preferred stock at cost.—V. 147, p. 3805.
Haloid Co .—50-Cent Dividend—
declared
1,246,435
Dr346,968 .07346,968
stock.
b
Deficit
Directors have
1,135,267
April!, 1936--- 2,288,371
b Treasury
Corp.—New Vice-President—
Slater,
615,872
858,370
appraisal
Surp. earned since
Goodwill
A.
paid-
Capital and
in surplus
966
Instalm't on mtge.
President of the Gulf Oil Corp.
4,000,000
stock
Common
267,120
5,957,000
800,000
4,000,000
800,000
..
14,404
1936
$136,979
24,266
20,278
mon
William
Funded debt
Preferred stock.
34,904
Provision for
Curb Exchange has authorized the listing of 55,771
(25 cent par) capital stock, upon official notice of is¬
The directors have
Gulf Oil
506,832
302,147
4,942,500
of sub
surp.
employees
Other investments
'
Grumman Aircraft
365",790
Res. forconting
Min. int. In cap. &
"
20,892,730
4,090,928
2,038,083
suance.—Y. 148, p. 3222.
p.
Deferred liabilities
Amounts due from
'.
— —
Grocery Store Products
New
,
1938
543,031
from railway161,510
after rents..
77,435
The
.
$109,299
18,986
1,337
$132,626
33,293
11,874
11,874
1—
Gross from railwayNet
'
$5,867,608
1,944,622
1,598,215
-Earnings-
Western RR.
April—
Gross from railway.
—V. 148, P.
62,556
1,417,564
482,928
Other charges.
Net from railway
Net
4
1,601,490,
1936
3065.
Green Bay &
From Jan.
'
2,119,255
18,794,219
21,083,363
3,335,806
2,186,977
64,278 df1,132,277
Gross from railway
Net from railway
—V. 148, p.
1937
$7,087,151
$4,986,521
857,520
588,368
L
Accrued liabils
9,331,212 10,487,069
machinery, &c..
$
payable.
1,334,938
Cost of sales
1,323,918
$5,728,513
Gross from railway
Net from railway.
Accounts
buildings,
Land,
1938
167,435
712,253
79,209
435,917
Liabilities—
675.440
Cash
Market, securities.
a
1939
$
149,848
772,414
1938
$
.
1938
1939
April—
3l
Consolidated Balance Sheet March
1939
Assets—
Net sales (less
Ry.—Earnings—
Great Northern
11,163
$858,370
Balance, March 31, 1939
Total-..
Great Lakes Power Co.,
325,474
— _
-
Bank of New York City.
•'
serves
.
special meeting of the directors, David M. Goodrich, Chair¬
announced on June 2 that the company
will call for redemption on Aug. 2, 1939, at 103 and accrued interest, its
15-year 6% convertible gold debentures, due June 1, 1945, outstanding in
the amount of $18,319,200.
Payment will be made at the Chase National
Following
man
of properties and related re¬
eliminate appraisal increment, as
Deduct—Portion of adjustment
$109,566
1,311,380
Called—
(B. F.) Goodrich Co.-—Bonds
579,135
$1,195,007
1936
1937
$127,523
1,347,280
$0.10
3065.
p.
615,872
connection with acquisition in Decem¬
ber, 1938, of portion of minority interest in subsidiary
company/written off—
$0.08
$0.01
Current assets as of March 31, 1939, including $433,667 cash and market¬
able securities, amounted to $708,889 and current liabilities were $166,378.,
These compare with cash and marketable securities of $357,431, current
assets of $645,255 and current liabilities of $206,867 on March 31, 1938.
Earnings per share
1,460,741
325,474
Goodwill purchased in
$14,383
1,361,620
$0.01
$11,155
1,362,280
income taxes
5,288,371
$1,135,267
-
above
1938
1939
3 Mos. End. Mar. 31—
Net
112,692
agreement with amount acceptable to Bureau
of Internal Revenue applicable to provisions for depreciation
Co.—Earnings-
Goebel Brewing
"
-
of reserve into
share were
per
30,391
•
Capital and Paid-in Surplus—
(3)
Directors have
common
$1,246,435
898,853
Balance, April 1, 1938..
Portion of reduction of reserves for depreciation to bring amount
Inc.—To Pay 50-Cent Class A Div.—
Godchaux Sugars,
earns,
1937
$3,683,287
&
-
like amount of the 1936 notes.
the interest rate from
Miscell.
1938
$3,134,007
881,944
777,812
Gen., admin., selling
shipping expenses
Depreciation
pany of common
-
arrangements to refinance $4,000,000 outstand¬
ing notes at lower rates of interest which will amount to a saving of about
$170,000 over the life of the notes, according to a statement sent to preferred
The company has made
1939
$3,249,066
Years Ended—
Gross profit from oper..
$49,571
May
to
$384,188
$18,250
$17,300
Operating revnues (est.)
148, p. 3221.
5,971
$56,009
$13,735
End.
.
Drl
Drl
$18,434
Deficit before interest.
3377
Chronicle
distributed.—V. 147, p. 3913.
Total
x
$3,588,880 $3,401,987
After reserve
for depreciation
$1,678,564 on Jan. 1.
1938.
y
Total-.--$3,588,880
of $1,719,809 on Dec. 31,
$3,401,987
1938 and
Consists of 20,000 shares $7 cum. conv.
3378
Financial
Chronicle
pref. stock, redeemable at $110 per share. 35,221 shares of class A stock
redeemable at $65 per share, entitled to quarterly cum. divs. at the rate
after quarterly divs. on preferred and 150,000 shares of class
B stock,
x Consisting of 122 shares of $7 cum. conv. pref. stock, 55 shares
of class A stock and 15,764 shares of class B stock reacquired
prior to
Dec, 31, 1931, at cost less proceeds of sales,
a After reserve for doubtful
accounts of $342,266 on Dec. 31,1938 and $37,433 on Jan. 1,1938.—V. 148
P. 2898.
Hamilton Bridge Co.,
F At
Trust Co.
Ltd.—Plan Approved—
the
Times, Inc.—Debentures Called—
A total of $250,000 15-year 4j^ % debentures due May 1, 1951 have been
called for redemption on July 1 at 103 and accrued interest.
Payment will
l>e made at the Chemical Bank & Trust Co., New York City.—V. 147, p.
■3611.
..
,
Consolidated
Hearst
■
Publications,
A Chancery Court action asking a receivership for the company, and
charging fraud in the sale to the public of class A stock was filed at Wil¬
mington, Del., May 26, by Robert L. Gossard of Washington and William
Collie of Montgomery County, Md., two stockholders.
The suit charges that "very little, if any, of the cash raised by the sale
of the class A stock was ever used for the benefit, directly or
indirectly of
the corporation."
'
•
Instead, it is charged, the money was used for other Hearest ventures,
and it is alleged that Hearst Consolidation Publications was forced to bear
an "unjust, illegal and burdensome" share of the expenses of operation of
other Hearst organizations and that it has been obliged since August, 1930,
to pay an annual salary of $500,000 to William Randolph Hearst.
The bill charges that "by means of control or the ownership of the
many and various newspapers, magazines and periodicals published through¬
out the United States," Mr. Hearst "was enaoled to reach a wide and
extensive public" for selling the 2,000,000 shares of class A stock between
1930 and 1936 from which more than $48,000,000 allegedly was raised.
The bill alleges that although the stock was described as an "ultra con¬
servative investment,
the defendants knowingly concealed important
particulars, including the-fact that assets of corporations whose stock was
transferred to Hearst Consolidated Publications were pledged and subject
to prior liens of more than $38,000,000.
It is also charged that one of the assets transferred was good-will, described
as circulation, press franchises, reference libraries,
&c., the value of which
was alleged to have been written up in May of 1930 from $34,756,287 to
$75,186,509.
The bill charges that It was not disclosed that profits of American Weekly,
Inc., are shared by Hearst corporations other than Hearst Consolidated
Publications, Inc., and amount to millions of dollars annually.—V. 148,
p. 2588.
.
V \
-•
Under
Farmers
Co.
(Brooklyn,
N,
Y.)—New
.
.
order,
of the
terms
Philip A. Benson, President of the Dime
of $650,000,
has
now,
in
addition,
an
earned
■
operations under the reorganization plan will proceed rapidly and that it
will be completed before the end of the year as to the transfer of the stock
Guaranty Co. to its new owners."—V. 146, p. 2695.
Hydro-Electric Corp. of Virginia—Tenders—
City Bank Farmers Trust Co., as successor trustee, is inviting tenders
5% gold bonds, series A, at prices not
exceeding 103% and accrued interest, in an amount sufficient to exhaust
the sum of $8,450.78, now in the sinking fund.
Tenders will be received up
to 12 o'clock noon on June 12,1939.—V. 147, p. 3611.
for the sale to it of first mortgage
Illinois Terminal
RR.
Gross from railway
.
Net from railway.
Net after rents.^
From Jan. 1—
•„
»
148,
p.
2590.
1,649,257
423,456
172,950
498,321
269,907
—
Net after rents
—V.
Period End. April 30—
1936
$495,393
-185,158
130,408
'
'
2,133,638
815,048
543,695
;
;
^
Indiana Associated Telephone
Holly Sugar Corp.—Annual Report—-
$515,152
196,444
130,389
46,337
1,771,966
^
1937
1938
'
$419,231
107,582
$457,456 "
137,794
77,870
—-._
Gross from railway
Net from railway
17 to holders of record June 3. Similar
April 22 and on Dec. 31, last.—V. 148, p.
Co.—Earnings—
1939-
April—
2125.
1,945,864
714,772
505,757
1
Corp.—Earnings—
1939—Month—1938
1939—4 Mos.—1938
$135,859
v
132
$127,015
123
$529,087
513
$498,078
expenses__—
$135,727
66,302
$126,892
67,337
$528,574
264,258
$497,594
269,022
Net oper. revenues-..
$69,425
Operating revenues
Uncollectible oper. rev.
"
Consolidated
Corporation Only—■
Years End. Mar. 31—
1939
1938
1939
1938
x Gross sales
$19,008,482 $14,199,991 $19,008,482 $14,108,226
Cost of goods sold...-,. 16,149,353
11,197,564
16,149,353
11,108,282
x
Bank
of the Home Title
capital stock, bofh payable June
on
City
"The company reports a larger volume of business for the first quarter
of this year thin the first quarter in any other year.
It is expected that
Directors have declared an extra dividend of five cents per share in
addition to the regular monthly dividend of five cents per share on the
distributed
•
with capital and surplus
surplus of over $234,000.
Hollinger Consolidated Gold Mines, Ltd.—Usual Extra
were
the
Savings Bank; George A. Marshall, trustee of the Kings Highway Savings
Bank, and Henry J. Davenport, President of the company, will serve as
reorganization managers to put the amended plan into effect.
It will be
their work to take assents to the plan and assignments of claim from the
holders of mortgage guarantees and title insurance polities.
"Assenting claimants will receive the present stock of the new operating
company, Home Title Guaranty Co., on account of their claims with cash
for the balance to be paid," the law firm of Cullen & Dykman announced.
"Home Title Guaranty Co., which commenced operations in August, 1933,
Dividend—
amounts
Insurance
Affirmed—
Committee.
.
.
requested
Supreme Court Justice George E. Brower, sitting in Brooklyn, May 31,
signed an order approving the amended plan for the reorganization of the
company.
The proposals have the approval of Ixniis H. Pink, State
Superintendent of Insurance; the Mortgage Commission and the Investors
Inc .—Receivership
Sought—*
.
Title
Home
Plan
;
■
has
trustee to invite sealed tenders of the first mortgage bonds
be purchased for retirement. The company has advised
the trustee that it has presently been made available $250,000 for the
purchase of such bonds, provided tenders at satisfactory prices are received.
Tenders for such bonds may be addressed to the offices of the trustee at
22 William Street, up to noon on June 15.
The company also announced that it has determined to make available
for the purchase of certificates issued by Lawyers Title & Guarantee Co.
secured by the first purchase money mortgage of R. Hoe & Co., Inc.,
approximately $50,000, with the right to increase or decrease this sum in the
discretion of the board of directors, provided offers to sell such certificates
at satisfactory prices are received.
Sealed tenders for these certificates may
be addressed to R. Hoe & Co., Inc., at 910 East 138th Street, New York
City, up to 12 noon on June 10.—V. 148, p. 3223.
adjourned special meeting, final approval was given ny
new reorganization plan whereby existing preferred
and common shares will be exchanged for new common stock, arrears on
preferred eliminated and a bond issue-authorized.—V. 148, p. 2270.
Hartford
that it
announced
as
due Oct, 1, 1944 to
the recent
to
1939
(R.) Hoe & Co., Inc.—Tenders—
Company
of $3 per year
stockholders
June 3,
-
484
-
Profit from
sales-'-
$3,002,427
$2,859,129
—-
Other operating profits-
81,763
8,398
,
$3,084,190
1,414,725
41,302
Gross operating profit $2,867,527
Sell., gen. & adm. exps_
1,845,086
Pro v. for special compen.
a
Net oper. profit-—
Other income
Gross income
Int.
on
Other
1st mtge.
—
------
•$1,005,833
65,529
154,774
48,744
$3,048,688
1,413,017
41,302
$1,022,441
140,901
$1,628,163
$1,163,342
196,656
$1,693,692
206,648
$1,160,608
196,656
$1,682,799
206,648
93,580
42,841
39,992
49,396
93,841
42,841
39,992
49,396
90,572
19,688
89,642
120,000
95,000
5,709
190,000
bonds-
Amort, of bd. disc. & exp
Net loss on sales and re-
$1,594,369
"
88,429
i
tirements of prop
Prov. to adj. livestock &
•"
$2,849,957
1,844,124
18,736
,
.,
'
95,000
•
*
6,477
•
120,500
Net income for year..
yl92,500
$691,029
4,886,163
$1,013,107
5,166,438
$687,581
4,921,214
$1,006,412
5,208,184
Total..
—$5,577,192
Divs. on pref. stock-.-163,807
Divs. on common stock
$6,179,545
168,382
1,125,000
$5,608,795
163,807
$6,214,596
■
$4,886,163
$5,444,988
$4,921,214
$1.69
$1.05
Surplus April 1
Surplus March 31-.— $5,413,385
Net inc. per sh. on 500,■>
a
000 shs. com. stk. outAfter deduc. for deprec
x
$1.05
$763,045
$492,038
168,382
1,125,000
$1.68 '
$488,892
$759,172
Sugar,,by-products, beet seed, fertilizer, livestock and farm products,
less discounts, returns, freight allowances and Federal excise tax.
y
Includes $1,116 undistributed profits tax.
owned subsidiaries.
x
Corporation and wholly-
/
Consolidated Balance Sheet March 31
Assets—
1939
•
Cash...-
$951,847
524,744
Inventories10,974,174
Accounts and notes receivable.
'
329,625
Agricul. expenses applicable to current year.—231,947
-
—
d Accts receivable—trade
-
—
Other current assets
500
Special depos. for pref. stock sinking fund.:
157
.110,541
Investment in securities.
:
i
b Buildings, machinery and equipment
9,630,106
Factory sites, farm properties and lime quarries
Deferred charges
1,696,301
598,893
40,441
Other assets.
Total
,
1 938
$993,828
893,466
11,835,046
280,997
298,528
2,200
277
108,272
9,922,629
1,682,096
652.438
19,574
117,037
4,900,000
on
$325,284
5,750,000
30,914
1,835,265
79,300
650,375
123,857
650,000
136,376
650,000
2,383,800
c7,662,181
40,187
by court)..
First
mortgage bonds
Reserves for fire risks
$170,477
7,000,000
84,886
2,067,245
211,900
41,717
125,000
76,393
5,429,000
751.631
payable
Com. stock divs. (payment restrained
Other current liabilities
for
for
lease
of
$228,572
237
80,203
200
70,876
$49,296
36,681
Net oper. income
Netincome
.
$264,316
50
18,632
$40,873
28,247
$183,876
$157,496
107,789
,
— _
Operating taxes
V. 148, p.
$59,555
87
20,042
oper-
ating property
2745.
„
.
136,091
■
Indiana & Michigan Electric Co.—To Place $22,500,000
Bonds
Privately—1
The
Securities
and
•
..
Exchange
Commission
announced
May
29
that
company, a subsidiary in the American Gas & Electric Co. holding company
system, had filed an application (File 56-40) under the Holding Company
Act for an exemption from the necessity of filing a declaration in con¬
nection with the issue and sale of $22,500,000 3M% first mortgage bonds,;
due June 1, 1969, $2,000,000 2%% promissory note, maturing June 15,
1949, and not to exceed 150,716 shares common stock, no par value.
The net proceeds from the sale of the securities are to be used as follows:.
(1) To purchase for cancellation from parent company $8,241,000
principal amount of 5% first and refunding mortgage bonds, due 1955, at a
of $7,250,490.
(2) To redeem $11,283,000 5% first and refunding mortgage bonds, due
1955, and to redeem $5,959,000 5% first mortgage bonds, due 1957, of
Indiana & Michigan Electric Co,, a predecessor of the company.
(3) The remainder of the net proceeds, together with other funds of the
company sufficient to make a total of $3,000,000, are to be deposited with
the corporate trustee under the mortgage securing the first mortgage bonds.
As provided in the mortgage, cash so deposited may be withdrawn against
100% of property additions made subsequent to Dec. 31, 1938.
All of the securities proposed to be issued are to be sold privately.
The
3M% first mortgage bonds are to be sold to a group of 15 insurance com¬
panies as follows: Metropolitan Life Insurance Co. $5,000,000; The Equit¬
able Life Assurance Society of the United States $3,500,000; The North¬
western Mutual Life Insurance Co. $3,000,000;jNew York Life Insurance
Co., The Prudential Insurance Co. of American and Sun Life Assurancq
Co. of Canada, $2,000,000 each; The Mutual Life Insurance Co. of New
York, $1,000,006; Aetna Life Insurance Co. and Massachusetts Mutual
Life Insurance Co., $750,000 each; Tbe Mutual Benefit Life Insurance Co.,
New England Mutual Life Insurance Co. and The Penn Mutual Life In¬
surance Co., $500,000 each; The Connecticut Mutual Life Insurance
Co.,
$425,000; Phoenix Mutual Life Insurance Co., $325,000, and State Mutual
Life Assurance Co., $250,000.
"
'
The promissory note will be issued to Bankers Trust Co.
The common
stock will be issued to American Gas A Electric Co., which owns all of the
presently outstanding common stock.
'
The application states that the total gross proceeds from the sale of all
the securities will be $27,175,000, while total expenses are estimated at
$306,468.—V. 148, p. 3224.
cost
International Great Northern RR.—Earnings—
....
Notes payable...
Salaries and wages payable
Accrd. Fed. inc. excise cap. stock & gen. taxes—
Accrued add'l beet payments
dividends
Rent
$25,089,278 $26,689,350
r___
Liabilities—
Accounts payable—trade
Preferred
Operating
$2,999,944
Dr9,172
•
—
interest
supply inv. to est.mkt.
Other misc. items (net)Prov. for Fed. inc. taxes
$2,859,129
Operating revenues-..
uninsured property and
workmen's compensation liabilities
excess of par value over cost
Reserve for
acquired preferred stock
Reserve for contuuenhes
7% cumulative preferred stock
Equity of common stockholders
of
re¬
April—
8,189,403
$25,089,278 $26,689,350
$1,005,697
176,460
18,666
4,041,728
472,208
def211,311
4,423,404
756,866
21,873
3,826,441
International Rys. of Central
Railway
Net
oper. revenues.
revenue
way
569,760
def2,815
2590.
from
America—Earnings—
1939—Month—1938
$523,864
$534,509
1939—4 Mos.—1938
$2,284,653
$2,056,785
rail¬
operations
Inc. avail, for fixed
Netincome
Total
1936
$1,117,652
162,821
def24,845
3,747,568
350,830
def284,486
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Period End. Apr. 30—
2,296,400
1937
$966,341
62,818
defll0,656
1939
Net after rents
—V. 148, p.
1938
$937,802
77,232
def88,287
Gross from railway
Net from railway
chges
—
226,861
207,350
120,211
261,839
250,950
159,210
1,069,595
989,908
634,475
976,268
927,551
553,784
—V. 148, p. 2746.
b After
reserve for depreciation, obsolescence and valuation adjustment
$10,721,478 in 1939 and $10,243,122 in 1938.
c Being investment and
earned surplus applicable to 500,000 shares of no par value authorized and
issued; paid-in value, $2,776,017 in 1939 and 1938; earned surplus, $5,413,385 and $4,886,163 in 1938.
d After reserves of $25,000 ($25,200 in 1938).
—V. 148, p. 280.
of
Investors Syndicate—Registers with SEC—
•
departnient.—V. 148, p. 2274.
See list given on first page of this
Kankakee Water Co.—Registers
See list given on first page
with SEC—
of this department.—V. 93, p. 534.
Volume
Financial
148
Iowa Southern Utilities Co. of
Period End. Apr. 30—
Chronicle
(Fred T.) Ley & Co.,
Inc.—Registers with
Del.—Earnings—
1939—12 Mos.—1938
1939—Month—1938
$335,770
$324,926
194,561
203,702
$4,107,687
2,376,149
$4,064,573
2,405,441
Net oper. earnings
Other income
$141,208
7,263
$121,225
$1,731,537
68,906
$1,659,132
73,023
Total net earnings
on mtge. bonds
on other funded debt
Amortiz. & other deducs.
$148,471
$129,722
58,519
12,557
7,702
32,000
58,519
12,573
8,089
30,000
$1,800,444
702,234
150,797
95,578
362,000
702,234
150.975
89,528
337,500
$37,693
$20,540
$489,834
$451,917
Gross oper. earnings
Oper. exp., maint. &
tax.
Int.
Int.
Prov. for retirements
Net income
-V. 148, p.
8,498
See list given on first
page of this department.—V.
(Marcus) Loew's Theatres, Ltd.-
The directors have declared
155
Loft, Inc.
for Counsel—
The
earns,
Oper.
$757,225
134,436
8,540
195,499
.
Interest charges
Amort .of
disct.&prems.
Depreciation
Amort,
of
limited
Loft's
-1938
1939—12 Mos.
per
sh.
the shares of stock and funds for payment of "fair and
reasonable" value
of their services as
ultimately approved by the court, but that the fair value
can be determined
only after the matters concerned have been settled.
It states that "Loft has been advised
by its present counsel and therefore
on
8,540
190,344
8,557,867
$9,104,917
1,382,702
102,349
2,263,855
allegek" that the agreement was "unconscionable" at the time it was made
on the grounds that the
propsed compensation was excessive, and that at the
28,780
68,174
The enormous increase, Loft asserts, "is in ho
way atrtibutable to the
services of the petitioners (its former counsel)" and Loft "had no
knowledge
or reason to believe that such enormous increase in
value would take place."
Under the agreement, the compensation would be so
large "as to be out of
all relation to the fair and reasonable value of the service "of
the attorneys,
"eminently successful as such services were."
Suits against Loft cited in the answer as still undetermined
are;
in the
U. S. District Court of Maryland, the Devoine Co.
time the agreement was made the property which Loft
sought to recover
consisted principally of Pepsi-Cola stock which "had a value
many times
less than at present, which may amount to as much as
$30,000,000."
,
1,262
4,941
68,531
18,651
64,323
822,251
$344,020
$356,230
$3,646,195
$4,360,908
$0.62
Net profit and loss
$0.64
$6.49
$7.85
.
■
898,149
common
Note—No deduction is made in the
foregoing statement for the surtax
if any imposed on undistributed
profits under the Revenue Act of 1936.
—V. 148,. p. 2747.
'
complainant, asking
judgment for 100,000 shares of Pepsi-Cola stock now held in custody and
forming part of the recovery which the attorneys seek to impress with a lien;
in the New York Supreme Court,
Margery K. Megargal, asking that 95,000
shares of Pepsi-Cola stock be restored to her, and in
Chancery Court,
Wilmington, a petition to intervene, in which it is alleged 137,500 shares of
the stock are the rightful property of Pepsi-Cola.
Pointing out, therefore, that the trial is not completed, Loft asks Chan¬
cellor W. W. Harrington defer determination of fees of reasonable
amount
/
Kansas City Public Service Co.—Assents to Plan—
Assents to the plan for capital readjustment had been received as of
May 29 from holders of $10,133,600 of the company's 4% 1st mtge. bonds,
or
84.13% of the total outstanding,, it was announced
Jj&ay. 31.—V. 148,
3225.
p.
Kansas Oklahoma & Gulf
April—
_
_
_
$221,549
96,276
55,780
$168,009
29,355
1937
'
$188,603
86,558
45,408
885,556
438,611
284,212
_
T_
Net after rents
759,082
361,787
225,012
724,955
350,334
205,517
From Jan. 1—
Gross from railway.
Net from railway.
Net after rents
"until final determination of the action and removal of all clouds on the
title
of Loft to the stock and funds decreed to be recovered."—V.
148, p. 3226
Ry.—Earnings—
1939
Gross from railway..
Net from railway
1938
59,217
1936
$209,872
106,949
62,696
London
Terrace, Inc.—Earnings-
According to statement of available net income of the corporation for
12 months' period ended March 31, 1939, filed May 21 with
Empire
Trust Co., as trustee under the mortgage securing the first &
general mort¬
gage bonds of the corporation;
•,
the
-
...
785,967
404,894
262,925
—V. 148, p. 2591.
The gross cash receipts were
The expenses were-__
-^_,_;
on
Directors on May 24 declared a dividend of 30 cents
per share on the
stock, par $25, payable June 26 to holders of record June 9. Similar
payment was made on May 15, last, and a dividend of 40 cents was paid
on Feb. 15. last, this latter being the first dividend
paid since Feb. 15, 1938
when 25 cents per share was distributed;
previously
dividends of 50
cents per share were paid.—V.
148,
regular
2591.
p.
quarterly
(C.) Krueger Brewing Co.—New Director—
William'F. Hoffman Jr., has been elected a director of the
company to
succeed William L. Nason, resigned.—V. 147, p. 3612.
Lake Superior &
Ishpeming RR.—Earnings—;
April—
1939
Gross from railway
1:—
Gross from railway
148,
2592.
p.
■*
109,840
defl52,210
def245,018
1937
$34,138
def42,389
def63,939
»
Net from railway..
Net after rents
—Y.
1938
$39,049
def24,723
def42,543
Net from railway
Net after rents
From Jan.
1
"
•.
1936
$253,614
146,502
128,118
-
.
142,228
$39,138
def42,515
def59,107
v
.
391,649
43,300
def31,365
defl86,357
def271,516
•
„
152,422
defl66,278
def233,145
.
'
«
bonds
ci__
riet,income before real
estate taxes and interest
was
Real estate taxes
were
Fixed interest on bonds at 3% was.____.__
The available net income was.
___I
dividend of 10 cents per share in addition
to the regular quarterly dividend of 10 cents per share on the common
stock,
both payable July 1 to holders of record June 9.
Extra of 5 ceats in addi¬
an extra
tion to regular 10-cent distribution was paid on
dividend of 10 cents was paid on Jan. 3,
April 1, last, and
last.—Y. 148, p. 1327.
Lee Rubber & Tire
1938
19137 /
$6,642,780
5,651,905
$4,998,390
x4,510,299
—V.
1936
147, p. 424.
$922,406
26,122
Total income.
$488,091
27,192
$948,528
Other income
$515,283
.
1939
1938
$1,800,125
$2,092,462
1936
$1,964,530
368,546
426,704
435,086
def47,374
39,819
7,280,492
971,834
def592,116
Net after rents
From Jan.
6.828,015
958,025
7,774,042
966,355
def366,354
Net from railway
Los
Excise taxes.
Federal taxes
Net profit.
See
_
_!
$652,972
127,783
>_____
Dividends
Surplus
x
See
x
$525,189
,...4
Angeles Railway Corp .—Earnings
4 Months Ended
Passenger
April 30—
revenue
revenue
1939
—
$4,019,323
2,956,785
$119,851
4,157
$280,168
$124,009
$249,739
$408,911
$37,181
Revenue from other rail and coach operations._
Operating revenue
Operating expenses
Depreciation
467,768
—
Gross
income-.
—
1938
—
___
—
___
400
—
Interest on unfunded debt-
1937
$175,978
67,693
34,127
Gross from railway
517,954
Net from railway
Net after rents
175,205
69,822
456,615
111,198
9,733
568,772
189,966
79,783
504,195
140,304
41,651
1—
—V.148, p.2901.
Netafterrents
1938
1937
1936
$3,877,164
1,118,634
688,970
$3,156,539
152,742
$4,955,236
1,298,841
780,562
$4,047,502
1,267,923
869,478
14,780,496
4,146,760
2,282,053
13,149,025
2,545,715
551,243
17,594,440
4,573,866
2,510,070
15,570,676
3,527.785
2,005.753
629,807
See list given on first page of this department.—Y.
y
Earnings
x
After
common
per
Net from railway
146,
p.
2212.
.
depreciation and
$0.44
Federal income taxes,
stock.—V. 148, p. 2901.
$0.26
$1.1£
y
Netafterrents
—V. 148, p.
1039
,■
104
$158,916
Earnings—
1938
$478,256
166,358
92,632
$454,278
136,179
74,762
1937
$521,844
179,386
110,803
1,922,951
650,720
383,090
1,901,054
606,356
347,374
1,928,444
615,760
373,363
1936
$472,439
176,711
111,911
.
1939
April—
Gross from railway
Net from railway______
Net after
$0.72
On 450,000 shares
1,791,537
660,875
421,708
2748.
Louisiana Arkansas & Texas Ry.
remits
—V. 148, p.
Apr. 30— 1939—Month—1938
1939—4 Mos.—1938
$200,030
$115,532
$515,891
$324,612
share
railway
Net from railway
Net from railway
Netafterrents..
(R. G.) Le Tourneau, Inc.—Earnings—
Period End.
.
GTOSs^ronTrailway
Lexington Telephone Co.—Registers with SEC—
Profit
$5,614
—
282,420
■
_
—V. 148, p. 3225.
x
April—
Gross from railway
_
1—
Gross from railway
Net from railway
—
2749.
Gross from
1939
From Jan.
400
283,038
2,344
Louisiana & Arkansas Ry.-
Net after rents.
From Jan. 1—
Lehigh Valley RR.—-Earnings
Net after rents
Net loss-.-.--V. 148, p.
3,079,758
*
Miscellaneous rents:
1936
$135,994
42.068
15.069
April
$3,990,709
$277,882
2,285
64,366
$101,297
64,116
$115,097
34,444
9,436
Gross from railway
Net from railway
42,927
Non-operating income.
$473,j277
$127,204
41,789
14,815
From Jan.
222
35,581
$443,183
323,332
x
Lehigh & Hudson River Ry.—Earnings—
Net after rents
$3,947,560
430
___
$583,708
305,,825
129,547
242,299
178,029
$314,105
64,366
1939
1938
$3,983,312
—
from transportation.
Interest on funded debt_-_.l___.—
April—
44,630
2592,
Net operating revenue.
Taxes
-
Includes Federal excise taxes.—V. 148, p. 2901.
Gross from railway
Net from railway
.
7,643,727
1,326,888
$325,850
1,515
96,978
118,660
7,400
105,301
"
.
def418,508
■'
!$1,023,413
95,877
185,043
_
73,063
-
Gross from railway
$292,034
33,816
.261
110",513
1—
1937
$1,953,807
336,270
defl23,414
$990,875
32,538
-
Interest
Depreciation
25,261
•
Net from railway
Other
Operating profit
$54,314
Long Island RR.—Earnings-
Net, after rents—
$4,100,427
3,808,393
incomg
In accordance with the foregoing, bondholders of record at the close of
business May 20 received on'June 1 1^ % on their bonds, being fixed inter¬
est for six months and in addition 1% on their bonds, being the cumulative
income interest, a total of 2H%.
Taking into account the fixed interest
payment of 1 Y>% made Dec. I, 1938,.bondholders will have received in
respect of the above 12 months' period 4% of principal by way of interest.
Corp.—Earnings-r-
1939
.....$6,445,172
x5,52?,7(>5
Expenses,&c_
initial
net
—
—V. 148, p.
6 Mos.End. AprilSO—
Net sales..
an
the available
Cumulative income interest of 1% of the principal amount of
bonds outstanding, payable June 1, 1939 to holders of record
at close of business May 20, 1939.-Paid on, account of cumulative sinking fund requirement of 1%
of original principal amount of bonds, paid May 20, 1939.-j-
A
Directors have declared
162,942
$79,575
_
In accordance with the mortgage provisions,
has been disposed of as follows;
'
\
$360,380
117,862
_-
April—
Lamaque Gold Mines, Ltd.i—Extra Dividend—
__.
•
(Julius) Kayser & Co.—Dividend—
common
$691,222
330,842
•_____
__u
—
'V'
The available
,
of the Pepsi-Cola stock, but
8,126,566
5,303
after income tax
91%
$8,378,151
1,406,345
102,479
2,317,906
$746,323
116,475
927
Compensation Proposed
disclosed that several suits are still
pending against it in¬
amounts of the stock.
admits that the attorneys are entitled tohaveimpressedalien
answer
The answer
$17,662,784
68,500
_
Earns,
$16,504,717
term
investments
Miscell. income deducts.
Fed. & State inc. taxes..
Protest Against
compensation
volving certain
exps.
& gen.
-Files
of their services,;" the
company averred in an answer filed in Court of
Chancery at Wilmington, Del., May 28, to the attorneys' petition seeking
to have the agreement fulfilled.
Under the agreement, Loft's counsel would receive
25% of all recovery
in the litigation.
Loft was awarded
Earnings-
April 30— 1939—Month—1938
(all sources) $1,403,500
$1,427,476
(incl. maint.,
& prop, tax)
646,274
681,153
Gross
.
which its former attorneys would receive under a
retaining agreement entered into for representing it in its suit against
Charles G. Guth, the Grace
Co., Inc., and the Pepsi-Cola Co. "would be so
large in amount as to be out of all relation to the fair and reasonable value
City Gas Co.—Bonds Called—
Kansas City Power & Light Co.-
-Accumulated Div.—
a dividend of .J.50 per share on account of
on the 7% cum. pref. stock, par $100, payable June 30 to
holders of record June 17.
Dividend of $21 was paid on March 31, last.
See also V. 148, p. 1174.
A total of $17,000 first
mortgage gold bonds 5% series, due 1946 have been
called for redemption on Aug. 1 at 102.
Payment will be made at the
City Bank Farmers Trust Co.—V. 147, p. 3460.
Period End.
SEC—
147, p. 2397.
accumulations
2746.
Kansas
3379
Earnings—
$93,907
22,989
1938
$87,071
3,790
1937
$115,462
28,766
5,595
defl2,176
3,640
10,766
361,539
69,904
1,751
372,321
26,208
def50.513
426,148
92,424
3,030
385,323
92,257
16,823
1936
$109,049
31,154
2748.
MacKinnon Steel Corp.,
The directors have declared a
Ltd.—Accumulated Dividend—
dividend of $1.75 per share on account of
accumulatons on the 7% cumul. pref. stock, par $100, payable June 15,
to holders of record June 3.
Like amount was paid on March 15, last
Dec
12, Sept. 15, June 15 and March 15. 1938 and on Dec. 15, 1937, this
Financial
3380
last being the first dividend paid by the company since February, 1933,
when 87V* cents per share was distributed on this issue.
Prior to this
regular quarterly dividends of $1.75 per share were paid.—V. 148,
p. 1174.
$2 50
Juiy
latter date
Louisville & Nashville RR.—Earnings—
railway
1938
1937
1936
$5,773,171
April—
Gross from
paid on Dec. 18, 1937; $1.50 paid on Oct. 1,
1, 1937 and 75 cents paid on April 3, 1937.—V.
$5,938,993
1,047,713
$7,649,244
1,736,198
454,043
24,328,567
3,991,401
1,634,708
29,789,927
7,537,534
5,377.108
Net from railway
Net after rents
26,978,415
6,061,142
3,560,492
Net from railway
Net after rents
—V. 148,
-
1939—Month—1938
1939—4 Mos.—1938
$3,340,348 $13,996,761 $13,225,525
Period End. Apr. 30—
$3,534,044
8,112
Operating revenues—
Operating expenses.....
$3,525,932
2,136,669
53,317,645 $13,968,835 $13,151,934
2.129,974
8,604,404
8,729,700
1,228,253
Net oper. revenues._.
$1,389,263
$1,187,671
From Jan. 1—
Gross from railway
28,237.036
6,760,844
income
Mclntyre Porcupine Mines,
—V. 148. P.
-Earnings—
Ltd.
1938
1937
1936
$7,963,886
4,375,203
$8,100,696
4,334,491
$7,994,251
4,147,851
$3,770,924
$3,588,682
$3,766,205
602,061
448,676
$3,846,400
370,576
Net after rents........
635,441
$4,372,985
$4,224,134
$4,214,881
$4,216,976
634,064
Net from railway
April——
660,045
626,306
654,510
$3,712,940
12,145,858
$3,597,818
11,537,172
$3,560,372
10,424,048
253,068
$3,582,912
9,435,30»
14,849
40.017
34", 769
Taxes
£0,269
4*165
„
Total
$15,862,963
1,197,000
Dividends..
..a
Non-resident div. tax—
$15,149,839 $14,277,504 $13,052,988
1,995,000
1,596,000
9,293
1.197,000
61,627
320,180
8,981
135,039
352,384
743,414
1,000,000
1,000,000
1,000,000
15,883
2,047
—
Prospecting & explorat'n
expenditures on outside
properties
— —
Transf. to res. for deple.
of mining properties..
Develop, undistributed.
Sundry charges
421,684
190,557
116,684
"5",609
$11,537,172 $10,424,048
Earned surplus
$13,596,759 $12,145,858
of capital stock
798,000
798,000
outstanding (par $5).
$4.65
$4.51
Earns. per sh. on cap .stk.
Balance Sheet March 31
'
•
$
'
$
to
Ac.a.10,271,345
and
expenses
1,224,272
999,326
Prov.
85,320
66,510
Prov.
321,035
553,024
Bullion
340,105
475,805
Marketable securs.16,291,227 14,952,360
Accts. & int. rec'le
101,969 "
103,193
Cash
361,598
'
330,194
$
128,733
for
127,661
for
24,935
25,526
177,969
399,000
sundry
liabilities, &c
Supplies at cost.a.
silicosis
97,608
Prov. for taxes
77,977
923,534
assessment
887,223
Reserve for deprec.
and
depletion..
Earned surplus
Capital surplus
'
8,900,724
9,805,251
13,596,759 12,145,858
244,049
243,219
..28,996,871 26,975,156'
28,996,871 26,975,156
Total
—V. 148, p. 586.
recommended in report by Reconstruction Finance Corpora¬
$2,978,000; to pay 40% of the preferred claims,
of Merriam Junction-Albert Lea bonds, $760,000;
organization expenses, $100,000; to pay dissenting bondholders, $100,000;
three
years, as
(not yet public),
$699,000; to pay 80%
tion
for
$363,000.
contingencies,
$675,811
84,604
12,521
2,626,222
2,639,908
379,295
69,644
$667,305
65,993
defl2,441
0
a
.
—V. 148, p.
248,158
3074.
'
.
Gross from railway—__
,
$80,734
18,739
8,430
def4,428
defl3,676
—V. 148, p.
2595.
Missouri & Arkansas Ry.-—Earning sApril—
6,059
Net from railway
Net after rents
Traction
7.503
.
.
$91,322
20,717
7,052
$120,271
35,307
14,323
$89,965
344,205
$145,537
48,472
20,269
476,625
158,540
74,985
317,461
58,379
Net from railway.
_
_
:
628,769
264,059
149,522
_
r
Net after rents
73,768
10,498
Missouri Pacific
1939
1938
1937
1936
$6,062,401
Net af ter rents
_.
$5,783,331
$7,414,128
1,529,333
$6,672,719
790,960
29,234
_
;
687,796
defll0,238
p.
3221.
25,216,507
4,499,537
1,082,388
Gross from railway
Net from railway...
582,525
The
directors
Pay $1 Dividend—
M&y 25 declared a dividend of $1 per share on the
capital stock, no par value, payable July 1 to holders of record June 17.
This compares with 75 cents paid on April 1, last; $2.50 paid on Dec. 17,
last; $1 paid on Oct. 1 last; 75 cents paid on July 1 and on April 2, 1938
on
340,944
31,002,730
7,473,912
3,396,810
Net after rents
24,883,314
3,991,387
.538.072
27,517,869
5,973,2482,420,924
—V. 148, p. 3075.
Mobile & Ohio
RR.—Earnings—
April—
Gross from railway."
Net from railway...
Net
1939
$999,119
233,064
\
,
1937
$l;146,31o
341,771
^
_
204,286
23,942
91,414
after rents.
From Jan.
v
1938
$894,909
168,687
1—
1936
$874,032173,123
64,964
.
Gross from railway
Net from railway..
3,782,370
737,651
3,880,800 <
783,629
4,019,951
984,680
496,575
207,202
186,309
Net after rents
3,201,476
558,530
162,819
—V. 148, p. 2595.
Mountain States Power Co.—Earnings—
Operating
Operation
^
revenues
expense
52§'S2i
Taxes
P
;
-
477,521
long-term debt
Amortization of debt discount and expense
-
^
18,b27
a
such taxes
were
'
- — —
---
$524,755
for Federal income tax or for
Revenue Act of 1986 for the-year
Note—-No provision was made
undistributed profits under the
- - - - --
377,533
Other interest (net)
Net income
Drlb8
SI ,398,436
Gross income
on
$1,109,711
243,315
243,65b
leased to others
Net operating income
Merchandise and jobbing (net)
Miscellaneous income.-
500
$1.185,373
Net operating revenues
Income from electric plant
1938
$4,131,7852,020,194
203,111
300,000498,270
38,373
Provision for Federal and State income taxes
Interest
£^39
$4,270,7»»
2,048 ,ObO
175-352
300,000
— ...
Miscellaneous deductions
Mid vale Co.—To
1,233,466
From Jan. I—
Appropriation for retirement reserve
Mercantile Properties, Inc.—Bonds Called—
2,348
RR.—Earnings—
April—
Maintenance and repairs.
Company has drawn by lot for redemption on July 1, 1939, at par and
5,675
2595.
At the annual meeting of the stockholders held May 23, the following were
elected to serve as directors for the ensuing year:
A. G. Carson, A. J.
accrued interest, $23,000 principal amount of its secured sinking fund 5H%
bonds due Jan. 1, 1946.
Bonds drawn will be paid on and after that date
at Central Hanover Bank & Trust Co., 70 Broadway, New York.—V. 124.
'20,817
1—
Gross from railway.
Personnel—
Goedjen, C. E. Kohlhepp, C. R. Phenicie and J. P. Pulliam.
After the annual meeting, officers of the company were elected, as follows:
J. P. Pulliam, President; E. C. Kohlhepp, Vice-President and Comptroller;
C. R. Phenicie and A. J. Goedjen, Vice-Presidents; D. W. Faber, Secretary
and Asst. Treas.; H. P. Taylor, Treas. & Asst. Sec,; I. P. Steybe, Asst.
Sec. and Asst. Treas., and A. E. Granholm, Asst. Treas.-—V. 130, p. 1828.
1936
1937
1938
1939
From Jan.
319,907
63,560
20,393
44,667
def8,882
Years Ended Feb. 28—
Co.-—
.
RR.—Earnings—
Net from railway..
Net after rents..
company's present products has been at the specific request of one or more
of the military services of the U. S. Goverpment.
The corporation, whose stock has been closely held by the founder and
his associates since its organization in 1935, intends to file with the Securi¬
ties and Exchange Commission a registration statement covering 62,500
shares of its capital stock.
F. Eberstadt & Co., Inc., is named as under¬
writer for a proposed public offering of the shares.
Proceeds of the financing will be applied principally to new capital pur¬
poses, enabling the company to exploit the commercial and industrial
application of its basic mechanisms, including navigational instruments
for commercial aircraft and power control apparatus for industrial pur¬
poses, according to Mr. Maxson.
In making the announcement of the financing plans, Mr. Maxson said
that the corporation's practice is to invent and design mechanisms to be
manufactured under license or profit-sharing agreements by other manufac¬
turers of precision instruments.
" The company has such agreements with
Sperry Gyroscope Co., Inc., Fairchild Aerial Camera Corp. and Brewster
Aeronautical Corp.
Upon completion of the proposed financing and a recapitalization pro¬
gram, the Maxson company will have outstanding 240,000 shares of capital
stock out of 250,000 shares authorized.
&
366,249
21,214
,
Missouri Illinois
Gross from railway.
Net from railway.
Light
319,152
20,924
def24,953
—V. 148, p. 2751.
Computer," which figured importantly in the navigation of the
round-the-world-flight of Howard Hughes.
The company's inventions
include numerous other devices in the fields of aerial navigation, gunfire
control and radio devices for airplanes.
The development of most of the
Marinette
$85,646
20,731
8,845
339,933
57,346
13,351
—V. 148, p.
&
1936
$99,590
1938
1—
From a an.
Gross from railway
April—
Menominee
1937
$61,962
def3,276
defl3,121
1939
$85,781
17,554
,
Gross from railway
Net from railway
Net after rents..
Gross from railway
See also list given on first page of this department.
279,825
62,920
35,122
From Jan. 1—
Gross from railway
.
*
$75,590
21,626
13,966
304,303
54,568
14,986
,$53,063
252,984
22,924
Position
1936
1937
1938
,1939
$64,489
2,746
def7,094
Net from railway
defl7„156
§any isNavy, who inventedLieutenant William L. Maxson of as "Line of
tates
headed by former the device technically described the United
.
def1,22,580
Mississippi Central RR.—-Earnings—
19,257
mechanical "robot" devices reaching the point
where widespread commercial application is Considered feasible, the first
public financing is to be undertaken by the corporation, one of the leading
designers of engineering computing and control mechanisms.
The com-
2,612,769
299,811
def36,652
2,553,080
«
Net from railway
428,830
Net after rents—93,291
258,720
19,640
(W. L.) Maxson Corp.—To Offer Stock—
,
$708,881
125,702
26,950
"
From J an. 1—•
Gross from railway
Net after rents.:
With the development of
,,
1936
1937
1938
1939
$656,921
54,648
def38,674
Gross from railway
Net from railway
Net after rents
and the Allen B. DuMont Laboratories, Inc. have
entered into an agreement for five years whereby DuMont has granted
Majestic a rion-exclusive license to make television receivers under all
patents now or later controlled by DuMont and sell them throughout the
United States, its territories and possessions, and export them for use out¬
side the United States.
This is the first license granted by DuMont and
may be extended by an additional five years if so desired.
DuMont is in actual production of television receivers and parts and
agrees for a period of three years that it will continue to manufacture such
television sets as Majestic may wish to sell under its own name.
Majestic
has agreed to pay DuMont a royalty of 5% of Majestic's net selling price
of each television receiver made and sold during the life of the agreement
until a total of $250,000 has been paid.
Thereafter, the royalty rate
becomes 3 %.
DuMont reserves the right to terminate the license if Majestic
or control of Majestic is sold to Radio Corporation of America.—V. 148,
p. 3072..
*
corporation
■
Earnings for April and Year to Date
April—■
Net from railway
This
.
$1,052,280 toward fixed
charges.
Charges on the present capitalization amount to $2,950,010,
which would indicate net loss this year of $1,897,730.
Estimate is on an
expected increase of 5% in freight revenue during the second half.
Net after rents
Majestic Radio & Television Corp.—Television License
..
,
estimate, predicted that
The applicant corporation, based on receiver s
1939 year, M. & St. L. property would earn
for
Agreement—
,
Seeking
The Minneapolis & St. Louis Ry., a new corporation, has applied to the
Interstate Commerce Commission for approval of a $5,000,000 loan to
purchase the properties of the Minneapolis & St. Louis RR. and to effect
a reorganization of the properties.
Under a pending plan of reorganization,
the applicant corporation will purchase all of the property, but will operate
only a part of it.
The other part will be conveyed to a separate corporation
known as Minneapolis & St. Louis Raihoad Corp.
The proposed loan would be secured by 4% 1st mtge. bonds, to be issued
by the applicant corporation against the property which it will operate.
Proceeds would be used:
For improvoment program over a period of
April—
Total..:
489,132
237,475
171,345
68,619
2595.
3,990,000
payable.
Payrolls
admin,
prepaid
1938
%
Accounts payable.
Dividend
mining
companies
Oper.
9,494,744
of & advs.
other
•1939
798,000
$4.49
3,990,000
186,002
TAabilitles—
Capital stock
Min'g prop., plant
Shares
472,192
219,980
145,552
398,126
140,425
39,096
24,508
Minneapolis & St. Louis RR.—New Company
Loan to Acquire Road—
for
798,000
$4.46
1938
1939
& equip.,
'■
lo,008
$111,136
'
Shares
Assets-*-
...
1936
$119,077
47,593
30,529
$97,251
22,531
Net after rents
—V. 148, p.
$4,422,234
1,647,075
$2,775,159
2,585,416
1937
1938
$102,566
CiTmsfromrailway.
Total income
3.186.972
712,365
1939
...
railway
Net from rail way......
Other income—
1.950.971
$3,413,460
RR.—Earnings-
Midland Valley
1939
Gross from
$5,364,431
421,051
2903.
$8,273,737
4,502,813
Years End. Mar. 31
73,591
27,926
$766,620'
$889,173
830,996
Net oper. income
Net
Operating profit. __
22,703
500,090
Operating taxes
5,117,796
p.2593.
148, p. 1174.
Uncollectible oper. rev..
$6,804,332
2,048,907
1,509,488
877,095
238,701
1937; $1.25 paid on
Telephone Co.—Earnings—
Michigan Bell
Operating revenues
1939
1939
June 3,
Chronicle
paid for that year.
$1,353,027
Dr55,603
2,334
$1,299,758
477,521
38,264
373,862
14,948
$395,161
surtax on
1937 as no-
Volume
Financial
148
Chronicle
Reduced Debt—
Revised Plans Filed—
Exchange Commission announced May 29 that it
The Securities and
had
received two revised plans of reorganization for the company, a subsidiary
of Standard Gas & Electric Co.; one filed jointly by the preferred stock¬
on May 25, and the other filed by the
on May 27.
The plans, which are identical, are
supercede plans previously submitted.
On April 28, the preferred stockholders' committee and the debtor jointly
filed a plan of reorganization.
On May 12, the bondholders' committee
filed a plan which differed from the preferred stockholders' committees
and the debtor's plan in respect to the maturity date of the proposed bonds,
the redemption provision, and the sinking fund provision.
The revised
identical plans, announced, embody a compromise of these differences and
provide (the quotations indicate wherein the following provisions differ
from one or both of the above former plans):
(1) The maturity date of the proposed 5% first mortgage bonds is
Jan. 1, 1953.
(2) The proposed 5% first mortgage bonds will be redeemable on prior
notice at the principal amount thereof with accrued interest thereon to
date of redemption, plus a premium of 5% of principal if redeemed within
"10 years" from the date of said bonds; thereafter the premium shall decrease
1% per year until "14 years" from the date of said bonds after which said
bonds may be redeemed without premium; "and will also be redeemable,
as a whole, on prior notice, on any day within 12 months after the expiration
of the* date for appeal from the order confirming the plan, but not later
than Jan. 1, 1941, at the principal amount thereof with accrued interest
thereon to date of redemption plus a premium of 1% of interest."
(3) The sinking fund provision requires the company to deposit with
the indenture trustee cash amounting annually to "1H%" of the principal
amount of bonds plus a sum equal to the amount by which interest charges
on the bonds shall have been reduced by reason of retirement of the bonds.
—V. 148, p. 3232.
holders' committee and the debtor
bondholders' committee
to
P. B. Sawyer, President, told shareholders June 1 at their annual
the company had been able to retire $6,528,000 of its 6%
that
debentures
1937
summation of the sale, which is expected in the near future, will mark the
complete withdrawal of the National Power & Bight system from operations
in the State of Tennessee.
National Power has sold four of its properties
Tennessee within the last year.
The sale of these operating units, Mr. Sawyer said, will effect a re¬
duction in consolidated gross revenues of the National Power system of
about $13,500,000 annually.
Present gross revenues of the system are
in
approximately $84,000,000 annually.
$245,876
146,353
56,346
$273,996
142,642
40,370
1,076,041
575,254
233,614
965,301
524,599
145,687
1,595,944
940,949
488.341
National Steel Corp.—Listing—
Consolidated Balance Sheets
Mar.
31, '39 Dec. 31, '38
Cash
$
Trade accounts.
15,407,829
12,518,053
Accts.to affil.cos
Accrued liabil..
9,953,407
27,943,915
307,973
Federal taxes
term
74,630
76,511
Insur. &c. deps.
314,801
300,565
Notes
486,660
ployees
,
Motors Securities Co., Inc.—Registers with SEC—
of this department.—V. 145, p. 2700.
See list given on first page
Mountain States
Period End. Apr. 30-r-
Operating revenues
Uncollectible oper:-rev..
Operating revenues
Operating expenses L
_
..
$2,069,818
_ r.
1,372,161
.
Net oper. revenues...
Operating taxes.-
$592,545
$2,675,523
282,406
1,181,193
70S
2,606,271
2,606,003
Total
207,101,508 207,144,871
National Tea Co.—Sales—
$1,127,217
743,012
a
compared with
.
Lines, Inc.—Listing—.
May 20,
p.
addi¬
1938 to 1,098,
.37% —V. 148,
2907.
Average sales
1939
per
location increased
,
Neisner
The New York Curb Exchange has authorized the listing of 29,000 addi¬
1939, amounted to $4,207,2991
$4,260,380 for the corresponding four weeks in 1938
decrease of 1.24%.
The number of stores in operation decreased from l,116in
at
tional shares of $3 con v. cumul. preference stock (par $50), and 58,000
.
on
stock,
Sales for the four weeks ended May 20,
—V. 148, p. 2751.
National City
25,727
Q 4.31
777
May 29 declared a dividend of 40 cents per share on the
par $25, payable June 30 to holders of record June 20.
Bike amount was paid on March 31 last; dividends of 25 cents were paid
in each of the four preceding quarters, and previously regular quarterly
dividends of 62M cents per share were distributed.
In addition an extra
dividend of 50 cents per share was paid on Dec; 24 and Sept. 30, 1937;.
an extra of $1 per share was paid on Dec. 31, 1936.—-V.
148, p. 2596.
common
$2,231,785
1,104,568
215,272
4R9
207,101,508 207,144,871
Directors
1939—4 Mos.—1938
$8,191,623
$7,853,934
22,407 '
' 38,200
$1,494,330
1,168,833
38,569,290'
32,820,390-
Dividends—
$7,815,734
5,583,949
$310,139
54,969,175
38,572,290
34,367,472
.144', 109,786 143J07i510
Total
58,169,216
5,493,693
$397,688
316,209
Earned surplus.
.
as
Net oper. income
Net income.
54,974,175
42,144
13,533
Q
Deferred charges
$1,981,796
1,389,251
$697,657
299,969
(par
__
Properties (net)
Telephone & Telegraph Co.—rEarns.
1939—Month—1938
$2,075,873
$1,991,557
6,055
9,761
231,000
5,323
.
Miscel. accts. rec
148,
5,500,899
Cap. stock
em¬
Investments
.
J,635,596;
62,747.591
5,160,493'
accts.
and advances
All of the outstanding 7 % preferred stock have been called for redemption
June 30 at $110 and accrued dividends.
Redemption will be made at
1,823,301
62,275,160
&
Capital surplus.
em¬
227,500
Officers and
Co.—Preferred Stock Called—
(est.).
long-
indebt..
$25)
ployees.
667,824
on
Reserves.
from
rec.
officers &
,
320 Associates Building, South Bend, Ind.—V.
....
■■
:
./•
Income
Funded
Real estate inst.
on
2,302,982"
2,420,509
11,183,018
Inventories
'23,368,335
Miscel. invests.
307,973
deposit
reciev. (net)..
31/38
8,271,530
6,653,106
514,597
contracts roc.
company's offices,
p. 2902.
Mar. 31, '39 Dec.
Liabilities—
.$.
hand &
on
_
Morris Finance
'
(collateral) mortgage bonds 3% series, due April 1, 1965.
Assets-
1,585,740
967,607
—V. 148, p. 2595-
Sawyer, however, said he felt
The New York Stock Exchange has authorized the.listing of $50,000,000
first
$369,096
226,072
101,164
Fromoan.. 1—•
Gross from railway
Net from railway......
Net after rents...-.—
Mr.
that business of the other subsidiaries in the system would grow sufficiently
to offset this reduction "to a great extent."—V. 148, p. 3233.
1935
$50,917
defl8,641
def54,618
Gross from railway..;
Net from railway
Net after rents...
through
'Notes and accts.
1938
1939
.
meeting
and 5%
the use of funds obtained from the sale of utility
properties in the Tennessee Valley area to the Tennessee Valley Authority
and allied
municipalities.
However, he said, there is no immediate prospect
f°r further reduction of the parent company debt.
Questioned by a stockholder on the possibility of retiring the company's
preferred stock, Mr. Sawyer declared that complications might arise if
the company used its funds to pay off one class of security holders and did
not also apply this
money to redeem other shares, although, he declared,
some study has been made of this matter."
"■(
A proposal to authorize the sale of the
Memphis Power & Bight Co.rto
the City of Memphis and the TVA was approved by shareholders.
Con¬
on
Monongahela Ry.—EarningsApril—
3381
.
Bros., Inc.—Insurance Plan-—
was
Company has adopted a double coverage group plan which provides
approximately 400 employees with a total of $1,000,000 of life Insurance,
supplemented by weekly sickness and accident benefits.
Announcement
of the plan was made by J. M. Neisner, President of the corporation.
The group plan, which is to be effective when at least 75% of the eligibly
employees have enrolled, is being underwritten by the Metropolitan Bife
Insurance Co. on a cooperative basis whereby the employer and employees
last
share the cost.
148, p. 3076.
tional shares of common stock (par $1).—V.
.
National Oil Products Co .—-Interim Dividend—
Directors have declared an interim dividend of 25 cents per share on the
stock, payable June 30 to holders of record June 29.
Bike amount
paid on March 31 last, and compares with 30 cents paid on Dec. 22
and 20 cents paid on Sept. 30, June 30, and April 15, 1938.
See
V. 146, p. 2053, for detailed record of previous dividend payments,—V. 148,
p. 1485.
,
common
National Power & Light Co. (&
Period End. Apr. 30—
The preliminary response thus far indicates that the offer will be accepted
by practically 100% of the eligible employees, and it is confidently ex¬
pected that the coverage will be placed in force by June I at the latest.
Individual benefits range for life insurance from $1,000 to $7,000, while
amounts ranging from $10
a week to $40 a week will be paid in case of
sickness or non-occupational injury.
The plan also includes visiting nurse
service, which is available to employees residing in any of the more than
7,000 communities in which the insurance company has established its
visiting nurse service.
Supplementing the nursing care is the periodical
distribution of pamphlets on health conservation and disease prevention.
—V. 148, p. 2907,
Subs.)—Earnings-—
1939—3 Mos.—1938
1939—12 Mos.—1938'
Operating revenues..$20,149,561 $20,999,300 $83,558,899 $84,576,082
Oper. exps., incl. taxes. 11,989,769
12,151,292, 48,951,970
48,581,464
Property retire, reserve
,
appropriations
1,636,629
1,765,260
7,265,660
7,740,675
Net oper. re venues...
$6,523,163
$7,082,748 $27,341,269 $28,253,943
Nevada-California Electric Corp. (&
Rent for lease of plants
1.262
Crl,996
(net)
Operating income....
Other income...
$6,525,158
38,370
Period End. Apr. 30—
Operating revenues
Cr23,776
$7,081,486 $27,339,088 $28,277,719
63,457
"250,689
335,665
*55,293
66,670
Other inc. deductions...
2,181
324,961
1939—Month—1938
$430,086
$426,054
_
Other oper. expenses—
257,972
Taxes...
__
Depreciation.
Gross income...
Int.
public
to
&
$6,496,858
Cr2,455
nority
1,504,519
.
11,634,226
Cr7,531
6,047,135
11,994,351
CY19.327
6,062,012
.776
2,661,
and
in income of subs.
_
$2,099,016
$2,590,514
$9,590,210 $10,315,715
Bight Co
.
Net
Other
in income
$2,099,016
24,317
$2,590,514
*
9,267
$9,590,210 $10,315,7D
104,135
118,57i
$2,123,333
Expenses, incl. taxes
93,636
Int. and other deduct'ns
265,932
$2,599,781
37,694
341,568
$9,694,345 $10,434,290
390,318
175,942
1,247,352
1,358,896
of subsidiaries
Other income
Total
.
$1,877,368'
1,382,738
6,809
1,114
6,937
1,442
83,085
14,807
84,172
14,657
$15,049
$396,738
$697,787
expenses
•.
income.,
*
debits
misc.
148
surplus. $1,763,765
$0.24
Earns. per sh. of com .stk.
$2,220,519
$0.33
$8,056,675
$1.16
$8,899,452
$1.32
Notes—The statement includes full revenues of a subsidiary without pro¬
exceeding $120,000 for each 12 month
Earned surp. avail, for
red.of bds.,div8., &c
$23,729
—V. 148, p.
43,802
CY2.042
Dr4,312>
Dr56,902
Dr7,960
$17,240
$365,765
$733,629
<
New Bedford Gas & Edison
Light Co .—Earnings—
1939
Maintenance
;
period, from natural gas rate reduction now pending.
Certain properties of subsidiaries were sold during 1938 and 1939, and
consequently this statement includes the operation of these properties only
Statement of Income (Company
1939—3 Mos.—1938
Only)
1939—12 Mos.—1938
$1,662,732
$1,405,653
$5,970,063
24,317
solidated.
9,267
104,135
,
Total income..
Expenses, incl. taxes
Net oper. income
$7,526,699
118,575
$1,687,049
93,636
$1,414,920
37,694
$6,074,198
390,318
$7,645,274
175,'942
$1,593,413
$1,377,226
$5,683,880
$7,469,332
Interest and other deduc¬
Earns,
per
sh.
265,932
341,568
1,247,352
1,358,896
$1,327,481
of
Operating income
Other income (net)
Gross income
$1,035,658
$4,436,528
$6,110,436
$0.16
$0.11
$0.50
Other interest
Amortization of debt discount and expense
Interest
$0.81
charged to construction.
Balance of income
1,858,060
318,022
341,140
84,475
794,918
353,855
317,066
109,344
721,835
$864,004
17,538
$747,787
$881,542
29,701
14,142
743
CV875
Crl.740
$839,745
43,537
Note—The above statement includes a portion of the extraordinary ex¬
incident to the hurricane in 1938 which is being amortized over a
period which began Jan. 1, 1939.—V. 148, p. 1967.
New Orleans
A
com.
stock..
-
Interest on serial notes
pense
tions from income
Net income
Other taxes
$4,224,164
$704,074
...
1,778,439
$763,023
—
1938
$4,080,017
Dr 15,237
Operating revenues.
Operation expenses
Federal income taxes
to dates of sale.
1
2905.
Provision for retirements
Other
$2,168,060
1,371,442
and
credits to surplus (net)
vision for possible revenue losses, not
Period End. Apr. 30—
Income from subs.—con¬
„
25,930
12 Months Ended March 31-—
Balance carried to consol. earned
$138,877
115,448
Profit on retirement of
bonds and debs. (net).
Net equity of Nat.Pow.
&
112,274
■
National Power & Light Co.—
.
28,691
$28,042
,
Miscell. deductions.
Bight Co.
&
$1,848,677
4,901
$148,240
Gross income.....i_.
Interest
"
Amortization of debt cis't
Net equity of National
Power
$2,079,431
88,629
$133,976
2,409
Other income
.
246
186
interests
$145,831
Net oper, revenues._.
.
2,987,827
Cr4,353
1,515,416
2,895,592
Pref. divs. to public....
Portion
applic. to mi-
48,363
49,868
$5,753,333
283,803
2,204,132
603,540
582,427
163,328
$7,.089,650 $27,264,816 $28,355,412
other
deductions
Interest charged to const.
Subs.)—Earnings
" 1939—12 Mos.—1938
$5,572,065
252,391
2,296,084
569,550
605,362
"30,519
18,525
169,179
45,066
51,484
Maintenance
.
Public Service Inc.—Bonds Called—
gold bonds, due July 1, 1935.
redemption on/ July 1 at 90 and accrued interest. Pay-
total of $1,000,080 general lien 4H%
has been called for
Financial
3382
Co., New Yotk City
ment will be made at the New York Trust
Chronicle
Whitney National Bank of New Orleans, La,—V. 148, p. 3234.
Nevada Northern
1938
_
.
.
.
.
1936
$64,941
34,987
26,896
$43,728
18,184
13,071
162,823
52,317
railway—$60,121
30,562
20,793
Net from railway,
Net after rents--.--—
1937
$41,950
13,383
7,726
1939
Gross from
rejection of tenders will be mailed not later than June 29,1939.
Bonds should be delivered for payment on or before July lu, 1939, after
which date Interest will not oe paid to holders of purchased bonds.
A
differential of three points will be J]owed in determining whether stamped
or unstamped tender prices are lower.
,
:
The corporation reports that, exclusive of bonds in the treasury of the
corporation, there are outstanding at the present time $3,586,000 principal
amount of stamped bonds and $647,500 principal amount of unstamped
bonds.
Unstamped bonds bear interest at the rate of 6% per annum,
and stamped bonds, by reason of the inclusion of 'an accumulating partici¬
pation in earnings, bear interest at the rate of 7% per annum, of which 6%
is fixed and 1% is cumulative.
Forms of tenders are available at Smith, Barney & Co.—V. 148, p. 3077.
Ry.—Earnings—
April—
225,309
107,338
78,013
178,789
74,753
55,166
.
From J an. 1—
Grogs from railway—216,055
Net from railway
101,<>99
Net after rents.
69,197
—-V. 148, P. 2597.
34,280
New Orleans Texas & Mexico Ry.— •Earnings—
1938
1939
April—
Net from railway.
Net after rents..From Jan. 1—
1936
$231,467
91,760
94,720
$268,196
118,046
107,161
962,364
368,029
971,518
423,199
370,565
.
421,933
1,170,009
605,121
545,198
Gross from railway.
Net from railway--.-—
:
Net after rents..
—V. 148, p.
1937
$225,160
81,800
86,114
Gross from railway
York
New
$224,723
„
June 3, 1939
all coupons, and participation warrants in the case of
stamped bonds, maturing Dec. 1, 1939 and subsequently.
Acceptance or
must have attached
the
or at
State
Electric & Gas Corp.—-Registers with
SECi
86,505
66,406
See list
811,187
280,723
223,655
given
first page of this department.—V. 148, p. 3235.
on
Norfolk Southern
April—
1939
New York
Connecting RR.—Earnings—
1939
1938
1937
$178,836
128,€71
$254,080
80,535
,Net from railway..
60,062
144,464
$224,629
177,710
107,674
680,572
449,377
197,447
1,005,449
816.913
Netafter rents
From Jan. 1—
i936
$183,778
118,863
Net after rents-
202,547
916,777
682,519
526,045
—....
Net after rents
...
2598.
—V. 148, p.
■
•
,
577,726
Northern Pacific
476,277
1939
Gross from
New York New Haven & Hartford RR .—Amended, Plan
road has been filed with the
Commission by the independent bondholders reorgan¬
holders of New Haven 1st & ret. mtge. bonds,
and holders of the company's 4% debentures due May 1. 1957 and the
Providence Securities Co. debentures due May 1, 1957.
The committee states it has amended its proposals of Sept. 8, 1937,
because of the exceptionally low earnings in 1937 and particularly in 1938,
and because of the report of Examiner Wilkinson of the Interstate Com¬
merce Commission, which recommended that all plans filed in 1937 be held
in abeyance because of the diminution in earnings.
New securities proposed by the committee include the following:
$39,312, 913 3li% underlying mortgage bonds maturing in 1965; $131,118,697 3Yi% refunding mtge, bonds maturing in 1990; $82,253,125 income
bonds bearing interest at rate of 4%, cumulative and payable to extent
earned, and maturing in 2000;" and an estimated 1,072,881 shares of $100
Gross from railway
ization committee representing
Net from railway
Net after rents—
—V. 148, p.
$7,304,547
committee's plan are
1936
$4,429,000
633,735
399,768
.
17,201,519
1,535,825
436,835
15,698,105
792,836
def279.121
19,849,806
.3,068,292
2,239,235
16,602,431
1,451,713
694,822
1937
2599.
.
(Del.) (& Subs.)—Earnings
Years Ended Feb. 28—
1939
Operating revenues
Operation expense---——
1938
.$35,935,129 $35,770,392
13,725,725
14,403,252
Maintenance——.:-—
1,764,165
1,527,861
Appropriation for retirement reserve &,depreciation
3,093,157
2,903.734
Taxes..
4,877,945
4,605,751
Provision for Federal and State income taxes.
1,379,083
459,599
—
..
-———
—--
.
-
—
------
——_
------
-----
Net operating income
T———
—$11,095,053
Rent from leased property.-—j—
83,859
annually.
These charges are proposed, it is said, in the light of the company's actual
earnings for the 1933-38 period which, after necessary adjustments for
current conditions, amounted to $7,528,089 per year.
Because of the
$5,261,164
944,971
703,354
Northern States Power Co.
par
the
1938
$4,211,059
368,670
71,141
.
Interstate Commerce
common stock.
Fixed charges under
1,357,570
191,856
27,670
1,533,913
310,043
97,053
$4,676,591
554,893
270,949
railway
Net from railway.
Net after rents—
From Jan. 1—
An amended plan of reorganization for the
,
1,300,630
118,076
def68,785
Ky.—Earnings—
April—
^
,
1936
$357,318
56,330
8,293
1937
$451,321
125,541
63,180
...
railway...1,362,785
Net from railway162,088
Net after rents
def23,066
—V. 148, p. 2598.
941,931
748,000
.
.
Gross from
From Jan. 1-—
Gross from railway
from railway
——
1938
$357,939
60,060
8,770
$382,248
79,184
25,998
.
__
April—
RR.—Earnings—
■■
Gross from railway.—
Net from railway
2597.
Gross from railway—..
,
Merchandise and jobbing (net)
Interest and dividends—
Dr53,736
6,280
—
"
$11,870,194
88,607
Dr37,994
6,441
difficulty of forecasting future earnings and with the intention of avoiding
the disadvantages of complete reorganization, resulting from low earnings
Miscellaneous income-
in any period of temporary stress, the committee states that it proposes that
the indenture of the new refunding mtge. bonds provide for a voluntary
--.—...--$11,132,589 $11,927,249
Interest on long-term debt--- —-i3,831,536 1
3,732,629
Amortization of debt discount and expense
662,548
664,257
Other interest (net)Crll,779
Cr8,763
Amortization of sundry fixed assets
i_..
41,843
41,843
Msicellaneous deductions135,191
84,806
reduction
to by 66 2-3%
in interest if agreed
the bondholders
or
upon
request of the directors.
In any such period of waiver interest would be
payable to the extent earned,
interest unpaid during the period would be
cumulative and payable when earned.
The refunding mtge. bonds and the
income bonds would be convertible into common stock at the conversion
price of $100 per share.
4
The Mutual Savings Bank Group has filed an amendment to its proposed
plan of reorganization for the New Haven whereby present 1st & ref. mtge.
bonds would receive 25% of fixed interest bonds, 37 ££ % of income bonds
and 37 J^% in preferred stock.
*
— -
^Balance
Dividends
.
on
—
road.
.
Specific objections to the plan were offered by the Pennsylvania KB., as a
major common stockholder, a group of banks which hold New Haven notes,
similar groups.
Other committees, including the
bank rgroup, offered alternative suggestions for the
V.148, P.3235. V '
v
mutual savings
reorganization—
and
New York
Shipbuilding Corp.—Earnings*—
on
P
Cost of billings
Profit..
Administrative and general expense-
————————————.
$1,421,777 loss$609,238
683,240
654,231
$738,5371oss$1263,469
Net operating profit
Other income
$805,118
654,144
42,870
.——
75,592
—
$781,4071oss$l187,877
148,514
159,427
14,931
9,802
-
funded debt—
Interest
on
Interest
on tax
assessment
Min. int. in net income of
59,090
:
$4,849,504
$6,161,720
States Power Co. (Minn.) made no provision for
Federal and State income taXes for the year 1937, as it claimed as a deduction
in its income tax returns for that year unamortized discount and expense
and redemption premiums and expense and duplicate interest applicable to
bonds redeemed during the year 1937, which deduction resulted in no
taxable income for that year.
:
(2) Net income previously shown in the financial reports of the companies
has been reduced by the amount of $24,330 for the year ended Feb. 28.
,
as a
result of
applying thereagainst the amounts included for that
period in the adjustment of expired debt discount and expense less minority
applicable thereto charged to surplus in 1938.
interest
Weekly Output—
Electric output of the Northern States Power
Co. system for the week
27, 1939, totaled 26,446,661 kilowatt-hours, an increase of
7.9% compared with the corresponding week last year.—V. 148, p. 3236.
ended May
Northern States Power Co,
(Wis.) (& Subs.)—Earnings
1939
"5",4?5
$5,718,228
1,916,851
282,603
215,802
Taxes.
929,206
215,441
Operating revenues
Operation expense
r.\
642,743
—
Provision for Federal and State income taxes.
$632,8941oss$1372038
$62,476
*423,261
$632,8941oss$1372038
Profit
$485,737
,57,000
Non-operating profit
Profit-I--..
Prov. for Fed, normal inc. tax (estd.).
Prov. for Fed. surtax on undistributed
—
prpfits (estd.)_
100,000
31,000
,
Net profit for the year..
Cash dividends (pref. stock). Earns. per share on 500,000 shares of
combined partic. & founders'stock
$532,8941oss$l,372,038
-
outstanding ($1 par)
.
$397,737
156,187
•'
.
...
\
'
"
■
•
'
•
Net operating income.—
Revenue from lease of other physical property-
$0.86
Nil
$0:54
476,004
823,080
27,950
"
,
$2,248,619
82,425
Dr46,006
Merchandise and joboing (net)
Miscellaneous ipcome.
-----
$2,258,541
88,138
Dr42,586
9
Gross income
----Interest on funded debt-.
—
Amortization of debt.discount and expense—
Interest on indebtedness ta affiliated company
Other interest (net)
Amortization of sundry fixed assets
682
$2,285,047
990,274
62,086
——-
—
$2,304,775
994,970
64,522
:—
—-
,
------
.
1938 '
$6,277,766
1,959,153
Maintenance—
Approp. for depreciation and retirement reserve._
$240,717
172,766
—
,
Premium on bonds retired.
1,191,667
226,125
22,621
subsidiary companies..
Net income-.--Notes— (1) Northern
$150,974
89,743
——
Miscellaneous deductions-
$7,412,477
——
Years Ended March 31—
Total income.
$6,473,250
1,375,000
.. —
cum.pref. stock, $5 series of Northern
pref. stock of Northern State® Power Co.
(Wis.) held by public
1938
1938
1937
1936
..—$11,068,047 $13,016,823 $14,077,219
9,646,270
13,626,060
13,272,100.
Years Ended Dec. 31—
Gross billings..
—
States Power Co. (Minn.) held by public.
Div.
Security Holders File Objections to Amended Plan—
Various holders of securities have filed with the Interstate Commerce
Commission objections to the amended plan of reorganization filed by the
1,133
----------
Gross income
Miscellaneous deductions
2,139
41,843
15,336
i
,
764,452
757
41,843
11,117
sale of 14,200 shares of Allis-Chalmers Mfg. Co. stock.
Note—Provision of $295,115 in 1938. $300,005 in 1937 and $283,995 in
1936 for depreciation included in overhead costs in 1937 and 1938, and in
Minority interest in net income of sub.
overhead costs and administration expense in 1936.
Note—Effective Jan. 2, 1938, indebtedness to Northern States Power
Co. (Minn.), parent company of the company, of $16,980,000 was liquidated
a subscription for 80,000 shares of the company's common stock of an
aggregate par value of $8,000,000 in payment of a like amount of such
Indebtedness and by the cancellation oy the parent company of the re¬
x
Profit
on
Balance Sheet Dec. 31
1938
1937
$
$
Assets—
a
Plant &
1938
Liabilities—
$
property$5,588,841 $5,905,297 Preferred stock
Goodwill & pats..
Cash
Marketable secure.
Bond deposit
Accts. receivable-
Contracts
in
-
1
1
1,329,345
307,200
100,000
272,447
1,298,390
307,200
19,746
pro¬
2,284,646
186,660
1,921,531
226,352
5,000
5,000
20,516
21,349
30,827
30,131
.—10,110,011
9.744,475
cess
Inventories
-
Subsidiary cos
Other assets
Deferred debits
1937
$
1,785,000
1,785,000
500,000
Funded debt
2,769,400
Accounts payable.
610,837
Compens'n awards
and claims
27,247
500,000
2,990,000
647,773
b Participating
&
founders' Btock.
Res. for Fed.
taxes
a
After depreciation,
100,000
payroll.
interest, <fcc
248,575
Surplus
4,074,952
Northwestern Bell Telephone Co.—Earnings—
Period End.
1939—4 Mos.—1938
April 30— 1939—Month—1938
$2,910,934
$2,807,527 $11,370,187 $10,971,269
6,235
11,857
29,535
45,868
revenues
Uncollectible oper. rev
Total..
10,116,011
$2,904,699
Net oper. revenues
$984,012
390,082
$808,945
372,607
$3,618,601
1,553,323
$3,106,203
1,486,509
$593,930
$436,338
$2,065,278
$1,619,694
546,435
395,524
1,880,978
1,465,797
1,920,687
9,744,475
b Represented by 325,000 $1 par participating
Holders of first mtge. 6% sinking fund gold bonds were notified on
June 1 that Smith, Barney & Co., 14 Wall Street. New York City, have
beeh authorized to receive tepders for purchase of such bonds, both stamped
and unstamped, for the corporation's treasury, for which
has made available the sum of approximately $600,000.
$2,795,670 $11,340,652 $10,925,401
1,986,725
7,722,051
7,819,198
Operating revenues
Operating expenses251,623
3,542,059
Trap Rock Corp.—-Tenders—
the corporation
Tenders will be
received by Smith, Barney & Co*, until June 26,1939, and all bonds tendered
$398,043
inc.
(estd.)____
Accrued
shares and 175,000 $1 par founders' shares.—V. 148, p. 1651.
New York
29,070
$1,144,298
maining balance of $8.980,000.—V. 148, p. 1969.
Operating taxes.—
Total
-
--
29,070
by
Operating
28,020
11
Net income—
company. _
Net operating income.
Net income.
—Y. 148, p. 2599.
<
—
Nu-Enamel
Corp.—Sales—
L. F. Pitts, President of Corporation, reports
*the corporation and its retail stores of $145,296
consolidated net sales by
for April, compared with
month a year ago. an increase of $20,544 Or 18%.
Indications are th ,t May sales will exceed those of May, 1938 by about
50% he said.—V 148. p. 3078.
$123,009 for the
same
Volume
Financial
148
NY PA NJ Utilities Co.
(& Subs.)
revenues_
_,
_
Consolidated Balance Sheet Dec. 31
Earnings—
12 Months Ended March 31—
Operating
Operating
expenses.
,
Maintenance-
...
_
Assets—
1938
1939
„■
_
$73,513,242 $73,004,875
32,835,104
32,562,878
4,999,255
6,161,739
1,840,896
7,833,845
4,508,838
„
Provision for retirements
Federal income taxes
6,440,411
2,091,427
8,284,413
Other taxes
$19,625,274
1,406,036
$19,334,036
1,201,007
.....$21,031,310
Operating income
Other income (net)
$20,535,042
u_
_
Gross income
Subsidiary Companies Deductions:
on long-term debt
Interest
1
8,668,976
441,001
481,872
0105,125
3,346,782
...
Other interest.....
...
Amortization of debt discount and expense
Interest charged to construction.
Dividends paid or accrued on preferred stock
Prov. for dividends not being paid on cumul. pref.
8,540,905
537.676
494,848
Crl31,187
2,957,314
10,620
$8,127,240
800,546
2,050,000
668,159
93,303
772,255
2,019,887
738,669
90,901
$4,575,175
$4,505,527
-.1...
B&lanc©
NY PA NJ Utilities Co., Deductions:
Interest
Interest
long-term debt...
on
convertible obligations.
on
^
.
Other interest.
Amortization of debt discount and expense.
Balance of income
1938
Cash.?
Receivables
a
.
1,050,704
21,993
21,500
Land, buildings,
mach. <fc equip.
Mtge. receivable.
_
Accrued taxes
Ohio Associated Telephone
and investments
Brands and trade¬
44,717
1939—4 Mos.—1938
$255,399
$245,061
593
285
April 30— 1939—Month—1938
Operating revenues
,$64,323
$63,044
Uncollectible oper. rev._
152
71
Operating revenues
Operating* expenses
185,575
Goodwill
185,625
1
1
126,791
Deferred charges__
Operating deficit..
..$7,481,264 $7,821,6171
After
a
.
One Park
Avenue, Inc.—Loan Placed—
arranged through the
broker.—V, 120, p. 1890.
same
Otis Elevator
Selling,
gen.
1,
•
__
-1
Net after rents
Profit from sale of U. S. Govt, securities
Miscellaneous other income.
44.302
170,896
162,248
Miscellaneous income deductions
$83,910
$82,528
Appropriation to general
7,443
27.324
29,112
$11,228
$56,586
$53,416
Total income
_
_
Net after rents
Total-_____:
Common dividends
$6,874,305
390,000
1,199,868
v
Earned surplus at end of year. ___*
_____
Earns, per share on 2,000,000 shares com. stock.__
$5,284,437
$0.76
147,402
52,575
17,933
168,934
57,024
19,179
179,226
97,839
68,944
_
1
235,312
•
Maintenance
al938
873,710
817,005
$3,997,030
12,812
A "bp/?
Retirement accruals
$4,175,296
1,079,311
_______ —
$4,009,843
1,091,827
u_.--i-__.__
$3,095,985
1,474,865
$2,918,016
$1,621,120
4,362,527
$1,431,104
3,117,907
$5,983,647
undistrib. profits
85,000
5,100,000
Interest accrued..
29,615
x Notes &accts.rec 2,534,103
Inventories
3,821,188
Due
from
Property,
y
6,406
$5,892,241
$4,495,727
Earned surplus-^-beginning of period
Total..
Provision for Federal surtax on
Other direct charges
:
(net)
Balance
.
8,477,299
133,200
91,050
137,496
133,200
$5,530,495
surplus—end of period.'.+
_
r
-----
...
deferred
_.—
209
1
1
?
163,431
159,768
installa¬
Contract
tion in progress,
39,379
costless billings.
367,505
Total.-.I'-..-.40,035,150 40,410,518
a
y
only,
Company
After reserve for depreciation of $14,186,220 in 1938 and $13,605,423
z Represented by 2,000,000 no par shares.—V. 147, p. 3317.
(less reserve, representing excess
4H% debentures over amount of net losses from sales
of securities, &c. of $58,596), $7,567,104; cash in bank, $97,754; accrued
interest receivable, $12,900; total, $7,677,758.
Liabilities—4H%
debentures outstanding, $2,879,600; provision for
accrued interest on debentures, &e., $38,620; provision for Federal income
tax, $400; Common shares (authorized and issued—300,000 shares, no par
value) amount paid in, $4,000,000; accumulated net income from interest
and dividends, less dividends paid
$759,138; total, $7,677,758.—V. 147,
p. 1498.
•
*
,
United States taxes
Interest
1936
$13,098,429 $16,572,204 $13,236,487
10,468,321
13,178,045
10,346,052
Gross profit on sales__
$2,630,107
Other operating income.
97,281
Total income
$2,727,389
$3,394,159
178,683
$3,572,841
1935
$2,890,435
145,996
$3,036,430
$6,870,030
5,826,440
$1,043,589
44,458
$1,088,047
Selling, general & admin¬
istrative expenses
Operating profit
Idle plant
Interest expense
Loss
on
2,982,058
$272,664
80,098
134,983
$590,784
105,459
150,932
2,531,304
Profit.
Other income
"12,584
"8,786
$45,000
49,640
$325,613
40,351
1,457,418
$505,126 loss$369,371
39,480
35,127
75,913
18,722
sale of investm'ts
Misc. deductions
r
2,454,724
50,386
61,743
33,289
eral taxes
sundry taxes.....
$365,963
___.. —.
— _ — _.
»
x
$76,864
$247,963
Provision for Federal income tax only.
302
6,614
145,529
91,804
•
73,052
------
'
,
$339,347 loss$518,252
64,144
5,575
$601,466'
$824,475
i_rl4,235
835,724
761,608
910,500
$1,054,314
260,541
$1,586,083
750,359
$1,511,967
750,359
$835,724
$761,608
_______
-
Dividends
Amount
$778,913
177,447
$1,053,612
229,137
$302,898'
70,073
$232,825
'Total.
charged to surplus from re¬
valuation of Yukon-Pacific
Mining
•
.
_
0156,325
._
$950,098
Consolidated earned surplus
carried at cost at Dec. 31, 1937 whereas
at the beginning of the year they were carried at market price.
If such
inventories at the end of the year were carried at market price, as in the
prior year, net income applicable to Pacific Tin Corp. for 1937 would be
increased by approximately $117,000.
*
Consolidated Balance Sheet Dec. 31
Unsold tin concentrates are
1938
1937
$30,016 $1,056,618
Assets—
Cash
—at cost
Accounts recelv—
99
197,498
30,151
$4,594
17,706
109,669
at cost
supplies
249,280
—at cost
Sundry
investm'ts
Deferred charges
In
78,664
343,170
-
Construction
f Common
14,683
1,573,039
835,724
1,248,189
Other assets
3,575,344
.
surplus
4,395,490
earned
props.
1,157,957
3,562,082
110,000
to
h Consol.
208,433
2,399,483
------
$293,4921oss$512,677
Surplus
208,433
stock.. 4,395,490
1,416,715
stock
<fe
cost.
(leaseholds)
$403,492 loss$512,677
52,680
38,992
Special
Yukon-
Pacific Min. Co.
a
52,680
173,340
Reserve for repairs
*
&
1937
$95,357
d Min. Int. in subs
e
1 In concentrates—
Mat'ls
1938
LiabilitiesAccounts payable.
Prov. for taxes accr
U. S. Govt, securs.
Total
Net profit—
11
153",873
applic. to Pacific
Tin Corp
c
118,000
4,961(
842
2,950
85,561
46,759
.
Net inc. for year
*
xl7,776
$1,274,253
79,913
171,178
78,387
172,1161
.
Adjustment for 1938 taxes
Previous earned surplus
b Mining
$94,640
$1,536,012
$587,105
83,842
59,519
4,732
Min. int. in income of subs
Invest.
Net profit before Fed¬
tributed profits tax_—
$1,256,195
18,058
!_.
equip.—at
Fed. income and undis¬
1936
$2,132,859
876,664
.....
Sundry expenses
Depreciation
Depletion- _!_■>
x
and
Cost of sales
1937
$2,445,015
929,638
Gen. admin. & corporate expenses.
"
Calendar Years
*
,
$1,162,925
597,144
$565,782 x$l,515,378
21,323
20,634
Co.stock.
Oldtyme Distillers Corp. (& Subs.)—Earnings—
1937
in
Corpv(& Subs.)—Annual Report—
Net income for year—_
Assets—Investment securities, at cost
1938
statement,
x After
reserve
for
1938 and $132,142 in 193/.
1938
of net discount on
Sales, less freight
allowance, &c
40,035,150 40,410,518
Total.*...
b Consolidated
and accounts of $84,394 in
Oper.rev.from sales of tin concentrates
Operating costs.
Balance Sheet May I,
Consolidated Income Account for
Common
$16,202
_*
_
6,500,000
6%
stock,
stock..25,000,000 25,000,000
Earned surplus-_
4,961,575
5,284,437
1
_
charges
State franchise &
$53,246
36,835
Together.
1.
Expenses.
Provision for Federal income tax.
Net income from interest and dividends
($100 par) 6,500,000
Pref.
Total income..
$13,641"
39,605
_ _ _
-
m
1,817,724
513,087
1,581,983
reserve.
gd-wlll, & other
Earnings for the Three Months Ended May 1, 1939
_
498,459
General
Operating income. _.
Non-operating income.
Colony Investment Trust—Earnings—
__•_
65,175
536,000
cum.
Pacific Tin
ended Nov. 30, 1938, and Nov. 30, 1937.
Provision
1938, is not necessary under the present
Dividends
60,117
185,000
Reserves:
937.
for this tax, subsequent to Nov. 30,
Revenue Act.—V. 148, p. 2909.
Income—Interest.
Due to foreign subs
Federal income tax
$4,362,527
•
—
_.
For fiscal years
284,079
Prepaid exps., and
doubtful notes
Dividends paid and accrued:
Convertible 6% prior preference stock—__.
Preferred stock
732,878
347,714
_
Accrued liabilities.
plant
equipment.12,970,400 13,521,171
intangible assets
undistributed profits
233,729
8,644,461
Pats., trade-marks,
1,486,912
Net income, before provision for Federal surtax
$
577,440
payable
For pensions—
295,132
bl937
Liabilities—
Accounts
foreign
Investments
$4,549,011
40,000
13,283
Interest and amortization, &c
®
3,066,936
6,000,000
45,005
2,936,690
5,435,252
6,604,602
U. S. Govt, securs.
and
Gross income
$886,748
821,621
al938
bl937
/
<2
Cash.—.•___
subs.(notconsol.)
*
$ :,961,575
$1.60
$535,451
716,935
and repairs.
1938
$7,951,334
2,945,941
191,358
$4,171,422
*3,874
Non-operating income (net).._..
„
Company only,
y Consolidated statement.
Note—Operations have been charged with the following items:
Comparative Balance Sheet Dec. 31
1939
$8,238,081
2,957,636
.__
...
390,000
2,799,680
x
Co.—Earnings—
Net operating revenues
Old
$8,151,255
Preferred dividends
Taxes (not incl. Fed. surtax on undistrib. profits).
x
$3,592,325
4,558,930
1936
_
Balance
536,000
$1,912,730
4,961,575'
^
$48,050
21,790
11,047
Maintenance.—
Earned
____
$46,561
15,071
5,160
12 Months Ended April 30—
.
351,959
100,000.
185,000
-
reserve
Prov. for deprec. of plant and equipment
Operating revenues
Operation.
Common stock
256,976
$4,629,653
«
501,328
1937
Oklahoma Natural Gas
x
242,802
_.
Provision for Federal income taxes,
—V. 148, p. 2600.
.on
_
$33,133
7,780
def1,377
1938
,
$2,549,689
____
$18,671
1—
Jan.
176,743
67,469
.
124,378
43,458
20,419
railway.!
Net from railway
From
.
1939
$38,825
20,860
18,818
"
Gross from
„
1,177,319
997,158
198,200
$981,177
1,081,498
Divs. & distributions from foreign subs.—not consol
Interest on securities
Net income
.
xl938
yl937
$8,592,185 $10,903,574
7,611,008
7,726,255
■.
& admin, expense
Earned surplus at beginning of year
Gross from railway
Net from railway.
*
Co.—Earnings—
Years Ended Dec. 31—^
Gross profit from operations
City-Ada-Atoka Ry.—Earnings—
April—
b After depre¬
A mortgage loan of
$3,055,500 at 4% interest for a long-term of years has
been arranged by the Paul Hammond Co. as broker, on the 18-story building
at 1 Park Ave.
It refunds the existing mortgage at 4H%, which wasj
$62,973
148, p..2752.
Oklahoma
..$7,481,264 $7,821,617
Total.
Represented by shares of $1 par.—V, 146, p. 3349.
$14,088
Net oper. income..!.
—V.
138,747
800,000
3,141,680
121,244
of $21,424 in 1938 and $30,501 in 1937.
reserve
c
$20,911
6,823
...
36,657
800,000
,141,680
44,380
_
Capital surplus
'
ciation.
$244,776
^254,806
43,580
120,052
$64,171
43,260
Net oper. revenues..__
Operating taxes.
.
400.099
profits taxes
Common stock.
c
marks
Net operating profit
Co.—Earnings—
End.
1,223,911
undistrib
come &
—V. 148, p. 1335.
Period
513,101
886,919
47,130
accruals
Res. for Federal in¬
4,041
Total
to
others
claims
rec.,
payable
Accts. payable and
_
Miscell. assets
Misc.
Notes
1937
bks.$2 ,100.157 $2,194,844
Notes pay. to
$477,226
1,684,543
4,277,925
1, 046,895
_
1938
Liabilities—
1937
$1, 069,573
1 ,281,170
3, 704,547
,
.
Inventory..
b
8,247
5,187,184
stocks, and minority interest
3383
Chronicle
After
Ybkon
.....$6,057,622 $7,703,118
TotaU
depreciation,
b Of Yukon Gold
Co. and its subsidiaries
(Fold
$6,057,622 $7,703,118
Co. and its subsidiaries—at cost
as a
consolidated group—less
Chronicle
Financial
3384
June 3, 1939
Pathe Film Corp. (&
Penna. Power &
Light Co. $5, $6 and $7 Pref. Stock
1938
Strawbridge & Clothier 6% and 7% Preferred Stocks
printing sales (net)
(net of distributors'
Film developing &
Strawbridge & Clothier 1st 5s, 1948
Members New York Stock
21,983
loss2,334
109,564
7,349
514,425
$1,301,152
$1,327,356
78,401
1,003,916
30,436
169,980
x437,673
639,572
30,926
322,641
$149,288 prof$18,418
258,543
489,654
$103,456
437,402
$109,255
4,147
$508,072
$333,946
25,546
2l"205
30", 692
"2", 031
1,879
Cr 1,715
Crl9,874
2,175
»
Producers' participations
865,369
32,503
217,399
Operating expenses
—
Depreciation
Selling, general & adminis. expenses.
A. T. & T. Teletype: Phla 22
1628 Walnut Street
$777,916
(net)-_
Total
Exchange
$1,184,239
$1,009,537
43,554
allowances)
Income from other operations
YARNALL & CO.
Philadelphia
Loss from operations
depletion,
c
Other income.
Additional amount at which stock of Yukon Gold Co. (now
Yukon-Pacific Mining Co.) is stated in accounts of Pacific Tin Corp. in
excess of book values of Yukon Gold Co. and its subsdiaries which were,
Profit-
d Mi¬
nority interest in subsidiaries—par value of stock held by minority stock¬
holders, less deficit allocable thereto,
e Authorized and issued—208,433
shares, no par value,
f Unissued but authorized and reserved for exchange,
share for share, against surrendertof special stock. 208,433 shares, no par
value—at stated book value of right of exchange/
g From revaluation of
Yukon Gold Co. (now Yukon-Pacific Mining Co.) stock in thq accounts
of Pacific Tin Corp.
h After deducting $156,325 ($1,500,718 in 1937)
distributed to Pacific Tin Corp. stockholders as dividends.—V. 148, p. 3079.
Pacific Gas & tlectric
revenues
in
excess
Miscellaneous
Proportion of loss of subs, applicable
minority-—
Provision for Federal income taxes.
to
7% cumulative preferred dividends.
Common dividends
Shares common stock (par $1)
Earnings per share.
1936, will receive refunds of impounded
ordered by the Commission with interest of
Park Utah Consolidated Mines Co.-—Annual
gen. exps
.
1935
70,342
224,472
18,545
$6,386
$119,429
„
Res. for.losses on doubt¬
ful notes & accounts-.
8,000
Net loss
Dividends
313,725
-----
Earns, persh. on 2 ,091,501
shs. capital stock
$0.13
Nil
(par $l)
>
mi
Nil
Consolidated Balance Sheet Dec. 31
1938
Assets—
,
LiabilUies-
1937
1938
1937
Prop, and equip_$5" ,086,253 $5,103,607
Cash
147,476
96,076
y
Minority stock—
1,858
39,450
Accounts payable-
13,006
'
Comparative Consolidated Balance Sheet Unci. Subs.) Dec. 31
1,996
Ore in transit
37,167
x
Notes &accts.
.
...
rec-
39,926
45,399
$2,091,615 $2,091,501
Accrued Federal Jk
Unclaimed divs...
in bonds.
712,278
Invest, in other cos
385,919
889,685
384,519
Deferred charges..
37,034
46,346
Invests.
Capital stock
Total...j
•
"
$6,408,886 $6,605,0811
26,277
14,595
4,280,011
4,433,546
Calendar Years—
Profit.
—
_
102,307
105,376
y
outside
to
Par
ducers
1937
1936
$8,963,076
7,356,749
1,120,925
$8,744,249
7,369,785
1,049,258
$439,112
$53,676
167,280
37,289
$627,052
Profit..----j.
Int.
on
debentures
*
Federal taxes
prod't'ns
$485,401
197,572
176,322
28,558
on
disposition of
capital assets..r -_-_
.
Loss
on
bonds
,
Loss
on
7,625
...
unoccupied
8,675
97,637
prop.
Other int. & misc. chgs.
Net profit
Earnings
$248,599
on
$342,170
Cost
$0.47
Nil
"
$0.21,
Note—No provision has been made in
1936 and 1937 for surtax on un¬
distributed profits, since payment of dividends is prohibited by contract.
Consolidated Balance Sheet Dec, 31
Assets—
1938
Cash
Marketable
Accts.
Liabilities—
1937
$440,571
sees..
Notes pay.
$488,481
<'
32,930
rec.,'&c_.
170,554
63,689
48,719
Dep. In closed bks.
1,524
1,671
2,744,537
Investments
2,732,037
Notes receivable..
2,000
...
Equity In dep.
Local & State taxes
263,435
169,443
Fed.
uneniploym't
£ Cap.stk.taxes
21,936
Sundry accrd .exps.
407,637
417,954
45,746
on leases,
19,106
25,372
assets..
38,359
Res. for Federal In¬
come
taxes..
37,288
2,782,100
207,012
2,084,206
curr.
accrued
Notes
liabll..
interest
debs 3,043,000
work¬
3,043,000
men's comp., «fec
164,414
Res. for contlng..
18,732
c Common
stock.. 4,682,328
Paid-in surplus
5,572,520
132,455
s.
f.
Reserve
conv.
for
Earned deficit
Total
a
.$7,879,725 $8,939,771
After
reserve
j
Total
6,841,318
4,682,328
5,572,519
6,696,953
$7,879,725 $8,939,771
for doubtful accounts of
$4,981 in 1938 and $2,579 in 1937.
r^erve for depreciation of $3,403,950 in 1938 and $2,468,761 in
3s J\/rf ^?Presen,te<i oy 721,905 no-par shares, d Payable to Checker
uioii
(secured by taxicabs), of which $1,085,892 current and
$215,362 due subsequent to Dec. 31, 1938.—Y.
147, p. 3318.
_
Philadelphia Rapid Transit
lies $700,000
Payment
on
Co.—Court Allows
Rentals—
Under¬
''Use and occupancy payment" of
$700,000 was Allowed the underliers
Judge George A. Welsh June 1.
It is less by
iS? mS?
a
n I™?tion Co • asked for Feb. 24 last, and makes
a^otal of $6,000,000 the underliers have received as against about $28,000,000 owed them for rentals under the 1902 lease.
The $700,000 will come from about
$800,000 P. R. T. has accumulated
V,
ve?a ^er a
wdl not disturb the
company's position
as
of the
date the Commission approved
the reorganization plan.
At the same time
Judge gave the company authority to execute a
contract with the city
for the extension of the Broad
Street subway lease to July, 1957, as provided
for in the city ordinance of
May 20, and also allowed and. classified the
claims set forth in the second revised
plan.—y. 148i p. 3239.
the
shares
79,7,216
In
18,663
After
y
reserve
After
Total...$4,179,367 $3,961,542
for doubtful accounts of $17,558 in 1938 and $43,858 in
reserve
Paul, Inc.—Dividend Increased—
Pecos
Valley Power & Light Co.—Earnings
Period End. Mar. 31
1939—3 Mos.—1938
1939—12 Mos.—1938
$84,044
65,974
$82,126
59,399
$323,302
269,679
$365,255
245,557
Net oper. income
Other income
$18,070
$22,727
$53,623
$119,698
$18,070
22,500
$22,727
23.253
$54,223
90,652
$4,430
$526
$36,429
600
y._
Gross income..
Intj & other deductions:
Net loss before int.
non-cum.
$119,698
93,721
on
inc. debs.
,
147. p.
2699.,,
■
Pennsylvania RR.—Earnings—
April—'
..
1930
'
•
-
x$25,976
•
,
,
'
,
.
1937
1936
$35,816,508
11,609,630
6,597,068
7,778,548
1938
Gross from railway... ...$29,393,148 $27,919,068 $39,491,403
Net from railway
7,714,517
7,335,109
10,223,645
...
18,945
544,245
25,500
Capital surplus
Earned surplus...
Operating revenues
Oper. exps..and taxes
•
80,278
205,400
1,737.212
566,638
48,360
49,339
585,072
780,015
1,718,539
a
have declared a dividend of 40 cents per share on the
shares, payable July 1 to holders of record June 20.
This compares
with 35 cents paid on April 1 last and on Dec. 30, 1938; 25 cents paid on
Oct. 1, July 1 and April 1, 1938; a dividend of 70 cents paid on Dec. 10,
1937, and a dividend of 50 cents per share paid on Oct. 1, 1937, this last
being the initial distribution on the larger amount of stock now outstanding.
—V. 147, p. 3619.
•
7,091
199,000
6%
48,360
stock
secur
400,000 dl,301,255
payable,(not
current)...
Real est. intges
pf
Peter
Equipment notes &
2,084,206
10,205
581,679
The directors
28,616
6,152
1,700,668
Other
198,159
....
Deferred charges.
Intangible
41,820
77,706
45,645
1
...
pref.
no par
85,635
92,428
u
5,125
cum. conv.
for doubtful advances of $172,175 in 1938 and $152,175 in 1937.
z After reserves for depreciation and amortization.«
a Rep¬
resented by 7,796 (7,968 in 1937) no par shares,
b Accrued compensation
of officer payable Jan.
3, 1938, by delivery of 400 shares of common stock
held in treasury.—V. 148, p. 2600.
75,000
112,052
Accrd. lnt.on debs.
un¬
ments
b Fixed assets
1937
$51,111
$62" 500
Accrued payrolls,
der insur. agree¬
Deposits
1938
(see'd)
Trade accts. pay..
136,506
Mat'ls & supplies.
a
(unsec.)
Note pay.
9,476
274,887
Total.......„.'.$4,179,367 $3,961,542:'
,
capital stock
to
339,343
treasury
Deferred charges..
$151,488
$0.34
loss$257,205
share
per
16,636
83,310
lease¬
R-K-O Corp...
x
8,482
96,622
sub.
min.
$7
1937.
"
9,805
155,052 \
of
to
Notes receiv, from
128,318
22,798
resale of treasury
stk.
applic.
stockholders
Common stock
equip.,
contracts--
$453,523
182,761
19,326
1,090
_
3,059,043
22,166
b3,393
...
L'd, bldgs.,mach
Depos.
$325,205
$682,973
180,295
32,605
187,940,,
Cap.
51,252
3,059,943
19,709
;
460
3,547
compens.
of officer
hold, &c. (net).
Loss
,
Reserves....
Accrued
19,184
505
inc.
&
z
1935
$9,981,723
8,298,441
1,244,170
--
$249*043
6,016
17,979
Fed.
tax
re¬
Investments
for
Res.
pro¬
on
leased
def$74,461
128,137
Sundry accruals
20,621
244,630
$6,408,886 $6,605,081
"
Other income
Owing to producers
73,466
yUnliquidat. advs.
Total.....
1938 and $641,366 in 1937.
1938
'
211,177
21,817
Inventories---..-
Transportation Co.—Annual Report—
$9,664,661
Operating revenue
Expenses
8,491,651
Deprec. A amortization.
1,247,471;'
Accounts payable.
402,829
Accts.
1937
$275,000
$102,165
$79,847
producersrec. (net.
from
x
1938
Notes pay. to bank
hand.--...
(net).
Parmelee
Liabilities—
Cash in banks & on *
Notes & loans rec.
4,980
17,416
Paid-in surplus
1937
1938
Assets—
>
State taxes
After depreciation of $524,617 in
value $1.—V. 148, p. 3237.
x
Includes $13,-
y
Jan. 3, 1939.
z Relating to the dividend of 117,019 shares of Grand
National Films, Inc., distributed to stockholders.
m
O. Henry Briggs, President, states:
.
■
•
At a special meeting of stockholders, held on Feb. 16,1939, the holders of
over 66 2-3 % of the outstanding common stock approved a plan to transfer
$200,000, plus all of the assets of Pathe Film Corp. (with the exception of
the 3,500 shares of the capital stock of Du Pont Film Manufacturing Corp.)
to a new company known as Pathe Laboratories, Inc.
Pursuant to said
plan, Pathe Laboratories, Inc., issued 11,620 shares of its common capital
stock (no par) to Pathe Film Corp., and assumed all of the obligations and
liabilities of Pathe Film Corp. remaining unpaid and unsatisfied on the date
of transfer, which have arisen or may arise out of matters or transactions
entered into or consummated prior to such transfer, except Pathe Film
Corp.'s indebtedness owing to the Manufacturers Trust Co.
The plan became effective on Feb. 27, 1939, with the incorporation of
Pathe Laboratories, Inc;, under the laws of New Jersey, with an authorized
capital of 25,000 shares of capital stock (no par).
On March 2. 1939, directors voted to distribute 50% of the 11,620 shares
of the outstanding capital stock of Pathe Laboratories, Inc., to the common
stockholders of Pathe Film Corp., on or about March 29, 1939, to stock¬
holders of record March 13
1939,
$131,588
$150,861prof$269,059
Oper. admin. &
Depreciation
1936
$691,721
627,765
.
$0.70
©b
Report—
1937
$1,318,628
978,616
70,954
1938
585,672
$183,953
56,301
98,090
585,095
$0.22
643 paid to transfer agent on Dec. 27, 1938, for payment to stockholders
'
$196,872
320,164
27,569
1,200
$466,918
55,907
581,679
$0.04
_
Includes estimated provision for unrecouped charges,
x
,
Calendar Years—
"1:266
$77,158
y54,766
__
Profit for the year
Co.—Accepts Rate Reduction—
4% annually.
In the three years, the company set aside $5,980,000 in excess revenues.
Interest on this amount will bring total refunds to more than $7,000,600.
Reserves for contingent refunds have been maintained by the ^company
since the case started in 1933.—V. 148. p. 3079.
Total income
z7~,756
Costs and expenses
and April,
of the rates
130,000
2,511
Development expenses
cut in gas rates which has been held in abeyance by litigation since that time.
As a result, about 470,000 customers who were supplied with natural gas
1933,
8,945
advs. to producers
sale of capital assets
Loss on
The company announced on May 25 that it had decided not to appeal
an order of the California Railroad Commission issued in 1933 for a
July,
-
35,016
Prov. for doubtful
from
between
— —
Interest and discount expense
determined to be applicable to such stock at date of acquisition.
1936
1937
$989,888
"5",544
Film rental inc.
Commonwealth of Penna. Turnpike Revenue 3%», 1968
N. Y. Telephone: Whitehall 4-4923
Subs.)—Earnings—
Consolidated Income Account for Years Ended Dec. 31
Philadelphia Electric Co. Common Stock
Net after rents
3,714,452
3,382,765
Gross from railway..,
...125,083,368
Net from railway
31,562,462
110,823,199
25,238,819
11,109,958
...
From Jan. 1—
...
Net after rents
17,443,166
154,189,773
37,574,649
24,470,279
133,585,536
34,164,861
21,577,151
—V. 148, p. 3237.
Pennsylvania Reading Seashore Lines—Earnings-—
April—
Gross from railway.
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
1939
...
...
...
1°38
*
1037
$386,643
def31,912
def238,443
$364,976
def107,541
def251,525
$429,892
defl09,485
def263,094
1,414,822
def337,202
def886,018
1,322,568
1,593,482
def288,755
def866,158
def424,655
def957,614
-1936
$419,920
def3,485
defl49,361
1.574,662
def149,593
def701,281
—V. 148, p. 2910.
Pittsburgh Shawmut & Northern RR.
April—
Gross from
railway
Net from railway
Net after rents
1939
$44,381
def3,782
def 13,820
From Jan. 1—
Gross from railway.307,947
Net from railway
85,698
Net after rents
—V. 148, p. 2602.
37,044
-Earnings1937
1936
$61,184
5,492
def4,639
$78,326
7,484
$84,852
10,759
3,454
290,710
45,854
defl0,439
370,304
65,891
23,406
1938
def469
357,439
61,414
26,930
*Volume
Financial
148
Public Service Co. of Indiana—Earnings—
Pittsburgh Fairfax Corp.-r-Registers with SECSee list given on first page of this
3385
Chronicle
department.
$5,324,161
3,727,540
$4,713,941 $15,145,042
3,388,312
10,611,989
10,252,362
Net oper. income
Other income
$1,596,621
Drll0,622
$1,325,629
I>rll8,319
$4,533,053
Dr292,505
$4,115,973
Dr337,872
Gross income
Int. and other deduct'ns
Pittsburgh & Shawmut RR.—Earnings—
$19,367
def26,324
185,708
6,653
169,242
def27,694
249,382
12,549
def7,577
def29,074
22,832
1939
$15,044
defl4,246
Net after rents
$36,469
def5,930
def3,738
def 12,785
1—
Gross from railway
Net from railway-
$i,485,999
950,080
$1,207,310
971,465
$4,240,547
2,883,160
$3,778,101
2,928,820
Net after rents
$535,919
$235,845
$1,357,387
$849,280
205.311
1,137
1,096
Pittsburgh & West Virginia Ry.—Earnings—
_
$193,064
20,349
def6,191
_.
...
From Jan. 1—
Gross from railway..,
Net from railway
Net after rents.
$222,473
"33,100
22,287
$336,235
81,657
91,815
884,172
161,471
170,247
1,462,015
1,168,115
453,889
472,864
398,062
441,766
194.770
Subs.)—Earnings—
Period End. Mar. 31— 1939—3 Mos.—1938
x Earns, from all sources
$3,886,336
$3,480,638
Net amt., after prov. for
$330,684
990,147
257,075
...
Net after rents
Pullman Inc. (&
1936
1937
1938
1939
April—
and taxes...
Net income
-V. 148. p. 2912.
—V. 148, p. 2602.
Gross from railway.
Net from railway.
exps.
1936
1937
1938
$34,799
def4,131
def6,005
railway
Net from railway
From Jan.
Oper.
defl2,430
April—
Gross from
1939—12 Mos—1938
$14,368,335
Period End. Apr. 30— 1939—4 Mos.—1938
^
Operating revenues
126,780
132,652
1939—12 Mos.—1938
$15,143,965 $20,386,233
Fed. inc. tax, accruing
from remission of 1936
railroad
under
taxes
679,808
retirement act
—V. 148, p. 2911.
Total.
$3,480,638 $15,143,965 $21,066,042
$3,886,336
Charges and allowances
Plymouth Oil Co.—Earnings—
for
3,118,055
3,052,086
12,508,407
11,638,239
$768,281
955,047
$428,552
1,432,631
$2,635,558
4,775,358
$9,427,803
10,505,829
$186,766
depreciation
$1,004,079
$2,139,799
$1,078,027
Consolidated Income Account for Calendar ifears
1938
1936
$7,316,526
$7,687,053
$5,440,087
2,069,874
428,931
86,382
99,885
Royalty, oper., admin.
and general expenses!
Depletion
Depreciation
...
Interest
•
454,289
77,745
13,515
13,110
188,938
213,292
1,087
400,060
5,502
273,509
159,372
2,185
prof 5,746
Federal income tax.210,050
219,183
97.720
2,052
76,338
'
Leases surrendered....
Loss
sale,cap. assets.
on
48,467
x
1939
1
Cash & U.
x
"
83,419
2,256
Amortization of
y
excess
218,182
1,739.682
270,000
945,000
1,050,000
"
$1.65
555,000
262,500
1",050,000
$0.70
12 156,741
17,580.146
736,056
1938
593",814
151,594
649,695
Leases,
■
and
1,709
161,583
41,630
supplies!
curr.
19,169
1,113
169,202
22,523
Gasoline
assets.
28,376
Accounts
Other
payable
x
2,250,000
thereto
Loring Oil Co. stk.
743,050
x
Republic Oil Ref'g
z
637,500
Radio-Keith-Orpheum Corp.-—Notes Extended—
...
30,345
281,631
4,124,927
5,624,599
J9r364,476
Railway Express Agency, Inc.—Earnings—
Treasury stock. _Dr785,171
1935
$
1936
$
3,500
Other
Bank stock..._
revenue
Total
boqds & stocks.
30,383
30,383
Mortgage receiv..
4,500
4,500
160,787,979 1 55,446,478 138,750,744
98,827.131 100,440,936
6,401,181 'y3,395,042
1,749,079
1,603,127.
855,222
50,478,479
58,008,584
85,951,219
1,559,005
92,668,065
4,534,170
1,742,570
32,812
1,605,622-,
28,098
131,531
deductions..
2,640,984
2,715,620
"
163,579,220 158,162,098'141,391,728
& inc.. 158,311,093
Int. & disc, on fund. dt_
Other
2,791,241
2,721,005
& income.
revenue
Operating expenses
Express taxes
invest.
over net tangible
„
$
Charges for transport'n.155,590,088
Cosden Pet. Corp.
of
1937
$
1938
Calendar Years—
Nat'l
Angelo
extension of the
maturity date of secured gold notes of corporation from June 1 to Jan. 1,
1940.
Of the $6,000,000 in notes issued July 1, 1931, a total of $50,000
remain outstanding and are held by the Bank of America, National Trust
&
Savings Association.
Judge Bondy confirmed the R-K-0 planAof
reorganization on April 11.—V. 148, p. 3240. '
'
437,500
3,500
Co. stock.
cos.
marketable securities carried
is less than the market value.—V. 148, p. 2441
Federal Judge William Bondy.May 25 authorized the
1,000,000
company
256,103,745 261,554,454
Total..
United States Government securities and
80,527
81,782
by
5,250,000
452,502
solidated
171,573
171,573
receivable
5,552,781
565,419
1, 132,037
at cost which in the aggregate
5,250,000
sub.
5, 889,448
S.
secur'.).;
Total.......256,103,745 261,554,454
157,897
Amount due con¬
Notes and accts.
193,685
1,750,000
stockholders of
"
Loring Oil Co.—
Excess
293,351.
Equip. & prop.,
less deprect'n_164, 425,869 171,735,575
Amt. due minor,
743,050
San
...
held
Donated surplus._
458,080
.
1,585,000
(U.
Govt,
Earned surplus:
payments in
addition
40,904,349
'
Defer, charges..
1,312,341
Plymouth Oil Co 1,000,000
......
insur.
388,716
insur¬
Cap. stk. outst'd'g
val.
Excess par val._
Cash
not
6,728
6,728
35,108,710
under compen¬
Cap. stock of sub.
co.
(a subsidiary)
Surplus
sation acts
$
$
•
*.
ance
8,454,824
Co., Inc.stk.carnom.
...
-
income tax
develop.
equipment. 8,908,223
,
364,717
llabil._al,292,136
for
191,009,450
Co.
Pullman
various States
Reserve for Federal
Reserve
3,190,168
3,789,608
Inc... .191,009,450
man,
Spec. deps. with
Long-term notes
Reagan Co'ty Pur.
ried at
•
payable.;
curr.
469,669
at
cost
1937
1938
TAabUUies—
$
Crude oil..
y
2,,745,166
claims
4,862,797
credits
Cap. stock Pull¬
3,484,300
sec.,'invs.
and
3,350,000
pension & lire
1937
•
1,414,045
■
Marketable securs.
Notes & accts. rec.
Other
3,,484,300
5,814,487
,
3,761,716
3,965,160
contlng.,
reserves..
Deferred
to affil cos. at
of investment over net tangible assets of sub¬
$
■
Res. for
Other
cost
6,808,841
5,702,422
6,029,563
insur. reserves
Invest, in & adv.
Other
not
incl.
for Fed.
Pension and fire
7,738,140
2,238,067
Inven. at cost..
254,552
due,
income tax
5 599,240
6,680,823
5,657,199
taxes,
yet
prov.
1, 749,231
Consolidated Balance Sheet Dec.
•
Acer,
Market, secur*
x
After deducting $47,565 dividends received on treasury
1,189,651
Assets—.
7,079,088
ment car accts.
$990,608
Res. fund assets,
Cash
Mat'ls &
7 ,288,574
8
$
and
pay.
payrolls
44,917,586
receivable
„
,
51,,339,789
other def. pay¬
$1,957,864
.
x
Liabilities—
Accts.
Accts. and notes
71,386
,
stock.
5
S.
Gov. secur__.
1938
1939
1938
$
Assets—»
Equip, trust and
Net earnings
$2,796,742
$3,180,510
Earns, applic. to minor¬
ity interest..
187,650
245,168
Earnings applic. to Plymouth Oil Co.
2,609,092
2,935,342
Divs. paid to n inor. int.
by Big Lake Oil Co..,
Divs. paid by Ply. Oil Co yl,422,435
1,721,295
Shares capital stock
1,008,000
1,029,800
Earnings per share
$2.59
$2.85
sidiary acquired,
incident to operations and provision for
tax.
Consolidated Balance Sheet March 31
29,919
3,239
x51,086
vestment, &c
After deducting all expenses
Federal income
of in¬
of excess
Amort,
Income def. for period
423,366
425,930
66,066
2,097
8,348
Amort, of loan exp
Cost of drilling non-prod.
and abandoned wells.
Intangible drilling costs.
Dividends paid.
1,712,939
493,748
2,535,959
585,062
494,157
Ne<; income
$3,811,225
2,647,683
556,769
Gross earnings.....
1937
1935
assets of sub. ac¬
b366,600
quired
Deferred charges
Total.. .......12,943,735
a
x
15,933,7371 .Total.
due within
one
and other carriers—express privileges,
y Includes
reversal of accruals for 1936 railroad retire¬
The 1936 figures have not been restated to exclude such tax.
ment tax.
year,
b After
General Balance Sheet Dec. 31
x Of
Plymouth Oil Oo.'s capital stock over the par value of the capital
stock of Big Lake Co. and oil and gas leases for which such Plymouth stock
was issued,
y After reserves for depletion and depreciation of $10,867,698
in 1938 and $10,026,799 in 1937.
z 42,000 (20,200 in 1937) shares at cost.
1938
x
.
as a current
liability.
The remainder
or
$1,585,000
is payable in monthly instalments extending to and including Dec. 1, 1941.
These notes bear interest at the rate of 3 H % per annum payable monthly
frdm and after Jan. 1, 1939.
300,000 shares of Big Lake Oil Co.'s capital*
stock
were
held
as
•
security in accordance with the terms of said agreements.
&
979,776
445,828
798,720
Other curr. assets.
Telegraph & Cable Corp.—Assents to „Plan—
7,549
11,045
70,138
debits
799,495
4,179
12,550
174,790
744,411
1—
receivable
by holders of rpore than $6,000,000 of the bonds and
debenture stock, or about 12% of the amount outstanding.
All proofs of claim must be filed with trustees for the corporation by
June 14.
In order for the plan to become effective approval of at least
two-thirds of the securities for which proofs of claim have been filed is
Working fund adv.
Unadjusted
Unpd.
money
Est. tax liability..
divs. &
unpaid ...
Int.
362,625
3,000
261,816
486,320
521,118
561,852
1,720
1,147,852
1,158,632
and
payable...
Deferred
61,760,544 47,275,970
x
Used in express
1,522,237
1,543,816
1,596,766
1,806,910
Mat'd int.,
Unadjust.
Total
§,277,241
or¬
Other current liab.
of Canada, Ltd.—30-Cent Dividend—
2,696,208
2,->73,967
liab. 6,1^9,815
ders, checks, &c.
rents
amount was
P.
payable.
rents
paid on Dec. 21 and July 25, 1938, and on Dec. 21, 1937, and
compares with 25 cents paid on July 26, 1937, and Dec. 21, 1936, this last
being the first payment made on the common stock since May, 1932.—
11,000
.14,392/ 00
unpaid
Unmat'd
/:
148, p. 3081.
The directors have declared an interim dividend of 30 cents per share on
the common stock, payable July 25 to holders of record June 30.
Like
147,
Matured fund.debt
Express prov.
Int., divs. & rents
Proofs of claims and assents to the Lehman-Stewart plan for reorganiza¬
V.
$
100,000
100,000
Misc. accts. & adv.
supplies
(at cost)
tion have been filed
Power Corp.
4,444,985
4 ,719,860
1 ,004,693
agencies
Mat'ls
necessary.—V.
1937
$
Liabilities—
Cap. com. stock..
Accts. receivable..
—V. 148, p. 3240.
Postal
$
proi>erty &
Real
equipment——17 755,491 17,072,303 5% ser. gold coup.
bonds
18,400,000
3,044,565
Misc. phys. prop.. 2 796,516
Other investments
734,077
493,839 10-yr. notes ser. A_16,000,000
Non-negot. debt to
'
<
Cash
.18 257,358 19,446,481
affiliated cos...12,011,400 10,721,312
* 701
Special deposits...15 116,570
52,701
37,202
Loans & notes rec.
3,043
2,748 Traffic bal. pay...
'Traffic bal. rec...
38,882
v
55,922 Audited accts. and •
4,715,469
wages unpaid.4,551,317
Net bai. rec. from
ip accordance with the terms of loan agreements dated Sept. 26, 1938 and
Dec. 22. 1938; $840,000 representing 12 monthly payments of $70,000 each'
classified
1938
1937
$•
Assets—
Note—The long term notes payable in the aggregate amount df' $2,425,000.
represent the unpaid balance due to the Guaranty Trust Co. of New York
due in 1939 is
52,106,122
59,326,143
Payments to rail
credit of $2,153,569.80 account
..12,943,735 15,933,737
Includes long-term notes payable of $840,000
reserve for amortization of $1,591,480.
Rail trans, revenue.
x
947,132
67,494
liabilities
credits.
...61,760,544 47,275,970
Total
operations.
3469.
Earnings for March and Year to Date
Prudence Co.,
Inc.—Plan Signed by Court—
Federal Judge Grover M. Moscowitz,
Charges for
Other revenues
Total revs, and
inc.-$14,858,457 $13,705,418 $38,419,715 $35,652,473
b
,.
Operating expenses
Express taxes
Int. and disc, on funded
the Court
by William P. Palmer, counsel for the RFC, were: William T.
Cowan, President: Jerome Thralls, Vice-President, and Chairman of the
Executive Board; John R. Walsh, Secretary; Richard I. N. Weingarten,
Treasurer.
The officers were selected by the directors.
The memorandum also provides for salary limitations for the new officers.
The President will receive not more than $5,p00; the Vice-President, not
more than $3,500; and the Secretary and Treasurer, not more than $2,000
each.
The board of directors may appoint a general manager at a salary
not to exceed $8,000 annually.—V. 148, p. 3240.
1939—Month—1938
1939—3 Mos.—1938
transport'n_$14,628,941 $13,479,363 $37,810,642 $35,036,391
and inc.
229,516
226,055
609,073
616,082
Period End. Mar. 31—
sitting in Brooklyn Federal Court,
May 26, signed an order approving the reorganization plan for the company.
Under the plan, which was arranged by the Reconstruction Finance Corpo¬
ration, the largest single creditor, the company will be reorganized under
the name Prudence Realization Corporation.
Officers of the new corporation, listed in a memorandum submitted to
transportation
x
Rail
x
Payments to
revenue....
2912.
a
7nc
i an
-
«no
8,160,609
522,797
134,342
7,945
78,090
8,680
debt..
Other deductions
,
a r.u
8,458,795
571,250
oa
qkb
aba
24,358,086
1,611,942
23
6ll 634
L527
!370
402,168
120,507
229,300
21,376
,
$4,879,725 $12,199,011
$5,741,642
rail and other carriers, express privileges."
*
$9,990,794
-V.
148, p.
Financial
3386
1937
$513,655
1938
Selling expenses
y$519.851
1936
1935
$556,518
of lead,
$435,156
Gen. & admin, expenses}
441,577
422,420
397,467
$78,274
22,805
$91,235
$92,190
23,493
x248
$159,051
22,670
78,606
7,145
179
x384
Depreciation
Int. paid, less int.
Federal taxes
See y
rec'd.
22,908
80,651
^
8,137
36,388
428
Provision for surtaxes on
undistributed profits.
Miscell. deductions
See y
56,323
al4,000
Special credit
Rochester
Net profit.,
$47,332
$1,249
$50,247
loss$24,442
1939—Month—1938
$431,611
986
716
1939—4 Mos.—1938
$1,742,341
$1,702,637
3,849
2,801
Operating revenues
Operating expenses
$436,474
296,459
$430,895
299,682
$1,738,492
1,205,375
$1,699,836
1,205,422
Net oper. revenues
$140,015
58,778
$131,213
56,150
$533,117
235,111
$494,414
224,461
$81,237
55,415
$75,063
50,673
$298,006
195,402
$269,953
172,239
Apr. 30—
Operating revenues
Uncollectible oper. rev.
prohibiting the payment of dividends which, in the opinion of the manage¬
ment, exempts that company from liability for surtaxes on undistributed
net earnings,
y Includes $119,250 interest income, recovery on lawsuit, less
expenses; less interest expenses and other miscellaneous deductions.
Consolidated Balance Sheet Dec. 31
1938
Assets—
a
$196,971
17,927
Receivables
374~6l3
Mdse. Inventory
Sundry liab. &
crued
13,639
17,938
8,579
.
832
27,223
21,710
b Fixed-assets (net)
237,220
Deferred charges..
13,358
258,176
10,001
1
1
,...
Goodwill
current).^.
419,875
7%- cum. 1st pref.
stock ($100 par) 2,108,700
$7
cum.
2d
Total
$871,269
After
a
$776,389
b After
reserves,
no
2,588,046
Total......I..
.
$871,269
for depreciation,
reserve
shares.—V. 148,
par
-Earnings$9,448,817
7,979,488
344,994
61,105
7,566,566
334,057
58,172
$99,955
$1,063,231
24,166
40,269
$1,131,990
19,521
$124,121
$1,103,499
11,729
170,118
26,889
$1,151,511
27,573
$894,762
Gross
$9,090,786
7,099,115
357,182
71,860
_
$922,146
.
_
Netafterrents
—V. 148, p.
1
...
Provision for Federal income tax.
on undistributed profits.....
.
23",298
_.
Surtax
...^
of
1936
$3,654,166
535,098
227,664
13,166,968
642,927
1,196,266
def72,058
16,262,388
14.247,035
2,754,012
1,446,275
2,039,878
1.070.369
.
674,785
•'
reorganization
as
1937
$3,899,654
542,268
290,018
.
3242.
and set June 28
Interest
"
St, Louis Public Service
plan
750,470
433,942
1938
$3,194,057
174,284
def38,683
13,484,533
On May 16 Federal Judge
the
2,219,449
Ry.—Earnings-—
defl8,780
1—
from railway
Net from railway
.
Profit from operations
Other income
railway
From Jan.
1936
of.sales, selling, general & admin¬
istrative expenses.
on bad debts and
repossessions.
Deprec. & amortiz. of leasehold impts.
Loss
345,257
3,565,323
1,717,440
1,224,830
1939
$3,363,080
296,934
Net after rents
1937
$515,783
137,043
45,326
.
April—
■'
$7,628,112
Cost
:
Net from railway..;
1938
201,326
3,195,383
1,407,125
986,676
St. Louis-San Francisco
$776,389
,
Gross from
Reliable Stores Corp. (& Subs.)
Calendar Years—
197,922
—V. 148, p. 2603.
Represented by
c
1936
1937
$884,655
442,872
3,220,485
1,528,264
1,128,403
Net after rents
2132.
p.
1938
$730,641
292,955
From Jan. 1—1
Gross from railway.
Net from railway
75,000
620,725
Deficit..2,540,715
99,145
1939
$715,638
277,555
•-
Net after rents
2,108,700
75,000
Mexico Ry.- -Earnings-
St. Louis Brownsville &
324,024
620,725
c
...
Gross from railway. J.—
Net from railway..
pref.
stock (no par)..
Common stock..
•
,
2756.
April—
Notes payable (not
less
reserves
52,783
71,642
Net income..
—V. 148, p.
ac¬
expenses
— __
Net operating income-
Res. for Fed. taxes
4,808
4,555
162,576
RFC—
Deps. with mutual
assets,
20,000
$437,460
_
$41,003
Accts. pay,, trade.
368,265
Operating taxes.
1937
$34,680
5% note
pay. to
37,112
30,722
insurance cos...
'
1st mtge.
$45,594
Due from factor,
Other
1938
Notes payable
transit & in bks.
a
a
Liabilities—
1937
in
hand
on
4,576 tons of
Telephone Corp.—Earnings—
Period End.
Amount estimated to be recoverable on processing tax claims,
x The
Ford Mfg. Co., a wholly-owned subsidiary, is a party to an agreement
a
Cash
tons of zinc,
Proprietary Co. seatched
for other fields to endeavor and in the course thereof secured from the South
Australian Government a lease of 360 acres comprising the two mountains,
Iron Knob and Iron Monarch.
An experimental test revealed the existence
of a tremendous body of rich iron ore and within a short time the company
was engaged in the iron and steel industry.
Today the Broken Hill Proprietary Co., Ltd., has assets of approxim ,tely $32,000,000, and in 1938 its net earnings amounted to $5,200,000.
Rheem Manufacturing Co. believes that as a result of this transaction it
will materially improve its trade position in Australia.—V. 147, p. 3027.
(156,451
Profit from operation.
13,323 tons of antimonial lead, 600,637
and 117,793 ounces of fine gold.
With its finances thus assured, the Broken Hill
copper
J 186,514
\
June 3, 1939
and the progressive policy of the company made success certain, and during
its life the mine produced 185,611,139 ounces of fine silver, 1,396,558 tons
(Robert) Reis & Co. (& Subs.)—EarningsCalendar Years—
Gross profit on sales.—
Chronicle
Co.—Reorganization Plan—
Charles B. Davis entered an order approving
proposed
by
committee
the reorganization
finai date for creditors and stockholders to show cause
why the Court should not confirm the plan.
The company was organized pursuant to a plan of reorganization under
which it acquired in 1927 the properties of United Railways Co. of St..
166,781
35,011
Louis and affiliated and subsidiary
companies, which properties for some
Federal equity receiver¬
Company has two active subsidiaries, The People's Motorbus Co.
of St. Louis and Florissant Construction, Real Estate .& Investment Co,,
and one inactive subsidiary.
The properties have been operated since
April 15, 1933 under Henry W. Kiel as receiver, and since June 15, 1934
under Henry W. Kiel as trustee appointed in proceedings for reorganization
under Section 77-B of the amended Bankruptcy Act.
Company owns, either directly or through subsidiaries, the street railway
system and substantially all of the motorbus transportation system serv¬
ing the City of St. Louis and various municipalities in the County of St.
Louis.
The business of the company consists of local passenger trans¬
portation by street car and motorbus.
The territory served by the com¬
pany has an area of approximately 110 square miles, with ah estimated
population of approximately 1,000,000.
«
*
The People's Motorbus Co. of St, Louis, a subsidiary, operates under
permits from the City of St. Louis and adjoining municipalities in St. Louis
County a system of motorbus lines supplementing and extending the
transportation facilities provided by the company.
The People's Motorbus
Co. of St. Louis as a separate corporation is solvent and is not a debtor in
the 77^B proceedings.
Florissant Construction, Real Estate & Invest¬
ment Co., a subsidiary, is a subsidiary debtor in the 77-B proceedings.
It
owns certain real property, some of which is used by the company, some by
People's Motorbus Co. of St. Louis and some of which is not used or useful
in conducting the business of either company at the present time.
time prior to that date had been operated under a
Net profit before min. int. in earns:.
Propor. of earns. (25%) of sub. applic.
»
to
minority interest
10,845
Net profit for year
7% preferred dividends
5%
$100,823
cum. cony,
12,684'
$89,978
...
preferred stock
15,667
$882,079
20,233
93,871
443,241
$2.16
121,412
173,329
Common dividends
Earns, per share on common stock
Nil
ship.
$906,479
82,056
/
177,335
$2.32
Note—Corporation's share of the earnings of Frank Corp. (50% owned)
for 1938 amounting to
$1,317 has not
been included in the accounts.
Consolidated Balance Sheet Dec. 31
Assets—
1938
Instal. accts. rec.$6,357,319
Inventories
1,465,304
a
Misc. accts.
rec...
13,086
Cashi
803,592
1937
Liabilities—
$7,022,263
Value of life insur¬
ance
policies
Balances in
banks
96,074
2,824
payable July 1__
Prov.for Fed.inc.
21.000
503
503
92,857
112,137
89,519
93,715
notes
638,992
12,500
632,362
78,577
75,232
2,353,200
2,503,200
pay.
of subs
Mln.
Int.
Furniture, fixtures,
&c. (net)
Stock (par $30).
224,469
stock (354,670shs.)
£,500,000
Capital surplus... 2,326,884
226,680
45,641
49,358
matured July 1, 1934 (no interest paid
Com.
_______
(net)
United
5 % cum. conv. pref.
Leasehold & lease¬
Deferred charges..
Goodwill & trade
Present Capitalization and Funded Indebtedness Outstanding
Railways Co. of St. Louis 1st gen. mtge. 4% gold bonds,
since Jan. 1, 1934)__a$17,894,000
City & Suburban Public Service Co. 1st mtge. sjnking fund gold
t
bonds, 5% series A, matured July 1; 1934 (no interest paid
since Jan. 1, 1934)
3,263,000
St. Louis Public Service Co. 5-year 6% convertible gold notes,
originally due Jan. 1, 1933, of which $2,413,125 were extended to July 1, 1934 (no interest paid since Jan. 1, 1933)-.
2,448,875
6% collateral bank loan (this loan is secured by a pledge of
$16,626,000 United Railways Co. of St. Louis 1st gen. mtge.
4% bonds the validity of w hich pledge has been in litigation)
(no interest paid since April 1, 1933)
9,259,654
$7 cumulative preferred stock, no par, stated value $100 per
share (no dividends paid since Oct. 1, 1930)
70,848 shs.
In subs.
(75% owned)...
......
hold impt.
2,500
0168,350
Res. for contlng..
est. & bldgs.,
(net)
......
86,946
Mtge.
6
Advances
342,5G2
Mtge. note of sub.
1,790
21,000
$45,981
433,013
payable &
accrued llabll...
tax
(net)
1937
$126,894
Accts.
closed
Frank Corp., capi¬
tal stock (50%).
Real
84,722
,
1938
Bank drafts pay..
1,523,559
11,884
493,575
Earned surplus
b
769,244
Treasury stock.
.
DrlO 1,561
2,500,000
2,299,384
1,061.008
Dr 1,890
names..
Total.........$9,212,189 $9,041.189 I
a
Including
TotaD........$9,212,189 $9,641,189
.
accounts in respect of instalment sales made prior to current
years, pn all of which collections have been made
of .1938, $6,892,733
during the last six months
($7,624,447 in 1937); less reserves for bad and doubtful
accounts, discounts pnd allowances, $535,414 ($602,183 in 1937).
b 10,213
.(101 shs. in 1937) shares common stock at cost,
c Includes surtax/—V.
147, p. 3620.
Rochester Gas & Electric
revenues
1939
heating
revenues.
Total operating revenue
Operating
:
_
Operating income
Other income
Gross income._
Interest
on
funded debt & miscell. interest
charges.
Net income
Preferred stock dividends
Balance....
x
No
provision required for
surtax
on
$4,332,126
19,080
$3,659,161
1,506,720
$4,351,206
1,458,229
$2,892,977
1,393,226
$759,215
_______
$15,871,826
6,613,580
1,164,383
1,135,169
399,700
2.226,867
$2,152,441
1,393,226
x
$15,923,147
6,891,631
1 222,426
L399,519
292,100
2,470,041
$3,647,429
11,731
_
expenses
Maintenance
Retirement expense
Federal income tax
Other taxes
1938
.$10,777,055 $10,776,977
3,964,114
4,038,953
248,999
348,060
881,736
759,079
...
Natural gasrevenue
Steam
$1,499,751
undistributed
profits.
Registers with SEC—
See list given on first page of this
department—V.
148,
p.
2284.
Rheem Mfg. Corp.—Sells
50% Interest in Australian Sub.
™C(£inpany reports the sale to The Broken Hill Proprietary Co., Ltd., of
Melbourne, Australia, of a one-half interest in its Australian subsidiary,
Rheem Manufacturing Co.
(Australia) Pty. Ltd., for the sum of approxi¬
mately $442,000.
The management control of the
subsidiary will, how¬
ever
remain, with the former parent company pursuant to a
working agree-i
,
ment between
The Broken Hill company and Rheem
Mfg. Co.,
Proprietary Co., Ltd., dates its origin from June 20,
1885, when a group of 14 men organized themselves to
exploit the mineral
wealth of Broken Hill in Australia.
The amazing richness of the ground
®r°ken Hill
a
In
stock^jio par, stated value of $30 per share.-------.343,620
addition, $555,000 in treasury and $16,626,000 pledged.
shs.
Effect of the Plan—Company now has a total funded indebtedness, includ¬
ing the 6% collateral notes owned by the banks, of $32,865,528, which
indebtedness requires fixed annual interest payments
of $1,589,138.
Under the plan the only fixed interest securities are the 1st mtge. 5% bonds
of the total aggregate amount of $13,199,000, carrying 5% interest, or
an annual fixed interest
charge of $659,950.
This represents a saving in
fixed interest charges of
$929,188 per annum.
•
;
'
'
*
The balance of the funded indebtedness under the plan in the amount of
$13,898,056, represented by income bonds (based on outstanding securities
and claims allowed
through Dec. 15, 1938) or collateral trust notes, carries
no fixed
interest, but merely a contingent interest if earned.
The annual
interest charge, if earned, is $555,922 per annum.
This contingent charge
of $555,922 per annum, combined with the fixed charge of $659,950, totals
$1,215,872, which is less by $373,265 than the present fixed charges.
The foregoing statements do not take into account the interest require¬
ments on the
pledged income bonds in excess of interest on the collateral
trust notes in the amount of
$78,412 per annum, because any such excess
interest will be applied to the purchase or redemption of collateral trust
notes.
Company now has outstanding 7% cumulative preferred stock
which requires an annual
dividend, if earned, of $495,936.
The plan does
not provide for
any preferred stock, so this prior dividend charge is entirely
■-
Corp.—Earnings—
12 Months Ended March 31—
Electric revenues_
Manufactured gas
Common
.
"
eliminated.
The plan recognizes that the company is a
public enterprise.
The public
interest must be served by providing a program for a more efficient trans¬
portation system for the City of St. Louis.
In order to fulfill this obligation
to the public, the
plan contains a provision for the segregation of a substan¬
tial portion of earnings, which may be used for capital improvements.
This capital improvement fund, together with the provision for the retire¬
ment of 1st mtge. bonds, will come
est on the 1st mtge. bonds.
prior to all interest charges except inter¬
In order to
properly meet the
pany -will have to
improve the service
transportation needs of the city , the com¬
purchase new street cars of the most modern type to
on some
of the main arterial lines.
A sizeable amount
of track reconstruction will also be necessary.
While bus equipment has
been well maintained, it is
probable that new buses will be needed to provide
additional bus service.
Taking into account the cash on hand and the requirements of the plan,
the sum of approximately $5,000,000 should be available within the next
three-year period.
This would permit of the purchase within this period
of approximately 150 modern street cars, 150 new buses, necessary track
reconstruction and construction of additional garage facilities.
This pro¬
gram
shopld be started
upon
consummation of the plan.
Volume
Funds
Financial
148
available
Chronicle
capital improvements will continue to accrue an¬
nually after this three-year period and will then be available for the trans¬
portation needs of the company at that time.
It is the opinion of the re¬
certificates in denoms. of $3, $7.50, $10, $25,
$50, $75 and $82.50.
In order to avoid confusion by issuing fractional
participation certificates in a multitude of varying amounts, there will be
paid in cash a sum equal to the difference between the
par value of fractional
participation certificates which the general creditors would upon a strict
organization committee that the owners and creditors of the company are
serving their own interests as w,ell as those of the public in making possible
a
well-rounded rehabilitation program.
Table
Out-
Securities—
1st
Mtge.
Income
5s
Bonds
$
$
$1,000City <fc Sub. P.S.
3,263,000
1,142,050
Consolidated Income Statement 12 Months Ended Nov. 30, 1938
5,615,110
84
Co. Ist5s__
$1,000.
Tort claims-...
h
350
'
337.73
2,191.067
2 shs.
.....
„
745,152
$1,000
shs./Each share of pref.
1
Non-operating income.
1 76
2-3 sh. of class A stock
$2.50 in cash.
or
^
•
•
.
1 sh.
Interest
payment will be a payment on account of principal.
No
securities will be issued or cash paid on account of interest due on said
bonds whether or not such interest is
represented by coupons.
No bonds
will be issued in denominations of less than
$100, but there will be issued
in lieu of bonds of denomination of less than
$100 bearer fractional partici-
1_
Net loss for period.
Pro Forma Balance Sheet
the holder will be entitled to re¬
foregoing amounts, each holder of a $1,000 bond will
be entitled to receive $5.67 in cash
representing as nearly as possible his
30,1938 (After Giving Effect
Class A stock (par
5,230,568
Miscell. physical properties..
79,389
Surplus
First
Construe.
Estate
Ileal
Investment
6% are secured by pledge of $16,626,000 of 1st
gen., mtge. 4% bonds of United Railways Co. of St. Louis.
The claims of
the bank creditors against the
company are determined as set out below.
The theory with respect to the banks' claims is that said claims are based
on the original amount of the
loan, less payments credited or to be credited
against the principal of the loan, plus interest at 6% on the principal of
the loan to Dec. 31, 1937.
There is pledged to secure the bank
loan
$16,626,000 of 1st gen. mtge. 4% gold bonds of United Railways Co. of
St. Louis, the validity of which pledge has been subject to litigation.
It
dep. lor special purp.
Cash.....
on
9,697,402
I
4,200,655
for 'depreciation...:
8,307,848
353,279
Current
1,120,216
Reserve
notes
liabilities..
.....
3,308,864
U. S. Gov. securities....
26,626
Accts. receivable (less res've)
79,600
44,887
Working funds
Materials and supplies......
542,776
242,605
Deferred charges...
is part of the plan that this contest be terminated in view of the concessions
made by the banks.
Plan)
Res. for injury & dam. claims
1,193,292
/
9,358
24,410
Other assets.
Cash
to
$94,128
15,954,222
13,199,000
reserve...
mtge.
Collat. trust 4%
&
Co
$1)
5% bonds..:
Conv. 4% income bonds....
InV. in & advs. to Florissand
notes
Cr30,021
LiaMlities—
Motorbuses, equipment, &c_
proportion of the sum of $9,629.47 held by the trustee under the
indenture securing said bonds in a sinking fund for the benefit of all bond¬
holders, and the sum of $8,900 on deposit under Court order.
purchased
power
$959,179
at Nov.
Street ry.. road & equipment $42,144,373
pro rata
on
.
as
Assets—
'
b In addition to the
The collateral
29,648
....
new
-
1,731,717
1,025,842
563,295
on
Refund by State of Missouri of sales taxes
in prior years
{>ation certificates. the
ndentures securing
Upon delivery to the respective trustees under the
bonds of sufficient fractional participation
'
$2,361,304
collateral loan-, &c_„_
'
Pro v. for Federal & State income taxes applic. to operations of
People's Motor bus Co. of St. Louis
The cash
certificates to aggregate one $100 bond,
ceive such $100 bond.
Total
Provision for depreciation.
Interest on funded debt.
4.582 shs.
......
75 shs.:
$2,308,288
53,016
_
stock has option to receive either
Common stock 346,620shs.
c
___
$13,382,069
8,657,132
1,147,246
1,023,856
245,545
Net operating income.
188,772
300
Preferred stock.70.848
a
„
d350
Gen.creditorsj2,483.839
Each
expenses
Provision for injury and damage claims.
Taxes, other than income and social security taxes.i
Social security taxes
/
766,874
......
$13,363,915
18,154
,
Total
Operating
d4,200,655 el,304,554
V
252.66 -/•
78.46
$1,000.
Each
Rentals and other operations
6.526 shs.
b80
550
.....
Operating re venue—Transport ation
2 shs.
a261,040
1,794,650
Each $1,000_
Coll. 6% notesf9,259,653
Each
Dec. 15,1938.
al,503,096 35,788 shs.
400
Each
convertible
Stock
Cash
%
360
~
j This figure includes $2,448,875 principal amount of the 5-year 6%
gold notes and $34,963 amount of claims allowed through
Claims allowed after date of plan will receive like treatment.
Class A
Trust
Notes
17.894,000 6.441,840 7,157,600
Each
c
Receive—
Coll.
1st
4s
gen.
standing
S
United Rys.
percentage basis be entitled to receive and the nearest lower amount for
which a fractional
participation certificate or a combination of two or more
fractional participation certificates can be issued.
of Exchange of New for Old Securities
Will
Existing
3387
fractional participation
for
Total
$52,926,749
Total.
_
.
1
.$52,926,749
„
-V, 148,
After establishing the gross claim of the banks, their treatment under the
plan is based upon the principle that they are entitled to participate in
the plan upon the basis of the collateral held by them,
subject to the limita¬
tion that they are not entitled to obtain Cash and securities from which
they might realize more than the debt due them, including interest.
Fur¬
ther, the amount of cash and securities to be issued to the banks has been
3242.
1938
1937
$118,386
$93,168
8,504
defl3,501
$ j.33,634
27,270
def8,736
defl7,895
def58,106
458,817
39,470
478,038
43,333
436,859
14,681
defl00,947
defll2,634
defl49,701
_
...
Net after rents
From J an. 1—
Gross from railway.....
compromise of the controversy over the validity of the pledge of the 1st
gen. mtge. 4% gold bonds of United Railways Co. of St. Louis to them.
All cash so received by the banks will be credited
against the gross claims
Net from railway
Net after rents.--.^..-:
Will likewise credit
against such gross claims
the principal amount of the new 1st mtge.
5% bonds to be received by them,
such bonds being credited at par regardless of the actual value or market
valuepf such bonds.
The balance due the banks, after such credits, and
as further reduced by additional concessions made
by the banks, is to be
received by the banks in new notes to be known as 25-year collateral trust
notes, and there will be pledged to secure the payment of said notes 25-year
convertible income bonds and voting trust certificates for class B stock,
which will be issued in further exchange for the 1st
gen. mtge, 4% gold bonds
of United Railways Co. of St. Louis now pledged to the banks.
This
exchange will be on the same basis as 25-year convertible income bonds and
class A stock are distributed to other holders of 1st
gen. mtge. 4% bonds
—V.
Ry.—Earnings—
1939
$127,180
.19,660
April—
Gross from railway.
Net from railway
reduced by certain concessions made by the banks in connection with the
of the banks and the banks
p.
St. Louis San Francisco & Texas
148, p. 2604. "
'
.
/Period End. Apr. 30—
Net
1939—Month—1938
$1,608,416
$1,282,398
1,170,122
1,076,890
oper. revenues.
oper. expenses.
rev.
from ry. oper.
1939—4 Mos.—1938
$6,237,824 "$5;793,857
4,750,154
4,486,433
$1,487,670
$97,601
27,482
$1,053,680
110,959
$125,083
167,131
$1,164,639
675,770
730,326
$183,407
6,574
x$42,04S
6,398
$488,869
31,423
$248,373
34,017
266,295
:
Deduc. from ry. oper. inc
$205,508
107,908
$354,925
171,517
Other ry. oper. income..
stock instead of class A stock.
It is deemed essential to compromise the contest concerning the
pledge
of the 1st gen. mtge. 4% gold bonds of United
Railways Co. of St. Louis
-learnings—
$329,134
25,791
Railway oper. incomei
Railways Co. of St. Louis, except that the amount or 25-year
bonds has been reduced by concessions made by the
banks and the banks will receive only
voting trust certificates for class B
353,520
def82,315
def228,697
$438,294
109,160
Railway tax accruals...
of United
def25,594
.
St. Louis Southwestern Ry. LinesRailway
Railway
1936
x$35,649
263,978
$520(292
1,067,174
.$282,391
1,070,142
$76,314
$299,628
,881
$1,307,424
434,026
433,990
$873,938
105,302
.
convertible income
Total ry. oper. incomei
Net
incomei
Non-oper. income
to the banks prior to putting
any plan into effect.
"Taking into account the
foregoing considerations, the banks have made certain concessions, with
the result that they do not receive the same treatment as the other holders
of 1st gen. mtge. 4% gold bonds of United
Railways of St. Louis on their
total pledged collateral.
Instead of receiving a total of $1,396,584 in cash,
...
$189,981
Deduc. from gross inc..
Net deficit
x
.
■
Indicates deficit.—V.
.
1939
....
RR.—Earnings•
1938
$97,508
1936
1937
$131,229
$98,200
def8,836
def421
defl0,632
def38,073
def32,717
59,389
27,803
412,762
def.38,249
defl70,557
482,940
102,098
474,326
174,631
def35,265
49,995
.
>.
Gross from railway
Net from railway
Secured by pledge of 25-year convertible income bonds in the total
principal amount of $6,160,950 and by the pledge of voting trust certifi¬
•
$128,307
21,359
488,325
60,818
Net after rents
From Jan. 1—
d
$787,751
.
148, p. 3082.
San Antonio Uvalde & Gulf
April—
Gross from railway.....
Net from railway
trust notes.
def73,033
Net after rents.
—V. 148, p. 2604.
cates
representing 33,252 shares of class B stock or approximately $370.50
liar value of income bonds and voting trust certificates representing 2 shares
of class B stock for each $1,000 of the 1st gen. mtge.
4% bonds held as
collateral.
oper.
Gross income...
the banks will receive $1,304,554 and the excess cash will be retained in the
In addition to this cash the banks are to receive
only $360,000 but of $425,040 of escrowed cash. 0 Instead of receiving
$5,985,360 in lst intge. 5% bonds, the banks will receive $5,615,110 of
these bonds and the company will issue $370,250 less bonds.
Instead of
receiving $4,642,390 of 25-year collateral trust notes secured by class A
stock and $6,650,400 of 25-year*convertible income
bonds,/ the banks will
receive $4,200,655 of 25-year collateral trust notes, secured by
voting trust
certificates representing class B stock and $6,160,950 of 25-year convertible
income bonds, and the company will issue $441,735 less 25-year collateral
treasury of the company
ry.
$978,699
.
San Carlos
Milling Co., Ltd.—Larger Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, par $8, payable June 15 to holders of record June 2.
This compares
with 15 cents paid on March 15 last and dividends of 20 cents per share
.
t
e In addition to the amount of
$1,304,554, the bank creditors will re¬
ceive cash totaling $360,000 out of the total escrow fund of
$425,040 held
escrow under Court order, which escrow fund
represents an amount of
cash paid under Court order and held in escrow on account of certain of the
paid on Dec. 15 last and each month previously.—V. 148, p. 1975.
in
coupons maturing
July 1,4933 and Jan. 1,1934,
on
Collateral trust notes will be issued in denom. of
$100,000,
$10,000 and $1,000 and one note of each series may be issued in
$1,000.
an uneven
amount of less than
its property.
Claims allowed after date of plan will receive like
treatment.!
The
general creditors, including the holders of the St. Louis Public
Service Co. 5-year 6% convertible gold notes, will be entitled to receive
cash and 25-year convertible income bonds.
The holders of the notes will
entitled
be
to
receive cash
and
convertible income
for cancellation of their notes, together
and thereafter, attached.
i The cash
with all
bonds
upon
coupons due
surrender
Jan. 1, 1933,
payment of $76 will be a payment on account of principal.
issqed or cash paid on account of interest dup on notes
No securities will be
or
claims whether
by coupons.
but
there will
No
or
not such interest in the case of the notes is represented
new
bonds will be issued in denominations less than $100,
in lieu of bonds of denom. less than $100 bearer
be issued
Seaboard Air Line Ry.—■Earnings—
"
$3,829,633
854,265
341,691
$4,025,203
569,162
$3,435,045
■
669,519
299,236
15,043,504
3,115,452
16,414,310
4,430,543
2,517,820
13,438,389
2.476,569
955,460
1,011,511
'' 1936
1—
Gross from railway
Net from railway
Net after rents.
p.
1937
16,039,219
3,534,940
1,503,811,
Net after rents
148,
...
1938
$3,927,634
844,812
347.174
Gross from railway
Net from railway
—V.
'
1939
April—
From Jan.
g Holders of tort claims will receive a sum in cash equal to 35% of Tne
principal amount of their respective claims (without interest) and in
addition thereto, and as a further payment on account of such claims the
reorganized company shall pay in cash the reasonable compensation and
expenses of the general creditors' committee formed under agreement dated
as of July 16, 1934, and its
counsel, for their services in and in connection
with the reorganization proceedings, the amount of such compensation and
expenses to be determined by the Court; said sums in cash to be paid as
promptly as reasonably possible after the confirmation of the plan, and
exclusive of court costs which will be paid in full by the
reorganized com¬
pany; said sums to be so paid on account of tort claims shall be in full settle¬
ment of the respective claims of tort claimants against the
company and
Pay 15-Cent Dividend—
declared a dividend of 15 cents, per share on the
stock, payable July 1 to holdets of recprd June 15.
Like amount
was paid on April,1, last; and dividends of 25 cents were paid on April 1,
1938 and on Jan. 3, 1938.—V. 148, p. 1338.
common
on
by coupons.
No
bonds will be issued in denominations of less than $100, but there will be
issued in lieu of bonds of denom. of less than $100 bearer fractional partici¬
pation certificates.
Upon delivery to the respective trustees under the
indentures securing the new bonds of sufficient fractional
participation
certificates to aggregate one $100 bond, the holder will be entitled to receive
h
Scoville Mfg. Co —To
Directors on May 26
the pledged collateral.
f No securities will be issued or cash paid on account of interest due
said bonds whether or not such interest is represented
such $100 bond.
.
1,080,249
2756.
Seiberling Rubber Co.—Capital Readjustment Plan Ap¬
proved—
Stockholders at
a
special meeting June 1 voted their approval of the plan
capital readjustment put forward last month by the management.
The
plan required 75% of the preferred stock and .50% of the common.
Ap¬
proval was accorded by 77% of the preferred and 59% of the common.
This action, according to J. P. Seiberling, President, clears the way for
of
registration of the new prior preference stock with the Securities and
Exchange Commission and payment of dividends on the new class A pre¬
ferred stock of the company soon after the new issue of prior preference
stock has been sold to investment bankers.
Arrangements are being
made with investment bankers for underwriting of the new stock, of which
there will be 34,000 shares.
The stock will be cumulative as to dividends
of $2.50 per share per annum and convertible into common stock.
The old 8% preferred by action of stockholders has been reclassified
into $100 par 5% class A cumulative preferred and $100 par 5% class B
non-cumulative preferred.
Dividends will be payable on the prior pre¬
ference stock from date of its issuanceDividends on the 5% class A
preferred issued before Oct. 1, 1939 will be payable from Oct. 1, 1938.
Each 8% preferred stockholder has the option to continue as a holder
Financial
3388
of 5%
preferred or to receive 5% class A preferred on a share-for0.4375 share of 5% class A preferred in payment of divi¬
class B
share basis plus
accumulated on the 8% preferred.
This option expires Oct. 1, 1939
but may be extended by the directors.
Speaking of the probability of dividend payments in the near future,
Mr Seiberling said that "the answer depends on the decision made in this
meeting of Seiberling stockholders as to the choice of one of two alternatives:
(1) Whether it is better to retain the present rights and privileges of the
present stock and wait until the necessary $1,527,000 of money needed to
remove the obstacles now blocking the road to dividends and financial
strength is accumulated out of earnings three or four years or more hence,
or (2) whether it is better to adjust now some of the rights and privileges
of the present stock and thus make possible the bringing in now of the
necessary $1,527,000 of new money in the form of new capital and thus
clear the way to dividends on the new preferred stock in the year 1939
and a year or two hence on the common stock, always provided earnings
continue at their present levels."
dends
Earnings for Six Months Ended April 30
1939
deprec. but
_— -
—
$4,400,593
— — —
—
Net before allowance for incpme, excess
$3,444,870
profits and
undistributed profits taxes
403,576
loss44,955
Total current assets as of April 30, 1939 were $3,177,170, as compared
with total current liabilities of $1,649,224.
See also V. 148, p. 2757.
first page of this department.
in
(Robert) Simpson Co., Ltd.—-Bonds Called—
pany
Excess
of int.
12,054,273
13,078,716
Extraordinary income..
8,271,940
1,667,498
7,932,422
331,274
3,376,610
226,021
$1,082,594
1,135,529
— —
$1,008,502
x$991,761
71.278
—
147,664
831
$52,935
248,365
loss56,804
—
•
—,—
$937,224 x$l ,140,256
249,696
Federal & State income tax
Net loss—
Profit.—'V. 148, p. 597.
x$138,626
31,088
x$890,560
x$107,538
$937,224
-
x
/
Viscosa—Earnings—
10,550,341
1936
1935
96,386,571
33,042,873
90,844,630
31,705,770
1937
1938
merchandise,
on
&c_
divs. on stock,
—
Expenses, taxes, &c._
.138,840,707 121,661,892
42,217,494
—
41,768,244
Depreciation and various
—
40,000,000-
.
Profit
10,163,809
772,791
30,000,000
27,000,000
25,000,000
56,623,213
amounts set aside.
paid oncurr.
amounts
$2,072,405
1,080,644
Loss
Profits
191,489,689 212,338,365 187,374,605 162,691,553
liabilities
$64,966
1,073,468
(All figures given in Lire)
;
16,034,174
—
— —
Profit sale sec., net
over
rec,
1937
1938
1939
Ended Jan. 31—Operating income-
Calendar Years—
1935
1936
material
for raw
and supplies
lays
Income from investm'ts,
(& Subs.)—Earnings—
(A. O.) Smith Corp,
12 Months
Snia
*1937
;
*
outstand¬
105, plus interest. Com¬
Ltd.—V. 146, p. 2385.
calling for redemption Jan. 1, 1940, all remaining
first mortgage sinking fund gold bonds at
is wholly owned and controlled by Simpsons,
ing 5%
(In German Marks)
1938
v
1492.
—V. 148, P.
Halske—Earnings—
Years End. Sept. 30—
Sales after deducting out-
$0.16
$0.35
$58,196 additional market profit realized from sales of
1 722 tons of zinc concentrates produced and valued at cost during year
1935, representing 4.8 cents per outstanding share.
y Add $25,271 or 2.1 cents per share, representing difference between cost
and market value of 912 tons ores and concentrates produced in 19o7 and
unsold Dec. 31, 1937, or total profit for quarter of $91,671 equal to 7.5
cents per share,
z Owing to suspension of production on April 30, 1938.
and on Oct. 15 and July 15, 1937.—V. 148, p. 1040.
Siemens &
$0.05
def$0.05
M
w.
Operating loss.
addition to a quarterly dividend of three cents per share on the combion
stock, both payable July 15 to holders of record June 30.
Like amounts
were paid on April 15 and Jan. 14, last, and on July 15 and April 13, 1938;
previously regular quarterly dividends of two cents per share were disr
tributed.
In addition, extra dividends of one cent per share were paid on
Jan. 15, 1938,
stock
OI/WJO.
$206,367
x$429,834
This includes
x
Other income
Dividend—
have declared an extra dividend of one cent per share
The directors
f
mon
JXiAJlX
•
Sheep Creek Gold Mines, Ltd.—Extra
before depl zloss$65280
1936
1937
y$66.401
467 shs., par
Depreciation-
Co.-—Registers with SEC—-
Shawnee Mission Water
See list given on
1938
1939
sh. on 1,220,$5 com¬
Earns, per
Company is
1938
,,
—
King Coalition Mines Co.—Earnings—
Silver
3 Mos. End. Mar. 31—
Net profit after taxes &
,
Net sales.
June 3, 1939
Chronicle
49,893,647
36,343,698
34,138,859
Balance Sheet Dec. 31
(In Italian Lire)
Total income- ......211,126,494
fles/bonus'es to staff.. 143,971,271
}
121,403,327 108,152,422
charges—Legal... '9,024,559
7,759,117
Prov.foor dwellings, &c__
1,000,000
Depr. of prop'y & plant J x8,749,869]
Oth. depr. & write-offs., j
1
Int. on funded debt....
Taxes on net worth and
6,786,122
5,858,159
7,668,394
6,262,303
1,000,000
2,719,710
1,952,200
4,793,817
Social
Voluntary...
Contrib.
91,856,878
6,156,048
5,178,353
1,967~271,
2,155,618
1,392,647
5,184,743
6,473
2,808,959
Customers and sundry
;
.....-
......
Net profit—
3,418,561
15,107,494
13,460,905 '
14,665,438
Depreciation and revaluation of asset values,
8,255,050
3,366,337
11,621.387
•
Sept. 30
(
Liabilities—
1,121,787
40,730,293
14,233,678
25,361,415
249,014
220,622
1
1
light, equip—
Tools, factory &
»
"
office equip..
1
marks & other
•
■
'
1
72,816,102
7,062,541
,7,062,540
Mtge. loans rec.
137,799
143,511
Acc'ts receivablel31,77l,835 112,431,063
Bills.
-._V 974,453
8,636,696
Checks.:.
235,274
132,203
Market,
52,243,805
securs.
Share in treasury
Cash
on
Rfeichsbank
banks
&
1,277,718
•
8,785,463
10,259,218
384,198
...
Profit and loss account.
Funded debt.—
81,812,560
Mtges. payable.
6,430
80,522,049
65,499",879
Acc'ts payable..
&
or¬
1,496,689
1,496,689
;
4,997,579
1,184,225
13,460,905
4,626,141
1,511,754
15,107,494
fund for empi.
&
Maintenance
Taxes
Total
y
After
1,018.751,654 760,512,381
——
.
of 7,500,000 lire.—V. 146, p. 3357.
reserve
Surplus.
—
—
'
'
.
South Penn Oil Co.—-EarningsYears
Consolidated Income Account for Calendar
(Including Wholly-Owned Subsidiary, Clayco Gas Co.)
'
1 935
1 936
1937
1938'
$25,931,104 $37,119,156 $30,932,468]
23,769,729 a31,709,952 a28,952,508
Deprec. and depletion..
1,406,988
1,626,811
'
Fed. & State inc. taxes—
14,510
269,603
— — —
Cost of sales
"
.
Not
reported
$739,877
701,941
$3,512,790
1,130,476
$1,979,961
1,609,846 J
$1,441,818
1,750,000
$4,643,266
3,650,000
$3,589,806
2,756,938
$993,266
Surplus—'
•
def $308,182
capital stock out¬
standing (par $25)
1,000,600
1,000,000
Earnings per share——
$1.44
$4.64
a
Including selling-and general expenses.
$832,868
$778,751
1,000,000
1,142,671
$2.03
Profit from operations
Other income (net)
Net income.
at
p.
480,013,909 474,656,108
Sept.
30,
1938,
and
—
_
Dividends paid.
$2,321,357
1,542,606
Shs.
1977.
$3.58
.
Consolidated Balance Sheet Dec. 31
1938
Co.—Earnings-
Assets—
1939—12 Mos.—1938
b
$2,000,389
$1,911,109
654,425
708,208
105,224121,240
301,073
265,645
Investments
Prop. & equip. .15 ,458,070
Liabilities—
g,
16,185,736
9 ,559,548
9,557,948
Marketable eecur.
1 ,556,527
Time deposit
2 ,581,570
2,066,883
2,547,055
(cost)
1938-
"1937
„
g
-
1937
S
$
,
Capital stock—25 ,000,000 25,000,000
Accounts payable.
779.047
1,486,779
c
Annuities payable-
207,401
149,728
466,550
28,379
Accrued taxes
31.292
20,913
12,476
•
Meter
Material, mdse. &
stock oil
Net oper. revenues.„
$80,828
$74,695
Non-oper. income (net).
Dr41
25
$939,666
3,758
$816,015
4,104
$80,787
7,522
$74,720
7,643
$943,424
91,130
$820,120
92,917
$73,265
11,300
$67,077
10,825
$852,294
134,560
$56,252
$717,733
6,278,405
Notes & accts.rec
936,831
1,077,881
Other receivables.
291,097
6
$727,202
130,994
$61,964
,186,764
$596,208
210,000
263,654
a
cos.
Cash
167,746
312,482
158,475
2 237,727
Due from affii.
Balance
Retirement accruals
—
—.
or¬
workmen.
1939—Month—1938
$163,358
$154,018
47,123
51,153
11,686
10,716
23,721
17,454
Operating revenues
Operation...
40,893,647
727,756
997,427
12,135,924 '19,099,619
1,877,342
663,351
10,403,439
27,045,118
.
——
66,623,213
—
phans' fund for
depreciation of 2,438,269 reichsmarks
V. 148,
2,191,099 reichsmarks at Sept. 30, 1937.
Period End. Apr. 30—
■
—
Net sales.....
pen'ns,
widows'
After
Sierra Pacific Power
— ___
.
11,118,434
98,434,408
Total
dismissal
1938
1937
525,000,000 345,r»00,000
14,850,720 100,244,533
11,500.000
11,500,000
,
7,022,689
291,35 ',000 172,000,000
43,985,333 32,642,278
23,252,809 21,408,837
Unpaid dividend
Depositors of securities.
Profit brought forward
Balance of capital surplus from currency reval—
Provision for extraordinary tax on capital
37,519,163
13,293,145
Dep. by
'
—
.
Depreciation reserve.
Supplies and sundry creditors—,
Accrued charges, &c
"1
adjust.
427,752
480,013,900 474.656,108
1,018,751,654 760,512,381
—
1
Res.forindem.to employees, payable on
4,412,145
phans' fund for
1,375,430
,
Deferred charges
a
4;412,145
liabilities
lor
——
Reserves
9,500,000
37,398,181
Res.
widows'
other
Total
Capital stock
75,840,000
Dep. by pen'ns',
Post Office...
with
75,840,000,
Accr. exp. & Int.
hand,
inch cash with
Cash
9,500,000
..
of asset value.
accr.
■
1 1
Investments ...168,267,937 168,258,744
Inventories
66,702,469
53,366,450
—
-
Liabilities—
Specific res. and
trade¬
similar rights.
—'
rec. on
deb. issues
Welfare fund—.
Concess'ns, pat.,
12,500,000
rec. on
stock Issues
Premium
/
V
19,000,000
reserve.
Premium
Plant, heating &
licenses
snares—.100,590,000 100,590,900
Pref. shares
6.500,000
6,600,000-'
30,000,000
Statutory res... 30,000,000
Com.
Special
1
Machinery
„
1937
1938
1937
1938
Assets—
New buildings..
:
—
Tied-up soecial reserve fund.
•
(In German Marks)
Buildings
—
Total.—*:
11,246,877'
11,586,061
3,521,433
Balance Sheet
a
—
—
2,500,000
9,438,606
4,022,299
Total surplus........
„
Bills receivable
1
—
Previous surplus
Land....
1 —1\
and foreign
Tied-up State bonds (special reserve)
Govt, securs. & debs., Italian
.
1,800,000
Telefunken)
147,267,672 132,105,902
73,858,368
84,732,686
2,010,136
1,737,586
70,313,992
83,658,401
42,809,180
9,635,697
7,022,689
5,254,181
8,815,150
19,099,619
12,135,924
debtors
Securities deposited
funds ,;
92,520,095
144,795,653
—
—
materials & stores at
Cash in hand and at banks
released from America-
x
&c., Italian and foreign—factories and depots
52,745,734
10,086,486
445,177,446 264,184,420
30,405,293
21,142,313
25,120,350
15,105,000
Shareholdings and interests in associated cos.;
7,629,336
57,383,593
1
16,819,795
—
,
Current accounts
506,070
trade associations
German
—■
3,306,519
56,056,625
1Q07
■
5,000,000
1
Subsidiary factories
—
Workmen's houses, dormitories, &c
x
-
8,450,000
;
Producing factories.
8,089,965
15,867,479
4,370,860
.....
Allocation to special res.
(from
Freehold land
4,886,044
industrial &
to
Freehold buildings
Furniture and fittings
Stocks of finished goods, raw
23,218,503
Other taxes and charges.
5,658,498
All other expends, with
except, of outlays for
raw mat'l & supplies..
income—.
1QQQ
233,680,778 209,368,318 184,178,494
2,119,693
10,250
13,916
interest
Workmen's
com¬
pensation (curr.)
Due
175v,800
deps.& accr.
contr.
on
deed
for
(current).,
4,326
Interest & amortiz., &c_
Deferred charges..
accts..
67.900
72,859
Res. for ann. pay.
Gross income
876,399
1,017,083
86,786
91,613
25,532
29,943
other
accr.
Workmen's
pensation claims
pay.
Net income
Preferred dividends.
Common dividends.
210,000
339,626
Due
(non-curr.)
on
deed
for
contr. after Dec.
31.
Tenders—
11 739,722 11,934,080
Surplus
The New England Trust Co., Boston, Mass., will until 10 o'clock a. m.
June 23 receive bids for the sale to it of sufficient first mortgage and refund-
8:
com¬
ser^es
of $16,000 at prices not
5V£%, due March 1, 1957 to exhaust the sum
exceeding
par and accrued
interest.—V. 148, p. 3082.
Simmons-Boardman Publishing Corp.—Accum. Div.—
Total
..38,986,133
40,318,475
Total.
—...
38,986,133 40,318.475
a After reserve for
doubtful notes and accounts of $33,363 in 1937 and
$33,575 in 1938.
b After reserve for depreciation and depletion of $97,090,854 in 1937 and $38,197,673 in 1938.
c Represented by 1,000,000
shares (par $25).—V. 147, p. 4067.
Directors have declared
a dividend of 50 cents per share on account of ac¬
on
the $3 convertible preferred stock, payable June 10 to
holders of record June 1.
Like amount was paid on March 10, last; dividend
of $1.50 was paid on Dec. 15, last and a regular
cumulations
cents per
share
was
paid
on
quarterly dividend of 75
March 1, 1938.—V. 148, p. 1040.
Sonotone
Corp.—Five-Cent Dividend—
■Directors have declared
a
dividend of five cents per share on
$1, payable July 15 to holders of record June
with 10 cents paid on Dec. 15 last;. 5 cents paid on Oct;
stock,
par
the common
15. This compares
14 last and on Dec
Volume
20, 1937; 10
Financial
148
Chronicle
cents
paid on Dec. 3 and Sept. 15, 1937, and 5 cents paid on
Oct. 15 and April
15, 1936, this latter being the initial distribution on the
Period End. April 30—
stock.
Operating
Option—
As
of
part
3389
Southwestern Associated Telephone
Co.—Earnings—
employment contract dated April 1, 1939, extending to
March 31, 1943, between this corporation and Hermann Scheibler, Research
Engineer, Dr. Scheibler has been granted an option to purchase 7,500 shares
of common stock of Sonotone
Corp. at the price of $1.50 per share until
April 1. 1943.
The option has been granted in consideration of the can¬
cellation of a similar option expiring Dec. 31,
1939, and further in con¬
sideration of the optionee's entering into an
employment contract as head
of the research department of Sonotone
Corp., commencing on April 1,
1939, and expiring April 1, 1943.—V. 148, p. 2606.
$420,997
1,000
$410,938
200
$107,184
63,438
$104,436
59,791
$419,997
253,164
$410,138
$43,746
9,963
$44,645
8,994
$166,833
39,462
$161,334
35,843
$33,783
Operating revenues.
Operating expenses
Net oper.
Operating
$35,651
$127,371
$125,491
revenues
taxes
Net oper. income
—V. 148, p. 2758.
Telegraph Co,—Earnings
Uncollectible oper.
Operating re venues.
$5,716,451
Operating expenses3,655,460
Operating
Net oper. revenues.__
Period End. April 30—
$2,060,991
817,921
$1,870,898
730,259
$8,097,974
3,246,346
$1,243,070
1,042,405
$1,140,639
901,593
$4,851,628
4,062,095
$4,578,759
3,634,157
..
_
—V. 148, p. 2758.
4,811.649
$7,216,236 $30,171,033 $28,793,107
4,738,450
19,189,236
18,730,154
$2,804,983
1,035,698
$2,477,786 $10,981,797 $10,062,953
867,738
4,118,489
3,766,075
$1,769,285
1,520,908
$1,610,048
1,440,082
expenses
Operating
revenues...
taxes.
Net operating income.
.Net income..
_________
-
.
rev..
Operating revenues... $7,616,632
Net oper.
$7,505,962
2,927,203
Net operating income
Net income.
248,804
1939—Month—1938'
1939—4 Mos.—1938
$7,648,273
$7,247,811 $30,297,797 $28,920,393
31,641
31;641
31,575
126,764
127,286
Operating revenues
$5,302,461 $22,708,543 $21,275,930
3,431,563
14,610,569
13,769,968
Operating taxes
>'
800
Southwestern Bell Telephone Co.
—.Earnings—
1939—Month—1938
1939—4 Mos.—1938
$5,737,016
$5,323,921 $22,787,933 $21,364,153
Uncollectible oper.rev_.
20,565
79,390
88,223
21,460
_
__
__
»
Period End. Apr. 30—„
revenues
1939—4 Mos.—1938
250
oper. rev__
an
Southern Bell Telephone &
Operating
1939—Month—1938
$107,434
$104,636
revenues
Uncollectible
$6,863,308
5,881,994
$6,296,878
5,679,759
Includes following estimated amounts subject to refund in whole or part
VLeyent of adverse rate decisions for the month, $2,500 in 1939, $2,425 in
_
Southern Colorado Power
Co.—Earnings—
Years Ended March 31—
Operating
Operation
837,796
2,329,976
831,322
124,362
300,000
331,536
67,354
138,352
300,000
328,364
52,113
,749
expense
Maintenance and repairs
Appropriation for retirement
Taxes...,.!
l.I
"
reserve
,
Provision for Federal and State income taxes
$679,823
761
$688,510
409,698
5,639
....
funded debt
Amortization of debt discount and expense...
Other interest (net)...
on
Miscellaneous deductions
....
Southwestern Light & Power Co.—Accumulated Div.—
The directors have declared
a dividend of $1.50 per share on account of
on the $6 cum. pref.
stock, no par value, payable July 1 to
holders of record June 20.
This compares with $1.12H paid on
April 1,
last and in the last three
quarters of 1938; a dividend of $1.75 was paid on
Dec. 18, 1937, and dividends of
1937.—V. 148, p. 2915.
$215,920
34,174
11,675
...
*.
Consolidated
Income
Customers
$2,982,013
183,427
949,818
254,195
$6,414,334
z272,883
$3,409,739
y464,823
$1,867,739
yl,186,716
$1,594,572
y453,259
$3,874,563
31,721
$3,054,454
$2,047,831
39,816
31,702
54,139
_.
laneous expenses.
for Fed'l incon
1936
and
_.
i
!
stock taxes
861,279
429,747
351,201
$2,949,860
3,709,744
$2,570,569
3,048,861
39,425
$1,651,461
1,884,678
$9,202,324
3,224,904
$6,659,604
2,418,678
$5,658,855
1,949,111
$3,536,139
$5,977,420
$4,240,926
$3,709,744
$3,048,861
of cap.
stk. out¬
standing (par $1).___
2,015,565
2,015,565
1,949,111
1,949,111
Earns, per sh. on capital
stock..
$38,584,989 $44,948,964 $34,217,266
25,159,160
26,366,933
19,155 536
Outward freight and delivery expenses
5,832,325
5,271,885
4,379,718
Selling, general & adn inis. expenses._
1,717,979
1,772,581 •* 1,212,395
Provision for doubtful accounts
300,000
279,980
65,003
$5,575,525 $11,257,585
667,047
598,558
1,998,040
1,231,473
81,630
147,126
1,457,975
955,158
176,479
50,391
^
Interest to public
Interest to parent company.
Amort, of debt discount and expenses..
:
•,
_
normal and
$2.46
$1.46
$1.32
$0.85
___r
Dividend paid..
Slirplus, Dec. 31--.—
59,404,613
304,922
1,701,958
71,196
788,141
Including $269,358 income from patents, royalties and technical services
1938,$333,292 in 1937, $251,107 in 1936, and $176,499 in 1935. y Includes
profit on sale of securities, 1937, $183,795; 1936, $1,058,522, and 1935,
$367,875.
z Includes profit on liquidation and sale of the Intercontinent
Corp. „ of $162,043.
Consolidated Balance Sheet Dec. 31
x
in
,
157,144
income taxes
1,633,919
880,926
1938
95,666
Assets—
Net profit for the year.
Dividends paid
$1,037,211
200,000
....
$6,545,293
6,025,000
$5,657,470
4,814,661
rec., &c._
a
''
$
•
Liabilities—
$
'
Plants & props.,
devel.
debt.....26,406,881 23,537,609
148,925
Accounts payable.
793,945
897,824
other intang.
49,647,032 42,865,111
Acer,
6.313,479
661,217
5,754,302
355,409
652,296
bAccts.& notes rec
3,828,877
Inventories
5,511,342
1,100,976
5,815,913
1,147,537
Investments
Cash.,
-
.
Def'd assets & exps
681-217
taxes,
to
Intgrnat.
Pap.Co.,
in
■
2,166,922
481,457
1,461,026
2,647,776
1,688,632
accrued royalties
Accrd. wages, Ac.
5,136,058
5,245,732
in
Prov.
1,325,074
420,856
rec.
■
22,938,883 20,152,034
367,314
158,225
c Capital stock...
7,000,000
7,000,000
Paid-in surplus... 2,764,582
2,764,582
Earned surplus.._ 2,120,399
1,258,079
a
After
reserve
b After
$619,888 in
lotal
187,048
212,991
of products.
Res^ for conting..
1
1
Res. for unrealized
-
j...
484,029
71,182
68,547
for'gn
from
......
9,846
59,184
Cap. stk. (par $1).
Capital surplus
2,015,565
4,334,246
2,015,565
5,977,420
4,240,926
16.989,858
16.138,553
exchange
Deferred
officers
16,836
14,517
.......
a
16,138,553
42,013
income..
...
Total...
4,334,246
c Representing percentage of sales prices based
completed, less amounts invoiced.—V. 147, p. 4068.
Less allowance,
extent
1937.
c
Represented by
100,000 no par shares.—V. 147,P.
Spiegel, Inc.—Earnings—
'
on
the
,
1938
1937
1936
1935
....$49,732,671 $56,117,734 $44,695,482 $34,011,684
Cost Of sales, &C------ 47,682,191
53,161,085
40,336,353
31,310,025
Calendar Years—
Southern New England
Telephone Co.:—Earnings-
Uncollectible oper. rev..
1939—Month—1938
$1,539,806
$1,477,585
3,500
4,000
1939—4 Mos.—1938
$6,072,084
$5,832,666
16,000
17,000
Operating revenues...
Operating expenses
$1,536,306
1,046,662
$6,056,084
-Operating
1,695,537
603,695
reserve
1788.
Period End.
tee
apprec. of
and employ
...67,418,332 60,026,684
for depreciation of $10,925,838 in 1938 and $9,512,834 in
for doubtful accounts of $671,935 in 1938 and
instal.
guaran¬
3,368,049
Total...... —16,989,856
Total..r_.....67,418,332 60,026,6841
for
serv.
con¬
Earned surplus...
Due
Reserves
1937.
1,010,441
2,324,925
on
3,508,898
contracts..
parent
company
Income
1,815,589
Prov.
30,000
_
828,770
729,907
tracts..317,104
Deposits
on' purchase
Dep.
.
1,229,786
432,762
non-
Deterred charges..
Patents,
for
616,009
1,229,198
franch. and cap.
stock taxes...:_
prog--
b Plants & equip.
$
Accts, payable and
Investments
Notes
$
2,250,545
current
932,973
Serial oblig. (curr.)
887,875
Sink, fund paym'ts 3,205,479
Due
'..
work
ress
..
pay¬
rolls & other exps
3,110,310
....
Contr.
c
$
Notes payable
Woodl'ds, less stpge
credits
$
&
progress, invent,
1937
Funded
and
costs
1938
.
1937
1938
Liabilities—
$
3,716,309
Notes, accounts,
a
Contr.
1937
1937
$
Cash...:
Balance Sheet Dec. 31
Assets—
487,278
Shs.
State
Prov. for Fed. undistr. profits tax...
1938
45,169
.
'
1,662,520
Total
Total sales and other income
Federal
;
$4,961,398
4,240,926
Cost of sales
for
.
*
capit
.$36,455,658 $42,981,653 $29,532,614
1,991,64Q
1,928,500
4,421,743
•" 137,692
38,811
262,909
Affiliated companies
Other income—net
Prov.
1935
$3,588,018
216,717
1,212,529
291,033
allowances
sales, less returns,
and discounts—
Depreciation
Depletion.
Cos.)
1936
$5,696,103
288,708
1,645,222
352,434
Other income
.
Balance
Wholly-Owned Sub.
1937
$6,687,217
23,482
Operating income.
franchise
1937
(Incl.
1938
Selling & general exps
Research & development
Prov.
1938
Account
59,504,115
346,213
2,197,042
546,527
Depreciation
Corp.—Earnings—
Years Ended Dec. 31-^
July 1 and April 1,
on
,
Calendar YearsGross inc. from oper..
x
March 31, 1939, $2,848, to reflect adjustments applicable to the period
prior to April 30, 1938, included therein of amortization of debt discount
and expense on 1st mtge. gold bonds, series A 6%, due July 1, 1947, out¬
standing at March 31, 1939, charged to surplus as of April 30, i938, which
has been applied retroactively in the accounts.—V. 148, p. 2914.
Gross
paid
were
.
Sperry Corp. (& Subs.)—Earnings—
Note—In the above statement of income accounts, net income for the year
ended March 31, 1938, has been reduced by $34,336-and for the year ended
Southern Kraft
148,
accumulations
$680,446
411,639
34,336
12,778
5,772
$227,323
Gross income.
1938.—V.
622
„
Net income
1939 and $9,695 in
$1.12>£
Net operating income..
Other income
Interest
1938; for the four months $9,995 in
p.2915.
1938
1939
$2,348,799
revenues
Apr. ZQ—
revenues
$1,473,585
1,035,977
4,259,860
$5,815,666
4,125,606
Net sales
a
—...
Total income
—
Depreciation
Interest charges
Net oper. revenues.._
$489,644
$437,608
$1,796,224
139,220
Operating taxes.
140,871
523.300
$1,690,060
505,093
Prov.
for
$2,050,48L
.
normal
$2,956,650
437,020
$4,359,129
368,432
$2,701,659
223.884
$2,367,336
152,984
196,758
$3,393,669
$4,727,561
139,368
245,973
109,131
162,585
$2,925,542
79,535
141,382
403,931
Profit.;.---—Otherincome
x436,925
662,126
372,824
316,856
Fed.
income tax.
Prov. for Fed. surtax on
Net oper. income
Net income
$350,424
276,651
$296,737
239,412
$1,272,924
981,132
undistributed
$1,184,967
962,284
—V. 148, p. 2606.
$1,613,663
Netprofit
Preferred dividends
Southern Pacific SS.
Net from
railway
railway
Gross from railway
1937
1936
__
railway
Net after rents
$527,832
12,048
def2,8l4
$614,575
24,908
$501,491
57,343
Net after rents..
From Jan. 1—
Net from
1938
$604,345
72,643
def4,044
def2,240
2,344,487
179,775
117,470
2,065,536
defl76,107
def240,401
2,733,717
1,774,457
def88,750
defll7,165
165,753
45,333
Southern Ry.—Earnings—Third
Week
1939
$2,230,420
of May
Jan. 1 to May 31
1938
1939 •
1938
$2,083,950 $48,321,220$ 43,439,649
Southern Tennessee Power Co.—Dissolution—
See Tennessee Electric Power Co. below.
Surplus
Earns, per sh. on com.
10,526
—V. 148, p. 2606, 1977.
Gross earnings (est.)
—V. 148, p. 3243.
450,000
318,915
Common dividends
Lines—Earnings—
1939
April—
Gross from
359,292
profits.
a
_
$844,748
$0.91
$2,571,403
y403,371
$3,434,427
1,272,994
263,484
1,265,000
$895,038
$1.66
$1,905,943
$12.53
$2,331,800
329,355
183,750
$1,818,695
$8.17
Including administrative, selling and general expenses and provision for
doubtful accounts and collection expenses, also for 1937 a loss of $790,994
closing out of forward commitment on commodities.
In accordance with the company's past practice, the foregoing state¬
profit and loss is prepared on the accrual basis, whereas the com¬
pany reports its income for Federal income tax purposes on a cash col¬
lection basis.
The provision charged against earnings for normal Federal
income tax, namely $436,925, is on the accrual basis, the amount of such
tax computed on the cash collection basis is $263,776, which is included in
the accompanying balance sheet under current liabilities, and represents the
amount of Federal income tax which will become payable in 1938.
During
on
x
ment of
the year
1936 the company provided approximately $200,000 for Federal
undistributed profits in excess of the amount payable on the cash
collection basis, and this excess has been retained in the tax reserve.
No
surtax will become payable on the cash collection basis for the year 1937 and
no further provision has been made in respect of such tax.
surtax on
Financial
3390
y
$65,871 paid on 6K% cumulative
series cumulative.
preferred stock and $337,500 paid on
1937
1938
Liabilities—
$
$
$
$
3,093,824 3,158,479 $4.50 cum. pf. stk.
con v. series
10,000,000 10,000,000
Inventories
3,650,815
5,504,123
2,551,316
c Accts. recelvable20,509,491
27,449,126 dCommon stock.. 2,551,316
1,558,334
Due from empl's..
2,349
2,454 Accounts payable- 1,809,959
8,600,000 12,600,000
Cash
2,359,188
2,375,458 Notes payable
Taxes accrued..
459,895
756,747
Life Ins. policies..
40,232
26,665
Other assets
319,272
323,743 Accrued payroll &
107,419
96,537
manage't bonus
Deferred charges..
620,007
691,531
A. 3SCt 3
a
111
-
75,764
$138,032
59,802
237,353
174,922
686,587
823,644
4,035,075
4,160,075
30,502
33,328
Capital surplus
678,172
587,902
2,784,655
2,880,954
Earned surplus
20,954
137,990
9,834
12,955
Properties
c
-
Prepd. Adef.chgs.
miscell. items..
a
2,759,695
depreciation of
Earned
2,759,695
surplus... 8,646,742
7,801.994
39,531,579'
Total.........36,695,178
610,254 in 1937.
Consolidated Income Account for Calendar Years
.:/
c
"
.
Gross from railway.
Net from rail way...
Gross from rail way....
Net from railway..
....
256,244
$617,746
207,119
$55,306,628 $57,864,398 $51,441,049 $44,380,317
'
/
Gross income
def55,945
147,542
79,665
2,398,556
539,843
114,353
2,789,018
939,126
496,324
2,230,452
603,722
112,762
cost of
(excl. of deprec.
cm mfg. plant)
Deprec—--Other deductions
Purch. and mfg.
sales
44,453,132
2,244,714
625,296
280,000
39,217,671
2.297,070
581,222
$3,686,314
986,332
$3,8377307
$2,284,354
806,786
$5,186,814
f 992,500
194,329
$4,672,646
g722,581
b431,245
155,860
$ 1,964,605
14,337,407
$3,362,960
12,767,395
$4,194,314
10,930,561
49,742,057
2,942,489
50,743.955
2,699,470
829,226
734,658
*'
Obsolescence
Operating profit.
148, p. 2579.
__
4.
Standard Oil Co.
'
635,040
Income Account Years
-
■
,
.,
.
.••»
•,
'
-.
*
Ended Dec. 31 (.Incl. Subsidiaries)
..
'
Adjustment
1935
$
1936
$
1937
$
1938
$
'
Preferred dividends
335,996,017 365,521,364 331,175,841 293,218,825
260,608,582 241,407,161 228,980,801
x Ordinary taxes.......
11,764,669
12,878,302
10,539,796 12,713,987
Deprec.depletion retire.&
amortiz
36,546,730
34,338,020 30,616,259 25,982,034
Common dividends
Miscellaneous
-
Net oper. income..
Non-oper, income (net).
26,548,315
4,815,854
57,696,460
7,676,937
48,612,625
Inc. before int. chgs._
31,364,170
321,598
2,896,192
65,373,397
188,948
7,255,501
415,155
54,568,333
328,131
6,399,395
152,086
30,796 i200
334,022
Profit for p(Mod_„i__ 28,146,379
Lossapplic. tomin. int..
374,404
57,513,792
1,563,008
47,688,721
805,272
30,462,178
282,283
profit accrued to
corporation...
27,771,976
5,955,708
25,542,002
5,254,198
debits
46,883,448
55,950,785
1935
1936
.
Net profit for year—
55,950,785
profS,559
Majority interest.... 27,771,976
Minority interest....
a
earned
30,179,895
ioss38,856
171,427,523 154,401,138 122,152,776
35,075,524
36,418,793
15,142,371
Total surplus
...163,688,177
Divs. on com. stock... 15,271,269
Total
46,883,448
lossl38,114
"
surplus
Dec.31
....148,416,908
Shares of common stock
15,272,020
$1.82
outstanding
Earnings per share.-.
.
15,267,030
$3.66
15,196,241
$3.09
est.,
equipment.42,644,255 39,874,172
Ca8h._i._w
9,425,934
6,442,396
U. S. Govt. sees..
1,053,924
1,057,143
less reserve..^..
1938
■'
3,127,986
Cash
53,303,261
23,876,818
Market, secure-]
Short-term
mercial
3,092,924
29,008,951
6,553,906
cost or
mark.), 97,825,095 116,392,247
6,245,661 Y 9,205,869
Oth. curr. asstea
.356,485
277,245
Cash
&
pref.
G,OOO,OO0
750,000
X..
21,547,077
634,248
1,915,500
683,044
.
mtge.
notes current-
.
'
liab.
17,222,446
1 466,775
Long-term notes
1,513,670
582,988
Other
1st
curr.
pref.
3,228,590
366.672
374.902
Deferred charges..
1,609,189
1,556,224
109,366,230 109,2(51,296
14,535,024
securs.
,
deposited with
Capital
243,962
241,519
plant,
equip., &c_. .373,409,821
.
Inv. in sub. cob
3,078,571
From Jan. 1—
Gross from railway
Net from rail way
Net after rents.
Total.......724,663,142 735.079,1761
x
After
1938
cess
of cost
over
Total.......724,663,142 735,079,176
for depreciation, depletion, intangible
book value at date of acquisition of investments
Standard Oil Co.
Calendar Years—
__L
$4,984,802
4,848,564
Taxes
125,745
Deprec. of bldgs. & eqpt.
147,432
oper. & gen. exps.
1937
$5,334,231
5,188,189
125,338
153,910
_
pro rata
$5,942,094
5,661,186
111,784
158,337
$5,924,321
5,719,362
106,333
179,738
$136,939
25,208
$133,206
37,081
prof$10,786
21,103
$81,112
60,192
x$74,326
74,516
899,791'
"
839,909
$316,667
x500,681
$817,349
94,616
124,373
48,056
550,302
437,796
$59,882,
904,855
$2.30
$
1,421,817
2,170,161
31
58,939
1,217,939
Investm't (at cost)
5,462,225
5,202,430
Invest, in allied cos
6,725,471
5,093,457
Deferred receiv...
91,776
78,588
Combust. Engine'g
Inc.,
Real est. & bldgs
...
2,000.000
1,161,366
1.137,246
69,189
82,810
prepayments
$
Accts. payable
accruals
—
1937
$
and
345,747
J
—
.
629,301
113,109
226,214
219,253
617,606
Federal & Dom. in¬
come taxes.....
Res.
for
develop.,
1,542,841
1,565,230
5,137,379
c Capital stock
5,137,379
Earned surplus...10.872,802 10,860,492
conting.,&c_
.
Surp.
note
receivable
a
1938
Liabilities—
Divs. payable
54.529
d Treasury stock..
44,099
119,296
247,384
y2,375,246
$0.52
863,328
Inventories.
2,500
loss$96,125
.
119,956
904,855
arising from
dif. between cost
& cap.
val.of stk
held InCan.affil.
406,376
414,429
1.030,093
1.045,245
Minority stkhldrs.'
int.in cap.& surp
Deferred charges &
doubtful accts
Carried to earned sur.loss$ 111,731
Dividends paid.
' $1,340,987 '
$13,151 def$289,257
607,733
rights
for
43,011
19,540
1,990*580
of Can. affiliate.
1.990,580
loss$2(3,920
44.099
Subject to Treasury Department review, the company has no Federal
income or undistributed profits tax liability for the taxable year ended
Dec. 31, 1936.
,
$2,085,989
2.620.785
Receivables
39,936
x
$2,876,673
139,709
531,019
b Patents & license
securities
reserve
$808,480
139,658
127,281
75,954
1937
$
Cash
Co.,
Net operating loss
Non-oper. income—net.
Adjust,
of
marketable
$764,856
x576,131
Consolidated Balance Sheet Dec.
Assets—
accrued
1935
1935
1936
1937
$1,961,554
915,119
proportion of Federal income taxes.
1938
1936
'
$465,587
452,436
'
_
Bond, lut. & divs.
1938
538,335
def8,278
defl53,656
$112,506
885,655
876,629
$1.01
$0.63
x After
deducting $83,013 in 1936 and $93,511 in 1935 loss on sales of
securities,
y Dividends disbursed during the year include distribution of
capital sin-plus in the amount of $351,010, which was the profit derived
from sale of 19,000 reacquired shares in treasury, after deducting ($74,105)
(Neb.)- -Earnings-
Gross operating income.
of
_
Balance, surplus.
(no par)
Earnings pdr share
The entire property will be offered for sale June 30 at Canton, Ohio, by
O.K. Ayers, special master at the upset price of $70,000.—V. 146, p. 3525.
Adjust,
679,545
Federal taxes, &c
Stark Electric RR.—Master's Sale—
Costs,
operations$128,935
Net profit.
development cost
$320,534,679 in 1937 and $341,389,138 in 1938.
x Ex¬
in sub¬
sidiaries.—V. 147, p. 4068.
reserve
526,647
def3,090
defll9,414
4,573
def33,221
Consolidated Income Account for Calendar Years
[Including Affiliated Canadian Company]
Dividends paid
and amortization of
1936
$138,351
$1-28,593
def2,834
def30,735
481,956
def9,395
Superheater Co.—Earnings—
Total income
1,662,555
4,345,071
4,345,071
.70,547,617 63,788,924
1937
defl44,140
Shs. of cap. stk.
1,813,261
charges
75,000
—V. 148, pfi 2607.
Depreciation.
3,107,881
408,624
......
■Earnings—■
Ry.
def34,049
'
Net after rents
132,433,419 148,539,(328
136,351,999
Goodwill & other
..
1938
$119,702
de£486
1939
$135,588
11,070
def24,028
,
Other income.
34,494,9?6
intang. (net).
Prepaid & def'd
Total......
535,532
19,441
defl23,990
April—
Gross from railway
Net from railway.:
Applic. to minority int.
18,339,310
4,110,267
383,035
-Y. 148, p.1495.
Profit from
Prop.,
z
3,545,372
annuities
death benefits
Capital surplus...
.70.547,617 63,788,924
Total
371,586,035
x
for
150,000
1,121,303
surplus...14,982,707 14,337,407
Mih. int. in subs.. •' 585,372
418,586
14,609,349
Earned surplus. 148,416,908
150.000
1,929,358
Earned
surplus
paid in.....
trustees
54,604
sub..
Mortgages payable
Other liabilities...
381,800,505 381,075,751
stocks
to
Pref. divs. pay
Res.
of
interests
unconsol.
1,558,830
112;056
212,220
(eurr.)
pay.
Other reserves
c.
Common capital
6,253,677
327,833
3,116,227
adv., &c
,
956,652
3,274,492
investments
rec.
$
478.000
Acer, taxes & int_.
Other
8,250,000
Cap. & surp.
6,808,498
.
5,000,000
Amounts
mtge.
notes..
mln.
cos.
and long-term
receivable
23,122,582
Purchase obligs.
6,553,906
of
MatiS & supplies
Inv.Tn oth.
16,191,407
2,500,000
Accrd. liaDiltles.
receivable.... 27,157,839
Unadj. claims..
(lower
2,139,988
.
$
Notes payable to
1st
notes
at cost
10-year 3J4s_.___
Mtge. pay.
Other
■
Accounts payable.
3,127,337
1937
$
Dank...
Apcts. and notes
Prod,
28,711,071
22,435,687
com¬
18,84£500
Staten Island Rapid Transit
Liabilities—
Accts. payable..
.18,843,500
,5,000,174
15,215,677
$1.98
1938
1937
•£
Common stock..
4,556,195
...
1937
12,000,000
Prov. for taxes
4,500,728
Refined products &
merchandise
•
.12,000,000
Crude oil, Ac.....
Consolidated Balance Sheet Dec. 31
f»
.
$
Notes payable
Notes & acc'ts rec.,
of taxes' shown above there
A Qi'/)/
..
1938
&
,
•
.
Pref. 5% stock..
plant
•
Standard Oil Co. of Indiana,
x In addition to the amount
was paid (or accrued) for State and Federal
gasoline taxes the sum of $82,824,345 in 1938, $83,375,622 in 1937, $77,612,229 in 1936 and $68,613,031 in 1935.
\
— -
Liabilities—~
Paid by
a
:
1937
136,351,999 117,982,345 107,010,404
»
$2,690*647
8,839,914
T-—
$14,337,407 $12,767,395 $10,930,561
S
Assets—
Real
and
^
$ 1
$
' ■ $
surplus_136,351,999 117,982,345 107,010,404
79,388,802
Adjustment' of
earned
surplus (net)........ Dr435,798Dr2,511,165
Cr645,400Crl2,622,935
■
Consolidated Balance Sheet Dec. 31
x
'
1937
1938
•
■
267,641
cl32,851
753.740
753,740
753,740
$3.66
$4.76
$2.77
x Gross
operating income, after deducting returns, allowances, &ca Gasoline
tak does not indicate total number of gallons sold inasmuch
as sales to licensed dealers are tas exempt as to the first sale,
b Flood
loss,
c Representing
net loss arising from dismantlement and sale of
properties during the year,
d Includes a credit of $10,199 for over-pro¬
vision for prior year,
f Includes $352,500 for surtax on undistributed
profits,
g Includes $216,757 surtax on undistributed profits and a credit
of $6,337 for over-provision for prior year taxes,
h Arising from consoli¬
dation of subsidiaries acquired during 1937.
v
30,179,895
Previous earned
34,435
$3,091,140
.
1938
Surplus Account Dec. 31
.
,
,,
Balance, earned surp.$14,982,707
Shares of common stock
outstanding (par $25)_
753,740
Earnings per share
•
$1.81
Net
Earned
•-
.$16,336,447 $16,130,355 $15,124,875 $11,530,561
600,000
600,000
600,000
600,000
753,740
1,130,610
1,507,480
-----h62,338
250,000
Total surplus
Costs, oper. & gen..exps.261,136,302
Prov. for Fed. inc. tax..
Surtax on undist. profits
1
w-
-
Gross oper. income
Interest
d268,961
_
9L_
Special charge
Min. int. of subs.l.—
1,348,907
•
$2,427,89o
Total profit
Fed. & State inc. taxes.
Net profit for year...
Previous earned surplus.
(Ind.)—Earnings-—
—
——
$1,792,855
—
Other income—net
Standard Gas & Electric Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas <fc Electric Co. system for the week ended May 27, 1939, totaled
111,845,321 kwh., an increase of 16.1% compared with the corresponding
week last year.—V. 148, p. 3244.
1935
1936
Gasoline tax.
1936
$711,718
60,445
2,,548,088
623,575
146,478
_
1937
$556,121
152,263
27,775'
...
Net after re its...-.,...
From -Jan. 1—*
Net after rents
1938
1939
$673,373
Gross oper.
Earnings—
Spokane Portland & Seattle Ry.-
1937
1938
.
income._.$70,518,456 $73,575,092 $65,345,921 $57,422,354
15,211,829 15,710,694
13,904,872 13,042,036
x
a
April—
and 1938.
Standard Oil Co. (Ohio)—Earnings—
Total.........36,595,178 39,531,579
After reserves of $2,743,544 in 1938 and $3,d Par $2.—V. 148,' p. 2915
After depreciation,
....$4,909,989 $5,083,801
Total
reduce to approximate market values,
accounts of $1,000 in 1937
for doubtful
...
b After reserve
c After allowance for
$2,188,424 in 1937 and $2,230,938 in 1938.—V. 148, p. 3084.
After reserve to
1,406,957
(par
$25)
.$4,909,989 $5,083,801
Total
1,660,153
Congint. reserves.
stock
Com.
b Custs. accts. rec.
Inventory
Capital surplus
—V.
$100,025
Accrued liabilities.
Other curr. assets.
...
a
Accts. pay. (trade)
847,683
»
Fixed assets
1937
1938
$304,314
Investments
a
Liabilities—
$346,492
808,565
Cash
1937
1938
1937
1938
Assets—
Balance Sheet Dec. 31
1
1939
3,
Balance Sheet Dec. 31
$4.50 convertible
.
June
Chronicle
Total..:______19,689,992 20,473,509
Total
.19,689,992 20,473,509"
a
After depreciation of $1,619,546 in 1938 and $1,588,238 in 1937.
b After amortization reserve,
c Represented by 985,205 no par shares,
d
80,350 shares,—V.
148, p, 2445,
Volume
148
Financial
Swedish Ball Bearing
[Figures in Argentine gold]
maintenance & repairs 77,843,661
Sell. & admin, expenses.
6,266,869
75,618,315
6,518,507
422,403
346,504
Divs. from subsidiary &
other companies
Interest and sundries.
356,840
\
£
24,498,959
23,322,693
9,991,998
3,053,232
8,863,301
3,134,812
35,320,806
31,406,226
5,887,063
7,200,000
5,067,342
7,000,000
4,820,823
5,600,000
20.508,859
24,457,127
23,253,464
20,985.403
5,517,014
Total
connected with
operations...
Add—Profit on
Skefko stock
year's
—
-
163,168
.
sale
April—
Netprofits
Spec.
24,017,005
13,000,000
1,300,000
trade
1,300,000
1,300,000
20,556,234
13,000,000
surplus
2,145,691
April—
9,717,005
39,310,384
1938
.
"
721,251
146,119
32,385
1937
$201,723
38,874
10,771
1936
$190,113
49,792
28,604
859,107
218,140
117,673
.
792.207
213,110
136,739
,
'
Gross from
railway.
Net from
railway
Net after rents
From Jan. 1—
Gross from
railway
Net from
railway. _
Net after rents.
to
over
account
depreciation,
Texas Mexican Ry.
—Earnings-
3,900,000
Balance carried
reserve for
$168,905
33.390
5,035
768,299
166,535-.
50,782
af^r rents
equal¬
ization.
207,633
19,994,238
4,219,449
4,436,141
reserves
Total...._..67,253,303 65,144,097
$184,931
—V. 148, p. 2608.
53,610,384
13,000,000
and relief
for
railway.—_
Net from
railway.
for pensions
prov.
429,169
030,778,857
20,345,692
13,000,000
Legal
1939
Gross from
*
V
Capital surplus
.207,633
Earned surplus...20,203,344
388,404
Net from
railway.,38,912
Net after rents.
10,984
From Jan. 9—
Gross from
•
421,937
210,103
com.
17,633
17,452
Reserves
14,266,830 12,258,735
z Capital
stock__.22,500,000 22,500,000
67,253,303.65,144,097
—
_
railway
(see "y"
footnote).—.
Prov.
>
440,121
—
354,503
in
Tennessee Central
Ry.—Earnings—
of
Dividends
80,944
Int.
stock of sub
* After
reserve for doubtful accounts,
y After
Par $15 Argentine
gold.—V. 146, p. 2872.
z
■
-——
charges.
$
688,253
2,939,306
Due to employees.
234,165
Min.
1937
3,601,526
771,104
1,363,858
Other accruals
842,611
23,735
I
-
$
1,759,998
Accounts payable.
Prov.for Inc.taxes
1,170,043
13,597,293 12,553,601
Deferred
3,452,848
37,544,190
1938
Liabilities—
842,611
Other Investments
1,099,299
Fixed assets
y
22,436,363
7,889,421
2,080,719
Reserve for taxes
Net income
Less sundry amounts not
escrow.
purch. of sec—_
23,056,727.
6,918,005
5,600,000
Deprecia'n on property,
machinery, &c
Deposit In
Due from empl. on
33,026,867
Total income
$
2,288,561
1,394,550
2,155,937
3,266,571
Marketable sec... 2,742,847
3,026,496
x Accts.
receivable 9,609,165
6,743,302
Inventories
34,539,352 35,677,574
U. S. Govt,
sec—.
45.838,285
4,727.722
Total net income from
manufac. & selling,
bef. deprec. & prov.
1937
$
Assets—
Cash
73,359,212
56,201,767
5,575,097
330,345
1938
1935
—
for taxes
3391
Consolidated Balance Sheet Dec. 31
(All figures in Swedish Kronor)
Calendar Years—
1938
1937
1936
Sales.
107,497.602 107.058,186
85.446,061
Cost of prods, sold, incl.
Sundry losses on awell'gs
including transfers
Chronicle
Co.—Earnings—
7,556,234
Profit from sale of shares in the Skefko Ball
Bearing Co., Ltd., Luton,
34,028,857; less provision for special tax of Kr. 3,250,000 on suggested
refund of capital.
y
_
Kr.
1939
1937
1936
_
*?—V. 148, p. 2608.
$100,409
26,792
37,218
$135,015
42,860
27,336
$114,460
30,934
18,374
344,669
85,598
48,175
_
—
1938
$124,742
50,067
38,749
— —
387,330
64,286
37,381
495,317
155,374
96,648
428,332
117,623
72,447
.
Balance
Sheet
Assets—
Plants & prop.
Shares owned—
x
Def'd
Dec.
31
1938
Inventories
Loans to subS..
Figures
in
Swedish
Liabilities—
19,386,227
79,202,798
'
551,426
37,733,657
charges..
(All
1937
19,14.5,936
y
79,248,631
2,040,935
33,528,834
2,248,683
16,283,682
Pay.
23,183,551
13,200,000
13,200,000
Net from railway.
5,348,599
3.680,697
Notes & accepts.
receivable....
324,113
Divs. receivable
2,564,839
Inv. insecurs...
3,958,073
Cash
46,054,221
278,404
9,515,487
1,393,214
5,778 952
10,269,937
proposed 13,000,000
15,861,581
13,000,000
2,225,061
Div.
4,067,358
as
Res.for pens.,&c
Trade
6,436,651
..—
.207,859,684 210,945,480 I
866,613
78,388,717
Total
.207,859,684 210,945,480
x After
depreciation of 67,212,175 kronor in 1938 and 61,771,290 in 1937.
A shares, 37,986,150 kronor; B shares,
27,013,850 (54,027,700 in 1936)
kronor.
z Includes
2,623,833 provision for pensions under the Swedish
Pension Act of 1937—V.
146, p. 3680.
Inc.—Earnings—
Calendar Years—
1938
v
Gross sales——
$2,142,803
Discts., rets. & allow...
43,734
Net sales
Operating profits.....
$99,513
4,595
$121,755
15,902
18,683
$104,108
5,372
21,860
1-4,718
3l",593
Net profit.
$104,584
85,000
$1.23
~~
Shs .cap .stk .out.
$72,452
$67,642
$62,884
82,201
$0.76
Earnings
(par$50)
84,561
$0.85
'
per share
«
,
1938
Cash...
Accts. receivable
Mdse. inventory.
c
_
Deferred charges.
Investment.
^
1938
$185,139
d48,022
195,714
7,198
7,035
Liabilities—
.....
a
Land, bldgs.,mach'y, equip.V&c.
Accounts payable.
Acer,
items,
Trade-marks,
503,766
Capital stock
Capital surplus
Total —...—$1,486,498
1,079,410
$1,554,631
Total....
from Dec. 31, 1938.—V. 147, p. 3622.
554,609
.386,383
280,861
199,390
—-
—
_
1937
Liabilities—.
339,941
.
Deferred charges-..
5,198
5,004
rt49
355,992
150,486
5
Capital stock....
8,882,361
Accounts payable.
149,678
Accrued taxes....
110,698
Acer, sal & wages.
15,505
Deferred
credits.-.
8,882,361
181,004
101,624
23,055
4,459
7,086
Reserves—conting...
33,401
1,074;417
—
i
—
After
11,168,357 10,572,160
—
Total.
— —
—
2,005",655
10,000
p.
2445."
■
.
1,367,029
.^,..,.11,168,357 10,572,160
148,
"
(& Subs.)—Earnings—•'
1938
1936
$6,593,880
4,921,086
$6,195,159
4,545,536
$1,672,794
87.609
$1,649,623
75,199
$1,188,720
84,664
1,322,311
180,479
204,201
$1,760,403161,541
303,981
28,022
182,015
$1,724,822
203,179
250,302
$1,273,384'
209,855
38".756
416,774
220,237
$1,084,844
428,845
367,062
$1,015,567
440,082
330,355
$811,053
440,795
146,822
$90,573
146,832
$2.11
—
1937
$6,477,033
5,217,462
1,259,571
62,740
Net
69,363
';
'
Thatcher Mfg. Co.
Calendar Years—
sales.
90,743
.
—
for depletion, depreciation and amortization.—V.
reserves
e305,000
21,860
a
542
f221,250
$288,936
146,832
$4.46
$245,130
146,832
$3.92
$223,436
146,836
$2.52
1935
*
$4,565,523
3,376,803
$1,486.498,$1,554,631
Balance
Other income.
c After
e
$9,750
$5,000 payable within
Total income..
Depreciation
Tennessee Electric Power Co.—Dissolution
Approved—
The plan of
liquidation of Tennessee Electric Power Co. and of
Southern
Tennessee Power Co. and of sale of electric
properties by Commonwealth
& Southern Corp.
tp Tennessee Valley Authority and other public
agencies,
dated May 15, 1939, has been
approved and adopted as the plan of
liquida¬
tion of Tennessee Electric Power Co.
at a meeting of shareholders of
the
company, May 26, and the dissolution of Tennessee
Electric Power Co.
has been authorized.—V.
148, p. 3245.
,
1938
$
rec.
(less reserve)
After depreciation of $107,645 in 1938
and $180,698 in 1937.
of $7,998 in 1938 and
$7,240 in 1937.' d Includes notes,
payable within one year from Dec. 31, 1937.
f
year
$686,658
152,692
3,694
506,631
$0.72
1937
5,465
...
Notes & accts.
a
one
$23,640
888,236
$0.02
8,747,995
8,333
922,970
Cost and expense.—
reserve
$420,608
888,236
888,236
$1.11
•
$114,888
sur35,220
..
$628,465
$680,722
888,236.
n
$1.16
9,788,089
Investments
Cash..—..,
Total
——
—
$23,640
Surplus.
$123,017
503,766
pa¬
tents. Ac.
$642,329
221,722
$
Total proiHU'tles.
a
wages,,
614,954
'
$983,303
354,838
•
354,877
.
$646,026
40,631
27,607
Consolidated Balance Sheet Dec. 31
1937
interest, &c
Unclaimed divs...
Mtges. payable...
Reserves for taxes.
101,619
462,781
—
<
Deficit
_
$1,150,469
90,850
3,990
413,298
1938
Inventories..
1937
$216,540
55,447
139,146
105,566
1,408
488,992
Balance, surplus.^
Shs.com.outst.(par $10)
Earns, per sh. on cap .stk.
Comparative Balance Sheet Dec. 31
Assets—
$1,579,269
675
625,295
Assets—
83,161
$0.81
1935
$3,010,178
2,364,152
114,008
( 51,035,599
Dividends paid.
10,025
—
Subs.)—Earnings—
$1,122,861
&c_
$72,909
&c
2,893,688
1,198,759
<51,775,577
_
Net. income
$69,893
3,016
Fed. surtax
Federal taxes
•
$108,677
13,078
$126,444
charges,
for
—
;
Depreciation,
$1,213,761
1,143,868
3,141
12,812,469
$1,545,219
34,050
Lease, rentals, int., &c.
$1,245,558
31,797
$1,542,374
1,442,861
$123,303
Gross income
.
Gross income
1935
$1,580,281
37,907
.
1936
$3,268,888
742,607
316,572
32,995
Federal taxes
'
1936
•
16,059,245
4,323,076
2,236,030
.2,461,727
356,938
!51,742,582
Other income. J
-
$2,045,314
..1,936,638
1.975,765
Operating profit.
Other income
Income
1937
$2,089,253
43,938
$2,099,068'
Expenses, costs, &c,_
Res.
-
.
.
.
Consolidated Income for Calendar Years
1938
1937
1936
Gross earnings
$4,049,381
$3,957,975
$3,320,897
Operating expenses
2,306,799
2,412.756
2,198,036.
y
Sweets Co. of America,
-
$3,817,435
756,352
245,971
/Texas Pacific Coal & Oil Co.
(&
z5,136.652
account.
3,900,000
Insurance funds
1,032,584
Surplus—
80,534,409
13,946,162
3,394,142
1,304,599
...
1937
■
$3,220,034
539,400
35,787
13,610,517
'
788,821
238,248
'
Net after rents.
—V. 148, p. 2608.
equaliza¬
tion
Total..
Net from railway
516L779
Res. for taxes..
46,145,582
—
7,512,638
231,650
1938
railway.$3,476,251
Net after rents
From Jan. 1—
Gross from railway.—
and
pay.
payrolls
Goods in transit
-Earnings—
1939
65,000,000
Unpaid divs
Acc'ts receivable
April—
Gross from
rec. in adv.
Accts.
1937
65,000,000
Reserve fund
632.546
Texas & New Orleans RR.-
Kronor)
1938
Share capital.
,
......
Federal income tax, &c.
Federal surtax
Other
•
deductions
•
210,046
"$727,584
"
Net profit
Preferred dividends
*
j
Common dividends
206,351
217,224
45,919
..
...
,
Swift International
Surplus
Co., S. A. C.—Annual Report—
Consolidated Income Account for Calendar Years
Shs. com. stk. (no par)
Earnings
per
share.
[Figures in Argentine gold]
Calendar Years—
Income from operations.
amortiz.
of
1936
1935
$8,417,054
$6,262,259
$5,849,628
leasehold
1,792,385
1,579,785
$5,397,321
2,823,156
$6,624,669
1,578,392
$4,682,474
1,831,683
$4,507,294
930,483
$8,220,476
$8,203,062
$6,514,157
$5,437,777
on
applic.
minority interest
)
x658,912
J
277,509
595,914
530
530
$7,560,087
5.262,000
$7,155,889
5,485,500
$5,640,204
3,945,000
$4,496,169
4,044,071
$2,298,087
Surplus
$1,670,389
$1,695,204
$452,098
1937
stock...
d
$1,320,000 $1,320,000
Common stock.. 1,596,173
1,596,173
1
Accounts payable.
235,398
702,773
678,433
Accruals, taxes, Ac
29,823
31,917
Miscell.
308,591
643,174
672,337
22,273
22,273
Capital surplus
Earned surplus
82,918
1,263,337
1,285,781
affll.
consolidated
consolidated
Market,
securities
Accts. & notes rec.
Advs,
to
reserves..
327,747
397,789
30,703
1 290,889
35,806
688,123
82,918
24,443
259,800
1,074,243
656,145
salesmen
Inventories
1,842
1938
Convertible pref.
Indebt. of affiliate
and employees-
1,478
7,399
1, 111,262
39,085
—
Deferred charges—
8,369
1,165,799
68,471
Part, in non-liquid
Dividends
l,500,t
000 shs. of cap. stock
(par $15).--.
x
702,479
176,015
511,678
55,059
374,341
to
Gain for the year
Earns, persh.
of
Securities
.....
Cash
166,836
}
trade invest
Investments
not
curr. of net
vals. of for'n subs
income
Liabilities—
c
$1,690,971
1
Unretlred stock.
not
conversion to Ar¬
Income taxes
Loss
1937
bldgs.,
Ac
1,342,334
gentine
Net
b Real est.,
a
Total income
curr.
1938
Licenses, formulae,
1,606,485
Interest paid—
Assets—
machinery, &c—$1; 489,575
Net gain from oper'ns
Other income.-.
on
1937
$7,003,805
properties
Loss
—
—
Consolidated Balance Sheet Dec. 31
1938
Prov. for deprec. and for
—
on
ized
banks
Total
1,879
1,879
$5,449,591 $5,682,746
Total
$5,449,591
$5.04
$4,77
$3.76
$3.00
$5,682,746
16 459 (16,021 in 1937) shares company's own convertible preferred
stock at cost and four shares of common,
b After depreciation of $3,534,274
in 1938 and $3,359,999 in 1937.
c Represented by 132,000 no par shares,
a
Includes interest paid and income taxes.
assets of reorgan¬
d Represented by 146,836 no par shares.—V. 148, p. 2445.
Third Avenue Ry.
Timken Roller Bearing
System—Earnings—
145,751
$293,394
146,781
$2,794,654
1,418,864
$174,855
23,285
$146,613
26,489
$1,375,790
238,922
Gross income
$173,10.;
216,56*
$1,614,713
2,173.108
Deductions
$1,531,917
2,178,070
$558,395
$646,152
$43,465
$17,725
Net loss
—V. 148, P.
Selling,
depredation.^--
Sales
Idle
plant expenses
or
11,214,643
12,166,028
11,305,431
Cost and expenses.
10,760,932
$278,338
$359,910
6,348
78,737
$735,582
80,102
$284,686
85,422
400,872
Operating income....
$486,862
76,615
$438,647
135,616
453,592
$815,685
164,196
444,906
.—
deductions
Deprec. and amortiza'n.
$7,483,602
7,234,140
Surplus
def$983,477 df$l ,219,534
capital stock out¬
standing (no par)..—
2,411,380
2,411,380
Earnings per share....$0.59,
$4.49
$214,452
$249,462
Dividends..
"
Shs.
for depreciation for the year
taxes & profit on
1938
x
Lease
cancellation exp.
4l",468.
_
Cr5,179
Crl 1,140
zCr6;492
45,469
y3l",666
a500
Prov. for Fed. inc. taxes
$
Property
' 2,964,851
Securities owned.. 8,170,635
2,366,496
.11,413,030
1,185,950
Deferred charges..
282,794
Receivables.
$190,038prof $186,723
112,510
179,087
$243,076
...
Common dividends
$48,169
sur$7,636
298,454
$0.62
Liabilities—
accountl7,038,821 17,380,159
Cash
y
(par $25)sh. on com.
out.
Earnings per
Nil
Nil
6,000,000
Canad.
-
&
State
276,510
180,840
for
Reserve
z
Nil
'
Consolidated Balance Sheet Dec. 31
•
$
$
Assets—
*
Prop. and equip.
8,490,459
4,000,000
Goodwill, Ac
Securities owned..
Accts. & notes rec.
201,041
,
Accrued interest..
Insurance
Pur. money mtges,
6
.
290,176
251,206
22,500
23,750
50,000
Deferred income..
Capital surplus...
13,866
1,500.000
blamed surplus. ..1
4,409,836
Dr59,210
Deferred assets
Net
x
—...
$15,486
$5,074
$24,836
1
j
1937
1938
in market¬
14,272,731 14.691,005
able securities..
51,283
Dividends receiv..
300
Total .........$1,141,341
$1,156,768
729,946
1
804,946
i
214
729,946
$59
329,660
329,660
827,048
Accounts payable.
51,283
300
264
$6,734
Capital stock.,
Surplus,
$375,023
1
dmdrtization in 1938
1
Total
*
'
,
United
from
Rec.
Stores Corp....
Tide Water Associated Oil Co.—Debentures CaeWd-—
Company announced/ that there have been drawn by lot for redemption
on July 1, 1939, through operation of the sinking fund, $750,000 principal
amount of its 15-year 3
sinking fund debentures due Jan. 1, 1952.
Payment of drawn debentures at 102^% of the principal amount and
accrued interest will be made on and after July 1, at the office of the trustee.
The First National Bank of the City of New York, 2 Wall St., New York.
Invest.:
Tobacco
Prod.
Corp.
New Jersey
of
(x).
Office turn. & fixt.
■
.....$1,141,341 $1,156,768'
Total
100 shares capital stock (entire issued capital).
is contingent upon the amount of taxes
which may be payable by Tobacco Products Qorp. of N. J. upon $36,286,129
received from American Tobacco Oo. in commutation of a lease in January,
x
The value of this investment
2759.
Tilo Roofing Co , Inc.—Earnings—
16 Weeks Ended April 22—
,
,
1939
1938 "
$777,029
prof.27,070
$657,777
36,311
Consolidated net sales
Consolidated net loss after charges and taxes
of April 22, 1939, 294,168 shares of the com¬
April
23. 1938, there were 292,168 shares of common stock outstanding, less
2,084 shares held in the treasury.
' "
■
At a special meeting of the directors held on May 8, 1939, a quarterly
dividend of 25 cents a share on the common stock was declared payable'on
June 15 to holders of record May 25. *
At the same meeting a dividend at the rate of $1.40 a share per annum
was declared on the issued and outstanding $1.40.convertible preferred stock,
payable June 15 to holders of record May 25; the dividend to be computed
from the date of issue of the stock to June 15.—V. 148, p. 3085.
There were outstanding as
stock (par $1), less 2,084 shares held in the Treasury, while as of
1935.
On June 7, 1937 the Treasury Department assessed $4,967,890 as
tax, penalty and interest against Tobacco Products Corp. of N. J-, and
demanded and received, on account of the tax so claimed, that company's
cash balance of $725,638, which was its only asset.
The amount of and
persons liable for payment of any such taxes have not been finally deter¬
mined, but in opinion of counsel, Tobacco Products Corp. of Delaware is
not
liable therefor.—V. 146, p. 3527.
'
Todd
Shipyards Corp.—Dividend Reduced—
Directors have declared
stock.
no
a
dividend of 50 cents per share on the common
value, payable June 15 to holders of record June 3.
par
viously regular quarterly dividends of $1
addition
p.
special dividend of $1.50
a
Timken-Detroit Axle Co.
Expenses
Operating profit
Other income
(& Subs.) —Earring<—
"1938
$2,143,156
1,394,299
Calendar Years—
Gross income....
1937
:
,
1935
$5,085,593
2,252,671
$5,923,622
2,647,470
$4,614,846
$2,832,921
$3,276,152
$2,170,013
228,819
336,640
151,182
$748,857
280,758
i_.
1936
2,444,833.
Total income.
$3,061,741
$3,612,792
$2,321,195
717,677
720,044
140,000
61,580
a469,000
63,817
a460,000
122,546
1938
1937
1936
$177,599
38,632
10,717
$193,824
66.550
"29,823
$197,089
59,376
28,581
Gross from railway
665,032
Net from
202,718
84,502
674,834
203,921
72,007
768,870
264,051
120,885
738,674
217,178
109,213
railway
$1,811,247
165,707
$1,173,202
175,047
1,476,225
$2,160,202
163,042
1,962,250
$192,197
$169,314
$34,910
$998,155
986,150
$0.69
984,150
$1.68
981,500
$2.03
980,000
$1.02
*
—V. 148, p. 2917.
Transamerica
150",000
reserves
Federal & State taxes.._
Other deductions..
■
RR.—Earnings—~>
1939
214,621
$828,035
143,763
492,075
;
Pre¬
share were distributed.
In
on Dec. 15, last.—V. 148,
$174,867
47,603
..19,268
April—Gross from railway
Net from railway
Net after rents. ^
From Jan. 1t-
704,910
1,462
$1,029,615
Deprec'n & amortiza'n._
per
paid
s
Net after rents.
Interest expense.,
was
1341;
Toledo Peoria & Western
Special
$2,676
20,564
1,594
31
Dec.
Liabilities—
1937
$359,546
Claim receivable..
and $6,169,970 in 1937.-—V. 148, p. 1821.
mon
18,811
$19,232
2,695
21,612
$22,515
1938
Cash.
......14,272,731 .14,691,005
—V. 148, p.
24,965
,
loss.
Assets—
22,996
After deducting $6,296,012 for depreciation and
7,244
—
$3,325
Balance Sheet
108,505
178,845
863
Interest
Invest,
Total
$11,126
.
,
Dr38.900
26,166
11,365
174,137
for stock purch.
Misccll. assets....
1935
1936
$3,325
$2,450
Other corporate expenses
1,500,000
4,737,353
stock...
Treasury
1937
Stock transfer expense..'
208,413
Due from employ.
of Del.—Earnings-
1938
$2,450
Total income
6,250
337,845
10,470
25,000
ity on leases
"
purch. during year
46,250
in¬
terest, &c.
Tobacco Products Corp.
Dividends received
Int. on bank balances
Profit on sale of securities
254,422
320,608
due....
Mortgage
Accrued taxes,
secur¬
as
reserve.
7,500,000
337,317
241,706
Ctfs. of deposit...
Deposits
Accounts payable.
20,643
249,712
4,610
912,977
-
.
96 L 22
Cash
S
7,500,000
stock
154,500
125,877
9,760
Inventories
Common
8,779,804
4,000,000
$22,100,439 in 1938 and $20,536,043
Represented by 2,411,380 no par shares.—V. 148, p. 2445. '
y
Years End. Dec. 31—
1937
$
'
LiabUilies-r-
...33,725,875 34,558,652
After depreciation amounting to
in 1937.
*
1938
1937
1938
x
1,712,119
con¬
Total.........43,422,577 45,953,991
43,422,577 45,953,991
Total
1,917,500
178,230
1,712,119
income taxes
Accrd. taxes, Ac..
Surplus
After
deducting net
Includes $500 for surtax on undivided profits,
loss on sale of securities of $6,985.
a Provision for Federal taxes on profits
of subsidiary company, including surtax on undistributed prffits.
y
6,000,000
1,587,490
payable. 1,527,233
Prov. for Federal,
tingencies
com.
$302,548
298,444
$243,076
294,440
Deficit
Shs.
$
$
Capital stock
Accounts
1,233.723
8,322,799
1,964,976
15,364,706
1,381,132
306,496
$197,416
298,464
149,247
Otherassets.
1937
1938
1937
$
Inventories
loss
Net
2,411,380
2.411,380
$3.84 '
$3.10
1938 amounted to $1,783,-
Corisolidated Balance Sheet Dec. 31
464,1)05
Assets—
sale of securities
38,040
60,840
$9,257,127
9,042,675
Excess accrual of prop. &
gen.
336,296
24,667
$1,427,903 $10,837,366
2,411,380
12.056,900
—--
Note— Provision
Total income—.
Other
814,925
sold
scrapped
$563;478
151,921
Other income
$9,232,605
1,350,000
t
-
Netprofit
Years
1938
1937
1936
1935
$11,583,769 $12,525,938 $11,950,225 $11,247,795
>.
2,913,133 $10,969,777
,917,500
1,625,000
72,962
97,427
14,689
3,734,934
$1,766,863
Federal taxes—v.—---'
268,125
Other deductions
70,836
Total income
Subs.)—Earnings—
Consolidated Income Account for Calendar
2,834.449
$8,417,680
3,192.575
Other income
Loss on cap. assets
(John R.) Thompson Co. (&
3,304,309
$1,229,411 $12,428,805 $10,484,443
537,453
484,329
485,334
- -
Operating profit
2917.
1935
1936
$16,163,738 $13,788,752 $11,252,128
incl. deprec.. $4,421,985
admin. & gen-
Mfg. prof.
$1,271,162
260,765
$198,140
215,865
Operating income—
Non-operating income.
1937
1938
$2,620,581
1,349,429
.520,606
Net oper. revenue....
Co. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1939—Month—1938
1939—10 AIos.
1938
Operating revenues. V-- $1,204,848 $1,193,126 $11,753,739 $11 ,.541,120 *
Operating expenses.884,242
899,733
8,959,085
8,920,539
Period End. Apr. 30—
Taxes
June 3, 1939
Chronicle
Financial
3392
Corp,—Earnings—
Consolidated Income Account Years Ended Dec. 31
227",666
[Including Consolidated Companies]
.
1937
1936
1938
$7,873,809 $11,071,766
$5,294,188
610,239
Interest692,243
457,832
Other
7,641
1.413,067
46,995
Secure, transacts., prof
1,556,498
1,404,219
883,236
'*
.
Net profit...
Preferred dividends
Common dividends
Income-rdividends
a
Surplus
Shares
com.
stock
Including provision for Canadian taxes and surtax on undistributed
profits amounting to $60,000 in 1937 and $20,000 in 1936.
Note—Provision for depreciation in 1938 amounted to $615,716 and
amortization, $67,744.
a
.
■
x
Land,
$
1938
962,936
731,195
2,157,600
9,861,500
9,841,500
620,677
722,901
Accounts
&
Interest
Inventories
patterns
Goodwill, &c
Other assets
Deferred charges..
Total.....
After
469,000
86,986
2,796,569
Res. for conting..
Deferred income..
11,624
230,971
73,203
305,566
5,469,622
Capital surplus...
484,066
730,520
1
1,233,944
1
2,317,730
1,880,210
Divs.
payable
on
pref. stock
460,431
223,531
Earned
surplus...
202,605
depreciation
of
$6,183,119
Total
in
1938
15,863,537 16,413,791
and
Includes Federal and Canadian taxes.—V. 148,
Interest..
...^
Expenses, taxes, &c____
Trans, and regular fees..
$6,682,251 $11,383,339 $13,246,144 $12,554,723
641,932
395,550
190,872
304,476
472,992
632,766
914,672
288,878
79,505
256,817
121,739
104,289
$5,487,822 $10,098,207 $12,018,861
$11,857,080
Net profits of contr.subs.
other than consol. cos.
(after
&
of
prov. for taxes
min. int.) in excess
divs. paid to con¬
solidated
cos.
__
p.
$7,918,090
3246.
Consol. net profits...
Dividends
12,997,340
8,462,196
$7,039,681 $12,798,324 $25,016,201
8,835,160 bl2,081,813
11,576,807
$20,319,276
6,484,003
1,551,859
2,700,117
12,586
95,223
1,307,688
612,093
15,863,537 16,413,7911
329,084
Total
106,540
140,000
585,598
Dies, pes, fixtures
x
64,047
State taxes, &c.
1,950,593
3,176,016
tracts rec
y
92,145
67,019
Accrued expenses.
y
Trade accts. & con¬
and
payable.
Payrolls,comm.,&c
accrued interest
accrued
1,992,700
Common stock
130,549
Time deposits and
sees.
$
Cum. 7% pref.stk.
4,844,741
3,012,604
Marketable
1937
$
Liabilities—
buildings,
macta., eqpt., &c 4,489,624
assets, pre¬
Netprofit.
1937
$
Cash...
on
interest thereon
,
Consolidated Balance Sheet Dec. 31
1938
Assets—
Recoveries
'
viously charged off &
out¬
standing (par $10)...
Earnings per share.....
1935
58,112,775
1,036,454
309,835
2,766.575
in
1937.
Surplus
def$l,795,479
10,713,688
Shs. cap. stk. (par$2)._
Earns, per share
$0.66
$716,511 $13,439,394 $13,835,273
11,200,000 c23,181,568 c23,181,568
$1.14
$1.08
$0.87
a Consists of loss of
$148,439 in 1938 and profits of $957,623 in 1937,
$1,088,235 in 1936 and $1,748,891 in 1935 based on written down values of
securities held by Tarnsamerica Corp. and consolidated companies on Dec.
31, „1931 and $1,031,675 in 1938, $446,597 in 1937, $468,263 in 1936 and
$1,017,684 in 1935 profits on sales of securities baspd on cost of subsequent
acquisitions,
b Includes extra dividend of 463,095 7-50ths shares of
Bancamerica-Blair Corp. stock paid Jan. 30,1937 in the amount of
230.
c No par.
$1,706.-
Volumie
Financial
148
Chronicle
Payment of interest
Consolidated Balance Sheet Dec. 31
1937
1938
ASSCtS
District of New York.
The company states that it has received a sub¬
stantial number of assents to the arrangement and expects shortly to file an
tr
Invest, in capital stocks of non-consol. banks and
62,030,385
3,265,377
Marketable securities
Cash in banks and on hand-_
Notes, contracts, accounts receivable, &c
Officers' and employees' notes and accounts—.
Owing from subs, not consolidated
Other assets-
5,583,538
392,111
858,863
_ _—
Assets reserved
___
and control value
concern
Total.
Liabilities—■ ■
Notes payable to banks, secured.
Accounts payable.
.
Owing to subs., other than holding cos.
;'j
Res. for deprec. of assets of subs, not consolidated.
Reserves for taxes and contingencies. u
•__
—_
...
Operating taxes.
125
„,
9,240,366
_
cash
Transcontinental & Western Air,
Other—net
VV;'"--v.
•
Total bper. revenues—
__ _,
$1,775,556
4,397,001
30,263
$1,499,756
3,867,477
$6,202,821
1,068,807
791,032
2,758,150
902,380
285,105
;
$5,433,655
1,042,774
843,515"
3,148,382
1,040,840
351,008
$6,195,973
Maintenance
1,158,157
Depreciation
1,008,287
Conducting transport'n_
3,323,356
Traffic & advertising.
867,116
General & adminis
439,271
1935
1936
$1,716,948
3,674,809
41,898
x$2,198,483
3,927,775
69,715
$5,406,098
.899,088
905,898
2,408,909
645,032
326,884
38,865
1
_
Gross loss for the year
Total other inc. credits.
N et loss
,
125,751
63,592
105,374
68,123
38,750
88,097
129,723
15,000
$1,163,954prof$185,101
"$12,534
20,024
31,939
•
90,216
80,874
$789,557
.
16,294
.
204,117
Dividends.
.
830",846
Shs. cap. stock (par $5)-
Earnings
Nil
share
per
a
of the
corporation.
"
Install. notes
rec.
$627,618 $1,133,224 Accounts payable19,600
60,663 Traffic bal. pay..,.
_
Accrued accounts.
Accts. receivable:
t
257,319
U.S.Govt.....
2918.
| Traffic & agents
Employees
Sundry
InventoriesAccrued int.
Deposit
238,504
4,847
84,564
6,323
217,688
^__y3,604,530 y4,202,ll7
craft Ins..
After
48,475
13,600
craft
for
Deferred
credits..
•
22,271
292,826
,
.
22,271
47,045
tion and amortization.
-
4,154,230
2,629,740
850,252
:
$7,614,423
412,923
1937
$6,690,051
527,927
$4,016,954
$7,217,978
$8,095,513
1,287,099
410,000 "
2,192,457
bl ,233,276
2,650,525
bl,260,426
$3,604,032
Other income.
*
.......
Total income-....
Adminis. sell., deprec!., amortize
1936
-481,090
Notes
...
Provision for Fed. income taxes
Net profit——________
Dividends paid........
Earnings per share on capital stock..
$2,319,855
1,046,304
$3.43
$3,792,245
1,960,769
$5.61
wholly
■
■
■
Balance Sheet Dec. 31
-
1938
S
$
Cash
.
1937
Assets—
1938
$"
Liabilities—
\
666,950
167,884
Notes pay, (bank)
248,911
227,151
Accrued expenses.
Prov
for Fed. in¬
of
life insur. polic's
Accounts payable.
Deps. agst. future
v deliveries of raw
material
come taxes.
69,578
43,034
1,956,583
1,127,283
2,448,562
893,085
1,093,178
1,586,730
a
92,263
118,286
Employ, stock
chase
pur.
accounts.
Ins.,
1,302,073
pensation insur.
60,000
Total
b As
6,518,764
& other expenses
55,763
Investments
7,653,416
Insurance fund...
5,745,213
Treas; stock
106,376
co-.--
61,992
—
Total...
jDrl ,853,364 2>rl683483
Net sales
64,252
7,144,254
106,376
Costofsale3--_
87,606
570,992
653,857
200,716
Total--...
$111,838.—V. 148,
—
3,422,500
..13,122,457 17,303,244
$1,558,662, less
reserve
for
p.
450.
Corp. (& Subs.)—Earnings
80,525
Otherincome
letter dated May 31, 1939, and mailed to all known
holders of the share certificates in its 1st mtge. 5H% sinking fund gold loan,
the coupon due June 1, 1939, will not be paid.
$6,007,173
4,040,983
70,789
1,468,686
156,613
$453,997
188*267
$569,094
103,030
$426,715
100,584
$642,264
$672,124
$527,299
95,963
197,447
131,551
102,917
1,005,155
$57,493
______
U. 8. normal
& foreign in¬
come & di v. taxes
Portion of net income of
for
income
Total..... ....16,401,072 16,361,126
Trinity Building Corp.—June 1 Interest J^ot Paid-
$6,001,127
3,844,879
68,620
1,518,534
$4,128,753
2,996,966
69,139
Total income
Prov.
1935
$5,200,617
3,314,939
67,964
1,363,718
$214,106
—
—
Operating profit _____
a Represented
by 675,000 no par shares,
b 47,575 shares in 1938 and
42,231 in 1937.
c After reserve for depreciation of $2,069,871 in 1938 and
$1,745,396 in 1937.
d After reserve for amortization of $414,999 in 1938
and $401,138 in 1937.
e After reserve of $32,124 in 1938 and $42,758 in
1937.—V. 146, p. 3528.
in accordance with
4,774,275
570,992
553.858
estatb owned in fee,
Depreciation _______.—
Sell., gen., &c., expenses
3,206,855
274,131
16,401,072 16,361,126
6,809,588
500,000
—
Consolidated Income Account for Calendar Years
1937
1936
1938
(at
Land, bldgs., ma¬
chinery & equip. 3,010,676
d Patents.
258,100
Real
United Dyewood
% owned for¬
eign subs,
c
.13,122,457 ,17,303,244
-
-
500,000
4,774,275
debt.
12,478
Invests, in & advs.
to 7
-
follows:
construction in progress,
8,750,000
b
441,878
Res. for conting..
Cum. $5 pref. stk.
depreciation on buildings, $36,587, total, $1,522,075; furniture,fixtures and
equipment, $4,384,720, less reserve for depreciation, $2,805,502; total,
$1,579,218; improvements to leaseholds, less amortization, $675,876;
60,000
56,566
9,250,000
368.409
Earned surplus...
687,890
Capital stock...
85,409
and
—
400,000
Oth. oper. reserves
(cost).
taxes
381,377
Deferred charges--
1,086,954
465,669
admin,
Funded and mtge.
1,350,582
5,966,152
1937
392,321
federal
Com. stk.(par 10c)
Initial surplus—
Fixed assets.
,
900,000
.61,1,115
171,664
60,857
Accr.
for
reorg. expenses.
119,833
86,228
-b3,889,006
Inv. and advs
<
Earned surplus...
Inventories——
6,480,125
5,232
5;784,200
Mtge. rec. on real
estate
95,033
Agents' depos., &c.
Accrued interest..
Oth. accr. Iiabils.-
'
Mdse. inventories.
5
317,231
40,679
224,426
2,568,134
436,201
83,057
180,941
Prov.
dated-.—-..--
Res. for work .com¬
secur.
Accts. receivable
...
501,010
.568,939
_
owned
"sub. not consoli¬
$4,184,561
1,983,532
$6.90
b Including normal, undistributed and excess profits taxes,
-
19?7
$
2,476,001
income taxes...
3,254;i90
Accounts payable.
Accrued taxes.—
1,596,949
accounts
receivable (net)
a After
deducting cost of sales, discounts, returns ^and allowances and
patent expenses, but before charging depreciation, amortization. &c.
.V/' -'"
—.
Accts. receiv. from
gen.
....
&
Liabilities—
$
■■Assets—
Cash.....—...
1938
1937
1938
1938
-
......
$686,533 prof$54,743
Consolidated Balance Sheet Dec. 31'
Corp.—Earnings—
Calendar Years—
Marketable
......
Loss from/operations.
;
vai.
9,086
9,826
______
Includes $397,500 for advance on aircraft purchased.—V
Gross profit.
rurr.
121,527
18,634
427,497
164.736
_
Surtax on undistributed profits—
expenses.
6,571,604
$27,947prof$449,583
66,351
37,156
204,714
134,058
—
'
Prepd.
—
Provision for—Federal income t&x._
Trico Products
e
— .
Loss
—..$6,646,453 $6,969,674
y
635,542
$6,881,026
119,872
29,545
...
Other, income.
Other charges
Depreciation and amortization.
Interest on 5% sinking fund bonds..
^
$6,245,484
$177jl64prof$309,422
Loss from store and agency operations—
Profit from real estate operations, before deprecia¬
194,637
148, p..3246.
Cash
taxes...$50,273,470 $25,463,550
38,060,258
19,218,067
income....$13,713,898
Store, depot and agency operating and general
expenses (before depreciation & amortization) 13,891,263
32,742
*66,261
Capital surplus. 2,637,292
Deficit.
1,302,273
TotaJ.-
July 17 *37
'38 toDec.ZVZI
Gross profit & other store operating
depreciation and amortization of $3,152,074 in 1938 and $2,452.
811 in 1937.
a
Year Ended
Dec. 31
$12,213,211
Display adver., comms. from public telep., vend¬
ing machines, &c_
.......i..
1,500,687
176,573
.-
Capital stock... 4,154,230
110,891
13,600
V
,
air¬
insurance.
v
...
231,719
travel plans
Total....-....$6,646,453 $6,969,674
x
—
Net worth:
31,020
48,475
&devel.exp_.__
Cash on deposit...
Res. fund for air¬
_
$496,871
115,981
133,926
script
*
•
Period—
Deps. rec.under air
Reserve
Unamort. organic.
Deferred charges.
on
*•
Cigar-Whelan Stores Corp. (& Subs.)—Earns.
Store and agency operations:
Net sales after deducting stamp & sales
Cost of sales
on em¬
contracts
359,951
216", 188
.....
Property
Collections
capital stocks—
rec..
Investments
x
342,764
749,867
319,568
4,801
89,689
362,781
__
;
v:*/•-■'■7
United
ployees' sub. to
U. S. Post Office
Dept
,
$540,318
151,432
115,944
V.
director to succeed the late Carl R. Gray.—V. 148, p. 3247,
a
*
Cash
•.
H. W. Clark, Vice-President and General Counsel of the railroad, was on
May 25 elected
1937
1938
,
.
-
Liabilities—
1937
Clair Chairman
•
Union Pacific KK.—New Director—
Balance Sheet Dec. 31
1938
.
Clair will continue as a member of
St.
Mr.
Mr. St. Clair has a long record of achievement in the*oil industry* and
has been connected with the Union Oil Co. for 30 years, much of that time
in the executive capacity.—V. 148, p. 3247.
Includes $415,150 representing
Assets—
Resigns—
meeting of board of directors held May 26, L. P. St
„the company.
1938 portion of retroactive rate increase
granted by Interstate Commerce Commission order dated Dec. 22, 1938.
x
Privately
for
order
In his letter of resignation Mr. St. Clair expressed his desire to be freed
from the responsibilities of business life and called attention to the fact
that his present age exceeded that prescribed in the retirement policy of
$959,837prof$205,126 prof$19,404
155,784
830,846
638,743
623,135
Nil
$0.32
$0.03
$773,263
-
$329,277
79,192
the board.
$992,864pro'f$397,348prof$220,286
(other than Fed. inc.).
$422,067
175,874
Union Oil Co. of Calif.—-Chairman
At
Taxes assignable to oper.
Total income charges.
Federal income tax, est.
$98,979
37,820
tendered his resignation and retired from active participation in manage¬
„
ment
$600,213
Loss from oper. for yr.
$537,054
207,777
it had
public investigation of pharges that the company,
had violated the Securities Acts and will proceed for the present with
a non-public investigation.
The SEC said the vacating of the order is without prejudice to the com¬
mission's right to issue a new order for public investigation at any time and
at the conclusion of the non-public investigation to publish a* report of its
findings as to the guilt or innocence of the parties involved and to take such
further action based thereon as the findings may warrant.
The Commission said it had been advised that the action of Union
Electric to enjoin the Commission from continuing its investigation would
be discontinued.—V. 148, p. 2288, 2609, 2760, 3086.
vacated its
Earnings—
Inc.-
1937
1938
Calendar Years—
Total mail revenues
Total transport'n rev
211,146
The Securities and Exchange Commission, announced June 1 that
America N. T. & S. A., having a
sented
$633,213
$2,050,810
1,513,756
1,514,598
Union Electric Co. of Mo.—Case to Be Conducted
arid 150,000 shares of capital stock of Bank of
carrying value of $3,911,010.
b Repre¬
by 11,200,000 shales no par value,
c Par $2.—V. 148, p. 1661.
Consists of $50,000
$149,862
50,883
$107,777
48,018
Net income.
—V. 148, p. 2609.'
.....132,406,180 138,101,421
Total
$2,147,811
'
Net operating income..
56,134,902
12,221,704
53,762,992
i
—
-—_______—
__
$518,197
368,335
$160,661
52,884
....
$520,218
2,021
$547,710
387 #49
oper. rev..
Net operating revnue.
•
152
1939—4 Afos—1938
$2,153,147 1*2,057,996
5,336
7,186
1939—Month—1938
$549,291
1,581
revenues
Operating revenues
Operating expenses
374,496
_.c21,427,376. b22,400,000
Capital stock..
Paid'in surplus
Earned surplus.
a
»
.
—
Operating
Uncollectible
7,517,777
3,555,192
8,881,144
6,600,000
4,300,000
1,148,688
Minority interest in capital stock and surplus Of
Period End. Apr. 30—
450,044
566,039
2,772,253
9,894,752
.
.
19,400,000
21,250,000
334,200
426,901
7,848,501
_—
,
...—_—
conslidated sub.
Tri-State Telephone & Telegraph Co.—Earnings—
*. ■
_
Taxes payable...
General reserve.
Deferred income
540,113
132,406,180 138,101,421
___—
__
application for the confirmation thereof.
As soon as the arrangement is
confirmed, interest will be paid at the modified rate provided therein.
The arrangement is a part of the amended modification plan and arrange¬
ment, dated May 1, 1939, with respect to the loan above-mentiioned and
contemplates, after the modification of the guarantee of United States
Realty & Improvement Co., the modification of the primary obligation of
Trinity Buildings Corp. of New York on the 1st mtge.
Such latter modifi¬
cation is to be consummated in a Burchill Act proceeding in the New York
State Court to be instituted as soon as the arrangement in the Federal
Court is confirmed.—Y. 148, p. 2917.
267,775
5,287
10,392
a3,961,010
1
_
Goodwill, going
55,019,759
72,541,972
5,516,917
4,209,597
56,304,502
-.
—-
these share certificates will be deferred until the
on
consummation of an arrangement for modification of its guarantee of the
terms of this issue applied for by United States Realty & Improvement Go.
in a petition filed May 31 in the U. S. District Court for the Southern
[Transamerica Corp. and Consolidated Companies]
corporations
3393
»
subsidiaries applicable
to
16,360
28,632
26,418
20,506
$101,782
204,190
minority interest.
Net income
_
$416,185
206,500
208,500
$514,156
208,250
208,500
$403,875
212,082
_def$102,408
$l,li85
$97,405
$191,793
$2.21
$1.38
-
—
7% pref. dividends
Common dividends
;
a
Surplus
_ _ __
Earn. per sh. on common
Nil
si .'51
•
$974,112
487,318
276,547
697,317
270,371
c
555,996
660.948
Bank acceptances-
79,576
59,668
Securities
b Notes
In
116,126
Royalties recelv..
Letters of credit
Invest. A advs
Royalties payable.
payable to
279,582
39.5C7
Notes A accts.pay.
2,633,076
671,127
2,271,151
602,743
Inventories
86,375
51,048
bursing agent—
Goodwill, pats., Ac 2,384,675
2,002,636
2,492,405
1,583,000
1,830
1,583,000
1,830
/
'
1939
Plant,
Treasury stock—
d Pref.
e
demand...
on
Special deposits.
After
a
$39,79.3 ip 1938 and $48,406 in 1937. \c Represented
d Represented by 15,830 shares,
e Represented by
Mat'Js A suppl's
for depreciation,
allowances
of
accounts and notes
by $10 par shares,
183 shares at par.—V. 147, p.
Accts. receiv'le.
acer.
United Engineering
1938
1937
$6,148,591
180,386
profit
Other
mfg
a.514,570
income
from
Long-term debt.
33,435,000
33,435,000
25,925,000
28,925,000
3,430,091
507,317
20,582
30,678
Accts.
1,665,281
187,666
payable-
318,451
Pref. stks. called
26,787
for redemp. A
60,408
Mat'd long-term
17,486
41,021
•
divs. thereon.
-
debt
53,924
A int
18,470
15,109
Clists.' deposits.
682,450
628,895
Taxes accrued._
Contraassets.--
$2,825,926
226,427
[,535,555
7,818,959
7,818,959
Notes payable—
1935
1936
$5,239,634
Calendar Years—
Gross
& Foundry Co.- -Earnings—
88,468,000
($1
par).
*104,414
assets..
Deferred debits
*
2,671,313
149,149
64,693
25,922
Prepayments-Other
curr.
A
2288.
<•
3,253,257
35,691
5,990
1,481,354
326,641
29,992
Notes receivable
Total
stock
Com.
44,982,200
88,468,000
stock....
223,569,369 223,757,454
^
"
$
%
44,982,200
$7 2d cum. pref.
24,496,712
25,263,625
Cash in banks—
$7,813,592 $8,475,323
b After allowances for doubtful
$7,813,592 $8,475,322
Total-
Liabilities—
A
prop.
Investments
(Dr.).—
Common (Dr.)
$
$7cum. pf. stk_.
equipment---
1938
1939
1938
$
A ssets—
67,259
.
_
31 (Company Only)
Balance Sheet March
86,375
290,014
Earned surplus
23,706
47,797
taxes, Ac..
preferred stock
Dividends on $7
47,088
51,048
Capital surplus
Prepaid insurance,
$43,202,765 $14,467,819 $28,734,946
3,148,754
3,148,754
Surplus,March31,1939—-—-----$4:0,054,011 $14,467,819 $25,586,192
263,857
67,473
payable
Reserves.-.-
4,343,742
4,343,742
-
31,807
22,094
allied co
an
Dividends
2,398,622
12 mos. ended
Total
Accts.
Cash with div. dis¬
$38,859,023 $14,467,819 $24,391,204
-
income for the
March 31,1939
Net
150.140
Earned
Capital
$14,467,819 $24,404,024
Prl2,820
112,480
51,016
409,724
Taxes
99,556
6,979
68,605
Bonuses A comm's
currencies
A accts. recelv..
Balance
466,031
38,145
—
138,163
376,363
sub. cos
receivable
Foreign
—
int.
Minority
accts.
A
Total
1, 1938— -----------$38,871,843
Mtecelianeous adjustments (net)
jfrrl2,820
Surplus, April
$4,500,000 $4,500,000
Common stock-- 1,391,830
1,391,830
Preferred stock
$957,186
Plant property..
Cash
a
1937
1938
Liabilities—
1937
for the 12 Months Ended March 31, 1939 (Co, Only)
Summary of Surplus
31
Consolidated Balance Sheet Dec.
1938
Assets—
June 3, 1939
Chronicle
Financial
3394
1,239,359
470,517
2,202,709
accrued
Interest
Oth.
curr.
469,927
A ac¬
33,097
14,018
crued liabs
'
Deferred
$4,723,221 ' $3,052,354
$6,663,162
$5,420,020
Gross income..
810,979
306,611
13,965
911,469
347,832
Cr6,565
892,849
367,185
selling expense
Depreciation—.
Disposal of cap'l assets.
Provision for Penn. State
661,038
Contrib. in aid of
255,819
capital stock & income
Common dividends
_
-
*
_
$4,043,644
57,911
3,272,864
57,796
2,049.690
,.
820,746
$3.82
Shares of common stock-
$288,753, income arising from
Engineering Co.,-Ltd., stock.
Includes
a
2,659,204
818,215
$3.35
2918, 2610.
Sub.)—Earnings—
3 Months Ended March 31—
'
Operating revenues
Operating expenses and taxes—
$192,501
$177,718
160,804 *144,891
u
_ —
— ——_—
151
:
Gross income.
Interest
$31,848
17,898
2,224
5.
long-term debt
on
Amortization of bond discount and expense
General interest.—
1937
1938
1937
1938
$
Liabilities—
$
Trade
accts.
1,524,828
37,002
A accrued wages
352,617
3,322,585
2,489,024
9,177
4,571,237
Deferred
Other curr. assets_
12,601
credits
Accts. rec.,
Inventories
Notes
receiv,,
Adv.
592,151
458,941
159,263
176,214
b
295,524
295,524
60,000
Ltd
to
5,215,863
patent rights.__
300,000
142,354
Net income after taxes..
Preferred dividends.
2,776,789
896,742
1,344,138
808,959
Common divs., cash.
pref.
825,200
.
Surplus net credit.
Add'l prov. for conting.
& prior years taxes
4,054,940
....
Total----.--
—
.15,571,838 16,648,692
May 27 *39
Week Ended—
—V.
148,
p.
$16,274
$581,666
15,349,192
15,930,857
919,380
$487,407
15,459,487
2,708,778
Dr500,000
Dr1,750,000
7>r800,000
93,434,391
— _
$15,752,298 $15,349,192 $15,930,857
$4.24*.
$4.74
$4.28
.
Includes $2.50 per share'regular and $1.50 special,
y Includes $2.50
share regular and $2.50 per share special,
z Includes $2.50 per share
regular and $2 per share special.
x
Comparative Consolidated Balance Sheet
Feb. 28 '39
Patent rights..._
Cash
400,000
4,421,108
12,738,136
400,000
5,513,900
12,320,113
Reserves,
Ac
Net oper, revenues
Other income. ;
$3,404,685
51,469
95,090
$3,474,304
115,928
50,000
405,063
75,161
Investments
x
Gross income
__
77,070
on
mtge. bonds
Int.
on
coll. trust bonds
Interest
Oth.
debentures..
on
int.
48,750
405,063
_.
(notes,
loans,"
»
total
479,718
Int. chgd. to construct'n
10,116
Crl,077
Other
—
deductions
'
215,147
Crl9,041
Cr5,177
,1 $2,341,424
Pref. divs. to pub.(subs.)
212
Portion applic. to min.
interests
;_C
26,705
Balance
$2,411,331
.
*
847"
.
•
x
Includes
errty rights.
Smelting,
—
.I
—
.
—
$9,262,495
non-recurring
charges
1939—3 Mos.—1938
.
common
2,459,344
$9,112,258
2,458,933
$8,189,072
2,733,796
$9,881,568
2,790,595
$6,653,324
1,637,818
5,287,650
$5,45o,276
1,637,818
3,701,355
$7,090,972
1,637,818
5,287,650
$116,103
$165,504
528,765
528,765
$7.21
$10.31
$361,496
Net
oper.
natural
—
.
Other
inc.
.
Assets—
$838,843
1,477,719
$673,763
992,941
$1,189,206 x$l,024,743
7,231,097
6,094,473
70,209
including taxes.
b
$4.68
104,551
266,445
582,495
Interest
Int.
on
on
debentures
notes & loans.
_
__
.
Other interest
Other
deductions
$2,246,353
501,525
433,875
10,402
1,267
Int. chgd. to construct'nL
$1,562,153
501 ,'525
433,875
12,242
1,911
$8,153,858
2,006,100
1,759,604
39,149
5,263
$6,536,721
y808,013
1,759,604
25,890
1,911
Cr95
-
x
Items
so
$1,299,284
marked
represent
$612,600
operations
of
$4,343,742
natural
stock
Preferred stock...23,397,400
charges.
5,082,244
5,738,280
U. S. Government
Inventories
Stocks and bonds.
1,080,000
11,170,772
175,003
loans
receivable..
Cash
88,900
2,178,148
2,781,400
Res. fortaxes, Ac.
77,586
83,536
1,018,774
8,416,868
Res.
for conting._
arising
from
purch.
of
preferred stock.
Cap.
1,479,392
71,284,372 71,479,9931
148, p<.1823.
463,736
938,220
Divs. declared
938,220
6,070,084
6,037,201
6,504
8,742,439
8,380.943
surp.
Earned
b After all reserves.—Y.
1,701,105
1,246,335
Accts. payable,
1,072,501
11,097,098
1,561,594
23,397,400
88,900
Bonds of sub. co._
gas
Total
1,757,916
Ac 1,358,812
Drafts in transit..
307,698
5,543,249
9,756,040
115,345
Notes receivable A
Acct.
Cap. stk. A sur. of
sub. cop. not held
$3,941,398
distribution
properties acquired on and subsequent to July 28, 1937.
y Represents
Interest on United Gas Public Service Co. 6% debentures from Nov. 5,
1937, on which date said debentures were assumed by this company.
Liabilities
Liabilities—
Common
account..39,967,574 39,328,509
Flrp insur. fund
Net income
$
1937
$
26,438,250 26,438,250
ment
securities
Gross income
s
1938
$
$
1937
Property invest¬
Deferred
deductions,
528,765
$9.48
528,765
Consolidated Balance Sheet Dec. 31
revenues,
gas
def$272,144
stock out¬
standing (par $50)
Earnings per share
1938
Other income
379,693
$9,253,073 $12,142,438 $10,743,287 $12,431,344
1,262,511
1,053,882
1,054,239
1,411,311
1,676,475
1,411,842
1,405,851
1,195,122
6,400
1,000 *
84,794
87,490
89,687
72,922
Surplus
$8,604,003 x$6,295,552
6,761,597
x4,837,509
653,200
x433,300
Co.
1935
$4,114,374
1,637,818
2,115,060
Common dividends
Shs,
1939—12 Mos.—1938
Mining
1936
1937
$6,573,718
Profit for year
Preferred dividends
Statement of Income (Company Only)
Oper.revs., natural gas. $3,293,983
$2,924,866
Oper. exps.,incl. taxes..
2,218,640
2,017,803
Prop.retire.res,approp,
236,500 A
233,300
1939 and 145,779
$9,016,477 $11,635,224 $10,636,284 $12,350,226
236,596
127,521
•
107,003
81,118
Deprec., depl. & amort.
the
during
&
Refining
1938
J
Net earnings.
re
*
.
Minority interest.
quarter ended Dec. 31, 1937 for reorganization expenses of subsidiaries.
Period End. Mar. 31—
States
Total income.-Expenses
Corp. A Fed. tax, &c—
56,689
$5,306,872
--.95,721 ,409 95,014,855
Total
37,041 shares common in 1938.—V. 148, p, 1342.
Provision for surtax
102,802
$2,398,150
$2,314,507
$418,505
..95,721,409 95,014,855
Other income—
Bal. carried to consol.
earned surplus
—
Prof, from sale of prop-
23,232
12,969
4,238,085
4,190,200
6,663,631
6,234,930
15,982,266 15,7 52,298
151,582 shares preferred and 35,875 shares common in
Calendar Years—
Earns, after prod, costs.
$9,342,416
$5,410,521
212
-.-.—
(& Subs.)—Earnings—-
1,932,468
x501,514
030,295
1,948 ,:175
482,437
14,722
—
Surplus.
5,948,357
9,905,319
9,909,215
United
59,718,612 $14,101,723
344,949
525,539
198,611
209,831
1,620,250
1,620,250
stock...58,239,726
—
shares preferred and
702,304
•
"
i
&c.)
366,266
——
Common
United
Inventories
x
including taxes
of
2,583,141
.44,606,156 45,311,110
258,883
294,778
3,281,781
ShoeMach.Corp 6,137,776
Other income deductions,
Int.
Stock
Preferred stock. —10,597,700
accrued taxes
—
Deferred assets.
$9,697,877 $14,219,545
387,001
584,482
123,638
$3,361,064
_
$3,522,781
.
Accts. A notes rec.
Period End. Mar. 31—
1939—3 Mos.—1938
1939—12 Mos.—1938 .
Operating revenues
$11,694,524 $11,663,069 $40,803,679 $45,338,665
22,583,141
Oper. exps.,incl. taxes..
5,924,794
5,679,982
22,340,736
Prop, retire. & depletion
8,535,979
reserve approps2,365,045
2,460,306
8,765,066
$
10,597,700
58,239,726
Accts. payable and
13,654,964
...
Govt.Amum. bcls.,
Corp. .(& Subs.)—Earnings—
Feb. 28 '38
$
Liabilities—
S
13,051,525
Plant
3247.
United Gas
Feb. 28 '39
Feb. 28 *38
S
properties•-
Assets—
May 28'38
84,060,087
May 20 '39
91,389,163
29, '36
per
Co.—Weekly Output—
United Gas Improvement
•
940,098
Total surplus
.$15,982,257
Earns, per sh. on com._
$3.95
After reserve for depreciation of
Electric output of system (kwh.)
Corp.—Annual Report-
$110,130
1,467,324
$4,429,367 In 1938 and $4,133,128 in
1937.
b Represented by $100 par shares,
c Represented by $5 par shares.
—V. 147, P. 3473.
a
$8,520
15,752,298
Previous surplus.
65,745
-15,571,838 16,648,692
Total--
$8,494
— —
$9,477,129 $10,146,153 $11,316,128 $10,267,643
421,236
440,908
446,088
414,689
9,741,191 yl 1,456,886 zl0,308,962
x 9,172,570
Deficit.
826,400
4,099,380
301,200
Deferred charges—
942
Feb. 28,' 39 Feb. 28, '38 Feb. 27, '37 Feb.
Years Ended—
and
4,103,730
Capital surplus.— 1,475,272
Earned surplus
5,156,370
5,513,201
2,663
157
Consolidated Income Account
stock.
Land, bldgs.,ma¬
chinery A equip.
Patents, drawings,
cum.
j
United Shoe Machinery
Common stock._
c
554
2,689
!—
2135.
cus¬
billings
7%
60,000
Net income
payrn'ts,
Reserves—
Mtge. receivable.,
a
877,940
—V. 148, p.
payments......
A
United Eng. Co.
.
385
1,472,963
tomers, Ac
current
Invest, in Davy
508,736
1,190,171
h
State and Fed—
not
275
$33,102
18,290
2,133
'
——
Other income deductions——
Accrd. taxes, local,
trade.
242,648
3,551,670
-
Marketable securs.
•
pay.
2,769,636
37,002
Cash——.
Notes rec'le, trade
.
Amortization of flood rehabilitation cost
$
;
$32,827
$31,697
Net operating income.
acquisition of Davy & United
1938
1939
.
Other income
Balance Sheet Dec. 31
Assets—
.
'
$457,270
818,216
$1.92
.
Includes loans.—V. 148, p.
United Public Service Corp. (&
J51,607,838
58,256
1,092,312
$78,936
$1,085,133
Earnings per share
x
$2,796,072
57,932
$712,869
819,876
$4.86
$3,192,619
.
dividends
399,442
576,373
11,984
1,044,797
109,304
746,000
stock and income taxes
24,404,024
14,467,819
surplus. 25,586,192
Total.------254,074,020 253,344,916
.-254,074,020 253,344,916
Total,.
Prov. for Fed'l surtax-
41,021
14,467,818
__
Contra liabilities
104,899
207,235
212,681
211,100
4,301
17,486
construct'n
23,318
*
20,471
Earned
-
Prov. for Federal capital
Net profit—- ^
6,813,616
Capital surplus-
10,267
_
Preferred
93,882
78,535
7.402,231
credits
Reserves
Gen. administrative and
Total
surplus
6,504
.71,284,372 71,479,993
Volume
143
Financial
Chronicle
3395
United States Distributing
Corp. (& Subs.)—Earnings
Calendar Years—
Sales & oper.
1938
1937
Comparative Balance Sheet Sept. 30
(In
1935
1936
Net profit from oper..
Other income (net)
$990,523
75,328
(
v-'
jLoss
$1,065,851
570,153
$1,183,296
z564,153
$911,018
584,648
prof22,019
223,712
25,635
86,667
y31,774
Int. paid (less receives).
Social Security taxes.
Federal taxes, &c<
_
294,483
$159,291
$299,009
receivable.
Cash
Cr52,016
$29,341,
loss$12,127
Consolidated Balance Sheet Dec. 31
$
1938
Prop., plant and
x
equipment
400,256
Notes,
y
trade
\
z
312,295
ac¬
Notes pay able...
665,012
1,831,981
Accounts'
Inventories
Comp. ins. funds,
288,842
65,123
123,589
4,193,308
1,532,076
16,845
21,955
24,343
47,751
claims, &c., def.
investments
Other assets...
1,099,522
42,021
20,734
158,981
121,116
Liabilities
293,470
1
current)
Conting.
9,000
of the
notes
93,000
383,000,000
113,844,000
162,201,000
and
acceptance
25,294,000
94,034,000
19,022,895 21,296,677
Total..
794,675
837,327
Annual
Calendar Years—
1938
1937
...$11,702,249 $13,434,452
9,413,495
10,683,685
Deprec'n & amortization 407,856
385,457
United Stockyards Corp.
1935
$1,880,898
150,101
$2,365,310
248,644
$2,755,642
226,136
$2,030,999
50,616
326,145
$2,613,954
40,006
338,193
Total income
.
Interest
Federal income taxes
Net profit..:
Previous surplus
res. for impts.
Bal. in
$1,654,238
10,460,314
$2,235,756
10,021,515
2,770,865
over
Cr88,465
_
Note—No provisionjias
395,774
30,81Q
$10,460,314 $10,021,515
695,923
676,215
$2.38
on com..
.
been made for
1938
$3.21/
$3.45
any surtax on
§
^
1937
$
Common stk.
Accounts payable.
$
•
1st
242,990
362,753
4070.
:
United Stores
$183,563
31,183
337,745
31,183
1938
$659,694
103,357
Exps., franch, taxes, &c_
Interest paid
Loss on sale of investm'ts
Provision for
322,608
42,799
.....28,998,069
958,000
/ 403,951
Preferred
491,309
Surplus ^
x
loss$57,259
$138,763 df$l ,311,400
$98,898
def$57,259
Includes $201,118 profit from sale, of investments.
513,210
2,000,882
10,460,314
Total....
$191,995
1,503,395
29,685
$747,733
"608,970
Comparative Balance Sheet Dec. 31
425,137
Capital surplus. 2,000,882
Earned surplus... 10,722,706
e
29,390,538|
$45,782
91,804
11,237
$536,275
437,377
Fed¬
alties, &c
1935
$348,453
136,723
19,736
•
4,142
dividends
Accr'd wages, roy¬
35,317
1936
-
2,419
13,500
Federal taxes
Net income.
958,000
eral* income tax.
2,598,388 ,2,642,661
3,378,414
4,076,761
1937
x$907,861
127,151
3,292
1,032,145
16,218
debentures.
'
Corp.-—Earnifigs-
10-yr. 3H% conv.
Deferred charges..
Total
13,918,460
568,933"
redeemed...:..
and notes
Inventories...
....13,918,460
16,218
.
-V,- 147,' p.
Due pref. stock not
"
investments
•receivable...^..
(par
520)1
deposit for
Cap. stock of subs.
$51,789
131,692
13,703
1,813
582
Corp.-
Total income
Liabilities—•
Cash
of
•$38,787
131,750
13,940
2,611
$173,659
Stockyards
Calendar Years—
1938
a Prop, and
plant.18,475,029 18,681,367
Cash—3,891,518
3,221,670
preferred stock.
Marketable secur.
$382,560
...
$0.71
'
redemp.
$360,748
-
Net income
undistributed profits'
1937
'
$381,978
Interest on bonds
Bond discount and expense amortized.
Taxes other than income taxes
$8,870,573
600,000
Comparative Balance Sheet Dec. 31
•'
$360,748
Expenses
and
'
United
.
Profit & loss surplus..$10,722,706
Shs. com. outst.(par $20)
695,923
•
$507,462
125,484
55.673
6,587
83,829
Equity of United Stockyards Corp. in total net
Total income
421,019
salvage recovered
*
Approp. for fire ins. fund
Earns, per sh.
$475,723
114,975
income of subsidiaries
;
Profit on purchase of corporation bonds
stated
prov.
$653,551
Equity of minority stockholders therein
2,607,000
value of treasury 1st
pref. stock canceled..
Plant facil. demolished,
less deprec.
$656,251
55,357
11,250
113,920
_
9,068,598
$14,069,306 $10,237,669
94,800
640,512
300,000
924,971
stock redeemed
Excess of cost
.
pref.
on
$605,929
47,622
Total net income of sub. oper. companies
Total surplus.
$12,114,552 $12,450,927
Preferred divs. ($1.20)..
Common dividends.
1,391,846,
2,079,078
paid
$1,889,311
1,283,382
$604,988
51,263
_
Net income before int. paid, income taxes, &c__
re¬
turned to surplus..
Premium
$1,854,225
1,249,237
__
expenses
Interest paid on bonds and notes, &c
Amort, of settlement on leased stock car contract.
Prov. for Fed., Canadian & State income taxes
$1,169,071
28,998,065) 29,390,538
a After
deducting depreciation of $6,515,288 in 1938 'and $6,426,396 in
1937.
b After deducting reserve for doubtful accounts of $122,647 in
1938 and $111,094 in 1937.
e Arising through the conversion of convertible
debentures.—V. 148, p. 3247.
1938
Assets—
1937
1938
S
106,327
103,452
Accts. receivable.,
1
1
624,100
624,100
of Del. stock._.
in
in
Cumul.
b Class A
c
2,419,875
2,492,375
stock..'. 4,579,895
4,579,895
conv.
$
$6
stock,
Common stock-.
Rank loan
McCrory
252,081
252,087
300,000
250,000
pay. on
demand
5,548,582
5,564,863
4,521,099
Stores Corp, stk.
Inv.
a
preferred
inv. in Tot). Prod.
Inv.
1937
'
Liabilities—
$
.I..
Cash
4,521,096 Accrued interest..
McLellan
Accounts payable.
11,045
27,373
'
United Steel Works
Years End.
of
raw
1938
Sept. 30—
Excess of sales
over
materials
Stores Co.
Corp.—-Earnings—
(In Reichsmarks—Approximated to Nearest Thousand
1937
accounts
ments
with
3,383,000
1,280,000
3,575,000
1,176,000
2,741,000
res.
202,745,000 181,048,000
11,510,000
10,628,000
162,658,000
9,724,000
136,556,00^
6,447,000
142,000
—
264
214
2,874,456
Earned surplus...
237,660
2,927,639
138,763
10,800,111
Total-.---
10,813,513
Total..
10.800,111 10,813,513
Represented by 96,795 (99,695 in 1937) no par shares,
b Repre¬
sented by 915,979 no par shares,
c Represented by 504,162 (504,074 in
1937) no par shares.
Change in Par—
The change in par value
approved
of the class A stock from no par value to $5 par
by stockholders at the adjourned annual meeting held May
24.—V. 148, p. 1981.
7,864,000
6,781,000
17,420,000
2,500,000
28,512,000
20,877,000
31,785,000
for int.
Universal Pictures Co., Inc.
equalization
22,367,000
31,401,000
Total.
247,661,000 233,241,000 223,169,000 202,082,000
Wages and salaries..—
6,291,000
7,575,000
5,409,000
4,231,000
Social charges.
3,192,000
2,889,000
604,000
518,000
Deprec. on fixed assets. .141,215,000 131,234,000 117,531,000 127,519.000
Other depr. & write-offs.
1,624,000
2,002,000
6,769.000
3,270,000
Int. pay. (less int. rec.)_
12,836,000
8,043,000
18,422,000
21,424,000
Taxes payable
44,658,000
19,700,000
14,921,000
10,243,000
Misc. outlays, relating to •
current year..r
7,941,000
5,963,000
7,570,000
3,133,000
Spec, charges & provs..
22,048,000
7.468,000
30.694,000
10,498,000
Balance, surplus..27,600,000
3,070
122,750
.
Pay. to'Tob. Prod.
was
agree¬
Extraord. inc. & credit..
97
2*084
a
ac¬
(net)..
"Approp. for
Reserve for taxes.
'
~
Unclaimed divs
Corp. of Del
3,175,000
Inc. from sundry invest.
cos. the
results of whose oper.
cordance
1
Capital surplus...
Settlement with
in
\
1935
Corp. forlatter's
over
"
'
and
operating United Steel
taken
1
Reichsmarks)
Balance of profits of cos.
are
...
cost
supplies consumed
Miscellaneous income
Wks.
i".
Office furn. &flxt_
1936
27.016,000
22,856,000
\
$1,201,445
412,200
275,666
Net operating income
Other incon!e
.
1938
...
$1,222,850
369,962
261,414
comparable
$2,427,867
8,870,573
193,656
1939
t.
Total operating income
Operating
$2,981,778
136,902
417,009
Other income....
(& Subs.) —Earning s-
Gross profit on sales of feed and
bedding
Other yard income (net)
$13,877,874
10,661,744
460,488
Not
Operating profit
2,277,994,000 2,067,175,000
6 Months Ended April 30—■
Subsidiary Operating Companies—
Operating income—Yardage
Report—
1936
Net sales...
Costs and expenses
2,550,000
50,853,000
a
19,022,895 21,296,677
Pipe & Foundry Co.-
15,649,000
27,600,000
_
Secured by mortgages,
b Claims against third parties in respect of
revalorized loans and mortgages
payable by company on their behalf.
—V. 148, p. 2136.
x After reserves for
depreciation and depletion of $4,000,493 in 1938 and
$4,130,451 in 1937.
y After reserve of $114,754 in 1938 and $161,519 in
1937.
z Represented by
401,876^ shares (no par).—V. 148, p. 2761.
United States
...
Total....
earned
63,274,000
2,240,000
Surplus._
235,000
reserve,-
&
______
22,795,000
96,593,000
64',576,000
25,492,000
_
Accrued interest, taxes and
wages..
Sundry credits...
213,378
174,220,000
423,425,000
7,020,000
93,255,000
118,721,000
324,000
7,428,000
532,000
_________
T
11
411,000
618,000
291,000
200,000,000
104,552,000
144,664,000
.....
Sundry creditors__
20,227
147,651
'
surplus........
Total
191,728
Equit. notes (non-
114,923
432,425
Unearned, income.
1
Capital
b Accts.
arising out
drawing of
Bank loans
,460,000,000
80,000.000
."521",000
on acc't of acquisition of
props.
to Gelsenkerchener Bergwerks A. G__
Due to affiliated and associated
companies.
Federal
taxes & ins. cl..
101,318
Goodwill.
Deferred charges..
Other
currency..
...
Other
on
.....
Pref. payments
Prov.for insurance
for
indebted.—Repay, in for'n
.1
Liability
Security taxes..
Prov.
prop'ty
Accrd. int. recelv.
I
...
(per contra)
Other mortgages payable
Proceeds of sale by auction of shares not exch'd
Unclaimed dividends.
:
Interest due (not yet paid)
Provision for Social
Leaseholds & impt.
~
reserve.
reserves
Repayable in reichsmarks^
Sundry loans
payable
298,977
277,994,000 2,067,175,000
460,000,000
80,000,000
191,473,000
554,210,000
7,366,000
64,401,000
21,218,000
.431,000
b Revalorized loans &
mtges.
1,732,052
2,909,527
.
and accrued.
market¬
able. securities._
to leased
9,991,550
2,009,383
198,800
1,211,465
3,004,481
2
Reserves for adjustment of assets values
Welfare and pension funds
Funded
1,134,116
2,049,879
40,358,000
33,414,000
2,080,000
...
fund bonds..
receivable
&
Statutory
First mtge, sinking
ceptances & accts
cash
9,991,550
2,009,383
mtges.' ' 182,100
Common stock..
Real estage
J
General
$
Preferred stock...
14,301,619 15,257,390
Cash
I.........
hand, in banks and checks
on
Total
1937
S
Liabilities
7,428,000
Liabilities—
Capital stock.
<
1937
$
40,090,000
27,134,000
49,774,000
3,104,000
Prepaid interest and suspense debits--...-...
x Includes
$18,891 provision for Federal surtax on undistributed profits,
Includes $8,336 provision for Federal surtax on undistributed profits,
z Not
including approximately $46,500 depreciation on buildings of a sub¬
sidiary corporation.
•
1938
142,093,000
28,253,000
.
b Claims
against third parties (per contra)....
Due by affiliated and associated
cos
Sundry debtors.
Bills
y
Assets—
166,953,600
3,904,666
24,138,000
Sundry deposits
*26",226
*50,413
CV32.034
Minority interest
1,193,000
1,668,000
366,000
567,333,000
612,000
27,779,000
6,451,000
27,270,000
21,000
913,000
1,662,000
267,000
Accounts receivable
a
lg37
695!l86',000
redeemedAZZZZZZZZZZZZZZZZZZ
Company's ahares in treasury
Prepayments for new plant and merchandise.
102,370
311,466
Prov. for Fed. and State
ZZZZZZZZZZZZZZZZZZZZ
Inventories
Bonds not yet
$1,054,287
636,901
112,682
53,369
-
Reichsmarks)
i,280,481,000 1,165,244,000
Payment to Konversionskasse
Marketable securities
on sale and demoli-
tion of property, &c__
to Nearest Thousand
1938
Investments
$826,909
227,378
$807,776
103,242
prof7,577
177,933
Deprec., depletion,
/
$1,070,365
112,931
Reichsmarks—Approximated
Assets—
Fixed assets.
revenue—$16,607,494 $20,426,188 $20,561,137 $21,105,899
14,867,376 * 18,502,035
18,681,116
19,200,983
- 749,595
853,788
1,072,245
1,078,007
Cost of sales, &c.
Gen. & admin, expenses.
21,246,000
(& Subs.)—Earnings—
33 iYccks
Period Ended—
Net profit
x
Loss
after
taxes,
.
26 Weeks—
—
Apr. 29, '39 Apr. 30, '38 Apr. 29, '39 Apr. 30, '38
y$581,587
x$199,487
y$739,578
x$588,285
amortization,
1663.
depreciation,
&c.
y
Before
Federal
income taxes.—V. 148, p.
U.
S.
Realty & Imrpovement Co.— Takes Step Relating
of Trinity 5H% Bonds—Files Voluntary Petition
to Guarantee
for A 7 rangement in, Federal Court—;
\
the Trinity Buildings Corp. for
5H% sinking fund gold loan, guaranteed by the United
States Realty & Improvement Co., the latter company has filed a voluntary
petition for arrangement in the Federal District Court
In connection with a modification plan of
its first mortgage
June 3, 1939
Chronicle
Financial
3396
Consolidated Balance Sheet
Trinity Buildings issue was not
due June 1 on the
The interest coupon
Feb. 25,
paid and payment will be deferred until the consummation of an arrange¬
modification of the guarantee.
Under the provisions of the plan,
the maturity of the presently outstanding $3,710,500 share certificates on
a
C&sh
This step does
of subs.
for improvements
used
be
Interest (net),
Profit
Prov.
i
Social Security taxes.
13,306
34.312
$275,210
51,122
150,704
011,188
$368,256
56.794
141,794
.013,457
-
23,930
2,500
$47,775
$159,195
$24,363
10,724
$47,775
$159,195
$35,087
Profit—
;
$43,817
Net profit
Earns, per sh. on 99,915
shs. 7% cum. pref.stk.
"
turing after 1
Net from railway
-
,
debt...
12,388
1937
1938
-
Cost, expenses, &c
213,001
7,876
538,800
122,690
46,212
•
Other income
Earned Surplus.
U. S. Trucking Corp.—To Issue $300,000 Notes—
Interstate Commerce Commission has granted corporation auth¬
ority to issue $300,000 of notes to finance the purchase of new equipment.
—v. 148, p. 2919.
..
:
,4
. .
.
.
—
.
$5,353,468
4,908,553
4,595,061
$3,933,395
3,598,292
$1,509,097
x332,750
$75! 5,408
5' L.217
retired
Other charges.
Prov. for Fed. Inc. taxes
$335,103
184,886
$812,624
404,010
153,342
24,255
31,296
15,724
31,804
516,259
139,935
131,769
24,956
13,653
6,353
105,873
15,750
17,491
16,517
y299,237
'
$519,989
542,418
169,619
32,839
179,297
21,606
proiit
-
Includes
'
x
■
..
..---
367,640
532,573
313,500
Sundry
—
Inventories
Deferred charges.
.
Patents
.
gold
Net
on
3,766,370
on
notes,
600,000
600,000
95,252
24,448
z
Vick Chemical Co.
691,335
V. 148, p. 2761. !
S
a
Total...-
railway
1938
$1,414,168
$1,316,305
723,712
618,785
694,979
637,661
6,213,977
3,018,895
2,237,443
6,027,963
2,776,963
2,205,319
6,411,460
3,620,625
3,080,758
5,687,565
3,104,329
2,709,200
.
.
—V. 148, p. 2611.
Feb. 25, '39
$6,773,144
26 Weeks Ended—
depr. of prop.
Interest
Prov.
—
orinv.inaffil.cos
Provision for conting
Prov. for misc. invests
2,400,697
2,157,584
2,314
47,500
50,998
.
Profit
Minority interest
Federal taxes
Net
^
profit.--.-
—
---
...
$7,940,387
2,400,461
2,206,991
13,850
107,000
5,457,000
584,729
680,459
17,537
58,050
Deferred credit
Res. for fire insur.,
workmen's
224,203
183,317
com¬
132,743
125,732
pfef. stock., 1,367,050
c 2d
pr^f. stock— 1,337,500
181,780
tf Common stock-
1,367,050
Capital surplus- 2,281,999
937,158
2,262,950
563,838
Total — --—.11,720,952
12,290;091
Earned deficit—.
Total.........11,720,952 12,290,091
a
After depletion and
27, '37 Feb. 29, '36
$7,300,179
$9,558,650
2,600,484
2,414,467
2,420,204
2,318,550
129,026
257,609
50,000
$2,231,396
03,493
' « 569,000
$3,431,446
2,828604,000
$4,518,025
292,873
147, p. 909.
1,337,500
181,780
«/
'
/,
$2,150,465
267,061
$4,810,898
1937
11,281
430,000
$2,503,160
2,038,222
$1,678,584
1,435,859
$642,489
75,476
$464,938
44,264
$242,724
57,548
$717,965
110,454
$509,202
76,523
$300,273
80,378
44,050
y39.600
x36,800
30,060
$281,053
257,072
$567,911
$395,880
$189,834
2,113,685
$395,906
49,637
Deprec. & depletion
-
Provision for Federal and
-
Net profit
Dividends.
outst'g (no par val.)
Earnings per share.
Including
surtax,
$300
y
348,754
261,563
175,000
175,000
$2.26
$1.08
undistributed profits not as-
478,044
171,400
$3.31
175,000
$1.61
Shs.
Surtax
on
Consolidated Balance Sheet Dec.
x
Plant,
and
Cash
y
property
equipment-$2,042,325 $2,121,529
731,709
830,480
Market,
34,933
2,239
66,650
66,650
276,032
375,183
894,105
886,447
Inventories
and
21,946
600.
86,204
Ac
Prov. for Fed.
State taxes—-Reserves
reserve
112,676
85,669
and
— —
Capital surplus—
76,915
62,692
36,996
33,668
1,841,144
432,219
1,805,150
447,155
77,804
$4,223,477 $4,297,010
y
Total
'...$4,223,477 $4,297,010
depreciation of $1,861,249 in 1938
Represented by 175,000 no par shares.—V.
for depletion and
$1,744,146 ni 1937.
1937
$1,750,000
payable,
27,791
64,665
Asundry rets
p.
1938
stock—$1,750,000
Earned surplus
Def'd charges, Ac.
After
Capital
Accounts
Dividends payable
securities
Notes A accts. rec.
x
31
Liabilities—
1937
1938
Assets—
$1,976,245
b Exclusive of $551,588 in 1939, $564,018 in 1938, $471,631 in 1937
Calendar Years "
,1936
1935
$3,234,080
2,591,591
$2,509,591
Net oper. income
State taxes
'
$445,544
120,441
—
General expenses, &c-_-
$2,417,526
509
$4,040,389
v
(& Subs.)—Earnings—
Consolidated Income Account for
Net sales
Total
$2,824,618
■ -
•
.
1938
and $4,794,999
$50 par. c 7% 2d pref. capital
capital stock, par $1 each.—V.
Foundry & Pipe Corp.
Real estate mtges.
770,000
_
depreciation of $4,362,130 in 1938
b 7% pref. capital stock, cum.
stock—cumulative $25 par.
d Common
in 1937.
(at cost)
$3,212,085
219,360
$1,665,889
66,479
5,400,000
obligation?.
sessable.
(& Subs.)—Earnings-
•352.250 in 1936 in repsect of studio properties charged to film costs.
166,898
185,360
Treasury stock
Other income
66,479
1st mtge. 6% bds.
Other
Feb. 26, '38 Feb.
$2,114,051
117,345
Profit.
18,000
29,250
contr. to
pensation A misc
x
Warner Bros. Pictures, Inc.
Prof, after film amort
(current)..
on
trol co. pay. cur.
8,803,880
8,534,383
Total income
1936
1937
$1,375,620
598,634
486,651
.
Net after rents
Instal.
b 1st
Warren
$573,184
def26,095
def 110,499
.
debt
adv. Ids. to con¬
expense........
(& Subs.)—Earnings—
1939
Net from railway
b Amor. &
29,997
Prepaid insurance,
license, taxes, Ac
From Jan. 1—
Gross from
1,240,997
Int., def
Instal. of long-term
Prop., land, min¬
equip., Ac— —
Virginian Ry.- -Earnings—
.
Acer.
446,405
1,209,997
30,011
Miscellaneous income
Net after rents
174,052'
976,785
eral dep. A bldgs.
460,021
surplus—
■
.
Accrued accounts.
131,256
199,330
968,343
108,206
14,241
•
Inventories.
Investments _;r.
S
Accounts payable.
432,987
19,615
459,497
Accrd. int. receiv.
1937
$
Liabilities—
'
961,470
650,697
417,090
Cash
Accts. A notes rec.
1939
April—
36,777
x$641,848
1938
1937
S
299,237
$1.12,;
Gross from railway
Net from railway
395,345
:
•
Consolidated Balance Sheet Dec. 31
47,767
.
1938
1937
1936
y$326,650
y$941,244 $1,016,784
$0.46
$1.34
$1.45
y Before possible surtax on undistributed profits,
z After taxes .depre¬
ciation and other charges,
a On 700,280 shares of capital stock (par $5).—
a
70,997
Indicates loss.
x
$787,615
profit
Earnings per share
126,230
6,129,968
taxes....
14,216,669 14,426,413
x After reserve for depreciation and depletion of $6,702,993 in 1938 and
$6,180,772 in 1937.
y Represented by 376,63T (no par) shares,
z In¬
cludes $17,303 representing capital stock in treasury.—V. 148, p. 1343.
3 Mos. End. Mar. 31—
$21,594
259,960
146,503
65,103
107,320
Capital surplus. 6,137,263
Earned
Net
$203,308
39,063
Reserves...;
z
36,625
23,087
37,075
Accrued
Accrued
•
35,570
36,298
...
Net inc. for the
95,940
payroji-.
Accrued. interest..
comp.
1
14,216.669 14,426,413
x$209,726
Bond discount and
insurance
125.437
Accounts payable.
Total..
$432,086
373,867
x$415,487
& expense.
2,705,000
Res. for workmen's
2,511,776
$602,285
362,679
182,247
133,615
102,787
*'•
•
.,
1st mtge.
Amort,
f.
1941.
697,649
729,165
3,105,43.7
148,866
1
x$222,202
12,476
x$23,456
356,460
income1
&c.
bds. &c
bond discount
ordinary
before bond int
Int.
Sink. A ins. funds,
3,766,370
conv.
10,335
debts14,820
Other assets
$
debentures 2,546,000
Capital stock
10-year S% s.
y
943,764
Accts, receivable..
Cash--..
1937
$
Liabilities—
$
9,823,950
9,318,168
Plant, prop., Ac.
1938
1937
1938
/18S6tS~~Mrm
$322,799
109,287
38,849
.1938
$231,315
$836,658
$152,193 loss$425,790
$249,187 discount on settlement of notes payable, y Includes
$72,047 surtax on undistributed profits.
,
Consolidated Balance Sheet Dec. 31 '
•
x
$547,780
54,505
—
Income from securities..
Assets—
Net
$741,448
inc. before items
specifically set forth
$6,4i7,651
622,423
$1,120,131
282,120
168,366
121,865
Net
1935
Deprec. and depletion._
Int. on 10-year 5% debs.
Int. on notes payable
$137,985
162,959
$460,742
272,768
177,964
72,317
•
Adminis. & gen. exps—_
Calendar Years
$1,136,340' $1,841,847
40,830
386,797
.
1935
$2,670,255
2,044,064
27,33,1
460,873
x$62,307
Gross prof, from opers.
Selling expenses
—
America—Annual Report—
1937
$4,049,484
2,852,834
34,939
420,262
$5,722,062
4,174,305
—
Sinn, Inc.)
1936
1937
1938
$3,772,197
Cost..-2,963,034
Provision for depletion..'
26,702
Prov. for depreciation321,719
-
Net sales
Income charges (net)
2,876,808
Total income
Loss property
'
def38,039
430,596
143,998
79,301
'
Co.—Earnings—
Calendar Years—
$1,089,856
46,484
—
235,849
57,094,331
57,134,331
1,579,236 defl ,272,218
.
-...173,545,032 178,593,7151
Total.......173,545,032 178,593,715
a After
depreciation and amortization,
b Represented by 103,107no
par shares,
c Represented by 3,801,344 shares, par $5.
d Subsidiaries
operating in foreign territories having exchange restrictions (where current
liabilities exceed current assets).—V, 148, p. 2761.
$69,800
9,623
3,125
1936
..
Net earns, from oper.
surplus
; Total
1936
$52,534
def6,614
deflO.,541
$3,966,664
——
.1,242,000
of subs.
Caoital
$0.35
.
$34,941
defl2,218
defl9,160
1938
Net sales
273,519
461,500
stock A surpl.
Res. for conting.
Warner
Consolidated Income Account for
.
444,287
71,941,434
Min. int. in cap.
155,936
,
$1„60
$0.48
1
Vanadium Corp, of
426,219
68,033,855
Mtge. and fund.
Federal surtax on undistributed
285,778
56,021
24,592
Gross from railway—.
obli-
gat'n, Ac., ma¬
From Jan. 1—
.
conting.
The
$52,395
6,069
1,663
railway
951,700
current)
Consolidated Income Account (Including George A.
1939
V
Net after rents
,
abeyance
,
Utah Ry.—EarningsApril—
Net after rents- —
—V. 148, p. 2611.
622,009
held in
subs.,
Notes pay. (non-
$235,992
61,968
'
•
(par $100)
$0.44
Note—No provision has been made for
profits.—V. 148,.p. 2761.
Net from
442,557
for'n
fr.
year
min. ints.
Gross from railway——
1,104,372
1,405,321
1,122,315
08,775
27,360
9,436
_
Federal taxes_---------
Loss applic. to
Invest. and adv.
Deferred charges
$223,604
IMS
.
...—
deple. & amort.
on sale of prop. ,&c
for Fed. A State
Deprec.
$261,904
$333,944
$43,817
...... -
1,536,265
Remit,
$7,055,885
6,832,281
26,415
17,798
'
Total income.
Deferred income
1,353,546
1,673,825
8,301,100
1,218,080
1,148,466
8,327,667
970,765
1936
1937
$5,458,470
5,124,526
$249,781
39,343
127,272
04,865
Other income (net)
3,420,248
413,576
film,
pay.
Purch. money or
$235,351
14,430
Operating profit..—
3,265,344
Adv.
'
$4,756,983
4,495,079
1939
$3.887,300
3,651,949
31—
_
Costs and expenses
992,565
deprec., Ac..
taxes
670,717
741,980
Corp.- -Earnings-
U. S. Distributing
3 Mos. End. Mar.
special
Goodwill
34,566
891,674
Royalties pay..
Res. for Federal
accts.reserve.
the
323,177
370,091
148, p. 2446.
mortgaged premises.—V.
Gross
and betterments and additions to
114,278
52,862
of foreign subs
Dep. to sec. con¬
tract and sink.
fund depsoit.
maturity to July 1, 1949.
fund as proposed in the plan will receive, subject to
certain conditions, all available net earnings for each calendar year, until
and including the year 1948, but not in excess of $50,000 a year.
The fund
4,097,733
4,580,560
2,652,628
4,128,079
101,496
cos.
d Net curr.liabil.
oper.
ritories-.
Mtge. A
3,637,740
.
accruals
Due to affil.
in foreign ter¬
The improvement
to
Sundry
1,827,338
1,111,346
unprodueed..
curr. assets
amount to $3,710,500,
payable
within 1 yr., Ac
Net
sion of the
is
Accts.
Funded debt due
21,372,385
Rights A scenes
premises.
first mortgage on the
a
the first mortgage
4,985,547
1,872,627
5,325,036
2,546,243
19,147,328
M
5,670,885
19,006,723
2,953,695
3,953,379
5,670,885
c Common stock
19,006,723
Notes payable..
3,836,545
b Pref. stock
-132,638,029 135,091,138
Inventories
Outstanding share certificates
Under the provisions of the
plan the indebtedness shall bear a fixed interest rate of 3% annually and
additional interest from available net earnings after deposits in the im¬
provement fund, which additional interest shall at maturity have equalled
an amount equivalent to the sum of 1 % a year for the first five years and
2% a year for the second five years.
The plan proposes a ten-year exten¬
namely
on
-
^
Acct. A notes rec
'38
$
Liabilities—
$
Property acct.,
Ac—-----
would be extended for 10 years to July 1, 1949.
not affect the U. S. Realty in any way other than as it is
applicable to the Trinity Buildings gold loan which Realty guarantees.
Under the terms of the modification plan and arrangement for the first
mortgage loan and share certificates of Trinity, no change will be made in
the principal amount of the securities and no change in the physical security,
this mortgage,
'39 Feb. 26,
Feb. 29,
'39 Feb. 26, '38
$
Assets—
ment for
and
148,
Volume
148
Financial
Washington Water Power
Period End. Apr. 30—
Operating revenues
Oper. exps., incl. taxes._
Property retirement re¬
serve
appropriations..
92,838
Consolidated Balance Sheet Dec. 31
92,685
Assets—
on
mtge. bonds
Other int. & deductions.
$220,181
6,713
$3,695,870
29,413
a
$3,725,283
995,550
68,511
Cr2f383
.
Balance.;
Prepaid
and
^
was
paid
on Dec. 30 and on
Equip.,
x
1937
$29,292
Liabilities—
&
fixtures..
Sept.
at cost...
Prepaid
checks unpaid..
Other accts. pay..
2,450
6,706
21,000
Reserve for claims,
suits & oth.items
9,573
9,573
142,348
139,298
20
20
•
$119,172
Total
depreciation of
in
for
reserve
Wentworth Mfg.
Gross earnings
(est.)
—V.
.$116,129
Cost of goods sold
gen. &
_
Net operating income
.
Net income
Prov. for Federal normal income taxes
Net inc. before Fed. surtax
distributed profits.
$2,239,572
2,001,913
165,824
-
$71 ,'835
$71,835,
D/-7.891
Drl 1,859
$69,209
11,513
$2,427,172
2,089,756
174,381
—V.
Total.
Preferred dividends.
;
Common dividends
Other charges to surplus—net.
4,359,785
3,597,348
390,838
def942,600
defl71,980 def1,549,616
2921.
p.
$557,025
17,504
$539,371
1939
,
_
inc. after' deprec.,
Fed. taxes,&c
Earn, per sh. on com¬
bined pref. & com. shs.
$563,921
The directors on May 29 declared a dividend of $2.50
per share oh account
of accumulations on the $6 cum. pref. stock, no
par value, payable July 1
Dividend of $3 was paid on Jan.
2, last. See
also V. 147, p. 3779 for record of previous payments.—V.
Net oper. income
Other income
Net earnings
Interest charges
Net earnings
Portion of
to
$533,067
20,245
Subs.)—Earnings—-
earns,
pec. 31
18,327,013
17,080,234
$993,014
509,732
$984,396
503,336
$553,313
111,869
30,000
$445,319
116,762
19,000
$309,557
$481,059
18,987
16,552
$499,833
127,876
32,000
'
$500,047
150,706
43,000
$339,957
$306,341
applic.
$402,527
632,144
Net income
Previous surplus
Profit
on
bonds
&
8,541
$301,016
465,652
8,809
"
debs,
retired
2,445
$2.00
1937
$
$1.40
1936
$
4,877
$331,148
255,707
$301,464
12,295
'1938
$
—
From Jan. 1—
Gross from railway
1,073,189
843,221
(S.
.
1938
1936
$1,256,881
311,181
274,146
5,446,152
1,875,683
1.627,356
«
$1,150,410
268,844
174,199
"
•4,497,366
1,054,757
711,289
2762.
S.) White Dental Mfg. Co. (& Subs.)—Earnings—
Calendar Years—
1938
«.■
1937
Gross profit on sales
$2,694,960
Sell. .admin .& devel .exps
2,734,369»
Profit from opers....
Interest, dividends, &c.
Foreign exchange losses
,
.
Total income—
Interest paid.l
z$39,409
72,418
22.,424
•
1936
$3,310,721
2,621,340
$3,157,556
2,549,483
$689,381
•90,519
78,150
■
"
1935
$2,798,439
2,380,233
$608,072
100,454
prof27,984
$418,206
,
.
98,967
26,596
$10,584
3,607
189,461
$701,751
1,229
$736,511
183,867
212,700
z$182,484
$501,655
$522,355
$275,029
26,746
,
Depreciation
Reserve against foreign
exchange fluctuation
113,745
116,087
y59,304
'
;
1,455
$490,577
2,330
213,218
•
,
15,000
.
x
1937
$710,905
109,798
63,504
2,893,278
464,150
289,069
3,999,858
Net from railway
Net after rents
—V. 148,
-Earnings—
1939
$720,967
68,139
44,176
railway
Prov. for Fed., State &
z$209,230
$387,909
$406,267
$215,725
Dividends.
.«
;—
267,790
359,369
355,920
239,439
Shares capital stock
297.010
298,371
299,502
299,317
Earnings per share
Nil
$1.30
$1.35
$0.72
x Includes $6,450 for surtax on undistributed
profits in 1937 and $17,483
in 1936.
y Federal taxes only,
z Indicates loss.
-
Consolidated Balance Sheet Dec. 31
1938
Assets—
x
1937
Liabilities-T-
notes
$691,090
45,655
accrued charges.
2,421,167
3,244,343
2,425,812
3,221,612
and employees..
17,998
Mlscell. accts. rec.
24,497
14,361
21,590
597,154
675,213
receivable
from
-
officers
Qther assets..
y
Res.against foreign
exch., fluctuate
Deferred income..
2,209,517
101,124
1
1
66,919
$468,825
41,972
120,411
111,185
15,000
113,735
Fed. & State inc.
as
may
be
paid
upon accr.profits
as
69,210
$490,742
350,000
Res've est. for such
have to
Patents and trade¬
marks
Notes payable
Reserve for taxes.
taxes
Land, buildings,
leaseholds,
ma¬
Deferred debits—
1937
Accounts pay. and
31,238
Accounts & notes
Inventories
Due
1938
$433,065
Cash..
Brazil .Govt,
chinery & equip. 2,336,093
8,917
a$0.75
Net from railway—
Net after rents..
pref. & cl. A stk. of
subs
3,732,454
$0.88
1939
1
Wheeling & Lake Erie Ry.
14,690,146
$959,461
528,747
$483,281
33,981,280
5,341,512
,
Net income
1937
$430,713
14,606
46,673,300
2,031,230
received........161,785,039 193,296,046 214,248,419 135,381,901
.'
...157,177,947 201,742,257 167,161,054 130,375,033
deprec.,
9,377,694
16,816,126
17,708,349
13,389,330
Earnings per share
$3.51
$6.29
$6.27
$5.03
a On 2,592,155 shares common stock
(par $50).—V. 148, p. 2612.
foreign income taxes..
$411,444
Prov. for Fed. inc. taxes
3248.
1936
1935
$17,433,612 $19,286,473 $18,073,248
$15,674,542
518,199
...
42,067,250
inc. after
Fed. taxes, &c
to holders of record June 15.
$1,051,266
494,689
-25,030
5,292
Sales billed
— ..
Net earnings
Depreciation
572,566
59,061
20,519
2,356,151
April—
Accumulated Dividend—
_
523,365
36,522
def7,337
Net
Gross from
Co., Inc.,
$900,000 each; Harriman, Ripley & Co., Inc., The First Boston
Corp.,
$750,000 each; Blyth & Co., Inc., Central Republic Co.,
Kidder, Peabody
& Co., Lazard Freres & Co., Lee Higginson
Corp., Lehman Bros., F. S.
Moseley & Co., E. H. Rollins & Sons, Inc., Smith, Barney &
Co., $500,000
each; Stone & Webster ana Blodget, Inc.. Tucker, Anthony &
Co., $400,000
each; A. C. Allyn & Co., Inc., Hemphill, Noyes & Co., Paine, Webber &
Co., Ranson-Davidson Investment Co., Stern, Wampler &
Co., Inc.,
White, Weld & Co;, The Wisconsin Co., Dean, Witter & Co.,
$350,000
each; Bacon, Whipple & Co., Blair, Bonner & Co., H. M.
Byllesby & Co.,
Inc., The Illinois Co. of Chicago, Arthur Perry & Co., Inc., William N.
Edwards & Co., Rauscher, Pierce & Co., Inc.,
$250,000 each; Mahan,
Dittmar & Co., $200,000; A. S. Kuyck & Co.,
$150,000; Dewar, Robertson
& Pancoast, R. K. Dunbar & Co., Moroney &
Co., Pitman & CO.. Russ
Roe & Co., R. A. Underwood & Co., $100,000 each.
selling, del. & adminis.
expenses)
16,382,346
560,016
82,323
32,675
$
amount of
1938
17,662
$124,902
12,243
6,964
Orders
their participation in its offering of $18,000,0001st A 3
Ms, of 1969, as follows
Harris, Hall & Co., Inc., and Halsey, Stuart & Co., Inc.,
$1,50Q;000
each; Glore, Forgan & Go., A. G. Becker & Co., Inc., Bonbright &
Cost of goods sold (incl.
$150,967
24,983
41,291,981
.—12 Mos. End. Mar. 31—
The compahy in an amendment to its registration
statement filed with the
Securities and Exchange Commission lists underwriters and the
Net sales
$128,876
1,859
def6,325
Net
West Texas Utilities Co.—Underwriters Named—
.
1936
$147,649
31,408
17,765
.
,
Net sales billed
7,341
($1.25 par), $512,520; Earned surplus, $540,668; paid-in
surplus $660;
5,895 shares of preferred stock purchased and in treasury,
Dr$58,516:
total, $1,935,327 —V. 148, p. 1344.
Consolidated Income Account for Years Ended
'
1937
Westinghouse Electric & Mfg. Co. (& Subs.)—Earning^
cost of
p.
I:
1938
3 Mos. End. Mar. 31—
1939
1938
1937
1936
Orders received
,..r$50,120,832 $37,998,569 $74,242,584 $42,515,469
"""150
148,
246,919
Net after rents
—V. 148, p. 2762.
.
'
3,830,176
184,492
def360,745
From Jan. 1—•
Gross from railway
Liabilities—is otes payable (bank loans), $275,000; trade accounts
payable,
taxes & expenses, $117,294; dividend payable
(preferred stock),
$8,511; conv. pref. stock, (39,940. shs. no par), $539,190; common stock
*■
4,906,546
def405,185
Net after rents
accrued
Western Dairies, Inc. (&
1936
$1,040,148
def73,669
def236,788
April—
Balance Sheet April 30,1939
Assets—Current assets, $1,533,591; property not used in conduct of
business (at cost, less accrued
depreciation), $140,107; fixed assets (less
accrued depreciation), $216,788; deferred
charges & prepaid expenses,
$44,841; total, $1,935,327.
\
.
1937
$1,229,637
defl81,076
def342,229
$678,488
15,000
92,226
501,690
$598,667
16,998
41,002
--
Earned surplus—April30
1938
$956,310
def337,930
def473,134
$163,285
515,204
$55,335
$540,668
t_
1939
s
Gross from railway....
Net from railway
$191,494
28,209
$5,120,817
RR.—Earnings
Net from railway.
$57,696"
540,970
—
Earned surplus balance, Oct. 31
148,
$5,513,948
Western Ry. of Alabama-Earnings—
$163,035
28,459
$63,944
8,610
Jan. 1 to May 21
1939 '
1938
$230,758
$1,209,320
123,777
def25,606
.■*,
Net from railway
Net after rents.
1937
$279,502
_
Gross from railway
on un¬
"
—
From Jan. 1—
Gross from railway
1938
$81,068
_
_
Other income, less other deductions.
632,144
Ry.—Earnings—
148, p.3248.
Net from railway
Net after rents
Co.—Earnings—
admin, expenses
459,899
423,643
Total.........$7,1:6,307 $7,210,378
—Week Ended May 21
1939
1938
April—
$119,172
1938 and $545 in 1937—V.
$2,090,104
1,846,694
162,341
459,899
414,395
943,171
Disinfecting Co.—Bonds Called—
Western Pacific
1939
2,440,014
Btock.
Capital surplus
Earned surplus
.$7,146,307 $7,210,378
.
3823.
p.
65.266
reserves, b After reserve for deprecation of $5,118,596 in 1938
$5,029,304 in 1937. c Represented by 61,000 no par shares, d Re¬
6,698
201
6 Months Ended April 30—
Net sales..
Sell.,
Deficit
201
$116,129
After
146,
•
4,596,101
d Common
After
2,450
rec..
Total..
_
406,572
Western Maryland
Capital dlstribut'n
expenses.
Unmat'd int.
x
74
667
62,711
5,281
21,000
cum. & part:
preferred stock, 2,440,014
$3
c
348,437
4,474,356
48,949
called for redemption on July I,
1939, at 100and
interest, all of its outstanding first mortgage sinking fund
gold
bonds due July 1, 1940.
Payment will be made at the Corporate Trust
Department of the Chase National Bank, 11 Broad
St.—V. 148, p 292
$239,674
74
607
Inv.in stock of sub.
66,736
140,000
1938, Dec. 20, Nov. 20 and June 30, 1937; on Dec.
30, Oct. 30 and June 1,
1936, and on Dec. 20, 1935.—V. 147, p. 3780.
1937
$239,674
62,657
2,354
Cash
71,940
115,000
_
of
Company has
Div. unpaid
Investments
companies..
Res.
for
compen¬
sation insur
accrued
1938
Capital stock
1,750,000
of
interests in sub.
239,568
advances to
West
$29,292
furn.
43,118
1,550,000
debt
Accumulated Dividend—
Wells Fargo & Co.—Balance Sheet Dec. 31—
Real property
Funded
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 20
to holders of record June
10. A like payment was made Dec. 20 and June
20,
1936.—V. 148, p. 1344.
1938
254,631
47,196
presented by shares by shares of $1 par.
30,1937; an extra of 40 cents was paid on June 30, 1937, and extra dividends
of 10 cents were paid on March
31, 1937, and on Dec. 30 and Sept. 30,
Assets-
323,379
Fed'l
Min. stockholders'
502,546
prin-
Total...
and
Directors have declared a dividend of 25 cents
per share on the common
stock, par $1, payable June 28 to holders of record June 15.
This com¬
pares with 20 cents paid on March 31, last; 15 cents
paid on Dec. 30 and
Sept. 15, last; 20 cents paid on June 28 and on March 31, 1938, and pre¬
viously regular quarterly dividends of 15 cents per share were distributed.
dividend of 10 cents
169,827
363,106
239,780
Deferred charges._
$1,905,336
for
subsidiaries
affil.cos.(at cost)
622,518
Reserve
&
b Plant &
equip.
Wellington Fund, Inc.—To Pay 25-Cent Dividend—
an extra
104,767
expenses-
Investments,
942,315
income taxes
products,
materials
$57,878
$781,313
-
Accrued liabilities.
supplies
$2,527,854
$2,041,087
—V. 148, p. 2612.
raw
cipally stocks
622,518
959,091
1937
1938
.
Notes payable
Accounts pay able
and
Inventories of fin¬
995,550
58,663
Cr4,115
$2,663,605
1,005,575
& accts. receiv'le
ished
Liabilities—•
$271,408
accts. receivable
$3,577,952
Net income
$189,488
$140,649
Dividends applicable to preferred stock for the
period, whether paid or unpaid
In addition
Sundry notes
1937
$561,337
Customers' notes
a
$3,544,402
33,550
$226,894
82,963
3,282
1938
Cash in banks and
on hand
1,044,344
1,114,057
$275,869
82,963
3,418
Gross income
3397
(& Subs.)—Earnings—
$274,288
1,581
Int. charged to construe
Chronicle
1939—Month—1938
1939—12 Mos.—1938
$832,202
$764,779 $10,312,402 $10,907,606
466,076
451,913
5,502,475
6,318,860
Net oper. revenues
Other income (net)
Int.
Co.
they
ized
are
on
contract,
rec.
real¬
lnstal.
notes
40,546
Cap. stk. ($20 par) 6,000,000
Surplus
2,140,320
outstand'g.
38,460
6,000,000
2,617,339
^
Total
Preferred dividends
Balance
as
at Dec. 31-
$1,034,671
91,501
$769,112 "
136,968'
$599,150
133,498
,
Total
$402,588
146,881
x
In
$943,171
$632,144
$465,652
$255,707
$9,174,765 $9,371,770
Total
$9,174,765 $9,371,770
After reserve for doubtful accounts of $165,055 in 1938 and $179,824
y After reserve for depreciation of $3,536,565 in 1938 and $3,-
1937.
383,443 in 1937.—V. 147, p. 3175.
Financial
3398
(2)
Wheeling Steel Corp.—oQ-Cent Dividend—
Springs Co.—Earnings—
1937
1936
1935
and allowances $1,183,433
$1,434,942
$1,500,984
$1,433,829
405,384
451,880
463,208
446,494
1938
Calendar Years—
Cost of goods sold
$1,037,776
16,631
$983,062
$778,049
from opers.
Gross inc
16,664
16,219
38,388
50,690
476,957
$246,039
39,663
14,625
Depreciation
(other than Fed
income (tax)
Selling, gen & adminis
$987,335
8,124
Taxes
expenses
from
Nettnc
opers...
Other income.
Profit
f
sale of securities
on
tax purposes
accounts.
Balance Sheet Dec. 31
49,662
15,780
491,816
494,606
531,396
$424,336
$476,875
49,339
Dr4,323
1937
1938
A ssets—
Liabilities—
$90,090
Accounts
142,300
121,438
Accrued liabilities.
46,865
Other current llab.
405,867
446,123
Receivables
Special deposits.
Inventories
of
67,586
Dr625
18,500
proceeds
from sales of par¬
581,640
—
.57,376
ticipating ints—
54,950
Current
123,436
3,229,987
41,964
Investments
'
45,792
Prepaid & def. chgs
4,155,720
52,390
Other assets
b
Capital assets..
due
amt.
123
affiliates
(before
inc
x900,000
4% serial notes
6% 1st mtge. bds.
Preferred stock
18,360
e5.406
$521,892
73,237
_
tax.*
$421,567
1,787,254
$448,655
2,063,609
x282,795
$427,626
2,071,113
12,391
$2,511,129
44,800
Non-recurring charges..
26.307
for Fed
Prov
inc
Capital surplus
$487,819
60,193
Total.;
Inc
$229,220
1,767,818
transf to surplus.
Previous surplus
.
x85
x2,012
$1,996,953
211,768
$2,206,809
438,991
$2,229,468
442,214
447,520
$1,785,185
$1,767,818
$1,787,254
Surplus!.....:
Dividends paid in cash...
as
1938
1937
Notes receivable..
925
Accts. receivable..
246,696
286,304
Other
53,554
111,755
Accts.
Mkt. sec. (at cost)
Inventories
Due
from
:...
Accounts payable.
Accrued
161
Value of life insur.
74,175
60,705
Mortgage recelv.'.
'41,000
41,000
113,458
5,351
credit
1,950
1,485
29,981
27,693
pref. stock..
Second pref. stock
8,502
Karned
18,868
....$8,154,938 $8,225,528
Total.
Represented by 247,500 no par shares
b After depreciation
c Ex¬
cluding stock in treasury
d Of which $3,950,000 arising from reduction in
1938 of the capital represented by the outstanding common shares and
$1,575 arising from the purchase and retirement in 1938 of 150 shares of
1st preferred stock—V
148, p 1825
a
Machine Corp. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
on
Common
$2,655,706
2,151,067
$2,938,124
2,290.724
$2,721,881
2,13.5,111
$2,206,663
1,818,718
Earned per share
$504,640
41,415
1,143
140,885
$647,400
49,094
1,394
144,381
55,000
$586,770
63,258
1,129
147,667
55,000
$387,945
150,804
debentures._
Depreciation
Prov. for contingenciesLoss
on
capital assets
"
-
1.370
194,929
5,895
2,452
100.Q00 shs. $4
13,500
...
17.500
$299,136
$250,245
$279,431
.
$35,582
.
on
conv.
'
; $2.79
•
$2.50
»
$2.99
:
,
$0.35
and
1938
,
Consolidated Balance Sheet Dec. 31
a
77,394
67,896
9
9
-
1
y
'
1938
465,600
1
Deficit..,
.....
Current liabilities
.
.
1,411,686
51,867
Total
—.
—
—..$4,073,283 $3,977,178
1937
1936
1935
$3,161,492
13,547
—
Total income..*
Amortiz. of bond disct.
$3,386,642
22,401
$3,378,654
58,770
$3,244,670
51,458
$3,175,039
2,289,395
$3,409,043
2,394,126
$3,437,424
2,505,523
48,449
16,895
57",725
69,682
79,901
10,669
208,406
277,029
527,491
15,188
341,866
10,615
263,107
486,587
2 ,496,476
,
on cost.
hotel trans¬
357,837
—
x$254,057
—
The stockholders at
a
$127,283
special meeting held Feb. 14, 1939, approved a
revaluation of capital assets proposed by the directors as of Jan. 1, 1938,
which revaluation resulted in a net reduction of $1,231,499 in the value of
the capital assets.
As a result of this revaluation, charges to income for the
ended Dec. 31, 1938,
were reduced
by the following amounts:
Can¬
celed leases ($299,024 would have been canceled by expiration in 1938, had
the revaluation not been made). $289,311; depletion and depreciation on
developed leaseholds and royalties
and equipment
thereon,
$85,840;
de-
P^iation on other fixed assets. $152,140; cost of well abandonments,
$41,975; total, $569,265.
If .capital assets had not been revalued, opera¬
tions for the year would have resulted in a net loss of $315,208.
Notes—(1) Federal and State gasoline taxes and other refined oil taxes
(of approximately $560,000 in 1938 have been excluded from
charges.
income and from operating
gross
operating
$3,854,002
$4,008,192
$3,501,85.3
1,646,934
311,844
1,372,196
1,111,799
227,498
c38,135
c4,815
29,633
325~666
415~492
249,507
-
18,970
5,878
321,598
67,200
55,000
$1,816,108
b875,695
408,658
Earnings per share.....
$4.44
b Not including dividends paid in treasury stock (19,460) shares at
carrying value of $22.50 per share), $437,850.
c Interest paid only.
Dividends paid
Shs. com. outst. (no par)
$1,898,982
1,328,138
408,658
$4.65
$1,477,089
919,481
loss$700,182
—
408,658
$3.61
408,658
Nil
Consolidated Balance Sheet Dec. 31
.4 ssets—
$18,579 loss$258.495
$3,4.39,981
61,871
sale of securities.
Prov. for Fed. taxes, &c_
Prov. for Fed. surtax
14,719
...
1935
80,001
c61,782
Depreciation
1,223,649
Accounts
1,660.611
....
Rank loans
1,714,479
1,273,517
2,280.778
216,692
340,150
investments
Land,bldgs.,ma¬
chinery & equip. 5,789,331
Total
.
—
.10,245,007
and
$1,500,000 not current,
148, p. 2613.
—V.
,
228,126
217,045
23,000
d46,000
50,578
397,777
.
5,587,500
5,587,500
stock.. Z?rl47,533 Z>rl47.533
2,799,735
Earned surplus... 2,099,553
11,120,940
current
S
f2,000,000 e2,000,000
int.,&c
surance,
1
After deducting $2,879,665 in
sented by 412,500 shares (no par),
d $23,000
1937
220,416
Reserve for taxes.
149,019
a
S
403,782
Accrd. payrolls, in¬
5,853,826
1
_
'
Landcontrs. pay..
318,782
Goodwill & patents
Deferred charges.
,
payable-
545,111
Inventory
a
Liabilities—
$
$
Receivables
Misc.
1938
1937
1938
:
'1936
$3,928,191
91,124
1,202,360
353,358
Interest charges & bond
discount and expense.
on
Calendar Years
1937
$3,762,878
gen.
exps..
Cash
year
in 1938 and
40,535 shares
$946,951
administration
523,678
$3 ,296,128
180,846
_
Sundry
Depl. & deprec.
x
c
...
34.565
'Total prof it
Selling, shipping &
Loss
1938
Operating expense
Prop. & lease aban., &c_
Interest charges
Net profit.
61,977,561 63,019,702
—
depreciation
$912,387
1938
Net profit..
on auto
— .
for
(L. A.) Young Spring & Wire Corp. (& Subs.)-—Earns.
Gross profit from sales..
Other income.
F.) Wilcox Oil & Gas Co.—Earnings—
action
Total
reserve
b 2,000,000 shares of no par value,
cost.—V. 148, p. 2613.
"
Consolidated Income Account for
52,739
Operating earnings
Loss
2,263,544
surplus—36,638,934 36,172,051
in 1937.
•
'.'..$4,073,283 $3,977,1781
income.
at
78,064
2,263,544
63,019,702
$10,250,768
deducting
$9,808,781
335,955
1.534,565
Calendar Years—
Other
61,977,561
After
489,866
2,188,464
1,827,009
Earned
10 430,592
Stocks and bonds.16 ,645,164
a
489,866
2,661,611
Paid-in surplus—
1,925,992
9,165,419
19,103,594
Other investments 1 343,786
1,265,311
Deferred charges._
154,818
133,167
1 925,992
...
Total.
payable
for,general &
Federal taxes
2,480,493
4,5.78,914
4,327,979
348,998
a Represented
by 200,000 shares of no par value,
b Represented by
100,000 shares of no par value,
c After depreciation of $2,357,577 in 1938
and $2,212,515 in 1937.
d After reserve for doubtful accounts and notes
of $1.28,439 in 1938 and $112,616 in 1937.—V: 148, p. 3249.
(Hi
Dividends
Res.
Other reserves....
2 902,282
Inv. in co.'s own
' 725,500
332,951
249,577
1,411,687
Accounts
Inventories
1
1 ,317,826
Deferred charges..
.Total
,_,
,
$
stock.19,200,000 19,200,000
878,769
payable.
645,541
b Common
bldgs
equip..
stock—
1937
$
Liabilities—
.
Real est.,
369,318
Instalment accts..
Inventories..
$
1938
J 937
$
.9,838,114
9, 690,588
6,063,638
G'dwill, pats., &c: 6 063,638
Cash
.....12, 820,700 13,043,973.
c
in
Consolidated Balance Sheet Dec. 31
24
.
dNotes & accts.rec.
Includes special dividend of $979,732 declared out of 1935 profits and
profits,
b Includes extra dividends of $1,469,598 declared and paid
1938 ($2,449,330 in 1937).
c Includes $649,658 other income.
750,000
641,000
Capital surplus..
501,058
24,
750,000
debt
Reserves..
I
811,568
Pats. & goodwill..
Cash
Cash with trustee
Common stock.,
Funded
compensat'n ins.
assets
$873,918
$3.86
...
paid on Jan. 2, 1936.
r Includes extra dividends of $979,732 declared and
paid in 1936.
a No provision was necessary for surtax on undistributed
$5,000,000 $5,000,000
stock
b Preferred
1937
1938
Liabilities—
1937
1938
Property acct.. $ 1 ,348,993 $1,451,567
Cash in workmen's
c
other
$1,520,589
$4.19
—
Accts, & notes rec.
(no par)..—
fund, &c
$415,869
$4.37
mach. &
deducting cost of sales amounting to $2,689,527 in
$2,612,354 in 1937.
.
.
Misc.
$305,790
$3.82
Surplus.
a
After
Assets—
$7,724,616
y6,850,698
5,261
9,285
42,000
.50,500
68,500
Prov. for Federal surtax.
x
$8,378,713
z6,858,124
Assets—
income tax...*.
preferred
$8,743,591
b8,327,722
—
*
scrapped, &c__
1935
1936
1937
$7,653,780
dividends—b7,347,990
Net income.
Prov. for normal Federal
Net profit...
Earnings per share
1938
—
Federal taxes
$2,015,525
191,138
Other interest
being notified
\-
.
.62,825
Profit
Interest
are
oper—c$21,702,760 $21,098,003 $21,049,227 $20,117,716
11,848,530
10,287,700
10,644,885
10,640,720
611,889
604,639
595,063
611,624
1,588,561
al,462,074
al ,430,567
1,140,755
$2,659,056
exps."
gen.
bonds due Jan. 1, 1962
Sell., gen. &adm. exps..
Depreciation
1935
Gross income.:
Sell.,admin. &
.
Consolidated Income Account for Calendar Years
Net profit from
x$2,632,014 x$2,900,109
23,692
38,015
Gross profit on sales
Other income...
"
'
(Wm.) Wrigley Jr. Co. (& Subs.)—Earnings—
1936
♦
1937
1938
'
•
'
.
Company also announced that there has been called for redemption on
Sept. 1, 1939, at par and accrued interest, $149,500 of its second mortgage
cumulative 5% income bonds (with conversion privileges) due Jan. 1, 1962,
which will be payable at the Chase National Bank, trustee.
Holders of the
drawn bonds have the right to convert them into shares of common stock
of the company at the rate of 40 shares of common for each $1,000 bond.
The conversion privilege will terminate on Aug. 22, 1939.—V. 148, p. 2138.
.
White Sewing
.
Woodward Iron Co.—Bonds Called—
St., N. Y. City.
6,822,385
22,986
'
Dec. 28, last.—V. 148, p. 1345.
1,767,818
Common stock..
i...$8,154,938 $8,225,528
dividend of 75 cents per share on account of
the 7% cumulative preferred stock, par $100, payable
holders of record June 5.
Dividend of 50 cents was paid on
4,950,000
1 ,000,000
surplus... 1 ,785,185
Capital surplus-__d3 ,951,575
a
15 to
June
Holders of first mortgage 5%
and
Total.:
.
After allowance for
by City Bank Farmers Trust Co., as trustee, that there has been drawn
by lot for redemption on July 1, 1939, out of sinking fund moneys, at 104%
and accrued interest, $101,000 principal amount of these bonds.
Payment
of the drawn bonds will be made at the office of the trustee, 22 William
1 ,230,800 cl,245,800
c49,500
50,000
4,972
19,245
charges
..$4,643,041 $5,084,941
Directors have declared a
4,084
3,263
6,813,155
exp.
—
accumulations on
1,365
4,143
•33,502
market'lc secur.
deferred
accts.
rec.,
Res.for ins.& tax.
Accrued interest on
Prepaid
accr.
Wisconsin dlv. tax
First
(sees.)
Treasury stock...
b Prop., goodwill,
.
15,
(Alan) Wood Steel Co.—Accumulated Dividend—
$
$60,459
$21,143
75,991
2,685
Unclaimed dlvs
256
& employees—
&C..
taxes
balances.
officers
Investments
Jan.
liabilities.
- •
'
losses,
b Alter deducting allowance for depletion
depreciation,
c Par value $5.
d Called for redemption Jan. 1, 1939.
Called for redemption on March 1, 1939.—V. 148, p. 2763.
1937
$
Liabilities—
$67,053
802,495
1,233
$148,156
698,120
Cash......
beginning
current
a
e
31
Comparative Balance Sheet Dec
1938
Assets—
of $16,666.67,
and
Surplus charges.
x
Total
149,208
1,145,977
notes aggregating $900,000, which mature in
Consists of 54
instalments
$2,063,609
credits to surpl
—.$4,643,041 $5,084,9411
2,429,638
monthly
1939, and continuing to
Dec. 15, 1941, when the balance of $316,666.55 matures.
Interest at the
rate of 4% per annum is payable monthly Ip advance.
The mortgage
indenture which covers certain producing properties and oil well equipment
includes, among other conditions, the requirements to further develop
properties mortgaged.
Of the $900,000 notes above $200,000 are classified
-
x
Miscell
—
137,300
2,437,841
252,051
75,263
...
Common stock.
c
$491,298
69,731
$300,327
72"4"666
d576,234
Pur. money obligs.
55,784
Fed
income tax)....
67,686
58,886
Reserves...
48,878
Earned surplus
Net
125,011
ing
Unexp'd
red.
bonds & pref.
stock—
$211,760
$175,051
130,121
32,187
Prtn. amt. of bonds
94
Cash dep. for
a
payable-
currently matur¬
amt. due
from affiliated—
Current
$432,035
;
1937
1938
$140,448
Cash
Gross sales, less discount,
returns
considered necessary for Federal income tax for the
depreciation and depletion to be claimed for Federal income
will be substantially in excess of the amount charged in the
No provision is
current year as
dividend of 50 cents per share on the $5 cum.
prior pref. stock, payable July 1 to holders of record June 13.
Like amount
was paid on April 1, Jan. 3 and Oct. 1 last and prior thereto regular quarterly
distributions of $1.25 per share were made on this issueV. 148, p. 2762.
Directors have declared a
White Rock Mineral
June 3, 1939
Chronicle
b
c
Capital stock
Treasury
..—10,245,007 11,120,940
Total
1938 and $2,643,945 in 1937.
b Repre¬
Represented by 3,842 shares at cost,
$23,000 not current
©$500,000 current and
f $250,000 current and $1,750,000 not current
c
.
'
Volume
148
Financial
Chronicle
COMMERCIAL EPITOME
July futures
6.06c.
Coffee—On the 27th ult. futures closed 1 to 3 points net
lower for the Santos contract.
The nominal range on old
3
was
With
14 milreis per 10 kilos.
at 20 milreis and
1
Soft and hard 4s
100 reis
were
trading
and trade interests.
the
There
primary markets t*hat could
Brazil's dollar rate
to the dollar.
of Rio 7s
was
203,000
amounted to
as
a
?
totaling only 8 lots.
extremely dull, with
Havre futures
to
ignored.
news was
points net lower for
the Santos contract, with sales
totaling 63 lots.
nofl sales recorded in the Rio contracts.
Santos coffee futures sagged in the
>
There
early trading.
1940,
and
other
1940
July stood at 6.07c.,
During early afternoon
up
18.94 to the dollar.
Cost
steady.
positions.
In the
switched into May,
was
1 point, while May was at 6.25c.,
The Brazilian milreis was 60 reis weaker at
off 4 points.
lower.
July
as
were
Distant months in
Spot 7s in Rio de Janeiro
and
freight
Mild coffees
offers
from
firm.
were
franc
Brazil
barely
were
In Havre futures
1
were
higher to Yi franc lower.
from
200 reis
were
Brazil
High export figures for May
deemed encouraging, especially as
pricey
were
advanced despite the
1
point
with
up
sales
large shipments..
Today futures closed
to 3 points net lower for the-Santos contracts,
totaling 46 lots.
traded in old
Rio,
There
only
was
one
contract
Scattered selling of coffee futures
was
attributed to declines of 31/£ to 4 francs in the Havre market
and a fall in milreis
exchange of 210 reis.
During early
afternoon Santos contracts
old
Rio
contracts
quotation
and
on
freight
Santos
Mild
4s
offers
from
Brazil
an
were
The free
market
initial dip.
barely
steady,
Cost
with
same range as
yesterday.
steady despite resales of Manizales at
were
■
•-
'
'
'
•
July
September
•"
4.311 December
4.22
[ March
December
'
as
4.2,5
4.25
follows:
—6.03 March
6.08 May
_;
'
follows:
as
Santos coffee prices closed
May
points lower, while
points lower.>
the milreis firmed after
Rio coffee prices closed
July
September.
1 to 6
holding in about the
coffees
12 %c.
2
were
were
6.19
6.2.3
June
Exports of Brazilian Coffee Reached Highest
Monthly Total Since October, 1935, According to
New York Coffee & Sugar
Exchange
New
1.
million
bag
U.S.-Brazil-wheat-coffee
contrasted with 242,110 tons
on
the
on
same
placed at 131,882 tons
are
as
against
date in 1938.
new crop
1,525,000 long tons.
during the similar four months of
approximately 49.5%.
May 1, 1939
has commenced and has been officially limited
Last year's production totaled 1,376,824 tons.
on some
totaled 119 lots.
Transactions
•
short covering and some demand from manufacturer
interests,
The improvement was short-lived, however, and
the market closed at about the lows of the
tions
totaled
119
lots,
switches, of which 7
1,809
or
were
was
tons.
day.
This
.
Transac¬
included
16
July-September transactions at 13
points and 1 at 12 points.
Market
During
prices showed net gains of 4 to 5 points
The London Terminal Cocoa
closed in observance of the Whitsuntide holidays.
Local
closing: June, 4.33; July, 4.35; Sept., 4.46; Dec., 4.63;
March, 4.79; May, 4.89.
On the 31st ult. futures closed 8
to 5 points net lower.
Transactions totaled 108 lots.
Scat¬
tered liquidation in cocoa caused the market to yield 2 to 3
points early in the session.
Only 62 lots were traded to early
afternoon.
The London market was steady.
Warehouse
stocks reached a new high record volume when overnight
addition of 700 bags brought the total to 1,402,344 bags.
A year ago stocks were less than one-half that total at 674,546
;bags.
On the other hand, there are only 200 bags of cocoa
afloat at present for New York, all from Brazil.
No African
cocoa is afloat, whereas a year ago afloats totaled
nearly
50*000 bags for New York, 44,800 bags being African cocoas.
Local closing: July 4.27; Sept. 4.40; Dec. 4.57.
On the 1st inst.- futures closed 1 to 2 points net lower.
Transactions totaled only §1 lots.
Cocoa futures sagged
slowly in quiet trading.
Only 45 lots' had been traded up
to early afternoon.. London was steady.
It is said that
Brazil has been doing a little hedge selling since suspension
of the
German
all-time
cocoa
Warehouse stocks reached
deal.
high here when
an
overnight increase of 5,800 bags
raised the total td 1,408,109 bags compared with 674,224
bags a year ago.
A Gold Coast cable reported that exports
in May had. totaled 17,511 tons compared with 27,443 tons
shipped in May* of last year.
Local closing: July, 4.26;
Sept., 4.39; Oct., 4.44; Dec., 4.55; Jan., 4.61; March, 4.71.
Today futures closed 3 points net lower on active deliveries.
Transactions totaled 212 lots.
Trading in cocoa expanded a
little with benefit to prices,,
Buying by manufacturers and
dealers supposed to be covering short lines lifted the market
level 1 to 2 points in spite of further hedge selling credited to
Brazil and moderate volume of Wall. Street liquidation.
However, "the market became easy in the later trading and
showed fair net declines at the close.
Warehouse stocks
decreased 300,000 bags over night.
They now total 1,407,860 bags compared with 672,285 bags a year ago.
A cable
from Accra reported that harvesting of the mid-crop is pro¬
ceeding.
Rains are favorable to the growth of the new main
crop.
Local closing: July, 4.23; Sept., 4.36; Dec., 4.52;
an
March, 4.68.
...6.13
Exports of coffee from Brazil during May totaled 1,638,000
bags, the best monthly total since October, 1935, cables to
the
as
the morning session
Mild coffees continued
On the 1st inst. futures closed 4 to 5
meanwhile .trading broadened
the
month last year, an increase of 18,194 tons
points net loweri
was
firm, with Manizales for shipment at 13c.
Brazilian offers
were steady;
Brazil cabled that the new crop would be per¬
July 1 but the
of
Cocoa—On the 29th ult. futures closed unchanged to 2
preceding week the total
Trading in coffee futures
same
Harvesting of the
were
move
coffee
an increase of 119,953 tons or
231,287 tons
Y to 1 franc lower after gains yesterday..
The Brazilian milreis weakened
by 60 reis against the dollar,
mitted to
however,
included in the clearances.
Sugaf- stocks in Java
424,000 bags, of which
being quoted at 18.88 to the dollar.
months of the
Exports for the first four months of the calendar year, 1939, totaled 362,-
1938,
trades reported in the Rio contracts.
no
11
The firm's announcement further said:
063 tons
guide to trading.
only 295,000 bags.
On the 31st ult. futures
points net lower for the Santos contract, with
closed 6 to 7,
sales
In the
areas.
same
according to advices received by Lamborn & Co., New York.
for the United States, 200,000 for Europe and
were
21,000 for all other
was
tons in the
by 20 reis at 13,820 milreis
were
Brazil has exported 15,-
Tons Above Last Year
At 13,800 milreis per 10 kilos the spot price
200 reis lower.
Havre was closed for a holiday.
Exports from Brazil last week
13,471,000 bags during the
a gain of
Exports of sugar from Java during the month of April,
1939, amounted to 81,443 long tons as compared with 63,249
activity in actuals or in
no
serve
weaker
was
for the account of operators
was
was
Official
April Sugar Exports from Java Increased 18,194
higher
On the 29th ult. futures
Nominally the old Rio contract
point higher to unchanged and the new Rio unchanged.
The scattered Santos
when,
barter
closed 2 to 4 points net lower for the Santos
contracts, with
sales totaling
only 9 lots.
was
April 29 to
advanced 200 ries to
was
18.1, respectively.
rose from 5.85c. on
during May reached 6.25c.
history, 17,152,000 bags, made during the 1930-31
year
today and will be closed Monday.
In Brazil the spot
price of Rio 7s
Exchange
time
one
1,806,000 bags or 13.4%.
It is likely, therefore,
that the best previous season's
shipments, 1933-34, of 16,317,000 bags will
be surpassed and the total for
the 1938-39 year should not fall much short
of the best
shipments in
to 1 higher.
Transactions in futures totalep
only 4 lots, all of which were in the Santos contract.
The
closed
at
month of the coffee crop
year to go,
1937-38 season,
unchanged
was
one
277,000 bags against
points higher to unchanged, and in the new Rio
Havre market
in the New York
May 31 and
spot prices in the port of Santos advanced
700 reis per 10 kilos during the
month, a gain of about 4%.
Friday Night, June 2, 1939
Rios
on
3399
York
Coffee
and
April shipments
Sugar
Exchange revealed
on
1,232,000 bags while May
last year amounted to 1,439,000
bags.
Doubly gratifying
were
to Brazil was the rise in
price during May which accom¬
panied the expanded sales, said the Exchange's announce¬
ment, which went
on
to state:
Sugar—On the 29th ult. futures closed 1 point off for the
active deliveries of the domestic contract, with sales totaling
only 23 lots. The market
today occurring as late
balance of the session 23 lots
a
extremely quiet, the first sales
midafternoon, but during the
was
as
were
pre-holiday affair, and traders
the
outcome
of
the
Cuban
traded.
were
Senate
The market
was
inclined to wait for
meeting,
which
was
scheduled for late Monday, and for further developments in
refined.
In the market for raws trading was also quiet, with
asking prices about unchanged from Friday, i.e., 2.90c. for
duty frees and 2c. for Cubas.
Refiners showed no interest.
The world sugar contract closed Y2 point lower to 1 point
higher, with sales totaling .50 lots.
Trading was limited
3400
Financial
because of holidays both
-
On the 31st
here and in London.
Chronicle
Port—(Export), mess, $20.8734 per barrel
(per 200
pounds); family (40-50 pieces to barrel), $17.75 per barrel.
Beef: (export), steady.
Family (export), $22 per barrel
(200
pounds),
nominal.
Cut Meats;
Pickled
Hams:
Picnic, loose, c. a. f.—4 to 6 lbs., 1234c.; 6 to 8 lbs., 1234c.;
ult. futures closed unchanged to 1 point net lower for the
domestic contracts, with sales totaling 231 lots.
The world
sugar contract closed unchanged to 34 point down, with the
exception of July, which closed with a net gain of 3 points.
Transactions in
the
world contract
totaled
16
lots.
domestic market stood unchanged to 2 points higher
The
during
It was reported that one small lot of-raws
Monday. Sellers today were asking 2.90c.
up.
Cubas in port were offered at 2c. without duty. Refined
sugar was dull.
The price remains at 4.50c. a pound not¬
withstanding the cut in the West by beet sugar distributors.
The response in the West to the reduced price was reported
good.
Nothing more was heard about the Cuban debt
settlement.
The World sugar futures market was only
moderately active. During early afternoon July was 6 points
higher at 1.37c. on short covering. Other positions were un¬
changed to 34 point higher. London futures were unchanged
to 234d. higher.
The fist raw sugar sales in 3 weeks were
reported made in London at the equivalent of 1.29c. a pound
early afternoon.
sold at 2.85c.
f.
o.
on
b-Cuba.
On the 1st inst. futures closed
unchanged to 1 point net
lower for the domestic contracts, with sales totaling 99 lots.
The world sugar contract closed
34 point lower for all
deliveries
with
March.
.2.01
May_-
.2.02
.1.98
Lard—On the 27th ult. futures closed 2 to 7 points net
The market ruled heavy during most of the session,
lower.
prices at one time showing losses of 5 to 7 points compared
with previous finals.
Hog prices at the close were steady.
Western hog receipts were light and totaled 7,200 head,
against 14,000 head for the same day a year ago.
Gn the
29th ult. futures closed 2 to 5 points net lower.
Trading
was extremely
light and fluctuations narrow, the market
reflecting pre-holiday dulness.
No export sales of American
lard were reported.
Hog prices at Chicago remained steady
and scattered sales were reported at prices
ranging from
$6.10 to $6.95.
Western hog marketings were quite heavy
and totaled 73,000 head.
On the 31st ult, futures closed
unchanged to 2 points lower.
Trading was light and without
particular feature.
Fluctuations were extremely narrow.
Early prices were 2 to 5 points net higher.
Western hog
receipts were very heavy and totaled 89,300 head, against
49,700 head for the same day last year.
Prices on hogs at
Chicago ruled steady and during the day sales were reported
at prices ranging from $6.15 to $6.95.
Liverpool lard futures
were unchanged compared with the
previous closing prices.
On the 1st inst. futures closed 7 to 10 points net lower.
The market ended at about the lows of the
day, and ruled
heavy during most of the session. A falling off in the export
demand and bearish figures on hogs, were influences that
tended to keep prices down. Export clearances of lard from
the Port of New York today were 397,500
pounds, destined
for London, Liverpool, Southampton and
Glasgow.
Liver¬
pool lard futures were 6d. to 9d. lower.
Hog prices at
Chicago ranged from $6 to $6.90.
Western hog receipts
totaled 68,200 head, against 45,800 head for the same
day
a year ago.
Today futures closed 5 to 2 points net lower.
Trading was light, with fluctuations narrow.
Hog prices
were mostly 10 to 15c. off
today, with top of $6.75, which
was the lowest
point in five years. '
16c.
c.
a.
f.—14 to 16 lbs.,
Bellies: Clear, f.
o.
b. New
York—6 to 8 lbs., 14c.; 8 to 10 lbs., 13c.; 10 to 12 lbs., 12c.
Clear, dry salted, boxed, N. Y.—16 to 18lbs., 9^c.;
Bellies:
9Ke.; 20 to 25 lbs., 934c.; 25 to 30 lbs., 934c.
Creamery, firsts to higher than extra and premium
marks: 2234c. to 2434c.
Cheese: State, held '38, 1634c.
to 19c.
Eggs: Mixed colors, checks to special packs: 1334c.
to 1834c.
18 to 20 lbs.,
Butter:
Oils—Linseed oil crushers note little change in the linseed
Prices are holding firm at 8.4c.
Quotations:
China wood, nearby, tanks—1734 to 18.
Coconut: Crude,
oil market.'
tanks, nearby—.0334; Pacific Coast, .03 bid.
Corn: Crude,
West, tanks, nearby— .05Y% bid. • Olive: Denatured, drums,
carlots, shipments—70 to 80; spot—82 to 83.
Soy Bean:
Crude, tanks, west—.04J4 to .05; L. C. L., N. Y.—6.7 to
6.8.
Edible: Coconut, 76 degrees—.0834 offer.
Lard: Ex.
Cod: Crude, Norwegian light fil¬
Turpentine: 29 to 31.
Rosins: $4.75 to
Oil sales yesterday, including switches, 95
Crude, S. E. 534c. • Prices closed as follows: •
Cottonseed
contracts.
October--
June
6.50®
July
August——
6.51 @ 6.53 November
December
6.51 @
n
6.67@ 6.68 January
September
;—
n
,
;
6.73©
6.72©
6.78©
6.82 @
6.74
n
6.79
6.84
Rubber—On the 29th ult. futures closed 3 to 8 points net
Transactions totaled 510 tons.
While the market
quiet during most of the session, the undertone was
steady.
With both foreign markets closed today, little
activity was reported on the floor.
The outside market was
also dull.
Spot standard No. 1 ribbed smoked sheets in the
actual market advanced 1-16 to 16 9-16c.
Local closing:
June, 16.40; July, 16.42; Sept., 16.48; Dec., 16.49; Jan
(1940), 16.50.
On the 31st ult. futures closed 10 to 13
points net higher.
Transactions totaled 75 lots.
Trading
in rubber futures continued limited, but prices were firm.
During early afternoon the market was 10 to 12 points net
higher, with July selling at 16.52c. and September at 16.59c.
higher.
ruled
Sales to that time totaled 470 tons, of which 30 tons were
>
.1.97
Skinned, loose,
$7.65.
buying movement in refined which is due shortly.
In the
world sugar market the tone was easy in sympathy with
London where prices were as much as 33id. lower.
Prices
receded 1 Yz to 2Yz points during early afternoon.
Cables
reported that P. O. Licht had raised his estimate of the beat
sugar acreage in Europe by 18,000 hectares to a total of
1,874,000 hectares, which compares with his estimate of
1,816,000 last yeah
The international sugars council will
..
12c.
18 to 20 lbs.,
winter, prime—9 offer.
market of refiners to accumulate sugars to cover the next1
meet in London June 13.
17%c.;
tered—30 offer.
the
exception of July, which closed 434
points net lower.
Transactions in the world sugar contract
totaled 188 lots.
Raws were quiet.
About 2,000 tons of
nearby Philippines were offered at 2.90c., while other offers
ranged up to 2.95c. The tone of the refined sugar market
.strengthened.
American Sugar announced that effective
tomorrow its price would be 4.50c. in all territories.
The
company recently had net a price cut by beet processors in
western territory.
The world sugar market was unchanged to
34 point lower in early afternoon except for July, which was
off 4 points to 1.30c., on renewed liquidation believed to
have been for a big long interest recently a seller.
In London
futures were unchanged to Id. lower, with July shipment
raws there offered at the equivalent of 1.32c. a
pound f. o. b.
Cuba.
Today futures closed unchanged to 2 point.* net
higher for the domestic contract, with sales totaling 67 lots.
The world sugar contract closed 3Yz to 234 points net lower,
with sales totaling 118 lots., The sugar markets maintained
the waiting attitude which has characterized them lately.
Domestic futures were unchanged this afternoon in quiet
trading. In. the raw sugar market offers were made at 2.90c.
as heretofore, but buyers did not indicate
any interest above
2.85c.
Traders live in hourly expectation of return to the
July
September
January
10 lbs.,
8 to
June 3, 1939
exchanged for physicals.
The London market closed steady,
unchanged to 5-32d. higher.
United Kingdom rubber
stocks decreased 513 tons last week.
They now total 64,530
tons.
London rubber circles are reported opposed to the
Washington plan for bartering rubber for wheat and cotton.
Singapore was steady, unchanged to 5-32d. higher.
Local
closing: July, 16.52; Sept., 16.59; Oct., 16.61; Dec., 16.62;
Jan., 16.63; March, 16.64.
On the 1st inst. futures closed ,10 to 6 points net lower.
Transactions totaled 71 lots.
An easy trend developed in
the crude rubber futures market, with the result that prices
slipped off as much as 13 to 14 points during the early trad¬
ing.
The session, however, was an unusually quiet one,
totaling only 330 tons up to early afternoon.
Tire figures
for April were regarded as favorable.
London closed un¬
changed to 1-16d. lower.
Singapore was unchanged to
1-32(L higher.
Shipments from Malaya during May totaled
42,214 tons.
Local closing: July, 16.42; Sept., 16.49; Dec.,.
16.52; March, 16.58.
Today futures closed 3 to 12 points
Transactions totaled 155 lots.
net lower.
Rubber futures
in sympathy with London, where prices were as
much as 3-32d. lower/. During early afternoon the market
was off 5 points.
Sales to that time totaled 890 tons, of
which 460 tons were exchanged for physical rubber.
It was
estimated that the United Kingdom stocks would ehowan
increase of 850 tons this week.
Exports from producing
countries in April registered a gain of about 10,000 ton.; over
the March figures.
Local closing: July,-16.39; Sept., 16.41;
Dec., 16.45; Jan., 16.45; March, 16.46.
were
easy
.
DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO
__
May
July---
September
October.
December
Sat.
Mon.
Tues.
6.50
6.65
6.70
6.62
O
6.65
6.62
.
6.47
6.40
L
6.47
6.62
Wed.
6.40
Thurs.
h
6.60
6.65
6.60
6.52
6.55
6.52
Fri.
6.47
6.47
6.50
6.50
Hides—On the 27th ult. futures closed 1 to 7
points net
covering both contracts. The market ruled
heavy during most of the session, with business sluggish. It
is reported that a better feeling prevails in the spot hide
markets, but this was not reflected in the futures depart¬
ment.
There were no sales in the old contract this morning,
lower, this
while the
range
new
contract recorded
transactions of
1,280,000
No sales were reported in the domestic spot hide
market today.
Local closing: New contract: June, 11.01;
Sept., 11.40; Dec., 11.72.
On the 29th ult. futures closed
9 to 12 points net higher, this range covering both old and
new contracts.
The opening range was 6 points lower for
the old contract, while the new contract ranged from 1 point
lower to 8 points advance.
Trading was relatively slow, with
transactions totaling 4,960,000 pounds in the new contract.
pounds.
There
were
no
sales
market's firmness
recorded
in
the
old
contract.
The
influenced largely by a
firmer securities
market, which induced some short covering. Offerings being
extremely light, the market proved quite sensitive to the
demand and closed substantially higher for the day.
Cer¬
was
tificated stocks of hides in warehouses licensed by the ex¬
change increased by 11,851 hides to a total of 1,288,231
hides.
During the past month there have been 93,000 hides
withdrawn from stocks for delivery on resales.
The do¬
mestic spot hide situation was quieb.
Local closing: New
Volume
Financial
148
Chronicle
Grade D today declined 60
yen at both Japanese centers,
contract:
June, 11.11; Sept., 11.49; Dec., 11.84; March
(1940), 12.16. On the 31st ult. futures closed 17 to 22 points
net lower, with transactions totaling 79 lots, all in the new
contracts.
The market ruled heavy today in small trading.
Sales to early afternoon totaled only 2,120,000 pounds.
It
was reported that 900 light native steers, May takeoff, sold
at 11 He., up H of a cent a pound.
Stocks of unsold hides
in the South American market are estimated at 98,500 pieces,
of which 50,000 are standard steer hides.
Packers are
firm in their ideas, but tanners are hesitating
reported decline in shoe manufacturing activity
in New
England.
Local closing: New contracts: June,
10.94; Sept., 11.32; Dec., 11.62.
reported
owing to
with the Kobe price for Grade D at
1,225 yen.
at these
primary markets were 375
buying, liquidation
and profit taking were the principal
Monday. Local transactions in futures
bales, including 1,760 bales on the No.fcl
contract and 40 bales on the No. 2 contract.
Local closing:
No. 1 contract: June,
2.60; July, 2.47H; Aug., 2.34H; Sept.,
2.28H; Oct., 2.25H
Contract No. 2: June, 2.60; July,
features
a
'*
,
%
unusually
week. However, the holidays played a promi¬
nent part in this dullness.
Charters included: Trip: Round
trip Canadian trade, delivery and redelivery north of Hatteras, June, SI.40.
Sugar: San Domingo to Casablanca,
June, 17s, option Cuba loading, 18s.
Cuba to United King¬
dom, June 15-30, 18s.
Scrap: Atlantic range to Mediter¬
ranean, June loading.
Time: Trip across, delivery North of
Hatteras, June, $1.52H'. Ore: Durban to Rotterdam,, 16s
6d, 3d trimming, June.
Rio de Janeiro to Rotterdam, 16s
3d, Is load, Is discharge, June.
Charters, Tankers: Mo¬
lasses, Cuba to United Kingdom-Continent, June, 15s 6d.
Aruba to United Kingdom, June, 10s.
Aruba to Teneriffe,
June, 6s 9d.
Twelve months' lubricating oil tradecom¬
mencing about Sept., 7s 6d.
•
' "
.
Coal—There
Anthracite
is
much
situation,
uncertainty
latest
as
prices in
The
state.
bill,
Prices here
were as
much
5c.
pound lower on
All sales made
up to this time were in the No. 1 contract, totaling 600 bales.
In the New York
spot market the price of crack double extra
silk declined 4Hc. to
$2.58H«
Liquidation of speculative
lines was the cause of the fall.
Japanese interests are under¬
stood to have speculated
heavily here as well as in the
Japanese markets.
Yokohama Bourse prices closed 6 to 17
yen lower.
Grade D silk was 35 yen lower at 1,195 yen a
bale.
Local closing:*No. 1 contracts: June,
2.49H; July,
2.40; Aug., 2.28H; Oct., 2.21; Nov.* 2.16H; Dec., 2.15H;
Jan., 2.15.
as
a
during early afternoon.
On the 1st inst. futures closed 3c.
up to lc. off for the No.
Transactions totaled 88 lots.
Only two con¬
tracts were traded in No. 2, and these were in the
September
1
Contract.
delivery which closed 3 points higher.
The market was
strong in the nearby deliveries, while the distant options were
relatively weak.
Dealer and importer interests were operat¬
was
concerns
advices
The decline in silk futures,
Monday continued after the intervening
the No. 1 contract
dull the past
the
in last
set
holiday.
f
✓
On the 31st ult. futures closed 9c. to 4c. net lower.
which
Sales of futures to that time totaled 4,760,000
Freights—The market for charters
the floor
Transactions totaled 140 lots.
pounds.
In the domestic spot market sales totaled 14,700
hides including light native cows of May takeoff at 11c.
In
the Argentine market sales amounted to 9,500 hides, includ¬
ing May frigorifico steers at 10%c.
Local closing: New
Contracts: June, 10.80; Sept., 11.15; Dec., 11.47; March,
11.80.
June (Old Contract): 10.00.
Today futures closed
8 to 10 points net higher for the new contracts, with sales
totaling 127 lots.
There was virtually no business in the
old .contract.
Raw hide futures opened lower, but rallied
under commission house buying of the September contract.
In the early trading light liquidation of June contracts was
reported.
During early afternoon the market was about 10
points higher on a turnover of 3,560,000 pounds, of which
I,280,000 pounds were exchanged for physicals.
Local
closing: New-Contracts: June, 10.88; Sept., 11.24; Dec.,
II.57; March, 11.89.
.
1,800
>2.35.
points net lower
for the new contracts, with sales totaling 216 lots.
The old
contract registered sales of only 2 lots in the June delivery at
a loss of 17 points.
Commission houses were sellers of raw
hide futures while dealers absorbed the offerings.
A dealer's
buying of September was an early feature.
Prices were
easy, showing net declines of 12 to 17 points during early
Ocean
on
totaled
On the 1st inst. futures closed 14 to 17
"
Spot sales
while futures
bales,
transactions totaled 15,300 bales.
Opening prices on the
local Exchange ruled 4c. to 9c. net lower on all
positions
except September which was lc. to lHc. higher.
Trade
as
afternoon.
3401
;
ing on, both sides of the market.
During early afternoon
prices were 1 He. higher on nearby positions while unchanged
on distant deliveries.
Sales to early afternoon totaled 250
bales.
The price of crack double extra silk declined He. to
$2.58 a pound.
The Yokohama Bourse closed 4 to 10 yen
higher, but the price of grade "D" silk outside was unchanged
at 1,195 yen a bale.
Local closing: No. 1 Contract: June,
2.46H; July, 2.38H; Aug., 2.26H; Sept., 2.23H; Oct.,
2.19H; Nov., 2.16H; Dec., 2.15; Jan., 2.14.
Today futures
closed 2He. up to unchanged for the No. 1 Contract, with
sales totaling 74 lots.
The No. 2 Contract closed 4 to 7c.
net higher, with sales totaling only 9 lots.
Today was
observed as a holiday in Yokohama, a fact which affected
trading here somewhat.
Dealings were small and price
fluctuations narrow during the early trading."
However,
the market ruled heavy towards the close and ended with
some substantial losses for the day.
The local spot market
was unchanged with crack double extra
quoted at 2.58c. a
pound.
Local closing:,No. 1 Contracts: June, 2.49; July,
2.38H; Aug., 2.28; Sept., 2.24H; Oct.,-2.21; Nov., 2.18H;
Dec?., 2.17; Jari., 2.16HNo. 2 Contracts: June, 2.45;
July, 2.37.
,
,
which would have stabilized anthracite production in Penn¬
sylvania was defeated in the House and Senate of that State
Saturday afternoon. In view of this development there are
many in the industry who express fear thet prices will not
be maintained.
Leading anthracite coal operators here
announce that the circular prices on
wholesale anthracite
will be advanced 15c. per ton effective June 1.
Demand for
wholesale hard coal has been poor during fhe past few weeks.
Last week the miners worked three days.
Production has
been declining steadily during the past three weeks. Resump¬
tion of bituminous coal mining in the Appalachian field and
a church holiday on May 18 were contributing causes to a
sharp decline in the production of Pennsylvania anthracite
for the week of May 20.
Total output for the week is esti¬
mated at 924,000 tons, 37% less than production in the week
of May 13* and 15% less than that of May 21, 1938.
COTTON
V,'
■
The
grams
'
Friday Night, June 2, 1939
Movement
of
the
Crop,
indicated by
as
from the South tonight, is given below.
our
tele¬
For the week
ending this evening the total receipts have reached 17,870
bales, against 16,953 bales last week and 15,932 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,321,924 bales, against 6,977,219 bales for the
same
of
1,
1937-38,
showing
decrease
a
since
Aug.
Wed.
Thurs.
period
1938,
of
3,655,295 bales.
Receipts at—
Galveston
Wool—The wool situation the past week presents no note¬
worthy changes Outside of the fact that wool buying in the
west has dropped off sharply, which was rather natural after
the substantial sales,that were put through,
Wool buying
in, the wes3, after reaching a new high dual peak in volume
and price, has subsided considerably and all parties, growers,
dealers and manufacturers, are pausing to look the situation
* '
Sat.
Man.
1,648
666
Houston
Corpus Ghristi--
Tues.
1,922
2,292
203
13
185
92
4
721
1,024
1,322
1,366
Mobile-
3
126
23
172
Savannah
3
New Orleans
Lake Charles..
1,446
8,035
3,546
96
•*.
-
-
494
59
11
255
3
13
477
_
463
67
4,772
148
.
78
.
—-
-
339
22
3
51
-
-
20
Total
896
m
53
~-
1
Wilmington
Norfolk
~
Fri.
1,277
1,033
-
-
•
»
—
—
—
5
•
Baltimore
100
92
100
.
'
over
before
making
further
Commitments.
Conservative
estimates place the amount of wool taken out of first hands
at
110,000,000 pounds, or 30% of the expected clip.
part of the wool bought has been moved direct to
A large
consumers.
Referring to decreased receipts of wool into Boston during
April and early May, it is pointed out that an urgent and
early call for wool by manufacturers and top makers was
met in large part by dealers' shipments direct from the pro¬
ducers to the mills.
It is reported that demand for fine
wool is less active.
Leaders in the fleece wool trade estimate
that about 75% of the
Ohio,
Indiana,
southern Michigan
and similar medium wools from other States is out of first
hands, and that the unsold bright and semi-bright wools in
the country markets are firmly held against the eastern buyer.
Silk—On the 29th ult.
futures closed 7c.
to
11
He. net
lower for the No. 1 contract and unchanged to 13c. off for
the No. 2 contract.
Higher yields indicated in the first
reports from Japan caused quite a slump in the
primary markets and this naturally had a decidedly bearish
effect on prices in the local markets.
Grade D at Yokohama
today was 1,230 yen, as against 700 yen on May 27, 1938.
cocoon
Totals this week-
3,1.54
3,399
1,409
4,556
2,496
2,856
17,870
The following table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight, compared
with last year:
1938-39
1937-38
Stock
Receipts to-
Galveston
Houston
Corpus Christ!.
This
Since Aug
This
Since Aug
Week
June 2
1 1938
Week
1 1937
963,536
8,035
3,546 1,015,784
96
292,708
Beaumont
16,678
New Or leans—
4~ 772
494
Mobile
Pensacola, &c__
Jacksonville—
Savannah
_
„,—
255
Charleston
Lake Charles.-
Wilmington
Norfolk
""3
477
92
811,664
65,008
12,279
1,906
35,144
16,096
38,774
13,282
15,344
6",470
685,95'
731,67$
45,78$
16,761
430.253
709,47$
47,366
3,477
1,352
145,256
30,828
5,467
11,061
27,616
48,04(
8,49<
2,52.142,56C
39,365
15,001
24,094
28,96$
339
2,088,341
210,192
77/770
3,615
127,906
192,299
78,892
27,742
55,292
232
24,550
618
276
529
12
229
100
Boston
Totals
1938
477,418
562,697
44,663
31,792
New York
Baltimore
1939
7,102 1,883,484
1,507 1,796,174
111
399,115
11,847
100
23,721
17,870 3,321.924
10C
1,383
1,250
3,628
1,075
17,425 6,977,219 1,821,979 2,503,50
Chronicle
Financial
3402
comparison may be made with other years,
give below the totals at leading ports for six seasons:
8,035
3,546
4,772
618
276
255
Savannah,
Brunswick
Charleston..,
1935-36
973
7,102
1,507
6,470
494
Houston
New Orleans,
Mobile
1934-35
1933-34
6,217
4,926
27,006
3.968
241
2,515
11,964
3,832
1,062
6,132
3,228
6,536
472
3,395
3,590
19,132
102
2,651
962
"529
"""864
"""338
"459
1,276
229
339
942
1,647
84
709
803
555
29
796
477
92
...
N'port News-
"
All others.—
199
""355
""900
1,926
1,339
3,158
Total this wk.
17,870
17,425
23,761
47,072
18,907
34,989
i_. 3,655,295 6,977,219r6,170,456 6,595,660 3,958,582 7.099,409
Since Aug.
The exports
for the week ending this eveningreach astotal
Great Britain, 3,512
France, 3,602 to Germany, 2,442 to Italy, 13,564 to
Japan, 2,961 to China, and 4,718 to other destinations.
In
the corresponding week last year total exports were 55,261
bales. ' For the season to date aggregate exports have been
3,133,236 bales, against 5,339,773 bales in the same period
of the previous season.
Below are the exports for the week:
of 32,157 bales, of which 1,358 were to
•
to
Week Ended
Exports to—
June 2, 1939
Exports from—
Qreol
Jacksonville
„
733
3,153
1,941
1,039
1,911
1,768
1,171
176
449
660
5",048
9,187
7,588
7,698
" 35
•
...»
35
126
Angeles
'
Total
Other
779
3,942
3,433
1,709
317
China
Japan
Italy.
many
1,204
23
Houston
Los
France
514
New Orleans--i.
„
Ger¬
Britain
Galveston-
"
,
"50
San Francisco.
1,011
6,634
965
1,015
Total.—.
1,358
3,512
3,602
2,442
13,564
2,961
4,718
32,157
Total
1938.....
13,243
8,746
11,436
100
1937
4,394
1,394
14,422
Total
5,469
6.813
8,887
10,716
55,261
54,122
16,299
7,464
From
Galveston....
Houston.
Corpus Christ!
Brownsville
Beaumont
..
France
173
87,110
122,487 110,164
57,561 24,376
12,606
1,240
132,991
-
mt
M
83",133
Lake Charles.
10,788
5,192
Mobile
33,484
1,359
.
Jacksonville..
10,085
8,540
5,124
Savannah....
Charleston...
-
krm *
-
*
-
61~013
64,312
6,730
10,853
944
Pensacola, &e.
277,458
20£,279
24,351
«p
-
'
2,171
10,111
728
2,152
1..
5,172
131
New
339
66
400
139
90
99
Boston
..
San
~
Total
w
«.
-
«
179
6,333
•
-
-
*
-
1,936
11,024
6,916
1,511
10,276
4,235
«,
3,907
513
-
L
«.
-
82,742
«.«.
245,742
10
10
....
105,855
848,386
NOTE—Exports to Canada—It has never been
our
practice to include in the
shipments to Canada, the. reason being that virtually
ail the cotton destined to the Dominion comes overland and it is ltriposslble to give
returns concerning
the same from
week to week, while reports from the customs
always very slow In coming to hand.
In view,
however, 61 the numerous inquiries we are receiving regarding the matter, we will
that for the month of March the exports to the Dominion the present season
districts
on
the Canadian border
are
say
have
been 11,246 bales.
In the corresponding month of the preceding season
bales.
For the seven months ended March 31. 1939, there
124,090 bales exported as against 183,831 bales for the eight months of 1937-38.
the exports were 21,966
were
In addition to above exports, our telegrams
give us the following.amounts of cotton
cleared, at the ports namdd: '
on
tonight also
shipboard, not
the
1st
period the list
levels.
,
At
Futures
Shipboard Not Cleared for—
Britain
Galveston
L
France
1,731
Houston.
New Orleans..
Ger¬
400
289
Other
many
Foreign
650
28
.
100
1.151
2,125
2,200
1,202
,2,800
Savannah
„
Coast¬
wise
Stock
Total
5,343
4,187
7,500
500
543
2,000
500
...
Other ports*..-
Total 1939-Total 1938
Total 1937
2,420
8,562
13,638
Speculation
778
1,389
4,716
4,502
9,123
3,493
5,476
34,830
23,362
tered Wall
cotton
for
future
4,353
3,728
5,396
472,075
558,510
422,753
144,756
30,828
47,366
27,616
100,545
17,530 1,804,449
57,632 2,445,876
50,605 1,254,556
delivery
during the
past week was moderately active, with price trend irregu¬
lar.
The cotton situation is very little changed.
An inter¬
national cotton conference is to be called, but the Adminis¬
tration announces that this conference will
be purely "ex¬
little comfort in all this,
and with the extremely sluggish action of the Government
in trying to solve the cotton problem, it would seem as
ploratory/'
The trade finds
though the markets
some
are
very
destined to rule in the doldrums for
time to come.
On the 27th ult.
prices closed 2 points net lower for the old
crop July contracts, but 7 to 13 points net higher for the rest
of the list.
Active foreign and trade demand for new crop
deliveries carried the local cotton futures market today into
further new high ground for the season.
Old crop July con¬
tracts encountered increased liquidation, however and closed
with slight net losses.
The opening range was 1 point lower.
moderate
the market
mixed
was
3 to 7
points net lower.
the
Trade
opening,
advance of 2 points to
on
Street and professional liquidation on the new
crop contracts.
New Orleans brokers were buyers of May.
orders came intp the nearby months.
price-fixing
After the opening, prices held steady at opening levels of.l
Later in
the
day futures reacted and took „a
,
.
.
Today prices closed 8 points up to 3 points net lower.
Prices for cotton futures displayed an irregular tone today
a
moderate volume
close of
business,
of
sales.
A
short
time
before
the1
advance of 3
points to a decline of 6 points from the closing levels of
the previous day.
Around midday the market was 3 points
active positions showed
an
higher to 3 points lower.
Futures also' were mixed on the
opening, with initial prices 2 points above to 2 points below
yesterday's last quotations.
Liverpool, trade and Wall
Street
ness
buying accounted for the greater part of the busi¬
in futures at this
supplied by
in
a
with initial prices
registering an
a decline of 1 point
from the last quotations of the preceding day.
Brokers
with Bombay connections bought the distant positions, par¬
ticularly March and May.
There was a fair amount of
hedge selling in the July and October deliveries and scat¬
in
1,811
Charleston....
Mobile
Norfolk.
weak tone today in
downward course.
r
Leaving
Great
was
a
Shortly before the end of the trading
6 to 12 points below yesterday's closing
point lower to 2 points higher, and the volume of trading
June 2 at—
V
prices closed 7 to 14 points net lower.
displayed
noon
were
.diminished.
On
inst.
volume of business.
89,841 974,800 5339,773
22,678 681,616 5143,895
435,819 289,747
1937-38 1567,721 743,177
1936-37 1133,055 699,135
On
Cotton prices
94,250 627,241 3133,236
848,425 506,325 609,484
712,712 375,414 1519,280
446,925 390,868
above table reports of cotton
229
„
5,056
1,862
5,707
1,195
183,901
■
.....
66,412
1,302
11,338
8,700
-
.
«
•*
35,951
740
-
—
600
-
500
53,474
1,039
£25,004
21,394
155
200
20,628
3,645
-
—
~
-
9
29
-
......
Total
Total
-
22,182
16,511
Francisco
Seattle
m
»
J---
13
Philadelphia..
Los Angeles..
-
«
"33
258,574
£00
1.390
Trade
885,7-79
262
*
midday prices were unchanged to 6 points higher.
buying and Wall Street purchasing, offset by Southern
liquidation and hedge selling,' comprised the greater part of
the activity in the opening trading.
Bombay accounts
again bought the distant positions against sales in July.
New Orleans and cooperative interests bought October and
December.
Further Wall Street and professional buying
came into the October and December positions after the call.
Trading in futures on the Liverpool exchanges was restricted
today by Washington silence on. cotton legislation.
Short
covering absorbed limited outside hedging and the market
finished 2 to 8 points higher.
Open interest in July on the
New York Cotton .Exchange on Monday totaled 348,500
bales,a decrease of 8,600 from the previous trading day.
896,558
885
~
5,400
186
6,770
61
468
714
Baltimore
866
8,871 118,818
12,074
"295
785
York—
58,833
8,791
.
...
336
"360
511
.....
Around
.
71,113
1,066
Total
22,429 209,458
52,549 189,494
1,167
297
Gulf port.....
Norfolk
Other
China
■
M.
117,744
New Orleans
|
Japan
Italy
many
68,020 99,092
121,168 84,638
27,971 ,63,411
2,412 28,425
...
business active months registered a gain of 4 points to a loss
of 1 point from the closing levels of the previous trading day.
Ger¬
Great
Britain
A short time before the close of
volume of transactions.
Exported to—
Aug. 1, 1938 to
June 2, 1939
Exports from—
points higher.
Trade price fixing and buying from
were the chief sustaining features, while the rise was
also helped by the comparative smallness of the selling,
which was restricted mostly to a scale-up and represented
realizing, liquidation and hedging.
The Commodity Credit
Corp. reported that last week 19,754 bales had been taken
out of the loan by borrowing growers, compared with re¬
possessions of 9,937 bales a week earlier.
The amount of
new cotton pledged to the loan fell off to the smallest weekly
figure of the season at 1,899 bales, bringing total loan pledges
for the 1938 crop to 4,476,568 bales, less repossessions of
67,177 bales.
Southern spot markets today were unchanged
to 5 points lower, with middling quotations ranging from
9.00 up to 9.70.
On the 29th ult. prices closed with July 1
point lower and the new crop positions 10 to 13 points net
lower.
There was some rather heavy realizing today after
the advance of last week.
Trading was relatively quiet
owing to continued observance of Whitsuntide holidays in
all major foreign cotton markets except Bombay, and the
pending holiday in New York tomorrow.
Doubt that
foreign markets would respond to the recent domestic ad¬
vances because of the overhanging possibility of pressure of
American cotton abroad under an export subsidy program
seemed to influence selling here.
The local opening range
was 1 to 5 points off, due partly to the disappointing action
of Bombay and to increased hedge selling both against Ameri¬
can and South American cotton.
There was enough trade
price fixing and foreign buying of distant months in the early
trading to cause prices to rally a few points.
On the bulge,
however, profit taking set in again and prices fell off 12 to
15 points for the new crop deliveries.
Southern spot mar¬
kets today were unchanged to 12 points lower, with mid¬
dling quotations ranging from 8.99 to 9.69c.
On the 31st
ult. prices closed 7 to 4 points net higher;
After displaying
a firmer tone throughout the earlier part of the day, the cot¬
ton market turned irregular this afternoon in a moderate
abroad
~
Wilmington..
Norfolk
1936-37
1937-38
1938-39
Receipts at—
Galveston.
1939
4
to
In order that
we
June 3,
New
morning's opening.
Orleans accounts
and
Contracts
by
spot
were
interests
in the form of
hedge sales. Professional participation was
volume, with locals selling July and buying distant
positions.
Bombay trading with considerably less active,
although there were some purchases in May credited to
in fair
that
source.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 27 to June 2—Middling upland.-
Sat.
-
9.77
Mon.
Tues.
9.74
Hoi.
Wed. Thurs.
9.81
9.70
Fri.
9.78
Premiums and Discounts for Grade and Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the grade, Basis Middling %, established
for deliveries on contract on June 8, 1939.
Premiums and
discounts for grades and staples are the average quotations
of 10
markets, designated by the Secretary of Agriculture,
and staple* premiums represent 60% of the average premiums
"over J^-inch cotton at the 10 markets on June 1:
Volume
Financial
141
H
15-16
1 In. A
7A
15-16
Inch
Longer
Inch
Inch
Longer
While—
Mid.
Spotted—
Fair
.62
on
.80
St. Good Mid-
.66
on
.74 on
.88
on
St.
Good Mid
.60
on
.68 on
.82
on
Mid
.33
on
St.
Mid.
.09 on
Mid
.25 on
.10 on
.23 on
.53 off
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
.37 on
.06 off
.67 off
Good Mid..
94 on
on
.40 off
.50
on
.61
on
♦St. Low Mid-
1.39 off 1.34 off 1.29 off
Mid
Basis
.17
on
.31
on
♦Low Mid
2.12 off 2.09 off 2.08 off
St. Low Mid—.
.67 off
.41 off
Low Mid
.29 off
Good Mid—
♦Low Mid
St.
.50 on
.68
on
.82
.33
.50
on
.65
Mid-
—
Even
.17
on
.31
on
.67 off
—
.41 off
St. Low Mid-
.54 olf
.29 off
2.28 off 2.26 off 2.25 off
♦Mid.-.-
.60 off
.48 off
.38 off
St.
.81 off
>70 off
.61 off
♦Mid.
*
Not deliverable
784,000
133,000
781,000 1,173,000
147,000
227,000
101,000
268,000
10,000
8,000
917,000
713,000
185,000
200,000
12,000
-
1.36 off 1.30 off 1.26 off
-----
Total Continental stocks..
Quotations for 32 Years
quotations for middling upland at New York
for each of the past 32 years have been as follows:
1939
9.78c.
1938
7.84c.
193713.19c.
1936
11.80c.
1935— __.ll.50c.
1934—— 11.95c.
1933
9.25c.
1932
5.30c.
1931
8.35c.
1930—-.-
6.15c.
1929
1923
27.40c.
1922 ——21.35c.
--1,097,000
India(cotton afloat for Europe.
137,000
American cotton afloat for Europe
71,000
Egypt, Brazil,&c.,afl't for Europe
197,000
Stock in Alexandria, Egypt
a
330,000
Stock in Bombay, India
-1,160,000
Stock in U. S. ports
1,821,979
Stock in U. S. interior towns.
...2,635,929
U. S. exports today
6,034
18.40c.
21.15c.
1921
1928
17.00c.
1919
1926
18.85c.
1918
1925
23.35c.
1924—32.75c.
1917
1916
-.
—
1920
_
on
9.60c.
13.75c.
1913
_11.80c.
1912
11.40c.
1911
15.75c.
1910
14.50c.
1909 —13.35c.
1908—
.11.50c.
,
1915
-
1927
—
1914
-12.85c.
40.00c.
-32.80c.
.29.00c.
-
22.70c.
_12.65c.
Futures—The highest, lowest and closing prices at
as follows:
New
—,
Monday
Tuesday
Wednesday
Tfyursday
Friday
May 27
May 29
May 30
May 31
June 1
June 2
American—
9.20w
9.29 ft
9.26ft*
Liverpool stock
.
Range..
8.90-
8.94
8.86- 8.96
3.88- 8.96.
8.87-
8.90-
8.91
8.89- 8.90
8.96
8.89
8.98
-
8.89-8.97
8.97
— —
__
8.38 ft
8.25ft
8.34ft
8.22ft
Havre stock
8.22ft
„
.5,029,942 6,071,400 3,241,341 4,031,741
...
433,000
350,000
453,000
63,000
47,000
74,000
43,000
47,000
47,000
24,000
25,000
28,000
39,000
29,000
29,000
137,000
102,000
149,000
197,000
154,000
152,000
330,000
404,000
175,000
.1,160,000 1,261,000 1,083,000
Closing
•8.43ft
.
8.30ft
8.39ft
8.27 ft
8.27 «
Oct.—
Range
8.23- 8.34
Closing
_
8.18- 8.33
8.33
—
8.20
8.22- 8.30
8.29
HOLI¬
Nov.—
8.16-
8.17
—
8.31
8.13- 8.22
.
....
...
.
.
_
8.17
.
Egypt. Brazil, &c., afloat!
Stock in Alexandria, Egypt.
Stock in Bombay, India....
8.21ft
Total East India, &c
8.09ft
8.18ft
8.08ft
219,000
887.000
.
.
.
_
.2,426,000 2,419,000 2,190,000 1,924,000
-5,029,942 6,071,400 3,241,341 4,031,741
_.
Total American...........
_
Closing..
132,000
.
'
DAY.
Range
355,000
61,000
49,000
27,000
76,000
118,000
-
....
...
Range-
^
—
_—_.
Other Continental stock.
Indian afloat for Europe....
Sept.—
5,955,741
246,000
659,000
331,000
259,000
117.000
39,000
59,000
38,000
104,000
180,000
139,000
145,000
243,000
77,000
172,000
125,000
29,000
65,000
14,000
,109,000
71,000
116,000
133,000
195,000
-1,821,979 2 ,503,508 1,305,161 1,591,891
2,635,929 2 ,167,585 1,064,946 1,554,313
6,034
20,307
23,234
14,537
East Indian, Brazil, <&c.—
Liverpool stock
Manchester stock
Bremen stock
Aug.—
.
531,000
—
_ _ _ _ —
American.—
Total
;■
Closing
8.06 ft
Total visible
Dec.—
Range._
8.02-
Closing
8.09- 8.12
.
7.98-
8.12
8.10
8.01«- 8.07
7.95-8:10
7.90-
8.07
7.98-„7.99
7.95- 7.96
7.92- 7.93
7.99
Jan. (1940)
Range
7.96- 8.08
7.93- 8.06
7.97- 8.01
7.94- 8.01
8.08
_
_
'Closing.
7.95
8.01
7.89ft
*
7.83- 7.90.
7.87re
Feb.—
supply.....
7,455,942 8,490,400 5,431,341
Middling uplands, Liverpool
5.49d.
4.43d.
7.31d.
Middling uplands, New York——
9.78c.
8.03c.
13.20c.
Egypt, good Sakel, Liverpool....
8.97d.
8.52d.
12.32d.
Broach, fine, Liverpool
4.31d.
3.68d.
6.23d.
Peruvian Tanguis, g'd fair, L'pool
5.24d.
5.43d.
8.76d.
C.P.Oomra No.l staple,s'fine.Liv
4.40d.
3.75d7
6.13d.
Closing
8.03 ft
.
7.92«
7.97ft.
7.85ft
7.87- 7.94
7.80-
7.94
7.81
'
7.92-
Closing
7.98
7.87-
7.98
.
April—•
7.99
7.88ft
,
7.94
rm
7.76- 7.85
7.80
8.99d.
5.37d.
I
......
week
of
33,325 bales,
loss of
a
1,034,458 from 1938, an
a gain of 1,500,201
increase of 2,024,601 bales over 1937 and
.
Range__
bales
7.98ft
7.87ft
7.92ft
Range__
7.91-7.98
7.84- 7.96
7.84- 7.90
7'.75- 7.90
7.72- 7.79
Closing
7.98
7.86
7.90 •—i-
7.76
7.76
Closing
6.83d.
11.80c.
Continental imports for past week have been 43,000 bales.
The above figures for 1939 show a decrease from last
7.83 ft
Mar.—
Range
5,955,741
„
Range._
■
7
—
Other Continental stock.
American afloat for Europe
U. S. port stock.
•
Closing
.stocky
v'
•_
Manchester stock
Bremen stock:
9.27 ft
9.19ft
July— A
Range
7 7'
U> S. exports today.
Range__
.
429,000
1,762,000 1,346,000 1,244,000
102,000
149,000
118,000
116,000
133,000
195,000
154,000
152,000
132,000
404,000
175,000
219,000
1,261,000 1,083,000
887,000
2,503,508 1,305,161 1,591,891
2,167,585 1,064,946 1,554,313
20,307
23,234
14,537
..-7,455,942 8 ,490,400 5,431,341
U. S. interior stock...
June(1939)
-
8,000
11,000
Of the above, totals of American and otner
descriptions are as follows:
Havre
Saturday
_
—
Total visible supply
»
—
York for the past week have been
Closing
13",000
589,000
316,000
Total European stocks.
June 2
55,000
19,000
12,000
future contract
on
New York
The
614,000
99,000
204,000
152,000
15,000
67,000
77,000
10,000
6,000
29,000
18,000
11,000
—„
_
Mid
1936
164,000
102,000
—
Good Mid
•
1937
1938
679,000 1,009,000
—
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste.
Gray—
Ord— 2.63 off 2.59 off 2.59 off
♦Good
1939
Stock at Rotterdam
Stock at Barcelona
1.63 off 1.59 off 1.56 off
Mid
♦St.
.96 off
1.12 off 1.04 off
7."
•
>.
,
bales
Total Great Britain
Stock at Bremen
Stock at Havre
2.82 off 2.81 off 2.81 off
Good MId_l_-
-
♦St.
.63 off
Yel. Stained—
1.31 off 1.25 off 1.20 off
Mid
Good Ord. 2.01 off 1.99 off 1.98 off
Low
y<'
v
Stock at Liverpool
Stock at Manchester
♦St. Low Mid- 2.16 off 2.14 off 2.14 off
on
on
.30 off
1.48 off 1.43 off 1.39 off
♦Mid
on
Mid
Mid
.40 off
.73 off
St.
■
June 2—
.50 off
Good Mid
•St. Good Ord. 2.04 off 1.90 off 1.98 off
♦Good Ord
2.63 off 2.59 off 2.59 off
Extra White—
...
only.
Tinged—
1.30 oil 1.25 off 1.20 off
3403
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
1 In. A
Inch
Chronicle
.
v
7.78ft
over
At
the
1936.
7.78 ft
M ay—
ft
_
■'
_—
—
Nominal.
Range for future prices at New York for the week ended
June 2, 1939, and since trading began on each option:
Option for—
June
1939..
&
1939—
July
Range for Week
"8.86" May"29
8.98 June
i.
Aug. 1939..
2
"8.34" May"27
7.90 June
2
"8."l2" May"27,
7.83 June
2
Nov. 1939—
Dec.
1939
7.60 Dec.
5 1938
Oct.
8.32
8.08 May
27
8.34
May 27 1939
Towns
Receipts
'
*
■
'
'
•
7.76
June
.
2
10 1939
Feb. 23,1939
.
"7.58*
May
*22
1939
4
14,33c
40
9,763
1
12,060
34
8,120
86,201
1,531
,55,274
-I 25
52,577
490
4y,831
44,846
73
73,615
64
69,225
172
58,531
103
131,894
566
157,259
120
171,078
38,998
.'■'■.■51
49,869
.840
50,356
Forest
29 1939
Copimodity
Department
" »'
...
•
City
60,275
—
Little
Open
43,800
Inactive
15,900
1,400
2,800
6,200
6,400
12,100
May
24,000
9,800
March
23,200
28,300
3,400
>.
26,400
32.600
December
January (1940).
17,200
51,500
9,000
6,100
June 1
June 1
22,900
402,900
327,300
2,100
1,300
51,400
10,100
6,700
147,100
9,500
DAY
332,000
31,700
25,000
HOLI¬
28,500
26,300
5,400
57,300
months-
September (1939)...
November.
Total
—
2,800
100
—
all futures..
153.400
80,800
86,100
98,800
96,500 1,320.900
Open
Contracts
New Orleans
July (1939)
May 24 May 25 May 26 May 27 May 29 May 30
..
October
December
5,200
7,000
1,700
3,450
550
47,450
11,700
16,450
7,800
2,650
9,250
8,550
98,650
7,450
——
March
...
....
5,050
5,700
7,850
2,150
200
50
100
50
100
2,500
2,050
January (1940)
May
750
2,550
650
3", 4 00
1,600
22,000
550
600
2.600
200
800
July
Tots I
May 30
4,500
8,700
—
"166
all futures
23.450
23.350
34,400
13.050
24,750
13.050
35,750
3,750
650
210,750
1,459
30,690
411
90,054
^
60,410
229
*63
101,066
"1,072
25,875
32,773
'
•
^
^
w
39,034
125
24,085
19,324
73
34,328
1'
36,546
325
23,673
840
126,241
151
145,843
1,354
88,227
28 y
39,387
4
46,328
167
20,299
263
187,086
829
64,885
62,126
99
17,554
191
31,177
16,362
'
V
40,197
—
,
*
46,755
-
~
+
65,886
+
1
136,325
2,228
,111,322
48,611
105
40,628
*14
13,45/
465
13,242
22
27
31,'738
580
32,861
12
45,365
825
29,068
477
Walnut Rge
Ga., AlbanyAthens
<
1,721
2,913
83,791
524
230,636
6,723
171,172
2,895
131,867
862
172,493
1,945
133,025
12,100
200
33,700
200
31,650
400
34,600
31
.Columbus.
126,518
200
Augusta—
120,685
2,015
Atlanta
28,253
294
27,398
47,176
946
31,962
18
16,885
.
—
«
—
'
W
*
~
'i.
m.
32,730
*
-
••
-
~
*
25
16,892
W
-
22,014
m
*438
La., Shrevep't
403
86,535
77;053
91
147,325
Miss., Clarksd
328
135,092
2,345
38,416
155
259,715
754
50,089
Columbus..
27
28,171
849
34,916
96
40,540
243
29,358
752
201,180
2,801
69,485
89
301,100
1,152
59,121
7
32,930
224
35,916
261
65,972
465
24,893
7,887
2
15,952
Greenwood.
...
Natchez
■
.
■
J
645
3,810
5,795
47
132
339,090
1,219
1,452
93,842
1,60 c
29,142
13,149
361
26,711
193,805
4,353
3,901
8,715
69
3,698
145
521,897
1,150
142,524
2,157
143,624
2,545
86,710
9,304 2623,900
631,319
30
*192
137
61,980
16,625 1968,476
7
22,003
16,698
569,591
12,504
45,540
Mo., St. Louis
3,804
N.C., Gr'boro
,
10,798
52,153
262,963
29,250
25
18,830
-r
76,067
•1,681
163
•
58,924
4,347
2,925
8
«
"47
43,710
179,644
»
17,837
418
Vicksburg—
Yazoo City.
■
+
+*
Oklahoma—
15 towns *.
200
66,250
104,774
Bluff.
Jackson
25,800
■
207
29,040
"I6i
•
Rock
Newport.
Pine
2,530
""51
Hope......
Rome...
Contracts
—
9
11
...
Macon
October.
June
Week
16
*7.9*8* May" 27*1939
May 26 May 27 May 29 May 30 May 31
71,521
Season
Selena..
27 1939
-
July (1939)
ments
Week
Montgom'y
8.08 May
day the volume of sales
for future delivery and open contracts on the New
Y6rk
Cotton Exchange and the New Orleans Cotton
Exchange,
from which we have compiled the
following table.
The
New York
"
Stocks
23 1939
8.12
27 1939
Jonesboro..
I
2
3,v 1938
Ship¬
May 27 1939
7.49 Feb.
26 1939
7.29
Volume of Sales for Future Delivery—-The
Exchange Administration of the United States
of Agriculture makes public each
j.
June
Week
Season
Week
Receipts
82
7.26 Jan.
Jan.
,
Helena.
May 27
Stocks
Ala., Birm'am
Eufaula
7.99" May~29 "7.36"Apr," 20*1939 "7 .*99* May"
"772" June" "2 "7.98
Ship¬
ments
>'•0
3 1938
Ark>., Blythev.
Mar. 1940—
Apr. 1940—
May 1940..
2„
Movement to June
May 26 1939
194Q-.
—
-yA.
1939
f
8.20 Nov. 21 1938
9.05 July 22 1938
8.12
7.49
1940-
Feb.
4 1938
7.26 Jan.
8.13 June
1939-.
Jan.
Oct.
•detailjbelow: Y..A..U7.
Movement to June
7.46 Apr. 11 1939
7.30 Jan. 24 1939
Sept.1939..
Oct.
Range Since Beginning of Option
8.11
Interior Towns the movement—that
is/ the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
S. C., Gr'ville
Tenn., Mem's
Texas, Abilene
13
Austin.....
4,231
46,011
7,519
18.042
J
14,808
55
2,828
5
13,974
"*53
2,271
45,876
182
39,886
57
114.301
192
33,803
4
Paris—
63.242
20
42,238
63
22,812
6,479
Robstown..
Marcos
Texarkana
13,306
•
■
m
Jr-
_
:
»
215
Waco
Tot., 56 towns
4
2,170
.
28,330
55,293
28,906 4604.243
60 I
676
3(
"
•
231
mrm
35,973
21,836
60.651 2635.929
above
decreased
totals
show
during the week
that
.
"56
90.974
a
a
679
a
41,912
19,575 6533.881
1,447
4
15,661
»
the
31,745
93,467
a7,639
a
Includes the combined totals of 15 towns in Oklahoma,
The
34
34
...
Dallas
*
465
25
33
Brenham
San
15,503
.
18,973
"275
13,411
46.837 2167,585
San Antonio.
interior
bales, and
stocks
are
have
tonight
Financial
3404
448,344 bales more than at the same period last year. The
receipts of all the towns have been 9,327 bales more than
the same week last year.
Market and Sales at New York
The total sales of cotton on the spot
each day during the
of the reader, we also add columns
glance how the market for spot and futures
For the convenience
which show at
a
days.
same
on
SALES
Futures
/
Spot Market
Market
Closed
Closed
Nominal.
SaturdayMonday
Tuesday
Wednesday.
Thursday
Friday....*
.
Very steady
Nominal—;
...
HOLI
...
200
200
■
300
.....
300
....
/"odd
_
26 that "Advices of Cotton
May 25 showed loans dis¬
lending agencies of $205,of cotton.
This includes
loans of $3,071,344.92 on 67,177 bales which have been
repaid and the cotton released.
The loans average 8.85
cents per pound.
Figures showing the number of bales on which loans have
been made by States in which the cotton is stored are given
Corporation announced on May
by it through
bursed by the Corporation and
079,111.86 on 4,476,568 bales
Overland Movement for the Week and Since Aug. 1—
316,111 New Mexico
79,994 North Carolina
695,478 Oklahoma
194,400 South Carolina.
.
Louisiana
i
via
Via
Via
Via
Via
Since
Aug, 1
Week
179,983
172,596
3.399
8,746
—
4,353
164,192
614,356
3.810
Moundz, Ac............... 2.625
Rock Island....
95
Louisville..
268
Virginia points
3,100
other routes, &c.
-—.18,146
4,150
11,211
.
192,449
124,431
3.972
5,672
163,111
874,220
1,675
183
21,572 1,363,855
.28,044 1,143,272
Deduct Shipments—
6,920
Total to be deducted—...... 7,178
422,028
.20,866
20;866
721,244
.
.
"100
158
.
Leaving total net overland.*--.
*
232
24,032
8,971
389,025
.
Including movement by rail to Canada.
4,093
4,500
312,869
-
17,072 1,050,986
^
week's net overland movement
bales for
date the
aggregate net overland exhibits a decrease from a year ago
Bain
In Sight and
Week
Takings
721,244
Total marketed
pver
—
—148,736 ' 9,296,168
*31,745
683,036
consumption to May 1--*-
98,952
—
6,977,219
1,050,986
4,575,000
North, spina's' takings to
June 2. 25,773
18,955
Louisiana—New
Movement into
sight in previous
—.
-
.
at
of the Week:
New Orleans—
9.30
9.52
Mobile.
9;20
...
__
Savannah
9.60
Norfolk
9.55
9.30
9.70
9.45
9.20
9.30
Montgomery
Augusta
Memphis
.
Houston
.Little Rock
Dallas
9.00
Fort Worth
.
9.00
9.27
9.40
9.19
9.59
9.50
9.30
9.69
9.45
9.20
9.30
8.99
8.99
HOL.
9.33
9.25
9.40
9.40
9.26
9.19
9.59
9.66
9.55
HOL.
9.35
9.82
9.35
9.30
9.81
9.74
9.50
9.25
'9.35
9.35
HOL.
HOL.
>
9.50
9.45
*
9.40
9.18
9.30
9.25
9.07"
9.07
HOL.
9.06
8.99,
HOL.
'
9.67
.
9.45
9.69
9.30
9.06
8.99
9.25
....
quotations
market for
5
5
3.62
1.44
1.31
...
_
_
...
'
.
80
75
76
66
86
86
68
62
68
66
:
84
77
79
'
76
75
72
76
68
66
84
80
90
90
88
90
86
78
81
70
72
72
68
68
70
v
78
74
79
89
76
.
64
79
68
68
..j.
77.
73
80
60
73
79
87
86
90<
68
94
66
86
87
88
0.62
,
4
t
75
62
2.22
0.06
0.26
0.10
3
3
62
60
0.36
<
2
_
78
75
79
0.10*
3
2
3
.
66
62
90
"
2.32
1.08
0.49
0.75
3
79
83
74
62
82
86
86
2.56
3
__
*
_
•
2.04.
0.42
3
Chattanooga
88
,.
'
72,
68
8Q
.
79
70
76
79
64
.
76
Receipts from the 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.
Week
New Orleans Contract Market—The closing
for leading contracts in the New Orleans cotton
„
•
62
68
62
84
0.35
4
.52
72
96
6.15
2
4
Tennessee—Memphis.
Nashville
9.40
9.27
-
4
Macon
South Carolina-—Charleston
North Carolina—Asheville
9.30
9.40
HOL.
HOL.
,
5
Closing Quotations for Middling Cotton onFriday
-
—
Raleigh
Wilmington.
Wed'day Thursday
...
_______
Charlotte.
Tuesday
.
_______
Augusta
:
Saturday Monday
7
«5
.
Pensacola
Other Markets—
>
Week Ended
June 2
...
:
Tampa.
Georgia—Savannah
the
r
*
•
'
Miami
12,993,733
8,780,914
—
3
.
80
78
88
2.18
0.68
2.34
1.86
3
5
78
66
98
90
0.16
1.36
1
64
96
0.01
5
*
**
0.30
1
Orleans
Florida—Jacksonville
13,912,403
closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Galveston
1
"
80
74
66
86
90
88
1.10
2.92
1
—...
M ontgomery
Bales
......
0.36
4
Birmingham
years,:
Since Aug. 1—
Bales
126,315 1936
138,025 1935
—■—...101,544 1934-——
"Quotations for Middling Cotton
are
3
Alabama—Mobile
Week—
1937—June 4.
1936—June 5.—.._
1935—June 7--
0.46
3
Shreveport
Mississippi—Meridian
Vicksburg_;
1,153,060
Decrease.
Below
.
Little Rock.—
14,473,484
1,240,472
.
Oklahoma—-Oklahoma City...Arkansas—Fort Smith
92,239
10,078,156
__—
_
70-
66
58
94
1.73
2.28
3
2
2
...
Luling
Nacogdoches
Palestine!
Paris"
San, Antonio...»
Taylor
77
66
54
90
92
96
98
dry
...
—
Kerrville
454,025
....
0.10
1
1.—
Dallas
El Paso
119,497 12,603,205
*27,258
1,416,254
week..-life,991
Came into sight during
Total in sight June 2
*
2
—
-Thermometer
Low
Mean
87
86
94
90
92
4
____________
Brownsville..
takings
mill
Southern
17,425
17,072
0.58
0.74
0.42
2.99
0;14
1.26
1
Brenham
Aug. 1
85 >000
3,321,924
......
Interior stocks in excess..
Week
High
3
*_
_
Austin.
Since
5,253,000
Receipts at ports to June 217,870
20,866r
Southern consumption to June 2-.110,000
Net overland to June 2
Excess. of
Amarilio..
1937-38
Since
Aug. 1
;
Inches
3
2
*_
Abilene
Spinners'
Bainfall
Days
Texas—Galveston
bales.
1938-39
New York Cotton Exchange—
New Members of
a
by Telegraph—Telegraphic advices to us this
evening indicate that dry weather is needed in the central
belt.
Planting is not quite finished in some parts of Okla¬
homa.
Stands are satisfactory On that cotton which is up.
Substantial rains have been reported in most places from
Mississippi Valley eastward.
The foregoing shows the
.
150
Returns
this year has been 20,866 bales, against 17,072
the week last year, and that for the season to
of 329,742
Virginia
110,742
—
.
24,338
9,429
279,102
175
.
52,992
320,863
—1,228,222
meeting of the Board of Governors of the New York
Cotton Exchange held on June 1, the following were elected
to membership in the Exchange:
Hans Otto Schubeler of
Bremen, Germany, and Maneklal Chunilal Shah of Maneklal
Chunilal, Bombay, India, who do a commission business.
Mr. Schubeler is a member of the Bremen Cotton Exchange,
and Mr. Shah is a membter of the East India Cotton Exchange
the Indian Stock Exchange,
and the Bombay Bullion
Exchange.
;
■/ -
1937—38
Aug. I
Week
Via St. Louis...
Two
At
*—:
Texas
760,682
Missouri
The results for the week and since
Aug. 1 in the last two years are as follows:
June 2—
291,752
—-
Mississippi
reports Friday night.
23,651
184,528
—177,871 Tennessee..—
... —
39,152
-
—-
-———_
Georgia..
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
Bales
Stale—
Bales
*
———-j—
Arizona.——
California.---.-1
Shipped—
9.8
6.3
16.8
Loans" received
Arkansas.-.--
1938-39
Since
10.4
29.0
22.9
16.0
27.9
CCC Loans on Cotton Aggregated $205,079,112 on
4,476,568 Bales Through May 25—The Commodity Credit
Alabama—
1,045
191,304
119"300
Feet
7.4
11.4
..Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
New Orleans
Memphis
Nashville
Shreveport
State—
1,045
72.004
Aug. 1
June 3,1938
below:
_
Nominal...*,..,
Total week.
Since
545
—
Steady
Barely steady.
Steady..
;.
Nominal
Nominal
..
Total
Contr'ct
545
...
Ver^steady
-
,
Spot
1939
3.
Jane
June 2,1939
Feet
Vicksburv.
week at New York are indicated in the following statement.
closed
Chronicle
Receipts at Ports
Stocks al Interior Towns
Receipts from Plantations
End.
1939
1938
1937
1939
1938
1937
1939
1938
1936
Mar.
the past week have been as follows:
Tuesday
May 30
Wednesday
Thursday
Friday
May 31
June 1
June 2
25.736
82,658
64,149
3096.651 2500.609 1810,771
Nil
39,957
Nil
92,663
67,994
47,032
71,853
2,043
NU
Nil
49,069
17,929
44,595
3051.323 2479,799 1744,860
3012.260 2460.874 1685.584
2986,570 2431,771 1622,611
2951.233 2397,991 1569,244
Nil
19,979
67,954
54,793
61,190
59,427
Nil
24.
27,264
82,436
21,973
31.
May 27
Monday
May 29
3.
10.
Saturday
Nil
10,815
6,060
2907.928 2362,621 1503,310
2870,759 2338,818 1440,172
2831,695 2322,171 1387,245
2795,440 2289,937 1322,016
Nil
16,110
3,173
14.040
13,710
17.
7.
11.788
51,480
50,142
August...
14.
21.
21,385
13,296
12,397
26,976
September
42,828
40,673
9.04
July.
October
..
8.42
8.936-8.94a
8.30
8.94
-•
8.29
9.02
8.38- 8.39
8.96
8.28
9.05
8.28
Jan. (1940)
February
8.21- 8.22
8.10
8.08
-—
8.186-8.20a 8.066-8.08a 8.0468.06a
44,904
Nil
Nil
Nil
NU
NU
Nil
NU
5.
16,498
Nil
10.724
40,825
31,296
Nil
12.
24,610
16,918
2757,237 2263,791 1255,379
8.116-8.13a 7.996-8.01a 7.966-7.98a
2725.840 2237,238 1206,606
Nil
Nil
NU
15,932
17,042
28,231
2692,155 2216,336 1162,626
NU
Nil
NU
7.906-7.92a
19.
26.
16,953
14,112
25,457
2667,674 2194,843 1107,259
Nil
NU
NU
17,870
17,425
23.761
2635,929 2167.585 1064,946
Nil
Nil
Nil
g j7
8.06
8.04
.
8.106-8.12a 7.986-7.99a
7.96
—
May..... 8.096-8.11a 7.966-7.98a
7.94
t—
March
28.
30,687
45,944
May
November
December.
NU
Apr.
June(1939)
8.03
7.91
NU
June
April—..
7.996-8.00a 7.866-7.88a 7.686-7.87a
2.
Tone—
Spot
—-.
Options.
_.
Quiet.
Dull.
Dull.
Steady.
Steady.
Steady.
The
Quiet.
Steady.
Dull.
Dull.
Steady.
Steady.
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,392,943 bales;
in 1937-38 were 8,410,924 bales, and in 1936-37 were 6,216,627 bales.
(2) That, although the receipts at the outports
the past week were 17,870 bales, the actual movement from
Chronicle
Financial
Volume 148
the
Shpping News—Shipments in detail:
having
plantations was nil bales, stock at interior towns
decreased 31,745 bales during the week.
from all
seasons
sources
obtainable; also the takings
sight for the like period:
are
or
-
-
amounts gone out of
1937-38
—
—
\Week
Season
Week
Season
392
417
100
54,000
30,000
13,000
8,553.574
7,858*941
-
10,078,156
2,154,000
722,000
1,550,800
14,000
439,000
,92*239 14,473.484
7.717,258 ?2,802,897
8,749,813 24,143,706
8,000
37,000
13,000
— —
—
500
526
—
——
358
75
—-
2,306,000
565,0(10
2.005,200
455,000
46,000
.
„
HOUSTON—To Copenhagen, May 29, Delaware, 139; June 1,
Tatra,387-—
To Trieste, May 29, Ida, 358--To Venice, May 29, Ida, 75——
--------r
To Gdynia, May 29, Delaware, 150; June 1, Tatra, 571---To Japan—May 29, Kiyokawa Maru, 1,035; May 26, Huzi¬
kawa Maru, 2,398----.
To Manchester, May 24, Historian,23-'J
To Ghent, May 27, Hybert, 72
:
To Havre, May 27, Hybert, 317---To Genoa, May 27, Mongioia, 300—
:
To Oporto, May 27, Hybert, 50-.—-----—
To China, May 26, Huzikawa Maru, 1,104; May 29, Kiyo¬
kawa Maru, 67—.,
To Oslo, June 1, Tatra, 72
To Gothenburg, June 1. Tatra, 470-----1
NEW ORLEANS—-To Japan, May 26. Munsterland, 176.————
To Antwerp, May 29, Vermont, 50
To Brest, May 29, Vermont, 1,595.—
To Bremen, May 29, Aaclan, 1,860..
To Hamburg, May 29, Aaclen,1,293
To Dunkirk, May 30, Belgicjue, 346—————
1
To San Felipe, May 22, Sixaola, 150
To Colon, May 22, Sixaola, 12-To Panama City, May 22, Toloa, 6—
To Havana, May 22, Toloa, 35--——To Cartagena, May 22, Toloa, 582-—
—'
To Porto Colombia, May 28, Cadmus, 323——
To Arico, May 30, Oefalu, 400—
To BuenaVentura, May 30, Cefalu, 110---.
To London, May 31, Boschdijk, 165; Ethan Allen, 495—
ToRotterdam. May 31, Boschdijk, 100—
LOS ANGELES^—To Manchester, (?), Pacific Enterprise, 126—
To Japan, (?), Hermion,
1,311: President Cleveland, 836;
Taluta Maru, 2,101; Nankai Maru, 300; Yamakiri Maru,
200; Santos Maru, 300
To China, (?), President Cleveland, 511; Taluta Maru, 500
To Hamburg, May 30, Weser, 449—
SAN FRANCISCO—To France, (?) 50
To Japan. (?), 965—;
JACKSONVILLE—To Liverpool, May ?9, Saccarappa, 35
4,339*622
116",99i
779
692
.
—
7,489,267
3,942
------
--
To Venice, May 31, Ida, 500--
^
Bombay receipts to June 1
Other India ship'ts to June 1_
Alexandria receipts to May 31
Other supply to May 31_*&—
1,106
-
—
1938-39
Visible supply May 26—_
Visible supply Aug. 1
American in sight to June 2
590
98
-
from which statistics
-
Cotton Takings,
Week and Season
Bales
275
239
57
GALVESTON—To Liverpool, May 27, Historian, 275-*.
To Manchester, May 27, Historian, 239—------To Antwerp, May 24, Belgique, 57---To Ghent, May 24, Belgique, 346: May 27, Boschdijk, 109;
May 29, Hybert, 135.
-----------To Havre, May 24, Belgique, 90; May 29, Hybert, 8----—
To Dunkirk, May 24, Belgique, 1,106
To Rotterdam, May 27, Boschdijk, 392—
To Genoa, May 26, Mongioia, 39; May 27, Cranford, 378
To Trieste, May 27, Cranford, 100-—
To Japan, May 29, Huzikawa Maru, 2,327; May 31, Kiyo¬
kawa Maru, 1,615-—-To China, May 29, Huzikawa Maru, 596; May 31, Kiyokawa
Maru, 183-——.-----—------To Trieste, May 31, Ida, 692-—-—--—
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
3405
—
—
—
721
3,433
—
23
72
-----
Total supply
——
Deduct—
Visible supply June 2—
7,455,942
7,455,942
Total takings to June 2_fl—
Of which AmericanT
Of which other-
I
.
8,490.400
8,490,400
259,413 15,653,306
173,413 10,819,506
86,000 4.833,800
261,316 15,346,955
195,316 10,512,355
66,000 4,834,600
300
50
1,171
— —
Embraces receipts in Europe from Brazil, Smyrna, We6t Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 5,2,>3,000 bales in 1938-39 and 4,575,000 bales in 1937-38—
72
—
—
*
470
_
a
176
50
—
1,595
1,860
1,293
——————
takings not being available—and the aggregate Amount taken by Northern
foreign spinners, 10,093,955 bales in 1938-39, and 11,078,306 bales in
1937-38, of which 5,259,355 bales and 6,244,506 bales American.
6 Esti¬
and
mated.
317
—
-------
346
150
——
Y
-
India Cotton Movement from All Ports—-The
receipts
of Indian cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows::
'
-
-
-
-
_
_
_
_
_
—
------
12
6
35
582
.
-
—,
—
323
400
110
660
.
------ — —
------
_
1938-39
■
June 1
1936-37
1937-38
—
Y, >
■
.
Receipts—
Since
Week'
Since
Week
Aug. 1
5-t.ooo ^154,00^
Bombay—
Since
'
Aug. 1
Week
Aug. 1
46.000 2 3,06 000
——
52,00O 1,901,000
...
—
——
100
126
5,048
1,011
449
50
...
For the Week
Since August 1
,
Exports
Great
Conti¬
Jav'ndk
Rritain
nent
China
From—
<%,
Great
Conti¬
Japan &
Britain
Total
nent
China
Total'
Total.
■
-.
32,157
------
..
965
35
Bombay—
1938-39..
2,000
14,000
18,000
1,000
17,000
1937-38—
14,000
1936-37-
.
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
215,000 1064,000 1350,000
232,000 667,000 938,000
357,000 1312,000 1742,000
71,000
39,000
73,000
7,000
7,000
18 000
12,000
274,000
448,000
8,000
30,000
8,000
193,000
372,000
565,000
15*666
8,000
23,000
419,000
624,000
1043,000
32,000
Oth.Indla1938-391937-381936-37-
722,000
ard
1938-39.-
13,000
1937-38-
15*666
1936-37—
14,000
47,000
345,000
22,000
20,000
18,000
40,000
'30.000
232,000
15 000
492,000
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
8,000 bales.
Exports from all India ports record an increase
ofA7,000 bales during the week, and since „Aug. 1 show an
increase of 569,000 bales,
r
■
ard,
,60c
Piraeus
d.45c
.60c
Salonica
*
Venice
Japan
♦
.61c
Shanghai
*
d.55o
.60
d.55c
•60c
Bombay x
.75c
.90c
Copenhagen
Naples
Leghorn
d.55c
•60c
.56c
.71c
Bremen
.46c
.61c
Gothenburg
.660
.710
.76c
Hamburg
.460
61c
Trieste
.45c
.60c
Fiume
.46c
.6)0 Barcelona
.45c
.60c
Rotterdam
.460
Genoa
Oslo
<
Stand-
Density
d 45c
.60c
Antwerp
Havre
663,000 1064,000 2072,000
604,000
667,000 1503,000
981,000 1312 oon 2785 000
High
ard
Density
.45c
Manchester
Total all—
Stand¬
High
Stand¬
High
'Density
Liverpool
Stockholm
,61c
—
.
*
■
'
85C
1.00c
,85c
1.00c
d .85c
1.00c
.56c
.71c
increase
'
*
No
quotation
x
Liverpool—Imports, stocks, &c., for past week:
*
Forwarded
Alexandria Receipts and Shipments—-We now receive
weekly
Egypt.
the
a
cable of the movements of cotton at Alexandria,
The following are the receipts and shipments for
past week and for the corresponding week of the previous
two years:
V'
'■
Alexandria, Egypt,
May 31
1937-38
1938-39
1936-37
•
65,000
—
Since Aug.
185.000
10,091,444
7,769,094
J_
6,000
8,801,638
Since
This
Since
This
Since
Aug. 1
Week
Aug. 1
Week
Of which American----
— --—
Total imports—,— ———
Of which American—
-------
159,918
5,000
171,519
159,967
664,100
25,013
3,000
4,000
9,000
182,355
195,085
671,236
To Continent & Indih_-_
To America
Total exports.
13,000
168,833
15*666
603,216
25,948
962,915 20,000 1020,599 16,000 1089,220
Monday
(
night from Manchester states that the market in both yarns
and cloths is steady.
We give prices today below and leave
those for previous weeks of this and last year for comparison:
Futures
HOLI¬
Quiet
Quiet
32s Cop
Twist
s.
d.
3-.
sx® m
8
9
10-.
8
9
24-.
8X@ 9X
9
@10
8H@ 9H
31-.
d.
s.
Middl'g
Upl'ds
to Finest
d.
32s Cop
Twist
d.
d.
Lbs.
Shirt¬
ings, Common
to Finest
s.
d.
Cotton
Middl'g
Upl'ds
d.
d.
3
5.13
@10
3
5.06
@10
@10
3
5.10
3
13,000
Friday
■
5.50d.
5.41d.
6.49d.
HOLTDAY
Quet
2
at
3
to
pts. dec.
[
Quiet at
2 points
Quiet
advance
pts. adv.
1
to
at
4
St'y, unch. Quiet, st'y, Quiet 2 pts.
1
to
6
to 1 pt.
adv.to 3
f
Market,
4i
i
P. M.
deeline
Prices of futures at
May 27
'
Sat.
0
pts. adv.
pts.
Liverpool for each" day
•Mon.
v
Wed.
Tues.
dec.
are
given below:
Thurs.
Frl.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
June 2
*
New Contract
d.
d.
d.
d.
d.
May 1939——
4.96
4.75
4.42
4.47
d.
d.
d.
d.
d.
d.
5.02
4.70
4*78
4.49
4*82
A.81
4.52
4*84
4.55
4.52
4*37
4.42
*4*43
4.45
4*46
4.44
4.40
4.45
4.46
4.47
4.48
4.46
4.47
4.48
4.49
4.50
4.48
4.41
January 1940 —
March-——-—
May
Holi¬ Holi¬ Holi¬
day
day
day
4.44
4.49
July
October
4.43
4.51
4.48
4.49
day
4.46
4.47
day
4.49
4.46
Holi¬ Holi¬
4.97
4.91
s.
Mar.
—
December
17-.
9
@
9
5.40
loxmiix 10
loxmix 10
@93
9
@
5.27
10
0
@11K 10
0
5.29
IX
5.16
10
@10
810H@
9
8X@ 9%
8
9
@
9
4.95
9%®llX
9
9
@10
8X® 9H
8
9
@
9
4.92
9
9
8X@
9X
8
4.93
9
9
21..
8X® 9H
8X® 9X
8
7X® 8 10X
9
® 9
@10
@10
8
7X@
9 10K
5.00
10X® 9 IX
10X® 9 IX
@93
5.33
9X&10X
9X@10X
7-
28-.
4.99
May
5_.
19..
26.;
8X
® 9H
8X® 9%
9
@10
8X® 9H
8
8
9
9
@
5.28
9
@10
4.94
9
@10
4.80
9
6
@
9
4.69
9
6
@99
4.77
news
4.68
mand
5.54
9X@10X
9
AX®9
9
3
5.48
9
9
3
9
3
5.49
8X® 9U
@10
7X
@96
4.46
9
4.43
June
-
8X® 9H
9
9
3
4.46
4.46
4.46
Friday Night, June 2,1939
9
9
9
——
BREADSTUFFS
4.89
May
12..
4.47
4.49
4.49
4.79
14-.
9X@11X
9H® 11X
9Va®llX
9X&10H
January 1941—
March
Apr.
2.
4,000
144,000
■\;■
DAY
j
opened
Thursday
HOLI¬
(
Market
Wednesday
December..
8X
3e,000
781,000
285,000
35,000
15,000
Tuesday
July 1939
October-
1938
Cotton
33,000
3,000
121,000
June 2
demand
t
P. M.
Manchester Market—Our report received by cable to¬
Lbs. Shirt¬
ings, Common
295,000
Moderate
Saturday
Spot
Matket,
65,000 cantars and the foreign shipments 13,000 bales.
1939
50.000
786,000
40,544
Note—A cantar is 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended May 31 Were
8X
May 26
57,000
800,000
311,000
34,000
5,000
116,000
12,000
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
^
•
DAY
.
May 19
The tone of the
Aug. 1
4,000
3,000
6,000
8,000
110,000
15,000
—
Amount afloat-.---—
Of which American
Mid. upl'ds
ft Exports (bales)—
To Liverpool -—:—
Ta Manchester, &c
838,000
326.000
41,000
——
12:15
This
Week
May 12 ,
60,000
-
Total stocks--------
Receipts (cantars)—
This week
d Direct steamer
Only small lots.
Flour—The flour market was more or less quiet during
the past
week, due largely to the mixed weather and crop
and irregular trend of the wheat markets.
for American flour has
Export de¬
been slow within the past
week, and no large purchases'were uncovered for Far East
flr>r>mirrL and the European demand continued slow.
3406
Financial
Wheat—On the 27th ult. prices
closed y2 to %c. net lower.
hopes for much wheat in the South¬
west and virtually broken the drought in the spring wheat
belt, caused selling which lowered prices more than a cent a
bushel in the Chicago market today.
Although rains have
been experienced most of the week in many sections of the
belt, particularly in the Northwest, this was the first session
in which the market showed any unusual weakness.
Estab¬
lishment of the season's best prices yesterday at levels 10c.
higher than a month ago and 7 to 10c. better than a year
ago, attracted profit taking and the market had less support
from milhng and other commercial interests than was the
case yesterday.
After advancing to within small fractions
of yesterday's best levels with net gains of as much as■
%c.,
prices took a definitely lower course as selling expanded.
Adding to wheat market bearishness were private messages
indicating that the Nebraska winter crop has shown de¬
cided improvement and the statement of Paul Uhlmann, a
prominent grain man, who reported authorities in Kansas
Rains that have revived
believe
that
bushels.
On the 29th ult. prices closed unchanged to
%c.
The market drifted about a cent lower today, but
lower.
State
still
has
chance
a
raise
to
125,000,000
rallied and closed with
most of the early losses recovered.
taking, encouraged by favorable weather for cropdevelopment over the week-end, and evening-up operations
prior to the Memorial Day holiday, caused the early decline.
The day's lows attracted increased purchases and some short
covering, and when corn prices displayed indejxmdent
strength, wheat recovered after mid-session.
The outlook
for generally fair and generally warmer weather over much
of the grain belt was a mild bullish factor.
The Liverpool
market was closed, but will open tomorrow.
Because of
this, export business was dull.. Many dealers observed
caution, due to the fact that private crop reports will be
released later this week and until these are available, ideas of
probable wheat production this season are somewhat uncer¬
tain.
On the 31st ult. prices closed y to ^c. net
higher.
Hot temperatures in both winter and spring wheat areas
Profit
and
downward revision in estimates of the domestic
crop",
boosted prices l%c. a bushel today to the season's best level.
a
Chronicle
peratures were not excessive but
B.
cast.
W.
Snow,
weather
warmer
was
fore¬
said that wheat in both
Northwest and Southwest was in a position to suffer
quickly as rainfall since April 1 was below normal and in the
Southwest the crop already has fired over wide areas.
crop expert,
the
On the 1st inst. prices closed Vs to %c. net lower.
Wheat
fluctuated within a wide range today, rising almost
values
lc., but then falling back below Wednesday's closing level,
Early in the session July wheat equaled it's 1939 high of
79%c.
Official reports indicating crop deterioration in the
winter
wheat
belt
and
cooler
showery
ducing
based
territory
largely
interest
on
which
has
been
weather
checked
over
and
predictions
of
most
the
grain
of
pro¬
encouraged
profit-taking.
Buying was
pessimistic crop report from a railroad
a
usually
has an optimistic view of con:
ditions, and on reports of little or no rain overnight. .Many
dealers, however, awaited further private crop estimates
with the
expectations that they would not be quite as bull¬
ish
as
the figures released yesterday.
Slightly cooler
weather was reported over most of the
grain belt, and
-
showers
Santa
in
were
Fe
RR.
prospect
today
for
indicated
important
Kansas
sections.
harvest
not
.
dropped lc.
a
of
before
the
loss
bushel today and then recovered about half
trading
ended.
Crop
reduced
experts
their
estimates of United States winter wheat
production.
figures, however, were about in line with trade expec¬
tations, and the total indicated 1939 harvest of 700,000,000
The
bushels
was
sumption.
unsettled
slightly
above
normal
annual
domestic
con¬
Good overnight rains and prospect of continued
weather
over
much of the belt induced selling.
prospective harvest is 231,000,000 bushels
below production last season the
figure suggested by the
average of six private experts' estimates today was
slightly
Although
the
better
than recent trade
ideas, but was about the same
suggested by Government authorities recently.
The crop
experts report that while a marked shrinkage had occurred
as
the
last
month
there has been
wheat belt.
and
an
a
half in the
increase in
hard
winter
prospects in
wheat
the soft
winter
The average of the six estimates indicated
probable winter wheat harvest of 516,000,000
bushels,
000,000 bushels below the average estimate a month
Open interest in wheat reported
DAILY CLOSING
n
belt,
,
No. 2 red
PRICES
OF
Sat.
.—-.97%
as
a
74,974,000 bushels.
WHEAT
Mem.
97%
IN
—
_
NEW
YORK
Wed.
Tues.
Thurs'.
98%
--
97%
Fri.
97%
26, 1939
May
CLOSING PRICES OF
DAILY
December
When
Made
Oct.
5, 1938
Dec.
23, 1938
May 27, 1939
77%
WHEAT FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
64%
64%
64%
65%
65%
H
65%
65%
64%
67%
67
O
66%
66%
65%
L
67%
66%
67%
66%
-
October.
November.
December
<•
Corn—On the 27th ult.
prices closed
%c. to iyc. net
grain markets
today and corn was no exception. Continued heavy receipts
of corn attracted attention, totaling more than 300 cars at
Chicago again today. Primary markets are reported to have
received about 28% more corn this week than last week.
On
the 29th ult. prices closed Ac. to 7/8g. net higher.
The
strength of this market was in the face of the heaviest local
receipt in some time, totaling 383 cars, but much of this was
believed to have been applied on contracts arranged pre¬
viously.
Demand from industries and other commercial
interests was good, however, and advance
bookings to arrive
were small.
On the 31st ult. prices closed iie. off to %c.
up.
Corn advanced as much as a cent, but the upward tendency
was restricted by selling
generally regarded as hedging and
gains were reduced or eliminated.
'
Weather conditions
lower.
dominated
the
.
.
On the 1st inst. prices closed unchanged to %c. off.
Corn
prices advanced fractionally at times, but held near yester¬
day's level most of the session, being depressed by hedging
of cash grain and father liberal receipts.
Today prices
closed Vs to %c. net lower.
Corn receipts expanded to 250
unusually large for Friday.
cars,
belief
the
corn
would
acreage
Crop experts expressed
be
about
line
in
recent Government estimate of intentions to
with
the
plant, although
authority said incomplete returns suggested increased
Open interest in corn tonight was reported as
one
sowing.
.56,471,000 bushels.
DAILY
CLOSING
PRICES
OF
CORN
IN
NEW
YORK
•
Sat.
No. 2 yellow—i
DAILY
-
CLOSING
—
PRICES
Mem.
-65%
OF
September
December——.
CORN
Season's High
and
55%
When Made
56%
Jan.
December
53%
May
-
I
Wed.
Thurs.
67.
FUTURES
Mon.
Tues.
51%
52%
53%
-'-52%
52%
September
July
Tues.
66%
Sat.
—51
July
Season's
66%
IN
Wed.
H
O
L
53
53%
and
May
52%
Fri.
51%
52%
53
Made
25,1939
Oats—On the 27th ult. prices closed y to %c. net lower.
With all other grains reflecting the bearish weather
reports,
it
only natural that pats should swing lower.
On the
prices closed unchanged to yo>. lower.
Oats
dropped 3^c., but, then rallied with other grains.
On the
31st ult. prices closed l/i to lAc. net
higher.
Oats were
higher as a result of scattered commission house buying
influenced apparently by the bullish crop, reports and higher
was
29th
ult.
wheat markets.
On
the
1st
-,*v
.
inst.
.
.
unchanged to %c. lower.
Trading was light and without feature.
Today prices
closed % to %c. net lower.
Trading in this grain was
light, with prices sagging lower in sympathy with wheat.
Oats production was estimated at 955,000,000 bushels com¬
prices closed
pared with 1,054,000,000 bushels produced last season.
DAILY
CLOSING
PRICES
OF
V.
July..-..;.
September.:-.December
—
___
.
Season's High and
July—,
34%
September
December
.
34%
CLOSING
.
,
*
—*
When
May
May
May
33%
33%
32%
33%
IN
Wed.
H
O
L
OF
September
and
OATS
Sat.
.
„
Tues.
31%
30%
30
------
H
O
L
33%
32%
33%
Fri.
33%
32%
33%
When Made
Oct.
Apr.
May
26%
FUTURES
Mon.
CHICAGO
Thurs.
34%
32%
34%
December..33%
—„—31%
30%
30%,,
^
Tues.
Season's Low
25,1939
25, 1939
PRICES
May
July....
October
December
33%
32%
33%
Made
FUTURES
Mem.
25,1939 July...24%
«
.
OATS
Sat.
-
IN
Wed.
18, 1938
5,1939
29, 1939
WINNIPEG
Thurs.
31%—
30%
30%
30%' 30
Fri.
30
29%
—;
-
Rye—On the 27th ult. prices closed 1 to lMc. net lower.
Offerings were rather heavy in rye futures, influenced
largely by the bearish weather and crop reports and heavy
wheat markets.
lA<s.
up.
On the 29th ult. prices closed l/8a. off to
This grain paralleled the other grains to a large
extent in the action of its market.
On the 31st ult. prices
iy to iyc. net higher.
At one time during the
session prices were 2c. net higher.
The rye market was
aided by the Miller report, which estimated the crop at
38,000,000 bushels, 9,(XX),000 under the Government's re¬
port a month ago and 17,000,000 under the 1938 harvest.
On the 1st inst. prices closed % to %c. net lower.
Bear¬
ish weather and
crop reports were responsible for the heavi¬
ness
that prevailed in rye futures today.
Today prices
closed
closed
at
% to %c. net lower.
The rye crop was estimated
40,000,000 bushels compared with 55,000,000 bushels a
year ago.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
July--.
September.
December
—
Season's High and
July--54%
September... 56%
December-... 58
53%
54%
56%
FUTURES
Mon.
53
54%
56%
Tues.
H
O
L
IN
CHICAGO
Wed.
Thurs.
54%
55%
57%
When Made
I
Season's Low and
May 31. 1939 July
41%
May 31, 1939 September
42 %
May 31. 1939 December
55%
.
66%
Mar. 16.1938
Apr.
3,1939
4, 19391 September49%
26, 19391 December
51%
52%
53%
When
48%
Fri.
CHICAGO
Thurs.
51%
Low
Sept. 24, 19381 July
22,ago.
FUTURES IN CHICAGO
Sat. Mem.
Tues.
Wed.
Thurs.
Fri.
78
78
H
78%
78%
77%
78
77%
O
78%
77%
77%
78%
78%
L
79%
79
78%
When Made
I
Season's Low and
May 26, 1939 July62 %
May 31,1939 September
67%
May
July
DAILY
may
90,000,000 bushels, which compared with Mrs. E. H.
Miller's forecast of 92,000,000 bushels made
public yesterday.
Today prices closed % to %c. net lower.
Wheat prices
WHEAT
OF
December
Seasem's High and
July
79%
September— 79%
December
80
The
exceed
PRICES
July
September
Prices held up
well during most of the session, but in the
closing minutes profit talang caused a reaction of about a
cenL
July wheat reached 79^, September 79 y, and De¬
cember 80, all equaling their season highs established last
week.
Kansas City and Minneapolis scored new
highs for
the crop, with the latter market up nearly 2c. at times.
Reports of a heat wave in the Northwest spring wheat area,
which developed over the holidays, set off an
opening wave
of buying.
Temperatures in Eastern North Dakota and
the Red River Valley ranged from 90 to 100 degrees.
There
has been very little rain since Saturday.
Southwest tem¬
June 3, 1939
CLOSING
DAILY
53%
55%
56%
When
Mar.
Apr.
May
Fri.
53%
54%
56%
Made
16,1939
5, 1939
27, 1939
Volume
PRICES
OF
.
October..
49%
50%
50
50%
50%
H
O
L
The
Fri.
Thurs.
Wed.
Tues.
Mon.
49%
49%
-
WINNIPEG
FUTURES IN
RYE
Sat.
May
July
Chronicle
Financial
lt8
DAILY CLOSING
---
48%
48%
49%
51
3407
visible
of grain,
supply
comprising
the stocks in
and
granary at principal points of accumulation at lake
seaboard ports Saturday, May 27, were as follows:
GRAIN
December
STOCKS
Wheat
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
New York
May
July
40%
39%
40%
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Baltimore
October
Corn
Bushels
40
H
41
39%
40%
O
L
40
40
40%
40%
39%
39%
40%
39%
----
December
Closing quotations
......
7,000
14,000
...
245,000
10,000
128,000
57,000
7,000
Philadelphia
New
Orleans.
Galveston
2,477,000
...
Wichita
Hutchinson
FLOUR
893,000
2,415,000
471,000
15,271,000
2,327,000
...
.......
St. Joseph
Kansas City
Omaha
Hard winter straights
5.201 Corn flour.
5.00
Sioux
1.80
...
'
4.50@5.00
1.2-03-0.2.
GRAIN
Wheat, New York—
'
No. 2 red, c.i.f., domestic..
Manitoba No. 1, f.o.b. N. Y.
On
Oats, New York—
No. 2 white
Rye. United States c.i.f—-— 72%
Barley, New York—
40 lbs. feeding
56%
Corn, New York—
No. 2 yellow, all rail
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last
Saturday and since Aug. 1 for each
of the last three years:
Wheal
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
699,000
221,000
...
147,000
9,742,000
1,1946666
9056666
208,000
1,400,000
2,180,000
30,000
620,000
2,506,000
1,887,000
2,350,000
49,000
Minneapolis
Duluth.
Peoria.....
47,000
Kansas City
14,000
525,000
130,000
65,000
87,000
7,000
10,000
1,005,000
10,293,000
11,615,000
1,623,000
3,845,000
2,699,000
293,000
...
2,000
4,000
2,000
170,000
3,315,000
1,032,000
869,000
560,000
695,000
161,000
167,000
"996606
27, 1939.. 59,326,000 33,174,000
Total May 20, 1939.. 60,151,000 33,127,000
7,000,000
8,091,000
9,143,000
6,686,000
6,824,000
4,641,000
4,832,000
4,329,000
afloat....
Canal_.i.
On
....
Total May
Total May 28,
1938..
30,237,000 25,460,000
Note—Bonded grain not included above:
104,000 bushels; Buffalo, 441,000; Albany, 843,000; Erie, 470,on Canal, 650,000; total, 6,900,000 bushels, against
Lakes,
539,000
44,000
202,000
194,000
26,000
48,000
*86",000
"if, 000
1937
....
1936
....
Total
Bushels
Canadian
330,000
588*000
1,283,000
174,000
321,000
2,461,000
2,640,000
1,293,000
685,000
9,777,000
626,000
93,402,000 23,649,000 88,401,000
19,248,000 299,987,000 235,458,000
16,404,000 265,408,000 269,167,000 101,468,000 24,783,000 90,231,000
72.471,000 16,719,000 77,613,000
17,595,000 194,417,000 139,847,000
51,244,900
......
1939.. 112,855,000
1939..116,680,000
1938._ 30,097,000
.....
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
59,326,000 33,174,900
.....112,855,000
ended May 26 and since July
shown in the following:
' '
138,000
70,000
35,000
67,000
~2~66O
1
4,000
13,000
5,000
21,000
7,000
■
'«*
V-i.
r
r'"'
556,000
^
~
45,000
Week
2,000
......
^
Since
July 1,
1938
1937
^
^
_
r
_
—
—
5~ooo
Black Sea.
..
w
Argentina.
Australia
.
India.....
9,000
Bushels
Ft.
...'
3,000
1,325,000
William
Victoria
•
'
-
,
' ' 1
IfrW
*
-
9~ooo
416,000
1,000
18,000
±
^*«.
«,
W'
+
m+
i",66o
'
,
Total...
J
m
^
'
■
298,000
3,755,000
243,000
187,000
15,000
536,000
30,828,000
9,868,000
1,514,000
394,000
1,526,000
1938.
268,000
3,821,000
5,721,000
81,000
365,000
910,000
Corn
Jan. 1 '38
5,811,000
36,123.000
31,564,000
1 *658,000
1,857.000
4,878,000
a
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
:
„
.
.
from the several seaboard ports for the week
.ended Saturday, May 27, 1939, are shown in the annexed
statement: 6-6 0=
.6
6'
VT ":
■
-
the
592,000
Loans
Wheat
Corn
Flour
,Oats
Rye
Barley
Busnels
Barrels
"Bushels
Bushels
Bushels
41,835
359,000
York...!1
.
..........
Orleans..i...
Galveston...
Montreal
75,000
1,325,000
23,000
413,000
1,553,000
Sorel
New
...
766660
81,000
3,000
.........
1,000
128,835
78,010
129,000
30,000
9,000
4166666
9,000
356,000
939,000
57,000
Total week 1939..
week
9,000
5566666
Rivers......
.Fort William
Same
1186666
47,000
13,000
Halifax....
Three
1938
4,528,000
9,000
3,874,000 5,608,000
The destination of these exports
534,000
for the week and since
July 1, 1938, is as below:
Wheat
Flour
Corn
Exports for Week
Week
Week
Since
Week
Since
July 1
May 27
July 1
May 27
Jul>/ 1
1939
1938
1939
1938
1939
1938
Barrels
July 1 to—
Since
May 27
and Since
Parrels
Bushels
Bushels
Bushels
Bushels
2,106,435
1,885,000
69,731,000
9,000 40,896,000
10,785
714,246
2,613,000
53,483,000
26,783,000
So. & Cent. Amer.
17,500
640,750
11,000
West Indies
24,000
1,330,250
477,000
63,000
United
Kingdom.
Continent
...
70,050
6",500
310,434
Total 1939.":... 128,835
5,164,115
78.010
4,838.071
Other countries
Total 1938
...
5,000
"
3",666
62,000
Brit. No. Am. Col.
Bushels
Bushels
Bushels
I,-
37,000 70,863,000 70,564,000
8,887,000
249,000 1*7,057,000
2,103,000 124,226,000 182,306,000
"19",000
977,000
23,698,000
41,454,000
75,832,000
3,366,000 253,600,000 337,589,000
of
CCC
Through
May
25
Aggregated
1938-39 corn loan program aggregate $129,564$227,554,488 bushels.
The loans by States in which
is stored are as follows:
'
>■
corn
47,862
59,502,036
Indiana...... 3.126.082.16
5,485,906
Iowa....
63,216,185.54 110,915,298
Kansas
2,493,596.69
4,400,869
Minnesota.
.$9,281,316.92'
3,359,711.31
.
Missouri.....
Kentucky...;
.10,674,455.50
834,520.39
South Dakota.. 2,452,216.80
Wisconsin..^.
60.618.48
-.
Weather
129,482.11
,232,423
Report for the
Nebraska..
Ohio
Bushels
Amount
Stale—
Bushels
Amount
$24,653.97.
Illinois....... 33,911,853.24
_
.
16,298,095'
.
5,899,279
18,826,300
1.464,466
4,374,379
107.575
Week Ended May 31—The
General summary of the weather bulletin influenceby the
issued of the
)epartment of Agriculture, indicating the
weather for the week ended
May ,31, follows:,
week was characterized by scattered showers over
portions of the country, and rather high temperatures, the maxima
reaching 100 deg. or more in some southern portions of the Great, Plains.
Showers were quite widespread on the 26-28th over the Mississippi Valley
406666
HouBtpn..
Victoria
1937
July
many
"16666
Baltimore.........
32,376,000
The -weather of the
121,000
Albany—
1938
on
.State—
..
Eushels
New
Since
July I;
1939
;
17,669,000 532,883,000 456,778,000
Colorado
Exports-frorr-
Since
Week
1,
under the
Since
The exports
k
26 the
through
May 25, loans made by the Corporation and lending agencies
693.11
on
'
$129,564,693 on 227,554,488 Bushels—On May
Commodity Credit Corporation announced that,
^
6,238,000
*
July
h
J.
Since
Week
.
.
^
U 18,000
Jan. 1 '39
Tot. wk. *39
-
'
f*
»
'
47,000
ml
-
\
57,000
75,000
-
...
5,710,000
8,995,000 10,351,000
9,105,000 10,993,000
2,897,000 10,494.000
May 26,
Bushels
countries
m
si~666
18,000
....
Sorel...
4,641,000
Other
^
135,000
•1,553,000
Halifax
Boston
6,686,000
2,309,000
Since
.
7,916,000 222,586,000 169,329,000
1,072,000 86,263,000 77,260,000
4,614,000 *90,191,000 60,306,000
94,123,000 112,897,000
3,475,000
13,288,000
7,344,000
'
Montreal
7,000,000
7,89.6,000
5,710,000
Corn
May 26r
Exports
14,000
76,000
2,000
70,006
Galveston..
6,161,000
6,165,000
•
4. H
21,000
New Orl'ns*
2,309,000
2,281,000
1,115,000
1, 1938 and July 1, 1937, are
Bushels
bu$h 56 lbs bush 48 lbs
15,000
York.
Baltimore..
-
7,806,000
Wheat
••
Barley
Rye
Philadelphia
M,
3,986,000
»
*
No. Amer.
Riv's
1,293,000
7,747,000
4,869,000
1939
Three
776,000
948,000
5,604,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
receipts of flour and grain at the seaboard ports for
May 27, 1939, follow:
■
'
Bushels
22,000
994,000
27, 1939.. 172,181,000 33,174,000 14,806,000
Total May 20, 1939__176,831,000 33,127,000 15,838,000
Total May 28, 1(738-- 60,334,000 25,460,000 14,012,000
259,000
996,000
•
Barley
842,000
.....
...
the week ended Saturday,
New
Rye
Bushels
Total May
377,000
Receipts at—
Oats
Bushels
1,360,000
Summary—
American
19,000
Since Aug. 1
....
Total May 28,
51,000
1,651,000
2,704,000
1,492,000
Same wk '38
1938
Other Can. & other elev.
1,000
586660
78,000
1,964,000
Same wk '37
Corn
Bushels
Canadian—
Lake, bay, river & seab'd 22,414,000
Ft. William &Pt. Arthur 39,197,000
Total May 27,
7,325,000
476,000
1,782,000
Oals- On Lakes, 525-,000 bushels; total,
Lakes, 504,000; total, 661,000 bushels, against 621,000 bushels in 1938.
on
on
Total May 20,
8,100,000
3,909,000
Tot. wk. *39
266666
Barley- •Chicago, 91,000 bushels; Duluth,
525,000 bushels, against none in 1938.
19,000
76,000
;
Buffalo
278,000
"
11,000
281,000
* 28,000
1,482,000
■
389,000
v
Buffalo
2,000
96,000
22,000
388,000
City.
•
134,000
'35,000
392,000
•
31,000
Joseph.
Sioux
224,000
978,000
243,000
....
Wichita
230,000
156,000
127,000
St,
208,000
26,000
Louis..
Omaha
37,000
532,000
654,000
176,000
II26666
Toledo
St.
294,000
18*666
Milwaukee.
Indianapolis
416606
165,000
4,216,000
Detroit...
bush 56 lbs bush 48 lbs
2,244,000
534,000
2,407,000
1,693,000
236,000
805,000
Wheat
Chicago
8,000
3,000
5,000
47,000
40,000
4,392,000;
2,248,000 bushels in 1938.
Barley
Rye
....
....
Wheat—New York,
Flour
75,000
82,000
128,000
10,000
158,000
......
2696660
....
Duluth..
000;
Receipts at-
371,000
1,213,000
236,000
Lakes....
66,000;
1
•
138,000
102,000
141,000
4656000
1,697,000
5,445,000
...
Minneapolis.".
50-55
Chicago, cash
■
27,000
247,000
afloat
Milwaukee
47 %
5,000
69,000
556,000
Chicago....
"
6,000
35,000
2,000
4,481,000
471,000
Peoria.......
Fancy pearl (new) Nos.
"16660
2,000
604,000
...
.....
Indianapolis....
3.25
Coarse
Nom.
City
St. Louis..
..4.85(5*5.05 Barley goods—
Hard winter patents
Hard winter clears
...
...
1,000
3,000
13,000
20,000
93,000
106,000
10,000
108,000
832,000
Fort Worth
follows:
were as
United States—
i,3oK666
703,000
9,000 68,390,000
4,528,000 125,059,000 *
3,874.000 118,180.000 5,608,000 70,413.000
and
adjacent areas, particularly the Ohio
Plains.
Valley and the central Great
*
week were generally above normal, except for
Gulf region and the southern Rocky Mountains.
Throughout the trans Mississippi area the weekly means ranged from 6 to 11
deg. above the seasonal average .and they were generally 6 to 10 deg. above
in the northern Great Plains and the Ohio Valley.
It was also unseasonably
warm in central California and locally in the Middle Atlantic States.
Weekly precipitation was generally ample to heavy in portions of the
upper Mississippi and lower Missouri valleys, and generally in central
North Dakota, eastern South Dakota, portions of western Kansas and
eastern Colorado, and in parts of the Lake region.
The weekly totals
were heavy to excessive in parts of the central Gulf States, notably in
southern Louisiana and Alabama, where the totals for the week ranged
from 5 to 6 inches.
Elsewhere east of the Great Plains rainfall was some¬
what scattered,
with some localities reporting adequate amounts, but
adjoining ones very little.
"West of the Rocky Mountains there was very
little precipitation, except locally and on the north Pacific coast.
Following the helpful showers of last week in considerable portions of
the Midwest more generous and extensive rains of the week just closed
have materially improved conditions in most of that area.
This past week
rainfall was sufficient for present needs over considerably more than half
the area between the Mississippi River and Rocky Mountains.
In Montana, the present condition is satisfactory rather generally, while
refreshing showers to drought-relieving rains covered much of the Dakotas,
especially South Dakota, in the eastern part of which some lake beds that
had been dry for a year now contain water.
Most of Wyoming and eastern
Colorado had moderately heavy showers, while the falls were adequate
in considerable areas of Nebraska.
In Kansas the western, north-central,
and southeastern portions had adequate rains, leaving about half the
State dry.
Most parts of the central and upper Mississippi Valley had
good drought-relieving rainfall.
/
.Temperatures for the
local areas in the central
3408
Chronicle
Financial
Great Basin and Pacific Northwest had beneficial rains.
Tennessee—Nashville:
Cotton planting good progress; but some soil
too wet for cultivation in west; condition and progress very good generally;
chopping begun in central.
Rainfall adequate, but deficient in extreme
east where soil too dry for good progress of corn, but temperatures favorable;
some early corn 8 inches high; planting of late
delayed slightly.
Condition
and p-ogress of winter wheat good; maturing.
Tobacco setting incomplete,
though
some
10 inches high.
Truck and vegetables fairly plentiful.
Weather prevented cutting alfalfa and clover; crop good.
Pastures im¬
proved.
Fruit fair to good.
Farm work made
satisfactory progress generally , except in portions of the South where it
is too wet.
Ten peratures were generally high and vegetation made rapid
advance, except in the persistently dry areas.
Small Grains—The condition of winter wheat shows but little change
during the past week.
East of the Mississippi River progress continued
mostly fair to good, though in some drier areas, such as the eastern Ohio
Valley, plants are heading short.
Showers in the western Ohio Valley and
Lake region were beneficial.
In Missouri progress was reported as good to
excellent, with beneficial rains in the north.
In northwestern Texas winter
wheat shows in proven ent since recent rains, though the outlook continues
THE
poor in north-central sections.
In Oklahoma the crop is ripening fast
and harvest has begun.
In much of the State the crop is poor; temper¬
unfavorably high.
About halt of Kansas had adequare rainfall.
in
own
most
sections
and
shows
In this State wheat held
improvement in areas where rain
occurred: harvest will begin in about two weeks in the southeastern and
portions of the State.
North of Kansas local showers were
helpful, but many localities are still too dry, with permanent injury where
drought has persisted.
In Montana the outlook is decidedly improved,
with recent progress good.
Also, the Rocky Mountain and Great Basin
States had fairly well distributed showers which were helpful.
In the soring wheat belt moisture of the week was decidedly beneficial,
especially in the eastern and the western portions.
In Minnesota timely
rains relieved
the drought rather generally, except in tne northwest,
while in the Dakotas there was enough moisture to improve the outlook,
temporarily at least.
In Montana recent weather has been favorable,
but, in Washington spring wheat is only fair.
Rains of the week improved oats in the Mississippi Valley and Lake
region.
However, in much of the Ohio Valley, especially the eastern
portion, continued dryness was harmful.
R^e is heading on short straw
housefurnishings too
In the local
for
southern
the beneficial showers of last week, the additional
just closed were extremely helpful throughout the
previously dry areas, notably northern Missouri and
Minnesota, received generous amounts, but local dry areas
the
week
Some
remain.
•
.
In the Ohio Valley good soaking rains are needed in the eastern part
and locally elsewhere, but corn planting is now nearing completion, with
the early being cultivated.
In Missouri corn is in fair to excellent con¬
dition and only a small amount of replanting is yet to be done; progress
an
est in fall fabrics
favorable for
but stands are
were
,
Cotton—In most of the cotton belt temperatures for the week averaged
moderately above normal.
Rainfall was substantial to heavy in most
places from the Mississippi Valley eastward, out was mostly spotted
ranging from light to moderately heavy, in the western belt.
In general,
there was too much rain in central areas, but the weather was more
favorable in the eastern and western portions of the belt.
In Texas planting made good progress in the northwest, and some is
being cultivated there.
In general, progress of the frop was mostly fair
to good, and stands are good, as a rule, except in oarts of the west: olants
are blooming north to Nueces County, the general condition of the
crop
is fairly good.
In Oklahoma progress was mostly good and stands satis¬
factory; some planting remains to be done in this State.
as
progress
far
north
in northern sections.
southern
as
South
Carolina.
Weather Bulletin furnished the
The
Chopping
following
made
fair
of
resume
conditions in different States:
North Carolina—Raleigh:
Favorable warmth first part: more rain needed
of north, but elsewhere amounts adequate and locally too much
moisture ample generally, except too dry locally for cultivation.
Condition of corn very good; progress good.
Progress and condition of
cotton good; chopping fair advance.
Progress and condition of tobacco
in parts
rain; soil
good.
Truck, gardens, fruits,^and grain favored,
w
South
i
.
Carolina—Columbia:
Favorable warmth.
Adequate sunshine,
locally adequate rains; soil moisture mostly ample. All crops.rapid growth.
Oat harvest active.
Marketing early peaches.
Tomato packing begun in
south.
Cotton chopping rapid advance in north;
cultivating; squares
farming-in south; progress very good.V^Hg J|
A J^gf .
; -j
.
J*Georgia—Atlanta:
Temperatures favored growth.
Cotton chopping
good advance, but soil too wet for cultivation many places.
Generally
favorable for potatoes, pastures, and truck; but more rain needed for tobacco
and sweet potatoes in southeast.
Too much rain for corn in north.
f
Favorable warmthfadequate rains: soil moisture
and condition of cotton fairly good; moderately
activity.
Corn good.
Some tobacco harvested.
Watermelons ripening; good.
Citrus groves good shape; fruit setting well;
ample.
some
for
Progress
weevil
late bloom.
<
■
i-H*4 A
•
*
t
1
^,-f
4
j
j
•>
j.
Alabama—rMontgomery:
Too much rain.
Cotton chopping over in
middle, but delayed in north; progress and condition of
fairly good in south and much of middle, but only fair in north.
Corn
growing nicely, but getting grassy. Miscellaneous crops fairly good to good.
Setting sweet potatoes rapidly.
Early peaches coming in.
Pastures very
good and stock thriving.
<
■
' -1 1 *
h
t
». t
q, !
^
crop
^
Mississippi—Vicksburg:
Vegetation excellent growth; Mostly too much
Cotton chopping
generally slow and
becoming grassy.
Corn fair growth; cultivation poor progress.
Gardens, pastures, and truck generally very good advance.' ■> v*
rain and soil too wet for cultivation.
fields
Louisiana—New*Orleans: Too" much
rain for needed Cultivation ofcotton,^
gardens, and truck in east and central, but temperature favored
Conditions more favorable in extreme west.
Cotton chopping
fairly active, except rapid progress in extreme west.
Rains delaying oat
and hay harvests in northeast.
Sweet potato planting progressing.
Sugar
cane and truck doing well.
Some rice replanting.
<
J
j
corn,
growth.-
Texas—Houston:
Generally favorable warmth; adequate rains, except
locally in southwest and north-central.
Winter wheat improved by rain
In northwest; condition still rather poor; crop
very light in north-central;
progress fair, with condition fairly good.
Progress and condition oats
fair to good; harvesting fair progress in north-central.
Corn excellent
progress;
condition fairly good, although some poor in south-central.
Cotton planting good progress in northwest; some
early planted there
cultivated; some replanting necessary; elsehwere, progress fair to
good;
stands mostly good; chopping good advance where soil
favorable; bloom¬
ing northward to Nueces County, planting generally completed in northcentral, except lowlands where ground too wet: condtion fair to
good
1
Ranges mostly fair.
Cattle fair to good generally.
Truck and fruit fair
to good.
Rice planting about done; somewhat late, but good condition.
r1Oklahoma—Oklahoma^City:
central
and west; too
Unfavorably" hotTmore rain"needed
most
much in most of
east, but subsoil moisture badly
depleted elsewhere.
Progress and condition of cotton good; good stands;
some planting yet to be done.
Oats ripening fast; harvest
begun; yields
disappointing in many south, central, and east areas.
Winter wheat
ripening fast: harvest not yet general: progress good in north-central and
Earts condition very and west-central, but and much of northwest and westeat; of northwest good in north-central deteriorated elsewhere, account
central, but poor elsewhere.
3 to 5 foet tall.
Progress and condition of corn good, with some
Pastures good in east, fair elsewhere.
A
^
4
Arkansas—Little Rock: Progress of cotton good,
except where too much
rain; fields grassy in central and north where soil too wet for cultivation;
were
con¬
,
>
Woolen
south and most of
.
shown but few actual sales
64f0's, 4^c.; 38^-inch 60-48's,. 3^c.
Florida—Jacksonville:
now
favorable
was
Trading in rayon yarns turned moderately
active, notably in the finer counts, which continued to profit
by the rise in silk quotations.
With yarn shipments for the
current month giving indications of considerable
expansion,
a further improvement in the statistical
position of the mar¬
ket is anticipated.
A favorable factor was supplied by the
gain in operations of the weaving plants, from 71% to 76%
of capacity.
'
•
Domestic Cotton Goods—Trading in the
gray cloths
markets, following the turn for the better shown at the end
of the previous week, experienced a decided revival in
buying
by all classes of users.
Total sales for the period under re¬
view reached substantial figures, resulting in a marked im¬
provement of the statistical position of the mills.
Chiefly
responsible for the revival in activities were the better tone
of the security markets, the continued enhancement in raw
cotton values, fears concerning the threatened
reimposition
of a processing tax, the continued determination of the mills
to curtail production and the announcement of large
impend¬
ing purchases by Government relief agencies.
The better
movement of finished goods and the growing realization of
the inadequacy of existing supplies, should business
experi¬
ence a real turn for the
better, also served to induce covering
purchases.
Business in fine goods expanded
materially.
Inquiries for lawns and slub yarn broadcloths were received
in growing volume and prices showed a stiffening trend.
A
good call also existed for carded fancy cloths., Closing prices
in print cloths were as follows: 39-inch
80's, 5% to 5%c.;
39-inch 72-76's, 5^e.; 39-inch 68-72's, 4% to 5c,;
38M-inch
In much of the central belt field work was delayed by too much rain
and wet soil, with complaint of grass in a good many places;
egncrally,
dry weather and sunshine are needed in this area. * In the eastern belt
progress of cotton was reported generally good to very good; squares are
forming
Interest in wash goods mod¬
summated.
germinating the corn that had previously been seeded,
poor and uneven, due to the loss of seed by rodents and other pests
Practically all of the first planting has been completed, with the earliest
8 to 10 inches high, w^ll cultivated, and thrifty.
''
•
'
„
warnings were issued of
impending shortage in fall goods.
Colored yarn fabrics
erated somewhat although there was an active call for ging¬
hams.
Business in silk goods remained quiet.
Some inter¬
Minnesota.
Iowa moderate rains over four-fifths of the State
Cotton dresses moved in good volume and interest in blan¬
continued in active demand.
very good to excellent and the crop ranges from 2 to 10 inches high.
Planting has been completed in Kansas wh^re cultivation is general, while
early corn looks good in Nebraska and South Dakota.
Seeding is prac¬
tically completed in North Dakota, while the crop is up to good stands
In
noted.
kets showed signs of expansion as
was
in southern
moved in somewhat better volume.
increased purchases by World's Fair visitors
Department store sales the country over for the
May 20, according to the usual compilation of
the Federal Reserve Board, were 7% above the correspond¬
ing week of 1938.
New York and Brooklyn stores showed a
small loss in sales, amounting to 0.8%, while Newark estab¬
lishments reported a gain of 5.7%.
Trading in the wholesale dry goods markets expanded
perceptibly as retail merchants placed an increasing number
of reorders for summer merchandise, causing wholesalers to
add to their own commitments in the primary markets.
were
Corn—Following
belt.
area
week ended
in the northern Great Plains.
corn
York, Friday Night, June 2, 1939.
Favored by much warmer weather during part of the week,
retail trade made a satisfactory showing.
Chief interest
centered in summer apparel lines and accessories, although
southcentral
rains
DRY GOODS TRADE
New
atures were
its
June 3, 1939
planting continues in some north areas and where destroyed by storms on
22d; chopping rapid advance in south
and central, but slow in north.
Corn good, except some central and north areas where soil too wet.
Har¬
vesting wheat and oats some areas; maturing rapidly elsewhere.
Growth
of pastures, potatoes, sweet potatoes, tomatoes, and truck favored. Favor¬
able for irrigating rice, but still seeding in north.
Ohio Valley and Middle Atlantic area there was very little
precipiation and drought conditions were intensified, except in local areas:
in the Northeast moisture was ampie in most sections, although a good
many localities continue much too dry.
In southern States from the
Mississippi Valley eastward rainfall was moderate to heavy, with con¬
siderable areas now too wet for field work.
The far Southwest, including
most of New Mexico and Arizona, continues unfavorably dry, but the
In the upper
Goods-^-Trading in men's wear fabrics following
its recent period of
activity slowed down somewhat, although
prices continued firm, reflecting the sound position of the
mills with regard to the
backlog of unfilled orders on hand.
The latter are believed to remain
substantially above last
year's corresponding figures, resulting in a continued high
operating ratio for most producers.
While the bulk of re¬
quirements for fall suitings apperaed to be covered, more
attention was given to the
impending opening to the new
collections of tropical worsteds.
A feature of the week was
the revival of interest in overcoatings and
topcoatings, fol¬
lowing the report that the Army administration is in the mar¬
ket for substantial quantities of
heavy overcoatings.
Re¬
ports from retail clothing centers continued their improved
showing with the spell of hot summer weather resulting in
accelerated
buying of lightweight apparel.
Business in
women's
wear
materials remained in its between-season lull.
An
early expansion in sales is anticipated, however, particu¬
larly in view of improved reports about the sale of sports and
travel apparel at retail.
Foreign Dry Goods—Trading in linens gave further indi¬
an
impending improvement based on the expected
increased importance of white linens as a dress style factor.
Interest in household items remained seasonally small.
Reports from foreign primary centers note slightly increased
activity on the part of American importers. Business in
burlap expanded slightly as the lower price level attracted
buying on a moderate scale.
Following a further markdown in quotations,
prices rallied somewhat in sympathy
with the improving trend in Calcutta, where
spreading labor
troubles proved a
price-steadying influence.
Domestically
lightweights were quoted at 4.15c., heavies at 5.65c.
cations of
Volume
Financial
148
3409
Chronicle
State and City
Department
A.
Baldwin
for
the
announced
purpose
of clearing
away
minor technicalities that plague bond investors, the bill in
Dickinson's opinion would "open the floodgates for un¬
Specialists in
authorized loans."
Illinois & Missouri Bonds
"This act would make all bonds, notes and certificates of indebtedness
a lawful purpose by any city,
county, village, school district or
issued for
other
political subdivision—after they had been issued and sold—con¬
clusively deemed to be legally issued according to law and incontestable for
all purposes," the Governor's veto meassage said.
"This would in effect nullify many of the requirements of law which must
be followed in issuing bonds.
Among other things the law now requires in
most instances that municipal bond issues be submitted and approved by
Stifel, Nicolaus & Co-Inc.
Founded 1890
105 W. Adams St.
CHICAGO
the electors.
DIRECT
WIRE
•
ST.
*
"Other laws limit the maximum amount of indebtedness of cities, school
314 N. Broadway
districts and other political subdivisions, and require proposed increase of
indebtedness to be submitted to the Public Debt Commission.
LOUIS
"The Act would open the flood-gates for unauthorized loans, the only
limitation being that the issues be 'for a lawful purpose.'
ultimately would have to
pay
The taxpayers
off these issues and their right to pass upon
hem should not be curtailed to the extent provided for in this Act."
News Items
Other
Court Issues Ruling on Municipal Bank¬
legal victory for Florida municipalities in
readjustment of their debt problems, was announced on May
25 by officials of R. E. Crummer & Co. of Orlando, upon
learning that the Circuit Court of Appeals had affirmed the
rulings of the lower court regarding provisions of the Wilcox
Municipal Bankruptcy Bill.
: ; ;
Florida—Federal
ruptcy Act—Major
Crummer officials said the decision was vitally important for every
New York
by Senator Thomas C. Desmond, Chairman of the Com¬
de¬
mittee
of
Appeals decision was handed down in the case of
Lucille Atkins Vallette, et al, vs. the City of Vero Beach and terminated a
bitter legal fight on the city's debt adjustment problem.
As all decisions in the United States District Court were in favor of the
contentions of the city's plan of adjustment and as the Appellate Court
affirmed the rulings of the lower court, many similar problems in other cities
will now be affirmed in the opinion of Crummer officials.
Communities which now have bankruptcy petitions pending, decisions on v
which have been deferred by the Federal judges pending the action of the .
Circuit Court of Appeals on the Vero Beach case, include Avon Park and
Hardee County Special Road and Bridge District No. 7.
Other communities
which have taken initial steps to institute proceedings which would neces¬
sarily be governed by the decision include Haines City, Wauchula, In¬
verness; Fort Pierce and Melbourne.
The above affected communities are only those for which R. E. Crummer
& Co. of Orlando is acting as fiscal agent.
Other communities are also
affected, but a list was not readily available.
'
In the lower court the important question raised was the right of the
City of Vero Beach to compel judgment holders and bondholders who had
obtained special tax levies by legal process to accept the plan of readjust¬
ment and relinquish so-called priorities which they claimed by virtue of
judgments or special tax levies.
Since the existence of the judgments and
the special tax levies was the primary reason for ithe institution of bank¬
ruptcy proceedings, it was argued on behalf of the City of Vero Beach that
bankruptcy proceedings were of no value to the city unless the judgments and
special tax levies could be voided and the holders of claims of this type could
be compelled to make settlement on the same basis as applied to securities ■
which had not been involved in litigation.
The contention of the city was sustained in the lower court, and the
affirmation of this position by the Appellate Court is expected to pave the
way for more rapid solution of the debt problems of the many remaining
financially embarrassed taxing units, according to an officer of R. E,
Crummer & Co.
The decision means that the taxable resources of a com¬
munity must be shared equally by all bondholders, he said.
In this case the City of Vero Beach was represented by Charles A. Mitchell,
City Attorney, and Robert J. Pleus of Orlando, special cotmsel, Mr. Pleus'
representation also having been because of the interest of R. E. Crummer &
Co., which company in addition to being fiscal agent for Vero Beach has
already completed, or is now handling debt readjustment programs for
more than 200 Florida taxing units.
•
The Circuit Court of
.
,
*
piled—Tyler & Co., Inc., Boston, are making free distribu¬
tion of the 23d edition of their booklet in the quarterly
series, giving up-to-date financial statistics of the Common¬
wealth of Massachusetts, its counties, cities, towns and
This edition contains an outline map of the Com¬
monwealth, showing all its political sub-divisions.
The statistics given show population, assessed valuation,
and net debt, net debt ratio and per capita, tax levy,
collections, tax titles, and a comparison of tax rates.
gross
are
and
an
4.
Introduced by Senator Joseph
.
Desmond-Moffat
The
Bill,
Senate
following principal provisions:
(a) The division of housing as now
ment of the State is retained.
Print
No.
2934,
contains
the
constituted in the Executive Depart¬
Housing, which now heads the Division
office of Superintendent of Housing is created.
He will
to enable the State to exercise the functions assigned
to it in the field of housing under the new
constitution. Among these new
powers will be the making of loans and subsidies to housing authorities,
cities, towns and villages.
The Superintendent will receive an annual
salary of $12,000.
■
'
(c) Municipalities must match the State subsidies but may make all or
any part of their contributions in the form of tax exemptions.
(d) Municipalities, but not the State, may make loans to limited dividend
companies.
The bill contains several new provisions relating to tax exemp¬
tion for new limited dividend projects and the maximum rents in such
projects.
v'» '
"
(e) Municipalities, but nqt the State, may make loans to owhers of
multiple dwellings for rehabilitation purposes.
.
(f) Municipalities are authorized to make loans and subsidies to Rousing
authorities, and for these purposes are granted a special debt-incurring
(b)
In place of the State Board of
of housing, the new
have powers necessary
power as
provided in the Constitution to the extent of 2% of the
valuation of taxable realty.
assessed
1
optional city taxes authorized are the following; an ad¬
missions tax, a tax on the possession of a telephone, an occupancy tax, a tax
on the sale of patent medicines, a tax on the sale of tobacco other than
cigarettes, and a tax on vending machines.
...
(h) State loans cannot be mingled with Federal aid in any public housing
(g)
The special
project^ate
loans are t0
kear interest at the rate specified in the bonds to
not exceed five times
by the local legisla¬
the rental, or in cases of famiilies
dependents, six times the rentals.
,
It has been estimated that, with
provisions of the bill will make possible rentals of
fixed by authorities.
prevailing costs, the
approximately six dollars per room per month.
(o) Preference for tenancy in a State project is given to persons who have
lived in the slum areas which have been cleared for the public housing
Pr<(pT: Discrimination because of race, color or creed in selection of tenants
is
£°Ib^15ithority may aid In the relocation of tenants displaced because
of slum clearance
for the
operations and may maintain a tenant
placement bureau
benefit of such tenants.
Three Mortgage Bills—Governor Lehman
May 26 three bills to provide further protection
for holders of guaranteed mortgage investments, according
to Albany news advices.
Governor
approved
One bv
tn
Tan
1
Signs
on
ness
of
Hampton, Republican of Utlca, extends this protection
Another by Assemblyman Mailler, Republican of Orange,
1, 1940, the provisions of the present law prohibiting busi¬
Senator
1941
extends to July
guaranteeing bonds, notes or
other evidence of indebtedness secured
^Athfrd* by°Af^emblyrnan
Ehrlich, Republican of Buffalo, extends from
Anril 1 1939 to March 1, 1940, emergency provisions relative to modifi¬
cation and extension of mortgage investments.
available upon request.
Michigan—Bond Validation Bill Vetoed—Governor Dickin¬
son has vetoed a bill to declare bonds and notes of a local1
government incontestable.
appropriation for this sum is provided.
Two-thirds of the sub¬
New York City and one-third to the remainder
of the State.
Rentals are to be
Massachusetts—New Edition of Municipal Statistics Com¬
Copies
■
2935, authorizes the
sidies are made available to
with three or more
public officers of all funds in their custody in approved depository banks;
S. F. 164—To require counter-signature of Iowa agent on insurance written
by foreign company; S. F, 289—To increase risks insurable by mutual
companies; S. F. 423—To extend the type of eligible investments for
insurance companies, other
than life; S. F. 445—To transfer securities
department from Secretary of State to insurance commissioner.
tax
housing.
Senate Print No.
exceeding $150,000,000 for low-rent housing; but not more than $50,000,000
of this amount may be actually loaned during the coming fiscal year.
Twothirds of the amount of the loans are made available to New York City
and one-third to the remainder of the State.
3. The Desmond-Mitchell Bill, Senate Print No. 2863, authorizes the
State to enter into contracts for subsidies not exceeding $1,000,000 per year;
but not more than $250,000 may be expended during the coming fiscal year
such families may
liquidating improvements and sell the bonds to private purchasers; S. F. 57
—To authorize insurance companies, other than life, to purchase own stock
in furtherance of employees' savings plan; S. F. 67—To require deposit by
districts.
Desmond-Mitchell Bill,
Municipalities and authorities are allowed to obtain options on land
prior to the approval of projects.
,
(1) In case of a default on a State loan, the State may deduct and retan
the moneys due on the loan from any moneys otherwise payable by the
State to the municipality.
•
»
.
(m) Tenant approval is a power of the authority.
Cn) Only families of low income are eligible for tenancy in public housing
projects with the further limitation that the aggregate annual income of
■
and towns to issue revenue bonds on self-
The
(k)
Passed
F. 33—To authorize cities
2.
State to enter into contracts for loans to municipalities and authorities not
body
All contracts for State loans must be approved
tive body and by the Municipal Comptroller.
by Recent Legislative Session—
Some of the bills passed by the Legislature and sent to the
Governor for signature were summarized as follows in a
recent issue of the weekly news letter put out by the Central
Bank & Trust Co. of Des Moines:
S.
Assembly sponsor,
cost of the
general election to be held on
a constitutional amendment to authorize the
issuance of $7,950,000 highway bonds.
If approved, the
amendment will permit the State to float $2,650,000 of
bonds per annum in 1939, 1940, and 1941, due in 10 years
and payable from gasoline tax revenues.
Proceeds would be
used to permit matching of Federal funds for road building
r-■■-■
no
be issued
will consider
Iowa—Measures
No. 2901, with
housing appointed pursuant to the provisions of the public housing law
by the State.
The State will also be reimbursed for the actual
borrowing.
The maximum maturity of State loans is 50 years.
The maximum period for which a periodic subsidy agreement may be made
is 50 years, and such subsidies may not exceed annually an amount equal to
the going State rate of interest plus 1% upon the project cost.
(j) Loans to a municipality or housing authority from the State are to
be approved by the Superintendent of Housing.
All housing projects are
made subject to approval of the local legislative body and local planning
Amendment—
June, ,6 Georgia voters
Georgia— Voters to Pass on Highway Bond
purposes.
Affairs of Cities:
shall be the head of the division of
,
a
on
1. The Desmond Bill, Senate Print
amends Section 19-a of the executive law to provide that the superintendent
-
In
State—Explanation of New Housing Legisla¬
tion—The following explanation of the provisions of the group
of related low-rent housing bills which were enacted at the
recent session of the Legislature, has been furnished to us
faulting city, in that judgment holders and bondholders who had obtained
special tax levies were compelled to abide by the wishes of a majority of
bondholders not concerned in the priority rights of the minority.
The decision affects cities, special road and bridge districts, special tax
school districts, drainage districts and all other taxing units in Florida as
well as all cities of the nation which are in debt difficulties, the Crummer
Co. announced.
-
Bills Approved—The Governor signed
another bill which will permit the creation of summer-resort
municipal corporations, and a second bill which makes rev¬
enue bonds negotiable instruments.
Municipal
York State—Governor Approves Renewal of Emer¬
Taxes—Governor Lehman approved without comment
May 29 eight bills continuing for the 1939-40 fiscal year
existing emergency State taxes.
They are estimated to
New
gency
on
all
3410
Chronicle
Financial
payment therefor.
yield $102,000,000 towards balancing the year's budget of
about $390,000,000, reduced from the record
recommended by the
Governor.
,
Governor recommended that ad
emergency
taxes be made permanent.
The recommendation was
ignored by the Republican-controlled Legislature.
Most of the emer¬
gency levies have been in effect since Mr. Lehman became Governor
in 1933, and include two separate imposts of 1 cent a gallon each on motor
fuel, which, with the basic gasoline tax of 2 cents a gallon, make a total
State levy of 4 cents.
The other emergency taxes continued with the Governor's approval
are the 2% tax on the gross income of public utilities; the emergency
1%
tax on personal incomes; emergency tax on stock transfers; the
\lA%
increase in the normal 4% franchise tax on business corporations; the
emergency tax rates on the estates of residents and non-residents; and the
emergency 4% tax on net incomes of unincorporated business.
General
Show
increase in
a
———
1939.
Each bidder must deposit with the City Clerk, before bidding, a certified
check for $6,145.00, payable to the order of the city.
CITY,
PHENIX
Ala.—BOND CALL—It
are
is
stated
by Ashby
Floyd,
Board of City Commissioners, that water works bonds
1 to 125, aggregating $125,000, are called for payment on July 1, at
President of the
Nos.
plus accrued and unpaid interest.
Dated Nov. 1, 1925. Due Nov. 1, 1955.
par
-
•
These bonds, together with all unpaid coupons
be
applicable thereto, should
presented for payment at the Central Hanover Bank & Trust Co., New
York.
•
Improvement—Tax
collections, both current and delinquent,
conditional
no
will furnish to the purchaser the opinion of Caldwell & Raymond,
of New York City, approving the validity of the bonds, which opinion will
contain the customary reference to the constitutional limitation on the
taxing power of the city.
The bonds will be delivered on or about July 1,
The city
In submitting his budget this year, the
Collections
All bids must include accrued interest and
1939
bids will be considered.
$415,0®),000
the
Tax
June 3,
ARIZONA
continuing to
COCHISE COUNTY SCHOOL DISTRICT NO. 18 (P. O. Bisbee),
Ariz.-^BOND SALE—The $30,000 issue of coupon high school bonds
for sale on May 25—V. 148, p. 3101—was awarded to Refsnes,
number of American and Canadian cities, re¬
ports to the Municipal Finance Officers' Association of the
United States and Canada show.
Some of the cities have
offered
improved collections by advertising, by intensified collec¬
tion campaigns, and by arranging for instalment payments.
inclusive.
Ely, Beck & Co. of Phoenix, as 3J^s, paying a premium of $318.16, equal
101.06, a basis of about 3.313%.
Due $1,500 from June 1, 1940 to 1959,
to
GILA COUNTY (P. O. Globe), Ariz .—BOND CALL—It is stated by
Elton 8. Bryant, County Treasurer, that a total of $40,000refunding bonds,
numbered from 30 to 69, are being called for payment at his office.
These
bonds are part of an original issue of $88 000, dated Jan. 1, 1936, due
New York City's Treasurer reported a record-breaking collection for the
first four months of 1939.
By April 30, the city had gathered 82.2% of
the levy for the first six months of the year.
This was nearly 2% over the
amount
for the
same
$44,060 July 1, 1944 and 1945.
Interest shall cease on date called.
If said bonds are not presented for payment within three months from the
date last year.
Louisville, Ky, collected 91.2% of taxes levied for the last fiscal year.
Memphis, Tenn. collected all but 8.8% of its current levy—a better record
by nearly 6% over 1937, and the best for 10 years.
Current tax collections
in Colorado Springs, Colo, came within 3% of perfection for the third con¬
d&te of the official notice, the county Treasurer shall apply the money
applicable to the payment of these bonds to the redemption of the bonds
next in order of the number of their issue.
YAVAPAI
secutive year.
In Hackensack, N.
J. current tax collections for 1938 increased nearly
2.5% over the previous year.
Los Angeles collection records of 1937-38,
for both current and delinquent taxes, were almost identical with the record
Among Canadian cities, Calgary, Alta. showed receipts ttom current
back taxes amounting to 108% of the current levy in 1938.
For
Toronto, Ont., combined current and delinquent collections amounted td
102% of the 1938 levy.
Delinquent taxes for the 14 municipalities under
the Montreal Metropolitan Commission declined $122,000 during February,
and
'
From now on, the gradually dwindling backlog of delinquent taxes will
probably decrease the yearly totals of current and back collections, the
association noted.
These totals for American cities in 1938, for examiple,
fell below the year's levy on the average for the first time in four years.
In the face of improved collections generally, Detroit and Chicago are
among cities attacking their large delinquency problems with special effort.
Detroit has started foreclosure proceedings against 6,973 vacant lots in
the city which'owed $156,667 in back taxes.
Earlier this year the city
took steps to collect taxes on apartment buildings and industrial properties
whose owners were getting revenue without paying taxes.
The second step
collected rents but did not pay taxes.
In
-»
-
a
GRANT COUNTY
now
LEWISVILLE
BONDS SOLD— It
special, delinquent
ST.
from
Approves Bill id Elimi¬
Bond Limit—We quote in part as follows
Associated Press dispatch out of Washington on
an
May 28:
•
.
.
re¬
DISTRICT
is reported
(P.
O.
Lewisville), Ark.—
that $16,000 school bonds have been pur¬
FRANCIS
■
■
LEVEE
DISTRICT
(P.
O.
West Memphis), Ark.—
BOND CALL—It is officially stated that the district is calling for payment
on July 1, at par, all of the 5% series F bonds, dated July 1,
1909; maturing
in 1959; optional in 1939, numbered up to 750.
Holders of these bonds are
requested to present them prior to June 15, 1939, at the National Bank of
Commerce, Memphis, Tenn., or the Central Hanover Bank & Trust Co.,
New York City, and receive payment therefor at the equivalent of a 1%
yield basis, plus accrued interest.
Government
nate
SCHOOL
chased by local banks.
approach $500,000,000.
United States—Senate Committee
(P. O. Sheridan), Ark.—BONDS SOLD—It is
ported that $6,500 court house addition bonds have been purchased by
T. J. Raney & Sons of Little Rock, at a price of 100.01.
tax committee to cooperate with the Citizens' Committee on Tax Collections
and the local governments in curbing mounting delinquent real estate taxes,
which
Prescott), Ariz.—SCHOOL DISTRICT
Bethea, County Treasurer, called
Pearl
.
•
Chicago, the Association of Commerce has formed
O.
ARKANSAS
Detroit collection program was aimed at the owners of flats who
in the
(P.
CALLED—Mrs.
17,
Congress, all warrants registered to and incl. March 13, 1939. and Nos.
7025, 7026 and 7027, registered April 10, 1939; District No. 40, Seligman,
all warrants registered to and incl. April 19, 1939, and Nos. 8089 and 8090,
registered May 12; High School District No.'1 40, Seligman, all warrants
registered to and incl. May 17, 1939; District No. 44, Willard, all warrants
to and incl. April 27, 1939, and Nos. 8340 and 8341, May 18.
Also all warrants registered to and incl. April 28, 1939, in District No. 15,
Skull Valley; to May 13, 1939, in District No. 23, Kirkland; to Jan. 21,
1939, in District No. 42, Cleator; to April 27, 1939, in District No. 46,
Yavapai, and to March 8, 1939, in District No. 53, Bumble Bee.
of 1929-30.
1939.
COUNTY
WARRANTS
for payment as of May 22 the following school district warrants:
School District No. 10, Bolada, warrants 6438 and 6989; District No.
....
A bill giving the Treasury more leeway in its big borrowing operations
approved by the Senate Finance Committee today.
*
After hearing Secretary Morgenthau explain the measure, the committee
voted unanimously to recommend the repeal of the maximum limitation of
$30,000,000,000 which present law fixes for the total amount of Government bonds which may be outstanding at one time.
The bill,,which already has passed the House, would leave undisturbed
a maximum restriction of
$45,000,000,000 on the total of the national debt.
However, Mr. Morgenthau indicated that a request for the elimination of
this limit might be expected at the next session of Congress.
As the Chbinet member explained the situation, the Treasury can borrow
$5,043,000 more than it now owes without exceeding the limit set for the
was
total of the national debt.
California
"
Bankamerica Company
486 California Street, San Francisco
Bell System Teletype SF 469
OFFICES
IN
OTHER
,
Bond Proposals and
Negotiations
ALABAMA
SAN
Prin.
The
by pledge of a constitutional tax of 2 A mills and will
be full, direct general obligations of the county.
The approving opinion
of Storey, Throndike, Palmer & Dodge of Boston will be furnished.
Enclose
a certified check for
2% of the amount of the bonds offered, payable to the
County Treasurer.
'
SANTA
secured
PHENIX
CITY,
Ala.—BOND
OFFERING—It
is
stated
by
Ashby
Floyd, President of the Board of Commissioners, that the said Board will
offer for sale at public auction on June 16, at 2
p.m.. the following bonds
aggregating $307,250:
$153,750 water works refunding bonds. Due as follows: $2,000 on Aug. 1,
1939, and Feb. 1, 1940; $3,750 on Aug. 1, 1940; $2,000 on Feb. 1,
1941; $4,000 on Aug. 1 in each consecutive year from 1941 to
1945, inclusive; $5,O0O on Aug. 1 in each consecutive year from
1946 to 1950, inclusive; $6,000 on Aug. 1 in each of the
years 1951
and
1952; $7,000 on Aug. 1 in each consecutive year from 1953 to
1955, inclusive; $8,000 on Aug. 1, 1956; $7,000 on Aug. 1, 1957;
$8,000 on Aug. 1 in each consecutive year from 1958 to 1960,
inclusive; and $9,000 on Aug, 1 in each consecutive year from
1961 to 1963, inclusive.
153,500 water works funding bonds. Due as follows: Feb. 1 in the following
amounts and in the following years:
$1,500 in 1940; $2,000 in
1941; $4,000 in each of the years 1942 and 1943; $5,000 in each
consecutive
year
from
1944
to
1948,
inclusive;
$6,000
in
each
consecutive year from 1949 to
1955, inclusive; $7,000 in each of
1957; $8,000 in each consecutive year from
1958 to 1960, inclusive; $9,000 in each consecutive
year from
1961 to 1963, inclusive; and $10,000 in 1964.
the
years
1956 and
Denom. $1,000, except one for $500 and one for $750.
All dated June 1,
1939.
Interest is payable F-A.
The bidders are invited to specify in their
bids
the rate of interest which the bonds will
bear, not exceeding 4%
per annum, but no interest rate will be considered other than in multiples
of M of 1% per annum.
Each of the two issues of bonds shall carry the
interest rate and no split rates on either .of the issues will be con¬
sidered
same
.
The award of both issues of bonds will be made to the
single bidder who
offers the highest lawful cash bid for the combined issues.
In determining
the highest bidder the net interest cost to the city shall govern. The bonds
will not be sold for less than par plus accrued interest to date of
delivery and
COUNTY
(P.
O.
San
Bernardino),
BOND OFFERING—Sealed bids will be received until
.
multiple of H of 1%, and must be the same for all of the bonds.
payable in lawful money at the First National Bank, Opp.
•
BERNARDINO
11
a.
m.
Calif.—
on
June 5.
by Harry L. Allison, County Clerk, for the purchase of a $4,000 issue of
Morongo Elementary School District bonds.
Interest rate is not to exceed
4 A%, payable J-D.
Denom. $1,000.;
Dated June 1, 1939.
Due $1,000
from June 1, 1940 to 1943, Inclusive.
.
and int.
are
CITIES
CALIFORNIA
1940.
COVINGTON COUNTY (P. O. Andalusia), Ala.—BOND OFFERING
by M. E. Canpon, County Treasurer, that he will receive
sealed bids until 10 a. m. on June 14 for the purchase of an issue of $160,000
coupon highway bonds.
Interest ra£e is not to exceed 3 A %. payable F-A.
Dated, Feb, 1, 1939.
Denom. $1,000.
Due Feb. 1 as follows:
$10,000
in 1947 to 1956, and $15,000 in 1957 to 1960.
Rate of interest to be
bonds
CALIFORNIA
CALIFORNIA, State of— WARRANTS SOLD—An issue of $1,346,060
unemployment relief, registered warrants was offered for sale on June 1
and was awarded to R. H. Moulton & Co. of Los Angeles, as 2s, plus a
premium of $3,611. Dated June 3, 1939.
Due on or aboiit Feb. 27, 1940.
There are Outstanding registered warrants in the amount of $53,800,5.59.53.
(This amount includes $1,660,000.00 to be sold for delivery on
May 29 and excludes $11,418388.95 called for payment on May 29.)
Of
this amount, $6,821,146 9& will be called for payment on or about
July 28,
1939; $28,103,445.60 will be called for payment on or about Aug. 30, 1939:
$7,762,370.40 will be called for payment on or about Nov. 29, 1939, and the
balance of $11,113,596.58 will be called for payment on or about Feb. 27,
—It is stated
a
PRINCIPAL
However, he said, it could devote only $1,697,-
000,000 to government bonds without going above the $30,000,000,000
restriction on that category of government obligations.
Looking ahead to the fiscal year which begins on July 1, Mr. Morgenthau,
said that the $5,043,000,600 which may still be borrowed would be sufficient
to carry the Government through most of that period.
But, for the sake of
''latitude," he asked that there be no limit upon the extent to which bonds
might be issued.
in
Municipals
.
CLARA
COUNTY
(P.
O.
San Jose;,
Calif.—BONDS DE¬
FEATED-^ At an election held on May 16 the voters defeated a proposal to
issue $399,000 in Palo Alto Unified School District construction bonds, ac¬
cording to the Superintendent of Schools.
SAN
.
..
DIEGO,
Calif.—BOND SALE— The $2,600,000 issue of San
Dieguito water system acquisition bonds offered for sale on May 31—V.148,
p. 3101—was awarded to a syndicate headed by Phelps, Fenn & Co. of
New York, at a price of 100.015, a net interest cost of 2.204%, on the bonds
divided as follows: $1,137,500 as 3s, due $162,500 from July 1, 1940, to
1946, and $1,462,500 as 2s, due $162,500 from July 1, 1947 to 1955.
Associated with the above firm in the purchase were: F. S. Moseley & Co.,
E. H. Rollins & Sons, Inc., The Milwaukee Company, Schwabacher & Co.,
District Bond Company, Paine, Webber & Co., The Boatmen's National
Bank, Charles Clark & Co., Braun, Bosworth & Co., Chace, Whiteside &
Symonds and Donellan & Co. The 3% bonds due from 1940 to 1946, were
reoffered at prices to yield 0.30% to 1.70%, and the 2% bonds, due from
1947 to 1955, at prices to yield from 1.90% to 2.50%, according to maturity.
In the opinion of the bankers, these bonds are legal investments for savings
and trust funds in New York, Massachusetts, Connecticut and
banks
California.
SAN FRANCISCO, Calif.—SALE OF OAKLAND BRIDGE BONDS
CONTEMPLATED—Possibility of the sale of $72,500,000 bonds of San
Francisco Oakland Bay bridge by Reconstruction Finance Corp. in the
next 30 days is seen in the announcement by Frank W. Clark. California
Director of Public Works, that agreement has practically been reached
between the State Toll Bridge Authority and the RFC covering sale of the
bonds.
The announcement says the briuge toll would be cut to a base of
40
cents on "ale
year.
held
of the bond and possibly to 35 cents before the end of the
It is unofficially reported that the interest rate on all bridge bonds
by the RFC has been made 4% and ^bat the call prices have been
revised
upward.
Bond syndicate is
RFC for purchase of the issue.
reported to
be conferring
with
the
CONNECTICUT
CONNECTICUT (State of)—DELAY ACTION ON $25,000,000 BOND
ISSUE PROGRAM—Legislative action on a program providing for the
issuance of $25,600,000 bonds for highway and bridge construction—
V. 148, p. 3264—is being held in abeyance owing to a difference of opinion
#
Volume
as
Chronicle
Financial
148
to the soundness of the
plan to make the debt payable from the proceeds
of tolls on the respective facilities.
The State Banking Department is
reported to be opposed to making the bonds legal investment for savings
banks in the State if that method of financing their retirement is followed.
Still another point at issue concerns doubt as to whether the State's credit
is pledged in the legislation for repayment of the debt.
MADISON, Fla.—BOND CALL—It is stated by Ola Sanders, Town
Llerk, that the town will on July 1, redeem and pay $170,500 6%, refunding
bonds dated Jan. 1,
1938, both principal and interest being payable at the
town
and
.
NEW
offered
June
NEW LONDON, Conn,—BOND SALE—'The $3,500,000 coupon bonds
offered June 1—V. 148, p. 3264—were awarded to a syndicate composed
of Lehman Bros., Lazard Freres & Co., Kidder, Peabody & Co., Stone &
Webster and Blodget, Inc., R. W. Pressprich & Co., Eastman, Dillon &
Co., Eldredge & Co., Inc., B. J. Van Ingen & C6., Inc., Riter & Co.,
Hannahs, Ballin & Lee, all of New York; the Bridgeport-City Co., Bridge¬
port, and Coburn & Middlebrook of Hartford, as 2s at a price of
a basis of about 1.85%.
Sale consisted of;
Treasurer's office, the bonds being numbered and in denominations
as follows:
having maturity dates
—
Date of
Maturity
'
.
Numbers—
HAVEN,
Conn .—NOTE SALE—The $700,000 tax anticipation
1 were awarded to Chace, Whiteside & Symonds of
Boston at 0.13%, plus a premium of $60.
Dated June 5, 1939 and payable
Aug. 1, 1939 at the First National Bank of Boston, or at the Central
Hanover Bank & Trust Co., New York City. Legality
approved by Storey,
Thorndiice, Palmer & Doege of Boston.
The Bank of the Manhattan
Co.. New York, second high bidder, named a rate of 0.083%.
The premium named in the successful bid reduced the effective rate to
0.07586%.
Another bidder was the Chase National Bank of New York,
which named a rate of 0.14% plus $2.
notes
3411
•>} +° 22' ™c\
§1 to 68, incl
So J° ,21' !nC
Denom.
-—Jan. 1, 1948
$1,000
Jan. 1, 1948
-
-
—
1° J2S* ncl— — *
11? t° 30, incl
131 to
500
Jan- lf 1958
—
1.000
--Jan. 1, 1958
Jan. 1, 1958
180, incl
.-.-Jan. 1, 1968
Jan. 1. 1968
•____
181 to 240, incl---
500
500
1,000
500
The bonds will be redeemed at
par plus accrued interest on July 1 upon
presentation with all unpaid coupons at the office of the Town Treasurer,
and interest on the bonds shall cease on date called and all
coupons maturing
thereafter will be void.
MIAMI SPRINGS, Fla.—CERTIFICATES SOLD TO PWA—It is stated
by the Town Clerk that $11,000 4% semi-annual water revenue certificates
approved recently by the Circuit Court, have been purchased at par by the
Public Works Administration.
Due
$1,000 from 1940 to
1951.
'
102.03,
$2,500,000 Ocean Beach Park impt. bonds, 1939 series, issued under an
Act of the State Legislature which exempts the bonds from the
city's debt limit.
They will mature June 1 as follows: $86,000
GEORGIA
EATONTON, Ga.-MATURITY—It is
now
reported by the City Clerk
from 1941 to 1963, incl., and $87,000 from 1964 to 1969, incl.
that the $27,500 filtration plant bonds sold to a group headed by J. H.
Hilsn~an & Co. of Atlanta, as 4s, at a price of 100.37, as noted here on
June 1
,
basis of about 3.97
1,000,000 public impt.
from
All of the bonds
follows:
"-I
"
,
$40,530.00
_
& Co
Bankers Trust Co.,
— —
_ —
The First Boston
"
»19,213.25
2%
_•
Corp., Harri-
Ripley & Co., Inc., Smith, Barney & Co.,
Trust & Savings Bank, Cooley & Co. and
W.
Scranton & Co..,
Bank,.New York; Halsey, Stuart &
Co., Inc., Blyth & Co., Inc., The Northern Trust
Co., Salomon Bros. & Hutzler, Darby & Co., Newton, Abbe & Co., R. F. Griggs Co., Sherwood &
Reichard, Inc., Bond, Judge & Co., Inc., and Otis
& Co
*
V:;•
2^%
' 70,001.00
Conn.—BOND SALE DETAILS—The $40,000 school
R. Young & Co. of Hartford—V. 148, p. 2778—
mature $4,000 annually.
Denom. $1,000. Principal and interest payable in
Hartford.
Legality approved by Day. Berry & Howard of Hartford.
—
OLD
_
_
_____
LYME,
Lincoln
to
The bonds were sold at
price of 100.556.
a
FLORIDA
.
.
BONDS
Barnett National Bank
JACKSONVILLE-
.
-
Bank
Building
T.
-
-
.
DIXON. PARK DISTRICT, III.—BOND OFFERING—Howard G.
Byers, Secretary of Board,of Park Commissioners, will receive sealed bids
until 10 a. m. on June 3, for the purchase of $41,000 2% improvement
bonds.
Dated May 1, 1939.
Due Dec. 1, as follows;
$1,000, 1940 to
1942, incl.; $2,000 from 1943 to 1955, incl.; $3(000 in 1956 and 1957 and
$6,000 in 1958.
Interest J-D.
A certified check for $2,000 is required.
Legality approved by Chapman & Cutler of Chicago., District is reported
to have no bonded debt and the 1938 assessed valuation is placed at
$11,237,162.
v.
group
composed of Morris Mather
Co., Inc., John Nuveen & Co., both of Chicago, and the Milwaukee Com¬
Milwaukee, purchased and made public offering on May 31 of a
new issue of $2,300,000 4% revenue bonds at a price of 103 and accrued
interest., Dated June 1, 1939.
Coupon bonds in $1,000 denoro.s., registerable as to principal only.
Due June 1, 1964. Callable in whole or in part
by lot at the option of the issuer, on any interest payment date on 30 days'
published notice at 105, if called on or before June 1,1943; thereafter at 104
on or prior to Juno 1, 1947; thereafter at 103 to Juno 1, 1951; thereafter at
102 to June 1, 1955; thereafter at 101 to June 1, 1959; thereafter at 100 to
maturity, plus accrued interest in each case.
Principal and interest (J-D)
payable at the Harris Trust & Savings Bank, Chicago, the trustee.
The
fiscal agent is the First National Bank, Madison, 111.
The bonds offered
represent the total authorized issue and the proceeds wijl be used in the pur¬
chase of the KIngshjghway Bridge, constructed in 1929, between St. Louis,
Mo., and Madison County, Illinois.
They will be payable solely from net
revenues of the structure. .-Legality to be approved by Thomson, Wood &
Hoffman of New York City.
■
;
pany, of
,
,
revenue bonds at a,t price of 95, a basis of about 4.51%.
$500 annually.
9,000 6% general obligation bonds at par. Due $500 from 1941 to
$11,000 4%
FLORIDA
-inclusive..
TAMPA
S.
DISTRICT, III.—BOND CALL—Frank O.
Birney, District Treasurer, has called for payment on July 1, 1939, the
following refunding bonds of 1935: $1,263,000 series B 4M» and $1,737,000
series B 4s.
Bonds should be presented for payment at the First National
Bank of Chicago,
'
,
•
,
OAKWOOD, 111.—BOND SALE DETAILS—The $18,000 waterworks
in
Building
-
Branch Office:
National
ILLINOIS
SANITARY
bonds purchased by Doyle, O'Connor & Co. of Chicago, as reported
these columns last March—V. 148, p. 1518—were sold as follows:
Clyde C. Pierce Corporation
First
-
&
89,915.00
2M%
National
bonds sold
Jan. and July 1 from 1941 to Jan. 1,1968, givinga
MADISON, 111.—BOND SALE—A
Harris
Chas.
on
%.
,
'
First
due $500
CHICAGO
Premium
jnt. Rate
Phelps, Fenn & Co., F. S. Moseley & Co., Kean, Tay¬
lor & Co., R. L. Day & Co., Graham, Parsons &
Co., Hemphill, Noyes & Co., Paine, Webber &
Co., C. F. Childs & Co., Boatmen's National Bank,
First of Michigan Corp., Edward M. Bradley & Co.,
Inc., Farwell, Chapman & Co. and Chace, Whiteside & Symonds
Inc..
"2%
Estabrook & Co., Union Securities Corp., Goldman,
Sachs & Co.,, Putnam & Co., Mercantile-Commerce
Bank & Trust Co., Roosevelt & Weigold, Inc.,
Equitable Securities Corp. and Bacon, Stevenson
man,
are
banking
Other bids were
y
-
Bidder--
„
April 15,
dated June 1, 1939 and were reoffered by the
are
yield from 0.15% to 2%, according to maturity.
group to
as
bonds, series No. 9, for various purposes.
Due
follows: $33,000 from 1940 to 1959, incl., and $34,000
as
1960 to 1969, incl.
All of the bonds
r.
;.-7
are
Due
1958,
v
dated Juno 1, 1938.
Pierce, Resident Manager
INDIANA
ALEXANDRIA
FLORIDA
BRADFORD
COUNTY
O. Starke) Fla.—BOND CALL—It is
stated by L. L. Conner, Chairman of the Board of County Commissioners,
that the county will redeem on July 1, a total of $783,000 6% refunding
road bonds, numbered and maturing as follows:
Numbers—
(P.
y
9, 29, 33, 49.^
—_
55-79—.
*v
Maturities
<
------
—
80-99, 10.5-111
112-144-
—
-
— —
—
178-213-.--
250-264,270-287---293-295, 297, 299-325
326-339, 350-365.
366-376, 382-385, 38(7-389, 391,393-406—
Jan, 1, 1952
—
--Jan. 1, 1953
Jan. 1, 1954
-—-Jan. 1, 1955
—
—
—
--
—
497-542--
-
-
—
-—.-
—
--,-
—
—
—
Jan. 1, I960
Jan, 1, 1,961
-Jan. 1,1962
-Jan. l, 1963
—Jan. 1, 1964
Jan. 1, 1965
—.-—Jan. I, 1966
-—
-
851-863 869-870—!
871-881, 883-887, 890-895, 897-.-'--Bonds
45,000
46,000
47,000
42,000
'
.50,000
——
-J-
————
—
,
45.000
,
—
—
688-738-—---
739-774, 777-793794-803, 812-818-—.
819-84.3
845-847
33,000
Jan.l, 1956
Jan. 1, 1957
Jan. 1, 1958
.—..——Jan. 1, 1959
—
543-589590-609 616-637----
31,000
30,000
—
—
452-496-
638-687-
.a
,
to be redeemed at
—
-,
—
.
$4,000
25,000
27,000
33,000
33.000
36,000
36,000
33*000
—
214-249------
407-451.
Amount
Jan. 1, 1944
--——Jan. 1, 1947
—-Jan. 1,1948
Jan. 1, 1949
...Tan. 1, 1950
_Jari. 1, 1951
„
14.5-177-.-,,
-
Jan. 1, 1945
Jan. 1, 1946
•
.
.
51,000
53,000
17,000
25,000
18,000
23,000
price Of par and accrued interest and may
be presented for payment at the Central Hanover Bank & Trust Co., New
York. Interest ceases on date called.
are
a
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 14 (P. O.
Miami), Fla.—BOND OFFERING—Sealed bids will be received until
3 p. m. on June 28, by James T. Wilson, Secretary of the Board of Public
Instruction, for the purchase of an issue of $12.5,000 4% semi-annual school
site and building bonds.
Dated Sept. 1, 1934.
Denom. $1,000.
Due
Sept. 1,1959 to 1963.
Prin. and int. payable at the Chase National Bank,
All bids must be on blank forms which will
The bonds will be delivered on or about
July 5 at Miami or at the Chase National Bank, New York.
Enclose a
certified check for 2% of the bid.
New York, in lawful moneys.
be furnished by the Board.
■•FORT
LAUDERDALE, Fla.—BONDS SOLD TO PWA—It is stated
by the City Attorney that $155,000 4% causeway revenue debenture bonds
approved by the City Commission on Jan. 3, have been purchased at par
by the Public Works Administration.
Due in 30 years.
LIVE OAK SCHOOL DISTRICT
(P. O. Live Oak), Fla.—BONDS
SOLD—It is now reported by the Superintendent of the Board of Public
Instruction that the $35,000 5M% semi-ann. building bonds offered for
April 4, when all bids were rejected, have been
purchased by Leedy, Wheeler & Co. of Orlando, at a price of 95.
sale without success on
MARION COUNTY (P. O. Ocala), Fla.—BOND CALD-It is stated
by Carlyle Ausley, Clerk of the Board of County Commissioners, that the
following 5% refunding road bonds are called for payment at par plus ac¬
crued interest, on July 1;
Series A, Nos. A-l to A-277, aggregating.
$138,500
Dated July 1, 1934.
Denom. $500.
Due July 1, 1952.
Series B, Nos. B-l to B-220,aggregating.
*
Dated July 1, 1935.
Denom:$500. Due
110,000
July 1^1953.
Upon presentation at the Central Hanover Bank & Trust Co., New York
City, all bonds will be redeemed with all unpaid coupons.
SCHOOL
CITY, Ind.—BOND SALE—The issue of
$35,000 school bonds offered May 29—V. 148, p. 2937—was awarded" to
Bartlett, Knight & Co., Chicago, as 2Ms, at par plus $501.25 premium,
equal to 101.43, a basis of about 2.10%.
Dated April 15, 1939 and due
as follows:
$1,500 July 1, 1944; $1,500 Jan. 1 and July 1 from 1945 to
1954, incl.; $1,500 Jan. 1 and $2,000 July 1, 1955.
Second high bid of par
plus a premium pf $451.87 for 2Ms was made by Raffensperger, Hughes &
Co. of Indianapolis.
'7
<
7 v
'
Ind.—BOND
BLOOMINGTON,
OFFERING—Vanna
Clerk-Treasurer, will receive sealed bids until 2 p. m. on
Thrasher, City
June 15 for the
purchase of $200,000 not to exceed 3 M % interest series A waterworks
revenue bonds, part Of a total authorized issue of $250,000, the other $50,000
not being Offered at this time being designated series B.
The bonds will
oe dated July 1, 1939/ in $1,000 denoms,, registerable as to principal only
and mature as follows: $5,000, Jan.
1 and July 1 from 1^40 to 1945
incl.; $6,000, Jan.-1 and July 1 from 1946 to 1949 incl.; $6,000, Jan. 1 and
$8,000, July 1, 1950; $8,000, Jan. 1 and July 1 from 1951 to 1953 incl.;
$10,000, Jan. 1 and July 1, 1954, and $10,000, Jan. 1, 1955.
Bidder to
name one rate of interest, in a multiple of Mof 1 %.
Principal and interest
payable at Citizens Loan & Trust Co., Bloomington.
A certified
for $10,000, payable to'order of the city, is required.
We quote
follows:
The successful bidder will be required
to make payment for "said bonds and accept delivery thereof prior to
11 o'clock a. rri. on July 1, 1939, at such bank in the City of BlOomington
as he shall designate.
Time is of the essence of the foregoing requirements
as the proceeds of the bonds must be available on said date to enable the
city to pay the purchase price "of the property of the Bloomington Water
Co. so that said company may redeem and retire its outstanding preferred
stock on said date.
The approving opinion of Matson, Ross, McCord
& Clifford, bond counsel of Indianapolis, together with a transcript of the
proceedings had relating to the issuance of said bonds, will be furnished
to the purchaser at the expense of the City.
No conditional bids or bids
for less than the par yalue of said bonds at the interest rate named will be
considered.
The right is reserved to reject any and all bids.
In the event
no satisfactory bid is received on the date and at the time herein fixed, the
sale will be continued from day to day thereafter.
Said bonds are being
issued for the purpose of financing the purchase price of the waterworks
property being acquired by the City from the Bloomington Water Co.
pursuant to Ordinance No. 7 adopted by the Common Council of said City
on May 23, 1939.
A copy of said ordinance may be examined at the office
of the Clerk-Treasurer in the City Hall in the City of Bloomington.
All
bidders shall be deemed to be advised of the provisions of sMd ordinance
and as to the revenues available for the servicing of said bonds.
Said
bonds are secured by a statutory mortgage lien on the waterworks property
being acquired from the proceeds thereof, and are payable out of the rev¬
enues to be derived from the operation thereof, and do not constitute a
corporate indebtedness of the City within the provisions and limitations
of the constitution of the State of Indiana.
(J-J)
check
from the notice of sale as
HAMMOND, Ind.—BOND OFFERING—G. B. Smith, City Controller,
until 2 p. m. (CST) on June 9 for the purchase of
will receive sealed bids
$50,000 not to exceed 3H% interest improvement bonds.
Dated June 1,
1939. Denom. $1,000. Due $5,000 on Dec. 1 from 1945 to 1954 incl. Bidder
to name one rate of interest, in a multiple of M of 1%.
Interest J-D. A
certified check for $1,500, payable to order of the city, is required.
Legal
opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be fur¬
nished the successful
MADISON
bidder.
COUNTY
(P.
O.
Anderson),
Ind.—BOND SALE—The
$28,000 series A advancement fund (poor relief) bonds offered May 29
—V. 148, p. 3264—were awarded to the First Bank & Trust Co. of South
Bend, as 1 Ms, at par plus a premium of $153, equal to 100.546, a basis of
about 1.06%.
Dated June 1, 1939 and due as follows: $3,000 on June 1
and Dec. 1 from 1940 to 1943 incl. and $2,000, June 1 and Dec. 1, 1944.
Other bids:
1
■
•
"
—
Bartlett-Knight & Co., Chicago
Seaaongood & Mayer, Cincinnati
A. 8. Huyck & Co., Chicago.
City Securities Corp., Indianapolis
Indianapolis Bond & Share Corp., Indianapolis
Paine, Webber & Co., Chicago
Raffensperger, Hughes & Co., Indianapolis
Kenneth S. Johnson, Indianapolis
MARION
COUNTY
(P.
1 %%
1 M%
1 M %
%
1 % %
55.72
157.77
35.00
O. Indianapolis), Ind.—BOND OFFERING
KENTUCKY, (State ot)—BRIDGE BOND SALE—The $3,125,000 issue
of Kentucky bridge revenue bonds offered for sale on
W.
of Commonwealth
May 31—V. 148, p. 2938—was awarded to a syndicate
Otis & Co. of Cleveland; Weil, Roth & Irving Co. of Cincinnati;
Metropolitan St. Louis Co. of St. Louis; Wells-Dickey Co. of Minneapolis;
Charles A. Hinsch & Co., Nelson, Browning & Co., Van Lahr, Doll &
of Chicago;
Isphording, Widmann & Holzman, Walter,
Tyner), Ind.—BOND OFFERING
(CST)
5% interest school
.
Herschel L. Bolenbaugh, Trustee, will receive sealed bids until 2 p. m.
June 23, for the purchase of $33,000 not to exceed
tuilding bonds.1940; $1,500 Jan. 1 1939.July 1 from $500. toDue asincl. and
Dated May 15, and
Denom. 1941
1,500 July 1,
1950, follows:
'
KENTUCKY, (State of)—BRIDGE BOND CALL—Itisstated by Robert
$1,500 Jan. 1, 1951.
Bidder to name one rate of interest, in a multiple of
]4 of 1 %.
The bonds are payable from ad valorem taxes on school town¬
ship's taxable property within the limits prescribed by law.
Legal opinion
of
Humphreys, Commissioner of Highways, that the outstanding 3% Common¬
wealth of Kentucky Bridge Revenue Refunding Project No. 1 bonds aggre¬
gating $3,237,000, are called for payment on July 1.
Dated June 1,
1936.
Denom. $1,000.
Due July
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
bidder.
successful
Jan.
CITY, Ind.—BOND OFFERING—Wilbur Gittings, City ClerkTreasurer, will receive sealed bids until 2 p. m. on June 5, for the purchase
of $9,000 not to exceed 4% interest flood wall right-of-way bonds.
Dated
June 1, 1939.
Denom. $500.
Due $1,500 on Jan. 1, and $1,000 on July 1,
1941 to 1943, incl. and $1,500 Jan. 1, 1944. Bidder to name one rate
of interest, in a multiple of 14 of 1%.
The bonds are unlimited tax obliga¬
tions of the city and the legal opinion of Matson, Ross, McCord & Clifford
and subsequent coupons at the Chemical Bank
at the Kentucky Title Trust Co., Louisville.
1939 and prior thereto
Indianapolis will be furnished the successful bidder. A certified check for
$500, payable to order of the city, is required.
(The above issue was originally scheduled to be sold on May 1—Y. 148,
p. 2465.)
•
NEWPORT, Ky.—BONDS SOLD—It is reported that $125,000 2^%
electrification bonds were sold on May 19
Weil, Roth & Irving Co. of Cincinnati, for a price of 100.55.
OFFERING—The Board
of Town
(DST) on June 9 for the
SHELBYVILLE PUBLIC SCHOOL CORPORATION (P.
\
Co. of
1.25%
according to maturity, an issue of $100,000 3% semi-annual
school, first mortgage bonds.
Dated May 1, 1939.
Due May 1, as follows:
$4,000 in 1940 to 1947, $5,000 in 1948 to 1951 and $6,000 in 1952 to 1959s
callable on any interest payment date after 30 days' notice at 103 if called
within five years from date of ipsue; 102 if called within the next five years,
101 if called within the next five years, and thereafter at par.
Prin. and int.
payable at the Citizens Bank, Shelbyville.
Legality approved by Wood¬
ward, Dawson & Hobson of Louisville.
to
July 1, 1940; $500, Jan. 1 and July 1 from 1941 to 1944 incl.; $500, Jan. 1,
and $1,000, July 1 from 1945 to 1949 incl.
prin. and int. (J-J) payable at
the Lake City Bank, Warsaw.
Legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis, will be furnsihed the successful bidder at the
...
O. Shelby-
ville), Ky .—BONDS OFFERED TO PUBLIC—The Bankers Bond
Louisville is offering for general investment at prices to yield from
Surchase Dated June not to exceed 4% interest bridgeasand street impt.
onds.
of $12,000 10, 1939. Denom. $500. Due
follows:
$500,
s
& Trust Co., N. Y. City,
Coupons maturing July 1,
will be paid upon presentation.'
to the
Trustees will receive sealed bids until 7:30 p. m.
expense.
callable
■.
issue of $4,240,000, num¬
semi-annual pumping station
,
town's
an
or
of
Ind.—BOND
1950,
.
all of the bonds of
bered 1-1 to 1-4, 240, except $1,003,000, which have already been called.
Payment of the principal amount of said bonds together with a premium of
2% of said principal amount, will be made on or after date called, on sur¬
render of said bonds in negotiable form, accompanied by ali Jan. 1, 1940
from
LAKE,
1,
1937.
1,
These bonds constitute
TELL
WINONA
and
Due July 1 as follows: $160,000 in 1940; $170,000 in 1941, $180,000 in 1942,
$190,000 in 1943, $200,000 in 1944, $210,000 in 1945, $220,000 in 1946,
$230,000 in 1947 and $1,565,000 in 1950.
The bonds of this issue which
mature on July 1, 1950, may be redeemed, wnen selected by lot, on any
interest payment date from moneys in the sinking fund for the bonds of
this issue not required for paying interest on such interest payment date
and the next succeeding interest payment date and for paying the next
maturing instalment of principal
And all of the bonds of this issue at
any time outstanding, including the bonds maturing on July 1, 1950, may
be redeemed in whole on any interest payment date from the proceeds of
new refunding bonds or other moneys made available for such purpose.
_
SCHOOL CITY, Ind.—BOND SALE-—An issue of $50,000
1H% funding bonds was sold to the Merchants National Bank of Muncie
at a price of 100.11.
Denom. $1,000.
Legality approved by Matson, Ross,
McCord & Clifford of Indianapolis.
POLK SCHOOL TOWNSHIP (P. O.
Woody & Heimerdinger
Magnus & Co., all of Cincinnati.
The bonds were sold as 1%s at a price
of 100.349, a net interest cost of about 1.705%.
Dated June 1, 1939.
MUNCIE
on
composed of StranaC. Allyn & Co.
Nuveen & Co.
han, Harris & Co., Inc., of Toledo; Blair & Co., Inc., A.
of Chicago; B. J. Van Ingen & Co. of New York; John
payable to order of the Board of County Commissioners, is required.
Legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be
furnished the successful bidder.
certified check
KENTUCKY
Juno 10, for
on
a
CRAB ORCHARD EDUCATIONAL CORPORATION (P. O. Crab
Orchard), Ky.—BONDS OFFERED—Sealed bids were received until
10 a. m. on May 29, by 8. R. Cheek Jr., Attorney for the Corporation, for
the purchase of $23,000 4Yt% semi-ann. first mortgage bonds.
Dated
June 1, 1939.
Due on April 1 as follows: $1,000 1940 to 1956, and $2,000
in 1957 to 1959.
Biemer, County Auditor, will receive sealed bids until 10
the purchase of $520,000 not to exceed 4% interest
series A of 1939 advancement fund (poor relief) bonds.
Dated July 1,
1939.
Denorn. $1,000.
Due as follows:
$20,000 on June 1 and Dec. 1
from 1940 to 1946, incl.; $27,000 on June 1 and Dec. 1 from 1947 to 1949,
incl.
Bidder to name one rate of interest1, in a multiple of }4 of 1 %.
The
bonds are being issued pursuant to provisions of Chapter 117, Acts of 1935,
and the proceeds will be advanced to the several townships therein for poor
relief purposes.
They are direct obligations of the county, payable from
unlimited ad valorem taxes.
A certified check for 3% of the bonds bid for,
a. in.
thereof by the State Auditor.
Enclose
2% of the face value of the bonds bid on.
for at least
$38.92
5.00
85.85
39.00
42.00
31.00
114 %
1 \4 %
114 %
1H %
June 3, 1939
the registration
Premium
Int. Rate
Bidder—
John Nuveen & Co., Chicago
—Fabian
Chronicle
Financial
3412
,
IOWA
3.00%,
CEDAR RAPIDS, Iowa—BONDS A WARDED—It is now reported by
L. J. Storey, City Clerk, that the sale of the $30,000 exhibition hall bonds
which had been scheduled for May 8, the award of which was deferred until
LOUISIANA
May 26, as noted Here—V. 148, p. 2937—was actually consummated at the
time, the award going to the Merchants National Bank of Cedar Rapids.
Dated May 1,1939.
Due $3,000 from Nov. 1,1941 to 1950, incl.
FRANKLIN, La .—BOND SALE— The $35,000 issue of public improve¬
ment bonds offered for sale on May 31—V. 148, p. 2779—was awarded to
Scharff & Jones of New Orleans, at a net interest cost of 3.07%, according
to the Mayor. Dated Aug. 1, 1938. Due from Aug. 1,1943 to 1958:
MARSHALLTOWN, Iowa—BOND SALE—The $265,000 issue of sewer
bonds offered for sale on May 25—V. 148, p. 3103—was awarded
jointly to the Carleton D. Beh Co. of Des Moines, and the White-Phillips
Corp. of Davenport, as 2^s, paying a premium of $100, equal to 100.037,
a basis of about 2.495%.
Dated June 1, 1939.
Due from Dec. 1, 1941 to
1961.
Other bids were officially reported as follows:
•.
GRETNA, La.—BONDS SOLD—We are informed that $188,000 4%
by Lewis, Williams &
revenue
Bidders—
Rate
*
Ballard Hassett Co., Des Moines
Vieth Duncan & Wood, Davenport
^
Jackley & Co., Des Moines.
W. D. HannaCo., Burlington
Wheelock & Cummins, Inc., Des Moines
MASON
Co.^and John Nuveen & Co., both of Chicago, jointly. Due serially from
to a
$7,350
75
•
be offered for public
of prices running probably from a 1.00%
TO BE REOFFERED—These bonds will
BONDS
investment shortly with a scale
Premium
2%%
2%%
2 lA%
2%%
2%%
3%
_
Polk-PetersonCorp., Des Moines
waterworks revenue bonds were purchased privately
3.60% basis.
HOUMA, La.—BOND OFFERING—It is stated by William
J. Drott,
City Clerk, that he will receive sealed bids until 10 a. m. on June 28, for
the purchase of a $250,000 issue of not to exceed 6% semi-annual gas
utility revenue bonds.
Dated Aug. 1,1939. Denom. $1,000. Due Aug. 1,
1941 to 1954.
The bonds to be subject to call and redemption on Aug. 1
of any year at a price of $1.02 on the dollar of the face value, plus the
accrued interest thereon to call date, upon publication of a call notice in
a newspaper published in the City of New Orleans, in at least one issue
thereof not less than 30 days prior to the call date.
The approving opinion
of B. A. Campbell of New Orleans, and a transcript of record as passed
upon will be furnished the purchaser.
Enclose a certified check for not
less than $5,000, payable to the city.
7.300
1,600
2,625
CITY, Iowa—BOND OFFERING—It is reported that sealed
and open bids ,will be received until June 5, at 9 p. m., by Rena B. Mack,
City Clerk, for the purchase of the following bonds aggregating $39,000:
$30,000 street impt. bonds.
Due May 1, as follows:
$3,000 in 1940 to
1942, $4,000 in 1943, $3,000 in 1944, $4,000 in 1945, $3,000 in
1946, $4,000 in 1947, and $3,000 in 1948, optional for retirement
at any time prior to maturity.
Prin. and int. (M-N), payable at
the City Treasurer'8 office.
Enclose a certified check for $1,000.
*. 9,000 impt. bonds.
Due Dec. 1, as follows: $2,000 in 1940 to 1943, and
$1,000 in 1944.
Interest payable on June and Dec. I.
Dated June 1,1939.. Denom. $1,000.
Bidders should specify the coupon
interest rate, and, all other conditions being equal,1 preference will be given
to the bid of par and accrued interest or better
specifying the lower coupon
rate.
The city will furnish the approving opinion of Chapman & Cutler,
of Chicago, and all bids must be so conditioned.
,
-
DAVIS PARISH GRAVITY DRAINAGE DISTRICT
O. Jennings), La .—BONDS NOT SOLD—The two issues of5% semi-annual bonds aggregating $37,500, offered for sale
on May 24—V. 148, p. 2780—were not sold as no bids were received, it is
reported.
"
'
JEFFERSON
NO.
according to the District Secretary.
MELVILLE
ROCK
RAPIDS, Iowa—BONDS SOLD—It is stated by the City Clerk
April to the Carleton
.
EL
DORADO, Kan.—BONDS OFFERED TO PUBLIC—A total of
$40,000 bonds is being offered by Estes, Snydef & Co. of Topeka, for
general investment.
The bonds are divided as follows:
»
$5,000 1?4% semi-annual
water works bonds.
Due $500 from May I,
1940 to 1949, inclusive.
3,000 2 }4 % semi-annual water works bonds. Due $500 from May 1, 1950
to 1955, inclusive.
15,000 1 % % semi-annual parks and playgrounds bonds. Due $1,500 from
city.
Dean of
o
3,915^44
_B
against
Legality to be approved by Dean &
S-122
March 1
as
series
considered.
PORT OF NEW
coupon
ORLEANS, La.—BOND SALE—The $658,000 issue
registered semi-ann. port bonds offered for sale on
of
June 1—V.
p.
reoffered by
Associated in the award were:
Clark & Co., New York;
& Co.: Pohl & Co., Inc., and
Charles A. Hinsch & Co., Inc., all of Cincinnati.
The public offering was
made at prices to yield from 1.25% to 3.20%, according to maturity.
The
bonds, in the bankers' opinion, are legal investment for savings banks in
bonds.
Denom.
$400,
one
for
$315.44.
Due on
follows: $315.44 in 1940 and $400 in 1941 to 1949.
the
purchasers for
city will print the bonds and furnish transcripts of
proceedings to the person or persons whose offer is accepted for any of the
bonds and will register such bonds in the offices of the
City Clerk and the *
State Auditor.
The acceptance of any offer or offers will be subject to the '
right of the State School Fund Commission to purchase any or all of the
bonds when offered ,to such Commission as
provided by law, and subject to
public subscription.
Merchants National Bank, Mobile; Charles
Marx & Co., Birmingham; Edward Brockhaus
New York, Massachusetts
and Connecticut.
TANGIPAHOA PARISH (P. O. Amite), La .—BONDS DEFEATED—
At an election held on May 23 the voters rejected a proposal to issue $100,000
in road construction and repair
The
or
2938—was awarded to a syndicate headed by Watkins, Morrow &
Co. of Birmingham, as 3Ks, paying a price of 101.33, a basis of about
3.11%. Dated July 1, 1939. Due from July 1, 1940 to 1959 incl.
148,
BONDS OFFERED FOR INVESTMENT—The bonds were
S-l23 bonds.
Denom. $1,000, one for $172.75.
Due on
March l as follows: $2,172.75 in 1940;
$2,000, 1941 and 1942,
and $3,000 in 1943 to 1949.
Dated March 1, 1939.
No bid at less than par and accrued interest will
be
,
-
March las follows: $1,128.85 in 1940 and $1,500 in 1941 to 1949.
series
Oct. 1.
ORLEANS, La .—CERTIFICATE CALL—It is stated by Jess S.
Cave, Commissioner of Public Finance, that 4Yi% semi-ann. refunding
paving certificates, totaling $414,800, are called by lot for redemption at
par and accrued interest on July 1.
Dated Jan. 1, 1936.
Due Jan. 1, 1951.
Topeka.
27,172.75
on
of Public
NEW
Kan.—BOND OFFERING—It is stated by Charles E. Banker,
City Clerk, that he will receive sealed bids until 4:30 p. m. on June 5 for
the purchase of the following 1
% semi-annual internal improvement
bonds, aggregating $45,717.04:
$14,628.85 series P-121 bonds.
Denom. $500, one for $128.85.
Due on
0>r
,
ORLEANS,
debt bonds
i^nnMay1' 1940 t0 19491
entire city and are payable from unlimited ad valorem taxes levied
all taxable property within the
La.—BONDS
LA .—BOND CALD-It is stated by Jess S. Cave,
Finance, that the city has elected to redeem on
July 1, public debt railroad bonds Nos. 501 to 5,000; 5,051 to 6,000, and
6,026 to 7,000.
Dated Jan. 1, 1909.
Said bonds will be redeemed at the
principal amount thereof and accrued interest to date called on presenta¬
tion on or after July 1, 1939, at the office of the Commissiioner of Public
Finance, accompanied by. the interest coupon, due July 1, 1939, and all
subsequent interest coupons.
•
ADDITIONAL BOND CALL—It is also reported that Horace P. Phillips,
Secretary of the Board of Liquidation of New Orleans' debt, has been di¬
rected to select by lot for redemption on July 1, $775,000 of new public
improvement bonds of the city, six months before-scheduled, to effect a
saving in interest of $15,530.
This redemption order follows a decision to
retire on July 1, $65,500 in Audubon Park bonds and $110,000 in floating
NEW
Commissioner
17,000 2M% semi-annual parks and playgrounds bonds.
Due on May 1
as follows:
$1,500 in 1950 to 1955, and $2,000 in 1956 to 1959.
•
Dated May 1, 1939.
Prin. and int. payable at the State Treasurer's
olfice, Topeka.
These bonds are direct and general obligations of the
(P. O. Opelousas),
Due from 1943 to 1954.
May 23.
KANSAS
•
DISTRICT
SCHOOL
reported that $40,000 in not to exceed 6% high school im¬
bonds were approved by the voters at an election held on
VOTED—It is
«
that $36,500 light and power plant bonds were sold in
D. Beh Co. of Des Moines.
(P.
provement
PRAIRIE SIDE SCHOOL DISTRICT (P. O.
Latimer), Iowa—BOND
SALE— The $3,000 building bonds offered for sale on May 26—Y. 148,
p. 3265—were awarded to the Hampton State Bank of Hampton as 23^s
at par,
3
not to exceed
bonds, according to report.
MAINE
BRUNSWICK, Me.—NOTE SALE—The issue of $50,000 notes offered
was awarded to Pierce, White & Drummond of Bangor at 0.243%
discount.
Dated June 1, 1939 and due Nov. 15, 1939.
The Merchants
National Bank of Boston, second high bidder, named a rate of 0.25%. ^
June 1
Volume
Financial
148
LEWISTON, Me.—NOTE SALE—An issue of $650,000 (not $600,000)
anticipation notes was offered on May 31—V. 148, p. 3265^—and
the successful bidder was the Merchants National Bank of Boston, which
revenue
bid
rate of
a
Chronicle
by the
Due to the depression that started in 1929, the bank holidays of 1933 and
,
MASSACHUSETTS
of 1937, many of the State's holdings defaulted and many
been refunded.
As a result of numerous refundings, many of the
sinking fund bonds mature later than 1944, the last year when the State's
own bonds mature.
For this reason, in all probability, the State will have
to do some refunding itself in 1941.
It is the policy of the
treasury department to purchase with sinking fund
have
cash the State's own bonds or Federal securities.
Recently the State pur¬
chased $1,250,000 Home Owners Loan Corporation 2
34 % bonds maturing
1942.
On May 22 the State Treasurer accepted bids on $1,098,000 of
Michigan municipal bonds held in the State's sinking funds.
Bids received
totaled $1,243,569.
All bonds sold at more than par and at a very satis¬
factory profit to the State.
As soon as the investment banking houses
notify the State Treasurer .that these bonds are off the shelves, a second
offering will be made. The State will immediately make further investments
Federal securities.
m
BRISTOL
COUNTY
(P. O. Taunton), Mass.—NOTE OFFERING—
Ernest W. Kilroy, County Treasurer, will receive bids until 10 a. m. (DST)
on June 6, for the purchase at discount of $240,000 tax anticipation notes
of 1939.
Dated June 7, 1939 and payable Nov. 15, 1939 at the National
Shawmut Bank of Boston.
Legal opinion of Ropes, Gray, Boyden &
Perkins of Boston.
EVERETT, Mass.—NOTE SALE—The $500,000 revenue notes offered
May 29—V. 148, p. 3265—were awarded to the Middlesex County National
Bank of Everett at 0.208%
discount.
Dated May 29, 1939 and due
$200,000 Dec. 27,1939 and $300,01/0 on March 1,1940.
The First National
Bank of Boston, second high bidder, named a rate of 0.215%.
PORT
HOLYOKE, Mass.—NOTE OFFERING—Lionel Bonvouloir, City Trea¬
will receive sealed or telegraphic bids until 11 a. m. (DST) on June 6,
for the purchase at discount of $450,000 revenue anticipation notes of 1939.
Dated June 6, 1939 and payable Dec. 20, 1939 at the National Shawmut
Bank of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge
surer,
of Boston.
;/•/.
MANCHESTER, Mass.—NOTE SALE—The Second National Bank of
was awarded on May 29, an issue of $40,000 notes at 0.10% discount,
plus $5 premium.
Due Nov. 6, 1939., The Merchants National Bank of
Boston, second high bidder, named a rate of 0.10% and $3.50 premium.
of
SPRINGFIELD,
Mass.—NOTE SALE—City
W.
George
Treasurer
WELLESLEY, Mass.—NOTE SALE—'The issue of $100,000 notes offered
was awarded to the Wellesley Trust Co. at 0.07% discount.
Due
Nov. 9, 1939.
The Second National Bank of Boston, bid 0.10%, plus $9.
May 29
WESTON,
was
Dec.
Mass .—NOTE SALE—The National Shawmut Bank of
on May 29 an issue of $70,000 notes at 0.07% discount*
The Second National Bank of Boston bid a rate of
awarded
1939.
0.10%, plus $4.50.
5,
WINCHENDON,
receive sealed
OFFERING—Town
Mass.—NOTE
bids until
revenue notes,
noon
on
will
of
Treasurer
June 5 for the purchase at discount
due April 15, 1940.
MICHIGAN
:
f:;
'
TOWNSHIP,
LAKEVIEW
CONSOLIDATED
SCHOOL DISTRICT (P. O. Battle Creek), Mich.—BOND OFFERING—
C. R. Rice, Secretary of Board of Education, will receive sealed bids until
8 p.m. (EST) on June 5 for the purchase of $280,000 not to exceed 4%
interest refunding bonds.
Dated July 1, 1939.
Denom. $1,000.
Due
March 1, 1964; callable on or after March 1, 1941 on any interest date on
30 days' published notice.
Principal and interest (M-S) payable at the
First National Bank, Battle Creek. Award of bonds will be determined by
interest cost, based upon an assumed redemption of $11,000 on March 1
in each year from 1941 to 1948 incl. and $12,000 on March 1 from 1949 to
1964 incl. Purpose of issue is to refund at a lower rate an equal amount of
bonds dated March 1, 1934.
Blank bonds, together with favorable legal
opinion of Miller, Canfield, Paddock & Stone of Detroit, will be furnished
the successful bidder. A certified check for 2% of the bonds bid for, payable
BATTLE
CREEK
to order of the District
are
TROY,
a
AVON
dated June 1,1939.
"
AND
STERLING
.
Crouse & Co. of Detroit, second
price of 100.16 for 1 }4s.
,
..
FRACTIONAL
TOWNSHIPS
SCHOOL DISTRICT NO. 1 (P. O. R. F. D. No. 1, Rochester), Mich.
WANTED-—Lawrence J. Fetterly, Director, will receive
sealed
tenders of certificates of indebtedness dated Feb. 1, 1938 until
Offers must be firm for 10 days after opening
fully describe the certificates tendered, stating lowest price at which
they will be sold. Certificates purchased must be ready for delivery within
three days from date of acceptance of tender.
..
8 p. m. (EST) on June 12.
and
.
TROY
TOWNSHIP
SCHOOL
DISTRICT NO. 2 (P. O. Troy),
Mich.—TENDERS WANTED—Edward Aspinwall, Director, will receive
sealed tenders of 1935 refunding bonds and certificates of indebtedness,
dated Aug. 15, 1935, until 8 p. m. on June 14.
Tenders should be quoted
flat.
WATERFORD TOWNSHIP SCHOOL DISTRICT NO. 8 (P. O. Dray¬
ton
Plains), Mich.—TENDERS WANTED—Roy H.VDancey, District
Secretary, will receive sealed tenders of 1936 refunding bonds, series A and
B, dated July 1, 1936, until 8 p. in. (EST) on June 10.
Prices should be
quoted flat.
- ■ ■';"•:1
YPSILANTI, Mich.—BOND OFFERING—U. C. Holmes, City Clerk, will
in. (EST) on June 5 for the purchase of
$24,000 not'to exceed 3% interest coupon special assessment sewer bonds.
Dated June 16, 1939.
Denom. $1,000.
Due June 16 as follows: $4,000 in
1940 and 1941; $5,000 in 1942 and 1943 and $6,000 in 1944.
Rate of interest
to be in multiples of 34 of 1 %.
Printipal and interest (J-D) payable at the
City Treasurer's office.
Bonds are issued in anticipation of collection and
payable from special assessments in Special Sewer Districts Nos. 1, 2 and
3.
Bids shall be conditioned only upon the purchaser's attorney approving
the legality of the bonds.
Successful bidder to pay for legal opinion and
cost of printing the bonds.
A certified check for, 2% of the issue, payable
to order of the City Treasurer, is required.
receive sealed bids until 7:30 p.
MINNESOTA
w
DULUTH, Minn.—LIST OF BIDS—The following is ah official tabula¬
semi-annual unemploy¬
ment project bonds that werefawarded on May 24, as previously recorded
here—V.
148, p;>3266:
tion of the bids received for the $150,000 coupon
•»'.
v'..,
P;
Rate
.V.
•
York (purchaser)__
Milwaukee
i
Bankers Trust Co., New
Milwaukee Co.,
1.8%
Premium"1
Net Rate
$136.50
1.79
789.00
1.84
!:<»%
It
Halsey, Stqart & Co., Chicago
...
Harriman & Ripley Co., Chicago
,r.—
John Nuveen Co., Chicago
Wells Dickey Co., Minneapolis_______,-i-_- 2%
Paine & Webber Co., Duluth
2.1%
606.00
■
1.85
854.85
1.92
1.93
883.50
847.50
1.93
2.07
467.00
MINNEAPOLIS, Minn.—BOND OFFERING SCHEDULED—We are
15, by
for the
purchase of the following issues of bonds:
$1,000,000 relief and $535,000
officially informed that sealed bids will be received until June
George M. Link, Secretary of the Board of Estimate and Taxation,
Offerings should be firm for five days and approximately
$1,500 is available for purchase of securities.
Mich.—BOND SALE—The $20,000 general obli¬
bonds for Works
council
building,
Progress Administration projects; divided into
$300,000
park and $5,000 library bonds.
,=
refunding and street improvement bonds will
the same date by Charles C. Swanson, City Clerk.
$230,000
,
We are also informed that
as
.
follows: $6,000 in 1941
follows: $3,500 in R942
—TENDERS
8 p. m,. on June 9.
relief bonds offered May 29—V. 148, p. 3104—were
134s to John Nuveen & Co. of Chicago.
Dated May 1, 1939
and due May 1 as follows: $5,000 in 1940 and 1941 and $10,000 in 1942.
Crouse & Co. of Detroit, second high bidder, bid for 1
as
as
,
.
will receive sealed tenders of refunding bonds, certificates of indebtedness
and (or) Aug. 15, 1932 coupons (detached old issue of Feb. 15, 1938), until
emergency
of:
All of the bonds
Treasurer, is required.
BENTON HARBOR,
Mich.—BOND SALE— The $37,500 paving bonds
148, p. 3266—were awarded to Paine, Webber & Co.
134s, at a price of 100.26, a basis of about 1.18%.
Sale con¬
high bidder, offered
Dearborn), Mich.—TENDERS WANTED—Merlyn R. Black, Director,
awarded
as
$26,000 special assessment bonds.
Due June 1
and 1942, and $7,000 in 1943 and 1944.
11,500 general obligation bonds.
Due June 1
and $4,000 in 1943 and 1944.
"
BEDFORD TOWNSHIP SCHOOL DISTRICT NO. 9 (P. O. R. R. 3,
gation
Chicago
sisted
Boston
Rice reported the sale on May 31 of $500,000 revenue notes aS follows:
$100,000 due Dec. 14,1939, at 0.06%; $400,000 due Jan. 18,1940, at 0.08%.
HURON,
offered May 29—V.
.
$75,000
In fact, the State purchased
the recession
PORTLAND,
Me.—BOND
SALE—The
$30,000
coupon
permanent road bonds offered May 26 were awarded to H. W. Payson & Co.
of Portland as l%s, at a price of 100.556, a basis of about 1.69%.
Dated
June 1, 1939.
Denom. $1,000.
Due $5,000 on June 1 from 1946 to 1951
incl.
Principal and interest payable at the National Bank of Commerce,
Portland.
Legal opinion of Carroll S. Chaplin of Portland.
Other bids:
Bidder—
Int. Rate
Rate Bid
Edward L. Robinson & Co_
i
2%
100.306
E.H. Rollins & Sons.
2 M%
101.16
Frederick M. Swan & Co
2M%
100.199
Due
school districts of the Stato.
Michigan*8 generally and its holdings represent practically every county in
0.26%.
SOUTH
Boston
3413
numerous
be offered for sale on
,
UNIVERSITY OF MINNESOTA (P. O. Minneapolis), Minn .—BOND
SALE—The $185,000 issue of dormitory revenue certificates of indebted¬
offered for sale on May 25—V. 148, p. .3105—was awarded to a syndi¬
BLOOMFIELD, WEST BLOOMFIELD AND WATERFGRD TOWN¬
SHIPS FRACTIONAL SCHOOL DISTRICT NO. 6 (P. O. 2,000 Orchard
ness
Lake
cate
Ave.,
Sylvan
Lake),
Mich.—BOND OFFERING—¥.
L.
Allen,
composed of J. M. Dain & Co., Piper, Jaffray & Hopwood, the Alli¬
Co. and Thrall, West & Co., all of Minneapolis, paying a
District Secretary, will receive sealed bids until 7:30 p.m. on June 5 for the
purchase of $80,000 not to exceed 4% interest school bonds. Dated June 1,
1939.
Denom. $1,000.
Due June 1 as follows: $5,000 from 1940 to 1949
incl. and $6,000 from 1950 to 1954 incl. Callable on or after June 1, 1943 in
inverse numerical order.
Principal and interest (J-D) payable at the
son-Williams
on
June 1,
Community National Bank, Pontiac.
A certified check for«2% of the
bonds, payable to order of the District Treasurer, is required. Legal opinion
of Miller, Canfield, Paddock & Stone of Detroit will be furnished the
in
1947 to
premium of $501, equal to 100.27, a net interest cost of about 1.66%, on
the bonds divided as follows: $46,000 as l)4s, due on Junfe 1, $10,000 in
1940 and $18,000 in 1941 and 1942; the remaining $139,000 as l?4s, due
Mich,-*-PRICE PAID—The $42,000 general obligation
sewer
bonds awarded to Stranahan, Harris & Co. of Toledo—V. 148,
p. 3265—were sold as 124s at par plus $159.60 premium, equal to 100.38,
a basis of about
1.66%.
Dated June 1, 1939 and due June 1 as follows:
$4,000 from 1940 to 1947, incl., and $5,000 in 1948 and 1949.
Other bids:
•
Bidder—
V
A
Paine, Webber & Co—
<Miller, Kenower & Co_.
v
H, V. Sattley & Co
—
McDonald, Moore & Hayes.—
—
Int. Rate
2%
214%
3%
3%,
Premium
$106.32
170.10
46.62
7.81
/
-HOUGHTON, Mich.—BOND SALE—The $30,000 4% coupon paving
offered May 25—V.
148,. p. 3104—were awarded to-Houghton
Bank at par plus $1,629 premium, equal to 105.43, a basis ,of
about 3.10%.
Dated Sept. 1, 1938 and due $5,000 on Sept. 1 from 1943
to 1948, incl.
A similar offer was made by A. S. Huyck & Co. of Chicago,
while John Nuveen & Co., Chicago, bid a premium of $1,077.
bonds
National
IRON
RIVER,
Mich.—BOND
OFFERING—D.
M.
Youngs,
City
Clerk, will receive sealed bids until 7 p.m. (CST) on June 12 for the purchase
$17,500 not to exceed 4)4% interest coupon general obligation water
tank bonds. Dated Nov. 1, 1938.
One bond for $500, others $1,000 each.
Due Nov. 1, as follows: $2,000 from 1939 to 1946 incl. and $1,500 in 1947.
Rate of interest to be in multiples of )4 of 1%.
Principal and interest
(M-N) payable at the Miners' State Bank, Iron River, or at the Iron River
National Bank.
A certified check for $ 1,000, payable to order of the City
Treasurer, is required. Legal opinion of Miller, Canfield, Paddock & Stone
of Detroit will be furnished the successful bidder.
of
MICHIGAN
(State of)—LIQUIDATION OF BONDS IN SINKING
Dunckel, State Treasurer, recently issued the follow¬
FUND—Hon. Miller
ing statement in connection with the operation on May 22 in which a total
of $1,098,000 of local municipal securities, taken from the State's sinking
funds, were sold to various bidders at prices substantially above par.—
V. 148, P. 3266:
May 22 the State of Michigan launched its program of liquidating
its sinking fund assets in order to have the necessary cash available to meet
the maturities of the State's own bonds in 1940 when $5,419,000 mature
On
and in 1941 when $35,050,000 mature.
For 20 years, 1919-1938, inclusive, the State invested approximately
$47,500,000 in securities. By law, purchases had to be confined to securities
issued ,or guaranteed by the Federal Government, securities issued by
Michigan or o(,her States and securities issued by Michigan municipalities.
As an actual fact, until a few days ago, the State's sinking fupds contained
bonds issued by Michigan municipalities, bonds issued by Detroit, Grand
Rapids, Flint and the other industrial cities of the State, and bonds issued
and $21,000
is an official tabulation of the bids received:
Rate
Bidders-—
successful bidder.
DEARBORN,
$18,000 in 1943 and 1944, $20,000 in 1945 and 1946
1949.
The following
Mairs-Shaughnessy & Co., C. S. Ash- \%%
2%
mun & Co. and Paine, Webber & Co2M %
Wells-Dickey Co. and Kalman & Co. j. - 2 4 %
*
J. M. Dain & Co., Piper, Jaffray &fl)4%
Hopwood Co., Allison-Williams Co.UM%
andThrall-West Co_
I
Mannheimer-Caldwell, Inc., Bigelow,\2%
Webb & Co. and Blyth & Co...
j
Milwaukee Go.. Paul H. Davis & Co. 1234%
and Kelley-Richardson & Co_^_
f
Northwestern Nat. Bank & Trust Co.f
and First Nat. Bank & Trust Co. of{234%
Minneapolis.—
(•
*
Successful bid.
' *
-
647.50
AU
1940-1-2
1943-4-5-6-7-8-9
.
501.00
All
978.00
All
567.00
1,424.50
All
'■.:
.
.
$25.00
1943-4
194.5-6-7-8-9
.
,
Premium
Maturities
1940-1-2
,
"
'
WAYZATA, Minn.—BOND OFFERING—It is reported -that sealed
and auction bids will be received by E. L. Johnson, City Clerk, until June
9 at 8 p. m., for the purchase of an issue of $110,000 not to exceed 3%
semi-ann. sewer bonds.
Dated July 1, 1939.
Denom. $1,000. Due July
1
as follows: $3,000 in 1942 and 1943, $.5,000 in 1944 to 1947, and $7,000
in 1948 to 1959.
Bids will be received for bonds redeemable at par on any
interest date after Jan. 1, 1944, or for bonds without option of prior pay¬
ment, and the City Council reserves the right to sell the type of bonds which
is deemed to be for the best interest of the city.
Principal and interest
payable at any suitable bank or trust company designated by the purchaser.
The city will furnish the executed bonds and the legal opinion of Fletcher,
Dorsey, Barker, Colman & Barber of Minneapolis.
The city will deliver
bonds on or before July 1 at the office of the City Treasurer or at the option
of the purchaser in Minneapolis or St. Paul.
Enclose a certified check for
$2,500, payable to the city.
MISSISSIPPI
CORINTH, Miss.—BONDS OFFERED TO PUBLIC—An issue of $.57,500
3 H% refunding bonds is being offered for public subscription by Dane &
Weil of New Orleans at various prices, according to maturity.
Denom.
$500.
Dated May 1, 1939.
Due on May 1 as follows: $1,500, 1940 to
1944* $3,000, 1945 to 1954, and $4,000, 1955 to 1959.
Prin. and int.
(M-N) payable at the City Treasurer's office.
Legality to be approved
by Charles & Trauernicht of St. Louis.
GREENVILLE, Miss.—BONDS TO BE SOLD TO RFC—It is stated by
Milton Smith that the Reconstruction Finance Corporation will
purchase shortly at par a total of $2,181,000 4% semi-annual toll bridge
revenue bonds.
Due in 40 years. A sinking fund is to go into operation
Mayor
Chronicle
Financial
3414
Dec.
31,
HANCOCK COUNTY (P. O. Bay St. Louis), Miss .—PRICE PAID—
It is now reported by the County Clerk that the $75,000 5% semi-annual
funding bonds sold to local investors, as noted here in March, were pur¬
chased at a price of 101.00, giving a basis of about 4.78%.
Due from
Sept. 1, 1939 to 1948, inclusive.
(P. O. Canton), Miss.—BONDS SOLD—It is
reported by the Clerk of the Chancery Court that $75,000 county-wide
bonds were purchased recently by M, A, Saunders & Co. of Memphis, and
the Deposit Guaranty Bank & Trust Co. of Jackson, as 3s, paying a price
of 101.007.
SAYREVILLE, N. J .—BOND OFFERING—Joseph J. Weber, Borough
Treasurer, will receive sealed bids until 8 p. m. (DST) on June 8 for the
purchase of $40,000 not to exceed 6% interest coupon or registered sewer
bonds.
Dated June 15, 1939.
Denom. $1,000.
Due $2,000 on June 15
MISSOURI
BONDS
from 1940 to 1959 incl.
in
a
bid
Markets in all State,
County & Town Issues
bidder.
1
WEST CALDWELL, N. 3.—BOND SALE DETAILS—'The $10,000 3%
municipal building bonds sold to the Citizens National Bank & Trust Co.
of Caldwell at a price of 101.16—V. 148, p. 3267—mature $1,000 on May 15
from 1940 to 1949 incl.
Registered in $1,000 denoms.
Dated May 15,
1939.
Interest M-N.
SCHERCK, RICHTER COMPANY
LANDRETH
Bidder to name a single rate of interest, expressed
multiple of M or l-10th of 1%.
A certified check for 2% of the bonds
for, payable to order of the Borough Treasurer, is required.
Legal
opinion of Caldwell & Raymond of N. Y. City will be furnished the successsful
BUILDING, ST. LOUIS, MO
,
NEW
NEW
MISSOURI
MEXICO,
(P. O. Sturgeon), Mo.—PRICE
PAID—It is now reported by the District Secretary that the $11,000 school
bonds sold to the Baum, Bernheimer Co. of Kansas City, as 3 Ms, as noted
bere on April 28, were purchased at a price of 100.50, a basis of about 3 -.69 %.
New York State
COUNTY SCHOOL DISTRICT NO.
Tilney & Company
76
WHITE SULPHUR SPRINGS,
Mont.—BOND OFFERING— It is
Interest rate is not to exceed 4%,
NEW
Amortization bonds will be the first choice and serial bonds will be the second
If amortization bonds are sold and issued, the entire
choice of the council.
issue may be put into one single bond or divided into several bonds, as the
council may determine upon at the time of sale, both principal and interest
to be
payable in semi-annual instalments during
the date of issue.
If serial bonds
are
a
period of 10
years
from
issued and sold, they will be in the
of $100 each or multiples thereof, the sum of $1,000 of the serial
bonds will become due and payable on July 1, 1940, and a like amount on
amount
the
sameday each year thereafter until all such bonds are paid. The bonds,
whether amoritization or serial, will be redeeemable 5 years after date of
issue, and will be sold for not less than their par value with accrued interest
to date of delivery.
The bonds are issued for the purpose of refunding
outstanding bonds which are callable at the next interest paying date.
Enclose a certified check for $1,000, payable to the Town Clerk.
Neb.—BONDS SOLD—It, is reported that $12,000
2M% semi-ann. water refunding bonds have been purchased by Wachob,
Bender & Co, of Omaha, for a price of 100.29.
BLOOMFIELD, Neb.—INTEREST RA TE—It is now reported by the
City Clerk that the $36,000 paving bonds sold to Steinauer & Schweser of
Lincoln, as noted-here—V. 148, p. 3266—were purchased as 3s.
now
are
optional after 1941,.
NEW
With the market
now
showing indications of being healthier than it has
,
ARCADE
(P. O. Arcade), N. Y.—BOND SALE—'The $9,000
1940 to 1948 incl.
Prin. and int.
Arcade, with New York exchange.
& Moore of N. Y. City.
MANCHESTER, N. H.—NOTE OFFERING— F. D. McLaughlin, City.
Treasurer, will receive bids until 2 p. m. (DST) on June 7 for the purchase
$500,000 tax anticipation notes of 1939. Dated June 8, 1939
and payable Dec. 13, 1939 at the First National Bank of Boston, or at the
Central Hanover Bank & Trust Co., New York City. Notes will be authen¬
ticated as to genuineness and validity by the First National Bank of Boston,
under advice of Ropes, Gray, Boyden & Perkins of Boston.
(M-S) payable
at the Citizens Bank of
Legal opinion of Dillon, Vandewater
Other bids:
Bidder—
Rate Bid
Int. Rate
Manufacturers & Traders Trust Co_______
Marine Trust Co.
_____
Stevens, Dann & Co
HAMPSHIRE
/
coupon
home relief bonds offered May 26 were awarded to E. H. Rollins & Sons,,
Inc. of New York, as 1.70s, at a price of 100.16, a basis of about 1.67%.
Dated May 15, 1939.
Denom. $1,000.
Due $1,000 on March 15 from
reported by the City
Clerk that the $18;000 2%% refunding bonds exchanged with the National
Bond Co. of Omaha, as noted here—V. 148, p." 3266—are due in 194Q to
1949 and
ditions.
A
CITY,
GOTHENBURG, Neb.—MATURITY'—It is
YORK
been in several months, the Albany bonds, in View of the city's excellent
credit rating, are expected to attract favorable bids.
NEBRASKA
BEAVER
YORK, N. Y.
ALBANY, N. Y.—PLANS SALE OF $2,246,000 BONDS—Lawrence J.
Ehrhardt, City Comptroller, will ask for bids soon on a total of $2,246,000
bonds made up of the following issues:
Debt equalization, $834,000; work relief, $560,000: water supply, $300,000; home relief for this year, $242,000; home relief for part of last year,
$71,000; police department and fire department equipment, $10,000;
McCarty Ave. and Bouck St. sewer improvements, $99,000, and general
public improvements, $40,000.
The debt equalization bond represent the 1939 or second year's series of a
total issue of $3,839,000, authorized last year to be sold over a six-yearperiod for the purpose of reducing the annual debt service of the city. Last
year's portion of the total was $930,000.
Allotments for the next four
years will be, respectively, $741,000; $626,000; $478,000 and $230,000.
While the bonds for general public improvements and for part of the
1938 cost of home relief were authorized last September and the issue for
water supply was approved in December, their sale has been held in abey¬
ance while municipal fiscal officials awaited favorable bond market con¬
re-
Dated July 1,1939.
payable J-J.
NEW
Bell
Sorted thatTown Clerk,will be received until 8 a $10,000June 5,of refunding
sealed bids for the purchase of p. m. on issue by Dorothy
ohnston,
,
BEAVER STREET
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
1
(P. O. Corvallis),
Mont.—BOND OFFERING—It is stated by Lester Morris, District Clerk,
that he will receive sealed bids until 8 p. m. on June 26, for the purchase of
two issues of building and refunding bonds, aggregating $49,700, dividend
as follows:
$12,000 not to exceed 6% semi-annual building, and $37,700
not to exceed 4% semi-annual refunding bonds.
bonds.
Municipals
DISTRICT
(P. O. Eureka), Mont.—
BONDS TO BE SOLD TO P WA—It is reported by the President of the Board
of Commissioners that $13,000 4% semi-annual water system bonds will
be purchased at par by the Public Works Administration.
Dated June 1,
1939,
Due on June 1 as follows: .$000 in 1940; $700, 1941 to 1952, and
$800 in 1953 to 1957.
'
m RAVALLI
State of—BONDS TO BE SOLD—It is reported by
purchased by the State, through the Tresaurer's office.
MONTANA
IRRIGATION
LAKE
MEXICO
Edna Earnest, Deputy State Treasurer, that the $100,000 prison farm
building bonds authorized recently by the State Board of Finance, will be
STURGEON SCHOOL DISTRICT
GLEN
1939
3,
which would occur should a public sale be required.
Moreover, it was
pointed out that the bonds have been printed and are now ready for
delivery.
In consenting to the sale of the bonds to Julius A. Rippel, Inc.,
the Commission directed that the firm absorb the issuing expense totaling
$460 or such part thereof as may be expended by the municipality in
connection with refunding proceedings.
COUNTY
MADISON
June
TOWNSHIP, N. J .—BOND SALE APPROVED—The State
Funding Commission on May 25 approved the sale by the township of
$72,000 4% refunding bonds to Julius A. Rippel, Inc., of Newark, after
having previously ordered that the issue be offered at competitive sale.
—V. 148, p. 3267.
The Commission rescinded its earlier action following
receipt of a letter from the Township Treasurer setting forth difficulties
OCEAN
1941, in the amount of $2,000, to be increased thereafter.
Legality to be approved by Charles & Trauernicht of St. Louis.
on
____
1M%
1.90%
__
1.90%
2%
2%
;2%
2.10%
2.45%
___
...
Morgan, Kennedy & Co_______
Tilney & Co
Sherwood & Reichard, Inc
Union Securities Corp
Citizens Bank of Arcade
__
100.11
„
100.172
100.116
100.42
100.13
100.11
100.10
Par
at discount of
•
NASHUA, N. H.—NOTE SALE—The issue of $200,000 notes offered
May 29—V. 148, p. 3266—was awarded to E. H. Rollins & Sons of Boston
at 0.287% discount.
Due $100,000 each on March 29 and April 29, 1940.
The Nashua Trust Co., second high bidder, named a rate of 0.29%.
NEW
JERSEY
BELLEVILLE, N. J .—BOND SALE APPROVED—The
Commission
State
Funding
May 25 approved resolutions adopted by the Board of
Town Commissioners providing for the sale of $69,000
general refunding
bonds to Dougherty, Corkran & Co., Philadelphia, and the issuance of
an additional amount of
$37,600 to the State Sinking Fund Commission.
Also approved were resolutions
providing for the exchange of a total of
$530,000 general refunding bonds,,
Town proposes to issue a total of
$1,621,000 refunding and funding bonds in .connection with a general refin¬
ancing of its indebtedness.—V. 148, p. 3267.
• '
on
LAVALLETTE,
N. J.—REFUNDING APPROVED—The Municipal
Commission has approved details of the program providing for
funding or refunding of all of the debt of the borough presently outstanding.
Finance
MONTCLAIR, N. J.—POST
SAVING
IN
OPERATING
45,000 citizens in
an
CARD SURVEY RESULTS IN $40,000
EXPENSES—After polling the opinion of
unusual post card survey, municipal officials followed
their suggestions and cut expeness of the
city government
the International City
by $40,000 a year,
Managers' Association reported May 29.
Post card
questionnaires were sent to each family at small expense through use of the
water department
addressing equipment.
Citizens were asked if they
favored reduced library and health services, a reduction of from three times
to twice a week in garbage collections, reduced street
lighting and street
cleaning, and increased fees for tennis court use.
In tabulating results of
the canvas, city officials found that Montclair residents did not
approve
reduction of services which made for
safety and health of the community,
such as street lighting and public health.
They
accept a reduction in sevrices which
as
were
were
willing, however, to
of the "convenience" type, such
tennis
library service and the suggested reduction in garbage
officials found that 57% of the answers were against
reduction in street lighting, 56% against reduction in health
service, and
51 % against reduced street cleaning.
Sixty per cent of those answering the
questionnaire^favored a reduction in garbage collections, 67% in library
courts,
collections.
City
services, and 15% approved an increase in fees to replace a reduction in the
city tennis court budget.
As a result of the poll of public opinion, reduc¬
tions totaling $20,000 were made in costs of various
public services, and the
school budget was trimmed by $20,000.
To offset these reductions in the
city budget, it was recommended that the various departments reduce their
appropriations.
In addition
the Association said that
a
to the
$40,000 yearly reduction in
expenses,
scientific reassessment program just completed
after two years' work has made possible a considerable reduction in valua¬
tions and a $150,000-a-year reduction in county and State taxes.
BUFFALO, N. Y.;—BOND SALE—The $5,750,000 coupon or registered
bonds offered June. 1—V,
148, p. 3267—were awarded to a syndicate
composed of Manufacturers & Traders Trust Co., Buffalo: Adams, McEntee & Co., Inc., Robinson, Miller & Co., both of New York, and George D.
B. Bonbright & Co., Rochester, on a bid of 100.1899 for $3,500,000 2.10s
and $2,250,000 2s, a net interest cost of about 2.03%. Bonds are as follows:
$3,500,000 2.10% refunding bonds.
Due July 1 as follows: $70,000 from
1940 to 1944 incl. and $630,000 from 1945 to 1949 incl.
750,000 2% city contribution-relief project bonds.
Due $75,000 on
July l from 1940 to 1949 incl.
1,530,000 2% city auditorium bonds. Due $75,000 on July 1 from 1940 to
1959 incl.
All of the bonds are dated July 1, 1939 and were
reoffered to yield from 0.40% to 2.25%, according to rate and
maturity. Other bids for the bonds were as follows:
Bidder—
'
•
Rate
Bid
Halsey, Stuart & Co., Inc.; Blair & Co., Inc.; Ladenburg, Thalmann & Co.; George B. Gibbons & Co.;
Estabrook & Co., et all, for $3,500,000 2.10s and
$2,250,000 2s
100.049
Chemical Bank & Trust Co.; Kidder, Peabody & Co.;
Goldman, Sachs & Co.; Hallgarten & Co., et al, for
$4,250,000 2sand $1,500,000 2Ks
•
'___ 100.037
Lehman Bros.; Blyth & Co.,-Inc.; Phelps. Fenn &
Co., Inc.; Marine Trust Co., Buffalo; R. W. Pressprich & Co., et al, for $5,000,000 2s and $750,000
3Ms
100.039
Chase National Bank of New York; First Boston
Corp.; Salomon Bros. & Hutzler; Northern Trust
Co., Chicago; Union Securities Corp., et al, for
$3,500,000 2s, $750,000 4s and $1,500,000 2Ms
100.139
*
__
Net Cost
2.05%.
2.08%
•
,
___
2.15%
2.24%
BUFFALO, N. Y.—CERTIFICATE OFFERING—William A. Eckert,
City Comptroller, will receive sealed bids until 10 a. m. (EST) on June 8
for the purchase of $3,600,000 not to exceed 6% interest tax anticipation
certificates of indebtedness, consisting of $675,000 series of 1934-1935;
$500,000 series of 1935-1936; $575,000 series of 1936-1937; $1,050,000 series
of 1937-1938, and $800,000 series of 1938-1939.
Certificates will be dated
June 15, 1939 and mature Dec. 15, 1939.
Prin. and int. payable at City
Comptroller's office
or
at
the Central
Hanover Bank & Trust Co., New
York, at holder's option.
must be in
Bidder to specify denominations desired, which
multiples of $5,000.
A certified check for $72,000, payable to
order of the
City Comptroller, is required.
CROTON-ON HUDSON, N. Y.—BOND OFFERING—Frank Finnerty,
Village Clerk, will receive sealed bids until 3 p. m. (EST) on June 6 for the
purchase of $17,000 coupon or registered fire dept. equipment bonds. Dated
June 1,1939. Denom. $1,000. Due Dec. 1 as follows: $4,000,1939; $5,000
in 1940 and 1941 and $3,000 in 1942.
Bidder to name the rate of interest.
Principal and interest (J-D) payable at the Marine Midland Trust Co.,
New York City.
A certified check for 2% of the amount bid is required.
Legality approved by Thomson, Wood & Hoffman of New York City.
DEPEW,
N.
Y.—BOND
sealed bids until June
street bonds.
■
OFFERING—The Village Clerk will receive
sidewalk and
19 for the purchase of $25,000 sewer,
'
Volume
Financial
148
Chronicle
1959 incl.
DUNKIRK. N. Y.—NEWOFFERING PLANNED—'The sale of $20,000
not to exceed 6% interest paving bonds,
tentatively set for June 1—V. 148,
p. 3106—was postponed.
It is expected that three issues totaling $85,000
will be offered
June 15.
on
OSWEGO, N. Y.—BOND
bonds
ELLENBURG, ALTONA. MOOERS AND CLINTON CENTRAL
SCHOOL DISTRICT NO. 1 (P. O. Ellenburg Depot), N. Y.—BOND
SALE—The $32,000 coupon or registered school bonds offered June 1—Y.
bonds
Y.—BOND SALE—The $162,000
N.
offered
June
1
coupon
from 1940 to 1946
following:
;
...
>-.■
'
1.40%
1.40%
1.40%
—_
Marine Trust Co. of Buffalo and R. D. White & Co
Manufacturers & Traders Trust Co. and Kean, Taylor
& Co_
A. G. Becker & Co_
_
Co
Blair & Co., Inc., and Roosevelt & Weigold,
inc
Halsey, Stuart & Co., Inc
E. H. Rollins & Sons, Inc., and A. C. Allyn & Co., Inc.
____
3106—were also bid for
Bidder—
•
Geo. B. Giobons & Co., New York
Gordon Graves & Co., New York
as
Manufacturers
_
-
;■'
100.18
100.31
-
r-■ v• ■
?'~
Other
—
2%
2%
—
2%
2,10%
2.10%
2.40%
2.60%
City..
—.
_
'
'
2.70%
2.90%
Inc., as 1 Ms,
to the Manufacturers & Traders Trust Co. of.Buffalo as
basis of about 2.38%.
139.77
and
140.00
150.00
.
2.40s, at
Sale consisted of:,
'
•
'
Union Securities Corp
Sherwood & Reichard, Inc., and George B. Gibbons
& Co--—'
-
_
—
—
-
.
Other bids were
as
follows:
Int. Rate
—
------——-
-
Kidder, Peabody & Co
Tilney & Co.
-
—
------
100.22
100.12
100.147
1.30%
——
Campbell, Phelps & Co___
Geo. B. Gibbons & CO., Inc.
Union Securities Corp., New York.
Manufacturers & Traders Trust Co., Buffalo
Roosevelt & Weigold
-
Rate Bid
1.20%
L20%
1H%
100.14
100.407
100.33
100.09
•
1.40%
1.40%
1.40%
1.40%
1M%
100.069
'
100.03
100.10
■
.
1
as
follows:
$4,000 from 1940 to
-
—
-
ING—John N.
_
—
-
—
--------
(P. O. Smithtown Branch),
N. Y.—BOND OFFER¬
Brennan, Town Supervisor will receive sealed bids until
2. p. in. (DST) on June 7 for the purchase of $52,000 not to exceed 6%
interest coupon or registered public improvement, work relief project bonds.
Dated March 1, 1939.
;
Denom. $1,000.
Due March 1
follows:
as
$11,000
in 1940 and 194.1 and $15,000 in 1942 and 1943.
Bidder to name a single
rate of interest, expressed in a multiple of Vx or l-10th of 1%.
Principal
and interest (M-S) payable at the Bank of Smithtown, Smithtown Branch.
The bonds are unlimited tax obligations of the town and the approving
legal opinion of Hawkins, Delafield & Longfellow pf New York City will be
furnished the successful bidder.
A certified check for $1,040, payable to
order of the town, is required.
SYRACUSE, N. Y.—BOND SALE—The $600,000 coupon or registered
bonds offered June 2—V. 148, p. 3268—were awarded to a group composed
of Lehman Bros.; Ladenburg, Thalmann & Co., both of New York, and the
100.44
.
,
$6,000 from 1940 to 1956
,
»
$57,000.00 general bonds of 1939, for work relief projects.
Denom. $1,000.
Due May 1 as follows: $5,000 from 1940 to 1942, incl.', and
$6,000 from 1943 to 1949, inclusive.
3,325.00 sewer bonds.
One bond for $325, others $1,000 each.
DueMay 1 as follows: $1,325 in 1940 and $1,000 in 1941 and 1942.
3,827.73 paving bonds.
One bond for $827.73, others $1,000 each.
*
Due May 1 as follows: $827.73 in 1940 and $1,000 from 1941
to 1943, inclusive.
to 1948 incl.
Due Jan. 1 as follows:
-
100.20
V
$22,000 in
,
100.37
2.90%;
follows:
as
All of the bonds are dated June 1, 1939. They were reoffered to yield from
0.20% to 1.75%, according to maturity. Principal and interest (J-J) payable
at the Rensselaer County Bank & Trust Co., Rensselaer, with New York
exchange.
Legality approved by Dillon, Vandewater & Moore of New
York City.
Other bids, all for 1.70% bonds, were as follows:
Bidder—
VV
Rate Bid
Kidder Peabody & Co. and Estabrook & Co
100.32
Smith, Barney & Co. and Phelps, Fenn & Co., Inc.
} 00.229
George B. Gibbons & Co.; Adams, McEntee & Co., Inc.. and
Sherwood & Reichard, Inc.:
i
100.209
Goldman, Sachs & Co.; Marine Trust Co. of Buffalo and R. D.
White & Co-_.
100.159
Lehman Bros, and Manufacturers & Traders Trust Co.—__
100.133
Halsey, Stuart & Co., Inc
100.086
100.10
.
Due Jan. 1
$8,000 in 1957.
Due Jan.
1947 incl. and $3,000 in 1948.
Rate Bid
2.60%
2.60%
2.70%
coupon or registered
148, p. 3107—were awarded to E. H. Rollins
& Sons, Inc., New York, as 1.10s,' at a price of 100.16, a basis of about
1.07%.
Award consisted of:
\
'
dated May 1, 1939.
and
SMITHTOWN
1—V.
Bidder—
at a
35,000 home relief bonds.
price of
a
NORWICH, N. Y.—BOND SALE—The $64,152.73
-
1
$9,000 from 1941
incl.
*
Int. Rate
E. H. Rollins & Sons, Inc—
Roosevelt & Weigold, Inc—
R. D. White & Co--_
coupon or regis¬
were awarded to a group composed of E. H.
Allyn & Co., Inc., and B. J. Van Ingen & Co.,
price of 100.15, a basis of about 1.47%. Sale consisted of;
110,000 school bonds.
.
are
------
100.63
100.24
100.229
100.09
100.37
102,000 series B general impt. bonds. Due Jan. 1 as follows: $11,000 from
1940 to 1947 incl. and $14,000 in 1948.
44,000 series D general impt. bonds. Due Jan. 1 as follows: $3,000 from
1940 to 1945 incl. and $2,000 from 1946 to 1958 incl,
79,000 public works project bonds. Due Jan. 1 as follows: $7,000 in 1940
139.16
•
$23,721.81 Sewer District No. 1, extension of 1939 bonds.
One bond for
$1,221.81, others $1,000 each.
Due May 1 as follows: $1,221.81
in 1:940 and $1,000 from 1941 to 1958, inclusive.
8,672.00 Water District No. 5, extension of 1939 bonds.
One bond for
$572, others $450.
Due May 1 as follows: $450 from 1940 to
1957, incl., and $572 in 1958.
698.25 Sewer District No. 2, extension of 1939 bonds.
Due $36.75
on May 1 from 1940 to 1958, inclusive.
All of the bonds are dated May 1. 1939.
Other bids:
All of the bonds
Rate Bid
.
2.20%
2.25%
2.25%
2.25%
2.40%
1940 and $21,000 from 1941 to 1943 incl.
(P.
O. Schenectady), N.
Y.—BOND SALE—The
$33,092.06 registered bonds offered June 1—V. 148, p. 3268—were awarded
State Bank of Albany
Sherwood & Reichard, Inc---
Int. Rate
■
__L
$85,0Q0 series A general inipt. bonds.
NISKAYUNA
■
bids;
RENSSELAER, N. Y.—BOND SALE—The $455,000
.
Niagara Falls, until 1 p, m. (EST)
6% interest coupon or
registered school bonds. Dated June 1, 1939. Denom. $1,000. Due $3,000
on June 1 from 1940 to 1954 incl.
Bidder to name a single rate of interest,
expressed in a multiple of Yx or l-10th of 1 %. Principal and interest (J-D)
payable at the aforementioned trust company. -.The bonds are unlimited
tax obligations of the district and the approving legal opinion of Reed,
Hoyt, Washburn & Clay of New York* City will be furnished the successful
bidder.
.A certified check for $900, payable to order of Paul Andrews,
District Treasurer, is required.
•
*
—
as 2.10s, at a price of 100.279, a basis of
Dated June .1, 1939 and due $4,000 on June 1 from 1940 to
Reoffered to yield from 0,5% to 2.10%, according to maturity.•
tered bonds offered June
City Trust Co.,
—
N.
George B. Gibbons & Co., Inc
June 8 for the purchase of $4.5,000 not to exceed
June
SCHOOL
1),
Roosevelt & Weigold, Inc.
Marine Trust Co. of Buffalo
A. C. Allyn & Co., Inc.-
NIAGARA COMMON SCHOOL DISTRICT NO. 3 (P. O. R. F. D.
No. 1, Niagara Falls), N. Y.—BOND OFFERING—Frederick M. Griffin.
District Clerk, announces that the Board of Trustees will receive sealed
bonds offered
D.
Bidder—
$600,00
370.00
320.00
252,06
120.00
15.00,
■
2%
;
..
,Bidder—
"
Conn., R. F.
Gordon Graves & Co
Premium
Int. Rate
£
Salomon Bros. & Hutzler, New York
a
Legal opinion of
be furnished the
•
Rollins & Sons, Inc.; A. C.
Hartley, Rogers, Lyon & Co., New York City
100.198,
'100.299
2.06%.
1954 incl.
100.21
—
County Trust Co., White Plains. N. Y__
R. D. White & Co., New York City_.__
Campbell, Phelps & Co., Inc., New York City--.-Roosevelt & Weigold, New York City
Kidder Peabody Co., New York City—__
Power
1.60%
D-
R. D. White & Co. of New York
about
follows:
Geo. B. Gibbons & CoNew York City.
the
Adams,
_____
R-
DISTRICT NO: 1 (P. O.
Y.—BOND SALE— The issue of
$60,000 building bonds offered June 1—V. 148, p. 3268—was awarded to
Springdale,
O. Mamaroneck), N. Y.—OTHER BIDS—The
bonds awarded to A. C. Allyn & Co., Inc.> New
price of 100.0295, a basis of about 1.899%—V. 148, p,
First National Bank of Mount Veronon
at
and
100.407
100.29
100.12 '.
100.10
100.08
about
(P.
Adams, McEntree, New York City.
on
Co.
Rate Bid
-
check for $1,800, payable to order of the
town, is required.
Reed, Hoyt, Washburn & Clay of New York City will
successful bidder.
issue of $100,000 general
bids
*
1.50%
1.50%
1.50%
1.50%
1.50%
upon property in the sewer district; but if not paid from that source then
all of the town's taxable
property will be subject to levy of unlimited ad
valorem taxes to provide for payment of principal and interest. A certified
100.17
100.16
100.189
100.03
100.22
100.16
100.39
_
_
;•
1940
were the follow¬
Auburn), N. Y.—OFFERING OF SEWER
DISTRICT NO. 1 BONDS—Dorothy M. Hunter, Town
Clerk, will receive
sealed bids until 1 p. m. (EST) on June 6 for the
purchase of $90,000 not to
exceed 6% interest coupon or
registered Sewer District No. 1 bonds. Dated
June 1,1939.
Denom. $1,000.
Due $3,000 on June 1 from 1940 to 1969
incl.
Bidder to name a single rate of interest, expressed in a multiple of
H or l-10th of 1%. Principal and interest (J-D) payable at the National
Bank of Auburn.
The bonds are payable in the first instance from a levy
Rate Bid
■
__
.
Traders Trust
°-
POUNDRIDGE UNION FREE
Int. Rate
v"
V
\
-
Bidder—
&
McEntee & Co
follows:
2.30%
2.20%
Manufacturers & Traders Trust Co., New York-2.25%
Northport Trust Co., Northport
2.50%
Roosevelt & Weigold, New York.
2.10%
R. D. White & Co., New York
2.10%
F. S. Moseley & Co., New York
2.50%
Bacon, Stevenson & Co.^ New York
;
2.50%
Union Securities Corp., New York
2.20%
Befnhard, Bennett & Co., New York—
2.10%
as
May 1 from
Int. Rate
,
_
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 4 (P. O.
Northport), N. Y.—OTHER BIDS—The $29,000 school bonds awarded to
York, as 1.90s, at a
3106—was also bid for
on
Among other bids
Trust
&
Savings Rank and Sherwood &
Reichard,Inc
Kidder, Peabody & Co. and Estabrook & Co._
Union Securities Corp. and Roosevelt &
Weigold, Inc.
Hemphill, Noyes & Co. and Otis & Co.
Eldredge & Co
100.109
100.05
100.41
100.209
100.188
100.14
A. C. Allyn & Co., Inc., New York, as 1.90s, at 100.244, a basis of
MAMARONECK
dated May 1, 1939.
Bidder—
100.387
100.229
100.139
.
1.40%
1.40%
1.50%
1.50%
1.50%
1.50%
_
Union Securities Corp. and Estabrook &
p.
are
Harris
Rate Bid
Int. Rate
<
■
Harris Trust & Savings Bank
:___*
Campbell, Phelps & Co. and Charles Clark & Co
1.87%—V. 148,
to 1949 incl.
Due $6,000
■
!
—
as follows:
$4,000
to 1959 incl.
$12,000 from 1940 to
ing:
Among other bids were the
1939.
Due May 1
Due May 1 as follows:
1949 incl.
All of the bonds
Due April 15 as follows:
$3,000
incl., and $4,000 from 1947 to 1949 incl.
dated April 15,
are
,
Bidder-**
system improvement bonds.
1944 Incl. and $13,000 from 1945
to
33,000 public works project bonds.
All of the bonds
$273,000 coupon or registered
3268—were awarded to Lazard Freres
price of 100.14, a basis of about 1.38%.
sewer
n™
'
■ ■
a
60,000 public works project bonds.
$109,000 home relief bonds.
Due April 15 as follows:
$10,000 in 1940
and $11,000 from 1941 to 1949 incl.
20,000 waterworks bonds.
Due $2,000 on April 15 from 1940 to 1949
■
p.
?ro^1 1940 to 1951. incl. and $5,000 from 1952
r\r\r\
125,000 home relief bonds.
1488, p. 3267—were awarded to Sherwood &
Reichard. Inc., New York, as 1.30s at a price of 100.209, a basis of about
1.26%.
Award consisted of:
"
1
.148,
1.40s, at
iotr
V.
incl.
SALE— The
1—V
as
$88,000
registered
or
offered June
& Co. of New York
Sale consisted of:
148, p. 3267—were awarded to E. H. Rollins & Sons, Inc., New York, as
2Ms, at 100.44, a basis of about 2.46%.
Dated June 1, 1939 and due
June 1 as follows: $1,000 from 1940 to 1947 incl. and $1,500 from 1948 to
1963 incl. Sherwood & Reichard, Inc., New York, next high bidder, offered
to pay 100.33 for 2.80s.
FULTON,
W York, and the Manufacturers & Traders Trust Co.,
"
Buffalo
•
—
,
3415
Second high bid of 100.26 for 1 Ms was made
by Adams, McEntee
Manufacturers & Traders Trust Co.,
/
Buffalo,
as
1.10s at a price of 100.149,
-ajbasis of about 1.08%. Sale consisted of: »*"»«
$468,000 Federal Aid projects,"series A*bonds of 1939.
J
_
Due May 15 as
.follows:
$46,000 in 1940 and 1941 and $47,000 frorti 1942 to
1919, incl.
*
132,000 Federal Aid project series B bonds of 1939.
Due May 15 as
r
follows:
$24,000 in 1940jand $27,000 from 2941_to 1944 incl.
XlTof
the bonds "are
dated"May 1571939'."" Second higlTbid"of l00X69~for
1,1,0s was made by the Bankers Trust Co., New York.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—BONDS
OFFERED—OTHER BIDS—The $95,000 various purpose
George B. Gibbons & Co.,.Inc., and Adams, McEntee
& Co., Inc.,~ New York, as lMs, at 100.52, a basis of about 1.385%—
V. 148, p. 3107—were reoffered by the bankers to yield from 0.25% to
1.80%, according to maturity.
Other bids:
Bidder—
Int. Rate
Rate Bid
PUBLICLY
bonds awarded to
Union Securities Corp-—
—1.40%
Halsey, Stuart & Co., Inc
1.50%
Hemphill, Noyes & Co. and A. C. Allyn & Co.,
'
Inc-^
1.50%
Marine Trust Co., Buffalo, and R. D.White & Co.
1.50%
County Trust Co. of White Plains
1.50%
Kean, Taylor & Co.1.75%
x Bid rejected as it did not conform with bond sale notice.
--------
-
—
_
-------
xlOO.05
100.36
100.157
100.106
100.09.5
100.25
Other bids:
NYACK, N, Y.—BOND OFFERING—William P. Bugbee, Village Clerk,
m. (DST) on June 5 for the purchase of
$19,500 not to exceed 6% interest coupon or registered improvement bonds
of 1939.
Dated June 15, 1939.
One bond for $500, others $1,000 each.
Due June 15 as follows: $5,500, 1940: $5,000 1941; $6,000 in 1942 and $3,000
in 1943.
Bidder to name one rate of interest, expressed in a multiple of
Yx or l-10th of 1%.
Principal and interest (J-D) payable at the Nyack
National Bank & Trust Co., Nyack.
The bonds are unlimited tax obliga¬
tions of the village and the approving opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder.
A
certified check for $390, payable to order of the village, is required.
will receive sealed bids until 4 p.
ORANGETOWN (P. O. Nyack), N.
Y.—BOND SALE—The $233,750
registered Pearl River Sewer District bonds offered June 2—V.
148, p. 3268—were awarded to the Union Securities Corp. and Estabrook
& Co., both of New York, jointly, as 1 ^s, at a price of 100.36, a basis of
about 1.715%.
Dated June 1, 1939 and due June 1 as follows: $10,750,
1940; $10,000, 1941 to 1952 incl.; $13,000 in 1953 and $15,000 from 1954 to
coupon or
Int. Rate
1.70%
Bidder—
Lehman Bros.;
Eastman, Dillon & Co., et al
National City Bank of New York; Barr Bros. & Co.
and L. F. Rothschild & Co
Bankers Trust Co.; Chase
Boston
Rate Bid
100.50
1.70%
100.21
1.70%
100.21
1.75%
100.309
1.75%
1.75%
100.05
National Bank, and First
Corp
Phelps, Fenn & Co., Inc.; Northern Trust Co. of
Chicago, et al
Harris Trust & Savings Bank; Shields & Co.; Sher¬
wood & Reichard, Inc. and Eldredge & Co
Kidder, Peabody & Co.; Blyth & Co., et al
Manufacturers
&
Traders Trust Co., Buffalo;
Salomon Bros. & Hutzler, et al
Goldman, Sachs & Co.; Estabrook & Co., et al.
Harriman Ripley & Co., Inc.; Smith, Barney &
Co., 6t al
—
Halsey, Stuart & Co., Inc.; Blair & Co., Inc., et al.
'
■
100.021
_
1.80%
1.90%
— .
<
100.07
1.90%
2.10%
100.309
100.469
100.189
A
Financial
3416
$1,300,000 not to exceed 4% interest coupon delinquent tax, first series
bonds.
Dated June 1, 1939.
Denom. $1,000.
Du; Dec. 1 as follows:
$216,000 in 1943 and 1944 and $217,000 from 1945 to 1948 incl. Principal
and interest (J-D) payable at the Irving Trust Co., N. Y. City.
At owner's
request, coupon bonds may be exchanged for bonds registered as to principal
and interest; coupon bonds also may be registered as to principal only,
and thereafter to be transferable to bearer.
The bonds are issued in
anticipation of the collection of delinquent taxes under authority of Section
2293-43 of the General Code of Ohio, for the purpose of assisting the city
in paying the unsecured indebtedness and providing funds for poor relief
for the fiscal year 1939, as provided in the section, which the City is unable
to finance except by the issue of bonds and will be issued by the City under
authority of law and ordinance.
They are payable primarily from delin¬
quent taxes collected but are full general obligations of the City and the
faith, credit and revenue are pledged for the payment of the principal and
interest.
No bid will be entertained unless made on a blank form frunished
on application by the Director of Finance.
The proceedings relative to
the issuance of the bonds have been taken under supervision of Peck, Shaffer,
Williams & Gorman, Esqs., of Cincinnati, whose approving opinion can be
obtained by the purchasers at their own expense.
Delivery of bonds to
be made on or about July 1, 1939, at any bank in the City designated by
the purchaser or at a bank agreed upon by the purchaser and the Director
of Finance.
Enclose a certified Check for 2% of the amount of bonds bid
for, payable to the City Treasurer.
^Preliminary notice of the above offering appeared in V. 148, p. 3270.)
$10,000
RUTHERFORD CO., N. C. Courthouse 4i/2s
Due
July 1, 1941 at 100 and interest
F. W. CRAIGIE & COMPANY
Richmond, Va.
A. T. T. Tel.
Phone 3-9137
Rich. Va. 83
CAROLINA
NORTH
FAYETTEVILLE, N. C.—BOND OFFERING—Sealed bids will
be
re¬
ceived by W. E. Easterling, Secretary of Local Govt. Commission^ at his
office in Raleigh, until 11 a. m. (EST), on June 13, for the purchase of a
issue
$36,000
June 1,
of
line
water
revenue
Denom.
bonds.
$1,000.
Dated
1939.
CAROLINA,
NORTH
(State of)—BOND
OFFERING—-It is now
June 3, 1939
Chronicle
re¬
ported by Charles M. Johnson, State Treasurer, that he will receive sealed
bids until noon (EST), on June 7, for the purchase of a $2,250,000 issue of
coupon or registered permanent improvement and school book
bonds.
Interest rate is not to exceed 4%, payable J-J. Dated July 1, 1939. Denom.
$1,000. Due July 1, as follows: $200,000 in 1942, $400,000 in 1943 and 1944,
$300,000 in 1945, $200,000 in 1946, and $750,000 in 1949.
Bidders are
requested to name the interest rate or rates in multiples of \i of 1 %. Each
bid may name one rate for part of the bonds (having the earliest maturities)
the $100,000 4M% first mortgage coupon revenue
and another rate for the balance, but no bid may name more than two rates,
V. 148, p. 2943.
COLUMBUS, Ohio—NOTE OFFERED—Helen T. Howard, City Clerk,
received sealed bids until noon (EST) on June 2 for the purchase of
CORTLAND, Ohio—BONDS NOT SOLD—No bids were submitted for
bonds offered May 29—•
They are described as follows:
*
$50,000 sewer bonds.
Due April 1 as follows: $2,000 from 1941 to 1959
incl. and $3,000 from 1960 to 1963 incl.
50,000 water works bonds.
Due April 1 as follows: $1,000, 1942 and
1943; $2,000 from 1944 to 1955 incl. and $3,000 from 1956 to
bid the amount of bonds of each rate.
bidder offering to purchase the bonds at
such cost to be determined by deducting
the total amount of the premium bid from the aggregate amount of interest
and each bidder must specify in his
The bonds will be awarded to the
the lowest interest cost to the State,
1963 incl.
all of the bonds until their respective maturities.
upon
par and accrued interest will be entertained.
State Treasurer's office or in New York City.
$35,600
4% poor relief no es.
Dated June 15, 1939.
Due March 1, 1943.
Int.
M-8.
City to furnish at its own expense legal opinion of Peck, Shaffer,
Williams & Gorman of Cincinnati.
No bid of less than
Prin, and int. payable at the
.
■
.
•
.
All of the bonds are dated April 1, 1939.
General obligations; the full
faith and credit of the State are pledged to the payment of the principal
and interest of the bonds.
The approving opinion of Masslich & Mitchell,
of New York, will be furnished.
Bids are required on forms to be furnished
Coshocton), Ohio—BOND SALE—
COSHOCTON COUNTY (P. O.
The $35,000 coupon poor relief bonds offered May 31—V. 148, p. 3270—
were awarded to Johnson, Kase & Co., Cleveland, as 0.75s., at par plus
$14 premium, equal to 100.04 a basis of about 0.74%.
Dated June 1, ,1939
$11,000 in 1940 and $12,000 in 1941 and 1942.
Other bids:
Bidder—
*
•'
Int. Rate
Premium
by the State Treasurer. Enclose a certified check for 2% of the par value of
payable to the State Treasurer.
(This notice supplements the offering report given in our issue of May 27—
and due March 1 as follows:
V. 148, p.
Seasangood & MayerStranahan, Harris & Co."
the bonds bid for,
.
3269.),
NORTH CAROLINA, State of—LOCAL NOTE ISSUES SOLD—It is
$21,000 Tarboro notes to the Wachovia Bank & Trust Co. of Winston"
Salem, at 1 Yi %, plus a premium of $1.53.
3,000 Whiteville notes to the Concord National Bank of Concord, at
2K%.
2,000 Bessemer City notes to the First National Bank of Winston-Salem,
at 5%, plus a premium of $2.03.
2,000 Hamlet notes to the Commercial State Bank of Hamlet, at 4%.
CAROLINA,(State of)—'SUPREME COURT HEARS ATTACK
ON SALES LEVY—A United Press dispatch from Raleigh, on May 24
reported as follows:
J. Paul Leonard, Secretary of the North Carolina
Fair Tax Association, today attacked constitutionality of the State's 3%
sales tax in arguments before the State Supreme Court.
<
Mr. Leonard, seeking return of $3.69 in sales tax paid under protest,
charged the tax was discriminatory because of basic exemptions and un¬
constitutional because the membership of the General Assembly which
enacted it had not been reapportioned.
The State Supreme Court continued the case until tomorrow.
Chief Justice Walter P. Stacy asked Fred Parrish of Winston-Salem,
attorney for the association, which is attacking the $12,000,000 Revenue
Act, to show tomorrow why the Supreme Court should have jurisdiction in
the
case.
Justice
.
Stacy contended
.
that two conflicting statutes
suits involving recovery of
$200 shall originate in magistrates courts.
The sales tax
provides, however, that suits attacking it must originate in
in
doubt.
One
statute
says
i
left the matter
sums less than
law specifically
Supreior Court.
NORTHAMPTON COUNTY (P. O. Jackson), N. C.—NOTES SOLD
is reported that $10,000 notes were purchased on May 23 by the
—It
National Bank of Wilson at 6%, plus $91 premium.
PERSON
COUNTY
(P.
O.
Roxboro),
stated by J. B. Riggsbee, County Treasurer,
bonds are called for payment on July 1:
School—Nos. 1, 2, 5, 6, 7 and 8---
N. C.—BOND CALL—It is
that the following refunding
$6,000
7,000
_
Building—Nos. 1, 2, 4, 5, 6, 8 and 9-"_.
Road Improvement—Nos. 3, 4, 7, 8, 11, 13 to 20, 22 to 24, 27 to
29, 31 and33
__
21,000
_
Dated Jan. 1, 1934.
Due Jan. 1, 1945. ' Principal amount of said bonds
will be paid on presentation of said bonds in negotiable form, accompanied
by all Jan. 1, 1940 and subsequent coupons, at the Central Hanover Bank
& Trust Co., New York City.
Coupons maturing July 1, 1939 and prior
thereto will be paid on presentation and
est ceases on said bonds on date called.
ROSE
surrender of said coupons.
Inter¬
HILL, N. C.—NOTES SOLD—It is reported that $3,000 revenue
were purchased on May 16 by the Waccamaw Bank &
pltfs a premium of $1.50. -
anticipation notes
Trust Co. of Whiteville, at 6%,
,
SURRY COUNTY (P. O. Dobson), N. C.—NOTES SOLD—It is re"
ported that $30,000 revenue notes were purchased on May 23 by the Inter¬
state Securities Corp. of Charlotte at 6% plus a premium of $435.
NORTH
DAKOTA
by Morten Mortenson, County Auditor, for the purchase of a $200,000
issue of certificates of indebtedness.
Interest rate is not to exceed 7%.
Denom. $5,000.
Due
on or
at less than par.
bid is required.
1H%
24.60
11^%
„
COUNTY
(P. O. Cleveland), Ohio—NOTE OFFER¬
ING—The Board of County Commissioners will receive sealed bids until
Tl a. m. (EST) on June 6 for the purchase of 848,000 not to exceed 4%
interest tax delinquent anticipation notes.
Dated June l; 1939.
Denom.
$1,000.
Due as follows: $84,000 April'1 and $85,000 Oct. 1 in 1940 and
1941, and $85,000 on April 1 and Oct. 1 from 1942 to 1944, incl.
Purpose
of issue is to assist the county in paying the unsecured indebtedness as pro¬
vided in Section 2293-43A of General Code of Ohio, as amended.
They
are payable from the proceeds at collection of the delinquent taxes antici¬
pated by the notes, and not otherwise.
Principal and interest (A-O) pay¬
able at the County Treasurer's office.
Coupon notes will be furnished with
the privilege of registration by the owner as to principal only, or convertible
into full registered notes.
A certified check for 1 % of issue bid for, payable
to order of County Treasurer, is required.
Proceedings have been taken
under supervision of Squire, Sanders & Dempsey of Cleveland, whose ap¬
proving opinion will be furnished the successful.
Delivery of notes must
be accepted at Cleveland before 1
a. m. on June 15.
CUYAHOGA
DEFIANCE,
Ohio—OTHER
$12,975.45
BIDS— The
paving
street
special assessment bonds awarded to Paine, Webber & Co., Chicago, as
l^s,
for
1.47%-i-V. 148, p. 3270—were also bid
at 100.093, a basis of about
follows:
as
.
.
Premium
$57.50
" 15.00
13.30
11.85
Int. Rate
l%%
1 %%
1%%
__1 % %
--2%
Bidder—
Stranahan, Harris & Co., Toledo,
BancOhio Securities Co., Columbus
Saunders, Stiver & Co., Cleveland
Seasongood & Mayer, Cincinnati
Ryan, Sutherland & Co., Toledo.
Provident Savings Bank & Trust Co., Cincinnati
G. Parr Ayers& Co., Columbus
Weil,Roth & Irving,Cincinnati
Fox,Einhorn & Co., Cincinnati
The State Bank, Defianch..
.
2%
;_i__2^ %
__2Vi%
____22i%
2
"
j
89.00
3.89
42.82
35.00
55.55
19.63
FAIRVIEW, Ohio—TENDERS fVANTED— Karl A. Bohlken, Village
announces that approximately $10,000 is available for the purchase,
the lowest price, of special assessment refunding bonds dated Jan. 1,
Clerk,
at
1939. Sealed tenders will be received at his office until noon on June 28,
and offers must fully describe the bonds tendered and such bonds must be
ready for delivery not later than 10 days after opening of tenders.
,
.
,
PATASKALA,
water
Ohio—BOND SALE
DETAILS—The $12,000 3M%
plant bonds sold to the Pataskala Banking Co.—V. 148, p. 2310—
a price of 100.10 and mature $800 on Sept. lfrom 1940 to 1954 incl.
brought
VINTON COUNTY (P. O. McArthur),* Ohio—BOND SALE—The
$11,000 poor relief bonds offered May 27—V. 148, p. 3270—were awarded
Paine, Webber & Co. of Cleveland, as 1 ]4&, at par plus $1.70 premium,
equal to 100.015, a basis of about 1.245%.
Dated March 1, 1939, and due
March 1 as follows: $1,000, 1940; $3,000 in 1941 and 1942 and $4,000 in
to
1943.
WILLIAMS COUNTY (P. O. Williston), N. Dak.—CERTIFICATE
OFFERING—It is reported that bids will be received until 2 p. m. oh June 9,
not be sold
-
Par
21.70
36.00
1%
Paine, Webber & Co.
.
NORTH
1 Y\ %
Coshocton National Bank
'■
$21.85
63.00
42.00
K%
1%
1%
—
Ryan, Sutherland & Co
Commercial National Bank
BancOhio Securities Co
reported that the following issues of notes were sold recently:
These certificates will
A certified check for not less than 2% of the
about June 30, 1941.
Other bids:
Bidder—
Int. Rate
-
BancOhio Securities Co
Katz & O'Brien
Fox, Einhorn & Co., Inc.:
Ryen, Sutherland & Co.
Pohl & Co., Inc.,_____
Saunders, Stiver & Co.
.
Premium
^%
\XA%
Par
$30.00
1^%
1 M%
1^%
1 % %
26.10
14.50
11.00
'59.75
1
:
l___
.
WADSWORTH, Ohio—BONDS SOLD—City Auditor Wade M. Hart
$30,880 bonds as follows: $25,000 swimming pool 3s to
city surplus funds, and $5,880 special assessment street. improvement
fF
reports the sale of
OHIO
bonds to the
MUNICIPALS
MITCHELL, HERRICK & CO.
700 CUYAHOGA BUILDING,
CANTON
AKRON
CINCINNATI
CLEVELAND
COLUMBUS
Sinking Fund Trustees.
WAUSEON, Ohio—BONDS SOLD—An issue of $18,300 3^% special
assessment street improvement bonds has been sold.
Dated May 1, 1939.
Due Nov. 1 as follows: $1,000, 1940; $1,300, 1941, and $2,000 from 1942
to 1949, incl.
Principal and interest (M-N) payable at the Peoples State
Bank of Wauseon.
-
'
SPRINGFIELD
R. J. EDWARDS, Inc.
OHIO
ALLIANCE
Ohio—BONDS
PUBLICLY
OFFERED—Charles
Himsck & Co., Inc., of Cincinnati, are making public offering of
Municipal Bonds Since 1892
A.
$16,677.56
3%% street improvement bonds. Dated June 1, 1939. One bond for
f£77.56, others $1,000 each. Due Oct. 1 as follows: $2,677.56 in 1940;
Oklahoma City,
$3,000 in 1941 and 1942 and $4,000 in 1943 and 1944. Principal and interest
CA-O) payable at the City Treasurer's office.
Bonds are payable from
AT&T Ok Cy
direct ad valorem taxes levied against all the city's taxable property within
limits imposed by law, and from special assessments heretofore levied on
certain property abutting the streets improved.
Legality to be approved
Ohio—BOND OFFERING
DETAILS—The
$12,000 not to
exceed 6% interest fire dept. Lmpt. bonds being offered for sale on June 3—
V. 148, p. 3108—will mature $1,000 on March 1 and Sept. 1 from 1940
to 1945 incl.
CLEVELAND, Ohio—BOND OFFERING—G. A. Gesell, Director of
Finance, will receive sealed bids until noon on June 19 for the purchase of
i
Long Distance 787
OKLAHOMA
by Peck, Shaffer, Williams & Gorman of Cincinnati.
BEREA,
Oklahoma
19
ALLEN SCHOOL DISTRICT (P. O. Allen),
It is reported that $15,255 funding bonds were
dethils
being available.
•
Okla.—BONDSSOLD—
sold recently, no further
•
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
(P. O. Delhi), Okla.—-BOND SALE—The $8,500 building bonds
on May 20—V. 148, p. 3108—were purchased by the County
Treasurer, as 2s, at par, according to report.
Due from 1942 to 1949 incl.
BECKHAM
NO.
1
offered for sale
Volume
Financial
148
OKLAHOMA
Chronicle
(P. O. Choc-
COUNTY SCHOOL DISTRICT NO. 35
PUERTO
1), Okla.—BOND OFFERING—Sealed bids will be re¬
on June 5, by C. O. Wolfe, District Clerk, at the
Spencer State Bank in Spencer, for the purchase of $5,900 school bonds.
Due as follows:
$500 in 1942 to 1952, and $400 in 1953.
The bonds will
be sold to the highest bidder bidding the lowest rate of interest the bonds
shall bear and agreeing to pay par and accrued interest for the bonds. The
bonds are issued in accordance with Article 5, Chapter 32, of the Oklahoma
Session Laws of 1935.
Enclose a certified check for 2 % of the amount of bid.
taw, Route No.
ceived until 2 p.
m.
ann.
Co.
Sullivan-Brooks
PLAN
1,
follows: $5,000 in 1940 to 1942, $6,000 in 1943 to 1946, $7,000 in 1947
$8,000 in 1951 and 1952, $9,000 in 1953 to 1955, $10,000 in 1956
1957, $11,000 in 1958 and 1959, $12,000 in 1960 to 1962, $13,000 in
1963 and 1964, $14,000 in 1965, $15,000 in 1966 and 1967, and $16,000 in
1968 and 1969.
Prin. and int. payable in lawful money at the office of the
Treasurer of the United States, Washington, D. C., or at the office of the
Treasurer of Puerto Rico, San Juan.
Associated with the above firm in the purchase were: C. W. McNear &
Co., of Chicago: Kennedy, Spence & Co., of Boston; A. S. Huyck & Co., of
Chicago, and Seasongood & Mayer, of Cincinnati.
Kan.,
and
as
and
CAROLINA,
State of—CHAIN STORE TAX PROPOSAL
DEFEATED—The House, by a voice vote, killed a proposal to tax chain
stores on a sliding scale of $10 to $450 per unit.
Representative E. J. Craig of Aiken, leading the opposition to the bill,
said "chain, stores bring money into South Carolina and we're not working
in the best interests of the State if we oppose them."
the Small-
of Tulsa, Okla., have been appointed to contact holders of
bonds and to obtain their consent to a refunding plan.
It is proposed to
Milburn
refund
Co.
the
entire
DUPREE
interest.
INDEPENDENT
from 5 to 20 years..
WILSON, Okla.—HEARING SCHEDULED ON DEBT COMPOSITION
■,
30 years.
DISTRICT
ville,
LEXINGTON,
LINN COUNTY SCHOOL DISTRICT NO. 58 (P. O. Cascadia),
the $16,000 school bonds sold on May 13 to Tripp &
Portland---V. 148, p. 3109—were awarded as 2s.
Due from
to 1950.
V.
'
1957," and $11,000 in 1958 and 1959.
The bonds are optional in
order on any interest payment date at par and accrued
a premium of 5% if redeemed on or before June 1, 1942, 4%
if redeemed thereafter and on or before June 1, 1945, 3% if redeemed
thereafter and on or before June 1, 1948, 2% if redeemed thereafter and
on or before June
1, 1951, 1% if redeemed thereafter and on or before
June 1, 1955, and ^ of 1% if redeemed thereafter.
Bidders are requested
to name a rate or rates of interest in multiples of % of 1 %.
Not more than
two rates shall be specified and there shall be no more than one rate for
any maturity.
The bonds will be awarded to the responsible bidder whose
bid results in the lowest interest cost to the town.
No bid will be accepted
for less than par and accrued interest .
The bonds are issued for the purpose
of the acquisition of an electric system for the town and for repairing, extend¬
ing and improveing such system, and are payable solely from the revenues
to be derived from the operation of the system after the prior payment from
such revenues of the reasonably neceesary cost of operating, maintaining
and repairing the system.
The approving opinion of Chapman & Cutler
of Chicago, will be furnished.
The purchase price of the bonds is to be
paid simultaneously, with the transfer of the properties of the Tennessee
Electric Power Co. for the purchase of which the bonds are being auth¬
orized, delivery to be made in New York City on the day fixed for the
closing of such transaction.
"■ f
•
until 8 p. m. on June 12, by Ruth Rulifson, District Clerk, for the purchase
of an $18,000 issue of building bonds.
Interest rate is not to exceed 4%,
payable J-D.
Denom. $1,000.
Dated June 1, 1939.
Due $2,000 from
1940 tp 1948, incl.
Principal and intreest payable at the County
June 1,
Treasurer's office, or at the fiscal agency of the State in New York City.
The bonds will be sold to the highest bidder for not less than par value and
The cost of furnishing the bond forms
complete for signatures, and of proper interest coupons, is to be paid by,
purchaser.
Each bidder shall submit with or include in his bid a state¬
ment of the total net interest cost to the district under his bid.
Bids must
accrued interest to date of delivery.
the
.
ONEIDA, Tenn .—BONDS TO BE EXCHANGED—It is stated by E. H.
Williams, City Recorder, that $70,000 funding bonds will be exchanged with
the holders of the original bonds at a lower rate of interest.
qualification as to approval of validity
certified check for $1,000, payable to the district.
be unconditional except as to the
PENNSYLVANIA
TENNESSEE* (State of)—BOND OFFERING—It is reported by Gov.
Funding Board will receive sealed bids until
a. m. on June 15, for the purchase of the following coupon or registered
bonds, aggregating $1,433,000:
'
' ^
$350,000 armory bonds.
Interest rate is not to exceed 3J^%, payable
Prentice Cooper that the Sate
(P. O. Pittsburgh), Pa.—BONDS PUB¬
Stuart & Co., Inc., New York, made public
offering on May 31 of $965,000 234% various purposes county bonds at'
prices to yield from 1.70 to 1.90%, according to maturity.
Due serially
on Feb. 1 from 1950 to I960 incl.
Legal investment, in bankers' opinion,
for savings banks and trust funds in States of New York and Pennsylvania.
Legal opinion of Bfirgwin, Scully & Churchill of Pittsburgh.
COUNTY
11
LICLY OFFERED—Halsey,
,
J-D.
ELL WOOD CITY SCHOOL
B. Hancher, Secretary of Board of
,
after which date all interest shall cease.
JENKINS
TOWNSHIP
SCHOOL
J.
OFFERING—Anthony
DISTRICT (P. O. Pittston), Pa.
District Secretary, will
$45,000
Zajkowski,
receive sealed bids until 7.30 p. m. on June 16 for the purchase of
4% coupon operating revenue bonds.
Dated May 22, 1939.
Denom.
$500.
Due $4,500 on May 22 from 1940 to 1949 incl.
Interest M-N.
PENNSYLVANIA
ET
tax
(State of)—NOTE SALE—The $100,000,000 134%
anticipation
notes
offered June
1—V.
148,
p.
3109—were
awarded to C. F. Childs & Co., Inc., New York, bidding alone, at a nrice of
102.0934, a basis of about 0.45%.
Dated June 1, 1939 and payable May 31,
1941.
Re-offered at a price of 10234. to yield about 0.437%.
Bankers
reported the sale of three-fourths of the issue at the close of business on the
day of the award.
Two other bids were submitted for the loan.
A syndi¬
cate headed by Halsey, Stuart & Co., Inc., and including, among others,
Lehman Bros.; Ladenburg, Thalmann & Co.; Blair & Co., Inc.; Stone &
Webster & Blodget, Inc., bid a price of 102.0015, while the third offer of
101.8575 was entered on behalf of a syndicate which included Kidder,
Peabody & Co., Mellon Securities Corp.; Smith, Barney & Co.; Salomon
Bros; & Hutzler and Blyth & Co., Inc.
SUMMIT
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Erie),
Pa.—
BOND SALE DETAILS—The $26,000 3% coupon school bonds awarded to
Burr & Co. of Philadelphia—V. 148, p. 619—were sold at a price of 101.789,
a
basis of about 2.81%.
UPPER
DARBY
TOWNSHIP
(P.
O.
Upper
Township
Sinking
Fund
incinerator, fire apparatus and sanitary sewer
were
May
Darby),
Pa.—BONDS
Commission purchased $125,000
bonds at a price of par.
They
approved by the Pennsylvania Department of Internal Affairs on
SOLD—The
8.
Due
on
June 1,1955.
n,,~
,
'
^
,
1,083,000 consolidated bonds.
Interest rate is not to exceed 5%, payable
J-D,
Due on Dec. 1, 1950.
Dated June 1,1939.
Denom. $] ,000. Bidders are requested to stipulate
the rate or rates of interest in multiples of % of 1 %.
Different rates of
interest may be stipulated for such issues but the same rate of interest must
be stipulated for ail bonds of the same issue.
Bidders may bid for both
issues or for one issue and may condition their bid upon the award to them
of all or no par of the bonds bid for.
Prin. and interest payable at the fiscal
agency of the State in New York City or at the State Treasurer's office.
The bonds are direct general obligations of the State for the payment of
which the full faith and credit of the State are pledged, and as additional
security therefor, there is also pledged the annual net revenues of all toll
bridges now operated by the State or any State agency, the first $307,500
of the annual receipts of any tobacco tax heretofore or hereafter levied until
and including the fiscal year 1946-47, the annual proceeds of a tax of 5c.
per gallon upon gasoline, the annual proceeds of all fees for inspection of
volatile substances provided for by Section 6821 of the Code Tennessee,
one-half of the annual proceeds of motor vehicle registration fees now or
hereafter required to be paid to the State and the entire annua) proceeds
of franchise taxes imposed by the Franchise Tax Law, being Chapter 100,
Public Acts, 1937, and all of said bonds are entitled to the benefit of the
proceeds of the foregoing taxes, fees and revenues and to share therein with
any other pbligations of the State that might be entitled to share therein as
provided by Chapter 165, Public Acts of Tennessee, 1937.
The bonds will
be awarded to the bidder offering to take them at the lowest rate of interest
at a price not less than par and accrued interest to date of delivery, unless a
bid for both issues is received which will result in a lower interest cost to the
State over the life of all bonds of both issues than any combination of bids
for separate issues, in which event such bid will be accepted and no bid at
less than par will be accepted.
As between bidders naming the same rate
of interest the amount of premium bid will determine the award.
The
,
,
2 p. m.
Pa .—BOND CALL—City Clerk J. Claire Manson an¬
nounces that pursuant to an ordinance duly adopted by the City Council,
successor to the Borough of Jeannette, bonds Nos. 12 to 115, both incl., in
$1,000 denoms., of an issue of the borough of Dec. 1, 1935, and maturing
Dec. 1, 1940 to 1960 have been caded for redemption on July 1, 1939 and
holders thereof are notified and required to present them to the City Treas¬
urer, or at the option of the holder, to any bank or trust company in the
Borough of Manhattan, N. Y. City, for payment on said date, after which
date all interest on the bonds shall cease.
Mr. Manson also announces that pursuant to an ordinance duly adopted
bonds Nos. 31 to 100, both incl., in $500 denoms., of an issue of the Borough
of Jeannette, of April 1, 1935, maturing April 1, 1940 to 1945, have been
called for redemption on July 1, 1939 and holders thereof are notified and
required to present them to the City Treasurer for payment on said date,
series A bonds.
$1,000.
Dated
1955 to
COUNTY SCHOOL DISTRICT NO. 88 (P. O. Salem),
Ore.—BOND OFFERING—It is stated that sealed bids will be received
JEANNETTE,
OFFERING— Sealed bids will be rer.
Town Recorder, for the
interest and
Ore.
DISTRICT, Pa.—BOND OFFERING— G.
Directors, will receive sealed bids until
(EST) on June 3 for the purchase of $40,000 2, 234, 234. 224 or 3%
coupon or registered refunding bonds of 1939." Dated July 1, 1939.
Denom.
$1,000.
Due $5,000 on July 1 from 1942 to 1949 incl.
Bidder to name a
single rate of interest, payable J-J. A certified check for $200, payable to
order of the District Treasurer, is required.
"
'
Tenn.—BOND
10 a. m. on June 8, by W. L. Brown,
inverse numberical
MARION
ALLEGHENY
31
Co. of Nash¬
premium of $275, equal to 100.23, a basis of about
June 1, 1939.
Due on June 1 as follows:
$6,000 in 1943 and 1943, $7,000
in 1944 to 1948, $8,000 in 1949 to 1951, $9,000 in 1952 to 1954, $10,000 in
McCleary of
May 1, 1941
,
a
purchase of an issue of $150,000, electric system revenue,
Interest rate is not to exceed 4%, payable J-D.
Denom.
*—BOND SALE DETAILS—We are now informed by the District Clerk
a
23is, paying
ceived until
$16,000 issue of school bonds.
Interest rate is not to exceed 4%, payable
J-J. Denom. $1,000. Dated July 1, 1939. Due on July 1 as follows: $4,000
in 1943, and $3,000 in 1944 to 1947 incl.
Prin. and int. payable at the
office of the County Treasurer.
Legal approval to be furnished by Teal,
Winfree, McCulloch, Shuler & Kelley of Portland.
A certified check for
5% of the par value of the bonds must accompany the bid.
Enclose
as
2.22%:
$100,000 school bonds.
Due $5,000 from April 1, 1940 to 1959, incl.
16,000 rights-of-way bonds.
Due $4,000 from April 1, 1940 to 1943, incl.
by Bessie Gittings, District Clerk, that
she will receive sealed bids until*3 p. m. on June 5, for the purchase of a
that
Pulaski), Tenn.—BOND SALE—'The follow
ing issues of coupon bonds, aggregating $116,000, offered for sale on May
Ore.—
(P. O. Prineville)
V
—V. 148, P. 3109—were awarded to the Nashville Securities
OFFERING—It is stated
by attorneys.
;
GILES COUNTY (P. O.
OREGON
COUNTY SCHOOL
CROOK
series
(P.
TENNESSEE
being given to the creditors of the city that a
petition has been filed in the United States District Court under the terms
of the Federal Municipal Bankruptcy Act, setting out a plan of composition
as agreed upon between the city and the creditors' committee.
A hearing
on tne petition will be held on Aug. 15 at 10 a. m.r to determine whether
or not the plan is fair, equitable and to the best interests of the creditors of
Wilson.
Creditors are required to file their sworn proofs of claims, giving
the details of their holdings, with the clerk of the Court on or before July 15
at 10 a. m.
■
~
^
—BOND
DISTRICT
DYERSBURG, Tenn.—BOND OFFERING—It is reported that sealed
bids will be received until June 7, by Mayor L. D. Hammer, for the pur¬
chase of an issue of $159,000 4% semi-annual high school bonds.
Due in
PLAN—Public notice is
BOND
SCHOOL
Dak.—BONDS NOT SOLD—The $15,000
*
.
,
,
O. JDupree),
issue of not to exceed 5%
semiannual building bonds offered on May 18—V. 148, p. 2945—-was not
sold as no bids were received, according to the District Clerk.
Due in
S.
WELEETKA, Okla.—BONDS EXCHANGED—It is stated by the City
Clerk that about $175,300 refunding bonds authorized by the Board of
Trustees in February,, are being exchanged with the holders of the original
bonds'.
DAKOTA
SOUTH
bonded indebtedness under the optional refunding law
1939 Legisliture as Senate Bill No. 100.
The plan calls
for the issuance of 20-year optional refunding bonds which will be issued in
exchange, par for par, with holders of presently outstanding bonds and
passed by the
matured
CAROLINA
SOUTH
SOUTH
BOND¬
TO
OFFERED
of Wichita,
public improvement, Series of 1938 bonds, and is reoffering
to 1950,
_
Okla .—REF UNDING
coupon
these bonds for public subscription at prices to yield from 1.50% to 3.60%,
according to maturity.
Denom. $1,000.
Dated July 1, 1938.
Due July
"
,
SALPULPA,
HOLDERS—'The
RICO
PONCE, Puerto Rico—BONDS OFFERED FOR INVESTMENT—A
syndicate headed by A. O. Allyn & Co. of Chicago has purchased from the
Banco Popular de Puerto Rico, of San Juan, a block of $290,000 4% semi-
OKLAHOMA, State of—DEFICIT TO BE FINANCED BY BONDS—A
special dispatch from Oklahoma City to the "Wall Street Journal" of May 29
reported as follows:
Administration of Gov. Leon C. Philips is now concentrating on efforts
to hold the general revenue deficit to $10,000,000, amount named in legis¬
lative authorization for long-term refinancing issue.
Appropriations to
June 30 total $30,682,000 and collections to May 1 are reported at $27,139,000, a difference of $3,543,000.
May collections are estimated at $1,200,000, and amount will be further reduced by savings of $400,000 on
appropriations to State Tax Commission and $320,000 appropriated to
Oklahoma City Fair Association.
Tax Commission, by early settlement of
June collections, will have opportunity to further reduce the deficit. Other
savings proposed by the State include $450,000 direct relief and $100,000
common school fund appropriations.
Legislature at its recent session gave Governor Philips extraordinary
authority to reduce appropriations when required to avoid incurring of
deficits.
3417
approving opinion of
furnished.
to the State
Thomson, Wood & Hoffman of New York, will be
the bonds bid for, payable
Enclose a certified check for 2% of
Treasurer.
TEXAS
ANAHUAC INDEPENDENT SCHOOL DISTRICT (P. O. Anahuac),
Texas—BOND SALE DETAILS—It is stated by the Secretary of the Board
of Education that the $60,000 building bonds sold to Aves & Wymer of
Houston, as noted here—V. 148, p. 3110—were purchased at an interest
rate of 1 Y%%, paying a price of 100.001, a basis of about 1.499%.
Due
$20,000 in. 1943 to 1945 incl.
SOLD
Judge that $82,401.85 4% semi-annual refund¬
CARSON COUNTY (P. O. Panhandle), Texan—BONDS TO BE
—It is stated by the County
ing road and bridge bonds approved by the Commissioners' Court on May 18
will be sold to local banks.
Dated May 15, 1939.
Due on Oct. 15 as
follows: $8,000 in 1939 to 1947, and $10,401.85 in 1948.
DALLAS, Texas—BONDS SOLD—Two issues of coupon
bonds aggre¬
gating $300,000, were offered for sale on May 31 and were awarded jointly
to the Small, Milburn Co. of Wichita, and the City National Bank & Trust
Co. of Kansas City, as 1.658, paying a price of 99.346, giving a basis of
about 1.72%,
The bonds are described as follows:
3418
Financial
Chronicle
1939
3.
June
$110,000 street opening and widening, Series No. 154 bonds.
Due July 1,
as follows:
$5,000 in 1940; $6,000 in 1941; $5,000 in 1942: $6,000
in 1943; $5,000 in 1944; $6,000 in 1945; $5,000 in 1946; $6,000 in
that property within the cities of Blaine and Sumas cannot be taxed by the
county public utility district for the purpose of establishing, acquiring or
1947; $5,000 in 1948; $6,000 in 1949; $5,000 in 1950; $6,000 in
1951; $5,000 in 1952; $6,000 in 1953; $5,000 in 1954; $6,000 in
1955; $5,000 in 1956; $6,000 in 1957; $5,000 in 1958. and $6,000
The Public Utility District proposed to levy a two mill tax upon all
property within the county to be used in the acquisition of utility properties.
The Court held that the Public Utility District could levy taxes upon the
operating electrical distributions systems.
in 1959.
cities fprother purposes set'forth in
190,000 street piving, Series No. 155 bonds.
Due July 1, as follows:
$10,000 in 1940; $9,000 in 1941; $10,000 in 1942; $9,000 in 1943;
$10,000 in 1944; $9,000 in 1945; $10,000 in 1946; $9,000 in 1947;
$10,000 in 1948; $9,000 in 1949; $10,000 in 1950; $9,000 in 1951;
Dated July 1, 1939.
In effect, the Court has ruled that municipalities operating utility systems
are exempt from taxes levied to
pay for establishment of a similar utility
by another municipal body.
WEST
The entire issue matures $15,000
Denom. $1,000.
July 1, 1940 to 1959.
GRAND
Texas—BONDS SOLD—It is stated by the City
Treasurer that $10,100 sewer system extension and improvement bonds
approved by the voters on Nov. 18, have been sold to the State National
Bank of Grand Saline.
Due $1,000 from Feb. 1, 1940 to 1949, incl.
State Treasurer's office, or at the National
July 1,1930.
ASHLAND
O. Gilmer),
by the County Superintendent of
Schools, that $13,000 4% semi-ann. building bonds approved by the voters
in December, have been purchased at par by the First National Bank of
Gilmer.
Due in 1969; callable after three years.
is
stated
JACKSON COUNTY ROAD DISTRICT NO. 10 (P. O.
Edna), Texas
—BONDS SOLD—It is reported by the County Judge that $35,000 4 4%
semi-annual
road
improvement bonds have been purchased by Gregory,
Eddleman & Abercrombie of Houston, for a premium of $1,805, equal to
105.14.
Due from 1940 to 1959.
MARLIN, Texas—BOND OFFERING—It is stated by Mayor J. M.
Kennedy that he is offering for sale an issue of $42,500 3% semi annual im¬
Denom. $1,000.
Due in 40 years; optional in 10 years.
provement bonds.
MOTLEY
COUNTY
(P.
Matador),
O.
Texas—CONDITIONAL
BOND SALE—It is stated by the County Judge that $80,000 court house
bonds approved by the voters last October, have been sold to Crummer &
Co., of Dallas, pending
a
WISCONSIN
as 3s at par.
HARMONY CONSOLIDATED SCHOOL DISTRICT (P.
Public Works Administration grant.
ROBSTOWN, Texas—BOND SALE—The $75,000 issue of
coupon
gas
Rauscher, Pierce & Co. of Dallas, according to the City Secretary.
SEAGRAVES,
Due
100.5168,
PURCHASED BY PUBLIC WORKS
ADMINISTRATION—It is stated by the City Secretary that $49,000 4%
paving bonds approved by the voters last September, have been taken up
at par by the PWA.
MAPLE
■
(P. O. Somerville), Texas—
BONDS SOLD—It is stated by the District Secretary that $12,000 gym¬
nasium and football field bonds approved
by the voters in April have been
sold
locally.
"
basis of about 2.08%.
STAUNTON, Va .—BOND OFFERING DETAILS—In
connection
with
the offering scheduled for June 8, at 7:30
p. m., of the $160,000 2 y2% semi¬
annual coupon sewer bonds, noted in our issue of
May 27—-V. 148, p. 3272
now informed by H. E.
Baylor, City Treasurer, that the bonds
fully described as follows:
Dated June 1, 1939.
Denom. $1,000.
1940 to 1959.
The bonds will be registerable as to
principal only.
Prin. and int. payable in lawful money at the City Trea¬
surer's office,
Enclose a certified check for 2% of the par value of the bonds,
payable to the city.
are
Due $8,000 June 1,
of April 1,1939
$16,000,000
7,132,643
1,002,255
tangible personal property
Total assessed value taxable
property
Value of municipally owned property:
$8,134,898
Water works
Other municipally owned
property..
Total bonded debt (serial bonds)
Proposed
t
Less:
v.
Water
1,226,000
942,300
$1,081,000
160,000
.....
issue.
new
w*
•*
.,
bonds
•.
•
•
•
,
The following is an official list of the bids received:
Bidder—
'
.
Milwaukee Co._
—
Central Republic Co
The Marshall Co
\A%
_T
—
1M%
1M%:'
V1H%
1A%
-
-
-
T. E. Joiner Co-
080.00
767.70
—
165.00
1M%
1A%
,
Paine, Webber & Co
*
81.00
375.00.
-
1A %
Barley, Haydon & Co., Inc—
*
$230.00
,
1 4-10%
—
.
Premium
Int. Rate
.
:
...
Halsey, Stuart & Co., Inc
Mississippi Valley Trust Co___
427.00
31.00
Successful bid.
CANADA
expected to default on $750,000 5M% bonds which mature on June
1, 1939, according to the "Financial Post" of Toronto.
Defaults amounting
about
to
$11,OOQ.OOO have occurred since the Social Credit Government
took office in August,
1935, it
was
said,
BEAUPRE, Que.—BOND SALE— The $33,800 4% school bonds offered
May 27—V. 148, p. 3272—were awarded to Banque Canadienne Nationals
and Bruno Jeannotte, Ltd., both of Montreal, jointly, at a price of 98.12.
Dated July 1, 1939 and due on July 1 from 1940 to 1949, Incl.
4 bid of
97.26 was made by LaCorporation de Prets of Quebec.
CANADA
(Dominion of)—NEW GOLD CLAUSE ACT SLATED FOR
ENACTMENT—The House of Commons on May 30 gave second reading to
a new Gold Clause Act, replacing the Act of 1937, some features of which
had been questioned in the courts, according to a Canadian Press dispatch
of the same day.
The purpose of the new Act is to make payments in legal»
tender currency a
Estimated true value of real property
Assessed value of real property, 1938
Assessed value
"
(P. O. Wisconsin Rapids), Wis.—BOND SALE—
The $100,000 issue of highway improvement bonds offered for sale on
May 31—V. 148, p. 3110—was awarded to T. E. Joiner & Co. of Chicago,
as 1
paying a price of 100.427, a basis of about 1.15%.
Dated June 1,
1939.
Due from Dec. 1, 1940 to 1946 inclusive.
..
are more
as
Due from June 1, 1940 to
WOOD COUNTY
vince is
,
Statement^
Dated June 1, 1939.
1959, incl.
ALBERTA (Province of)—FURTHER DEFAULT LIKELY—The pro¬
VIRGINIA
Financial
(P. O. Madison), Wis.—BOND SALE— The $60,000
>
SPRINGFIELD SCHOOL DISTRICT (P. O. Luray), Va.—BOND
OFFERING—It is reported that sealed bids will be received until June 7,
by the Superintendent of Schools, for the purchase of a $45,000 issue of
building1 bonds.
—we
BLUFF
issue of park acquisition and improvement bonds offered for sale at public
auction on May 29—V. 148, p. 3272—was awarded to Kidder, Peabody &
Co. of Chicago, as 2Ms, paying a premium of $1,115, equal to 101.858, a
,
DISTRICT
SCHOOL
Wis.—BOND OFFERING—
(P. O. Ashland),
Channer Securities Co
Texas—BONDS
SOMERVILLE
COUNTY
Healed bids will be received until lO a. m. on June 15, by Edwin H. Quistorff,
County Clerk,-for the purchase of an issue of $150,000 3% coupon highway
improvement, series C non-taxable bonds.
Denom. $1,000.
Due on
May J as follows: $20,000 in 1943; $50,000, 1944 and 1945, and $30,000
in 1946.
Principal and interest (M-N) payable at the office of the County
Treasurer,
The county will pay for the printing of the bonds, and the
legal opinion of Chapman & Cutler of Chicago.
A certified check for
$3,000 must accompany the bid.
system revenue, series 1929 bonds offered for sale on May 26—V. 148, p.
3271—was awarded jointly to Milton K. Underwood & Co. of Houston, and
from June 1, 1942 to 1954; callable on and after June 1, 1949.
The bonds were aols as 3 Ms, for a premium of $387.60, equal to
a basis of about
3.68%.
,
Dated
City Bank, N. Y. City.
Due July 1, 1951.
GUADALUPE COUNTY (P. O. Sequin), Texas—BONDS SOLD—It
is stated by the County Judge that $30,000 road and bridge funding bonds
approved by the Commissioners' Court last January, were purchased by
Texas—BONDS SOLD—It
VIRGINIA
WEST VIRGINIA, (State of)—BRIDGE BOND CALL—Burr H.Simpson,
State Road Commissioner, is calling for payment on July 1 at
a 3%
premium with accrued interest, bridge revenue bonds, project No. 1, at the
SALINE,
Mahan, Dittmar & Co. of San Antonio,
budget, but not for the primary
purposlFGPacquisition.
f10,000 in 1956; $9,000 inin 1953; $10,000 1958, and$9,000 in 1959.
10,000 in 1952; $9,000 1957; $10,000 in in 1954;
$9,000 in 1955;
on
its
,,
satisfactory discharge of any obligation which calls for
payment in gold.
Passage of the original Act followed the departure of
Great Britain and the United States from the gold standard.
Justice
Minister LaPointe said
no
change was made in the-principle of the Act. but
that the changes would remedy certain objections raised by the, House of
Lords in a case involving bonds of the New Brunswick Railway Co.
The
revisions would make the Act more capable of resisting any lawsuit which
might be brought against it, he declared.
(
EDMUNDSTON, N. B.—BOND SALE—The Eastern Securities Co. of
purchased an issue of $100,000 4A% school bonds at a price.of
101, a basis of about 4.38%.
Due from 1940 to 1959, incp
'St. John
"
1,241,000
565,000
HAMILTON, Ont.—BOND sALE—A group composed of the Bank
McLeod, Young, Weir & Co.; Bell, Gouinlock & Co., and
Mills, Spence & Co., all of Toronto, was awarded on May 29 a total of
$708,736 2% bonds at a price of 100.05, a basis of about 1.98%.
Of the,
proceeds, $57,000 will be used for hospital improvements, $55,500 for
school addition construction, and $596,236 for direct relief purposes.
The
...
Net bonded debt.
'Bonds and Interest
,
-
-
..
Paya^lTcurrmi
-
$676,000
-
FiscalYear
{Fiscal'Year
Jan TTloJa n. 1)
| Principal
.
„
Total
payable
Already paid.u
$41,000.00
13,000.00
Interest
$49,396.25
20,374.37
of Montreal;
bonds
are
dated July 2,
Other
1939, and mature from 1940 to 1944 incl.
bids:
..1.
Balance to pay..
.^$28.000.00_$29,021.88
Principal maturities for the next three years: 1940, $50,000;
1941, $51,000^
1942, $51,000.
►
The City of Staunton has never defaulted nor
contested the payment of
its obligations, either
principal or interest.
and
Bidder—
'
.
*
•
Securities Corp.; Cochran, Murray & Co.;
&
WASHINGTON
until
10:30
bids will be received
Co., and Harrison & Co
-
J. L. Graham & Co
m.
lowest rate of interest at which
The bonds
are
the bidder will purchase the bonds at
par.
issued in accordance with Chapter 81, Laws of
1935, of the
State for the purpose
of taking up, canceling, funding and refunding out¬
standing special fund utility warrants issued by the city in the amount of
$80,000, payable solely from the revenues of the municipal light and
power
system of the city, and for the purpose of taking up, canceling,
retiring and
refunding special fund utility bonds in the amount of $440,000 issued
by
the city on Dec. 1, 1929.
The bonds are payable, both
principal and
interest, out of the gross revenues of the Centralia Light & Power System
prior and superior to all other charges whatsoever, excepting charges for
maintenance and operation.
The purchaser will be required to pay and
discharge the cost of printing or engraving the issue of bonds and coupons,
together with the cost of legal opinions it may obtain as to the
validity of
the issue of bonds.
The bonds
shall be sold to the bidder
making the be6t
bid, subject to the right of the city to reject any and all
bids, and subject
provisions of Ordinance No. 756 of the city of which
to each and all of the
the
bidder is required to take notice.
Enclose
a
certified check for
payable to the City Treasurer.
5%,
KITTITAS COUNTY UNION HIGH SCHOOL DISTRICT NO.
200
(P. O. Ellensburg), Wash.—BOND OFFERING—-It is stated by Ernest
O. Zeeger, School Principal, that he will receive sealed bids until June
14,
for the purchase of a $45,000 issue of not to exceed
bonds.,,
6% semi-annual school
•
WASHINGTON, State of—SUPREME
Hannaford, Birks & Gordon—
>
99.08
98.52
IBERVILLE, Oue —BOND OFFERING—Sealed bids will be received
by the Secretary-Treasurer until 4_p. m. on June 15 for the purchase of
$35,000 4% improvement bonds.
Dated July 1, 1939, and due on July 1
from 1940 to 1954, inclusive.
MONCTON,
N.
B —BOND' SALE—Wood,
purchased
a
an issue of $200,000 4% improvement
basis of about 3.94%.
Due in 1959.
Gundy & Co. of Toronto
bonds at a price of 100.779,
POINTE CLAIRE, Que.—BOND SALE—The $14,300 4
^improvement
bonds offered May 29—V. 148, p. 3272—were awarded to Banque Cana¬
dienne Nationale of Montreal at a price of 98.69, a basis of about 4.14%,
Due on March 1 from 1940 to 1963 inclusive.
RIVIERE DU LOOP,
Que.—BOND FINANCING DETAILS—Accord¬
$475,000 4% series A bonds men¬
Lucien Cote, Inc. of Quebec, at a
price of 98.
Dated May 1, 1939 and due serially in 14 years.
Interest M-N
Series B 4% bonds in amount of $859,200 were exchanged for outstanding
ing
to the City Secretary-Treasurer, the
tioned in
V. 148, p. 3272, were sold to
obligations in
a
debt conversion
at par on
May 1
or
These latter securities bear
and are callable in whole or in part
operation.
date of May 1, 1939, mature in 14 years
Nov. 1 of each year.
ST. JOHN (City and County), N. B.—BOND SALE—A group com¬
posed of A. E. Ames & Co., of Toronto, Royal Bank of Canada, of Mon¬
treal, and T. M. Bell & Co., of St. John, purchased $103,500 3% and 3 A%
improvement bonds at a price of 100.08.
Due from 1940 to 1949 incl.
SHAWINIGAN FALLS, Que.—BOND OFFERING—J. O. Brunet,
Secretary-Treasurer, will receive sealed bids until 5 p. m. on June 13 for
4% school bond?.
Dated May 1, 1939, and due
on May 1 from 1940 to 1969, inclusive.
the purchase of $165,000
TIMMINS, Ont—BOND SALE—An issue of $19,800 4% improvemen
was sold to Harris, MacKeen, Goss & Co. of Toronto.
bpnds
COURT
UPHOLDS RULING
ON LOCAL PROPERTY TAXATION—The
Washington State Supreme
Court has upheld a ruling by Whatcom County Superior Court which held
& Co., and McTaggart,
100 02
99.6/8
:—99.175
Bank of Nova Scotia; Royal Bank of Canada; A. E. Ames & Co.;
Dominion Securities Corp., and Wood, Gundy & Co_^^
R. A. Daly & Co.; Fry & Co.; Gairdner & Co.; Griffis, Norsworthy
on June
13, by B. H. Johnson, City Treasurer, for the
purchase of a $520,000 issue of not to exceed 6% semi-annual
coupon
special fund bonds.
Dated July 1, 1939.
Denom. $1,000.
Due July 1. as,
follows:
$30,000 in 1940, and $35,000 in 1941 to 1954.
The city may,
upon the expiration pf five years from and after the date of the
bonds, at
any interest bearing date, pay any or all of the bonds then
remaining out¬
standing.
Prin. and int. payable at the City Treasurer's office.
The bidder
for the bonds shall specify the maximum rate of interest
the bonds shall bear
and shall set forth in his or its bid
(a) the lowest rate of interest and premium,
if any, above par at which such bidder will
pin-chase the bonds; or (b) the
a.
Rate Bid
Dyment, Anderson
Burns Bros. & Denton
CENTRALIA, Wash.— BOND OFFERING— Sealed
,
Imperial Bank of Canada; Dominion Bank of Toronto; Royal
.
TISDALE
TOWNSHIP
(P.
O.
Tisdale),
Ont .—BOND SALE—An
1940 to 1949, incl.
issue of $55,000 4M% improvement bonds, due from
was sold to Harris, MacKeen, Goss & Co. of Toronto.
@FedFRASER