The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
COPYRIGHTED IN 1939 BY WILLIAM B.
VOL. 148.
DANA COMPANY, NEW
YORK.
"-dT^ravnrCw-
BROOKLYN
ENTERED AS SECOND-CLASS MATTER JUNE 23. 187®,
AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF
NO. 3846.
NEW YORK, MARCH 11, 1939
THE CHASE
TRUST
BANK
COMPANY
Chartered 1866
NATIONAL BANK
OF THE CITY OF NEW YORK
'
OF
-
George V. McLaughlin
The
President
BROOKLYN
NEW YORK
Member Federal
DeposiQInsurance
Corporation
MARCH 3, 1879.
N E W
ditionally
For
YO R K
chase
of
a
and
number
bankers
and
as
correspondent
York
reserve
has
it
years
large
•
banks
New
tra-
bankers' bank.
a
many
served
is
depository.
Member Federal Deposit Insurance
Corporation
FUNDAMENTAL
STATE
INVESTORS
AND
.
INC.
Proupectus
MUNICIPAL
★
BONDS
Harriman
Ripley & Co.
.Incorporated
available from
local dealerg
Underwriters of capital issues
and
The
FIRST BOSTON
S. Govern¬
in U.
dealers
Bonds, Municipal Bonds
ment
and other investment securities.
CORPORATION
NEW YORK
Hallgarten & Co
63 Wall Street,
sanfkancisco
philadelphia
and other
Established 1850
BOSTON
chicago
New York
Philadelphia
Boston
(
„
Chicago
Representatives in other leading Cities
principal cities
NEW YORK
London
Chicago
City of
:
The
Philadelphia
Commonwealth of
New YorkTr u s t
BEAR, STEARNS & CO.
ONE WALL STREET
Pennsylvania
Company
Bonds
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
HOMER & CO., INC.
40
Exchange Place, New
BROADWAY
ST. &
MADISON AVE.
AVE. & 57TH
FIFTH
ST.
NEW YORK
York
Service
to
Banks and
Dealers since
1888
HORNBLOWER
European
8
&
LONDON, E. C. 4
BROADWAY
Members New
-
Porta
Amsterdam
Member of the
Federal Deposit Insurance Corporation
Wall Street
NEW YORK
*
NEW YORK
London
WEEKS
Established 1888
STREET
40
Carl M. Loeb, Rhoades & Co.
61
Representative's Office:
KING WILLIAM
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Financial
n
Mar- n>
Chronicle
This advertisement appears as a matter
for sale,
or as an
of record only and is under no circumstances to be construed as an offering of these shares
offer to buy, or as a solicitation of an offer to buy, any of such shares.
The offering is made only by the Prospectus.
112,454 Shares
Lockheed Aircraft Corporation
Common Stock
Par Value $1.00 Per Share
'
'
.
Offering Price $31.00 Per Share
Copies of the Prospectus
may
be obtainedfrom
any
G.M.-P. Murphy & Co.
of the undersigned.
Blyth & Co., Inc.
Smith, Barney & Co.
Hayden, Stone & Co.
Lee Higginson Corporation
'
*
White, Weld & Co.
'
Stem, Wampler & Co. Inc.
G. Brashears & Company
March 8,1939
Directory of Stock
Leading Out-of-Town
Leading Out-of-Toivn
Investment Bankers & Brokers
Investment Bankers & Brokers
and Bond Houses
MILWAUKEE
DETROIT
"Security Dealers of
WISCONSIN
North America"
DETROIT REAL ESTATE BONDS
CORPORATION SECURITIES
Published
A
1080
semi-annually
Page Book containing
11,000
over
listings
alphabetically
Cities
Street
Teletype—Milwaukee 92
with
Address.
by
full
EDGAR, RICKER & CO.
207
arranged
States
Charles A. Parcells & Co.
Members of Detroit Stock Exchange
Michigan St.,
Milwaukee, Wis.
and
details
East
PENOBSCOT BUILDING, DETROIT, MICH.
as:
-
HARTFORD
ST. LOUIS
Officers
Partners.
or
Department Heads.
Branches
maintained
address
and
names
with
of
street
Specialists in Connecticut
resident
Securities
managers.
Character
of
business
and
olaas
£0^
of
securities handled.
PUTNAM & CO.
SAINT LOUIS
Stook
Exchange memberships
held.
Members New York Stock Exchange
509 OUVE ST.
6
Correspondents.
Private Wire
CENTRAL ROW
HARTFORD
Tel. 5-0151. A. T. T. Teletype—Hartford 564
Connections.
Dooal and Dong Distanoe
Member* 8t. Louis Stock
Telephone
Exchange
numbers.
BIRMINGHAM
HERBERT D. SEIBERT & CO.
Incorporated
Cotton Facts
Publishers
Carry
25
your
message
MARX & CO.
to
BIRMINGHAM, ALABAMA
SPRUCE STREET
NEW YORK CITY
Telephone—BEekman 3-1767
these readers at
a
cost
advertising
through
columns.
our
moderate
SOUTHERN
MUNICIPAL
AND
CORPORATION BONDS
Volume
148
Financial
Chronicle
This advertisement appears as a matter of record
only and is under
as
an
no
m
circumstances to be construed
offering of these securities for sale,
any of such securities.
by and
on
or as an offer to buy, or as a solicitation of an offer to
buy,
The offering is made only by the Prospectus. ' This advertiseir
ent is published
behalf of only those of the undersigned who
are
registered dealers in securities in this State.
New Issue
$6,600,000
Community Public Service Company
(A Delaware Corporation)
First Mortgage
To be
dated
March
Bonds, 4% Series due 1964
1, 1939
To be due March
1, 1964
Price 100% and accrued ifiterest
Copies of the Prospectus
undersigned
as
may
be obtained only from such of the
registered dealers in securities in this State.
are
Paine, Webber & Co.
Central
Halsey, Stuart & Co. Inc.
Republic Company
Stone 8t Webster and
Blodget
Incorporated
March 8,
1939.
Dividends
Dividends
Dividends
THE ATLANTIC REFINING CO.
American Cyanamid
GENERAL BAKING
COMPANY
Company
PREFERRED
NUMBER
DIVIDEND
12
PREFERRED DIVIDEND
On
March
Directors
7,
of
1939
the
American
per
Cyanamid
At
Company declared
a quarterly divi¬
dend of l1/4% ($.125) per share on
the outstanding shares of the 5%
Cumulative
Stock
of
April
1,
Convertible
the
1939
the
one
payable
holders
business March 15,
Directors
of
7,
1939.
1939 the
American
Company declared
a
dend of fifteen cents
pany,
Preferred
tors.
payable
April
1,
at
1939,
to
the close of
business March 18,1939.
Stock
A. A.
Series A, of the Com¬
payable May 1, 1939, to
CLARKE, Treasurer
March 9, 1939.
be mailed.
Cyanamid
quarterly divi¬
w M
O'CONNOR
March 6,1939.
per share
Secretary
the
outstanding shares of the
"A" and Class "B" Common
Stock
of
the
Company,
payable
on
($2.00)
the Preferred Stock, has
stockholders of record at the close of
business April 5, 1939. Checks will
Board of
(15*)
Cumulative
on
stockholders of record
Convertible 4%,
COMMON DIVIDEND
March
On
meeting of the Board of Directors
March 6, 1939, a dividend of
dollar ($1) per share was declared
the
on
of
such stock of record at the close of
share
been declared by the Board of Direc¬
a
held
Preferred
Company,
to
Preferred Stock Dividend No. 108
A dividend of Two Dollars
Board of
Class
GENERAL BAKING
April 1, 1939 to the holders of such
stock of record at the close of busi¬
March 15, 1939.
COMPANY
ness
HOMESTAKE MINING COMPANY
W. P.
*
STURTEVANT,
Secretary.
Dividend
,,
Honduras
Rosario
.
„
March 7. 1939.
Dividend No,
A dividend of Fifteen
share,
per
Cents
72
($.15),,
the Common Stock has
on
been declared by the Board of Direc¬
tors,
payable
April
1,
1939,
to
stockholders of record at the close of
business
Disbursing Agent.
■
Stock
815
The Board of Directors has declared dividend
No.
815
of thirty-seven
and
one-half
cents
($.37^) per share of $12.50 par value Capital
Stock, payable March 25, 1939 to stockholders
of record 3:00 o'clock P.
M.f March 20. 1939.
Checks will be mailed by
Irving Trust Com¬
pany, Dividend
New York &
No.
Common
A. A.
R. A. CLARK, Secretary.
on
March 18, 1939.
CLARKE, Treasurer
March 9, 1939.
Mining Company
120
Broadway, New York, N. Y.
March 8, 1939.
DIVIDEND NO.
The
Board
Company
declared
at a
an
of
ALLIS-CH ALMERS
346.
Directors
of
MANUFACTURING COMPANY
this
dividend for the
first
auarter of 1939, of One Dollar
($1.00) a share on the outstanding
capital stock of this Company, pay¬
able on March 25, 1939, to stock¬
holders
of
Common Dividend No. 60
meeting held this day
interim
record
at
the
close
of
business on March 15, 1939.
WILLIAM C, LANGLEY, Treasurer.
A
dividend
of twenty-five cents
($0.25) pot
common stock without
par value
this Company has
been
declared, payable
March 31st, 1939 to stockholders of
record at
the close of business March
17th, 1939.
Transfer books will not be closed.
share
on
the
of
Checks will be mailed.
.
W. A. THOMPSON. Secretary.
March 6th, 1939.
United Shoe
The
Directors
declared
Machinery Corporation
of
this
CorporationWhave
dividend of 37 He. per share on the
Preferred capital stock.
They have also declared
a dividend of 62
He. per share on the Common
capital stock.
The dividends on both Preferred
and Common stock are payable April
5, 1939,
to stockholders of record at the
close of business
Alftpph
a
Id
1 O^O
CHARLES Q. BANCROFT. Treasurer.
Mai.
Financial
IV
11, 1939
Chronicle
BARNSDALL OIL COMPANY
and Subsidiary
Companies
December 31, 1938
Consolidated Balance Sheet
Earned Surplus
ASSETS
$1,549,524.03
259.099.72
2,371,449.10
Market_ 423,535.26
at Market
139,072.45
Caah
Bills
Receivable
Receivable
-
Accounts
Inventories of Crude Oil, at
Inventories of Oil Products,
Inventories of Supplies, etc.,
1940
and
Bonds
a
$7,556,338.78
29,000.00
$562,586.00
562,586.00
562,586.00
562,586.00
1938
$2,250,344.00
$33,020,353.05
l— 21,603,953.36
Barnsdall Oil Company portion of
dividends paid to Subsidiary Com¬
Developed
2,245,951.22
4,392.78
pany
$860,305.47
11,416,400.69
1.00
—
Deferred Charges to Operations:
Prepaid Expenses, Advances, &c—
336398.80
Deduct:
Reduction in value of investments in
Barnsdall Refining Corporation, De¬
1,350,000.00
cember 31, 1938—
$24,863,219.06
Total Assets.
31,
December
Surplus,
Earned
1938
$489,694-53
(Deficit)-
STOCK AND SURPLUS
LIABILITIES, CAPITAL
Capital Surplus
Current Liabilities:
Notes
Paid February 1,
1938
Dividend No. 38, Paid May 2, 1938Dividend No. 39, Paid August 1,1938
Dividend No. 40, Paid November 1,
$11,416,399.69
Gas Leaseholds,
and Undeveloped
and
$3,106,256.69
Oil
paid on Barnsdall
Dividends
Company Stock:
Dividend No. 37,
2,837,896.79
-
Company Not
Shares, at Par
Fixed Assets:
Plant and Equipment, at Cost
Less: Reserve for Depreciation
Oil
7,746.671.44
190,332.66
Subsidiary
Accrued to Barnsdall Oil Com¬
January 1 to December 31, 1938—
pany
Less:
Held
Stock
Company
Wholly Owned, 5,800
1,050,000.00
Capital Surplus—_
$268359.90
324,172.34
inal Values
Oil
value of investments
Refining Corporation pre¬
in Barnsdall
viously charged to
Re¬
Mortgages of Other Companies;
Barnsdall Refining Corporation, at
less than Cost
Other Investments, at Cost or Nom¬
Barnsdall
300,000.00
$1,318,359.90
Net Profit
Stocks,
in
Investments
Federal
Deduct: Reduction in
$5,010,075.79
(31,365 Shares)
ceivable
by
years for
required
267,395.23
Subscriptions
Stock
of
Adjustment
Add:
at lesser
of Cost or Market
Employees
$1,018,359.90
31, 1937
Accrual in prior
Income Taxes not
Earned Surplus, December
Current Assets:
Capital Surplus, December 31,
Payable:
$187,946.42
27,000.00
27,676.31
1,060,382.47
83,992.20
738,737.72
To Banks
ToOthers
in 1939
Purchase Obligations, due
Accounts Payable.
Accrued Interest and Expenses
Federal
Accrued Taxes, State and
'
—
Capital Surplus and charge
Earned Surplus reduction in value
investment in Barnsdall Refining
To restore to
to
of
•
previously charged to
Capital Surplus in 19.36 and 1937--Realization of assets previously charged
$2,125,735.12
Capital Surplus
to
I—
.
.Corporation
Loan
from
Broker
on
Employees
Stock Subscriptions (31,365 Shares)
(Contra)..-.-.
$5,378,324.67
1937
Add:
308,599.81
\
$1,050,000.00
Capital Surplus, December 31,
1,058,612.50
8,612.50
_
$6,436,937.17
1938— —
Deferred Liabilities:
due January,
3\i% Serial Bank Loans,
due January,
1,250,000.00
Operating Income..
Operating Charges:
Costs, Operating and General Expenses
Gross
1,250,000.00
1,250,000.00
3H% Bank Loans, due February, 1942
3H% Bank Loans, due January, 1943Miscellaneous Purchase Money Obliga¬
tions-,
Consolidated Statement of Income for
Year Ended December 31, 1938
$1,250,000.00
-
3H% Serial Bank Loans,
5,089.201.00
89,201.00
-
Capital Stock and Surplus of Sub¬
sidiary
Company Not Owned by
140,720.49
$20,000,000.00
8,706,105.00
.2,258,779 Shares
Treasury-8,435 Shares
$11,293,895.00
42,175.00
Held in
since
June
1,
Capital
Liabilities,
Stock
CURRENT
19th
—The
held
this
year
field
annual
at the
$24,863,219.06
.
day
CURRENT
of the Bond
will be
Friday, June 2,
Club of New York
Sleepy Hollow Country Club on
Starkweather, President of the Bond
17,467.20
$2,837,896.79
Company
oil and gas leases as
.
4,432,850.96
$2,855,363.99
charged
charged against
actual
charged to
charged to
of January 1, 1932, were
against capital surplus and, as a result, no depletion is
income in the income account submitted above, but in lieu thereof
expenditures for oil and gas leases for the period have been
expense.
If leases had not been written off, thei amount
depletion would have been approximately $575,506.01.
NOTICES
Club, announced at a lunch¬
eon
of the club on' Thursday, March 9th.
Richard de La Chapelle,
of Shields & Company, has been named Chairman of the Field Day Ex¬
ecutive Committee.
He will be assisted by the following three ViceChairmen: Ferris S. Moulton, of R. H. Moulton & Co.; Frank M. Stanton,
of The First Boston Corporation; and John M. Young, of Morgan Stanley
&
Co.
Mr. de La Chapelle announced that preliminary plans for ' the
Field Day would be discussed at a luncheon to be held on Thursday,
March 16, at the City Midday Club.
He also announced the appointment
of the following Chairmen of the various committees:
Attendance, Dudley F. King, Lord & Widli; Indoor Sports, Leslie L.
Vivian, Fenner & Beane; Trophies, George J. Leness, The First Boston
Corporation; Bawl Street Journal, A. Glen Acheson, F. S. Moseley & Co.,
(John A. Straley, Editor); Stock Exchange, Nathaniel F. Glidden, Glidden,
Morris & Co.;
Hells A Poopin, Joseph A. Thomas, Lehman Brothers;
Transportation, William M. Rex, Clark, Dodge & Co.; Golf, Herbert S.
Hall, W. E. Hutton & Co.; Entertainment, George D. Woods, The First
Boston Corporation; Luncheon & Dinner, Edward K. Van Home, Stone
& Webster and Bladget, Inc.; Publicity, William H. Long, Jr., Doremus &
Company; Riding, Enos W. . Curtin, Hemphill, Noyes & Co.; Tennis,
Gerald E. Donovan, Schroder, Rockefeller & Co., Inc.
John K.
2,526,889.40
Applicable to Minority Interests.-
Net Profit Accrued to
Investments in
5,947,242.64
489,694.53
and Surplus
615,577.15
-
Net Profit.
1935
(Deficit)
$1,290,384.41
-
-
Intangible Development Costs
$6,436,937.17
Capital Surplus
Surplus,
225,859.15
$7,288,214.95
Deductions
Depreciation
Profit
Earned
Total
>educt:
income Before Deductions.
Lease Purchases
11,251,720.00
Surplus:
512.026.08
Other Deductions:
Shares
of Public.2,250,344
$205,100.61
306,925.47
Assets.
Profit Before Other
Outstanding in
hands
5,493,369.28
$7,002,048.02
Interest
Capital Stock:
(Par Value $5.00 per Share)
Authorized
4,000,000 Shares
Unissued
1,741,221 Shares
Issued
1,018,276.75
Taxes
Income
Non-Operating Income:
$7,514,074.10
$107,647.00
33,073.49
-
$4,475,092.53
Net Operating
Profit on Sale of
Capital Stock
Surplus---.
$12,495,417.30
■
Dividends and Interest..
t
Barnsdall Oil Company:
the
NOTICES
of two old and well-known Stock Exchange
houses, announcement was Tmade of the proposed formation, on April 1st,
of Content, Zuckerman & Co., following the termination of the partner¬
ships Of H. Content & Co. and Henry Zuckerman & Co., both of which
firms have
been identified with Wall Street for over
half a century.
the
—Merging
interests
which will maintain offices at 39 Broad¬
Content, Samuel M. Goldsmith and
Albert M. Wittenberg, the three former partners in H. Content & Co.,
and Paul S. Zuckerman, H. Bertram Smith, Jr., Benjamin F. Feiner, Jr;,
and George I. Crolius, the four former partners in Henry Zuckerman &
The
partnership of the new firm,
way,
will
comprised
be
of
Harry
Co.
memberships in the New York Stock Ex¬
membership in the New York Curb Exchange,
change, Inc., and associate membership in the New York Curb Exchange.
All of the partners in the new firm are widely known in financial circles.
Mr. Content holds the oldest seat on the New York Stock Exchange, having
been admitted in October, 1885.
Mr. Zuckerman, a son of the founder
of Henry Zuckerman & Co., has been a member of the New York Stock
Exchange since December, 1927, and is a member of the Chicago Board
of Trade.
Mr. Feiner is also a member of the New York Stock Exchange.
The
new
firm \yill have three
change, Inc., and associate
.
—AlfredE.Bradstreet, formerly with Barr
associated with O. M.
—Henry G. Riter, 3rd, senior partner of
firm of Riter & Co., has been
—A. M. Kidder & Co., 1
urrent
Wall St., New York City, have prepared an
Ltd.
115 Broadway, New York City, have
"Over-The-Counter-Review."
the New York Stock Exchange
elected a director of Transwestern Oil Co.
analysis of Wright Hargreaves Mines,
—Bristol & Willett,
Bros.& Co., Inc., has become
Osborne,, municipal bond brokers.
k
issued their
of Fried, Cohn & Com¬
Exchange, has become associated
with Felt &
which maintains a staff for the
development and presentation of special situations to underwriting houses
and other institutions, and engages in corporate reorganization work.
Mr.
Cohn liquidated his
Stock Exchange firm in order to join the Felt &
Company organization, which does not engage in the securities business.
—Martin
pany,
L.
Cohn, Jr.,
formerly senior partner
the New York Stock
Company, 52 Wall Street,
members of
k
Mandel Brothers, Chicago depart¬
ment store for the
past ten years, has resigned effective April 1, to
become associated with Walter E. Heller & Company, instalment bankers
and factors, of Chicago and New York.
—Laurence
Greenebaum,
Treasurer of
Volume
148
Financial
STANDARD
STANDARD
SUMMARIES
OF
Chronicle
v
BRANDS INCORPORATED
BRANDS INCORPORATED
CONSOLIDATED
INCOME
AND
(Concluded)
AND SUBSIDIARY COMPANIES
SURPLUS FOR THE YEAR ENDED
(Operations in foreign countries of certain subsidiaries included
for gears ended October 31
DECEMBER 31,
1938
November 30, 1938)
or
SUMMARY OF CONSOLIDATED INCOME
Gross Sales, Less Discounts, Returns, and Allowances
__
Cost of Goods Sold
$108,287,953 73
_
69,994,138^54
_
Gross
Profit
Selling, Administrative, and General Expenses (including provision for doubtful
receivables $223,191.33)
$38,293,815.19
28,120,777.33
Net Profit from Operations
Other Income Credits
$10,173,037 86
;;
.■
*
_
542,236.40
Gross Income
Income
_
Charges
$10,715,274.26
387,804.54
Net Income Before Provision for Federal and
Foreign Income Taxes.
Provision for Federal and Foreign Income Taxes
$10,327,469.72
...
1,606^164.49
_<
Net Income for the Year
:
—
Note—Depreciation aggregating $1,717,590.84
is included in Cost of Goods Sold and other
accounts before arriving at net income for
the period.
SUMMARY OF CONSOLIDATED SURPLUS
'
Earned
Surplus, January 1, 1938 (after deducting, for the
$22,987,693.76, of goodwill, trademarks, etc.)
Additions:
.•
$8,721,305.23
purpose
of balance sheet
presentation, the
book value,
$24,877,501.43
=
„
Net income for the year (see above)
Portion of general insurance reserve, in excess of estimated
self-insurance requirements, restored to
surplus
Restoration to surplus of amount equal to amortization of
patents charged to cost of
goods sold.
$8,721,305.23
921,342.36
185,480.71
...
:
...
9,828,128.30
Total.......
Deductions:
$34,705,629.73
Dividends:
$4.50 cumulative preferred (including $187,500.
applicable to period from
Common
Extraordinary losses from abandonment
or
January 1 to March 15, 1939)
$900,000.00
6,956,789.80
319,400.14
replacement of property
Earned Surplus, December 31, 1938, Per Consolidated Balance
Sheet (see note A
thereon)
Note—The income accounts of subsidiaries
operating in foreign countries
which are substantially equivalent to quoted rates
are
prevailing during the year.
HASKINS
&
8,176,189.94
<
$26,529,439.79
converted from foreign currencies into United
States dollars at rates
SELLS
Certified Public Accountants
ACCOUNTANTS'
STANDARD BRANDS INCORPORATED:
22 East 40th Street
New York
CERTIFICATE
We have made an examination of the consolidated
balance sheet of Standard Brands
Incorporated and its subsidiary companies as of December 31,
1938, and of the related summaries of consolidated income and
surplus for the year 1938.
In connection therewith, we made a review of
the
methods and examined or tested
accounting
accounting records of the companies and other supporting evidence in a
manner and to the extent which we
considered
appropriate in view of the systems of internal accounting control.
,
In our opinion, based
upon such examination, the accompanying consolidated balance
sheet and related summaries of consolidated
income and
surplus, with their footnotes, fairly present, in accordance with
accepted principles of accounting consistently followed
by the companies, their financial
condition at December 31, 1938, and the results of their
operations for the year ended that
date.
•
s
•
•
New York,
February 6. 1939.
HASKINS
"
&
SELLS.
Dividends
MARGAY OIL CORPORATION
DIVIDEND
NO. 35
The
Board
of Directors
of
OIL CORPORATION has this
the
Siemens & Halske A. G.
MARGAY
day declared
a
dividend of twenty-five cents a share on the out¬
standing stock of the corporation of the issue of
160,000 shares provided by amendment to the
certificate
of
incorporation of April 27, 1926,
payable April 10, 1939, to stockholders of record
at the close of business March 22, 1939.
The officers of the corporation are authorized
to withhold payment of this dividend
upon stock
of the Issue of 800,000 shares until
exchanged for
the new stock.
Stockholders who have not ex¬
changed
their certificates should
New York Trust
Company, 100
do
so
atJiThe
Broadway,|New
York City.
M
J.
I.
TAYLOR,
Ml
Treasurer.m
Tulsa, Oklahoma, March 1, 1939.
Participating Debentures due 15th January, 2930.
4
The
Company
announces that
1938.
Copies of the Offer
CO., London,
or
61
may
17th
March, 1939 the Offer to holders
December, 1938 and published on the 29th
December,
be obtained from the
from the Sub-depositaries
as
Depositary:—GUINNESS, MAHON
under:—
J.
HENRY
SCHRODER
& COMPANY
&
'
CHEMICAL BANK & TRUST COMPANY
.......New York, N. Y.
i
...London
MENDELSSOHN & CO. AMSTERDAM
NEDERLANDSCHE
Allied Chemical &
it has further extended to the 31st
of the above Debentures dated
Amsterdam, Holland
HANDEL-MAATSCHAPPIJ,
N. V
Amsterdam. Holland
Dye Corporation
Broadway, New York
February 28, 1939
Dividends
Allied Chemical & Dye Corporation
Notices
has declared quarterly dividend No. 72
of One Dollar and Fifty Cents ($1.50)
per
share
on
the Common Stock of the
AMERICAN GAS
Company, payable March 20, 1939, to
common
stockholders of record
at
the
AND ELECTRIC COMPANY
close of business March 10,1939.
W. C. KING.
The
rt
*
6
aotdMt
.
Secretary
The
Preferred Stock Dividend
Johns-Manville
Corporation
DIVIDEND
The Board of Directors declared a
regular
quarterly dividend of $1.75 per share ou the
Cumulative 7% Preferred Stock,
payable
April 1st, 1939 to stockholders of record on
March Nth. 1939.
C. H.
share
March 2, 1939
The
Board of Directors
has this day declared
quarterly dividend of fifteen cents per share on
the capital stock of this
a
Company, par $10.,
payable April 1, 1939, to stockholders of record
of business March 7, 1939.
at the close
T. W. EGLY
Assistant Vice President
no
par
on
value Preferred capital
the hands of the public has been
declared out of the surplus net earnings of
the company for the quarter ending April
30.
1939, payable May 1, 1939, to
holders of such stock of record on the books
ing
in
of the
company
at
the close of business
'Tto
see
pages
U and iii.
Wednesday, April ,19,
ten o'clockA.M.,
1939,at
at our
registered office, 15 Exchange
Place, Jersey City, N. J.
Only stockholders of
close
of
business
on
record
the
at
Wednesday,
Common Stock Dividend
A regular quarterly dividend of Forty
/
\ Cents
(40c) per share on the no
Common capital stock of the
company
issued and outstanding in the
hands of the public has been declared out
of the surplus net earnings of the company
for the quarter ending March 31, 1939,
par
22,
1939, will be entitled
said
meeting notwithstanding
any
payable April 1, 1939, to holders of such
at
on the books of the com¬
the close of business March 7,1939.
.
FRANK B. BALL, Secretary.
March 2,1939.
to
subsequent transfer of stock.
The stock transfer books will
not
be closed.
value
stock of record
pany
March
Borden
Company
WALTER H. REBMAN, Secretary
GUARANTY TRUST COMPANY OF NEW YORK
New York, March 1, 1939.
The Board of Directors has declared a
quarterly
dividend of Three Per Cent,
on
the
Capital
Stock
March
For other dividends
of
meeting
vote at
April 8, 1939.
ROBERTS. Treasurer
TRUST COMPANY
the
stock of the company issued and outstand¬
0
IRVING
on
annual
stockholders will be held
THE regular quarterly dividend of One
I Dollar and Fifty Cents ($1.50) per
a
Com/unit/
Annual Meeting
//
of this
31,
stockholders
Company for the quarter ending
payable on' April 1, 1939, to
March 3, 1939. %
1939,
of record
MATTHEW T. MURRAY, JR.,
Secretary.
Financial
VI
Mar• 4> 1939
Chronicle
dJl*
Casualty, ^fidelity and cfureiy
etnsurance
'
GENERAL
CORPORATION
REINSURANCE
90
FRANCISCO
BUSH STREET, SAN
JOHN STREET, NEW YORK • 200
1938
Financial Statement, December 31,
LIABILITIES
ASSETS
Reserve for
Investments:
4,380,246.18
total)...
Surplus
188,783-33
-
v
7,000,000.00
Surplus to Policyholders
■
%
Mortgage Loans
730,115.57
$1,000,000.00
6,000,000.00
Capital
2,191,599.49
Real Estate
909,125.53
Voluntary Reserve
North Star Insurance Co.
Stock (96.39% of
and other
Commissions, Taxes
for
Liabilities
Preferred Stocks.11,000.00
Common Stocks......
Unearned Premiums
Reserve
."...$8,455,438.57
Bonds
% 6,272,752.78
2,248,841.37
Claims and Claim Expenses
Reserve for
791,804.64
$
Cash in Banks and Offices
305,000.00
'
Total
$17,160,835.25
*
15,532,067.57
Total
valued in accordance
Bonds and stocks owned are
Premiums in course of collection
(not over 90
—2
Total Admitted Assets...................
tnes
Oj
STAR
NORTH
COMPANY
INSURANCE
90 JOHN STREET,
NEW YORK
•
200 BUSH STREET, SAN
Financial Statement, December 31,
FRANCISCO
1938
LIABILITIES
ASSETS
Reserve for Claims
Cash in Banks and Offices
Reserve for
and Claim Expenses........
Unearned Premiums
Investments:
Reserve
$2,357,940.12
Bonds
Common
Surplus
7,500.00
and
other
600,000.00
$
1,673,625.54
Surplus to Policyholders
Total.
Total
Balances due from
over
Taxes
Capital
38,500.00
Real Estate
(not
Commissions,
for
Liabilities.
Stocks.......1,773,915.00
Mortgage Loans
owned were valued on
the basis of December 31,1938 market quotations, Total Admitted Assets would be
increased to $17,291,736.68 and Voluntary Reserve to $861,017.00. • Securities
carried at $974,825.09 in the above statement are deposited as required by law.'
-
$17,160,835.25
einsurance
market quotations. If bonds
Stocks at December 31, 1938
150 107 04
Other Admitted Assets
prescribed by the New
North Star stock on the basis
54,789.32
Accrued Interest
with the requirements of the
viz.:—Bonds onInsurance Law, basis,
an amortized
York
other
New York State Insurance Department,
632 ' 066.68
"
days due)
Ceding Companies
90 days due)
Accrued Interest
Bonds and stocks owned are
New
valued in accordance with the
York State Insurance Department,
requirements of the
viz.:—Bonds on an amortized
basis,
market quotations. If bonds owned were valued on
December 31, 1938 market quotations. Total Admitted Assets would
stocks at December 31, 1938
Other Admitted Assets
the basis of
be increased to
Total Admitted Assets
$1,701,945.42.« Securities carried at
deposited as required by law.
$4,741,194.42 and Surplus to
$374,617.29 in the above statement are
flmmerri&l f
No. 3846.
MARCH 11, 1939
Vol. 148
CONTENTS
Editorials
page
—>1365
The Financial Situation
Will
National
the
Economic Committee's Activities
"Appeasement Program"?
Run Counter to the
The Federal Debt
1378
1380
_
__
Comment and Review
New
Capital Flotations in the United States
Month of February
New
during the
1381
1385
1370
-
Capital Issues in Great Britain
Week
on
the European
Stock Exchanges
1371
1375 & 1423
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment---Course of the Bond Market
1386
1387
1368
1422
-
Indications of Business Activity
—-
Week
on
the New York Stock Exchange---
Week
on
the New York Curb Exchange
News
—1397
---1421
--,-1466
Current Events and Discussions
Bank and Trust Company Items
General
Corporation and Investment News
Dry Goods Trade
State and
-
1513
1514
-
-
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Fund Notices---
1431 & 1433
1424
1424
1424
Dividends Declared
Auction Sales-—-
—
-
Exchange—Stock Quotations--1434
Exchange—Bond Quotations-.1434 & 1444
New York Curb Exchange—Stock Quotations
14,50
New York Curb Exchange—Bond Quotations
—1454
Other Exchanges—Stock and Bond Quotations
.---1456
Canadian Markets—Stock and Bond Quotations
-1460
Over-the-Counter Securities—Stock & Bond Quotations-1463
New York Stock
New York Stock
Reports
1374
Foreign Bank Statements- _ - -iCourse of Bank Clearings
-->1423
1397 & 1431
Federal Reserve Bank Statements
General Corporation
1466
and Investment News
Commodities
The Commercial Markets
1504
1507
1511
and the Crops-
Cotton
Breadstuffs
Published Every Saturday
Morning by the William B. Dana Company,
Herbert D. Seibert, Chairman of the
Board and Editor; William Dana Selbert,
25 Spruce Street, New
York City.
Wllham
SouthJ^ SaUeS^^t (Telephone
1939 by William B.
of March 3,1879. Subscriptionsin
President and Treasurer;
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208
8tate 0613).
London—Edwards A Smith, 1 Drapers' Gardens, London, E. O.
Copyrignt
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y„ under the Act
Manager.
$19.50 per year, $10.76_for_6 months.
months; Great Bri tai n.
F
United States and Possessions, $18 00 per year, $10.00 for 6 months; In Dominion of Canada,
South and Central America, Spain. Mexico and Cuba. $21.60 per year, $11.76 for6
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.60 for 6 months.
Transient
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations
for foreign subscriptions and advertisements must be made In New York funds.
display
^tw. 46 cents
in the rates of exchange, remittances
Financial
VI
A Mutual
Mar.
Chronicle
NEW YORK
Company, Founded
1939
Incorporated under the Laws of
the State of New York.
April 12,1845.
on
21,
LIFE
INS
U
THOMAS A.
A N
C
C
M
O
A
P
BUCKNER
R
E
N
ALFRED l.
51
Chairman of the Board
Madison Avenue, New York, N. Y.
BRIEF
A
DIGEST
Y
AIKEN
President
THE
OF
94- Annual Statement
DECEMBER
\
Payments to policyholders and their beneficiaries
during the
Of this
year
1938 amounted to $201,494,937.
total, $131,804,103 was paid to
living
policyholders and $69,690,834 to beneficiaries.
Total payments to policyholders and beneficiaries
during the
year
The Assets
December 31,
on
1938 amounted to
$2,647,454,712. The principal item of the Liabili¬
ties
the Insurance and Annuity Reserve re¬
was
quired by law, amounting to $2,159,527,400. Also
during the past ten years exceeded $2,147,000,000.
New insurarice
1938
31,
amounted to
included
the
in
Liabilities
are
a
reserve
of
$41,569,539 for dividends to policyholders in 1939
and
a
Special Investment Reserve of $45,000,000.
$422,817,500. Total insurance in force at the close
Surplus funds reserved for general contingencies
of 1938
amounted to
$6,793,826,309 under 2,828,765 policies.
was
ASSETS
Cash
on
United
or
Hand,
or
LIABILITIES
in Bank.........
$50,466,059.12
Insurance and Annuity Reserve..., $2,159,527,400.00
626,759,519.45
Present Value of Amounts not yet
due on Supplementary Contracts.
252,459,640.75
Dividend8 Left wlth the
States Government, direct,
fully guaranteed Bonds.
State, County and Municipal Bonds
Canadian Bonds
64,567,067.95
Railroad, Public Utility, Industrial
583,416,306.92
Preferred and Guaranteed Stocks...
87,745,048.00
Real Estate Owned, including Home Office
135,450,673.37
Mortgage Loans
on
Interest...
113,087,924.11
s,
Other Policy Liabilities
15,761,712.71
Premiums, Interest and Rents Prepaid....
11,529,650.32
..
Miscellaneous Liabilities.
Real Estate
(including J698,364.35 foreclosed liens subject
,
^
to
at
127,972,335.45
Company
nfi„,DntutTi«kjfi4i..
and other Bonds,
First
$124,555,211,
^
436,091,057.66
redemption)
,
_
■ •
b
3,572,265.52
Special Investment Reserve....,...
45,000,000.00
.
Reserve for Taxes.
4,878,673.66.
Policy Loans.,..........
349,262,979.85
Interest and Rents due and accrued
29,880,864.05
Reserve lor Dividends payable to
Policyholders in 1939.
31,335,538.18
Surplus funds reserved for general
Net Amount of Uncollected and Deferred Premiums.
Other Assets,
19,956.31;
TOTAL
.......
contingencies...................
more
BOARD
President
JAMES
,
Educational Counsellor of
NATHANIEL F. AYER
Treasurer, Cabot Mfg. Co. {Textiles)
OF
A. BUCKNER
Chairman of the Board
deposited as required by law.
BaUantine
CORNELIUS N. BLISS
DIRECTORS
JAMES
G. HARBORD
NICHOLASJMURRAY BUTLER
CHARLES A.
CANNON
President, Cannon Mills Co.
Pr^.C^Vn^sU,
Employers'Liability Assurance Carp.
„.
_
_
7-VHO
GEORGE B. CORTELYOU
Former Secretary of the
Treasury of the United States
I
'
RYFRSDN
e
r,
^
Chairman, Southern Pacific Co.
HERBERT HOOVER
of the United States
t.
Chairman,
Joseph T'
_____
Former President
FnWARD
6* Son, Inc.
HARPER SIBLEY
Banking and Agriculture
ALFRED E. SMITH
President,
J.^ARSTOW
Ralston-Purina Co.
The New York Trust Co.
#. MILLIKEN
President,
Peering, Milliken £r Co.
SMULL
%kZH,
.
.
J'a- Winchester 6* Co., Inc.
BUCKNER
Chairman of the Board,
GERRISH
Radio Corporation of America
BRUIlRE
MORTIMER N.
upon request.
Chairman of the Board,
BALLANTINE
Lawyer, Root, Clark, Buckner 6*
HENRY
THOMAS
ROWLAND ANGELL
ARTHUR A.
are
complete report listing the securities owned by the Company will gladly be sent
ALFRED L. AIKEN
124,555,210.84
TOTAL........... $2,647,454,711.61
$2,647,454,711.61
Securities valued at $38,738,698.21 in the above statement
A
41,569,539.00
}
ROBERT E. DOWLING
President, City Investing Co.
WILLARD V. KING
Retired Banker
PERCY S. STRAUS
President, R. H. Macy &• Co., Inc.
The Financial Situation
THE NEW DEAL and unlubricated bearings in of Pennsylvaniataken regardless of the constructive
poorly designed mill turns uncertainly upon
action may be Avenue a measure of real desires
effort
an
produce
to
and recommendations from the White House. But
of course, sober second thought soon convinces
that merely to halt the march toward destruction
is not enough.
The return journey must begin
as soon as possible if real relief is to be afforded.
"appeasement program."
an
weeks,
but no important result has as yet appeared.
Even
the revolving stage with its usually ultra-skillful
operator seems to be groaning under its load.
The
has been under way for several
The process
President,
be
to
who
making
appeared
The Old
attempt
an
his
"appease"
to
Sufficient
some
on
occasions
recent
critics
the voters, if not
among
business,
is
minute
one
unofficially reported—with
authentic¬
apparent
be
ity—to
"This
insistent
very
and
policy
the
next
to
"Much
"I
than
whether
is
of
.
spotlight
by design
"opened
the
time
some
West, but
certainly
to any
of the
Secretary
terior
have heard of the
for
hoped-
"program of appease¬
Obviously the
President
has
his
of
extraordinary
he
if
ers
or
surrendering
of
any
yielding
any
pow¬
avoid
can
it,
inch of
an
of his "reforms."
Each
day that
passes
renders it clearer that
even
the most ardent exponents
the
philosophy of
thus turn away
and
Moreover, it is becoming
proving
is
so
least
ther^
ap¬
course
of
no
under-estimation of the
the
position
as
taken by Mr.
This Nation
was
is
now
doing
cates
a
turning
some
concrete
in the
The business community
ment it
which
in the
can
will
and in some
its
own
to
be
bolstered
of
doses
halt in its
repeatedly
will not stand
It either
feet.
abandoned
presently
are
easy
or
continuing
by
some
drug
to
It might
keep it going.
prove
ail
too
for the President to
place the political respon¬
and vigorous
sibility
upon a
do-nothing
Congress for ills certain to
with what patience
action which indi-
of the New Deal,
is finding what encourage-
prevent a further extension
hope at least that at the other
result of existing programs.
There are several matters about which Congress
must do something.
It is at present apparently
inclined, unwillingly perhaps, but nonetheless inclined, to renew most of the New Deal laws expiring on June 30 next. The President will not be
slow in taking advantage of powers thus continued
in him, to place those who displease him in embarrassing positions before the public, precisely as
come
principles, at least for the time being,
a
carries
quality which
hasbeen
has
alert business?
hope that a situation has arisen
effectively
of New Deal
course
programs.
mere
on
prepared to abandon what we have
always supposed were the only really solid
still believers in economic magic.
summon
can
or
a
As
not,
foundations of just government
a
presently
Deal
New
shown, it
event.
or
In
march out of the question.
is to ask
we,
such
obstructionist,
renders
all, we have not been in
error
in those beliefs, or at least whether
we have not outgrown them.
This is perhaps the fundamental question
involved in
current
politics and policies.
It is one which the public must decide, and
the decision need not await the compilation
of tons of statistical matter which probably
Are
how¬
it to serious criticism
within it
after
would prove nothing in any
The simple question is.*
would
merely
The
trines, both political and
meled competition.
What Mr. Frank
place,
without ideas
founded upon doc¬
economic, precisely
the opposite of those here set forth—upon
a
firm belief in personal freedom
to the
utmost
practical limits and in the invig¬
orating and directing influence of untramFrank.
first,
open
be
feasible,
viewed, for Congress
merely to stand still.
political circles are converts, or
half converted, to the doctrines here
implications
Meanwhile the country awaits
it
daily plainer that it is not
altogether
mercantilistic terms
are
wrath.
Congress at the Crossroads
peasement are still think¬
ing in
business
and that there¬
that is required is
speak soft words and
to
expounded.
we
of
conditions
for
'
generally
business
whether,
of
tion
inten¬
no
fore all
the
at
,
to
ment."
in
progress,
fluential in
In¬
yet
not
appear
un¬
inherent
make
to
ever
Let
the
done
unfavorable
gram is essentially due to the fact that not
only virtually the entire New Deal general
staff but so many others in public life or in¬
and
Commission,
Trade
of
appearance
a
nothing has actually been
;
That
is
Federal
economic losses
definitely disposed to await watchfully the
outcome of the
sc-called appeasement pro¬
The Department
the
and
attitudes, and that
these
That the
today we
of indus¬
desirable
competition, is not necessarily a closed
"
in
action
future
the discussions
Nation.
attempt to appease
Justice,
made in
been
old, faith which once was nearly universal,
in days long antedating the birth of this
committed
not
anyone.
of
—
Administration
the
has
general
dis¬
found
friendliness, in threats of
evidently is an ardent and candid
defender of the allegedly new, but really very
that
says
im¬
real
Here
campaign"
ago
in the
now
in
words
is
courteous
the
one."
—
not
or
importance
no
a
give
the
unthinking
trouble
just want to suggest this:
category of those industries which
call public utilities, the category
tries where monopoly may be more
whom recent events have
the
would
pression that the
make
to
resulting from monopoly.
I would like to explore with you the question
whether competition does not also at times
lead to great economic and social waste." . . .
retary of Commerce, upon
fixed
needs
the community
to
The Sec¬
continue.
must
by
here of the social waste and
Reserve
his in¬
spending
that
the
sadly
is
which
error
of competition has been
technological situation,
and, if so, what particluar kind of apparatus
we
want to make that industry function in
a socially desirable way."
.
.
*
System reiterates
sistence
Washington
spot checks of several industries
whether the presumption in
or
overcome
Governors
of
Federal
the
of
to
come
outflow from
gandists
favor of the old type
His Chairman of
Board
the
to
realization that the propa¬
determine
and
"playing a waiting
game."
abservers
on
badly
committee
analysis
utterly reckless fiscal
be
hearing conducted
a
now
observations:
continuation of an
upon a
the Very Old
vs.
Wednesday by
the so-called Temporary National Economic
Committee, Jerome Frank, member of the
Securities
and
Exchange Commission and
reputedly an influential member of a large
and
constantly changing group of Presi¬
dential
advisers,
made
these interesting
At
has
time
elapsed for all thoughtful
end
to
light
as
a
Chronicle
Financial
1366
"i
he is
T
apparently doing at this moment in the matter
of the
$150,000,000 he is demanding for the Works
been
has
granted and leaving Congress to
in
Washington
in
accomplish.
can
call for fiscal sanity by
has
the
of
so-called
Following
been
be too often
budget
repeated.
which
calls
"We
for
$10,000,000,000
over
"and the cold suggestion in the
budget
message
immediate
"With
and
in
world
American
"This
economic
Congress is. to consider the legislation that
placed in order.
$45,000,000,000.
done
to
now
Government
sive
this
cannot
continue
without increasing
sums
national debt may go,
to
provide current
"Taxes
would
are
add
exces¬
to the
as
increased employment
in
The
only
however, to avoid
way,
increased is to
begin immediately
stantial cut in Government
a
the taxes being
all
manner
but it
expenditures.
terror
earnest belief in these things
old
this
would
cast
are
It
they
large
a
were
political
spending
used
so
tended
to
Stamp Out Bureaucracy J
ment
American
philosophy of
calls for government
by
government
by laws, not
Do
men.
should
govern¬
with
away
before
bureaucracy!
It is the
of the country,
and the
unemployment situation today is due in
no
small
growth
I*
More
measure
this
to
upon our economic
and
reversing
more
our
justice—that
one
one as
of proving
bureaucrats
guilty.
They
guilty and call
himself
not
an
are
are wont
a
"hear¬
"opportunity"
guilty of the
prac¬
*
Do your utmost to
stamp out bureau¬
cracy!
Help keep America American!
asks
agencies
to
as
the WPA.
many
for
that
upon
that
a
and its
for the
fiscal
next
and
spend
something
money,
to
For
says
year
with the
$2,000,000,000
over
both figures exclusive of
A closer examination of what is included
is instructive.
got into the limelight
as
predecessors, but which is
Corps., which
has the WPA
not
greatly dif¬
For it the President
Congress to appropriate $295,000,000 for the
fiscal year
not
reasons
other opportunities.
ferent from them at bottom.
asks
and Congress
already appropriated he expected these
sums
never
of large
source
are,
There is the Civilian Conservation
has
fact
study of the proposed
$1,657,000,000,
taxpayers'
in these
The
independent establishments the Presi¬
to
aid of funds
large funds,
purely political
appropriations
amounting
of the
is considered innocent
ing" to give the accused
tice alleged.
life.
traditional conception of
until he is proven
JL to brand
the
cancerous
for
budget reveals
the so-called
dent
curse
hesitate
a
attention
concentrate
This latter they certainly
not
take
shamelessly last autumn
consider them so, but a closer
1940
very
of them.
them, and to suggest them
savings.
us
well known
course,
portion
purposes—and
matter—has
The
aside at the very
Smith, let
of
is,
that the WPA has been
wasting
no
■
record.
and
re¬
provided only purely
strategy,
,
the
at
begin
you
There need, however, be
In the words of ex-Governor
look
course,
of economic activity be
"Where
question:
in
It is, of
controlling, managing
The President is fond of the artful
beginning.
for
t
found
well be doubted whether
may
any very
case.
that
radical and sub¬
fiscal house
however,
are,
.
this request coming to Congress or
saying that
our
insuperable.
ducing expenditures?"
of people, and would
opposed, unless exceptional circumstances
debt.
any
political
business,
°
national
also correct in
flinching, politically speaking, these
no
Congress has
American in¬
arise, to increasing by law the present limit of the
accuracy
problem is imperious.
difficulties
political considerations
national income.
am
is
abandoned,
handicap the Government's effort to increase the
"I
the
course
These
and restricting
Additional taxes
deterrent to the revival of
a
must spend ourselves
we
also essential that the idea of
to meet the appropriations.
dustry and the American people.
would act
if there
the limit to which the
burdens upon
additional
house
our own
confidence in the
no
likely to question the
that
need not be in the least
heavy that 7to increase them
so
now
preserved and
chiefly in the political aspects of the situation, and
The
spend such
to
is
man
statement
order.
in
without increasing taxes
or
revenue
situation.
serious
on
difficulties beset him who would set
Something must be
July, 1940.
meet
the
The Senator is of
expenditures and recurring def¬
icits, it is inevitable that that limit will be reached
about the first of
hand,
credit
I have
•
with threats
every
philosophy that
No sensible
of
"With mounting
heard
Difficulties Not Insuperable
law fixes the national debt limit
present
unsettled,
out of this economic disorder."
possible these large expenditures. We
national debt of $40,000,000,000 and a guar¬
"The
are
eco¬
demands that the
statesmanship
anteed underwritten debt of $5,000,000,000.
at
laid,
not
are
inevitable,
are
being
war
of the United States be
of
would make
a
plans
unprecedented expenditures
conditions
of
rumors
be
have
unified
and
and
enormous
deficit that will amount to $3,500,000,000.
a
and
people and financial stability
our
nomic confusion and chaos
a
we
will bring hope
that
continued, with the national debt mounting,
he said,
appropriations for the next fiscal year,"
fiscal situation
serious
Government.
our
"If
1940
confronted with
are
accomplish results
and
Congress
Senator Harrison's warning words cannot
budget.
the
plan, and unflinchingly and without
a
encouragement to
to
clarion
pushing the matter of pruning the
mapping out
can
Senator Harrison late last
substantial and influential group in
a
a
realize
and counsel together and cooperate
us,
political consideration work toward that end,
What is not yet clear
bloc in Congress.
economy
is how much it
week
that
is
will
confronting
Potentially by far the most important movement
foot
connected with the operation of Govern¬
partment,
appear
suspension of the activities of the WPA.
on
1939
ment, whether in the Executive or Legislative De¬
later sudden and practically total
a
11,
appreciate the difficulty of the task; but if
every one
Progress Administration by rapidly spending what
responsible for
Mar.
an
1940.
The item is listed
extraordinary
finances.
Some
or emergency,
such
pended regularly each
sum
or
year
for
more
a
a
regular,
on
national
as
drain
has
been
ex¬
good while past,
.
Volume
'
Financial Chronicle
148
'
'
and
'
•
*
there
continue
to
AdminisThen
Board, for which the
Social
the
is
President
Security
amounts
$350,500,000 (exclusive of
asks
credited
be
outlay indefinitely.
the
on
account
of
pensions),
old-age
*
,
apparently it is the intention of the
tration
to
■
$10,000,000 for the
1367
CentraQValley (California)
reclamation project, and many more in smaller
amounts. To the Treasury Department, $46,000,000
chiefly for emergency construction of public buildings. To the War Department $188,594,878, chiefly
old-age assist-, for flood control and river and harbor projects. The
total appropriations asked for this program come
to $598,457,528. And so it is throughout practically
the entire budget. To the question, "Where would
you begin ?" Congress might well reply:
"We will
begin at the beginning and not stop until we have
WPA ought to have the closest scrutiny.
Together reached the end." Once there is convincing reason
they come to $645,500,000. Radical reductions are
to believe that Congress is fully determined to do
in order as a preliminary step to their complete
precisely that, an "appeasement program" of real
abolition at the easliest feasible moment.
and lasting value will be under way, and no prophets
ehiefly for distribution to States for
their unemployment
compensation systems, and for aid to dependent
children; although for salaries and expenses of the
Board itself $22,500,000 is requested.
Here are
two items which along with the expenditures of the
Then
of
administration
for
ance,
comes
list of activities involving
a
subsidies
The President asks
for $132,544,000 for the Railroad Retiement Board,
chiefly for contributions to the Railroad Employees'Retirement Fund, although the Railroad Unemand Harry.
Dick,
Tom,
to
ployment Insurance
•
Administration Fund would get
$9,150,000 and salaries and expenses of the Retirement Board itself would amount to
$3,200,000.
The
United States Maritime Commission,
would be
granted $100,000,000 for its revolving construction
The heretofore politically untouchable Yet-
fund.
erans' Administration is due to
receive $557,078,800,
really ought not to be more than half that
the Farm Credit Administration wants
which
amount,
$18,691,000, chiefly for making crop
and to
harvesting loans,
Administration.
of the
penses
production and
the salaries and ex-
pay
The Rural Elec-
Administration is allocated
trification
$42,790,000,
and pay
The time must come when
understand that subsidies are never in
chiefly to make loans, purchase property,
administrative expenses.
shall
we
order—certainly not this type of subsidy.
if it
is
to
be unflinching
apply the axe now, even
stances is the case,
outlays.
the items listed do. not exhaust
course,
almost
though, as is in some inrepeal existing
it is necessary to
laws in order to reduce
Of
Congress,
politically, will begin to
interminable roll of special agencies
have sprung up
the
which
in Washington to sap the strength
The Civil Aeronautics
community.
of the business
Authority, the Employees'
Compensation Commis-
Communications Commission, the
Commission, the National Labor Re-
sion, the Federal
Federal Power
ComFederal Housing
and the Reconstruction Finance Cor-
Board, the Securities and Exchange
lations
mission,
the Tariff Commission, the
Administration,
which could well be studied closely
Many of them could be abolished
without injury to anyone except those favored few
who either draw salaries from them or are beneficiaries
poration are others
Congress.-
by
of
special favors in one way or
all
of
them
While most of them do not
sums,
are
another.
Practically
much less cost,
individually spend large
could be operated at
which they
Often the best way to
the aggregate of the outlays for
responsible is substantial
dollars is to begin with the pennies.
save
Now turn to what is
politely termed the General
Public Works Program.
Here are some of the items
listed.
To the
Department of Agriculture, chiefly
Department of
Interior, $82,423,500 to cover a long list of projects,
including $14,000,000 for a power distribution system
in the Bonneville Dam region, $23,000,000 for a
reclamation project in the Grand Coulee region,
for
roads,
$213,250,000.
To the
will be needed to proclaim it.
Federal Reserve Bank Statement
DANKING statistics this week show that there is
no halt in the steady upbuilding of idlejjbank '
resources, and only a dribling demand for accommodation. The monetary gold stocks of the country
continue their rapid upward climb, with the $15,000,000,000 mark now within sight. In the week ended
March 8, additions to the gold stocks amounted to
$35,000,000, and the total is $14,923,000,000.
Coupled with a heavy outpouring of funds from the
Treasury general account with the 12 Federal
Reserve banks, this made for an advance of member
bank reserve balances by $43,339,000.
Excess
reserve deposits of the member banks over legal
requirements ■ increased $30,000,000 to $3,410,000,000, It is likely that an interruption in this process
of steadily adding to reserves now impends, owing to
the income tax payments to be made next week, but
the halt will prove only temporary. The condition
statement of New York City reporting member banks
reflects an advance of only $2,000,000 in business
loans to $1,365,000,000, and it may be added that
this is illustrative of the countryrwide tendency,
Brokers loans on security collateral advanced $111,- ,
000,000 to $758,000,000, but this was clearly a
■ reflection of dealer activity in connection with the
exchange of Treasury notes due next June for three
other issues of obligations.
The Treasury reimbursed itself for most of its acquired gold by depositing $29,000,000 gold certificates
with the 12 Federal Reserve banks, raising the holdings of those institutions to $12,183,719,000. This
was offset in part by demands for currency, and total
reserves of the regional banks advanced $12,375,000
to $12,609,092,000. Federal Reserve notes in actual ,
circulation dropped $12,380,000 to $4,343,566,000.
, Total deposits with the regional banks moved up
$3,491,000 to $10,596,599,000, with the account
variations consisting of an increase of member bank
reserve balances by $43,339,000 to $8,984,989,000;
a drop of the Treasury general account balance by
D
$66,256,000 to $1,101,562,000; an increase of foreign
bank balances by $9,639,000 to $255,935,000 and an
increase
of other deposits by $16,769,000 to $254,- -
113,000. The reserve ratio again advanced, this time
to 84.4% from 84.3%. Discounts by the regional
banks fell $353,000 to $3,345,000. Industrial ad-
dropped $464,000 to $14,122,000, while commitments to make such advances were down $355,000
to $12,570,000. Open market holdings of bankers
bills were quite unchanged at $553,000, and holdings
of United States Treasury obligations were similarly
stable at $2,564,015,000.
vances
1368
Financial
Business Failures in
from the
usual
seasonal
month
latter
amount.
They
decrease
from
of 1938 than did
showed
the
greater
a
corresponding
January casualties.
This
consequence that
February failures in that
much
as
as
usual from
month's disasters numbered
rent
liabilities
of
963
year
January.
and
did
Last
involved
cur¬
$12,788,000 in comparison with
the
on
York
than
more
ably
Stock
more
debate,
rocked
Turnover in stocks
Exchange
500,000 shares
than 1,000,000
of
markets
of occasional advances
see-saw
following declines.
New
ranged
from
first session
Thursday.
*
of the
week, but they advanced mod¬
Tuesday and then proceeded in the mid¬
estly
on
week
session
good start
to
on
materially better levels.
After
a
Thursday, reports came from Chile of
proposal there to place heavy export taxes
a
the
Tuesday to consider¬
on
on
on
hardly
equities drifted slightly lower in the
a
tendency to rise in the beginning of 1938 with the
not decline
and
under
were
slowly higher
Prices
comparison is due to failures having had
Mat. u, 1939
thus
trends
February
COMMERCIAL failures in inFebruary declined
previous month
approximately the
proportional
Chronicle
on cop¬
1,263 failres and $19,122,000 liabilities in January;
per.
This unsettled the stocks of the great Amer¬
in
ican
companies with extensive mining interests in
February, 1938 1,149 firms failed for $21,028,000.
The five commercial groups into which the failures
divided had fewer failures in
are
the
month
same
similar
tion
1938
of
liabilities
comparison, except in the
failures, where there
The decrease in failures
uted
and
February than in
was a
a
of construc¬
case
moderate increase.
rather
was
showed
equally distrib¬
the various divisions of
over
enterprise; manu¬
facturing failures dropped to 177 with $4,985,000
liabilities
from 211 with
$10,139,000 a year ago;
retail disasters numbered 618 and involved
$5,251,000
liabilities, in comparison with 705 insolvencies
with
$6,622,000 liabilities
a
year
there
ago;
$1,322,$2,538,000 in February,
1938; 45 construction firms failed for $968,000 com¬
32 from
to
67
a
the
year
ago,
mond,
division
of
failures,
Reserve
Districts
a
Other Districts the amounts
Dis¬
year ago,
had
greater
while in all
ADVANCING tendencies again
the New York securities
on
irregularity developed
some
special considerations.
ward
activity
in
whereas dulness
There
the
was
more
traders
obviously
and
was
was
markets, al¬
times
on
a
the advance
modest
was
liquidation.
the watchword among both
investors, with the Washington
covery" drive the chief element
of
uncertainty.
"re¬
A1
though Secretary of the Treasury Morgenthau and
Secretary of Commerce Hopkins now are firmly
committed to Measures that
might aid business, it
is
by
cares
and
no
means
to encourage
reduced
that
such
New
President Roosevelt
measures as tax reduction
expenditures.
commentators
radical
counter
such
Federal
Washington
more
certain
Dealers
were
were
All
informed
agreed
that
endeavoring
influences at the White
the
anxiety.
The drive for economy and a more sensible
general
policy
a
may
among
hovered not much under the best figures of
which
certainty
such
were
appears
American
as
reached at the
as
in various
Congressional leaders is encouraging,
It is realized, however, that this
In the rail group
modest.
was
Among metal stocks, issues related to the Chilean
situation
dropped for the week, but
copper
com¬
panies with properties entirely within the United
States
ing
in keen demand.
were
noted
was
special
Good occasional
in merchandising, food
buy¬
and other
and the airplane issues remained
groups,
In the listed bond market the tone
with
Brazilian
Thursday
and
sensational
some
bonds, long
yesterday,
impasse that would make remedial
legislation difficult, owing to possible friction be¬
While national
was
generally
episodes
to
in default,
after
be
soared
announcement
of
sweeping trade and financial accords between the
Washington and Rio de Janeiro regimes.
in the
understanding is
debt service
on
a
The
Included
commitment by Brazil to
July 1, and Brazilian bonds
heavy transactions.
on
bonds also
were
in demand.
great group of medium-priced American rail¬
road liens continued their advance.
United States
Treasury and other high grade investment
were
in
high records
were
established.
markets movements
they
exercised
trend
were
of
were
securities.
Foreign
the
touched
New
Stock
on
the
dealings
Exchange 259
high levels for the
new
new
low levels.
stocks touched
On
York
new
Stock
year,
the
new
low levels.
stocks
while 17 stocks
New
York
Curb
high levels and 42
Call loans
Exchange remained
on
the
unchanged
1%.
On
the
the
New
York
half-day session
shares;
on
Stock
on
shares;
on
Exchange the sales at
Saturday last
Monday they
Tuesday, 568,330 shares;
on
exchange
'
York
Exchange 206 stocks touched
at
irregular, and
influence
quiet, with rates of all important currencies
touched
New
In the commodity
small and
little immediate
well maintained. J
On
media
persistent request and dozens of all-time
were
on
584,560
on
Wednesday, 1,049,040
Thursday, 1,357,965 shares, and on Fri¬
On the New York Curb Ex¬
Monday, 158,100 shares;
shares;
were
841,940 shares;
on
change the sales last Saturday
joined this upward
the advance
lead to
Congress.
A few issues,
groups.
day, 1,210,470 shares.
tween the Executive and
some un¬
Telephone, show wide gains, and
great degree.
an
start of
very
whole, however,
a
of the industrial leaders
most
to
House, and
the outcome of this contest is awaited with
to
while market
Other Latin-Americah
the rule this
at
Hundreds of
attained,
were
year
virtually doubled in price
tendency to¬
optimistic sessions,
usual when
interrupted by the occasional
Caution
were
degree
resumed yesterday.
was
the
For the week
resume
smaller.
were
The New York Stock Market
week
1939.
there
corresponding month of 1938.
Louis
amounts of liabilities than
though
averages
the year,
Dallas
St.
and
highs for
noted.
Federal
a
active.
in the other nine Districts fewer firms failed
Dallas
general list
favorable,
last month than in the
The
period
same
unsettled to
was
by this development, but the modest advance in the
February, 1938, in the Rich¬
over
Atlanta and
tricts ;
and in the
$262,000 from $967,000.
geographical
increases
were
in the small
group, failures dropped sharply
liabilities fell to only
In
a year ago;
The entire market
were
000 compared with 112 with
pared with 54 for $762,000
weak.
trend.
91 wholesale trade failures with liabilities of
commercial service
Chile, Anaconda, and Kennecott being especially
were
on
101,770 shares;
Tuesday, 125,870
Wednesday, 189.880 shares;
on
Thurs-
Volume 148
Financial
day, 229,625 shares, and on Friday, 227,415 shares.
Opening prices on Saturday of last week were
higher, but indecision later became a factor in trading and stocks eased in a gradual sort of a way to
close
the
brief
session
shares set the pace
mostly irregular.
Motor
early in the day, while aircraft
Chronicle
1369
.
Schenley Distillers at 17% against 17%, and National Distillers at 27% against 27%.
.The steel stocks show
a
mixed trend this week,
United States Steel closed yesterday at 64% against
64%
on
Friday of last week; Inland* Steel at 93
against 90%; Bethlehem Steel at 75% against 75%,
stocks made the worst
showing of all, with steel
and Youngstown Sheet & Tube at 50% against 50%.
stocks next in line.
Monday the market set out
In the motor group, Auburn Auto closed yesterday
On
with the best
at 4% against 4% on
victim of
Motors
prices
to
intentions, but soon found itself the
disinterestedness. Buying diminished and
the day disclosed net declines of fractions
on
and one-half
one
only had to
ket, but
a
cope
points.
The steel shares not
with the general state of the
further handicapped by indications of
were
reduction in scheduled steel
On
Tuesday
operations this week,
improved opening led to further
and by midday the losses suffered on Mon-
progress
day
mar-
an
Friday of last week ; General
51% against 50%; Chrysler at 85%
against 82%; Packard at 4% against 4%, and Hupp
at
Motors at 1% against 1%.
In the rubber
group,
Goodyear Tire & Rubber closed yesterday at 35%
against 34% on Friday of last week; B. F. Goodrich at 23% against
at 50%
22%, and United States Rubber
against 50%.
irregularly
The railroad shares were
changed the present week.
Pennsyl-
Reaction developed in the
vania RR. closed yesterday at 23% against 22% on
afternoon, cutting into previous advances, but despite this fact, while gains at the close were mostly
fractional, they greatly outnumbered* the losses,
Friday of last week; Atchison Topeka & Santa Fe
largely erased.
were
Strength returned to the market
after
an
overtures
on
the
up
The
numerous
to the present merely vocal)
part of the Government toward easing the
burden
have
(although
Wednesday
on
opening devoid of color.
of
business
and
industry,
creased
stocks
advanced,
issues up from one
turnover for the
to
to three
bound to
were
good effect marketwise, and
a
as
close
or more
interest in-
with
leading
points.
Sales
day was practically twice the vol-
of the
ume
previous session, running above 1,000,000
Equities on Thursday opened strong and
shares.
at 39
noon hour, when weakness
shares, induced by news of a pro-
gressive export tax to be exacted
ings in that country,
New York Central at 20%
Union Pacific at 102% against 102%;
Southern Pacific at 18% against 19%; Southern
at 12% against 12%.
Among the oil stocks, Stand-
ard Oil of N, J. closed yesterday at 50% against
49%
on
Friday of last week; Shell Union Oil at
14% against 13%, and Atlantic Refining at 22%
against 21%.
per
In the copper group, Anaconda Cop-
closed yesterday at 29% against 31% on Friday
of last week; American Smelting & Refining at 48%
against 46%, and Phelps Podge at 42% against
40%.
as
Trade and industrial indices remain inconclusive,
some trends are favorable while others reflect
recession.
Steel operations for the week ending
by the
having hold-
today were estimated by American Iron and Steel
on copper
Chilean Government from companies
;
Railway at 21% against 21%, and Northern Pacific
forged ahead until the
overtook copper
against 39%;
against 20%
Unsettlement followed in
Institute at 55.1% of capacity against 55.8% last
other groups,
and much of the ground made in early
week, 53.4% a month ago, and 29.9% a year ago.
trading
lost, and closing levels
average
was
were
below those of the previous session.
on
the
Yester-
Production of electric
March 4
was
power
for the week ended
reported by Edison Electric Institute
day firmness characterized opening prices, but with
the approach of noon-day profit-taking developed in
kilowatt hours in the previous week and 2,035,-
the copper
673,000 kilowatt hours in the corresponding week
shares, followed by weakening tendencies
in other groups
thus
during the remainder of the session,
at 2,244,014,000 kilowatt hours against
of 1938.
2;225,690,000
Car loadings' of revenue freight for the
With the
week ended March 4 were reported by the Associa-
steel and railroad* shares, equi-
tion of American Railroads at 598,691 cars, which
ties at the close yesterday were generally higher
represents a gain of 38,082 cars over the preceding
leaving prices mixed at the close.
exception of
than
some
closing prices
Electric closed
on
Friday of last week.
General
yesterday at 42% against 42%
week and of 45,799 cars over the similar week of
Friday of last week; Consolidated Edison Co. of
last year.
As indicating the course of the commodity mar-
New York at
kets, the May option for wfreat in Chicago closed
Elec. at
38
on
34% against 33%; Columbia Gas &'
8% against 8%; Public Service of N. J. at
against 36%; J. I. Case Threshing Machine at
yesterday at 68c. against 69c. the close on Friday pf
last week. May corn at Chicago closed yesterday
93% against 91%; International Harvester at 65
at 48%c. as against 49%c. the close on
against 63%; Sears, Roebuck & Co. at 76% against
last week.
Friday of
May oats at Chicago closed yesterday
74%; Montgomery Ward & Co. at 53% against
at 28%c. as against 29%e. the close on
52%; Woolworth at 50 against 49%, and American
Friday of
last week.
Tel. & Tel. at 167
closed
last
against 160%.
Western Union
yesterday at 23% against 23%
on
Friday of
week; Allied Chemical & Dye at 181% against
The spot price for cotton here in New York closed
yesterday at 8.40c. as against 9.08c. the close on
Friday of last week.
The spot price for rubber
176; E. I. du Pont de Nemours at 155% against
yesterday was 16.71c. as against 16.68c. the close
151% ; National Cash Register at 24% against 23%;
on
National
yesterday at ll%c., the close on Friday of last
Dairy Products at 16% against 15%; Na-
tional Biscuit at 28
against 26; Texas Gulf Sulphur
Friday of last week.
Domestic copper closed
week.
against 30%; Continental Can at 42% against
In London the price of bar silver yesterday was
40%; Eastman Kodak at 178 against 172 bid; Stand-
20% pence per ounce as against 20% pence per
ard
ounce
at 31
&
Brandy at 7% against 6%; Westinghouse Elec.
Mfg. at 117 against 113%; Lorillard at 23%
against* 23%;
Canada Dry
at 19
against. 18%;
the close on Friday of last week, and spot
silver in New York closed yesterday at
close on Friday of last week.
42%c., the
/
1370
In
Financial
the
transfers
of
matter
the
foreign exchanges,
London closed yesterday at
on
against $4.68 13/16 the close
as
week, and cable transfers
at
2.65%c.
affairs
Friday
on
reported also in French equities.
After
ENCOURAGING exchanges in the leading Eurotendencies were reported this
a
the market.
better international
and
of the earlier sessions
advance in the New York market also aided the
of
improvement in the United States is regarded
hopeful sign of world betterment.
a
ex-
market
modified
only slightly by profit-taking.
to its isolated status and
tions in
rumors
issues drifted lower.
0f
Berlin held
the
axis, and prices
despite
small
Rentes
the
the part
on
were
marked
the
for
basis
Thurs-
on
reports,
Rentes, French equities and international securities
drifted
all
slightly lower.
Rentes
were
in
up
a
quiet session yesterday, and French equities also
regarding plans for conquest by the totalitarian
reflected
regimes of Europe,
certain.
stock
markets
of
but they affected mainly the
smaller
countries.
The
opinion
gained adherents in London and Paris that international
appeasement aims
of realization before
many
on
this basis
the
selling.
tic.
will
achieve
a
degree
were
plain of
a
Stock
active
was
and
a
trade mission to
better the international
look."
Gilt-edged issues
dustrial
and
railroad
readily
international
on
in industrial stocks and the
uncertainty,
moved upward.
participated in
upswing
on
Wednesday ^
issues
were
generally better.
The
When
lected
resumed
marked
optimism,
on
Thursday.
advance
in
Gilt-edged
finally rallied.
issues
was
noted.
stocks
gains
virtually unchanged yesterday.
one month after the arrival in this
the Brazilian Foreign Minister,
of
country
Aranha, conversations of that eminent
announcement of sweeping arrange-
an
The real
apprehensions at Washington of encroachments
Dr.
Aranha
he arrived,
on
Feb. 9, the air
the Rio Grande.
was
thick with talk of
ognized
as a
and in view of the
were
regimes
were ree¬
distinct threat to American interests,
shortages of foreign exchange in
the several countries it
was
realized that the barter
method might prove ever more appealing.
Small
ever
re-
yesterday in gilt-edged and industrial issues,
while international securities improved under the
leadership of Brazilian bonds.
it
.
.
now
it is
What-
the motives and considerations may have
a
been,
is apparent that promising results will flow
from the long talks
1
**
in¬
Barter arrangements by the Reich
authorities with Latin-American
re-
was
were
prom-
was
German business penetration of countries south of
Good buying of inter-
gains
were
vited to Washington by Mr. Roosevelt, and when
corded
on any
ising Latin-American field.
gold,
London
but
by the totalitarian States of the world in the
materially higher, while industrial issues
wavered and
national
the
Thursday,
important scale. "The Berlin market
the
Gilt-
overnight reports from New York
was
Wed-
significance of the accord possibly is to be found in
chiefly to uncertainty regarding Anglo-American issues.
on
relations of the United States and Brazil.
also
and other mining issues reflected good supInternational securities were dull, owing
copper
port.
on
ments designed to increase the trade and financial
edged stocks remained in request, while British industrial
Nor
buying
ington by
reported
securities
continued.
and experienced diplomat were concluded in Wash-
Almost all sections of the market
an
improved
Dr. Oswaldo
commodity issues. After
international
was
material change in the situation
PRECISELY
In another
were
Only fractional gains
unquoted.
remained quiet and
1
Tuesday, gilt-edged securities ad-
sharply and sizable gains also
Dealings
prominent
many
Brazilian Conversations
Anglo-American favorites led the
to higher levels.
quiet and soft.
Tuesday that
,
at-
group
active session
-
on
tracted interest.
early
advanced
noted in most issues
registered in equities, and the dull
were
quiet, but British in-
were
were
German bonds still failed to attract
political and business out-
and mining securities likewise
good demand,
vanced
Germany is expected to
stocks
Monday its idle
mostly small.
higher in the initial session of the week, partly be-...
cause
un-
gains in stocks, while fixed-income securities were,
neglected and mostly lower.
The tendency was
slightly
Exchange
were
Small* losses exceeded the equally small
nesday.
com-
lack of skilled workers in its Government-
London
were
on
drift of the bond section
financed work program.
The
remained
there any
The French business picture is improving
to
modest
and losses
sharp increase of unemployment recorded in Janu^
so
issues
drop of 142,000 in these tabu-
lations, to 1,897,000, which wiped out most of the
ary.
on
issues
only slightly varied levels, from day to day.
interest securities
optimis-
steadily, and the German Reich continues
Boerse resumed
Only fractional changes
Unemployment statistics in Great Britain for
a
International
during the initial trading period of the week. Fixed-
buying orders for securities exceeded
are more
demand.
Berlin
The
drift to
months have passed, and
Business trends also
February reflected
-
Profit-taking
Rumors circulated
Rome-Berlin
lower
in circulation
were
small.
were
day of fresh international adventures
were
Toward the end of the
again
once
not sustained on Wednes-
idle, while French equities and international
were
reported only minor varia-
prices of securities.
week, wild
as
The London
sessions, and advancing tendencies at Paris
The active trading
group.
was
developed in various groups of securities.
particularly optimistic in almost all
was
international
day, but price changes
indication
any
the
registered in French equities
were
atmosphere the obvious occasion for the advancing
Reports of the well sustained
moderately better, while
were
larger advances
prices of securities.
changes in London and Paris, for
ex¬
0f the Spanish struggle brought good buying into
Rentes
stock
on
financial centers, with
few
a
uncertain opening on Tuesday,
an
levels again were advanced in Paris. The prevail¬
ing belief that a sensible settlement will be made
European Stock Markets
week
Mon-
on
Foreign ob-
ligations joined the upswing, with only
ceptions.
pean
good tone
a
Rentes showed strength and good gains
advance.
were
of last week.
the Paris Bourse
gave
day, with virtually all issues participating in the
Paris closed yesterday
on
against 2.65 l/16c. the close
as.
Mar. n, 1939
Confidence in the development of international
cable
$4.69 3/16
Friday of last
on
Chronicle
with the Brazilian visitor, and
reasonable surmise that further invitations
..
K
volume
will
states-
and Exchange Commission a registration statement
exchange of communications, as summarized
$3,000,000 of separate coupons, in further tempo-
be
extended
An
Latin-American
other
to
for conferences in
men
1371
Financial Chronicle
148
by the State Department
talks
on
termination of the
dication of the actual accomplishments.
of mutual interest
area
action
of
of
matters
The Brazilian
reached.
cooperation
balance of international
differences
on
The
are
not con-
the huge American holdings of German
Direct obligations
of the German Government are not
by
conditions in
United States citizens under normal
origin.
taken suggests that on the German side,
securities affected by the plan.
relating to commercial
transactions and to "investments made in Brazil
and
to make funding obligations available, in lieu of
interest,
were
foreign exchange market is
to be freed of its restrictions
bonds
sidered serious enough to interfere with an effort
Important decisions on
mutually beneficial
now
at least, the governmental
possible collaboration carefully explored, the State
Department made clear.
funding
corporate dollar bonds of German
All topics
discussed and the
were
3%
adjustment of the default on municipal and
rary
Thursday, provides the most reliable in-
on
$70,000,000
covering
Washington.
affected, of
since modified interest in dollars steadily
is being paid.
Nor is there definite indication, as
course,
„
payments."
yet, of treatment to be afforded holders of Austrian
improved exchange. situa-
Government 7% dollar bonds, for this issue was
tion, the Export-Import Bank will extend appropri-
omitted from the long list of securities to be "serviced" by the funding bond plan. But German and
the Brazilian
In order to facilitate this
ate
acceptance credits to meet amounts due Amer-
ican
exporters for imports from the United States.
The
Export-Import Bank, moreover, will also act in
with the exception of
the
easing of future trade relations, especially in
the
importation of products designed to improve
special arrangements were found advisable by the
German authorities, now are to be subject to discharge of coupons for the two-year period Jan. 1,
BraziPs
transportation facilities and the develop-
1937, to Dec. 31, 1938, by dollar-for-dollar exchange
for funding bonds with 3% interest, due in 50 years,
With
United States.
an
obvious eye on the Amer-
thus will be aided in
of
exporters
of the Securities and Exchange Commission, owing
to assumption of the obligation by the German Gov-
perhaps indicates that rubber production is
to be stimulated in the
indigenous. "
country where this plant is
from July 1,1934, to Dec, 31,1936, an extended
and somewhat acrimonious discussion between the
divulge the amount and nature of certain govern-
bank, and our Treasury Department is now
to lend
Roosevelt, it was
obligations of an internal nature in the
mental
registration statement.
The upshot was a Commis-
Presi-
sion announcement early in March, 1937, permitting
disclosed, is prepared to
the registration statement to become effective de-
appropriate assistance to that end.
recommend that
Congress place at the disposal of
spite criticism of "certain deficiencies,"
In taking
gold up to the amount of $50,000,000 to serve
this attitude the SEC made the best of a bad situa-
possible supplementary assets in case of need,
tion, which has shown no improvement since its
Brazil
any
such amount to be repaid from the future pro-
duction of Brazilian gold.
Senhor Aranha
It
was
noted also that
engaged in discussions with the For-
eign Bondholders Protective Council, Inc., relative
to
pons
Brazil
highly important and significant.
are
reserve
as
When a similar registration statement
filed in 1936 to cover the plan for funding cou-
have taken place, because the Germans refused to
long has desired to organize and operate a central
dent
was
SEC and the German authorities is Imderstood to
Y
Y
ernment.
strictly financial arrangements contemplated
The
also
products,
agricultural
tropical
i
;
The debt service plan is subject to the approval
extending the market for their
Expert aid is to be given Brazil in the
development
fully guaranteed by the German Government.
the State Department
notes that American manufacturers arid
which
few securities on which
domestic, undertakings designed
ican reaction to these moves,
products.
a
productive capacity and trade with the
ment of her other
to increase
Austrian municipal and corporate issues generally,
the
Brazilian
of
status
dollar
bonds
totaling
criticism was issued.
Taking all aspects of the
matter into consideration, the attitude of the German
authorities now is less unreasonable than many
observers anticipated.
ican investors can
Since the interests of Amer-
best be served by expeditious
an-
approval of the registration statement, it is to be
nouncecV it was stated, that his country intends to
hoped that the Commission, on this occasion will
payments
content itself with a brief reference to the previous
accordance with a
arrangement, the details of which will
controversy and an unchanged view of the situation,
made
such
on
transitional
be
Brazilian
July 1, 1939, interest and amortization
on
resume
distinguished
The
$357,000,000.
known
,
debts
in
following his return to Rio
Dr. Aranha held out the, hope
Janeiro.
of
cle
a perma-
This suggestion is not to be construed as condoning
the German foreign exchange policy and the default
on
municipal and corporate bonds which it entails,
reasonable general attitude on the part of
nent debt settlement, based on foreseeable improve-
A
ment in
the German authorities doubtless would make pos-
foreign commerce, on an equitable and satis-
after expiration
basis,
factory
In
arrangement.
it
was
of the temporary
supplementary communications
indicated that the advances to be made for
trade-clearance
Bank of
are
sible larger German exports and a greater ability
to pay.
Such general considerations ought not to
with prompt approval of the
interfere, however,
Export-Import
registration statement and the amelioration it will
not to exceed $19,200,000.
afford, however modest, of the plight of American
by
purposes
Washington
more
the
holders of the German bonds concerned in the cou-
German Dollar Bonds
pon
REASSURING, in view United cool diplomatic
of the States and Ger-
Foreign Policy
relations between the
many,
and the admitted difficulties of the German
economic
situation, is the action taken by German
authorities
on
Tuesday in filing with the Securities
funding plan.
|V /l ORE confusion and uncertainty appears to
1V1
exist in Washington with regard to the for-
eign policy of the Roosevelt Administration than
Financial Chronicle
1372
respect to the immediate domestic policy, if
with
that is
Fresh pronouncements again can
possible.
recorded, but they reflect nothing more than an
be
unwillingness
make any
the part of the Administration to
on
kind of definite statement, or to hare its
subjected to any kind of congressional of other
controls. Mr. Roosevelt made an important speech
acts
to
Mat. 11, im
Germany of their respective Ambassadors is called
to mind
by the Russian incident, but parallels am
difficult to
cided to
is
draw, for Mr. Roosevelt now has de¬
less autocratic than
no
tolerant of
religious
Germany, and
that
no more
other liberties.
or
European Diplomacy
joint session of the Senate and the House, last
a
full relations with a country
resume
He also remarked that "where
Saturday, in which he extolled American traditions.
democracy is snuffed
SENSATIONAL rumors continue to circulate re¬
garding the possibility of
large-scale war in
out, where it is curtailed, there, too, the right to
Europe* but the actual trend seems at present to be
worship God in one's own way is circumscribed or
toward
abrogated."
Shall
we
by our passiveness, by
our
silence, "lend encouragement to those who today
persecute religion
or
deny it?"
Mr. Roosevelt
emphatic "No." In so far
asked, and he supplies an
as
the sentiments of Americans
individuals
as
are
a
relatively quiet and reassuring conditions.
It may be argued that
this is merely the lull before
storm, and in all likelihood there will con¬
another
tinue to be
highly disturbing developments in the
diplomatic affairs of Europe.
But the
enced observers in London and
more
experi¬
Paris, with the best
concerned, the President unquestionably voiced the
Foreign Office connections, are more inclined to
prevailing views entertained here.
believe that the
The problem
re¬
mains, however, whether official action is to be
based
considerations of this nature. * A defense
on
of the Administration
last
foreign policy
was
essayed
Tuesday by Senator Barkley, and there is
to believe that the
reason
reflected.
were
The
said, not only to
every
ideas of Mr. Roosevelt
policy is designed, Mr. Barkley
preserve
peace
in the Western
unless
danger of another world war is over,
factor in this
situation is the
tion of British and French
continue to
to
at the
arm
ever
policy.
greatest possible speed, and
Hore-Belisha
Leslie
tary
House of
informed
to France in the event of war.
was
democracy," which is precisely what
not done when the
bark
foreign crusade in 1917.
a
on
country was induced to
laws currently are under
em¬
The neutrality
attack, and in
many re¬
in aerial
Parliament
this
for
was
The
purpose.
sive "moves
cise and
a
demand for
intelligible statement of policy
on
a pre¬
the part
from
with
warm
and
Russia
ness,
The
have
recognition early in his first term.
assumption
coolness has
seems
justified that
degree of
a
prevailed of late, for the post vacated
by without
any stern
demands
Spanish problem remains
unsettled busi;
Here also the opinion is spreading that
adjustments
be carried out without resort to
can
General Franco, it is thought
general hostilities.
in
as
both internationally and from the purely Span¬
ish aspect.
occasionally cool since President Roose¬
velt extended
by the totalitarian Powers less likely,
Germany for colonies or from Italy for French
The
DIPLOMATIC relations of the United States
Soviet
been occasionally
of
territory.
of the Administration.
Relations with Russia
huge expenditures
formidable increases
Anglo-French defenses clearly are making aggres¬
and weeks now go
might well be accompanied by
men,
Thursday, Air
increases, when the British
arms
asked to approve
spects it must be admitted that they are indefen¬
repeal of the laws, or their amendment,
On
Secretary Sir Kingsley Wood reported excellent,
progress
sible.
But
British
to send 19 divisions, or about 300,000
proposes
begins to sound uncommonly like "making the
War Secre¬
the
Commons, Wednesday, that the Cabinet
preservation of peace in other parts of the world."
world safe for
closer integra¬
Both countries
plan for mutual military operations.
Hemisphere, but to "make some contribution to the
This
One important
explosive incidents occur.
London
and
Paris, quite probably will be
an
ardent advocate of the withdrawal of Italian "vol¬
unteers" when his conquest
troops
are
is completed.
Italian
being moved in numbers to, Libya, where
by Joseph E. Dayies, last May, was permitted to
they conceivably might be handy for an expedition
remain
against French Tunisia.
vacant, and the Russian Government took
the
step of keeping Ambassador Alexander Troyanovsky in Moscow since last summer. It was made
known in
Washington, last Saturday, however, that
this situation will be
adjusted
soon
through trans¬
Diplomatic inquiries
are
reported to have been made on Thursday by the
British Government
as
to the
significance of this
movement, but it seems thai the Italian Govern,
inent
was
at least
equally concerned about British
fer of Laurence A. Steinhardt from the American
troop movements to Egypt for the annual Anglo-
Embassy in Peru to that in Russia.
Egyptian
presages a
sian
not
Whether this
resumption of negotiations with the Rus¬
Government
on
So far
yet clear.
debts and other
as
the public
questions is
was
the confidence of the Administration
taken into
on
this mat¬
and the
The
Central
in Warsaw
sion
advance to the Czarist
on
regime
the old American
was
sible for whatever coolness existed.
on
this
no
faintest sign of a reasonable
respon¬
The evidence
point is far from clear, for there has been
debt attitude
Belgium
chiefly
or
on
the part
intergovernmental
of Great Britain, France,
various other European obligors, other
Hungary, but this has not been
than Finland and
were
exchanged,
Eastern
European problem
The Rumanian
re¬
Foreign Minister,
Gregore Gafencu, conferred with Polish authorities
make
reasonable settlement
and
mains uncertain.
ter, it appears that the Russian unwillingness to
a
Assurances
war games.
atmosphere was reported greatly improved.
over
prevailed
the last
on
week-end, and the impres¬
Monday that the alliance between
the two countries had
disclosed in London,
been
strengthened.
It
was
Tuesday, that the Polish For¬
eign Minister, Josef Beck, soon will visit Great
Britain
for
conversations
with
Chamberlain and his associates.
axis
Prime
Minister
The Rome-Berlin
preferred toV/see in the visit a move by Poland
to
permitted to interfere with diplomatic relations.
gain colonies, but it seems more likely that the
visit will concern the effort by Poland to maintain
The
a
pointed withdrawals by the United States and
delicately neutral balance.
There were few
re-
Volume
Financial
148
flections this week of the German pressure on
Balkan
the
States, but this is doubtless due to the cur¬
rent search
by the Nazis for
to increase their
means
cial
Spanish Complications
tween
in
this
discussion
under
were
in Spain, for peace terms
progress
week, and in revolt
harassed
the
The
Chinese.
provided
China with
United
$25,-
a
through the
months ago,
several
Export-Import Bank.
Since closely paral¬
are
being pursued in London and Wash¬
was
generally anticipated that a corre¬
policies
ington, it
ONLY in aloyalists and insurgents civil war be¬
technical sense can the still be re¬
as
for
Government
000,000 credit
lel
garded
aid
States
official
exports.
1373
Chronicle
sponding credit would be forthcoming from Eng¬
land.
Precisely similar action
taken in London
was
Wednesday when Chancellor of the Exchequer
on
Sir John Simon announced
a
£5,000,000' credit for
against the impending surrender some of the forces
support of Chinese currency, the advance to be made
within
by private banks with indemnification by the Treas¬
the
ranks
loyalist
rebelled against
There are, moreover, new
leaders.
their
leaders for the
loyalist regime, as the absent Premier, Juan Ne-
grin,
replaced last Sunday by a National De¬
was
fense Council headed
by the Madrid military com¬
Dr. Negrin
mander, General Segismundo Casado.
about this change from his refuge
had little to say
in
Paris, but the coup generally was regarded as
due to
ist
plans for continuing the war with commun¬
aid, said to have been entertained by the deposed
General Jose
Premier.
day
Miaja
was
named on Mon¬
the President of the new National Defense
as
Council, with obvious powers to negotiate terms of
surrender
"We
Franco.
eral
the
to
insurgent
are men
of
General,
Francisco
goodwill and honor," Gen¬
"We
Miaja said immediately after his election.
We want
such a peace while others want to continue this
fratricidal strife; and we hope that after this war
want peace,
but
a
worthy peace.
.
.
.
Spaniards will enjoy prosperity and will not be
drawn into
This
quarrels."
move
was
Although officially
against loss.
ury
this credit
move,
direct aid to the Chinese
ican credit
said
was
London
a
"The credit ranks,"
dispatch to the New York "Times,"
"as Great Britain's most
mate
spectacular move to check¬
Japanese aggression in China since the out¬
break of hostilities."
paign
The Japanese military cam¬
this
stimulated
was
carious the hold of the invaders upon a
of the
conquered territory.
troop
movements
Usual but still
the
in
were
were
bombings
inland
of
of
on
Tuesday, by a
Communist groups are said to
attempted the coup d'etat, which brought most
the
loyalist
army
in the Madrid area to the
prompt defense of the new Council.
Bitter street
Spanish capital,
by Thursday the rebel faction of the loyalist
fighting followed in the former
but
side
had
been
brought
under control.
Loyalist
trenches that
defended the city against General Franco and his
insurgent forces, but no advantage was taken by
the insurgents of this situation, possibly because
troops were withdrawn even from the
negotiations already were sufficiently ad¬
peace
vanced
Franco
make such action inadvisable.
to
city for
prove necessary.
any
an
The
attack, if such a move should
The chances are altogether against
real resumption
ties.
Genera]
continued, however, to arrange his troops
around the
of loyalist-insurgent hostili¬
loyalist fleet of 11 warships steamed on
India
RELATIVELY little has been heard in recent
of the nationalist movement in India,
but events of the last few
its
force
is
which
one
days make it clear that
the
A
Rajkot brought the nationalist leader,
Mohandas K.
Gandhi
Mr.
with
Gandhi,
"blockade" of
only be regarded as precautionary.
cruiser Devonshire stood
of the
The British
by, off the loyalist coast
Mediterranean, and it was well understood
that the vessel will take General
of his associates to
<
a
Miaja and
few
respect to the personnel of a committee for
appointed by the ruler of the State, Thakore
Saheb.
The nationalist
started
a
(r
Sino-Japanese War
now
in the 69th year,
in
sup¬
port of his demand for a greater degree of popular
Throughout India inter¬
on the situation
brought into the limelight, and reports that,
government in the State.
est
immediately
thus
Mr. Gandhi
among
was
was
concentrated
weakening began to occasion unrest
the teeming millions of the country.
vention in this
Inter¬
dispute finally was found advisable
by the British Viceroy, the Marquess of Linlithgo,
who
provided assurances that matters which could
these
adjusted would be referred to Sir
Gwyer,
assurances
Gandhi
broke
ascetic life.
be
Chief Justice of India.
extended
were
fast
his
and
on
When
Tuesday, Mr.
resumed
his
normal
The incident remains instructive as
illustration of the
ease
an
with which minor items can
magnified into a national problem in present-day
is
India.
It
repercussions, for Mr. Gandhi was invited
to
New Delhi
for conversations
with the Viceroy
Foreign Money Rates
which
especially important this week, but this was more
possible that the incident will have
and other officials.
MILITARYJapan forced upon China were war
developments of the undeclared not
than offset
leader,
"fast unto death" late last week,
further
a
haven in France.
'
again into prominence.
reforms
Maurice
what was
loyalist ports, but this measure can
once
apparently felt alarm or discontent
Bizerta, to be disarmed and interned.
thereafter
consideration in
dispute regarding reforms in the diminu¬
tive State of
not otherwise be
Insurgent
termed a
Government
British
global view of Empire and international prob¬
lems.
Tuesday into the French Tunisian naval port of
worships started
Chinese
cities.
must continue to take into careful
war.
few
further reports of
in
civil
a
Valley.
years
followed, early
attempt on the part of extremist elements
Madrid to seize control and force a continuance
the
vast part
also
Yangtze
upper
harrowing
airplane
Japanese
There
this
of
particularly
week,
against the Chinese guerrilla bands which make pre¬
curious
have
monetary
defense, quite as the Amer¬
recognized.
so
a
recognized everywhere as
was
by fresh indications of the intention of
IN bills Friday market discount rates9-16% on
LONDON open 9-16% as against for short
provide slightly disguised finan¬
Friday of last week, and 9-16% for three-months
Western Powers to
on
were
Financial
1374
bills
against
as
Money
9-16%
on
Yi%- At
market rate remains at 2J^% and in
call at London
on
Friday of last week.
Paris the open
Friday
on
was
Switzerland at 1%.
rates
Present
banks.
3,083,000,000 francs, while the items of bills bought
abroad and advances against securities
any
rates
the
at
leading centers
The Bank's gold holdings showed no
change, the total;
are
shown in the table which follows:
The
now
being 87,265,829,350 francs.
proportion of gold
hand to sight liabilities
on
62.91%, compared with 48.25% last year
stands at
and
54.90% the
Below
before.
year
various items with
BANK OF FRANCE'S COMPARATIVE
Date
vious
Established
Rate
Effect
Mar 10
Country
furnish the
we
comparisons for previous years:
STATEMENT
Pre¬
Rate in
Pre¬
Rate in
Country
registered in¬
and 170,000,000 francs,
of 3,000,000 francs
respectively.
Foreign Central Banks
THEREdiscount noof
have been changes during the week in
of the foreign central
the
Mar. n, 1939
752,000,000 francs and creditor current account8
off
creases
Rates of
Discount
Chronicle
Date
cious
Established
Rate
Effect
MarlO
Changes
for Week
Mar.
Holland
Argentina--
3X
Batavla
—
4
July
1 1935
Belgium
—
2H
Oct.
27 1938
.
2
2 1930
Dec.
Hungary-..
-
3
4
Aug. 29 1935
India...
1 1936
3
Nov. 28 1935
IX
*X
3X
May 18 1936
5
...
4H
Italy
7
Bulgaria—
6
Canada
2H
Aug. 15 1935
Mar. 11 1935
Chile
3
Dec.
16 1936
4~
Java
4
July
18 1933
6
Lithuania-
3.29
3.65
Apr.
6 1936
Jan.
14 1937
5
July
1 1938
5X
Morocco
6H
May 28 1935
*X
a
Francs
holdings
.
87,265,829,350 55,806,841,281 57,358,742,140
10.439.341
19,625,550
*14,786,507
French commercial
Jan.
1 1936
3M
Norway
5 1938
4
Jan.
2 1937
5
Poland
3X
*x
Jan.
4
>-
Dec.
17 1937
5
8,030,328,137
1,309,608,886
3,844,677,934
Note circulation-_
+2,993,000.000 114154000.000 94,220,611,535 86,977,826,030
Credit current accts. —3,083,000,000 24,551,000,000 21,447.246.647 17,495,621,780
4
Portugal—
4
c
Czechoslo¬
vakia.
Danzig
.
Aug. 11 1937
4H
May
May 15 1933
*X
4X
Spain
5
July
5
Sweden
2X
Dec.
1 1933
Switzerland
IX
2
Yugoslavia.
5
Feb.
30 1932
3X
Rumania
June 30 1932
2H
South Africa
Estonia..,."
4^
Oct.
1 1935
6
Finland
4
Dec.
3 1934
4H
2 1939
Jan.
2
France
_
4
_
Greece
Sept. 22 1932
5
6
Germany
Jan.
4 1937
+ 170,000,000
3
Nov. 25 1936
June
2
-
5 1938
15 1935
1 1935
7,013,000,000 11,049,231,498
826,639,810
748,000,000
3,486.000,000 3,852,194,709
—752,000,000
+ 3,000,000
b Bills
„
3X
23 1939
3
England
3H
bought abr'd
Adv. against secure.
bills discounted--
4
3H
Feb.
Eire
Denmark
Temp. advs. with¬
out int. to State._
No change
Propor'n of gold on
hand to sight Uab.
*
6X
20,627,000,000 32,703,974,773 20.072,095,857
+ 0.04%
r'
7
62.91%
54.90%
48.25%
Figures as of Feb. 16,1939
b Includes bills discounted abroad
c In
revaluing the Bank's gold under the decree of Nov. 13, ldfB* the
the Bank's books representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-interest bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold, 0.9 fine, per franc), under the
decree of Nov. 13, 1938, was effected in the Statement of Nov. 17, 1938; prior to
that date and from June 20, 1937, valuation had been at the rate, 43 mg. gold, 0.9
fine, per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc; and before Sept. 26, 1936, there were 65.5 mg. of gold to
a
Includes bills purchased in France,
the process of
three entries on
Bank of
England Statement
THE statement £341,834 in bullion holdings 8partly,
shows
reduction of for the week ended March
a
the franc.
Bank of Germany Statement
explainable, it would seem, by the decline in the ster¬
ling price of gold from 148s, 5d. on March 1 to
148s.
2y<i&.
of last
March 8.
on
week, the Bank
As explained in
now
our
issue
revalues its gold holdings
from week to week on the basis of current
market
As the gold loss was attended by an
quotations.
£729,000 in circulation, reserves de¬
Public deposits fell off £195,000
expansion of
creased £1,071,000.
other
and
deposits
and £745,242 from
reserves
30.8%
a
£13,682,368.
£12,937,126
amount,
to
was
Of
the
from bankers'
other accounts.
deposit liabilities
rose
latter
accounts
The proportion
to 33.1% from
week before and compares with 29.4% last
Government securities decreased £9,800,000
other securities £2,992,931.
Of the total reduc¬
year.
and
Afar. 5, 1937
Francs
3
Colombia
of
Mar. 3, 1938
Francs
No change
Gold
Credit bals. abroad
3
Japan
Mar. 2, 1939
Francs
securities, £2,989,929 was in discounts
tion in other
and £3,002 in securities.
and advances
Below
we
THE statement for inthe first quarterofof March
showed
decline
note circulation
201,500,a
,
000
down to
a
recorded
tions
We have added a new line show¬
current statement,
marks,
277,700,000
gold holdings remained unchanged at
Bank's
The
70,772,000 marks, compared with 70,771,000 marks
a
An
and 67,280,000 marks two years ago.
year ago
of 200,000 marks, in silver and other coin of 1,960,000 marks,
in investments of 6,900,000 marks, in other assets of
increase
appeared in
reserve in foreign currency
6,999,000 marks and in other liabilities of 6,264,000
with
years.
of
decreases
22,500,000 marks and 78,100,000 marks, respectively.
current week and for
preceding
Bills of exchange
checks, advances and other daily maturing obliga¬
marks..
ing the price of gold in London as of the date of the
aggregated 5,086,154,000 marks and the
before 4,620,990,000 marks.
year
show the different items in the Bank's return for the
corresponding weeks in the four
Notes in circulation
7,737,300,000 marks.
year ago
and
the total outstanding
brought
which
marks,
The
reserve
1.49% last
Following
ratio is
year
now
at
0.99%, compared
and 1.56% the previous year.
the different items with comparisons
are
for back years:
and the statutory price for the
REICHSBANK'S
COMPARATIVE STATEMENT
previous years.
BANK OF ENGLAND'S
Mar. 8,
1939
Changes
COMPARATIVE STATEMENT
Mar. 9,
1938
Mar.
10,
1937
Mar. 11,
1936
Mar.
13,
1936
No change
Gold and bullion
Of which depos.
479,177,000 479,260.216 464,475,109 404,537,294 378,919,814
abr'd
Bills of exch. and checks
Public deposits
Silver and other coin...
Other deposits
Advances
11,448,000
12,571.734
16,057,487
14,238,842
8.446,526
133,228,242 150,370,925 131,494,177 127,633,436 148,773.091
Bankers' accounts.
91,569,588 108,372.856
97;423,947 114,279,741
93.826,734
Other accounts.__
35,804,295 36,091,184 37,667,443 36,063,848 40,400,235
Govt, securities
89,246,164 105,221,164 90,074,300
78,579,966 84,771,044
Other securities
25,754,851 27,997,323 26,544,630 24,736.213 16.ie6.090
Dlsct. & advances.
3,359.561
9.944,617
5,705,807
4,245,537
6,524,744
Securities
22,395,290 21,472,579 22,299,0 3
14,791,596 10.910,193
Reserve notes & coin
74.085.444
47.895,000 47,972,032 50,099,122
56,820,120
Coin and bullion
227,073,826 327,232,248 314,574,231 201,3 57,414 193,005,258
Proportion of reserve
to liabilities.
33.1%
47.12%
40.05%
29.4%
33.70%
2%
Bank rates
2%
2%
2%
2%
Gold val. per fine oz_ 148s. 2^d. 84s. 11 Xd. 84s. 11 Hd. 84s. 11 Hd. 84s. U Hd.
t
Investments.
70,772,000
No change
10,572,000
+200.000
*
—277.700,000 7,083,700.000
179,472,000
+1,960.000
37,900.000
—22,500.000
965.000,000
+ 6,900,000
,
+ 6.999,000 1,539,756,000
Other assets....
Other dally matur.
obllg.
Other liabilities
Propor'n of gold & for'n
curr. to note clrcul'n.
a
carried
Notes in
a year
ago
taled 94,220,611,535 francs and on Sept. 29,
to¬
1938,
figure stood at 124,428,000,490 francs, the highest
record.
French commercial bills discounted fell
Money Market
bill and commercial paper
were
at par
costless.
days, last Monday, and awards
for the great bulk of the issue and at
99.999 for 4%
but
Bankers'
dealings remain minute.
Treasury sold another issue of $100,000,060 dis¬
count bills due in 91
on
1.56%
money
standing
the
1.49%
along from previous weeks.
The
corresponding period
0.99%
+0.03%
2,993,000,000 francs, which brought the total out¬
circulation the
67,280,000
18,460,000
20,333,000
5,648,000
5,381,000
5.371,223,000 4,515,302.000
188,180,000
151,965,000
51,254,000
43,276,000
519.367,000
394,547.000
901,067,000
850,120,000
—201,500.000 7,737,300,000 5,086,154,000 4,620,990,000
659,265,000
811,014,000
—78,100.000 1,027.200,000
344,290,000
347,138,000
454,104,000
+6,264,000
New York
New
THE statementexpansion inended March 2 showed
for the week note circulation of
further
114,154,000,000 francs.
70,771,000
1937
Reichsmarks
Liabilities—
Notes in circulation
were
to
5,700,000
1938 Mar. 6.
Reichsmarks
H ARDLY any businessmarket, and rates merely
was done this week on the
York
Bank of France Statement
up
7, 1939 Mar. 7,
Reichsmarks
Reichsmarks
Asscts—
Res've In for'n currency
Circulation...
Mar.
for Week
of the bills, making the borrowing all
Call loans
on
the New York Stock
Exchange held at 1% for all transactions, while
Volume
Financial
148
time loans continued at
1%% for maturities to 90
Financial London
use
New York Money Rates
Stock
ruling quotation all through the week for both new
The
and renewals.
market for
time
money
reported
were occasional renewals at rates previously reported.
Rates continued nominal at 1%% up to 90 days and
1%% for four to six months maturities.
The market
for prime commercial paper has been stronger this
week.
Paper is more plentiful and the demand has
been good.
Rates are unchanged at %@%% for
The
quiet.
all maturities.
only transactions
has broken with tradition
fluctuating market
smaller each week. There has been
Dealers' rates
change in rates.
reported by
as
the Federal Reserve Bank of New York for bills up
and
including 90 days
are
J/£% bid and 7-16%
asked; for bills running for four months 9-16% bid
and
J/2% asked; for five and six months, %% bid
and 9-16% asked.
York
The bill-buying rate of the New
Bank is
Reserve
1 to 90
J/£% for bills running from
remain unchanged at $553,000.
regarded
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount rates
following is the schedule of rates now in effect
various
classes
of
at
paper
the different
currency
gold standard
Issue
may never
Hitherto gold in the
again function in its entirety.
from
It is believed there
management.
that the former automatic
Department has governed the note issue, but
now
on
it would
seem
determine the amount of
that the note issue will
It is recognized that
gold.
price of gold
necessarily be similar to the fluctuations in the
issue, but it is also clear that the Bank must be
left free to increase
buys
decrease its note issue
or
DISCOUNT RATES OF FEPERAL
London insists that
Great
Britain
will
sound
currency
in
need not be feared that
it
depart from those
way
any
principles to which it has always
adhered, but that the old rigidity is
new
conditions created by
automatic
gone
due to the
the divorce from the fixed
gold standard, the establishment of the
huge exchange fund, and the disturbed state of world
currencies.
The
new
while ingenious,
steps taken,
an
seem
stabilization in the form of free
redemption of notes
gold coin. Nevertheless the daily range of exchange
quotations in the
limited.
past weeks has been extremely
The range on any one
so narrow as
day this week has been
to make merchants' calculations
RESERVE BANKS
Date
Philadelphia..
IX
1X
IX
IX
IX
IX
IX
Richmond
—
■
Chicago
St. Louis
Minneapolis
IX
—
—
-
.
IX
-
IX
San Francisco
Course of Sterling
IX
2
.
could be
2
\
authorities to
Commercial
2
factors
are
also playing an important
The
by the British
contributed to the
catastrophes, rates should favor London. The tourist
season will exert its strengthening influence within a
It
few months.
of
seems
improbable that the number
foreign visitors to Great Britain
totals of 1938 and of course not
many
and
years.
traffic will exceed
Not including visitors from
Belgium or;overseas
$4.68 11-16 and $4.69 3-16 dor bankers' sight bills,
will reach the
the extreme high of
1937, but nevertheless the tourist
that of
France
a range
has
been
with
a
between
range
of between $4.68 9-16 and
The
British subjects,
$4.68% and $4.69%, compared
1
change in the gold holdings of the Bank of
England due to the revaluation of the Bank's gold
the basis of current market price as disclosed in its
on
statement for March 1 was mentioned here last week
and in the
ment
on
holdings
resume
page
are
of the Bank of England's state¬
1214.
reported
valuation is 148s.
2J/£d.
This week the Bank's gold
as
totaled 403,215.
357,255 in 1938 and 333,815 in 1930.
The
for cable transfers
of between $4.68% and $4.69 7-16 a
week ago.
The
range
£227,073,826
a
part in contributing to confidence in sterling. From
now
until the end of August, barring unforeseen
foreign visitors in 1937
$4.69 5-16 last week.
in
2
improvement. The range this week has been between
compared with
seen
balances into London.
2
strengthen the position of the pound,
but commercial factors have also
.
already reflecting
pound. This is
heavier movement of foreign
2
Exchange
February
<
greater confidence in the
>
2
exchange is due primarily to measures
and
threat of war could disturb the
2
though trading has been on a limited scale.
January
or
General international business is
2
continues
in
on
by exchange conditions and only a severe
equilibrium.
2
STERLING exchange, as during theto firmness, al¬
steady and inclined past few weeks,
better tone of
created
political crisis
2
2,
Aug. 27,
Sept. 4,
May 11,
1
Cleveland
Rate
1937
1937
1937
1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21,1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3,1937
Aug. 31, 1937
Sept. 3, 1937
Sept.
1H
New York—
Previous
Established
Effect on
Mar. 10
Boston
taken
based
Should the
present steadiness in rates be maintained, no dis¬
turbance to international trade movements
Atlanta
to
unpredictable period the question of
Rate in
,
Federal Reserve Bank
Kansas City-
it
as
sells gold.
or
exchange fluctuations quite negligible.
Reserve banks:
Dallas
in¬
as
ticity in
in
the
system is
new
and well designed to permit greater elas¬
preclude for
Discount Rates of the Federal Reserve Banks
for
the
London
In
The Federal Reserve Bank's holdings
days.
of acceptances
The
instead of at the fixed
are
the demand grows
to
by valuing its gold at the
price
genious
should
THE market for prime Few bills acceptances is still
bankers'
doldrums.
available and
The
statutory price of approximately 84s. 10%d.
note
in the
as a
the gold stock is historic
the first time since 1844 that the Bank
it is not desirable that fluctuations in the
,
Bankers' Acceptances
no
gold plan
new
of this method of valuing
because it is
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
loans
regards the
distinct boon to the stability of the currency.
days, and 1%% for four to six months' datings.
continues
1375
Chronicle
and
the
increased
situation is
optimism
They were
concerning the British
reflected in the London stock market,
where stocks reached new
highs since last August and
buying activity shows greater breadth.
There has also been an improvement in production
and retail trade in the past few
in
employment.
weeks and
an
increase
In February the number of un¬
employed had dropped 142,000, bringing the total
down to 1,897,000.
This decrease wiped out about
70% of the serious increase of 207,000 in
which had lifted the total
000 for the first time
January
unemployed above 2,000,-
in three years.
Financial
1376
The improvement in
was
Monday, Mar, 0
marked in the building trades, iron and steel
most
148s. 23^d.
ment also
Saturday, Mar. 4
substantially in the textile, clothing,
rose
pottery, and boot and shoe industries.
Newly mined gold continues to
in reduced volume.
A large part of this
gold is trans¬
of, the United States have increased by $1,787,255,-
327, and
One
March 8 totaled $14,923,000,000.
on
for the decline in volume of
reason
ments to London is the recent
South
the
.
gold ship¬
Bank,
which
has
a
gold in South Africa is being earmarked for foreign
account, believed to be largely the British Exchange
Equalization Fund, which is understood to have
accumulated gold in South Africa so as to remove it
far
possible from
as
war areas.
This earmarking
began last year about the time of the
and may partly account for
J^unich crisis,
the operatibn of the
Equalization Fund in London in such a way as to
market price at a sufficiently
low dollar equivalent to make arbitrage transactions
.with New York profitable.
%
keep the London
open
Money in Lombard Street continues abundant and
Call
easy.
against bills is in supply at %%.
money
Two- and three-months bills
bills
Gold
was
are
9-16%, four-months
19-32%, and six-months bills
are
offer in the London open
on
On
follows:
as
£341,000,
on
on
£204,000,
Saturday last
Tuesday £542,000,
on
on
-
gold movement for the
reported by the Federal
week ended March .8, as
from
previous close.
Monday the pound
Exports
continued
$4.69 1-16@$4.69 3-16 for bankers' sight
and
for cable transfers.
On
Wednesday the pound continued firm in limited
trading. Bankers' sight was $4.68 15-16@$4.69%;
$4.69%@$4.69%
transfers
cable
$4.69@$4.69 3-16.
sterling continued steady with
The range was
and
$4.69
$10,498,000 total
on
London
steady in
was
The range was $4.68 11-16@$4.69 3-16 for
bankers'
sight and $4.68%@$4.69% f°r cable trans¬
fers.
Closing quotations
Friday
on
mercial
Decrease:
$6,488,000
above
figures
$4.68 3-16; 90-day bills at
closed at $4.69.
„
$4.67%; documents for
-
,
Continental and
Other
Foreign Exchange
EXCHANGE on Paris isboth the and inclinedthe
steady pound and to
firmness
of
in terms
*
The firmness
dollar.
has
seems
largely due to the return
On Thursday $26,343,000 of gold
Wednesday.
was
received of which $20,693,000 came from England,
from
There
of the
promulgation
Canada
were
and
$1,799,000
from
exports of the metal,
no
or
a
position, which
improved greatly in the last few months since the
on
decrees
various
production and trade and to
designed to
remove
existing between labor and employers.
of the "refuge"
moneys
The aims of the Government
on
the
The
of Europe.
that mOre people than ever are at
seem
are
at
present
improving the country's trade and especi¬
developing trade with Central Europe. There
a
notable
„
on
Com¬
sight bills finished at $4.69, 60-day bills at
has been
for the week ended
are
$4.69%
payment (60 days) at $4.68%, and seven-day grain
bills at $4.68%.
Cotton and grain for payment
ally
Note-^We have been notified that approximately $2,977,000 of gold was
received at San Francisco, of which $2,863,000 came from Japan and
$114,000 from China.
-
were
for demand and $4.69 3-16 for cable transfers.
centered
t
On
quiet
a
market.
work.
Net Change in Gold Earmarked for Foreign Account
Thursday
fluctuations.
$4.69@$4.69 1-16 for bankers' sight
Friday exchange
None
212,000 from Canada
On
narrow
1-16@$4.69% for cable transfers.
franc is again one
771,000 from France
On
firmer in limited trading.
was
range was
It would
1,057,000 from Colombia
$4.68 11-16
was
$4.68%@$4,69 and cable trans¬
13-16@$4.69 %. On Tuesday sterling
steady with a slightly firmer tone. The
tension
Holland.
Bankers' sight
on
unchanged
practically
$4.68
were
GOLD MOVEMENT AT NEW YORK, MAR. 2-MAR. 8, INCLUSIVE
Imports
35.00
.
Bankers' sight was
increase
$6,461,000 from England
1,997,000 from Belgium
$35.00
35.00
@$4.68 13-16; cable transfers $4.68%@$4.68%.
Reserve Bank of New York, was as follows:
$3,851,000
35.00
of confidence in the French financial
At the Port of New York the
The
35.00
was'steady,
Saturday last
market this week
Wednes¬
Thursday £356,000, and on Friday
Monday £572,000,
day £670,000,
21-32%.
are
Wednesday, Mar,
8.
Thursday,
Mar.
9_.
Friday,
Mar. 10..
$35.00
Referring to day-to-day rates sterling exchange
fers
sharp reduction in the visible exports
the Union.
Virtually the entire production of
brought about
RESERVE BANK)
Saturday, Mar. 4__
Monday, Mai. 6
Tuesday, Mar. 7....
earmarking of gold
Reserve
African
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
to London
come
shipped to New York on arbitrage account, the
British Equalization Fund taking very little, if any,
from the open market. Since Aug. 31 total gold stocks
as
Wednesday, Mar.
8.. 148s. 2J^d.
Thursday,
Mar.
9.. 148s. 3d.
Friday,
Mar. 10.. 148s. 3d.
.-.148. 4d.
148s. 3H6.
Tuesday, Mar. 7
It
manufacturing, engineering and agriculture. Employ-
from
Mar.11, 1939
LONDON OPEN MARKET GOLD PRICE
February affected all the chief
industries except coal mining in South Wales.
at
Chronicle
repatriation of French funds, with
the working capital posi¬
resultant improvement in
tion of trade and
The
industry.
country's gold
reserve
has been strengthened
by the firmness of the franc in recent weeks.
Much
capital has been flowing in recently from Belgium and
Holland.
it is
Thes French exchange equalization fund,
said,
holds twice the
now
It
reserves
it had two
hot be known exactly how much
change in gold held earmarked for foreign account.
years ago.
On
repatriation has occurred since October, but careful
Friday $1,837,000 of gold
England.
There
were no
was
received from
exports of the metal, but
estimates
can
place the amount at around 17,000,000,000
As
result money at least for short-term is
gold held earmarked for foreign account decreased
francs.
$2,892,000.
easier in Paris.
Canadian exchange is relatively
steady.
Montreal
three-year
%% and
to resume
The
rate
discount of 3-16%.
following tables show the
on
Paris,, the London
and the price
open
mean
London check
market gold price,
paid for gold by the United States:
Saturday, Mar. 4
Monday, Mar. 6
...176.89
..176.93
176.89
Wednesday, Mar.
Thursday,
Friday,
8
176.90
Mar. 9
Mar. 10
.*.176.91
176.89
days
was
recovery program
ago
Finance Minister
well advanced with his
and that he intends
publication of gold import figures.
soon
The
Treasury, he said, has abundant resources and, after
the United States and Switzerland, France is paying
the lowest interest rate
short-term money
MEAN LONDON CHECK RATE ON PARIS
Tuesday, Mar. 7
A few
Reynaud declared that he
funds ranged during the week between a discount of
a
a
on
short-term bonds.
While
is available, the general public is
reluctant to invest in
private capital issues
Government armament loan.
or
in the
Financial
Volume
148
Belgian
currency
continues to experience nervous
or
and Amsterdam, with the
all
markets in London, Paris,
Brussels rate
Political difficulties in Belgium in
business.
few weeks have invited bear raids on the
present the spot rate in New York is
This
16.82J^.
occasions in the
been
the last
At
belga.
the quotation
was
past two weeks, but no
trading interests*
which
must be largely discounted, the belga has been adversely affected by the natural flow of French funds
The actual pressure on the
weeks.
to Paris in recent
belga is indicated by the discount on futures.
On
30-day belgas were 12 points below spot,
improved to 9 points discount on March 2,
widened
and are currently
at 11 points below spot.
The discount on 90-day
belgas was 50 points on March 6 and is now around
to 22
42
points discount on March 6,
*
points.'
A
a
temporary
holding office
on
the special request of King
The business and
in
been called for April 2.
Cabinet under M. Pierlot is
general election has
Meanwhile
any
special
Leopold.
international trade situation is not
a
sense
for anxiety and the
cause
banking situation is entirely sound, so that if a real
national cabinet can be formed the belga should show
Bank
of Belgium for the week ended March 2 showed a
ratio of gold to notes of 73.71% and a ratio of gold to
total sight liabilities of 68.75%.
There is no dearth
of money in Belgium and the Bank's rate of redis-
improvement.
The statement of the National
count has been at
was
2j^% since Oct. 27, 1938, when it
reduced from 3%.
.The following table
the United States dollar:
°^rt°"or 'NpZuvTr
France
c
(franc)
Belgium (belga).
Italy (lira)
Switzerland (franc).
Holland
a
ThZweek
6.63
2.65
to 2.65 5-16
16.95 ,
16.82K to 16.833^
8.91
5.26>i to 5.26^
19.36
32.67
22.71% to 22.75%
40.20
68.06
53.08
to 53.18
before devaluation of the European currencies
3.92 ./
13.90
5.26
(guilder)
.....
parity as
New dollar
^bftanfcu't f^rom'goid'and avowed to -float" on June 30,1937.
,
the tranc was devalued on a
pound, or 2.79 cents a franc.
cOn May 5, 1938,
francs to the
maintain their currency, if they thought
it advisable to do so. Between Feb. 20 and March 6
the Bank of The Netherlands showed a reduction in
The London check rate on
,
gold holdings of 45,000,000 guilders. It is thought
that this loss in gold stocks probably reflects further
redemption by the Dutch exchange control of loans
from the central bank made against gold. A large
part of the Bank's gold, fully one-quarter it is
believed, is held under earmark in New York. The
Bank's ratio of gold to total sight liabilities on
1 March 6 was 82%.
Bankers' sight on Amsterdafn finished on Friday
at 53.13, against 53.11}^ on Friday of last week;
cable transfers at 53.13, against 53.113^; and cornmercial sight bills at 53.08,< against 53.06. Swiss
francs closed at 22.75^ for checks and at 22.753^ for
cable transfers, against 22.73 and 22.73. Copenhagen checks finished at 20.943^ and cable transfers
at 20.943^, against 20.93 and 20.93.
Checks on
Sweden closed at 24.153^ and cable transfers at
24.153^, against 24.13H and 24.13^; while checks
on Norway closed at 23.573^ and cable transfers at
23.57^> against 23.56 and 23.56.
v
—«—-
I^XCHANGE
Hi
^
shows the relation of the lead-
ing European currencies to
b
Adjustment to the pound there-
resources to
shipped.
28
The depreciation in sterling,
embarrassment to Dutch
an
fore seems to be in progress under official guidance,
because the Netherlands authorities have ample
several
metal has
on
Apart from bear speculation in the currency,
Feb.
currency
independent strength.
it is said, is proving
showing some
gold export point for shipment of
Brussels to New York is theoretically
from
around
the
The
resistance.
metal
seek to have
allied to the pound, thus abandoning
the course taken on Sept. 26 when the guilder was
detached from the pound and immediately showed
comparatively small volume of
a
on
less indifferent to the decline in the guilder. To
appearances they are satisfied to let the unit fall
to a level with sterling and may again
reflecting the unsettlement in the
New York market
1377
Chronicle
de facto basis of 179
Paris closed on Friday
on
the South American countries
those of recent
held steady by the
An important feature of
presents no new features from
weeks.
The
currencies
are
various exchange controls.
the week consists in the trade agreements reached
between the United States and the Brazilian author.
„r
r.
*•
.
n
ities at Washington on March 9.
Argentine circles assert that the country's foreign
credit situation is stronger than it has ever been in
the Nation's history.
Official figures showing the
improvement in the Government's
,
fiscal and credit
...
.
position are expected to be available in a
>
j
few days,
The Government is now placing an internal bond issue
75,000,000 pesos. The loan is intended to meet
Public works and other obligations and will consist of
.50,000,000 pesos of 25-year 4%%, bonds and an issue
of 25,000,000 pesos of 10-year bonds at 4%.
Argentine paper pesos closed on Friday at 31.28
for Berlin marks were 40.13 for bankers' sight bills
for bankers sight bills, against 31.26. on Friday of
and 40.13 for cable transfers, in comparison with
last week; cable transfers at 31.28, against 31.26.
40.13 and 40.13.
Italian lire closed at 5.26% for
The unofficial or free market close was 23.05@23.15
bankers' sight bills and at 5.2634 for cable transfers,
against 23.00@23.10. Brarihan mdreis are quoted
against 5.26% and 5.2634- Exchange on Czechoat 5.90 (official), against 5.90. Chilean exchange is
Slovakia closed at 3.42%, against 3.4234; on Buchquoted at 5.19 (official), against 5.19. Peru is
arest at 0.73, against 0.73; on Poland at 18.88,
nominally quoted at 20/£, against 20/4•
against 18.91; and on Finland at 2.07, against 2.07.
'
1
Greek exchange closed at 0.86%, against 0.86%PT CHANGE on the
LastAer? entries follows
In
finished at
2.65 3-16, against 2.64 13-16, cable transfers at 2.65J4,
against 2.65 1-16. Antwerp belgas finished at 16.8334
for bankers' sight bills and at 16.83% for cable
transfers, against 16.83 and 16.83. Final quotations
at
176.91, against 176.91 on
New York
Friday of last week.
sight bills on the French center
,
»
.
I—i
the customary trends.
EXCHANGE on the present mixed trends. The Simon,
countries neutral during the British
continues
to
war
Scandinavian currencies are
steady in smypathy with
sterling.
The Holland guilder continues to
weakness, but the
display extreme
Amsterdam authorities seem more
_
A few days ago the
Chancellor of the Exchequer, Sir John
announced in the House of Commons the
credit to China, of
which two British banks agreed to subscribe £5,000,000 and two Chinese Government banks are to
supply the remainder. The British banks agreed to
extension of a £10,000,000 sterling
1378
Financial
subscribe their quota
bursement
subject to
guaranty of reim¬
a
"His
successful
whether
the
British
enterprise in China."
Government would
voice in the administration of the
Chancellor
replied:
element
an
ment."
The
extended
a
It would
at least in
exchange fund, the
United
States
authorities
that the credits
part as a
Peiping
effective
Japanese
substituted
10
ties markets.
Street
Federal Reserve Bank of North China
Peiping provisional government,
of the
Japanese
to
of
and
(such
and-Hour
basis in opposition
yen
to the national Chinese currencies is
resistance
have
strengthen this resistance.
Closing quotations for
27.37, against 27.34
kong
29
closed
at
on
'
of
.
checks yesterday
Friday of last week.
29.22@29 5-16,
Hong¬
for
Act,
the
84s.
llj^d.
dates of most recent statements,
special cable
yesterday
shown for the
per
fine ounce)
of respective
as
reported to
by
us
(Friday); comparisons
are
corresponding dates in the previous
four years:
Banks
1938
£
1937
£
£
1936
'
£
'
England...
*130,165,529
327,232,248
314,574,231
France;...
295,815,490
Germany b.
Spain
Italy
3,007,350
c63,667,000
a25,232,000
119,250,000
99,171,000
293,720,217
2,521,900
87,323,000
25.232,000
119,652,000
347,628,740
2,441,000
87,323,000
42,575,000
73,218,000
105,436.000
83,616,000
25,585,000
6,550,000
Netherlands
Nat. Belg..
Switzerland
112,500,000
Sweden....
Denmark.
33,055,000
6,555,000
8,222,000
_
Norway
Total week.
Prev. week.
♦
99,931,000
78,641,000
26,275,000
6,543,000
7,516,000
1935
201,357,414
527,564,812
2,573,700
90,134,000
42,575,000
66,689,000
95,959,000
47,962,000
23,875,000
6,554,000
6,603,000
6,602,000
67,547,000
72,310,000
67,241,000
16,003,000
7,395,000
6,852,000
896,640 369 1,074,586,365 1,095,443,971 1,101,835,926 1,248,058,310
899,138,305 1,073,971,664 1,095,265,327 1,099,659,008 1,245,117,677
at the market value current as of the statement
date.
Instead of the statutory price,
On the market price basis (about 148s. 2Hd.
holdings of £227,073,826, equivalent, however,
statutory rate (84s. ll.^d. per fine ounce), accord¬
formerly the basis of value.
per fine ounce), the Bank reported
to only about £130,165,529 at the
ing to
our calculations.
periods as well
as
In order to make the current figure
comparable with former
with the figures for other countries In
English holdings in the above in statutory pounds.
have had to
assume that the rate used
by the Bank
the tabulation,
we
show
In making the calculation
was
extension of
authority
to
the
Sherman
Federal
enforce
the
Trade
Robinson-
within its
down rules
mat¬
on
legal jurisdiction, such
dis¬
as
compensation, and the action of Minimum-
authority to interpret the will of Congress.
Now
the
comes
the Federal Trade Commission before
O'Mahoney
threadbare
in
and,
bugaboo
and
the
on
the
general,
business"
New
Committee
attacks
the
besing-point
"bigness
dear
so
parades
to
and
the
old
system
badness
heart
of
in
the
Deal.
Up to
now
the hearings of the Temporary Na¬
Economic
that
it
Committee,
would
evolve
despite
into
preliminary
witch-hunting
a
expedition, have been without serious threat to the
"confidence" in business which the New
belatedly recognized
reelection.
school-room
The,
as a
black-board
of the folklore of
necessity to its
early weeks
and
were
taken
Deal
has
own
1940
up
with
pointer development
Socialism—the
mythology of the
Brain Trust and the modern fashionable school of
Washington economists.
Thereafter the committee
explored the patent situation in automobiles and
glass, and arrived nowhere in particular. The insur¬
we
148s. 2>£d. per fine ounce,
in the absence of specific information.
a Amount held Dec.
31, 1936, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held
abroad, the amount of which is now
reported at £529,300.
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
27.6 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937. gold In the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after
Sept. 26, 1936, there were
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 11-12ths fine equals £1 sterling), the sterling equivalent
49 mg. to the franc; prior to Sept.
of 296 francs gold In the Bank of France is now
Just about £1; when there were 43 mg.
gold to the franc, the rate was about 190 francs to the £1; when 49
mg., about 165
francs per £1; when 65.5 mg., about 125 francs
equaled £1.
of
£
193,005,258
660,958,252
2,638,800
90,745,000
62,973,000
Currency and Bank Notes Act, 1939, the Bank of England
statements for March 1, 1939, and since, have carried the
gold holdings of the Bank
was
.
fears
Pursuant to- the
which
enforcement
Act, the evident tendency of the Interstate
not
tional
1939
of—
and
Wage Commissioner Andrews in arrogating to him¬
European Banks
European banks
recent
sharp expansion in the Department
staff
self
principal
been the
missal
,
the
in
Guffey
Justice
ters
and Calcutta at 35.15, against 35.08.
in
Act,
Commerce Commission to lay
163^8; Manila at 49.80, against 49.75; Singapore at
54.60, against 54.55; Bombay at 35.15, against 35.08;
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at the
bureaucratic
control
Patman
against 15 15-16@
British statutory rate,
of
the
Commission
were
29.15@
against
9-32; Shanghai at
Gold Bullion in
Commission
Trade
,
yen
form
Act, the Wheeler-Lea amendment to the
Anti-Trust
clearly intended to
seem
the
Among the increases in bureaucratic
Act.
by Chinese and foreign traders, especially
•
The loans and the credits established
by London and Washington
increasing number of leg-
an
in
Miller-Tydings Act, the Wagner Act, the Wage-
Federal
meeting strong
Shanghai.
in
under
handcuffs
1935), have been the Robinson-Patman Act,
exchange transactions to the Yokohama Specie Bank.
the
Wall
are
the two Securities Acts and the Utility
as
Act of
the
on
large extent these
in addition to those familiar to Wall Street
and import papers, turning over all actual
foreign
stabilizing
and the obstruc¬
regulation of the securi¬
Among the hampering laws enacted
years,
the insist¬
(undi¬
regulations.
The
army
the two
measures
preoccupations, and Wall Street is inclined
laws and
despite warnings against
step by Japanese financiers, will handle all export
This plan of
a
The
forget that business managements have labored
irons
organized by
upon
Federal
But to
in recent years
the
for the Cinese national dollar.
yen
profits and capital gains)
tions inherent in
of the puppet government of
March
on
far has wound round
so
conspicuously obnoxious tax
also
A decree of the provisional government
Peiping.
this
have
combat the recent
measure to
talk
vided
being extended
are
hearings of Senator O'Mahoney's
most
by the Japanese authorities in North China
move
ence
"deterrent"
$25,000,000 export credit to China.
seem
circulating about business
Washington turned its atten¬
"Temporary National Economic Committee."
responsible to the British Govern¬
to control the currency
the
tion to the current
any
committee which will
a
now
"deterrents" it is time
"Yes, the management of the
fund will be in the hands of
include
With all the talk
Asked
have
1939
Program99?
peasement
fund,
working of which would materially
assist British trade and
11,
Activities Run Counter to the "Ap¬
Majesty's Government would
welcome the establishment of this stabilization
Mar.
Will the National Economic Committee9s
by the British Treasury in the event of loss.
Sir John said:
the
Chronicle
ance
investigation turned into a futile rehashing of
the old fear of
which
the
bigness applied to business, during
Securities
and
Exchange
which conducted the insurance
opportunities to
Commission,
hearings, muffed its
air the few real charges which
might plausibly be leveled against the insurance
companies, such as those of nepotism and of over-
Financial
Volume 148
1379
Chronicle
loading the public with insurance, to exercise its
industry which would permit any corporation to
obsession with the
acquire
But from
dangers of bigness.
here on,
unless political caution puts
the brakes on,
it
will not be
easy on
as
The FTC experts
appears
engages.
people
the
a
of last
for Federal
well-articulated
It should be
licensing of corporations.
folklore which New Deal econo-
mists have been building up for years, and which
year's O'Mahoney-Borah bill
remembered that the idea of the
is
present Temporary
one
of the most substantial "deterrents" to busi-
ness now
in existence encouraging its "what's-the-
National Economic Committee was born out of the
use"
Administration's 1938 effort to shift the blame for
ology include the theses
1937-38 depression
the
attitude.
Other
departments
(1)
of this myth-
that the depression
since 1929, and particularly since the New Deal
This effort
onto business.
But on
This danger of mere bigness is only one part of a
O'Mahoney Committee hearings are a build-up
for
revival
whether the 10% should refer
committee.
already expressing the fear that
are
or
the official side the SEC and the FTC dominate the
have begun airing its past achieve-
inents, which means its future importance.
Some
It is not specific as to how the business
to assets, investment, or gross revenue.
they have been,
as
than 10% of the business in which it
is to be defined,
that the TNEC hearings
business
more
Lundberg's preposter-
took office, has been due to causes quite different
"Sixty Families" for which the du
from those of the 20-odd depressions which preceded
Pont
family forced both author and publisher to
1929; (2) that these causes include increased con-
print
a
ance
of the
took its
cue
book
ous
on
from Ferdinand
the
Appear-
centration of corporate control, a decline in the
signal for incendiary re-
vigor of business competition, and a split of our
retraction for libelous statements.
book
was
a
by Interior Secretary Ickes and Assistant
marks
New York
the President's
call
Air."
vance
elude.
Of the
12
six
and
(six
None of these notions are oliter dicta. in the ecoThat
corporate size is a danger in itself was denied by
only one, Richard
implication last year in a careful article in "For-
members of the committee
politicians^)
business. tune" magazine in which it was complained that
large enterprises tend to become unwieldy, corn-
additional appropriation of $2,000,000 to
an
petitively weak, and unprofitable. That inelastic
price policies on the part of corporations ("administered prices") are the cause of depression was
answered recently by the National Industrial Conference Board. The notion that some corporations
"tend" to get "too large" was contradicted by a
continue
"investigation," but it is likely that
the
the turn of the
cut down
to
with which
political tide will cause this to be
$500,000 in addition to the $500,000
the committee started.
unadulterated
Plain
American
fear
of size is endemic in
was
the Interstate Commerce
provided the emotional steam
Anti-Trust
man
the
Federal
Commission.
behind the Sher-
Act, the Clayton Act of 1914, and
Commission Act
Trade
of the
a
majority of one—of the Utility Act of
vividly expressed in the SEC's
the life insurance
at- the Hotel
Commodore that "enormous
keepers into employees,
other lands.
The
spiritual
individual in the cor.
submerged in the
.
.
corporate de-
vice has
unquestionably contributed to moral deca-
dence.
This
growth of bigness."
a
law which
especially
been true with
the
The FTC is now working hard
would prohibit any merger in any
eight-
of importance before the Revolution—because they indicated the direction the Revolution < would take,
and the submergence of free
poration much as he has been
has
same reason that the political views of the
eenth-century intelligentsia of France were
transformation of shop-
enterprise has submerged the
in
.
dinner of Fordham University
sacrifices are made in the
State
1935, and was
remarkable state-
Douglas of the SEC made the
further concentration of corporate resources,
And Willford King has just brought out a study
indicating that there has been no recent exaggeration of those differences of income inherent in a
democratic and free society,
These views are of political importance for the
February attack on
On Feb. 9 Chairman
companies.
ment at the annual
for
in
same
Act and
powerful influence behind passage—by a
It inspired the Robinson-Patman
year.
was
This
expressed 50 years ago in the original Act
which set up
It
report of the Twentieth Century; Fund, Inc.—no
reactionary organization, to say the least, in view
of its findings several years ago on the need of
Stock Exchange reorganization. The Brookings
Institute has added its voice in the last year to
those who scout the theory that there is real danger
people, and appeal to this fear by
politicians has always been a sure vote-getter.
fear
nomics profession as their authors claim.
Committee members are now trying to
experience.
the
distribution of income.
outlined in ad-
Patterson, had ever had any substantial
get
pression since 1929 is due to the increasing mal-
investigation Was expected to con-
What the
into "two economic worlds" of inflexible
"administered" (Gardner C. Means) prices and
flexible prices; and last, but not least, that the de-
There
April 29 for the.
on
present investigation, in which he
officials
or
governorship was nipped in the bud by
Wendell Willkie at "Town Hall on the
f olio wed
economy
for
Attorney General Robert Jackson, whose boom
-
quite regardless of how sound* they were. The
thread of consistency they make is that a new social
order threatens to evolve. But there is no reason
to suppose that these views are sound, in the long
view of history—nor is there any reason to fear
that they will prevail. No Bastille has been raised,
Congress may have become a National Legislative
Assembly, but there is no danger that it may have
1380
to
a
give
Financial
way to a
Chronicle
Constituent Assembly, a Directory,
Consulate, and
Empire.
an
curious
are
Administration
with the
u, 1939
statements of the Secretary of the Treasury have
created anticipations that such a request will soon be
Even the intellectuals
have not been killed off.
There
Mar.
forthcoming.
inconsistencies
in
Everybody is
program.
Actually, the need for
permitting
whole
the
addition of one-quarter to the principal
an
an
authorization
of the present debt, already nearly 60% greater than
that existing after the money cost of this country's
familiar
crying contradiction between the National
Recovery Administration, the Agricultural Adjust-
participation in the World War had been met, is not
ment
one
Administration, and the Guffey Act,
hand, and the present official hue and
the
apparent.
cry
for
borrowing
laissez-faire system, free competition, and resusci-
a
tation
of
Sherman
the
Act,
the
on
other.
sity, there
If
further
they will have
none
direct injury to the national credit,
Six
power.
of it.
They insist that
and desirable.
are necessary
on March 3, 1939, at $39,927,798,705, but it will have been something more than
doubled should the existing limitation be exceeded
The propo-
sition is clear and obvious—"If I can't be
can't play ball."
you
before the end of Mr. Roosevelt's present term of
pitcher,
Ever since the Supreme Court
office
said the
Sugar Institute could do nothing but post
prices, bureaucrats have been worming their
open
crook
nomic
they have established the fact that
planning without
Government
tional
benefits
years on
J
the
conferred
vided
had
intense.
.
,0?0a'cr~
1892, June
burden of
panies
afford.
could
The
it, not the independents.
protested
with the
disintegration
of
the
It
was
•
the little fellows from
the little dealers
fact,
tically
10% of
aggregate
the
Federal
a
Government
of the
ess,
organizations
nature.
And
as one
of the
a
a
a
dangerous and undesir-
The
F rl
i n li
reaeral Uebt
public debt of the Federal Government stands,
the
moment,
and is limited
at
substantially $40,000,000,000
by statute to
an amount
12}/%% greater,
$45,000,000,000.
Although Congress has received
formal request from the Executive Department for
authority to exceed that limitation, certain public
debt-reduction
of
courageously
Treasury, and
a
was
third of the total
year
under Presi-
War, the
attacked
enormous
under
four
a
Secretary
reduction averaging almost
efficiency. Reversal of the debt-paying proeduring the last half of the term of Herbert Hoover,
mere
a
deficit economy,
temporary expedient in
human misery
violently
"deter-
part of human
aspects of human nature, it ought to be checked.
77»
1 tie
no
This effort is
academic, but it is
practice
After the World
was
and resort to
word in business changes, is that
private matters.
It is
Spanish War, the total
billions, but the characteris-
$850,000,000 annually records their wisdom and their
they want to cram, crowd, and inject themselves
considered
a
than
faithful
into business decisions which have heretofore been
went."
half
advised and aided by Andrew W. Mellon, as
be forgotten
Commission, the Department of Justice, and
other
more
Presidents, Woodrow Wilson, Warren G. Harding,
Calvin Coolidge, and Herbert Hoover, the last three
Commission, the Securities
Exchange Commission, the Federal Communi-
striving to have
a
liquidated by the second
dent Wilson.
about the Federal Trade
cations
After the
and
one
American
had been
of the Federal Trade
never to
about
promptly reinstated and almost
combining against them.
But the fundamental
dent Cleveland.
was
against the consent decree signed
The proposal
$16,185,308,299
improvident purchases of silver, required by
laWj caused the peace-time bond issues under Presi-
industry would inevitably freeze the large corporations into their position by preventing any of
.or
39,927,798,705
%08S Federal Deb
™
from
the
for
22,538,672,164
33,778,543,494
1939, March 3
Oie
depression following the 1893
panic and before the monetary derangement resulting
Corp. had been hold-
Commission to limit corporate
mergers to
able
1930, June 30
1933, June 30
«QA»
three-fifths prior to the
com-
Department of Justice last fall by Chrys-
ler and Ford.
all
«41
1,436,700,704
heavy debt which had been reduced by
the little fellows, and apparently benefited
over
and
(ho88^eAernalaDJ!,t
$968,218,841
The United States finished the Civil War with
The Kobinson-Patman Act imposed
cost-accounting which only the big
which the United States Steel
who
30
2M82:o34;«9
basing-point system last June removed the umbrella
ing
on
-TtmA sn
1936, June 30
-
out most of its income in dividends
to stockholders.
as a warn-
A few figures should be
1899, June 30
1*09
The undi-
already arrived financially and could
afford to pay
a
so
no
and
illuminating.
profits tax protected the large corporation
which
economy
to leave the present restriction in full force
ing standard of obligation.
by legislation of recent
are
And perhaps
so urgently needed in the interest of
decency and general welfare, could be stronger than
"big business" against which
the New Deal idea-men
remaining margin,
retrenchment,
auspices is
the results have been the uninten-
very same
a
next 22 months is amply sufficient.
auspices is inevitable.
Curious among
With
impulse towards the wholesome spirit of
eco-
dangerous, but that economic planning under Government
Jan. 20, 1941.
on
before the statutory limit is reached, of a little more
than $5,000,000,000, it appears that provision for the
into business code committees, until by hook
way
or
of spendthrift administration have not
the close of business
dangerous, but that such codes, under official
patronage,
years
actually doubled the total outstanding debt, which
stood at $22,538,672,164 on June 30, 1933, and at
private establishment of fair trade practices codes
is
be disregarded without threatening further
cannot
abuses in the direction of governmental waste and
they cannot dominate economic planning in
business
neces-
powerful considerations that
many
con-
sistency beneath this apparent inconsistency is the
for
are
extension of the Federal
an
in the absence of imminent
power,
And
everybody understands that the real thread of
desire of bureaucrats
Against such
on
although defended
a
due to widespread unemployment,
attacked
and
as
campaign against
condemned
by
was
President
Ro0sevelt in his campaign speeches as the 1932 candi.
date of his party.
But as the record now stands, the
country ig in its ninth consecutive year of budget
deficjts, which marred the concluding years under
President Hoover and have continued without
ruption under President Roosevelt.
If
inter-
Congress is to
perform its duty, exert in the public interest its constitutional control of the public purse, and
represent
the
self-preserving instinct for
economy
in public
affairs inherent among the American
people, the limit
upon
Federal borrowing ought not to be raised. There
could be
no
better occasion for the assertion of Con-
Volume
Financial
148
gressional
initiative
and
independence,
and
the
To
the
the total indebtedness cannot, how¬
ever, constitute a final settlement of anything.
No
matter how disastrous, in any aspect, there can be
perpetuate the merely negative control of
restriction upon
1938
19376
doubt that, if
no
to
the Federal Government continues
spend at the present rate, it will continue to have
deficits and to issue its bonds and notes to finance
them and that, sometime or
other, the present debtDeficits under the
limit will be raised and exceeded.
Amount
June 30—
Amount
June 30—
$1,524,713,050
'$3,989,496,035
3,585,779,434
1935_
1939
March
(to
$19,008,436,338
Total-
will be noted that the foregoing,
for 68 months,
approximates an average of $280,000,000 per month
and that this could continue but 17 months before the
exhausted. Con¬
gress, consequently, cannot save the situation without
positive intervention. Spokesmen of the Administra¬
present borrowing power would be
Eccles, continue to
tion, like Secretary Ickes and Mr.
speak for greater appropriations, and even Secretary
Hopkins's speech at Des Moines included a caveat in
favor of the
Mr. Eccles,
theory of profuse spending.
speaking officially through the monthly bulletin of
the
Federal Reserve
Board, expressly advocates
increased
spending,
even
above the present high level,
proclaiming that continued improvement is only to
be obtained
as
incident of three increases in
an
urge new
ex¬
too
imperative.
continues to invent and
increase of every
or
and caution must be con¬
advocate economy
who
by public sentiment supporting with full
fronted
the
comprehension
and
sympathy
Senator Harrison, of Mississippi, chair¬
lieved
powerful Finance Committee and be¬
the
of
speak for the Vice-President and other
to
Senators and leaders in Congress,
and
congratulated
upon
is to be commended
having taken directly opposite
He asserts sturdily and wisely that excessive
ground.
outlays must be reduced or there will remain no pos¬
sible escape
from the grim alternatives of laying fur¬
ther destructive burdens of taxation upon
and industries of the country, or
mulation of annual deficits
mented borrowing
inevitably leading to
or
There
activity.
amount
was
for
offerings
corporation securities in February achieved
sizeable aggregate of $159,685,572, but of
refunding existing issues.
this
from all possible economies of this
character would neither
fiscal situation in
produce
this
Federal function ought
nor preserve a
emergency.
forthwith to be examined with
things: to
abandon it if its performance is
correspond¬
the amount in the new capital
the smallest for any February since 1936,
capital in February
1937 and $13,472,714 in
February 1936.
In January only $5,427,032 new capital
was sought, while offerings for all purposes totaled no more
1938, $154,587,030 in February
$15,563,332.
Private
course
as
are
and
semi-private
sales in
February, which of
included in the total, amounted to $18,997,000,
compared with $12,470,000 in January.
Of the 36 cor¬
porate issues last month, 19 were placed privately.
The North American Co. refunding financing, which was
carried out
on
public
preferred stock and debentures.
therefore, was responsible for two-thirds
the first day of the month, involved a
offering of $105,000,000 of
This
worth less to the
people than its cost; to reduce the scale on
which it is conducted, if to any extent it is carried on
whole
improvidently;
whole
or
or
in part,
to do away with it to the extent, in
that, whatever its social value, its
greater than the revenue
cost is
possibilities of the
government, under a system of just and workable
taxation, can reasonably support. Until all expendi¬
tures
are
subjected to these tests there can be no
expectation of a sound and bearable system
public economy or of escape from ultimate com¬
hope
or
disaster.
cannot
one company,
safely
be
The present interest rate is unprecedentedly
public borrowings. That it can ever be
materially lower is most unlikely; that it must
eventually move towards higher levels is common
belief.
One per cent upon $40,000,000,000 is $400,-
ignored.
low for all
$45,000,000,000, $450,000,$50,000,000,000 it is $500,000,000
annually. Should the debt be permitted to grow to
$50,000,000,000 and the interest rate rise to the level
at which it stood 10 years after the close of the World
000,000 annually, upon
and
000,
War,
upon
the annual charge upon taxpayers
service alone
for debt
might advance by more than a billion
dollars.
of the total
The
eludes
dollar value of corporate
of February
flotations in the month".
grand total of security issues in February, which in^
all placements other than direct obligations of the
largest
comparing with $40,851,910 for new
than
sound
Every present
inexorable determination to do one of three
United
above the $103,076,500 sold in the
was
extrav¬
which could be eliminated without abolition
function now performed. But
the total saving
While total corporate
ing month of last year,
classification
many
restriction of any
capital; the balance
only $23,570,572 was for new
were
That this
are
Capital Floatations in the United States During the Month
and for the Two Months of the Calendar Year 1939
Placements of
the relatively
aug¬
and ultimately to destruction of
governmental credit and financial chaos.
The New
the people
the continued accu¬
of expenditures, in
adequate proportion, must necessarily enforce some
plete loss of credit and extreme
An
additional
consideration
man
Nor must
general government.
building, those of business for plants and equipment,
purposes."
Congressional
leaders who dare to stand for curtailment of the costs
of
"for contruction and other
outlay previously
permitted, to resist retrenchment , and to jeer at those
penditures, those of citizens for private residential
and those of government
re-
devices for public expenditure, to demand
the continuance
agances
2,811,318,310
It
or
administration that
An
2,333,287,866
only)
4,763,841,643
be too immediate
curtailments in
3,
with
against additional or continued waste, cannot
it be overlooked that curtailment
Year Ending
1934
is only too true, and public realization,
and activities of the
present Administation have been:
Year Ending
is so,
vulson
necessity is imperative and pressing.
1381
Chronicle
States
Treasury,
aggregated $540,723,132.
The
individual issue of the month (and this accounted for
well over half the total) was the sale of $310,090,000 series R
notes of the
Reconstruction Finance Corporation. The
balance of the February financing consisted of $17,050,000
Federal Intermediate Credit Bank debentures and $53,897,560 municipal obligations, in addition to the $159,685,572
corporate.
capital in the year to date, as
market, has been rather meager.
Corporate demand for new
reflected in the new issues
much was brought out in the first
in the same period of last
year, and not much more than one-tenth the volume floated
in the first two months of 1937.
Lack of confidence and
lack of sufficient profit incentive are among the more promi¬
nent of the generally accepted explanations for the diminish¬
ing demand of industry for new capital, a situation chiefly
attributable to the policies and pursuits of the Washington
Only about
two
one-third
as
months of the current year as
■
a
1382
Financial
Administration.
In
Chronicle
those
recognition of this fact, the Adminis¬
tration itself has from time to time
sought to counteract its
influence in this respect with words but not deeds.
At no
time have such efforts been
more
the
of
deficits
Mar.
past;
but it is notable that smaller Federal
not among
are
1939
11
the present
plans to curtail expenditures,
In the absence of
crop.
of
assurances
increase in
no
taxes, which is the theme currently adopted, have rather
concentrated than in the
past several weeks.
The purchase by the Tennessee Valley
Authority of properties of the Commonwealth & Southern
Corp. in Tennessee
better terms for the company than
had been thought likely would seem to have been a move in
shows the different
this
undoubtedly be
a
hollow sound and should prove of doubtful effectiveness;
The
on
direction, and
one
which might prove
effective
could be concluded therefrom that the attitude of confisca¬
tion has been abandoned.
to
our
present purpose to carry a table on this
Footnotes to the table indicate
viously reported.
FIGURES BY MONTH8,
1939.
1938 AND
1937
*1938
Refunding
*1937
6,427,032
23,570,572
Total
10,136,300
136,115.000
New Capital
Refunding
Total
New Capital
Refunding
$
January
$
$
%
%
$
15,603,332
159,685,572
as
the nature of revisions reflected in the figures and not
pre¬
1939
New Capital
It is
style regularly hereafter.
dences of the present confidence
program.
It is to be hoped
that the present assurances prove to be more material
than
SUMMARY OF CORPORATE
from time to time, particularly
light in annual reports to be issued during the next few
months.
Administration, such
Hopkins and Morgenthau, are among the evi¬
Secretaries
Further revision of the 1938 figures will
necessary
additional private financing carried on last year is brought
Current remarks of spokesmen for the
as
monthly amounts of corporate financing
revised to date.
as
if it
following tabulation of figures since January, 1937,
46,364,596
40,851,910
23,995,213
4,141,400
50.505,996
62,224,590
103,076,500
Total
$
57,643,000
81.638,213
96.594,477
154,587,030
139,243.338
181,055,483
394,607,581
320.298,821
111,211,719
124,008,990
235,220,709
390,424,845
624,722,996
1,015,147,841
11,683,361
60,750,000
25,691,650
78,433,361
63,266,450
79,401,795
88,128,403
37,574,800
202,316,045
February
98,791,000
301,107,045
83,010,572
276,128,467
155,373,179
167,530,19S
175,230,936
431,501,646
March
First quarter.
April
May
June
......
Second quarter...
Six
_-
.
203,646,962
300,241,439
240,020,551
92,220,363
251,574,206
July
August
191,232,650
442,806,856
438,540,834
335,721,945
774,262,779-
302,785,925
months....
315,241,640
678,027,565
828,965,679
960,444,941
1,789,410,626
55,545,325
211,140,930
65,135,600
185,820,831
81,745,046
58,130,528
332,445,000
150,022,841
50,872,836
57,194,072
113,745,862
39,385,636
139,875,674
108,060,908
153,131,498
130.275,506
121,304,070
84,887,241
—
September
Third quarter..
•
336,460,817
331,821,855
668.288,672
246,363,744
154,710.236
401,073,980
699,252,742
647,063,496
1,346,316,237
1,075,329,423
1,115,155,177
2,190,484,600
63,921,610
42,430.885
59,600,775
Nine months
273,237,144
107,557,800
200,493,300
337,158,754
149.988,685
66,986,500
71,552,500
36,088,768
1,120,000
260.154,075
46,607,622
20,852,269
138,539,006
37,208,768
67,459,791
October
November.
December.
Fourth quarter..
166,013,270
*
747,301,514
149,682,790
93,524,769
1,228.351.739
2,093,617,751
1,225,012,213
1,208,679,946
243,207,559-
;
Revised.
Note
581,288,244
805,266,012
Twelve months
"
(a)—In addition
to the revisions
2,433.692,159
'
already noted in previous issues of
the
"Chronicle/' the following changes have been
made:
(1) November, 1938—Added to
capital "Long-term Bonds and Notes," Other Industrial and
Manufacturing, $450,000 Hilton Davis Chemical Co. 12-year 5% loan,
Life Assurance Society of the United States.
placed privately with Equitable
(2) November, 1938—Added to refunding "Short-term
bonds and Notes," Public
Utility, $4,000,000 Chesapeake A Potomac
Telephone Co. of Va. lJ^-2% serial notes, 1940-43, placed
privately.
(3) December, 1938—Added to new capital
"Long-term Bonds and notes," Public Utility, $43,000
Oregon Washington Telephone Co. 4j^s, 1958, placed
privately.
(4) December, 1938—Added to refunding "Long-term Bonds and
Notes," (a) Public Utility, $357,000
Oregon Washington Telephone Co. 4^s, 1958, placed
privately,
(6) Other Industrial and
Manufacturing, $1,750,000 Pittsburgh Equitable Meter Co. 4\i% debentures,
1953, placed privately,
(c) Other Industrial and Manufacturing, $1,875,000
Burlington Mills Corp. 1st 4s. 1948, placed privately at 100 with
of the United States.
Equitable Life Assurance Society
(.5) December. 1938—Added to new capital
"Stocks," Other Industrial and
Manufacturing, $186,500 PoUr Aircraft Corp. (74,600 shares) capital stock,
offered by Eldred, Potter & Co.. and associates.
(6) Added to new capital "Stocks,"
Miscellaneous, $250,000 preferred stock (par $50) of Auto Finance Co., Greenwood,
S. C., offered by McAllster, Smith & Pate,
Inc., and associates.
'
new
.
Treasury Financing in February
\
Financing operations of the National Treasury in Febru¬
ary followed the usual pattern, comprising
weekly offerings
of $100,000,000 or thereabouts of
Treasury bills, in addition
to the continuing sale of United States
Savings bonds (baby
bonds).
Proceeds of the weekly bill issues went to meet
maturing issues of about the same amounts as those sold.
While baby bond sales fall into the classification
of new
money, this type of financing differs from others in that the
volume of baby bond sales
depends upon the demands of
purchasers rather than th$ requirements of the
Treasury.
In February $68,340,413 of
Savings Bonds was sold, com¬
paring with the record sales of $145,826,772 in
January.
In the year to Feb.
28, $214,167,185 of these bonds has
been disposed of, in
comparison with $152,705,204 in the
same
period of 1938.
No
new
money was sought other than that which
happened
acquired through baby bond sales, which is not re¬
markable considering the enormous cash
balances currently
held by the
Treasury. ' However, a transaction which may
indirectly go to stock the coffers of the Treasury was the
sale of $310,090,000 RFC series R
notes in
February.
USE
OF FUNDS
Type of
Total Amount
Security
Dated
Accepted
Funds derived from the sale of these
notes, it is said, are to
be applied to the retirement of RFC notes
previously sold
to the Treasury.
UNITED
STATES
TREASURY
4
11
Jan.
18
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
Jan.
25
91-day Treas. bills
Jan.
OF
DURING
1939
THE
FIRST
1
U. S. Savings bonds
•
Amount
Dated
Feb.
1.
Feb.
8-_
Feb.
15...
90-day Treas. bills
U. S. Savings bonds
1
February
-
9Way Treas. bills
Feb. 23.
Jan.
tot al
S
Dec. 27 Jan.
4
91
days
Jan.
6 Jan.
11
91
days
Jan.
12 Jan.
18
91
days
Jan.
19 Jan.
25
91
Jan 1-31 Jan.
1
days
10 years
1
91
days
302,689,000
Feb.
2 Feb.
8
91
days
91
days
90
days
302,135,000
263,368,000
321,469,000
68,340,413
7 Feb.
15
16 Feb.
23
1
10 years
Febru ary tota I
Total
*
Price
Yield
100,722,000
101,341,000
101,152,000
100,441,000
145,826,772
X
Nil
X
y
Nil
99.998
75
on
*0.007%
*2.90%
99.999
bank
discount
68,340,413
v
68,340,413
806,690,000
,
214,167,185
1939
Issued
Retired
$
$
Certificates.
«Net Issued
$
38,000,000
----
T
27,700,000
10,300,000
51,500,000
2,650,000
48,850,000
89,500,000
,
-
30,350,000
,
59,150,000
111,000,000
500,000
58,510,000
2,381,000
56,129,000
February total
169,510,000
2,881,000
166,629,000
Total 2 months
259,010,000
33,231,000
225,779,000
110.500,000
*
Comprises
sales
*0.002%
x
At
par
special
series
Adjusted Service Certificate Fund
Foreign
and
certificates
and
notes;
certificates
sold to
Unemployment Trust Fund, and notes to
Account, Railroad Retirement Account, Civil Service Retirement
Service
Retirement
Fund,
Canal
Zone
Retirement
Act,
Alaska
Railroad Retirement Fund, Postal Savings
System and Federal Deposit Insurance
*0.004%
*0.005%
99.999
*0.004%
75
100,378,000
100,782,000
68,340.413
basis,
of
Corporation.
*2.90%
comprehensive tables on the succeeds
the February and two months figures
corresponding periods in the four yearpreceding, thus affording a five-year comparison.
Following the full-page tables, we give complete details of
the capital flotations during February,
including every issue
of any kind brought out in that
montji.
99.999
99.999
In the elaborate and
ing
pages, we compare
with those for the
1.020,857,185
a
h
403,034,000
INTERGOVERNMENT FINANCING
January—
Fund,
100,587,000
101,287,000
and
At fractionally under par; bids ranged from
slightly above
15% ol bids at 99.999 were accepted.
•
y
100,378,000
Nil
471,374,413
2 mont hs
Average rate
145,826,772
February—
549,482,772
26 Feb.
Feb.
100.782,000
1,020,857,185
...
♦
Old Age Reserve
Jan.
Feb.
100,587,000
101,287,000
$
488,825,000
373,987,000
294,753,000
250,496,000
145,826,772
Janua ry total
Feb 1-31 Feb.
100,587,000
101,287,000
471,374.413
Total 2 mont hs.
Notes
145,826,772
403,656,000
68,340,413
Notes
Accepted
145,826,772
100,378,000
100,782,000
91-day Treas. bills
91-day Treas. bills
------
101,152,000
100,441,000
TWO
Amount
Applied for
Due
$
.
100,722,000
101,341,000
549,482,772
Certificates
Date
Offered
$
100,722,000
101,341,000
101,152,000
100,441,000
January total
January total
FINANCING
MONTHS
Indebtedness
$
Jan.
Jan.
be
to
New
Refunding
slightly
par
above
par.
down to 99.999;
a
©
c
CO
00
CO
a
n>
ft)
00
fb
13
1936
29,710 12,50" 53,4539 95,726359
16,79 0 13,0 0
$
Total
Refundi g 10,910 13,0 0
Capital
$
Total
23,910 012,500',9,817, 2 45,60872
-—
6,50 , 0
1935
6,50 , 0 43,61758 50,1758
New
$
8,0 ,0 1,0 0 6,19 ,0 1,60 , 0
3,0 ,0 29,710
3,0 ,0 13,0 0
8.0 ,0 10, 0
691,0 0 1,60 , 0
3,0 ,0 23,910
6,50 , 0
1,0 0 05,"5006",
6,50,0
1,0 ,6 5, b ",6
$
3,0 ,0 13,0 0
10,29 0 10, 6"0
691,0 0 1,60 , 0
Refundi g 8,0 ,0
Capit l
16,7910 §016.0 ", : *:o :
.8,0 ,0^01, ,0 5j96,"i 631,60,0
New
—
$
Total
165,70 7.50, 0 14,830 6,3 ,289
194,63289 10,2 "0 98,045 27 302,85716
72612,08 6 , 50, 0 618,749
Refundi g 10,69 80
..
'
1937
Refundi g
$
8
249,510 5,0 ,0 30,9750 109,381.5
2
4
39
650, 0
New
154.87,03
New
102,8510
150, 0
Refundi g 62,104590
$
$
1938
75,0 0
120, 0
Total
Capit l 40,76910
$
30,0 0
—
1937
000
GFOCOVREREPNIMGNATT,,
%
18,0 0 36",lb'7.6 5,70,572
1939
32,450" 63,5921 1,40,0 20,51862
CONOGRRPEUFWAPTIE
159,68 572 327,1406 53,897560 540,7231
-
Refundi g 10,286 0 34,829,6
$
136, 50 i7~,"o5 6 10, 7943 163.72,943
CAHANR DTE
-
SOUMFARY
Capit l 16,72 0 f.278',6 5,70,572
23,570 2 3l6,C9"6 43.89,617 37,50189
8
New
DaCorp te— omestic— Long-term Pref red Com on Candi — Long-term Short-em OtherLong-term Short-em Pref red Com on Total Candian Other Loan
*
;
Farm
Grand
United
10,325.40
618,749
1,30954 135",280.6 365,40 27,8642 3,250, 0 13,750 18,4057
64 ,60 6,546, 40
2,6 2,50 9,853,740 "iW.O O 64 ,60 7,9 5,614 2,O ",60 2,6 2,50 13,472 14
3,618,974
1,4 8,974 2,"06",0
1938
5,0 ,0 28,350 25.918,06 14,5 386 3,492760 *"5585"0, 7,518,97 140,356 81 71,380 152,8 0 35,918 06 10,"6 ,0 21,35 86 72,49 760 17,830 585, 50
6,380 123,86 0 10, 0 i6,ob"6 6,80 0 9,0 ,0 17,830 5,35,0 249,510 5,0 ,0
835,0 0
15,021370
526,50
Capit l 40,2 410
150, 0
120, 0
75,0 0
150, 0
Capit l
New
75,0 0
102,"5~6
245,0 75,0 0 706,50
61,82950 "2x5",6 180,6
"
75,0 0
30,0 0
30,0 0
1.50 , 0 10,286i0
75,0 0
40,26",410
30,0 0 75,0 0 526,50
103,7650
62, 4590
40,85190
7 ,572 12,0 0 13,504. 1,50 0 20,17 52 "46T.6 5 2",*o5" 6 159,68 572
36,107 0 5,70,572
"
41,
-
Refundi g 12,0 0 76,20 0 1,50 GO
84,3918 5,60, 0 14,5870 19,320 4,93",60 4,12 01 45,20 0 15,0 0 1,045,0 240, .51
120, 0
12,0 0 7,39 0 1,50 0 14,60 0 461",60 2",05 ~6 18,0 0
86,0 0
12,85397 394,60758!
"
40,76910
New
1939
16,4250 194,63289
4.350 6,598,06 14,2V 05 27.92,760 58 ,5 0 7,308,97 56,0740 65,730 7, 29, 50 16,598 06 5,065,46 16,903185 27,92760 2,873,0 585, 50 1,80 97 154,8703
62,104590
0
Refundi g 61,82950 ~~95"0, "~0180"0,
102,50
"~95
210, 0
28,350 19,320 294,18 36,20 0
650, 0
650, 0
102,85 0
0 0 "706",50
Total
135,406
.
Refundi g 5,0 ,0 16,3 750 4,934,60 4,18,02 9,0 ,0 15,0 0
Total
2,6 2,50 21,63289
86,0 0
1,50 , 0 136, 50
34,8290
1.27S.0 5, 70,572
1, 97,0 14,60 65 "375",0 "5 0'.6 C 16,72 0
34.829,0 12,0 0 1 ,029 0 1.50, 0
6.84,572 2,475",6 5207,1720", "375,6 6 "5 "O6 O 23,570. 2
by-oaStnide:s FEBRUAY Notes—a1nd -&cop._,manufctres manufctrig &holdcing, —Notesand —.&cc_op,manufctres oi.:manufctrig &holdcing, — &coper,manufctes manufctrig ,_ h&oldcing, &coper,manufctes manufctrig h&oldcing, securit
FOFEBRUAY boannodtess_Short-em stock. stock. boannodtess. .Presftockd. foreign— boannodtess. stock stock corpateG forgeoveirngmntGaavnc„ieds,.&♦Munic_ptal—S,PoSsteaiens toal fidufnigcnludoresest
MONTH
365,40 618,749
New
40,85190 41,*27",12 1,40 0 83,79.62
"75",
7, 50, 0 7.50, 0
Capit l 61,380 7,29,50 10, 0 5,06",40 2,681,980 2,873,6 4,50,0 94.29,630 4,350, 0
192,01453
62, 4590 32,4506 2,46.0 17,3890
New
Total
4,b6",6 3 .504, 23
103,7650
—
$
-
$
Total
YGFoftverhrdanommgunicp.lleysFMOTESBTUIIASRVHNANUHISEED
YFOTFMEFLIIABNAHUVRAOUCRESPDMGNL
Capit 94,29.630 4,350. 0 2,650, 0 53, 740
%
17,51026 3,250,6 6,0 ,0 162,08 26
Refundi g
170, 0
240, 51 9.0 ,6 21,0 0 9,48319- 369,7038
15,021370 28,350 56.02418
1,0 ,0 16,87204 618,749
135,280o
Capit l
561,79532
9
7, 50, 0 7, 50, 0
$
1936
107,3 67
4,607,581 9,0 ,0 5,20 , 0 2,987, 42
3.f
New
Total
195,82349
13,472 14 4,bo",0 89,57653
18,974 4,139,26 5,714,5 0
Capit l
6,2b",6 8,4 7, 4
18,4057
$
1936
1,0 ,0 35,87204 618,749 5,2 0, 0
135,40 19,"O 0 5.20,6 6,bo"6 165,70
Total
Those
*
Tota-l.
MOFTNO H Long-Term
Railroads util es csoteall,,Equipment Moatonrds industral buildngs,Rub er Ship ing trust ,Miscelanous Short-Tem Railroads util es sctoeall,,Equipment Moatnords industral buildngs,Rub er Ship ing trust ,Miscelanous
Bonds acesori and &c trading, Bonds and &c trading, Railroads utiles sctoeall,,Equipment aacensordi indaustrl b&uildcngs, . i ttrraudsintg,,Miscelanous Railroads utiles sctoeall,,Equipment aacensordi indausntrdl &buildcngs, ttrraudsintg,,Miscelanous corpate
Public Iron,
Other Land,
Oil
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Stocks—
Total
Public Iron, Motors Other Land, Rub er Ship ing Inv.
Oil
Total—
Total
Public Iron, Motors Other Land, Rub er Ship ingInv.
Oil
00
00
O
fti
Cy
"n
vo
VO
<0
925,0 0
18,430 17,0 0 1,079,0
Total
Refundi g 1 , 35,0 14.615,0
1938
7,2 8,0 2,485,0 925,0 01,079,0
Capital
New
409,1850 25,70 16,830 8,52 , 79 8,0 ,0
Total
Km 5*
"4 ",^18,4 30
5
40 ,0 0 691,0 0
Refundi g 8,0 ,0 1,60 . 0
4 4,0 0
43 ,0 0
37,51 0 48,70 0150,67 8 237,5 78
$
Total
25,70. 0 42,70 025,93,548 94, 3.548
1935
1,76.0 6,0 ,0 124,61.230 43 .0 0 142,814230
Capital
1937
1936
7, 50, 0 25,03750
365,40 618,749
10,764 0
1,748 53 63,718,50 162,80 9,714 52 365*,40 29,015.7309,768,7493,50 , 0 13,750 382,13 1
9,4 8,974 2.137,50 2,0 ,0
712,50
712,50
1,05 ,0 '64 ,6 68,651,836594, 90
2,6 2,50 13,60 426 30,8 0 1,720, 027,035,248 64 ,60 18, 0 8103,4 ,4902,0 ,0 2,6 2.50 86,407.648
72,09172
New
1937
FYEIVARS
F2YEOIV8BAR.S
950, 0
2, 0 , 0
Refundi g 56,485,0 125,419750 1,04 50 4,934*,60 4,1 8,02 17,348.0 15,60 0 1,037,50 235,986 20 1,450, 05,0 ,0
1.80265.143
43,6751385,0 ,0 9,0 0 47,20 069,38109 74.20562
250, 0
124,79 30 139,27 0 25,30 0 10, 0,6 8,20,0 59,40,0 18,7540 7,635,0 39,6053 5,80,0 5,10,0
80 ,0 0
7,250. 0 84, 05,69419,320 294,18187, 0 , 0
68,f0930 13.852, 0 14,25 90 5,065,4064,081,98042,05 0 3,154.0 250, 0 6,597,50 157.68,30 4,350, 0 10 ,0 0 1,40,0
Capital
950, 0 6,80 , 0
14,076502,150, 03,719,0 3,6 ,96
153.82,496 5,80 01 ,480.5291,40,0 32.63,025
Total
2,0 ,0 2,150, 0
SbSoftrmartFuoGnaiyienchoegpvddlsensmyal.FTMEAOFHW2NEDRO8BSR.
FGOFOLARMVFEEUIRNNITGMAEOMCNDWHNPRDT,GS
Refundi g 63,546190 1,79 ,0 1,02 ,80
6,3590 50,2 0 30.2,90 146,58 90
353,0 0
Capital 80,53 10 2,69,20 3,6 ,96
1938
87,21650 5,60,0 81,4576291,40 , 0 175,64135
124,85 0 7,60,0 36,107 06,83,904
175,24890 20, 0 46,53 0 157,62.41 817,42318
$
New
Total
1939
CORPATE,
SOUM FARY
186,30
Refundi g 106,23 0 5,0 ,0 34,8290
Capit l 18,62 0 2,60.0 1,278,0 6,497,604
New
COISRTUPNHIAEED
GONREUPFWI
146,25130 36,0 037,18029 219,73159
New
1938
Refundi g 62,861, 90
Capital 79,48,16
14,076.50
150, 0
205,0 0 4~80~,5
63,546190
120, 0
30,0 0
323,0 0 353,0 0
90,0 0
951",50
80,53 10
New
Total
12,0 0 78,46 0 1,50 0 18~.40 ~.5 i,94i",5 hob'o d2,05,0 124,85 0 10 ,0 0
5,0 0
-
4
40 ,598
40 ,598
5,624,398675,0 01,431,50 3,10 , 0 153,82496
1, 01, 0 7,35 ,9 6
1,0 2,50
40 ,598
5,179,3 8 675,0 0
20,30
4,176,89 675,0 0
1,08 ,70 6,3 .196 79,48 10 40 ,598 4,296,89 675,0 0951,50 1,403,70 87,21650
2",5o ",5 7,60 , 0 36,107",5 5,93^,904 750, 0
"
$
1,875,6 6,598, 06 ,"170419,0 2510 27,4 2760 "585, 50 27,08 ",261 86,7 3127 72.659.30 15.827, 502 ,854 6 9,235", 4024, 8 490 69,4 760 3,1540 585, 50 250, 0 34,6 5761 251, 8 507
1,67 ,0 1,79 ,0
$
_
-
142,350
1,02 ,80 l962,8061", 1.327",50 ~48O",6 1,697,30 6 ,3 59 0
42,790 4 17,0 0 14,57 0 1,60 0 24",3 *54 750, 0 1,941,0 "50 ",5 4,50, 0 175,24890
-
Refundi g 12,0 076,50 01,50 0 3~.80"~,5 "936*5 5 i",~50~,5 106,23 0 5,0 ,0
§55
5,0 ,0 34,829",5 "186,
New
35.01,30 17,0 0 1 ,3290 1,50 0 3,986,35 936,5o 1,50 , 0 146,25130
2",50 ",5 2,60 , 0 1,278,0 5",74 ",654 750, 0
$
1939
CAHARNCTDER Capital
28,9760420, 0 428,360 120,4715 597,680719
142,350
8,310,718 20,43 59 57,935,0 215,2 4 30, 6405 4,934",60 5,21 ,201105, i80 15,60 0 9.348,218 43,67513
'
1,431*,50
"295",0 0
"
14,05 0 86. 0694 25,918 06 4,170,14619,26 9115.42,760 "585",5 0 35,98*79 287,193720 130,59430 21,05269451,28906 14,70.14029,6 91174,52760 18,7540 585, 50 "2050"0,43,98 79 694,8902
251,8 507 4,0 ,0 180,7 14 436,059 21
$
1,76 0
2, 87,50
Capital 157,68306.80,0 23,4568263,417 45
Total
2,0 4,0 3,563,25 5, 0 , 0 2,703,750
218,750
2,485,0 1,785",25
3,4 ,0 25,7 0
Refundi g 48,71 50 162,80 9,714 52 18,251026 6,8 2,50 3.50 , 0 6,0 ,0 345,2678 15,0 0
Total
New
8.0 ,0 10,4 0 691,0 03,215,0
2,6 2,50 25,3 2 79 94,518 0 164,0 0 126,750. 1,0 ,0 47,1 6540 13,2 395, 0 , 0 16,4 250 468,5207 9
694.8 02 85,0 0 9,0 0 51,20 0250,16 23
Refundi g 235,986 207,250. 014,0641256,02418
2,485,0
3,4 ,5 37,517,0
7, 50, 0 25,7 0 1,05 .0 1,0 ,0 19,4 65401,2 3,2 9
Capital 30,80, 01,720, 025,98 248
39,6053 14,05 0167,5209419,4162
7.2 8,0
£>
3,0 ,0
Total
86,407648 4,0 ,0 140.62 812 231,04 60
8
3,0 ,0 14,6 50
2,0 4,0 8,0 ,0 13,963,250 £5,6,"l9 5 ,91*8.750
79,518,50 164,0 0125,70 27,0,0 9.0 ,0 5,0,0 6,0 ,0 417, 850 15,0 0
468,5207948.0 ,0 10,4 .6 187,569041 714.89,20
64,09172 712,50 6,139,20 7,46 ,2 6 8,0 .0
Capital
Total
1,350 10, 5 1,6 5,0
1,7 8,5 o 5, 0 , 0
$
382,13 148,0 0 6,4OCT,5O46,92 9 483,5 360
New
755
3,0 ,0 17, 0 0 1,785.2 5 *218",
^
..
New
Refundi g 345,267825,03750 10,69 80 1,058,053
1938
y O10, 0 5.:: : : 4,10,0
8,0 ,0 2.178,0 : : : : &,6,19 0 1£06, 0 ,
7, 5,604 3,245", 5 10 ,0 0 20.347~.654750, 0 1,0 5,0 50 ,0 03,05 ,0 28,97604
*.
:
-
,
$
1,967",5 14,6"ob,5 5555,10 ", bo ",5 5 0, 0 18,62 0
10 ,0 0
"
MEF2NOEND8TBHS. Corpate— boannontdedss. stock stock bonanontdesds. stock stock foreign— bonanotde_dss stock stock corpateGovernmt forgoeverinmgn. Gaacnits,&♦Munic_pal—eStS,sPotsaeins. toal fifunidgcnludroesets F2EMNEODN8BTH.S NBooantedss utiles&ccsotopeall,,, manufctres oies indmaaunusnftcrtdirilg -&buildcngs, —&httorcraluddsinintgg,,,Miscelanous SNBhoooteartns-T-desm utiles&sccotopeall,,, manufctres o-ie b&uildcngs, &httorrcauldd—siinntgg,,,Miscelanous utiles&sccotoepall,,, manufctres oi b&uildcngs, &httorraulddsciinntgg,,,Miscelanous utiles &sccotoepaellr,,, manuft acesori b&uildcngs, ht&trrouacldds—iitnngg,,,Miscelanous csoercpuritate
Domestic— Long-term Short-emPref redCom on Candi — Long-term Short-emPref red Com on OtherLong-term Short-em Pref red Com on Total Can dian OtherLoan United Grand These
*
TWO
Farm
TWO
Long-Term Ra.lroads PubLc Iron,Equipment Moatnords
Total
Other
OU
Land,Rub er
Ship ingInv.
Railroads Public Iron,Equipment Moatonrds
Total
Oil
Land,Rub er
Ship ingInv.
Stocks— Railroads
Equipment and
Public Iron, Motors Oil_ _ Land,Rub er
Ship ng-
Total Total—
,
Inv.
Railroads Public Iron,EquipmentMoatonrds
Total
Oil
Land,Rub er
Ship ingInv.
$150,000 Owen8boro (Ky.) Daviess County Hospital 1st mtge. 4s
1940-58.
Purpose, construction and extension of present
hosiptal.
Price, 100 to 103.59, to yield from 2.50% to 4%,
according to maturity.
Offered by Stein Bros. & Boyce.
,
DETAILS OF NEW CAPITAL FLOTATIONS DURING
FEBRUARY, 1939
LONG-TERM
BONDS
NOTES
AND
THAN
(ISSUES MATURING LATER
86,000 St. Paul's Catholic Church, Akron, Ohio 1st & ref. mtge.
4 H-4 )4 % serial real estate bonds, Feb .15,1940-51.
Purpose,
refunding.
Price
on
application.
Offered
by
DempseyTegeler & Co.
FIVE YEARS)
RAILROADS
$12,000,000 Cincinnati Union Terminal Co. 1st mtge.
series E.
Feb. 1, 1969.
Purpose, refunding.
Price, 107.38%, to yield
about 3% to maturity.
Offered by Bancamerica-Blair Corp.;
Eastman, Dillon & Co.; A. G. Becker & Co., Inc.; Hallgarten
& Co.; Bear,
Stearns & Co.; Merrill, Lynch & Co., Inc.;
G. M.-P. Murphy & Co.: Francis I. Du Pont & Co.; Stern
$461,000
MISCELLANEOUS
$550,000 Campbell Transportation Co. serial 4% equipment trust
certificates, due 1940-51.
Purpose, payment of notes issued
for purchase of towboat and coal barges, and repay moneys
used in purchase of steel petroleum and cargo barges.
Price,
96 to 103 and divs., at average price of 99.7418%.
Offered
by S. K. Cunningham & Co., Inc., and Charles A. Hinsch
& Co., Inc.
Brothers & Co., and Charles Clark & Co.
PUBLIC UTILITIES
1385
Chronicle
Financial
Volume 148
.
$4,500,000 Central Maine Power Co. 1st & gen. mtge. series J 3Ks, 1968.
Purpose, pay bank loans ($1,197,000) and retire existing 5s
($3,303,000).
Price, 102 and interest.
Offered by The First
Boston Corp. and Coffin & Burr, Inc.
*1,500,000 R. N. White Co. 4-4)4-4)4% 20-year loan.
Purpose, re¬
funding.
Placed privately with Prudential Insurance Co. of
America.
*
1
x*130,000 City Water Co. 1st 4s, Feb. 1, 1964.
$2,050,000
x*150,000 EHwood Consolidated Water Co. 1st 4s, Feb. 1, 1964.
STOCKS
x*55,000 Gettysburg Water Co. 1st 4s, Feb. 1, 1964.
x*40,000 Guilford Water Co. 1st
(Preferred stocks of a stated par value are taken at par, while preferred
stock of no par value and all classes of common stock are computed at their
offering prices.)
4)4s, Feb. 1, 1964.
x*260,000 Hampton Water Works Co. 1st 4Ms, Feb. 1,
1964.
PUBLIC UTILITIES
x*500,000 Latrobe Water Co. (Pa.) 1st 4s, Feb. 1, 1964.
$34,829,000 North American Co. preferred stock, 5%% series, par $50.
/
•
Purpose, refunding.
Price $52 per share plus divs.
North
American Edison Co. preferred stockholders were afforded a
prior opportunity to purchase the preferred stock from the
underwriters at public offering price.
Offered and under¬
written by offering houses and other underwriters mentioned
under North American Co. 3)4% debentures, above.
x*50,000 Louisa Water Co. 1st 4J£s, Feb. 1, 1964.
x*50,000 Mars Hill & Blaine Water Co. 1st 4^s, Feb. 1, 1964.
x*160,000 Maryland Water Works Co. 1st 4M«, Feb. 1, 1964.
x*250,000 Mystic Valley Water Co. 1st 4s, Feb. 1, 1964.
20,000,000 North American Co. 3H% debentures, series due 1949.
Purpose, refunding.
Price, 101 % and interest.
Offered by
Dillon, Read & Co.; The First Boston Corp.; Blyth & Co., Inc.;
Harriman, Ripley & Co., Inc.; Union Securities Corp.; Mellon
Securities Corp.; Smith, Barney & Co.; Shields & Co.; Lee
Higginson Corp.; Stone & Webster and Blodget, Inc.; Spencer
Trask & Co.; Bonbright & Co., Inc., and Kidder, Peabody &
Co.
Other underwriters were;
A. C. Allyn & Co., Inc.;
1,278,000 Pennsylvania Telephone Co. 24,000 shares $2.50 preferred
stock, no par.
Purpose, discharge indebtedness incurred to
pay for property purchased from Bell Telephone Co. of Pa.
Price, $53.25 per snare and divs.
Offered by Bonbright & Co.,
Inc.; Paine, Webber & Co., and Mitchum, Tully & Co.
$36,107,000
Bacon, Whipple & Co.; J. E. Baker & Co.; Baker, Watts & Co.;
Baker, Weeks & Harden; Bancamerica-Blair Corp.; A. G.
Becker & Co., Inc.; Blair, Bonner & Co.; Bodeu & Co.;
Boettcher & Co.; Y. E. Booker & Co.; Bosworth, Chanute,
i
F. S. Moseley & Co.; Maynard H. Murch & Co.;
Murphy & Co.; W. H. Newbold's Son & Co.; Newton,
Abbe & Co.; Nichols, Terry & Dickinson, Inc.; Otis & Co.;
Pacific Co. of Calif.; Paine, Webber & Co.; Arthur Perry &
Co., Inc.; R. W. Pressprich & Co.; Reinhoidt & Gardner;
Reynolds & Co.; Riter & Co.; E. H. Rollins & Sons, Inc.;
L. F. Rothschild & Co.; Schroder, Rockefeller & Co., Inc.;
Schwabacher & Co.; Scott & Stringellow; The Securities Co. of
Milwaukee, Inc.; I. M. Simon & Co.; Singer, Deane & Scribner; Smith, Moore & Co.; William R. Staats Co.; Starkweather
& Co.; Stein Bros. & Boyce; Stern, Wampler & Co., Inc.;
Stifel, Nicolaus & Co., Inc.; Stix & Co.; Stroud & Co., Inc.;
Tucker, Anthony & Co.; G. H. Walker & Co.; Wells-Dickey
Co.; Wertbeim & Co.; White, Weld & Co.; Whiting, Weeks &
Stubbs, Inc.; Winthrop .Mitchell & Co.; Dean Witter & Co.;
Wurts, Dulles & Co.; Yarnall & Co.; Kuhn, Loeb & Co,
1,200,000 Howard Aircraft Corp. 400,000 shares common stock, par $1.
Purpose, increase inventory of materials and work in progress,
working capital, &c.
Price, $3 per share.
Offered by Pistell,
Wright & Co., Ltd.
68,750 Solar Aircraft Co. 25,000 shares capital stock, par
Purpose, purchase additional machinery,
equipment,
Price at market.
Offered by Eldred, Potter & Co.
Underwritten by E, H. Rollins &
stockholders.
)loyees and
$1.
&c.
Sons, Inc.; Blyth & Co., Inc.; Minsch, Monell & Co., Inc.;
Eastman, Dillon & Co.; Johnson, Lane,_Space & Co., Inc.;
Hemphill, Noyes & Co.; Schoellkopf, Hutton & Pomeroy,
Inc., and Jackson & Curtis.
Lynch;
G. M.-P.
\
Aircraft Co. 10,000 shares capital stock, par $1.
Purpose, purchase of machinery, equipment, &c.
Price at
market.
Offered by Paul J. Marache & Co.; Searl-Merrlck
Co., and Eldred, Potter & Co.
2,287,500 General Shoe Corp. 150,000 shares common stock, par $1.
Purpose, reimburse treasury for expenditures made in con¬
nection with lease of new plant, reduce seasonal borrowings.
Price, $15.25 per share.
Offered by Smith, Barney & Co.;
Kidder, Peabody & Co.; Lee Higginson Corp.; Hayden, Stone
& Co.; Equitable Securities Corp.: Alfred S. Sharp; A. G.
Becker & Co., Inc.; Newhard, Cook & Co.; Bacon, Whipple
& Co., and Hemphill, Noyes & Co.
Co.; The Milwaukee Co.; Minsch, Monell & Co., Inc.; Mitchell, Herrick & Co.; Mitchum, Tulley & Co.; Moore, Leonard &
v
INDUSTRIAL AND MANUFACTURING
$15,000 Cessna
Loughridge & Co.; Alex. Brown & Sons; Brush, Slocumb &
Co.; H. M. Byllesby & Co., Inc.; Callaway, Fish & Co.; Wm.
Cavalier & Co.; Central Republic Co.; Clark, Dodge & Co.;
E. W. Clark & Co.; Coffin & Burr, Inc.; Courts & Co.; Curtiss,
House & Co.; R. L. Day & Co.; Dominick & Dominick;
Francis I. du Pont & Co.; Eastman, Dillon & Co.; Edgar,
Ricker & Co.; Elsworthy & Co.; Equitable Securities Corp.;
Estabrook & Co.; Farweil, Chapman & Co.; Field, Richards
& Shepard, Inc.: The First Cleveland Corp.; First of Michigan
Corp.; Foiger, Nolan & Co., Inc.; Morris F. Fox & Co.;
Francis, Bro. & Co.; Gatch Bros., Jordan & McKinney, Inc.;
Glore, Forgan & Co.; Goldman, Sachs & Co.; Graham, Parsons
&
Co.; Granbery, Marache & Lord; The R. F. Griggs Co.;
Hallgarten & Co.; Harris, Hall & Co., Inc.; Hawley, Huller
& Co.; Hayden, Miller, & Co.; Hayden, Stone & Co.; Hemphill, ..
Noyes & Co.; Hill Brothers; Hornblower & Weeks; W. E. '
Hutton & Co.; The Illinois Co. of Chicago; Jackson & Curtis;
Janney & Co.; Johnston, Lemon & Co.; Kaiser & Co.: Kean,
Taylor & Co.; Ladenburg, Thalmann & Co.; W. C. Langley
& Co.; Lazard Freres & Co.; Mackubin, Legg & Co.; Laurence
M. Marks & Co.; McDonald-Coolidge & Co.; Merrill, Lynch
& Co.. Inc.: Merrill, Turben & Co.; Metropolitan St. Louis
v
"
.
OTHER
>
$5,570,572
FARM LOAN AND
GOVERNMENT AGENCY ISSUES
$17,050,000 Federal Intermediate Credit Banks 1% consolidated debentures, dated Feb. 15,1939, and due in 1, 6, and 8)4 months.
Purpose, refunding.
Price, slightly above par.
Offered by
Charles R. Dunn, New York, Fiscal Agent.
'
notes of series R,
Purpose:
It is
RFC notes held
Price, 100)4 and accrued interest.
310,090,000 Reconstruction Finance Corporation J4 %
dated
Feb. 15, 1939; due Jan. 15, 1942.
understood that funds were chiefly to retire
by United States Treasury.
Offered by the United States Department
behalf of the RFC.
25,000,000 North American Co. 3^% debentures, series due 1954.
Purpose, refunding.
Price, 101.
Offered and underwritten
by houses and others listed under the 3 j^s.
of the Treasury on
,
Pur¬
25,000,000 North American Co. 4% debentures, series due 1959.
pose, refunding.
Price, 101Offered and underwritten by
houses and others listed under the 3)4s.
327,140,000
ISSUES NOT
x*40,000 Norway Water Co. 1st 4s, Feb. 1, 1964.
$552,500 Commercial
,
stock,
x*316,000 Penobscot County Water Co. 1st 4s, Feb. 1, 1964.
Investment Trust Corp. 10,000 shares common
Price, 55)4 per share.
Offered by Lazard
par.
,
,
Electric Mfg. Co. 40,000 shares common stock,
par $2.50.
Price, $13 per share.
Offered by Barney Johnson
& Co. and Brown, Schlessman, Owen & Co.
520,000 Duncan
x*425,000 Riverton Consolidated Water Co. 1st 4s, Feb. 1, 1964.
,
x*116,000 Skowhegan Water Co. 1st 4s, Feb. 1, 1964.
x*275,000 West Penn Water Co. 1st 4J^s, Feb. 1, 1964.
no
Freres & Co.
x*80,000 Presque Isle Water Co. 1st 4)4s, Feb. 1, 1964.
555.000 Seven Up Bottling Co. 30,000 shares common stock, no par.
Price, $18.50 per share.
Offered by Prelss, Wibbing & Co. and
H. L. Ruppert & Co., Inc.
„
$77,397,000
75 250 United
x Placed privately with the John Hancock Mutual Life Insurance Co.,
proceeds being used to pay off indebtedness to parent company (North¬
eastern Water & Electric Corp.), which in turn is using the funds to retire
its outstanding 6 % collateral trust bonds, called for payment Aug. 1,1939.
*
REPRESENTING NEW FINANCING
.
States Fidelity
man,
& Guaranty Co. 3,500 common
Harri¬
Price, $21.50 per share.
Offered privately by
Ripley & Co., Inc., and Alex. Brown & Sons.
shares.
$1,702,750
Indicates privately placed issues.
*
Indicates
privately placed issues.
IRON, STEEL, COAL, COPPER, &c.
$11,500,000 Cleveland-Cliffs Iron Co. 1st mtge. & coll. trust ZHb, due
1951.
Purpose, refunding.
Price, par and interest.
Placed
privately with Equitable Life Assurance Society of the United
States, Mutual Life Insurance Co. of New York, New York
Life Insurance Co., 8un Life Assurance Co. of Canada, and
Massachusetts Life Insurance Co.
Sale negotiated through
Lehman Brothers.
OTHER
INDUSTRIAL AND
1
MANUFACTURING
*10,000,000 American Can Co. 2% % 10-year debentures, due Feb. 1,1949.
Purpose, additional working capital.
Sold to First National
Bank, Kew York.
*4,600,000 Union Bag & Paper Corp. 4y2% serial notes, due 1941-51.
Purpose, pay outstanding bank loans and tLrberland notes.
Sold to Metropolitan Life Isurance Co. and The Prudential
New
The following
Bank Limited.
which
Government for purely
issued to vendors;
of
reserve
$225,000 Battle Creek (Mich.) Sanatarium & Benevolent Associa.
tion 4)4%
1st mtge. serial bonds, series B, due 1940-48.
Purpose, make cash payments to bondholders and creditors
of old Association, pay expenses of refinancing, provide new
*
Association with working capital.
Price,. 100 to 101 and
M
interest.
Offered by B. C. Ziegler & Co.
borrowings by the
financial purposes; shares
allotments arising from the capitalization
funds and undivided profits; sales
securities which add nothing to
company
LAND, BUILDINGS, &c.
statistics have been compiled by the Midland
These compilations of issues of new capital,
subject to revision, exclude all
are
British
Life Insurance Co. of America.
$14,600,000
Capital Issues in Great Britain
of already issued
the capital resources of the
whose securities have been offered; issues for con¬
redemption of securities previously held in the
version
or
United
Kingdom; short-dated
long-term borrowings;
authorities which are
the figures
are
based
bills sold in anticipation of
and loans of municipal and county
not specifically limited.
In all cases
upon
the prices of issue.»
Financial Chronicle
1386
19210
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
11993372
GEOGRAPHICAL
DISTRIBUTION
{Compiled by tbe Midland Bank Limited]
OF NEW
CAPITAL ISSUES IN THE
UNITED KINGDOM, BY MONTHS
12 Months
Month of
2 Months to
February
Feb. 28-9
{Compiled by tbe Midland Bank Limited]
Endint
Feb. 28-9
United
£9,684,000
35,214,000
10,363,000
25.997,000
1922........—————
1923
—-
1924—..
1925,...
—
1920
1927
-
1928............
1929...
—
—
———————-
1930...............
1931—.
—
—
1934——————————
1935.....
—
—
1938.....
1939—..
—....
—.
—
£28,024,000
68,340,000
9,957.000
22,388,000
15,568,000
25,759,000
21,899,000
27,872,000
33,293,000
26,165,000
19,606,000
11,995,000
7,167,000
7,008,000
12,630,000
19,687,000
10,672,000
19,248,000
8,132,000
1919—
1936
Mar. 11. 1939
31.009,000
33,928,000
£91,886,000
287,177,000
339,382,000
251,304,000
198,337,000
77,660,000
32,831.000
225,279,000
238.301,000
247,371.000
53,650,000
May.....
June
w
October...
November.
December..
159,333,000
113,376,000
1938
1939
£
£
£
27:614,265
10,671,858
7,464,872
19,248,438
13,858,372
2 months
£53,650,269
£38,286,123
£26,713,310
£21,990,430
£6,901,500
19,605,122
18,410,698
24,402,925
6,194,413
9,546,101
26,943,859
20,939,125
20,211,17$
£11,257,125
11,947,382
11,410,602
24,514,048
20,305,459
7,141,184
1,003,697
13,855,183
12,400,174
17,824,624
£0,391,772
5,038,715
27,397,880
217,221,225
170,900,191
118,097,565
December
Year..
407.000
2,581,000
17,000
31.000
4,986,000
425,000
38.286,000
34,000
1,467,000
4,792,000
20,000
1,666:660
396,000
2.097,000
830,000
11.257,000
11,947,000
11,411,000
078:606
24,515.000
141,000
4,481,000
1,125,000
586.000
53,000
20,305,000
7,141,000
1,964,000
96,000
680,000
1,015,000
32,000
2,273,000
"2:666
13.000
4.885,000
13,855,000
12,400,000
17,825,000
;
8,132,058
Year.......... 138,768,000
.
23,304,000
7,200,000 170,906,000
January...
February......
6,520,000
13,847,000
945,000
3,000,000
2,402,000
7,465,000
19,248,000
2 months....
20,367,000
3,945,000
2,402,000
20,713,000
6,305,000
4,728,000
16,591,000
8,149,000
11,202,000
1,763,000
1,611,000
1,781,000
10,928,000
9,322,000
87,000
311,000
10,213,000
360,000
3,931,000
594,000
March..
Julyi.
August........
September.....
October.......
December......
274,000
6,392,000
5,039,000
27,398,000
8,509,000
15,188,000
2,184,00**
1,648,000
2,628,000
12,802,000
9.596,000
20,826,000
4,007,000 118.098,000
0,973.000
April..........
May
November.....
8,500,247
1,634,000
1938—
June..........
November.......
27,614,000
10,672,000
2,405,000
3i:600
201 857,000
38,286 000
20,713,000
21.990,000
33,063,149
19,687.120
September.....;.
October........
Total
9,756,000
7,135,000
8,313,000
22,011,000
14,558,000
0,503,000
1,867,000
13,141,000
11,372.000
10,607,000
September.
January...
February..
July
August
£
32,845.000
2 months....
March....
113,625,000
135,252,000
161,541,000
207,262.000
15,477,000
17,861,000
29,212,000
1937
10,456,037
£
8.043.000
July,
August...
£
June
£
24.802.000
January
February...
225.018,000
71.618,000
1930
April.——.
May....,.—*—
Countries
£
April.....
ISSUES IN THE UNITED KINGDOM BY MONTHS
{Compiled by the Midland Bank Limited]
........
Foreign
Countries
1937—
328,150,000
381,319.000
216,364,000
NEW CAPITAL
March.
Other British
Ceylon
206,680.000
35,662,000
54,126,000
48,231.000
61,666,000
80,466,000
43,080,000
81,939,000
14,891,000
..
India and
Kingdom
3,584,000
1,159,000
13,858,000
8,132,000.
17.240,000
4,744.000
21,990.000
27,000
28:666
421,000
37:666
516,000
1,152,000
331,000
100,000
622,000
15,188,116
2,184,057
Year
1,648,504
2,627,853
12.802,202
9,595,909
92,746,000
...
458,000
1939—
January...........
February-...... j
.
10,274,000
.
2 months........
The Course of the Bond Market
A remarkably
strong tone has prevailed throughout the
bond market this week.
rating groups
New highs have been seen for all
An indifferent tone has
prevailed among high-grade rail¬
bonds, and fractional losses have been displayed in
most instances.
1949,
were
Chicago Burlington & Quihcy, 111. Div., 4s,
off % at 10314; Union Pacific 1st 4s, 1947, at
113% lost %.
Speculative railroad bonds, however, have
attracted
attention
Northern
Pacific 6s, 2047,
and wide
"74, closed at 74 for
state
Commerce
gains have been registered,
recording
a
new
1939 high at
net gain of 5% points.
a
Commission
approved
a
The Inter¬
Reconstruction
Finance Corporation loan of $8,000,000 for Southern Pacific
*Co.
during the week, proceeds to be applied toward pay¬
ment
of
interest
obligations.
and
principal
instalments on equipment
Southern Pacific 4%s, 1981, recorded a "new
1939 high, closing at
57%,
up
2.
Demand for utility bonds has increased, and all classes
have advanced
participated
this
in
week.
Although
bonds and for United'States
of corporate
Governments,
road
munity Public Service 4s, 1964, comprised the only financ¬
ing of the week.
Prime investment
the movement,
and
issues
Detroit
have,
Edison 3%s,
1966, Nebraska Power 4%s, 1981, Southwestern Bell Tele¬
phone 3s, 1968, and Westchester Lighting 3%sf 1967, made
new highs.
Among speculative issues the debenture obliga¬
tions of Associated Gas & Electric, New England Gas &
Electric, and Standard Gas & Electric showed the greatest
activity as well as the largest gains.
The $6,600,000 Com¬
number
a
U. 8.
AU 120
1939
Govt.
Domes¬
Daily
Averages
Bonds
on
Corp.*
Mar, 10— 114.79
Aa
re¬
85,
1955, at 65% scored a gain of 2%
points.
In the amusement group, the R.K.O. 6s, 1941,
showed a gain of 5 points at 73, and the Warner, Brothers
6s, due Sept. 1, 1939, were up 1% points at 100%.
Steels
were mixed, and rubbers firm
to strong.
In the copper
group, the Anaconda 4%s, 1950, were off fractionally on
news of the proposed Chilean export tax on the metal, but
the Phelps Dodge con v. 3%s, 1952, scored a gain of 1 point,
at 114, the company having no properties in Chile.
Among
high-grade industrials, the Socony-Vaeuum
3%s, ,1950,
scored a gain of % at 107.
The feature of the
foreign bond market has been the rise
following the announcement of a $120,000,000 credit arrangement and the prospective resumption
in Brazilian bonds
of
partial debt service.
Other defaulted South American
issues have been
noticeably, affected and sold likewise at
higher prices.
The Panama 5s, 1963, continued their up¬
ward movement, apparently in expectation of an early rati¬
fication of the Canal treaty.
The European group, also has
displayed
terest
a
firmer .tendency, with further speculative in¬
developing in Polish issues.
Japanese
bonds
have
been maintained at their previous levels.
Moody's computed bond prices and bond yield averages
given in the following tables:
are
MOODY'S BOND YIELD AVERAGES f
{Based on Individual Closing Prices)
tic
Aaa
been
Certain-Teed Products 5%s, 1948, gained 4% points at
Average Yields)
120 Domestic Corporate *
by Ratings
fractional Tosses have
and the Walworth 4s,
MOODY'S BOND PRICES f
(fiased
of
corded, the industrial section of the list has been generally
higher this week, with the building and amusement groups
showing the best gains.
In the former classification, the
120 Domestic
Corporate by Groups •
Baa
RR.
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
P. U.
AU 120
120 Domestic Corporate
120 Domestic
1939
■Domes-
by Ratings
Corporate by Groups
Daily
Averages
tic
Corp:
/
Indus
.
Mar. 10—.
9...
3.71
Aaa
Aa
2.97
3.22
A
3.84
Baa
RR.
4.81
4.39
3.46
3.28
3.20
P. U.
Indus.
9„ 114.49
105.22
120.59
115.14
102.84
86.92
93.21
110.04
114.09
3.71
2.96
3.21
3.84
4.83
8- 114.39
4.41
104.85
3.46
120.37
114.93
102.66
86.50
92.00
109.84
113.89
8
3.73
2.07
3.22
3.85
4.86
7.. 114.28
104.67
4.43
3.47
120.14
114.72
102.48
80.07
92.43
109.64
113.68
7
3.74
2.98
3.23
3.86
4.89
6— 114.05
4.46
3.48
3.28
104.67
120.14
114.72
102.48
85.93
02.28
109.84
113.48
0
3.74
2.98
3.23
3.86
4— 113.93
3._ 113.59
4.47
3.29
120.14
4.90
3.47
104.67
114.93
102.30
85.93
92.28
109.84
113.68
4
3.74
2.08
3.22
3.87
4.90
104.48
104.11
4.47
120.14
91.97
109.64
3
3.75
2.98
3.23
3.87
4.93
4.49
101.94
85.24
91.35
109.64
113.48
113.48
3.47
3.48
3.28
85.52
119.92
114.72
114.51
102.30
2__ 113.74
2
2.99
3.24
3.89
1..
4.95
104.11
119.92
4.53
3.48
3.29
113,74
114.51
101.94
85.10
91.20
109.44
113.48
1
3.77
3.77
2.99
3.24
3.89
Weekly—'
Feb.24.. 113.38
4.96
4.54
3.49
3.29
103.38
119.69
114.30
101.06
84.14
00.14
109.05
113.27
Feb. 24
3.81
3.00
3.25
3.94
17— 113.30
103.38
3.51
3.30
119.69
114.30
101.23
83.87
89.09
109.05
113.27
17—
3.81
3.00
3.25
3.93
5.05
10- 113.21
4.02
3.51
3.30
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
113.48
10
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3
3.84
3.27
3.29
Weekly—
3— 113.16
102.84
119.47
113.68
100.88
83.19
89.10
108.66
Jan. 27— 112.59
101.94
119.03
83.87
89.55
102.66
83.06
89.10
6— 112.95
102.48
100.53
83.06
88.80
107.88
108.66
107.88
107.69
112.86
119.69
119.47
119.25
09.83
101.06
100.63
87.93
103.20
113.07
113.48
82.00
20- 113.18
13- 112.93
High 1939 114.79
105.22
120.59
114.93
102.84
87.21
93.53
110.04
114.09
High 1939
113.07
112.25
6.03
4.61
3.01
3.28
3.95
5.10
4.68
3.53
3.29
3.89
3.03
3.31
4.01
5.19
20
3.82
3.29
3.94
6.05
113.27
112.86
13
3.85
3.00
3.01
3.31
3.97
5.11
4.76
4.65
4.68
3.57
3.53
4.57
3.32
113.48
6
3.86
3.02
3.35
3.97
4.70
3.58
3.89
3.05
3.37
4.01
5.11
5.19
4.76
3.60
3.34
3.26
Jan. 27........
3.29
3.30
3.32
Low 1939 112.59
101.94
118.60
111.84
99.83
82.00
87.93
107.30
112.45
Low 1939
3.71
2.96
3.21
3.84
4.81
High 1938 112.81
4.39
3.46
101.76
118.60
111.43
100.18
82.27
88.36
107.11
Low 1938 109.58
High 1938
4.70
3.34
3.85
3.76
102.60
89.10
62.76
71.15
96.11
Low 1938
1 Year Ago—
3.90
3.05
3.39
6.98
5.17
4.23
112.45
4.68
3.99
6.11
88.80
112.05
104.30
4.73
3.61
3.36
95.78
115.35
109.44
96.11
71.36
81.61
99.66
108.08
2 Yrs.Ago
MarJ0'37 111.42 '103.20
Mar. 10,1938...
4.25
3.20
3.49
4.23
6.09
5.22
4.02
3.53
113.48
110.04
101.41
90.44
98.45
102.48
109.05
Mar. 10,1937—
3.82
3.29
3.40
3.92
4.59
4.09
3.86
3.51
1
Yr. Ago
Mar J0*38 110.66
2
...
Years Ago—
♦
These prices are computed from average yields on the basis of one "typical" bond
(4% coupon, maturing in 30 years), and do not purport to Show either the average
level or the average movement of actual
price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
,
t The lastest complete list of bonds used in computing these Indexes was published in the issue of
Feb. 18,1939, pages 939 and 940.
■
.
Financial
Volume. 148
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, March 10, 1939.
Business
ward
activity has all the
appearance of a
been much
There has
movement.
in
healthy for¬
the news
developments of the week to warrant this view.
and
The Ad¬
ministration appears to be going out of its way to restore
confidence, and there
Government will
are
soon
prove this new cooperative
in
some
form
is
encouraging signs that the
very
take action in
substantial way to
Appreciable tax relief
spirit.
expected to be
a
the first moves.
of
one
with
188,716 units last
at
84,095 units for this week by Ward's Automotive Re¬
This was above the usual trend and was 46%
ports, Inc.
greater than last year and 7% better than the
week.
readily available for relatively speculative ventures,
more
feel.
men
However, there
tions that business and industry are poised for a
forward
movement,
and
this
indica¬
are many
is further
substantial
reflected
in the
increasingly optimistic feeling that* prevails in many well
informed
recent
Business activity recovered from the
quarters.
holiday period, and for the week ended March 4
registered the largest weekly gain since the beginning of
the year, according to the
"Journal of Commerce" weekly
index of business activity..
and compares
with
week and 69.8
Their index advanced to 86.3
revised figure of 84.0 for the previous
a
for the corresponding week
of 1938.
Car
loadings and steel operations led the upturn, and electric
and
output
petroleum
runs-to-stills gained
substantially.
Bituminous coal production and automotive activity were
lower, according to their
reflected
in
higher
Steel buying improved
survey.
slightly during the last week,
operations,
but not sufficiently to be
according to
Age,"
"Iron
which estimates ingot production for this week at 55%, un¬
changed from the revised figure for the preceding period.
Some
of
last
trade journal
to
53%.
are
,the
week's
improvement was
Among the
as
tin-plate,
the
favorabie factors, "Iron Age" declares,
following:
1938.
expanding assemblies
use
up
railroad purposes are expanding;
on
hand;
the farm implement in¬
dustry is stepping up production and
early arrival
work
on
of
to. bring long-expected
been
delayed
rather
taking more steel]
spring,weather will hasten
farms and elsewhere,
standing factors that
scrap
are
These
are some
outdoor
of the out¬
counted on by the steel industry
improvement, which
than
trade in its bidding
higher steel production.
suspended
appears to
indefinitely.
for material
seems
to
have
ton on some
Dealers' bids at Detroit, where a
items, while at Pittsburgh a sale to a mill
and brokers' buying prices
confirm a flat quotation of $16
(a rise of 25c. in the average), which lifts the 'Iron Age'
scrap
of
in general, for the first week
similar to those prevailing in Febru¬
with regard' to
report
the weekly
continued heavy
South, especially east of the Missis¬
rains in much of the
temperature,
Because
states.
of
sippi River,
following the wettest February of record in
places, seasonal farm work was further delayed be¬
cause of wet soil.
In the west Gulf area, where rainfall
was mostly light, operations were more active, but in the
Southeast, except Florida, field work is largely at a stand¬
still and becoming considerably behind normal.
Also, in
central and northern States east of the Mississippi there
many
were
for
further
normal
substantial rains
In
operation.
and fields remain too
the
wet
Mississippi Valley,
heavy snow at the close of last week, supplemented by
additional snowfall during' the current week, furnished
needed moisture, but delayed the moving of many tenant
farmers, especially in Iowa.
More moisture is needed in
much of the southern Great Plains, especially for the sub¬
soil,
In the New York City area the weather has been
cold and clear most of the week.
Today it was fair and
cold here, with temperatures ranging from 29 to 41 degrees.
The forecast was for partly cloudy and moderately cold
tonight.
Saturday warmer, with increasing cloudiness,
Sunday, rain and warmer. Overnight at Boston it was 20
to 32 degrees ; Baltimore, 36 to 72; Pittsburgh, 30 to 54;
Portland, Me., 14 to 20; Chicago, 32 to 40; Cincinnati, 30
to 54; Cleveland, 26 to 48; Detroit, 28 to 38; Charleston,
58 to 76; Milwaukee, 26 to 32; Savannah, 58 to 80; Dallas,
66 to 74; Kansas City, 44 to 46; Springfield, Mo., 44 to 58;
Salt Lake City, 40 to 46; Seattle, 36 to 52; Montreal, 12 to
IS, and Winnipeg, 4 to 16,
upper
composite price to $15.17 against last week's figure
Production of electricity by the electric light
$15.08."
and power industry for the week ended March 4 was
2,244,-
014,000 kilowatt hours, an increase of 10.2% over the like
1938 period, according to Edison Electric Institute.
Output
for the latest week was 18,324,000 kilowatt hours above the
previous week's total of 2,225,690,000 kilowatt hours, and
208,341,000 kilowatt hours over the 2,035,673,000 kilowatt
hours in the week ended March 5, 1938.
Engineering con¬
struction awards for the week, $36,575,000, are at their
lowest of the year,, and are 54% below the corresponding
1938 week's total, and are 57% below the high volume of
last week, reported by "Engineering News-Record" yester¬
day.
Construction volume for 1939 to date totals $637,-
716,000, a gain of 23% over the $517,643,000 reported for
the corresponding 10-week period in 1938.
Public awards
for the current week are 21% higher than for the week a
year ago, but 56% below last week's total.
Private con¬
struction is 84% and 60% lower, respectively, than last
year and last week.
Car loadings of revenue freight for
the week ended Saturday last totaled 598,691 cars, accord¬
ing to the report made public today by the Association of
American Railroads.
This figure constituted an increase
of 38,082 cars, or 6.8%, compared with the loadings of the
preceding week; an increase of 45,799 cars, or 8.3%, com¬
pared with the traffic of the similar week a year ago.
The loadings for the week, however, were 131,638 cars, or
18% lower than in 1937. General Motors Corp. sold 153,886
cars and trucks in February, compared with 94,449 cars in
the 1938 month and 152,746 cars in January, it was re¬
vealed.
The two months' total of 306,632 units Contrasts
Moody's Commodity Index Lower
Moody's Commodity Index declined from 145.3 a week
ago to 144.8 this Friday. There were no individual changes
of importance.
The movement of the index was as follows:
ago, Feb. 24...... 144.5
.145.4 Month ago, Feb. 10.———142.7
——145.3 Two weeks
Mon,,
Mar.
Mar.
Mar.
Tuee.,
Wed.,
Thurs.,
Fri.,
Mar. 7——.....145.0
Mar
8
144.5
Mar. 9-t...
144.7
Mar, 10
144.8
Fri.,
Sat.,
3.—
4—1
—
.
145.8
6
—
Ydarago, Mar. 10-- ———149.3
1938 High—Jain- 10-——*-.-152.9
Low—June 1
130.1
1939 High—Mar. 6
.. — 145.8
Low-—Jan. 26........—141.8
The
expect
good deal of scrap originates, have risen from 50c. to $1.25
a
especially
Government
will require more
supplies
specifications against recent contracts for construction and
the
Weather conditions,
March were very
"Further increase in tin-plate orders
is expected soon; the automobile industry
steel
in
states, production having risen three points
preceding
expressed for the spring outlook by
Ward's said that
present anticipation points to an 80% improvement in fac¬
tory production in the second quarter as compared with
ary,
must business
was
cident with improvement of the weather.
of any concrete tax relief at this session of Congress.
Fur¬
Optimism
the service, which said that sales reports from key positions
of the country are indicative of advancing deliveries, coin¬
in
would make capital
Production of automobiles
year.
and trucks in the United States and Canada was estimated
The heavy goods industries would be the chief beneficiaries
ther relaxation of the capital gains tax
1387
Chronicle
Wholesale Commodity Prices Onchanged During Week
Ended March 4, According to "Annalist" Index
The "Annalist" announced on March 6 that wholesale
commodity prices did little last week despite relatively
favorable business hews and rising stock prices.
The
"Annalist" Index stood at 79.3 on March 4, unchanged
as compared with the previous week and about 4 points
under a year ago.
"The Annalist" further said:
Cotton
the best performer with prices rising to
was
since last summer.
usually low ebb.
rose
The grains
were
the highest level
featureless with trading at an un¬
Silk again
The Improvement in
Lard and cottonseed oil continued to rise.
sharply but late profit taking cut initial gains.
brought about higher textile prices.
raw cotton
THE "ANNALIST" WEEKLY INDEX OF
WHOLESALE
COMMODITY PRICES
,
'
(1926=100)
Mar. 4,
Farm
products—
—
.
1939
Febl 25,1939
Mar. 2, J938
77.0
77.4
j—
80.8
70.3
73.0
Food products.-—.—
70.4
Textile products
60.1
r59.6
84.2
r84.3
88.4
97.3
97.3
103.0
...
71.2
69.6
86.4
—
AH commodities
r
59.9
07.8
Building materials------.——.
Chemicals
Miscellaneous
,
r86.4
88.7
69.8
69.6
72.5
r79.3
83.1
79.3
,
Revised.
Freight Car Loadings in Week Ended March 4,
8.3% Above Year Ago
1939,
»
Loading of revenue freight for the week ended March 4
totaled 598,691 cars, the Association of American Railroads
announced on March 9.
This was an increase of 45,799
cars or
8.3% above the corresponding week in 1938 but a
18.0% below the same week in
Loading of revenue freight for the week of March 4
increase of 38,082 cars or 6.8% above the preceding
The Association further reported:
decrease of 131,638 cars or
1937.
was an
week.
Financial
1388
on their own lines, compared with 264,449 cars in
preceding week and 257,294 cars in the seven days
ended March 5, 1938.
A comparative table follows:
the
week, and an increase of 21,994 cars above the
above the preceding
corresponding week in 1938.
153,420 cars,
Loading of merchandise less than carload lot freight totaled
an
cars
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
(Number of Cars)
above the preceding week, and an increase of
increase of 19.455 cars
1,922
above the corresponding week in 1938.
129,129 cars a decrease of 2,517 cars below
Coal loading amounted to
Received from Connections
Weeks Ended—
Loaded on Own Lines
Weeks Ended—
of 22,420 cars above the corresponding
the preceding week, but an increase
week in 1938.
Mar. 4, Feb. 25, Mar.
totaled 32,344 cars, an increase of 3,459
Grain and grain products loading
cars
above the preceding week, but a decrease
1939
week in 1938.
.
Live stock loading amounted to
9,637 cars, a decrease of 298 cars below
the preceding week, and a decrease of
week of March 4,
stock for the
totaled 7,029 cars, a decrease of 104 cars below the pre¬
ceding week, and
in
1,060 cars below the corresponding
In the Western Districts alone, loading of live
week in 1938,
4
.
a
the corresponding week
decrease of 848 cars below
1938.
18.528
16,812
17,656
5,116
4,889
4,442
Baltlmore A Ohio RR
26,091
24,180
20,136
23,476
14,645
8,702
13,5x5
7,831
12; 645
16,408
21,176
Chesapeake A Ohio Ry
below
above the preceding week, but a decrease of 827 cars
cars
below the preceding week,
and a decrease of 2,486 cars below the correspond¬
ing week in 1938.
Ore loading amounted to 8,979 cars, an
increase of 1,095 cars above the
14,054
13,092
12,867
7,286
7.08X
6.916
Chicago
17,930
16,726
16,780
7,273
7,140
6.511
11,638
3,035
12,859
9,903
9,095
Gulf Coast Lines
12.779
3,228
1,612
4,070
1,297
1,370
1,486
1,557
1,803
2,120
2,412
3,688
3,612
3.946
2,383
1,953
2,264
12,038
35,117
4,837
12,089
12,447
8,420
8,111
32,597
4,243
38,113
10,350
34,819
8,234
32,147
Mllw. St. Paul A Pac. Ry
Chicago A North Western Ry
—
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
19.780
in 1938
in
7,414
cars, an
increase of 328 cars above the
TOTAL
LOADINGS
above the corresponding week
8,542
4,13.
4,157
3,429
36,871
34,468
4,825
3,928
5,267
4,429
30,175
4,234
4,287
4,220
22,461
7,887
7,297
7,332
4,813
8,307
7,605
7,264
357,2^ 182.45' 170.57'' 157,894
CONNECTIONS
FROM
RECEIPTS
AND
■
{Number of Cars)
„
Weeks Ended—
compared with the corresponding week
which reported a decrease.
1938 except the Southwestern
All districts
Mar. 4,
1937
1938
1939
4 weeks in February
2,256,717
2,155,536
2,297,388
598,691
Week ended March 4...
6,208,235
4,965,145
5,198,543
.
The first 18
major railroads to report for the week ended
March 4, 1939, loaded a total of 284,518 cars of revenue
REVENUE FREIGHT
Total
Total Revenue
Freight Loaded
WO
from Connections
1938
1939
1937
OF CARS>
—
WEEK
ooovj
ENDED FEBRUARY 25
Total Loads Received
from Connections
Freight Loaded
Railroads
1938
1939
514
514
1,166
974
Mobile A Ohio
2.172
6,078
1,260
2,504
7,834
1,690
158
210
9,500
1,699
8,473
1,549
Nashville Chattanooga A St. L.
Norfolk Southern
20
27
41
47
36
1,515
6,802
6,027
1,373
5,845
5,164
1,040
1.
Delaware A Hudson
Delaware Lackawanna A West.
1,086
1,330
4,410
8,853
Central. Vermont
3,873
7,941
4,684
8,915
243
1937
1938
1939
1938
384
125
96
1,361
3,364
*
11,516
9,159
22,457
12,867
370
423
661
546
Winston-Salem
171
151
170
726
629
90,156
85,589
110,801
61,066
56,869
11,638
2,037
16,726
3,489
12,527
2,307
15,679
3,282
13,949
1,944
17,559
3,331
9,095
2,634
7,140
2,737
8,571
2,257
6,038
2,635
604
939
139
155
520
661
264
308
5.734
3,951
Southern System
Southbound...
Chicago Milw. St. P
2,954
Chicago St. P. Minn A Omaha.
176
199
25
19
34,819
10,353
29,063
1,577
9,867
4,096
4,825
1*485
7,438
4,358
19
18
168
1,225
3,745
3,153
4,497
5,147
2,649
43,470
9,981
1,474
4,919
8,129
6,348
344
568
2,682
3,760
1,647
32,597
8,225
1,455
4,243
'4,539
4,407
Pittsburgh A Shawmut
434
Pittsburgh ShawmuJ; A North..
Pittsburgh A West Virginia—,
348
Rutland
483
Wabash
4,650
323
2,451
9,479
Total.
5,716
1,500
Northwestern District—
770
9,055
3,243
Chicago A North Western
Chicago Great Western
A Pacific.
Duiuth Missabe A I. R.
577
Duiuth South Shore A Atlantic.
441
'
Elgin Jollet A Eastern....
Ft, Dodge Des Moines A South.
5,997
377
367
286
191
Great Northern
8,017
8,090
7,856
2,340
2,166
547
521
549
505
428
Green Bay A Western
166
299
381
61
73
1,362
1,507
4,219
7,145
1,352
4,442
1,780
1,904
2,975
1,538
1,996
2,501
417
210
110
552
1,280
1,301
1,113
576
971
697
4,437
2,149
5,681
7,605
6,889
4,320
2,977
2,094
108,867
155,529
139,618
119,637
382
353
591
690
513
24,180
1,557
20,673
1,122
34,095
2,576
13,515
11,815
1,230
890
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
5
Chicago Rock Island A Pacific.
-
Northern
Spokane
Pacific
...
7,664
112
101
245
180
1,059
1,243
1,197
1,113
64,523
61,920
72,207
38,941
34,080
16,812
2,332
17,545
2,405
19,346
4,889
1,967
2,084
332
340
412
13,092
12,232
1,717
9,099
2,463
2,053
10,293
2,466
J...
742
672
2,394
2,145
625
496
Total.
Central Western District—
Alton.
J
Bingham A Garfield
-.
Valley
Long Island
Penn-Readlng Seashore Lines..
Pennsylvania System
Reading Co
1
Union (Pittsburgh)
360
1,631
16
27
5,810
9,841
8,839
356
496
63
45
Denver A Rio Grande Western.
247
181
368
28
23
Denver A Salt Lake
148
Cumberland A Pennsylvania.
225
1,183
4,593
609
..
Central RR. of New Jersey
Cornwall..
253
1,588
5,106
127
226
32
17
474
Buffalo Creek A Gauley
Cambria A Indiana
456
617
2.500
2,215
1,217
28,435
M i88ouri-HUnois
i
976
13,244
North Western Pacific
401
22
19
872
756
979
1,290
50,603
44,663
10,122
5,349
66,287
34,468
14,873
10,986
9,377
13,166
15,835
1,239
39
Maryland..
56
92
1
2,574
3,992
5,058
1,146
Chicago A Eastern Illinois
Colorado
A
Southern
Fort Worth A Denver City
Illinois
Nevada
77
15,595
7,081
6,543
2,423
9,860
3,214
623
473
7,'869
2,390
7,978
1,869
1,069
2.108
1,259
2,179
109,446
92,789
147,121
84/848
72,809
932
<
3,384'
934
14
7
909
...
...
Northern
Peoria A Pekin Union.
930
975
825
935
1,472
2,064
1,270
1,011
332
635
312
263
1,201
1,679
87
86
552
315
261
1,124
'•
*
31
18,376
3" 827
3_, 809
304
249
274
11,570
13,648
1,091
5,590
5,455
252
885
4
3
1,065
1,152
1,493
1,494
1,370
83,131
(Pacific)
12,481
444
Southern Pacific
4~,378
4,487
76
•
1,649
Terminal
85,067
99,566
42,901
41,175
17,148
Toledo Peoria A Western
Union Pacific System
Total.
2,854
327
4
3,025
West Virginia Northern
8,576
104
1,103
International
Spokane Portland A Seattle...
Atch. Top. A Santa Fe System.
Bessemer A Lake Erie
170
4,278
420
786
Alleghany District—
Akron Canton A Youngstown..
Baltimore A Ohio
-
Minneapolis A St. Louis...
Lake Superior A Ishpemlng
3,135
Total.
9,038
3,682
Minn. St. Paul A S. S. M
124,408
Wheeling A Lake Erie
3.863
17,387
374
Seaboard Air Line
6,295
166
2,613
1,355
28,490
7,550
-
8,336
8,375
18,118
Tennessee Central
6,776
1,771
1,024
6,669
2,689
993
Pittsburgh A Lake Erie
4,057
10,686
7,857
3,023
N. Y. Chicago A St. Louis....
770
4,245
4,009
358
1.173
New York Ontario A Western.
929
326
5,507
6,676
2,739
N. Y. N. H. A Hartford
433
11,504
1,456
New York Central Lines......
867
372
229
170
7,385
.....
1,844
2,278
436
9,443
3,070
Lehigh Valley
Maine Central...
;
1,860
2,457
1,003
305
10,972
Lehigh A New England
Monongahela
1,948
3,071
1,295
971
156
Lehigh A Hudson River
1,957
2,416
1,070
...
1,131
3,012
4,024
Grand Trunk Western
1,634
2,480
1,032
Richmond Fred. A Potomac...
Piedmont Northern
261
Detroit A Toledo Shore Line...
Erie..
265
2,105
Detroit A Mackinac.
Detroit Toledo A Ironton
Western
ouvvy
Total Revenue
488
Central Indiana
Ligonler
DO
and systems for the week ended Feb. 25,
During this period 86 roads showed increases when
compared with the same week last year.
1,934
Chicago Indianapolis A Loulsv.
Pere Marquette
UIJ.U.C1 UtXJtVU
1939.
6,397
1,291
—--
Maine
Montour
iUXXUWXXig
Southern District—<.Concl,)
Bangor A Aroostook
A
62,110
27, J61
for separate roads
Eastern District—
Ann Arbor..
11,172
59,157
Total Loads Received
1939
Boston
Hit)
LOADED AND RECEIVED FROM CONNECTIONS (NUMBER
Railroads
Ry
730,329
2,763,457
ill
Total
5, 1938
22,414
27,884
11,812
2,714,449
552,892
2,302,464
Mar.
1939
20,824
62.613
Illlnols Central System
St. Louis-San Franclscc
4 weeks in January.....
Feb. 25,
1939
21,920
28,814
11,879
Chicago Rock Island A Pacific Ry.
■'
,
4,650
9,867
2,378
1938.
All districts reported increases
,
in
4,348
21,562
284.518 264.449
Total
Coke loading amounted to
4,443
5,074
Southern Pacific Lines
Wabash Ry
4,407
5,103
24,507
Ry
Pittsburgh A Lake Erie RR
50,603
31,331
4,140
15,410
48,456
4,711
Pere Marquette
19,162
54,266
New York Central Lines
N. Y. Chicago A St. Louis Ry...
Norfolk A Western Ry
Pennsylvania RR
9,026
week
preceding week, and an increase of 2,174 cars above the corresponding
preceding week, and an increase of 1,530 cats
6,501
Chicago Burlington A Qulncy RR.
.
...
totaled 24,446 cars, a decrease of 1.038 cars
Forest products loading,
Mar. 5,
1938
1939
1939
Atchison Topeka A Santa Fe Ry.
products loading for the week of March 4, totaled 19,382 cais, an increase
the corresponding
Mar. 4, Feb. 25,
5,
1938
1939
of 695 cars below the corres¬
In the Western Districts alone, grain and grain
ponding week in 1938.
of 2,361
1939
11,
freight
loading totaled 233.322 cars, can increase of 17,598
Miscellaneous freight
cars
Mar.
Chronicle
...
Utah—
Western Pacific.
16,916
1,026
Pocahontas District—
Chesapeake A Ohio...
20,136
Norfolk A Western
19,162
17,129
14,596
3,303
26,054
24,205
4,481
7,831
4,157
3,241
4,585
953
758
43,883
Virginian
35,028
54,740
12,941
10,146
6,147
Total.
Southwestern District—
Burlington-Rock Island
134
306
329
192
236
3",035
3,168
3,7o7
1,370
1,551
International-Great Northern.
Southern District—
145
Gulf Coast Lines
Total.
1,557
1,638
2,097
1,953
2,314
1,189
Fort Smith A Western.*
Alabama Tennessee A Northern
200
131
232
148
161
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast..
680
597
815
1,140
1,077
1,104
4,530
Louisiana Arkansas A Texas..
2,421
1,068
1,594
Atlantic
Coast
..
Cllnchfield
Columbus A Greenville.
Durham A Southern....
505
696
9,122
3,643
9,838
4,469
395
342
452
1,022
1,316
4,369
2,848
1,193
2,002
294
Central of Georgia
Charleston A Western Carolina
504
9,281
3,746
1,099
Line
270
304
312
304
949
Kansas
Oklahoma A Gulf
188
218
174
171
165
891
Southern
1,786
2,172
1,754
Louisiana A Arkansas.
1,288
1,684
1,335
1,410
959
1,762
1,035
85
114
145
342
367
Litchfield A Madison
193
243
384
796
646
Midland
597
701
520
188
184
126
245
256
188
3,612
3,559
11,824
4,281
2,264
2,234
Kansas City
Valley
Missouri A Arkansas
Missouri-Kansas-Texas
Lines-
175
136
129
158
343
314
Missouri Pacific
Florida East Coast
1,162
1,638
1,284
816
812
77
112
82
93
30
29
43
75
104
Quanah Acme A Pacific
St. Louis-San Francisco
67
Galnsville Midland
6,022
5,924
7,214
3,865
3,656
655
861
910
1,541
1,434
Louis Southwestern
1,878
2,172
2,575
2,319
53
Georgia
Georgia A Florida
274
MlfwlwlnrU Central
...
449
471
533
1,503
9,281
14,628
1,673
23,322
25,049
968
18,224
4,859
1,062
8,906
4,387
176
Macon Dublin A Savannah
363
1,365
18,431
18,703
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
164
209
627
130
300
239
353
Note—Previous year's figures revised.
14,834
8,111
7,636
Texas A New Orleans
5,849
5,914
7,172
Texas A Pacific
3,257
3,446
4,626
2,438
2,795
3,526
180
229
256
53
29
28
30
56
31
32,005
32,376
463
100
St.
12,124
* Previous figures,
x
Wichita Falls A Southern
Wetherford M. W. A N. W.
Total.
Discontinued Jan. 24, 1939.
.
42,062
42,679
52,429
2,842
3,738
„
United States Department of Labor Index of
Commodity
Declined
Prices
0.1%
Wholesale Commodity Prices
Wholesale
counted for
ment of
recorded during the week ended March 4, the
index of the National Fertilizer Association remaining at
prices
United States Depart¬
Labor, Bureau of Labor Statistics' index of wholesale
Lubin
announced
March
on
the
1926
minor decrease of
01%
was
and 3.9% below
ago
The Commissioner added:
ago.
A
month
and
drugs,
-
Farm products fell 0.7%
advanced
groups
fractionally,
goods
and metal products and housefurnishing
Metals
re¬
mained unchanged at last week's level.
Wholesale
0.4%
are
above
a
month
The index
ago.
year
materials fell
prices of raw
semi-manufactured
the
They
during the week.
The group index, 70.7, is 4.1%
ago.
for
0.3%
below
commodities
a
group,
which has declined steadily since the beginning of the year, turned fraction¬
month ago and 2.0%
below
3.9% below
The index for finished products
a year ago.
It is 0.2% above the level of a month ago and
remained steady at 80.4.
a year ago.
'
.
in
modities
building
textiles,
in prices
occurred
Upturns
materials,
fertilizer materials and miscellaneous com¬
advanced during the week
35 advances and 11
pieceding week there were 25 advances and 29
Twenty-five price series included in the index
and
declined; in the preceding W6ek there were
17
declines; in
second
the
declines.
WEEKLY
Compared with a
WHOLE8ALE
COMMODITY PRICE INDEX
The index for "all com¬
Latest
Per Cent
of industrial commodities, remained unchanged at 80.4, the level
of the corresponding week of last month.
68.0
69.7
70.3
74.4
51.6
52.1
65.0
63.3
65.9
78.5
64.5
64.5
64.2
69.8
49.0
47.6
47.5
51.6
53.4
53.5
54.2
Livestock.
70.8
71.3
70.5
75.9
75.9
75.9
„
Cottonseed oil
Farm products
23.0
Cotton,
Average prices of farm products in the wholesale markets of the country
Quotations were lower for
for grains and 1.2%
corn, oats, rye,
5,
1938
Fats and oils
because of decreases of 2.7%
Ago
Mar.
4,
1939
Foods
25.3
by the Department of
Labor, quoting Commissioner Lubin as above, also stated:
for livestock and poultry.
53.5
Feb.
Grains
It is 3.0% below the correspond¬
The announcement issued March 9
largely
69.4
4,
Year
Ago
1939
Total Index
ing week of last year.
declined 0.7%
Week
Feb. 25,
1939
Mar.
Group
Month
Preced'g
Week
Bears to the
farm
(1926-1928=100)
Compiled by the National Fertilizer Association.
prices
year ago
Each Group
than
representing the prices of
the indexes
in
modities.
products and foods," reflecting the movement
other
upward last week, with in¬
was
by declining quotations for grains and
prices counterbalanced
cotton
livestock.
prices of non-agricultural commodities advanced 0.1% and are C.3% above
of non-agricultural commodities are down 3.4%.
commodities
taking place in prices of such raw
According to the index for "all commodities other than farm products,"
the corresponding week of last month.
of industrial
trend
materials as hides, rubber, tin,
burlap and silk.
The effect of these Increases was offset, however, by a
decline in the food price average, which fell to the lowest point reached
since August, 1934, with the decline due largely to lower quotations for
meats.
The farm product price average remained unchanged, with a rise
It is 0.3% below
ally upward during the week and advanced 0.1 % to 74.5.
a
The
creases
The foods, textile products, chemicals and
commodities
miscellaneous
fractionally.
July, 1937 and the lowest 72.3% in 1938.
Six years ago
(March 4, 1933) 52.7%, the lowest point in the
depression period was recorded by the index.
The Asso¬
ciation's announcement, dated March 6, went on to say:
last week
a year
recorded in both the hides and leather
products and fuel and lighting materials groups.
and building materials, 0.4%.
in
"The combined
Lubin said.
Mr.
average,"
index is 0.1% above a
of 109%) had registered either 72.7% or
The highest point in the recovery period was 88.8 %
72.8%.
placed the all-commodity index of 813 price series at 76.7 %
of
In the previous six weeks the index (based on the
1926-28 average
decrease
"The
9.
was
72.8%.
commodity prices during the week ended March 4, Com¬
missioner
the general level of wholesale commodity
No change in
grains, livestock, and lumber, largely ac¬
decline of 0 1% in the
a
Unchanged During Week
to National Fertilizer
According
4
Association
Ended March 4
Lower prices for
March
Ended
Week
During
1389
Chronicle
Financial
Volume
148
17.3
wheat,
—
-
Fuels..
.....
70.1
74.5
81.9
■
Miscellaneous commodities...
77.1
76.9
76.8
77.4
8.2
Textiles
61.3
60.4
59,8
61.1
barley,
7.1
Metals...
90.4
90.4
90.5
96.9
lambs, live poultry (New York), cotton, lemons, hops, and sweet potatoes.
6.1
Building materials
83.9
83.8
84.0
80.1
1.3
Chemicals and drugs
92.4
92.4
92.4
95.4
calves,
flaxseed,
hogs,
steers,
cows,
and
white
Higher
potatoes.
prices
10.8
(Chicago), peanuts,
fresh milk
oranges,
eggs,
reported
were
for
Nothwithstanding the recent recession in farm product prices, the group
above
index, 67-2, is C.1%
a
month
January.
in
Quotations
were
Fertilizer materials
71.4
71.3
71.4
72.2
ago.
.3
77.7
.77.7
78.2
78.7'
to the highest point reached since
.3
Fertilizers
Farm machinery....
94.9
94.9
95.1
98.0
72.8
72.8
72.8
76.8
It is 5.5%
higher
for
below
wheat
year
a
flour,
beef
fresh
and vegetables declined 0.2%, and dairy products and meats
were
Fruits
dropped 0.1%.
lower for rye flour, corn meal and grits, canned tomatoes, fresh
beef (Chicago), fresh pork and veal, and lard.
February Department Store Sales Continued at Same
The group index, 71.5, is
weakening price® for maple lumber and sand, caused the building materials
decline 0.4%.
index to
group
Prices
in prices
for
higher
were
linseed oil, turpentine, sewer pipe, and gravel.
Ponderosa
No changes
The downward movement in prices of hides
group
Lower prices
index fell 0.1 %.
and side and sole
and leather products, which
leather.
were
Prices for
recorded for calf skins. kip skins,
and
cow
steer
hides
were
higher.
Average* wholesale prices of shoes and other leather manufactures
were
steady.-.
A
the
for brick and tile and structural steel.
began early in the year, continued through the first week of March when the
'
fractional
decline
in
prices of bituminous coal
caused the fuel and
No changes
lighting materials group index to drop 0.1%.
were
Season,
Department store sales in February continued at about
same level as in January, although an increase is usual
pine,
reported
were
as
Reports
Federal Reserve System
lath, flooring, and timbers, together with
Increase Is Usual at
Board of Governors of
January Although
Level
This
0.7% above a month ago and 3.1% below a year ago.
Lower prices for yellow pine
All groups combined.......
100.0
(New York) cured pork, raisins, canned peas, copra, oleo oil,-pepper,
granulated and raw sugar, edible tallow", and most vegetable oils.
Prices
—
.3
ago.
Wholesale prices of foods rose 0.1%
early
—
the Board of Governors of the Federal Rserve
at this season,
announced on March 8, and consequently the
board's adjusted index declined 2 points to 86%.
The index
System
is shown below for the last three months
and for February,
1938.
•
/•'.
INDEX OF
v
reported in
,
DEPARTMENT STORE SALES
1923-1925 Average=l00
prices of anthracite, coke, and petroleum products.
-
.
Feb.
Jan.
1939
1939
88
69
69
Feb.
1938
86
The index for the textile products group rose 0.5%. to the highest point
■
Dec.
1938
reached this year largely because of higher prices for raw silk, silk yarns,
woolen and worsted materials, and manila hemp.
Cotton goods, principally
broadcloth, mdslin, print cloth, sheeting, shirting, and
yarns,
declined 0-3%.
Average wholesale prices of clothing and hosiery and underwear did ndt
change.
.
>
Advancing prices for fats, oils, and tankage, caused the chemicals and
drugs group index to rise 0.3%
during the week.
The drug and phar-
maceutical, and mixed fertilizer subgroups remained unchanged.
Adjusted for seasonal variation...
Without seasonal adjustment
.
89*
88
156
70
~Total sales in February and in the first two months of the
2 % less than in the corresponding periods of 1938,
presenting the following compilation:
year were
said the board in
"
>
REPORT BY FEDERAL RESERVE DISTRICTS
Average wholesale prices of crude rubber rose 2.1%; cattle feed advanced
1.9%, and
and pulp increased 0.2% during the week.
paper
In the metals
Percentage Change
and metal products group, an advance of 0.1%
for non-
Number
decline of 0.1%
for agricultural implements and the group index remained
unchanged at 94.5.
groups
were
*February
The iron and steel and plumbing and heating sub¬
unchanged at last week's level.
The index for the housefurnishing
The following table shows index numbers for the main groups
March 7, 1936, and March 9, 1935.
V.
Reserve
districts:
of
com¬
1938. March 6, 1937,
4
Commodity Groups
25
Feb.
18
11
4
5
6
7
9
1939
1939
1939
1939
1939
1938
1937
1936
1935
All commodities
76.7
76.8
76.6
76.6
76.6
79.8
86.1
79.7
796
Farm products
67.2
67.7
66.9
66.7
67.1
71.1
91.6
77.7
—1
32
11
—2
—2
49
23
+4
23
15
—4
;
—3
88
28
—
Richmond-
71.5
71.4
71.3
71.1
71.0
73.8
86.3
81.4
17
—3
-f1
+ 1
34
Minneapolis—
Kansas City
35
15
—6
—2
20
Dallas—...
■—4
—2
20
10
San FrancHlco-
+4
+2
102
92.4
92.5
92.7
92.9
94.3 103.4
95.7
86.4
Textile products
65.9
65.6
65.5
65.6
65.5
67.9
76.9
70.4
69.3
Fuel and lighting materials..
73.3
73.4
73.6
73.7
73.5
78.3
77.7
77.3
73.8
Metals and metal products..
94.5
94.5
94.5
94.5
94.5
96.2
92.2
86.0
33
90.0
89.4
89.1
89.3
90.8
94.1
85.0
85.0
76.2
76.0
76.0
76.1
76 St
78.9
87.1
79.4
81.6
86.6
86.6
86.6
86.7
87.2
89.6
89.6
82.7
82.0
69.8
February figures
1
15
preliminary; In most cities the month had the same
and last year.
number or
business days this year
85.1
89.6
,
.<
82.1
92.3
•
13
80.0
Foods
27
0
+4
Cleveland.
*
Hides and leather products..
31
55
32
—
Mar. Mar. Mar. Mar.
„
6
-
■
Feb.
61
—7
—7
_
St. Louis
Feb.
' —1
—
Chicago-
Feb.
■\ '
238
"541
—2
.
of Cities
Included
Reporting
Two Months
■—6
New York
Philadelphia-
Atlanta
;
(1926=100)
Mar.
+2
*
Average
wholesale prices of both furniture and furnishings were stationary .
modities for the past five weeks and for March 5,
—2
TotalFederal
goods group remained at 86.6.
Number
of Stores
from a Year Ago
ferrous metals, caused by higher prices for pig tin, was counterbalanced by a
Building
materials
...
Chemicals and drugs
Housefurnishing
•
goods
73.2
73.0
72.9
72.8
72.9
74.7
77.3
68.2
Raw materials
70.7
70.9
70.4
70.3
70.4
73.7
88.2
77.9
*
Semi-manufactured articles..
74.5
74.4
74.4
74.6
74.7
76.0
86.6
74.7
*
Finished products.
80.4
80.4
80.3
80.2
80.2
83.7
85.4
81.6
78.9
78.8
78.8
78.7
78.7
81.7
84.9
80.1
79.4
80.4
80.4
80.4
80.4
80.4
82.9
84.5
79.0
77.5
Miscellaneous
All
commodities
farm
All
„■
other
products
commodities
other
than
farm products and foods..
*
Not computed.
*
than
,
Electric Output for Week Ended March
Above a Year Ago
The
4, 1939 10.2%
Edison Electric Institute, in its current
weekly
re¬
port, estimated that production of electricity by the elec¬
tric light and power industry of the United States for the
week ended March 4, 1939 was 2,244,014,000 kwh.
The
is 10.2% above the output of the cor¬
responding week of 1938, when production totaled 2,035,673,000 kwh.
The output for the week ended Feb. 25,
1939, was estimated to be 2,225,690,000 kwh., an increase
of 9.6% over the like week a year ago.
„
current week's output
1390
Financial
PERCENTAGE
INCREASE FROM PREVIOUS YEAR
Chronicle
Mar.
11,
$850,000: In Garden City, N. Y., for public buildings to cost
19S9
$2,000,-
over
000; in Lock port, N. Y., fcr school buildings to cost approximately $1.000,Major Geographic
Week Ended
Regions
Mar. 4, 1939
New England
Feb.
25.
12.2
Middle Atlantic
Week Ended
Week Ended
1939
Week Ended
Feb. 18,1939
Feb. 11. 1939
000; in Long Beach, N. Y., for
school building to cost nearly $700,000;
a
in Allentown, Pa., for a low-cost housing
project to cost
$1,000,000;
over
16.3
in Blooanington, 111., for an office building to cost over $400,000; in Chicago,
8.0
10.1
IU., for
11.1
13.1
12.7
for
14.4
hospital building to cost
$1,000,000: in Indianapolis, Ind.,
8.3
8.1
12.0
12.1
5.4
3.7
1.4
1.4
10.5
7.2
6.8
7.7
Rocky Mountain
8.7
10.0
9.1
9.8
for one-family dwellings to cost over $2,300,000; in Saginaw, Mich., for a
Pacific Coast
9.3
7.1
3.6
7.4
high school
10.2
9.6
9.2
10.5
Central Industrial
West Central
Southern States
a
building
a
Veterans'
Total United States.
DATA
RECENT
FOR
WEEKS
(THOUSANDS
OF
for
KILOWATT-HOURS)
building to cost
Facility
school
a
to cost
to cost over
Change
1937
1938
1936
1932
1929
from
Ohio, for
a
$1,200,000; in Mansfield, Ohio,
over
$400,000; in
Toledo,
Ohio, for
low-cost
a
Ohio, for
a
project to cost $2,000,000; In Madison, Wis., for school
$960,000; in Washington, D. C., for one-family dwellings
$1,100,COO, for apartment houses to cost approximately $400,-
000, and for
one-family
1937
$750,000; in Terre
$600,000; in Detroit, Mich.,
housing project to cost nearly $1,300,000; in Youngstown,
buildings
Percent
1938
cost nearly
to
over
$1,100,000; in Cleveland,
over
building to cost
building to cost
low-cost housing
Week Ended
over
the State Fair Grounds
at
Haute, Ind., for school buildings to cost
an institutional
building to cost $800,CC0; in Miami, Fla., for
dwellings to cost approximately
$700,000;
in
Ga.,
Augusta,
for
Dec.
3
Dec.
10
Dec.
17
2,285,523
2,318,650
2,332,978
2,362,947
2,120,555
Dec. 24
Dec. 31—
2,152,643
2.196,105
+6.2
2,133,511
1,510.337
1,718,002
+ 5.8
2,242,916
2,278,303
2,274,508
2,080,954
1.518,922
1,563,384
1,806,225
1,840,863
1,860,021
1,637,683
2,202,200
+ 5.9
2,085,186
1,998,135
+ 13.3
+6.1
1,554,473
1,414,710
a
low-cost housing project to cost nearly $450,000; in Louisville, Ky.,
for
a
low-cost housing project to cost over $700,000; in Austin, Texas, for
low-cost housing project to cost nearly $250,000; In Dallas, Texas, for a
a
Veterans' Facility building to cost
Prison to cost
over
over
$1,000,000 and for
1939
1939
1938
■
in
from
Denver,
Colo.,
for
the
family dwellings to cost
2,169,470
2,269,846
2,289,659
7
Jan.
14
Jan.
21
Jan.
28
Feb.
4
Feb.
11
2,139,582
2,115,134
2,108,968
2,098,968
+ 9.2
2.082,447
+ 9.8
+ 10.5
+ 10.2
Feb.
18
2,292,594
2,287,248
2,268,387
2,248,7*7
Feb.
25
2,225,690
2,244,014
+ 1.4
4-.
dwellings
to
over
cost
$500,COO; in
hospital
$600,000;
by
erected
+ 8.6
dwellings
to
cost
approximately
Los Angeles, Calif., for
$2,700,000
approximately
houses to cost nearly $1,200,000; in
•
2,035,673
Mar.
family
+ 7.3
2,052,302
2,059,165
2,031,412
fcr a
superstructure
the
War Department to cost over $3,000,000; in Long Beach, Calif., for one-
1938
Jan.
Women's
a new
$1,000,000; in Houston, Texas, for one-family dwellings
to cost over $900,000 and for office buildings to cost more than
and
for
one-
apartment
San Francisco, Calif., for one-family
$850,000;
in
Burbank,
Calif.,
for
one-
family dwellings to cost nearly $600,000; and in Auburn, Ala., for nonhousekeeping dwellings to cost nearly $600,000 and for school buildings
+ 9.2
to cost
+ 9.6
approximately $650,000.
TABLE
1—PERMIT
VALUATION
BUILDING
OF
CONSTRUCTION, TO¬
GETHER
Labor Perkins Reports Gain of
Secretary of
WITH THE NUMBER OF FAMILIES PROVIDED FOR IN
NEW DWELLINGS, IN 2,108 IDENTICAL CITIES IN NINE REGIONS
OF
THE
UNITED
STATES, AS SHOWN BY PERMITS
ISSUED,
13% in
JANUARY, 1939
.
Permit Valuation of Residential Construction Dur¬
ing January
as
Compared with December—Total
6%
New Residential
Valuation Increased
A
new
gain of 13% over December in the permit valuations of
residential buildings featured January building permit
Secretary of Labor Prances Perkins reported
reports,
March 4.
"This increase
spread
Building
permit
for
valuations
cities
over
York
excluding New
Permit
of
Families
Change from—
Valuation,
CUies
Percentage
Change from—
No.
No. of
Jan., 1939
Geographic Division
Provided
Dec.,
Jan.,
for,
Dec.,
1938
1938
Jan., '39
1938
on
six of the nine
geographic divisions," she said.
"There was a rise of 11%
in permit valuations for additions, alterations, and repairs
over the same period.
Total dollar volume of construction
was 6% higher in
January than in December.
However,,
new
non-residential building showed a decrease of 3%,
although five of the geographic divisions showed gains."
Miss Perkins also stated:
was
All divisions.
2,108 $72,258,035
....
+ 12.9
-27.9
Jan...
1938
21,029
+ 23.1
—30.8
New England..
Middle Atlantic-...
147
$2, 425,920
433
—20.0
+ 51.4
529
26, 991,500
+ 8,
—65.2
7,671
+ 19.7
—67.0
East North Central
461
11 314,448
1 970,933
+ 17,
+ 210.0
2,624
_
West North Central-
198
South Atlantic
243
East South Central..
West South Central
Mountain
—9,
127
—21,
+ 95.5
+ 38.3 + 262.4
—15.3
+ 69.7
521
+ 67.2
2,083
+ 278.0
5, 363,840
+ 28,
101
983,565
—11,
219
13 919,853
+ 15
.
Pacific
+85.5
7, 063,352
+ 12,
2, 224,624 + 200
83
78%
were
Buildings
Percentage
+ 11.3
+ 53.8
1,212 + 278.8 + 305.4
1,861
+ 34.1
+ 37.5
+ 62.8
+ 63.6
362
—8.6
+ 52.7
+ 73.2
Total
4,262
+ 17.1
+ 64.6
Building Construction
higher during January, 1939 than during the corresponding month of 1938.
New Non-Residential
{Including Alterations
This gain was brought about by an increase of 110% in indicated expendi¬
Buildings
and Repairs)
tures for new residential
buildings, 80% in indicated expenditures for
non-residential buildings, and 2
A
This caused
a
on
Valuation,
Jan., 1938
the data excluding New York City
significance than
are
are
the data for all cities including New York.
ing construction, over the year period.
When
build¬
Residential construction. Includ¬
ing New York, showed a decrease of 28%, although all geographic divisions,
except the Middle Atlantic, registered gains ranging from 63% to approxi¬
mately 280%.
In
making available the report, the Department of Labor
also had the following to say:
.
V
December,
1938 to January,
Jan.,
All
division..
1938
Middle Atlantic
—3 0
4,089,047
+ 7.8 155,883,522
14,702,870 + 104.5
—48.5
—24.8 + 106.5
South
7,954,788
1,538,084
5,580,591
—32.4 +
4,586,039
5,892,559
+ 37,6 +223.4
—31.4 —31.3
W. So. Central.
Mountain
Pacific
of 1930)
Jan.,
1938
+ 42.2 + 164.8
East No.Central 12,870,680
W. No. Central 2,143,674
Atlantic.
Dec.,
1938
$
59,358,332
New England..
{Census
Change from—
Jan., 1939
$
East So. Central
The percentage change from
Dec.,
same
of much greater
the New York figures are included, there is a decline of 13% in total
Percentage
Permit
Valuation,
Ip38
large influx of applications for permits during January, 1938.
of 1938,
Percentage
Change from—
Permit
Division
Jan. 29.1938.
Therefore, In studying the comparisons of the current month with the
month
Geograp hie
% for additions, alterations and repairs.
building code became effective In New York City
new
Population
new
—48.6
7,910,018
317.6
+ 86.9
+ 15.2 + 126.1
—13.0 60,584,929
+ 78.8
48,590,338 + 28.9
5,607,176
—58.2 18,452,799
28,680,478
—7.2 + 123.9 14,982,247
—3.1 '4,575,653
5,526,546 —34.6
—39.4
+ 19.3
+ 6.1
+ 8.1
18,611,105 —8.4 + 121.2
4,401,293 + 15.6 + 120.8
12,777,259 + 24.9
+ 84.9
6,195,186 + 27.0 + 131.9
23,191,299 —4).8
+ 15.8
6,046,882
2.049,548
3,290,042
1,240,173
5,340,409
1939 in the
permit valuation of the various classes of building construction is indicated
in the following table for 12,108
citiesjiaving
a
population of 1,000 or over:
Private Construction in February Highest in 10 Months
—Public Awards Sharply Reduced from January
Change from Dec., 1938 to Jan., 1939
Class of Construction
Excl. New York
All Cities
Heavy
total
of
New residential
Total.
—7.0
+ 11.3
Additions, alterations, repairs
+17.4
—3.0
There
+ 14.0
+ 6.1
were
new
an
increase of
housekeep¬
23%
as
compared with December.
The percentage change from January, 1938, by class of
construction, is
given below for the
same
2,108 cities:
'
month ago,
Class of Construction
Excl. New York
—£7.9
+ 7.8
+ 1.4
They
last
33% higher than last month, but fall
are
February's
48% lower than
a
volume.
Public
construction
month ago, but 10% above
Values of awards for
+ 80.1
Additions, alterations, repairs
is
below
the three months
a
year ago.
are:
+ 110.4
New non-residential
February
Public projects total $395,795,000 for the
two months, a gain of 70% over 1938.
Private awards are
28% below the initial eight-week period a year ago.
January private awards, however, are the highest since
21%
Change from Jan., 1938 to Jan., 1939
New residential
for
period last year.
last April.
AU Cities
awards
reported by "Engineering News-Record."
Construction volume for the two months of 1939 to date,
$515,536,000, is 29% higher than for the corresponding
+ 5.1
21,029 family dwelling units provided in the
construction
35% decrease from the high volume
and 3% below the total for February, 1938,
a
as
ing dwellings for which permits were issued during January in these cities.
This is
a
•
+ 12.9
.
engineering
$203,843,000,
+ 26.3
—13.0
Compared with January, 1938 there
of
family-dwelling units provided.
was a
Total
+ 78.2
decrease of 31 % in the number
However, for the country as
a
whole,
The data collected by the Bureau of Labor Statistics show, in addition
to
private and municipal construction, the value of buildings for which
contracts
were
awarded
by the Federal and
cities included in the report.
governments
in
the
For January, 1939 the value of these build¬
ings amounted to $24,977,000, for
for
State
December,
1938 to
$14,029,000, and
January, 1938 to $2,118,000.
Permits
were
issued during
January for the following important build¬
ing projects: In Maiden, Mass., for school buildings to cost
in New York
to cost over
over
$1,000,000;
City—in the Borough of the Bronx, for multi-family dwellings
$8,000,000; in the Borough of Brooklyn, for apartment houses
to cost
to
nearly $2,500,00C; in the Borough of Queens, for one+amily dwellings
cost $2,200,000 and for apartment houses to cost approximately $3,000,-
000; in Buffalo, N. Y., for a low cost housing project
$600,000; in Syracuse, N. Y., for
a
to cost
approximately
low-cost housing project to cost ap¬
proximately $1 600,000; in Bronxville, N. Y., for apartment houses to cost
(4 Weeks)
February, 1939
(4 Weeks)
$209,481,000
State and municipal
Federal.-.
....
An analysis of
$203,843,000
51,291,000
122,715,000
77,424,000
Public.
$311,693,000
86.766,000
Private
outside of New York City, there was an increase of 104.%
January, 1939
(4 Weeks)
Total
February, 1938
260,402,000
68,450,000
135,393,000
229,050,000
120,132,000
45.291,000
31.352,000
15,261,000
February construction totals in each class
of work compared with those of last month shows
gains in
industrial buildings of 35%; commercial building and largescale housing,
17%, and unclassified construction, 55%.
Losses
53%;
are
in
bridges,
earthwork
and
Comparisons
streets
74%;
and
roads,
42%;
waterworks,
77%;
drainage, 40%.
with
streets and roads
February,
public
buildings,
sewerage,
19%;
.
1938,
show
increases
in
of
28%; public buildings, 23%; bridges,
31%; waterworks, 254%; sewerage, 108%, and unclassified,
178%; and decreases in industrial buildings of 29%; com¬
mercial
building and large-scale housing, 41%, and earth¬
drainage, 70%.
work and
Volume 148
Financial
Geographically,
month.
It
is
South
the
reports
19%
a
only section to record
over
increase
an
over
feet;
Comparisons with February, 1938, shows South
to be 379%
higher; Middle West, 82% higher; west of
Mississippi, 69% higher, and New England, 57% higher.
New
capital
for
$356,874,000, is
ported for
last
February.
The
current
month,
the
volume
the
over
total
month's
is
New
construction
of 1939 totals
financing for
$426,424,000,
the
initial
229%
corresponding period in 1938.
for the
a gain of
Southern
of
Northern
orders
Hemlock
Southern
and
production
above
in
and
Northern
Hardwood
corresponding week of 1938.
Southern
Northern
Lumber
Cypress
Hard¬
week
ended
the
reported- orders
regions
All regions except
reported
shipments
above
Southern
Hemlock,
orders
softwood mills
same
mills.
feet,
or
the volume
reported
totaled
Hardwood
and
above
from
the
for
last
Southern
and
year,
Northern
all
Hardwood
reported
as
production.
99
hardwood
feet,
for the
week
same
Production
mills
179,547,000
were
168,944,000
was
business
feet.
9,127,000
feet,
Shipments as reported for the same \yeek
1% above production.
Production was 9,442,000
were
give
or
Identical
Last week's
Debits to individual accounts, as reported by banks in
leading cities for the week ended March 1, aggregated
$8,689,000,000, or 34% above the total reported for the pre¬
ceding week, which included only five business days, and
1% above the total for the corresponding week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted to
$8,010,000,000, compared with $5,922,000,000 the preceding
week and $7,912,000,000 the week ended March 2 of last
or
new
as
3% below production.
or
1% Higher than Last Year
ended Feb. 25, 1939, by 438
6% below the production of the
week
159,171,000 feet,
Shipments
6%
Reports
9,511,000
Bank Debits
Pine,
new
reported production above the 1938 week.
months
two
over
and
except
of $64,644,000 in State and municipal bonds, $11,092,000 in corporate security issues, $7,593,000 in REA
loans, $45,000 hi RFC loans to municipalities, and $273,500,000 in Federal funds for WFA construction.
and
those
Pine
made up
178,714,000
shipments,
feet;
These and Southern Pine and California Redwood reported
above output.
Southern
Cypress, Northern Pine, Northern
Hemlock
about
re¬
167,765,000
feet.
Northern
reported
Revised figures for the preceding week
25, 1939.
shipments
for
purposes
of 318%
production,
188,272,000
Pine,
regions
Feb.
Capital
construction
increase
an
wood
168,298,000 feet.
545;
orders,
Western
1391
of
Mills,
were:
January.
New
Chronicle
booked orders
last
gain
feet, and
and
feet
production of
it
a year ago
178,011,000
and
feet
was
feet
180,020,000
shipments,
and
425 identical softwood mills was 167,398,000
137,203,000 feet; shipments were, respectively,
and orders received, 158,213,000-
feet.
In
7,988,000
5^655,000
feet.
R&ports
174,236,000 feet;
the
reported production last week and
feet;
Mill
hardwoods,
83
identical
mills
7,626,000 feet and 9,181,000
year ago
feet and
feet.
of
case
a
6,584,000
and
feet,
Orders, 7,691,000
,
♦
Production
and
Shipments of
Lumber
Four
During
Weeks Ended Feb. 25, 1939
We give herewith data on identical mills for four weeks
year.
These figures are as reported on March 6, 1939, by
Board of Governors of the Federal Reserve System.
8UMMARY BY FEDERAL RESERVE
the
ended Feb. 25,
1939
reported by the National Lumber
as
Manufacturers Association
DISTRICTS
An
March 6:
on
of 510 mills reported
average
as
follows to the National
Lumber
Trade Barometer for the four weeks ended Feb. 25, 1939:
NO.
Federal Reserve District
Week Ended—
of
■
,
.
(In Thousand Feet)
Centers
Incl.
Mar. 1, 1939
Feb. 22, 1939
1—Boston
17
$487,454,000
$353,808,000
2—New York......
15
3,887,281,000
3—Philadelphia
18
4—Cleveland
25
452,528,000
530,148,000
2,885,338,000
335,449,000
398,539,000
225,173,000
Mar. 2, 1938
Production
5—Richmond
24
6—Atlanta
26
261,400,000
7—Chicago
41
1,204,492,000
16
244,074,000
8—St
Louis
305,356,000
$466,338,000
3,867,163,000
1938
1939
1938
1939
1938
641,318
33.760
521,773
720,246
647,314
706,148
709,085
37,618
32,313
24,329
32,210
26,727
675,078
559.391
752,559
671,643
738,358
735,812
440,683,000
524,036,000
291,976,000
Softwoods
Hardwoods..
238,303,000
200,858,000
849,145,000
1,223,983,000
198,232,000
230,530,000
Total
Lumber...
Production during the four weeks ended Feb. 25,
9—Minneapolis
17
146,790,000
110,937,000
153,132,000
10—Kansas City
28
263,020,000
210,197,000
261,024,000
11—Dallas
18
209,587,000
184,466,000
178,038,000
wood
12—San Francisco
29
696.957,000
518,710,000
701,321,000
and 7%
274
$8,689,087,000
$6,470,852,000
$8,576,527,000
Total
Orders Received
Shipmen ts
1939
these mills, was 21%
production in 1939
1937.
1939,
as
reported by
above that of corresponding weeks of 1938.
23% above that of the
was
below the records of comparable mills during the
Hardwood output
was
Soft¬
weeks of 1938
same
period of
same
below production of the 1938 period.
10%
Shipments during the four weeks ended Feb. 25, 1939,
12% above
were
those of corresponding weeks of 1938, softwoods showing a gain of 11%
February Industrial Activity in Canada Maintained at
January Level, According to A. E. Arscott of
Canadian Bank of Commerce
and hardwoods, gain of
in
February at the January level, said A. E. Arscott, Gen¬
eral Manager of the Canadian Bank of Commerce, Toronto,
in his monthly review of business conditions, issued March
8.
"Our composite index," Mr. Arscott said, "shows that
plants continued to operate at 69% of capacity and 16% be¬
low the general 1937 level."
He added:
Foodstuffs
in
registered a decline of 4%%, mainly seasonal, a marked fall
meat-packing
season)
The
more
(due partly,
than
offsetting
rise in
a
to
of
women's
greater
clothing,
activity
while woolens
rayons,
pulp and paper
for by the
accessories
steel
iron
and
and
steel
holling stock)
chiefly
and
silks
and
cotton,
every
division of the
The gain
increase.
ac¬
on
men's
footwear,
goods,
Nearly
a
rise in tires.
(including
18%.
fell
Lenten
primary
The heavy section
products,
The medium section
structural
fairly well
was
machinery showing a moderate gain, while the light "section
(hardware, sheet metals, wire, etc.) showed an almost general but moderate
No
significant
industries.
Weekly
change
1
1
,
Report
of
lumber
tion
was
in
the remaining
■
Lumber
industry
groups
Movement;
of
'
•
during
Feb. 25, 1939, stood at 55%
production
reflected
Week
Ended
Feb. 25, 1939
/
The
is
and 59%
about 64%
the
holiday
week
of the 1929 weekly
ended
average
of average 1929 shipments.
of
Produc¬
of the corresponding
holiday week of
1929; shipments, about 66% of that week's shipments; new
orders, about 54% of that week's orders, according to
reports to the National Lumber Manufacturers Association
from
regional associations covering the operations of im¬
portant softwood and hardwood mills. Reported production
and
were both 6% greater and new orders were
less than in the preceding week.
New orders were
also 11% below the corresponding week of 1938.
Reported
production was 20% above last year's week; shipments were
shipments
11%
3% above.
For softwoods—production, shipments and
orders were,
less
than
in
new
respectively, 22% greater, 2% greater and 12%
corresponding week of 1938.
New business
(hardwoods and softwoods)
was
Reported production for the eight weeks of the year to date
was
26% above corresponding weeks of 1938; shipments
15% above the shipments, and
above the
ther
orders of the'1938 period.
orders were 6%
The publication fur¬
new
of
softwoods
and
25,
hardwoods
Hardwood orders showed
a
1939
gain of 21% as compared with
'
corresponding weeks of 1938.
On Feb.
25, 1939, gross stocks
as
'
reported by 433 softwood mills were
3,682,628,000 feet, the equivalent of 104 days'
year average
1936^37-38),
as
production (three-
average
3,773,487,000 feet
compared with
on
Feb. 26,
1938, the equivalent of 107 days' average production.
\
On Feb. 25, 1939, unfilled orders
as
reported by 431 softwood mills were
617,061,000 feet, the equivalent of 18 days' average production, compared
with 601,086,000 feet on Feb. 26, 1938, the
production.
equivalent of 17 days' average
...v.
.
Rayon Yarn Shipments Held Up Well in February and
Were Equal to Production, According to "Rayon
Organon"
v;:.
1939,
.
,
Shipments of
American
filament yarn from
rayon
pro¬
well during February and were about equal
to
with
production,
the
result
stocks
that
showed
little
change for the month at 39,500,000 pounds, according to the
the
current
issue
Textile
Economics
of
"Rayon
Organon,"
published
by
the
New York.
Rayon yarn
for February, the Bureau
Bureau, Inc.,
deliveries to domestic
consumers
25,700,000 pounds as compared with ship¬
ments of 27,100,000 pounds, reported for January.
For the
first two months of 1939 shipments aggregated 52,800,000
totaled
said,
pounds, an. increase of 73% as compared with shipments
aggregating 30,500,000 pounds delivered during the corre¬
sponding two months last year.
"Recent high prices for raw silk," states the "Organon,"
"resulting in a wide switch from silk to rayon in woven
k
•dress fabrics and hnderwear should prove
industry
rayon
over
stated!
the
■
connection
In
with
./
study
a
coming
'•
of
the
beneficial to the
months."
It is further
..
•/.
rayon
.
•
.
market
export
of
recent
the publication states that the growth of the domestic market has
received so much attention that the position of the United States as a
years,
exporting nation has been overlooked.
of all rayon items, it is stated,
rayon
total
exports
1933
in
$11,000,000 in
to
Five countries were
Cuba
the
was
Canada
and
were
these countries
responsible for 78% of the 1938
among
making
Islands accounted for
The dollar value of the
increased from $2,400,000
1938.
largest consumer,
exports last year.
rayon
Bureau of
taking
28%
of
the
rayon
total
export trade.
value of
all
The United Kingdom, the Union of South Africa
the largest customers, the combined exports to
up
39% of the total.
Shipments to the Philippine
11% of the total 1938 shipments.
521
combined;
mills produced
shipped
178,386,000
189,058,000
feet;
Agricultural Economics Reports Decline of
Mid-February Index of Farm Prices
Two Points iri
Lowering of the general level of local market prices for
farm
tbe
reports:
During the week ended Feb.
feet
Softwood orders in
6% below production and
shipments were 6% above output in the week ended Feb. 25.
were
weeks of 1938.
ducers held up
maintained,
decline.
weeks of 1937.
in wood
14%, the sharp fall in automobiles and
offsetting
trades
the
greater acivity of furniture factories.
declined
than
more
rise of ,11%,
a
knitted
moderate
a
beginning of
manufacturing
hosiery,
declined moderately.
The automotive trades
the
plants
industry showed
industries is accounted
motor
in
furnishings,
the
of corresponding
number of other food industries.
a
clothing and associated trades showed
count
of
doubt,
no
those
0.5% bejow those of similar period of 1938 and 14% below the same
were
Canadian industrial activity, as a whole, was maintained
.
33%.
Orders received during the four weeks ended Feb. 25, 1939, were 0.3%
above
products by two points was reported on Feb. 28 by
of Agricultural Economics, United States De¬
Bureau
partment
This
is
of Agriculture,
the
for the month ending Feb.
15.
second successive month in which a two-point
1392
decline
Financial
The
occurred.
has
mid-February index
92% of
in
1938.
February,
ther
explained:
index of
The
from
with 94 in mid-January and with 97
The Department's announcement fur¬
compared
pre-war
prices
of
received by farmers was reported by the Bureau as
the
dclined
products
pre-war,
reported for both January and December.
index of prices received, however, the
the
ing of
prices paid by farmers, at 120% of
level
slightly
77%
to
of
exchange value of farm
the same
pre-war,
unchanged
was
With the lower¬
February
in
as
last year.
Except
of
time
the
for
in-the
point
chickens
and
rise
two-point
but
animals,
points
dairy
lower
points
products
than
a
last year,
last
declined
group
points,
two
four
of
include
most
year,
Both
14.
poultry
earlier.
were
wheat
shipments
domestic winter
wheat
Corn declined to
a
for
offset
points
for
tobacco,
and
by
a
meat
17
were
groups
lower.
were
Grains
were
down
truck
crops
were
and
Miscellaneous
items
were
five
six points above the mid-February level
increased
during
improved,
crop
the
period
wheat
and
prices
pros¬
weakened
level slightly above the mid-December
aver¬
Other feed grains
were slightly lower during the month.
Flaxseed
almost uninterrupted advance during the preceding
months, with mid-February prices down 8c. a bushel from the Jan. 15
prices broke, after
six
which
narrow
and cotton and cottonseed, two points higher.
Argentine
slightly.
age.
of
year
points lower. ' Meat animals
pects
advance
an
a
about
were
dairy products showed the greatest losses.
and
points
As
and
declines
products,
mid-February
with
Grains and
three
prices
miscellaneous
as
lowered
were
this
at
a
lower.
Compared
23
fruit
in
These
points.
six
eggs
cottonseed
products
Dairy
prices
within
moved
in rice offset minor de¬
upturn
an
cotton and
Prices of
tobacco
in
commodities
In grains,
index.
decline
usual
individual
for
clines in other items.
one
than
greater
prices
year,
during the month.
range
an
level.
Prices received
per
by farmers for cotton lint declined from 8.29c.
held
two-tenths
of
prices averaged 1.3c.
Local
the
8.23c.
to
pound, contrasted with the usual moderate firming during the period,
but
market
normal
per
pounds
100
mid-February of last
last year.
of hogs
the
level
advanced 25c.
this early-year
for
from
above
of
pound below the Feb. 15
per
prices
upturn
cent
a
the
per
period.
mid-January
level,
and
cent
a
Petroleum and Its
100
ago.
in
below
a
year
pounds—less
cattle
a
than
advanced
averaged
20.2c.
Tobacco
1938.
18c.
$1.06
above
74c.
above
Lambs held about unchanged and
year.
one-tenth of
year
average
Beef
Wool regained the December level of
aged about
a
pound but
aver¬
earlier.
Products—Pennsylvania Crude Oil
Mar.
Chronicle
of 266,650 barrels.
Texas
was
up
1939
11
9,350 barrels to
average of 1,321,050 barrels.
The March 15 State-wide proration
a
daily
hearing of the Texas
Commission is expected to indicate the probable
trend of the industry for the forthcoming six months.
It is
Railroad
likely that all major oil-producing States will follow the
production lead of Texas. The policies to be set forth by the
representatives of the leading refiners in the oil industry, who
have been invited to attend the meeting, also will have a
potent effect upon the industry as a whole.
Should the
refiners be able to get together to the point where refinery
operations will be under the same type State control as has
been crude oil production, then an early end of many of the
industry's evils is held likely by most oil men.
Austin will virtually be the "capital" of the oil industry
during mid-March because in addition to the State-wide
proration meeting of the Railroad Commission on March 15,
the Interstate Oil Compact Commission will hold its meeting
there on March 16.
Colonel E. O. Thompson, Chairman of
the Inter-States Compact, has extended an invitation to the
representatives of the refining companies who will attend
the State-wide hearing to wait over for this meeting also. The
move to bring refinery operations under some supervision in
order that the fine work achieved through Texas' leadership
in voluntarily curtailing production might not be wasted
through an over-ambitious refining program.
The first of the long-discussed meetings between President
Lazaro Cardenas and Donald Richberg, attorney for the
Standard Oil group and other oil companies affected by last
March's expropriation by the Mexican Government of foreign
oil properties, took place in Mexico City on Wednesday,
March 8.
"Both the chief executive and Mr. Richbert
were
pleased with the interview and judge that real progress toward
reaching a forthcoming settlement was made," the President's
office announced following the momentous conference. Before
meeting with Mr. Richberg, President Cardenas conferred
at length with Ambassador Najera, who was recalled to
Mexico City from Washington for the conferences.
Mr. Richberg, following the issuance of President Car¬
denas' statement, said:
"The
initial
discussion
with
President
Cardenas Twas
Prices Lifted Again—Texas to Eliminate Week-end
entirely informal.
Shutdowns—Daily
Average
Crude
Production
Lower—Donald Richberg Discusses Oil Situation
merits of past or present controversies.
basic principles which would determine the future relations
between the Government of Mexico and citizens of other
countries contributing money or services to the
With President
Cardenas
A
general advance in Pennsylvania grade crude oil prices,
the third since the start of 1939, was posted
by the Joseph
Seep Purchasing agency of the South Penn Oil Co. on March 6,
effective immediately.
February saw two advances in crude
oil prices in this area in response to the
quickening industrial
demand and the improvement in the statistical
position of
stocks of this grade of crude oil.
Prices under the
new
schedule
are
from 10 to 12 cents
barrel higher, with Pennsylvania grade crude oil in
a
Buckeye
Pipe Lines moving up 10 cents a barrel to $1.65.
The fol¬
lowing crudes were advanced 12 cents a barrel: BradfordAllegany, to $2 a barrel; Pennsylvania Pipe Lines, to $1.65 a
barrel, and Eureka Pipe Lines to $1.59.
Corning grade
crude held unchanged at $1.02 a barrel.
The Texas Railroad Commission plans to abandon the
Saturday shut-down on all producing wells in the Lone Star
State on April 1, and will remove the
Sunday shut-down a
month later. Lon A. Smith, Chairman, disclosed in Austin in
mid-week.
The week-end shut-down rules have been in
effect with only temporary exceptions, since last
September,
when over-production was threatening to send the crude oil
market structure crashing.
In
announcing the probable move of the Railroad Com¬
mission, Mr. Smith contended that the increased demand for
gasoline would justify placing the Texss oil industry on a full
7-day production week once again.
He said that production
would be increased to about 1,500,000 barrels
daily, with the
1-day closing ended.
For the week ended March 4, Texas
production averaged 1,321,050 barrels daily, it was reported.
The National Refining Co.'s 21-cent a ban el
reduction in
the price of crude oil purchased by the
company in Oklahoma
which
was
to
have
become effective
March
10
has
been
postponed indefinitely, Edwin G. Hill, President of National,
told stripper well owners in Tulsa on
Tuesday.
The im¬
provement in the Mid-Continent gasoline wholesale market
was believed responsible for the move.
V.
'
n^With Texas the only major oil-producing State to show an
increase, a net reduction of 14,000 barrels was achieved in
daily average production of crude oil during the week ended
March 4 which dipped to 3,314,850
barrels, according to the
mid-week report of the American Petroleum Institute.
Thus,
production once more was below the figure set as probable
market demand for March as forecast
by the United States
.
Bureau of Mines.
Production for the March 4
period was
about 25,000 barrels daily under the March indicated
demand
of 3,340,000 barrels daily set
by the Federal agency.
The sharpest reduction in
production was scored in
California where producers, who are
making a concerted
effort to bring output into line with demand, cut the total
by
some 13,000 barrels to a
daily average of 609,300 barrels, the
lowest
showed
figure for the West Coast for months.
a
cut of
8,600 barrels to
barrels while Kansas's
a
daily
average
Oklahoma
of 441,200
drop of 5,800 barrels held down its
daily average production to 144,900 barrels.
Louisiana
showed a nominal loss, dipping 250 barrels to a
daily average
We did not spend
time debating the
We discussed the
our
development
of the business and
resources
of Mexico..
-
"The
primary subjects of our exchange of views were:
"First, the fixed purpose of the Mexican Government and
the Mexican people to control their
own
destiny.
"Second, the essentials of cooperation with citizens of other
countries in matters of domestic and international business
which will advance the welfare of the Mexican
people.
impression that President Cardenas is deeply
developing a distinctly Mexican program con¬
cerning the relations between government, labor and prop¬
erty, which should not be labeled as Communism or Fascism
or capitalism,
but which would be a natural product of
"It is my
interested in
Mexican Deeds and desires and conditions which
are, in many
respects, different from those of any other country.
/ "The political and economic problem which we are attempt¬
ing to solve is a world-wide problem of great difficulty.
The
best hope of a solution acceptable to all concerned lies in
maintaining an atmosphere of good will, of mutual confidence
and
patient tolerance of differing opinions.
The
.
entire
discussion
statement
was
amicable
and
I
indorse
the
.
official
expressing the opinion of both President Cardenas
and myself that effective progress was made."
The discussions will continue, and
judging from the general
Richberg and President
Cardenas, it will be some time before any definite news as to
what the final settlement of the question will
develop.
However, a United Press report from Mexico City on March 7
reported that "Former War Secretary General Joaquin
Amaro, in a statement bitterly assailing President Lazaro
Cardenas' expropriation policies, today
joined the new
revolutionary anti-communist party to combat the 'com¬
munistic tendency' of the Administration."
What this may
mean is difficult to ascertain
pending further developments.
Meanwhile, in Washington, the House of Representatives
tabled a resolution introduced by Representative Hamilton
Fish which sought to expose the relations between the United
tone of the statements of both Mr.
States and Mexico.
A week or so earlier, an attempt by
Reprsentative Kennedy to force a public report from Secre¬
tary of State Hull failed when the Secretary was permitted
to submit
a confidential
report on the Mexican question.
Hadlick, Secretary of the National Oil Marketers
Association, wrote Senator Harrison asking that public
hearings be held on the Connally "hot oil" bill, dispatches
from Washington disclosed late in the week.
Representative price changes follow:
Paul
March 6—The Joseph Seep Purchasing
agency of the South Penn Oil Co.
raised
Pennsylvania crude oil prices 10 to 12
cents a barrel.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
Lima (Ohio Oil Co.)
Coming, Pa
Illinois
$2.00
are not
shown)
1.25
__
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.02
Daret Creek
1.09
7.82
$1.05
1.02
over
1.25
Michigan crude
Western Kentucky
1.20
Sunburst, Mont
Mld-Cont't., Okla., 40 and above..
1.10
Huntington, Calif., 30 and
Rodessa, Ark., 40 and above
1.25
Kettleman Hills, 39 and over
1.25
Petrolia. Canada
2.15
Smackover, Ark.. 24 and
over
.75
1.22
over
1.24
,
Volume
REPINED
148
Financial
PRODUCTS—RISE
SLACKENS—REFINERY
IN
MOTOR
OPERATIONS
AGAIN
Chronicle
STOCKS
FUEL
1393
Total gasoline production by companies owning 84.9% of the total daily
refinery capacity of the
RISE—GAS
AND FUEL OIL INVENTORIES LOWER—KEROSENE PRICES
country amounted to 9,420,COO barrels.
DAILY AVERAGE CRUDE OIL PRODUCTION
"
'
SAG
V
.
(Figures In Barrels)
;";
a
Favorable weather with the corresponding rise in demand
held down the gain in stocks of finished and unfinished
B. of
Oklahoma
Kansas
barrels reached
1
cent a
oil and No. I range oil
effective March
It also reduced Esso No. 1 heating
a gallon in
Stand. Oil N.
New York—
JL.f.06#
+ 1,050
96,700
+2,700
64,400
79,700
30,450
207,100
93,600
372,650
246,600
+ 100
372,600
—1,000
246,500
90,550
426,500
218,850
216,250
+ 950
215,200
194,100
1.363,900 bl80l400 1,321,050
Richflled Oil(Cal.)
Chicago
.07 H
Warner-Quinlan..
$.0734
.0834
0734
Gulf
Shell
-.0534
$.05
.0734
Eastern
New
Orleans.
Gulf ports
.0634- 07
.0534
04J4-.05
Tulsa...
New York—
J North Texas...
$.04
(Bayonne).......$.04I Los Angeles... .0334- 05
+ 1,050
71,200
80,000
—1.300
194.050
176,750
250
265,850
256,750
—700
+ 5,050
+ 300
53,160
152,800
95,900
j 134,060
+ 1,150
—1,550
64,750
50,200
48,650
50,050
14,250
+ 150
47,500
12,100
259,700
.
—
Eastern (not incl.III.)
Michigan
Wyoming.
Montana
...
254,200
266,650
50,000
125,500
100,300
47,700
53,600
13,500
53,090
52,700
158,050
l.„.
56,000
4,200
3,800
109,700
...
109,700
Total United States. 3,340,000
'
i
iNew Orleans. $.05 K-.05M
|Tulsa
—.
.0334- 04
■ New Orleans C
$1.00-1.25 Phila., Bunker C
3,314.850 —14.000 3,312,950 3,339,700
'■
a These are Bureau of Mines' calculations
of the requirements of domestic crude
oil based upon certain premises outlined in its detailed forecast for
the month of
As requirements may be supplied either from
stocks, or from new pro¬
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated
requirements to determine the amount of new crude
to be produced.
March.
and
Sundays
Feb.
18.
Shutdowns
27 plus
| Chicago—
I
$.04
$.053
ordered for all Saturdays
c
Recommendation of Central Committee of California Oil Producers.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED MARCH 4.1939
v
Stocks of Finished and
Crude Runs
Daily Refining
Capacity
1
to StiUs
.Unfinished Gasoline
Stocks
of
■
t
District
Finished
Daily
T
Rate•
Total
P.
age
ated
Gas
in
Oper¬
tial
V
Unfin'd
and
P. C.
Aver¬
Reporting
C.
615
149
128
85.9
114
At Re¬
Terms.,
fineries
<fkc.
89.1
574
614
89.5
446
86.8
342
81.0
616 100.0
529
86.0
Mo......
Inland Texas
419
233
i
Fuel
Naplha
on
Distil.
159
50.3
106
66.7
1,000
895
89.5
813
90.8
La. Gulf..-
149
145
97.3
110
75.9
6,483
1,634
10,350
,
12,163
1,690
1,190
301
741
3,964
521
5,586
4,645
68.1
316
Texas Gulf..
3,318
280
4,064
308
1,844
7,418
1,393
1,684
-
60
..
227
1,580
713
9,369
1,666
8,583
424
No. La.-Ark.
100
63.6
335
94
64
118
64
54.2
34
53.1
724
745
90.0
456
61.2
1,729
11,992
83
828
2*307
1,389
97,773
3,662
85.8
2.870
78.6
Reported
55
36
55.0
$0.90
804
49,687
24,442
354
4,300
700
0,140 128,930
110
3,000
3,230
3,185
53,987
53,157
25,142
6,250 131,930
25,380
6.060 133,671
z3,093
69,087
25,933
7,265 121,288
xEst.tot.U.S.
Mar.
1.45
*
■
606
unrptd.
4*39
4,268
4,268
Feb. 25 '39
I Tulsa
28-30 D__...
are
during March.
Calculated net basis 7-day allowable for week ended
Saturday morning. March 4, approximately 1,295,400 barrels dally.
I
Gas Oil, F.O.B. Pefinery or Terminal
N. Y. (Bayonne)—
4,350
105,050
Note—The figures indicated above do not Include any estimate of
any oil which
might have been surreptitiously produced.
Eat.
California 24 plus D
1.651
...
—50
2,705,550 —1,000 2.691,650 2,618,900
009,300 —13,000
621,300
720,800
C602.000
588,400
49,800
13,500
3,850
101,900
—50
:
101,900
Total east of Calif..
2,751,600
California....
—
96,400
Fuel Oil, F.O.B. Refinery or Terminal
Diesel...
+ 9,360 1,309,650 1,269,760
Rooky Mtn.
California...
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
N. Y. (Bayonne)—
Bunker C..^—$0.95
180,950
72,100
Arkansas
Colorado
67,300
66.150
194,550
Total Louisiana
Appalachian.
Ind.,Ill.,Ky.
Okla., Kan.,
Refinery
Other Cities—
Texas
.06
.0834
.
+ 60
208,800
Texas
New Mexico
26,350
+4,400
North Louisiana
.
522,450
160,900
+ 1,100
__
Coastal Louisiana....
Illinois
442,200
148,150
68,650
Southwest Texas
Coastal Texas
Total
—8,600
—5,800
30,600
East Coast..
Tide Water Oil Co
1938
tank-car lots to43^ cents,
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Soeony-Vacuum-
156,850
80,800
East Central Texas.
East Texas
f
13.
New York—
Week
441,200
144,900
428,000
150,300
Jersey cut tank wagon prices of kerosene
by % cent
Mar. 15,
473.200
Poten¬
gallon to 7 cents in New Jersey.
Mar. 4,
1939
4,
1939
Panhandle Texas
North Texas
and range
March 13.
Representative price changes follow:
of New
Previous
Mar
„
pany cut tank-car prices of No. 1 Esso heating oil
oil No. 1 by H cent a gallon to 43^ cents, effective
7—Standard
Mar. 1
bBase allowable effective
Changes in the Nation's major refined products markets
were mostly local in nature with the
only feature a rathergeneral weakening of the kerosene price structure in response
to seasonal slackening in demand.
Standard of New Jersey
on March 7
pared kerosene tank-wagon prices in New Jersey
1 cent a gallon to 7 cents, while the same day saw the com¬
March
Ended
.
Nov. 12, last.
on
Weeks
Ended
West Central Texas.
West Texas...,
at
78.5% of capacity.
Daily average runs of crude oil
gained 45,000 barrels to hit 3,230,000 barrels daily.
One cheery note was the reduction of 1,741,000 barrels in
stocks of gas and fuel oils which dipped to 131,930,000
barrels.
Stocks of gas and fuel oils, incidentally,, are now
some 23,000,000 barrels below the record
high of 154,666,000
Weeks
from
ments
worried eyes.
American Petroleum Institute report for the week
ended March 4 showed a gain of 782,000 barrels in inventories
of finished and unfinished gasoline to a total of 85,379,000
to stills
Change
Ended
(March)
The
ran
Week
Allowable
Require¬
with
Refinery operations continued to mount, however, the
March 4 week bringing a gain of 1.2 points for refineries which
Four
t
State
lated
during the March 4 week to around half of the average
gain of 1,600,000 barrels noted for the past two months.
The slackening in the rate of gain of motor fuel stocks was dis¬
tinctly heartening to oil men who had watched the unchecked
march into constantly higher levels since the end of 1938
barrels.
In the nine previous weeks, the average
weekly
gain was better than 1,600,000 barrels and oil men, remem¬
bering last spring's record stocks of nearly 94,000,000 barrels
and what they did to the the price structure, were
becoming
increasingly apprehensive.
Current stocks of gasoline are nearly 7,000,000 barrels less
than the 92,285,000-barrel figure
reported for this time a
year agb.
However, stocks this March are equivalent only
to approximately 56 days' domestic and
export requirements
while a year ago, stocks on hand were sufficient for 65 days'
needs.
Production of gasoline, incidentally, despite the
sharp rise in refinery operations showed a reduction of
30,000 barrels for the March 4 week, output dipping to
9,420,000 barrels.
Four
M.
Calcu¬
gaso¬
line
4,268
4,268
U.S. B. of M.
....$.02J4-.03
xMar.
4*38
|
x
Estimated Bureau of Mines' basis,
z
March, 1938 dally average.
Gasoline, Service Station, Tax Included
z
New York
z
Brooklyn
$.1951 Newark
.1951
Boston
$.1519Buftalo.........
.
.1815Phlladelphla
...
zNot Including 2% city sales tax.
$.17
.
Weekly Coal Production Statistics
.135-.15
n
The current
Coal
Daily
Average
Crude Oil Production During Week
1939, Placed at 3,314,850 Barrels
Ended March 4,
The
American
daily average
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
March 4, 1939, was 3,314,850 barrels.
This was a loss of
14,000 barrels from the output of the previous week, and the
current week's figure was below the 3,340,000 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during March.Daily average production
for the four weeks ended March 4, 1939, is estimated at
3,312,950 barrels.
The daily average output for the week
ended March 5, 1938, totaled 3,339,700 barrels.
Further
details as reported by the Institute follow:
'
gross
v
ft Imports of petroleum few domestic
use
.
and receipts In bond at principal
United States ports for the week ended March 4 totaled 771,000 barrels,
a
daily average of 110,143 barrels, compared with a daily average of 154,714
barrels for the week ended Feb. 25 and
weekly report of the National Bituminous
disclosed that the total production of
Commission
soft coal in the week ended,Feb. 25 is estimated at 8,570,000
In spite of a partial holiday observance of Wash¬
net tons.
ington's birthday in certain sections of the country,, pro¬
duction for the week showed a slight increase—-60*000
tons, or 0.7%—over the preceding week.
Production in the
corresponding week last year amounted to 6,491,000 tons.
Cumulative production of soft coal in the present coal
year to date is 11.3% below that in . the year 1937-38;
cumulative production of anthracite, 12.5% below that in
the year 1937-38.
The United States Bureau of Mines reported that the
production of Pennsylvania anthracite for the week ended
Feb. 25 amounted to 973,000 tons, an average of 176,900
tons for the 5^ working days of the week.
In comparison
with the daily rate obtained in the six-day week of Feb. 18,
there was an increase of 24%.. Production in the corre¬
sponding week of 1938 was 864,000 tons.
ESTIMATED UNITED STATES PRODUCTION OF SOFT COAL
128,000 barrels daily for the four
(In Thousands of Net Tons)!
weeks ended March 4.
:
.
;
Receipts of California oil at Atlantic and Gulf Coast ports for the week
aided March 4 totaled 328,000 barrels, a daily average of 40.857 barrels,
compared with a daily
and 20,714 barrels
average
of 20,000 barrels for the week ended Feb. 25
.L*ei
kill
J
i_
daily for the four weeks ended March 4.
Week Ended
1
l jJ
Calendar
Year to Date
c
Feb. 25, Feb. 18, Feb. 26,
1938
1938-39 1937-38 1929-30
1939 b
1939
-J -J 4
Reports received from refining companies owning 85.8% of the 4,268,000
barrel
estimated daily potential refining capacity of the
United States,
Indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,230,000 barrels of crude oil dally during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and In
pipe lines as of the end of the week, 85,379,000 barrels of finished and
unfinished gasoline;
22.449,000 barrels of gas and distillate fuel oil, and
109,481,000 barrels of heavy fuel ojl.
c
"
Bituminous Coal a—
Total, Including mine fuel
Dally average
d
8,570
1,453
8,510
1,418
6,491 322,834 363,774 477,338
1,170
1,319
1,729
1,119
historical comparison and statistical convenience the
serai-anthraclte, and anthracite outside of Pennsylvania,
1939, and corresponding periods
in other coal years,
d Average based on 5.9 days.
Washington's Birthday
weighted as 0.9 of a full day.
*
a
Includes for purposes of
production
b Revised,
of lignite,
c
Sum of 47 full weeks ended Feb. 25,
Financial
1394
ANTHRACITE AND
OF PENNSYLVANIA
PRODUCTION
ESTIMATED
BEEHIVE COKE
in the corresponding month last
and 35,530,000 tons in January, 1939. Anthracite
production during February, 1939, totaled 4,111,000 net tons,
as against 3,539,000 tons a y9ar ago and 4,953,000 tons in
January, 1939.
The consolidated statement of the two
aforementioned organizations follows:
with 27,440,000 net tons
year
(In Net Tons)
Calendar Year to Date
Week. Ended
Feb. 25, Feb. 18. Feb. 26,
1938
1939
1939
1938
1939
1929
c
c
Number
Total
Pa. Anthracite—
for
Beehive Coke—
17,000
Includes washery
a
17,700
25,400
142,200
2,950
4,233
2,963
919,600
19,158
213,700
2,833
'
Daily average
4,452
shipped by truck from authorized
c Adjusted to make comparable the number
and dredge coal, and coal
fuel,
operations,
b Excludes colliery
of working
days In the three years.
WEEKLY
ESTIMATED
(The current weekly estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
of final annual returns from the
operators.)
*
Feb.
State
Feb. 18, Feb. 11, Feb.19, Feb. 20, Feb. 16,
1929
1937
1938
1939 p
1939 p
2
Alabama
;—
—
2
3
2
280
Alaska
282
2 44
299
Atgc.
1923
e
8
8
37
59
170
157
182
301
1
1
1
1,112
1,175
846
1,456
1,722
133
231
&
8
402
341
488
93
91
82
136
162
202
212
174
479
727
1,014
556
216
155
216
411
226
29
33
29
41
63
51
13
15
14
18
17
26
85
79
63
82
97
29
34
27
45
61
58
78
Montana
160
678
204
Western
Maryland
Michigan
159
704
Missouri
Kentucky—Eastern
Kansas and
73
73
77
866
837
455
694
—
North and South Dakota.
••
80
426
427
310
607
1,890
1,930
1,474
2,790
2,928
3,087
120
127
81
119
129
127
Ohio
Tennessee
-23
25
16
16
17
17
Texas
SO
117
150
96
216
279
281
212
46
30
61
77
77
1,533
1,511
1,181
2,03)
2,071
1,127
565
Virginia—Southern.a
Northern.b
70
270
49
Virginia—
Washington
87
268
Utah
West
580
449
692
725
673
95
160
170
156
127
120
Wyoming
1
84
8,510
8,800
6,633
10,903
854
1,106
768
832
12,160
1,672
10,956
1,902
2
'
Pennsylvania anthracite.d
9,364
Total, all coal
*
*
7.401
9.706
11,735
12.858
13.832
1,153,000
3,539,000
23.5
150,600
4,358
24
104.600
Beehive coke
comparison and statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania,
b Total production, including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree with the results of
the complete canvass of production made at the end of the calendar years.
Includes for purposes
of historical
Call for Non-Ferrous
Metals
Improving—Another Large
Sold
Tonnage of Lead
"Metal
Mineral Markets," in its issue
and
of March 9,
major non-ferrous metals con¬
tinued to expand in the last week, and the undertone in
all directions is firmer.
Producers of copper look for
reported that demand for
11*4c. basis, and the
substantial buying soon at the
some
quite strong as the
volume, and business
in the common grades of zinc involved a fairly large ton¬
nage under present conditions.
Galvanizing operations are
now up to 61%
of capacity, with tin-plate production defi¬
was
Lead again sold in good
week ended.
Steel prices were reaffirmed for
The publication further stated:
at 55%.
nitely
the metal
for
market
"outside"
quarter delivery.
second-
Copper
improved sentiment in copper was more
The
than
the
in
moved
seven-day
preceding
period.
pronounced in the last week
The so-called outside market
and it now appears that
10%cM Valley, on actual business,
to
up
maintaining the 11 *4c.
the last week amounted
to 6,859 tons against 6,702 tons in the previous week.
Both brass and
wire mills report a moderate seasonal gain in business.
The firmer stock
experience no difficulty at all in
reported by the domestic industry for
producers will
the N. & W.; C. & O.; Virginian; K. & M.; B. C. <fc G.;
and on the B, & O. In Kanawha, Mason and Clay Counties,
b Rest of State. In¬
cluding the Panhandle District and Grant, Mineral and ^Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines.
d Average weekly rate
for entire month,
p Preliminary,
r Revised.
» Alaska, Georgia, North Carolina,
ana South Dakota included with "other Western States."
* Less than 1,000 tons.
a
2,973
23.8
-
-.
198,100
27,440,000
s7
Other Western States.c
Total bituminous coal
1,416,000
26
-
b
Anthracite
136
*
417
Iowa
Pennsylvania bituminous
25.1
25
613
Indiana
New Mexico
February, 1938 (Revised)—
Bituminous coal a
1,993
472
Georgia and North Carolina
—
1,419,000
174,900
2,938
77,300
(.Revised)—
January, 1939
24
23.5
-
87
65
173
Colorado.
Illinois
23.9
35,530,000
4,953,000
.
-
409
406
74
157
Oklahoma
Arkansas and
(Net Tons)
70,500
—
Beehive coke
a
Week Ended—
Work¬
ing Day
Days
Beehive coke
ments and are
Average
per
33,910.000
4,111,000
(Preliminary)—
February, 1939
Bituminous coal .a
Anthracite-b
Anthracite-b
(In Thousands of Net Tons)
and State sources or
Working
(Net Tons)
Bituminous coal, a
BY STATES
PRODUCTION OF COAL,
of
Month
864,000 8,63i,000 8,150,000 12,650,000
Total, incl. colliery fuel .a. 973,000 854,000
272.000
175,300
185,600
176,900 142,300 157,100
Dally average
8,199,000 7,743,000 11,739,000
Commercial production.b. 924,000 811,000 821,000
'United States total.
1939
11
Mar.
Chronicle
Includes operations on
Sales
basis.
with
Shipments of Slab Zinc
The American Zinc Institute on March 6 released the
following tabulation of slab zinc statistics:
ZINC STATISTICS (ALL
(Tons of 2,000
*
Pounds)
Produced
Shipped
Stock at
During
During
Period
Period
Year
1929.
631,601
602,601
Year
1930.
504,463
Year
1931
300,738
436,275
314,514
218,517
344,001
Unfilled
Shipped
Operat¬
Retorts
Orders
for
ing End
During
for
pressing for sale.
that speculative
offerings
not
noted
8
Sales booked on
Period
interest is gradually increasing in that
March 8 in the export market were put through
prices ranging from 10.125c.,
at
£1 per ton for the week, with
Demand was fair.
Cables received on
London advanced
in
Electrolytic copper
Period
Export of Period
75,430
143,618
57,999
31.240
6,352
129,842
41
196
68.491
18,685
47,769
26,651
23,099
18,273
.
Late in the
available at the top figure.
c.i.f. usual ports, to 10.250c.
virtually no metal was
day it was said that
End of
End of
Period
Average
market
market.
^
Retorts
•(a)
period last year.
the same
by the better news from this country, as well as a rising
securities at home, London prices for metals moved higher.
March
GRADES)—1929-1939
'
•
$41,800,000 in
during the first two
amounting to $51,800,000, which compares
Influenced
February Production and
SLAB
current year as
of the
months
Co.
Electric
General
traders.
reported new orders booked
encouraged
has
market
Lead
•.
domestic lead continued during the last seven-day
period as quotations abroad rose steadily on firmer views over the business
outlook here.
Sales totaled 8,576 tons during the week, against 10,834
tons in
the previous week and 9,000 tons two weeks ago.
Buying was
well
diversified.
Producers
with an intake problem 6harply limited
in
interest
Buying
Year
1932
213,531
124,856
170
Year
1933
324,705
239
23,653
15,978
Year
1934
352,663
148
32,944
28,887
30,783
Year
1935
366,933
431,499
105,560
119,830
19,875
21,023
27,190
465,746
83,758
59
38.329
32,341
61,186
their
Year
1936
561,969
569.241
0
65.333
0
42,965
48.812
37,915
1937
523,166
589,619
44.955
Year
45,383
78,626
48,339
January..
48.687
24,931
88,532
42,423
44.623
45,400
several points above the 4.75c. New York
basis, and producers at the end of yesterday's business held strong views
on prices.
The market here held at 4.75c., New York, which was also the
contract settling basis of the American Smelting & Refining Co., and at
February.
41,146
21,540
108,138
41,644
38.891
March
43,399
33,528
39,267
*34,583
36,466
*38,180
38,923
29,023
-
8.478
18,560
1938
118,009
*27,549
26,437
*23,451
25,596
*22,073
38,035
May
37,510
June
30,799
29,248
149,671
July
30,362
33,825
146,20S
August
32,296
36,507
141,997
24,628
148,120
*30,317
29,767
135,238
April.....
*34,977
29,805
*26,471
30,554
*26,433
20,806
*33,130
34,691
*29,710
31,525
30,940
,40,435
*27,648
35,321
33,818
28,071
25,805
*22,490
32,328
43,582
130,743
October..
36.740
43,355
124,128
*28,099
32,427
*28.411
November
40,343
43,693
120,778
36.243
31,912
*28,312
35,621
*32,131
Total for year-
456,523
38,044
41,785
44,142
42,526
40,736
40,829
38,410
34,524
39,404
°{ ^34,225
39,269
*34,090
J34.179
39,723
zinc
was
better, and, with London
further negotiations.
'
firmer, there \fcas even
would benefit sooner or later. Sales of the
calendar week amounted to 6,381 tons, which
the week previous. Shipments of the common
grades for the week amounted to 4,517 tons.
Orders on the books of pro¬
ducers
increased slightly to 29,761 tons.
The price named on Prime
Western continued at 4%c., St. Louis.
The February statistics, covering
grades for the last
compares
all
with 1,775 tons in
showed
grades,
small reduction in stocks.
in the firmer market
a
naturally centered
abroad.
Part of the
London was attributed to a broader interest in all
metals, but the strength yesterday followed some buying of the common
grades for the British Government.
The position of High Grade zinc out¬
side of the United States is said to be good.
The unsettlement in zinc
•abroad
in
recent
months
reflected light consumer purchases in the
moderate
uplift
in
Equivalent retorts computed on 24-hour
basis,
a
39,263
39,060
*33.987
*33,774
and
will
of Coal for Month
According to preliminary estimates made by the United
and the National Bituminous Coal
Commission, bituminous coal output during the month of
February, 1939, amounted to 33,910,000 net tons, compared
States Bureau of Mines
6tart
from that
up
its
Orphan Girl mine, in Butte, on
property
as
March 6,
the treatment of zinc ore
other zinc mines in the Western district.
Washoe concentrator for
well as
Tin
f
Export shipments are Included
Preliminary Estimates of Production
of February, 1939
Copper reopened its
129,987
/
128,009
in total shipments.
American Smelting & Refin¬
Mexico, was postponed pending
hope that the price here
some
Prices
*
for
Anaconda
'39,512
.
Avalos lead smelter of the
ordinary grades.
128,220
1
February
Demand
Interest
40,280
1939
January
Louis.
Zinc
common
39,350
*33,298
32,938
St.
The strike at the
\23,444
395.252
Monthly aver.
38,693
*38,583
126,604
4.60c.,
ing Co., in Chihuahua,
*31,509
39,052
«
27,069
*23,728
September
44,878
' "
■
*31,769
31,555
December.
offerings.
Quotations abroad March 8 were
for
tin abroad
reflected
a
steadier undertone, and quotations
here
for spot Straits metal. Domestic
business, however, was quiet, and the trade believes consumers are marking
time
awaiting announcement on prices for tin-plate beyond the first
quarter; also what action the International Tin Committee will take on
March
22
on
production quotas for the April-June quarter.
Tin-plate
operations here continue around 55% of capacity.
Chinese
tin, 99%,
was nominally
as follows:
March 2, 44.050c.;
March
3, 44.300c; March 4, 44.300c.; March 6, 44.300c.; March 7,
ruled
firm
44.300c.;
virtually all week around 46c.
March 8,
44.500c.
Volume
148
Financial
■
DAILY PRICES OF METALS
Chronicle
("E. & M. J." QUOTATIONS)
Production in January totaled 3,186,834 gross tons, while
in
Electrolytic Copper
Straits
Dom.,Refy. Exp., Refy.
Mar. 2
Lead
11.025
New York
New York
9.725
11.025
Mar. 3
Tin
45.750
Zinc
4.75
Louis
St.
9.725
46.000
11.025
9.725
46.000
4.75
4.60
9.775
46.000
4.75
4.60
Mar. 7
11.025
9.800
46.000
4.75
4.60
4.50
Mar. 8
11.025
9.850
46.200
4.75
4.60
4.50
11.025
9.767
45.992
4.75
4.60
4.50
4.75
4.60
4.50
MONTHLY PRODUCTION
OF OPEN-HEARTH AND BESSEMER STEEL
INGOTS—JANUARY, 1938, TO FEBRUARY, 1939
calendar
week ended March 4 zre: Domestic copper f.o.b.
11.025c.; export copper, 9.713c.; Straits tin. 45.908c.; New York lead,
4.750c.; St. Louis lead, 4.600c.; St. Louis zinc, $4.600c.; and
silver, 42.750c.
The above quotations are "M. <fe M. M.'s"
appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are
quoted on a delivered basis that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the
Atlantic seaboard. De¬
livered prices in New England average 0.225c. per pound above the
refinery basis.
refinery,
Export quotations for
(Calculations based
on reports of companies which in 1937 made
98.26% of the
open-hearth and 100% of the Bessemer ingot production)
Calculated
Gross
3M
(Bid)
Mar.
2
41«m
42%
42%
42%
42%
42%
47%
47%
433i«
48
431n
47%
48%
Mar.
3
Mar.
6
Mar.
7
Mar.
8.
435is
43%
gt Prices for lead and zinc
Spot
<
3,186,834
52.69
2,954,883
54.10
1,732,764
1,703,726
2,012,406
29.15
391,143
4.43
31.74
425,932
454,268
4.00
March
Spot
Zinc
3M
First quarter.
3M
Spot
213%
213%
214%
214%
215
215
215%
14'u
14%
14%
14%
13%
145,«
14^,8
14", 8
13"i«
145,8
143i,
13s,«
13%
13",6
14",«
Second quarter.
.....
First six months.....
31.58
423,709
12.86
33.44
448,757
•'.< 4.29
30.39
407,857
381,883
4.43
28.46
30.76
412,778
13.01
25.87
10,819,144
31.17
4i8,212
1,982,058
33.42
448,429
2,546,988
42.85
2,657,748
46.28
574,941
620,969
40.79
547,357
13.13
18,005,938
34.41
461,691
39.00
52.45
703,823
.....
3,117,934
3,572,220
3,143,169
9,833,323
55,77
27,839,261
39.79
July
August
September..
7,186,794
February Daily Pig Iron Output Up 4.8%
Third quarter
that in January, or from 70,175 gross tons a day
to 73,578 tons.
Output for the short month totaled 2,060,187 tons, compared with 2,175,423 tons in
January.
The
rate of operation was at 54% of the
industry's capacity as
compared with a 51.5% rate in January.
The "Iron Age"
...
Nine months
November..
December
Total
further disclosed:
.....
62.05
53.00
There
were
a
121 furnaces in blast
rate of
70,235 tons daily.
out
banked.
or
on
March 1, operating at the rate of
The
operation and took
Seven furnaces
United
none
States
off blast.
units and put out or banked
on
533,933
52.14
calculated
on
1,365,401 gross tons based on annual capacities as of Dec, 31, 1938, as follows:
Open hearth and Bessemer ingots, 71,191,994 gross tons.
«
Corp.
put
Steel
three furnaces in
South
Chicago
the following:
(old), Carnegie-Illinois Steel
Two Duquesne, and
Corp.;
one
Palmerton,
New
Jersey Zinc Co.; one Trumbull-Cliffs, Republic Steel Corp.; one
Riverside, Wheeling Steel Corp., and one; Colorado Fuel & Iron Corp.
furnace,
a
Age" in its issue of March 9 reported that the*
Carnegie-Illinois Steel Corp.
Woodward Iron Co. furnace.
DAILY AVERAGE PRODUCTION OF COKE PIG
STATES
BY
MONTHS
SINCE
JAN.
1939
January
February
1,
IRON IN THE UNITED
1935—GROSS
1938
J
1937
TONS
1936
1935
46,100
103,597
65,351
47,656
46,367"
62,886
55.449
55,713
45,871
May,..
40,485
June
35,400
107,115
111,596
113,055
114,104
103,584
86,208
51,570
43,497
108,876
74,331
54,138
*.
Half year..
85,432
an announce¬
its products for shipment
Pig iron prices have been reaffirmed for the second quarter by most of the
producers
One exception is the action taken by the Mystic
merchant
furnace at Everett, Mass., in abolishing a differential of 75c.
been quoting over the Buffalo base price.
on a
112,866
83,686
49,041
116,317
87,475
56,816
September....
56,015
113,679
91,010
59,216 '
October....
66,203
93,311
96,512
63,820
75,666
66,891
98,246
68,864
71,314
48,075
100,485
67,950
51,458
100,305
83.658
67,556
'
...
November.
'
December
average.
the improvement
operations.
from
OF
COKE
PIG
IRON
AND
(GROSS TONS)
FERROMANGANESE
'
ton it has
a
slightly better buying of steel in the past week, though
has not yet been sufficient to be reflected in higher
Ingot production for this week is estimated
revised figure of 55% for last week.
The
at
55%, unchanged
Pittsburgh
rate is 49%, last
week's rate having been revised to the same
figure owing to the shutting
down of a steel plant temporarily after the "Iron Age" had
gone to press.
At Chicago production has risen two points to 58%, the sixth consecutive
There have been moderate gains also in the Youngstovra,
weekly gain.
PRODUCTION
a
This brings Buffalo and Everett
parity of $22, furnace, for No. 2 foundry iron.
There has been
38,767
48,193
....
August.
mos.
on
during the second quarter. The only change is some adjust¬
quantity deductions on carbon steel bars, hot
rolled strip and hot and cold rolled sheets.
No announce¬
ment was made od tin plate, present prices for which are in
effect only until the end of this, month, but this action is
expected later in the week. The change in quantity discounts
is to make 75 tons, instead of 150 tons as
heretofore, the
maximum quantity that must be ordered at one time for one
shipment in order to obtain the $3 a ton quantity discount.
The "Iron Age" further reported:
57,098
80,125
46,854
April
12
March 8 issued
57.448
65,816
March
July
on
reaffirming present prices
ment
ments in the
■
Furnaces blown out or banked included: One Donner,
Republic Steel
Corp.; Anna, Struthers Iron & Steel Co.; Mary, Sharon Steel Hoop Co.,
and
Quarter Reaffirmed by
Carnegie-Illinois
The "Iron
and took two off blast.
one
Prices for Second
Independent producers blew in three
were
weekly capacities
Feb. 1, producing at the
two, and merchant producers blew one in
Among the furnaces blown in
4.42
13,14
blown in and four blown
were
Steel
4.43
4.29
"'
748,350
Note—The percentages of capacity operated are
day, compared with 118 furnaces
4.28
832,685
711,124
.
of
*
4.42
4.43
'
"
October
over
74,285 tons
4.29
Fourth quarter—...
are the official buyers* prices for the first session of the
London Metal Exchange; prices for copper and tin are the official
closing buyers'
All are in pounds sterling per long ton (2,240 pounds).
prloes.
4.8%
4.43
5,370,248,
May.......
June
141,6
The March. 9 issue of the "Iron Age" showed that
pro¬
duction of coke pig iron in February on a
daily basis increased
33.85
1,925,166
1,806,805
1,638,277
13"x6
13%
,-13%
13»i#
4.43
4.00
5,448.896
April..
214%
214%
214%
719,376
738,721
1938—
January
February
3M
Month
(Gross Tons)
1939—
Electro.
Spot
Weeks in
of Capacity
February
Dally London Prices
Lead
Number of
January...
copper are reduced to net at refineries on the Atlantic sea¬
Tin Standard
Calculated
Production
Per Cent
Tons
On foreign business in copper sellers
usually name a c.l.f. price—Hamburg.
Havre and Liverpool.
The c.l.f. basis commands a premium of 0.325c. per pound
above f.o.b. refinery quotation.
Copper
Monthly
Production
Weekly
———
Period-
board.
Copper Std.
was pro¬
operations in February this year averaged 54.10%
capacity, as against 52.69% in January and 31.74% in
February, 1938.
An average of 738,721 gross tons of
ingots was produced
Weekly during February, which compares with a weekly
average of 719,376 gross tons in January and with 425,932
gross tons in February a year ago.
4.50
prices lor
gross tons
Steel
4.50
11.025
Average
total of 1,703,726
a
of
4.50
Mar. 4
Average
February, 1938*
duced.
St. Louis
4.60
Mar. 6
.
1395
Cleveland-Lorain
and
eastern
Pennsylvania districts, with losses In the
Wheeling-Weirton, Detroit and southern Ohio districts.
Some of the improvement in orders in the past week has been in tin
plate,
Pig Iron
1939
Ferromanganese
\
1938
1939
y
1938
production of which has risen three points to 53%, which is better than it
surface because of the present excessive tin plate capacity,
appears on the
equal to about 90,000,000. base boxes annually where maximum normal
January
2,175,423
February
March
1,429,085
20,805
22,388
2,060,187
_;
1,298,268
18,655
demand would not exceed 60,000,000 boxes.
20,205
1,452,487
__
April
21,194
1,376,141
1,255,024
1,062,021
13,341
7,873,026
110,281
July
1,201,785
20,818
August
1,493.995
6,088
May
June
18,607
14,546
Further increase in
on
September
1,680,435
October
630
2,052,284
------
December.
on
are
Year
18.782,236
.....
These totals do not include charcoal pig iron,
y
173,791
Included in pig iron figures.
,
expected soon; the automobile
expanding assemblies
farms and elsewhere.
counted
expected improvement, which
use
on
These
are some
of the out¬
by the steel industry to bring long-
appears
to
have been
delayed rather than
suspended indefinitely.
The scrap trade in its
production.
bidding for material
Dealers' bids at Detroit, where
have risen from 50c. to
x
as
expanding; the farm implement industry is stepping up pro¬
taking more steel; the early arrival of spring weather will
standing factors that
13,156
19,197
and
hasten outdoor work
3,621
2,269,983
2,210.728
November
plate orders is
up supplies
hand; specifications against recent contracts for construction and railroad
purposes are
duction
Half year
tin
industry will require more steel
$1.25
a ton
seems
good deal of scrap originates,
items, while at Pittsburgh a
sale to a mill and brokers' buying prices confirm
a
rise of 25c. in the average,
to expect higher steel
a
on some
a
fiat quotation of $16,
which lifts the "Iron Age" scrap composite
price to $15.17 against last week's figure of $15.08.
Short
Month
Brings
February Steel
January
Railroad equipment orders include 15 locomotives placed by the Union
Tonnage
Below
Because of the shorter month, the output of 2,954,883
gross
tons of open-hearth and Bessemer steel
ingots during Feb¬
slightly lower than the total for January, accord¬
report released March 8 by the American Iron and
ruary was
ing to
a
Steel Institute
.
Pacific with the American Locomotive Co. and 2,000 freight cars ordered
by the Canadian National Railways from three builders In Canada.
The
New York Central will distribute orders this week for about 55,000 tons Of
rails, the
Erie will
soon
buy upward of 20,000 tons and the Centra] of.
New Jersey-Reading is in the market for 10,000 tons.
Fabricated structural steel contracts in the week
while
were
new
projects out for bids total 12,750 tons.
nearly 15,000 tons, including 8,040 tons for
a
were
about 18,300 tons,
Reinforcing bar awards
bridge at Seattle. Wash..
Financial
1396
Department has ordered
The Navy
8,353 tons of plates, shapes, bars,
the battleship Alabama.
sheets and strip for
193427
tank plates,
sheets and hot
Based on steel bars, beams,
1939, 2.286c. a Lb.
Mar. 7,
One week ago
2.286c.
wire, rails, black pipe,
One month ago..
2.286c.
2.612c.
rolled strips.
One year ago
These products represent
85% of the United States
output.
Low
High
1936
1935
1935
1934
1933
1932
1930
1927
8
2
10
8
2
2
15
29
1
Pig Iron
Based on average of
1939, 120.61 a Gross Ton
Mar. 7.
One month ago..
-
One year ago...
;
Buffalo,
Valley
Southern Iron at Cincinnati.
1935
1933..—.
——
—*
-
and
Low
High
$23.25
23.25
19.73
18.84
17.90
16.90
14.81
18.21
—19.71
1936
1927
basic iron at Valley
foundry Irons at Chicago,
Philadelphia,
,
1938
1930
furnace and
$20.61
20.61
23.25
One week ago..-
June 21
Mar. 9
Nov. 24
Nov. 5
May 1
Dec. 5
Jan.
5
Jan. 7
Jan. 4
,
July
Feb.
Aug.
May
Jan.
Jan.
Dec.
Dec.
Nov.
$19.61
20.25
18.73
17.83
16.90
13.56
13.66
15.90
17.54
6
16
11
14
27
A
6
16
1
Steel Scrap
(Based on
1939, $15.17 a Gross Ton
Mar. 7.
One year ago...
Philadelphia
and Chicago.
14.8751
—13.42 I
—
1937
1936
-
1934
1932...
—
1930..
—
1927
—
Iron
The American
Mar.
$14,875 Jan. 31
11.00
June
9
12.92
Nov. 16
12.67
June
9
7
Nov. 22
Mar. 30
Dec.
Dec.
Mar.
Aug.
Jan.
Feb.
Jan,
21
12
18
17
and Steel Institute
Apr. 23
10.33
9.50
6.75
6 43
11.25
13.08
10
13
8
on
Sept.
Jan.
July
Dec.
Nov.
25
3
5
9
22
March 6 an¬
telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having
nounced that
96$> of the steel capacity of the industry will be 55.1% of
capacity for the week beginning March 6, compared with
55.8% one week ago, 53.4% one month ago, and 29.9% one
This represents a decrease of 0.7 point, or
estimate for the
week ended Feb. 27,
year ago.
the
from
of steel operations since
rates
indicated
Weekly
1.3%,
1939.
Feb. 7,
1938 follow:
7
14
Feb.
Feb. 28
7
Mar.
47.9%
61.4%
Oct. 17.....49.4%
Oct. 24
53.7%
Oct. 31
56.8%
Nov.
7
61.0%
May
2
May
9
May 16
30.7% Aug. 29
"Steel"
steel
markets,
50.7%
9
Jan.
16
61.7%
52.7%
Jan.
23
Jan.
51.2%
30.—52.8%
Feb.
53.4%
54.8%
53.7%
55.8%
6
Feb.
13
Nov. 14_.
62.6%
Nov. 21
61.9% Feb. 20
00.7% Feb. 27
59.9% Mar. 6
Nov. 28
Dec.
5
Dec.
12
pace
sustained
or
national
of the iron and
business
the slightly
lately has shown little change from
during most of February, but consumption is
heavier as reflected in gradual recovery in ingot production.
steelmaking rate was up 1 point to 56% last week, a new
prevailing
with 29.5% a year ago. 1
heavier rail production. In addition,
upward trend in activity of the automotive, building construction, tinplate and farm equipment industries is indicated, with an accompanying
operations will be aided by
effect
daily pig iron production
pared with
was
2,183,895 tons in January and 1,306,333 a year ago.
Output
the largest for February since 1930, except for 1937, when the total
was
3,020,006 tons.,
tons, against
-
of railroads, while still relatively moderate, are
becoming an increasingly important factor, in total business.
Further¬
more, recent improvement in earnings of the carriers brightens the outlook
for further expansion in orders for equipment and track material.
Latest rail orders include 8,500 tons for the Illinois. Central, while the
requirements
Steel
Erie
expected
is
place
to
21,000
tons,
plus
9,000 tons
of fastenings.
pending tonnages include 6,000 for the Reading and 4,000 for the
Central of New Jersey.
Southern Pacific has awarded 40 steam loco¬
Other
Ford Motor Co. three diesel-electrie locomotives, and two
have been sold for export.
Canadian National has oredred
motives,
units
box
6team
2,000
ordered in February totaled 2,259.
Awards the
months this year were 2,262, compared with 134 in the 1938
Domestic
two
freight
cars
period.
Automobile production rose
trucks.
and
This
compares
nearly 5,000 units last week to 78,705 cars
64,440 a year ago.
General Motors
with
from 34,765 to 35,255, but Ford cut from 16,600 to
Chrysler's gain was from 17,060 to 19,835, with all others
expanding from 7,235 to 8,215.
Occasional labor disturbances have occurred at some steel and autoincreased
output
15,400.
.
plants lately.
However, these resulted from dues-collecting attempts
inter-union differences and give no„ implication of serious tie-ups
motive
preceding week, and 55%% two weeks ago.
the
U.
S. Steel is estimated at a little over
with
59 A%,
table gives a comparison of the percentage
The following
with the nearest corresponding
52 A
1 A
—
Independents
59 A
1
2
30
1
89
+
l
50
+
1
61
+
l
+
2
86
+
1
1936
56
+
1
+
1
41
IA
15
.
-•
.
47 H
48 A
48
1934
15
•
1933
—
1932
26 A
1931.
54
+
1930...
76
27 A
+
—
94
82 A
3
1
+
82
97
53
—
+
4-
26
+
56
+
3 A
70
A
4
3
1
1
92
+
77
+
1
2
85
+
3
+
99
A
2
15A
A
1
4
+
88 ^
2
—
49
K
—
—
51
+
91 A
1
+
1928
1927
1929
l
+
+
30
1937
1935
3
+
30
82
1938
United States Steel Corp. Shipments
Lower
Shipments of finished steel products by subsidiary com¬
panies of United States Steel Corp. for the month of Febru¬
ary, 1939, amounted to 677,994 tons.
The February shipments compare with 789,305 tons in the
preceding month, a decrease of 111,311 tons, and with
474,723 tons in February 1938, an increase of 203,271 tons.
JfcFor the year 1939 to date shipments were 1,467,299 tons,
compared with 993,045 tons in the comparable period of
1938, an increase of 474,254 tons.
In. the table below we list the figures by months since
January, 1935:
OF
TONNAGE
SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS
Year 1935
Month
INDICATED
Year 1936
Year 1938
Year 1937
1,149,918
1,133,724
1,414,399
789.305
474,723
572,199
501,972
677,994
721,414
'668,056
783,552
591,728
March
979,907
984,097
1,343,644
886,065
1,268,550
960,851
1,186,752
923,703
1,107,858
558,034
961,803
1,047,962
792,310
577,666
663,287
679,653
694,204
May.
670,315
598,915
June
578,108
547,794
624,497
614,933
686,741
July
August
'!
September
October
Year 1939
518,322
534,055
582,137
February
,
1,007,417
1,304,039
465,081
478,057
441,570
'
681,820
882,643
587,241
661,515
1,067,365
489,070
Yearly adjustment. —(23,750)
—(40,859)
—(77,113)
7,347,549
10,784,273
12,748,354
November
—
*
December
•
Total for year
Chilean Chamber Passes
for
6,625,368
Export Tax
Chamber of Deputies on March 8 by a vote
passed the government's bill for the reconstruction
of the region damaged by the earthquake last January and
for general development of the country.
The bill provides
for a progressive export tax on copper, an increase in mining
licenses and an advance in income tax rates. A 2,000,000,000
of 71 to 68
and
measure.
The Senate is
builders are improving seasonally.
Pros¬
expected to start consideration of
the bill next week.
The
following
regarding the bill is from United Press
Santiago:
advices of March 9 from
The export
tax, which some
quarters regard as virtually confiscatory
the world price of copper is from 6 to
10 cents
pound; 20%, when the price is from 10 to 15 cents
a pound, and 30% when the price exceeds 15 cents.
Exports, when the world price is less than six cents, would be exempt,
as would the first 5,000 tons shipped abroad by any exporter.
The tax would be determined monthly by the Minister of Finance on the
(American currency) a
basis of the previous
copper
month's average price of the New
York electrolytic
market's quotations for foreign copper. The levy in all cases would
full price and not on the difference between the taxable
be based on the
price and the exempt price
under 6 cents.
contend it wiU raise betwen 100,000,000
Proponents of the export tax
tional
implements and merchant wire products are
be used in carrying
authorized in the
peso loan, to be floated externally
to
out the joint program is also reported as
manufacturing.
farm equipment
Reconstruction Bill—Provides
Copper and Increases License
and Income Rates
of
for sales of tractors,
on
The Chilean
pesos
needs of
the week immediately preceding:
U. S. Steel
4-
56 X
1939
of production
week of previous years, together with the
Industry
from
Steel
52A%, against 53J^% in the
weeks ago. Leading independents are credited
compared with 56 A % in the week before and 58 A % two
previous week and 51A two
or
pects
The "Wall
stated:
Street Journal" further
levy, would be 10%, when
cars.
first
Steel ingot production for the week ended March 6, is
placed at nearly 56%% of capacity, according to the "Wall
Street Journal" of March 9.
This compares with 55% in
steel consumption.
on
in February was 73,543 tons, com¬
70.448 tons in January and 46,655 tons a year ago.
Except
for November, 1938, this was the highest rate since October, 1937.
Active
blast furnaces on Feb. 28 numbered 121, a net gain of 3 for the month.
The shorter month reduced total
February production to 2,059,203
Average
next period has
warehouses are
needs adjusted closely to mill shipments.
Generally strong tone in scrap markets reflects expectations of further
improvement in steelmaking this half.
The scrap composite is 6teady at
$14.96, with the finished steel composite holding at $56.60.
holding down stocks, with current
April
hopeful concerning prospects for better
an
beneficial
third quarter books at unchanged
Delay in announcing finishel steel prices for the
effect on demand.
Most consumers and
without
been
January
high for 1939 to date, and comparing
March
55%.
Louis- at
St.
and
at 83%, Cincinnati at
pig iron producers have opened
prices.
55.1%
,
steel buying
Finished
reduced
Birmingham
57.6%
60 days.
the next
The
2
Jan.
stated:
March 6
on
Steel producers are more
Jan.
10
its summary
in
Cleveland,
of
1939—
3
Oct.
39.4%
40.4%
42.8%
44.0%
8
30.7% Aug. 15
30.4% Aug. 22
32.0% Aug.
.51.7%
Dec. 26—..38.8%
6
Oct.
28.7%
32.1% June 27
5—22.4%
Mar. 21
33.7% July
.32.3%
Mar. 28—35.7% July 11
30.4%
Apr.
4
32.6% July 18
37.0%
Apr. 11
32.7% July 25
39.8%
Apr. 18.
32.4% Aug. 1
Mar. 14
Apr. 25
19
39.9%
45.3%
Sept. 19
47.3%
Sept. 20—46.7%
Dec.
Sept. 12
Sept.
29.0%
20.1%
20.2%
30.4% June 0
27.1%
29.3% June 13
29:9% June 20...-.28.0%
Feb. 21.
1938—
1938—
■ 193830.7% May 23
31.0% May 31
1938—
Feb.
47%,
Some
37%,
55%, Youngstown
unchanged, including eastern Pennsylvania at
were
32.5%,
at
approximate changes, in points, from
$15.17
15.00
21.92
—
17.75
13.42
13.00
12.25
8.50
15.00
15.25
1939
Buffalo
Low
High
1938
responsible for
Pittsburgh
points to 51.
3
Other districts
at
national average.
the
in
rise
weeks ago.
melting stee
heavy
No.
quotations at Pittsburgh,
$15.08 i
One week ago
One month ago...
favorable trend of agri¬
operations rose 2
points to 50%, matching the peak attained last fall.
Chicago, up 3
points to 56.5%, neared its late-1938 high of 60.
Wheeling was up 3
points to 71.
Detroit slipped 10 points to 76% on reduced output by
Ford.
New England also was off 10 points to 60, while Cleveland was
down
Oct.
Mar.
Mar.
Jan.
Jan.
May
Mar.
Oct.
Nov.
2.211c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792c.
1.870c.
1.962c.
2.212c.
May 17
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct. 3
Sept. 6
Jan. 7
Jan. 4
2.612c.
2.612c,
2.249c.
2.062c.
.2.118c.
1.953c.
1.915c.
.2.192c.
...2.402c.
1938
1937
too
steelmaking at leading centers were
in
gains
week's
last
Finished Steel
none
income.
culture
Further
AGE" COMPOSITE PRICES
THE "IRON
the
despite
encouraging
moderately
1939
11
Mar.
Chronicle
($3,500,000) and 130,000,000 pesos ($4,550,000)
to other impost features of the general bill.
the tax in dollars or equivalent foreign exchange
banks within 15 days after the amount is established.
Exporters would pay
with drafts on foreign
in revenue addi¬
Volume 148
Financial
The tax would apply to all classes of
copper, including precipitates, con¬
centrates, bars and other forms received
by the Autonomous Amortization
Bank, a government institution.
The President would be authorized
to
Chronicle
18 to 23%.
from the copper export tax
up to 200,000,000 pesos ($7,000,000).
The
for all
reconstruction-development bill
depletion of
The
Week with the
on
on the copper concerns
Federal
Reserve
from
Banks
Federal Reserve accounts, and a decrease of
$21,000,000 in
Reserve bank credit.
Excess reserves of member banks on
March 8
were estimated to be
approximately $3,410,000,000,
increase of $30,000,000 for the week.
The statement in full for the week ended March 8
will be
found on pages 1432 and 1433.
an
Changes in the amount of Reserve bank credit outstand¬
and related items were as follows:
ing
Increase
(+)
Decrease
or
(—)
'
Mar. 8,1939
Mar. 1, 1939
Mar. 9, 1938
$
$
U. S. Government securities
Industrial
advances
_
....
earthquake of Jan. 24
Treasury cash
Treasury deposits with F.
R. bank..
Commercial,
loans
industrial
and
agricultural
brokers and dealers in securities
to
2,565,000,000
14,923,000,000
2,829,000,000
—21,000,000
Holdings of Treasury
$17,000,000
in
bills
declined
+ 43,000,000
+1,674,000,000
+ 12,000,000
+417.000,000
—66.000,000
$15,000,000
in
the
Philadelphia
district.
ing a small increase for the week.
the United
and
States
City,
Holdings
of
United
States
Holdings of obligations guaranteed by
Government increased $19,000,000 in New
York City
$26,000,000 at all reporting member banks.
Demand
deposits-adjusted decreased
$39,000,000 in the New York
$60,000,000
\ ork
New
in
City,
district outside New York City, and $129,-
000,000 at all reporting member banks.
Deposits credited to domestic
banks increased $120,000,000 in New York City and
$176,000,000 at all
banks.
Deposits credited to foreign banks increased
'
Borrowings of weekly reporting member banks amounted to $2,000,000
March 1.
principal assets and liabilities of report¬
ing member banks, together with changes for the week and
and the year ended March 1, 1939, follows:
+ 921,000,000
Increase
Mar. 1, 1939
Loans and
■
+ 26.000,000
+118,000,000
+7,000,000
—584,000,000
313,000,000
—8,000,000
—118,000,000
799,000,000
+9,000.000
+30,000,000
523,000,000
—6,000,000
—93,000,000
—22,000,000
.
and
....
in
dealers
loans
for
purchasing
or
carrying securities.......
City and
$
+363,000,000
—747,000,000
3,773,000,000
paper......
brokers
to
(—)
Mar. 2, 1938
—12,000,000
+6,000,000
Commercial, industrial and agri-
Other
New York
§
...............
cultural loans
Loans
or Decrease
Since
Feb. 21, 1939
$
investments—total....21,594,000,000
8,186.000,000
Loans—total
-846,000,000
' 763 000.000
(+)
;
Open market
Real estate loans
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
and liabilities of weekly
reporting
member banks
1,136,000,000
+1,000,000
Loans to banks
Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
City member
banks and also for the
Chicago member banks for the current
in central reserve
York
Government bonds increased $27,000,000 in New York City and decreased
$19,000,000 in the Philadelphia district, all reporting member banks show¬
securities
»
New
in
York City and $5,000,000 at all
reporting member banks, and increased
+159,000,000
—3,000,000
—21,000,000
Non-member deposits and other Fed¬
Assets
$18,000,000
Chicago district, and $37,000,000 at all reporting
Holdings of Treasury notes declined $25,000,000 in New
+ 2,155,000,000
+2,000,000
Chicago—Brokers'
$7,000,000,
the
member banks.
—29,000,000
+ 35,000,000
in
increased
A summary of the
<•
—1,000,000
—21,000,000
Returns of Member Banks
loans
$9,000,000, and "other loans"
$10,000,000.
on
/
14,000,000
—17,000,000
eral Reserve accounts
issue of
our
to domestic banks.
A88d8'-m^m
Member bank reserve balances.....
Money In circulation.
reported in
was
Jan. 28, page 508.
—5,000,000
8,985,000,000
6,751,000,000
2,716,000,000
1,102,000,000
.....
__
Treasury currency
generous
-
"
Other Reserve bank credit._
Total Reserve bank credit..,.
a
$7,000,000 in New York City.
2,564,000,000
(not
including
$13,000,000 commitm'ts—Mar. 8)
Gold stock
—1,000,000
a
depletion.
small increase in mining license fees based
no
acreage.
The
$
3,000,000
1,000,000
contemplates
reporting member
$iTtC&
Bills discounted
Bills bought
noted that the United States charges
was
corporation income tax and allows
whereas Chile allows
balances with Federal Reserve banks and $176,000,000 in deposits credited
During the week ended March 8 member bank reserve
balances increased $43,000,000.
Additions to member bank
reserves arose from a decrease of
$66,000,000 in Treasury
deposits with Federal Reserve banks and increases of $35,000,000 in gold stock and $2,000,000 in Treasury currency,
offset in part by increases of
$12,000,000 in money in cir¬
culation and $26,000,000 in non-member
deposits and other
'•
16%
a
ore reserves,
The bill also
also boosts the income-tax brackets
companies, raising the corporation levy
During debate, it
companies
copper
borrow against anticipated income
1397
92,000,000
1,550,000,000
—7,000,000
+10,000,000
+10,000,000
+30,000,000
Other loans
Treasury bills
Treasury notes
United States bonds
Obligations
fully
...
guaranteed
—37,000,000f
-—5,000,0001
+6,000,000
+1,000,000[
by
United States Government
Other securities....
+26,000.000
+860,000,000
—3,000,000
+244,000,000
+79,000,000 +1,741,000,000
—23,000,000
+110,000,000
+16,000,000
+519,000,000
2,019,000,000
3,246,000,000
7,368,000,000
Reserve with Fed. Res. banks
Cash in vault.......
Balances with domestic banks
cities
416,000,000
2,631,000,000
5,196,000,000
;
389,000,000
2,558,000,000
(In Millions of Dollars)
New York City
Mar. 8, Mar. 1,
1939
1939
.
Assets—•
$
,
Loans and investments—total
Loans—total.. ....1
Mar. 9,
1938
S
7,755
7,867
3^038
2,899
3,367
524
520
617
1,365
1,363
1,687
348
345
122
158
15
15
647
700
32
32
186
214
66
66
108
125
13
13
12
~~50
"49
1,996
94
74
59
399
424
108]
863
__.
889 f
1,741
...
United States Government...
1,061
Other securities..^
1.171
Reserve with Fed. Res. banks4,259
52
215
237
663
672J
3,016
\
998
1,063
417
125
125
1,067
324
322
280
680
658
592
2,788
49
51
27
25
23
78
68
209
207
402
476
51
52
52
week
6,956
6,843
633
.626
5,932
670
116
116
343
83
2,780
-Foreign banks
Borrowings
2,729
2,134
699
500
499
323
9
...
1,530
,471
1,388
83
103
686
1,529
472"
576
468
7
9
,
14
.....
299
349
14
13
"~17
1,486
Capital account..
Returns
of
1,487
1,485
257
256
242
Member
Reserve System for the
Banks
of
the
while
Federal
Preceding Week
condition
leading cities shows
March 1:
demand
1:
statement
weekly
reporting
member
banks
in
1C1
the following principal changes for the week ended
Decreases of $37,000,000 in Treasury bills and $129,000,000 in
deposits-adjusted,
guaranteed
by
the
United
it
and
increases
States
of
$26,000,000
Government,
in
$79,000,000
as
reported
this
obligations
in
Shantung
of
seaport
well as the capture of two near-by inland cities
of
was
attacks
against Chinese guerrillas.
revealed
that
tension would continue
ment
continued
Great
Britain
and
Mean¬
the
United
to
long
as
as
the Chinese Govern¬
finance and encourage political
terrorism, while the notes to Tokio said the permanent im¬
provement of conditions in the Settlement could not be
expected as long as the outlying sections, controlled by
direct,
Despite
reserve
this
protest,
relations
between
Japan
the
and
United States improved this week as the result of President
Roosevelt's
Astoria
to
action
in
ordering
United
the
States
cruiser
Japan the body of Hirosi Saito,
former Japanese Ambassador to this country, who recently
transport
to
died in Washington, reference to which was
columns
a
week
ago,
page
made in these
1256.
The Sino-Japanese conflict was referred to in the
icle"
March 4,
of
March 5
of
from
"Chron¬
Associated (Press advices
Shanghai reported recent Japanese mili¬
pages
1237-38.
tary operations as follows :
The
of
Oliina
in
Lungkow,
of
Japanese, permit gambling, vice and sales of narcotics.
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close of
The
r—
States had sent identical protests to Chungking and Tokio
regarding the situation in Shanghai's International Settle¬
ment.
The representations to Chungking said that precari¬
As
business March
commanders
occupation
series
a
ous
....
291
....
military
the
Province,
in
Inter-bank deposits:
Complete
Japanese
•
.
Time deposits
United States Govt, deposits
2,000,000
138
396
Other assets—net.
4,315
;
Cruiser
101
1,180
80
Domestic banks
—39,000,000
+1,030,000,000
+198,000,000
—3,000,000
Three Shantung Cities in
Guerrillas—United States
and Great Britain Protest Against Conditions in
Shanghai's International Settlement—U. S.-Japanese Relations Improve Following Decision to Trans¬
port
Ex-Envoy's Body to Japan on American
230]
53
Cash in vault........ *
Balances with domestic ba,nks_^
Liabilities—
Demand deposits—adjusted
+4.000,000
+176,000,000
+9,000,000
*
Troops Capture
Against Chinese
Drive
*
245
l,6J.6j'
Obligations fully guaranty.*
Other liabilities
Foreign banks
Borrowings........
Japanese
100
Treasury notes
2,106
v
399
United States bonds.....
634,000,000
6,414,000,000
.'....
566,000,000
Inter-bank dGposits*
Domestic banks-1...
70
108
or
—129,000,000 +1,584,000,000
+13,000,000
—58,000,000
5,202,000,000
45
192
...
.............
28
2,096
and
.
Time deposits.
United States Government deposits
410
758
industrial
agricultural loans._
7,974
122
Commercial
deposits—adjusted..*....15,965,000,000
Demand
-Chicago—
Mar. 9, Mar. 8. Mar. 1,
1938
1939
1939
*
said
To
of
have
the
the
"forces
west
fall
to
which
Luknow
cleared
hit-and-run
and
the cities
Chinese
of
irregulars
Hwanghsien and
from
fighters have taken a
that
part
Chaoyuan
of
were
Shantung
in
heavy toll of Japanese.
south, in neighboring Kiangsu Province, the Japanese said their
followed
up
the capture
of Haichow,
coastal terminus of the east-
Lunghai Railway, by surrounding 60,000 Chinese troops southwest of
Financial
1398
the
fallen
The Japanese said naval aircraft were
city.
aiding land forces
Elsewhere
Kiangsu disorganized
in
ing back rapidly
ing the fall of
Chinese troops were said to
before the Japanese westward drive, which
be fall-,
began follow¬
Haichow.
of the Yangtze River
the vicinity of Foochow.
Planes bombed Foochow, formerly the capital
Fukien Province, and Kwantow, at the mouth of the Min River,
Dis¬
Farther
in
of
down
the coast the Japanese struck south
patches from Amoy said communications were interrupted after a Japanese
cruiser at the mouth
of the Min River had shelled the approaches to
maturing on or before Dec. 31, 1938 in respect of
made to the Conversion Office during the period from
central front, where the Japanese are
fighting westward through
Hupeh Province along the Han River, the invaders announced the occupa¬
tion of three towns on the east
bank of the stream north of Kiukow.
have placed the Japanese in
positions to 6trike toward more important towns in Northwest Hupeh.
Heavy rainfall hampered the central front operations, the Japanese
reporting their troops were battling in knee-deep mud, while horses
attempting to pull artillery pieces were bogged down to their flanks.
Hupeh advices said numerous villages along the Han River were fired
by Japanese artillery, causing the fear-stricken civilian population to flee.
At the river town of Anlu, north of Kiukow and 115 miles northwest of
Hankow, the Japanese said they found 2,000 Chinese bodies.
Crossings
of
River were said to
Han
the
according to Asso¬
ciated Press accounts from Shanghai, said that their troops
had captured Haichow, coastal terminus of the east-west
Irting-Hai Railway and the last Chinese-held port north of
Shanghai. Haichow is 275 miles north of Shanghai.
Previously, March 4, Japanese officers,
From
Shanghai Mar, 9 Associated Press advices
The exchange in each case is to
shall
be made to the extent that payments
been made to the Conversion
have
Office in accordance with the
German
1933.
law of June 9.
be direct obligations of the
The bonds are to
Conversion Office and both
will be payable in lawful money of the United States
deductions for any present or future German taxes of any kind,
principal and jnteiest
without
except as to holders
They are subject to redemption
Office or through the operation of the amorti¬
interest payment date at
residing in Germany.
option of the Conversion
at the
whole or in part by lot on any
zation fund, as a
after 30 days' notice. It is
default in the payment
of interest or amortization, the holders of not less than 25% of the bonds
then outstanding (exclusive of bonds Issued against outstanding fractional
certificates) may, such default continuing, declare the bonds held by them
to be due and payable, whereupon all the bonds shall become due and
principal amount plus accrued interest
their
Conversion Office shall
stated that in the event the
payable.
The
will
certificates
fractional
entitle the
when combined in a sufficient amount
holder to exchange them
for a like aggregate
They will bear interest at the rate
of bonds.
principal amount
of 3% per annum and bonds
outstanding principal amount of such certi¬
the holders of these certificates.
are to be issued to adjust interest upon claims
surrendered in exchange for bonds or fractional certificates, and will also
be issued when necessary to make adjustments of interest in respect of
fractional certificates in exchange for bonds.
They will be payable on
equal In principal amount to the
ficates are to be held in trust for
The separate coupons
July 1 or Jan. 1 next following their issuance.
does the act of filing with
security its approval or indicates
that the Commission has passed on the merits of the issue
or that the registration statement itself is correct.The SEC notes that in
reported:
the Commission
Hankow, protested to Japa¬
nese authorities to-day against an air raid on Ichang in which two properties
of the American Church (Episcopal) Mission were heavily damaged.
Paul Josseiyn,
Jan. 1, 1937 to Dec.
1938 inclusive.
31,
Foochow.
On the
payable in dollars of the United States of America on ac¬
from capital (as distinghished from repayment of capital)
Other claims
count of return
which payment has been
"exterminating" the Chinese.
in
1939
11
Mar.
Chronicle
American Consul General of
advices said that it was estimated that
the center of the city which lies
on the
Yangtze River, nearly 1,000 miles by water from
Shanghai. It was added that the ancient North Wall was
almost completely leveled, along with many shops and
give to
no case
any
Earlier Shanghai
120 bombs had crashed into
Comparative Figures of Condition of
In the
banks for
Canadian Banks
the condition of the Canadian
Jan. 31, 1939, with the figures for Dec. 31, 1938,
following
we compare
and Jan. 31, 1937:
houses.
+.
CONDITION
OF
STATEMENT
OF
THE
BANKS
THE
OF
DOMINION
OF CANADA
Great Britain Grants
£5,000,000 Credit to Chinese
Stabilization Fund
Assets
Chancellor of the Exchequer, announced
the House of Commons on Mar. 8 that the British Govern¬
Sir John Simon,
in
Jan.
31, 1939
Dec.
31,
1938 Jan. 31, 1938
$
$
subsidiary coin-
Current gold and
In Canada
provided a£5,000,000 credit to the Chinese Govern¬
of a currency stabilization fund
of £10,000,000 to support the dollar. From United Press Lon¬
don advices of Mar. 8 the following regarding the fund is
6.477,306
Elsewhere
5,121.668
5,209,629
4,697,847
5,928,733
5,026,652
11,598,974
9,907,476
10,955,385
54,096,898
56,836,955
215,061,375
5,514,227
200,645,883
52,224,022
198,986,327
ment has
Total.
ment for the establishment
Dominion notes
Notes of Bank of Canada.__
Deposits with Bank of Canada
Notes of other banks
taken:
26,279.486
115,874,382
98,994,323
Including bills rediscounted
Deposits
with
made
balance
and
agreed to the proposal on condition
this
condition
4,834,126
27,930,153
147,631,713
subject to parliamentary
different forms to China."
:
174,312,121
126,779,020
169,971,661
Canadian municipal securities and Brit¬
ish,
of this scabili- '
zation fund, the successful establishment of which would be of material <
assistance to British trade and enterprises in China, Sir John said.
"Yes, management of the fund would be in the hands of a committee whichwould include an element responsible to this Government."
Asked whether the Government had been in conversation with the United
States regarding the fund, Sir John replied evasively:
"I think our statement will be welcomed in other countries who have
72,343,302
,136,402,137
Provincial
and
Government
Government securities
151,957,361
,160,425,177 1,162,101,202
United Kingdom
Dominion
*
approval.
„
"His Majesty's Government would welcome establishment
public
colonial
and
foreign
se¬
168,747,402
curities other than Canadian
125,156,37/
Railway and other bonds, debs. & stocks
Call
securities of
tures, bonds and other
marketable
sufficient
a
deben¬
Canada on stocks,
loans in
127,465,916
(not exceeding 30 days)
and short
value
to
62,612,044
56,132,348
1
cover
Elsewhere than in Canada
..
791,847,317
147,652,142
Other currents loans & discte. In Canada.
Elsewhere
-.
50,798,172
806,466,362
72,007,500
50,619,626
731.456,128
152,458,364
167,651,272
64,873,837
Loans to the Government of Canada
21,026,428
22,055,151
20,230,637
105,808,282
111,566,629
87,074,708
8,728,690
8,013,848
Mortgages on real estate sold by bank..
4,154,426
8,798,257
7,962,490
4,121,330
10.002,138
Real estate other than bank premises
72,885,210
72,709.908
73,482,652
53,941,324
52,552,841
61,245,489
5,482,139
11,588,171
5,479,971
11,657,930
5,989,535
11.305,405
2,195,597
1,737,896
1,973,769
Loans to Provincial governments.^
Loans
cities,
to
towns,
municipalities
and school districts.....
%
$77,000 of City of Helsingfors (Finland) 30-Year 63^
External Bonds, Due 1960, Drawn for Redemption
April 1
The
3,636,633
18,146,713
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
the
they may have
sustained when the stabilization fund finally is liquidated.
to
4,320,440
16,677,730
correspond¬
ents In the United Kingdom
British Government would reimburse them for any losses
agreed
due
from other banks in Canada
To Cover Losses
made contributions in
31,839,213
104.538,911
Due from banks and banking
The British banks, Sir John said,
Government
30,506,115
Cheques on other banks
Loans to other banks in Canada, secured,
prearranged question, Sir John disclosed the
Bank—the remainder.
ers,
6,490,048
United States & other foreign currencies
Chungking
Government's plan to defend its currency by an exchange fund to which
two Chinese banks jointly will contribute £5,000,000 and two British Banks
—the Hong Kong & Shanghai Banking Corporation and the Chartered
In response to a
The
6,204,643
Non-current
Bank
City of Helsingfors (Finland), through Brown
Broth¬
Harriman & Co., fiscal agents, has drawn by lot for
sink¬
ing fund, $77,000 of its 30-year 6J^% external sinking fund
redemption on April 1, 1939, through operation of the
bonds, due 1960, at 100 and accrued interest.
will be made upon presentation of the bonds at
York office of Brown Brothers, Harriman & Co.
Payment
the New
estimated loss
loans,
pro¬
vided for
premises at not
8,495,300
4,265,483
than cost
more
less amounts (if any) written
off
.
Liabilities of customers under letters of
credit
as
per contra
with
Deposit
the
Minister
Finance
of
for the security of note circulation
Sharesot and loans to controlled cos
Other assets not included under the fore¬
going heads
Total assets
3,396,343,417 3,431,480,887 3.238,617,145
.
Liabilities
Registration Statement Filed with SEC by Germany
for $70,000,000 Issue of 3% Bonds and $3,000,000
of Coupons—to be Offered in Exchange for Interest
and Other Claims in United States
The
Konversionskasse
Fur
Deutsche
Advances under the Finance Act
98,272,885
63,632,194
34,980,927
42,522,934
48,804*068
734,103,116
639,653,053
...
Balance due to Provincial governments
Deposits by the public, payable on
de¬
mand In Canada
Auslandsschulden
94,522,673
42,540,234
„
after de¬
ducting adv. for credits, pay-lists, &c
90,088,507
47,163,832
699,772,326
Notes in circulation
Balance due to Dominion Govt,
Deposits
notice
by
the
or on a
public,
payable
after
fixed day in Canada— 1,667,403.289 1,659,646,208 1,590,927,550
398.768,908
11,706,733
14,414,248
11,785,558
13,887,265
42.213,992
43,170,688
41,179,994
268,164
219,513
880,264
53,941,324
61,245.489
2,543.163
52,552,841
4,772,778
1,411,753
133,750.000
133.750,000
123,750,000
145,500,000
the" Securities Act of
proposed issue of $70,000,000 of 3% dollar
419,683,930
11,329,701
Deposits elsewhere than In Canada
Loans from other
banks in Canada,
430,394,950
12.852.891
(Conversion Office for German Foreign Debts) on March 7
145,500,000
145,500,000
rediscounted..
Deposits made by and balances due to
registration
filed
a
1933
covering
a
statement under
bonds and fractional certificates, and
secured, including bills
other banks In Canada
banks and banking correspond
$3,000,000 of separate
coupons, it was announced March 7 by the Securities and
Exchange Commission.
The German Government also
filed a statement as guarantor of the bonds.
According to
the Commission, the prospectus, in describing the offering,
Due to
said:
Liabilities not incl. under foregoing
1, 1989 are to be offered in
exchange dollar for dollar for interest and other claims as follows:
on
or
before Dec. 31,
1938 in respect of
which payment has been made to the Conversion Office during the period
1, 1937 to Dec. 31, 1938 inclusive, on certain obligations of Ger¬
man debtors expressed in dollars of the United States; and
from Jan.
than
in
Kingdom
Canada
and
the
United Kingdom
Bills payable
Acceptances
and letters
of
credit out¬
standing
Dividends declared and unpaid
The bonds to be known as 8eries II due Jan.
Claims for interest maturing
ents in the United
Elsewhere
Rest
or reserve
fund
Capital paid up
Total liabilities
Note—Owing to the omission
the above do not exactly agree
heads
4,708,556
4,039,068
2,548,826
3.384,470.982 3,418.980.971 3,228.852,595
of the cents In the official reports,
with the totals given.
the footings In
Volume
148
Financial
Odd-Lot Trading
New York Sgock Exchange During
on
account of members
Week Ended March 4
The Securities and Exchange Commission on March 9
made public a summary for the week ended March 4 of the
corrected figures on odd-lot stock transactions of odd-lot
dealers and specialists on the New York Stock Exchange,
continuing a series of current figures being published weekly
by the Commission. The figures for the weeks ended Feb. 18
and Feb. 25 were given in our issue of last
week, page 1239-40.
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
ODD-LOT STOCK TRANSACTIONS OF ODD-LOT DEALERS AND SPECIAL¬
ISTS
ON
MARCH
THE
4,
NEW
YORK
STOCK
EXCHANGE—WEEK
ENDED
1939
SALES
PURCHASES
0Customer V Orders to Bug)
(Customers' Orders to Sell)
Trade Date
No. Ord.
Feb. 27
No. Ord.
4,574,466
116,041
Value
Shares
4,715
2
129,665
4,930,116
5,873
152,978
3,706
3,157
Mar. 3 and 4
97,347
3,872,211
100,345
92,178
Total for week..
3,914,835
5,149,876
3,304,264
3,046,641
8,583,658
84,880
23,417
3,252,937
207,884
.
4,065
3,840
8,213,252
10,017
242,371
635,817 $24,842,982
7,429
during the previous _week, which
own account
during the week ended Feb. 18 to the amount of
236,490 shares, against total transactions of 613,225 shares,
a
percentage of 19.28%.
In the preceding week ended
Feb. 11 member trading on the Curb Exchange was 20.54%
of total transactions of 769,625 shares, the member
trading
having amounted to 316,115 shares.
The data issued by the Commission is in the series of
current figures being published weekly in accordance with its
program embodied in its report to Congress in June, 1936,
on the
"Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer." The figures
for the week ended Feb. 11 were given in these columns of
March 4, page 1239.
The SEC, in making available the
figures for the week ended Feb. 18, said:
28.441
702,292 $23,999,274
Stock Exchange
members.
the New York Curb Exchange by
and
These reports are classified
Neto
of
Listed
Bonds
New
on
York
Total number of reports received
Curb
Exchange
818
105
216
46
233
561
_
1,084
204
—,
1. Reports showing trans actions as specialists
Reports showing other transactions initiated
596
the
on
3. Reports showing other transactions initiated off the
floor
4.
Exchange Feb. 28 Above Jan. 31
As
of the close
issues
of business
aggregating
Feb.
on
$51,465,947,808
28,
1939, there
value listed
par
were
the
on
New
York
i
„
Reports showing
transactions
no
83
Note—On the New York Curb Exchange the round-lot transactions of specialists
In stocks in which
they are registered £.re not Btrictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock
Exchange odd-lot
dealer,
1,389 bond
Soock Exchange, with a total market value of $47,271,484,161.
York
New
Stock
Stock
HThe following announcement showing the total market
value of listed bonds on the New York Stock Exchange on
Feb. 28 was issued by the Exchange on March 6:
York
Exchange
floor
Value
their respective
follows:
as
2.
Market
was
19.51% of total transactions that week of 3,951,150 shares.
On tne New York Curb Exchange members traded for their
The data published are based upon weekly reports filed with the New York
114,420
4,646
'
Feb. 28—
Mar. 1
Mar.
Value
Shares
4,410
1399
Chronicle
as
well
as
those of the specialist.
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.
On Jan.
31,1939, there were 1,388 bond issues aggregating
$51,586,755,720 par value listed on the Exchange with a
total market value of $46,958,433,389.
In the following table, listed bonds are classified by govern¬
mental and industrial groups with the aggregate market
value and average price for each:
STOCK TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOR
ACCOUNT OF
Market
Aver.
Market
B. Round-lot
Price
Value
Price
31, 1939
transactions
—
for
members
of
a
3,098,740
....
account
Cent
(except
transactions for odd-lot accounts of specialists and odd-
Aver.
Value
Per
Week
ot
Jan.
(SHARES)
Total for
Total round-lot volume—
A.
'
Feb. 28, 1939
MEMBERS*
Week Ended Feb. 18, 1939
dealers):
1. Transactions of specialists in stocks In which they are
8
U. 8. Govt. (incl. States, cities, &c.L
Autos and accessories
r
Financial
Chemical
Building
Electrical equipment manufacturing.
Food
Rubber and tires
———
Amusements
Land and realty
Machinery and metals
Mining (excluding Iron)
„
Petroleum
Paper and publishing..
Retail merchandising
81.88
107,57
102.07
226,653,334 102.02
96,189,200 101.72
102.20
71,601,494
9,587,683
52,109,761
117,185,624
57.21
105.67
96.29
4.
and equipment manufacturers
95.81
Gas and electric (operating)
Gas and electric (holding)..
Communication (cable, tel. & radio)..
Miscellaneous utilities.
Business and office equipment
Shipping services
Leather and boots
Tobacco
58.97
6,100, ,714,225
92.18
93.41
1,203,065
„
107.16
odd-lot accounts
the
of
1.
In round lots—Bought...
Sold
93.57
183 ,147,299
1,080, 322,904 102.81
85,630
101,320
.....
.
103.47
55.66
Total..-
2.
52.17
252, 575,221
19, 604,100 101.00
103.75
13, 446,323
52.44
464,037
409,087
47.50
12, 042,233
•
4, 293,830 104.97
43, 797,570 127.85
STOCK
Total
124, 822,894
THE
ACCOUNT OF
64.19
NEW
YORK
MEMBERS*
CURB
(SHARES)
Week Ended Feb. 18, 1939
Total/or
35, 217,900 102.17
>
The following table, compiled by us, gives a
two-year com¬
parison of the total market value and the total average
price of bonds listed on the Exchange:
B.
Round-lot transactions
91.85 46.958,433,389
1.
Week
Market
68,310
80,270
Sold
' 148,580
Value
Price
$
$
•
2.
Other transactions initiated
on
the floor—Bought
26,220
23,050
Sold
1937—
12.11
Aver at-
Price
•
tor account of members:
registered—Bought
Total
Average
Value
Cent
613,225
Transactions of specialists In stocks in which they are
•
Market
Per
'
91.03
Apr.
EXCHANGE FOR
48.77
987, 001,100
873,124
TRANSACTIONS ON
Total round-lot volume
47,271,484,161
3.02
186,950
In odd lots—Bought
Sold..
-
A.
All listed bonds
19.42
specialists and
3,250, 217,472 106.23
91.58
for
odd-lot dealers:
99.63
8, 630,308
Transactions
57.43
671, ,585,209
132, 835,402 51.91
998, 398,024 65.42
35, 126,325 101.90
Miscellaneous businesses.....
3.98
593,750
Total
'
U. S. companies operating abroad
Foreign cos. (incl. Cuba & Canada)..
.
95.52
33,664,730
13, 898,425 49.10
12, 617,565 55.00
4, 201,833 104.25
43, 936,671 128.25
Ship building and operating
5.37
.
110,335
136,250
609,315
Sold
56.91
100.31
6,264 272,470
662, 754,398
8, 744,940
3,276, 333,443
136, 061,064
1,087, 250,200
269, 210,733
20, 137,875
.
246,585
Total—Bought.
553,656:845 105.56
75,665,970 95.80
C.
Textile
'
•
Total
94.29
93.67
Railway oper. and holding companies
Steel, iron and coke...
'
332,690
—
-
b
10.07
172,480
160,210
47.21
94.20
Total
3. Other transactions initiated off the floor—Bought..
Sold—.
92.50
47.80
the floor—Bought...—
on
Sold—
37,243,309 107.15
89.77
623,790
2. Other transactions initiated
15,985,055 85.84
250,108,815 104.54
70,581,872 88.71
26,504,874 79.24
88.26
103.96
-
Total
«
$
107.68 30,796,231.438 107.24
55.77
56.84
1,738,044,797
30,920 .317,226
1,749 ,399,272
16 ,437,250
249 ,869,093
71 ,421,433
27 ,209,291
37 ,390,347
.225 ,971,312
96 ,644,569
67 ,742,148
9 706,073
52 064,007
117, 798,057
554; 226,492
76, 053,201
33 455,022
Foreign government..
326,500
297,290
registered—Bought
Sold—
$
1938—
$
1
44,115,628.647
May 1.....
43,920,989,575
93.88
May 1_
June
1
44,170.837,675
93.33
June
July 1
Aug. 1
44,001,162,031
44,296,135,58G
93.89
92.98
Sept. 1
43.808,755,638
93.93
Oct.
1
43.270,678.790
92.76
Sept. 30
Nov. 1
42.591.139,774
91.51
Oct.
31
Nov. 30
45,441,652.321
47,053,034,224
Total
90.34
Dec.
91.27
Dec.
1
96.64
Apr.
1
41.450,248,311
42,398,688,128
85.71
1
42,346,644,435
87.78
June
30
43,756.515,009
88.98
July
30
44,.561.109,796
44.182.833,403
89.40
44,836.709.443
89 08
45,539,193,999
90 67
4.02
90.19
Aug.31
49,270
*
87.82
42,109,154,661
90.11
1
42,782,348,673
89 26
Feb. 1
42.486,316,399
89.70
Jan.
31
46,958,433,389
42.854.724,055
88.6?
Feb.
28
47.271,481.161
91.85
Other transactions initiated off the floor—Bought....
Sold.—.
Total—...
4.
i......
Total—Bought
18,545
20,095
38,640
3.15
113.075
Sold
123,415
91.03
Mar. 1
3.
1938—
Jan.
31
—
Total
1939—
236,490
Odd-lot transactions for account of specialists—Bought...
Sold-
C.
-
Member
^
-
Total
Trading In
New
York Stock and
New
York
Curb Exchanges During Week Ended Feb. 18
The percentage of trading in stocks on the New York
Stock and New York Curb Exchanges during the week ended
Feb. 18, by members for their own
account, except odd-lot
dealers on the Stock Exchange, was lower than in the pre¬
*
announced yesterday
(March 10) by the Securities and Exchange Commission.
Member trading on the Stock Exchange during the week
ended Feb. 18, which included Lincoln's Birthday when the
Exchanges were closed, amounted to 1,203,065 shares, the
Commission noted, or 19.42% of total transactions on the
Exchange of 3,098,740 shares. This compares with 1,542,050
shares of stock bought and sold on the Exchange for the
term
41,175
101,283
"members"
Includes
all Exchange
members, their firms and their
partners, Including special partners.
*
ceding week ended Feb. 11, it
The
19.28
60.108
a
In
Shares in members'
transactions
as
percent of twice total round-lot volume.
calculating these percentages the totsl 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.
♦
was
Short Interest
on
New York Stock
Exchange Increased
During February
The total short interest
on
existing
as
of the close of business
the Feb. 28 settlement date, as compiled from informa¬
tion obtained by the New York
Stock Exchange from its
members, was 536,377 shares, compared with 447,543 shares
on Jan. 31, it was announced yesterday
(March 10).
01
Financial
1400
ExchangeTon
the 1,236 individual stock issues listed on the
Feb. 28, there were 30 issues in which a total
short interest
of more than 5,000 shares existed, or in which a change in the
short position of more than 2,000 shares occurred during the
month, the Exchange's announcement said.
The total
number of issues in which a short interest was reported as of
Feb. 28, 1939 was 430, compared with 436 on Jan. 31.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each
IQltt
1937—
1937—
1,420,622
1,199,064
1,012,186
1,040,964
Jan.
31
June 30
944,957
Feb.
28.-
30
1,007,736
Mar. 31
Aug. 31
966,935
Apr. 29
July
31
Dec.
Sept. 30
1938—
609,530
587,314
500,961
28
Oct.
1,222,005
1,141,482
1,097,858
Nov. 29........
Dec. 30
tola
1,384,113
..1,343,573
907,593 May 31
r.1,214,082 June 30
Sept. 30
Oct. 29
833,663
729,480
688,345
July 29
Auk. 31..
1,184,215
.1,051,870
Nov. 30....
Mar. 31
Apr. 30
May 28
Feb. 26..
447,543
636,377
31
Jan.
Feb. 28
1,050,164
February Short Position of Stocks on New York
Exchange Decreased Below January
Curb
York
position of stocks dealt in on the New
The total short
Curb Exchange for the month of February, reported as of
Feb. 28, 1939, amounted to 13,663 shares, compared with
shares
14,009
the Exchange announced on
with a short
31,
Jan.
on
The following were the only issues
March 9.
exceeding 1,000 shares:
interest
American shares—1,500 shares vs.
Panfcepec OH Co. of Venezuela, C. A.
1,600 shares on Jan. 31.
Jan. 31.
Fisk
The
Rubber
common—1,300 shares unchanged from the
Corp.
'
previous month.
Ohrstrom & Co.
Over-the-Counter Brokers and Dealers
as
Exchange Commission announced on
The Securities and
L. Ohrstrom & Co., Inc.
March 4 that G.
(a New York
corporation), and G. L. Ohrstrom & Co., Inc., of Illinois had
consented to the revocation of their registrations under the
Securities Exchange Act as over-the-counter market brokers
and dealers, to take effect as of the close of business March 31.
The Commission's announcement said:
registration was entered today*
While the Commission's order revoking
it is not to become effective until
the close of business March 31, 1939*
requested by the respondents so as
tinue in effect was
con"
to permit an orderly
which the registration is permitted to
The intervening period during
liquidation of their affairs.
+.
Rules
Exchange
and
Securities
The
Selling
Short
on
bank states:
resumption of private
have been moderately
encouraging.
All analyses agree that this is the key to the business
outlook.
The main cause of the flattening out at the year-end was that
the rise in
production of goods of everyday use had caught up with
current
needs, while the capital goods industries, which are dependent
upon
the spending of business, were not ready to join the circle and
outlook in capital goods, the
As to the
bearing upon the prospect for a
investment and capital expenditure in this country
the improvement.
has opened the year with a mind to conserve
on
carry
on
its resources and
Business
proceed cautiously with new plans and projects.
Nevertheless, the improvement that is appearing
is far from negligible.
goods markets
.
.
.
in some of the capital
Orders for electric equipment Jiave
of the year, both General Electric and Westingreporting substantial increases above a year ago.
Machine tool
orders have continued to rise; January carried the December improvement
forward to a modest extent, and buying has been active during February
also.
The railroads have been placing considerably more orders for rails
than last year, and there is some pick-up in buying of other equipment.
If the improvement in railway earnings comes up to current expectations
the roads will be in the market for considerably more equipment next fall.
The electric power industry has been heartened by the completion of
negotiations for the purchase of certain of the Commonwealth & Southern
properties by the Tennessee Valley Authority, on terms which are con¬
siderably more liberal than previously offered, and which also recognize
principles that the industry considers indispensable if it is to go ahead
with plans to meet its future requirements in a normal way.
Finally, encouragement has been offered to business by public state¬
ments which reflect a broader acceptance, among persons in positions of
authority or influence, of the principle that revival of private investment
is the only means by which economic recovery can be completed and the
unemployed put back to work.
picked up since the first
house
Federal Reserve Bank of New York
Change with Respect to
Investment
of
Capital—Finds Little Need for
Credit by Small Business
The fact that "the whole situation with respect to the
accumulation and investment of capital has undergone a
Annual Report of
Fundamental
—Notes
.
Registrations of G. L.
Revokes
SEC
1939
shares vs. 465 shares on
Shares Co. common—1,329
Electric Bond &
11,
Developments
to
month since Feb. 26, 1937:
Mar.
Chronicle
Commission Modifies
National Securities
Exchanges
with conditions that pre¬
the annual report of th.9
Bank of New York, made public March 9.
fundamental change as compared
vailed in the 1920's" is noted in
Federal Reserve
The report
v
.
,
of idle funds there was an insistent
for the highest grade investments, corporate as well as govern¬
but the flow of funds into new investments of a character involving
demand
mental,
any
also says:
view of the
In
huge accumulation
appreciable degree of risk, such as the lower grade corporation bonds
remained limited.
There are many factors that have affected
and stocks,
this situation,
including economic and other
difficulties of many industries
particularly railroads and public
utilities, changes in the investment practices of financial institutions, and
changes in the forms and employment of savings.
had
which
large users of capital,
been
the Bank, "has the amount of savings
"Not only," says
for investment been greatly
taxation in the upper brackets
have provided an incentive for the diversion
large incomes available
reduced, but the high rates of
from
The Securities and Exchange Commission on Mar. 10 an¬
nounced that it had modified its rules on short selling on na¬
in recent years
freedom of mar¬
ket action. The changes were made, it is said, at the sugges¬
tion of the New York Stock Exchange after conferences with
William McC. Martin, president, $nd other New York Stock
Exchange officials. An Associated Press dispatch from
Washington under date of Mar. 10 said that:
private enterprise to investments in tax-exempt Federal,
State and municipal securities."
The report goes on to say:
tional securities exchanges to give a greater
It
the view of the exchange officials that
was
accumulating short positions while
short selling,
freedom of market action in
greater
retaining effective restraint? on
A short sale is a sale of a stock not
The seller puts in an
The seller borrows the stock which
The commission's short selling rules
buy
heretofore have required, in effect,
N
sale price.
adopted, to-day permits short sales at the same price as
The amendment
the last
,v*
however, the effect of the amended rule would be to restrict
provided that the last sale price "was higher than
the last sale,
different price which preceded
In declines,
short sales.
it".
...
measure
great reduction in
tion for certain short sales made in the course
by adding an exemp¬
apparently, do
'
*
*
Bank of New York Finds Some Industries
Reporting Improvement—Developments Incident
to
Capital Expenditure Viewed as "Moderately
Encouraging"
National City
business during
in the previous
month, with little significant change either in new orders
or in the level of industrial operations," the National City
"the
that
the
"some
with
building,
industries,
the
of
report
as
same
"Monthly Letter" observes
Bank of New York in its March
that
from
reports
much
been
have
especially
improvement."
those
In part,
connected
the bank
adds:
Considered
time
and
whole,
a
indicate
to
that
the
the
business
adjustments.
commodities
buying
Nevertheless,
check
as
minor
and
evidence
sentiment
is
evidently
Business
better
than
is
men
in planning for
of the markets
upswing became
it
in a period of
conservative,
are
marking
both in
expansion or new projects.
and general testimony both
was
in
January.
When
the
plain early in the year it was interpreted
apprehensions aroused
by the reaction in
security prices in the principal markets, and by the action of Great
Britain in taking further measures to support the pound sterling.
However
necessary that action, it was interpreted as an indication of the continu¬
ing disorder in world conditions and the uncertain outlook for trade.
*
During the past month, however, these apprehensions apparently have
pessimistically in
were
been
strengthened
some
by
receding.
quarters; and naturally the
the
not
rising
tension
in
Europe,
enterprise sufficient to outweight the risk of losses.
obstacle
to
the raising of additional capital by private
especially to small concerns, is the high cost of
selling new issues of their securities.
The uncertainties involved in the
marketing of such securities tend to make underwriting costs very high
relative to the size of the issues.
Furthermore, public offerings involve
substantial expenses for the legal and accounting services required for the
preparation of registration statements
to be filed with the Securities and
Direct sales of new securities by small corporations
also made difficult, until recently, by rules of bank
Exchange Commission.
to
banks were
local
marketable securities.
have
'
..
stating
another
Still
Altogether,
of international arbitrage.
'
"
While
corporations during recent yeais, as
of the 192G's. Many private investors,
consider the prospect of profits from venturesome
the profits of most
compared with the prosperous years
supervisory authorities
The Commission also amended the short selling rule
February
there is reported to have been a disinclination, in
corporation securities involving a substantial
of risk, in view of the wide fluctuations in market values, and the
to invest in any
,,
'
...
with smaller incomes, who are not subject to such
Even among investors
high rates of taxation,
recent years,
enterprise, which applies
he sells.
be effected only at a price above the last
short sale of a security can
a
considerable part of such savings from the financing of
a
investments in. piivate
owned by the seller.
order to dispose of the stock in the hope he can
It back at a lower price.
that
modifications would provide
of
requiring banks to limit their investments to readily
Those rules, however, were relaxed in June, 1938.
events of recent years,
State, and municipal securities,
and
to
restrict
flow
the
economic, political, and financial,
the flow of investment funds into Government,
tended to increase
and other securities of the highest grade,
enterprise where a
of Investment into private
- Either the hesitation of capital to flow
diminution of opportunity to invest in them, or
both, will remove an important force for recovery, one which has proved
most effective in all of our past experiences.
It will be impossible to answer
material degree of risk is
into
new
enterprises, or the
the question
whether there are in fact
hesitation of private
As
involved.
to
diminished opportunities until the
capital to invest in them is overcome.
ascertain the extent of
additional credit or capital, the
the result of a survey to
needs of small concerns for
report states:
In
this District the
Smaller Business Association for
New York, New
last April a questionnaire to ascertain
the credit needs of small businesses in this area.
About 6,000 replies were
received.
After reviewing the replies, the Association's banking committee
concluded that about two-thirds either indicated no legitimate
need for
Jersey, Connecticut, Inc., sent out
Approximately 13% were
of their needs for credit, but the remain¬
ing 20% were classified in three groups as to their apparent merit as pros¬
pective borrowers.
It was decided that, in order to obtain more specific
information as to the possibility of supplying credit in these cases, the
Federal Reserve Bank of New York would be asked to investigate 100 cases
out of approximately 300 that appeared to be most meritorious.
The
principals of these 100 concerns were invited by this bank to come in for a
discussion of their problems and were also urged by the Association's
banking committee to do so.
In 45 cases there was no response to this
invitation.
Of the 55 that did respond, replies were received from five
indicating that they were no longer in need of credit accommodation, four sub.
credit
or
indicated
no
sound basis for credit.
quite indefinite as to the character
Volume
mltted financial statements which indicated that they
obtain credit assistance from their own banks, and four others
Regarding the industrial loans of the New York Reserve
we quote the following from the report:
Bank,
Industrial Loans of This Bank
concerning the possib.lity of
under Section 13b of the
organizations
business
from
Inquiries
obtaining loans of working capital from this bank,
of 1938,
accompanying the severe recession in business activity and profits, and
the total for the quarter was greater than in any similar period since the
third quarter of 1935.
During succeeding quarters of 1938, however, the
number of inquiries diminished rapidly.
As some time elapses between
the initial inquiries and the f.ling of formal applications, the number of such
applications received reached its maximum in the second quarter, but in
Federal Reserve Act,
this
case
increased substantiaUy in the first quarter
also there was a
could be made on a
quality
of applications received in general was not as good as in preceding years.
The reason for this appears to be that it is now easier for prospective
borrowers, whose condition and prospects appear to be reasonably satis¬
factory, to obtain working capital from other sources.
Commercial banks
have increasingly engaged in the practice of making loans of 1 to 5 year
maturities, and it appears that the attitude of bank examiners has become
more favorable to such loans, provided that they are made on a sound basis.
As a result of the poorer quality of applications received during 1938, the
ratio of approvals to declinations of applications by this bank was lower
than in preceding years.
The disposi tion of all applications received between
June 19, 1934, when the Federal Reserve Banks were first authorized to
make these working capital loans, to the end of 1938, is summarized in the
borrowers offered little hope that loans
In fact, it was
observed during the past year that the
:
following table.
By making this reduction in interest on
1939 should be a great year
better homes.
Up to
156
2
Applications approved and awaiting closing
....
796
Applications declined
that it has earmarked $10,FHA mortgages at
434% in New York City, Nassau and Westchester Counties.
To be insurable, it says, the properties must be in suitable
locations, well-constructed, new or projected houses, and
must fulfill the other normal FHA specifications.
According to the New York "Times" of March 4 the re¬
duction was the subject of many informal conferences in
The Bowery Bank announces
000,000 for 1939 to be loaned on insured
banks
other
been
March 3 Associated Press
Under date of
stirred interest
factor
important
an
if followed widely by other banks, might
stimulating housing construction, which they
in national business recovery.
encourage other lenders to reduce
important factor
regard as an
indicated
officials
FHA
in
they would
but would take no direct action.
Some authorities said the large amount
rates,
he
might
investments.
for
$4,900,000 on an additional
of $7,300,000 to be paid on 95
was
obtained chiefly from the special
previously in connection with the
been created
of this bank.
of the Treasury Henry
Secretary
•
Loans from
Lowest in
surplus account which had
industrial loan operations
York Cuts Rate on FHA
4J4%—New Interest Reported
5% to
History
Bowery Savings Bank of New York. City on
that it
announced
home mortgages
4%%, and
had
this
reduced
its
rate,
March 3
basic interest rate on
insured by the Federal
was
Housing Authority
ready to advance large sums for
residential construction
as
sound
purchases in the metropolitan
compared
with
the 5%
dis¬
rate which
previously prevailed on loans of this type.
The new rate
was reported to be the lowest in
history for this type of
loan
by the bank.
In the Brooklyn "Daily Eagle" of
March 5 it was noted that all banking and mortgage financ¬
in Brooklyn, Queens, Nassau and Suffolk
been handling Federal Housing Administration
ing institutions
which have
interest rate on FHA in¬
by the Bowery Savings
Advices to this effect were credited to an executive
of Brooklyn's largest savings banks.
In part, the
mortgages will meet the 4*4%
sured mortgage loans initiated
"Eagle" also said:
The
Bowery statement
FHA
loans
built
or
said that the bank is prepared to make 4% %
homes in suitable locations—either newly-
"on well constructed
to
than
les6
be built,"
It also said
4%% to mortgagors who
four-family houses with
to
under
In
terms
of the
addition to
Federal
the
the bank will offer
now
low rates of not
have uninsured mortgages on one-
Bowery, providing refinancing is
or
possible
Housing Act.
the basic interest rate of
4%% will be the usual one-
one-half of 1% insurance charge.
As in past,
seeking such mortgages will also absorb expenses involved.
About a dozen financing institutions, savings banks and
home owners
others, have
most of it at 5% plus
The 5% rate is the maximum allowed under
doing the bulk of FHA lending in this area,
insurance
the
and other charges.
Housing
Reduction
Act.
to
the
4%%
level
by the
Bowery has been
anticipated in
for some time.
It is regarded as a direct outgrowth of
competition in the mortgage lending field in the past few years,
banking circles
increased
especially for loans on
distant
.
-
accepted--
r
—
$323,242,000
100,487,000
Long
homes being built in Queens County and in more
Island areas.
of par and 99.999, the average
Of the amount tendered at 99.999,
bids were tendered at prices
price being fractionally
under par.
4% was accepted.
Offering of $100,000,000 or
Treasury Bills—To
of 91-day Treasury
thereof,
Reserve
Eastern Standard Time,
to 2 p.m.,
up
9 by Secret¬
The tenders will be re<Banks, or the branches
bills were invited on March
Federal
the
at
ceived
1939
$100,000,000, or thereabouts,
of the Treasury Morgenthau.
ary
Thereabouts of 91-Day
Be Dated March 15,
Tenders to a new offering of
the Treasury
March 13,
Department, Wash¬
sold on a discount basis
will be dated March 15 and will
mature on June 14, 1939; on the maturity date the face
amount of the bills will be payable without interest.
There
is a maturity of a similar issue of bills on March 15 in
amount of $100,716,000.
The following is from Secretary
Morgenthau's announcement of March 9:
.
They (the bills) will be issued in bearer form only, and in amounts
or
denominations of $1,000,
$10,000, $100,000, $500,000, arid $1,000,The bills, which will be
highest bidders,
the
to
(maturity value).
000
be
must
pressed
on
amount
an
less than
multiples of
in
$1,000.
$1,000 will be considered.
The price offered must
Each
be ex¬
the basis of 100,- with not more than three decimal places,
Fractions must not be used.
will be accepted without cash deposit from incorporated banks
99.125.
e.g.,
Tenders
securities.
10%
tenders
invest¬
deposit
unless the
by an in¬
companies and from responsible and recognized deaers in
Tenders from others must be accompanied by a
and trust
ment
of
for
tender
No
tender
of
are
the face amount of Treasury bills applied for,
accompanied by an express guaranty of payment
corporated bank or trust company/
Immediately
after
the
closing
hour for receipt of tenders on
March
all tenders received at the Federal Reserve Banks or branches
thereof, up to the closing hour, will be opened and public announcement
of the acceptable prices will follow as soon as possible thereafter, probably
1939,
13,
on
the
allot less
shall
The Secretary of the Treasury
following morning.
the
serves
be
expressly re¬
tenders or parts of tenders, and to
than the amount applied for, and his action in any such respect
final.
Those submitting tenders will be advised of the ac¬
right to reject any or all
Payment at the price offered for Treasury
the Federal Reserve Banks in cash or
March 15, 1939.
The Treasury bills will be exempt, as to principal and interest, and
any gain from the sale or other disposition thereof will also be exempt
ceptance or rejection
bills
quarter to
been
Morgenthau Jr. an¬
the accepted bids to the offering
Secretary Morgenthau's announcement of March 6
ington.
one
of
at
March 6 that the tenders to the
on
.
Bowery Savings Bank of New
of
banks have
offering last
thereabouts, of 91-day Treasury
bills totaled $323,242,000, of which $100,487,000 were ac¬
cepted at an average rate fractionally under par.
The
Treasury bills are dafced March 8 and will mature on June 7,
1939.
Reference to the offering appeared in our issue of
nounced
but will not be received at
Bank.
their search
$323,242,000 Tendered to Offering of $100,000,000
91-Day Treasury Bills—$100,487,000 Accepted
Average Rate Fractionally Under Par
banking operation, the lending of working
at
in the banks
$3,380,000,000 of lendable money.
New
capital by this bank has
not been profitable.
Gross earnings on these loans at the end of 1938
amounted to approximately $1,450,000,
and net earnings, before the
establishment of reserves against estimated losses, were $642,000.
These
net earnings were not sufficient to provide fully for the reserves set up
against estimated losses, which at the end of 1938 aggregated $915,000;-the
trict
money
end of 1938 was
$26,200,000.
to
of idle
causing them to cut lending rates in
The Federal Reserve Board estimates the
factor in
a
Total applied for.-
$14,000,000 had been repaid
The total of loans made up to the
loans and commitments.
The
Bank of
housing and banking circles here today.
in
Housing experts said the cut,
be
Total
full, and partial repayments aggregating
remainder
accounts from
mortgage-lending rates by the Bowery Savings
in
reduction
York
New
1,387
83 loans had been received, leaving a total
a
had
Washington stated:
The accepted
As
action" by the other
handling the FHA loans on small houses.
.
At the close of the year, 263 loans totaling
in
associations
added:
pointing out that some institutions
the rate cut,
to meet
active in
3
Applications on hand awaiting consideration..
officers of mortgage
among
predicted there would be "no unanimity of
Some
institutions
not
and
The "Times," in part,
here.
is from
72
Applications withdrawn before considerations.
and purchase of
for hime ownership.
March 4, page 1244.
The following regarding
516
Total applications approved
Grand total
1938
358
Applications approved and advances or commitments made
Applications approved but withdrawn by applicant after approval,.
loans
acceptable FHA mortgage
Bank hopes to encourage the building
week of $100,000,000,
Dec. 31,
Bank we
'
the Bowery Savings
A
found that in a considerable percentage of
cases the inquiries were for loans that would be ineligible for this bank to
make under the section of the law referred to above, or the situation of the
prospective
quote:
rapid decline during the remainder of the year.
As in preceding years, it was
sound basis.
From the announcement of the Bowery Savings
could reasonably expect
appeared
to be already obtaining adequate credit accommodation from their banks.
In the remaining 42 cases the condition of the businesses of all but 8 was such
that they could not be encouraged to make formal application to this bank
for loans.
The 8 just referred to appeared to have some merit, and were
invited to file applications with this bank.
Only 1 did so and the applica¬
tion was approved.
Subsequently, however, a member bank which had
offered to participate in making this advance decided to make the loan
without the need of participation by the Federal Reserve Bank of New York.
to
1401
Chronicle
Financial
148
other
allotted
must
thereof.
be
made
at
immediately available funds on
(Attention is in¬
bills are not exempt
from the gift tax.)
No loss from the sale or other disposition of the
Treasury bills shall be allowed as a deduction, or otherwise recognized,
for the purposes of any tax now or hereafter imposed by the United States
from
all
vited
to
or
any
taxation
estate and
inhei*itance taxes.
4550, ruling that Treasury
of its possessions.
Treasury
prescribe
their
except
Treasury Decision
Department Circular
the
issue.
terms
n
No.
of the Treasury
418, as amended, and this notice
bills and govern the conditions of
Financial
I 1402
Credit
Intermediate
Federal
Debentures
Consolidated
1%
$20,950,000
Sold
Banks—Issue
1939
11
Mar.
Chronicle
Investments
by-
Schedule showing classes of U. S, Treasury
Over¬
bonds held by the exchange
stabilization fund:
subscribed
Avge. Rate
The Federal Intermediate Credit Banks, on March
at Which
9, sold
Accrued
an
$20,950,000 1% consolidated debentures, dated
issue of
15, and maturing 6, 8%, and 11^ months.
Mar.
total issue, $3,450,000 was sold privately
system) and the balance, $17,500,000 was
public.
Charles E. Dunn, fiscal agent of
nounced the closing of the books on the
within a short time; the issue, which was
Of the
(Le. within the
offered to the
the banks, an¬
public offering
sold at a slight
premium over par value, was substantially oversubscribed.
The debentures are joint and several obligations of the 12
Federal
Of
Interest
$5,026,562.50
$41,796.88
100.5313
$5,000,000
1955-60—.-—--
100.8108
2% U. S. Treasury bonds of
10,000,000
10,081,075.03
10,245.90
$15,000,000
$15,107,637.53
$52,042.78
1949-53
SCHEDULE NO. 3—ADMINISTRATIVE EXPENSES OF THE EXCHANGE
STABILIZATION FUND FROM JAN. 31, 1934 TO JUNE 30, 1938
Total
Salaries-..--.-2—
——-.1 $379,961.67
—
—.....
....
Subsistence....-..--—"
privately placed debentures, $3,000,000 mature
Sept. 15, 1939, $100,000, Dec. 1, 1939, and $350,000, Mar. 1,
1940.
Maturities of the debentures offered to the public
are as follows; $9,850,000, Dec. 1, 1939 and $7,650,000, Mar.
the
Held
2u. S. Treasury bonds of
Travel-.
Intermediate Credit Banks.
Principal Cost
Face Value
Class—
Bonds Are
Telephone and telegraph-
Stationery, &c
———.-2.—-——
——..—a
—
————-———-—------——«—
Allother—.
——
—
—
Total
31,785.80
18,509.14
.
—
171,622.29
11,232.67
58,428.46
---——
$671,540.03
—
1, 1940.
Inasmuch as debentures due on Mar. 15, 1939, total $13,175,000, that amount of the new issue will be applied to
the repayment of maturities.
The balance, $7,775,000 rep¬
resents new money.
At the close of business, Mar. 15, 1939,
an
Treasury's March 15 Financing Operation—Additional
of
Amounts
2%% Bonds of 1960-65, 23^% Bonds
13^ % Notes of Series B-1943 Offered
in
Exchange for $1,293,714,200 of %A% Notes
Maturing
June
15,
1939—Subscription
Books
of 1950-52 and
aggregate of $180,350,000 F. I. C. B. debentures will be
outstanding.
Closed
Figures of Stabilization Fund^Under Date of
June 30, 1938
,
Supplementing the figures of the stabilization^fund as of
Bee*. 31,1938, given
inJihese columns last weekfpage 1251*
we^are annexing belowjhe balance"sheet*of
iune 30, 1938, as*made"a vailablejjy Secretary
the fund for
of the Traas^
ury' Morgenthau "on FebT 28 in*"urging before the"House
Committee on Coinage, Weights and Measures, the enact¬
ment of the bill
zation
providing for the continuance of the stabili¬
fund, and the President's powers to fix the value of
the dollar.
The June 30 statement of the fund shows total
assets of
$2,058,716,046 compared with $2,062,232,431 on
31, 1938. Total earnings of the stabilization fund on
Dec. 31 were $13,229,951 contrasting with $10,545,988 shown
Dec.
on
June 30.
Details of the June 30 figures follow:
BALANCE-SHEET^I>f"THE~EXCHANGE'STABILIZATION
JUNE 30,
FUND AS OF
1938
ASSETS
■
Cash—
Treasurer of the United States, gold
——.$1,800,000,000.00
1,643,849.25
100,765,630.03
Treasurer of the United States, checking account
Federal Reserve Bank of N. Y. special Account..
Disbursing officers'balances & advance accounts
SI.902,421,308-32
Accounts Receivable—
,
Due from French Cable Co......
4
*
.....
Special Accounts of Secretary of Treasury—
Federal Reserve Bank of New York:
6,007.34
'
"
Special account No. 1 (gold), 1,248,862.370 ounces (see Schedule
No. 1)——
Special Accounts Nos. 3 and 4 (sterling and francs)
Foreign exchange due from foreign banks—secured deposits:
Central Bank of China, 165,000,000 yuan..
Gold of foreign banks held with Federal Reserve Bank of New York
.
..
....
as collateral on Exchange deposits:
'
Gold of Central Bank of China, 1,395,381.168 ounces........
Investments—U. S. Treasury bonds (see Schedule No. 2)
:
Accrued Interest receivable (see Schedule No. 2)....
Commodity sales contracts
43,701,226.28
100,331.51
48,487,500,00
48.838,340.89
15,107,637.53
52,042.78
2,651.00
ing notes to exchange them for other interest-bearing obliga¬
tions of the United States Mr. Morgenthau said.
The
additional issues were offered on March 6 and Secretary
Morgenthau announced that night that subscription books
offering would close at the close of business March 8.
Any subscription placed in the mail before midnight on the
day of the closing of the books is considered a timely sub¬
scription . A preliminary reference to the financing appeared
in our March 4 issue, page 1244.
At his press conference on March 9 Mr. Morgenthau said
that nearly 97% of the holders of notes maturing June 15
favored the long-term bonds. The Secretary said the figures
showed that 26% of the holders chose to convert the notes
into 23^% Treasury bonds of 1950-52, 70% into the 2%%
bonds of 1960-65, and 3 to 4% into 1 H% Treasury notes of
He added:
Series B-1943.
I consider it
a
very
favorable indication that when
owners
of government
securities have a choice of three different securities, 70% of them go
Total assets.....
longest government security outstanding.
$2,000,000,000.00
March 6, Mr. Morgenthau had the following further to say
in his announcement of the offering:
In
:
1
a
Due to Central Bank of China..-.-—..........
Commodity sales contracts
as
605.78
1....
Liability for gold of foreign banks held
2,651.00
collateral:
Gold of Central Bank of China
Earnings (see Schedule No. 2)
into the
$2,058,716,045.65
......
LIABILITIES AND CAPITAL
Capital account
All
1960-65 will be issued at 102and accrued interest.
interest adjustments will be made as of March 15, 1939.
Cash subscriptions will not be received.
Treasury Notes of
Series A-1939, maturing June 15,1939, are now outstanding
in the amount of $1,293,714,200.
The present offering will
be the only opportunity afforded the holders of these matur¬
for the
11,829.04
1
Secretary of the Treasury Morgenthau on March 6 an¬
nounced the March 15 financing, offering, through the
Federal Reserve banks, to the holders of 23^% Treasury
Notes of Series A-1939, maturing June 15,1939, the privilege
of exchanging such notes either for 134% Treasury Notes
of Series B-1943,2lA% Treasury Bonds of 1950-52, or 2%%
Treasury Bonds, of 1960-65.
The maturing notes will be
received at par and accrued interest, and in exchange there¬
for IH% Treasury Notes of Series B-1943 will be issued at
101 and accrued interest; 23^% Treasury Bonds of 1050-52
will be issued at 1023^; and the 2%% Treasury Bonds of
The
48,838,340.89
.........
$10,235,737.45
310.25a.56
:
Deferred credits—add--.
making public the Treasury's March 15 financing
on
IK % Treasury Notes of Series B-1943, now offered in exchange,
will be
addition to and will form a part of the series issued pursuant to
an
Department Circular No. 600. dated Dec. 5, 1938.
They
identical in
are
all respects with such notes, with which they will be freely interchangeable.
$10,545,988.01
General expenses—deduct (see Schedule No»3)
The notes are dated Dec. 15,1938, and bear interest from that date.
671,540.03'
"
■
r——-
4
Total liabilities and capital..
will mature Dec. 15, 1943, and will not
9,874,447.98
.-.$2,058,716,045.65
The 2K% Treasury
NO.
1—ATTACHMENT
TO
EXCHANGE
FUND BALANCE SHEET OF JUNE 30,
ment Circular No.
now
The bonds are dated Sept. 15,
issued on exchange will bear interest from
identical in all respects with the bonds previously
issued, with which they will be freely interchangeable.
Ounces
Dollars
38.941.816
47,460.817
1,162,459.737
1,354,006.95
1,661,128.59
40,686,090.74
1.248,862.370
43,701,226218
They will mature
Sept. 15, 1952, but may be redeemed at the option of the United States
on
Oold Held by-^~
be
.
Schedule showing location of gold held by and for account of the exchange
stabilization fund:
Bank of England, Account A
Federal Reserve Bank, New York
U. 8. Assay Office, N. Y. (held in safekeeping)
now offered in exchange will
593, dated Sept. 8,1938.
1938, and except that those
1938
March 15, 1939, they are
Special Account No. 1—rGold
,
STABILIZATION
Bonds of 1950-52
addition to and will form a part of the series issued pursuant to Depart¬
an
SCHEDULE
They
be subject to call for redemption
before maturity.
and after Sept. 15,1950.
The 2% %
an
•
Treasury Bonds of 1960-65 now offered in exchange will be
addition to and will form a part of the series issued pursuant to Depart¬
ment
Circular
No.
598, dated Dec.
5, 1938.
They are identical in all
respects with such bonds with which they will be freely interchangeable.
Total
-
-
The bonds
are
dated Dec. 15,1938, and bear interest from the date.
They
will mature Dec. 15,1965, but may be redeemed at the option of the United
SCHEDULE NO. 2
Schedule showing
total"earnings
States
of the exchange stabilization fund from
Jan. 31, 1934 to June 30, 1938:
on
on
gold bullion
Profits
on
handling charges
Profits
on
silver transactions.
Profits
on sale of
on
...
gold
...
...
silver bullion to Treasury (nationalized)
Investments
Miscellaneous profits
on
on
foreign balances
on
Chinese yuan
56,740.83
,
406,368.31
$10,235,737.45
310,250.56
Deferred credits.
Total
1,772)273.12
105)371.27
410.44
.....
Interest earned
Interest earned
$352,014.24
711,099.88
3,473,362229
491,208.70
2,866,888.37
Profits on investments
Interest
,
-._j.
Subscriptions will be received at the Federal Reserve banks and branches
Treasury Department, Washington, and should be accompanied
by
French franc transactions
Profits
and after Dec. 15, 1960.
and at the
Source
Profits
on
-
$10,545,988.01
a
like face amount of Treasury Notes of Series A-1939, maturing June 15.
1939, with final
coupon
due June 15, 1939 attached, and by cash payment
of the net amount necessary to
adjust premium and accrued interest (about
$7.53 for each $1,000 face amount of 1 % % Treasury Notes of Series B -1943,
about
$19.75 for each
$1,000 face amount of 2K%
Treasury Bonds of
1950-52, and about $25.30 for each $1,000 face amount of 2%% Treasury
Bonds of 1960-65).
The right Is reserved to close the books as to any or
all subscriptions at any time without notice, and
set foith in the official circulars all
subject to the reservations
subscriptions will be allotted in full.
The terms of the bonds and notes to be issued
and details of the
on exchange,
adjustment payments are set forth in full
in the official circulars issued, March 6.
official circulars follow:
The texts of the
Volume
UNITED
Financial
148
STATES
OF
AMERICA
SERIES
Dated
and
bearing interest
from
1K%
TREASURY
OF
NOTES
B-1943
Dec.
1938.
15,
Dec.
Due
1943
15,
Interest payable June 15 and Dec. 15
Additional Issue
1939
Treasury Department,
Department Circular No. 605
Office Of the Secretary.
Public Debt Service
Washington, March 6, 1939
I.
Offering
of Notes
The Secretary of the Treasury, pursuant to the authority of the Second
1.
Liberty
Bond
Act, approved
Sept.
24,
1917,
as
invites sub¬
amended,
scriptions, at 101 and accrued interest from Dec. 15, 1938, from the people
of the
United
States
for
1 %%
notes,
of the United
designated
States,
Treasury Notes of Series B-1943, in payment of the face amount of which
only Treasury Notes of Series A-1939, maturing June
tendered.
The amount of the
to the amount of
II.
1.
the
The notes
series
of
the
Description of Notes
*
600, dated Dec.
5,
1938. will
be freely inter¬
identical in all respects therewith, and are de¬
are
following
from
quotation
No.
Department Circular
They will mature Sept. 15, 1952) but may be redeemed at the option of the
United States on and after Sept. 15, 1950, in whole or in part, at par and
accrued interest, on any interest day or days, on 4 months
notice of re¬
demption given in such manner as the Secretary of the Treasury shall
prescribe.
In case of partial redeemption the bonds to be redeemed will be
determined by such method as may be prescribed by the Secretary of the
Treasury.
From the date of redemption designated in any such notice,
interest on the bonds called for redemption shall cease.
2. The bonds shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing au¬
thority, except (a) estate or inheritance taxes, or gift taxes, and (b) grad¬
uated additional income taxes, commonly known as surtaxes, and excessprofits and war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or
corporations.
The interest on an amount of bonds authorized by the
Second Liberty Bond Act, approved Sept 24,1917, as amended, the principal
of which does not exceed in the aggregate $5,000, owned by any individual,
partnership, association, or corporation, shall be exempt from the taxes
provided for in clause (b) above.
3. The bonds will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege and will not be entitled to any privilege
of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered
to principal and interest, will be issued in denominations of $50, $100,
$500, $1,000, $5,000, $10,000 and $100,000.
Provision will be made for
the interchange of bonds of different denominations and of coupon and
registered bonds, and for the transfer of registered bonds, under rules and
regulations prescribed by the Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds.
as
•
Treasury Notes of Series B-1943 issued pursuant to
changeable therewith,
in
1939, may be
offered will be an addition to and will form a part of
now
\y*%
Department Circular No.
scribed
15,
offering under this circular will be limited
Treasury Notes of Series A-1939 tendered and accepted.
600:
1. The notes will be dated Dec. 15, 1938, and will bear interest from that
date at the rate of l>g % per annum, payable semi-annual on June 15 and
Dec. 15 in each year until the principal amount becomes payable.
They
will mature
Dec.
15, 1943, and will not be subject to call for redemption
prior to maturity.
2. The notes shall be exempt, both as to principal and interest, from all
taxation (.except estate or inheritance taxes, or gift taxes) now or hereafter
imposed by the United States, any State, or any of the possessions of the
United States, or by any local taxing authority.
3. The notes will be accepted at par during such time and under such
rules and regulations as shall be prescribed or approved by the Secretary
of the Treasury in payment of income and profits taxes payable at the ma¬
turity of the notes.
4. The notes will be acceptable to secure deposits of,public moneys, but
will not bear the circulation privilege.
6. Bearer notes with interest coupons attached will be issued in de¬
nominations of 3100, $500, $1,000. $5,000, $10,000 and $100,000.
The
notes will not be issued in registered form.
III.
1.
Subscriptions
branches
and
stitutions
generally
received
Treasury
the
at
Federal
Department,
Subscriptions
branches
Reserve
and
banks
Banking
Washington.
in¬
be received
will
and
at
the
to act as
official agencies.
The Secretary of the Treasury reserves the ,right to reject any sub¬
scription, in whole
or
in part, to allot less than the amount of notes applied
for, to make allotments in full
to
make
reduced
allotments
applications for smaller amounts and
upon
upon,
reject,
to
or
for
applications
larger
amounts, or to adopt any or all of said methods or such other methods of
allotment and classification of allotments
shall be deemed by him to be
as
in the public interest; and his action in any or all of these respects shall be
final.
full.
official agencies.
as
2.
1.
The
to
make
reduced
allotments
be made
completed
or
before March 15, 1939,
on or
Payment of the face amount
may
or on later allotment.
be made only in Treasury Notes of Series
A-1939, maturing June 15,1939, which will be accepted at
par.
A premium
of $10 per $1,000 and accrued interest from Dec. 15 1938 to March 15,1939
($2:78159
per
$1 ,G00) on the notes to be issued, will be charged, and accrued
interest from Dec. 15, 1938 to March 15, 1939 ($5.25412 per $1,000) on the
notes surrendered will be
be
will
coupon
due
from
upon,
credited, and the difference ($7.52747 per $1,000)
subscribers.
Treasury
Notes
of
Series
A-1939,
or
to
reject,
final.
of
Allotment notices will be sent out promptly upon allotment.
IV.
1.
Payment at
Payment
for bonds allotted hereunder must
102H
be made
completed on or before March 15, 1939, or on later allotment.
of the face amount may
or
Payment
be made only in Treasury Notes of Series A-1939,
maturing June 15, 1939, which will be accepted at par.
A premium of
$25 per $1,000 will be charged, and accrued interest from Dec. 15, 1938 to
March
15,
1939
($5.25412 per $1,000)
on
the notes surrendered will be
credited, and the difference ($19.74588 per $1,000) will be due from sub¬
scribers.
Treasury Notes of Series A-1939, with coupon dated June 15,
1939, attached, and the appropriate cash payment, should accompany sub¬
scriptions.
General Provisions
V.
States, Federal Reserve banks
As fiscal agents of the United
to the Federal Reserve
the
on
banks of the respective districts, to issue allotment
notices, to receive payment for
bonds allotted, to make delivery of bonds
full-paid subscriptions allotted,
on
are au¬
subscriptions, to make allotments
indicated by the Secretary of the Treasury
and they may issue interim receipts
pending delivery of the definitive bonds.
2.
The Secretary of the
Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering,
which Will be communicated promptly
to the Federal
Reserve
banks
HENRY
MORGENTHAU, JR.,
Secretary of the Treasury
UNITED STATES OF AMERICA 2H% TREASURY BONDS OF
Federal Reserve banks
are au¬
thorized and requested to receive subscriptions, to make allotments on thei
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal
larger
Subject to these reservations, all subscriptions will be allotted in
full.
with
Provisions
As fiscal agents of the United States
1.
for
methods
public interest; and his action in any or all of these respects shall be
dated June 15, 1939, attached, and the appropriate cash payment,
General
reserves
allotment and classification of allotments as shall be deemed by him to be
should accompany subscriptions.
V.
applications
amounts, or to adopt any or all of said methods or such other
basis and up to the amounts
notes allotted hereunder must
The Secretary of the Treasury
Secretary of the Treasury reserves the right to reject any sub¬
thorized and requested to receive
Payment at 101 and accrued interest for
and
Banking
for, to make allotments in full upon applications for smallei amounts and
1.
Payment
banks
scriptions at any time without notice.
Subject to these reservations, all subscriptions will be allotted in
IV.
Reserve
scription, in whole or in part, to allot less than the amount of bonds applied
Allotment notices will be sent out promptly upon allotment.
;
Federal
the right to close the books as to any or all subscriptions or classes of sub¬
The Secretary of the Treasury reserves
scriptions at any time without notice.
the
at
Department, Washington.
but only the Federal Reserve banks and the Treasury Department are au¬
thorized to act
submit subscriptions for account of customers,
may
the right to close the books as to any or all subscriptions or classes of sub¬
2.
Treasury
institutions generally may submit subscriptions for account of customers,
but only the Federal Reserve banks and the Treasury Department are au¬
thorized
Subscription and Allotment
III.
,
1.
and
in the
Subscription and Allotment
be
will
the
at
1403
Chronicle
Reserve banks, of the respective districts, to issue allotment
1960-65
,
Dated
and
bearing
from
interest
Redeemable at the Option of the
and
Dec.
1938.
15,
Due Dec.
15,
1965
United States at par and Accrued Interest
After
Dec.
15,
on
1960
notices, to leceive payment for notes allotted, to make delivery of notes on
Interest
full-paid subscriptions allotted, and they may issue interim receipts pending
payable June
2.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental
or
amendatory rules and regulations governing the
HENRY
STATES
OF
AMERICA
Treasury Department,
Office of the Secretary,
of
TREASURY
2H%
the
I.
Treasury
BONDS
OF
1.
Dated Sept. 15,1938, with interest from Mar. 15,1939.
ury
1950
After Sept. 15,
payable March
Bond
15
„
>■
;
•
amount of the offering under
Treasury Department,
Office of the Secretary,
Washington, March 6, 1939
I.
Liberty
Bond
Act, approved
,
24,
1917. as
amended, invites sub¬
scriptions, at 102Yi, from the people of the United States for 2M% bonds
of the United States, designated
the face amount of which only
June
15, 1939,
may
Treasury Bonds of 1950-52, in payment of
Treasury Notes of Series A-1939, maturing
be tendered.
The amount of the offering under this
circular will be limited to the amount of Treasury Notes of Series A-1939
tendered and accepted.
The bonds
1.
series of 2\i%
now
Descriptions of Bonds
offered will be
addition to and will form a part of the
an
Treasury Bonds of 1950-52 issued pursuant to Department
Circular No. 593, dated Sept. 8. 1938, will be freely
with
,
are
interchangeable there¬
identical in all respects therewith (except that interest on the bonds
issued under
this circular'will
accrue
from
March
15,
1939), and
are
de¬
scribed in the following quotation from Department Circular No. 593:
1.
The bonds will be dated Sept.
that date at the rate of
5 and Sept.
2Yti7o
15 in each
year
'
II.
tendered and accepted.
The bonds now offered
the series of 2H% Treasury
Description
of
Bonds "
will be an addition to and will form
a part
of
Bonds of 1960-65 issued pursuant to Depart¬
No. 598, dated Dec. 5, 1938, will be freely Interchangeable
following quotation from
therewith, and
are
described in the
Department Circular No. 598:
Dec. 15,1938, and will bear interest from that
date at the rate of 2 %% per annum, payable semiannually on June 15 and
Dec. 15 in each year until the principal amount becomes payable.
They
will mature Dec. 15, 1965, but may be redeemed at the option of the United
States on and after Dec. 15, 1960, in whole or in part, at par and accrued
interest, on any interest day or days, on 4 months notice of redemption
1.
The bonds will be dated
fiven inofsuch manner as thethe bonds to bethe Treasury shalldetermined
Secretary of redeemed will be prescribe,
partial redemption
n case
/
II.
The
this circular w,ll be limited to the amount of
therewith, are identical in all respects
pursuant to the authority of the Second
Sept.
1.
ment Circular
Offering of Bonds
The Secretary of the Treasury
% bonds of the United States, designated Treas¬
Bonds of 1960-65, in payment of the face amount of which only Treasury
Notes of Series A-1939, maturing June 15, 1939, may be tendered.
„
1939
Service
1917, as amended, invites sub¬
accrued interest from Dec, 15,1938, from the people
1
•
Department Circular No, 604
1.
approved'Sept. 24,
Treasury Notes of Series A-1939
15
Sept.
and
Additional Issue
Public Debt
Act,
of the United 8tates for 2%
Due Sept. 15,1952
Offering, of Bonds
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty
scriptions at 102 V% and
Redeemable at the Option of the United Stales at par and Accrued Interest on
Interest
Washington, March 6, 1939
Public Debt Service
1950-52
and
15
1939
MORGENTHAU, JR.,
Secretary
UNITED
Dec.
Depaitment Circular No. 603
offering, which will be communicated to the Federal Reserve banks.
■
15 and
Additional Issue
delivery of the definitive notes.
15, 1938, and will bear interest from
payable semi-annually on March
per annum,
until the principal amount becomes payable.
by such method as may be prescribed by the Secretary of the Treasury.
From the date of redemption designated in any such notice, interest on the
bonds called for redemption shall cease.
2. The bonds shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing authority,
except (a"> estate or inheritance taxes, or gift taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess-profits
and war-profits taxes, now or hereafter imposed by the United States, upon
the income or profits of individuals, partnerships, associations, or corpora¬
tions
The interest on an amount of bonds authorized by the Second
Liberty Bond Act, approved Sept. 24, 1917, as amended/the principal of
which does not exceed in the aggregate $5,000, owned by any indivi d
i al
Financial
1404
partnership, association, or corporation, shall be exempt from the taxes
provided for in clause (b) above.
3. The bonds win be acceptable to secure deposits of public moneys,
but will not bear the circulation privilege and will not be entitled to any
privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered
as to principal and interest, will be issued in denominations of $50, $100.
$500, $1,000, $5,000, $10,000. and $100,000.
Provision will be made for
the interchange of bonds of different denominations and of coupon and
registered bonds, and for the transfer of registered bonds, under rules and
regulations prescribed by the Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds.
worship God in one's
by
pulled his skirts together and passed by on
today persecute religion or deny it?
The
branches
only the Federal Reserve banks and the Treasury Department are
to act as official
books
to close the
all subscriptions or classes of subscriptions
as to any or
scription
,
any
sub¬
in whole or in part, to allot less than the amount of bonds applied
for, to make allotments in full upon applications for smaller amounts and
to
make
reduced
allotments
upon,
reject,
to
or
applications
for
by him to be
allotment and classification of allotments as shall be deemed
public interest; and his action in any or all of these respects shall be
Payment
The
legislative
and
Bankhead
15, 1939 ($6.79945 per $1,000) on the bonds to be issued, will be
charged, and accrued interest from Dec. 15, 1938 to March 15, 1939 ($5.-
be credited, and the
25412 per $1,000) on the notes surrendered will
ference
($25.29533
$1,000)
per
will be due from subscribers.
appropriate cash payment, should accompany subscriptions.
V.
Hemisphere and overseas."
leading
events
As fiscal agents of the
1.
United States, Federal Reserve banks
"Americat" Is Sung
read
who
to the Federal Reserve banks of the respective
full-paid subscriptions allotted, and
districts, to issue allotment
they may issue interim receipts
pending delivery of the definitive bonds.
2.
offering,
which
or
amendatory rules and regulations governing the
be communicated
will
A
selection
vocal
Federal
to the
promptly
Reserve
Secretary
of the
Treasury
Returns
Washington
to
After
Absence of Two Weeks
150th
birthday
Shortly before the
official
Thomas
next, and then the
came
Miss Swarthout and Mr.
the President.
in
1789, the
of
Congress was started under the Constitu¬
year
same
in the House chamber at noon,
Georgetown University, which was
ceremonies
felicitations
received the
Congress
founded
to Vice-President Garner and Speaker
of the university law school, by the
Very Rev. Arthur A. O'Leary, President.
The
tion.
greeting
the
Bankhead,
presented
was
latter
alumnus
an
Speaker Bankhead spoke, in part, as follows, his remarks
being taken from the "Congressional Record":
been
has
full
desirability
and
soundness
generation
this present hour of the necessity of
and portents than
the
this
of
recollection
the
within
period
no
of signs
reappraising
of
our
form of
democratic
maintains the confidence and support of our
people, and Of other great nations of the world, as I believe to be the
case, then it is our solemn duty to take every needful step and to assume
,
and if it yet
required
every
President Roosevelt returned to Washington on March 4
after an absence of two weeks during which time he was
in
ended.
was
government,
Roosevelt
Then
observance.
the
Bankhead and Senator Pittman.
Senate, the Rev. Ze Barney Thorne Phillips,
celebration of the Congress of the United
by the chaplain of the
more
MORGENTHAU, JR.,
providing
John Charles
by
official
There
President
resolution
joined in singing "The Star-Spangled Banner," and with a benedic¬
Thomas
banks.
HENRY
York, director of the joint committee on arrangements,
concurrent
addresses of the Chief Justice and
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental
the
followed the addresses of Speaker
order
,
then the Vice-President recognized Representative
Swarthout of "America,"
Sol Bloom of New
on
by the Secretary of the Treasury
...
beginning of the ceremonies was the singing by Miss Gladys
The official
are
notices, to receive payment for bonds allotted, to make delivery of bonds
on
long.
tion
requested to receive subscriptions, to make allotments
the basis and up to the amounts indicated
Congress under the
He gloried in the fact
the First
of
meeting
almost to the minute.
ago,
that
lasted
had
it
the
to
up
150 years
the joint session an account of
for the record of
read
Pittman
Senator
States
authorized and
of reap¬
form of govern¬
in the Western
Speaker Bankhead held that the present hour was a crucial one
praising the soundness and desirability of the democratic
ment as "an example to our democratic neighbors both
the
General Provisions
Speaker, but
making
the
with
jointly
presided
following a six-year-old rule against
address,
an
while occupying the office of Vice-President.
speeches
public
dif¬
Treasury
Notes of Series A-1939, with coupon dated June 15, 1939, attached, and the
Washington
"Times" said:
represented in the proceedings by Speaker
of Nevada, President pro tempore of the
Gamer
Vice-President
to make
declined
be made only in Treasury Notes
may
and accrued interest from Dec. 15, 1938
A premium of $23.75 per $1,000,
to March
Pittman
bonds allotted hereunder
A-1939, maturing June 15, 1939, which will be accepted at par.
of Series
branch was
Senator
before March 15, 1939, or on later allot¬
Payment of the face amount
ment.
the speeches
aside from
dispatch of March 4 to the New York
that
1. Payment at 102% and accrued interest for
must be made or completed on or
themselves.
by the people
chosen
describing the proceedings,
In
Constitution
IV.
exercised by
by direct action of the mob; but democracy
democracy
the
Allotment notices will be sent out promptly upon allotment.
full.
contend by every
by the President and Chief Justice Hughes, a
Subject to these reservations, all subscriptions will be allotted in
final.
in the days of the first
as
We believe in the other freedoms of the Bill of Rights,
are inherent in the right of free choice by free
women.
That means democracy to us under the Constitution,
and
men
larger
methods of
amounts, or to adopt any or all of said methods or such other
in the
just
Today,
freedoms that
the other
Senate.
reject
The Secretary of the Treasury reserves the right to
2.
authorized
time without notice.
at any
"No."
is
peaceful means.
The Secretary of the Treasury reserves the right
agencies.
that
to
answer
Congress of the United States it was also "No."
Not for freedom of religion alone does this Nation
the Federal Reserve
be received at
will
Shall we
Levite
the other side, shall we
is circumscribed or abrogated.
way
thus lend encouragement to those who
representatives
banks and
and at the Treasury Depaitment, Washington.
Banking in¬
generally may submit subscriptions for account of customers, but
Subscriptions
stitutions
Subscription and Allotment
own
1939
11,
passiveness, by our silence, by assuming the attitude of the
our
who
not
Ill.
Mar.
Chronicle
of
essence
obligation
to
for
preserve
the
posterity
our
and
form
and wisely conceived government for a free
justly balanced
a
reviewing the naval
maneuvers
the inalienable right of the people
themselves, through orderly processes and under the restrains to contrive
out of their collective judgment, through their legally chosen representa¬
the Caribbean Sea.
The President arrived
tives,
of the United States fleet in
on a special train
overnight run from Charleston, S. C., where he
disembarked the day before from the cruiser Houston.
Reference to his arrival in Charleston was reported in these
columns of March 4, page 1245.
In another item in this
after
an
President's address of March 4 at
the
issue
marking
the
Congress
are
150th
noted.
anniversary
the
of
the exercises
first
meeting of
people.
Democracy
...
the
and
means
asserts
the
into
long
be prospered and
engrained and chiseled
ago
Constitution.
National
our
to
It
is yet the
sanctuary
possessing upon
great anniversary the affection and reference of our citizens.
This
anniversary conjures
solemn
many
of
themselves
people
of
structure
are
for security and happiness.
freedom, and the sheet anchor of all our liberties,
of our'
this
the
doctrine
That
which they
by
measures
protected in the age-old search
First
the
and
in
up
.
.
the membership
the Seventy-sixth
Including
memories.
comforting
yet
.
parade of reverie and retrospection
a
Congress and up to the present session of
Congress, 8,659 different individuals have served in the House and Senate.
150th
Anniversary of
by President
Renewing Faith in De¬
mocracy—Declares not Only for Religious Freedom
but Also Other Freedoms of Bill of Rights—Con¬
gressmen, Cabinet, Members of Supreme Court and
Diplomats Attend Celebration
Roosevelt
The
United
as
States
will
before
Hailed
watch the
tyrannical and religious persecution,
return to the world of
President
Congress
Occasion for
Roosevelt
never
declared
on
•
approvingly
March
4
in
an
address
joint session of the House and Senate, celebrating
a
the 150th anniversary of the meeting of the first Congress
under
the
Constitution.
Those who attended
in addition to members of the
Eight hundred and sixty-two have served as
entire membership of the Supreme Court, the Cabinet,
diplomats representing foreign governments, and other dis¬
tinguished visitors. Mr. Roosevelt asserted that the United
Territorial
From
Senators;' 8,106 have served
in both
served
have
450
Houses;
141
have served
Delegates and Commissioners.
"Congressional Record" we quote, in part, as
the
follows from Senator Pittman's remarks:
When
that
we
period
Government,
what
realize
has
been
accomplished
in
the
last
150
years,
When we consider, however, that this
established in great adversity, has continued without inter¬
is
brief.
exceedingly
ruption and without change, except to grow stronger each year, 150 years
In
time.
the
deemed,
be
may
the meeting,
Senate and House, included
Representatives;
as
as
6ame
The
the history of governments, a very long period of
to assert that no other government has enjoyed
in
I
fact,
assume
undisturbed, history.
fundamental
Constitution
and
"
of our
principles
of
Bill
its
Government, embodied in our great
have remained unchanged.
The
Rights,
the
right and
States,
but has been broadened and strength¬
our Government—
legislative, executive and judicial—have remained inviolate and have con¬
stituted the anchor 'of our safety which has kept us off the rocks of
chaos and revolution.
Our
Congress has held firmly to the principles
in
common
with
other
democracies,
'bvill
give
no
encouragement to the belief that our processes are outworn,
or
that
we
will
approvingly watch the return of forms of
for
2,000 years have proved
their
which
government
tyranny and their instability alike."
Similar
sentiments
were
expressed
by
Chief
Justice
Hughes, whose speech is reported elsewhere under another
head in these columns today.
"Our fathers," Mr. Roosevelt
that this Government which they
whole to act as a whole for the good
governing of the Nation.
It is in the same spirit that we
are met here today, 150 years later, to carry on their task."
The President cited many constitutional rights which are
said,
"rightly
by
the
American
people,
including
freedom
speech, of the press, of assembly and of religion.
of
On this
Freedom
of
religion—that
essential
where—goes back also to the origin
is
snuffed
out,
where
it
of
the
rights
of
mankind
of representative' government.
is
curtailed,
there,
too.
the
every¬
Where
rieht
to
The three
under
which and
separate and independent branches of
for
it
which
was
The Senate and the House of
created.
conscientiously and loyally performed the
respective functions of their offices, and will, I am sure, continue to do
their part to protect our institutions and the liberty of our citizens.
Representatives
Their
always
have
conduct and
actions have
conclusively demonstrated the wisdom of a
representative form of government under a Constitution such as ours.
In
it
Associated
was
Press advices from
Washington, March 4,
stated:
The session
their
was
of
one
House members were in
impressive formality.
Promptly at noon the Senate,
by Vice-President Garner, entered the chamber.
Then the members
of the Supreme Court in their black silken gowns were escorted to the
front row.
Next came the Cabinet, followed by the diplomatic corps and
places at the
rear
of the hall early.
led
the
point he said, in part:
of our citizens under their Constitution to govern their
power
country has not been abridged,
ened.
believed
set up would seek as a
cherished
own
commanding
officers
of
the Army,
Navy,
Marine Corps, and
Coast
Guard.
The
galleries
President's wife
were
and
packed,
mother.
and
among
...
the spectators there were the
"
'
Volume
The
Yesterday marked not only the 150tli anniversary of the first Congress,
but also the sixth anniversary of President
Speeches
States
President
Senator
such
public
and
few.
are
Ever
speak
the
on
Barkley
Justice
Chief
a
which
upon
of
force
as
Hughes,
leader,
majority
received
choice
this
the
introduced by
ovation of
to rival the shouting and applause that
Justice
program.
the
against
We
ita
to
surely
justifies
the
in
us
Thus,
evolution
the
•
of the
commemoration
three-year
a
United
the
of
cratic
of
out
substance
permanent
of
period
founding of
that
world—
nebulous chaos
free
picturing
oratory and please our vanity by
our
today that a
acknowledge
satisfaction in the result to
our
who
strove
The
the
among
13
existed
as
without
executive
an
or
terized
limited
to
fields
the
defect
fatal
the
principally
the
lack
of
raise
to
power
defense.
The
for the
revenue
and our ancestors may be called at the least
that was true throughout
the first half century
of our Union.
Yoh have heard the phrase the
"horse and buggy age."
We use it not ih derogation of the men who
had to spend weeks on the rough highways before they could establish
a
quorum of the Congress, not in implication of inferiority On the part of
those who perforce could not visit their neighbors in other States and
visualize at first hand the problems of the whole of an infant Nation.
We use it rather to explain the tedious delays and the local antagonisms
far
more
than
greatly
today—and
realize
we
which beset our early paths, and we use it perhaps to
remind our citizens of today that the automobile, the railroad, the air¬
plane, the electrical impulse over the wire and through the ether leave
and
to
jealousies
citizen
no
an
the
acceleration
delay in
for
of
execution
the
for a
faced the
crisis which
the
sectionalism,
failure to, maintain a full understanding of
of the processes of civilization.
public business or
Thus
for
excuse
the
Nation through its lack of national
new
1783, but the ycry slowness of contacts
prevented a sufficient general perception of the danger until 1787 when'
the Congress of the Confederation issued a
call for the holding of a
powers
recognized
was
Convention
Constitutional
We
familiar
are
convention;
effect;
own
4,
of
the
May.
immortal
his
calling
the
of
the
on
month's
notification;
ended
Nation
the
of
the
went
into
of the
three
directly in the
the
So,
case
case
of
effect
was
as
from
from
that
a
Congress
quorum
assemble
to
could
' on
be attained;
Mount Vernon to New
a
society of
13
republics
was
born
Constitution
had
I
ago
of
and
on
the theory of representative
by elected electors in the case of the Presi¬
It is true that in many States the franchise
emphasize
private
of
did - the
first
pledge; and
individual citizens have estab¬
unwritten
of
our
representatives itself.
personal rule« which have charac-
to
of our own land ever stop to compare that
processes
some
without
property
punishment which
of trial and
of the dark
"justice"
due
/
ages
?
compensation—would
■
we
«
and seizures—read
right to be safe against unwarrantable searches
that
rejoice
and
newspapers
firesides
our
assemble
to
and
our
households are
petition the Congress for a redress of griev¬
and
the words
here
mail
and
of
much
it
because
on
of
laws
our
of
Senator and
for never has there been
It is
libel
indeed
and
by the good sense of the American people.
a
freedom
slander,
goes
Any person
criticize and call to account the highest
lowest in .the land—save only in one Exception.
For be it noted
constitutionally
the
entitled
Constitution
the
that
mildness
every
is at the height of an unrestrained
side of every subject.
every
the
of
unchecked except
and
bring daily proof to
speech—yes, that too is unchecked,
of
Freedom
is
the telegraph
Representative that that right
every
to
itself
Senators
protects
Representatives
and
and
they shall not be
And that immunity is most carefully not
provides that "for any speech or debate in either house
questioned in any other place."
extended
either
to
the
Chief
Justice
or
the President.
press—I take it that no sensible man or woman believes
been curtailed or threatened or
that it should be.
The
Freedom of the
has
it
that
veracity, and
public
which with the increase in the'general education is able to sort truth from
fiction.
Representative democracy will never tolerate suppression of true
of
influence
the Nation
news
the
at
the
word
printed
will
depend
always
on
its
safely rely on the wise discrimination of a reading
can
behest
of
government.
Freedom of religion—that
essential of the rights of mankind everywhere
racy
back also to the origins of representative government.
Where democ¬
is snuffed out there, too, the right to worship God in one's own
way
is circumscribed or
goes
Shall we by our passiveness, by our
abrogated.
attitude of the Levite who pulled his skirts
together and passed by on the other side, lend encouragement to those
who today persecute religion or deny it ?
The answer to that is "No," just as in the days of.'.the first Congress
silence,
by assuming
the
of the United States it was
Not
freedom
for
of
"No."
religion
■
alone
does
this
Nation
contend by every
We believe in the other freedoms of the Bill of Rights,
that are inherent in the right of free choice by free
women.
That means democracy to us under the Constitution,
peaceful means.
other
the
men
and
freedoms
but democracy exercised by
"
present members of the
Government of the United States of America—the Congress, the Supreme
Court and ,the Executive.
Our fathers rightly believed that this Govern¬
ment which they set up would seek as a whole to act as a whole for the
not
democracy
by direct action of the mob;
representatives chosen by the people themselves.
Here
in
this great hall are assembled the
good governing of the Nation.
here today,
It is in the same spirit that we are met
their task. May God continue to
150 years later, to carry on
guide our steps.
+.
President Roosevelt Meets
Senator
so
or
firmly and so well.
With Secretary Morgenthau,
Others to Discuss Tax
and
Harrison
Revision
government,
government being chosen by the people,
its
this fundamental,
established
with
ours
On March 9 President
"free choice" because until a
perhaps I should call it this
ideology of democracy, was in the ascendant throughout the world, and
nation
after nation was broadening its practice of what the American
prevailed.
few years
our
choice
a
and the framework of permanence.
greatly limited, yet the cardinal principle of free choice by the body
politic
very
to
truly
and
first
first President on April 30.
of the House of Representatives, by elected Legislatures
Senators,
elective
free
years?
Freedom
the next day.
based
dent and the Vice-President.
that
still safe.
been held by the
branches
given
reincarnated the
taking
The
your
Supreme Court that the authority
Articles of Confederation ended on March 3, 1789.
.Therefore the
That Constitution
was
Federal
before
with the attributes of nationality
Constitution
in
first
delay
his triumphal journey from
crisis.
I believe that it has
two
issued
it by sufficient States to give it
Confederation Congress which terminated its
York; and of his inauguration
of
which
counting of the ballots unanimously cast for General Washington;
the
So
document
ratification, of
the
in
as
1789.
know
We
of
of
with
in
of the action of the
existence
March
early
as
Well
Rights.
fulfill
those reversions
and
have
late
recent
s
believed
they
if
understanding that to the Constitu¬
tacit
of
popularity.
that 13 sovereign republics would promptly
pay over to the Confederation even the small sums which were assessed
against them for the annual maintenance of the Congress and its functions.
Furthermore, the effect of the existing methods of transportation and
communication retarded the development of a truly national government
optimistic
Without
inhabitants.
its
for
willingly abandon our security against that it the face of the events of
branch.
external relations and the national
course
things
Rights lies another vast chasm between our representa¬
of
right of
The
action.
system;
the
as
of
not by a majority but by
important functions by the requirement that nine
of
of
was
maintenance of
be made habitable.
for all time, what has become as ingrained in our Amer¬
blessed
congressional government, and
This annual assembly of
judicial
the Congresses of the Confederation were
actual authority
In
to
the builders knew that
hands of
these recent years.
ances—the
a
the
other
States
Jury trial—do the people
which
to
house had
the
from the
that
guarantees thus
Bill
that
so
consent
of the building of the constitutional house.
Bill
a
United
democracy
States, and in the more
must
the truth
rest.
about
came
added
trust
we
representatives, moreover, was compelled to act
States
it
needed
their
in
the
of
this 4th of March, a century and a half later.
from 1781 to 1789 the 13 original States
Nation by the single thread of
a
accept
house
be
natures
In
•
Many other
attacks,
the
with
lacking—for
was
to
there
so
personal
tive
remember that
to
well
and
toil
ican
new
system that our elections are positive
our
period of the building, those who put stone upon stone,
the
would
the
leadership. Again, we can properly say of the
period of Confederation, that all was well that ended well.
Those years have rightly been' called "the critical period of American
history."
But for crisis—in this case a crisis of peace—there would have
been no Union.
You the members of the Senate and the House; you the
Chief Justice and Associate Justices and I, the President of the United
States, would not be here on
aggrandize¬
classes, or as
things, indeed, they could never be secure in their tenure, happy in
lished,
ing statesmanship or even
is
in
Congress
ability of the Confederation Congress gracefully to do nothing, and to the
exhaustion that followed the end of the war, rather than to any outstand¬
It
essential
the
tion
States
that it was impossible to set up a union more strong or permanent than
that loose-end, shaky debating society provided for under the Articles of
Confederation.
That we survived for six years is more a tribute to the
distributed
as
the wild over-statements,
that marks our general
because they are promptly followed by acquiescence in the
a return
to calmer waters as soon as the ballots are counted.
within
And
widely
so
were
individuals,
as
passive in their acquiescence.
enthusiasm,
the
voted
their
and courage had created.
discord
of those who seek personal
intermingled gayly
who
those
of the new chapter in 1783 discloses very definitely that
of continued independence could be guaranteed by none.
Dissen¬
and
sion
ago.
has proved that this type of government
spirit of
rather than
us
envy
even
life
opening
assurance
con¬
the
whether they act
ends,
mandate,
one
those
well that
at least give, thanks to those outstanding figures
odds for the' maintenance of the national ideal
great
against
which their vision
personal
we
processes
our
the hands
in
We celebrate the completion
But
thanks that in the first chapter all was
well; and we can
that
undue
those systems of
to
several centuries
launched
that
the Constitution
falsehood
And
arena.
nearer
any
which the representative demo¬
democracies,
belief
therefore in the
their
result and
her own
of
maintenance
the
attention to
her
least give
at
can
ended
the
in
existence
We
diverted
which
Europe
the
selfish
for
elections,
large number of inhabitants of the 13
very
between what
they revert
against
power
other
many
to
long remain
It is
in
revolting colonies were
opposed to rebellion and to independence; that there was constant friction
between
the Continental Congress and the Commander-in-Chief and
his
generals in the field; that inefficiency, regardless of the cause of it, was
the rule rather than the exception in the long drawn out war; and finally
that there is grave doubt as
to whether independence would have been
won at all if
Great Britain herself had not been confronted with wars in
a
old—for
successfully
was
with
nations
the
It should not detract from
without
say,
groups.
scene.
that
to
difference
greatest
essentially
are
electorate,
ment
pleasing
serious reading of history depicts a far less
more
is
the voter in the expression of his
over
is the
all,
system
cannot
the War of the
of
a
that
United States will give no
are outworn, or that we
will approvingly watch the return of forms of government which for 2,000
years have proved their tyranny and their instability alike.
With the direct control of the free choosing of public servants by a
Revolution as crowded with a unanimous
population of heroes dramatized by the admitted existence of a handful
of traitors to fill the necessary role of villain.
Nevertheless^ we are aware
the
freely,
self-perpetuating
Today,
of superlatives.
use
increase
may
we
of
influence
or
encouragement
aptly suggested
has been
It
States.
us,
centrated
organizing should' rank as the eighth wonder of the
successful
for
of
end
the
near
Government
made
last
the
know as
democracy and those other forms of government which, though they seem
new
the
Congress and
new
that at frequent periods
new President; and second,
First,
essentials:
opinion.
after
That,
President Roosevelt's address follows:
President, Mr. Speaker, Gentlemen of the Supreme Court, Members
the Senate and House of Representatives:
a
be
is in the
democracy
representative
of
system
two
on
must
sincere
and
an
greeted the President.
Mr.
based
must choose
voters
United
the
both he and
the
of
safety
analysis
Roosevelt's inauguration.
occasion
an
same
duration
and
intensity
is
Ky.),
(D.,
by
appearances
rarer
1405
Chronicle
Financial
148
of
Roosevelt conferred with Secretary
Treasury Morgenthau,
Finance Committee
Under Secretary Hanes, Senate
Chairman Harrison and Representative
Tennessee, on the subject of tax revision with a
business recovery. Following the con¬
ference Senator Harrison was quoted in Washington advices
to the New York "Journal of Commerce" as saying:
Cooper,
view to stimulating
We of course
discussed the tax question and had a very harmonious fine,
meeting and an exchange
No conclusions were reached because
be further-studies.
of views.
necessarily there will have to
Financial
1406
ture
the idea—if it can be done.
10) the Associated Press reported
saying yesterday that his original
relief estimates of early January still held good.
In its
Washington advices the Associated Press added:
Last
(March
night
Roosevelt
President
Monday or Tuesday would insist on
full
Progress Administration appropriation
Works
supplemental
of
$150,000,(X)0.
guns,
to the Ordnance Department for expendi¬
tanks, and ammunition. For that department, the President
zations.
Also sharing
in the money, on
Warfare Service, the Corps of
a
much smaller scale, would be the Chemical
Engineers, the Medical Department
For seacoast defenses the Chief Executive suggested $3,295,631 be appro¬
priated for continental defense, $766,284 for insular possessions and $1,416,372 for the Panama Canal Zone. The total of $5 478,287 would be supple¬
mented by $1,061,000 contract authorization.
Furthermore, Mr. Roosevelt disclosed his intention to ask Congress later
President conferred with Congressional
leaders and is said to have told them he would have no
On March 6 the
legislative requests to make. He said that he would
early adjournment of this session of Congress,
after completing the present program.
'
supply funds for construction of
to
oppose
♦
Bill
Introduced in Congress to
ican Federation of Labor
■
Medal—
Under¬
President Roosevelt Receives American Hebrew
Award
Annual
sented by General
Roosevelt,
President
House
March
on
Medal,
awarded
at the White
American Hebrew
the
had
National
that
differences
have done more than
you
to reconcile the silly
brotherhood in the fear
man
any
faiths to universal
separate
But
it
speaks of
be
to
seem
privileged
If
welfare
done
of
those
and
to
your
conscience
of
man
of
you have
defense of
generation—-here or
and
time
that
forever
to the
country
your
your
friend,
is the true meaning of this medal.
differences
of
do
opinion
in
count
not
our
It is with a heart full of pride—in the name of
President Roosevelt's speech
Johnson,
broad
the
tradictory
remains,
national
no
goodwill which
of
issue upon
teaching of Israel
which
and
that
we
in
that
spirit,
festival
extended
were
United
in
hearts
our
There is
souls
the
to worship
right
is
I
love
of
by
Feast
hearty
of
in
Old
the
Testament.
In
the
common
biblical
hope
our
plot to
has
attain
to
of
many
price of
the ideal put
week-end, greetings
William
to
Weiss,
national
greetings
and
•
wishes to
good
all
Purim.
struggle,
which
ever
before,
a
milestone
freedom- should
symbolized
reign
than
in
is
in all
liberty.
who
are
keeping
■,
the
more
Labor
controversial
in
amendments.
our
Their
em¬
:
We
so
We regarded this law
Labor
as
the magna cliarta of
regard it now.
disappointed by the failure of the National
to administer this law satisfactorily.
Board
Relations
Labor, in¬
dustry, the public, the press and, finaUy the Supreme Court, have joined in
condemning various actions of the board.
We
are
new
/
■
convinced that these amendments will prevent future bureaucratic
blundering.
The rules of the game will be written into the law.
The
board will have to conform with them.
a
result, all sides and all classes will be assured of fair play and an
be
to
heard
before
being 'judged.
That
is
in
accord
with
American principles.
Industrical
believe
the
is
peace
National
essential
an
Labor
element
Relations
Act,
in
national
properly
We
recovery.
administered
under
these amendments, will promote industrial peace.
Therefore
we
at the earliest
in the way
are
determined to fight for passage of these amendments
possible opportunity.
Nothing will be permitted to stand
of this vital objective.
—
♦
Senate
Approves $358,000,000 Army and Air Corps
Expansion Bill—Would Increase Army Air Force to
6,000 Planes—President Roosevelt Disapproves of
War Referendum Proposals
essen¬
Orthodox Jewish Congregations
waged without ceasing
And now,
National
present
The Senate
on
March 7, by the overwhelming majority of
77 to 8, passed the $358,000,000 Army and Air
Corps expan¬
sion bill, designed to bring the Army's total of
fighting planes
to 6,000, to increase aviation personnel; to strengthen
Panama Canal fortifications, and to provide
industry
.with "educational" orders for war materials.
Senate debate
up
last
over
Addressed
destroy the Jews
been
the
;
That is Vvhy we are so deeply
heritage.
and to walk humbly with thy God?"
mercy
Purim,
Every festival which commemorattes
The
by
benefit all legitimate labor organizations, honest
Relations Act originally.
have ,a
spirit of
"And what doth the Lord require of thee
fought struggle to achieve hunian
liberty.
destroyed
essentially
nothing
They wiU
labor.
of the Christian religion,
President Roosevelt to the Jews of the
by
States.
send
entirely
This board, through unreasonable and arbitrary rulings,
conscience.
own
America, the greetings read:
ancient
being
The American Federation Of Labor sponsored the National Labor Board
Embodied in
and
inalienable
an
may* we not
President of the Union
of
his
unity in
Micah:
but to do justly and to
the
find
we
by the Prophet
In
bestowal.
complete accord.
in
has
man
every
inspiration
which
labor
we
equitable
adoption will not be of advantage to the American Federation of Labor
alone,
like
con¬
the
should, therefore, seek t,o emphasize all those
we
things in
If
are
ingrained
accept the tenets
or
of
source
brotherhood
forth
I
conflictirig and mutually
prompts
all, the majority of Americans, whether they adhere to the ancient
common
from
Act
Relations Board.
opportunity
And I
proud to receive this award.
am
God according to the dictates of
tial
of acceptance follows:
matter how diverse and
Constitution
conviction
After
consideration of
Prompt enactment of the amendments is vitally necessary to safeguard
the
As
views may be on any number of questions and policies—there
our
one
Federal
I
friends:
spirit
also to think that
the
the fruit of careful study and
administration of the National Labor Relations Act.
distinguished career to the
be acknowledged
must
That, I think,
you.
country at such a time.
like
are
hundred of different proposals designed to guarantee fair, just and
distinguished countrymen—that I offer you this medal.
General
as
b
ployers and the public alike.
the world may know from thisf how your country will
old
my
statement bearing on Mr. Borden's bill
a
,
...
support
so,
it
than*/'any
trouble comes,
And
in religion,
faith
are
contribution in
the
awaken
principles
unite
a
world,
the
to
anywhere at all.
If
The old pillars of our civiliza¬
in the promises of
decent respect for the .rights and dignity of under¬
They
other
no
were
more
follows:
than that.
more
oppressed minorities.
or
there
even
rocking.
and nations,
men
one
month ago by Senator
has done its utmost to wreck the Jaw and pervert its principles.
and love of God.
tion
a
William Green, President of the American Federation of
Labor, issued
These amendments
Protestants—among
then
more
to the Federal Labor Board.
said:
and
these
of
the American Federation of Labor and is similar to the
Recovery
them the outstanding leaders
group—your political followers and those who disagree with you—
hesitation whatever in making this award.
It represents their
no
a
David L. Walsh, Democrat, except that Mr. Barden Spon¬
sored the reconstitution of the board and to change its name
Catholics
conviction
Board under
who performs outstanding
General Johnson
of each
Relations
Board's
citizen
Administration, made
the presentation on behalf of a committee composed of
Catholics, Jews and Protestants.. In presenting the medal
Jews,
Labor
the
introduced in the Senate
the
of
increase
magazzine' "American He¬
in
istrator
name
by the
promoting better understanding between Chris¬
tians and Jews.
General Hugh S. Johnson, former Admin¬
service
and
membership to five.
The bill has been approved by the Executive Council of
new
brief ceremony
a
National
the
reconstitute
American
the
to
in
was
Pre¬
Representative Bar den, Democrat, of North Carolina, a
member of the House Labor Committee, introduced in the
House of Representatives on March 3 a bill, which would
annually
given
brew"
6,
Is
Christians
Jews and
Johnson
Between
standing
Better
of
Promotion
for
Reconstitute National
Board—Change Favored by Amer¬
Labor Relations
'
.
highway across Panama outside the
a
Canal Zone boundaries.
further
not
Quarter¬
,
Corps, Army Transportation and Signal Corps.
master
that his special
The President would not say however, whether this meant
on
11, 1939
proposed $55,366,362 in appropriations and $44,000,000 in contract authori¬
as
relief message to t>© sent to Congress
the
The bulk of the funds would go
cuitailment, if possible, in Government spending.
We discussed further
The President is in thorough sympathy with
Mar.
Chronicle
we
of
in
King
the
in the long and hardappeal
the
to all
defeat
Ahasuerus,
centuries
that
of
is
lovers
of
Hainan's
one
which
have followed.
realize that eternal vigilance is the
..
♦
President Roosevelt Asks Congress to Provide
$123,839,287 More for Defense
the
on
the
1246.
measure
noted in
was
our
issue of
a
week ago, page
The
principal difference in the Senate bill and that
passed by the House on Feb. 15 is that the Senate measure
provides for 6,000 planes, while the House had stipulated a
limit of 5,500.
The bill, after its adoption by the Senate
this week
was
to
sent
a
conference committee in order to
reconcile this and other variances.
Before the final Senate vote, two other important amend¬
One of these fixes at $300,000,000 the
maximum amount which may be spent in bringing Air
Corps
strength up to 6,000 planes, while the other limits to 10%
ments were inserted.
the profits which may be made by manufacturers
selling
planes to the Army. As to the Senate action on the bill we
quote the following from Washington United Press advices
March 7:
President Roosevelt
on Mar. 4 asked
Congress to make
immediately $110,000,000 for purchases of "critical
items" of equipment for the Army, including anti-aircraft
artillery, tanks, anti-tank guns, semi-automatic rifles, and
gas masks.
The President made his request in a letter to
Speaker of the House Bankhead. He also asked for $6,539,287 for strengthening seacoast defenses and $7,300,000 for
the training of 20,000 airplane pilots under the direction of
the Civil Aeronautics Authority.
Associated Press advices from Washington on Mar. 4
stated, in part:
Besidestheplaneincreases.it the bill, authorizes expenditure of $23.50,for bolstering Panama Canal Zone fortifications and $34,500,000 for
available
The $123,839,287 total is part
of his plan for expanding the
army and
providing it with necessary equipment. It supplements the $499,000,000
military appropriation bill which the House passed and sent to the Senate
Friday.
000
orders
designed to familiarize private manufacturers with
of
materials.
war
Provisions also
Fifty-seven Democrats,
Laborite and
one
three Democrats and
one
While the House
on
one
Progressive,
one
Farmer-
Farmer-Laborite voted against it.
was
passing the Army defense
measure
March 7 President Roosevelt at his press conference was
voicing his disapproval of a national war referendum, such
is proposed in various resolutions now before
Congress;
this was noted in Washington advices March 7 to the New
York "Herald Tribune" which in part continued:
as
further expressed doubt that such restrictions
freedom of action of the President in matters of
to be met
of the peace of the United States in the last three years.
production
pilots annually.
17 Republicans,
requested $77,038,287 in immediate appropriations plus
authority for the War Department to enter into contracts up to $46,801,000.
by additional appropriations later.
mass
made for increases in Army personnel
Independent voted for the bill, while four Republicans,
He, the President
The President
are
and the training of 20,000 civilian air
foreign policy
on
the
as are con¬
tained in existing neutrality legislation have contributed to, the maintenance
Volume
There
bill.
was no
It
Financial
148
has
air
surprise about the Senate vote on passage of the Army
been
who
approved, 54 to 28-
the
strength
of the Air
Corps from 21,500
The
manufacturers of
them to
munitions
war
had requested
Charles W.
Senator
$170,000,000
Tobey,
Republican, of New Hampshire, proposed
up as costs.
'
Senator Alben W. Barkley, of Kentucky, majority leader,
proposed that
mission to
It was
ations.
but the Secretary of War should decide what companies were
not
were
complying.
'
proposed authori¬
Secretary of War to provide and maintain more adequate
radio stations, radio beacons, landing fields and emergency landing
Senator H.
that
A larger
pilot training program available to at least one Negro college.
Republican, ©f New Hampshire, Was defeated.
stated:
A few hours before the Senate vote was
Leahy, Chief of Naval
taken
on
suggestion from
a
hearings
responsible
introduced by Chairman Lea last
January
reorganization of the I. C. C., giving it authority
co-ordinate rates among various types of
transportation
measure
a
power and to establish minimum rates which would
divert traffic to the type of agency best fitted to handle it;
Senate Agriculture Committee
Approves Bill for Dispos¬
ing of Cotton Surplus
The fund was contained in the original draft of
possible defense base.
a
every
the airplane increase,
After weeks of
Admiral Leahy told the committee that Guam was of
as
equalize competitive conditions in the industry
a special court to handle railroad
reorganiz¬
appeared before the Senate
Operations,
the Administration's Naval Air Bases Bill.
i
"inestimable value"
He insisted, however, that the Navy had
immediate intention of fortifying the island,
dispute, the Senate Agriculture Committee
Mar. 9 approved the proposals of Senator Smith and rec¬
ommended the passage of a bill for
dealing in two ways with
the huge Government surplus stocks
on
no
but wished to improve the
11,000,000
harbor to make it more usuable for seaplanes.
cotton. One of the methods
Bill
Passes
House
for
Reorganization of Government
Byrd's Proposal
season's crop instead of increasing the loan stocks.
second method the Government, it is
By the
stated, would take a
partial loss on its loan cotton and try to dispose of some of it
in trade channels after
July 1, 1940, by selling Governmentheld cotton at 3 cents a
pound to growers who would reduce
their allocated production this season. The cost to the Gov¬
ernment under these plans were estimated
by Senator Smith
at $100,000,000 and by
Secretary of Agriculture Wallace at
$300,000,000 or more. Washington dispatches to the New
York "Times" under date of March 9 had the
following to
say as to the proposed legislation:
vote of 246 to 153 the House on March 8 passed the
a
bill to
provide for the reorganization of executive depart¬
ments
and
agencies
of
Government.
the
The
measure
adopted by the House is the compromise bill introduced in
that body on Feb. 23 by
Representative Chochran, and re¬
ported favorably to the House on Mar. 2 by its Committee on
Reorganization; reference to this was made in these columns
March 4, page 1248. In Associated press advices from Wash¬
ington March 7 it was stated that strong sentiment developed
among House Republicans that day to substitute the bill of
Senator Byrd (Democrat) of Virginia to reorganize Govern¬
ment agencies for the administration's modified measure.
These advices also said:
under
orders revamping
unless
domestic price of cotton.
the administration
the Republican
bill.
It provides
leader,
said
price on the day of sale and 12
5 cents
through the elimination of Federal functions,
a
It makes
his
on
Brown,
special
reorganization
major goal cf the legislation.
of Michigan;
Democrat,
committee.
McNary,
They
Republican,
Townsend, Republican, of Delaware.
While
some
of
Taber,
he
had
in
mind
of New
adopted,
were
York,
if
said
of
some
the administration
and
the
cents a
The Cochran bill
was approved by the House on March 8
administration narrowly averted defeat
when it succeeded in rejecting an amendment by Representa¬
tive Hat ton Sumner s (Dem., Tex.) by a vote of only 209
to 193 according to United Press accounts from Washington
March 8, which also said:
shortly after the
The amendment would have given either the
block
any
proposed
reorganization
plan
by
House
or
Senate power to
passing a resolution
of dis¬
approval.
The House first
may
to
approved the Summers resolution, 176 to 156, to the dis¬
of party leaders, who searched corridors for absentees, rushed them
the chamber, resolved the House into legislative session instead of the
Committee of the Whole, and
Many
members,
forced
to
won
place
a
reversal.
themselves
on
record
when
the
roll
call vote came up, reversed their positions.
Mr. Sumners admitted that he sought to prevent a situation in
one
to
which
House might vote against a reorganization plan and the other refuse
reject it.
The bill provides, in that contingency, that the plan becomes
effective when
a
60-day time limit has expired.
The bill now goes to the
passage,
amendments
which
Administration
would
lieutenants
have added
new
exempted, or remove others from the roster
purchase
an
Byrd.
battered
agencies
to
75%
amount of cotton equivalent to
at the market
an
a
price and the growers
effort to encourage farmers to buy at the
pound
on cotton in return for not
a
chance to make
a
profit of 5
working land.
9 cents
a
pound invested in the loan
cotton and so would take a loss of more
than 6 cents a pound or $30 a bale on all cotton claimed under the loan cotton
resale
provision.)
The bill "also would authorize the Federal
tion to
purchase for distribution
cotton held
to
the
Surplus Commodity Corpora¬
needy
up
to
500,000 bales of the
by the Government.
Much concern has been felt for some time over the
huge
stocks of cotton held in warehouses as collateral for Govern¬
ment loans, and many plans and suggestions have been forth¬
coming for ways and means of disposing of the Governmentheld cotton without adversely affecting the price of the
staple.
The matter was finally turned over to Congress for a solution.
On Mar. 6 Secretary of Agriculture Wallace sent a letter
to Senator Smith
as to which Associated Press advices stated
that Mr. Wallace told the Senator that policies should be
adopted to make larger supplies available to foreign buyers at
prices competitive with foreign cotton. In the same advices
the Secretary was reported as follows:
Mr. Wallace said that
country
totaled
on
4,943,000
January 31, the supply of "free" cotton in this
bales.
More
than
11,200,000
impounded in waiehouses throughout the South
Senate, where it must contend for preferment
with a reorganization program sponsored by Senator
Before
acreage and
(The Government, according to The Associated Press, now has more than
"
,
procedure established in former
occurred, the farmer in effect would be given
measure
They pointed out that the principal objections raised by
'
a
a new provision that farmers may waive up to
This procedure was evolved in
Democrats, during the debate yesterday, contended it was a good bill
opponents last year had been eliminated.
by
low price and resell at a moderate profit some of the great
surplus of cotton.
If the price of cotton should be 8 cents at the time a transaction of this sort
probably would get considerable support from the minority.
without changes.
not exceed
could pocket the difference.
.
(Republican)
bill, Which continues
pound. This cotton could then be sold
Senators
Oregon,
provided the differential did
their average production on that acreage from the Government at
3 cents
Republicans wanted to offer Senator Byrd's plan in the House;
Representative
amendments
were
allotted
of their
cents
pound.
years, is supplemented
economy,
Senator Byrd offered it in the Senate yesterday with the backing of three
others
a
This feature of the
however, requires positive action by Congress within
plan,
days to make the presidential orders effective.
reducing the
market
that Executive
abolishing Federal agencies would become effective
or
went on record against
.
The Smith bill would hold the price of cotton at 12
cents, which is 75%
of the "parity" price, by giving to farmers who
signed contracts to plant only
allotted acreage a subsidy covering the difference between the actual
Congress rejects them within 60 days.
The Byrd
20
ing marketing season." The committee
members of his party objected at a caucus last night to powers given
President
the
In reporting the bill, the committee
adopted a resolution that the price
of cotton must be maintained at the loan
level, else "an undesirable quantity
Of this year's crop will be forced under Government loan
during the approach¬
•
Representative Martin of Massachusetts,
some
bales) of
would give the farmers additional
credit up to 5 cents a pound if they marketed cotton from
this
Bureaus—Senator
By
Bill
House
and
Naval Affairs Committee to urge restoration of the $5,000,000 for harbor
improvements at Guam.
Transportation
ought to consider
we
proposed
to
!
u
Admiral
•'
Introduces
1
The
<
In a Washington dispatch of March 6 to the New York
"Times," describing earlier action on the defense program
was
subject
to
T
source."
Styles Bridges,
the same lines, proposed by Senator H.
program along
fields.
Schwartz, Democrat, of Wyoming, proposed making the
H.
Lea
that
functioning.
Chairman Lea declined to comment on the
bill,, despite the
fact that it differs from the suggestions which he had ad¬
vanced. "I have introduced this bill," he said, "in
accordance
with my suggestions at the start of our committee's
'
Senator John A. Danaher, Republican, of Connecticut,
zation for the
argued
and creation of
agreed, however, that the National Labor Relations Board should not have
Jurisdiction,
exempted and
The major points of the bill include the creation of
a
five-man transportation board, centralization of control of
all forms of transportation in the Interstate
Commerce Com¬
airplane companies selling planes to the Government be required to abide
by standards laid down by the National Labor Relations Act.
and
Board
incorporating the railroad legisla¬
<
.
Adjustment
tion recommended to President Roosevelt last
December by
a committee of
six, representing rail and labor executives.
It was understood that
entered into specifically for gover nment orders might be charged
expenses
Railroad
Representative Clarence F. Lea, Democrat, of California;,
Chairman of the House Interstate Commerce
Committee, on
March 8 introduced a bill
might be applied to profits the next, and that research
losses in any one year
it
boards be
in
limitation of profits to be made by manufacturers of Army planes to 10%,
or
the
proposed that the
$130,000,000 for maintenance.
is the case with manufacturers of Navy planes.
N. C.), co-author
126 to 100.
was
■
expenditures for planes be fixed at $300,000,000, with
on
for the actual purchase and
as
that
Representative
They were:
Senator Kenneth McKellar, Democrat, of Tennessee,
absolutely futile in
approved, 164 to 53-
was
them to reorganization would seriously disturb their
fit
all of which were adopted on
Senators proposed amendments,
been
exempted from reorganization the National
Board,, National
The vote
supply war orders in bulk should occasion arise.
Various
the floor of the Senate after brief debate.
limit
Retirement
from
Commission
Coal
Robert Allen (Dem., Pa.),
has
President George Harrison of the Railway Labor Executive Association
spend with various
"educational" orders which would
on
and
Allen's amendment, which
The House also tentatively
improving the defenses of the
Panama Canal and $34,500,000 for the Government to
Bituminous
"has failed
Representative Unsay Warren (Dera.,
Mediation Board.
Army from 14,659 to 16,719.
also carried $23,750,000 for
measure
respect."
Railroad
45,000 and increased the
to
National
the
Commission
of the bill, accepted Mr.
increased
government plan for training 20,000 civilians as air pilots,
the
number of commissioned officers in the
the
said
every
It also legalized
3.680 fighting planes for the Army Air Corps.
struck
the exempt list at the behest of Representative
Specifically, the bill authorized $300,000,000 for the building and main¬
tenance of
House
The
yesterday when the most controversial
foreshadowed
matter, the increasing of the limit on planes to 6.000, was
1407
Chronicle
growers.
Under present laws, this cotton
as
bales
has
been
collateral for loans to
cannot be released
by the Govern¬
ment.
,
down
a
of
score
the list of those
"
,
ik
"If domestic consumption should total
3,300,000 bales during the second
half of the present season (February tq August), and if textile mill stocks are
worked down to 1,250,000 bales, and no further increase is made in loan
stocks, there would be available for export less than
Washington it is reported that
From
sharply.
attended by Secretaries Morgenthau
Existing
Mortgages on
Insure
to
Bill
Dwellings—View of J. H. Fahey—Wagner
Increasing Lending Authority.
Roosevelt proposals
designed to alleviate the cotton situation—a situation which finds the bulk
of curient supplies tied up under Government loans and exports decreasing
Wallace. yesterday laid before President
Out of the conference, which was
Power
FHA
of
the Washington "Post" said:
In its issue of Mar. 9,
Secretary
11, 1939
Congressional Hearings on Amendments to National
Housing Act—Stewart McDonald Urges Extension
2,000,000 bales during
marketing season."
the remainder of the present
Mar.
Chronicle
Financial
1408
ing
and
agencies participat¬
housing program are divided
advisability of continuing to permit the Federal
the Administration's
in
the
Hopkins and Francis B. Sayre of the State
Department, Administration
over
recommendations to Congress are expected to
develop.
old structures.
Housing Act have
been held recently before a Senate Banking Subcommittee
and the House Banking Committee, and on Feb. 17 before
proposed Smith Cotton bill was referred to in our Mar.
The
4
Housing Authority to insure mortgages
issue,
page
1100.
Continuance of Stabilization Fund
Before House Committee—Pro¬
Spahr and Others Disapprove—•
Secretary Morgenthau Again Testifies in Behalf
Opposition
to
empowered to
continue providing insurance on existing structures there
is danger that such old homes might become a slum market.
Approval of legislation increasing from $3,000,000,000 to
$6,000,000,000 the amount of mortgage insurance that the
FHA may have outstanding was also urged by Mr. McDon¬
ald on Feb. 15, it was stated in Associated Press advices
this week before the House
Coinage, Weights and Measures, Secretary
of the Treasury Morgenthau made the statement that put¬
ting gold back into circulation at this time would contribute
to instability and postpone recovery; this view was expressed
continued hearings
the
Committee
on
by Mr. Morgenthau on March 7 it was
The bill would make half a dozen other changes in
as
to the wisdom of letting
before being called into the Treasury
gold money circulate as it
prior to devaluation of the
Morgenthau said one of the principal objections was
would fix the
He reiterated his contention that stability was
called in all
"Just
it looks like
as soon as
But
for
as
a
little sanity is coming back into
to
for stable
action lest the country's
on
proposition or
"a real breathing
a
it
available there is
money
Experience Held Inadequate
functions should be continued and made permanent,
be
should
would have
surveyed
spell."
When the Secretary replied that
Mr.
extending
not
Democratic or Republican
references
to
Secretary Morgenthau's views
on
for
•«
On March 8 four economists
power to devalue
from Washington
foreclosure costs.
E. W. Kemmerer, of Princeton, Benjamin H.
Spahr, of New York University,
fund or the
devaluation powers, while the fourth, Frederick A. Bradford, Pro¬
of Economics at Lehigh University, thought the stabilization fund
unalterably opposed to extending either the stabilization
Treasury
operations. He said
he had believed that Congress should investigate the operation of the fund,
but that the necessity for an investigation had been removed by the detailed
might prove a useful instrument of monetary policy provided the
kept the public, or at least Congress informed as to its
used.
account of how the fund had been
of the Treasury, gave the House
Committee this account a few days ago.
Washington March 8 to the New York "Journal of
Commerce" had the following to say in part:
Much of the morning's session was devoted to
consideration of the silver
problem with Representative White (Idaho) defending the Administration's
He engaged in a spirited exchange with Committee Chairman
policy.
Somers
Budget
was
that the insurance eventually should be
ago
the letter said:
"The Government has carried a large part
of the current expense of the
Federal
debts
stimulate the
encourage long-term low carrying charge and low interest
Housing Administration and has provided its credit to guarantee mortgage
(Dem., N. Y.).
heavy industries, as well as
rate loans.
Government credit to underwrite existing mortgages and
Government involved in the operation, in our opinion, is no longer
"Continued supply of
expense to the
'
necessary."
Added Expense Cited
•
tending
of loans,
"Furthermore, continuance of the Insurance of refinancing mortgages is
extensively to induce mortgage brokers and others to solicit refinancing
of which are already properly made and held by existing institutions, and the
result in a great number of cases is to impose substantial brokerage title examina¬
many
tion, appraisal and other expense, upon the home owner."
Henry Morgenthau jr.,,Secretary
From
„
the Home Owners' Loan Corporation to the provisions
existing construction were contained in a letter written
submitted to the committee by Mr. Fahey.
recalling that President Roosevelt stated in his message on Hous¬
which
After
*
silver
of
primarily to encourage new construction, promote employment and
Three of them, Professors
fessor
authority of FHA
continue its function of insur¬
and continue for two years provisions under
ing Act amendments a year
limited to new construction,
the dollar. As to this we quote as follows
advices March 8 to the New York "Herald
Beckhart, of Columbia, and Walter E.
dollar
of
insurance
Director,
Tribune":
were
the present
90% of the appraised value of new construction
by T. D. Webb, Vice-Chairman, to F. J. Bailey, Assistant to the
appeared before the House
Coinage Committee in opposition to the bill to extend the
life of the stabilization fund and President Roosevelt's
.
permanent
before the
doubling the volume of business which the agency
construction
Objection
fund, appeared in our issue
respect to the legislation pending
have outstanding to $6,000,000,000;
existing
ing
lasting," he added.
which FHA absorbs
Earlier
whole situation should be
,
exceeding $6,000;
may
the subject of the stabilazation
of a week ago, page 1251.
*
the
be made a permanent policy of
what should
make
would
which
to extend insurance up to
the biggest
party."
"We in the Treasury want to make recovery
which
after
elapse,
to
light of
the
Fahey testified with
committee
only through 194Qr-a Presidential election year.
thing before the country, "bigger than either the
allowed
in
Government.
only time would tell„Mr. Andresen in¬
Mr. Morgenthau responded that the question of recovery was
activity in which it is engaging to judge whether expiring
but that another year
the field of
in
opinion FHA had not had enough experience
also that in his
He stated
the part of other powers.
quired whether there would be a lasting "breathing spell" or one
in
no
may engage.
he would be afraid
trade be placed at a disadvantage by
permanent thing," and whether business
Loan Bank
view of the plentiful supply of
longer reason for the Government
extend insurance to existing structures, and if this activity was dropped
would not be necessary to double the amount of business in which FHA
subcommittee that
the
told
mortgage
Representative Andresen (Rep., Minn.) asked Mr. Morgenthau whether
his and the President's recent assurances of no new taxes would be a "tempo¬
rary
Fahey, Chairman of the Board of the Federal Home
John H.
Board,
long as other countries did not stabilize, he said,
depreciation
Washington dispatch on
of Commerce" said:
that date to the New York "Journal
'
*
March 1 before the subcommittee of
on
the Senate Banking Committee, a
the world,"
"I will be in the front row rooting
fixed price for gold."
a
to take such
currency
promoted as the result of
dollar further in case of "some
of changing the dollar's value.
Mr. Morgenthau continued,
money,
As to testimony
and such an emer¬
subsequently, the Secretary said, the metal might have to be
over again.
He hastened to add he was not implying that the
President had any intention
the house.
and if the owner was to occupy
If gold were returned to circulation
great emergency."
gency arose
could
dollar,
that such a policy
price of the metal.
the President having power to devalue the
the National Housing
limitation which would
prevent the FHA from insuring mortgages on existing houses after July 1
unless the dwellings previously had been covered by FHA-insured mort¬
gages or were built later than Jan. 1, 1937.
Mr. McDonald also asked that Congress make permanent the temporary
authority that it granted last year to the Administrator to insure mort¬
gages up to $5,400 for an amortization period up to
25 years if the
mortgage was approved for insurance before the beginning of construction
important of which would remove a
Act, the most
From the Associated Press advices we also quote:
Questioned
date, which also said:
of that
indicated by Asso¬
which stated that he
advanced this view while testifying in favor of extending
from June 30, 1939, to Jan. 15, 1941, the President's powers
to operate the $2,000,000,000 stabilization fund.
ciated Press advices from Washington,
FHA, said that unless the agency is
of the
of Renewal of Fund
At
Administrator
McDonald,
Stewart
Committee
Senate
the
Voiced at Hearing
fessors Kemmerer,
.
on
Hearings on amendments to the National
In
support of
the argument that there is ample mortgage money avail¬
principal
institutions
but little
reached
$1,300,000,000
of
amount
without
insured.
being
it
discontinued
that
follows
it
be
will
were
At
present time, it
the
was
added,
$3,000,000,000 of insured mortgages has been
than half the
more
and
home mortgages in the
refinanced by private lending
that last year urban
the letter pointed out
able,
insurance
if
unnecessary
to
of
existing
increase
mortgage
the
debts
authorization
is
of
$6,000,000,000.
...
Early this
Senator Wagner introduced a hill
year
(Jan.
Mr. White charged that a lack of currency in circulation hampered trade.
Under questioning by Representative Andresen (Rep., Minn.), Mr. Brad¬
12)
to increase the borrowing and lending authority under
85 and 90% of total payments of the country
the
National
ford explained that between
were
by checks so that very little currency is used in actual circulation to
handle the business of the country,
and that there is no need for more money
to be in circulation.
ator
Wagner was
"These
On March 7
Secretary Morgenthau is said to have asserted
that repeal of authority vested in the Administration to pur¬
chase and coin newly mined silver in unlimited amount might
affect the whole economic program of the country.
This
was noted in the "Journal of
Commerce" Washington ad¬
vices March 7, from which we also quote:
He also warned gold might threaten international
stability of the dollar.
Asked what he thought would be the effect on our silver purchase pro¬
gram
should Congress repeal the provisions referred to, Secretary Morgen¬
thau went into
a
hurried conference with his technical assistants and asked
permission to furnish the Committee with a written statement explanatory
of the matter.
s
"You
are
asking
me a
question which not only affects silver," he said,
responding to Representative Andresen
(Rep., Minn.), "but affects the
whole economic program of this country.
To try to answer it without time
for thought
would not be doing justice to
would like time to answer it in writing."
your
of
the
question.
Therefore,
I
sums
by
country,"
its annual
of $28,000,000 by $45,000,000.
Sen¬
quoted at that time as saying:
1
cover
means
no
the
Senator
in
stated.
full the low-rental housing needs
"But, based upon the record of
experience of the past year, they do represent the modest program
the Authority
can
the
which
administer and the localities can carry forward during
They represent the funds necessary to prevent a hiatus in
the next year.
program."
From Washington,
on
that date, the New York "Times"
reported:
Pointing out
loans
for
that
construction
the authorization
of
homes
for
for
middle
Federal insurance of private
income groups
had just been
increased
"It
USHA
Asks Time to Answer
Housing Act by $800,000,000 and
subsidy appropriation
by $1,000,000,000, he went on:
therefore seems
clear
that an addition
loan
insurance
of
involving
program,
private
loans,
is
even
surely
slighter
justified
to
the
financial risk than
in the interests of
the
the
of
$800,000,000
very-low-income families whose needs are the most imperative of all."
Senator
budget
or
Wagner
in
by the local
said
that the
the national
bill would involve no increases
in the
debt because the borrowings would be repaid
housing authorities out of the project revenues.
Volume
The
Government
because
it
asserted
the
that
could
borrow
could
make
even
than
at less
principal would
money
it
the
on
business,
charged these agencies.
he
decline in the national income from $70,000,000,000 in
said,
ultimately be liquidated in full, in
the checkerboard that would help should be made."
would lift national income
He estimated business inprovement this year
Court Victory—Tribunal Refuses
Requiring Reinstatement of 147
Employees and Payment of $185,000
business activity would compare with the
$80,000,000,000 level at which
President Roosevelt said in January the budget could
be balanced without
tax rates.
present
Hopkins objected strenuously to any suggestion that the
Mr.
March 6 refused to
in
increase
any
This amount of
$68,000,000,000 and $70,000,000,000.
again to between
Discharged
in Back Wages
on
make very substantial increases
and employment and every move that can be made
national income
on
NLRB Wins Supreme
to Reverse Order
It
unity of purpose in the national interest.
a
essential in our democracy that we
in
Court
America need
"We in
60
is
The United States Supreme
1937 to $62,000,000 ,-
000 in 1938 and because of the troubled world situation.
He also
according to the law.
years,
1409
Chronicle
Financial
148
business attitude of the Administration was a "retreat".
review
appeal by the Carlisle Lumber Co. of Onalaska,
an
He said
order by the National Labor Relations Board
reinstate 147 discharged employees with
$185,000 back pay.
The Court issued no written opinion
on this or any other case on March 6, but refused to rule on a
decision by the Ninth Federal Circuit Court upholding the
order.
Chief Justice Hughes was absent when the ruling
was made, as he was confined to his home with an attack of
grippe.
This was the first time that Mr. Hughes had been
absent from a Court session since his appointment as Chief
Wash.,
that
on an
the
firm
March 6,
From Washington,
"Times" said:
a
total yet
to
involved in one of its cases.
has now
Tribunal and lost only
directly and indirectly about 36 issues in the
five
the Fansteel. Columbian and Sands cases,
six, three of which were
or
settled
a
Completion of the Carlisle controversy leaves only one
week ago.
This is the issue between the Govern¬
Board matter now before the Court.
ment agency
In those cases,
quote
we
the Court set aside Labor Board orders directing
had engaged in
a
the re¬
sit-down strike and also
no
and had
Francisco
organization" known as the Associated Em¬
It
the
was
eager
The
ground that the company did not come within
difficulty in
disposing of products
Mexico
that
sales
barter
in
having
was
Germany
to
;
Secretary Hopkins Declares He will Initiate Program
.
reported from Washington, Feb,
operation by the oil companies
Secretary of Commerce Harry Hopkins, in a press con¬
emphasis from reform to busi¬
referred to in these columns March 4,
the New Deal had shifted its
ness
was
recovery,
1250-51.
In his press conference on March 8, Mr.
Hopkins said that "life is too short to make speeches unless
you're going to do something about it."
Any doubts which'
may have arisen as to the sincerity of recent Administration
statements were due to political rivalry and "cynicism," he
said.
Associated Press Washington advices of March 8 re¬
pages
He
said
he
conferring daily
was
Government on
about
means
One
who
•
was
we
and
have
did not follow
the
up our
"I certainly was never
notion of simply
American
people
assume
up
type of cynicism that I cannot fathom.
"All I can say as
meant
business
...
discussions on a
None of them are panaceas—all
together will help, and help substantially.
1 would rather not comment
affirmative proposals."
the details of any until they find expression in
One of the things he is working on, Mr.
in charge of taxes, were
Mr.
Hopkins said, is tax revision.
W. Hanes, Under-Secretary of the Treasury
in agreement on what ought be done.
a
"business
appeasement" program.
the Administration has done since 1933,
designed
difference
to
promote
attitude
Everything
the former WPA head asserted, was
business recovery and employment, and the only
that the
between the attitude now and in previous years was
Administration now has on the statute books
the social reforms it had in
mind.
At the same time,
he implied
a
new
emphasis on promoting recovery,
saying that recovery problems had become more
Ambassador
Francisco
Castillo
the
has
taken the attitude that it was up to the com¬
initiative in the matter.
Officials have not minimized,
early and satisfactory set¬
State Department's hope for an
tlement.
•
■
proposing the settlement the companies were reported to be prepared
ask for definite assurances of what their taxes would be, of satisfactory
In
to
during the
conditions
labor
of
losses
term
of the contract, and of reimbursement
sustained because of the seizure last March.
,
,
understood to have the support of the 17 United States
expropriation decree and of the British and
companies whose properties also were taken over by the Mexican
companies affected by the
oil
Dutch
The
the
value of
total
The
properties has been variously estimated,
the
high
as
as
some
placing
$450,000,000 and the wortht of American properties
$175,000,000. The companies have given out no valuation
industrial census of 1935 estimated the investment
alone at
Mexican
figures.
in the
Najera, Mexican Ambassador to the United
Dr. Francisco
said on Feb. 26 that Mexico has no intention of
returning the expropriated properties.
United Press ad¬
vices of Feb. 26 from Mexico City quoted him as follows:
States,
of any of the Mexican oil properties was
question," Senor Najera said the Government views
internal affair in which Mexico is dealing with
corporations which claim their rights have been infringed.
The question
in no way involves the Governments of the
United States and Mexico,
Asserting
"entirely
pressing because of the
that
the return
out of the
matter
the
merely as an
insisted.
he
Hopkins said, however, it was erroneous to call the present
the Administration
Mexican
...
either inspired by politics
to details is that I am carrying on
He added that he and John
States
United
The
panies to take the
however,
in the school of thought to like the
getting up and making speeches.
number of fronts concerning recovery.
with
properties at $100,000,000.
"Any assumption that we don't mean to act is
or a
we
words by action
brought
conferred
recently
Government.
goldfish bowls and how absurd it would be to make
"Some of us live in
statements
of
of
done.
promise of definite action to co-operate with
stimulate business, Mr. Hopkins declared to his proess conference:
and
on
various agencies
understood,
Najera.
his
Directly discussing
if
with officials in
the negotia¬
that officials of this Government have been consulted.
informant said the plan had received study by President Roosevelt,
however,
The formula was
of helping business but did not want to talk
the details until something actually
formerly possessing them.
will
tions
ported his remarks in greater detail as follows:
the
but make a long-term contract for their
proposed solution was drafted by the oil companies and
be carried on by their representatives.
It was
The
would initiate positive
action to fulfill the promises of cooperation with business
made in recent statements by Administration leaders.
A
speech by Mr. Hopkins himself, in which he declared that
March 8, declared that he
Government
said to be for the Mexican
was
the properties,
title to
retain
proposal
of the
The basis
to
25,
a
versy
National Income at Almost $70,000,000,000 in 1939
on
to
proposed formula for settlement of the oil contro¬
had been drafted. The dispatch continued: ,
that
Cooperation with
Pressing—Estimates
is
belief the Government was
,
The Associated Press
Recovery
a
to work out an arrangement with the expropriated companies.
fact that the United States silver purchase agreement is due
Mexico.
from
Business—Says
led to
.
another powerful factor in hastening
negotiations.
Siiver production is one of the chief bases of the Mexican
national economy, and the United States is the largest buyer of the metal
that to give $185,000 in back pay "means
of Action to Fulfill Promises of
Govern¬
expire next June was looked upon as
In the current appeal the firm also challenged
'
of Mexico's
abroad a large portion
sale
■.1,
received
Court refused to pass upon the order, which
bankruptcy."
for
been below the desired
Reports
effective.
jurisdiction and further said
companies
There have been a number of, deals arranged by the
disposal of its oil surplus, but sales have
for
level.
effective, that the plant was closed indefinitely, and
then challenged on the
President
between
expropriated
ment
the next
within
place
oil output.
employer-employee relationship when the act became
jurisdiction of the Board.
1938,
Dec. 31,
President Cardenas and Mr. Richberg
few weeks have circulated since the
Roosevelt and Mexican Ambassador
Castilla Najera in Washington.
'
understood the Mexican Government was planning to deliver to
conference
complaint with the Board in 1936, after a strike
In its last term the Supreme
of
that a meeting between
take
recent
The
contended that the strike started May 3,1935, two months before
the Labor Act became
"Chronicle"
the
in
Associated Press advices of Feb. 6 from Mexico
would
subsequent dispute between striking pickets and new employees.
was
contained
City said, in part:
Reports
Carlisle company had discharged employees
expropriated in March of last year.
reference to the Mexican oil expropria¬
Our most recent
v
members of the Lumber and Sawmill Workers' Union
ference
to foreign companies
of indemnities
payment
was
The union local filed a
the
companies.
whose properties were
ployees of Onalaska, Inc.
was
American
the
has been retained as counsel by
it is said,
berg,
3984.'
dominated a "pretended labor
there
Mr. Rich¬
some of
Meanwhile President Cardenas
expropriation of American petroleum properties.
page
The Board had found that the
that
week in
order to confer with President Cardenas regarding Mexican
tions
condemned the sit-down strike as illegal.
company
National
Richberg, former Administrator of the
Donald
had been held up for several weeks to await
instatement of employees who
and
Wash¬
in
Recovery Administration, was in Mexico City this
Labor Board cases, which were decided last Monday,
rulings on three
were
Drafted
Believed
Settlement
ington
concerning
case,
The Carlisle Lumber Co. case
who
Confer with President
Petroleum Property Expropriations—
on
of
inaugurated.
(
Carlisle
the
to
he said existed before President Roosevelt was
conferred with heads of the Mexican Petroleum Department
the following from
Washington Associated Press accounts of March 6:
As
15,000,000 figure
unemployment was 5,000,000 to 8,000,000 less than the
and the Somerville (N. J.) Mfg. Co., to be argued perhaps on
Wednesday.
He declared further that
$70,000,000,000 in 1937.
ministration to about
Cardenas
Hoover Ad¬
$40,000,000,000 in the last year of the
about
income from
enforcement of a Board
will mean
,
throughout
declared, is shown by an increase in national
its life, the Commerce head
Plan
the case
reopen
Including the action of the Court on the Carlisle case, the Board
won,
-
That the Administration has nourished a desire for recovery
dispatch to the New York
order
requiring reinstatement of 147 striking workmen, with back pay estimated
some months ago at $185,000 but now believed to have increased to a much
larger sum.
The back salary, it was said by the Board, was the largest
Refusal
"not on the basis
I don't see any signs of retreat on
anybody or of retreating.
reform programs anywhere."
any
Donald Richberg Visits Mexico to
1930.
in
Justice
Administraion were
present actions of the
of appeasing
The
New
.
diplomat
York
of an
professed
no
information
concerning
recent
in
covering
rumors
impending treaty between the two governments
of the oil dispute.
Reports that various private oil
considering offering the Mexican Government $150,000,000
operating contract for the seizzed properties he termed
possible settlement
companies were
for
a
50-year
"probably imaginary."
Senor Najera said he
panying President
-
planned to
return
to Washington
Carddnas on a tour of Northern Mexico.
after accom¬
Financial
1410
Reached
Agreement
United
Between
Trade—Brazilian
Facilitate
to
Concludes
Aranha
Minister
Washington
at
Brazil
and
States
reaching of
designed
Washington
agreement at
an
augment the trade relations between the United
States
and Brazil, was announced at Washington on March 9 by
the State Department at Washington.
The agreement is a
development of a series of discussions on all topics of
mutual interest held during the past several weeks at Wash¬
ington between the Brazilian Minister of Foreign Affairs,
Oswaldo Aranha, and the officials and experts of the Gov¬
ernment of Brazil accompanying him, and officials of the
"In these conversations,"
Government of the United States.
State Department,
"the area of possible colaboration has been carefully ex¬
plored and important decisions on matters of mutually bene¬
ficial cooperation have been reached."
the
says
transactions
return
In
order
"the Government
to
investments made in Brazil
under
Export-
extend appropriate acceptance credits
to meet amounts
the United States.
Moreover, the Minister has indicated that it is the desire of the Gov¬
Import Bank will
due 'American exporters for imports from
future
Brazil
to
United
of
may
ment of Brazilian
As
observe
encourage the',
invested 'or who in the
invest their capital and technical experience in the develop¬
of
ernment
cooperation
general policy which will
a
and national economy.
credit
of
$50,000,000 for the extension of
the State Department, "will
facilitate the purchase by Brazil of American products,
the importation of which will assist in improving Brazil's
transportation facilities and the development of her other
domestic undertakings designed to increase the productive
capacity of the Brazilian nation and her trade with * the
is
establish
to
credits,
according to
States."
United
will
a
which,
at
the
American
aid
time
same
that "these facilities
stated
further
It is
manufacturers
and
exporters in extending the market for their products."
The announcement of the State Department, which also
that
indicates
of
Congress will be asked to provide the sum
$50,000,000 "to serve as possible supplementary assets"
proposed Central Reserve Bank of Brazil, goes on
for the
from
It
is
benefit
sibilities
sequent
available under
In
that
the
Brazilian
the
plans
by
Views
No.
Brazilian
$357,000,000
a
substantial
market
an
assured
of
complementary
find
supply
field
a
trade „it
indicated
has
the
and
Bank,
Reserve
The
4.
de¬
mentary assets in
Brazil's
its
There
and
sion
here
of
arises.
organize
to
Department
and
is
pre¬
Moreover, the President
"
between
the Minister of
Foreign Affairs of Brazil and the Secretary of State, with accompanying '
Minister
the
who
many
and
fields
other
exchange
of
in
the
notes,
and
officials
Brazil
in
in
Minister
has
likewise
Bondholders
Protective
ilian
debt
dollar
of
activity,. not
experts
taken
profitably
also
was
tends
to
the
of
the
in
up
discussed
developing
with
competitive
amortization
the
details
debts
such
on
of
which
will
July
on
in
in
that
1,
discussions
with
with
known
on
a
account
with
foresees,
now
factory to
all
a
stated
that
it
is
the improvement
that with
the hope
in
involved, will
follow
will be
upon
the
Braz¬
Brazil
■
in¬
and
arrangement,
■
to
Rio
de"
commerce
which it
equitable and
the
expiration
satis¬
of
the
temporary arrangement.
It
was
Street
noted
in
Journal"
advices from
Washington to the "Wall
10) that "although in¬
cluding provisions for the financing of Brazilian purchases
of American industrial equipment, the agreement is not ex¬
pected by informal observers to produce immediately any
large volume of Brazilian orders.
It was likewise stated
in
(Mar.
these advices that the immediate emphasis of the agree¬
ment
is
clearly to
tionships between
the
restore free
exchange and
trade
rela¬
this country and Brazil and thus pave
expanded two-way trade over a period of
years.
From the account from Washington to the "Wall
Street Journal" we also take the following:
way
The
by dn
for
important
provisions
of
the
exchange of letters between
occa¬
as
equality
treatment
to
assistance
to
technical
extend
but
Brazil
in
products
products
of
investors.
will
Government
which
for
which are non¬
large market is
a
gold credit authorization
$50,000,000
proposed
bank of
Brazil
is
the
transfer
of
the
To
ments
the
to
This fund would not represent a direct
abroad
Brazilian
purchases
stocks
the
initially
$35,000,000
within
Senor
minimum
the
bank
normal
of
Senor
declared.
The
circulation
currency
said.
establishment
endeavor
of
It
balance
for
of
the proposed $50,000,000
Brazil's
domestic
abroad
dollar
foreign
credit
that
which
would
gold authorization.
to
and
by
circumstances,
he requested
be
to
prevent
market
contrary
purpose
ex¬
payments
securities
money
under
the. latter
and
"defiqitely favorable
a
Government
the
funds
was
line
a
to
selling
by
upsetting
from
available
against
Aranha
entirely in gold
are
economic position attains
resources
capital
" ;
.
bank
the
of
reserves
will
exchange
inflows
drawing
through
years
Aranha
Brazilian
of the
which
gold,
in
five
The
anticipated $80,000,000 holdings would represent 32% of the
the
change and the Brazilian
level,"
balances
certificates.
gold,
13%
ob¬
sight
holdings,
debt
$80,000,000
produced
and
notes
gold
approximately
about
represent
Morgenthau,
Secretary
of
present note circulation, he asserted.
Until
a
repay¬
public
Brazilian
owns
to
domestically
of
present gold
whereas
now
increase
to
with
make
.
bank to
new
against outstanding
consist
and
currency
Treasury
expected
25%
to
reserves
free
bank
the
would
that the bank will be required to main¬
stated
of
reserves
these
in
provide
Government
of gold.
functions of the
Minister Aranha
minimum
ligations,
Brazilian
the
on,
its future production
outlining the
Foreign
bank but would
new
dollar exchange when needed in its exchange operations.
drawn
extent
from
In
is
gold
of securing
means
to the new central
only feature of the agreements which will
require authorization by Congress.
If
authorized,
$60,000,000
this, gold
credit
the
represented
by
"
Supercede 1937 Credit
The
gold
or
proposed
credit
to
by
longer
ployed
with
the
agreement,
Senor
which
was
for
a
a
now
other
tlian '
between
ranges
Bank for
appoint
its
as
by
use
of New York
group
com¬
agents.
due in
in,," which
purchases
Senor.
other
to
an
All
1941.
equipment
would
Bank
would
exporters,
by
bp
em¬
Brazilian
the
Aranha
said, is designed "to
industries, improve transporta¬
basic
certain
of
undertake
equivalent
Export-Import
and
American
which,
program
to
of
basis
quarterly instalments.
June 28,
the
manufacturers
"
,
discount
a
on
become
credits,
establishment
and
credit.
supplying such
security
outlay of its funds.
will
American
in
facilities
tion
requirement
of
year.
be liquidated on or before
facilitate
to
Government
a
extended
be
term
'
mdans
a
Export-Import Bank will
3.6% and
of the credits must
The
effect,
represent a contingent liability of the Export-Import
direct
a
will
rate of
the
thus
Bank rather than
The' credits
probability supersede the
credits arranged by the Export-Import
which
The credits will
annual
all
will actually be extended by
year,
banks
in
domestic gold production, which
$8,000,000 and $10,000,000
mercial
in
eliminating the
the pledge of Brazil's
this
is,
arrangement
The acceptance
would
set up by the Treasury for Brazil in
been used because of Brazil's' lack of foreign
never
silver to collateralize withdrawals against the
or
new
Brazil
credit
arrangement
July, 1937, which has
projects
designed
to
the
increase
productive capacity of the nation."
Service Resumption Discussed
Details
of
the
discussed with
said,
Rio
Janeiro,
to
de
be
his
on
Bondholders'
Foreign
these
and
made at
In
resumption of service
the
Aranha
I
can
discussions
of
the Brazilian
Protective
will
with, announcement
be
after
the scale and
Inc.,
his
amount
„
under date of
dollar debt
Council,
resumed
that time.
note,
assure
in
courage
United
were
Senhor
return
of
to
payment
„
March 8, to Secretary Hull,
their
consummated
Aranha and Secretary of
State
any
capital
and
From
payment,
external
the
en¬
who, in the future,
or
experience
in
the
development
of
of
invest
may
Brazilian
economy.
and
it
information
July 1,
on
1939,
debt
of
is the
in
Government
your
Government
of
Brazil
accordance with
in
plans
and
of
to
the
resume
Brazilian
transitional arrangement
a
hope and expectation of your Government that with the
its
settlement
involved
that
account of interest and amortization of the
on
the
municipalities,
improvement
terests
Government has decided to
my
the valuable and desirable cooperation
take the following:
we
dollar
and that
manent
means
technical
and
national
welcome
States
Excellency that
and
Secretary Hull's note, March 9, to the Brazilian
Minister,
I
Your
way
States citizens who have invested
resources
yesterday
American
longer term credits for pur¬
Minister Aranha said:
«■
and expectation of his
its foreign
permanent settlement which
interests
on
believed to exist in this country.
Foreign
of interest
transitional
■
The Minister has also
of
following his return
Janeiro.
Government
the
Government
the
1939,
accordance
be made
Brazilian
agricultural
American
Government
Brazilian
relative to the status of
Inc.,
announced
payments
resume
engaged
Council,
has
and
a
equipment by Brazil
extend
will
relation to
States
United
The
6.
accompanied him to this country.
The
July 1
on
of
for Investors
Treatment
Government
investors
American
assist in
Cooperation
an
,
Brazilian
The
participate
texts.
above-mentioned
in
dollar ex¬
to participate with
agreed
and industrial
Equal
5.
be repaid
•"■
.
of notes exchanged
copies
assist
probably two
permanent settle¬
period
effecting
extension of
in
exporters
,
has
Bank
Export-Import
transportation
a
production of gold.
attached
are
make
desire
of need, such amount as is drawn upon to
case
future
will
partial service
resume
transitional
a
of subsequently
manufacturers
Brazil
recommendation to the Congress
for suitable authorization to place at the disposal of the Government of
Brazil gold up to, the amount of $50,000,000 to serve as. possible supple¬
from
for
debt
chase
,
.
,
Treasury
pared to lend appropriate assistance to that end.
has stated that he is prepared to
Treasury
ment of this service.
exchange
the
to
the development and expansion
two Governments may
In
is
Brazil
of
Central
a
be developed.
can
relative
exist
to
believed that the
increasingly effective cooperation.
for
Government
The
operate
believed
is
exchanged
noncompetitive products for which
in the United States, provided
velopment in Brazil of complementary,
will
Government
dollar
the expectation
with
years,
of
545, enacted last year.
been
have
milreis and to control credit
States
program
surveys
Public
terms of
connection,
for
provide
to
$50,000,000 gold credit to supply
a
Would
of national development
tropical" agricultural pos¬
by experts of the United States Government and by the sub¬
loan, should the Government Cf Brazil so request, of experts
that
anticipated
likewise
United
The
Congress of
to say:
may
up
Bank
Export-Import
value of the
external
and
market.
money
The
3.
its
tain
result of the conversations, the Export Import Bank
a
for
credits
change to the new bank if needed.
citizens who have
States
resources
ization
The
the
situation,
market
advisory capacity and President Roosevelt will stand ready to ask author¬
reserve
exchange
improved
this
balance
It adds:
payments."
facilitate
to
by United States
the Brazilian
conditions in
normal
international
of
that
free the exchange market for commercial
facilitate the transfer of an equitable
and
upon
citizens
the
known
announcement makes
The
of Brazil plans to
by
issued
announcement
exchange
acceptance
Government will establish a central reserve bank to reg¬
internal
the
free
a
two-year
the
Pierson,
Lee
Warren
purchases of American goods over the balance of this year.
further
ulate the
and
from
$19,200,000
The Brazilian
2.
•The
restore
receive
and
follows:
as
for payment of amounts now owed to American exporters
dollar exchange
and of
Market
to
of
will
and
are
will
Government
transactions
maximum
a
Morgenthau
Treasury
Export-Import Bank,
Brazilian
commercial
to
the
of
of the
The
1.
Conferences'—Export-
Import Bank to Establish Credit of $19,200,000-—
Proposed Advance by Congress of $50,000,000 for
Central Reserve Bank—Brazil to Free Exchange
Secretary
Hull,
President
1939
11
Mai.
Chronicle
foreign
which
will
commerce,
will
be
which
equitable
follow
upon
with
sincere
the
it
and
now
foresees,
satisfactory
expiration
of
this
per¬
a
all
in¬
temporary
ar¬
to
rangement.
I
the
likewise
intention
welcome
of
will
in the
economic life
encourage
the
gratification
of
Government
the
which
Brazil
,
the
*
assurance
observe
citizens
participation of
of Brazil.
to
of
a
the
that
general
it
is
policy
United States
Volume
Under
Financial
148
with
the
who,
Welles,
Sumner
State
of
Secretary
Secretary of the Treasury Morgenthau, participated in
conversation, stated,
I
think
work
the
out,
within
the
successful
they
very
trade
free
reason
one
the
between
think it
I
countries from restrictions that,
they will form basis for helpful
two
have existed;
another,
or
will,
they
of non¬
respective national
between the two countries in developing new sources
cooperation
production,
competitive
their
of
advantage
the
to
having
the
at
purchased from the Federal Emergency
blocks (four issues) of securities
sold
a
blocks
later
date,
830,000
issues)
securities
of
$12,800,912.
of
held.
still
are
Administrator
Securities
having
addition,
In
such part of securities having
report
the
Corporation
Investments—$5,343,589,530 Repaid
Reconstruction
of the
commitments
and
during Janu¬
Corporation in the recovery program
Finance
previous author¬
$2,334,553, making
ary'amounted to $11,518,303, recissions of
izations
commitments amounted to
and
and tentative
31, 1939,
Jan.
through
authorizations
total
the end of the month of
commitments outstanding at
$13,-
1 by Jesse H.
Jones, Chairman.
This latter amount includes a total of
$1,051,501,066 authorized for other governmental agencies
and $1,800,(XX),000 for relief from organizations through
it
063,280,815,
Jan.
announced
was
31, 1939.
$5,738,990 were canceled or
Jones said, making total
withdrawals of $2,190,278,802.
A total
aggregating
Authorizations
withdrawn
and
cancellations
Mr.
January,
during
$766,286,828 remains available to borrowers and to banks
the purchase
of preferred stock, capital notes and
of
in
debentures..
During January $21,816,388 was disbursed for loans and
investments
and
bursements
through
$54,223,198
repaid, making total dis¬
1939, of $7,290,799,121 and
was
31,
Jan.
73%).
repayments of. $5,343,589,530 (approximately
Jones continued:
man
•
Chair¬
listed
disbursements
follows
as
authorized to four banks and trust com¬
panies (including those in liquidation) in the amount of $411,516.
Can¬
cellations and withdrawals of loans to banks and trust companies (includ¬
During
loans
January
were
$127,346 was disbursed
and $3,057,047 repaid.
Through Jan. 31, 1939, loans have been authorized
to
7,534 banks and trust companies (including those in" receivership)
aggregating $2,540,774,889.
Of this amount $505,600,176 has been with¬
drawn, $20,672,091 remains available to borrowers, and $2,020,502,622
has been disbursed.
Of this latter amount $1,893,743,501, or 93.7%, has
liquidation)
those in
ing
been
Only. $8,812,046 is owing by open banks,, and that
repaid.
$7,611,880
$768,337;
amounted to
from
and
mortgage
one
stock,
available
remains
•
been
met.
when
$
;■
13,064,631.18
12,971,598.69
Livestock Credit corporations
Federal Intermediate Credit banks
9,250,000.00
"
Agricultural Credit corporations
Fishing Industry
Credit unions...
Total loans under Section 5
Loans
to
Secretary
of
Agriculture
purchase
to
cotton
3,300,000.00
Loans to
authorized
been
and
drawn
has
$20,600,991
been
authorized
distribution
for
disbursed
and
to
depositors
salaries
and
for
refinancing out¬
tion projects
22,450,000.00
$918,606,014,
$60,781
1939,
been
been
have
districts
irrigation
-
withdrawn and
were
loans
increased
were
damaged
earthquake,
by
fire,
tornado,
and other catastrophes
flood
12,003,055.32
has been
the
struction
surpluses In foreign markets
Loans to business enterprises
Loans to mining businesses
Loans
on
and purchases of assets of closed banks.
45,214,239.54
ing of agricultural commodities and livestock:
767,716,962.21
19,617,491.78
47,700,000.00
Commodity Credit Corporation
Other
Total loans,excl.of loans secured by
of
Purchase
preferred stock,
debentures of banks and
notes
companies
and
(In¬
disbursed and $10,847-,
290.94 repaid on loans secured by pref. stock)..1,146,590,661.56
Purchase of stock of the RFC Mortgage Co....
25,000,000.00
Purchase of stock of the Fed. Nat. Mtge. Assn..
Loans
$60,943 ;t
$1,488,992
authorized
2,773
of
authorizations
closed
93%,
in
disbursed.
was
34,475,000.00
Emergency
of
569,583,609.21
596,033,209.49
Administration
7,656,95o.l3
1,217,065,661.56
Total
455,221,314.01
Public
Works security transactions
Total
7,290,799,120.57 5,343,589,529.60
i
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp...
Capital stock of Federal Home Loan banks..
Loan (now Land Bank) Commissioner
companies
loan
the
authorized
803,707.
for loans to:
Farmers
145,000,000.00
2,000,000.00
To create mutual mortgage Insurance fund..
For other purposes
Sec. of Agrlcul. for crop loans to farmers
revolving
10,000,000.00
57,021,074.55
115,000,000.00
to
provide
capital
for
pro¬
40,500,000.00
97,000,000.00
12,000,000.00
Regional Agricultural Credit corporations for:
Purchase of capital stock Unci. $39,500,000
44,500,000.00
3,108,278.64
13,522,602.92
held In revolving fund)
Expenses—Prior to May 27, 1933....
the amount of
Since May 26, 1933
114,921.13
126,871.85
Administrative...-.-.
Administrative
and
$20,480,759
fund
duction credit corporations
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation..
Through Jan. 31,
which
of
(net)..
Governor of the Farm Credit Administration for
been
levee
55,000,000.00
Federal Housing Administrator:
has
expense—1932 relief.
Total allocations to governmental agencies..
920,234,749.09
Corporation....
299,984,999.00
Act
To
(d), which was added to the Recon¬
June
1934, and
19,
the
amount
Through
this
for
the
benefit
$69,731,652
amount
including
loans
during
January,
$1,562,409 were withdrawn.
authorized
or
has
agreed
to
and
the
$65,919,410
remains
During January
public
agency
one
for
a
drawals amounted to
industry in cooperation
the Corporation has
industry aggregating $294,-
of
$78,In addition, the Corporation
been
repayments
been
amounted
authorized
similar
withdrawn
Under
authorizations
48
aggregating
$15,446,490 of which lias been withdrawn
available.
loan in the amount of $6,000 wa6 authorized to a
to
$723,142.
project.
Cancellations
Through
Jan.
to
31,
and with$1,951,000, and
1939,
269
loans
self-liquidating projects aggregating $490,899,615;
Relief Appropriation
499,999,010.22
500,000,000.00
Act,
500,000,000.00
1,799,984,009.22
interest on notes Issued for
17,159,232.30
funds for allocations
and relief advances
33,177,419.82
Grand total
•
10044 195,298.70
a5360,748,761.90
represented by notes of the Canadian Pacific Ry.
accepted in payment for the balance due on loan made to the
Minneapolis St. Paul & 8ault Ste. Merle Ry. Co.
a In addition to the repayments of funds disbursed for relief under the Emergency
Relief and Construction Act of 1932, the Corporation's notes have been canceled
Does not Include $5,500,000
Co., which
were
In the amount of $2,699,236,945.85 equivalent to the
bursed for
of
balance of the amount dis¬
allocations to other governmental agencies and for relief by
direction
Congress and the Interest paid thereon, pursuant to the provisions of an Act
Public No. 432) approved Feb.
$851,000, disbursements amounted
on
Emergency
17,159,232.30
Relief
Total for relief
and
31, 1939, the Corporation has
purchase of participations aggregating
self-liquidating
Federal
Under Emergency Appropriation Act—1935
to
Through Jan.
$94,664,020 of 1,284 businesses,
of
1935
agreed to purchase participations amounting to $1,988,361 in loans to
businesses
certification
or
program,
has
671,179 remains available to the borrowers.
canceled
on
and
business
assist
to
1939,
31,
Jan.
were
States
Administrator
amended April 13,
$4,480,419
of
Recovery Administration
loans
5,948
Of
in
January.
during
National
i have
200,000,000.00
124,741,000.00
Farm
For relief—To States directly by
Corporation
with
-
1.
secured
by preferred stock of Insurance
(including $100,000 disbursed for
the purchase of preferred stock)
banks
has
drainage,
refinance '632
to
provisions of Section 5
mortgage
and
561,926,654.08
11,000,000.00
companies
1939, loans have
31,
approximately
$142,845,995,
aggregating
Authorizations
withdrawn
-
18,792,137.49
2,425.46
pref.stock.5,477,700,249.52 4,318,784,606.38
capital
trust
767,716,962.21
$18,148,730
cluding
to
disbursed.
Finance
January.
.
.20,177,690.67
42,72J,537.63
1,516,251.64
41,520,672.73
Loans to finance the carrying and orderly market¬
1938, 157 loans to industry aggregating $6,099,782 were authorized durnig
-
4,277,299.31
45,224,586.63
153,997,161.64
4,179,700.00
........
withdrawn,-$36,764,802 remains available to the borrowers, and $85,-
600,434
Under
-
156,810.813.87
Loans to aid in financing the sale of agricultural
During January the authorizations to finance drainage, levee and irriga¬
districts
22,301,000.00
345,001,695.01
:
Loans for repair and recoastruction of property
repaid.
tion
3,204,791.47
public school authorities for payment
teachers'
standing Indebtedness
Loans to aid in financing self-liquidating construc¬
this amount has been with¬
the borrowers; $983,701,788
of
available to
remains
distribution
for
Through Jan.
$327,511,981
;
3,300,000.00
85,600,433.60
Loans for refinancing drainage, levee and Irriga¬
tion districts
.
$2,920,145.
aggregating $1,331,814,759
14,718.06
3, 925,694,923.76 3,236,443,023.90
Joint Stock Land banks..
were
repayments amounted to
499,771.21
14,718.06
cessing tax
depositors
of six closed banks in the amount of $489,216; cancellations and with¬
drawals amounted to $768,337, disbursements amounted to $127,346, and
loans
350,975.63
500,096.79
Federal Farm Mtge. Corp. for loans to farmers.
January
5,643,618.22
719,675.00
13,064,631.18
12,971,598.69
9,250,000.00
5,559,058.67
Processors or distributors for payment of pro¬
have
authorizations
of
conditions
v
During
Repayments
banks and trust
seven
banks
the
to
repay¬
Unci, receivers)
moneys
Federal
to purchase preferred
companies in the
aggregate amount of $556,500.
Through Jan. 31, 1939, authorizations
have been made
for the purchase of preferred stock, capital notes and
debentures of 6,775 banks and trust companies aggregating $1,325,911,959
.and
1,121 loans were authorized in the .amount of $23,322,755 to be
secured
by preferred stock, a total authorization for preferred stock,
■capital notes and debentures in 6,853 banks and trust companies of
$1,349,234,714; $169,593,552 of this has been withdrawn and $33,050,500
debentures of
and
notes
and
State funds for insurance of deposits of public
includes
trust company.
During January authorizations were made
capital
$61,-
from Feb. 2, 1932, to Jan. 31, 1939:
Loans to Rural Electrification Administration...
•
.
has
.
of
'
of
value
agreed
1,975,288 ,382.57 1,852,222,828.56
Railroads (Including receivers)
626,842 ,661.06
189,053,827.42
Mortgage loan companies
489,502 ,401.99
373,154,302.92
Federal Land banks
337,236 ,000.00
387,236,000.00
Regional Agricultural Credit corporations
173,243 ,610.72
173,243,640.72
Building and loan associations Unci, receivers).
118,221 ,782.80
116,255,021.24
Insurance companies
90,693 ,209.81
86,620,632.75
Joint Stock Land banks..
22.402 ,504.87
16,946,016.85
March
on
par
aggregate par value of
an
Disbursements
Authorizations
a
position to deliver from time to time.
a
all purposes
ments for
Banks and trust companies
1932, to Jan. 31,
1939—Loans
of
$13,063,815—$2,190,278,802 Can¬
celed—$7,290,799,121
Disbursed for Loans and
value
par
having
Loans under Section 5:
Report of Operations of RFC, Feb. 2,
value of
collected
also
purchase, to be held and collected or sold at a
to
the PWA is in
as
The
(2,970
premium
$171,426,576
the
Corporation
Of this amount securities having par value of $436,595,896
at
with
Washing¬
ton to New York, on March 9, and sailed last night (March
10) for Brazil on the steamer Argentina.
His visit to the
United States was referred to in these columns, Jan. 21,
page 379; Feb. 11, page 824 and March 4, page 1256.
Foreign Minister returned from
The
Administration securities having par value of
Jan. 31, 1939, the Corporation has purchased; from
Works
4,020
$631,947,549.
were
$105,714,677 remains
$156,-
disbursed and
four
$32,257.
of
premium
a
Through
PWA
Works
Public
of
Public
$832,012.
been
repaid.
value of $2,368,000 and sold securities having par
par
a
$1,572,600
maturing
has
$345,001,695
borrowers;
been
Administration
of
•economies.
The Brazilian
the
to
has
810,813
During January the Corporation
if they
of major significance and
are
will be demonstrated
near future that the agreements will constitute a very
to stimulate trade both ways between the two countries;
effort
will
for
reached
believe
all
$40,183,243 of this amount has been withdrawn and
available
March 9:
on
agreements
we
as
1411
Chronicle
24. 1938
The loans authorized and authorizations canceled or
with¬
railroad, together with the amount dis¬
bursed to and repaid by each, are shown in the following
drawn
table
for
each
(as of Jan. 31, 1939), contained in the report:
Authorizations
%
Aberdeen A Rockfish RR. Co
Ala, Tenn. A Northern RR.
Disbursed
Withdrawn
%
$
Alton RR. Co
634,757
Buffalo Union-Carolina RR
Carlton A Coast RR. Co
400,000
95,343,400
10,077,437
12,171,721
41,300
5,602
535,800
14,600
139,909
41,300
53,960
13,200
549,000
This is the maximum needed for essential
Government services and relief,
Holding next year's deficit to a half-billion dollars by imposing ad¬
taxes of 600 million believing that such additional taxes are less
(4)
ditional
3,124,319
464,299
6,916,500
155.632
Chicago A North Western RR. Co 46,589,133
1,000
46,588,133
4,338,000
Chicago Great Western RR. Co..
1,289,000
Chic.Gt. West. RR Co. (trustee)
150,000
Co
12,000,000
1,289,000
150,000
40.000
500,000
11,500,000
537
3.840.000
981,000
500,000
140,000
140.000
Co
6,916,500
Chicago A Eastern 111. RR. Co..
Chic. MIlw, St.P. APac.RR
464,299
32,000
3,840,000
1,150,000
Trustees
Chic. No. Shore A MIlw. RR. Co.
Working toward a Federal budget of around 6 billion 400 million
(5)
dollars.
now
838
/'■
the outgrowth of a careful fiscal study, which is
are
offered in support of the League's position.
We give here a thorough
spending during the deficit period
analysis of Federal
proposals for
...
■,
;
principles
These
Co*.
and constructive
between Federal income and outgo which
the gap
closing
has persisted for nine years.
1,150,000
13,718,700
Chicago R. I. A Pac. Ry. Co— 13,718,700
Cincinnati Union Terminal Co.. 10,398,925
debt.
harmful than an equivalent increase in the
220,692
35.701
3,124.319
Central RR. Co. of N. J
Chic. MIlw. St.P. A Pac. RR.
billions for the fiscal year
budget to 7-7 M
Federal
Reducing the
(3)
July 1, 1939 to June 30, 1940.
14.150.000
14,150,000
Central of Georgia Ry. Co
Charles City Western Ry.
The present national
44J4 billion dollars as unsound and unnecessary.
debt of 40 billions is already dangerously high.
(Atlantic Coast Line and Louis¬
lessees)
the first of which
second part with
The booklet is divided into three parts
review of Federal finance, the
2,098,925
8,300,000
8,300,000
deals with
29,504,400
Columbus A Greenville Ry. Co..
60,000
Copper Range RR Co
53,500
Del. Lackawanna A Western Ry.
2,000.000
53,600
29,460.800
1,560,912
53~ 500
53".506
the theory of spending and the third part with,
and is titled "The Budget Must Be Balanced."
Co.
W.RR.Co.
8,300,000
219,000
2,000,000
8,081.000
500.000
1,800,000
1,800,000
Denver A Salt Lake West.RR.Co.
3,182,150
16,582,000
3,000
3,182,150
71,300
16.582,000
582.000
3,000
Co. (receivers)
717,075
90,000
6~27~075
393"706
Ft.Smith A W. Ry .Co. (receivers)
227,434
8,176,000
Colorado A Southern Ry. Co
Denver A Rio Grande W RR
Denver A Rio Grande
(trustees)
Erie RR. Co
Co
Eureka Nevada Ry
Fla. E. Coast Ry.
-
Co..
Fredericksburg A North. Ry. Co.
Ft. Worth A Den. City Ry.
60,000
227,434
6,000,000
13,916
22,667
35,290,000
1,000,000
9.278,000
800,000
115,000
8,500,000
800,000
2,550,000
2,550,000
3,000
197,000
60,000
744,252
985,000
......
.
785,000
25,000
27,499,000
18,200,000
27,499~O66
221
7.699,77$
786,937
600,000
29,500,000
3,000.000
17,000
Pittsburgh A W. Va. RR. Co...
4,975,207
Puget Sound A Cascade Ry. Co..
300,000
28,900,000
28,900,000
3,000,000
3,000,000
17,000
....
4,975,207
(receiv.)
Southern Pacific Co
Southern Ry. Co
—
11,500
758,600
300,000
.300,000
18.672,250
200,000
117,760
200,000
2,805,175
400,000
162,600
162~600
As
increased.
36,000,000
5,147,700
108.740
22,000,000
44,905,000
100,000
5,147,700
1,200,000
100,000
to
of
An indefinite postponement
balanced budget will eventually lead to
a
popular belief that the Government is unable ever to balance the budget.
the
that point is
When
reached, public confidence in the national credit will
or
inflation,
or
both.
But the declaration of a fiscal policy is not
enough; it must be backed up
2,297,672
100,000
147,700
108,740
sought to be practical and realistic.
Our
goal is a completely
We, therefore, submit a
balanced budget.
budget of 6 billion 364 million dollars which, while providing for essential
governmental services, as well as a humane method of handling relief, can
be balanced in a
fairly good year by receipts conservatively estimated.
represents a goal possible of achievement,
budget.
But
■
'
'
■
realize that it is impossible for the Government to
we
"deficit-reducing" budget of 7 billion 287 million dollars for immediate
adoption, i.e., for the fiscal year 1940 which begins July 1,
1 billion, 145 millions
tax
laws, assuming some improvement in
credit must be removed.
toward this essential
Any determined effort on the part of Congress
goal.
and the Administration to readjust their
basic philosophy by changing the
deficit financing to a balanced
direction of Federal fiscal policy away from
Tuckerton RR. Co.
45,000
39,000
in long-term investment
4,366,000
l,4()3"66o
13,502,922
3,600,000
750,000
750,000
22,525
22,525
400,000
22.525
....747,914,217 108,393.556 626,842,661
and lasting recovery
194,553.827
Wichita Falls A Southern RR.Co
Wrlghtsvllle A TennUle RR
billion.
be a reality all doubts about the national
The League's budget proposals are a definite step
30,000
15,731,583
4,366,000
13,502,922
We recom¬
additional revenue of
Before genuine recovery can
30,000
39,000
15,731.583
(trustees).
All but
business conditions.
mend, however, that new taxes be imposed to raise
30,000
Western Pac. RR. Co.
1939.
of this sum can be covered by receipts from present
Texas South-Eastern RR. Co....
,
reduce ex¬
Therefore, we submit
penditures by 3 billion dollars within a single year.
a
This
if there is the will to balance the
budget would help materially to revive confidence.
6,000
In this we have
by concrete proposals for balancing the Federal budget.
700",000
Western Pacific RR. Co
impossible
accumulated in lean years.
7"ob"oo6
Wabash Ry. Co. (receivers).....
expenditures
debt retirement in prosperous years, the deficits
through
wipe out,
700,odo
Texas A Pacific Ry. Co
With each new
a result,
600 million, so that the net deficit will be about a half
715,000
1,300,000
640,000
87,200,000
51,405,000
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
Texas Okla. A Eastern RR. Co..
18,200,000
7,995.175
18,672,250
7,995.175
Ry. Co.. 18,790,000
Salt Lake A Utah RR. (receivers)
200,000
Salt Lake A Utah RR Corp
400,000
Sand Springs Ry. Co
,
162,600
St. Louis-Southwestern
Savannah A Atlanta Ry. Co
total level of expenditure is constantly
785,000
1.070,599
......
Pioneer A Fayette RR
Seaboard Air Line Ry. Co
99" 200
1,070,599
b32,499.000
Co
We have
spending.
1931.
series of drastic increases in expenditures since
a
taxation
100,000
2,300,000
4,591,000
23,134,800
99.200
......
18,200,000
N. Y. N. H. A Hartford RR. Co.
7,700,000
St. Louis-San Fran. Ry.
*
equilibrium.
continually exceed any reasonable, possible revenues and it is
*6,843,082
100,000
;
N. Y. Chic. A St. L. RR. Co
Pennsylvania RR. Co
Co
520.000
6,843,082
6,843,082
5,124,000
Missouri Pacific RR. Co
23,134,800
Missouri Southern RR. Co
99,200
Mobile A Ohio RR. Co
785,000
Mobile A Ohio RR. Co (receivers)
1,070,699
Murfreesboro-Nashvllle Ry. Co..
25,000
Pere Marquette Ry.
because of the "normal"
because of the needs of the unem¬
but because of the deliberate adoption of a policy of deficit financing
,
collapse and the Government will be forced to drastic measures—excessive
100,000
RR. Co
had
have been
The increases
deficit period.
Social Security and farm benefit payments.
spending program superimposed on the previous level of expenditure, the
6,000,000
13,915
520,000
99,422,400
Missouri-Kansas-Texas RR. Co.
New York Central
1,061,000
546,000
354,721
1,729,262
-
St. P.A 8 S.Marie Ry. Co,
Mississippi Export RR. Co
of Federal spending is three times as great as it Was in
preceding the
years
We must now face the implications of this theory of
Co..
(trustee)
Minn
nine
to restore
3 183.000
3,183,000
546,000
13,915
Gulf Mobile A Northern RR. Co.
520,000
Illinois Central RR. Co...
35,312,667
Lehigh VaUey RR. Co
10.278.000
Litchfield A Madison Ry. Co
800,000
Louisiana A Arkansas Ry. Co...
350,000
Maine Central RR. Co
2,650,000
Maryland A Penna RR Co
200.000
Meridian A Bigbee River Ry. Co.
then given, which are as
are
Expenditures have risen to new heights, not merely
10,539
354,721
Georgia A Fla.RR.Co. (receivers)
Great Northern Ry. Co
.105,422,400
and conclusion
The present rate
the
ployed
15.000
10,539
Galveston Terminal Ry. Co
A summary
the budget
follows:
expansion of Government services nor
78,000
(receivers)
Galv. Houston A Hend RR. Co.
a
greatest in relief, public works,
8,176,000
15,000
Gainesville Midland RR. Co
Galnsvllle Mldl'd Ry
Green County RR
national debt
Contesting the Government's proposal to increase the
(2)
to
Carolina Cllnchfleld A Ohio Ry.
ville A Nashville
This is the core of sound Government
nee.
JS05M7
'434,757
400,000
11,069,437
53,960
Boston A Maine RR
90,000
children.
gjf
which income and outgo are
policy in
integrated parts of a single whole.
127,000
2,500,000
Ann Arbor KR. Co. (receivers)..
684,757
400,000
Ashley Drew A Northern Ry. Co.
Baltimore A Ohio RR. Co. (note) 05,358,000
41,300
Birmingham A So'eastern RR. Co
unified fiscal
Adopting a
(1)
$
127,000
275,000
127,000
275,000
2,500,000
Corp.
be enforced by:
We believe these principles can
Repaid
1939
11,
We must stop transmitting further vast indebtedness to our
(6)
Canceled or
Author ized
Mar.
Chronicle
Financial
1412
This would be reflected
in private enterprise, the most direct road to sound
and reemployment.
After the conclusions
a
series of supplementary tables are
given dealing with Federal expenditures
and
revenues
in
a
series of years.
Total
*
Represents a guarantee; in addition the Corporation also guaranteed the pay¬
'
.
ment of interest.
.
Paul A Sault Ste. Marie Ry. Co. (The Soo Line)
which was guaranteed by the Canadian
Line" went Into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000. maturing over a period of 10 years
The loan to Minneapolis St
a
was
secured by Its bonds, the interest on
Pacific Ry. Co. and when the "800
b Includes a $5,000,000 guarantee; In addition the
the payment
of Interest.
In addition
in
to
;
Corporation also guaranteed
has approved,
"
conditions.
C. Gebhart, Director, National
Committee National Economy
'
League:
Robert M. Benjamin,
.
Lawyer.
'
Edwin F. Chinlund, Accountant.
Dr. A. H. Hettinger. Jr.,
Dr. Fred R. Fairchild,
Dr. Harley L.
.
the above loans authorized the Corporation
principle, loans in the amount of $99,975,675 upon the performance of
specified
has been prepared by John
The study
Economy League, and approved by Studies
Economist.
Economist, Yale University.
Lutz, Economist, Princeton University.
Hon. Seabury Mastick, former
N.-Y. State Senator.
Graham D. Mattison, Lawyer.
R. B. Robbins,
Actuary.
Harry Scherman. Publisher and
Writer.
.
Frederick Sheffield, Lawyer.
Proposals
on
Balancing of Federal Budget Offered by
National Economy League
The National
Economy League has just published a booklet
called "How to Balance the Federal Budget."
says
to the booklet as
which
are
(2)
If it is not soon balanced, national confidence will be further un¬
dermined and long-term investment further postponed.
Long-term
of
investment
creating
jobs,
in
basic
reducing
enterprise
is
unemployment
the
and
most effective
bringing about
recovery.
(4)
The theory that continued spending in excess of income will promote
business
recovery
is
unsound and
illusory.
Its continuance will create
can
lead only to
collapse of the national credit and the destruction
of our civil
further instability in the purchasing power
eventual
Wendell L. Willkie Declares Government
of Demarcation
of wages.
It
with government competition and
delivered by Wendell L. Willkie, Presi¬
dent of the Commonwealth & Southern Corp. over radio
station WABC on March 9 as a part of the "What Helps
Business Helps You" campaign, Mr. Willkie cited the recent
sale to the Government by the Commonwealth & Southern
System of the Tennessee Electric Power Co. as an illustration
of "Government forcing a business to shut down instead of
encouraging it to expand." Among the statements made by
an
address dealing
government deficits
Mr. Willkie
are
liberties.
been
due, not to the normal growth of Government functions nor to the provision
of adequate relief for the unemployed, but to the adoption and execution
(5)
Much of the increase in spending during the past nine years has
of this unsound fiscal theory.
Must Set Line
Beyond Which It Will Not Go In
Competing with Business
In
The Federal budget can and must be balanced.
(3)
Harvard Business School.
March, 1939.
given in the foreword
follows:
(1)
method
Economist, New York University.
The study
that the League has adopted certain principles with
respect to Federal finance,
Dr. Walter E. Spahr,
Dr. Dan T. Smith, Economist,
Walter A. Staub, Accountant.
Industry
taxation
today is
and
the following:
afraid of government competition.
It
regulation by Federal bureaus in
destructive
It has what the Secretary of
attitude, holding it back
the Treasury has defined as a
from normal business risks.
is afraid of
Washington.
"what's the use"
Volume
f
If the investor is
to
are
plants and the employment
Government must define in writing the area in which it
with the utility companies.
It must set a line of demarcation
immediate
"the
that
effect of this artificial price system
distort the area of distribution of each mill, in
beyond which
such a way that its net return
of steel from different customers is generally
per ton
T. C., which
is to
point" system came in for criticism by the F.
The "basing
claimed
plans to compete
competition with private business.
it will not go in its
presented in
present day conditions."
out the necessary expansion
carry
monopoly, competition, and an approach to the problems
of
they
of their
of several hundred thousand men—then the
the utilities with the capital which
supply
to
need—if they in turn
1413
Chronicle
Financial
148
indifferent."
the Commission
Discussing "implications of identical delivered prices,"
of industry and investment would
products, more money," said Mr.
Willkie, "and these results, in turn, would demonstrate the
truth of the statement that 'what helps business helps you.' "
The "What Helps Business Helps You" campaign is con¬
ducted under the auspices of The Merchants' Association of
New York, the Chamber of Commerce of the State of New
York, the New York Board of Trade, the Chamber of Com¬
merce of the Borough of Queens, the Brooklyn Chamber of
Commerce, the Bronx Board of Trade and the Staten Island
"Such encouragement
mean
jobs,
more
Furthermore, it charged that "discrimination in the absence
customers who are in a
Business Urged by Chamber
of
This undesirable situation can be
of Commerce of United
Program to Effect
overhead
been
that the Federal Government will
efforts in that direction."
"The next logical step,"
bend its
forthcoming
the Chamber in
says
"is to translate these
such
Chairman
of
of
reduction
or
discourage,
which
taxes
and sometimes
flow
of
curtailment
The
prise in
The
repeal
of
judge
prosecutor,
of
jury
the
in
regulation
parte investigations and inquiries
ex
and
business
discredit
and
of business
„
,
discontinuance
The
Federal agencies which exercise the
the authority of
of
limitation
through
impose
unnecessary
an
burden
which tend
business
upon
only
are
practical questions to which attention
part of the general undertaking of
the
directed
High prices, not in conformity with the law of supply or demand, place
of the material.
The effect, when com¬
bined with that of similar artificial prices in many
other lines of production,
is
retarding restrictions and enabling
of productive activity.
these questions, that of public spending is the most important.
has reached what might be called "saturation" point.
In other
all
Of
Taxation
we
which
lend
men
to
realistic
and
encuoragement
would
find
to
cooperate
approach" to
business,
would,
in
itself,
and there is no question that business
possible extent in an earnest attempt
to the fullest
continued,
Ultimately, if this course is
private
problems
these
practical solution.
a
we
shall have to decide between
Business
in
concerns,
The
that
by
private
these
after
the
instances, pay out more in taxes than in1
prospective return on investment has been so
excessive
hesitates
capital
demands
been
the industry has
The Commission then points to
operating under a
unhealthy condition, it is stated.
breakdown in the fixed price system in
but it was not
met.
are
A major consequence of
enough to restore steel to a "healthy condition."
itself "to a condi¬
"partial competition" is that the industry has adjusted
"Its plants," it says, "are located at points
monopoly."
dictated
of the 'Pittsburgh plus,'
principal basing point dominated the price structure."
by monopoly practices—many of them are relics
However, the F. T. C. agreed with the industry that
both," it is asserted.
to
unfair forms of
"The Commission is opposed
*
.
"
has observed," the statement sets
forth,
of obsolete plants has not
taken
"the normal and wholesome elimination
habit forming
drug.
Its members fear nameless honors if the drug should be withdrawn.
Despite these fears, it remains true that a cure is necessary if the steel
industry, together with American business in general, is to be restored to
The industry has become addicted to monopoly as to a
health."
v
"
The Commission
warns
■
.
that if free competition is not
restored in the
"the alternative will be public control of the
industry,
policy, including
prices,
wages,
details of
and production schedules.
spread through the greater part of
public control appears to be unavoidable."
business system,
If
the
Opposition to State Sales on {Business Turnover Tax
Voiced in Resolution Adopted by New York State
Chamber of Commerce
Phillips, Chairman of the Committee on Taxa¬
State of New York,
S.
Jesse
tion of the Chamber of Commerce of the
consent
unanimous
the
at
Chamber's
monthly
March 2, to introduce and have voted upon im¬
mediately a resolution opposing a State sales or business
turnover tax and endorsing the retrenchment
resolution
meeting,
on
introduced in Albany on Feb. 28 by Senator
government,
Pliny W. Wil¬
Mr. Phillips warned:
Westchester.
of
of
Costs
many
margin of
share of earnings demanded by government
to take the risk.
The chief preoccupation of business management has become the pay¬
ment of wages and
the payment of taxes.
The investor who supplies
the funds to launch and maintain the enterprise must take what is left
narrowed
conditions
system of "partial competition." This is an
liamson
enterprise and public enterprise.""
dividends.
of these
Because
received
business.
serious
by
be kept from utter collapse only
can
repeated doses of public subsidy."
are
diminishing
A
energies to the revival and expansion
approaching, if we have not already reached, the point at
business cannot carry the load,
and increasing taxation means
words,
condition which
depressed
a
use
a
as
releasing business from unnecessary and
it to direct its
the st6el
the system is working, is eliminated.
private monopoly is permitted to
to say:
of
few
a
profitably
be
Price competition in
basing point.
the
buyers
arbitrary private decree
be altered by
during all periods when
business
The Chamber goes on
These
may
unreasonable limitations on
steel
enterprise.
might
which
one,
change in
a
industry,
place.
activities.
to
strife and
,
functions
artificial
an
basing
city are charged
penalty.
a
"In steel, as the Commission
of labor legislation which promotes
revision
or
discord.
The
of Government with private enter¬
fields of business.
many
If they were
competition should not replace "monopoly."
capital markets.
of the competition
into
money
as
buyers located at a distance from a
Thus the advantage or disadvantage of location for many
"(2)
and regulations which impede the
repressive laws
of
to
under which one
penalize, business initiative.
The-modification
what amounts
tion of
"
abolition
the consumer
on
point even though they purchase from a mill in their own
is
follows:
high capital
legitimate costs.
June, 1938, which it says it helped competitive conditions,
expenditures, as suggested by Senator Harrison,
the Senate Finance Committee, in a statement issued over
of public
week-end.
The
consideration of ques¬
these:
as
The reduction
the
its March 6 "Washington Review,"
assurances into positive and practical
This, it adds, involves the
action."
tions
quarters assurance
official
various
"From
adds:
it
has
saddled
are
Under the guise of freight costs,
properly
coming to be recognized as America's Number One prob¬
lem."
"Business," the Chamber declares, "is as anxious
to go forward as Government is to have it go forward,"
and
reestablished
control."
The wastes of cross hauling and of excess capacity and
"(1)
reinvigoration of business enterprise is
and
expected to occur if com¬
The Commission listed the effects of identical delivered prices as
Appeasement," the Chamber
of the United States observes that "the re¬
Commerce
vival
destroy
old-fashioned
the bulk of
powerful company can acquire numerous plants and
which control over prices is obtained by ownership of
in industries now under monopoly
"Practical
head
the
of financial power to over¬
By raiding one small competitor
petition without protection against price raiding should be
Seven-Point
"Practical Appeasement"
States—Proposes
Under
a use
financially weaker competitor.
a
after another, a
With
Competition
Government
in
position to buy from a rival's territory.
"This may easily become price raising
whelm
and
Taxes
in
profitable
sales to
prices in nearby territory and accepting a lower net return on
the business.
Cut
Spending,
of an iden¬
takes the sporadic form of charging
tical delivered price system
competition over a larger area, becoming a monopoly of the
Federal
Curtailment
the self discipline involved in an
identical delivered price system."
type in
in
hauling,
making the customer pay for the wastes of cross
succeed in
to
and enough more to furnish a motive for
Chamber of Commerce.
Reduction
succeeds or expects
said that "it is reasonable to assume that the industry
more
national,
State and local, have been
constantly
resulting in the pyramiding of government debts
and enlargement of the tax burdens, and an indefnite continuance of this
process can only result in repudiation,
inflation or capital levies with
all the attending disasters which follow, as shown by the experience of
rising year after year,
countries.
European
The resolution was
adopted.
.
♦
—
T
York Chamber of Commerce
Enforcement of Federal Food, Drug and
Congress Asked by New
Steel
Price
By
Condemned
System
Federal
Trade
Cosmetic Law
The Federal Trade Commission on
March 7 submitted
socialized as a means of eliminating
monopoly it might "easily spread far through the business
world, tending to the breakdown of private enterprise and
the rise of an authoritarian state," it was stated.
that steel should be removed
"natural" monopoly and should be treated in the future
from the status of a
"as a
"As
free enterprise."
a
free enterprise,
it should be given an
positively assure it of continuous
effective protection that will
sound and wholesome competition," it
in which fair competition
against the loss of both
"The larger the area of business
was
asserted.
can
be assured, the
wider the margin of safety
economic and political
The statement
such subjects as
freedom."
steel industry, dealing with
identical delivered prices, indicators
discussed eight phases of the
the "visible effects of
of
acting
March 2,
on
Commerce of the
on a
State of New York,
Cosmetic Act
and
products
June 25
distributors would suffer waste and loss of
on hand, if the law became effective on
as scheduled.
In its report the committee,
chairmanship of Montaigu M. Sterling, said:
now
next,
under the
This
law
was
other
purposes.
information
show
packer
facturer,
use
enacted to prohibit the movement in
and
adulterated
for
of
minute
Food, Drug
the ground that manufacturers, im¬
and
porters
of
on
For¬
Congress to
report from its Committee on
eign Commerce and the Revenue Laws, urged
defer for six months the enforcement of the
If the steel industry was
alternative suggested
Chamber
The
a
14-page statement entitled "Monopoly and Competition in
Steel," to the Federal Monopoly Committee. It was one of
the strongest charges made by a government agency regarding
the trade practices of an industry.
Although charging that a monopoly exists in the steel
industry which "may well cause the death of free capital¬
istic" business, the Federal Trade Commission is opposed to
socialization of the steel business as a "dangerous precedent."
The Commission as an
Defer
to
Commission
certain
details
misbranded
food,
interstate commerce
drugs, devices and
cosmetics, and
The Act requires that the main labels on products
in detail as to the name and address of the manu¬
or
distributor, the principal ingredients, warning as to
drugs, statement of the contents of package,
prescribed
as
to use of drug products,
and much other information.
it is customary to buy lithographed
tins in tremendous quantities in order to effect a price saving.
Numerous
other examples can be cited to
illustrate the difficulty which will be
In
marketing of food products
the
experienced by the food, drug and cosmetic industries in promptly meeting
the requirements of this new legislation without financial loss.
Imported
products
merce
will
are
especially suffer.
Many thousand articles of foreign com¬
until the Department of Agriculture promulgates
affected, and
Financial
1414
a
which
countries
export
is very
concerned
the
of merchandise from the United States to other
Jittle affected hy this legislation, still the exporters are
the treatment of importations into this country from
countries to which they export.
It is felt that if reasonable
is not accorded the merchandise of other nations, our exporters
the
same
treatment
occasionally
position to demand reasonable treatment from these
other countries when the situation is reversed.
will hardly be
in
a
ter to
"The
F. of L. Em*
Council of A.
Executive
Relations Act Also
At
on
March 2, the Chamber of
Commerce of New York unanimously
adopted
a
resolution
commending the Executive Council of the American Feder¬
ation of Labor for its recent declaration regarding policies
which should be pursued to solve the
lem and restore
Walsh bill
unemployment prob¬
The report also approved the
prosperity.
to amend
the National Labor Relations Act as
promote industrial peace.
Chair¬
Lewis K. Gwyn, on behalf of the Chamber's Committee
Industrial Problems and Relations, which drew the re¬
"important step"
an
on
urged
to
in the report,
The committee,
adoption.
its
em¬
to are non-manual salaried employees who are paid
rate of $30 per week or more.
This confusion is caused
referred
the regular
fact that the work of these non-manual salaried employees is
related to that of the management and that, consequently, an
by the
closely
The working
urgent necessity exists that their hours of work be flexible.
schedule of non-manual salaried employees is short under
normal
con¬
the management, they are required to work
longer hours occasionally, sometimes in excess of the maximum require¬
ments.
The average time worked by these employees during the year
is much below the maximum set
quoted a number of extracts from the Federation Council's
declaration,' saying that it believes the members of
Chamber are "in complete agreement" with them.
the
the
the
of this group of non-manual
exemption
hour
maximum
the Act would
of
requirements
spirit of the law."
Pointing out that the Administrator of the Act had him¬
self
raised the question
salaried
"The
Association
convinced
is
certain high
continued :
of the exemption of
the Association
employees,
all
that
the individuals
of
and
groups
charged with the administration of the Act,
be benefited by such an amendment, as a result of the removal
concerned,
would
Referring to the Walsh bill, the report said that the pro¬
by the Act.
salaried employees from
help employers by
making it unnecessary for them to keep special records and frequently
change the pay roll procedure.
In addition, we believe this exemption
would ease and simplify the administration of the law, without in any
way creating hardships for any of the individuals involved or violating
"The
man
port,
and
obstruction
considerable
ditions but, as in the case of
Approved
its monthly meeting,
requirements of the Act has caused much confusion
to the smooth operation of the Act*
The
hour
maximum
ployees
bodying Policies to Be Pursued to Solve Unemploy¬
ment Problem Endorsed by Chamber of Commerce
of New York—Walsh Bill to Amend National Labor
in the
explained in the Association's let¬
members of Congress, as follows:
inclusion of certain groups of employees within the scope of the
The situation was
Act.
at
Declaration of
embarrassment to concerns
required to permit their clerical
are
employees to work longer than the hours prescribed
to
as
11, 1939
situation that is causing real
regulations governing imports, uncertainty exists as to the preparation of
foreign products to be sold in this Country,
While
Mar.
Chronicle
including
those
improved operation of the Act, and urges
work toward and support the passage of an amendment to the
of confusion and the consequent
posed Amendments are in line with recommendations previ¬
that
ously adopted by the Chamber and expresses the hope that
Fair Labor
you
Standards Act of 1938 to effect this object."
-additional amendments may follow which will further pro¬
tect justly each party to a dispute.
In summarizing the
provisions of the Walsh bill, the report says:
Legislation of this character will be most helpful in
government, business and labor.
C. I. O. and A. F. of L. Committees Meet with President
Roosevelt to Seek L^bor Peace—C. I. O.
enabling better
-*■
William McC. Martin Praises Formation of Association
of Customers' Men—President of New York Stock
Exchange Says
New Group Should Be Useful to
Entire Securities Business
\
o
"The formation
of
Association
the
of
Customers'
Men,
dedicated to the inculcation of just and equitable principles
of trade and to the improvement of the quality of service
whicht its members render to the public, marks an important
the securities brokerage business," said Wil¬
milestone in
liam McC. Martin, Jr., President of the New York Stock Ex¬
change, at a meeting of the Association,
on
Hotel New Yorker.
an
"The need
Mar. 0, at the
organization,"
Geared to high pro¬
of such
Mr. Martin said, "has long been felt.
fessional standards and intelligently
directed,
should
it
Representatives of the Congress of Industrial Organiza¬
tions and the"American Federation of
Labor held their first
joint "peace" conference with a series of meetings in Wash¬
ington and New York this Tyeek.
The conference was called
at the suggestion of President Roosevelt, as noted in the
"Chronicle" of March 4, pages 1245-46.
The first meeting
was held at the White House on March 7, and it was here
that the C. I. O. leaders proposed to join all labor union
including the four independent railroad Brother¬
into a new "American Congress of Labor."
The
A. F. of L. immediately announced that it could not con¬
groups,
hoods,
this
sider
gestion.
and to our
last night (March 10).
community generally."
He continued:
Your
conception of an association of customers' men is commendable.
dedicating yourselves to the finest aspirations of the men and women
who comprise this important department of our business, you deserve the
In
encouragement and support which you are receiving on every hand.
Your
emphasis upon high ethical standards and upon superior professional
equipment reflects an intelligent understanding of your problems.
It is
in this
In
direction that your greatest
field of usefulness lies.
a
very real sense, the customers' man represents the first line of
Contact between the New York Stock Exchange and the public.
You are
the Exchange's outpost, so to speak.
You are in a position to
the Exchange, its policies, its functions and operations and its
economic usefulness
pret the public
Exchange that1
to the
point of view to the Exchange.
you
the
to
setting
are
The importance of
fulness
your
by which the
the.
Exchange appreciates
necessary
much
more
It. is gratifying to the
machinery to serve these ends.
of your organization
will be measured.
alert,
women,
of
an
imbued with the
While
intelligent body of
spirit
and
the
esprit
de
to represent the Exchange creditably
to the public, it is
in the broader aspect of your work.
analysis, your usefulness to the public, to your firms and
to the Exchange will depend upon
your standards, upon your professional
equipment, upon the quality of your service to your customers.
To the
extent that you serve the public interest by the observance of a
rigid code
of ethics,' by
your knowledge of sound investment principles, by the
In
the
interested
last
completeness
customers
your
of
invest
firms
and
understanding
your
their
of
the
for your recognition
money,
you
the
of
will
merchandise
promote
Exchange itself.
You
the
are
in
broad
to
which
your
welfare
of
be congratulated
of these fundamentals.
explaining the requirements for
membership appeared in our issue of Feb. 11, page 820.
—
Amendment
♦——
to
a
to
President told them that
last assembled for the purpose of beginning negotiations for the
of these differences in good faith, and with honor, and for the
This
is
one
the
as
exempt frbm
the overtime
prqvisions, non-maniial salaried employees who
ularly paid at the rate of $30 a week or more.
The Association-sent
are
capacity
which
the
House, urging
them the desirability of making
this change in the interest of simplification and to correct
on
as
well
individuals and the organizations that you represent to make a
the theory and the realities of a conflict
as
adjustment both of
has
should
past
It is
of
merely
mean
desirable that this
your own
that all
should be
points must be studied
a
negotiated
peace
ties, there
F.
of
are
L.
there
are
same
ingenuity and resourcefulness to find various ways
been extreme bitterness and
many
are
cities and towns
working together
now
conflict in
some
in closest
harmony.
I
I
places where
the C.
I.
0.
and the
A.
I.
L.
of
0.
told
am
F.
hall.
The two factions, as they are called,
They realize that their interests are the same.
locali¬
certain
where the local C.
union
as
explored.
and
made by this com¬
settling knotty problems.
While there has
and
that
use
the
really
are
not
accept
the premise that both sides want peace.
That means, of
that both sides go into conference with the idea of giving as well
getting.
You
reg¬
Senators and to all of the New York City Representatives
in
that all of you will enter Into thiB service with a
of
already lasted too long and which is weakening the public
standing of organized labor in this country.
t
It is important that you enter these negotiations with
open minds and
with a determination to explore every aspect of the problem
together.
The fact that there have been disagreements on particular
points in the
can
letter to the two New York State
'
domestic problems in American life
that you are serving the' welfare of your country,
sense
welfare
practical
you
Of
the
are
all
experienced
You
have
been
doing that
all
You
proposals and counterproposals to meet in this situation, and
do it as well as you can because nobody knows the issues
can
do.
course,
there
difficulties
are
facing
reports coming from
90%
negotiators.
From that standpoint this job ought to be easy for you.
think up
nobody
as
a
generally.
the most Important
sure
settlement
best inter¬
your
organizations by laying aside prejudices and
bitterness, and by finding the solution which will bring a permanent and
acceptable peace and unity in the "labor movement.
I have faith in your
Wages
Hours Act be amended to
the country
of
today, and I feel
patriotic
your lives.
concerns
conference follows:
extremely glad that this committee, representing both ' sides of
the controversy between the two branches of the labor movement, is at
am
and
many
March 7 with the com¬
"it is important that
The President's statement at the
I
factions.
situation that is causing
on
you enter
minds to explore every aspect
of the problem together."
"I accept the premise," said
the President, "that both sides want peace.
That means,
of course, that both sides go into conference with the idea
of giving as well as getting."
course,
among
meeting in New York City
a
Meeting
representing the A. F. of L. and the C. I. O. the
a great deal of
whose clerical employees
normaly work short hours, The Merchants' Association of
New York has recommended to Congress that the
difficulty
with
these negotiations with open
A.
Wages and Hours Act Recommended
Congress by Merchants Association of New York
To improve
mittee
mittee, using
A reference to the letter
the following
on
The labor representatives then adjourned, and re¬
their conference
sumed
ests of labor and
main objective, which is to enlarge your use¬
cannot be over-emphasized.
This is the
the necessity
success
and
men
corps
up
essential
position to inter¬
a
investing public,
.test
customers'
You are/ also, in
public.
interpret
the meeting
proposal,, but at
day (March 8), in the offices of the Department of Labor,
it was revealed that the Federation might analyze the sug¬
to be constructively useful, not only to the public,
whose interest Is its first consideration, but to its members
prove
Proposes
Merge all Labor Unions into "American Labor
Congress"—Delegates Confer in New^York^After
Conferences in Washington
to
cooperation between
many
this,
who want
committee.
peace
I
am,
who do not
advised,
on
fully realize
the
basis
of
the rank and file of organized labor, that at least
of the actual membership of both
factions
desire peace.
.
Volume
Financial
148
Telegrams
and
letters
workers reached
me
These messages
came
resolutions
and
before
labor
from
speaking for
proposed that
we
faction and
in each
groups
least
at
It
million
a
from every
Since
and
of
This
them
is
finding
will
ment
best if
become
ever
today beginning
solution.
I
final report on your
Secretary
outside
inter¬
other method of
negotiations
Direct
settle¬
without
I believe
in
no
this
possible.
because I
case
believe that you
step for a permanent, stable and acceptable
proper
to succeed and shall, look forward to the
on you
negotiations.
Labor
of
participated in the con¬
was represented by a
Harry C. Bates, Chairman, Mat¬
Perkins
ferences, at which the A.
committee
I know
and
desire is that you
that their greatest
you,
necessary
a
counting
am
consisting
of
Rickert, while the C. I. O. was
committee composed of John L. Lewis,
Philip Murray and Sidney Hillman. At the conference, on
by
March
International
Teamsters, (originally chosen as one of
to represent the A. F. of L., but who declined
present.
Under the proposal of the C. I. O.
Tobin, President of the
8, Daniel J.
Brotherhood
of
the committee
to
a
serve)
was
be adjusted
Labor
of
through the creation of the American Congress
"designed
supersede
to
and
the 'mem¬
embrace
of L. would not be
"a
organization;
salary for services rendered"
C.
I. O.
15
and
the
special
national
and
any
at
and
Not
1.
In
than
the four
(c)
0.
I.
This
of
conventions
The purpose
1,
O.
I.
of
of
brotherhoods
representatives of
in
the railroad
L.
to
supersede
F.
of
railroad
life
his
of
A.
be
What
of L.
head the United Mine Workers of
made
with
Mr.
L.
of
statement
issued and
was
the A. F. of L. negotiators changed
Tobin played, is not known.
At the
Texas, convention, however, he demanded that peace
C.
I.
0.
and threatened to lead his
teamsters—the
the
the
in
A.
first
at
to
end
unless an
organization
of L.—out of the
F.
achieved.
and
of L. negotiating committee,
Originally named to the A. F.
declined
F.
A.
today,
influence
sought
was
war
the
hour
met
Houston,
largest union
to
the
conferees
minds.
F.
serve
because
of
Mr. Tobin
His appear¬
of union matters.
press
labor's quarrel.
Today, as the negotiators met Harry 0. Bates, Chairman of the A. F.
L. negotiators, said his group "enters the meeting with an earnest
today
ance
for
settlement."
honorable
an
those seeking to patch up
heartening to
was
'
9, Mr. Bates
At the conclusion of the conference, on Mar.
out the following joint statement:
gave
"The
made
conference
briefly
and
with
preliminary
a
Secretary
the
New York
in
meet
of
to any
canvass
City at 8
other suggestions that
p.
of
problems and met
its
conference agreed to recess
Friday, March 10, at which time
The
Labor.
consideration will be given to the
and
m.,
proposals made yesterday by the C. I. 0.
be laid before it."
may
(a)
the Amer¬
:
'
the
the
the
of
the
membership
will
The convention
William Green shall not be
of
membership
the
outline
its
term.
one-year
a
eligible for election to
rendered.
for services
The
to
recognize
the
most
serious
problems
the
lower rev¬
with
connection
in
Sloan, Chairman
President of the Missouri-Kansas-Texas RR. Co., told
of the last
enues
and
few years,
Matthew S.
same
Frank Morrison.
joint
a
luncheon
Board
and
March
7.
Trans-Missouri-Kansas
the
of
St.
Louis
Sloan
said
the
Mr;
Traffic
that
Club
at
St.
Shippers
Louis
ar¬
*
4. The executive board or'governing body of the A. C. L. will be com¬
posed equally of representatives of the A. F. of L. and the C. I. O., with
on
country-wide transporta¬
a
policy cannot be met "without a thorough understand¬
tion
ing of the railroad problem by those charged with the
The A. C. L. will grant Mr. William Green
present salary
Nation's' railroads
the
and seriousness of new competition has been one of
scope
,
Congress
American
of
failure
of
field, heretofore
* •
elect officers for
and
to
Recognize New Competition
by Matthew S. Sloan—Decries "Bugaboo"
of "Overcapitalization" in Address to Southwest
Shippers and Traffic Men
Railroads
of
Stressed
The
city
the
in
cooperation
include
to
Need
a
separately
held
assemble
dedicate
organizations.
include Mr.
will
between
the
hour
their
of procedure.
embrace
and
L.,
constitution
Lewis and
tenure
rangement
and
organize
office in this convention.
any
a
A.
adopt a
John
3.
is
to
the
before-mentioned
objectives,
be
transportation
.
and
shall
Or¬
hold
each
(b) the Congress of Industrial Organizations and
Labor,
designed
0.
a
referring to the action of the A. F. of L., on March 8,
the conventions will be to
of
there 6hall
1939,
shall
Labor
of
the following basic plan
June
convention
Labor,
to propose
was
Sometime
the
present
under the
Industrial
of
the Congress
Federation
independent.
2.
failure
Proposal
1939,
These
place.
convention
a
his
of
be granted
C., in the hall owned by the Daughters of the American
Federation
his
dryly:
WPA."
the
agreeing to reconsider the C. I. O. proposal, United Press
advices, March 8, from Washington said:
or
30,
American
approve
D.
Revolution,
C.
April
convention.
later
Washington,
ican
and
convenient
upon
pass
of
except
Asked
proposal follows:
April
ganizations
tenure
would
office
any
F. of L.
The
Between
life
eligible for
Green, and to Frank Morrison, Secretary and
Treasurer of the A.
The
view
in
organization.
is proposed under the plan
dent of the A. F.
plan to Air.
scheme,
the new
in
desire
new
the
he remarked
himself,
reference to himself
no
in
the A. F. of L.
of
the
into
office
meeting scheduled for last night in New
reported in Associated Press advices from Cleve¬
land on Mar. 9 that Mr. Whitney had suggested a "workable
plan" to reunite the American Federation of Labor and the
Congress of Industrial Organization. He urged that peace
negotiators of the two groups consider this basis for settle¬
ment, viz.—the return of the entire C. I. O. membership to
that John L.
Lewis, President of the C. I. O. and William Green, Presi¬
it
fit
for
In advance of the
brotherhoods in the railroad transportation field, heretofore
in
would
for
join
YorkNt
bership of the C. I. O. and the A. F. of L.," and the four
independent;
ineligible
Mr. Lewis, however, would continue.to
differences between the two labor organizations would
the
be
America.
of L.
F.
thew C. Woll and Thomas A.
represented
he
would
"I'd
Already hundreds of thousands
solution.
a
negotiation.
your
how
from all sections
pouring in
are
faction.
each
informed
have
in
position is always
are
like messages
in
through their representatives, have informed me,
succeed
may
unions
many
of
many
appointment,
your
from
workers,
he
pension
part of the country.
noteworthy that Mr. Lewis made
was
that
appoint your committees.
you
1415
Chronicle
that
of
mulation
helpful."
policy
It is necessary,
bugaboo
a
overcapitalization."
of
part:
for¬
genuine inclination to be
he declared, to get rid of "the
and
Mr.
Sloan continued,
in
.
,
President
The
be
selected
of
Trainmen, and D.
Firemen
tive
5.
Shall
bureau
from
such
effect
States
available
and
cooperative
for
tranquil
orderly,
its
L., the
or
all
The
on
other matters
•
execution
good-faith
of
the
suggestions herein noted, the President of the United States is requested
preside at the sessions of ,the unified ranks of labor, when its constituent
to
assemble
representatives
and
officers
adopting
of stating
the purposing
for
electing
objectives,
at
sum
a
Rejection of the C. I. O. proposal by the'A. F. of L. was
the
committee
"We
States in
following
that
Organizations
C.
I.
familiar
0.
place the President
to
with
by
the
Congress
of the United
»
convinced
difficulties will realize that
possible solution to the problems
labor
day
present
proposal does not offer
We are
facing us.
7
any
it was not
designed for serious con¬
even
sides
to
then
negotiate
get
down
of
ing
peaceful
a
to
that
the
only
consideration
to
statements
solution
of
the procedure
of
the
the
facts
can
headline
for
to obtain
way
Nothing
settlement.
a
fanciful
suance
ourselves
obvious
be
should
problems
be
in a
peace
is
realistic
for both
way
and
accomplished by the is¬
purposes.
the
than
Commerce
of
state
the
In the hope of find¬
invloved, we intend to confine
face
"Post,"
of Mar.
8,
we
take
the
to
Whitney
(of
Associated
the
the
Press,
Brotherhood
commented
lows: "I don't like that term,
"If
go
before
"A
would
of
the
along
the
I
groups
with
could
at
Railroad Trainmen), according
his office in Cleveland as fol¬
big union."
He added:
want to set up a co-operative program,
that.
I think I could
I would have to get convention authority, however,
a one big union proposal.
take any action on
federation
of
organized
appeal to the average
groups
one
of
anytime
labor,
person.
or
something of that sort,' I think,
We will- co-operate with one or all
for the benefit of society
or,
the situation
in
the past,
there is no
in railroad capitalization today.
There
of top-heavy funded debt, which are being read¬
stock"
labor. ..."
less
was
was
about
by
capitalized at the beginning of 1937
$547,000,000 than its original cost
the then cost of its
then
its
in
industry
amount
value
to the sir of overcapitalization is to be guilty of
or equally inexcusable dishonesty.
bonded debt actually outstanding against its
of unmatured
the beginning of
at
being now in default.
1937
was
$11,787,000,000, about one-fifth
The net railway operating income as
reported
which represents the money
rentals, &c., and available for
payment of interest on debt and dividends on stock, for the six years
1932-1937, inclusive, averaged approximately $547,000,000. „ This "would
equal about two and eight-tenths per cent on the original cost, less
depreciation at the end of 1936, plus lands and working capital.
For
the year just ended it may be estimated at something like $420,000,000.
This would be a little more than 2% on the original cost of the plant
the
Commerce
Interstate
Commission,
remaining after payment of expenses, taxes,
1932-1937, inclusive, the aggregate
Interstate Commerce Commission,
exceeded the aggregate fixed charges on bonded debt outstanding by barely
$100,000,000.
In 1938 it probably fell short of the fixed charges by
fully that much.
Thus in the last seven years the railroad plant of the
country has done no more than barely earn fixed charges on its bonded
net
Over the last six years,
operating income, as reported by the
and
railroad
It
presents
business
The
the real owners.
it to you in the
is but a part of the great transportation picture.
The
problem calling for the best thought of transportation
nothing left
is the
time allotted.
whole
following:
Mr.
the
debt, with
outlined by the President."
Washington
record to the
inexcusable ignorance
of this
This
From
not due in any
existing condition, and $1,022,000,000 less
value set upon it. for rate-making purposes by the Interstate
Commission.
From which it follows that to charge the present
depreciated.
sideration.
"It
which
reproduction
by
representing
the committee
fit
saw
ing board for its proposal.
the
March
embarrassing position by using the White House as a sound¬
an
"Anyone
issued
statement
representing the Federation:
exceedingly
regret
Industrial
of
the
in
cases
has gone on
depreciated to date; at about $2,863,000,000 less than
The
indicated
isolated
been
have
may
"watered
as
country's railroad plant
either
constitution.
a
are
justed.
the congress.
and
few
a
are
troubles
the railroads are undercapital¬
being overcapitalized,
from
Whatever
thing
conciliation
mediation
affecting overlapping jurisdiction
the constituent unions of
the
Labor
of
Department
our
Commission
Commerce
Interstate
that far
ized.
know that
railroad business
degree to overcapitalization, and the public, if it will, can
thing.
Following a study that covered a period of 25
same
the
years,
such
continuously
insure
the
types
ensuing from the organization of the A. C.
questions
existing between
To
by the convention, shall
brotherhoods,
the
Robertson, President of the Brotherhood of Locomo¬
B.
United
be
controversial
6.
of
the
in
know
President of the Brotherhood of Railroad
Whitney,
year
the
of
to be elected
L.,
and. Enginemen.
During the
services
C.
membership
F.
A.
as
A.
the
the
from
of executives
We
appreciable
proportionate representation for the four railroad brotherhoods.
a
men,
activities
of
for the stockholders,
picture as nearly as I can present
and
you
likewise the Government.
men
of
the shippers'
advisory boards have been
particularly connected with the railroads, and you have a clearer concep¬
tion of the transportation requirements and needs than perhaps any other
much toward the formula¬
policy as you have con¬
tributed to the railroads in estimating and forecasting traffic movements,
you will have made an even greater contribution to the public than you
have to the shippers and the carriers by your past labors.
body of business men.
If you will contribute as
tion
of a sound, comprehensible transportation
Financial
1416
W. Randolph Burgess Sees
Bankers Faced with Prob¬
Loans and Investments—Dis¬
cusses
Their Solution at Eastern Regional Con¬
ference of American Bankers Association—Philip
A. Benson, John R. Evans and John J. Driscoll Jr.
Among Other Speakers
lems
of
Bankers
Deposits,
with
faced
are
three
problems
important
in
public needs—a deposit problem, a loan problem
investment problem—according to W.
Randolph
meeting
Mar. 11,
Chronicle
tapering off of
gradual
The
be
taken.
be
allowed
the
emergency
indefinitely
is lime that such a step
Property owners should not
meeting their obligations and the
It
moratorium.
longer exists.
no
to
1939
postpone
consideration."
rights of lenders should be given proper
Benson asserted:
Stressing the importance of savings to the country, Mr.
quite obvious that if there is to be genuine recovery capital must
be reassured and must be willing to go to work in productive enterprises.
"It
is
savings, each
Capital is the result of savings.
If we are to have a fund of
saver
must be protected.
If, through taxation,
devaluation,
individual
Burgess, Vice-Ckairman of the National City Bank of New
York and formerly Vice-President of the Federal Reserve
his savings are jeopardized, the source of capital will be
dried up.
The real foundation for progress in this country is based upon
production and savings.
"Perhaps we should stimulate savings among our people by more
Bank
aggressive
and
an
of
New
York,
addressed
who
regional
eastern
the
American Bankers Association
March 8. He pointed out that savings
repudiation
or
than
means
have employed heretofore, by selling to them
encourage them to save more regularly.
we
banking conference of the
definite
in New York
It
in periods
ranging from two to ten years by means of monthly payments of from
$8.34 to $41.67.
Other financial institutions successfully employ this
sort of instalment savings plan which fits in very well with the instalment
City
on
have not kept pace with demand deposits, and
suggested that one reason was present low interest rates,
which in New York City make it necessary to keep $50,000
deposits
deposit in 10 banks to obtain a yield of $1,000 a year.
on
the charge that banks are failing to aid re¬
covery by not making loans, and cited figures of Federal
lending agencies to show that they have not put out a great
deal of money in relation to all loans.
He suggested that
banks might place more excess funds into high-grade bonds
and thus by aiding the bond market raise the general tone
of the securities exchanges and thus assist the investment
He replied to
market
Mr.
generally.
problem,
field
three
outlined
problems
in
public needs:
meeting
work
too
well,
rates
lately, under the pressure of very
and
easy
and
money
down to an
trying to keep their assets liquid.
Query:
keep this up will the banks gradually find themselves out of a job
a3 far as savings
deposits are concerned?
We may get some help from a
return of prosperity or a change in money conditions.
But it may be
wise to consider other solutions such as definitely dated deposits, segrega¬
tion
of savings
departments, or the creation of uniform trust funds
them
banks
banks
the
loans
their
as
be given
may
to the
service
reasonably clean bill
a
public is concerned.
Finance Corporation and
gives evidence that at least in recent years
expanded
function
their
making
in
banks
loans,
instalment
personal loans.
When
from
but
also
For
depression.
even
recovery
closely related to the country's
more
depends
be
raised
heavily
markets?
and
in
to
help
answer
to
this
The
three
to
banks
reserves
excess
answers
the
whether
is
safely
now
may
finance
recovery
investment and the banks have
on
The question
always been an important factor in the investment market.
to
use
some
their
of
recovery
in
depends
question
turn
the possible
on
other questions largely within the sphere of government,
are
All
of
art
these
problems
passed
from
on
and
generation
deal
still
It
with
might
much
in
For
they
common:
capacity
Banking
profession
a
today
in high
and
understand
to
get
had been passed
with
on
down from
something
becoming
is
probity and
degree
more
the capacity
calls
for
a
knowledge
principles,
of
an
adapt operations to changing conditions.
can
hope to deal with these confusing problems
we
be
cannot
But it requires something more—it must become a
people.
can
so
this
requires
analysis of experience which
work
One
examiners.
Banking has grown up in this country as
practitioner to another.
Deposit and lending
a
generation.
to
profession.
(0nly
bank
of
the banks depends in part on how
knowledge of the rules which
a
art.
an
one
probity,
required
people,
have
thumb.
by rule of
banking
than
investment policy of
the
proposing to answer the question about their savings deposits.
answered
an
the attitude
and
industries,
add that
they
and hope to
cooperatively with Government in these days when Government plays
ail increasing role in our
It
evidence;
is
happening
before
our
and
is
A.
B.
A.
still
important
more
now
the
of
programs
Graduate 1 School of
the
and
is
very
These
eyes.
the
the
Banking is
meetings
Reserve
City
professional
the
another;
Bankers
leadership
are
our
a
third;
Association
Philip A. Benson, President of the Association, who ad¬
on March 8, urged tapering off the
mortgage moratorium of New York State, and recommended
more
aggressive stimulation of thrift.
He suggested the
instalment
savings plans to the public.
marizing his address,
He
scored
dissuade
the
an
preaching of
from
In
sum¬
Association statement read:
what he called
"a
philosophy that
borrow
saving,
even
unlimited
for
funds
his
for
own
social
good,"
sustained,
be.
Benson
"It
home
endorses the Federal
been
has
a
valuable
possible for thousands of
put
it to profitable
made
been
will
come
to
an
capital must
recovery
Housing Administration mortgage.
instrument in
citizens.
He
making the ownership of
Banks
have
been
generous
on
an
even
a
sup¬
but
has
pay
interest and
payment
on
there
a
is
a
study
The law
repeatedly renewed.
taxes
when
due,
was
Of
but
enacted
course
it
as
the
has
account of principal in many cases,
steady depreciation in
"Much
progress
on
collateral,
brokers,
should
extent
fertile
which
Shall
field
the
had
man
taking
not
interest
in
these
at
1% and then have them make
might
great many sound loans
to
handled by
be
properly
Shall
which
go
we
largely
has
Is it logical to purchase
companies
finance
rates?
credit,
consumer
the past by finance companies ?
of
of
advantage
we
losing
of
and have we
fullest
the
endeavor to recover loans
to metropolitan banks and
Shall
been
field
thereby
mortgages,
our
endeavor to attract good mortgages
differential
the
into
paper
three-fourths of
which
increase
we
we
by
have
we
lessening
by
been serviced in
a
If
actual needs and
his
of the race would never
basis, by offering a lower rate of interest,
a
aggressively
munity
savings.
beyond
produced
he
the economic progress
insured type of mortgage?
FHA
more
somebody's
by
possible
what
income?
our
neglecting
the
interest
an
us?
Are
of
rate
loans in
many
our
com¬
discouraging
we
industry by unduly restricting the term of
Should our advertising
willingness to make good loans?"
emphasize
payment?
to
extent
greater
a
our
"
-
Speaking on "Interest Rates, Received and Paid," John
Evans, Executive Vice-President of the First National
Bank of Poughkeepsie, N. Y., said on March 8 that two of
R.
the
bankers
problems which
attempting to solve are
are
the reduction in interest received and the control of inter¬
paid, which
est
mdjor
constitutes the
He
item.
expense
continued:
If
find the
do not
we
income, and if we
it
paid
are
well be that
may
time
on
to
increase our
of
easy
principal and
interest
"interest
With regard to
to
us
of
cost
We
operation.
money,
I
that
interest
only state that
can
depositors
our
regard
investments, being concerned first with safety.
are
be
should
this rate,
the conclusion
availability, and
received.
paid"
our
will have to reduce further the rate of
their time deposits as prime
of
questions of
how
answer
we
deposits.
of
to
to continue to experience a period
experience leads
own
our
these
to
much
to a
led
to
believe,
considered
less degree
with
the
that the
therefore,
flexible, rather than
a
as
rate
of
item
fixed,
a
We hope by continued contacts with other banks and
problems and in determining our future
before the conference yesterday
J. Driscoll Jr., of
answers
of action.
course
"Departmental Cost Analysis" was the subject of
dress
Our
(March 10)
ad¬
an
by John
Driscoll, Millett & Co., Philadelphia.'
an
We
law
emergency measure,
owners
been
are
difficult
has
shown
will
in
experience
handled
by banks
The
exceptions to this
fees
from
the
trust
these
two
that
us
11
of
out
In
on
sound
a
of
types
basis,
business
trust
reflect
cases
has
or
a
now
as
loss to the bank.
reasonable volume of corporate
a
both.
or
business
trust
whole
a
as
12
when a department has collected substantial
occur
handling of estates
business
handling
set
In such
the profit from
cases
be sufficient to offset the losses
may
law.
tion
of
It
field
this
willing to set
the
and
trusts
of
trust
agency
in
occur
where
accounts
the
fees
client and not prescribed by
its
business
of
feel
we
a
substantial, im¬
very
a
ever, one
in
detail,
and
it is going
arbitrarily set
bank,
Further,
space
thing
can
in
and
it
as
total and
then
are
us
to
percentage
of
to
a
cost
to keep our
us
for
this
of
accordingly,
most
can
a
department
is
a
necessity
even
communities
loss.
on
are
We
feel
it
be
must
will be
part
necessary
of
a
maintained.
its operations, it has done
considerably
over-built
hardly hope to Tent all of their space.
in
How¬
be definitely shown, and our studies of this department
for this
rental
even
and
this
bank succeeds in breaking
basis
minimum
that
conceded
job.
deposit
break
to
invariably reflect
operations
readily
the
than
rather
business
trust
principal without considering what it will cost
rounded
good
type of
in each type in
the contract.
Hence, if
are
appearing
after considering what
fee
our
deposit
rather
well
analysis of each
an
service
or
Safe
safe
in spite of the fact that
the trust department will be found to
voluntary
specific accounts
render
a
the value of the buildings.
in
is
permitting
the
required to
any
of
by the bank by agreement with
provement can be made provided we are willing to develop factual informa¬
to
get
in
The maximum losses
has
the Governor of this State recommended to the Legislature
this problem and suggested a law that would permit the
year
of
he said:
putting our mortgage portfolios in sound condition.
hampered, however, by a New York State moratorium
that has lasted since 1933.
"Last
larger scale and at low rates of interest."
the mortgage moratorium,
in
been
what
To
amortized
an
of
use,
achieved.
supplementing
been
cannot
disappear.
must
regard to subject of income, we have been asking ourselves these
questions.
part
enter the field
have
something
been
"With
to
to
made
saved
have
relief
that have facilitated the work and multiplied the wealth
been
have
man
income
Referring
"The importance
that the
The public needs to know
and
charity
even
not
porters of the FHA program," he added, "and many of them are prepared
been
Benson said:
Mr.
reemphasized.
occurring in handling the other type of trust business.
be reassured and must be willing to go to work in productive enterprises."
Mr.
and
"All the tools
of
would
asserted that
purposes
end," and declared that "if there is to be genuine
said:
to be
the standing of living cannot be maintained, government
savings
are
to
self-reliance,
greater
needs
thrift
savings habit has made possible the advancement of man and that without
the
and
borrowers, for only by virtue of the former can the
as
served."
be
Arguing for
of
"the
tax
well
as
savers
country is approaching the point where the ability of the Government to
man
cause.
lending institutions are to survive they must increase their service
"If
discussing the operation of trust departments, he said:
receiving.
of
the philosophy of thrift itself.
upon
background and backbone of all lending institutions, and on that ground
we
of
the savings bank field and you of the commercial field have
are
research
dressed the conference
sale
credit colicies of com¬
Savings are the
been made upon the
only have assaults
banks but
common
1
one
effective than the mere offering of our
more
by mutual exchange of experience to be aided in arriving at the
business.
How, you may well ask, can banking be changed over from an art to a
profession?
should be
through the investment
relating to the precariousness of present interest rates, the conditions
specific
also
"Not
mercial
commercial
to the investment field the problem is more complicated
come
we
difficult
and
to
Reserve
the commercial
loans,
term
Federal
the
particularly since they
apparently covering their job well,
are
The experi¬
By virtue of the fact that it commits the saver to a
people.
plan it
savings accounts on the present casual basis.
on
Reconstruction
whole
a
of
far
as
the
of
have
and
profitably.
field
the
health
ence
and make it possible to employ
separate out true savings deposits
more
In
as
are
we
which
of
and
level
unattractive
If
of
habits
the banks have pared the interest rates
specific legislation,
$1,000."
has been launched recently called "Buy
plan which enables people to buy $1,000 on easy payments
definite
deposit
a
In the time deposit
Before the depression it tried to pay
by investing in high yield bonds.
That did not
banking has faced a dilemma.
attractive interest
a
latter
loan problem, and an investment problem.
a
is
thrift programs that will
savings plan
new
to
'>
Burgess said, in part:
have
I
A
comment.
safe
It
is
that
as
a
general
deposit boxes that will permit
department.
a
rule
$5
is
the
bank to about
Volume
Back
Financial
148
the so-called good days
in
of banking from 1925 to 1929,
I
believe
not, the average
or
on
their stockholders'
these
For
must
it
is
own
burden
its
earning its profits and
various
to
to
what politically stimulated antagonism
And I am glad to be able
line and mine.
your
believe we are approaching
to you that I
say
that
suggest to you men that
the end of that policy
increase
we
for
But
for
French, Vice-President of the
Trust Co. of New Jersey, Jersey City, N. J., the banks of
the country are now engaged "in building up a consumer
credit volume which will wield a tremendous influence on
the economic life of our country."
Speaking at the confer¬
ence on March 8 on the subject of "Instalment Credit and
Personal Loans," Mr. French remarked that after the banks
had become used to the operation of modernization loans
under the Federal Housing Administration "the doors were
reason,
looked.
borrower invited in. That
was
the beginning of small loans for most banks in the
country.
Since that time banks have developed the busi¬
ness into other fields without,
of course, any guarantee:
personal loans, automobile loans, equipment loans; and
without a doubt after the present FHA amendment expires
banks will offer their own modernization loans.
This new
department has come to stay. No more will the small loan
borrower be allowed to roam unprotected and the victim of
every loan shark."
Mr. French urged that the extension
of instalment credit by banks be justified by loans made
for proper purposes.
He went on to say:
Be sure we are doing soipe good and not just making a lot of spend¬
thrifts out of people.
And after we have satisfied ourselves on that
score,
decide to keep the business on a common sense basis, eliminate
is
it
standard of living.
all salaries, wages and profits.
business in this country has been regarded
as the
enemy rather than the servant of the people.
The
the thing by which we all live has been strangely over¬
that produces
thing
strange
time
that
prosperity and raise our
our
the
is
some
some
fact
I believe the truth
country.
Business
it know exactly where,
that exist in the bank.
departments
done
stated in the Chamber of Commerce
campaign is being slowly recognized by the people.
Among the first things that one learns in the 6tudy of economics is
that the only real wealth consists of goods and commodities; that business
is the production, transportation and marketing of such goods; and that
it is only by the creation and exchange of these things, i.e., real wealth,
banking
why and how
how much of this profit is coming from the
that
has
suggest to you
hardly
this
in
investment in the bank.
I feel I can properly
reasons
analyze
so
bank earned about 75% of its
need
business
to
total net profit from
selling securities in a rising market and from the use of its stockholders'
funds in its banking operations.
The remainder came from the banking
operations, and it was from this source that we took the very substantial
risks that in many cases depleted or wiped out capital accounts.
The
position of this group of Massachusetts banks for the year of 1937 is that
31.6% of the total net operating profit of all three banks was earned
it
1417
Chronicle
of
According
B.
Walter
to
of
is to
people
and full employment is to be realized, they must come in the normal way
through increased industrial activity and increased production of goods
and wealth.
We cannot have more by restricting production.
If we are
competition among ourselves,
*
.
.
exactly
that
mate
I know, as you know, we
may seem,
*
about $185,000,000.
at
it
gives
what the figures are on
done in this
Mr. Schneckenburger
The
American Institute of Public Opinion reports
opinion the answer received most frequently
of
survey
questions about
what was
wrong
out Government
cut
alone;
Bankers Association of America Issues
Covering Proceedings of Its 1938
Volume
Convention
The Investment Bankers
Association of America has re¬
cently made available an attractively bound form, a volume
embodying the proceedings of its 27th annual convention
Sulphur Springs, W. Va., Oct. 26-29. Full
contained in the publication, in
which is also presented the list of the 1937-38 officers and
governors, constitution and by-laws, national committees,
group executive committees and membership roster.
held at White
details of the meeting are
the amount banks are
One esti¬
However impressive this amount
Profit by Re¬
Start—Speaks
at
150th
Anniversary
of First Congress—Says
Three Branches of Government Are All Partners
The American Government must profit by the same re¬
straints which made it a great Nation from the start, Chief
Justice Hughes said on March 4, in addressing a joint session
of Congress at the celebration of the 150th anniversary of the
assembly of the first Congress. The other principal address
on this occasion, by President Roosevelt, is given elsewhere
in this issue. Mr. Hughes, in 'referring to the separate
branches of Government, said that all were partners and that
they work "in successful cooperation, by being true, each
department to its own functions, and all to the spirit which
pervades our institutions—exalting the processes of reason,
Chief
haven't yet scratched the surface.
manner."
remarked that under the
its
Bound
Hughes Urges Nation to
Made It Great from
Justice
straints Which
$1,000,000,000 of financing already
upwards of
that
recent
Investment
bank term loans for the financ¬
credit needs by Walter W. Scbneekenburger, Vice-President of tlie Marine Trust Co. of Buf¬
falo, N. Y., at the conference on March 8.
Speaking on "Intermediate Credit for Industry," Mr.
Schneckenburger said:
"Under existing tax laws and
money market conditions nothing could be more desirable
from the standpoint of industry than a term loan for the
financing of certain of its intermediate credit needs.
That
industry has been quick to realize this is borne out by the
been
a
business
Industry was urged to use
has
New Deal,
alphabetical experiments," industry has faced con¬
as new and complex as any that ever confronted it.
seeking through
ditions
use
or
conditions not easily analyzed
b% confidently embraced. He referred to the revalua¬
of the dollar which "brought with it a supply of
to
tion
stability and a rational progress,
American
lauded the wisdom and restraint which
fathers to form a system which stood
the test of time, and added that it is only by "wisdom and
restraint in our own day that we can make the system last."
"The firmest ground for confidence in the future/' he said,
compre¬
it again
became much cheaper to agree to pay than to agree to
share."
He also referred to the undistributed profits tax
that "fortunately, lasted but a couple of years" as being a
tax law which while it was in force caused industry to be
"hard pressed to determine how much of a penalty it was
willing to pay to the Government for the right to pay
debts or accumulate much needed surplus."
enabled the founding
Recommit
In
Civic
in
address
an
Commerce
and
Benson,
Country to Old Fashioned
Within Income
President
Minneapolis
Association,
Supreme Court Justice
Barkley who said:
Philosophy
the Minneapolis
Feb. 24, Philip A.
the House of
sentatives. There
of the American Bankers Association,
emerging from a period of politi¬
business.
have been
He warned, how¬
The Senate is
of the continued unbalanced Federal budget and re¬
marked that "before we can clear the decks of the doubts
must recommit this country
to the old-fashioned philosophy of living within its income
and see that it is embarked on a definite program of re¬
trenchment that will take us back on the road to orderly
Government finance and a balanced budget."
He added,
number of its
But if I
63 years:
it may be just that,
to
its
simplest
terms,
the
future of banking
business
helps you."
'
only 12 years
1789.
Congress in
the complexity
is bound up
with the future of business.
If your business is good, our
business is good.
If your business in poor, our business is poor.
It has
been well summed up in the advertising campaign of your Chambers of
Commerce
under the twin slogans,
"What hurts business hurts you.
helps
exclusive club because of the small
it as the Association of Chief
Marshall and Taney, served a total of
short of one-half the entire period since the.organiza-
Members, I would refer to
Court of the United States
«
of modern life continues to
who have
the political, social,
and the Chief Justices
presided over it have exercised profound influence upon
and economic history of America and will undoubtedly
inseparably
What
the Nation's most exclusive club.
but in many other respects it is no club .
of the Chief Justices,
The Supreme
part:
Reduced
There
There have been 11
might in my imagination create an
Justices. Two
tion of
Vice-Presidents and 32 Presidents.
of the Supreme Court.
the United States.
sometimes referred to as
In some respects
and fears that hold us back we
have been 32
70 Associate Justices
Chief Justices of
ever,
in
Senator
,
,
of March 1789, 8,124 men and women
Representatives. One thousand three hundred
and eighty-four men and women have served in the United States Senate.
The number of Members who have served in both Houses has been 461.
The total number of those who have served in the Cabihets of all the Presi¬
dents is 352. The number of those who have served as Governors of the
various States is 1,642. There have been 42 Speakers of th6 House of Repre¬
said that this country is
cally stimulated antagonism to
'
Hughes was introduced by
since tbe 4th day
Mr. President,
have served in
before
on
its organization and
individual liberty."
A. Sees Waning of Antagon¬
Business—Declares However,
We Must
of Living
that, while democracy
controls, its vital breath is
than ever we realize
"is that more
must have
President Benson of A. B.
to
people."
The Chief Justice
and credit so huge that it can scarcely be
hended.
It also brought interest rates so low that
money
ism
the wise
of life, liberty
of continued
in the good sense of the
the very limitations of power
of power, and finding the ultimate security
and the pursuit of happiness, and the promise
with "its
Exciting times, to be sure, but
upon
with the country was: "Leave
interference." I believe the election
of last November confirmed that sentiment and that the present conserva¬
tive trend in Congress must be interpreted in the same way.
to
ing of its intermediate
fact
in
cycle.
adverse
that
reasons?
through their small loan departments.
extending to the public
wealth,
business situation more encourag¬
recognition
.
know
don't
I
must prdouce more
the present
of business. .
The pa6t several years have amply demonstrated the controlling force
that public opinion works upon
business.
Most of the things done to
shackle business could not have occurred if mass opinion had not per¬
mitted them.
It begins to appear now that we have run the course of
That is the question ,we
must answer satisfactorily.
If we are not, then the extension of this type
of credit is a bad thing for society.
If the reasons for borrowing are
good, then we are not only helping in each individual case, but doing a
splendid piece of mass good for society as a whole and our economic
system in particular.
Anything which creates purchasing power helps
the merchant, the doctor, the dentist, anyone the borrower does business
With.
we
factor in
one
government cannot take the place
that
it
and make the departments pay.
making loans for legitimate
we
wealth,
more
is
recognize the true function
to
ing than all others at this time it is the apparently growing
these facts on the part of the public and the realization dawning
.
Are
there
If
opened wide and the small loan
foolish
distribute
to
is beginning
business must be free to operate and profit if it
function; and that if prosperity is to come to the
that
social
its
serve
public
the
believe
I
business;
continue to do so as
develop.
pleasure to present to you today the
eleventh Chief Justice of the United States Supreme Court. He has already
served longer than four of the other eight. Whether he shall outserve any of
his predecessors, I make no prediction. I am happy to record that he seems
to be in robust health of mind and body.
'
„
It is my great
honor and no less a
1418
Financial
But whether he
shall
serve
long
as
as
Marshall
or
Taney
Waite
or
Chronicle
seeking through the very limitations of
or
Fuller
or White, I think posterity will
assign to him a place among the ablest
influential, and most profound jurists and legal philosophers who have
served upon the bench or as its presiding Justice. In
profound legal
most
ever
Mar.
of power,
power
1939
11
the promotion of the wise ust
and finding the ultimate security of life, liberty, and the purauis
of happiness, and the promise of continued
stability and
rational progres
a
in the good sense of the American people.
learning, In impressive exposition, in the dignity of his bearing. I dare say
no previous Chief Justice excelled him. We all take
pride in his contributions
to the administrative and geographical
history of America. I take pride in
the broad accomplishments of his intellectual
processes, as well as the depth,
of his moral foundations which
him
his
so
impressive
are
a
Study of Investment Counsel Qualifications to Be Made
by Investment Counsel Association of America
part of his character and have made
A
figure in whatever capacity he has chosen to
occupy in
a
I present to you the Chief Justice of the United States.
The address of Mr.
tions that should be required of individuals offering invest¬
ment counsel services to the public, it was announced on
Hughes follows in full:
Mr. President, Mr.
and House of
Vice-President, Mr. Speaker, Members of the Senate
Representatives, members of the Diplomatic Corps, ladies and
March 8
the
depths
of
my
heart
for
lic
his
cant fact in connection
scale.
wrth this
anniversary is that after 150 years, not¬
enormous increase in
population, and
profound economic changes, despite direct attack and subversive
influences,
there is every indication that the
vastly preponderant- sentiment of
of
Angell,
American people is that our form of
government shall be preserved.
We come from our distinct departments of
governmental activity to testify
unity of aim in maintaining that form of government in
accordance
with our common pledge. Wo are here not as
masters but as servants, not
to glory in power but to attest our
loyalty to the commands and restrictions
laid down by our sovereign, the
people of the United States, in whose name
and by whose will we exercise our brief
authority. If as such representatives
the
fathers a system of government
which has thus far stood the test, we all
recognize that it is only by wisdom and
restraint in our own day that we can
make that system last. If
today we find ground fbr confidence that our
institutions which have made for
it will not be due to abundance of
ity, but because these
resources or to
productive capac¬
system and because of the
general appreciation
essentially sound in our governmental structure.
production in opinion
overwhelming force. We have
has
upon
been
ap¬
national
a
include,
New
law
Ordway
Tead,
of
of
Chairman
A.
Win dels,
of the
Berle,
Jr.,
Exchange
Economy
of
is
Ernest
are
and
Walser,
Board
P.
Berle,
Securities
National
the
Spence,
Rudolf
A.
public members
the
of
Chairman
firm
Chairman,
brother,
two
other
Administrator
York,
the
in
and
its
as
whose
The
League
Hotchkiss
Higher
&
Education
New York.
of
In
addition
Brundage,
the
to
committee,
Lagerquist,
Pell,
Mr.
Rose,
Story and
the
who
other
Kip
&
the
serve
investment
as
an
counsel
Johnston
of
Pell,
of
in
will
investment
Vice-President
President
partner
Rose,
&
members
Lagerquist,
Skinner,
counsel
officio
ex
Inc.;
Inc.;
of
of
Walter
are:
John
Philip
and
firm
member
S.
E.
H.
G.
Sweetser,
partner of Sweetser, Sheppard & Deakin of Philadelphia.
Death of John G. Sargent, Attorney General of United
States in President Coolidge's Cabinet
Vermont
1887 and then studied law.
bar
in
Admitted
to
became State's Attorney
1890, he
of
Windsor County in 1898, and two years later was appointed
With respect to the influences
which
shape public opinion, we live in a new
world. Never have these influences
operated more directly, or with such vari¬
or with such
immediately
attorney-at-law,
Regional
at
partner
the
our
ety of facile instruments,
representatives
Berle,
Tufts College in
people who still cherish the
a
Association
the
John G. Sargent, United States Attorney General in the
Cabinet of President Calvin Coolidge, died of heart disease
on March 5 at his home in
Ludlow, Vt.
He was 78 years
old.
Born at Ludlow, Vt.,
Mr. Sargent graduated from
liberty and strength will be maintained,
physical
the command of
are at
principles which underlie
Secretary of Civil and Military Affairs of Vermont.
Mr.
Sargent later became Attorney General of his native State,
serving from 1908 until 1912, and in March, 1925, President
Coolidge appointed him Attorney General of the United
mass
as well as in
goods. The grasp of tradition and of sec¬
prejudgment is loosened. Postulates of the
past must show cause.
tional
of
Secretary of State.
former
Angell;
as
not assure their own permanence.
If we owe to the wisdom and restraint of
&
Commission
and
to our
Benjamin Franklin said, "no more durable
preeminence than
the different grains in an hour
glass," we serve our hour by unremitting de¬
votion to the principles which have
given our Government both stability
and capacity for orderly
progress in a world of turmoil and
revolutionaryupheavals. Gratifying as is the record of
achievement, it would be extreme
folly to engage in mere laudation or to surrender to
the enticing delusions of
a thoughtless
optimism. Forms of
government, however well contrived, can¬
public
Berle
Assistant
the
is
members
Regarding this committee the Association said:.
The
withstanding expansion of territory,
of what
consisting of three representatives of the pub¬
three
pointed and will begin work
Gentlemen of the Senate and House cf
Representatives, the most signifi¬
have,
and
very
generous words.
we
by Dwight C. Rose, President of the Association.
A committee
gentlemen:
I thank Senator Barkley from
study of the investment counsel profession will be made
under the auspices of the Investment Counsel Association
of America to arrive at a standard of minimum qualifica¬
long public service.
Our institutions will not be
preserved
States.
After serving from 1925 to 1929, he returned to his
law practice in Vermont where he had remained active in
eager and responsive. They listen
attentively to a vast multitude of appeals
and, with this receptivity, it is only
upon their sound judgment that we can
base our hope for a wise
conservatism with continued
progress and appro¬
priate adaptation to new needs.
-
a
by veneration of what is old, if that is
simply expressed in the formal ritual of a
shrine. The American people are
We shall do well
nents
of the
mass
accountability.
Here the ground swells of
upset or even
It has been said that to
preserve that
should have to create them. In
of power necessary to
our
balance, if
48 States
we
we
did not have States
we
have the separate sources
protect local interests and thus also to preserve the'
vast variety of our
concerns, from breaking down
under its own weight. Our
States, each with her historic background and
supported by the loyal sentiment of her
citizens, afford opportunity for the
essential activity of political
units, the advantages of which no artificial
authority, in the
territorial arrangement could
secure.
If our checks and balances sometimes
prevent the speedy action which is
thought desirable,
long run a more deliberate judgment. And
what the
generally get. With the ultimate
tljey also
assure
in the
people really want, tbey
power of
their hands
change through amendment in
they are always able to obtain
whatever a preponderant and
abiding sentimept demands.
We n°fc only praise individual libei
ty but our constitutional system has
the unique distinction of
insuring it; Our guaranties of fair
in
the protection
tween the citizen and
life, liberty, and property—which stands be¬
power—of religious
freedom, of fiee
spedch,
free press and free
assembly, are the safeguards which have been erected
against the abuses threatened
by gusts of passion and prejudice which in
misguided zeal would destroy the basic
interests of democracy. We protect
the fundamental
right of minorities, in order to
save democratic government
from destroying itself
by the excesses of its own power. The firmest
ground
for confidence in the
future is that more than ever
we realize that, while
democracy must have its organization and
controls, its vital breath is indi¬
vidual liberty.
I
am
happy to be here
as
the
representative of the
tribunal
charged with the duty of
maintaining, through the decision
these constitutional
guaranties. We
arm
of government.
are
a
separate but not
which
an
independent
4,1789, and
on
September 24,1789,
its twentieth
enactment, passed the
Judiciary Act—to establish the judi¬
cial courts of the United
States—a statute which is a
monument of wisdom,
one of the most
satisfactory acts in the long history of notable
as
legislation. It may be said to take rank
in
to the Constitution itself.
congressional
our annals as next in
importance
In thus
providing the judicial
establishment, and in equipping and sus¬
taining it, you have made possible the
effective functioning of the depart¬
designed to safeguard with judicial impartiality
ment of government which is
and
independence the interests
ing democracy workable
cannot say to another:
we are
"I have
of
liberty. But in
the great enterprise of mak¬
all partners. One member of
no
spirit which pervades
our
body politic
need of thee." We work in successful
operation by being true, each
department to its
the
our
own
co¬
functions, and all to
institutions, exalting the
processes of reason.
of
the
Boston
late
dry
President
Calvin
dry goods business, the R. H. Stearns Co., of which he later
of the
Board.
with
Mr.
Coolidge began in
dent
was
Mr.
Stearns'
association
a
1914 when
the
future
Presi¬
member of the Massachusetts Senate.
It is
stated that he later directed the
campaign for Mr. Coolidge
for the offices of Lieutenant Governor and Governor of
Massachusetts.
In
Mr.
1920
Stearns
went to the Repub¬
view, say press accounts,
of Mr. Coolidge as President,
lican National Convention with
to
securing the nomination
a
but the delegates placed him on the ticket as Vice-President
to run with Warren G. Harding.
Following the sudden
death of President Harding in 1923, Mr.
Coolidge succeeded
to the Presidency.
During the administration of President
Coolidge, Mr. Stearns
House
and
was
frequent visitor at the White
the President's most trusted
was a
regarded
as
adviser.
Under
Boston
date
E.
in
Foreign
J,
Washington
Representative
son,
its
press
March
of
7, Associated
Press advices
from
said:
Colleagues
Stearns'
House
Affairs
hastened
Foster
Committee
to
Shean
offer
Stearns
of
appointed
condolence.
change
their
New
sympathy
committee
a
of
to
Mr.
and
Hampshire,
the
five
to
ex¬
'
Appointed Head of New York Curb Ex¬
Committee
Ad¬
The special committee,
appointed Feb. 24 by Clarence A.
and President protem of
on
Paid President—Four
ministrative Officers Appointed
is
not we, have the purse and the
sword. You, not
we, determine the establishment
and the jurisdiction of the lower
Federal
courts and the bounds of the
appellate jurisdiction of the Supreme Court.
The Congress first
assembled on March
Stearns, retired
adviser
became Chairman
of controversies,
You,
close
ated "from Amherst College in 1887 and entered his father's
trials, of due
of
arbitrary
W.
goods merchant
Coolidge,
died of pneumonia on March 6 at his home in
Boston, at
the age of 82.
A native of Boston, Mr. Stearns was gradu¬
and
,
autocracy, destructive
of parliamentary inde¬
disturbed the authority and responsi¬
bility of the essential legislative branch of
democratic Institutions. We have
a national;
government equipped with
vast powers which have proved to
be adequate to the
development of a great Nation, and at the same time
maintaining the balance between centralized
authority and local autonomy.
process
Frank
principle of representative
government—not government by
by representation which means
leadership as well as
pendence, have not yet
Stearns, Adviser and Close Friend
of Late President Coolidge
anniversary if the thought of the people is directed
democracy. Here in this body we find the living expo¬
action but
responsiveness and
central
Death of Frank W.
this
on
to the essentials of our
direct
consulting capacity until his death.
Bettman, Chairman of the Board
the
New
with
the
J.
York
respect
Curb Exchange,
to
the
make
was
of
of the committee
and
the
Morton
matter
Members
meeting
of
F.
qualifications
are
special
committee.
Other
Neftel,
members
Alpheus C. Beane, Jr., Jacques Cohen
The Exchange's announcement in
Stern.
the
new
23rd,
which,
in
Board
of
their
Governors,
have
last,
which
submitted
opinion,
should
held
letters
be
its
organization
setting
considered
forth
in
President.
It
Board
will
be
the
qualified to
for
Edward
further said:
Feb.
on
the
President
March 3.
on
Chairman and Austin K.
appointed
Vice-Chairman
recommendations
paid
a
Exchange, held its first meeting
Shean
the
to
appointment of
the
name
serve
duty
of
as
a
of
this
person
President.
special
or
committee
persons,
who,
in
to
recommend
its
opinion,
the
selecting
to
is
the
best
Volume
On
Financial
148
March
Mr.- Shean issued the following
8,
announcer
ment:
desiring to present names
to the Special Committee for the selection of a paid President are advised
that they may address letters of recommendation to the Chairman.
However, if members or partners prefer to appear before the Com¬
mittee to express their
views, appointments may be made by writing
Memmbers
to
and
of
partners
member
firms
United
Bowers, Ambassador to Spain, was returning to the
States.
Mr. Bowers sailed from France on March 4 on
appointment of the
The
committee was reported in these
1257.
appointment of four administrative officers as
ad-interim of the principal divisions of New
The
on
tions and
2.
McGowan,
E.
Charles
1.
Dir¬
Department of Transac¬
ad-interim,
Director
Quotations.
Hengeveld, Jr.,
Christopher
Department of Ad¬
Director ad-interim,
ministration.
3.
4.
Henry
Securities.
Department of
ad-interim,
ad-interim, Department of
Badenburger, Director
H.
Supervision.
Director
Keena,
J.
Martin
Outside
1
indicated division of Ex¬
appointments and the
These
the suggestions contained in Article IV
of Reorganization adopted by the members
change work follow
Plan
the
of
McGowan
Mr.
Secretary
is
ad-interim of the Exchange
having been ap¬
23, as was reported in these
pointed by Mr. Bettman on" Feb.
columns of Feb. 25; page 1113.
Assistant to
appointed by President
was
Brazilian Ambassador to the
new
United States, Carlos
Kanaley Elected to Board of
B. V.
Byron V. Kanaley, Chairman of the Board of Lay Trustees
University of Notre Dame of South Bend, Ind., and
peace."
Regarding the Ambassador's and President Roosevelt's
remarks, the following is taken from a Washington dispatch
of March 9 to the New York "Times:".
"Our past
days," Mr. Martins said, "attest distrust,
awaken and the future
and the United States of
united in the sovereign recognition of justice and
history and present
Brazil remain
world, when troubled days
United States of America
will confirm that the
fraternally
in respect for the precepts
of international law, for the
unremitting defense
of peace.
present conditions
"In the
and constant
of the need becomes more
urgent for a close
of peace among
understanding which aims at the maintenance
safeguarding of an inestimable treasury accumulated in
your country and in mine through the hard work of our forebears.
"Your Excellency's efforts in the defense of those ideals, which constitute
the moral grandeur of the United States, find an echo of admiration and of
fullest support in Brazil which vibrates with fraternal feeling whenever the
voice of America, serene and firm, extols reason and justice."
peoples and the
reply President
Roosevelt said:
"I need not assure you
ernment of the
j.
that it will be a source
United States to maintain
friendly cooperation which has
the close and
_
of gratification to the Gov¬
and to increase in every
"Consistent
Harvard Law School
"He was
an
organizer and the first President of the Chicago Mortgage Bankers
Association, largest local mortgage organization in the country.
Irvin
Jacobs, head of Irvin Jacobs & Co., is the other Chicago member of the
board, having served since 1933. Mr. Kanaley's election brings the roster
of the M. B. A.
"
example of the way in
"As an
has found
which our mutual desire
for cooperation
the visit in Washington of
practical expression, I allude to
His
Minister of Foreign Relations
of Brazil, who has been our honored guest in Washington during recent
days. Dr. Aranha has won the friendship and esteem of all who have had the
privilege of knowing him and we wish him a safe and pleasant journey back
Excellency Dr.
"I
Oswaldo Aranha, the eminent
country.
am
»
.
sincerely appreciative,
Mr. Ambassador, of your
remarks concern¬
of Brazil in every effort of the United States Government
toward the preservation of reason and justice in international relations and
I am confident that like support will continue to be given by the American
ing the support
people and
government."
,
Appointed Class "C" Director
Reserve Bank of Philadelphia
A. H, Williams
The
Board
of Governors of the
of Federal
Federal Reserve System
appointment of Alfred H. Wil¬
liams, Dean of the Wharton School of Finance, University
of Pennsylvania, as a class "0" director of the Federal
Reserve Bank of Philadelphia for the unexpired portion of
announced, on March 3, the
the term
ending Dec. 31, 1941.
of
G.
Bowers, Envoy to Spain, Returns to United States—
Laurence A. Steinhardt, American Ambassador to Peru,
LTA.
U.
Steinhardt Reported Transferred from Post
S. Ambassador at Peru to Moscow—Claude
having been appointed by President Roosevelt
fill the post which had
been vacant since Joseph E. Davies was transferred to
Belgium as Ambassador in January of last year, it was
revealed in Washington on March 4.
At the same time it
was announced by the
State Department that Claude G.
is
reported
as
Ambassador to the Soviet Union, to
board to 28 members from
21 States,
Assistant Chief of Bureau
Agricultural Economics
of
appointment of Harry E. Reed as Assistant Chief of
Agricultural Economics, United States De¬
partment of Agriculture, on March 1, was announced by
C. W. Kitchen, Associate Chief. Mr. Reed has been with
the bureau for eight years and since early 1935 has served
as Agricultural Commissioner in the bureau's London and
Berlin offices. In his new capacity Mr. Reed will assist in
the administration of all marketing research, service and
The
the Bureau of
regulatory work, including the Federal-State crop and live¬
stock estimating service, the nation-wide market news ser¬
vice, the farm products standardization and
inspection
services, and the administration of various Federal laws per¬
taining to the marketing of farm products.
„
Operating Ratios of
illustrious Presi¬
the steadfast desire
banking affairs in Chicago.
Reed Appointed
E.
H.
of Notre Dame and the
active in mortgage
and has long been
District
Member Banks in New York Re¬
1938—All Groups Showed Net
Declined to 9.9% in 1938 from
in
Profits but Average
1&2% in 1937
Vargas, my
law, order and peace.
*■
Kanaley is a graduate
serve
personal friend, it is also a genuine satisfaction
of the American Government to pre¬
serve the ideals and aspirations of our two governments, through which the
people of Brazil and the United States seek to uphold the rule of international
dent, Dr. Getulio
caused by the resignation of Arthur M.
The Association's announcement went
a vacancy
to say:
on
relations between our two
for me to reiterate
Kanaley
Hurd of New York.
perceptible
always characterized the
countries.
with the recommendation to you by your
banking firm of Cooper,
has been elected to the Board of Gov¬
ernors
of the Mortgage Bankers Association of America,
S. M. Waters, President, announced today (March 11). He
& Co. of Chicago,
Mr.
anxieties and fears, the
Governors of Mort¬
Bankers Association of America
gage
Brazil's admiration and support
"whenever the voice of America extols reason and justice."
In reply the President gave assurance of this country's desire
to preserve the ideals and aspirations of both countries in
seeking "to uphold the rule of international law, order and
expressed
and
peoples
to your
8, 1934, page 1493.
columns Sept.
will fill
way
March
Roosevelt as Director of the
Federal Budget, succeeding Daniel W. Bell, Acting Director,
who has been made an Assistant to Secretary of the Treasury
Morgenthau.
Mr. Smith is expected to take over his new
duties about April 15.
It is reported that Mr. Bell, who has
been Acting Director of the Budget since September, 1934,
when Lewis W. Douglas resigned, may return later to his old
position as Commissioner of Deposits and Accounts. The
resignation of Mr. Douglas in 1934 was noted in these
8
presented his credentials to Presi¬
dent Roosevelt on March 8. The new Ambassador praised
President Roosevelt's efforts to maintain peace among all
In
Director of Michigan, on
Harold D. Smith, Budget
President of the mortgage
Ambassador to United States Presents
Credentials to President Roosevelt
Brazilian
Martins Periera e Sousa,
all
Director of Budget—
D. W. Bell, Who Is Made
Secretary of Treasury Morgenthau
Appointed
Smith
D.
Succeeds Acting Director
of the
♦»
The
Harold
Hengeveld Treasurer ad:interim,
Mr.
New
officially
1938.
Oct. 14,
and
Steinhardt's appointment was not
March 4 Mr.
announced, since this ordinarily is not done until the nomina¬
tion goes to the Senate.
There was authoritative confirma¬
tion, however it is said of reports of the President's action.
York
Curb Exchange work, pursuant to Article II, Sec. 2 (c) of
the Constitution, was announced on March 7 by Mr. Bettman, President Pro Tern.
The appointments follow:
ectors
the
Queen Mary. He arrived in New York on Mar. 9 and yester¬
day (Mar. 10) consulted with the State Department at
Washington.
According to Associated Press advices from Washington
the Chairman.
columns of last week, page
1419
Chronicle
of operating ratios of member
Second (New York) Federal Reserve District
for the year 1938, with comparative ratios for 1937, was
issued on March 4 by George L. Harrison, President of the
Federal Reserve Bank of New Yprk. In making public the
figures Mr. Harrison says:
All groups of banks showed net profits in 1938, but the average percentage
of profits to total earnings from current operations declined to 9.9% in
1938 from 16.2% in 1937 and 3U9% in 1936. This decline may b6 attrib¬
uted almost entirely to larger charge-offs for losses and depreciation on
investments, caused by the depressed prices for medium and lower grade
bbneb that accompanied the recession in business in the early part of the
year.
In 1936- there were substantial profits and recoveries on investments
which added considerably to net profits., The average net profit, after
charge-offs and recoveries, for the 757 banks included in the compilation
equal to 2.2% of capital funds in 1938, as compared with 4.$% in 1937
and 8.9% in 1936.
From 1923 to 19^9 net profits averaged about 10%
annual compilation
The
banks in the
'
was
capital funds.
of total
of banks in this district was rather generally re¬
of a somewhat smaller volume of loans and invest¬
slightly lower rate of return on those assets, most banks man¬
Although gross income
duced in 1938 because
ments
and a
accordingly, so that the average ratio of total
74.9% in 1938, as compared with 75.8%
1
The proportion of investments to total loans and investments again de¬
creased slightly in 1938 in the smaller banks of the district, but increased
aged to curtail expenses
expenses to
in
total earnings was
1937.
in most
of the larger
sizable increase
banks: the large banks in
New York City showed a
from 50% in 1937 to 56% in 1938, caused by
The average percentage of capital funds to
demand for loans.
ail banks
continued the slight
Mr. Harrison
Two
downward trend of previous years.
also points out:
added to the compilation this year.
paid, which formerly were included in
shown separately as percentages of total
additional ratios have been
Real estate taxes
"all
the reduced
deposits for
other
expenses," are now
earnings from
concerns
and other taxes
Another change in the ratios this year
department." Such income is now shown
current operations.
"income from
trust
separately as a percentage
of total current earnings
for only those banks
1420
each
in
Financial
which
group
cluded in
had
Income fiom
trust
departments, and is
also
Chronicle
in¬
Committee
"all other earnings."
22
John
formal
prepare
Approximately 500 reservations from New York and other
principal cities have been received for the annual dinner of
the New York Security Dealers Association to be held
at the
Waldorf-Astoria Hotel, New York
City, on March 22,
according to an announcement made Feb. 28 by John J.
O'Kane, Jr., Chairman of the Dinner Committee.
An
address before the meeting will be delivered
by William 0.
Douglas, Chairman of the Securities and Exchange Com¬
In addition to Mr.
Backus,
Director,
Division,
Commonwealth
Manu
for
reports
submission
the
to
N.A.M.'s
men
par¬
Both large and
*.
Securities
Exchanges
13-14
to Hold
Meetings in Washington
Consider
to
Revision
of
Laws
A
general conference of representatives of all securities
exchanges throughout the country will be held in Wash¬
ington on March 13 and 14 to consider revision of Federal
legislation affecting securities markets, particularly the
Massachusetts; Clarence A. Bettman, Chairman of the Board, New York
Exchange; James J. Caffrey, New York Regional
Administrator,
S.E.C.; Sherlock Davis, Technical Adviser, S.E.C.; H. H.
Egly, Chief,
Securities Association Unit, S.E.C.; Nevil
Ford, Chairman, Drafting Com¬
Curb
Securities
Exchange Act of 1934 and the Securities Act of
1933, it was announced by the New York Stock
Exchange.
A special committee of the
Exchange has been making a
study of possible revision of existing legislation and this
meeting will give all exchanges a chance to express their
views on the question.
The appointment of this special
committee was reported in our Feb. 25 issuee
page 1112.
mittee, Investment Bankers Conference, Inc.; John G.
Forrest, Financial
News Editor, The New York Times; B. Howell
Griswold, Jr., Chairman,
Investment Bankers Conference, Inc.; Wallace H.
Fulton, Director, I.B.C.;
William Grimes, Managing Editor, The Wall
Street Journal; Robert F.
Healy, Commissioner, S.E.C.; Kenneth C. Hogate,
President, The Wall
Street Journal; Ambrose V. McCall, Assistant
Attorney-General; William
McC. Martin, Jr., President, New York Stock
Exchange; R. V. Moseley,
President, Investment Traders Association of Philadelphia; E. W. Paven-
stedt, S.E.C.; Ganson Purcell, Director, Trading and
Exchange Division,
S.E.C.; C. A. Shively, Financial Editor, The Sun; John K.
Starkweather,
President, Bond Club of New York; Willis Summers,
York News Bureau*
of
Association's
ticipate annually in the committee's work.
small industries are represented.
of
President, National
Security Traders Association; Benjamin H. Van Keegan,
President, Security
Traders Association of New York; Walter
Zoubeck, Financial Editor, New
Form
More than 500 manufacturers and other business
Douglas, guests of honor will
Securities
Association
Congress of American Industry in December.
Depending upon the scope of their work, the committees
range in size from as few as 10 members to more than 50.
March
H.
National
Appointed—Will
Policies in 1939
York Security Dealers Association on
Expected to Draw Large Attendance—
W. O. Douglas, Chairman of
SEC, to be Guest
Speaker
mission.
include:
of
11
1939
Appointment of the Chairmen and Vice-Chairmen of the
17 committees which will shape the
policies of the National
Association of Manufacturers during the current
year was
announced Feb. 26 by Howard
Coonley, President of the
Association.
The work of the committees covers all
phases
of American industrial
development and matters relating to
business generally.
Most of the committees, it is said,
New
of
March
Heads
facturers
Reference to the operating ratios of member banks in
the
New York Reserve District in 1937 was made in
these col¬
umns of March
19, 1938, page 1802.
Dinner
Mar.
New York
Chapter of American Institute of Banking
Begin Spring Series of Conferences on Present
Day Banking Problems on March 15
to
John A.
Elbe, President of New York Chapter of the
Banking and Cashier of the Lincoln
Savings Bank, Brooklyn, announces that the Bankers Forum
of New York Chapter will launch on March
15, its third
Spring series of four conferences devoted to the discussion
of present day problems in
banking and finance. Each con¬
ference, spaced fortnightly, will be held in the auditorium
at New York Chapter
headquarters, the Woolworth Build¬
ing, 233 Broadway, and will begin at 7:30 p. m.
The
speakers, their topics, and the presiding officers for the
American Institute of
Academy of Political Science to Hold Semi-Annual
Meeting in New York City May 3
*
The semi-armual
meeting of the Academy of Political
Science, New York, will be held on May 3 at the Hotel
Astor, New York City. This meeting, which
usually takes
place early in April, was postponed this year in order that
non-resident members who may be coming to New York for
the opening week of the World's Fair
may attend the
Academy meeting. The general topic of the meeting will be
"The Preservation of Democracy—America's
Prepardness."
There will be three session
as
Bankers Forum series follow:
Mar, 15
Speaker—Milton W. Harrison, Publisher and lYesident,
Savings
Bank Journal.
follows:
Topic—The Current
Labor.
Morning Session—Prepardness and Foreign Policy,
Afternoon Session—Problems of
Physical Prepardness.
Dinner
Session—Democracy and the Issue
Railroad
Situation and
Its
Relation
Presiding-—Earl
to
*
,
.
B.
Scliwulst,
First
Vice-President,
Bowery
Savings Bank.
of Prepardness.
Mar. 29
Speaker—Dr. Virgil Jordan, President, National Industrial Con¬
ference Board.
Oil Burner Institute
Hold 15th Annual
to
New York
The
City
on
»
Topic—Unemployment.
Meeting in
Presiding—Allan Sproul, First Vice-President,
April 18
meeting and dinner of the Oil Burner
Institute will be held at the Hotel New
Yorker, New York
City, on April 18, it was announced Feb. 23 by Earl Marr,
Chairman of the Program Committee.
Regarding the
program, the announcement said:
Federal
April 12
Speaker—Dr.
Willard
E.
Atkins,
Chairman,
Department
Bank.
April 26
<"
Speaker— Stephen M.
"
in
the same
time Metropolitan New York dealers
will meet to discuss important local
problems.
A representative
facturers, dealers
in the Hotel New
as
attendance from the oil burner and
accessory manu¬
and oil companies will attend the dinner
in the evening
Yorker, with civic officials and heads of allied industries
guests of honor.
Conference
Reservations for the series
ings
middle western universities and
colleges, is sponsoring
the annual Midwest Power
Conference to be held at the
Palmer House Hotel,
Chicago, April 5-7, according to an
announcement made by Dr. L. E.
Grinter, Dean of the
Graduate Division and Director of the
Department of Civil
Engineering at the Institute. Dr. Grinter is Director of the
conference.
The announcement further
stated:
Replacing the original conference which
commercial
under
the
involved, namely, Armour
institutions
Institute
of
Technology, Iowa
Purdue
the
of
was
organized under private and
sponsorship, this year's conference is the second to
be held
of Armour Institute.
The educational
auspices
State
College,
University, the University of Illinois, the State
University of Iowa,
University of Michigan, Michigan State
College, and the University
Wisconsin, have accepted the responsibility for the
Midwest Power
Conference
"Only at
the
because
of
the
evident
public service that
a centralized conference such as
technical
and
social
phases
of power
production, distribution,
Year—N.
subjects discussed by authorities from educational
Emphasis will be placed on steam, diesel,
modern
future
will
be presented which
practice, while other papers will
as
indicated in the investigations of
some
and
25 important
industrial
electric, and hydraulic
papers
and
venture
our
power.
will discuss
into
fields.
In
the best
the picture of the
great research laboratories.
the individual meet¬
as
40% in Residential Construction
H.
Engle
of
Department of
of
Many
Building
Retard
Factors
that
May
Continue
Residential building in 1939 may advance as much
1938, Nathaniel II. Engle, Assistant Director
over
Bureau
Com¬
Outlines Theoretical Housing Shortage, but
Warns
to
40%
as
of
the
of
Foreign and Domestic Commerce, told the an
convention of the Building Contractors Association of
Southern California at Los Angeles on Feb. 24.
With ref¬
nual
erence to
he
said
has
the long-run prospects for residential construction,
if there is "not now a housing shortage, it
that
to a
great extent been
with
us for
two
or
three years
without noticeably bringing about the builders' millenium."
A theoretical shortage cannot of its own
weight guarantee
a
period
housing
of
building,
active
adding
that
the demand for
"clearly responsive to family income,
appears to be
cost, and other factors for at least short periods of time."
Engle continued:
Mr.
It
This
Its
failed
is
with
comparing the
in
seen
many
the
with
5%
in
data
cities.
for the cities for which
has
respective
we
have
1930 and
increases
residential
on
Since
late
year
vacanies
the
1936
by
year.
which
average
we
urban
information has been under 3%
8%
in
1933), and in the smaller
frequently been under 2%, little short of the absolute minimum
to provide choice of quarters and to allow
alterations.
an
be
that housing construction has for 6ome
with the increases in the number of families.
however,
pace
in
from
contrasted
necessary
and
may
secured
cities
denied,
keep
to
observable
results
vacancy
(as
be
cannot
years
have
The program planned for the
conference will include
of these fields,
be rendered.
this," said Dr. Grinter, "can all of
utilization be discussed."
each
can
well
as
may
Sees Possible Gain of
Technology
seven
t
Building, 233 Broadway.
to
Technology, in cooperation with
.
City Bank Farmers Trust Com¬
•
be made through Charles C. Hull, Secretary of
New York Chapter, at the
Chapter office in the Woolworth
Be Held in
Chicago,
April 5-7, Under Auspices^of Armour Institute of
The Armour Institute of
'
Topic—Interest Rates and Monetary Controls.
Presiding-—J. Herbert Case, Paitner. R. W. Pressprich & Co.
merce
Power
Foster,
pany.
This
Midwest
of
Economics, Washington Square College, New York University.
Topic—Washington, Business and Banking.
Presiding—Joseph A- Broderick, President, East River Savings
.
The events of the day will
comprise a meeting of the board of directors
the morning and a
group luncheon at noon.
In the afternoon, the
annual meeting will be held at which
expiring directorships and vacancies
will be filled.
The organization meeting of the new Board
of directors will
take place following the annual
meeting, and officers and members of the
Executive Committee for the ensuing year will be
elected.
At
Reserve
Bank of New York.
15th annual
estimate
Low
of
vacancy
future
is
a
current
probabilities.
fact.
for
We
turnover, repairs
can
supplement it
Volume
The
in
number
the
families
of
future,
become
to
Financial
148
in
although at
stable.
if
Even
urban
our
will continue
areas
slightly lesser rate as
a
have
we
our
attained
now
to
a
proper
level
of
the
of
building is
The
solely to keep pace with the increase in families.
to meet all of these needs may very likely
necessary
number
total
required
annually during
the next five years.
This number is comparable with some 350,000 units
in all areas, including farms built in 1937, and 380,000 in 1938.
The potential demand is there; the question for the industry is whether
income will be sufficiently high or costs of ownership sufficiently low to
convert
the
potentiality into actuality.
The need for housing is not
approximately 600,000 units in the United States
average
sufficient of
itself
the
to
ability
the
times.
there must be, in the long run,
The existence of the need, however, should
far-sighted to adopt the product, its price, and if need be,
to the economic conditions of the
which it is produced,
by
process
construction;
this
At
the
in the national
the housing market
it might be well to state that the rise
point
in
to the
few
last
has
years
fully
not
opened
It is true that the national
a continuing stimu¬
great majority of potential consumers.
increased since 1933, and this in
itself is
income has
But most of the potential consumers
of new housing have incomes so low that even with these increases they
will
still
be unable to purchase or rent newly-constructed homes.
To
make them consumers either the total national income must be further
to
housing construction.
new
creased,
better
ultimate
the
or
will the industry provide the means, or must
housing;
by
help
proportionate share of the income must be in¬
cost of housing must be lowered.
They need
their
enlarged,
greatly
ment
ments
housing
of
means
the Govern¬
subsidies?
Loan Bank
System with Federal Reserve System
builder
1939, according to Frank W. Hancock Jr., member of
before
Central Conference of the United States Building
Federal
the North
Bank
Loan
Home
Board,
Hancock
say:
the
homes
increased
There
4.
455,800 to
of
a
carried
by
in
trading
Loan
Home
savings,
the
on
Bank
building
exchanges or other
indebtedness on
loan associations
System
and
Another
started.
decade
by these institutions.
full half of the total volume carried
Federal Home Loan Bank System with
System, Mr. Hancock is reported as
stating that the membership of the Federal Reserve System
after 25 years is 41% of the eligible banks and the mem¬
bership of the Home Loan Bank System after only six
years is 42% of the eligible home financing institutions.
Each of the Systems has over 75% of the total assets of
the institutions which are potential members.
Reserve
Federal
comments Mr. Hancock said:
In his further
is
It
the
duty
of
every
private
cooperate in creating in every
and
citizen
every
people in
assist
to
savings facilities with
buying and repairing homes.
folks accumulated in
result
facilities.
credit
their
to
by the homes that rose in-every section as a
institutions and
such
owning, building,
built by the capital of the ordinary
This country was
public" official
community in this land institutions directed
managed by the citizens to provide thrift and
which
of
Corporation
$2,128,706,000.
:
+.
•<
in 1938 by
$318,000,000 Over 1937
The membership of the
Federal Home Loan Bank System
1938 with total assets of $4,432,238,000, an
closed the year
$318,000,000 over 1937, the Federal Home Loan
was
informed on Feb. 25 by its Division of
and Statistics.
The announcement by the FHLBB
increase of
Board
Bank
Research
went
to say:
on
savings and loan associations and insurance companies with aggregate
assets
of
$134,652,000 were admitted as members during the
year.
158
associations, together with a few
membership to 19 from 1937,
institutions as of Dec. 31.
pointed with emphasis to the large aggregate increase in
consolidations
and
Mergers
bringing the total net membership up to 3,951
Division
The
members.
all
of
99% of Federal Home Loan
85% of total
Savings and loan membership at the end of 1938 represented 43%
Bank "Review."
Home Loan
Period
The "Review"
assets.
of the total number of all such
said:
sizable gains in Federal associa¬
tions, appears to have been general throughout the United States, since
assets of identical members in each of the 12 Federal Home Loan Bank
districts contributed to the favorable showing, with a majority of members
all classes
registering increases.
"
This
covering
survey,
before
'effect
the
61%, respectively, for 1937.
Fifty-three per cent of the total number of members of
the System at
insured up to $5,000 for each
investor by the Federal Savings and Loan Insurance Corporation.
Their
assets constituted 48% of the assets of all members.
Comparable ratios
for 1937, 48% and 42%, respectively, indicate the growth in number and
increasing strength of insured associations, the Division stated.
Four States, Pennsylvania, New Jersey, Ohio and Illinois, led in number
the
end
the
of
their accounts
had
year
the close
1938.
of
BANKS,
ABOUT
ITEMS
TRUST
COMPANIES,
&c.
sale of a New
Curb Exchange membership at $10,000, unchanged
previous transaction.
Arrangements were made' March 10 for
York
from
♦
membership of Lestre R. Morse in the , New York
Cotton Exchange was sold March 8 to John H. MeFadden
The
Jr., for another, for $8,500, this price
the previous
of
being $200 in advance
sale.
•
»
Arrangements w$re completed March
9 for the sale of a
$1,800, down
membership in the Chicago Stock Exchange at
$300 from the last previous sale.
York
New
The
authorized
Bank
Citizens
State
Banking
on Feb. 28
of the Patchogue
Patchogue, L. I., from
Department
increase in the capital stock
an
Trust
&
Co.
of
$400,000, consisting of 4,000 shares of a par value of $100
each, to $497,600, made up as follows:
$200,000 par value of preferred stock A divided into 12,500 shares of
$16
value of
par
each.
B divided into 1,952 shares of
value of preferred' stock
value of $50 each.
$97,600 par
par
$200,000
par
value of common stock,
par
value of $50 each.,
March 2 the
jOn
„
divided into 4,000 shares of the
.
New
.
•
■
York State Banking Department
approved a proposed change in the name of the Trust Co.
of Northern Westchester of Mount Kisco, N. Y., to the
Co.
Insurance Loan Trust
is
particularly significant
because it shows that the
institutions recorded a
Although it has been usual for assets of Federal and
associations to increase, the 1938 expansion of
member uninsured institutions effects a reversal of
State-chartered
of
most
trend
of
the
of
_
principally, the recession months and ending
trends of the final quarter of 1938
favorable
Central Trust Co. of Rochester,
of the
Directors
have announced the
Board
President of
N. Y.,
election of Albert E. Vogt as Chairman
of Directors
the institution.
Murray who died on Feb,
and of Elmer B. Millman as
The latter succeeds John A.
8.
member uninsured State-chartered
of the
growth in assets.
insured
the
of
estimated,
be
majority
assets
associations in the country and 65% of all
which compare with 40% and
their asset's,
improvement, while affected by "the
This
could
associations constitute
loan
System membership in point of number and they have
Bank
the
Same
small
of
withdrawals, reduced the net increase in the
in> 1937, FHLBB
■
'
An increase of $151,000,000 in the assets of a comparable
group of all types of savings and loan associations for the
12-month period ending with the third quarter of 1938 as
compared with 1937 was reported on Feb. 25 by the Federal
Over
$151,000,000
Reports
membership progress, the Division reported that
its annual report on
In
the
Ending
the
Increased
Assets of Federal Home Loan Bank System
and Loan Associations for 12 Months
Third Quarter
of 1938
Increased by
Assets of Savings
of
their investors through insurance.
On Dec. 31
was
protecting 2,097 institutions with total
savings of
Insurance
assets
high total of 2,125,800.
of 218 last year in the number of associations
new
a
increase
an
was
guarding the
the
these insured associations in the year
The number of shareholders in
3.
1938
Comparing the
and
loans aggregating
31 to
frequently
A third of the volume of mortgage
was
the
when
see
than
homes
operations.
3,932
should
of
building
financial
American
the
of such invest¬
bringing the total of such loans outstanding on Dec.
of members at
..
optimism always expresses itself among our people more
Such
in
He went on
and spirits are on the way up.
employment
in
spoke
who
League at the Palmer House, Chicago, on Feb. 11.
said that American business and production,
and Loan
to
to be the worltFs leading home
is likely
America
Mr.
associations during 1938
$1,609,900,000.
assets
F. W. Hancock of FHLBB Compares Home
the
these insured
in
During 1938 these associations made home mortgage
2.
$418,053,000,
Savings and
in
invested
savings
by $301,700,000 over 1937, raising the aggregate
in them to $1,452,700,000.
.
income
lus
Private
increased
purchase.
the
estimulate
to cause
report were
1.
The principal points of
instrumentality.
as follows:
000,000 Federal
and 600,000 new
dwelling units annually during the next few years to maintain that
balance.
This is without an allowance for the replacement of dwellings
which are now unfit for use, which will become unfit for use, which will
be demolished or destroyed, or which by reason of the changing character
of our cities will find themselves vacant in blighted areas; this amount
$117,-
Savings and Loan Insurance Corporation, a
Federal
increase
population tends
it will be necessary to build between 400,000
occupancy,
1421
Chronicle
of the
recent
years.
Leroy W. Baldwin, President
and Chairman of the Board
Empire Trust Co., New York, died on
March 6 following an operation at the Harkness Pavilion
of Directors
of the
of the Columbia
Presbyterian Medical Center in New York
Federal associations
is
said to show that during 1938 they increased their
private share capital—or savings—by 20%, a greater gain
than that of 1937.
The number of savers in all Federal
associations grew from 893,000 to 1,164,000 during this same
He was 73 years old. A native of Rutland, Vt., Mr.
Baldwin began his business career in 1886 in that city.
He came to New York in the early Ws, and in 1901 founded
12-month
tution
A
study of a comparable number of
period.
City.
the
President up to the time of his
Vice-President and a Governor of
Bankers Club of America, Chairman of the Board of
death.
Progress
of
Insured
Baldwin
was
the
the
Middle
Federal
with the prog¬
ress of those institutions which is designed to protect the
savings of their investors up to $5,000 each through the
Bank Board.
The report dealt
was
also
Equitable
savings
report showing the growth in 1938 of insured
and loan associations was issued March 4 by the
He
the
A
Loau
Mr.
Savings and Loan Associations
Issued by FHLBB
Shown in Report
Home
State Bank.
The following year the hank's
changed to the Empire Trust Co., of which insti¬
Empire
name was
voting trustee of
a director of the
Co. and the War¬
of Mr. Baldwin,
Vice-President of the trust company.
Office Building Corp., a
Corp., and
Amerada Corp., the New York Air Brake
ren
Foundry & Pipe Corp.
A brother
States Petroleum
W. B. Baldwin, is a
Financial
1422
Chronicle
Oscar
President of the
George A. Barnewall has been elected
County
Brooklyn City Safe Deposit Co. of Brooklyn, N. Y., suc¬
ceeding Willis McDonald Jr., who has retired.
Harold I.
moted
late
safe deposit com¬
Both Mr. Barnewall and Mr. Spence are Vice-Presi¬
of the Brooklyn Trust Co., which owns all the capital
Spence has been elected a director of the
pany.
dents
stock of the Brooklyn City Safe
in
C., recently was
elected President of the Elizabeth Trust Co., Elizabeth,
N. J., and assumed his new duties on March 1.
Mr. Bald¬
Bank
National
D.
Washington,
of
Meredith, President of the institu¬
win succeeds Claude H.
1932, who resigned the office to accept an execu¬
tion since
position with a commercial firm in New York City.
tive
the Hillside Trust Co., Hill¬
Jersey bank,
Union County, with deposits of $400,000, voluntarily
doors at noon March 4 with the announcement
side,
closed its
would
it
that
off all its depositors in full
pay
March 6 with checks drawn
of the same
The
to
trust
will
be
all
to
taken
action
result of unprofitable
which
brought about a complete reorganization at- the
annual stockholders'
meeting in January.
As a result of this meeting Harry Schnabel, the
President, was succeeded by John Sherman, Newark photographer, who is
resident
a
bank
National
course
trust
also
were
voluntary
was
recently
company
to
considered,
but
The
liquidation.
course
shares
their
of
Bank
F.
deposits
the
trustee
State
for
those
of
who
be
liquidated
National.
.
.
.
bank, said that although all
by
stockholders, Mr.
the
of
merely
appeared
Corporation,
that agency for assistance.
on
will
the
Officials
$400,000 deposits.
majority
by the Federal Deposit Insurance
company
committee
by
hurry today (March 6)
no
the trufet company to the
from
need to call
no
trust
bank's
a
President of the closed
insured
are
would be
of
Sherman,
the
said
transferred their accounts
John
elected
there
Remaining assets
directors,
the
acting
as
a
McHannan, formerly Vice-President and a direc¬
tor of the Central National Bank of Cleveland, Cleveland,
Ohio, was elected Chairman of the Board by the directors
Feb.
28
to
as a
ties, he
succeed
was
28.
Feb.
of
all
of
the
quently he
the
has
he
the
elected
was
World
the
late
Corliss
Sullivan.
E.
1892.
After serving in minor capaci¬
Assistant Cashier in 1910.
Subse¬
an
advanced to Cashier, and still later, during
was elected a Vice-President, the office
resigned to .accept the chairmanship.
During
Mr. McHannan has been identified with many
now
civic and
philanthropic enterprises and has been prominent
of the Ohio Bankers Association, and as a
of the Association of Reserve City
Bankers, the
American Bankers Association, and the Cleveland
Clearing
as
an
officer
member
House Association.
The
following changes
sonnel
of
Ralph
D.
the
Sneath,
B.
President
long
National
President
of the Board of
Sneath, formerly
in
his
made
were
Commercial
named Chairman
Samuel
of
in
the
per¬
Tiffin, Ohio.
of the institution,
Directors, while his
Vice-President,
a
stead.
recently
Bank
was
was
son,
elected
.
•
The Detroit Bank,
Detroit, Mich., said to be the oldest
banking institution in Michigan, celebrated the 90th anni¬
versary
of its establishment
ness
March
on
5, 1849,
on
a
title it
bore
Detroit
until
Bank,
the Detroit "Free
During
the
period
city of 19,000 to
depositors
bank
have
has
country.
With
Press"
grown
gained
March 5:
of
bank's
from
a
position
a
Beginning busi¬
Savings Fund Insti¬
the Detroit
1,
operation
city of 1,500,000.
a
main
offices
than
600
During this
handful
as
to
of
one
more
the
has
same
than
grown
from
a
period the bank's
215,000,
and
the
important
mo6t
in
the
According
to
to
the
.
the
at
has, in addition,
people.
corner
of Griswold and
State Streets, the
branches throughout the city and
employs more
29
.
.
President
Joseph
conservative
M.
Dodge,
principles
of
the bank
operation
has
adhered
con¬
established
by the
Among the present directors and officers are several descendants
the early directors and officers of the
Detroit Savings Fund Institute.
founders.
of
According to its statement of condition Dec. 31 last, the
institution
of
has
a
capital
$58,529,997, and total
"This
sum," the paper stated, "represents a
of proved deposits, and means that 77%
National
Bank
of
Kentucky
Closing
(capitalized
at $4,000,000), together with its affiliated institution, the Louis¬
ville Trust Co., on Nov. 17, 1930, was noted in the "Chron¬
icle" of Nov. 22, 1930, page 3310.
The First National Bank & Trust Co. of
Covington, Cov¬
ington, Ky., on Feb. 20, increased its capital from $200,000
to $250,000.
" ;
..
'
•
Sir Joseph
tional
structure
resources
of
of
Flavelle, Chairman of the Board of the Na¬
Trust
Co. of Toronto, Canada, and one of the Do¬
outstanding financiers, died of a heart attack in
Palm Beach, Fla., on March 7.
Sir Joseph, who was 81
years old, was born in Peterborough, Ont., where he began
minion's
liis
business
Later
he
in
career
operated
1887 he moved to
a
his
father's
provision
store
meat
in
packing plant.
Peterborough.
In
Toronto, where he eventually became,
as
President of the William Da vies Co., pork
packers, aud the
Harris Abbattoir Co., one of the leading figures in the meat
packing business.
Among other varied interests he became
Vice-President of
dent
of
1910
was
of the
the
Robert Simpson Co., a Vice-Presi¬
Cycle & Motor Co., and from 1903 to
proprietor of the Toronto "News."
As Chairman
the
Canada
Imperial Munitions Board during the
war, Sir Joseph
throughout, the British Empire and
recognition of his services the baronetcy was conferred
upon him in 1917.
Following the war, on his return to
Toronto, he was appointed Chairman of the Board of Direc¬
became widely known
in
of
the
took
Canadian
over
the
National
Railways when the Dominion
Grand
Trunk
Railway
Railway as part
System.
A year ago
Sir Joseph retired
and
as
a
as Chairman of the Board of Directors
director of the Canadian Bank of Commerce.
THE
$7,110,000, deposits
$145,968,927.
CURB
Curb market movements
EXCHANGE
irregular during the fore¬
Tuesday and some of the
more active stocks
among the industrials and the preferred
shares of the public utility group moved to
higher levels.
Trading was quiet on Monday but gradually increased in
volume as the week progressed. Aircraft issues were
generally
quiet and held within a narrow range. Oil stocks, except for
Humble Oil, were inactive and mining and metal shares have
had occasional periods of activity with
only minor changes.
Public utilities continued to move upward
during most of
the abbreviated session on
Saturday, and while trading was
not particularly heavy, there
was a firm tone apparent
throughout the morning. Industrial stocks were also active
and moved briskly forward as the
day progressed. Humble
Oil was in demand and worked
upward 134 points to 6434.
The
] transfers totaled approximately 101,770 shares with
297 issues traded in.
Of these 132 registered
advances, 74
declined and 91 were unchanged. The gains included
among
others Fisk Rubber pref., 234 points to 82
34; Florida Power
& Light pref., 3 points to 69; General Public Service
pref.,
3 points to 48; Montgomery Ward
A, 334 points to 16634;
Singer Manufacturing Co., 134 points to 210, and American
Meter, 134 points to 2834.
Irregular price movements and quiet trading were the
outstanding characteristics of the Curb market dealings on
Monday. The general tendency was downward but there
were a number of the
public utility preferred stocks that
were
part of the week but improved
moved
Detroit
...
bank
sistently
the
as
Savings Bank,
1936, when its present name,
adopted.
We quote, in part, from
Jan.
was
of
March 5.
the Detroit
as
tute, it later became known
the
In 1933 he
Mr.
War,
years,
and
the institution.
depositors' claims have been paid in full."
born in Cleveland, has spent his entire
messenger in
was
Lundbom,
promoted to Cashier.
director of
dividend of 10%
business life with the Central National, entering the institu¬
tion
a
tors of the Canadian National
Sherman said.
John C.
on
Mr.
Distribution of
checks, aggregating $2,218,000, to de¬
positors of the defunct National Bank of Kentucky of Lou¬
isville, Ky., was begun on Feb. 27 by A. M. Anderson, the
receiver, it is learned from the Louisville "Courier-Journal"
Government
McHannan, who
to succeed
new President, joined the institution as
in 1898, was named Assistant Cashier in 1918,
and three years later was
a
Depositors of the Hillside Trust Co. seemed in
National
approved
was
bank's affairs in its issue of
tlie closed
March 6 the "News" said:
collect
by Joseph
Corporation,
•
In referring to
to
Finance
the trust company with the
the directors decided the best
merge
banking authorities.
Hillside
supervised
were
Reconstruction
the
of
Proposals
aid.
given
the advancement of Chelsea
were
the cashiership
Lundbom, the
was
operation
...
the
of
a
was
representative
a
had
which
today
Hillside.
of
Operations
Clifford,
to
the stockholders.
eventually to
The
Other changes made by the directors
.
sufficient cash
the National bank
will transfer to
depositors.
Remaining assets of the trust company
liquidated by the directors, who will form a committee of trustees
stockholders.
It is expected that a substantial distribution will be
the
for
closing, said, in part:
company
100%
pay
made
the Hillside National Bank
on
The Newark "News" of March 4, in its
place.
account of the
beginning
Gregory, it is learned from the "Michigan
bank's personnel
messenger
of
#
New
small
A
J.
Wilber
Foy
Mr.
a
Baldwin, formerly an officer of the Commer¬
C.
Robert
Manistee, Mich., was recently pro¬
presidency of the institution to succeed the
of John A. Smithe and Paul W. Groth to Assistant Cashiers.
qualifying shares. The safe deposit company operates safe
deposit vaults in various Brooklyn Trust Co. offices.
cial
1939
Lundbom, heretofore Cashier of the Manistee
the
to
the
E.
11,
Savings Bank,
Investor" of Feb. 25.
Deposit Co. except directors'
*
F.
Mar.
on
on
the side of the advance.
Industrial shares
were
also
depressed although there wrere occasional exceptions
such as Pittsburgh Plate Glass, which climbed
up 1% points
to
116; United Milk Products, which advanced 134 points
2234, and General Fireproofing, which worked upward
134 points to 1434- The gains among the preferred stocks
of the public utility group included American
Superpower
1 pref., 1 point to 7734; Central Power &
Light pref., 1
point to 96; Jersey Central Power & Light 6 pref., 5 points
to 94; National Power &
Light pref., 234 points to 84%;
Florida Powder & Light $7 pref., 1 point to 70, and New
England Power Association 6% pref., 1 point to 72.
Quiet trading with a moderate upward trend were the
features of the dealings on Tuesday. There were some weak
spots scattered through the list but most of the active stocks
moved toward higher levels. Aircraft shares came back with
to
Volume
Financial
148
1423
Chronicle
which carried some of the more important
Industrial stocks improved all along the line
and advances were registered by Singer Manufacturing Co.,
2 points to 212; Sherwin-Williams pref., 1 % points to 11534;
Pa. Salt, 1 point to 156; Fisk Rubber pref., 234 points to
8434; Niles-Bement-Pond, 134 points to 62%, and United
States Playing Card, 134 points to 34. The transfers for the
day were 125,765 shares, against 158,100 on Monday.
Stocks continued to move forward during the greater part
of the session on Wednesday.
Speculative interest again
centered around the public utility preferred shares and a
number of the trading favorites moved forward a point or
more.
Aircraft issues failed to follow through with the im¬
and held within a narrow
Industrial stocks were in demand at higher prices,
Mead Johnson moving forward 1 point to a new top at 142.
Mining and metal shares were stronger than they have been
for some time, New Jersey Zinc advancing 1% points to
59%; Aluminium Ltd. forging ahead 3% points to 124%,
and Minnesota Mining breaking into new high ground
at 49%.
The trend of prices pointed upward during the early deal¬
ings on Thursday, and while there was some selling apparent
around midsession, the market again firmed up as the day
provement of the preceding day
goodly number of the trading favorites
closed on the side of the advance.
Public utilities attracted
new buying, especially in the Associated Gas & Electric pref.
stock which added another point to its gain of the preceding
day and raised its top to 11%. National Power & Light
also broke into new high ground for the year as it moved up
to 85.
Industrials were featured by Great Atlantic &
Pacific Tea Co. com. which moved up 2% points to a new
peak at 86. Aluminium Ltd. attracted considerable specu¬
lative attention and moved ahead 3 points to 127% at its
high for the day. Aircraft stocks were down and mining and
metal shares were generally quigt with little change either
progressed and
a
Victor Brewing Co
for
of Prices
Low
High
Week
Price
Par
......
Week's Range
Sale
Stocks {.Concluded)
35c
40c
1
'Hex
High
Low
Shares
25c
400
40c
28 X
Westlnghouse Air Brake..*
We8tinghouse El & Mfg.50
1, 1939
Range Since Jan.
Last
upward.
range.
Sales
Friday
moderate buying
issues
Jau
40c
Jan
166
24
Jan
31%
Jan
241
99 X
Jan
118H
Jan
100
1%
Jan
2X
Jan
29
112^ 116%
Unlisted Stocks—
*
2
2
Pennroad Corp v t c
No par value.
RATES
FOREIGN EXCHANGE
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Pursuant to the
passed:
give below a record for the week just
FEDERAL RESERVE
BY
CERTIFIED
RATES
EXCHANGE
FOREIGN
UNDER TARIFF ACT OF 1930
BANKS TO TREASURY
MARCH 10, 1939, INCLUSIVE
MARCH 4, 1939 to
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
New York
Unit
Mar. 4
Mar. 6
$
Mar. 9
Mar. 8
Mar. 7
$
$
Mar. 10
$
$
S
Europe—
Belgium, belga
.168225
.168216
.168255
.168227
.168236
1.68263
Bulgaria,
.012125*
.012125*
.012125*
.012125*
.012125*
.012125*
Czechoslov'la, koruna
.034246
.034242
.034257
.034241
.034239
krone....
.209175
.209256
.209368
.209328
.209306
.209375
Engl'd, pound sterl'g 4.687152
.020625
Finland, markka
.688819
.690763
4.690069
.690069
4.691111
.020625
.020645
.020625
.020630
lev..
Denmark,
.034244
.020625
France, franc
.026490
.026499
.026509
.026506
.026511
.026511
Germany, reichsmark
.401125
.401162
.401200
.401143
.401138
.401155
Greece, drachma
.008587*
.008589*
.008596*
.008691*
.008596*
.008592*
Hungary,
.196000*
.196250*
.196300*
.196250*
.196250*
.196250*
.052601
;052600
.052600
.052600
.052600
Netherlands, guilder.
.530911
.530777
.531238
.531405
.052601
.531266
Norway, krone.....
Poland, zloty
.235431
.235559
.235656
.235631
.235600
.235681
.188775
.188750
.188850
.188675
.188760
.188650
Portugal, escudo
Rumania, leu..
.042559
.042556
.042537
.042562
.042537
.042537
.007235*
.007235*
.007271*
.007235*
.007214*
.007192*
Italy,
pengo
lira
.531150
a
Spain, peseta
Sweden, krona
a
.241275
.241359
.241468
.241434
.241406
.241495
.227233
.227108
.227311
.227336
.227377
.022800
.022800
.022800
.022800
.227344
.022800
.159083*
.159083*
.159083*
.159458*
.164083*
.159083*
.195458*
.160416*
.160416*
.163250*
Hankow (yuan) dol
.163250*
.164083*
Shanghai (yuan) dol
Tientsin (yuan)dol,
Hongkong, dollar.
.158062*
.158062'
.290921
.158062*
.158218*
,158343*
.162437*
.163062*
.158500*
.159532*
.159687*
.162437*
.164083*'
.290846
.290796
.290796
.290859
.290875
substantial share of the specu¬
lative attention, Mead Johnson forging ahead 3% points to
146; Benson & Hedges advancing 3 points to 33%, and Sher¬
win-Williams climbing up 3% points to 110%. As compared
with Friday of last week prices were generally higher,
Aluminum Co. of America closing last night at 119% against
British India, rupee..
.350471
.350845
.351200
.351064
.351366
.351356
Japan, yen...... ..
Straits Settlem'ts, dol
.273067
.273131
.273279
.273190
.273240
.544437
.544437
,544500
.544500
.273304
.544500
3.734437
3.735156
3.736875
3.736953
3.736796
3 .738125
Friday a week ago; Aluminium Ltd. at 126 against
122; American Gas & Electric at 40% against 39%; Chicago
Flexible Shaft at 78 against 77%; Fisk Rubber Corp. at 12%
Canada. dollar
.996171
Cuba, peso..
Mexico,
;*
v
Higher prices prevailed during the greater part of the
session on Friday.
There were some weak spots scattered
through the list but the market, as a whole, was substan¬
tially above the preceding close. Public utilities were again
in demand, particularly those in the preferred group, and a
number of modest gains were added to previous advances.
way.
Industrials also maintained a
117
on
against 11, Humble Oil (new) at 63% against 63; Newmont
Mining Corp. at 77 against 76; Niles-Bement-Pond at 63%
against 62; Sherwin-Williams Co. at 110% against 10634;
South Penn. Oil at 34% against 32%; Technicolor at 19%
DAILY
NEW
AT THE
TRANSACTIONS
Mar.
Foreign
Government
of
Domestic
Shares)
10.1039
101,770
Saturday
Jl.195,000
1,831,000
1,756,000
189,880
2,791,000
2,707,000
2,288,000
Wednesday
—
229,625
227,415
Thursday
Friday.....
39,000
64,000
2,843,000
1,831,000
2,770,000
2,384,000
$277,000 $13,038,000
Jan. 1 to Mar. 10
Week Ended Mar. 10
Sales at
$1,253,000
1,957,000
32,000
24,000
32,000
$193,000
Tuesday
Total
$44,000
89,000
56,000
20,000
..
New York Curb
*
1,032,660
$12,568,000
$5,813,000
8,828,255
New Zealand,
pound. 3.749187* 3.749875* 3.751875* 3.751625* 3.751125*3 .752250*
Africa—
4.642250
4.643125
4.643000
4.642500
4.642812
.996796
.996835
.997382
.997929
.999333
.996269
.999333
.999333
.999333
.999333
.999333
.200340*
.200280*
.200280*
.200280*
.200280*
.200280*
.993750
.993906
.994375
.994296
.994960
.995468
Argentina, peso
.312510*
.312555*
.312740*
.312637*
Brazil, rallrels..
Chile, peso—official.
.058800*
.058600*
.058600*
.058600*
.312662*
.058776*
.051733*
.051733*
.051733*
.051733*
.040000*
.040000*
.040000*
.040000*
.312612*
.058775*
.051733*
.040000*
.569840*
.569840*
.569840*
.569840* ..569840*
.569840*
.616720*
.616825*
.617195*
.617166*
,617166*
.617245*
Union South Africa, £ 4.639875
North America-
peso
Newfoundl'd, dollar.
South America—
"
"
Colombia,
export
peso
Nominal rates,
a
No rates available.
BANK CLEARINGS
this week will show an increase compared
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, March 11)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 10.2% above
those for the corresponding week last year.
Our preliminary
total stands at $5,877,020,851, against $5,334,130,989 for
the same week in 1938.
At this center there is a gain for the
week ended Friday of 14.8%.
Our comparative summary
$104,654,000
$57,736,000
1,028,000
1,070,000
•
.
Foreign government.-
193,000
186,000
Foreign corporate
277,000
94,000
$6,093,000
$13,038,000
Per
1938
1,338,000
New York
,
... ...
$3,016,095,334
215,736,500
$2,628,273,976
+ 14.8
207,743,773
256,000,000
$60,459,000
$106,752,000
+ 10.9
Philadelphia
■
Kansas City—
St. Louis., i...................
Pittsburgh Stock Exchange
Sale
Par
Stocks—
High
Shares
*
Carnegie Metals Co
1
Columbia Gas & Elec Co.*
Copperweld Steel
10
Devonian Oil Co
10
Duquesne Brewing Co—5
11%
45c
.
.
.
Blaw-Knox Co
,*
Byers (A M) com
Follansbee Bros pref
...
Fort Pitt Brewing
_
8%
—0,2
$4,165,337,368
733,846,675
$3,705,107,776
667,782,805
+ 12.4
$4,899,184,043
+ 12.0
977,836,808
$4,372,890,581
961,240,408
$5,877,020,851
$5,334,130,989
+ 10.2
13%
Jan
All cities, one day......—
Jan
17%
12%
Jan
ox
45c
Jan
60c
Jan
8%
8%
Jan
14%
Mar
15
Feb
18
Jan
16%
14%
470
lix
Jan
14%
Mar
12
21
ox
Jan
12
Mar
Jan
1.50
57 X
Feb
72%
Jan
8%
Jan
0%
Feb
5
784
4%
Jan
5%
IX
150
1%
Feb
2
Jan
116X U6X
90
100X
Feb
uex
Mar
Jan
ox
5
4X
IX
^^ ^
•
Feb
90c
32
1,95(
IX
1,06(
Jan
Jan
7X
.
142
ex
65c
200
65c
Mar
80c
Jan
7
*
.1
Ruud MfgCocom
8
65c
8
7
7
Mar
8
Feb
'
12
lc
-
—
-
*
-
2%
32 X
32%
25
25
Jan
Jan
200
2X
Feb
10
30%'
Feb
33 X
Jan
25
Jan
26 X
Jan
2,000
2X
*
lc
lc
lc
180
....
+ 9.9
Total all cities for week....
.....
;
+ 1.7
Feb
Feb
ex
60
250
70
...
J an
14%
1,027
14%
0%
^
.
50
20
1,500
IX
Pittsburgh Plate Glass. .25
_._5
San Toy Mining Co_._.._l
Shamrock Oi! <fc G Co com 1
United Fng & Foundry...5
Vanadium Allold* Steel
*
Total all cities, five days
45c
OX
Pittsburgh Brew Co com.*
Renner Co
Jan
11%
9K
*
Mountain Fuel Supply._ 10
....
Jan
56X
14%
60-
100
Pittsburgh Screw & Bolt.
27 X
12
100
.
1
...
Eleven cities, five days.........
High
Low
13^
_
Koppers G & Coke pref
Lone Star Gas Co com
+6.5
53,435,684
Jan
45c
16
+ 1.7
53,343,716
45 %
11H
8
+8.7
Baltimore
20
47%
14K
+ 0.03
,,75,976,746
+ 24.6,
50
378
24
47 X
14%'
"~47~X
_
102,619,000
56,757,246
52,945,392
Jan
22%
.*
.*
Co
+ 9.4
—1.1
65,945,120
Detroit........;...
Other cities, five days
Allegheny Ludlum Steel...»
77,237,527
60,472,283
+ 3.8
146,923,426
62,532,533
61,900,000
"
Week
of Prices
Low
Price
Range Since Jan. 1, 1939
for
Pittsburgh
.
Cent
Cleveland
Siles
Week's Range
Last
.....
San FrancLsco
official sales lists
10, both inclusive, compiled from
Friday
Armstrong Cork
160,733,952
61,821,936
67,300,000
102,651,000
Boston
March 4 to March
—
.
1939
Week Ending March 11
Chicago
Total
:
1.385,000
"
a,
.040000*
Clearings—Returns by Telegraph
Bonds
Domestic
.051733*
7,910,766
631,258
Stocks—No. of shares.
Australia, pound
for the week follows:
1938
1939
1938
1939
Exchange
.544500
Australasia—
COURSE OF
Corporate
37,000
19,000
158,100
1,032.660 *12,568,000
1
■
■
Bank clearings
with a year ago.
Foreign
$14,000
125,870
Monday
Chefoo (yuan) dol'r
Bonds (Par Value)
Stocks
(Number
Week Ended
China—
*
YQRK CURB EXCHANGE
.022800
Asia—
Uruguay, peso
pref. at 89 against 85%.
against 18%, and United Gas
Switzerland, franc...
Yugoslavia, dinar...
3
Feb
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day of
the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
the week previous—the week ended March 4.
For that week there was an increase of 10.6%, the aggregate
results for
of clearings for the whole country having amounted to
$6,177,392,776, against $5,584,839,710 in the same week
1424
Mai. 11,
Financial Chronicle
Outside of this city there was an increase of 7.1 %,
in 1938.
Week Ended March 4
the bank clearings at this center having recorded a gain of
Clearings at—
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 record an improvement of 12.5%, in the
Boston Reserve District of 13.9% and in the Philadelphia
Reserve District of 4.6%.
The Cleveland Reserve District
registers an improvement of 14.3%, the Richmond Reserve
District of 11.8% and the Atlanta Reserve District of 5.5%.
In the Chicago Reserve District the totals show a gain of
5.4%, in the St. Louis Reserve District of 4.3% and in the
Atlanta Reserve District of 1.7%.
In the Kansas City
Reserve District the increase is 2.8%, in the Dallas Reserve
District 1.4% and in the San Francisco Reserve District
13.0%.
In the following we furnish a summary by Federal Reserve
13.2%.
We
1939
Inc. or
group
1939
1938
%
Seventh Feder al Reserve D istrict—Chi cago
—8.
335.387
306,262
328,978
114,548.582
Mich.-Ann Arbor
Detroit
107,200,213
3,198,262
1,516.072
964,599
20.303,000
1,516,292
5,223,754
21,952,060
1,353,571
9,224,737
3,523,796
422,359
...
Grand Rapids
Lansing
1936
1937
Dec.
$
+ 19.4
89,758,955
2,801,777
1,819,899
295,045
89,684.544
3.233,447
3,645,819
+ 14.2
—16
1,770,378
1,256,012
21,491,000
1,468,245
5,117,320
22,946,092
1,238,445
9,352,637
3,331,063
1,418,107
1,051,476
15,453,000
1.017,928
978,664
—1.4
17,379,000
1,128,352
4,661,514
21,907,094
1,089,570
10,019,111
3,164,413
+ 16.8
+34.4
+ 12.1
+0.2
+24.2
+ 11.4
447.938
—5.7
494.918
370.225
289,699,402
1,015,321
3,706,501
1,190,810
+ 1.3
—5.8
1,324,637
—7.9
360,536.992
1,115.596
4,336,128
1,481,284
1,423,560
315,012,391
Rockford-....
Springfield....
293,392,892
1,015,393
3,631,526
1,121,229
1,219,571
Total (18 cities)
477,085,588
452,428,245
+5.4
555,883.058
471,813,178
99,300,000
41,273,848
20,709,282
80,800,000
31,688,380
15,028,159
Ind.—Ft. Wayne
Indianapolis...
South Bend...
Terre Haute..
Wis.—Milwaukee
la,—Ced. Rapids
Des Moines
Sioux City:
111Bloomlngton
Chicago.... ».
Decatur....
Peoria
districts:
....
—7.9
+0.1
—2.0
4.339,551
20,238,137
1,137,350
8,103,057
3,226.048
795,616
4,201,169
912,407
1,323,680
SUMMARY OF BANK CLEARINGS
'
*
\
Inc.or
Week End. Mar. 4,1939
Federal Reserve Dists.
1st
Boston.....12cities
New York..13
1938
1939
$
■.
S
2d
3,758,237,342
3,341,459,237
5th
6th
7th
Chicago
St. Louis... 4
149,271,805
146,454,509
477,085,588
452,428,245
140,320,193
134,562,820
93,991,710
92,380,319
130,494,317
127,000,698
60,748,143
59,890,939
250,268,637
221,508,201
"
•«
41
«f
Minneapolis 7
10th Kansas CitylO
4»
««
11thDallas..... 6
44
12th San Han...10
Total.
113 cities
Outside N. Y. City.
32 cities
add
now
133,523,478
154,444,517
9th
We
252,330,188
••
18
Canada
386,134,242
288,392,114
Atlanta....10
8th
404,012,953
••
Cleveland.. 7
Richmond.. 0
our
6,177,^92,776
2,362,782,803
329.784,607
307,341,477
264,375,661
4,307,918,133
4,744,502,661
471,304,214
149,011,050
'
127,902,889
84,685,709
158,547,590
138,465,610
66,103,372
55,907,250
274,918,820
Reserve, Dist rict-
7,066,042,104
457.662.349
567,908
+ 19.4
Mont.-rBlllings
695,899
+ 2.7
Helena......
2,340,246
2,106,537
+ 11.1
2,435,229
2,024,661
.93,991,710
92,380,319
+1.7
105,282,517
84,685,709
162,555
131,901
3,238.826
41,198,375
2,937,636
3,011,897
83,575,786
2,786,663
—4.3
162,887
152,613
3,279,151
41,138,402
3,081,814
3,887,418
102,179,346
3,278,879
740,909
646,171
*2.8
158,547,690
Total (7
cities)
—0.9
1936
4,026,209
4,413,350
—2.9
11,637,700
10,210,500
N.H,—Manches'r
694,467
Total (12 cities)
270,126,457
R. I.—Providence
New Bedford..
Springfield....
Worcester.....
Conn.—Hartford
New Haven
+ 15.0
+25.3
'
+ 10.5
Omaha
590,087
130.494,317
Second
2.355.809
480,439
237,166,834
+ 13.9
307.341,477
2,901,943
529,035
Pueblo.......
Total
12,266,107
+13.0
+23.7
2,289,662
2,924,683
85,478,404
.
St. Joseph..
Colo.—Col. SpgB
228,460,338
691,270
325,350
631,212
3,548.688
1,637,608
14,367.096
4.563.810
10,770,000
563,904
264,375,661
(10 cities)
Eleventh Fede ral Reserve
>
4,080,902
9,848,700
360,135
1,239,060
29,600,000
Buffalo
Elm Ira.
i._
539,709
724,027
Jamestown
•
+2.1
+20.8
446,596
878,043
Fort Worth...
4,667.417
4,684,754
4,298,925
4,899,196
436,058
20,909,057
27,673,351
4,186,687
4.132,491
433,998
Conn.—Stamforc
N. J.—Montolab
Newark
20,970,999
30.812,226
Northern N. J.
—2.6
—15.6
—0.6
+0.3
+ 11.3
T^ilrd Federal
528,393
882,388
York........
N. J,—Trenton.
4,079,300
404,012,963
+ 96.8
—13.4
1,190.017
374,000,000
1,519,183
2,329,948
931,543
1,468,096
3,390.000
386,134.242
Reading......
Scranton
Wilkes-Barre.
h
Total (10 cities)
Fourth
580,604
800,136
437,520
+24.6
+6.2
1,519,263
+4.3
*
457,000.000
T >486,435
1.057,516
377,000,000
1.414,406
2,859,727
1,255,326
1,980,303
3.384.900
+4.6
471,304,214
2,730,000
Ohio—Canton..
Cincinnati....
1,848,689
67,527,853
Cleveland.....
Columbus.....
Mansfield.....
Youngstown...
92,124,662
Pa.—Pittsburgh
_
Total (7cttles).
—11.5
13,994,900
1,694.290
2,736,554
2,089,264
56,784,895
63,811,534
13,276,400
1.533,867
2,251,298
118.465,366
112,582,930
+10.5
+21.6
+5.2
252,330,188
+ 14.3
288,392,114
+1.3
+44.4
+5.4
221,508,201
.2.143,552
69,637,654
96.883.550
17,823,500
2,203,799
3,887,533
146,371,252
~
1.954,944
53,796,155
72,143,604
11,483,800
858,189
2,102,057
115,947,553
338,950,840
258,286,302
Fifth Federal
Reserve Dist rict—Richm
420,276
313,475
2,781,000
2,716,000
Richmond
35,394,677
35,735,507
S. C.—Charleston
1,283,246
1,230,573
Md.—-Baltimore.
84,906.899
68,600,077
D. C.—Wash'b'n
24.485,707
24,927,846
+34.1
—1.0
+4.3
+23.8
—1.8
369,531
3,058.000
36.609.442
1,457,422
78,411,250
29,105,405
263,450
2.529,000
28,140,317
935,927
65.835,918
22,263,875
+ 11.8
149.011.050
119.968.487
+2.4
149,271.805
133.523.478
Sixth Federal
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta....
Augusta
Macon...
Ha.—Jack'nvllle.
Ala.—Birm'ham
.
Mobile
Reserve Dist rict—Atlant
4,275,859
19,604,163
56,000,000
1,044,624
963,106
20,188.000
20,205,941
1.752,971
Miss.—Jackson..
4,434,589
19,746,160
50,000,000
1,114,027
1,012,916
18,467,000
16,154,978
1,406.801
—3,6
—0.7
+ 12.0
—6.2
—4.9
+ 9.3
+25.1
+24.6
4,223,650
20,703,908
56,600,000
1.454,741
1,133,456
20,614.000
21,219,767
1,770,000
3,563,642
16,348,250
43,000,000
1.180.563
783,076
14,784,000
15,117,720
1,176,556
162,149
33,955,889
—18.8
Total (10 cities)
154,444,517
146.454,509
+ 5.5
—10.8
183,734
40,947,747
168,851,003
128,107
31,820,975
127,902,889
999,370
31,505,286
+6.5
+ 17.4
15,978,568
4,764,062
4,365,772
172,483,000
+4.1
+8.4
3,027,096
1,710,855
+ 7.7
2,183,974
+13.0
274,918,820
246,492,585
Vancouver.
...
Quebec..........
i.
Calgary
London
Regina.
Brandon
...
116.414.501
39,323,566
17.453,824
19.981,789
5,057,441
2,255,526
5.532,8)3
5,324,985
1,828,776
1,942,898
3,156,102
3,770,120
2,935.271
281,626
385,985
1,266,492
514,512
+0.5
+5.8
1,053.041
766,221
329,784,607
349,931,836
-5.8
457,662,349
373,289,791
1,860,648
2,283,646
3,260,447
2,626.527
248.526
382.046
1,043,706
439,560
790.339
530.408
759,982
210.202
480,066
587,055
958.338
3,003,188
Brantford
Medicine Hat
Peterborough....
Shrebrooke
Kitchener
Windsor
256,523
Prince Albert
706.527
*520,000
774.661
Moncton
Kingston
Sarnla
Sudbury
Total (32 cities)
Estimated,
135,124,571
130,850,796
33.154.952
1,114,217
.
Saskatoon
*
190,051,757
—2.5
134,237,700
114,723,777
22,169,565
18.333,007
15,992,945
4,486,526
2,451.762
5.529,322
4,508,363
1,830,746
1,686.408
3.197,649
3,641,227
2,516,962
291,792
397,905
1,147,758
500,075
881,729
744,160
756,219
177,351
340,884
523,919
1,140,563
3,674,459
293,660
670,862
553,333
1,006,210
410,781
118,368.452
111,805.778
27,975,028
18,417,238
12,907,118
4,249.395
2,303,366
4,553,968
4,445.917
1,438.461
Edmonton......
Lethbridge.
—11.8
412,825
Montreal....*..
Winnipeg.......
Halifax...
%*
1936
1937
Dec.
1,178,666
Toronto
Ottawa
1938
$
Chatham
131,645
30,278,208
+9.5
+7.1 2,892,190,640 2,393,402,387
~
Vicksburg
La.—New Orleans
+4.7
+5.7
+5.9
+ 19.3
Inc. or
New Westminster
■
Franci
+10.6 7.066,042,104 7,029,302,099
1939
Fort William
hi
1,960,000
789,742
2,544,940
2,530,903,331 2.362,782,803
Moose Jaw
Total (8 cities).
.43,041,666
6,583.901
Week Ended March 2
Victoria
ond—
—16.6
:
Clearings al—
St. John
Va.—Norfolk
+7.6
+ 1.7
+ 12.8
,177,392,776 5.584,839,710
cities)....
Outside New York
Hamilton
W.Va.—Hunt'ton
29,850,902
693,335
27,026,519
13,958,894
4,015,299
3,704,772
161.697,000
2,532,130
1,404.937
1,608,797-
(113
Canada—
Feder al Reserve D istrict—Clev eland-
1,187,001
37,900,837
250,268,637
Grand total
138,465.610
55,907.250
_Total (10 cities)
Francisco.
798,913
623,058
66,103,372
986,840
388,838.228
+38.3
—27.0
'
+ 4.8
+1.4
1.519,188
+20.3
+ 1.5
+0.5
—3.1
>
59,890,939
,2,808,589
956,998
+42.1
—11.3
—4.2
—7.8
937,251
29.834.032
12,519,801
4,767,731
4,016,888
158,869,000
2,927,437
1,609,907
2,123,949
San
.
+ 13.6
—16.6
3,202,421
31,149,704
901,337
28,223.458
11,819,299
3,995,718
3,772,820
135,376,000
2,812,024
1,484,949
1,972,892
San Jose.
495.380
377,055
479,096
+4.9
1,696,962
50,930,631
6.402,966
2,894,000
843,907
3,334,906
32,613,052
Utah—8. It. City
Calif.—L'g Beach
Pasadena.....
18,929,679
33,888,534
+ 1.1
1,439,339
46,213,683
5,365,245
2,733,000
Stockton......
3,092,100
3,497,743
440,529
City
—7.7
District—Da Uas—
Twelfth"Feder al Reserve D istrict—San
Yakima.......
Ore.—Portland..
+12.5 4,307.918,133 4,744.502.661
424,149
448,333
432.973
375,016
1,264,216
390,000,000
2,168,994
2,364,528
1,288,086
1,072,032
Lancaster
Philadelphia...
3,520,948
5,152,616
579.611
22,123,960
40.554,696
cities).
Wash.—Seattle.
Reserve Dis trict—Phlla delphi
Pa.—Altoona
Bethlehem
Chester
Total (6
Santa Barbara.
Total (13 cities) 3,768,237,342 3,341,459,237
,
Wichita Falls.
+13.2 4,173,851.464 4,635,899,712
—0.9
7,699.015
8,849,011
+ 1.8
5,293,449
4,341,412
3.646,489,446 3,222,056,907
Rochester.....
8,117,702
8,194,538
as
4
'
4,985,904
1.424,641
29,200,000
597,662
505,730
736,688
742.559
—17.5
New York....
Syracuse......
Westchester Cc
8,185,400
1,627,731
36,700,000
—32.6
480.663
511,673
60,748,143
Dallas.
La.—Shreveport
—61.
16,244,387
1,837,425
29,000,000
6,323,591
+ 11
1.548,113
47,016,349
6,050,901
2,281,000
898,178
2,953,602
Texas—Austin
York
Feder *1 Reserve D istrict—New
+5.3
—5.9
127,000,698
32,750,185
...
...
Galveston.
N, Y.—Albany..
Binghamton
134,326
138,021
2,638,302
28,844,295
2,746,223
3,297,589
85,086,937
2,994,009
604,570
616,426
123,980
139,540
2,766,798
Mo.—Kan. City.
676,125
1,849,226
,
+7.0
+4.9
'
Reserve Dis trict—Kans
Neb,—Fremont..
Hastings....
Lincoln.......
Wichita
+ 14.7
Fall River
Lowell
2,669,488
54,531,215
22,476.863
1,991,146
25,876.803
2,206,623
627,550
568,647
373,289.791
1937
609,810
Mass.—Boston..
+ 1.3
3,272,126
70,395,540
—15.1
S. D.—Aberdeen
or
0,
606,237
1,971,959
202,685,901
562,061
331,139
ea polls
3,311,853
67,932,294
25,745,851
2,119,977
years:
3,052,499
1,916.156
10,436,783
600,966
1,998,508
232,949,984
691,668
366,004
604,226
3,601,326
2,049,863
10,947,410
4,283,336
Portland
128.063,539
N. D.—Fargo..
7,029,302,099
2,393,402,387
804,162
2,170,864
265,905,837
688,701
396,712
728,373
Me.—Bangor....
161,929,130
St. Paul
_7o
Boston
+4.3
2,810,923
60,976,220
24,219,736
2,354,238
678,247
612,100
Kan.—Topeka..
Flrst Federal
134.562,820
Reserve Dis trict—Minn
Ninth Federal
246,492,585
2,892,190,640
Dec.
547,000
140,320,193
Minneapolis..
Tenth Federal
$
646,000
Minn,—Duluth.
Week Ended March 4
1938
—8.3
128,063,539
105,282,517
Clearings at1939
702,000
Total (4 cities).
detailed statement showing last week's
Inc.
x
X'
x
x
471,813,178
161,929,130
figures for each city separately for the four
—7.0
644,000
Quincy.....
119,968,487
555,883,958
<-5.8
349.9^1,836
+3.5
258,286,302
168,851,003
uis—
+ 13.6
111.—Jacksonville
388,838,228
338,950,840
+10.6
+7.1
5,584,839,710
2,530,903,331
Eighth Federa 1 Reserve Dis trict—St. Lo
86.900.000
84.000.000
35,295,413
31,074,290
17,480,780
18,786,530
Tenn.—Memphis
Mo.—St. Louis..
Ky.—Louisville..
S
'
+ 13.9
+ 12.5
+4.6
+14.3
+11.8
+5.5
+5.4
+4.3
+1.7
+2.8
+1.4
+13.0
237,166,834
•«
PhfladelphlalO
4th
1936
S
270,125,457
•i
3d
1937
Dec.
x
No figures available.
+26.2
+0,6
—19.3
—5.3
6.1
—17.6
—1.4
—21.4
"
+ 10.3
—28.6
24,185,783
29,315,072
5,612,712
2,897,106
5,695,325
6,396,585
2.182.461
2,183,541
—10.5
3.084,230
4.177,310
+4.4
2,893,083
—14.8
295,704
—4.0
392,866
1,416,520
563,581
1,121,375
753,529
799,567
214,688
—9.1
—12.1
—10.4
—28.7
+0.5
+21.9
+40.8
+12.1
—16.0
—18.3
500,779
616.969
1,280,933
3,337,282
—12.6
+5.3
—6.3
—23.0
-
332,433
757,616
552.880
492,576
499,497
.
775,302
5 93,745
671.165
203,933
693,440
611,774
1,178.744
2,715,044
305.085
699,430
571,293
532,612
421,205
Volume 148
Financial
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the
following from the weekly circular of
Samuel
Montagu & Co. of London, written under date of
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Feb. 22. 1939:
Company and Issue—
GOLD
aiT«e>r®ank„0' ®n^and gold
on
414,257
Feb.
15
showing
reserve against notes amounted to £$126,change as compared with the previous
no
Wednesday.
fp the open market about £3,300,000
of bar gold changed hands at the
during the week.
Part of the supplies was provided by the
but there was also general selling including resales on Conti¬
nental account.
Offerings were taken partly for the Continent and partly
for shipment to New York.
_
authorities,
Quotations:
Per Fine Oz.
_
,
„
,
Feb.
16
Feb.
Per Fine Oz.
148s. 4%d.
148s. 4%d.
Feb. 21
Feb. 22.,
Average
17
148s. 4%d.
Feb.
18
Feb.
20.
—148s. 3%d.
148s. 5.d
148s. 4.d
148s. 4.33d.
The following were the United
Kingdom imports and exports of gold,
registered from mid-day on the 13th inst. to mid-day on the 20th inst.:
Imports
British East Africa
British India
British Guiana
Exports
United States of America. £5,268.289
Canada
47.110
Bermuda
2,996
France..
27,048
Other countries
4,490
£25,621
35,650
5,988
5,220
1,197,865
69,300
Panama
Soviet Union
Netherlands
France—.
_
1,298
53,136
11,013
16,724
6,795
Switzerland..
Egypt
Siam......
Other countries..
.
1
'
;
»
£5,349,933
Feb. 18 carried gold
on
£130,000.
following
are
the details of United Kingdom imports and exports
January, 1939:
,
„
„
Imports
£122,090
658,438
.
Union of South Africa.
_
British West Africa
British East Africa
Southern Rhodesia
Hongkong
..
,
Apr.
Apr.
British West India Islands & British Guiana.
;
16,389
38,343
359,213
3.52,500
85,301
14,077
-
Brazil
Uruguay
Egypt
Anglo-Egyptian Sudan
Algeria
Iraq
.
*._•
...
._ —
~
2,
Gibraltar
Soviet Union
Germany
Belgium
...
Sweden
V
Other countries.
Apr.
June
Mar. 14
-Apr.
Apr.
Apr.
1
1
1
Oct.
1
737
1176
Apr.
1
Mar. 15
Mar. 15
Aug.
i
Mar. 21
Sept. 1
Mar. 17
...Mar. 31
Apr.
1
2 Volume
Mar.
741
741
741
887
1486
1179
1336
1488
1040
15
890
Mar. 31
Mar. 15
_Mar. 27
1497
290
1344
147.
—
—
Department:
little
39,300
3,533
9,500
-
—
—
Feb.
—
Imports
18,392
PREFERRED
-
14,692
x4,771
19,628
94,176
3,547
Iraq
Belgium
France
Other countries.
Canada..
cate No.
COMMON
27—The
Feb.
Amount
27—First National Bank & Trust Co. o? Elmira, N. Y_._.$1,237,500
Feb.
Effective 12 o'clock noon, Feb. 25, 1939.
Liquidating agent,
S. G. H. Turner, care of the liquidating bank.
Succeeded
by Elmira Bank & Trust Co., Elmira, N. Y.
The liquidat¬
ing bank has four branches, consisting of two local branches
and two outside branches located at Elmira Heights and
Horseheads,
N,
V.
16—20%d,
19%d.
Feb.
17-__20%d.
19 13-16d.
Feb.
Feb.
18—20 ll-16d.
Feb.
20—20%d.
Feb.
21—20 ll~16d.
19%d.
19%d.
19%d.
Feb.
22
19 13-16d.
NEW
The
Feb.
Feb.
Feb.
Stocks
Shares
—
10 Keyes Fibre Co.,
43 cents
4 Bay
-_-.43 cents
Associates......
10 Oliver Building Trust, par $100
3
Stocks
National Bank, Watertown, M888- Par $!0
Ludlow Manufacturing Associates
100 Bangor Hydro-Electric
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Tues.,
Wed.,
Mar. 8
20 9-l6d.
20 9-l6d.
20 9-16d.
Thurs.,
Mar. 9
20%d.
Fri.,
Organization, Inc., class A, par $44
£97%
£97%
£108%
£108%
CURRENT
148s. 3d.
£70%
£98
£98%
£98%
£109%
£109%
British 4%
£108%
The
price of silver per ounce (in cents) in the United
States on the same days have been:
BarN.Y.(for'n) Closed
REDEMPTION
23%
91
__$2,450 lot
with 20 warrants...
...65 & int.
York
Stock
Stock Exchange and the Chicago Board of Trade: Frank E.
Bliss, Phillipse E. Greene,
and George
—Pelz &
NOTICES
formed the firm of Bliss & Co., Members of New
William H. Knemeyer, Douglas R. Hartshorne
Gilchrist.
Co. announce the installation of private wires to their core¬
42%
42%
42%
42%
42%
spondents, O. S. McKee & Co. in Pittsburgh, and Wallis W. Wood & Co.
in Cleveland.
The firm also maintains branch offices in Albany, Rochester
64.64
64.64
64.64
64.64
64.64
and Syracuse.
Treasury
64.64
$ Ver Share
24
91
Per Cent
Bonds—
$1,000 Ohio Valley Gas 7%s, Jan. 1943,
The following have
Holiday
1%
2
14%
70c.
Mar. 10
British 3%%
Holiday
Co. common
10 Ludlow Manufacturing Associates
900 Broadcasting Service
20%d.
148s.3%d. I48s.2%d. 148s.2%d. 148s. 3d.
£70
£70
£70 1-16
£70%
«.
By R. L. Day & Co., Boston:
Shares
CABLE
1 %
5%
State Fishing Co., common, $44 paid in liquidation.
250 Union Market
Mar. 7
...155
J.
common
100 Old Colony Trust
during the period
lowest $4.68%.
MARKET—PER
% per Share
„
National Bank, Fitchburg, Mass., par $100.
$40 paid in liquidation, par $5
Manufacturing Co., par $100
3 Bates
19.854d.
Mon.,
Wednesday
17 Safety Fund
43 cents
21.
Mar. 6
on
5 Pelzer Manufacturing Co., v. t. c.,
43 cents
20
Sat.,
SALES
sold at auction
were
43 cents
17-_:_-_...
18
Mar. 4
25,000
By Crockett & Co., Boston:
YORK
—
Feb.
•
following securities
43 cents
15
16
The highest rate of exchange on New York recorded
from Feb. 16, 1939, to Feb. 22, 1939, was $4.69 and the
Gold. p. fine oz.148s. 4d.
Consols. 2>4%. Holiday
*
R. Davis
Lingo, Robert B. Hopkins and John A. Robinson, care of
the liquidating bank.
No absorbing or succeeding bank.
of the current week:
(Per Ounce .999 Fine)
Feb.
Silver, per oz__ 20 %d.
<
2—The First National Bank of Milton, Del
Mar. 1, 1939.
Liquidating committee,
Effective
AUCTION
Feb.
$10,000
VOLUNTARY LIQUIDATIONS
LONDON
FINANCIAL
National Bank of East Bernstadt, East
From $25,000 to $35,000; amt. of increase
First
Bernstadt, Ky.
£58,037
IN
Certifi¬
STOCK INCREASED
CAPITAL
2,961
2,480
£153,587
Average—20.687d.
the City of Bellingham, Whatcom County, Wash.
1426-A.
Avenue in
x3,000
legal tender in the United Kingdom.
Quotations during the week:
20%d.
28—The National Bank of Commerce of Seattle, Seattle, Wash.
of branch: Southwest corner of Holly Street and Railroad
Location
Coin not of
-Bar Silver per Oz. Std.Cash
2 Mos.
15,000
BRANCH AUTHORIZED
V
Feb.
Mar.
*
250,000
Class A, sold to Reconstruction Finance Corporation.
£48,360
1,236
Eire
Sweden
Other countries
$75,0C0
STOCK ISSUED
28—The First National Bank of Nuremberg, Pa—
Feb.
Exports
United States of America.
£16,773
Burma
—
344,103
44,102
103,873
811,603
7,361
....
Presi¬
Conversion of
28—Elmhurst National Bank, Elmhurst, 111..
Capital stock consists of $250,OOO, all common stock.
Presi¬
dent, Albert H. Glos; Cashier, Otto A. Popp.
Conversion of
Elmhurst State Bank, Elmhurst, 111.
The following were the United Kingdom imports and
exports of silver,
registered from mid-day on the 13th inst. to mid-day on the 20th inst.:
Australia
ISSUED
G. Bardill; Cashier, O. M, Streiff.
State & Trust Bank, Highland, 111.
in
movement
CHARTERS
dent, J.
purchases by the Indian Bazaars.
The present level seems sufficiently high for the time
being, but there
are still no indications of any important
change.
:
•
(newly mined)
440
1327
1481
585
283
1
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
form of fresh forward
1960-90
23460
a
Announcements this week.
j,
-
prices during the week, the cash
quotation having varied between 20%d. and 20%d. and that for two
months only between 19 13-16d. and 1.9%d.
Further bear carrying opera¬
tions maintained a substantial difference between the rates, and the premium
on silver for cash delivery ruled between
%d. and 15-16d.
The higher rates for cash attracted selling for near
delivery from America
as
well as some profit-taking sales, whilst the main support was in the
War Loan...
1
17
The
£4,704,047 £12,523,778
ENGLISH
1
1
1
5
July
.Apr.
Properties secured s. f. bonds
♦Pennsylvania RR. gen. mtge. 3%s
Sayre Electric Co., 5% gold bonds
Skelly Oil Co. serial notes
♦Traylor Engineering & Mfg. Co. preferred stock
Toho Electric Power Co., Ltd., 1st mtge. bonds
Western Public Service Co. 1st mtge. 5%s
SILVER
IN
1
Apr.
Apr.
Apr.
Apr.
AmountK
21,909-
been
1323
1169
22533
733
1325
734
280
734
:
«
45,153
43,406
254,610
Swtizerland___.
has
1
28—The Highland National Bank, Highland, 111
Capital stock consists.of $75,000, all common stock.
17,325
1,214,678
1,214)678
" —
11,231
290.026
Netherlands
There
1322
1027
1476
23
26
Mar.
Feb.
12,290
Iran
France
1474
1320
NATIONAL BANKS
240,148
10,882,172
14,721
United States of America
Central & South America (foreign)
V enezuela
Peru
24051
Apr'.
..Apr.
1952
Northeastern Water & Electric Co. coll. trust 6s
♦Northern Indiana Gas & Electric Co. 1st mtge. 6s
Paris-Orleans RR. 5%% bonds
*
145,779
91,943
14,051
New Zealand
U. 8.
Mar.
International Salt Co. 1st mtge. 5s
International Salt Co. 1st mtge. 5s
Lawrence Portland Cement Co. 5%% debs_
♦Lehigh & New England RR. gen. mtge. bonds
Lib by, McNeill & Libby 1st mtge. 5s
Manufacturers Finance Co. 4%% notes
£4,970
Canada
as
Sept.
Apr.
1
4
1
1
1
29
1
17
289,581
.
Australia
Exports
101,592
434,061
70,061
..
....
British India
x
May
Penn Mercantile
The
1311
1312
1314
576
1165
Apr.
Apr.
Apr.
Illinois Iowa Power Co., 1st & rer. mtge. gold bonds
Illinois Northern Utilities Co. 1st & ref. 5s, 1957
Illinois Water Service Co., 1st mtge. 5s
5% debentures A
5% % debentures B
5% .debentures O
of gold for the month of
"
1018
1
13
Apr.
Chicago Union Station Co., 4% guaranteed bonds
Cleveland-Cliffs Iron Co. 1st mtge. 4%s
Consumers Power Co. 1st mtge. 4% bonds
♦Cuban Telephone Co. 1st mtge. bonds
Dayton Power & Light Co. 1st & ref. mtge. 3%s
Engineers Public Service Oo. preferred stock
Family Loan Society. Inc., partic. pref. stock
♦Federal Light & Traction Co. 1st lien bonds
Gemmer Mfg. Co. 5%% gold debs
Gulf States Utilities Co. 10 year 4 %s
Hackensack Water Co
first mortgage 4s
Holland Furnace Co., preferred stock:
Helvetia Coal Mining Co. 1st mtge. 5s
Page
Mar. 15
North American Edison Co.
Rajputana which sailed from Bombay
to the value of about
Date
Mar. 14
Aroostook Valley RR., 1st mtge. 4%s
Autocar Oo. 1st mtge. 7s
Bethlehem Steel Corp. 30-year s. f. 3 % % bonds
Brown Shoe Co., Inc., 15-year 3%% debs
Metropolitan Corp. of Canada, Ltd., 6% gold bonds.
Nord Railway Co. 6%% bonds
*
*
£1,428,610
The SS.
1425
Chronicle
CALLS
AND
SINKING
Below will be found a list of bonds, notes and preferred
stocks of corporations called for redemption, together with
DIVIDENDS
FUND
NOTICES
grouped in two* separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
Dividends
are
Financial
1426
we
show
the dividends
have not yet
pany
News
previously announced, but which
Further details and record of past
given under the com¬
been paid.
dividend payments
in
many cases are
Share
Name of Company
Holders
When
Per
Payable\ of Record
Addresaograph-Multigraph (quar.)
35c
Apr. 10 Mar. 20
(quar.),
$7 cum. preferred (quar.)
—
Air deduction Co., inc. (quar.)..
12Hc
SIX
Mar. 25 Mar. 16
Apr.
1 Mar. 10
Air Assoc., Inc., common
25c
Allts-Ohalmers Mfg. Co..
Aetna Casualty & Surety (quar.)Aetna Life Insurance (quar.)
American Crystal Sugar Co. 0% 1st pref. (qu.)
American Cyanamid Co. 5% cum. pref. (quar.)
Class A and & common (quar.)—....
American Express Co. (quar.)
—
American Fork & Hoe
—
Preferred (quar.)
Apr. 15
75c
30c
Apr.
SIX
$1H
1
Mar.
4
.$0 1st preferred (quar.)—
Anaconda Copper Mining Co
Anchor Hocking Glass Corp....
Mar. 17
Mar. 15
15 Mar. 10
Apr, 15 Apr.
5
7
Apr.
4
%1X
tlx
Apr.
Mar. 15
Mar.
Mar. 15
Mar.
Mar. 15
May
Apr.
5
Apr.
Mar.
4
Mar.
Mar. 15
S6X preferred (quar.)..
Appalachian Electric Fow„ $7 pref. (quar.)
Arkansas Power & Light $7 preferred
$0 preferred—
—
Associates Investment Co. (quar.)..
Preferred vquar.)
—-Atlantic Refining Co, 4% cony. pref. A (quar.)..
1%
ilX
(Hartford) (quar.)-.-—.
25c
50c
,
Automobile Insurance
50c
M
Balaban 6c Katz Corp
Preferred
(quar.).
.........
Mar. 14
20c
Apr.
Mar. 15*
25c
Apr.
Mar. 14
Apr.
Mar.
Mar. 14
Apr.
Mar. 20
Mar,
Mar.
15
2Xc
Mar.
Mar.
1
25c
37 Xc
Mar.
Mar. 18
Mar.
Mar. 18
Apr.
Apr.
Apr.
Mar. 31
25c
Mar.
Mar. 17
Apr.
Apr.
Mar. 20
tlX
25c
tlX
10c
20c
— ——
10c
—
SIX
Bridgeport Machine preferred (quar.)—..
Briggs Mfg. Co. vquar.)
—
(quar.)
(quar.)—-
tlX
Bucyrus-Monighan class A (quar.)..
—.
Budd Wheel Co. 1st preferred (quar.)
—
Bu lding Products Ltd. (quar.)
— Bulova Watch Co., Inc.-..---.—..
........
Burroughs Adding Machine Co
——
Burry Biscuit Corp., pref. (quar.)—
.....
Cambria Iron Co. (s.-a.).
....
Canada Packers Ltd (quar.)
Canada Silk Products, class A (quar.)
Canadian Celanese, Ltd...
45c
Brunswick Balke Collender Co. pref.
Mar.
10c
June
Apr. 29
75c
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar.
Mar. 17
Mar.
Mar. 17
SIX
Mar.
Mar. 17
50c
Mar.
Mar. 17
t25c
Apr.
Mar. 15
I15c
Apr.
Mar. 15
tsix Apr.
137 Xc Apr.
25c
Apr.
Canadian Canners 1st preferred (quar.)
2d preferred vquar.)....
Canadian General Electric (quar.)..,
Canadian Wirebound Boxes (class A)
Mar. 15
Cannon Mills Co
Capital Administration, preferred A (quar.).—
Carnation Co. preferred (quar.)
Carolina Power & Light, $7 pref. (quar.)
$6 preferred (quar.)
Central Maine Power 0% preferred..
$0 preferred
Central Maine Power, 7% preferred
—Central Patricia Gold Mines (quar.)
—
Extra
—
-
-
——
S2X
SIX
SIX
$1.13
50c
—
$3.85
(s.-a.)
Management Fund A-l.
Management Fund B
20c
30c
50c
•
5c
$1
Apr.
17
[Mar; 20
Apr. 15 Apr.
5
June 3r Time 20
5
5
Mar. 25 Mar. 18,
251 Mar.
18
Mar. 22
MaT. 15
Mar. 30 Mar. 21
Apr.
4 Mar. 15
-
-
Mar. 15
Apr. 15
Mar. 15
SIX
t50c
Apr,
Mar. 24
20c
Mar.
Mar. 13
Mar. 16
Mar.
Anr.
Mar. 13
Mar.
Mar. 16
SiX
2X%
15c
Apr. 20
Apr.
Mar.
4
8
Mar.
Mar.
Mar. 23
Apr.
$1.1854 Apr.
25c
Apr.
12Xc
Apr.
Mar. 23
Mar.
4
Mar. 13
Apr. 15
Apr. 22
Mar. 15
Mar. 15
25c
Mar.
Mar. 15
SIX
Mar.
Mar. 15
Apr.
Apr.
Apr.
Mar. 15
Apr.
Mar. 17
20c
10c
—
.
31 Xc
_
—
10c
25c
15c
25c
SXc
.
Class A (quar.)
Riverside Silk Mills, class A
Roeser & Pendleton (quar.)
8Xc
50c
(quar.)-
25c
30c
50c
Ross Gear & Tool (quar,)—
Safeway Stores, Inc
Apr.
Apr.
Mar.
Apr.
25c
preferred (quar.)..._
15c
$1
•—
6% preferred (quar.)
3c
Food Machinery Corp
£33 l-3c
5% preferred (quar.)
Mar.
50c
$4
75c
...
—
Ray-O-Vac (irregular).
Reed Drug Co. (Dela.), common
Anr.
10c
Mar. 15
Mar. 17
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Apr.
Mar. 31 Mar. 15
Mar.
251 Mar. 15
Apr.
1 Feb. 28
Mar; 31 Mar. 20
Mar. 30 Mar. 20
Apr.
1 Mar. 18
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 15
May
May
May
1 Apr.
1 Mar. 20
1 Apr.
Apr.
Apr. 15! Mar.
_
15
15
15
31
Mar. 28 Mar. 18
May
H Apr.
%
58^?
May
Apr.
May
87 Xc
$1
Mar. 13
Mar. 15
Apr.
Apr.
Apr.
£331-3< Apr.
t$l Apr.
-
Apr.
Apr,
10c
—
Mar. 31 Mar. 17
Mar. 31 Mar. 17
.31X
——
2
1 Mar. 11
1 Apr. 14*
Mar. 31 Mar. 20
—
Apr;. 20' Apr.
Apr. 20 Apr.
Ma*.
2 Jan.
Jan.
Apr.
May
„
Mar. 15
20c
-
Florsheim Shoe Co. class A (quar.)
Class B (quar.)
Apr.
Apr.
May
Apr.
Mar. 20*
Apr. 20 Mar. 31*
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Apr.
1
1
July
1 July
Sept. 30 Sept. 30
—
Mining-
Mar. 15
Mar. 15
15
Preferred (quar.)—
—Mar. 31 Mar. 20
Pacific Telep. & Teleg. Co—
———
Apr. 151 Mar. 31
Preferred (quar.)_——
1
—
—
25c Mar. 28; Mar. 17
Pacific Tin Corp. (special stock)
— Mar. 15
$1
Apr.
Page-Hersey Tubes Ltd—. (quar.)--—Mar, 29 Mar. 13
Pathe Film Corp., stock dividend———
One sh. of Pathe Labdratories, Inc. for each
• 100 shs. of Pathe Film Corp., com. stk. held.
Mar. 25
50c Apr.
Peoples Gas Light 6c Coke Co—
Mar. 31
25c
Apr.
Pieiffer Brewing Co
Philadelphia Electric Power Co.
Mar. 10
50c
Apr.
8% cum. preferred (quar.)—
Mar. 15
S1.31X Apr.
Phillips Packing Co., preferred (quar.)
——
Mar. 15
75c
Apr.
Pittsburgh Plate Glassy
——
35c Mar. 31 Mar. 8*
Plymouth Oil Co. (quar.)
Mar. 15
50c
Apr.
Phoenix Insurance (Hartford) (quar.)—
Mar. 10
Apr.
Pennsylvania Edison, $5prei. (quar.)__.
Mar. 10
Apr.
$2.80 preferred (quar.)
Mar. 31 Mar. 15
Pictorial Paper 6c Package Corp. (Irreg.)Mar. 15
Apr.
Public Service Co. (Colorado), 7% pref. (mo.)—
Mar. 15
50c
Apr.
6% preferred (monthly)---—--,
—
Mar. 15
412-3c Apr.
"% preferred (monthly)
$2
-
5% preferred (quar.)
General Electric Co
31 Xc
25c
tlX
Fear (Fred) & Co., common (quar.)
Fedders Mfg.
conv.
$2
*\£
....
Endicott Johnson Corp
4X %
25c
25c
Empire Star Mines, Ltd
Formica Insulation Co. (quar.)
Fruit of the Loom, Inc., preferred (initial)
Fundamental Investors
75c
,
Management Fund F..
Ecuadorian Corp
El Paso Natural Gas (quar.).
Filene's (Wm.) Sons Co. (quar.)
Preferred (quar.)
3
Apr. 15 Apr.
Mar. 15
Apr,
Mar. 20*
Apr.
Mar. 17
Apr.
SIX
—
3234c
tlX
SIX
Mar. 31 Mar. 17
$2
...
Pacific Public Service
Mar. 31 Mar. 17
S2X
—
Mar. 20
1 Feb. 23
Mar. 15 Mar.
1
Apr. 20 Mar. 31*
——
'
Mar. 20
Mar.
>
-
Mar, 14
15c
—
40c
Noblitt-Sparks Industries- - - —
'
35c
Northern Empire Mines—
SIX
Nova Scotia Light & Power ord. (quar.)
Ohio Public Service Co., 7% pref. (monthly)— 581-3c
50c
6% preferred (monthly)-————
412-3c
5% preferred (monthly)—
-----30c
Pacific Finance Corp. (Calif.) —
«
SIX
5% preferred (quar.)--20c
Preferred A (quar.)
1634c
Preferred C (quar.)-----—;—--------SIX
Pacific Lighting Corp., $6 pref. (quar.)—.
Mar. 17
Mar. 17
1
Mar. 17
1
1
1
1
Mar. 31
——
New York State Gas & Elec. pref. (quar.)
Mar. 22
75c
Denuison Mlg. Co. debenture (quar.)
Dunean Mills 7% pref. (quar.)
Eastern Steamship Lines preferred..
Eaton & Howard, Inc.:
Mar. 15
75c
Dayton Rubber Mfg. $2 class A (s.-a.)
Dejay Stores, Inc
Mar. 10
Mar. 15
Apr.
Apr.
Apr.
Apr.
-
—
-
Mar. 15
Apr. 15 Apr.
£—-—-
it.TIC
5
Mar. 21
Mar. 24 Mar. 17
New York & Honduras Rosario
Interim dividend.
Mar. 15
SIX
SIX
—
——
Apr.
Apr.
Apr.
Apr.
Mar. 10
Apr. 15 Mar. 31
1 Mar. 20
Apr.
Mar. 20
Apr.
2.5c
Continental Bank & Trust Co. (quar.).
Continental Gas & Electric pref. (quar.)
vquar.)
Mar. 15
Mar. 15
Mar. 15
Mar. 17
Mar. 13
17Xc
SIX
Consolidated Aircraft preferred (quar.)
Consolidated Aircraft, $3 pref. (quar.)
Consolidated Coppermines
Consumers Gas (Toronto, Ont.) (quar.)
Continental Baking Co. preferred (quar.)
Davenport Hosiery Mills.
Davidson-Bontell Co. 6% pref. (quar.)-4
Davidson Bros., Inc-_^
DaVton & Michigan RR. 8% pref. (quar.)
Apr.
Apr.
lc
Coca-Cola International Corp.
Coleman Lamp & Stove.
Colonial Ice Co. $7 cum. preferred (quar.)
Series B preferred (quar.).l
Cooper-Bessemer, $3 prior pref. (quar.)
Coty, Inc
i
Cream of Wheat Corp
Crum & Forster. Inc. (quar.)
8% preferred (quar.)
Cunningham Drug Stores (quar.)....
Preferred B (quar.)—.
Davega Stores Corp
Mar. 17
4c
—
Chicago & Southern Air Line, pref. (quar.)
Clenaese Corp. of America 7% prior preferred.
7% 1st partic. preferred (partic. div.)
Central Hanover Bank & Trust Co. (quar.).—
Chicago Junction Ry. & Union Stockyards—
Quarterly
6% preferred (quar.)....
Cincinnati Gas & Electric 5% pref. (quar.).....
Cincinnati & Suburban Bell Telephone (quar.).
Coca-Cola Co
Apr.
mx
six
N0^ Id8ft
Mar. 17
Mar. 24
.
$2 preferred
Mar. 10
Mar. 14
Mar. 14
Mar. 15 Mar.
National Supply Co., 5X% prior pref. (qu.)—0% prior preferred (quar.)__
--------—
Mar. 14
3 Mar. 17
Apr.
Natomas Co. (quar.)
—
Nehl Corp—
1st preferred (quar.)
New England Power Assoc. $2 preferred
New England Power Assoc., 6% preferred
Mar. 14
Mar. 15
Apr.
Quarterly
Mar. 18
1
Mar. 15
.—
Quarterly-
Mar. 20
9
Apr.
Mar. 20 Mar. 16
Mar. 21
Apr.
National Candy Co., 1st and 2nd pref. (quar.)__
National Food Products Corp., class A
National Oil Products (interim)
Mar. 18
9
Mar.
Mar. 22 Mar. 10
15 !Mar. 31
Quarterly,
Mar. 15
9
Mar.
Mar. 22 Mar. 10
Moore (Wm. R.) Dry Goods (quar.).
Mar. 15
Mar.
Apr.
Apr.
Apr.
Apr.
Class B
Mar. 15
$1
t50c
•
Mar. 21
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Moore Corp., Ltd. (quar.)
Preferred A. 6c B. (quar.)
Mar. 15
19c
SIX
SIX
SIX
%1X
SIX
Mar. 25 Mar. 20
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Michigan Consolidated Gas pref. (qu.)
Midco Oil Corp., vot. tr. ctfs. (quar.)
Middle States Petroleum Corp., class A
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
75c
.
Merchants 6c Miners Transportation--
15
Mar. 15
7^> partic. preferred (quar.). div.).
artic. preferred (partic.
Common
Mar. 17*
Apr.
175c
20c
(quar.)--
Extra.-
Mar. 20
tlX
Additional
Preierred
Aor.
17 He
50c
37 Xc
25c
15c
37 Xc
Extra
Mar. 20
Mar. 16
Mar. 31 Mar. 17
Apr.
1 Mar. 17
Mar. 20
Apr.
McKee (A. G.),6c Co., classB (quar.).
Mead Johnson 6c Co.
Mar. 21
Mar. 16
Mar. 25 Mar. 11
Liberty Loan. Corp. A & B (quar.) Locke Steel Chain (quar.)
Manufacturers Trust Co* (quar.)—
Preferred (quar.)
Marine Midland Corp.
Marine Midland Trust (quar.)
Mar. 21
1
1
6
1
Apr.
Apr.
Apr.
Apr.
25c
SIX.
Knapp-Monarch Co., preferred (quar.),
Lambert Co
Co., 7% preferred (quar.)
1
Mar. 17
5c
— —
35c
—
tlX
—
Lehman Corp..—
Mar.
$1
50c
Landis Machine
Mar. 31
Apr.
25c
SIX
ZlXc
$6 preferred (quar.).
Kern County Land new (initial)
Mar. 16
Mar. 15
43 Xc
Preferred (quar.). —-----—----Jarvis (W. B0 Co.
Joliet 6c Chicago RR. 7% gtd. (quar.)
Kansas Gas & Electric 7% preferred (quar.)
Mar. 15
Mar. 15
Mar. 31 Mar. 20
Mar. 15 Mar. 10
—
Apr.
- —
.......
...
Broad Street Investing
9
20c
Bishop Oil (Initial)
..... — —
Bliss & Laughlin, Inc
—...
Preferred (quar.)...
Bralorne Mines, Ltd. (quar.)..
....
Mar.
20
Mar. 15
Mar. 31 Mar. 20
7% preferred (quar,)..
----0% preferred (quar.)
International Nickel Co. (Can.) pref. (quar.) —
International Power Co. 7% preferred
Investment Co. of America (quar.)
Investors Royalty Co, (quar.)
-—
Mar. 15
Mar.
......
(quar.)
Beatrice Creamery Co. (quar.)—..———
Preferred (quar.).
—*
Bellows & Co., class A (quar.)...
————
Bell Telephone Co. of Pa. 6X% pref
Bird Machine Co. (quar.)....
—. —
_
Mar. 17
50c
$1X
———
Bankers Trust Co.—.——
Bank of the Manhattan Co.
Extra
Apr.
Mar.
15c
;.
Apr.
Apr.
£62c Apr.
162 Xc Apr.
30c
Apr.
...—-
Mar. 17
1
10
10
10
1 Mar. 15
10c
75c
—
$5 conv. preferred (quar.)
Hollinger ConsoL Gold Mines (monthly)
Hinde 6c Dauch Paper.-,
*
Preferred (quar.)
Home Gas 6c Electric preferred (quar.)
Homes take Mining Co. (monthly)
Hoover Ball 6c Bearing—
Horn 6c Hardart Baking (quar.)
Indiana General Service Co., 6% pref
Indiana & Michigan Electric Co.—
Mar. 15
15 Apr.
1 Apr.
May
1 July
Aug.
1 Apr.
May
Mar. 31 Mar.
Apr.
10c
.
Mar,
Apr.
Apr.
Apr.
Apr.
25c
—
SIX
—
Holland Furnace Co. (Del.)--
Mar. 16
1
SIX
87 Xc
SIX
—-----
—
1 Mar. 18
1 Mar. 18
Apr.
Apr.
5c
—
(quar.)
5% preferred (quar.)
American Water Works 6c Electric Co.
SIX
— -
Hickok Oil Corp.
7% prior preferred
Mar, 24
Apr,
1
Apr.
1
i2m
Apr.
'1M Mar.
.....
Preferred (quar.)
Mar. 31
Mar. 31 Mar. 17
Apr.
1 Mar. 4
25c
—
15c
$2
General Baking Co.
Preferred (quar.)
General Finance Corp—_—...——General Foods Corp., preferred (quar.)
General Mills, Inc., common (quar.)—
General Mills, Inc. (increased)
General Tire & Rubber, preferred (quar.)
General Water Gas & Electric (quar.)
$3 preferred (quar.)
Goodyear Tire 6c Rubber (Can.) (quar.)
Preferred (quar.)
Hanover Fire Insurance (N. Y.) (quar.) Heller (Walter E.) & Co. (quar.) - -- --
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week are:
,
1939
11
Mat.
Chronicle
*l£
—
SIX
7% preferred (quar.)
25c
Sangamo Electric Co
50c
Savannah Sugar Refining (quar.)
SIX
Scranton Electric, $6 pref. (quar.)
—
20c
Seaboard Commercial Corp. (quar.)
62 Xc
Preferred (quar.)
.
SIX
Selected Industries, $5J4 preferred (quar.)—
25c
Smith (L. C.) & Corona Typewriters
SIX
Preferred (quar.)
—
:
Southern Grocery Stores, Inc.—
31c
Preferred and participating stock (partic. div.)
U3Xc
Steel Co. of Canada (quar.)-——
*—£43 Xc
Preferred (quar.)
—-—
S3X
Sun Life Assurance Co. (Can.) (quar.)
$1
Time, Inc
,
25c
Extra
Todd-Johnson Dry Dock, Inc.
Preferred A 6b B (quar.)
v-
37Xc
Mar. 31 Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
Mar. 15
Mar. 15
Mar. 10
Mar. 20
Mar. 14
Mar. 14
Mar. 14
jMar. 14
Mar. 18
Mar. 15
Apr.
Mar.
Mar,
31 Mar. 20
9
Mar. 31 Mar. 20
Apr.
Apr.
Apr.
Mar. 20
Mar. 18
Mar. 18
Mar. 31 Mar. 11*
May
May
Apr.
Apr.
6
Apr.
6
Mar. 16
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Apr.
1 Feb.ft24
Share
Company
581-3c
preferred (monthly) —
Toledo Edison Co., 7%
50c
6% preferred (monthly)
5% preferred (monthly)
41 2-3c
SIX
SIX
62 Xc
SIX
Power Co., preferred (quar.)..
(Ontario) (quar.)
_
Trico Products (quar.)
—_ —
Tri-Continental Corp., $6 cum. pref. (quar.)..
United Carbon Co. (quar.)__
United Shoe Machinery (quar.) jPreferred (quar.)
..
Universal-Cyclops Steel Corp
Van Norman Machine Tool
Ward Baking Co., preferred
West Coast Utilities, $6 preferred
$6 preferred (quar.)
—
Western Grocers. Ltd. (quar,)
Preferred (quar.)..
Weston (Geo.) Ltd. preferred (quar.)
West Penn Electric Co., class A (quar.)
...
Toledo Light &
Toronto Mtge.
75c
62 He
37 He
i
l5j
Mar. 15
Apr.
Mar. 15
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
1
1
1
5
Mar.
Apr.
5
Mar. 14
4
j
14
Mar. 17
Mar.
181
Mar. 14
Mar. 20 Mar. 10
Apr.
1 Mar. 18
50c
75c
SIX
SIX
(quar.) —...
SIX
SIX
!
$6 cumulative preferred
Mar.
Mar. 29 Mar. 17
6% preferred (quar.)
...
---.
West Texas Utilities Co., $6 cum. pref. (quar.).
West Penn Power Co.. 7% pref.
Mar. 15
1
1
1
1
40c
six
SIX
SIX
SIX
7% preferred (quar.)
6% preferred (quar.)
Apr.
Apr.
Apr.
Apr.
12Hc
t$l
*1H
Apr.
Apr.
Apr.
Apr.
25c
25c
$1X
Name of
Abbott Laboratories
Extra
Share
Company
40c
(quar.).
10c
-
-
Agnew-Surpass Shoe Stores, preferred (quar.)..
Agricultural Insur. Co.(Watertown, N.Y.), (qu.)
Alabama Power Co. $7 preferred (quar.)...
$6 preferred (quar.)
—$5 preferred (quar.)L_.
Alabama & Vicksburg Ry. Co. (s.-a.)
—
Allied Chemical & Dye Corp. (quar.)
...
Allied Laboratories, Inc. (quar.)
Allied Products (interim)
Class A (quar )
Allied Stores Corp., preferred (quar.)
Alpha Portland Cement
Aluminum Co. of America 6% pref. (quar.)..-Aluminum Goods Mfg. J
Aluminum Mfg. Co., Inc. (quar.)
Quarterly..
*
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)..
------7% preferred (quar.)
7% preferred (quar.)
American Agricultural Chemical
American Bank Note
Preferred (quar.)
American Can Co. preferred (quar.)..—American Chain & Cable..
Preferred (quar.)
Apr.
Apr.
1
Feb.
21
Mar. 17
Mar.
Mar.
SIX
Apr.
Mar. 15
75c
Apr.
Apr 4
Apr.
May
Mar. 20
3%
SIX
Apr.
Mar.
Mar.
Mar. 10
15c
Mar.
4
43 He
Apr.
Apr.
Apr.
Mar.
4
SIX
Apr.
Mar. 17
37 He
25c
(quar.) —
Mar.
Mar. 14
Mar.
25c
Supply Mfg. Co. class A
Aetna Ball Bearing Mfg. Co.
Mar. 14
Apr.
SIX
Preferred (quar.)
Acme Steel Co. (quar.).
Aero
Payable of Record
Mar.
il
*1X4
12Hc
,
Mar. 15
Mar. 15
Apr.
'
18
8
Mar. 15
1
Mar.
Mar.
$1H
Apr.
Mar. 15
20c
Apr.
Mar. 16*
50c
Mar.
Mar. 15
50c
June
June
50c
Sept.
50c
Dec.
Sept. 15
Dec. 15
25c
,
American Chicle Co. (guar.)
American Cigarette & Cigar
3
Interim
-
il'i
iig
35c
15
Mar.
Mar. 15
June
June 15
Sept.
Sept. 15
15
Dec.
Dec.
Mar.
Mar. 13
Mar. 13*
Mar.
17*
Mar.
Mar.
6
Mar.
6
Mar.
1
Mar.
(stock div.)__
for each
Mar. 13*
Mar.
"il
Apr.
Apr.
Apr.
Mar.
10c
75c
Mar.
2
l-40th sh. of Am. Tob. Co. common
held.
Preferred (quar.)..
--
$2% cl. A (qu.)
Opt. div. cash or l-16th sh. of cl. B stock.
American Envelope Co. 7% pref. A (quar.)
7 % preferred A (quar.)
7% preferred A (quar.)
American Export Lines, Inc
American Forging & Socket Co
American Gas & Electric (quar.)
Preferred (quar.)
American Hard Rubber Co., 8% preferred v.qu.)
American Hawaiian Steamship
American Hide & Leather preferred...
Preferred (quar.)
...
American Home Products Corp. (monthly)
American Indemnity Co.
American Insurance Co. (semi-annual)
American Cities Power & Light
f IX
SIX
SIX
15c
12Hc
40c
25c
t25c
75c
20c
97 He
25c
Dec.
1 Nov. 25
Mar. 21 Mar. 15
Apr.
1 Mar. 14
Apr.
May
Mar.
7
Apr.
1
8
Apr.
1 Mar. 15
Mar. 31 Mar. 17
Mar. 31 Mar. 17
Mar. 14*
Apr.
50c
25c
—_
2X%
lOd
60c
Apr.
25c
Mar. 15 Mar.
6
Apr.
15 Mar.
1
5c
25c
Co. (quar.)
News Co
cum.pref.(quar.)
American Oak Leather Co.,5%
American Paper Goods 7% preferred (quar.)
American Power & Light CO. $6 preferred
So preferred
..
—
American Safety Razor (quar.)
American Smelting & Refining
30c
11H
pref. (quar.)
3ue
American States Insurance Co. (quar.).
American Sugar. Refining, preferred
American Snuff Co. (quar.)..
(quar.)
(quar.)
...—
American Superpower Corp., 1st pref. (quar.)—
American Sumatra Tobacco (quar.)
American Telep. & Teleg. (quar.).
American lobacco Co., preferred (quar.)......
AmoskeagCo. (s.-a.)
Preferred
Preferred (s.-a.)
—
Anaconda Copper Mining Co
Armour & Co. (Del.), pref. (quar.)
—a.—
Armstrong Cork Co., preferred (quar.)
—
Mar.
Apr.
Apr.
_
Mar. 10
_
Apr.
25c
iy~
12 M
SIM
Mar. 10
Mar. 30 Mar. 10
xVlar.
_
9
Mar. 10
Mar. 15 Mar.
1
Apr.
Apr.
July
July
15 Mar. 15
Apr.
Mar. 10
Mar. 10
June 24
June 24
7
Mar. 23 Mar.
Mar.
_
15 Mar.
1
Mar. 21 Mar. 10
50c
50c
Art Metal Works (quar.)
9
Mar. 22 Mar.
Mar. 31 Mar. 15
Mar. 31 Mar. 15
,
10c
Ashland Oil & Refining (quar.)
Preferred vquar.)
(Can.) (quar.)
Atlanta Gas Light Co. 6% cum. pref.
Atlantic Refining Co
(quar.)
—
%
fig
25c
SIM
Mar. 31 Mar. 21
Mar. 15 Mar. 10
Mar. 31 Mar. 15
Apr.
1
Mar. 15
1 Mar. 15
Mar. 15 Feb. 21
Mar. 15 Feb. 28
Apr.
preferred A (quar.)
Bangor & Aroostook RR. Co
Cumulative convertible preferred (quar.)
Bangor Hydro-Electric 7% pref. (quar.)
6 % preferred (quar.)
Barber (W. H.) Co. (quar.)
Apr.
Apr.
Apr.
Feb.
28
Feb.
28
w
SIM
Apr.
Mar. 10
Basic Dolomite, Inc
12Mc
Baldwin Co.,
63c
25c
1st preferred (quar.)
Beech Creek RR. (quar.)
1
Apr.
Tv:
50c
-
Belding-Corticelli Ltd. (quar.)
Preferred (quar.)
Bell Telephone of Canada (quar.)
—
_
Beech-Nut Packing Co. (quar.)
Extra.-
1
Mar. 15 Mar.
Mar. 15
Apr.
SIM
Bayuk Cigars, Inc., com. (quar.)
_
Mar. 15 Mar.
25c
Bastian Blessing Co. (quar.)
Preferred (quar.)
Mar. 10
SI
25c
SI
_
Mar. 15
Mar. 15 Feb. 28
Apr. 15 Mar. 31
15
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
Mar. 15
Mar. 10
Mar. 10
_
Mar. 15
Apr. 15 Mar. 23
50c
25c
SIX
Buckerfield, Ltd
Quarterly
Buckeye Pipe Line Co
Apr.
Apr.
Mar. 15 Feb.
28
Mar.
3
Mar. 31 Mar.
4
Apr.
7
Apr.
Mar. 20
Apr.
Mar.
Mar. 31
Apr.
Mar. 20
Mar.
Mar. 15
Mar.
Feb.
Apr.
Mar. 20
Mar.
50c
-
ill
preferred (quar.)
Canada
Mar.
6
16
t50c
%U
(quar.)
pref. (quar.)-*_-
Canadian General Investments
Canadian Industries, class A&BPreferred (quar.)
Canadian Malartic Gold Mines
—
Apr. 15
Apr.
Mar. 15
Apr.
Mar. 15
June
May 24
Aug. 26
Sept.
Nov. 24
Dec.
Apr.
Feb.
Mar.
Mar.
1
Apr.
Mar.
3
Apr.
Apr.
10
Mar. 15
_
1 Mar. 15
Mar. 20 Mar. 10
Mar. 2u Feb.
28
30 Apr. 15
Mar. 15 Feb. 28
Apr. 25 Mar. 31
Apr.
Apr.
Apr.
15 Mar. 31
1 Mar. 15
1 Mar. 21
Mar. 15 Feb.
28
June
15 May 31
Sept.
15'Aug. 31
Dec.
15 Nov. 30
28
-
Canadian Industries Ltd., 7%
17
Mar. 17
May
Apr.
-
(quar.)
-—
Steamship, Ltd., 5% preferred------Canada Wire & Cable class A (resumed)--Class A (quar.)
Class A (quar.)
Class A (quar.)
—
Class B (resumed)
Preferred (quar.)
Canadian Car & Foundry, pref
Canadian Cottons, Ltd. (quar.)
-—
Preferred (quar.)__
l
Canadian Foreign Investment, 8% pref. (qu.)
Canada Permanent Mtge,
Mar. 15 Feb.
Mar.
Feb. 28
Apr.
Mar. 24
Apr.
Mar. 17
Mar. 17
Apr,
Mar. 15
15 Mar. 31
Apr. 15'Mar. 31
Apr. 29 Mar. 31
Apr. 15 Mar. 31
Mar.
Mar.
9
Apr.
Apr.
-
Apr.
(quar.)
Mar. 20
Mar. 20
Apr.
Apr.
Mar.
8
Mar.
8
Apr.
Mar. 25
Mar.
Mar. 10
Mar.
Mar. 10
Apr.
Apr.
Apr.
-----—;
Mar. 20
Mar.
— --
Mar. 20
Apr.
Mar.
pref. (quar.)
Co. (quar.)----
Ltd.,
Canadian Westinghouse
Canfield Oil-
Mar. 20
—
;
Mining Co. (quar.)
Carolina Telephone &
—
—
Telegraph Co. (quar.)
—
—
.
Carter (Wm.) Co. 6% pref. (quar.)-Case (J. I.) Co., preferred (auar.)
Central Aguirre Assoc. (guar.)
Central Illinois Light 4H% pref.
(quar.)-
Central Illinois Public Service Co.
$6 and 6% preferred
Central & Southwest Utilities
pref. (quar.)._
20
Mar. 20 Feb.
28
Mar. 20 Feb.
28
10
Mar. 20 Mar.
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Mar. 20
Apr.
Mar.
9
Apr.
3
Mai. 27 Mar.
_
Chesapeake & Ohio Ry. Co
Preferred (quar.).--—
Apr.
-
Extra
preferred (quar.)_
_
3
8*
8*
Mar. 31 Mar. 21
Mar. 16
Apr.
Apr.
Mar. 16
Mar. 15 Feb.
24
Mar. 20 Mar. 10
Mar. 20 Mar. 10
Preferred (quar.)
Christiana Securities
Preferred (quar.)
Mar.
Mar. 31 Mar. 21
(quar.)
Chicago Pneumatic Tool prior
$3 preferred (quar.)
Chicago Rivet & Machine
Chicago Towel Co
Mar. 15
Mar. 27 Mar.
Mar.
Apr.
——
Chicago Flexible Shaft Co.
Mar. 11
Mar. 15 Feb.
Co.-
Extra
Mar. 15 Feb. 27
Mar. 20
Apr.
—
Chrysler Corp. common (quar.)
—
Churngold Corp.
—
Cincinnati Union Terminal 5% pref. (quar.)—
5% preferred (quar.)-—
6% preferred (quar.)—
5% preferred (quar.)
City Ice & Fuel Co...
Clark Equipment .preferred (quar.)
Clearing Machine Corp
Cleveland Electric Illuminating (quar.)
Preferred (quar.)
Climax Molybdenum Co
Clorox Chemical Co. (quar.)
Cluett, Peabody & Co., Inc. (interim).
Preferred (quar.)
Coast Counties Ga- & Elec. Co. 6% pref. (quar.)
>
Colgate-Palmolive-Peet (quar.)
Preferred
28
28
1 Mar. 15
1 Mar. 15
-
Bucyrus-Erie Co. preferred (quar.)
Budd Wheel Co., partic.prer. (quar.)----Buffalo Niagara & East. Power 1st pref
4(
Preferred (quar.)
.
15c
Burlington Steel Co. (quar.)
-.
-----SIX
Bunte Bros., 5% preferred (quar.)
------5% preferred (quar.)
— —
5% preferred (quar.)
—
4 annas
Burma Corp., Amer dep. rec. (interim)
Butler Water Co.. 7% preferred (quar.) —
2H%
Cable & Wireless (Holding) pref. (s.-a.)_-_
40c
Calamba Sugar Estates (quar.)
—
35c
Preferred (quar.)
—
60c
California Ink Co., Inc. vquar.)
nsix
Canada Cement Co., Ltd. preferred$2X
Canada Iron Foundries 6% preferred-—
37 Xc
Canada Malting Co. (quar.)
—-|3uc
Canada Northern Power Corp., Ltd---- —
9
Mar.
Apr.
Apr.
S2M
3
7
Apr. 29 Apr.
Mar. 15
Apr.
Mar.
6*
Apr.
SIM
Si
12 He
20c
4
Apr.
1H9?
25c
-----
Arnold Constable—
(quar.)..
SIM
SIX
t75c
t62Hc
_
Mar. 15 Feb.
Mar.
(quar.)----- —
Mar. 25
3
Mar. 15 Feo.
3
Mar.
tux
$5 preferred (quar.)
Carpenter Steel Co
1
Mar. 31 Mar. 10
»
1__
British Columbia Power class A
Preferred
28
1 Mar. 10J
Mar. 25 Mar. 10
Apr.
1 Mar. 15
Mar. 15 Mar.
20c
-
Cariboo Gold Quartz
Extra—
1 Mar. 17
Mar. 31 Feb.
Apr.
9,
Mar. 15 Mar.
88
6% cumulative preferred
Champion Paper & Fibre Co., 6%
Chesaoeake Corp. (liquidating)
Chesebrough Mfg. Co. (quar.)
Mar.
j
Mar. 15
1
50c
75c
Mar.
1
j
30c
$7 prior lien preferred
$6 prior lien preferred
Central Steel & Wire, 6% preferred (quar.)-__Central Power Co., 7% cum. pref. (quar.)
Mar.
Apr.
Apr.
3
Apr.
1
Mar. 31 Mar. 24
Mar. 31 Mar. 24
Mar. 16 Feb. 28
SIX
American Motorists Insurance
Associated Breweries
Preferred (quar.)
Sept.
Mar. 31 Mar. 16
'
—:
(quar.)
American Meter Co
Preferred
Asbestos Corp., Ltd.
Extra
May 25
Aug. 25
June
60c
Extra
American Maize Products
American
$1H
68%c
Mar. 31 Mar. 15
Apr.
1 Mar. 10 *
1
Mar. 31 Mar. 17
Mar. 31 Mar. 25
Apr.
SIX
preferred
6% preferred (quar.)..
Canadian Oil Cos..
share
1 Mar. 15 j
Mar. 15 Mar.
5uc
—
3
Mar. 15 Mar.
Apr.
SIX
—
British Columbia Electric Power & Gas—
7 % cumulative
Apr.
2uc
-
Brazilian Traction, Light & Power
Holders
1
25c
$1H
$2
Brewing Corp. of America
Bridgeport Gas Light Co. (quar.)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd. (quar.)
6% preferred (quar.)__
Brillo Mfg. Co., Inc. (quar.)
--Class A (quar.)
—
Bristol Brass Corp. (quar.)
British-American Tobacco pref. (s.-a.)_
When
3
Apr.
1 Mar.
Mar. 15 Mar.
2H c
Brunswick-Baike-Collender
Per
Mar. 15 Mar.
Apr.
1 Mar.
25c
25c
Mar. 30 Mar. 17
we
Mar. 31 Mar. 15
$1H
--
-
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Bower Roller bearing Co
1 Mar. 15
Mar. 31 Mar. 15
70c
Borg-Warner Co
May 15 Apr. 21
May 15 Apr. 21
5
May
1 Apr.
5
May
1 Apr.
Apr.
1 Mar. 15
15 Mar. 20
45c
25c
Inc
1 Mar. 15
15 Mar. 20
15 Mar. 20
May
1 Apr. 15
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
Apr.
Bell Telephone Co. (Penna.) pref. (quar.)
Beneficial Industrial Loan Corp. (quar.)_$2H prior preference (quar.)
Berghoff Brewing Oorp_Bethlehem Steel Co., 7% pref. (quar.).
7o
5% preferred (quar.)_.
Bishop Oil
Birmingham Fire Insurance Co. (quar.)
Birmingham Water Works Co., 6% pref. (qu.)__
Black & Decker Mfg. Co. (quar.)
Bloch Bros. Tobacco, 6% preferred (quar.)
Bond Stores,
Payable of Record
Share
of Company
Bohn Aluminum & Brass
1 Mar. 15
Apr.
—
Name
Payable of Record
I Holders
When
Per
Holders
When
Per
Name of
1427
Chronicle
Financial
Volume 148
(guar.)
(quar.).
Columbia Baking, $1 pref. (quar.)——
Columbia Pictures Corp., stock dividend
Commercial Alcohols Ltd. preferred (quar.)
Colt's Patent Fire Arms Mfg.
Commercial Credit Co. (quar.)
$4# conv. preferred (guar.)......
Commercial Investment Trust (quar.)
$4H conv. preference (quar.)
Commonwealth & Southern $6 preferred
Commonwealth Utilities Corp., 7% pref.
6M% preferred C (quar.)
6% preferred (quar.)
Compo Shoe Machinery Co. (quar.)
Confederation Life Assoc. (Ont.) (quar.)
Coniarum Mining, Ltd
Connecticut Light & Power Co. (quar.)
Consolidated Bakeries oCanada) vquar.)
Mar. 14 Feb.
24
Mar. 31 Mar. 16
Mar. 20
Apr.
19
July
June
Oct.
Sept.18
1-1-40 Dec.
18
Mar. 31 Mar. 15
Mar. 15 Mar. 27
Mar. 16
Apr.
Mar. 10
Apr.
Apr.
Mar. 10
_
Mar. 31 Mar. 16
Mar. 25 Mar. 15
Mar. 25 Mar. 14
Apr.
Mar. 21
Mar. 15 Feb.
May
Apr.
26
15 Apr. 18
6
Mar. 31 Mar. 15
Mar. 15
1
Mar. 15 Mar.
Mar
Apr.
Apr. 16 Apr.
1
Mar. 31 Mar. 10*
Mar. 31 Mar. 10*
Apr.
1 Mar. 10*
Mar. 10*
Apr.
Apr.
A--_-
Mar. 13
Apr.
Mar. 15
May 15
Mar. 15
_
15 Mar. 4
Mar. 31 Mar. 25
June
Apr.
Mar.
Apr.
Apr.
4 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Financial
1428
Per
Name of Company
Share
y
16c
Consolidated Biscuit
Consolidated Edison Co. (N. Y.), Inc., pref
Consolidated Edison (N. Y.) (quar.)
Consolidated Film Industries, pref...
.....
Consolidated Gas Electric Light & Power.....
$IH
50c
26c
90c
Consolidated Investment Trust (quar.)
Consolidated Laundries preferred (quar.)
Consolidated Retail Stores preferred (quar.)...
Consumers Power Co. $5 preferred (quar.).....
|4H preferred (quar.)—
$1H
$1X
..........
5oc
Continental Assurance (quar.)...
Continental Can Co., Inc., $4H pref, (quar.)..
Continental Oil Co....J...
.............
Continental Steel Corp
......
Preferred (quar.)..
........
...
Continental Telephone Co. 7% pref. (quar.)..
$1 y*
26c
25c
0#% preferred (quar,)......—..........
Coronet Phosphate Co.__—
Cosmos imperial Mills Ltd., pref. (quar.) —
Courtaulds Ltd., Am. dep. rec. (final).....—
Crane Co., 5% cum. conv. pref. (quar.)....—.
Creameries of America, Inc. (quar.)------
,3
Apr.
$2
to
60c
60c
50c
15c
10c.
15c
Sept. 15 Sept,
5
5
$1)4
1.0075
26c
25c
Detroit Harvester Co—
1 Apr
$1H
Dewey & Almy Chemical Co , $5 cum, cony. pf.
Diamond Match Co,,! common...—.—.......
Common......
Mar.-16 Feb. 28
$1H
**■———■— ............—•-
Mar, 25 Mar. 15
Apr.
1 Mar. 20
25c
Detroit Steel Corp——j-———...—————
Devoe & Raynold* preferred (quar,)
—
1
Mar, 15 Mar,
June
1 May 10
50c
50c
25c
75c
75c
25c
i50c
—.—
Participating preferred (s.-a.).————
Participating preferred (s.-a,)*-—
Diesel-Wemmer-Gilbert Co—
Distillers Corp .-Seagrams Ltd.—----------
XUM
Sept.
1 Aug. 10
3-1-40 2-10-40
Mar. 25 Mar. 15
Mar. 15 Mar.
Sept.
30c
15c
Nov. 18
Dec.
Mar. 20 Mar. 6
Apr. 20 Mar. 31
Mar. 15
Apr.
Mar. 20
Apr.
Mar. 15
Apr.
Duplan Silk Corp., preferred (quar.)———.
duPont (E. I.) De Nemours (interim)..—Debenture (quar.).———
Preferred (quar.)..—
———■
Duquesne Light Co., 5% cum. pref. (quar.)—
Eagle Picher Lead, preferred (quar.)
Early & Daniel Co., pref. (quar.;.—...—
Preferred (quar.)_
————
Eastern Massachusetts street Ry. Co.—
0% cumulative 1st preferred—
Eastern steel products pref. (quar.)
Eastman Kodak Co. (quar.)...——4——Preferred (quar,).
Economy Grocery Stores (quar.). .
Edison Bros. Stores (quar.)—
Preferred (quar.)..———
Egry Register Co., 5H% pref. (quar.). —— —
Electric Auto-Lite.——i—
—.
Electric Controller & Mfg. Co. (reduced)——_
Electric Storage Battery Co., com. (quar.)----Preferred (quar.)...
————
Electrolux Corp. (quar—————
Elgin National Watch—
Elizabeth & Trenton RR. (semi-annual)———
Preferred (semi-annual)-—
El Paso Electric (Texas)', $0 preferred (quar.)-.
t50c
m
$3
75c
75c
[m
k
25c
25c
_
First National Stores, Inc
Mar.
Mar.
_
Mar.
Mar, 14 Feb.
Aprs 25 Apr. 10
Apr. 25 Apr. 10
Apr. 15 Mar, 15
Apr.. 1 Mar. 15"
Gaylord Container Corp. (quar.)—*
Preferred (quar.).
10c
3c
.
lc
Extra..
Heileman (G.) Brewing CO. (quar.)————
Helme (Geo. W.) Co. common (quar.)—
—
25C
$134
$134
15c
Corp. (quar.)......
Mar,
Mar. 4
Mar. 15
Feb. 28
Mar,
40c
Mar.
—
(irregular)
Finance
10c
6234c
$1
$134
$134
$134
Cquar.)——
(quar.)
....i——
Howe8"Bros., preferred A (quar.)——
Feb. 28
Preferred B
Mar. 10
2nd preferred
50c
50c
Apr.
Apr.
Mar. 17
Mar. 20
Mar. 9
60c
ar.
60c
Mar.
Mar.
4UC
Mar,
Mar.
Feb.
Apr,
Apr.
Apr,
Mar. 20
Mar. 20*
25c
$1
$1)4
UA
ar.
Mar.
9
15
1
Mar.
June 22
Oct,
Sept. 21
Jan*
Dec. 21
Mar.
Mar. 13
Apr.
Mar*
Sept. 13
Mar. 21
Mar. 10
Mar. 16
Mar, 10
Mar. 4
Mar.
Mar. 10
Mar. 24
Mar.
Mar.
May
Apr.
Apr.
Apr.
Apr.
May 16
Apr.
Apr.
9
Mar. 18
Apr, 15
Mar. 15
Mar. 15
Mar. 21
Mar,
Mar.
1
Mar.
Mar.
6
Apr.
Mar.
1
Mar.
Mar. 15
Mar. 21
Mar.
Mar.
Mar.
Mar,21
Feb. 28
Mar.
Mar.
9
Feb. 23
Feb. 23
Feb. 25
Mar.
Apr.
Apr.
Apr
Apr.
Apr.
Mar.
Apr.
Mar.
Mar.
Mar. 15
Mar. 15
Mar. 15
Mar 15
Mar. 23
Mar. 15
Mar.
6
18
1
Feb. 28
Feb. 28
Feb.
Mar.
—_—.———
Illinois Bell Telephone (quar.)-.---
——.
Interim--..
Preferred
—
-.-.
—.—
(semi-ann.)
Quarterly
Quarterly
—-—
Quarterly--.'
—******* .—.--*'
Interlake Steamship Co
------—
International Business Machines Corp
*—
———-
■
— —
*:-——
International Harvester Go. (quar.)—*———
International Mining Corp.
—
-----International Nickel Co. (Canada)——International Ocean Teleg. Co. (quar.)-------International Salt Co. (quar.)
—
International Shoe (quar.)
;
International Silver Co., preferred
Investment Corp. (Philadelphia)
Investment Corp. (R. I.) $6 pref. (quar.).———
Iron Fireman Mfg. Co. (quar.).*—
Quarterly—
———
Quarterly.*..-.**
Irving Air Chute Co., IncIrving (John) Shoe, 6% preferred (quar.).:
Irving Trust Co. (quar.).*
————__
Jamieson (C. E.) & Co—;
----Jersey Central Power & Light 7% pref. (quar.)
6% preferred (quar.)
—
534% preferred (quar.)
...——
Jewel Tea Co., Inc. (quar.)—
Johns-Manville Corp. 7% cum. pref. (quar.)_._
Joslyn Mfg. & Supply
—
*
—
—
-——-
(quar.)
Kable Bros. Co., 6% preferred (quar.)
Kalamazoo Vegetable Parchment Co (quar )—
Kansas City Power tc Light, pref. B (quar.)
—
Kansas Electric Power 7% pref. (quar.) -
6% Junior preferred (quar.)
*
—
Drug Co. (resumed)
Preferred (quar.)
'
Kaufmann Dept. Stores, pref. (quar.)
5% preferred (initial)
———
Kaynee Co. 7% pre!erred (quar.)
Keith-Albee-Orpheum Corp., 7% pref-——- __
Kennecott Copper;—________
Katz
•-
$2
loc
Indianapolis Water Cov 5% pref. A (quar.)——
Imperial Life Assurance (Can.) (quar.)—__—
Preferred
5c
2234c
—
-
20c
3734c
$134
3734c
$134
--
Indiana Hydro-Electric Power preferred———
Indianapolis Power & Light 634% pref. (quar.).
Stock dividend—
$134
--
Imperial Tobacco of Canada (final)———,
1
Mar. 21
July
Sept.
Apr.
Apr.
Apr,
— .-
(quar.)-
Maryland Mines Corp. (monthly)----—
Mar. 31
Apr.
(quar.)—.———————
(quar.)--—-....—1---——-.
HubbeL(Harvey), Inc. (quar.)_
Humble Oil & Refining Co————
Hyde Park Brewery Assoc. (Irregular)......—
Hygrade Sylvania Corp————
Preferred
Idaho
1 Mar. 14
3 Mar, 15
3 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 13 Mar.
6
1 Mar. 15
Apr.
Apr.
Apr.
1 Mar. 22
1 Mar. 22
1 Apr.
1
Apr.
Mar. 31 Mar. 10
Apr.
1 Mar. 3
Apr.
1 Mar. 15
Mar, 15 Fej. 28
Mar. 15 Feb. 28
Mar. 31 Mar. 10
1 Mar; 15
Apr.
Mar. 15 Mar.
8
Mar. 15 Mar. 8
Apr.
1 Mar. 17
Mar. 15 Mar.
Mar. 15 Mar.
3%
tnk
$134
$134
$334
$334
$334
$134
25c
$134
5%
40c
loc
t50c
$134
3734c
3734c
1
1
1 Mar* 29
Mar. 15 Feb, 15
Apr.
1 Mar. 1
Apr.
Apr*
1
Mar,
1
Mar. 15 Feb, 21
Apr,
1 Mar. 11
Apr,
1 Mar. 11
Mar. 20 Mar. 10
Mar. 24 Mar. 13
Mar* 15 Mar. 2
15c Mar. 31
50c. Mar. 15
Mar. 15
Mar. 27
20c
Preferred
Mar.
UA
Mar. 15 Feb. 15
Mar. 15 Mar.
1
1 Mar. 14
25c
——
Houdaille-Hershey, class A (quar.)
02 He iMar.
Mar.
—
$1
$134
—.—........
Mar. 15
■
—-
pref. (quar,)——
:
Hoskins Mfg, Co
I Mar. 15
1 Mar. 17
1 Mar, 20
1 Mar. 31
1 Mar, 10
Mar. 15 Feb! 15
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
1 Mar. 24
Mar, 27 Mar.
1
Apr,
1 Mar. 24
$1
Hedley Mascot Gold Mines (quar.)*.
Household
3
25c
$134
Apr.
4
1 Apr.
Apr.
1 Mar. 20
Apr* 20 Apr.
6
Apt, 15 Mar, 31
—--
——...
Preferred (quar.)._
Hein-Werner Motor Parts
May
$134
$134
—-*i
Apr.
Feb. 25
—
4334c
t50c
Home Fire & Marine Insurance (auar.)
....
Honolulu Oil Corp. (quar.)-..... ———-
1
Aug. 19
Gatineau Power Co
Preferred (quar.).--..-
25c
liH
(reduced).
Mar.
Sept.
Apr.
...
3%
Hercules Powder Co
—:
Hewitt Rubber Corp.—
Hibbard Spencer Bartlett (monthly)..........
Mar.
-
$50
25c
Mar. 31 Mar. 20
June 30 June 20
Ford Motors (Canada) class A & B (quar.)
Fuller (Geo. A.), 4% pref. (quar.)—
Fuller Brush Co. 7% pref. (quar.)
Galland Mercantile Laundry Co. (quar.)—
Gamewell Co.. ©referred (quar.)
—
1334c
$134
4334c
$134
Fort Wayne A Jackson RR., pref. (semi-annual)
Fox (Peter) Brewing Co. (quar.)
—
Extra
Convertible preferred (quar.).
...
—
-
20c
Hearst Consol. Publishers class A——j.
Heath (D. C.) & Co. 7% preferred (quar.)——
Hecla Mining Co-.--——————
—
4
15
15
20
27
Mar,
—
75c
15c
Mar. 31
Fiscal Fund, bank stock series (stock div.)
Insurance stock series (stock div.)
-----Fohs Oil Co., common—..
.....—
-
50c
$134
75c
Mar.
1 Mar. 15
Mar, 20 Mar, 1
Apr.
Apr.
Apr,Apr.
Apr.
Apr.
HazeltineCorp. (quar.)..——.—.————
Apr.
Apr.
Apr.
Apr,
1 Mar. 15
1 Mar; 15
Apr,
Apr.
25c
60c
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburgh Gaa'7% preferred vquar.
Preferred (quar.)-——
Hart & Cooley Co. (irregular)
_
Apr*.
$134
H.) Knitting, 7% preferred (quar.)--
Harsbaw Chemical
1 Apr. 10
1 Mar. 14
1 Mar. 14
1 Mar. 10
Mar. 15 Mar.
8
Mar. 15 Mar.
8
Apr.
1 Mar. 13
6
Mar. 15 Mar.
May
Apr.
Apr.
Apr.
35c
Mar. 31
Mar.
—
25c
I1J4
Stock dividend of 100%.
Hartman Tobacco Co., prior
Hazel-Atlas Glass Co-
Mar. 15
Stock div. of one sh. for each three shs. held,
__
Hanes (P.
Apr,
l\%
vl 72
4oc
5634c
$134
$134
6234c
Hamilton Watch Co.—---------
Mar.
HH
$IH
Empire Power Corp. $0 cum. pref. (quar.)
30c
Emporium Capwell Corp——.
4>4% preferred A (quar.)—.—****** 56Hc
56 He
4H % preferred A (quar.)
----4)4 % preferred A (quar.).———.
—
56Hc
7% preferred (semi-ann.)
$3)4
... ... .
7% preferred (semi-ann.)—
$3)4
4)4% preferred A (quar.)..
5634c
Engineers Public Service Co. $5 pref. (qu.)——
$5H preferred (quar.)
$1H
$6 preferred (quar.)—
$1H
English Electric Co. (Canada), A (quar.)
—
t62J4c
Ex-Cell-0 Corp
20c
———
Fafnir Bearing (irregular).--.
t$l
Falconbridge Nickel Mines (quar.)
Falstaff Brewing Corp. (quar.).»— —
Preferred (semi-ann.).....-..—
Fansteel Metallurgical Corp., $5 pref-—
Fanny Farmer Candy Shops———
...
Faultless Rubber Co. (quar.)
; — ———
Federal Insurance Co. (J. C., N. J.) tquar.)—
Federal Mining & Smelting pref. (quar.)——
Federal Mogul Corp
Feltman to Ourme Shoe Stores pref. (quar.)
Fifth Avenue Coach (quar.).
——
Finance Co. of America (Bait.), com A. & B.
7% preferred class A (quar.)..
—
Financial Security Fund (quar.)—-—.
pref-—.
Mar.
Mar,
Mar, 15 Feb. 28
Apr.
1 Mar. 10*
Mar 13 Feb
16
Mar. 15 Mar. 10
Mar. 15 Mar. 10
Mar. 15
Apr.
Apr.
Apr.
Apr*
lltf
May 18
Aug. 18
Hackensack Water pref, A (quar.)
Hamilton Cotton Co.. Ltd., $2 conv.
Mar.
$134
1234c
1234c
$534 prefMTed (quar )---------—.————
Apr, 20
Mar. 10
Mar.
Apr.
Apr.
Mar. 31 Mar. 10
Gulf Oil Corp.--u-----Gulf States Utilities, $6 pref. (quar.)-———.
,
6
6
6
15 Mar. 6
1 Mar. 20
1 Mar. 10
20 Mar, 8
15 Feb. 27
15 Feb 15
15c
—
1 Nov. 10
June
37c
425c
75c
i—
Preferred (quar.)_——.
Greene Cananea Copper-——-——
1 Aug. 10
30c
'
7% preferred (quar.)--.—
Green'(D.) Co. (irregtilar).—...
Dec.
May
Apr.
—
Quarterly.......——-Quarterly-—
Doernbecher Mfg. Co. (irregular)--—.
Dome Mines, Ltd (quar.) ————————Dominion Coal Co., 0% preferred (quar.)..—
Dominion Foundry & Steel (initial)
—
Dominion Glass Co. (quar.).....*.—..*—...
Preferred (quar.)..—-.--..——.
Dominion Textile Co. (quar.).——.
Preferred (quar.)—-...
,————.*
Dover & Rockaway RR. Co. (semi-annual).-—
Draper Corp. (quar.)--—.-—-——
r
Duke Power Co. (quar.)
Preferred (quar.)...——————~————
—
Sept.
30c
—?—
25c
1134
1H
■—
Greening tBA Wire Co. tauar.)..——
Greyhound Corp. (quar.).————————534 % preferred (quar.)————;
Griggs, Cooper & Co 7% pref. (quar.)——
Group No. 1 Oil--Guaranty Trust Co. (N, Y.) (quar.)
02 He
5% preferred (quar.).
iin
Great Western Sugar Co..———ii——
1
Apr.
1 Mar. 1
Mar, 25 Mar, 15
25c
,25c
GooayearTlre 3c Rubber Co—
—
———
$5 convertible preferred (quar.)....——
Gorham Mfg. (irregular)
—
Grant (W. T.) Co. (quar.)..—
Preferred (quar.)..
—
.i-.—...
Mar. 10 Mar, 1
Apr.
1 Mar. 20
Apr
10c
$1^
$134
--
Extra.
Glens Falls, Inc. (quar.)......
——
GliddenCo. 4H% cone, pref. (auar.)..——Globe & Wernicke Co., pref. (quar.)
—
Gold & Stock Teleg. Co. (quar.).-......-.-—
Goldblatt Bros., preferred (quar.)---.——
1
75c
$1H
——.
■
Mar, 31 Mar. 15
Mar, 31 Mar. 15
Mar; 15 Mar.
1
sik
(extra)-.—
quar.)-
Mar. 15 Mar.
1
1 Feb. 28
5
$1H
conv.
...
Mar. 31 Mar. 21
25c
50c
(quar.)——.
preferred (quar.).-—_
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quar,)—.....
me
~ -Gillette Rubber Co, (quaar.)
Gillette Safety Razor
—
Preferred (quar.)————
Girdler Corp. (quar.)—..*
Mar, 13
Mar. 15 Mar.
June 15 June
lc
———...
(quar.)
$3
Apr.
1
——:
General Time Instruments pref.
General Telephone Corp.
Apr.
Quarterly
Supply Co. (N. Y.), 7% pref. (quar.).
Deposited Bank Shares, series N. Y......—
Dr. Pepper Co. (increased
Extra.
Mar. 15
Mar. 31
Mar. 15 Feb. 28
Mar. 24 Mar. 14
12Hc
$2
Dixie-VOTtex Co.* class A (quar.)--
17Mar. 31
Feb. ?1
Mar.
1
Mar. 10
——
Dentists
Common...
31 Mar
A-——
(quar,)-
jiiarterly————.....
;
Mar. 15
Mar. lo*
1 Mar. 10*
Mar. 16 Feb, 28*
50c
David & Frere, Ltd., class A (quar.)...——«;»
Class A (extra)..—....———————
Delaware Fund, Inc.———
Devonian Oil Co..
Mar. 10
Mar. 10
Mar, 10
1 Mar. 15
1 Mar. 15
1 Mar. 15
Apr. 15
Mar. 25
5c
$1^
(quar.)-.--.
——
General Candy Corp., class A
—
General Cigar Co
General Gas & Electric (Del.) $5 prior preferred.
General Investors Trust CorpGeneral Mills, Inc., 6% cum. pref. (quar.) —
General Motors Corp
....
Preferred (quar)..
—
------—
General Printing Ink Corp-.—
—...
$6 cum. preferred (quar.)——
-1
General Railway Signal Co., pref. (quar.)——
General Reinsurance Corp. (quar.)--.————
15
Mar
Mar. 15 Mar.
Mar. 15 Mar.
15c
Extra—
Apr. 15
1 Mar.
Mar. 15 Mar.
5c
General Box Co.
6
Apr.
Apr,
Apr.
Apr.
1 Mar. 15
15c
General American Investors Co., Inc., pref—
t26c
50 He
Daniels & Fisher Stores Co, (quar.).——..—
..
1
Hoders
When
Payable of Record.
.
1
Mar. 31 Mar.
1939
11
Apr.
Inc., $6 conv. pref
General Acceptance Corp. (quar.)
Extra-——-————... Class A (quar.)
....
——————
Mar.
(qu.)
Crum& Forster 6% pref. (quar.).-Cuneo Press, Inc., preferred (quar.).,
Curtis Publishing Co., $7 preferred
De Long Hook & Eye
Mar.
Apr.
15
1
1
1
1
31
lUc
35c
Credit Acceptance Corp., $1.40 conv. pref,
Crowell Publishing Co-__— .....—
Crown Cork International Corp., class
Crown Cork & Seal Co., Inc., cum.pref,
Crown Zellerbach Corp-..-:-—
'
$1^4
#1H
%\H
Gannett Co.
Mar, 15
Mar. 15
Apr.
May
Apr.
Apr,
Apr.
Share
Name of Company
Mar, 23 Mar.. 2
May
1 Mar. 31
Mar. 15 Feb. 10
Mar. 15
Apr.
Mar.
—
Per
Holders
When
Payable of Record
Apr.
5% ©referred touaur.)....................
Mar.
Chronicle
Mar.2l
Mar.
6
Mar.' 3
Mar. 11
Apr.
1 Mar. 20
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Mar. 31 Mar. 21
Mar. 31 Mar,21
Mar. 31 Mar. 21
Mar, 20 Mar. 10
Apr.
1 Mar. 2
Mar. 24 Mar. 10
1 Mar. 10
1 Mar. 10
Mar. 21 Mar. 10
Mar. 31 Mar. 20
Mar. 31 Mar* 3
Mar. 31 Mar, 3
Apr.
Apr.
Mar. 31 Mar. 3
Mar. 15 Feb. 28
6
Apr.
1 Mar
.
1 Mar. 11*
1 Mar. 31
3 June 30
Oct,
2 Sept. 30
1-2-40 Dec. 30
Apr.
Apr.
July
1 Mar. 15
Apr. 10 Apr.
1
Apr.
1 Mar. 5
Apr;
Apr. 15
Mar. 20
Mar. 20 Feb. 28
Mar. 31 Mar.
1 *
1 Mar. 31
1 Mar, 15*
1 Mar. 15
1 Mar. 17*
Apr.
Apr.
Apr.
$2
75c
$134
Apr.
30c
30c
30c
June
25c
Apr.
37m
15c
$134
Si 34
si
$134
75c
$134
$134
15c
$134
$134
$134
m
ll34
$134
t$134
25c
Mar. 15 Mar.
1
1 Mar. 20
1 May 10
1 Aug. 10
Apr.
Sept.
Dec.
1 Nov. 10
1 Mar. 15
Mar. 15 Feb. 28
Apr.
1 Mar. 7
Apr.
Apr.
1
1 Mar. 10
1 Mar. 10
Apr.
1
Mar. 15 Mar.
Mar. 10
Mar. 20 Feb. 16
Apr.
1 Mar. 17
Mar. 15 Mar.
9
9
Mar. 15 Mar.
Mar. 15 Mar. 15
Mar 31 Mar 21
Apr.
1 Mar. 14
Apr.
1 Mar. 15
1 Mar. 15
Apr.
Mar. 15 Feb. 28
Apr.
1 Mar. 15
Mar. 31 Mar.
6
Mar. 15 Mar.
1
Mar. 24 Mar. 17
Apr.
.
Mar. I
Mar. 15
Mar.
3
Volume
148
Financial
Per
Name of
Company
Kemper-Thomas, 7% special pref. (quar.)--
_
25c
Mar.
3
June
2
Tune
Apr.
May
Mar. 18
15c
Mar.
Mar.
5
5
Nov.
Nov.
4
Mar.
Feb.
Lava Cap Gold Mining.______
_,
Lehn & Fink Products Corp.
Leonard Refining unitial)
_.
.vlar.
Mar.
Mar.
Mar.
Feb.
15
Apr
8
Apr.
.viar.
Mar.
30c
May
Aug.
Quarterly
Quarterly
Lincoln service Corp (quar.)__
6% preferred (quar.)
7% preferred (guar )
Lindsay Light & Chemical pref. (quar.)
Link Belt Co
preferred (quar.)__.
Little Miami RR.. original capital (quar.)____.
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
___.„
Special guaranteed (quar.)
Liquid Carbonic Corp.,.
*
Lock Joint Pipe Co. (monthly)
Monthly
Monthly
Monthly
Lockhart Power Co., 7% preferred (s.-a.)
Loew's Inc. (quar.)
Loew's (Marcus) Theatres. Ltd., 7% preferred..
Loose-Wiles Biscuit Co..5% preferred (quar.)..
Apr. 26
July 27
30c
Nov.
Oct.
27
25c
_
,
•
Mar.
28
28
25c
Mar. 31
SIM
vlar. 22
Mar. 10
Mar. 15
Mar.
4
SI.10
Sept.
5>c
SI.10
Dec.
190'* Corp., class A (quar.)
Class A (quar.)
May 15 May
15 Aug.
1
1
50c
June
50c
5>/c
24
Sept.
50c
Dee
Nov. 24
Class A (quar.)
Noranda Mines, Ltd. (interim)
Norfolk & Western Railway, (quar.)
20c
Apr.
Mar. 16
North American Co.
66c
Mar.
Mar
67c
67c
Apr.
May
May 31
66c
June
June 20
Mar
Mar. 25
$3 M
5'ic
.
Apr.
Mar.
21
tS21
Mar.
SIM'
Apr.
Apr.
Mar. 18
June
25c
Sept.
Sept.
May
May
Aug.
Aug.
Dec.;
Nov. 20
Dec.
Nov. 20
Mar.
Mar. 10
Apr.
Apr.
Mar.
Vnr.
SIM
Mar. 18
June
•
20
20
21
21
15
Mar.
Mar.
1»
1
-
(quar.)
;
—
6% preferred (quar.)
5%% pref. (two, mo period, 47.91667c.
Northwestern Yeast Co. (liquidating)
Liquidating.
Norwalk Tire & Rubber pref. (quar;)___
Oahu Sugar Co. (monthly)
Ohio Confection (irregular)
Ohio Edison Co.. $5 preferred (quar.).
$6 preferred (quar.)
$6.60 preferred (quar.)
________
$7 preferred (quar.)
;_
$7.20 preferred (quar.)___
30c
75c
— —
-
1
$2
S2
87 Mc
5c
50c
SI M
SI H
SI .65
,
Ohio
SIM
SI-80
Finance Co
40c
6% preferred (quar.)
Ohio Oil Co. preferred (quar.)
Ohio Water Service Co., class A
Oklahoma Gas & Electric Co., 6%
Mar. 17
Mar. 15
15c
—
19
Mar. 14
Mar.
8
$2
50c
24
Aug. 24
37 Mc
Mar. 25 Feb.
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Mar. 31
SIM
Sl6/8
0
...
July
SIM
Oct.
SIM
McColl-Frontenac Oil preferred (auar.)
SIM
MeClatcby .Newspapers, 7% pref. (quar.)
7% preferred (quar.)
1...
7% preferred (quar.).McKenzie Red Lake Gold Mines (quar.),,
MacKinnon steel Corp., 7% conv. pref.
Macassa Mines, Ltd. (quar.)
43 Mc
43 Mc
43 Mc
3c
...
■t$l H
5c
'
2Mc
25c
Magma Copper Co
Magnin (1.) & Co. (quar:).
Preferred (quar.)
25c
;
1
Apr
28
SI M
SIM
—_____
70c
pref. (quar.)_
1M%
1M%
7% preferred (quar.)..
Omar inc.. preferred (quar.)__
Omnibus Corp., pref. (quar.)
lar.
Apr.
Apr.
14
Jar.
3
15 Mar. 24
1 Mar. 17
viar. 15
15 Nov.
1
Mar. 15 Feb
22
Mar. 18 Feb. 28
1 Mar. 10
Apr.
Apr.
Apr.
1
Mar. 10
1
Mar. 10
Mar. 15 Mar.
3
lune
3
Tune
15
1 Mar. 20
Mar. 15 Mar.
4
Apr.
Mar.
4
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 10
1 Mar. 10
Mar. 15
Mar. 31
vlar.
Mar. 31
28
28
Mar. 10
1 Mar. 15
.
_
Mahon (R. C.) Co. (.irregular)
Manischewitz (B.) Co., preferred (quar.).
Mandel Bros., Inc
]
1-2-40
Sept. 22
Dec
23
(quar.)_.^__
Marion-Reserve Power Co. $5 pref. (quar.)___.
Marsh (M.) & Sons, Inc. (quar.)..
Maryland Fund (quar.)..
Mathieson Alkali Works (quar.)
Preferred (quar.)
Memphis Power & Light, $7 pref. (quar.)
$6 preferred (quar.)
.
....
Co
L5 Feb.
28
Mar. 15 Feb.
28
Mar.
28
vlar.
15 Feb.
Mar. 15 Feb.
27
Mar. 15 Mar.
7
6
45c
Mar.
Apr.
1 Mar. 20
20 Mar. 10
8
1 Mar.
25c
Apr.
l(i Mar. 22
SIM
Apr.
1 Mar. 20
40,C
Apr.
1 Mar. 18
50c
Metal & Thermit. 7%
preferred (quar.)
Metropolitan Edison Co. $7 pref, (quar.)
preferred (quar.).
$5 preferred (quar.
$7 prior preferred (quar.).
$6 prior preferred (quar.)
$5 prior preferred (quar.)
SIM
SIM
SIM
SIM
SIM
SIM
SIM
Meyer-Blahke (irregular)
30c
Preferred (quar.)
_
Michigan Assoc. Telep. 6% pref. (quar.)
Mar. 15 Feb.
Mar. 2'
28
Mar.
4
Mar. 31 Mar.
Mar. 31 Mar.
3
Apr.
Apr.
Apr.
3
1 Mar. 11
1 Mar. 11
1 Mar. 16
Mar. 31 Mar. 20
Feb. 28
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Feb. 28
Feb. 28
Feb.
28
Feb.
28
Feb. 28
Mar. 14 Mar.
9
Apr.
1 Mar. 25
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
3
Mar.
3
Mar.
3
SIM
SIM
Midland Steel Products
Apr.
50c
$2 preferred
Apr.
Apr.
SIM
SIM
...
50c
52
75c
_
Mississippi River Power 6% pref. (quar.)
Mississippi Valley Public Service—
Preferred (quar.)
Mississippi Valley Utilities (liquidating)
Mitchell (J. S.) & Co., 7% pref. (quar.)
Mock Judson Voehringer
Preferred (quar.)..
M6dine Mfg. Co
Monroe Chemical, preferred (quar.)
Monsanto Chemical Co. (quar.)
30c
SIM
25c
Spocial
—
Common
(quar.)
10c
5 )c
:—
Mar.
Apr.
Mar.
Mar. 25
Mar. 15
Mar. 18
Feb. 28
Mar. 16
Mar.
1
Paramount Pictures, Inc., 1st pref. (quar.)__
SIM
...
(increased)-.
—
Philadelphia Co
$6 cum. pref. (quar.)
$5 cum. preference (quar.)
:
Philadelphia Electric Power pref. (quar.)—j-_
Philadelphia Dairy Products 1st pref. (quar.) —
Pickle Crow Gold Mines, Ltd
Pierce Governor Co. (interim)
,
May
25c
Apr.
Apr.
Apr.
Mar. 20
Premier Gold Mining (quar.)
Mar. 20
Procter & Gamble.
Mar. 15
Public Nat. Bank & Trust Co. (N. Y.) (guar.)
SIM
10c
Apr.
1 Mar. 15
vlar. 20 Mar.
Mar. 31
1
Mar. 18
1 Mar. 20
Apr.
Mar. 15 Mar.
3
vlar.
1
75c
'
i ar.
Lir.
15 Feb.
15
21
Mar. 31 Mar. 16
Apr.
1
Mar. 10
70c
Apr.
1
Mar. 10
SIM
SI H
SIM
Anr.
1
Mar. 15
Apr.
Apr.
1 Mar. 15
1 Mar. 15
SIM
...
Mar. 15
h\
Apr.
1
M.ar. 15 Feb.
SIM
Apr;
1
Mar. 15
62Mc
$1
Apr,
1
Mar. 15
Apr.
Apr.
1 Mar. 15
SIM
25C
-
Apr.
1
SIM
37 Mc
4c
50c
15c
8
1
Mar. 20
Mar. 21
Mar.
Apr.
SIM
110c
Mar.
Mar. 31
15c
SIM'
SIM
28,
1 Mar. 15
Mar. 15 Mar.
25c
35c
65c
6M% cumul. preferred (semi-ann.)____
Pioneer Gold Mines of B.C. (quar.)
10c
Piper Aircraft Corp. (two 15c.qu. divs.on 60c.pf.)
~*75c
Pittsburgh Bessemer & Lake Erie (semi-ann.)__
SIM
Pittsburgh Ft. Wayne & Chicago Ry. Co—_—_
Pitts Ft
W. & Chicago Ry. 7% pref. (quar.)__
SIM
SIM
7% preferred (ouar.)__
SIM
7% preferred (quar.)
SIM
7% preferred (quar )__
—
35c
Plymouth Oil Co. (quar.)
37 Mc
Pollock's, Inc., 6% pref. (quar.)
25c
Potash Co. of Amer. (initial).
Powdrell & Alexander (resumed)
10c
Power Corp. of Canada, Ltd.—
X1H%
6% cumulaiive preferred (quar.)—
UM%
6% non-cum. preferred (quar.)
Mar. 11
1
1 Mar. 15
1 Mar. 15
15 Apr.
1
lar. 2/ Mar. 10
1 Mar. 15
Apr.
2
1 Mar. 11
Mar.
4
Mar. 20 Mar.
1 Mar.
6
1
1 Mar.
1
Mar.
Apr.
Apr.
Apr.
Apr.
15
1
vlar. 10
1 Mar. 20
Mar. 31
Mar. 15
Mar. 25 Mar. 10
Pilot Full Fashion Mills, Inc.—
June
10
15c
Penney (J. O.) Co. (quar.)
Pennsylvania Edison Co., $5 pref. (quar.)
$2.80 preferred (quar.)
Pennsylvania Glass Sand Corn. pref. (quar.)—
Pennsylvania Power & Light $7 pref. (quar.)
$6 preferred (.quar.)
$5 preferred (quai.)
Pennsylvania Salt Mfg
Pennsylvania Telep. Corp., 6% pref, (quar.) —
$2M preferred (initial)
Pennsylvania Water & Power (quar.)
Preferred (quar.)
Peoples Drug Cor
6M% preferred (quar.)_.
Perfection Stove (quar.)__.
Perron Goid Mines (quar.)
Pet Milk Co. common—1
Apr.
Mar.
1 Mar. 15
SI M
75c
3 c
S2M
Mar.
Apr.
Apr.
Apr.
1
SIM
87 Mc
5oc
...
Apr.
I
4fc
Mar.
25c
Vpr.
Apr.
75c
__
_
Petroleum Exploration
Pharis Tire & Rubber
15
Apr.
— ___
Mar. 15
Mar. 10
SIM
1 M
40c
15c
—
Extra._
Paraffine Cos., preferred (quar.)
Pathe Film Corp. $7 conv. pref. (quar.)
Paten Mfg. Co., 7% preferred (quar.)___
Penick & Ford. Ltd.. common—.—
Penn Electric Switch class A (qiuar.)
1
Mar. 15 Mar.
SIM
SIM
SIM
Pacific Indemnity Co. (quar.)
Mar. 15 Mar.
5
5
37 Mc
X
——__
Parke Davis & Co
4
25c
...
24
5% preferred (quar.)
Nov. 3(; Nov. 29
Nov. 15 Nov.
3c
Mar. 20 Feb.
25c
2d preferred (quar.)._._
_______—
Park & Tilford, convertible preferred (quar.)
5>c
Margay Oil Corp
24
SIM
Ottawa Light, Heat & Power (quar.)
Apr. 15 Mar. 31
May 31 May 30
Aug. 31 Aug. 30
May 15 May
Aug. 15 Aug.
SIM
...
;
28
28
Mar. 20 Feb.
J
—
'
SIM
SIM
—....
A)b.
43 Mc.
15c
Tar. 15 Feb.
Otis Elevator Co..
I8Mc
(irregular)
7% oartic. preferred (quar.)
vlar.
4
Mar. 15
15 Feb.
Mar. 15 Fob.
Mar.
Apr,
Oneida Ltd.
Mar. 22
June 21
Si M
15c
(quar.)
SIM
5jc
1M %
„
common
Niagara Alkali Co. 7% pref. (quar.)
Niagara Fails Semlting & Refining Corp
Niles-Bement-Pond
1M%
_
$4M class A pref. (s-a)
Montgomery Ward & Co..
Class A (quar.)_.T
Morristown Securities Corp.
Mar. 15 Mar.
1
1 Mar. 10
Apr.
SIM
Preferred (quar.)
(quar.).
1st preferred (quar.)
Mid vale Co
28
vlar.
24
24
1 M%
preferred tquar.).n
cum. preferred <quar.)__
cum. preferred (quar.)
Lunkenheimer Co., preferred (quar.)
Electric Co
Feb.
May
Aug.
Aug.
May
10c
....
.
Manes Consol. Mfg. (quar.)..
1
June
SIM
cum.
(quar.)
'0
28
\ '>r.
Niagara Shares Corp. (Md.) cl. A preferred (qu.)
25c
B common (quar.L
Louisville Gas & Electric Co. (Ky.)—
Extra
1 Feb.
Viar.
15
30c
Preferred
50c
1 Mar. 10
31
Apr.
Mar.
S2M
..
Newmont Mining Corp
Apr.
Mar. 10
75c
Class A &
_
28
New York Lackawanna & Western (quar.)_
New York & Queens Electric Light & Power
New York Transit Co
28
SIM
Louisiana Land & Exploration Co. (quar.)
Louisville Gas & Eiectric Co, (Del.)—
_
Mar. 10
1 Mar. 16
1 Mar.
1
Apr,
^
... — _
SIM
SIM
SIM
SIM
____
1
Mar. 15 Feb.
Mar.
SIM
(quar.)..
32 Mc
Apr.
Apr.
Apr.
SIM
SI.10
25c
Lorillard (P.) Co. (quar.)..
Preferred (quar.)
50c
1 Apr. 21
1 Mar. 15
Apr.
Apr. 15 Mar. 31
17 He
Extra.
"___
25c
Mar. 31 Mar. 17
Vlar. 15 Mar.
3
May
Feb:
20c
Extra......
25c
:
_____
Mar. 15
Mar
Lone Star Gas Corp
Lone Star Cement
5jc
2
1
Mar.
-
5% refunding partic. preferred (quar.).
12Mc
UH
SIM
37 Mc
;
2
1 Mar.
Apr.
37 He
-
Extra.
37 Mc
_
____
New England Telep. & Teleg. Co
New Jersey Power & Light Co. $5 pref. (quar.)
$6 preferred (quar.)..
28
25
1 Mar.
87 Mc
.
5% refunding partic. preferred (quar.),......
Mar. 15
Feb.
Feb
*
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)....
__
_
New Amsterdam Casualty Co.
(s.-a.)_____
Newark & Bloomfield RR. (quar.)___+__
1
1
Apr.
Apr.
Newberry (J. J.) Co. (quar.)
Mar. 10
3uc
SIM
______
Lincoln National Life Insurance (quar.)
Machine
28
30c
_____
A or.
Mar. 15 Feb.
Mar. 15 Feb.
National Steel Car (quar.)
National Sugar Refining Co. (N. J.)__
Neisner Bros., Inc (quar.)__
28
VI ar
12C
Feb.
3
1 Mar. 20
15 Mar. 14
Mar. 21 Mar. 10
vlar. 21 Mar. 10
1 Mar. 15
Apr.
Apr.
National-Standard Co_
May 31
Mar.
50c
(Tenn )
Lead Co
Preferred A (quar.)
Preferred B (quar.)
1
June
SIM
Liggett & Myers Tobacco, preferred (quar.)
Preferred
vLar.
vlar. 27 Mar. 15
Apr. 15 Apr.
______
National
Mar. 15
65c
,,
Co
viar.
Mar.
65c
.
Quarterly
Preferred
15
10c
28 Dec. 21
Mar. 15 Mar.
4
Dairy Products (quar.)
Preferred A & B (quar.)
National Grocery Co. prior preferred (initial)
10
Mar.
15
Dec.
Apr.
National
Mar. 14
25c
__
Leslie Salt Co. (quar.)
(quar.)
Preferred (quar.)
Mar.
June 28 Jun)
National Casualty Corp. (Del.) (quar.)
National Container Corp. (Del.)
1
Apr.
Apr.
«2J|c
Lexington Utilities, S6M preferred
Libbey-Owens-Ford Glass
Lord & Taylor
Mar.
Mar. 15
Jept. 28 ■jti^it, 21
5% preferred (quar.)
21
May 15
Mar. 26 Ma'. 16
___
National Breweries, Ltd. (quar.)
Preferred (quar.)
vlar. 15
Apr.
2C
;■«.
& Co., preferred (quar.)
Lehigb Portland Cement Co,, 4% pref. (quar.)
■
1
Mar. 10
Mar.
tSl
Leath
Lily-Tulip Cup_____
May
Aug.
Mar. 10
1
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 29 Mar. 18
Mar. 15 Mar.
1
Mar. 31 Mar. 13
National Biscuit Co. (quar.)
National Bond & Investment Co
Mar. 10
May
Aug.
17 >4 c
*
insurance
Apr.
Apr.
25c
-
Langley's Ltd
Life & Casualty
SI
Mar.
25c
Lane-Wells Co. (increased)
Lang (.1. A.) & Sons (quar.)
A nr.
Mar.
June
Mar. 31
j.
__
_
6
51
_
50c
_______
Apr. 20
25c
Quarterly
Quarterly
_i
.
6% preferred (quar.)
6% preferred (quar.)
6% Preferred (quar.)...
Mutual Telep. (Hawaii) (quar.)
____
Myers (F. E.) <& Bro
Nachman-Spring-Filled Corp_
_;
National Battery Co., preferred (quar.)___
.Vlar.
15c
_
Mutual Chemical Co. of Amer., 6% pref. (quar.)
Mar. 11
28
Mar. 24 Mar. 10
Muskegon Piston Ring
Anr.
25c
_
Mar. 15
30c
x
_
Mar. 20
SIM
$1
___________
7% preferred (quar.)
vlar. 15 Feb.
Mar. 24 Mar. 10
$2
SIM
$2M
pref. series A (quar.)
Mar. 15
Mar.
JlOc
conv. cum.
Mar. 15 Feb. 28
75c
Motor Finance Corp., pref. (quar.)___
Muncie Water Works, 8% pref. (quar.)
Mar. 15
30c
_
Mesta
Mar. 10
75c
__
5%
Mar. 15
loc
_
_
Master
Apr.
Apr.
Apr.
Apr.
150c
Payable of Record
IUM
_
Morris Finance Co., common A (quar.)
Common B (quar.)
viar. 27
Mar. 10
SIM
.
Extra
Land is Machine Co. (quar.)
Preferred
Apr.
Apr.
Apr.
SIM
%1H
sim
___
7%
6%
5%
Mar. 15
Apr.
2«c
Share
Preferred (quar.)
Morris (Philip) & Co., Ltd. (quar.)
Extra
Mar. 10
25c
Company
Montreal Cottons. Ltd. (quar.)_
Nov. 21
Apr.
70c
Name of
Holders
When
Per
Record
May 22
Aug. 22
dept.
Dec.
S%c
___.
_
June
SI %
_
_
Payableo f
$tH
$1H
7% special preferred (quar.)
7% special preferred (quar.)
Kerlyn Oil Co.. class A (quar.)__
Keystone Public Service, prefeerred (quar.)
Keystone 8teel 6l Wire
Kimberly-Clark Corp
Preferred (quar.)
Kings County Lighting Co., 6% cum. pf. (qu.)
7% cum. preferred B (quar.)_;
5% cum. preferred D (quar.)—_
Klein (D. Emil) Co
Kleinert (I. B.) Rubber
Kopoers Co. 6% preferred
Kresge (8. S.) Co. (quar.)
Quarterly
Kroger Grocery & Baking, 6% pref. (quar.)._.
7% preferred (quar.)
Kysor Heater Co. (.quar.)
Lackawanna RR. of N. J. (quar.)
Lake Shore Mines, Ltd. (quar.)
Lamaque Gold Mines (quar.)
1429
Holders
When
Share
Chronicle
Pratt & Lambert. Inc.
Preferred Accident Insurance
5% preferred (quar.)
25c
20c
3c
SIM
37 Mc
Apr.
1 Mar. 15
Apr.
1
Mar. 20
Apr.
Apr.
Apr.
July
Oct,
Feb. 25
Mar. 10
1 Mar. 15
1 Mar. 10
4 Mar. 10
5 June 10
4 Sept. 10
• 2
1-4-40
10-39
8*
Mar. 31 Mar.
Mar. 15 Mar.
6
Apr.
1
Mar. 15
Mar. 15 Mar.
1
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr.
1 Mar. 15
Mar. 24
Apr.
Mar. 10
15 Mar. 15
Mar. 15 Feb.
Apr.
24
1 Mar. 20
Per
Share
Name of Company
lien
Public Service Co. (Ollahoma) 7% prior
W'i
0% prior lien (quar.)
Public Service Corp. or N. J.
60c
(irregular)
$2
8% preferred (quar.)
7% preferred (quar.)
ll'i
6% preferred (monthly)
Public Service Electric & Gas Co.
SIM
SIM
25c
m
1)4%
r
M
20c
--
8734c
SIM
preferred (quar.)
Raybestos Manhattan. Inc
Ray-O-Vac, 8% preferred (quar.)
Reading Co. 2a pref. (quar.)_
--------Reeves (Daniel), Inc. (quar.) (cash or pfd. stk.)
Preferred (quar.)
—
Reliance Electric & Engineering...
Reliance Mfg., common
7% cumulative preferred (quar.)
Remington Rand, Inc. (final)
Preferred (quar.)
—
Reynolds Metals Co. 534 % conv. pref.
—
Rheem Mfg. Co. (quar.)—* —
Richardson Co. (irregular)...
....
Rich's, Inc. 6H%pref. (quar.)
13
25c
50c
50c
12)4c
SIM
1234c
-
Robertson (H. H.) Co
10c
.
SIM
20c
SIM
SIM
7 2% 1st
Mar. 31 Mar.
Mar. 31 Mar.
15
1
1
Mar. 27 Mar. 17
6
Mar. 15 Mar.
1 Mar. 20
Mar. 15 Feb. 24
Mar. 10
Apr.
Apr.
Mar. 10
Apr.
Apr.
1
Mar. 10
Mar. 25 Mar.
1
May 31 May
1
Mar. 15 Feb.
28
Apr.
Apr.
1 Mar.
1 Mar.
8
8
$134
$1%
$1%
$134
$1H
50c
50c
50c
>,
(quar.),
-
$134
$2
25c
34c
Union Twist Drill Co. pref.
Mar. 30 Mar. 15
28
United Elastic Corp
United
—
—
United Gas St Electric,
River improvement (mo.)..
loc
Mar. 20 Mar. 10
Mar. 24 Mar. 23
1 Mar. 23
Mar. 15 Feb. 28
Apr.
Mar. 15 Mar.
28
Extra
Mar. 15 Feb.
Mar. 15 Feb.
28
SIM
SIM
SIM
SIM
(quar.)
(quar.)...
(quar.)...
—
Shattuck (Frank G.) Co. (quar.)
10c
— .....
Mar. 15 Feb. 28
Apr.
1 Mar. 17
July
Oct.
1 June 16
1 Sept. 15
Dec. 15
l-i3-40
Mar. 23 Mar.
3
SIM
7 34c
Apr.
1 Mar. 23
ttSIM
pref
■,
15c
Sherwood, Swan & Co., Ltd., 6% pref. A (qu.)_.
Apr.
1 Mar. 15
Extra
3c
(quar.).
lc
—
Shell Union Oil Corp., 534 % conv.
pref. (quar.)
Mfg
Sherwin-Williams Co. (Can.),
Mar. 15 Mar.
20c
Sons, Ltd. (interim).
preferred (quar.)
Mar.
1
Simonds Saw & Steel Co
Mar. 10
1
A
25c
South Penn Oil Co. (quar.)
South Porto Rico Sugar Co. (quar.)
Preferred (quar.)
15c
SIM
37 Mc
Apr.
Apr.
Southern Calif.
Apr.
2%
Apr.
Apr.
50c
62Mc
37 Mc
Edisonorig. pref. (quar.)
5)4% preferred C (quar.)
Original preferred (special)
37 Mc
6% series B preferred (quar.)
Southern Canada Power (quar.)
J20c
6% cum. preferred (quar.)
*134%
Southern Colorado Power 7% cum. pref
Southern Fire Insurance Co. (N. C.)
50c
Southern Railway Mobile & Ohio (semi-annual)
$2
Southland Royalty Co
10c
."
Southwestern Gas & Electric Co. pref. (quar.)..
SIM
Sparks Witbington Co., pref. (quar.)
SIM
10c
Spencer Trask Fund
Spiegel, Inc., preferred (auar.)
SIM
15c
Square D Co,
Staley (A. E.) Mfg. Co. $5 cum. pref. (quar.)
Standard Brands, Inc. preferred (quar.)
12Mc
Quarterly
;
Preferred (quar.)
SIM
Standard Oil of California (quar.)..
25c
...
3im
—
.
1 Mar. 20
Mar. 15
Mar. 31 Mar. 15
25c
;
South West Pennsylvania Pipe Lines
Southern & Atlantic Teleg. gtd. (s.-a.)
Apr.
Apr.
Apr.
• 1 Mar. 14
1 Mar. 14
Preferred
Preferred
1 Mar. 15*
15 Mar. 20
15 Mar. 20
Apr. 15 Mar. 20
20
Mar. 15 Feb.
28
Mar. 28 Mar. 23
Apr.
1 Mar. 15
Mar. 15 Mar.
4
'
W'i
Extra
5c
1 Mar. 15
Mar. 15 Mar. 10
Mar. 15 Mar.
4
Mar. 15 Mar.
1
Mar. 31 Mar. 20
1
15
Westmoreland, Inc. (quar.)
25c
$2
234%
234%
$154
15
—
60c
$134
$154
$154
$154
West Virginia Pulp St Paper
25c
Mar. 15 Feb.
28
Extra-
'
40c
6% convertible preferred (quar.)
Stein (A.) & Co., preferred (quar.)
Stercbi Bros., Inc., 1st pref. (quar.)
Strouss-Hirsh berg Co
(increased)
Sun Oil Co.
15c
75c
Mar
15 Mar
4
25c
Mar. 15 Feb.
25
68 Mc
2Mc
40c
IIII!
Swift & Co. (quar.)
40c
-
Sylvanite Gold Mines (quar.)
Extra.
30c
5c
5c
Tacony-Palmyra-Bridge (quar.).1111111111**"
Class A (quar.)
Preferred (quar.)
"
Talcott, Inc., common (quar.)
I_
5)4% participating preference (quar.)
"
Correction: previously reported as 67 Mc.
Tamblyn (G.) (quar.)
5% preferred (quar.)
"
Tappan Stove Co
Teck Hughes Gold Mines (quar.)
Telephone Bond & Share Co. 7% 1st pref...
_
Wilson Line, Inc..
Winsted Hosiery
Extra
50c
50c
Apr. 27 Mar.
Apr.
1 Mar.
1 Mar.
SIM
May
Apr.
Apr.
6% cumulative preferred
7% cumulative preferred
68Mc
20c
62 Mc
20c
10c
28c
*
1 Mar. 10
28
Dec.
20 Nov. 29
Apr.
1 Mar. 16
1
Mar. 15 Mar.
Mar. 24 Mar. 10*
9*
Apr. 15 Apr.
15 July
5
6
July
Mar. 15 Feb. 27
Mar. 15 Feb. 27
Apr.
Apr.
1 Mar. 21
1 Mar. 21
Mar. 31 Mar. 21
Apr.
Apr.
Apr.
June
1 Mar. 15
1
1 Mar.
1
1 Mar.
10 June
1
9 Sept.
1
9 Dec.
Mar. 15 Mar;
Mar. 15 Mar.
1
Sept.
Dec.
July
Apr.
Apr.
Mar.
Apr.
1
1
1 June 15
1 Mar. 8
1 Mar. 8
31 Mar. 21
1 Mar. 20
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 20 Feb,
1
1
28
Apr.« 20 Apr. 10
July 20 July 10
Oct. 20 Oct. 10
1
1 Mar. 20
Mar. 15 Feb.
24
20
50c
Apr.
Mar. 27 Mar. 18
1 May
1 May
15
15
Mar. 15 Feb.
24
Apr.
1 Mar.
Apr.
1 Mar.
May 31 May
Aug. 31 Aug.
15
June
June
$134
25c
50c
$154
$154
20c
10c
im
25c
50c
.
20c
5c
$134
t50c
$154
$154
$2
50c
$134
15 Mar. 31
17
15
15
Mar. 31 Mar. 15
1
Mar. 15 Mar.
Apr.
1 Mar. 15
Mar. 20 Mar. 15
Apr.
1 Mar. 20
Apr. 29 Mar. 31
Apr.
1 Mar. 15
Mar. 20
Apr.
Mar. 15
Apr.
Mar. 10
Apr.
Mar. 15
Apr.
Mar. 16
Apr.
Mar. 18
Apr.
Mar. 1$
Apr.
Mar. 18
Apr.
Mar. 15
Apr.
Mar. 15 Mar. 1
May
Apr. 15
May
Apr. 15
July 15
Aug.
July 15
Aug.
.
Nov.
Oct.
Nov.
Oct.
15
15
Mar. 15 Feb.
28
$134
$134 Mar. 15 Feb. 28
$1.3134 Mar. 15 Feb. 28
$154
$154
$134
25c
Mar. 20 Feb.
Mar. 20 Feb.
28
28
Mar. 20 Feb. 28
1 Mar. 11
Apr.
50c
Mar. 31 Mar. 21
10c
5c
Extra
1 Mar. 16
1 Mar. 16
Mar. 15 Mar.
8
Apr.
(quar.)
(quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Yellow Truck St Coach Mfg., preferred
Youngstown Sheet St Tube pref. (guar.)
Apr.
Apr.
Feb.
20
Corp.—
7% series A preferred (quar.)
634% series B preferred (quar.)
6% series C preferred (quar.)
Wiser Oil Co. (quar.)
Worcester Salt Co. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
1 Mar. 15
1 Mar. 15
Mar. 15
50c
Wisconsin Public Service
1 Mar. 17
15c
Mar. 20
Mar. 15
Mar. 15 Feb.
50c
Wisconsin Michigan Power Co., 6% pf. (quar.).
Wisconsin Power St Light Co.—
Mar. 31 Feb. 15
Mar. 31 Feb. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 15
$134
Quarterly
1
Mar. 15
Mar. 15
Mar. 15 Feb.
50c
Extra
9
1
25c
$134
Quarterly
Mar. 20 Mar. 15
Mar. 30 Mar. 15
Mar. 15 Mar.
1
Apr.
Co. (quar.)
Extra
9
1
1
1
10
1
1
Apr.
Co. (resumed)
7% preferred (quar.)
(Wm.), 7% pref. (quar.).
Will & Baumer Candle Co., Inc., pref. (quar.)..
Whitman
1 Mar. 20
25c
Preferred (quar.)
Sunset Oils, Ltd
Sunshine Mining Co. (quar.)
Sutherland Paper Co., common
Whitaker Paper
1 Mar. 20
75c
SIM
...
common
Apr.
Apr.
Apr.
Apr.
Co
pref. (quar.)
Wheeling Steel, prior preferred
1 Mar. 20
1 Mar. 15
Mar. 31 Mar. 20
Sunray Oil Corp
S3 first preferred
Texas Corp. (quar.)
Apr. 15
1
M
(qu.)
West Virginia Water Service $6
Mar 15 Mar
3
Mar. 30 Mar. 17
Mar. 30 Mar. 17
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20 Mar.
$154
—
Weston Electric Instruments, class A
Weston (Geo.), Ltd. (qUar.)
Standard Oil Co. (Ohio) (quar.)
SIM
25c
1234c
28
T
4354c
$15
$10
"_i
Mar. 15 Feb.
Mar. 15 Feb.
20c
*32c
Westinghouse Air Brake Co
Mar. 15 Feo.
Mar. 15 Feb.
Mar. 31
Mar. 15 Mar.
June 23 June
1234c
17
4
1 Mar. 10
3
Mar. 24 Mar.
Mar. 15 Mar.
10c
Western Exploration Co. (quar.)
Western Tablet & Stationery 5% pref.
15
Apr.
25c
25c
25c
2%
,
25c
SIM
50c
(quar.^.
(quar
1
Sept. 20 Aug. 31
50c
:
Standard Oil Co. (Ind.)
Standard Oil Co. (Ky.) (quar.)
5% cumulative preferred (quar.)
Standard Wholesile Phosphate & Acid Works..
Starrett (L. S.) Co
Preferred (quar.)
Stedman Bros., Ltd. (quar.)
6
June 20 May 31
40c
1 Feb.
15 June
June
6
Mar. 20
$134
Wesson Oil & Snowdrift Co., Inc
Mar. 20 Mar. 10
Mar. 15 Mar.
1
Apr.
1 Mar.
1 Mar.
50c
Walgreen Co., 434% preferred (quar.)
(H.) Walker-Gooderham St Worts, Ltd
Preferred (quar.)
Warren RR. (semi-annual)
Warren (S. D.) Co—
—
Washington Ry. & Electric Co., 5% pref. (s.-a.)
5% preferred (quar.)
Washington Water Power, preferred (quar.)
Waukesha Motors Co. (quar.)
Wayne Pump Co—l
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
Wellington Fund, Inc—
......
Wentworth Manufacturing
.—
May 15 Apr. 29
Apr. 15 Mar. 20
Apr.
Apr.
Apr.
50c
Wagner Electric Corp
Waldorf, System. Inc
1 Mar. 16
Mar. 15 Feb.
Mar. 10*
1 Mar. 10
Mar. 15 Feb. 20
50c
Foundry Co. (quar.)
Extra
15 Mar. 31
1
50c
(quar.)
Telegraph........—:
Vicksburg Shreveport & Pacific Ry
Preferred (semi-ann.)
Victor Chemical Works (quar.)
Victor-Monoghan Co., 7% pref. (quar.)..
Viking Pump Co. (special)
Preferred (quar.)
;
Virginia Electric St Power, pref. (quar.).
Vulcan Detinning. pref. (quar.)
Mar. 15 Feb. 20*
Apr.
1 Mar. 10
Apr.
$234
Vermont St Boston
Mar. 21 Mar. 11
Mar. 21 Mar. 11
.preferred (qu.)
Smy(h Mfg. Co. (quar.)
Socony-Vacuum Oil Co
n_
—:
Sonotone Corp., preferred (quar.)
South Carolina Power $6, 1st preferred (quar.).
1 Mar. 20
Mar. 31
Apr.
28
%ii
Mar. 15 Feb. 24
Mar. 15 Feb. 28
$134
Apr.
31 Mar. 15
Feb.
t$2
Upressit Metal Cap Corp., 8% pref
Utah Power & Light, $7 preferred
$ 1.16 2-3
$1
$6 preferred
$154
VaDor Car Heating Co., Inc., 7% pref. (quar.).
$154
1% preferred (quar.)
7% preferred (quar.)
Veeder-Root, Inc. (quar.)
—
—
31|Mar. 18
50c
Mar.
1
Mar. 15
Mar. 31
50c
Universal Products (irregular)..
Mar. 31 Mar. 18
10c
3c
i
Siscoe Gold Mines
1
Mar. 31
28
53c
Extra
2
SIM
Sloss-Sheffield Steel & Iron Co. (quar.)
Preferred (quar.).
Smith (Howard) Paper Mill
Apr.
15c
Silverwood Dairies
Simon (H.) &
1
Mar. 15 Mar.
Feb.
pref. (monthly).. 58 l-3c
—
Apr. 15 Mar, 31
Apr. 15 Mar. 31
1 Mar. 10
Apr.
Sheep Creek Gold Mines, Ltd
1 Mar. 15
1 Mar. 15
15 June
Mar. 15 Mar.
June
$134
Quarterly.
Quarterly....
Quarterly
>
United States Playing Card Co (quar.).
United States Potash Co. 6% pref. (quar.)..—
United States Rubber Co. 8% 1st pref
8% first preferred
...
United States Sugar Corp. preferred (quar.)—
Preferred (quar.)...
United States Tobacco Co., common..
Preferred (quar.)
United States Trust Co. (quar.)
28
Mar. 15 Feb.
Apr.
Apr.
Mar. 31
$154
United States Pipe &
28
10c
—
Preferred
Mar. 15
luc
7% preferred (ciuar.)
Seeman Bros.. Inc, (quar )
Servel, Inc., preferred (quar.)
Preferred
1
Mar. 31 Mar. 15
Mar. 15 Mar.
1
43 Mc
02 34c
( iuar.)
inc.
'—
Preferred
May
7*
1 Apr. 20*
Apr.
Mar. 10
25c
6.36% prior preferred (monthly)
6 % prior preferred (monthly)
United New Jersey RR. & Canal (quar.).
United States Gypsum Co. (quar.)
Mar. 25 Mar. 15
25c
Seaboard Oil of (Del.) (quar.)..
Security Engineering Co.,
United Light St Rys. 7% prior
Mar. 15 Feb. .28
15c
1
Mar. 15 Feb. 25
1
Mar. 15 Mar.
Mar. 15 Mar.
$154
154%
United Gas St Electric Corp., pref. (quar.)
United Gas Improvement (quar.)...
Preferred (guar.)
—i
25c
1
1 Mar. 20
May
1 Apr. 13
Apr. 15 Mar. 31
July 15 June 30
Oct. 16 Sept. 30
10c
*
7% pref. (quar.)
Mar. 20 Mar. 10
$1M
2
1 Mar. 20
Mar. 15 Mar.
$154
Dye wood Corp., pref. (quar.)
75c
5uc
Mar. 15 Mar.
Mar. 15 Mar.
Apr.
Apr.
Apr.
15c
15c
United-Carr Fastener Corp
40C
Mar. 15
1 Mar. 15
Apr.
Mar. 15 Mar. 1
1 Mar. 21
Apr.
i*
—
„—_
Mar. 20 Mar. 10
Mar. 15 Feb.
1
1 Mar. 15
1
Mar. 15 Mar.
1 Mar. 15
Apr.
20c
uarterly
Quarterly
Apr.
$1M
$1M
1 Mar. 15
$134
(quar.)
5% preferred (quar.)
United Biscuit of America, preferred (quar.)
United Bond St Share Corp., Ltd. (quar.)
S234
_
Mar. 15
United Artists Theatres Circuit, Inc.—
1 Mar. 20
Mar. 20 Mar. 10
Apr.
1 Mar. 20
4
Apr.
Apr.
1
$134
...
... —
Scranton Lace Co
7% cum.
25c
20c
25c
Schenley Distillers, pref. (quar.)
»~-i.—
Schiff Co. (quar,)...
7% preferred (quar.)
5)4% preferred (quar.)
.....
Schwartz (B.) edgar Corp., $2 prof, (quar.)
Scott Paper Co.,
(quar.)
$434 cum. preferred (qU^r.)
....
Scovill Mfg. Co
Sheller
25c
50c
25c
A (quar.)
$134
$134
3734c
Union Premier Food Stores (quar.)
Preferred (quar.)
1 Mar. 21*
Mar. 15 Feb.
25c
Preferred (semi-ann.)
4
25c
40c
Union Pacific RR
1
SIM
25c
$1)4
Union Gas of Canada
1 Apr. 20
1 Mar. 21
Mar. 14 Mar.
50c
Union Carbide St Carbon Corp—
Mar. 24 Mar. 10
Apr.
1 Mar. 10
Apr.
50c
60c
(quar.)
Twin Disc Clutch
Underwood Elliott Fisher Co. (quar.)
Apr. 13 Mar. 23
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 31 Mar. 25
1 Mar. 15
Apr.
Apr.
Apr.
SI-80 Apr.
preferred (quar.)
Preferred
Mar. 15
1
$1)4
—
Mar. 15 Feb. 28
Mar. 31 Mar. 15
May
Apr.
Holders
When
Payable of Record
lih
6% 1st preferred (monthly)—u
7.2% 1st preferred (monthly)
Texas Gulf Sulphur (quar.)
Thatcher Mfg. Co
Thermoid Co.
S3 preferred
Thew Shovel 7% pref. (quar.)—
Thompson Products, Inc
—
Prior pref. (quar.)
Tide Water Assoc. Oil, pref. (quar.)
Tilo Roofing Co. (quar.)
Tokheim Oil Tank & Pump Co
Traders Finance, preferred A (quar.)..,
Preferred B (quar.)
Troy & Greenbush RR. Assoc. (s.-a.).
Truax-Traer Coal 6% pref. (quar.)
5)4% rpeferred (quar.)
Twentieth Century Fox Film Corp..
15 Mar. 15
Mar. 15 Mar.
SIM
37)4c
Lead Co
South Bend & Southern (irregular)..
Preferred
15
15
30c
(quar.)
5% preferred (semi-ann.).
San Gabriel
15
Mar. 15 Feb.
1939
$1)4
5% 1st preferred (quar.)
6% 1st preferred (quar.)
7% 1st preferred (quar.)
1
Mar. 15 Feb.
Share
of Company
11,
Tennessee Electric Power Co.—
1
20c
...
Rochester Telephone, 634% pref.
Roos Bros., Inc. (Delaware)
Name
1
Mar.
Apr.
50c
7% preferred (quar.)
Original preferred (quar.)
Pullman, Inc
Pure Oil Co. 5% preferred (quar.)
534 % preferred (quar.)
6% preferred (quar.)
Quaker Oats Co. (quar.)
Preferred (quar.)
Quaker State Oil Refining Corp
Radio Corp. of Amer. 1st pref. (quar.)
St. Joseph
St, Joseph
Apr.
Apr.
Mar. 31
Mar. 15 Feb.
Mar. 15 Feb.
$1 34
SIM
$5 pref. (qu.)
7% preferred (quar.)
Publication Corp., common
Rubinstein (Helena) class
Apr.
Apr.
50c
—
Per
Holders
When
Payable of Record
50c
$5 preferred (quar.)
6% preferred (monthly)
Mar.
Chronicle
Financial
1430
Apr.
Apr.
25c
Apr.
$154
$154
Apr.
Apr.
1 Feb.
15
1 Feb. 15
1 Mar.' 20
3 Mar. 13
1 Mar. 11
Transfer books not dosed for this dividend,
1
t On account of accumulated dividends.
12c
Mar. 15 Mar.
Mar. 15 Mar.
1
50c
Apr.
Mar.
3
1 Payable in Canadian funds,
'
deduction of
a
tax of
<
and In the case of non-residents of Canada,
5% of the amount of such dividend will be made.
Volume
148
Financial
f
Condition of the Federal Reserve Bank of
New
1431
Chronicle
,
Weekly Return of the New
York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business March
8, 1939,
in comparison with the
previous week and the
date last year:
The
weekly statement
issued
by J)he^JN"ew_York
STATEMENT
Mar. 1,1939
City
Clearing House is given in full below:
corresponding
MEMBERS
OF
OF
THE
NEW
YORK
HOUSE
CLEARING
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
Mar. 8.1939
|
York City
Clearing House
1939
MARCH 4.
Mar. 9,1938
*SwpIus and
Redemption fund—F.
1,064,000
1,149,000
120,410,000
120,654,000
U.
Bank of New York
fully guaranteed..
Other bills discounted
654,000
234,000
Total bills discounted
552,000
888,000
215,000
926,000
215,000
3,851,000
3,846,000
4,312,000
237,660,000
343,525,000
143,478,000
237,660,000
343,525,000
143,478,000
202,679,000
724,663,000
724,663,000
739,554,000
729,617,000
729,650,000
63,000
Treasury notes
Treasury bills.
Total U. S. Government securities..
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
63,000
3,651,000
167,383,000
9,005,000
14,194,000
2,911,000
143,405,000
9,005,000
14,372,000
Bank premises......
Other assets
50,000,000
4,000,000
100,270,000
500,000
25,000,000
Fifth A venae Bank
195,049,000
Z/6,000,000
5,000,000
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
746,497,000
12,500,000
*
9,940,000
companies, Dec. 31, 1938.
Deposits—Member bank
reserve acc't..
U. S. Treasurer—General account
Foreign bank
Other deposits
....
Total deposits..
1,738,000
83,569,000
50,485,000
918,899,900 10,769,327,000
634,534,000
National, Dec. 31, 1938: State, Dec. 31, 1938; trust
Surplus,
*
y Jan.
31, 1939.
Includes deposits in foreign branches as follows:
c
163,167,000
1,011,000
142,612,000
1,135,000
STOCK
LONDON
THE
993,062,000 1,000,190,000
910,207,000
4,786,653,000 4,867,132,000 3,291,151,000
304,475,000
87,681,000
241,174,000
87,830,000
91,440,000
42,452,000
177,991,000
189,250,000
227,187,000
$274,317,000; b $80,671,000
each
-
V
Tues.,
Wed.,
Mar. 6
Mar. 7
Mar. 8
Thurs.,
'
Mar. 9
Fri„
Mar. 10
British Amer Tobacco.
46/3
103/—
103/-
44/10%
101/—
44/10%
44/7%
101/6
102/-
£48
£48 %
£47%
£47%
Boots Pure Drugs
1,148,000
6,445,326,000 6,601,796,000 4,672,941,000
45/7 %
Other capital accounts
Total liabilities and capital accounts..
deposit
make
51,025,000
52,463,000
7,457,000
8,128,000
50,942,000
51,943,000
De
7,744,000
Ford
Ltd
--
HOLI¬
DAY
Gaumont Pictures ord.
A
Hudsons Bay Co—...
89.9%
90.0%
Imp Tob of G B <fc I—
London Midland Ry...
85.5%
purchased
Metal Box.—...
230,000
...
Industrial
-
Co
Electric & Musical Ind.
8,979,000
and
vances
Beers
Distillers
6,564,336,000 6,720,869,000 4,792,549,000
F. R. note liabilities combined
Contingent liability on bills
for foreign correspondents
68/1H
28 /£7%
94/13/6
18/- "
4/1/3
23/140/£13%
70/£8%
£13%
16/6
115/-
Courtaulds S & Co
50.956,000
52,463,000
7.457,000
8,134,000
....
to
4/6
£18%
Cons Goldflelds of 8 A.
Capital paid In...
Surplus (Section 7)
8urplus (Section 13-b)._.......
reserve
4/6
£18?*
Canadian Marconi
Capital Accounts—
to
received by cable
Mon.,
Sst.,
113,115,000
as
day of the past week:
Central Mln <fe Invest..
total
EXCHANGE
Quotations of representative stocks
Cable & Wire ordinary.
.
Total liabilities.
Commitments
a
$5,605,000; d $109,495,000; C$29,952,000.
Mar. 4
.
4,263,000
21,519,000
88,854,000
14,111,000
5,308,517,000 5.437,428,000 3,648,471,000
Deferred availability Items
Other liabilities incl. accrued dividends.
of
4,428,000
2,233,000
■*
F. R. notes In actual circulation....
Ratio
52,745,000
31,228,000
9,355 ,600
519,013,000
As per official reports:
95,505,000
41,532,000
25,195,000
3,448,000
5,654,000
1,593,000
8,297 700
7,000,000
7,000,000
Totals.
73,000
3,772,000
119.366,000
6,430,000
62,052,000
19,038, 800
254,356,000
109,072, 800
520,480,000
*52,935, 000
522,744,000
4,319, 700
47,447,000
135,516, 700 d2,226,437,000
3,741, 400
47,627,000
79,464, 100
C855,916,000
13,813,000
1/4,966, 900
103,636,000
9,252, 700
27,881, 500
330.599,000
15,000,000
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co.
341,826,000
6,564,336,000 6,720,869,000 4,792,549,000
Liabilities—
10,000,000
Continental Bk & Tr Co.
Chase National Bank...
11,434,000
44,417.000
168,635,000
182,808, 400 b1,523,171,000
45,129, 400
531,281,000
c823.348.000
71,537, 000
21,000.000
Irving Trust Co
207,000
165,406,000
440,010,000
60,054, 900 al,639,120,000
55,632, 700
551,513,000
90,000,000
First National Bank
United States Government securities:
Bonds
42.243,000
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
2,424,000
Bills bought In open market
Industrial advances
77,600,000
20,000,000
Guaranty Trust Co
Manufacturers Trust Co
326,000
20,000,000
National City Bank
Chem Bank & Trust Co.
2,098,000
374,000
13,716, 400
26,178, 200
6,000,000
Bank of Manhattan Co.
S. Govt, obligations,
or
Total assets..
Average
$
917,000
120,165,000
5,664,963.000 5,796,923,000 3,898,790,000
Bills discounted:
by
Deposits,
Average
5,543,245,000 5,675,364,000 3,777,708,000
R. notes
Total reserves
direct
Time
Deposits
Capital
Members
Other cash f
Secured
Net Demand
Undivided
Profits
Clearing House
Assets—
Gold certificates on hand and due from
United States Treasury.*
Rand Mines
Rio Tlnto
ad-
2,672,000
...
2,673,000
t "Other cash" does not Include Federal Reserve notes
Roan Antelope Cop M_
4,328,000
Rolls Royce
bank's
own
Federal
These are certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31,1934, devalued from
Unilever Ltd-.--
100 cents to 69.06 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.
Vlokers
United Molasses
West
£47
4/3
b
94/13/6
17/3/6
1/3
23/6
141/3
£13?*
■
68/6
28/6
67/6
29/-
£7%
£7%
£18?*
£7 J*
£8?*
94/6
94/6
14/17/6
3/6
lb
24/6
139 b
£14%
78 b
94/14/3
19 b
3/6
1/3
24/6
139/£14?*
13/6
17/6
3/6
1/3
23/139/-
*13?*
77/6
76/6
£8%.
£8?*
£13%
17
h
115/7%
78 b
£8%
£8%
£14%
17 /115/7%
£37%
£13?*
17/115/-
£4%
£37?*
£4%
28/6
35 h
24/24/-
...
Swedish Match B
x
4
£18%
28/3
28/-
24/-
23/7%
28/3
38 b
27 b
22/6
£5%
Shell Transport
Reserve bank notes.
b
68/1%
28/-
68/1%
28/6
£37
£36%
£A%
Royal Dutch Co———
or a
4
£18%
£6%
£6%
£6%
37/6
25/6
£4%
•
35/6
25/-
*
\
£13%
18
b
114/4%
£37%
£4?*
'
28/4%
38/27 /21/9
Witwatersrand
Areas
...
£6%
MWMMWeekly Return for the Member Banks of the Federal Reserve System
u
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which
weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions "
mmediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
an announcement of the Federal Reserve Bank of New York of
April 20, 1937, as follows:
The changes in the
report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial. Industrial and agricultural loans, and
(2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market
paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial. Industrial and agricultural loans and other loans,.
described in
would
A
each
be
segregated as "on securities" and "otherwise secured and unsecured."
detailed explanation of the revisions was published in the May 29, 1937, issue of the
more
"Chronicle,"
page
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON
Federal
Reserve Districts—
Loans—total.,
PhUa.«
%
$
1,128
1,847
672
594
3,182,
700
392
661
506
410
642
231
306
842
310
164
257
247
Loans to brokers and dealers in
Cleveland Richmond
Atlanta
Chicag
%
St.
Louit Minneap
Kan. City
Dallas
San Fran.
%
%
21,594
180
228
99
171
482
179
76
153
163
65
1?9
22
."■9
9
3
29
3
4
18
1
30
652
21
21
3
7
36
6
1
6
3
14
523
Real estate loans..
250
8,585
3,247
1,461
799
securs
570
313
Other loans for purchasing or carrying
securities
1,149
8,186
3,773
:
Commercial, Indus, and agricul. loans
Open market paper
*
24
242
32
26
16
13
78
12
7
10
14
49
53
169
34
27
99
49
7
23
20
379
1
3
6
"70
84
115
55
"59
47
""46
175
2
236
3
23
2
11
10
80
1,136
Loans to banks
196
92
75
2
1
119
492
100
188
416
Treasury bills
2
1,550
Other loans
5
108
16
2,178
970
331
,
1
21
1
94
961
"""64
254
199
41
461
73
49
102
74
159
305
548
130
111
929
149
110
113
78
623
43
91
110
48
50
248
63
16
53
42
130
132
1,804
1,125
1,340
296
2,019
267
277
64
84
466
102
40
134
54
286
328
4,456
265
380
148
109
879
159
74
155
111
138
64
16
37
16
11
52
10
6
10
9
20
2,558
1,276
147
192
175
285
167
167
437
143
88
256
236
265
81
481
105
107
36
47
85
24
18
22
29
241
15,965
1,029
1,126
440
363
2,268
441
266
489
429
921
249
7,415
1,009
778
5,202
o
States bonds
2,531
5,196
Treasury notes
United
New York,
$
$
Loans and Investments—total-
1, 1939 (In Millions of Dollars)
Boston
Total
ASSETS
,
3590,
MAR.
284
744
199
181
896
189
119
144
137
1,051
634
16
134
54
42
28
40
130
20
2
23
34
111
6,414
261
2,805
326
361
251
246
927
289
126
348
203
271
1
1
17
16
5
"~8
"~4
""293
388
92
56
83
344
Obligations fully guar, by U. S. Govt.
Other securities
3,246
Reserve with Federal Reserve Banks.
7,368
389
Cash In vault
Balances with domestic banks
Other assets—net...
304
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
—
Foreign banks
Borrowings.
-
Capital accounj
3,687
10
1
1
2
715
1
20
304
"is
15
243
1,609
222
367
24
566
Other liabilities
♦
501
1
10
....
91
11,
Mar.
Chronicle
Financial
1432
1939
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon,Mar.9,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon:
returns for the latest week appear in our department of ltCurrent Events and Discussions
*
The following was
COMBINED RESOURCES AND
Three Ciphers
LIABILITIES OF THE FEDERAL RESERVE
Mar.
Mar. 8,
(000) Omitted
S
Jan
Feb. 1.
1939
$
*
Mar. 9,
11,
1939
$
1938
1939
S
$
U,867,72(
8,43:j
9,178,601
440.142
11,905,217 til,896,274
9,193
10,193
t435,23C
449,111
418.025
471,610
12,397,801
12,364.521 tl2,340,697
12,294,178
9,659,315
2.72S
1,966
2,255
2,100
2,635
2,119
5,366
4,695
4,361
4,754
8,419
11,947,218
9,908
10,441
445,875
441,936
12,596,717
12.505,853
12,453,924
12,431,067
1,954
1,744
2,289
2,128
3,078
5,294
1,981
2,10(J
1,993
5,059
7,394
4,873
10,25(3
8. 1939
Jan.
18,
S
11,979,222
9,901
432.094
Jan.
25,
1939
12.006.2U
8,85(
438,85(
12,154,71£
1,696
1,649
Total reserves-
Feb. 8,
1939
f
21,
12,049,71 £
12,183,71£
10.13CJ
415,243
12,609,092
*
BANKS AT THE CLOSE OF BUSINESS MARCH
Feb. 15,
1939
1939
$
$
U. 8. Treas. x.
Redemption fund (Federal Reserve notes)
Gold etfs. on hand and due from
Other cash
1,
1939
1939
ASSETS
Feb.
9,104
Bills discounted:
U. S. Government obligations
by
Secured
fully guaranteed
direct or
Other bills discounted
3,345
Industrial advances
—
4,417
553
553
556
556
556
556
549
542
553
14,647
14,662
14,738
14.811
15,131
15,390
15,550
17,357
14,586
840.893
1,209,931
513,191
1,209,931
513,191
1,179,577
1,185,103
507.656
840,893
1,209.931
513.191
840.893
1,215.466
840,893
1,209.931
513,191
840.893
1,215,466
507,656
840,893
1,215,466
507.656
702,683
840,893
840,893
840,893
1,215,466
507,656
543,545
676,229
2,564,015
2,564,015
2,564,015
2,564.015
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564,015
2,582,852
2,583.632
2,584,289
2,586,703
2,584,255
2,584,397
2,584,868
2,590,333
securities—Bonds..
United States Government
notes
Treasury
3,698
14,122
—
In open market
Treasury
3,053
553
Total bills discounted
Bills bought
2,880
•
bills
Total U.S. Government
securities
<
■
gold
Foreign loans on
w.
•
Total bills and
securities.
—
Gold held abroad...
m"m
21,247
701,774
42.804
51,150
50,181
42,827
49,512
22,337
623,879
42,831
48,391
26,324
583,874
42,831
47.870
169
'
19,382
banks
Uncollected Items
535,646
—
•
42,735
51,667
premises...
Other assets
15,840,746
-
15,788,872
15,926,704
15,853,742
15,755,374
•
3 72
""178
35,537
597.740
500,039
~""l66
31.089
30,307
565,290
42.913
f660,761
42,925
47,349
48,038
15,635,632 115,707,309
15,683,121
LIABILITIES
2,584,322
"""166
"""166
17,480
588.753
169
169
Federal Reserve notes of other
Total assets
"""169
19,058
634,023
42,735
—
banks...
Due from foreign
Bank
2,582,035
.
17.644
42,928
45,973
44,861
15.601,390
12,861,620
49,250
4,355,946
4,344,462
4,349,836
4,344,753
4,347,209
4,319,451
4,374,962
4,134,017
4.343,566
*4.338,417
actual circulation.._.
8,941,650
1,167,818
246,296
237,344
8.840.548
8.707,191
225.974
266,310
208,215
185.766
767,179
171,571
f9.130.409
799,950
7,310,761
1,250,417
9,046,811
887,021
8,956.139
1.180.791
9,017,844
931,295
9,166,063
Deposits—Member bank—reserve account
United States Treasurer—General account..
8,984,989
1,101,562
255,935
254,113
268,904
233,476
279,377
283,161
298,213
10,596,599
10.593,108
10,516,217
10,457.424
10,436,731
10,402.759
Federal Reserve notes In
bank
Foreign
Other
deposits
Total
deposits
.
-
15,509,710
15,411,094
135,016
134,930
149,152
27,263
32,549
149,152
134,899
149,152
32,919
134,913
149,152
27,264
32,703
27,264
32,965
15.840,746
15.926.704
15.788,872
15,863,742
15,755,374
Total liabilities and capital accounts
84.4%
84.2%
84.1%
note llaldlltles combined
on
bills
•
....
purchased
84.1%
272,052
10,365.008
10,288,561
.7,880,924
657,676
591,268
496,700
2,208
2,298
5,135
15,257,089
12,516,776
134,818
149,152
134,911
149,152
27,264
133,265
27,264
32,766
32,980
36,157
15,601,396
12.861,620
83.9%
83.8%
80.4%
13,004
13,131
13,339
12,995
3,670
84.1%
Federal
282.712
84.0%
15,683.121
84.3%
27,264
-
117,260
t275,936
15,635,632 tl5,707.309
27.264
32.723
"
27.264
180,851
76.767
15,291,370 tl6,363,309
15.339.192
w
Ratio of total reserves to deposits and
liability
15,444,607
J
566,467
2,426
3.131
15,582,724
872,943
10.403,026
586.093
2,589
32.825
Reserve
627,021
2,947
•t
ACCOUNTS
Capital paid In
Surplus (Section 7)...
Surplus (Section 13-b)
Contingent
699,503
2,955
553,056
.
accrued dividends
Total liabilities
CAPITAL
580.973
149,152
_
630,626
3,044
134,948
.
...
3,336
15,496,557
Deferred availability Items
yOther liabilities Including
.
3,359
134,790
134,841
149.152
158,713
149,152
27,264
33,005
for
147.739
27,683
640
12,570
Commitments to make Industrial advances
12,925
12,907
12,800
12,905
12.892
6,267
3,804
Maturity Distribution of Bills and
Short-Term Securities—
2,269
2.688
3,316
4,031
176
140
138
152
172
387
381
303
247
.179
258
238
313
307
324
4,417
5.059
7,394
48
23
23
250
271
428
719
262
261
373
367
349
422
320
4,695
4,873
82
274
293
285
Over 90 days bills discounted
341
6,579
132
269
4,361
4,754
8,419
334
335
3,715
144
272
discounted
61-90 days bills discounted
34C
301
221
178
18-30 days bills discounted......
1-15 days bills discounted
31-60 days bills
304
3,698
3,315
Total bills discounted
'
*
V
•
334
256
market...
16-30 days bills bought In open market
81-60 days bills bought In open market
1-15 days bills bought In open
"
262
179
23
23
100
200
271
271
262
179
83
71
.
47
97
74
152
151
226
143
304
72
23
106
556
556
556
556
542
553
553
549
553
2,096
2.232
2,282
1,908
1.343
525
>
mm-—--
"""262
297
."""264
198
Over 90 days bills bought In open market
Total bills bought In open market
•«
553
;
industrial advances
2,231
2.283
2,036
145
147
,149
331
310
116
419
101
16-30 days industrial advances
501
296
274
648
434
403
566
395
342
390
31-60 days Industrlal advances..
555
573
567
542
447
11,554
11,835
12,030
12,172
14,541
15,390
15,550
17,357
'74,848
88,872
104,218
102,685
56,383
199,268
136,562
194,321
2,072,531
1-15 days
2,428
2,143
202
Over 90 days Industrial advances
243
266
357
10,928
61-90 days Industrial advances
326
11,204
11,443
11,439
11,544
14,586
14,122
Total industrial advances
14,647
14,662
14,738
14,811
15,131
102,685
95.885
205.093
77,510
111,390
176,733
123,720
752
*
1-15 days U.S.
101.988
74,745
103,383
124,720
152,720
179.703
164,203
114,348
2,056,359
2,098,359
2,097,679
111,390
101,988
198,465
71,018
2,081,154
2,082,842
2,077,324
152.720
2.020,470
2,564,015
2,564,015
2,564,015
2,564.015
2,564,015
2,564,015
2,564.015
2,564,015
4,637,302
281,356
4,645,819
4.657,531
307,664
4,670,386
325,633
4,678,715
4,741,206
331,506
4,686,380
366,929
4,702,829
301,357
364,415
366,244
4,459,063
325,046
4,355,946
4,344,462
4,349,867
4.344,753
4,347,209
4,319,451
4.338,414
4,374,962
4,134,017
4,343,566
4,771,000
4,771,000
4,778,000
4,781,000
4,855,000
3,656
6,678
4,153
4,791,000
3,930
4,816,000
3,284
4,778,000
4,304
4,536,632
4,768,000
2,977
3,581
4,011
4,770,977
4,774,284
4,774,656
4,782,304
4,784,678
4,785.153
4,794,930
115,848
193,788
2,100,659
74,745
124,720
72,518
185,125
2,106.907
2,564.015
2,564,015
4,624,142
280,576
101,710
52,010
Government securities. 1
16 30 days U. 8. Government securities
31-60 days U. S. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
.
147,733
101,710
78,510
95,885
Total other securities
Federal
Notes—
Reserve
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual
circulation
Collateral Held by Ayent as Security for
Notes Issued to Bank—
Gold ctfs
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total
collateral
*
"Other cash"
*
These
cents on Jan
are
7,308
20,000
.
does not Include Federal Reserve notes,
4,819,581
4.859,011
4,563,940
t Revised figure.
certificates given by the United States Treasury for
the gold taken over from the Reserve
31, 1934, these certificates being worth less to the extent
banks when the dollar was
of the difference, the difference Itself having
devalued from 100 cents to 59.06
been appropriated as profit by the Treasury under
provision of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4, 1939 two new Items appeared,
two items corresponds exactly to
statement for March 9, 1938 has been revised on the new
"Other liabilities. Including accrued
the total of two Items formerly in the statement but not
basis and is shown
accordingly.
excluded, viz.:
dividends," and "Other capital accounts." The total of these
"All other liabilities,' and "Reserve for contingencies." The
Volume
Federal Reserve System (Concluded)
Weekly Return of the Board of Governors of the
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OP
Three Ciphers (000) Omitted
Federal Reserve Aoent at—
Gold
certificates
from
$
and
Chicago
$
$
reserves
332,348
1,174
21,507
741
507
379
627
15,986
9,142
19,653
15,804
720,078
1,483
37,815
350,870
285,339 2,159,127
349,075
263,106
323,001
214,431
759,376
198,000
302,969
253,457
804
888
33,085
25,816
623,429
843,925
654
548
41
25
30
35
20
40
81
40
234
171
53
140
115
29
"""90
57
347
200
208
719
94
lf)5
145
64
90
77
387
281
248
2
16
16
40
946
772,450 5,664,963
182
6
187
888
10,130
Other cash *
263,282 2,099,446
348
1,064
58,617
21,709
328,189
589,540
Redemption fund—Fed. Res. notes..
$
3
817,221
735,944 5,543,245
1,064
1,051
120,654
35,455
12,183,719
San Fran.
Dallas
%
$
due
Treasury
BUSINESS MARCH 8,1939
Minneap. Kan. City
St. Louis
$
$
$
12,609,092
States
Atlanta
Cleveland Richmond
PhUa.
%
415,243
United
Total
New York
$
$
hand
on
Boston
Total
ASSETS
1433
Chronicle
Financial
148
Bills discounted:
Secured by U. S. Govt, obligations
direct
or
1,696
1,649
fully guaranteed
Other bills discounted
Total bills discounted
3,345
......
553
42
215
66
51
24
19
70
2
14,122
1,862
3,851
2,851
418
1,226
821
451
7
862
217
610
43,323
Bills bought In open market
Industrial advances.
.
............
U. 8. Government securities—Bonds
34,901
70,853
62,620
50,447
102,415
26,154
21,070
42,775
840,893
61.659
237,660
67,514
84,588
38,832
92,091
39,296
Treasury notes
Treasury bills..
1,215,466
89,123
343,525
97,586
122,269
63,297
56,129
133,113
56,802
507,656
37,224
143,478
40,759
51,067
26,437
23,443
65,596
23,724
26,386
38,140
15,929
2,564,015
188,006
724,663
205,859
257,924
133,524
118,404
280,800
119,822
80,455
132,097
106,418
216,043
Total U. S.
134,939
119,389
281,385
119,921
81,396
132,717
107,325
217,277
'
Bonds
Govt, securities—
169
12
19,382
535,646
Fed. Res. notes of other banks
590
Uncollected items
.
Bank premises.....
U. 8
21
3
3,057
2,200
757
1,14 4
688
1,923
24.959
21,844
1,251
27,284
3,226
2,029
4,456
143,405
37,389
20,680
71,788
22,148
9,005
14,372
4,678
5,992
2,608
2,069
5,817
3,278
2,323
3,945
5,116
2,283
4,630
2,212
1,636
2,446
880,485 1,175,218
536,369
432,603 2,524,439
497,842
361,323
487,494
59,821
420,368
196,910
148,506
982,761
178,944
134,847
169,035
77,119
351,924
236,332
190,820
1,131,297
215,927
127,354
234,170
181,287
8,984,989
1,101,562
439,215 4,786,653
241,174
102,520
401,142
64,595
124,098
30.565
41,202
254,713
64,684
64,497
38,744
43,036
255,935
18,419
91,440
24,815
7,419
5,884
7,419
189,250
4,576
11,000
1,659
30,955
8,466
5,339
4,631
6,510
814
7,419
3,120
530,146
41,734
18,419
17,552
6,004
23,792
6,192
8,954
254,113
bank—reserve account...
Other deposits
249,442 1,422,304
282,661
204,245
281,147
234,8G2
607,851
13,040
27,116
24,557
28,970
128
255
87
146
.........
10,596,599
566,158 5,308,517
495,128
664,728
279,556
553.05G
52,920
142,612
39 133
57 380
45 052
22,005
74,559
25,712
3,336
Total deposits
299
1,135
323
273
87
139
373
91
420,092 2,479,997
487,408
352,260
477,553
336,625
988,891
4,241
3,996
3,613
1,142
3,892
1,266
1,794
10,536
9,965
2,121
2,041
'
availability Items
Other liabilities,' lncl. accrued dlvs
1....
Total liabilities—
848,321 1,142,749
995,730 6,445,326
15,496,557
521,605
5,078
4,983
3,293
1,410
Capital Accounts—
Capital paid in
...
134,948
Total liabilities and capital accounts
>■12,049
13,679
10,083
2,874
52,463
13,696
14,323
32,825
...—
50,956
27,264
Other capftal accounts...
9,405
149,152
............
Surplus (Section 7).......
Surplus (Section 13-b)
1,418
7,457
.
4,416
1,007
2,003
,
8,134
3,460
880,485 1,175,218
1,383
1,510
15,840,746 1,019,£10 6,564,336
2,672
1,319
12,5.70
Commitments to make Indus, advs.'i.
Three Ciphers
13,616
3,965
22,666
4,685
2.912
3,153
1,429
4,515
5,630
545
1,001
6,731
1,239
713
1,653
.
S
Issued to F. R. Bank by F. R. Agent
Collateral
Gold
circulation
497,842
361,323
80
487
193
689
150
1,138
held
Ageint
by
certificates
Eligible
$
$
,$
Chicago
St. Louis
Minneap.
Kan. City
3
$
%
S
328,134
14.397
439,869
on
hand
$
m
-
443,000
210,000
169,000 1,035,000
196,000
143,500
180,000
87,500
64
25
37
367
276
227
169,112 1,035,064
196,025
143,537
180,367
87,776
434,227
'
o.
880
548
420,182 1,105,880
345.548
443,094
182
112
165
210,165
94
United
States
3
May
mmmmm
April 26 1939........
May 17
mmmmm-
0.05%
mmmmm:
..
0.05%
1939
mrnmrnm
0.05%
May 24 1939
mm* mm
...
0.05%
'
'
•
.
each day
PARIS
or more
-j
•-
.
32ds of
Mar. 4
Mar. 6
Mar. 7
Francs
Francs
8,100
1,245
486
8,200
Bas
Banque de I' Union Parislenne..
Canadian
Pacific
186
16,100
"
825
1,500
40
Canal de Suez cap
•
J—
Cle Dlstr d'Electrtctte
Cle Generale d'EIectrlclte—...
.•
Cle Generale Transatlantlque
.«Int.
B
Asked
15 1941...
1 Vs%
103
103.2
Dec.
15 1941..
WA.%
103.2
103.4
Courrlere
Mar. 15 1942...
\%%
104.12
104.14
Credit Commercial de France...
Sept.15 1942...
105 24
Credit
Bid
Rate
Maturity
2H%
101.16
1
101.29
101.31
mm*
mm
105.22
...
......
Lyonnalse
102 3
102 5
Mar. 15 1940---
w%%
102.16
102.18
Dec
15 1942...
2%
1H%
104.27
104.29
IA%
102.16
102.18
June
15 1943
IH%
101 30
102
15 1940.-
1A%
102.26
102.28
IH%
102
102.2
Energle Electrlque du Littoral..
Mar. 15 1941...
1H%
102.31
103.1
Dec.
15 1943...
THE BERLIN STOCK
EXCHANGE
Pathe
109
109
109
180
180
180
180
180.
188
187
186
186
185
1917
1918
Rentes 4^%, 1932, A
Rentes 4^ %, 1932, B
Rentes, 5%. 1920
Royal Dutch
Saint Gobaln C & C
Schneider A Cle
Sockete Francatse Ford
Soclece Generale Fonciere
Roclete Lyonnalse
Soclete Marseilles
Tubize Artificial Sflk preferred..
Unlo
d'Eleotrlclte
...
110
110
110
110
110
Wagon-Llts
Rentes 4%,
-Per Cent of Par-
Mar.
Mar.
Mar.
Mar.
Mar.
Mar
4
6
7
8
9
10
(6%) 115
114
113
113
114
113
159
159
159
158
118
Deutsche Bank (8%)
118
118
118
118
118
Deutsche Reichsbahn (German Rys.pf.7%).123
123
123
123
123
123
.-.111
150
110
180
111
111
111
111
111
149
149
150
150
150
Farbenlndustrle I. G. (7%)
Mannesmann Roehren
(5%)
Relcbsbank8 (8%)
Siemens & Halske
_
(8%)
(5%)
Verelnigte Stahlwerke
189
110
109
109
185
16,100
810
1,500
42
185
15,900
571
798
1,480
40
235
567
232
560
239
555
8,300
188
16,000
....
1,490
42
574
870
240
230
....
1,690
1,660
1,650
1,660
1,490
340
588
659
1,460
345
577
653
1,460
340
576
651
1,470
1,220
948
1,200
943
930
438
1,200
934
930
441
1,190
1,210
948
930
443
32
Capital
Rentes 4%,
day of the past week:
184
16,200
899
1,520
41
570
882
240
655
DAY
Llqulde
Pechlney
Rentes Perpetual 3%
8,100
1,222
482
884
240
582
HOLI-
Lyon (P L M)
Nord Ry
Orleans Ry 6%...............
Closing prices of representative stocks as received by cable
..
...
Kuhlmann
L'Alr
Allgemelne EJektrlzltaets-Gesellschaft
Berliner Kraft u. Llcht (8%)—
v
488
1,480
338
Energle Electrlque du Nord
...
*
8,100
1,226
,
Mar. 9 Mar.\0
Francs Francs
1,680
Eaux des Lyonnalse cap
June 15 1940...
1,243
488
'
Mar. 8
Francs
232
559
Coty S A
Asked
100
received by cable
567
876
240
Citroen B__.r__.
June
Bid
1H%
Dresdner Bank (5%)
BOURSE
\
Cotnptolr Nationale d'Eeoompte
each
1449.
Franca
Banque de Paris et Dea Pays
Int.
l%%
page
of the past week:
Bank of France.,.
'
one
Exchange.
1449.
mmmmm"'
,,
15 1939...
Stock
York
Quotations of representative stocks as
Mar. 10
'
New
Averages—See
THE
mm* mm
0.05%
May 31 1939
71939
June
Figures after decimal point represent
H%
New
'
.
Sept.15 1939...
the
mmmrnrn
Quotations for United States Treasury Notes—Friday,
15 1939...
on
mmmmm
0.05%
the
at
Stock and Bond
0.05%
1939_._i.__
1
Rate
Securities
following page.
Daily, Weekly and Yearly—See page
0.05%
Mar. 15 1939...
.
Government
York Stock Exchange—See
Asked
Bid
May 10 1939
0 05%
Maturity
434,000
345,000
*.
5 1939
,•
351,924
420,000 1,105,000
---
April 12 1939
,
77,110
4,768,000
April 19 1939
point.
169,035
148,506
due
0.05%
0.05%
April
134,847
10,899
196,910
Asked
0.05%
0.05%
29 1939...
178,944
982,761
19,501
for discount at purchase.«
are
22 1939
403,117
51,193
420,368
Transactions
Mar
6,995
313,737
Treasury Bills—Friday, Mar. 10
Bid
Mar.
84,114
7,161
•
l'M46
993,062
4,770.977
Mar. 15 1939...
176,196
193,290
376,353
2,977
quoted
*
138,029
3,182
159,649 1,012,449
29,688
11,143
207,809
.'
and
collateral
Rate8
San Fran.
Dallas
$
S
security
as
United States
Dec.
2,905
44
Atlanta
Cleveland Richmond
Phil a.
New York
S
280,576
paper
Total
Dec.
v
347,573 1,013,554
4,343,566
,
,
from United States Treasury..._
June
945
487,494
for notes issued to bank:
'
1,997
NOTE STATEMENT
396,004 1,085,482
92,420
19,651
4,624.142
Held by Federal Reserve Bank
In actual
Boston
Total
Federal Reserve notes:
b
'
432,603 2,524,430
538,369
(000) Omitted
Federal Reserve Bank of—
a
.
"Other cash" does not Include Federal Reserve notes.
FEDERAL RESERVE
•
347,573 1,013,554
510,646
Foreign bank
*
'
313,737
993 062
376,353
•.
.
Treasurer—General account.
Deferred
3,222
•M-'
4,343,566
F. R. notes in actual circulation.....
Member
6
2,797
2,936
3,372
liabilities
Deposits:
7
1,298
43,369
50,053
15,840,746 1,019,510 6,564,336
Total assets
16
1,160
12,906
1,520
51,687
i
2,911
'
42,735
..
Other assets
12
5
6
2
17
857
63
.
258,487
209,485
729,617
190,097
2,582,035
Total bills and securities
Due from foreign banks
43,790
.
1,765
-
937
436
34
1,774
34
437
34
1,772
1,749
84.75
85.00
84.70
84.40
84.40
87.10
87.40
90.70
91.10
117.20
6,540
2,024
1,295
59
75
1,480
655
100
508
72
87.90
87.60
90.75
91.30
118.00
6,540
2.030
1,285
59
79
1,488
658
100
612
72
86.80
87.10
90.30
90.80
117.00
6,490
1,990
1,282
61
80
1,460
658
100
502
86.60
86.80
89.80
90.40
116.50
6,530
2,006
1,275
61
83
1,465
657
140
497
71
86.50
86.75
88.90
90.60
116.30
6,480
71
60
Mar.
1434
1939
11
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
day.
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the
sales in computing the range for the year.
account Is taken of such
„
United States Government Securities
Below
furnish
we
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
a
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
'
4 Mar,
Daily Record of U. S. Bond Prices Afar.
120.13
High
LOW.
4KB, 1947-52.....
Total sales in
120.4
120.4
-
—
120.9
mm m
120.13
21
[High
115.27
115.18
115.28
2
mmrnrn
115.29
104.20
104.19
104.28
104.20
104.21
104.28
104.31
Total sales in $1,000 units—
50
51
2
115.31
High
2Kb. 1956-59
120.19
Low,
104.6
Total sales In $1,000 units—
—
[High
114.30
«*>
mm
mm mm
....
104 14
104.14
104.13
7
1
1
1
104.3
104.1
104
104.10
104.14
104.23
4 Low,
104.1
103.26
103.31
104.7
104.9
104.17
I Close
114 28
114.30
mmmim
Low.
3 Kb, 1940-50
10
104.14
(High
104.1
103.29
104
104.9
104.14
104.20
'
•
105.15
13
104
Close
15
2Kb, 1958-63
105.15
104.13
115.31
115.31
1
mmmm
105.15
105
104.13
104.6
115.29
1
'
Close
$1,000 units...
9 Mar. 10
105
105
Low_
dose
High
Treasury
115.29
116.27
....
mrnmm
115.27
mm mm
Low.
Total sales in
104.28
120.22
13
115.28
-
104.21
26
120.20
-
104.20
8 Mar.
7 Mar.
6 Mar.
4 Mar.
105.2
104.30
120.22
120.13
m
'
■
.
Daily Record of V. 8, Bond Prices Mar,
9 Afar. 10
120.20
5
$1,000 units...
4s, 1944-54.
7 Afar. 8 Mar,
0 Mar,.
120.4
Close
Treasury
No
.
114.28
2Kb, 1960-65,.
"
Total sales in
mmmm
mmrnm
114.30
mrnmm
114.28
1
Close
mm
105.2
105
104.31
104.31
Low.
105.2
104.30
104.31
104.31
Close
105.2
[High
3Hs, 1940-43—
Total sales in
High
2KB. 1941-43...
•
104.31
11
-
3
mm
-
106.19
100.19
m
-
—
■
mm
■
m
106.24
—
,
100.20
mrnmm
106.24
mrnmm
2
....
m
Total sales in
'
107.21
107.28
107-21
107.28
$1,000 units...
16
2
27
2
110.10
110.20
110.22
rn
110.10
110.20
110.22
mrnmm
2
4
....
m
31
104.5
104.11
104.11
104.20
Low.
103.23
103.26
104.1
104.8
104.9
104.16
(Close
15
m
107
103.30
103.28
103.28
104.5
.104.8
2 Ha,
110.25
4
15
104.5
104.12
104.14
104.25
103,28
104.1
104.9
104.14
104.18
104
(High
.....(Low,
(Close
1950-62
104.20
104.9
8
104
104.6
13
$1,000 units
110.25
1
rn
100.31
103.28
2Kb, 1949-53
110.25
Low.
2
107
(High
J Low.
(Close
Total sales in
2Kb, 1943-47
107.23
107.24
....
110.22
107.28
107.20
(High
mmmm
110.20
107.21
TotcU sales in $1,000 Units...
mmmm
110.10
107.24
107,20
mmmm
High
107.20
107.18
2 Kb, 1948.
mm
_
•
48
107.18
mmmm
,0
18
(Close
.mmmm
—
•
m
mrnmm-
1
$1,000 units...
m
m
100.19
mm
mm
rn
104.31
5
«
Low.
Close
Total sales in
104.30
1
$1,000 units...
mm
11
(Low.
—
mmmm
mm
808
107.20
(High
2 Kb. 1945
4.
26
Total sales in $1,000 units.
4
$1,000 units...
m
-
32
18
*
$1,000 units...
—
2Kb, 1941.—
107.7
107.9
107.9
107.10
107.6
107.5
107.6
107.5
107.5
1
5
5
2
1
110.14
110.13
110.16
110.20
110.21
110.20
110.11
110.15
110.20
110.20
110.14
110.16
110.20
110.20
110.20
24
6
23
7
1
25
High
....
110.25
110.30
111.1
110.31
Low.
2Kb, 1944-46—
....
110.23
110.28
111
110.30
110.30
111.1
110.31
Total sales in
20
$1,000 units
High
"110*23
Low.
2Kb, 1946-49
110.23
110.24
il 10.23
5
mm
108.21
108.26
108,21
108.14
108.21
108.26
108.21
108.20
108.21
108.15
2
Close
Total sales in $1,000 units...
.
1Q8.7
108.0
108.10
108.3 •:
108.3
108.0
108.10
108:3
108.7
108.6
2
I
106.24
106.25
106.22
106.24
Close
106.25
50
110.20
JLow.
•
.
.
mm
mm
mm
110.21
110.19
110.21
26
mm
(lose
.
110.21
110.19
[High
2Kb, 1949-52
■
2
m
111.5
105.26
1942-47..—..—(Low.
(Close
105.23
105.20
$1,000 units...
'
.
High
110.0
110.4
110.4
Close
Total sales in
110.4
Low.
'
3s, 1946-48
iio~4"
110,4
110.4
$1,000 units...
High
6
110.8
110.17
110.15
(High
102.18
102.16
102.16
102.16
102.16
102.9
102.18
102.16
102.16
102.16
102.8
102.18
102.12
102.12
2
19
m
109
109.12
0JOge
102.16
102.16
102.16
109
109.12
Total sales in $1,000 units...
3
3
3
*3
109
(High
104.26
104.30
mm
m
m
109.12
3
106.5
105.27
100.5
$1',000 units...
22
106.10
100.4
106.9
106.10
106.13
106.21
16
13
*
'
108.13
108.5
108.20
108.13
108.5
108.17
108.20
108.13
108.5
108.20
17
108.23
4
3
107".19
107.21
107.23
107~30
107.11
107.18
107.21
107.23
107.29
107.11
107.19
107.23
107.29
n
*11
2
107.21
1
105.17
105.17
105.20
105.26
105.28
100.8
105.20
105.26
105.28
106
105.17
105.20
105.26
105.28
106.8
1
6
.*8
1
-
-
1
21
1
60
above
104.28
104.28
104.29
26
table
Transactions in
includes only sales of
registered bonds were:,
coupon
...110.28 to
110.10 to
107.7 to
.......110.2 to
>..102.10 to
-
————
i*
—
Home Owners' 2Kb, 1939-1949....
United States Treasury
United States Treasury
9
102.8
15
t Deferred delivery sale.
1 Treasury 2Kb, 1941
2 Treasury 3s, 1946-1948.
106.13
$1,000 units...
-
High
m
1
104.29
104.^0
1 Treasury 3 Hs, 1944-1946
Treasury, 3KB, 1943-1945..———.
106.12
$1,000 units
2Kb, 1951-54
mm
25
4
106.13
Low.
m
Odd lot sales,
bonds.
107.11
1
mm
.m'mmm
Close
....
104.26
104.26
$1,000 units
Note—The
108.23
Low.
.
Tom sales in
Total sales in
100.17
28
Low.
(Close
106.21
Close
•
„
2 Kb, 1942-44.-
1
100.13
1
m
Close
Tom sates in
2Kb, series B, 1939 49-.< Low
3
108.24
105.31
m
108.8
4
108.24
8
,
108.4
10
108.24
m
108.2
1
mmmm
.
108.8
108
110.6
108.18
108.24
Low.
108.4
Total sales in $1,000 units...
8
High
108.3
110.15
100
in $1,000 units..
108.1
110.19
,
High
Total sales
108.8
108
110.8
105.27
2Kb, 1948-51
108.4
107.29
3s, series A, 1944-52
5
110.5
Low.
2 KB, 1945-47.
108.4
108.4
13
Close
Total sales in
108.2
110.15
1
High
2Kb, 1955-60....
108
110,17
108.24
■
107.29
Low.
Loan
110.8"
5
3s, 1951-55..—.
Low.
Close
:
Total sales in $1,000 units...
1
1
(High
107.29
Home Owners
'
Total sales in
105.26
105.23
Total sales in $1,000 units...
■
111.5
m
100
1
(High
2Kb.
111.5
mm mm.
t
106.24
106.22
105.23
'
6
2
106.22
Total sales in $1,000 units...
111.8
108.10
6
18
106.25
(High
—(Low.
111.8
111.8
7
1
4
11
108.3
$1,000 units...
3s. 1942r47--
6
110.29
m
108.15
[ Close
111.3
m
....
108.21
•
.
37
5
I Low.
3s, 1944-49
Total Sales in
111.3
110.24
1
(High
111.1
3
110.24
1
4
104
6
103.9
$1,000 units.
111.1
6
Total sales in
111
110.25
Close
103.28
103.22
(Close
110.22
Total sales in $1,000 units...
103.22
$1,00Q units...
Federal Farm Mortgage
(High
3M8, 1944-64
(Low.
I Close
110.22
Close
31
104.3
103.9
104.12
4
15
Total sales in
110.25
Low.
103.22
| Low_
2s, 1947..—..
1
[High
2KB, 1943-45
104.25
4
103.9
$1,000 units...
107.10
107.7
107.5
107.5
Total sales in $1,000 units...
107.10
107.7
107.5
Low.
■
107.9
107.6
High
Close
."
Total sales in
104.14
(High
Close
Total sales in
110.29
110.10
107.7
110.2
102.10
Bills—See previous page.
Notes, &c.—See previous page.
»
New York Stock Record
LOW AND HIGH SALE
PRICES—PER
SHARE, NOT PER CENT
Monday
Tuesday
Mar, 4
Wednesday
Thursday
Mar. 6
Mar, 7
Mar. 8
Mar. 9
$:per share
$ Per share
$ per share
$ per share
597g
126
69%
126
40
-
♦38%
40
24
38%
10%
2478
27
27
57%
*%
57%
1
10
*71
...
978
*11%
11%
17%
9%
1%
13%
12
11%
17%
23%
24%
1%
13
*57
^59% 5978
60% 61
126% 126% *123
130
.
*38
42
38%
10
23>4
26%
58%
1
,
*37%
9%
2334
26%
57%
*%
*03
9%
1%
13%
11%
11%
17%
23%
1
1278
11%
11
16%
22%
IO84
10%
*12
69
69
46%
46%
45%.
12%
12%
10%
70%
463s
18
18
17
18
*2
2%
19
62%
20%
*10%
62
12
10%
2%
*16
,
2%
19
16%
*57
*
62%
6234
20
20
16%
16%
10%
58
20
97g
*23%
*25%
57%
*7g
26i2
577g
1
58
60
1
13
11%
11%
16%
2278
♦10%
180
1
13%
11%
11%
16%
23%
42%
39
10%
42%
38%
10%
24
24
24
26
26%
69%
1
5734
*7g
r«
13
1134
11%
1678
23
*55%
..
10%
180%
10%
181
12
12
12%
12%
10%
*11%
12%
10%
69
10
69
45%
*17%
*2%
*16
62%
1934
16%
♦58
*69
45
46%
18
18%
2%
18%
63%
20%
16%
62%
20%
10%
5934
on
2%
*16
627g
20
16%
5934
24
38%
10%
24%
257g
60%
%
....
9%
1%
60
this day.
*38%
10%
23%
70%
46%
18%
64%
20%
2%
19%
66%
21%
17
17
60
60
Par
1,800
Abbott Laboratories...No par
4K %
300
30
400
6.100
1,000
500
4,600
conv
100
pref—
Abraham A Straus
Acme Steel Co
No par
25
10
.No par
100
Air Way El Appliance..No par
Alabama A Vicksburg Ry__ 100
Alaska Juneau Gold Min
10
1%
13%
11«
6,400
11,300
3.900
2,300
2,700
5,100
12
...
*10%
181
*12%
12%
10%
*09
46
*177g
2%
♦15%
06
67
*20
xl6%
*56%
$ In receivership,
11
18134
1278
133s
10%
09%
46%
18%
2%
187g
a
207g
17%
60
"V.200
2,200
200
6,200
12,700
800
700
"5366
3,800
3,000
Allen Industries Ine
1
Allied Chemical A Dye.No par
Allied Kid Co
L—6
Allied Mills Co Ino
Allied Stores
No par
Corp.....No par
5% preferred
100
Allis-Chalmers Mfg
No par
Alpha Portland Cem.. No par
Amalgam Leather Co Ino—1
6% conv preferred
50
Amerada Corp
No par
Am Agrlc Chem(Del).. No par
American Bank Note
510
Def. delivery,
130
63
Feb 18
I
Mar
MarlO
35% Feb
2
42% Mar
38
2
45
Highest
share $ pet share
61
Nov
30% Feb
119% July 12384 Oct
45
Oct
30% Mar
per
Jan
18
June
52
8% Jan 27
11
Jan
3
25
Mar
6% Mar
14% Mar
16% Mar
24
Oct
30
Aug
Mar
Feb 15
27% Jan
65% Jan
1% Jan
54% Jan 26
% Jan 30
68
Feb 20
9% Mar
40
68
Feb 20
10
8
Jan
May
% Mar
67
Aug
3
8>4 Mar
Jan
12% July
077g Nov
1% July
6 % Oct
1 % Feb
•
Allegheny Corp
No par
5H % Pi A with $30 war. 100
5H % P' A with $40 war. 100
6K % pi A without waz.100
$2.50 prior conv prei.No par
Alghny Lud Stl Corp. .No par
Alleg A West Ry 6% gtd-.lOO
300
19,400
126
24
Corp
12^66
14%
1278
1234
18%
2378
$ per share
Address-M ultlgr
"V%
1
% per share
55
Jan 27
19% Feb
9%
*68
Lowest
Highest
Adams Express.......No par
Adams-Mi ills .........No par
Air Reduction Ino
Year. 1938
of 100-Share Lots
Lowest
Shares
60
*56
10%
Range Sines Jan: 1
On Basis
Week
26
*%
Range for Previous
EXCHANGE
59
♦17%
23%
12%
42%
39%
10%
23%
STOCKS
NEW YORK STOCK
the
26
12%
19
24%
12
*16
130
*12
12%
10%
45%
*17%
*2%
130
*38
14%
13
12
*09
$ per share
62% 03
«
10%
10% 10%
184
182% £180
18
2%
9%
1%
1334
12%
12%
18%
42%
*56
....
46%
19
*25«4
58%
%
*08
9%
1%
14%
13%
12%
18%
237g
127g
12%
10%
70%
Bid and asked prices: no gales
*40%
3834
978
*68
"_9% "9%
*57
177% 180%
*68
*37
40%
38%
97g
24
....
9%
*56
11
11%
175% 177
*12
1278
12% 12%
10
10%
40%
$ per share
62
63
61% 6178
*125
130
*123% 130
Friday
* Mar. 10
Sales
for
Saturday
6%
a
preferred
New stock,
r
10
50
Cash sale.
*
78 Jan 25
10
Jan 26
9
Jan 26
87g Jan 26
78 Mar
1% Jan
1478 Jan
13% Mar
.
Feb
Jan 26
28% Jan
52
Jan 19
52
4
8% Jan 24
170% Jan 24
11% Jan 13
11% Feb 1
8% Jan 26
61
Jan
9
39% Jan 26
15% Jan 24
1?8 Jan 13
17% Jan 23
60% Feb 24
19% Feb 16
137S Jan 26
56
Jan 24
Ex-dlv.
y
19
Mar
7% June
14% Sept
Jan 19
11% Jan
Mar
5% June
1234 Jan
13
20
6% June
5
4
28
May
4% Mar
3
124
Mar
13% Jan 21
13% Jan 4
7
Mar
11% Jan
4% Mar
11)3
70
Jan
38
Mar
48% Jan
1978 Jan
2% Jan
19
.
Jan 20
6912 Jan
24% Jan
1784 Jan
3
3
3
60
6
Ex-rights
Jan
8% Mar
Mar
34% Mar
11% Apr
1% Mar
<%
1 78
17%
17%
Jan
Jan
Jan
Jan
21% Nov
2984 Nov
28
May
14% Aug
197
12%
Oct
Oct
147g July
13% Nov
70% Oct
55% Oct
20
3%
Oct
Oct
10
Mar
24
Jan
55
May
78
July
22
Dec
10
Mar
-46% Apr
28% Oct
23% July
63
1 Called for redemption.
Nov
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Mar
Monday
$ per share
614
48i2
♦130
Mar. 9
¥ per share
31
30'4
♦4812
4914
22ig
22\
22
22io
112% 112i2
112
112%
295g
30%
49
49
NEW
8%
934
96s
914
*64i8
438
14
120
120%
400
"8~
7%
8%
14
3
47g
13%
*3314
34i2
*33
*4514
4534
*45%
1S4
1734
634
17%
8%
8%
4%,
*33
35
26%
27%
70%
70
71
71
71
14%
14%
14%
3%
36%
14%
14%
3%
36%
684
612
43
-J-
*159
6%
1%
1%
*16%
17%
100
7%
7%
3,000
Amer Internat Corp
27%
26%
27%
8,100
72
72
72%
72%
900
14%
14%
14%
14%
4
4
4
4
37%
*117
24%
6%
49%
44%
*117
25
26
44%
17%
33,700
43%
44%
16%
17%
162
18%
18%
18%
19
19%
06%
65
65%
65%
65%
*15%
15%
18
*17%
18
32
32is
4634
473g
13214 132i4
63l2 63%
32
32%
15%
*17%
33
32%
32%
*62
63%
*62
64
1,200
15%
215%
15%
15%
15%
18
*17%
18
17%
17%
400
34
33%
47%
133
33%
33%
*62%
49
*134
64%
3134
52
1712
11412 *114
*114
*13
31%
31%
31%
32%
29%
33%
52
52
52%
63%
18
18
18%
18%
114%
13%
13%
3
*2%
3
27U
2714
27
♦102% 10314
514
5i8
45i2
45i2
*547g
90%
4812 49i8
*12
123g
9
9
*72
77
978
934
27
114
114
114
14
*13%
14
14
2%
2%
27
27
2%
*113
13%
*2%
2%
*26
27
26
77
9%
-
-
77
10%
77%
9%
80
10
♦77%
97g
*82%
*77
52
*75
77
*75
77
76%
*53
68
53
53
52
9%
76%
58
52
36%
96
*9512
96l2
39i8
39i2
*35
96
*96
38%
36
*35
96
*96
96%
39%
96
36
103
*96
90
-
38%
*35
*96
39%
38%
*35
357g
*96
103
*96
9Q%
39%
39%
8,600
2,300
100
2,600
2,100
600
11.200
2,000
4,200
800
6,000
21,200
3%
314
28
*26
7
678
16%
16
•
4%
6%
8%
-
7%
9%
24
24
♦7334
185s
75%
18%
*10
10%
*3184
32
163s
17
207g
21%
28
634
15%
6%
834
*23
3%
28
7
16%
7
8%
25
2034
2034
*9914110
*28l2 30
6%
8%
"
6%
16
6%
8%
24
75
*3%
*26
678
15%
678
8%
*23
75%
18%
19
10%
*10
10%
32
*31%
32
10%
*31%
1634
21%
19%
17%
21%
7484
18%
17
17%
21
21
10%
6,100
100
800
35%
96
96
96%
39
96%
39%
30
50
18,600
*73%
3%
3%
28
*28
6%
7
15%
16%
9
6%
8%
24
*23%
7%
8%
47%
15%
7
7%
8%
74%
27%
21%
26%
32
17%
20%
20%
20%
20%
27%
21
21
21
52%
52%
52%
21%
52%
53%
52%
53%
52%
53%
5378
64
54%
75%
73%
17%
74%
26
20
26
26
19l2
10%
20
20
*19%
21
*20
1412
15%
14%
19%
14%
19
19
*44
45
303s
2512
*
*44
31%
29
25%
25%
20%
45
30%
2584
18
113
113
14%
20%
*44
29%
*25%
14%
21%
45
14%
21%
*42
30%
29%
25%
25%
21
21
22
1434
14%
21%
15%
21%
*42
45
29%
*25%
26
26
21%
18
Refining
4% conv pref series A---100
45
43
Jan 31
114
0%
300
1,400
3,000
000
56%
2,100
75%
43,400
2,000
1,400
.
20
Apr
110
July
82
Mar
r
pl03% Jan 10
24
glg jaQ 4
8
Jan 26
73
Jan 23
77g Jan 26
50
Jan
4
2414 Mar
*1234 Mar
1038 Jan
9
5
5i2 Mar
2i2 Mar
Mar
7
72
Nov
3
4
Mar
May
39i2 Nov
72
Mar
95
Nov
72
Jan
95
Nov
33
Feb
7
36
90
Jan
9
96
90
Jan 18
3U2 Jan 26
59% Jan 26
20
Jan 26
6<4 Jan 26
11
Jan
3
z207g Feb 20
IO6I2 Feb 28
7% Jan 24
Mar
3
71
9
40
May
72
Jan
3
838 Mar 9
I6I4 Mar 10
23i2 Jan 10
14
Mar
30
Dec
Mar
30% Jan
Jan 18
110
5
8
3
Jan 11
127
378 Jan
0
8% Jan
173s Jan
884 Jan
10 3g Jan
5
3
4
5
4
912 Feb 10
13
Jan
3014 Jan 14
33
Feb 28
5
No par
100
25
No par
98i2 Jan 20
Beneficial Indus Loan..No par
priorpf$2.60dlv ser'38No par
No par
Bethlehem Steel (Del).No par
preferred
7% preferred..
20
5%
Mar
3
Jan
4
...100
Jan 28
49
878 Jan 20
735$ Jan 25
29«4 Jan 3
213s Mar 8
523g Feb 27
5634 Mar 10
4
80
Jan
18
Jan 11
6OI4 Jan 26
10i2 Jan 26
IO0I4 Jan 26
115
Jan 26
2i2 June
Mar
12U Mar
2i2 Mar
27
Jan
7
July
98
July
Dec
12% Mar
Oct
Nov
1018 Mar
213s July
9
Mar
21
Nov
109
Apr
115
Jan
67
Sept
56
Nov
787g
75
Mar
3
17% June
984 Mar
22%
4
9
10i8 Mar
13i2 Apr
1
26
J In receivership,
26%
1,200
a Def. delivery,
n New stock,
r
Cash sale.
*
Feb 23
22i2Mar
Feb 17
44
Ex-div.
y
Feb 24
3484 Jan
28% Ian
Ex-rlghts.
3
3
Jan
3984 May
1234 June
1784 Jan
19
July
1514 Mar
22Jan
43
9
83
207g Mar
Jan 27
24U Jan 24
22U Jan 26
Dec
Dec
1712 Jan 26
100
Oct
30i4 Mar
117
Dec
13
Biumenthal & Co pref
102
21
Blgelow-Sanf Carp Inc.No par
Boeing Airplane Co
i-5
Bohn Aluminum A Brass....5
19i2 Dec
3012
868 Mar
Blaw-Knox Co
Bloomingdale Brothers.No par
Oct
14
Black & Decker Mfg Co No par
520
Jan
34
500
19,300
2384
July
Mar
5
1,300
29%
1334
215s Mar
5,000
45
8i2 Dec
1714 Dec
82
15
29
Nov
Jan
55s Dec
3684 Dec
0i2
11
22
*42
Nov
30
22%
'
1
8
512 Mar
2434 Dec
20%
Feb 28
08
Mar
14%
22
481$ Aug
I26I4 Dec
Mar
22
No par
14% Jan
273„ July
109% Aug
978 Jan
5
26%
I
8% July
4
90*2 Apr
25
Apr
94i2 Apr
584 Mar
28
187g Jan 26
6H2 Feb 18
Jan
Feb 24
100
125
7% Jan 24
Mar
llSg Mar
3
2284 Jan 26
36
4
2034Mar
Jan 24
Mar
72% Jan 11
5
^
1968 Feb 24
2H4 Feb 18
11434 Jan 16
1712 Jan 26
28
5
3
Jan
121
No par
Aviation
Best &. Co
18
30i2 Jan 4
87i4 Jan 11
21i2 Jan 5
Jan 26
1484 Feb 21
114
50
Bclding-Heminway
Feb 11
1538 Jan 26
20
Beech-Nut Packing Co
Bendix
70
3884 Mar
105
2
30i2 Jan
201$ Feb 16
10178 Apr
584 Mar
4i2 Apr
Jan 24
5i2 Jan 23
634 Jan 23
414 Mar
0i2 Mar
1784 Mar
6i2 Jan 5
4% Mar 10
6% Jan 24
126s Jan 20
234 Jan 24
23
4478 Nov
2214 Mar
Jan 26
33s Jan
7
9012 Mar 10
Jan 4
42%
50
Bayuk Cigars Inc
1st preferred...
Beatrice Creamery
Aug
73i2 Sept
Feb 27
Mar
5
Barnsdall OH Co
75
Dec
27
100
preferred
Dec
48
No par
5H %
9
7712 Dec
125« Nov
*52
Barker Brothers..
preferred
Nov
8
Barber Asphalt Corp
Conv 5%
Jan
13
53i2 Mar 10
...100
50
100
10
4% preferred
Bangor & Arobstook.
Jan
5958 Dec
70i2 Mar
Jan 26
100
72
94i2
1
122
Baltimore <fe Ohio
42ig Oct
6434 Oct
2178 Aug
113'2 Oct
2012 Oct
4i2 July
31i2 Aug
122i8 Oct
10378 Oct
7
July
5
6684 Jan
No par
Oct
July
Jan
70
8% Jan
4734 Mar
No par
of Del (The) .3
Baldwin Loco Works v t C..13
Nov
958
5H2 Feb
6
$5 prior A
Mar
103s Jan
80
No par
Austin Nichols
378 Mar
28i4 Mar
5
4
Jan 24
Aviation Corp,
Mar
Jan
Jan
tAuburn Automobile.-No par
2
Jan
,
57
5% conv preferred
-at
Jan 3<J
Jan
Mar
10
9
6
2% Jan
29i2 Jan
AAA <4
I2H4 «ou
Jan
44
-..-.6
50
preferred..
Belgian Nat Rys part pref
22,900
5
IO84 Mar
97
Apr
155s Jan 15
No par
Atlas Corp
Atlas Powder
$5 preferred w w
Beech Creek RR
52%
113% 114%
30%
Bid and asked prices; no sales on this day.
2,100
74%
17%
22%
45
30%
8%
27%
21%
52%
55%
74%
62%
75
75%
73% 75%
18
18
177g
1778
114%
113% 114% *114
26%
26
26
26%
1734
125
8%
56
745g
17i2
53%
7234
1734
20%
*72%
26%
21%
52%
112% 112%
11,000
3,600
*29
125
28
52%
17%
10
*99% 102%
1
53%
11278 11278
26
26%
17%
20%
80
*113
53ig
75
75
32
17%
20%
17%
21%
*113
*52i8
21
300
32
27%
21%
21
4,100
11%
♦11
124% 2124% 124%
8%
8%
8%
8%
74%
*72%
*72%
74%
2678
19%
19%
20%
100
18%
75
11
17%
9
24%
11
21%
400
*23%
74%
18%
♦2ft
8%
7%
8%
9%
24%
73%
17
2,400
20
16%
100
26
preferred
Atlas Tack Corp
14,700
25,700
9,300
2,900
19
20%
20%
--
3%
6%
*99% 102%
*72%
300
6%
16%
*29
8%
600
29%
*99% 102%
75%
6,400
64%
*3
124% 124% *124
27
8%
47%
*28
*28
8%
Atlantic
*62%
7
*28
*72%
26%
2034
6%
3,900
3%
20% 20%
*99% 102%
8%
1,700
4,400
29%
20%
*99% 120
30
8%
16%
10%
*31%
Atl G & W I 88 Lines.-No par
7%
300
...100
5% preferred
Atlantic Coast Line RR...100
15%
75
32
$6 conv pref....
101
Feb At
24
J'OU
16% Nov
Aug
738 July
Mar
784 Jan
1h2 Jan 26
214 Jan 26
2512 Jan 25
Dec
9i2 Nov
25
33
..No par
Co
Oct
9158
152
Jan
43i2 Jan 10
Copper Mining.....20
22%
22%
108% 108%
,
*113
*113
20%
75%
26% •27%
8l4
*723s
15%
*23
3%
28
6%
Mar
Oct
Dec
88>4 Aug
91
30
Jan 31
6
68
I20i2
150U
Apr
365s Jan 28
558 Jan 26
Lead & Smelt—1
Apr
117% Mar
314 Mar
23% Mar
4% Mar
Jan 10
6^4
25
100
Preferred
5834 Mar
37g Mar
1458 Jan 20
93% Mar 10
4
Jan 27
58
120% *123% 126% ♦123% 120%
*6
*6
0%
6%
6%
4%
4%
4%
*4%
4%
4%
10%
♦3134
124% *123% 124%
*123
*3%
*26
4%
130
8% Jan
45i2 Jan 26
958 Jan 12
*123
75%
18%
*113
*113
4%
8984 Jan 16
Jan 24
153
4
6% Jan 27
116s Jan 26
52
15%
4%
*3%
Mar
05
2134
4%
Mar
58
4
15
414
111
Jan
96%
*6
1258 Mar
Mar 10
147
Jan
12
8712 Jan 19
168
Jan 26
21%
6%
Dec
65
16%
127
Am Water Wks & Elec.No par
Oct
Jan
82
14918 Jan 1
801s Jan 26
83i8 Jan 26
Jan
Jan
19
44
22
*6
Foundries Inc
1134
31
No par
7% preferred..
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp
No par
7% preferred
-100
Associated Dry Goods
1
6% 1st preferred
100
7% 2d preferred..
100
Assoc Investments Co..No par
5% pref with warrants.. 100
$5 pref without warrants 100
Atch Topeka & Santa Fe-.lOO
15%
*124
100
10
preferred
Dec
4O84 Deo
Dec
200
22
6%
6%
3
Mar
1558 Mar
6i8 Mar
Dec
6134 Dec
150
June
120
16
127
25
Common class B
Am Type
7
17
Jan
5838 Nov
140
19ig
preferred..
100
Armour &Co(Del)pf7%gtd 100
Armour & Co of Illinois
6
22
*6
100
25
7%
22
*122
Teleg Co
Tobacco
Apr
22i2 Jan
600
3,200
012
American
'
Archer Daniels Midl'd.No par
4,600
127
Amer Telp &
130
Mar
111
24%
*6
Am Sumatra Tobacco..No par
4
4584
Jan
23i2 Nov
35i2 Jan
9178 Jan
I8I2 Jan
Feb 27
1914 Feb 11
7518 Mar
Jan
28i8 Mar
103
$0.60 conv preferred.No par
70%
*122
1G0
Preferred
13
A P W Paper
40
63
Refining.. 100
Andes
70
03
5
1318 Feb 20
1412 Feb 18
4
40
24%
64
American Sugar
8i2 Jan
200
71
03%
No par
American Stove Co
41
29i4 Jan 26
800
25%
64
No par
j
3
70
*63
American Stores
13
24
64
6
Mar
25%
*63
Jan
May
70%
8%
53&8 Jan
134
29
25
64
416s Jan 26
129% Feb 17
21
70%
47%
100
Preferred
114
*35
8
8%
♦7%
3
15
15%
15%
14%
22
22%
217g
217g
108%
1077g 1077g *107
8%
8%
8%
8%
47
47%
47%
47%
Building Co.No par
& Refg.No par
Amer Smelting,
36% Jan
70
*63
Amer Ship
547g jan
2014 Jan
25
8I4
*46i4
34i2 Mar 10
Jan 24
Jan 26
25
107% 107% *107
107%
8%
8%
8%
8%
47v
46%
*46%
4634
2078
29
7% Mar
2284 Apr
Jan
Jan 26
69%
107%
80% July
Dec
20
Jan 26
Jan 23
69%
*107
Mar
12
1512 Jan 27
7
17
2534
8
Mar
45
68%
*7%
41ia Nov
19ig Oct
165i2 Jan
24i2 Nov
9
26
53%
Jan
Oct
16i8 Mar
14834 July
Jan
Mining..50
88
7i2
4758 Nov
Anaconda W & Cable.-No par
80
29i2
Mar
AnchorHockGlass Corp No par
25
8
314 Mar
19
Anaconda Copper
25%
8
Oct
Nov
18%
68I4
8%
45
American Seating Co—No par
$5 prior conv pref
3,700
Nov
173s July
6% Jan
13i8 Mar
Amer Zinc
2,400
834 July
79
122
Mar
30% 160,400
1,000
53%
88
20i4 July
3058 Dec
58
4,300
5,100
Nov
4512 Dec
2% June
1538 Mar
5
A
57S Nov
36
7212 Jan
82
*
20 78 July
15
Nov
2234 Jan
No par
Ml
514 July
2514 Feb
1234 July
1384 Jan
No par
«. »
Jan
l6ia Jan 26
$6 1st preferred
1,600
Jan
683 July
7% Nov
62l2 Feb 20
American Woolen
5,700
Nov
25
4Vi % conv pref
American Safety
600
26%
15
1634
83
100
Razor.. 18.50
American Rolling Mill
3,800
4,000
1,300
978 Nov
Mar
20
183s Jan
162
Dec
99i2 Mar
23
Feb
3
Mar
23s Mar
*Jan 24
7
June
10
15H2 Jan 18
673g
25i4
778
15i2
;
44
Jan
Jan
Jan
Jan
3
52%
103
Jan
Jan
*77.
35%
Jan
150
10
10%
Feb
6% preferred
.100
Amer Steel Foundries..No par
*82%
78
62
77
*53
H4 Oct
13ifi Nov
4i8 Mar
123a Mar
110
*26
85
85
10
~
Feb
64i4 Mar 10
*2%
26%
Mar
3
♦11%*
3
12
3084 Mar
Jan
*113
14
Mar
49i2 Mar
4414 Mar
Jan 26
Jan
May
60
«
-
*75
*3514
*95l2
114
160
Mar
9
25
*120%
♦120%
*120%
*120%
102% 102% *102% 103% *102% 103% 2101% 101% *101% 103%
5
5
5%
5%
5%
6%
5%
5%
5%
6%
47
47%
47%
47%
45%
45%
46%
46%
45% 46%
*50
80
80
*54% 90% *54% 90%
*54% 90% *60
48
47
48
47
47%
47%
47%
48%
48%
48%
12%
12%
12%
12%
12%
12%
12% 212%
12%
12%
9%
9%
9%
9%
9%
9%
9%
834
834
8%
*120%
*120U
114
14
100
5>8 Mar
Jan
Jan 12
par
214 Mar
13i8 Mar
2
122
326a Jan 26
par
Mar
4
American Snuff
18%
13l2
*214
38
par
Mar
10
*26
Jan 14
5% Jan 30
par
4
200
28%
*50%
*17%
51%
17%
52%
17%
No
No
$5 preferred
No
Am Rad & Stand San'y-No
July
9
64%
64%
32%
52%
*30%
52%
1734
Light
$6 preferred..
Jan 26
23
Oct
20
8i4 Mar
67i2 Dec
2iz Mar
1,000
'
1712
21,600
32
120i2 Jan 25
No par
125
4i2 Mar
137%
,
52
820
34%
47%
49%
133
*
155
155
151
151
150% 151%
*150% 155
15H4 15114 *151
35
34%
35%
"34% 3578
3534
35%
35i8
35%
34%
35%
36%
11%
11%
11%
11%
11%
11%
U%
'11%
11%
IH4
11%
11%
14
*13
14
14
13
13
*13
14
*12%
*12% 14
*12I2
1934
19%
19% 20%
19% 19%
19%
19%
20%
1934
20%
19%
76
78
81%
75%
78%
76%
75% 76%
76%
76%
82l8 82%
18
18
18
18
18
1734
18
175g
1734
*17%
*17%
175g
160
162
165% 168
1605g
160% 161% 161
162% 165
165% 165%
86
86
85
85%
8534
85% 86
85%
85%
84%
85%
85%
87
88%
88%
8884
88%
87%
88%
87%
88I4
87%
88% 8834
150
151
151% *150% 151% *150% 151% 2149% 149% *150
♦15H2 152
7
7
7
7%
7%
7%
7%
67g
7i8
7%
7%
7%
14
14
14
13%
13%
13%
13%
13%
13%
13%
13%
1334
92
*89
90%
93%
93%
9058
92%
92%
90%
91% 91%
92%
5
5
5%
5%
5%
5%
5%
5%
6%
5%
5%
5%
38
38
38%
40%
397g
38%
38%
38%
37% 37%
38%
*38i2
7
6%
6%
6%
6%
6%
6%
6%
6%
6%
6i2
6U
35
34
*28
*28
35
*28
34
*28
36
*28
33%
*28%
31l2
"9" 500
65%
1.800
46
48%
132% 133
64
*62%
47%
4684
4534
46%
131% 132% *132% 133%
19%
19%
65%
Amer Power &
388 Jan 27
100
American News Co
Preferred
162
*159
19%
*64%
15%
6% conv preferred
4,800
7,900
18%
*17
Amer Metal Co Ltd....No par
13,700
65%
15%
15%
5,800
6%
18%
18
Jan 25
49%
65
15%
13
Amer Mach & Metals.-No par
6%
1914
1714
Amer Mach & Fdy Co..No par
48%
67
19
*65i2
1,600
6%
43%
*159
Jan 26
49%
16%
162
Jan 30
6
117
Jan
17g
18U
734
3038
79i2
1534
4i2
4018
21i2 Jan 26
65
""450
2334 Nov
Feb
4612 Mar 10
100
124
25
248%
17
16%
38
37%
38%
.100
No par
Preferred
Oct
176% Nov
3478 Dec
5784 Nov
88i2 Mar
34U Feb
9
1,700
124
24%
6%
6% non-cum pref
Jan
43% Jan 27
13s Jan 24
14i2 Jan 23
American Locomotive. .No par
37%
44
30
No par
American Ice
Mar
9i2 Mar
8912
514 Feb
4% Jan 25
1
7%
6%
*159
162
1,500
American Home Products
1%
124
27
1534 Jan
15
1
1314 Feb
..50
6% preferred..
""760
Aug
125g Mar
984 Jan
Jan 27
12
10
American Hide & Leather... 1
4
49
43%
1634
16%
*159
Amer Hawaiian SS Co
14%
24%
49
43
16%
162
*117
24%
6%
44
16%
1634
•
36%
124
48
49%
43
433s
1658
3%
*24
684
6%
,
*117
24%
48
48%
♦159
38
124
24%
No par
No par
17%
1%
*16%
678
26%
4
5i2 Jan 26
36s Jan 20
197g Jan 5
Feb 21
$6 preferred..
34%
♦17
5
No par
Amer & For'n Power
Nov
105i8
Jan
160% Mar
Feb 16
538 Jan
384 Jan 27
3,200
46%
1%
Encaustic Tiling. .1
European Sees
14% July
52
135
7084
Jan
66
Feb 11
712 Jan 24
46
26%
*1%
812 Jan 26
278 Jan 26
1584 Jan 26
*32%
46
884 Feb 21
61
No par
4%
46
684 Mar
23% Mar
Apr
884 Feb 24
lli8 Jan 5
10% Jan 4
6i8 Jan 13
No par
34%
*33
2
%7 2d preferred A
400
45%
Co NJ 25
American Colortype Co
10
Am Comm'l Alcohol Corp. .20
American Crystal Sugar
10
6% 1st preferred
100
American
Highest
share $ per share
13% Sept
Mar
$7 preferred
1,200
34%
116
3,400
4%
45%
*1%
No par
per
114
24i2 Jan
11518 Mar
12234 Jan
2,200
14%
26%
36.
_3~ 500
15%
*33
Jan
55
Jan 27
Feb 24
9
8%.
14%
26%
*117
8%
*4%
26%
70%
24i2
9
3%
14%
17%
6%
3514
48
8%
19
19%
3%
19
14%
6%
124
*24
*6
9
18%
35
4D4 Jan 26
112
Amer
14%
143s
♦117
3,300
14%
4%
34%
45%
*45%
4
390
4%
13%
634
3%
64%
4%
47g
1%
17%
4
64%
14
6%
27l2
800
14%
71
265s
707g
1414
378
3,400
9%
434
*16%
67g
9%
9%
14%
684
I8I4
8%
9%
434
1%
1734
I84
134
*1712
65s
~*8%
3%
3%
18
100
100
preferred
American Chicle
l'ooo
4%
*6
3%
*13
14
14%
34%
4534
9
4
Am Coal Co of Allegh
17%
14%
*13%
4%
484
3%
1734
8%
8
*6
♦
9%
65%
4%
7%
17%
14%
13%
*14
143g
4%
17%
3
8%
64%
3
24% Jan 26
167i2 Mar
Am Chain & Cable Inc .No par
5%
10%
9%
9%
64%
4%
4%
*6%
3%
64%
64
*120
17%
8%
~~8%
8
9%
47g
,
12014
120
4
6
1006a Jan 3
17812 Feb 17
Feb 21
100
Preferred
900
10%
17U
49%
22%
88
American Car & Fdy-.JVo par
700
9%
3%
48%
25
Jan
8
FeD 16
"
5,100
9%
*6%
812
48%
129
$
5412 Jan
132i2Mar
584 Jan 24
42% Jan 26
1
Preferred
5,000
30
29%
22%
9%
17%
314
30%
49%
9%
*4%
1,000
116%
9%
64
170% 170%
$ per share
100
American Can
6,100
22
*9%
4%
96%
95%
Corp
5}£ % conv prel
30
140
22
9%
64%
American
Am Brake Shoe & Fdy.No par
96%
17% *_.
8
1,300
2,000
*131
140
115% 115% *113
*
Bosch
6%
49%
2978
22
9%
4%
18
*14
8*
Shares
6%
48%
169% 169%
48%
8%
64
412
714
812
17%
share
6%
115
21%
*113
9%
6434
*6%
314
48
per
Year 1938
Lowest
Highest
% per share
Par
49%
95
30%
8%
*9
914
♦1738
30
$
Range for Previous
of 100-Share Lots
Lowest
Week
10
Mar
On Basis
STOCK
YORK
EXCHANGE
the
Friday
share
6%
94%
120% *118
110i8 II6I4 *117% 120% *118
♦
*
♦
17%
1712
per
49
169% 169%
22%
2134
112% 112%
$
6%
49
94
49
*48
share
132% 132% *131
30%
29%
per
*6%
48
48
132% *131% 133
93
93%
93%
93%
168
168% *16884 109%
168
~*8%
$
6%
*6%
48
48%
132
937g
168
Mar. 8
48
135
93
Thursday
Mar. 7
$ per share
6%
6%
6i2
48%
Wednesday
Mar. 6
4
Tuesday
Range Since Jan. 1
STOCKS
Sales
CENT
J VI
Saturday
1435
New York Stock Record—Continued—Page 2
Volume 148
Dec
18'8 Nov
11478 Nov
2934
Oct
24i2 Nov
1984 Nov
21U Oct
37
May
55
19'
Sept
3578 Dec
158s Mar
3012
^ Called for redemption.
July
Oct
N ew York Stock Record —Continued
1436
Page 3
-
HIGH
AND
SALE PRICES—PER
Friday
EXCHANGE
Tuesday
Mar. 4
Monday
Mar. 6
Mar. 7
Mar. 8
Mar. 9
Mar. 10
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
107% 1081
64%
643,
107% 1073<
54%
17
203,
27%
2%
277
2h
25
25
7%
14%
27%
143,
27%
37%
38
45%
1%
8%
11%
,
186
20%
45fy
1^ ;
87<
12
18
20%
201;
28%
23,j
25ij
28%
27%
2r>,
*2%
25%
2%
25
7%
7%
71,
141,
28
39
45%
l3-!
8%
117,
14
26%
*37%
45%
1%
8%.
11%
108% 108% *108% 109%
55%
55%
54% 55
318
17%
20">,
25
7h
*108% 109
*54%
55
54-6
18%
17%
20%
27%
14
4534
134
45%
1%
*8%
9
11%
12
28%
40%
18%
*34
36%
*34
36%
*34
*12%
12%
12%
*12%
127,
117,
*12%
127,
117g
40
40
19
19
117g
47%
47g
31%
15%
16%
17%
173,
*1%.
17,
*11
*8%
117,
8%
*23%
23%
3%
3%
11%
H%
34%
-
*31%
16
16
18%
18%
51
1%
7%
*48%
1
7%
18%
11%
47%
32
47,
32%
4%
32%
27%
26%
99%
99%
6-%
67,
47
4%
1478
15%
147g
17%
17%
*1%
10%
8%
*23%
3%
11%
*31%
18
*48%
4%
.
11%
34%
16%
*15
18%
60%
18%
*48%
1
1
1%
7
7%
4
.
11%
34%
16%
18%
50%
1%
7%
.
7%
*45%
47g
478
7%
15%
19%
49
14%
31%
42%
31%
*6%
*39%
84
*83
7
*39l4
*83
*18
19
*3%
93
*91
93
17
17
17
*70
72
*70
72
20%
*20
20%
20
4%
*110
4%
111
*7%
*4%
*95
4%
101
52.
110
93
93
72
20%
4
*110
7%
7%
478
5%
478
*4%
43%
42%
43
11
43%
1078
43%
11%
11%
44
43
108
*101
*101
108
*28%
29
*88
*%
*278
*•%
*2%
.11%
*%
*7g
*•%
*2-%
18%
28%
11
*10%
24%
38%
*101
*10%
28%
11%
24
24%
33%
8978
i2
3%
24
38%
39%
*88
89%
*%
%
3
'
2^4v
11%
278
11%
%
"1
78
27g
*%
*7,
*110
389%
*%
2^4
47
47g
*7%
4%
5%
*5
*95
93%
23
93
2,500
500
200
93%
17%
6,400
72
111
4%
5%
28%
11%
24%
39%
89%
*28%
28%
28%
10%
10%
25%
40
*10%
24%
89
*88
£25%
38%
89
*%
%
%
3%
3
3
11%
31%
83%
3%
13%
%
*%
10%
1
37%
*2%
17%
*2%
18%
38%
37%
38%
2%
18%
38%
47
47
47
18%
%
1%
1%
9%
13%
11%
62
10%
81
*10%
80
80
81%
10%
*79%
62
*54
62
*54
4%
4%
21%
21%
,
11%
*%
1%
*46%
*%
%
1%
1%
*1
*1%
*1
2%
18%
38%
48%
•
%
1%
1%
9%
12%
10%
9%
13
*9
13
11%
11%
30
31
84%
84%
10%
85%
10%
80%
83%
11
""206
80%
80
80
62
*54
62
54
4
4
*313
24%
24%
24%
24%
1,100
54
4
40
70,100
4
25%
74
*68
74
114% 114% *114
28
*74%
114%
28% 29%
28
*76
93
*44
*68
10
3,100
74
16
*114
114%
29%
29%
93
*76
*44
900
93
*44
7%
6%
32
18
31
8%
88
*75
*8
24
6%
*6
7%
*7%
*5%
16%
16%
*88%
6%
16%
16
12%
30%
8%
89
8%
88%
80
897g
1278
30%
8%
89
*75
797g
.
32%
106
*19%
*89
20%
6%
8
7%
18%
17%
*12%
89%
13
*29
31
8%
88%
*75
56
56
56
56%
55%
*109
*10778 111
*108%
587„
59%
58%
59%
58%
110
110
*108% 111% *107
1278
13%
1278
13
12%
1%
178
1%
1%
i%
63% 64
63%
64
63%
28
28%
27%
28
27%
*
*61%
131
131
62%
*1000
*103
24
19%
16
87%
13%
*29
104
*31%
*5%
7%
*5%
16%
16
87%
*12%
62%
*1006
*7%
19%
7
16%
*16
32
104
7%
*5%
131
*61%
*1000
131
62%
....
8%
89
80
56
*
*7%
20%
*6
77g
*5%
33
33
*0134
103
103
24
20%
6%
8
6% preferred
58%
13
1%
64%
27%
34
35%
*
108
*7%
24
*7%
20
20%
20%
20%
"lb",400
200
2,900
320
24
*6
8
*5%
6%
*6
634
8
*6%
*5%
8
"moo
80
18
90
90
13
30%
8%
13
30%
8%
*29%
89%
89%
90
90
90
90
80
79%
80
55%
80
80%
54%
55%
7,700
58% 5834
*107% 110%
12%
13%
12%
13%
1%
1%
1%
1%
63% .64% £63%
63%
28
27%
28
28%
ll",400
56%
56%
58%
£55
*109
60
£58%
109% 109%
12%
1%
643g
27%
8%
13%
1%
64'%
27%
£110
31
18
6400
*17%
18
3,600
90
90
800
13
13
1,100
*30
8%
....
30%
8%
300
8%
50,900
59%
1 In receivership,
a
1
400
20,800
20,500
3,800
39,400
Def. delivery,
Jan 30
7g Feb 17
Jan
Jan
par
'....100
Feb 23
5
3
33
11
5
81
54
Jan
111
Jan
24
Feb
3
1
74% Jan 23
42
Jan
3
49% Feb 23
2334 Jan 26
784 Sept
Feb
6
59
Jan
80
Dec
54
Mar
60
Feb
2
Mar
3
25% Mar 10
Feb
4
70
Nov
75
Mar
Feb
9
106
Apr
115
Aug
29% Mar 10
Feb
6
15% Mar
67% July
30% Nov
77
76
Jan
-43
Mar
3
44
45
Feb
5
30% Feb 24
60% Jan
142'4 Aug
Mar
2
57% July
61% Nov
11% Jan 27
1
16% Mar
4
104
Jan 26
Mar
9
9
5
13% Mar
9
8734 June
106
Jan
20
10% Jan 28
5
Jan 23
0% Jan 24
5% Jan 13
15% Jan 28
23% Jan
5
9% Mar
4
3% Mar
3
4% Mar
834
lia4
7% Jan
4
4
10
18% Mar
18% Mar
8
Apr
13% Mar
8
13
Jan
3
5334
Apr
15% Jan
9
Mar
26% Jan 26
6% Jan 13
74% Jan 3
62% Jan 13
30% Mar
4
6
46
Jan 26
105%
49%
107%
10%
Jan 10
$6 preferred series
No par
Commonwealth Edison Co. .25
Cash sale.
x
208a
Ex-div.
Jan
Jan
June
2234 July
22% July
98% July
19
Nov
353g July
9
25% Dec
5% Mar
Mar
9
57
May
83
Oct
83
Feb
8
50
May
70
Oct
57
Jan
3
23
Mar
84
Mar
109% Feb 24
60
y
237g Nov
90
110
Jan 25
,
Feb
Jan 11
1% Jan
4534 Jan
Mar
Oct
Feb
9
Jan 27
9
3
3
29
Jan
7
93
Jan
Dec
107% Nov
9% Jan
Jan 28
pf ser '35-No par
Commercial Solvents..No par
Commonw'lth A Sou..No par
Nov
3934
June
Feb 23
15% Jan 28
May
17
104%
78
36% Jan
Nov
976
May
7% Mar
May
Jan
11
conv
r
976
101% Feb
81
4\i% conv preferred
100
Comm'l Invest Trust..No par
129
Jan
No par
10
60% Nov
2534 July
10% Mar
111
v t c No par
Commercial Credit
New stock,
32 % Mar
62
Jan
No par
6% preferred series A...100
5% preferred
100
n
■a
Dec
7
103
preferred-No par
Columbia Gas & Elec..No par
Oct
69
115
105% Mar
100
conv
27%
6
25
$4.25
10% Mar
Jan
No par
$2.75
5% Nov
Feb 14
Collins & Aikman
c
Oct
88% Nov
13% Jan
MarlO
4% Jan
oar
Columbian Carbon
Columbia Plct v t
51
May
358g Mar
132
100
Columb Br'd Sys Inc cl a.2.50
Class B
2.50
25
133
No par
100
1234 Jan
19% July
13% Nov
3% Mar
9
Nov
1% Jan
3
July
2% Jau
Dec
MarlO
Jan
5
Colgate-Palmollve-Peet
6% preferred
100
47
Dec
Dec
%
Jan
Jan
Jan 26
127% Jan
58
100
1
Jan 11
85% Mar
Mar lO
3% Jan 23
18% Jan 26
68
Feb 10
No par
4% 1st preferred
4% 2d preferred
Mar
%
Jan
Jan
5% July
1934 Dee
3934 Nov
37% June
3
125
Colo Fuel A Iron Corp .No par
22
13% Jan
No par
Colorado & Southern
Mar
67g Mar
Mar
54
Coea-c ola Co (The)
Class A
2
17g
,,184
Mar
79
par
Dec
8
100
Molybdenum..No
Cluett Peabody A Co..No
1
Dec
%
12
..100
Climax
%
6
9% Jan 24
50
5%
Jan
Feb
July
157« July
% Nov
9
28
.
4%
2% Sept
87g Mar
9% Jan 26
5
1%
4
% Aug
6
17g.jan
1% Jan
89
A pr
Dec
95, Mar
66% Jan 26
Clark Equipment..
No par
CCC AStLoulsp.y Co5% Pref 100
Olev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
% Feb
June
14% Jan
12
5
5% conv preferred
Colonial Beacon Oil
33% Nov
1234 July
48% Mar
38% Jan
1% Mar
Jan 10
48
,
Mar
Dec
%
4
4
9
Jan
106
May
4
Jan
Mar
Oct
Oct
June
Feb 23
8% Jan 13
par
preferred
1,500
*109
110
34% Jan 26
45% Jan 26
% Jan 16
City Investing Co
City Stores
7%
18
Jan 24
No par
City Ice A Fuel
'
2% Feb 17
25
Chrysler Corp
3
Oct
12%
46
6
5
9
3
4
3% Jan
20% Jan
38% Mar
„Jan 24
15
par
No par
chile Copper Co
40
*75
17%
183g
18%
90%
13%
11
10
Child* Co
240
90
*12%
7%
4
25g Jan 28
59%
18
% Jan 14
384 Jan 4
% Jan 4
% Jan
Coca-Cola Inter Corp..No
16
16%
102% 102%
18
18
Bid and asked prices; no sales on this day.
62 %
Mar
Apr
20
8
70
5
»
■
June
22
100
Chlckasha Cotton Oil
Preferred
7
18%
18%
*109
110
7,900
""706
Feb 25
9
100
Special gtd 4% stock
*1000
34
108
32%
30%
£130
15%
16%
15%
15%
15%
15%
15%
16%
*102% 10378 *102% 103% *102% 1037g *102% 103%
6%
7%
*61%
131
Jan
11
£25% Mar
2
Clev & Pitts RR C j 7% gtd. 50
6,900
3
30
Jan 27
Jan 27
.
104
4% Mar
94
Jan
6?g July
17% Mar
90
..No par
Chicago Yellow Cab...No
"
51%
Jan 25
July
8%
26% Mar
40% Mar
.100
preferred...
220
1,100
5
Jan
Jan
14
.
Aug
4
% Jan 9
2% Jan 30
Pr pf ($2.50) cum div No par
tchie Rock lei A Pacific...100
200
400
1,400
2,600
81
*7934
*54
4
4%
23%
23%
'*68
74
Preferred
-
88
13
1
preferred
Mar
Dec
5% July
111% Nov
3% Mar
527g JaD
% Mar 10
conv
Dec
4
•
47% Jan 4
101% Jan 13
Jan 26
Jan 27
% Jan 28
$3
9934
6%
Feb 24
100
,
Apr
3
6
5
3
5% Mar 10
95
28
Mar
Jan
Sept
19%
Dec
2
9% Jan
5% Jan
2
Jan 12
8
1878
.Jan
5%
111
3
Jan
37g
13%
%
1%
Chicago Pneumat Tool.No
100
31
130
131
22% Jan 11
% Jan
145
32%
32%
104% 105
*7%
24
20% 20%
Feb 24
19% Jan 26
100
preferred
5% preferred
500
11
*29
*128
16%
72% July
par
400
85%
10%
50
50%
51
51%
50%
5034 ,507g
50%
51%
29
29%
30%
29%
30
30
28%
29%
29%
29% 30
*132
145
*133
*133
145
145
*133
*132% 145
145
*133
16
Mar
^Chicago & North West'n.100
3,900
11%
3478
4%
Chicago M all Order Co
JChic Mil St P & Pac.i-No
400
9%
10%
*4^1
600
13
"51% *52 ~
*102% 104
July
Dec
96
12%
46
Jan 24
1,600
81%
*114% 115
*114% 115
*114% 115
*28
*28
2778 2778
28%
29%
*77
93
*76
93
*74%
93
62%
82
4
Jan 26
100
6g
13
83%
....
6
MarlO
72
31
1,300
%'
%
*9
*32
1
%
2%
2%
18
*45%
*%
*1%
*%
7g
*1
3478
*61%
Jan
8
86
%
July
19% Jar
88
6% preferred
.100
^Chicago Great Western.. 100
.
58
29% Mar
94
Feb
Jan
25
%
%
*234
*13%
*%
62% Mar
98% Jan
100
3
13%
*2%
13%
4% Jan
107% July
120
Aug
26% Nov
3% Jan 27
tChlc A East 111 Ry Co....100
300
Mar
106% Dec
110
5
400
Jan
22% Nov
Jan
20
No par
Preferred series A
Nov
89
Mar
14% Jan 20
No par
100
45
Apr
89
1
%
*3
%
9
10%
80%
3
27g
12%
13 %
H%
347g
83
10%
80%
83
3
400
Mar
June
9
z66% Jan 26
...
29,800
Jan
July
834 Aug
100%
Jan 28
Common
8%
42
9
4
Jan 24
Checker Cab
Oct
20% Aug
21% July
461s Nov
24% Jan
7
Chesapeake Corp
Chesapeake & Ohio Ry
4
3
9
3
,
Jan
1084
5% Mar
8% May
12% Mar
Feb 18
107 'g
4% Feb
100
Jan
547g Mar 10
7
4%
2,000
5
4
Jan
Jan 18
Jan
Aug
2%
17% Jan 26
100
%
3%
%
%
9
*31
89
%
.%
12
%
11%
31%
81%
*88
*%
%
*12%
11%
*31
*1007
105% Feb
"elanese Corp of Amer.No par
Central Vloleta Sugar Co—19
""600
28%
10%
25%
40
28%
,27g
27g
11%
8%
13
*9%
*24%
39%
89
39%
28%
11%
24%
40%
Mar
94%Mar
122% Mar
4
Jan
Century Ribbon Mllls.No par
Preferred-._
100
108
%
1
1
*102
*%
%
8%
63
Jan 26
Jan 25
39% Jan 26
12%
*61%
42
9%
37%
99%
23%
1%
*1006
82
116
6% prior preferred
100
Cham Pap A Fib Co 6% pf .100
2%
18%
39
47
131
100
.100
Cerro de Pasco Copper.No par
108
1
85
Certain-Teed Products
*102
Jan 17
20% Jan
37« Jan
1,530
108
51
2
7,900
*102
Mar
3
100
20
24%
45
7% Jan 9
42% Feb 17
3% Jan 23
July
15% Mar
Jan 13
Feb
7,600
2%
*18%
*3778
*45%
131
Mar
43%
*1%
130
May
4%
34%
63%
12%
2%
500
101
*95
Mar
34
Jan
Mar
17% Feb
No par
preferred.
100
Central Agulrre assoc.No par
Central Foundry Co.
.1
Central 111 Lt4H% pref.._100
Central RR of New Jersey. 100
200
Oct
22
Apr
5
21
83
5%
10
8%
4%
5%
*7%
*4%
37%
3
Mar 10
4
30% Feb 15
6% Jan 28
40% Jan 23
Ceiofex Corp,
1,100
1,500
4%
4%
*110
4
6% Jan
1
7% prior preferred
20
20%
44% Jan
No par
100
6% preferred
<
500
17%
*2()
Jan
4% Jan 26
5
Preferred-
Caterpillar Tractor
7,300
72
101
Carpenter Steel Co.
Carriers & General Corp
Case (J I) Co......
12,500
23
Jan 27
44
No par
1
July
July
5
Mar
Jan 20
3
6% Jan 26
$3 preferred A..
10
Carolina Clinch A Ohio Ry 100
700
120
5%
*95
20
13
5
9
14
25
.....
10
24
2% 'Mar
17
Jan 26
% Feb 15
Capital Admin class a..
""400
53%
54%
105% 105%
8%
.
Canadian Pacific Ry
Canuou Mills.
17% June
5% May
16% #Mar
17%
19%
49%
2%
8%
17%
20%
Calumet & Heria Cons Cop.,5
300
19%
3%
94%
14% Feb 20
Campbell W A CFdy..No par
Canada Dry Ginger Ale
5
Canada Sou Ry Co
...100
12,900
1,400
42%
120
15% Nov
44% Nov
Jan 26
37
.1
10,000
84
3%
Mar
Mar
1534
7
42%
6
20
48% Mar
50
4,700
14,100
5
*18%
4
Jan 11
5% preferred
Callahan Zinc Lead
34
*83
13% Jan
9
,
29% Jan 26
11%
46%
*%
*44%'
7%
15%
18%
*45%
6
9
California Packing.—No par
"8400
6% Mar
6
3
43%
%
*68
1
16% Aug
9% Jan
1,400
10
19
50%
1%
7%
16%
19
49
Dec
22% Mar
4% Mar
3,500
210
Oct
July
.
Jan 24
11%
43%
7g
74
8,000
1,100
Jan 26
7%
preferred
30
Butte Copper A Zinc
5
Byers Co (A M)
..No par
Participating preferred.. 100
Byron Jackson Co
No par
eonv
11%
43%
%
*68
4%
11%
35
5^
534
19% Jan 28
3% Jan 28
10
Butler Bros
45%
1%
1%
74
600
7,200
9
10
JBush Term Bldg gu pf rtfs 100
50
10%
2.3%
11%
1%
*78
*68
22% July
3% Jan
42
%
21%
14% Mar
1% Mar
43%
1%
1%
21%
101
*%
*7g
4
5
44%
*1%
4%
21%
2% Jan
12% Jan
H%
43%
%
4
3
1% Jan 28
11%
*%
*54
Feb 28
18% Jan
1
1
Bush Terminal
43
%
9
1234 Jan 28
12% Jan 28
J 5%
Burroughs Add Mach.-No par
42%
*%
12%
11%
Burlington Mills Corp
500
H%
4278
■
%
*8%
12%
11%
1,700
5,000
2
4%.
111
8%
*%
*1
*110
47„
%
%
1
15
17%
11%
20%
4%
4%
4'g
111
*5
2%
2%
18% <18%
38%
38%
*45%
47
39
*45%
28%
*%
*2%
11%
%
18%
*37%
20
*7%
108
*10%
24%
338%
%
29
•*2% Jan 26
100
preferred
7%
43%
*2%
1178
39
34%
•
72
5%
42%
3
%
20
4
101
1078
43%
*71
7%
478
*95
43%
72
20
111
7%
Mar
4
19% £18%
18%
3%
3%
3%
94
94%
94%
124
122% *118
52%
52%
53%
106
*105% 106
23
22% 23%
93% •*93% 95
17%
17%
17%
*71
20%
4%
1
*4%
95
,
93%
17%
17%
17%
*89
*4%
95
92
122%'
53%
Oct
3% Mar
13% Mar
6'% Mar
84
51%
105% 105% *105%
22%
22%
22%
4%
110
9
478
5%
*4%
17%
90
122% 122%
4
5
42%
91
Jan
Jan
*83
*18%
*3%
8
30
*39%
*83
19%
3%
Jan 26
par
100% Nov
7% Dec
547g Jan
Apr
No par
83%
86
6
No
Oct
75
Bullard Co
7
42%
7
1,700
7
*83
Mar
13%
27%
35
*18%
*3%
100
Jan
14%
Mar
7
*39%
Jan 26
41
578 Mar
5
6
3
67g
42%
18%
3%
—100
96
13% Jan
13% Jan
Mar
May
5% Mar
3
15% Mar
5
*33%
Jan 26
Mar
62
*6%
*39%
67g
90
5
10
Budd (K G) Mfg
300
10%
8%
19%
49
-
--..5
7% preferred
100
23
7-%
15'%
18%
*45%
46% Nov
23% Oct
35
3
1
4
4
9
34
86
42%
120% 121%
53
5234
53%
53%
*105% 105% *105% 105%
21%
22%
22% 23
93
5
33
18%
3%
122% 122%
*90
478
32
*6%
7
*45%
5
32
90
3%
91
478
7%
15%
Mar
31% Jan
10% Feb
Jan
55% Jan
5% Jan
34% Mar
16
18%
14% Nov
Nov
4% Jan 24
18%
*48%
7%
Mar
1
1
19% Jan 19
Dec
284
24% Jan 26
23% Jan 26
16%
15
12
Mar
No par
19%
18%
49
43
Mar
Mar
37% Aug
40% Aug
No par
50%
1%
14%
Feb
1%
3%
5%
£l634
10%
2784
1
Mar
Bucyr us-Erie Co..
6.800
Dec
28
10
13% Mar
43% Mar
..No par
8% Aug
16
5% Mar
12% Mar
Jan 20
2
MarlO
10% Jan 23
37% Jan 12
15% Jan 26
Brown Shoe Co..
Tooo
Mar
Oct
46% Mar 10
3
Jan
Oct
18
39% Jan
1% Jan 11
8
Jan
4
5
3
Bruna-Balke-Collender.No par
1,400
8,900
2
11%
34%
1
43
4
7% Feb 27
157g Jan
31% Jan
11% Jan 26
22% Jan 28
34% Feb 1
—
Mar
Bulova Watch
18%
1%
Jan 12
36%
434
28
1% Dec
14
4
Jan
Budd Wheel
16
1
6
27
3,300
17%
9
11%
1,900
1,400
1,200
6%
49%
*14%
10%
34
Jan 23
16% Mar
8
234 Mar
Jan 23
27%
23%
4%
37g
300
,
2
Brewing Corp of America—3
Bridgeport Brass Co...No par
Brlggs Manufacturing.No par
Briggs <fe Stratton
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
J6 preferred
No par
Bklyn-Manh Transit..No par
$6 preferred series A.No pa
Brooklyn Union Gas:
No par
23% Feb 21
24
Dec
14% July
Jan
19%
2,100
*48l2
18%
32
10%
8%.
5
-.100
52%
4%
2-
*23
May
9
34%
16%
15
*45%
2
June
1,500
6,800
4%
18%
50%
18%
49
5
31%
147g
17%
9
15
55% Mar
34
4%
34%
27%
15%
177g
16%
15
50
4%
Jan
Mar 10
7,800
10,500
105
6%
48%
40
19
21% Mar 10
32
Jan
3
Borg-Warner Corp
14,400
12%
Highest
$ per share $ per share
82
107
Dec
Apr
share
Feb 18
16% Jan 12
Bower Roller Bearing Co...17
13
18%
*48%
18%
7
.
4%
34%
15
•
49
27
187,
47g
48%
27%
15
17%
2
10%
8%
23%
4%
11%
18%
*44
7
34
15
*31
104%
6%
Jan 24
per
12% Jan 30
Boston & Maine RR
36%
*99
Jao 23
51
900
12%
110
104
700
12%
13%
12%
*100
33%
*32
39%
18%
*34%
19%
12%
48%
11%
$
1
18,700
39%
19%
1%
Lowest
Highest
share
No par
Class B
Bond Stores Inc—
26%
7%
14%
29
38%
46%
1%
8%
11%
8
37
12%
27%
14%
17%
*1%
10%
8%
23%
3%
11%
10%
878
24
8%
23%
40
18%
13
12%
4%
17%
2
*10%
8%
23%
378
*10%
*31%
16%
40
48
15
"17%
178
2
1178
117g
33
4%
327{
27%
46%
*34
99% 100
6%
6%
7%
14%
28%
*37%
40%
1%
8%
18%
12
7%
14%
28%
387g
7%
14%
11%
36%
12%
*25%
per
Borden go (The)—...—.—15
.
30%
2%
*2%
2%
8%
41
18%
99% 100
67g
6%
47%
47%
27
28
*27
40%
19%
11%
67,
48
47,
31I4
6%
406|
18%
99 h J
*98
•
1%
9
12
21%
$
No par
Bon Arni class A
270
5,100
16,000
19
21%
29%
26
28%
*37%
46%
1%
38%
4612
41
36%
40
2%
*26
14%
27%
38%
45%
1%
8%
11%
39
*37%
26
7%
18%
100-Share Lots
Lowest
Par
110
109% 109%
55
55%
187g
21%
29%
18%
20%
287g
20%
29
2%
25%
7%
71,
14%
27%
14
27
18%
20%
27%
2%
*34%
•
On Basis of
Week
$ per share
Thursday
Wednesday
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
Sales
far
LOW
Saturday
Mai. 11, 1939
Jan
3
Feb 14
13«4 Feb 25
2% Feb
6
647g M ar 9
28% Feb 251
Ex-rights,
31% Mar
90
Jan
578 Mar
1
25
«
97g
Oct
597g Nov
108% Nov
64
112%
Nov
Oct
Mar
12% July
2% Oct
Mar
5534
22% Mar
28
h Called for redemption.
Oct
Ma*
,
Volume
HIGH
AND
PRICES—PER
SALE
NOT PER CENT
SHARE,
STOCK8
NEW YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Mar. 4
Mar. 6
Mar. 7
Mar. 8
Mar. 9
Mar. 10
*8
S per share
*8
8%
2834
*0%
$ per share
8%
*6%
28%
*6%
*8%
634
*6
634
*6
2312
8%
28%
7
8%
28%
7
28%
2834
7
*6
684
24%
834
23
24%
23%
834
*8%
*8%
24%
8%
$ per share
*8%
28%
*6%
*6%
24%
*8%
$ per share
8%
28%
7
634
25%
8%
28%
8%
28%
*6%
7
*6
8%
*6%
634
2434 Jan 27
Conn Ry & Ltg 4>$ % pref.100
1
534 Jan 3
1834 Jan 24
No par
6% Jan 26
23%
24%
21,400
8%
8%
100
84
*79
84
*79
84
*79
84
*79
84
*79
88
85
85
85
85
*85
88
*85
88
*85
1*2
1*2
11%
11%
3334
3414
106i4 I06i4
0i4
6%
834
834
*234
11%
35
6%
6%
3
3
834
834
87S
3
278
3%
3
3
3
14
*12"
13
*96%
977g
*8l4
35i4
3%
26i4
*26i2
54l2
14
1334
14%
14
14
21%
20%
2034
2034'
21
134
17g
4034
1147g
*8%
8%
8%
35i4
3%
26%
27
55
3558
3%
26%
35%
3
26%
*25%
27
54%
66%
54%
66
66i4
66%
174
175% *165
5%
6%
6i4
63S
32% 33
*104i4 10512
*29i2 2934
10%
10%
3478 35%
•32%
105
12%
88
*234
40%
*36
36%
12%
88%
42%
*357S
37%
3
36%
1234
•
*87
42
31
3134
107g
12
1178
35%
34%
13
3434
13%
,
3%
1,200
Consol Coal Co (Del) v t c_.25
200
6% preferred v t c—
100
Consumers P Co$4.50 pfiVo par
94
Container Corp of America. 20
Continental Bak cl A
16
15
21%
5%
4
4
64i2
64i2
*60
*59
61
15
15
5%
45%
6%
25%
83
55
23
6%
46
46
25
25%" 26%
*73%
83
*45%
55
22% 2234
*5%
6%
*73%
*45%
22%
*5%,
*17
18
.,*16
7%
2234
*24%
*14%
23%
7%
*1
*110
25
15
2378
7%
23
*5%
1%
*119% 124
30%
3034
32
32.
41%
8%
20%
41%
2234
2434
*1434
23%
7%
*1%
*119%
41%
8%
20%
*82
35%
18%
32%
*5%
5%
70% 71%
11934 11934
1278
1034
*10%
3478
11
35
18%
32%
558
7034
18%
32%
*5l4
69%
123
9
18%
32%
5%
7034
124
6%
25%
*7
31
3I84
4134
4134
31%
8%
1958
8%
20%
1934
32%
42%
8%
120
*10%
17%
6%
173
17*2
167g
175
180
180
25«%
2%
34%
13%
2578
2%
3434
133s
*2434
2%
.
6%
180
25%
23s
34%
1234
25%
2%
35
13%
3
3%
3
11
3
3
34%
12%
.
*175
181
*180
'
17
6%
176
11%
40%
35%
11%
11
39%. 40%
33% 34%
*3434
*30% '30%
*1
1%
3278 33
3934
30
*1
11%
40
11%
*72
n5
7434
*75%
78
*76%
85
85
*82
1%
1%
:«34
30%
1%
30%
*1
1%
1%
134
134
*4
2%
4
4%
*2
r
*2
*4%
*2
300
150
Deere & Co
600
Preferred
7%
4,900
1%
500
600
3 J ,400
200
31%
420
32%
1,300
400
8%
3,000
20%
4,700
86
100
Raynolds A—No par
19
1,100
5,900
Dome Mines Ltd.
2,100
Dominion Stores "Ltd. ..No par
9%
11%
1234
12
300
71%
128%
9%
*9
10
19,900
2,500
11%
69
126
*1034
1,700
5,700
*11
12
*115
900
120
154% 15534
142
14,400
400
119
118% 118%
120
17%
6%
17%|
17
6%
6%
638
"
17
17%
6%
6%'
176% 178
175% 176%
180
181 * *176% 18034
174% 175%
*180
181
200
150
13,100
150
26%
27%
5,700
2%
2%
3434
35%
36%
234
37%
103,00
34,800
13
13
12%
13%
3%
3%
3%
3%
11%
38%
34%
z30%
113s
3934
35%
30%
39%
35%
30
13s
*1
33%
*403g
104
,11%
3334
42
11%
40%
35%
30%
*1
1%
34
34%
*40%
42
140% *102% 104
11%
1134
11%
3%
86
5,200
Eltlngon Schild
Ind Am shares.
23,600
Electric Power & Light .No par
5,200
35%
35%
30
30%
1,700
2,000
preferred—
No par
$6 preferred- —- — --No par
Elec Storage Battery.-No par
$7
400
10334 10334
,180
11%
40,700
3
Corp—-50
5% preferred — -—: —100
Engineers Public Service
.1
Gas
El Paso Natural
.
Endlcott-Johnson
$5 conv
No par
preferred
76
,77
700
79
79%
*80
81
1,000
87
*84%
87
200,
%5Vi preferred w w_.No par
$6 preferred:
No par
134
1,400
Equitable Office Bldg—No par
2
2,000
tErie Railroad..
4% 1st preferred.
4% 2d preferred
*83%
86
-
*1%
1%
1%
1%
1%
2
2
2
4%
4%
4
4
*3%
4
300
2%
2%
2
2%
*2
2%
800
100
— .—100
-.100
"5% "5%
5%
5%
*5%
5%
"""800
11%
11%
11%
11%
11%
11%
1,800
Co
Eureka Vacuum Cleaner
Evans Products Co
21t2
178
22
z21%
2134
21%
2134
2,700
Ex-Cell-O Corp
2
2
Erie & Pitts RR
"5% "5%
26
11%
*2178
*1%
*5%
42%
*25
16%
*5%
11%
21%
*178
5l2
41%
24-%
16%
15%
11%
22%
2
6%
43
*86
89
*90
110
'
86%
*100
*96
*96
5%
11%
22
2
6
42%
25%
16
86%
110
—
5%
*11%
22
17g
5%
11%
22
17g
178
6%
6%
6%
6%
110
40%
41%
40%
41%
3,000
25
25
*25
25%
25
25%
25
25%
1,900
15%
*1434
15%
*15%
15%
15%
15%
700
Federal Light & Traction.-.15
89%
60
preferred.:
100
Federal MIn & Smelting Co 100
Preferred
100
Federal Motor Truck.-No par
Federal Screw Works ..No par
Federal Water Serv A.No par
Federated Dept Stores. No par
*15
*86%
*95
89
110
*88%
100
89
88
89
100
*103
110
434
23.j
*4%
434
434
234
234
278
1%
*1%
25%
1%
257g
"434
*234
1%
1%
*34%
34%
*18%
24%
*18%
*26
90*4
34%
88
88
*86
34%
24%
*19
34%
24%
*19
34%
1%
1%
234
234
900
1%
1%
500
2534
*86%
25«4
1,200
89%
100
26%
89
89
34%
*19
~~4h "i'.ioo
4%
1%
*85
24%
100
3
*26
34%
110
"434
27
•Bid and asked prices; no sales on this day.
434
*234
3
89%
*100
*98
*98
*96
*96
434
*88%
34%
100
6%
4078
1%
90
Fairbanks Co 8% pref
6%
278
*88
Exchange Buffet Corp .No par
40%
47g
25
700
6
278
25
.
41
6
*1%
25
1%
2
.
50
5
5
3
39%
*434
25
—
Elk Horn Coal Corp-.-No par
"4-,766
3434
24%
34%
*19
t In receivership,
35
2,200
24%
a Def. delivery,
6
Jan 24
46
Jan
9
18
24%
Jan
4
13% Mar
6%
Jan
6
4% Mar
8»4 July
16% Jan 28
17% Mar 10
13% Mar
3
6% June
17% Dec
11% July
111% Dec
634Mar
8%
2
Fairbanks Morse <fc Co. No par
Fajardo Sug Co of Pr
Rico--20
$6
pf-100
Fidel Phen Fire Isn N Y..2.50
Fllene's (Wm) Sons Co.No par
Fed
Dept Stores 414%
n New
stock,
Jau
Jan 26
r Cash sale
June
Mar
738
Dec
28% Nov
83
Oct
50
Nov
29% Nov
109
Feb 28
111
17
Jan 26
24
Mar
9
1334 May
25%
2334 Jan 9
12»4 Jan 26
18% Jan 26
6
Jan 24
26
Feb
7
1934 Mar
25
Jan
17
Nov
27
1534 Mar,
25% Jan
10
3238 Jan 11
32% Mar 10
2034
Jan 16
31%
44
884 Nov
s4 Nov
2%
Jan
Mar
115%
Dec
Mar
Jan
40%
30%
Jan
42
.Dec
Oct
„
Oct
Oct
Mar
11
Mar
23% Nov
65% June
91% Nov
12%
Jan
9
Jan
Jan 16
•8% Sept
28»4 June
17
35%
35
Dec
12
25%
Jan
4
1
22% Jan
3
33% Jan 6
6% Mar 10
5
*
II
Mar
34% Aug
4% June
Jan
8034 Dec
3
31
5
87%
11% Jan
19% Jan 13
12
Jan 25
Jan 18
Jan
5
118% Feb 27
4
18% Mar
2
Jan
4
8
5% Jan 27
Feb 23
186%
175% Jan 3
20% Jan 26
2% Jan 26
183%
27%
33g
38%
15'%
Jan 23
3%
9'4 Jan 26
34% Jan 26
12%
41%
Jan 5
Feb 8
Mar 10
Jan 4
Mar 10
Jan 4
Mar 6
Jan
Jan 20
Mar
Jan
134 May
Jan
13034 Mar
109% Apr
111 s4
Jan
1334 Nov
3% Mar
,
ia4 Jan
Dec
2
Mar
538 July
36%
Dec
Mar
15%
Dec
4
Jan
14
Oct
6
2% Sept
6% Mar
22% Mar
46%
4184 July
Mar
% Mar
17
33
Feb'
Jan 20
Jan 30
25% Dec
13% Mar
11% Mar 10
8% Jan 12
8% Nov
Nov
10% Mar
Apr
94% Apr
2% Mar
111
10334 Mar 10
Dec
173
7
4334 Jan
Dec
Dec
187
MarlO
35
120%
118%
1738
Jau
157
21«4 Mar
Jan 25
138% Nov
121% Mar
3
5
Jan .19
Oct
Dec
18
38%
12
110
15434
6
28
Dec
193s Dec
"8% Mar
Apr
30% Mar
1
1% Jan 24
2834 Feb
141
90% Mar
102
Feb
38
Jan 24
8%
5
115
Jan 24
Oct
27% July
Jan
78% Jan
135
Mar 10
30
Dec
Jan 12
938
Feb 24
26% Jan 24
11% Jan 26
25%
Feb
86
20% Mar
Jan 31
2
Mar
25
15% Jan 27
30% Jan 26
5
7% Mar
4
15% Jan 26
Jan 23
10% Jan 30
33
,
76
Jan 26
7
4
Jan
Mar
4
Jan 26
'
9
9
8% Jan
102%
1% Jan 4
123% Feb 25
% Feb
113% Jan
170
3%
1134
1%
Feb
-1
...5
40%
35
78
Kodak (N J).No par
Elec & Mus
43
6
18% Jan 26
5% Feb 15
.
Jan
121
6% cum preferred. —.--100
Eaton Manufacturing Co. —-4
Jan
3% Mar
12% Mar
48% Jan
Jan
—
May
438 Mar
35
48
Jan 26
76
1%
21% July
8% Aug
50
Aug
117%
78%
178
87
12
9
115%
75
"
58% May
4
Jan
6%
3
3
13
Mills._
Jan
13% Feb
6% July
94%
Jan
16
pf.100
100
Mar
65% Jan
No par
6% non-voting deb
$4.50 preferred..
Apr
5% Mar
3
3
3
Jan 26
7,900
34%
Jan
13634
No par
Flectric Auto-Lite (The)....5
Electric Boat
3
*40%
Jan 21
4%
15684 Jan 5
142
MarlO
11%
11%
*76
6
Jan 26
38%
*1
70
142
Co--.20
Duquesne Light 5% 1st
Eastern Airlines, Inc..
Eastern Rolling
26%
11
19% Mar
6
6
10% Feb 24
111% Jan 4
Du P de Nem (E I) &
Mar
4
Jan
15% Nov
92% Nov
4438 Jan
Jan
No par
-100
Duplan Silk.—
58
Jan 10
Nov
373g Nov
7% Jan
62% Jan 24
114% Feb 3
8% Jan 24
Eastman
234
38%
13
—.—No par
7% Mar
10% July
4334 Nov
28% Jan
Douglas Aircraft...—.No par
Co
No par
Dresser M fg Co
No par
Dunhill International
1
1,100
26%
•1234
-No par
Dow Chemical
2,800
26%
27g
3534
25%
234
—
8% preferred..'-
142
119
200
Class A..
4
4
4734 Jan
7934
3284
6%
72%
40
37% Mar
14% Jan
Apr
25% Apr
jan1 24
5% pref with warrants..100
Dixie-Vortex Co
No par
Doehler Die Casting Co No par
71
29
9
3
40% Feb 28
28% Jau 26
40% Feb 17
11%
125% 125%
9%
9%
29% Nov
12% Mar
42% Oct
117% Nov
Jan1 24
Diamond Match — ...No par
6% partlc preferred
—25
Diamond T Motor Car Co—2
Distil CotV-Seagr's Ltd.lVo par
35
118%
17%
j
Devoe &
11
11978
86
134
17g
t Denv & R G West 6% pf-100
Detroit Edison
100
11
*119
13s
Delaware & Hudson
1C0
Delaware Lack & Western50
35
118% 118% *118
34
No par
——20
Diesel-Wemmer-Gilbert .—-10
43,900
19%
6
*119
3834
Corp—......5
preferred----.-:25
Davison Chemical Co (The).i
Dayton Pow & Lt 4)4 % pf 100
Conv 5%
*34
5%
Jan
Mar
45
preferred
No par
Cutler-Hammer Inc ...No par
2334
25
15%
25%
86
8
19
74%
Davega Stores
90
32%
9
3
4%
2%
3,100
"""666
53g Nov
5%
—
$8
42%
31%
32%
*41
6
78
4
10,900
12134 122
19%
75
2%
7%
*1%
323s
78
1®4
2334
19
75
*82%
*1%
.
*15
32
*73
1%
178
•
24%
1834
*76%
75
78
85
-
23%
32%
5%
72
514
11%
30%
25%
Oct
Dec
21 s4
1
---1
Cushman's Sons 7% pref. .100
——
Class A._—
.
21% Apr
5% Mar
22% Mar
126
Jan
Preferred
Curtiss-W right
*1034
6934
123% 125
25%
234
35
13
33%
3334
39%
39%
104% 104%
11
11%
33% 33%
39% 39%
104% 104%
1078
11%
105
*103
3834
40
20
•
11%
39%
2434
18
638
180
No par
4$,200
234 Mar
9
Jan
7084
177
85
96
2,300
2,800
6%
162
9
Feb
»21
534
56
3
91
5
29% Nov
Apr
Apr
Apr
3
334 Jan1 28
59% Feb 3
126
13% Jan
50
Packing
Mar
Jan
124
Jan
Jan127
Curtis Pub Co (The)---iVo par
47
6
3178
17»s
•
176
Preferred
10
Jan
8
Cudahy
Nov
Dec
July
38
85% Jan128
126
34% Jan
4%
Nov
July
3184 Mar
124
Jan
82
Cuban-American
11
11
17%
*6%
6%
174%
preferred
34%
1278
118%
5%
47
3434
19
34%
11
120
conv
*86
1234
*119
$5
Crucible Steel of America. -100
90
*85
11
120
CroWn Zellerbacb Corp
June
11%
36%
3%
3534
40
x53
41% Jan
Feb
33
49
116
110
„
Jan 3
Jan127
140
23%
31%, 32
*41
Feb 9
Feb 10
1,500
*16
3178
31%
1
25
60%
*5.
734
——
15%
59%
*15
23%
23%
6%
*5%
6%
17% ,17%
17%
7%
7%
7%
7%
110% 110% *109% 110%
23
6%
17%
173
preferred-100
Sugar
10
100
2234
*6"
13
118% *117%»118% *118
100
8,300
55
13
120
16,600
Coty Inc
Crane Co
Cuba RR 6%
*45%'
*10
*117
6% Mar
25
100
Preferred
80
55
*115
120
115
115
115
115
*110% 120
*110% 115
149
149
14978'16434 15334 1547g
150%
150%
15078 151%
*141% 142 j*141% 142
*141% 143
14034 14034 *140% 143
*119
Jan 26
3,900
1,700
*45%
11
11
Mar 10
17684 Jan 6
4
55
9%
*8%
Jan 26
Feb 17
100
*45%
13
*1234
1278
.
122
a
12
*11
19%
87%
120
9
9
*85
Jan 26
83
8
zl9
87%
18%
3178
*5i4
6834
18%
32%
534
48
"
Jan 3
Jan 4
Mar 10
Jan 26
Mar
21% Mar
% May
21% Mar
Jan 16
61%
Preferred..
*73%
22
4
31%
29%
57%
66%
49
900
83
*16
7
21
5
No par
*73%
3178
31%
4134
3134
31%
*40%
35
a35
25%
2578
15%
110% 110%
23%
24
2278
2334
23
2434 2434
247g
24% 24%
15
15
1538
1534
15
24%
237g
25
25%
24%
7%
7%
7%
7%
,
7%
1%
1%
1%
1%
1%
*119% 123%
*119% 123
123
20%
1034
11
*35
6%
3584 Mar
Corn Exch Bank Trust Co .20
9,300
83
8
77S
20%
*85
87%
*1078
25%
7%
110% 110%
32
41%
5%
48
6%
June
Jan 28
12
*73%
*7
32
32
30%
17
al7
5%
47
6%
'
7%
1%
2534
83
55
22%
6%
*45%
22%
7%
7%
1%
25%
*73%
2278
247g
15
23%
*14%
5%
6%
6%
11034
22%
*2434
23
*119% 124
*
*7
7%
110
110
1734
4534
6
Continental Steel Corp-No par
5
4
6%
Jan
5
26
88
5
4
5%
45%
107
Jan
1038
2% Feb 10
-.1
""460
8934
a4
6%
115% Jan 18
6
5
90
45i4
Jan
32
14%
*34%
90
15%
36% Mar
Jan123
88
15%
4
650
43%
61
Jan
<36
42%
15
44
$2.25 conv pref w w..No par
Pref ex-warrants—.No par
*87
61
234 July
103% July
Jan 26
5,300
a;14%
15
5%
1% Mar
65% Mar
1,000
36
14
62
26% July
3
40%
37
35%
88
*14%
5%
8% Mar
3
734 Feb 20
Continental Insurance—$2.50
Corn Products Refining
Oct
Jan
22% Mar
126
Jan
*36
1784
Mar
31
36
40%
934 May
2
113
Fibre.5
Continental Oil of Del-
Jan
3
1
100
Crown Cork & Seal----Wo par
44
*59%
16% Jan
Jan 26
Crosley Corp (The).--.Wo par
88
14%
9538 Nov
600
43
62
22
Apr
8,800
88%
14%
Mar
78
38
Continental Motors
Oct
10
12
4
5i4
2,500
11,800
14,600
Nov
73g
1034 July
7% Jan
5% Jan
Jan 10
No par
$4.50 preferred
2% Sept
2% Mar
5
3
104
MarlO
20
Continental Diamond
Mar
96
32
43%
*867g
*4%
-100
preferred
7
Oct
12% Dec
Oct
34%
15
12
42
5%
8%
Continental Can Inc
88% Apr
2% Mar
23g
1% Jan 27
89
Jan 26
No par
No par
.....
Jan
Mar
Dec
76
86% Aug
Jan 13
*31%
*87
5%
Class B4
4% Mar
9% Aug
2934 Dec
834 Oct
14% July
263g Nov
103g Nov
11% Feb 28
12%
87%
5%
6l2
8,600
"l"400
1,000
4
514
600
3l", 600
*4%
45
2,600
6%
35
6%
33%
5
A
7,100
7,800
*107% 108%
4
84%
200
15%
21
4
84%
8712
334
12% Jan 26
5
♦5
3% Jan
Apr
17
MarlO
6
7% Mar 10
9% Jan 6
2% Feb 23
23g Feb .15
Consol RR of Cuba 6% pf.100
12%
96
5i4
4is
*85i2
500
Mar
107% Mar
Jan 27
8
3%
88
86
5
No par
12%
37
13%
18,500
Consol Oil Corp
par
Consol Laundries Corp
3
95%
Mar
35
29% Jan 13
10134 Jan 4
538 Jan 16
3134
6%
337g
106% 107
30
No
$5 pieferred___-
12,500
Jan 24
9
.No par
$2 partlc pref
Consol Edison of N Y-.No par
5% conv preferred
100
Cream of Wheat ctfs—No par
6%
*36
37%
1234
88%
43
4134
7%
8%
Jan
I
88
13g Feb 27
3%
28%
99%
26%
8%
33%
333g
40%
*33%
1278
6%
32%
*36
40%
88i2
43i2
33%
10578 106
*36
1234
213S
2934
10%
35
10%
34%
88i2
14%
2034
105% 10578
2934 2934
10%
10%
34
34%
37i2
43
14%
9778
15%
21%
6
6%
578
33
33%
*29%
3%
12%
*12
*9534
6%
8%
71
85
Jan 11
2,300
10634 107
17g
178
178
178
134
I84
134
17g
99
99
99
100
*98%
99
99% 99%
40% 42
40%
40%
42% 4278
42%
43%
114
*112
113
*113% 11434 *113% 114% *112
8%
8%
8%
8%
8%
8%
8%
8%
35
35% 35%
35%
35% 35%
35% 3534
3
3
3
3%
2%
3
278
3
28
26% 27%
28%
29%
28%
26% 26%
27
27
*26% 2678
26% 267s
26% 26%
55
55
56
55%
56
57%
57%
57%
6534
6638
65%
66%
657g
66%
6684
66%
*166
*166
175
173% *166% 173
*167
172%
105
41
37
3%
13
977g
21
1%
*165
*36
3%
13
*96%
14
40
40%
114% *113
7
3
9778
100%
10738
634
8%
*12
*99
107
6%
3
*96
40
6%
834
8%
*278
8%
834
*278
*27S
106% 107%
6%
55
1
Jan 12
2,200
Dec
10% Sept
4% Mar
Eeb 27
76
8234
1
55,100
4
5
Mar
Mar
2% Jan 5
12% Mar 10
100
3,500
12%
34
Jan
8
100
preferred
3% Apr
15
5
25% Jan 3
8% Feb 28
% prior pref w w
7%
1%
1178
34%
14
*113
1%
11%
3378
98
100i2
_
11%
34%
33%
*95i4
1334
20%
*99
1%
-
11%
3334
11%
34%
*12
1%
1%
11%
34
106% 107% *106% 10734
3
3
1%
1%
1%
11%
1%
1%
11%
33%
Consolidated Cigar
Consol Film Industries
88
1%
Consol Aircraft Corp
Highest
$ per share $ per share
6
303g Jan
90
84
*85
3
Congoleum-Nairu Inc.-No par
Congress Cigar—
No par
8%
♦80
7% Jan
Conde Nast Pub Inc—No par
1,500
7
634
*6
$ per share
8% Feb 1
$ per share
1,800
28
Lowest
Highest
Lowest
Par
Shares
8%
28
25%
24%
*8%
8%
$ per share
IQQ-Share Lois
On Basis of
Week
$ per share
Range for Previous
Year 1938
Range Since Jan. 1
Sales
for
LOW
1437
New York Stock Record-Continued—Page 4
148
35
Oct
Nov
-234 Nov
29% Nov
45% Nov
111% Dec'
10% Oct
38% Mar
71
Jan 20
40
Mar
Mar
8
46
Mar
72% Dec
79% Oct
Jan 30
134 Jan
1% Jan 23
3i2 Feb 18
2% Jan
5% Jan
3
4
4
3
5
78
Jan 16
68
71% Jan
3
Jan 14
76
1%
Jan 23
1%
-
80
86
Jan
Dec
2%
Jan
Dec
6%
Jan
2s4 Mar
8®4
1%
1%
1%
62
53g Mar
4
Jan
9%
Jan 27
Jan 26
18%
184 Feb 16
5% Feb 11
Jan 26
35
24% Feb 17
12% Jan 24
13
24%
2%
6%
43%
29%
Jan
8
3
Jan 3
Jan 20
Feb 27
Jan 5
Jan 4
16% Mar
4
89% Mar 10
81
Jan 24
97
Feb 17
102
Jan 26
6
Jan
6
3%
Jan
7
1%
Jan 19
4%
2% Jan 26
1
Mar
21
Jan 26
86% Jan
3
Jan 16
25% Mar
89% Feb
Mar 10
32%
Jan 27
35
18%
Jan 23
18% Feb
r Ex-dlv.
v
Ex-rlghts
7
6
6
Oct
2%
5%
10%
1%
3%
Dec
6%
Jan
Jan
Dec
Oct
64
Mar
Mar
6
16
Oct
Apr
25
Dec
Mar
Mar
Oct
2% Nov
11%
Jan
19% May
43
Dec
22% May
6% Mar
67
Apr
3584
52% Apr
96% Feb
2% Mar
1% Mar
1
Sept
16%
133
Nov
99% May
5% Aug
4% July
2% July
29
12% Mar
67% Jan
22% Mar
90%
15
25
June
Oct
Oct
84% Nov
Oct
Oct
36% Nov
1 Called for redemption
Oct
New York Stock Record—Continued—Page 5
1438
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Mar. 6
Mar. 4
24%
24%
102
29
46*2
*33
3412
*19*2
27g
20U
2%
*29
30
*100*8 105
Range Since Jan. 1
24*2 2434
102% 102%
45%
46
29% 29%
25
25%
z45
25%
25%
25%
IO284 10234
102*2 103
36
Jan
20
Mar
2% Jan 30
30
105% 105*2
105
2584
90%
278
106% 105%
2534
26*4
26
26%
*84
*84
90%
55
*43
23
*43
55
*43
58
23
23
23
227„
2
23
178
*1%
2*8
3%
3*8
314
11*4
11*4
13%
13*8
*96*2 101
111 4
IH4
13*8
13*8
*96*2 101
6
6
3%
3%
*11
11%
*12%
13
*96*2 101
*684
6
6
30
30
901
234
178
234
*234
58
*43
23%
2
0
3%
3*8
11%
11%
13
*12%
♦96% 101
6
180
26
105*2
26*2
*84
90*2
50
2%
200
*234
*43
58
3%
II84
1,300
13%
*96% 101
270
*1%
3%
*11%
13%
*96% 101
70
*67
2334
2384
130
42*4
41*8
*115
1
42%
41*4
116*2
*67
70
*65
70
24
24
*2334
24%
*129
130
-
41%
*47*2
49
75
75
*126
128
5078
*12334 124*2
5012
4234
4034
1
*47%
7534
126
♦35*2
50*2
124% 124*2
*36
37%
37%
578
9%
5%
5%
958
110
*_
"26"
738
5058
1234
*61 %
22*2
*46*8
278
2%
76
110
110
112
24*4
24%
91
91
*5*2
*9%
91
*1%'
13s
1%
1934
3334
15%
99
99
25*4
2584
2734
14%
16*4
99*4,
263s
*26
14%
7
5%
'
47
238
2%
76
80
1*8
1*8
6%
6*2
1*2
1478
16%
2934
1*2
1478
16%
3%
2%
78
*75*2
22
2%
68%
3484
10634
106
34
484
434
*77
80
9%
3434
27*2
13%
51%
1334
63
*77
31
31
*35
20%
21
12*4
11%
12
44
20%
12%
1
*%
*4
4%
*18
1834
30*2
34%
11%
*30
34%
*11%
*7,
*14
*4
,
'
18%
*30
*34*8
11%
*16%
General Tire & Rubber Co—5
19% Jan 26
7,100
Gillette Safety Razor..No par
678 Jan 27
2%
2%
2%;
6.90C
*75
17
4%
18%
,30%
35
21%
12%
1
*14
17
78
*75
35%
107
4%
80
14%
17
17%
31
23%
15%
15%
15%
15%
29
29%
27%
29%
27%
139
27%
18
66
*36
109
*9%.
*13%
*95
9%
13%
110
31%
44
31%
*35
1784
*29*2
46*4
*9%
31%
31%
*35
40
31%
""4,l66
15%
6934
2%
52%
s4
Mar
June
Mar
Mar
Mar
3838 Jan
10984 Jan
3
15
Jan 28
24*4 Jan 27
22% Jan 23
12% Jan 26
2l% Jan 26
24*4 Jan 28
135% Jan 13
1% Jan
7% Jan
2% Mar
134 Jan
1
Mar
15% Max
,8
Mar
20
Jan
31% Mar JO
10*8 May
19
Apr
24
20
Jan
7
16% Jan
31*4 Jan
5
4
27% Mar 10
139
Mar
1
...1
Greene Cananea Copper..100
12-% Mar
23% Apr
Apr
122
35
100
Jan
9% Mar
July
85
108
«
2
Jan
8%
Oct
2% July
14% Nov
22% Nov
30
32
Jan
142
Dec
50
7
13% Mar
28% Nov
40
6
34*4 Mar
50
June
Dec
Jan
Greyhound Corp (The).No par
16
Jan 26
21*4 Mar
9
7*4 Mar
22
5M% preferred
10
Guantanamo Sugar—..No par
11% Jan 27
12*8 Jan
1% Jan
4
7*2 Feb
7S Mar
13
3
Jan 26
18% Feb
6
5% Jan
4
*14
17
17
*4%
4%
18%
*30
18%
18%
1834
30%
30*2
30*2
*34i8
36
*34%
36
8% preferred
*4%
*34%
Gulf Mobile & Northern.. 100
4%
36
13
13
*95
300
»
100
10
4,400
300
60
10
1,500
1,500
25
1,400
400
16,400
100
65
6434
35
35*2
3584
65
3584
15%
15%
15
70
70
70*4
65
65%
1584
36%
15%
36%
16
70%
70
70
108«4 10834 *10884 108%
7%
7%
7%
7%
5412
1%
108% 109
7%
7%
65*2
*35%
16
66
36*2
16%
70%
7C%
*108*4 108%
700
32
47*2
9%
984
Rid and asked prices: no sales on this day.
"3",700
800
1,500
4,500
14,700
31
*30
25
6%
$4
5,300
6,500
conv
49
47%
10
10
9%
Nov
3 5% Mar
3
12
Feb 24
30
35
June
5
Mar
12
Mar
17% Mar 10
com
Nov
102
Feb 27
83
June
100
Nov
32
Jan
4
15
Mar
Jan 11
120
Apr
4
4% Feb
3
71
Jan 19
2% Jan 25
102% Feb 15
138*2
7% Mar 10
75
4% Jan
5
1 % June
76*4 June
111
106
Jan
4
165
17
Jan
5
86
Jan
3
135% Mar
6
54
18
42
106
4
Jan 28
Jan 24
Feb
2
Jan 26
Feb
8
7% Jan 26
12
Feb
7
61
Feb 17
Mar 10
109% Feb
7
5*2 Mar
81
May
111
Dec
Jan
161
Dec
Mar
20%
42*4 Mar
126*4 Jan
87
Dec
135%
Dec
Mar
60
Oct
80
Mar
105%
Dec
15
Sept
Jan
51
Jan
4
17
Jan
Jan
6
98
Jan
11% Mar
9
5*4 Mar
Jan 4
104% Jan 12
11% June
108
Jan
May
66
Aug
35%
Oct
18%
Oct
9
17% Jan
6
Mar
Feb 17
70*2 Jan
3
3
46*2
Jan
Mar
9
83*2
Jan
6*2 Feb 20
8% Jan
6
Jan 27
55% Mar
9
100
Houston Oil of Texas
v
t c._25
Howe Sound Co
5
Manhattan
100
5% preferred
..—.100
Hudson Bay Min A Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
Illinois Central..
1
100
700
6% preferred series A
490
Leased lines 4%
..100
RR Sec ctfs series A...1000
New stock,
r
Cash gale,
100
z
103*2 Jan
44
9
1% Jan 12
5*8 Jan 14
30*4 Jan 27
6% Jan 27
1% Jan 24
109
1% Jan 20
5*2 Jan 9
35% Jan 10
8% Jan 5
2% Jan 3
Aug
1334 July
25%
Apr
17*2 Mar
36% Mar
Mar 10
21% Nov
52% Oct
118
Mar
102
12% Jan 26
66
Oct
"40
110
15*4
Oct
Dec
11% Nov
10
19
7
6*8
Dec
Jan
Nov
140
par
68
x734
50% Mar
Jan 21
Jan
140
9
Feb 20
Jan 26
4% June
3434 July
78% Mar
104% Jan 12
61% Jan 24
30
Jan 27
preferred
13% Nov
21% Jan
5
13% Jan 26
stk.No par
Nov
101
159
98
6% July
88*4 June
No par
Household Fin
n
30
110
47%
10
a Def. delivery,
24
Apr
Apr
Jan 26
Mar
pref erred. ...No par *104%
Class B
220
Mar
25
Houdaille-Hershey cl A.No
Hudson &
Mar
8
24
12% Mar 10
116% Feb 4
5
Holly Sugar Corp
\..No par
7% preferred
100
Homestake Mining
12.50
5%
3
4
100
$5 conv preferred
Hollander & 80ns (A)
Oct
Jan
Jan
4
Jan 24
Hinde & Dauch Paper Co.-10
Holland F\irnace (Del)
10
28
Jan
10
cum
Mar
Jan
'
1
30*2
*48%
t In receivership,
-.2
Preferred
400
3,200
31
—100
Hazel-Atlas Glass Co
9,200
7%
1%
47%
800
7%
18*8
30
4,700
9,200
1%
47%
9*4
110
""166
17%
29*2
300
7,000
6%
1%
w w_i
Hecker Prod Corp
Helme (G W)i
300
33%
18%
6H% preferred
Hayes Body Corp
12
1*4
Jan 26
23
136
9
102
Jan
100
71
33*8
1%
Hat Corp of Amer class A...1
Jan 26
133
1%
17%
...100
5
8% Jan 27
16
No par
7%
18%
preferred..
Jan
99% Feb 18
preferred——100
Hershey Chocolate
No par
54%
7%
100
Hercules Powder
160
7%
7%
10
preferred
6,400
*1%
*5
21
No par
53*2
*5
32
Hercules Motors
55%
33*2
6%
22
31
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
30
*1%
33%
7%
1%
Jan 25
Feb 24
1,500
53*2
1%
6%
33%
4
16
29% Jan 27
Hamilton Watch Co..-No par
6%
15
.25
7% preferred cl^ss A
Hall Pilntlng
.6%
% Jan
100
6% preferred....
Hackensack Water
20
110
6484
100
Oct
3178Mar
Jan 21
24% Jan 26
35
3,200
*14
July
2438 Dec
15% Nov
30% Dec
57",600
17
Dec
6*2 Nov
12%
1
Nov
7234 Dec
21%
*%
Jan
26% Oct
68% Dec
38% Dec
12%
13
Mar
June
21%
1
110
10
10
32
12%
13
29%
47%
Green Bay A West RR
Green (H L) Co Ihd
60*2 Apr
4
21%
*%
*95
*9%
.....100
4
Mar 10
71
12%
13
4684
Preferred
Mar
24% Jan
21%
1'
110
10
20
378
Mar
11% Jan 26
Jan
3% July
2*8 Sept
80
Jan 27
51%
4
3
1
28*2 Nov
Apr
2% Jan
Jan
Feb
Mar
1*4 Mar
5
75
13
37
July
3%Mar 10
3% Jan 26
par
No par
...10
preferred..
5
7
67
12%
458
1%
17%
5%
Mar
Feb
37*2 June
21%
13
18
Granite City Steel
Grant (W T)
80
40
*95
17%
29%
pref series...No
Great Western Sugar..No par
*95
18%
30%
46*2
conv
1,400
1834
7%
1%
17%
$3
Mar 10
70
Jan
5% Jan 27
1% Jan 25
27,900
3012
36
11
7%
1%
17%
29%
47%
9%
70
1
27%
*4%
*4%
32%
7%
...1
Granby-Consol M S & P....5
29%
*18
*1%
Graham-Paige Motors
Grand Union (The) Co
29
*30%
54%
100
27%
4%
5484
1%
6%
33 %
No par
Gt Nor Iron Ore Prop .No par
Great Northern pref.
.100
I884
30%
*1%
*4%
32%
5
2*8 Jan 23
2% Feb 15
Gold & Stock Telegraph Co 100
3,300
*4
54
„
1
15%
*18%
19
18%
19 I *18%
20
47
48
46%
48%! 46% 48%
108*2 108*2 *107% 109% *107% 109%
IC84
11%
11*8
11%
11%
11%
6538
65%
6484 65
*34*2
35*4
35% 35%
15
15*4
15%
15%
*70
*6978
70%
70%
*10734 109
*107% 110
7%
7%
7%
5334
5484
5484 5484
1%
*1%
*1%
178
5%
*4*2
6%
5%
33
33*2
33%
33%
7*2
7%
7%
7%
1%
1%
184
1®4
Goebel Brewing Co
15%
*18
110
47
300
*30
*95
24*2 Jan
Jan
1,700
*18%
19
*18%
19
46 «4
47% 47%
47
108% 109
*107% 109%
9%
9%
958
10%
13
*13%
13%
13%
110
Jan 24
31%
66
Feb
19
23%
*36
66
11%
45
1
31
138% 138% *138% 139
June
27*2 Nov
50
*23
.
109
,500
6*2 June
20% Nov
100
No par
4H% conv preferred
(Adolf)
Gob el
800
16%
3
Mar
66
Preferred
14*2
♦16%
Jan
June
,9
Nov
16*4 Nov
Jan 24
80
14%
98
27% Mar 10
8%
Mar
53
Jan 26
200
34
8*2 Mar
14% May
No par
Jan 26
8,000
13
Jan
$6 preferred
Glidden Co (The)
29
"4", 600
15% Mar
15% Jan
16% Jan
99*2 Feb
41
26*2
15*4 July
101
1%
July
32*2 Jan
13% Mar
61
Goodyear Tire & Rubb. No par
$5 conv preferred
No par
1%
95
2% July
Oct
41% Nov
20% Jan
Dec
Gotham Silk Hose.!
7*2
Nov
2% July
27% Nov
Mar
1,100
1%
110
5
1,400
1
July
978 July
12% July
46%
36
7
Mar
45
9
434
*77
1%
1% Dec
1234 Mar
z85
Sept
124% Nov
3
35%
1%
Mar
13% Jan
106% 106*2
7%
Dec
Au3
5378 Nov
51%Mar
Jan 26
1*8
Nov
79
Jan 26
18% Jan 26
7
50
125
Jan 26
56
80
40% Nov
117*2 Nov
1% Oct
10
No par
*77
NOV
44
preferred
No par
484
Feb
Nov
48
No par
conv
5% preferred
5
Nov
No par
$5
Goodrich Co (B F)
4%
28
Jan
25*2 Mar
1117S Apr
21% Mar
1
1% Jan
87
Jan
6*4 Mar
101% Apr
Mar
■
13?
Gimbel Brothers
2,000
27,400
.
19
48%
6
16,000
11
11
11
11%
11% ,11%
11*8
*16
17
17
17
17
17
*16%
17*2
*17%
17%
17*2
*100% 102
100
100% 100% 100
102
102
100*2 100%
*101% 10134
*101% 102% *101% 101% *101% 101% *101% 101% 101% 101% *101% 102%
27
27
26% 27
2634 27
27
27
26*4
26%
26%
27%
136
136
*130% 136
*130% 136
*130% 136
*130% 136
*130% 136
6*4
6*4
6%
6%
6%
6*2
*6%
6%
6%
6%
6%
7%
*76
80
*77
80
*77 ■' 80
*77
78
78
80
78% *78
3%
3%
3%
3%
3%
3*8
3%
3%
3%
3%
3%
3%
*101
104
103
103
*102% 104
*103
104
103
103
*103% 105
11%
11%
11%a 11%
11%
11%
11%
11%
11%
11%
11%
12%
*110*4 117% 114% 114% *111
115
•111
115
*109% 115
*109% 115
*161% 165
*161% 165
*160
165
165
*161% 165
165
♦161% 165
14%
15
14% 15
15
15
15
14%
14%
15
14%
H84
76
76
7684
7684
76%
76%
75*4 „7734
77%
78%
£76%
77
*135
135% 135% 135% 135*2 135% 134
135
135
*130
1*130
134
*58
60
*58
60
*68
60
59
59
60
5934
61
5984
109
109
*108% 10912 108*2 109
*107
110
*108
109 '*108
110
*18%
47*4
Mar
71
31
*34%
10%
99
23%
23%
*15
100
71
23%
21%
12%
*%
20
preferred
_
23
23%
70*2
35%
35%
106% 107%
31
3I84
'
1
No par
70%
23%
*35
78
3,300
preferred
$6 preferred.'.
22%
*30
21%
18*2
20,700
*30
12%
*13
27%
14%
2084
1
26*2
15%
31%
Feb 27
99%
27%
*1%
31%
91
Jan
"26%
1*8
7*4
1%
*35
90
13% Jan 27
6*2
45
Jan
Gen Time Instru Corp.No par
*1%
*14%
*16%
31%
«
19% Jan
No
118
4
1% Jan 20
200
2%
*36
par
28
Gen Realty & Utilities
600
66
110
100
$6 preferred
Gen Railway Signal
15%
16,300
66
8% Jan
106% Jan
1% Jan
6% Jan
10% Jan
15%
3%f
27
....1
....No par
Gen Public Service....No par
Mar
50%
Feb 28
38
16
46%'
28%
Jan
Jan
*15%
3%
25
Jan 27
5*8 Jan
23% Jan 25
11*2 Feb 10
3%
Mar
No par
General Printing Ink
2278 Mar
108*4 June
% Mar
51% Mar 9
125% Jan 13
Gen Steel Cast $6 pref.No par
Gen Theatre Eq Corp. No par
23%
45%
Jan 12
Jan
General Refractories...No par
600
42% Mar 10
127
1,110
I
27% Mar
80% Mar
Jan
Apr'
108%
44% Jan
55
Jan
34
Jan
Feb
3,700
3%
*36
45
$5 preferred
Gen Outdoor Adv A ...No par
39
72%
123%
42%
123*2
15%
45*4
66
31
100
-.10
No par
28%
22%
*36
*35
No par
preferred....—
General Motors Corp
15
1%
*36
$6 conv pref series A.No par
20% Mar
Oct
5% July
19% Oct
38% Nov
584 Mar
1% Jan
34*2
28
46%
3%
*138'
117
Jan
% Jan
15%
2234
138%
114
General Mills
Common
Jan
130
No par
6%
11% July
136
Mar
Mar
28%
22%
26%
11
No par
$4 .50 preferred
6%
Apr
Oct
9% Nov
102% Dec
59% Dec
2% Mar
25% Jan
125% Jan 31
37% Jan 26
36% Jan
Dec
19% Nov
52
Sept
6% Mar
115
4% Jan
35
...No par
General Foods
30
Mar
Mar
Mar
Jan
34%
•
11
Mar
29
Jan
14%
99%
4% Mar
82
75
Gen Gas & Elec A—..No par
6%
Jan
100% Jan
60% Jan
145
July
8%
June
35
Jan 31
68
21% Jan 28
28%
23%
48
Jan 17
25% Jan 28
34
22%
52
9
July
18
Sept
18
1% Jan 24
17% Feb 17
29
Jan 27
*45
13
Jan 26
100
General Electric
18
97
4% Mar
1884 Jan
Nov
Sept
3% Oct
578 July
Mar
13
10
t
7*s Jan
Jan
32
Mar
No par
_
58
,
9*2 Mar
85
Oct
Nov
5%
2% Mar
10
No par
1,800
3,100
1%
28%
Jan 18
3*2 Jan 24
5,700
*45%
138*2
28%
*2634
8% Jan 26
134
1%
66
1
par
94*2
65
27
27
1,000
2,500
64
139
29%
"T%
600
50*2 Jan 27
6
7% preferred
500
300
64
*138
2878
*2634
Class A
900
63
*77
48% Jan 31
20*4
34%
634
15
110
5%
9%
24
Feb 16
16
5
No
Bronze..
General Cigar Inc.....No par
800
4%
50
Baking
General Cable
200
5,800
20,700
34%
5
1%
17
15
3,300
13%
107
Container Corp
$8 1st preferred
General
100
1
52%
139
15*4
42%
13%
*138
15
96% Jan 17
19%
1
23%
95*2 Jan 28
5% Jan 24
conv
1%
684
23%
15%
29%
Jan
1934
29%
29%
*23
43,000
10, 00
*51%
70
15
Jan
1%
*1%
*14%
*15%
14%
Jan
14
1984
■
1*2
1%
4
13
11*4 Jan 27
1
preferred
7% cum preferred—-—.100
13%
23%
80
Feb 14
10% Jan 26
1,200
5134
69%
3
.10
$3
General
13%
22%
1% Mar
Gamewell Co (The)....No par
20
7%
*74%
19% Mar
6,200
7%
2%
2%
Jan 13
Jan
2% Jan
Gair Co lnc (Robert)
10
*90
55
30
Jan 26
'
1%
2384
Feb 18
Mar 7
Feb 23
10
Jan 26
*107
1%
24*2
94*2
91
7
36
5%
9%
29%
96
51% 111,600
36
5%
Mar
Mar
2% Mar
25
Apr
2",200
125% 125*8
1
36
11
50
5K% conv preferred
115
51
Jan
$6 preferred
-No par
Gen Am Transportation
5
7%
2%
78
5
51%
2934
90% Jan
3% Jan
Gen Amer Investors...No par
43
109*2 Nov
Jan 26
"""966
"""800
Mar
Jan 26
Freeport Sulphur Co..
Oct
85
Jan 26
Gabriel Co (The) cl A..No par
120
%
108% Jan 11
2%
42%
22%
1%
Gaylord
5,300
4%
37% Nov
22
200
300
Jan
21
Mar
80
$6 pref No par
Gar Wood Industries lnc
3
£7%
5134
16%
3034
23%
15%
29%
26%
30
23*4
7%
*90
684
1%
6%
*1%
14%
*15%
*23
19%
3434
28*4
14*_
16%
99*4
26%
7%
51%
107
4%
1%
24
94%
1%
69%
34%
34%
4134
115
1
*107
1%
24%
2284
22%
42
116
Feb 10
104
43% Nov
31% Dec
39% Oct
18
Gannet Co
130
42%
9%
25*2
78
♦69
106
5%
*15*2
2%
*75
23
36
534
*14
47
3
2%
68%
37%
13%
63%
22%
4 684
22
60%
534
7%
5134
*51
130
42%
%
513s
99%
26%
25%
7%
*62%
3
*36
16
*15%
129
8
share
Oct
Nov
100
10
No par
700
2384
Feb
28
3*4 Jan
35% Jan
Apr
17 conv preferred....No par
Foster-Wheeler
70
23%
124%"124% ♦124% 125%
3334
27%
14%
14
13
*46*8
50%
1%
19*2
62%
41%
*115
*65
—100
Francisco Sugar Co
600
6
50
55
65
*65
6384
78
803s
80
80
80*4
8O84
126% 126*8 £126% 126% *125% 126%
1%
20
13%
42%
1
51%
♦107
*19%
3334
27%
51
42«4
41%
*9i8
*91%
1%
13
129
116
%
1%
50%
"22*4
*115
2334
*91*2
13
2278
47
3*8
24
138
62
62%
22%
70
*23%
24%
94%
7*2
50%
7%
*65
24
13s
20
34%
26%
14%
16%
3478
70
2384
♦127%
41*2
40%
24l8
1%
1912
5%
*107
1%
2434
23
2234
6678
68*2
3412 3434
106% 106*2
434
6
*77
*9
77%
127
49%
124% 124%
*568
95g
49
77%
*126
50%
♦67
1
*48
77%
49%
116
%
49
126
36*2
*13s
24*4
*89*2
138
1884
3434
27*4
14*2
*1534
42
41
116% *115
%
36*2
*107
129
41*2
4078
41%
*115
1
129
400
13%
6
4H% conv pref
F*k*n Simon&Co lnc 7% pf.100
"4",906
23%
3%
11«4
6
2,100
2384
2
23%
13
6
700
9
3%
11%
234
30
2%
58
23%
1%
234
*16*2
10% *15%
16% *15*2 16%
16%
16%
17%
17%
*1684
17%
*47%
50
*4712
50
*47% 50
*47%
50
*47*2
50
*47*2
50
8
8
*7%
8%
*734
&
8*s
8%
8*4
8%
*8%
8%
*100*2 10312 *100% 103% *100% 103% *100*2 103% *100*2 103% *100% 103%
58
58% 6884
58%
57,12
58*4
68*4
58*4
59
58*2
59
59%
10%
1034
1034
1034
1034
1034
1034
10%
1084
11
10%
10%
*140
145
*140% 145
*140% 145
145
145
*142
*141% 145
148
*3%
378
*3%
3%
*3%
3%
3%
3%
384
384
384
384
1634
16*2
15% 15%
16
15%
15%
1534
16
1534
15%
1584
31
3134
31%
3I84
*3034 31%
31%
32%
31%
31%
3034
31
*129
19*4 June
15
Apr
1% Mar
Jan 27
17% Jan 16
105
23
10% Mar
Florshelm Shoe class A .No par
2%
3034
per
26%
24% Mar
t Folia nsbee Brothers ..No par
Food Machinery Corp
100
*29%
*43
48*4 Feb 16
31% Jan
500
30
*284
76
200
19
234
45%
29%
Highest
16% Mar
I
200
19
*25%
1
Mar
19
34%
*18%
*84
30
25% Mar
103
34%
*33
26l4
9012
278
No par
Lowest
$ per share $
Jan 16
Jan 12
Jan 26
44%
19%
3
30*4
*2«4
Florence Stove Co
Jan 27
45%
35
2512
No par
10
6% preferred series A—100
First National Stores...No par
29%
*18%
♦2%
*84
Fllntkote Co (The)
19%
99%
41%
24%
Firestone Tire A Rubber
45
♦33
3
$ per thare
29%
19%
3
30
105
1,600
2,100
11,900
Highest
$ per share
45
35
105
8,400
Lowest
Par
Range for Previous
Year 1938
Lots
29%
28*2
*33
20*2
*5%
24%
*18%
*2%
19
On Basis of 100-Share
Week
Shares
3
19
9012
3U
Mar. 10
$ per share
*102
26
*178
Mar. 9
$ per share
102% 102%
1939
11
EXCHANGE
Mar. 8
29*4
34%
*25g
STOCKS
NEW YORK STOCK
the
Friday
*29
*84
*234
Thursday
3 per share
thare
per
•10218 10234
4512
45*2
28^ 29l2
34i2 34l2
46^4
29i4
Wednesday
Mar. 7
$ per thare
24% 2478
$ per share
102
Tuesday
Sales
Jot
Monday
Saturday
Mar.
48*8
Mar
5
23% Mar
72% Nov
105% Nov
934 July
53% Jan
1
May
3
Mar
9% July
20% Mar
35% Nov
Mar
5
3% July
10
Jan
14% Jan 26
25
Jan 26
20% Jan
4
35
3
12
Apr
2*4 Oct
2078 Dec
35% Dec
Tan 2.8
47*2 Mar
6
23
Mar
44
11% Jan
4
Apr
11%
A1
Ex-div.
y
Ex-rights.
Jan
% June
6% Mar
3%
^ Called tor redemption.
Nov
Dec
Volume
LOW AND
New York Stock Record-Continued-Page 6
148
SALE PRICES—PER
HIQH
Monday
Mar. 4
Mar
$ per share
$
per
.
Tuesday
Mar
6
share
7
Mar
$ per share
*151
•151
*151
151
6s4
26%
111
NOT PER
Mar. 9
Shares
7
7
*151
93
93
16%
163s
5
5
15%
*47g
89%
90%
15
15%
15
5
5
8
*2534
*92%
8%
26%
93)2
26
26
26
784
26%
27
*92)2
93)2
93
93
93
93
*3%
334
*3%
3%
3%
13)4
23s
*2412
13%
2%
26
190
192
64i2
13
*214
*23%
192
65i4
6234
7%
37*
778
77g
53)8
138
12 ig
49
31%
33U
2734
*95i2
5234
*3)2
4
4
4
7%
7%
8
8
734
53%
138
44%
12%
4334
5%
434
3H2
33%
934
IOI4
20%
934
20%
*20)4
*124
mmm
*74
j»
*124
9%
75
77
m
19
9%
9'4
*18%
*10
*82
10%
20%
*10
76
96
129% 130
*54
50
18
18
*119% 121
9
9%
12
*10
12
*90
98
*90
98
*90
*15)2
157g
*85
98
*85
1334
13t2
13%
8%
81%
38%
1234
9%
9)g
*80
81%
39
3834
127g
127g
25i2
25*2
*214
*24
2)2
2%
*37%
1834
41
2234
23
1834
*5
5%
*33l2
1934
15%
15)2
*85
98
13%
13%
13
1234
18%
23
*5
5%
27
27
27
27
24l2
24%
24%
5%
2434
*1H4
12
*20
*414
21%
10%
5%
32
32%|
2334
24%
16 >8
*10%
20%
16)2
*4%
5%
31%
24%
32%
24%
32 %
117
117
514
%
*115% 118
*115% 118
5
5
5%
5%
%
*%
%
)2
*%
2%
2%
2%
2i2
2%
106
17
17
35
42
42
*18)2
50)2
187g
50%
*107I2 108i2
9^8
56
35s
•
*19I4
9%
56%
334
20)4
109
109
23)2
23%
149)2 149)2
19)2
1934
55
55
32
32
*12714
2834
29"
43
35
35
'
*1)2
714
18%
134
7%
14
8
8%
*12
13s
*5
12%
1%
5%
7
*10
35%
2)2
18
5
5
24%
*11%
*20l4
*11
21%
*3%
*19%
109
23%
20%
109
2334
5434
31
31
28
42%
*18
3434
1%
7
*12%
8%
1234
*1%
5
*334
4%
37g
5234
28%
175
*170
3%!
53%
3034
2884
35
15034 150%
19%
1934
634
14%
35%
7%
*52
*16
42
50
50%
5%
34
3434
*9934 IOU4
53s
127g
13
1278
13
5
23%
*4%
33%
24%
28
42 <8
42
18%
*18
3434
3434
534
38%
*17%
231s
5,300
*4%
18%
23%
534
1,500
Kress (S
4,100
Kroger Grocery & Bak .No par
Laclede Gas Lt Co St Louis 100
21%
18%
5%
21%
12%
21)2
17%
18'
5%
*4)2
.7
15
8%
13
*8
13
1)2
1)2
5
4%
6%
8%
%
1,300
2%
25%
4,900
12%
55%
5%
38%
5%
38%
57g
38%
300
Life Savers t orp._
300
107
107
107%
17%
36
36
2,000
45
45
600
172
*170
50
*9978 101)4
13
13%
9934
13%
13%
12%
13
35
1234
50l8
534
35
*5%
35%
8%
7,34
13%
*170
50
5%
35%
500
8
300
5,300
750
Feb
2
Modified 5% guar
1684 Jan 26
12
Jan 28
19
6
Feb
2
Co..—...1
27i8 Jan 24
384 Jan 30
46% Jan 27
27i2 Feb 23
60
51
3,200
3,300
36
36%
9984
9934
40
14
14%
14%
4,700
900
15,900
Martin (Glenn L)
—No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores... 10
Maytag Co..
No par
53 preferred w w
No par
50 1st cum pref
No par
McCall Corp
No par
MasoniteCorp
Jan
McCrory Stores
Def. delivery.
Corp.....—1
0% conv preferred
400
»
New Stock,
100
r Cash sale,
Mar
Dec
9
Oct
63)4
Oct
4i2 Jan
2214 Mar
4
2% Mar
1434 Mar
634
23)2
107i8
2I84
109
Mar
9
1
243s Feb 25
153i2 Jan 28
2C3sMar 10
58
Jan
3
33
Jan
5
125l2 Jan 27
84 Mar
92
June
1384 Mar
125
Apr
12% Mar
2978 Apr
7i2 Mar
16
Jan 17
133s Mar
134 Jan
5% Jan
5% Jan
6712 Jan
3
3
36
4
Jan
638 Mar 10
1714 Jan 20
1414 Mar 10
1005s Mar
Ex-rights.
9
July
Nov
Dec
Dec
154
Nov
195s Oct
57)2 Dec
.
Mar
32
11058 Mar
126
22
10
3
y
Nov
21i2 July
62i2 Nov
IIH4 Oct
Mar
11»4 Jan 24
984 Jan 26
x Ex-dlv.
Dec
26
Mar 10
Jan 13
Jan
9
37% Nov
102
50
Mar
99
3612 Maf 10
101
Feb 14
88
Jan
Jan
July
143a Nov
35% Oct
583s Nov
5
51
Jan
1)8
514
29
Jan
4418 Jan 26
93
Oct
714 July
I8I4 Nov
4084 Nov
IDs Jan 19
62
Feb 14
478 Jan 27
28i2 Jan 30
Oct
120
10334 July
17012 Dec
12i8 Mar
175
Jan
30% Dec
£2558
Aprj
33
54)2 Jan
10734 Mar
6
164
712 July
145s Mar
20% Mar
81i2 Mar
157
"
9
7
5
8i8 Mar 9
15i8 Feb 17
395s Feb 24
434 Jan 25
Jan
29
Jan
87* Jan 17
Martin-Parry Corp....No par
1334
100% 100% *100% 101%
40
ID4 Jan23
H4 Feb 20
300
6%
4
Jan 24
1734 Jan 20
40% Jan 5
7% Feb 10
1184 Jan 30
*172)2 175
s
2934 Jan 27
124
Marshall Field & Co...No par
2,300
2,800
t In receivership,
Jan 23
8,900
33,100
29
50%
618
48
3
4
14%
3534
29
1334
Bros....—..No par
1334
1%
5%
2934
100% 100%
Mandel
*1234
29%
36
*35)2
*9934101%
14
1334
13%
13%
Trucks Inc
100
Manhattan Shirt
.25
Maracaibo Oil Exploration.,1
Marine Midland Corp
5
Market St Ry 0% pr pref. 100
52
14%
Mack
t Manhattan Ry 7% guar. 100
29%
6%
No par
6
Mar
Mar
30i8 Jan 28
114 Jan 24
5i2 Feb 16
4%
5234
6
a
Jan
2084 Jan 26
Dec
Mar
81
Magma Copper
......10
Manatl Sugar Co...—
1
600
*4%
52%
*172)2 175
50) 2
507g
preferred
105
147i2 Jan
1534 Jan
5)8
25
8
1,200
1,200
1,000
4)8
52)2
5%
35)2
(P) Co—....—10
preferred
100
Louisville Gas &. El A_.ATo par
Louisville & Nashville..
100
Mac Andrews & Forbes
..10
Jan 26
1934 Mar
2314 Mar
247g Mar
37%
50%
......100
preferred
7%
314 Jan 12
193s Mar
678 Mar
4312 Feb
19% Jan
38i 2 Jan
184 Jan
4%
175
5%
Lorillard
Jan 27
IOI4 Mar
13i2 Mar
3034 Jan
30%
4)8
18
10
5
3
No par
25
Long Bell Lumber a
Loose-Wiles Biscuit
2,500
*1%
9
818 Jan
52
7%
13
»
Nov
37i2 Jan 26
52
37%
No par
7%
*12%
IO6I4 Jan
No par
preferred
Inc
Lone Star Cement Corp No par
Jan
17
22i2 Jan 26
14%
35%
*9934101%
1334
13%
*1%
1%
7
7
,*
8
Bid and asked prices; no sales on this day.
7
50.50
Jan 20
30
No par
37
1%
16
18
Mar
1073s Mar
2
4534 Jan 27
Mar
8i2 Mar
3% May
Jan 10
176
Jan 24
Jan 20
Jan
Oct
July
31% July
215a Nov
8
15
3g Dec
17S Mar
3
Dec
8
Mar
40
106
Jan 23
Jan 10
Mar
Mar
123s Mar
Macy (R H) Co Inc...No par
Madison Sq Garden
No par
18%
36%
1%
1%
39
Liquid Carbonic Corp..No par
Loew's Inc
No par
Loft
1
100i2 Jan 27
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
Link Belt Co..
No par
22
Mar
0% Jan
July
33s July
36
19i2
3
12i2 Mar 10
3214 Jan 4
5514 Mar 10
Jan 26
145g Nov
2238
Jan
Jan
61
30
Mar
95
6S Jan
14%
10)g
100
15>s Mar
2i2 Mar
Mar
3
5i8 Feb 21
IOOI4
173i8
10i2
29U
8
Jan
Mar
2784 Jan
103s Jan 28
2758 Jan 27
3
Feb
558 Jan
Jan 26
Jan
2638 May
25
Jan 26
36
Feb 15
35i2Mar 10
4is Jan 24
38 Jan 5
43
Jan
117
Jan 24
2
80
9
13i2 Jan 20
23i2 Jan 20
l8isMar 9
5U Jan 5
1934 Jan 26
22
Mar
12&8
12714 Jan 19
Jan 26
3
114 Mar
514 Jan 16
Jan 24
91
Apr
484 Mar
6i2 Mar
Mar
25
16
63
Dec
100
19
23»4 Feb 25
Jan 14
25
25
100
...
Preferred
19
Dec
10% May
16
18%
£7
Series B
0%
36)2
14%
175
500
18%
•
8
28%
1,400
*127%
36%
18%
3434
1234
*51%
3,900
4,700
1434
2834
360
"3 Mo
7)2
52
32
60
8,400
43%
18%
1234
*4
1,200
1,400
29%
43%
1%
100
65,200
4,900
42%
43
14
22%
9,700
29
29
1%
334
1,400
,
29%
43%
29
7%
*31%
5
Mar
4012 M ar
Jan 27
113
6
"
3134
....
14%
35%
4)8
5134
2834
3134
*127%
7%
50%
5%
35%
99%
13i2
*5)4
32
1434
36%
29
22%!
8
*334
52%
22%
334
22
107% 107)2 *107)2 109
2334
23%
23%
2334
150% 150%
1,50% 150)2
20
20%
20%
197g
55%
5434
55i2
55%
8
4
100
3034
.5
3034
200
•
44
1434
*1%
1,400
173% 173%
334!
443s Jan
Feb 15
4
Liggett & Myers Tobacco..25
107
334
8
8
Jan 11
92
2
14
Lehigh Portland Cement...26
4% conv preferred
...100
Lehigh Valley RR
50
Lehigh Valley Coal....No par
6% conv preferred...
50
Lehman Corp (The)
.1
Lehn & Fink Prod Corp
5
5%
107
36%
Mar
17U Jan 12
—5
Lee Rubber & 1 Ire
38%
-
106
*17
100
Lambert Co (The).....No par
Lane Bryant
..No par
Lerner Stores Corp....No par
106
175% *173% 175%
*17
17%
17%
preferred......
10
Libbey Owens Ford Gl.No par
tlbby McNeill & Llbby No par
106
*13
*13
900
,No par
700
*105
5
7%
14%
35%
14%
7%
300
5%
H) & Co
8,300
1,200
106
4%
1%
4%
3,300
32
2%
13%
1%
5%
8%
147g
13
10
%
12%
1%
„
2.200
*2%
53%
3434
1%
1%
10,600
34
32
'
7
100
25
53
*127%
28%
28%
42%
42%
18%
18%
3434
40
6,200
3H2
♦31
31 %
10% Mar
478 Jan 25
25% Jan 28
2084 Jan 3
Kresge Dept Stores....No par
24
52
3%
3%
20% 421%
108% 108i2
23% 23%
1484 Mar
13% Jan 11
2088 Jan 28
...10
27%
35
Jan 18
95
Feb 20
No par
preferred
12
31%
30
12
32
23%
*27
25
35%
2334
200
J5 prior
Oct
13is July
24i2 July
Dec
No par
Kresge (S S) Co
Mar
11
0is Jan 24
12
%
*42 %
3%
20%
130
51* Mar
12
24i2 July
123
100
9'4 Jan 27
1
Kinney (G R) Co
$8 preferred
Mar
J0i2 Jan 20
88
No par
...
Jan
1212 Mar
118
117s Mar 10
17s Jan 26
1,000
Oct
July
78
Q978 Jan 17
25s Jan
41
130
Apr
3
J3
2%
*2%
llli2
Jan
4984
4
2784 Jan
*38
Mar
74% Deo
Feb
Jan 27
100
4414 Mar
145s Jan
Jan 26
25%
12%
*16
17%
3512
*12%
97
1
10
*%
5%
4
Jan
22
*2%
25%
12%
38%
4
33*8 Jan 26
%
12%
ll*s Jan
23
Kennecott Copper
2%
31%
5134
.
784 Jan 20
10i2 Feb 10
834 Feb 1
100
100
..100
5% conv preferred
4
19i2 Jan
12134 Jan 20
Keystone Steel & W Co.No par
2534
106
42
1%
Southern
preferred
Kaufmann Dept Stores..
Jan
Kimberly-Clark.......No par
*%
106
7%
15
58
122
113x4
Mar 10
300
26
"
150% 150% *148% 150%
19%
19%
1934 ,1934
65%
55%
54%
54)2
31%
3
Jan 10
Mar
38% 128,100
1234
1,800
35%
24)2
24%
*115% 118
*115% 118
5
5%
5%
514
5%
5%
25%
100)2 100)2 *100% 101% *100% 101%
•
18
32% 33
2434 25
*115% 118
*107% 109
28%
52
50
3%
*19%
*127%
28)2
172
42
Jan
24%
*20%
18
17%
*4%
Nov
64
80
27
'
Jan
124
132
Kendall Co $6 pt pi A ..No par
534
23%
12
24
Apr
105
30
23%
27
27%
24
June
Jan 26
18,800
2%
16
20i2 Jan
Jan 26
9%
40)2
18%
1284 July
Feb 21
4%
Nov
83% Nov
Mar
51
Kansas City
18
Feb
8
87
15% Jan 28
117% Jan 27
Jan
IO84 Jan
6% Mar
128
10
6
48i2 Jan
30% Nov
3534 Jan
353s Nov
96i2 Dec
115s Oct
1178 Oct
63
100
Kan City P & L pf ser B No par
15% Nov
6278 Nov
Jan
100
81%
20
Feb
6
575s Nov
July
140
Feb
No par
934
37%
*12%
Mar
Johns-Manvllle
81%
127g
*47g
27
500
14%
14%
25
£25
41
100
42)2
42%
1834
1834
1834
18%
18%
18)2
18%
18%
18%
18%
51
49
4934
50
50%
50%
50%
49%
49%
49%
10734 10734 *107% 108)2 *107% 108% *107% 108% *10784 108)2
10
9%
10%,
934
10%
10%
9%
10%
9%
9%
57
£56
56%
56
55%
56
57i2
56%
50%
56%
*41%
1434
37%
14%
17%
35%
1,100
9%
20
June
79
Kalamazoo Stove & Furn
Mar
Jan
1434
8
Kelsey Hayes Wh'l conv cl A.l
Class B
1
41
3034
1234
13
23%
106% 100)2 *106% 107% 107
*175
175
175
175)2 *175
*127%
*42)4
I8I4
*13
*105
150
Mar
12
125
Preferred
Mar
Mar
46i2 Mar
5i2 Feb
Jan 27
Jones & Laughlln St'l pref.
Mar
28
9
Feb 23
Jan 26
10%
9%
2534
49%
5%
*37%
176)2
*9
*18%
1434
*81
40%
*31
35
,
10%
83%
1734
12
.
1,200
18)2
Jan
414
18%
214
28i2
1912
70
83%
1412
23%
50
107% 1073s
400
3678 Mar
120
50
55
120% 121
11%
*2%
40%
18%
23%
31
*175
9%
1934
11%
1434
*2%
*36
12
*105
2,600
98%
129
54%
18%
198s Feb
Mar
132
No par
preferred....
7,700
50
534
98
129
No par
1
9is
478
1178
Jewel Tea Inc
J6
98
31
*37%
300
Corp..*
1047S
......1
10
*87
12%
*105
Island Creek C oal
70
Mar
37S
80
Jan 26
77% Jan 9
9i2 Jan 26
98
50%
6
Intertype
700
79
11
100
300
3
958 Jan 19
978 Feb 28
778 Jan 27
No par
Preferred
*87
31
38%
Foreign share ctfs
Interstate Dept Stores .No par
May
684 Mar
Feb 10
92
185
2
Mar 10
31% Mar
29
Mar
3% Mar
353s Jan 21
4
Jan
778 Jan 26
Inter Telep & Teleg--.No par
10%
79
84
Kayser (J) & Co
........5
Kelth-Albee-Orpheum pf..l00
12
106
3I84 Jan 7
22% Jan 27
60
100
100
31
*37%
80
No par
Shoe
preferred,...
Mar
48
34
Jan 12
Mar
141
5484 Mar 10
International
International Sliver...
2
Feb 17
6
Apr
15
6I84 Jan
29
20
20
5584 Jan
137
663 July
10i8 Nov
98
£130
Mar
1434 Jan
No par
90
*124
*78
....100
preferred
400
4934
5%
534
377g
10%
*10
Jan 11
Mar
67s Mar
4O84 Jan 26
3% Jan 23
39i2 Jan 9
11%
31
12
934
143g
14%
*81%
20
29,500
5,900
3,400
Jan 20
Mar
June
2
814 Jan 5
484 Jan 12
8% Jan 5
International Salt
7%
9%
9%
90
125
1,200
3,600
5%
15
6058 Mar
3
1938 Oct
6)4 Nov
978 Nov
34i2 Nov
80
I6234 Mar 10
Jan 24
Nov
Apr
278 Mar
4
Jan
Sept
95
358
Jan 20
Jan
146
7i8 Mar
IO84 Jan 26
15
5% conv pref
100
Internat Rys of Cent Am.. 100
15%
5078
5%
37%
12
25%
934
14%
700
195
40
*.100
Inter Paper & Power Co
820
3134
100%
9%
Preferred
Jan 27
134
Int Nickel of Canada..No par
100
31,100
15,900
2,600
1
98
50i2
25%
31
*96
25,900
Mining Corp
Jan 20
Jan 20
1597s
68s
3%
7%
Int Mercantile Marine.No par
Internat'l
Jan 20
52
100
600
Jan 27
Feb
66)4 June
93i2Mar
4i8 Jan
1534 Jan
318 Jan
275]} Jan
9
Jan 20
No par
Preferred
Int Hydro-Elec Sys class A.25
1134
31
'
25
Internat'l Harvester
400
Jan
173
Int Business Machlnes.No par
98
12%
5%
25t2
Internat Agricultural..No par
Prior preferred
100
*15%
*2%
25%
*1134
*214
25)4
No par
15
*24
5%
24%
lnterlake
98
38%
12%
*4]4
No par
Jan 25
91%
2%
10^4
2%
2234
Mar
135
918 Mar
28i2 Jan
6% Jan 25
23
100
0% preferred
Intercont'l Rubber
15
9%
26
32%
24%
,
t Interboro Rap Transit... 100
Interchemical Corp....No par
10% July
308s Aug
119% Dec
60
Mar
5
Mar
143s Mar
~
9458 Jan
1714 Jan
4% Jan 14
*90
*81
21%
17%
16%
1
15%
14
39%
*20
InHuranshares Ctfs Inc
900
20
98
*10%
Jan 20
98
*85
12
10 >8
Jan 20
12
9%
*18%
1034
13%
20)2
Jan 10
79
Iron
4
Feb
150
8
125
98
12
151
100
No par
....
Highest
$ per share S per share
29i2 Jan 16
Inspiration Cons Copper...20
6% preferred
Inland Steel
*90
24%
18
23%
Jan
4
9%
*10
79
119
8
317g
14%
*81%
10%
20%
Jan 23
*15
12
24
18
23
-
9%
14)4
15%
*27%
*36
7,100
65
100%
9%
9%
90
98
2%
40%
18%
23%
5%
27%
*214
2%
41
6534
16284 16234
7%
7%
Jan 25
105
9%
19%
1034
9%
*18%
9
*25
20
100
2,100
17,400
24
No par
4
96
97%
97%
97)2
12834 12834 *12834 129
5634
*54% 59
*54%
18
18%
18%
18%
*120% 121
*120% 121
83
38%
39%
*77%
9
834
200
25
195
6% Jan 27
10
Lowest
Highest
5 per share
8
Jan 6
5 per share
No par
8
3134
9%
20
*80i2
9
81%
*20%
76
*94
75
10,400
Indian Refining
Industrial Ray on..
Ingersoll Rand
4
*96
*125
*124
*18%
*10%
15%
9%
13%
14
*20%
31
100%
9%
90
*10
10%
18
*18
18
18%
*11912 121
*119)2 121
9%
30
*96
14
96
95)2 95%
9534
*12834 130
*12834 130
*55
55
55
5778
19
31
*81%
20%
—
33)2
31%
100%
9
9%
9%
9%
1334
m
50%
29
90
±
5
♦96
9)8
9%
13%
*81)2
44%
33%
28%
100
834
12%
50%
31%
13%
2%
2%
400
54
5434
5318
54%
54)4
5334
137
138
*135
136% 136)2 *135
13
13%
12)4
12%
127g
127g
45
4534
47%
44%
4534
45%
6
5
5%
534
6)4
5%
50
5484
51%
51%
51% 52
33
*32 '
32
3l3g
31%
32%
34
34%
3334
34)2
*33% 3334
53%
53%
*130I2 138
12%
170
3%
195
7%
500
93
*23%
64% 66%
*161% 162%
378
27
3%
13%
2%
26
19334 195
7%
*3%
61
*81 )8
162
7%
1384
7%
31%
33%
6434
13%
*2%
*23%
2,600
22,700
1,800
2,100
5%
784
*26%
92)2
3%
7
49%
28
*2%
2%
*23% 25%
193% 195
64% 66
2334
193
7%
3%
8%
5
*96
13
13%
2%
3%
13%
162
12%
4334
98%
914
9%
14)4
3%
7
3%
*135
8
7%
7
*734
28
913
9%
14is
63
8
*10O)2 162
7%
31)2
33%
5
193
65%
12i2
44%
514
49l2
44
*2%
2334
26
193%
6%
53%
*136
13
13%
2%
16138 1613s *160)2 162
7)8
37g
8
91%
15%
5%
30
•»
92"
89%
15%
26
700
15%
91%
14%
*4%
2,500
92
89
15
5
7
26%
*151
■
91I2
4%
600
7
26%
27
110% 111%
Par
Range for Previous
Year 1938
lOO-Share Lots
Lowest
11134 11134
7
26
27
111
*151
Range Since Jan. 1
On Basis of
Week
$ ver share
1434
5)8
85g
2034
93)2
3>8
EXCHANGE
S per share
90)2
*47g
8%
*25)2
9234
STOCKS
NEW YORK STOCK
the
CENT
Friday
Mar. 10
Thursday
8
$ per share
7
7
*034
634
634
263s
26)2 20)2
26%
26%
112
llll2 *109
*110% 112
*6%
26)2
111
SHARE,
Wednesday
Sales
for
Saturday
1439
Mar
1814 Mar
84 Mar
4% Mar
684 Mar
2% Mar
9
Mar
li4 Mar
4*8 Sept
683 Dec
5)2 Mar
14>8 Mar
2'4 May
25
Mar
1984 Mar
156
Aug
2812 Mar
3% Mar
32i2
49is
19%
40)2
2%
1038
20)2
10%
10
284
7)2
16
Dec
Jan
Nov
Aug
Oct
Nov
Oct
Nov
Jan
Nov
July
Jan
Jan
Aug
147g Nov
378s Dec
7is
01
Oct
Oct
307g Nov
105
Feb
53
Oct
163* June
77g Aug
28)2 Dec
75
Apr
97
Dec
884 Mar
16
Jan
6
Mar
133s Nov
01
Mar
92i8 Nov
KCalled for redemption.
New York Stock Record-Continued—Page 7
1440
LOW
SALE PRICES—PER
AND HIGH
SHARE,
NOT PER CENT
Range Since Jan. 1
STOCKS
Sales
On Basis of
NEW YORK STOCK
Tuesday
Monday
Saturday
Wednesday
Mar. 4
Mar. 6
Mar. 7
% per share
$ per share
$ per share
20%
20%
6734
67%
67%
15
15%
9%
1434
9%
15
10
9%
10
Mar. 8
t
share
20%
*9%
57%
58
15
15
15
20%
10
$
per
21%
*9%
21%
21
10
58%
*9%
68%
15%
15
10
9934
*9434
10%
69%
10%
•66
*66
09%
*66
10%
69%
*66
9%
9934
10%
69%
*55
60
*57%
65
*57%
65
*55
67
*55
67
55
*53%
5%
55
55
55
*54%
5%
55
27
27
27
27
17%
16%
16%
38
38
38
10%
10%
55
55%
65%
5%
9984
5%
5%
5%
27
27
27
*16%
38%
1034
15%
27%
9%
18
*16%
27%
18
39
38
1034
10%
1534
27%
27%
5%
*63
*51
54
*%
*%
*%
%
*13
*13
13%
2
♦1%
54
*%
*%
*%
%
%
7%
7%
%
7%
*34
138
,*%
1%
*15%
98%
1%
*15% 16%
98% 98%
*117% 118
118
62
52%
52
*38
39%
35%
16%
*38
36%
16%
15%
35%
16%
15%
*25%
15%
2534
*25%
6
0
6%
41
41
14
1034
%
•
%
2
*%
%
%
13%
*%
1334
2
2
41%
14
14%
62
*15
*92
5%
1,200
15
15%
*92
*92% 100
*163
15%
100
*15%
14%
2
5
8*4 Jan 26
Mid-Continent Petroleum,.. 10
Midland Steel Prod
No par
150
3,300
8% cum 1st pref
..100
Minn-Honeywell Regu.No par
135s Jan 26
20% Jan 26
1075s Jan
2,900
Minn Mollne Power lmpt..
%
%
%
*92
23
23
*22
23
*22% 23%
23%
23%
23% 23%
2334 24%
12%
12% 12%
12%
12% 12%
15
15
15%
15%
15%
15%
*113% 11434 *113% 11434 11434 11434
*113% 114% *113% 114% *113% 114%
7%
7%
*7%
7%
7%
7%
*0
6%
*6%
6%
0%
6%
20% 2634
2738 2734
26% 26%
17
*15%
*15%
1634
*15%
1634
15%
15% 15%
15%
15%
15%
*103% 105% 104% 104% *10312 105
8%
*110
8%
118
120
8%
*8
*110
118
*110
61%
1
1
120
120
3%
3%
%
*62
63%
%"
3%
%
118
400
Mo-Kan-Texas RR
60#
600
3,100
15%
114
114
1384
■
3%
%
*3%
*%
*61
%
334
*%
13%
h
3%
*%
14%
81%
4,100
2,500
29,100
14%
81%
400
6,300
1,700
41,000
17
25,500
500
106
13,700
400
110
3,600
37,400
5,800
7,000
1,400
200
%
3%
*%
13%
*110
111
*110
*7%
22%
111
8
*110
111
8
8
111
22
*47
50
*47
50
*48
50
22%
22
*42%
*115
12%
50
*48
23%
143% 143%
12%
12%
*20
22
*20
22%
*20
22%
45
*42%
45
*42%
45
*42%
45
+.
*115
6634
66
Ll
66%
6%
*3
«
684
6%
3%
3
*14%
15%
6
*5%
11%
11%
33
3234
48%
48'4
13
*12%
125% 126
*13
*5
143
12%
684
3
1434
65%
6%
*3
*13
*5
6
11%
32%
11%
32%
*11%
47%
1234
48
48
1134
33%
48%
13%
13%
14
33
*
126
126
*126
*149
150
*149
*21
22
*21
126%
14934
22
66%
6
6%
3%
1434
*3
*5
11%
33%
48%
1334
6
*20
13
108
Jan 23
165
Jan 14
27% Jan
169% Feb
preferred A
preferred B
..100
100
.
National
Steel
Corp
25
National Supply (The) Pa.. 10
$2 preferred
40
5H% prior preferred... 100
6% prior preferred..... 100
...
1
June
127
June
1S78 Jan 26
27%
Jan
9% Mar
8112 Jan
15% Jan
44% Mar
3
20
178% Oct
145% Sept
28% Nov
9% Oct
8134 Nov
13% Mar
2:7% Jan 30
68i2 Jan 27
5
July
Mar
23
Feb
Jan
3
18
Dec
30
July
59% Jan
3
55
Dec
82
July
70
Feb
75
Feb
4% Jan
11*4 Feb
7
8
2% May
7% Mar
24
Jan
6
14% June
Mar
"7
Jan
6
99% Apr
10834 NOV
17% Jan
4
9% Mar
3584 Jan 26
1I58 Jan 26
Feb 23
ie
52*8 Mar
4
338 Jan 26
Jan 21
10
1978 Jan 27
0
12% Sept
58
36" "Feb "8
108
Jan 9
1278 Jan 26
„
¥9%
110
Apr
28
Mar
,
4%
Jan
12% Aug
26
July
71
Nov
40
Jan
Mar
23
Dec
6% preferred series A... 100
NYC Omnibus Corp..No par
New York Dock
No par
27% Jan 28
38
4
1238 Mar
38%
Jan
32% Jan 14
25g Jan 25
43% Feb 25
18
Mar
3734 July
384 Feb 28
2
Mar
4,400
220
320
50
1,100
•
200
3,700
70
500
50
61,600
2,800
34,200
50
28,500
300
5%
No par
7
Jan 27
..50
111
Jan 17
10% preferred..........50
120
preferred
N Y & Harlem..".
N Y Lack & West
Ry Co..100
JNYNH & Hartford.
100
preferred
20
12,800
6.300
5,900
Mar
90
133
June
198
Jan
110
100
Mar
110
Dec
6% preferred series
i.50
North Amer Aviation.-....-l
Northern Central Ry Co...50
1434 Jan 24
.82
Jan 3
88
Northern
1058 Jan 24
100
North'n States Pow Co $5 pf. 1
Telegraph...50
Norwalk Tire & Rubber No par
22% Jan 26
6% preferred A
1.100
Oppenhelm Coll & Co..No par
Otis Elevator
No par
6% preferred
100
Otis Steel
55.50
..No pa
conv
..No par
100
Owens-Illinois Class C..52.50
Pacific Amer Fisheries Inc
5
Pacific Coast
10
6%
3%
4,800
60
1st preferred
No par
5
30
2d preferred
No par
12%
800
3434
4834
49
11,000
2,400
14
14
14
13%
13%
3,600
320
80
100
Def. delivery,
Feb 24
384 Jan 26
Oliver Farm Equip
No par
Omnibus Corp (The)vtc No par
14%
34%
30
4
85g Jan 27
Preferred
*12%
1025s Jan
par
No
3,300
12%
Jan 23
33% Feb 20
67
48%
55
50
.'
Outlet Co..
33%
Jan
1484
Pacific......
....
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
.25
Pacific Ltg Corp
No par
Pacific Mills
.......No par
Pacific Telep A Teleg
6%
h New stock,
(sp stk).No
r
Cash sale,
20% Feb 27
57"
Jan
9
1934 Jan
3
MarlO
1334 Mar
4534 Apr
5% Mar
75
June
Jan
4
038 Mar
107% Mar
7
92% Sept
32% Jan 18
25
May
Nov
9
83% Apr
8% Jan
4
3
1384 Mar
4018
Jan 24
114U Jan 26
60
Jan 12
5% Jan 27
3
Jan 13
30
27% Jan
143% Mar
15
8
60
10
22% Aug
45
9
Jan
6
114% Jan 26
Jan
3
7% Mar
2
3
70
3% Jan
4
105s Feb 17
12% Jan 6
3484 Mar 10
41'8 Jan 30
49
lli8 Feb 23
Ex-dlv.
y
5
Mar
39% Apr
115
Apr
40
5%
Mar
Dec
2% Mar
10% Mar
334 Mar
9% Mar
MarlO
z22% Mar
32% Mar
Jan 20
9% Mar
14%
3
Nov
6% Mar
Jan
Jan 30
Nov
30% Apr
6
Jan
10 '
29% Nov
147
5
5
2158 Jan
Jan
111% Sept
4
Jan
121
122
Mar
Jan
16
Jan 13
4
Jan
Feb
1934 Nov
54% Jan
22% Jan
1212 Jan 26
484 Feb 10
28
Sept
Sept
112% Mar
2:19% Jan 24
35
14%
32%
Jan 23
Feb 18
Dec
5
104
1012 Jan 26
Jan
103
41
3
48
Dec
14% July
138 Mar
6
Jan 13
9384
1234 Mar
Jan
Jan
140
20
4
434
20% Mar
6% Jan 27
*20% Feb 23
26% Oct
57% Dec
3934 Jan 19
10% Jan 5
Jan 26
144
t
6
15
100
par
-
8% Sept
19% May
7% Mar
100
preferred
Pac Tin Corp
Dec
38
195% Mar 10
78% Jan 25
2158 Jan 13
Ohio Oil Co
7% July
1% Jan
163s Dec
Jan 10
120
12%
% Jan
434 Mar
Jan
Jan 25
200
48%
1
16% Jan
89% Mar
03% Nov
234 Jan
168
Co
Preferred
pr
June
% Dec
2% Mar
109
45
10
54
Jan
1134 Mar
Apr
120
110
Mar
1% Jan
4% JaD
10
Northwestern
"2",300
Mar
Mar
100
100
Adjust 4% preferred
American
5% Mar
101
434
...100
Norfolk & Western
North
6
62
i2 Feb 17
IO84 Jan 26
7%
Jan
120
.100
preferred
9
118% Mar
7
JN Y Ontario & Western.. 100
N Y Shipbldg Corp part stk._l
Conv
Jan
Jan 19
Mar
55
78 Feb 15
31s Jan 26
_w.
22%
a
154
Feb
145
31
17% Mar
H.2Q0
*42
$ In receivership,
3
Mar
3%
22
Oct
Mar 10
Mar
*20
*21
1634
7
10
149% 149%
Nov
20% July
10
1,300
127% 128
30
Apr
Mar
20
1st pref..No par
Outboard Marine & Mfg
5
5
4
4
100
5
18% Jan 10
16% Jan 4
Mar
Mar
Mar
4
No par
6,700
6%
4
16% July
115% Nov
113% Oct
10% Oct
634 July
Mar
Mar
5
Brake.;
13
*3
4
6% Feb 17
11% Sept
106%
105%
3%
3%
17%
11%
Oct
23% Jan
Air
Yoik
50
67
3
Jan
8
2812 Jan
-
25%
22% Jan
Y.
*47
12%
13784 Jan
Oct
Nov
47% Jan
1
%
7%
0 %
Nat Mall '& St'I Cast Co No par
National Pow & Lt
No par
Nov
Jan 26
100
14
10
168%
Jan 26
160
14%
22
Feb 10
22
Lead
28
Jan
July
12% Jan
29
Nov
14% Nov
14% Dec
16
110
6%
149%
102
National
„
16
1,000
5,100
14%
22
Jan 24
...
54
Mar
Mar
Central....No par
*115
127% 127%
12
Gpysum Co
..1
54.50 conv. pref erred. No par
Oct
30% July
Nat
.10
No par
15% July
62%
110% Dec
10% July
Sept
12% Mar
534 Jan 26
4i2 Jan 13
235s Jan 27
15% Jan 27
No par
Jan
N. Y. Chic & St Louis Co.. 100
8
14
*149
Jan 20
preferred
Apr
15% Mar
150
Oct
8% July
64%
New
33
22
Dept Store
6%
Nat Distillers Prod
Mar
20
9
5
3
16U Mar 10
117i2 Jan 5
113i2 Mar 3
2
Feb
109
32
Mar
26
94% Nov
7
1234 Mar
12% Jan 13
111
N.
2334
68
5
Nat
par
..100
Mar
23% Mar
26% Jan
21 fs Jan 26
12
Feb 10
;_.100
pref class A
10% Mar
8
Oct
383s Aug
40% Nov
2234 July
17% Nov
Mar
Mar
Jan 26
Dairy Products...No
54%
22% May
25
Dec
117% Sept
76,600
4,700
114
67%
6%
*3%
3%
Nat
Mar
65
20
1
110
Jan
25
92% Jan 25
Corp newNo
No par
Mar
May
111
Jan
19
Jan 13
Register
3%
11% July
23g Jan
3% Jan
20% Nov
19% July
48% Nov
2134 Nov
8
,
*
Cash
1% July
1734 Jan
10% May
92
National Cylinder Gas Co
Dec
May
Mar
Mar
Mar
Jan 17
100
w w
1,000
-
142% 1423,
4934
22%
42%
Nat
175
15% Mar
4% % conv serial pref... 100
Newberry Co (J J)....No par
5% pref series A
..100
Newport Industries..
1
-
23%
143
Nat Bond & Share
163
13ig Jan 26
Nelsner Bros Inc
48%
Bid and asked prices: no sales on this day.
1234
4934
*111
8%
23%
Nat Bond <fc Invest Co.No par
No par
11%
33%
126% 126%
149% 14934
"21
143
112%
*115
66%
*13
8%
23%
42%
*115
66%
6%
3%
1434
6
22
*21
143
*115
67
150%
*149
2234
100
No par
*
8
8%
8%
2284
22% 23
*142
145% *142
145%
1234 12%
12% 12%
pref:.
cum
Natomas Co
"
111
7%
Jan
914 Jan 20
Jan 24
Mar 7
Jan
6
4
23 is
Jan
Mar
Mar
1584 Mar
5
..10
Oct
84
1%
37%
684
7%
8%
14% Jan 3
28is Mar 10
1
Corp..
Biscuit
72%
Feb
Dec
5
108s Jan 26
National
Mar
%
%
%
10%
1%
484
Mar
4
National Acme—
35
4
25i2 Jan
Nat Aviation
July
Apr
18*8 Jan 28
1184 Jan 28
100
Oct
Nov
8
95
Nashv Chatt & St Louis
61
92
6
9ig Jan
Jan 26
7% Jan 28
Jan
Apr *117
9%
Feb 15
48
~6~900
1
63"
14%
68a Jan 27
Jan
July
Mar
49%
100
3434 Mar
64i2Mar
110
111
4
My era (F & E) Bros... No par
Corp
..5
Nash-Kelvinator
National Tea Co
""166
*112%
*%
10
500
8%
80
81
81
81
84
*80
84
*80
83
*81%
187
*186
193
*190
195
189% 190% 190% 193
195% 195%
111
*109
111
*109
111
109% 109% *109
*109
110
109% 109%
26
25% 26%
25%
25% 26%
2534 26
225% 26%
2534 26%
56
56
56
65% 55%
5534
55%
56%
255% 5534
5534
55%
18%
17%
18%
18%
17%
17%
18
17%
18%
17%
17%
17%
*86
88
88
87
*86%
87
88
*86% 88
*87% 88
87%
12%
1234
13
1234
12%
12%
12%
12%
12%
1234
12%
13%
*106% 10734 *107
107% 107% 107% *1O034 107% 107
107
*•107% 10734
32
*31
32
*31
*30% 32% *31
32
*31
33
32%
*31%
4
#4
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
38
*35
36% 37
*3518
37%
*35%
*35
*35%
37%
37%
37%
9
9
9
0
9%
9
9%
9%
9%
9%
9%
9%
20%
27% 27%
2634 27%
27%
27% 2734
27
27%* 2734
27%
20
20%
19%
19% 20
1984
19% 20
19% 20%
19%
19%
*8%
22%
Murray Corp of America
900
1,400
119
*61
Jan 27
Jan 10
Oct
30% Nov
11% Mar
His Mar
11% Feb 20
52
108
5
Mar 10
Nat Enam & Stamping.No par
16%
1
44
Jan 28
.100
5% preferred
300
9,400
8
36
No par
Murphy Co (G C)
7%
3,700
7%
187
*ao
preferred...No par
Munsingwear Inc.....No par
Jan
Jan
7% Jan
514 Jan 23
57 conv
7% pref class B_
6%
*116
334
30
70
10
63"
16is Mar 10
Jan 26
40
28%
'
Mar
36% Mar 10
19
1434
22%
Apr
10
Jan 27
1
76
07
119% Jan 17
543s Mar 10
Jan 27
Co..
5% pref series A
6%
106
2% Jan
39
47% July
Dec
1% Dec
175S Jan
111
Jan
Jan 25
Dec
7% Nov
%
14
100
""200
Jan
13
500
27%
*16%
8%
119
*112%
~
1
*334
14
200
15%
12%
27%
8%
62
1
%
14
w.
62
6,800
113
934 Jan
21
100
1634
8
*112%
63%
%
3%
%
14
8
700
2,700
Feb 15
147g Jan
23g Jan
Mueller Brass
Mull Ins Mfg Co class B
940
MarlO
i2 Jan 12
1.15i2 Jan
Dec
I684
4
4
Motor Products Corp..No par
5
4,500
28
6*4
...50
Motor Wheel
15%
7%
7%
7%
7%
*6%
0%
*6%
6%
28
27% 27%
28%
17
17
*16%
*15%
16
1534
15%
1534
104% 105% *104% 106%
Essex
2,200
3,600
1,500
12%
27%
113
No par
32
370
113
preferred
54.50
30
534 Mar
% Jan 31
Jan 24
May
June
12% Mar
15% June
Feb 28
1
Nov
57% July
2684 Mar
6% Jan
1
73
14
85i2 Jan
54
Oct
Jan
11
Jan
112
li8 Feb 3
141s Feb 21
96
Morris &
24%
15%
12%
28%
113
112% 113%
20
Monsanto Chemical Co..-M0
100
*23%
*23
23%
23%
23%
24
24%
24%
24%
12%
12%
12%
12%
15%
15%
15%
16%
*112% 11334 *112% 11334
100
100
Jan 28
80
32% Apr
3% Mar
112i2Mar 10
Jan 16
300
2434
*91
100
29
47g Jan 26
49% I eb 23
% Jan 3
*8 Jan 31
88 Jan 26
125s Feb 27
1% Feb 18
6% Feb 21
84 Jan 12
Montg Ward & Co. Inc.No par
Morrell (J) & Co
.No par
45,900
14,300
100
7% preferred series A
69
110
Feb
39% Jan
125s Jan
16% Jan
4
44% Jan 26
34
Jan 26
8%
12%
10
No par
J Missouri Pacific
5% conv preferred
Mohawk Carpet Mills
10
109% 109%
7%
8%
50%
50%
60%
8%
100
Mission Corp
500
8%
*91
23%
24%
12%
15%
2334
12%
109% 109%
8
7%
118% 118% *116
120
*62
1
%
14%
14
4% leased line ctfs
"
2
166% 166% *166% 169%
*15
15%
215%
1534
100
*22%
8%
118
•
61%
mi
14
*38
40
*39
40
*39
40
*38% 40
40
39%
39%
*39%
*106% 108
*106% 108
*106% 108
*106% 108
*106% 108
*106% 108
15
15%
14%
15%
15%
14%
15%
1434
15%
1538
15%
15%
45
45
45 '
45
44% 44% *43%
44%
44% 45
*43%
44%
20
20
20% 2034
19%
20%
20%
20%
20% 21
20%
20%
21 s4
22
21
21%
20% 21%
20% 21
2134 22%
21%
21%
30
36%
36% 37
35%
37%
35% 36%
36% 3734
37%
30%
41
41
41% 42%
41%
42%
4134
42%
42%
42%
42%
41%
334
3%
3%
*3%
*3%
334
3%
3%
3%
*3%
3%
3%
*8
T-
m
No par
JMlnn St Paul & S S M...100
7% preferred
100
2
23%
23% 24
233g 2334
23% 24
24% 2434
2434 25%
166
*166
166
*165
169
166
166
166
166
169%
*163% 170
*140
142
142
*141
142
142
*140
142
*139% 142
142% *140
24
25
25
25% 25%
24%
2434 2434
25%
2434 25
25%
9
8%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
77
77
77
7634 76%
7634
7634
77%
77%
77%
7734
77%
13
13%
13%
13%
12%
13%
12% 13%
12%
13%
12%
13%
18
18
18
17%
17%
17%
17%
17%
17% *17%
17%
17%
53
53
'54
*53
62% 52% *51% 5484 *50% 5434 *52% 53
*52% 74
74
*52% 74
74
*52% 74
*52%
*52% 74
*52%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
334
*11
11
11
11
11
11
11%
11%
11%
11%
11%
11%
22% 22%
*21% 23
22% 22%
23% 23% *22% 24%
22% 23
*68
*68
*68
*68
*68
73% *68
73%
73%
73%
73%
73%
*1-16
»
M
14
23%
'
«
preferred..
56.50
300
54
*%
*%
*%
%
4% conv pref series B...100
Jan 27
34
Nov
1534 July
Apr
50
6% Jan
28% Jan
16% Mar
Miami Copper
2
15%
434 Jan 26
24% Feb
13% Jan 25
5% conv 1st pref.:
634 Mar
55
55is Mar
3,000
2,200
34
14%
107
58
Jan 26
0,800
100
103
Jan 19
11%
%
95
51
1,200
534
Apr
49
38%
5%
70
7034 Jan
Merch & M'n Trans Co No par
Mesta Machine Co
5
53%
26%
3
60
Mengel Co (The)
20% Nov
12% July
Oct
Jan
11% Nov
Feb
No par
Mar
Mar
3
Mar 10
12
9i4 Jan 27
Jan
7
5
..1
Melville Shoe..
4,600
163
88
10
35% Mar
13% May
MarlO
10
69
20
54
%
8%
100
.No par
$6 preferred series A .No par
450
11
53
2
24
preferred
conv
Mead Corp
Jan 27
17%
5%
1334
*49
...1
87g Jan 30
10
16%
29
28%
111% 112%
7934
80%
38%
11%
*%
*%
*%
109% 10934
734
734
*49
50%
8%
8%
24
24%
15%
15%
12%
12%
26% 27%
10
Stores
55.50 pref ser B w vr.No par
"800
55
7%
7%
734
7%
7%
7%
7%
7%
84*
;
*34
%
*34
%
%
%
I3g
*1%
*1%
1%
1%
1%
1%
*1%
16
15%
15%
16%
15% 15%
15% 15%
99
99
105
98%
98%
99% 101
103%
105%
118
*117% 118
*117% 118
*117% 118% *117% 118%
53
52%
52%
52% 5334
53%
53%
54%
54%
*38
39
39
*39
40%
39%
*38% 39%
40%
30
35%
35% 35%
35%
3534
35%
36%
36%
16
16
16%
15%
16%
16%
16%
17%
16%
10
16
15%
16
15%
15%
15%
15%
16%
25
25
25%
27%
26% 2034
25% 26%
27%
6
6
6
6
6%
6%
6%
6%
634
41
44
41%
41%
41%
4184
42%
4134 4134
14
14
14
14
14
14
14%
13%
13%
63
64
64
62%
62%
*64
62%
64%
6434
15
100
6%
-
%
1%
16%
165
15%
53
%
«.
20
7%
*162
166
5%
*.
4,000
111% 111%
77%
81%
*111% 116
*111% 116
5%
54
J,
w.
67
*16%
*38%
16
%
*109% 10934 *109% 10934 *109% 10Q34
7%
734
7%
7%
7%
734
*49
50% *48% 50%
*48% 50%
8%
8%
8%
8%
8%.
8%
23
2434
*23% 24%
23% 23%
1534
1534
1538
15%
15%
15%
12
12
12% 12%
12%
12%
26
2534 26
20%
25% 2534
*162
11
99%
27%\ 2734
17%
28
%
54
9484 Mar
12
69%
1534
76
Jan 13
IHH
28
5%
*52%
*%
133s Jan 27
734 Jan 26
1838 Jan
McLelian
69%
15%
75%
McKeesport Tin Plate..
3,000
*9434
28
*111% 110
6*8
5,000
10
69%
5%
27%
22% Jan 21
1034 Jan 5
59% Mar 10
50
9934
11%
*26%
*16%
1
Mclntyre Porcupine Mines..5
11
54%
5%
Co
Elec
McGraw-Hill Pub Co ..No par
♦68
*55
McGraw
300
9%
38
111% 111%
2,600
Highest
$ per share $ per share
5 per share
5 per share
18% Jan
0,100
10
934
11%
15%
*27%
76
*%
*%
*<%
13%
*1%
%
534
21%
Range)or Precious
Year 1938
Lowest
Highest
Lowest
Par
59%
15%
„
63%
♦63
1534
5%
*52%
13%
*1%
*5%
11
1534
*11134 116
584
*9434
10%
27%
27%
111% 111%
76
70
76
75% 75%
*111% 116
♦111% 116
5%
10%
1584
*110% 111% *110% 111%
684
38
11%
9%
5%
*16
38%
15%
2734
9%
99«4
Shares
57%
15%
934
*9434
20%
1434
*9%
*9434
10%
9%
*9434
Week
f per share
share
100-Share Lots
11, 1939
EXCHANGE
the
Friday
Mar. 10
Mar. 9
per
58%
20%
*9%
57%
20%
♦20%
•9%
57%
Thursday
Mar.
128
Mar 10
151
Feb 20
25%
Jan
Ex-rights.
7
87
15% Nov
Nov
52
Oct
115
Apr
76% Nov
11%
Jan
5%
Jan
21% Nov
9% July
15% July
30
Nov
Dec
19% July
43%
Apr
121
*132% Mar
17% Dec
149
Nov
30
June
^Called for redemption.
Dec
New York Stock Record-Continued-Page 8
Volume 148
LOW AND HIGH
SALE PRICES—PER
Sales
SHAM, NOT PER CENT
Mar
1
per
Monday
Mar
4
.
share
11
1078
7
.
Mar
4
15%
15
54
54
7
Thursday
8
.
4%
15%
684
4
S per share
11%
4%
the
Friday
Mar 10
$
per
15%
1,000
13.500
4.500
Pae Western Oil
Corp
10
Packard Motor Car
Jan 23
Jan 24
Paralflne Co Inc
102
102
250
4% conv preferred-—.. .100
Paramount Pictures Inc
1
11%
102
102% 102% al02
11%
1034
1084 11
96
97
96% *94%
11
11
11%
11%
*22
♦22
*22
-m~m
11%
11%
95%
95
11%
*22
"
.
2
*1%
*42%
*1734
*2%
9%
11%
*52%
85%
1%
17
2%
2%
9%
9%
11%
54
11%
*53
85%
1%
*1%
*4%
*15%
*122
...
23
2278
*26
22%
27
*114
m
37%
*3%
m
m
*26
»
*114
37
37«4
3%
4%
*13
34
30%
17%
9%
7%
40%
17
*9%
27
mmm
1%
*1%
484
434
3134
*4%
16%
*31
40
39%
*234
*43%
8%
*24%
40%
3%
*35
40
*234
*42
50
8%
*24%
*35%
8%
25
*.■
*— 115
*4
4%
4%
.•
•
*19
21
27
/
mm
mm
m m
*114
40
3%
50
10234
152% 152%
4%
*31%
3934
*234
5
21%
27
3%
50
38
*2%
39
32
3
3234
18
*17%
984
44
44
45
45
38
20
100
2
3%
%
*3%
3%
%
%
5,000
1,000
400
100-
8,300
*148% 154%
154.
4%
4%
40
*31%
4034
40%
3%
4%
25
38
*37
*
*2434
40
25
*37
3%
50
5%
5%
*60%.
65
mm
mm
*173
.5%
65
178
5%
*60%
*172
5%
20
65
5%
,
11,600
mm-Mmm
m
*60%
40
*18
mm
mm
m
m
178
*172
178
•
8
11%
734
8
,8%
11%
*11
1134
7%
*7%
11
8
11%
784
11
11%
05
500
......
6
600
65
——-
*172
178
*172% 178
8
8
8%
734
12
12
11% 12
.......
40
*35
40
*35
39
*35
39
39
39
30
*20
22
*20%
22
22
*29%
22
20%
20%
30
*30
31
*29
31
31
*20%
*30%
30
30%
*13%
*%
22%
8%
13%
13
14
13»4
30%
14.
430
,*%
%
200
*22
*8
22%
8%
1434
1434
*1%
*%
12%
12%
14%
*la4
*%
1134
*1%
%
*12
57
*115%
3578
9%
*87
80%
1434
*12
734
*80
6738
2%
19%
13%
*20
2%
19%
*13%
2%
19%
14
14%
21
21
16
46
.25%
20%
16%
10%
2434
2434
21%
'
*23
20%
*4%
*51%
8%
*8%
5
64%
8%
9%
11
*73
74%
72
*70
72
1%
22%
67
*63
20
14
75
1%
2%
20
*10%
15%
*63%
2%
1934
20
13
*73
22
.
56%
118%
36% 37%
56%
117
15%
1%
1%
21%
22%
*03
*20'
*4%
*51%
*8%
*8%
*10%
15%
5
04%
9%
9
IO84
1%
15%
74%
74%
1%
21%
21%
74%
*70
67
«03
65%
*62
66%
17%
*62
38
*30
38
77
77
76
77
*75
*50
55
*50%
55
*51
55""
12
12%
12
12%
85
*80
9
17
12%
*80
9%
38%
5434
8%
38%
54%
9%
*8%
9%
*15%
16%
9%
*8%
*15%
30
*28
38%
*53
30
*1
9
1%
39%
♦%
*1%
3934
*%
40
1%
*%
*1%
3%
*3
*3
%
9
*5
*1%
*%
II84
*1134
30%
56%
117
37
*%
22%
*8
9
14%
2%
•
%
22%
%
*5
17%
12%
85
9%
38%
54%
9%
65%
22%
64%
*62
17%
17%
64
*62
1734
Reliable Stores
4,000
38
31,300
300
......
2,800
......
*77
85
*77
85
54
*54
54%
11%
12
12%
12%
128g
1,700
86
*84
38%
54
54
*28l2
3%
*3
9
38%
*54
9%
9%
*8%
17
*16
29%
♦2784
1%
*7g
38%
*%
1%
9%
9%
9%
*8%
*16
1%
%
*%
£40
40
56
934
9%
17
29%
86
9
388s
*54
9%
*8%
29
%
*%
1%
*13$
3%
9
37%
37%
37%
38%
37%
38%
97
97
97
97
97
97%
107
107
107
*105% 107
112% 112% *112
16
*15% 16%
107
9%
9%
17%
2
*%
42
3
%
9%
38%
56
*16%
1%
41%
37%
Bid and asked prices: no sales on this day.
*84
1%
*5
9
*5
9%
3834
12%
3
%
1%
3%
86
97
111% 112
16%
10%
Remington-Rand
50
38%
40
Corp—.Wo par
Reliance Mfg Co—...—.10
30
54
5434
22
62%
17%
*32
37%
•
1*2
64
17
28
*32
97
16%
Rels (Robt) A Co 1st pref. 100
tReo Motor Car.
....5
Republic Steei Corp...No par
8% conv preferred
..100
6 % conv prior pref ser A. 100
Revere Copper A Brass
6
Class A.
10
38%
9
—.100
100
100
11,800
38%
9%
—
6
Preforred with warrants..25
38
*16%
......
Real SUk Hosiery
Preferred
Rensselaer A Sara RR Co—100
97
16%
10%
15%
400
*5
......
3,600
10,000
50
16,800
......
400
1.200
1%
4384
%
1%
3%
9
......
5,900
500
500
80
......
38
0,700
*96
98
110
107
107%
"284
180
15%
400
37%
112*4 *112
16%
I584
t In receivership,
50
a Def. delivery,
1
preferred
—.,,.100
5H% preferred...*
100
7%
Reynolds Metals Co.—No par
bW70 conv preferred ..—100
Reynolds Spring—.—
1
Reynolds (R J) Tob class B.10
Common.
10
Rhine Westphalia Elec A Pow.
Riohfie'd OH Corp
.No pox
Ritter Dental
Roan
Mfg
No par
Antelope Copper Mines.
Ruberoid Co fThe)
No par
tRutland RR 7% pref
100
Lead
10
JSt Louis-San Francisco.—100
6% preferred...
..100
ISt Louis Southwestern... 100
6% preferred
100
Safeway Stores
No par
5% preferred—-.—....100
6% preferred———100
7% preferred.,—..—-.100
Savage Arms Corp—.No par
St Joseph
.
n New stock,
r Cash sale,
Jan
31
Feb
11534 Dec
42
38% Jan
1784 Nov
Oct
0% July
1784 July
43
July
13% Jan
8% Oct
47% Nov
484
Jan
■
Jan
3
47
Feb 17
30
Mar
43
Nov
75
Jan
7
86
Feb 16
00
Apr
74
Nov
1% Feb
6
1%
3%
%
103%
Feb 14
Jan 23
3
Nov
Jan
6
Mar
3
1% Apr
2% Mar
% Mar
75% Mar
Feb 20
154
Mar
1
4% Feb 15
7
Jan
4
Feb 27
3
4
% Jan
91% Jan 24
141
114
June
4% Mar
Sept
27% Mar
32
87%" Jan 26
2% Jan
30
Jan
43*84
Jan
3
6% Nov
1
Mar
14334
Oct
144%
Oct
8% July
50% Mar
44% July
9
3
Feb 27
2
Mar
4
Nov
3
43
Feb 20
30%
Jan
43
4
Mar
9
July
July
7% Jan 20
£23% Feb 14
36% Feb 23
8% Jan 6
25% Jan 27
44% Feb 3
20%
Jan
26% Nov
39
378 Jan
5"
§5
Jan
_
6% Jan 25
37
Mar
75
Nov
172% Feb 16
9% Jan 5
145
June
174
Mar
14
Jan
3
42
Feb 14
30
Jan 26
Jan 21
110
31% Jan
9
115
Jan
Jan
4
7
Jan 26
32
8%, Jan 24
Jan 23
Jan 26
83
75
10% Jan 26
Jan 21
12
6% Jan 26
Jan
Aug
July
6
23
May
45
Jan
Jan 3
Jan 20
6
Mar
3
.
8
Jan 26
20
14% Jan 28
22% Feb 27
,17% Jan 26
4
Jan 18
47% Feb
7
Mar
6% Mar
1% Mar
% Oct
434 Mar
4% "Mar
.1334 Mar
39% Mar
Feb 16
114
Nov
25
Mar
86% Mar
120% Mar 8
130% Feb 28
159
% Dec
15
Mar
Feb 27
II984 Feb 27
38% Mar 10
109
Feb 27
4
116% Mar
52
30
,
57
101% Apr
112
Apr
132
Mar
112
Mar
117% Jan 19
3938 Jan
11% Jan
Jan
21% May
.8% May
<
Apr
88% Mar
81
81% Jan.
16% Mar 10
1284 Mar 10
74% June
7
Jdar
.
9
8% Jan
17
.
50
8
Jan 24
Jan 27
Jan 27
Jan 27
Jan 13
984
11%
17%
75%
64
Jan 24
71
Feb
1484 June
8
9
.
June
9% Mar
4912 May
Apr
40
I
Dec
70
Jan
11% May
39% Mar
71
Jan
38
5
Jan
70
Feb 17
50% Jan
77
Jan 23
54
Jan 18
45
Jan 24
Jan 4
Jan 27
Feb 20
11%
78%
7%
37%
64
4
11% Jan
5
45
Jan
4
8
58
Jan 31
Mar
1484 Jan
80
4
Jan 27
8% Jan 27
7% Jan 17
13% Jan 25
27
34
Jan 24
3
29
Jan
3
82% Jan
4
96
3
Jan
104% Jan 11
13
Jan 26
x Ex-div.
9
16%
9%
80
Jan
Jan
Oct
Oct
66% Dec
6%
24
Jan
July
11
Jan
11% July
13% July
17% July
78
Dec
69
Nov
3%
25%
78%
77%
19%
38%
85
1734
Oct
NOV
Nov
Nov
Oct
Dec
Jan
Jan
Jan
94
Sept
12%
46%
58%
8%
9%
13%
2084
33%
2%
49%
Dec
1%
1% Mar
184 Dec
3% Dec
3%
6%
7%
2984
83%
July
Jan
Jan
Jan
Nov
July
Jan
Dec
Jan
Oct
July
July
Jan
July
Nov
Dec
13
3% Jan
2
98%
88% July
15% Nov
Sept
77% Dec
4% Mar
3384 Mar
51% Jan
5
Aug
10
Mar
Mar
% Dec
25% May
1% Jan
4684 Jan
84 Jan
Jan
3
Sept
39% Nov
13% July
64%
7% Apr
14% Mar
Jan
24
24
20
25
Nov
152% Dec
Dec
5
10% Jan
9% Jan
16% Jan
1% Jan
37% Feb
% Jan
1% Jan
May
7% Mar
17% Mar
65
Apr
20% Jan
40% Jan
134
117
30% Jan
27% Jan
0% July
68
July
Mar
13% June
284 Mar
34% Mar
5
Apr
5% Mar
Jan 26
14% Jan 30
Oct
122% May
35% Jan
105% Oct
11884 Nov
18
Feb
58
Jan
Dec
Dec
Dec
Jan
Jan
18
40
59
Jan
Deo
Jan
Jan
00
3
Jan 26
11
22
Mar
1% Jan
25% Jan
1% Jan 23
25% July
16%
33j
1%
14%
14%
42%
10% June
Jan 5
Jan 12
Jan 6
Jan 25
9
17% Nov
84 Jan
24%
29%
8% May
18
'9% Jan 6
Mar
June
484 Mar
60%. Jan
37% Mar
I34 Sept
23% Jan 8
18% Jan 3
25% Jan 3
21% Mar 8
6% Feb 11
7%
10%
12%
73%
9% July
I634
Jan
9
Jan 27
Jan
20% Apr
11% Apr
16% Jan 4
2% Jan 6
84 Jan 17
14% Jan 5
14% Jan 5
43% Jan 5
10% Jan 26
31% Jan 26
£63% Jan 24
Jan
9% Nov
6
22% Jan
11% Jan 30
1% Jan 26'
% Feb 0
6
7%
Jan
2484
30%
.15%
%
11% Feb 23
% Jan 4
20% Jan 27
8
Jan 16
10
4% May
7% Mar
Jan 14
Mar
20
May
July
41
Jan 27
10
90
Jan 12
67
Jan 27
166
52
July
35
20% Jan 5
7% Jan 11
5% Mar
64
4
3% Mar
18% Dec
3% Mar
Jan 25
18
Jan
Oct
90
"
3
Reading,.—...
—60
4% 1st preferred——.50
4% 2d preferred
50
Dec
24%
42
Jan
1,100
1578 Nov
121
17% Mar
9
6
Rayonier Inc———
.-1
82 preferred..—.——.25
120
64
Mar
July
Mar
Mar
Mar
Mar
*
Raybestos Manhattan.No par
100
38
8
4484 Jan
Jan
5% July
8% Mar
784 Mar
MarlO
1,900
*10%
22%
03
6% Jan 26
34% Jan 26
10
,
3,200
75
21%
15
8% Jan 26
5
75
003
MarlO
1784 Feb 20
5
9
*73
03
Mar 10
34
Jan 18
2% Jan
22% Jan
8%
1%
21%
a62%
41
Jan 26
17
67%*Jan
*71
1%
Jan 27
24%
7
Aug
July
Mar
28
Jan
2% Jan 26
18% Jan 25
12% Feb 10
16%
Mar
Nov
July
30
Mar
10
22%
184
5%
17%
17
*61% "Jan 27
900
Mar
2% Mar
10% Mar
40% Feb 6
3% Jan 24
83.50 conv 1st pref—JVo par
65"
*51
par
Mar
120% Dec
14% Mar
19% Mar
Oct
Oct
14%
13%
58%
85%
2%
1% Dec
MarlO
JRadlo-Keith-OrpheumlVo par
64%
9%
15%
(The).—.——No
preferred
100
5% conv preferred.——.100
Purity Bakeries....
No par
Quaker Stato Oil Ref Corp.. 10
Radio Corp of Amer
No par
J5 preferred B
No par
6%
Oct
234
110
160
100
Oct
21%
55
6
900
8%
,
28
8
Feb
3%
42%
Mar
41
8
9,6Q0
*8%
9%
8%
1034
Mar
2%
2l»4
700
*8%
*8%
1
3
87% Mar 10
1% Jan 16
9
preferred.
Pub Ber El A Gas pf t5.No par
Pullman Inc
......No par
16
9
16%
29%
1%
106% 106%
111% 111%
200
64,100
......
100
967*
1063d 107
112
112
1,800
21,600
5
*4%
*51%
5
11«4 Mar
57% Jan
4
129% Jan 10
Pure Oil
4
16% Mar
„103% Jan 4
75
9
*5
100
*84%
15%
9
8,400
19,800
>
Jan
5% Jan
Dec
13% July
July
30
Mar
1% Mar
3% Mar
884 Mar
2% Feb 25
11
Dec
13% Dec
103
13
.
24% Jan
.
preferred—100
71
9
♦3
160
100
Jan
33
61% Nov
1% Mar
31% Mar
Mar
19
5
Jan
■
No par
preferred——*.—..100
*72%
7084
1%
*74
*8%
%
6%
7%
8%
£1584
9
*2734
*%
39%
*%
1%
$5 preferred
600
75
85
9%
400
mmmmml.
16
*83
*53
6% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J ..No par
21
21%
17
Procter A Gamble..-.:.No par
11,100
25
21
1%
*62
100
240
I684
25
Poor A Co class B
3,200
I6I2
21
...
..
6% conv 1st pref——.—..5
5% conv 2d pref—..——60
14%
*4%
*51%
.....
———
21
21
Pitts Coke A Iron Corp No par
$5 conv preferred... .No par
Pitts Ft W A Ch 7% gtd pf 100
Pressed Steel Car Co Ino— „.l
100
14%
25
Pittsburgh Coal of Pa.. ...100
6% preferred100
5,800
20%
*16%
*24%
Pitts C C A St L RR CO.-100
i.—:
1434
74%
1%
*34
21%
........100
.
16
2% Jan
43
Mar
Oct
102
6% Mar
Jan
18% Jan 26
114
Hosiery...-———5
Preferred
..No par
PortoRic-Am Tob cl A.No par
Class B_—^
No par
21%
*72
17
21
Phoenix
Pond Creeik Pocahontas No par
14%
IO84 ; *10%
38
2%
2%
Phillips Jones Corp. .1 No par
7% preferred—........100
Phillips Petroleum—. No par
200
3,500
21
*10%
15%
*73%
17
9
1%
3%
8%
*8%
*30
16%
29%
1%
40
,
2%
2084
prof series A.—100
1,500
8
14%
2%
%
*%
11%
*1184
*35 %
56%
conv
5% pref "class A.
100
6 H 1st ser conv prior pref 100
Pittsburgh A West Va.
1C0
Plttston Co (The)
.No par
Plymouth Oil Co—
——5
50
22%
8
1434
*1%
12%
12%
37%
50%
117
II684 116%
37
37%
38%
37%
37%
108% *107% 108%
108% 108
*120% 122
120% *120% 122
*135% 137
136% *135% 137
37%
*16%
22
9
14% 15%
*1%
2%
%
*%
12%
11%
♦1134 1234
37
*3534
57
66%
11034 11684
12%
12%
36%
56%
2%
2%.
20%, 2034
14% 15%
21% 21%
16% 16%
2484 2434
20% 21%
5
*4%
*51% 64%
9%
*8%
*61
63
*32
17
13%
%
,
♦70
*50%
*8%
*8%
37
37
14%
%
*34
57
30
13%
22%
*8
37
36%
2%
19%
*10%
15%
484
9
14%
1%
*11%
32%
*%
22%
22%
11%
12%
56%
13
■,
108
*107%
108% *107% 108% 108
120
120
*119% 120% 120%
120
*13512 137
*135% 137
*135%
137
159
*157
158
157
158
159
159%
156
157
157
156
118
*115% 118
115% 115% *114% 1J6% *114% 116% *11'5% 118%
36
3634
3034
36%
35%
3584 36%
35%
36%
35% 35%
10
9%
10%
10%
934
934
9%
9%
9%
9%
9%
90
90
*87
88% £88% .88% *8512
88% *87
89% *87
80
80
80
80
*79%
79% 80
80%
80%
80% 80%
14%
14%
16%
14%
14% 15
15%
14% 14%
14% 14%
*12
12%
12%
12%
12%
12% *12
12% *12
12% *12
8
8
8
8%
8%
8
8
8
8%
8%
8%
*7884 100
*7884 100
100
100
*80
*7834 100
*7884 100
67%
67%
67% 67%
67%
67%
67% 67%
*66%
67%
67%
20%
16%
25%
2034
434
64%
9%
9%
10%
15%
16%
* 25%
*20%
14%
1%
*%
11%
12%
12%
118% 118%
*118% II884
37
36%
*107%
*119%
*135%
155%
*8
*34
38
'5 7w
%
*22
*11%
13
*36%
14%
1%
13%
%
Phila A Read C A J....No par
Philip Morris A Co Ltd.. .10
Pittsburgh Steel Co....No par
7% pref class B—,.. 100
*35
31
Phelps-Dodge Corp........25
Philadelphia Co 6% pref...50
$6 preferred..... —No par
tPhila Rapid Trans Co...—50
7% pieferred
......60
5%
65
Jan
6
18% Dec
9% Feb
2
Aug
584 Mar
13% Jan
Jan 27
15%
Mar
29
8884 June
26
3% Jan 24
.
Pitts Screw A Bolt..J.. No par
38
%
.
600
22
%
22%
8%
Petroleum Corp of Amer
.6
Pfelffer Brewing Co.:.No par
3,600
38
*%
No par
...
Plllsbury Flour Mills
.25
Pirelli Co of Italy "Am shares
*20
13%" 13%
6% prior preferred-.... 100
5% pielerred——
..100
Pet Milk.
Pierce Oil 8% conv pref...100
■mmmm-m
19%
*634
*60%
50
...
m
10
4
6
26
20
28
27
15% Jan 24
1% yan 26
8% Jan 23
10% Jan 16
6H2 Feb 20
75% Jan 13
1% Jan 17
Mar
4
14% Jan
107% Jan
Jan
Feb
Jan
40% Jan
26
10
3% Mar
1584 Dee
6% Nov
1
Sept
Feb 14
104
Highest
$ per share $ per share
r/o par
500
115
20
*584
*60%
"65
$7 conv pref
Pennsylvania RR
500
25
4%
*18
5%
Cement
No par
17 conv pref Ber A—JVC par
Penn G1 Sand Corp v t o No par
Jan 26
Jan 26
9%
90%
9%
18%
1%
Penn-Dlxie
mm
"
5%
*60%
*173%
Penney (J C).
.No par
Peru! Coal A Coke Corp.... 10
,
884
lli>„
"4%
5
mmmm
41%
40%
*284
*42%
*8%
834
*8%
40
*31%
3%
50
*42%
.
Pathe Film Corp
...No par
Patino Mines A EnterprJVn par
Penlck A Ford—
..No par
1,300
4%
,
41%
*234
50
Parmelee Transporta'n. No par
600
100
£9934 100
4%
115
*18
87
*184
*%
40
"*4"
*83%
2
*149
153% 154
*
400
86
*134
*3%
*%
102
103%
39
1,400
26,000
*83%
24%
*18
1,200
10
8%
44%
24%
5
500
17%
*7*4
3%
%
No par
2.50
.—
1,510
1,080
34
42%
24%
115
41
9%
_.l
Parke Davl« A Co
Parker Rust Proof Co
100% Jan 27
Jan 26
33
2% Feb 23
12% Jan 26
,40
32%
8
I84
Park Utah CM
1
2
Feb 18
Peonies G L A C (Chic) —.100
40
17%
—
Feb
Peoria A Pastern
]00
Pere Marquette..—-..—.100
mm
900
43%
85
.
Feb 18
1
52
„
100
MMmm
3%
8
45
8% 1st preferred—.....100
6% 2d preferred
.10
Park A Tilford Inc
6
1
No par
24
17
'
new.,
Peoples Drug Stores. ..No par
GM% conv preforred-—109
200
38
41%
24%
,
-
*15%
8
*4%
*31%
40%
:
*2%
*42%
mm
17
41%
*83%
1%
*3%
Panhandle Prod A Ref
2,100
mm
8
8%
"*4"
mm
40%
*44%
8%
*30
mm
51,000
39
8%
*m
M
17
984
.
mm
28,
9%
9%
J
m
2384
*2%
17%
200
17%
m
38
3%
400
1,700
28
38"
38
3%
16%
1,000
4,000
2,000
2,500
23%
♦114
*114
500
484
*16%
27
8,800
2.300
32
*122
27
8%
25
40
40
*42
8%
115
4%
40
16%
mm
6,400
4%
31
"23%
37%
3%
102
16%
mm
53%
87%
1%
*1%
4%
23%
m
11%
53%
32
30%
*17%
2
%
4%
mm
2
*9%
1%
■
42%
17%
2%
9%
11%
87
*122
*2%
85%
*184
3%
*%
3%
4%
*1%
32
mmm
2
mm
1,600
1134
42%
17%
*2%
m
29.100
1,400
98
23%
mm
4.600
11%
97%
11%
87
15
9%
7%
40%
44%
*83
40
86
-
M
1%
11%
18%
2%
6%
11%
54%
23%
37
37
9%
7%
40%
44%
2
10034 102%
152% 152%
9%
11%
64%
16%
22%
*26%
1
2%
42%
2%
484
*122
m
-
22%
37
%
4%
*31%
3934
m
22%
*2584
*114%
18
87
2
33
*16
16%
*122
*17
17
5
33
*30%
24
,
42%
*1734
1%
17
36
30
*14
102% 103%
*152% 157
*19
*1%
54
31
34%
%
2
*4%
11%
53%
85%
9%
734
40%
44%
82%
.
11%
85%
3%
16%
37%
31%
9%
•7%
40%
*44%
*82%
*1%
*3%
45
*44%
82%
*1%
*3%
%
11%
*2%
*14%'
36%
3034
3%
15
3%
*7%
40%
9%
54,
85%
37%
13
16%
3434
30
m^
23%
«.
9%
2%
17%
2%
9%
11%
53%
8534
1%-
mm
2%
17%
*22
4234
42%
17%
2%
9%
.
434
31%
16%
30%
*15%
16%
*122
54
85%
24
2
2%
2%
9%
11%
4%
30
2
43
*17
17
85%
*1%
4%
30
1%
43
18
24
42%
2
,42%
43%
*22
24
7
*6%
Lowest
11% Jan 5
4^4 Jan 3
16% Jan 4
6% Jan 20
1% Jan 5
60% Jan 4
10% Jan 23
4
800
56
8 per share
13
56
1%
1%
*54 /
8 per share
No Par
56
•6%
1%
Highest
Corp
..5
Pan-Amer Petrol & Transp—5
Pan Amer Airways
7
*6%
7
*0%
*1
1%
1
1
*54% 56
56
*53%
100% 100% *100% 102
10% 11%
11%
11%
96
96%
9634 97%
11
11%
11%
II84
1%
5478
♦101
.
Par
24
*1
64%
Year 1938
Lowest
Shares
11%
4%
1434
4%
1434
Range for Previous
On Basis of 100-Share Lots
Week
share
*11
11%
4%
15
4%
15%
15
'■
Mar •9
$ per share
11
11
11
*10%
4%
15%
*6%
1%
7
Wednesday
t per share
11
4
4%
15%
*6%
Mar
6
.
t per share
11
4%
15
Tuesday
Range Since Jan. 1
STOCKS
NEW YORK STOCK
EXCHANGE
JVI
Saturday
1441
%
Jan
6
12
Feb 27
68
107% Mar 10
68
Mar
99
Nov
112% Mar
18% Jan
79
Mar
108
Nov
884 Mar
19
Jan
39% Feb
98
Ex-rights.
8
3
Mar
Mar
f Called for redemption.
AND
SALE PRICES—PER
HIGH
Range Since Jan. 1
Sales
SHARE, NOT PER CENT
STOCKS
for
LOW
NEW YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Mar. 4
Mar. 6
Mar. 7
Mar. 8
Mar. 9
Mar. 10
^ ver share
$ per share
$ per share
9 per share
$ per share
$ per share
Shares
On Basis of
Week
17%
17%
73
73
7
49
115
115
1
%
*178
2%
20
20'4
•212
74i2
3%
75
17
1712
18%
*65
18i2
73
0*8
*50 >s
6*8
55
ll'g
32
13%
♦105^8 100
in2
*3i'8
13'4
6*4
10%
*72%
578
30
30'4
*3
3%
17%
74
j
%
1
%
7
49
*078
118%
*10%
2
*2 >8
74%
10%
18%
75%
17%
18%
*18
2%
20%
3%
76%
17%
18%
83
♦35%
80
5%
6
*65
0%
50
11
♦48
50%
11%
3178
13%
100
578
28%
*3
100
39%
4%
♦47
*2%
74%
17
6%
31%
13%
20%
50
*%
%
*1%
19%
*2%
2%
20%
3%
*178
20%
*2%
2%
20%
3%
17g
20%
1%
400
21%
3,400
Seaboard Oil Co. of Del-lVo par
19
75%
17%
75
75%
67
Jan 25
1
15
Jan 24
18% Jan 10
17
1878
80
18%
*65%
57S
6
60
50
105
*16%
*15%
105
57g
30%
0
6%
31%
31%
3%
3
20
20%
20
97%
*95%
*3
19%
25%
♦95
26%
*93% 100
*93%
104% 104% *103
17
1078
16
16%
10%!
10
10
16%!
16%;
17
17
16%
13%
13%
13%'
13%
13%
*111% 112
*111% 112
*111%
111% *111 >8 112
*2%
2%
2%
2%
2%
2%
2%
2%
17
17
17%
10%
17%
10%
10%
17
27%
19%
22
317s
39%
4%
47'a
10
13
13
141
*139
141
*138
141
26%
27
27
27
27
27
18%
19%
21%
31%
39%
4%
48
19
18%
20%
20
30%
39%
*4%
4778
50
18%
20%
30%
*39%
4%
47
21%
31%
43
4%
47
27%
19%
2178
32%
45
4%
30%
*39%
4%
32
%
%
3,400
7
7
500
8% preferred
50%
50%
1,200
Scott Paper Co
120
3
*18%
*65%
57g
*49
1,200
19
16,500
8,300
1,000
80
6%
"3",700
50
11%
*30%
14
108
11%
31%
14%
300
4,800
80
2,500
400
106
0%'
0
31%
*3
32%
3,500
10,300
3%
100
20% 20%
26%
20%
27%
97%
*95%
97%
*94% 100
100%
103
*102% 103
17%
17%
17
*17
17%
17
16%
18%
10%
13%
13%
13%
*111% 112
112
2%
2%
2%
17%
16%
17
1,000
2,500
20%
141
27%
18%
19%
207g' 2178
31
32%
*39i2
45
4%
4%
48%
48%
48
47
6
6H% preferred
tSchulte Retail Stores
141
*39%
4%
47%
27%
18%
21%
31%
Servel lac
--
No
$5 conv pref
No
Sharpe 6c Dohme
No
$3.60 conv prefser A.No
Shattuck (Frank G)—No
Sbeaffer (W A) Pen Co .No
Sharon Steel Corp
*3
3%
7%
7%
44%
15%
♦43%
15%
20%
45%
15%
40
15%
72
29
7%
72%
15%
72%
15%
73%
29
29
29%
7%
7%
7
49%
32%
73%
9%
19%
24
%
28%
27%
50%
49%
32%
73%
H%
5%
15%
8%
*60%
9%
19%
23%
%
28%
27
*50
A
3%
20%
44%
100% 100%
*1%
178
378
4
*
3%
*7
*19%
43%
*14%
*43%
*125
7
15%
46
100% 100%
1%
1%
3%
4
8%
9%
19%
19%
23% 24
*%
%
28
•28%
27
27%
*50
50%
3
*7
*14%
*44
46
44
*28%
7
2778
27%
11%
11%
5
5
15%
8%
1578
8%
15%
8%
*60%
11
5%
15%
'
6078
11
5
60
60%
125
125
*29
30
*10
10%
*10
19%
*27%
«78
19%
27%
10%
19%
27%
8%
7%
9
7%
6
42
19
*27%
8%
7%
*6%
*40
*4%
5
6%
4278
5%
5%
43%
43%
5%
5%
5%
30%
30%
30
*8%
8%
9%
9
*4%
*4
5%
30%
1,200
300
4,100
34,200
15% Jan 2X
par
60
par
47
par
104% Jan
7
5%
25%
2?8
18%
Jan
Jan
Jan
Jan
23
27
21
Jan 26
10
±-25
..100
*7
678
*40
478
43%
5%
30
9%
8%
7%
13%
95%
16%
48%
6%
*9
3%
♦86
3%
87%
*3%
*11
2378
*31%
3%
27
10%
*3%
*58
4%
12%
24%
33
3%
27%
10%
3%
59%
10%
107s
85
85
19%
19%
103% 104
278
*3%
27
3
13%
13%
947g Jan
80
..No par
101
Jan 18
—
7
7
42
5
5%
43%
5%
30%
3%
14t2
378
19
3
3
3%
27%
27%
3%
6%
9%
*8%
3%
*86
9%
6%
9%
*8%
3%
87%
3%
80%
678
58
30
3%
28%
277g
95%
z95%
10%
3
*3
14%
*13%
14
6%
9%
9%
3%
87%
19%
*2%
*3%
4%
37%
4%
20%
3
37g
27
28
37%
4
3
6%
9%
07g
17%
50
078
9%
9
9
9
3%
87%
3%
87%
*8%
3%
*86
24
24
32%
3%
2078
11%
3%
32%
59% 60
10%
11
84% 85%
19%
19%
102% 103%
88% 89
22% 22%
38% 39%
12%
13%
X0O%
4%
3%
27
11
3%
10%
x85
4%
12%
24%
32%
3%
27%
11%
3%
61%
11
86
*13
9%
9%
3%
1,600
,3,700
100
24
*32
3%
1,800
210
2,000
700
5,700
3,000
500
11,200
10
Mar
3
Jan 11
Jan 26
Jan 23
2% Jan 26
Mar
Feb 28
8% Mar
13'4 Jan 4
114% Jan 21
1034 Mar
3
Jan
"
Feb
4
Jan
4
39% Mar
4
Jan 24
18
42% Jan 25
z45
Jan
30% Mar 10
Jan 26
6% Jan 27
98
Jan
4
1% Feb 18
3% Jan 24
8
Jan 26
17
Jan 27
July
22%
Jan
Mar
23%
Mar
3384
Dec
Dec
June
4
Oct
Mar
46
Jan
Mar
4
11
24
734 Mar
29
Mar
17% Nov
6%
v
Mar
48% May
12% Mar
6% Mar
.
Feb 23
94
2% Jan 4
5% Jan 20
2
Mar
1% June
Mar
% Dec
25% Mar
1
Jan
26
29% Jan
24»4 Mar
14
26
50% Mar
5
9
53t4 Jan 3
3334 Jan 3
7434 Mar 10
32% Apr
3934 Mar
71% Nov
May
6
June
..No par
13% Jan 26
17% Jan
5
Studebaker Corp (The)
1
Sun Oil
No par
6% Jan 27
8% Mar
4
5% Mar
3% Mar
55
8% Jan 27
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
31
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
27
Jan 24
2% Jan 28
16% Jan 28
Jan 26
'9% Jan 27
18
26
Swift 6c Co
Jan 25
120% Jan 27
Jan 12
26% Jan 26
Swift International Ltd
734 Jan 26
6% Jan 30
Symington-Gould Corp w w..l
Without warrants
1
Talcott Inc (James)
9
50
6
5
25
5% Jan 26
z42% Mar 2
Texas Gulf Produc'g Co No par
4% Jan 26
Telautograph Corp
Tennessee Corp
Texas Corp (The)
s
6% Feb 15
38
10
1
Texas Pacific Land Trust
Texas & Pacific Ry
Thatcher Mfg
$3.60
conv
Co
pref
8%
100
No par
No par
No par
Thermoid Co.
4
45
119%
8%
Mar
Feb
Dec
17% Mar
$3 div
conv
3% Jan
134 Mar
4% Aug
22% Jan
884 Mar
177g Mar
0% June
23% Nov
32
July
30
10%
197g
28%
10%
8%
7%
42%
6
Jan
Jan 13
Jan 19
15
Feb 16
22% Mar
484 Mar
37s May
Jan
4
Jan
4
7
Jan
Jan 24
Mar
5
Mar
34
Apr
4% Mar
3
37g Mar
32% Mar
2% Mar
49% Aug
61? Jan
48% Jan
534 Jan
9
Jan
.
22% Jan
13
Mar
20
20% Feb 27
6978 Feb 17
15
Mar
25%
Feb
July
Oct
53% June
27g Apr
35
Apr
2% Mar
6034
Oct
56
Jan 28
37s Feb 27
Feb 20
3% Jan 26
Jan 25
1% Jan 17
3% Jan 3
20% Jan 26
2% Jan 27
11% Jan 30
12% Jan 24
Jan 26
Jan 24
600
400
27
11
11%
4,700
*3%
*60%
800
107g
3%
61%
11%
86
87
320
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
Twin City Rap Trans.-No par
Preferred
...100
Twin Coach Co
1
Ulen & Co
No par
1,800
Under Elliott Fisher Co No par
9,700
Union Bag<& Pap new..No par
Union Carbide 6c Carb.No par
9,500
4,200
5,800
1,100
1,100
30,100
16,400
2,100
20
1,800
600
a Def. delivery,
Union Oil of California
Union Tank Car
Preferred
Jan 24
21
__
Jan 26
31% Feb 27
3
23
Feb 23
Feb
7
8»4 Jan 26
3% Mar
57
6
Jan 27
9% Jan 26
81% Jan 27
18% Jan 26
88% Jan 27
81
Feb 7
No par
21
5
5
Jan 28
33% Jan 24
9% Jan 26
No par
157g Feb 24
100
113% Jan 23
No par
United CarrFast Corp.No par
n New stock,
4
Jan 24
25
United Aircraft Corp
Un Air Lines Transport
United Biscuit
Feb
4
10
...100
4% preferred
United Carbon
85
100
Union Pacific
r Cash sale,
x
Oct
Jan 27
3
11,000
Jan
Dec
12% Aug
8
..No par
10
57g
38
Trl-Contlnental Corp ..No par
$6 preferred
No par
Truax Traer Coal
8
Mar
Transue & Williams St'lNo par
Truscon steel
9% Oct
'49% Nov
6% June
Mar 10
Mar
700
200
Oct
Jan
7
7,700
400
8%
26
6% Feb 23
7% Jan 24
1,400
Nov
10% Nov
10% Jan
Transamerica Corp
2
Transcont'l & West Air Inc..5
Timken Detroit Axle
15% Aug
21
2984
Jan 24
16
No par
10
Oct
14% Mar
43% Oct
32% Jan
Timken Roller Bearlng.No par
4,000
2,300
6,300
5,000
$4.60 conv pref
128
1
77g Jan 24
10
Third Avenue Ry
...100
Thompson (J R)
26
Thompson Prods Inc_.No par
Thorapson-Starrett Co JNo par
$3.50 cum preferred.No par
Tide Water Associated Oil..10
Jan
18
37
preferred
Dec
11
17% Nov
9% Oct
65% Dec
17
100
1
Preferred.......
Jan
12%
Jan 27
29% Feb
Texas Gulf Sulphur....No par
Texas Pacific Coal & Oil
Feb 15
4% Jan 26
66
127% JaD
11% Jan
38% Jan
50% Nov
58% July
34% Nov
Mar
0
100
10
3478 July
35% Jan
49
5
3
9% Jan 26
11%
17% Mar
12% Jan
6% Jan
6% preferred
Jan
26
Mar
Feb 17
Sunshine Mining Co.
Jan
28
Jan 30
8tone & Webster
5%
13
69
5
157g Dec
70% July
31
July
9% Jan
107% Feb
3% Jan
24% Jan 1Q
% Jan 14
29% Feb 6
10
1
45% Dec
July
July
Jan 26
....5
Mar
49% Dec
23
26
Stewart-Warner..i
4% July
July
Mar
19% Dec
15% Mar
4% Mar
10% Sept
Starrett Co (The) L 8. .No par
Sfokely Bros 6c Co Inc
40% Nov
Sept
10% Jan 20
20% Feb 6
19% Jan 26
% Jan 14
10
7% Jan
101
Jan
25
2
9
8
24
Jan
29
0
16% Mar
75% Mar
3%
Nov
9% Mar
MariO
11% Jan 26
62% Jan 28
Nov
28
5%
8%
17%
2%
4% Mar 10
48% Mar 9
Jan 28
15
141
4
13
Jan 24
19% Aug
16% Jan
114% Nov
19% Mar
4
33%
Oct
Jan
128
27% Mar 10
21% Jan
23% Jan
Apr
1% Mar
15% Dec
18% Jan 20
141
40
25
111
3% Jan 5
8% Feb 9
21% Jan 3
477g Feb 18
0% Jan 25
94% Jan 9
13% Jan 27
4334 Jan 27
700
27
J In receivership.
9
Jan
Jan
Jan
Jan
Sterling Products Inc
Nov
17
2684
26%
50%
47%
Standard Oil of Kansas
98
17
19
25
Standard OH of N J
Apr
Oct
2% Jan 25
Stand Investing Corp. .No par
Standard Oil of Calif
No par
Standard Oil of Indiana
Feb 21
4% Feb
40
Jan
6% Mar
9
7
434 Jan 10
'
87%
3%
prior pref
105
Mar
Mar
Aug
35% Jan 17
No par
cum
The Fair
""loo
4%
12%
24%
33%
4
*11
19%
19%
19%
19%
102% 103% 102% 103%
*87
89
88% 89
22
22% *21% 22%
38%
387g
37%
38%
12%
13%
12% 1278
17
17
17
17%
17%
17%
113% 113% *113
1107g
11078 *113
64
65
62% 03%
64% 65%
19% 19% *19%
197g
197g
197g
♦Bid and asked prices; no sales on this day.
*4
~
16%
49%
6%
32%
16%
*113%
02%
19%
19%
1,300
18,400
6,400
8,700
1078
49%
237S
22%
22% 22%
39%
38% 39%
13%
1278
13
17
17
17
117
*113% 117
62% *62
62%
19%
19%
19%
5%
10%
48%
3%
2678
38%
12%
"31366
95
32
4%
,8%
$7
101
r84
Oct
9% Jan
35% Nov
3% Jan
24% Nov
3484 Jan
24
37
No par
No par
5H% preferred
6
95
24
*22
700
42
5%
*5%
4378
538
95%
*3%
40%
13%
*7
*40
3%
14%
14%
32
22
7%
7%
14
23%
39%
13%
5%
14
'278
33
3%
27
10%
3%
58%
10%
22
7%
3,200
1.800
60
24%
88%
9
*58
•11
*88
8%
61
12
88%
400
100
12
19
"MOO
400
4
102% 102%
19%
27%
19%
12
85%
19%
10%
19%
22%
4
103%
*10
*27%
*20%
12
103
300
*17%
4
*5878
10%
84%
400
8%
20%
22%
12%
1078
3%
59%
10%
85%
19%
18%
30
18%
*29
9%
4
3%
36%
278
9%
*11%
23%
*31%
*3%
20%
*10%
3%
58%
10%
84%
1878
*25%
10%
36%
2%
7,100
1,200
2,900
30%
278
3%
2778
*3%
*26%
10%
3%
10%
9%
4
4%
150
10
44%
5%
31
19
*85
42
600
123
123
44%
5%
31
4
0%
9%
*8%
3%
10%
1,600
24,100
17,100
5%
19
48
86%
18%
4%
387g
4%
19%
278
3%
28%
3%
14%
14%
48
678
9%
9%
60%
123
10%
36%
278
18%
*5078
*378
*35%
4%
19%
2%
3%
16%
48
10%
35%
2%
*20
4%
3878
48
*10%
16%
8%
59%
5%
*4
3
48%
15%
8%
5934
700
5%
5%
20%
22
137g
95%
16%
1578
5,400
5
*40
5%
58
*35%
*13
48
11%
5
9%
8%
20%
3
95%
11%
30%
15
95
11%
5%
1578
8%
9%
3
95%
16%
*95
2,700
30%
*13
14
88
17
3%
19
58
4%
38%
1,600
74%
43%
*19%
60
*48
200
14,200
7.800
74%
5%
*19
28%
74%
4378
5%
9%
8%
%
29%
27%
23,600
6%
30
29
4,800
3
106%
Apr
15
Sparks WIthlngton
No par
Spear & Co
1
300" Spencer Kellogg & Sons No par
23,000 Sperry Corp (The) vtc
1
..No par
3,800 Spicer Mfg Co
$3 conv preferred A..No par
2
53;660 Spiegel Inc
Conv $4.50 preferredNo par
1,200
...1
2,300 Square D Co class B
No par
24,800 Standard Brands
$4.60 preferred.....No par
1,100
400
I Stand Comm Tobacco
1
t Stand Gas <fe El Co...No par
3,200
$6 cum prior pref
3
Mar
Apr
13
16% Jan 26
23% Jan 26
100
$4 preferred
Mar
3% Jan
2134 Jan
29% Jan
434
12%
2%
1478
18%
5
No par
300
800
Mar
4
19% Jan
23% Jan 24
2,500
5,900
93
3
122
2% Jan
Mobile & Ohio stk tr ctfs 100
50%
33%
43%
5%
' 9%
1934
24%
3
Jan
3234 Jan
12% Nov
28% Oct
18% July
105
16% Jan 16
Spalding (A G) 6c Bros .No par
1st preferred
100
50
19%
19%
27% '27%
878
9
7%
7%
*7
7%
7
*40
9%
19%
237g
*%
Apr
Mar
25
100
200
200
Mar
May
132
..100
1,400
10
12% Jan 26
No par
I
20%
5
70% Nov
9% Nov
49% Nov
91
So Porto Rico Sugar
5% preferred
6
Nov
13% Jan 26
No par
Southern Pacific Co
034 Mar
Feb
15% Jan
Oct
23
45
3,200
Southern Ry
Aug
Jan
July
7
2,800
7,100
31,000
45% Mar
5%
18
14% Jan 26
Smith (A O) Corp
10
Smith & Cor Typewr. .No par
27,000
19,500
Mar
Mar
5
95% Jan 19
Jan
Feb
Mar
Feb 21
32%
*10
7%
5
13%
88
64
3
28
30
42
13%
88
*113% 117
4
*4
*35%
378
7%
4
14
27
9
Jan 30
Southern Calif Edison
10
3
Feb
July
80%
Mar
9% Mar
36
7
3
27%
5
107
Dec
47
11»4 Feb 24
5
Oct
11384
1% Mar
15% Mar
234 Dec
Jan 11
7% J»n
I84 Nov
10% Nov
507g
Jan
50% Feb 16
36
Jan
11% Jan 26
Simonds Saw & Steel..No par
8% preferred
69
Dec
%
5
10% Jan 24
111
70
2134 Jan
Mar
112%
5
28
Simms Petroleum
Snider Packing Corp
% Sept
3
3434 Mar
6
par
No par
$6 preferred
2% Jan
22% Jan
par
Solvay Am Corp 514% pf..l00
South Am Gold & Platinum..1
100
33
30
35%
278
18%
9
878
*56
19
10%
10%
58
*378
30
4
Jan 25
Jan 26
50%
123
125
19%
27%
*50
19
35%
2%
*18
,
19%
*27%
22
4%
10
*10
*19
40
*123
19%
*18
*4
8%
6078
10%
22%
*35%
8%
6078
7
7%
100% 100%
1%
1%
Jan 26
5% Jan 27
par
12
11%
5%
15%
8%
69%
15%
27
*19%
8%
15%
'
29
27%
50%
15%
Jan 26
Socony Vacuum Oil Co Inc. 15
74
5%
19
*18
8%
5%
27
20%
20%
13%
*94%
16%
4834
6%
*19
5%
43%
30
9%
8%
4 20%
4%
40
37S
19
3.
3%
28
278
14
17
5
♦10
10%
35%
278
18%
9%
8%
20
*36%
378
*17%
2%
3%
27%
278
*12%
*62
7
42
30
125
58
*56
32
11
125
30%
32
5%
15%
8%
6078
125%
10%
.
30%
49%
7378
,11
30%
*%
11%
44%
18
46
10%
74%
28%
27%
50%
49-%
*32%
*49
43%
15%
*44%
73%
%
27*2
7%
20%
75
28%
27%
50%
50%
*%
28
73%
2%
*17%
20%
9%
19%
24%
74%
2%
17%
20
9%
19%
2378
3
*7%
20%
7
7%
100% 100%
*1%
1%
3%
4
9%
9%
19%
20
23% 24%
4
74%
2%
17%
:
7%
4
3
7%
30
100% 100%
1%
1%
74%
278
18%
30
,!
23%
7
3%
21
45
15%
46
10%
74
16%
74
*35
6%
7%
44%
.15%
*44%
1578
75%
29%
49%
*31%
*50
35%
*40
45
1534
73%
49%
32%
35
7
15
32
49%
36
2%
15
28%
27%
50%
49%
32
10
18%
*29%
44%
29
29
100% 100%
1%
1%
378
3%
878
9%
*18%
19%
*23
3
*7%
20%
20%
45
*44
15%
10%
73% " 74%
10%
*35
«'
3%
7%
3
J1*
*20
10
10
3%
7%
20%
44%
15
*19%
4
2% Feb 21
•
*19%
Jan
% Feb 8
1% Jan 27
Coalition Mlnes_.6
SkeUy Oil Co
Jan 10
10% Jan 25
50% Mar 10
115% Feb 14
% Jan 5
113
100
554% conv preferred
Simmons Co
1
Jan 13
0
No par
Shell Union Oil
74
45% Jan 23
100
4-2% preferred
3
Sloss Sheffield Steel & Iron .100
170
45
4%
48
$4.50 preferred
0% preferred
141
27%
18%
20%
30%
% Jan
No par
No par
No par
JSeaboard Air Line
Silver King
68
Highest
$ per share $ per share
1384 Sept
27% Jan
62
85
Feb
June
3% Jan 0
707g Mar 10
17%
19
80
6%
2%
7678
17%
Seagrave Corp
No par
Sears Roebuck & Co—No par
17%
18%
*05%
6%
2%
75%
17%
300
75
500
115% 115%
11
11%
11%
11%
11%
31%
30% 30%
30% 30%
13%
13%
13%
13%!
13%
14
100
106 ' *105% 10678 *104% 107
6
30
*3
3%
*19
20%
25% 25 *
*96
96%
*93% 100
1778 Mar 9
MariO
%
*48
*57g
29%
13% Jan 26
Jan 3
6
100
I
100
*115%
%
11%
I
Schenley Distillers Corp
%
....
31
578
30
3%
15,400
$ per share
7%
50%
%
._
17%
74
% per share
%
*7%
49%
♦115%
-
17%
Highest
7%
49%
%
7%
49%
%
7
48%
17%
73%
74
Year 1938
Lowest
Lowest
Par
11, 1939
Range for Previous
\QQ-Share Lots
1778
73%
%
'
7
48%
20%
3%
*178
20%
*130
1878
21%
31%
17%
73%
%
13
*138
27
10%
73
*115%
%
2%
20
U'4 *19
25% 25%
25>g 20
*95
93*2 *95% 90%
*95% 100% .*93% 100%
♦
104*4 105
♦104% 105
*10i4
17
10%
10%
10%
10%
*16%
17
15%
16
15%
10%
111*4
2%
17%
73%
%
*115
*%
17
♦72%
-
7%
48%
19U'
13%
Mar.
New York Stock Record—Continued- Page 9
1442
21
3
Jan 10
Mar
15
Mar
1
Mar
2
3% Mar
8% Mar
1% Mar
11%
678 July
56
Jan
5% July
18»4 Nov
2%
Jan
15% Jan
14% Jan
10% Mar
96
77%
Apr
8
Mar
5% July
287g Nov
4
July
19
July
1534 July
98
July
19% Nov
31% Mar
5% Dec
55% Nov
123« Jan
37g Jan 10
28% Jan 3
334 Jan
534 Mar
Feb
18% Jan
54% Jan
784 Jan 10
10% Jan
107g Jan
4
3
4
Apr
2% Mar
47s
4
Jan
88
Jan
77
47g
13%
26%
34%
3%
jan
Jan
Jan
Jan
Jan
3%
6%
16%
25%
2%
30
Jan
12% Jan
434 Jan
06
Jan
12% Jan
90% Jan
1934 Jan
Mar
June
Oct
12% Nov
47g July
91
Nov
Mar
Mar
6% Jan
15% Nov
Mar
Mar
28% Nov
38
July
Mar
6
Jan
10
Mar
44
Jan
6
Mar
13% Nov
"
1% Mar
_
4
4
41
Oct
Mar
70% Nov
15% Aug
907s Nov
57
Mar
Mar
17% Mar
55% Mar
89
Mar
59*4 Apr
23% Jan
20
42% Feb 25
131? Mar 4
17*4 Mar 10
19% Mar
Feb 25
6
7% Mar
104
114
10%
Mar
5
Mar
14
Sept
22%
99%
83%
23%
43%
July
Nov
Nov
Jan
Dec
1334 Nov
20
Nov
00%
Jan
118% Aug
Jan 26
65% Mar 10
39
Jan
731? Nov
15% Jan 23
197g Mar 10
1234
Apr
20% Nov
54
Ex-div.
y
Ex-rlghte.
^Called for redemption.
Volume
LOW
AND
New York Stock
148
HIGH
SALE
PRICES—PER
SHARE,
Record-Conciuded-Page 10
1443
Tuesday
Wednesday
NOT PER
Thursday
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
Friday
STOCKS
for
Monday
Saturday
EXCHANGE
Mar. 4
Mar. 6
Mar. 7
Mar. 8
Mar. 9
Mar. 10
Week
$ per share
$ per share
$ per share
t per share
$ per share
I per share
Shares
3^8
38*4
3%
38%
6%
3%
38%
6%
*6%
6
0%
7134
*634
7134
5%
5%
7714
13
7634
12%
114
*112
10
10%
6%
6%
10
10%
*85
87%
*h
7*
*5%
934
934
10134 10134
181
*178
7
*6%
6%
93s
61%
5
9%
*55
5
*26%
*21%
5%
484
.
4934
108%
*58%
65%
64%
30
22
5%
9%
118%
3578
3%
3%
*8%
2%
8%
2%
59%
*55
*11%
78
*70
*161%
48%
*52
46%
5%
7
3%
33s
3834
634
7%
70%
5%
6%
7
59
*58
*65%
6534
62%
64%
118% 11878
*3534
36
45%
45%
3%
3%
5%
*26%
59
06
3878
7.900
6%
7%
26.000
7
7
900
3%
3%
52
10934
50%
5134
53,000
65%
64%
65%
119
/
3%
8%
2%
1134
%
*160%
*68
%
75
*%
*70
34
78
3%
8%
2%
59
12
*12
13
*77
78
*71
75
77%
25%
25%
4
4
29
28%
*115% 116
278
7%
*2%
*6%
73
73
*■120
24%
378
27%
*115%
*2%
*684
*116
123
♦116
80
125
*67%
80
*58
25%
*24%
*334
25
25
%
*1%
2
*1%
234
*7
125
1%
278
2
7%
3%
28%
125
*1
3
*1%
2
*2%
*1%
*7
7%
18%
89%
7%
18%
*18
*89
89%
*89
7%
7
89%
7%
*89
7
7%
20
47%
*1934
47%
20
*47
*13%
2%
1434
*13
14%
*13
*43
40
*43
*47%
48
20
2%
2%
45%
5%
42
3
20
*2%
*43%
*29%
2934
3
*115% 116%
29%
29%
2934
30%
3%
*3%
3%
*6%
%
1%
7%
*6
7%
,
.
23%
*1%
22%
1%
23%
28%
28
29
.
2334
2878
11334 11434
148
*141
1834
1834
38
*37
112% 114%
145
*142
18%
18%
"18%
18%
1,300
90
*89
44
7%
4734
20
20
1434
23s
57g
534
42%
2%
44
44
44
4334
5
29%
*3%
29%
5
3034
22%
22%
22%
30
30
30
*29%
30%
*2%
3%
3%
73
93%
93%
104% 105
953s
96%
*278
1%
24
*73%
93%
105
96%
3%
1%
1%
24%
1%
24
24%
*73%
75
93%
95
96%
9612
75
95%
107
106
105
97%
12434
,
120
*3%
3%
7
7
3%
*6%
3%
7%
400
*6%
3%
7%
3%
7%
%
%
*%
1%
%
700
*142
145
1%
23%
1%
1%
23%
2834
11434 116%
27%
113% 115%
145
%
*142
145
145
31
1%
23% 23%
28% 2834
115% 117%
*142
*173s
18
18
18
*17%
18%
1734
38
*37
38
*37
38
37
37
2034
3134
21%
21%
20%
2034
31%
*31%
60
*50
"60
*50
60
*50
60
*74
110
*72% 110
*73
110
25%
20%
31%
*20%
31%
2034
31%
31%
20%
2678
95
27
95
58%
12%
12%
6%
*31%
*50,
32
26%
27%
*79%
*56
59
59
*11%
12%
*11%
12
*11%
12%
11
11%
6%
*11%
11%
11
12%
1134
*6%
*6%
6%
*6%
1%
*1%
1%
*1%
1%
1%
6%
1%
*6%
1%
19%
3%
19%
2178
22%
3%
3%
3%
3%
2%
5%
2
2%
2%
2%
2%
5%
4%
47%
5%
4%
900
4%
5%
4%
5%
4%
5%
4%
5%
4%
2%
5%
43s
2%
5%
4%
4,400
4734
48%
3%
3%
2%
5%
2%
4%
4%
5%
46
20
20
*3%
3%
234
234
*5
43s
46%
47
49%
24%
49%
*23
49%
*47
47%
24
4934
20%
*23
4934
47%
23
334
95
50
50
50%
1978
20%
20
20%
19,300
5,100
20
20
2034
21%
70
*60
70
*51%
...
*55
70
*51%
70
66
66
*60
70
*52
63
*44
65
*49
65
*44
65
*44
65
33%
33%
*45%
34
34
3434 3434
4834 48'4
108% 108%
33%
33%
*44
49
47
47
*106
109
106
106
33%
79%
*79
*79%
79%
20
20
48
*80%
51%
85
49%
*80%
50%
85
17%
49%
*80%
28
28%
28
28%
*27%
19%
1934
3%
1934
20%
3%
20
18
50%
3%
*
17%
*3
18%
*47
48
10778 10778 *107% 110%
79%
79%
79% 79%
32
32
32%
32%
32
1834
19%
1878
19%
19%
1934
*111% 112
*111% 112
*111% 112
3178
18
3334
3%
17%
503s
85
28
20%
«3%
33
50
50
105% 108
3%
79%
79%
80
*32%
187s 20%
111% 111%
17%
1734
4934 51%
*80%
85
2784 28
20% 2034
3
35%
*79
33
Bid and asked prices; no sales on this day.
35
33
3234
19%
33
1934
112
17%
50%
*80
20%
*110
112
18%
51%
85
28
,
28%
20%
20%
3%
3%
20%
112
18
18%
50%
*80
51%
42,600
29%
3%
3%
20
3
Jan 10
30% Mar 10
24%f Jan 6
32% Jan 4
3% Jan 3
2
Mar
4
28% Jan
3
79
4
Jan
Mar 10
Mar
98
9
MarlO
12134 Mar 10
116% Jan 3
31% Mar 9
Ncv
2
Mar
4
July
23
Mar
51
384 Mar
8
July
July
45
Aug
20
Mar
I84 Mar
4% July
Mar
1034 July
5
Dec
8
Dec
16% Mar
31
Nov
11
Mar
25
Oct
17
Mar
34% Nov
1% Mar
84 Sept
25% Mar
71
Apr
70
Apr
82% May
74
Mar
110
Mar
111%
Jan
1234 May
4%
1%
39
Oct
Jan
July
82% July
102%
103%
9784
120
Jan
Dec
Jan
Nov
119% Nov
26% Dec
4%
Jan
2% Mar
4%
Jan
8
Jan
3
9
Jan
Jan
1% Jan
24% Jan
3134 Jan
84
16% Mar
1534 Mar
6184 Mar
Mar
8
7
38
Mar
% Mar
84 Dec
20% Jan
3
54
20% Dec
19% July
Feb 24
22% Jan 4
£32% Jan 13
103
1% Jan
3% July
34% July
33% Nov
124% Nov
Oct
Mar
144
9% Mar
31% Mar
21
Oct
39
Dec
10
Mar
20% July
31% Dec
Mar
Jan
W hite Rock Mln Spr
54% Feb
1% Jan 13
15% Jan 27
2% Feb 15
#4 conv preferred... .No par
.....5
1
10
2
Wilson A Co Inc......No par
4
Jan 11
4% Jan 13
Jan 12
41% Jan 26
100
107
Wisconsin Elec Pr 6% pref. 100
Woodward Iron Co
10
Woolworth (F W) Co
4
10% Jan 5
9% Jan 20
5% Feb 14
C0N0 par
#6 preferred..
8
Jan 27
80
1
White Motor Co
Jan 19
19% Jan 20
40% Jan 26
16*4 Jan 26
10
Worthlngton PAM(Del)No par
3184 Jan
4
14% Mar
Jan 27
75
Mar
95
Jan
60
Jan
42
May
61
Nov
4
12% Mar 10
1334 Jan
7
4
Jan
134
Jan
23
IO84
Dec
6% Mar
5
Sept
1% Mar
Mar
9
834 Mar
384 Mar
9
1% Mar
3% Feb
6% Feb
8
8
1% June
338 June
5
Jan
5
3
Mar
49%
108%
25%
50%
Jan
6
32
Mar
Jan 12
103
Mar 10
23%
36
42
Jan
Jan
Oct
10% Mar
4
5
4
Jan
Jan
11% Mar
100
60
Jan 31
58
Feb 16
05
Jan 18
32% Feb 21
38
Jan
4
27
42
Feb 15
53
Jan
5
IOI84
773s
26%
16%
Jan 26
120
Jan 13
80
Jan 28
33
28% Mar
65% Mar
61% Mar
2034 Jan
83s Jan
105
Jan 30
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
100
Preferred
Jan 26
Young Spring A Wire..No par
1534 Jan 26
Youngstown S A T
No par
39
100
80
"4"700
Youngsfwn Steel Door.No par
6H% preferred
Zenith
Radio Corp
New stock,
r
Feb 9
23% Jan 26
.
Jan
3
MarlO
Jan
4
2134 jan 5
114% Feb 17
21% Jan 5
65% Jan
85
Jan
31% Jan
7034
71
24
9
1
3
Jan 27
3%
Jan
234
Ex-rlghts.
Jan
3% Oct
6% Jan
5% July
60% Jan
10684 Dec
27% Nov
6334 Nov
27% Nov
72% July
75% Nov
48% Nov
05% Nov
121% Dec
78
Dec
39
July
2ia4
109
Oct
Oct
25% Aug
86% Nov
31% Dec
2584 July
584 Mar
Jan
y
Jan
3
62% Mar
11% Mar
22%
Ex-dlv.
Mar
11
2434 Oct
3% Aug
67% Nov
Jan 20
*
Oct
15% July
15% July
Mar
16
Cash sale.
Mar
Mar
9% Mar
No par
Zontte Products Corp..
•
Jan 26
3234 Nov
80
-.100
Prior pref 4H% series.... 10
Prior pf 4 a % conv series 10
Wright Aeronautical...No par
Wrlgley (Win) Jr (Del).No par
Preferred A 7%
20
a Def delivery.
3% Jan
12
145
Jan 26
2,400
25,800
9,700
2,100
4
8
0% Jan 4
4884 Mar 10
Mar
00
85
2834
1934
t In receivership,
50
1,200
1,300
Mar
8
Jan 26
Mar
22% Jan 26
6% preferred B
300
,
1734 May
87% Deo
10% July
90
200
"1,300
44
Mar
Apr
1.400
4984
20% Jan
14% Mar
2% Jan
Mar
4% Mar
Mar
Wlllys-Oveiland Motors
6% conv preferred
4978
30
Mar
7,400
49%
74
3
3
6034 Jan
Feb
65
Wilcox Oil A Gas...
50%
89% Feb 27
9% Jan 5
33g
8% July
20% Jan
60
6,600
"l'eoo
1384 June
20
334
24%
43S July
1% Deo
534 Mar
Jan 12
2234
48%
3
7«4 Feb 16
I884 Jan
Jan
30% Feb
White Sewing Mach...No par
..
77% Deo
119% Oct
2% Jan
Feb 20
1,100
1,800
24%
Mar
75
5,100
*4734
Mar
1
60
12%
24%
37
Jan 12
12
24%
Jan
Mar
116% July
Jan
2
Apr
100
1% Mar
Mar
120
18% Feb 16
#5 conv prior pref..-No par
24%
75% Mar 10
126
Jan 26
130
White Dent'l Mfg (The 8 8)20
23%
Jan 11
Feb 20
100
2378
Mar
5% Jan
32% Jan
110% Nov
4% Jan
1584 Jan
120% Feb
75
"""eoo
200
105
Jan
60
12%
6%
1%
4
Feb 18
Nov
.100
69
6%
31% JaD
117
13% Sept
234 Mar
1534 Mar
1% Jan
2834 Oct
28% Nov
30% Nov
5M % conv preferred....100
Wheeling Steel Corp...No par
Preferred....
—100
12%
*60
1934
98
5% conv preferred......30
58
*107
*107
♦107
*107
*107
*107
20
20% Jan 20
23% Jan 26
We8tvaoo Chlor Prod..No par
Wheel A L E Ry Co
95
2034
Class A
400
59%
*1%
*21%
3%
Feb 16
16
*56
1%
1
....100
6% preferred
Jan 26
5% Jan 26
% Feb 20
—100
Pacific
37
*79%
*79%
4% 2d preferred
Western
3
100
...100
Western Maryland
No par
3,400
4
97
Feb
preferred
Weston Elee Instrom't.No par
95
59%
12%
12
6%
59
7
Jan
2
71% Jan 26
10
110
Jan
107
30
*79%
*56%
*11%
,
1
I
700
60
*73
Deo
June
6%
Wesllngh'se Air Brake.No par
Westlnghouse El A Mfg
50
1st preferred
...
60
26%
95
20%
*79%
Jan 28.
25% Jan 20
18% Jan 27
27% Jan 25
2% Jan 28
Wostern Union Telegraph-100
1,700
Oct
25%
4%
3
1,000
>
57
par
par
7,500
1734
*37
20%
10
6,500
11,200
42
Mar
11% Mar
14% Mar
25% Feb 18
100 102% Jan 31
89
3
Jan
6% preferred
100
West Penn Power 7% pref. 100 £120% Jan
4
0% preferred..—
100 114% Jan 24
Western Auto Supply Co...10
22% Jan 26
100
145
18%
*72% 110
26
27%
270
9,800
3%
2334
2834
2% Feb 20
par
par
89
3%
23
3
Feb
#4 conv preferred....No par
West Penn El class A
No par
30%
28
36
300
116% 116%
*1%
1%
23%
28% 28%
112% 113%
No par
Feb 20
97
124
23
5
73%
31%
*%
1%
3
Jan 23
95
30%
113
Jan
Jan 26
73
116% 116%
June
30% Mar
% June
16
3% Jan
Jan 25
23% Mar
124% 124%
Dec
Mario
42
Jan 30
Jan 19
5
Wells Fargo A Co
620
83
97
134
Wesson Oil A Snowdrift No par
98
159% Dec
3
5
5
Mar 6
Feb 24
Feb 14
900
30%
*%
7
Mar
,
2,100
97%
May
27% Mar
120
2% Jan 23
34% Jan 24
100
Waukesha Motor Co...... .-5
7%
134
Jan 11
1%
170
Dec
Mar
1%
12
Wayne Pump Co
...1
Webster Etsenlohr.....No par
420
Nov
86
48
Jan
Jan
85
No par
700
<
Dec
15
6% Mar
24%
*1%
124%
*50
*23%
1,500
700
52
84 Jan
19%
30%
35%
114%
2%
134
6%
10%
No par
tWarren Bros
....No
#3 convertible pref..No
#1 1st preferred ....No
Warren Fdy A Pipe
No
3% July
Feb
9
24
38
17%
*37
"3",000
2934
*31%
46
5
30%
22
30%
3%
124
60
*20
*3%
30%
♦2134
30%
*2%
100
116% 116%
31%
*6%
1%
6,500
12
47% Sept
534 July
10% July
7% June
8
67% Jan 24
Baking Co cl A.No par
#3.85 conv pref
37
Jan
6% Jan 28
7% preferred
Feb 24
1234 Jan 21
8384 Jan 3
8
42% Jan 20
19% Feb 20
Class B
Dec
-
7% Nov
1% Mar
3
..No par
Warner Bros Pictures..
3
6% Mar
Walk(H)Good A W Ltd No par
Preferred
8
Oct
June
2% Mar
1
660
30%
20%
11%
49,400
2978
*50
*11%
6%
4834
6
Jan 11
125
Walworth Co..
Oct
Mar
Nov
36
1
100
Preferred
Nov
Nov
121
1'4 Feb
J Wabash Railway
100
5% preferred A........100
5% preferred B.
100
Waldorf System.......No par
Walgreen Co
No par
200
3%
6%
114
120
"""466
11534 11534
20%
*31%
*79%
59%
2%
Jan 27
2134 Jan 26
3% Jan 26
2434 Jan 26
100
,
Jan 26
Feb
36% Jan 24
5
100
preferred
3
Mar
Feb 25
30
No par
preferred
Jan 20
Mar
Feb 28
22
Virginia Ry Co 6% pref... 100
Vulcan Detlnalng
100
Ward
4334
*23s
123% 123%
*6
6%
.
50%
109%
7284
70%
71%
29% Mar
40
Apr
'
78
Feb 23
113
..100
Va-Carollna Chem
Oct
July
40
17
100
..
Mar
Nov
7
9184 May
3
7
162
% Jan 16
71
49%
Mar
38
3
Jan
No par
Vandlum Corp of Am.No par
Van Raalte Co Inc..
5
500
1484
105% 106%
20
*72% 110
20% 27%
20
48
48
22
*3%
"9J00
900
*41
6%
60
......
Jan
Oct
13% Nov
Mar
£55
Jan 27
157
Vadsco Sales...
Jan
7%
45% Jan
£4434 Mar
4
Jan
30% Nov
Mar
21
Mar 10
55
Jan 23
100
preferred
4>4 % pref with warrants 100
7%
48
*14
120%
35%
4534
3%
8%
2%
Jan 27
Jan 24
50
No par
Universal Pictures 1st pref. 100
90
73s
48
20
4734
*13
29
5
73
9334
104% 104%
95%
96
123
123%
116
116%
*%
18%
22%
1%
24%
1%'
*3%
h
18%
29
24%
2
75
93
30
*234
25
*73
"""300
3
3
*92%
93
104% 105
95
95%
*123% 124
73s
12
2934
75
*73
2
3
*3%
500
2%
12
29
60
100
*7%
7%
70
Feb 16
35%
21% Mar
2% Mar
8
Jan 26
Jan
10% July
June
50
65% Jan 5
6684 Mar 10
3% Jan 3
7% Feb 20
184 Jan 25
1
No par
16 conv pref A
5%
*1%
*89%
Conv pief \70oi
United Stores class A.-No par
Va El A Pow $6 pref. ..No par
*2I2
7%
25
Feb 2
Mar 10
Jan 5
Jan 3
111% Mar
12% Nov
13% Mar
3% Mar
5% Mar
Jan 23
53%
113%
33%
433g
100
United Stockyards Corp
Jan 26
52% Jan 24
No pat
preferred...
Jan 26
9
4
10% Jan
Jan 26
24
3
6I84
48%
5%
5234
Jan 30
55
Jan
Jan 20
60
No par
CJ S Tobacco
5%
Jan 26
90
50
Pref en ed
2534 Mar
8
100
3
Jan 18
61%
37%
4%
40%
..60
.
32
30% Jan 27
18% Jan 26
4% Jan 27
Virginia Iron Coal A Coke. J 00
7%
4734
20
15
2%
4% Mar
10
2
47%
*1978
*13%
*2%
4
10
234
3
*22%
1,800
2%
*1%
7%
*9
22
1%
278
2
3
28
25
1,500
138
12
*3%
24%
*1%
3
22
2
2
24%
1434
23g
47
7% Jan
"2,700
10
1%
90
Jan 26
Vlck3b'g Sbrev & Pac Ry Co 100
Vlctoi Chem Works..
6
7
7%
Nov
0
VIck Chemical Co
7
*89%
Nov
173
""500
*121
1%
*9
28
3
3
4734
20
*121
1%
12
12
5
30
22
25%
4
4
....
115
10
7% 1st preferred
80
25
*9
41%
2%
*9%
22%
*3%*28
25%
5%
42%
29
278
2434
5%
42%
3
5%
41%
27„
12
5
*8%
25%
*58
80
5%
42%
278
5%
5%
*40%
*121
1%
*17%
.
334
*1%
*2%
7%
18
7%
1778
*58
80
Mar
162% Mar
75% Jan 28
1,000
Dec
1% Jan
9% July
3% Mar
534 Mar
4
Nov
8734
Dec
9
Universal Leaf Tob....No par
"s'ioo
May
38
4
20
U S Steel Corp....
Preferred
13
4% Apr
62
Jan
10% Feb 24
1,000
%
4
8
5
8% 1st preferred
8%
Jan
Nov
10% Aug
8% Oot
Mar
Universal-Cyclops Steel Corp 1
30
Mar
180
300
77
334
4
*378
28%" 28%
28% 29
27%
2734 *27
27%
*115% 117
*115% 116
115% 115%
*115% 116
117
*2%
278
*2%
2%
278
278
*2%
278
278
*684
*634
8%
*634
8
*634
878
7%
8%
*115
123
121% *117
121%
121% *115% 121% *115
*68
74
74% 75%
74
7378 737s *71% 7478
4
125
*120
1%
234
*1%
234
*1%
*58
100
5
20
75
*17%
26%
35%
*57
80
*57
500
8ept
113
No par
U S Smelting Ref & Mln
Preferred •
7%
6
3
% Jan 24
500
27
*18
29
3034 *18
*18% 3034f *18% 3034
2634 27%
2634 27%
26%
27%
28 I
27%
2778
27%
35
35% 35%
35% 35% *34% 35%
35%
35% 35%
35%
*112
114% *112
114% *112
114% *112
114% *112
114% *112
114%
*41
41%
41%
41% 41%i
42
42
41%
41%
4034 4034 *4034
3034
27%
1,400
6,200
*160%
75
%
!
%
59
3%
8%
2%
*56%
*160%
...
100
*45
3-%
8%
2%
*56%
80
4734
3578
3578
4784
8%
II84
120%
3578
119
119
3578
*45
500
1,200
75,000
3,400
2,000
6
87% Mar
7% Jan
10% Jan
67% Aug
12% Nov
114
Jan 21
U S Rubber
12,800
Mar
5
Jan
11
Mar
834 Mar
100
10% Mar
7%
Mar
Feb 21
U 8 Pipe & Foundry
U 8 Realty & Imp
58%
6634
3
60
Jan 26
100
10",300
58%
21% Mar
8
No par
cl A...No par
30,500
66
4% Mar
60
Apr
78% Mar 10
£13% Feb 27
115% Feb 14
Oct
7% Jan
10% July
80% Jan
8% July
39% Oct
91
50
0%
109% 110
Feb 11
Oct
4%
38
173
U S Industrial Alcohol-No par
Partio A conv
Mar
Mar
4% June
20
% conv pref
U S Leather
2
22
100
Prior preferred
64%
55
100
7% preferred
U S Hoffman Mach Corp
4878
3%
75
No par
U S Gypsum..
$6 first preferred..
584
2%
*78
U S Freight
10
..10
U 8 A Foreign Secur.-.No par
47%
2%
76%
1,700
United Paperboard
57s
3%
8%
55
Jan 30
4734
2%
*11%
63
4,700
700
8
1134
No par
Highest
# per share # per share
6% Jan 4
33% Jan 12
Jan 26
4% Jan 26
6% Jan 26
9%
66
74
30
100
61
58
Jan 12
6
No par
800
*2
59%
.100
5
51%
4734
10
U S Dlstrib Corp
Conv preferred
200
7.100
58
38% Mar 10
7% Ma. 10
834 Jan 6
United Eng A Fdy
United Fruit
5H
6534
Jan 26
Jan 26
Jan 26
United Electric Coal Cos
4678
5%
£109
Jan 13
05
5
"5". 600
2,200
1,700
Lowest
2%
31%
434
5%
par
No par
11% Jan 13
111% Jan 0
7% Jan 3
6% Jan 24
734 Jan 26
82% Jan 24
% Feb 11
5%
9%
No
#5 preferred
No par
United Mer A Manu Ino vtc.l
30
*52
Corp
$3 preferred
United Gas Improv't-.iVo par
25%
9
United
United Drug Ino
United Dyewood Corp
Preferred
Highest
# per share
334 Feb 6
# per share
16.400
5
*8%
8
8%
*2
2%
*55
59% *55
11%
11% *11%
76%
76%
76%
160% 161% *160%
7,600
25
61
59
*45
600
5%
9
47
5%
51%
*45
70
4.400
2534
*478
*65% 65®4
63% 65
118% 11834
35% 35%
4734
*26%
*52
64%
118% II884
3534 35%
33.400
33s
38
30
25
5%
9%
49%
109% 111%
60%
6534
63%
30
61
46%
49%
50
109% 109%
108% 110
%
*%
*17%
3%
38
6%
25%
9
9%
5%
50%
59
*4%
23
61
46
5%
*68
77
*75
47
*26%
5
*52
5
*45%
30
23
*9
61%
46
35%
3%
38%
6%
6%
634
7134
5
32%
5
*9
5%
50%
109%
62
65%
64%
118
3%
38
6%
*26%
22%
*52
47%
47
3%
38%
71% 71% £70%
71
71
5
5%
5%
5%
5%
5%
32
*32
33
3234
32% 33
♦323s. 33%
77
7034
7734
76%
78
77%
78
7734 78%
78%
12%
13
1278
13
12%
13
13
1234 13
13%
*113
11378 *112% 11334 *113% 11334 *113% 11334 *11334 11334
10
10%
9%
10%
934 10%
10% 10%
978
9%
6%
6%
*6%
6%
*6%
6%
6%
6%
6%
6%
*9%
10%
10%
10%
934
10
*10
10%
10%
103s
*86
87% *8614
87%
*86
87% 87% *86
88
88
*%
%
*%
%
*%
%
*3s
%
*38
*5%
7
*534
7
*6%
7
*6%
7%
*534
7%
*9%
934
*9%
934
9%
9%
978
10
9%
978
102
103
103% 103
102% 103% 102
10478 106% 107%
*178
181
*178
181
♦178
181
180
180
*178% 181
*7
*6%
7%
*6%
7%
*6-%
7%
*6%
73s
7%
30
2214
*2614
2214
7I84
3%
37%
6%
634
7134
4%
*32
33
*32
3%
3834
6%
6%
7134
Lowest
Par
Range for Previous
Year 1938
Mar
Jan
^ Called for redemption.
11, 1939
1444
Last
Sale
C v
Hft.
Price
Bid
&
Low
Friday's
Asked
High
Jan.
No.
Low
1
Treasury 3%s
Chile Mtg Bank
Treasury 3%s
65
118.26120.22
115.31
19
114.17115.31
♦Guar sink fund 6s
114.28
114.30
5
113.10114.30
♦6s assented—.
1943-1947 J D
-1941 F A
—
A ?
A £
1946-1949 j D
Treasury 3%s
Treasury 314s
Treasury 3%s.._-.
Treasury 3 He
1^9-1952 j p
Treasury 3s
-—1961-1955
....-1955-1960
1945-1947
1948-1951
1961-1954
,.1956-1959
1058-1963
J„?
104.30
Treasury 2%s
Treasury 2%a
Treasury
Treasury 2 %s
"}?*A J D
-----J948 M S
Treasury 2Kb
105.2
20
106.19
106.24
3
110.25 110.10
110.25
22
109.30110.25
107.10
15
107
110.22 110.11
110.25
86
109.22110.25
111.1
110.23
111.1
39
109.22111.1
111.8
110.23
111,8
19
109.11111.8
111.5
110.19
107 12
111.5
33
109.2
110.17
38
109.12 108.18
109.12
13
108.19110.17
107.4 109.12
105.27
106.21
86
108.13
108.23
9
107.11
107.30
75
105.19107.30
105.17
106.13
46
104
106.13
104.19
105.15
126
103.4
105.15
104
104.12106.21
107
108.23
104.14
9
102.20104.14
103.26
104.23
166
49
106.6
107
31
105.1
104.20
90
104.25
60
102.16104.25
104.3
43
102
1947
♦Gtd sink fund 6s
1948
Akershus (King of Norway) 48.1968
♦Antloquia (Dept) coll 7s A,,.1945
♦External s f 7s series B
1945
♦External s f 7s series C1945
♦External s f 7b series D
1945
♦External s f 7s 1st series
1967
♦External sec s f 7s 2d series.1957
♦External sec s f 7s 3d series. 1957
Antwerp (City) external 6s
1968
Argentine (National Government)—
8 f external 4Kb
,,..1948
8 f external 4 Kb—
—1971
S f extl conv loan 4s Feb
1972
8 f extl conv loan 4s Apr
1972
Australia 30-year 6s
1955
1928
1966
f 7s,——1957
External g 4%s of
♦Austrian (Govt's) s
107
F
A
M
J
J
J
J
A
A
A
J
A
O
8
J
J
j
J
O
O
O
26%
106.31
107.28
107
102.13104.20
104.3
18
107.9
108.10
28
106.26108.10
106.25
151
105.26
2
108.26
108.26
106
External 30-year s f
105.3
1962 MN
7s
35
106.20108.8
31
102
102.22
104.30
61
104.1
104.30
26%
*26%
26%
10
13%
'14
26%
25%
"93% '"2
25%
6%s—1947 A O
1946 M N
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
25 year gold 4 %s
1953 MN
{♦Cordoba (City) 7s unstamped 1957 F A
{♦7s stamped
.1957 F A
J
Cordoba (Prov) Argentina 7s..1942 J
23%
25%
155
25%
♦6s extl sf gold of 1927.Jan 1901 J
1951
♦Costa Rica (Rep of) 7s
23
25%
163
19%
26%
26%
26%
26%
95%
26%
26%
13
25%
25%
25%
90%
87%
26%
*
"96%
"96%
93
94%
94%
"40%
40%
96%
94%
"40% "51%
41%
74
74
26
50
*45%
74
74
80%
100%
30%
101%
100
108
105
105
105
105
M N
Cuba (Republic) 5s of 1904—1944 M 8
External 5s of 1914 ser A,.—1949 F A
29%
101%
1949
,..1977
Sinking fund 5%8—Jan 15 1953
♦Public wks 6%s—June 30 1945
Czechoslovak (Rep of) 8s
1951
"55%
55
56
130
103
4%s external debt.
103
3
69%
34
08%
66%
72
38
49%
75
75
68
75
10
50
75%
1942
105
103%
105
43
100%
100%
101
69%
External gold 5%s
1955
External g 4%s
Apr 15 1962 A O
Dominican Rep Cust Ad 6%S—1942 M S
ser
93
94%
70
O
100% 105
97% 101
89%
97%
2
65
1
65
71
71
71
71
O
1
05
71
*
71%
71%
71%
71%
2
66
70
71
3
66%
71%
71%
5%s 2d series
1909 A O
♦Dresden (City) external 7s.—1945 M N
70
71
2
65
71
♦El Salvador 8s ctfs of dep.—-1948
18
10%
14
23
16
18
18
14%
18
14%
13%
♦Frankfort (City of) sf0%8—1953
13
14
42
10%
14
French Republic 7 %s stamped. 1941 J
12%
13%
12i
4
*100
Estonia (Republic of) 7s
9%
10%
17
73%
71
A
13
12%
33
41
93%
1940 A
—1940
5%s of 1920
24
13%
100% 102%
60
54%
102% 103%
72
28
12%
30%
1952
Sinking fund 8a ser B
13%
14
22%
102
101%
External loan 4 %s ser C
14%
9%
9%
Finland (Republic) ext
96 k
96
37
91%
92%
141
89%
86
86%
31
85%
77 k
77%
77%
156
87%
78%
77%
77%
77%
29
105%
S
100
97
105%
105% 107
17%
19
20
MN
109
106
109
105
105
104
105
1949 JD
7b unstamped
108%
1941
External 7s stamped
92%
86%
1907
6s—-.1945 M
7%s unstamped
13%
13%
13%
96%
92 K
MN
J
76
76%
79
96% 103%
97% 103
103 %
101
103%
i03
100%
103
49
96%
99
202
91%
116%
104%
116%
113% 115%
103% 105
D
1949
T
14%
15%
15
12%
17%
J
70
20
A
M
S
107%
J
107
107%
.106%
116
D
21
20
1
16
108
16
104
16
103
27
112
116%
21
♦18%
26)6
15%
27
O
22 %
12%
22%
1
19
"290
731
?9%
11%
9%
9%
27
21
O
21%
13
22%
768
20 K
12%
21
557
8
98%
97
98%
61
9%
93%
98%
♦(Cons Agrlc Loan) 0%8—1958
♦Greek Government
s
paid
J
A
D
102
J
D
11
18
25%
26%
17%
26%
19%
16
22
24
24
22%
*29%
33
30
24%
26%
24
/ 21
26%
20%
22%
16%
21
75
73%
75
19
15%
18
13%
26
N
F~
A
♦Sink fund secured 6s
22%
-1908
♦6s part paid
*24%
20%
1968
Haiti (Republic) s f 6s ser A.—1952 A O
♦Hamburg (State) 6s
1946 A O
J
♦Heidelberg (German) extl 7%s '50 J
Helslngforo (City) ext 6 %s
1900 A O
Hungarian Cons Municipal Loan
J
*7 Kb secured s f g
1945 J
"
22%
1940 J
♦7s secured s f g
89
15
97
10
11
11
11%
78
64
64
Irish Free State extl s f 5s
51%
52%
52%
Italy (Kingdom of) extl 7s
55
Italian Public Utility extl 7s
54%
Japanese Govt 30-yr s f 0%s—1954 F A
Extl sinking fund 5%s
1905 MN
9%
98%
102
*17%
16
103%
15
'21%
27%
103%
103
27%
18%
18
105
10
10
10
*9%
12%
9
"lO"
10
10
9
10
9
9%
31%
J
22
98%
74
74
-
102
96%
14%
17%
19%
*22%
f.ser 78—1904 M
1904
♦Hungarian Land M Inst 7%s.l961 MN
♦Sinking fund 7%s ser B
1901 MN
♦Hungary (Kingdom of) 7%sj.1944 F A
Extended at 4%s to
..1979 F A
100
16%
D
*55
98 k
F
J
20%
16%
German Prov A Communal Bks
20%
14
13
D
M
20
19
O
20 %
16%
D
108
116%
J
1965
♦5%s stamp(Canad'n Holder) '05
♦German Rep extl 7b stamped. 1949 A
♦7s unstamped
1949
108
107%
1905
♦5%s of 1930.stamped..
♦5%s unstamped
99
98%
J
1961
External s f 4%-4%s—
1977
Refunding s f 4%s-4%s——1976
External re-adj 4%s-4%s—1976
♦6s stamped
External B f 4%8r4%8.
—.—1976
1984
3% external s f $ bonds
Bulgaria (Kingdom of)
1967
1968
f 7s—
♦Stabilization loan 7 Kb
M 8
M 8
F
O
MN
8%
*9%
27
13%
*31%
26%
37%
30%
27
24%
10-year 2Kb
Ger) 7s
1961
1944
1967
1954
1950
6s.. July
15 1960
26-year 3)48.—
7-year 2)4s
8s
55
54 >4
53%
54%
49%
49%
50%
10%
9%
*23%
*21%
31
20%
29
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f 7s
1947 F
28%
27
32%
♦Lower Austria (Province) 7%s 1950 J
30
J
J
J
110%
110%
58
111
110%
103%
103%
102%
111
26
103%
103%
102%
100%
28
109% 111%
109% 111%
102% 104
54
103
49
101% 103
98% 101
"103%
J
J
J
J
"100%
J
100
17
M S
J
J
51%
19
48%
55
80
86
76%
85%
58%
31
66%
65%
34%
1
79%
79%
57%
57%
34%
*17%
2
22%
25%
"16%
62
104%
A
D
♦Medellln (Colombia) 6%8—1954J J
♦Mexican Irrigat'on gtd 4%s..l943 M N
23
62
76%
65
75
34
38%
10%, 20
15
14%
13
25
,14%
10%
14%
K
*%~
"l%
*%
-—-
%
%
K
%
K
*%
1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q J
♦Assenting 5s large.—
♦Assenting 5s small
♦4%s stmp assented
1
*%
%
1%
%
1%
%
'"%
%
1%
%
17
19%
30%
*25%
22%
30%
3
27
32
♦4s of 1904
1954 J
D
23
27
♦Assenting 4s of 1904
1954 J
D
%
22%
"5
22%
22%
♦Assenting 4s of 1910 large
25%
26%
22
21%
27
♦Assenting 4s of 1910 small
19%
23%
18%
{♦Treas 6s of '13 assent (large) *33
J
J
J
J
A
O
51
50
52
.1958 M 8
15
8
15
15
40
54
1
1%
*%
15
26
29
17%
"12
14%
M N
13
11
13
11
17%
14%
17%
25
14%
13
11
13
24
10%
16%
14%
17%
23
12%
11%
14%
12%
6
17
17%
24
14%
10%
14%
18%
16%
18%
12%
11
12%
10
11
17
14%
17%
12
14%
11%
11%
6
%
1
%
%
1%
18
47%
50%
96
7%
7%
%
{♦Small
1%
16
A
O
A
J
14%
13%
all%
14%
67
6
16%
1449.
67
50%
17
*20
MN
42
110%
"17%
For footnotes see page
102
103
64%
D
O
——.1963
—.1957
♦0%s assented
1957
♦Sink fund 0>4s of 1920
1901
•6 >4 s assented.
1961
103
67
67
"Si""
O
J
♦6s assented
1962 A O
♦External sinking fund 08—1963 MN
♦6s assented
J
J
MN
Rept 1961 M S
♦Chile Mtge Bank 6 His
1952 J
38
♦6s assented
Jan 1961 J J
♦Extl sinking fund 08-.Sept 1961 M S
6s...1962
D
B '47 M S
40%
.
♦External sinking fund
1951 J
ser
*37
♦6s Oct coupon on
♦08 Assented
Italian Cred Consortium 7s
J
♦6s July coupon on—...I960
♦Farm Loan s f 6s .Oct
16 1960 AO
1960
♦Chile (Rep)—Extl 8 f 7s
1942
♦7b assented
—.1942
♦External sinking fund 6s—1960
♦6s assented
1960
♦Extl sinking fund 6s..Feb 1961
♦0s assented
Feb 1961
♦Ry ref extl 8 f 0s
Jan 1961
49
62%
53
108
»_
1960 MN
J
4s
1960 A O
1952 MN
Aug 15 1946 F A
5s
52%
51%
55
52 k
A
A
Canada (Dom of) 30-yr
♦Farm Loan at
10
of)
♦Buenos Aires (Prov
♦Cent Agrlc Bank(
25%
25%
20%
26%
27
26
N
N
A
O
J
S
D
30-year 3s
♦Carlsbad (City)
19
19%
A
♦Sinking fund 7s of 1920
1st
D
$of) external 8s.—.1941
♦Externa] 8 f 6%s of 1928-—1957
♦External s f 6%s of 1927—1957
♦7s (Central Ry)
—1962
Brisbane (City) s f 6s —
1957
Sinking fund gold 5s„
1958
s
20
16%
12
German Govt International—
♦Brazil (U
♦Secured
17%
19%
D
M 8
13
O
♦Budapest (City of) 6s.:
10%
35
13
14
F
1950
1962
12%
17%
13 K
D
2u-year s f 6s
10
12
J
♦Colombia Mtge Bank
Denmark 20-year extl 6s
108.8
9%
90%
1950
(Germany) s f 6 Kb
♦External sinking fund
11%
12%
16%
14%
16%
14%
14%
105.26
13%
96%
6s—, 1958
♦Berlin
13%
14)4
1949
1945
External s f 6s
10
15%
14%
25%
106.25
102.18
93%
1955
1955
6 Kb
Belgium 26-yr extl 6 Kb
11%
13%
O
♦7s part
♦Bavaria (Free State)
13
11
15%
Customs Admins 6 %s 2d ser. 1961 M S
6%s 1st series--.-—.
1969 A O
M
M
F
A
J
1957 M
— *
15%
11%
15%
O
102.20104.23
107.28
(Colombia)
♦Gtd sink fund 6s
External 6s of 1927
High
O
1951
♦Cologne (City) Germany 0 %s_1950
Colombia (Republic of)—
♦6s of 1928
—Oct 1961
Municipal-
Agricultural Mtge Bank
Low
A
♦Chinese (Hukuang Ry) 5s
2d series sink fund 5%s
&
NO.
1900 M
♦Chilean Cons Munlc 7s
111.5
107.28 107.18
—.
Govt
High
Since
Jan. 1
1962 MN
1901
♦0s assented
106.18106.27
110.15 u0.4
Treasury 2Kb
—1949-1953 J D 104.201 103.23
Treasury 2%s
1950-1952 m S 104.25 103.28
103.9
Treasury 2s
—
*®47 J D 104
Federal Farm Mortgage Corp—
3%S
Mar 15 1944-1964 M 8 108.26 108.14
3s.
,-May 16 1944-1949 MN 108.10 108.3
3s
Jan
16 1942-1947 J J 106.24 106.22
105.23
2 tfs
Mar
1 1942-1947 M 8
Home Owners' Loan Corp—3s series A
May
1 1944-1962 MN 1C8.8 107.29
102.8
2>48 series B._Aug
1 1939-1949 F A 102.8
104.20
2 >is series G
,.1942-1944 J j
Foreign
Range
|S
Asked
&
1961 A
♦Guar sink fund 6s
104.29 105.8
107.10 107.5
M S
M S 106.21
m S
2 Kb
M S 107.29
2%s
j D 106.18
2Kb
M S 105.15
2%s
J D
2%s.1960-1965 j D 104*25
Treasury 3s...-
Bid
(Concluded)
120.22
115.31 115.18
Treasury 3%s
Price
Low
120.22 120.4
—JSfi"®
Treasury 3%s
••*0.
High
j>
£ 2
j
Treasury 3%s.
Treasury
Range or
Sale
..1846-1986 M 8
19*0-1943 J D
Treasury
Treasury
Last
N. Y. STOCK EXCHANGE
Week Ended March 10
Foreign Govt. & Mun. (Con.)
Treasury 4Hi--
Treasury
Week's
BONDS
Since
Range or
Friday's
Government
U. S.
Treasury
Friday
Range
Week's
tS-H Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 10
A
17%
13%
3
18
3
14%
11%
14%
16%
18%
16%
18%
10%
18%
16%
18%
11
Milan (City. Italy) extl 0%s
Mlnas Geraes (State)—
♦8ec extl s f 8%s
♦Sec extl s f 6 %s
1959 M S
♦6s series A
A
765%
105%
104%
103%
103%
103%
101%
101
13
33
10%
16%
15%
21
13%
16
4s
D
11%
alO
11%
10
15
13%
15
D
11%
10
11%
14%
16%
14%
Municipal Bank extl
D
6
13%
10
33
A
14
8
l03
1943 F
s
1963 F
f ext loan
s
f 5a
A
1970
D
104
*102
104%
105%
104%
103%
101%
15
15
9
14
25
46
64
48
54
45%
101%
101%
1956 M S
.1965 A O
A
60
99%
99%
1944 F
Norway 20-year extl 0s
20-year external 6s
11
12
*50
101%
101%
O
13
D
8%
54
New 80 Wales (State) extl 58—1957 F
External s f 5s
Apr 1958 A
15%
MN
16
14%
..1952 J D
1959 MN
♦Montevideo (City) 7s
External sink fund 4%s
External s f 4%s
17
—1952
52
95
101%
94% 101%
103
104%
103% 105%
102% 105
100% 103%
99% 101%
102
104
Volume 148
New York Bond
BONDS
N. Y. STOCK EXCHANGE
!l
Week Ended March 10
Friday
1952
1953
1958
.1955
Oriental Devel ?uar 6s
Extl deb 5 Ms—
Ho.
19
55
55 %
51M
26
51
51
—.1963 MN
61M
101
20
101
4
60
D
s f 6s 1st ser—1960 J
♦Nat Loan extl s f 6s 2d ser..1961 AO
100 M
60
52 %
61M
12M
9M
13M
9M
9M
m
12
♦Poland (Rep of) gold 6a_
1940 A O
♦Stabilisation loan s f 7s—1947 A O
♦External sink fund g 8s—1950 J
J
4 Ms assented——.1958
4Mb assented
—1968
♦Porto Alegre (City of) 8——1961 J
♦Extl loan 7Ms..
——1966 J
M
33
%
37 M
♦Ref A gen 5s series D
296
8%
12
197
8%
12
♦Certificates of deposit
♦Ref A gen 5s series F
3
30%
43 M
1
40
35M
15
J
10M
10
*68
.
105
105
3
'
,7
35
M
10M
10M
102 % 105M
107
101
6M
5M
m
8M
15M
50.
7%
15%
15
103
14
9
14
69
6%
7M
15
14
♦7s municipal loan.........1967
Rome (City) extl 6 Ms—
1952 A
14
9
14
45
7M
14
O
59
8
57M
15M
69M
A
59M
19 M
59
♦Roumanla (Kingdom of) 7s.-.19 59 F
1952 MN
♦6 Ms extl secured s f.......1957 MN
San Paulo (State of)—
|*8s extl loan of 1921
....1936 J J
19 M
M
19M
*16 M
20 M
15
19
1
J
6M
17 M
f 7s...—.....—1940 A
1945 J
O
7%
156
13
15
14M
215
50
20%
13M
.32
25 M
135
...1958 J
.....1958 J
15Ms——1955 FA
102 H
100
H
7
34
11
11
44 m
6M
17M
b f conv
30
52
50
104 m
12
104m
91
*95
4
32
98 m
47 m
*40
14 m
It*
51m
33
44 m
34m
44
38
52
104m 108 M
84 m
89
98%
101M
90
117%
118m
132
132
20
2
"36"
117m h8m
129 m 132
"20% "28*"
28
21M
28
19
26m
21
22 m
22M.
27
107,
106%
l08""
39
106 % 108 %
103 %
102
..1966
debs..........1952
103
103 %
121
101M
102%
177
101m 103%
97 m 102 %
D
22%
gtd 5s.
1st 5s stamped...
Bklyn Union El 1st
28
25M
27
33
25
28
29
31
102 %
14
50M
58
43
47
50
42
51
40
M
41
59
43 M
41
g 5s—..... 1950
cons g
f
A
106 M 107
38 M
37 %
39 m
128
24
39
37%
40 %
101
25
40 m
35
37m
81
23
37%
10%
80%
461
44
45
60 m
107 m
90 m
107
106M
107
81M
83
mn
99
98 m
99 %
A
f
A
39
*112M
112
40
"40 m
38
39
m
,
54m
98 %
97
96
94
1962 AO
37
43 M
Canada 8ou
Canadian Nat gold 4 mb— .. .1957 J
Guaranteed gold 5s..—July 1969 J
O
5s A
45
40
92
80M
106 % 108M
103%
107
68
72 m
83
40
48
10
93
99m
105m 108 %
him 112%
20m
25m
40m
40
7m
:
7
68
75
10
8m
70
40%
27
38
41
54 m
'
119 m
gu
82 M
35
32
,42
8%
52m
116
119m
A
*7m
*68 m
39m
J
Oct 1969 A
cons
131
9
*9
39%
...
""48
112%
s
64
70m
m
*108
"39%
6M
47
m
107m 109 m
40
*105m
1960 A O
% Bush Term Bldgs 5s gu
Calif-Oregon Power 4s—. 1966 A O
49
18
95
*50 m
83
F
8
78m
•79*
ro7
mn
J
'-1
21
♦Certificates of deposit.....
Bush Terminal 1st 4s..—
1952 A
Consol 5s.i—
1955 J
45M
63
108 %
108
D
1945 mn
5s
8m
8m
60
60
91m
107 %
Buff Nlag Elec 3 Mb series C
1967 J D
♦Buff Roch A Pitts consol 4 Ms. 1957 mn
♦Certificates of deposit.
tf^Burl C R A Nor 1st A coll 5s 1934 AO
49
"l4
*107
J
1941 J
—
54
43
45
......
1st lien A ret 6s series A..,,. 1947
Debenture gold 58.
1950
1st lien & ref 5s series B—. 1957
f Brown Shoe s f deb 3Mfl— 1950
Buffalo Gen Elec 4 Ms series B. 1981
95M 102M
49%
52 %
54
1964 MN
.1979 MN
44
41%
♦
u8m
%
23 m
23 m
43
"44m ""<30
%
89 m
Bklyn Manhat Transit 4Ms... 1966 mn
Bklyn Qu Co A Sub con
1941 mn
3K-4-4M* ($ bonds of *37)
external readjustment
42
50
-----
....
20 M
20M
*38
♦External s f 6s—..—.....I960 MN
52 m
*52
44%
43%
f*Boston ANY Air Line 1st 4s 1955 F A
J
1941 J
Brooklyn City RR 1st 6s—
Bklyn Edisoh.cons mtge 8MB— 1966 mn
32
2i%
*46
A
14m
13m
14%
18%
23 m
■23
»
17M
15
14 %
18%
26 M
*43 M
53 '
O
F
♦External s f 6s—.—
11,
7M
52 M
51M
f 6 Ms guar.*—.1961 A
♦Uruguay (Republic) extl 8s.—1946
,
323
14m
54
Boston A Maine 1st 5s A C— 1967 M s
1st M 5s series II.
1955 mn
1st g 4mb series JJ——— 1961 a o
13
13 M
24 M
*23%
s f 5 Ms—.1971 J
Tokyo City 6s loan of 1912—1952 M
s
6M
6M
33
*29
Taiwan Elec Pow
External
3Mb
29
D
D
4Mb assented—.—
♦Slle8lan Landowners Assn 68.-1947 F A
s
14m
16M
10M
..1955
....
Cons mtge 3mb series E
Bklyn Un Gas 1st
.......1962 MN —26%
..1962 MN
24%
24M
♦7s series B sec extl....
Sydney (City)
35
♦Berlin Elec El A Undergr 6 Ms 1956
Beth Steel cons M 4Ms ser D..1960
20M
20M
511
D
6 Ms—
♦Silesia (Prov of) extl 7s
23 m
24 %
m
3 Ms-4-1943
cons
♦Debenture 6s..
22M
31M
D
1946 J
Serbs Croats A Slovenes (Kingdom)
8%
9%
13
13M
17 M
11
14M
♦Saxon State Mtge Inst 7s
17
13
13 M
14 M
♦8s secured extl
,21
A
62 m
48 m
19
13
J
——1950
g
23m
f"
♦Berlin City Eleo Co deb 6Ms..1961
♦Deb sinking fund 6 Ms
1959
20
24 M
♦7s extl water loan—.......1956 MS
J
♦6s extl dollar loan....
...1968 J
♦Sinking fund
16 M
Big Sandy 1st 4s._........... 1944 J
Sao Paulo (City of, Braett)—♦8s extl secured s f_._
s
158
Bell Telep of Pa 6s series B....1948
1st A ref 58 series C
....I960
13M
15
♦Secured
23 m
M8—1951
14%
D
♦8s external..
21M
Battle Creek A Stur 1st gu 3s—1989
Beech Creek ext 1st g 3
31 %
30
Belvidere Delaware
j"j
.1996
♦Certificates of deposit.......
♦Convertible 4 Ms
..I960
♦Certificates of deposit....—.
38 M
50
♦8s extl loan of 1921.......1946 A O
♦68 extl 8 f g
—1968 J D
♦7s extl loan of 1926.......1966 MN
paid
...1953
16
Conref 4s
1961
4s stamped..............1951
222
coupon
37
Bangor A Aroostook 1st 6S....1943
"*81
♦February 1937
23
19
14M
♦Saarbruecken (City) 6s
21
m"s
22 %
23
19
13M
"
10
70
7H
■
138
14
"ill
J
23
14M
12M
—
21
♦S'westera Div 1st mtge 5s—1950
♦Certificates of deposit...:
Toledo Cin Dlv ref 4s A....1959
"l3M
15
23
65
107
■
Kb
40
A
it
..2000
33
O
♦Rio de Janeiro (City of) 88—1946 A
♦Extl sec 6 Ms
-1953 F
Rio Grande do Sul (State of)—*
107
29
P L E A W Va Sys ref 4s...l941 mn
Certificates of deposit ........
105M
24 m
86
177
24 %
36 %
s f 7s..1941 A O
26-year external 6s
—1947 F A
♦Rhine-Main-Danube 7s A....1950 M S
23 m
18m
18m
m
24 m
32 M
.
17
23
22
22
34
19M
105M
24
21%
30M
21
*19
16m
24 h
—
31
M
74
*19
♦Certificates of deposit
9
9M
9M
62
143
24 m
D
13M
20
62%
47 m
High
102
100
23
j"
9M
40M
49
Low
24
1995
62
*10 %
54
43
3
21%
♦Certificates of deposit♦Ref A gen 6s series C..:
13 M
32
231
24
D
12
;
No.
62 m
62 M
62
j"
35
231
High
101,
60
1995
61M
.
;
Jan. 1
62
♦Ref A gen 5s series A
102
60
52
GQGQ
62%
5s-..-—July 1948 A O
♦Certificates of deposit.......
5M
D
Queensland (State) extl
100
Asked
101
61 %
Since
A
59%
60%
♦1st mtge g
50
O
—1952 A
f 6s
s
52 M
43M
Prague (Greater City) 7 Ms
1952 MN
♦Prussia (Free State) extl 6 Ms. 1951 M S
♦External
48M
100 % 103
Range
Friday's
Bid
Low
Baldwin Loco Works 5s stmpd.1940 mn
Bait A Ohio 1st mtge g 4s. July 1948 A O
19%
57
12
34
43
35 M
32
High
17
43
6M
12
13
Price
Range or
Sale
Week Ended March 10
52 M
1
12
♦Nat Loan extl
5
100
1947 M S
.1959 M S
Last
N. Y. STOCK EXCHANGE
Low
13
100 M
♦Stamped—
High
19
M S
MN
BONDS
Since
Asked
A
FA
A O
Oslo (City) e 14KB
♦Panama (Rep) extl 6 Ms..
1953 J D
♦Extl s t 6b ser A..—1963 MN
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
Range
Jan. 1
Friday's
Bid
Low
♦Nuremburg (City) extl 6s
1445
Week's
Friday
Range or
Sale
Price
Record—Continued—Page 2
Week's
Last
.' 7
149
49
64 m
98m
96
39
92
,98m
90m 96m
8M-4-4M% (3 bonds of '37)
external conversion....—1979 MN
3M-4M-4«i«s extl conv......1978 J D
4-4M-4M% extl read)....—1978 F A
J
3 Ms extl readjustment
1984 J
Venetian Prov Mtge Bank 78—1952 AO
♦Vienna (City of) 6s.... .....1952 MN
4Mb assented.....
F
Yokohama (City) extl 6s...—1961
J
D
43
35
42M
43 %
37 %
43 H
*"
—-
*31M
*27 M
57 %
57%
37
36 m
36M
Guaranteed gold 5s
Guaranteed gold 5e
51
*-.---
A
7s—1958
36
42 M
42
A
......1958 F
♦Wareaw (City) external
42U
41M
*37
43
49
49
J
Guar gold 4MB-—June 16 1965 J
M
19M
14
36
29M
34
26 M
31
31
22
57%
18M
•
—.1970 f
AND
INDUSTRIAL
COMPANIES
{{♦Abltlbl Pow & Paper 1st 6s.l953 J D
Adams Express coll tr g 4s
1948 M 8
Coll trust 4s of 1907—
1947 M.D
10-year deb 4Mb stamped... 1946 FA
65
*102 M
60 M
65%
104 M
103
101
5
102 M
103 % -104M
65 %
*60%
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st cons A 6s
1943
....1943
105 M
Albany Perfor Wrap Pap 6s.-.1948
26 M
69
*107 M
1st cobs 4s series B
6s with warr assented..
..1948
37 M
Alb A Susq 1st guar 3 Mb—1946
*77"M
Alleghany Corp coll trust 5s...1944
Coll A conv 5s............. 1949
-
.
*68 stamped
Allegh A West 1st gu 4s
....1998
AUegh Val gen guar g 4s
..1942 M S
Allied Stores Corp deb 4 Ms
1950 AO
4Mb debentures............1951 F A
Allls-Chalmers Mfg conv 4s
1952 M S
75M
45
100
93 M
*185
124
100M 104M
60
66M.
107
108M
104
105M
34
86%
35
39M
72
75 M
74
85M
63
75M
48 M
2
38
48 M
41M
373
29
41M
1
52
106 M
100
.
60
99 M
91M
60
y
31
106 M
100
11
18
93 M
J
..—1949
J
ser A1962
Amer IG Cbem
conv
6 Ms
1955 M S
..2030 M 8
59 %
—1953 J D
...1949 MN
67
112
111
89
93 M.
123 %
J
114
114
D
,
J
60
250
Carriers A Gen Corp deb 6s w w 1950 MN
Cart A Adlr 1st gu gold 4s.....1981 f A
J
D
Celotex
w w
1947
40
48M
60
♦Ref A gen 6 Ms series B
1959
A
5
102
102m
51
101
103M
5
100M 104M
123
111M 112M
Through Short L 1st gu 4s
1954
A
O
108 M
107 %
108M
83
Guaranteed g 5a
J
D
108
J
J
107%
107 M
107 M
107M
105 M
107
2Q
105M
105M
104M
102 M
104 M
1st m s f 4s ser C (Del)..
1957 J
Atchison Top A Santa Fe—
General 4s—.............1995 A
J
O
♦Adjustment gold 4s.
1995 Nov
♦Stamped 4s
......1995 MN
D
1958 J
106
24
77
21
25
41M
41
42
10
30M
96
42
98
97M
97 M
99 M
99 M
97H
99M
99 M
109 H
1944 J
.1944 J
96 H
98 h
109 M
133
1
86 %
93
94 M
39
87M
94 M
96%
15
91
47
91M
96%
96%
89
90
*90
102 M
103
*123
110
102%
111
*"l3
110
110M
102
*100 M
"iioH
32
32
9%
4m
4m
4m
4m
4m
tH
1
.
112
*85
J
7%
"99 M
8
97
107
15
J
"37%
34
"37%
"23
J
27%
27
A
28
H
109 m
5s extended
to May 1 1942......
25
21
24
109 %
/10
107
110
24
75m
77%
118
72%
63 m
71m
05m
77 %
67 m
61M
164
60
63 m
6
115
115m
85
115M
81M
59%
115m
85
Illinois Division 4s..
1949
—1958 m s
111
General 4s
110M
1st A ref 4 Ms series B—....1977
f
A
110
1st A ref 5s series A..—.....1971
f
A
86
A
38
17
60M
5
60 M
59 %
103 %
25
72
83 M
28M
43M
M
37
52
60M
103M 105 M
104
37
25
2
21
25
72
2
72
72
96
95m
100
99m
105
M
s
J
99 %
98
"20%
19
36
100 m
103 %
55
100
94 m
99 m
m
19
21
19m
22 m
21%
*10%
*9
J
J
mn
4M
J
4M
102
47
76
♦7M
4m
4m
23 m
12M
13m
10m 14«
97m 100M
101m 103m
97
89m
94m
97
"95
63
1
86 H
J
72
110
*100
J
J
12M
12
103m
99%
92 m
mn
J
104m 111
94 m
100
O
{f♦Chicago A East 111 1st 6s...1934
mn
{♦C A E 111 Ry gen 5s.........1951
♦Certificates of deposit—
{♦Chicago Great West 1st 4s
.1959
{♦Chlo Ind A Louisv ref 6s... .1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦1st A gen 6s series A
4966
♦1st A gen 6s series B—May 1966
43%
J
98M 100M
Chicago A Erie 1st gold 5s.....1982
37 M
55
114'" 116%
107 M
71M
35 %
124
118""
109
72
41%
100
99%
*99 m
103%
79
36 M
99%
100m 102
100m 102
118m 124
*108
12%
100 %
68
43 %
27
*116m
J
73
J
10
,124
65
115m
,85
J
1949 A O
7
J
2
102
123 m
76 m
J
J
M
101M
52
47
105
J
3s.
147
J
99%
Chic Burl A Q—HI Dlv 3 Ms—.1949 J
♦Chlo A Alton RR ref g
71
J
99 %
99 M 102 M
79
71M
.
72%
105m
J
89M
68 %
101 %
101
123 m
2d consol gold 4s—.......1989
Warm Spring V 1st g 6s..—1941 m 8
95
78
,
J
63
67
4
*104 m
Craig Valley 1st 6s—..May 1940
Potts Creek Branch 1st 4s
1946 J
J
R A A Dlv 1st con g 4s—..—1989
85
70
.1941 J
M S
S f deb 4mb (1935 Issue)....I960
M S
S t deb 4mb (1938 Issue)——1950
Ches A Ohio gen g 4Ms.——1992 m s
MN
Ref A Imp mtge 3 Ms ser D..1996
Ref A impt M 3 Ms ser E
1996 F A
J
J
89H
79
110M 111m
28%
39 m
22% 28
17%
MN
M N
f Central Steel 1st g s f 8a...... 1941
Certaln-teed Prod 6 Ms A
1948 m s
85
70
15
70
75
109 m 111M
103
104m
"63 m
O
A
22
5m
8
101
70
*65
24
10
11
*10
101-
23
A
110
MN
5m
104 %
1960 F
87
*96
88%
7m
9%
12m
6%
15
HIM
110
3
8m
%
*110M
86
*110M
J
MN
J
106 M 110
93
103%
110
95
J
For footnotes see page 1449.
163
M
93 M
Atlant'e Refln'ng deb 3s——1953 M S
J
!§♦ Auburn Auto conv deb 4MB1939 J
Austin A N W 1st gu g 5s
*116
99%
93 M
J
Atl Coast Line 1st cons 4s July 1952 M 8
General unified 4 Ms A
—.1964 J D
10-year coll tr 5s—..May 11945
L A N coll gold 4s..
Oct 1952
Atl A Dan 1st g 4s—
.—1948
Second mortgage 4s
1948
Atl Gulf A W188 coll tr 6s
1959
106,
93
"~94M
J
D
1962 M S
..1946 J D
1st 30-year 5s series B
107
21M
D
Atl A Chart A L 1st 4 Ms A
HIM
104M
D
Conv gold 4s of 1910...
.1960 J
Conv '<eb 4Mb———...... 1948 J
Rocky Mtn Dlv 1st 4s......1965 J
Atl Knox A Nor 1st g 5s
19m
63
9
103
Cent Pacific 1st ref gu gold 4s..l949 F
62
Central RR A Bkg of Ga—
108
24
......
Conv gold 4s of 1909.......1955 J
Conv 4s of 1905
1955 J
Trans-Con obort L 1st 4s
Cal-Aris 1st A 'el 4Mb A
108M
175
Ark A Mem Bridge A Term 58.1964 M S
Armour A Co (Del) 4s series B.1955 F A
96 m
40 m
107m
16
Champion Paper A Fibre—
J
92
87
111M
J
General 4s
.........1987 J
A O
Central N Y Power 3mb
-1962
112 M
.1995 Q
{Ann Arbor 1st g 4s
88 M
52
15
.
*31m
O
103 M
104 M
105
111M
A
J
1901
1987 J
111 %
Jan
.6
104m
—1966
103 %
1
98 % 100 m
91M 94 m
40
.16
*8
A
112M
"I05M
116m 118M
116
116M
113m 115m
122 m 124
79 %
82 m
97 m 100M
H2M 114M
*12M
"*4m
..1961 f
4s
96 m
.
*
Gent Hud G A E 1st a ref 3 Ms. 1965
103 %
A O
117m 12)
118M 119m
2
56
94
4m
♦Mobile Dlv 1st g 5s—
..1946
Central Foundry mtge 6s......1941 M S
Gen mortgage 5s...........1941 M S
m s
MN
MN
19
92
*52
♦Mac A Nor Dlv 1st g 5s..—1946
♦Mid Ga A At Dlv pur m 58.1947
J02M
103 M
115
107
91m
92
O
♦Ref A gen 5s series C—..1959
♦Chatt Div pur money g 4a.: 1951
103
,
10
89
94m
40m
107
4s—...1948 I D
FA
{♦Central of Ga 1st g 5s. .Nov 1945
♦Consol gold 6b
.—1945 MN
{♦Cent New Eng 1st gu
Central of N J gen g 5s
Amer Telep A Teleg—
f 20-year sinking fund 5Ms—1943
3Ms debentures....
..1961
3Ms debentures
..1966
Am Type Founders conv deb..1950
Amer Wat Wks A Elec 6s ser A.1975
Anaconda Cop Mln s f deb 4Mb 1950
♦Anglo-Chilean Nitrate—
5 f Income deb
.........1967
11
47
114m
93%
40 m
♦Cent Branch U P 1st g
103H
102
19
80
98%
96 M
Corp deb 4Mb
J
Am Internat Corp Conv 6 Ms—1949 J
99m
107""
24
99 m
'94
D
2
21
82
81%
J
Cent 111 Elec A Gas 1st 5s
108M 112
33
35
55 %
115M
123m
81 %
99m
Cent Illinois Light 3 Ms..
♦Alpine-Montan Steel 7s
Am A Foreign Pow deb 6s
American Ide s f deb 5a
112
119M
118%
116%
115%
123%
118
114m 116M
114m 116m
104
%
35
60
*106""
1
104
101
t*Car Cent 1st guar 4s
Caro Clinch A Ohio 1st 6s
105 %
.
"~40"
—1950
3
80
71M
"75
♦Coll A conv 5s.;—.......—1950
8
105%
80%
37 %
85 M
82
84 M
66
21
115
J
6s—Dec 11954
Collateral trust 4Mb.—..—I960 J
19
120
115
—
RAILROAD
116M
S
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4Mb
1946 M
5s equip trust ctfs
1944 J
J
Coll trust gold
55
116M
119m
D
Guaranteed gold 4 Ms..
..1956 f A
Guaranteed gold 4 Mfl—Sept 1951 M S
J
Canadian Northern deb 6 Ms— .1946 J
21
115M
115m
119M
84
16
100
94 m
99%
100
22
M
15
21
81m
80 %
19 m
24m
13m
10M
9m
11M
_4M
3%
4m
4%
16
11m
5m
6
Week's
Friday
1st mtge 3 %s—
1st mtge3%s
1946 J
1943
J
J
D
P
J
D
1942
1962
Cuba RR 1st 5s g
D
N. Y. STOCK EXCHANGE
Week Ended March 10
Price
Del Power A Light 1st 4 %s
Range
Friday's
Since
A
Jan.
Asked
1st Aref4%s
1
1st mortgage 4 %s
1971
—1969
1969
1966
1969
Chic Ind A Sou 60-year 4s
Chic L 8 A East 1st 4 His
J
J
70
D
{Chic Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989 J
B.-May 1 1989
1 1989 J
1 1989 J
♦Gen 4%s series F„-_May 1 1989 J
F
{♦Chic Mtlw St P A Pac 6s A.. 1976
♦Conv adj 6s-_
Jan 1 2000 A
M
{♦Chlc A No West gen g 3%s~1987
♦Gen g 3 %s series
♦General
1987
4s
28 H
1987
1936
♦1st ref g 68——
May 1 2037
♦
1st A ret 4Mb stpd-May 1 2037
♦1st A ret 4%s eer C-May 1 2037
♦Conv 4%s series A
194
{(♦Chicago Railways 1st 6e stpd
Aug 19:8 25% part paid {♦Cblc R I A Pac Ry gen 4s-. 1988
%a stamped-(♦Secured 6%s
WIN
D
J
2%
17%
15%
*14%
"llM
18
F
J
A
O
MS
1960
29
{♦Des Plains Val 1st gu 4 %s_—1947
F
A
—1966 A
O
A
3%
16
16%
16
1995 J D
Detroit Term A Tunnel 4 %s.. 1961 WIN
6
14
16%
Dow Chemical deb 3s
14%
19
Dul MlfwabeAIr Range Ry 3%sl982 A
13
14
*16" "20"
12%
11
8%
4%
Y8%
2
8
11
"~4H
4%
70
4%
5%
Gold 3%s
June 16 1961 J
Memphis DIv 1st g 4s
1961 J
Chic T H A So'eastern 1st 68—1960 J
D
"83 H
14
67
18%
16%
29
6%
9
7
28
6%
8
10
8%
9%
83%
•
7
*63%
59%
60
49
60%
8
2
3%
21
83%
1
1951 J
75%
4%
83%
1st mtge 4s "~ries D
—.
1963
1965
J
J
A
East T Va A Ga Dlv 1st 5s.
__
1st mtge 3 Ms
On Leb A Nor 1st
1966 F
...
con gu
6s stamped........
.......
Erie A Pitts g gu 3%» ser B—.
D
.1975 A
.1955
106%
109%
Ernesto Breda 7s
O
J
92
83
88
95%
16
70
79
1st Uen
13%
16
1st lien 6s stamped..
1942 Wl 8
80-year deb 6s series B
1964
63
65
D
D
73
85
85
85
60%
.
76
63%
62
68
1
108
105
107%
108
107%
29
82
87
86%
88
88%
91%
84%
215
75
88%
91%
84%
1977
78
75%
78%
87
70
78%
*100
102
102 H
16 1961 J
102 H
Columbia A H V 1st ext g 4s—.1948 A
Columbus A Tol 1st ext 4s—1966 F
J
19
59%
60
36
58
63
47
106
39
47
O
i'69
102%
140
24
*109%
108%
103%
102%
102%
102%
*112
A
1966 MN
Columbus Ry Pow A Lt 4s
104"
Commercial Credit deb 3%s_—1961 A O
2Mb debentures
1942 J D
J
Commercial Invest Tr deb 3 Mb 1961 J
—
104 %
102%
106H
106% 108%
102% 104
44
101%
101%
102%
105%
108%
8
92% 102%
94
102%
92% 102%
109% 109%
109% 110%
107% 110%
1981 Wl 8
1065 A O
1st mtge 3 Ha series I
Conv debs 3 Ha
1968
Stamped guar 4 Mb
of Upper Wuertemberg 7s—1966 J
J
1961 J
D
J
J
Consol Oil conv deb 3Ha
{♦Consol Ry non-conv deb 4s—1954
♦Debenture 4s
.—1955 J
♦Debenture 4s
—1955 A
♦Debenture 4s
Consolidation Coal
J
O
1956 J
s
f 6s
J
10%
1960 J
J
60
owner.
.2
107
63
10
17%
1982
owner
♦Gen Elec \VTOI uiau/; 7s
wu uiw (Germany)
# o.
*1%
MN
1%
1941
1966
MN
1945 J
......Ibtu —
D
103%
*123%
103%
101%
53%
J
J
40%
102%
,
♦Sinking fund deb 6%s
s f deb 6s.
1940
1948 WIN
A
1951
1939
Gen Pub Serv deb 5 %s
A
*
--—«
J
14
J
1st mtge4%s
Gotham Silk Hosiery deb 5s
Gouv A Oswegatchle 1st 5s
44
14
14
"137
2
69
62%
45
69%
103% 107%
105% 107%
100% 101%
71%
57%
14
10
15%
18
48
40
45
100
102
101%
loi"
102
106%
100
100%
99
90
90
'46 Wl S
1942 J D
50
17%
D
1956
gu 5s
151
106%
101%
71%
D
Grand R AI ext 1st gu g 4 %8—1941 J
Grays Point Term 1st
104%
*16
w w
84%
100%
90%
*46
103% 106%
*106%
106%
79%
J
79%
18
75
77
78
D
1947
Gt Cons EI Pow (Japan) 7s
1st A gen a f 6%s
"~~9
67%
102% 105
99% 104%
55%
53%
*
O
3
106
"70%
J
5
19
60
*100%
{(♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir sec 7a..l945
Goodrich (B F) conv deb 6s_—1945
103%
102%
53%
103%
104%
106%
Gen Steel Cast 5%s with warr.1949
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
100% 102
40
43%
42%
"53"
53
J
2%
1%
102
102
J
1944
A
J
1950
75
J
Great Northern 4 %s aeries A—1961
104%
104%
98%
105%
101
80
128
*73% "80%
64%
78
100% 105%
94
101
93
106%
..1976
1977
J
1946
J
103
100%
103
320
94
J
OA
1948
90%
94
297
83%
94
J
81%
78
81%
91
68%
81%
81
106
108%
107% 110%
107% 109%
107% 111%
486
110% 112%
108% 108%
109%
110
105%
105%
106%
4
109
42
105
100
110
106%
106% 106%
107%
11
105
107%
13
105% 107%
22%
7
103%
10%
104%
73
10%
5
10%
*10%
10%
48%
10%
10
19%
108
22%
102% 104%
10
10%
10
13%
....
"15% "12"
"io%
50
3
44%
52
General mtge 4s series G
Gen mtge 4s series H
Gen mtge 3%s series 1
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
1967
""89%
Feb
MN
Greenbrier Ry 1st gu 4s
1940
Gulf Mob A Nor 1st 5%s B—.1950 A O
1st mtge 5s series C
1950 A O
Gulf States Steel
s
f 4 %s
39
87%
93%
88
44
79
88
85
89%
78%
80%
*""7%
78
110
60
'
7%
"22
78%
76%
81
78%
"15
96%
26
109%
103%
5
7
103
12
6
77%
69
7%
81
79
*60
96%
1961
96
109%
1966
110-year deb 4%s
—1946
1952
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 4%s—1999
Hoe (R) A Co 1st mtge
1944
{(♦Housatonlc Ry cons g 5e_—1937 MN
*1027i«
*105u3t
?Hackensack Water 1st 4s.-
120%
Houston Oil sink fund 6%s A. 1940
Hudson Coal 1st s f 5s ser A
1962 J
120%
67
"35"
33%
101%
WIN
ser
93%
*49%
Gulf A Ship Island RR—
1st ref A Term M 5s stampedl952
Gulf States Utll 4s series C
92
85
Feb
D
"34"
1949 MN
A.1957 F A
"51%
O
15%
♦Adjustment Income 5s. Feb 1957 A
1449.
*3
MN
Gas A EI of Berg Co cons g 5s..1949 J D
Gen Amer Investors deb 5a A.. 1952 F A
J
Gen Cable 1st s f 5 %s A
1947 J
Hudson Co Gas 1st g 6s
Hudson A Manbat 1st 5s
For footnotes see paj?e
98
104
43
*37
100
100% 102
102% 103%
98%
87%
102% 104%
101
22%
104%
1
J
*111%
*108%
107%
97%
103%
17
J
98%
107 H
103%
103%
J
109%
107 H
"97%
O
98
102
1973
*85%
1966
3 Ha debentures
*98%
101%
103%
101%
100% 101%
1952
5
3 Ha debentures
1968
♦Consolidated Hydro-Elec Works
76
108
General 5s series C
General 4%s series D
General 4 %s series E
22
106%
107%
74
104
General 5%s series B
109%
111%
110
75
106
104%
110%
105%
106%
75
106
*101%
103
107
Conn Rlv Pow s f 2Mb A——1961
90
102% 103%
105% 107
110
Consol Edison (N Y) deb 3Ha. 1946
3 Ha debentures
1948
45
17
75
106
1961
40
1
68
107
liiH
19
*52%
44
109%
1968
46%
104%
110%
Conn A Passump River 1st 4s—1943
Conn Ry A L 1st A ref 4 Mb
1961
87
14
41
103
Commonwealth Edison Co—
1st mtge g 4s series F
1st mtge 2Mb series H
44%
87
14
10%
10%
8
137)
90
78%
16 1962 A O
43%
"§7*
""70
1%
111
84 H
Jan
12%
46
1H
90
106% 106%
91H
Apr
11%
44%
22
21%
18%
9%
109
111
1973
Debenture 6s
12%
12%
18
1962
15-year 3%s deb
Debenture 6s
5
46
♦Certificates of deposit
Gen Mot ore Accept Corp deb 3s 1948 F
Columbia G A E deb 5a—.May 1962 WIN
22%
18%
16%
64%
"31
93%
103%
19
14
7
Francisco Sugar coll trust 6a
1977
,
47%
28
19
23
"n%
"12%
43
22%
19
18
*
44
15
♦20-year
46H
103% 103%
*47%
8
99
Gen A ref mtge 4 Mb series B. 1981
1980 WIN
103%
8
Fort StUDCo 1st g 4 %s
Cleve Short Line 1st gu 4 MB... 1961
Cleve Union Term gu 6 Ma
1972
Colo A South 4%s series A
95%
40
70
A
Coal River Ry 1st gu 4s
1946
Colo Fuel A Iron Co gen s f 5s— 1943
♦6s income mtge
1970
5
75
7
96
1940 J
86%
107%
40
3
W W Val Dlv 1st g 4s—
1st s f series B guar....
lstsf 4%s series C
107%
92
105% 109%
106
107%
62
99
98
*106%
107%
42
105
142
67
"24
1940 M S
1960 F
109%
85%
139
""37
70
Spr A Col Dlv 1st g 4s
Series D 3 His guar
Gen 4Mb series A
4
8%
{(♦Proof of claim filed by
♦Certificates of deposit
68
Series A 4%s guar......... 1942
1948 MN
Series C 3Mb guar....
10
8%
85
1990 MN
109%
*106%
92
142
112
62%
63%
57%
St L Dlv 1st coll tr g 4s
*
103
D
55
69
111
110
1974 Wl S
♦1st A ref 5s series A
56%
63%
*59
J
30
{Florida East Coast 1st 4 %s_..1959
77
J
J
Cleve Elec Ilium 1st M 3%s—. 1966
Cleve A Pgh gen gu 4Mb ser B. 1942
1942
Series B 3 %s guar
8
J
102
1977 J
63%
42
1943
{♦Fla Cent A Pennln 5s
{(♦Proof of claim filed by
(Amended) 1st cons 2-4s
Cln Wabash A M Dlv 1st 4s. 1991 J
Ref A lmpt 4 Ha series E
77
111%
*65
D
Firestone Tire A Rubber 3%S-1948 A
14
139%
107%
Wl S
1942 Wl S
Fonda Johns A Glov 4 %s
Cleve Cln Chic A St Lgen 4s—. .1993 J
.1993 J
General 6s series B
6
29
90
Federal Light A Traction 1st 5s 1942
5s Internationa series
1942
95
63
106% 108%
105
106%
12%
16%
40
108%
111%
75
95%
77%
105l7u 108%
107% 109
~9*% 163"
106%
13%
106
76%
105%
109%
35
35
103
*103%
A
93%
If Cln Un Term 1st gu 6s ser C-. 1967 WIN 105"« 105,7a»
1st mtge guar 3 Ho series D_. .1971 WIN
*108%
J
Clearfield A Mah 1st gu 6s—. .1943 J
63
112% 113
111% 112%
110% 111%
105%
111%
D
93%
108% 110%
110% 111%
100% 103
7
108
Wl 8
5s stamped
5%
20
54
*40
*25
1956
77
6
111%
101
103
..1954 F
95M
~~2
113""
112
111%
(♦3d mtge 4%s
Fairbanks Morse deb 4s..
103
3%
15%
14%
*25
103%
J
River 1st s f 6s.. .1957
♦N Y A Erie RR ext 1st 4s_. .1947 WIN
.1938 Wl s
100% 104
95
87%
109
5%
10%
5%
10%
11
*103%
5s of 1927
105% 108
111%
7%
19
♦Erie A Jersey 1st s f 6s
32
108%
111%
29
18%
59%
38
*101
4%
4%
6%
4%
8%
6
19
♦Ref A lmpt 5« of 1930
104
111%
11
*50
4s series D___. .1053 A
.1967 WIN
108
A
1967 J
4%
.1953 A
♦Series B
s f
4
.1953 A
♦Conv 4s series A
109%
15
4
12%
46%
21%
♦Re. A Imp
107
6
70%
109
28
47%
22%
♦Gen
9
2
108
104% 108%
105% 107%
105% 106%
105% 107
13%
112%
J
J
{♦Erie RR 1st oons g 4s prtor. .1996
♦ lst consol
.1996 J
gen Hen g 4s
60
104
106
111%
112%
111%
.1940 J
Series C 3%s
63%
7
106
3
15
56
8%
8%
107%
65
106%
106%
107%
108% 110%
12%
.1966 A
.1940 J
43
50%
401
104% 106%
4%
Elgin Jollet A East 1st g 6s.— .1941 WIN
.1965 A O
EI Paso A 8 W 1st 5s
conv
70%
105%
109%
54
60
4
105%
'l06
A
107%
102%
4s... 1942 M N
65%
.1956 MN
1st cons g 5s. .1995 J
.1952 F
Electric Auto Lite conv 4s.
Ed EI 111 (N Y)
109
*14
38
1
110%
110
69%
O
94H
1st A ref M 4 His series D—. 1962 M
1943 A O
1962 MN
J ♦Choc Okla A Gulf cons 6s.
Cbllds Co deb 6s
45%
34
38
38
"ll6%
14
Nor Dlv 1st 4s. .1948
East Ry Minn
109
104
39
"ioe"
Duqueene Light 1st M 3%s
108
.1963 J
1st mtge 3%« series E—
1961 M
3 %s guaranteed
Chic A West Indiana con 4s... 1962 J
Cincinnati Gas A Elec 3Hie
106%
106H
8
J
♦Genessee
1944
-
36%
40%
44%
D
J
60
~8l"
Chicago Union Station—
Guaranteed 4s.
36
45%
O
{(♦Dul Sou Shore A Atl g 6s..1937
65
*65
D
Dec 1 1980 M 8
1
14
7%
3
D
D
63
7%
MN
1951 J
47%
60
7%
6%
.....
31%
31
-
14
7%
15
O
13%
7%
"7M
31
40%
45%
A
2%
12%
1
16
17
36%
Gen A ref mtge 3 %s ser G_—1966 M S
♦Detroit A Mac 1st lien g 5s
1995 J D
10
15%
105%
34%
39%
J
r~ ~
98% 100
107% 109%
105%
104
105%
M 8
Detroit Edison Co 4 %s ser D..1961
♦Second gold 4s
5
*4%
28%
12
Gen A ref M 4s ser F
132
104%
36%
J
F
12
109%
4%
1978
100
104%
110
12%
{♦Dea M A Ft Dodge 4s ctfs—1935
8%
1936
1936
1965
J
28%
9%
*51
99%
5
108%
109%
"l2
22%
22%
9%
7
Ch St LA New Orleans 6s
1951
Stamped as to Penna tax
27
9%
"16H
103% 105%
103% 105
WIN
28%
8%
A
J
11
107%
WIN
22%
22%
16%
17
105
J
{(♦D©d A R G 1st cons g 4s
(♦Consol gold 4 %s
{♦Den A R G West gen 5s. Aug
♦Assented (subJ to plan)
♦Ref A lmpt 5s ser B_. .Apr
111
~~8%
Certificates of deposit-
5s—
14
14
17%
r
105
109
—
1952
♦Conv g 4His
Inc gu
17
108
48
108%
6
15
*13%
75
25
105%
106%
29
3%
13%
14
6M
(♦Secured 4%s series A
183
13%
15
1934
318
15
D
M N
♦Certificates of deposit
♦
10%
13H
D
J
48
28%
9%
M N
J
58
29
28
♦Certificates of deposit
(♦Refunding gold 4s
4
3H
N
M N
♦Stpd 4s non-p Fed lne tax 1987 M N
♦Gen 4%s stpd Fed lne tax.«1987 M N
♦Gen 5b stpd Fed lne tax
1987 M N
♦4
74
26%
28%
*21
High
110
104%
J
23%
27%
26%
28%
"lOM
66%
111
27
28 M
♦Gen 4 %s series C—May
♦Gen 4 %s series E—May
75
*111
27 H
26 M
J
No
13
High
Low
109%
J
Den Gas A Ellst A ref s f 5s—1951
Low
109%
D
O
Dayton Pow A Lt 1st A ref 3 %s 1960
Del A Hudson 1st A ref 4s
1943 WIN
Range or
Bid
J
A
Sale
J
6s series B extended to 1946
BONDS
High
107% 109%
106% 108%
107% 109%
105%
%j 108%
7;
9'
39%
J
7%s series A extended to 1946—.
Week's
Low
109%
..1951
1950 M N
Crown Cork A Seal s f 4s
No.
109%
A
Cuba Nor Ry 1st 5%s
Randolph 7711
9ell System Teletype 4- Cto. 343
•S „,Friday
Last
High
109%
108%
109%
D
1948
Since
Jan. 1
Asked
109%
D
15-year deb 5s
Continental Oil conv 2%s
Crane Co s f deb 3 %s
135 So. Le Selle St.
*N. Y. 1-741 -<•
108
Container Corp 1st 6a
Chicago, IlL
Hew York,'Vl.r.
A
Bid
109%
..May 1 1965
1967 MN
.—...-1970 MN
1966 MN
1st mtge 3%s
MUNICIPAL 'BONDS
WIN
WIN
Consumers Power 3%s.May 11965
1st mtge 3 %s—
*DIgby 4-5200
Price
Range
Friday's
Sale
NO,
Low
'"Bennett 'Bros. & Johnson
One Welt Street
Range or
Last
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 10
1939
11
Mar.
New York Bond Record—Continued—Page 3
1446
32%
*124
49%
14%
121
68%
35
93% 96%
107% 109%
102% 105%
10S»w 105«M
121
3
118
9
67
76%
3
30%
38%
102
34%
124%
24
51%
15%
"188
89
101
102%
31% 36%
124
68
43%
11%
124%
51%
15%
Volume
New York Bond Record—Continued—Page 4
148
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended March 10
Price
Illinois Central lst gold 4s
O
J
J
O
8
N. Y
Since
High
112 4
111
Bid
dk
i
Asked!
Range
Since
Jan. 1
Louisville A Nashville RR—
Unified gold 4s
1st A rel 5s series B_.
87
834
Sale
Price
85
1040
...2003
1st A ret 4 Ha series C
844
Week's
Range or
Friday's
Last
STOCK EXCHANGE
Week Ended March 10
Jan. 1
Bid
Low
B..1970 A
1961 J
lst gold 3 54s
1951 J
Extended lst gold 354s
1951 A
1st gold 3s sterling—......1951 M
Collateral trust gold 4s—..1952 A
Refunding 4s
1966 M
Purchased lines 3 54s—
1952 J
Collateral trust gold 4a
1953 M
Refunding 6e
.......
1955 M
40-year 454s
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Dlv lst gold 38—1951 J
Louisv Dlv A Term g 354s..1953 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s
1951 J
Gold 3 54s
1951 J
Springfield Dlv lst g 354s
1951 J
Western Lines lst g 4s
1951 F
111 Cent and Chic St L A N O—
Joint lst ref 6s series A
1963 J
lst A ref 4
series C
1963 J
Illinois Bell Telp 354s ser
BONDS
Range
Range or
Friday's
&
Asked
Sale
1447
Friday
Week's
2003
O
N
65 4
63
1st A ret 4s series D
1st A ref 394 s series E
2003
2003
54
62
P&ducab A Mem Dlv 4s
1946
J
N
N
A
D
J
J
A
J
J
J
47 Ml
62
60
6J 4
71
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4 Ha
1980
1945
60
63
A
6054
6054
53
6054
.
62
South Ry Joint Monon 4s...1962
83 4
Atl Knox A Cln Dlv 4s
564
83 X
63
63
46
65
63
1955
♦ Lower Austria Hydro El 6 4s. 1944
McCrory Stores Corp si deb 58.1951
Maine Central RR 4s ser A...1945
Gen mtge 4 4s series A
1960
Feb 1 1957
*.....
Manati Sugar 4s s f
{*Manhat Ry (N Y) cons 4S..1990
♦Certificates ol deposit
♦Second 4s
...2013
Manila Eleo RR A Lt 8 f 5s... 1963
D
D
Illinois Steel deb 4 48
1940 A O
♦Ilseder Steel Corp 6s
1948 F A
Ind Bloom A West lst ext 4s..1940 A O
Ind 111 A Iowa lst g 4s—
1950 J J
{♦Ind A Louisville lst gu 4s__.1956 J
J
Ind Union Ry 34s series B..1986 M 8
Industrial Rayon 4 4s
.1948 J J
Inland Steel 34s series D
.1961 F A
{Interboro Rap Tran 1st 5s—1966 J
J
47
104
Manila RR (South Lines) 4s...1939
1st ext 4s
1959
{*Man OBANW 1st 3548...1941
5654
105
32
10
1044
1044
964
96
79
10
1044
974
Marlon 8team Shovel s 16s
95
*70
4154
95
Market St Ry 7s ser A...April 1940
66
67
Mead Corp 1st 6s with warr..l945
Metrop Ed 1st 4 54s series D._.1968
Metrop Wat Sew A D 554s
1950
{§*Met West Side El (Chic) 4s.1938
*Mex Internet 1st 4s asstd
1977
954
1054
10454 10454
93
9754
1084
664
694
674
6954
70
66
5954
68
39
42
35
43
654
664
654
6754
5654
68
654
1084
1084
67
Certificates of deposit
I ♦10-year 6s
1932 A O
|*10-year conv 7% notes.—1932 M S
♦Certificates of deposit...—
108
10954
*4s (Sept 1914 coupon)
1947
1977
♦Miag Mill Macb 1st s t 7s... .1956
Michigan Central Detroit A Bay
•
1940
1951
1952
Ref A impt 4 54s series C
1979
t*Mld of N J 1st ext 5s
1940
1*MU A No 1st ext 4 54s
1939
*000 6X1 4 548
1939
{♦MUSparAN Wist gu 4s ...1947
l*Mllw A State Line 1st 354s..1941
{♦Minn A St Louis 6s ctls
1934
*lst A ref gold 4s...
...1949
City Air Line 4s...
Jack Lans A Sag 354s
66
1st gold 354s—
4s
1947 A O
5s stamped
1942 M N
{♦Int-Grt Nor 1st 6s ser A
1952 J J
♦Adjustment 6s ser A. .July 1952 A O
♦1st 68 series B
1956 J
J
♦lst g 5s series C
1956 J J
Internat Hydro El deb 6s
1944 A O
lnt Merc Marine s f 6s
1941 A O
Internet Paper 5s ser A A B—1947 J
J
Ref s f 6s series A
1955 M 8
lnt Rys Cent Amer 1st 5e B—1972 M N
lst Hen A ref 64s
1947 F A
lnt Telep A Teleg deb g 44s—1952 J
J
Debenture 5s
1955 F A
Interlake Iron conv deb
83 54
89 54
10154 102 54
14
2054
254
4
lnt Agile Corp
15
20
1354
20
7254
87
4954
6054
9754 100
9054
*Ref A ext 50-yr 6s ser A...1962
9454
8054
8354
95?4
7154
75
5
{ #*M St P A SS M con g4s lnt gu *38
}♦ 1st cons 5s
1938
§♦ 1st cons 5s gu as to lnt... 1938
♦ 1st A ref 6s series A
1946
*25-year 6 54s
.....1949
52
5854
!♦ Mo-Ill RR 1st 6s series A...1969
93 54
9654
Mo Kan A Tex 1st gold 4s....1990
M-K-T RR pr lien 6s ser A
1962
8854
62
6354
{♦Iowa Central Ry lst A ref 4s. 1951 M S
254
♦
1st 4s..1959 J
D
Jones A Laughlln 8teel 44s A—1961 M 8
Kanawha A Mich lst gu g 4s.. 1990 A O
James Frankl A Clear
Kan City Sou lst gold
1950 A O
Apr i960 J J
1960 J J
3s
4s
Kansas Gas A Electric 4
48—1980 J
w
D
w
w
3954
1954
1941
Koppers Co 4s series A
1951
Kresge Foundation coll tr 4a_. 1945
34s collateral trust notes...1947
lst A ref 64s-
Kinney (G R) 6 4s ext to
J
A
F
J
J
J
M
J
F
27
9454 100
107
10754
♦lst A ref g 5s series H
72
....
4 4s unguaranteed...
1961
Kings County El L A P 6s
1997
Kings County Elev lst g 48—1949
Kings Co Lighting lst 5s
1954
20
27
J
O
A
J
163
79
100 4
1004
*1064
J
D
N
J
A
98
103
*964
1024
96
102
1024
1044
103
100
1034
1024
*l8t A ref 5s series I
♦Certificates of deposit
165
1959
Laclede Gas Light ref A ext 5s. 1939
Con A ref 64s series C
1953
Coll A ref 64s series D
1960
Coll tr 68 series A
1942
Coll tr 6s series B
..1942
fltfs of deposit
954
M 8
A
F
F
F
F A
7954
45
4554
|*Mo Pac 3d 7s ext at 4% .July 1938
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 5s..1947
♦Ref A lmpt 4 54s
;
1977
f*8ecured 5% notes
1938
Mohawk A Malone lst gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 54s
1960
6s debentures
1965
Montana Power 1st A ref 354s. 1966
Montreal Tram 1st A ref 6s
.1941
Gen A ref s 15s series A
1955
Gen A ref s f 5s series B
1955
Gen A ref s f 4 54s series C...1956
Gen A ref s f 6s series D.....1955
Morris A Essex lst gu 354
2000
Constr M 5s series A
1955
96
10254
103
1354
9154
6854
6854
42 54
61
43
50 54
Lake Erie A Western RR—
to—1947 J
1941 J
5s 1937 extended at 3%
2d gold 58...
J
J
67
70
1997 J
D
86
90
Lake 8h A Mich So g 34s
Constr M 4 54s series B
Ltd—
Lautaro Nitrate Co
1975
1954 J
♦lst mtge income reg
Lehigh C A Navsf44s A
Cons sink fund 4 4s ser
C...1954 J
A
M
F
Lehigh A New Eng RR 4s A—.1965
Lehigh A N Y lst gu g 4s
1945
♦Lehigh Val Coal lst A ref s f 5sl944
♦Certificates of deposit
♦lBt A ref a f 5s
—1954
2254
5454
J
64
63
63
90 54
39
3154
v
Nash Cbatt A St L 4s ser A
Nassau Elec gu g 4s stpd
23
Nat Dairy
♦let A ref
s
♦Certificates of
♦let A ref
s
f 6s
1654
deposit
.—..1074 F A
1 854
20
16 54
1854
♦Certificates of deposit
Sec 6% notes extend to——1943
Certificates of deposit
J
30
J
.....
40
♦General cons 44s
♦44s assented
cons
52
52
4854
204
21
18
2154
214
1754
...2003 M.N
204
22
1854
2154
22
.....2003 MN
20 4
21
214
1954
214
20
22
Nat Steel 1st coll s f 4s
1966
67
58
{♦Naugatuck RR 1st g 4s
1964
*60
O
lst 50-yr 5s gu—.1966 A
O
1154
Ligget A Myers Tobacco 7b...1944 A
6s
1961 F
O
A
O
Liquid Carbonic 4s conv debe—1947 J D
Little Miami gen 4s series A—1962 M N
Loews Inc s f deb 34s
1946 F A
Lombard Elec 7s series A
1952 J
Lone Star Gas 34s debs—...1953 F
*
112
1284
129
1284
130
1084
.
1094
11554
*106
D
52
A
108
1014
534
1084
98 54
49
6654
10754 108
.
*604
70
Long Island unified 4s
.
*854
914
854
8154
83
8054
8554
87
80
87
gold 4s
4s stamped
Lorillard (P) Co deb 7s
84
844
1949 M S
1944 A O
1951 F
A
Louisiana A Ark lst 5s ser A.. 1969 J
.
1284
1284
.
1254
1094
1254
924
110
108
106
106%
10554 10654
J
6s
844
Louisiana Gas A Elec 34s.—1966 M S
Louis A Jeff Bridge Co gu 4s.. 1945 M 8
For footnotes see Dage 1449,
.
12854 12954
12254 126
79
9254
110
*264
N J Pow A Light lst 4 54s
1960
New Qrl Great Nor 5s A
1983
N O A N E lst ref A imp 4 54s A 1952
New Orl Pub Serv 1st 5s ser A..1952
lst A ref 5s series B
1955
New Orleans Term lst gu 4s...1963
{|*N O Tex A Mex n-c inc 5s.. 1935
♦lst 5s series B
1964
10154
♦Long Dock Co 34s ext to ...I960 A
O
1949 M 8
1949 M 8
*40
1234
{*New England RR guar 6s...1945
♦ Consol guar 4s
1946
New England Tel A Tel 6s A..1952
1st g 454s series B.
1961
N J Junction RR guar lst 4S..1986
12854 12954
12754 130
108
11054
1004
1064
Newark Consol Gas cons 6s...1948
694
1154
72
46
102
1034 105
1044 1064
1044 1064
2254
2003 MN
204
22
22
18
2003 MN
5s—
Leh Val Term Ry lst gu g 6s...1941 a
6s assented
1941 A
Guar ref
29 4
102
extended to
Prod deb 354 ww..l961
Prod deb454s...1945
20 4
♦5sassented
Lex A East
694
1978
1951
1946
2003 IV! N
♦4s assented
♦General
56
47 54
58—1954 F A
lstgu.44s—1940 J J
44s assented
1940 J
J
♦Lehigh Val (Pa) cons g 4a
2003 M N
Leh ValN Y
484
*454s July 1914 coupon on..1957
*454s July 1914 coupon off—1957
♦Assent warr A rets No 4 on '67
*4s April 1914 coupon on
1977
♦4s April 1914 coupon off...1977
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien 454s—
f♦Assent warr A rets No 4 on *26
*4s April 1914 coupon on
1951
*4s April 1914 coupon off...1951
♦Assent warr A rets No 4 on'61
1854
4954
-
Leh Val Harbor Term gu
64
1044 1074
1144 1154
974
98
Nat Gypsum 454a s f debs
1950
National Rys of Mexico—
*4 54s Jan 1914 coupon on...1957
23
18 54
1964 F A
f 6s
1955
Nat Distillers
♦Certificates of deposit..
664
k
42
Mut Un Tel gtd 6s ext at 5 % -1041
Nat Acme 4 54s
20
F A
52
49
Mountain States T A T 3548-1968
Mutual Fuel Gas 1st gug 5s...1947
26)4
84 54
J
O
S
A
..1981
88
10054
10654
10254 10454
100
1980
♦Certificates of deposit
7354
.a.
{♦Kreuger A Toll,secured 5s
Uniform
1978
f»Mo Pao 1st A ref 5s ser A
1965
♦Certificates of deposit
♦General 4s
1975
Mat A ref 5s series F
1977
♦Certificates of deposit....
*lst A ref 5s series G
..1978
♦Certificates of deposit
*Conv gold 654s
1949
1 754
20
1962
Prior Hen 4 548 series D
♦Cum adjust 5s ser A....Jan 1967
36
1754
$925).. 1943
Keith (B F) Corp 1st 6s
1946 M 8
Kentucky Central gold 4s
1987 J J
Kentucky A Ind Term 44s—.1961 J
J
Stamped
1961 J J
Plain
1961 J
J
♦Ctfs with warr (par
1978
40-year 4s series B
10454 107
1st 6s—1943 M N
stmp (par $645).. 1943
stmp (par $925).. 1943 M N
w
♦Ctfs
35
7254
65
7154
10854 109J4
6754
♦Karstadt (Rudolph)
♦Ctfs
8554
3654
30
Ref A lmpt 6s
Kansas City Term lst
79
3154
4s—1936 A O
{|*K C Ft 8 A M Ry ref g
♦Certificates of deposit
1st A ref 5 54s series B
I
♦Certificates of deposit
*lst 5s series C
......1956
Mst 4548 series D
1956
*lst 654s series A
1964
♦Certificates of deposit
*234
107
1064 1094
60
1234
30
1224
124""
224
274
27 4
22 4
127
29
1274
1244 1284
126 4
1264
1234 1264
1084
1084
1074 1094
65
75
61
594
103
1044
103
1044
65
74 4
71
72
654
594
1034
1034
104
1044
71
744
314
33
334
*30
314
1
314
324
32
32
334
35
304*344
New York Bond Record—Continued—Page 5
1448
Friday
BONDS
Last
N. Y. 8TOCK EXCHANGE
Week Ended March 10
Price
Bid
low
J
A
O
1946 A
10-year 3 %8 sees f
82 M
79
82 M
62 M
179
76
291
63 M
82 M
62 M
09 %
253
58 M
69%
77 M
84 M
354
00
95
O
62 M
69%
59 M
66M
77
70
1997 J
OA,
82
1942 J
J
O
02 M
1998 F
A
1998 F
A
'~68~~
79
77 M
84 %
85M
118
78
329
63 %
62 %
%
70
25
64 M
70
68
60
68
00 M
68
N Y Chic A 8t Louie—
O
71
S
1940 F
...—-
1974 A
1978 M
♦Ret 6 He series A
♦Ref 4 Ms series C—
4s collateral trust
A
M
56M
71
59
82 M
80
83
62
80
1st mtge 3 Ms extended to... 1947
1953
N Y Connect 1st gu 4 Ms A
69
80
80
2
100 %
100
1953
1st guar 6s series B_.
N Y Dock 1st gold 4s
—.
056
M
100%
40
"so" "22
53
1947
50M
54M
56 M
10
108 M
109
107%
108M
7
108M
109
5
1900
N Y Gas El Lt H A Pow g 5s_. 1948 J
1949 F
Purchase money gold 4s
D
124 M
66M
116M H7M
*17%
1973 MN
♦N Y L E A W Coal A RR 5Ms *42 MN
♦N Y LEA W Dock A Imp 5s 1943 J
J
N Y A Long Branch gen 4s
1941 M S
4Mb series B
17
102 M
99 M 100
66
59
70
60
*56"
33
S
70
*50
O
13
68
50
99 M
13
♦Non-conv debenture 3 Ms—1947 M 8
♦Non-conv debenture 3 Ms--1954 A O
71
13
12
13M
10%
13M
14
HM
15%
*12
16H
14 %
11M
13M
13M
14
11
10M
10
10%
13 M
16
15M
15M
17 %
24
23
24 M
7
22
27 M
J
J
O
M
6M
11%
MN
7
-.1907 J D
{♦Harlem R A Pt Cbes 1st 4s 1954 MN
10 %
16
17
13M
67
57
57
63M
♦General
4s
g
1992 M
4s
1955 J
-
{♦N Y Providence A Boston 4s 1942
N Y A Putnam 1st con gu 4a_.1993
N Y Queens El Lt A Pow 3 Ms
N Y Rye prior lien 0s stamp
8
7%
D
O
O
*54
1958 J
1903 J
109 %
J
1937 F
—.-1940 F
{♦2d gold 4 Ms
♦General gold 6s
A
Ref mtge 3Ms ser B
N Y Trap Rock 1st 0s
0s stamped
1907 J
„..
102 M
109 M
J
1940 J
Niagara Share (MO)
3M
111
"loo"
A
O
A
16
♦Certificates of depoeit
{{♦Norfolk A South 1st
g
14
1974 M 8
69
100
54
18
60
118% 123
107" 107""
*105%
60
50
55
50
402
62
74
65
56
54
65
64
38
55
64
60
♦
.1943 M S
109%
6%
30
108
108
108%
6
107
107
100
108M
66
107%
4
1
79
100
108 M
101M 105
107
107%
107%
J
104%
104
104%
66
109%
109%
109%
8
107
105%
.1943 F
A
104 M 105M
113
113
105%
113%
1
f Ontario Power N F 1st
105%
Ontario Transmission 1st 5s.
.1945 MN
Oregon RR A Nav
4s.
.1940 J
D
Ore Short Line 1st cons g 5s.
.1940 J
J
.
—
116%
J
J
106%
117%
105%
.1902 J
J
78%
117%
95
95%
59
95%
94%
95%
25
1952
14
118%
106%
12
91
79
48
57
4
112M 113M
112M 115M
107 M
110
113% 116M
116M 118M
103 M 106 M
76 M
81M
55
60
112%
112%
39
111
110%
111
34
111M 113M
109. 111M
108%
108
108%
36
105^
83
83
78%
69
71
108
....
J
......
104%
1965 F
108%
*101%
104%
------
M
S
M
8
Parmelee Trans deb 6s
1944 A O
Pat A Passaic G A E cons 5s... 1949 M 8
♦Paullsta Ry 1st 8 f 7s_
1942 M 8
Peon Co gu 3Ms coll tr ser B_. 1941 F A
87%
102
57%
------
1942 J
D
D
------
Guar 4s
1952 MN
------
A
5
12
108M 109 M
101M 101M
104 M 105 M
109%
-----
—
'
105
109M
102
21
86%
101%
87%
102%
57%
28
83 M
30
98M 102 M
56
*123%
101%
101%
100%
-
-
--
-
9
—
— —
61
1
102%
-----
101%
101%
102
-
4
—
—
-
—
1
13
119
see
page
1449.
48
84
90
175
117
1
114%
54%
115%
32
57%
5%
30
113
100
97
03% 107%
I
245
117
1st 4s series B
F
J
J
Ms deb.. 1952 J
S
45
89
58
123 M 123M
61
5
*105%
"75%
J
1980 M
conv 3
5%
A
1956 J
1st g 4 Ms series C
"57%
Apr
"70%
D
114
1943 M N
Phi la Bait A Wash 1st g 4s
General 5s series B
109
1974 F
A
General g 4 Ms series C
1977 J
J
General 4 Ms series D
1981 J
D
Phila Co
sec 5s series A
1907 J
D
Phlla Electric 1st A ref 3%s—. 1967 M S
{♦Phila A Reading C AI ref 6s. 1973 J
J
♦Conv deb 6s
1949 M S
...
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
99
<2
92%
77%
71%
63%
66%
112%
11.,
95%
95%
90
109
i 117
112% 115%
62
5
14,
57%
6%
103 % 104 %
75%
66%
70%
"39
10
34
63%
58
75%
66%
70%
87
114
61%
112
115
106%
105%
103
102
112
111%
12%
3%
14
108
61
101M 102 M
101M 101M
99 M 101M
98 M 101M
98 M 102
....
100
9
"103
150
112
8
13
44
Series D 4s guar
Series E 3 Ms guar gold
Series F 4s guar gold
106
98% 103%
112
110
H%
31
3
9%
9%
1948 M
...
107
104
31
3%
S
110%
110%
111%
90%
90%
90%
1
94%
94%
2
105%
105%
10
109%
108% 110
104
9%
Pitts C C C A St L 4Mb A—1940 A O
Series B 4 Ms guar
1942 A O
Series C 4mb guar..
1942 M N
guar
12
3%
109%
114%
106%
J
Pirelli Co (Italy) conv 7s
1952 M N
Pitts Coke A Iron conv 4 Ms A. 1952 M S
cons
109
*111
1937 J
141
14
4
14
199
112%
89%
90%
93
94%
104% 105%
107
108%
*107%
*108
1945 M N
*105%
100" 106""
1949 F
1953 J
A
*104
100% 106%
D
*105
—1957 M N
*106
1960 F
A
1903 F
A
*104%
116%
116%
1964 MN
4mb
Gen mtge 6s series A
1970 J
D
Gen mtge 6s series B...
1975 A O
Gen 4mb series C
J
1977
Pitts Va A Char 1st 4s guar...1943 M N
Pitts A W Va 1st 4Mb ser A. .1958 J
1st mtge 4 Ms seriea B
...1959 A
1st mtge 4 Ms series C
1960 A
Pitts Y A Ash 1st 4s
1902 F
1974 J
106
106
1977 J
23
14
97%
98%
109
107%
107%
1
105
112
116%
112% 116%
102% 106
101% 106
93%
98%
106% 107%
45
50%
50
50%
46%
50%
51
5
47%
46%
51
22
44%
3
106
*106%
*102%
*101%
D
1st 4mb series D
6
106
D
1948 J
A_
ser
1st gen 5s series B_.;
1st gen 5s series C
116%
105%
98%
105
105
10
106
D
O
105
116%
106
O
51
51
106
D
Port Gen Elec 1st 4 Ms
1st 5s 1935 extended to
A
1960 M S
1950 J
Pressed Steel Car deb 5s
75
107
39
15%
109
42
39
15
15%
309
1951
f deb 6s
299
42
1948 J
J
3%
*44%
100%
109
35%
43
2
35%
41
279
13%
2
4
9
2
(05% pd).— J
D
08—
Reading Co Jersey Cent coll 4s. 1951
A
O
J
ser B.1961
M
J
S
A
Purch
money 1st M conv 5Ms '54 M N
Gen mtge 4mb series C
1956 MN
Revere Cop A Br 1st
mtge 4Ms.l956 J
♦Rhelnelbe Union s f 7s
1940 J
♦Rhine-Ruhr Water Service 08.1963 J
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield Oil Corp—
4s
s
f conv debentures
Richm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
100%
"06
3%
86%
4
70%
49%
97% 100%
73
55
61%
80
58
69
80
80
77%
80
71
70
80
103%
103%
104
27
100
104
"94%
93%
105%
*94%
106
J
J
39%
94
100%
39%
101%
13
!9%
94%
105% 107
90%
94%
99% 101%
M N
25%
39%
22
5
20
22
26%
25%
26%
1
21%
27%
26%
3
51
21
28
24%
28
24
27%
1953 F
A
27
27
1955 A
O
"25%
25%
26%
13
..1952 M S
106%
105%
106%
64
103% 107%
104%
*11%
*44%
104%
5
103% 105%
"39"
1952
J
{♦Rio Grande West 1st gold 4s. 1939
J
39
♦1st con A coll trust 4s A....1949 A O
Roch G A E 4 Ms series D
1977 M S
38%
20
20
1962 M S
1967 M S
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4 Ms. .1941 J
♦Stamped
J
Safeway Stores s f deb 4s
1947
Saguenay Pow Ltd 1st M 4%s.l900
"l09%
*6
-12
11
13%
26
4
6
5%
5%
"l
4%
7%
7%
7%
105%
107
5
18
62%
88%
62%
61%
64%
62%
*13%
57%
12
15%
11
57%
12
10%
11%
12
11%
12
"12%
10%
10%
11%
10%
65
63%
*35
J
~23
14%
104% 100%
105% 107
106% 107
"93%
11;
J
20
26
11
*50
J
J
44
15%
"2
•
*60
J
J
13%
45%
35
108% 1U%
*100%
.....
1950 J
109%
105%
106%
J
♦Certificates of deposit—...
♦Con M 4Mb series A
1978 MB
♦Ctfs of deposit
stamped
♦{St L SW 1st 4s bond ctfs
1989 MN
20
8
7%
O
J
20
6
J
J
1996 J
2d gold 6s
i960 A O
St Louis Iron Mtn A Southern—
♦
{Riv A G Div 1st g 4s
1933 MN
45
30
D
{♦St L Peor A N W 1st gu 6s...1948 J
St L Rocky Mt A P 5s sptd—.1955 J
{♦St L-San Fran pr lien 4s A—1950 J
♦Certificates of deposit
109%
11%
J
A
11
16%
108%
*109%
J
J
1947 J
4
*121
Gen mtge 3 Mb series 1
1967 M S
{{♦R I Ark A Louis 1st 4Mb--1934 M S
♦Ruhr Chemical s f 6s...
1948 AO
♦Prior lien 5s series B
90
1
D
♦Certificates of deposit
21
94%
39%
A
St Jos A Grand Island 1st 4s
St Lawr A Adir 1st g 6s—
"94% "97
106%
22
J
1955
Gen mtge 5s series E...
Gen mtge 3%s series H
79
11
78.,
94%
1C1%
1952 MN
68
59%
73%
61%
40
61%
80
gu 5s._1939
{♦Rio Grande June 1st
81%
D
1941 J
16%
108% 1<>9 K
40
99%
{♦Radlo-Kelth-Orph pt pd ctfs
{♦Debenture gold
58%
75%
106
106%
6
86%
{♦Providence Sec guar deb 4s__1957 MN
{♦Providence Term 1st 4s
1950 M S
s
72%
*106%
73%
J
Porto Rico Am Tob conv 08—1942
6s stamped
1942
{ {♦Postal Teleg A Cable coll 5s. 1953
Potomac Elec Pow 1st M 3Ms. 1966
♦2d 4s inc bond ctfs...Nov
1989 J
{♦1st terminal A unifying 5s_1952 J
♦Gen A ref g 6s series A
1990 J
For footnotes
107%
117
71
108
101
*101
101%
65 M
83
55 M
57 M
99 M 102
61
1944 J
67
108 %
7
57%
102%
Guar 3 Ms trust ctfs C
Guar 3 Ms trust ctfs D
3
108%
♦
Paramount Pictures deb 0s... 1955 J
10
113
90
109 M
112%
Panhandle Eastern Pipe L 4s.. 1952 M 8
Paramount Broadway Corp—
1963 F
-
19
116%
57
Paclflo Tel A Tel 3Ms ser B_. 1900 A
Ref mtge 3Ms series C
1966 J
28 year 4s
13
---
110
76%
{♦Pao RR of Mo 1st ext g 4s_. 1938 F
{♦2d ext gold 5s
1938 J
E trust ctfs
116
.1901 J
Pacific Coast Co 1st g 5s
.1940 J
Paclflo Gas A El 4s series G... 1964 J
1st A ref mtge 3Ms ser H... 1961 J
1st A ref mtge 3Ms ser I.... 1966 J
ser
*114%
109%
.1940 J
1947
3M® conv debentures
f Paris-Orleans RR ext 5Ms... 1968
95%
1984
♦Rhine-Westphalia El Pr 7s—.1950
6
5%
107
------
S
107 M 109M
100
*3%
.1965 M N
53
D
f g 38 loan ctfs
1981
MN
74
60%
D
s
90
F
68%
65
64
.1940 J
1st M
87%
Republic Steel Corp 4Ms
74
J
1955 J
90
Remington Rand deb 4mb w w.1956
Rensselaer A Saratoga 6s gu
1941
.1900 J
f g 4 Ms
115% 119
85
.1972 J
s
22
228
63 M
79 M
Oklahoma Gas A Eleo 3Ms...
4s debentures
Paducah A 111 1st
119
100
60
J
Guar stpd cons 5a..._.
118%
99%
106%
53
J
Ore-Wash RR A Nav 4s
Otis Steel 1st mtge A 4%s„
118%
99%
106%
46
J
con g
A
1968
36
4s...1948 J
5s.
109% 112%
85%
89%
384
J
g
6C
53%
Northwestern Teleg 4Ms ext.. 1944 J
-
•10
18
89%
60
J
.1967 M
32'
112%
88%
56
109%
93
104% 106%
107% 108%
111%
84%
109%
100
89 M
49%
86
High
93
105% 107%
93% 98%
H2M
53%
85
Low
93
MN
84%
A
.....
5
60
2047
Ohio Connecting Ry 1st 4s...
Ohio Edison 1st mtge 4s
108%
J
2047
♦Stamped...
108%
111%
F
J
2047
108 %
Gen A ref 4mb series A.....1997 J
Gen A ref 4 Ms series B
1997 J
*52
J
MN
April 1990
Peoria A Pekln tJn 1st 5 Ms... 1974
Pere Marquette 1st ser A 5s—. 1956
for deb 0s A com stk
39
*45
Northern States Power 3 Ms.—1957 F
1st mtge 4s
1st mtge 8Mb
95
*55
North Pacific prior lien 4s
1997 Q
Gen lien ry A Id g 3s Jan—..2047 Q
Ref A impt 4Mb series A
2047
Ref A Impt 0s series B
Ref A Impt 5s series C.
Ref A Impt 5s series D
4
109
100M105U|»
13M
17M
12M
15M
123
38
133
♦Income 4s
Purity Bakeries
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1936 A sub coupons..1945
♦Oct 1938 A sub coupons.... 1945
♦Ctfs of deposit stamped
Apr '33 to Oct '38 coups.. 1945
gu g
3
81
108
14%
122
123
103%
110M HIM
..1974 M 8
Gen A ref A Ms series A
{♦Og A L Cham 1st
3%
*51
A
70M
111M
108 M
13M
6s_—1941 MN
1990 O
75
98%
105%
45
108 M HO
62
75
99 M
100
105M 105»*i
16
15%
105n«j
{{♦Norfolk South 1st A ref 6a. 1901 F
102 M
81
M
3M
110%
108 M
8M
42
102 %
109 M
71
q
6M
45
76
"81"""
deb 5 Ms. 1950 MN
Norf A W Ry 1st cons g 4s
North Cent gen A ref 5s
q
102 M
108 M
D
1940
{{♦N Y Westch A Bost 1st 4 Ms '40 Y"i
Niagara Falls Power 3 Ms
I960 M S
Nlag Lock A O Pow 1st 6s A.-1955 A O
fNord Ry ext sink fund 0M8--195O
101% 105M
9
12M
"7M
7%
45
97%
Peop Gas L A C 1st cons 6s
1943 A O
Refunding gold 5a..
1947 M S
Peoria A Eastern 1st cons 4s... 1940 A O
110M
109
104M 105
93
104M
*6
A
♦Terminal 1st gold 6s
..1943 MN
N Y Telep 1st A gen s f 4Ms—.1939 MN
2
105%
1970
Series J
106
10
15
O
Debenture g 4 Ms
General 4mb series D
Gen mtge 4mb series E
Conv deb 3Ms
53 M
110M
105 M
No.
105%
1965
50
104 M
M
104 M
9%
99%
1900 F
Series G 4s guar
Series H cons guar 4a
Series I cods 4 Ms
9H
6
103
103 M
105
J
J
{{♦N Y Susq A West 1st ref 5s 1937
8M
17M
67M
106
J
N Y A Richm Gas 1st 0a A..—1951 MN
98
High
106
1970 A
General 4 Ms series A
General 5s series B
77
7M
3M
"58"
106
Jan. 1
J
A
4s sterl stpd dollar-May 1 1948 MN
Gen mtge 3Ms series C
Consol sinking fund 4 Ms
77
4M
*60
A
6M
8
7%
3M
4
A
1905 M N
N Y Bteam Corn 3 Ms
13
13
13
J
♦1st A ref 4 Ms ser of 1927
{♦N Y Ont A West ref
75 M
-
13
♦Non-conv debenture 4s..—1966 MN
1957
01
60
"70%
*50
*60
98%
106
Since
Asked
17M
70
*
<k
O
1981 J
Pennsylvania PAL 1st 4Ms—.1981
Pennsylvania RR cons g 4s
1943
Consol gold 4s
1948
Phelps Dodge
*60
♦Debenture 4s
66
60 M
123M 126
*101
-1940 A
49
107 M 108M
107 M 109%
7
1973 MN
♦Collateral trust 0s
4mb series B
Range
Friday's
100%
106 M
7
2000 MN
♦Conv debenture 3 Ms——1960 J
♦Conv debenture 0s
1948 J
86
78 M
104
116%
N Y Lack A West 4s ser A
♦Non-conv debenture 4s..—1955 J
59%
83
124 M
N Y A Harlem gold 3 Ms
M
48
73 M
116%
1940 MN
A
71
124M
A
♦N Y A Greenwood Lake 5s..
(♦NYANE (Bost Term) 48—1939
PNYNB&Hd-c deb 4s
1947
56M
106
*107
"55 M
1951
1905
Conv 6% notes
N Y Edison 3Ms ser D
1st lien A ref 3 Ms ser E
N Y A Erie—See Erie RR
.
59
94
Range or
Bid
Low
Penn-Dlxie Cement 1st 6s A...1941 M S
Penn Glass Sand 1st M 4 Ms.. 1960 J
D
Pa Ohio A Det 1st A ref 4 Ms A. 1977 A O
85M
62
M
81M
59 M
69 M
85 M
2013 A
Lake Shore coll gold 8He..
Mich Cent coll gold 3 Ms
High
109M 109 M
73M
O
Last
Low
63
1952 MN
A
Price
180
2013 A
Ref A impt 4Mb ser
Sale
Week Ended March 10
73 M
2013 A
J
No.
111
N. Y. STOCK EXCHANGE
68M
Ref A inapt 4 Ms seriea A
-
High
♦109
BONDS
Since
73
Ref A Impt 6e series C
Conv secured 314s..
N Y Cent A Hud River 3 Ms
Debenture 4s
Range
Jan. 1
Asked
&
11, 1939
Week's
Friday
Range or
Friday's
Sale
Newport A C Bdge gen gu 4 Ms. 1946 J
1998 F
N Y Cent RR 4s eerlee A
Mar.
Week's
35
58%
05%
7
59%
64
13
17%
1
54%
59%
110
9%
14
9
13%
8
37
10%
10%
5
12%
174
9%
9%
14
11%
45
9%
13%
65
14%
14
23%
"u
13%
14%
14
54%
64
29%
23
37
22%
19
35%
23%
12
15%
Volume
148
STOCK EXCHANGE
If
Week Ended March 10
Range or
Friday's
Sale
Price
Bid
&
Low
St Paul & Duluth 1st
con g 4s__l968 J D
**8t Paul E Qr Trk 1st 4 %8—1947 J
J
t*8t Paul A K C 8h L gu 4 %8—1941 F A
t Pacific ext gu 4s (large)
1940 J
__1972 J
8 A A Ar Pass 1st gu g 4s
San Diego Consol G A E 4a
♦Guar
a
64%
18%
O
28
A
O
29
§♦ Refunding 4s
1959 A
*18
Shell Union Oil deb 3 Ha
Shlnyetsu El Pow 1st 0 He
1951
-.
H
D
28
31%
"19% "~4
15
3
6%
5
11
11
7%
10%
1
41
3%
Skelly OU deb 4sSocony-Vacuum Oil 3 Hs
*63%
~8l"
107"
South & North Ala RR gu 5s.. 1903
South Bell Tel A Tel 3%s
1902
Southern Calif Gas 4%a
1901 M 3
1st mtge A ref 4s
Southern Colo Power 6a A
Southern Kraft Corp 4 Ha
1965 F
J
1940 J
D
95
104H
58 H
36
104%
11
107%
71
108%
"""6
104%
50
62%
61%
168
47
67%
46%
282
208
57%
57%
68
1981 MN
57 %
54%
10-year secured 3%s_
1940 J
68
63%
68
San Fran Term 1st 4s
1960 A
91
92
92
72%
1955
Southern Ry 1st cons g 5s
1994
Devel A gen 4s series A,——1956
90%
Devel A gen 6a
Devel A gen 0 Hs
70
95
46%
67%
64
£02
50%
61%
76%
80
66
76%
77%
80 %
79
128
68
80%
78
5
72
79
70
74
65
J
111
*106%
-
105%
108
""17 %
17%
"104%
111
1
75
109%
108%
17%
3
'
8
110% 112%
104% 106%
108% 108%
13%
17%
104% 105%
104% 106%
1946 F
A
J
D
105%
105%
106
"71
-..1953 J
J
104%
105
30
J
85 %
86
50
Swift A Co 1st M 3%s
1950 MN
Tenn Qoal Iron A RR gen 5s.—1951 J
J
TenD Cop A Chem deb 6s B—.1944 M S
170%
104%
84%
106%
126
126
1
102%
103
7
101 % 103
100
■100%
46
94% 101
Standard Oil N J deb 3s
.1961
2%s
Studebaker Corp conv deb 08—1945 J
Tenn Elec Pow 1st 6s ser A
D
1947
"ioo"
Terra Assn of St L 1st g 4 Ha...1939
1st
cons
gold 5a
Gen refund
s
Gen A ref 5s series B
D
1977
O
O
D
-.1980 J
Tex Pac Mo Pac Ter 5 Hs A—1904 M S
1960 J
Tblrd Ave Ry 1st ref 4s—
♦AdJ Income 6s
j
Jan I960 AO
J
1937 J
X §*Third Ave RR 1st g 5s
Tide Water Asso Oil 3 Hs
!_ 1952
J
84%
118%
*
D
—1979
Gen A ref 5s series C
Gen A ref 6s series D
107
117%
106%
J
88%
86%
*88%
86%
86%
100
46
44%
105
77
86
106% 107%
125% 126%
5
1q7%
106%
Texarkana A Ft 8 gu 5%s A—.1950
Texas Corp deb 344s
1951
Texas A N O con gold 5s
1943
Texas A Pacific 1st gold 6s—.2000
103
38
08
"~7
114
88%
87%
81
30
82
88%
81%
Tol A Ohio Cent ref A Imp 3Ha 1960
Tol 8t Louis A West 1st 4s—- 1950 A
46%
281
11%
12%
91
93
19
1952 F
sec s f 7s:
Ujlgawa Elec Power
s
38%
7%
87%
16
45
53
2
85
65%
54%
the dollar
101"
105% 100%
quotation
123%
106
106
*22%
*76%
108%
42
"21"
108%
108
113%
113
108%
113%
108%
107%
1971
*98%
M N
98%
United Biscuit of Am deb 5s... 1950 A
United Clgar-Whelan Sts 6s—. 1952 A
Ununited Rys St L 1st
g
O
~79~~
78%
1944
M
79%
80
75%
78%
2
10
127
9%
13
115% 110%
107% 109%
111% 114%
106
108%
114
- 116%
95
99%
96
98%
107% 109%
75
83%
69
29%
16"
118%
43
24% 30
111% 118 %
105%
106
93
104% 106
41%
4
37%
12
39%
40
88
99
89%
97%
H\
98
98%
99%
1947
68%
.68%
1959
68%
07%
103%
62
52%
25
49%
45%
52
*104%
102
J
J
50
39%
50
50%
8
38
7
88
ioi.%
.1958 A
O
109% 109%
97
93%
67
101% 101%
6
10%
101
102%
"9
"10%
101%
17
96%
35
10%
110%
9%
110%
10%
20
9%
9%
9%
5%
5%
1
5
5
3
....
110%
11%
8%
9%
9%
2
108%
109%
5%
5%
4%
5%
100% 108%
107% 109%
5
9%
19
109
17
168
*8%
108%
107%
108%
106%
106%
107
97%
94%
110
10
108
108%
104% 110
93
104% 107%
week and not Included In the yearly
''
Accrued interest payable at
*
/
Cine Un Term 5s ser. C 1957, May 1 at 105.
Gulf States UtJl 4%s 1946, Mar. 23 at
„
102%.
1939 at 105a
NordRys6%s 1950. Oct. 1 at 102,
Power 5s
Ontario
.
1943.
>
.
Paris Orleans 5%s 1968, Sept. 1 at 100.
Union Oil Cal. 6s 1942.
.
„
t Companies reported as being in bankruptcy, receivership, or
*
reorganized under
♦
t
'»
.
.
•
such companies.
No sales transacted during current week.
Friday's bid and asked price.
Bonds selling flat.
<
Deferred delivery sales transacted
during the current week and not Included in
the yearly range:
Transactions
1958, Mar. 8 at 30%.
the
at
New
,
Stock
York
Exchange,
Daily, Weekly and Yearly
93
Railroad &
State,
United
Total
Mis cell.
Municipal &
States
Bond
Shares
Bonis
For'n Bonds
Bonds
110
30%
*75%
61%
94%
163
66
99%
09%
48
65%
69%
103%
17
110%
30%
99
103 %
106% 106%
106% 100%
%
%
107% 110%
27%
35
72
~03~~
Sales
584,560
Tuesday--
Wednesday
-
$630,000
$223,000
$6,135,000
841,940
Monday-.--.
$4,282,000
4,948.000
932,000
5,234,000
8,362,000
9,085,000
908,000
1,054,000
209,000
140,000
223,000
467,000
6,934,000
568,330
Saturday
1,049,040
1,357,965
1,210,470
-.
Thursday
Friday-------
Sales at
746,000
2,119,000
3,803,000
7,551,000
Week Ended March
; '
Jan.
10
6,351,000
9,248,000
11,427,000
11,821,000
1 to March 10
New York Stock
1938
1939
1938
1939
Exchange
5,012,305
43,941,435
40,917,322
3,366,730
$2,316,000
Stocks—No. of shares_
Stocks
9,138,000
$2,770,000
4,390,000
$16,012,000
49,641,000
$32,206,000
—
Railroad and industrial
39,462,000
28,390,000
287,267,000
268,372,000
$50,916,000
$35,550,000
$352,920,000
$348,594,000
Government.:
—
State and foreign.-
98
,
24
109"
Stocks,
Number of
Week Ended
March 10, 1939
Total--
------
48,016,000
Stock and Bond Averages
Below are the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
as
compiled by Dow, Jones & Co.:
Bonds
Stocks
*%
J
97
90
54
68%
*%
J
38%
69
107%
*107%
J
2003 J
111"
*110%
96%
*101%
10%
101%
96%
96%
78%
109% 110%
116%'
98
Va Elec A Pow 3 Ha ser B
.1908 M S
Va Iron Coal A Coke 1st g 5s—. .1949 M S
11
56
39%
O
Vanadium Corp of Am conv 5s. 1941
Vandalla cons g 4s series A
A
1955
Cons fl f 4s series B
.1957 MN
1st cons 5s
140
39%
♦Sink fund deb 0Hs ser A... 1947
United Stockyards 4 Ha w w.„ 1951
Utah IA A Trac 1st A ref 5s
1944
Utah Power A Light 1st 5s
1944
Va A Southwest 1st gu 5s
98%
107%
108% 109%
106
J
3Hs. 1946
|*Vera Cruz A P 1st gu 4Ha... 1934
5*July coupon off
35
85
118%
4s... 1934 J
J ♦Debenture 5s
124
*110%
S
U S Steel Corp 3%s debs..
1948
♦Un Steel Works Corp 0 H8 A.. 1951
♦Sec s f 6 Ha series C
1951
ti^Utll Pow A Light 5Hs
97%
75
108%
115%
98
107%
O
1953 M S
United Drug Co (Del) 5s
U N J RR A Canal gen 4s
U S Pipe A Fdy conv deb
115%
O
.
26
76
85
109%
12%
1970 A
58%
50
*58%
Amer. Tel. A Tel. 5%s 1943.
Brown Shoe 3 %s, 195Q, Apr. 13 at 105.
Central Steel 8s 1941.
23%
26
115%
34-year 3 Ha deb
35-year 3Hs debenture
57
67%
22%
58%
52%
.
109
20
16"
*12
3 Ha debentures
J
1952
Union Pac RR 1st A Id gr 4s.-. 1947
J
1st Hen A ref 4s
June 2008 M 8
1st Hen A ref 5a.
June 200« M 8
17%
123% 124
106
109%
14
200-pound unit of bonds.
per
Poland 4%s assented
123%
A
J
57
22%
MN
.
"98"" IOO""
115%
1962 J
73
22
1 The following Is a list of the New York Stock Exchange bond Issues which have
been called In their entirety:
.
65%
65
O
r.
68
67%
8''%
8
89%
A
3%s
58
65
60%
tl^Unlon Elev Ry (Cblc) 5s.-. 1945
Electric (Mo)
88
67%
cxpfrTfttiP of $4 8484*
13%
93
56%
89%
Tf Union OU of Calif 0s series A.. 1942
Union
47
68
Cash sales transacted during the current
No sales.
-
46%
105%
O
,1945 M S
f 7s
48
65%
1948 M S
C .--..---1961
ser
Tol W V A Ohio 4s series C.
♦Guar
"l9
20
Section 77 of the Bankruptcy Act, or securities assumed by
55%
D
J
Trl-Cont Corp 5s conv deb A.. 1953 J
♦Tyrol Hydro-Elec Pow 7%s.. 1955 MN
20
66%
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.
z Ex-Interest.
§ Negotiability Impaired by maturity,
t The price represented is
96% 100
105%
1942 M S
Toronto Ham A Buff 1st g 4s.. 1946 J D
Trenton G A El 1st g 5s
1949 M S
e
88%,
6
60
4s
89%
range:
88%
87%
55
100
deb
let mtge s f 4s
118%
11%
56%
Conv
79
95
82%
104% 105%
18%
23%
18
23%
56
60%
5
19%
62%
J
Hackensack Water 4s 1952, April 20,
22
92%
J
D
1953
t*Wor A Conn East 1st 4%s_-1943 J
Youngstown Sheet A Tube—
95
106
68
Wisconsin Elec Power 3%s—1968 A~ "6
Wisconsin Public Service 4s
1901 J D
108%
Tokyo Elec Light Co Ltdlst 6s dollar series
♦Certificates of deposit
|*Sup A Dul dlv A term 1st 4s '30 MN
♦Certificates of deposit-—
95
79
106
yr 1st gen 4s
105% 107
207
19%
J
113% 111%
103
107%
51
89%
O
——1947 A
1949 J
102% 102%
2
102%
114%
106%
89%
107
1953
44
107%
102%
114%
1944
f g 4s
10 0%
106%
86%
91%
*105%
J
74
D
3%8
1960 J
90%
74
ser D..1960 MN
J
♦fSpokane Internat 1st g 5s_—1955 J
Conv deb
72%
61%
So'western Gas A El 4s
6
1949 M S
J*Wls Cent 50
80
19
111%
125
•
66
Wheeling Steel 4%s series A.-.1966 F A
White Sew Mach deb 6s
1940 MN
tl*WlIkes-Barre A East gu 5s.1942 J D
Wilson A Co 1st M 4s series A. 1955 J
J
Winston-Salem 8 B 1st 4s
377
72%
3
111%
I960 M S
RR 1st consol 4s
105% 108%
119% 121
110% 111%
121
95
J
D
ser
20
108%
121
*106%
J
2301 J
54
59%
74%
1956
1996
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3 Ha ser B..1904
1st A ref 3s series C
_196«
.2361 J
-
Wheeling A L E Ry 4s
106% 108%
107
107%
101% 101%
123% 125%
108%
J
West Shore 1st 4s guar
19
111%
D
♦Westphalia Un El Power 0s—1953 J
90
121
i960 M 8
Registered..
76 H
Mem Dlv 1st g 5s.
Staley (A E) Mfg 1st M 4s
245
90%
46
50
101%
1940 M S
1951 J
95
38%
89% 100%
102
45%
108%
Teleg g 4%s..l950 MN
25-year gold 6s
30-year 5s
86
108%
89%
80
75
107%
A—1940 M S
ser
♦5s assented
108
"90% *152
,60%
1956
$♦ Western Pac 1st 5s
Western Union
68%
131
58%
65
1955
115
117%
106% 108%
101
55%
So Pac RR 1st ref guar 4s
1st 4b stamped
107%
106
107%
59% 66%
1
"107%
-101%
•124%
O
26
57 H
O
1943 A
112
57 %
J
West N Y A Pa gen gold 4s
79
41
108
106
26
65%
*
J
103% 105
13
10
*40
D
1977 J
8%
100% 1230
49
94%
93
44%
O
99%
12%
53
106
98%
93
J
97
13
8%
63
100%
D
1952 A
9
14
79
S
West Va Pulp A Paper 4 %s—1952 J
104%
54
95
65%
O
1966 J
14
68
11
106
O
E.1963 M S
I
10%
9
9%
D
1967 J
1st mtge 3%s series
10%
17
41%
15
9%
J
ser
11%
10
D
17
40%
1
10%
Western Maryland 1st 4s
1st A ref 5%s series A
104%
60%
O
82
.26
1969 MN
10%
75%
21%
109% 110%
100% 104%
1968 M S
O
62%
17
15%
11
11%
A
West Penn Power 1st 6s
50
41%
10%
A
78%
106
Gold 4 Ha
S
A
1939 J
62
10
Gold 4 He
Gold 4%a
M
1945 F
f 5s
s
19
41%
F
20%
99%
68%
61%
57%
57%
57%
;
1st 40-year guar 4s
Wash Water Power
5
19
66
S
High
106% 107 %
42%
49%
22%
28%
24%
25%
"25"
*17%
J
Low
30
*50%
*17%
O
M
;
25
*27
J
Westchester Ltg 5s stpd gtd—1960 J
5
103%
103%
50
26
J
Washington Cent 1st gold 4s—1948 Q M
Wash Term 1st gu 3%s
—1945 F A
17
107%
110%
107%
110%
26
A
Certificates of deposit
^♦Warren Bros Co deb 6s
1941 M S
Warren RR 1st ref gu g 3%s..2000 F A
3%
64%
8
Southern Natural Gas—
1st mtge pipe line 4 Ha
1951 A O
So Pac coll 4s (Cent Pac coll)-. 1949 J D
1st 4 Ha (Oregon Lines) A... 1977 M S
-
103%
93%
107 H
A
1947 J
107%
15
55
*117
108 %
58
1980 A
Gen mtge3%s
"82""
98%
103%
106%
8
6%
103% 105
57%
67%
1951
1950
46
47%
Walker (Hiram) GAW deb 4%s 1945
Walworth Co 1st M 4a
1955
6s debentures1955 A
Warner Bros Ptct deb 6s
1939 M
5
104%
99 H
1952
4
4%
7%
81H
1941
17%
169
5%
....
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s
19%
13
3
4%
56%
♦Siemens A Halske deb 6Ha... 1951 M S
♦Silesia Elec Corp 6 Ha
1940 F A
18
9%
104
57 %
116% 116%
*39
.*3
104%
36
16
3%
107%
44%
Since
Jan. 1
No.
106%
47%
♦Toledo A Chie Dlv g 4s
1941
*♦ Wabash Ry ref A gen 5 %s A.1975
♦Ref A gen 5s series B
1976
♦Ref A gen 4%s series C
1978
♦Ref A gen 6a series D
8%
16
"3%
High
10 0%
30
2
Asked
1939 MN
1939 F
♦1st lien g term 4s
1954 J
♦Det A Chic Ext 1st 5s.——1941 J
20
28
29%
8
A
M S
1952 J
15
1
5%
*4%
8%
8
1935 F
18%
28
14%
O
♦Certificates of deposit...
t|*Atl A BIrm 1st gu 4s
1933 m's
!♦ Seaboard All Fla 6s A ctfs... 1935 F A
♦Series B certificates
109% 110
15%
19%
<Ss
1966 M S
5*Des Moines Dlv 1st g 4a__1939 J
♦Omaha Dlv 1st g 3%s—1941 A
68%
112%
Range
!|
Friday's
Bid
Low
98%
1
*2%
8
88 series A...
58%
ll2"
Range or
Sale
High
115% 118
20%
19%
15
.1945 M S
cons
Low
97%
*117%
♦Certificates of deposit
♦1st
Price
110
*108%
J
Scioto V A N E 1st gu 4s
1989 MN
jJ*8eaboard Air Line 1st g 4s— 1950 A O
J ♦Gold 4s stamped
1950 A O
♦Adjustment 5s
Oct 1949 F A
98%
♦111
J
♦Stamped
Week Ended March 10
Virginian Ry 3%s series A
:§♦ Wabash RR 1st gold 5s
♦2d gold 5s——,
64%
.1946 A
f 6 %s series B
No.
117%
1946 J
J
♦Stamped
BONDS
N. Y. STOCK EXCHANGE
Last
Since
Jan. 1
©
8%
*97%
117%
117%
1942 M S
^♦Schulco Co guar 6%a
Range
©
tiqco
10%
8%
J
1943 J
1965 MN
Santa Fe Pres A Pben 1st 6s..
High
*6%
J
J
Asked
Week's
Friday
*89%
St Paul Minn A Man—
St Paul ud Dep 5s guar
1449
Week's
Last
BONDS
N. Y.
Bond Record—Concluded—Page 6
New York
Friday
58%
10
10
Total
30
Mar.
10
15
Total
10
First
Second
TO
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
63
20
Indus¬
Date
72
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
152.28
33.37
26.52
51.70
107.30
96.71
56.71
108.17
92.22
Mar.
9
151.33
33.33
26.28
51.47
107.50
96.46
56.50
108.10
92.14
Mar.
8
151.42
33.66
20.24
51.59
107.51
96.39
65.94
108.16
92.00
Mar.
7
149.37
32.80
25.97
90.01
54.58
108.20
91.52
Mar.
6
148.84
32.53
25.78
60.54
107.26
96.04
64.57
108.17
91.51
4
149.49
32.98
26.09
50.90
107.36
95.97
54.24
108.30
91.47
Mar.
50.79
107.30
New York Curb
1450
Exchange—Weekly and Yearly Record
Mar.
11, 1939
NOTICE—Cash and deferred delivery tales are disregarded In the week's range unless they are the only transactions of the week and when selling outside
of the regular weekly range are shown In a footnote in the week In which they occur.
No account »s taken of such sales In computing the range tor the year.
^
_
In the following extensive list we furnish a complete reeord of the transactions on the New York Curb Exchange tor tne
week beginning on Saturday last (Mar. 4,1939) and ending the present Friday (Mar. 10, 1939).
It is compiled entirely
from the daily reports of tne Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any
dealings occurred during the week covered.
Last
Pat
Week's Bangs
for
Sals
of Prices
Low
High
Agfa Ansco Corp com
1
Alnswortb Mfg common. 5
45*
304
8 5*
Air Associates Ino com—1
common.,.*
Conv preferred
—*
Air Investors
Warrants
"in
4%
3054
74
8H
14
55*
1,200
18**
44
Feb
205*
25
Jan
305*
85*
Feb
11
Feb
18
4
664
944
864
14
14
4
000
Allied Products
84*4
*270
280
884
*
Jan
71
Jan
624
14
Jan
Aluminum Co common..*
116
Ltd common.*
120
120
6% preferred.......100
American Airlines Inc.. 10
American Beverage com.. 1
American Book Co....100
Amer Box Board Co oom.l
110
34
Jan
131
1105*
145*
Jan
$3 preferred—
Class B
.....1
Amer Cyanamid class A. 10
10
n-v
Amer Gas A Elec com...*
■
$6 preferred.——.*
American General Corp 10c
S2 preferred
..1
S2.60 preferred
1
Amer Hard Rubber Co.,50
Amer Invest of 111 com
*
Amer Laundry Macy
20
Amer Lt A Trao com...25
Mar
.....100
Amer Maracalho Co.—1
Breeze Corp.
...1
Brewster Aeronautical—1
100
108
Jan
110
Jan
23 *4
2,000
255*
2
100
130
85*
8
let $0 preferred
...*
30 series pre/erred. ....*
Arkansas Nat Gas com...*
Common Class A......*
Preferred
—10
Arkansas P A L $7 pref-.*
Art Metal Works com...5
Ashland Oil A Ref Co.—1
34
2
105*
.
5,700
105*
300
84
6
54
1,000
6
14
34
26
Class A—......
100
14
35*
300
Mar
26
100
Jan
Brlllo Mfg Co common...*
115*
115*
100
Jan
30
30
74
Jan
95*
Jan
Class A——
.*
British Amer Oil coupon:.*
Feb
8
Feb
Jan
223*
5*
7% preferred...
Jan
Mar
23
67
Feb
75
Mar
1
Jan
335*
150
27
Jan
34
Mar
335*
35*
34
200
26
Jan
34
l
..........1
$5 preferred...:......*
Option warrants.......
Mar
75
25*
1,600
15*
244
25
20
254
25
26
3,300
1
1
600
225*
4
10
10
100
10
40 *4
114 5*
39
405*
1145* 1145*
45*
4*4
27
285*
.
60
18,600
375
1,200
Jan
Feb
Jan
Jan
Mar
315*
1125*
Jan
Feb
10
250
25*
100
10
"l8~
100
'""300
18
175*
14
15*
14
1
8
14
284
604
50
Brown Rubber
Feb
Bruce (E L) Co com.....6
Buckeye Pipe Line—50
Buff Ntag A East Pr pref 25
$6 1st preferred
...*
11
405*
110
85*
Jan
284
Jan
Jan
18
Jan
Jan
Jan
165*
155*
Mar
Jan
JaD
Mar
Mar
Feb
Jan
1254
Jan
32
Jan
55*
75
Feb
25
30
Jan
Jan
Jan
54
15*
454
Jan
Mar
Jan
Jan
74
Jan
5*
15*
35*
Feb
Jan
Jan
Jan
Jan
300
65*
200
Jan
1154
Mar
30
Jan
31
Mar
Jan
225*
225*
Mar
Jan
21
Jan
24
95*
Jan
Feb
"ii
Feb
Cables A Wireless Ltd—
Feb
2354
15
Jan
20
Feb
Feb
Jan
Jan
75*
Jan
Feb
23 5*
Jan
Feb
65*
25*
200
2
Jan
254
1",300
4
Jan
6
25*
Jan
13
235*
1065*
17
Jan
Jan
31
Mar
1,900
Jan
235*
Mar
350
1055*
Jan
1,400
115*
Jan
100
225* 235*
1065* 1065*
14
Jan
275*
205*
31
30
14
13
100
,5*
2
54
Jan
155*
25*
Jan
2,900
15*
107
Jan
2
25*
25*
Jan
Jan
Jan
25*
154
Mar
4
Jan
Mar
1
18
Jan
dep 554% pref sba £11
4
4
100
Calamba Sugar Estate. .20;
17
17
300
35*
1654
Feb
Jan
Feb
175*
Jan
Jan
Camden Fire Ins Assoc.—5
Jan
Jan
00
Jan
Canadian Car A Fdy pfd 26
Canadian Indus Alcohol A*
325*
325*
225
30
Jan
3354
Mar
15*
Mar
5*
245*
Jan
29
Feb
02
Feb
Feb
Jan
Carnegie Metals
Jan
Carolina P A L $7 pref.—*
$0 preferred—
.....*
Carrier Corp common—1
Carter (J W) Co common. 1
9
Jan
Jan
55*
Feb
5*
Jan
1
Feb
67
Jan
775*
165*
Jan
27
35*
Jan
"u
774
23*4
774
100
25 4
3,200
"in "in
*
"""566
15*
1,100
25*
Jan
100
Jan
1104U14
130
125*
1085*
5*
25*
Hi
900
2*4
1,300
3,800
1,300
Hi
2*4
24
24
7
24
7^
25*
65*
86
—
5
35*
15*
35*
Jan
34
134
3
134
5
*74
300
54
*14
2,600
Jan
14
3*
Jan
35*
75*
Jan
Jan
Feb
Mar
Feb
Jan
1115*
Jan
10
10
4
4
14
10 *4
100
»u
92
Mar
Feb
Jan
Jan
Feb
Mar
65*
45*
Jan
75*
Mar
Jan
55*
Feb
8
Jan
10
Mar
Jan
hi
15*
Jan
55*
Jan
Jan
Jan
105*
Mar
'•I
Jan
Hi
Jan
5*
14
11
l»2
1,400
17,500
9,900
Jan
5*
Jan
100
5*
5*
B hon-votlng
*
Canadian Marconi—....1
-
34
264
4
"3*4
1,500
264
4
10
4
900
5*
224
214
22 *4
800
H#
*i«
300
24
2H
400
20
Feb
35*
Jan
>15*
Jan
Jan
1
Jan
Jan
4
98
Jan
Jan
Feb
255*
Jan
Jan
5*
Jan
15*
Jan
Jan
24
85*
Feb
75*
"44 "in
""260
4
Jan
4
3*
com
2
,54
15*
75
554
Feb
8
4,300
5*
Feb
154
354
245*
5*
5*
Jan
400
Jan
2754
Feb
»ii
Mar
Jan
34
34
34
41
254
7*4
224
41
2454
264
7*4
22
7H
4
7,300
10
2,100
25*
Jan
4
Jan
40
Feb
45
Jan
245*
Jan
295*
Jan
6
Jan
224
74
950
19
Jan
200
100
,64
64
1,000
64
74
3,400
"74
Ja n
0,600
104
1
15*
84
Barlow A Seelig Mfg A...5
1
Jan
175*
2,000
300
Baumann (L)
05*
iH
75*
55*
05*
2
9
Jan
Mar
Jan
2254
75*
15*
15*
1054
05*
Jan
85*
Jan
Jan
Jan
Feb
Jan
Jan
2
Feb
Jan
Jan
Mar
Mar
4
Jan
42
40
40
40
10
Jan
50
Jan
89
Jan
39
Jan
Jan
5
Jan
iiH
Feb
13
Jan
105*
294
11,400
5,900
55*
205*
Jan
15*
Feb
84
8%
94
2,ICO
Jan
40
85*
104
1154
305*
25*
105*
Feb
27%
25
9
9
—.
100
175
173
175
Bell Tel of Pa 054% pf.100
123
123
123
Jan
Jan
175
123
Jan
Feb
Jan
Mar
120
Jan
10
Jan
404
33 4
414
600
•
50
27
Jan
335*
415*
Mar
Berkey A Gay Furniture. 1
•ii
Hi
400
4
Feb
5*
Jan
Hi
600
*19
Jan
334
warrants
26
Hi
154
$2.50 conv pref......
154
16
750
13
385*
1455
4
Jan
10
Mar
Mar
39
Feb
Jan
Jan
Jan
35*
235*
45*
Jan
915*
Feb
55*
Mar
Mar
Feb
265*
Mar
60
140
43
Feb
60
Mar
145*
145*
300
135*
Jan
1454
945*
96
96
95*
180
90
Jan
96
0
9
9
600
97
90
15*
n
15*
4*4
35*
325
.
.
75*
Jan
2,900
1,150
45*
*11
Jan
3 54
Jan
11
13
5
5
35*
35*
4
50
4
800
45*
3 54
35*
55*
55*
100
554
350
.
25
......
"l45* "ii""
15
*78
10
*
55*
Hi
45*
.
Jan
Jan
Feb
Jan
Feb
Jan
55*
'4*4
M ar
44
Jan
Feb
Jan
74
Jan
Jan
6
Mar
15'
Jan
-144
12154
Mar
Jan
130
Jan
62
Jan
79
Feb
Feb
8
75*
7*4
300
054
*i«
250
4954
654
Jan
Jan
445*
Jan
354
Feb
,
Jan
55
85*
4
Jan
13
""950
47.
Feb
Mar
15*
Jan
*765* "785*
75*
97
Jan
154
Jan
Mar
04
Jan
35
1,500
15*
5*
Hi
13
2,600
1,400
2C0
45*
Jan
5*
Jan
95*
«5054
45*
Feb
58
Jan
"725*
6
6 "
55*
55*
19
185*
-
1
»u
40
30
Jan
Jan
100
735*
0
.
55*
19
1
400
100
250
1,100
39
Feb
46
Jan.
55
Jan
84
Feb
535*
55*
Jan
Jan
81
Feb
454
18
■•54
Jan
25*
*375*
25*
385*
100
254
600
34 54
55*
65*
2,400
35*
75*
75*
2%
45*
35*
75*
75*
34
45*
200
75*
"55""
75*
855*
6
100
75*
75*
35*
82
100
200
3,600
200
700
Jan
Feb
Mar
Jan
45*
Feb
154
Jan
25*
Jan
75* Mar
75*
Jan
254' Feb
45*
Feb
65*
Jan
800
82
350
555*
7
Jan
554
Mar
Feb
20
14
34
Jan
384
Feb
654
Mar
2
Mar
354
75*
75*
Mar
Jan
Feb
Mar
4
Jan
454
Feb
9
Jan
Mar
9454
Jan
Jan
Jan
Mar
Jan
Jan
7254
45*
14
2,800
*ss
Jan
•m
Jan
5*
"3554 '*35*4 *364 "~425
2954
Jan
Jan
Mar
Jan
725*
35*
7054
35*
725*
4
12
12
5*
5*
5,600
25
5*
1
Community P A L $0 pref *
Community Pub 8ervlce 25
Community Water Serv—1
Jan
Mar
58
Columbia Pictures Corp..*
Commonwealth A Southern
Jan
22
Jan
Feb
395*
Warrants........
Commonw Dlatrlbut—
15
45*
19 *
395*
1
Jan
84
Preferred B—......... *
BB
*
Columbia Oil A Gas
1154
125
445*
Mar
6
475
47
Mar
Mar
Feb
200
75*
6% conv preferred
£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Conv 5% preferred.. 100
Mar
2154
915*
55*
265*
885*
45*
v
284
Jan
Mar
26
8
Cohn A Rosenberger Inc. *
Colon Development ord...
50
96
87
Feb
1054
55*
2,100
534
Club Alum Utensil Co
*
Cockshutt Plow Co com—*
'""SOO
4
Feb
78
Jan
Mar
4J*
54
Cleveland Tractor com...*
CUncbfleld Coal Corp. .100
5,800
22
22
Cbllds Co preferred—100
Cities Service common.. 10
Claude Neon Lights Inc—1
Clayton A Latpbert Mfg..*
Cleveland Elec Ilium..
*
'20
*134 'u"
...
Cities Serv P A L $7 pref- *
$0 preferred...»
City Auto Stamping
*
City A Suburban Homes 10
Clark Controller Co
1
500
87
165*
Centrifugal Pipe
ChamberJln Metal Weather
Preferred
275*
4
87
-
165*
Conv preferred.
100
Conv pref opt ser '29.100
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach—4
Chief Consol Mining..
1
Mar
85
87
*
.*
Strip Co
6
Charts Corp.—...—10
Cherry-Burrell common—6
15*
H
915*
54
0% preferred....... 100
7% preferred
,—100
Jan
265*
7% 1st partlo pref
100
Celluloid Corp common. 16
$7 dlv preferred.......*
"Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Elec com
1
Jan
**n
5*
1
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
25*
2,700
uu
45*
com
Feb
15*
55*
Catailn Corp of Amer
1
Celanese Corp of America
1st preferred
Cent Hud G A E
.
1
15*
Casco Products
*
Castle (A M) common..10
"
965*
25*
245*
325*
Capital City Products
*
Carlb Syndicate
25c
Carman A Co class A...
Class B—
Carnation Co common...*
75*
45*
Jan
100
8,100
3,600
8*4
5*4
*4
25 H
Am
Jan
55
9,200
.
Basic Dolomite Ino com—1
Batb Iron Works Corp
1
Jan
95*
15
4
14
104
pave
75*
Jan
Jan
Mar
29.
400
62
8
10
Blokfords Ino oom.......*
Jan
Jan
21
Preferred.—.....—...*
*
245*
55*
125*
115*
Jan
35*
75*
Jan
Feb
...
Jan
Jan
15
Benson A Hedges oom
Conv pref
Feb
Feb
15*
1
Jan
4
3
13
Feb
oom
' 175*
65*
Burry Biscuit Corp..l25*c|
Cable Elec Prods v t c
*
Jan
15
1
11
Jan
*4 n "5"
Bunker HiU A Sullivan 2.50
25
Bell Tel of Canada
17
Burma Corp Am dep rets..
xw
Beaunlt Mills Ino oom—10
$1 60 conv pref..—20
Beech Aircraft Corp.—l
Jan
Jan
14
18
i»n
17
Co com—1
Mar
105*
Co com...*
7% 1st preferred....100
7% 1st pref v to—.100
Jan
235*
Jan
Jan
...30
500
reg..l0s
Jan
Mar
16
oom
Am dep rets ord
(Brown Co 6% pref—100
Brown Fence A Wire com.l
JX
25*
20
25
Baldwin Rubber Co oom.l
Bardstown Distill Inc
1
Barium Stainless Steel... 1
235*
235*
Am dep rets ord bearerfl
Amer dep rets reg
£1
285*
w w
com
Feb
27
6*4
......5
Purcb warrants tor
.
Jan
Jan
Jan
Feb
*
4
24
British Celanese Ltd—
Jan
300
28
Products.....5
Clam A common
Jan
Jan
Jan
100
2,000
175*
285*
Automatlo Voting Maoh..*
Babcock A Wilcox Co.
Baldwin Locomotive—
Jan
9
50
285*
Austin 811 ver Mines.....1
1
Feb
66
1754
Assoc Tel A Tel class A—*
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Warrants...
Aviation A Trans Corp
Axton-Flsher Tobacco-
65*
25*
205*
215*
225*
Class A pref
*
Brown Forman Distillery. 1
$0 preferred.—..*
44
284
315*
105*
295*
44
24
27
28
Assoc laundries of Amer.*
Common v t o
*
Atlantic Coast Line Co..60
Atlas Corp warrants—
Atlas Plywood Corp.....*
.
Feb
60
200
23
Mar
British Amer Tobacco—
700
14
395*
Jan
74
100
35*
605*
1*4
22 4
75
205*
15*
Jan
Jan
15*
32
255*
26
£1
Common
Pnr footnote-
95*
10
Jan
Industries
Amer deposit rota
Assoc Gas A Elec—
Purchase
300
,
British Col Power cl A—
American Thread pref—6
Anchor Post-Fence......*
Angostura Wupperman—1
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
jArcuturus Radio Tube.. 1
Rights
Bellanca Aircraft
900
12,900
3,000
125*
Jan
14
33
"in
Corp com*
Corp
9
Bright Star Elec clam B
*
Brill Corp dam B—*
Feb
1,200
Mar
18
56
4
Amer Seal-Kap com.....2
7% preferred
Preferred
Feb
90
55*
55*
95*
105*
Bridgeport Gas Light Co
Bridgeport Machine...,—*
100
25*
235*
23
55*
Jan
Jan
Jan
Jan
35*
12
Mar
175*
Jan
17
10
Brazilian Tr Lt A Pow...*
Jan
200
215*
2
.....*
25
900
3
3
215*
Mar
Jan
57
Co.........*
Amer Potash A Chemical.*
American Republics.... 10
Avery (B F)._
2d preferred..
Jan
Jan
75*
74
75*
7% 1st preferred—100
Jan
8
Feb
155*
195*
15*
135*
195*
15*
05*
125*
30
■
Bowman-Blltmore com..
Jan
141
Preferred
Bell Aircraft
Mar
Jan
2
6% preferred...
25
Co common 100
0% preferred
0% preferred
Jan
Feb
Jan
56
Amer Mfg
Automatic
Jan
118
2
Amer Foreign Pow warr.
Amer Fork A Hoe com..*
Class A
Jan
100
67
23
Class A with warrants.26
Elec
"l4
400
5,400
8
24*4
Class A.——26
Associated
1
$3 opt conv pref......*
Blumenthal (S) A Co—*
Bohack (HQCo com—*
7% 1st preferred
100
Borne Scrymser Co
25
Bourjote Inc...........
High
Low
Shares
64
65*
144
Blue Ridge Corp com
3,800
Jan
64
Jan
34
34
Price
Jan
Mar
Range Since Jan. 1, 1939
Week
Bliss (E W) common——1
BUw A Laughlln com
5
127 4
10c
$6.50 prior pref......
Amer Centrifugal Corp..l
Am Cities Power A Lt—
Am Superpower
Jan
Jan
H55*
155*
354
10c
Common class B
Amer Meter
Birdsboro Steel Foundry
A Machine Co com....*
Blauoer's common....... *
Jan
for
of Prices
Low
High
Registered
American Capital—
Class A common
Class B
75*
184
1075*
109 *4 110
Aluminum
Jan
Jan
400
1154
Aluminum Goods Mfg
*
Aluminum Industries com
9
2,800
120
115
Jan
Mar
74
1195*
100
9
18
115
6% preference
Jan
Jan
4
60
9
2H
Jan
1
0
10
25
com
Class A conv com
Feb
4
100
*4
*92*4 *944
pref.........*
conv
Jan
814
x86
6
74
14
16
Allied Internet Invest com*
$3
Jan
0H
60
Alles A Fisher Inc com.
Invest com
274
700
2
4
—
Ala Power $7 pref—
Alliance
Jan
Par
(Continued)
High
1,000
304
m
84
Alabama Gt Southern—50
10 preferred
Low
24
Supply MIS class A.*
Class B
STOCKS
WuVs Range
Sale
Range Sines Jan. 1,1939
Shares
Acme wire v t o com—20
Aero
last
Week
Price
Sates
Friday
Sales
Prolan
STOCKS
29
35*
11
1
Jan
Feb
285*
295*
800
2654
Jan
3654
295*
4
4
200
54
Jan
5*
Mar
New York Curb Exchange—Continued—Page 2
Volume 148
Friday
STOCKS
Sales
Bangs
for
Week
of Prices
Low
High Shares
Sale
Par
Friday
Week's
Last
\Continued)
Price
Range Since Jan. 1,1939
V t c ext to 1946
16
5%
16
100
Jan
37
Jan
m
1,600
71
10
116
116
116
116
56 K
4%
Mar
U7X
IK
'
600
4%
Mar
6
Jan
Jan
92
Jan
Jan
89 X
Mar
9X
Jan
Jan
4%
reg.£l
Gen Fire proofing com....*
Jan
Jan
10
65 X
Jan
SCO
6X
Feb
9
16X
Jan
20
Jan
5%
Jan
14%
100
Mar
14%
Feb
14
"is
Courtaulds Ltd
£1
Creole Petroleum
6
Crocker Wheeler Elec——*
300
»i«
6%
20 %
20K
7X
6K
Feb
Mar
Georgia Power S6 pref...*
94 X
Jan
55 preferred
Gilbert (A C) common...*
Preferred
*
Glen Alden Coal
.*
Godchaux Sugars class A.*
31
Jan
,9X
Jan
Jan
X
Mar
Feb
3
Jan
3
Feb
"~2% "2X
"""loo
2X
Feb
10 K
30C
9%
IK
1,800
Jan
Jan
xlOX
IX
IX
Crown Drug Co com
25c
Preferred....—.—.26
17
17
IX
26
14
Crystal Oil Ref com—...*
preferred
"V
10
"9"
Cuneo Press Inc.........*
"60 X
6>4% preferred.....100
Curtis Mfg Co (Mo)
6
Darby Petroleum com—6
Davenport Hosiery. Mills.*
Dayton Rubber Mfg com.*
"~6X
*49% "60X
9
.1
Jan
Gorham Ino class A
S3 preiened..
Gorham Mig Co—
Jan
Jan
109 H
Feb
2,300
17
400
""fx
26
6x
6K
24 X
Feb
1.410
Jan
22 X
22 X
10
5%
4X
20%
IX
Feb
Feb
100
6(0
2
200
.....
6% pref w w—....20
Detroit Gray Iron Fdy.,
-
9
7%
14%
1%
IX
25%
1%
28,
-
*
16%
20
20
mm
Jan
1%
1%
Feb
»
200
500
175
■
Jan
Jan
14
;
Jan
Jan
Feb
21%
5
5%
Dobeekmun Co common.1
+
rnm
,
Grumman Aircraft Engr.l
Guardian Investors—1
Jan
Jan
•
-
«.
^
-
Mar
Gull
'
.
14%
1%
2%
2%
31%
26%
Mar i
20
Mar
Jau
!
3,000
Dominion Textile Co....*
Jau
f
Feb
Feb
4
Jan
7%
Feb
21%
5%
9%
Feb
Mar
Jan
j
Jan
|
Jan
Jan
12%
Jan
60
Jan
60
Jan
64
Jan
73%
Mar
15%
Jan
20%
Jan
10
17%
200
72
x30
"Ik
4X
5%
3,600
6k
5%
6%
300
Eagle Plcher Lead—10
UK
11%
11%
3,900
•
m
m mm -
Jan
"**!%
Mar
Jan
72
Mar
1%
75
Duval Texas Sulphur....*
mmvmm-
Feb
2
Jan
4%
6%
Jan
6%
Jan
Mar
7
Jan
64
10
Jan
14%
Jan
East Gas A Fuel Assoo—
...*
1%
21K
1UK
10%
Eastern Malleable Iron. .26
X
V
17
$7 preferred series A...*
$6 preferred series B—.*
16%
Easy Washing Mach B.__*
Economy Grocery Stores
Edison Bros Stores......2
Eteler Electric Corp
1
2%
17%
18%
1%
1X
12X
Elec Bond A Share com..6
16 preferred.——.—*
$6 preferred————*
Feb
19%
Mar
600
9%
8
8
Eastern States Corp.—*
1%
560
11%
20
800
21%
1%
IK
'4X% prior preferred-100
6% preferred
100
-
%
17%
17%
3%
17%
18%
1%
25
%
Jan-
Jan
17%
15%' Jan
15
2%
Jan
Mar
,18%
Mar
2
Mar
2,200
55,800
1
Jan
9%
Jan
12%
Jan
Jan
65
Feb
Jan
72%
3%
400
2%
Jan
2%
Jan
500
4%
700
J*
500
79
78
24
4
Jan
3
Mar
Jan
Jan
1%
67%
Jan
Feb
Jan
2%
80%
3%
Mar
Jan
10%
Jan
Feb
1%
Jan
Mar
500
160
20
Jan
70%
"70X
6% preferred
...100
6H% preferred
100
7% preferred—100
8% preferred..*
100
Empire Power part stock. *
70%
200
53
Jan
21%
70%
61%
Feb
61
—.
_
~
24 %
1%
28 X
7%
7%
13 X
13%
Fanny Farmer Candy coml
*23%
23%
Fansteel Metallurgical..,*
Fedders Mfg Co
6
8X
x6X
Ferro Enamel
20%
6%
6%
20%
8
1
...1
Flat Amer dep rights......
Fldelio Brewery.
—..1
Fire Association
(Pbila).lO
Flsk Rubber Corp...—..!
10
preferred........100
"ji
67
X
14%
8%
23%
8%
^6%
21
X
%
67%
12%
11%
63
4%
For footnote w n«ur*
625
69%
128
25
400
37
7
300
Jan
Jan
Feb
126
37%
Jan
17X 19
X
X
38% 39%
101X 102
107
100
6%
2%
16%
%
4,200
35%
95%
103%
Jan
Jan
b'ioo
40
Jan
Jan
Jan
Feb
7%
2%
22%
%
Feb
150
39
Jan
Jan
Jan
Feb
40
102
Jan
Feb
107%
2X
2X
"260
2%*~Jan
Jan
Jan
11
Jan
1?*
Mar
Jan
65
Mar
1
' Feb
l'ooo
1
200
4
Jan
400
29
Feb
100
8%
33 X
17
9%
17%
9X
8
300
3%
350
16%
7%
3%
7%
5,500
Jan
Jan
%
Feb
Jan
%
IK.
IX
5X
6
32X
33X
4
4X
IX
1%
9X
24X
25X
10
9%
100
50
600
Feb
Mar
Mar
Jan
Jan
22%
Feb
9%
Jan4
Feb
Feb
4
Feb
7%
Jan
8%
24X
25X
6
33%
6%
Mar
24
Jan
26%
26%
7%
38%
Jan
10
Jan
41%
Jan
46
Jan
Jan
Jan
24%
Jan
Jan
Jan
Feb
Jan
14%
ux
60
Feb
100
14%
ux
6%
Mar
100
13%
Jan
8%
14%
Feb
200
10
Jan
12%
Jan
12
Jan
24%
Jan
24%
Jan
*35%
Jan
Jan
37%
475
"xllX Hi %
'"""60
39%"*ian
63 X
4%
60%
4X
64X
4X
8,100
1,400
*10%*"jan ""l2* "Feb
60%
3%
r
11%
4%
2
4X
2X
2
28
"ih
24 X
28
200
600
60
3%
4X
1,100
2ZX
24%
4,800
6
e
1,600
'"""25
*u
6%
8%
4%
1%.
"iox "17
69%- Jan
4% Mar
12
Jan
Jan
Jan
Jan.
%
Jan
9
Mar
Jan
9
Jan
4%
2%
Jan
Mar
Jan
23 %
3%
Jan
Jan
29Feb
-18%
5%
Jan
Jan
25
4%
Jan
Feb
6%
Feb
*64%"Mar "*54% "Mar
7
"l7"
Feb
Jan
Jan
Feb
7%
.
Feb
16
Jan
17
Feb
16
1,800
Jan
Feb
15%
Feb
Britain A Ireland....£1
29%
Jan
32
Feb
6%
Fe b
Indiana Pipe Line.——.10
Feb
7
Jan
Jan
Indiana Service 6% pf.100
8
Jan
9
Jan
24%
Mar
104%
Jan
10%
12%
108
Jan
Jan
Feb
100
Feb
10%
Jan
7% preferred..—.—100
indpH P A LflH% pf..l00
Indian l er Ilium Oil—
2,900
•is
Jan
%
Jan
1
Jan
Jan
Mar
1%
1%
300
400
27
Mar
58
Feb
28%
8%
20
Jan
20
Jan
400
%
9%
7%
19%
700
4%
Jan
300
5%
10%
Ffeb
Jan
Jan
l^OC
6%
Jan
Jan
Class B.:
6%
1,600
6,600
200
1,400
14200
240
•is
58
•is
Jan
6%
105% 105%
300
60
%
Jan
*ii
.—r
V % 0 common......
1
Insurance Co of No Am. 10
Jan
Jan
Jan
Jan
Feb
International Cigar Macb *
8%
Jan
Jan
Mar
%
Jan
24
Jan
Jan
21%
%
2%
Jan
%
Mar
Jan
Feb
4%
Jan
3
Feb
4%
27%
Jan
Jan
27
Jan
25
68
2,100
63
400
21
23%
Mar
Pref 83 60 series.....60
21X
8
Mar
7
Jan
A stock purch warrants.
Intl Industries Ino
.1
"2%
16
21
Mar
Internal Paper A Pow warr
International Petroleum..*
21%
5,500
"3% "1%
2"400
Internat Metal Indus d A *
Feb
23%
18%
Internal Hydro Eleo—
Jan
Jan
10
68
10
66
23
»u
.
Feb
9%
10
68
Jan
Jan
16
9%
/#
v
Jan
•is
Jan
Jan
67%
Mar
9
Jan
12%
Mar
International Products..
Jan
86%
Mar
02%
Jan
73
Internal Safety Razor B.*
International Utility—
2,200
1,100
3%
19%
20%
Feb
Jan
9%
Jan
Class A——*
Jan
4%
Mar
81.75 preferred.....—*
83.60 prior pref—...—*
Warrants series of 1940.
Jan
23
Jan
Feb
23
Jan
Jan
10%
3%
Jan
1%
13%
Mar
Feb
4%
Jan
Jan
26X
3%
26%
.3%
27
3,600
3,900
Registered
73
300
.
Industrial Finance—
125
150
6%
*
Non-voting class A
—....I
3%
X
10
3%
300
X
3
200
%
24%
25%
300
100
10
•is
Interstate Home Equip.. 1
Jan
Jan
Feb
3%
%
%
Mar
7%
Jan
10
Jan
%
15%
37%
%
11
Jan
Feb
Jan
Feb
Mar
Jan
Mar
37%
60
34%
Feb
*i*
Feb
Jan
"Tx "3%
*700
2%
Jan
4%
Feb
600
4%
Jan
5%
Jan
37%
.
International Vitamin—1
1455.
Mar
Feb
86 X
Feb
Imperial Tobacco of Can.6
Imperial Tobacco oi Great
550
13% 213%
86%
129%
80
100
Mar
1%
xlZX
Jan
100
*54% ~54X
12,400
22%
Feb
Jan
Feb
ex
iox
Zinc..—....*
Imperial Chem Indus..£1
Imperial Oil (Can) coup..*
Registered..........
72
22
21%
7%
12%
63
Illuminating Shares A...
Class B
22 X
Jan
Jan
Feb
Feb
9
Class B..........—*
FOrd Motor of France—
Amer dep rets...100 ires
Fox (Peter) Brew Co
o
Franklin Rayon Corp
1
Illinois
86%
4%
22%
22%
18
'""io"o
6'
Dlv arrear ctfs
82%
4%
Jan
Feb
'6%
16%
Ford Motor Co Ltd—
Am dep rets ord reg
£1
Ford Motor of Can cl A..*
2%
2%
Jan
17
19%
6%
,9%
1
...
68%
12X
.....
Florida P A L #7 pref....*
Ford Hotels Co Inc....—*
'""*60
II
7% preferred-.—...100
*u
%
Feb
Feb
.....-
;
Feb
European Electric Corp—
Option warrants—,
Falrchlid Aviation...—..1
Feb
*u
62
24%
7%
%
28%
7%
98%
Jan
Jan
62%
22
27
Feb
%
Feb
60
.....
11
Jan
9%
1
Esquire-Coronet
1
Eureka Pipe Line com..60
Jan
Feb
Feb
100
58"
*u
Feb
64%
21%
7%
66
7%
33
52
66
4.
54
58
Emsco Derrick A Equip..6
Equity Corp common..10c
$3 conv pref..
Jan
1%
21%
1%
Jan
Feb
T266
7% pre!stamped...100
Illinois lows Power Co...*
5%
21%
Elgin Nat Watch Co—16
Empire Dlst El 6% pf 100
Empire Ga" A Fuel Co—
Corp
Common..
Hydrade Food Prod.-—.6
Hygrade Sylvanla Corp.
Jan
10
Electrograpbic Corp....
IX
5
'*
2%
7% pref unstamped ..100
Hydro Electric Securities.*
Jan
Jan
29%
1%
325
-m-mm
c--_.....1
Jan
Jan
3%
fHuylers of Del Ino—
Jan
5,000
79
Jan
7
37
8
300
Hussmann-Ligonler Co...*
16%
6% conv preferred....60
$6 conv pref w w
Elec Shovel Coal $4 pref..*
9
65
Feb
Feb
25
600
107
8% preferred——...100
700
72%
3
Jan
Jan
*
Hubbell (Harvey) Ino....6
Humble Oil A Ref—.—*
Hummel-Ross Fibre Corp 5
Jan
Jan
69%
2%
26
37X
Jan
15
72%
2%
Mar
*"Il%""jan
Jan
150
53%
60%
1
X
Horn A Hardart.......
1,000
3
96
Horn (A C) Co common.
Jan
175
'......
Common
25
Hormel (Geo A) A Co com*
Jan
1%
19%
19%
3%
12%
3
Feb
Jan
28
8,400
Bolt (Henry) A Co d A.
Horder's Inc.....———
10
64
4%
17 X
Heyden Chemical......10
Hires (ChasE) Cod A
»
Hoe (R) A Co class A.—10
Hoilinger Consol G M...5
Holophane Co common..*
Jan
175
500
Preferred ex-war.....25
Hewitt Rubber common..6
Feb
11%
__1
5
4X
7
w—26
Feb
8
100
Jan
w
Jan
62
Elec PA L 2d pref A
Option warrants
Electric Shareholding—
Falstaff Brewing.....
0% conv preferred...60
Hecla Mining Co.—...25c
1%
25%
12%
64
.1
Jan
Jan
4%
100
Heller Co common....—2
73%
68
Feb
100
63
353
79%
Helena Rubensteln..—*
Class A
*
Durham Hosiery cl B com *
Duro-Test Corp com——.1
com
Hazeltine Corp.........*
Hearn Dept Store com...6
9
"Tx "Tx """266 "Tx
72
Jan
200
100
37%
Brewing Co
1
Hat Corp 01 Am cl B com.l
Preferred
Duke Power Co.—.100
Jan
Hartman Tobacco Co....*
x30
16
7% preferred—100
Dublller Condenser Corp
4X
128
128
Harvard
400
73%
Driver Harris Co....... 10
62%
31
35
Hartford Elec Light
26
Hartford Rayon v t c....1
......
-mm
Corp.....—...
86%
56 preferred...*
Gypsum Lime A Alabast. *
msmmm'mrn
11%
Mar
Feb
6%
10%
Corp........126
Hall Lamp Co.—.—*
Haloid Co—
.6
Jan
Jau
Oil
.....
ux
11%
Mar
X
16%
100
50
"iix'ux
Gull States Utll $5.50 pref •
.....
Dominion Bridge Co ..... *
Dominion Steel A Coal B 26
Jan
Jan
52
Feb
Mar
""***%""x
Greenfield Tap A Die. .—*
Grocery Sts Prod com-.26c
Distillers Co Ltd—
Am dep rets "ord reg__£l
Dlvoo-Twln Truck com.,
*t«
94%
8
Gt Northern Paper.....25
9
Jan
24
24
100
Jan
2
Jan
1%
~
*
stock
7% 1st preferred
Jan
26
Jan
-
com
7
~
13%
Non-vot
Mar
0%
Jan
......
Diamond Shoe Corp com.*
«
7%
300
1%
..
*
Jan
100
*
Detroit Paper Prod
Detroit Steel Products..
De Vilblss Co com
10
«t>
Jan
600
14%
Det Mich Stove Co com..l
52%
Great Atl A Pao Tea—
16%
2
70
Jan
Jan
6
8
4%
25X
Gray Manufacturing Co. 10
Jan
25%
5%
5%
A eonv preferred-.—*
Jan
Jan
65
Grand Rapids Varnish...*
7%
7X
16%
17X
26X
Feb
Feb
16K
Detroit Gasket A Mfg—.1
Mar
Mar
Jan
V t c agreement extend.*
Feb
600
6X
16 K
......
Stores—.........1
Dennlson Mfg 7% pref 100
Derby Chi A Ref Corp com*
14%
50%
%
14
700
6
4X
*
51
Jan
Jan
Jan
Jan
X
*
Jan
Jan
7X
Dejay
...
X
10
Feb
Jan
6
17 preferred
*
Goldfieid Consol Mines.. 1
Feb
Feb
6X
14 X
12 X
108
6%
Class A—.—......36
com
.——.*
4X
Jan
Mar
3%
46 X
"""400
.
Class B.
Mar
iox
1%
17 X
Jan
X
"*"l66
t c_*
com v
16%
95
Feb
Mar
Mar
200
35X
*16
19
66
10
140
X
85X
Jan
6X
Jan
Jan
95%
IX
19%
2
General Tire A Rubber—
6X
600
Jan
Jan
49%
6
Crowley, Mliner A Co...*
Crown Cent Petrol (Md).6
Crown Cork Internet A-.*
70
52
X
10%
Feb
1,000
7X
ht
X
70
48
Mar
6%
23X
14%
88%
Mar
Jan
41%' Jan
300
6% preferred A...—100
100
4,300
Jan
42%
X
52%
800
Gen Water G A E 00m...1
S3 preferred.
*
"is
Mar
Mar
16%
ll
60
*16
Jan
2X
Croft Brewing Co.....—1
,
50X
*16
4%
100
6K
21H
19
14X
Mar
82
27%
40%
12%
1,000
18X
14X
50 X
18X
14X
General Telephone com.20
S3 conv preferred......*
Feb
2X
Jan
74
1,400
5
6%
2
100
2%
82
Mar
Jan
1%
Gen Outdoor Adv 6% pUOO
Gen Pub Serv $6 pref—..*
Gen Rayon Co A stock...*
Mar
4X
23
Jan
Warrants........
Jan
600
400
Jan
17%
88
Gen Gas A El 6% pref B..*
General Investment com.l
16 preferred—- *
Jan
Jan
5%
8K
20
2
15%
84
lu
Amer dep rets ord
Feb
Jan
2%
Mar
6% preferred.——100
General Alloys Co.....—*
Gen Electric Co Ltd—
Jan
14%
Feb
18%
100
Jan
4K
7
7X
18%
14X
Gatineau Power Co 00m.*
60
Jan
84
5
8%
Jan
Feb
14%
Feb
Feb
Jan
Feb
Feb
X
53%
600
19
19
7%
17
10
500
75
200
6
v t
High
5,700
150
1,000
6% oonv preferred—60
Electrol Inc
Low
225
9K
6%
18%
27 X
5%
89 K
82
Elec Power Assoc
Class A
Range Since Jan. 1,1939
550
8X
18
23
8%
*
*
8X
17X
16%
40 X
62 X
Common....—.—.—.!
Common.......
Tor
&
'eek
Shares
39
8H
$6 preferred A—..;*
Cos den Petroleum com—l
Draper
of Prices
High
23
Corroon A Reynolds-
Decca Records
Week's Range
Low
4% eonv preferred..-100
Gamewell Co 16 eonv pf-
IX
6X
6K
18
Fuller (Geo A) Co com
1
S3 conv stock..
.._*
Jan
87 K
Copper Range Co—.—.*
Copperweld Steel new
5
8%
18%
300
IX
9%
1
600
92
Cont RoU A Steel Idy—
Cook Paint A Varnish...*
$4 preferred.—..
*
Common......
K
68 K
X
,
Consol Royalty Oil
10
Consol Steel Corp com.
Cont G AE7% prior pf 100
6%
Price
Cont partio pref.....16
Fruehauf Trailer Co.—1
Feb
8X
80X
Mar
29,200
80H
6X
Jan
300
7K
78X
Jan
Jan
5X
6K
8%
...100
com
16
Jan
78%
6% pref class A
100
Consol Gas Utilities
Consol Min A Smelt Ltd.5
Consoi Retail Stores--.-»l
$3 prior preference
Jan
37
16
—
Consoi Copper Mines
6
Consol G E LP Bait com *
Cuban Tobacco
Sale
Par
High
Low
Froedtert Grain A Malt
Conn Gas A Coke Secur..
S3 preferred..
Consol Biscuit Co
Cooper Bessemer
Last
STOCKS
(Continued)
Compo Shoe Mach—
8% preferred
1451
Sales
4%
5
New York Curb
1452
Last
Sale
Par
Price
Interstate Power $7 pref—
Investors Royalty
Iron Fireman MIg v t
-1
c—*
Irving Air Chute..
Italian Superpower A...*
Co
1
Jeannette Glass Co
..*
X
*19%
Week'9 Range
of Prices
High
Low
2X
7X
Feb
Jan
Nat Bellas Hess com
Jan
Jan
1954
21)4
Mar
X
Feb
*»•
Mar
760
X
15)4
1954
20H
1,300
200
4
2)4
2H
Feb
3)4
IX
2,600
700
4%
2X
Jan
Jan
Jan
Feb
National Fuel Gas..—..
Jan
Jan
Jan
9954
Mar
Natl Refining new com
_ .
26 X
39
Jan
Nat Rubber Mach
—
23
Feb
26
Jan
28
86)4
30
1,000
pref.100
5 Ye
8
Jan
116)4
5
Jan
6X
Jan
National Steel Car Ltd-..*
7X
Jan
Feb
9
Mar
10754
Feb
X
Jan
54
Jao
Feb
Jan
105
"'h
""260
75
75
30
50
57
68
40
38
Jan
75
Mar
58
Mar
2
2H
1,400
1X
254
254
154
2%
100
2 %
1H
13)4
3,000
13
200
13
8H
14)4
<8X
15
200
8
Jan
Jan
64
Feb
....
Co com..*
Kletnert (I B) Rubber ColO
Knott Corp common....1
"IS"
Koppers Co 6% pref...100
70
70
70
150
800
200
82)4
4)4
454
1,100
1,850
8554
454
100
2,600
5
Feb
6
Jan
Mar
70
Jan
85)4
Mar
Mar
Jan
5)4
Jan
Jan
ht
Jan
4%
4
Mar
Nebraska
13)4
Mar
Nehl Corp common
8X
Mar
15X
Mar
10
Jan
200
49
Jan
900
11
Feb
554
25
454
Jan
8)4
IX
IX
8X
,2
154
15
600
7)4
154
Jan
Jan
IX
13 X
Jan
154
Jan
Jan
15)4
Feb
Feb
H
Jan
Jan
11154
Mar
Jan
5054
Feb
Jan
Jan
78 X
Jan
1.400
2,000
500
73
Jan
Neptune Meter class A..
Nestle Le Mur Co cl A...*
com....*
Pow 7% pref.100
50)4
preferred
Jan
IX
6054
12)4
554
8X
Jan
hi
154
Nelson (Herman) Corp... 5
1st
Feb
5
12 X
6054
1454
Jan
Mar
13)4
40
Nebel (Oscar) Co
2%
3X
154
Jan
Jan
Jan
354
554
5654
12
6054
Navarro Oil Co..—...
10
11154 11154
50
50)4
200
—
102
42)4
78X
454
Jan
Jan
Mar
Feb
Jan
2X
Jan
Jan
54
Jan
X
Feb
Feb
12
5)4
5)4
5)4
6X
36)4
5)4
200
Jan
36)4
1454
7254
Mar
6
"400
Jan
Nevada Calif Elec com. 100
4% conv 1st pref....100
7%
100
preferred
Kress (8 H) special pref. 10
12
300
11)4
Jan
12
Jan
New Engl Pow Assoc—.*
Kreuger Brewing Co...--l
Lackawanna RR (N J) .100
Lake Shores Mines Ltd.
6
654
400
6%
Jan
7
Jan
51
50
51)4
70
48
45 X
45
46 X
4,800
45
0% preferred
—100
New England Tel A Tel 100
New Haven Clock Co..—*
Lakey Foundry A Macb.l
354
3 54
3,000
12
3)4
pref—100
57
preferred.......*
Lehigh Coal A Nav
Leonard Oil Develop-— 2fi
Le Touraeau (R G) Ino ..1
Conv
3 54
*
3 54
3,200
X
X
800
X
32
'l9H
30
32
14
-
800
14
Line Material Co...——0
Lion Oil Refining....
500
18
13
12)4
23
22
23
9X
32
30)4
13)4
33)4
9X
9X
IX
30 X
Mar
54
Feb
Feb
8)4
Jan
common—*
New Jersey Zinc
25
New Mex A Ariz Land
1
Newmont Mining Corp.10
Jan
3%
Jan
New Process Co.
Jan
15
7X
Mar
Jan
N Y & Honduras Roeario 10
20 X
Jan
17
Feb
N Y Merchandise
23
Feb
N Y Pr A Lt 7% pref—100
$0 preferred
.*
N Y Shipbuilding Corp—
Feb
Jan
Feb
IX
24
Jan
2,100
'31"
Jan
9)4
Jan
1
Jan
154
26
Jan
32
Mar
1954
154
054
92X
X
Jan
28
Mar
5% 1st pref...
100
5% 2d preferred
100
Class A opt warrants....
Jan
Jan
Niagara Share—
Class B common—....5
654
preferred....100
90 X
Jan
Jan
550
30 X
13,300
"it
Jan
Jan
Jan
Jan
Jan
2
200
0
100
Feb
19
Feb
Mar
*it
Feb
2)4
20 X
20
754
98
Jan
Feb
6
pf.100
Niagara Hudson PowerCommon..—.—.—10
N Y Water Serv 6%
Jan
Niles-Bement Pond——*
Jan
IX
34
Nineteen HundredCorp B
2)4
Mar
54
IX
Mar
Feb
Jan
30
2
Feb
20)4
Mar
400
17
300
4X
5X
2
"466
"~5X.m~6~*
17
16)4
700
17X
May Hosiery Mills Zno—
$4 preferred
..*
5X
15 X
5354
6
Mar
Mar
17
Mar
15
142
Memphis Nat Gas com...6
4
9
9'
Memphis P A L $7 pref—*
Mercantile Stores com...*
100
5
Jan
19)4
2)4
3X
7)4
Jan
Jan
1854
Jan
Jan
4
26
fiIUC
5)4
1,300
Metal Textile Corp....25c
Participat preferred..16
Jan
15%
150
54
Feb
Mar
X
Mar
Jan
5%
28
Jan
0)4
Jan
Mar
IX. Mar
Jan
Jan
X
,
77
J 54
Jan
35
Jan
Feb
Jan
35
95
95
Jan
Michigan Steel Tube—2.60
Michigan Sugar Co..—..*
,
Feb
54
Jan
Jan
he
IX
8
X
600
'it
Feb
•
IX
IX
2,700
400
"it
Feb
254
Jan
8
7%
8
*16
,
7
Feb
54
Jan
Mar
954
Jan
13 X
Jan
Jan
4)4
Mar
18
Jan
2254
Feb
9)4
Jan
7)4
20
1,400
654
6)4
86
Jan
82
X
154
Mar
Jan
•nFeb
Jan
Jan
Jan
Jan
5X
2
654
.90)4
.64X
Mar
1)4
6)4
Mar
Feb
154
65%
22%
-Feb
Feb
90X
100
87
Afar
63)4
64)4
4,400
50
Jan
1)4
154
6)4
IX
5)4
1.200
1)4
IX
.87
Mar
90
Jan
61X
Jan
300
IX
454
900
1)4
Mar
Jan
60
6054
100
59
Mar
2054
21
200
17
Jan
21
51
21X
300
17
Jan
Mar
Mar
Feb
Jan
Jan
21)4
43
7%
47
Jan
Northern Pipe Line.
10
Nor Sts Pow new cl A—.25
99
1154
1754"
30 X
Jan
..50
0% conv prior pref-.100
Oldetyme Distillers..——1
Omar. Inc....
1
Overseas Securities..—*
Pacific Can Co common..*
Paciflo G A E 0% 1st pf.25
5)4% 1st preferred—25
Pacific Ltg $0 pref..—..*
Pacific P A L.7% pref—100
$3
preferred
Paciflo Public Serv...
*
Mar
81X
150
88
Jan
100 X
Mar
554
12)4
4X
Feb
Mar
1,700
954'
Jan
554
1254
Mar
5X
11)4
1754
:
200
1754
30 X
23 X
2954
99
i
103
Jan
Jan
31
21X
Feb
26
Feb
,
Jan
100
Jan
Jan
Feb
114 X
Jan
10
111)4
111)4
104)4
Jan
Mar
20
102 X
Mar
11154
10454
175
""126
10454
"1154 "1354
Feb
1754
27
895
10454 105)4
11354 H354
11154 11154
15
400
9
4"800
100
500
IX
200
5
IX
7
354
4)4
1,100
"*33"" '~32~X "33~~
Mar
Jan
354
8X
9)4
1354
Mar
43 X
Mar
103)4
154
Mar
Feb
♦
Jan
Jan
100
154
7
103
Jan
Feb
103X
103 X
""7"
Mar
Jan
39
43 X
105)4
11254
Feb
9X
550
41
4X
93
Jan
140
300
93
*
1354
43 X
Feb
X
100 X
91X
,93
preferred——100
Oklahoma Nat Gas com. 15
Feb
X
Michigan Bumper Corp—1
Michigan Gas A Oil
1
7,900
575
X
Oilstocks Ltd common—6
ht
*
300
'"""20
9)4
90
X
X
Jan
Mar
Metropolitan Edison—
56 preferred
Mexico-Ohio Oil
12
'"2254 "2254
£78
Mar
Feb
4
98 X
20 X
>4)4
54
62 X
100
Mar
854
Feb
Jan
2)4
100
,lh*
1)4
103
8754
Engineering..*
Corp....*
23 X
Ohio Brass Co cl B com—*
105 X
Ohio Edison $0 pref.*.—-*
Ohio Oil 0% pref...—100
11354
Ohio Power 6% pref.—100
Ohio P S 7% 1st pref—100'
0% 1st preferred-—100
2,000
75
X
1)4
Feb
Feb
900
70
Jan
Nor Ind Pub Ser 0% pf.100
Jan
86
19)4
4X
72 X
100
Jan
Jan
26X
1
Jan
40
3)4
Jan
Mar
4
16
110
*n
17
,26)4
5}
Jan
Jan
Nor European Oil com—-1
149
4
'
107
Feb
Jan
Warrants..........—.
6X% A preferred—100
1)4
26!
1
40
Feb
Feb
50
350
4
14
350
Mar
27
Jan
125
400
27
Jan
26
Nor Central Texas Oil.-.5
150
4
98)4
3X
X95
Feb
No Am Utility Securities.*
Jan
500
16)4
149
20
IX
Novadel-Agene
h
Jan
50
0% prior preferred
Northwest
140
Jan
16 X
23 X
Feb
100
Mead Johnson A Co.....*
Jan
2
X
354
McCoil-Frontenac Oil—
McCord Rad A Mfg B_..*
Mc Will lams Dredging...*
Jan
27
800
9
common...—*
Feb
Feb
80
Jan
25X
90
preferred.————*
Feb
16)4
3 54
Jan
Jan
Jan
1
North Amer Rayon cl A—*
Class B
6
2254
Nlplsstng Mines..——5
Noma Electric-—.——1
Nor Amer Lt A PowerCommon........*..—!
$6
Jan
Mar
,
Mar
New York Transit Co
Class A
IX
7054
6254
154
154
Class B opt warrants—.
154
Jan
14
Jan
4
Feb
Jan
Jan
Jan
200
2
12
Founders shares—....1
Mar
IX
Massey Harris common..*
Participating preierred.*
103
13)4
Jan
8
Jan
11
54
i754
3654
22
Mar
10854 HO
10254 103
26 X
Jan
30
20 X
700
10
Jan
"3154
IX
300
Feb
111
Jan
654
Feb
24
Feb
X
254
154
77X
154
854
300
68
1,300
1,150
76
MX
225
7)4
IX
-
77
26
2,300
.1
Merritt Chapman A Scott *
58X
25
...
Jan
1
4X
Mesabl Iron Co
Warrants
14
59 X
Jan
—
Jan
"206
16)4
Merchants A Mfg ol A
N Y City Omnibus
400
654
13X
56)4
104 X
26
14
..*
Mar
46,200
.2,000
7X
Marlon Steam Shovel..—*
6 % preferred
7)4
30
111
111
N V Auction Co com..—*
Jan
nnl/*
32
Jan
Feb
05
New Idea Ino
11%
.
Margay OH Corp..—*
Master Electric Co—1
Jan
Jan
Feb
17 X
400
IX
32
28
25X
Communlca'ns ord reg £1
Mass Utll Assoc v t c
354
1,000
7254
70)4
22
13
31
Long Island Lighting—
Common.....-..—
Manischewltz (B) com.—*
Mapes Consol Mfg Co
*
Marconi Intl Marine
X
7)4
254
X
27X
12 X
24
Lone Star Gas Corp...., *
7% preferred...——100
6% pref class B—...100
Loudon Packing
—*
Louisiana Land A Explor.l
Louisiana P A L 90 prel..*
Lucky Tiger Comb G M.10
Ludlow Valve Mig. Co...*
Lynch Corp common....5
Majestic Radio A Tel..—.1
Manatl Sugar opt warr...
Mangel Stores
.......1
16 conv preferred—..*,
6054
Jan
Jan
1X
0
1
Mar
Mar
22
1,000
*
B.
51)4
200
19)4
13
6% preferred........25
Lit Brothers common....*
Loblaw Groceterias cl A.
Locke Steel Chain...
Feb
400
Llpton (Thos J) class A... 1
Lockheed Aircraft
,
2X
Lefoourt Realty common. 1
Class
12
Jan
Feb
654
30
1
pref. 10
National Transit.
12.60
Nat Tunnel A Mines—*
Nat Union Radio Corp—-1
Jan
Kresge Dept Stores
Lane Bryant 7%
10
ht
National Tea 5)4 %
Jan
12)4
700
Conv part
Jan
1X
Kobacker Stores Inc....
Feb
Jan
2
10
Kirki'd Lake G M Co Ltd 1
43
Jan
5X
38
National Sugar Refining.*
20
Jan
654
Feb
Jan
Jan
33 X
13 X
"8454
Jan
„X
50
500
40
Jan
9X
600
6)4
6)4
12)4
High
Jan
Feb
Feb
9)4
12)4
preferred.—*
110
600
5)4
.9
2,600
12 X
5
*
200
116
110
5
A *
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltd 7% pf B 100
5% preferred D—.100
Kingston Products......1
Kir by Petroleum..—.... 1
Kennedy's Inc.
Low
754
)4
Nat Service common—-.1
78
Ken-Rad Tube A Lamp
Klein (D Emil)
National P A L $6 pref—*
67 X
170
X97X
400
40
~~4%
National Oil Products
Mar
450
94
99%
30 H
98)4
Range Since Jan. 1, 1939
for
Week
Shares
854
*;
12)4
4
Mar
94
87
91X
29%
8X
54
40
13 X
87
86
7% preferred...——100
of Prices
High
11, 1939
}
9)4
com...*
Jan
86
92
Jones A Laughlin Steel. 100
Kansas G A E 7%
7,«
Week's Range
Low
National Candy Co
Nat Mfg A Stores
Julian A Kokenge com...*
8X
—*
National City lines com.l
$3 conv pref—
60
National Container (Del) _1
Jersey Central Pow A Lt—
5X% preferred..
100
6% preferred
.—.100
Price
Nat Auto Fibre com...—1
18X
300
*i
Par
High
Jan
4
1,900
ht
Sale
(Continued)
Low
m
X
19H
3 54
Last
STOCKS
Range Since Jan, 1,1939
for
Week
Shares
6X
X
18)4
—...
Jacobs (F L)
Sales
Friday
Sales
Friday
STOCKS
(iContinued)
Mar.
Exchange—Continued—Page 3
7
Mar
Jan
:
4X
9X
Jan
Feb
Mar
Alar
'2~000
32
Jan
33
Mar
30
350
28
Jan
30
Mar
107)4 108
29)4
30
85
84
175
X
106 X
Feb
50
68 X
Jan
108 X
X
7X
200
101X
7
'85
Jan
Mar
654
32,500
Jan
Jan
21)4
Jan
Jan
101)4
Mar
50
h
$1301st preferred.....*
100
6
20
7
41S
100
ht
Mar
X
Jan
Page-Hershey Tubes com.*
254.
254
500
254
Jan
2X
Feb
5X
2,300
1,700
Mar
54
Jan
Feb
554
"it
Paramount Motors Corp.l
Parker Pen Co
—10
Middle West Corp com..6
Midland Oil Corp—
IX
5X
X
8%
454
*
3,200
7
Jan
8)4
Feb
Parketsburg Rig A Reel—1
13
13
13
100
Patchogue-Ply mouthMills *
19
19
20
50
$2 conv pref
—....*
Midland Steel Products—
3X
354
250
3)4
Mar
354
Feb
Pender (D) Grocery A...*
Class B
*
14)4
100
12
Jan
15)4
Jan
Peninsular Telephone com *
101)4
150
93
Jan
Jan
PreferredPenn Edison Co—
Mar
Pan tepee Oil of Venezuela-
0——*
7X
Preferred.....
Middle States PetrolClass A
v t
Class B
v
$2
i
10
non-cum
dlv shs—.*
Mid vale Co..
....*
14)4
100 X
Mid-West Abrasive——50c
Midwest Oh Co..
.10
Midwest Piping A Sup...*
Mining Corp. o! Canada.*
Minnesota Mining A Mig. *
Minnesota P A L 7% pf 100
Miss River Power pref.100
"~'8X*~~8X
12
Monroe
Loan
80c A..—1
Montana Dakota Utli
Montgomery
115
47 X
115
50)4
1Q0
2,800
115
40
4
200
3X
8)4
12
14
4X
23
2
163)4
31)4
Moody Investors part pf.*
28
23
14
.
5)4
23
1,000
3,000
Jan
Jan
Mar
154
50X
Jaq
Mar
Jan
115
3)4
115)4
Feb
Feb
4
Mar
11X
454
Jan
Feb
200
20
Jan
2)4
254
1,000
2
Jan
2
2)4
400
154
Feb
6X
IOC
554
163)4 16654
31
3154
2654 28
260
1454
5)4
23
Feb
Jan
Mar
preferred
A.r *
,.1
Pennroad Corp v t c
1
Penn Cent Airlines com..]
14
Nachman-Springfilled
For footnotes see page 1455.
300
1254
1454
99
100
8,200
2,000
350
60
"83)4 "8454
5)4
Mar
Phila Elec Co $0 pref
*
Phillips Packing Co
Phoenix Securities-
3
Mar
Jan
Jan
Mar
554
5)4
63
Jan
7154
Feb
Feb
27
Feb
8)4
Jan
6H
Jan
Feb
1054
7)4
Feb
118)4
Feb
Jan
30 X
Jan
3)4
Mar
554
2,500
454
900
22 X
Jan
Jan
29
Jan
800
14
Jan
1854
Feb
Jan
254
Jan
800
Pines Winterfront Co
100
Jan
254
Mar
Jan
Feb
2X
1454
92 X
54
18)4
Jan
Jan
Feb
2954
25
Common..
1
Conv $3 pref series A.. 10
Pierce Governor common.*
Feb
9)4
105)4
325
16 X
Mar
2)4
Jan
6,800
24
Mar
10
Jan
Jan
3)4
1654
129
154
7X
98
30)4
24 X
Jan
Feb
6)4
Jan
1
Pioneer Gold Mines Ltd..!
Jan
30)4
3)4
8
8
Mar
118)4
*
4)4
Jan
Jan
"u
2554
Phiia Elec Pow 8% pref 25
12354
1054
Jan
5)4
8 4 54
*
20
Jan
53
Jan
Feb
16
400
Jan.
Jan
354
54
167
6 54
Jan
Jan
Jan
654
X
Feb
3054
Jan
654
554
12,
Jan
Feb
Philadelphia Co common.*
6 X
Jan
74
125
Jan
7X
155
l,luO
Jan
Feb
150
9)4
Jan
Aler
39 X
'"850
6854
4X
Jan
20
Jah
15
155 X 156
84)4
9
Jan
Jan
8
100
IX
2)4
9
9)4
103)4 105
68
Pa Water A Power Co
300
1,400
IX
9X
105
9X
X
554
5)4
12654 129
9)4 10
*
$0 preferred.——*
Penn Salt Mlg Co.—
50
Pennsylvania Sugar com 20
1
Mar
13
Jan
.2.60
200
54
Pharis Tire A Rubber
3154
Jan
Jan
18
53
*
Penn Mex Fuel Co
Pepperell Mfg Co—100
Pertect Circle Co
*
28 X
Feb
»754»
16
$2.80 preferred———*
$5
Penn Gas A Elec class
Mar
Jan
11)4
29
Mar
Feb
12,400
300
6X
2954
6)4
10
10
16654
25)4
Jan
100
Jan
250
Jan
37 X
Jan
156
5X
14
Jan
Mar
5)4
5
5%
3)4
2)4
225
.
Mountain Sts Tel A Tel 100
8.54
12
Jan
37
tMoore (Tom) Distillery. 1
Mountain City Cop com 6c
Mountain Producers.... 10
Murray Ohio Mfg. Co
*
Muskegon Piston Ring .2)4
Muskogee Co com
*
154
Jan
6X
2X
Montreal Lt Ht A Pow..*
Mtge Bank of Col Am shs.
Jan
Mar
109
Feb
Fa Pr A Lt $7 pref
10
Ward A...*
'"80C
Feb
"it
Penn Traffic Co
49 X
1
Monarch Machine Tool..*
12
154
Mock, Jud, Voehrlnger—
Common..
.$2.60
Monogram Pictures com.l
100
1)4
Missouri Pub Serv com...*
Molybdenum Corp
6X
American shares.
c
2)4
Volume
New York Curb Exchange—Continued—Page 4
148
Friday
STOCKS
Week's Range
last
{Continued)
Sale
Par
PItney-Bowes
Sales
Price
5%
Metallurgical 10
Plate Glass__25
57%
90
Feb
Southern Union Gas.
Jan
12%
64%
Jan
%
300
2
2
Corp of Canada
*
6% 1st preferred
100
%
4:%
600
12
Pratt A Lambert Co
*
1
2
12
22
23
Premier Gold
23
500
2%
10%
10%
100
8%
8%
7%
100
*
7
*i8
Jan
2%
Feb
3
Jan
Jan
8tahl-Meyer Inc
1%
Feb
3%
Jan
1.000
15%
Jan
Feb
»ie
Jan
4%
Feb
Mar
12
Mar
Jan
23
Mar
Jan
2%
Jan
40
Jan
10%
33
Jan
%
Feb
Jan
5%
Feb
5%
8%
7%
100%
Feb
Jan
Mar
100
94%
Jan
Mar
108%
Feb
Feb
93
Jan
99%
Mar
Jan
106%
Mar
Jan
%
Jan
56
2,450
34% °Jan
53
14
Jan
24
Mar
5
Jan
5
Jan
11
Jan
12
Jan
70
Feb
122%
153%
Mar
151
Jan
18%
17
Jan
18%
Mar
400
10
Jan
12%
Mar
Stlnnea
*16
Feb
Jan
21
Jan
Sunray
Drug Co
40
Feb
40%
2%
Jan
Jan
Sunray
1%
3%
30%
81%
OH
Rice Stlx Dry Goods
300
1
8%
1,000
6%
'i#
6%
12%
8
"
Radiator.
.».)
,
Feb
3%.
Jan
21 %
105
300
102
Jan
105%
Jan
Feb
1
2,700
34
200
105
105
1*
34
10%
9%
*18
3ia
28%
29%
1%
1%
Feb
5
100
33%
7
Jan
%
Jan
Jan
12%
Mar
Jan
Taggart Corp com
1
Tampa Electric Co com..*
"""%
%
%
19%
18%
19%
Tenn El Pow 7% 1st Df. 100
97%
97
98
Feb
Rolls Royce Ltd—
'10
20
9%
1%
2,300
1%
Feb
5
Feb
1
6%
*
Petrol
"2%
*
St Regis Paper com
.100
Samson United
Corp
65
3%
4%
Scovlll Mfg
Feb
300
*n
Feb
200
55%
3%
Feb
100
65
Jan
50
2%
13
13%
300
11%
1%
200
1 %
ranton
Mar
Service
3%
59%
Mar
Jan
Mar
Trans
Jan
21%
30
11%
1%
1%
%
■
7%
1
17
Jan
,
Jan
21
11%
Jan
Jan
27%
Mar
22%
Jan
6
1%
%
7%
13%
Union Traction Co....50
Mar
Jan
Feb
United Chemicals com...*
32%
Feb
l»n
7%
13%
Mar
4 %
Feb
Jan
Feb
%
Jan
Feb
%
1,200
%
7
1
Jan
Jan
8%
69%
300
59%
Jan
9%
69%
Mar
70
150
60%
Jan
70
Mar
Jan
Jan
Corp
Corp
pref non-voting.*
1st $7
Option warrants.
»—
United G A E 7% pref. 100
United Lt A Pow com A.*
%
Jan
Jan
United
5%
Jan
Mining..5
8%
3,400
Shawlnlgan Wat A Pow._*
22%
21%
22%
900
6 %
20%
Mar
105% 110%
114
115%
2,300
102
Jan
20
112
Feb
14
Jan
110%
114
Sherwin-Williams of Can.*
Shreveport El Dorado Pipe
Line stamped—
25
21%
%
Jan
1%
Jan
2%
Jan
4
Feb
5%
Jan
8
Jan
2%
400
2,200
111
14
*16
14~700
8
10%
Mar
United
Feb
38%
Mar
300
2%
Jan
6%
Jan
3%
7»%
Jan
Jan
Feb
5%
Jan
1%
Jan
i%
Mar
12
Feb
13%
Mar
12%
Jan
15%
Mar
%
Jan
2%
4%
Jan
4%
1%
800
1%
212%
~U0
1
Class
13%
;
300
*"iT% "15%
1
I
t
t
t
1
~5~io6
""4% "4%
"Too
2
I
t
38
~"i% "T% "i%
ii'soo
ht
500
7
2%
2%
2%
85
2%
2%
•36%
34%
m
m—™
22%
2%
Jan
76%
Jan
%
10
80
2
%
Jan
2%
Jan
10,900
27%
25
10%
10%
1%
*85
84
43%
3%
Feb
Jan
1%
Jan
2%
Feb
3
Jan
U S Lines pref
219
Jan
U 8 Playing Card
_
"1%
—.
1st pee' with warr
1*
*
10
Amer dep rets ord reg.£l
3%
84%
Jan
Jan
3%
84%
Jan
Jan
$1% conv pref
U S Radiator com
U S Stores Corp com
1%
2%
1%
1%
1%
2%
1%
100
2%
Mar
1,900
1 %
Feb
1
4%
Jan
1%
Feb
3%
1%
Mar
Jan
300
5%
2%
Jan
Jan
42%
25
28%
Southern Colo Pow cl A.25
43%
60
41%
29
5% original preferred-25
29%
400
28%
1,100
28%
27%
27%
1%
1455
Jan
Feb
"it
86%
3
Feb
Feb
Jan
Jan
Feb
22%
Mar
25
69%
Jan
73%
Mar
300
5%
Jan
6%
Mar
Jan
242
Feb
Jan
»ii
10%
300
Jan
Jan
10
10%
Feb
1%
3,400
Jan
1%
Feb
85%
1,825
78
Feb
43%
4%
10
42
Jan
85%
43%
Feb
3%
Jan
4%
Jan
Feb
500
1%
5
1,900
4%
Jan
65
'"166
62%
Jan
Feb
Universal Corp v t e
29%
Jan
Universal
28%
Mar
Feb
Jan
1%
1%
700
1%
Jan
1%
Jan
36%
900
28%
Jan
36%
Mar
16%
1,700
13
Jan
26%
25
27%
1,000
21
Feb
16%
27%
Mar
4%
400
Jan
4%
Jan
2%
2%
300
6
6
**2%
3%
2
1 %
Jan
Jan
Feb
6%
Mar
500
*16
Feb
%
Jan
2%
2%
*4% "4%
2,800
Feb
Utah-Idaho Sugar
1
Jan
""766
%
2%
Feb
2%
Jan
14%
200
*2%
Jan
Jan
3%
12%
Feb
14%
4%
Jan
14
Feb
Jan
8
Feb
19
Feb
Jan
6
15%
Universal Products Co—*
50%
Jan
%
3%
Insurance..—.8
Jan
2%
Jan
10
Universal Pictures com—1
Feb
Jan
Jan
%
1
43%
Jan
Jan
%
15%
%
2
10
Jan
Jan
6%
68
31%
1%
United Verde Erten—_60c
Wall Paper
Jap
35
—5
%
Utah Pow A Lt $7 pref...*
42
100
89
20 %
%
4%
"ei"
♦
United
Jan
Mar
•
$7 oonv 1st pref
United Stores v t o
Universal Consol Oil
1
Edison—
3%
4
20
U 8 Rubber Reclaiming ..*
...
Mills—
Mfg. Co
Jan
Mar
16
U S Plywood
Sioux City G A E 7% pf 100
Skinner Organ
.*
»ii
Jan
%
United Specialties com... 1
'it
Feb
1%
2%
36%
237
21
13%
Mar
Jan
Jan
Jan
Feb
7
Jan
8,800
2%
40
Jan
Mar
9,200
3
2%
Jan
%
900
85
2%
1
7
3,100
"16
.
Feb
7,000
89
%
%
85
100
7
85
89
1
B—
Jan
206
.13%; Mar
10
Preferred
Feb
1%
210"
—.100
Jan
———
6%
Shipyards oi A—1
U S Foil Co class B
400
Jan
200
U 8 and Intl Securities..*
2%
Jan
Feb
1,500
6%
preferred
'i«
2%
Jan
7%
34
United N J RR A Canal 100
Jan
Mar
3
13%
United Profit Sharing--25c
Jan
'15%
Jan
1%
9%
28%
11
73%
Mar
*
Fn- footnotes see naee
Feb
*
Jan
9
Jan
Singer Mfg Co Ltd—
preferred
%
100
15
Molasses Co-
dep rets ord
11%
Simmons H'ware A Paint.*
7%
Jan
111
reg.T.
preferred
Am
United Shoe Mach com.26
Sllex Co common
25
103
Jan
36%
22%
73%
$6
$3
Jan
B
3
*
9%
4%
5)4% pref series C
Jan
%
Jan
%
8,400
Boss Mfg com.
Feb
Feb
4
38%
*
7
5%
South Coast Corp com
81
4%
warrants...
United Elastic
1st preferred
.*
United Milk Products...*
4%
7%
preferred
Cigar-Whelan 8ts.. 10c
United
Feb
4%
8%
6%
Un
%
300
J
Feb
7%
<
Union Premier Foods Sts. 1
Feb
Jan
%
9%
Sonotone Corp
Feb
73%
*
1
Simplicity Pattern com
1%
50
$3 cum A part pref....*
12%
Mar
200
13%
com..*
Investment
Jan
9
Calif
Union
1%
250
5%
3
13
10
1 %
Mar
Feb
Series B pref......—.*
Unexcelled Mfg Co
Jan
4,200
14,200
4%
1%
78
•
Common class B
Seton Leather common
Southern
Ulen A Co ser A pref
1%
1%
31%
Jan
4,800
(
.1
*
Jan
dep rets reg
£1
Sentry Safety Control..
1
Singer Mfg Co.
—
13%
Amer
Solar
preferred.
28
200
Jan
5%
4
—I
A
80c dlv.
Jan
Selfridge Prov Stores—
Smith (H) Paper
Class
Tung-Sol Lamp Works
Feb
1,350
7%
Slmmons-Boardman Pub
$3 conv pref..
16%
800
9%
67
5% cum pref ser AAA 100
Jan
'16
1
65
25
com..25
12%
2
900
1
"u
Allotment certificates
Sherwln WUllams
1,400
Feb
Mar
100%
107%
United Gaa Corp coin—'.1
1
14%
14%
10
800
*
stock
Seversky Aircraft Corp
15%
Screen
Tublze ChatUion Corp..
Selected Industries Ino—
Denn
Plot
Feb
Mar
19
75
28
13
Serrick Corp (The)—
Jan
*
Jan
2,500
ll
Segal Lock A Hardware..
Shattuck
Lux
Trunz Pork Stores Ino.
Jan
19%
26
Selby Shoe Co..
$5.50 prior stock
12
1%
Union Gas of Canada—
•
400
4%
Common
Transwestern Oil Co
Jan
Jan
27
11
1%
Common
4
Tonopab Mining of Nev.J
1
9%
28
Selberllng Rubber com...*
101%
Feb
7% preferred A..—.100
Tonopah Belmont Devel 10c
1%
300
*
Warrants
Feb
Jan
3
Toledo Edison 6% pref. 100
Jan
Jan
26%
26%|
99
Jan
94
77
Mar
Feb
Tl
*
pref
Securities Corp general—
Seernan Bros Inc
Convertible
Prod Exports...*
Tobacco
Spring Brook
Water
Sculllu Steel Co com..
550
Jan
Mar
1
common..*
Jan
Mar
Mar
4%
Jan
53
19
25
Lace
Feb
22%
2
Jan
.?8
6
"ll
'•is
Jan
62
Jan
Feb
44 K
53
common
Jan
20
14%
14%
Todd Shipyards Corp—
53
1%
Jan
J*
18%
69%
Jan
Jan
Jan
Jan
Jan
~3~7o6
~~2% "~3
1%
7ie
Feb
71
53
1
com
Jan
Jan
2
Jan
13
Salt Dome OH Co
Savoy OH Co
%
400
Tpbacco Secur Tr—
Ordinary reg......—.£1
Def registered 5s
Jan
600
.
Mar
60
Jan
10
2%
"u
63%
3%
Mai-
Tobacco Allied Stocks....*
43*
40%
2%
•
■
Tri-Contlnental warrants
3
preferred,
ranton
65
3%
31
Jan
Mar
Tlshman Realty A Constr*
pref A.......50
conv
Schlff Co
800
3,500
100
»ie
•
Lawrence Corp Ltd
7%
6%
12
44%
2%
Feb
14%
5%
5%
36%
Mar
Jan
Jan
Feb.
Jan
62
50
11%
Ryerson A Haynes com.
$2
64%
5%,
11%
40%
Mar
Jan
Mar
Feb
Jan
Jan
*u
43
Safety Car Heat A Lt.
St
.
Inc..——.1
Roofing
com...
41
400
International.....*
Royaltte OH Co Ltd
Ryan Consol
13%
2%
'2%
6%
Jan
Jan
Co
Tilo
Am dep rets
pref
Feb
14%
101% 101%
3%
3%
15%
15%
100
Thew Shovel
Iron A Steel
Jan
Feb
Mar
Jan
3.500
Texas P A L 7% pref
conv
Feb
40
9%
9%
10%
2%
38%
45%
800
Technicolor Ine common.*
31
31%
Texon Oil A Land Co—.2
$2.50
Jan
500
Jan
Jan
Rustless
'>6
Jan
Jan
Russeks Fifth Ave
Feb
1
Feb
1,900
%
15
64%
Jan
7%
"L200
Tasty east Inc class A.
Taylor Distilling Co—1
104
*
-2%
4%
33%
4%
Jan
102
Royal Typewriter
4
5%
4
200
Feb
Jan
40%
Feb
1,100
Jan
Feb
Feb
3
'
2%
%
Feb
8%
6%
Jan
Jan
10%
Jan
300
Feb
4%
30
Jan
8
600
5
„
107
Jan
50
9%
8%
,
F<b
%
Jan
33
9%
8
8
Feb
Jan
pref
7%
7%
,7%
$3 30 A part. —.....*
Class B com..
*
Feb
conv
Jan
2%
3%
200
Swan Finch Oil Corp....15
Mar
$1.20
4%
"n%"jan
5
300
1,600
"~~25
Jan
14
Rossla
3
4
"l4% Tl%
Jan
%
10%
99
2
Jan
Jan
7%
5%
"
""800
100
2%
Jan
Jan
2%
Feb
3
3%
3%
"45%
50
1
410
6%
"43"
300
.
6
*45%
100
Root Petroleum Co..
si6
31 %
Feb
3%
""SO
T% "~8%
%
2%
2%
Jan
Jan
.28
4%
13
Mar
Jan
500
4
5% % conv pref
50
Superior OH Co iCallf)..25
99
1%
10%
Superior Port Cement
100
12
Feb
3%
107
3%
Jan
99
2%
Jan
Feb
Jan
""700
100
12
Feb
37%
Mar
*16
20
3,000
4
"x2'% "x2%
6% pref D-„.......100
6
1%
1
Jan
10%
'3%
3%
100
%
Jan
1,000
"2%
700
Roeser A Pendleton Inc..
Roosevelt Field Ino..
2,100
'
Jan
8%
1,200
10%
200
%
Jan
%
28
100
"28%
...*
*
RocbesterGAE16% pf C100
ordreg—£1
Rome Cable Corp com—6
17%
■
%
%
34
Jan
5
Feb
28
2,000
%
6%
Feb
%
3%
ctfs—
Feb
1
Rio Grande Valley Gas Co-
trust
6
19
1,500
4%
%
4%
._
1%
600
31 %
11%
50c
Eng'g—.5
Reynolds investing
1
100
500
*
Oil
*
Feb
6%
20%
6
-
Sullivan Machinery
Reeves (Daniel) common.
Voting
Corp
Feb
Reliance Elec A
Richmond
(Hugo)
Stroock (S) Co
8u
—
18%
6%
19%
Stetson (J B) Co com....*
Jan
Jan
17%
60c
Reed RoHer Bit Co
18%
•
4C
5%
.*
Raytheon Mfg com
Red Bank Oil Co....
18%
—.100
Sterchl Bros Stores
.*
preferred
Jan
*
100
Feb
Raymond Concrete Pile—
—
12
Phos
4%
113
Railway A Utll Invest A..1
Common
Jan
Jan
Feb
..1
12%
U%
Mar
9
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc..—1
Sterling Inc
1
121% 122 %
158% 158%
12%
Relter Foster
Wholesale
6%% pref
Mar
2,625
Ry A Light Secur com—*
12
350
Starrett (The) Corp v t c. 1
Steel Co of Can Ltd
*
24
18%
100
11%
18%
Jan
phate & Acid WTks Inc 20
101
20%
18)4
12
10%
"26"
6
30
48%
153 %
12
2%
12%
1
Standard Steel Spring
Standard Tube cl B-._
Mar
55)4
*
23%
Jin
Standard Products Co.... 1
Mar
24
100
Jan
1%
*
Stein (A) A Co common
..*
21%
100
*
60
*i«
preferred..
800
1%
1
35
470
Quebec Power Co
22%
1%
"n%
100
Jan
500
35,
Pyrene Manufacturing—10
conv
preferred
Standard Pow A Lt
Jan
60
106% 106%
22%
1%
OH (Neb)
25
Standard Oil (Ohio) com 25
Standard
106%
22%
preferred—20
oonv
44%
26%
58%
33
6% prior lien pref—100
"l7% "Feb
17
1
50
%
Jan
16%
Standard
5%
%
17
Standard Invest $5% pref*
Standard Oil (Ky)....r.10
Mar
Public Service of Okla-
$3
$1.60
200
%
Dredgtng Corp—
Common
Standard SUver Lead
59
8%
Standard
Jan
Mar
"
*
Standard Brewing Co
*
Standard Cap k Seal com.l
Conv
preferred
10
Feb
7
107
*
Quaker Oata common
Feb
Am dep rets ord bearer £1
Spencer Shoe Co
*
Common class B
*
—*
Mar
19
Jan
Preferred.........
$6
preferred
Jan
34%
2%
9
1,300
99% 100%
$7 prior preferred
$5
6%
Jan
5%
Feb
Public Service of Indiana—
$6 preferred
*
Puget Sound Pulp A Tim.*
Pyle-Nat'onal Co com—5
Feb
Feb
200
3,000
Jan
2
100
7% prior Hen pref...100
I Pub Utll Secur 17 pt pf—*
Puget Sound P A L—
6%
34%
32%
32
18%
"34%
Feb
IOC
preferred
Mar
Mar
%
*11
preferred
*—
Public Service of Colorado1st preferred
Royalty Co...6
Feb
14
Mar
8
4%
$6
1st preferred
Southwest Pa Pipe Line. 10
Spanish A Gen Corp—
Am dep rets ord reg.—£J
10
50
9%
39%
—
Prudential Investors
13%
6%
2%
Jan
19%
*
Gaa
South Penn Oil—.....25
Jan
14
4
Feb
Jan
26c
Corp...*
Southland
Jan
Mar
Mar
Jan
1%
300
2%
14
Feb
2,300
*
Prosperity Co class B
Jan
8
152
3%
2%
2%
95
117
Feb
12
25
2%
%
1
new
Preferred A
High
Jan
1%
H
3H
400
4%
4%
Power
com
Low
148
H
8%
100
%
5
Mining:
Range Since Jan. 1, 1939
for
Week
Shares
8
25c
Powdrell A Alexander
Range
of Prices
High
Low
Price
*
Jan
7*
100
300
8%
7%
Feb
54
,
%
Potrero Sugar common—5
8%
7%
43
10
Polaris Mining Co
Producers
Jan
Jan
10%
1,700
8H
"*8 %
Pressed Metals of Am
Jan
100
7%
114% 117
Week's
Sale
6%
2~l66
61
7%
115
Pleasant Valley Wine Co_l
Plough "Inc
Last
Par
High
South New Engl Tel. —100
Southern Pipe Line
10
1,700
"ilk ~12%
Forglngs
1
A Lake Erie. 50
Prentice-Hall Inc
7%
50
Pneumatic Scale com
Providence
Low
42%
7%
Pitts Bess ALE RR
STOCKS
{Continued)
Shares
Postage
Meter
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Range Since Jan, 1, 1939
for
Week
of Prices
High
Low
1453
Sales
Friday
58%
%
58
3
59
5o0
475
Jan
%
49
Jan
»
Jan
'*16
.60
Jan
Jan
Feb
Last
Week's Range
(Concluded)
of Prices
Low
High
BONDS
Week
Par
Utah Radio Products
Utility Equities Corp
Price
1
*
1%
1%
1%
1%
62%
Low
Shares
500
1%
1%
200
49%
200
Utility A Ind Corp com..5
%
%
%
%
7% preferred...
100
Valspar Corp com
1
94 conv pref
5
Van Norman Mach Tool .5
Venezuela Mex Oil Co..10
Venezuelan Petroleum—1
pref-100
13
52
Manufacturing.....*
1%
Jan
14%
2
1,200
1,000
1%
Feb
Jan
%
Jan
%
.
400
22%
6%
900
6%
"is
w»e
70C
61
8H
8%
27
52
100
1
1
200
Class B
9%
Feb
Jan
Jan
1%
1%
Feb
Eastern Gas A Fuel 4s. 1956
%
63% 168.000
Mar
60%
Jan
66%
Feb
2%
Empire Dlst El 6s
Mar
8%
7%
Feb
Jan
Feb
"VA
Express—.1
'
1%
4
100
40C
2,700
230
100
45
45
1,500
10
5,000
Mar
87
86%
Florida Power A Lt 5s. 1954
98%
Feb
Gary Electric A Gas—
6s ex-warr stamped. 1944
Gatlneau Power 1st 58.1966
General Bronze 6s
1940
Jan
86
Jan
5
3%
97
Mar
Mar
Banks 6s- 6s
stpd—.1961
%
Mar
Jan
Gen Pub Utll 6%s A.1956
Jan
50%
Jan
40
9
Gen Wat Wks A El 68.1943
99%
104%
6%
6%
5%
—*
Wlllson Products Inc
1
T%"
2%
8%
2%
8%
Wisconsin P A L 7% pf
92 H
92%
2%
92%
2%
6%
7%
6
6%
103%
Feb
Georgia Pow A Lt 5s—1978
70%
Jan
♦Gesfurel 6s
300
6%
Jan
100
2%
Jan
3
Jan
7%
Feb
10
Jan
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '68
Guardian Investors 5s. 1948
Mar
Jan
9
8%
.....
6
6
15%
8%
8%
1%
15%
8%
1%
Jan
Jan
300
84%
2%
600
6%
300
5%
Mar
6%
Jan
100
13%
Jan
15%
Mar
10
Mar
Feb
92%
2%
Jan
8%
Jan
Gobel
Jan
700
8%
Mar
Jan
6,300
1947
7s.—.1935
♦Hamburg El Underground
A St Ry 5%s
.1938
Heller (W E) 4s w w —1946
Houston Gulf Gas 68—1943
6%s ex-warrants—1943
1 %
Jan
Hall Print 6s stpd
Alabama Power Co—
104%
1966
100%
96%
Aluminium Ltd debt 6sl948
Amer O A El debt 6s..2028
1*08%
Am Pow A Lt deb 6S..2016
96%
Amer Radiator 4%s—1947
105%
Amer Seating 6s stp—1946
Appalachian Elec Power
101%
106% 106% $23,000
104% 104%
53,000
8,000
103% 103%
100
101
139,000
96
96% 278,000
1105 • 106
47*666
108% 108%
96% 228,000
95%
105% 106%
101% 102
6,000
17,000
1963
110% 111
107% 107%
121% 122
1948
Appaiao Power Deb 6s 2024
Ark-Louisiana Gas 48.1961
105
105
105
Arkansas Pr A Lt 6S..1966
104%
104
104%
Associated Elec 4%s..l953
Associated Gas A El Co—
61%
106%
Mar
Jan
104%
Mar
96
Jan
104
Mar
87
Jan
101
Mar
100%
1953
102%
6s series C__
1951
94%
105
Jan
103%
100
Jan
102
108%
106%
1960
Feb
107%
Mar
1st lien A ret 5s
1963
9,00
8,000
118%
Jan
122
Feb
102%
Jan
105
Feb
73,000
101%
Jan
104%
Jan
63% 302,000
41%
Jan
63%
Mar
42
31
Feb
42
Mar
27%
Jan
42%
Mar
30
Jan
47%
Mar
77%
3,000
42% 261,000
47% 355,000
44% 401,000
59
26,000
80%
25,000
78
78
Debenture 6s..——1968
Conv deb 6Hs
.1977
43
34%
37%
35%
66
48
46%
80%
Registered
Atlanta Gas Lt 4Hs.. 1956
Atlantic City Elec 3%s *64
1
104% 104%
6,000
105% 106
Avery A Sons (B F)— "
6s with warrants—.1947
4,000
29%
Jan
44%
Mar
40
Jan
59
Mar
72%
Jan
80%
Mar
78
Mar
78
102%
104%
Mar
,
87
186%
87
Jan
1950
Bell Telep of Canada—
1st M 5s series A...1966
1st M 6s series B...1967
6s series C
1960
Bethlehem Steel 6s....1998
Birmingham Eieo 4Hsl968
Birmingham Gas 6s...1959
Broad River Pow 58—1954
Canada Northern Pr 5s '63
Canadian Pao Ry 6s—1942
108
109
113
109
109%
123% 123%
125%
125% 125%
1144
145%
123%
304,000
1,000
|*Chlo Rye 6s ctfs
1927
Cincinnati St Ry 6 Hs A '62
6s series B
—1956
Cities Service 6s—.1966
Conv deb 6s
1960
Jan
52%
53
Jan
2,000
40%
Jan
50
Feb
24,000
98%
Feb
48
48%
100% 100%
100%
Jan
Mar
40
4,000
97%
6.000
1,000
1,660
110
18%
Jan
Jan
26%
97%
103
Feb
103%
Jan
101%
26%
97
Jan
102%
Feb
109
Jan
110
Feb
94%
Mar
40
66
26,000
66%
65
59
66%
Jan
Mar
Feb
2.000
62%
Jan
5,000
109%
Feb
110%
2,000
1057«
Mar
105%
103% 104%
88.000
101%
Jan
104%
37,000
Jan
103
100% 320,000
98%
95%
Jan
100%
Mar
32,000
85%
Jan
93%
Mar
Feb
100%
Jan
103
109% 109%
101%
99
92%
103
93%
100%
12,000
98%
102% 102%
6,000
44,000
100%
92
94%
53%
Feb
Jan
Feb
Mar
Jan
Feb
94%
Jan
Mar
Mar
Jan
94
Jan
107
109%
20,000
Feb
110%
Jan
62%
Feb
Mar
86
"
Jan
26,000
Jan
54
Jan
61%
9,000
76%
Feb
83%
Jan
12,000
48
55
17,000
92%
45%
86
65
106%
94
91%
*106
106%
*109% 112
61%
61%
60%
61
60% 61%
80
80
78%
91
43%
Feb
52%
Jan
46
Jan
54
Mar
49%
Jan
55%
Mar
56
Jan
69%
55,000
38%
Jan
49
Mar
3,000
22.000
139,000
Feb
6s series B
88.000
82
Jan
92%
Mar
87% 135,000
77
Jan
87%
Mar
102%
17,0<J0
98%
Jan
102%
98
Jan
102%
Jan
108
105
195'
Isotta
Italian Superpower 6a.1963
102%
101% 101%
108
2,000
41%
44
44
43
Feb
Mar
47
Jan
52%
Jan
1,000
44
104
3,000
,
105%
27,000
104%
48
49%
67% 67%
43%
Feb
Mar
15.000
108
104
104
Frascblnl 7s.._1942
59%
Feb
80
Jan
34,000
39%
Feb
44
Mar
10,000
38
Jan
44
Mar
Mar
Jan
Gas—
6s stamped..—
1942
Jersey Central Pow A Lt—
6s series B
—1947
105%
105
105%
13,000
105
107
Feb
1961
106%
105% 106%
65,000
105%
Jan
103%
Jan
106%
104%
Feb
119%
Jan
120%
Jan
102%
Jan
103%
Mar
97%
Mar
110%
Jan
120%
123%
Jan
123%
Mar
Feb
126
Jan
Kansas Elec Pow 3%s_1906
Feb
148%
Jan
Kansas Gas A Elec 6a .2022
4%s series C...
97
Mar
Kansas Power 6s.
Jan
86
Mar
1,000
8,000
20,000
81
Jan
Jan
92%
104%
Mar
102%
Mar
6 %s series
101
Jan
104%
Mar
5 %s series F
Jan
101%
Feb
Feb
115
Jan
Jan
103%
91%
Mar
*106% 108
*120% 123
Jan
Kentucky Utilities Co—
104%
92%
92%
104% 104%
91%
102
45%
46%
43%
69
67%
104%
159,000
69% 195,000
96%
113
101%
1st mtge 5s ser
D
1947
H—.1961
1948
1965
104%
100%
3,000
97%
104% 105
100
100 %
96
97
102% 103
34.000
90
Jan
11,000
102
109% 110%
Jan
Jan
105
11,000
93%
Jan
100%
23,000
90
Jan
97
Mar
41,000
100
Jan
103
Jan
38,000
107
Jan
110%
Jan
96
Lake Sup Diet Pow 3 %s *66
103
Feb
Lehigh Pow Seour 6s. .2026
110
Mar
♦Leonard Tletz 7%s..l946
*29
Lexington Utilities 5s. 1952
102% 163"
104% 105
93%
94%
106% 107
28.000
29%
20,000
28%
Jan
29%
Mar
104% 104%
1,000
103%
Jan
104%
Feb
2,000
63%
Mar
95%
Feb
5s series I
83
Jan
99
Jan
35
Jan
45%
Mar
Llbby McN A Llbby 6s '42
32
Jan
Long Island Ltg 6s...1945
Jan
46%
69%
Mar
55%
Mar
Louisiana Pow A Lt 6s 1957
102
103% 103%
1969
■'
104%
94%
107
Feb
22%
Jan
30
Mar
3,000
99%
Jan
103
Mar
3.000
102%
Jan
105
Feb
10.000
91
105%
Jan
95
Jan
Jan
107
Feb
Mansfield Mln A Smelt—
101%
100% 101%
3,000
98%
Jan
102%
Feb
104%
103% 104%
51%
52%
16,000
103%
Mar
Jan
18,000
44 %
Jan
70%
72%
71%
Jan
104%
65%
78%
Feb
Jan
Jan
SO %
Mar
84
Mar
68%
Jan
78%
Mar
♦7s without warr'ts.1941
29%
Marlon Res Pow 4%s.l954
"77"
77
78
80%
80%
83
80%
78%
76%
2,000
1,000
84
62,000
78% 414,000
75
77
80%
MoCord Rad A Mfg
6s stamped
.1943
Memphis Comml Appeal—
Deb 4%8
1952
Memphis P A L 5s A—1948
Mengel Go conv 4%s.l947
Metropolitan Ed 4s E.1971
63%
101%
91%
108%
93,000
68
77
Mar
76%
75%
77
30,000
68%
Jan
77
Mar
85%
86
382,000
72%
72%
Jan
Jan
86
Mar
Middle States Pet 6%s '45
85%
83%
83%
86%
Mar
Midland Valley RR 6s 1943
"64%
86%
85%
75
Jan
87
Mar
Milw Gas Light 4%f—1967
101%
101%
86% 122,000
87
53,000
100% 100%
129
129%
28,000
2,000
100%
129
Jan
Jan
Jan
101
Jan
Mar
131
Feb
4s series G
Minn PAL 4%s
1st A ref 5s
1966
1978
1955
Mississippi Power 5s—1955
111
111
1,000
109%
Jan
1,000
1,000
101%
125
Mar
Jan
Miss Power A Lt 5s
1957
111
Feb
102
Jan
Missouri Pub Serv 5s. 1960
128%
Jan
Feb
Nassau A Suffolk Ltg 5s '45
110
104%
94%
99%
Miss River Pow 1st 5s_1951
6s
1939
Gen rntge 4 He
1964
126%
6s ser A stamped...1943
Cont'l Gas A El 6s...1968
66%
65%
66%
91%
90%
91% 296,00C
101% 101%
126% 126%
Consol Gas Utll Co—
6%s
108%
Cuban Tobacco 6s.... 1944
"95%
1455
33,000
107% 108% 108,00C
61%
64
6,000
95%
95%
51,000
65
*95% 96%
100% 101%
91
91%
108% 108%
109% 110
96
96%
Feb
Feb
92
Jan
6,000
88%
Jan
96%
101%
91%
15,000
106%
107%
Jan
108%
Jan
110
93%
Jan
98%
Jan
59
Feb
Mar
98%
Jan
99
60,000
23,000
2,000
Jan
64%
101%
101%
52,000
103%
Jan
105
55,000
94,000
82%
88%
Jan
3,000
54,000
108%
73%
11,000
83,000
64%
9,000
101%
36.000
100% 101%
104% 104%
93% 94%
97%
99%
108% 109%
86%
84%
65,000
61%
100
66
Feb
Mar
Feb
Mar
Mar
Mar
Jan
Feb
9a%
99%
Mar
Jan
109%
86%
Mar
100
Jan
101%
77
Jan
Jan
Montana Dakota Power-
Consul Gas (Bait City)—
Mar
Jan
Feb
<86
Jan
N—.1971
page
109%
108%
50%
46
1,000
51%
102
69%
Conn Lt A Pr 7s A...1951
Consol Gas El Lt A Power
see
Jan
5,000
109
Jan
87%
86
Community Pr A Lt 5s '67
Community P S 6s—1960
For footnotes
Feb
92%
60,000
77
Cuban Telephone 7%s 1941
90%
1958
1957
1961
104"66t"
Debenture 6s
1968
Debenture 6s
1969
Cities Serv PAL 5HS-1962
«Hs
1949
Cudahy Packing 3%s_1955
Jan
1956
6s series D
4 %s series F
Iowa-Neb LAP 5s
86
"l03%
..1940
90%
87
48%
97
Cent Ohio Lt A Pr 5s—1950
Yards 6e
Jan
10,000
47%
96
103% 104% 106,000
114
114%
5,000
103
103%
4,000
89%
91%
24,000
101% 102
127,000
43% 45% 28,000
Ry 4Hs A
1966
Chlo Jet Ry A Union Stock
72
48
1952
6s
84
104%
6He ex-warrants... 1954
Mar
Jan
Jan
Interstate Publl c Service—
85%
Carolina Pr A Lt 5s—.1956
Cedar Rapids M A P 6s '63
Cent States P A L 5Hs *53
Chicago A Illinois Midland
116%
60
54.
55%
"~97~~
104
Cent Pow A Lt 1st 68.1956
Cent States Eieo 6s
1948
109
Jan
14,000
69
145
37,000
19,000
104%
Cent Power 5s ser D..1967
96%
26.000
68%
52
Jacksonville
110%
69%
72%
66%
Iowa Pub Serv 6s
86
68
Jan
55%
Mar
91%
Mar
Jan
Mar
68
66%
106
Feb
Mar
29
Jan
29
1957
1952
Jan
85
2,000
%
88%
70%
75
58
93
Iowa Pow A Lt 4%s—1958
Works—
Feb
7s series E
Mar
Mar
Mar
Interstate Power 5s... 1957
105%
Mar
92%
103%
1955
Jan
87
Jan
6 %s series C
Debenture
Mar
Jan
100
Isaroo Hydro Elec 7s_195z
6s without warrantsl947
♦Convertible 6s
♦Indianapolis Gas 5s A1952
International Power Sec—
7s series F—j.;
41%
93%
6 %s series B
55%
Conv deb 4 Ha
.1949
Conv deb 6s..——I960
100%
Jan
Indiana Service 6s
9,000
102%
Mar
Mar
9.00C
104%
Jan
111
90%
105'3j 10573I
'l09%
85%
Feb
Jan
97%
Jan
Feb
65
Mar
1957
90
38,000
90%
90%
77
105
Jan
Mar
87
t—
66%
96%
Indiana A Mich Elec 6s '55
Jan
Jan
84
89
73
110
106%
1097%
96%
Indiana Hydro Elec 5s 1958
104
7,000
103% 103%
Jan
Jan
48,000
89
*101% 102%
Feb
Mar
Mar
26%
"97%
Feb
Jan
Feb
99%
95%
*23
104
81%
99%
Jan
92% 70,000
103% 103% 327,000
68% 70% 32,000
48%
108%
36
Conv deb 4%s C—.1948
ser
Jab
98
5s
Debentures 4%s
(Bvlt) 3He
102
Jan
95
91
*46
6s series B—
Sold
106 H
1949
Idaho Power 3%s
1967
111 Northern Utll 68—1957
1)1 Pr A Lt 1st 6s ser A.1963
1st A ref 5%s ser B.1954
1st A ref 5s ser G—1956
Sf deb5%s—May 1957
Indiana Electric Corp—
6s series A_—
1947
95%
Jan
51%
♦Hamburg Elec
Hygrade Food 6s A...1949
Bonds
Mar
81%
90%
♦Hungarian Ital Bk 7%s'63
BONDS
Mar
94%
3,000
90%
109
Houston Lt A Pr 3 %s_1966
Feb
Feb
20
64%
"69%
Gt Nor Pow 5s stpd—1950
400
Mar
104%
Jan
Mar
*29
(Adolf) 4%s—1941
Grand Trunk West 4s.l950
6%
Feb
89%
20
42.000
99%
98%
104% 104%
*72%
""92%
10
Jan
94% 68,000
197,000
99
89
"90%
15
5%
5%
250
20
93%
98%
88
89
Jan
....1953
Glen Alden Coal 4s...1965
101%
4,000
20
Jan
._*
6%
Locom
87
*102% 103
General Pub Serv 5s..1953
Jan
1%
4%
Jan
3%
-
Jan
Feb
87
Jan
Feb
14%
Weyenberg Shoe Mfg....1
Williams (R C) A Co.—*
Williams Oll-O-Mat Ht-*
Baldwin
50%
108
Jan
Georgia Power ref 6s..1967
.*
Westmoreland Coal Co—
Assoo TAT deb 6Hs.A'65
Mar
Jan
5%
Western Tab A Stat—
1st rntge 4s.
45
82%
♦General Rayon 6s A. 1948
100
1967
Mar
107%
1%
11%
Western Maryland By—
1st A ret 4 He
Jan
102%
1,000
94%
Jan
3
3%
95%
1st A ret 6s.......1968
Mar
104%
Jan
4,COO
Florida Power 4s ser C1966
2%
"w
West Texas Utll 90 pref.
1st A ret 6s...
110%
Jan
45
♦First Bohemian Glass7s'57
Jan
Jan
Feb
—1946
Jan
108
Mar
Jan
..1961
99%
Mar
45
1
1%
1st A ret 5b
104
22,000
Jan
Mar
108
Feb
8%
4%
3%
1st A ret 6s..
107%
104
.
81%
-1953
6 %s series A
Mar
200
100
Wolverine Portl Cement. 10
Wolverine Tube com
2
Woodley Petroleum
1
Woolworth (F W) Ltd—
Amer dep rets
6c
6% preferred
£1
Wright Hargreaves Ltd—*
Yukon-Paclfto Mining Co.5
Jan
1,000
112
Jan
73
Erie Lighting 5s_.
1967
Federal Wat Serv 5%s 1964
6%
1,800
Wilson-Jones Co
110
Jan
Eroole Marelli Elec Mfg—
9
1%
Westmoreland Inc
15,000
111% 112
81% 230,000
78%
5,000
110% 110%
104
Jan
11%
5%
3%
3%
97
1%
4%
Vot tr ctfs com
62
102% 102%
1952
Jan
1%
7% 1st preferred
80%
6%
11%
5%
3%
West Va Coal A Coke-.—*
112
El Paeo Elec 5s A—1950
Jan
1%
1.26
*%
63%
Elmlra Wat Lt A RR 5s '66
Jan
nlt
62
11%
Wellington OH Co
5s.2030
7%
1
Western Air
Jan
%
%
Jan
%
16
7%
6%
■
Jan
Feb
10
12,000
28
Jan
Jan
1
Jan
Wayne Knitting Mills—6
Weisbaum Bros-Brower_.l
Went worth Mfg
Jan
105%
108%
Finland Residential Mtge
Waitt A Bond clase A
Walker Mining Co
Jan
9%
Jan
Jan
1,300
Jan
106%
*%
Elec Power A Light
Feb
6%
104%
9%
Aug 1 1952
♦Deb 7s
Edison El Bi (Boat) 3%s 65
8
6%
10,000
Aug 1 1952
♦Certificates of deposit
*
Wahl Co common
115%
♦Certificates of deposit
♦0%s
Jan
4%
105
*107% 109%
7%
Jan
100
8
"Y
38%
105%
1939
High
Low
26,000
Mar
60
9
9%
30
Jan
200
8%
6%
8%
6%
HU
9
Feb
Feb
6%
26%
Feb
Feb
1%
Low
Detroit Internet Bridge—
Jan
12
Price
Range Since Jan. 1,
Week
of Prices
Denver Gas A Elec 5s.1949
Jan
Jan
26
Waco Aircraft Co
Wagner Baking v t c——*
Delaware E3 Pow 0 %s. 1959
2%
Jan
%
'11
1
14
Va Pub Serv 7%
Mar
Feb
%
6,700
—
....
High
1%
Jan
53%
»»
400
Conv preferred
.—7
|Utll Pow A Lt common.."
for
Sale
Par
1%
52
$5.60 priority stock...
Class B
Sincf Jan. 1,1939
Last
(Continued)
Range
for
Sale
1939
11,
Sales
Friday
Sales
Friday
STOCKS
Vogt
Mar.
New York Curb Exchange—Continued—Page 5
1454
60%
81%
96%
Jan
68
Jan
Jan
91%
Mar
108%
Mar
61
Jan
68%
Jan
95
Jan
97
Jan
"*86%
1944
101% 101%
84%
82
86
Jan
86
Feb
Feb
Mar
Volume
New York Curb Exchange—Concluded—Page 6
148
Friday
BONDS
Sales
Last
Par
Week's Range
of Prices
Low
High
Week
Price
Nat Pow & Lt 68 A...2026
Deb 6s series B
2030
1C4%
f ♦Nat Pub Serv 6a etfs 1978
Nebraska Power 4%s_1981
6s series A
2022
110
119
89%
69%
1948
Conv deb 6s
1960
New Eng Power 3%«.1961
New Eng Pow Aasn 68.1948
Debenture 5%s
1954
New Orleans Pub Serv—
15,000
14,000
2,000
89% 109,000
*118% 119%
66%
70
107,000
118%
"*95% f95%
Jan
Feb
Mar
Jan
Feb
Mar
Jan
119
Feb
Jan
70
Mar
54
Jan
69%
Mar
54%
Jan
70
Mar
107%
-
100%
98%
105
Jan
109
91
Jan
93
Jan
95%
98%
100% 100%
95
* 98%
36,000
183
~108%
102%
Nippon El Pow 6M8..1968
99%
Feb
92
11,000
.
Jan
Jan
101%
98%
105%
14,000
102%
79
Jan
39"666
107
Jan
63,000
6,000
99
Jan
82%
108%
102%
Jan
106
Jan
113
*
87%
108% 108%
102
102%
105% 106
1112%
153% 57
104%
112%
Jan
50
57%
99
55
99%
56%
107
107
107%
.
6s series D
1969
105%
Ogden Gas 6s
27
United Lt A Pow 6s
1975
6)4s—
......1974
6)48...
1959
79 %
34,000
21,000
Feb
Jan
27%
80%
82%
20,000
105% 105%
105% 105%
104% 104%
Feb
Jan
102%
Penn Cent L St P 4%s.l977
1st 5s
.1979
98%
104%
Penn Electric 4s F
103%
1971
Jan
109
Mar
105
Jan
Jan
Jan
106%
104%
95%
Feb
Jan
103
Jan
113%
Jan
94%
113%
87%
37%
113
Feb
76
Jan
*36% 38
96%
99
101,000
103% 104%
6,00c
100% 103% 106,000
32
Jan
91
Jan
98
Jan
97
Jan
I960
105%
105% 106
103
103%
108%
108%" 109
107
106% 107%
103% 103%
106% 106%
Penn Water St Pow 5a. 1940
103%
106%
4 %s series B
1968
Peoples Gas L St Coke—
4s series B
1981
4s series D
1901
97
112%
78%
Piedm't Hydro El 6%s '60
Pittsburgh
Coal
94
95%
97
112% 113
78% 78%
48
6S..1949
Pittsburgh Steel 6s
1948
♦Pomeranian Eleo 6S..1953
98%
Portland Gas St Coke 6s *40
74%
Potomac Edison 6s E.1956
414s series F
....1961
Potrero Sug 7s stmpd.1947
PowoCap(Can)4%sB '59
42%
♦Prussian Electrlo 6s.. 1954
Public Service of N J—
6% perpetual certificates
107%
98%
*20
73%
108%
108%
40%
105%
*22
99
104%
103%
Jan
Jan
Feb
San Joaquin L A P 6s B '62
♦Saxon Pub Wks 6s...1937
♦Schulte Real Est 6s.. 1951
Sorlpp (E W) Co 6)4s-1943
m,
m
»
-
-
27%
60%
Shawlnlgan WAP 4)4a '67
1st 4)4s series B
1968
"103%
1st 4)48 series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow. 68.1957
Southeast PAL 6s...2025
Sou Calif Edison Ltd-
Debenture 3%s....l945
Ref M SKs.May I I960
'
♦6sctfsofdep
Antloqula (Dept
.
"in%
52"
*10
*10
ser
ctfs of dep.'57
Jan
107%
Mar
♦7s 3d
ser
ctfs of dep.'57
Mar
97
Mar
♦Caldas 7)4s ctfs of dep.*46
♦Oauca Valley 7s
1948
Feb
♦7s ctfs of dep. ....1948
*10
69
66%
94
♦Starrett Cap Inc 6s. 1960
30%
30
62%
1946
"166"
Ternl Hydro-El 6)4s..l963
66%
67%
*11
113%
77
Jan
80
Feb
20,000
7,000
42
Feb
51
Jan
106
Jan
108
Mar
95%
Jan
99
Feb
17%
Jan
20%
Feb
30,000
64
Jan
77
Feb
13,000
2,000
.4,000
5,000
"
107
Jan
109%
Feb
108%
Jan
109%
Jan
39%
Jan
42%
Feb
Jan
105%
Mar
2,000
-
»
-
.
.
100%
Feb
147
Feb
106%
75%
Jan
23
101%
101 % 102
Texas Power A Lt 6s..1956
105%
105% 106%
104% 104%
93% 94%
2022
Tide Water Power 5s.. 1979
94%
152
107%
91%
89%
Mar
ser
.
1951
a
59
61
1,000
25%
Feb
28%
Jan
26
Jan
26%
Jan
24%
Jan
8%
Jan
10,000
~24%""jan
10%
Feb
15
72
Jan
49,000
70%
Jan
»•*
Feb
Mar
*19%
*19%
30
19%
Feb
19%
Feb
*11
18
Cundlnamarca (Dept of)
6)4s ctfs of dej>—..1959
Danish 5)4s
..1956
6s
♦Secured 6s
19
♦6)4s ctfs of dep
1954
♦Mendosa 4s stamped. 1951
Feb
135%
Mar
24
Jan
26%
Mar
24
.
2.000
Feb
31%
Jan
Jan
103%
21%
9,000
1,000
20
12%
7%
13
19
.
13
Mtge Bk of Bogota 7*.1947
♦Issue of May 1927.....
36,000
5,000
6%
11%
Jan
15
Mar
Jan
13%
Mar
Feb
10
Jan
2,000
25%
Jan
'llooo
25%
Jan
13%
"Mar
16
26%
26%
106
Feb
6,000
103%
Mar
105%
♦7s ctfs of dep.....1946
♦7s ctfs of dep
.1947
6,000
104%
76%
Jan
105%
124
124
124
95%
32
32
32
95%
Jan
94%
Jan
95%
104%
♦0%s ctfs of dep...1947
Mtge Bk of Denmark 6s '72
♦Parana (State) 7s—.1958
♦Rio de Janeiro 6 Ha. 1959
Feb
Feb
15
9%
13%
7%
104
34,000
Jan
Jan
108%
9,000
9,000
12,000
83
8,000
11,000
93,000
52,000
.
Jan
Feb
Feb
.Jan
106% Mar
110% Mar
li0% Mar
112% Feb
Jan
105%
52% Mar
103% Jan
104
94%
,106%
14
%
%
2,000
6,000
2,000
52
52
52
13
12
13
9,000
11
11
2,000
1961
Jan
96
Jan
Jan
Jan
Jan
Jan
15
Mar
14
Mar
Mar
52
92
8%
5%
%
%
52
11%
10%
%
%
Feb
Jan
Mar
Feb
14%
Jan
Feb
14%
Jan
Mar
58
Jan
70
Mar
35
Jan
70%
Mar
57%
Jan
70%
Mar
Jan
70
Mar
60
Jan
69%
Mar
87
Jan
96%
Mo
57
Jan
70%
Mar
26%
Feb
35
Jan
64
Mar
57%
Jan
35
Feb
22,000
88%
Jan
43
Feb
100%
53%
Jan
102
Mar
Jan
106%
104%
94%
Mar
75,000
1,000
17.1/C0
28.000
""Jan
Feb
Jan
58
123,000
62,000
4,000
50,000
—
♦7s
"
"11666
15
H
*9an,ta Fe 7s stamped. 1945
♦Santiago 7s
..1949
Mar
*26% "Mar
Jan
Jan
104%
13,000
4,000
^
26
%
1921
♦5%s
26%
32
Mar
83
Feb
Feb
103%
Feb
Mar
9
13%
Feb
Mar
J.3
79
13%
Feb
Mar
20
Feb
Jan
♦7s ctfs of dep. Oct '47
81
21%
Feb
Feb
♦Mtge Bk of Chile 68.1931
Mtge Bank of Polumbla—
Jan
Jan
16%
9
Jan
7,000
10,000
17
79
Mar
10,000
Mar
17
65
60
Feb
Mar
.
79
Jan
101%
20,000
20
11
18
26%
♦7s ctfs of dep. May'47
♦Issue of Oct 1927......
35%
20
Jan
90%
10
15
*24
20%
*24
•
Jan
Jan
Feb
100
14,000
9,000
13%
*10%
*9%
*77
Jan
28%
10%
16%
25,000
20
21%
♦Medeliln 7s stamped. 1951
♦7s ctfS of dep. .—195)
20
19
Jan
88
36
*34
19
15
..1958
93
Jan
92%
1,000
7.000
96%
93
1947
Jan
30
96%
1963
Danzig Pat A Waterways
External 6)4s—.1952
Mar
134
2,000
Jan
25%
88
Mar
12
25%
35
17%
14%
Jan
Jan
Jan
Feb
Jtfar
Jan
.
Jan
Feb
Mar
10
11%
14%
22
13
109%
'ilooo
20
22
♦Hanover (City) 7s—.1939
Jan
Mar
1,000
♦Hanover (Prov) 6)4s.l949
♦Lima (City) Peru 6)4s '58
108%
16%
4,000
Feb
15
4.000
63%
I-
19
Mar
25%
29
41,000
Feb
15
-
25%
Mar
Mar
18
l.ooo
--
25%
25
Mar
85
*
15
15
*12
14%
♦Maranhao 7s
Jan
82,000
16
16
25
♦6s soles A
97%
103
99%
86%
Jan
50%
Jan
Jan
50
Jan
Feb
♦
No par value,
a Deferred delivery sales not Included In year's range,
the rule sales not included In year's range,
r Cash sales not included
range,
Feb
Mar
61
Mar
x
n U nder
in year e
Ex-dividend
I Friday's bid and asked price.
♦
Jan
No sales were transacted during current week.
Bonds being traded flat.
I Reported In receivership.
1fThe following Is a list of the New York Curb bond Issues which
have been called
in their entirety:
Illinois Northern UtU. 5s, 1957,
«
61
Feb
..1952
♦Prov Banks 6s B..1951
Jan
Tlets (L) see Leonard
*62
Jan
94%
Columbia (Republic of)—
♦6s ctfs of dep..July '61
♦6s ctfs of dep. .Oct '61
Feb
f?
lee'ooo
79,000
74,000
69% 17,000
96% 46,000
70% 110,000
31% 32,000
Texas Elee Service 6s. 1960
94
Jan
20
Jan
9,000
52%
61% 64
42% 42%
99% 100
*41% 49%
Feb
Jan
20
♦7%s ctfS of dep...1946
Cent Bk of German State A
Jan
Jan
69%
96%
70%
105%
90
89
16
D ctfS of dep.1945
ser ctfS of dep.'57
♦7s 2d
Feb
6s gold debs
1957
Standard Invests 6)4s 1939
Standard Pow A Lt 6s. 1957
Jan
Jan
Mar
17
*8%
*8%
*8%
*19
♦78
103%
44%
102%
103%
70
70%
70%
70
Feb
106 %
104
17
♦7s 1st
111
66%
Jan
Jan
105%
106%
17
Mar
106
32,000
6.0OO
13%
*10
Mar
1,000
66%
66%
Jan
32
*10
Mar
10,000
92% 94
106% 106%
Mar
Mar
Jan
Feb
Mar
32
95%
103% 103%
_
15.000
32
*24
dep.1945
A ctfs of
ser
103%
108%
104
104%
105%
100 %
102 %
.
63
lumbla—
.
109
41,000
8,000
48
4I660
Feb
32
26%
♦7s
Jan
Jan
110% 110%
110% 110%
111% 111%
104
Jan
53
103
"
26%
♦7s ser B ctfs of dep.1945
♦7s ser C ctfs of dep. 1945
Jan
104% 104%
110%
36,000
12,000
Jan
Mar
5.000
*24.
*24
Apr '48
of) Co-
♦Russian Govt 6 Hs...1919
69
Twin City Rap Tr 5)4s
26%
*2426%
Jan
105% 106
69
A
26 %
♦7s ctfs of dep. Jan '47
♦6s ctfs of dep...Aug *47
91%
93%
111%
18,000
94%
69
Tennessee Elee Pow 6s 1966
61
52,000
93
65,000
52,000
29,000
4,
28
103%
80
(stpd).........1948
6s series
92%
♦Bogota (City) 8s etfS.1945
Bogota (see Mtge Bank of;
17%
103% 104%
103% 104
104% 104%
Conv 6s (stpd)..... 1948
Debenture 6s.
.1961
2d stamped 4s
105
"*93*"
Jan
105%
106%
Stinnes (Hugo) Cap—
2d stamped 4s
1940
1106
105% 105%
103 % 104
105
105%
92 %
92 %
105%
103 %
108%
103% 104% 181,000
So'west Pub Serv 6e..l945
Standard Gas A Elee—
Debenture 6s.Dec 11966
104 % 105
105
Mar
104
104
r
102%
Mar
"
94
8'western Assoc Tel 6s 1961
8'wCStern Lt A Pow 6s 1967
So'weet Pow A Lt 6s..2022
6s
112
106%
.
79%
"94
Jan
Jan
Mar
*106% 107%
vv/4
*v »
/ A
Ref M 3 %s B.July 1 '60
1st A ref mtge 4S...1960
Sou Counties Gas 4)4s 1968
Sou Indiana Ry 4s
1951
60
110 %
101
4,COO
*27
103
103
8cuIIin Steel 3s...
1951
Servel Inc 5s
....1948
1,000
♦Baden 7s
*135% 135%
27%
112
102 % 102%
62
63
Jan
109% 109%
17%
—
105%
Feb
108
FOREIGN GOVERNMENT
Mar
*23
~
Jan
105
14,000
*30%
w
104
112
62
♦German Con Munlc 7s '47
m
2.000
Mar
22.
151% 152
"l09%
105
105%
103%
»,
*107% 108%
Puget Sound PAL 5%s '49 "66%
86% 91%
1st A ref 5s ser C...1950
85% .89%
89%
1st Aref 4Hsser D.1950
85
81
85
Queens Boro Gas A Elee—
6)48 series A...
1952
83% 88
87%
Safe Harbor Water 4)4s '79
(♦St L Gas A Coke 6S.1947
31%
105 %
Jan
Jan
108%
1,000
14,000
22.00C
...1966
♦Ruhr Gas Cap 6)48.1953
♦Ruhr Housing 6)4s..l958
19%
107%
Jan
5.000
108
Mar
AND MUNICIPALITIES—
Jan
Mar
Pub Serv of Oklahoma
4s series A
29%
108 %
100%
91%
106%
30,000
56,000
48
108
98%
22
74%
108%
108%
42%
105%
Mar
28
6,000
96
95%
Phlla Elee Pow 5%s..l972
Pbila Rapid Transit 6s 1962
Mar
102%
♦7s ctlS of dep. Apr '46
♦20-year 7s—.Jan 1947
Feb
Jan
Penn Ohio Edison—
6s series A
90
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
Jan
93,000
Deb 6%s series B..1959
Penn Pub Serv 6s C..1947
6s series D
1954
Jan
Mar
98
Mar
108
....
Mar
82
Mar
92%
96%
Feb
1,000
1964
94%
79%
Jan
105
Wheeling Elee Co 6s..1941
Wlso-Mlnn Lt A Pow 6s '44
Wise Pow A Lt 4s
1966
98
..........
Jan
Mar
Jan
%
114%
108
West Penn Traction 6s '60
West Texas Util 6s A 1957
West News papa Un 6s '44
West United G A E 5)48*55
104
Jan
87
87
94,000
|*Yak Rys Co 6s
1937
Stamped 5s
—.1947
Mar
86
91%
Jan
Jan
70
Jan
108
Yadkin River Powo 6s '41
02
92% 92%
*113% 114%
92 %
28
Jan
113
87
83
♦5s Inoome deb—..1954
106%
104%
105%
Feb
"4,000
Wash Ry A Eleo 4a
1951
Wash Wato Power 6s 1960
West Penn Elee 6S...2030
Feb
Feb
J78
80
91%' 92%
96% \ 95% 96%
92 %
Mar
Jan
90
112
Mar
Feb
107
Jan
4,000
90
Feb
Feb
Mar
104%
78 %
Jan
Mar
Mar
Mar
il4%
113%
87
Jan
21,000
Pacific Ltg St Pow 6s..1942
Pacific POW St Ltg 6s..1955
81,000
90
105%
103%
113
113%
90
6s
.......1946
Waldorf-Astoria Hotel—
Jan
18,000
94
Pacific Gas A Eleo Co—
1st 6s sales B
..1941
Pacific Invest 6s ser A.1948
106 %
89
94%
107
113%
Okla Power St Water 6s '48
Pacific Coast Power 6s *40
106
89 %
1944
Feb
102% 103
105%
103%
80
106
Un Lt A Rys (Del) 5)48 '52
United Lt A Rys (Me)—
105
100%
91%
101%
109
.1946
81
80 %
82 %
93
Feb,
104% 104%
101% 102%
108% 109
105% 105%
103% 103%
93%
94%
102%
.....1946
1961
Park Lexington 3s
Jan
28%
70 %
76 H
94 %
Mar
10,000
2,000
49,000
3.00C
19,000
18,000
45.00C
38,000
37,000
104%
Okla Nat Gas 4 %s.
6s conv debs
26 %
98
Mar
Jan
52
2,000
96
Feb
Jan
Jan
52%
117%
9.000
98
Mar
Jan
Jan
Jan
47
27 %
Va Pub Serv 6)4s A..1946
1st ref 6s soles B...1950
Feb
99%
103
414 s series E
1970
N'western Elee 6s stmpd'46
N'western Pub Serv 6s 1957
45 %
116%
19,000
47,000
53,000
36,000
11,000
Northern Indiana P S—
1966
5,000
High
27
Utah Pow A Lt 6s A..2022
.56%
108%
Mar
16,000
Low
27 %
Mar
Jan
47
107
Range Since Jan. 1,1939
$
27
f 6s
s
Mar
Jan
96%
19,000
30,000
17,000
48
48 %
117% 117%
49% 51
117 %
6s series A.........1952
6s soles A..
..1973
No Amer Lt St Power......
Price
1945
♦1st
Feb
72,000
£104%*105
N Y St WestehY Ltg 4s 2004
Debenture 6s
1964
5s series C
Week
4)48
N Y Central Elee 6%s 1960
New York Penn St Ohio—
5%» series A.
...1966
Nor Contl Utn 6J4S..1948
No Indiana G St E 6S..1962
for
of Prices
Loio
High
Ulen Co—
Conv 6s 4th stamp. 1950
United Eleo N J 4s
J 949
United El Serv 7s
1956
♦United Industrial 6)4s '41
Feb
55
74,000
95%
98%
£97%
98
~
Mar
100%
89%
92%
35
65% 69% 28,00b
65%
70
69%
139,000
*108% 109%
~
120
Jan
77%
84%
Mar
Jan
96
103%
99%
36%
110%
Jan
115%
Week's Range
Sale
Par
Jan
107%
64,000
2,000
Last
High
Jan
98
38,000
68%
6s stamped
...1942
♦Inoome 6s series A.1949
♦Ext 4%s stamped. 1950
N Y P St L Corp 1st 4%s*67
N Y State E St Q 4Kb 1980
Low
103% 104%
99% 99%
35
35%
110
110%
120
Sake
BONDS
<iConcluded)
$
100% 100%
New Amsterdam Gas 6s *48
N B Gas St El Aasn 5s 1947
Range Since Jan. 1, 1939
119
99%
Netoner Bros Realty 6s *48
Nevada-Calif Elee 58.1956
6s
Friday
for
Sale
(Continued)
1455
April 1 at 105.
Cash sales transacted during the current week
and not included in weekly or
yearly range:
No sales.
y
Undo-the-rule sales transacted during the current week
and not included in
weekly or yearly range:
No
z
sales.
Deferred delivery sales transacted during the current
in weekly or
week and not included
yearly range:
No
Abbreviation*
deposit; "cons," consolidated
"M," mortgage; "n-v," non-voting stock
when Issued; "w w." with warrants: x-w
Used Above—"cod", certificates of
"cum." cumulative; "conv," convertible;
"v t
c," voting trust certificates; "w I,"
without warrants.
Financial
1456
Mar.
Chronicle
11, 1939
Other Stock Exchanges
Sales
Friday
Last
Estate Securities
Real
New York
Stocks
Closing bid and asked quotations, Friday, March 10
Ask
Bid
Unlisted Bonds
Ask
Bid
18%
61
Marcy, The 6s
1940
Nat'l Tower Bldg 6%sl944
mm*-
Bryant Park Bldg—
20
6%s unstamped
m~m
36
Unlisted
'
mmm
Equitable Office Bldg 5s '52
40 Wall rtt Corp 68
1958
42 Broadway 6s
1939
44%
43%
45 E 30th St Bldg 5%8 1937
16
64%
Pennsylvania
80
mmm
25
30c
29e
30c
53
56
58%
mmm
30%
74%
75%
29
30
&
60
63%
70
72
5%s
Corp¬
ses 1963 w-vtc
45th
Beach
19
Baltimore Stock
of Prices
Low
High
*
1st pref v t c.._,
Consol Gas E L & Pow...*
5%
100
preferred',
m
m
1932—
Plalnfleld Ave Far
20
Deposit
Low
Sh ares
20%
Ja<
24%
35c
Ja>
65e
33
1.60
138
78
80%
166
71
Jar
115%
65
115
Fel
117
4%
128%
225
Jan
5%
128%
Mai
4%
117
86
151
2.10
00 0.
JA
819
13%
1,741
United Shoe Mach Corp.25
85%
84
85%
43
44
25
mmm.
31%
10%
Feb
137
Jan
35%
10%
1,465
17%
Jan
19%
Jan
5c
5c
r*
Series A 4%s
Series B 5»_
1948
6c
5c
10
....1
95c
90c
95c
1,650
86c
Mar
1.40
1
92c
90e
92c
950
90o
Mar
1.40
Jan
Ms;
13
100
17
17
Merch & Miners Transp..*
17
Jan
36
m
80
35%
Jar
37%
Mar
13%
1,010
11%
Jar<
14%
Jan
1.00
13%
37%
13 %
mmm mm
1.00
500
1.00
Feb
1.25
Jan
88%
88%
17
8814
200
CO 00 *
Jan
83%
Mar
20c
25c
Jan
250
Jan
84 %
83%
84%
118
73
Jar
23%
21%
23%
4.732
19
Jan
84%
23%
Mar
....2
Western National Bank.20
32%
32
32%
154
31
Jan
32%
Mar
Owings Mills Distillery...l
Penna Water & Pow com.*
U S Fidelity A Guar,
'
20c
Mar
Bonds—
1961
Bait Transit 4s flat... 1976
A
5s
23 %
27
flat...
...1975
B 5s
....1975
FlnaneeCo of Amer 4% '47
rnm
121% 121%
23%
22%
27
85%
mmm m
85%
100
100
200
500
Mar
121%
Mar
20
Jan
24%
Jan
22%
Jan
27%
Jan
84%
Jan
86
Jan
16
Jail
100
Feb
121%
21,000
6.650
26
Boston Stock
March 10, both inclusive,
..
7,000
Exchange
compiled from official sales lists
Bales
Friday
Last
Bale
Stocks-
Par
Price
Week's Range
1
of Prices
High
Low
Range Since Jan. 1, 1939
for
1%
13
50
Assoc Gas & F,1 Go cl A
...
167%
1
Low
1%
1 %
475
12
40
15
159% 167%
ui«
%
Jan
87
145
Stocks—
Par
<,
Mar
91
%
Jan
1%
Jan
24%
r80%
26%
Mar
Feb
89 %
Feb
26%
10
86
87 %
1,122
Jan
Jan
265 rl27
141% 145
145
Feb
56
667
51%
Mar
66
Mar
Boston Herald Traveler..*
18%
18
19
275
17%
Feb
19
Jan
(new),......*
Common
Preferred (std)..
Aetna Ball Bearing
'*
Class A...
100
Amer Tel & Tel Co cap. 100
Associates Invest
38%
mmm
Barlow & Seelig
Mfg A
"3%
Mar
Mar
m
Jari
23%
19%
Jan
23%
Mar
15%
22%
14%
14
Jan
Jan
16%
23%
Jan
350
60
,12%
Jan
15
Jan
75%
840
66%
►Jan
75%
Feb
%
1,150
%
5%
Jan
X
%
,
5%
•
40
6
350
Cherry-Burrell Corp com. 5
4%
4%
5%
898
4%
Jan
Jan
Chicago Corp common
35c"
35c
100
20c
Feb
5%
35c
Mar
1%
1%
*
Preferred
38%
37
78
77
Jan
Chicago A N W Ry com 100
%
Chic Rivet & Mach cap..4
7%
7%
9%
Jan
12%
Jan
1
Jan
1%
Mar
Feb
19%
Feb
11
10
11
112
328
preferred..*
Chic Yellow Cab Co Inc..*
35
60
Jan
77
Mar
Chrysler Corp common..6
533
15
Feb
26
Mar
Jan
6%
Mar
Jan
16%
Feb
14%
Jan
15%
1%
3,700
1%
Jan
2%
Jan
650
34%
Jan
38%
Mar
500
62
Jar
78%
Mar
77
26
4%
495
3%
Jan
4%
Mar
7%
446
4%
Jan
7%
Mar
385
(New)
common
110
mmmmmm
8%
rnmmmmm
81%
mmmmmm
10
7%
7%
*
Coleman L'p & Stove com *
20
Jan
24
29%
Jan
32%
Mar
181
1%
Jan
1%
Feb
3%
Feb
7
Jan
Consol Biscuit
532
0%
6%
90
Jan
8
Jan
Consolidated Oil Corp
Consumers Co—
100
25c
Jan
51c
24
26%
150
2%
400
Jan
100
5% cum pref
Mass Utilities Assoc vtc.l
Mergenthaler
Narragansett
Linotype..*
Racing
Mar
15
"2%
21
1
com...
20%
4%
110
Jan
110%
5
Jan
9%
Jan
84%
Mar
84%
1,136
8
250
27%
28%
13%
5%
6%
9
~~8%
8%
pref part shares..50
6%
6%
13%
Jan
14%
8
13%
Jan
14%
Feb
150
27
205
4%
Jan
6%
Mar
1459.
17,050
150
100
20
90
13%
Jan
18
Jan
Crane Co com
160
2
Jan
Decker
(All) <fcCohncom_10
125
20%
Feb
3,515
3%
Jan
63
5c
Mar
22%
Jan
Deep Rock Oil conv pref.. *
Deere & Co com
»
Mar
Diamond T Mot Car com.2
Mar
Dixie Vortex cl A.__:
Mar
25
15
Jan
5
5c
27
Mar
Common
Feb
3%
Mar
Mar
23
26%
Jan
28%
Feb
12%
Feb
Feb
15%
6%
Jan
5%
285
8
JaD
9%
Jan
40
6
Mar
7%
Jan
»
Jan
Jan
15
290
12%
Jan
16%
329
29%
Feb
37%
73
170
55
Jan
73
Mar"
16%
16%
250
14%
Jan
16%
Mar
17
16%
17
650
13%
Jan
17%
Jan
100
1%
Mar
Mar
Mar
1%
mmmmmm
1%
23
mmm
"23%
'
~~~8%
*
~~n%
23
22%
4%
8%
23%
4%
1,600
8%
150
35
mm
'The) com,.'..6
*
9%
Jan
33%
25
2%
6%
Jan
Jan
16%
Dayton Rubber Mfg com.*
27
7
2%
18%
32%
71%
15
Cudahy Packing pref.. 100
Cunningham Drug St. .2%
5c
Jan
"71%
Container Corp of Amer.20
Mar
2%
5o
66%
200
3%
23
*
26%
5
Feb
30
23
1
Jan
2%
21
Jan
Jan
118
mmm-
'
^.1
see page
V t c
com
Jan
16
2%
1
8%
9%
13%
25
capital
Dexter Co
4%
New Eng G fr. El Arsq nfd *
For footnotes
New
1%
,
Assn
Inc.......
Nat Ser Co
6
Jan
Feb
110%
Commonwealth Edison—
6%
14%
%
7%
'
2
6%
Jan
140
%
8
28%
mm
Compressed Ind Gases capf
24
8
Me Cent—
100
3%
Cities Service Co—
77
22%
Hathaway Bakeries—
Common
Jan
Mar,
Mar
Chicago Towel—
1%
281
Loews Theatres (Boston) 25
105
15
%
Jan
1%
21
26%
1%
55
100
Jan
100
•
*
Jan
Feb
50
15
1%
iJan
Jan
350
6%
16%
15
"
*
Club Alum Uten Co
Preferred
Jan
38%
78%
5%
16%
mm
15
1%
45
180
105
25
1%
19%
60
21
Isle Royal Copper Co...15
6
Jan
670
55
103
mmm
mmm
2,400
1%
52
105
Cent States Pow & Lt. pf.*
*
1%
1%
55
*
Chain Belt Co com
51c
19
'
Jan
*
Jan
Jan
9
7%
55
74%
*
..Prior lien preferred
Convertible
Class B
Jan
5,900
—
Jan
7%
6%
14%
%
Feb
51c
50
1
22
m
,„..l
com
60
■
23%
mmm
mmmmmm
"74%
Convertible pref
Central S W
...
pref..*
8%
7
Mar
15%
mmm
Chic Flexible Shaft com..5
Gillette Safety Razor....*
Jan
9
12%
1%
5%
5%
8%
—
10
Butler Brothers...
23
1%
Mar
Jan
JaD
32%
1%
6%
7%
Feb
Jan
Jan
23 %
9%
3%
Feb
32%
Jan
7%
4%
Jan
6%
Feb
6%
22
29%
,
2%
11
32%
60
Jan
100
16%
23 %
4%
Jan
Feb
2%
75
Employers Group
*
General Capital Corp
*
Georgian Inc cl A pref. .20
Gilchrist Co
*
9%
9%
700
Feb
4%
22%
2%
Burd Piston Ring com.._l
130
4
Jan
750
2,050
7%
240
6%
11%
250
5%
17%
7%
7%
10
23%
12%
18%
4
Mar
Jan
7%
*
13%
Feb
7%
East Gas & Fuel Assn—
...100
Jan
850
27%
9%
4%
5%
26%
m*fm»
1
Adjustment
11%
8%
'
9%
*
Eastern SS LinesCommon
Mar
Feb
Common
"25"
Jan
5Q
13%
10
13
Preferred
100
Jan
4
Jan
21
Mar
100
8%
Jan
7%
100
Mar
Preferred B
Jan
2%
200
3%
1%
6%
15%
2%
1%
.
6%
21%
Jan
1%
230
1,250
3%
10
15%
Feb
100
Mar
6%
21%
1%
1%
1st preferred
Feb
4%
6%
1%'
1%
Eastern Mass St Ry—
Common.
3%
Feb
15%
Mar
*
Feb
3%
12
*
2%
3%
4%% Prior pref.....100
6% preferred
100
3%
55
7
3%
~~13%
5
Jan
Common
100
10
1
Common..
Class A preferred
Bruce Co (E L) com
Jan
„
Jan
100
3%
4%
Jan
Central 111 Sec
10
36
35%
Mar
Mar
East Boston Co
Jart
33%;
Jan
19
3%
25
1
Jan
Jan
Range
Feb
17
1%
1%
Copper
%
19
1,180
18
Jan
Jan
200
18%
Cent 111 Pub Ser $6
11%
.
mmmrnmm
Mar
18%
%
*
Jl%
5
Mar
6%
10%
Brach & Sons (E J) cap
Brown Fence «& Wire-
Jan
Jan
165%
Jar,
Jan
32
6
292
Jan
5
9%
20%
5,326
5
149%
Mar
100
1,650
5%
10
4%
6%
Cent Cold Storage com..20
10
2,048
Jan
Jan
Jan
Jab
Mar
375
59
Feb
2%
3%
290
17%
Jan
3%
72%
Jan
47%
72%
23%
%
3%
Jan
850
Castle & Co (A M) com. 10
3%
Feb
2,400
5% cotiv pref.. I.....30
CampbWyant&CFdy cap*
2%
18
„2'0
-<
46%
20%
Mar
3%
Mar
15%
8%
19%
Mar
Jan
30%
Mar
"2%
8%
leb
19%
2%
-.100
Jan
6%
27%
2
Class B 1st pref.....100
7%
11%
150
30%
Jan
50
450
1,150
20%
Feb
530
Jan
5
%
2%
3
(New) common..
2%
2%
2%
Feb
39%
-
3%
3%
1
2%
8%
35
35
27
...1
Mar
7%
18%
5
mmmmmm
Co
Jan
9
150
%
*
43
15%
10
5
61 %
Jan
160% 165%
m
5%
Aviation com
Jan
Feb
8
69
com 6
Bastlan-Blessing com....*
Belden Mfg Co com.
10
10
3%
mm
55%
38%
110
45%
mm mmm
Mar
714
25
..
9
240
18
18
Aviation Corp (Del)
3
Aviation & Trans C cap.l
39
3%
High
Low
2:
,
7%
*
2
2%
Range Since Jan. 1, 1939
Shares
62%
38%
9
7%
coip.___*
2%
2%
Municipal Dept. CGO. 521
59%
*
1
Equipment com
11%
.25
Teletype
St., CHICAGO
w
Asbestos'Mfg Co com....J
8
Calumet & Hecla.:
SECURITIES
mm
5
Armour A Co common
Aro
.10%
Boston Per Prop Trust...*
Boston & Providence._.100
Mar
2%
8%
14%
Aider Pub Serv pref
15
100'
Mar
90
mmm
;„*2t
2%
100
85
Jan
for
10
2
Cl C 1st pref std
Cl D 1st pref std
Jan
83
Bales
com. .*
com....
Prior preferred
.-100
Cl A^lst pref std.--.100
*
81 %
6.100'
Week
com__l
Laboratories
A'lted
Allied Products
2%
100
$5,000
90
Principal Exchanges
"9
D) Mfg com
*
Advanced Alum Casrlnifs.6
100
Cl A 1st pref
Cl B 1st pref (stpd)
85
mmm
"m
Adams (J
2
Common (stamped) .100
...100
Preferred
Feb
of Prices
Low
High
Price
25
Acme Steel Co com
2%
Boston & Maine—
,
Feb
3%
Week's Range
Bliss & Laughlln Inccom.5
167%
51%
i
7%
Borg Warner Corp—
Jan
51 %
Elevated
Jan
Jan
Feb
1%
Laboratories—
Mar
149%
..100
Boston
2
6%
2%
both inclusive, compiled from official sales lists
Mar
1%
15
Jan
3,195
26%
Common...
.
Jan
65
20
Sale
Bendlx
High
Blgelow-Sanford Carpet Co
Boston & Albany.j.... 100
Boston Edison Co
100
Feb
330
Last
Binks Mfg Co.lap
pre!--*.50
non-cum
1st preferred..
75c
Feb
1%
Friday
Berghoff Brewing
6%
60c
800
Jan
Chicago Stock Exchange
March 4 to March 10,
Belmont Radio Corp,:
Week
Shares
American Pneumatic Ser
Amer Tel & Tel.......100
Mar
3
10 S. La Salle
Auburn Auto Co com
to
44%
%
7%
Bell System
Athey Truss Wheel cap..4
March 4
Jan
65c
Trading Dept. CGO. 405-406
Allls-Chaimers Mfg Co...*
City 4s Dock Impt
41
Listed and Unlisted
Abbott
50
Jan
25
Mar
Mt Vern-W Mills-
Northern Central Ry
85%
84
mmrnrnrnm
Jan
'
Feb
85
3
1948
1
1.
5c
100
78
1%
mmmmmm
Jan
*
.;
23
1,097
7
rnmmmm-
*
Mar
.
27%
Feb
2%
1
*
....
Jan
Feb
17
-
Waldorf System
Mar
19%
Preferred
6lC
61c
22 %
125
Jan
32%
10%
New Amsterd'rn Casualty p
North Arner OH Co com.1
Mar
16%
Jan
17%
Common class A.
Jan
27%
Mar
31%
10%
....
Mar
17%
Jan
19%
Mar Tex Oil
11
Mar
4%
127
1.40
10%
2d preferred..
Jan
9 %
20
Jan
Houston Oil preferred..100
M frs Finance—
875
Bafcil H.Davis &
Finance Co of Am A com.5
~
Jan
11
19
Mar
115
m
16
25%
High
1,228
4%
mm
3
Feb
cv CO O
Range Since Jan. 1,
for
Week
1.50
123%
Fidelity & Guar Fire....20
Mar
14
16%
6% cum pref
Jan
Jan
2
105
27%
CHICAGO
38c
—
"115
....20
24%
18%
150
25
24%
mrnm-rn
Eastern Sugar Assn com..l
Fidelity A
mm
Jan
1,144
2%
15
Bends—
15
36c
„
~
Jan
Eastern Mass St Ry—
12%
22%
24%
._..*
Bait Transit Co com v t c.*
14%
mmmmmm
mmm
-
Members
Arundel Corp,...,
Feb
11
125
*
Exchange
Week's Range
Sale
Price
Mar
Bales
Last
Par
30c
5
_.*
compiled from official sales lists
Friday
.
mmm
Street
Rockaway LI
March 4 to March 10, both inclusive,
Feb
Torrington Co (The)
mm
'
5%8 1932—
12
m E cor Boardwalk
32%
Jan
20c
10%
15%
*
Venezuela Hold Corp
EdgetnereLI
1961
Lefcourt Manb Bldg 68 *48
1%
1.00
15
15
Warren Bros
40
Hotel...
Title Guarantee & Trust Co
Harrlrnan Bldg 6s
)Feb
Mar
14%
23%
2
m -
Utah Metal <fe Tunnel Co.l
5%s Aug mat'ty 5th Ave
'
29
23%
Reece Button H Macb ..10
Stone & Webster
55
52
51
(unstamped)..
6%s 1949 (stamped)
Graybar Bldg 5s
1946
14%
22%
*
60
25
RR
Quincy Mining Co
%
50c
Union Twist Drill Co
Ctfs.
Mlge.
Series F-l trustees rets..
mmm
38
(stamped)
Stocks—
60c
Pacific Mills Co
mmm
Prudence Bond Corp—
6 %s 1949
"
mmm
-
54%
5%s 1940 series B-K
mmm
500 Fifth Ave In—
Lincoln Bldg
50c
k
52%
Lawyers Mtge Co 5%s '36
N Y Title & Mtge Co—
46%
45%
61 Fifth Ave Apt Bldg—
6s 1943
51c
Old Dominion Co
Jan
872
mm*~mm
Shawmut Assn TC
...1946
6%« unstamped
mmm
99%
55
165 Broadway Bldg 5%s'51
10 East 40th St Bldg 6s '53
'
20
8%s stamped
11 West 42d St Bldg—
97%
58
Loew'sThea & Realty 6s'47
Feb
112%
Jan
105
3,441
2,230
1
%
High
Low
Shares
383
100
Butte
Range Since Jan. 1, 1939
for
Week
112
111% zllO
2.50
N Y N H & H RR
North
Bowker Bldg 6s
1937
B'way 38th St Bldg 7s 1945
of Prices
Low
High
Price
Par
(Concluded)
New England Tel & Tel 100
Unlisted Bonds
Week's Range
Sale
Exchange
35
10%
11%
30
20
10
Jan
2%
23%
15%
Jan
23%
4%
Jan
5
Jan
Jan
Jan
Jan
9%
Jan
50
33%
Feb
35%
Mar
255
10%
Feb
12%
Jan
7
Volume
Financial
148
Week's
bale
Stocks (Continued)
Price
Par
Dodge Mfg Corp corn
*
Eddy Paper Corp <The)._*
Elec Household Util cap. 5
Range
of Prices
Low
High
8X
15X
3X
22
3X
21X
Elgin Natl Watch Co
15
Fairbanks Morse com
*
39X
FitzSim A Cor D &D com *
13 X
4
Fox CP)
14
5
Brewing com
Fuller Mfg Co com
24
.1
57%
2X
50%
59X
2X
41%
51%
5X
Motors Corp—10
*
Gillette Saiety
514
*
*
Kazur
"ix
Feb
W'house El A Mfg cum..51
34
Mar
WIeboldt Stores Inc com..*
Mar
Jau
94
Mar
5 4
Jan
84
Jan
94
5
5
1,100
5
Jan
1194
984
500
84
94
Jai
245
117
1124
117
2i%
204
194
Jan
224
44
Jai
354
Jan
434
Jau
Woodall Indust
2
44
150
44
Feb
12
Jan
144
Jan
794
794
69
774
14
14
100
14
Feb
194
204
6,250
154
Jai,
224
Jau
1114 153,000
1084
Jar,
1114
Feb
1,250
WLcou Bankshares com..'
com
Feb
4
Mar
(Win) Jr (Del)..*
Yates-Amer Maoh cap.. £
10
Jan
14
Mar
Zenith Radio Corp com..*
2
Jan
3X
124
133
24
Jan
14
Wrigley
M
-
204
54
Jan
794
Jai
Mar
Feb
2
Mar
Jau
Jan
504
Jan
60
1,150
24
Feb
524
364
Jau
24
414
3,000
434
Jan
514
54
Mar
64
Jan
7
Jan
84
Jau
Jan
134
374
Commonw Edison 3 4a '5s
109 4
1114
Mar
100
449
$
Bonds—
Mar
Jan
12
12
Goidbiatt Bros Inc com..*
84
164
Jan
let
436
234
100
7X
Foods com
General
Feb
High
Low
High Shares
224
182
5X
7%
40X
General
Gen Outdoor Adv com
74
150
1
General Finance com
Price
Par
144
3
Low
Range Since Jan. 1, 1939
for
Week
505
13
Gen Amer Transp Com..5
(Concluded)
Range
Of P rices
Western Un Teleg com.iou
50
900
2X
13
Jan
50
200
Gardner Denver Co com..*
Stocks
High
Low
Jan
750
14
2X
Sale
Shares
4
13
Four-Wheel Drive Auto. 10
Week's
Last
Range Since Jan. 1, 1939
for
Week
8X
15X
3X
22X
41X
13 X
Sules
Friday
Sales
Friday
Last
1457
Chronicle
100
114
294
Jan
Cincinnati Listed and Unlisted Securities
Jan
Goodyear T A Rub com..*
"354
334
36
1,117
Gossard Co (H W) com...*
104
10%
10X
27 .
400
104
Jan
11
1,250
24 4
Jan
274
Feb
11%
5X
30
94
Feb
Mar
It.
44
Jan
114
54
5X
100
5
Jan
54
Jan
950
64
Jan
9
Jan
37
Great Lakes D & D com..*
26 X
Hall Printing Co com.._ 10
11%
pref.10
Harnlschfeger Corp com .10
5
Helleuian urew Co G cap. l
8X
Hamilton Mfg A pr
Hibb Spencer Bart
Horders Inc com
A*
IX
10
Brick Co
12%
400
24%
50
15
16X
2,000
"17 4
Illinois Central RR com 100
Jan
Jau
174
14
Jan
24
Jan
54
Jan
64
Jan
174
184
805
144
Jan
204
Jan
100
194
Jan
106
794
Jan
224
944
628
524
Jau
66
50
24
154
Jan
Jan
19
Mar
600
214
Jan
26
Jan
American Products
lOo
18
Feb
194
Jan
100
394
Jan
454
Mar
jaD
44
Jan
Champion Paper pref. .100
Churngold
*
Cln Advertising Prod
*
20
20
904
64
64
~24X
Interstate Pow $7 pref.. .*
234
1
*
45
1
"44
Kellogg Switchboard com. *
Preferred
100
64
44
37 4
.34
"~4
24
La Salle Ext Univ com..
900
4
24
64
fiiuag
Jan
Lust
Week's Range
for
sale
of Prices
Low
High
Week
Mar
5
Feb
64
Mar
30
74
Mar
794
Feb
Jan
Mar
Cln Telephone
694
Jan
87
Mar
Cin Union Stock Yard..
250
34
Jan
34
Feb
Cohen
450
4
Mar
4
Jan
Crosley
24
Jan
Eagle-Plcher Lead.
Early & Daniel
Formica Insulation
._..*
*
Gibson Art
Z
---*
250
24
2
Jan
24
Jan
34
200
64
j an
84
Mar
McNeill A Libby..*
54
6
245
54
Jau
Jan
Goldsmith
Mar
64
54
Jan
Hilton
Mar
Printing
Carbonic
Liquid
Loudon
44
250
2
32 4
194
10
29
Jan
324
450
i/4
Feb
20
Jan
135
164
Feb
184
Jan
Kahn 1st
100
14
Jau
X
1,400
144
7
1,600
4
114
Jan
144
2
32 X
32 4
19 X
*
18
184
*
com
Packing com
14
*
Manhattan-Dearborn com*
14X
Marshall Field com.....
6.4
McCord Rad & Mfg cl A
McQuay-Louis Mfg
com..
30
*
10
Class
A
Middle West Corp cap,..
preferred
_•..
~~5
*
Feb
14
114
194
104
J ax.
25
25
25
12
25
Mai
254
11
10
11
180
10
Jai.
11
264
84
274
19
254
J ax.
274
84
26
40""
12
100
Feb
8
Jan
Moores Coney
30
Jan
Jan
8%
14
536
564
100
preferred
44
264
Jau
Randall B
JaD
54
284
44
Feb
34
Jan
7
Jan
84
Mar
Rapid
—
U S Playing Card
Jan
X
Jan
Jan
54
Mar
14
1%
Jan
1
204
Jai.
2
Jai
4
18
Jai
100
14
1
Jai
3
346
574
49
225
Jai
Jai
534
Feb
2164
Feb
404
12
Mar
102
Mar
244
24
Feb
Jan
Feb
20
14
24
Mar
574
Mar
225
Jan
Mar
Jan
Feb
Jan
Mar
Feb
564
224
Jai
38
■
3
3
.*
Jai
8
5
2
pref...
Mar
72
20
.*
Feb
26
253
244
Jan
9
Jai
12
2
Jan
Mai
40
104
Jan
Mar
344
225
102
39
102
Mar
24
5
84
20
10
Jan
114
124
114
24
Pumps
Jan
5
Jai.
Jan
*
National
ax.
5
Feb
54
27
24
3
5
*
Feb
4
74
84
12.900
4
.6
92
J
Lunkenheimer
4
200
X
44
"8X
Jan
Jai.
13
Leonard
750
44
264
3
88
26
Kroger
34
54
1,350
34
-14
1,250
1,100
X
X
Feb
14
4
150
X
Midland United Co com..*
v
*
150
44
264
4X
common
J ax.
103
25
....*
Procter A Gamble
Prior preferred
Mlckelbury's Food com__l
Con
80
30
Mar
1,258
Jan
Mfrs Sec-
Mer A
300
84
*
A„_.
Feb
24
Jan
4
15
272
14
Feb
14
Jan
Feb
715
....100
pref
107
124
84
Prod..*
Hobart A.
Jan
1034
Jar
904
5
Sports
7
104
.
...
Kalin com
184
14
4
4X
com..
preferred
14
Davis......
Jau
Mai
6
904
"904
(Dan)___
84
50
50
....50
Radio..
114
14
10
34
4
1004
Jai.
24
Cln Street Ry-.-v
Jau
84
404
Mar
29
3
$34
300
100
74
Jan
FeL
104
52
1064
295
Feb
994
286
107
300
I
5
25
100
Feb
30
6
107
High
Low
1
25
1
6
110
60
Range Since Jan. 1, 1939
Shares
100.4 1004
11
114
39
74
Lincoln
1
...100
C N O A T P
3
Linn Oil fU'f Co com
Price
*
Cln Gas & Elec pref
10
Common
Par
Stocks—
Feb
Le Roi Co com..
sales
Jan
1,950
84
Exchange
compiled from official sales lists
Mar
Leath A Co cum—
Libby
Cincinnati Stock
March 4 to March 10, both inclusive,
87
374
86
86
100
5
Kingsburg Brewing cap__l
6% preferred
Kerlyn Oil com A
454
44
7o
84
*
Kentucky Util Jr cum pf.50
244
54
74
...
30
19
19
19
Joslyn Mfg & Supp com__£
-
*
19
19
Iron Fireman Mfg vtc— *
_
12 4
Teletype: CIN 68
Feb
Mar
550
66
64
Ken-Rad T A L'p com A.
13
25
450
62%
Co com
Jan
Feb
New York Stock Exchange
BUILDING, CINCINNATI, O.
Telephone: Main 4884
Jan
114
24
IX
90
Katz Drug
TERMINAL
DIXIE
Mar
6 X
lndep Pneum Tool vtc..
Inland Steel Co cap
Jefferson Electric com
Members
Cincinnati Stock Exchange
Mar
IX
International Harvest com
JarvLs (W B) Co cap
344
W. D. GRADISON & CO.
Jan
5%
164
ci B._*
Hupp Motors com
Illinois
10
12 4
24%
.._*
Houdaille-iiersbey
36
36
qom_2C
Hormel A Co (Geo) com
Jan
1C
8
344
314
3
60
34
74
125
Ja
74
274
Mai
672
364
5
5
23
5
5
66
5
Jai
44
..10
Bank
34
Jan
II
Jai
*
US Printing
Western
34
74
*
Jan
364
Mar
5
Jan
64
Mar
Jan
Midland Util—
6% prior lien pref... 100
IX
1
7% prior lien pref... 100
IX
1
100
X
7%
preferred A
Montgomery
544
*
,.
2
Jan
3
20
20
50
19
Jan
22
52
54 4
444
Jan
544
167 4
Mar
10
155
Jan
16
320
14
Jan
17
314
32 4
310
304
Jau
324
19
82 X
Standard com. 10
"i'x
Natl Union Radio com—1
27
Noblltt-Sparks Ind com..5
194
14
Jan
194
400
Jan
14
14
264
100
1.100
27
North
Amer Car com...20
24
North
III Finance com...*
114
114
2.450
24
8X
Northwest Bancorp com..*
18
Northwest Eng Co com..*
Northwest I til
84
Members Cleveland Stock
84
174
17
14
Mar
24
27
Mar
Feb
3
Jan
100
11
Jau
7
Jan
9
Feb
144
Jan
18
Mar
13
Jan
18
154
Jan
20
12
leb
13
124
Jan
60
.100
Omnibus Corp vtc com..*
194
Ontario Mfg Cn corn..
13
13
80
304
90
74
100
preferred
—
*
30 X
Oshkosh'B'Gosh conv pref*
7
*
Common..
7
•
100
274
Jan
Mar
7
Feb
Cleveland Stock
Feb
304
74
Mar
March 4 to March 10, both
Feb
154
Jan
t'riaaj
34
Jau
54
Feb
Last
Week's Range
for
184
Jan
Jan
Sale
364
384
312
34
Jan
244
404
of Prices
Low
High
Shares
29
29
50
5
Feb
Par
Stocks—
254
Jan
44
44
50
34
Feb
44
Mar
Pines Wlnterfront com...]
4
4
250
4
Feb
4
Jau
Apex Electric Mfg pref. 100
BrewingCorp of Amer...3
144
175
114
Jan
164
%
144
JaD
City Ice A Fuel
Jau
Cle ve Cliffs Iron pref..... *
Jan
Cleveland Railway
14
*
1
i
(The) copi
Car/
4
Quaker Oats Co dommpn. *
123
100
154
Preferred
Jan
104
1134
Jan
230
Jan
123
Mar
100
*
Cliffs Corp vtc
10
10
154
100
151
Mar
157
Jan
29
50
29
Mar
29
Mar
Jan
2
Jan
Eaton Mfg Co
Feb
11
Jan
Electric Controller. I
JaD
24
Rollins Hos Mills com.... 1
Goodrich
2 4
2
250
10
4,350
14
10
14
Jan
24
Dow Chemical
pref
60
"Vox
Jan
324
Mar
94
Mar
Goodyear Tire A Rubber. *
Hanna (M A) $5 cm prf..*
Sears Roebuck A Co com.*
76 X
74 4
764
1,254
Jan
764
154
264
Mar
Interlake Steamship
104
Feb
25
Mar
9
Jan
Spiegel Inc com
2
St Louis Nat'l Stkyds cap.*
Standard Dredge com
l
1X
104
20
300
174
Jan
16 4
955
124
Jan
164
72
14
14
70
600
400
Mar
72
14
Jan
114
Jan
Kelley Isld Lime A Tran.
50
134
294
124
Jan
National Acme
Jan
National Refining (new)..*
34
210
144
144
200
844
854
514
904
Jan
124
134
532
94
Jan
134
Mar
1024 1044
14
14
56
904
Feb
Jan
Seiberllng Rubber
1,050
14
Jan
1124
24
Jan
8% preferred
100
Thompson Products Ltd.. *
Union Oarb A Carbon cap *
United
Air Lines Tr cap.5
U S Gypsum Co com
20
IX
Utah Radio Products com *
970
104
Mar
Jan
284
Feb
184
Jan
19 4
Jan
Ohio Brass B
34
Jan
104
Mar
Jan
154
Jan
Feb
Util A Ind Corp—
Common
Wahl Co com—
*
1
For footnotes see page
1159
Jan
184
Mar
Jan
324
Jan
Jan
154
44
154
213
44
671
45
24
Feb
494
Mar
154
4
Mar
Jan
106
424
Mar
14
Jan
14
24
773
224
019
22
Feb
154
54
48
24
26
Jan
Mar
Feb
Feb
Mar
Jan
Jan
Mar
Reliance Electric—
5
114
a40
Rich man Bros
*
334
641
30
Feb
74
430
Jan
1
164
51
100
Jan
84
74
85
64
64
68
85
542
50
274
28
a215
21
Jan
35
74
Jan
85
Jan
Mar
Mar
Works
Feb
White Motor
Younvstown Sheet
Jan
274
1
Vlchek Tool
274
Jan
144
Van Dorn Iron
40
Jan
104
24
Jan
TroxelMfg
710
36
Jan
Jan
Feb
184
Feb
15
84
Feb
294
31
50
134
4
174
177
75
1%
Feb
Jan
125
Jan
4
Jan
44
14
84
jan
100
144
Feb
144
4
1
Mar
84
14
294
184
Feb
Mar
144
114
314
600
1
*
Walgreen Co common
Wayne Pump Co cap
384-
*
200
14
"24
Patterson-Sargent......
14
Convertible preferred..7
Jan
34
1014
Jan
11
204
*
Packer Corp
4
5
44
*
National Tile
81
34
M.M,
25
44
—1
Prior pref 6%
Jan
13
•
rf.
70
alO
Myers (F E) A Bros
264
34
Feb
494
Jari
Feb
680
19
134
124
373
494
24
200
25
Jan
24
284
104
Thompson (J R) com...25
Trace Co (The) common. 2
Jan
33
24
284
274
194
Swift A Co...
Feb
100
Metro Paving
104
27X
34
50
50
16
io x
15
al60
16
Sunstrand Macb Tool com5
International
Feb
*
Brick
*
Midland Steel Products..*
75
„
1184
»
.....
60
Medusa Ptld Cement....*
114
8
a230
McKee (A G) B
124
264
27
Mar
28
Jan
Jan
Jan
Jan
Mar
12
Feb
Feb
12
—*
104
94
116
116
Leland Electric
264
26
12
Lamson A Sessions
114
946
Feb
Mar
12
1,029
Jan
224
114
Mar
28
20
25
234
Jan
114
1014 1014
384
384
144
144
34
34
114
114
35
344
*
5
Conv preferred
Standard Oil of Ind
Stewart-Warner
Jai)
17
100
Feb
104
194
10 4
20
72
19X
100
154
10X
Slvyer Steel Castings com*
So Bend Lathe Wkscap..5
Jan
20
80;
354
194
Jan
Feb
10
201
194
34
Mar
8
200
214
214
194
254
.*
OF)
18
23
13
Mar
al52
150
25
61
23
130
114
Feb
22 4
900
25
564
15
324
94
30
665
61
64
C74
184
Preferred
Jan
Mar
63
94
Slgnode Steel Strap com.
74
104
27
18
664
Mar
77
Jai.
60
114
Ma,
Jan
264
294
*
1939
High
1
10
allt
63
9%
.
77
a245
*
"314
.
Co
Low
63
74
104
116
*
Ross Gear A Tool com..
77
100
*
Schwltzer Cummins cap._l
Sangamo Electric
77
7
General Tire A Rubber..25
14
10
10
Range Since Jan. 1,
Week
104
1
Colonial Finance—
151
14
Raytheon Mfg com v t c50c
Reliance Mfg Co com
4
450
77
.....*
29
10
Rath Packing Co com
200
11%
124
1214 123
Price
Mar
140
com..r
Pother Co
Sales
134
50
28 4
38 X
Peoples O LtACoke cap 10<>
Perfect Circle (The) Co...*
Poor A Co class B
Exchange
inclusive, compiled from official sales lists
Mar
885
15
224
.50
Pictorial Paper,Pkge
8wlft
AT&T. OLEV. 665 & 666
234
5
Penn Gas A Elec A com.
RR capital
304
15
Penn El Switch conv A.. 10
Steel
Building, Cleveland
OHerry 6060
Telephone
—
154
1941
Pressed
l<gf RUSSELLco.
Union Commerco
Feb
200
18
CILLIS
Jan
Jan
Jan
21
Exchange
Jan
1,300
„
144
Penn
Jan
154
National Battery Co pref.*
7%
Ohio Listed and Unlisted Securities
Mar
924
1674 1674
*
.
Muskegon Mot spec A—*
National
90
Ward—
Common
Class A
"20
*
Mar
3
24
Miller A Hart conv pref.. *
Modine Mfg com
X
34
34
15
34
Jan
44
*
34
34
809
34
Feb
44
Jan
5
5
190
5
Feb
54
Feb
_*
*
A Tube*
12
12
a20
504
51
050
Jan
1458
Financial
Chronicle
Mar.
Friday
Watling, Lerchen & Co.
Intercoast
Members
New York Stock
Exchange
Buhl
Chicago Stock Exchange
Building
for
of Prices
Low
High
Week
Price
Petroleum.....
30c
10c
10c
32#
Stocks—•
Price
Low
Shares
High
Low
High
Alien Electric com
1
1H
1#
250
Feb
1#
Jan
1
~"'S7c
1#
Auto City Brew com
37c
38c
300
36c
Feb
40e
Jan
Baldwin Rubber com
1
7#
7#
25#
27#
17#
7#
25 #
4,430
6#
Jan
7#
Jan
29
2,294
Bower Roller
6
Brlggs Mfg com
"29"
»
—
Burroughs Adding Mach.*
2#
Feb
4#
1,182
2#
4#
4,056
3#
3#
Jan
4#
Feb
5#
19c
a4,000
25c
Jan
25c
Jan
50c 52#c
20C
18c
1,900
al,066
50c
Jan
55c
Jan
20c
Jan
1
Brown McLaren
Chrysler Corp
1H
19c
52#c
Consumers
2
Dolsel-Wem-Gll corn.
10
Det Paper Prod com
Det Steel
Durham
General Motors
10
com.
Houdaille-Hershey
B
27#
Jan
32#
Jan
2,741
23
Jan
27#
Mar
Jan
6% preferred B
25
5#% preferred C
25
So Calif Gas 6% pref A. .25
6% pref A
.25
29#
29
29#
1,059
28#
Jan
29#
Feb
1,355
Jan
28#' Mar
15
1.00
Mar
80c
15
Jan
Mar
Mar
1#
Jan
123
Feb
1#
Jan
1#
Feb
1#
1#
Jan
2
Jan
13
28#
1#
300
1
25#
21#
126
350
Feb
Jan
2#
Warrants
80
320
3#
26
27#
28#
32#
32#
32#
32#
32#
32#
18#
18#
19#
1,037
27#
32#
32#
16#
-29#
28#
29#
1,657
27
43
45#
c80
425
.
Superior Oil Co (The)...25
Transamerica Corp
2
45#
2,050
39#
Feb
Mar
45#
6#
4,497
25
19#
19
19#
Jan
7#
19#
Mar
1#
Feb
2,779
6#
18#
Feb
Union Oil of Calif
Feb
Universal Consol Oil
10
Jan
Yosemite Ptld Cem pref. 10
3#
3#
3#
300
3#
Feb
3#
Jan
Feb
25#
23#
1#
16#
Mar
Mar
16#
13#
Jan
16#
475
23
16#
Mining—
Alaska-Juneau
Gold....10
9#
9#
9#
170
9# Febb
Black Mountain Consol 10c
Cardinal Gold
1
21c
19#c
21c
Mar
30c
8c
8c
14,000
1,800
19 #c
8c
7c
Jan
10c
Jan
1#
1#
100
1#
Mar
2#
Jan
2c
Mar
6#
6#
51#
2#
Mar
Cons Chollar G & S Mng.l
1#
Jan
Imperial Development.25c
2c
2c
2c
1,000
lc
Jan
16#
16#
16#
330
14#
Jan
47#
47#
a40
165# 165#
29
32#
793
Jan
Jan
Jan
45c
300
30c
Feb
12#
15#
456
Jan
13
Mar
Jan
17
45c
Mar
16#
7#
1,878
Feb
Amer Rad A Std Sanitary.*
Amer Smelting A Refg
886
6#
Jan
8#
Jan
Amer Tel A Tel Co—-.100
69c
915
60c
Jan
76C
Jan
Anaconda
626
1#
Feb
750
48c
Mar
55c
Jan
23#
1,673
20#
Jan
23#
Feb
1
j an
2#
1#
Jan
Mar
1#
3#
2#
24#
52c
,
2#
1#
1#
600
3#
170
2#
2#
23#
89c
400
181
.
Jan
23
Jan
5#
Feb
125
6#
Mar
8#
Jan
165
23#
Jan
Feb
Jan
29#
Borg-Warner Corp
6
30#
28#
30#
a395
24#
Feb
31
Jan
Jan
Caterpillar Tractor Co...*
62#
52#
52#
305
42#
Jan
52#
Mar
Feb
Columbia Gas & Elec Corp*
Commercial Solvents
*
8#
12#
8#
12#
8#
411
6#
Jan
8#
Mar
13
a50
Jan
12.#
Feb
Continental Oil Co (Del).5
28#
26#
28#
0145
10#
26#
Feb
26#
Feb
Curtlss-Wright Corp.....1
6#
6#
6#
a200
6#
Jan
7#
27#
Jan
Jan
70c
200
60c
Mar
70c
Mar
3,410
18c
75c
Jan
95c
Jan
8
3#
4#
400
100
,
150
450
7#
-~m
8
*
2,442
478
8#
4#
43#
17#
17#
7#
7#
1#*
1#
8
7#
"17%
2.50
2,406
4
50c
Jan
2#
1#
Jan
Jan
Feb
18#
Jan
13
43
Jan
Feb
Mar
Jan
1#
15#
306
16
30C
Mar
37c
2
-
16
Jan
6#
jan
Jan
Mar
25#
12#
25#
12#
25#
12#
a85
24
Jari
5
a50
11
Jan
Electric Power & Light
General Electric Co
*
11#
11#
11#
230
Jan
12#
11#
Jan
Jan
*
41#
41#
Jan
•41#
285
23
510
18#
Jan
41#
24#
Mar
23#
*
41#
22#
53#
42#
41#
44#
General Foods Corp
*
Goodrich (B F) Co.—*
53
53#
a66
46#
Jan
55#
Jan
International Tel A Tel..*
9#
9#
36#
9#
40#
300
8#
Jan
9#
Feb
34
Jan
43#
Jan
49#
52;
19#
49#
a35
52#
Jan
0162
46#
46#
Jan
53#
Jan
50#
Jan
20#
a661
Int Nickel Co of Can
8#
4#
Jan
Kennecott Copper Corp..*
38
Jan
Loew'a Inc.
*
49#
Mar
Montgomery Ward A Co.*
53#
15#
110
7#
Jan
1#
Feb
7
Jan
8
2
Jan
18
New York Central RR
*
20#
17#
Jan
22#
Jan
Nor American Aviation.. 1
North American Co
*
18#
17#
18#
480
14#
Jan
26#
25#
440
22#
Jan
19#
26#
Feb
9#
9#
26#
9#
140
8#
Feb
10
Jan
Jan
Mar
Ohio Oil Co
*
:
2
""2#
2
189
1#
Feb
Mar
Packard Motor Car Co...*
1#
3#
2#
520
1#
.Jan
4#
1#
Feb
Paramount Pictures Inc.. 1
350
3
Jan
3#
Mar
11#
425
2#
Jan
24#
1#
2#
25#
Jan
Jan
Standard Tube B com__.l
Mar
97
Mar
24#
1#
97
l#
-
«.
Tlmken-Det Axle com..10
-
16#
25
97
16#
2#
16#
1
2#
3
Tom Moore D 1st com—— 1
40c
40c
1
360
4,783
30
Radio Corp of Amer
.*
Jan
Jan
Sears Roebuck A Co
-
M
*
......
Wayne Screw Prod com..4
25c
18#
Jan
25
19#
69#
Jan
21#
Jan
Jan
74#
Jan
Jan
Socony-Vacuum Oil Co.. 15
13#
13#
Southern RyCo
21
21
Jan
Standard Brands, Inc
*
Standard OH Co (N J)_..25
*
100
2#
Jan
5
500
1#
Jan
2#
1
Jan
1#
Mar
2
1#
Jan
2#
Feb
25c
650
15c
Jan
25c
Mar
Union Carbide A Carbon.*
United Aircraft Corp..—5
1,620
4#
Mar
Feb
379
12#
Jan
13#
21
269
16#
6#
Jan
23#
Jan
215
Jan
7#
Jan
a54
48#
Jan
7#
7#
49#
8#
49#
8#
510
7#
Feb
8#
Mar
25
19#
18#
19#
al27
18#
Jan
19#
Jan
Texas Corp (The)
25
44
44
44
479
Studebaker Corp
43#
Jan
47#
Jan
13#
14#
470
12#
Feb
14#
Mar
85#
0132
81#
Feb
38#
38#
a75
34#
Jan
90#
41#
Feb
3#
3#
3#
al8
3#
Jap
3#
Feb
49#
5
Westlnvhouse El A Mfer.50
■
49#
63#
49#
505
42#
Jan
51#
Jan
65#
6#
114# 116
1,153
1,640
56
Jan
69
Jan
5#
99#
Jan
6#
Jan
Jan
120#
Jan
65#
6#
116
5#
a75
Pittsburgh Stock Exchange—See
Chicago Board of Trade
Angeles Stock Exchange
Philadelphia Stock Exchange
San Francisco Stock Exchange
March 4
Los Angeles
to
March 10, both inclusive, compiled from official sales lists
Teletype L.A. 290
Friday
Sales
Last
Angeles Stock Exchange
Stocks—
March 10, both inclusive, compiled from official sales lists
Friday
Sales
Last
Week's Range
for
Sale
of Prices
Low
High
Par
*
American Stores,.
American Tel A Tel.
Week
Range Since Jan. 1, 1939
Shares
Low
_
Barker Bros Corp com
*
Bolsa-Chlca Oil A com.. 10
Broadway Dept Store
*
Buckeye Union Oil com..1
Byron Jackson Co
*
Calif Packing Corp com..*
Central Investment
100
Chrysler Corp
5
Consolidated Oil Corp--.*
Consolidated Steel Corp—
Preferred
*
Creameries of Amer
v
t c.. 1
Douglas Aircraft Co
Electrical Prods Corp
Exeter Oil Co A com
8
5
1,925
10#
10#
a50
2#
2#
200
7#
8
540
3c
3c
3c
16#
18#
a30
High
all5
1—5
2#
Curtis Pub Co
Jan
13
11#
167#
6#
84#
*
Jan
Jan
Electric Storage Battery 100
General Motors
com—
Jan
Feb
16
Feb
Lehigh Coal A Navigation *
Lehigh Valley
50
16#
Feb
17
Jan
Nat'i Power & Light.
Jan
6#
2c
Feb
8
Jan
3c
*
_
13
14
Mar
17#
83#
8#
426
67#
Jan
83#
Jan
495
8#
Jan
9#
Jan
9#
595
8
Jan
9#
Mar
Penna Salt Mfg
50
Phila Elec of Pa $5 pref..*
Phila Elec Power pref. ..25
5
500
Feb
5
Mar
5
55c
399
51#
6
9
4#
69#
10#
72#
11#
55c 57#c
399
399
50#
51#
6
35#
5#
8#
35#
8#
35#
40
40
41
Goodyear Tire & Rubber.*
Hancock Oil Co A com...*
170
a212
3#
63#
70#
Feb
1,141
9#
Jan
11#
Mar
960
55c
Mar
Jan
Jan
67 #c
399
15
1,575
360
43#
Jan
Mar
Jan
51#
Mar
500
5
Jan
5#
Mar
a40
8#
Feb
8#
Feb
619
30#
Jan
38
39
Jan
42
1,275
Holly Development O0---I
1.30
1.25
1.30
1,680
Hudson Motor Car Co—*
7#
7#
7#
a50
1459.
13
95c
Jan
7
Feb
1.40
7
Jan
Feb
Jan
Feb
Pennroad Corp v t
Pennsylvania RR
c
—
.
*1
50
Philadelphia Traction
Salt Dome Oil Corp..
.
Scott Paper
Transit Invest pref
Union Traction
United Corp com
Preferred
United Gas Impt com.
Preferred
—50
—
50
#
*
*
11#
11#
160# 167#
18#
18#
121# 123#
7
6#
82
84#
5#
5#
302
1,245
95
263
334
467
10
29#
30#
635
49#
51#
125#
1,738
Low
125
13
8#
149#
12#
119#
6#
66#
5#
28#
42#
High
Jan
Jan
13# IMar
167#
Mar
20#
Jan
Jan
123#
Mar
Jan
Jan
8#
84#
Mar
Feb
6#
jan
Feb
30#
Mar
Jan
51#
Mar
Jan
117
Feb
Jan
3#
3#
1,025
2#
Jan
5#
4#
5#
343
4#
Jan
125#
3#
5#
Mar
"~T#
9#
.8#
1#
9#
1,385
7#
Jan
9#
Mar
2#
7,206
1#
3,626
18#
151#
116#
29#
3#
6#
2#
24#
Mar
23#
156#
118# 119#
2
23#
22#
156
"118#
50
133
30#
'30#
1,232
3#
30
3#
7#
13#
50#
145
""7#
7#
"50#
48#
#
1
*
Range Since Jan. 1, 1939
Shares
51#
Phila Rap Trans 7 % pref 50
9#
8#
High
"30#
Horn A Hard (Phlla) com. *
Mar
15
Low
'
18#
83#
8#
Jan
Feb
5#
Price
123#
13
71#
11#
see page
2
Jan
Week
10
83#
8#
__.*
For footnotes
3#
10#
1,500
16#
18#
1
General Motors com
10
Globe Grain A Milling. .25
4#
16#
18#
»
Farmers A Merchs NatllOO
Golden State Co
4#
10#
2#
for
of Prices
Bell Tel Co of Pa pref. .100
*
Budd (E C) Mfg Co-
Chrysler Corp
1
.100
Barber Co
Week's Range
Sale
Bandini Petroleum Co
Jan
1423.
page
MEMBERS
Price
60
84#
38#
14#,
85#
*
Warner Bros Pictures
Par
Jan
1
Swift A Co
U 8 Steel Corp.
Exchange
Jan
49#
8#
United Corp (The) (Del).*
United States Rubber Co 10
Wm. Cavalier & Co.
Jan
13#
.
7#
Tide Water Assoc O11...10
100
22c
*
Jan
580
Jan
Jan
Feb
365
55c
Mar
2#
0125
3#
4
Feb
21c
18#
Jan
2
74#
Jan
Jan
o25
21#
Jan
3#
Mar
74#
Mar
3#
8#
21#
40c
525
Jan
20#c
13#
2#
250
4#
13#
Jan
Jan
6#
21c
150
4
Jan
10
884
2#
1,150
1,200
4#
4#
2#
1#
4
235
•
8#
2#
74#
*
3#
3#
4#
2#
1#
„
0234
4#
11#
8
Jan
21#
Seaboard Oil Co of Del...*
Feb
2#
100
4
11#
8#
2#
Radio-Keith-Orpheum
*
Republic Steel Corp.....*
2
*
0280
Jan
Jan
2#
1#
3#
2#
'
1#
474
Feb
8#
■
Jan
Jan
Feb
10#
37#
37#
43#
250
1,025
5
Jan
1,000
-
A
Jan
5#
Electric Bond A Share
Jan
4
40#
Jan
a50
20c
7
38#
5
18c
160
5
Jan
Mar
Jan
26
53#
165#
6#
Mar
100
5
1,856
Jan
Jan
Jan
27#
94c
90c
29
50
5
42
149#
6#
Jan
8
Copper
Armour A Co (111).
47#
165#
18#
27#
75c
90C
Jan
6#
1,115
8
-
Jan
27#
60c
'
10
Aviation Corp (The) (Del)3
Bendlx Aviation Corp
5
94c
Mar
Jan
Unlisted—
11#
12#
65c
.10
Stocks—
Mar
Jan
Mar
Jan
_
Prudential Investing com.l
Reo Motor com
6
to
Mar
13#
Jan
Parker Wolverine com—*
March 4
29#
28#
2#
*
Los
Jan
Jan
Jan
2#
Jan
33
21#
Feb
43#
16
33
Jan
Mar
936
17#
623 W. 6th St.
Feb
Mar
Feb
Mar
13
Jan
Jan
0?*
31
Jan
2#
""die
Penln Metal Prod com—1
Lo»
Jan
Feb
28#
Southern Pacific Co.-.100
Standard Oil Co of Calif..*
Jan
2#
5#
,
31
30
30#
650
3
16#
23
5
New York Stock
Feb
29
925
38c
1
3#
4#
Jan
27#
125
2#
1#
17#
1
Jan
28
no
1#
16#
15#
com
10#
26#
1,610
37c
com.....
Jan
Jan
29
1,600
3#
Murray Corp com
10
Packard Motor Car com.. *
Warner Aircraft
Jan
27#
1#
61c
Motor Products com
WolVerlne Brew
3,112
36
So Calif Edison Co Ltd..25
13#
28#
2#
B......
9#
Jan
Feb
35#
8#
Jan
37c
*
a4
Jan
Jan
Mar
4
4,356
*
United Shirt Dotcom
500
Feb
Mar
j an
112
45
2
3#
35#
9#
Feb
Mar
6#
10#
3#
1#
84#
68
100
.1#
1
United Specialties
Universal Cooler A
9#
Jan
210
1,900
1#
50c
Tivoll Brewing com
Richfield Oil Corp com...*
6#
10#
2#
36#
3
3#
a20
Mar
47#
108#
Feb
Feb
.1
pref.-lOO
35#
Jan
107#
2,165
2#
Mich Sugar com
Micromatlc Hone
Stearns (Fred'k)
Republic Petroleum com.l
5# % preferred
j
50
10#
Jan
43
10
4#
51#
8
com
150
10#
170
6#
2#
Mich Steel Tube Prod.2.50
Scotten-Dillon
15
121
2#
1
Rickel (H W) com.
2
River Raisin Paper com..*
10#
6#
33#
2#
...*
Pfeiffer Brewing com
al23
49
400
"~2%
com
49
47#
108# 108#
6#
6#
108#
2#
Jan
23
Mich Silica
Parker Rust-Proof
Jan
7#
Mahon (R C) A pref..—.*
Masco Screw Prod com... 1
Parke Davis com..
29#
33#
693
'"in
Motor Wheel com
Jan
2#
66c
La Salle
—
29#
27#
.17#
Lakey Fdy A Mach com..l
com
100
6
'
com
29#
33#
29#
33#
18#
1#
10#
1
Mid-West Abrasive
29#
5#% 1st pref
25
Pacific Indemnity Co...10
Pacific Lighting S6 pref... *
Pacific Lighting 16 pref.
*
Jan
4
77c
37c
*
com..
Mar
2#
50#
..10
McClanahan Ref
33#
6
•»«*
-
»
Hiird Lock & Mfg com...l
Kingston Prod com...
1
McAleer Mfg com
McClanahan Oil com
Jan
400
Hudson Motor Car com..*
Kresge (S S) com
28#
4#
15#
-
10
Kinsel Drug com
434
Roberts Public Markets..2
Jan
Jan
2#
^
Goebel Brewing com
1
Grand Valley Brew com...
Hoover Ball A Bear
33#
1#
1
com
Jan
33#
Pacific Gas A Elec com..25
2#
"im
...1
com.
12#
25#
2i#
1#
16#
"21H
Frankenmuth Brew com._l
Trailer
85c
Jan
Ryan Aeronautical Co—1
SecurityCoUnlta ofBenlnt.
Signal Oil A Gas Co A
*
800
1#
13#
28#
1#
1#
Eaton Mfg com
4
Ex-Cell-O Aircraft com..3
Fruehauf
Feb
Jan
86c
1#
^
-
General Finance
70c
10#
*
Jan
Feb
1#
*
.
200
1,738
18#
2#
1#
13#
6
com.
75c
12#
27
204
1#
I#
1
Corp com
75c
11#
20c
31#
1,400
2,364
121
-
Detroit Gray Iron com...6
Det-M ich Stove com
.1
Det Steel Prod
Jan
75c
12#
33#
Jan
2#
15
100
com
18c
1
10
Jan
84#
"1#
Det A Cleve Navcom... 10
Detroit Edison
1#
1#
#
Jan
Feb
2#
82
-* ~
*
Steel
19C
Jan
23
680
85c
1
com
Continental Motors eom.l
2#
2#
22#
16#
1#
154
17#
Mar
837
4#
3#
Pacific Western Oil Corp 10
Range Since Jan. 1, 1939
Feb
4#
Pacific Public Service com*
Week
Jan
36#
3#
..
Par
'
for
of Prices
12c
Jan
1
Pacific Finance com
Sales
Week's Range
Sale
Jan
Jan
26
41c
10
Oceanic Oil Co
Last
Mar
9c
924
Mt Diablo Oil Mng A D..1
March 10, both inclusive, compiled from official sales lists
High
30c
1,000
31#
Los Angeles Investment.
Exchange
Friuuy
265
10c
Occidental Petroleum
to
Low
35c
30c
32#
2#
Menaeco Mfg Co
Merchants Petroleum
Telephone: Randolph 5530
March 4
Range Since Jan. 1, 1939
Shares
Lincoln Petroleum Co.. 10c
Los Aug Industries Inc...2
DETROIT
Detroit Stock
.
Lockheed Aircraft Corp-.l
New York Curb Associate
Detroit Stock Exchange
Week's Range
Sale
Par
1939
Sales
,
Last
Stocks (1Concluded)
11,
13#
1
348
20
Jan
Jan
Jan
Jan
165
Jan
119#
Jan
Jan
30#
Jan
Jan
3#
Jan
Feb
.
7#
Jan
Feb
12
Jan
16#
Jan
286
45#
Jan
50#
Mar
248
#
Jan
Jan
3#
3#
560
2#
Jan
3#
3#
185
2#
31#
Jan
38#
3#
38#
1,415
38#
Jan
1#
3#
3#
38#
12#
13#
"""3#
Jan
Jan
Mar
Feb
Feb
12#
13#
10,775
11#
Jan
*
113#
113#
129
111#
Jan
116
Jan
Elec A Peonies tr ctfs 4s '45
7#
7# SI 5.000
5#
Jan
8
Mar
Feb
Bonds—
Volume 148
Financial
1459
Chronicle
Friday
Sales
Last
Alton, 111.
Tulsa. Okla.
Stocks
FRANCIS, BRO. &' CO.
ESTABLISHED
Hunt Brothers
.
Langendorf Utd Bak B—»
ST. LOUIS
Preferred..
Leslie Salt Co
Members
St. Louis Stock Exchange
St. Louis Merchants Exchange
Telephone: CHestnut 5370
Teletype: St. L193
Price
Last
American Inv
Brown Shoe
com
Week's Range
of Prices
Low
High
*
...
Range Since Jan. 1. 1939
15
27
Feb
313*
Mar
30
303*
Jan
36
Mar
Dr Pepper com
Ely A Walker D Gds com25
323*
153*
Emerson Electric pref
Falstaff Brew com
.70
70
Columbia Brew
3
"343*
.
...
343*
1
73*,
"""73*
..5
com
7
_
.100
.
1
...
8
83*
Grleaedieck-West Br com.*
•
5
-
^
55
35
8
—
mmmmm'm
Natl Candy com..
1st pref
.
100
StLouls B Bldg Equip com*
St Louis Car com
10
Preferred
Scullln Steel com
Feb
87
47
Jan
.
25c
40
43
40
323*
3,360
24%
5J*
333*
200
5%
3,476
30c
35
Mar
8
Mar
Jan
35
Mar
Mar
6
Feb
340
18
Feb
Feb
508
103*
103*
6
.
Feb
Jan
Mar
213*
113*
113*
Feb
Mar
Mar
Preferred
Plg'n Whistle pref.
..*
BE&RCo Ltd com...
Preferred.
.....
Rayonier Incorp
.
-
Warrants.....
Jan
Feb
73*
43*
1073*
10
Feb
Mar
2
Ryan Aeronautical Co...)
Safeway Stores Inc—
Schleslnger Co (B F)—
7% preferred25
2
200
25
63*
Mar
50
5
Jan
23*
63*
Jan
Feb
Mar
34 X
103*
43*
83*
1,135
1,045
113*
950
31
"49 %
7%
105
63*
200
31
313*
231
293*
303*
303*
$5,000
313*
313*
20,000
105
Jan
Mar
63*
Jan
Mar
10C
Jan
53*
103*
455
5
Jan
540
8
Jan
5?*
10?*
Mar
2 30
3,514
2.15
Jan
2.40
Jan
343*
3,357
28 %
Jan
34?*
Mar
323*
293*
3.408
31%
28%
41%
leb
Jan
32?*
295*
Mar
Feb
49?*
Mar
1,225
1,779
80
106
1.023
1,548
20
Jan
70
121
Jan
60
147X
10X
Jan
Feb
103*
315
584
53
10
101
93*
93*
340
•
60
21
33*
13 5*
133*
133*
526
9%
93*
93*
6,690
3.00
Jan
127%
150%
Mar
15
com
218
1023* 107
6
w
373*
leb
10%
Mar
Feb
59%
101%
Mar
Jan
2.80
Feb
Jan
"
303*
293*
293*
4-5s c-d'a—
fUnited RaUways 4s__1934
——
t5s n-d'fi
3,000
14.000
.
1,080
10X
Mar
Jan
60
Mar
Feb
165*
Jan
Jan
23?*
3%
14%
10%
3,25
Jan
:
2.90
13
Mar
Jan
8%
Jan
2.35
Jan
open
Pacific
on
until 5:30 P. M.
Coast
Preferred
Preferred.
Mar
Mar
Transamerlca Corp. .....2
243*
Jan
Treadwell-Yukon Corp
Union OU Co of Calif
25
Jan
303*
303*
Mar
28
Mar
United Air Lines Corp
243*
243*
Jan
33
Mar
Universal Consol OU
Jan
313*
Mar
Victor
5%
32%
2,567
370
20
Feb
Mar
6
Mar
32
Jan
Mar
19?*
Jan
933*
323*
60
193*
293*
33
30c
4%
Feb
96
Jan
170
32
Jan
33 %
Jan
4,922
16
Jan
215*
Jan
3,365
.3,731
700
26?*
30c
76c
12 J*
93?*
6X
29 X
90c
200
143*
1.425
943*
63*
21
9,263
20
Jan
.
Jan
Mar
33
Feb
943*
Mar
36c
Jan
Jan
90c
Jan
Feb
Feb
14X
95?*
75*
Jan
Jan
Jan
39c
845
38c
Feb
193*
193*
1,114
18 J*
Jan
13
133*
460
Jan
19X
13X
17
33*
>83*
173*
2,362
Jan
17
1
Preferred
5
Western Pipe A Steel Co 10
163*
33*
83*
17
10%
13%
3%
85*
Jan
4
36
Equip Co
38c
10
'tin
com
*
com
3%
Am Rad A St Sntry——_
Week's Range
Last
of Prices
Sale
Par
Stocks—
Price
93*
Anglo Amer Min Corp.—1
Anglo Calif Nat Bank...20
_
Associated Ins Fund Inc. 10
53*
63*
Atlas Imp Diesel Engine..5
Bank of California N A—80
Caiamba Sugar com
.
Preferred
305
•
J,
_
423*
33*
3%
1,200
85
513*
Corp com..*
73*
*
333*
Gladding-McBean A Co..*
8
Jan
43*
85
Jan
Mar
Mar
Packard Motor Co com.
Mar
Feb
53*
143*
2,961
4
Jan
53*
Mar
12
Jan
143*
Jan
Jan
91
420
120
103*
140
18
250
413*
73*
8334
85
73*
190
495
270
1.60
750
83*
120
50
73*
333*
8
513*
2.049
73*
1,000
333*
83*
152
372
83*
3,145
395
mmmmmrn
213*
213*
206
1.26
1.25
2,900
853*
33*
10
9%
14
Feb
43
Shasta Water Co com
*
So Calif Edison com....25
5%% preferred
6% preferred..
Mar
18
Mar
Studebaker Corp com
Jan
8
Jan
Mar
103*
Feb
1.30
43*
Jan
73*
17
Jan
413*
103*
Mar
Jan
853*
Feb
1.60
Jan
Title Guaranty Co pref..*
United Aircraft Corp cap. 5
Feb
93*
Jan
Jan
283*
73*
63*
133*
173*
1,00
Jan
Feb
3%
Jan
Jan
29%
Feb
310
13
Feb
14%
Mar
Jan
1.25
Feb
200
1.15
215
7
Jan
9
1
300
%
8%
Jan
IX
Feb
6
Jan
9%
7%
35%
Jan
37%
30c
Feb
30c
83*
260
63*
363*
407
115
30c
1,120
.
123*
475
11
Feb
423*
448
38?*
Jan
12?*
42?*
26
100
22
Jan
26
Feb
Jan
Jan
f
Jan
Feb
Feb
Jan
Jan
Mar
2.60
100
2.50
Mar
63*
93*
706
6%
Feb
7
752
8
Jan
9X
30c
255
25c
Feb
37c
Jan
2.10
1,082
1.00
Feb
2.60
Jan
675
36?*
Feb
40X
Jan
2.50
,
Mar
Jan
Mar
513*
83*
333*
Mar
Jan
Mar
203*
06
20?*
Feb
22
243*
243*
15c
20
24 %
Mar
25
Jan
3,000
12c
Feb
160
Jan
43*
70
543*
63*
3,098
83*
173*
213*
43*
83*
alO
•8
173*
213*
408
15
Jan
22
43*
43*
25
43*
223*
.
73*
63*
25
22
20
273*
263*
283*
United Corp of Delaware.*
U S Petroleum Co
1
United States Steel com..*
Warner Bros Pictures
5l
0336
76
4
47?*
4%
20%
4%
Jan
4X
Mar
62 X
Mar
Jan
6X
8%
Jan
Mar
Jan
10%
Feb
.Jan
Jan
Mar
"
Feb
Feb
Mar
233*
83*
63*
200
22?*
Feb
4?*
45*
22%
692
6?*
Jan
8%
Jan
4
Jan
Mar
253*
223*
273*
110
165
100
4
Jan
Jan
Mar
1,554
23%
Jan
580
27%
Jan
1,026
Jan
Mar
7%
320
28%
6%
7%
7%
25%
28%
27%
28%
29%
Jan
8%
Jan
10
13%
Feb
14%
Mar
Jan
Mar
449
22?*
20
Jan
Mar
Feb
Jan
Mar
Mar
373*
33*
"643*
63*
22
373*
33*
383*
603
33*
a60
3%
Feb
42%
3%
70c
73*
73*
83*
143*
22
"293*
283*
293*
73*
83*
143*
70c
500
70o
Jan
75o
Jan
1,664
85%
Jan
695*
6X
Mar
29
633*
63*
65
63*
142
Feb
Mar
aS
395
35
8
Jan
Feb
Jan
Jan
93*
83*
153*
Mar
*
Jan
Mar
r
No par value,
a Odd lot sales.
6 Ex-stock dividend,
d
Cash sale—Not included In range for year,
x Ex-dividend,
Jan
213*
Msr
t
Listed,
Jan
1.40
Jan
Jan
Jan
8%
Feb
26%
43*
Sup Portland Cem com B. *
Feb
Jan
Jan
6%
2%
280
523*
53*
m
1
Jan
63*
O60
Jan
Mar
1,490
8
253*
Preferred—.....
Jan
353*
81
Marr
203*
.
43*
25
..26
Standard Brands Inc....*
Mar
11X
"643*
Schumach Wall Bd com..*
5,807
1.005
273*
143*
1.25
36
Jan
Mar
076
273*
133*
63c
Jan
10
485
15c
Pennsylvania RK
.50
Radio Corp of America
*
43*
103*
23*
63*
23*
Jan
27%
300
1,521
Jan
167%
15c
Oahu Sugar Co Ltd cap.20
Ola Sugar Co
20
18
883*
380
Jan
1.05
Nasb-Kelvinator Corp...6
Mar
Mar
559
373* •385*
North American Aviation 1
193*
153*
Jan
Jan
107
253*
153*
1 25
Montgomery Ward A Co. *
Mountain City Copper—5c
Jan
mmrnmmm
1
543*
Mar
Jan
18
17
Mar
29c
MonoUth Port Cem com..*
Mar
193*
83*
.*
Jan
45c
17
250
31%
8%
Mar
Jan
Feb
a
63*
83*
24?*
"Mar
43*
Jan
Mar
2.50
9%
20 %
35c
Jan
<lan
36X
31%
6%
18%
149%
155
60c
113*
h'.lb
370
83*
General Motors com.... 10
Italo Pet of Amer pref
Kenn Copper com...
250
18
1.50
cap..23*
Jan
Jan
193*
41
Foster A Kleiser com ...23*
33*
33*
683*
Jan
423*
1
1
*
253*
18
103*
173*
85
511
105
Italo Pet Corp of Am com.
193*
43*
103*
Electric Products Corp
4
Emporium Capwell Corp.*
Preferred (ww)
50
Emsco Der A Equip Co..n
Fireman's Fond Ins Co..25
4,733
Jan
24
10
*
..*
10
4
Jan
26
123*
Marine Bancorporatlon..*
50
Jan
Idaho-Maryland Mines.. 1
inter Tel A Tel com
*
17
30c
"26*
Matson Navigation Co.—*
M J A M M Cons—
1
Mar
Jan
Feb
100
83*
63*
353*
30c
Jan
19
30c
Jan
19
Jan
Jan
60
84
"8%
Feb
879
728
0
Feb
1
183*
Jan
1,800
Jan
Jan
16?*
29
,
8
21
c
Jan
25c
45c
33*
-
*
HoUy Development
Jan
203*
1,700
543*
123*
873*
43*
Hawaiian Pineapple Co..*
16
33*
17
40
493*
53*
*
143*
190
Feb
k
143*
873*
Hale Bros Stores Inc
116
163*
483*
1
Golden State Co Ltd
Mar
173*
Crown ZeUerbacb com...5
Preferred
3
21
105 « 10534
4
24
General Paint
Jan
456
543*
Cons Aircraft Corp com.. 1
Consol Chem Ind A
*
Gen Metals Corp
1773*
45C
85
Preferred-
Mar
40
53
5
Col Broadcast Sys B_. 2.50
Doernbecher Mfg Co
Jan
53*
73*
1783* 180
33*
33*
16
163*
49
Chrysler Corp com
El Dorado OU Works
103*
Feb
Jan
623
19
100
Creameries of Am v t c
Jan
43*
63*
7
493*
50
Caterpillar Tractor com..*
Preferred
9
220
93*
53*
183*
Carson Hill Gold Min cap !
Central Eureka Mining.. 1
Preferred
1
421
Hawaiian Sugar Co .... .20
Hobbs Battery Co A..
*
Mar
50
63*
313*
113*
1.25
General Electric Co——..*
93**
43*
19
,
1
Domlnguez OU Co——.*
Jan
93*
Jan
25
313*
60c
♦
Jan
63*
35c
Curtlss-Wrlght Corp—'..
10
645
33c
Calif-Engels Mining
25
Calif Packing Corp com..*
"14%
27c
699
859
283*
103*
23*
63*
23*
10
com.
Dumbarton Bridge
—10
Elec Bond A Share Co...^5
High
tLow
'
1,497
20
1603* 1673*
Cities Service Co com..10
Claude Neon Lights com.l
Feb
93*
25c
173*
—*
20
2%
20o
93*
21
1783*
..5
20
Preferred
Week
Shares
25c
Alaska Juneau Gold Min 10
Bishop OU Corp.
Byron Jackson Co..
High
Low
"29%
Consolidated OU Corp...*
Range Since Jan., 1, 1939
for
167H
Calwa Co
-
■■if*
17
Anaconda Copper Min—50
Anglo Nat Corp A com
*
Ark Nat Gas Corp A...*
Aviation Corp of Del.....3
York
both inclusive, compiled from official sales lists
•
33*
313*
Amer Factors Ltd cap. -.20
Amer Power A Light...:*
Cortlandt 7-4150
Friday
'
320
Jan
Mar
Unlisted—
American Tel A Tel Co. 100
Amer ToU Bridge (Del).
Sales
Jan
Jan
55o
"12%
1
Bunker Hill &SuUivan2.50
,,
Feb
93 %
63*
Amer & For Pwr
Francisco Stock Exchange
March 4-to March 10,
Feb
28
.
6H
are
(2 P. M. Saturdays)
Private Wire to own offices in San Francisco and Los Angeles
San
Jan
7?*
38%
Jan
15
90c
Blair A Co Inc cap..
Bendlx Aviation Corp...5
.
Mar
no
53*
28
133*
6
Members New York Stock Exchange
,
Jan
107
Jan
1,212
30c
*
63*
63*
383*
100
40
29
18X
Thomas Allec Corp A....*
Tide Wat Assoc Oil com. 10
323*
Schwabacher & Co.
lit Broadway, New
Jan
933*
323*
183*
283*
100
Jan
Stock Exchanges, which
Eastern Standard Time
Jan
Jan
163*
43*
.....
Orders solicited
Jan
16
.28
5
Feb
Bonds—
fClty A Subur P S 5S-1934
Jan
Mar
Mar
YeUow Checker Cab ser 150
Wagner Electric
Jan
7%
21%
20
934
2.90
Jan
%
•7
1.116
20
Jan
42%
12%
60
15
Jan
Mar
1.90
20
'68
Mar
109
Feb
0%
56
2.00
Signal Oil & Gas Co A....*
Soundview Pulp com
28
53*
16o
2.00
29%
303*
Mar
100
133*
Super Mold Corp cap
10
Texas Consolidated Oil Col
Mar
28
56
"57
Standard OU Co of Calif..*
6
11X
Jan
149
2.00
Jan
1.00
Feb
lOj*
Mar
104
Jan
Feb
1013* 1013*
13
30
Jan
Mar
9%
23%
213*
1273*
56
85
470
Mar
29X
149
Jan
63*
Jan
10
125
Feb
Feb 10.75
31
Jan
Jan
160
213*
21%
10
36
80
Jan
9
3%
7%
450
4734 493*
1073* 1083*
7
73*
108
573*
16
113*
10
135
Jan
Mar
Mar
113*
323*
323*
32 X
85
83*
293*
So Cal Gas prefser A
25
Southern Pacific Co.... 100
733*
63*
Jan
65*
53*
Mar
91
6
12
18?*
16?*
10?*
5?*
9?*
nx
2.15
mmm
85
1
85
105
3,454
Mar
67c
Jan
Mar
10
m
Feb
33
113*
Stix Baer A FuUer com. .10
8
Mar
85
6
Feb
Feb
2
10.50 10.50
.....
Mar
73*
167
83
m
Jan
113*
27
Preferred series A.... 100
63*
113*
Jan
Feb
Mar
27
28
,
16c
16c
""3*
...
29
101
Jan
32%
5%
37%
Roos Bros—
Mar
Mar
53*
1083*
23*
Mar
42
55o
2.80
Rheem Mfg Co
...1
Richfield Oil Corp com... *
23
Jan
43
Jan
31
113*
1
Rayonler Ino pref......25
Republic Petroleum com.l
100
Jan
Jan
Jan
12K
4
*
-
...100
16
15
Mar
25%
.
com
97
100
12%
350
103*
..100
...
28
195
Jan
236
153*
83*
Feb
Mar
60c
16
163*
Mar
8?*
20
163*
163*
60c
60c
Pacific Western Oil Corp 10
Parafflne Co's com
Mar
20
185
Feb
Mar
Jan
15J*
85*
38%
11
305*
Jan
Feb
1.75
Mai
—
Mar
Mar
451
23?*
65o
Feb
41
Pac Tel A Tel pref..... 100
Feb
186
73*
m.mmmm
Securities Invest pref—100
Sterling Alum com
"
1
55
Mar
6
333*
53*
2
4* m mm
m
93*
123*
8
43
Feb
12
58
70
410
41
1st preferred
......*
Pacific Tel & Tel com.. 100
Mar
7
Mar
8
33
mi
——*
Warrants
Mar
113*
100
313*
63*
100
......100
.
5
666
220
60
2
100
1st pref
2nd pref
Jan
400
73*
mm'
Mar
100
8
293*
5%
303*
Jan
Jan
.
100
2
5
Scruggs-V-B Inc com
83*
46
269
2
'mm.
Sqrv pref A.*
1.50
1.50
20
Jan
40
Feb
"823*
32 H
*8
Jan
73*
237
.
83*
83*
43*
43*
1073* 1073*
—*
Rice-Stix Dry Goods com.*
St Louis Pub
396
113*
li
-
Feb
8
6% 1st pref
25
5X% 1st pref
...25
Pacific Light Corp com...*
$6 dividend..:
..*
Pacific Pub Service com..*
Jan
Mar
Mar
23
mm*
-
40c
1.50
*2*20
100
28
100
.....
323*
Jan
Mar
53*
213*
113*
1134
li
25
Natl Bearing Metals com.*
Jan
Mar
35
.
20*
213*
*
Mo Port Cement com
35
100
193*
123*
Pacific Coast Aggregates 10
Pacific Gas A Eleo com..35
3
25c
53*
20
Midwest Pipe com
283*
153*
28
8
8
«.
Mar
3iJ*
73*
35
333*
—
—
7
33*
343*
93*
83*
200
55
25c
——
*
Knapp Monarch pref
*
Laclede-Cbristy CI Pr com*
Laclede Steel com
93*
_
55
*
...
Key Co com
Preferred
^
Mar
170
53*
113*
93*
113*
1136
.
3
55
60
58
,
■
Hussmann-Llgonier com. *
Huttig S & D com
—£
Hyde Park Brew com
10
Hydraulic Pr Brick com 100
240
83*
54
58
HamUton-Brn Shoe com ..*
International Shoe com
..
313*
35>*
33*
343*
75*
75*
323*
153*
Century Electric Co.—10
.1
Occidental Petroleum
..1
Oliver United Filters B—*
Pacific Can Co com.
*
High
35
mmm.
mm
Coca-Cola Bottling com
Collins Morris com
Low
Shares
313*
com
5X % preferred
.100
N American Oil Cons... 10
Occidental Insurance Co. 10
Week
Price
38%
22%
Mar
482
55c
193*
123*
....
for
Sale
Par
90,
223*
North Amer Invest—
Sales
Friday
Stocks—
393*
Menasco Mfg Co com_._.l
Exchange
High
55o
...
March 4 to March 10, both inclusive, compiled from official sales lists
Low
223*
mmmmm
50
National Auto fibres com 1
Natomas Co
Range Since Jan.
Shares
39
393*
mmm*rn +
Meier & Frank Co Inc... 10
St. Louis Stock
1,1939
Week
..10
LeTourneau (R G) Inc.—1
Llbby McNeill & Libby..*
Lockheed Aircraft Corp_.l
Magnavox Co Ltd.
2%
Magnln A Co (I) com
March Calcul Machine
6
Chicago Stock Exchange
Chicago Board of Trade
for
of Prices
Low
High
..10
Hutchinson Sugar Plan. . 15
Langendorf Utd Bak A.. *
fourth and olive streets
N. Y. Coffee A Sugar Exchange
10
com
Preferred
INVESTMENT SECURITIES
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
Par
Home F & M Ins Co cap.XO
Honolulu Oil Corp cap..-*
1877
New York Stock Exchange
(Conclude#)
Week's Range
Sale
t In default.
Deferred delivery,
y Ex-rights.
Financial
1460
Mar. 11,
Chronicle
1939
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock
Provincial and Municipal Issues
Closing bid and asked quotations, Friday, March 10
Jan
-Oct
4 %$
84
1 1948
1 1958
6s
Oct
1942
1 1959
1 1962
4a........June
100H
99
16 1943
6s_
62
102 X 103%
1 1963
..Sept
6s...—May
/60H
12 1949
July
4%8
l
68....—Oct
65M
Prov of British Columbia
6a-
Rid
Province of Ontario—
A Hi
lid
Province ot Alberts—
15 1965
4Hs....—Jan
4 Ha
93
95
Province of
87
90
4Hs..
Aug
J 1941
June 15 1954
6s,
Dee
2 959
Prov of New Brunswick—
87
90
4e...
4%»
107 H 108 H
105 H 107
16 1980
16 1981
Apr
-Apr
4 Ha
4 Ha
111
118H 116%
122
123 H
108 H 110
117
118H
6 Ha
16 1946
11951
.Nov
Oct
4 Ha
111% 112%
77
Canadian Pacific Ry—
4Hs
Sept
1 1946
82
SIX
4a
perpetual debentures.
6a
Sept 15 1942
4 Ha
Pec 16 1944
58....
July
1 1944
104 H
104
93
113
5%
7
8%
100
Ask
25
Montreal Telegraph.... 4 0
Montreal Tramways.—100
Mont Loan & Mtje
99
H
Dec
1
1954
99
99 H
4%s
July
1 1960
94
94 H
...
Dominion Government Guaranteed Bonds
30%
27%
---
..*
Ask
Bid
Ask
115 H
115
Sept
1 1951
4%s
June 15 1956
4Ha..-.-.Feb
1 1956
4 Ha
July
1 1967
6s
Jul}
1 1969
68
...Oct
1 1969
6s
..Feb
1 1970
4 Ha
118H 119
116%,116%
116%116%
6 Ha
8a........Jan
11962
Jan
73
Jan
42 X
Mar
-
45%
Feb
-
-
4
Acme Clove Works Ltd..*
Agnew-Surpass Shoe.....*
Alberta Pacific Grain A..*
Amal Electric Corp pref-50
Breweries....*
Preferred
....100
Al:o H^vtelCorp
Batburst Power A Paper A *
10
10,
42%
*
----
------
8H
100
Ba»lf uV) Grain......
Preferred.........v. 100
-
-
-
7%
.
28%
18X
•
.
lao
ronze
------
100
*
Rights
Preferred—..........
*
Canadian Locomotive. .—*
K.
.
f
onsol Mining A
2%
...*
—
-
-
-
.100
*
Winnipeg Electric A.....*
.100
Electrolux Corp
Enamel & Heating Prod.
English Electric A
*
Preferred
Rights.
.........
General Steel Wares
*
4
14
16"%
100
Jan
Jan
Jan
Jan
998
20
10
2f
7
65
20
101
7
65 X
8%
3r
18
34
16%
105
Feb
—
21
Jan
Mar
Jan
Jan
Jan
Mar
Jau
Jan
Jan
10H
35
7H
Feb
8%
Feb
7%
90
7
Feb
9
Jan
167%
Feb
Mar
Jan
Feb.
Montreal Curb Market
March 4 to March 10, both
inclusive, compiled from official sales lists
Stocks-
Par
Price
Abltibi Pow A Paper Co..
6% cum prefj—
100
Sales
of Prices
High
Low
Range Since Jan. 1,1939
for
Week's Range
13
Acadia Sugar 6% cm pre! 5
Asbestos Corp Ltd
*
104
(New>
6%
100
Week
High
Low
Shares
■
Jan
Canada Vinegars Ltd....*
Mar
Mar
100
Mar
Can Breweries Ltd—....*
Preferred
*
Feb
Jan
2%
Jan
5
Jan
8
Mar
Jan
6%
8%
Jan
Cndn Light & Power ColOO
*
Jan
20 H
37
242
108
18
115
115
12 %
7
15
10,738
Jan
Jan
Jan
8X
Jan
2,120
5
Jan
19%
115
12H
7
Mar
Jan
Feb
Commercial
110
76
Feb
77
Jan
55
Jan
65
Mar
150
150
f
147
Feb
150
Feb
6X
32
11
14H
91%
12%
.620
,
1.00
.
65
210
33
240
11%
15X
2,547
92
3%
74
30
9
Jan
Jan
ex
15
1.00
Mar
Jan
32
Jan
Mar
.
"Jan
Dominion Stores Ltd
Feb
Jan
Jan
8
Jan
66 X
Jan
82
Jan
56
Feb
5
Mar
4H
4H
57 H
Mar
Jan
6
Jan
Jan
6%
Jan
Jah
6
Jan
Jan
32
15
Jan
13
Jan
93
92
93
65
94
Feb
94
Feb
Hudson Bay Mining—*
33 %
34
3,162
31
Jan
35H
Jan
Imperial Oil Ltd
..*
Imperial Tobacco of Can.5
17H
16 %
7%
33X
16%
17H
16%
3,739
1,830
16
Jan
17
Feb
15H
Jan
16%
Feb
7%
33
32
33
50
51%
53
13
13
54 X
13
27
26%
27
Jan
170
7%
Jan
7%
270
29 X
50
Feb
32%
Mar
57
Mar
50
Mar
4,403
46 H
Jan
50
13
Mar
2,665
25
Jan
3
3
10
3
75
75
178
76
16%
17H
530
14
56%
13
Jan
B
♦
Ea8ternDalries7 %cmpf 100
Fairchild Aircraft Ltd...6
Fleet Aircraft Ltd
..*
Ford Motor of Can A....*
Foreign Power Sec Corp..*
Fraser Companies Ltd...*
Voting trust ctfs
*
Intl Paints (Can) Ltd A..*
Intl Utilities Corp B
Mackenzie Air Service
*
MacLaren Pow & Paper..*
23 H
12
4,716
20X
Jan
23 H
12 H
4H
25
28 H
38
2,840
156
677
88
5
22 H
735
20%
5
28
13
29
1.00
75c
Jan
Jan
Feb
23
Jan
21 %
Jan
2.20
Feb
2 20
Mar
2.20
Jan
2.24
Feb
14
Jan
14 H"
Feb
Jar
1.03
Jan
75C
Feb
85c
9
35
300
30
8%
11%
341
1.60
1.60
65c
960
10c
10
2H
.2%
5H
5%
17 H
33
5
~~5H
9
22 %
5%
5
3H
5
5%
9%
9
22X
22%
35c
35c
1.60
Jan
35c
Jan
41
8X
12
Jan
Jan
1.50
Jan
2H
100
4%
Jan
5%
100
15H
Jan
15%
13,020
1,295
4H
Jna
7X
160
25
190
1,252
1.60
Feb
14%
IX
Mar
•
32
Jan
Jan
Jan
Feb
Feb
1.10
2,105
405
Jan
1.60
15
Jan
6
4X
4H
3H
Ja"
Jan
10
15
33
5%
5%
Jan
6
11
1,250
2H
Jan
Jan
Feb
Jan
2H
16
Feb
1.80
Jan
2X
14H
2H
Mar
14
16%
2H
85%
Jan
50c
*6%
Feb
Jar
10c
2%
5H
Feb
Jan
4H
28%
112
6
455
Jan
19 X
94
.
Jan
Jan
475
33
.
20
100
50c
.
1.30
6
14 H
14%
Jan
Jau
32H
107
15
230
Jan
4H
500
21H
11
65c
3%
15
2H
35
Jan
Feb,
Jan
Jaa
Jan
Jan
Feb
Feb
Feb
Feb
5%
Jan
6H
4
Jan
6
Jan
Jan
250
Jan
5
3H
Feb
4H
Jan
575
4
Jan
6
Jan
365
..
3H
100
8
Jan
10H
Jan
23H
1,361
20
Jan
Jan
35c Mar
50
350
Mar
80
11H
11H
Jan
17
Jan
Jan
17X
Jan
14
14
15X
2H
13 X
15X
2H
2H
5
2H
Jan
3
Jan
60c
55c
60c
200
50c
Feb
70c
Jan
2,735
50c
Jan
65C 1.00
1.00
2,070
1.05
Jan
15
476
12
Jan
15
Jan
45 X
47
262
40
Jan
60H
Jan
90
90
142
81
Feb
93
Jan
Jan
«H
16%
14
Massey-Har 6% cum pf 100
McCotl-Fron 6% cm pf.100
Melchers Distillers Ltd pf*
Mitchell (Robt) Co Ltd..
Mar
nx
1.60
*
Donnacona Paper A.....*
5%
1.65
8
Dom Oilcloth A Lino Co.. *
Mar
Jar
13
8%
36
*
15
4%
1.00
"~75c
*
11%
Jan
51%
54%
JDavld & Frere Ltee A
B
93 H
5
Jan
16X
7%
Consol Bakeries of Can.._*
Consol Paper Corp Ltd—*
Cub Aircraft.....—......
Jan
Jan
5H
455
...5
Jan
2H
1,255
....
88
15
5%
6
Alcohols....*
224
123 H 123 H
"14H
*
11%
55
56
5%
Feb
330
7%
6%
5%
4%
1.00
2,695
1,945
5X
6%
642
4H
12
"
Preferred
Fe«»
111
230
*
Claude Neon Gen Adv
648
12 H
i;oo
.100
Jan
65
Jan
pref
5% cum pref
.15
Celtic Knitting Co Ltd...*
City Gas A Electric Corp.*
77
280
cum
Jan
Mar
77
,
.7%
Catelll Food Prods Ltd..
3X
4%
20 X
1
Jan
515
28 H
Jan
1.60
Cndn Industries Ltd B... *
4H
2
.far
Feb
13
22 H
J»n
3
111
Cndn Dredge & Dock
*
Cndn General Electric..60
125
34%
Mar
2H
%
28 X
•
Jan
.5%
li2H
Mar
5X
23 H
5%
12
21 X
Mar
Jan
10
00
2,007
22
Jan
2X
23
4H
4H
"22%
Feb
230
3
4
5
11
3H
1,659
3
*
1.50
110
5%
26 H
26
"4 %
105
Jan
6,680
7,532
13%
6%
*
Beauharnola Pow Corp.1—*
Brewers A Dist of Vane
f
Brit Arner Oil Co Ltd....*
1.90
102 X 105
26
BathurstP&PLtdB
Jan
1H
175
12
5%
Jan
410
3,800
1.55
1.90
36
10
2
Feb
16
17
Feb
192
29
•
1.70
Jan
28 H
14
Lake of the Woods
385
2
176
21H
"
2 H
332
605
75
11%
Feb
.
191
1,120
1,665
100
Feb
1.60
190
Canada Malting Co Ltd..*
Can Nor Pow 7% cm pf 100
30
Intl Power pref
Mar
11
620
191
34%
18 X
-
109
109
50
2.00
....100
Royal
Cauada A Pom Bug (new) *
2
--
Mar
5
11H
Jan
Jan
4,385
*
109
Jan
Feb
2,375
International Power
Mar
310
Feb
13H
Internat Pet Co Ltd.—..*
50
Jan
7
15
Intl Nickel of Canada..—*
Intl Paper A Power A
*
Mai-
301
65
29
.
50
43
Feb
15
£1
10
310
British Columbia Packers *
11%
Preferred
50
310
Canada Bud Breweries
29
In dust Accept Corp.....*
Intercolonial Coal
100
Mar
310
Mar
13H
100
Jan
14
.100
ScotIa_.r
Mar
15
Preferred
Nova
20%
------
7
Mar
'
178
34
Holllnger Gold Mines....6
Howard Smith Paper....*
Jan
14
222
Can Vlckers Ltd..—.*
5H
.4
150
Jan
Cndn Pow A Paner Inv
6
Mar
520
5%
Jan
Jan
-
Jan
Jan
Jan
-
73 H
171
172
Jan
,
2%
7
10%
39
105%
Feb
101
...856
.
100
2H
2H
Goodyear Tire Pfd Inc'2750
Preferred
Fet
10H
21
7
05%
Jan
29 H
21
74
*
Feb
104H
Jan
Gypsum Lime A Alabas..*
Hamilton Bridge.—..*
Jan
110
14
167
Jan
Jan
36
282
56
—
4,520
1,255
3,665
.
105
12 H
105
56
-
2%
7H
105
74
—
15
663
145
General Steel Wares pref 100
Gurd (Charles)
Jar
208
61X
11H
15%
91%
6%
7%
*
100
...
165
7H
7H
Mar
2,142
6
Foundation Co of Canada *
Gatlneau Power....
110
Jan
25
26
33
20
10
2%
■p2
*
Feb
147
Jan
12 %
Mar
14%
164
Jan
-----
22 %
Feb
167
47
i
.
Jan
12
178
520
-
20
95
212
5 <812
-
4,832
Jan
178
7%
-
<42
212
59 %
J
Feb
212
26
*
30
2
2
Jan
95
377
36
ex
—;
610
1 85
1.85
Jan
10 x
6X
Preferred..
39
Jan
Mar
.
11H
.
100
Montreal
57
'
20
Jan
109
"169""
Sale
17 X
2X
11%
"<
15H
Jan
5%
Commerce............100 ~178~~
24
------
Jan
18
100
Canadlenne......
20
Dominion Textile...—..*
10K
7r
50
Last
99
11%
Dry den Paper....
*
.....
59%
.*
1,195
Friday
Jan
378
5
isx
2,752
14
14
Feb
Jan
Dominion Steel A Coal B 25
........100
Zellere Ltd..
Cndn Marconi Co..:
.
4
MaJ
4%
------
Jan
14
165
~5X
Mar
Mar
"34%
Dominion Coal
Mar
35
"39"
10%
27 H
10
*
pref....25
■Dominion Class
100
Dominion Bridge
Jan
Jan
16%
7H
'Distillers Seagrams...—.*
MaJ
106
•
..100
Jan
Jan
-
7H
*
26
Smelting 5
19
Jan
20
3H
*
6
•
Jan
12
3%
13X
...25
Preferred......
Jan
Jan
105
,
16
104 H
2H
20
106
Feb
7H
.
-
5
14
14 H
2X
7%
------
115
2,930
100
100
Crown Cork A Seal Co—.*
Preferred
1.50
12%
.
Dom Tar A Chemical
Jan
103 % 103 X
Canadian Pacific Ry....25
Cockshutt Plow
1.00
12%
Canadian Indus Alcohol..*
B..
8%
------
-
t
Jan
5,015
9%
65%
Cndn Foreljn Invest.-.*
Preferred.
.....100
Feb
36
----
100
Catiao ian Cottons
Jan
Jau
105
------
Canadian Converters-.100
2H
6%
15H
16%
32% .33%
16%
105
Celauese———*
Preferred 7%
Jan
Jan
8%
10%
98 X 102
16 %
17H
2%
2%
33
........25
Preferred
Canadian
5
175
16
Canadlau Car A Foundry. *
57%
Banks—
10
Jan
------
...
19X
Mar
160
166
iox
Preferred....—......60
Cana
Canadian Bronze pref.. 100
Jan
48
55
Jan
Jan
Jan
Jan
12H
Feb
Feb
73%
99% 100%
1,422
2H
275
12 %
Jan
15
17H
Canada Steamship (new).*
905
Jan
Jan
Jar
102
100
Preferred
Can North Power Corp—.*
19
106
10
Jan
10
17
240
42%
68
15
16%
2,387
Jan
Feb
167
20
9%
17
49
98
41H
.
73H
16 H
2
821
18
„„
12%
106
17
.
220
48
12 %
100
42
12
30
22 H
102
102
41H
11H
15%
77
Jan
29
Feb
102
Jar
Jan
682
Mar
15
Jan
115
,
1(2
Feb
11H
25
3
Jan
15
68
32)
28
160
61
148
15
3
63
15
701
15
7H
Mar
29%
162
15
"
12
30
37,392
Jan
162
.....
77
1,002
12%
26
29 %
Jan
Jan
Mar
111
SH
175.
Jan
11%
10%
9%
26%
71
75
15
174
5,211
2,116
110
6
ja*
82
22 %
82
77
505
113
'
61
Jan
111
250
17
Building Products A (new)*
Cauada Cement.......*^ *
Ma*
Jan
20
450
100
110
3
i
.
...
4
48 H
96
80 X
28 H
81%
Southern Canada Power..*
100
28
*
B
16H
10
12X
British Col Power Cor ph.*
Feb
30
113
-
174%
Bell Telephone
100
Brazl Ian Tr Lt A Power.*
Feb
2
16%
10%
....
9%
150
30
-
16%
Associated
21
185
Jan
1,827
Steel Co of Canada...—.*
High
4
41H
60 H
20
110 H 111H
Range Since Jan, 1, 1939
2
43
56 X
20
-
13
Preferred
10
.
2
2
Jan
Jan
22 %
Weston's Ltd
Low
3,150
42X
57
13
Preferred
Shares
High
Jan
21H
bales
Low
Mar
13
Week
price
Par
M»r
28
54
.
B
Stocks—
32
Mar
22%
Exchange
for
Jan
27%
Sherwin Williams of Can.*
March 4 to March 10, both inclusive, compiled from official sales lists
of Prices
101
29 %
62
46
42
Western Grocers Ltd..
Week's Range
Feb
8,993
28
69 H
42 X
-
United Steel Corp..—.—*
Wabasso Cotton ........*
Sale
32
32
80
Tuckett Tobacco pref.. 100
Last
98
100
81
102
119% 120H
Friua y
Jan
55
——100
119H 120%
Montreal Stock
Jan
7
70
Penm.ans.
.
..,.*
Power Corp of Canada—.*
Price Bros A Co Ltd..—.*
Preferred..
Crand Trunk Pacific Ry—
4a
...Jan
11962
jll6H
116
11946
...July
7H
Feb
123% 124
Canadian Northern Ry—
Canadian National Ry—
Jan
54
-
-
Bid
5
42
-
60%
Corp..*
100
Quebec Power
*
Saguenay Power pref
100
St Lawrence Corp
*
A preferred
50
St Lawrence Flour M ills
*
St Lawrence Paper pref. 100
Sbawinlgao W & Power..*
Jan
13H
5H
972
1,360
7
High
Jan
89%
-
15
5% preferred
11H
69 %
25
Preferred.
400
12%
6%
42
— —
,.
99%
98
32
Mont L H A PConaol—
Niagara Wire Weaving...*
Noranda Mines Ltd
*
6s
94
8%
McColl-FrontenaeO
Ogtlvle Flour Mills
*
Preferred
—,—100
Bid
Canadian Pacific Ry—
M assey-Harrte .......... *
Low
Shares
High
12%
Ottawa L H A Pow....100
Ask
Low
12%
National Steel Car
80
80
Week
8
Preferred
80
76
78
Railway Bonds
Bid
Par
Laura Secord
National Breweries
5s........ June 16 1943
108 H 109 H
118H li7H
.Sept 16 1962
Mar
1 1980
4 Ha
Stocks (Concluded)
for
of Prices
Price
Montreal Cottons pref 100
110H 111H
107% 108%
Range Since Jan. 1. 1939
Week's Range
Sale
111H
Prov of Saskatchewan—
Province of Nova Scotia68.—
Quebec—
Mar
2 1950
.Feb
1 1968
May
1 1961
bales
Last
Ask
Province of Manitoba—
6b,..
Exchange
Friday
6
14 H
6%
203
14
14X
465
1
1
75
6
11H
1
Jan
Mar
1
Jan
Jan
Mar
Jan
Mtl Ref A Stor vot (rust..
83 cum pref
Mar
Page-Hersey Tubes Ltd..
103
103
10
101
Jan
104
Jan
Powen»fCan6demist nflO*
Provincial Transport Co..*
103
103
12
101
Jan
105
Jan
Jan
Jan
27%
3H
Feb
Feb
77
Feb
Jan
17H
Mar
*
No par value.
12X
7
12X
7H
105
451
12%
6%
Mar
Feb
12%
7%
Mar
Jan
Volume
148
Financial
P
Chronicle
1461
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Par
Quebec Tel 4Pow A
Week's Range
of Prices
Week
Price
Low
High
*
4%
Sarnia Bridge Co Ltd A..*
Sou Can Pow 6% cm pf 100
4%
pref._:
1.25
4%
5
4%
Jan
Jan
(Continued)
Low
23 %c
27c
24.184
biltmore
*
7%
Blue Ribbon
7%
3%
7%
3%
80
Jan
150
1.00
1.40
Jan
Blue Ribbon pref
48
50
43%
Jan
50 %
Jan
Bobjo Mines
67
19%
Jan
20%
Jan
Bralorne
36c
47c
11,700
35c
Jan
50c
Jan
Brazil
50
30
Arno Mines Ltd
*
2c
2c
500
Beaufor Gold
1
12c
12c
700
Big Missouri Mines
22c
1
Bulolo Gold Dredging
Cndn Malartic Gold.
6
2o
Jan
22c
600
15c
*
11%
12%
11%
4%
23%
*
9
295
91c
91c
2%c
2 %c
*
25
"22%
Brit Col Power B
*
3
3
48c
Broulan-Porcupine.
Jan
Brown Oil
*
29c
Feb
Buffalo-Ankerlte
1
12%
Jan
Buffalo-Canadian
Jan
Building Products (new)
1,600
90c
Mar
1.00
2%c
17
Feb
Jan
12%
6%
23%
Mar
Jan
4,712
4
Feb
20%
2%
Jan
2%
Feb
44c
Mar
76c
Jan
30c
30,600
19c
12%
4%
17
8,765
41,000
2,818
2%c
14%
23,160
Jan
33c
Jan
Mar
11
Jan
15%
4%c
Mar
Jan
17
Mar
Dome Mines Ltd
*
1,500
10,500
Feb
Bunker Hill
80
11c
Feb
11%C
2%c
Jan
Feb
3%c
3c
6c
Jan
Burlington Steel
12%
11%
12%
340
Feb
12%
34,583
16c
Jan
250
Feb
Calgary & Edmonton
*
2.60
2.25
2.65
26,175
1.90
Jan
2.80
Jan
2.59
500
2.30
Jan
2.74
Jan
Calmont
1
50c
42 %o
53c
23,500
34c
Jan
65c
Jan
22c
22c
2,100
1,522
21c
Feb
290
Jan
Canada Bread
*
5%
4%
6%
65
3%
Feb
5H
Jan
10%
819
Eldorado Gold M Ltd
10
9,100
4c
Feb
8c
Jan
2.37
2.76
20,600
2.14
Jan
2.80
Jan
Canada
1.83
1.97
2,275
1.60
Jan
2.35
Jan
Canada Northern Power.
5.55
6.00
1,030
5.00
Jan
6.00
Mar
Canada Packers
24c
Canada Permanent
Canada Steamships...
*
24c
Jan
33%
25c
2,900
20c
Jan
25o
Mar
5c
5%c
Jan
6%c
Feb
8%c
6,200
1,000
4c
8%c
5%o
Mar
10c
Jan
6o
6c
167
7c
Feb
10c
Mar
61c
Joliette-Que__.
61c
500
5c
J-M
Consol Gold (New)..
Klrkland" Gold Rand.
1
Kirkland-Hudson Bay
Canada Cement
Jan
5c
32%
5%c
31%
5c
1
FaJeonbridge Nickel
Francoeur Gold
32%
Oils
2.66
32%
1
1
61c Mar
61c Mar
Preferred
100
Malting
Macassa Mines
1
Mclntyre-Porcuplne
6
5.35
2,375
4.75
Jan
5.80
Jan
68%
1,195
62%
Jan
68%
Mar
1.21
McKenzle-Red Lake Goldl
5.45
57%
5.45
1.12
Jan
1.31
Jan
56c Mar
60c
Mar
59c
*
ng
O'Brien Gold
14,700
100
47c
Mar
47c
Mar
'2.90
3.00
1,675
2.37
3.35
Jan
3.95
4.05
2,800
3.90
Jan
4.80
Jan
8c
8c
9c
4,500
8c
Feb
16o
Jan
2.45
2.45
100
2.25
Jan
2.60
Jan
1.65
1.85
800
1.46
Jan
1.85
Jan
1~82
Gold.r
1
Pickle Crow Gd M Ltd
1
1.75
1.85
5.40
1.90
Jan
1.45
9,250
Jan
Feb
1.85
,
5.35
275
4.95
Jan
5.50
Jan
2.56
325
2.56 Mar
2.65
Jan
13
14%
Jan
___]
...1
5.40
2.56
Pioneer Gold of Brit Col.. 1
San Antonio Gold
500
60c
47c
4.00
1
Pamour-Porcupine
*
Pandora Cad
1
Pato Consol Gd Dredging 1
Pend-Orlelle M & Metals. 1
Placer Development
Quebec Gold
Reward Mining
1.22
54c
47c
New True Fissure
13%
1
13%
60
1
4%c
70
Jan
60c
100
60c
Feb
4%c
4c
11,700
3%c
Mar
1.47
60c
Feb
6o
Jan
17
17%
70
77
100
150
Feb
20
Foundry
*
Preferred
26
Canadian
1.65
Feb
1.50
3c
3%c
1,000
3c
Jan
4%c
Jan
1.16
1.33
5,214
1.00
Jan
1.44
Jan
Slscoe Gold Mines Ltd...l
Sladen Mai
1
1.18
1.16
1.21
7,625
1.16
Mar
1.67
Jan
56c
Mar
Stadacona (new)
Sullivan Consolidated
9,950
78o
Mar
1.00
Jan
360
3.15
Jan
3.55
Jan
4.60
480
4.25
Jan
4.60
Mar
Jan
310
Feb
35c Mar
35c
Mar
6.75
Mar
86c
4.50
.1
Teck-Hughes Gold
Thompson Cad
Chromium Mining..
Commoil
•
3.40
"86c
1
24c
24 c
25c
6,900
Towagmac Exploration.. 1
35c
35c
35c
500
20c
Ventures Ltd
*
5.75
5.76
130
5.75
Waite-Amulet
*
7.85
7.20
7.85
8,514
6.30
Jan
8.10
Jan
Wood Cad
1
14c
14c
15c
10c
Feb
*
8.80
8.75
.8.80
8.00
Jan
18 %e
8.80
Jan
Wright Hargreaves..
14,300
1,600
Mar
Mar
Consol
Mines
*
Brown Oil Corp...
1.15
1.27
1.28
3,100
1.10
Jan
1.51
Jan
29c
Commonwealth Pete
29c
Jan
31c
2.66
6,400
3,900
19c
2.30
1.93
Jan
2.75
Jan
50c
50c
50c
300
40c
Jan
65c
Jan
24%e 24%c
1
23c
2.65
_*
Calgary & Edmonton
Calmont Oil Ltd
200
*
"~54c
Dalhousie Oil Co
*
54c
1,900
Davles Petroleums Ltd
Foothills Oil & Gas Go
36c
37c
200
*
l"07
1.07
1.07
500
Home Oil Co
*
2.90
2.58
2.95
Okalta Oils
»
1.33
1.21
1.36
20c
20c
41 %
39%
41%
24%c Mar
*
54c
"
Prairie Royalties Ltd..25c
♦
0
Jan
24%c Mar
37o
Feb
35c
Feb
55c
Jan
85c
Jan
1.06
Jan
42,640
2,00
Jan
3.70
Jan
1,900
1.Q2
Jan
1.72
Jan
100
20c
Mar
20c
Mar
1,551
35%
Jan
:
75c
Jan
44%
Jan
43c
Mar
89
16%
1,838
746
22c
59%
2%
85o
Jan
1.03
94c
6,950
18
164
5
2,271
"26"
'207%
10
67
*
"25"
1
Tar
*
Jan
4%
3
Jan
18
11%
6%
.1
""8c
21%c
•
12%c
1
2.67
*
Eldorado
20
Mar
Feb
106
Feb
1.00
2.69
8,540
2.24
Jan
2 75
Jan
17,900
6c
Jan
12c
Feb
3,500
25,450
40c
Feb
700
Feb
1.09
Jan
1.39
Jan
7,325
1,100
60c
Jan
85c
Feb
42c
Jan
56c
Jan
21%c
6%
Jan
36c
Jan
795
Jan
8%
1.21
3.90f
1.28
83c
43c
43c
28c
7
'
8
3,700
88c 1 Jan
.1
*
Feb
1.95
Jan
16,490
1.29
Jan
174
Mar
840
14%
Jan
18c
Feb
20c
22c
2,700
66%
59%
180% 182%
3.091
178
170
19
61
H 00 CM
Abitibl
185
150
195
Mai
22
5c
100
5e
Mar
8%c
Jan
32o
Jan
60c
Jan
16c
31,050
5,200
11c
Jan
10c
Jan
13%
30%
Jan
20%
Mar
Jan
Jan
33%
207%
Feb
Feb
18%
Mar
3%C
Mar
19%
20%
32%
207%
18% '18%
3%C 3%C
24% 25
1,590
2,430
206
37
200
5,290
515
24
Mar
25
10
75
Feb
200
5
29
Mar
30
Feb
12%
6%
Jan
29
11%
5%
12%
6,458
6%
3,185
8%
Jan
Jan
4,475
10
5
Jan
54-
5
Feb
5
73
Feb
7%C
8%c
21.800
5c
Feb
9%C
Mar
21c 23%c
10c
13c
67,59t
21c
Mar
23%c
Mar
15,900
69,550
7c
Jan
13c
Mar
2.38
2.79
200
2%
36
28
2.12
2%
27
Feb
6c
6%e
1,500
6c
Feb
2%c
4c
2c
Feb
4c
Mar
20c
20c
87,650
1,000
20c
Mar
30c
18c
22c
3,000
16%c
Feb
100
Alberta Pacific Grain
Preferred
Aldermae
1
22c
*
2
2
Feb
19%
100
Copper
47C
*
19%
14
1%
19%
Mar
37c
49c
40,870
34c
Jan
9%c
Jan
Jan
2.37
Feb
33
Mar
8
135
6
Mai
,8
Mar
6
Jar
6
16
6
3c
3o
4c
5%c
8%c
6%c
8,900
8%c
13c
10.200
9c
9C
9c
2,300
9c
.1
...
1
Petroleum...25c
3
50'
Jan
6 00
Jan
19
Jan
23%
Mar
Mar
7%c
6c
Jan
8%c
Jan
8%c
Mar
17c
Feb
Mar
13c
Jan
3%
Feb
3c
17,000
3
10
3
Mar
30
36
27
Mar
22%
23
20
JaD
3,600
10c
Mar
23%
14%C
10,200
18%o
Jan
25c
3,621
690
6%
Jan
7%
9c
37,000
4c
Jan
11 %c
Feb
3%c
2%c
3%c
16,000
2%C
Jan
3%o
Mar
22c
21c
23c
18,465
20c
Feb
30c
Jan
21c 22 %c
25,2'50
20o
Jan
28C
4,100
1,300
7c
Feb
13%c
Jan
2%e
71%
Feb
3%C
Jan
Jan
77%
Mar
2%
Jan
Preferred
50
Jan
Graham-Bousquet
52o
Jan
Granada Mines
Great Lakes Paper voting. *
27,150
1.05
Jan
1.52
Jan
...
Greening Wire..
1
...»
....
65%
7
Jan
17
Jan
12
12
50
10%
Jan
12
Mar
*
3.25
Feb
Gunnar Gold
Feb
Gypsum Lime & Alabas..*
Hal crow Swayze
1
5%
Feb
1,500
4c
Jan
6%c
Feb
Halllwell
1
4%c
84,200
41c
Jan
72o
Jan
Hamilton Theatres.
10c
JaD
23c
Jan
Harding Carpet
25c
Jan
Jan
Jan
16c
19,275
26,449
25c
210
30c
212
Bank of Nova Scotia...100
306
306
Bank of Toronto
100
248
250
*
4
50
30
5%
30
44
207
Jan
38c
220
1
300
Feb
310
45
239
Jan
250
225
4
Feb
25
20
Jan
5%
35
Feb
4%c
5,900
3%c
Mar
7c
Jan
1.00
5
45c
Feb
1.00
Mar
3%
1.000
2%
Jan
3%
Jan
1.33
1.95
Jan
3
1.45
1.40
1.55
35,145
9c
8c
9%c
28,100
Hedley-Mascot Mines
Hlghwood-Sarcee
*
Hinde & Dauch
Holllnger Consolidated... 5
16c
Mar
Jan
Home OU Co
20c
21,700
18c
Jan
32c
Jan
Homestead Oil
26,600
1.18
Jan
1.40
Jan
4%
4%
203
2%
Jan
5%
Mar
*
N6 par
value.
Jan
Jan
10
Jan
1.58
Feb
1.42
800
1.30
19C
25c
13,500
15%c
Jan
13%
235
12%
Feb
15
Jan
14%
15
2,001
13%
Jan
15
Jan
1.40
"25c
*
Mar
8
Jan
12%
1
Mar
Mar
1.38
4c
1.00
700
..1
18c
4%
Jan
3%c
'
...»
1.35
*
Jan
6%
Feb
19,560
Harg&l Oils
18 %c
30c
64c
4%
1%C
Jan
3,000
58c
6
Hard Rock
19c
8,600
Feb
2%c
50c
5%
3%
21c
22c
43o
2%c
1
."...*
1.36
Jan
Feb
Feb
10 %c
12c
Mar
4
17%c
13c
...»
13%C
12
Jan
5c
Bear Exploration A Rad.. 1
4c
Jan
134
Jan
66c
26 %c
Feb
8c
544
Feb
61c
210
3c
63,750
6
7c
4%c
1
7,000
12c
15
3.00
61c
Jan
58
3%c
5
10%c
4%c
Jan
14
1,065
Astoria-Quebec
1
Auglte-Porcuplne Gold... 1
Jan
Jan
6
2,700
8c
55
Mar
15
4,500
8C
128
56
5%
3c
11c
3.15
8c
74
Jan
Feb
94
10c
1
13%c 14 %c
__1
1
Beaubarnols
1,540
7%
8c
24
1.30
Beattle Gold.
5%
6%
76
1.16
Base Metals
3%
7%
77%
1.29
Jan
*
.........
Voting pref
Jan
Mar
5%
»
*
Preferred
1
15%
8%c
Goodyear Tire..
Jan
Barkers
Jan
'
Jan
88%
2%
Jan
Jan
1
105
30c
14%
100
91%
2%c
77%
17c
Cons
91
2%c
Jan
Bank of Montreal
91%
2%c
Feb
Bank field
..100
1
12c
Bagamac Mines
Jan
Goodfish
9%
3.15
11
Jan
85
*
849
8c
13,400
Ashley.
15%
7c
14c
Arntfield Gold
14
7c
13c
Anglo Huronlan
"i~5H
21 %c
14c
Anglo-Can Hold Dev
*
Jan
Jan
13c
10c
1
1
33
23c 24 %c
13c
*
Preferred
Feb
8
4.55
4,535
3
"22%
Jan
4,854
.
27
100
Foundation Petroleum..
Jan
1.00
29%
1
*
11
Jan
230
Goldale Mines
Amm Gold
10
Jan
2%
30
10,870
1.97
Gold Eagle
Algoma Steel
Mines
2.80
Feb
33
1.84
Lake Gold..!
God's Lake...........
6c
„1
Mar
32%
6.00
Jan
4c
AjaxO&G—
Jan
Mar
7%
1.90
......
23%
21%
1
Alberta Pacific Consol
7
75%
Mar
5.55
Glenora
...»
Mar
Jan
7
22%
Jan
Acme Gas & Oil
13%
Feb
•
75
6%
23%
2%
100
12
Jan
500
75c
Rights...
*
General Steel Wares.....*
Gillies Lake Gold
1
High
preferred
13%
Jan
16%
2%C
360
"V. 90
Ford A
Mar
Mar
45c
20
1
Fernland Gold
Range Since Jan," 1, 1939
1.50
Jan
Jan
X
37c
2%
25
Preferred
Low
Mar
27c
Jan
Gatlneau Power
Shares
17
Jan
46%
256
»
Faulkenham
Week
High
Jan
1.75
28
*
Equitable Life
Exchange
of Prices
Jan
100
Fanny Farmer
Sales
Low
1.05
-
1.76
Francoeur
Sale
Feb
Jan
106%
Falcon bridge
both inclusive, compiled from official sales lists
Price
3%
Jan
75
6%
100
Fleury-Blssell
Par
Jan
Jan
6%
95c
29
....1
Firestone
for
20
Jan
2.67
75c
50
Dominion Steel Coal B..26
Dominion Stores
*
14
10%c 11 %c
49 %o
50c
32
26
1
Foundry.
Federal-Klrkland
Week's Range
Jan
Jan
*
Canada Permanent Building, 820 Bay St., TORONTO
Last
Jan
16c
East Malartic
McCarthy
Friday
225
5C
*
Dom Scot
25
3%
20
20
43 %c
*
..100
Preferred
Jan
Jan
17
Dome Mines (new)
Preferred
Jan
34%
23%
2
16%
Distillers Seagrams
pref
Dominion Explorer
18
Jan.
Feb
35
Jan
Jan
200
2%
Jan
Mar
7%
22
17
Nickel Mines... 1
Dominion Coal
19
Jan
235
1.74
*
Dominion Bank
4%
Jan
Jan
1.75
Easy Washing
Toronto Stock Exchange, Montreal Curb Market.
Canadian Commodity Exchange
Toronto Stock
3%
17%
6%
12%
29%
7%
Feb
1
English Electric A
English Electric B
March 4 to March 10,
Mar
26c
Economy Investment...25
CANADIAN STOCKS
Mara &
170
19
3%
East Crest Oil
on
Jan
20
20
_*
Dorval Slscoe
gladly furnished
51
105% 106
J
Petroleum...
Duquesne Mining
Statistical Information
Jan
1.80
20
4%
100
Cosmos
Dominion
23
.33%
33
18
6
Chibougamau
Dominion
Jan
179
19%
169%
*
Bakeries
Smelters..
Denlson
181
1.51
Davles
Oil
23
1.70
Dark water
Oil—
Jan
Feb
*
Gas
37
1.30
90c
5
Consumers
80
320
230
"7%
Coniagas
Cons
45
16%
Commonwealth Petroleum*
Consolidated
Jan
•
,
1.75
80c
*
Cockshutt Plow
Conlarum
Jan
41
Jan
20
1.22
Che8tervlUe-Larder Lake. 1
78c
]
25
7%
16
50c
Jan
3.40
1
Sylvanlte Gold
Jan
1.60
33%
1
Jan
80o
17%
150
2.66
Feb
47c
310
585
11%C
1.03
30 0
Jan
4
1
2.75
38,668
Jan
10%
19
1.0C
Central Patricia
Jan
12,100
88c
2.68
83c
2%
Jan
3%
*
Feb
63c
81c
2.68
*
Jan
18%
*
2.40
56c
62c
»
Sudbury Basin Mines...
Jan
7%
4
100
Central Porcupine
Chemical Research
100
Mar
2
19
*
Wineries
1.65
146
Mar
Mar
140%
52
2%
Cndn Wlrebound Box
1.65
77
519
176
♦
Carnation pref
Castle Trethewey
Feb
Feb
540
21%
26
Canadian
15%
66
'
Oil
C P R
"l~25
1
1.75
Canadian Dredge
*
Cndn General Electric..60
Cndn Indus Alcohol A..
Canadian Malartic
Mar
Mar
35%
17%
40
"41"
7%
Can Car &
65
101
2%
9
Breweries pref. *
B
Jan
Jan
10%
21%
2%
*
Canadian Can A
10%
Feb
32
675
146% 150
2%
10%
Cndn Bk of Commerce. 100
Canadian Can
*
Feb
96
Jan
21%
*
Canadian Bakeries pref. 100
Breweries
7%
45
35%
17%
Canada Wire B
7o
11
170
101
34%
77
50
1
Shawkey Gold
SherrittGordon
100
*
Preferred
Canadian
8
101
35%
Canadian
Afton Mines Ltd
Jan
22c
Duparquet Mining Co_..l
6%
Jan
100
30,450
3c
"22c
_
East Malartic Mines
Stocks—
Mar
2.59
Cons Chibougamau Gold„
Membersi
Jan
22c
20c
Central Patricia Gold
RoyaliteOU Co
32%
11.75
3c
Cartier-Malartic Gold
Central Cadillac Gold
Anglo-Canadian
16%
Jan
Jan
20c
Capitol-Rouyn Gold
N ormeta 1M lni
4
Mar
4
13c Jan
3
22 %c
11
4%
25
Mar
Jan
7%
Feb
3%
9% Jan
Jan
7%
235
45c 49 %c
Jan
28
Jan
11%
*
19c
14%c Mar
27
110
7
High
30c
Feb
3,308
59,006
12%
5%
22%
Traction j
Low
200
29,840
14c I5%c
British American Oil
28c
22c Mar
1,000
27
27
Mar
14c
Jan
14%c 14%c
1
Bobjo Mines
lc
10c
5
30
.....1
Mines.,
Brewing & Distilling.....5
45c
•
Range Since Jan. 1,1939
Shares
High
25 %c
Mine*—
Aldermae Copper Corp
Perron
Price
Jan
5%
108
Jan
Week
1
20%
1.30
for
of Prices
Bidgood Klrkland
48
*
Par
Week's Range
Jan
4%
Jan
106
88
Stocks
High
20%
»
Walker-Good & Worts (H)*
cum
Low
10
108
Saks
Last
Sale
Shares
4%
108
Walkervllle Brewery
Range Since Jan. 1, 1939
4%
Exchange
Friday
for
Sale
Stocks (Concluded)
Toronto Stock
Sales
Last
Tb"
Jan
35c
Jan
*
...
2.90
2.58
2 90
63,045
1.98
Jan
3.75
Jan
1
16c
I5%c
17 c
9.600
I5%c
Mar
26%c
Jan
Financial
1462
Mai. 11,
Chronicle
1939
Canadian Markets—Listed and Unlisted
Toronto
Stock
Sales
(Continued)
for
Sale
Stocks
Week's Range
of Prices
Low
High
Week
Price
Par
33 %
69
33 %
70%
2,942
30%
Jan
35%
Jan
119
64%
Feb
70%
Mar
12
202%
Feb
16%
Jan
13%
211
16%
*
"eli
...100
104 %
*
54 %
20
Preferred
Jan
Mar
27
30c
l
Jacola Mines....
6,687
Jan
Jan
Mar
27
3,997
19
Jan
Jan
24%
6%
Jan
9
Jan
9%
Jan
65c
400
50c
Feb
70C
Jan
26%c
30C
4,000
26 %C
Jan
34c
Jan
Mar
7c
5%0
7c
8c
11c
12,199
31,400
5%c
11c
8c
Mar
11%C
13%C
Jan
6c
5c
7c
5,628
5c
Mar
11c
Jan
1.90
Kerr-Addison....
i
Kirk land-Hudson.
1
55c
1
1.65
Laguna Gold
1
Lake Shore......
1
72,138
62 c
15,100
45c
Jan
73c
Feb
1.75 149,149
1.54
1.96
1.15
Jan
1.75
Mar
Jan
1.66
i
Jan
2.08
7%c
8c
6,480
5%o
Mar
8%c
45%
1%
46%
1%
4,587
45%
Mar
50%
1%
Feb
17
45 %
Lake Sulphite
17
*
Lamaque Contact
Lamaque Gold Mines
20
2c
2%c
*
6.70
6.70
6.85
1
3
.1
41c
40c
12 %
12%
68c
68C
1
6c
5c
79c
100
60
Lake zf the Woods.
1
Jan
3%
Jan
Jan
17
Mar
3%c
6.85
Mar
Jan
2c
Mar
5.50
Feb
42c
Jan
54c
12%
3,746
11%
Jan
13%
Jan
76c
7,700
66c
Feb
85c
Jan
6c
6,200
5c
Jan
8%C
Jan
80c
25,280
66c
Feb
3.30
5,730
2.95
Jan
74c
3.20
*
3.30
Loblaw A
*
25
*
22 %
22%
180
l
5.45
5.35
6.50
5.251
2.45
2.34
2.60
25
22
15
Jan
9,100
3,385
15,350
Little Long Lac
24
Jan
2.05
55c
Kirk land Lake...
B
3.40
88
1
Macaasa Mines
1
105
1
Leltch Gold
Sylvanite Gold--
Feb
1
Lapa Cadillac
Jan
Feb
J M Consolidated
Laura Secord (new)..
1.01
79%
Jelllcoe Cons
Lava Cap
Lebel Oro
Mar
Texas Canadian
60C
1
B
77c
Jan
9
Intl Utilities A...
Jack Waite
14,157
Feb
56%
27%
1.679
35c
85c
3.60
22
Jan
25
21%
Feb
23
4.75
Jan
5.90
3.20
Jan
Jan
Jan
Mar
Jan
Jan
88c
83
Jan
Jan
Jan
77c
50
46%
3.00
88c
Teck
104
24%c
Jan
1
Jan
46
Mar
Sullivan
Jan
225
18c
2.10
Feb
45C
5,521
3,000
4,285
14%c
7
54%
2.80
11c
Jan
Jan
85
20c
2.45
High
Mar
10c
Jan
52%
26%
19%c
Low
6%c
16.800
1,500
5
104% 105
20c
7 %c
lie
35%c
91%
6%c
I0%c
370
87
6%c
Shares
11c
3,500
Feb
High
1
40c
Jan
Low
Price
Sudbury Contact
6%
17%
16%
Week
*
Sudbury Baeln
16%
85
..100
Preferred A
Int Mill pref
215
for
of Prices
1
Sturgeon River Gold..
6
17%
Range Since Jan. 1, 1939
Week's Range
•
Straw Lake Beach
5,160
2,120
16%
16%
87
100
International Nickel
211
Jan
Par
(Concluded)
38c
6
1
Preferred
Mar
35,210
"17 %
International Metal A
31c
Stock*
31c
69
24c
High
27c
100
Imperial Bank..
Imperial Oil
Imperial Tobacco..
Inspiration
IjOW
Shares
33%
Hudson Bay Mln A 6m__*
Huron & Erie..——..100
Sales
Last
Sale
30c
1
Howey Gold
Exchange
Friday
Range Since Jan. 1, 1939
Last
Stock
Toronto
Exchange
Friday
3.10
Jan
3.55
355
11%
Jan
12%
Feb
4.60
5,270
4.20
Jan
4.75
Jan
95c
11,190
85a
Mar
1.30
Jan
1.98
620
1
_
1.92
*
Toronto Elevator
_
-
*
2.30
Jan
Jan
16%
25
10fi
Feb
113
Mar
32
35
8.725
30
Jan
40
Jan
1.35
1.50
*
Gas
14
25
United Fuel prefB...
Jan
Mar
113
33
1
Ucbi Gold
1.90
11%
20
11%
11%
113
50
_
Twin City
4%
*
1.65
10,600
1.25
4,108
1.50
14
13%
4%
*
11%
Jan
14
Mar
25
4%
Feb
5
Feb
4%
Jan
4
Jan
...
7
Jan
Jan
Amulet
5%
5%
5%
3,275
5.60
5.80
4,972
5.05
Jan
5.80
Jan
70c
60c
70c
1,600
60c
Mar
1.00
Jan
*
Ventures
5.75
1
Unlted Steel
Vulcan Oils
Walte
3.45
*
Toronto Mortgage.
Union
4.45
12
4.45
85c
*
Hughes
Toburn
3.30
11%
*
Tamblyns
7.95
7.15
7.95
52,993
0.20
Jan
8.25
♦
Walkers
Jan
48
47%
48
1,319
42
Jan
51%
Jan
20%
20
20%
857
19
Jan
20%
Jan
13c
14 tic
4,600
12c
Jan
15c
Jan
2%
♦
Preferred
2%
Wendigo
1
Western Canada Hour
*
Jan
2%
Jan
Westflank
*
6c
6c
6c
1,100
4%C
Feb
8%c
Jan
West Turner Petroleum50c
6c
6c
6c
9.000
5C
Feb
10c
Jan
Jan
12%
95.
Feb
5c
Mar
*
Westons
11%
11%
11%
675
10%
90
.100
Preferred
88
90
160
88
Whitewater
1
4%c
Wiitsey-Coghlan
*
5 %C
Winnipeg Electric A..
*
Mar
3c
Feb
4c
5c
5,000
5c
6c
7,500
5s
Feb
2%
245
1.50
Feb
2
2
10
100
Preferred
2
20
Jan
Jan
8%c
Mar
2%
'
131
11
11
Feb
8
Mar
Wood-Cad lilac
1
13c
13c
15c
15,000
10c
Feb
19c
Jan
Wright Hargreaves...
Ymir Yankee Girl
*
8.80
8.65
8.80
14,430
8.00
Jan
8.00
Mar
7c
8c
2,000
6c
F'eb
9c
York Knitting
*
*
4
4
4
4
Mar
4
77
Jan
Mar
Jan
MacLeod Cockshutt
I
33,452
2.27
Jan
Madsen Red Lake
1
43c
48c
6,875
38 %c
Mar
55c
Jan
Malartlc Gold
1
"~67c
57c
69c
57,650
43c
Jan
69c
Mar
*
lc
lc
1%C
5,000
lc
Feb
1%C
Jan
5%
5%
Jan
1.10
5%
1.60
5
iT oo
508
1.10
Mar
1.65
Jan
4%
3%
4%
248
Jan
4%
Mar
4%c
5c
2,625
1,187
3%
4%C
Jan
7c
Jan
5%
Jan
7%
Jan
Manitoba & Eastern
Maple Leaf Gardens pref 10
"
Maple Leaf Milling..*—
Preferred
...»
Maralgo Mines
1
Massey Harris...
5%
t*
100
7
McColi Frontenae
Preferred
*
I6%c
59
5
395
7
336
6%
40
Jan
60
Jan
Feb
7
Jan
Feb
93
Jan
1,500
12c
Jan
4,057
60%
Jan
95
15c I6%c
57
59
6%
83
24c
59
Jan
Mar
1.32
1
1.24
1.16
1.25
11,940
1.12
Jan
McVlttle-Graham
1
9%c
8%c
9%c
5,000
00 £ o
Mar
13c
Jan
McWatters Gold
*
51c
56c
8,000
49c
Jan
75c
Jan
4%c
4%C
1,500
•4c
Feb
7c
Jan
1.65
1.84
10,700
1.60
Feb
2.05
Jan
McKenzle Red Lake
Merl and Oil
»
.
1.70
Mining Corp
*
Monarch Knitting pref. 100
Monarch Oils
168%
..1
A.,—;
•'—
Morrls-Klr kland
13c
National Grocers
8%c
1.13
1.20
2,700
12,760
39%
908
168%
29
13c
50,834
39%
.»
National Sewing A
National Steel Car
*
60%
Naybob Gold.
1
Newbeo Mines
»
New Golden Rose
1
Nlplssing.-.
35c
cl61
11%
5%
10%
6%
10%
56%
60%
32%c 35%c
6c
"
17c
..5
1.71
Noranda Mines
*
81%
Norgold Mines
1
Normetal
•
Northern Canada
37
8c
1.18
1
*
-loo
Moore Corp.......
20
20
...26c
Moneta-Poro uplne
"57c
5%c
17c 17 %c
1.71
1.76
80%
4%c
82
345
27
3,095
55,100
7,100
3,950
1,320
Feb
20
24
„
Jan
Jan
8c
Jan
12%c
Jan
1.11
Feb
1.45
Jan
35%
JaD
158
40
Jan
Jan
11%C
170%
Jan
Mar
20c
Jan
5%
Feb
Feb
6%
13%
Jan
9%
Jan
61%
Jan
49
31c
Jan
51 %c
Jan
Jan
Feb
9c
Jan
15e
Feb
25c
Jan
1.62
Feb
5c
Toronto Stock
March 4 to March 10,
1.80
82
Mar
Mar
6,483
70%
Jan
5c
3,400
3%c
Jan
6c
50c
60c
9,273
48c
Feb
70c
Jan
Feb
60c
60c
2,340
45c
Jan
60c
Mar
North Empire
1
8.70
8.45
8.70
400
8.10
Jan
8.70
Mar
North Star
»
1-.00
1.00
1.00
55
75c
Feb
1.00
3%
3.00
100
3%
Feb
3%
3.35
Brett-Trethe wey
of Prices
Price
Par
Stocks—
Week's Range
Sale
2c
•„*
2%c
Low
Shares
4
Jan
12
Jan
14
90c
Jan
1.10
Mar
960
1.80
Feb
2%
Mar
4,139
4%
Canadian Marconi
1
1.05
1.10
702
Coast Copper
5
2.20
2.50
5%
6%
*
Crown Dominion
*
Dominion Bridge
*
34
2c
Feb
3%c
40c
Jan
75C
Jan.
14
14
5
50
Humberstone
»
Oil Selections
"
13%
Jan
15
Feb
541
12c
29%
2c
*
Mar
Jan
1.40
%c
Mar
127
450
20
12
21%
22%
38
38
38
10c
9c
Jan
Jan
1.95
1
Jan
Jan
%c
120
Feb
Mar
22%
Jan
38%
Jan
14 %c
Mar
30
60
Mar
3%c
Mar
7c
2,800
30
30
*
115
120
Jan
32
Jan
4*200
1
22%
17c
Jan
2,000
16,255
,
119
120
100
v
Feb
%C
%C
*
Thayers 1st pref
12
1.90
1.60
Jan
Feb
520
15c
Jan
6.5c
10
2 %c
%c
Shawlnlgan
Jan
Mar
2%c
1.81
Supertest ordinary
Mar
6
35
32
i
Temlskaming Mines
14
Feb
Feb
25c
5
14%
15^
-.1
Robb-Montgomery
Robt Simpson pref
Feb
4%
31%
32
! -.»
Pend Oreille
Jan
30
160
12
14 %
*
.*
—
Jan
1.45
5
25c
12
*
_.
37%
Jan
285
34
25c
—
Jan
12%
50
5
Feb
60c
10,775
34
*
Montreal L H & P
28
80
1.05
*
Honey Dew pref
Jan
34
90c
Honey Dew
Mandy
100
9,060
100
Eraser Co voting trust
Jan
7%
3c
58c
33%
1.05
Hamilton Bridge
Preferred
Jan
Jan
3c
<
58c
Foothills
Jan
4%
50c
*
Dalhousie Oil
Feb
10
13
*
Consolidated Paper..
High
3%c
Jan
1%C
§>750
*
110
4%
4%
13
Range Since Jan, I, 1939
for
Week
High
2c
1
Canada Bud
TjOW
Canada Vinegars
Jan
1.73
Last
Jan
Feb
30
Mar
Jan
5,330
Sales
Friday
Mar
3%
Exchange—Curb Section
both inclusive, compiled from official sales lists
Jan
7
'
92%
90
100
McDougall-Segur.
Mclntyre Mines
6%
48
46
48
♦
Preferred
J.n
;»
...
Preferred
5
O'Brlon Gold
1
"2.90
Okalta Oil
*
■1.35
1.14
1.39
15,600
1.01
Jan
Olga Gas
»
l%c
l%c
l%c
7,000
1%C
Feb
2%c
Omega Gold
Orange Crush pref.
1
38c
41c
Jan
53c
*
7%
26
»
7%
42c
7%
Oro-Plata
42c 48 %c
4,600
Pacalta Oils
*
Page-Hersey
..»
Pamour
Porcupine..
Pantepeo..
9,600
12,365
1,200
104
3.95
6%
353
4%
Jan
104%
Jan
Beauharnois Pr Corp 5s *73
Bell Tei Co of Can 6S.1955
4.75
Jan
Brown Co 1st
Jan
7%
Jan
Burns A Co 5s
1958
47
Feb
7%c
Feb
Calgary Power Co 5s..1960
103
7%0
Mar
Canada Bread 6s.....1941
106
Jan
104
Mar
Canada North Pow 58.1953
Canadian Inter Psp 6s 1949
Jan
Canadian Lt 4c Pow 5s 1949
101
6c
6%c
4,500
6%c
24,500
4%c
Teb
50c
53c
47c
Mar
1.85
1.73
1.91
24,738
18,182
1.45
Jan
Pete Cobalt
.1
Pickle Crow....
%c
~2.55
%c
1,000
5.35
5.60
10,818
4.70
Jan
17%
5.55
—.1
Photo Engraving.......
Pioneer Gold..
18
60
17%
Mar
2.50
%c
Feb
61c
1.91
%c
5.60
Jan
Jan
Consol Pap
2.55
1,146
2.45
Jan
1.95
2.14
8,200
1.85
Feb
2.45
Jan
11%
12%
195
10%
Feb
12%
Mar
Prairie Royalties
1.100
18c
Jan
24c
Jan
Premier..
._l
2.27
20 %c 20 %c
2.20
2.27
8,670
2.00
Jan
2.40
Jan
10
Feb
Premier Metals.—..
*
10%
*
1~59
Preston E Dome.
Prospectors Airways.
500
Real Estate Loan...... 100
Red Crest
36,879
50c
500
Jan
1
.*
27c
2%
130
2
Mar
20c 24 %c
22,000
20c
Mar
33c
Jan
ll%c
9c
9c
17c
15%c
189
»
~41%
St Anthony
St Lawrence Paper.... 100
13 %c
San Antonio
500
9%c
16,500
17c
13,150
192
40
12 %c
34
41%
14c
34
41
1,699
8,000
10
1.65
50c
Sherritt-Gordon
1.70
28,685
15c
17c
12,900
3%c
Shawkey Gold
8heep Creek
1.52
15c
8and River Gold
3%c
5,500
1.10
1.13
800
1.13
7%c
13c
Feb
9c
Jan
Jan
30c
Mar
2%
Jan
Mar
31c
180
Jan
192
36
Jan
44%
15%c
10%c
31
1.18
Jan
Feb
34
Jan
1.70
Jan
17c
3c
JaD
4%c
92c
Jan
14c
1.14
Jan
Jan
Jan
SUverwoods pref
Jan
Jan
Jan
Mar
1.35
71,898
1.00
Jan
1.45
Jan
7.15
7,313
5.25
Jan
7.15
Mar
4%
4%
625
4%
Mar
Slscoe Gold
1.17
Sladen Malartlc
4%
4%
86
61 Ho
Slave Lake
90
6
Jan
1.23
25,385
1.15
Mar
55c 63 %c
48,400
52c
6%c
1.15
9c
*
Stadacona
StandarK Chemical
9c
11c
50c
50c
50c
18,500
1,600
80%c
4%
88c
91.822
5%
50
2%
3%
*
»
100
"~2%
27
23
*
77
74%
25
74
72
Stedman
Steel of Canada.
Preferred
Feb
82%
83c
South West Pete
3
58
18
27%
Jan
5
Feb
1.67
1957
104%
106% 107
101
86
105%
103
104
87
United Grain Grow 5s. 1948
—
United Secure Ltd 5%s '52
90
92
63
64
101
92
1961
1951
95
101
103% 103%
Int Pr A Pap of Nfld 5e *68
Lake St John Pr A Pap Co
5s
93
5%s *47
4%s series B
1966
Shawlnlgan W A P 4 %s '67
Smith H Pa Mills 4%s '51
104% 104%
Maclaren-Que Pr 5%s '61
97"
1957
deb
Saguenay Power 4%s A '66
99
Gatineau Power 5s...1956
Gt Lakes Pap Co 1st 5s *55
5%s
96
4s
conv
42
,
.
94
51
52
4-58 series A
1965
70%
71
103% 104
4-58 series B
1965
46
47%
Winnipeg Elec 4 %s.
•No par value.
/Flat price.
n
—
1960
Nominal.
NOTICES
CURRENT
—Alexander Eisemann & Co., members of the New York Stock
have
opened
a
new
Exchange,
office in New York City in the Paramount
which will be under the management
of George D. Fried.
Building
William Shack
will be associated with the firm in the new office.
80c
13c
of Wayne Hummer & Co., Chicago, announce
—Tbe stock exchange firm
Lawlor who previously managed
Jan
Jan
75c
Jan
1.C3
Feb
3
Jan
5%
Mar
865
2
Jan
3%
Mar
75
20
Feb
310
1
Deo
2nd
98
97
the opening of an office in Appleton,
Jan
35
East Kootenay Pow 7s 1942
Jan
Mar
535
97%
73
72
Jan
45c
77
96
103% 105
Feb
4%
90
45c
18%
74
Jan
50%
106
102% 103%
Mar
1.14
90
1956
Mar
6.90
*
100
49%
105
Feb
1.25
4%
Simpsons B
53
Mar
7.15
1
Sigman Mines, Quebec
51
33%
m y%
104% 106
Provincial Pap Ltd
98
Mar
Can 4 %s'59
Price Brothers 1st 58—1957
93%
40
35
Power Corp. of
47%
Jan
800
6c-
a*
92%
Feb
30c
Mar
35
Montreal Tramway 5s 1941
'
Ask,
82
82
99
5s.
.....
1939
1956
1973
par value) 3s
3%s.
3%S
«•
104%
99%
47
1961
Feb
6%C
20
.
103%
98
Dom Gas A Elec 6%s.l
Donnacona Paper Co—
4s_
Minn A Ont Paper 68.1945
Montreal Island Pr 5 %s '67
Montreal L H A P ($50
Corp—
5%s ex-stock..
1952
Maple Leaf Milling—
2%s to '38-6%e to '49—
113% 114%
1.75
35
Jan
-
•49
99%
10%
58c
2
21c
—.100
...
Jan
30c
Roche Long Lac
Ronda Gold Mines
Simpsons pref
1.19
50c
6%c
Reinhardt Brew...
Reno Gold
Standard Paving
Preferred
25
1.65
*
35
Reeves-Macdonald
Royal Bank
Royalite Oil
10%
1.52
2.70
Jan
1.05
5%s series B
106
Cedar Rapids M A P 5s '63
2.06
Corp
1.35
Feb
Manitoba Power 5%s_1951
84
109% 109%
45%
46%
Canadian Vlckers Co 6s '47
12%
Power
82
1946
Jan
*
25c
Powell Rou
5%s
Jan
20
Jan
50c
Bid
66%
Jan
Jan
1.20
95
Ask
.66
Jan
1
Perron Gold..
Bid
Abitlbl P A Pap ctfs 5s 1953
Alberta Pac Grain 6a ..1946
Jan
6c
5%c
6c
Mar
3.85
"sic
...1
Cons
7%
100
50c
Industrial and Public Utility Bonds
95
Jan
,
Closing bid and asked quotations, Friday, March 10
52 %c
12c
38 %c
5%
5o
1
Gold
Paymaster
9c
4.10
6%c
101
4,00
36c
Jan
.1
Partanen-Malartio
Paulore
9c
103
•
.1
37,424
2.40
50c
50c
:»
Jan
2.85
1.30
1.30
*
...
Waterloo A
Jan
38c
Walkerville Brew..
Jan
27%
18%
Mar
16%
68
Jan
77%
Jan
67
Jan
74
—Hartshorne, Fales & Co., members of the New York Stock Exchange,
with offices at 71 Broadway,
Bridgeport Brass Co.
—The New York
New York City have prepared an analysis on
Copies may be had on request.
Stock Exchange firm
Feb
Mar
Wis., which will be managed by J. W.
the Appleton office of Harris, Burrows &
Hicks.
44 Wall St., New York City
Lite Co. for distribution.
,
of Fuller, Rodney & Redmond,
has prepared an analysis of the Electric Auto.
Volume
148
Financial
New York
Jan
1
a3s
Feb
1 1979——
1977
Bid
9914
9814
a3%s July 1 1976
03 Vjs May 1 1964
<13*4sNov 1 1954
101 *4
10214
o4148Apr
1 1966
04148 Apr 15 1972—
a4148 June 1 1974
107
108
o4148 Feb 15 1976——
107
108
a3 %s Mar
105 *4
98*4
1463
City Bonds
Ask
i3s
Chronicle
Ask
FISCAL
11614 U714
11814 11934
119
120
•414s Jan
1 1977
11914 12014
11814 11934
106 *4
04148 Nov
ifi
11914 12014
i3%s Jan 16 1976
105*4 106*4
04148 Mar
1 1981
i4s
May 1 1957
111
04148 May 1 1957
11714 11814
148
Nov
04 lie Nov
1 1957—
11714
04 lis Mar
1 1963
inc.
Insurance Stock Series
11914 12014
12014 12114
o4
FUND,
Bank Stock Strin
1960
I
l
1958
112
a4s
May l 1959—
a4s
May 1 1977—
111* 11214
111*4 112*4
11414 11514
o4b
Oct
1 1980
115
1 1960
11514
a4 % 8
Sept
04148 Mar
1 1962
04
1 1964
Vis Mar
*78
121
04148 June 1 1965
116
11614
115J4 11614
11614 11714
14b July
...
1 1967
Transcontmerat Shares
122
LOS ANGELES
12114 12214
12214 12314
o414a Dec 15 1971
o414a Dec 1 1979
125
Corporation, Sponsor
JERSEY CITY
11814
BOSTON
;
New York Bank Stocks
12614
Par
Bid
Ask
Par
fid
Ask
Bank of Manhattan Co. 10
Bank of Yorktown_.66 2-3
Bid
62.15
less
1
Ask
62.20
less
1
Canal A Highway—
5s Jan A Mar 1964 to *71
4V4s April 1940 to 1949..
Hlghway Improvement—
62 30
61.50
....
47
13.56
33*4
35*4
172
178
Peoples National
Fifth
700
740
Public National
Avenue
100
H*4
13*4
(0
60
25
12.
51
30
32
1770
Sterling Nat Bank A Tr 25
24*4
26*4
103
Trade
15
18
Bank
.100
97
Bank
12*4
135V4
135 V4
Barge CT4V4s Jan 1 1946.
——
144
1958 to '67
Canal Imp 4s JAJ "60 to '67
Barge C T 4s Jan *42 A '46
144
28
100
.
Merchants
World War Bonus—
38 1981
116
-
141*4
46
26
75
12*4
National Safety Bank. 12*4
Penn Exchange
10
—
First National of N Y—100 1730
3s 1974——
Highway Imp 414b Sept '63
Canal Imp 4V4s Jan 1964—
Can A High Imp 414s 1965
42
National City..
Commercial National._H«
Ask
4a Mar A Sept
National Bronx Bank...50
45
Chase
New York State Bonds
....
20
Bensonhurst National. ..50
Bid
18*4
40
112 V4
NEW YORK BANK, TRUST CO.
Port of New York
Bid
Ask
Port of New York—
and INSURANCE STOCKS
Authority Bonds
Bid
Holland Tunnel 4148 ser E
Gen A ref 4b Mar 1 1975.
107*4 108*4
Gen A ref 2d ser 314s *65
Gen A ref 3d eer 3 lis '76
106 V4
106*4
104*4 105*4
99*4 100*4
Gen A ret 4th ser 3s 1976
Gen A ref 314s
102
103
107 *4
1977
George Washington Bridge
4148 ser B 1940-53.MAN
1939-1941
i
Laird, Bissell & Meeds
MAS 60.25 to 0.90%
111
112
MAS
1942-1960
'
•
Ask
120 Broadway, New York
-
Wilmington
Inland Terminal 4>4s ser D
108
MAS 50.50 to 1.30%
111
no
1939-1941
Bell
System
N Y-l-1248 and 1-1249
Teletype
-MAS
1942 1960
New York Trust
United States insular Bonds
Bid
Bid.
U S Panama 3s June 11961
1959
114
4148 July
1952
Apr
1955
101
5a
Feb
1952
Ask
123
125
4148 July 1952
117
6s
111% 11314
Bankers
115
Ask
408
418
53
Companies
i
Par
)
100
200
215
100
272
277
55
10
119
116
—
County
7
5
100
Brooklyn
Govt of Puerto Rico—
103
bid
Bank of New York."...100
Bronx
111*4 113
68
414s Oct
Par
Ask
Philippine Government—
,
Tel. BArclay 7-3500
•
Philadelphia
—
79
6*4
84
.10
Irving.
Kings
117*4
109*4 111*4
1941.
U S conversion 3s 1946
Central Hanover..
.20
Hawaii 4 Hb Oct 1956.
116
118
Conversion 3s 1947
112
10914 11114
Federal Land Bank Bonds
Bid
3s 1955 opt 1945
3a 1956 opt 1946
JAJ
108*4 107*4
106*4 107
MAN
Bid
A sk
61
.20
60
52*4
58
.20
Colonial Trust
25
10
12
14
58*4
16*4
57*4
Empire.
12*4
14*4
3148 1955 opt 1945—.MAN
4s 1946 opt 1944
JAJ
108
10
Bid
6*4
90
1,625
FIRE
INSURANCE
ASSOCIATION
OF
INSURANCE COMPANY OF
/is*
ASSOCIATION
PHILADELPHIA
NORTH
AMERICA
99*4 101
101
/31
/31
...
414s.
FIRE
Bid
Montgomery 3s
100
Burlington 68—
5*4
80
100 1575
...
10814
Bank Bonds
Ask
99*4 100*4
.......
.20
United ritatee
We Maintain Trading Markets in:
Joint Stock Land
Atlanta 3s
42*4
44*4
52%
54%
106*4 109*4
U214 11234
CAMDEN
Atlantic 3s
30
98*4
49
Clinton Trust...
106*4 106*4
JAJ
11*4
1530
27
100
Ask
38 1956 opt 1946
95*4
Chemical Bank A Trust. 10
110
10*4
.26
Corn Exch Bk A Tr__—20
July 1948 opt 1243.
Ask
100 1490
County
Continental Bank A Tr.10
5148 Aug
bid
34*4
Ohlo-Pennaylvanla 5s
New Orleans 5s..
100
34
New York
North Carolina 3b.
Oko.
100*4 101
34
5s
101
%. Emitter A
99*4 101
Established 1895
.
Members Philadelphia Stock Exchange
Central Illinois 58
/31 *4
/s
±
Chicago 414s and 6b
First CarolInas 5a
5*4
101*4 102*4
99*4 100*4
99*4 100*4
First Texas of Houston 5s.
100*4 101
First Trust of Chicago 414s
Fletcher 314 a
101
101*4 102*4
Fort Wayne 4148
100
84
St Louis 58
84
86
8an Antonio 3s...
100
101
100*4
102
82
100
Dallas 3s
Denver 6s
...
—•*.
Fremont 454s
58
/48
Pacific Coast of Portland 5s
Pennsylvania 3*4a
68..
4*4a
—
.
Potomac 38
3s
Illinois Midwest 5s.
Iowa of Sioux City 4*48...
96
—
100*4 101*4
92
91
5s................j...
93
Aetna
Union of Detroit 4 *4s
Virginian
'
Sp..
Virginia-Carolina 3s
99
100*4
v*
Par
40
Dallas
50
117 "
125
Denver
37
42
Des
Moines
Merch A Mfrs Fire New'k 6
Merchants (Providence)..6
9*4
3*4
10*4
55%
35
27%
29%
63%
65%
100
Carolina
;
San Antonio
Fremont
1
2*4
Virginia-Carolina
Lincoln
2
..100
*
—100
6
100
75
1.90
Bid
Fire
85
Ask
due
Mar 15 1939 6 .25%
A 1V4% due Apr 15'396.25%
due......May 15 1939 6.25%
due
June 15 1939 6 25%
due
July
15
due
Aug
1% due
Sept 15
1% due
Oct. 16
1% due
Nov
1
1% due
....Dec
1
1%% due
Jan. 2
28
New Brunswick
24*4
New Hampshire Fire... 10
47
27*4
35
29
New York Fire
17
37*4
2*4
51*4
N ortheastern—
Ask
—10
Series A 3-6s
3-6s
1953
55*4
87*4
1964
Ask
1953
54
48*4
54
120
79
83
..5
19%
21*4
Preferred
Accident
36*4
Reinsurance Corp (N Y)_2
10
8%
25*4
27
Fire—-.10
24*4
26
Revere (Paul)
10*4
5
22
24
26
St Paul Fire A Marine...25
225
39*4
41 *4
Seaboard Fire A Marine..5
7
12*4
13%
Seaboard
10
29
15
23*4
26
70
72
122
—5
26*4
27%
Security New Haven....10
Springfield Fire A Mar..25
Stuyvesant
6
9%
22*4
10%
Sun Life Assurance
100
460
510
23%
Travelers
100
476
486
Co-2
23
—
1
.
Rhode Island
.-6
Surety
3*4
30*4
3*4
229
8*4
31
32*4
125
4*4
27*4
29
77*4
80*4
U S Fidelity A Guar
U 8 Fire
4
53
55
55*4
57*4
U S Guarantee.........10
69
61*4
31
33
Westchester
32*4
34*4
57
1963
3-6s
Fire
2.50
24*4
Par
ture
Corp 3-68
1963
A Trust
94
Bid
Deb Corp 3-6s
1953
Bank
53
203
56
First
A Trust
National,
33 1-3
74
100
219
Realty Bond A Mortgage
deb
88*4
55
3-6s
1953
Unified Deben Corp 5s 1955
61
49
Par
Ask
Bid
Ask
Harris Trust A Savings. 100
100
214
293
303
Northern Trust Co..-.100
533
515
Continental Illinois Natl
Potomac Realty Atlantic
52
Chicago &, San Francisco Banks
American National Bank
f28
f28
132
117
10
-10
51*4
90
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
127
25
56
Potomac Deb Corp 3-6s '63
Nat Bondholders part ctfS
Central Funding
series A A D
Natlonal.25
Pacific Fire
Phoenix
Northwestern
Home
88*4
Potomac Maryland Deben¬
*
27%
-15
preferred
Potomac Franklin Deb Co
•»
Mortgage Bond Co of Md
series B A C
26*4
Hartford Steam boiler. -10
54
1953
6*4
96*4
24
—
Globe A Republic.
Hartford Fire..
49*4
1945
Interstate Deb Corp 2-5s'55
Inc 2-6s
2-5s—
18*4
94
5
Globe A Rutgers Fire.
2d
49*4
,
9%
10
...
Hanover
Issues)
2.50
5*4
34*4
45
Halifax
Potomac Cons Deb Corp—
3-6s
1953
68
Empire Properties Corp—
2-3s
—
River...
34
32
Providence-Washington. 10
43*4
Great Amer Indemnity
97
Potomac Bond Corp (all
m m »
12.50
•
86*4
11*4
29*4
Georgia Home
57*4
'
6
;
Republic (Texas)
81
1954
5
Nprthern
North
10
84*4
27%
Great American
Series B 2-5s
55*4
Associated Mtge Cob Inc—
Debenture
Bid
9
43
127*4 129*4
69
67*4
General Reinsurance Corp 5
Nat Union Mtge Corp—
87
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s '53
41*4
..10
Fidelity A Dep of Md. -20
Gibraltar Fire A Marine. 10
Bid
8
—
Federal
Franklin Fire
Surety Guaranteed Mortgage Bonds and Debentures
Corp 2-5s '53
Arundel Deb Corp 3-6s '53
49*4
•
Glens Falls Fire
Arundel Bond
1%
firemen's of Newark. ...6
15 19396.25%
1939^6.25%
2
23
10
—10
Connecticut Gen Llfe. -10
Fireman's Fd of San Fr.25
1939 6.25%
1939 6 .30%
1939 6 .30%
1930 6 .30%
1940 6 30%
9
121*4 126
13*4
14*4
20
New Amsterdam Cas
5
8
2
National Union Fire
City of New York
Excess
Debentures
Bid
National Liberty
23*4
Eagle Fire
.2*4
Employers Re-Insurance 10
Ask
7%
98*4
616
21*4
26*4
..2
Fire As8n of Phlla
1%
1%
1%
1%
1%
1%
6%
96
"606
National Casualty.—...10
National Fire
—10
Contlnental Casualty. ...5
80
2 10
4
Federal Intermediate Credit Bank
4%
26%
f0
Potomac
3%
25*4
53%
Camden
Virginia
1
33
—
-25
—
25
7
Maryland Casualty
61%
50*4
20
66
11%
2*4
8*4
59%
47 *4
100
4
2*4
Mass Bonding A Ins.. 12*4
Mercb Fire Assur com.... 6
Baltimore American.. .2*4
Bankers A Shippers... —25
62
5
6*4
Boston
First Carollnag
Lincoln Fire
15
14
Pennsylvania
26*4
42
75
Ask
42*4
24%
13*4
10
.
6;>
10*4
40
65
Bid
67*4
39*4
American Re-Insurance. 10
American Reserve
10
100
par
v
Ins Goof North Amer.. .10
American of Newark.. -2*4
100
••
Carolina
2*4
20*4
Jersey Insurance of N Y..
Knickerbocker
6
..10
North
•
Ask
45
Ask
1*4
19
79
Equitable- —6
New York
Bid
Atlantic
Homestead Fire—. —.10
24
'
22*4
Automobile
Joint Stock Land Bank Stocks
ma
BUT
Home Fire Security..... 1()
49
...10
American Home..
Companies
12
32*4
76
Ameiiu&ii Alliance
99*4 100*4
100
100*4
99*4 101
'l
30*4
Agricultural
86
A. T. & T. Tel.—Phla 220
A»k
,
47
Life
13
84
American Surety..
Atlanta..
ina
108
.....
/12
58
101
90
;.
Aetna
'
nsuranee
BUT
American
99
100
Lafayette 6s
Lincoln 4148
24
/22
98*4 100
...
I
101
Aetna Cas A Surety.. .10
Southwest
BUILDING, PHILADELPHIA, PA.
N. Y. Tel.—Rector 2-3300
100
Southern Minnesota 5s
Greensboro
EXCHANGE
100*4 101
99*4 100*4
105
106*4
107*4 108*4
Phoenix
102*4
STOCK
62
Oregon-Washington 6s
52
For footnotes see
page
1466.
76%
225
SAN
FRANCISCO—
Bk ofAmerNTASA 12*4
35*4
37*4
Financial
1464
Mar.
Chronicle
11,
1939
Mar. 10-Continued
Quotations on Over-the-Counter Securities—Friday
DEALERS
Guaranteed Railroad Stocks
RAILROAD BONDS
Doscpb Walkers Sons
Robert L. Whit taker & Co.
Members Philadelphia Stock
York StarA Exrbjag*
fiOmbtrt
Dealers in
120 Broadway
WALNUT ST.,
1420
Tel. RE ctor
Klngsley—0782—Bell Teletype Phil. 377
GUARANTEED
NEW YORK
Exchange
PHILADELPHIA
-
-
2-6600
STOCKS
Townsend, Phil.
Direct Wire to DeHaven A
[jHncU*5j
Railroad Bonds
Guaranteed Railroad Stocks
(Guarantor In Parentheses)
Asked
Bid
#
Dividend
Akron
Asked
Bid
Par in Dollars
6.00
(Illinois Central)
.KM)
Albany A Susquehanna (Delaware A Hudson)
10(1
Allegheny A Western (Buff Roch A Pitts)..—
Beech Creek (New York Central)
Boston A Albany (New York Central)..
Boston A Providence (New Haven)
Canada Southern (New York Central)
.100
Carolina Cllnchfleld A Ohlo com (L A N-A C L)...
.100
Cleve Cinn Chicago A St Louis pref (N Y Central).
Cleveland A Pittsburgh (Pennsylvania)
Alabama A Vicksburg
65
2.00
29*4
31**
8.75
83
88*4
8.50
17
23
2.85
43*4
49*4
6.00
83
5.00
68
3.50
•77
2.00
47
49
2.00
Delaware (Pennsylvania)
Fort Wayne A
130
60
44**
43?*
57*4
60*4
•
6.00
5.50
Jackson pref (N Y Central)..
49*4
4.00
100
5 i*4
800
6.50
60.00
York Central)—..
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (DLAW)
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Michigan Central (New
37*4
5.00
61**
61?*
4.00
83*4
83**
40
41
1.50
43
45
81
(Penn.) pref... .100
7.00
172
Rensselaer A Saratoga
.1(M)
6.82
70*4
74*4
St Louis Bridge 1st
.1(M)
6.00
131*4
'm.marnm
3.00
65
6.00
130
10.00
241
Preferred
Pittsburgh Fort Wayne A Chicago
Pgh Ygtn A Ashtabula pref
Second
(Penn)
(Delaware A Hudson)
pref (Terminal RR)
preferred.
mm
+
United New Jersey RR A
---•
245
Western)
Warren RR of N J (Del Lack A
West Jersey A Seashore
(Penn-Readlng)
65
59
63
61
3.50
29*4
32*4
3.00
.—.
60
5.00
-
59
6.00
.50
64*4
6.00
Preferred
.1961
85
87*4
62
55
.1951
108
.1960
/66*4
105**
.1961
.1962
56*4
59*4
76
49
51
.1953
64
.1950
74
....
.1978
95
96*4
.1940
....
61*4
66*4
53*4
.1947
.1959
..'
53
.2000
Pennsylvania & New York Canal os
Philadelphia & Reading Terminal 5s
96
96*4
54
.1947
88
.1939
.....
102**
.1993
...
101
.1948
...
78
__
.1947
....—....
;
Portland Terminal 4s
■
.1947
....
5s...
Toledo Peoria & Western 4s——,
Equipment Bonds
Atlantic Coast Line 4*4s.
62.10
1.50
New Orl Tex A Mex 4*4s..
Baltimore A Ohio 4*4s—
64.60
3.50
New York Central 4*4s—.
3.50
61.50
6s
.1940
.1954
42
.1990
101"
65
56
,
Ry.3*4s
Pittsburgh 4s.
...
58"
1.00
64.10
3.50
64.10
3.50
64.50
4.00
64.50
4.00
62.25
N Y Chic A St L 4*4s
.1951
2.00
62.75
64.60
West Virginia &
.1946
....
104*4
97
108*4
99*4
105*4
.1957
Buffalo 4s
Railroad A Canal 3 *48
Washington County
3 00
77
103
.1967
v.
—
Vermont Valley 4*4s
Ask
Bid
Ask
64.00
6s
;
—
Toronto Hamilton &
United New Jersey
Bid
1
105**
85
.1961
.1942
Providence & Worcester 4s
57
80~
104**
116*4
.1941
Erie 5s.
55~"
100**
99*4
.1940
i.
—
68*4
111
.1991
...—......
Philadelphia & Norfolk 4s...
4s
A Worcester 4*4s_.
—
Toledo Terminal 4*4s
58
56
.1959
Gulf 5s.
Pittsburgh Bessemer & Lake
73
Terre Haute A Peoria
Railroad
106
.1945
New York
Norwich
101*4
44*4
100*4
41*4
.1965
......
New York & Putnam
6.00
78
82
.1951
.1995
5s
Memphis Union Station 5s......—
Mdhawk A Malone 4s
New London Northern 4s
New York A Harlem 3*4s
-
,,100
(Terminal RR)
Canal (Pennsylvania)... .100
.100
Utlca Chenango A Susquehanna (DLAW)
.100
Valley (Delaware Lackawanna A Western)
.100
Vicksburg Shreveport A Pacific (Illinois Central)..
Tunnel RR St Louis
»
74
Lehigh Valley 4*4s
Macon Dublin & Savannah 5s...
m
40
100*4
99**
Franklin A Clearfield 4s
Kansas Oklahoma A
38
.1956
Central—Louisville Div. A Terminal 3 *4s
Jamestown
173*4
145 *4
38
Indiana Illinois A Iowa 4s
3.00
4.50
so
...50
34
„
Georgia Southern & Florida
Illinois
1944
.1945
Florida Southern 4s
35?*
3.875
81
40
.1955
Cleveland/Terminal A Valley 4s
Connecting Railway of Philadelphia 4s....—
Denver A Salt Lake Income 6s._..—......
Duluth Mlssabe & Iron Range 1st 3*4s.
151*4
78
38
.
Pittsburgh 4*4s registered
Cambria A Clearfield 4s—
...
Chicago Indiana & Southern 4s
....!
Chicago St. Louis A New Orleans 5s
....
Chicago Stock Yards 5s——
......
Cincinnati Indianapolis A Western 5s..
Cleveland Short Line 4*4s
79
56
.1943
.1957
—
Buffalo Rochester A
72*4
55
.1940
4*4s
A Maine 5s..
4*4s
85*4
155
9.00
.100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
"
99 V*
.1939
Boston & Albany
Boston
36*4
98**
—
4s.
Baltimore & Ohio 4*48-.-
12 5
10.50
stock
Betterment
73
69*4
/3 5*4
.1939
*
„
—
f 35
.1945
and Youngstown 5*48
Canton
6s
Atlantic Coast Line
36
.1945
1.50
65.00
4.00
6s
65.00
4.00
3*48Deo 1 1936-1944,.-
66.00
4.00
N Y N H A Hartf 4*4s
Canadlan National 4*4s.
62.60
2.00
Northern Pacific 4**s
62.60
2.00
Pennsylvania RR 4*4s
61.50
1 00
Canadian Pacific 4*4s—
62.50
2.00
>1.50
1 00
Cent RR New Jersey 4*4s.
65.00
4.00
4a series E due
Chesapeake A Ohio—
4^8
2.00
2.00
62.20
1.50
2J*aserles G non-call
61.25
0.60
>2.50
2.00
64.50
4.00
Pere Marquette 4J4s
62.75
2.25
Reading Co 4*4s.
62 60
Boston A Maine 4*4s—
5s
5s
6s
58
Jan A
6s
Chicago A Nor West 4*4s.
July
1937-49
Dec 1 1937-50
64.50
4.75
65.25
6s
4.00
66.25
6s
Chic Mllw A St Paul 4*4s.
4.75
St Louis-San Fran 4s
94*4
St Louis Southwestern 6s—
93
Trustees' ctfs 334s
4 00
64.75
4*4s..
Denver & R Q West
99
64.75
4.00
64.75
4.00
Erie RR 4*4s
64.65
4.00
Great Northern 4Mb
61.75
1.00
61.50
1.C0
68
6*48
....
68
1.00
Ry 4J4s
2.00
Arkansas Pr A Lt 7 % pref *
62.75
2.00
Original preferred
*
$6.50 preferred
*
$7 preferred..
Atlantic City El 6% pref.*
Birmingham Elee $ 7 pref
Buffalo Niagara A Electern
11.60 preferred
25
62.00
1.00
61.25
0.50
61.50
5s
1.00
63.00
2.00
Union Pacific 4*4s
Internat Great Nor 4*48.,
64.00
3.00
Virginia Ry 4*4s
Long Island 4*4s
63.60
2.50
63.50
2.50
Wabash Ry 4**s
5s
64.60
3.50
64.50
3.50
63.50
2.50
Western Maryland 4*4s...
64.75
4.00
>3.50
2.60
Western Pacific 5s
64.75
4.00
64.75
4.00
......
98
98*4
98*4
5*4s
3*4
6**
Par
Ask
95**
Associated Gas A Electric
Illinois Central 4*4s
Maine Central 6s
*91*4
1.00
61.50
....
94*4
2.00
Hocking Valley 6s
6s-
Alabama Power $7 pref—*
62.75
4*48
Bid
Par
62 00
5s
Texas Pacific 4s
Utility Stocks
1.00
2 00
Public
3.75
62.75
5s
Direct wire to
NEW YORK
Bell Teletype: N. Y. 1-1043
Fuller, Cruttenden & Co., Chicago
3.75
62 75
1.75
Southern
Hanover 2-3888
101
64.60
Southern Pacific 4*4s—
Incorporated
WALL STREET,
64
100
64.50
5*4s-
Bishop Reilly & Co.
2.00
98
4*48..'..
Chicago R I A Pacific—
PUBLIC UTILITY STOCKS
2.00
62 60
6a
DEALERS
93
Mississippi P A L $6 pref. *<
Miss Riv Pow 6% pref. 100
Missouri Kan Pipe Line..5
Monongahela
7%
Penn1
25
West
Pub Serv 7% pref
6**
7%
85*4
Nassau A Suf Ltg 7% pf 100
100
7% preferred
Nebraska Pow 7% pref. 100
23*4
....
6s.
96*4
*86
87*4
22**
5*4s
'
•
100
95*4
97*4
5*4% Pt.*
Co—
$7 prior lien pref
...♦
New Orl Pub Serv $7 pf..*
86 J*
88**
98**,
5*4
6*4
60*4
54*4
Carolina Pr A Lt *7 pref..*
Miscellaneous Bonds
...*
6% preferred-
Central Maine Power—
7% preferred
i
101*4 102*4
Consumers Power $5 pref*
Bid
104
100.16 100.18
H % notes Nov 2 1939.
1 *4s
100.22 100.24
Sept 1 1939
1940
102.18 102.22
1 1943
102.20 102.24
Reynolds In vest'g 6s 1948
.....Deo
2s
28
Apr
Federal
Natl. Mtge Assn
2s May 16
1943—
CallMayl6'39 at 101
101.18 101.21
1 %a Jan 3 1944—
Call Jan 3*40 at 102.
100.17 100.19
Home Owners' Loan Corp
1 *4s
28?*
28*4
29**
Pacific Pr A Lt 7% pf-100
$7 cum preferred
30
31
Penn Pow A Lt $7 pref...*
64
Trlborough Bridge—
111*4
110*4
4s s f revenue '77. A AO
1.80 less *4
4s serial revenue..1942 6
4e serial revenue..1908 b 3.40 less 1*2
Bid
88**
91
115*4
39*4
42
100
*
101.27 101.30
Par
Eastern Sugar Assoc
4*4
Preferred
...
1
..1
For footnotes see page
125*1
1466.
'
Savannah Sug Ref com
l
6*4
1**4
19
29"
30"
46
47*4
$6 preferred...—
*
100
103** 104*4
102*4 103**
109
110*4
7% pref
(Minn) 5% pref
52*4
52*4
73
74**
106** 108
105** 106**
110**
113
114*4
103*4 105
111*4
110
108*4 110*4
83?*
105
86
106?*
Queens Borough G A E—
6% preferred
100
Hudson County Gas...100
Idaho Power—
32**
33*4
1
2*4
3*4
Republic Natural Gas
108*4
Bid
I
Ask
113*4
Rochester Gas A Elee—...
Gas..*
24**
26**
99** 101
5*4
7*4
6% preferred D
100
Sioux City G A E $7 pf.100
Southern Calif Edison—
94**
97**
6% pref series B
25
Tenn Elee Pow 6% pf.100
28**
29**
95
96
97
98
7% preferred
Interstate Natural
112
Jamaica Water Supply—
54*4
56*4
7*4% preferred..
50
99
97*4
Jer Cent P A L 7% pf._100
118
Kan Gas A El 7% pref. 100 *115
80
78
Kings Co Ltg 7% pref.100
29**
28**
Long Island Ltg 6% pr.100
33**
31**
7% preferred
100
West Indies Sugar Corp-.l
305*
35*1
32*4
4*4
5% conv partlc pref. .50
Memphis Pr A Lt $7 pref.*
Mississippi Power $6 pref *
$7 preferred
*
7% preferred
100
pf.l00|
100** 101*4
Toledo Edison 7% pf A. 100
109** 111**
Texas Pow A Lt 7%
Union Elee Co of Mo—
115*4 116*4
$5 preferred
Mass Utilities Associates—
9
44
17
Interstate Power $7 pref.*
U S Housing Authority—
Ask
I
8
42
110*4 112*4
Power—
27*4
Sugar Stocks
Par
States
$6.50 cum preferred...*
100.11 100.13
Cuoan Atlantic Sugar..7*4
Northern
5J*% pf 50
S6 cum preferred
02
1*4% notes Feb 1 1944
June 1 1939
7% cum preferred... 100
N American Co
100.25 100.27
100.24 100.26
1
Corp—
H % notes July 20 1941
*4%
Nov 1 1941
H%
Jan 16 1942
100.9
*'
$6 cum preferred
100.26 100.28
less
Lt 7% pref. 100
Derby Gas A El %7 pref..*
Dallas Pr A
Federal Water Serv Corp—
100.7
July
Is
1
Essex Hudson Gas
1939
Fed'l Home Loan Banks
x
107*4
less
Reconstruction Finance
Federal Farm Mtge Corp
100
7% preferred
106*4
way Authority 3*4s '68
3*4s revenue.....1944 6 2.20
3*4s revenue
1949 b 2.00
5H
28
New Eng Pub Serv
(Del)
Continental Gas A El—
Ask
New York City Park¬
Bear-Mountain-Hudson
River Bridge 7s...1953
Commodity Credit Corp
New Eng G A E
100
*
Ohio Edison $6 pref
♦
$7 preferred
*
Ohio Power 6% pref
100
Ohio Pub Serv 0% pf_.100
7% preferred
100
Okla G & E 7% pref..100
Bid
Ask
5
26**
New York Power A Light—
96?*
Consol Traction (N J). 100
99
6s..—
81*4
114** 116*4
100
Newark Consol Gas
z94**
16 preferred
100
Cent Pr A Lt 7% pref..100
Consol Elee A Gas (6 pref *
6*4s
Missouri Paclflo 4*4s.
Ask
80
Mountain States Power—.
117*4
84*4
Bid
32
33
95 V*
96*4
82*4
85
85
87*4
United Gas A El (Conn)—
7% preferred
100
Utah Pow A Lt $7 pref... *
Virginian Ry..
..100
85
87
58?*
59**
150
Volume 148
Quotations
Over-the-Counter Securities—Friday Mar. 10—Continued
on
Industrial Stocks and Bonds
Pot
Bid
,__*
Alabama Mills Inc
2
American Arch
Ask
2M
6%
Bid
39
100
59
66%
19%
12 M
Norwich Pharmacol (new)
Ohio Match Co—•
18
11M
96%
Pan Amer Match Corp. J25
Paths Film 7% pref
*
14%
100
28M
Petroleum
Preferred 6%%
8% cum prel
100
92M
26 %
26
Amer Malse Products—*
American Mfg. 6% pref
Conversion
8%
1
17M
19%
Petroleum Heat A Power.*
59
64
Andlan National Corp...*
Art Metal Construction. 10
32%
35
Pilgrim Exploration
1
Pollak Manufacturing...*
Remington Arms com—*
Bankers Indus Service A.*
25
Qcovlll Manufacturing—25
26
Singer Manufacturing—100
Singer Mfg Ltd....
210
19M
Bur dines Ino common....!
4%
.1
Cessna Aircraft..:.
-2%
Chic Burl As Qulney—100
Chilton Co oommon
10
46
Columbia Baking com—*
8
21H
6%
3%
48
2%
3M
10
20
22
Crowell Publishing com..*
Dennlson Mfg class A
10
30%
M
Dentist's Supply com
32%
1%
57%
$1 cum preferred——*
...
3.93
.56
5
5%
Time Inc
28 M
31%
Trioo Products
1%
2%
5
6
18
22
13 M
14M
Foundation Co For shs...*
3%
3M
4%
4%
American
shares...—*
38
Oarlock Packing com...:*
Gen Fire Extinguisher...*
40
12M
17M
Gen Machinery Corp com*
Good Humor Corp——1
13M
18M
5:
4
Graton A Knight com.—*
Preferred-.-—.--100
0%
6
37
Great Lakes SS Co com..*
29M
Great Northern Pa per..25
37
HLarrlsburg Steel Corp....6
Interstate Bakeries $6 pref.
6%
7%
30%
32%
M
%
Klldun Mining Corp
1
King Seeley Corp com—.l
Landers Frary A Clark..26
8M
.
Corp
cum
•
pf.10
*
80
Preferred—j—
100
Veeder-Root Ine com....*
Warren (Northam)—
33 conv preferred——*
7
7% preferred——100
West Va Pulp A Pap com.*
%
Commonwealth Invest— 1
♦Continental Shares pflOO
3.76
4.09
Corporate Trust Shares—1
105
13
15
♦Crum A Forster com...10
26
WJBThe Goodwill Sta—.5
♦8% preferred—100
115
Worcester Salt
44
48
♦Crum A Forster Insurance
York ice
7%
com
.50
...100
Machinery...—•
6%
♦Common B share...10
7%
41%
44%
.100
American Tobacco 48.1961
no%
94
15%
59 %
27 M
25 %
110% 111
63 H
66M
81M 83M
37
Mich Consol Gas 4s 1963—
Missouri Pr A Lt
66
Mtn States Pow 1st 6s. 1938
66%
67%
Narragansett Eleo 3Ms '60
N Y,Pa A N J Utll 6s 1956
N Y State Elec A Gas Corp
109
72%
100%
Ms——..——1949
3 Ms—
1964
103%
104
103
103%
Sink fund Inc 4-50—1986
S f ino
1959
4s.
35
8.51
——
31
Ohio Power 3%s 1968—---
4%s-5%s—.1986
33
Ohlo Pub Service 4s—1902
35
Old Dominion par 6e—1951
S f Inc
9.19
8.89
9.61
—1
—.1
31.34
29
2.51
2.78,
-
3.66
2.69
.49
15.03
10.07
11.53
12.63
(Geo) Fund..—
Quarterly Ino Shares..10c
5% deb series A
Representative TrustStaslO
Republic Invest Fund.25c
Selected Amer Shares..2M
Selected Income Shares.
Sovereign Investors
Spencer Trask Fund.....*
.71
4.45
4.75
20.56
5.40
6.05
£-81
6.57
AA
■
B
.........
O.
Supervised Shares ......3
10.68
"
11.61
35.30
54?
5.65 Trustee Stand Invest Shs—
5.97
6.50
5.31
1
2.56!
.59
.65
Trusteed Industry Shares.
1.00
1.11
U S El Lt a Pr Shares a..
10%
3.85
4.20
5.74
6.25
Mining shares....
6.90
7.51
Petroleum shares..
5.02
RR equipment
steel shares..
4.82
5.47
6.25
6.74
7.33
In vestm't
5.72
♦Blair A Co
5.25
.20
.50
18.34
19.72
2.26
1.12
1.37
2.62
Series D
....1
5.78 Trustee Stand Oil Shs A.l
8.51
Series B—
—l
8.45 Trusteed Amer Bank Shs B
Investing shares.......
Merchandise shares....
37
——
7.21
7.21
4.50
75
—
D-...
Food shares—
Tobacco shares—......
3.94
.—... ....
——
7.40
4.91
Corp—1
Incorporated Investors..*
♦Independence Trust 8bs.
Institutional securities Ltd
Bank Group shares.....
Insurance Group Shares.
""81
17.93
80%
6.80
106% 106%
106 % 100 M
108M 109
.74
16.89
3.77
Chemical shares.......
104% 105M
10,02
4.53
83%
7.77
shares,.,
.34
9.74
Corp... *
7.83
... —
103%
11.12
.31
Super Corp of Am Tr ShsA
♦state St Invest
8.59
Building shares........
109 M
99
10,62
.66
Aviation shares..——.
99% 101
.55
Standard Utilities Ine.60c
19.02
32.83
2.91
Plymouth Fund Inc...10c
107 %
73
2.97
1
Series 1958-
99 M 100 %
107
♦Huron Holding
Secured notes 3%s—1947
8.50
Railroad equipment..
Series C.........
Agricultural shares.....
Automobile shares—
North Boston Ltg Prop's
Sink fund Inc 5-08..1986
5%s-e%S—1986
7.61
General Capital Corp.—.*
General Investors Trust.*
100 %
37
22.20
28
Group Securities—
75%
.1965
North American Co—•
33
20.63
B
Ask
42%
5%s—1983
20.04,
29.46
7.81
36%
41%
64%
Sink fund inc
18.66
8.06
/57%
3
10.08
9.44
♦Putnam
—10
Income deb 4s—..1978
Sink fynd Ino 4%s„1983
Sink fund ino 5s..—1983
1.47
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
Fundamental Invest Ine-2
Fundamental Tr Shares A2
B
—..*
33%
31
1.37
3.30
33%
41
6.80
10.25
33
38
8.73
...
Series 1956—
6.10
Bank stock series..-10c
32%
Cons ref deb 4%8—1958
Sink fund inc 4s—1983
9.48
9.32
Soles 1955....
3.95
Fixed Trust Shares A...10
*--
3%s.._1978
Income deb 3%s...l978
Assoc Gas A Elec Co—
8.77
2.37
50%
Inland Gas Corp 6%s.l938
4s—
9.70
No Amer Tr Shares 1953.*
104%
108% 112%
Utility Bonds
3%s.l966
10.48
.......
2.75
Insurance stk series. 10c
Kan City Pub Serv 4s, 1957
Kan Pow A Lt 1st 4%s '65
Insurance stock
49%
Fiscal Fund Ine—
Woodward Iron¬
Leblgb Valley Transit 5s'60
Lexington Water Pow 6s '68
8.99
Steel
First Mutual Trust Fund..
09
107%
64%
9.16
9.39
8.31
Mo Amer Bond Trust etfls.
Eqult Inv Corp (Mass)..5
Equity Corp 33 eonv pref 1
Fidelity Fund Inc.......*,
19%
63
18.23
1.61
Dividend Shares....—25e
Eaton A Howard Manage¬
81
79%
8.68
3.10
1
D—
65%
Bid
8.47
'
77
53%
6.39
10.91
Metals...
ment Fund series A-l—
/75M
/13%
9.09
5.89
Machinery.——
8.60
C
65
Ask
33 M
16.86
.......
Deposited Bank Shs ser A1
Deposited lnsur Shs A---1
Deposited lnsur Shs ser Bi
Diversified Trustee Shares
8.40
Building supplies——
Eleotrlcal equipment...
5.07
Delaware Fund.
1.57
10.10
....
Oils
102
/17
conv
Bank stock
—
McKesson A Rob 5%s 1950
Nat Radiator 5s.. .—1946
.-1962
Income 5s.. 1962
28
18*
♦7% preferred
'
;
100
Cumulative Trust Shares. *
preferred...
Bonds-
N Y Shipbuilding 58—1940
74%
N Y Stocks Inc—
Agriculture—...i——
Scovlll Mfg 6%s—1946
Wither bee Sherman 6s 1963
98""
14.87
2.41
Aviation..——..——..
46%
«1%
90
6.59
13.80
Automobile..........
1%
....1
1,42
0.19
2.54
2.94
Wilcox A Glbbs
93 M
Voting shares..—......
8
2.41
2d
73
3.90
Common
National Investors Corp.l
New England Fund
1
7%
2.94
*
15
83
........25o
Nation Wide Securities-
....1
29%
5%s——1973
13.17
Series AGO mod..
27 M
8s without warrants.1940
24.03
12.05
7%
10%
23%
New Britain Machine.—*
Conv deb
22.35
10
6M
7%
21%
t e 1
ist 5s—
4%s—1978
Conv deb 4s....... 1973
Conv deb 4%s.
1973
Conv deb 5s—...—1973
6.58
Mass Investors Trust——1
Mutual Invest Fund
Series A A mod—.——1
19
Income deb
8.31
5.96
Accumulative series—1
10M
Income deb
5.89
7.53
Series AA
.2%
.
16%
16%
Conv. deb 6s—.—1948
Assoc Gas A Elec Corp—
28.37
15 %
5.26
Manhattan Fund Ino
Maryland Fund Inc.—10c
23
preferred...—.100
Associated Electric 6s. 1961
13.24
17.38
15.22
4.45
99
44%
.31
96%
2%
oom v
33 cum preferred
Nat Paper A Type com—.*
Amer Gas A Power 3-6s *63
17.91
.16
26.53
Bullock Fund Ltd..——1
99%
78%
Btd
3.80
16.66
11.38
99%
Public
15.71
13.71
.
Series S-3
Series S-4—
25.86
98%
3%
6
4.10
4MB
1948
Deep Bock OH 7s
1937
ELaytian Corp 8s—1938
Kelsey Hayes Wheel Co—
107
11.92
.—.
Series S-2
10.51
Crown Cork A Seal 4Mb '48
Crucible Steel of America
104
Series K-2
24.00
32
...
15.50
6
Century Shares Trust...*
.1
3M
30%
38%
13M
Casket-—----*
Preferred
—*
5M
17.37
17.03
Canadian Inv Fund Ltd—1
91
National
26.40
Chemical Fund.
1st eonv s 16s..—1940
107
30.72
24.10
15.77
Series K-l
46
56 M
100
28.01
Series B-3_————
21
Preferred——.—100
West Dairies Inc
12.54
Series B-2
45%
90
29%
26 %
Ask
11.75
43%
14%
100
116
100
7% preferred...—..100
Muskegon Piston Rlng.2%
Basic Industry Shares..10
Bid
1
Corp
....._
Par
Investors Fund C
4.55 Keystone Custodian Funds
Series B-l———...
27%
43%
Am Wire Fabrics 7s—1942
13%
Ask
14.21
British Type Invest A—.1
Broad St Invest Co Inc..5
8
Chicago Stock Yds 5s. 1961
Cont'l Roll A Steel Fdy—
2
Bid
13.36
4.12
Boston Fund Inc
87%
2%
1%
2
Invest
♦Class A.—.
141% 145%
32% 34%
16M
Mock Judson A Veehringer
08.1964
Bankers Nat
21
27 M
Merck Co Ino oommon—1
Amer Utility Serv
Assoc. Stand Oil Shares—2
2
29%
30%
1%
12 M
28%
Marlin Rockwell Corp
1
McKesson A Bobbins....5
6%
8
1%
United Artists Theat com.*
United Piece Dye Works.*
Welch Grape Juice com—6
1%
Holding Corp—*
7
10%
55%
2%
Long Bell Lumber.......*
$5 preferred........100
Maofadden pub common. •
Preferred..————*
0% preferred..
10
♦Amerex
42
40
27
19
Lawrence Portl Cement 100
$3 conv preferred.
•
Wickwlre Spencer Steel..*
42%
31%
39
Affiliated Fund Inc
34%
Taylor Whartou Iron A
Tubixe Chatillon
•
Par
5%
Adminla'd Fund 2nd Inc.*
.50
29%
30
7%
3.56
25
-
Investing Companies
4%
Amer Business Shares..—
Dixon
Preferred
214
3%
6%
4%
Amer Gen Equities Inc 25c
Am Insurance Stock Corp*
Steel common^———*
Tennessee Products
•
•
Connecting Branch Offices In leading Cities
27%
6%
33
Fohs Ofl Co
REctor 2-5485
Private Wire System
Commodity Exchanges
.
20%
34
4%
4
6%
30%
74
Tel
9
14%
3
18%
29
3M
3%
8
Stanley Works Inc.....25
Stromberg-Carwon Tel Mfg
Sylvanla Indus Corp...—*
10
72
2%
UNLISTED
IN
Jersey City Office
921 Bergen Avenue
Tel. Journal Sq, 2-4400
Teletype JCY 1518
32
Devoe A Baynolda B com *
Dictaphone Corp
_..*
Fairchlld Eng & Alrpl
1
Federal Bake Shops...-.*
Main Office
115 Broadway
New York City
Skenandoa Rayon Corp..*
Solar Air craft
1
standard Screw........20
55
(Joe) Crucible—100
Domestic Finance cum pf. *
Douglas (W X.) Shoe—
Conv prior pref.—.—
Draper Corp
———*
.
MARKETS
Members N. Y. Stock Exchange and ether Principal Stock and
55c
13%
100
TRADING
GOODBODY & CO.
10%
15%
25c
ACTIVE
Investment Trust Issues
35%
American Hard Bobber—
American Hardware
MAINTAIN
Ask
10
pref
eonv
WE
Par
New Haven Clock—
•
American Cynamid—
1465
Chronicle
Financial
B
—
Voting sharesWellington Fund.*—.-1
6.41
2.41
1.07
14.49
15.90
Banking Corp
2M
...
3M
Corp cl A..*
29
32
♦Class B.———*
2
3
♦Central Nat
♦First Boston Corp
1.23
1.50
5.75
...10
♦Schoelkopf, Hutton a
Pomeroy Ine eom__.10e
19%
20%
2
Peoples Light A Power—
A Electric 3%s.
3-6s———1961
82 %
Portland Elee Power 6s '60
m%
1st lien
Blackstone Valley Gas
1968
109
110
84%
22 M
Real Estate Bonds and Title Co. Mortgage Certificates
Public Serv Elec A Gas—
Cent Ark Pub Serv 6s. 1948
93
94?
1st A ref 60
Central G A E 6 Ma---1946
78%
83%
80
1st A
85%
1st lien coll trust 6s. 1946
Central Illinois Pub Serv—
1st mtge 3%s
1968
'Cent Maine Pr 4s ser G '60
Central Public UtilityIncome 5%s with stk
101
108
'52
flH
Cities Service deb 6e—1963
75%
Commonwealth
3 Ms
-
101%
108%
2%
77%
Edison—
1968-193!
ref 8s...
150M
Ms—...1968
6M8...1948
107% 107%
82% 84%
1st mtge 3
Pub Util Cons
Republic Service coll 6s *61
St Joseph By Lt Heat A Pow
-i
1947
74%
95%
48
49
6s series B—...1962
47
77%
404
105
100
106 M
-
ConsolE AG 68 A
Orescent Public Service—
49%
Colllne 6s (w-s)..—1964
Cumberi'd Co PAL 3%8'66
100
52%
107
Sioux City
G A E 4s—1966
Sou Cities Utll 6s A..1968
103% 104
49% 51%
76%
92
93 %
107 % 107 %
Dallas Pow A Lt
3M8-1967
Lefcourt State 1st lshld—
18
Lewis Morris Apt
23%
Texas Public Serv 6s.. 1961
Toledo Edison 3 Ms
1968
Western Pub Serv 6Ms '60
89 M
Wisconsin G A E 3Ms. 1966
74
75%
Wis Mich Pow 3%S—1961
73
9l"
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
50 Bway Bldg 1st 3s lne '46
Film Center Bldg 1st 4s '43
Bid
100
20
22
Diamond Shoe pref
100
Fishman CM H) Co Inc..*
104
107
7% preferred
Kress (SH)0% pref.
7M
11%
.
9M
12
40%
43%
53%
1st & gen 3s w-s
1st 5s
8%
44%
42%
10%
47%
22
25
7% preferred—.—100
Miller (1) Sons common..*
65
—-
6M% preferred—100
Murphy (G O 15 pref .100
Reeves (Daniel) pref—.100
United Cigar-Whelan Stores
19
24
109
110
S5 preferred
*
4M
6
41%
1949
35%
1st
2M-4s (w-s)
45%
42
QMS stamped—1948
Fuller Bldg deb 6s.
1944
71
1946
25%
27%
6%
7%
/51
/33%
/56
53%
/43%
45%
2s
45%
68
44%
37
38
5%s
5%s
5%s
5%8
series
series
series
series
27
-
S5
Ollcrom Corp v t c
1 Park Avenue—
7
103 E 57th St 1st 6s. ..1941
/19%
5%s '51
53%
24%
56%
58%
—
73%
76
30%
165 Bway Bldg 1st
54
56
Prudence Co—
Hotel St George 4s—1950
J
58
43%
28
1st 5*
4
35%
1951
2d mtge 6a
Harriman Bldg 1st 68.1951
28 %
Co—
BK...
C-2
F-l...
Q—
Hearst Brisbane Prop 6s '42
1466.
101
N Y Athletic Club—
Graybar Bldglst lshld 5s'46
99
99
69%
51%
53%
5%s stamped......1961
58%
61%
Continued on next page.
Lefcourt Manhattan Bldg
For footnotes see page
62%
1945
S f deb 5s
N Y Title A Mtge
41%
43%
/64%
1st
75
Metropolitan Chain Prop—
6s....
1948
Metropol Piayhouseslnc—
N Y Majestic Corp—
4s with stock stmp—1956
•
30
1958
1939
1400 Broadway Bldg—
40 Wall St Corp 6s
Ask
Kobacker Stores
2%
1952
(Bklyn)...—1947
1st 5s (L I).
.—.1951
Ludwlg Baumann—
27%
1st leasehold 3s. Jan 1 '52
Par
Ask
90
99%
London Terrace Apts—
37%
42 Bway 1st 6s
7% preferred—.——100
72%
98%
12%
33%
30
Hotel units
Chain Store Stocks
/G Foods Inc common *
Bohack (H C) oommon...*
65%
69%
50%
51%
52d A Madison Off Bldg—
B
63
1st 6s:.——-—.1947
600 Fifth Avenue—
10
mm-
whs—1963
Loew's Theatre Rlty Corp
29%
6Ms (stamped 4s)..1949
7
mm —
Income 5%s
Dorset 1st A fixed 2s—1957
108 %
108 %
Berland Shoe Stores.....*
m
38%
Lincoln Building—
Eastern Ambassador
126
77*"
Bid
1951
lst 4s—
Lexington Hotel units....
33%
1st 3 Ms
Havana Eleo By 6s—1952 739%
Par
Ask
49%
Bldg¬
30
-1950
...1948
ist 4s (w-s)
Bid
38%
Colonade Construction¬
74%
74%
110
Ask
Court A Remsen St Off Bid
Otlca Gas A El Co 6s. 1957
Dallas By a Term ds.1961
Federated Utll 5%s._. 1957
16
.......
49
6s
/36
B'way Barclay lne 2s ..1956 J22
B'way A 41st Street—
33
1st leasehold 3s—1944
Broadway Motors Bldg—
4-6s-—
71„
—1948
Brooklyn Fox Corp—
/9%
3s
—1957
48
Chanln Bldg 1st mtge 4s '45
49
Chesebrough Bldg 1st 6s '48
San Antonio Pub Serv—
..1963
3S.1957
Beacon Hotel lne 4s.. 1958
Alden Apt 1st mtge
Tel Bond A Share 60—1958
1962
1962
93
Bid
216 M
110% 111%
1st mtge 4s..
Cons Cities Lt Pow a Trac
2037
148
1st mtge 3%s.——-1968
Pub Serv of Northern HI—
4MB
110% 110%
——2037
——...1948
Chronicle
Financial
1466
Mar. 11, 1939
Quotations on Over-the-Counter Securities—Friday Mar. 10—Concluded
Real Estate Bonds and Title Co. Mortgage
Income
3434
Foreign Stocks, Bonds and Coupons
Ask
3734
Inactive Exchanges
610 Madison Ave—
47
1943
4834
Rlttenhouse Plaza (Pblla)
1955
3834
4234
1957
2Hs
Bid
Ask
Bid
Realty Assoc Sec Corp—
6«
Certificates
71
7334
1957
3s with stock
Syracuse Hotel (Syracuse;
1st 3s
1956
6834
Textile Bids—
Roxy Theatre—
1st mtge 4s—
BRAUNL
195^
37 H
40
1939
1st 4s (w-fl)
4734
52 34
5434
3634
/3534
1st 5348--2 Park Ave BJdg 1st 4s
2334
25
1946
Wal bridge Bldg (BuHalo)—
42
Sherneth Corp—
1st 3-5Ms (w-s)—1960
44
Wall & Beaver St
1st
3Ks
1947
61 Broadway Bldg—
3Mb with stock.... 1950
1st 434s
3634
34
62
Foreign Unlisted Dollar Bonds
Corp—
1951
1854
1948
w-s-.
7234
Bid
Weetlnghouse Bldg—
1st mtge 4s—
103
Atlantic
1951
1951
,
5b series B
...1964
101
93
106"
10534
---
98
Chester Wat Serv 434b '68
85
102
107
10134 10334
*
«p*
1st consol 4fl—
103/
10034 10334
99
.—1948
1948
108
102
1st 5s series C
.1957
Community Water Service
5 34p series B
1946
71
102
1946
73
ConnsDsville Water 6a 1939
100
68 series A
6s series B
434s
1952
1962
10034 10234
9934 10134
-
m m
m
— m-
1907
84
Sbenango Val 4s ser B 1961
Huntington Water—
5s series B
...1954
75
1962
South
10334
10434
Jmm**
Illinois Water Serv 5s A '52
Indianapolis Water
102
mmm
10634
1st mtge 334B-r
1906
Indianapolis W W Becurs—
6s......
1958
P
/53
/54
P9
f28
..1946
10434 106
10334
0s series A
10534 107
Union Water Ser
r
*.
-
-
10534 107
W Va Water Serv 4s.. 1961
Long Island Wat 5 348.1955
10434 100
107
6s series B—
96
100
1st mtge 5 34a
Muncie Water Works 6s '05
■
*» »
•»
mmm
1967
10134
French Nat Mall 88 6s '52
1900
10634
German Atl Cable 7s_.1945
1949
105
1962
103 34 10534
German
Telephone and Telegraph Stocks
Am Dlst Teleg (N
J) com.*
Preferred
-
'....100
98 34
173
170
V
Pac A Atl Telegraph
12134
.
123 34
Peninsular Telep com
7% pref.. 100
63
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Gen Telep Allied Corp—
$6 preferred
*
Int Ocean Telegraph
100
43
25
...
Preferred A—
Rochester
-1948
—100
17
31
100J4 103
15
127
130
Sou New Eng Telep...100
153
Wisconsin Telep 7%
11734
pf-100
No Par value,
/Flat
price,
dividend,
y
a
Interchangeable,
b Basis
price,
d Coupon,
on
New
York
Stock
Exchange.
Quotation not furnished by
grams
Slem A Halgke deb 6s_2930
/634
State
P3
2d series 5s
fSH
1356
1956
/17
Coupons—
Oct 1932 to April 1935
1954
Oct 1935 to April 1937
Stettin Pub Utll 7s.-1946
/36
St'nnes 7s unstamped. 1936
/24
/24
Jan 1938 to
„
Dec 1938...
1900-1990
4s
Guatemala 8s—
/II
•
Certificates 4s —1936
1948
-
Hanover Harz Water
Certificates 4s
/23
Haiti 0s
1953
Hamburg Electric 0s. 1938
r475
1946
62
62
/73
PI
/21
fx 3
/7l
/63
/51
Toho Electric 7s.....1956
10134
10234
/72 34
1947
/1654
Toll ma 7s
36
Union of Soviet Soc Repub
75"
/33
Unterelbe Electric 6s. .1953
7% gold ruble
WkB
1957
*
7s unstamped...... 1946
...
/2C-34
/2034
/2434
Bk Jugoslavia
/56
6s-.
sponser or Issuer.
Mtge
5s
July 1934 to Dec 1930..
Ex-Interest^
of pure gold.
1951
634a
Saxon State Mtge 6s-.1947
Jan 1937 to Dec 1937
,
X Quotations per 100 gold rouble bond, equivalent to 77.4234
Saxon Pub Works 7a.-1945
Jan 1934 to June 1934..
155
n Nominal quotation,
tc i When
Issued,
w-s With
stock
z Ex
Now selling on New|York Curb Exchange.
* Ex-Hauldatlng dividend-
t Now listed
♦
e
1947
68
Young coupons:
July 1933 to Dec 1933..
,
/19
/9
534
Great Britain A Ireland—
*
/16
8%
June 1 '36 to June '38.-.
61
Mtn States Tel A Tel—100
3234
/32
Dec 1 *35 stamped
18
P9
/19
/20
/H
/934
/5
9antander (Colom) 7s. 1948
German defaulted coupons:
112
/64
/ 25
/9
/18
:
Sao Paulo (Brazil) 08—1943
Apr 15 *35 to Apr 15*38.
German
/934
/19
/2034
/2034
/17
Santa Fe 7s stamped.1942
1946
Grar (Austria) 8a
.100
---
Conversion Office
Funding 38
736
..1948
8s
...
/24 34
German scrip
German Dawes coupons:
11034 113
Telephone—
$6.50 1st pref
/1834
1938
Dec 1934 stamped---.-.
15
29
25
*
So A Atl Telegraph.....25
...
Ask
16
New York Mutual Tel. 100
103
-
Bid
par
11434 117
Bell Telep of Canada ... 100
Bell Telep of Pa pref.—100
Cuban Telep
Ask
/19
/2134
/33
/SI
/20
8s ctfs of dep08it_1948
Bank
Agricultural 6s
PH
/9934
5334
Santa Catharlna (Brazil)
A Land
bank 0348.
Bk 6a.'47
4s scrip
/45
6s
1933
Salvador 7%
1967
7a ctfs of depo8lt.l957
PH
1956
German Building
1941
R C Church Welfare 7s '46
Saarbruecken M
C
—
Elec 7% '36
.
Rom Catb Church 0 34a '46
/9
Mtge 7s.*03
1945
German Central
Bid
6s
5a series B
W msport Water
10134
Par
1941
Rhine Westph
/20
/9
Frankfurt 7a to
-
1968
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 0s '36
P9H
11734 11834
58 series
pa
(Ger¬
many) 7s
/20
1966
1946
1952
.1930-1937
Porto Alegre 7s
Protestant Church
6s series A
■
r
New Jersey Water 6s. 1950
Farmers Natl
104
Wichita Water—
10534
10534
Morgantown Water 5s 1905
5% scrip..
—1956
Coupons
1634
-1967
7s Income
100 34
102
Westmoreland Water 5a '52
102
1950
i
Poland 3s
jerpfals Elec 7a
Rio de Janeiro 0%
.1960
734s
734s income..
78
99
'
,
634s
Panama
20
/2134
/2134
———1953
European Mortgage A In
vestment
97
57
/19
/1834
Electric Pr (Ger'y) 034s '50
9734 100
1951
1960
City 634a
/19
104.
10434 10634
.-.I960
1st mtge 58—.
Panama
22"
1945
East Prussian Pow 6s. 1953
Western N Y Water Co—
Middlesex Wat Co 5 34s *67
Monmouth Consol W 5s '60
Monongabela Valley Water
56"
/2134
634a
Kokomo W W Co 58—1968
Oldenburg-Free State—
7s to
1945
_
1945
105
102 a
534s '61
53"
*
Duisburg 7% to
103
1947
4g
Duesseldorf 7s to
10134
1949
'
100
1948
/1534
-
Dortmund Mun Utll 6sV48
107
1902
Hungary 7 34s
m
—1949
-1969
5s
Cundlnamarca 6 34fl.
101
/94
Nat Central Savings Bk of
Mtge 7s—
Costa Rica Pao Ry 7 34b '49
104
/94
National Hungarian A Ind
Costa Rica funding 5s. '51
Texarkana Wat 1st 6s. 1958
Joplln W W Co 5s-.—1967
P 34
334
/51 34
10034 103
Terre Haute Water 6s B '66
97
17"
1968
Colombia 4s
78
/20
A B) 6348.1946-1947
(C A D) 0348-1948-1949
/734
...1953
Budapest 7s
1960
5s series B
/19
Nat Bank Panama—
North German Lloyd 6s '47
102
springf City Wal 4s A '60
—
/19
J27
1960
—
/19
(A
/1634
Cordoba 7s stamped..1937
Pittsburgh Water—,
1965
1st mtge 5s
5s series A
17~*
City Savings Bank
87
72
/3 ft
Municipal Gaa A Elec Corp
Recklinghausen 7s..1947
Nassau Landbank 634s '38
...
1934
Chilean Nitrate 5s
>
101
South Bay Cons Wat 6s "60
10134
1954
6s
8334
Water Service 6s. 1961
/2134
J21H
/20M
1946
German Central Bk
Madgeburg 6s
/45'
/2134
Munlc Bk Hessen 7a to '45
PH
Central German Power
10234 103
Scranton-Sprlng Brook
1st A ref 5s A
6s
see
1957
Montevideo scrip
Munich 7a to
/22
10634
1958
— .
Meridlonale Elec 78
7s.—1947
Callao (Peru) 734b
1944
Cauca Valley 734a
1946
Ceara (Brazil) 8s
1947
Central Agrlc Bank—
Scranton Gas A Water Co
5s series A
Mannheim A Palat 7a. 1941
1953
—
1948
/17 34
Call (Colombia)
'
«
6348
Bk Warsaw 8s '41
/22
1940
/1634
78
Greenwich Water A Gas—
Kobolyt 0 34s
Water 7a
Caldas (Colombia) 734s '40
101
107
8t Joseph Wat 4a aer A. '60
Leipzig O'land Pr 634a 40
Leipzig Trade Fair 7a.1953
Luneberg Power Light &
105
'
76
Land M
034
109
105
Roch A L Ont Wat 5a.1938
100
m
434
/20
Buenos Aires scrip
/45
Burmeister A Wain 6s. 1940 fl20
'
101
Pittsburgh Sub Wat 5a '68
Platnfteld Union Wat 5a '01
Richmond W W Co 58.1967
.1954
mmm
10334
/69
/43
/5
Bank—
734s
1902
Brown Coal Ind Corp—
/5234
/20
/434
British Hungarian
PH
fb 2 34
1943
434
434
2734
/734
PH
Nov 1935 to May 1937
/4 34
Bremen (Germany) 7s.l936
6s
1st consol 6s
Coupons—
Nov 1932 to May 1935
/40
10034
Pinellas Water Co 534a- '69
6s series B
17
/4 34
-
101
PhUa Suburb Wat 4s.-1905
City Water (Chattanooga)
18"
/16
/2034
/20
100
1950
1948
Prior lien 6a
.
101
-
n5
fl7
—
95
90
4348—1960
1st A ret 5a—
10234 104
634e series A.
1051
City of New Castle Water
6B....
1941
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
8s. 1947
7s
1958
7s_;
:
1969
6s
1940
Brandenburg Elec 6s.. 1953
Brazil funding 5s-.1931-61
90
Hungarian Discount A Ex
change Bank 7s
1936
/24
/1934
....
Peoria Water Works Co—
•*
1948
Bolivia (Republic)
«
Ohio Water Service 5s .1958
Ore-Wash Wat Serv 5s 1957
1st coll trust
10434 106
Citizens Wat Co (Wash)
6s
1961
—
Brazil funding scrip
■
Penna State Water—
10534 107
Call! Water Service 4s 1981
Hungarian Cent Mut 7s *37
Hungarian Ital Bk 734a '32
Bogota (Colombia) 634s *47
8s
..1946
98
95
100
Ohio Valley Water 5s .1954
■
10434
.1954
634s series A
/2634
/2634
to...-.-1945
Bavarian Palatinlte Cons
Cities 7s to
1946
P5
89
Newport Water Co 5a 1953
Ohio Cities Water 534s '63
105
1957
Uh
f 19
Bavaria 6348
Ask
New Rochelie Water—
New York Wat Serv 5a '51
6b series C
1939
Housing A Real Imp 7s '46
7s
5? series B
Bid
Hansa SS 6s
/32
Barranqullia ,s'35-4O-40-48
634s
„„
103
100
County Wat 5s '68
I
/19
Anhalt 7s to
Bid
Ask
9934 10134
ASk
—1946
Antloqula 8s
1940
Bank of Colombia 7 % -1947
Water Bonds
Bid
Tel. H An over 2-5422
William St., N. Y.
1734
1950
3fl.
60 Park Place (Newark)—
& CO., INC.
5734
Trinity BIdgs Corp—
Savoy Plaza Corp—
3.6s with stock——1956
68
f2 2
1943
Uruguay conversion scii p—
/l 7 34
Vesten Elec Ry 7b
1947
Wurtemberg 7- to...-1945
t86 55
35
/2134
/20
/19
General Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
*
NOTE-■For mechanical
reasons
However, they
FILING
OF
REGISTRATION
SECURITIES
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
UNDER
ACT
The
following additional registration statements (Nos. 3957
3964, inclusive, have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
to
The total involved is
approximately $75,192,228.
Rex Mining Co. (2-3957, Form AO-1) of Helena, Mont, has filed a
registration statement covering 1,500,000 shares of 10 cents par common
stock, of which 697,050 shares were issued to the public prior to registration
at 10 cents a share; 450,000 to W. H.
Wright for property and service;
345,000 to promoters and directors at 10 cents a share; and 7,950 were
unissued.
Proceeds will be used for mill lease buildings, equipment, de¬
velopment and working capital.
No underwriter named.
J. S. Walsh
is President of the company.
Filed March 2, 1939.
Cable Electric Products, Inc. (2-3958, Fotm F-l)) of Brooklyn, N. Y.
filed a registration statement covering voting trust certificates for
256,047 shares of 50-cent par value common stock.
Filed March 3, 1939.
has
v
it is not
(The) Udylite Corp. (2-3959, Form A-l) of Detroit, Mich, has filed
registration statement covering 220,000 shares of $1 par value common
to be offered at $4 a share for the account of seven stockholders.
George F. Breen is listed as underwriter.
Leon K. Lindahl is President
a
stock
of the company.
Filed March 4, 1939.
Empire Oil & Gas Corp. (2-3960, Form A-l) of Reno, Nevada has filed
registration statement covering assignments of oil and gas subleases
aggregating $75,000.
Assigning all oil and gas rights subject only to oneeighth royalty to landowners; 1,500 acres at $50 per acre and in 5-acre
minimum lots.
Proceeds to be used for drilling, leases, development and
working capital.
C. W. Colgrove is President of the company and is
a
also named underwriter.
(The)
version
Filed March 6, 1939.
Konversionskasse
Office
for
German
Fur Deutsche Auslandsschulden (Con¬
Foreign Debts) (2-3961, Form A-l) has
registration statement covering $70,000,000 of 3% dollar bonds and
fractional certificates, and $3,000,000 of separate coupons.
The German
Government also filed a statement a guarantor of the bonds.
No under¬
writer involved.
Filed March 7, 1939.
(For further details see preceding
filed
a
pages
under "Current Events and Discussions.")
Volume
Financial
148
1467
Chronicle
Compo Shoe Machinery Corp. (2-3962, Form A-2) of Boston, Mass.
has filed a registration statement covering
10,000 shares of $2.50 cumulative
convertible preferred stock no par value; 25,000 shares of $1 par value
common stock to be reserved for conversion of the preferred issue, and
10,000 scrip certificates for fractional shares of the common issue.
The
preferred stock will be initially offered at $50.50 a share and then at the
market.
Loewi & Co., and Morris F. Fox & Co. will be principal under¬
Balance Sheet Dec. 31
Assets—
1938
Cash
Accts.
Acer.
Anotesrec.,
less reserve
281,620
Reserve
deposits
53,000
60.000
6% preferred stock
665,000
665,000
In business, &o.
91,922
facturing of additional shoe machines.
Under registration statement
(2-3963, Form F-l) voting trust certificates for 25,000 shares of $1 par
common
stock were registered.
Barnard S. Solar is President of the
company.
Both statements were filed March 8, 1939.
xMach., equip. ,<fcc
200,660
94,683
212,095
93,240
93,240
A-l) of Los Angeles,
Calif, has filed a registration statement covering $1 par common stock,
the number of shares to be offered is unknown but the aggregate amount
of the cash offering is not to exceed $500,000.
Proceeds will be used for
bank loan and working capital.
Sutro & Co. and G. Brashears & Co. will
be underwriters.
G. W. Carr is President of the company.
Filed March
8, 1939.
The last
in
our
Co.
(2-3964,
previous list of registration statements
1306.
was
given
issue of March 4, page
Customer
sl.
z
Class A stock
26,600
26,600
z
Class B stock.—
26,600
26,600
1,053
def35,770
1,053
Capita] surplus
Earned surplus
Form
Total
x
$990,462 $1,062,965
After
31,005
24,037
adjustments, &c
Real est. not used
Manufacturing
11,166
rate
6,362
writers of the issue.
Proceeds of the issue will be used toward purchase
of additional plant machinery and equipment for reconstruction and manu¬
Menasco
10,974
....
for
6,062
,
Goodwill
$241,024
& gen,
exp.
taxes
289,308
Prepd.exps.& del.
charges
$218,967
Accounts payable.
$368,277
1937
1938
Liabilities—
1937
$316,956
depreciation of $159,096 in 1938 and $153,752 in 1937.
for
reserve
517
$990,462 $1,062,965
Total
—V. 146, p. 1535.
Alexander & Baldwin,
Ltd.—$1.50 Dividend—
Directors have declared a dividend of $1.50 per share on the capital
stock, payable March 15 to holders of record March 4.
This compares with
$3 paid on Dec. 15 last; $1.50 paid on Sept. 15 last; $2.25 paid on June 15
and March 15,1938; a dividend of $8.25 paid on Dec. 15,1937, and a regular
quarterly dividend of $2.25 paid on Sept. 15, 1937.—V. 147, p. 3755.
|| Allied Kid Co.—Sales—
Abitibi Power & Paper
Co., Ltd.—Earnings—
Month of January—
Earnings—.....1...
x
Company reports February sales of $618,517, a gain of over 9 %
~
1938
$114,220
1939
$162,297
..
*
Prior to charges for
x
overdue and unpaid
on
depreciation and bond interest, including interest
interest.—V. 148, p. 570.
^
Acme Wire Co.—To
Split Stock—
meeting on March 10 will act on the recommendation
value of company's stock from $20 to $10 and
issuance or two new shares for each share held increasing the outstanding
shares from 60,000 to 120,000 shares.—V. 147, p. 2673.
Stockholders
at a
of directors to reduce the par
,
(J. D.) Adams Mfg. Co. (& Subs.)—Earnings—
1937
$5,814,652
139,080
—
*
were about 14% below the total at the close of 1937 and were at the lowest
in several years.
In addition, inventories in the shoe and leather
industry generally are low.—V. 148, p. 1017.
141,430
$4,975,748
$5,956,082
4,394,338
87,47?
5,263,707
87,835
147,449
151,851
$346,490
1,617,314
_•
Interest and other income (net)
2,939,722 feet last month.
For the first eight months of the company's fiscal year, which began
July 1, 1938, total sales of $5,397,118 compare with $5,609,050 for the
corresponding period of the previous fiscal year.
Unit volume increased
about 7% in the first eight months of the present fiscal period.
The company reports that buying of its products is aimost entirely for
current requirements with very little advance buying indicated.
The statistical position of the Kid leather industry continues favorable.
Inventories of skins and leather in the hands of tanners on Dec. 31, 1938,
level
$4,836,668
$452,688
1.512,810
$1,963,803
$1,965,498
180,000
985
345,000
3,184
Consolidated Income Account Years Ended Dec. 31—
Net sales-.
1938
—_ —
compared
with sales of $565,514 in the same month last year.
The increase was due
in part to slightly higher selling prices this year and in part to an increase
of about 5% in physical volume, from 2,801,201 feet in February, 1938 to
Allis-Chalmers
-
Manufacturing
Cent
Pay 25
Co.—To
Dividend—
Total income
—-— —
—
———.
—
_
Cost of material used, salaries, wages and misceil.
manufacturing, selling, gen and adminis. expense
Depreciation
Taxes paid and accrued, incl. governmental t&x,
capital stock, social security State and municipal
Net income
1.
...
Previous surplus
—
Total
...
governmental tax on income prior years
American Bakeries
$1,617,313$1.51
Surplus, Dec. 31-.—_
$1,782,819
Earnings per share on 300,000 shs. no par com. stock
$1.15
-
Directors have declared
Consolidated Balance Sheet Dec. 31, 1938
deposit and on hand, $486,401; notes, warrants, and
accounts of political subdivisions of the United States and Canada, $1,156,550; trade notes and accounts receivable, other than municipalities,
$809,054; other accounts receivable, $9,819; working funds, branch offices
and salesmen, $14,009; cash deposits with bids, $4,921; inventories, at
lower of cost or market, $1,592,971; plant and equipment (less depreciation
of $598,544), $682,626; deferred charges, $11,011; total. $4,767,362.
Liabilities—Accounts
payable,
trade,
$270.994;, accrued
expenses",
$35,405; Governmental tax on income, $49,474; other accrued taxes,
$51,996; dividends declared, payable Feb. 1, 1939, $45,000; common
stock (300,000 shares, no par), $2,531,674; surplus earned, $1,782,819;
total, $4.767,362.—V. 146, p. 3942.
1
„
on
Gross profit—
x
1936
$893,868
250,167
$807,783
232,454
$756,830
221,907
$828,812
206,010
Expenses
*—
.
Operating profit
$575,329
26,832
$534,922
$622,802
72,003
Other income
Total Income.———.
Net
dividends.
Common dividends
-.
Balance-
$475,342
43,750
390,000
$305,635
income
Preferred
$41,592
Earns, per share on 156,000 common shares—
x
$694,805
12,926
$636,608
7,253
y129,100
y 117,000
$535,635
35,000
195,000
Federal taxes, &c—
125,015
$3.21
$500,000
1st pref. stock
236,899
y
488,016
Notes payable
550,000
434,553
485.005
Accounts payable.
179,483
1~60~203
175,538
168,155
Other assets
620,473
643,300
Inventory:—'
Acer, labor <fc tax.
•
614,004
18,605
Res. for contlng..
59,000
59,000
62,709
Earned surplus—
2,643,491
2,387,857
Total
$4,221,516 $3,889,220
depreciation of $1,771,725 in 1938 and $1,558,948 in 1937,
y Represented
by 156,000 no-par shares,
x After reserve of $30,000.
—V. 147, p. 2382.
x
Other income
After
G. C. Brainard, Chairman of the Federal Reserve Bank of Cleveland and
President of the General Fireproofing Co., has been elected a director of
this corporation, to succeed Samuel M.
Hastings, who resigned.—V. 148,
571.
Prov. for
Co.—Earnings—
$2,801,125
218,670
237,465
zDr690,114 zDr681,200
1939—12 Mon.—1938
$20,229,126 $20,137,794
699,997
9,309,585
8,856,563
217,690
2,612,280
2,663,621
—
Net
Divs.
income—
on
—
preferred stock
_
Balance.
-V. 148, p.
earnings
—
(6%)
—
—-
$1,328,134
23,934
1,566,082
$261,862
657,922
200,000
Profit and loss surplus..,
Shs .of cqm.out.Cpar $70)
$6.52
Earns, per sh. on com—
Paid in
common
Years—
Expenses
Other deductions,
Net loss
net-.
x
Book
value
leased
—
x
Real
estate
58,130
81,894
25,873
14,651
6,068
$1,383,072
23,934
1,566,133
$2,120,376
23,934
1,959,377
$2,614,964
$206,995 sur$137,065
919,784
1,126,779
200,000
200,000
$6,79
$10.48
$568,534
979,714
200,000
$10.07
:
600,000
2,583,498
of such stock
»
v
—
1937
1938
$
Liabilities—■
.
398,900
$
398,900
stock..
7,925,980 Common stock.. .14,000,000 14,000,000
5,200,000
3,523,265
2H% coll. loan..
973,800
1,027,623
91,689 Curr. liabilities.
7,840,124
and
Ac
—
.
.
58,930
11,948,818
.
13,447,001
Prov. for contlng.
1,122,460
415,576
Deferred income.
Capital surplus..
12,900
Earned surplus.,
733,530
Accts. rec. (custs.)
485,489
3,817
30,000
Other accts. receiv
Notes receivable..
,
.
.
150,000
150,576
150,000
.
150,000
1,691,877
657,922
1.691,877
919,784
56,156
Marketable secur.
128,469
128,478
272,205
251,161
67,865
30,339
27,501
6,033
$335,699
195,178
$254,057
195,178
$3,446,548
2,342,138
$3,792,711
2.342,138
$58,878
$1,104,410
$1,450,573
Total---—.—21,599,588 23,484,936
x
After depreciation.—V.
American
148,
p.
Total.—
...21,599,588 23,484,936
1017.
Express Co.—Delisting—•
Application is being filed by the New York Stock Exchange with the
and Exchange Commission to strike the shares ($100 par) of
the company fromlisting and registration on the Exchange.—V, 148, p.1159.
Securities
1935
$416,117
441,090
11,314
$535,993
523,480
18.448
$546,477
504,543
15,534
$439,311
$36,287
$5,934
prof$26,401
prof$l,390
48,142
5,000
1937
of
Subs. accr. int., &c
50,861
187,000
Pref. 6%
assets--
Deferred charges..
1936
195*666
Balance Sheet Dec. 31
$
4,824,880
6% preferred dividends.
84*666
stock B of American Tobacco Co. at> cost
1938
Assets—
$8,617,591
1937
85*388
,
$8,307,261
4,660,712
1938
85,208
73,644
Cigarette & Cigar Co. as follows:
1938—Cost of stock, $1,560,683; cash in lieu of fractional certificates, $5,379.
1937—Cost of stock,
$1,560,369; cash In lieu of fractional certificates, $5,764.
1936—Cost of
stock, $1,951,891; cash in lieu of fractional certificates, $7,486.
1935—
Cost of stock, $783,498; cash in lieu of fractional certificates, $1,786, and
cash, $1,798,214.
y Par value $100.
x Loss on cigarette and cigar operations (net) after
deducting other income of $10,544 in 1938 and $20,187 in 1937.
$662,703
408,647
Albert Frank-Guenther Law—Earnings—
Calendar
3,978
85,497
■
to American
$747,897
412,198
571.
Gross inc. from operates
222,977
6,885
«. •
Common dividends
$140,521
Gross income
172,062
101,000
Leaf tobacco at cost
Int. & other fixed charges
$2,817,694
90,702
50,064
Pref. dividends
x
$3,024,185
$1,874,286
65,652
85,856
income)
3,961
.
(other than Fed'l
Taxes
Net
219,099
17,981
—
—
Cash
Period End. of Jan. 31— 1939—Month—1938
Gross revenue.....
$1,785,010
$1,580,390
819,423
217,690
1935
$2,439,385
■»
360,328
contingencies-
furniture,
Oper .expenses & taxes..
Prov. for depreciation—
1936
$2,318,021
-
Investments
Alabama Power
-
Other interest.
Addressograph Multigraph Corp.—New Director—
p.
1937
$2,220,651
from
$1,749,207
Operating expenses
60,888
lnt, on coll. note payable
123,265
x
18,566
.-$4,221,516 $3,889,2201
Total...
$614,004
Common stock..
87,063
—
rec.
Balance, deficit1937
1938
Liabilities—
$1,977,514
Deferred charges—
rents
$2.87
$2,55
388,422
Acc'ts receivable
z
&
American Tobacco Co.
•
354,875
—
Marketable secur.
Divs.
Net income from sinking
fund invest'ts—Dr
Plant & equip..$2,294,736
Cash
Cigar Co.—Earnings-
1938
Calendar Years—
$136,191
$2,76
1937
148, p. 1017.
nomination of auditors.—V.
$86,550
Consolidated Balance Sheet Dec. 31
x
auditors received
Prov. for Fed. inc. taxes
1938, $204,097
1936, and $179,212 in 193o.
y Includes $2,000 in 1937
estimated provision for Federal surtax.
1938
Assets—
appoint the auditors, and when the vote on the auditing firm was taken,
alternative names were offered.
Although none of the alternative
as much as 200 shares voted in their favor, this was one of
the first instances on record of stockholders making any independent
six
$556,864
108,674
312.000
After deducting $218,778 provision for depreciation in
in 1937, $202,685 in
and $5,200 in 1936,
,
101,705
312,000
'
Stockholders—
.
Prov. for amortization..
*$500,255
share in addi¬
Stockholders were given opportunity to ask questions regarding the com¬
pany's accounting practices, and displayed considerable interest in methods
of checking inventories and accounts receivable
These queries were
answered to the satisfaction of the shareowners, both Mr. Jennings and
H. A. Baker, American Can's President, participating In the discussion.
Although the re-appointea auditors received an overwhelming majority
of the vote, it was not a clean sweep.
Stockholders, eariy iq the meeting,
had approved an amendment to the by-laws empowering themsevles to
Total income
$602,161
9,818
$703,456
10,578
157,243
Miscell. deductions..—.
extra dividend of 25 cents per
an
Other divs. & int. ree'd.
101,685
,
unusual procedure at the annual meeting held
March 7 in presenting Alvin R. Jennings of Lybrand, Ross Bros., and
Montgomery, after the latter firm had been reelected auditors for the coming
1935
$643,701
59,755
— — —..
an
American Cigarette &
1937
1938'
.
American Can Co.—Presents Auditor to
Corp. (& Subs.)—Earnings—
Calendar Years—
...
Corp.—-Extra Class A Dividend—
quarterly dividend of 50 cents per share on the class A
stock, both payable April 1 to holders of record March 15.
Like amounts
were paid on Dec. 27, Oct. 1, July 1 and April 1, 1938.—V. 147, p. 3903.
year.
'v
Adams-Millis
dividend of 25 cents per share on the common
tion to the regular
Company followed
Assets—Cash
a
.
Dividends paid."
Additional
Directors have declared
stock, payable March 31 to holders of record March 17.
Previously
regular quarterly dividends of 37 Vi cents per share were distributed.—V. 148
P. 721.
•
::
•
426,115
11,806
American Safety Razor
Directors have declared
a
Corp.— To Pay 30-Cent Dividend
dividend of 30 cents per share on the common
stock, payable March 30 to holders of record March 10.
This compares
with dividends of 40 cents paid in each of the three preceding quarters and
dividends of 50 cents paid on March 30, 1938, and each three months
previously.—y. 147, p. 3445.
1468
Financial
American Gas & Electric Co.
Period End. Jan. 31—
$2,360,690
I>4,510
Depreciation..*
Taxes
Operating income
Other income...
Total income
Int. A other deductions-
$2,277,734 $25,576,081 $26,918,698
Dr4A25
36,672
172,561
$2,356,180
782,245
424,341
$2,273,309 $25,612,753 $27,091,259
893,401
10.096,901
10,822,314
423,907
5,092,519
5,020,475
$1,149,593
$956,000 $10,423332 $11,248,469
Pref. stock dividends—
Balance
,
$6,296,164 $72,834,257 $74,278,820
1.854,725
22,578,957
22,830,669
359,448
4,148,414
4,305,228
881,112
10,638370
9,918,464
923,145
9,892,435
10305,761
Assets—
of sub.
Notes
(not current).
61,954
50,984
Accts. and notes
7,936,509
Due from affile.
327,730
Oth. misc. assets
661,672
5,649,470
242,392
825,450
6.532,648
Mat'l A supplies
hand
ores
$956,000 $10,423 332 $11,248,469
257,256
2 355301
3,024,528
165.247
2,782
165,681
cos
Other income
4,757
Total Jncorqe.
1,988,170
57,131
1,916,126
67,815
$1,464,542
52,653
$1,411,889
Int. & other deductions*
128,140
Pref. stk. divs. to public
177,811
Balance....
To
$1,105,937
Years End. Dec. 31— Apr. 16 to
1938
1937
Dec. 31, '36
Sales
$4,711,853
3,438,340
$o,191,214
3,535,440
3,105,624
$1,273,512
1,316,105
$1,655,774
1,416,721
$1,049,251
910,375
Profit from operations
Other income.
$239,052
49,529
Total income
$173,739
116,524
24,122
3,486
$288,581
163,664
52,443
6,243
31,172
12,430
57,641
accrued
bank loans
for
on
64,582
82,960
4,865,709
2,890,165
...
obsol.,
business
new
343.105
343,245
1,244,460
1,116,516
13,650,651
13,421,893
invest., Ac...
Other
reserves
Res've for metal
stocks
Unearned
treat¬
Misc. liabilities.
5,119,532
x
Represented by 2,191,669
no par
American Stores Co.
164,108.100 165,412,762
shares.—V. 147, p. 1328.
1938
Number of stores
1937
2,620
2,416
1936
2,816
1935
2,826
$109,852,807$114,565,593$113,387,803$115,866,889
...
88,482,765
92,436,739
90,120,665
91,825,072
Cost of sales
19,018,205
Total income—*
20,051,361
20,061,127
$1,880,434
130,728
$3,215,776
224,191
$3,980,690
131,273
$2,440,511
earnings.
Other income.. 1
20,248,420
$2,351,837
88,674
Net
$2,011,162
931,809
485,218
$3,439,967
940,381
$4,111,963
922,721
953,662
760,761
653,761
Pa. chain-store tax
Social security taxes—.
Reserve for taxes—....
Net
24,142,574
(& Subs.)—Earnings—
'
Calendar Years—
Total
7,633,607
24,895,127
Surplus
Total---....164,108,100 165,412,7621
1,751,122
1,801,043
ment charges.
$138,876
34,863
loss$2,149
8,933,000
45,535,301
14,700
98", 500
454,000
473,000
$495,634
1,301,320
$2,045,587
2,602,640
$2,716,242
2,602,740
sur$57,627
1,301,320
$0.04
$805,686
1,301,320
....
Deficit for year.
...
Shs. outstand. (no par).
Earnings
per
,
$57,627
income.
Dividends
Interest accrued on income notes
Miscellaneous
deductions
Provision for foreign income taxes
Social security taxes
35,049
7,038,919
2,865,855
45,424,517
Depreciation
Gross profit on sales
Administration and selling expenses..
317,525
38,879
not
but
for..:
$3,232,912
2,183,662
loss$42,593
40,444
Cost of sales
276,139
Res. for mine A
Expenses
Consolidated Income Account for Stated Periods
Due to affiliates
Res.
Gross sales..
Corp. (& Subs.)—Earns.
100,000
Divs. unclaimed
conting., Ac__
ree'd
Pay 40-Cent Dividend
American-La France-Foamite
657,385
Accr. tax not due
concentr.,
settled
$970,360 $10,132,155 $11331,195
Directors have declared a dividend of 40 cents per share on the common
stock, payable April 1 to holders of record March 7.
Previously regular
quarterly dividends of 35 cents per share were distributed.—V. 148, p. 1017.
9,772,292
595,000
2,182,278
Metal stocks—
$1319,024 $14,259,977 $15,515,175
170,853
1.994.0&3
2,050,241
177,811
2,133,738
2.133,738
Balance
43,620,430
595,000
Int.
2,182,778
$1381,285 $14,823,935 $16356,938
62,260
563,958
741,763
Expense
$
50,000,000
due
(Fed. tax est.)
co.'s
at
loans
in 1939
Ore concentr. on
mines, Ac
$1,149,593
144,510
Bank
9,290,397
from
divs.
stock
sub.
due
rec.
1937
$
56,293,794 Preferred stock, 50,000,000
21,212,654 x Common stock 43,620,430
545,208 Accounts, notes,
Ac., payable.
9,907,124
39,252 Salaries A wages
accrued
13,282,352
547,399
6,514,198 Note payable for
100,000
prop'y purch.
Adv.tocusts.on
to
Amer.
Gas A Elec. Co
Int. from sub. cos
applicable
Pref.
14,500,926
6,899,511
U. 8. Govt. sees.
1938
Liabilities—
$
49,880
In transit
Cash
earns,
cos.
1937
$
55,074,815
Investments
21,812,366
420,350
Prepd. tax A ins.
Interplant accts.
Property acc't..
Amer. Gas & Elec. Co.—
Bal.
11
1939
Consolidated Balance Sheet Dec. 31
1938
1939—12 Mos.—1938
$6,628,048
1,994,564
352,583
912,769
1,007,441
Maintenance
Mar.
(& Subs.—Earnings-
1939—Month—1938
Sub. Cos. Consolidated-
Operating revenue
Operating expenses
Chronicle
share
$557,053 sur$l 13,502
1,301,320
1,301,320
$1.57
$2.08
$0.38
»
Consolidated Balance Sheet Dec. 31
Net income for the period
loss$103,392
$66,231
$29,607
Note—Depreciation provided during 1938 amounted to $61,611; 1937,
$55,579 and 1936, $38,938.
Assets—
1938
1937
1938
$248,787
Notes, war'ts, Ac.,
rec., & acor. int.
154,245
169,600
wages, Ac.
Acc'ts receivable
836,949
977,171
Income taxes
1,627,372
1,444,046
a
a
Inventories
a
Accruals,
Notes, war., Ac.,
rec.
75,254
56,117
9,944
6,243
56,135
58,922
20-yr.
*
220,467
185,767
20-yr. income notes
due Apr. 16, '56 2,982,000
Land, at cost
121,732
121,731
Com .stk. (par
c
840,378
400,000
Accts. receivable.
81,645
742,790
81,645
95,837
742,790
charges-
166,665
$4,299,918 $4,442,870
c
a Less reserves,
b Less reserves for depreciation of $201,655 in 1938 and
$139,662 in 1937.
c La Prance-Republic Corp. common (55%) preferred
stock (62%), at estimated value.
Notes—Of the $1,042,033 gross amount of fixed assets, other than land,
$907,958 represents fixed assets of the parent company, valued as to
April 16, 1936 in accordance with the plan of reorganization, including
?174,755 subsequent additions at cost. The remainder, $134,075 represents
ixed assets of the subsidiaries at cost. The equity of American-La FranceFoamite Corp. in the consolidated net tangible assets of La France-Republic
Corp. (in liquidation) as shown by the balance sheet of the latter company
at Dec. 31, 1938, was $364,433.—V. 147, p. 2383.
800.571
519,034
.573,043
-
Reserve for contin¬
gencies
Earned
514,129
455,295
12,040,453
stk._Z>r3,520,109Z>r3520,109
surplus.._ 12,121,198
727,488
Total
31,838,740 31,584,191
a Represented by 1,400,000 shares of no par value,
b Represented by
98,680 shares of common stock,
c After depreciation of $10,019,504 in
1938 and $9,258,777 in 1937—V. 148, p. 1159.
American
$4,299,918 $4.442,870!
Total
a
Telephone & Telegraph Co.—Gain in Phones
gain of 68,300 telephones in service in the principal telephone
subsidiaries of the American Telephone & Telegraph Co. included in the
Bell System during the month of February, 1939.
The gain for these com¬
panies in February;, 1938. was 29.900.—V. 148, p. 1308.
American
Water
Issue $8,000,000
The
Works
&
Electric
Co.,
Inc.—To
Bank Loans—
and
Securities
Exchange Commission announced March 6 that
company has filed a declaration (File 43-187) under the Holding Company
Act in connection with the issuance of $8,000,000 of 3% Secured Promis¬
sory Notes.
,
The notes are to be issued to the following banks:
Chemical Bank & Trust Co
$2,200,000
1,700,000
1,700,000
1,200,000
1,200,000
_
American
.
'
Smelting & Refining Co. (& Subs.)—Earns.
Consolidated Income Account for Calendar Years
1938
1937
1936
'
1935
mines, smelt.,
ref. & mfg. plants
$20,659,271 $31,418,718 $28,599,166 $24,877,701
Divs. from controlled cos
86,358
301,310
137,288
445,906
Other income (net)
589.997
676,706
544,043
233,867
Net
earns.
Profits realized from sale
of investments
189,242
233,197
218,310
Chase Rational Bank,
.
The entire proceeds from the sale of the notes, together with additional
funds of the company, will be used to discharge $8,250,000 principal amount
of presently outstanding promissory notes of the company prior to their
maturity. »
Weekly Power Output—
re
Net income
Preferred dividends
2d pref. dividend
4,770,136
829,745
4,470,744
1,086.682
4,680,589
1,111,202
$10,611,809 $18,285,426 $17,131,036 $13,768,153
3.500,000
3,500,000
3,500.000
b4,375,000
460,000
1,104,000
c3.956,000
4,931.255
9,314,593
«8,051,736
731,976
Common dividends
Surplus for period
$2,180,554
24,142,574
Previous surplus
Credit from adjust,
accrued liabilities
$5,010,833
20.799,041
$4,475,300
16,323,742
$4,705,177
11,618,564
of
..$27,553,128 $25,809,874 $20,799,042 $16,323,741
2d
pref. stock retired
920,000
Approp. for additions to
metal stock reserve... *2,658,000
747,300
Profit & loss surplus..$24,895.127 $24,142,574
Earnsings
per
share
2,191,669
$3.24
2,191,669
$6.54
$20,799,042 $16,323,741
1,829,940
1.829,940
$6.85
$5.01
Including estimated United States and foreign income taxes,
b In¬
cludes $875,000 declared payable Jan. 31, 1936.
c Jncludes $276,000 de¬
clared payable Jan. 31, 1936.
d Includes $170,000
a
United States tax
on
undistributed profits,
e
($220,000 in 1936) for
Includes $1,372,455 declared
payable after Dec. 31. f Net credit resulting from adjustments of accrued
liabilities for taxes not applicable to the current year, g Includes $2.000,000
appropriation for addition to reserve for extraordinary obsolescence, con¬
tingencies, Ac.
*
of the electric properties of American Water
kilowatt-hours, an increase of 10.1 % over the output of 41,135,200 kilowatthours for the corresponding week of 1938.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
Feb.
11
Feb.
Feb.
18-*
25
Mar.
4
—V.
147,
p.
1938
1937
1936
1935
39,717,000
39,654,000
40,054,000
41,135,000
52,341,000
52,614,000
52,478,000
52,311.000
44,680,000
44,129,000
44,398,000
43,979,000
40,091,000
40,407,000
41,099,000
40,857,000
1939
45,923,000
45,846,000
45,493,000
45,301,000
1309.
"
Anchor Hockmg Glass Corp.—15-Cent
Directors
no
on
,
Dividend—
March 3 declared a dividend of 15 cents per share on the
stock, payable April 15 to holders of record April 4.
A like
paid on Dec. 15, July 1 and April 1, 1938, this last being the
par common
amount was
first dividend distributed by this company,
the Anchor Cap Corp.—V. 147, p. 3445.
which
was
formerly known as
Arkansas Power & Light C®.—Accumulated
fl,230,000
Total surplus
Prem. on 6% cum.
Shs.com.stk.out. (no par)
energy
Works & Electric Co. for the week ending March 4,1939, totaled 45,301,000
*
Seprec. & obsolescence. 4,966,173
depletion
848,826
„
Central Hanover Bank & Trust Co
1,610,864
$21,524,868 $32,629,931 $29,498,806 $27,168,337
1,887,234
2,171,931
1,853,670
1,863,285
Resereh & exam. exps__
500,044
1.113,501
442,701
605,122
a Corporate taxes
2.710.782
d5,010.742
<13,711,364
3,126,179
Int. onser. A 5% bonds.
1,364.374
Interest on bonds
135^500
336,111
802*610
Prem. on 1st mtge. & 1st
lien.4% bds. retired_.
312,950
Unamort. bond disc., Ac
313,323
New York
National City Bank, New York
New York Trust Co.
Output of electric
Total net earnings
General & admin. exps.
1,860,783
1,540,642
State
taxes
31,838,740 31,584,1911
There was
Total
19,374,155
203.926
746,977
$
1,289,690
and
b Treasury
_
Total
1
Deferred
Goodwill
_
2,53i,878
34,880
16,867
11
1,272,902 12,051,867
375,498
505,916
(secured)
10,436
1
Inventories
accruals
Pa. chain store tax
Federal
2,704,561
secure..
Miscell. investm'ts
1937
$
Capital stock...19,374.155
Accts. payable and
1
4,313,146
28,786
Bal. in closed bks.
Deferred charges.
400,000
11,133
82,005
885,329
Investments
surplus
1
5,078,025
Cash
2,982,000
def7,526
$10)
Capital surplus.__
Earned
tools, Ac_._
a
Loans to employees
overdue
bBldgs., mach'y A
equip., patterns,
1938
plants
equipment-11,328,812 11,334,735
Mktable.
Res. for conting's.
income notes
due after 1 yr. A
$337,311
taxes,
Accr. int. on
A accr. int.
1937
$359,676
1937
Liabilities—
Real est.,
Goodwill
Liabilities—
Accounts payable-
$187,641
_
c
and
Consolidated Balance Sheet Dec. 31
Cash..
1938
Assets—
Dividends—
The directors have declared dividends of $1.75 per share on the $7 cumu¬
lative preferred stock, no par value, and $1.50 per share on the $6 cumu¬
lative preferred stock, no par value, both payable April 1 to holders of record
March 15.
Similar payments were made in each of the fourteen preceding
quarters and compare with $1.17 and $1 per share, respectively, previously
distributed each three months.
(For detailed dividend record see V. 140.
P. 1996.)—V. 148, p. 1310.
Armour Building
Co
,
Kansas City, Mo.—Plan—
reorganization dated June 20, 1938, approved by
Division of the Western District of
Missouri on July 8, 1938, is fully effective.
Pursuant to the modified plan a corporation was organized in Missouri,
known as the Aladdin Hotel Co., and said corporation as of Sept. 1, 1938,
acquired title to the improved real estate known as the Aladdin Hotel,
Kansas City, Mo., and the personal property appertaining thereto.
Under the plan holders of certificates of deposit for preferred first mort¬
gage 6% gold bonds, series A, of Armour Building Co. are entitled to receive
general mortgage income registered bonds of Aladdin Hotel Co., dated
The modified plan of
the U. S. District Court for the Western
Volume
In?/*
148
Financial
a?4 d"e Sept
Chronicle
1, 1948, equivalent
in principal amount to
oh/0 Tj u
unpaid principal amount due on their preferred first mortgage
o% gold bonds, series A, of Armour
Building Co., and are entitled to receive
'
voting trust certificate for shares of
common stock of Aladdin Hotel Co.
without par value, on the basis
of one share for each
$100 of unpaid principal
amount of their
preferred first
mortgage 6% gold bonds, series A. of Armour
Building Co.
The
general mortgage income registered
bonds of
distributable to holders of certificates of
Aladdin
Hotel
Co.
deposit have been registered in
their names on the books
of the Mississippi
Valley Trust Co., registrar.
Voting trust certificates have been issued in the
names of the holders of
certificates of deposit.
The securities to which holders
of certificates of
deposit are entitled under the
plan are now ready for distribution,
fcfc Under the modified plan the affairs of the
Aladdin Hotel Co. are to be
managed by a board of directors
consisting of seven persons, of which five
were to be
designated by the bondholders' protective
committee and two
by the holders of a
majority in amount of the outstanding bonds of Armour
Building Co.
The
directors of the corporation are as
follows: Russell Murphy,
Grove, St. Louis, Mo.; H. H. White, New
Orleans, La.; Samuel H.
Liberman, St. Louis, Mo.; William E.
Kemp, Butler Disman and C. O.
Jones, Kansas City, Mo.
The officers are: Russell
Murphy, Pres.; Samuel H. Liberman, Sec.,
and Orville Grove, Treas.
H. C. Kyle, Kansas
City, Mo., is Manager of
the Aladdin Hotel.
seven
Orville
When the distribution of the new
securities has been completed the work
of the committee will be
completed and the committee will thereafter dis¬
solve.—V. 121, p. 1464.
1469
Atlantic Refining Co. (&
1938
$
Gross
y Gross profit
Selling & admin.
Profits from oper
$2,608,873
89.784,062
82,326,945
27,259,308
23,342,255
r
682,142
1,746,116
2,250,297
19,208,130
672,745
Propor. of
cos.
of affil.
consolidated-
earns,
not
—
...
$7,272,437
1,151,680
$7,957,851
1,111,641
$5,434,102
1,066,377
$1,256,027
*233,068
Total income
Interest
24,810,140
392,805
29,005,424
3U6.614
11,502,296
483,805
1,570,964
25,592,552
8/4,308
10,702,180
637,095
1,100,565
19,900,763
734,400
9.696,294
501,636
1,114,906
y5,199,523
7,177
y4,930,546
6,638
3,882,930
4,310,659
592,000
2,663,999
9,935,045
592,000
2,663,999
6,384
7,307
1,048,276
2,663,999
$1.39
-
6,671,739
2,663,999
$3.51
Deprec. & depletion..12,162,575
Insur. & doubt, rec
473,646
Intangible devel. costs..
x
Taxes, incl. Fed. tax
(estimated)
2,144,990
5,318,827
Minority interest
Balance, surplus
Preferred dividends
Common dividends
Divs.
stk.
cap.
$6,120,757
x228,541
$6,846,210
«
536,908
$4,367,725
684,034
$1,489,095
367,617
129,464
—
$6,349,298
976,963
514,865
1,617
302,035
undistr. profits
Foreign subs, profits.._
158,781
*
Earnings
per share
After
x
$5,157,887
3,325,090
1,057,433
69,000
1,410,644
a$0.77
_
Shares capital stock
$5,051,759
1,097,600
400,000
lossll9,247
^3,434,912
$5,277,535
3,022,837
1,410,644
1,058,002
1,209,124
$4.36
$3.66
1,209,124
$2.84
Note—Since no audited figures are available with
respect to the Spanish
subsidiary, its operating results for the respective
years are not included
in the foregoing statement.
The operating results of the
foreign sub¬
sidiaries, except the Spanish subsidiary, have been converted
into U. S.
dollar at the average of
exchange rates prevailing during the year except
that depreciation
charges have been based on U. S. dollar cost of their
Assets*—""'
y
■
Comparative Consolidated Balance Sheet Dec. 31
[Including Domestic Subsidiary Companies]
1937
$
Cash
cos.
Marketable
sees.
1938
$
134,126,471
4,469,939
378,061
5,388,511
389,376
11,694,694
21,827,938
suppl's
2,723,447
11,553,425
24,594,492
Accts. and notes
receivable
Oil inventories..
Mat'ls &
Due from empl's
Cash
3,504,762
Customers'
$
Liabilities—
4,597,984
176,859
3,829,249
55,765
.
J
.
252,671
_
288,986
Res. for wage earn¬
v
(non-current)-_
Prepaid
536,555
607,i04
ad vs. to wholly-
3,657,453
709,925
3,686,697
932,156
Property, plant.
and
equipment.21,770,373 18.532,742
less amortizat'n.
272,753
4,217,972
4,180,626
836.629
14,348
580,536
Oth. curr. liab..
Deferred items.
114,638
588,211
13,962
489,522
10,899
8,433,873
73,270,967
71,733,501
Prepaid & def'd
charges..
1,207,262
310,831
minority int.
Reserves.Surplus
407,599
400,000
Common stock..
300,000
5,311,600
8,123,465
7,623,465
Paid-in surplus...26,365,339 27,689,992
Earned surplus...
9,672,855
9,978,148
Treasury stock... zZ>r49,887
10,645
8,839,227
Total
199,058,436 186,212,606
After deducting excess of cost of
treasury stock over par of $336,338.
reserves for depreciation,
depletion and amortization of $98,165,891 in 1938 and $90,514,085 in 1937—V.
x
After
148, p. 572.
Atlas Plywood Corp. (&
&
Subs.)—Earnings-
1938
1937
$203,444
_
195,948
...
Net
profit from
Other income
$247,530
217,264
155,082
141.112
$224,671
9,570
$280,376
15,264
$106,418
8,489
$79,470
1,028
14,160
$234,241
1,571
sales—
charges..
$295,640
33,451
20,461
1,307
22,922
3,703
$114,907
43,560
13,089
18,768
4,650
24,420
28,000
$58,324
585,211
$181,624
628,266
$210,385
341,284
39,279
40,318
135,852
Dr3,099
65,550
$630,620
$494,412
$1.04
$1.61
.
-
Interest charges
Cash discount
on
Provision for Federal in¬
taxes
1935
$435,458
$67,496
11,973
sales.
Total income.
come
1936
$441,934
exps.,
(est.)
Net profit...
Surplus balance June 30-
3.342
Discount
on debs, reacq,
and retired
,««'«•<WW
■
$39,490
205,998
Cr8,293
Preferred stock dividends
»
Common stock divs
-
~Dr989
Surplus adjustmentsEarned surp. Dec. 31-
1
Earns.per sh .on
.53,306,870 48,341,878
Total.....;
53,306,870 48.341,878
x Represented
by 1,410,644 (1,209,124 in 1937) shares of no par value,
After deducting reserve for depreciation of $18,677,922 in 1938 and
$14,759,187 in 1937, and after reserve for revaluation effected as of Jan.
1,
1933, of $4,130,556 in 1938 and $4,365,563 in 1937.
z 1,100shares common
stock,
a Includes surtax on
undistributed profits.—V< 148, p. 572.
—
y
Associated Gas & Electric
Co.—Hearing Postponed—The
Securities and Exchange Commission announced March 7 that the
public hearing scheduled tor March 7 in the
proceedings to determine
whether the $1 par value common stock and
$1 par value class A stock of
company, should be suspended or withdrawn from
registration on national
securities exchanges has been
postponed at the request of the company
until March 28, 1939.
The common stock is listed on the Boston Stock
Exchange, and the class A stock is listed
\he Los Angeles Stock
Exchange and the
on
the
Boston 8tock
New York Curb
Exchange,
Exchange.
Weekly Output—
9,020,816 units,
or
10.7% above production of 84,051,704 units for
ago.
a year
$603,267
$0.13
com .stk.
<■»
f" ** *■
•"*
$245,488
$0.30
Consolidated Balance Sheet Dec. 31
Assets—
1938
Cash
1937
$145,415
Life
Liabilities—
255,948
$195,364
200,578
1,128,967
1,144,350
Notes & accts. rec.
insur.—Cash
surrender value.
on
45,581
Deferred charges..
40,378
106,199
22,308
b34,400
secure.
e4,960
c3,074
Other assets—-
21,324
6,291
Sinking fund assets
Notes
23,794
receivable
from employees.
Plant
property,
6,630
8,190
equipment, &c._
1,632,726
823,242
tingencies
d Cum. con v.
pref.
Common
45,510
50,251
76,847
con¬
...
63,526
•
*
70,462
1,251,300
1,301,460
1,844,492
603,267
78,257
1,747,867
stock
(no par)
Earned surplus...
Paid-in surplus
630,620
22,491
1
for
1,642,909
882,144
20,460
liabilities
stock..
$250,000
105,566
84,151
taxes (est.).
Accrued
a
1937
$100,000
Accounts payable.
Prov. for Fed. inc.
Reserve
lumber
& logging opers.
Reacquired
1938
Notes payable
14,242
Inventories
Advance
1
Tlmberlattds
For the week ended March
3, Associated Gas & Electric System reports
electric output of 93,072,520 units
(kwh.).
This is an increase of
net
Inv.
In
advs.
associated
80,507
to
cos..
Goodwill.
■-
Gross output, including sales to other
units for the current week.—V.
utilities, amounted to 98,545,948
148, p. 1360, 1160, 1018, 872, 722, 572,
430, 272, 123; V. 147, p. 4047. 3904. 3755, 3603. 3446, 3302. •
Total..... —.$4,125,634 $4,282,244
on
Topeka & Santa Fe Ry.—Bledsoe Dead—
Bledsoe, President
and Chairman of the Executive
March 8.—V. 148, p. 1310.
Atlantic
Gulf
&
West
Indies
Steamship
(&
Subs.) —Earn ings—
1939
$1,920,239
1,939,027
x$18,788
40,519
$62,995
3,061
(including depreciation)
1938
$2,210,919
2,104,409
$106,509
43,514
revenues
expenses
x$59,307
3,207
Taxes.
are
cumulative
Other income
convertible
preferred stock for conversion,
b 1,705
preferred stock, at par.
c 168
shares
preferred stock at cost,
a Reprsented by shares of
317 shares preferred stock in treasury at cost.—V. 147, p. 2081.
cumulative
$20 par.
e
BancOhio
convertible
Corp.—Dividend Increased—
Dec. 27, 1937.—V. 147, p. 3756.
Operating
-
expenses
x$56,101
103,218
$159,319
.
Depreciation
Fixed charges
Corp.—50 Cent Dividend Voted—
Directors have declared a dividend of 50 cents per share on the
common
stock, payable March 31 to holders of record March 15. This will be the
dividend paid since Dec. 24, 1937, when $4
—V. 147, p. 3756.
per
share was distributed.
on
the common
paid
Dec. 27, 1938 and
on
on
*
Bangor Hydro-Electric Co.-—EarningsGross earnings
...
...
Net oper. revenue....
148, p. 872.
dividend of 22 cents per share
extra dividends of two cents per share were
$49,567
Net loss
a
stock, payable April 1 to holders of record March 20.
Previously regular
quarterly dividends of 20 cents per share were distributed.
In addition
$66,056
115,624
Interest, rentals, &e.
Total.........$4,125,634 $4,282,244
(136,027 in 1937) shares of common stock
(65,073 In 1937) shares issued to registrar
cumulative convertible
Taxes accrued
Gross income
Balaban &. Katz
62,565
Period End. Feb. 28—
Operating income.
Loss.—V.
there
Directors have declared
Month of January—
Operating
Operating
the
shares
Committee,
Lines
In addition to the 141,527
a
outstanding,
for
Atchison
Samuel T.
first
.
Total.....-.199,058,436 186,212,606
y
Miscellaneous
296,044
11,786,676
x
195,968
a629,658
payable
Tax
Cap. & surp. of
80,670
1
Total
x
5,648
6.655,755
liability...
62,0/3
licenses,
Goodwill.
died
payable.
Notes and loans
Accrued items..
unemploym't
benefits
x
owned for. subs.
194,818
5,157,468
Accts.
61,800
Federal
4% preferred stock
Other inv. at cost.
Paid-up
for
cap. stk. & corp.
loan taxes..-
ers
1,517,049
292,468
...
Prov.
30,416
expenses.
Investments in and
y
accrued expenses 2,584,156
Due to foreign sub¬
sidiaries
Notes & acc'ts rec.
Loans to employees
(current)
14,800.000
508,858
5,790,918
160,252
$
Acc'ts payable and
taxes
subs.—current..
Inventories
84,125
(par $100)... 14,800,000
Long-term debt- 25,406,849
Long-term debt
73,985
admin.4
taxes, &c
Prov.for State inc.,
13,115,966
460,353
13,411,884
notes
& acc'ts rec'ble.
Miscell. acc'ts rec.
Due from foreign
$
66,599,975
curr. assets
Oth.
Sell.
1937
$
2,784.070
3,613,425
1937
Liabilities—
$
Common stock.
66,599,976
Cum. pref. stock
41,680
14,360,547
118,692
6 Mos. End. Dec. 31
Gross profit from sales.
1938
3,552,118
4,608,449
U.S. Govt, secure.
1,299,792
2,664,901
$1,49
1937
$
Plant, eq.,&c. 142,172,291
fixed assets.
—
3,563,372
2,664,000
$2.59
undistributed profits.
on sale of marketable securities,
y After
deducting cost of sales, exclusive of depreciation of
$27,725,319 in 1938,
$28,702,837 in 1937, $25,761,918 in 1936, and
$19r,396.315 in 1935.
z In¬
cludes $16,777 gain on sales of
marketable securities,
a After
deducting
dividends paid on 4% preferred stock.
Assets
2,670,806
Consolidated Balance Sheet Dec. 31
deducting $111,812 loss
1938
3,970,598
443,325
Spec, trust fund
Netprofit———__ $1,150,796
Common dividends paid
Preferred dividends
$7,383,118
1,252,070
835,691
181,619
163,797
7,342,197
3,335,500
In addition to the amount of taxes
above there was paid or
(accrued)
for State gasoline and
Federal excise taxes the sum of
$24,194,468 in 1938,
$24,700,423 in 1937, $21,932,328 in 1936 and
$19,177,521 in 1935,
y In¬
cludes $3,175 in 1937 and
$3,145 in 1936 surtax on
Invest, oth.
Total income..
Int. & other expenses—
Fed. income tax (est.)..
5.661
(min.
1938
Net operating profit..
19,888
-----
x
1,352,846
Other income—
on
1935
$
24,127,998
Surplus..
1936
1935
101,535,075
Net income from
oper.
Shs.com. out. (par $25).
Earns, per sh. on com...
$9,572,045 $14,056,608 $14,038,057 $10,664,109
6,963,172
6,784,171
6,080,206
5,230,007
_
exp___
Peprec. & obsolescence.
Surtax
1937
1936
$
113,126,317
...
Armstrong Cork Co. (& Subs.)—Earnings—
1938
1937
$
income
.—125,731,247 131,217,204
Costs, operating & gen¬
eral expenses.
101,603,249 103,957,896
interest)
Consolidated Income Account for Calendar Years
[Including Domestic Subsidiary Companies]
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
Surplus
on pref. stock.
Div.
Div.
on com.
stock
Balance
-V. 148, p. 1312.
1939—Month—1938
$188,586
$179,313
62,573
61,036
31,500
27,000
12,543
11,096
1939—12 Mos.—1938
$2,242,046
699,718
372,684
164,335
$2,225,965
647,050
347,200
159,317
$81,970
24,573
$80,181
24,010
$1,005,308
306,943
$972,398
288,125
$57,396
25,483
21,722
$56,170
25,483
21,722
$698,365
305,794
260,659
$684,273
305,794
231,697
$10,192
5,966
$13i;..912
$146,782
Financial
1470
of more than a
majority of the common stock ratified proposal of management authorizing
execution of a pension trust agreement dated Dec. 19, 1938, entered into
by the company, with California Trust Co. as trustee, and a number of
employees. The agreement is not only a pension plan, but also in the nature
of
profitf sharing plan.
a
,
,
participating employees contribute 5% of their
Commencing in 1940, the corporation will set
aside each year a sum equal to 2 H % of net profits during the preceding
year.
The contributions by the company and employees will be used to
purchase annuity contracts from legal reserve life insurance companies for
each participating employee.
It is provided in the agreement, however,
that at no time shall 5% of the salaries of all participating employees exceed
provides that
The plan
Calendar
corporation made an
..
.
,
,
.
^
,
the plan, the
To initiate
original contribution of
contribution of
trust
1161.
$3,203 in December, 1938, and agreed to make a further
$12,395 for the year 1939. Participating employees under the pension
agreement number 25, all boldihg executive positions.—V. 148, p.
Co.—Annual Report—
Barnsdall Oil
E. B.
Reeser, President, says
in part:
co-operated with the
"Company
Miscellaneous revenues.
major oilproduction of crude oil with
reasonable
in Illinois, where
commissions
33,000,000
substantially
the price of gasoline, but the
the entire year necessarily
the result that early in the
substantial reductions were made in crude prices in
Rocky Moimtains.
oil by the entire industry is in excess of
last quarter of the year
all producing areas east of the
"The average cost of producing
reasonable to expect that prices will be
which 58 were
wells
drilled to an
received by Barnsdall
barrel in 1937.
"
"During the year company completed 68 net wells, of
productive and 10 were non-productive.
These
were
average delth of about 5,000 feet.
The average price
for crude oil was $1.16 per barrel, as compared with $1.18 per
Barnsdall's total production in 1938 was 8,500,241.67 barrels.
and Wells in the Several
----
Unoperated
5,378.48
6,494.62
4,359.54
5,646.53
92,850.07
1,713.50
12,675.33
20,286.78
14,170.07
------
188
18
—
138.50
18.00
-
Illinois
w.*
Indiana
8
33
19
1,365
137
208
Louisiana
New Mexico
Oklahoma
Ohio.
*
208.00
Pennsylvania
Texas.
-
-
11,857.92
1,536.96
24,253.66
2,627.25
3,377.75
"TOO
57,806.66
3,923.99
18,857.52
253.43
86.857.71 220,828.09
85,959.44 262,417.12
abandoned 148.28 net wells, as against
During the year company sold or
102.p9 net wells in the preceding year.
The
given in the
511,709
496,921
496,669
2,500,150
t,420.935
2,266,097
2,187,374
710,684
679,551
726.407
777,930
419,716
440,289
405,389
368,533
954,004
1,444,754
960,559
711,093
Cr416,537
907,526
851,929
626,747
Crl81,055
704,078
Cr139,931
x5,775,837
x4,947,170
3,565,769
577,744
,
Accounting & treasury
departments
•_
_
service
benefits
.
ree'd
under
license contract
Service
general expenses
Exps. charged construct.
Other
0386,297
Taxes
5,881,845
Net
operatingincome_$15,493,194
3,006
$15,853,027 $16,114,282 $13,916,923
Dr80,357
Dr40,468
71,557
Net non-oper. income
Income avail,
for fixed
$15,496,201 $15,772,670
charges
Int.
1,027,983
Other interest
disct,
of debt
Amortiz.
Other fixed charges.
—
pref.
statements of income
1,300,000
1.300,000
6,600,000
def$49,109
stk.
com.
$286,201
$556,515
$264,964
out¬
1,100,000
1,100,000
1,100,000
Earned per snare
$7.95
$8.26
"
$8.51
$6.24
x The company did not consider that it had any undistributed earnings
1937 or 1936 in respect of which provision for surtax should have been made.
standing (par $100)--
1,100,000
Comparative Balance Sheet
Telephone plant.325,303,385 320,462,275
459,326
443,442
Other investm'ts
2,589,105
1,563,282
Misc. phys. prop
$8,856,276
$7,370,124
1,084,714
260.080
$7,630,204
170,181
1,018,277
1,290,384
1,042,606
1,423,973
2,730,576
2,666,240
Dr4,384
53,681
645,631
950,455
1,006,793
2,716,387
Cr5,289
$4,585,581
56,509
355,665
1,565,774
513,983
1,358.257
Cr5,744
-
Depreciation
Lease purchases
Intang. develop, costs..
Loss applic. to min. int..
profit
Dividends paid (net)...
Shs. cap. stk. (par $5)Net
615,577
2,526,889
Drl7,467
$2,837,897
2,245,951
2,250,344
$1.26
Earnings per share
.
$1,903,029
2,242,589
2,250,344
$0.84
1,557,772
stock
771,226
771,226
223,219
238,469
Bonds.
85,000,000
85,000,000
2,428,969
2,960,289
Notes receivable
91,730
6,660,440
9,850.000
9,612,500
6,316,528
11,616.868
12,125,578
Accts. receivable
11,628,527
1,549,524
1,207,679
29,000
29,000
Cash
Barnsdall stk. held
Employees'
8,246.992
771,203
1,688,653
Cust.dep.A adv.
sion fund
639,850
debits
117,430
1,362,159
822,730
5,089,201
payable- 1,060,382
llabllis..
Deprec. reserve.
Def'd credits &
Notes
Pur.
1,115,450
3,861,743
1,387,849
Earned surplus
24,863,219 25,091;013
—V.
Birmingham Electric
Operating revenues
Oper. exp., incl. taxes._
Amortiz. of limited-term
declared an interim dividend
Directors have
—V.
148,
p.
6,436,937
def489,695
1,018,360
of five cents per share on
3 to holders of record
and on Aug. 20, last.
B-Ettes Corp.—Stock Offered—Swart, Duntze &
that a public offering of 50,000 shares of com¬
mon stock of the corporation, manufacturers of tampons,
has been completed.
The stock was priced at $2 per share.
Bishop Oil Co.—Initial
Dividend—
declared an initial dividend of 2J^ cents per
stock, payable March 15 to
bonds.
Other int. & deductions.
share on the
1. This
and had distributed
on
rntge.
Sept. 15,1938
and^xreviously regular quarterly dividends of 7 H cents per share.—V.
14a,
Laughlin, Inc.—Common Dividend—
dividend of 25 cents per share on the common
March 31 to holders of record March 18.
A dividend
of 50 cents was paid on Jan. 5 last, this latter being the first dividend paid
on the common shares since Dec. 24, 1937, when an extra dividend of 25
cents in addition to a regular quarterly dividend of 50 cents per share was
Directors have declared a
distributed.—V.
i48,
p.
573.
610,000
$100,939
365
$1,166,564
4,233
$1,331,119
7,676
$105,312
45,750
4,326
$101,304
45,750
4,282
$1,170,797
549,000
52,463
$1,338,795
$51,272
stocks for the
$569,334
$737,894
$55,236
Dividends
'
549,000
51,901
429,174
429.174
$140,160
$308,720
and unpaid to Jan. 31, 1939, amounted to
Dividends accumulated
Latest, dividends, amounting to $1.75 a share on $7
stock and $1.50 a share on $6 preferred stock, were paid on Jan.
Dividends on these stocks are cumulative.—V. 148, p. 1313.
Bond Stores,
Inc.—Sales—-
Period End. Feb. 28—
.*
1939—Month-*-1938
$861,488
$1,077,063
Sales.
preferred
3, 1939.
"
1939—2 Mos.—1938
$2,465,257
$2,097,407
\
1020.
—V. 148, p.
Corp.—Orders—
division of this corporation has orders on hand for 50,000 units
shipment, according to Howard E. Blood, President.
Pro¬
stepped up as far as possible to handle the large backlog.
If all orders are filled during March as anticipated, shipments will be
169.5% ahead of March, 1938, when 29,500 units were shipped.
Orders
The Norge
for immediate
duction has been
include refrigerators, ranges, washers and lroners.
The company's Detroit Vapor Stove division
also reported that orders
and February of the current year were 279% ahead of
corresponding period of last year.
E. J. Kanker, Sales Manager, said that $300,000 worth of orders were
received during furniture mart week in Chicago. This was nearly three times
the volume of business booked in the 1938 mart week, he said.—V. 148,
received in January
the
p
1313.
Elevated Ry.—Earnings—
Boston
*■
Month of
January—
Total receipts
-
~
stock, par $5, payable
600,000
$250,352.
holders of record March
company was formerly known as the Bishop Oil Corp.
the following dividends: 2K cents on Dec. 15, last; 5 cents on
Bliss &
50,000
434
Borg-Warner
724.
Directors have
3,734
50,000
$104,878
Gross income
Interest
x
37,222
announce
common
3,733
Balance
(The)
Co.
5,717,438
5.694,104
311
904,875
Ltd:—Interim Dividend—
the common stock, no par value, payable April
March 15.
Like amounts were paid on Dec. 20
1939—12 Mos.—1938
$7,464,401
$7,662,291
<
310
214,946
5,378,325
Parlin, of
company.
Co.—Earnings-
1939—Month— 193 8
$653,749,
$654,033
502,783
498,561
Other income (net)
After deducting
Beattie Gold Mines,
Co.—Director—
148, p. 1162.
Period End. Jan. 31—
.24,863,219 25,091,013
Total
.341,289,612 337,735,409
Total
of the law firm of Wright, Gordon, Zachry &
elected an additional director of this
applicable to preferred
period, whether paid or unpaid
depreciation and depletion of $21,603,953 in 1938 and
$21,304,048 in 1937.
b Par $5. c On employees stock subscriptions
31,365 shares.—V. 148. p. 872.
a
Bigelow Sanford Carpet
James D. Wise,
135,470
27,676
Capital surplus
139,591
13,226,846
148, p. 872.
140,720
c308,600
payable
due in
51,456
12,'940,189
New York City, has been
obllg.
1939
Total
341,289.612 337,735,409
Total
-V.
Net income.
broker
6,272,320
74,034,620
mlscell. res...
Surplus.
x
dall Corp.
Loans from
1,459.725
4,193.002
Accrd. liabilities
Net oper. revenues.
owned by Barns¬
2.224,086
liabilities
3,619.1.53
6,463,042
79,446,961
689,859 Accts.pay .<fc oth.
.*
curr.
$
$
taxes, &c
Accounts
1,530,718
bill. <fc paym't
deferred
Accfd. int.,exps. &
Deferred
to
838,194
investments
11,251,720 11,251,720
stock
sold
1,577,796
funded
on
Other
Cap. stk. & surp.
of iin. co. not
Btock,
324,172
2,371,449
269,100
Notes receivable830,002
Inventories
b Capital
275,140
subs, receivable.
Accts. receivable..
Tel. & Tel. Co
Notes
trustee of pen¬
Prepayments...
Dis.
Adv. from Amer.
1,928
Prop, retire, res. approp.
Liabilities—
Property. —
11,416,401
Invest, in aim. cos. 7,746,671
336,899
Deferred charges.
capitaL
1,519,306
Working funds.
1937
1938
$
%
$0.34
31
1937
1938
A 3Set 8
$741,136
424,758
2,131,090
$2,262,545
1,769,077
2,247,974
$1.01
Consolidated Balance Sheet Dec.
a
Prem. on
Cash & spec. dep.
266,143
$9,940,990
paid
$
$
stock .110,000,000 110.000,000
20,000,000
Preferred stock. 20,000,000
Common
$4,319,438
$8,020,324
225,859
Total income
Interest
Taxes.
1937
193S
Liabilities—
$
S
not due
512,026
...
—
Dec. 31
1937
1938
"
Assets**—
for Calendar Years
$8,532,350
Gross income-
$8,164,964
8,800,000
1937
1936
1935
Gross sales & earnings_-$12,495,417 $13,832,391 $11,101,221 $12,698,134
Oper. & gen. expenses—
4,475,093 " 4,976,115
3,731,097
8,378,696
Other income
$10,656,515
1,300,000
1938
Calendar Years—
123,011
107,933
8,800,000
1,300,000
stock.
advertising pages of this issue.
Consolidated Income Account
755,229
115,216
90.191
8,800,000
(6H%)
Divs. on common
of
660,495
74,153
-$10,050,890 $10,386,201
stock
Net income
on
_...
$16,073,813 $13,988,481
4,837,343
4,551,396
110,857
110,857
56,469
and expense
Divs.
4,250,000
951,458
4,250,000
funded debt
on
debt
consolidated balance sheet and
and surplus are
1,521,478
Mat'l <fc supplies
16,826.47
2,285.24
2,375.52
2,726
2,818
Total—Dec. 31,1938Total—Dec. 31,1937
225.00
.
222.75
344
255
i——
-
1,836.70
98.50
8.00
17.50
19.00
1,176.73
124.83
151
Kentucky
West V irginia
80.00
—
-
Kansas
Operating rents
General & misc. exps.—
Executive & legal deps
Shs.
Net Acreage
Operated
900.00
Arkansas
8,566.460
5,692,573
11,880,497
7,527,298
5,411,232
1,475,033
11,300,395
7,920,543
5,506,135
1,461,950
11,720,040
8,673,147
5,812,157
1,531,888
11,413,740
Commercial expenses—
Traffic expenses
Prov. for empl.
$65,654,062 $61,145,634
170,633
237.639
$68,558,521 $68,805,548 $65,483,428 $60,907,995
14,131,851
12,984,917
11,884,658
13,768,474
_
Depreciation expense
Surplus...:
Producing States
Producing Wells
Gross
Net
California
Total oper. revenues -
213,097
353,792
_
Current maintenance
„
"Company is not directly concerened with
unremunerative prices which prevailed throughout
influenced the price of crude oil at the wells, with
Summary of Acreage
$68,912,313 $69,018,646
Total
Uncoil..oper. revenues.
regulatory commissions of the
lcreased in the near future."
Eresent (irude prices, and it seems
16,807.717
3,534,757
Toll service revenues...
pensions
Empl. sickness, acci¬
dent, death & other
producing States in their effort to balance the
market demand, and to reduce the stocks arx>ve ground to
working amounts.
Notwithstanding a>ery large increase
no legal restrictions are in effect, tbafwork of the
was very
effective.
Total stocks of crude oH in sotrage were reduced
barrels and stocks of gasoline at the end of the year were
below those at the end of the previous year.
"The industry is in better statistical condition than at any time in recent
1937
1936
1935
$48,362,199 $46,513,068 $44,203,510
17,345,236 16,195,119 14,237,338
3,311.210
2,945,874
2,704,786
1938
Years—
Local service re venues.. $48,569,840
annual salaries to the trust.
the sum of $13,750.
Pennsylvania—Report—
Telephone Co. of
Bell
Barker Bros. Corp.—Pension Plan Voted—
stockholders' meeting on March 3, holders
At the annual
1939
11
Mar.
Chronicle
Total
operating expenses.
municipal tax accruals
Federal, State &
Rent for leased roads
Subway, tunnel '&
rapid transit line
bonds
Miscellaneous items
rentals
Excess of cost of
1162.
138,283
103,259
235,673
1938
$2,335,679
1,688,450
155,276
103,259
235,593
7.939
Interest on
-V. 148, p.
1939
$2,320,886
1,576,407
329,374
7,962
$70,049
$184,235
329,374
.
service over receipts.
Volume
148
Financial
Bralorne Mines, Ltd.—Extra Dividend—
Directors have declared an extra dividend of 10 cents
.
Chronicle
per
tion to
1938
share in'addi¬
a
quarterly dividend of 20 cents per share on the common stock,
value, both payable April 15 to holders of record March 31.
Like
were paid on
Jan. 14, last, and previously
regular quarterly
dividends of 15 cents per share were
distributed.
In addition, extra
dividends of 10 cents were paid on Oct.
15, July 15 and April 14, 1938.
—V. 147, p. 3605.
no
1471
Balance Sheet Dec. 31
Assets—
par
1937
$
Cash
Liabilities—
Borden
Co.-
1,213,406
Inventories
3 796,315
3,998,498
77,859
Reports
1938
Net
Earnings
Notes payable, not
Accts.
(not
rec.
defd. charges—
270,359
60,176
195,155
495,223
511,074
—a6,037,867
trucks
Total.....
decrease
the
in
sales.
Several
divisions
experienced
2,500,000
40,777
Reserves
476,144
z
Capital stock...
Earned surplus...
545,378
7,834,654
7,834,654
1,327,906
1,540,161
10,410,5951
Total..
..12,726,764 10,410,595
x After reserve for doubtful
accounts of $54,963 in 1938 and
$57,949 in
1937.
y After reserve for depreciation of $4,196,143 in 1938 and $4,194,069
in 1937.
z Represented
by 926,990 no par shares,
a Includes $359,337
($1,300,207 in 1937) for construction work in progress.—V. 147, p. 2675.
transmitting the report
to the company's 47,668 stockholders and
27,500 employees said that he
believes that "a real partnership exists between these two most
important
factors, because of the investments both have made in our business.
The
stockholder has invested his savings, the
employee his daily services.
Neither can prosper long at the expense of the other.
The management of
the company is ever mindful of this important
relationship.
Both are
entitled to a complete and understandable
accounting by management."
In his comments Mr. Montague calls attention to the fact that
the gain
in earnings was made in a year characterized
by depressed business condi¬
tions and lower prices per unit.
Net sales last year were $212,038,654 which
was a decline of $25,523,017 compared with 1937.
However a reduction of
$26,292,301, or 11.4% in operating costs in 1938 enabled the company to
offset
....
Bldg., mach'y <fc
equity in auto &
shares of $15 par value common stock in 1938 contrasted with
$1.43 a share
on the same amount of
outstanding stock in 1937.
^Theodore G. Montague. President, in his letter
than
210,666
393,684
a3,676,971
y
from
more
101,500
166,644
112,893
92,876
current
Invest. & advances
Earnings for the year ended Dec. 31, 1938, of $6,641,205, which are
3.1% of sales from operations all over the United States and Canada and
export markets, are reported by the company.
This is a gain of
$350,553 over 1937.
Net earnings are $1.51 a share on the 4,396,704
Accounts payable.
Accruals & reserve
State taxes
current
of
$
Res. for Federal &
86,770
x
696,855
.Land...*
■Company
$
628,284
1 ,351,780
.a
Prepaid expenses &
$6,641,205—
1937
1938
$
Accts. & notes reo.
amounts
12,726,764
Boston & Maine RR.—Abandonment—
The
Interstate Commerce Commission
27 Issued
Feb.
on
certificate
a
permitting abandonment by the road of part of its so-called Milford Branch
extending from Pepperell Station In the town of Pepperell, Middlesex
County, Mass., to a point about 2,300 feet south of the South MUford
station in the town of
Milford, Hillsborough County, N. H., approximately
13 miles.—V. 148, p. 1313.
Briggs Mfg. Co.—Dividend Halved—
gratifying increases in both unit and dollar sales.
The report points out that dividend payments of $6,155,385 went to a
record number of shareholders, and that no one person owns as much as
1%
of the total.
Of 47,668 stock owners, it is stated that 42,458 own less than
100 shares, and only 5,210 own more than 100 shares.
Taxes of every nature paid by the company last year totaled $6,577,060,
the largest amount in any year of the company's history.
Such taxes almost
equaled n3t earnings and exceeded dividend payments by $421,674.
Taxes
were equivalent to $239 per employee, or $138 for
every stockholder.
Commenting upon Federal anti-trust proceedings in Chicago against
certain milk dealers, the milk producers cooperative
association, the milk
(Si Directors on March 3 declared a dividend of 25 cents
per share on the
common stock, no par value,
payable March 30 to holders of record March
17.
This compares with 50 cents paid on Dec. 24
last; 25 cents paid on
Sept. 30 and June 30 last; $1.50 paid on Dec. 23, 1937; $1
paid on Sept. 30
and June 25, 1937: 50 cents paid on March
31, 1937; an extra dividend of
$1 paid on Dec. 21, 1936, and an extra dividend of 50 cents in addition to
a regular
quarterly dividend of 50 cents paid on Oct. 31, 1936.—V. 147,
p. 3605.
drivers union and certain officials of the Chicago
stock, payable April 1 to stockholders of record March 20.
This compares
with 18 cents paid on Jan. 3, last; 14 cents
paid on Oct. 1, last; 15 cents
paid on July 1 and April 1, 1938; 21 cents paid on Jan. 5, 1938; 14 cents on
Dec. 24, 1937; 35 cents paid on Oct. 1,
1937; 30 cents paid on July 1, 1937;
25 cents paid on April 1, 1937; $1.65 paid on Dec.
18, 1936, and regular
quarterly dividends of 20 cents per share paid from Jan. 3, 1933 to and
including Oct. 1,1936.
In addition, an extra dividend of 10 cents per share
was paid on Jan. 1, 1936.—V.
148, p. 873.
Board of Health, Mr.
Montague pointed out that these proceedings indicate striking incon¬
sistencies in national government policy particularly as to the
price structure
of the cooperative marketing of farm products.
He said that the milk
dealers, including Borden which is among the defendants, found themselves
compelled to pay the cooperative's price to secure milk; to pay union wages;
and to meet the requirements of the City Board of Health;
Stating that no monopoly does nor can exist in the fluid milk industry in
Chicago, Mr. Montague said:
However, if such a monopoly is considered to exist, certainly Borden
and Borden stockholders have not been receiving any benefits therefrom,
as our fluid milk operations in Chicago
Metropolitan area have sustained
an average toss from operations of about
$312,000 per year for the last
six years."
[The remarks of Theodore G. Montague, President, together with com¬
parative income account and balance sheet figures are given under "Reports
and Documents" on subsequent page.]
Broad StreTet
*
1938
1937
A
1936
Gross income.
.
_
_
8,272,576
1,602,889
«
.
not essential to oper.
Net income..
9,720,009
1,702,483
5,997,103
1,020,946
29,987
96,035
133,808
6,290,652
7,034,726
c702,372
7,921,490
7,034,726
4,842,349
1,446,446
21,168,450
sur886,764
20,281,687
2,192,377
22,474,064
19,722,003
21,168,450
20.281,687
i
6,641,205
6,155,386
....
Common dividends
Miscellaneous debit
Balance, deficit
Previous surplus.
"
sur485,8l9
19,722,003
„
20,207,822
out-
standing (par $15)...
7,034,726
Earned per share
4*396,704
4,396.704
$1.43
$1.80
4,396,704
$1.10
b After cost of sales and expenses, including depreciation ($6,183,922 in
1938, $6,206,676 in 1937, $6,344,633 in 1936, and $6,481,667 in 1935),
insurance, property taxes and all mfg., selling, admin, and general expenses,
after deducting miscellaneous operating income,
c Write-off of unessential
properties after application of reserves, less proceeds of $748,965 from dis¬
posals during the year.
1938
a
1937
Prop, account 65,808,628
19,701,562
Cash
Marketable sees.
Finished
Liabilities—
$
66,068,361
b
11,853,859
15,545,029
14,054,958
Accrued
5,601,190
5,776,198
—....
Receivables
goods.
payable.
1937
1936
1935
$808,449
743,©51
$830,315
691,999
$836,494
6©6,7»b
$77,068
16,25o
$64,598
20,360
$138,316
14,713
$149,706
12,421
$93,323
36,609
$84,958
29,628
$153,029
33,025
Net income.........
Dividends
$56,714
47,703
$55,330
47,703
$120,005
47,703
$121,407
b3,4©l
$7,627
$72,302
$37,926
Oper.
taxes, &c_._.
Deferred
7,967,944
Net
2.571,318
2,669,386
Deferred assets.
657,263
653,535
other
credits
Balance
8,289,584
19,722,003
14,201,141
14,477,738
Butte
Total
a
122,430,607
±
After
1937.
122,434,824]
Total..
....
.122.400,607
Gross sales,
less
1937
1936
,-.$13,132,125
11,840,221
Gross profit from oper.
Depreciation.
*—
Sell. & admin, expenses.
$1,291,904
201,638
1,125,656
1935
$79,205
4,512
Total income, a.$5,597
Prov. for doubtful accts.
27,185
Net profit from opers.loss$62,574
Other
income—Interest
185,861
168,697
1,079,912
1,177,391
43,283
$2,221,434
167,448
1,039,091
Net profit..,
Dividend declared..
....
x
$1,504,647
Interest expense
Cash discounts allowed.
114,233
71,109
,084,399
1,828
185,390
$1,575,756
$1,051,513
5,269
136,666
35,961
31,669
102,719
Provision for bad debts.
Other charges
x48,302
Fed. & State
inc. & cap. stock taxes
Prov.
$58,652
$0.17
).04
«
Nil
.....
984
Total;
6,715
8,871
26,999,
—
$3,537,249 $3,562,1941
——
148, p. 1163.
Canadian Breweries, Ltd,
264.156
12,500
57,500
$733,181
667,133
$1,076,202
$66,048
926.990
$317,488
739,592
$482,752
648,304
$0.79
$1.46
$142
140,082
Balance
.....def $251,900
Shares of capital stock..
Earnings per share
926,990
Nil
758,714
x Consists of $26,064 loss from hurricane damage and $22,237
machinery
and equipment changes resulting from the change-over to the new mill and
other extraordinary items,
'
Taxes accrued
748
divs..
1,428
5,833
1,437
Surplus—...'—..
533,686
552,733
Unclaimed
Total.
.
$3,537,249 $3,562,194
(& Subs, )—Earnings—
1939—8 Mos.—1938
1939—12 Mos.—1938
$191,746.
2,531
$181,548
1,567
$1,140,141*
$194,277
$183,115
24,371
21,702
121*896
$1,234,673
104,718
472,596
$1,031,030
97,750
—139,197
115.375
—
.
Interest
>
Prov. for depreciation..
Prov. for Fed. & Prov.
income taxes
Net
profits
applic.
minority interests
119,726
$958,152
72,877
94,532
422,520
to
....
—.
70,728
.32,717
$447,435
$362,668
.
$50,181
$39,517
Consolidated Balance Sheet Jan. 31
1939
$
Cash.
$334,793
...
Investments
347.965
1938
$
$170,574
174,646
Accts. and bills re¬
ceivable
$583,901
478,601
accrued liabils—
income taxes
115,289
297,985
300,525
616,861
Mortgage
183,512
32,100
7,108,216
7,068,039
341,150
430,296
10.532,052 10,461,790
40"666
1,300.000
1,052,810
payable
5 XA % series
1,300,000
1,048.654
4,918,154
A sink¬
ing fund debens,
Investments
—
$
$622,637
Federal and Prov.
62 218
..
1938
Accts. payable and
296,557
cos.
Total
$
(secured).
1,958,936
Land, buildings,
Other
draft
237,498
expenses,
Prepaid
1939
LiabilitiesBank loans & over¬
1,749,155
(net)..
Inventories
a
$726,618
243,866
1937
.
operations,
after all taxes, except
plant and equip.
Net profit for year...loss$251,900
1938
stock....$3,000,000 $3,000,000
payable.
1,387"
2,191
Accounts
from
Int. in & advances
151,500
$0.09
"
Period End. Jan. 31—r
Profit
to affiliated
Dividends.
30,000
Liabilities—
Capital
$3,300,892
147,4^5
185,715
receivaole.
Cash
1937
$3,361,841
i..,;
Investments
for
Prov. for Federal surtax.
$27,811
mining
claims
29,701
20,724
Extraordinary charges._
$101,320
60,000
......
1938
'
and
36,618
65,528
112.613
loss$19,048
Balance Sheet Dec. 31
Assets—
Mines
$1,014,895
37,117
loss$25.457
income
25,065
Receipts from lessee operator of company's properties, being 50% of
Assets—
Gross
$83,717
36,908
net s mel ter returns.
Profit.
$970,166
& discount, earns., &c.
$64,719
31,495
Other expenses
Total income
$2,753,255
$132,815
24,645
taxes, &c--
1935
$21,017,799 $17,399,833 $13,538,485,
18,671,098
14*646,577
11,317,052
$2,376,701
1936
$5/,954
6,765
General and office exps.,
returns,
&c
Cost of goods sold..
1937
$126,019
6,796
..—
income taxes.
Other income
Bridgeport Brass Co.—Earnings—
1938
1938
$5,597
Other income
122,434,824
deducting depreciation of $36,960,621 in 1938 and $37,268,580
b Far value $15.—V. 148, p. 724,
Calendar Years—
31, 193©
Copper & Zinc Co.- -Earnings-
Receipts from lessee..
x
—V.
goodwill..—
in
$162,127
40,720
.
Assets—Plant and equipment, $4,096,321; miscellaneous
physical prop¬
erty, $7,w4; other investments (at cost), $6,019: cash,
$107,911; accounts
receivable, $259,617; materials and supplies, $137,9o9; prepaid accounts,
$7,776; debt discount and expense, $9,077: total, $4,632,5o©.
Liabilities—Capital stock ($25 par), $2,9el,450; coupon notes, $©50,000;
accounts payable, $37,284; consumers'
deposits, $5,140; accrued liabilities,
$14,434; unadjusted credits, $186; reserves, $297,847: contributions for
extensions, $100; surplus, $446,148; total, $4,632,588.—V. 147, p. 104.
Accts.
20,207,823.
$9,010
Balance Sheet Dec.
9,807,599
4,206,199
254,738
Capital surplus-
.....
65,950,560
4,973,195
526,243
Earned surplus.
—
—
Gross income
v
S
&c
reserve
Tradem'ks, pats,
1937
con-
ting'cies,
earnings.
shares capital stock..
•
8,526,131
Insurance,
rec.(not curr.)
&
7,738,917
expenses & taxes..
Other income
accts.
9,699,411
Mat'l & supplies
$
Capital stock. 65,950,560
Accts.
9,754,268
6,454,517
Mtges.
1938
,
:
$
Co.—Earnings-
Earns. per sh. on 600,000
Consolidated General Balance Sheet Dec. 31
Assets—
the capital
on
1938
Calendar Years—
;
4,396,704
$1.51
share
a
$825,986
748,91©
"
Total surplus...
Shares com. stock
cents
Income deductions
1935
7,489,300
1,168,661
28,483
dividend of 20
Brockton Gas Light
Calendar Years—
$
•
$
$
$
Sales
-.212,038,654 237,561,672 230,844,538 229,888,089
b Net operating profit..
7,812,446
7,043,164
9,266,042
5,657,543
Other income (net).....
460,130
446,136
'
453,967
339,559
Federal, & c., tax (est.).
Maint.exp. on properties
a
Gross earnings
Consolidated Income and Profit & Loss Statement for Years Ended Dec. 31
.
Investing Co., Inc.—Dividends—
Directors have declared
Mln. int. in subs..
b Capital stock... 4,918,960
Capital surplus &
distributable sur 1,943,432
Total....
1,954,219
10,532,052 10,461,790
a After
depreciation of $5,179,774 in 1939 and $4,868,112 in 1938.
b Represented by 163,428 cumulative sinking fund convertible preference
______
.
shares
no
of
no
par
value and
par value.—V.
674,667
148, p. 874.
(673,861
in
1938)
common
shares of
Financial
1472
Central Maine Power
Co.—Sales—
Brown Fence & Wire
Company reports sales for the month of February, 1939 of $344,829 as
compared with $369,467 for February last year.
Sales for the first eight months of the fiscal year which will end June 30,
$2,162,451 as compared with
148. P. 873.
are
$1,961,762 for the similar period a year
ago.—V.
Cable Electric Products, Inc.—Registers with SEC—given on first page of this department.—V. 147, p. 414.
Callahan Zinc-Lead
The Securities and
Co.—Hearing Postponed—
Exchange Commission has
announced that the public
March 13, in connection with the proceedings to
determine whether the $1 par value common stock company
should be
suspended or withdrawn from registration on the New York Stock Exchange
has been postponed at the request of the company until March 27, 1939.
—V. 148, p. 1315.
hearing scheduled for
following dividends payable
April 1 to
March 10.
of record
7% cumulative preferred stock (par $100).
6% cumulative preferred stock (par $100).
$6 cumulative preferred stock (par $1002.
Similar distributions were made in each of the nine preceding quarters.
See also V. 147, p. 3758, for detailed record of previous dividend payments.
$1.75 per share on the
$1.50 per share on the
$1.50 per share on the
—V. 148, p.
See list
Co.—Accumulated Dividends—
have declared the
The directors
holders
1939
11
Mar.
Chronicle
1315.
Central Patricia Gold Mines, Ltd.—Extra Dividend—
Directors have declared an extra dividend of one cent per share in addi¬
tion to a quarterly dividend of four cents per share on the common stock,
both payable April 1 to holders of record March 15.
Extras of two cents
were paid on Jan. 3 last and on Sept. 30, 1938.—V. 148, p. 274.
Cerro de Pasco Copper Co.—To List Stock in Amsterdam
10 ordinary shares of no par value will be introduced
Amsterdam Bourse.—V. 146, p. 3177.—V. 145, p. 2385.
Certificates for
Ltd.—Extra Dividend—
Canadian Celanese,
March 10 on
Directors have declared an extra dividend of 35 cents per share la ad¬
dition to a dividend of 25 cents per share on the common stock, both
payable March 31 to holders of record March 17.
This compares with
cents paid oh Dec. 31, last; 25 cents paid on March 31, 1938 and regular
quarterly dividends or 40 cents per share previously ilistribu ted.
Directors also declared a participating dividend of 50 cents per share in
addition to the regular quarterly dividend of $1.75 per share on the 7%
75
participating preferred
March 17.—V. 147, p.
stock, both payable March 31 to holders of
Chamberlain Metal Weather Strip Co.—Div. Omitted—
meeting decided to omit the dividend normally
the common stock. Dividends of 10 cents were paid on
Dec. 16 and on Sept. 15, last and previously regular quarterly dividends of
20 cents per share were distributed.—V. 147, p. 1482.
Directors at their recent
due at this time on
record
3605.
Chicago Great Western
Canadian National
the fact
stock¬
connection
the annual meeting originally scheduled
due
Rys.—Earnings1939
'
Decrease
1938
Canadian Pacific Ry.—Earnings—
Interest due June
Ended Feb. 28
Decrease
1939
Traffic earnings
148,
—V.
$2,473,000
..
1938
$2,535,000
$62,000
dividend of 3734 cents per share on account
accumulations on the $1.50 cumulative class A participating stock, no
par value, payable April 1 to holders of record March 15.
A like amount
was paid on Jan. 2 last, on Oct. 1, July 2, April 1 and Jan. 1, 1938, and on
Oct. 1, 1937; a dividend of $1.37^ was paid on July 2, 1937; dividends of
37K cents were paid on April 1 hnd Jan. 2, 1937, and Oct. 1 and July 1
1936; 25 cents per share paid in each of the seven preceding quarters and
on June 30,
1934, and 3734 cents per share distributed on April 1 and
Jan. 2, 1934.
Accruals after the current payment will amount to $2.25
per share.—Y. 147, p. 3605.
The directors have declared a
Recapitalize—
Canfteld Oil Co.—To
Special stockholders' meeting has been called for March 10 to approve
recapitalization plan which provides for exchanging present 7 % cumulative
preferred stock (par $100) on a share for share basis for new 6% cumulative
preferred stock (par $100).
Present issue of preferred of which 4,398
shares are outstanding, is callable only in whole, while it is proposed to
make new issue callable either in whole or in part as conditions warrant.
Present preferred is callable at $105.—V. 147, p. 3153,
Carolina Power & Light
766
Other income (net)
The
191,667
on mtge. bonds.
Other int. & deductions:.
5,818
6,009
charged to construe.
^
Dividends applicable to
.
$185,723
$185,414
preferred stocks for the
period, whether paid or unpaid
.
.
$4,906,576
2,300,000
74,046
Cr2,433
2,300,000
73,494
*
Crll2
$2,504,707
$2,533,194
1,255,237
1,255,237
$1,249,470
...
,
$1,277,957
portion of a branch line of railroad extending from a point approximately
0.3 mile south of the Illinois-Wisconsin State line, near Hazel Green
Junction, to Galena, approximately 10.03 miles, all in Jo Daviess County,
1317.
111.—Y. 148, p.
Christiana Securities
shares of
du Pont
Celanese Corp. of
plaintiff contended that Cnristiana common's value at tne end of 1934
have been put at $1,080 a share, whereas the Government had
a valuation or $1,812 a share.
Judge Nields decided that Mr. du Pont was entitled to a refund on a
basis of $1,100 a share.
The court held that the size of the block of stock
involved, and the market for such a dock were vital factors in determining
its value.—V. 148, p. 1165.
should
fixed
„
Cincinnati Union
dividend of $1.75 per share on the
Terminal Co.—Bal. Sheet Dec. 31—
Comparative Balance Sheet
1938
1938
$
Liabilities—
3,500,000
InVest. in road &
Preferred stock
3,000,000
3,000,000
equipment, &c.4l,259,709 41,072,779
591,853 Funded debt—...36,000,000 36,000,000
Cash.296,097
23,452 Audited accts and
Special deposits-..
17,457
192,753
98
wages payable..
132,958
Net bal.rec.fr.agts.
84
7,327
5,632
894,033 Int. mat'd unpaid.
Miscell. accts rec.
940,231
90,000
90,050
84,619 Divs. mat'd unpd.
Total def'd assets.
251
210,179
301,745
Disc, on fund. dt..
Oth. unadj. debits
Deferred
109,505
Rents & ins. prems
43,408
Unmat'd int. accr.
240,000
189,926
1,476
237,740
Mlscel. accts. pay.
14,881
.
Other curr. liabll..
"it 338
961
"l',265
Unadjust. credits.
256,939
235,217
of
payable April 1 to holders of record at the close of business March 17,
A participating dividend of $5 per share was paid on Dec. 31 last.—
3605.
Total.....-...43,256.371 43,281,564
1318.
Clark Equipment
Central Arizona Light & Power
1,991,881
2.698,414
/"
35,482
365,000
2,913
2,913
65,000
34,960
368,000
$72,403
res. approp.
Net oper. revenues
$36,391
21,672
$899,161
115,286
$892,985
143,376
208
Other income (net).-;
mtge. bonds.
Other interest
„
_
_
$58,063
$1,014,447.
18,958
687
18,958
926
Cr27
227,500
11,160
05,110
236,104
8,140
03,320
$38,206
$780,897
$795,437
f,
„
Dividends applicable to
$52,966
preferred stocks for the
—V. 147,
$447,924
261,355
$766,347
427,676
58,318
$1,856,773
463,062
200,505
$1,101,228
457,938
85,728
$709,281
368,176
9,231
*26,692
4,600
39,643
325*857
$280,354
127,509
59,404
$1,166,515
82,698
al,140,817
$513,318
81,071
377,979
$6,014
79,390
187,021
sur$93,441
$57,000
sur$54,268
$260,397
Total income
profits
Surtax on undist.
Exp. for development. _
Net profit..
Preferred
dividends
Common
108,054
108,054
$687,383
1936
—
..
dividends..__
Deficit
$672,843
period, whether paid or unpaid....
Balance
$1,044,305
56,923
Depreciation
,
Net income.
$1,790,131
66,641
Operating profit
Other income
$1,036,361
Int. charged to construe.
$917,224
469,300
Federal taxes..
$72,611
Gross income
on
$4,082,435
2,780,314
57,300
investments
Interest
1938—12 Mos.—1937
1935
$1,697,484
653,179
$735,130
31,217
earnings
Expenses, &c_-
Co.—Earnings-
1938—Month—1937
$363,368
$361,616
230,752v
257,312
Co. (& Sub.)—Earnings—
1938
"
1937
b$l,315,905 b$2,597,436
580,775
807.305
Calendar Years—
Gross
Prop, retire,
15,000
240,000
39,213
'
Other curr. assets.
1939.
.
11,000
'
■
V. 147, p.
Period End. Jan. 31—*
3,948
Funded debt mat'd
unpaid
.
3,500,000
liabilities
222,736
Total..--,...-43,256,371 43,281,564
Operating revenues
Oper. exp., incl. taxes..
Amortiz. of limited-term
$
>
Common stock.....
-V. 148, p.
are
1937
$
1937
$
Int. & divs. receiv.
America—Participating Dividend—
and 90,151 shares of General Motors common.
made in connection with a gift tax refund suit
against the Internal Revenue Department. The
common
Judge Nields' ruling was
filed by Lammot du Pont
Mat'l & supplies.
The board of directors has declared a
Co.—Stock Appraised—
Company's common stock was valued at $1,100 a share as of Dec. 31.
1934, in an opinion handed down on March 7 by Federal Judge Nields.
Christiana, formeriy known as du Pont Securities Co., holds 3,049,800
paid in advance.
-V. 148, p.1315.
Feb. 20 issued a certificate
15.809
28,430
$4,876,320
Ry.—Abandonment—
Commerce Commission on
Interstate
permitting abandonment by the trustee of a line of railroad extending from
a point near Bain, Wis., westerly and southwesterly to a point near Harvard,
111., 23.591 miles, in Kenosha and Walworth counties, Wis., and
miles in McHenry County, 111.
The Commission also issued a certificate permitting abandonment of a
$4,878,146
22,518
$382,899
191,667
$383,399
.
interest
Balance-
the Milwaukee & Northern
extended 4H% bonds, due 1939, is now being paid.
Assets—;
Gross income.
Net Income
$4,853,802
$382,100
799
$382,633
Net oper. revenues
Int.
Co.—Earnings—-
1939—Month—1938
1939—12 Mos —1938
$1,000,734
$997,963 $11,997,852 $12,163,383
6,064,050.
6,195,237
528,101
525,863
1,080,000
1,090,000
90,000
90,000
Period End. Jan. 31—
Operating revenues
Opar. exp., incl. taxes..
Prop, retire, res. approp.
Pacific RR.—Interest
1,1938, and Dec. 1,1938, on
RR., first mortgage
Chicago & North Western
Ltd.—Accumulated Div.—
Canadian Wirebound Boxes,
148, p. 1317.
—V. 148, p. 1317.
•
1315.
p.
reorganization proceedings,
4,1939, will not be held.—V.
Chicago Milwaukee St. Paul &
on Milwaukee & Northern RR. Bonds—
—V. 148, p. 1315.
Earnings for the Week
for April
$74,879
$3,622,202
$3,547,323
.......
with the
Week Ended Feb. 28
Earnings of the System for the
Gross revenues
RR.—Meeting Postponed—
Company notified the New York Stock Exchange that
to
business of material consequence, and further that a meeting of
holders will undoubtedly have to be held later in the year in
no
Shs. common stock out¬
237,583
233,776
237,616
237,671
$1.82
Nil
$0.64
$4.56
a
Includes $713,000 stock dividend paid Dec.
^uo,uW
v..x, 1937 in 7% preferred
stock,
b After deducting $99,899 ($114,877 in 1937) for social security
standing (no par)....
Earnings per share
taxes.
p.3906.
Consolidated Balance Sheet Dec.
Central Eureka Mining
Co.—Listing—
1938
Assets—
31
Cash
$1,737,227 $1,353,830
47,000
U. S. Govt, securs.
Curr.
recently approved an amendment to the
provided for the obliteration of all distinc¬
preferred stock issues of the company. The
200,000 outstanding shares of preferred stock of the company were therefore
removed from the list of the exchange March 6.
The additional shares of
common stock have been substituted for these preferred shares.
Notes
Cap. stk. & social
Stockholders
of the
company
articles of incorporation which
tions between the common and
&
accounts
434,424
Inventories
2,316,630
Period End. Jan. 31—
Gross
revenue.
Oper. exps. & taxes
Provision for deprec'n..
Gross income.
^
Int. & other fixed chgs..
Net income
Divs.
on
pref. stock
pref. stk. exp.
Amort, or
Balance
-V.
^
148, p. 725.
1939—Month—1938
$866,531
$828,272
472,426
90,000
449,340
82,600
1939—12 Mos.—1938
$8,599,069
$8,819,956
4,929,141
998,600
4,875,481
979,200
(non-current)
$304,105
66,561
$296,332
64,633
$2,671,327
765,081
$2,965,276
757,128
$237,545
41,800
$231,699
41,800
15,951
$1,906,246
501,607
191,405
$2,208,148
501,608
191,405
15,951
4,596
20,326
39,443
37,147
58,790
62,575
$173,948
$1,213,233
$1,515,135
1,000
3,024
2,136
3,024
4,568,227
4,754,388
49,204
banks...
Invest, in securs..
income
for
$279,391
58,360
33,184
200.000
100,000
..
400,000
600,000
58,318
225,760
Fed'l
taxes
78
5,383
7% cum. pf. stk.. 1,927,900
b Common stock.. 4,996,760
1,927,900
4,996,760
608,020
on
pf. stk. subs.
59,898
Capital surplus...
Earned surplus
I,and, buildings,
mach., &c.(co8t)
c
608,180
680,041
Treasury stock._Dr291,125
595,498
Dr281,984
Def. charges & pre¬
paid
Total
a
expenses..
$8,914,221 $9,089,912
AJter reserve for depreciation
Total
$8,914,221 $9,089,912
of $4,245,089 in 1938 and $3,901,653 in
b Represented by 249,838 no par shares,
c Represented by
(971 in 1937) shares preferred stock, par $100, and 12,222 (12,167 in
shares common stock, no par value.—V. 148, p. 1165.
1937.
$179,794
against
closed
$275,709
Payable by empl's
Buchanan L.Co.
a
(curr.)
Reserve
in instal...
Claims
taxes, &c.
Notes pay.
Employ, notes rec.
pay.
payrolls
Notes payable
Inv. in & advs. to
Co.—Earnings—
secur.
pay¬
25,040
Cost of spec, tools.
Val. life ins. polio's
Central Illinois Light
able &
407.917
2,018,287
receivable (net).
accts.
1937
1938
Liabilities—
1937
An additional 200,000 shares of common stock was admitted to the list
of the San Francisco Stock Exchange at the opening of business March 8.
1,054
1937)
Volume
Financial
148
Coca-Cola Co.—50-Cent Dividend—
W Directors have declared
a dividend of 50 cents per share on the common
value, payable April 1 to holders of record March 13.
Dividends of 75 cents were paid on Dec. 15 and Oct. 1 last; 50 cents paid
on July 1 and
April 1, 1938; 75 cents paid on Dec. 15 and Oct. 1, 1937, and
regular quarterly dividends of 50 cents per share were previously distributed.
In addition, an extra dividend of $2 was paid on Dec. 15, 1938, 1937 and
1936.—V. 147, p. 3155.
stock,
no par
Coca-Cola International Corp.—Tio Pay
$3.85 Div.—
The directors
on March 4 declared a dividend of $3.85 per share on the
stock, no par value, payable April 1 to holders of record March 14.
This compares with $21.40 paid on Dec. 15 last; $5.80 paid on Oct. 1 last;
$3.89 paid on July 1 and April 1, 1938; an extra of $15.50 and a quarterly
dividend of $6 paid on Dec. 15, 1937; $5.85 per share on Oct. 1, 1937;
$3.90 on July 1 and April 1, 1937; $3.25 paid on Dec. 15, 1936; $4 on Oct. 1
and July 1, 1936; $2.40 paid on April 1, 1936; $6 paid on Dec. 31, 1935;
$4 on Oct. 1, July 1 and April 1, 1935; $3 per share paid each three months
from July 1,1933 to Jan. 2,1935, inclusive, and $3.50 on April 1 and Jan. 2,
1933.
In addition, an extra dividend of $16 was paid on Dec. 15, 1936,
and one of $2 was paid on Jan. 2, 1935.—V. 148, p. 876.
common
Coleman Lamp & Stove Co.—To Pay
Directors have declared
a
25-Cent Dividend—
dividend of 25 cents per share on the common
value, payable April 15 to holders of record March 31.
This
compares with $1.50 paid on Dec. 22, last; $1.75 paid on Dec. 28, 1937,
and regular quarterly dividend of 25 cents paid on Oct. 15, 1937.—V. 147,
stock,
no par
3759.
p.
production, distribution and sale of natural gas; and production, distribu
tion and.sale of water.
Company also sells merchandise and appliances
in connection with its electric, gas and Ice business.
Company furnishes electricity, natural gas, water and (or) ice service to a
total of 197 communities in Texas, New Mexico, Kentucky and Louisiana.
During 1938 properties in Texas, where electricity is supplied to 121 com¬
munities, water to 15, gas to 7 and ice to 23, contributed approximately
75.0% of gross operating revenues of the company.
During the same year
properties in New Mexico, where electricity is supplied to 11 and ice to 2
communities, contributed approximately 13.6% of gross operating revenues.
During the same year properties in Kentucky where electricity is supplied
to 37 communities, contributed approximately 9.2%
of gross operating
revenues.
During the same year properties in Louisiana, where electricity
is supplied to 4 communities and water to 1 community, contributed approxi¬
mately 2.2% of gross operating revenues.
Revenues from the sale of elec¬
tricity represented 73.1% of the total operating gross revenues of the
company for the year 1938.
The total population served by the company
is estimated at 170,000.
Property—The principal electric generating plants (comprising approxi¬
mately 81 % of the total electric generating capacity of the properties of the
company) are located at Hico, Nocona, Omey, Perryton, Pecos, Texas City
and Whitewright, Texas; Alamogordo, Lordsburg and Silver City, N. M.;
and Arcadia, La.
The generating plants at Perryton and Whitewright,
Tex.; Alamogordo, Lordsburg and Silver City, N. M.; and Arcadia, La.,
with an aggregate capacity of 10,810 h.p. (including 2,650 n. p. of steam
capacity at Lordsburg)
generating
in active
not
in active operation, whereas the other 5 named
are
with
capacity of 10,770 h. p. are not
standby purposes.
Of the 15 smaller plants
capacity of 2,860 h. p. are in active opera¬
aggregate capacity of 2,015 h. p. are held for standby
aggregate
an
but are held for
named, 9 with
an aggregate
an
purposes.
Class A and B stock issues were admitted to the list of the San Francisco
The listing comprises 964,296 shares of class A
and 948,674 shares of class B stock ($2.50 par).—V. 148,
Stock Exchange, Feb. 25.
stock ($2.50 par)
plants
use
tion and 6 with
Columbia Broadcasting System, Inc.—Listing—
■
1473
Chronicle
Company purchases approximately two-thirds of its power requirements,
such purchases being made under contracts with other utility companies,
except one contract which is with a municipality.
1023.
p.
Columbia Gas
& Electric
Corp.—Stockholders Approve
and Creation of Capital Surplus
Reduction in Common Capital
The stockholders at
special meeting March 7 approved the recommenda"
tion of the management and authorized the proposed reduction of common
capital ana creation of special capital surplus, to be available for all charges
to surplus which arise out of transactions prior to Jan. 1, 1938, but not
a
available for dividends.
This action was in conformity with the Order of the Securities and
Exchange Commission, dated Jan. 25, 1939, approving of the plan proposed
by the corporation, subject to ratification by the stockholders.
Under the present rules of the SEC, and subject to the conditions set
forth in the Commission's Order, this action restores to the directors auth¬
ority to declare dividends, from available earnings, on the preferred and
preference stocks of the corporation without the necessity or applying for
prior approval of the SEC.
It also restores to the directors authority to
declare dividends, from available earnings, on the common stock if, after
making provision for all existing dividend requirements on the preferred
and preference stocks, there will remain consolidated earned surplus since
Dec. 31, 1937, equal to the requirements for six quarterly dividends on the
}>referred $3,000,000 from future earnings, added to the It is estimated that
than and preference stocks of the corporation.
present consolidated
Capitalization Upon Completion of Proposed Financing
Funded Debt:
Authorized
1st mtge. bonds, 4% series due 1964
Preferred stock (par $50)
Common stock (par $25)-,
Outstanding
$6,600,000
None
177,465 shs.
$6,600,000
6,000 shs.
-200,000 shs.
— —
The common stock is listed on the New York Curb Exchange.
City
National Bank & Trust Co. of Chicago Is transfer agent and registrar for
the common stock.
Although 6,000 shares of preferred stock are authorized
by the certificate of incorporation of the company, none of said shares is now
outstanding.
Underwriters—The names of the several underwriters and the respective
they severally agree to purchase, are as follows:
Paine, Webber & Co., New York
$1,400,000
Central Republic Co., Chicago
—
1,400,000
Halsey, Stuart & Co., Inc., Chicago
1
1,200,000
Stone & Webster and Blodget, Inc., New York—
750,000
E. H. Rollins A Sons, Inc., New York—
500,000
Chandler & Co., Inc., Philadelphia
400,000
Bodell & Co., Providence
400,000
Stroud & Co., Inc., Philadelphia
300,000
H. M. Byllesby & Co., Inc., Chicago
250,000
amounts which
——
-
-
—
— _
.
_
—
-
-
ess
surplus, will serve to meet such restriction.
Approval of the plan required the assent of a majority of such shares of
preferred stock of the corporation as were represented as a class ana voted
at the meeting, and a majority of the total outstanding shares of preference
and common stocks.
There were represented and voted in favor of the
Consolidated Balance Sheet Dec. 31* 1938
earned
plan over 70 % of the total outstanding shares of common stock, over 66 2-3 %
of the total outstanding shares of preference stock, and over 68% of the
total outstanding shares of preferred stock.
The negative vote was less
than % of 1 % of the outstanding shares of any class of stock.
Hearing—
Liabilities—
A8M8—
Fixed assets (net).
—
-.$12,478,009
.
Funds with trustee under mtge
Security investments (at cost)
Cash.
—
—
Accounts
—
.
10,876
1,073,172
u—-
—
_
—
3, announced a hearing
April 3 at the Commission's Washington offices on the application
(File 54-12) of corporation for approval of a proposed plan, of integration
under the Holding Company Act.—V. 148, p. 1318.
interest.
Dated March 1,
4,849
38,281
.
City National Bank & Trust Co., Chicago and at office or agency of
Coupon in denoms. of $1,000 and $500,
registerable as to principal, and fully registered in denoms. of $10,00), or in
any multiple thereof.
Coupon and registered bonds City National Bank &
Trust Co. of Chicago, and Arthur T. Leonard, as trustees.
Company will covenant to pay annually (beginning June 1, 1940) to the
Trust Co. as a sinking and improvement fund for the bonds of the 1964
series, the sum of $100,000.
Under the indenture the company will be
permitted, in lieu of cash payments, to surrender bonds of the 1964 series
to the sinking fund at cost to the company.
One-half of said annual sinking
fund shall, and such part of other moneys in the sinking fund as the company
shall direct, may, be used for the purchase and (or) redemption of bonds of
the 1964 series (except to the extent that bonds are surrendered for the
sinking fund in lieu of cash as above provided), the bonds being redeemable
through the sinking fund at par and accrued interest, plus a premium equal
to one-half of the then applicable premium in the case of redemption other
than through the sinking fund.
Any other moneys in the sinking fund may
be withdrawn by the company (subject to certain terms and conditions)
upon waiver of the authentication and delivery of additional bonds to which
the company is then entitled.
Bonds are redeemable as a whole at any time, or in part by lot on any
interest date, upon certain notice provided for in the indenture, at par and
accrued interest, plus a premium which (otherwise than with respect to the
redemption of bonds, through the sinking fund) shall be 5% of the principal
thereof if redeemed prior to March 1, 1944, such premium decreasing M of
1% annually thereafter.
Issuance—Authorized by the Public Service Commission of the Common¬
wealth of Kentucky.
Purpose—Net proceeds from the sale of the bonds offered, estimated at
$6,378,226 after deduction of expenses, are to be used, together with other
funds of the company, to pay the principal and interest of the presently
outstanding $6,659,600 1st mtge. 25-year 5% sinking fund bonds, series A,
which are to be redeemed on or prior to June 1, 1939.»
Chase National Bank, New York.
.
Summary of Earnings for Calendar Years
Total....
Taxes (other than
replacements._r
P'ed. & State inc.)__
Commonwealth Edison Co.—Weekly
Balance avail, for interest, Ac
Interest
on
bonds
Sundry interest paid public—net...
Prov. for Fed. & State income taxes.
4
Feb.
25-
Feb.
.
18...
Feb.
—V.
11.
148,
.
—
--.
-.-
—
Concord (N.
Total
oper.
Income from oper
Non-operating
.
Gross income
1935
$594,023
459,787
$568,129
426,494
&159,355
$183,046
£>r691
819
$134,236
,
1,690
$141,635
1,003
$183,865
1,111
$135,925
$142,638
'
income—
Preferred
—
—
$156,229
13,500
140,000
..
dividends...
Common dividends
$2,729
Balance, surplus.
507
367
140,000
$135,419
13,500
140,000
$142,271
13,500
140,000
$29,254
2,434
&c.).
def$18,081
def$l 1,229
V
$182,754
,
13,500
"
Balance Sheet Dec. 31,1938
Assets—Fixed capital
(electric), $2,1*80,543; non-operating property,
$139,707; miscellaneous investments (at cost), $88,862; cash, $52i386;
receivable, $114,229; materials and supplies, $48,880; prepayments,
$4,229; miscellaneous suspense, $31,418; total, $2,660,253.
Liabilities-^Oojxunon stock (50,000 shs., no par), $1,100,010; preferred
($100 par) stock, $225,000; notes payable, $95,000; accounts payable,
$27,197; customers' deposits, $11,290; taxes accrued, $36,646; interest
accrued, $416; miscellaneous accruals, $4,093; reserves, $723,643; contribu¬
tions in aid of construction, $12,403; earned surplus, $424,554; total,
$2,660,253.'—V. 147, p. 266.
accounts
$1,018,119
$926,749
349,771
8.957
Net oper, income...
Other income
$643,023
Consolidated Film Industries,
.
Total
Federal taxes
Interest
Other deduction
...
on cumul. partic.
preferred stock
Earns, persh. on 524,973
shs. com. stk. (par $1)
1937
1936
1935
$8,799,876
7,993,100
Prov. for doubtful accts.
Balance for stock.
Inc. (& Subs.)—Earns.
1938
Depreciation
1936
$629,624
446,577
revenues.
Inc. deduc. (int.,
Net
Earnings—
1937
$635,592
476,237
$158,663
expenses—.
$927,742
335,925
11,922
25,761
_
-
12.3
1238
Calendar Years—
Operating revenues
$888,377
38,372
_
.
of this department.;—V. 148, p. 1024.
H.) Electric Co.
$993,031
25,087
charges on the $6,600,000 1st mtge. bonds, 4% serie®
outstanding on completion of present financing and retire¬
ment of the 1st mtge. 25-year 5% sinking fund bonds, series A, will amount
to $264,000.
History and Business—Company was incorp. in Delaware Dec. 10, 1934.
It began business Jan. 1, 1935, at which date it acquired the business and
properties of Texas-Louisiana Power Co. in accordance with the plan of
reorganization of the latter company approved Dec. 11, 1934 by the U. 8.
District Court.
Company is engaged primarily in the manufacture and (or)
purchase, distribution and sale of electricity and ice; purchase and (or)
Increase
9.8
12.3
7.7
Compo Shoe Machinery Corp.—Registers with SECSee list given on first page
$949,102
Dr21,359
The annual interest
Cent
1318.
p.
Sales (net)
Cost of sales & exps
due 1964, to be
Per
—
273,507
227,596
6,967
Output—
—Kilowatt-Hour Output1939
1938
.139,179,000
126,762,000
...142,276,000
126,661,000
138,649,000
128,716,000
143,483,000
127,788,000
Week Ended—
Mar.
1936
$561,052
——.$14,391,258
.
$3,016,114
1,463,691
187,397
271,891
204,756
341,694
9,291
24,109
.
Commonwealth Edison Co. group (inter¬
March 4, 1939 was 139,179,000
the corresponding period last
year, an increase of 9.8%.
'
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Calendar Years—
Net operating revenues...
Net from merchandising, &c opers..
Total.........
The electricity output of the
1937
248.776
Maintenance
Prov. for renewals &
499,586
528,618
company sales deducted) for the week ended
kwh. compared with 126,762,000 kwh. in
1,666,597
229,283
292,704
228,605
$3,432,436
1,733,453
17,516
$14,391,258
$554,132
__
Oper.. sell., general, & admin, exp—
1,778,041
-V, 148, p. 1165,
$3,410,222
1938
Total operating revenues
4,619
Reserve for contingencies....
Appropriated for sink, fund..
.
'
105,252
Other current liabilities.....
Unappropriated surplus.
Int. payable M & 8 at office
19(39, due March 1, 1964.
of
$4,436,625
6,659,600
89,903
270,440
1,057
Contribs. for line extensions..
Insurance, Ac. deposits
Prepaid expenses
for
Community Public Service Co.—Bonds Offered—Public
offering by means of a prospectus of $6,600,000 first mortgage
bonds 4% series due 1964 was announced March 9 by Paine,
Webber & Co., Central Republic Co., Chicago; Halsey,
Stuart & Co.," Inc.; Stone & Webster and Blodget, Inc.,
and others.
The bonds were priced at 100% and accrued
Accounts payable—trade....
482,207 Unredeemed ice coupons
303,149 Accrued liabilities
.
......
The Securities and Exchange Commission, March
(177,465 shs.
(no par).....
Funded debt
Consumers' deposits..
receivable—trade
(net)
Inventories....
Common stock
715
$9,635,961
8,723,117
$9,496,488
8,269,550
$9,262,930
$806,776
300,954
$912,844
322,761
$1,226,938
324,608
$1,281,024
369,143
$1,107,730
273,201
29,337
115,000
39,545
33,949
$1,235,605
290,560
$1,551,546
266,675
160,420
xll3,000
28,820
37,050
155,847
140,000
23,974
45,535
$1,650,167
231,326
161,832
100,000
59,275
20,282
$616,697
$605,756
$919,516
$1,077,451
400,000
200,000
700,000
Nil
Nil
7,981,906
Divs.
x
Includes surtaxes.
$0.23
$0.53
Financial
1474
Compctrailoe Consolidated Balance Sheet Dec .31
1938
607,833
Notes
59,203
137,611
Accts.
Interest receivable
393,360
636,860
rec.
~
055,194
144,780
19,377
111,759
11,590
191,268
Taxes
-
226,936
10,000
Mortgage payable,
sec'd by
real est, rntge_
1,719,843
Deferred income.-
4,521,352
Note
544,971
1,000,000
_
Preferred
stock
d Common
stock
c
115,761
127,800
902,100
Insurance
Mlscell. securities,
912,775
Property & plant 4,054,362
Prints & negatives
233,436
64,176
1
Deferred charges..
Goodwill, &e
524,973
101,78
companies.—V. 147, p. 3307.
Cuba Co. (&
1
11,458,532 13,900,590
Total
of $123,601 in 1938 and $362,582 in 1937.
of $1,143,041 in i938 and $2,Represented by 400,000 no par shares,
d Represented
After deducting reserves
a
Subs.)—Earnings—
Exps.,
Operating
$6,091,640
from
$6,321,889
$6,746,256
$6,709,786
34,499
Operating income
Income
5,908,181
$437,711
$960,170
$874,353
116,039
69,058
$6,437,928
RysEarnings—
$6,809,957
1.804,005
1938—6 Mos.—1937
$909,651
$1,005,175
1,222,935
1,303,224
1938—3 Mos .—1937
$348,441
$528,868
revenue
Int., taxes, deprec., &c_
100,171
$6,815,314
1,773,505
Cuba Northern
Period Ended Dec. 31—
Gross
671,203
609,907
non-oper,
properties
$298,049
$313,284
$142,335
$261,466
Net loss
-V. 147, P. 3454.
Gross corp. Income— $6,126,139
Interest on funded debt.
1,737,416
of debt disc't
Amort,
5,663,016
$705,367
pref. divs.& min.int.
1320.
.$18,6»0,810 $19,636,753 $18,593,769 $17,695,556
12,589,170
13,314,864
11,847,513
10,985,770
re venues
Operating expenses
2,947,909
Net loss before subsid.
1935
1936
1937
„
_
„
2,815,259
—V. 148, p.
Power Co.—Earnings—
1938
$5,033,828
$4,702,846
taxes,
depreciation, &c
748,861 in 1937.
c
by shares of $1 par value.—V. 148, p. 1024.
Calendar Years—
interest,
1938—6 Mos.—1937
1938-3 Mos.—1937
$2,109,892
$2,510,198
Gross revenues
b After deducting reserve for depreciation
Connecticut Light &
proposed
a
plan of reorganization whose object is to separate the company's present
foreign holdings and its domestic (U. S. A.) business and properties into
two separate
233,828
consider
Stockholders at a special meeting on March 30 will
524,97
4,478,18
Period End. Dec. 31—
Total
24, 1937.
May Reorganize—
6,000,000
101,781
3 584,199
.
Capital surplus...
13,900,590
b
30 cents per share on the
The last pre¬
stock, payable May 1 to holders of record April 17.
the 10-eent dividend distributed on Dec.
vious payment was
324,472
11,458,532
6 000,000
.
Earned surplus
5,410,092
Coty, Inc.—To Pay 30-Cent Dividend—
Directors on March 8 declared a dividend of
common
19,519
Min, Int. In sub co,
1,000,000
Cash value ot life
Directors have declared a quarterly dividend of 75 cents per share on the
$3 prior preference stock, payable April 1.
Since this stock was issued in
1936 dividends have been paid In common stock, as permitted, during
1937 and 1938 In accordance with provisions of the issue.—V. 147, p. 3453.
vouchers
Accruals
recelv. and trade
accept'sreceiv.. 4,255,180
Inventories
&
f
387.991
payable
payable
Notes and accta.
1937
f
Liabilities—
368,908
Cash
a
$
1939
Cooper-Bessemer Corp.—To Pay Pref. Div. m Cash—
1938
1937
$
Assets—
Mai. 11,
Chronicle
1,754,059
Cuba
RR.—Earnings—
124,323
123,448
less prem. on dt.
Rentals & other chgs. on
exps.,
118,047
111,104
345,460
65,896
345,557
40,345
348,939
50,293
342,084
43,845
$3,853,919
$4,173,644
$4,531,473
taxes and
Net loss after
$85,704
$351,015
$26,471
$313,430
charges..._
—V. 147, p. 3454.
$4,501,976
231,381
leased prop.—
Other deductions.
1938—6 Mos.—1937
1938—3 Mos.—1937
Period Ended Dec. 31—
&
Cuban-American Manganese Corp.—Earnings—
Net inc. of
merged..
cos.
Consolidated Income Account Calendar Years
1938
Grosssales
$3,853,919
Cash
on
$4,531,473
$4,270,595
374,242
divs.
$4,173,644
374,242
796.742
788,875
Conn.
Lt. & Power Co. pref.
stocks
other corp. purposes,
transferred to surpl. '$3,479,677
Common di vidends
Earns,
sh.
per
$3,799,402
3,444,378
$3,734,731
3,443,780
$3,481,720
$3.30
3,444,378
com.
on
$3.25
$3.03
3,134,145
'
stock
$3.03
Balance Sheet Dec. 31
1038
•'
$
$
1 ,887,587
98,903,770
1,884,478
Mlscell. invests.
93,437
90,446
927,830
1,207,565
3 ,427,775
from
to
8,737
1,069,042
or
•
._
55,638
88,034
Consumers' deps.
rec..
890
444
syppl's
1,467,629
Res, for retire's.
2,845,208
3,088.317
1.425,169
375,997
1,149,832
5,462,167
147,500
498,158
Other reserves..
.<
Prepd. and def'd
853,749
756,688
715,424
92,272
accounts
1,531,802
99,892
Work in progress
Unadjusted dts.
Employ, welfare
349,718
116,257,703
Represented
4051.
x
548,009
575,363
349,718
by
3,119,910
3,280,487
114,120,2961
no
.110,257,703 114,120,296
Total
par
shares at stated value.—V.
147'
'
Consolidated Edison
Co.
of New
York, Inc.—Weehy
announces
production of the elec¬
tric plants of its system for the week ended March 5, amounting to 142,-
200,000 kilowatt hours, compared with 132,500,000 kilowatt hours for the
corresponding week of 1938, an increase of 7.3%.—V. 148, p. 1319.
(Consolidated
Oklahoma Sand & Gravel Co., Ltd.—
Accumulated Dividend—
have
on
declared
the 7%
a
dividend
cumul.
conv.
holders of record March 20.—V. 146, p.
of
$1.75 per share on account of
pref. stock, payaole March 30 to
1236.
1938—3 Mos.—1937
Net loss of company only
after expenses, &c
Subs.)—-Earnings
$2,941
$3,000
$5,648
169.802
667.284
389,544
p.
1939—Month—1938
$632,595
Baking
Corp.,
proposal
$658,809
$1,269,152
$1,273,294
for Merged Cos.—
Bonds Called—
•
■
Company has arranged to call, as of Sept. 1, 1939, all of its first lien and
refunding mortgage 714% gold bonds series A, due 1941, which are presently
outstanding in the principal amount of $3,532,900.
Funds for the payment
of the principal of the bonds with a premium of 5% and interest to Sept. 1,
1939, have already been deposited with the National City Bank of New
£
York
as
The
trustee for the issue.
company has also announced
that bondholders may receive payment
of the principal and premium of 5% at any
interest to the date of the delivery of the
time prior to Sept. 1, 1939, with
bonds (with Sept. 1, 1929, and
subsequent coupons attached) to the National City Bank of New York,
New York City, as paying agent.—Y. 146, p. 3951.
Culver City Properties
Co.—Liquidating Dividend—
Directors at
a special meeting held Feb. 23 declared a liquidating dividend
share payable March 3 to holders of record Feb. 24.
An initial
liquidating dividend of $5 was paid on June 24, 1938.—V. 146, p. 3951.
Jan. 31—
Operating revenues
Oper. exps., incl. taxes.
Property retirement re¬
serve appropriations.
reserve
Co.—Earnings—
1939—Month—1938
1939—12 Mos .—1938—
$6,468,491
$6,711,013
3,311,488
3.652.261
$536,105
304,503
$539,655
293,327
9,939
29,280
425,053
632,822
$221,663
$217,048
$2,633,699
$2,518,730
60
418
595
$221,663
46,667
42,317
$217,108
$2,634,117
$132,679
appro¬
Net oper. revenues
Other income
Gross income
Interest
i
on mtge. bonds
xOther interest & deduc.
below.
to
merge
at their annual meeting on
with
company's
wholly-owned
March 7,
subsidiary,
Continental Baking Co., the consolidation being under the name of Con¬
tinental Baking Co.
Stockholders also authorized exchange of the preferred and class A and
class B common stocks of the corporation for the new respective shares of
the consolidated company on the basis of share for share.
Existing rights
of preferred
stockholders to accrued and unpaid dividends, amounting
Jan. 1, 1939, to $8.50 per share will be preserved.—Y. 148, p. 1025.
as
of
Crown Drug Co.—Sales—
Sales
subsidiary of the International Telephone
5,451
46,667
560,000
37.762
473,481
$2,519,325
6/2,333
254,071
$132,679
$1,600,636
$1,592,921
Baking Corp.—Merger Voted—
Stockholders of this corporation
approved
Telephone Co.—To Recapitalize—
1939—2 Mos.—1938
Continental Baking Co.—New Name
Continental
2,450,000
283,104
$5,194,041 $4,460,364
Total..'
priation
—V. 148, p. 877.
Continental
305,163
Telegraph Corp., will vote on March 21 on a capital readjustment
plan, the main purpose of which is to eliminate dividend arrears on the
preferred stock and a reduction in the future preferred dividend rate.
The plan proposes that, effective Jan. 1, 1939, dividends of the com¬
pany's preferred be changed to 6% annually instead of the prevailing 7%:
that the capital of the company be reduced by $360,000 (to be effected by
retiring 3,600 shares of common stock to be contributed by I. T. & T.), and
meeting preferred arrears of $42 a share by giving present holders $6 in cash
plus $36 in par value of common stock of the company.
*
_
Period End. Feb. 28—
See
Cuban
Accident
Consolidated Retail Stores Co.—Sales—
Sales
703,814
Deficit
.$5,194,041 $*,460,364
Period End.
$1,404
574,272
&c_
3452.
500,000
704,034
2,450,000
on the 8% cum, conv. pref. stock accrued and unpaid
1938, amounted to $234,309 on the class A stock and $108,333
the class B stock.—V. 146, p. 1872.
Dallas Power & Light
1938—6 Mos.—l 937
Combined net loss after
14/,
-
of $5 per
Consolidated Railroads of Cuba (&
Period End. Dec. 31—
$2)
and
365,141
1,148,126
696,186
500,000
(par
Capital surplus...
to
Total
stock
to Dec. 31,
365,141
Earned surplus.
Consolidated Edison Co. of New York
expenses,
880
on
Employ, welfare
res.
(contra).
Output—
—Y.
13,584
charge'le
future oper.
120,028
Directors have declared a dividend of 15 cents per share on the common
stock, payable April 15 to holders of record April 3.
This compares with
12^ cents paid on Oct. 15 and April L, 1938, and on Dec. 24, 1937, this
latter being the initial dividend on the issue.—V. 147, p. 1771.
Directors
8,319
Items
695,966
.....
Class B
Com.
Note—Dividends
__wi.
Consolidated Coppermines Corp.—15-Cent Com. Div.—
accumulations
Adv. to Cuba RR.
59,602
150,000
Free-
8% cum. conv. pf.
stock, par $2:
Class A
developments 3,100.605
Shareholders of this company, a
(contra).
Total
»
3,404,317
11,397
19,344
Contribs, for ex¬
tensions
556,288
leaseholds,
equipm't
11,073
15,063
pay.,
port Sulphur Co.
Prepaid insurance.
&
43,743
975,000
stock taxes
1,951,941
market
plant,
$183,866
Prov. for Fed, cap.
Loans
at
5,234,730
UnadJ. credits..
,024,283
385
supplies
Land,
2,630,000
884,281
791,868
pay..
22,260
the lower of cost
divs.
unpd.
Accrued accta..
empls,
dlsct. & exp.
P.
872,381
and
1937
$130,461
Accounts payable.
Inv. of manganese
45,297,500
Duetoaffll.cos.
TJnamortiz. debt
fund
50,116,000
1937
$88,957
379,176
•
.
1938
Liabilities—
1938
$86,261
Acct's receivable..
bond
and
Accounts
65,340
$22,059prof$302,501
Assets—
6,804,400
46,217,240
Notes payable..
3,650,138
17,257
and officers
Accrd.lnt.
Mat'ls &
Int.
decl. &
sub.
companies
Loans
Matured
19,668
Bees.
Notes&accts.rec.
Due
6,804,400
stock
956,947
19,836
,410,903
special depos.
Marketable
61,100
Net loss
Cash.
Common stock 46,217,240
Funded debt
Sink, funds and
Cash
30,000
;
Note—Provision for depreciation and depletion, charged to cost of
production and other expenses, and based on rates per unit of production,
amounted to $358,808 in 1938 and $328,297 in 1937. '
$
5H% cum. pref.
x
capital stock taxes
1937
$
Liabilities—
Inv, in sub.cos-
Prop.,pl't & inv.100 ,529,836
346,490
$2,275,845
1,846,904
Consolidated Balance Sheet Dec. 31
1938
1937
Assets—
121,081
Net sales._r
Cost of goods sold
eral
$2,622,335
$684,074
634,039
42,095
Freight and handling
for com. stk. divs. &
1937
$805,155
...
Administrative, selling and general expenses
Provision for Federal and Cuban income and Fed¬
avail,
Bal. of net Inc.
*
for
February, 1939 were $599,710 as compared to $634,488 for
February, 1938, a decrease of $35,778 or 5.5%.
However, these figures
cover 79 stores in operation in February, 1939 as compared to 90 in Febru¬
ary, 1938.
Sales for February, 1938 for the same number of stores were
$590,268.
Therefore, February, 1939 sales showed an increase of $9,443
or 1.6%.
Company recently opened a new store In Salina, Kansas.
This gives it
a total of 80 stores in operation as of March 3, 1939.—V. 148, p. 878.
Net income
Dividends applicable to preferred stocks for the
507,386.
Balance
x
Includes amount required to
507,386
$1,093,250
period, whether paid or unpaid
$1,085,535
amortize debt discount and expense over
additional amortization of $37,000
and $406,500 and $194,500
this statement.—V. 148, p
the life of the outstanding debt plus an
and $32,500 for the respective one month periods
for the respective 12 month periods covered by
1320.
Davenport Hosiery Mills, Inc.—To Pay 25-Cent Div.—
The directors have declared
a
dividend of 25 cents per share on the com¬
stock, no par value, payable April 1
This compares with 75 cents paid on Dec.
to holders of record March 22.
27 last; 25 cents paid on Oct. 1,
July 1 ana April 1, 1938; 50 cents paid on Dec. 21, 1937, and dividends of
25 cents per share paid each three months from April 1,1935, to and includ¬
ing Oct. 1, 1937.
In addition a dividend of 25 cents was paid on Dec. 21,
1936—V. 147, p. 3909.
mon
Volume
Financial
148
Dallas Ry. &
Consolidated Balance Sheet Dec. 31
Terminal Co.—Earnings—
Period End. Jan. 31—
1939—Month—1938
$253,839
$243,028
196,441
201.279
Operating revenues
Oper. exps., incl. taxes.
Property retirement re¬
serve appropriations,
16,189
_
Net oper. revenues
$3,061,158
2,316,494
$2,989,095
254,557
151,077
1,340
2,271.610
$41,209
15,505
,
Operating income
$40,409
15,505
$490,107
186,063
$566,408
186.063
$24,904
$304,044
$380,345
1,625
2,166
22,181
16.479
$27,329
$27,070
$396,824
23,515
23,814
2,529
1,993
$326,225
282,615
25,989
...
1937
1938
1939—12 Mos.—1938
$25,704
Rent for lease of plant,
Other income
1475
Chronicle
Assets—
a
Pat.
rights,
Liabilities—
$
$
Preferred stock.-.16,000,000 15,000.000
c Common stock..
11,337,500 11,337,500
$
2,251.728
good¬
Accounts payable.
will, &c
Cash
2,064,461
2,154,136
3,914,742
3,475,583
Notes receivable.
98,916
1,376,219
Inventories
9,883,638
7,788,468
b Standing timber 2,685,389
2,273,608
Marketable secure. 9,614,942 12.118,185
Investments
3,205,839
3,205,839
Deferred charges..
532,760
552,786
Accts. receivable.
1937
1938
$
2,043,694
Plants & maeb'y
769,088
Pref. divs. payable
450,000
Reserves..
.
41,132
670,369
450,000
3,720,356
3,977,196
66,829
Accrued taxes....
.
3,658,527
2,762,438
...
Surplus....
*
Gross income
Interest
on mtge. bonds
deductions
Other
i
Net income
286,192
$17,621
$85,519
period, whether paid or unpaid
103,901
103,901
Balance,
x
$86,280
$18,382
$1,285
$1,263
Total
25,113
Dividends applicable to preferred stock for the
x
deficit-
—
34,044,382 35,196,5531
.—
34,044,382 35,196,553
Total.....
a After
depreciation of $4,291,869 in 1938
b After depletion,
c Represented
by 700,000
$4,244,543
par shares.
and
no
in
1937.
New Director—
H. G. Lucas, Secretary of the company will be nominated as a director
for election at the annual meeting on April 27 to succeed the late B. Chandler
Snead.—-V. 148, p. 730.
Dividends accumulated
and unpaid to Jan. 31, 1939, amounted to
Latest diviend amounting to $1.75 a share on 7% preferred
$545,480.
stock
was
—V.
148,
paid on Nov. 1, 1933.
p. 1321.
Dividends
on
Detroit Paper Products
this stock are cumulative.
Corp.—New Directors—
Stockholders at their recent annual meeting
elected, Walter G. Hadley
of Kalamazoo, L. G. Fell of Battle Creek and L. E. Thomas of Detroit
directors to replace Seymour Franklin, Samuel Goldman and Paul Plunkett.
Davega Stores Corp.—Resume$ Common Dividends—
Mr.
Fell
was
elected Vice-President of the company at directors' meeting
on March 8 declared a dividend of 15 cents per share on the
stock, par $5, payable March 25 to holders of record March 18.
This will be the first dividend paid on the common shares since Jan. 3,
following.T—V. 147, p. 2243.
1938 when 37M cents per share was distributed.
See V. 146, Pdetailed record of previous dividend payments.—V. 147, p. 3157.
Bullion production in February totaled $598,308, against $601,430 in
January and $601,372 in February, 1938.
For two months bullion production amounted to $1,199,738, aganst
$1,206,196 in same period last year.—V. 148, p. 878.
Directors
common
Dayton Rubber Mfg. Co.—Preferred Dividend—
3801 for
.
Dome Mines, Ltd.—Bullion Production—
Directors have declared
on
on
a regular semi-annual dividend of $1 per share
the $2 preferred class A stock payable May 1 to holders of record April 15.
Directors also announced, that in the future they intend to make divs.
Dominion
on
preferred stock payable quarterly instead of semi-annually as theretofore.
—V. 148, p. 729.
a
dividend of 10 cents
epr
Directors have declared
Stock
share on the common
par $1, payable April 1 to holders of record March 15.
This com¬
with, 20 cents paid on Jan. 1 last; 10 cents paid on April 1. 1938, and
previously regular quarterly dividends of 20 cents per share ware distributed.
—V. 147, p. 3760.
stock,
pares
Deposited Insurance Shares—Stock Dividend—
Dominion
P.
semi-annual stock dividend of 2H% on
Duquesne Light Co.—Earnings—
Pursuant
the Union
the provisions
to
Co.—Exchange of Securities—
Operating revenues
Operating expenses, maintenance and taxes
of the final decree entered Feb. 6, 1939,
will continue to hold
xNet operating revenue
Guardian Trust Co. of Detroit, as agent,
bonds and certificates of stock of Detroit & Canada Tunnel Corp.,
Detroit & Canada Tunnel Co. in reorganization proceedings,
for distribution to old security holders of Detroit & Caanda Tunnel Co.
who are entitled to receive the same under the temrs of the plan of, reor¬
successor
1937
yl938
.$29,423,286 $30,894,562
15,006,454
15,094,869
Years Ended Dec. 31—
Detroit & Canada Tunnel
1939—8 Weeks—1938
2.898,347
$2,864,321
1939—4 Weeks—1938
$1,531,878
$1,459,841
—V. 148, p. 878. <•
1923.
new
outstanding payable April 1 to holders
Stores, Ltd.—Sales—
Sales..
the
series A and series B stocks, payable May 1 to holders of record March 15.
Similar payments were made in preceding six months periods.—V. 147,
a
now
recently split-up on a two-for-one basis.
■
Dividends of 40 cents were paid on the smaller amount of stock prefiously
outstanding on Oct. 1 and on July 2, last, and previously regular quarterly
dividends of 25 cents per share were distributed.—V. 148, p. 878.
was
Period End. Feb. 25—
The directors have declared
Ltd.—Initial Dividend
Steel,
initial dividend of 25 cents per share on the
an
stock
common
of record March 20.
Dejay Stores, Inc.—Smaller Dividend—
&
'
,
larger amount of
•
Directors have declared
Foundries
New Stock—
Other income
$14,416,832 $15,799,693
407,925
327,581
(net)
to
ganization until Feb. 7, 1944, as of the close of business on that date, at
whicn time the Union Guardian Trust Co., as such agent, is required by
the terms of the final decree to cancel and return to Detroit & Canada
Tunnel
Corp. all undistributed new bonds and stock certificates then
held by it, and to pay into the treasury of the Tunnel corporation any
interest and dividends which may have accrued upon such undistributed
bonds and stock.
The final decree requires the holders of the old outstand¬
ing bonds and debentures of Detroit & Canada Tunnel Co. to surrender
their old securities to Union Guardian Trust Co. on or before Feb. 7, 1944,
in order to participate in the distribution of the securities under the plan
of reorganization.
After that date, all rights of such security holders to
participate in the distribution of the new securities under the plan of reor¬
ganization are terminated by the provisions of the final decree.
See also Detroit & Canada Tunnel Corp.—V. 144, p. 4003.
Detroit & Canada Tunnel
Corp.—Properly Reassessed—
The annual report for the year ended Oct. 31,
1938
(V. 148, p. 127)
called attention to negotiations then pending affecting the tax liability of
the Tunnel property located in the United States.
On Jan. 9, 1939, the
State Tax Commission with the approval of the Board of Assessors of the
City of Detroit reassessed the Tunnel property for the years 1932 to 1937
inclusive in accordance with a method of determining assessed valuation
that had been previously agreed upon by the local Board of Assessors and
the Tunnel corporation in connection with the assessment for the year 1938.
The tax liability resulting from the reassessments for the years 1932
to 1937 inclusive, which were adopted by the Court as a basis for settlement,
together with tne liability resulting from the 1938 assessment as finally
determined by the State Tax Commission, amounted to $247,847, of which
$50,000 had been previously paid on account, leaving a balance due of
$197,847.
"
The amount of $189,601 of this balance due extinguished the liability of
$640,677 shown as accrued for property taxes on the consolidated balance
sheet of Oct. 31. 1938.
The remaining $8,246 disposed of the liability
for 1938 State and county taxes which were accrued Dec. 1, 1938, in the
amount of $10,026.
The original assessments for the years 1932 to 1937 inclusive, which
were the subject of prolonged litigation, and the assessment for the year
1938, which was protested by the corporation and reviewed at length by
the Board of Assessors and the State Tax Commission, would have created
tax liability of $700,703.
The final termination of the litigation and
negotiations has therefore resulted in a saving of $452,856.
The saving of $452,856 attained in the settlement is applicable as follows;
$329,444 as a credit to the common stock value, representing savings
a
applicable to the period prior to reorganization; $115,339 as a credit to
earned surplus, and the balance $8,073 as a credit to current expenses
subsequent to Oct. 31, 1938.
The final determination of the tax liability was approved by the Court
and the taxes paid under Court order.
The payment of these taxes disposed
of all known liabilities of the Detroit & Canada Tunnel Co., its receiver
Final decrees
were
entered in the Federal Court at Detroit on Feb. 6,
1939, in the receivership and reorganization proceedings discharging the
receiver and trustee and canceling his bonds.
See also Detroit & Canada Tunnel Co.—V. 148, p. 127.
Diamond Match
Earns, from all
sources.
-
Federal taxes, &c._—_
Deprec. & amortization.
Flood losses
Net income
Preferred
dividends
Common dividends
Deficit.
Previous surplus
.
Misc. surplus adjustm't.
Total surplus
Approp. for gen. reserve
Sim dry tax adjustments
Acer. pref. divs. payable
$3,393,269
1,055,786
b247,864
1937
$3,393,575
15,763
881,624
257,631
142,361
$2,073,862
$2,111,959
750.000
750,000
a2,100,000
a2,625,000
1936
1935
$3,004,380
665.811
282,537
$3,327,002
766,479
284,219
$2,056,031
600,000
1,225,000
$2,276,304
1,365,000
$3,225,285
$4,427,196
$5,763,828
$6,535,915
500,000
450,000
450,000
700,000
$1.67
180.100
179,680
2,450,000
315,941
2,450,000
315,946
Crl46,937
CV17.411
properties
funded debt
on
Amortization of debt discount and expense
"
Other interest (net)
Appropriation for special reserve
500,000
130,399
Other income deductions
Net income
Earned surplus, beginning of period--
132,444
$9,041,391 $10,095,050
13,687,859
14.107,773
——
...
-
.$22,729,250 $24,202,823
1,375,000
1,375,000
7,211,974
8,611,312
Pennsylvania corporate net income tax paid in
480,708
1937, applicable to prior period
47,944
Miscellaneous (net) charges--15,060
Total
-
.
5% cum. 1st pref. stock dividends
Common stock dividends
Earned surplus, end of
x
Before
$14,127,217 $13,687,859
period-----
appropriation for retirement reserve,
1,322.
Preliminary, subject
y
to audit.—V. 148, p.
Eastern Air Lines,
Inc.—Stock Purchase Plan—
Stockholders at their annual meeting on March 28 will consider and act
proposal to approve and make effective a supplemental Eastern
Air Lines employees' stock purchase plan (adopted by the board of direc¬
tors at a meeting held on Jan. 21, 1939) for not in excess of 25,000 shares.
—V. 148, p. 580.
upon
a
Eastern Rolling Mill
Co.—Earnings—
Years Ended Dec. 31—
1938
$2,181,543
2,412,656
.
Net sales
z
y
Cost of
goods sold
Operating loss
Income charges
55,933
u——u»——
—'
incl. int.,
credits,
4,775.788
73,767
$287,045prof$211,088
cash discount earned,
9,262
and miscellaneous income, &c
Net loss
x
1937
$5,060,643
$231,112prof$284,856
— —
—
loss...—
Gross
Income
-
21,076
$277,783prof$232,164
98.088
89,830
20,667
-
Provision for depreciation..
Provision for Federal and State income taxes.
$375,871.
Net loss
$121,667
Including $20,135 on non-operating equipment (exclusive of wear and
and galvanizing kettles, which is included
in cost of goods sold in accordance with the company s usual practice),
y Including Interest on mortgage and adjustment of inventory and material
purchased under contract to market value, &c.
z Including selling, admin¬
istrative and general expenses.
x
tear on rolls, annealing equipment
1938
Plant
LiaMlities—
1937
property—$1,322,244 $1,408,095
Cash...
132,017
-
51,975
Investments
128,126
55,440
23,834
contract.
$5,313,828
$5,585,915
Deferred charges.
.
x
80,009
surplus._.def315,439
60,432
29,915
500,000
Mtge. payable
326,624
505,092
Other
771,010
Earned
11,133
$2,466,915 $2,902,728
Total
1937
728,293
538,922
18,611
41,495
380,000
84,974
obligations
Accrued accounts-
7,323
—
728,293
394,136
Accounts payable-
626,732
receivable-----Inventories
1938
-
Common stock.-$l,050,000 $1,050,000
Capital surplus.-Purch.
Equipment purch.
under
x
reserves—..
$2,466,915 $2,902,728
Total
Represented by 210,000 shares par $5.—V. 147, p. 2864.
Eastern
Steamship Lines, Inc. (& Subs.)—Earnings—
1939
Month of January—
—
$517,264
614,980
$97,716
899
55,263
57,845
$94,284
a
Operating loss
Other income
—•-
Other expense
Deficit
The
above
1938
$586,282
626,202
$39,920
Operating revenue
Operating expense
$154,727
450,000
$3,977,196
700,000
700,000
700,000
$1.73
$1.65
$1.96
a $1,750,000 ($1,400,000 in 1937) of dividend paid in stock of Pan-Ameri¬
can Match Corp.
b Depreciation only,
c Consists of $540,362 transfer
irom reserve for marketable securities and $8,865 miscellaneous adjustments.
ing (no par)..
Earnings per share
Rents for lease of electric
Interest
—
...—$11,970,895 $13,655,709
;
Notes and accounts
570,000
$738,041 sur$231,031 sur$341,304
5,313,828
5,585,915
5,913,027
Drl48,592
Dr53,118
281,584
Surplus, Dec. 31----- $2,762,438
Shs. com. stk. outstand¬
income
Condensed Balance Sheet Dec. 31
$1,301,138
3,977,196
c549,227
12,846
450,000
Gross
Assets—
Co.—Earnings—
1938
Calendar Years—
—$14,824,757 $16,127,274
2,853,863
2,471,565
x Net operating revenue and other income
Appropriation for retirement reserve
statement
covers
•
834
__
operations after depreciation, interest,
Federal income tax, capital stock tax,
rentals and local taxes, but before
capital gains or losses and other non-operating adjustments.
Financial
1476
To
Consolidated Income Account for Calendar Years
dividend of 50 cents per share on account of
a
payable April 3 to
Dec. 23 last, ana a
regular quarterly dividend of 50 cents per share was last paid on Jan. 3,
accruals on the $2 no par convertible preferred stock,
holders of record Mar, 24.
Like amount was paid on
Net sales
1938.—V.
Operating profit. __
Deprec. on bldgs &eq__
148,
880.
p.
effective immediately, has been announced by
much as 20% in some of the
more efficient
Facilities for precision manufacture and
Cheaper
cameras are included in the reduction.
The company expects to open its new $900,000 camera works division
some time this fall, making it the largest camera factory in the world.—
*
1935
1936
$20,957,452 $30,596,349 $26,827,891 $18,221,228
2,070,791
433,856
3,281,713
3,378,195
628,030
See note
844,897
793,897
273,434
220,767
232,039
288,424
230,011
81,500
x602,250
x6l2,000
profit of Municipal
Net
iTl
CM66.216
CV143.527
0152,964
Miscellaneous income—
CV260.733
Cr402,377
0416,103
0133,058
0393,405
$558,539
$2,148,431
$2,252,941
$1,465,779
62,474
149,631
84,334
1,178,540
381,673
631,608
229,792
Acceptance Corp
production have
enabled the company to lower its prices, the announcement said.
One of
the better types of Kodaks has been reduced to $22, lowest in the company's
history.
..
Federal taxes
this company.
Reductions amounted to as
newer and most popular models.
1937
1938
Interest
Eastman Kodak Co.—Reduces Camera Prices-—
A drop in camera prices,
1939
11
Fairbanks, Morse & Co. (& Subs.)—Earnings-
Pay 50-Cent Preferred Dividend—
Directors have declared
Mar.
Chronicle
Net profit..
dividends
Preferred
Common dividends—__
x
Incl. $179,210 in 1937 and $204,236 in
1936 for surtax on undistributed
income.
Note—Provision for depreciation amounted to $642,950.
V. 148, p. 277.
Consolidated Balance Sheet Dec. 31
Ebasco
For
Services, Inc.—Weehy Input—
week
the
ended
2,
March
1939,
[Excluding Municipal Acceptance Corp.]
the kilowatt-hour system input
the operating companies which are subsidiaries of American Power
Light Co., Electric Power & iLght Corp., and National Power & Light
Co., as compared with the corresponding week during 1938, was as follows:
1938
Increase
1938
Operating Subisidaries of—
1939
Light Co—106,656,000
Electric Power & Light Corp.. 51,371,000
National Power & Light Co... 90,509,000
98,092,000
47,179,000
74,217,000
American Power &
c
8.7
8.9
22.0
ment, &c
3,266,016
1,976,253
5,015,386
—.
receivable
7,091,509
Munlc.
Accept.
1939—Month—1938
$1,444,322
$1,384,732
9,606,513
Sales
148, p. 880.
Edmonton City Dairy,
to
pref. stock, par $100, payable April 1
A similar payment was made in each of the
prior thereto regular quarterly dividends of
cum.
holders of record March 15.
preceding quarters and
$1.62>3 per share were distributed.—V.
nine
82,737
470,612
387,091
1,711,262
•
123,506
158,771
208,862
256,705
manufacturing,
oper. expenses, &c„.
Prov. for contingencies.
Special distrib. to empl's
Prov. for inc. taxes (est.)
Balance
23,857,089
204,310
221,818
279,989
7,734,916
goodwill,
73,086
Ac
—
30.266,078
32,809.634|
Total.........30,266,078 32.809,634
Represented by 599,596 no par shares in 1938 and 598,526 In 1937.
by shares of $100 par.
c After reserve for depreciation of
$11,433,946 in 1938 and $11,118,828 in 1937. d After reserves of $521,587
in 1938 and $499,850 in 1937.—V. 147, p. 2244.
a
23.307,971
355,116
73,897
*428,706
346,427
$62,625
886,207
....
-
25,510,379
132,714
$1,191,718
918,366
$1,641,464
953,847
$1,194,352
1,053,404
$948,832
1,815,440
$2,110,084
*' $866,608
12,073,331
Net income
$159,197
12,629,901
193,271
—
Dividends..
Balance, deficit
Previous surplus.
'
2,269,281
b Represented
Refund of excise taxes..
$2,247,756
x3.176,953
sur$99,115
12,714,414
$929,197
11,695,798
1,265,816
65,675
195,127
$11,206,723 $12,663,974 $13,008,656 $12,098,092
143,009
167,144
118,721
128,755
Total surplus
Other adjustments
Pension fund
Prov.
for
25,000
.
on
Profit & loss surplus..$11,038,713
75,000,
250,000
exhaust the
907,810
$1.04
$2.32
Earned per share
907,810
$2.86
Firestone Cotton Mills—Removed
z
In¬
Note—Depreciation in the amount of $761,383, $814,632 and $872,075
has been provided during the years 1938, 1937 and 1936 respectively.
Consolidated Balance Sheet Dec. 31
1938
$
$
—V. 148,
Cash....
Bills & accts. reo..
U.S. obligations..
secur.
p.278.
Fitchburg Gas & Electric Light Co.—Earnings—
1938
1937
1936
$1,316,804
1,031,227
$1,341,719
1,047,545
$1,276,332
975,159
$1,199,848
890,548
$285,577
31,254
$294,174
44,718
$301,173
26,926
$309,300
19,684
$338,892
$328,099
622
478
591
$316,221
325,653
$338,270
325,853
$327,621
325,853
$328,393
325,853
def$89,631
$12,417
$1,768
$2,540
.
Total oper. expenses
Income from oper
9,225,369
2
2,367,190
4,630,966
1,689,183
711,651
9,198,569
•*'
31,400
Commpn stock..23,484,692 23,484,692
.941,343
702,886
2
Accounts payable.
2,944,141
4,294,927
1,688,984
Accrued accounts.
663,860
Other
620,943
48,195
205,845
612,123
874,000
893,424*
curr. 1 lablls
.
576,329
Acer. Fed. Income
tax
339,976
(est.)
—
Ind., ry.& utU.bds.10,189,813
9,912.039
Reserves..
144,178
6,789,319
156,010
8,108,610
Surplus..........11,038,713 12,073,331
165,231
investments 1,298,083
Balance, surpius
-
Balance Sheet Dec. 31, 1938
Other curr. assets.
Inventories
.
Other
Deferred
..
accounts
Insur. fund secure.
Total
Total....
.37,598,918 38,684,258
After allowance for depreciation of $17,792,588 in 1938 and $17,099,715
In 1937.
y Common stock outstanding, 906,554 shares no par value, after
x
Net profit on sales
"
1938
Calendar Years—
1937
$371,348
:.
316,724
$355,384
289,718
'
1936
$325,272
284,329
—.
Net income
(N. H.) & Hampden Electric Co.—Earnings—
Total oper. expenses
$9,032,638 $12,640,067
6,555,750
9,005,669
760,900
767,687
Other income and deductions, net
Empire Oil & Gas Corp.—Registers with SEC—
See list given on first page of this department.
".
Net sales.
.
1935
$321,714
277,247
--
Income from oper
.
revenues „
_
$65,666
$40,943
$44,466
328
453
199
8,400
$65,994
21,952
$41,396
7,821
$44,665
7,822
$46,240
42,250
$44,042
39,000
$33,574
39,000
$36,843
32,500
$54,624
_
.
16
$54,640
.
*
.
-
,
$1,677,630
•
—.
—
$2,866,711
Cr30,979
Dr38.358
stock taxes.
Proportion of net income or loss of Cuban-American Manganese Corp. and subsidiary..
...
Federal & State inc. & Federal capital
165,000
$2,897,690
185,000
270,000
v
Dividends
Shares common stock, par $10
Dr6,570
Cr261,052
$1,506,059
1,601,986
Net income
ISTon-oper.
$1,715,988
....
—
Prospecting
1937
$10,050,355 $13,954,236
1,017,717
1,314,169
;mm2-—
Cost of goods sold
Administrative, selling and general expenses.
deducting 4,000 shsares held in treasury at $100,000.—V. 146, p. 3185.
Operating revenues
1938
•
Freight and handling
.37,598,918 38,684.258'
Exeter
Comparative Consolidated Income Account Calendar Years
'
Grosssalos
48,514
48,514
r
Freeport Sulphur Co.—Earnings—
Notes & accts. rec.
(non-current)
$328,984
.
$4,929,654; miscellaneous physical prop¬
erty, $20,068; cash, $129,864; accounts receivable, $391,428; materials
and supplies, $185,212; prepaid accounts, $10,394; unadjusted debits,
$5,553; total, $5,672,175.
Liabilities— Capital stock ($25 par), $2,962,300; premium on capital
stock, $981,700; accounts payable, $70,933; consumers' deposits, $10,301;
accrued liabilities, $62,271; unadjusted credits, $841; reserves, $998,162;
contributions for extensions, $4,549; surpius, $581,117; total, $5,672,175.
—V. 147, p. 571.
1,297^933
547,361
609
1935,
Assets—Plant and equipment,
147,192
439,417
$316,831
..
Net income.-...Dividends
•
$
31,400
$
Preferred stock...
y
'•
Total income
Inc. deduct, (int., &c.)_
1937
1938
Liabilities—
Real estate, plant
and equipment.
•
1937
from Unlisted Trading
The company's 20-year 5% sinking fund gold bonds, due March 1, 1948,
oeen removed from unlisted trading on the New York Curb Exchange.
907,810
$2.47
special dividend paid during year 1935 of $907,702.
11 o'clock p. m. April 17 receive bids for
gold bonds due March 1, 1942 to
of $146,404 at lowest prices offered.—V. 148, p. 1322.
sum
have
$12,073,331 $12,629,901 $11,854,371
907,810
cludes $350 undistributed profits tax estimated.
Pats., tr.-mks., &c
Light & Traction Co.—Tenders—
The Irving Trust Co. will until
Non-oper. revenue.....
Shs, combined pref. and
com. stocks outstand.
dividend of 37 lA cents per share on the common
the sale to it of sufficient first lien s. f.
Operating revenues..—
17.500
a
1, 1937.—V. 147, p. 3610.
Calendar Years—
406,000
Assets—
Oct.
Federal
Federal
add'l
Income taxes—i
Gov't
Fanny Farmer Candy Shop*, Inc.—Dividend Increased
Directors haVe declared
stock, payable April 1 to holders of record March 15.
Previously regular
quarterly dividends of 25 cents per share were distributed. In addition, an
extra of 50 cents was paid on Dec. 27 last, and an extra of 25 cents was paid
50,000
Prov. for contingency...
Includes
19,936,555
$2,595,310
2,496,195
Profit on sale of sec. (net)
Can.
Patents,
127,009
Capital surplus
300,425
Earned surplus... 8,081,351
Paid-in surplus
am¬
ortization—
50,000
Other income
x
of
229,974
102,885
finance chgs.Ac.
& exp.
in process
for prior yrs.
taxes
Unearned interest,
of
Cost
x
disc.
Total
1938
1937
1936
1935
$24,052,428 $27,057,213 $25,452,038 $21,527,333
Calendar Years—
Gross sales.
Res.
1,622,140
investments
147, p. 3910.
Battery Co. (& Subs.)—Earnings—
Electric Storage
18,813
18,323
85,600
Reserve for conting
In
consolidated
Tne directors have declared a dividend of $1.25 per share on account of
accumulations on J/he 6H%
Accrued Interest..
Sink, fund paym't
Bond
Ltd.—Accumulated Dividend—
1,197,919
1,992,716
wholly
Other
\
,
.,
owned subs, not
Invests.
1939—2 Mos.—1938
$2,761,113
$2,568,051
Prepaid insur., &c.
—V.
782,096
1,192,268
expenses,
Ac
20,365
7,416,731
Inventories
Edison Brothers Stores, Inc.—Sales—
Common
Accrued
;
698,444
$
1,095,800
— —.
Accounts payable.
Notes and acct. of
Corp
1937
$
stock.....
stock.13,071,120 13,028,320
20-yr. 4% sinking
fund debs
5,411.400
5,561.263
Notes payable.—
750,000
1,000,000
a
11,621,567 11,855,559
... —
d Accts. and notes
—V. 148, P. 1322.
Period End. Feb. 28—
Liabilities—
b Pref.
Plant and equip¬
Cash....
%
Amount
8,564,000
4,192,000
16,292,000
$
Assets—
&
1938
1937
$
of
$2,703,742
1,268,365
*
$3.30
—
$1.87
IVofe—Provision for depreciation
Gross income
_■
Inc. deducts, (int., &c.)_
Net income
'
Common dividends
_
tion and other expenses
Comparative Consolidated Balance Sheet Dec. 31
.
Assets—
$3,990
$5,042
def$5,426
$4,343
—
Notes & acctSi
rec.
Assets—Fixed
capital—electric, $958,083; non-operating property, $5,-
bonds,
$140,000; notes payable. $25,000; accounts payable, $13,o55;
deposits, $16,455; taxes accrued, $13,769; interest accrued,
$1,743; miscellaneous accruals, $1,755; reserves, $364,405; contributions
2,178,456
of
1,110,534
3,001,063
4,941,371
3,008,633
Adv. ,Cuban-Amer.
ManganeseCorp.
975,000
150,000
6,028,908
399,733
214,915
Fedders Mfg. Co., Inc.—To Pay
The directors
15-Cent Dividend—
have declared a dividend of 15 cents per share on the
stock, par $5, payable April 1 to holders of record March 13. This
compares with 10 cents paid on Jan. 10. last; 35 cents paid on Oct. 1, 1937
and dividends of 25 cents paid on July 1 and on April 1, 1937, this latter
being the initial payment on the larger amount of stock now outstanding.
—V. 147, p. 4054.
common
other taxes
Preferred divs
1937
$
603,486
1,914,613
562,920
460,523
6,075,885
6%
cum.
-
673,514
18,451
526,928
convert.
1,230,100
pref. stock.
c
Adv. royalties and
Common stock..
7,963,800
7,963,805
Total...
a
.19,168,893 21,698,826
Paid-in surplus...
1,370,313
1,370,313
Earned surplus
sundry items...
customers'
in^tM of construction, $400; earned surplus, $lo9,313; total, $1,091,696.
,
$
Accounts payable.
429,993
Acct .royalties pay. 1,116,558
Res. for conting..
5,475,199
Stocks A bonds.
b Fixed assets....
Liabilities—
$
Prov. for Fed. and
phur A supplies.
a
1938
1937
6,365,160
942,861
sul¬
Balance Sheet Dec. 31, 1938
623; miscellaneous investments, $806; cash, $16,034; accounts receivable,
$68,662; materials and supplies, $30,028; prepayments, $2,394; deferred
debits, $10,066; total, $1,091,696.
Liabilities—Common stock ($100 par), $325,000; first mortgage 5%
1938
$
Cash.
Inventory
Balance, surplus
and depletion charged to cost of produc¬
amounted to $560,968 in 1938 and 8559,994 in 1937.
7,264,787
7,397,616
Total.
Investments in stocks and bonds consist
19,168,893 21,698,826
principally of Cuban-American
Manganese Corp. stock.
Such holdings, consisting of 313,621 shares of
class A pref. stock, 250,000 shs. of class B pref. stock and 289,615.5 shs. of
common stock, and aggregating 89.84% of the total outstanding voting
shares of all classes, are carried at cost, less the applicable proportion of the
accumulated operating deficit of that corporation and its subsidiaries
amounting to $213,833 at Dec. 31, 1938, and $207,263 at Dec. 31, 1937.
b After depreciation and depletion oi $5,402,653 in 1938 and $4,941,161 in
1937.
c Par. $10.-V. 148, p. 731.
Volume
Fifth
148
Ave.
Financial
&
Twenty-Eight St.
Realty Co.,
Chronicle
Cadillac Shipments—
Inc.—
Distribution—•
Shipments of Cadillac-La Salle division of General Motors Corp. in
February established a new high for that month, 85% above last year and
3 % above February,
1929, best previous February. Despite the high rate of
sales to dealers, field stocks are well below
1938, according to D. E. Ahrens,
General Sales Manager.
Course of business of the year to
date, Mr. Ahrens believes, indicates a
strong retail demand during the spring selling season.
Cadillac's production,
which
usually approximates shipments, was
estimated at 2,000 units for
February, 1938, which would mean around
3,700 last month on the basis of an 85% gain.
The Chemical Bank & Trust
Co., New York, has declared a distribution
of $43,750 to be made
pro rata to holders of outstanding certificates
representing 1st mtge. 6f$% sinking fund gold bonds and appurtenant
interest warrants.
On presentation to Chemical Bank & Trust
Co., 165 Broadway, N. Y.
any of said certificates and appurtenant interest warrants, the
company will pay to the holders thereof their pro rata portion of
$43,750.
Such payment, with respect to each certificate and appurtenant
interest warrant presented, will be equivalent to
City, of
trust
214%
amount of the certificate.—Y.
of the principal
Buick Sales
146, p. 3186.
to
the regular quarterly
both
dividend of 25 cents
per share in addition
dividends of like amount on the common stock,
an extra
payable April 1 to holders of record March 15.—V. 148,
p.
ing to figures released
437.
The record retail volume for the first two months of this
year compares
with 18,783 cars sold in
January and February last year, representing an
increase of 6,908 cars or 36.7%.
The Buick Division on March 2 extended
factory operations for March
from four to five days a week and said that
production of 26,650 units was
scheduled for the month.
Harlow H. Curtice, President of
Buick, said about 13,300 employees who
worked a 32-hour week in
January and February would be advanced to 40
Co.—Output—~
high peak load record of 676,550 hp.
This exceeds for the first time the peak of
661,475 hp. reached on Dec. 2,
1937.
Both of these figures include the
company's Gatineau, Kipawa,
a
new
and New Brunswick systems.
Of the new peak load of 676,550 hp., 186,000 hp. was
supplied for the
generation of steam and was partly secondary power and partly firm
power which can be diverted to permit delivery under the company's firm
hours under the
power contracts.
The
one-hour
peak follows closely upon the recent completion of
an additional 34,000-hp.
generator in the company's Chelsea hydro-electric
plant on the Gatineau River.
With the new unit, Gatineau Power Co.'s
new
total installed capacity in its generating plants
To
Refund $68,000,000
ls£
has
been
in
to
General Electric
Sales billed
made
March 9 declared
a
Net income
z
Earnings
Weber
General
elected
148,
p.
directors
of
the
consumers
March 3 declared
on
a
dividend of 25 cents per share on the
Salary Cuts—
Gerard Swope, President of the company announced on March 7 that on
April 1 all salary cuts put into effect in April, 1938, will be restored in full.
Reductions last year were made on a graduated scale on all salaries above
$2,000.
Neither the reductions nor the restorations of salaries affected
wage rates.—V, 148, p. 1168.
.
General Mills,
Inc.—Common Dividend Increased—
Directors have declared the following dividends on the
company's no par
shares:
com¬
common
$1.25
February sales of General Motors cars and trucks from all sources of
manufacture totaled 153,886, compared with 94,449 in February a year
ago.
Sales in January were 152,746.
Sales to dealers in the United States totaled 115,890 in February, com¬
pared with 63,771 in February a year ago. Sales in January were 116,964.
Sales to
in the United States totaled 83,251 in February, com¬
a year ago.
Sales in January were 88,865.
per share payable May 1 to holders of record April 10.
87 Yi cents per share payable Aug. 1 to holders of record July 10.
Previously regular quarterly dividends of 75
cents per
General Printing Ink
Calendar Years—
1937
1936
Total Sales of General Motors Cars and Trucks
from
Cost of goods sold, selling
and general expense--
8,592,045
Profit from operations
Other income credits.
$779,996
20,383
$800,379
$1,556,556
1939
1938
152,746
;
94,267
94,449
109,555
109,659
104,115
101.908
90,030
55,431
36,335
123,835
200,256
187.909
153,886
March
.
_
April
May
—
_—
;;
June
-
July
August
Septemoer
—
October
November
December—
.—
1937
103,668
74,567
1936
260,965
238,377
216,654
203,139
226,681
188,010
82,317
166,939
195,136
160,444
sales
$9,372,042 $11,102,033
-
Gross income
Cash discount
on
sales.
Total
.
3 06,632
..
1,307,749
2,116,897
Miscellaneous
January
February.
116,964
115,890
March
April
May
June
July
:...
August
September
October
61,826
34,752
16,469
92,890
159,573
150,005
-----
-
___
November
December
;
—
63,771
76,142
78,525
71,676
72,596
-
Total
232,854
935,163
1936
131,134
Shares of
.187,119
186,146
177,436
99,775
4,669
69,334
156,041
197,065
7,682,594
1,680,024
1939
.88.865
83,251
_
March
——
,
April
-----
May..!
June
——
July
August
September.
October.
_
—
.
-----
November.
December.
Total
—
172,116
1938
63,069
62,831
100.022
103,534
92,593
76.071
78,758
64,925
40,796
68,896
131,387
118,888
1,00.1,770
1936
102.034
198,146
200,117
178,521
153,866
163,818
156,322
,
92,998
51,600
196,095
194,628
189,756
163,459
96,134
181,782
88,564
133,804
85,201
107,216
44,274
117,387
-
1,594,215
1,720.213
Oldsmobile Sales Rise—
Retail sales of Oldsmobiles in the United States in February totaled 8,466
units, an increase of more than 38% over February, 1938, and comparing
with 10,263 in January of this year. The combined January-February total
of 18.729 cars was more than 6,000 above the figure for the
corresponding
period of last year.
In the last 10 days of February, 2,826 cars were sold, against 2,199 in
the like period of 1938.
At the end of February, dealers inventories of
used cars were 7,000 lower than a year ago, according to D. E. Halston,
general sales manager.
—
Notes &accep. rec.
Cust'rs accts.
$202,114
735,960
304
17,204
123,148
$1,177,803
205,896
919,950
$924,060
209,363
367,980
$51,957
183,990
$5.28
205,896
772,758
$346,717
183,990
$3.88
$1.32
$909,934
273,258
315,014
Sheet Dec. 31
Liabilities—
1938
1937
Accounts payable.
Dtvs. payable
$346,086
$289,245
61,174
51,474
216,191
292,573
rec_
1,192,025
1,190,533
Fed'l Income taxes
rec..
28,697
25,785
Other accruals-.j..
Accrued int. rec._
6.193
6,398
Deferred income..
91,575
7,988
125,112
8,099
1,826,997
328,924
1,949,850
328,962
$6 pref. stock...
Common stock..
3,411,600
735,960
3,411,600
735,960
36,002
36.342
Other
accts.
Inventories
—
-
Investments
Deposits with mu¬
Cash
res.
for pur.
i
Deferred charges.
.
in 1937.
per
158
158
1,942,006
1,851,016
sur-
plus._.
•
25,158
1,824,488
152,774
Total
....-
—
..$6,802,738 $6,765,237
for depreciation of $2,768,627 in 1938 and $2,650,662
Represented by no par shares but of a declared value of $100
a Par $1.—V. 148, p. 1029.
reserves
z
share,
-
$6,802,738 $6,765,237
—
After
x
45,000
1,806,394
162,869
provision
Land, buildings,
mach'y & equip.
Total
a
Profit and loss
stk. under
retire,
x
z
Capital surplus..-
tual insur., &c__
Georgia & Florida RR.—Earnings—
■Week Ended Feb. 28—
Jan.
1
to Feb.
28
1939
1938
1939
1938
$19,175
Operating revenues
—V. 148, p. 1324.
$20,681
$161,331
$158,594
Georgia Power Co.—Earnings—
Period End. Jan. 31—
1939—12 Mos.—1938
1939—Month—1938
*—-
$2,616,570
Oper. expenses & taxes.
Prov. for depreciation_
_
1,363,154
270,000
Int. & other fixed chgs_-
$983,416
555,785
$861,667
555.771
$427,631
245,862
$305,896
245,862
$4,674,199
2,950,350
$4,803,095
2.950.350
$181,769
$60,033
$1,723,849
$1,852,745
Gross revenue
Gross income
Divs,
in February, 1938.
$1,180,768
1937
-.$1,096,379
Net income
Pontiac Retail Sales—
Retail sales of Poutiacs in February totaled 9,185 cars, the best for that
month since 1935.
The total compares with 10,370 in January and 6,149
X214.904
Consolidated Balance
1938
Cash
155,552
173,472
89,682
115,558
15,018
2,020
12,700
194,836
Includes $17,868 surtax on undistributed profits.
x
of pf.
1937
$1,176,060
99,888
11,457
$90,991
735,960
$0.62
stock-
Assets—
Sales to Consumers in United States
January
February.
common
Earned per share
116,762
153,184
$1,517,936
$663,667
204,696
367,980
Net income for year..
dividends
162,418
194,695
108,232
$954,380
221,680
136,712
2,037,690
1937
70,901
49,674
216,606
199,532
180,085
162,390
187,869
157,000
58,181
136,370
7,655,986
charges.-
Balance, surplus
1938
56,938
8,801,884
$1,333,142
184,794
160,885
Preferred
Sales to Dealers in United States
1939
9,719,629
$1,382,404
174,152
_
Federal capital stock tax
Prov. for.Fed. inc. tax-.
1935
$8,610,366
Prov. for doubtful accts
Common dividends.
„
dis¬
$10,135,026
"
158,572
144,874
196,721
229,467
222,603
217,931
204,693
121,943
19,288
90,764
191,720
239,114
were
Corp. (& Subs.)—Earnings-
1938
Net
All Sources of Manufactur
share
tributed.—V. 147, p. 738.
pared with 62,831 in February
January
February
$0.97
_
company.
Corp.—February Car Sales—The
March 8 realeased th8 following Statement:
pany on
$1.52
Tommon-stock.
On
"
To Restore
1028.
Motors
$iL96_
$2.21
Xfcer alfcharges.
z
previously.
dividend of 15 cents per share on the com¬
were
y
27,843,772
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
a dividend of 15 cents was paid on Oct. 1, last: dividends of 10 cents
share were paid on July 1 and May 2, 1938, and previously regular
quarterly dividends of 15 cents per share were distributed.
At the annual meeting of the stockholders, Messrs. C. E. Casto, Bryce
U.
figures,
The directors
per
John
1935
43,947,166
stock, no par value, payable April 25 to holders of record March 17.
This compares with 20 cents paid on Dec. 22, Oct. 25 and
July 25, 1938;
tion to
and
1936
63,546,762
common
stock, par $5, payable April 1 to holders of record March 18.
Divi lend
of 35 cents was paid on Dec. 22, last: an extra dividend of 10 cents in addi¬
B. Smith
share,__
per
1937
27,729,000
Dividend Increased—
mon
Present officers were reelected.—V.
—
Estimated
x
Baking Co.—To Pay 15-Cent Dividend—
on
xl938
$259,484,000$349,739,514$268,544,5871208,733,433
_
y
January and
same period last year.—V.
Co.—Earnings—
Calendar Years—
.
5H% preferred stock.
'
It is expected that a certain amount of the first
mortgage bonds will be
made payable in Canadian dollars and the balance in U. S. dollars. The first
mortgage 5s are callable on June 1 on 30 days' prior notice and the company
expects to give the usual notice of call on or about the first of May.
The First Boston Corp. is expected to be the
principal underwriter for
securities sold in the United States.—Y. 148, p. 1168.
General
schedule.
employees in
that1 company expects to refund the
$68,000,000 first mortgage 5s due 1956 by the sale of the following securities:
$62,500,000 30-year 3%% first mortgage bonds; $7,300,000 1-10 year serial
notes, the rate upon which is now under discussion; and 35,000 shares
Directors
new
The March production schedule
compares with an output of 19,650 units
January and 20,000 in February.
Mr. Curtice said $4,300,000 was
paid to
February^compared with $3,000,000 in the
725,634 hp.
Mtge. 5s- -New Securities
Be Placed in United States and Canada—
Announcement
raised to
was
on
Manager.
February deliveries of new cars reported by dealers in the United States
totaled 12,687 of which
5,144 were sold in the last 10 days of the month,
the executive said.
This compares with 9,344 cars delivered in
February
last year, a gain of
35.7%, and with 3,315 units sold in the last 10 days of
February a year ago, a gain of 55%.
Fruit of the Loom Co.—Initial
Preferred Dividend—
Gatineau Power
February sales of Buick Motor cars
period and brought total retail volume
high of 25,691 units, accord¬
Saturday by W. F. Hufstader, General Sales
for the first two months of this
year to a record
Directors have declared an initial dividend of 10 cents per shhre on the
preferred stock, payable April 1 to holders of record March 15.—V. 146.
P. 2535-
Company has established
Higher—
For the second consecutive
month,
smashed ah previous records for the
(Peter) Fox Brewing Co.—Extra Dividend—
Directors have declared
1477
on
pref. stock
Balance
$2,390,914 $29,020,948 $29,041,014
14,934,927
14,997,701
1,299,246
2,807.500
230,000
2,700,000
$11,278,521 $11,343,313
6,604,322
6,540,218
—V. 148, p. 582.
Sales in the last eight days of the month were 3,277, which was greater
than in either of the first two 10-day periods and compared with 1,908 in
the final period of February, 1938.
►
Total for January and February was 19,555, against 12,453 a year ago.
Dealers' used car stocks as of March 1 amounted to 29,557 units, against
37,829 last year.
•<
t
,
Globe Hoist Co.—Smaller Dividend—
Directors have declared a dividend of 12 H
mon
cents per share on the com¬
stock, no par value, payable March 15 to holders of record March 16.
This compares with 15 cents paid on Dec. 15, last; dividends of
12M cents
paid on Sept. 15, June 15, and April 25, 1938; and 25 cents per share dis
'
Financial
1478
tributed
1937, this last being
Nov, 29, 1937, Oct. 27, 1937, and July 20,
on
the first dividend paid on
—V. 147, p. 4055.
Globe Indemnity
President of the company, is to retire on March 31
in the casualty and surety business. Kenneth Spencer, VicePresident, will succeed him.—V. 147, p. 2686.
(H. L.) Green Co.—Sales—
Feb.
$5,029,586
8,683
50,788
$6,438,215
17,532
44,999
$6,566,703
b98,871
73,234
$6,228,215
15,842
79,462
$5,089,057
$6,500,747
503,753
f 78,214
c8,658
516,727
f22,968
$6,738,809
462,772
45,137
cl3,103
$6,323,519
h541,722
31,251
d90,809
el ,151.099
206,290
801,089
Total Income
Depreciation
variance , &c—
Int. & amort, discount-Reserve against foreign
earnings
----Exch ange
c6,765
Previous surplus
125,432
el,328,695
$2,941,890
6,479,.502
profit
$4,500,160
6,745,944
$4,975,889
$4,568,805
5,972,317
4,932,281
5.000
10,000
20,000
20,000
$9,426,392 $11,256,103 $10,968,206
1,500,000
1,500,000
1,537,500
1,399,138
1,998,769
2,498,461
$9,521,086
Payment received on
directors'
notes———
Total surplus
Div.
on
—
$5 pref. stock—
Common
174,361
.
198,163
al,358,378
Income taxes
Net
■
dividends
1,550,000
1,998,769
Goodwill & trade-marks
liquidated subsid'y,
of
written
off
186,301
—■
*1,277.833
Miscell. deductions
1,998,-
_
_
769shs.com.stk.outst_
' $0.72
a Includes U.S. capital stock taxes,
of
$5,972,317
$6,479,502 i$6,745,944
$6,527,254
Surplus Dec. 31.----Earns, per sh. on
_
$1.50
$1.72
$1.51
b Includes $36,472 for restoration
depreciation in market value previously charged against income,
c In¬
(only) paid on loan from English bank,
d Provision against earnings
countries having serious monetary restrictions, less $351,167 realized
terest
in
during year,
tax.
i Loss
Includes $11 ($11,000 in 1936) for undistributed profits
e
on foreign exchange,
g Excess of cost over stated value of
$7.50 per share of 10,000 shares of $5 dividend convertible preference stock
retired April 23, 1937, $794,773 and provision for foreign income tax
con¬
Before
deducting
h
Includes
obsolescence.
tingencies,
$483,059.
treasury stock.
Consolidated Balance Sheet Dec. 31
1,614,954
1,458,459
Accts. & notes rec. 1,398,182
Mdse. inventory— 3,000,223
d496,381
6 Net for'n assets.
Real est., roach'y,
equipment, &c_ 4,510,393
Marketable secur.
Prepaid
Pats.,
Liabilities—
$
Assets—
928,496
Accts. pay.,
1,416,010
94,449
expenses.
accr'd
631,738
648,815
1,847,301
Res. for adv. of
2,708,275
529,770
Loan from for. bk.
250,000
thin blades..
Dividends payable
4,631,758
89,026
79,868
375,000
375,000
Res. for inc. taxes.
1,461,396
1,368,844
Res. for for'n exeh.
200,000
200,000
*
Ac—14,858,712 14,879,663
e708,925
e648,654
Res. for contlng..
b $5 dlv. convert.
preferred shares. 2,250,000
2,250,000
shares.al4,990,768 114990,768
Common
6,527,253
Surplus
-.27,431,754 27,030,300
Total
Gruen Watch
6,479,502
Represented by 1,998,769 shares, stated value $7.50 per share,
b Rep¬
resented by 300,000 no par shares,
d Current assets, $982,336, less urrent liabilities of $401,403; balance, $580,932.
Add fixed assets at cost
(lees reserve for depreciation) of $874,851; goodwill, trade-marks and
patents (as stated on books and resulting from consolidating accounts)
of $1,060,377;
total, $2,516,160.
Less reserve against earnings
not
available because of monetary restrictions of $69,779, and contingency
reserve created out of capital surplus of $1,950,000; balance, $496,381.
e
Reserve for foreign income tax contingencies, $614,155 ($536,222 in
Glen Alden Coal Co.
surplus, $34,499
1,998,769 no par shares
1
.
-
agent.
The company considered the 57,602 shares of class B convertible non¬
voting preferred stock originally issued, for which escrow warrants were
distributed under the provisions of a certain escrow agreement, tofcbe
exchanged by it, as the issuer, with its existing security holders esciusiveiy,
no commission or other remuneration being paid or given, directly or
with
Guilford Realty
Gulf Power Co.—Earnings—
454,870
354,316
279,224
226,206
293,421
256,908
202,148
Interest
Net
income
913,014
$2,729,077
1,223,612
26,437
303,440
$409,126
656,456
—-
$2,941,165
622,689
45,592
20,302
-----
Federal taxes
$4,855,963
82,150
$1,711,103
1,236,084
Miscell. deductions
$2,646,927
202,726
Total income
$1,175,589
875,259
.
$5,478,652 $3,854,179
1,639.528
1,727,998
22,6051 - 368,891
1,034,034/
Dividends
$2,782,485
2,188,109
$1,757,290
$247,330 sur$300,330 sur$594,376
5,638,610
5,537,160
5,298,902
...
—
.
$1,306,062
3,063,352
GY281,870
£>rl6
Drl98,880
9,406,652
Dr356,117 Dr2,801,688
Surplus Dec. 31
$5,673,134
capital stock out¬
$5,638,610
$5,537,160
$5,298,902
1,750,487
1,750,487
$0.67
1,750,487
1,750,487
Previous surplus
Surplus adj. (net)
Minority interest
$0.23
Divs.
1938
on
preferred stock.
Liabilities—
b Capital
90,954,784
92,117,659
18,288,344
17,656.722
5,152,812
lands
a
$
4,602,903
equipment
4,744,947
TJ. S. Governm't
obligations...
2,203,969
4,003,969
30,370
19,730
3,512,651
4,887,062
807,390
1,047,064
1,490,998
2,874,166
& unmatured-
Coal
on
hand
Mat'ls &
Stocks
ated
of
affili¬
cos
Other securities.
7,998,673
Deferred assets
3,970.461
9,105,897
4,032,800
1
1
.
Goodwill
$133,991
$140,690
Funded
debt...
Accts. payable-
United Theatres, Ltd.—Accumulated
Hamilton
the 7% cum.
of record March 15,
to
V
holders
I.
on
Consolidated Income Account for Calendar Years
.
—
of sales—.
—
—
$5,352,326
3,818,173
.
1936
$6,071,912
4,109,538
$4,160,324
2,965,346
4,874,137
.
$1,534,153
745,518
$2,653,729
$1,962,373
704,967
$1,194,977
915.207
$1,738,521
$1,257,405
67,621
58,416
$680,590
26,714
$833,835
3,438
$1,806,142
$1,315,822
170,144
Z370.000
zl37,100
$1,265,998
$974,241
203,214
773,170
948,332
Operating income
Other income
Total income
Other expenses
Taxes
—
_
J.
154,000
—
—
Net income—•—
dividends..—
dividends
;«
$676,397
203.214
444,573
441,528
10,800
40,299,091
,941,681
2,144,520
Notes, accts. rec._
Inventories
Unsettled taxes.
,197,221
2,080,801
$379,231
3,481,414
2,302.631
66,344
61,420
Accr'd int. ree'le..
496,444
520,947
Cash value insur._
Def'd
Workmen's com-
accts.,
amounts
691,572
Def'd Income—
533,587
28,252
27.491
71,454
280,818
compensation
36,778
133,203
163,203
x
Accruals
136,542
Taxes
154,000
233,000
y
Common stock.
173,386
179,386
Fixed assets
966,340
985,909
.
..
.$7,178,668 $7,594,1881
Total
claims
surplus.
Total.
surplus
Capital surplus
z Treasury stock
3.225
2,844
36,990
3,386,900
1,000,000
917,941
490,206
1,000,000
Dr33,538
_
31,297
3,386,900
Preferred stock
Earned
empl's
$
158,624
1,100,000
216,173
Misc. reserves
31,849
1937
136,402
Dr33,538
1,062,565
436,323
6,935
subsidiary
X
$536,878
67,738
a950,000
Notes payable
due
& unimp. land..
668,162
666,962
Minority int. in
for
$
Employees' depos.
Investments
Houses
4,215
Liabilities—
Accounts payable.
incl.
employees
Res. for workm's
1938
1937
2,796,448
2,311,458
$699,640
1,306,668
((def'd)
$707,304
75,426
95.000
Consolidated Balance Sheet Dec. 31
1938
Assets—
Cash
873,512
pensa.
204,480
z No
Federal surtax on undistributed profits. •
Note—Depreciation in the amount of $147,255, $163,269. and $175,736
and 1936 respectively.
taxes..
b Represented by
depreciation,
Less depletion.- -V. 148, p. 128.
514,388
has been deducted in 1938, 1937
a
7 186,073
7,499,727
32 ,107,372
32.107.372
5 673,134
5,638,610
Paid off during January,
1938 and $2,313,459 in 1937.
value,
z
Total
..138,965,495 145,092,920
1,750,487 shares of
no
par
$7,178,668 $7,594,188
1939.
x After depreciation of $2,394,742 in
y Represented by 400,000 shares of no par
148, p. 1324.
Represented by 13,415 no par common shares.—V.
Hanover Fire Insurance Co.
c
*
$788,(>35
45,200
Gross profit
Selling & adm. expenses.
400,000
Earned
value.-
1935
1937
$7,527,865
1938
Cost
325,000
ards
After
par
47. p. 3309.
Gross sales
51,416,341
& mining haz¬
a
Div.—
of
$100. payable March 31
leaving arrearages of $S.50_per share.—
pref.' stock,
Hamilton Watch Co.—Earnings-
(curr't)
Capital surplus.
.138,965,495 145,092,920
0,4% due Oct. 1,
1939.—V. 148, p.
The directors have declared a dividend of $1.50 per share on account
pensa.
Contlng.
Total
dec.—
been notified of the appointment of
1169.
In v. deprec. res.
suppl's
$19,922
registrar of the first mortgage and refunding bonds, series
1966, of Gulf States Utilities Co., effective March 21,
$
51 ,416,341
D.L.& W.Coal
Interest accrued.
Interest accrued
$207,704
67,014
The New York Stock Exchange has
Accrued
4,555,043
5.584
$201,005
67,014
Central Hanover Bank & Trust Co. as successor trustee, paying agent and
Common
Workmen's com-
Accts. and notes
receivable
$
stock.
Co. stock
Structures and
Cash
$25,506
-V. 148, p. 732.
Preferred
1937
1938
1937
$
Assets—
Coal & surface
230.008
$21,991
5,584
Balance.
$1.00
$1.59
Consolidated Balance Sheet Dec. 31
c
$437,712
,240,988
*
,
Shs. of
standing (no par)
Earnings per share
$441,994
20,429
20,127.
—
—
Deficit
$45,935
$16,406
Net income.
36,640,928
36,868,270
$1,508,377
—
1,103,591
137,453
$42,118
Gross income
1,141,217
94,369
11,292
Int. & other fixed chgs__
accumulations
Operating income
178,291
102,570
14,583
_
-$35,756,129 $38,760,156 $41,724,233 $39,582,093
Other income
_
Oper. expenses & taxes.,
Prov. for depreciation.
Gulf States Utilities Co.—Trustee,
399,178
36,113,228
—
1939—12 Mos.—1938
$1,761,503
$1,678,757
1939—Month—1938
$159,272
$151,596
Period End. Jan. 31—
Gross revenue
.
Other sales revenue.---revenue
Co.—Accumulated Dividend—
75 cents per share on account
6% cum. pref. stock, payable March 31 to holders
of record March 20.
Like amount was paid on Dec. 29, Sept. 30, June 30
and March 31, 1938, and on Sept. 30, 1937 —V. 147, p. 3611.
The directors have declared a dividend of
of accumulations on the
(after
Royalty and rents..-,
Total
.
indirectly, for soliciting such exchange. Consequently, although it has now
filed a registration statement as a matter of record, the company does not
feel that under the provisions of the Securities Act of 1933, as amended,
registration of such class B convertible non-voting preferred stock (or*of
class B convertible voting preferred stock or common stock into either of
which it is convertible share for share), now held by the escrow agent ag^nst
exercise of such escrow warrants, is required.
The figure of 51,704 represents the number of shares of class B convertible
non-voting preferred stock held by the escrow agent against the exercise of
escrow warrants as of Oct. 31, 1938.—V. 148, P- 732,
(& Subs.)—Earnings—
Expenses, deprec., depl.,
royalties, &c
34,247,752
Co.—Registration—
51,704 shares
as escrow
23,1937), stated value $7.50 per share.
1938
•
1937
1936
1935
$35,130,746 $38,011,865 $41,113,008 $39,100,720
Calendar Years—
Coal sales
out of capital
on
recently registered with the Securities and Exchange Com¬
of class B convertible non-voting preferred stock
($1 par), and 51,704 shares of common stock, into eigher of which class B
convertible non-voting preferred stock is convertible share for share.
As part of a plan or reorganization effected in 1935, the company issued
debentures and shares of stock with an aggregate principal face and par
amount of $1,818,750 to eight bank creditors in exchange for notes of the
company held by such banks in the amount of $1,818,750. Included in such
securities issued by the company to the eight banks were 363,750 sharesJof
class B convertible non-voting preferred stock, each of the par value of $1.
Such 363,750 shares of class B convertible non-voting preferred stock (in¬
cluding the 51,704 shares for which a registration statement waa filed)_were
thus issued and accepted at their par value of $1 a share.
No offering of the 51,704 shares now registered has been or will be madelto
the public generally. In accordance with the provisions of an escrow agree¬
ment, the eight bank creditors deposited 121,250 shares of class B convertible
non-voting preferred stock in escrow with Central Trust Co. as escrow agent.
The escrow agent issued escrow warrants or rights to purchase 57,602 shares
of such stock at $3 a share, and these warrants were distributed by the
company to its old stockholders under the provisions of said escrow agree¬
ment.
The company was given the right to purchase all of the remaining
63,648 shares deposited with the escrow agent, plus such of the 57,602 shares
for which warrants were issued as are not purchased by the holders of escrow
warrants, at $3 a share on certain terms and conditions. At the same time
the eight banks agreed under certain conditions and in accordance with an
agreement known as the "Katz and Gruen Contract" to deliver a total of
242,500 shares of such ciass B convertible non-voting preferred stock to
Benj. 8. Katz, Margaret 8. Gruen, R. Dietrich Gruen and George T. Gruen
without payment of any money by them.
These shares of class B convertible non-voting preferred stock have been
heretofore issued and are now held by Central Trust Co., Cincinnati, O.,
Total —...27,431,754 27,030,300
1937); reserve for contingencies created
($172,703 in 1937).
f Represented by
compared with 131
The company
^ a
deducting 20,000 shares retired April
—V. 148, p. 128. '
operation on Feb. 28, last, totaled 132
1938.—V. 148, p. 881.
28,
mission
25,523
Res. for litigation.
trade-mks.,
goodwill,
$
$
items, &c
Cash------—
1937
1938
1937
1938
1938
$1,780,246
February—
1935
sale of securs—
on
1939
$1,959,451
Month of
Stores in
Profit from operations—
Other income
148, p. 881.
Sales
Co. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1938
1937
1936
Profit
$5,748,118
—V.
after 46 years
Gillette Safety Razor
1939
1939—Month—1938
•
1939—2 Mos.—1938
$5,522,282 $11,279,186 $10,850,426
Period End. Feb. 28—
Sales
Co.—New President—
11,
(W. T.) Grant Co.—Sales-
the greater amount of shares now outstanding.
Duncan Held,
A.
Mar.
Chronicle
(N. Y.)—Div. Reduced—
Directors have declared a dividend of 30 cents per
share on the common
stock, payable April 1 to holders of record March 17.
Previously regular
quarterly dividends of 40 cents per share were distributed—V. 147, p. 1928..
V olume
Financial
148
Idaho Power Co.
Harshaw Chemical Co.—Smaller Dividend—
Directors have declared
stock
cents
a dividend of 25 cents per share on the common
payable April 1 to holders of record March 24.
Dividends of 40
were paid on Jan. 10,1938, and on Sept. 9, 1937.—V. 145, p. 3819.
Hearst
Consolidated Publications,
1938.—V. 147, p. 3913.
Hem-Werner Motor Parts Corp.—Extra Dividend—
Oper. exps., incl. taxes..
ITop. retire, res. approp.
Net oper. revenues
an extra dividend of 10 cents per share in addition
regular quarterly dividend of 15 cents per share on the common stock,
both payable March 20 to holders of record March 10.—V. 147, p. 2395.
Directors have declared
Net profit from oper.. $3,032,151
Other income, less mis'
$4,825,592
$4,323,717
y288,999
355,691
10,831
C'r 70 5
115,067
C'r 597
$1,694,175
$1,534,648
$4,679,409
x949~490
profits
$4,126,255
Earned surplus at Dec. 31 13,734,341
Adjust, of res. for deprec.
of plant & equip. as of
$932,109
$3,729,919
16,206,297
Operating
...
Jan. 1, 1935.
16,140,700
$19,758,764
178,000
1,269,220
2,526,296
2,105,247
2,069,247
com.
stock,
685,740
Nil
Local service
Toll service
$13,181,753
60,847
1937
1938
discounts and other mis¬
Depreciation expense
622,764
1,566,813
Mdse. tnv. at cost.
8,889,471
Liabilities—
Accounts &
927,018
1,886,793
13,198,073
2 .049,514
2 ,063,897
Income
320,910
308,871
ad vs.,
i
$12,984,951 $11,867,486 $10,792 341
42,887
18,393
41,843
1,014,375
3,061,192
1,718,589
850,999
1,452,526
$2,911,910
$2,315 564
40,061
21,464
$2,703,397
367,464
$2,722,644
361,237
$2,951,971
$2,337,028
$2,335,932
2,310,000
~$2,36L407
charges
Interest deductions
Net
stock.
$25,932
Surplus.
1938
9,719,721
taxes
1,368,249
;
$
Assets—
476,763
Misc.
Working
$1,889,483
1,650,000
def$31,093 "def$29,021
$239,483
2,392,500
$
1938
186,435
Tel. & Tel. Co..
149,794
Notes sold to trus¬
50,911'
69,981
tee of pens, fund
bad
590,992
Cust. deps. & adv.
billing & pay...
Acc'ts pay. & other
305,818
Other def'd debits.
131,712
1,142,950
87,425
158,863
319,557
Prepayments.!...
,219,977
72,526
liabilities..
643,509
Acer. liab. not due
credits..
1,806,126
57,450
781,719
1,811,790
89,360
Deprec. reserve...
7,968,507
7,893,324
600,000
939,375
906,969
271,351
728,649
728,649
3,297,212
3,297,212
surplus.. .14,534,129 13,734,341
Treas. stk.—Dr.
3,795 448
curr.
Deferred
3.795,448
1938 and
Unapprop. surplus
of $148,032 in
Total
Indiana
carried.
1939—3 MoS—1938
$1,333
$14,648
982,029
8.60c
147,
share on the common
15.
Previously regular
1077.
Holyoke Street Ry.—Earnings—
Avge. fare per rev. pass .
147, p. 3016.
the
"
Directors have declared a dividend of 12 H cents per
958,934
8.66c
$10,639
3,698,466
-$8,156
3,928,607
8.69c
Co.—To Pay 20-Cent Dividend—
share on the common
stock, par $10, payable April 1 to holders of record March 20. A dividend
of 30 cents was paid on Nov. 1, last, this latter being the first dividend
paid since Deic. 22, 1937 when a regular quarterly
distributed.—V. 147-, p. 3456.
dividend of 30 cents per
Net income
-
$333,428
1,022
$4,093,411
19,395
$3,915,358
19,353
$351,518
80,208
13,504
$334,450
80,208
12,889
$4,112,806
962,500
156,535
$3,934,711
962,500
152,691
$257,806
$241,353
$2,993,771
$2,819,520
315,078
315,0/8
$2,678,693
$2,504,442
$350,674
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance.-—V.
share.—V
Corp.—Listing—
Ltd.—$1.50 Pref. Dividend—
to holders of
-
148, p. 1325.
record March 15.
A like payment was made in each of the
12 preceding quarters and compares with $1 per share paid on Nov. 1,
July 2 and April 3, 1935, this latter being the first payment mqde since
Oct. 1, 1931, when a regular quarterly dividend of $1.75 per share was
paid.—V. 147, p. 3765.
Interstate
844
mortgage bonds.
per
.
International Power Co.,
Month of
1939—Month—1938
1939—12 Mos.—1938
$993,251
$912,805 $11,600,926 $10,850,452
496,299
452,655
6,001,364
5,222,946
146,278
126,722
1,506,151
1,712,148
Other income
Other int. & deductions.
of $1.75
40,734 shares $1,312,322 will be transferred on the books of the
corporation from earned surplus to capital stock which transfer amounts to«
$32.2168 per share.—V. 148, p. 1325.,
Lighting & Power Co.—Earnings-—
Gross Income
quarterly dividends
,
The New, York Stock Exchange has authorized tlje listing pf 40,734 ad¬
ditional shares of capital stock (no par) on official notice of issuance as a
stock dividend, making the total amount applied for 855,408 shares. Against
share was
Net oper. revenues—
account
The directors have declared a dividend of $1.50 per share on account of
accumulations on the 7% cum. 1st pref. stock, par $100, payable April 1
Hoover Ball & Bearing
Operating revenues
company paid regular
p. 3459.
International Business Machines
,
8.68c
Directors have declared a dividend of 20 cents per
Oper. exps., incl. taxes._
Prop, retire, res. approp.
on
the issue of
1939—12 Mos.—1938
—V.
Period End. Jan. 31—
dividend of $1.75 per share
on the 7% cumulative preferred stock, par $100,
payable
March 15 to holders of record Feb. 28.
A similar payment was made on
Dec. 15, Sept. 15, June 15 and March 15, 1938, and on Dec. 15, Sept. 15,
June 15 and March 15, 1937; a dividend of $4.37)^ per share was paid on
Dec. 15,1936, and dividends of 871^ cents per share were paid each quarter
from June 15, 1933, to and incl. Sept. 15, 1936.
Prior to June 15, 1933,
the common
A like amount was
quarterly dividends of 25 cents per share were distributed.—V. 146, p.
a
of accumulations
Hinde & Dauch Paper Co. of Canada, Ltd.-—Smaller
stock, payable April 1 to holders of record March
Total.._r______53,915,712 53,508,957
Hydro-Electric Power Co.—Accumulated Div.—
The directors have declared
25-Cent Dividend—
payable March 31 to holders of record March 17.
53,915,712 53,568,957
r
600,000
-V. 147. p. 3764.
paid on Dec. 23 and on June 30, last and previously regular quarterly
dividends of 50 cents per share were distributed.—V* 147, p. 3611.
Period End. Dec. 31—
against
contingencies...
Directors have declared a dividend of 25 cents per share on
Net loss
res.
21,006,533 26,623,771
discounts
Hinde & Dauch Paper Co.—To Pay
.
1,955,623
497,006
Acc'ts receivable..
$118,052in 1937.
y Represented by 271,351 no-par shares.
.z Represented
by 728,649 no par shares,
a Represented by 17,507 shares conv. pref.
stock and 42,900 shares of common stock at cost,
b After reserve for
depreciation of $10,829,346 in 1938 and $10,207,785 in 1937.—V. 147,
p.4056.
,.
6.224,343
1,881,840
Mat'l & supplies..
Total.
debts and
6,699,347
104,577
Surplus
for
Amer.
104,823
Conv. pref. stock
'..21,606,533 26,623,771
$
stock...33,000,000 33,000,000
64,852
funds-
1937
$
Liabilities—
Common
Advs. from
payable 1,022,000
Common stock..
a
447,545
$2,6103)78
2,640,000
184,844
phys. prop..
Cash..
1,022,000
271,351
Dividends
Earned
on
742,971
223,982
340,993
1937
Telephone plant. .50 063,727 49,552,242
Other investments 1 630,152
1,630,274
State
&
commitments..
»
income
on common
1,064,603'
Surplus at organlz.
Int.
849,972
Comparative Balance Sheet Dec. 31
...
z
Houston
1,765,368
1,936,072
1,463,015
$2,713,476
9,168
$
y
Rev. fare pass,
1,774,961
1,948,277
1,618,075
816,372
210,937
Inc. available for fixed
cline In purchase
equipment, &c..10,062,103 10,155,226
;
$11,849,093 $10,750,498
$2,669,153
34,244
Net operating income.
Net non-oper. income..
Res. to market de¬
135,750
156,511
prepd. Ins., Ac.
buildings,
Dividend—
$7,833,163
2,495,222
463,956
1 ,193,906
911,914
224.675
Operating rents
1937
$
"
Loans & notes pay.
b Land,
stock
1935
$8,440,618
2,943,502
483,366
2 ,026,518
expenses..
Commercial expenses
Reserve for Federal
parts.
•
7
Gen. & miscell. expenses
Traffic
wages
payable.
and repair
reserve
the
eD* '*
Taxes
1938
$
Gust's acts. fee.
After
on
Fob
2,003,702
1,944,186
908,493
215,480
956,502
1,939,270
Divs.
1937
$
Cash...
x
share
record
1936
$9,185,928
^•257,568
541,454
Total oper. revenues._$13 120,905 $12,942,064
Current maintenance...
2 001,328
2,260,954
Consolidated Balance Sheet Dec. 31
Assets—
Total
per
sales,
on
and
revenues.
Uncoil, oper. revenues..
$3,248,963; shipping expense, $618,942; selling
general administrative expense, $883,382; net profit, $1,746,639;
other income, $133,696; gross income, $1,880,335; cash discounts allowed,
$210,962; loss on assets disposed of, $12,122; interest expense, $21,003;
adjustment for excess of cost over market value of inventories, $900,176;
adjustment for Federal and Pennsylvania State income taxes, $166,259;
net
profit, $569,813; surplus beginning of quarter, $14,986,316; total,
$15,556,129; dividends declared Dec. 27, 1938, payable Feb. 15, 1939,
$1,021,999; surplus end of quarter, $14,534,129.
machinery
^
3,064,176
573,428
revenues
Total
and
Salesmen's
cents
Co.—Earnings—
1938
$9,544,148
revenues..
Miscellaneous
of
Consolidated Earnings for Quarter Ended Dec. 31, 1938
Supply
final dividend of 81
Indiana Bell Telephone
income
(net) amounting to $261,294, less .interest charges
($140,060) and loss on retirement of fixed assets ($39,655).
b Adjustment
to reduce inventory from cost to lower of cost{ or market at Dec. 31, 1938
($795,353) and provision for market decline in purchase commitments
($104,823).
x
a
Calendar Years—
cellaneous
profit
$1,023,729
°
.
fixed assets ($49,126).
z Adjustment to reduce inventory from cost to lower
of cost or market at Dec. 31, 1937 ($3,869,921) and provision for market
Gross
$1,206 823
_____
1325.
ordinary registered stock, payable March 8 to holders of
—V. 148, p. 583; V. 146, p. 1554.
Includes
decline in purchase commitments ($104,577).
a Profit fro n
scrap and creamery products,
$2,202,825
1.179,096
Imperial Tobacco Co. of Great Britain & Ireland—
$5.38
ing to $476,644, less interest charges ($138,519) and loss on retirement
$2,443,714
1,236,891
1
Directors have declared
$180 surtax on undistributed profits,
y Profit from scrap
and creamery products, discounts and other miscellaneous income amount¬
x
$7,324,196
5.121,371
Final Dividend—
701,749
701,749
$3.50
1938
$7,342,119
17,923
$7,520,348
5,076,634
Net operating income
out¬
685,749
$3.60
25.224
Net operating revenues
$13,734,341 $16,140,699 $16,206,297
Earned surp. Dec. 31.$14,534,129
standing (no par)
Earnings per share
1939
$7,545,572
Operating taxes
373.757
Total surplus.
.$17,860,596 $17,072,808 $19,936,216
Prov. for taxes prior yrs_
-_i—
Oonv. pref. stock divs..
1,269,220
1,269,220
1,269,220
Shares
$1,120,306
Co.—Earnings—
revenues
—V. 148, p.
,2,057,242
414,342
$1,279,833
Operating revenues
Operating expenses
$5,051,220
14,333,787.
------
Common dividends.....
414,342
Uncollectible operating revenue
1,201",062
Net
12,633
Illinois Bell Telephone
$6,252,283
Prov. for Fed. inc. tax._
56,250
Month of January—
396,464
$5,114,591
z3,974,498
207,984
profits
Inventory adjustment._
$2,4S3,645
675,000
.
-V. 148, p. 1325.
$5,855,819
a81,580
charges
Total
$273,541
65,431
(
$6,113,730
b900,176
687,300
cell aneous
Or 91
$188,396
$2,271,572
Net income
$119,513
$197,984
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
1936
1935
$9,782,028 $10,582,034
5,458,311
4,726,215
1937
8,918
Balance
$9,896,769
5,071,177
1938
:$2,474,727
1,293
$2,271,481
678,911
103,174
CY45.252
for Calendar Years
$11,098,189
5,066,038
exp__
$272,248
6.616
Gross income
Int. on mortgage bonds.
Other int. & deduc'ns
Int. chgd. to constr'n
Hershey Chocolate Corp. (& Subs.)—Earnings—
Ship., sell & adm.
1938—12 Mos.—1937
$5,725,714
$5,399,182
2,860,987
2,710,110
456,000
417,500
$181,780
Other income (net)
to the
Gross profit on sales
1938—Month—1937
$453,354
$535,800
234,074
253,552
37.500
10,000
revenues.
Inc.—Pref. Div.—
a dividend of 43 % cents per share on the 7 %
nulative participating preferred stock, par $25, payable March 15
to holders of record March 1.
A like amount was last paid on March 15,
cu
Consolidated Income Account
—Earnings—
Period End. Dec. 31—
Operating
Directors have declared
class A
1479
Chronicle
Department Stores, Inc.—Sales—
February—'
Sales
1939
$1,271,196
1938
$1,232,451
—'V. 148, p. 883.
Intertype Corp.—To Eliminate Retired Stock—
Stockholders at their annuai meeting on March 20 will consider amending
of incorporation so as to eliminate the 15,000 shares of
authorized first preferred stock of $100 par value and 10,000 shares of
the certificate
authorized
retired
or
second preferred stock of $100 par value, all of which have been
converted and, to eliminate and reduce the capital applicable
147, p. 3311.
thereto.—V.
(Mead) Johnson & Co.—Extra Dividend—
The directors have declared an extra dividend of 75 cents per share in
addition
common
March
the regular quarterly dividend of 75 cents per share on the
stock, no par value, both payable April 1 to holders of record
Extra of $1.75 was paid on Dec. 28 last and extra dividends of
to
15.
75 cents were paid on Oct. 1, July 1
p.
3460.
and April 1, 1938.
See also V. 147,
Financial
1480
Italian Superpower
Date of Dissolution Thereof)
Period Ended Dec. 31—
1938—12 Mos.—c 1937
1938—3 Mos.—cl937
•
$128,674
$68,673
$64,337
$34,337
_.
9
Interest
a
t
b Inc. from realization
1.031
500,000
1,207,539
500,000
$35,368
$564,337
$1,276,221
$628,674
5,270
5,043
10,658
7,637
9,587
21,412
15,177
14,864
1,992
3,776
26,974
29,279
a3
4,340
194
of restricted lire
Total income
of transfer
Fees
regis.,
agents,
legal
trustee,
&c
expenses,
All other expenses
_
incl.
pro v.
for
U. 8. cap. stock tax
Int. paid, other than on
Taxes,
debentures
b Prov.
to
state
inv.
in
Kingdom of Roumania
Monopolies Inst., 7%
bonds, due 1959, at in¬
dicated mkt. value
130,000
130,000
Balance
$439,160
$1,213,907
$412,181
$23,063
lution)
Loss
on
139,560
157.560
594,240
6,820
7,924
prof150
Cr27,376
"""866
28,972
396,296
197,519
$95,790prof$245,832
$3,121
_;
debs.
sales of securities
on
Met loss for period
a
Dividends and interest in lire
on
630,240
31,695
"3",091
$225,866
lire
in
One of the most significant problems in present day industry, Mr. Brown
in his remarks to the stockholders, is the increasing difficulty of earning
profits.
On the one hand, costs of production have steadily risen over the
past few years, he points out, while on the other hand prices that may
be charged to the consumer for finished materials have been rigidly con¬
trolled by customer reaction and market competition.
Mr. Brown lists
as the most important cost factors raw material prices,
wage rates, and
says
taxes.
Consolidated Income Account for
the corporation s bank
on
'
•
securities owned by the corporation
balance in Italy are being
collected and deposited in Italy by the corporation's representative.
As
exchange restrictions, in effect since November, 1935, have prevented the
direct conversion of these deposits into U. 8. currency, the corporation does
not include them in income unless they are realized by other means. A com¬
parative statement of all lire dividends and interest received in the respective
periods is given below:
1938—3 Mos.—l937
1938—12 Mas.—-1937
Divs. received in lire
$2,866,037
$2,646,911 $23,228,683 $20,780,622
Int. received in lire—
644,373
365,281
interest
$2,866,037
tT. 8.
Equiv. in
$23,873,056 $21,145,903
$2,646,911
$46,890,148 $60,173,392 $48,922,011 $34,646,854
and
43,014,817
51,678,855
41,701,417 30,173,989
Deprec. & depletion and
Mfg.
selling
cost,
adminis. expense.....
obsolescence of mineral
*
2,002,886
—
2,178,991
1,074,951
Prov.
for surtax
984,447
$1,112,993
The equivalent in U. 8. currency of lire dividends and interest not
realized and not taken into income is included in "unrealized income from
on the Dec. 31, 1938 balance sheet.
un¬
on
distributed profits
Johns
Credit
Manv.
-
Cr218,750
the payment of
expenses in Italy with restricted lire; through the purchase in Italy with
restricted lire of $1,200,000 principal amount of the corporation's 6% gold
debentures for retirement; and through the Italian authorities permitting
the purchase and export from Italy of $1,000,000 principal amount of
Kingdom of Roumania Monopolies Institute, 7% bonds, due 1959, for
9,500,000 restricted lire at a rate of 19 lire to the dollar, making the total
cost of the bonds $500,000.
The indicated market value of the bonds at
Dec. 28, 1937, the date of acquisition, was $370,000. A reserve of $130,000
was provided, by a charge to income, to state this investment at the market
value at the date of acquisition.
The purchase of these bonds represented a
realization of lire in as much as the purchase agreement permitted the export
of these bonds.
c
$1,455,302
525,000
425,000
Common dividends
extended to
was
2,500,000
$3,816,684
95,790
value
at
of
date
dissolution,
sub.
$3,783,745
3,121
1937
$
9,000,000
Accounts payable-
17,000,000
9,000,000
1,442,415
1,340,245
reserve.
828.027
131,250
Johns-
Income tax res've.
653,653
1,155,596
131,250
1,416,088
Credit
z
981,058
732,147
78,900
70,227
<fcc_...
tund...
surance
to
Manville
Dividend
234,742
550,000
8,627,787
4,354,352
7,491,143
8,670,758
Miscell. invest....
313,186
363,183
Deferred charges—
452,040
302,233
Accts. & notes
rec.
4,896,418
9,218,793
market
over
of certain
.
$
Common stock.. 17,000,000
Accr. taxes, wages,
Inventories
Total
2,600.000
com¬
Cash....
3,769,433
3,769,433
LiabUUies—
x
Preferred stock
Corp
_
Net loss for period.
Excess of cost to wholly-owned
$
Plant equip., &c.27,083,312 24,780,126
Ad vs.
1,335
taxes for
1938
1937
$
1
pensation self-in¬
$12,977
$47,251
adjustment of U. 8. income & capital stock
prior periods
Adjustment to restore amount approp. in prior
years for divs. accrued, but not declared or paid,
on preferred stock.
practically all plants; also the method, of computing
such insurance was changed.
As a result, income
approximately $95,000 more than would have been the
method had been continued.
Consolidated Balance Sheet Dec. 31
12 Months
Net
750,000
$1,036,207
750,000
$5.13
$889,344
850,000
$5.80
cover
1938
*1 sscts
Workmen's
3 Months
525,000
the current provision for
for 1938 was charged
case if the previous
Stock of Credit Co.
Surplus
$2,164,858
525,000
2,812,500.
$889,858
Shs. com. stk. (no par).
750,000
Earnings per share
$2.19
Note—In 1938 the policy of self-insuring for workmen's compensation
at cost
Statement of Earned
Period Ended Dec. 31, 1938—
Balance, at beginning of period...
$4,373,707
$505,302
850,000
$1.09
Surplus...
y
Adjusted to include amortization of discount on debentures.
Crl84,920
$5,451,844
525,000
4,037,500
.....
Net profit.
Preferred dividends
lire dividends and interest received"
b Income from realization of restricted lire arose through
25,000
7,500
i
Di vidend receiva ble from
Corp
$1,256,534
$139,317
$150,850
1,840,647
467,360
2,022,360
417,143
properties—i
Prov. for income tax
at the official
parity of
exchange of $.052634.
„
1935
1936
Net sales
curr.
x
.
Calendar Years
1937
1938
.
x
simplified
profit and
loss statement.
Prov. for U. 8. inc. taxes
and
a
Mr. Brown presents to the stockholders for the first time a
tabulation of income and expenses during the year to clarify the
debs,
Amort, of disc't
a more
second
Eresented Insection.
the technical financial reports, which are appended this year
i
& accrued on
(not incl.
int.
paid & accr. on debs,
held by wholly-owned
sub. prior to its disso¬
and the economic
the business."
This, Mr. Brown explains, is designed to
expressed desire of a large number of stockholders for information
general character and in a form more easily understood than that
meet the
of
paid
payments, products, markets, employee relations
behind
forces
acquisition
Int.
Corporation earned a consolidated net profit in 1938 of $1,455,302,
equivalent, after payment of $525,000 in dividends to holders of Its 75,000
shares of preferred stock, to $1.09 a share on the 850,000 shares of common
stock outstanding at the end of the year, Lewis H. Brown, President,
informs stockholders in the annual report.
The 1937 earnings included
$218,750 dividends received from Johns-Manville Credit Corp., a whollyowned subsidiary whose accounts are not consolidated, whereas no dividends
were received from the Credit corporation in 1938.
Other financial high¬
lights of the year as noted by Mr. Brown were:
Sales were $46,890,148—22% less than in 1937.
$425,000 or 50 cents per share was paid to the holders of the 850,000
shares of common stock.
The remainder of earnings, or $505,302, was
added to surplus for working caiptal, new plants or for emergencies.
Expenditures for new plants and equipment during the year were $4,341,786, compared to $4,449,976 in 1937.
J-M's cash position was favorable at the end of the year.
We had de¬
posited in banks a total of $8,627,787, compared with $8,670,758 on Dec. 31,
1937; part of this was working capital for current needs, and part was
available for new plants and equipment.
The report for 1938 is presented in two sections, the first, of which these
highlights are a part, giving " a brief and simplified account of sales, profits,
dividend
on
!
Dec. 28,1937, the date
of
1939
Johns-Manville Corp.—Annual Report—
Corp.—Earnings—
(Including Operations of Wholly-owned Subsidiary to March 24, 1938, the
Income—a Dividends.
Mar. 11,
Chronicle
—
-
Res. for self-ins.
foreign exchange
fluctuat'n & oth.
contingencies
stockhold¬
Minor,
int.
ers'
in
net
worth of subs..
14,379,898 14,379,898
6,561,362' 6,056,060
Initial surplus
assets
Earned surplus
taken
'
over
by Italian Superpower Corp, upon
subsidiary
adjustment arising from reinstatement on
books of the corporation of unamortized balance
of discount on 35-year 6% debs., the total amt.
of which discount was written off to capital
surplus at time of issuance of the debentures
81,882
dissolution of Wholly-owned
Net
Balance, Dec. 31, 1938
355,628
$3,365,266
-
-
Statement of
.
333,476
$3,365,266
Kalamazoo Stove & Furnace Co.
$902,060
$1,460,834
„
in 1938 and prior years
at
2,719,697
Operating
1,017,143
1,017,143
$3,737,510
$3,737,510
Other
.
Liabilities—
or
decl.
value, see schedule
b Subscrip. to new shares
Cash—dollars
...$28,414,340
241,987
United States
8,130
12,500
197,519
sented for paym ent....
Accrued taxes.
1,431,040
544
Account receivable
on
Al...
Res. for U. 8. income taxes..
562,159
,
on dep. In Italy, Lit.
27,188,520.30—subject to
exchange restrictions
Unamort. disc't
$9,304,000
279,120
A, due 1963..;
Int. accrued on debs........
654,695
debs
Reserve for expenses
d Unrealized
inc.
6,000
from
lire
1,865,518
12,417,200
97,001
h Com. stk., class B, 1st ser.
7,500
h Com. stk., cl. B, 2nd series
7,500
Capital surplus
3,737,510
Earned surplus
3,365,266
divs. & int. received
$6
pref. stock
fi Common stock, class A
e
cum,
...
$31,304,765I
Total
unpaid, subject to call, (lit. 18,390,200). $967,950. c Stated at the official
parity of exchange of $.052634.
The value of these lire will depend upon
the terms under which they may be realized in U. S. currency when, as and
if such realization is authorized,
d Not to be included in income until
realized in U.
S.
currency),
e
124,172
no
par
$1,435,796
on
$1,359,849
175,633
$1,457,114
106,184
y41,515
195,400
213,300
151,900
74,300
59,800
$250,583
2,250,42.3
$914,516
1,935,907
$1,077,831
1,895,404
$785,347
1,233,068
$2,501,005
$2,850,422
600,000
$2,973,235
x280,320
757,008
$2,018,416
187,500
$2,313,505
300,000
$2,250,422
300,000
$1,895,404
$0.84
$3.05
$1,935,907
300,000
$3.59
_
j
Net profit
Previous
earned
surplus
Total surplus.
Dividends in stock
In cash
...
Bal. at close of period
Shares outstanding
Earnings
per
shares,
g
970,015 no par
share
stock
a
Recelvs.
(net)
Inventories
$1,024,751
2,754,556
1,011,787
Other assets
Prop.,
plant
74,727
1937
$294,612
3,338,010
745,509
91,355
701,549
98,367
p.
3460.
1938
1937
$275,000
banks
1,630,071 Accts.
cred
114,509
and
equip, (net)
Liabil ities—
Notes payable—to
pay.
& ac-
expenses..
$256,215
255,804
Cust.'s adv. pay..
Federal taxes
4l" 500
for self insur.
5,000
269,700
1,289
Res.
30,000
Commissions with¬
Capital stock
3,000.000
94,904
3,000,000
Earned surplus
2,313,505
2,250,422
held
A dividend of $1 was
Said on 1, 1938 when athis latter being thedividend of 50 cents be made since
larch Ded. 15, last, regular quarterly first distribution to per share was
paid.—V. 147,
$4.78
Balance Sheet Dec. 31
1938
Assets—
Cash
dividend of 50 cents per share on the common
payable April 15 to holders of record March 31.
164.016
Of the
(W. B.) Jar vis Co.—50-Cent Dividend—
Directors have declared
123,012
50% stock dividend in the amount of $1,000,000, an amount of
$719,680 was charged to capital surplus which arose during the year 1936
from the change of common stock, no par value, to common stock par $10
per share, and the balance of $280,320 was charged to earned surplus.
y Includes $15 underpro vision for prior year.
Note—Provision for depreciation for the year 1938 amounted to $50,564.
x
Deferred charges..
h 75,000 no par shares.—V. 147, p. 3765.
$971,574
28,733
excess-
4. _■
undistributed
_
21,3.18
$332,099
40,001
x
&
profits taxes
1,508,145
'
$1,000,308
63,060
$31,304,765
Total
Market value, Dec. 31,1938, $22,035,585. b 91,951 shares Meridionale
Electric Co. at 250 lire per share, (lit. 22,987,750) $1,209,937; less: amount
a
shares,
inc.
profits
Deb. coupons due nut not pre¬
Lire
c
$1,339,358
20,491
$287,099
44,999
deductions...
Surtax
35-year 6% gold debs., series
dep. In the
on
2,676,881
2,159,219
....
Total income
Assets—
3,952,109
2,357,287
profit
Other income
Normal
Investments—cost
3,900,746
1,759,591
expenses
Balance Sheet Dec. 31, 1938
a
1935
$5,156,600
expense
the time of
—
1936
$7,547,125
Sell., adver. & adminis.
issuance of the debentures.......
Balance, Dec. 31. 1938.-..
1937
$7,597,391
labor—factory
mat.,
1,259,533
1,818,307
off hereto
•Earnings—
1938
$4,766,387
Calendar Years—
Net sales
Cost of goods sold, incl.
Adjustment arising from reinstatement on books of
the corporation of unamortized balance of disc't
on 35-year 6% debs., the total amount of which
written
provision for Federal income taxes $94,598 ($134,158 in 1937)
contemplated additional Federal income taxes of prior
years.—V. 148, p. 1326.'
in connection with
12 Months
3 Months
Balance, at beginning of period
j:
Adjustment to restore amount approp. for divs.
accrued, but not declared or paid, on pref. stock
was
...51,056,564 51,281,513
Total
added to the
Capital Surplus
Period Ended Dec. 31. 1938—
discount
Total.........51,056,564 51,281,513
x Represented by 850,000 no par shares at stated value of $20 per share,
After reserve for depreciation of $26,754,315 in 1938 and $25,127,241 in
1937.
z There has been appropriated from reserve for contingencies and
y
Total...
-V.
148, p.
$5,702,686
1326..
$6,177,1201
Total.
86,465
.$5,702,686 $6,177,120
Volume
Kansas
Financial
148
1481
Chronicle
City Public Service Co.—Time Extended—
Consolidated Balance Sheet Dec. 31
Latest reports indicate that the holders of
approximately $4,155,000 of
bonds have approved the plan—equivalent to about 34
H % of the amount
outstanding.
While
more than 2M times that percentage must approve
before the Reconstruction Finance Corporation terms are met, nevertheless
according to officials of the company the showing is sufficiently encouraging
for the board to extend the approval period to the close of business on
March 21—before determining upon further action.—V. 148, p. 1326 .
1938
Kansas Gas & Electric
chinery,
Mineral
&c
18 741,164
18.578,708
498,811
531,638
deposits,
in
&
Operating revenues
Oper. exps., incl. taxes__
Amort,
of
$543,542
291,186
$6,225,791
3,346,438
457
107
5.357
981
55,000
60,000
655,000
610,000
$196,899
264
Net oper. revenues
...
$191,415
$2,218,996
7,853
$2,275,452
18,065
910
Gross income
on
Int.
on
$197,163
60,000
15,000
10,328
mortgage bonds.
debenture bonds.
Other int. & deductions.
$192,325
60,000
15,000
9,004
Int. charged to constr'n.
Net
Cr862
income
$111,835
$109,183
$1,258,150
720,000
180,000
108,160
Cr 2,807
$1,288,164
$767,380
U. 8. securities...
4 954,863
6,281,096
Accts. & bills rec.,
less rec. for disc.
120,000
120,000
1,000,000
1,000,000
Surplus
9,025,251
636,367
3,517,093
ping chgs., &c._
509,896
614,096
Prepaid insurance.
59,222
Kaufmann
54,080
...
strip¬
Total...
After
..35,765,743 35,877,713
for depreciation of
reserve
in 1937.—V. 147, p.
Total
1938
1937
1936
1935
$3,074,918
2,374,025
Oper. exps., taxes, &c._
$2,957,348
2,366,745
$3,019,647
2,376,888
$3,018,423
2,314,985
<
$642,759
39,363
$703,438
$590,602"
275,380
104,206
$682,122
275,380
125,982
$774,586
275,380
143,978
$377,080
258,922
$211,017
258,922
$280,760
258,922
300.00G
$355,228
258,922
300,000
$700,893
4,178
Other incom e
Total income
Int. on long-term debt..
Net
$590,602
$705,071
275,380
52,611
Net oper. income....
'
deductions
income
Preferred .dividends
Common dividends.
71,147
Consolidated Balance Sheet Dec. 31
1938
Liabilities—
%
plant
15,101,322
Capital stock exp.
250,194
Other phys. prop.
84,470
Funded
Utility
Material
15,317,952
223,933
262,445
Miscell. invest
24,216
Prepayments
19,461
22,816
23,617
Cash
296,991
Special deposits
132.488
132,£48
128,645
Accts. receivable-.
620,682
645,504
Deferred
117,410
122,577
assets...
$
$
4,961,000
debt
4,961,000
160,435
Int. & taxes accr'd
245,660
173,911
Accounts payable.
Dividend
and sup¬
plies
1937
1938
1937
64,730
228,244
64,730
715,576
depos.
1939—Month—1938
Bank & Trust Co., Philadelphia, Pa., will
14, receive bids for the sale to it or sufficient
bonds to exhaust the sum of $34,144 at prices not exceeding 102
and accrued interest.—V. 148, p. 1327.
Lehigh Valley Coal Co.—Deposits—
mortgage bonds, 5% series of 1924, have already been deposited under the
plan, dated Jan. 4.
As to the class B notes owned by Lehigh Valley RR., the U. S. District
District of Kew York has modified the decree of
Court for the Southern
segregation entered in 1923 in the case of United States vs. Lehigh Valley
RR. so as to permit the Railroad company to carry out its part of the plan.
The board of directors of the Railroad company has authorized the accept¬
ance of its part of the plan subject to the receipt of the necessary authoriza¬
tion for such action from the Interstate Commerce Commission.
The company will not declare the plan effective unless and until the
holders of more than 80 % in principal amount of the first and refunding
mortgage bonds, 5% series of 1924 and the holders of more than 75% in
principal amount of seemed 6% notes, class A, shall have assented.
The company has, in accordance with provisions of the plan, extended
the date for the receipt of deposits of bonds and notes thereunder from
March 1, 1939 to April 1,1939 in order to enable the bondholders and note¬
holders who have not yet deposited to do so. '
Holders of the bonds and notes desiring to assent to the plan should
deposit their bonds or notes, accompanied by a transmittal letter at the
office of Drexel & Co., Philadelphia, or J. P. Morgan & Co., New York,
depositaries, or Miners Rational Bank, Wilkes-Barre, Pa., sub-depositary.
Certificates of deposit are now listed on the Kew Yorkr Stock Exchange.
Consolidated Balance Sheet Dec. 31
22,813
18,698
Cash
2,000,000
y 7% pref. stock., 1.816,400
112,900
y 6% pref. stock.,
y 5% pref. stock.. 2,500,000
Prem. on cap. stk.
11,290
320,140
Capital surplus
Earned surplus... 2,022,050
2,000,000
Dep.
x
_
Common stock.,
23
gen. mtge.
57,539
credits.
$1,835,128
22
Lehigh & New England RR.—Tenders—
1,748,596
Deferred
$1,780,923
J
The Tradesmen's National
113,998
Reserves
1939—2 Mos.—1938
$874,116
$862,536
until 12 o'clock noon, March
1,804,174
Contrib. exten
$26,103
Inc.—Sales—
Stores in operation
—V. 148, p. 884.
727,367
declared
Customers'
1937
$3,732
L. R» Close, President, sates that approximately 65% of the outstanding
secured 6% notes, class A, and 60% of the outstanding first and refunding
Kings County Lighting Co. (& Subs.)—Earnings—
Calendar Years—
Gross earnings
1938
$60,375
Period End. Feb. 28—
a
1939
profit
After charges but before Federal taxes.—V. 148, p. 281.
Lane Bryant
Inc.—To Reduce Pre¬
special meeting on March 20 will vote on a proposed
reduction in preferred stock from 5,250 shares to 4,325 shares, 925 shares
having been acquired for a "special surplus account" in accordance with
subsection (c) of Section 1 of Article 5 of the certificate of consolidation of
said Kaufmann Department Stores, Inc., which provides for the setting
aside, after payment of dividends on the preferred stock, of a "special sur¬
plus account" in each year from Jan. 1, 1916, of a sum sufficient to acquire
not less than 750 shares of the preferred stock, out of the surplus or net
profits, at not to exceed $125 per share, plus accrued and unpaid dividends.
—V. 148, p. 735.
Other
Net
Sales
Stockholders at
35,765,743 35,877,713
$23,533,279 in 1938 and $23,003,337
2396.
Lakey Foundry & Machine Co.—Earnings—
x
x
Department Stores,
Z>rl87,170
565,534
3 ,235,432
9,302,559
stock... Drl87,170
Treasury
& doubtful accts
Inventories
1326.
ferred Stock—
M
Res. for compen. &
fire Ins. reserves
3 Months Ended Jan. 31—
-V. 148. p.
133,869
cotton due k bags
1,000,000
520,784
$737,366
Balance
56,682
tax
8.
2,938,284
x
520,784
unpaid
or
210,302
317,733
56,682
sal¬
Dividends payable
Res. for returnable
1 000,000
Dividends applicable to preferred stocks for the
period, whether paid
351,697
377,868
97,678
Accrd. wages,
Prov. for Fed. inc.
4 362,275
5,293,517
$2,226,849
720.GOO
180,000
108,482
Cr39,783
19,248.638
172,206
Govt, securities-
Unabsorbed
Int.
1,624,977
142,736
Cash
res. approp.
Other income (net)
in U.
reserve
Com .stk. (par $25) 19,248,638
aries & gen. taxes
1 ,624,977
Investm't of insur.
$6,208,373
3,321,940
limited-term
investments
Prop, retire,
$542,520
290,99a
■12 Mos.—1938
$
5,675,100
adv.
accounts recelv.
1939
$
5,675,100
Accounts payable.
less depletion...
Invest,
1937
1938
Liabilities—
Preferred stock...
Long-term notes &
Co.—Earnings
1939—Month-—1938
$
Land, bldg., ma¬
toaffll.cos
Period End. J an. 31—
1937
$
Assets—
x
Liabilities—
$
$
203,834
with coupon
1;816,400
427,484
610,156
435,498
434,633
315,427
Interest accrued on
21,988
857,546
584,458
422,594
Accts. receiv. from
affiliated cos...
66,955
paying agents..
112,900
11,290
Accts.
recelv.
$
$
Accounts payable.
Wages payable...
172,625
2,500,000
1937
1938
1937
1938
Assets—
fund, debt, notes
"
payable, &c
Accts.
for
payable
affiliated
to
410,820
Inventories...
16.871,168
Total
x
16,656,104
Represented by 50,000 no
147, p. 2689.
par
...16,871,168 16,656,104
Total
shares,
y
Represented by shares of
a
$100 par.—V.
and unadj. Items
Ame lican
Stripping expense.
American and 56 Canadian.—V.
148,
p.
,
of which 681
Sales for the month of
February
were
were
182,737
200,065
1,500,000
1,500,000
5,820,784
468,336
4,911,243
542,170
42,818
194,000
&
parent company
Mat'd funded debt
$5,162,532,
a
16,480
& accr'd Interest
decrease of $195 266,
debt.....13,612,000 14,576,000
Fuhded
p.
with
acct.
open
3.6%.
2.8%.—V. 148,
16,883
un-
,
Capital stock.....
The sales for the two months ended Feb. 2b were
of $298,390, or
accr.
State
Notes payable and
85,101
1,542,107
117,270
89,169
1,616,076
180,926
1031.
(S. H.) Kress & Co. —Sales—
or
Total def. charges
Last year company had 737 stores, of which 681 were
Company operated 739 stores in February
and 58 Canadian.
..22,789,880 24,031,210
Adv'ced royalties.
403,267
W'kmen'8 compen¬
sation Insurance
Fed.
leases, contracts,
1939—Month—1938 *
1939—2 Mos.—1938
$9,547,104
$9,396,098 $18,810,098 $18,41 . .84
Period End. Feb<2S—
88,574
Federal taxes
Real est., bldgs.,
&c
137,179
319,507
co
Acer. State & local
structure, equip,
(S. S.) Kresge Co.—Sales—
Sales
515,018
Tot.slnk.fd.asseife.
423,501
b Tot. other assets 1.045,784
24,471
Mortgage payable.
Miscell. accts. rec.
164,918
Other llab. def'd..
1,915,287
-76,167
310,457
526,651
487,760
1,185,343
45,379
1.282,043
11,200
Coll. note payable.
coal—customers
47,084
employm't tax..
Acer. s. t. obllga's.
320,140
$10,217,998,
de
147,017
9,465,000
6,280,737
4,584,207
Mining reserve
rease
*
h
142,672
9,465,000
Earned deficit
a
884.
Kroger Grocery & Baking Co.—Sales—
A
2% increase in sales for the second four-week period of 1939 over sales
of the same four weeks in 1938 was reported by this company on March 6.
Sales for the period were $18,028,834, compared with the $17,756,440
sales for the second period a year ago.
»
Cumulative sales for the first two
a
periods, ending Feb. 25, 1939, reached
total of $35,197,771, which is 1% below the $35,722,075 sales figure for
the first two periods in 1938.
.
There was an average of
3,980 stores in operation during thesecond period
of 1939; compared with an average of 4,090 stores for the same period last
year.—V, 148. p.. 1326.
a After reserves of $48,229,232 ($46,408,235 in 1937) and surplus arising
($9,633,526 in 1937).
b Includes $60,001
($240,001 in 1937) investments in Burns Bros.—V. 148, p. 736.
from revaluation of $9,149,915
Lerner Stores
1936
diSct., allow*
»
ances.&c...
..$12,073,737 $12,400,938 $12,779,151
Manfr. shipping Cost
7.444,261
7,274,146
6,617,718
Prov. for deprec., obso¬
—V. 148, p.
'
1935
lescence
and
Corp.— Sales —
1939
J938
$2,134,693
$2,135,524
■
884.
'
Consolidated Income Account for Calendar Years
1S38
1937
1936
1935
...$15,557,897 $17,845,422 $18,842,281 $18,521,914
14,438,134
16,248,652
15,580,049' 15,680,479
Sales of coal
Cost of sales _...i
Sales, less
$9,001,682
5,086,381
|h.
Gross profit.
|;
11,.
r
t
f
,f
L
.
■
J
,
.
,
f|ll
,
., „
...
,
■
|
-
■■■•
■
■
m
i
—
$2,841,435
723,730
$1,119,762
791,563
$1,596,770
787,442
$3;262,232
73^,297
373,903
300,024
98,681
loss$45,703
92,432
$509,303
95,273
$2,425,255
87,281
$2,117,705
30,680
oper..los8$138,135
1,122,607
$414,031
1,193,735
$2,337,974
l,2bl,014
$2,087,025
933,468
loss$984,472
__
Selling, gen. &adm. exp.
& Fed. & Social
State
accrued
1,672,353
renewaxs
.
Month of February—
Sales
Consolidated Income Account for Calendar Years
1937
..28,213,678 29,010,482
Total
Lehigh Valley Coal Corp. (& Subs.)—Earnings—
Lehigh Portland Cement Co.—Earnings—
1938
.28,213,678 29,010,482
Total
1
,821,899
1,729,048
1,725,865
security
Income from mining &
taxes..
Selling, admin, and gen¬
2,182,744
237,842
2,034,285
1,988,175
265,178
243.432
1,741,452
241,837
$536,537
245,144
$1,005,430
347,281
t$2,200,776
315,220
$206,147
289,815
$781,681
$1,352,712
$2,515,996
355,325
$495,961
$2,160,670
466,050
10,185
8,222,025
$495,961
3,148,563
196,724
$10,006,562 $10,647,001 $10,858,930
245,456
333,702
227,004
754,307
1,126,635
1,098,986
2,1.37
$3,841,248
437,940
eral expenses
Dues for sales promot'n.
selling coal.
Loss
Profit
.
Miscellaneous income—
on
other oper
Total inc. from
Otherincome
Total income
Prov. for Fed. inc. taxes
Previous balance
77,678
102,167
$704,003
9,302,559
Net income
$1,250,545
9,396,456
Miscellaneous credits
Red. in par
of com. stk.
_
dividends
Common dividends
Miscellaneous debits...
Plant accts. written off.
$3,618,988
$3,020,493
M7.500
920,316
997,336
229,665
245,181
222,133
2,725
------
6,600
104,808
12,100
15,900
93,325
Carrying charges on reserve
coal land
Prem. on bonds
„„„
purch..
Prov. for Fed. inc. taxes
Total surplus
Preferred
$1,607,766
784,537
267,414
Total income
Interest on funded and
unfunded debt (net)..
2,900
for surtax onundistributed profit
Prov.
Equity of minority stock¬
holders in net inc.
2,937,260
of
subs
Depletion & deprec'n...
...
08,298
CV2.170
10,302
1,447,878
1,449,124
1,417,411
Surplus carried to bal¬
ance
sheet
j..
$9,025,251
$9,302,559
$9,396,455
$466,050
Net.oss
$1,509,958
10,661
1,316,511
^
$938,8o4prof$824,919prof$461,751
Financial
1482
Chronicle
1938
S
f
1937
1938
1937
'
Assets—
Liabilities—;
•
$
S
1,351,131
1,272,082
Accounts
receivable
2,165,593
2,104,434
Note pay-, bank..
Acer. sk. fd- oblig.
319,607
Coal Inventory
1,653,490
1,776,751
Wages payable
430,492
437,756
424,897
445,652
200,065
*
A
Notes
accounts
764,408
806,340
payable.
300,000
—
981.186
934.744
Interest accrued..
Inv. in property ,22,633,095
23,616.550
819,501
Coll. notes payable
1,500,000
1,500.000
282,376
49,710
161,052
62,235
155.041
tribut'g faculties 1,171,110
Deferred charges.,
295,713
1,476.848
2,31,012
Accrued State and
1,331,637
year's activities, with illustrations, states that $1,132,315 was spent for
plant improvement and replacement during 1938.
This included comple¬
building at the East Broad way plant in Toledo,
modernization and improvement of the Rossford, Ohio, plant facilities,
construction of a new factory office building in Charleston, W. Va.. instalation of equipment for manufacturing a new and improved laminated safety
plate glass at the East Toledo plant, and completion of the "Flow Process
glass producing tanks in Ottawa, Hi.
An additonal $1,900,000 was set aside for the plant improvement and
replacement fund to provide for certain other potential plant or process
improvements, bringing this fund to $9,819,660 as of Dec. 31, 1938, the
report said.
tion of the new technical
200,116
a
Inv, In Burns Bros.
Work. comp. Ins..
403.267
182,737
435,920
Material A suppls.
Cottier ftsficts
Other curr, llabll.
Federal taxes, Ac.
Invest-In retail dis-
local taxes
Mat
Deps. with coupon
16,480
.
42,817
194,000
477,829
575,362
13,012,000 14,570,000
Reserves
142,672
....
Minority Interests.
6 % pref. stock
b Common
stock. 9,4i2,052
Burp, atorganiz. 4,004,841
Deficit..........11,471,370
d Treas- stock
34,729,429<
147,017
301,347
128,784
11,370,450 11,370,450
c
.33,068,123
Income Account for
Dr158,385
9,412,052
4,004,018
9,558,185
Drl58.385
33.068,123 34,729,429
Total
a After
depletion and depreciation reserve $50,443,001 in 1938 and
$48/570,751 in 1937; also after deducting orplus arising from re valuation, of
properties, $9,149,915 in 1938, and $9,633,526 in 1937. H Represented by
1,205,437 no par shares
c Consisting of $2,642,319 declared by directors
as initial surplus of parent company, together with $1,362,522 representing
excess of net assets of subsidiary companies at Jan. 1, 1929, over statutory
declaration of value of parent company's capital stock issued in exchange for
capital stock of subsidiaries, incl. stock acquired by purchase,
d 750 3-5
preferred and 5,000 common shares.—V. 147, p. 2535.
Deprec. on mfg, props.*.
2,323,059
2,124,960
Lehigh Valley Coal Sales Co .—Balance' Sheet Dec. 31—
Cash.
$822,250
$1,176,664
Notes receivable..
Accts. receivable..
1,705,04
.4
995
on
1,552,369
1,090,225
Misc. accts. pay..
Accrued Interest
11,000
222,375
hand.....
9;717
579,500
-Supplies....accts.
rec.,
not
current————
11,827
—
*
Total income
$7,856,743 $16,579,534 $16,384,928 $11,917,666
*
Selling, adv., administr.,
general, &c., expenses
Cost of patent licenses.
Federal capital stock tax
Patent acquisitions ch'gd
off, &c
Loss on disposal of equip
2,319,641,
750,000
2,975,910
64,500
*
hi", §32
67,500
—-
Total
221,032
1,288
419,687
76,532
-
co-
.*
Rents rec. In advs.
37,624
29,500
33,193
49,593
8,208
49,7x0
3.131,849
9,959,936
8,579,348
$8,167,420
2,918,694
$798,611
*
$558,982
$1,800,190
$5,248,726
$1.57
$4.19
$4.14
/
...
Balance Sheet Dec. 31
1938
def213
429,296
a
~'
1937
1938
$
*
Gas
properties
accts. receivable
18,493,708
920,097
937,385
5,719,444
6.146,036
...$5,910,910 $0,064,992
839,955
8.972.381
placement fund* 9,819,660
Investments.-.**"* 1,100,223
Other assets..*
Lehigh Valley RR .—Reconstruction Loan Extended—
The Interstate Commerce Commission on March i found the company
hot to be in need of financial reorganization in the public interest upon
condition that the plan promulgated by it, and certain of its subsidiaries on
Aug. 25, 1938, for the extension of the maturities of certain obligations
At the same time the Commission approved condi¬
tionally the extension of time of payment to Nov, 1,1943; of loan of $778,000
to the road by the, Reconstruction Finance
Corporation, maturing April
30,1941.
«
893,190
82,607
590,130
for
con¬
tingencies, Ac*. 3,660,075
Earned surplus...16,051,811
Paid-in surplus... 7,020,914
4,573,459
15,253,199
7,054,564
8.989.382
1,110,063
1,025,757
Empl. stk. subscr.
Total....**.*-$5,910,910 $6,064,992
b Common
Reserve
1,600,039
6,607,851
Plant lmprov. A re¬
xConsolidated.—V. 147, p. 3162.
1937
Liabilities—
$
$
stock.15,685,938 15,677,375
Accts. pay., Ac-— 1,347,496
1,713,237
Accrued taxes, Ac. 1,260,943
2,808,284
-
Land, bldgs., Ac.17,081,930
Cash
8,725
$3.26
labor, manufacturing expenses and
adjustments of inventories,
b Includes provision of $150,000 in 1937 and
$350,000 in 1936, for estimated surtax on undistributed profits,
c Includ¬
ing subsidiary's loss on sale and demolition of capital assets of $155,764.
A. 3SCt3
18,239
17,129
258,823
,
1,400,000
b2,200,000
After deducting materials used,
a
Inventories***;**
'
45,000
300,000
$3,930,460 $10,518,918 $10,379,538
......
Notes, accept, and
.
iiiiii
b2,500,000
Balance, surplus**...
Earned per share
9.493
4,900,718
Profit and loss
Net profit—..
Dividend
857,646
993,833
8,132
taxes, Ac
Miscell. unapplied
_
accrued
10,244
770,000
Federal income taxes*..
2.005,246
626.453
38,620
23,260
78,570
500,000
141,044
11,898
general stk. subscrip ns*
mpl s contingencies*.
2,581,494
136",185
Capital stock...*. 4,410,040
R'lest., bldgs., Ac. 1,014,325
Prepaid Insurance,
suspense items.
.
$2,258
$3,008
300,000
State A local taxes
135,960 Due to affil.
141,900
11,827
*.
Cap. stock of subs.
owned-
.
Fed. taxes accrued
Other liabilities...
and
ad vs.
Stock owned
.
companies.....
50,084
Inv. in Burns Bros.
Notes
Wages payable—
Notes payable, bk.
Audited accts.pay.
Accts, pay. to affil.
Due from parent A
affiliated cos...
2,830,225
$7,325,611 $15,792,502 $15,181,072 $11,023,126
86,947
117,391
131,671
101,038
Interest earned**
—'*
63,812
99,162
119,529 103,770
Scrap
sales,
royalties,
391,768
361.020
225,832
&c., income
239,235
Gas properties income.*
216,344
93,712
168,149
310,954
Other Income, *;
6,078
38,398
8,061
282,895
Discounts earned.*****
143,677
62,548
142,174
124,635
Net loss of wholly-owned
subsidiaries
1,581
40,118
cl87,38*
prof6,845
1937
xl938
22,375
1,703,844
Miacell. accts. rec.
Coal
Liabilities—
1937
*1938
2,451,898
Net mfg. profit—Dividends received..***
,
Assets—
Calendar Years
1938
1937
1936
1935
Manufacturing profits $9,648,670 $17,917,462 $17,632,970 $13,853,351
a
Deferred liabilities
487.760
Funded debt..
Total
315.427
fund- debt A
Int accrued
21,988
1,542,107 Mtge. payable
66,955
Advanced royalties 1,616,076
Sinking fund assets
423,501
mpaying agents..
11, 1939
The report, featuring for the first time an enlarged presentation of the
ConsolidatedfBalance Sheet Dec. 31
Cash
Mat.
390,450
Deferred assets...
174,990
Total....—45,027,176 47,080,1081
After depreciation,
a
Total
——45.027.170 47,080,108
b Represented by 2,509,750
no par
shares in 1938
and 2,508,380 no par shares in 1937.—Y. 148, p. 1032.
becomes effective.
acetylene and other compressed gases, with plants at Chicago, Detroit and
Assumption of Obligation and Liability—
The ICC' on March 1 modified Its order of Dec. 14 ,1937, so as to permit
the continuation of the assumption of obligation and liability, as guarantor
and endorser, by the company, in respect of the payment of principal, inter¬
est and minimum
sinking fund requirements
or
not
exceeding $4,117,600
of five-year secured 6% notes of the Lehigh
Valley Coal Co., as modified
proposed plan and deposit agreement for the adjustment of the finances
of the coal company when and if such plan and a greement becomes effective.
—V. 148. p. 1327.
by
Liquid Carbonic Cor p.—Acquisition—
Corporation has completed negotiations to purchase from A. F. Wall the
and business of Wall Chemicals, Inc., manufacturers of oxygen,
assets
Following completion of customary legal details, the business wili be
over by a wholly owned subsidiry to be formed for that purpose, n
filed for over
15 years, will continue in, charge of the business as President of the new
company.—V 148, p. 884.
taken
Mr. Wall, who has been operating in the compressed gas
„
a
Lion Oil Refining
Co.—Listing—
,
The New York Stock Exchange has authorized the listing of $3,571,500
% sinking fund debentures due April 1, 1952, and 434,963 shares of
common stock (no par), which are Issued ana outstanding, with authority
to add to the list 142,860 shares of common stock upon official notice of
issuance on conversion- of 4)4% debentures, and 899 shares of common
jstock upon official notice of issuance in exchange for stock of E. L. Smith
Oil Co., Inc.
v
The stock has been listed on the New York Curb and Chicago Stock
Exchanges for a number of years.
•
On Sept. 22, 1938 the company owned slightly in excess of 97%. of the
issued and outstanding common stock of E. L. Smith Oil Co., Inc. (Del.).
On that date a majority of the directors of E. L. Smith Oil Co., Inc., entered
into an agreement with a majority of the directors Of the company, by which
it was agreed that E. L- Smith Oil Co., Inc., should be merged into the
companyThe merger agreement provided that each stockholders of
E. L. Smith Oil Co., Inc., other than Lion Oil Refining Co., should have
the right to exchange the stock held by him in E. L. Smith Oil Co., Inc.,
for the common stock of Lion Oil Refining Co., on the basis of one share of
the common stock of Lion Oil Refining for each 10 shares of common of
E- L, Smith Oil Co.* Inc. (par $10), or on the basis of one share of common
of Lion Oil for each 100 shares of common of E. L. Smith Oil Co. (par $1
with.the provision that no certificates for fractional shares of stock should
be issued by the company, but that, in lieu thereof, scrip certificates for
fractional shares would J>e issued
of 4H
This merger agreement was
subsequently approved by the stockholders
of the two corporations involved, ana became effective on Nov. 16, 1938.
In accordance with the terms of the merger agreement, Lion Oil originally
reserved 1,042 shares of common stock to be used to effectuate the exchange
of stock provided in the merger agreement.
After the effective date of the
merger agreement, the company purchased 470 shares of the common stock
of E. L. Smith Oil Co., Inc. (par $10), and canceled the reservation of 47
shares of its common stock which would otherwise have been
used in ex¬
change for the 470 shares of the common stock of E. L. Smith Oil Co.,
Inc., purchased.
As of Dec. 31,1938, 865 shares of stock reserved for this
urpose remained unissued.—V. 147, p. 3018.
Libbey-O wens-Ford Glass Co.—Annual Report—
Reporting
taxes the
a net profit of $3,930,460 for 1938, after provision for Federal
22nd annual report has been submitted to stockholders by John
B. Biggers, President.
'With general business at
a
low level at the start of 1938, Mr. Biggers told
stockholders, moderate losses were sustained by the company despite the
institution of many operating economies, but the latter half of the year saw
substantial improvements in sales of all types of glass.
This was due in
part to the company s
launching of
an
aggressive campaign on window
flass at the low-ebb point of the fir3t six months of business sluggishness in
uly, he added.
I**The report records that although Federal income taxes of the company
decreased in 1938 from 1937 figures, due to sharply reduced earnings, the
company's tax bill last year had more than doubled over the five-year
period since 1933.
The company s direct tax expense for 1938, amounting
to $1,489,082, represented 47 cents for each dollar of dividends
paid and
was equivalent to $285.87 for each employee, on the basis of the
average
number of employees for the year, the report said.
It is explained that tax information returns, Including all the detailed
reporting under the Social Security Act, which had to be filed with various
governmental offices, have so increased in number that it was necessary to
prepare and file more than 39.000 returns druring 1938 compared with
about 1,500 in 1933.
-
Lockheed Aircraft Corp.—Common
Stock Offered—New
financing for the corporation which will provide capital for
expansion of its manufacturing operations was carried out
March 8 with the public offering,of 112,454 shares of common
stock (par $1) at $31 per share.
G.M.-P. Murphy & Co.,
Blyth & Co., Inc., are joint managers of the under¬
writing group which also includes Smith, Barney & Co.,
Hayden, Stone & Co., Lee Higginson Corp., White, Weld &
Co., Stern, Wampler & Co., Inc., and G. Brashears & Co.
and
Listing— Common stock is listed on the New York Curb Exchange, the!
Stock Exchange, the San Francisco Stock Exchange, and the
Los Angeles
Chicago Board of Trader and is registered under the Securities Exchange
Act of 1934;
Company has made application to list the additional common
stock on each of said Exchanges and for the registration thereof under said
Act, both upon official notiee of issuance.
Transfer Agents—The transfer agents of the shares of common stock
are New York Trust Co., New York, and Lockheed Aircraft Corp., Burbank, Calif.
The registrars are Manufacturers Trust Co., New York
and California Trust Co., Los Angeles, Calif.
(
Funded Debt and Capitalization as of Dec.
$ 1,1938
Authorized
Promissory notes
Common stock (par $1)
a
*
1
——--$1,250,000
1,000,000 shs.
*
Outstanding
$1,250,000
a660,879sbs.
Hall L. Hibbard has a contract with the company to purchase 1,667
share, which are not included in outstanding shares, nor
are they included in the shares now being offered.
Business—1Company's business is the design, development, construction,
saie and repair of aircraft and parts therefor, for commercial transport,
military, naval, and private use.
The development, manufacture; ana sale
of civil type- aircraft to commercial airlines and private owners, both
domestic and foreign, and, to a limited extent, to the U. S. Government,
heretofore constituted the major portion of the company's business through
sale of its Model 10 (10 passenger) airplane, its smaller version thereof,
the Model 12 (six passenger) airplane and more recently its Model 14
(11 passenger) airplane, the largest transport yet developed by the company.
However, the company has designed military adaptations of the Moael 12
and the Model 14.
Military versions of the Moael 12 have been sold to the
Dutch Colonial Government.
Company is under contract with the British
Air Ministry for the construction of 175 Model 14 airplanes of such military
adaptation.
Company has the right under such contract to construct and
deliver up to 75 additional airplanes on or prior to Dec. 31, 1939.
It is
also under a contract for the construction of 50 such Model 14 airplanes
for the Commonwealth of Australia.
Company has entered no contract
shares at $5 per
granting a license to build military adaptations of any of its models.
Company purchases from others the engines, propellers, aeronautical
instruments and certain other equipment which it uses in the construction
of or furnishes with aircraft constructed by the company.
The principal
material used by the company in its manufacturing operations are alumi¬
num alloys, tool steel, steel alloys, rubber goods, paints, varnishes, and
lacquers.
As of Dec. 31,1938, the company employed approximately 3,000 persons.
As of said date it had unfilled orders of approximately $33,330,587, which
,
preponderantly foreign orders.
is engaging in certain aircraft design and manufacturing
and naval services of the U. S. Government.
Contracts with the U. S. Government usually contain provisions per¬
mitting their cancellation by the Government even though the contractor
is not in default but usually make provision for settlement in the event
were
Company
activities for the military
Volume
Financial
14U
1483
Chronicle
of any such
cancellation, which settlements may or may not cover costs
theretofore incurred by the contractor in performance of the contract.
Some of the provisions of these Government contracts involve contingent
Long IslandlRR.—Report—
Traffic Statistics—Years Ended Dec. 31
liabilities to the contractor which may be substantial.
Company
1938
60.55 % of the voting'stock of Vega Airplane Co. (formerly
AiRover Co.) which was organized in California in August, 1937, and
has its plant located adjacent to that of the company.
This subsidiary
is engaged in the business of developing, and intends to engage in the
o wns
Mileage
oper.
(pass, ser.)
1935
360
1936
360
1937
355
Ko. of pass, carried
70,394,991
Ko. of pass. carr. 1 mile. 1323972466
A v. rec. from each pass.
22.8 cts.
356
77,478,353
1414412985
82,278,859
77,671.201
1393139428
1276963243
22.0 cts.
21.6 cts.
21.8 cts.
1.205 cts.
5,280,641
94,615,403
1.275 cts.
1.327 cts.
►
manufacture and sale of, airplanes with two air cooled "inline" engines
bolted together driving a single constant speed propeller through a free
wheeling clutch in such a manner as to allow either or both engines to
drive the propeller.
Vega Airplane Co. is also engaged in certain engin¬
Avge.
1 mile..
1.211 cts.
4,885,929
88,008,368
Average
rev. per ton...
$1.27
$1.20
5,235,131
93,312,995
$1.26
4,742,151
88,971,326
eering operations and the manufacture of parts for the company.
Av.
per ton p.
mile.
7.030 cts.
6.708 cts.
7.051 cts.
6.444 cts.
Contract with British Air Ministry— Under the terms of a contract dated
June 23, 1938, and subsequently amended in certain respects, between
the company and the British Secretary of State for Air, the company is
*
to supply the British Air Ministry with at least 175 Lockheed Model 14
transports, converted for military use and warranted to conform to agreed
specifications.
Company guarantees that these airplanes will be ready for
at the factory in specified monthly quantities, and may supply
75 additional airplanes, within the contract term, which expires on Dec. 31,
shipment
1939, uniess extended by
reason
of labor
international disputes, fires,
or
or restrictive laws, or other causes usually defined as acts of
force majeure.
Final delivery, after shipment, reassembly and
installation work, is to be made by the company in England.
acts of God
God
or
certain
Delays in required deliveries, unless due to certain specified causes, will
subject the company to liquidated damages amounting to I % of the price
of the delayed articles for not to exceed 30 days deiay, 2% for 30 to 60 days,
and 3% for over 60 days delay.
Delay of 60 days or more will entitle
the purchaser to terminate the contract either wholly or to the extent of
the delayed articles.
The company is further to supply substantial quan¬
tities of spare parts to be delivered in England, and the purchaser is entitled
to order additional substantial quantities of spare parts during the term
of the
contract
contract
at
All shipments
prices.
are at
the company's
risk until final delivery and it is the company's intention that shipments
"will be fully covered by insurance.
Shipments may be made from New
York or Los Angeles, but must be made in British vessels.
In case the
United Kingdom becomes so involved in hostilities as to require shipments
war conditions, the company is entitled to make final delivery on
under
board ship (or in the absence of shipping facilities, to warehouse) at Los
Angeles or New York and receive payment of any balance of the applicable
Surchase price of the articles and spare parts, will involve gross required
Performance of the receipts
eliveries, including airplanes so delivered.
by the company
reassembly and installation work in England.
Seasonable deliveries of all
materials contemplated by the contract, including the 75 additional air¬
planes, will involve gross receipts of at least $27,000,000.
Contract with Australian Government—On Dec. 17, 1938, the company
entered into a contract with the Australian Minister of State for Defense
under which the company is to supply the Australian Government with
50 Lockheed Model 14 transports converted for military use and warranted
to conform
to agreed specifications.Company is also to supply sub¬
stantial quantities of spare parts.
Final delivery is to be made on board
ship, or at other designated places, in Los Angeles, on a definite time
schedule within the contract term, which likewise expires on Dec. 31, 1939,
in the case of the British contract.
All shipments are
at the company's risk until so delivered.
Delivery of the airplanes and
spare parts as contemplated will involve gross receipts therefor by the
company of at least $4,980,000.
Funded Debt—As of Dec. 31, 1938, company had outstanding $1,250,000
of promissory notes to three banks, which notes mature serially from
Jan. 20, 1940, to Jan. 20, 1941, both dates inclusive.
Pursuant to an agreement between the company and Northwest Airlines,
Inc., dated Jan. 27, 1939, the company agreed to purchase or cause to
be purchased from Northwest Airlines, Inc., eight Model 14 airplanes at
the price of $65,000 each or an aggregate amount of $520,000 (less depre¬
ciation if not delivered within 90 days from the date of the agreement).
The obligation to pay sqid price will be evidenced by promissory notes
payable to Northwest Airlines, Inc., bearing interest at the rate of 5%
per annum, and payable from 15 to 25 months from their respective dates
at the option of the company.
These notes are to be dated as of the date
of the delivery of the respective airplanes being purchased.
Purpose—Of the estimated net proceeds ($3,148,712) which company
is to receive upon delivery of the shares offered, it is the company's intention
to
apply approximately $2,160,000 to the following purposes:
About
$300,000 to complete the construction of a service hangar, an assembly
hangar, a paint hangar, an engineering building, an office building, a
personnel building, an employees' canteen, and to make additions to a
press building, a die-storage building and a clock house; about $620,000
for the purchase of tools, machinery and factory equipment: and about
$1,240,000 in the development; of the company's Model 16, Model 22 nad
Model 44 airplanes, including engineering, tooling and experimental work.
Company intends to add the balance of the estimated net proceeds to its
unless extended
*
as
working capital.
Underwriters—The
underwriters, and the number
agreed to purchase, are as follows:
G. M.-P.
Murphy & Co., New York, 28,000 shs.; Biyth & Co., Inc., New York,
28,000 shs.; Smith, Barney & Co., New York, 17,000 shs.: Hayden, Stone
& Co., New York, 11,000 shs.; Lee Higginson Corp., New York, 9,000 shs.;
White, Weld & Co., New York, 9,000 shs.; Stern, Wampler & Co., Chicago,
7,000 shs.; G. Brashears & Co., Los Angeles, 3,454 shs.
of shares
which
each
names
of the respective
pass.
mile
Revenue tons carried...
per
Rev. tons
rev.
carr.
$1.21
Operating Results for Calendar Years
Revenues—
1938
1937
1936
$6,186,875
16,029,878
1,090,937
Freight
Passenger
Mail, express, &c
$6,346,697
17,050,548
1,189,204
$6,579,309
17,765,082
1,180,987
Total oper. revenues.$23,307,691
1935 Ml
$5,733,730
16,950,650
1,122,031
$24,586,449 $25,525,378 $23,806,411
Operating Expenses—
Maint. of way <fc struc..
Maint. of equipment...
Traffic expenses
1,968,062
Miscell. operations
General
Transp. for invest.—Cr.
2,614,956
2,247,709
2,042,089
3.875,045
104,668
11,495.483
3,294
397,133
1,027
Transportation
4,787,660
169,692
11,659,244
3,635
589,041
1,698
4,707,444
247,226
11,622,915
4,259,159
242,961
11,175,593
2,851
709.113
3,037
789,517
1,655
409
Operating expenses..$17,842,658 $19,822,530 $19,616,192 $18,431,359
Netearnings....
5,465,033
4,763,918
5,909,185
5,375,052
Uncollectible revenue._
11,585
x Railway tax accruals
3,548,545
3,049,644
3,139,196
2,751,458
...
Operating income
$1,916,487
362,955
Hire of equipment
Joint facil.
$1,714,274
333,928
1,771,497
1,556,599
rents^(net)..
$2,769,989
361,210
1,611,328
$2,612,008
474,456
1.596,866
$797,451
372,698
$540,686
374,026
$428,426
$1,170,149
$914,712
60,000
182,741
171,342
54,301
2,026,030
1,893
8,986
Net ry. oper. income.def$217,964 def$176,253
Non-operating income..
426,242
604,680
Gross income
of at least $18,390,000 plus shipping and insurance costs
from United States ports to destination and plus compensation calculated
to return to the company its costs plus a profit in connection with the
revenue per
$208,277
*
Deduct—
Rents for leased roads..
2,190,645
44,817
6,739
60,000
170,328
63,111
2,017,209
9,131
8,400
$2,209,676
Miscellaneous
60,000
189,587
67,088
2,091,983
2,256
7,038
$2,115,812
$1,158,031
rents
Miscell. tax accruals....
Int.
on
funded debt
Int.
on
unfunded debt..
Miscellaneous
charges..
Net loss
59t295
-
60,000
$1,407,84
Incl. for 1936, $295,837 railroad retirement taxes which were cred ite
profit and losp in 1937.
„
x
to
,
General Balance Sheet Dec. 31
$
*
Road & equip..
1938
1937
1938
jA SSCtS"
Liabilities—
$
139,166,517 137,574,643
40,351,000
Eq. trust obllg..
2,057,000
17,372
82,474
4,051,737
2,001,067
4,051,736
"*N. Y. State-.
1,509,391
Due Pa. RR. for
mtg. prop, sold
Advances
Impts. on lease¬
hold
I
54,991,385
43,951,000
2,789,000
Funded debt
Depos. In lieu of
property
Misc. phys. prop
Inv. in securs. of
from
555,112
262,548
603,249
■118,583
Long Isld. RR
25,579
Other investm'ts
244,800
Cash
619,786
Special deposits.
121,408
RR. retire, taxes
74,639
Loans & bills rec.
140,993
16
Traf., <fcc., bals..'
Agts. & cond'rs.
107,153
787,322
121,656
622,476
1,016,175
1,398,023
Accts. & wages.
16
Traf., &c., bals.
Mat'd
Fund,
Interest.
debt
tured,
4,686,601
3,797,786
10,500,000
advances
Mat'ls & suppl's
731,784
1,236,473
5,500,000
843,885
1,119,803
22,002
.24,157
ma¬
3,386
17,886
619,211
unpaid
603,017
70,984
71,826
1,851,582
110,282
1,591,258
Accrued Interest
and rents
RR. retire, taxes
Misc. accts. pay.
1,790,044
113,170
1,613,703
Ins., &c., res've
Acer, deprec'n.. 20,859,376
19,782,652
Oth.unadj .accts.
2,174,152
1,316,505
liabil's
182,771
34,401
Tax liability....
Int., dlvs., &c.,
9,392
11,432
1,506,026,,
1,358,853
receivable
Misc. accts. rec.
1937
$
54.991,385
Capital stock
Other cur. assets
281
136
UnadJ. debits..
535,846
703,471
Deferred assets:
1,933,809
1,906,468
Deferred
Add'ns
to
prop,
through Inc.&
2,320,349
1,976,061
7,961,886
10,582,420
..152,285,281
150,954.909
surplus
P. & L. balance.
152,285,281
Total
150,954,9091
Total.
—V. 148, p. 1328.
has
Louisiana Power & Light
Period End. Dec. 31—
Co.—Earnings—r
mS-^-Monlh—1937
1938—12 Mos.—1937
for Calendar Years
1936
1937
1938
.
Gross sales (less returns
and royalties,
&c., expense..
rents
$7,069,362
4,525,382
708,000
$7,802,839
5,042,402
678,000
revenues.$172,677
(net),
1,757
$129,516
2,046
$1,835,980
22,200
$2,082,437
21,419
Int. on mortgage bonds.
Other int. & deductions.
$174,434
72,960
4,718
$131,562
72,963
4,685
$1,858,180
875,536
59,272
$2,103,856
875,626
56,295
07,777
Cr 8,881
$104,533;
$53,914
$932,253
Net oper.
$5,209,985 $10,274,503
4,012,027
7,788,808
$2,006,500
1,499,452
& allow.)
Cost of goods sold
1*
Maintenance and repairs, depreciat'n,
$678,757
487,741
61,500
Int. chgd. to constr'n—
Income Account
$626,887
395,210
59,000
Operating revenues
Oper. exps., incl. taxes.Prop, retire, res. approp.
Other income
Gross income
development,
378,582
1,986,421
$128,465
20,129
$177,549
34,602
$499,273
47,467
$148,595
1,769
Gross profit
Other income..
1,020,408
$212,151
7,327
30,217
36,687
$546,741
12,747
91,883
$137,919
$442,111
Net
income
—
$1,171,935
Dividends applicable to preferred stock for the
Total income
Interest deductions
21,393
26,357
Prov. for Fed. inc. & excess
Prov. for Fed. surtax on
prof, taxes
unuis. profits
hand....$1,170,188
Accounts receivable
628.701
(.net)
Inventories
...
2,343,213
10,936
Other current assets.._______
Investments
Fixed assets
...
payable—trade.....$1,285,223
balailes and wages payable..i
83,543
Accounts
Taxes
—
100,238
...
payable.,—
Commissions payable
132,921
208,465
Customers' deposits and unap¬
1,776,951
plied progress payments....
Accrued liabilities
....
(net).
1
Intangible assets.
Deferred charges
873,730
Notes
....
Paid-in
$7,012,187
on
143,964
1,650,318
surplus
Earned
Additional Stock Listed
surplus
Capital
1,061,127
1,250,000
660,879
payable banks
Capital stock
Total.
surplus
u
24,774
719,199
$7,012,187
Total
Curb—
.
Curb Exchange have approved
capital stock (par $1) upon official
The Board of Governors of the New York
the listing of 112,454 additional shares of
notice of issuance.
The
Listing Committee of the San Francisco Stock
the application of corporation for an
3916.
Stockholders will be asked on March 22 to vote on a combined retirement
jjiabiltties—
Assets—
*
Exchange has approved
additional listing of 112,454 shares of
annuity and pension plan under which all employees of more than one year
of service in the first case, and of six years or more service before 1939, in
the second case, will be eligible to
Also to
be
company at
Inc.—Options Exercised—
the
purchase of common stock of the company at $40 per share in the aggre¬
1328.
•
gate of 66,666 shares.—V. 148, p.
McCrory Stores Corp.—Sales—
Period End. Feb. 28—
—V.
1939—Month—1938
$2,640,833
$2,737,905
Sales
(Arthur G.) McKee & Co.—Extra Dividend—
dividend of 75 cents per share in
of 25 cents per share on the class B
March 20.
A similar extra
was paid on Jan. 2 last, on Oct. 1, July 1, April 1 and Jan. 2. 1938, and on
Oct. 1 and July 1, 1937; an extra of 50 cents was paid on April 1, 1937, and
extra dividends of 25 cents were paid on Jan. 2>Y937, on Oct. 1, July 1 and
Jan. 1. 1936, and on Oct. 1,1935.
In addition, a year-end dividend of 50 cehts was paid on Dec. 20, 1937,
and a special dividend of 25 cents per share was distributed on Dec. 22,
The directors have declared an extra
stock, both payable April 1 to holders of record
1936.—V.
147,
p.
3767.
McLellan Stores
148, p.
1174:
—V.
.
B
Corp.—Sales—
1939
$1,260,867
1938
$1,183,694
148, p. 885.
Maclaren-Quebec Power Co.—Books Closed on Bond Issue
The Dominion Securities Corp., Ltd., manager of the syndicate which
offered in Canada on March 1 an $18,000,000 issue of 4% first mortgage
due May 15, 1959, at 98, to yield about 4.15%, has
announced that the issue has been oversubscribed and the books closed.
This issue, which refunded the company's outstanding
was the largest
Canadian offering other than municipal and railway issues since 1936.
sinking fund bonds
1939—2 Mos.—1938
$5,273,023
$5,116,470
of
addition to a regular quarterly dividend
Sales
B.
for
,
$66,933.—V. 147, p. 2691.
Month of February—
Company has advised the New York Stock Exchange that Louis
Mayer, Robert Rubin and David Bernstein have exercised options
participate.
considered at the meeting will be a proposed retirement
27,400 shares of $1 par common stock held in the treasury, the reduction
of paid-in surplus by $35,211, and reduction In earned surplus by $4,322, as
the shares to be retired heretofore have been carried on the books of the
capital stock.—V. 148, p. 1032.
Loew's
356,532
$815,403
McGraw Electric Co.—Pension Plan Proposed—
Balance Sheet Dec. 31, 1938
Cash in bank and on
Balance
—V. 147, p.
_
$99,074
Net income for period
;
356,532
$575,721
period, whether paid or unpaid
Financial
1484
Other
&
Oo.t
Chronicle
members of the offering syndicate "frere: McLeod, Young, Weir
Ltd.: Wood, Gundy & Co., Ltd.; Royal Securities Corp., Ltd.;
« Co., Ltd.; Nesbitt, Thomson & Co , Ltd.; R. O. Sweezey &
11, 1939
Sept. 1 and May 29, 1937 ; 30 cents on May 20, 1937, and 10 cents paid on
March 5, 1937, and on Dec. 12, 1936, this last being the first dividend paid
A. E. Ames
Co., Ltd.; Kerrigan, MacTier & Co., Ltd.; McTaggart, Hannaford, Birks
Ltd.; Bell, Goulnlock & Co., Ltd.; Hanson Bros., Inc.; W. C.
Pltflela & Co., Ltd.; Greenshields & Co., Inc.; Collier, Norris & Henderson,
Ltd.; Cochran, Murray & Co., Ltd.; R. a. Daly & Co., Ltd.; Matthews &
Co.; Mills, Spence & Co., Ltd.; Midland Securities Corp., Ltd.; Gairdner
& Co., Ltd.; Mead & Co., Ltd.; L. G. Beaubien & Co., Ltd.; Savard,
Hodgson & Co., Inc.; Societe de Placements Incorporee; John Graham &
Co.; H. C. Monk & Co.; James Richardson & 8ons; F. W. Kerr & Co.;
Dyment, Anderson & Co.; Brawley, Cathers & Co.; J. L. Graham & Co.,
Ltd.; Herrison & Co., Ltd.; Burns Bros. <!k Denton, Ltd.; Aird, MacLeod
& Co.; Briffis, Norsworthy Ltd.; Beatty, Webster Sc Co., Lwi.; Bartlett,
Cayley & Co., Ltd.; W. H. Watson & Co.; Eastern Securities Co. Ltd.;
T. M. Bell & Co., Ltd.; Canadian Alliance Corp., Ltd., and F. J. Brennan
& Co., Ltd.—V. 148, p. 1328.
since March 1, 1934, when a dividend of $1.15 per share was distributed.—
V. 147, P. 3917.
& Gordon,
Marine Midland
Mar.
with 15 cents paid on Jan. 3 last; 10 cents on Sept. 1 last; 35 cents on May
31 last; 10 cents on March 1, 1938; 15 cents on Dec. 1, 1937; 10 cents on
Mississippi Power Co.—Earnings—
Period End. Jan. 31— *
Gross
1939—12 Mos.—1938
1939—Month—1938
$301,346
$291,038
186,990
189,325
23,333
15.000
revenue
& taxes.
Prov. for deprec
Oper.
expenses
$3,537,162
2,278,948
288,333
$3,487,362
2,211,195
186,795
$1,089,372
$91,013
$86,713
$969,881
49,097
51,671
602,912
614.253
$41,917
21,088
$35,041
21,088
$366,968
253.062
$475,119
253,062
$20,828
Gross income
$13,953
$113,906
$222,057
Interest and other fixed
charges
Net income
Corp.—To Pay 10-Cent Dividend—
Divs.
declared a dividend of lu cents per share on the common
payable April 1 to holders of record March 17.
This compares with
12 cents paid on Jan. 3, last, and 10 cents paid on July 1, April 1, and
Jan. 3, 1938.—V. 148, p. 885.
Directors have
stock
on
pref. stock
Balance
—V. 148, p. 737.
,
Mississippi River Power Co., St. Louis, Mo.— -Earnings
(Oscar) Mayer & Co., Inc.—Extra Preferred Dividend—
declared an extra dividend of 25 cents per share in addi¬
regular quarterly dividend of $2 per share on the 8% second
Directors have
tion
to the
Calendar Years—
participating preferred stock, par $100, both payable March 1, to holders
of record Feb. 23.
Similar amounts were paid on Sept. 1, June 1 and on
March 1, 1938.—V. 147, p. 1198.
Merchants
1939
$1,235,308
$1,214,395
494,069
720,000
$1,754,785
494,068
840,000
def$98,760
$327
$20,717
Balance, surplus
Including
Missouri
Transmission Co.
y Including
Nov. 23, 1938.
$3,470,911
$3,356,872
7,119
14,719
Property & plant.47,426,041
Cash
on - deposit
$1,157,415
420,565
Investments
1938
$863,242
$736,850
Accts. receivable..
800.832
686,993
Due from affiliated
—•
—
p.1174.
8.
f. trustee
y
160,926
47,643
•
49.142
143,850
Mat'l & supp.
xl59,379
May 1,
1947... 2 817,000
2,817,000
83,241
Accounts payable.
4,380
7,431
6,589
Mat'd int.
46,540
9,437
5,937
9,122
Due
536,998
538,217
108,207
77,100
410,092
6,764
450,818
on
to
unpaid.
affil.
cos.
42,667
current acct.
622,589
Interest accrued.
Dividends payable
Unamortized bond
disct.A expenses
Other current
428,782
123,517
_
487,740
424,922
Taxe6 accrued
for
constr. & maint.
123,517
and
15,201
18,170
Deprec'n reserve.. 4, 737,254
Prepaid ins., taxes
4,544,246
43,873
36,037
40,573
40,649
5, 617,153
5,616,977
accrued liabils—
6,136
company's certificate of incorporation approved by votiDg trust certificate
holders at a meeting on Dec. 28, 1938.
The amendment legally premitted
directors to take into consideration the fair vaire of the assets of the company
rather than their book value, in determining whether any impairment of
Cas. & ins. reserve
Other reserves—
Surplus
capital would exist through the declaration of dividends to the full extent of
the reserve of $277,743 set up with respect to the company's net earnings for
1936 and 1937.
After careful consideration of reports of officers of the
company and other pertinent facts it was determined that the payment of
such dividends would in no way impair any capital or paid in surplus of the
Total
After
x
54,750.330
54,629,5881
—
...
54.750.330 54,629.588
Total
for doubtful accounts of $125.
y Represented by shares
Consolidated balance sheet.—V. 147, p. 3314.
reserve
of $100 par.
z
Molybdenum Corp. of America—-Stock Increase Voted—
131.
148, p.
5%, due
Payrolls payable—
mat'd int., Ac..
per
A stock and an initial divideno of 10 cents per share on the
ciass B stock with respect to the consolidated net earnings for the years
1936 and 1937.
Both dividends are payable April 20, to holders of voting
trust certificates of record at the close of business March 31, 1939.
This dividend action was made possible by the recent amendment to the
5%
'51..16, 057,900 16.212,300
due Jan. 1
Debens.,
Deps. for pay't of
share on the class
Common stock..16 000,000 16,000,000
5,715,247
—
$
8,234,475
1st mtge. bds.,
164.372
5,826,567
cos.on curr.acct.
Middle States Petroleum Corp —Dividends—
The board of directors on March 7 declared a dividend of 62 cents
company.—V.
zl937
$
8 ,234,475
6% cum. pref.stk.
47,423,634
Cash on hand and
in bank.
operating income
Trans¬
Liabilities—
$3,342,153
2,184,738
with
New income.
Missouri
zl937
$
$1,330,904
467,662
-
494,069
1,240.000
Balance Sheet Dec. 31
1938
$3,463,792
2,132,888
Net operating revenues—
Operating taxes
- —
860,176
1938
5
Operating revenues
Operating expenses
—V. 148,
260,000
1,025,131
mission Co. to date of dissolution,
Assets—
Net
1,592,650
260,000
1,018,920
$177
Common dividends
Telephone Co.—Earnings—
revenues
Uncollectible operating revenue
1,693,392
260,000
1,008,477
$1,735,845
494,068
1,241,600
Net income
Preferred dividends
x
Operating
$3,900,091
andtaxes...
declared a dividend of z5 cents per share on the common
Month of January—
xl936
$4,085,966
Prov. for deprec'n
Interest charges
stock, payable March 31 to holders of record March 20.
Like amount was
paid on Dec. 29, last, this latter being the first dividend paid since Sept. 30,
1937, when a regular quarterly dividend of 40 cents per share was dis¬
tributed.—. 148, p. 73/.
.
Michigan Bell
xl937
$4,197,178
Oper. exps., maintenance
& Miners Transportation Co.—Dividend—
Directors haye
xl935
yl938
$4,021,444
1,026,202
260,000
999,397
1
Gross earnings
Stockholders at their recent annual meeting approved increase in author¬
Railway
Electric
Milwaukee
&
Transport
Co.
(&
ized capital stock to 750,000 shares of $1 par value from 650,000 shares.
Marx Hirsch, President, stated that the authorized increase was to place
Subs.)—Earnings—
the company in
a position to take advantage of financing arrangements
which might require a convertible issue.
There is no concrete proposition
[Wholly owned subsidiary of Wisconsin Electric Power Co.]
considered at present, however,
Mr. Hirsch said.
January business was good, while that of February showed a moderate
but March promised to be a good month, according to Mr.
Consolidated Income Statement from Oct. 22, 1938 to Dec. 31, 1938
$1,842,798
1,671,878
Total operating revenues
Total operating expenses,»
recession,
Hirsch.
stated at the meeting that.- tungsten consumption by domestic
only about 10% of that in 1937.
regard to the large inventory shown in the Dec. 31, 1938 balance
sheet, Mr. Hirsch said that all but about $200,000 of this inventory has
.
Net operating revenues
Total non-operating revenues
......
(net)
. „
„
Gross income.
—
$170,920
3,430
*"
Commenting further on the possibilities of financing, Mr. Hirsch said
had been submitted to the corporation but that noth¬
ing had been decided upon.
Any convertible security which might ulti¬
mately be issued would be offered first to stockholders, who have pre¬
emptive right on such issues, and the funds would be used at least in part
to retire outstanding bank loans and notes.
Acceptances have been reduced to about $145,000 from $282,000 at the
20
—.
in 1938 was
sold
78,030
2
was
In
_$174,350
Interest charges..
Other deductions
It
users
several propositions
Net income
-$96,300
-
-
Consolidated Balance Sheet Dec. 31, 1938
Liabilities—
Assets—
$50, 662,040
of subs., »
Property and plant....
Prem. paid ior stocks
net...
176.769
Sundry investments (at cost).
Cash
Special deposits
Accounts payable..
2,132
729,291
38,180
—
Acots. rec. (trade)
Capital stock ($100 par)
1st mtge. 4s, 1968
Payrolls accrued
76,114
10,591
118.364
(net)
Other accts. receivable
Due from Wis. El. Pwr. Co.
12,695
Due'from other affil. Cos
$25,000,000
10,000,000
Materials and supplies
589,744
Deferred charges
195,522
...
year-end, according to Mr. Hirsch.—Y. 146, p. 1560.
705,125
246,826
Taxes accrued
Other interest accrued
Due to other affiliated
accr.
Reserves—Deprec.
72,978
805
cos
llabs...
&
2,234
108,674
first page of this department.—V. 147, p. 274.
Montreal Light Heat
6,020
gain sharing plans
Due to parent company.
Other current &
See list given on
77,419
Amt. payable to empl. under
& Power Consolidated—Output—
Electricity output by this company for consumption in the Montreal
area during February, exclusive of secondary and export power, amounted
to 96,766,840 kilowatt-hours, the highest amount ever recorded for the
month in the history of the company, an increase of 2.95% over February,
1938.
Comparative electricity output for the last 12 months follows:
1937
retire.
of property.
Contin. losses on prop.acct.
Casualties & Insurance
Reserves
Surplus
Co.—Registers with SEC—
Monasco Manufacturing
65,756
Acer, of int. pay. to Wis. El.
Power Co
8,527,784
Second quarter...
Third quarter
100,735,480
274,859,980
276,216,980
'319,004,520
March.,
6,493,189
1,165,583
40,373
...
Fourth quarter
....
1938
98,675
1938
% Change
100,049,230
261,654,950
265,317,350
310,633,920
Total.
.$52,611,344
1939
106,028,300
96,766,840
Cumulative (12
$52,611,3441
*
103,668,910
93,997,650
months).....1,168,483,520
February amounted to 371,357,000 cubic
the same period last year.
January.
February
—4.80
—3.94
—2.62
% Change
+2.28
1,140,450,590
Gas
Total
—0.68
'
+2.95
See also Wisconsin Electric Power Co. below.
-V. 147, P. 2399.
Minnesota Power & Light Co.
Period End. Jan. 31—
Operating revenues
Oper. exps., incl. taxes
Amort,
of
_
_
$551,810
251,187
Prop, retire,
561
41,667
res. approp.
41,667
$6,800,977
3,101,908
6,781
550,000
7,290
507,917
$258,385
$231,297
$2,835,744
$3,183,862
92
139
1,038
4,044
$258,477
135,429
5,993
Cr30
$231,436
136,217
6,297
$2,836,782
1,627,093
70,916
Crl.679
$3,187,906
1,635,755
$1,140,452
$1,486,134
990,836
990,763
$149,616
$495,371
Other income.
Gross income
on
2,769.299
mtge. bonds.
Other int. & deductions.
Int. chgd. to construct'n
gas output
CY38
feet,
2.91%
for the last 12 months follows:
1937
71,999
Cr5,982
1938
% Change
434,843,000
428,743,000
—1.40
1,327,445,000
1,175,398,000
1,265,304,000
1,299,300,000
1,168,594,000
1,248,204,000
—2.12
1938
1939
Mhrch
Second quarter
571
Net oper. revenues
Comparative
1939—12 Mos.—1938
$6,161,824
limited-term
investments
Interest
$552,189
278,664
in
down in comparison with
Earnings—
1939—Month—1938
output
—2.34
Third quarter..
Fourth quarter..
January
February
Cumulative (12 months)
—V. 148, P. 1175.
,
415,542,000
382,474,000
408,668,000
371,357,000
—1.65
5,001,006,000
4,924,866,000
—1.52
—
...
—0.58
—1.35
% Change
—2.91
Motor Wheel Corp.—To Amend By-Laws—
Stockholders at their annual meeting on March 28 will consider amending
Net income.
x
$117,085
$88,960
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
x
Dividends
accumulated
and
unpaid to Jan. 31, 1939, amounted to
$309,662.
Latest dividends, amounting to $1.75 a share on 7% preferred
stock, $1.50 a share on 6 % preferred stock, and $1.50 a share on $6 preferred
stock, were paid on Jan. 2, 1939.
Dividends on these stocks are cumulative.
—V. 148, p. 1330.
by-laws to provide that a quorum for a stockholders' meeting shall
consist of 250,000 shares present in person or by proxy.—V. 148, p. 1331.
the
Munson Steamship
The company's
Jan.
Directors have declared
stock, payable Mrach
10
dividend of 10 cents per share on the capital
to holders of record March 1.
This compares
a
for 6H% golu debenture bonds due
1,1937 (with warrants) have beenremovea from unlisted trading on the
Exchange.—V. 148, p. 1034.
ISew York Curb
(G. C.) Murphy Co.—SalesPeriod End. Feb. 28—
Milnor, Inc.—To Pay 10-Cent Dividend—
Line—Removed from Unlisted Trading
6H % gold debenture bones due Jan. 1, 1937 (with war¬
rants) and the certificates of deposit
Sales
1939—Month—193o
$2,752,150
$2,488,934
As of Feb. 28. last, there were
200
on
1939—2 Mos.—193b
$5,437,685
$4,979,031
201 stores in operation,
Feb. 28, 1938 —V. 14b, p. 1034.
as
compared with
Volume
Financial
148
Mountain States Power
——
Taxes
-
——
.
x Net
operating revenue
Rents from lease of properties
$4,094,013
2,024,712
205,047
491,159
$4,244,876
2,033,094
177,902
554,065
$1,479,815
243,671
787,591
Dr58,054
900,536
972,589
$1,419,430
121,116
x$226,391
51,359
x$353,845
45,415
$974,679
Other income.
932,830
$1,025,689
51,009
$1,298,314
x$277,750
x$399,260
2,623
Z)r38,206
Depreciation
$1,373,094
243.177
281
.
Interest on securities and note sreceivable, &c.
Income from merchandise and jobbing (net)
Subs.)—Earnings-
Calendar Years—
1938
1937
1936
1935
Sales
---$55,545,216 $62,100,160 $62,485,320 $63,063,462
Cost of sales, &c
55,783,314
62,586,760
61,358,393
61,737,028
1937
yl938
—
1485
National Tea Co (&
Co.—Earnings—
Years Ended Dec. 31—
Operating revenues
Operation expense
Maintenance and repairs.!
Chronicle
Prov. for lease cancel
rentals
or
closed stores1
Federal taxes
64,750
on
Net operating revenue and other income.-
Gross income
Interest on funded debt
...
Net income
x
477,521
45,917
373.872
15,173
377,494
18,533
.
r........
..
— .
Before appropriation for retirement reserve,
a
x
Preliminary—subject
y
$231,534
628,250
628,250
$0.23
Nil
$139,785
.
628,250
$0.38
Profit.
Consolidated Balance Sheet Dec. 31
Note—Nq provision
made for Federal income tax or for surtax on
undistributed profits under the Revenue Act of 1936 for the year 1937 as no
such taxes were paid for that year.—Y. 148, p. 588.
was
1938
Assets—
revenues
—
Uncollectible operating revenue-
—_
Operating revenues
Operating expenses-
:
Net operating revenues-
a..—'
1939
$2,039,429
6,636
$1,954,554
1,414,389
$650,979
293,062
Net operating income
Net income
-
— -
-
,
„
19,246
4,022
3,448,696
16,183
673,088
3,155,417
mach'y,
equipment, &c_ 5,505,815
Bldgs.,
Goodwill
1
1
111,818
Deferred charges..
139,200
2,026,904
1,998,229
1,430,000.
530,919
mtge.
70,250
34,250.
est.
123,235
513,750
554,250
26,000
pay.
91,837
29,000
54,811
(non-
current)
Real
131,024
...
notes—
(1939 to 1947)..
Rent pay. subs, to
1938
67,465
pref.
stock (par $10). 2,000,000
Common stock.. 8,250,000
Contingent res've.
5H%
165.718
z
738.
p.
estate
of credit,
6,072,110
Land
$264,682
Real
notes (current).
Commercial letters
Notes
re¬
ceivable
y
426,533
5,203,721
$
$
Accounts payable.,
Notes payable
50,816
Investments
275,483
1,273,686
18,262
26,499
Mtges. A notes
$540,165
$357,917
275,304
-
Operating taxes
Employ, stoc k sub¬
scription coutjr'ts
1937
1938
Liabilities—
$
1,354,251
Notes receiv (net).
13,736
x Accts. receivable
401,404
Inventories
3,929,349
1938
$1,962,466
7,912
$2,032,793
1,381,814
1937
$
Cash..
Mountain States Telephone & Telegraph Co.—-Earns,
Month of January—
—V. 148,
$1,527,366
Nil
'
Additional provision for Federal income tax assessment for year 1933-
to audit.
Operating
*80",606
x$319,260
81,345
377,700
$982,313
622,650
Shs. com. outst. (no par)
Earns, per sh. on com—
$348,355
$512,013
—
5l",665
x$226,750
81,334
376,950
Preferred dividends
Common dividends.
$1,260,839
477,521
-
2,216
$1,365,280
67,848
94,237
•
300,000
$1,385,561
:
.
Amortization of debt discount and expense
Other interest (net)
Other income deductions
$1,560,839
$1,685,561
300,000
reserve
a7,634
$982,313
x
Appropriation for retirement
cum.
2,000,000
8,250,000
2,213,622 3,246,935
Treasury stock.Dr939,907 Dr858,715
Earned surplus...
a
National Broadcasting Co.-—Billings—
Gross expenditures by advertisers on the NBC networks showed an in¬
crease for the 15th successive month with the release of figures for February,
1939.
Total for February was $3,748,695, an increase of 7.2% over
February, 1938, when the total
was
$3,498,053.
Total.
Represented by 54,243 (52,120 ih 1937) shares of preferred stock and
37,350 (31,750 in 1937) shares of common stock,
x After reserve for bad
debts of $67,787 in 1938 and $33,854 in 1937.
y After reserve for de¬
preciation of 8$,061,278 in 1938 and $7,871,747 in 1937.
z Represented
by 660,000 no par shares.
a
Cumulative total for the
first two months of 1939 was $7,782,595, an increase of 6.7% over the
comparable 1938 figure.
That the February, 1939 totals are lower than
those of the preceding month is accounted for by the fact of the three-day
shorter month.
Sales—•.
The tabulation follows:
Sales of the company for the four weeks ending
Feb. 25, 1939, Amounted
$4,221,770, as compared with $4,430,402 for the corresponding four weeks
in 1938, a decrease or 4.71%,
The number of stores in operation decreased from 1,154 to 1,101 at
Feb. 25,1939. resulting in a decrease of 0.13 % in average sales per location.
—V. 148, p. 886.
Red and Blue
February, 1939
$3,748,695
February, 1939
$3,748,695
to
February, 1938
% change
$3,498,053
January, 1939
$4,033,900
2 months, 1938
$7,291,569
2 months, 1939
$7,782,595
+7.2
% change
—7.1
% change
+6.7
Nebraska Power
Red
February, 1939
$2,823,497
January, 1939
February, 1939
$925,198
—V. 148, p. 131.
January, 1939
."
■
.
....
Amortiz. of limited-term
% change
Prop, retire,
23,717
584,167
27,629
549,166
$269,741
106
$279,988
9,803
$2,914,742
2,265
$2,855,644
31,276
$269,847
Other income....——
meeting of the board of directors held Feb. 28, a dividend of 50c.
per share was declared upon the new class A stock of the corporation, pay¬
able May l, 1939, to holders of voting trust certificates representing class A
stock of record at the close of business April 14, 1939.
This dividend
represents the distribution of a portion of the proceeds of certain life insur¬
ance policies received by the corporation before consummation of the plan
of reorganization.—V. 145, P. 1428.
$289,791
61,875
17,500
$2,917,007
742,500
210,000
109,688
Cr20,521
$2,886,920
742,500
210,000
107,149
Cr41,908
$1,875,440
$1,869,179
.
a
Gross income
Interest on mtge. bonds.
Interest on dob. bonds..
Other int. & deductions.
...
(& Subs.)—Earnings—
1938
$1,280,697
•
741,348
—
Operation expense-
—
Maintenance-,
Taxes—Including Federal income taxes
-
—
-
-
-
-
-
-
-
-
xl937
$1,221,114
70,941
64,267
91,857
•
104,187
Net operating revenues before retirement
Non-operating income (net)
accru.
$398,316
4,156
$364,221,
Dr 1,481
—
-
666,673
Net income.
_
.
_
$362,741
-
145,1/
Retirement accruals.—r----—-—
$217,345
90,675
5,767
4,256
706
„
Net income
.
.
-
—
Dividends declared—_
i
46,549
$0.37
Other interest----.
Amortization of debt discount and expenseMiscellaneous income deductions--.
——•
$173,614
62,065
—
$257,336
79,901
1,382
2,438
$115,939
—■
bonds
on
$0.56
...
Earnings per outstanding share..*
Balance
.
—V. 148, p.
Minor reclassifications have been made for comparative purposes.
Operating results of properties acquired on Aug. 19, 1937 are included only
since date of acquisition.
Consolidated
Assets—
1938
Balance Sheet Dec. 31
.
-
1938
1937
Common stock. 1 $3 ,015,783 $3,015,783
x
Invest, in sub. co.
Notes
plant and
equip., incl. in¬
tangibles.—.
$6, 233,335 $6,204,879
—not eonsolid..
60,275
131,159
2,727
40.932
136,959
—-
Bonds,ser.A 5s,'53 1 ,454,000
Bonds, ser. B 5s..
340,000
pay.:—banks
Accounts payable.
5l",271
Dividends declared
62,066
Consumers' dep..
20,256
Notes receivable—
2,727
Accts. receivable.,.
Mat'ls A supplies
197,856
103,717
229,278
Taxes
109,602
Interest accrued..
2,163
28,210
2,284
25,052
20,000
Contrib. for ext'ns
37
34
10,513
3,908
<fcC——
1,455,250
380,000
100,000
66,415
2l",625
notes and accts.
.
accrue^.-..
Misc. liabilities
Applian. on rental,
Jess rentals coll.
Prepayments—
Misc. investment.
Sinking funds
Special deposits
Retirement
Unadjusted credits
Unamor.debt.diso.
Earned
35,903
3,994
and expense. .:.
debits
51,045
-
34,853
81,781
34,816
4,335
reserve
16,165 Capital surplus
13,998
capital stock...
'■
*
6,090
.385,162
3,136
886.'
310,328
'
$1,125,221
*
surplus
...
—
729,770
676,910
667,932
596,884
$3,157,161
$3,583,764
*683.262
$2,905,286
319.795
Federal and State taxes1
39,359
14,486
on
shares.^—V. 148,
no par
140,257
disposal of assets
:
234,122
—
Miscellaneous charges.
Net Income:
p.
$6,810,345 $6,859,209
1331.
16,073
11,571
$2,217,489
336,980
249.930
913,070
187.448
913,070
$1,092,454
$1,382,635
380,446
$5.27
380,446
$6.03
.
Balance, surplus—...
Shs. com. out. (no par).
Earns, per sh. on com..
254,930
$738,875
380,446
$4,04
regular quarterly rates.
—V. 148. P. 589.
Like amounts were distributed on Dec. 28 last.
,
608;7i4
$1,271,795
380,446
$4.94
Includes $162,303 in 1937 and $187,076 in 1936 for surtax on
tributed profits,
y Redeemed May 1, 1936.
undis¬
Consolidated Balance Sheet Dec. 31
1938
$
Ac. 7,701,904
Furn. & fixtures.. 5,866,521
Alterations A improvements—— 2,817,510
Cash.
4,774,994
5,766,313
2.744,393
2,730,644
...
28,719
6,343,237
28,014
7,080,246
5% pref. stock.— 5,098,600
a Common stock..
5,208,572
%
998,600
Co
6% pref. stk. New¬
berry Realty Co.
Accrued
divs.
998,600
61,000
61,000
on
Realty Co. cap.
27,448
392,824
33,957
345,298
stock
11,428
Res've for self ins.
181,257
Accts. pay,, &c—
Federal tax..—
1,757,664
Purch. mon. mtge.
444,093
2,786,837
3% serial notes...<J2,000,000
5-yr. Z%% notes. 1,000.000
Surplus
c
Total
1937
4,998,600
5,208,572
6H% pref. stock of
Newberry R'lty
Empl. notes receiv.
and investment-
$
Liabilities—
$
.
-—
1938
1937
7,774,976
an interim dividend of 25 cents per share on the
stock, payable March 31 to holders of record March 20.
This
compares with 30 cents paid on Dec. 22, last, and 20 cents paid on Sept.
30, June 30 and April 15,1938.
See Y. 146, p. 2053, for detailed record of
previous dividend payments.—V. 147, p. 3315..
dividend of 75 cents on the 6% prior preferred
,
x
National Oil Products Co.—Interim Dividend—
a
<
798,937
Directors have declared
National Supply Co. (Pa.)—Dividends—
*
$2,570,286
y87,133
common
Directors have declared
68",571
287*865
982
5,405
7% preferred dividends.
5% pref. stk. series A...
dividends— . .
Common
Deferred charges. -
and a dividend of 685^ cents on the 5H% Prior preferred, both payable
March 31 to holders of record March 17.
These dividends are half the
68,671
246*5 72
$1,792,742' $2,256,454
.
——
receivable..—.-
Total
68,571
236*860
68,571
Co—
Loss
Mise.notes A accts.
$6,810,345 $6,859,209'
x595,293
379,068
Dlvs. on pref. cap. stock
of J. J.Newberry R'lty
Assets
254,665
1935
1936
461
450
$48,376,510 $43,388,611
44,124,814
39,886,441
Net inc. before taxes
and interest
$2,620,164
3,136
65,618
1,868
12,536
•
469
476
Sales..
$49,040,697 $50,315,454
Cost and expenses—-— 45,690,763
46,481,382
b Land, bldgs.,
53,294
1,764
12,536
320.843
1937
1938
Number of stores...—
Inventories
—
499,100
1939—2 Mos.—1938
$2,524,731
$2,253,619
1939—Month—1938
$1,278,775
r
1,369,624
Res. for uncollect,
Comm. A exp. on
Total
.
$1,370,079
$1,376,340
-—.
-
(J. J.) Newberry Co.—Earnings—
Interest
,
Liabilities—
1937
Prop.,
Unadjusted
—
Brothers, Inc.—Sales—
Period End. Feb. 28—
Sales
499,100
1332.
Neisner
Deprec, & amortization.
x
Cash.-
$203,687
the
unpaid-
or
Consolidated Income Account, Years Ended Dec. 31
Gross income
Interest
$181,859
..—
period, whether paid
$402,4/
145,396
-
—
8,531
01,802
Dividends applicable to preferred stocks for
—V. 148, p.
Balance.
61,875
17,500
8,635
022
Cr22
Int. chgd. to construct'n
,
National Gas & Electric Corp.
Calendar Years—
Total operating revenues
x
2,055
48,333
res. approp.
Net oper. revenues...
National Food Products Corp.—Dividend—
,
1,945
52,500
investments
—7.3
" '
1939—12 Mos.—1938
$8,117,568
$7,613,958
4,594,942
4,181,519
1939—Month—1938
$735,493
$689,415
359,039
411,307
Operating revenues.
Oper. exps., incl. taxes.
■
$998,^89
Co.—Earnings—*
Period End. Jan. 31—
% change
—7.0
$3,03^,511
Blue
At
Total—....... 14,814,839 17,029,018
.—14,814,839 17,029,018
27,953,158 26,503,842
8,708,074
Treasury stock.. X>r302,962
11,428
147,647
1,598,928
638,527
2,875,400
2,CK)O"O66
8,268,102
2>r302,962
Total.. —...—27,953,158 26,503,842
Represented by 395,314 no-par shares (Incl. shares held in treasury),
and amortization, c Represented by 14,868 shares of
common stock.
d Includes instalment of $200,000 payable Dec. 31, 1939.
^V. 148, p. 887.
a
b After depreciation
Financial
1486
Chronicle
April 1 to holders of record March
Jan. 3 last, Oct, 1, July 1 and April
both issues.—V, 147, p. 3616.
15.
Similar amounts were paid on
1, 1938.
Dividends are In arrears on
Telephone & Telegraph Co.—Report—
New England
1938
1937
1936
1935
Local service revenues-.$54,238,107 $54,212,208 $52,136,670 $50,079,146
Toll service revenues-— 17.720,085
18,160,287
17,469,574
15,671,597
Miscellaneous revenues,.
2,675,559
2,495,001
2,182,475
2,280,853
Years End. Dec. 31—'
„
$74,633,752 $74,868,097 $71,788,720 $68,031,596
Total
Uncoil, oper. revenues
254,819
334,325
133,653
244,248
Totaloper.revenues—$74,299,426 $74,613,278 $71,655,067 $67,787,348
17,440,149
15,513,988
14,610,098
13,796,759
Depreciation expense— 11,197,141
11,080,446
11,807,370
11,749,235
Current maintenance—.
Traffic expenses
Commercial
13,700,623
13,800,081
5,830,821
009,646
6,626,061
5,883,482
666,927
6,297,790
expenses—
Operating rents.------Gen. & misceil. expenses
12,630,227 ,12.045.780
5,617,550
688,743
5,578,227
5,359,941
661,197
5,482,312
11,
1939
Aviation, Inc. (& Subs.)—Earnings—
North American
New England Power Association-*-Preferred Dividends—
Directors have declared a dividend of SI per share on the 6% pref.
shares and of 33 1-3 cents per share on the $2 pref. shares, both payable
Mar.
Consolidated Income Account for the Year Ended Dec. 31,1938
Sales of airplanes, parts, &c
Cost of sales
————--$10,062,346
—_—
—
Gross profit from sales
General administrative and selling expenses
Profit from mfg. opers.
Otherincome—-—
7,437,857
—.—»—
$2,624,489
—
304,800
(after providing $95,953 for deprec.) - - $2,319,688
—
——
Idle
al87,039
—
—
—-—
Gross income——
Provisionfor payments under Incentive
$2,506,727
Compensation Plan- —
plant expenses, &c
167,000
28,612
—
407,029
Provisionfor Federal income tax--
$1,904,086
1,374,013
Net income
Dividends paidEarns, per share on
3,435,033 capital shares- -
$0-55
a Profit of Eastern Air Lines Division (Jan, 1 to March 31,1938, date of
sale) bsfore provision for Federal income tax, $118,855; interest, discount,
scrap
sales, &c., $68,184.
Consolidated Balance Sheet Dec. 31
revenues—$18,774,985 $20,764,563 $20,722,851 $18,692,123
———
7,125,867
8,123,207
x6,869,111
5,419,346
Net oper.
Taxes-
—
-,
$11,649,118 $12,641,356 $13,853,740 $13,272,777
income—167,313
107,402
88,527
141,958
Net oper. income
Net non-oper.
Liabilities—
$
$
(short-term)
1,497,300
149,176
445,683
for
86,707
486,480
666,913
Deposits
$11,816,431 $12,748,759 $13,942,267 $13,414,736
3,550,000
1.348,438
3,550.000
1,609,369
166,306
166,306
166,314
_
Office for serv's-
on common
$8,877,523
$8,089,051
8,334,112
8,667,477
8,000,748
8,000,748
stock-
$495,375 sur$210,046
Balance, deficit— $1,051,968
x
Includes $3,193 for surtax on
,
sur$88,304
undistributed net income.
1937
1938
$
Liabilities—
$
Capital stock—133,345,800 133,345,800
lstm. 5% bds— 35,000,000
35,000,000
lstmtae. 4K8-- 40,000,000
40,000,000
1st mtge. 3^8.. 20,000,000
1937
1938
$
r"
Telep. plant
323,099,221 316,576,331
Misc. phy. prop.
4,149,845
4,193,864
Ihv.in contr.cos.
1,523,035
1,657,431
Other Invest--1,112
4,488
Cash
1,707,842
1,834,117
Working funds.
520,236
447,611
Real est. mtge—
from
2,000,000
2,000",000
Notes receivable
308
308
Amer. T. & T.
Accts, receiv'le.
9,378,778
9,079,539
Notes payable-Accts. payable A
6,600,000
7.413,617
17,800,000
11,213,517
2,740,524
4,192,670
2,498,217
4,349.618
——
Materials it sup*
Advances
'
oth.curr.llabs
.
3,219,771
3*660,119
due—2,626.070
Subscribers'dep.
piles---.—
Deferred items
2,114,398
Acct'd liabilities
not
& serv. billed
560,107
615,383
27,432
89,619,977
20,334
86,521,954
in advanceDeferred
Deprec.
credits
reserve.
Corp't'n surplus
7,136,237
unappropr'ted
Tatal
—V.
p.
8,214,629
New York & Honduras
•
Rosario
Mining Co .-—Interim
,
.
Month of January—
Operating revenues--Uncollectible Operating revenue-
,
—
-
-------
Operating revenues—----Operating expenses.
—
Net operating revenues
Operating taxes
- —
.
-$17,557,358 $17,268,107
'
-
$5,709,760
2,780,447
•
—
—
--------
11,775,514.
..
$5,492,593
2,679,409
$2,929,313
2,483,781
$2,813,184
2,422.779
—V. 148, p. 1333.
Noblitt-Sparks Industries, Inc.—Dividend Increased—
Directors have declared
dividend of 40 cents per share on the common
stock, payable March 31 to holders of record March 20.
Dividends of
25 cents, per share were paid in the preceding three months periods.—
a
V. 147, p. 3316%
Noma Electric
Corp.—New Directors-*—
Norfolk &. Western Ry,—Summary
of Annual Report—
Year Ended Dec. 31, 1938—Extracts from the remarks of
President W. J. Jenks, together with, income account, will
be found under "Reports and Documents" on a subsequent
page.
Condensed Income Account for Calendar Years
•
,
rev.
1938
rev.
1937"
1936
1935
50,147,899
44,499,165
from oper'n—$77,162,942 $94,861,503 $94,864,293 $78,037,279
Total oper. expenses—
Net
46,370,719
53,107,322
from oper
$30,792,223 $41,754,181 $44,716,395 $33,538,114
Fed., State & local taxes 11,485,030
13,035,513
13,734,848
8,840,000
Net rental of equipment
& Joint facilities (Or.).
2.415,096
3,996,614
3,523,878
2,605,704
Net ry. oper. income.$21,722,288 $32,715,281 $34,505,424
$27,303,818
Otherincome—
1,042,269
1,556,025
896,104
1,332,694
Gross income from all
sources.
Rental
of
interest
—
leased
on
_—$22,764,558 $34,271,306 $35,401,528 $28,636,512
lines,
rx?*te} ^come—
on
Dividends
2,750,871
2,472,025
2,492,003
3,280,660
-$20,013,687 $31,799,281 $32,909,525 $25,355,852
adjustment
preferred stock (4%).
V
.
------
97,198
10,530,909
8,298,854
652,105
155,866
10,530,909
8,298,854
Total
After reserves of $417,447 in 1938 and $732,325 in 1937- b After depre¬
ciation of $845,931.
c Represented by shares of $1 par value.
193240576—To
Change
Surplus Account—
Stockholders at their annual meeting on March 22 will consider ratifying
and approving the adjustment by the board of directors of the capital
surplus and earned surplus accounts of the corporation so that the earned
surplus account reflects only earnings accruing to the corporation since
Dec. 31,1934, the date upon which the function of the corporation changed
from that of a holding to an operating company.—V. 147, p. 3770.
Northwestern Electric
Co.—Earnings-
1939—Month—1938
$406,488.
$386,339
244,458
235,695
Period End. Jan. 31-
Operating revenues..—
Oper. exps., incl. taxes..
_
1939—12 Mos.—1938
$4,351,116
2,802,565
$4,528,420
2,910,071
23
407
-
25.000
25,000
300,000
263,333
Net oper. revenues...
$137,030
17,554
$125,644
17,369
$1,248,528
209,731
$1,354,609
206,884
$119,476
$108,275
$1,038,797
$1,147,725
Dr 51
169
442
Dr225
$119,425
$108,444
28,490
16,061
$1,039,239
335,288
231,218
Cr257
$1,147,500
355,647
203,669
$63,893
Dividends
applicable to preferrde stocks for
the period, whether paid or unpaid
—
$472,990
334,182
334,179
Balance--
$138,808
$254,208
investments
.
Operating income-
Other income (net)'
Gross income.
Interest on mtge. bondsOther int. & deductions.
26,860
17,262
(
.
Int. chgd. to construct'n
$75,303
-
GY203
$588,387
x Dividends accumulated
and. unpaid to Jan. 31, 1939, amounted to
$1,084,100.
Latest dividend on 7% preferred stock was $1.75 a share
paid on Jan. 3, 1939.
Latest dividend on 6% prefeired stock was $1.50
a
share paid Oct. 1, 1932Dividends on these stocks are cumulative.
—V. 148, p. 1334.
Co.—Common
Norwich' Pharmacal
Stock
Offered— P.
Eberstadt & Co., Inc. made a public offering March 9 of ah
issue of 72,000 shares of capital stock of the company.
The
shares do not represent new financing but are part of 800,000
sharas now outstanding following a two-for-one split-up, and
being acquired,by the underwriter from present stock¬
The shares are priced at $18.50.
are
Capitalization—
Capital stock (par $2.50)
Company has
debt authorized
dividends
916,600
14,064,830
919,692
22,503,728
919,692
18,284,279
919,692
14,064,830
148, p. looo.
Northern Indiana Gas & Electric Co.—Tenders—
Fidelity-Philadelphia Trust Co. wih until 12 o'clock noon, March 21
receive bids for the sale to it of sufficient first lien and
refunding mortgage
goid bonds, 6% series May, 1922, to exhaust tbe sum of $30,350 at prices
not exceeding 105.—V. 147. p. 2096
no
or
Authorized
800,000 shares
1
Outstanding
800,000 shares
bank indebtedness and no preferred stock or» funded
outstanding.
...
Business—Company, incorp. in New York in 1890, as successor to a
business established in 1885, is one of the leading manufacturers in the
country of pharmaceutical specialties.
Approximately 80% of the com¬
pany's sales in 1938 consisted of product? under the Norwich trade-names
and label, the balance being drug extracts produced in excess of its own
needs and products manufactured for sale by others under their own labels.
Company1 has approximately 38,000 customers. Recent completion of an
extensive modernization program has enabled the company to broaden its
research activities and will permit extensive research in the field of organic
chemistry with a view towards further expanding its field of products.
Earnings and' Dividends—The consolidated net profits of the company
for the years 1925 to 1938, inclusive, and the dividends declared for payment
on its common stock for such years, are set forth below, together with the
Ser share equivalents of such $2.50 parand dividends determined on the
asis of the 800,000 shares of earnings
value presently outstanding;
—jConsol.
-
-
—.
-
-
-
-
1933--—I
-
1
-
1938x
Based
-
on
448,247
554,545
676,678
638,753
674,125
736,920
631,114
680,857
793,638
721,867
922,905
807,150
713.728
800,000 shares.
Profit—
xPer Sh.
$493,272
-
1928-
—
Net
Total
Years Ended Dec. 31—
1932
Common
1,733,883
585,972
a
1927
bonds and
other charges
—
—
3.435,033
189,631
-
.
278,012
3,435,033
Capital stock—.
Capital surplus
c
1,640,939
1,305,102
equipm't
Total.—
265,820
;
holders.
Joseph P. Walsh and James E. Dougan have been elected directors of
the corporation to fill vacancies.—V. 147, p. 3017.
-
Total
115,122
1,364,329
Deferred charges. -
x
1939
1938
$17,633,557 $17,346,034
76,199
77,927
' 11,847,598
;
__
Net opening income..
Net income-> —■
m
b Flying
167,000
con¬
tingencies
3,140,719
Earned surplus—
715,249
299,116
-
Net income-.
New York Telephone Co.—Earnings—
,
2,264,288
Com¬
for
Rent for lease of plant-
347,648,913 340,408,087
The directors have declared an interim dividend of $1 per share on the
capital stock, par $10, payable March 25 to holders of record March 15.
This compares with $1.59 paid on Dec. 31, last; 90 cents paid on Sept. 30.
last; dividends of 75 cents paid on June 30 and on March 26, 1938; $1.65
paid oh Dec. 24, 1937; $1.15 paid on Sept. 30, 1937; 87H cents paid on
Juno 26, 1937, and 75 cents paid on March 27, 1937. See V. 144, p. 1794,
for detailed record of previous dividend payments on this stock.—-V. 148,
285,-
37,277
in progress--—
Goodwill.
272,052
220,000
Amortiz. of limited-term
1035.
Dividend—
P.
17,617
..
und8r
pensation PlanReserve
4,060,587
Land, buildings,
mach.& equip..
liab.
Est.
Incentive
—
Inventories
Investments
1,475,870
487,200
Property retirement re¬
serve appropriation
Total
347,548,913 340,406,087
—
148,
-
Exper'm't'l projects
a
Balance Sheet Dec. 31
A. 8 SCtS
(less reserve)
accrM Int., &C--*
$7,838,737
Bal. avail, for divs— $6,948,780
Divs.
Est. Fed'l taxes.
Sundry accts. rec.,
—
2~38~850
750,000
386.220
sales
on
contracts———
Trade accts. ree'le
168,013
Other interest.------
3,550,000
1,193,715
Amortix. of debt disc. &
expenses—
(current)
depts.
Due fr. U, S. Post
4,145,833
553,805
—
$
637,681
Accrued liabilities-
544,162
86,707
—
Due ir. U.S.Govt.
Income available
fixed charges
Bondinterest
.
605,167
Notes payable
securities
Market,
1937
$
606,687 Accounts payable-
2,060,770
Cash..
1938
1937
1938
Assets—
'
,
'
Divs. on Com. Stk.
Total
$0.62
.56
.69
.84
.80
.84
.92
.79
.85
.99
.90
1.15
1.01
.89
$61,000
76,250
305,000
283,000
450.000
499,688
498,692
498.160
498,060
597,672
659,457
680,000
800,000
800,000
xPer Sh.
$0.07
' .09
.38
.35
.56
.62
.62
.62
.62
.74
.82
.85
1.00
1.00
,
,
declared on Feb. 3, 1939, payable on
Feb. 24, 1939.
Listing—-Company has agreed to apply upon request of the underwriter
for the listing of its shares on the New York Stock Exchange.
A dividend of $0.25 per share was
March 10, to holders of record
Volume
Financial
148
Chronicle
Consolidated Income Account for Calendar Years
1986
$4,588,412
1,688,272
Shipping, adv., sell., admin. &c. exps.
1,721,525
Bad deots charged off less recoveries.
16,715
1938
1937
Gross sales—less returns & allows
Cost of goods sold
Oliver
$4,620,823
1,744,313
1,795,176
11,482
61,596
$1,008,254
67,087
$899,603
$1,152,386
$1,075,341
126,019
$939,146
Other deductions
73,679
155,801
142,172
$713,728
800,000
846,017
^
6,126
tion
b$27,583
454,423
$1,153,639
$4.24
c$482,006
$60,750
$2,182,763
$0.18
$6.44
50,588
35,331
40,703
,
U.S. and Can. income taxes..
.....$3,730,770'
138,987
...
surplus..
...
Total
an
2,000.000
20,744
1,326,671
Fixed
1937
$
1938
Accounts payableAccrued
payrolls,
l
••
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended March 4, 1939, totaled 25,853,038 kwh., an increase of 5.5% com¬
pared with the corresponding week last year.—V. 148, p. 1334.
1.052,935
3,696,457
4,627,661
10,992,937
due Nov. 30 '38.
643,566
790,741
492,042
323,528
123,051
The company announced on March 7 the election of Charles D. James as
to succeed William D. Keed, who retired after 55 years of service.
President
President, who is 34
years
old, joined the company in 1927, was
elected to the board in 1932 and made Vice-President in 1937.
of Alfred F. James, Chairman of the Board.—V. 147,
p. 3919.
Ohio Associated Telephone Co.-
Inventories
Acc'ts with foreign
distributor
3,285,657
1938
$60,841
74
$63,597
$60,767
$20,953
6,778
$22,854
7,233
$14,175
$15,621
37,913
....
Operating taxes*
.......
Net operating income.
—V. 148, p. 887.
_
.
_.
_
_
-
108,629
-EarningsI—
1938
1939
....
_
$3,526,173
.
Uncollectible operating revenue
$3,436,881
13.838
6,927
$3,519,246
.
$1,134,280
476,281
$1,236,223
-
Operating taxes
$3,423,043
2,288.763
2,283,023
.
477,059
.......
Net operating income.
$759,164
725,982
-
Net income
$657,999
643,251
—V. 148. p. 1334.
Oklahoma Natural Gas Co. (&
Subs.)—Earnings—
12 Months Ended Dec. 31—
Operating
Operation
1938
2.912,777
223.947
860,303
781,407
$3,849,096
2,690
$4,329,692
24,736
......
Maintenance
Taxes
1937
$8,325,362
3,020,173
194,089
_
(not
including Federal
tributed profits)
surtax
on
undis¬
...
Net
M
$7,846,123
revenues
operating revenues..
...
Non-operating income (net).'..
Balance
$3,851,786
Retirement accruals
1,039,240
$1,704,576
133,200
133.200
$1,205,423
1.
1,142,355
$3,212,072
1,507,496
$1,338,623
Interest and amortization, &c_
Net income
$4,354,428
$2,812,546
1,473.923
Gross income
$1,571,376
40,000
Dividends paid and accrued:
Convertible 6% prior preference stobk.
Balance available for dividends
stock and
common
on
Paid-in surplus..
Earned
on
Total-*.
20,810,368 27,660,616
Balance.:.....
"85.000
v
$1,120,423
2.937,556
Net direct charges
Earned surplus, end of period
$2,977,101
$4,048,179
Total
$1,531,376
1,445,725
$4,057,978
9,799
Earned surplus, beginning of period
$2,937,556
39,546
Comparative Consolidated Balance Sheets Dec. 31
$
Assets—
1937
%
Cash
820,260
17,846
779,350
receiv..
101,238
1,079
Notes receivable..
Interest
881,607
receivable
1
319
Materials & suppl.
617,129
31,883
469,174
84,527
127,248
10,029
4,610
Prepayments
Miscell.
1937
invest'ts.
38,167
Unamort. debt dis¬
count & expense
1,071,778
1,187,932
4,344
7,472
Net corporation income
Preferred dividends
-Y. 148, p. 1334.
Application—
application with the California Railroad Com¬
and sell $425,000 1st & ref. mtge. series H,
3 % % bonds due 1961.
These bonds will not be offered to the public.
It is
the company's intention to tender the bonds to the trustee of the 1st & ref.
mtge. for the investment of money now held in the mortgage sinking fund by
Company has filed
an
mission for authority to issue
the trustee.
'
Under the terms of the mortgage, the trustee may arrange to call for
redemption a sufficient number of outstanding 1st & ref. mtge. bonds to
satisfy the uninvested balance in the sinking fund.
The current market
prices of all series of the 1st & ref. mtge. bonds are now in excess of their
redemption prices, and it is considered preferable at this time to issuq new
bonds to satisfy the sinking fund requirements rather than to call any of
those now held by the public.—V, 148, p. 133.
Pacific Telephone & Telegraph
Co.-—Earnings—
Month of January—
1939
$5,757,296
18,700
$5,ol9,048
20,700
Operating revenues.....
Operating expenses.•_
$5,738,596
4,099,231
$5,498,348
4,031,940
$1,639,305
71
787,307
$1,466,408
■
71
741,499
$852,129
$724,980
1,359,138
revenues
—- — ----
...
..
Net operating revenues.
*
Rent from lease of operating properties
Operating
taxes.....
....
Net operating income—
—
Net income.
-
1,406,342
—
Pay $1.75 Dividend—
•
•
Directors have declared a dividend of $1.75 per share on the common
stock, payable March 31 to holders of record March 20.
A dividend of
$2 was paid on Dec. 21 last: dividends of $1.50 were paid in each of the
three preceding quarters and previously regular quarterly diyidends of $2
per share were distributed.—Y. 14$, p. 1177.
Calendar Years—
"
Oil
.
general
exps. (incl. all taxes)..
Abandoned wells, leases
& equip., and deplet'n
and depreciation
Cost,
oper.
Corp.—Earnings—*
1938
1937
a
bl935
1936
$4,951,863.
$5,152,984
1,968,106
2.669,932
1,729,535
1,662.131
1,232,193
and
841,953
994,341
1,490,003
Prov. for income taxes..
50,000
100,000
150.000
Net profit for year...
$1,217,378
2,663,679
$1,388,710
1,750,435
$1,582,326
818,109
Previous earned surplus.
Value of securs. of Rich¬
8,249,790
8,249,790
Long-term debt
.27,709.000
27,971,000
557,500
319,618
c329,938
14,585
884,833
754,118
424,957
425,350
16,233
9,292
7,079
Retirement reservel 1,234,732
31,382
15,756,646
30,456
60,924
4,048,179
2,937,555
surplus...
field Oil Corp., &c.__
on debs, retired..
Total....
on
$663,533
3,316,729
Dr-4,161
635,850
sale of int. in the
Baldwin Hills & Kettleman
2,272,141
No. Dome fields.
Dr500,000
eIJr'30,000
Dr750,000
dDr55,405
Dr650,000
Dr'250,000
$3,351,057
Divs. paid in cash
Sundry charges
$2,663,679
$1,750,435
$818,109
1,210,658
certlfs..
Taxes accrued....
Other llabll.accr..
$3,557,858
$4,077,437
Gross income
stock
248,837
1,236,331
_
To
Common
Notes payable
1938
Uncollectible operating revenue.
Operating
Loss
deps.
21,852
$201,807; accounts receivable, $68,278; notes receivable, $11,293; interest
receivable, $537; inventories, $58,034; prepayments, $7,948; miscellaneous
items in suspense, $11,536; total, $4,370,324.
Liabilities—Long-term debt,*$1,153,000; common stock (36,420 no-par
shares), $182,100; 5% cumulative preferred stock (par $100), $862,000;
6% cumulative preferred stock ($100 par), $547,700; accounts payable,
$25,363; taxes accrued, $45,796; interest accrued, $20,810; miscellaneous
current liabilities, $1,500; consumers deposits, $24,375; depreciation reserve,
$480,839; amortization reserve, $44,700; other reserves, $112,871; miscel¬
laneous unadjusted credits, $1,920; surplus, $867,350; total, $4,370,324.
—V. 148, p. 446.
4,552,500
Dividend
$107,412
79,863-
14,568
...
Balance Sheet Dec. 31,1938
4,552,500
Consumers*
7,621
76,684
...
Profit
Accounts payable.
1,634
14,546
$77,4^1
*
...
,
Common dividends
72,437
Earned
60,925*345 65,080,945
surplus
Earns, per sh. on 1,000,-
capital stock
par)..*
000 shs.
(no
a
Includes earnings
_
$1.22
$1.38
_o
$1.58
$0.66
and expenses of wholly-owned operating subsidiary
Pacific Western Oil Co. for the eight months ended Aug. 31, 1936.
b Consolidated,
c Value of securities of Richfield
Oil Corp. received
Richfield Oil Co. of Calif, previously written
d$54,000 for additional provision for Federal income and
taxes and interest thereon, for the years 1929 to 1934,
inclusive, and $1,404 royalties paid applicable to prior years.
in settlement of claim against
off
60,925.345 65,080,945
$178,613
47,400
•
Preferred stock—
Earned
Total
1
Miscellaneous deductions from income
$148,817
29,796
$153,985
47,169
1,691
17,286
•'
10.388
Gross corporate income
Interest on long-term debt
Miscellaneous interest deductions
$766,632
617,814
$130,781
23,203
Operating income.
Non-operating income (net)
$802,836
672,055
Amort, of debs, retired..
Unadjusted credits
debits
1937
1938
...
$
Operating reserves
Unadjusted
...20,810,368 27,660,616
'
expenses..
2,220,000
...
Interest accrued..
Special deposits
—
revenues
Operating
$
stock
2,854,397
Orange & Rockland Electric Co.—Earnings—
Calendar Years—
Operating
2,220,000
6% prior pref conv
57,504,961 62,245,327
equipment
Accounts
1938
Liabilities—
Property, plant &
4,000
3,077,951
dating values,
d Represented by 339,196.37 no-par shares.o e Including
$750,000 reserved for loss on possible future abandonment or consolidation
of properties,
f Final payment on these notes was made on Oct. 31, 1938.
—V. 148, p. 1057.
•
Pacific Western
undistributed profits.,
1938
surplus—
a After
deducting reserves for depreciation,
b After reserve for losses
of $1,106,772 in 1938 and $1,455,895 in 1937.
c Not used in operations;
after reserve for depreciation and reserve for reduction to estimated liqui¬
$3 preferred
stock.
Prov. for Federal surtax
4,000
3,077,951
2,915,147
by others
e
Pacific Gas & Electric Co.—Bond
Ohio Bell Telephone Co.Month, of January—
f6,600,000
Sub. co.'s stk. held
Unused property
Deferred charges..
c
.
147
Net operating revenues
revenues.
a son
$63,744
Operating revenues
Operating expenses
882,470
420,208
&c
taxes,
Assets—Fixed assets, $3,600,657; investments in and advances to affi¬
liated companies,
$310,969; miscellaneous investments, $99,264; cash,
1939
Uncollectible operating revenue
Operating
He is
-Earnings—
Month of January—
Operating revenues
593,097
Notes pay. to bks.,
7,800,448
Receivables
Income taxes
Northwestern National Insurance Co.—New President
new
13,799,966
441,832
.13,799,966
b
Total.
extensive expansion and moderniza¬
a cost of approximately $400,000.
activities with a view towards further expanding its field of
products.
Among the property additions recently completed is a new warehouse at
the company s plant at Norwich, N. Y.
Other warehouse facilities are
maintained in Chicago, San Francisco, Kansas City,'Houston, and Port¬
land, Ore.—V. 148, p. 1177.
The
%
d Common stock.
7,517,038
goodwill,
&c...
1937
Liabilities—
$
assets..7,016,291
Cash.
research
Northern States Power Co.
v
$3,730,770
...
had been completed at
The improvements in manufacturing,
laboratory and office facilities will
substantially increase the company s productive capacity, according to
Frank L. McCartney, President.
Formal opening of the company's modernized laboratories this week
marks the completion of reconstruction work.
The expansion of facilities,
said Mr. McCartney, has enabled the company to broaden its general
program
a
Nil
Consolidated Balance Sheet Dec. 31
1938
Patents,
Completes Expansion Program—
Company announced March 6 that
$2,060,251
601,249
305,363
b$260,2.54
232,671
Deficit.
c
Assets—
profit-sharing plan
Earned
...
168,887
Net profit...
Earns, per sh.on cap. stk.
.
Capital stock (par $5)
Capital surplus
Total—
$1,891,364
146,137
494,408
380,000
$111,620
Pay rolls, commissions, &c.._
Taxes .other than inc. taxes).
1
129,206
$2,911,035
135,671
1,057,172
customers'
(inch
Additional compensation under
899,679
.
...
$152,634
15,000
bLoss.
credit balances)...
39,674
Property, plant and equipment
Goodwill, formulae, &c
Deferred charges....
Sundry
765.718
Investments and other assets.
12,102,998
446,087
138,987
$807,151
Accounts payable—Trade
71S.152
822,862
518,315
212,555
Liabilities—
.
Inventories
16,399,125
580,103
$288,305
Consolidated Balance Sheet Dec. 31, 1938
$355,478
22,715,773
Total income
'
Assets—
17,987,804
637,141
Interest & other charges.
Prov. for Fed. inc. taxes
86,430
$922,906
680,000
Dividends.
Cash.
1935
$12,288,831
Net profit from oper._
Other income
39,541
on
Marketable securities.. 1.....
Notes and accounts receivable.
1936
$18,808,804
..$18,777,579
Depreciation
cutives under profit sharing plan
Other income.
1937
$26,206,911
»
Cost of sales, selling and
general expenses, &c_.
Prov. for add'l compensation to exe¬
Prov. for U. S. & Canadian taxes
income.
1938
49,892
$1,089,229
63,156
Farm'EquipmentjCo. (& Subs.)—Earnings—
Calendar Years—
Net sales
$4,179,458
1,633,555
1,584,345
12,060
72,669
1487
as
State
a
loss.
franchise
Financial
1488
• $72,219 for additional provision for Federal income and undistributed
profits and State franchise taxes, and interest thereon, for the years 1929
to 1934, inclusive, and $38,337 for provision for possible additional Federal
income and undistributed profits and State franchise taxes for the years
1935 to 1937, inclusive, and interest thereon; total $110,556, less excess
of
Chronicle
paid on return in the amount of $80,556; balance
amount
over
Pennsylvania Telephone Co.—Initial Preferred Div.—
(as
$30,000.
204,227
397,063
369,148
Acc'ts receivable-
9,947,085
9,947.085
_
capital stock—
affiliated
2,490,778
1,930,001
144,021
cos—
Inventories
Notes pay.to bks.
475,000
156,411
1,021
Deferred
liabils.
credits..
11,896
17,868
66,675
133,350
8,252,145
8,783,910
186,360
38,337
165.564
62,368
25.446
5,335,757
royalties.
Res. for taxes and
187,603
charges..
_
for conting.
Prov.
Govt,
assets
158,793
111,103
41,125
12,511
3,226,750
Long-term
x
Prepaid
taxes
Other curr. liabils.
'
1,230
Special trust funds
Fixed
(capital)
353.695
122,888
Accrued interest.
non¬
Pennroad
$
$
Accounts payable-
Accrued
Mission Corp.com.
Other inv. in
int.
prior years_
(1,000,-
Com. stk.
000 shares)
10,000.000
Cap. surp.(paid in) 3,416,500
3,416,500
Earned
surp.
10,000,000
(un¬
appropriated)
3,351,057
„.
2,663,679
After
20,873,841 22,333.019
Total
for
depletion and depreciation
and $11,215,387 in 1937.—V. 147, p. 3318.
x
reserve
of $12,074,238 in
Panhandle Producing & Refining Co.—Shares
1938
Exempt
from Restriction—
The 18,011 shares of common stock ($1 par) of company as
issuable to
L. S. Carter & Co.. Inc., New York, as broker, for services in arranging
acquisition of certain goods, were, in accordance with agreements of
Panhandle Producing & Refining Co. and L. 8. Carter & Co., Inc., with
the New York Stock Exchange issued subject to restricted registration and
could be transferred by the transfer agent or registrar only with the prior
approval of the Committee on Stock List.
Certificates evidencing the
shares so issued were stampted with appropriate legends setting forth the
foregoing restrictions.
L. 8. Carter & Co., Inc. having applied to the Committee on Stock List
for the removal of the foregoing restrictions in order that the stock of Pan¬
handle Producing & Refining Co. held by it may be available for collateral
and (or) for sale in accordance with the plan and agreement for its distri¬
bution filed by L. 8. Carter & Co., Inc. with the Committee on Stock List,
Panhandle Producing & Refining Co. joins in said application and requests
that the transfer agent and registrar of the company be authorized by the
committee to transfer, and issue certificates in the usual form for, the shares
of stock held by L. 8. Carter & Co., Inc.—V. 148, p. 133.
the
Paramount
Pictures, Inc.—New Firm Organized—
The Paramount Film Distributing Corp. has been incorporated in Dela¬
wholly owned subsidiary of this company, which has merged its
wholly owned New Jersey subsidiary, the Paramount Pictures Distributing
Co., Inc., into the new corporation.—Y. 148, p. 1335*
ware as
a
Pathe Film
•
Directors at
Corp.—Stock Distribution—
meeting held March 2 authorized a distribution on the
Inc. for each 100 shares of
Pathe Film Corp. common stock held.
Scrip certificates wih be issued in
lieu of fractional shares.
The distribution is payable March 29 to stock of
common
of
a
one
share of Pathe Laboratories,
record.March 13.—V. 148,
from
securities
date
of
burgh & West Virginia Ry. and Springfieid Suburoan RR. of $425,000
principal.
,
voting trust certificates for 140,400 shares of common
purchased in accordance jrith the policy of making such pur¬
During the year
stock
were
chases when it is to the advantage of the corporation.
During the depression the hoard of directors gave series consideration to
adjusting the book values of the securities held by the corporation to accord
more nearly
with market prices.
However, incipient recovery maae it
seem expedient to defer action.
A recurrence of depression conditions in
1937 and 1938 with consequent sharp reductions in railroad earnings and
values has caused the board of directors to review this whole subject.
After careful analysis the board has determined that the ledger values of
certain investments be reduced from the original cost to figures more neariy
reflecting present conditions, although not purporting to represent the
amounts which might be realizable on disposition of the securities.
Such
action does not change the inherent value of' the assets of the corporation.
The total reduction, amounting to $87,959,ol8, nas been charged against
earned surplus, in accordance with prescribed accounting practice.
In
due time the deficit thus created in earned surpms may by action of the
stockholders after May 1, 1939, be charged to capital surplus.
The voting trust under which all the issued and outstanding common
stock of the corporation is deposited will expire on May 1, 1939, and on
and after that date voting trust certificates ma: be exchanged for common^
stock certificates of the corporation.
At the end of 1938 there were 132,965 holders of voting trust certificates,
a decrease from the previous year of 2,261.
Income Account for Calendar Years
$127,375
14,459
6*7,925
22,831
$1,868,118
»
14,702
693,150
21,271
1936
.
1935
$2,044,321 a$l ,254,059
15,899
7,949
712,513
70»,818
1'
34,699
59,608
Total income$852,589
$2,597,242
$2,807,432
310
dl72,529
157.088
d259,262
163,7i.9
Ground rents
1937
1935
1936
*
$
..257,963,946 275,375,137 258,322,479 225,936,101
Cost of merchand. sold,
sell. & gen. expenses—241,156,659 255,606,792 236,279,852 208,098,608
Deprec. and amort.1,187,341
1,136,343
1,005,171
937,050
Federal income tax
2,862,183 2,917,265
3,269,258
2,400,764
$
1
$
1937, aggregating
and $5,(
0 respectively, offset by repayment by Canton Co. of Baltimore
of $200,000.
Payment of $36,000 was received on real estate-ground rents
1937
1938
1938
$
incorporation to Dec. 31,
$4,189,996 have been transferred from capital surplus to earned surplus
are now reflected in such statements, and $3,975,487 interest received
on Detroit
Toledo & Ironton RR. adjustment mortgage 5% bonds, accrued
and unpaid at date of purchase, heretofore carried in capital surplus, has
been applied to reduce the Dook cost of Detroit Toledo & Ironton RR.
com. stock, such adjustment being reflected in the corporation's accounts.
Notes and advances increased $230,000 by reason of advances to Pitts¬
and
Dividends....
(J. C.) Penney Co.—EarningsCalendar Years—
dividend of 62 M cents
payable April 1 to holders of record
preferred
Corp.—Annual Report—
1037.
p.
initial
Henry H. Lee, President, states in part:
r
The net income for 1938, excluding net loss on sales of securities during
the year, was $555,582, as compared with $2,267,314 for 1937, a decrease
of $1,711,732.
The decrease in income is due primarily to no dividends
being paid by the Detroit, Toledo & Ironton RR. (compared with $1,471,968
received in 1937), and Springfield Suburban RR. Co. (compared with 30,600
received in 1937), and a reduction in the dividend paid by the Canton Co.
of Baltimore to $109,875
(compared with $329,625 received in 1937;.
faxes decreased $23,783 and general expenses decreased $8,978.
The corporation sold during the year 2,000 shs. of stock of Delaware &
Huason Co., acquired in 1930, at a loss of $309,493; and had transactions
in Government securities at a profit of $5,378.
The net loss of $304,115
in these transactions is charged against net income in compliance with
accounting principles adopted by the Securities and Exchange Commission,
it having been the policy of the corporation heretofore to charge such net
losses against capital surplus.
For the same reason losses on dispotion
of
20,873,841 22,333,019 |
Total....
an
1937
1938
Liabilities—
$
%
208,773
declared
have
share on the $2.50 cum. pref. stock,
March 15.—V. 148, p. 887.
1937
1938
Assets—
Cash.-
Directors
per
Comparative Balance Sheet Dec. 31
1939
11
•Sealed tenders, addressed to Girard Trust Co., trustee, Philadelphia,
Pa., marked Attention Corporate Trust Department Sinking Fund The
Pennsylvania Railroad Co. General Mortgage ZH% Bonds, Series
'C*
Tender," will be received until 12 M., March 31, 1939.—V. 148, p. 1336.
provision for Federal income and undistributed profits taxes for the year
1937
above),
Mar.
Interest from bonds....
Int. from other accts..i
Sales.
Surtax
on
undistributed
229,083
15,485,654
17.719,987
14,499,679
853,824
994,788
127,574
94,722
911,838
80,663
732,999
140,557
152
148,746
148,110
304,115
...
General expenses
Net loss, sales of sec
profits...
Net income....
Gross profit.
Other income
Profit of subsidiaries
Total income
....
years
42.790,054
taxes
128,018
over
5,763,142
30.412,172
30,965
x448,076
37,284,423
39,867,675
4,849
36,654,355
;
par
of pref. stock retired._
309,789
98,721
...
Sundry deductions
...
Profit and loss surplus
com. stk. out¬
42,662,037
39,862,826
37,284,423
standing (no par)
Earnings per share.....
2,543,984
2,543,984
$5.40
$6.52
z2,543,984
$7.36
36,245,846
Shares of
,
2.468,984
$6.08
Restoration to earned surplus of excess over book values of proceeds
of 106 shares in 1936 and 39,894 shares in 1935 of treasury common stock
sold to employees at approximate cost, after allowance for expenses incident
x
thereto,
y
Paid to date of retirement
z Includes 75,000 shares in
1936, but actually issued subsequently thereto.
,
process
A sscts
1938
$
Furn. & fixtures.
Liabilities—
$
,
6,755,603
y
1,918,595
2,012,370
1,832,649
7,371,739
724,749
56,657,929
479,356
5,441,146
76,808
Accts. payable and
accrued liabils..
9,942,392
Federal tax
2,862,183
bldgs..
Impt. and lease...
Cash
Deferred
charges.
686,102
Merchandise
49,216,748
Accts. receivable.
22S.300
Invest, in subs, cos 5,218,720
Mtges. receivable.
107,421
Common
Reserve
reserve
for
$
x
.85,715,935 81,352,3511
After depreciation,
8,141,135
3,153,353
$7,223,945 $7,124,724
Earnings per share
Nil
»
$0.26
$0.19
a Includes
$42,797 dividends on Pennroad Corp. voting trust certificates
owned,
b After depreciation for prior years on furniture and fixtures of
$12,490.
c Does not include net loss of $420,197 on sales of securities
which has been charged to capital.surplus accont.
d Including Federal
surtax on undistributed profits,
e Net losses on disposition of securities
from date of incorporation to Dec. 31, 1937, transferred from capital
$7,423,439
$0.27
surplus.
Statement of
Capital Surplus Year Ended Dec. ,31, 1938
Balance, Dec. 31, 1937
V.
$123,734,235
Net losses on disposition of securities from date of incorporation
to Dec. 31, 1937, transferred to earned surplus
4,189,907
.$127,924,141
received
Detroit Toledo &
on
Ironton RR. adjustment
applied
ledger value of Det. Tol. & Iron. RR. com. stk.
mtge. bonds, accrued and unpaid at date of purchase,
to reduce the
2,126,557
2.072,269
-.42,338,316 39,666,680
Surplus
surplus
of subsidiaries..
323,720
196,146
Total.........85,715,935 81,352.351
Represented by 2,543,984
General Balance Sheet Dec. 31
1938
Investments at ledger values:
Securities of, and advances to,
Other investments (Note B)
Real estate—ground rents
8.74%.
Total sales from Jan. 1 to Feb. 28, 1939 inclusive were $31,139,335 as
compared with $28,700,933 for the same period in 1938.
This is an in¬
crease of $2,438,402 or 8.50%.—V. 148, p. 887.
or
138,802,587
1,938,434 (
288,300
324,300
353,357
38,468
January—
Net alter rents
1939
1938
1937
1936
$32,896,733 $28,465,622 $37,824,118 $32,921,236
8,253,264
5,473,948
8,303,572
7,846,299
4,998,796
2,241,760
5,213,012
5,334,211
Tenders—
Pursuant to terms of mortgage dated June 1, 1915, and supplemental
Indenture dated Feb. 1. 1936, the Girard Trust Co is inviting tenders of
general mortgage
bonds, series C, due April 1, 1970. for sale and de¬
livery as of April 1, 1939, at a price not exceeding their principal amount
exclusive of accrued interest) to the extent of $300,667, the sum reauired
by the supplemental indenture then to be available for the sinking fund
4,960
19,925
for futiture and f xtures
dividends
reserve
on
Common stock
18,144
8,300,000
Accounts payable
5,143
8,300,000
Capital surplus
123,948,654
Voting trust certificates for 140,400 shares of com
84,469,036
Deficit account
Total
123,734,235
Dr264,822
stock, held in treasury..
Pennsylvania RR.—Earnings—
349,129
39,736
$47,724,237 $139,694,342
1938
1937
$184,557
$213,380
Total
Liabilities—
Taxes accrued
Depreciation
$178,589
subs. (Note A).. 44,806,797*
Other assets
Taxes withheld
1937
$298,882
Assets—
no par
Sales for the month of February, 1939 were $14,612,723 as compared
with $13,437,933 for February, 1938.
This is an increase of $1,174,789
Gross from railway
Net from railway
3,975,487
...$123,948,654
Cash—demand deposits
shares, z After
deducting employees contract compensation due at Dec. 31, 1938 but paid
subsequently thereto.
y
al,818,000
«
Accrued income
Total
115,530
2,169,700
'
—
Balance, Dec. 31, 1938___.--.
fire
losses, &c
Undistrib.
L-
$8,942,724
stock.28,122,767 28,122,767
6,741,952
1,759,349
zl9,938,748
Land and
1937
b507.909
$9,509,175
2,077,325
„
$1,713,277
6,721,539
.
„
$9,500,764
,
e4,189,90/
Earned surp. Dec.31def84,469,036
Int.
1937
disposition of
1935
Dividends
$2,384,451
7,124,724
Total
Balance Sheet Dec. 31
1938
on
securities
of issue at Dec. 31,
X
...'"$7,680,388
Total
224,938
xl,206
2,583,252
37,284,423
39,862,826
yrs.
Total surplus........
of cost
Miscellaneous items.
812,433
36,245,846
17,900,055
Fed. & State taxes, &c
Excess
yrs._
Net loss
18,712,488
13,991,912
Miscell. credit
Adjust, prior
Adj. of taxes, prior
Reduction in ledger varae
«
of sees. Dec; 31, 1938- 87,959,518
Add!
accrual
covering
tax assessed by Pa. for
16,575,164
10,811,932
2,927,228
Balance, surplus
Surplus Jan. 1
Net adjust, of prior
172,116
145,040
--—,.
$251,467 c$2,267,314
7,423,439
7,223,945
»
5,482
•
9,479
25
Previous earned surplus,
15,373,235
y371,747
9,238,346
13,739,160
Preferred dividends.
Com. dividends (cash)..
$2,030,434
——
48,211
,12,757,763
Interest paid
Taxes
-
-
sur7,423,439
-$47,724,237 $139,694,342
subsidiaries are based on
Ry. common stock which is
Dec. 31, 1938, and Canton
Co. of Baltimore common stock which is based on the value as indicated by
that company s books of account at Dec. 31, 1938.
The ledger values
dq not purport to represent the amounts which might be realizable on
Note A—The
ledger values of investments in
cost, except as to Pittsburgh & West Virginia
based on published stock exchange quotation
disposition of these securities.
Note b—The ledger values of "other investments" are based on published
stock exchange quotations Dec. 31, 1938, except as to Baltimore & Ohio
Volume
Financial
148
Peoples Gas Light & Coke Co.—To Pay 50-Cent Div.—
Directors have declared
Securities of, and Advances to, Subsidiaries, Dec. 31, 1938
Ledger
Reduction
in Ledger
Dec. 31 '38
$
21,975 Canton Co. of Baltimore common..
245,328 Detroit Toledo & Ironton RR. com.
The directors
19,941,640
19,941,640* *•
3,487,968
223,230 Pittsburgh & W. Va. Ry. common.. 37,910,145 34,422,176
200,500
5,100 Springfield Suburban RR. Co. com..
200,500
amount was
------
After
question of quarterly dividends,
declared
have
dividend
a
of 25 cents per'lsharelof
payable April 15 to holders of record March 31.
paid
Oct. 10 and
the
A like
April 11, 1938, and compares with 30
cents
paid on Sept. 15, May 25 and on Jan. 5,1937, and in each of the three
preceding quarters, and previously regular quarterly dividends of 25 cents
per share were distributed.
In addition, an extra dividend of 15 cents
was paid on Jan. 2, 1936. and on Sept. 30. and July 1, 1935.—V. 147. p.
71,485,103 39,936,184 31,548,918
*
stock,
common
and $10.56 scrip
consider
Pfeiffer Brewing Co.—25-Cent Dividend—M
L
7,918,809
5,514,008
share on the capital
according to George Ranney, chairman.—V. 148, p. 1038. fet.
S
S
13,432,817
dividend of 50 cents per
Directors hereafter intend to
Value
Value
Cost
Stocks-
a
stock, payable April 15 to holders of record March 25. This compares with
$1 paid on Jan. 27 last and on Sept. 1. 1938 and with $2 paid on Dec. 10,
1937, this latter being the first dividend paid since July, 1933.—
securities.
Shares
1489
Chronicle
RR.'convertible 4H % bonds of 1960, which are included at price realized
from sale thereof in January, 1939.
The ledger values do not purport to
represent the amounts which might be realizable on disposition of these
adjustment.
on
on
2874.
Par
Bonds, Notes and Advances—
32,976,000 Detroit Toledo & Ironton RR. 1st
mortgage 58, 1964--.•'
10,626,000 Detroit Toledo & Ironton RR. 1st
Canton Co. of Baltimore, notes
Pittsburgh & West Va. Ry., notes..
Springfield Suburban RR., advances
'
Directors have declared a dividend of 7 H cents per share on the common
stock, par $5, payable March 31 to holders of record March 15.
This
compares with 10 cents paid on Dec. 21 last; five cents on Sept. 30, Jane 30
and on March 31, 1938, and previously regular quarterly dividends of 8%
cents per share were distributed. See V. 145, p. 366o for record of previous
dividend payments.—V. 147, p. 1644.
9,983,820
9,983,820
and ref. mtge. 5s, 1981
/
Pictorial Paper & Package Corp.—To Pay 7%-Cent Div.
2,755,058
2,755,058
50,000
425,000
44,000
50,000
425,000
44,000
—-
-----
;
13,257,878
13,257,878
.
Piper Aircraft Corp.—Dividends—
Directors have declared two quarterly dividends of 15 cents a share
each, covering the period Sept. 1, 1938, to March 1, 1939, on the 60 cents
84,742,982 39,936,184 44,806,797
Other-Investments
Shares
no
Stocks—
prior preferred
,8,000 Atlantic Coast Line RR. common..
98,962
1,480,000
Portland Gas & Coke
46,000
239,000
52,962
1,241,000
Period End. Dec. 31—
Prior preference (7% cum. div.)_.
First preferred A (5% cum. div.)..
div.)—
First preferred C (7% cum. div.)..
First pref. D (10% cum. div.).—
First pref. E (4^% cum. div.)-,
Preferred, old (6% non-cum. div.)
First preferred B (8% cum.
14,668
19
14,963
27,565
payable March 20 to
are
Common.-.
—
—
— —
5,077,871
4,575,494
3,602,038
3,064,630
2,663,104
1,629
1,704,645
2,948,292
304,590
83,755
46,572
47,676
29,956
21
7,592
59,761
4,773,281
4,491,738
3,555,466
3,016,954
2,633,148
1,607
1,697,053
2,888,531
.
$310,103
174,663
22", 917
$107,532
1938—12 Mos.—1937
$3,444,225
$3,400,133
2,393,218
2,401,994
$286,976
189,374
4,991
22,917
'
$74,685
Amortization of limitedinvestments
term
Prop, retire,
res. approp.
Net oper. revenues
Other income (net). —
Gross income
mortgage bonds.
40,604
3,710
$731,915
Dr3,654
$759,565
.487,250
54,374
40,604
4,284
on
275,666
$762,240
Dr2,675
$74,880'
$108,336
Other int. & deduc'ns...
579.926
4,991
275,000
195
804
—
a—- a
Int.
23.637,708 23,057,782
201,387
Co.—Earnings—
1938—Month—1937
Operating revenues—._
Oper. exps.,incl. taxes._
Boston & Maine RR.:
44,304
50,547
24,979
24,337
Both dividends
value preferred stock.
par
stockholders of record March 10, 1939.—V. 148, p. 593.
(111.) $6 cum. conv.
1,000 Armour & Co.
$728,261
487,250
500
Louisville & Nashville RR. common
4,500
Mo.-Kan.-Texas RR 7% pref. A.—
30,050
68,175
117,000
50,125
484,062
107,550
21,375
441,875
.
38,125
9,450
28,750
42,187
Net
x
c
New York New Haven & Hart. RR.:
148,800
1,200
Common..
——
Preferred
—
150,000
17,301,851 17,153,051
149,300
144,500
148,800
4,800
17,297,551
153,600
17,451,151
.
Crl27
$218,576
402,119
conv.
series A
39,687
15,562
$192,224
1,500 Southern Pacific Co. common.,
10,000 Southern Ry. common
—
1,000 Tide Water Associated Oil Co. $4.50
cumulative convertible preferred..
1,000 Youngstown Sheet
Tube Co. 5 H %
cumulative preferred series A
67,000
104,275
251,324
31,500
1,415,244
1,185,244
230,000
100,775
6,775
94,000
100,250
20,250
80,000
,
Potomac Electric Powei4
$4,813,711
6,352
$5,353,402
65,281
$4,964,361
126,204
$4,577,820
113,439
$4,820,063
650,000
Oil,100
Other interest charges..
51,100
Int. during construction
057,846
$5,418,683
501,944
Crl 1,527
$5,090,565
439,976
2,036
221,840
CY19.593
$4,691,260
394,986
Net income for year..
Preferred dividends
$4,886,974
' 395,038.
3,900,000
$4,446,306
395,040
3,600,000
$4,006,167
395,041
Net oper. revenues
1,938,434
288,300
288,300
;
,
134,993,049 87,959,517 47,033,531
147,
p.
on
funded debt
Amort, of bond discount
23,446
49,961,767 48,023,333
-V
revenues
Gross income
Int.
157,165
Peoples Drug Scores, Inc.-
$4,187,909
493,787
3,900,000
Common dividends
1939—Month—1938
$1,737,147
$1,658,153
1939—2 Mos.—1938
$3,510,367
$3,404,288
Philadelphia Co. (& Subs.)—-Earnings—
[Excluding Pittsburgh Rys. Co. and subsidiary and affiliated street railway
and transportation companies]
Years Ended Dec. 31—
*1938
1937
Operating revenues
Operating expenses, maintenance and taxes
Fy Net operating revenue
Other income
—$40,142,572 $43,228,528
21,913,015
22,327,180
2,550,000
$1,061,126
x Maintenance and repairs are included in the following amounts: $698,892 in 1938, $718,268 in 1937, $605,884 in 1936, and $665,873 in 1935.
y Includes $34,111 for
Federal surtax on undistributed income,
z No
provision has been made for Federal surtax on undistributed income. ■
Note—Commencing Jan. 1,1937, the revenue and expense accounts of the
company have been classified in accordance with the uniform system of
accounts prescribed by the Federal Power Commission and adopted by the
Public Utilities Commission of the District, of Columbia.
The figures
for the years 1938 and 1937 are not, therefore, in all cases comparable with
those shown for previous years.
Balance Sheet Dec. 31
$18,229,557 $20,901,348
Dr66,682
254,187
-
(net)
1938
^
securities
&
Cash
with
deposit
on
x2,250
1,069,051
trustees
$12,679,014 $15,770,827
Rents for lease of properties..
170,200
170,200
5,475,846
Interest on funded debt
5,469,946
Amortization of debt discount and
509,708
expense.
v 509,920
Other interest charges (net)
021,353
a
0151,108
Guaranteed divs. on Consolidated Gas Co. of the
69,192
City of Pittsburgh pref. capital stock.
69,192
500,000
Appropriation for special reser ve
a
280,908
Other income deductions...
a
268,148
Gross income.
-
—
$6,342,716
Balance
on capital stocks of subs, held by others:
Duquesne Light Co. 5% cum. 1st pref. stock..
Kentucky West Virginia Gas Co.:
5% cum. 1st pref. stock
Common stock—.
"—1...
Min. int. in undist. net income of a subsidiary—r
$8,786,327
1,375,000
1,375,000
Investments
Cash
Total
—
...—.....
5% non-cum. pref. stock div
6% cum. pref. stock dividend
$6 cum. preference stock dividend
—
$5 cum. preference stock dividend
Common stock dividend
•
Write-off of expense in connection with preparation
of registration statement
Federal income tax deficiencies asserted against
Kentucky West Virginia Gas Co. for the years
1928 to 1934 inclusive, with interest thereon—
Investment
in
securities
and
indebtedness of
Beaver Valley Traction Co. written off
—
Write-off of investments incl. expenses, interest,
40,000
1,816
Adjustment of fuel Inventory
Pennsylvania corporate net income
1937 applicable to prior period
Miscellaneous charges (net).
tax paid
in
banks
$7,179,839
33,652,511
Sundry curr. liabSA
87,455
Taxes accrued.—.
998,018
205,981
Interest accrued..
325,000
325,000
306,159
Divs.
1,029,355
985,956
>
—
7QO
Contribj
2,510
227,131
1,473,420
600,000
269,340
3,840,264
600,000
269,340
2 ,400,166
Preliminary;
y
1336.
debt——
Cash
"
317,439
12,844,177
82,260,537 81,667,354
,
Public Service Coordinated
Transport—Earnings—
(Company and Subsidiary Companies, Including
Calendar Years—
Operating revenues
Operating expenses
4,182,440
2,715,785
2,895,463
$1,417,601
20,031
$1,878,867
45,919
$1,437,637
$1,924,786
1,129,495
2,442,887
486,090
12,001
Operating income—
1,178,773
120,000
2,891
5,346
40.994
80,403
3,581
1,717
43,190
$359,181
$1,827,147
—
income
Gross income applicable to securities
of lessor com¬
264,881
80,485
37,000
panies not owned by the companies.
Interest on long-term debt of operating companies:
480,708
5,783
Rent for leased road
Bonds
debt—
— ...
—
—
Taxes assumed on interest
Miscellaneous income deductions,
Net loss..
x
_
2,861,813
2,882,938
—
Other long-term
_
—3,646,844
—
Other income (net)
Gross
Lessor Companies)
1938
*1937
$26,135,034 $26,997,599
15,325,836 15,325,043
.
Maintenance
103,039
$32,299,775 $32,573,775
605,337,
678,872
*
304,852
Total
only.—V. 148, p. 744.
Depreciation and retirement expenses
subject to audit now being made by certified public
Before appropriation for retirement and depletion reserves.
cust.
312,240
331,456
31,204,397 31,387,729
—..82,260,637 81,667,354
Total
Other interest charges
Consolidated, surplus, end of period
by
for construction,
3,102
229,840 Unamort. premium
Other reserves....
Taxes
in
98,750
Deprec'n reserve.. 13,607,207
137,568
1,205,900
on
Surplus
792
1 ,473,420
declared
pref. stocks....
closed
Deferred charges..
x
$37 ,345,295 $40,832,350
24,920
256,648
.
Mat'ls & suppliesBalances
15,635
payroll
1,253,690
28,085
65,235
1,024,180
receivable......
—
31,715
1,294,567
Mat'd fund. debt-
353,085
936,165
186,250
40,000
5,238
173,125
61,194
and dividend thereon
Past due bridge rentals written off
Consumers' depos.
Accrued
4,445,074
340.635
1,028,034
on
18,745
(net)
2,000,000
5,000,000
6,000,000
2,002,250
20,000,000 20,000,000
1,068,712 Funded debt
301,828
460,103
65,076 Accounts payable.
6% ser. of 1925. 2,000,000
5H% ser. of '27 5,000,000
Com,stk($100 par) 6,000,000
Other accts. & int.
Fuel.--
$
cum,;
255,988
Acc'ts receivable-.
,
$4,752,775
32,573,775
Consolidated net income
Consolidated surpius, beginning of period.
Additions to surplus
71,065,951
stock,
1937
$
Liabilities—
Pref.
2,701,014
—
Deposit fbr payih't
of mat'd int.,&c.
Divs.
-
124,264
Due from affil. cos.
1938
1937
$
jULsscts^i<rr
Property & plant.75,223.656
Net operating revenue and other income.;
$18,162,874 $21,155,536
Appropriation for retirement and,depletion res...
5,483,860
5,384,708
-y
accountants,
15,961
301,225
Cr27,080
$451,266
$591,935
Balance, surplus.....def$205,878
■Sales—
—V. 148, p. 1037.
—V. 148, p.
76,579
Cr35,287
4064.
Period End. Feb. 28—
Sales..
x
1935
—
1,914,988
49,781,155 47,866,167
Real estate, ground rents
1936
1937
— .
convertible
180,612
430,167
$237,943
Co.—Earnings—
1938
Calendar Years—
Bonds—
$174,000 Baltimore & Ohio RR.
±lA% bonds, 1960-
430,167
$211,591
•
Operating revenues
$15,046,870 $14,725,380 $14,093,989 $13,154,881
x Operating expenses—.
6,663,247
6,297,933
5,917,720
5,621,122
Taxes..
1,164,609
1,118,818
982,528
906,264
Pro v. for income taxes..
755,446
z716,490
y895,782
606,770
Depreciation...
1,649,856
1,238,735
1,333,597.
1,442,905
Non-oper.
Par
deficit—
x
Dividends accumulated and unpaid to Dec. 31, 1938, amounted to
Latest dividends, amounting to $1.25 a share on 7% prer.
pref.
$2,046,161.
Divistock and $1.07 a share on 6% pref. stock, were paid on Oct. 1,1938.
dends on these stocks are cumultive.—V. 147, p. 4065.
-
24,125
42,900
4,272,514
72,775
4,523,838
Seaboard Air Line Ry. common
$63,448
$30,566
Dividends applicable to preferred stocks for the
period, whether paid or unpaid—.
—
,
109,900
1,000 Pennsylvania RR. common.
1,000 Republic Steel Corp. prior pref. 6%
cum
income
Balance,
48,914
Cr635
Int. chgd. to constr'n,
1,000 Chesapeake & Ohio Ry. common...
1,800 Lehigh Valley RR. common..
.,
Restated.- -V. 147, p. 4065.
-—a
1,380
Financial
1490
Dividend
Pittsburgh Plate Glass Co.-—-To Pay
11,
1939
Essex & Hudson Gas Co.; Newark Consolidated Gas Co.; Hudson County
dividend of 75 cents per share on the com¬
April 1 to holders of record March 15. This
compares with $1 paid on Dec. 23, last; dividends of 25 cents paid on Oct. 1,
July 1 and on April 1, 1938: $1 paid on Dec. 24 and on Oct, 1, 1937; $2
pamon
20/1937; $1.50 paid July 1. 1937; $1 on April l, 1937; $2 on
Dec. 21, 1936; $1.50 paid on Oct. 1, 1936; 50 cents paid in each of the six
preceding quarters, and dividends of 40 cents per share distributed quarterly
prior thereto.
In additon, an extra dividend of $1 per share was paid on
April 1, 1936, and on Aug. 15, 1935 and an extra dividend of 10 cents per
share was disbursed on April 2, 1934.—V. 147, p. 3168.
The directors have declared a
mon
Mar.
Chronicle
stock, par $25, payable
Aug!
Gas Co.
Subsequent applications in the same connection were made to the Federal
Power Commission.
The Federal Power Commission issued orders during 1938 approving the
mergers
into Public Service Electric & Gas Co. of Bordentown Electric Co.
and Cinnaminson Electric Light, Power & Heating Co. of Riverton, N. J.,
which companies were merged Sept. 13, 1938; Gas & Electric Co. of Bergen
County, Paterson & Passaic Gas & Electric Co. and South Jersey Gas,
Electric & Traction Co., which companies were merged Nov. 17, 1938.
The FPC issued an order dismissing the application for want of jurisdic¬
tion over New Brunswick Light, Heat & Power Co., which company owned
capital stock of The Gas Light Co. of the City of New Brunswick,
Sept, 13, 1938 New Brunswick Light, Heat & Power Co. was
the entire
Public Service Electric & Gas Co .—Earnings—
and
(Including Lessor Companies)
oSSS&Z&SZl
Operating expenses
-
-r-
Depreciation
—
$98.^695
33,121,459 32,003,346
-
Maintenance—
Taxes..
$99,039?939
..I-.
7,292,124
7,273,313
18,830,878
-
17,958,763
-$32,917,317 $34,331,462
130,017
156,963
Operating income
(net)
Other income
Gross
6.971,810
6,878,160
,
*—
-—-
income
-'-$33 ,047,335 $34,488,425
- —
securities of lessor com
panies not owned by the pompany - - -- -- -- -- -- Interest on long-term debt of company—
Prior lien bonds
—
First and refunding mortgage bonds
Amortization of debt discount and expense.-Amortization of premium on debt
Taxes assumed on interest—
Interest on other debt to associated company----Other interest charges
- - :
Miscellaneous income deductions
Gross income applicable to
,
2 ,989,928
x
3,265,477
824,209
986,982
2,781,475
2,562,500
429,041
428,076
.
Cr2,720
3,917
77
123,251
20,964
-
"4,675
1,281
296,227
3,098
$25,715,384 $27,101,916
Net income.
Restated.
Comparative Consolidated Balance Sheet Dec. 31
xl937
$
1938
$
Assets—
461,863,625
Utility plant-—
- r - - - - — -468,317,075
Other physical property—--1,313,154
1,333,575
Investments in associated companies (at cost)----1
4,054,539
3,832,139
163,375
147,095
Other investmentsCash-.
8,791,209
2,711,173
7,300
7,302
Special deposits—
363,500
167,440
Working funds---;
736,076
166,116
Temporary cash Investments.-—
—
—- — —
—
-
.
Notes receivable
Accounts receivable (less reserves)
Receivables from associated companies.-!
Interest and dividends receivable
- - Rents receivable
^
Materials and supplies:.-;—
—
5
—
------------- -
12,241,910
—
—-
Prepayments u~~~~~~
Unamortized debt discount and expense-.
Retirement work in progress.-.-.Deferred Federal capital stock tax--Other deferred debi ts
—
37,118
5,137,344
204,292
11,187,568
19,067
Total
8,175
11,656,307
1 -512,440,367
502,399,642
1938
Liabilities—
xl937
$
$
153,226,409 136,182,609
1,981,804
2,515,206
54,331
49,853
147,208
191,969
Long-term debt- -1
Accounts payable..
Payables to Associated companies
Dividends
16,034
196,149
2,766
..
—
'
-
13,164,034
141,757
1,572
6,584,046
198,352
189,323
—
.
4
'
95,680
3,809
— -—-
-
,
declared.-.
——
Matured long-term debt----—------
Customers' deposits—----------—-----—2,985,763
Miscellaneous current liabilities--.
274,775
— .....
Federal income tax accrued-
—.
Other taxes accrued
Interest accrued.
Miscellaneous accrued liabilities
Deferred credits
:
40,000
3,072,159
323,827
5,635,050
660,596
1,172,678
,
25,087
—
Injuries and damages reserve....
—
Employees' provident reserved—-----
1,434,260
74,841,099
1,796,879
1,180,654
733,386
;
26,690
1,572,475
75,678,358
1,927,75.3
L229,566
—
Reserve for depreciation—
Insurance reserve.
5,452,060
4,651,255
1,181,295
...
541,832
—
Miscellaneous reserves.-.--Contributions in aid of construction
yCommon stock.7% cumulative preferred stock ($100 par)-.
y $5 cumulative preferred stock.
Stock liability for conversion
Lessor companies' capital stock-l.,
....
Capital surplus—
Earned surplus—
Total.-.
1,897,971
4,897,663
1,269,207
1.205,025
188,705,800 188,705,800
19,997,900
19,997,900
30,220,030
3a,150,000
2,100
2,100
....
9,432,874 "18,358,403
60,278
9,792,987
9,357,109
__
:
512,440,367 502,399,642
x Restated,
y 17,510,290 no par shares,
z Represented by 300,700
(300,000 shs. in 1937) shares of no par value.—V. 147, p. 3320.
„
Public Service
Corp, of New Jersey* -Annual
,
ness—electric, gas and transportation—showed an upward trend, both in
sales and revenues, in the last months of the year.
This was in contrast to
results in 1937, tfhich year saw improved business in the
first nine months
followed by a decrease in the.last quarter due to a general business
slump
This decrease became more accentuated In the first months of
1938 par¬
as pertaining to the electric and transportation units.
Gas sales throughout 1938 were more uniform in trend than
those of
either electricity or transportation.
In 10 of the 12 months total gas sales
in cubic feet increased as compared with the
corresponding months of 1937
ticularly
In April and August only
were
there decreases and, even those
were
slight
Total sales of electricity showed a decrease in each of the first nine
months
of 1938, compared with the previous year.
Each of the last three months
showed increases.
Transportation business registered a decline for the first 10 months.
The
last two months showed small increases.
Net operating revenues were affected by electric rate reductions
which
became operative after Jan. 1, and by smaller credits from sales of
electric
and gas appliances.
They also suffered because of increased taxation and
higher costs of materials and labor.
Noteworthy features of the year's business were a continuance of Indus¬
trial construction, an increase in building activity in
many sections of the
company's territory, a larger consumption of electricity and gas by residen¬
tial customers and a continued increase in gas sales for
in the number of installations of summer
cooling and
building heating and
ventilating systems
the latter establishing a record for any one year.
Public Service Coordi¬
nated Transport continued its modernization
policy of substituting buses
for trolley cars and increases in passenger traffic have followed
Sixty-three manufacturers obtained new locations in Public Service
territory during the year.
These represent a total connected load of 21,000
horsepower, an estimated gas consumption of more than 8,263,500 cubic
feet per month and an emplovment roll estimated at
7,700.
Mergers of Lessor Gas and Electric Companies—Progress was made during
the year towards simplification of the
corporate structure of Public Service
Electric & Gas Co.
Applications to the Board of Public Utility Commissioners of the State of
New Jersey to merge into Public Service Electric & Gas Co. the
following
companies were approved by the Board in 1937 under plans which had
pre¬
viously been approved by the holders of
over two-thirds of the voting se¬
Bordentown Electric Co.: Cinnaminson
Electric Light.Power & Heating Co. of Riverton, N.
J?; Gas & Electric
Co. of Bergen County: Paterson & Passaic Gas &. Electric
Co.; South Jersey
curities of each of the companies:
Gas, Electric & Traction Co.; New Brunswick Light, Heat & Power Co.*
Under date of Feb. 14, 1939 the FPC issued an order dismissing for want
of jurisdiction the applications to merge Essex & Hudson Gas Co., Newark
Consolidated Gas Co. and Hudson County Gas Co.
Ail necessary approvals
having been obtained, these companies may now be merged.
The plans for the mergers provided for the assumption by Public Service
Electric & Gas Co. of the outstanding bonds of the companies merged and
for the conversion of their capital stocks, not owned by Public Service
Electric & Gas Co., into securities of Public Service Electric & Gas Co..
At the dates of the mergers the following conversions were made:
For 1,000 shares of capital stock of Bordentown Electric Co. <par $50,
500 shares of $5 cumulative preferred stock (no par) of Public Service,
Electric
&
Gas
)
Co.
For 400 shares of capital stock of Cinnaminson Electric Light, Power &
Heating Co. of Riverton, N. J. (par $50), 200 shares of $5 cumulative
preferred stock (no par) of Public Service Electric & Gas Co.
For 16,835 shares of capital stock of Gas & Electric Co, of Bergen County
(par $100), $1,683,500 of 1st & ret. mtge. bonds, 5% series due 2037, of
Public Service Electric & Gas Co.
Fpr 8,763 shares of capital stock of Paterson & Passaic Gas & Electric Co.
(par $100), $876,300 of 1st & ref. mtge. bonds, 5% series due 2037, of
Public Service Electric & Gas Co.
For 58,294 shares of capital stock of South Jersey Gas, Electric & Traction
Co. (par $100), $5,829,400 of 1st & ref. mtge. bonds, 8% series due 2037,
of Public Service Electric A Gas Co.
For 1,349 shares of capital stock of New,Brunswick Light, Heat & Power
Co. (par $100), $134,900 of 1st & ref. mtge. bonds, 5% series due 2037,
of Public Service Electric, &, Gas Co.
The electric and gas properties owned and controlled by the companies
merged were operated under leases by Public Service Electric & Gas Co.
As a result of the merger of South Jersey Gas, Electric & Traction Co., Public Service Electric & Gas Co. came into possession of the following
capital stocks: Camden Gloucester & Woodbury Ry., 12,000 shares of cap¬
ital stock (par $50); Delaware River Improvement Co., 1,358 shares of
capital stock (par $50)
Upon merger of New Brunswick Light, Heat & Power Co., 4,000 shares
of the capital stock of Gas Light Co. of the City of New Brunswick (par
$100) passed to Public Service Electric & Gas Co.
Other Mergers—During the year the corporate organization of Consoli¬
dated Traction Co., a lessor or Public Service Coordinated Transport, was
simplified.
Agreement of merger dated Nov. 17, 1938 provided for the
merger into Consolidated Traction Co. of Jersey City & Bergen RR.,
Newark Passenger Ry., Passaic & Newark Electric Traction Co., New
Jersey Traction Co. and Jersey City Harrison & Kearney Ry., the capital
stocks of all of which were owned by Consolidated Traction Co.
Tae stockholders of the companies to be merged, at a special meeting
Dec. 12, 1938, approved and adopted the agreement of merger.
Similar
action was taken by the stockholders of Consolidated Traction Co. at a
special meeting Dec. 12, 1938.
In accordance with the agreement of merger the capital stock of Consoli¬
dated Traction Co. was not changed and all of the capital stock of each of
the corporations merged was canceled, and no new stock or obligations were
issued therefor.
Agreement of merger, approved by the Board of Public
Utility Commissioners of the State of New Jersey Dec, 15, 1938, was filed
in the office of the Secretary of State of the State of New Jersey Dec. 19.,
1938.
Issuance and Ac*uisition of Securities—In addition to the securities issued
in connection
with the mergers of lessor companies, there were issuances
and acquisitions of securities, the principal one being as follows":.
Public Service Electric & Gas Co. sold the following first & refunding
mortgage bonds:
April 5, 1938, $1,000,000 of 3H% series due 1966, heretofore held in the
treasury, to a single purchaser for a cash consideration of $1,030,000.
Aug. 16, 1938, $10,000,000 of 3 M % series due 1968, through underwriters,
for an aggregate net cash consideration of $10,275,000.
The proceeds available from the sales of the above bonds were added to
the cash funds of the company.
Cash funds "are called upon, among other
things, for expenditures in the ordinary course of business for property
and improvements.
$15,000,000 of 1st & ref. mtge. bonds of the 'SH% series due 1965 were
heretofore nominally issued and held in the treasury.
Upon the issuance
of the $10,000,000 principal amount of bonds of the 3H% series due 1968,
$10,000,000 of the nominally issued bonds of the 3H% series due 1965
additions
were
canceled.
,
»
•
,
Since the issue of 1st & ret. mtge. bonds of the 5% series due 2037 and
of the 8% series due 2037 in connection with the mergers of lessor gas
electric companies, Public Service Electric & Gas Co. has reqcquired
following principal
and
the
amounts of such bonds from Public Service Corp. of
which represent the cost to Public
•> ersey of capital stocks of equal par valu e of the several
These capital stocks had. been converted into bonds of
the 5% series due 2037 and of the 8% series due 2037.
N. J. for the amounts shown as cost,
Service Corp. of Ne w
lessor companies.
Public Service Electric & Gas Co. 1st & ref. mtge.
bonds reacquired:
Amount
Report-
Thomas N. McCarter, President, in his remarks to stockholders says in
part:
General Survey—Analysis of the results of operations of the corporation's
subsidiary companies in 1938 discloses that all three branches of the busi¬
•
,
on
merged.
5% series due 2037
8 % series due 2037
-
-
$205,000
1,577,300
Cost
$186,622
2,271,022
The Plainfield Street Ry. 1st rntge. bonds, 6%, due July 1, 1942, were
1939, at 105.
Dec. 31 cash to the amount of
$16,800 was on deposit with the trustee to retire $16,000 of the outstanding
bonds pwned by the public, as the call price.
Rapid Transit Street Ry. of the City of Newark 1st mtge. bonds, 8%,
due' April'1, 1941, are to be called for redemption April 1, 1939, at 105.
Of the $500,000 of authorized bonds of this issue, $348,000 had been acquired
by the sinking fund at Dec. 31.
Lessor Company Stock Retired—April 15 the entire issue of New Jersey
& Hudson River Ry. & Ferry Co. 6% cumulative preferred stock, amount¬
ing to $750,000, was retired.
The amount necessary to retire this stock
was provided by Public Service Coordinated Transport from funds advanced
by Public Service Corp. of New Jersey.
After the retirement ol the pre¬
ferred stock, the lease of New Jersey & Hudson River Ry.
Ferry Co. to
Public Service Coordinated Transport was modified, reducing the aggre¬
gate annua] rental payment by the sum of $45,000.
called for redemption Jan. 1,
Maintenance ana Retirement Reserve—Expenditures for maintenance of
the property of the corporation's operating companies amounted to $10,694 979.
**
*
For depreciation and retirement expense $10,283,621 was charged to
operating revenue deductions by the operating companies and $1,200 by
tne corporation, making a total of $10,284,821.
The net increase in
reserve for depreciation and retirement during the year after deduction for
property retired was $1,515,521.
Utility Plant (Fixed Capital)—Utility j)lant (fixed capital consolidated)
at the end of the year was $628,305,492.
The net operating revenues were
equivalent to 5.58% of utility plant.
The balance in reserve for depre¬
ciation and retirement was $105,274,906, or 16.7ul/(J of utility plant.
United Engineers eft Constructors Inc.—During the year the corporation
divested itself of all of its holdings of the capital stock of United Engireers
«fc Constructors Inc., consisting of 250,000 shares or 50% of the total out¬
standing shares; 237,500 shares were surrendered for cancellation to reduce
the deficit of United Engineers & Constructors Inc.
12,500 shares were
sold to the officers and employees of United Engineers & Constructors Inc.
for $2,500, which was in excess of the book value.
A reserve to cover
depreciation in this Investment had theretofore been set up on the books of
the corporation.
The corporation received from United Engineers & Constructors Inc.
$1,000,000 of United Engineers & Constructors Inc. 20-year 4% cumulative
income debentures dated Jan. 1, 1938, and $18,892 cash in liquidation of
demand notes of $864,148 and accrued interest thereon to Jan. 1, 1938 of
$154,744.
Similar action was taken by The United Gas Improvement Co., which
also owned 50% of the capital stock of United Engineers & Constructors
Inc.. and a similar amount of demand notes.
Financial
Volume 148
Chronicle
Forgiveness of Debt—Public Service Corp. of New Jersey is the owner of
substantially ah the capital stocic of Public Service Coordinated Transport
and also owns certain obligations of Transport and of companies heretofore
merged and consolidated and which now form Public Service Coordinated
Transport.
The corporation also owns certain obligations of companies the
franchises and properties of which are held under long-term leases by
Transport.
k4rSince the year 1931 Public Service Coordinated Transport has not earned
its operating expenses and fixed charges and at Dec 31, 1937 the deficit in
the consolidated balance sheet of Public Service Coordinated transport and
its subsidiary companies amounted to $5,679,864.
It being to the interest of Public Service Corp. of New Jersey that the
deficit of Public Service Coordinated Transport be not unduly increased,
the corporation by resolution of its board of directors May 26,1938 forgave
interest accruing to it in the year 1938 on obligations of Public Service Co¬
ordinated Transport and its lessor companies owned by Public Service
Corp. of New Jersey, amounting to $2,013,979.
Taxes—Taxes of subsidiary companies, included in operating revenue
deductions, amounted to $21,983,296 during the year and taxes accrued
against the corporation and other non-utility operations aggregated $1,007,824, making a total of $22,991,120.
Taxes of subsidiary companies
amounted to 17.33% of operating revenues and 38.56% of combined net
Rayonier^Inc. (& Subs.)—Earnings—
Earnings of Corporation and Subsidiary Companies, Inch Lessor Companies
1938
xl937
$
$
126,820,863 127,185,778
48,826,450
47,712,656
10,694.979
11,344,588
10,283,621
10,117,909
21,983,296
21,137,030
Calendar Years—
Subsidiary Companies—
>
Operating
Operating
revenues-.—
■__:
—.
expenses-----.---—
——
Maintenance
—rn.
Depreciation and retirement
Taxes
expenses-
— ——
Operating income.
_
__ -
—.
36,873,594
35,032,516
Drl0,232
90,961
35,022,284
on bonds—6,561,182
Amortization of discount & miscell. deductions-782,503
Dividends on stocks paid to the public:
36,964,555
6,446,035
911,985
Otherincome—net
Gross
Interest
—------
income.
-
Public Service Electric & Gas Co.:
1,113
1,123
1,500,000
1,500,000
7% cumulative preferred stock——
$5 cumulative preferred stock
Common stock
Port Richmond & Bergen
Lessor companies
,
—- — __
15
15
—
Point Ferry Co__—
21
1,413,331
Crl46,745
------
.
1,298,801.
Cr86,888
Adjustments of profit and loss--s_------------■'
'
"
Interest
307,444
———-
———————
.
.
i
26,838,789
— —
a
"
■
11 "
*
^
Balance applicable to securities owned by Public
Service Corp. of New Jersey-- — --- —
24,965,557
Public Service Corp. of New Jersey—
,
311,984
'
—
Earnings for 9 Months Ended Jan. 31, 1939
J/
depreciation.
,
Net sales.
—
—
27,150,773
514,073
1,200
1,145,718
1,091,736
49,430
Crl82,991
—
-
———
Interest
miscellaneous
obligations..—14,381
Adjustments of profit and loss-—.—Crl5,593
on
------ -
Net income.——
Dividends on preferred stocks of Public
.
—
24,531,606
22,733,245
—
Service
.
1,715,944
2,023,560
3,523,872
2,587,560
14,308,302
—
Balance carried to surplus..775,284
Earnings per share on common stock of Public Service Corp. of New Jersey--x
United
'
$2.67
$2.34
Restated for comparative purposes.
On
372,368
,
Treasury bonds and notes, bank bal¬
real estate owned and from other investments, exclusive
of affiliated companies.
/
.
a
States of America
ances, revenue from
Comparative Consolidated Balance Sheet Dec. 31'
1938
■
—
Utility plant.Other
.628,305,492 631,220,565
260,538
260,538
• 27,600
;
250,000
...—
——
physical property——————
——.:
——
Investments in associated companies (at cost)--Other investments
Sinking funds
Cash—
Special deposits—
■Working funds——
Temporary cash investments
-
35,649
239,850
1,406,076
-
—
—
—
-----
-----
Notes rcc6iv&l)l6
5
Accounts receivable (less reserves)_I.------Interest and dividends receivable-
16,674
8,205
6,228,382
—— —
7,987,635
——
12,133,742
252,659
272,870
"
..—686,820,914 684,006,397
—
xl937
1938
Liabilities—
'
""
$
$
Long-term debt———.—^—.190,736,506 174,785,706
Accounts payable
2,735,4h6
3,579,591
Dividends declared.———
872,270
625,670
Matured long-term debt
,<
13,000
13,000
-----
-
—
Customers'
deposits
...
-
356,2o6
Dissolving
Ordinary
Paper
38,379
6,591
4,472
Sales, tons—
45,032
4,941
4,279
On Dec. 9,1938,the company entered into a long-term loan agreement,
under which it refinanced its previous bank loans incurred primarily to
apply toward construction of the new dissolving pulp mill at Fernandina,
P la., and provide additional funds for retirement of other debt and increase
of working capital.
The new loans were taken in part by The Travelers
Insurance Co. and in part by The Chase National Bank, the Manhattan
Co. and Wells Fargo Bank & Union Trust Co., being the banks holding
the former term loan.
The new loans (apart from minor purchase money
mortgages) constitute the only funded debt of the company and amount to
$8,000,000. One-half of this amount bears interest at the rate of 3M % per
annum and is
repayable in four semi-annual instalments of $375,000 each,
commencing Oct. 31, 1939, and five semi-annuai instalments of $500,000
each, commencing Oct. 31,1941. The balance of $4,000,000 bears interest
at the rate of 4 H % per annum and is
repayable in 10 semi-annual instal¬
ments of $400,000 each, commencing
April 30, 1944.
Among other things the loan agreement provides that the company will*.
(a) Maintain a net working capital of at least $2,500,000, after providing
an amount estimated as sufficient for the
completion of the Fernandina
plant; •
(b) Not declare any dividends which will reduce the net working capital
(after providing an amount estimated as sufficient for the completion of the
Fernandina plant) below $3,000,000;
(c) Not pay dividends on, or purchase, redeem or otherwise acquire any
of its outstanding shares of stock in excess of an aggregate of $2,416,283
in any one fiscal year prior to April 30, 1941, or in excess of an aggregate
of $3,380,155 in any one fiscal year thereafter, unless at the same time it
reduces the new loans by an amount equal to such excess, but not to4exceed
$1,000,000 in any one fiscal year, in addition to the regular semi-annual
•
—.
instalments due thereon.
The consolidated balance sheet as of Jan. 31,1939, showed current assets
of $7,194,307 and current liabilities of $1,841,922, the excess of current
assets over current liabilities being $5,352,385.
Of this amount $2,117,452
has been set aside to cover the estimated amount required for completion
of the company's plant at Fernandina, Fla.
The net working capital after
Other taxes accrued
Interest accrued--^—-
..
Miscellaneous accrued Iiaoilities—
Deferred credits—--—!---!
Reserve for depreciation and retirements
----------
reserve..-
Injuries and damages
63,012
—1,697,674
.133,249
1,589,832
-.105,274,906 103,759,384
property 14,816,099
24,104,309
1,872,000
l,72o,000
3,»99,441
3,©99,441
1,927,753
1,796,©79
2,471,045
2.43b,856
—1,090,633
808,647
3,017,204
5,856,433
—-
reserve,
reserves.
1,349,459
Contributions in aid of construction.y Common stock
8 % cumulative preferred stock ($100 par)
7% cumulative preferred stock ($100 par)
6% cumulative preferred stock ($100 par)
z<$5 cumulative preferred stock—.
Operating subsidiaries' capital stock-—
Lessor companies'capital stock..—
Surplus
x
-----
-
21,449,300
28,908,060
58,731,200
49,424,198
30,360,277
15,837,662
21,526,860
Represented by 5,503,193 no par shares,
shares.—V. 148, p. 1181.
Restated,
no par
111,933,694
-
-----
1,284,117
111,933,694
2i ,449,300
28,908,000
58,731,200
_
„
49,424,198
30,418,005
24,335,018
19,055,204
———————686,820,914 684,006.397
Total——
Consolidated Income Statement for Calendar Years
1938
1937
1936
Net sales—
$140,879,763 $250447,744 $218317,399
b Cost of sales. ——121,251,323 207,576,923 176,620,235
y
Reo Motor Car Co.—General
as
517,712
Manager Named—
Fred Glover, President of this company for about a month last
summer, has been appointed general manager by Theodore I. Fry, trustee
for'the Federal District Court in 77B reorganization proceedings.
Opera¬
tions are being gradually increased, current working force amounting to
about 800.—V. 148, p. 1181.
Col.
1935/
-
$136164,554
110,921,652
13,178,917
8,037,467
Sell., gen. & adm, exps—
13,154,544
Operating profitOther income.——-,
$6,473,890 $27,638,201 $28,518,248 $17,205,434
1,691,451
2,159,869
1,259,866
1,021,190
15,232,619
Total income.
$8,165,347 $29,798,070
Prov. for deprec. of mfg.
*
$29,778,115 $18,226,624
plant & exhaustion of
mih ,& mining equip
Int. on indebtedness—
10,897,020
4,327,757
—
„
.
10,756,486
4,731,978
10,130,485
4,815,683
8,230,200
3,421,778
«501,506
339,264
139,339
24,056
103,134
Prov. for loss on uncol-'
lectible receivables—
70,623
439,981
and expensesNet loss on sale of secur.
256,906
226,158
Prov. for gen. conting—
Other deducts, fr. earns.
Loss on ore lease cancTd '
Prov. for Fed. inc. tax-
371,000
197,759
72,611
Amort, of bond discount
c
'
•
——j.
—
-
-
-—
Net prof, from oper.loss$8,028,329
Pref. div. paid on guar,
stock of the TrumbullCliffs Furnace Co-—
Min. int. in net prof, of
subs.-Portion of
net
loss
482" 500
525,500
734,996
1,066,987
d3,300,000
d3,000,000
704", 163
$9,082,9.71
,641,715
$4,646,762
57,415
221,238
757,267
•
——-
38,824
------
—
—
of
sub.
applicable to min.
int.—.——-
Cr30,210
Cr2,623
30,505
—
$9,586,922
_j__
1,693,821
e2,874,112
513,530
2,152,746
fl,435,164
Net profit—.
.,-loss$7,997,825
■Div. on 6% cum. conv.
$9,044,148
423,455
—
prior prer. stock.... Div. on 6% cum. conv.
a
After
-
.
,
.
,
preferred stock------
—•—*.
deducting cash discount allowed customers amounting to $1,053,-
704 in 1938, $1,995,882 in 1937, $1,582,987 in 193$ and $953,154 in 1935.
b Includes repairs and maintenance charges aggregating $11,320,005 m
1938, $21,623,425 In 1937, $18,087,751 in 1936 and $11,605,764 in 1935,
and including premium of $3,200 in 1936 on stock purchased for retirement.
c After discount
of $10,856 in 1935.
d The approximate amount of
$1,200,000 ($950,000 in 1936) has been provided for estimated surtax on
undistributed profits, this amount being included in the provision for
Federal income tax. * e $10.50 per share after adjustment due to termina¬
tion of offer under plan,
f $12 per share.
Consolidated Balance Sheet Dec. 31
1937
1938
$
Liabilities—
$
14,287,545 6% prior pf.stk. 28,230,350
6% conv. pref.J
13,995,799
stock.—--- 11,959,700
58,070,051 ' 64,970,753 x Common stk-132,516,450
Funded debt.-- 89,081,830
8,542,353
9,820,880 Minority int.—
166,055
Accts. payable.
7,469,369
3,252,140
3,252,140 Acer. tax. & int. 3,967,935
2,450,201
5,580,096 Reserves
—
16,612,553
Capital surplus. 61,590,1932,051,537
1,641,894 Earned surplus.def2878,911
1937
1938
Assets—
Cash
$
deposit. 16,147.933
Notes,accounts,
&c., rec. (net) 15,348,260
on
Inventories
Invests.,
--
advs.,
oth. assets, &c
Co.'s
com.
stk.
held by subs—
-----
reserve
Employees' provident
Miscellaneous
1,552,025
„
Special reserve for retirement of street ry,
Contingency reserve
Special reserve—
—.....
Insurance
1,432,450
1,499,469
— » ——
5,392,581
3773.
p.
a
6,779,211
-----
—-
$3,234,933.t-V. 147,
Republic Steel Corp. (& Subs.)—Earnings-—
398,141
.
pulp and
Production, tons—————
3,186,835
3,093,707
6,4/1,249
the three
—:—•—Pulp—-—<-*—
.
—
-
Miscellaneous current liabilities.--Federal income tax accrued
— —
suljmitejprlnting and writing papers for the three months ended Jan. 31,
601,519
224,726
-
----------
Total ----------J-------
484,374
11,640,437
441,857
Prepayments
i.._
■!
Unamortized debt discount and expense-————
Deferred Federal capital stock tax
.*•
Other deferred debits.
14,094,801
4,533
37,11.8
-i---—---_
-
4
■
—
— — — —
which compared with net profit of $731,692 for
months ended Jan. 31, 1938.
Production and sales of dissolving pulps, ordinary grades of
3,708,076
13,231,783
———
Rents receivable.,-Materials and supplies
838,823
86,416
11,985,023
35,806
253,040
513,658
84,350
23,654,484
--
$1,921,144
218,725
280,988
^Net profit— — ..*.———
—-—$1,421,431
^Forthe three months ended Jan. 31,1939, the consolidated net profit was
$
$
847,428
-
$1,539,800,
-
*1937
,
Assets—
2,768,572
--------
——
_
—
Corp. of New Jersey:
8% cumulative preferred stock—,
1,715,944
7% cumulative preferred stock.------2,023,560
6% cumulative preferred stock--—.
3,523,872
$5 cumulative preferred stock.2,587,560
Dividends on common stock of P. S, Corp. of N. J. 12,107,024
$8,110,519
— -
— ,
— ————
Profit from operations
Other expenses net of other income.Federal income taxes-.-.—————.
such provision amounted to
Balance.-—--------.———25,273,001
Expenses
477,166
Depreciation and retirement expenses.—
1,200
Taxes-.-970.866
Interest on perpetual interest-bearing certificates.1,091,736
—
Profit from operations, before
Provision for depreciation
,
operating revenues before deduction for taxes.
Shareholders of the Corporation—At the close of 1938 there were 107,135
accounts on the shareholders' lists of the corporation.
Eliminating dupli¬
cates resulting from ownership of more than one class of stock, there were
85,770 shareholders, or 690 more than Dec. 31, 1937.
1491
a
Special depos.
Misc. rec., work
y
.
28,230,350
1J.959.700
132,499,470
92,859,148
200,093
w
funds, &c
Props., plants
& equip., &C.238,873,528
7,219,602
lf.124,762
61,590,193
5,412,183
247,222,883
3,979,528
9,563,237
3,886,750
Deferred assets.
Total
^..348,715,525 364,658,739
Total.------348,715,525 364.658,739
Represented by 5,832,124 (excluding 1,216 shares In trc^ury) nwor
y After deducting reserves for depreciation, &c., of $145,632,569 in
1938 and $137,297,432 in 1937. a Cash on deposit with trustees for sinking
x
shares,
funds and for other purposes.
Collateral Released—
Corporation has notified the
.
•
■
.
.
-.
.
•.
_
.
New_York Stock Exchange that 500shares
Mining Co. and 500 shares of Capital
have been released from the lien of the
of Capital Stock of The Concheno
Stock of the Rio Tinto Copper Co.
and Improvement Mortgage
Mortgage Convertible bH% bonds, due
Purchase
—V. 148, p.
Rex
744.
securing^l^irchase Money First
Nov. I, 1954, of the corporation.
„
Mining Co,—Registers with
See list given on
t
SEC—
first page of this department.
1492
Financial
Rochester
Telephone Corp.
1939
1938
$434,490
Uncollectible operating revenue.
$436,108
965
expenses.
722
$433,525
302.498
$435,386
308,806
$131,027
Operating
$126,580
Operating taxes.
58,808
56,286
$72,219
Net operating income.
Net income
$70,294
44,462
46,817
—V. 148, p. 1338.
1 Rockland Light & Power Co, (&
Mar.
representative on the Board. Since Mr. Titus was largeiy responsible
for the modification of the original plan of reorganization of its predecessor
corporation and is the desired representative of several groups of security
holders having a substantial interest-in the company, failure to renominate
him to the Board is claimed by the committee to be an indication of the
management's complete disregard for the theory of minority representation.
The candidates named by this committee are:
William A. Titus Jr., of
John Melady & Co., New York, and at present a director of Scullin Steel
Co., St. Louis, Mo., and director of Claude Neon Lights, Inc., New York;
Lon O. Hocker, a senior member of Jones, Hocker, Gladney & Grand, which
firm represented the bondholders in the reorganization proceedings; and
William S. Snead, Vice-President and director of Snead & Co., Jersey City;
Treasurer and director of Snead Mfanufacturing Building Co,, Louisville,
and director of the Emerson Electric Co. of St. Louis, Mo.—Y. 147, p. 2548.
Savage Arms_Corp.—Earnings—
Subs.)—Earnings—_
^""1938
Calendar Years—
1937
1936
1935
$3,840,911
2,273,345
$3,769,173
2,301,051
$3,668,255
2,095,218
$3,520,785
2,011,334
$1,567,566
2,375
$1,468,122
Z>r2,389
$1,573,036
Or 1,685
$1,509,451
Or2,748
Gross income
$1,569,941
Inc. deduc's (int., &c.)—
456,491
$1,465,732
476,106
$1,571,351
360,986
$1,506,703
490,611
Other
$989,626
947,137
$1,210,366
947,137
$1,016,092
811,832
Income from oper
Non-oper.
revenues
Total
Net income
...
Common dividends
$1,113,450
947,137
$166,312
Balance, surplus
\
$42,489
$204,260
$263,229
Consolidated Balance Sheet Dec. 31
1938
$
1938
1937
$
%
Liabilities—
24,024,612 23,174,527
159,212
159,489
11,426
11,426
Cash
435,581
492,385
4,100
4,100
Working funds...
Mat'ls & supplies.
337,910
248,521
Accts. receivable..
623,714
671,903
Cap. stk. ($10 par) 13,530,530
Utility plant
13,530,530
561,443
Prem. on cap. stk.
Other phys. props.
Miscell. lnvest'ts.
Long-term debt
7,142,000
6,548,000
78,165
'
Accts. payable
.
Prepayments
30,947
296",402
Deferred debits...
Capital stock exp.
163,006
Notes payable
300,000
500,000
Consumers'deps..
131,366
'127,695
Matured interest..
1,377
Taxes accrued
35,077
501,211
.
300,043
56,944
47,707
305,351
501,211
Miscel. cur. llab..
14,525
2,632,989
12,810
2,429,690
Res.
reserve..
for
uncol.
accounts
99,840
100,526
aid of construct.'
100,370
100,006
Deferred credits..
184,612
141,848
1,783,115
1,124,457
Contributions
in
Surplus...
Total
26,440,720 25,589,4321
Total
Safeway Stores, Inc.—To Pay 50-Cewf Dividend—
Corp.—New Director, (fee.-1-
Corporation has elected J. W. Burnison, formerly with Radio Corp. of
America, to board of directors at the annual meeting of stockholders. Mr.
Burnison also becomes Vice-President in charge of production.
B. J.
Macabee has been elected Treasurer.—V. 145, p. 3982; V. 144, p. 3350.
$60,434
41,989
com. stock
(no par)
State, local, &c., taxes.
Federal income taxes
Surtax on undist. profits
1936
$8,093,297
1,496,957
2,701,446
471,197
662,855
519,126
893,877
824,950
116.600
Provision for deprec
$7,805,768
1.589,288
2,525,516
.
$6,932,006
1,458,372
2,248,882
436,870
450,950
603,175
699,919
66,400
2,000
774,800
81,400
541,965
from oper
$1,797,092
$204,323
167,715
$2.72
$75,121
Assets—
1938
Fixed assets...
x
Patents,
$1,868,518
6,155
699,347
$1,826,871
852,250
General interest
24,079
Amort. of debtdisc. & exp.
87,780
Misc. deductions
22,098
$1,909,952
981,400
19,659
29,616
20,977
$1,874,674
981,400
14,628
29,615
$1,605,884
981,400
16;467
39,589
$858,300
345,000
110,000
$849,030
345,000
110,000
$568,428
345,000
.
Net income
Dividends pref. stock
Dividends common stock
$840,664
345,000
498,000
7,898
x The above income account for the
year 1935 is based upon the income
company's annual report for that year after apply¬
ing tnereto certain reclassifications to make It consistent with the income
account for the year 1936.
account contained in the
Assets—
$
1938
due 1939
Deferred assets..
$
Plant, prop.,rights,
franchises, &c_.31,928,628 31,390,836
a
8% pref. stk
3,000,000
b
c
7% pref. stk
7% pref. stk
1,000,000
Investment
&
ad-
"
63,183
81,384
prepaid accounts 2,635,120
731,932
263,406
varices
Deferred charges «fe
Cash
692,439
Deposit for paym't
of bond interest
-
Accts. receivable..
Materials
&
plies....
2,660
448,083
557,797
572,523
392,881
393,257
sup¬
.
3,850,000
Funded debt.....18,800,000 18,518,000
Def. liabilities-...
331,134
598,960
4%
serial
notes
(curr.)
200,000
Accounts payable331,417
337,835
Accrued taxes.... ■ 233,603
229,351
Fed. income taxes.
88,535
159,718
Accrued interest.
Miscell.
curr.
Reserves.
Capital surplus
Earned surplus
..36,312,201
33,841,9281
Total
.
5,810,000
226,856
liab.
Contrib. for ext
Total
3,000,000
1,000,000
500,000
500,000
d Common stock..
After
Capital surplus...
712,022
225,319
Accounts payable.
65,122
59,657
Accrued Items
49,918
127,805
Res. for taxes, &c.
37,251
152,587
12,000
\
20,894
18,793
$5,096,720 $5,247,5201
deducting
Scott Paper
$6,682,648
Co.—-Earnings—
518,300
1938
1937
.
Years
1936
1935
$11,624,477 $10,206,961
6,046,526
5,242,249
494,429
336,020
563,749
596,443
Sell., adm. & gen. exp.,
incl. freight paid on
goods
3,829,282
sold
3,145,512
2,753,727
$1,749,266
b277,810
$1,622,070
al84,101
$1,341,565
42,348
$1,311,216
37,982
$2,027,076
130,390
$1,806,171
114,891
$1,383,914
13,927
$1,349,198
Int. paid & misc. exps._
Prov. for contlng. liab..
Prov. for Federal tax
335,235
x312,000
x235,292
136.500
125,000
136,683
$1,424,951
45,000
1,039,340
$1,254,281
$340,611
598,664
$370,807
569,984
$2.20
Operating income
for Pa.
Prov.
y
income
Net
earnings
pref. stock
on
on com.
3,491,587'
7,513
73,117
212,141
&
capital stock taxes...
Other Federal taxes
shs._
Balance to surplus...
Common shares outst'g.
Earnings per share
$2.30
95,453
22,219
$998,011
46,703
598,412-
883,474
$938,754
136,504
333,528
$352,896
284,990
z$3.34
.
$468,721
253,031
$3.17
x
Including estimated surtax on undistributed profits amounting to
$58,000 in 1937 and $20,700 in 1936.
y Including compensatory processing
tax in effect since latter part of 1933.
z Earnings per share on 284,990 no
par common shares outstanding on Dec. 31, 1936, and $1.67 a share on
569,980 common shares outstanding after payment of the 100% stock
dividend on Jan. 11, 1937.
a Includes interest on investments in Bruns¬
wick Pulp & Paper Co. bonds of $134,000 and other interest and discount on
purchases, &c., of $50,101.
b Includes interest and premium on Bruns¬
wick Pulp & Paper Co. bonds owned of $179,184; dividend on Brunswick
Pulp & Paper Co. stock owned of $40,800, and discount on purchases,
other interest, &c., of $57,825.
Consolidated Balance Sheet Dec. 31
A
a
-
1937
$
■
Cash..
Accts.
2,911,181
—
&
aecept's
receivable
Inventories
791,188
2,062,495
......
Mortgage owned..
30,007
Inv. InBruns. Pulp
& Paper Co
720,000
Instalm't rec'le
Brunswick
1938
5,589.142
1,287,093
$
Common stock...g3,806,596 b2,659,596
h Cum. pref. stock 3,052,500
3H% deb. bonds. 2,812,000 d4,000,000
701,502 Accts. payable and
accrued Items.. 1,297,346
1,380,375
1,073,986
38,580 Equip, pur. contr't f 408,876
Dlv. payable
33,750
500,000 Federal tax reserve
507,862
461,907
8,573
8,573
bonds_e2,892,000 c3,000,000
Int. rec. on invest.
1937
$
Liabilities—
$
Land, bldgs., &c. 7,178,839
58,802
Rec. fr. empl's, &c.
61,176
Reserve for
con¬
tingencies, &c_.
Surplus
144,948
4,683,973
138,920
4,345,986
31,099
Misc. ad vs., cl'ms,
69,268
&c
Pats,
4,344,121
100,480
100,480
146,207
148,544
36,312,201
33,841,928
Bay Toll-Bridge Co.—Deposits—
Directors have declared a dividend of 25 cents per share on the common
stock, payable April 1, to holders of record March 18.
A cdviaena of 45
paid on Dec. 24, last and dividends of 15 cents per share were
paid on Oct. 1 and on July 1, 1938.—V. 148, p. 745.
cents was
Scullin Steel Co.—Proxy Committee Formed—•
An independent rpoxy committee for the purpose of electing directors
at the annual meeting of the company, scheduled for March 13, has been
formed by a New York group headed by Gruntal & Go., members of the
Exchange.
The committee is contesting the coiming
election on the ground that the management In designating a list of nomnees
failed to renominate William A. Titus Jr., who is at present, the only
38.062
goodwill,&c.
1
1
Deferred charges..
56,714
82,856
Total
16.747,854 12,680,3961
Total
16,747,854 12,680.396
a
After deducting reserve for
in 1938 and $4,216,359 in 1937.
depreciation and depletion of $4,638,132
b Represented by 570,006 no par shares,
including scrip equivalent to 21.98 shares,
c $108,000 redeemable through
sinking fund July 12, 1938.
d Includes $143,000 current instalment due
July 13, 1938.
e
$216,000 redeemable through sinking fund in 1939.
f Includes $375,427 payable within one year,
g Represented by 598,680
no
par shares, including scrip equivalent to 16.98 shares,
h Represented
by 30.000 no par shares.—V. 148, p. 289.
Sears, Roebuck & Co.—Sales—
Four Weeks Ended Feb. 26—
Sales...
—V. 148, p.
1939
1938
$34,106,943 $30,148,610
890.
Security Investment Trust, Inc. (Denver)—$1.50 Pre¬
ferred Dividend—
Directors have declared a dividend of $1.50 per share on the $6 first pre¬
ferred stock payable April 1 to holders of record March 20.
Like amount
was paid on Oct. 1 last and dividends of $2 per share were
paid on April 1,
1938, and
on
Oct. 1, 1937.—V. 147, p. 1938.
Snider Packing Corp.—No Common Dividend—
Stock
.
sales
.$16,149,640 $13,843,542
Mat'ls, labor & exp., &c.
9,486,105
7,767,235
Repairs & maintenance.
381,338
377,032
Deprecia'n & depletion.
703,649
585,618
467,351
Sangamo Electric Co.—Dividend Reduced—.
York
1937) for depreciation,
(no par),
z Includes
in
Net
7,528
Bondholders' consents to the proposed reorganization March 8 reached
$4,000,000 out of the $4,303,000 outstanding, and deposit of debentures
March 8 passed 66 2-3%.—V. 146, p. 4129.
New
$5,096,720 $5,247,520
Total..,..
^$6,568,596
Consolidated Income Account for Calendar
519,403
5,017,037
a Represented
by 30,000 shares of 1925, $100 par.
b Represented by
c Represented by 5,000 shares of 1927,
10,000 shares of 1926, $100 par.
$100 par.
d Represented by 83,000 shares of no par value in 1938 and
55,000 no-par shares in 1937.—V. 148, p. 1040.
San Francisco
712,521
296,122
1,960,462
_
Total....
1937
$
Liabilities—
.
$9,500
877,108
3,354,300
831,149
z2l6,671
Inventories
1938
1937
1937
$1,000
Common stock..
1,464.536
Acc'ts receivable..
Balance Sheet Dec. 31
1938
1938
3,354,300
pref. stock
Earned surplus.
1
rec.
2d
y
$1,597,986
Net earnings.
Int. on funded debt
&101.549
167,715
$0.54
167,715
$1.45
Liabilities—
goodwill,
Cash..»..._
Notes
1937
.$2,695,271 $2,734,821
&C
Divs.
$1,904,642
5,310
Other income (net).....
$101,549
170.631
Consolidated Balance Sheet Dec. 31
v
641,829
6,100
29,779
earns,
6,bid
30,849
x After deducting all expenses incident to
operations, including those for
ordinary repairs and maintenance of plants and ordinary taxes.
Cash divs.
Net
$175,507
$245,752
$0.36
Total income
xl935
1937
$456,616
252,292
$18,445
i67,715
Surplus
She.
Other income
Maintenance
4,000
Earned per share
jnSan Antonio Public Service Co.—Earnings
Calendar Years—
Operating revenues
$8,303,361
Electricity & gas purch_
1,386,337
2,765,379
Operation
$331,408
4,610
77,046
y Represented by 167,715 shares of common stock
notes receivable.—V. 148, p. 74o.
Directors have declared a dividend of 50 cents per share on the common
stock, payable April 1 to holders of record March 14.
A dividend of $1.25
was paid on Dec. 15 last; dividends of 25 cents were paid on Oct. 1, July 1
and on April 1, 1938; a stock dividend of l-100th of a share of 5% preferred
stock for each common share held was paid on Dec. 15, 1937, and regular
quarterly cash dividends of 50 cents per share were paid on Oct. 1, July 1
and on April 1, 1937.—V. 148, p. 1338.
\
5,590
176,307
20,500
16,000
Net profit.
x
1938
*$665,513
for slow-mov¬
Dividends.
26,440,720 25,689,432
—V. 147, p. 583.
Samson United
$172,36»
3,140
8.718
ing inventories
Prov. for contingencies.
285,337
Interest accrued..
Deprec'n
$322,690
tributed profits
Provision
1,215
1,044
Special deposits...
$640,730
24,783
121,470
1
1937
I
A ssets—
profit
deductions
Federal and State taxes.
Federal surtax on undis¬
1935
$2«3,»3o
27,000
Operating profit..
1936
$442,690
120,000
$18a,006
6,128
114,444
Other income
Total oper. expenses
Profit
$760,730
120,000
$173,266
7,740
Depreciation
Operating revenues
x
"1937
$297,516
124,250
1938
Calendar Years—
1939
11,
eastern
-Earnings—
Month of January—
Chronicle
of
Directors at their recent meeting took no action with
respect to payment
a dividend on the common shares at this time.
A dividend of 75 cents
Volume 148
was
paid
paid
was
Financial. Chronicle
March 10, 1938, and an initial dividend of
$1.50 per share
March 10, 1937.—V. 146, p. 3357.
on
on
Sharon Steel
Manufacturing
Balance..
$1,242,627
582,063
738,039
$3,313,353
687,631
47,084
$3,486,808
970,389
979,060
75,072
77,025
51,427
12,500
81,639
Total
12,000
12,500
73,000
$1,658,231
126,511
$1,569,206
183,364
$1,391,792"
loss$64,781
Total other income
6,000
loss$130,560
65,778
Balance
$1,784,742
$1,752,570
164,930
$1,455,710
293,040
.
bonds.
54,211
Amort, of bond discount
and expense
_
$1,720,810
loss$95,324
Special charges (net)...
$1,574,852
Oper. exps. and taxes...
Prov. for depreciation..
Netprofit
$1,123,007
41,853
$1,345,810
249,288
461,961
loss$95,324
.
Preferred dividends
Common dividends
298,600
...
Consolidated.
$1,305,852
157,200
396,174
$1,009,153
1937
1938
$
.
Liabilities—
2,110,975
1,636,815
1,248,424
1,133,721
3,597,040
........
Inventories.,
Deferred charges..
Investments
and
53,109
advances...—
3,707,808
equipment.:
Accrued Interest..
Accrued gne. taxes
7,294,547
19,867
134,994
7,388,441
217,325
74,650
Dividend payable.
Other acer. Ilabil..
current)
Reserves^.
81,408
52,315
....
capital surplus..
Earned surplus...
Total
18,400,293 17,343,286
$393,779
$316,365
Sierra Pacific Power
Period End. Jan. 31—
shares,
z
amounted to $14,562,682, or 19.59%.
In addition to the effect on
operating revenues of lower traffic volume generally, a substantial part of
was a result of considerable revenue
gains in the same four
months of 1937, from freight movement
by rail because of interruption
of steamship services to and from Pacific
ports.
The decrease in operating
389,540
5,400
67,814
5,972,000
5,972,000
3,897,740
24,983
by
$919,724
4,097
$786,225
3,726
$923,821
91.049
$789,951
$697,264
$76,900
7,553
$63,745
Gross Income
Interest and amort,, &c.
$69,347
$55,955
10,824
$832,772
11,193
Net income
......v
Preferred dividends
Common dividends
$58,153
$45,131
$699,107
210,000
339,626
...
,
7,790
133,665,.
—V. 148, p. 1339.
'
Calendar Years—
Ore sales..
for all other taxes.
Excise taxes amounting to $36,913 accrued on com¬
pensation of employees engaged in rehabilitation of properties damaged by
floods in southern California, were charged to profit and loss, with the
*
$1,614,891
$586,567
474,819
39,909
22,515
52,035
$3,362,362
1,434,056
51,043
70,278
390,994
$2,142,181
1,058,590
62,107
48,321
203,758
$1,670,353
1,050,130
59,525
45,691
93,181
Ioss$2,7l0
122,047
$1,415,992
1,220,467
$769,405
610,234
$421,827
488,187
$195,525
1,220,467
$1.16
$159,171
1,220,467
$0.63
def$66,360
1,220,467
Depreciation
reserve—
..
Dividends paid......
Balance, surplus
def$124,756
Shs.cap .stk.out. (par $5)
1,220,467
Earnings per share
Nil
"
.
Balance Sheet Dec.
1938
1937
$662,837 $1,061,985
Due from smelter.
Dlvs.
concentrates
$78,480
305,117
211,385
payable-
Utah occupa. taxes
35,429
concentr's
1937
$19,825
Federal taxes
(at cost)
$0.35
1938
Accounts payable-
368,000
15,000
25,462
31
Liabilities—
126,698
Sec. owned (cost).
1935
33,395
5,111
32.852
Reserves:
Workmen's com-
98,670
10,988
40,234
12,910
pensa'n lnsur..
Net proceeds tax
116,206
8,776,308
7,205
143,717
8,645,071
5,103
State corp. fran¬
chise tax
...
Treasury
1,153
3,458,839
stock...Drl47,665
Total
72,712
73,000
Cap. stk. ($5 par). 6,250,000
Surplus
$9,687,216$10.439,149
66,557
27,078
6,250,000
3,536,191
Drl47,665
$9,687,216$10,439,149
•
.
Total other income amounted to
or
$2,124,561
17,619
Total earnings..
Mining, mill, &c., exp..
Administrative expenses
Net income
6
1936
$11,276,112,
9.05%, compared with 1937, because of
an increase of $935,795,
of $701,564 in the
charges against Pacific Fruit
an increase
amount of credits to miscellaneous income for
Express Co., an increase of $93,203 in dividends received from that com¬
and a net increase of $141,027 in income from other sources.
Expenditures by Southern Pacific Transportation System for addition
pany,
and betterments amounted to $9,676,812, a decrease or $22,911,755, com¬
pared with 1937, due, principally, to expenditures of $20,070,000 for new
equipment during 1937, compared with $867,000 in 1938.
Funded debt of Southern Pacific Transportation System held by the
public increased $657,706, as a result of issuance to the Reconstruction
Finance Corporation, with approval of the ICC, of notes of company
payable on or before May 1, 1941, covering loans aggregating $14,000,000,
which exceeded the amount of funded debt retired, principally equipment
trust obligations and bonds maturing, during the year.
The loans received
from the RFC were applied to the payment of interest on funded debt,
retirement of maturing equipment trust obligations, and to the emergency
expenses for repairs to properties damaged by floods.
"
The $20,000,000 reported in the balance sheet of Southern Pacific Trans¬
portation System against loans and bills payable at Dec. 31, 1938, repre¬
sents bank loans, $5,000,000 of which were made in the latter part of 1937
and $15,000,000 of which were made during the first five months of 1938.
Borrowing of these funds was necessary due to the unusual decline in net
railway operating income.
»
Effective Dec. 1, 1938, operation of the interurban passenger service
previously conducted by company between San Francisco and Oakland,
Alameda, and Berkeley, Calif., was taken over under lease by the Interurban
Electric Ry., which is solely controlled by company through stock owner¬
ship. On Jan. 15, 1939, the Interurban,Electric Ry. commenced operations
on
the San Francisco^-Oakland Bay Bridge railway.
At the same time
company abandoned its passenger ferry service between San Francisco and
Alameda, Calif., and reduced its passenger ferry service between San
Francisco and Oakland, Calif, to that necessary to provide transportation
across the bay for passengers, baggage, mail, and express, arriving at and
departing from the Oakland Pier terminal on main line trains and local
steam-trains.
,,
148, p. 1040.
charged
$834,223 in accruals of such taxes, although the total amount of employees'
compensation was smaller than in 1937; and an increase of
$265,117 repre¬
senting amount of Federal surtax on undistributed net income paid during
year 1938, on taxable net income for year 1936 held to be subject to that tax;
these increases being partly offset by a net decrease of
$168,022 in accruals
129,745
"
1937
$3,345,417
16,945
A
were
authority of the ICC.
The increase in railway tax accruals was due to increased rates of excise
taxes, effective Jan. 1, 1938, prescribed by unemployment insurance pro¬
visions of Federal and State Social Security Acts, causing an increase of
$567,519
209,806
.263,654
Co.—Earnings—
during February and March, 1938,
to profit and loss accounts, with the
92,687
1938
$566,103
20,464
■
Other earnings
.
Feb. 18, 1939.
authority of the ICC.
Silver King Coalition Mines
Other assets
were
Under a policy of strict economy, and by
increasing the efficiency of
operations, the reduction in operating expenses was accomplished without
impairing the standard of transportation services.
Emergency expenses
amounting to $1,345,864, which ordinarily would have be&n charged to
operating expenses,* for repairs to roadways, structures, and drainage
facilities, which were extensively damaged by floods caused by torrential
$1,869,564
"
697,278
119,998
266,063
'668,104
Drll
Inventories
391,611
106,521
289,266
"
431
Cash..
tariffs
on
$1,983,615
$63,822
Non-oper. income1 (net).
Assets—
revenue
rains in southern California
Net oper. revenues
Balance.
"
Retirement accruals
approximately $7,260,000 of
during the last nine months of the year in-which the increased
in effect. The year ended with traffic volume
reflecting increas¬
ing activity in industry and business generally, and indications are favor¬
able for better conditions in 1939Passenger revenues are expected to be
substantially larger as a result of travel to and from the Golden Gate Inter¬
national Exposition on Treasure Island in San Francisco
Bay, which opened
4,723,690
1,097,914
1939—12 Mas.—1938
20,936
$76,468
.
for the year would have been more severe
except for authorization
by the Interstate, Commerce Commission in Ex Parte 123, of a general
increase in freight rates and charges which, together with increases auth^
orized on intrastate freight traffic, produced
revenues
Co.—Earnings—
1939—Month—1938 '
$158,637
49.514
61,472
9,399
12,407
Maintenance..
4,923,522
714,557
Represented
revenues..$160,365
Report—
this decrease
Total....18,400,293 17,343,286
x Represented
by 59,72b no-par
(387,774 in 1937).—V. 147, p. 2704.
Total
$45,409
year
Common stock.. 3,967.330
Paid-in surplus and
-V.
$53,009
The decrease in operating revenues was
mainly due to the nation-wide
decline of industrial and business activities that
developed in the latter part
of 1937 and reached its lowest stage in the
forepart of 1938, as a result
of which the volume of traffic carried
by company's lines was seriously
reduced. The decrease in operating revenues for the first four months of the
102464
z
Total fixed assets
$858,841
412,296
130,181
a decrease of
$24,946,098, or 11.09%, in operating revenues; a
decrease of $16,666,007, or 9.58%, in
operating expenses; an increase of
$931,317, or 5.48%, in railway tax accruals; and a decrease of $892,131, or
7.76%, in equipment and joint facility rents paid.
131,273
381,056
950,000
324,271
purch. contracts
Serial pref. stock
x
(at cost)
Receivables
$936,255
412,296
130,181
result of
Paym'ts under stk.
&
10,848
System was $6,829,008,
contrast with $756,793 of net income for 1937.
For Southern Pacific
Transportation System and all separately operated solely controlled affiliated
companies the net deficit was $12,878,604. which
compares with a net
deficit of $3,391,017 for 1937.
Net railway Operating income of
Southern
Pacific
Transportation
System amounted to $14,297,003. It was the smallest for
any year since
1933, and was $8,319,277, or 36.78%, less than for 1937. This was the net
Note payable (non-
Ores
$90,615
34,358
in
23l",552
Accrued payrolls...
146,101
171,364
.
Property, plant &
Zinc
$98,215
34,358
10,848
Hale Holden, Chairman says in part:
Pacific Transportation
267,133
Note payable.....
Due on ore contr.
3,644,604
Tax
$1,207,494
348,653
•
Net deficit of Southern
$
476,595
250,000
Fed, & State taxes
rec.
j
Taxes
.369,859
Southern Pacific Co .—Annual
1937
$
Accounts payable.
3,803,545
124,551
Operating
Operation
$1,306,114
Balance
»
.
1938
Assets—
Notes <k acc'ts
$120,479
29,864
—V. 148. p. 746.
Comparative Balance Sheet Dec. 31
Cash
$132,343
34,127
72,000
Prov. for Federal surtax_
$3,953,261
2,329,954
415,813
Net income
Divs. on pref. stock
Amort, of pref. stk. exp.
18,191
225,000
44,000
1939—12 Mos.—1938
$3,953,223
2.177,853
469,255
Gross income
Int. & other fixed chgs__
21,472
285,000
90,000
Co.—Earnings—
1939—Month—1938
$379,302
$359,313
209,040
202,919
-37,048
35,914
63,918
6,480
6,308
30,543
Prov. for Fed. and State
income taxes
x
Period End. Jan. 31—
Gross revenue
......
2.788
6,932
...
interest
Profit from oper
Inc.—Participating Div.—
Southern Indiana Gas & Electric
con¬
tract fees, &c
Prov. for doubtful acc'ts
Other
Southern Grocery Stores,
At a meeting of the board of directors held
March 7, 1939,
a'participating
dividend of 31 cents per share for the
period May 1, 1938 to Dec. 31, 1938
was declared on the
preferred and participating stock of the corporation,
payable March 31, 1939 to stockholders of record at the close of business
March 11, 1939.—V. 142, p. 2340.
erty and income
on
867,918
$3,663,438
843.344
1.088,363
.12,500
Provision for deprec'n..
Sell., gen. & admin, exp.
Taxes, other than prop¬
Interest
1937
xl936
xl935
$20,206,115 $21,185,510 $15,624,842
16.892.763
17,522,072
12,138,034
9,263,252
costs...
Provision for service
modify that certain lease of the railroad and properties of the South
western RR. made
by Southwestern to the Cenrral of Georgia Ry. dated
Oct. 17, 1895. It is claimed that under the law neither
the officers, directors
nor stockholders of the
company had or have any right, power, or authority
to have entered into such agreement.—V.
138, p. 149.
Corp.—Earnings—
Calendar Years—
1938
Gross sales, less disc'ts__$10,505,879
1493
to
.
Southern Pacific Golden Gate Co., a holding company in
which company
slightly over 50% of the outstanding stocks, and its solely controlled
Southern
Pacific Golden
Gate Ferries, Ltd., which operates vehicular
ferries on San Francisco Bay, had a consolidated net loss for 1938 of $457,103, compared with a net loss of $644,687 for 1937.
In the matter of reorganization of the St. Louis Southwestern*Ry.,
argument on the Plan proposed by the ICC's Examiner was had before all
members of the Commission on Jay 16, 1938, and since then thefCommission has had the matter of a plan of reorganization under advisement.
On Jan. 10, 1939, the proceeding was reopened for the taking of further
testimony at a hearing set for April 12, 1939.
owns
South Carolina Power Co.
Period End. Jan. 31Gross
revenue
Oper.
and taxes
Prov. for depreciation
exps.
__
Gross income
Divs.
$105,860
57,335
$88,672
58,878
$1,004,271
686,465
$978,498
668,949
$29,794
14,286
$317,806
171,438
$309,549
171,438
$34,238
$15,507
$146,368
$138,111
income
on
pref. stock
Balance
—V.
148,
p.
746.
South Western RR.—To Vote
The
1939—12 Mos.—1938
$3,392,026
$3,304,535
2,004,003
1,939,786
383,752
386.250
$48,525
14,286
Int. & other fixed chgs_.
Net
Earnings-
1939—Month—1938
$315,634
$296,515
178,524
176,593
31,250
31,250
stockholders
will
Disaffirming Lease—
April 10 on approving certain resolutions
adopted at the annual meeting held Feb. 9 Among the resolutions to be
considered will be the disaffirmance of leasb of the toad to Central of
Georgia
'
On June 26,
ment
'
*:
1934, the officers of this company executed a certain agree¬
with H. D. Pollard as receiver of the Central of Georgia By.
attempting
Years
1938
Average miles of road—
Passenger Traffic—
No. of rail pass, carried.
x
Figures revised,
y
xl935'
113,221
9,181,636
10,164,179
1,670,686
9,985.273
9,258,696
1,213,309
1.560 cts.
1.561 cts.
1.594 cts.
48,730,309
16,363,946
43,782,840
14,756,848
33,685,606
11,263,640
1.049 cts.
1.064 cts.
657.06
1.106 cts.
frt. 13,710,892
frt.
1936
13,198
Rail pass. carr. 1 mile.
1,471,887
rec. p. pass. p. mile.
1.636 cts.
Freight Traffic—
Tons carr. rev. freight.. 42,059,616
Net tons p. train, all frt.
Pacific Rail Lines)
13,187
Av.
y Tons carr. 1 m., all
Av. p. ton p. m. rev.
(Southern
1937
13,120
y
on
vote
By.
Traffic Statistics for Calendar
1.103 cts.
662.35
661.53
Three (000) omitted.
1,478,198
616.12
Financial
1494
Income Account
Transportation System
Solely Controlled
—
5—.
_
25,244,265
7,394,174
10,198,029
All other oper. revs
91,702,115
13,989,062
163,359,609
1§'669,963
28,761,185
5,026,351
75,821,961 62,554,489
13,316,111 11,977,158
157,246,669 173,912,676
148,233,849 123,989,147
Total rv.oper.revs_._ 200,070,813
24,034,838
equipment— 34,227,853
5,802,966
Maint. or way & struc_„
Traffic
162,829,285 129,258,765
27,444,019 24,578,437 20,790,405
7,625,376
s'onn'o^
11,303,711
9,321,152
6,390,355
157,234,345 178.643,805
Passenger
i..
Mail and express
Maint. of
225,016,912 204,338.550
23,763,209 16,862,360
38,560,223 33,772,853
5,898.066
5,460,562
80,758,416
exps12,422,595
Transportation
All other oper.
1935
1936
1937
1938
Freight.
Total ry. oper. exps..
39,370,463
51,104,236
56,104,701
11,489,208
16,998,747
12,092,093
9,925,928
12,035,942
7,501,054
14,297,003
22,616,281
256,095
34,086,680
19,833,467
223,612
Dr226,751
Dr260,288
Dr582,516
Z>r521,552
Net revs, from ry. oper-
42,824,145
Eq. &
Railway tax accruals
it. fac. rents—net
10,597,076
Net ry. oper. income.
Rev. from miscell. oper.
17,930,065
Eope?pro^rtrj-!8.^1-
22,612,088
14,293,864
Total oper. revenue..
19,853,246
34,091,028
1,720,590
3,678,201 •
2,909,750
Dividend income...—
2,743,959
25,346,364
32,696,310
accts.
for leased roads
and mlsceh. rents
46,326,000
33,993,133
2.932,459
1,911,645
Inc. from fund, securs..
Grossincome
2,868,870
1,849,017
8,721,447
2,946,640
622,784
1,730,340
4,751,594
2,884,168
1,725,245
3,514,871
Rents
703,976
29,429,423
Int. on funded debt^...
704,079
30,021,046
542
694
618
661,730
63,881
471,546
funded debt.-..59»,782
deductions from
593,053
466,713
negotiaole debt
unfunded debt..
Amortization of discount
Int. on
on
v
466
842,o70
371,381
Other
780,768
556,837
564,083
371,648
32,175,373
31,939,016
31,822,670
31,632,935
def6829,006
756,793
14,503,330
2,360.198
4,147,811
3.341,373
4.088,438
income.
gross
Total deductions.
Net income of Southern
Pacific Lines...=.
•
separately
soleiy con¬
Net deficit of
operated
Telephone Co.—Earnings—
Southwestern Bell
Month of January—
Operating revenues
Uncollectible operating revenue.^
1939
$7,494,431
32,062
*£38
$7 191.665
31,789
Operating revenues
Operating expenses
$7,462,369
4.827,173
$7,159,876
4,732,654
$2,6-35,196
1.008,920
$2,427,222
950,242
$1,626,276
1,346,668
$1,476,980
1,296,742
Net operating revenues
Operating taxes
—
Net operating
income.
—
_
Net income
—V. 148. p. 891.
(A. G.) Spalding & Bros.—Earnings—
Selling, advertising
6,049,596
trolled affiliated cos..
Notes—(1) For comparative purposes,
& equipment
—
income.
Miscellaneous
1
Net loss..
148,
—V.
$295,296
7,824
1,311,785
809,802
60,129
-
Loss
P.
746.
'
.
$287,473
$108,284
>
■
«
Spiegel, Inc.—Sales—
1939—2 Mos—1938
$5,090,161
$4,239,698
1939—Month—1938
$2,519,288
Period End. Feb. 28—
$2,888,011
Sales
—V. 148, p. 891.
(& Subs.)-r—Earnings—
Standard Gas & Electric Co.
(Exclusive of Deep Rock Oil Corp., debtor under Section 77-B of the
and Beaver Valley Traction Co., in receivership, and
Pittsburgh Rys. Co*, debtor under Section 77-B of the Bankruptcy Act
(subsidiaries of Philadelphia Co.), and the subsidiaries and affiliates of
such companies.)
Years Ended Dec. 31—
"
yl938
1937
Subsidiary Public Utility Cos.;
Operating revenues..
$88,344,040 $90,142,230
Operating expenses, maintenance and taxes
48,533,687 47,945,128
Bankruptcy Act,
1935 figures have been restated to
Net
classification, effective Jan. 1, 1936.
conform to changes in ICC
1,160
$119,504
11,219
and allowances.... $2,063,372
and administrative expense...
Interest
1938
$2,294,154
1,464,403
1,029,589
90,642
4,817
1939
3 Months Ended Jan. 31—^*
Sales, net of discounts, returns
Cost of goods sold
759,502
29,287,068
712,938
29,606,847
Int. on fund, debt—non-
$2,134,191 $20,303,558 $17,988,852
(est.)— $2,447,193
1339.
earnings
Gross
—V. 148, p.
Depreciation and amortization, plant
lDSeellTn\efnc2med'.'
Feb. 17 issued a certificate
Interstate Commerce Commission on
The
permitting abandonment by the company of a branch line of railroad
extending from a connection with its Columbia-Greenville line at Hodges to
Abbeville, approximately 11.6 miies, all in Greenwood and Abbeville
Counties, S. C.
Fourth Week of February
Jan. I to Feb. 28
1939
1938
1939
1938
541,330
586,864
Non-operating Income—
Other non-op. inc.
Ry.—Abandonment—
Southern
for Calendar Years
Southern Pacific Lines (Southern Pacific Co. and
Cos.,
Consolidated) and Separately Operated
Affiliated Companies.)
1939
11
Mar.
Chronicle
$39,810,353 $42,197,102
. Dr78,007
282,154
operating revenue
Other income (net)...
Pacific Lines includes interest on bonds of, and
separately operated solely controlled affidateu com-
(2) Income of Southern
rental
income from,
ncome
trolled affiliated companies.
Southern Pacific Co., when necessary,
makes
debtor companies to enable them to meet interest on fund¬
ed i ebt and rental obligations.
(3) Dividend income excludes dividends received from companies included
in this statement, and also from separately operated soiely controlled
Gross income
advances to these
Rents for lease of
companies being excluded
such companies are made
and loss, and, therefore, would not be offset by the inclusion
Other interest
(4; Net deficit of separately operated so^y controlled affiliated com¬
operatirg in the Republic of Mexico has be en converted from Mexican
U. 8. currency at the official exchange rate at most of year,
estaolished by Mexican Government for tax purposes, of 4.y0 pesos per
dollar for 1938 and 3.55 pesos per dollar for the other years.
panies
Sheet Dec. 31
Consolidated Balance
$
A. s sets
Transportation property. 1,476,929,610
MLsc. physical
21,657,577
property..
465,214
270,006,662
13,162,786
20,990,278
14,353,863
15,574,935
1,332,436
12,443.434
8,232,757
Sinking funds
Affiliated companies
Other investments
Cash..
Material and supplies
Other current assets
•
Deferred assets
Discounts on funded debt
Other unadjusted
debits.
„
*5
^
$
1,481,938,644 1,467,153,996 1,471,888,421
20,165,759
12,401,293
5,116,216
2,783,254
8.514,139
8,003,062
263,393,855
243,027,396
243,586,125
9,666,275
16,139,057
10,163,642
7,556,973
26.420.004
29,203,011
18.917,717
16,452,448
15,593,198
15.909,090
19,159,743
16,236,319
9i0,371
1,091,493
1,666,485
13,055,697
13,371,397
11,857,679
18,175,996
32,388,646
9,327,691
377,277,705
377,277,705
6,304,845
6,304,845
6,304,845
Funded dt. held by public
Fudn.dt.held in sink.fds.:
699,067,643
3,045,705
698,409,937
1,499.565
703,316,934
1,178,096
675,417,467
516,000
2,172,000
8,120,000
7,543,000
296,000
227,000
By transp'n system cos.
By solely controlled af-
.
15,521,459
347,100
146,000
6,760,390
5,000,000
15,817,408
337,520
Jan. 14,380,682
4,423,597
5,714,703
1,045.452
376,563
154,072,056
16,546,225
67,793,146
911,961
' 585,718
151,360.571
23,380.732
68.055,704
filiated cos
.
6.794,995
Non-negot.dt.to affil. cos.
Loans and bills payable.
20,000,000
_
Accts. and wages
payable
Interest matured unpaid.
Interest payable
Unmatured int. accrued..
Other current liabilities..
Deferred liabilities
Accrued
.
depreciation
credits.
Other unadjusted
a
Consol. adjustment
„
...
Profit and loss—balance.
466,184,404
Total
a
.....
18,271,,645
429,648
4,495,145
5,841,778
1,195,656
556,127
146,753,160
5,793,909
22,111,868-
9,513,640
Appropriated surplus.
6,217,276
460,578.061
«
21,215,413
73,420,227
32,797,961
448,179,524
280,000
6,459,032
16,500,000
14,280,717
312,668
3,452,448
6,040,576
680,164
650,993
144,957,512
13,532,251
73,149,467
32,162,662
442,462,245
1,855,149,550 1,852.473,635 1,856,119,613 1,822,641,854
Excess of intercompany liabilities over
Reconstruction Loan
assets eliminated.
of $8,000,000—
March 8 found the company,
on the basis of present and prospective earnings, reasonably to be expected
to meet its fixed charges without a reduction thereof through judicial reor¬
ganization and approved a loan of not to exceed $8,000,000 by the Recon¬
struction Finance Corporation.
The applicant requests the loan of $8,000,000 at an interest rate not to
exceed 4% per annum from the date of each advance, such loan to be repaid
on or before three years after date.
It desires that $3,000,000 of the loan
be made available to it on April 28, 1939, for payment of interest and in¬
stalments of principal on equipment trust obligations due May 1, 1939;
that $2,000,000 of the loan be made available on May 31, 1939, for similar
requirements due June 1, 1939; and that the remaining $3,000,000 of the
loan be made available on June 30, 1939, for similar requirements due
July 1, 1939.
As showing that it can not secure the necessary funds from any source
other than the Finance Corporation, the applicant states that it has $20,000,000 of bank loans outstanding and has thus used its bank credit to the
full extent.—V. 148, p. 1339.
The
Interstate
Southern
Commerce
Pire
Commission
Insurance
Co.
(Durham, N. C.)—To
Pay 50-Cent Dividend—
the common
record March 23. A final dividend
was paid on
Dec. 22 last and pr9vioJsly regular quarterly
50 cents per share were distributed.—V. 148, p. 135.
Directors have declared a dividend of 50 cents per share on
stock, payable March 28 to holders of
of 75
cents
dividends of
8,939,182
209,478
$5,938,581
$8,563,944
402,051
51,786
402,051
420,237
$9,386,232
subsidiary public utility com¬
panies applicable to
Standard Gas & Elec. Co.
Electric Co.:
companies—...
on
indebtedness of affiliates
Total
Expenses and taxes of Standard
Interest
on
'300,265
funded 4ebt__,
...
Other interest
$9,133,660
4,413,918
;
2,52,572
$6,092,153
Gas & Elec Co
Consolidated net income
x
4,418,970
73,099
66,705
155,010
85,430
73,064
213,672
$1,383,421
$4,342,524
...
Federal and State tax on interest on
funded debt
Amortization of debt and expense
6,304,845
3,397,028
9,030,273
107,638
Other income of Standard Gas &
Dividends from non-affiliated
377,277,705
377,277,605
Grants in aid of construct
Crl66,492
$6,392,418
undistributed net income..
Balance of income of
Liabilities—
Cap. stk. hold by public.
Premium on capital stock
295,077
250,000
171,469
$15,076,492 $17,712,604
stocks held by public
Interest
Consolidated net income.
z
Before deduction
x
69,192
500,000
266,273
250,000
330,915
Cr256,277
...
—
Dividends on capital
.1,855,149,550 1,852,473,635 1,856,119,613 1,822,641,854
Total
construction
Minority interest in
1935
1936
Less interest charged to
Balance.
(Southern Pzcific Lines)
1937
1938
69,192
Divs. on pref. capital stk. guar, by sub. company
Appropriation for special reserve
Federal and State tax on interest on funded debt
Amortization of flood and rehabilitation expense
Other income deductions
—
•
37,000
—.$28,692,958 $31,717,022
408,410
408,343
10,931,144
10,936,099
1,347,766
1,368,313
269,043
172,417
—
and expense
Amortization of debt discount
affiliated companies; dividends from the latter
for the reason that the offsetting charges by
currency to
properties
debt
Interest on funded
•
against profit
of the net deficit of such companies.
$42,479,256
10,725,234
Net operating revenue and other income....$39,732,346
Appropriation for retire., deprec. & depl. reserves 11,002,388
Amortization of contractual capital expenditures
37,000
{janies, deuits reflected in the net order thatseparately operated solely con¬
whether earned or not, in deficit of such income credits will offset
...
of income charges
of Standard Gas & Electric Co.
Preliminary, subject to audit,
z For the year ended Dec. 31, 1938,
includes approximately $1,019,000 of undistributed earnings of subsidiary
companies applicable to capital stocks held by Standard Gas & Electric Co.
Of this amount approximately $558,000 is not available for distribution
to Standard Gas & Electric Co. in the form of dividends on common stocks
of certain of the subsidiary companies d»ue principally to accumulation of
dividends on preferred stock in prior periods and to the retention of surplus
y
for other purposes.
Dec. 31,1937
The undistri¬
Comparable amounts for the year ended
approximately $2,240,000 and
are
$889,000, respectively.
include deficit
of Pittsburgh Rys. Co. and subsidiary and affiliated companies.
Note-—For comparative purposes the above figures have been revised to
give effect to elimination of Pittsburgh Rys. Co. and subsidiary and affili¬
ated companies and to reflect certain changes in classification due to the
uniform system of accounts for public utility holding companies as promul-
buted income of Philadelphia
Co. and subsidiaries does not
fated 31, the Securities and Exchange Commission, and for the yearadjust¬
by 1937, have been further revised to reflect equalization of ended
)ec.
ments
recorded subsequently,
but which are applicable to
Statement of
Dividends
1937
$6,193,326
*
public utility affiliates
402,051
affiliate
of affiliates
Interest on funded debt of
Total...
402,051
130,625
from others
Interest on indebtedness
1938
$4,788,238
Years Ended Dec. 31—
Dividends from
that period.
Income (Company Only)
130,625
420,237
51,786
$5,372,700
231,960
29,459
22,000
-
General and administrative expenses
Taxes
Provision for Federal income taxes
$7,146,239
223,233
29,339
16,846
Legal expenses
$5,072,435
Interest on funded debt
4,413,918
Other interest
73,099
Federal and state tax on interest on funded debt—
66,705
Amortization of debt discount and expense
155,010
$6,893,667
4,418,970
85,430
73,064
213,672
y$363,703
$2,102,531
Gross income.
—
Net income
Preliminary, subject to audit,
y In addition to the net income of $363 ,703 for the year 1938, as shown above, the company realized a net profit
of $544,136 on the reacquisition of its notes and debentures which amount
was credited direct to surplus.
x
Weekly Output-—
Electric output of the
Gas
&
companies in the Standard
1939, totaled
8.5% compared with the corres¬
public utility operating
Electric Co."system for
the week ended March 4,
108,769,364 kilowatt hours, an increase of
ponding week last year.—V. 148, p. 1340.
Volume
148
Financial
Standard Oil Co. of New
Chronicle
Jersey—Obituary—
Robert L. Hague, Vice-President in
charge of the Marine department died
suddenly at his home on March 8. He was 58.—V.
147, p. 3323.
p.
Period End. Jan. 31—•
Operating
6 Months Ended Dec. 31—
1938
1937
$93,650
69,336
4,000
$1,055,155
803,171
48,000
$1,006,605
753,395
4,000
Net oper. revenues
Other income
1936
$1,330,368
649,969
$1,304,500
660,463
Manufacturing profit
1
Selling and general expenses
$416,041
386,883
$680,399
283,667
$644,037
245,081
$129,158
$396,732
3,381
4,391
$398,957
5,249
791
982
$18,744
$20,314
$203,984
$205,210
250
377
$18,744
$20,314
454
$204,234
5,450
$205,587
454
956
$133,330
16,719
12,850
$402,104
23,651
53,700
$405,162
20,381
55,600
$329,181
3,581
:
Income from securities
Other income
Total income.
Other charges (cash disc'ts, bad
dts.)_
z Reserve for
Federal income taxes
...
Net income
•
$103,762
6,391
$324,753
Surplus charges.
$110,154
30,897
$331,057
7,815
Net income
Dividends applicable
$79,257
$323,242
9,140
146,699
8,598
73,350
1937
Liabilities—
$527,072
299,787
1,868,381
1,679,533
266,327
209,892
11,867
11,904
y
47,750
Misc.
47,750
(less res.)
Sink, fund for pre¬
sec.
325,350
92,303
294,777
1,391,518
Fixed assets (net)
Deferred charges.
x
4,108
expenses
$53,995
$71,485
State taxes
131,268
214,173"
607,500
1,500,000
1,500,000
.
6,062,299
6,065,279
6,298,317
1,575,249
6,016,704
1,458,427
3,419,533
9,928,884
7,873,566
7,475,131
263,782
44,949
280,443
81,698
325,571
57,821
1,342
1,407
1,282
1,394
3,085,119
9,544,085
7,563,554
7,100,239
10,953,754
59,877
10,053,004
Drl3,896
9,512,101
Pr237,349
9,609,319
Drl94,037
14,098,750
19,583,193
600,000
2,144,336
5,885,103
16,838,306
600,000
2,021,184
4,164,117
16,515,520
of period..
607,500
Common stock.^
Surplus
6,936,338
7,740,866
2,188,018
'
92,303
Total surplus...
Divs. on pref. stk. (cash)
Divs. on com. stk. (cash)
Stock div. on com. stock
—
65,303
2,118,336
Adjustments—Cr
2,127,404
468
600,000
2,315,786
.
Earned surp. unappropriated end of period 11,182,964
common stock out¬
.
$4,503,404 $4,585,8651
.....
Total
.
—
.....$4,503,404
standing (nopar)....
Earnings per share
$4,585,865
^~Afterireserve for depreciation
1937.
y
Represented
by
of $1,113,500 in 1938 and $1,079,122 in
150,000 no par shares,
z
In Millers River
National Bank, in liquidation, less
Interest
reserve.
Payment—
d
;
10,953,754
10,053,004
9,512,101
g2,023,119
b$3.44
cl,886,594
c$3.45
Consolidated Balance Sheet Dec. 31
1938
Market,
receivable.
'
within 1 year.
114,667
113,667
6,176,801
5,483,471
11,578,633
Accrd. liabilities
1,113,792
1,008,970
longterm debt.... 21,386,250
9,389,917
cos.
11,055,149
3,908,152
3,564,718
Prop's, plant,
equip. & pats. 79,192,720
Prepaid and de¬
74,090,757
Funded
1,161,233
charges
„
ave
Acer.
."
Sunshine Mining
■
'
a
stock
1,687,253
$6,758,493
15,086
d
Total
139,139,150 128,400,708
Gross income
$6,927,476
2,864,505
$4,154,764
1,752,046
$3,653,936
3,275,406
$5,401,457
4,466,463
$3,909,074
3,349,847
$2,402,718
2,084,350
$378,530
Net profit year.
Dividend
$6,773,580
$934,994
$3.63
$559,227
$2,62
$318,368
Calendar Years—
1938
Earns, per sh.
x
Less
on cap.
stk
$2.45
Poloris Mining Co.
V
1937
....
Balance Sheet
Dec.
Assets—
Due on ore settlements.
Accounts receivable
Accrued interest
United States bonds
.
550
500
Buildings, machinery, equipment, &c
.
1st
mtge.
Y Afthk4IIf4
Current liabilities
$413,194
$662,128
$192,178
62,842
70,320'
75,292
Prov.
for
Fed.
&
18,458
500
50,000
15,095
136,245
Reserves
Earned surplus
Paid-in surplus
...
y
57,102
161,922
2,932
25.470
$454,943
$46,690
z
Includes other interest
in
the
1937
Liabilities—
Notes & accts. rec.,
Accts. rec., officers
398,898
Inventories
$4,508,200
Deferred charges__
...—
Miscell. invest....
$4,034,802
763,194
1
Wages
112,103
Res. for workmen's
compensation
Net
42,156
excess
issued
1,250,000
962*000
...
44,732
..
42,156
of aver,
val.
of
treas. stock over
1,561
1,561
40,660
8,177
..$3,612,282 $£,466v777
253
cost..
Deficit
z
Total
24*300
65,146
51,384
1
Deposits in closed
Pay 40-Cent Dividend-j-
payable
942,413
509
44,732
137
Accounts
1st mtge. 5% bds.
1st mtge. 6% bds.
comp.
funds
1938
Capital stock...$1,803,000 $4,754,223
payable.
238,204
83,408
Notes pay., bank.
a500,000
y
Other accruals
Sinking fund—cash
Workmen's
219,081
814
$158,642
1.858,111
148,882
263,905
2,078,660
2,453,138
6,500
) lletsand
and $322 for
of $14,038
Comparative Balance Sheet Dec. 31
1938
Assets—
Property accts..$1,992,690 $4,054,493
Cash
370,546
197,572
x
404,829
1.033,762
148,882
250,456
amount
amortization of bond discount and expense.
$4,508,200
3,000
Directors have declared a dividend of 40 cents per share on the common
stock, payable March 30 to holders of record March 15.
Like amount was
paid on Dec. 24 last; dividends of 60 cents were paid in each of the three pre
9,761
$239,525
loss$291,674
After depreciation of $537,502 in 1938 and $563,489 in 1937.
To
136,865
Includes $36,961 for possible decline in value of inventory of
slabs,
banks
Total...
60,434
State
Net profit for year
13,804
3,000
255,592
$142,064
^
53,724
income taxes
& employees
Taxes payable..
Capita] stock
x
$168,522
23,656
bldgs., mach. & equip.
customers
Total...
$618,351
43,777
loss$202,367
6%
z70,849
profit
on
$4,034,802
Real estate—surface rights..__
41.364
sink. fd. gold bonds—
Prov. for obsoles. of rolls,
334,436
32,164
50.000
...
■
550
334,436
63,479
Mining Co
Exploration, Ltd
Inventory
Deferred mining costs
Prepaid insurance
x
1937
$2,984,120
506,409
1,867
317,094
11,841
_
Stock in other companies
Idaho insurance fund
Loan to Sunshine Consolidated
Loan to Sunshine
Gross
$2,833,167
___
1935
$4,554,863
3,931,434
163,701
127,111
118,717
45,378
17,956
Other income—i
Int.
31
1938
Cash..
1936
$7,086,121
5,876,717
262,800
133,600
97,961
96,693
$371,830
$3,591,306
3,333,482
Selling expenses
174,761
General expenses140,984
Prov. for deprec. of prop.
120,204
Other charges
42,198
$1.66
receipts of $93,136.
Condensed
128,400,70_
$8,182,789
y7,174,008
279,743
185,028
90,922
81,257
Net sales
Net profit from oper _loss$220,323
Surplus
Dr527,331
3,356
Superior Steel Corp.—Earnings-
1935
$9,165,171
3,763,714
Treasury stock
/
10,000,000
79,873,770
10,953,754
Dr527,331
a
After reserve for depletion, depreciation arid amortization of
$67,
183,645 in 1938 and $62,626,954 in 1937.
b After reserves of $268,604 in
1938 and $253,143 in 1937.
c
Represented by 2,328,380 no "?r sharesj
d Represented by 11,896 no par common shires.—V;
148, p. 747|
$4,135,297
3,273,540
3,197
10,000,000
Total....... 139; 139,150
Cost of sales..
Deductions
"
of minor. Ints.
more
19,466
4,051,359
Common stock 79,873,770
Earned surplus. 11,182,964
year.—V. 147,
1936'
1937
$9,133,410
31,761
50,000
3,893,913
Other reserves..
Preferred stock,
Co.—Earnings—
Years End. Dec. 31—
1938
Inc. from ore
production.x$6,883,876
Inc. from misceU.sources
43,601
940,409
50,000
c
'
1
540,110
cos.
dlvs.(pref.
Capital & surp.
8,000,000
earn
500,000 have incomes of $5,00 J
&
Due to affll.
a
car, including $1,300,000 for
tools and dies, Studebaker
made a statistical analys s of the approximately
24,000,000 car owners in this country.
It was found that 13,000,000
than $50 a week, fewer than
5,216,356
7,210.908 Purch. obllg. due
new
gresent car owners have incomes ofwhilethan $40 a week, of wnich
weekly incomes below $20, less
only 3,500,000 owners
7,255,373
71,108
18,277,974
Studebaker low-priced light-weight car, will be
nationally entered in the mass market early next month, according to
Detroit trade sources.
It is understood to be tentatively priced
slightly
higher than the average for Ford-Chevrolet-Plymouth models.
Before investing $3,500,000 in the new
4069.
7,456,481
66,553
3,984,784
Loans payable..
Tax liability...
12,176
Other investm'ts
147,
1937
$
payable.
17,568,908
ferred
»
6,004,046
..
Mat'ls & suppl's
,
Studebaker Corp.—To Make New Car—
Accts.
6,494,818
b Notes & accts.
Oil
net sales amounted to $360,713 an increase of $40,021 or
12.5%
sales of $320,692 reported for the like month a
ago.—V.
1938
Liabilities—
$
14,060,566
11,575
securs.
Inv. inaffll.
year
1937
$
Cash
February
The Champion, the
Prior to stock div. of 9% payable on Dec. 15.
b Prior to distribution
Dec. 15 of 3% stock div.
c Prior to distribution of 6% stock dividend
addition to the amount of taxes shown above there was
paid (or
In
Assets—
Sterchi Bros., Inc.—Sales—
1646.
2,316,484
$1.07
accrued) for State and provincial gasoline taxes: $22,946,701 in 1938;
$22,836,070 in 1937; $20,069,390 in 1936 and $19,199,774 in 1935; and for
Federal gasoline taxes: $7,190,226 in 1938, $7,392,300 in
1937, $6,755,169
in 1936 and
>,598,411 in 1935.
e Prior to stock dividend of 8% payable
on Dec. 15.
main upon
earnings, indications are that corporation, during past year did
better earnings wise than in 1937. For the
year ended Dec. 31,1937 company
reported a net loss of $259,293 —V. 146, p. 1891.
p.
599,995
1,884,706
4,518,717
a
on
-
Corporation on April 1 will make an interest
payment of $20 a bond to
holders of record March 15 of the
$6,800,000 of 5% secured income bonds
series of 1950.
V
*
Last year on April 1, the
company made a payment of 1% or $68,000 on
the outstanding 5% secured income oonds.
'
*
'»
Interest on these bonds from and after
April 1, 1940 is fixed at an annual
rate of 2^
% and the remaining 2 H % is to be paid only if earned. However
the unpaid interest on these bonds is
cumulatife and the entire amount
becomes due and payable in the event the bonds are
retired. In view of the
fact that these are income bonds on
which interest payments depend in the
over
93,056
e2,144,440
e$4.l7
.
Shs.
Total
2,985,631
3,641,975
1,427,524
7,195,199
Net prof .accr. to corp.
Earn, surplus beginning
649
468
...
88,524,940
68,387,827
1,273,805
2,145,728
Other interest.
Net inc. applic. to min-
1,396,167
.
Deposit.
1935
$
<
Total income--".
Accrued Fed'l and
65,303
321,777
1937
$
stockholders..
for pref. stock..
ferred stock
Treasury stock
1938
,
Int. and disct. on funded
and long-term debt.251,374
.1937
Pref .st k. (par $ 100)
accts. receivable
1936
(& Subs.)—Earnings—
,r
Non-oper. income (net).
Accts. pay. & accr.
Misc. notes and
35,000
$64,951
Net operating income.
Res. for sink, fund
Mktable.secjcost)
i
1938
$226,118
Inventories
J
$99,951
35,000
inter-company sales). 115,047,237 133,323,263 105,446,627
Costs, oper. & gen. exp. 96,037,842 106,333,288
83,415,966
Taxes (incl. est. Fed.
income tax)
4,238,637
5,255,677
4,304,445
Intangible devel. costs..
4,456,525
5,449,255
4,225,709
Depletion & lease amort.
1,845,229
1,607,839
1,139,891
Deprec., retirement and
Comparative Condensed Balance Sheet Dec. 31
Accts. receivable..
_
other amortization.__
■
......
1938
_
d
profits.
8 sets
T
Calendar Years—
Gross oper. income (excl.
x
A
$101,509
_!
$66,509
.
.
Sun Oil Co.
„
Includes depreciation in the amount of
$28,311.
y Includes charge
for depreciation of
plant in amount of $26,713 ($23,018 in 1936).
z No
provision has been made out of
earnings for Federal surtax on undistributed
Cash
unpaid.
5,450
100,186
97,342
CrQ7
—V. 148, p. 1341.
surplus,
before dividends......
Preferred stock dividends
Common stock dividends...
8,054
$11,199
$11,356
preferred stock for the
or
48,000
•
------
Balance
$318,358
11,388
161,369
Net increase in
operating
6,303
7,091
to
period, whether paid
$332,763
14,404
...
------
Int. charged to construe.
'
Surplus credits (net)
....
1939—12 Mos. —1938
72,168
Gross income
Interest on mtge. bonds.
Other interest
$980,638
x564,596
profit..
$94,912
281.
y
Operating
1939—Month- -1938
revenues.
Oper. exp., incl. taxes..
Prop, retire, res. approp.
(L. S.) Starrett Co.—Earnings—
Sales..
Cost of sales..
cents per
Light & Power Co. —Earning s-
Standard Oil Co. of Ohio—Loses Tax Suit—
Suit of this company seeking
classification of $3,189,244 of company's
manufacturing equipment as personal, rather than real property, and there¬
fore subject to lower tax
rate, was decided against the company by common
Pleas
Judge Frank
J.
Lausche.
Company
began suit in 1932 with
appeai to State Tax Commission.
Property involved was classified as real
property assessed at 100% of its value, rather that
personal propersty
assessed at only 50 % of value.—V.
147,
1495
ceding quarters and previously regular quarterly dividends of 75
share were distributed.—V. 147,
p. 3622.
....
Treasury stock..
Total
313,408
440,141
Dr27,029
Dr71,272
$3,612,282 $5,466,777
x After
depreciation of $2,521,270 in 1938 and
$2,439,269 in
Represented by 115,000 shares (par $100).
z Represented
by
shares,
a Includes $450,000 not current.—V. 148, p. 599.
y
1937.
1,724
Financial
1496
Mar.
Chronicle
1939
11,
Texas Electric Service Co.—Eranings-
$403,750
143,830
$399,284
138,089
Operating re venues
Operation
—
Taxes.,.,
""$183,711
$1,910,061
$1,938,478
430,000
$1,508,478
7,735
$1,480,061
$1,500,743
Net oper. revenues—
Other income (net)—
$227,542
5,335
$260,146
$232,877
$260,859
140,542
2,619
140,542
2,662
Gross income—
*
12.640
70,000
53,505
82,586
Expenses—Administra'ri
Selling
30,426
166,105
16,558
Installation
Maintenance
Engineering
Depreciation,
1936
89,233
$615,741
7,203
$613,916
49,498
87,648
33,336
157,206
159,099
17,469
92,550
1935
$603,581
10,334
1937
$615,738
11,062
$626,800
49,009
87,249
32,212
$623,064
Total income
$622,944
49,517
83,811
32,691
154,006
19,076
92,272
17.687
89.894
Extraordinary expenses;
Balance
—
11,250
Develop't expenses
2,660
23,893
22,688
21,776
$114,815
114,380
$137,197
137,232
taxes
Federal taxes..,
Net profit
Common dividends
.Deficit
13,670
23,228
14,277
22,352
22.846
$145,702
171,570
$134,456
137,256
sur$435
$35
-V. 148, p. 1341.
226,600
288,760
Transue & Williams Steel Forging
$0.60
$0.59
$0.51
228,760
$0-64
,
profits in 1938, 1937 or 1936
1936
$2,346,743
2,000,862
$427,374
121,202
186,239
Liabilities—
1938
1938
1937
accounts..$2,325,770 $2,325,525 b Common stofek..$1,133,000 $1,133,000
9,752
11,958
111,665 Accounts payable.
97,020
9,535
1,456
43,418 Accrued accounts.
receivable.,
26,092
Assets—
Accts.
3,028
Deposits
Deferred charges.,
Federal
~
a
$119,933
16,446
13,291
$94,102
17,835
9,645
$65,593
765
9,477
$90,195
80,490
$66,621
67.075
$55,350
134,150
134,150
Nil
$0.67
Balance Sheet Dec. 31
134,150
$0.49
128,000
loss$194,636
Net income
capital stock out¬
standing (no par)
Earned per share.
Assets—
R'l est. &
*
tax
22,846
22,688
Misc.
Accrued taxes, &c_
...
353,445
—V.
of
Corp.
America—Promoters
The
Securities and Exchange Commission
Department of Justice and the
6 reported the convinction before Judge George O. Taylor in the
Federal District Court for the Eastern District of Tennessee at Knoxville
of Elias
Stone, alias Elias T.
T.
Silverstein, and Harold F. Stone, both
of N. Y. City, and Sam G. Kennedy, John G.
alias S. Tate, all of Knoxville, on all counts
Anderson and K. T. Shaw,
of 14 indictments charging
violations of the fraud and registration provisions of the Securities Act
of 1933, the mail fraud stature, and conspiracy.
The indictments charged that Elias T. Stone and Harold F. Stone under
the name of Stone & Co. of N. Y. City, were underwriters for various
stocks, including the stock of Television & Electric Corp. of America, and
Television & Projector Corp.
The other three defendants were dealers
or
sub-distributors of stock for the Stones.
It was alleged to be part
of the scheme to defraud for the defendants to use most of the funds derived
from tho sale of Television & Electric Corp.'s stock for promotional fees
of the company s business.
Stone & Co.,bought the stock at prices ranging from 15 cents to 60 cents
per share and sold the stock to their dealers at prices ranging from $1.25
to $1.50 pe? share, and these dealers resold the stock in 26 States to a
large number of investors, particularly in the Eastern District of Ten¬
nessee, at prices ranging from $7.50 to $15 per share.
The stock of Tele¬
vision & Projector Corp. was sold by Stone & Co. to their dealers at $1
per share and the dealers re30ld.it to the public at prices from $18 to $20
per share.
It was alleged that sales were made by means of misrepresentaitons.
—v. 146, p. 2388.
148,
Earned surplus
$2,492,349 $2,665,563
Total...
p.
893.
.
.
Transwestern Oil Co.—New Director—
Henry G.
has been elected a
Riter 3d, senior partner of Riter & Co.,
3028.
director of this company.—V. 147, p.
-Earnings-
1938
1937
1936
$1,569,600
$2,025,491
$1,950,836
$1,536,339
1,201,368
1,554,121
1,348,883
1,094,265
$368,232
$471,370
3,509
$601,953
30,852
$442,074
23,969
Calendar Years—
Gross
yl935
profit before depre-
Sell., admin. & gen. exp.
Operating profit—
Miscell.
income—net
_
4,907
_
139,863
205,773
Depreciation
7,179
Prov. for Fed. inc. tax.,
$632,805
191,791
181,005
X46.211
$474,879
144,705
184,596
z24,000
$373,139
Interest & amort
$466,043
189,6.38
137,735
'25,550
Propor. of net income of
So. Asbestos Co. applic
1937
$5,581,664
3,363,338
327,229
1936
$6,136,126
1935
$5,410,851
2,713,799
168,722
2,653,675
165,003
Total net sales.......
$7,122,500
$9,272,231
$9,018,648
$8,229,529
4,585,283
5,308,474
5,091,438
Manufacturing profit. $2,537,217
$3,963,757
$3,927,210
1938
Cost of Sales—
Cost of sales
1
0
572,301
743,952
652,308
258,943
,a351,200
FedTinc.ta^esest'd.--.
to
stockholders
min.
261,607
a393,000
283,766
a367,000
22,000
Drl92,711
'
Dr368.285
(estimated).
...
Crl51,101
Minority interest prop..
Total surplus...:
$213,417
$120,677
*120,400
$19,952
Net income
dividends
$113,119
$2,202,850
2,095,374
$4,298,224
1,372,703
$3,323,014
1,790,482
5,253
223,733
07,128
310,093
-36,000
1,293,126
Sundry adjustments
Adj. res. for deprec'nL..
Organiz. exps. writt. off.
Adj. of advances on gas
purchases and income
„
81,747
undistributed profits as it is believed no such tax will be payable.
* In
addition there was paid in common stock on preferred a div. of 85,742 2-3
shares which was charged to capital surplus at $1 per share.
Earned surp., Dec. 31
Common stock no par)..
Assets—
1938
Liabilities—
1937
Common
stock.
$263,689
737,051
$97,905
b
750,811
1,568,011
77,169
72,260
2,961,628
equipment
311,740
Prepaid exp., &c._
3,008,555
359,735
Accts. due others-
2
2
$476,388
$3cum.conv.pref.
1,173,774
$476,388
1937
Min. stkhldrs.' int.
Cash
Notes & accts. rec.
Inventories
Miscell. lnvestm'ts
lien coll.
2,429,000
Goodwill, &c
Local
in
wages,
taxes,
11,995
1938
1937
$
$
Assets—
x
1,282,035
856,981
Other assets
Total...
After
reserves
for depreciation,
—V. 148, p. 1183.
and
depletion..13.788,3^9 12,537,785
Including provisions for
49,668
,..$5,525,054 $5,857,280
(& Subs.)
Operating profit
(net)
1935
$5,523,467
5.323,968
.
$1,748,042
$1,629,971
76.353
282,560
9,261
128.626
289,616
23,761
$1,266,582
112,700
250,122
26,076
80,047
4,256,886
240,990
19,256
48,040
■
87~040
a241,590
a263,079
147.508
$269,734
$1,064,447
$1,010,647
1,891
183,113
305,192
304,192
31,846
550,652
291,737
$698,086
9,818
stk, outstand'g
on
$0.88
$3.50
$3.43
capital
stock (no par).
a
•Earnings—
1936
$724,949
_
Netprofit
sh.
Rep¬
$6,491,096
4,861,125
Preferred dividends
com.
y
3172.
1937
3,982,765
Other deductions
30,240,369 29,015,142
Total
$7,072,010
1938
$4,707,714
Shs.
2,917,572
value.—V. 147, p.
United-Carr Fastener Corp.
Calendar Years—■
Net sales & commission.
Earns, per
375,249
45,000
3,048,674
credit
96,811
1,755,372
41,655
Minority interest-
accruals, Federal and State taxes,
397,885 shares of no par
II,£
36,326
394,166
428,649
£24,148
Res. for cont., &c_
233,148
....30,240,369 29,015,142
Total
Depreciation
b Represented by shares of $1 par.
$1,768,122 capital surplus and $89,620 earned surplus (from Oct. 1,1936).
a
c
$5,525,054 $6,857,280
Reserve for deprec.
1,241,135 Deferred
793,627 Surplus
1
221,729
Common dividends
Total
Common stock.11,952,537 11,952,537
792,832
756,436
Accts. payable._
con¬
tracts, &c
Deferred charges._
x
792,377
868,133
883,855
991,833
_
$
Liabilities—
y
cost).-.24,175,278 23,706,578
Cash......
1,420,207
921,389
Notes receivable..
408,449
458.753
&C. (at
1937
1938
'
r
Ld.,bldgs„ equip.,
Profits applic. to min. int
Debenture interest
cl,857,742
-
,
Income taxes
110,719
Prov. for Fed. tax.
Surplus
380,239
int.,
&c..
above amounted to $l,-r
$1,220,748 in 1936, and $1,079,971 in
Comparative Consolidated Balance Sheet Dec. 31
41,254
taxes
subsidiary
Acer,
203",326
$2,095,374
397,885
$4.70
Note—Depreciation and depletion deducted in
2,446,000
290,000
Notes pay., bank.
Prop'ty, plant &
399,560
167,605
$2,586,555
397,885
$5.54
1935.
Cost and oper. expense.
399.560
trust
5% bonds.
and advances...
a
stock (par $10).
1st
$2,917,572
397,885
$5.90
$3,048,574
397,885
285,314 in 1938; $1,380,176 in 1937;
resented by
Consolidated Balance Sheet Dec. 31
1938
952,789
1,372
105,874
--- —
Earnings per share. ____
$3.78
a Includes State income tax.
Trademarks,
Includes $1,500 for surtax on undistributed profits,
y Does not include
Southern Asbestos Co.
z No provision has been made for Federal surtax on
x
Drl9l",466
$1,872,405
1,450,609
$4,937,041
$4,423,447
Common dividends.
— — .
53,000
$2,350,486
2,586,555
$1,505,874
2,917,573
Netprofit
Investments
Preferred
356,607
a278,900
......
Pre v. earned surplus
Inventories
381
901
$3,261,574
562,195
Surtax on undist. profits
'
371
4,967,955
»
,
„
Selling expenses
\
Office, admin., &c., exps J
Othei4charges (net)_____
Accts. receivable.
interest
.
$3,420,878
3,410,587
291,035
Calendar Years—
taxes, prior years
Subs.)
Thermoid Co. (&
~
'
(& Subs.)—Earnings—
Natural gas sales
Gasoline oil & other sales
rather than for development
,
1,880,310
Capital surplus
8,515
of $2,002,789 in 1938 and'$1,889,519 in 1937135,500 shares, including 1,350 shares held in treasury.
Carbon black sales
March
1,870,995
defl86.594
452,312
United Carbon Co.
Convicted—
13,291
income tax.
$2,492,349 $2,665,563'
b Represented by
1937.
19,027
1,273
Reserve for Federal
682
depreciation
After
34,221
$2,465,244 $2,504,592
30,509
8,637
1,879
352,760
10,300
8,637
receivables.
941,792
Total
Accrued payrolls,.
127,346
Deferred chargeB..
a
$677,500
55,258
20,176
64,157
34,510
180,698
for
ernpl__
Total
1937
1938
$677,500
Accounts
pur.
Inventory
$0.43
payable.
321,194
Trade accts. rec..
34r137
Electric
86,199
146,443
Capital stock...
b
316,285
941,792
320,214
...82,465,244 $2,504,6921
&
.
Liabilities—
1938
193.7
equip.$1,621,789 $1,746,876
Cash,
Chpital surplus...
b Represented
Television
•
Dividends
Rent, rec'd In adv.
depreciation of $1,773,945 in 1938 and $1,686,645 in
by 226,600 shares, par $5.—V. 147, p. 3471.
After
$298,235
loss$191,978
)
2,658
3,494
Earned surplus...
Total
$1,842,669
1,544,434
$345,881
87,278
164,501
Depreciation..
20,589
^3,798
9,536
Inventories......
.
s
resale to
1937
Plant
Cash
1935
1937
$2,773,460
2,346,086
$64,522
129,351
127,149
Cost of sales
Co.'s stk.
Comparative Balance Sheet Dec. 31
a
Corp.—Earnings—
1938
$1,314,529
1,250,007
Calendar Years—
Net sales
a
.
Note—No surtax on undistributed
in addi¬
common stock,
147, p. 1939.
declared an extra dividend of 25 cents per share
tion to the regular quarterly dividend of $1 per share on tne
both payable March 31 to holders of record March 20.—V.
$25,868
$2,800
226.600
— —
stock outst'g
par)..
Earned per share
375,678
$972,654
Shares
com.
(no
375,678
$774,828
;
Shs.
$1,348,332
-
Federal income tax.
Special expenses..
Miscellaneous
19,929
$1,150,506
$89,716
$117,655
Dividends applicable to preferred stock for the
period, whether paid or unpaid
3,862
2,110
3,000
904
3,006
3,013
4,081
debts
3,650
545
1,548
Legal
Bad
3,834
3,716
Experimental
$3,054,761
1,686,500
31,590
Time, Inc.—Extra Dividend—
1938
•
$612,934
10,129
Rentals
$3,047,433
7,328
$2,868,596
1,686,500
-
Directors have
Telautograph Corp.—Earnings—Miscellaneous income—
$2,855,603
12,993
713
1,286,658
...
Net income
—
Calendar Years—
85,333
430,000
1341.
—V. 148, p.
bonds _•
Other interest
$1,467,421
70,000
1,338,902
1939—12 Mos.—1938 ^
$8,447,321
$8,379,261
4,591,718
4,398.495
1,000.000
933,333
$714,152
370,673
Interest on mtge.
$148,187
$147,288
Net income,
$685,699
374,824
83,333
X>r2,771
Preferred dividends,
Common di vidends
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
Tl ,912,833
1,867
$148,757
569
$147,878
590
Gross income
Interest
$1,936,611
$184,590
35,833
35,833
Retirement accruals
257,590
562,495
274,594
$184,749
Dr 159
$183,758
DrA7
Net oper. revenues,,,
Non-oper. income (net),
644(117
22,015
53,155
19,376
58,060
Maintenance
Balance
1939—12 Mos.—1938
$4,497,235
$4,565,901
1.832,983
1,641,914
1939—Month—1938
Period End. Jan. 31—•
193£—Month—1938
Period End. Jan. 31—
Tampa Electric Co.—Earnings—
Includes Federal surtax of
598,935
$21,100 In 1937 and $38,500 in
301,448
„
253.248
$2.71
1936
•
Volume
148
Financial
Chronicle
1497
Condensed Consolidated Balance Sheet Dec. 31
Assets—
1938
Cash
1937
$743,151
Accts., notes &
cept.
662,118
1937
1,310,895
Cash surrender val.
$147,585
103,889
167,979
11,261
Reading Company Guaranteed Stocks
Pennsylvania Power $5 Preferred Stock
$109,151
101,131
Fed.,State & for'gn
taxes, estimated
Deferred income..
441,526
1,112,626
Inventories
1938
Accounts payableAccrued expenses.
(.net).
rec.
Liabilities—
$690,218
ac¬
319,577
—life insurance.
Misc. notes, accts.
45,862
40,756
Minority
receivable, <fcc._
Miscell. lnvestm'ts
43,018
26,939
x
3,230
3,110
Prop., plant and
equipment (cost) 2.453,071
Licenses, patents,
United
12,304
2,569,014
goodwill,
Prepaid
&c
cos.,
62,651
61,604
Common stock..
1,220,768
3,402,415
3,311,580
Surplus..
Improvement $5 Preferred Stock
In
int.
subsidiary
Gas
Pittsburgh & Lake Erie RR. Common Stock
Philadelphia Electric Co. Common Stock
....
YARNALL a CO.
1,216.768
Members New York Stock Exchange
A.T.&T.Teletype: Phla.
22
New
York Tel.: Whitehall 4-4923
1528 Walnut Street
4
53,469
49^653
Philadelphia
4
expenses,
supplies, &c_
Consolidated Balance Sheet Dec. 31
Assets—
Total..
$5,116,548 $5,132,115|
Total....
no
value.—V.
par
1938
leased property.
The Fidelity-Philadelphia Trust Co., will until 12
o'clock m., March 31,
receive bids for the sale to it of sufficient preferred stock to exhaust the sum
Accts. & notes
of $5,025 at lowest prices offered.—V.
y
Inventories
146, p. 3973.
328,035
28,307
rec.
......
Com. stock held
Electric output of system (kwh.)
—V. 148, p. 1342.
96,846,587
Feb. 25, '39
95,973,272
•
Deferred charges.
131,462
...
Constr.
275,533
222,251
not
completed..!
Plywood Corp.—Sales—
Total
20,263
444,271
p.
including them.
91,532
Mtge. notes pay'le
Res. for bonting's.
540,532
Calendar,, Yedrs—
Sales.
by officials
extensively
The
Securities and Exchange Commission announced March 2 that it
had obtained a preliminary injunction in the U. S. District
Court at Chicago,
111., against U. S. Chromium, Inc., William M. Muchow, Carl II.
Stone,
Avis Hart, and Herbert A. Potts for violation of the
registration and fraud
provisions of the Securities Act of 1933 in the sale of common stock of
Acer, unpaid pref. divs.
of subs, in 1935
The Commission in its complaint
charged, among other things, that the
common stock of that
company without complying
the registration provisions of the
increasing
Realty holds 26%
the Fuller company is doing
of the voting power, Mr. Beinecke
said,
fairly well.
It has a lumber of World's Fair
structing a number of larger sized buildings."
contracts and also
is
con¬
He stated that Fuller, in
addition to the Red Hook construction contract,
from Ihxrdue University and from a museum in
has received contracts
Nil0
Less other income, and
including provision for bad debts, discount
sales, discount
on
;
were distributed.
Kamp's Holland Dutch Bakers, Inc.—Dividend
;
•
Directors have declared
..
•
■/;.
■
29, 1937 the stockholders
new $10 par value cumulative 6%
preferred stock was offered to the then holders
dividend payable Dec. 11, 1937 at the rate of 30c.
per share in pap value of the new preferred stock, or 25c. per share cash
dividend on the outstanding common stock.
More than 51 % of the common
stock elected to receive their dividend in new
preferred stock.
On Dec. 17,
1937 directors voted a payment of an additional dividend on the common
stock payable Dec. 28, 1937, amounting to
70p. per share in par value of
new preferred stock.
No dividends were paid on the preferred stock during
voted
to
authorize
preferred stock.
of
common
stock
:
•
have
declared
a
dividend
of 40
new
a
share of the
common
stock.
1938
Assets—
Cash
on
Liabilities—
$
492,387
a
Receivables
1,190,178
Inventories
>
3,975,309
b Notes rec. (other)
149,079
347,672
183,944
59,438
share
paid in each of the four preceding quar¬
1936, this Being the initial payment on the shares.
In addition, an extra dividend of 20 cents was
paid on Dec. 21 and Nov. 1,
1936.—V. 147, p. 3625.
on
Nov.
1st rntge. 4% bds.
6,769,000
R'lty
Co. bd. indent.,
12,228
c Plant & equip...
7,510,579
Pats. & goodwill.
,1
7,672
7,767,228
have declared
an
extra
addition to the regular quarterly dividend of like amount on the
both payable March 15 to holders of record March 1.
stock,
amounts were paid on Dec. 15,
and an extra dividend of $2 per
p. 3474.
Waldorf System,
Calendar Years—
Income from operation
Income credits
Net income
...
dividends....
Balance, surplus
Profit and loss surplus..
Com. shs outsit, (no par)
Earns, per share on com.
x
Includes $169,615 in
security
1937
1936
1935
$861,387
$1,092,687
42,123
$1,266,174
34.639
$861,010
30,046
$891,433
Gross income
Depreciation. amort i z' n
of leaseholds, Federal
and State taxes, &c__
social
Inc.—Earnings—
$13,310,793 $14,7o5,373 $14,621,621 $13,342,848
12,449,406
13,692,686
13,355,447
12,481,837
Cost of sales—
Common
Similar
$1,134,810
$1,300,813
$905,736
44,726
179,799
x608,939
467,017
$265,080
2l3,05o
$502,703
426,115
♦691,875
$436,720
106,529
$52,022
2,334,548
426,419
$76,588
$63,355
2,298,386
426,419
2,245,.82
$332,191
2,212,919
$0.62
$1.17
426,419
$1.62
426,419
$1.02
62»,o20
1938, $119,309 in 1937 and $46,530 in 1936
taxes.
84,796
102,386
399,189
211,500
70,329
250,410
6,842,000
766,500
80,100
105,600
e680,88l
876,332
1,117,074
3,276,360
549,024
595,245
(par
Common stock.
3,385,463
Capital surplus
Surp. earned since
Total..
...13,629,871 14,807,821
«
Total.........13,629,871 14,807,821'
a After
reserve
for doubtful accountsnotes and drafts of $65,000.
b After reserve for doubtful notes of $110,000 in 1938 and $75,000 in 1937.
After
reserve
for
depreciation of $10,689,030 in 1938 and $10,316,208 in
1,354,185 (1,310,544 in 1937) no par shares,
d Represented by
Includes $28,141 for fractional warrants for 2,814 shares of 6% preferred
stock (1937, $48,844 for fractional warrants for 4,884 shares of pref. stock.)
e
—V. 147, p. 3174.
Washington Water Power Co. (& Subs.)—Earnings—
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Net
oper. revenues—
1938—Month—1937
1938—12 Mos.—1937
$940,179
$912,777 $10,108,491 $11,442,730
437,661
510,293
5,474,628
6,673,016
93,254
87,265
1,114,556
1,006,562
$409,264
294
$315,219
1,84 1
$3,519,307
30,304
$3,763,152
34,770
$409,558
82,963
4,509
$317,060
82,963
2,771
$3,797,922
995,550
Cr474
$3,549,611
995,550
67,797
Cr2,383
$231,800
$2,488,647
$2,752,080
Other income (net)
Gross income
on mortgage bonds.
Other int. & aeduc'ns—
*632,107
757,500
$10)-w
d
Int.
626,353
$
437,408
Realty
1st mtge...
6% pref. stk.
244,180
Period End. Dec. 31—
1938
Total sales..
common
Sept. 15, June 15, and on March 15, 1938,
share was paid on Dec. 15, 1937.—V. 147,
16,650
debentures—
Co.
\
Jan. 1,1936..^. def7.02.633
charges..
1937.
dividend of 25 cents per share in
6%
Walworth
1
.
c
Veeder-Root, Inc.—Extra Dividend—
The directors
30,000
Walworth
1,
.
*
240,587
common stock, payable March 20 to holders of record March
10.
This
Dec. 20 last; dividends of 40 cents paid in
each of the three preceding quarters; a dividend of $1 paid on Dec.
20,1937,
and dividends of 40 cents per share
and
68,383
168,702
Other accr'd exps:.
Lease purch. contr
compares with 60 cents paid on
ters
81,438
,
S. t. instal., curr._
55,931
the
on
-337,570
Accrued taxes....
Prepaid exp. & def.
per
payable.
1,140,465 Acer. Int. on bds._
5,121,601 Accrued payroll..
■
850,000
by trustee under
Pay 40-Cent Div.—
cents
Accounts
1937
$
Notes pay, to bks.
"
in banks...
Misc. securities
1938
1937,
$
hand and
Sink. fd. cash held
stock, no par value,
Previously regular quarterly dividends of 6Y cents per share were dis¬
tributed.
In addition company
paid extra dividends of 12 Yj cents per
share in each of the six preceding
quarters.—V. 147, p. 3474.
directors
as
preferred stock convertible throughout the year. 1939 at the rate of one
share of preferred for four-fifths of a share of common stock or
throughout
the year 1940 at the rate of one share of preferred stock for„three-fifths of a
dividend of 12 Y- cents per share on the common
payable March 31 to holders of record March 6.
The
150,000 shares of
This
The new preferred stock was issued under terms
permitting conversion
common stock.
Under this provision 43,641 shares of preferred stock
have been converted during 1938 Into an equal number of shares of common
stock and there remain outstanding as of Dec. 31, 1938, 65,274 shares of
a
Van Norman Machine Tool Co.—To
on
purchases, &c.
W. li. Holton Jr., President, states in part:
At a special stockholders' meeting on Nov.
Consolidated Balance Sheet Dec. 31
1938;
Increased—
Nil
.
Directors have declared a dividend of 12
cents per share on the common
stock, payable March 29 to holders of record March 17.
This compares
with 25 cents paid on Dec. 28 last and
12Y cents paid on March 29,
share
$0.41
x Includes
$93,675 further compensation to officers and employees paid
by issuance of Walworth Co. common stock, 6,380 shares in 1936 and 6,110
1937, pursuant to votes of the directors,
Universal Cyclops Steel Corp.—Dividend Reduced—
per
$1.03
into
U. S. Sugar Corp.—No Action on Common Dividend—
Directors at their meeting held March 1 took no action on
payment of
on the common stock at this time.
Dividend of 10 cents was
paid on Oct. 25 Iqst, making a total of 30 cents per share distributed during
the calendar year 1938.—V. 147,
P. 2257,
Van de
...
com¬
1938.
owns
dividend
previously regular quarterly dividends of 25 cents
—V. 147, p. 3624.
15,750
$270,248
shares in January,
Toledo, Ohio.
He added that the company
expected the Plaza Hotel, which it
100%, will benefit from the World s Fair t^ade.—V. 148, p. 895.
a
786
4,303
$1,297,878 pf$1354,301 prof$519,218
161,200
1.117,074
stock..
mon
a
company has abandoned for the immediate future the plan for
the authorized capital stock.
In regard to George A. Fuller &
Co., in which U. S.
paid—cash..
Preferred stock
Earns, per share on
stockholders'
question regardibg the prospects of
company, Edwin J. Beinecke, Chairman, replied
they depend on the
financial pulse.
If this quickens we will do better.'*
Stockholders at the recent annual rpeeting were informed that, the
net loss
Dividends
tion contained
a
445,687
80,513
xl,801,363
1
-
Coiisol.
statute.
The Commission also
charged that in the sale of these securities the defendants circulated among
purchasers and prospective purchasers excerpts of purported reports of
mining engineers which state that the properties of the defendant corpora¬
to
399,458
505
on undist.
profits
of subsidiaries
defendants had sold
response
164,228
168,084
356,235
$2,830,276
1,521,222
225,530
336.311
555,239
Surtax
with
U. S. Realty & Improvement Co.—Plan Abandoned—
$3,493,404
403,772
200,689
■
$4,802,425
2,198,948
" 184,057
101,539
351,722
4,396
Federal income tax
company.
In
......
$1,569,834
1,937,056
a Other
charges
71,101
Extraord'ry oper. charges
80,931
Interest charges
339,911
Deprec. taken on plant
and equipment
438,208
Chromium, Inc.—SEC Injunction—
gold and chromium ip quantities sufficient for commercially
profitable mining operations, without disclosing the fact that at least one
of these mining engineers
reported, subsequent to the date of his original
report that the operation of these properties would not be
commercially
profitable.—V. 148, p. 1342.
$9,036,017 $8,960,058
.....
Subs.)—Earnings-
Groos profit on sales.
Admin. & selling exps._
136.
p.
Total
22,249
2,110,751
2,298,386
2 ,334,548
1938
1937
1936
1935
$10,468,787 $16,614,622 $13,766,262 $10,119,595
8,898,953
11,812,197
10,272,858 .
________
Cost of goods sold
in both the shell and interior construction of
planes, and to the widespread
revival in building and to government
housing programs.-—V. 148,
50,000
,
.
U. S.
38,988
Res. for self-ins.,&c
Res. for deprecia'n 2 ,217,488
...$9,036,017 $8,960,058
Walworth Co. (&
This was equivalent, after preferred stock
dividends, to 35 cents per share
on the common stock and
compares with net sales of $817,277 and a net
loss of $5,799 for the corresponding quarter a
year ago.
The marked gain in current volume of sales was
attributed
more
494,271
45,000
48,412
21,065
Non-current
36,088
79,118
540,532
Represented by 461,610 (no par) shares, including 35,191 shares held
treasury,
y Represented by 35,191 shares of common stock.—V.
147,
3174.
v.: \
in
For the third fiscal quarter ended Jan. 31 last the
company reported net
sales of $1,289,968 and net income after taxes and
all charges of $82,599.
activity in the aircraft industry, which is using plywood
8,789
91,250
x
month
to
93,672
50,000
Surplus..........
United States
31,649
43,449
contracts
Current
17,882
41,819
_
Goodwill
Sales for February amounted to $506,473 and were the
largest for any
in the history of the company, officials announced on March
3.
Sales were 20% higher than in
January, 70% above February of last year
exclusive of new units and 111% higher
135,679
66,940
Serial notes pay'le:
Due from employ's
Miscell. assets....
Mar. 5, '38
88,543,513
taxes
Fed. & State taxes
520,234
275,533
Agawam...
Co.—Weekly Output—
Mar. 4, '39
and
accrued
222,251
14,777
1937
$3 108,300 $3,108,300
504,818
476,073
_
Social security tax
*
_____
1938
Common stock.
Wages, accr'd exp.
328,035
62,859
440,194
x
Accounts payable-
931,823
in treasury
Suspense account;
(The) Udylite Corp.—Registers with SEC—
See list given on first page of this
department.
United Gas Improvement
Liabilities
l ,042,762
Cash
Traylor Engineering & Mfg. Co.— Tenders—
Week Ended—•
1937
Land & buildings.$2
,183,380 $2,299,628
Equip. & furniture 3 ,814,758
3,668,210
Bldgs. erected on
$5,116,548 $5,132,115
Represented by 305,192 (304,192 in 1937) shares
148, p. 1183.
x
Int. chgd. to constr'n—
Net
income..
$322,086
Dividends applicable to preferred stock for
the
period, whether paid or unpaid
622,518
148, p.
136.
for
For other Investment News
see
page
1602.
622,518
$1,866,129
Balance
-V.
54,407
Cr4,115
$2,129,562
Mar.
Chronicle
Financial
1498
1939
11,
JSteptrris and Jpoxiiracuts,
PUBLISHED
AS
ADVERTISEMENTS
COMPANY
BORDEN
THE
Established 18S7
ALL SUBSIDIARY
AND
EIGHTY-FIRST ANNUAL
Albert G. Milbank
Chairman of the
_
vZZm
Emtern ice c„amTheodore G
south
Beverley R. Robinson
a"* "
L. Manue. Handier
Division, Baltimore
Montague
President
New York
In
^increased
George M. Waugh, Jr.
'
"
■
,
Everett L. Noetzel, Treasurer
Walter H. Rebman, Secretary
KStt v. T&Xtf&a
Haroffd TiSiinTS'.
York City
11
agent
York
Broad^eet, New York city
16 Wail street, New
Bankers Trust Company,
TT
„
,,
„
New York city«
,r
_r
„
with the result that inventory write-off at
,
New York City
Haskins & Sells, 22 East 40th street,
amounted to only
MONTArTnrNew York
r
Employees:
pL&T
tn
Rnrdftti
Thp
employees of The Borden
Company
I believe that
most
„
10QO
rpi-
a
between these two
real partnership exists
important factors, because of the investments both
our business.
The stockholder has invested
have made in
savings, the employee his daily
his
Neither* can
The management
important relation-
services.
prosper long at the expense of the other.
of the Company is ever mindful of this
ship.
Both are entitled to a complete and understandable
accounting by management
The report which follows contains information necessary
to present an accurate understanding of the year's business,
In addition, there are several sections which deal in a
more informal way with subjects
which I feel will be of
interest, not only to stockholders and employees, but also
to the general public.
In the furtherance of its business the Company will
from
welcome constructive suggestions
friend of
our
organization.
Qi
m
1U
,
11
To Stockholders and
There
Borden
is
jr,
and
any
Montague,
g.
President
7
Employees:
herewith the
submitted
you
*
Theodore
,
...
annual report of
The
1938.
Net Income and Dividends
was $6,641,205, equivalent to 3.1%
share as contrasted with $6,290,651
or
2.6% on sales and $1.43 per share obtained in 1937.
Dividends aggregating $1.40 per share were paid in 1938 as
compared with $1.60 in 1937.
Net Income for 1938
on
sales and $1.51 per
at their cost amounted to $5,752,27.5 and at toefr mwket
value to $5,601,190 at December 31, 1938. These totals
with a cost of $5,886,952 and a market value of
compared with
.
A
,,
conditions prevailing during the
greater part of 1938 were the major factor contributing to
the loss in dollar sales volume.
However, a substantial
part of the decrease in dollar volume is attributable to lower
prices per unit, and several Divisions actually experienced
gratifying increa.es in both unit and dollar
volume.
Taxes
•
_
■
,
and
over
The
represent
1937.
contention
of
an
. ..
been fully
maintained and large expenditures were made during the
^or improvements and cost reducing facilities,
The Company expended, or, authorized[expenditures for
replacements or improved facilities, $5,659,095. The Budget
Capital Expenditures for 1939 is $5,952,587 or somewhat
m excess of 1938. As in prior years, all contemplated expenditures are carefully weighed before any authorization
1S made.
lotal Assets
payroll ... 1938.
during
*
' Capital
,,
Stock
There was no change in either the total authorized or
outstanding shares of Capital Stock during the year, and
the capital structure continues without any outstanding
securities senior to the Common Stock of The Borden
Company,
The Capital Stock outstanding December 31, 1938 was
held by 47,668 stockholders with an average holding of 92
shares, which compares with 46,623 stockholders with an
average holding of 94 shares on December 31, 1937.
During the
year
1938 four dividends aggregating $1.40
per share were paid as follows:
jun?Jo
dewmberWSllZ'.Z'.Z'.'.'.ll.
rpi
""A"" .""""""T"""" j
ao
r-iqqq
nlrwl
datprl
AnHl
1QooThl nPwTnllitJlnnt<5dhv tiL RnarH$ nSLr!'
»»•
per
that
the
the amount of the Final Dividend.
' On January 31, 1939 the Board
the
Federal
Government
Company should be assessed additional income taxes for
certain prior years because
.
increase of $871,544 or 20c.
Taxes of every nature for 1938 (including Social Security
Taxes of $1,879,737) amounted to $6,577,060 or $1.50 per
share
,
T^e .Company s plants and properties have
dends except the last dividend of the year which has been
designated as the Final Dividend. This procedure enables
the Board of Directors to have a more accurate forecast
of the year's results and related matters when considering
^
share
securities then
$5776t98 on December 31, 1937 for the
owne<U •
Properties
Dividend Policy
^°r
economic
including
securities, taken
compare
Sales
il l
5
lhe depressed
"
of which
Total Assets, including Trade-marks, Patents and Goodwill, carried at the nominal value of one dollar, amounted to
$122,400,607 compared with $122,434,823 at December 31,
other
1937. It is interesting to note that it required an average
of about $4,451 of capital investment, including current
\ assets, for each employee maintained on the Company
Company and all subsidiary compames for the year
ended December 31,
the year end
compared with $257,360 in
material holdings of Canadian Government
president
To Stockholders and
as
,
350 Madison Avenue
WirnrumTr
$181,803
1937.
.
'
Marketable Securities, a substantial amount
were United States Government securities/ and
COMPANY
THE BORDEN
Wntkin„ Cavital
ei W OVKing vapitat
^ a ratio of $3.79 to $1.00 on December 31, 1937.
The year 1938 was, on the whole, one of declining prices.
This was particularly true during the first six months.
In
the last half of the year, prices attained a more stable level
York City
counsel
Milbank, Tweed & Hope, 15 Broad street,
employee,
This item at the close of the year stood at $40,653,285
compared with $39,029,742 at December 31, 1937.
The ratio of Current Assets to Current Liabilities on
December 31, 1938 was $4.20 to $1.00, which compares
•
National Bank oftheCityofNew
.
o'fR
3.10
1.50
Total taxes paid in 1938 amounted to $239 par
N
2.18
J'ln
and $138 for every stockholder.
•
„
% of Sales
1.72
1.86
1.18
6,577,060
1938
'
'
Per Share
$.84
.97
5,205,458
1937
;
dividend disbursing
and
*
City, N. J.
15 Exchange Place, Jersey
The Chase
SS '
Secretary
registered Office
transfer
,
OFFICES
350 Madison Avenue, New
__
1936
Clyde E. Beardslee, Vice-President
Vice-President
Theodore D. Walbel, Assistant
Total
$3,714,186
4,282,329
:
1935
Executive Vice-President
-
-
Year
lgu
President
EXECUTIVE
following statistics, exemplifying the growing
taxes, no recognition is given to any possible
income tax assessment for any of the years under
review:
Theodore G. Montague
Chairman
Harold W. Comfort,
the
burden of
OFFICERS
Albert G. Milbank
equal to over one-half the amount
Company.
M.'Waugh, Jr.
Executive Vice-President
New York
George
Marcus M. Munsill
New York
Vice-President
OHo
Columbus
New York
Robcliff V. Jones
.
,
during the
$6,577,060
spent for capital improvements and replacements during
1938, and the 1938 tax itself is greater by $421,674 than the
amount paid out in dividends to the stockholders who hold
the 4,396,704 shares of outstanding common stock of the
%'«YZTed
Madison h. Lewis
President, pioneer
New York
874, represents an amount
society
Assurance
We
company, Milwaukee
,
^
,
.
This increase alone of $2,862,-
:rtfSaMe yor i$1.50 per share in 1938.
{.S'T r aD
LS3&,SS»
.
in our report for 1937,
The tax burden of the Company has increased
last five years from $3,714,186 or 84c. per share to
Board
York
New
REPORT—1938
cessive depreciation, as referred to
has not as yet been settled .
DIRECTORS
OF
■BOARD
COMPANIES
of having allegedly charged ex-
Dividend of 30c. per share, payable
declared an""Interim
March 1, 1939 and
will consider" further dividends in 1939 at
the meetings
Volume
148
Financial
indicated below, and when declared, will be
paid in accordance with the
following table:
Board
Meeting
Date
Date
Interim
June 1
Interim
September 1
November 28
of Record
May 16
August 15
Final
December 20
December 8
Government
On
November
voted
two
lation
of
15th
is great similarity between the fundamental
questions
volved in those cases and the
present indictment.
Investigation in Chicago
Federal
a
Grand
Jury in
Chicago
indictments
against ninety-seven persons and
corporations engaged in the dairy industry charging vio¬
Federal
defendants
are
executives.
in the
or
The
One
Chicago
retail ice
anti-trust
laws.
Included
among
the
Borden
Company and several of its
indictment relates to the fluid milk industry
area,
cream
and the other deals with the counter
freezer.
The indictment of
Chicago milk dealers, the milk producers
cooperative association, the
wagon
drivers' labor union and
certain officials of the
Chicago Board of Health, indicates
striking inconsistences in national government policy.
Federal
laws
fostering cooperative marketing of farm
products led to the organization of cooperative bargaining
associations among milk producers in many areas.
They
were
exempted from the provisions of the anti-trust laws
of the nation and the states.
Exercising their apparent
rights, they negotiated prices to be paid to their members
for milk by dealers.
Chicago was no exception, and the
now
strong Pure Milk Association was organized only after
two similar associations had failed.
The
and surplus
base
(quota) system of promoting and
paying for regular production of milk by farmers in an
attempt to balance farm production of milk with city con¬
sumption, developed and widely used by cooperative bar¬
gaining associations, is made the basis of a charge in the
fluid milk indictment.
That system has been constantly
advocated by agents of the United States Department of
Agriculture and by State Universities during the past ten
years.
It has been widely used by the Agricultural Adjust¬
ment Administration in markets in which the Federal Gov¬
ernment
has been
controlling the price paid to farmers for
It is
their milk and the methods of
payment to farmers.
also used by State Milk Control Boards.
In
various ways
and markets the quota system has been
actively practiced
for more than fifteen years.
The Federal Department of
Justice
has
method
of
that its
use
before questioned the legality of this
marketing by farmers, but now charges
never
milk
violates the law.
The
cooperatives sought the best price for their milk,
particularly that included in their members' base allotment
or quota, and milk
dealers, including The Borden Company,
found themselves obliged to pay that price to secure milk.
In Chicago, as in many cities,
employees of milk dealers
formed a union to promote a high wage and protect it.
The milk drivers' union
that
city.
and is particularly strong in
operatives, like those of many other
Borden
was
dealers, were * subjected to a closed-shop contract/ En¬
couraged by the Federal Government, the union sought and
obtained the highest wage scale for dairy workers in the
United States and, in addition, placed certain restrictions
upon its members.
Chicago has been a leader among American cities in its
„
to secure for its citizens a high
quality of milk.
Through the activities of the City Board of Health farms
were
inspected, and milk could be distributed in the city
only after permits had been issued to the inspected farms.
Dealers, plants and equipment were required to meet the
city's high standards, which included pasteurization of the
In
1
1935 the
.
City of Chicago adopted the United States
Public Health Service Standard Milk Ordinance.
Federal
were loaned to assist in the
drafting and establish¬
officers
ment of the Ordinance.
milk sold in
Except for certified milk, the only
Chicago is Grade A milk under United States
Standards.
Milk dealers, faced with demands of the
cooperative
farmers, the labor union and the Board of Health, acted
to promote
what seemed to be to the best interests of farmers,
employees and the public—reasonable farm prices, good
wages and public health protection.
*
.
The trade practices and the relations between the several
mentioned, are now to be brought under the scrutiny
of the Chicago Federal Courts.
The Borden Company will
defend the past and present conduct of its business,
groups
firmly
believing that it has observed the laws and has rendered an
honest service to the community and to the health of its
citizens, young and old.
The indictment in the second case charges that the In¬
ternational
Association
of
Ice
Cream
Manufacturers
and
certain of its
members, including The Borden Company,
have conspired to restrict the sale of counter ice cream
freezers.
It is charged that these defendants have sought
legislation which would restrict the sale and use of these
freezers.
There is thus presented a fundamental constitu¬
tional question, whether the dairy companies have the
right to petition for legislation requiring the manufacture of
ice cream by sanitary processes and adequate sterilization
equipment, with resulting protection against epidemics and
disease.
n
This company has heretofore, together with several others
the industry, been made a defendant in three suits filed
in¬
In this ice cream
indictment, as in the fluid milk one, The
Borden Company believes that its activities have violated
no
law.
Our stockholders and the
public at large will
in the repeated
charge that there exists in
in the distribution of fluid milk.
be interested
Chicago a monopoly
does
monopoly is considered
No such monopoly
can exist.
However, if such a
exist, certainly Borden and Borden stockholders have not
been receiving
any benefits therefrom, as our fluid milk
operations in Chicago Metropolitan area have sustained an
average loss from operations of about $312,000 per year
for the last six years
(1933 to 1938 inclusive).
The unit
volume of business
enjoyed by Borden's has not increased
during the period but has actually decreased.
Throughout
this period we have been faced with extreme
competition
on the
part of concerns who paid less than union wages and
less to the farmer than the
prevailing price for fluid milk.
As a natural
consequence of this situation, employment
by our Company in Chicago has unfortunately followed a
nor
to
downward trend.
The
total cost to The Borden Company of the anti-trust
proceedings undertaken by the Department of Justice is,
of course, as yet unknown.
However, there was either paid
or reserved out of 1938 income
the sum of $300,000 for esti¬
mated expenses to this
Company on account of the suit. *
Fluid Milk Division
The
Fluid
.
,
Milk
Division, as a whole, enjoyed a more
prosperous year than in 1937, although again the Company
was unable to secure a
satisfactory return on the sale of
fluid milk.
Sales volume was lower than in the previous
year, due in part to the curtailed industrial activity in some
markets and lack of
stability in others.
The year 1938 saw a renewal of
government price fixing
orders in the New York market.
Although carefully drawn,
this order exemplifies the error found in most
attempts to
fix by government edict the
price of fluid milk, as the price
set# for milk used for fluid consumption is fixed so high,
which in return necessitates
higher prices to the consumer,
that it materially reduces the chances of
successfully carry¬
ing out an orderly marketing program.
In our opinion,
no scheme of
governmental price fixing for fluid milk can
be successful unless the
price of milk used for fluid milk
consumption is kept in reasonable relationship tp that of
other milk products.
»
5
.
Because of health regulations
and the necessity of more
milk for fluid use should
a higher
price than milk manufactured into butter,
cheese, etc.
Under governmental control, however, the
fluid price to be paid to producers is
frequently established
at a level far above its actual
relationship to other diary
products, as the difference in actual production cost between
fluid and manufacturing milk is much less than the
arbitrary
differential thus established.
uniform
seasonal
production,
command
efforts
milk sold.
1499
in the Federal Courts by a manufacturer of counter
freezers,
Mills Novelty Company.
Damages to the extent of $186,-
083,564.84 were sought in the three actions.
Unable to
comply with Court directions to furnish particulars of the
charges, this manufacturer withdrew all three suits.
There
Stock
Payable
April 25
July 25
Chronicle
The effect of the high fluid price is twofold.
#
Consump¬
tion is retarded; consumsers
?tre antagonized; and, in ad- v
tion, the wide spread between fluid and manufacturing prices
is a temptation to unscrupulous distributors to purchase
their fluid requirements at a price more nearly in line with
manufacturing values, in many instances, in violation of
government control orders.
1
As indicated in last year's
report,
*
the Company is
aggres¬
sively working with the problem of distribution costs.
We
have pointed out on many occasions that producer, labor,
and taxes absorb such a
large proportion of the sale income,
that any appreciable reduction in the cost of milk distribution
must await the finding of new and presently unknown
methods of preparing,
packaging and distributing
a
highly
perishable product like fluid milk.
Some progress has been
made, such as the introduction of paper bottles to stores in
the New York market.
As yet, however, no new improve¬
ments have been fojund which, even when applied to large
scale distributing units, would materially reduce present
distribution costs which have risen so rapidly in recent
years due primarily to increased labor costs and taxes.
However, search for lower cost methods is continuous.
During the year the Company erected a new plant in
Kansas
City which, when fully completed, will handle both
and fluid milk.
This modern plant will operate
at minimum costs and will enable the Company to aggres¬
sively develop the Kansas City market.
The plant at
Oklahoma City, which was acquired late in 1937, has been
completely modernized and the sale progress made in 1938
indicates that the high quality of Borden products is securing
ice
cream
favorable
consumer
outlook
reception.
Fluid Milk Division from a profit
standpoint will depend largely on the possibility of pro¬
curing some amendments in the government marketing order
in New York.
We are continually attempting to familiarize
government agencies, producers and labor organizations with
the facts and problems of the industry in the hope that a
fair and equitable solution to the manifold problems involved
The
will be found.
of
the
Financial
1500
1939
11
Mar.
Chronicle
procurement of raw eggs, were burdensome. War risk
rates were, of course, abnormally high.
These
increased costs were not fully offset by increased selling
the
Ice Cream
insurance
continued to aggressively develop its Ice
Despite very unfavorable weather during
the early part of the season, sales accomplishment was
gratifying, particularly in view of the depressed industrial
conditions prevailing in soma of the larger markets.
Profits
were
approximately the same as last year, as economies
resulting from the helpful cooperation of the whole organiza¬
tion more than offset increased labor costs and taxes.
Nearly
two million dollars wer9 disbursed as capital expenditures
for renewals or new facilities, which materially contributed
to our ability to maintain low costs in spite of substantial
increases in non-controllable items, such as taxes.
Some territorial expansion was also accomplished.
The
Company entered the ice cream business in Dallas, Texas,
where a new modern plant was erected; Kansas
City;
Oklahoma City, and several smaller markets in California
The Company
Cream Division.
The outlook for
1939 is encouraging, as there seems to
growing recognition on the part of the general public
of the value and economy of ice cream as a year around
a
Improved industrial conditions generally hoped for
materially help the progress of this Division.
food.
Special Products Division
This Division prepares
for
extracts;
also vitamin
Vitamin G (B1), which
products, and
the
these have received favorable reception
hope that other food products will be found whose nu¬
value can be increased by the addition of this
valuable vitamin.
Sales volume has shown a substantial
the
and profits, while yet modest, are encouraging.
the ensuing year contemplate introduciton of
additional products with excellent profit potentialities.
increase,
for
Plans
Research
The rewards
Manufactured Products
year's report, constant efforts were
toward a more intensified development
Personnel has been reorganized; plants
modernized; research intensified; and an aggressive sales
program inaugurated.
The Company is the largest manu¬
facturer in the United States of some of the products com¬
prising this Division, and its leadership has been maintained
throughout the year.
Despite the burden of excessive
supplies of raw milk existing during the greater part of the
year, which in turn necessitated low selling prices, with
accompanying small profit margins, the Company's profits
put forth looking
of this Division.
from this Division
exceeded 1937.
of the Company,
As in other Divisions
an
intensive pro¬
of modernization has been followed.. Costs have been
lowered and overhead charges reduced, ail of which mate¬
gram
to income results.
These objectives
vigorously pursued in 1939 and the out¬
look for both increased volume and profits for this Division
rially
contributed
will continue to be
is
promising.
;
Export
/
countries.
\
Cheese
reception by the consuming public of the
and Fancy Cheeses in the markets
where they have been introduced continues to be gratifying.
Several new markets were developed in 1938 and additional
The favorable
line of Borden's Package
are
planned for
which assembles and
1939.
The Bulk Cheese Division,
markets all varieties of bulk cheese,
strengthened by the acquisition in January,
& Co. of Monroe, Wis¬
consin, who have long enjoyed a favorable reputation on
foreign type cheese, particularly Swiss.
This acquisition
brings to the Company experienced personnel and estab¬
lished gopd-will, which are essential to the proper develop¬
ment of this activity.
has been further
1939 of the business of Carl Marty
Casein
The results from Casein operations
were
affected by the general recession in
was
during the
lessened.
for 1939.
Prescription Products
Prescription products are promoted through doctors and
are purchased largely on prescription.
Biolac, a new special
infant food of the evaporated type fortified with vitamins
A, D and B», which was introduced last year, has enjoyed
a substantial increased volume of sales.
Dryco and Klim,
powdered milk products, continue to eDjoy a popular de¬
mand, particularly in Export markets where the latter has
shown steadily increased sales.
Beta Lactose, a superior
form of milk sugar, has been
enthusiastically received.
Continued research is being carried on in this Division and
additional uses for vitamin products in pharmaceutical and
human food products are being developed.
Produce Division
The operations
in Shanghai^ China, where the Company
packs frozen eggs for marketing chiefly in Europe,, were
fair when* consideration is given to continued hostilities in
that country.
Disrupted transportation facilities, hindering
sustained
a
In line with carefully laid plans, research in the
three special laboratories is being directed
products and the de¬
velopment of new products.
■
Outstanding in recent developments has been the increased
recognition accorded milk vitamins in foods and pharma¬
ceuticals.
The B-eomplex vitamins of milk are key vitamins
in the new concept of nutrition, which today dramatically
look toward the positive objective of achieving higher
program.
Company's
toward
the improvement of present
standards of health and vigor.
Borden has pioneered in the
'
field of vitamin research,
and original research papers' by Borden scientists have been
published at regular intervals for many years in the pro¬
fessional journals that deal with nutrition.
As a result
of its research programs, your Comapny is fully abreast of
these latest developments.
As indicated in our comments on the Fluid
the
cost
»
#
4
Milk Division,
Company is constantly searching for new and lower
methods of fluid milk distribution.
Research in this
embraces technical and nutritional work,
practical problem of reducing the cost of dis¬
tributing fluid milk.
Containers of various materials have
in recent years entered the market and their practical value
is being tested in selected markets.
In the powdered milk field Borden research has made
notable advances in perfecting the qualities of dried milk.
These improvements have not only contributed to the wel¬
fare of the dairy industry and the dairy farmer, but also to
other industries, such as the baking industry, where the
use of powdered, milk is becoming more and more accepted.
In casein, plastics and adhesives, research is constantly
effecting improvements that insure product superiority.
Commercial research translates laboratory findings into
Division not only
but also the
^
products.
It concerns itself with creating new
products, with market studies, and with packaging problems.
consumer
As
result of
a
new
our
commercial research program, we
have
products for both human and animal consumption
new
markets.
year were
year, the demand for these prQducts
Overproduction of milk increased the supply
of casein, resulting in selling prices falling faster than in¬
ventories and costs could be reduced.
This was particularly
true of the first half of the year, although some measure of
improvement, both in sales volume and cost values, was
experienced in the latter half.
The expected increase in
general business activity gives promise of improved operations
business
being cumulative,
of research represents a sound investment for
assuring the Company's continued progress.
Greater use of milk and the by-products of milk in all
fields of nutrition is one of the chief objectives of the research
program
entering
during the
much poorer than last year.
Casein is used in the making
of fine coated papers and in numerous industrial operations
where problems of adhesion are important.
Since most of
these industries
of research
.
business again experienced new peak post-war •
profits.
With improved international trade
relations, we are hopeful that the present business enjoyed
can be materially increased, despite the currency and general
monetary restrictions presently enforced in many foreign
The export
volume and
ones
and flavoring
products, including Lactoflavin,
has been incorporated in many of
Additional research is being carried on in
trade.
from the
in 1939 will
As indicated in last
and markets supplemental products
in animal and poultry foods; flavors
use
tritional
and the Middle-West.
be
There was no damage to the Company s property
The outlook for the ensuing year is again subject
to unsettled conditions prevailing in the Far East.
The domestic operations in this Division, while relatively
small, contributed a profit and the outlook for the coming
year indicates that they should continue to do so.
prices.
in 1938.
Public Relations
The
Company has long realized a
'
multiple responsibility
in its relations with the various groups
with which it deals.
provide customers with a fair-priced quality
product, pay farmers a fair price for raw products, pay a
fair wage to employees, and return a fair profit to stock¬
holders whose invested savings finance its operations.
.
It
aims
to
Company's recognition of responsibility to all
the source of occasional differences,
usually traceable to misunderstanding of the complicated
economics governing the entire industry.
To lessen the possibility of future misunderstandings,
efforts have been made to provide the public with accurate
information on the problems, costs and profits of milk
distribution.
These efforts are based on the belief that
.Yet, the
these groups has been
will pave
prices to
farmers and fair pay to employees; for farmers and employees
to recognize the need of maintaining fair prices to con¬
sumers; for all these groups to appreciate the stockholder's
right to a reasonable return on his investment.
presentation of a complete picture of the industry
the way for consumers to see the necessity of fair
Employee Relations
1938 wages paid to about 27,500 employees
amounted to $51,715,435.
This compares with $54,705,813
During
paid to about 29,000 employees in 1937.
Included in this
figure are all salaries paid to officers of the parent Company,
which salaries amounted to one-seventieth (1-70) of a cent
per
quart of milk handled
by all Divisions of the Company
in 1938.
Management has constantly
continue the amicable relations
pany
been striving to not only
existing between the Com¬
and its employees, but to improve them.
The Com-
Volume
148
Financial
aims to pay its employees wages at least as high as
its competitors
pay in the same locality, and to provide
working conditions equal to the highest standard within
the industry. Capital
expenditures have often been made to
attain this objective, even
though earnings did not benefit
directly therefrom.
N Group life insurance is available to all
employees and
it is carried by most of them, with the
Company bearing
pany
share of the cost and
a
their
welfare.
The
total
major operations of the
Company have not been
by reason of any labor dispute.
Differences have been adjusted in a calm and
friendly at¬
mosphere, in which all factors have been freely discussed
in the hope that a solution * would be
found which would
interrupted during the
"
year
enable the
Company to successfully compete for the available
business and which would
provide our employees with de¬
sirable working conditions and
satisfactory incentives.
Annual Meeting of Stockholders
group
•
•
The
1501
assuming all
expenses incident to its
life insurance in force
at the close of the year amounted to
$35,839,165 and death
benefits during 1938 amounted to
$233,250.
The Com¬
pany also has a plan of group accident and health insurance
for the benefit of its
employees, under which joint con¬
tributions are made by the
Company and each insured
employee.
Physical examinations are given many em¬
ployees and practical assistance rendered in maintaining
administration.
Chronicle
The
Annual
Meeting of stockholders will be held at
on April 19,
1939, at the registered office
Company, 15 Exchange Place, Jersey City, N. J.,
that meeting this aiinual
report for 1938 will be
10 o'clock A.M.
of the
and
at
presented.
THEODORE G. MONTAGUE,
-
,
;
'
1
'
"
President.
■
Submitted by Order of the Board
of Directors.
THE
BORDEN COMPANY AND ALL SUBSIDIARY
•
■,
■
..
,
COMPANIES
•
.
.
Consolidated Balance Sheet, December 31, 1938 and 1937
'*
■
ASSETS
Current Assets:
S?8
"
\
i7
Marketable
- a" "if*
r;
•
~ f " 7 \r Y
Securities—At Market Value
Cost
1937— 5,886.952.41
Receivables
advances
employees—1938,
$85,568.15;
1937,
7
9,699,410.92
$6,454,516.78
7,967,944.43
-
Total Current Assets
$78,327.19)
less
Reserve
■
5.776,198.14
for
11.853,858.85
14,054,957.68
'
,
.1938— 59,754.268.24.
-
-
-
16,208,785.02
-
o.
_$
...
uz
17>667,355.35
53,365,396.56
$ 53,043,540.42
Miscellaneous
Assets, less Reserves (Including Mortgages, Other Receivables, etc.)....
Property. Plant and Equipment (Principally at cost, but in part at lower valuations established
by the Company)
Less Reserves for Depreciation (Based on above
property valuations)
:—
$2,571,318.57
...
$103,336 941.54
37,268,580.09
t_$
...
—
Trade-Marks, Patents and Good-will
$2,6'9,385.50
$102,767,250.10
36,960,621.80
Net Property, Plant and Equipment...
,
Prepaid Items, etc
15,545,029.25
5,601,190.45
Doubtful Accounts—1938. $1,983,001.15;
1937, $1,837,919.38Inventories—At the Lower of Cost or Market:
Finished Goods
Materials & Supplies
1937—
v
—
I...
to
$
•••;•
'
—
110,754.27
(Including salary
•
•
-
,
Dec. 31, 1937
...$ 19,701,562.24
—w
'
$151,084.37..
.
Dec. 31. 1938
,
-
t,
Less Reserve
1938—$5,752,274.82
V.'
-
—
-
65,806T62lt30
$
657,263.08
—
...
1.00
Total.....
-
-
$ 66,068,361.45
*■
$653,535.47
'
,,
.5122,400,607.51
-
$1.00
$122,434,823.84
■
'
,
Current Liabilities:
Accounts
A.ccru6u
======='
LIABILITIES
'
•
,
Payable..—.
$
xxCcoimts *
Taxes
,
1
*
'
(Including Income Taxes—Estimated)
Other Items
...
»"
*"
1
....
j,
......
Total Current Liabilities
Dec. 31, 1938
7,738,917.26
$14,013,798.25
Outstanding..
$
2,664,009.48
5,625,574.15
8,526,131.42
$
8,289,583.63
.....$
65,950,560.00
$
65,950,560.00
-$
14,477,738.13
$
20,207,822.57
14,204,140.55
19,722,003.20
_2i.._______$ 34,685,560.70
$ 33,926,143.75
——__r—_____
.
V 7
'■
—
*
_.$
-
*
"
..4,396,704
..
.....
;
.
........
Total Surplus
-
Total
.
—
—
..$122,400,607.51,
Note—The above balance sheet does not contain any salvage values which
may oe ultimately realized from properties, now owned
operations, which have heretofore been written off.
Note—See President's comments above for reference to certain litigation instituted
by the United States
pany, and others.
254,738.21
2,545,184.78
5,980,946.64
—
Total Reserves......
Capital Stock—The Borden Company:
Common $15.00 par (Authorized 8,000,000 shares)
--Issued
4,417,958 shares
Less Treasury Stock
21,254
"
$
1
Contingency Reserve (1938, after charge of $118,824.70 in settlement of claim originating in
1930)—-—.--——$
Operating Reserves..
-
Insurance and Other
Surplus:
Capital Surplus...
Earned Surplus...
^
526,243.47
'
9,807,599.33
2,257 459.35
1,948,739.57
12,712,111.92
-..$
-
.
.
Dec. 31,1937
$
*
.
2,708,052.01
2,265,142.65
....
Deferred Income and Non-current Liabilities...
Reserves:
„
$122,434,823.84
and
not essential to
Department of Justice against The Borden Com¬
'
'
\
•,
v;
:7.;.
'
THE BORDEN COMPANY AND ALL SUBSIDIARY
COMPANIES
THE BORDEN COMPANY AND ALL SUBSIDIARY
COMPANIES
Statement of Consolidated Net Income
Statement of Consolidated Capital Surplus
For the Years Ended December 31, 1938 and 1937
—Year
i
For the Years Ended December 31,
Ended December
1938
31,-—
Net Sales
.7—
-$212,038,654.20 $237,561,671.94
Cost of Sales and Expenses:
(Including
.
'
provision for depreciation of $6,183,*
922.26 in 1938 and $6,256,676.18 in
1937, insurance, taxes, and all manu¬
facturing,
selling,
delivery,
adminis"
trative and general expenses, after deducting miscellaneous operating income) 204,226,207.88 \ 230,518,508.18
•
,
Balance at Beginning of Year
$
Proceeds from disposals of Unessential
Properties
previously
written
off
against
Capital
Surplus,
and
fair
operating
values ascribed to other
such properties adapted to some operating use
^
Balance at End of Year
Total.....—
$
_
.
$
-
Deduct:
Federal and Other Income Taxes
7,812,446.32 $
460,130.23
7,489,300.07
1,602,888.59 $
1,168,661.02
1938
28,482.99
....
29,987.32
The Borden
an
1,631,371.58 $
1,198,648.34
sheet of The Borden
—$
6,641,204.97 $
6,290,651.73
as
Net Income for the Year.
448,063.83
14,477,738.13
$
14,204,140.55
■,
New York
„
'
.
Company:
——$
—-
-
273,597.58
ACCOUNTANTS' CERTIFICATE
We have made
Total.
i
Certified Public Accountants
22 East 40th Street
Maintenance expenditures on properties
not
essential
to
operations
(Less
rental income of $176,754.00 in
and $191,817.52 in 1937)
December 31,
1937
14,204,140.55 $ 13,756,076.72
HASKINS & SELLS
y
,
(Est.)_$
$
7,043,163.76
446,136.31
8,272,576.55 $
and 1937
Ended
1938
7
.
Net Operating Profit
....
Other Income (Lees Charges for Interest)
1938
Year
1937
of December
examination of the consolidated balance
Company and its subsidiary companies
31, 1938 and 1937, and of the related state¬
ments of consolidated net
THE BORDEN COMPANY AND ALL SUBSIDIARY COMPANIES
Statement of Consolidated
Earned Surplus
For the Years Ended December 31, 1938 and 1937
Year
Ended
December
$
—
Net Income for the Year
$
Total
^
Dividends
31,
1937
1938
Balance at Beginning of Year
19,722,003.20 $ 21,168,450.02
6,641,204.97
6,290,651.73
26,363,208.17
$ 27,459,101.75
$
6,155,385.60 $
7,034,726.40
$
Paid during the Year
1937 of Unessential
6,155,385.60 $
7,737,098.55
Writeoff in
Prop¬
application of reserves,
less proceeds of $748,964.70 from disposals during the year
erties
Total
after
I
Balance at End of Year
....
702,372.15
—.$ 20,207,822.57
$ 19,722,003.20
income, earned surplus, and capital
surplus for the years ended those dates. In connection there¬
with, we made a review of the accounting methods and
examined or tested accounting records of the companies and
other supporting evidence in a manner and to the extent
which we considered appropriate in view of the systems of
internal accounting control.
In our opinion, based upon such examination, the accom¬
panying consolidated balance sheet, with the footnotes
thereon, and the related statements of consolidated net
income, earned surplus, and capital surplus fairly present, in
accordance with accepted principles of accounting consist¬
ently followed by the companies, their financial condition at
December 31, 1938 and 1937, and the results of their oper¬
ations for the years ended those dates.
HASKINS &
New York,
February 27, 1939
'
;/
SELLS.
Financial
1502
NORFOLK AND
SUMMARY OF
1939
11
Mar.
Chronicle
COMPANY
WESTERN RAILWAY
FOR 1938
FORTY-THIRD ANNUAL REPORT
results for the year
Comparison
;
:
.
:
.
'
:
-
.
Operations
Net Revenue from
------
-—.
Local Taxes
Rental of Equipment and Joint
Interest
on
bonds and other charges
Dec.
$1,550,483.45
Dec.
1,581,518.67
$21,722,288.31
1,042,269.32
Dec.
$10,992,993.29
Dec.
Dec. $11,506,748.92
—
—-----
_
all sources.--.
Gross Income from
$11,485,030.06
—2,415,095.51
Facilities—Credit-..
_ —
-
—
$20,013,686.55
Total Revenue from
The decrease in
a
because of reduction in net earnings.
Stock, quarterly dividends of $2.50 per
1938.
dividend of $916,500 upon Adjustment Preferred
$14,084,830, were paid upon Common Stock during
paying the regular 4%
After
share,
total of $10.00, or
"
■;
.
Dec. $11,785,594.68
-
depressed condition of business, particularly
Operations for 1938 was due to the
Taxes decreased chiefly
the year.
$278,845.76
Inc.
$2,750,871.08
_•—
—•-
— —
513,755.63
,
—— ---•
Net Income--
in the first half of
6,736,603.25
Dec. $10,961,958.07
-
—
Operating Income.-
Other Income
$17,698,561.32
Dec.
$22,764,557.63
Federal, State and
Net Railway
Dec.
$77,162,941.67
46,370,718.81
—
$30,792,222.86
Operating Expenses
Total
Net
1938
■
■
Operations.
Total Revenue from
.
with 1937
Vsv-
FINANCIAL
'V*'' ;y:;y >
\
.
capitalization. On December 31,
with an average holding of 123 shares.
The outstanding funded debt was $52,030,532, and represented 24.14 per cent, of capitalization.
Securities in the
voluntary sinking fund for retirement of funded debt had a par value of $216,800, and a market value of $248,018.
The outstanding
1938, the
capital stock was $163,532,800,
Company's stockholders
and represented 75.86 per cent, of
numbered 13,324, an increase of 162 during the year,
RAILWAY PROPERTY INVESTMENT
;
increase of $446,359 over 1937. The Net
$21,722,288, and represented a return of 4.32 per cent, for the year on the Railway
./
/ A
7'
The Total Railway Property
Investment was $502,573,144, an
Operating Income for 1938 was
'■
Investment.
.
new
During the year the Company
;
equipment
eight steam locomotives, and purchased 13 automobiles.
air-conditioned, making a total of 125 air-conditioned cars in service.
built, in its shops at Roanoke, Va.,
train cars were rebuilt and
Seven passenger
Railway
Property
'•VT..
■
'
TRANSPORTATION RATES
r'/'' ".V."
v
Commission made a partial grant of freight rate increases requested by
Class I Railroads, but refused any further increases in bituminous coal rates.
The effect of these increases on the revenues
of the Company was inconsequential.
In July, 1938, the Commission authorized carriers in the Eastern territory and in
the Pocahontas region, to increase passenger coach fares from 2 cents to 2cents per mile, to remain in effect for eighteen
In March,
1938, the Interstate Commerce
months.
1
..
Increases in
freight rates on bituminous coal
November 15, 1937, to
Commission for the period from
extended without limitation by order issued November 30, 1938.
and coke, which had been granted by the
December 31, 1938, were
By order of the Board of Directors,
-
:
V-
v-
'
■
Balance Sheet Dec.
Sales.--
—V. 148, p.
1
p.
p&id on Oct. 1, July 1 and April 1, 1938.
1509 for detailed record of previous dividend payments.
Years End. Dec. 31—
Income—Dividends
Total income......
Taxes
Federal taxes.
Interest.
Other credits to surplus.
Total surplus
Preferred
1938
$3,900,000
1937
$3,916,500
26,107
$3,942,607
8,308
35,852
93,263
130,327
8,773
53,745
a60,348
130,933
11,794,111
30,758
1936
$3,622,000
1935
$2,684,750
270,403
186.460
1,130
$3,910,271
$3,642,520
income
Previous surplus.......
$3,688,806
11,764,980
15,324
$3,809,590
* 9,669
64,440
a69,676
$2,955,153
185,668
236,709
$3,480,138
1,729,284
5,356
23,730
68,190
$2,626,523
11,984,578
13,183
$15,467,389 $15,469,111 $15,214,778 $14,624,284
b637,500
425,000
425,000
425,000
3,250.000
3.250.000
2,990,000
2,470,000
prior yrs
13,242
dividends
Unam. debt disc t & exp
21,555
Bal., surplus, Dec. 31-111.579,889 $11,794,111 $11,764,980 $11,729,284
a Including $187 in
1937 and $3,369 in 1936 for Federal surtax on unin March and June,
payment
16,590
Acc'ts and int. rec.
689
1,136
interest.
15,897
49,677
278
17,660
Potomac
to
Elec. Pow. Co..
Divl
declared
on
preferred stock.
16,270
46,108
Bais. in closed bks.
10,463
529
accrued..
Matured
116,201
10,463
16,914
,
Interest
28,405
137,419
Sundry curr. liab.
Taxes accrued
17,330
■212,500
b Including dividends aggregating $212,500
1939.
payable
2,898
4,733
c
5% cum. pf. stk.
8,500,000
8,500,000
Common stock.
6,500,000
6,500,000
Reserves
bond
Surplus
34,568,053 34,544,954
Total
'...11,579,889 11,794,111
Total
34,568,053 34,544,954
Capital Transit Co. under indemnity agreement of Dec. 1.
1933.
b Includes municipal securities,
c Represented by shares of $100
par.
d Interest only.—V. 147, p. 3779.
Assumed by
Waterloo Cedar Falls &
oper.
1935
$1,089,543
902,634
$881,584
763,529
$89,410
23,044
$188,906
20,899
$186,909
17,635
$118,054
14,322
$66,366
4,250
$168,006
4,908
$169,274
5,760
103,732
3,397
x$70,616
$172,914
$175,034
$107,129
Net revenue.
_
Operating income
Non-operating income..
Gross income
1936
$1,218,447
1,029,541
expeases
Taxes..
1937
979,007
$1,068,418
Grand total revenue.
Total
Northern Ry.—Earnings—
1938
Calendar Years—
be deducted $34,125 of other charges.
These
charges are made up as follows:
Miscellaneous rents, $140; railroad
Retirement Act and unemployment insurance, $32,468; interest on motor
bus obligations, $707; trustee fees and bank charges
$810.
Similar de¬
ductions from gross inctme of 1937 totaled $35,586.
x
distributei income,
lor
of matured Int..
a
Common dividends
Add line, taxes,
Dep.
642
7,573,100
34,490
Due
319,000
disc't & expense
Co.—Earnings—
...
General expenses
bU. 8. Govt. sees.
Unamortized
10,271
Interest.....
Miscellaneous
Net
3,567,740
337,538
Funded debt
1937
%
$
,572,950
Funded debt
c
1042, 896.
.Washington Ry. & Electric
Pro v. for
3 ,615,683
a
and dividends of 50 cents were
147,
4 434,000
642
4,434,000
Dep. with trustees
declared a dividend of 50 cents per share on account
of accumulations on the 7 % cum. pref. stock, par $100, payable April 1 to
holders of record March 18.
Dividend of $1 was paid on Dec. 24, last,
See V.
26 ,119,444 26.120,618
Investments..'
Cash....
Co.—Accumulated Dividend—
The directors have
—V. 148, p.
1938
Liabilities—
$
A ssets—
31
1937
1938
1939—Month—1938
1939—5 Mos.—1938
$5,645,748
$5,297,376 $30,417,519 $29,634,883
896.
Ward Baking
'
President.
Walgreen Co.—Sales—•
Period End. Feb. 28—*
'
W. J. JENKS,
;
From gross income must
Volume
Financial
148
Chronicle
Of the outstanding $5,773,000 1st
mtge. bonds, $5,485,000 have been
deposited with the protective committee, together with $2,170,000 of the
total of $2,333,000 outstanding common stock.—V.
147,
Total electric and heating operating revenues
Total electric and heating operating
expenses
148,
Net transportation operating revenues.
1939—2 Mos.—1938
$3,652,000
$4,579,000
Gross income.
Ry.—Earnings—
$290,768
_
_
_
-J—
$5,859,704
2,873,545
192,247
22,897
Cr50,l 10
269,151
funded debt
on
Amortization of debt discount and expense
Other interest charges
—Week Ended Feb. 28—
1939
~
1938
Gross earnings.
$270,522
5,728,152
131,552
;
Non-operating revenues
Interest
1
—Jan.
to
Feb.
1939
$263,236
—V. 148, p. 1344.
$5,457,630
7,415,735
7,145,213
.
revenues
Net operating revenues
1184.
p.
$19,793,300
14,335,670
Total transportation operating
expenses
See also V. 147, p. 3779.
Western Maryland
..
Net electric and heating operating revenues
Transportation—operating
Supply Co.—Sales—
Period End. Feb. 28—
1939—Month—1938
Sales.
$2,211,000
$1,746,000
Interest during construction charged to property and plant..___
Amortization of losses on transportation property abandoned.
28
1938
_
_
Provision for contingent losses on investment in
transportation
$2,267,369
$2,626,762
subsidiary and in certain transportation properties
_
300.000
23,954
Other deductions
Westvaco Chlorine Products Corp. (&
Years Ended—■
Sales
Dec.
(net)
31
'38
Jan.
1 '38
Subs.)—Earns.
Jan. 2 '37
Dec.
$8,592,081
6,513,9^1
Selling & admin,
6,089,808
$6,913,825
4,856,906
431,906
305,960
286,450
$2,196,313
47,730
$1,770,469
$2,427,509
b922,129
392,380
309,326
$2,244,043
b870,190
$1,814,563
670,594
a240,988
276,971
$803,675
288,000
339,362
$784,744
216,000
339,362
$626,010
230,517
213,722
$618,344
153,622
113,985
$176,313
$229,382
$181,771"
$350,737
339,362
$1.52
339,362
$1.46
284,962
$1.47
Operating profit
$2,376,035
51,474
Other income
Depreciation
Provision for taxes.....
Other deductions
..
•
44,094
a322,465
266,645
$6,121,077
4,361,605
234,u50
Ry.
Light Co.) and its subsidiary land company, Wisconsin General Ry. for
1938, including the electric and heating operations for the entire
year and the transportation operations of the
company and subsidiaries
for the period from Jan. 1 to Oct.
21, 1938 on which latter date the trans¬
portation properties and business were transferred to a new
subsidiary,
Milwaukee Electric Ry. & Transport Co.; the statement does not include
the results of operatios of Wisconsin Electric Power Co.
(former company)
from Jqn. 1 to Oct. 21, 1938 on which date that
company was merged into
Wisconsin Electric Power Co. (present
company)J
(2) No provision was made for income taxes in the year 1938 since there
remained no taxable net income after deducting charges for
redemption
&
the year
$1,525,421
33,980
'
Net
income
Preferred dividends
Common dividends
Balance
Shares
—
com.
stock
a
•
Includes $20,500 in
1937 and $22,000 in 1936 Federal
b Includes depletion.
distributed profits,
Comparative Consolidated Balance Sheet
Dec. 31'38
Assets—
Cash
onds called for redemption
gremiums and unamortizedduring discount and
bond the year.
$
1
Jan.
'38
Liabilities—1
$9,241,432
2,228,020
325,000
....
taxes
Adjustment of liability fbr wages, divs., surety deposits & other
miscellaneous items unclaimed
Deficit of sub. cos. eliminated upon transfer
Electric Ry. & Transport Co. (net)
un¬
'
Dec. 31'38
$
.
Transferfromreserveforundeterminedliabilityforinc.
284,962
$1.63
surtax on
expense applicable to the
Surplus Statement Dec. 31,1938
Balance, Dec. 31, 1937
Balanceof income, year ended Dec. 31,1938---
out¬
standing (no par)
Earnings per share...—
$2,228,020
Notes—(1) The foregoing income statement reflects the results of oper¬
ations of Wisconsin Electric Power Co.
(formerly Milwaukee Electric
$1,559,401
553,875
179,192
207,991
exps
Total income.
Net income
'35
28
$9,321,862
Cost of sales
56,517
Milwaukee
to
18,763
3,376
...
Other additionsJan.
1
'38
Total
$
$
$11,873,108
225,030
1,594,975
814,258
161,517
Accounts payable.
121,256
407,005
Divs.
Acc'ts receivable-_
811,674
543,472
Accruals & reserves
273,649
233,206
Marketable
386,628
474,352
Unclaimed
Divs. preferred capital sunk, issue of 1921, 6% series
Approp. to reserve for deprec. to offset loss charged thereto on
certain transportation properties abandoned
47,700
48,235
:
securs.
Dep. with Mutual
Insurance Cos..
Inventories
1,038,143
4,824
1,089,808
3,889
122,553
149,952
36,073
35,395
9,356,800
Total..........12,617,653
12,674,470
208
195
pref. stock
5,760,000
Res.
comp. Insur.
claims,.12,593
5,760,000
_
curr. assets.
Deferred charges
Investments
..
..
Fixed assets;...
x After
deducting
$8,082,664 in 1937.
—V. 147, p. 3175
.
y
Common stock.
Earned surplus.
6% preferred capital stock
2,353,390
non-utility props, (consisting prin¬
cipally of land)
Organization expenses of former Wisconsin Electric Power Co
—
„
Other deductions
12.617,653.12,674,470
for depreciation of $9,004,793 in 1938 and
Represented by 339,362 shares, no par value.
20,258
25,141
.
;
^
1,001
reserve
y
Balance, Dec. 31, 1938
$2,878,421
Balance Sheet Dec. 31, 1938
(F. W.) Woolworrh Co.—Sales—
—V. 148. p. 898.
Liabilities—'
Property and plant..
Period End. Feb. 28—
1939—Month—1938
Sales
—$20,685,910 $20,054,451
.
$40,338,505 $39,211,369
Cash
for
Accts. & notesrec. (trade)..
Other accounts receivable.
subs,
Prepaid insur, & taxes.....
&
selling exps.
Zonite Products Corp.
property......
276,617
33,699,605
......
on
preferred stock
94,159
2,878,421
.
$162,961,025
(& Subs.)—Earnings—
1937
$1,996,184
1,688,290
1936
$1,791,8291
l,505,816f
1935
Unavail¬
able
'
Net profit from oper__
Depreciation
_
$191,322
45,905
Total income
68,200
66,931
<73,493
$239,694
28,150
$219,082
36,249
$40,148
11,131
$165,719
Other income
$307,894
$145,416
20,303
—
Operating profit
$267,844
$255,331
$51,279
Foreign exchange losses.
863
Prov. for doubtful acc ts
Sundry deductions, &c__
Interest
>
146
24,034
62,007
$286,013
3,613
53,600
.
6,346
1,103
33,300
28,899
—*
47,374
6,055
50,000
33,960
47,249
$49,916
$0.06
$142,365
$0.17
—
*
im
—
Federal surtax
Vine & liquor div
Federal and foreign inc.
Loss
on
taxes,
Foreign
(credit
■
&c
income
$113,641
38,087
23,104
36,560
10,995
58,239
31,250
taxes
244
adjustment)..
Net profit..,—
Earns, per sh. on Cap.stk
.1
1,307 loss$146,956
>0.12
Nil
Consolidated Balance Sheet Dec. 31
1938
Assets—
1937
$350,394
Cash
Receivables
e
for contingent loss
for
Total.
$1,913,036
1,721,714
Sell., gen. & admin, exps
1,354
254,260
Surplus..........
1938
Calendar Years—
customers
Reserves.
Premium
.$162,961,025
Gross profit from oper..
per
as a reserve
508
....
Total......
—V. 147, p. 4071.
by
constr. of
296,021
59,020
expenses
Other deferred charges.
Contribs.
on
preferred stock.
refinancing will result in
principal amount of the securities received,
118,363
Due to other affil. cos...
Other current &accr.liabs..
b
a cash interest saving of
and that entire amount, together with
other funds of the company, will be used to retire the $14,500,000 of new
notes over the next 10 years.
Thereafter a cash sinking fund of 1H% per
annum of the aggregate principal amount of the now
outstanding bonds,
amounting to $825,000 annually, will be required, and in addition M of 1%
per annum, ($275,000 in respect of the bonds now outstanding), is required
to be deducted from property additions which otherwise could be used
as the basis for the issuance of additional bonds, or an equivalent amount
added to the cash sinking fund. These requirements constitute a continuing
debt reduction program which should improve the financial stability of the
company and place it in a better position to meet its public service obli¬
gations.
Basis of Capitalization of Transport Company—The pet carrying value of
the assets transferred to Milwaukee Electric Railway & Transport Co. in
October. 1938 was $41,493,188.
The securities issued by the Transport
company for the acquisition of this property represented an aggregate
principal amount of $35,000 000.
In recording on its books the securities
from the Transport company, the company has provided, by a charge to
surplus,, a reserve of $6,493,188, equal to the difference between the net
carrying value of the property transferred to the Transport company and the
167,775
2,230,600
$526,947
Liabilities—
accrued expenses
for disputed
Investments
287,962
252,822
41,922
19,748
claim
25,486
Chilean accounts
c
..
27,453
Provision
29,748
38,901
d Capital stock
come
Land, bldgs., ma¬
chinery,
goodwill,
<fcc—.
342,845
443,374
$132,071
$148,296
55,000
for
in¬
taxes
62,045
Earned
119,509
845,556
Treasury stock..
Capital surplus
a
Pats., trade-marks,
1937
Res.
Real est. & equip.,
non-operating
1938
Accts. payable and
440,893
247,026
Inventories
year
204,175
.....
6,060,869
65,793
of the new bonds and notes, there was deposited with the trustees of the
bonds of Milwaukee Electric Ry. & Light Co. and the former Wisconsin
approximately equivalent amount for the retirement
230,390
gain sharing plans
Due to subs., not consol
Amt.
805
sale
of the old bonds.
622,048
Customers' surety deposits.
pay. to empl. under
77,419
Due from other affil. cos.._.
„
320,649
490,647
Unamort. debt disc't & exp.
Organization
260,644
Interest accrued....
Dividends declared
Materials and supplies..
Comma.
1,250,000
>
Taxes accrued
bonds of
consolidated
"
65,000,000
13,250,000
299,891
Payroils accrued..........
Due from sub. company not
of Wisconsin Electric Power Co.
Refinancing, Corporate Changes and Debt Reduction Program—The out¬
standing development of the year was the refinancing of the company's
funded debt at lower interest rates.
Achievement of this purpose required
important corporate changes and adoption of a long-term debt reduction
probram.
A plan was developed which provided for the acquisition
by Milwaukee
Electric Ry. & Light Co. of ownership of the Lakeside power plant, then
leased by the company from Wisconsin Electric Power Co., and also for the
transfer of the transportation property to a wholly owned
subsidiary,
leaving the principal company with substantially all-electric property.
In
October, 1938, this plan was put into effect with the approyal or the P. S.
Commission of Wisconsin and the Securities and Exchange Commission.
The detailed steps involved in the program briefly recited, were as follows:
(1) Milwaukee Electric Ry. & Light Co. purchased from North American
Edison Co. the entire capital stock of the Wisconsin Electric Power Co.
(owner of the Lakeside power plant) in exchange for $9,220,400 of preferred
stock of Milwaukee Electric Ry. & Light Co., of which $1,702,800 was
reacquired stock in treasury of the company.
(2) Wisconsin Electric Power Co. was merged into Milwaukee Electric
Ry. & Light Co., which assumed the name of Wisconsin Electric Power Co.
(3) Milwaukee Electric Railway & Transport Co. was formed as a wholly
owned subsidiary of the company to take over
substantially all of the
transportation properties of the latter company including its interests in
Motor Transport Co. and Badger Auto Service Co., subsidiaries. The total
issued and outstanding securities of Milwaukee Electric Railway & Trans¬
port Co., consisting of $25,000,000 of common stock and $10,000,000 of
4% first mortgage bonds, were delivered to Wisconsin Electric Power Co. *
in payment for the transportation properties.
1
(4) The new Wisconsin Electric Power Co. on Oct. 28, 1938, issued and
sold $55,000,000 of 30-year first mortgage bonds, 3 M % series, secured
by its
electric utility property, including the Lakeside power plant, and in
addition,
by the pledge of the $10,000,000 of first mortgage bonds of the Transport
company.In addition it issued its 3.4% promissory notes to evidence a
I oan of $14,500,000 from eight banks. These notes matured serially, $1,250,000 in each of the first four years, $1,500,000 in each of the next four years,
and $1,750,000 in each of the ninth and tenth years.
(5) Concurrently with the receipt of approximately $70,000,000 from the
approximately $850,000
,
" 54,314
2,159,168
32,071
consol
not
21,000,000
Accounts payable......
_
rec. on
$4,500,000
28,209,800
-
of
payment
matured int., &e_.
Accrued int.
...
1,799,834 3,4% promissory notes..
1,269,129 3.4% prom, notes (1939)...
U. S. Govt, securities
Deposits
•
6% preferred stock
Preferred stock, issue of 1921
Common stock ($20 par)...
1st mtge. bonds, 3 H%
35,000,000
160,154
82,110
Other inv. & advances
V
[Formerly Milwaukee Electric Railway & Light Co.]
S. B. Way, President, says in part: <
The income and surplus statements include net results of
operations of
two former subsidiaries, Motor Transport Co. and
Badger Auto Service
Co., for the period Jan. 1 to Oct. 21, 1938, inclusive. Financial statements
of the company s principal subsidiary, Milwaukee Eiectric
Railway &
Transport Co., organized in October, 1938, are not consolidated with those
Results Achieved—The
$113,445,432
Inv. In Transport company.
Advs. to affil. cos., not curr.
1939—2 Mos.—1938
.
Wisconsin Electric Power Co.—Annual Report—
an
63,819
Loss resulting from sales of
Assets—
F'sctric Power Co.
6,493,189
on abandonment of
transportation prop, in prior year—
balance unamortized
3,920,674
2,529,272
— .
Total....1
571,275
reserve for contingent losses on investment in capital
stocsiof Milwaukee Electric Ry. & Transport Co....
Loss
3,920,674
_
__
on
Approp. to
10,167,848
Other
x
divld'd
checks...
5%
the
Income Account for Calendar Year 1938
•
West Texas Utilities Co.—Accumulated Dividend—
—V.
the
'
The directors have declared a dividend of $2.50 per share on account of
accumulations on the $6 cum. pref. stock, no par value, payable April 1
to holders of record March 15.
This compares with $3 paid on Jan. 2 last;
dividends of $2 paid on Oct. 1 and July 1, 1938, and $2.50 paid on April 1,
Western Auto
1503
investment in
capital stock of the Transport company,
carrying value of which is thus, in effect, reduced to its par value.
589.
p.
1938, and Dec. 15, 1937.
the
on
surplus—
845,556
Dr98.781
Dr98.781
424,776
642,211
173,810
33,907
organ¬
ization exp.. &c.
f 52,408
Prepaid rent, taxes
& other expenses
Adv.
supplies
Total
38,219
52,433
25,535
41,057
and
prepaid advertis.
$1,594,477 $1,090,6981
Total
.....
$1,594,477 $1,690,698
(reacquired) at cost,
b After deducting reserve of
$31,818 in 1938 and $14,896 in 1937 for doubtful accounts,
c After
depreciation of $555,488 in 1938 and $535,776 in 1937.
d Represented
by 845,556 shares of $1 par value stock,
e At estimated realizable value
based on 4 cents per Chilean peso,
f Includes purchases froin companies
acquired in 1938.—V. 147, p. 3176.
*
a
19,900
shares
Financial
1504
Mar.
Chronicle
The Commercial Markets and the
11,
1939
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
4.84; Dec., 4.99.
COMMERCIAL EPITOME
Friday Night, Feb. 10, 1939.
Coffee—On the 4th inst. futures closed 18 to 24 points net
lower for the Santos contract, with sales totaling
The Rio contract was off 5 to 8 points, with sales
67 lots.
totaling
only four lots. The severe drop in the Santos department
was attributed largely to news that Brazil would not con¬
sider establishment of artificial price control, but would
permit the market to seek its own level. Many stop loss
orders were uncovered, and this greatly accelerated the
decline. There was no appreciable support at any time, and
as a result the market ruled heavy throughout the session.
On the 6th inst. futures closed 4 to 7 points net higher for
the Santos contract, with sales totaling 163 lots.
The Rio
contract closed 2 to 5 points net higher, with sales of only
seven lots.
After the sharp break on Saturday many traders
who were short, felt that the situation warranted taking
profits, and it was this short covering together with some
new buying- that gave the market its chief stimulus and sent
prices at one time during the session 12 points above the
previous close. Towards the close, however, fresh selling
developed, and some of the early gains were lost. Havre
prices were 3 24 to 424 francs lower. Brazilian spot quota¬
tions were unchanged. On the 7th inst. futures closed 15 to
18 points net lower on the Santos contract, with sales totaling
185 lots. The Rio contract closed 9 to 10 points lower, with
sales of 23 lots.
The factors largely responsible for today's
weakness of the coffee futures market
were hedging against
purchases of cheap actuals, liquidation and some Brazilian
selling, which pressure found very little resistance. Every
position on the board except March, 1940, went under the
5c. level.
The spot price of Rio 7s in Brazil was down 200
reis at 12.6 milreis per 10 kilos. Havre closed %d. to 1yd.
Coffee destruction in Brazil in the last half of Febru¬
lower.
On the 6th inst. futures closed unchanged
points lower. The opening range was 1 point down to 2
points higher.
The market was featured by Wall Street
buying and short covering.
On the other hand there was
some Bahia and Accra hedge selling.
Transactions totaled
218 lots or 2,921 tons.
Local closing: March, 4.55; May,
to 2
amounted to 110,000 bags, against 151,000 in the first
half.
The total destroyed since 1931 is 65,303,000 bags.
On the 8th inst. futures closed 5 to 9 points net higher in the
Santos contract, with sales totaling 66 lots.
The Rio con¬
tract closed 1 point up to 1 point down, with sales totaling
nine lots.
Coffee futures staged a further recovery with
buying believed to represent interests who think the recent
decline had more than discounted any ill effects of recent
statements from Brazil on control.
During the early after¬
noon Santos contracts stood 8 to 10 points net higher.
Two
Santos notices were issued. Rios were quiet and heavy with
March off 8 points at 3.94c. on issuance of one notice.
It
was the first time since last
April that Rios sold under 4c.
Declines in Havre of 4% to 524 francs about offset the losses
in New York yesterday. Actuals were steady as also were
ary
1940, 5.02;
points lower
to unchanged.
The opening levqls were unchanged from the
•previous finals. Transactions totaled 157 lpts or 2,104 tons.
The trading was devoid of any especially interesting feature.
4.61; July, 4.72; Oct., 4.87; Dec., 4.97; Jan.,
March, 5.12. On the 7th inst. futures closed 3
unchanged while the Terminal
off, showing 390 tons
sold. Manufacturers and Wall Street interests were reported
as moderate buyers.
A limited amount of Bahia hedge
selling was also reported and some trade liquidation; Local
closing: March, 4.52; May, 4.60} July, 4.71; Oct., 4.86;
Dec., 4.96; Jan. (1940) 5.01; March, 5.11. On the 8th inst.
futures closed unchanged to 3 points net lower, with sales
totaling 214 lots.
Trading in cocoa futures was moderately
active at steady prices.
During early afternoon the market
was unchanged to 1 point higher.
Sales to that time totaled
165 lots.
The trading today was selling of hedges by Brazil
on the
one hand and buying by Wall Street commission
houses on the other., The manufacturers took little interest
in the proceedings. Warehouse stocks increased 12,300 bags
compared with 633,766 bags a year ago.
Local closing:
March, 4.52; May, 4.58; July, 4.69; Sept., 4.80; Oct., 4.85;
Dec., 4.95; Jan., 5.00; Feb., 5.05.
On the 9th inst. futures closed 7 points net lower to un¬
changed.
Transactions totaled 287 lots.
Five additional
notices of Mar. delivery were issued in the cocoa futures
market, but prices held steady.
Altogether 68 Mar.
notices Ijave been issued so far.
Trading in futures to early
London actuals came through
Cocoa Market was unchanged to 3d.
afternoon amounted to
The London market
was
overnight increase of 11,400 bags brought the total stocks of
cocoa to 1,082,016 bags.
That compared with
603,954 bags in stock a year ago.
There was a time when
stocks of over a million bags would be regarded as unwieldy,
but the trading on the Cocoa Exchange has expanded to
such a degree that such stocks now are considered no more
than normal.
Local closing: Mar., 4.48; May, 4.53; July,
4.64; Oct., 4.79; Dec., 4.89; Jan., 4.94.
certificated
mild coffees."
On the 9th inst. futures closed 7 to 10
points net higher,
totaling 66 lots in the Santos contract.
The Rio
5 points net higher to 2 points net lower,
with sales totaling 13 lots.
Coffee futures continued to im¬
prove, although prospective buyers generally were awaiting
further word from Brazil.
During early afternoon Santos
contracts were 3 to 5 points higher, with Dec. at.6.10c.,
up 5 points.
Rios during mid-day were 3 to 5 points higher.
140 lots.
steady.
London cabled that the Gold Coast Department of
Agriculture reaffirmed an earlier estimate of 260,000 tons for
the main cropwith about 10,000 tons still remaining in hands
of farmers.
Warehouse stocks increased 12,800 tons. They
now total 1,070,621 tons against 616,379 tons a year ago.
Local closing: Mar., 4.52; May, 4.58; July, 4.68; Sept.,
4.80; Jan., 5.00; Mar. (1940), 5.10.
Today futures closed
4 to 6 points net lower.
Transactions totaled 243 lots.
Cocoa futures suffered from an almost complete lack of Wall
Street interest.
As a result prices dipped 3 to 4 points in
scattered trading, which to early afternoon amounted/to
200 lots.
Warehouse stocks continued to accumulate.
An
with sales
contract closed
price was up 200 reis.
In Havre futures advanced 324 to
424 francs.
News that the United States would continue
sixty million dollar credit extended to Brazil in 1937 was
without marked effect here.
Actuals were steady.
Santos
Sugar—On the 4th inst. futures closed unchanged. Trans¬
Notwithstanding the light turnover,
the market ruled steady during most of the session.* There
was some hedge selling of the distant months for the account
of the leading Cuban producing interest.
These offerings
were
absorbed by trade houses.
Raws were unchanged.
Sellers were firm at 2.80c., at which about 20,000 to 25,000
tons continued on offer.
Buyers were interested generally
4s
at
Two Santos notices
were
issued.
In Brazil the official spot
offered as lows as 6.50 cost and freight.
Manizales
11yc.
Today futures closed 5 points up to 2 points
down, with transactions totaling 46 lots, all in the Santos
contract.
Trading in coffee futures was limited to the
Santos,contract, at least up to early afternoon.
At that time
the market stood unchanged to 5 points lower, with Sept.
at 6.04c., off 3 pomts, contracted with gains of 1 to 8
points
on the
opening.
Volume was lower than yesterday.
Havre
futures were 1 to 224 francs higher.
Actuals were quiet.
Cost and freight offers from Brazil were about unchanged.
Milds were slightly easier.
Rio coffee prices closed as follows:
were
were at
March
4.10
September
4.11
May
July
December
__4.13
4.12
_._4.12
Santos coffee prices closed as follows:
March—
5.85
September
May
July
5.93
December.
6.06
6.01
6.01
Cocoa—On the 4th inst. futures closed 1 to 4 points net
higher.
The opening
range
was
2 to 3 points net higher.
Transactions totaled 147 lots, or 1,970 tons.
London actuals
ruled unchanged to 124d. higher, while the TerminarCoeoa
market was also unchanged to I24d. higher, with only 170
tons sold.
More Bahia hedge selling was noted during the
week-end session, but this was well absorbed by Wall Street
interests who bought principally in the September position.
Local
closing: March, 4.55; May, 4.63; July, 4.74; Sept.,
,
actions totaled 136 lots.
2.78c.
The world sugar contract closed unchanged to
point higher. This market ruled firm dur ng most of to¬
day's short session, with only 29 lots traded. London raws
were offered at 6s. 3d., unchanged, and futures closed un¬
changed to yd. high r. On the 6th inst. futures closed un¬
changed to 1 point lower-. Transactions totaled 204 lots.
The market was depressed in the early trading as a result of
Cuban selling and liquidation,.
There was a slight rally
with subsequent easing off again.
In the market for raws
one sale was effected today at 2.78c. and a rumor of another
at the same price was current, but not confirmed.
An op¬
erator bought 6,000 tons of Philippines, mid-April arrival,
^
1
at the 2.78c. basis.
The second sale, if
effected, involved
a
parcel of Puerto Ricos.
The world sugar contracts were
unchanged to y2 point lower at the close, with transactions
totaling 144 lots. London futures were )4d. to yd. higher
and raws there were unchanged at 6s. 3d. On the 7th inst.
futures closed 1 to 2 points net lower.
Trading was fairly
heavy at 429 lots, one-quarter of which were switches. At
1.94c. and 1.93c. there were 167 lots turned over in Septem¬
ber, 79 lots at the higher price. The switches included 36
lots of May for September at 8 points and one lot at 9 points,
five March for September at 14 points and 12 September for
January at 1 point. In the market for raws the only sale
reported was 5,000 tons of Puerto Ricos for second half April
shipment at 2.57c., delivered to National, but it was believed
that a sale of a cargo of Cubas for second half March ship-
Volume
ment
148
Financial
effected also at 1.90c. cost and freight. The world
sugar contract closed unchanged to J4 point higher, with
sal
was
totaling only 12 lots. London futures were unchanged to
higher and raws were offered at 6s. 3d., equal, with
freight at 15s. 6d., to 1.14J4c. f.o.b. Cuba. On the 8th inst.
futures closed 1 point up to 1 point down in the domestic
s
contract, with sales
totaling 216 lots.
The world
sugar con¬
tract closed
y2 point net higher, with sales totaling 26 lots.
Sugar futures in the domestic contract were firm a good part
of the session, this firmness
being influenced by further
interest in
market
raw
stood
at better prices than expected. The
unchanged to 2 points higher during early
sugars
afternoon.
Jn the raw market an overnight sale of 7,300 tons
of Philippines due next Monday at 2.77e. to American Re¬
fining was followed by sale of 1,000 tons due March 12
at 2.78c. this morning.
In the world contract market prices
continued firm, reflecting a belief that the International
Sugar Council will meet this month and come to a decision
to reduce quotas for the third
year of the plan.
London
futures were y2 to yd. higher, while 12,000 tons of raws
were
sold:
On the 9th inst. futures closed 1 to 2
points net
the domestic sugar contract, with sales
lower in
totaling 374 lots.
The world sugar contract closed
unchanged compared with
previous finals, with sales totaling 129lots. The world sugar
contract was firm, but the domestic market was heavy as
offerings of actual sugar piled up and refiners backed away
from the market.
were
During early afternoon domestic futures
uniformly 1 point lower excepting for one lot of March
which
was
done at
an
advance of
point. Raws were quiet.
10% in deliveries of
sugar during January was not unexpected.
London futures
were unchanged to 34d.
higher. Raws there were 1.1534ca pound f.o.b. Cuba.
Cables from London advised that the
Government had informed the sugar trade that withdrawals
from bond for the next eight weeks will be limited the same
as last year.
Today futures closed 2 points up to unchanged
on the domestic contract, with sales
totaling 104 lots. The
world sugar contract closed 34 point down to unchanged,
with transactions totaling 30 lots.
Sugar markets were
steady. The domestic market, which has been giving ground
grudgingly this week, held unchanged to 1 point higher up
to early afternoon.
The raw sugar market witnessed re¬
newed activity 'with four important sales reported.
Re¬
finers paid 2.77c. for sugars from the Philippines and Puerto
Rico due the latter part of March.
They also paid 1.88c.,
equivalent to 2.78 duty paid, for Cuban sugars due the
second half of March.
In the world market contracts were
Announcement of
a
a
decline of nearly
34 point higher to 34 point lower during early afternoon.
Speculative buyers have been nibbling at the market after
absenting themselves for some time, but pending meeting
of
the international council interest is small.
futures
In
London
34d. either way.
Raws were offered at the
equivalent of 1.1534c. a pound with about 15,000 tons done
on that basis.Java raised prices of sugar for shipment east
were
of the Suez 10c. per quintal
supposedly on shipments after
Sept. 1, when the third quota year starts.
Prices
were
as
follows:
March
May
July
1.80
1.83
..1.88
September
January.
1.91
.1.89
Lard—On the 4th inst. futures closed 5 to 10 points net
».
'
.
higher. The market ruled firm during most of the session
today. This firmness was the result largely of short covering
and some buying influenced by the good export business to
the United Kingdom recently.
Exports of lard from the
Port of New York today totaled 81,520 pounds, destined for
Gdynia, Trieste and Malta. Liverpool lard futures were
firm today, and closed a shade above the previous finals,
though the spot position was 3d. higher,. Chicago hog prices
remained steady, with scattered sales ranging from $7.85 to
$8.15. Western hog marketings totaled 9,400 head, against
9,600 head for the same day last year. On the 6th inst. futures
closed 10 to 15 points net lower.
The market ruled heavy
during most of the session with prices showing maximum
losses of 12 to 15 points, at about which levels the market
closed.
Exports of American lard from the Port of New
York over the week-end were light and totaled 31,500 pounds,
destined for Southampton and Hamburg.
Liverpool lard
futures were quiet with prices unchanged to 3d. lower on
the active months.
Chicago hog prices ended 10c. to 20c.
higher due to the lighter marketings than expected. Sales
ranged from $7.60 to $8.40. Receipts for the Western run
totaled 50,600 head, against 52,900 head for the same day
last year. On the 7th inst. futures closed 5 points lower on
all active deliveries. The opening range was 7 to 10 points
net
lower, the market ruling heavy during most of the session.
The
news was
decidedly against the market, with Western
hog marketings continuing to exceed trade expectations,
hog prices showing declines of 15c. to 25c. Exports of lard
from the Port of New York today totaled 267,170 pounds,
destined for Manchester and Hamburg.
Liverpool lard
futures were 3d, to 6d. lower.
Receipts of hogs for the
Western run totaled 74,700 head, against 41,500 head for
the same day a year ago.
Sales were reported throughout
the day at prices ranging from $7.40 to $8.15. On the 8th
inst. futures closed 10 to 12 points net lower.
The opening
range was 5 to 7 points net lower.
There was considerable
pressure of offerings through the morning and as a result
prices dropped 10 to 12 points, at which levels the market
Chronicle
1505
closed.
Export clearances of lard from the Port of New York
today were the largest in a few years. Clearances totaled
1,546,500 pounds and the entire quantity is destined for
English ports.
The United Kingdom continues to buy
American lard
on
all setbacks.
Liverpool lard futures closed
hogs at Chicago ranged from $7.35
marketings were slightly above a year
ago and totaled 49,500 head, against 47,000 head for the same
day last year.
6d. to 9d. lower.
to $8.10.
Sales of
Western hog
On the 9th inst. futures closed 10 to 12
points net higher.
Lard futures showed a maximum rise
during the session of
12 to 17
points, this due largely to the bullish effect of sub¬
and sustained buying by the British
Shipments of lard from New York as reported
today were not very heavy, however, and totaled only
49,250 pounds, destined for Southampton.
Clearances of
American lard to England the
past two months have been
very heavy and of the total amount of lard imported into the
United Kingdom for the month of
January, 1939, the
stantial lard exports
Government.
United
States furnished 28,520,000
pounds, against 20,453,000 pounds for the same month in 1938. Liverpool lard
futures today were quiet, and
unchanged to 3d. lower.
Chicago hog prices were mostly 10c. lower, with scattered
sales at prices
ranging from $7.25 to $8.10.
Western hog
marketings totaled 42,400 head, against 34,600 head for the
same day a
year ago.
Today futures closed 3 points down to
3 points up.
Trading in lard futures Was quiet and without
any special feature.
Hogs received in the open market at
Chicago totaled 4,000, or 2,000 less than advance estimates.
The market topped at $8.10, with bulk of
good and choice
180 to 220 pounds kinds
getting $7.90 to the top.
\
DAILY CLOSING PRICES
Sat.
March
6.92
May
July..
7.00
7.17
7.35
September
October
7.40
:
Cottonseed Oil sales,
Crude, S. E. 534c@6c.
March....„
April
May
June
OF LARD
Mon.
FUTURES
Tues.
IN CHICAGO
Wed.
6.75
6.85
Thurs.
Fri.-
6.75
6.87
6.85
6.85
6.97
7.02
7.12
7.00
7.12
7.20
7.20
7.25
6.75
6.97
6.90
7.02
6;65
7.15
____
7.07
7.20
7.17
including switches, 174 contracts.
Prices closed
as
follows:
7.07® 7.14 July..
7.10®
n
August..
7.19®
September
7.19@
n
October..
7.28@
7.28®
n
7.36® 7.37
7-38@ 7.39
i
Pork—(Export), mess, $24.75 per barrel (per 200 pounds);
family (40-50 pieces to barrel), $18.75 per barrel.
Beef:
(export), steady.
Family (export), $22 per barel (200
pounds), nominal. Cut meats: quiet. Pickled hams: picnic,
loose, c. a. f.—4 to 6 lbs., 1334c.; 6 to 8 lbs., 1234c.; 8 tolO
lbs., 1234c. Skinned, loose, c. a. f.—14 to 16 lbs., 1834c.;
18 to 20 lbs., 1734c.
Bellies: clear, f. o. b. New York—-6 to
8 lbs., 17c.; 8 to 10 lbs.,
1534c.; 10 to 12 lbs., 15c. Bellies:
clear, dry salted, boxed, N. Y.—16 to 18 lbs., 1134c.; 18 to
20 lbs., 1134c.; 20 to 25 lbs.,
1134c.; 25 to 30 lbs., 1134c.
Butter: creamery, firsts to higher than extra and
premium
marks: 2534 to 2634c.
Cheese: State, held '37, 20 to 23c.;
held '38, 16 to 18c.
Eggs: mixed colors, checks to special
packs: 1634 to 1934c.
Oils—Linseed oil prices are reported very firm with cake
Linseed oil in tank cars is quoted 8.2 bid,
with tank wagons 8.2 bid to 8.4 offered.
Quotations: China
continuing weak.
wood:
crude, tanks, nearby—14.6 to 14.8. Coconut: crude,
tanks, nearby—.0334 bid; Pacific Coast—.0234 bid. Corn:
crude, West, tank, nearby—.0634 bid.
Olive: denatured:
drums, carlots, shipment—84 to 85; Spot—85 to 86.
Soy
bean: crude, tanks, West—.05 to
.0534; L- C. L., N. Y.—
6.8 bid.
Edible: coconut, 76 degree?—.0834 offered. Lard:
prime, ex. winter—9c. offered.
Cod: crude, Norwegian,
light filtered—28c. offered. Turpentine: 34 to 36. Rosins:
$4.90 to $8.55.
;
Rubber—On the 4th inst. futures closed 15 to 3 points net
higher.
The firmness of today's market was attributed
largely to the stronger cables from the London and Singapore
rubber markets, and this was in the face of reports that net
exports of crude rubber from producing countries participat¬
ing in the current restriction plan exceeded permissable
exports in January by approximately 15,000 tons. This was
contrary to the general expectation that some of the major
-rubber producers would endeavor to balance for some of
their 1938 overshipments early this year by exporting less.
Transactions on the local rubber exchange totaled only 700
tons.
Spot standard No. 1 ribbed smoked sheets in the
actual market gained l-16c. to 16 13-16c.
Trading in futures
was more or less mixed with operators on both sides of the
market.
Trading in the outside market was quiet.
Local
closing: March, 16.83; May, 16.80; July, 16.73; Sept., 16.75;
Dec., 16.75; Jan., 16.76; Feb., 16.76.
On the 6th inst.
futures closed 1 point higher to 2 points lower.
Transactions
totaled 1,490 tons.
Spot standard No. 1 ribbed smoked
sheets in the outside market remained the
Trading
on
was more or
same
at 16 13-16e.
less mixed, with London dealers reported
both sides of the market.
There
was
some
commission
house
buying and trade selling. Twenty more notices were
issued today.
There was very little activity in the outside
market.
Local closing: March, 16.82; May, 16.78; July,
16.74; Sept., 16.74; Dec., 16.74; Jan., 16.74.
On the 7th
inst. futures closed unchanged to 7 points lower.
Transac¬
tions totaled 1,260 tons.
The market today was anything
but buoyant, and prices throughout showed little inclination
to advance.
Spot standard No. 1 ribbed smoked sheets in
the outside market remained the
same
at 16 13-16e.
Activity
Financial
1506
in the actual market was
Local closing:
March, 16.75; May, 16.74; July, 16.68; Sept.,
16.67; Dec., 16.67; Jan. (1940) 16.67; Feb., 16.67.
On the
8th inst. futures closed 4 to 5 points net higher. Transactions
Trading in rubber futures was small and
totaled 98 lots.
prices were irregular. A London dealer interest was credited
with buying March, May and July positions which traders
and commission houses sold. Transactions to early afternoon
totaled only 330 tons.
At that time May stood at 16.73c.,
and July at 16.69c., up 1 point. London futures
closed l-16d. lower while Singapore was l-32d. higher. Local
off 1 point
closing: March, 16.79; May, 16.78; July, 16.73; Sept., 16.72;
Oct., 16.75; Dec., 16.73.
On the 9th inst. futures closed 1 to 5 points net lower.
Transactions totaled 126 lots. Trading in rubber futures was
light, but the market was steady. During early afternoon
prices were 2 to 3 points lower on sales of 820 tons, of which
100 tons were exchanged for actuals. May was selling at 16.76
cents. Trading was of a mixed character. London closed
unchanged to l,16d. higher. Singapore also was steady. Local
closing: Mar., 16.74; May, 16.77; July, 16.68; Sept., 16.69;
Oct., 16.71; Dec., 16.71. To-day futures closed 9 to 3 points
net lower. Transactions totaled 89 lots. Trading in rubber
futures continued dull in absence of new incentive to activity.
Prices were a little easier on a turnover of 600 tons to early
afternoon. Exports from Malaya during February fell off
from the January total. The London market closed un¬
changed to l-16d. lower. It was estimated that United King¬
dom stocks would show
a
further decrease of 650 tons this
week. Singapore was
easier. Local closing: Mar., 16.65; May,
16.71; July, 16.66; Sept., 16.66; Dec., 16.66.
Hides—On the 4th inst. futures closed 2 to 30 points net
on the old contract, while the
new contract closed
lower
points net lower. Transactions in the old contract
totaled 40,000 pounds, while the sales in the new contract
totaled 3,800,000 pounds. The opening range covering both
2 to 3
contracts was 5
points higher to 2 points lower. No sales
were reported in the domestic spot hide market, but late in
the week big packers were asking 34c- above the ideas they
entertained during the earlier part of the week*.
In the
Argentine there were 29,500 hides sold on a basis of 11 ll-16c.
to ll%c. for February frigorifico steers.
Local closing:
New contract—March, 11.72; June, 12.18; Sept., 12.56;
Dec., 12.89.
Old contract—March, 10.72; June, 11.28;
Sept., 11.53. On the 6th inst. futures closed 20 to 25 points
net lower.
The opening range covering both contracts was
4 points higher to 9 points lower.
The market ruled weak
during most of the session, apparently influenced by the
lower trend of the securities market.
Transactions totaled
40,000 pounds in the old contract, while the new contract
registered sales of 6,760,000 pounds, of which 280,000 pounds
were exchanged for physical.
Certificated stocks of hides in
warehouses licensed by the Exchange continued to increase
and today it was reported that the total amounted to 1,050,210, or a gain of 12,772 hides over the last previously re¬
ported figure. Local closing: New contract—March, 11.52;
June, 11.96; Sept., 12.32; Dec., 12.64.
Old contractMarch, 10.52; June, 11.06; Sept.,11.31. On the 7th inst.
futures closed 5 to 6 points net higher, this range covering
both contracts.
held within
Trading
was
relatively light and fluctuations
Transactions totaled 4,760,000
pounds in the old contract, while the new contract showed
sales of 40,000 pounds. The domestic spot hide market con¬
a narrow range.
Certificated stocks of hides in warehouses
tinues dull.
licensed by the Exchange increased by 12,543 hides to a total
of
1,062,753 hides. Local closing: New contract—March,'
11.58; June, 12.01; Sept., 12.38; Dec., 12.70. Old contractMarch, 10.58. On the 8th inst. futures closed 19 to 22 points
net higher.
Transactions totaled 225 lots, all in the new
contract.
Liquidation depressed rubber futures during the
early trading, prices fading as much as 18 points. Later
when the selling pressure relaxed the market rebounded.
During early afternoon net gains of 5 to 7 points were re¬
corded with June new selling at 12.06, September new at
12.45 and December
new
at
12.77c.
respectively. Sales in
the new contract to that time totaled 3,200,000 pounds.
Certificated stocks increased ,1,894 hides. They now total
1,064,647 pieces. Local closing: New contract—June, 12.20;
Sept., 12.58; Dec., 12.90; March, 13.22.
On the 9th inst. futures closed 3 to 9
points net higher.
Transactions totaled 274 lots. Raw hide futures were bid
up
that spot hides were higher. Trading was active with
on news
sales of 6,800,000 pounds reported in the new contract to
.
early afternoon. At that time prices were 13 to 14 points high¬
er
with June selling at 12.34 cents. Certificated stocks
increased 4,726 hides. They now total 1,069,373 pieces. Local
closing: New Contract: Mar., 11.83; June, 12.23; Sept.,
12.63; Dec., 12.99; Mar. (1940), 13.29. To-day futures
closed 12 to 3 points net lower on the new contract, with
sales totaling 124 lots. Trading in raw hide futures was
quiet
and limited to the new contract up to mid-afternoon. Tha
turnover to early afternoon was only 2,720,000
pounds, of
which 400,000 pounds were exchanged for actuals. June sold
at 12.24 cents, up 1 point, and September at 12.69
cents, up
6 points. New commission house buying appeared in sufficient
volume to absorb offerings around the
ring. Local closing:
New Contract: Mar., 11.71; June,
12.19; Sept., 12.60; Dec.,
12.94.
.
*
Ocean
barely noticeable, the dulness in
this department showing no signs of a change.
Offerings
from the Far East ran too high in price for the local market.
«
Mar.
Chronicle
1939
11
Freights—At the start of the week the demand for
tonnage was rather spotty, but towards the close of the period
there was a fair pickup.
Grain booked: Ten loads, Albany
to
Antwerp, Mar., 14c.; 2,000 tons, Pacific Coast to Antwerp
New York to Near East,
and Rotterdam, Mar. 21; 500 tons
Mar. loading.
Scrap: Atlantic range to Japan, May 5 can¬
celling, 19s, option Gulf loading 19s 6d. Atlantic range to
Japan, Mar .-April, 19s. Cuba to West Italy, Mar., one port
loading, $5.50; two ports, $5.60. Atlantic to Japan, April 15
cancelling, 19s; Gulf loading, 20s.
Time Charters: West
Indies trading, Mar .-April, $1.2234- Round trip West Indies
trade, spot, $1.25 (Norwegian charterers).
Trip across,
delivery West Indies, redelivery Hamburg, Mar. loading.
Round trip, West Indies, mid-Mar., p. t.
Delivery Cuba,
redelivery North of Hatteras, early Mar., p. t.
Trip out
to Far East, delivery North of Hatteras, Mar. 20-30.
However,
mouth, and consumers
are also meeting only their immediate requirements.
With
spring weather not far off and with the price situation far
from settled, there will be less and less incentive for con¬
sumers to take on supplies, and naturally dealers will be
effected in turn. The price structure of wholesale anthracite
coal in the local area is wide in range.
At Tidewater egg,
stove and nut is being quoted at $4.75 to $5.50 a ton and
pea coal at $3.50 to $4 per ton, by both independent and
large operators. Prices " on-1 he-line" are being offered about
25 to 50c. higher.
Recently steps have been taken in Penn¬
sylvania to reduce the large stocks on the tracks by cutting
production schedules to three days a week. Observers state
that there is an emergency facing the anthracite industry
due to an excessive amount of standing coal on cars as the
result of over-production.
It was felt advisable to have all
companies file a report of their shipments, by sizes, by prices,
daily with the Anthracite Institute so that an intelligent
study of the whole anthracite market might be made.
Coal—There is
dealers
are
a
fair demand reported locally.
still buying from hand to
Wool—In the high quality wools prices are firm, but in
the cheaper grades there is some irregularity.
The market
has been somewhat in the doldrums the past week, and this
surprising in view of the close approach of the new
clip and statistical evidence that the consumption of greasy
wools by the worsted division of manufacturing is showing
a slowing up tendency.
Demand for wool has faded away
to near nominal quantities.
The peak seems to have been
definitely reached, observers feel, and there is some un¬
certainty as to what may develop during the next two or
It is said that the market during the past
three months.
is not
experienced something of a minor squeeze in
some observers are disposed to recognize a
resemblance between current conditions and those prevalent
during the same period in 1937 when a squeeze in fine wools
put the market up to an unusually high level which broke
later under a huge import of cheap Australian wool.
That
the Administration will renew the loan to growers at last
year's basic rate is generally anticipated. A firm foundation
will thus be put under the raw material, but one lower than
that underlying current spot asking prices.
few weeks has
fine wools and
Silk—On
the 6th inst. futures closed
Transactions totaled 450 bales, including
No. 1 contract and 70 bales
on
5c.
to 2c.
280 bales
the No. 2 contract.
lower.
the
As a
on
result of bullish cables from the primary markets, the market
here firmed up for awhile after the opening. There was scattered
buying and selling. Some liquidation from Japanese sources
Was reported.
Yokohama futures were 8 yen lower to 31
yen
higher compared with previous final quotations.
Kobe
ranged from 4 yen off to 23 yen higher. Grade D remained
unchanged at 1,050 yen at both centers; Spot sales totaled
100 bales, while futures totaled 14,750 bales at these Japanese
markets. Local closing: Contract No. 1: March, 2.15; May,
2.13; July, 1.99; Sept., 1.9034; Oct., 1.9034- Contract No.
2: March, 2.19; May, 2.10; July, 1.97; Sept., 1.82; Oct., 1.80.
On the 7th inst. futures closed 134c. higher to 6c. easier.
Transactions totaled 1,550 bales, including 1,530 bales on
the No. 1 contract and 20 bales on the No. 2 contract.
The
was lc. to 6c. net lower.
There was con¬
irregularity to the trading and this was reflected
in the price movement.
The tone, however, was heavy
throughout the session. Cables from the Japanese markets
were decidedly bearish, with futures at Yokohama showing
declines of 20 to 30 yen, while Kobe was off 10 to 14 yen.
Grade D dropped 30 yen to 1,020 yen in both centers.
Spot
sales totaled 175 bales while futures transactions aggregated
opening
range
siderable
11,650 bales.
Local closing: Contract No. 1: March, 2.14;
May, 2.09; July, 1.9734; Sept, 1.92; Oct., 1.90.
Contract
No. 2: March, 2.19; May, 2.04; July, 1.94; Sept., 1.80.
On
the 8th inst. futures closed unchanged to 3c. up for the No. 1
contract, with sales 43 lots.
The No. 2 contract closed lc.
to 3c. net higher, with sales totaling only 7 lots.
Mixed
trading in silk futures reflected only moderate interest. It is
evident that the bloom is off the market. Prices during early
unchanged to 134c. lower in small trading.
190 bales, of which 150 were
in the No. 1 contract.
During the late trading some con¬
siderable demand developed, especially on the part of shorts,
and this resulted in a much stronger showing at the close.
afternoon
were
Sales to that time totaled only
price of crack double extra spot silk declined 34c- to
Yokohama Bourse prices were 1 to 10 yen lower.
Grade D silk declined 10 yen to 1,010 yen a bale.
Local
closing: No. 1 contract: March, 2.14; May, 2.11; June, 2.05;
The
$2.21.
Financial
148
Volume
July, 1.98; Aug., 1.95; Sept., L92H; Oct., 1.92.
No. 2
contract: March, 2.20; June, 2.03; Sept., 1.81.
On the 9th inst. futures closed 2c. down to unchanged.
1507
Chronicle
Week Ended
Exported to-
Mar. 10, 1939
Exports from—
Britaii
Transactionstotaled 38 lots in the No. 1 Contract. The No. 2
contract
registered the sale of only one Contract and that was
transacted in August delivery, which closed 5 cents up from
its previous final price. Interest in raw silk futures was moder¬
ate. Apparently the flurry caused by recent spot develop¬
ments has subsided. Prices during midday were unchanged to
H cent higher on sale of only 270 bales, all in the No. 1 con¬
tract. August at that time stood at $1.95 A, The price of
crack- double extra silk in the New York spot market declined
1 H cents to 2,19 A cents a pound. Yokohama futures were
5 yen higher to 7 yen lower. Grade D silk wax unchanged at
1,010 yen a bale. Local closing: No. 1 Contract: May, 2.09;
June, 2.04; July, 1.98; Aug., 1.93>£; Sept., 1.92; Oct., 1.91.
To-day futures closed 5He. to 3Hc. net lower on the No. 1
Contract, with sales totaling 139 lots. The No. 2 Contract
closed 4c. to 7c. net lower, with transactions totaling 7 lots.
Japanese selling and trade hedging caused a further decline
of 3 to 5 cents a pound in silk futures on the Commodity Ex¬
change to-day. Trading was" somewhat more active than
yesterday, with 770 bales done to early afternoon in the No. 1
Contract and 20 bales done in the No. 2. The price of crack
double extra silk in the spot market declined 6 cents to
$2.15H a pound. In Yokohama Bourse prices were 23 to 29
yen lower. Grade D silk declined 10 yen to 1,000 yen a bale.
Local Closing: No. 1 Contract: Mar., 2.08; April, 2.05; May,
2.04; June, 1.98H; July, 1.92H; Aug., 1.88H; Sept., 1.87;
Oct., 1.87H- No. 2 Contract: April, 2.03; May, 1.98.
•
Ger¬
Great
France
Galveston--;
Houston
j
—
Mobile-.-
Los
100
100
50
150
438
244
..
Angeles
500
1,071
744
500
1,728
The Movement of the
—
Crop,
as
indicated by
7,551
21,415
695
11,328
11,464
22,762
71,314
3,104
24,146 122,922
736
10,203 143,563
25,883
.
12,683
8,197
Exported to—>
Aug. 1 1938 to
Mar, 10. 1939
Great
Exports from—
Britain
Galv§rton__
Ger¬
France
59,970
—
Houston--.-.
Beaumont
-
-
.
-
New Orleans
Charleston
—
-.
24,351
12,606
1,240
•m
*'
*
10,767
27,245
5,092
6,730
6,205
7.216
89,847
51,348
1,039
390,897
2,152
728
11,889
6,535
44,270
144
*
8,162
7,306
.
tele¬
our
ending this evening the total receipts have reached 27,264
bales, against 25,736 bales last week and 21,337 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,108,898 bales, against 6,567,777 bales for the same period
of 1937-38,
879 bales.
showing a decrease since Aug. 1, 1938, of 3,458,•''' ■'
,
Mon.
Sat.
Receipts at—
Galveston
Houston—
435
Corpus Christi
-
1
'
'
-
-
*
5,225
-
110
New York
331
66
'*1
'
•
.
644
1,068
235
331
10
5,267
7,448
1,631
10,057
1,007
59
186
210
581
775
483
547
3,655
•
,
2;197
15J
...
_
159
150
'
1
'
Lake Charles
-
Wilnington.
J-—
-
----
——
.
Totals this week.
80
6.469
1,396
■-W--
....
2,669
6,298
23
4
*
49
23
Baltimore
23
——
1
Norfolk
—
5
173
922
— —
7.525 I 27,264
2,907
505
----*
-
155
*
"600
47
•
<4.
*
•*4.
*
-.
-
—
-
-
190
,-
190
'
**'
****
17,190
1,936
6,489
2,889
....
^
„
X.
<*
;
.*
*
—
^
29
1,416
144,226
54,621
*
4,261
196 681
200
1,378
72,592
.
10
—
.
10
371,842 158,063
365,772 241,366
660,579
56,693 531,810 2586,125
Total 1938-37
1400,987 387,470
718,981 404,040
384,357
Total 1936-37
930.325 U9.<8?
55,728 826,694 4478,257
21.189 532,76? 4107,287
529.307 203 313 1180 908
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Mar. 10 at—■
Leaving
Ger¬
Great
Britain France
New
2,100
4,055
3,000
Orleans.-
2,400
2,049
1,620
Other
Coast¬
many
Foreign
wise
Stock
Total
3,000
22,000
3,000
864
14,105
5,293
2,942
32,50;
21,168
15,567
"150
"i|0
2,712
95
Savannah-..-.
584,572
1
"
Charleston.
580,399
694,410
...
"925
Mobile..Norfolk
Other
148,837
34,418
62,104
28,809
925
110,880
ports.
Total 1939.
Total 1938.Total 1937-
9,155
19,681
33,005
-
6,069
8,813
6,806
42,323
40,802
26,080
6,576
5,848
10,512
70,310 2,244,429
80,153 2,932,385
85,846 1,766,403
6,187
5,009
.
9,443
922
.
;■
.
21
2,953
500
*
"
_
.
•••
2,760
885
1
—
mm'*'-
29
20,863
13,504
6,511
1,168
9,236
17,851
10,157
5,345
1,019
7,508
228
—
''
*
******
Houston.
219
'
1,140
""33
4,088
90
56
___
'
*
1
468
35,445
61
»
'
714
Boston
*
*
150
8,052
150
—_
Galveston,
Total
53
127
24
49
—
Charleston.
Fri.
180
1,810
124
MobileSavannah
1,654
_
Thurs.
653
531
__
New Orleans
Wed.
1,600
1,100
2,684
2,7621,044
383
—
Tues.
86f
;
*
336
360
4,432
.
'
297
-
255,247
7,498
967
1,261
810
629
-
56,393
2,171
45,876
45,600
-
Total
755,637
727,503
30,213 160,882
-
41,751
Gulfport—^
Norfolk—,
Other
im 4~ m.
m*
'J-
71,604
Pensacola, &e.
Savannah.
93,770
24,376
57,561
89,003
_
Mobile.
-
14,149 180,646
72,492
173
Lake CharlesJacksonville
China
112,886
103,519
27,790
27,971
2,214
_
Japan
222,991
164,922
Italy
many
92,503
75,941
62,424
98,256
Corpus Christ!
Brownsville
Total
For the week
71,453
11,988
7,557
14,547
From
Seattle
from the South tonight, is given below.
21,759
5,126
'
grams
11,745
1,386
2,909
PhiladelphiaLos Angeles—
San Francisco
March 10, 1939
63
830
598
42,561
1938——.
1937--
Baltimore.
COTTON
200
7,616
525
Total
Total
7,719
2X013
"150
150
631
San Francisco-..
Total
5,996
Total
27,684
21,738
2,710
3,827
1,031
"438
-.
—
3,461
495
2,710
—
Charleston—
Other
11,034
China
7,205
1,814
Pensacola, &c.„.
—
Japan
4,040
3,576
4,562
Corpus Christi..
New Orleans.-.,
Savannah-,
Itily
main
1,334
Speculation in cotton for future delivery
X4J-V
IV/JUVJ vyjJUjg
liaiwio
OUUHB
IHC
B
IVWU
XCmDJIJJtO,
early
of the »week,
was very
prices
dull
during
the
lower.
During the latter part of the period, however, the
market
received
part
Aug. 1, 1938, and the stocks tonight, compared
with last year:
X-
quite
a
stimulus from the
Senate Committee had left the
1937-38
providing
This
Since Aug
This
Week
1 1938
Week
Since Aug
1 1937
1939
1938
Houston
_
_
5.267
7,448
1,631
23
5
173
Corpus Christi.
920,776
963,520
285,441
16,678
730,308
52,383
9,965
1,872
32,039
15,815
38,698
11,277
13,108
922
_
17,018
BeaumontNew Orleans.,.
10,057
1,007
Mobile
Pensacola, &c_.
JacksonvilleSavannah
_
_
581
"
Charleston..-.
Lake Charles.
150
-
Wilmington
Norfolk
21,077 1,801,242
14,060 1,727,396
4,142
397,441
10,841
46",114 1,894,431
1,022
186,703
499
72,730
3,607
1,266
122,247
1,746
181,903
183
78,138
23,357
1,265
680
50,277
.
612,899
715,578
47,354
31,801
600,139
63,029
4,654
1,626
148,837
34,568
6,118
16,250
28,809
New York----.
Totals
873,110
870,565
59,803
16,315
825,829
55,989
10,203
2,836
148,607
67,168
23,783,
24,377
29,365
100
27,264 3,108.898
.
649
17,464
100
1,727
1,250
Boston
Baltimore---..
3,513
975
92,663 6,567,777 2,314.739 3,012,538
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six" seasons:
Receipts at—
1938-39
Galveston
5,267
7,448
10,057
1.007
Houston.
New
Orleans.
Mobile—
—
Savannah
581
Brunswick
1937-38
21,077
14,060
46,114
1,022
1,266
1936-37
9,679
5,182
40,962
5,037
2,369
1935-36
1934-35
7,809
5,524
5,557
8, ,99
1,064
12,086
12,867
774
1,116
803
"
"
"""150
"i",7oi
"""904
1933-34
27,751
14,119
22,199
1,115
1,615
3,751
1,890
5
1,746
1,265
173
680
592
729
597
1,099
178
1,187
All others
"2",576
"5",473
"ljoi
"2",280
"'"576
"7",614
Total this wk.
27,264
92,663
67,954
38,439
24,287
80,965
Charleston
Wilmington
Norfolk.
_
_
_
—
6
210
701
NewportNews
Since Aug. 1
—
3,108,898 6,567,777 5.656,873 6,078,934 3,694,400 6,388,186
The exports
for the week ending this evening reach a total
bales, of which 2,909 were to Great Britain, 5,126
to France, 11,998 to Germany, 7,551 to Italy, 21,415 to
Japan, 695 to China and 21,759 to other destinations.
In
the corresponding week last year total exports were 122,922
bales.
For the season to date aggregate exports have been
2,586,125 bales, against 4,478,257 bales in the same period
of the previous season.
Below are the exports for the week:
of 71,453
that the
for
the
retention
of
cotton
loan
stocks
until
July, 1940, despite recent agitation for an earlier release
date.
Galveston
news
Smith bill unchanged, thus
Stock
Receipts to
Mar. i0
tending
l/JJLC
total since
193S-39
with
The only
provision for distribution of loan cotton
full costs is a section which would
this year at less than
to farmers at 3c. a pound as a reward for
similar quantity of land out of cotton production.
return
cotton
taking
a
On the 4th inst. prices closed 1 to 6 points net higher.
Further gains into new high ground for the movement were
established in the local cotton futures market today as
foreign and domestic mills continued to absorb limited offer¬
ings. The undertone was steady through the short session.
Firmness in the Liverpool market contributed to opening
advances here of 2 to 5 points. Spot houses and brokers with
foreign trade connections had buying orders to execute, while
the selling for the most part seemed to represent commission
house liquidation and local realizing on a scale up. Sentiment
was favorably influenced
by more encouraging business re¬
ports and the more favorable tone of foreign political advices.
The Commodity Credit Corporation reported that 28,232
bales had been pledged to the" loan last week, compared with
34,019 in the preceding week. For the season so far there
have been 4,335,788 bales from the 1938 crop pledged to the
loan.
Thus far, reported repossessions of loan cotton by
growers is placed at 22,843 bales. Middling quotations were
3 to 5 points higher and ranged from 8.36c. up to 9.19c.
The average of middling at the 10 designated spot markets
was 8.76c.
On th8 6th inst. prices closed 5 to 8 points net
higher. Trading was fairly active today with prices touching
new highs for the current cotton season.
A week-end accu¬
mulation of foreign and domestic buying orders, combined
with a firm market at Liverpool, accounted for opening
advances of 3 to 6 points. Brokers with Bombay and Liver¬
pool connections bought both old and new crop deliveries.
In addition, mill price-fixing continued in the near-by con¬
tracts.
The initial advances into new high ground for the
movement uncovered a fair volume of selling orders on a
scale up
from commission houses.
There also were foreign
liquidating orders, and locals sold on a reactionary theory.
Prices sola off 3 to 4 points from the best during the middle
4
Financial
1508
of the
Washington
few traders continue confused over the
a
legislative outlook. A clearer view was not expected before
Thursday at the earliest when the Senate Agiiculture Com¬
mittee is expected to vote on the Smith cotton bill. Average
price of middling at the 10 designated spot markets was 8.80c.
On the 7th inst. prices closed unchanged to 4 points lower.
The opening range was unchanged to 2 points higher , and
during the early trading all deliveries advanced a point or
two above the previous highs of the current upturn.
Active
domestic and foreign trade price-fixing as well as spot house
buying accounted for most of the demand. Outside specu¬
lative interest remained small
pending a clearer view of the
legislation at Washington. Bombay was
an early active seller at wider differences on the first day
that this market had been open since last Wednesday.
Offerings from that source in the early dealings were placed
atJ10,000 bales. This selling was believed to represent the
reversing of straddle accounts between the two markets.
There were further offerings of this character later in the
morning. • There were 42 additional March notices issued,
but after some early scattering liquidation, leading longs
again received the tende-s.
Southern spot markets were
unchanged to 14 points lower, with the average price of
middling at the 10 designated spot markets reported at $8.76.
On the 8th inst. prices closed 12 to 16 points net lower.
The cotton market suffered a sharp set-back today, with
declines of almost a dollar a bale recorded in all active posi¬
tions. Around midday prices were 5 to 10 points net lower.
Trading was light at the opening, with initial prices 1 to 3
points below the previous final quotations. Discouraging
cables from Liverpool and an apparent disposition to await
developments in Washington, checked business.
Trade
houses again bought the nearby deliveries while contracts
were supplied
principally by dealers with Southern affilia¬
tions ana local commission house brokers, Bombay brokers
sold the July option, while brokers with New, Orleans connec¬
outlook for cotton
tions
were
both sides of
on
Hedging against
thp market.
1939
11
New
Futures—The highest, lowest and closing prices at
It is reported
day, but the undertone held steady.
that not
Mar.
Chronicle
York for the past
week have been
Saturday
Mar
Monday
Mar. 6
follows:
Thursday
Mar. 7
Friday
Mar. 9
Wednesday
Tuesday
Mar. 4
as
Mar. 10
Mar. 8
(1939)
Range..
8.68- 8.71
8.72- 8.78
8.76-
8.80
8.51- 8.74
8.60- 8.76
8.76- 8.82
Closing
8.71
8.77- 8.78
8.76-
8.77
8.62- 8.63
8.75
8.79- 8.80
-
—
April—
Range.
8.52*
8.58 n
8.55*
8.43*
8.55*
Range—
8.32- 8.35
8.36- 8.36
8.35-
8.40
8.16- 8.35
8.20- 8.38
8.37- 8.43
Closing.
8.34- 8.35
8.39
8.35- 8.36
8.24- 8.25
8.35- 8.36
8.40
Closing
.
8.59*
May—
—
June—
Range..
8.22rt
Closing
8.25*
8.12*
8.24*
8.28*
8.12-8.16
8.14- 8.17
7.89- 8.14
7.98- 8.17
8.15- 8.21
8.11-8.12
8.16
8.16
8.01
8.13- 8.14
8.17- 8.18
7.74*
.
8.27 n
8.09- 8.12
Closing.
July—
Range..
7.80*
7.79 *
7.84*
—
—
—
Aug.—
Range.!:
Closing.
7.65 n
7.78 *
Sept.—
Range..
7.64*
7.70*
Range..
7.63- 7.65
7.66-
Closing
7.64- 7.65
7.70
Closing
.
7.69*
7.55 *
7.68 *
7.74 *
Oct.—
.
7.70
7.68-
7.55
7.68
—
7.54-
7.67
7.49-
7.71
7.69
—
7.70
7.70- 7.74
7.74
—
Nov.'—
Range..
7.67 *
7.68*
7.62*
Closing.
7.67*
7.53*
7.72 *
Dec.—
Range..
Closing.
7,61
7.63-
7.61
7.59-
7.67
-—
7.67
7.667.66
—
7.51- 7.66
7.71
7.70-
7.71
7.51- 7.67
7.66-
7.69
7.65
7.52
:
7.66-
7.65
7.63
7.48-
7.69
7.6
Jan. (1940)
Range..
7.59- 7.61
7.66-
Closing.
7.61
7.69
7.71-
7.
7.51-
7.71
7.53
7.68*
—
7.66
——
Feb.—
Range-.
Closing
n
_
Nominal.
Range for future prices at New York for the week ended
and since trading began on each option:
March 10, 1939,
Range Since Beginning of Option
Range for Week
Option for—
8.51
Mar. 1939—
Mar.
8.82 Mar. 10
8
9.25 July
7 1938
8.34
~8.T6~Mar.~~ 8 ~8.~4~3~Mar.~i6
May 25 1938
8.37 Aug. 23 1938
7.81
May 31 1938
8.11
Apr. 1939—
May 1939-
7.77 May 31 1938
Oct.
9.27 JUly
7 1938
8.20 Nov. 21 1938
4 1938
June
1939—
East Indian cotton and Bombay realizing
July
1939—
7.60 Dec.
5 1938
the
Aug. 1939—
8.12
Oct.
3 1938
Sept. 1939—
7.30 Jan.
24 1939
8.07 Sept. 30 1938
7.26 Jan.
10 1939
8.01 Oct.
24 1938
Liverpool Exchange to
were 2 to 4 points lower.
caused futures on
Closing prices there
today;
ease
Oct.
On the 9th inst. prices closed
Cotton
the
11 to 14 points net higher.
partly making up
suffered on the previous day.
Shortly before
the trading period the list was 7 to 14 points
prices
losses
the end of
recovered
sharply today,
above the previous finals in a moderate volume of business.
At
the
noon
ignored
the
market
lower
1
9
to
Futures
morning and
the last quotations of the pre¬
was
trend
points
opened 2 to 4 points over
ceding day on trade and foreign
higher.
this
Liverpool
at
buying,
the latter
com¬
7.89 Mar.
8.21 Mar. 10
8
7.49
Feb.
23 1939
~7~4~8~Mar.~~8 TTl
Mar. lO
7.26 Jan.
26 1939
7.71
Dec.
30 1938
Mar.
7.29 Jan.
27 1939
7.71
Mar.
7.49
Jan.' 1940-
7.51
Mar.
8
7.71
7
Feb. 23 1939
price-fixing in the March option was not
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
as
in
to
buy.
on
a
that
recent
sessions, but leading spot interests continued
Absorption in the May position was carried out
good scale, while Bombay" intetrests Were sellers of
month.
Futures
at
Liverpool declined 4 to 8 points
today in sympathy with lower American prices yesterday.
Today prices closed 3 to 5 points net higher.
ket maintained
of
sales.
a
steady tone today in
A short
time before
the close
of
3
was
6
to
points
higher.
mar¬
March
firmer
were
Price-fixing
dn evidence in
foreign interests
contracts, while brokers with
bought the distant deliveries.
Selling by brokers with Bom¬
bay connections, because of widening of differences, crept
the
market.
up.
Commission
V
'.
•
n
houses
March 4 to March 10—
Middling upland
New York
The
,
Sat.
also
sold
■
■
,
Mon.
Tues.
9.17
9.13
9.08
9.11c.
14.45c.
11.41c.
12.30c.
12.35c.
1938
1937
1936
1935
1934
1933
1932
*
1931
1930
1929
Wed. Thurs.
9.02
Fri.
9.15
9.10
New York On
at
*
.....
Bank
7.05c.
1928
1927
*
1926
1923
30.75c.
1922 .....18.65c.
1914
1921
11.60c.
1913
18.90c.
1920
41.00c.
14.25c.
1919
1918
27.15c.
1912 —10.60c.
1911
-14.55c.
32.90c.
1910
1917
18.25c.
1909
9.85c.
1916
11.90c.
1908
11.50c.
19.40c.
1925 .—.26.05c.
1924
28.55c.
9,400
12,600
13,000
14,600
29,600
29,700
41,700
33,300
502,400
31,600
37,500
67,500
34,800
745.900
December
1915
8.85c.
13.10c.
12.40c.
_
15.00c.
Holiday.
Market and Sales
at New
York
10,200
11,200
18,200
513,900
9,900
4,100
22,100
13,200
20,400
3,800
20,400
130,100
2,200
4,600
1,100
8,900
2,500
27,700
Inactive months—
August (1939)
September.
November
100
3,000
—-
100
_
Total all futures—
78,800
99,500 103,600 168,000 122,500 1,999,600
56,800
Open
Contracts
New Orleans
Mar.
2 Mar.
Futures
Closed
__
Nominal
Nominal
Nominal
Nominal
Nominal
Nominal-_
Total week-
Since'Aug. 1
Closed
4 Mar.
6 Mar.
.
7
Spot
Contfct
500
'900
200
Mar. 7
1,350
October
January
1,150
1,200
2,450
950
19,750
4,350
1,450
3,850
6,000
72,550
1,300
1,850
4,550
4,850
76,200
3,060
2,650
1,150
4,350
8,550
124,000
450
1,200
450
300
-
December .1.
1,700
5,950
2,550
5,750
—
100
(1940)-——
March
~~50
14,800
23.050
~~50
10,050
16.200
1,650
.
100
5,650
12,400
100
"eoo
—
Total all futures
300
,
Too
...
—
300
7,800
500
20.7*0
314.850
,
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
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
only.
Stock at
"
,
Liverpool
1939
Stock at Manchester
Total Great Britain
Stock at Bremen
Stock at Havre.
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
'-V,
1938
1937
877,000 1,021,000
104,000
182,000
806,000
981,000 1,203,000
202,000
271,000
236,000
324,000
12,000
14,000
bales-
941,000
195,000
269,000
15,000
135,000
Total
500
2,200
2,500
2,000
1,200
2,200
2,500
2,900
1,400
500
500
2,100
55,391
7,900
10,000
92,400 147,791
1936
639,000
96,000
44,000
18,000
9,000
52,000
13,000
9,000
10.000
8,000
735,000
235,000
197,000
17,000
76,000
*76,000
*11,000
5,000
521,0d0
683,000
516,000
617,000
_
19"666
SALES
Market
Steady
Steady
Steady
Steady
Steady
Steady^
3 Mar.
6,450
(1939)...-
May
May
1 Mar.
8,950
March
July
Total Continental stocks
Saturday
Monday
Tuesday
WednesdayThursday
Friday
*76,400
8,400
...
Stock at Trieste
t
Spot Market
11,100
2,200
-
(1940)
Stock at Venice and Mestre
•
Mar. 9
12,900
Mar. 10—
10.85c.
14.00c.
21.65c.
-
9
the
on
Quotations for 32 Years
quotations for middling upland
9.15c.
8 Mar,
,...
Mar. 10 for each of the past 32 years have been as follows:
1939
Mar.
18,300
contracts of 72,200 bales.
"
The official quotation for middling upland cotton in the
New York market each day for the past tveek has been: '
!^
7
12,100
October
the
or
was
near
scale
Mar,
Around midday the market
Futures
opening of dealings in active trading, with initial prices
to 7 points above yesterday's last quotations.
Accumula¬
tion of overnight buying orders and higher prices in the
Liverpool market accounted for the better tone during the
into
6
9,800
-
——
January
the clos¬
over
4
the
4 Mar.
20,000
-
July
3 Mar.
26,300
(1939)—-.
May
.
early part of the session.
Mar.
business active
positions showed advances of 1 to 5 points
ing levels of the previous day.
The
moderate volume
a
open
Contracts
New York
heavy
as
7 1939
«
ing principally from Bombay account.
Offerings appeared
from
Southern, dealers and commission house interests.
Trade
3 1938
Mar.To
Nov. 19391939—
22 1938
7/74
7T9 ~Mar.~~8
1939—
Dec.
9.05 July
8.12 Oct.
Total European stocks..
1,502,000 1.886,000 1.457,000 1,352,000
India cotton afloat for Europe
108,000
206,000
117,000
228,000
American cotton afloat for Europe
235,000
294,000
193,000
233,000
Egypt, Brazil,&c.,all't for Europe
113,000
151,000
86,000
137,000
Stock in Alexandria, Egypt
381,000
343,000
433,000
309,000
Stock in Bombay, India
952,000 1,093,000
999,000
686,000
Stock in U. S. ports
2,314,739 3,012,538 1.852,249 2,199,436
Stock in U. S. interior towns
3,051,323 2,479,799 1,744,860 2.012,824
U. 8. exports today
36,727
20,605
10,972
26,731
Total visible supply
8,758.034 9,204,064 7,161,714 7,123,991
Of the above, totals of American
and other descriptions
are as
follows
Volume
f
148
Financial
American—
1939
Liverpool stock.
Manchester stock
Bremen stock
Havre stock.
1938
659,000
135,000
226,000
300,000
62,000
235,000
1937
333,000
58,000
359,000
58,000
131,000
176,000
51,000
193,000
2,314,739 3.012,538
„
Other Continental stock
American afloat for Europe—
U. S. port stock
U. S. interior stock
1936
321,000
60,000
191,000
176,000
48,000
233,0002,199,436
2,012.824
26,731
144,000
238,000
24,000
294,000
1,852,249
3.051,323 2,479.799 1,744,860
10,972
36,727
20,605
U, S.^exports today
kt
—
Total American....
East Indian,
Chronicle
The foregoing shows the week's net overland
movement
this year has been 21,455
bales, against 28,789 bales for
the week last year, and that for the season
to date the
aggregate net -overland exhibits a decrease from a year ago
of 301,101 bales.
1938-39
In Sight and Spinners'
Brazil, cfee,—
Liverpool stock
518,000
Manchester stock.
Bremen stock
362,000
473,000
318,000
46,000
71,000
60,000
32,000
117,000
137,000
433,000
999,000
47.000
77,000
52,000
31,000
27,000
206,000
151,000
343,000
Other
Continental stock.
Indian afloat for Europe
Egypt, Brazil. &c., afloat
Stock in
Alexandria, Egypt
Stock in Bombay, India
Total East India, &c._
Total American-„
—
45,000
24.000
26.000
108,000
113,000
381,000
952,000
46,000
21,000
135,000
228,000
86.000
309,000
686,000
1,093,000
___2,413,000 2,058,000 2,453,000 1,865,000
6,345,03* 7,146,064 4,708,714 5,267,991
—
over
C.P.Oomra No. 1 staple, s'firie.Liv
♦Figures for Jan. 24.
Later
4.18d.
4.33d.
6.13d.
figures not available.
Continental imports for past week have been
74,000 bales.
figures for 1939 show a decrease from last
The above
week
of
101,993 bales, a
increase of 1,596,320 bales
bales
over
loss of
over
1937 and
a
movement—that
is,
the
206,452
*20,810
10,723,495
1,728,468
consumption to Feb. 1
*
432,515
—
526,721
_
185,642
9,027,430
30,637
12,978,684
937,466
24,851
939,030
Decrease.
Movement into sight in previous years:
Week—
Bale s
Since Aug. 1—
1937—Mar.
12.
1936—Mar.
1935—Mar.
14
121,427
15
.......126,915
...i 69,256 1936...
Bales
....
1935.:
1934
,
.12,187,765
11,557,152
7,669,278
—
....
Quotations for Middling Cotton at Other Markets—
Below are the
closing quotations for middling cotton at
Southern and other
principal cotton markets for each
day
of the week:
Closing Quotations for Middling Cotton
Week Ended
Mar.. 10
Saturday Monday
Galveston
New Orleans..
8.65
Mobile..
Savannah
Tuesday
on-
Wed'day Thursday
Friday
8.66
8.79
8.70
8.82
8.22
8.67
8.80
8.49
8.71
8.85
8.54
8.50
8.39
8.50
8.55
9.05
9.05
9.08
9.06
9.05
8.94
Norfolk
9.05
Montgomery..
Augusta
9.00
9.05
8.70
9.19
8.60
9.10
8.65
9.15
8.60
8.70
8.55
Houston
Movement to Mar. 10. 1939
Movement to Mar. 11, 1938
i_.
Little Rock
Dallas
Receipts
Week
Ala., BIrm'am
Ship¬
Stocks
ments
Mar.
Week
10
Season
159
68,755
*101
93
Receipts
Week
2,209
51,086
8,789
666
85,502
43,809
1.910
669
95
131,132
1,079
81,972
76,985
163,510
1
38,945
60,037
865
51.174
526
55,846
12,630
Selma
Ark.,Blythev.
City
Helena
6
677
38,826
Mar.
11
60,752
11,759
677
1,008
479
99,029
359
43,011
612
49,114
68,498
168,445
57,231
132
8.90
8.50
8.99
9.24
9.10
8.65
8.60
8.50
8.42
8.70
8.55
8.42
8.60
8.45
8.33
8.55
8.44
8.42
8.42
8.33
8.44
8.60
1-
9.10
8.60
8.75
New Orleans Contract Market—The
for
8.65
8.75
8.70
8.60
8.49
8.49
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
8,557
228
53,274
290
60,209
2,978
1,851
106,884
27,947
2,060
40,452
Saturday
Mar
(1939)
Monday
Mar. 4
Mar. 6
Tuesday
Fridity
Mar. 7
Mar. 10
47,962
69
65,017
857
25,562
227
35,197
134,187
120
26,305
8856-886a
8.91
8.47- 8.48
8.46
8.49
819&- 820a
8256- 826a
May
451
36,421
143,037
467
2,486
8866- 887a
April.
19,312
103,307
8.79- 8.80
8.44
227
~2
433
...
Jonesboro..
Rock
8.36
8.60
8.66
Stocks
Week
Season
846
Eufaula
Ship¬
ments
8.55
9.05
8.65
8.36
Fort Worth
Towns
Little
7,496,515
1,098,400
takings
Memphis
detail below:
Hope
mill
.
1938, an
gain of 1,625,043
corresponding period of "the previous year—is set out In
Forest
178,719
*45,371
excess...
Southern
446,130 from
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Montgom'y
6,567,777
850,718
3,305,000
North, spinn's'takings to Mar. 10
v
%
92,663
28,789
85,000
Came into sight during week._i_.
133,348
Total in sight March 10
1936.
_At the Interior Towns the
of
Aug. 1
3,108,898
549,617
3,838,000
Total marketed
Interior stocks in
Excess
Since
Week
Aug. 1
27,264
21,455
10.130,000
Net overland to March 10
Southern consumption to Mar.
Total visible supply
—.8,758,034 9,204,164 7,161,714 7,132,991
Middling uplands, Liverpool
5.40d.
6.49d.
7.94d.
6.30d.
Middling uplands, New York
9.15c.
9.02c.
14.47c.
11.38c.
Egypt, good Sakel, Liverpool....
9.54d.
9.16d.
12.23d.
9.71d.
Broach, fine, Liverpool
4.13d.
4.21d.
6.lid.
5.39d.
Peruvian Tanguis, g'd fair, L'pool
4.55d.
6.31d.
9.66d.
Week
Receipts at ports to March 10
36,000
Havreystock.
1937-38
Since
Takings
*
___6,345,034 7,146,064 4,708,714 5,267,991
1509
June
2,810
94,320
39,930
56
40,251
97
46,036
Bluff.
149
1,088
25,221
132,322
443
124,487
1,108
180,290
4
3,784
78,346
August..
Walnut Rge
48,527
110
41,381
130
184
Ga., Albany—
36,841
September
22
61,805
12,835
Newport
Pine
-
245
17,010
July..
8246-825a
October
17,028
265
31,387
17,438
540
39,865
55
107,537
3,486
Augusta
Columbus..
1,718
108,271
3,391
2,470
34,000
10,082
5,201
1,100
36,159
168,326
4,078
116,325
*47,828
45,021
185,098
156,421
610
1,468
25,700
600
34,850
February
34,199
455
44,884
16,547
252
35,753
7.78
7.77
7.71
7756- 777a
7756- 776a
7.79
7756- 777a
7756- 77,a
7776- 779a
March....
Macon
.,
8,600
~21
26,732
"417
30
„
16,699
40
32,856
Rome
100
32
2,028
81,661
76
145,797
571
127,043
2,683
60,731
3,734
249,079
20
5,359
64,725
69,751
26,740
194,035
259
40,639
543
38,297
975
4,691
97,908
1,316
Jackson
.
32,015
7,831
27,776
45,171
655
38,785
176
275
16,215
3
133,130
5,666
847
36
.
255
—
1
Vicksburg
Yazoo
City
455
21,796
195
48,162
3,499
293,415
64,362
17,971
256
50,692
457
19,720
1,699
6,583
33,049
2,840
3,748
N.C., Gr'ooro
4,619
227
3,244
130
337,957
74,892
2,181
278,244
2,865
71,946
30,249 1764,602
48,343
784,493
21,979
286
13,191
97
15,318
6
4,589
207
Texas, Abilene
....
40
14,485
107
5,789
799
514,451
114,940
53,436 2315,508
6,143
44,246
563
3
63,111
147
42,461
43,170
Paris
Robstown..
San
4,424
5,191
3,204
471
._
Dallas.....
171,243
91,531
2,413
65,420
45,878
372
340
92
*
13,587
66
744
781
853
4
2,516
all
a7,580
3
27,252
199
35,546
30
41,734
same
Telegraph—Telegraphic advices
RUin ;
7
23,521
294
89,936
177
46,160 4256,030
Corpus
totals
show
that
the
a
stocks
,
»,r _ _.
Christ!
m
1
.
'
0.01
dry
bales and
are
for the week and since
Aug. 1 in the last two
Aug. 1,
as
made
up
years are as
follows:
Shipped-—
f Week
Oklahoma—Oklahoma City..
Aug. 1
Via Virginia points
Via other routes, &c
—
Deduct Shipments—
Overland to N. Y.» Boston, &c___
5,666
4,125
132,895
135,721
6,583
2,840
2,364
6,323
203
3,000
4,554
118,995
479,183
29,885
32,190
875,481
116.951
697,362
.
32
70
*
55
80
48
78
78
44
61
52
65
0.34
84
52
68
dry
64
Louisiana—New
76
34
55
78
74
34
56
38
56
1
0.12
84
—
1
.
0.06
...
Orleans.
50
67
0.06
76
44
60
Mississippi-
1.62
80
38
69
0.03
82
42
62
Alabama—Mobile.
0.24
77
44
63
1.34
78
55
80
84
32
42
2
0.82
dry
Pensacola
922
13,954
17,252
6,601
190,860
10,735
325,864
14,866
214,713
Leaving total net overland*—21,455
549,617
28,789*
850,718
205
Including movement by rail to Canada.
649
263
61
48
66
68
80
74
50
61
0.02
72
84
54
69
3
0.51
83
78
39
61
0.01
80
40
60
I
0.02
78
36
57
2
0.35
0.84
77
49
63
74
34
54
0.28
Tampa
Georgia—Savannah.
76
40
58
dry
,
0.75
Macon
South Carolina—-Charleston.
.
2
Charlotte.
.
36
:
57
2
0.48
76
46
61
2
0.09
71
39
57
1.20
78
59
0.42
76
40
34
.
.
55
The
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8
a.
m.
of the dates
given:
Mar. 10, 1939
Feet
New Orleans.
17,329
6,737
301,798
59
50
0.07
43,655 1,065,431
308
3,836
9,608
Total to be deducted
69
42
2
Smith
Rock
142,418
101,156
4,352
17,803
Via Louisville
Bewteen interior towns
54
,84
76
90
78
73
0.02
.
Arkansas—Fort
1937-38Since
Week
Aug. 1
244
...
Via Mounds, &c
Via Rock Island
Inland, &c., from South
61
1
-
..
1938-39
Since
Mar. 10—
Total gross overland
64
38
60
0.20
0.07
from telegraphic
The results for the week and since
Via St. Louis..
46
2
.
Antonio
Miami
Aug. 1—
statement showing the overland movement
reports Friday night.
64
49
82
3
.
Port Arthur
week last year.
a
Mean
55
22
0.16
during the week 545,371
give below
Low
76
'
_
*
0.06
0.01
3
.
Palestine
San
-
86
1
-
Paso.
Houston
•
High
84
1
_
...
El
Little
have
_
Dallas
Del Rio
San Antonio.
interior
„
Tem¬
72
dry
dry
...
_
this
us
-Thermometer-
Inches
0.12
Brownsville.
19,603
16,485
91,531 3051,313 102,981 6002,747
123,791 2479,299
to
rain in the eastern
Rainfall
0.01
Abilene
Overland Movement for the Week and Since
We
•
Austin
a298
a..
some
dry
Amarillo
827
tonight
572,074 bales more than at the same period last year. The
receipts of all the towns have been 56,821 bales less than
the
by
Texas—Galveston
2.614
387
54,224
above
Quiet.
Steady.
dry in the western section.
peratures have been mostly below normal.
24,715
217
Includes the combined totals of 15 towns in
Oklahoma,
The
Quiet.
Steady.
half of the cotton belt but
37,144
536
110,700
93,068
15,661
.
•
164
decreased
Quiet.
Steady.
evening indicate that there has been
.
*
Quiet.
Steady.
Returns
1,663
""72
Texarkana
Total.56towns
7816- 783a
Spot
7,958
17,889
6,471
13,280
Waco
.
Options-..
667,042
~~~9
Marcos
7716- 773a
Days
Austin.....
Brenham
11,390
75,637
Oklahoma—
3,172
28,369
142,643
4
S. C., Gr'ville
(1940)
Tone—
90,502
398
216
206
5,666
Tenn., Mem's
4,723
6,974
1,551
Mo.. St. Louis
15 towns *
Jan.
32,652
Columbus.
Greenwood-
November
December-
21,744
85,658
728
La., Shrevep't
Miss., Clarksd
Natchez
20
140,731
7.73
7.74
154
27
Atlanta..—
Athens
8.27
.
Above
zero
Memphis.
of gauge.
Above zero of gauge.
Nashville
Above
zero
Above
zero
Shreveport
Vicksburg..
.
of guage.
Above zero of gauge.
of gauge.
Mar. 11, 1938
Feet
16.4
13.4
35.9
35.4
30.6
21.3
17.9
19.5
41.7
32.9
CCC Loans on Cotton Aggregated
$198,688,014 on
4,335,788 Bales Through March 2—The Commodity Credit
Corporation announced on March 3 that "Advices of Cotton
■
Financial
1510
Loans" received by it through March 2, 1939, showed loans
disbursed by the Corporation and lending agencies of $198,-
This includes
bales of cottoD.
688,013.64 on 4,335,788
$1,020,200.42 on 22,843 bales which have been repaid
and the cotton released.
The loans average 8.80 cents per
pound.
showing the number of bales on which loans have
by States in which the cotton is stored are given
Figures
below:
Stale—
Alabama.,—- -
305,517
- ---
- —
Arizona---.—
New Mexico
-
North Carolina—
69.056
685,327
Arkansas
Oklahoma...
Louisiana
-
Mississippi
-—*—
------
South Carolina
169,288
286,212
713,781
Georgia..
-
-
181,785
California
Bales
38,812
12,418
184,051
50,755
311,248
1,216.902
Stale—
Bales
Tennessee
-
Texas
— —
Alexandria Receipts and
two years:
:
This week.Since
1937
1938
Dec.
9.
10.
2330-
-
^
—
L
-
JL
1936
Receipts from
Plantations
65 20° 230.448
3496.222 2010.850 2327.953
77.815 165,506 133.018
3471,589 2640,423 2290,467
94.354
39.901 199,284 100,109
64,534 169,711 143,595
3448 226 '663.852 2253,715
54.236 139.333 119,319
3434,970 2658,348 2250.247
44.695 141.663 117,505
30.873 162.762 82.567
31.339 147,067 112,749
8.512.238
—
ex oorts _
_
Week
1
■-
,
Since
This
Week
1
Aug.
Aug.
1
151,344
154.711
7,000 134,528
27,000 758.710
_
130,000
Since
This
Since
——
— — -
&c_ ——.
and India
To America.,,-
Total
-
Aug.
8,000 110,1 3
106,434
18,000 432,031
17,325
1,000
1_
To Liverpof
To Continent
121,907
11",000
484,158
18,117
14,000 514,128
9.000 758.710
25,000 851,411
2,00b
31,228
weight about 750 lbs.
the week ended Mar. 8 were
foreign shipments 27,000 bales.
Note—A cantar is 99 lbs.
Egyptian bales
This statement shows that the receipts for
300,000 cantars and the
Market—Our report received by cable to¬
Manchester
1936
1937
1938
1936
1937
1938
200,000
8.045,280
Week
(.bales)—
To Manchester,
V\11
r/"i
X.
Stocksat Interim Towns
Receipts at Ports
Week
Aug. 1
This
Exports
11
1936-37
300,000
6,252,617
Receipts (cantars)—
from
n«
1937-38
Ma r. 8
the Plantations—The following table
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
weeklv movement from the plantations of that part of the
L
rt—1
4- 4-L<hAii rvL 4-Ua
4-»\n*»4o
■*
1938-39
Alexandria, Egypt
indicates the
•
a
147
Virginia.
Shipments—We now receive
cable of the movements of cotton at Alexandria,
The following are the receipts and shipments for
the past week and for the corresponding week of the previous
weekly
Egypt.
109,489
Missouri-------------
Receipts
Exports from all India ports record an increase
bales during the week, and since Aug. 1 show an
381,000 bales.
13,000 bales.
of 27,000
increase of
loans of
been made
1939
11
Mar.
Chronicle
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for yarn is improving. We
give prices today below and leave
this and last year for comparison:
those for previous weeks of
'
"
■
1938
1939
Jan.
6.
42,596 125,265
13
38 827 121,714
20,
37,387 110,840
27.
43,199 120,588
Feb.
82,043 3329,120 2629,639 2090,071
61,831 3291.719 2628,795 2046,413
17.
29.078 112,608
25 681 101,785
21,337
Mar.
Nil
3.
25,736
82,658
10.
27,264
92,663
74,203
Nil
135,433
Nil
96,794
Nil
,
59,413
>T11
1744,860
67,954 3951,323 2479.799
39,957
Nil
3096.651 2500,609 1810 77'
Cotton
17.573
824
71,853
10,309
8,472
56,513
19.670
8,
824
Cotton
Shirt¬
Shirt¬
Lbs.
Middl'g
32s Cop
Turlst
to Finest
d.
d.
8.
9
Middl'g
ings, Common
Upl'ds
to Finest
Twist
d.
8.
d.
9
124
4 97
d.
Upl'ds
,
*
d.
8.
d.
Dec,
9_.
824@ 924
8 1024@
10-
824@ 924
8 1024®
9
124
5.16
«i4@
924
8 1024®
9
124
5 24
10 24
30-
10V4@10
*4
4 70
9 1024@10
1024 @11 24
1024@11
23—
Nil
2,043
Lbs.
ings, Common
32s Cop
d.
64,149
10.
24.
133,463
30.702
Nil
86,337
35.546 104.958
23.351
5,798 119,744
2142,612
01,240 3369 048 2613.016
1936
1937
26,355
7,896
54,826 3246,632 2598,040 2001,896
57,820 3212/73 2575,215 1952,548
1926.80
82,257 3174 825 2570.224
60,019 3138,203 2543,310 1880,455
3-
86,716
7 6C5 128.497
90,101 3400.270 2619,799 2180.501
,
1937
1938
1939
1937
1938
1939
1937
124
4.81
9
IO'v@10
1024@10
1 S
4 88
124
4.84
9
124
5.25
8 1024®
824® 9*6
@ 11 24
1024 @1124
9
124
5.30
1024 @12
9 10 24 @10
1024®
9
124
5.19
1024 @1124
9
8 1024®
19 38
19 39
Jan.
9
124
4.97
uo
13—
824@ 9%
8
824® 924
8
9
@
9
5.18
1024@H24
9 10 24 @10
124
4.93
plantations since Aug. 1, 1938 are 4,392,943 bales;
in 1937-38 were 8,286,078 bales, and in 1936-37 were 6,210,567 bales.
(2) That, although the receipts at the outports
the past week were 27,264 bales, the actual movement from
the plantations was nil bales, stock at interior towns having
decreased 45,371 bales during the week.
2027-
824@ 92s
8
9
@
9
5.10
1024 @11 24
9 10 2s @10
1 h
4.82
0—
me
ouuno,
st«<lci-llcjui/
aoove
IIJXKJ
X LXIM V
^x;
I UVUi
UUUU1
from the
Feb.
5.02
1024 @ 10
8
9
©
9
6.13
1024 @H 24
9
824 @
924
8
9
@
9
5.07
824@
924
8
9
@
9
5.15
1024<©11 24
10 24 @ 1124
9
17..
9
1024@10
24..
824 @924
8
9
@
9
5.18
1024@H5/4 10
@10
824 @
924
8
9
@
9
5 21
3
5.13
824®
924
8
9
@
9
5.40
1024 @11 % 10
10J4@11 24 10
@10
10-
and Takings of Cotton—The follow¬
comprehensive statement indicates at a giance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
sight for the like period:
824@ 9%
10..
@10
3
5.06
3..
9
4.93
@10
9
@10
5.02
124
5.16
3
5.21
World's Supply
News—As
Shipping
ing brief but
shown
on
a
previous page, the
the past week have
in detail, as made
exports of cotton from the United States
reached 71,4"3 bales.
The shipments
up
from mail and telegraphic reports, are as
fodows;
Bales
GALVESTON—To Copenhagen, March 4, Gorm, 191; March 8,
Tatra 915
1
.---1,106
To Gdynia, March 4, Gorm, 150; March 6, Vigilant, 5,455;
March 8, Tatra, 1,105---— —
6,710
To Ghent, March 3, Bruxelles, 743 — ..—
743
To Antwerp, March 3, Bruxelles, 20—
—
— 20
To Havre—March 3, Bruxelles, 464
—
464
To Dunkirk, March 3, Bruxelles, 870
870
To Japan, March 3, Moreviken, 4,162; March 7, Rhein, 3,043 - 7,205
To Bremen, March 7, Gonzenheim, 3,453-—
3,453
To Hamburg, March 7, Gonzenheim, 123
123
To Genoa, March 7, Hybert, 3,243
—
—
3,243
To Venice, March 7, Hybert. 364----'—
—■
364
To Trieste, March 7, Hybert, 433- — --. 433
To Buena Ventura, March 2, Chester Valley, 12
12
To Puerto Colombia, March 2. Chester Valley, 483
483
To China, March 7, Rhein, 495
—— 1
495
To Oslo, March 8, Tatra, 200
i_.
200
To Gothenburg, March 8, Tatra, 1,760-..- —
—
1,760
HOUSTON—To Copenhagen, March 4, Gorm, 659; March 7,
"
-
Week
8,860,037
Mar. 3
1 - -----Mar .10Bombay receipts to Mar. 9- —
Other India ship'ts to Mar. 9.
Visible supply
Other supply to
9,177,125
4,339", 022
9.027,430
306,000
185,642 12,978,684
1,432,000
106,000
361,000
18,000
1,601,200
40,000
317,000
11,000
9,180,385 20,220,171
9,537,767 21,028,906
.
Mar. 8.
Mar. 8*0—-
Total supply-.-—--Deduct—
Visible supply Mar.
Season
Week
Season
7,858", 941
Visible supply Aug.
American in sight to
Alexandria receipts to
1937-38
1938-39
Cotton Takings,
Week and Season
133,348
93,000
22,000
60,000
12,000
8,758,034
10------
1,331,000
448,000
1,248,800
9,204,164
9,204,164
8,758,034
'
333,603 11,824,742
8,249,942
222,603
111,000 3,574.800
422,351 11,462,137
8,146,537
269,351
153,000 3,315.600
Total takings to Mar. 10_a—
Of which American ------Of which other
Embraces receipts
This total
India Cotton
Movement from All
of Indian cotton at
ports for the
Ports—The receipts
Bombay and the shipments from all
week and for th3 season from Aug. 1, as
1938-39
1936-37
1937-38
Aug. 1
93,000 1,331.00C
Bombay^
For the
Ore it
Briliin
3.000
Jap'n <t-
nent
China
Total
32,000
45,000
1937-38..
3,000
19,000
22,000
1936-37-.
11,000
1,000
12,000
Other India-
Week
Aug. 1
66,000 1,099,000
1
Great
Conti¬
10,000
Aug. 1
106,000 1,432,000
Week
Bombay—
1938-39.-
Week
Since August
Exports
From—
Since
Since
Since
Week
India
cabled,
March 9
Receipts—
Conti¬
Japan W
Britain
nent
China
Total
41,000
148,000
686,000
875,000
21,000
44,000
152,000
408,000
581,000
212,000
212,000 1157,000
168 000
280,000
448,000
1937-38—
6,000
12,000
18,000
123,000
238,000
361,000
1936-37—
29,000
61.000
90,000
253,000
413,000
666,000
1938-39-
13.000
22,000
32,000
67,000
209.000
428.000
636,000 1323,000
1937-33-
6,000
15 000
19,000
40,000
144,000
390,000
408.000
000 103 OOC
2qt nof1
c25 mo
°01.000 1823,000
1938-39..
10,000
22,000
12,000
Total all—
1936-37-.
29.000
72 00O
942,000
foregoing, Bombay appears to show a
compared with last year in the week's receipts of
According to the
decrease
1
...
Tatra, 176-
in Europe from Brazil, Smyrna, West Indies, &c
embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,838,000 bales in 1938-39 and 3,305,000 bales in 1937-38
—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 7,624,137 bales inl1938:-39 and 8,519,742 bales in
1937-38, of which 4,308,537 bales and 4,944,942 bales American.
b Estimated.
V
•
*
a
—
To Bremen,
— -
Tatra,
1,270-----
—
——
835
3,884
678
-----
—
—
March 4, Gonzenheim, 3,884-
1——
To Hamburg, March 4, Gonzenheim, 678— — —
To Gdynia, March 4, Vigilant, 4,341; Gorm, 250;
—-
- —
March 7,
5,861
254
769
5,996
1,880
417
1,164
- — ..-
To Oslo, March 7, Tatra,
254,-To Gothenburg, March 7, Tatra, 769
——
—
To Japan, March 7, Houston City, 5,996
: — .
To Genoa, March 9, Hybert, 1,880--;
—
'— — 4To Trieste, March 9, Hybert, 417To Venice, March 9, Hybert, 1,164 — 2
—
NEW ORLEANS—To Antwerp, March 1, Michigan, 955; Leerdam,
100
------
-----
-----
■
1,055
---------
586
1,228
Michigan, 586--„j_.
1, Michigan, 1,228——
To Rotterdam, March 1, 958
SAVANNAH—To Liverpool, March 7, Flour Spar, 213
—
To Manchester, March 7, Flour Spar, 225—
MOBILE—To Manchester, March 2, City of Alma, 631-—
To Antwerp, March 2, City of Alma, 100
To Havre, March 2, City of Alma, 150
To Bremen, March 1, Antinous, 153
CORPUS CHRISTI—To Bremen, Feb. 28, Gonzenheim, 2,710-.—
PENSACOLA, &c.—1To Dunkirk, March 4, Indiana, 100
To Genoa, March 8, Monrosa, 50
CHARLESTON—To Liverpool, March 4, Flour Spar, 221
To Manchester, March 4, Flour Spar, 23
...
To Bremen, March 3, Kattegat, 530
SAN FRANCISCO—To Japan, (?), 598To Australia, (?), 3
---4.,--To China, (?), 200.
To Canada, (?), 60--To Great Britain, (?), 525
LOS ANGELES—Te Liverpool, March 4, Pacific Grove, 360
To Manchester, March 4, Pacific Grove, 711 —
To Antwerp, March 6, San Francisco, 50
To Dunkirk, March 6, San Francisco, 672
To Havre, March 6, San Francisco, 1,056-—
To Bremen, March 4, Vancouver, 500
To Gdynia, March 4, Vancouver, 700
To Japan, March 4, Norina Maru, 1,647; March 6, President
Coolidge,
2,438; Florida Maru, 2,340; Jefferson. 589;
J. Montevideo Maru, 602
To Canada, March 2, Kingsley, 80--....
To Havre, March 1,
To Dunkirk, March
958
213
225
631
100
150
150
2,710
100
50
221
23
500
598
3
200
60
525
360
711
50
672
1,056
500
700
7,616
-
Total
-.
_
-
80
'
71,453
Volume
148
Cotton
Financial
Freights—Current
for
rates
from
cotton
York, as furnished by Lambert & Barrows, Inc.,
follows, quotations being in cents per pound:
High
Stand¬
Density
Liverpool
Manchester
Antwerp
High
ard
Stand¬
New
are
34®. range. So far this year the
price of May wheat has been confined to a range of
only 3c.
Net price changes in
every session except one have been less
than
Stand¬
High
•
ard
Density
Trieste
d.45c
.60c
Piraeus
,85c
.45c
.60c
Flume
d.45c
.60c
Salonica
.85c
1.00c
d.85c
1.00c
.56c
budged out of
1.00c
.71c
.46c
.61c
Barcelona
*
*
Havre
45c
.60c
Japan
*
*
46c
61c
Shanghai
#
♦
d.55c
.60c
Bombay
Oslo
56 c
.71c
Stockholm
61c
.76c
"No quotation.
Venice
Copenhagen
Naples
d.55c
d.55c
Leghorn
Bremen
.46c
.61c
Gothenburg
Hamburg
,46c
xOnly small lots,
either side of the pit has reduced
trading volume to the
lowest point on record.
Cables indicated the Argentine
situation is growing more
.71c
,90c
.60c
complicated because of heavy
On the 8th inst. prices
on the Chicago Board
dropped about a cent a bushel today
as a result of
selling based largely on fears that Argentina may
soon have to
press her wheat more aggressively on the world
market. Export demand from
Europe was very slow pending
developments.
Liverpool and Winnipeg markets led the
decline, which was followed here.
Moderate commercial
buying helped to support the market. Setbacks of almost
a cent at
Liverpool induced some selling here, with July wheat
supplies crowding storage
.61c
d Direct steamer.
Feb. 17
■
Feb. 24
Mar. 3
Afar. 10
53,000
--—1,012,000
447,000
34,000
Total stocks
Of which American—
51,000
51,000
1,002,000 1,005,000
440,000
432,000
44,000
56,000
12,000
14,000
14,000
140,000
143,000
140,000
51,000
42,000
39,000,
—
Total imports
Of which AmericanAmount afloat
—
,
Of which American
56,000
981,000
417,000
39,000
10,000
100,000
33,000
in the British market at
reported
The tone of the Liverpool market for
spots and futures
each day of the
past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturday
Market,
Tuesday
Moderate
Quiet
Moderate
demand
Wednesday
Thursday
|
Moderate
[
M.
demand
demand
Mid. upl'ds
Futures
5.36d.
Quiet
(
Market
opened
at
Quiet
5.40d.
at
1 to 3 pts.
St'y, unch.
1 to 2 pts.
advance
j
decline
[
Market
5.36d.
2 pts.
advance
to
Very st'dy, Quiet, st'y, Quiet, st'y,
4 to 6 pts.
1 pt.adv. to 2 pts. adv.
4
P. M.
1
advance
pt.
adv. to 1 pt.de-.
1 to 3 pts.
decline
prices closed unchanged to 34c. higher on
Chicago Board.
Although wheat prices dropped %c.
time, the market was steady most of the session,
despite weakness at Liverpool.
Persistent buying coming
through commission houses, apparently from milling and
Sat.
Mon.
Tues.
demand
5.40d.
5.30d.
Quiet
at
at
interests, helped to support the market.
Most of
purchasing was lifting of hedges against commercial
wheat and flour business,
possibly some for export. Liqui¬
dation was by no means on a broad
scale, but it was enough
to tip the market
slightly.
Some of the selling Avas influ¬
enced by further weakness at
Liverpool, reflecting cheaper
3 to 6 pts. 7 to 12 pts.
decline
this
advance
Steady at
Steady at
4 to 8 pts;
4 to 15 pts.
decline
decline
advance
Wed.
are
given below:
Thurs.
Canadian and Australian wheat
offers, together with pros¬
of more moisture in the domestic Southwest, where
pects
Fri.
to
Mar. 10
one
elevator
Steady at
Steady at
day
Close Noon Close Noon Close Noon Close Noon Close Noon
Close
weather is favorable for
warm
porting factor
New contract—
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
March 1939
5.01
5.01
5.02
5.05
5.03
5.00
4.95
4.93
May
4.97
4.97
4.97
5.00
4.99
4.95
4.96
4.91
4.89
5.00
4.80
4.81
4.83
4.82
4.77
4.78
4.74
4.72
4.82
4.83
4.66
4.66
4.67
4.67
4.66
4.62
4.62
4.59
4.56
4.65
October
December..
4.66
January 1940
—
March
4.66
•
-
4.66
4.69
May
4.71
4.70
....
4.64
-
4.66
4.66
4.69
4.70
July
4.65
4.65
4.60
4.61
4.68
to
-
4.61
4.64
____
4.56
5.08
4.65
4.63
to
to
-
-
to
4.59
moisture during the October-December
period of plant
4.62
mination
4.69
4.65
4.61
4.65
4.66
4.62
4.66
and
ger¬
root
development.
Today prices closed unchanged to 34c. higher.
4.64
4.70
'
4.71
early crop growth.
A sup¬
by crop expert B. W. Snow,
survey
4.61
4.55
4.58
a
expressed doubt that the abnormal moisture in the
Southwest the last two months had
proved of much benefit
wheat.
He attached more importance to insufficient
5.03
4.80
5.05
was
who
d.
July
5.01
Cables
On the 9th inst.
2 to 4 pts.
Prices of futures at Liverpool for each
Mar. 4
at
season.
wheat is being sold to
the
5.35d.
Quiet
low for the
new
British port stocks were estimated
7,500,000 bushels larger than a year ago and with the
huge Argentine surplus available millers showed no desire
to buy other than immediate
requirements.
Moderate
demand
a
emergency
at
Friday
Moderate
Government
millers from time to time.
f
12:15
P.
Monday
space.
closed He. to He. lower. Wheat values
and in foreign markets
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Forwarded.
almost 7 months the market has not
6c. range, and absence of speculative interest
a
on
.60c
.56c
.75c
z
a
For
cent.
a
ard
Density
.60c
Rotterdam
1511
Wheat held to
export.
as
.45c
Genoa
Chronicle
With the
international wheat trade still deadlocked
by unwillingness
of
importers to increase purchases and of exporters to
dump surpluses on the world market, prices remained sta¬
tionary today.
Business was very slow.
Outside specu¬
BREADSTUFFS
Friday Night, March 10, 1939
Flour—With generally sagging wheat markets and rela¬
tively light exports of wheat or flour, there is very little
and
incentive
most
,
,
for
buying
and very little
shipping instructions
and
those
sional
car
who
at
on
the
part
of
consumers
of
disposition is shown to book ahead.
are
are
not
flour,
Regular
ample for
covered
nearby requirements,
by contracts buy an occa¬
steady prices.
Wheat—On the
4th inst.
prices closed 34c. up fo 34®
exceedingly light, with fluctuations held
•
down.
within
Trading
a
was
The undertone was reported
steady during most of the short session. Weakness at Liver¬
pool and forecasts of additional precipitation in the domestic
winter wheat belt induced moderate
early selling. Buying
of May wheat at 6834 c. steadied the
market, which then held
listlessly to about the previous close. Winnipeg trade was
slow and the close unchanged to
34c. down despite reports
that the Canadian Government
apparently was planning to
get out of the wheat business.
Domestic crop developments
are being watched
closely, but it was felt in some quarters
that .growing weather was
necessary to determine how the
crop came through the winter.
The Department of Agri¬
very narrow range.
culture estimated winter wheat
acreage in
11 reporting
countries to be about 7% below the previous
season, with the
North American acreage down about
18%. On the 6th inst.
prices closed 34c. #to 34c. net lower.
Influenced by lower
quotations abroad,* there was almost a constant pressure on
the market here in the form of quiet but
persistent selling. A
maximum decline of 34c. in values was recorded in the
day's
session.
Poor demand from
importing countries, with ship¬
ment of exporters and wheat stocks afloat
larger, had
a
depressing effect on prices at Liverpool and thus indirectly
exerted pressure on the
Chicago market. Unwillingness of
trade and public speculative interests to enter the
market
because of many uncertain factors
affecting the price of
Moderate commercial
buying
grains kept volume small.
through lifting of hedges caused fractional recoveries at
various times.
An early price dip of 94c. was
wiped out later.
Increased
selling resulted in fresh declines, however, with
the market closing at the
day's low, 34 to He. below Satur¬
day.
No figures on domestic wheat export business were
available, but brokers said hedge lifting, possibly against this
type of trade and against wheat and flour sales, helped to
steady the market. On the 7th inst. prices closed unchanged
to
34c. higher.
in the
The wheat market continued
doldrums
more
or
less
today, with the news containing little of
interest.
Quiet selling, based on further weakness at Liver¬
pool and a forecast of more rain in the wheat belt, was
offset by small lot commercial
buying, mostly lifting of
hedges on wheat and flour business, some presumably for
lative activity was at a
abroad
to
minimum.
extent
some
a waiting policy
on
the existence of surpluses in
the part of buyers expecting
exporting
countries
The dull markets here
reflected
result in even lower prices
On the other hand, wheat ap¬
parently was strongly held, although offering prices to ex¬
porters on several grades have been reduced this week.
than
now
to
being quoted.
are
Most dealers kept purchases on a hand-to-mouth basis
pending developments in Argentina, where the Government
is holding large supplies off the world market.
Liverpool
quotations had an upward tendency early in the day as a
result
of
later
investment
some
most. gains
buying and short covering, but
wiped
were
practically at the lowest level
dollar
value
DAILY
of
the
CLOSING
Liverpool prices
out.
on
record in
pound sterling.
PRICES
OF
WHEAT
IN
NEW
YORK
Wed.
Thurs.
'
Sat.
'No. 2 red
PRICES
OF
1
-
Mon.
,-88%
—
DAILY CLOSING
are
relation to the
87%
Tues.
87%
87%
Fri.
87%
87%
WHEAT FUTURES JN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri. v
March
May_„
July
68%
Season's
March-.
May
July..
September
DAILY
68%
68%
69%
69
September
69%
—
High and
73%
When Made
July 23, 1938
Season's
Low
March
74%
•—
68%
68%
69%
Jam
Jan.
CLOSING
4, 1939
July
4.1939 September
PRICES
OF
WHEAT
Sat.
May.
July
-
-
and
67%
68%
68%
When
68
68%
69
Made
Sept.
Sept.
8, 1938
7, 1938
5, 1938
Dec. 29, 1938
Oct.
FUTURES IN WINNIPEG
Tues.
Wed.
Thurs. Fri.
62%
60%
60%
60%
62%
61%
61%. 61%
Mon.
62%
October
68%
62%
62%
62%
67%
July 23, 1938 May
71%
72%
67%
68
62
62%
63%
63
63%
63%
62%
62%
62%
Corn-^-On the 4th ijist. prices closed 34c. up to 34®- down.
The corn :market staged a mild
rally
today that carried
September at
one time to 51 He., up 34®• from the previous
Government loan on corn through Thursday
aggre¬
close.
gated $94,541,743
on 166,057,730 bushels, an increase for
the week of 8,941,657 bushels.
The Buenos Aires market
closed H®- to 34®- higher.
On the 6th inst. prices closed
unchanged to 34®• lower.
on corn
a
to serve
as an
There
was very
little in the
news
incentive to operate either way, and as
result the market ruled
heavy the
same as
the other grains.
On the 7th inst. prices closed unchanged to
34®- lower. The
market ruled heavy during most of the session. Weak¬
corn
at Buenos Aires, with weather favorable for
crop ma¬
turing, had a rather depressing effect.
On the 8th inst.
prices closed 34®- to 34®- net lower. Corn sagged with wheat.
Export demand remained slow, and reports from the South¬
ness
west
indicated soil is in excellent condition for
planting of
Many traders expect acreage of feed grains may
feed crops.
be
larger than last
On the 9th
Trading
was
inst.
year
due to the reduced wheat
area.
prices closed unchanged to 34c. higher.
light, with fluctuations confined to a very
narrow
range.
out the session.
of the last three years:
area at 13,096,000 acres, but said ap¬
proximately 30% was lost.
Traders estimated this would
leave slightly more than 9,000,000 acres for harvest com¬
placed the planted
bbls.190 lbs bush
Mon.
Sat.
DAILY
CLOSING
CORN
OF
PRICES
Mon.
Sat.
fLINCtl
~
"
May
——"I-------July
September.
;
..
May
July
i
September-
—
m
■"!
56%
Oats—On the 4th inst.
im
Thurs.
March
When
47:666
14,000
60,000
18,000
18,000
692,000
137,000
280,000
187,000
59,000
78,000
106,000
27,000
34,000
1,000
45,000
Joseph.
237,000
...
76,000
14,000
1,000
16,000
564,000
43,000
75,000
City-
214,000
65,000
468,000
2,957,000
4,082,000
1,832,000
361,000
401,000
2,923,000
285,000
1,501,00ft
1,833,000
423,000
1,792,000
6,459,000
2,197,000
1.722,000
Samewk '37
978,000
166,000
723,000
Since Aug. 1
1937
74,057,000 19,614,000 71,238.000
14,007.000 238,867,000 184,760,000
11,883,000 223,181,000 189,524,000
1936-
13,214,000 165,824,000 112,333.000
1938
82,206.000 22,307,000 75.060,000
56,184,000 12,288,000 66,395,000
of flour and grain at the seaboard ports for
follow:
Total receipts
the week ended Saturday, March 4, 1939,
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
•
New York-
149,000
224.000
3,000
29,000
13,000
73.000
Baltimore.
19,000
73,000
2,000
"LOGO
19,000
24,000
28,000
123,000
St.John, W.
"MOO
296,000
Boston
26,000
.
New Orl'ns*
i.
10:66O
52:666
'
"UOOO
"2:666
1,000
3,000
15,000
Halifax
Victoria
,
599,000
Galveston..
closed unchanged to %c. higher.
quiet during most of the session, with the
2,p00
13:660
8,000
14,000
200,000
bush 56 lbs bush 48 lbs
9,000
Philadelphia
in sympathy
Barley
Rye
Flour
bbls 196 lbs
prices closed unchanged to 3^c, up.
to Y%o. up.
Trading was quiet, with processors reported as
buyers in a quiet way. On the 8th inst. prices closed l/io. to
On
10,000
Same wk '38
Trading was light .and without feature. On the 6th inst.
prices closed J^c. to %c. net lower. Trading was light with
the undertone easy. On the 7th inst. prices closed unchanged
with wheat and corn.
38,000
Tot. wk. '39
Oct. 18, 1938
Oct. 18. 1938
Feb, 11, 1939
3^c. net lower. The decline in oats was largely
13,000
124,000
348,000
Buffalo
Made
15. 1938
Oct.
4834
49%
600,000
167,000
51,000
Wichita
48%
50^
51%
and
46
3,000
24,000
157,000
230,000
1~49~666
Louis..
St.
im am
48%
50 ■
50%
48%
49%
50%
462,000
117,000
Omaha
Fri.
or am w
M*
53,000
12,000
15",000
-
Kansas City
Fri.
41%
Low
July 23, 1938 May
Sept. 24, 1938 July
Jan.
4. 1939 September
6034
55%
' am
iTt*
49
50%
51%
49%
50%
51%
Season's
When Made
July 28, 1938
Season's High and
March
56
'
f*r
49%
50%
51%
Wed.
Tues.
592,000
63,000
Peoria
63
63%
CHICAGO
63% 63% 62%
FUTURES IN
63%
No. 2 yellow.,
207,000
190,000
61,000
6,000
Indianapolis
Sioux
Thurs.
55,000
216,000
Toledo
confirmed.
Wed.
Tues.
606,000
311,000
133,000
180,000
97,000
141,000
Milwaukee.
reduced crop prospects
Barley
bush 56 lbs bush 48 lbs
1,291,000
Duluth
CORN IN NEW YORK
CLOSING PRICES OF
DAILY
bush 32 lbs
lbs
835,000
....
St.
56
Rye
Oats
Corn
lbs bush
60
301,000
235,000
Chicago
Minneapolis
Corn prices were steady
No new export business could be
in Argentina.
Wheat
Flour
Receipts at—
pared with 7,388,000 harvested last year.
Production was
not estimated officially, but an average yield, crop experts
here said, would mean a harvest of around 230,000,000
bushels compared with 179,000,000 last year.
Argentina
normally produces more than 300,000,000 bushels.
Today
prices closed Ys to %c. net higher.
to a shade higher, reflecting the
ended last Satin-day and since Aug. 1 for each
for the week
The undertone was reported steady through¬
An official report on acreage in Argentina
1939
11
Mar.
Chronicle
Financial
1512
265:666
—
the 9th inst. prices
This market was
Since Janr
steady. Today prices closed unchanged
to Ysc, up.
This market was virtually at a standstill.
DAILY
CLOSING PRICES
OF OATS FUTURES IN CHICAGO
undertone reported
Sat.
May—
July
September
—
——
.........
CLOSING
28%
2734
2654
2934
2754
2634
PRICES
OF
Mon.
Sat.
May
July
— —
—......
—
2934
2854
October........
—
*
PRICES
OF RYE
Sat.
........
...
September
Season's
—
High
5354
4954
4954
May
July
September
Ik DAILY
™
.
and
45%
4654
4734
Season's
When Made
Thurs.
October
42%
43
_
—
—
—
DAILY CLOSING PRICES
—.
Thurs.
Wed.
44%
45%
44%
45%
4654
4634
When
Mon.
3754
38
May.....—. —
July
42%
41%
—4154
4354
.—
43
—
Wed.
Tues.
3754
3654
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
*
43,000
48,000
17,000
1,000
Philadelphia
—
Baltimore..
—
V
—
New Orleans
...
3654
Total week 1939..
910,000
2,667,000
1,512,000 1,436,000
The destination of these exports
Week
Since
Week
July 1 to—
Mar. 4,
July 1,
1938
Mar. 4,
1938
1939
44%
4654
4254
Fri.
3654
3554
10,295
12,790
1,551,062
1,646,000
534,148
903,000
Rye flour patents
3
Seminola, bbl., Nos. 1-3-.5 10@5.45
2 65
So. & Cent. Amer.
15,500
'446,750
21,000
1, 65
32,250
975,500
——
12,665
203,609
83,500
Total 1938.— 119,030
3,763,069
3.642,616
Other countries...
Total 1939—...
visible
The
granary
Corn, New York—
yellow, all rail
6354
OV.OOO
1,195:666
1,512,000
GRAIN STOCKS
Corn
Wheat
New
States—
York..'.
t
30,000
88.000
70,000
4,236,000
1,000
164,000
148,000
27,000
1,000
6,000
1,645,000
4,036,000
...
—...
—
'
9,000
1,000
10,000
15,000
711,000
3,041,000
158,000
475,000
363,000
6,932,000
254,000
67,000
123,000
248,000
27,000
13,000
180,000
746,000
408,000
454,000
132,000
1,079,000
209,000
590,000
1,489,000
545,000
20,000
297,000
6,931,000 13,381,000
1,106,000
1,252,000
...
1,077,000
1,476,000
—
2,706,000
1,054,000
2,004,000
11,349,000
5,261,000
279,000
3.819,000
10,706,000
4,452,000
4,835,000
—
36,000
116", 000
*
Minneapolis
Detroit
14,000
—
3,520,000
St. Louis.
Milwaukee
—
1,044,000
21,269,000
.
afloat
18,000
725,000
733,000
4,015,000
;
Sioux City
469,000
314,000
Fort Worth
—
Bushels
218,000
—
New Orleans—....
Galveston
Bushels
Bushels
109,000
350,000
Baltimore—....
Bushels
2,000
Barley
Rye
Oats
66,000
Bushels
Philadelphia
486,000
18,000
1,383", 660
3,157,000
1,967,000
4,373,000
975,000
232,000
afloat
285,000
~2"666
~~4~6oo
"3" 000
165",066
7,663,000
2,059,000
221,000
651,000
2,322,000
302,000
426,000
351,000
85,047,000 45,393,000 13,923,000
89,125,000 46,605,000 14,135,000
58,340,000 38,306,000 22,599,000
7,606,000
7,703,000
3,661,000
8,829,000
9.315,000
9,515,000
—
Buffalo
"
—
100,000
910,000 62,283,000
93,727.000 1,436,000 34.676,000
of grain, comprising the stocks in
points of accumulation at lake and
Saturday, March 4, were as follows:
afloat
5354
—48-60
Total Mar.
4, 1939—
Total Feb. 25, 1939—
-
2,667,000 103,196,000
supply
United
"
6354
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
All the statements below
"2:666
at principal
seaboard ports
Chicago
41
—
5,000
31,000
Duluth
Oats, New York—
No. 2 white
Bushels
,
715,000 36,376.000
195,000 25,800,000
52,000
Brit. No. Am. Col.
Peoria
Fancy pearl (new) Nos.
1.2-0.3-0.2
—4 50@5.00
Bushels
319,000
West Indies
Continent
Indianapolis
.3, 25
1938
58,942,000
42,709,000
Kingdom.
Omaha
—
July 1,
1939
.
Bushels
Bushels
Barrels
Barrels
United
-
Since
Mar. 4,
July 1,
1939
Week
Since
St. Joseph...
Kansas City
Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
Corn
Wheat
Flour
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic._
Manitoba No. 1, f.o.b. N. Y_ 71
79,000
for the week and since
and Since
FLOUR
—
293:666
6,000
Exports for Week
Closing quotations were as follows:
good
Corn flour
Barley goods—
16,000
3,000
83,500
119,030
July 1, 1938, is as below:
Hutchinson
Oats
"3,000
15,000
265,000
Same week 1938
Fri...:
60 @
"16:666
"6.666
52,000
.
WINNIPEG
3754
3554
65,000
..
Halifax
Victoria..
—-
Thurs.
13:660
478:606
232,000
296,000
West
John.
268,666
1,367.000
Galveston..
4154
's».—
-----
255:666
Texas City
Made
41
1,000
8,000
Norfolk
St.
.
47,500
183,000
Wichita
Coarse
■
Wheat
Boston
October
Spring pat. high protein..4.90@5.00
Spring patents
—4.60@4.70
Clears, first spring
4.05@4.25
Hard winter straights
4.40@4.50
Hard winter patents
4.45@4.55
Hard winter clears
Nom.
*
^
New York...
Sept. 7, 1938
Nov. 7,1938
Dec. 23, 1939
OF BARLEY FUTURES IN
Sat.
No. 2
from the several seaboard ports foe the week
March 4,1939, ?re shown in the annexed
CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
July—
New Orleans for foreign porta
Receipts do not include grain passing through
Bushels
....
4154
4454
45
July 25, 1938 May...
Jan.' 4, 1939 July
Jan.
3, 1939 September
33,000
1,677,000
Exports from-—
2854
and
25,000
870,000
The exports
Fri.
2854
28
47%
43,000
535,000
WINNIPEG
27%
Low
540.000
9,774,000
statement:
IN
45%
1,018,000
16,141,000
Feb- 10,1939
,
Tues.
263,000
ended Saturday,
FUTURES IN CHICAGO
Mon.
45%
4634
47%
349,000
Made
Sept. 6. 1939
Oct. 18.1938
On the 6th inst. prices closed ^c. to \io.
net lower.
With wheat and corn ruling heavy during most
of the session, it was only natural that rye values should
rule lower. On the 7th inst. prices closed unchanged.
This
market seemed almost at a standstill, with fluctuations
extremely narrow. On the 8th inst. prices closed 3^c. to %c.
net lower. The bearish news concerning wheat, especially in
the Argentine with its heavy supplies pressing for sale,
naturally had a depressing effect on rye. This does not give
an altogether rosy outlook for exports and mill buying of
rye, though the situation could change over night with any
sudden development of war tension abroad.
On the 9th inst. prices closed % to Yzc. net lower.
This
market failed to reflect the steadiness of the other grains,
rye values registering losses instead of gains at the close.
This market appeared to ease readily under pressure.
To¬
day prices closed unchanged on all deliveries.
This market
was very quiet and devoid of any feature.
CLOSING
182,000
through bills of lading.
on
reported steady.
DAILY
19,000
542,000
2,506,000
1938.:
Rye—On the 4th inst. prices closed unchanged to ^e.
lower.
This market was quiet, though the undertone was
May
July
16,000
5,433,000
—
2834
28
2934
28%
55,000
13,512,000
Since Jan. 1
When
Wed.
Tues.
29
2854
2854
402,000
2,701,000
Week 1938.
28
27
-—
1,548,000
1
1939—.
Fri.
28%
2734
28%
27
2634
29
2734
2654
FUTURES
OATS
Thurs.
Wed.
Tues.
Season's Low and
When Made
2334
Jan.
4, 1939 May
24%
Jan.
3,1939 July
26k
Jan.
4,1939 September
Season's High and
May
—
3034
July..
2934
September— 2954
DAILY
Mon.
268,000
Tot. wk. '39
Total Mar.
5, 1938—
above:
Wheat—New York, 406,000 bushels:
295,000: Buffalo afloat, 1,388,000; Erie, 605,000;
Note—Bonded grain not Included
New York afloat, 18,000: Buffalo,
Albany,
851,000: Boston,
15,000: Philadelphia, 48,000; Baltimore, 24,000; total,
3,660,000 bushels, against 1,946,000 bushels in 1938.
Volume
148
Financial
Wheot
Canadian—
Corn
Bushels
Oats
Bushels
Bushels
902,000
75,000
400,000
1,064,000
918,000
1,115,000
4,890,000
6,678,000
Total Mar.
4, 1939.. 143.045,000
25, 1939. _144,816,000
5. 1938.. 45,416,000
Summary—
1,014,000
8,644,000
8,547,000
2,108.000
2,086,000
6,304,000
6,314,000
9,643,000
1,276,000
9,055,000
85,047,000 45,393,000 13,923,000
143,045,000
8,644,000
7,606,000
8,829,000
2,108,000
9,714.000
Total Mar.
Total Feb.
Total Mar.
4, 1939.-228,092,000 45,393.000 22,567,000
25, 1939.-233,941,000 46,605,000 22,682,000
5, 1938..103,756,000 38,306,000 32,242,000
9,789,000
4,937,000 18,570,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended March 3 and since July
1,1938, and
July 1, 1937,
are
shown in the following:
Wheat
Exports
Week
Corn
Since
>
Since
Week
Afar. 3,
1939
July
1938
1937
Bushels
Bushels 1
Bushels
1,
July
1,
Mar. 3,
Black Sea.
6,607.000 168,979.000 131,573,000
96,000
74,327,000
65,042,000
Argentlne.
Australia
1,518,000
48,269,000
42,920,000
3,563,000
66,965,000
16,264,000
July
July 1,
1937
'
1,
1938
Bushels
Bushels
12,000,000
25,880,000
,
66,683,000
7,344,000
.
India
821,000
64,910,000
35.060.000
326,000
11,067.000
3,264,000
2,161,000
97,658,000
177,,421,000
936,000
32,616,000
66,169,000
Other
countries
Total
352.000
12,136,000 391,764.000 334,482,000
Corn
Loans
$94,541,743
4,244,000 206,251,000 281,914,000
of
CCC
Through March 2 Aggregated
166,057,730 Bushels—On March 3 the
on
Commodity Credit Corporation announced that, through
March 2, 1939, loans made by the Corporation and lending
agencies under the 1938-39 corn loan program aggregate
$94,541,743.23 on 166,057,730 bushels.
The loans by States
in which the
corn
Stale—
is stored
Amount
Colorado
.
are as
Bushels
follows:
State—
Iowa.
Amount
Minnesota
Indiana
$15,340.76
29,971
.22,622,736.55 39,695,672
2,170,808.70
3,809,572
.
Illinois
7,293,843.38
Bushels
12,806,421
Missouri
2,888,297.95
5,070,796
.
Nebraska
8,453,695.63
14,904,019
.46,576,555.80 81,723,151
......
Kansas
Ohio.....
1,961,599.73
88,841.68
.
Kentucky...
3,464,840
South
161,124
417,422.69
732,373
2,011,509.00
41,091.36
Dakota.
Wisconsin
3,587,306
72,485
Weather
Report for the Week Ended March 8—The
general summary of „the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended March 8, follows:
Weather conditions, In general, for the first week in March were
very
similar to those prevailing in February, especially with regard to tem¬
perature.
In fact, the chart showing the departure from normal tempera¬
ture this week is almost an exact duplicate of that for the month of
February,
The first part of the week brought considerable precipitation to the
Southeastern .States, but elsewhere mostly fair weather prevailed until
when an irregular, extensive depression was central over
about March 4
the Great Basin and
Rocky Mountain sections, attended by precipitation
areas.
Also, a "low" moved from the central Mississippi
Valley northeastward over the Lake region on the 5-6th, with precipita¬
tion again general in Eastern States and some heavy falls in the Ohio
drainage area.
In the interior of the country temperature changes were
fairly marked from time to time With much colder weather early In the
period, while in the Eastern 8tates lower temperatures prevailed quite
generally on the morning of March 7.
For the week as a whole, the temperatures averaged above normal east
of the Mississippi River and decidedly below normal in practically all sec¬
tions to the westward.
The greatest deficiencies occurred In the Rocky
Mountain States and Great Basin where in considerable areas the weekly
means ranged from 8 degrees to 14 degrees subnormal.
From the Middle
Atlantic States northward the week was from 4 degrees to 11 degrees
in most western
than normal.
warmer
Subzero minima were reported In the Interior of the Northeast and in
north-central districts; also in the central and northern Rocky Mountain
States.
The lowest temperature reported in the northern Great Plains
was
—14 degrees at Havre, Mont., but farther north in Canadian Provinces
was —40 degrees at The Pas, Manitoba, on
March 3. Freez¬
the minimum
ing weather
as reported from first-order stations did not extend farther
south than Atlanta, Ga., Little Rock, Ark., and Abiline, Tex.
In Gulf
sectionaf the minima ranged in the 40's, except in southern Florida and ex¬
treme southern Texas where they were higner.
In the Mississippi Valley
the range was from zero at Minneapolis-St. Paul, Minn, to 46 degrees at
New Orleans, La.
Substantial to heavy precipitation again occurred rather generally east
of the Mississippi River, especially in a large southeastern area where the
weekly totals of rainfall ranged from 1 incn to around 3 inches.
In the
trans-Mississippi area precipitation was generally light, except for moderate
to fairly heavy falls in Iowa and some
adjoining sections.
The southern
Plains area from Texas westward received very little precipitation, while
.
an
inch
or more was
reported from north Pacific sections.
Because of continued heavy rains in much of the South, especially east
of the Mississippi River, following the wettest February of record in many
places, seasonal farm work was further delayed because of wet soil.
In
the west Gulf area, where rainfall was mostly light, operations were more
•
.
active,
but
standstill
in
and
and northern
the Southeast, except Florida,
becoming considerably behind
States east of the
field
work
is largely at
in Iowa.
More moisture is needed in much of the southern Great Plains,
especially for the subsoil.
In western Kansas the heavy snow of last week
proved of limited benefit because it was blown from many fields without
melting.
Rain is needed also in much of Oklahoma and extreme southern,
western, southwestern and west-central Texas.
was
considerable additional snowfall in the
Rocky Mountain
area,
especially in central and northern sections, with many reports of favorable
storage to be available for irrigation.
Rain is needed also in much of the
south Pacific area, except that moisture is largely satisfactory in southern
California.
Some damage is reported to early peaches by recent freezes in the SoutnNorth Carolina to Georgia, though in the latter State the late
east from
is uninjured, and now in ful bloom.
There were heavy to killing
California, with some harm to tender truck; light orchard
heating was necessary in sections.
Some corn was planted in east Gulf
districts and planting has extended well northward in Texas.
Planting
cotton in under way in the Imperial Valley of California.
crop
frosts in much of
Miscellaneous—Outside work, particularly plowing, was again delayed
by inclement weather or wet soil in large central and eastern areas. Truck
and minor crops, however, improved somewhat, particularly in southern
sections, with mostly good progress reported in several States.
In Florida
and other Southeastern States some replanting was necessary
because
of last week's cold, but potatoes and truck are recovering slowly in the
former State.
shrinkage of livestock In New Mexico and
some losses of lambs and calves were reported in
Oregon.
unfavorable for livestock, but shed lambing and
farrowing
Late peaches
are
now
in full bloom in portions of
Georgia
are blooming well to northward in several other Gulf States.
Some potatoes were planted in Oklahoma and outdoor work progressed
and
satisfactorily in the northern Great Plains and portions of the West and
Wyoming, and
The cold
was
proceeded
and
satisfactorily in Montana.
shearing has started.
Lambing is
now past
peak in Idaho
THE DRY GOODS TRADE
I
New York,
Friday Night, March 10, 1939
Although rapidly changing weather conditions were not
particularly conducive to business activities, retail trade
during the past week made a fairly satisfactory showing.;
Initial purchases of spring
apparel lines helped to enliven
business.
House furnishing items, on the other
hand, con¬
tinued neglected.
Given a favorable turn in the weather,
merchants
are
confident of
a
substantial increase in
buying during the current month, partly in view
employment situation. Department
store sales the
country over, for the week ended Feb. 25,
according to the report of the Federal Reserve Board, were
5% lower than for the corresponding week of 1938. New York
and Brooklyn stores showed a loss of
5.5%, while in Newark
consumer
of the somewhat better
establishments the decrease in the dollar volume was limited
to 3.3%.
For the entire month of February, sales of depart¬
ment stores declined
2%. The largest loss was shown by the
Philadelphia district, with 7%, while the New York area
recorded a loss of 6%, as against
gains of 4% each in the
Atlanta and San Francisco districts.
Trading in the wholesale dry goods markets continued to
a
somewhat better showing, reflecting the growing
disposition on the part of merchants to replenish their
stocks for the pre-Easter buying season.
Various lines of
domestics moved in steady volume, and there was good
buying of cotton and of part woolen blankets, causing rumors
of impending moderate
price advances in these items. In
line
with
previous expectations, a tightening delivery
situation appeared in certain types of wanted merchandise,
and predictions were heard that this condition
may become
aggravated as the season advances.
Business in silk goods
continued unsettled, in view of the gyrations in the raw silk
market.
Although further reports of substitution of rayon
for silk came to light, a steady call existed for sheer fabrics,
with prices showing further advances.
Trading in rayon
yarns quieted down somehwat, largely owing to seasonal
influences, but shipments were reported to be holding up
well. A feature of the market was tne
growing interest in the
finer denier yarns, resulting from the impetus which tha
recent advance in silks has given to this field.
make
Domestic
Cotton
Goods—Trading in the gray cloths
quiet during the early part of the weekWhile buyers displayed active interest in offerings, mills
were unwilling to concede the lower
price bids. A further
deterring factor was the substantial reaction in raw cotton
values following the recent gradual enhancement in
prices.
Later in the week, a sharp increase in buying activities at
stiffening prices got under way, as users became more and
more convinced that mills are intent on
carrying out their
markets continued
curtailment program, and that the next few-months
wilj
see
sharp drop in print cloth production. Additional stimu¬
lating factors were the necessity of covering against Govern¬
ment contracts, the growing belief that something drastic
will be done to settle the cotton crop problem, the better
sentiment in the security markets and, last but not least,
multiplying indications that many users have barely covered
their essential nearby requirements. Business in fine goods
remained quiet, and, transactions were limited to occasional
fill-in lots. Some interest was shown by handkerchief manu¬
facturers in wide lawns, and recurrent purchases of hopsackings developed on a moderate scale. Closing prices in
print cloths were as follows: '39 inch 80s, 6 to 6^c., 39 inch
72-76s, 5%c., 39 inch 68-72s, 5c., 38H inch 64-60s, 4^c.,
38inch 60-48s, 3%c.
a
Woolen
a
normal.
Also, in central
Mississippi there were further substantial
rains and fields remain too wet for normal operation.
'
In the upper Mississippi Valley heavy snows at the dlose of last week,
supplemented by additional snowfall during the current week, furnished
needed moisture, but delayed the moving of many tenant farmers, especially
There
and crops need rain in central and middle coastal
areas of this State.
Florida
citrus also needs rain and some
groves are being irrigated; consideraole
growth and bloom is reported.
■*<
Cold westher resulted in
new
many
Since
Since
1939
Bushels
No. Amer.
Spring-lettuce harvest started in Arizona where the citrus
harvest is under way.
Apricot buds are swelling in warmer orchards of
Washington.
Some frost damage was reported in portions of California,
15,133,000
15,629.000
Total Mar.
Canadian
1513
West.
6,304,000
Total Feb.
American
Chronicle
far
Barley
Bushels
Bushels
Lake, bay, river Aseab'd 25,514,000
Ft. William A Pt. Arthur 40,328,000
Other Can. & other elev. 77,203,000
Rye
Goods—Trading in
men 's wear
fabrics continued
spotty, as the market awaited the opening of the
new
fall
collections scheduled to take place during the second half of
the current month, at slightly advanced quotations.
Mill
'operations continued at an active rate reflecting the still
existing substantial backlog of unfilled orders. Prices, mean¬
followed a stiffening trend, as increased labor costs
anticipated after the introduction of the new minimum
wage rate. While some misgivings continued to be expressed
with regard to the future competition of foreign woolens,
a satisfactory
response to the showiqg of the new fall fabrics
is generally anticipated. Reports from retail clothing centers
bore a spotty character, chiefly owing to uncertain weather
conditions.
Business in women's wear goods turned quita
active as garment manufacturers increased their operations in
response to the accelerated demand for spring apparel lines.
while
are
Foreign Dry Goods—Trading in linens continued spotty.
Household items profited somewhat by replenishment pur¬
chases for the spring season; little interest existed, on the
other
hand, in offerings of dress goods and suitings. Business
remained dull, and prices ruled slightly lower in
sympathy with the trend in Calcutta, where the further in¬
crease in burlap stocks proved.a disappointment.
Domesti¬
cally lightweights were quoted at 4.10c., heavies at 5.55c.
in burlap
Financial
1514
MUNICIPAL BOND
State and
1,092,000 Hoboken, N. J., 4% general refunding bonds, due from
1945 to 1956 incl., taken by B. J. Van Ingen & Co., Inc.,
New York, to be exchanged at par with holders of the original
SALES IN FEBRUARY
municipal long-term
debt.
financing during the month
of February represented a sharp decrease
of sales in the preceding month, the awards
from the volume
having amounted
refunding bonds, bearing
district-
Texas,
1,000,000 West Virginia (.State ot) road bonds, due on June 1 from
1939 to 1963 incl., sold to Lazard Freres & Co. of New York
and associates as lMs and 2s at 100.03, a net cost of about
1.93%.
Reoffered to yield from 0.15% to 2%, according to
maturity.
In
yield on the standard list of bonds
contrary, involving seven issues
value of $553,000, are shown in
This total does not include issues placed by the
Rochester and the Port of New
York Authority.
Issues of $1,000,000 or more brought out during February
$500,000.
cities
were
New York and
of
as
follows:
$6,000,000 Allgeheny
poses
and
-
1A
.
County, Pa., bonds for various new
capital pur¬
awarded to Halsey, Stuart & Co., Inc.,New York,,
as 2 Ms at
102.18, a basis of about 2.06%.
due seriaUy from 1940 to 19o9 incL, and were re-
were
associates
They are
offered to yield from 0.30 % to 2.20 %,
according to maturity.
Md., 1H% emergency relief bonds, due yearly
sold to the Bankers Trust Co. of New
York and the Northern Trust Co. of Chicago, in joint account,
at a price of 100.279, a basis of about 1.06%.
Reoffered to
yield from 0.45% to 1.20%, according to maturity.
4,025,000 Baltimore,
from 1941 to 1945 incl.,
*
Wash., emergency funding bonds purchased by an
management of the Bancamerica-Blair Corp.,
4 Ms at 100.1.1, a basis of about 4.22%.
Due
serially from 1941 to 1959 incl.
optional March l, 1944.
Reoffered to yield from 2.50% to 4%, depending on date of
3,290,000 Seattle,
account under the
New York, as
maturity.
Island (State of) fixed charges and general purpose
headed by the First National Bank
and lMs at 100.01, a net interest cost
of about 1.639%.
The first maturing $475,000 bonds, due in
1945 and 1946, bear 2M% interest, and the balance of the
2,500,000 Rhode
bonds awarded to a group
of New York as 2Ms
offering bears interest at
1.30% to a price of 97.50,
1M % •
Reoffered from a yield of
according to maturity.
2,300,000 Chicago, 111., water works certificates of indebtedness, com*
prising $1,600,000 2Ms due in 1958 and 1959, and $700,000
3s due in 1954, were sold to Phelps, Fenn & Co., Inc., New
York, and associates at an interest cost to the city of about
2.60%.
Bankers reoffered the 2Ms at a price of 103.25, to
yield 2.54%, and the 3s at 106, to yield 2.52%.
2,150,000 Kansas Ciy,
Mo., bonds issued for various purposes,
including
refunding, were purchased by a syndicate managed by Harriman Ripley & Co., Inc., New York, to bear interest at
rates
a net interest
1940 to 1975
yield from 0.40% to 2.77%,
ranging from 1% to 2% %, at a price of 100.05,
cast of 2.60%.
Bonds mature serially from
incl., and were reoffered to
according to maturity and coupon rate.
1.810,000
Minneapolis, Minn., public relief and work relief bonds, due
annually ftom 1940 to 1949 incl., awarded to Phelps, Fenn
& Co., Inc., New York, and associates as 2s at 100.15, a basis
of about 1.97%.
Reoffered to yield from 0.40% to 2.05%,
according to maturity.
,
number
Page
One of the factors
passing the necessary bills has retarded financing
by counties, cities, and school districts in the State is illus¬
trated in the fact that awards by local units in the first
two months of 1939 have amounted to only approximately
demand which prevailed for tax-
expected that success would attend the bulk of the offerings
that were made in the month.
The few instances to the
March 6,
the delay in
■
>
view of the strong
exempts during February, and the proportionately small
addition to the previously low floating supply, it was to be
making up the study was 2,72% in the week ended
or only four basis points more than the record low yield
of 2.68% which was established in December, 1936.
In
March of 1938 the average yield was 3.08%.
concerning prospective issues as required
by various provisions of the new Constitution which was
adopted by the voters last November.
Under these pro¬
visions, the Legislature is charged with the responsibility
of fixing by legislation the length of maturity to be carried
on local debts created
by the various taxing units.
Still
other legislation having an important bearing on the future
course of municipal financing in the State must be passed
in order to pave the way for the sale of a large number of
bond issues" currently in prospect.
The extent to which
water
purchased by a group headed by Phelps, Fenn & Co., Inc.,
New York, as 2Ms, 2%s, and 3s at par, a net interest cost
of 2.86%.
Reoffered to yield from about 1% to 2.96%,
according to coupon rate and date of maturity.
Bonds are
callable on 30 days' notice.
particularly in the corporate field, practically all
financing last month was negotiated on
terms which fully reflected the extreme ease which continues
to prevail in the money and credit marts.
Under such cir¬
cumstances it is not surprising to find municipals, principally
those of a high-grade nature, quoted at levels not far from
the record high prices which obtained in 1936.
According
necessary measures
River Conservation and Reclamation District,
system bonds, due from 1940 to 1955 incl.,
1,000,000 Brazos
of the tax-exempt
which has contributed to the lessened
volume of tax-exempt financing to date in the current year
has been the inability of most of the taxing units in New
York State to undertake any financing.
This condition
arises from the failure of the State Legislature to enact the
1%
1,026,000 Michigan (State of) various issues of road assessment
highway refunding bonds sold to bear varying rates of interest
to investment banking firms in Michigan and Ohio.
.
sources,
index, the average
interest at rates ranging from
2M% and due yearly from 1940 to 1950 incl., awarded to
Watling, Lerchen & Co. of Detroit and associates at a price
of 100.13, a net interest cost of about 2.03%.:
to
only $53,897,560.
This compares with an output of
$103,729,854 in January, better than half of which was
accounted for by issues of $30,800,000 by the City of New
York, $16,700,000 by the Port of New York Authority,
N. Y., and $5,000,000 by the State of Mississippi.
For
the recent month, however, the largest flotation involved
the borrowing of $6,000,000 by Allegheny County, Pa.
With the volume of new offerings sharply restricted and in
the absence of any important demand for credit from other
one
district highway
County, Mich., road assessment
1,073,000 Monroe
to
to
1939
11
Mar.
Chronicle
with an aggregate par
the tabulation herewith.
for reference
of the " Chronicle" is given
purposes.
East Carroll Parish D„
1055
$15,000
No bids
55,000
No bids
135,000
7,500
3,200
335,000
No bids
2,300
No bids
4M%
Elsmere, Ky
913
.
D. No. 5, La.
Amount
not exc. "6%
Name
Page
Erianger, Ky
1055
4M%X
.
1058 aHIllsboro, Ore
1202 bjacksonvllle, Ohio..
not exc. 4%
Dak
Proctorville, Ohio-__^^^._-
916
Rate of interest
x
4%
—
cJerauld County, S,
918
was
6%
optional with the bidder,
a
of
proposed legislation
"
Bids unopened
Reoffered
Postponed
Error in maturity schedule
on March 7. b New
required return of bids unopened and reofferlng of issue
sale date is March 10.
c Sale, announced for Feb. 7, was
come
Report
Int. Rate
deferred pending out¬
concerning permanent school fund
loans.
financing by States and municipalities during
February amounted in the the grand aggregate to $169,694,684.
The City of New York, always a heavy con¬
tributor to this type of borrowing, accounted for $40,000,000
of the recent month's total.
However, the outstanding
operation in this field last month was the disposal by the
State of New York of $100,000,000 0.25% notes dated
Feb. 7, 1939, and due June 28, 1939.
As is generally true
of such offerings, the demand from banks and other institu¬
tions was well above the amount of the issue, with the
result that a strong market developed for the relatively
small amount of securities which were publicly reoffered.
The interest cost to the State, incidentally, equaled the
lowest level at which such credit has been available.
As a
matter of fact, the recent sale marked the fifth successive
operation of that character in which the coupon rate was
unchanged at 0.25%.
Long-term financing by Canadian municipal governments
was limited to the disposal of a small number of new issues
Temporary
Actually, the City of Montreal,
the total borrowing, having
bonds at a net interest cost
of about 4.32%.
The underwriters, Savard Hodgson & Co.
of Montreal and Seagram, Harris & Bricker or Toronto,
also obtained a 30-day option on an additional $4,000,000
bonds on the same terms.
The Dominion Government was
responsible for the $50,000,000 financing of a short-term
character, having sold that amount of Treasury bills.
No bond financing was undertaken by any of the United
aggregating $4,095,500.
Que., accounted for the bulk of
sold an issue of $4,000,000 4%
States Possessions
in the recent
month.
comparison of all various forms
obligations sold in February during the last five years:
Below
we
furnish
a
1939
1938
1937
$
February
$
53,897,560
*Temp. loans (U. S.) 169,694,684
50,000,000
Can. loans (temp.)..
Perm, loans (U. S.)_
Can. loans (perm.):
Placed in Canada
4,095,500
_
Placed in U.S...
None
Bonds of U. S. Pos'ns
None
XilUlUUtftt
1936
63,592,112 42,987,742
76,500,890 194,999,651
$
1935
$
98,045,427
52,065,000
53,435,359
62,803,000
25,000,000
25,000,000
24,600,000
18,300,000
21,277,183
31,735,691
24,777,775
2,094,700
None
None
None
None
None
1,400,000
None
None
294,723,084 199,488,202 136,633,059
277,687,744 187,770,185
Total...
^
;
$
of
Ltuiiyui iki y
1939; $50,000,000 in
SCYLLl ibivo
UMUCU
vj
^ v. »»
Feb., 1938; $58,000,000
in Feb., 1935.
1936, and $25,000,000
* v* «.
, v
iv,uuv/,v/uu *** *
in Feb., 1937: $31,000,000 in Feb.,
"V
Volume
148
Financial
The number of
municipalities in the United States emitting
long-term bonds and the number of separate issues made
during February, 1939, were 277 and 319, respectively.
This
contrasts with 319 and 359 for
January, 1939, and 232 and
308 for February 1938.
For comparative purposes we add the
following table
showing the output of long-term issues in this country for
February and the two months for a series of years:
Month of
1937
1936
98,045,427
....
1938
1935
1933
1932
1931
1930
1929
1928
1927
1928
1925
1924
111,480,529
....
1923
1922
1921
1920
1919
1918
1914
250,216,123
$42,616,309
1913
187,569,041
150,607,778
120,253,685
53,406,424
173,540,753
53,435,359
65,182,481
17,571,818
35,292,689
119,446,501
81,558,516
69,901,723
133,823,923
77,130,229
172,358,204
80,323,729
94,798,665
80,003,623
66,657,669
65,834,569
31,705,361
30,927,249
22,694,286
1934
February
1915
$157,627,414
1912
37,813,167
........
27,658,087
29,230,161
22,153,148
18,694,453
17,941,816
60,914,174
1911
1910
1909
..
1908
170,095,408
191,401.330
145,612,446
1907
1362
1198
763
.
7,761,931
.
the
municipal bond
r$200,000
1940-1969
1949-1954
i 939-1948
Idaho
7,500
4,025,000
1941-1945
15,337
1939-1955
1940-1954
75,000
5
::::::
::::::
101.16
2.84
100 27
1 06
"
.
'
100.54
1.68
Dist.,
County
2.04
100.10
4.13
3
1940-1969
200,000
102.11
2.82
1.60
1940-1952
68,000
100.48
1.53
2
26,000
100.42
54
50,000
Ironton, Ohio
Ithaca, N. Y
;
Kansas City,
1358
Kentucky
Mo
(State of)
t
24
1942-1954
2*4
1941-1971
298,000
1940-1975
2,150,000
100.05
2.60
2.71
1959
1940-1969
200,000
Canfield, Ohio
„._4
1940-1949
6,731
1204
1358
Carbon County S. D. No. 2, Mont.3^
Cedar Rapids, Iowa
1204
Centralla, Wash
1945-1954
7-205,000
10,500
20,000
:
0.75
1940-1941
45,500
1941-1948
1946
100,000
..2%
1958-1959
1,600,000
1954
700,000
35,000
3
1939-1950
1941-1950
5,000
15,000
1940-1950
1941-1957
1941-1969
.24
54
1949
1940-1963
200,000
7-13,000
—
1358
1357
766
1056
1202
762
2.40
765
1940-1949
250,000
14,000
24
r
1945-1959
100,000
Mlllville, N. J
3
Minneapolis, Minn. (2 issues)
100
2.86
33,000
1940-1949
2
1-2 Hi
24
100
3.50
Monroe County, Mich
1360
Moorehead,
Montana (State of)
1.90
Montgomery Twp. 8. D., Ohio._.3
1058
1.08
100.17
"
100
4.00
1060
Montpelier, Vt. (3 issues)..,
1056 Moss Paint, Miss...
1198 Mount Enon 8. D., Fla
1201
100.05
1.23
Minn..—
1362
Mount Holly, N. C
1941-1950
100.006
0.74
____
100.009
1358
1357
102.25
2.60
1058
105.02
2.60
1199
98.71
2.90
100
4.50
Comanche County, Texas...
100.09
1,72
100.54
2.17
100
6.00
190
5.00
1940-1949
101;34
1.82
1054
Orange Co. W. W. Dist. 6, Calif. .6
24
1941-1946
60,000
lbo". 28*
2.18
24
1941-1955
30,000
101.37
2.08
4
1942-1958
100,000
1944-1951
7,500
110,000
6
........
Covington County, Ala
1.79
100
4.00
1940-1949
10.354
100.57
2.43
1940-1949
10.000
100.11
2.47
1060
1945-1969
60,000
100.04
1940-1959
50,000
100
Dayton, Wash
3*4-4
Decatur 8. D., Texas
....3*4
Tenn.
Deer Lodge, Mont.:
Delta County, Texas
1
1197
100.11
2.38
1940-1949
12 500
1943-1959
.2.40
...44
d65 000
29,000
33,000
100.40
2.96
1939-19.58
80,000
100.02
5.24
15,000
1940-1949
4,000
1942-1944
25,000
1959
2
2*4
—4
.
Portland W, D., Me............24
918
Providence,
Provo.
I
......
....
101
3.78
2.00
500,000
100
101.59
1939-1948
2
Utah.
__
1940-1964
L&.54
300,000
100
2.00
1948-1950
30,000
101
2.65
2.15
<1150,000
109.50
3.08
1360
Quitman County, Miss—
1363
Rankin, Pa.
...4
.-.-24
1951-1957
1953-1959
25,000
101.25
3.30,
1358
Remsen, Iowa
24
1939-1954
23,000
100.86
2.39
Dothan,
4
1941-1955
7-15.000
100.50
1057
Rahway, N. J—
3
1940-1969
418,000
100.52
2.96
1060
Ravens wood, W. Va
4
4
1939-1964
30,000
100
4.00
100.01
1.63
100.04
3.12
Ala..,
Dundee, Ore
32,500
»_
1943-1948
2,500
3H
2H-3
Eastchester, N. Y
1201
East Syracuse, N. Y
1056
1942-1963
50.000
34
Durant,
Echo,
1940-1947
1.20
1940-1943
3,700
38,500
Elba 8. D„ Neb
Okla..
Ore
Elmira,
N. Y
El wood,
Ind
...24
0.75
1941-1959
Emmett,
1364
Ephrata, Wash. (3 issues)
Idaho
54
Erie County, Ohio
80,000
20,000
...
29,002
54,858
58,300
H50.000
j-
..
2
1939-1948
1363
ErieCounty, Pa
1056
Fairmont, Minn.
1359
1940-1959
1059
Farmington Twp. 8. D. 5, Mich..2*4
Ferndale, Pa...
4
1059
Ferndale, Pa..
1358
Fort
...1H
..3
1940-1944
1940-1949
8,166
52.000
7-15.000
1944-1949
4
1944-1949
918
Franklin County, Tenn
2%
1940-1952
50.000
1362
Franklin County, Ohio
2*4
1940-1944
2
1940-1950
134,000
7-200.000
Madison.
Fremont,
15.000
Iowa
Neb
1060
Follett Ind. 8. D., Texas
1358
1200
Red Lake Falls, Minn
1-10 yrs.
5,000
102.70
2.59
1203
Rhode Island (State of, 2 \ns.).2*4-14
1945-1955
2,500,000
100.10
1.15
1060
Ridgetop,
1940-1944
1198
Ringgold County, Iowa...
1363
Ripley,
Fulton, 111.
100.03
3-34
Mich
88
1200
Romulus Twp. 8. D.
2.37
100.79
.096
1362
Rose burg,
100
3.00
1198
Russell County, Kan
..
34
3.51
103.11
3.51
45.000
102.78
914
Greenville, Miss
3
31,000
100.16
100.58
2.68
_
0.97
2.34
1941-1950
*25;000
107.06
1940-1949
80,000
100.58
1.64
1939-1956
18,000
100.06
4 49
1359
15,000
St. John The Baptist 8. D, No. 1,
St. Marys. Ohio
34
1197
1940-1959
29,000
100.13
3.24
24
1940-1954
27,000
101.40
2.33
24
1945-1958
r256,000
San Diego County, Calif
24
1947-1948
200,000
101.03
2.12
San Francisco, Calif
1.70
1940.1949
6.50,000
100.29
1.65
140,000
Santa Cruz, Calif
914 Scott County, Miss
44,000
0.74
1*4
912
1940-1943
3.34
100.05
3 4
1357
1940-1950
100.27
Calif
44
914 St. Helena Parish 8. D. No, 3, La.6
Ore
La
1.75
d47,500
r85,000
918 Salt Lake City, Utah..
101.12
68,000
1968
1,340.000
0.75
1, Mich_3H-3H
1362
Too"
r340,000
1940-1943
Rochester, N. Y
1357 Sacramento County,
103.11"
25,000
1940-1954
1940-1955
1940-1953
915
1940-1954
1939-1953
Tenn....
Rouge.
1
2*4
,
14
Riverside Co. 8. D., Calif. (2iss.)_
100.66"
3-34
24
9 yrs.
5
1059 Roaring Spring, Pa
10.000
100.000
River
5.50
Green Bay, Wis
(2 issues)
914
1357
Tenn
100
918
Grenada. Miss.
0.74
......
38.000
1357 Golden.Colo
101.71
<Z5,000
33,400
25.000
...4
35,000
3.19
25.000
Florence Hill 8. D., Texas
1060
30,000
100.36
33,000
35,000
1940-1943
24
1054
1200
3.28
30,000
r290,000
27,500
1940-1954
1201
914
5.99
103.05
100.83
3.65
34
1058
768
100.01
54
1202
915
5,700
„
Des Plalnes Park Dist., 111..
'
1055
—
1359 Port. Huron, Mich.;...
R.
2.39
2.82
918
3.75
101
101.37
914
"
1.87
102.38
1200 Pope Co. Ind. 8. D. 61, Minn
Ind
3.45
H33.000
Pleasant Twp. Rural 8. D., Ohio..3
914 Pointe Coupee Parish 8. D. 4,
4,000
..
—
Ky....
Ohio (2 issues).
913 Porter,
4.75
44,000
Pineville
1058
s.
2.00
100
101,23
100.44
r235,000
2
N. Y
5.55
""
1940-1968
1940-1959
Piermont
20,000
100
1940-1964
916 Pemberville 8. D., Ohio
916 Piqua
102.06
3*4
1199 Orleans. Mass
1199
4.28
.
3
1941-1946
1361
....44-5
Cuyahoga Hts. 8. D„ Ohio!
24
1362 Dallas,
Ore
i
.24-24
1362 Dallas, Ore
'..24
1940-1954
1940-1959
24
..
1,316
Custer City, Okla
915 Old Tappan 8. D„ N. J
1059 Orland Con. 8. D. 1, 8. Dak.___.3H
1198 Orlando, Fla.....
102.01
101.02
r30,000
7-435,000
143,000
1058
1058
1961-1953
1940-1953
1941-1959
Crawfordsville 8ch. City, Ind
1060 Cumberland County, Tenn
913
-.24
Opelika, Ala. (3 issues)
Orange, N, J.......
1940-1960
1060
r45,500
1201
2
1360
1942-1956
1356
4
Decaturviile,
392 000
2.35
Copiah County, Miss
Coquille, Ore
1060
r222,000
1941-1960
2.06
Conway 8. D., N. H
1.63
r90,000
1940-1944
4*4
100.40
100.67
3.00
15,000
1940-1960
65,000
100.86
15,000
85,000
2,000
75,000
10,000
drl56,000
108.68
75,000
1.89
100
8,000
rlOO.OOO
1939-1954
10.000
4
-
1942-194/
7-232,000
7-110,000
3.70
100.02
101.15
30,000
1945-1959
v-—2
—
2.36
10,000
1945-1948
..2
1201
Oceanport N, J
1060 Ogden, Utah...
101
100
5,000
34
-
2.03
10,000
56,000
1940-1944
24
Navajo Co. 8. D. 16, Ariz
...6
Nelson Twp., 111..
...3
Neptune Beach, Fla
....5
New Lexington, Ohio.....
34
Newport, Ky
24-2*4
Mich
Norwich, Conn.-
1.97
100.13
4,000
Multnomah Co. 8. D. 33, Ore;...1%
1947-1949
...
Concord, Ga;......:
1364
1054
3.00
100.15
288,000
..
.44-5
1059 Northampton County, Pa
"1056 North Bergen Twp., N. J
100
1,500,000
1941-1951
1356
.
1949
1941-1948
1.49
.
1940-1964
1943-1956
1940-1949
1359
Muskegon,
rl,073,000
66,000
1202 Multnomah Co. 8. D. 42, Ore
...
_____
1941-1953
44
—
1,810,000
1941-1953
1*4
I
......
10,000
1940-1964
1941-1954
1940-1969
2
3.10
2.97
101
;
34
1940-1952
3%
2,05
3.65
66,000
..3
913
916
1940-1959
.
101,11
102.02
101,16
63,500
3
1198 Columbus,
Ga
1Q56 Columbus, Neb..
916 Columbus, Ohio..,
918
1950-1958
2.94
25,000
4
III...
1358 New Salem Twp., Ill——
4
4.00
100.42
104
1940-1949
1357 Newport Levee Dist., Ark—^...6
...
100
102.67
1201
Milledgevllle,
Miller County, Ark
1.63
Coffee County, Ga
Coin Con. 8. D., Iowa.
2.98
14,000
3-34
1060 Marshall, Texas
1360 Marshall 8. D., Mo
914 Melville, La
2.85
....
33,000
3.84
1198
2.98
25,000
1940-1953
.,
3.61
18,000
3.85
....
100.83
101.59
r38,500
27 000
100.05
100.11
1940-1952
4.00
100.01
100.12
103.51
27,000
100.66
1941-1949
100
600,000
25,000
2%
75,000
8,500
1942-1958
22,000
44
11,000
1943-1962
1940-1957
.
1.00
2*4-3
1940-1951
Clarksdale, Miss
Clinton, Miss
1358 Clinton, Iowa...
2.87
28,000
1940-1961
1200
100.82
100
20.000
Ohio
1%
1360
3,142
8,500
__
915 China Grove, N. C_
1...34-3*4
Christian County, Ky_»__.
4
1198
7-120,000
.......
4.00
100":'
10,000
14
12,000'
34
764 Madison Parish, La
1
4
913 Maiiard, iowa
.4
917 Manor, Pa
.3
1356 Maricopa Co, 8. D. No. 80, Ariz..3%
1358 Maroa, 111
4
762
8,000
1940-1944
22,000
155,000
1060 Milltown, Wis...
1363 Millvale, Pa
8,500
---14
2.00
1940-1950
1360
1361
100
2
34
La Grange 8. D., Ga...
1940-1951
La Grande, Ore—
,.3
1939-1943
Lake County, Ohio..
1
Laurel, Neb.
Le Sueur, Minn
I.e Sueur, Minn
4
1939-1944
Lincoln Parish 8. D. No. 1, La.3^-4
1941-1964
Linden, Wis.
3
1940-1956
1965-1966
Little Rock Ark
4
4
1200
2
2.27
1358
t-90,000
r250,000
102.42
2.87
and
1942 1954
85,000
1.94
106.81
...34
100.49
3.92
101.27
8. Dak
1363 Brown County, 8. Dak.
914 Cambridge, Mass
100.57
20,000
1944-1955
.24
a325,000
1940-1949
5
100.28
16,000
1,000,000
2.09
100,000
37,000
1940-1955
101.45
1.98
21,000
148,000
151,250
100.45
1942-1962
30,000
:
......
5,600
100.36
20 years
110,000
17,000
rl,026,000
45,000
.....4
912
...
1,200
1-21 yrs.
.A-2*4
2*4
1055 Kentwood, La
918 Klmberly, Wis...
1362 Klamath Falls, Ore
1198
1362
1202
914
7,500
1939-1944
1940-1950
1940-1955
Chautauqua County, N. Y.
1054 Chicago, 111
1054 Chicago, III
1055 Chicopee, Mass
101.24
1939-1958
24
1360
"4.66
25,000
r69,000
1940-1949
4
2.05
1204 Ceredo, W. Va.
1198 Cerro Gardo County, Iowa
1361 Chadbaurn, N. C. (2 issues)
100
1940-1949
1953-1956
4
2
101.61
Texas...2^-3
D No. 20,
8
52,907
.24
1364 Middleton 8. D. No. 1, Wis
1203 Mifflin Twp. 8. D., Pa
15,000
..
1.65
—...
1364 Memphis 8. D., Tenn
1359 Michigan (State of).
25,000
Conservation
..4
1056 Macon, MISS
HI"
185,000
County, Texas
13,000
</24,000
....4-44
London Exempted 8. D.
1055 Louisiana
(State
of)
1941-1952
__3
1940-1949
Ingram, Pa
916
1955-196*1"
...
918 Brookings
3.17
...J..24
1357 Blaine Co. 8. D., No. 7. Idaho...
1060 Blanco, Texas
4
1198 Bradenton, Fla...
.1
Reclamation
100.42
85,000
1%
1363 Bell Township S. D., Pa
1060 Blacksburg, Va
4
Idaho Falls, Idaho
1360
1200
1358
1 66
70,000
4
1204 Beaver Dam, Wis..
1203 Bedford County, Tenn
<1120,000
Colo___.._2^
1357 Jerome Co. 8. D. 36, Idaho
1364
99,000
Barrington, R. I
769 Barrington, R. I
1357 Baxley, Ga
242,000
1939-1968
Aia
1056
100 49
30.000
1940-1954
...AH
767
T.el
100
50,000
._
3
1202
3*50
101.04
20,000
5,000
12,000
1941-1949
2 06
_
3,100
1940-1949
1942-1946
....
.
9,990
769
River
______
450,000
1941-1954
Basis
102 18
6,000,000
1198 Bancroft, Iowa (2 issues)
3H-5
1357 Bannock Co. S. D., class A, No. 1,
1364 Brazos
Price
Amount
916
Atoka, Okla. (2 issues)..
1358 Ash Grove Township, 111
918 Baldwin, Wis
1199 Baltimore, Md..^.._
1939-1956
1360 Knox County 8, D, 1, Neb
Maturity
..
1358 Arlington Heights Park Dist., 111.
1203 Brazas
10,931,241
4,900
S. D., Iowa
1940-1949
3*4
16,600
19,038,389
10,510,177
14,113,931
Altona, Ind
-.34
H-3
36,000
No. 1, Okla
Ames Ind.
16,000
1940-1949
16,111,587
1358 Amity Township, 111..
913 Anderson Twp. School Twp.,
Ind.3^
1060 Anson, Texas
1203 Archbold, Pa.
5
50.000
1940-1942
5,779.486
14
....34
1%
34
r1,092,000
2
11,966,122
5,071,600
Allentown. Pa
3.75
1945-1956
2
1895
24
107.47
100
4
.-2*4
1364 Juneau County, Wis
914 Kandiyohi Co. 8. D. 47, Minn
1056 Kansas City, Mo..
23,082,253
-
4.00
4.25
7-190,000
34
17,456,382
........
following is a detailed list of
issues brought out in February:
916 Allen 8. D
100
3-34
1199 Jessamine County, Ky
1055 Jones County, Iowa
13,114,275
9,308,489
12,676,477
4,423,520
1204 Albany County, Wyo...._
917 Allegheny Co., Pa. (4 issues)
100.01
100
2,86
j-153,000
r83,000
5,137,411
Hate
175,000
1946-1955
3.00
200.000
7,038,318
Name
1941-1956
44
1942-1953
1898
The
Page
2?*-3
1940-1947
1899
1892
<17-39,000
3
176,999,232
175,244,868
152,886,119
115,234,252
56,017,874
46,754,354
87,223,923
1940-1952
3
13,462,113
37,047,824
1.46
2.03
3
102.42
100
1204 Jefferson County, Texas
1357 Jefferson Co. 8. D. 51,
23,530,304
1893
....
100.27
40,000
1358 Jackson County, Iowa
1055 Jackson Parish 8. D. 1, La
1356 Jefferson County,
4,221,249
1916
100.47
1,500,000
1942-1961
17,746,884
31.795,122
21,092,722
12,614,450
.
3.91
7-2,300
1940-1954
5,150,926
7,951,321
.
2.98
1944^1946
9,310,631
.
1900
1894
913
2.88
100.21"
14
36,698,237
1901....
66,029,441
4
915 Hillside Twp., N. J
1360 Hinds Co. 1st & 5th Sup. R. D.,
1057 Iredell County, N. C__
7-23.000
Basis
101.56
24
Hatboro 8. D., Pa
1060 Henrico Co. San. Dist. 2, Va
1201 Hickory, N. C
1203
1948-1949
Price
5,500
3
769
71.^57,142
210,000
47,703,865
^
1902
25,956,360
Harrison County, Iowa
1941-1970
1944-1954
1055 Harrison Twp. Sch. Twp., Ind
1197 Hartford, Conn. (2 Issues)
34'023'931
47,260,219
1904
1917..
3
,
234,167,550
284,008,204
242,724,827
215,859,851
194,424,134
1896
913
Hammond San. Dist., Ind
Harmon Co. 8. D. 3, Okla
Amount
Maturity
37,545.720
1905
1897
1202
Rate
28,390,655
........
1906
1903
1055
1515
Name
,
For the
Month of
Two Months
February
$53,897,560
63,592,112
42.987,742
1939
Page
Miss
120I Hoboken, N. J
Two1203 Hollidaysburg, Pa
$^6,919,397
1358 Holsteln, Iowa.
122,416,261
1199 Hopkinsville, Ky
£8.072.526
1364 Houston, Texas (12 issues)...... 2
54,495,910
1204 Houston
County, Texas
100,663,423
1362 Hubbard, Ohio
„
For the
Chronicle
49,000
3*4
44
1942-1947
1941-1959
No. 9, Ore.2H-3
1055 Sedgwick County Kan...
2
1942-1948
1940-1949
1362 Seaside, Ore.
918
1202
Seattle, Wash
Sedan Con.
8.
D.
_
60,500
100.03
3.290,000
100.11
4.22
102 40
1,55
6.400
80,000
•
Financial
1516
Rale
Ind
1198 Seymour School City,
Maturity
.3
Name
Page
1940-1949
1940-1949
1939-1959
1204 Sheboygan Falls S. P. No, 6, Wis.3
5
1198 Shoals School Town, Ind
1056 Somervlile,
Mass
,
2Ji-3
3
1357 Statenvllle Con, d, D., Ga———5
1363 Sturgls, 8. Dak
3
918 Sullivan County, Tenn-^
1055 Sumner, 111. (2issues)
-
915 Teaneck Township, N. J—-
1204 Texas (State cf) 6 Issues
913 Thoronton, Iowa
2J4
3H-4H
2H
—_
—
_3H
------
1358 Tiskllwa S. D. No. 169, IU
1058 Tiffin a. D., Ohio
1362 Trunbull County, Ohio
-
1204 Tucker County, W. Va
916 Verden, Ok la
--———5
1056 Virginia, Minn—
——2M
1201 Wahoo, Neb
2%
1357 Wallace, Idaho—:—
6
1059 Warwick, R.I. (2 Issues)—1M-2J4
-
-*—2
Tenn
3*4
Washington Co., Ky. (School
Corp, Issues)-——_3M
Water Valley, Miss
4
Waverly, N. Y
2%
Waynesfleld, Ohio—
—4
Webster Parish S.D, 35, La
3H
Westboro S. D„ Mo..—.—.2%
West Salem, Ore4&-5
West Ind, S. D., Texas
3H
West Virginia (State of)
1^-2
Wichita, Kan
—2
WlUlamsburg S, D„ Ohio——-3H
Wilson County, N. C
2H-2
Winston-Salem, N.C. (3 Issues)—2 ^
1059 Washington, Pa—
1203 Washington County,
1055
1201
1202
1199
1200
1203
1364
1364
913
1058
1201
916
—
-
—
1055 Woodstock H. 8, D. 152, IU-
1054 York Com. 8. D. 38, Idaho
3M
Total bond sales lor February (277
12,600
28.000
42,000
—
1939-1948
2.31
porary deferments.
These defaults are attributed in large part
that many of the issues still held are not payable from taxes
3.19
from the revenues from- the
100
2.89
100
1940-1963
1940-1954
1939-1948
1940-1967
1940-1951
1943-1952
110,000
2,500
450,000
f45.000
10.366
344,000
100,000
200,000
1940-1958
3.17
101.42
3.36
100.42
2.42
100.52"
3~44
100""
2.74
100.05
2.74
10b"83"
2*38
Government, and author and editor of many papers, reports and brochures
100.83
1.88
on
nance,
100™
Pr20,000
1,000,000
100.03"
1.93
102.45
100.81
1.53
100,01
100.03
2.93
100"62"
2~43
*
-
1939-1963
1940-1949
1940-1962
1941-1956
1949-1964
i/190,143
60,000
" " 88,000
tr375,000
—
surance
55.000
r60,000
4,000
100
3.125
2.49
100.72
,2.35
numbers of the issue of our paper in which
found:
reasons
for
Price
Basis
these eliminations may be
Maturity
— —
—
-
—
914 Wright S.D. 35, Minn. (Jan.)—
—
—
Amount
$2,500
10,000
7,000
10.000
—
——
—
—
—
We have also learned of the following additional sales for
previous months:
Name
Page
Alexis I. du Pont
•
Rate
Maturity
Amount
S.D.,Del.(Oct.)J2H
1939-1958
$200,000
1203 Amherst S. D.>.Texas (Dec.)
4
917 Ben Avon Heights, Pa—————2H
1056 Black Hammer, Minn. (Oct.)—2 H
1939-1957
1204
1944-1949
Price
Basis
<220,000
1198
1948
914 Frankfort,
1941-1958.
Ill
1940-1957
10-20
-—3
1200
1060
1059
914
21,000
146,000
146,000
3,500
30,000
16.000
28,000
1953
2.00
101*73" ;2"06
100.62
107.67
2A0
41,000
20,000
75,000
100.54
—
100
4.00
100
3.50
104
3.04
TOO""""
¥.66
r879,000
1939-1953
—4
Sharon Hill, Pa. (Nov.)
—3
South Fayette Twp., Pa. (Nov.)—2%
Troy Twp., Mich. (Oct.)—
4
University of Utah, Utah
Upper Burrell Twp. S. D., Pa,
.'
(Sept.)
4
Wright S. D. 35, Mo
..3H
...
104,69
35,000
1939-1952
1357 Pueblo, Colo.—
1203
yrs.
1940-1946
-
1056 North Muskegon, Mich———4
917 Plains Twp. S, D„ Pa
A
917
18,000
14.000
1942-1956
Mich. (Nov.),
1358 Nelson Twp.,
1942-1963
100
4.00
lbT03"
100.63
2.68
1940-1958
19,000
10,000
100
100.53
4.00
January issues will make the total sales
or RFC and PWA loans) for that
(not including temporary
Page
Name
1204 Canada (Dominion of)
1364 Lanark County, Ont
1364 Montreal, Que
1364
Prescott, Ont-.
Rate
.......
Maturity
Amount
.—*$25,000,000
1955
3H
4
Basts
'
reconsider its approval of Governor Lehman's appointment of Miss Miller
as Industrial Commissioner.
The vote reversed an earlier ballot.
Senate Republican Floor Leader Joe R.
Hanley of Perry announced that
action on the appointment would be delayed until the
,
unemployment in¬
Committee completes its investigation.
As Industrial Commissioner, Miss Miller is head of the Labor Depart¬
ment which administers unemployment insurance.
New
Jersey—Fund Diversion Bill for Relief Pur pases
Rejected—The State Assembly on March 7 turned down a
measure
proposing to divert $8,288,288 from the State
Highway Fund to pay for relief. The vote was 18 for and
28 against the bill, with would have reduced highway depart¬
ment operations to a maintenance basis.
Defeat of the measure, which was part of a program to find $12,000,000
Opponents of the diversion bill said It would "lose money for the State"
solving the relief problem.
They contended it would result in
in, Works progress Administration and United States
public road funds if enacted.
,
Speaker J. Pascoe of Union, after the bill had been voted down, ordered
house Republicans into a caucus with Senators to consider a compromise
solution of the relief financing problems.
Under consideration was a bill
sponsored by Senator Arthur F. Foran proposing a combination of highway
without
10 yrs.
12,500
1959 <24,000,000
102.31
9 yrs.
1939-1963
a
bond issue.
•.
.
Mr. Foran has proposed that $12,000,000 be raised as follows:
A $5,000,000 bond issue; a $3,000,000 diversion of State highway funds; $2,000,000 from grade crossing elimination bonds; a $2,000,000 loan from the
New
105.11
Total long-term Canadian debentures sold In Feb
*
genuine interest in simplifying the law so as to reduce the difficulties of Its
administration, will wish to give great weight to the recommendations of
the Council based as they are on a study of many months."
Th3 Senate Finance Committee in a surprise move voted meanwhile to
teachers' fund..
19,000
3%
1060 St. Joseph De Grantham, Que... A
Price
—»25,000,000
..
A
—
...
.
Elimination of recalculation of benefits.
of $ fiat amount
prior earnings.
Governor Lehman said the Council recomended that the changes become
effective July 1.
The present law permits payments of benefits for up to 16 weeks, de¬
pending on the claimant's previous earnings and employment.
Benefits
also are calculated on previous earnings down to pennies.
Governor Lehman said the proposed amendments "will substantially
simplify" administration of the law, adding:
"In fact the Council points out in considering changes In the benefit
formula the Council set simplification as its first and principal goal
Un¬
employment insurance at best presents an immensely difficult adminis¬
trative task.
Unless the provisions of the law are themselves of utmost
simplicity, effective and economical operation of the law cannot be expected.
"These suggested simplifications will-greatly relieve employers of much
of the record reporting they are now obliged to do.
Furthermore, they will
bring about major savings in the cost of administration.
"I am confident that your honorable
bodies, which have demonstrated
fund diversions and
SOLD BY CANADIAN MUNICIPALITIES IN FEBRUARY
1364 Canada (Dominion of)
1204 Exeter, Ont
1. A uniform benefit period of 13 weeks.
'
A reduction in the waiting period before benefit payments from five
weeks, which need not be consecutive.
3. Rewriting the benefit schedule to make all payments in even dollar
2.
to three
loss of $21,320,000
*
month $103,729,854.
DEBENTURES
March 7 submitted the
with which to pay 1939 relief costs, left the relief situation where it was at
the beginning of the year.
v
100,000
..
All of the above sales (except as indicated) are for January.
These additional
on
surance
915 Gallup, N. M*-j.
•
-4
1198 Jefferson County, 111, (2 Issues).!—3#
915 Moravia, N. Y
.4
—
6,000
20.000
Cedarburg, Wis, (Dec.)
..3)4
1202 Curry Co. H. S. D. No, 1, Ore.
(Oct.)
2H-2H
1058 Deschutes Co. 8, D. 6, Ore, (Oct.) 3%
Proposes Changes in Job In¬
Law-—Governor Lehman
5. An expression of the eligibility requirements in terms
The following items included in our totals for the previous
same.
We give the
Rate
Better
4.
months should he eliminated from the
Co., Ark. (Dec., 1938)—
1057 Waverly, N. Y (Sept., 1938)
City Managers Association,
of
call in and during the earlier years and to mature in the later year.
$169,694,684 temporary loans or funds obtained by States and
r Refunding bonds.
„
International
amounts.
1153,897,560
kNot Including
1197 Newton
the
report of the Unemployment Insurance Advisory Council to
the Legislature, advocating radical changes in the State's
jobless insurance law to simplify admin stration and speed
the payments of benefits, according to Albany advices.
In a special message to the Legislature the Governor dis¬
closed that the advisory council has advocated the follow¬
ing amendments:
90,000
1940-1959
1947-1953
1939-1959
including
this subject.
Mr. Gulick has chosen "School and Our Economy" as his subject.
New York State—Governor
rl4,5O0
7,000
3,000
"
25,000
P' 65,000
1942-1955 f 50.000
—
Page
Name
917 Mount Angel, Ore. (Jan)
gents inquiry into the character and cost of public education in New York
State.
Mr. Gulick's career in research work began in 1917 with the New
York Bureau of Municipal Research of which he is now a director.
He
Is a member of numerous other organizations in the field of municipal fi¬
100.10
municipalities from agencies of the Federal Government,
page
Mr. Gulick is one of three appointed on President Roosevelf*s committee
the Federal reorganization proposal.
He is a director of the re¬
to draft
municipalities,
covering 319 separate Issues)
News Items
2~75
—
1939-1943
1940-1944
1940-1949
but solely
Municipal Forum to Hold Luncheon—Luther H.
Gulick, Government Reserch Expert, will address the next
luncheon meeting of the Municipal Forum of New York, at
the Lawyers Club, on Tuesday, March 14, at 12:15 p. m.
46,000
—
to the fact
operation of new projects.
3.00
100,29
rl40,000
—
-
—
916 Xenia City S. D„ Ohio———2^
914 "York, Neb
——2M
d Subject to
1940-1959
-
2%
2%
3
175,000
1941-1948dl2,000.000
1940-1954
10,000
1941-1958
70,000
12.600
1941-1969
65.000
1940-1951
82,000
172,000
4.04
100.11
rl ,450,000
that the great
102.17
75.000
2.52
108
6,500
100,000
1939
quent on that date.
Issues affected by delinquencies were 323 out of nearly
2,900 purchased.
A close follow-up of these cases, it was said, indicates
majority of them will not represent losses, but merely tem¬
102.67
9,000
1940-1965
1949
1941-1956
3.20
1059 Spink County, 8, Dak
1360
10,000
1940-1969
-
915 South Amboy, N. J
1203 South Dakota (State of)--1204 South Salt Lake City, Utah
Basis
Price
Amount
Mar. 11,
Chronicle
3.05
4.32
14,000
50,000
York, N. Y.—City's Tax Rate Set a2$1.38 for Half
Year—The City Council at a special meeting on March 3
called by Mayor La Guardia fixed the basic city tax rate for
the first six months of 1939 at $1,38 for each $100 of assessed
real estate valuation.
$4,095,500
This rate if carried
over
to the last
six months of the year
for the entire year, as
Temporary loan: not included In total for month.
RECONSTRUCTION FINANCE CORPORATION
would amount to a basic rate of $2.76
compared with $2.79 for 1938. The
new rate means a saving of 38c. on each $1,000 of taxable
property annually.
The tax rate was adopted by the
Council following a report presented by Councilman Joseph
E. Kinsley, chairman of the Finance Committee.
,
Profit of $12,000,000 on Sales and Negotiations Reported—^
A report showing that the Public Works Administration has
made a profit of $12,000,000 through the sale, repayment
and redemption of $485,000,000 of securities it purchased in
making loans for permanent improvements, was made public
on March 5 by Administrator Harold L. Ickes.
The report,
prepared by the PWA Finance Division, also showed that
about $18,000,000 of interest had been collected on such
loans and turned in to the treasury.
The collections through the sale, and repayment and
redemption of the
were made directly or through the Reconstruction Finance Cor¬
poration which handles the sale of PWA holdings to replenish the revolv¬
securities
ing fund.
projects.
This
enormous sum has been used for reallotment to other similar
The report summarized the construction loan operations of PWA since
1933.
The profit came from cash premiums private investors paid to
pur¬
chase the bonds from PWA over the amount PWA paid for the securities
at a time when
private invastors were unwilling to purchase them.
At the end of 1938, the RFC had bought about
$624,000,000 par value of
PWA securities, of which all but $171,000,000 were resold to private in¬
vestors or had been paid, redeemed or repurchased
by the issuers.
J WA purchased a total of more than $697,000,000 worth of bonds in its
programs.
Of this amount PWA held approximately $44,500,000 of secur¬
ities on Dec, 31.
Out of the total of almost $700,000,000 of bonds pur¬
chased, only $2,534,000 of principal and $2,051,000 of interest
was
delin¬
The Council has no choice In fixing the tax rate, Mr. Kinsley com¬
mented, as "the provisions of the charter are absolutely mandatory and
require that the Council shall deduct the total of receipts estimated by the
Comptroller from the amount of the budget as fixed."
Mr. Kinsley predicted that if the Comptroller erred In his
computation
of income of the general fund by a sum greater than $137,249. "the city
will be faced with
a
financial deficit."
The breakdown of the rates for the various boroughs indicates the follow¬
ing tax rates:
Manhattan, $2.88; Bronx, $2.84; Brooklyn, $2.86; Queens,
$2.96; Richmond, $2.86.
"The total amount of the budget for the first half year of 1939," the
report said, "is $289,198,240.81, which is slightly less than half of the
budget of 1938, which totaled $589,980,576.64."
North
Carolina—Municipal Financial Statistics Compiled—A handbook of condensed statistical data on the
counties and major cities in the State has been prepared for
the use of the municipal bond buyer by the Equitable Securi¬
ties Corp., of Nashville and New York.
The financial
summaries presented in this booklet are intended primarily
as a quick reference guide for dealers and investors, supply¬
ing a handy description of the various obligations in which
they rhay be interested.
„
.
Volume
Financial
148
Chronicle
Pennsylvania—Changes in Legal Trust Investments—The
following issues are removed from the list of securities con¬
legally eligible for investment (as of March 1)
by trustees in this State:
sidered to be
Note—The figure in parentheses preceding the name of the issue indicates
"which of the qualifying railroads listed on page 25 of "Trust Investments
in Pennsylvania" (revised edition, August, 1937) is obligated in respect to
the particular issue.
List of Securities Deleted
(7)
Atlantic City RR. Co. 1st 5s, 1954.
Catawissa KR. Co. 1st cons. 4s, 1948,
Chicago Burlington & Quincy KR. Co.:
Gen. 4s, 1958.
Equip, trust 2Ms, due to 1946.
Illinois Div. 1st 3M«, 1949.
Coil, trust 2Ms, due to 1946.
Illinois Div. 1st 4s. 1949.
(8)
(3)
(3)
Chicago Union Station Co.:
1st 4s, 1963, series D.
(7)
—% Delinquncu—
1930 1937 1938
37.7 23.6 21.1
11.6
7.8
7.7
29.9 15.0 13.9
41.1 14.6 14.4
14.3
8.4
7.0
29.8 19.8 17.8
25.1 15.2 14.6
32.7 23.9 21.1
Atlantic City, N. JDallas, Texas-East Orange, N. J..
Fall River, Mass.,.
Greensboro, NO—
Irvington, N. J
Jacksonville, Fla.-Knoxville, Term
Cincinnati Lebanon & Northern Ky. Co. 1st cons. 4s, 1942,
Cincinnati & Muskingum Valley RR. Co. 1st 4s, 1948..
(7)
1st 3Ms, 1963, series E,.
Bond Proposals and
.
(7)
(7)
Cleveland Akron & Columbus Ry. Co. 1st cons. 4s, 1940.
Cleveland & Pittsburgh RR. Co.:
Gen, 4Mb, 1942, series A.
Gen. 3Ms, 1948, series C.
Gen. 4Ms, 1942, series B,
Gen. 3Ms, 1950, series D.
Gen. 3Ms, 1942, series B.
(5)
(7)
(7)
HOMEWOOD,
Rapids & Indiana RR. Co.:
Equip, tr, 4Ms, C, due to 1939
$36 per $1,000 of assessed valuation, the total levy amount .ng to $7,494,825.
Equip, tr. 4Ms, D, due to 1940.
Equip, tr. 2s, due to 1947.
(5)
(8)
(8)
(7)
Pennsylvania RR. Co.:
Cons. 3 Ms, 1945,
Cons. 3Ms, 1945, Sterling.
Cons. 4s, 1943.
Cons.,4s, 1948.
Cons. 4s, 1948, Sterling.
Cons. 4s, 1948, Sterling, stpd.
(7)
Cons. 4Ms, 1960.
Eq.
Eq.
Eq.
Eq.
Eq.
tr. 4M8, C, due to 1939.
tr.
tr.
tr.
tr.
4Mb,
2Mb,
2Ms,
2Ms,
D, due to 1941.
G, due to 1950.
I, due to 1953.
H, due to 1952.
.
Philadelphia Baltimore & Washington RR. Co. 1st 4s, 1943.
Philadelphia & Reading RR. Co.:
(8)
Prior lien ext. 4Ms, 1942.
Term.
1st
,»■•••''
58, 1941.
ARIZONA BONDS
»
.
Del. Riv. Term. P. M.5s, 1942.
Del. Riv. Term. Ext. P. M. 1st 5s, 1942,
Pittsburgh Cincinnati Chicago & St. Louis Ry. Co.:
Cons. 4Mb, 1940, series A,
Cons. 4s, 1953, series F.
Cons. 4Mb, 1942, series B.
Cons. 4s, 1957, series G.
Cons. 4Mb, 1942, series C.
r Cons. 4s, I960, series H.
Cons, 4s, 1945, series d.
Cons. 4Mb, 1963, series i.
(7)
(7)
<
New York Short Line RR. Co. 1st 4s, 1957.
North Pennsylvania RR, Co. 1st 3 Ms, 1953.
Ohio Connecting Ry. Co. 1st 4s, 1943.
(7)
■,_
«.
Louisville & Nashville Terminal Co. 1st 4s, 1952.
New York Connecting RR. Co.:
1st 4Ms, 1953, series A.
1st 5s, 1'953, series B,
TUSCALOOSA, Ala.—BOND TENDERS INVITED—It is stated by
H. M. McLeod, City Clerk, that he will receive sealed bids until 11 a. m.
March 21, for miscellaneous bonds of the city aggregating $62,000.
These bonds have been sold by the city at various times and are now held
in its water works bond sinking fund, and are being sold for the purpose of
procuring funds to retire a like amount of water works bonds maturing
April 1, 1939.
The bonds are all coupon bonds and none of them are reg¬
istered.
They are all payable in N. Y. City, except as to $5,000 thereof
which are payable at the City Treasurer's office, or in N. Y. City.
$43,000
„of the bonds are in the denomination of $1,000 each and $19,000 of them are
in denomination of $500 each.
The bonds mature variously from May 1,
1942 to July 1,196L
$20,000 of thejoonds bear interest at 6%. $37,000 at
5%, and $5,000 at 4%.
All bonds and interest coupons are seemed by
the full faith and credit of the city.
At the various times the bonds
were issued the opinion of Storey, Thorndike, Palmer & Dodge, of Boston,
was.secured approving the
validity of the respective issues. These opinions
are on file in the City Clerk's office and certified copies thereof will be fur¬
nished to the purchaser.
All of the bonds will be sold in one block and none
of them will be sold separately.
Bids must be for a definite sum for the
whole number of bonds and shall include a provision to pay, in addition to
the lump sum bid, interest on each bond from its latest interest payment
date to the date of delivery of the bonds.
The bonds will be delivered to
the purchaser at the First National Bank, Tuscaloosa, immediately upon
payment thereof, unless a later date shall be mutually agreed upon.
Enlcose
a certified check for $1,200, payable to the city.
,
'
on
,
(7) Harrisburg Portsmouth Mt. Joy & Lancaster RR. Co. Istf4&, 1943.
(7) Indianapolis Union Ry. Co..ref. & imp. 3Ms, 1986, series B.
(5) KAnawha Bridge & Terminal Co. 1st 5s, 1948.
(5) Kentucky Central RR. Co. 1st 4s, 1987.
"
(5) Louisville Henderson & St, Louis Ry. Co. 1st 5s, 1946.
(5) Louisville & Nashville RR. Co.:
Unified 4s, 1940.
Mobile & Montgomery 1st 4Mb, 1945.
Paducah & Memphis Div. 1st 4s, 1946.
Equip, trust 2Ms, G, due to 1952.
(7)
■
Cons. 3Ms, 1949, series E.
Markets in all Municipal Issues
REFSNES, ELY, BECK & CO.
PHOENIX, ARIZONA
Cons. 4Mb, 1964, series J.
Pittsburgh Youngstown & Ashtabula Ry. Co.:
1st gen. 4s, 1948, series A.
* 1st gen. 5s, 1974, series C.
1st gen. 5s, 1962, series B.
1st gen. 4Ms, 1977, series D.
(12) Potomac Valley- Kit. Co. 1st 5s, 1941.
n
.
» "•
(8) Reading Belt RR. Co. 1st 4s, 1950.
(4) St. Pain Minneapolis & Manitoba Ry. Co. Pacific Ext 4s, 1940.
(3) "St. Paul Union Depot Co, 1st & ref. 5s, 1972, series A.
(7) Sunbury Hazleton & Wilkes-Barre Ry. Co. 2d (now 1st) 6s, 1938.
(9) Texas Pacific-Missouri Pacific Terminal RR. of New Orleans:
1st 5Ms, 1964, series A,
(9) Texas & Pacific Ry. Co.:
1st 5s, 2000.
Eq. tr. 4Ms. A, due to 1943.
Eq. tr. 5s, GG. due to 1939.
Eq. tr. 4s, B, due to 1943.
Eq. tr. 4Mb, HH, due to 1940.
Eq. tr. 4ms, C, due to 1944.
Eq. tr. 4Mb, JJ, due to 1942.
(7) Toleao Walhonding Valley & Ohio RR. Co. 1st 4s, 1942, series C.
(7) United New Jersey RR. & Canal Co.:
Gen. (now 1st) 3Mb, 1951.
Gen. (now 1st) 4Mb, 1973.
Gen. (now
1st) 4s, 1944.
Gen. (now 1st) 4Mb, 1979.
ARIZONA
MARICOPA COUNTY SCHOOL DISTRICT NO. 80 (P.
inclusive.
ARKANSAS
(7)
(4)
(12)
(13)
.
v
(7)
(8)
CLARENDON, Ark .—BOND OFFERING CONTEMPLATED—We are
Informed by the City Clerk that the $24,000 street paving bonds approved
by the voters at an election held oh Sept. 28 by a wide margin, will be
offered for sale about April 10th.
Due in from one to 22 years.
m
p.,
.
FRANCIS LEVEE DISTRICT (P. O. West Memphis); Ark.—
district is calling for payment
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 bonefs are
requested to present them prior to June, 1, 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.
'
ST.
BOND CALL—It is officially stated that the
on
Eq. tr. 2 Ms, .E,'due to 1941.
Wheelmg Terminal Ry. Co. 1st 4s, 1940.
Wilmington & Northern RR. Co. 1st 4Mb, 1977.
,
,
United
States—Survey Made on Trend of Tax Delin¬
quency—Two features stand out conspicuously in the munic¬
ipal tax collection record for 193S, according to the 19301938 survey of tax ldelinquency just published by the
Municipal Service Department of Dun & Brads tree t, Inc.
Contrary to what might have been expected, in view of
generally adverse business conditions, the average city
collected a slightly higher percentage of its current property
tax levy than it (fid in 1937, this marking the fifth consecu¬
tive year of improvement.
The collection
SALE—The $10,000
building bonds offered for sale on Feb. 27—V. 148,
1197—was purchased by the Newton County Bank of Jasper at par.
according to the County Clerk. Denom. $1,000. Due from 1940 to 1944
Inch; without prior option.
-
Vandalia RR. Co.:
Cons. 5s, 1955, series A.
Cons. 4s, 1967, series B.
Washington Terminal Co.:
1st 3Ms, .1945:
»
1st 4s, 1945.
Western Fruit Express Co. eq. tr, 4Mb, D, due to 1944.
Western Maryland RR. Co. 1st 4s, 1952,
Wheeling & Lake Erie Ry. Co.:
^rEq. tr. 2Ms, D, due to 1946.
NEWTON COUNTY (P. O. Jasper), Ark—BOND
issue of 5% courthouse
Gen. (now 1st) 4s, 1948.
_
0. Chand-
ler), Ariz.—PRICE PAID—In connection with the sale of the $33,000
building bonds to Kirby L. Vidrine & Co. of Phoenix, as 3 Mb, as noted here
on March 4—V.
148, p. 1356—were purchased at a price of 100.102, a
basis of about 3.86% .
Dated Oct. 1, 1938. Due $3,000 from. 1940 to 1950,
.
(7)
depositary,
Bidders are asked to name the rate of interest at not more than 5%.
Total bonded and other indebtedness of the county as of Sept* 30, last,
$12,286,500, according to a financial statement accompanying the notice
of sale.
The tax rate for the current fiscal year ending next September Is
1st ext. 3Ms, 1941.
'
connection
Was
*
1st ext. 4Mb, 1941.
Great Northern'Ry. Co.:
1st & ref. 4Ms, 1961.
(4)
ACCEPTED—In
JEFFERSON COUNTY (P. O. Birmingham), Ala.—BOND OFFER¬
ING—It is Btated that R. H. Wharton, President of the Board of Com¬
missioners, will offer for sale at auction on March 17, at 10 a. m., each on
a separate sale basis, the
following, refunding bonds in the total amount
of $338,000:
$218,000 road, due April 1, 1942 to 1953; $34,000 road,
due April 1, 1944 to 1954; $55,000 courthouse and jail, due 1942 to 1952;
$5,000 courthouse and jail, due 1944 to 1949; and $25,000 refunding, due
April 1, 1942 to 1954.
Girard Point Storage Co. 1st 3 Ms, 1940.
Grand
TENDERS
Bank of Birmingham, acting as the city's sinking fund agent and
that $14,000 bonds were purchased at a price or 67 M ♦
,
tit
Ala.—BOND
with the call for tenders of 3%-5% impt. refunding, second series bonds,
dated Jan. 1, 1938, due on Jan. 1, 1968, it is stated by the First National
Delaware & Bound Brook Ry. Co. 1st 3 Ms, 1955.
Delaware RR. Co. 1st 4s, 1982, series A.
East Pennsylvania RR. Co. 1st 4s, 1958.
Eastern Ry. of Minnesota, Northern Div. 1st 4s, 1948.
Elmira & Williamsport RR. Co. 1st 4s, 1950.
Erie & Pittsburgh RR. Co.:
Gen. (now 1st) 3Ms, 1940, series B.
Gen. (now 1st) 3Ms, 1940, series C.
(4)
Negotiations
ALABAMA
Clinchfield RR. Co. equip, trust 2Mb A, due to 1952.
Columbus, & Port Deposit Ry. Co. 1st 4s, 1940.
Connecting Ry. Co.:
1st 4,s 1951.
1st 5s, 1951.
1st 4Mb. 1951.
(8)
% Delinquency—
1930 1937 1938
25.3
9.4
8.8
14.6 10.2 10.0
25.6 17.6 15.2
16.6 10.1 10.0
21.8 13.9 13.6
28.8 15.3 14.7
29.6 18.1 19.7
11.1
5.7
6.7
Miami, Fla
New York, N. Y—
Norfolk, Va
Philadelphia, Pa--Pontiac, Mich
Roanoke, Va
Springfield, Mass.,
Water bury, Conn__
Chiefly instrumental in producing such results, according to Frederick L.
Bird, the author of the survey, were increased efficiency in tax collection
methods, removal of chronically delinquent property from the tax rolls
through foreclosure, instalment payment plans for taxes in arrears which
necessitate prompt payment of current taxes, progress in the rehabilitation
of real estate, and, In a few instances, reduction in taxes levied.
Allegheny Valley Ry. Co. gen. (now 1st) 4s, 1942.
(8)
1517
Conspicuous examples of this improvement include the following:
of delinquent taxes declined quite markedly, however,
with the result that total collections of current and delinquent taxes fell
below the year's levy, on the average, for the first time in four years. While
this was a reasonable expectation, in view of the business recession and a
much depleted accumulation of back taxes to draw upon, it contributed to
the unbalancing of a considerable number of budgets which had been made
without sufficient regard for the indicated trend of collections.
The average current tax delinquency for 150 large cities in
10.7%, compared with 11,3% in 1937, and
a
1938
was
peak delinquency of 26.3%
in 1933.
Ninety-three of these 150 cities bettered their 1937 records and only 30
lost ground as much as one percentage point.
Not only did the average current delinquency drop close to the 1930 level
of 10.1%, but in 63 of the 150 cities under consideration, current tax
delinquency in 1938 fell well below the 1930 ratios.
SALT BAYOU DRAINAGE DISTRICT (P. O. Pine Bluff), Ark.—
TO RFC—The above named district reports the sale of
BONDS SOLD
$264,000 In bonds to Reconstruction Finance Corporation to make possiole
50% adjustment of its debt. Delinquent taxes will be settled and a reserve
equal to one year's principal and Interest on refinancing issue.
set up
CALIFORNIA
State of—ELECTION ON PENSION PLAN HELD
UNLIKELY—A special dispatch from Sacramento to the "Wall Street
Journal" of March 7 had the following to say:
According to reliable political information here Governor Olsen will
stand on his inaugural address statement on further California pension plans.
Thirty dollar-Thursday advocates who have kept their organization alive
since the November defeat of their proposals and have been circulating
petitions for a new election have hoped that if sufficient signatures were
obtained that the Governor would call a special election.
It is reliably indicated that he has no Intention of doing so.
This would make the November election of 1940 the first at which peti¬
tions even if qualified could produce a vote at a State general election.
In
his inaugural. Governor Olsen advised pension advocates that California
finances could not stand any greater liberality than is now accorded until
they were repaired.
CALIFORNIA,
,
CALIFORNIA, State of— WARRANT SALE—The
general fund registered warrants offered
1357—was awarded to R. H. Moulton &
$3,705,516 Issue of
for sale on March 6—V. 148, p.
Co. of Los Angeles, at 2%, plus a
>ated March 9, 1939.
Sremium of $15,860, according to Harry B. 30, 1939.State Comptroller.
Due on or before Aug. Riley,
Financial .Chronicle
1518
ADDITIONAL
Mar.
WARRANT SALE—The $4,000,000 Issue of registered
on March 7—V. 148, p. 1357—was also
GEORGIA
welfare warrants offered for sale
awarded to the
Riley states.
purchaser at 2%, plus a premium of $17,280, Mr.
Dated March 9,1939. Due on or about Aug. 30,1939.
same
LAGRANGE
Johnson, Lane, Space & Co. of Atlanta, as 2Ms, at a price of
Treasurer's office.
The bonds will be sold for cash only and at not less
The approving opinion of Orrick, Dahlquist, Neff & Herrington of San Francisco, will be furnished.
Enclose a
certified check for not less than 3% of the amount of the bonds bid for,
payable to the Chairman Board of Supervisors.
than par and accrued interest.
5s and $105,000
as
BANNOCK COUNTY INDEPENDENT SCHOOL DISTRICT, CLASS
A, NO. 1 (P. O. Pocatello), Idaho-—PRICE PAID—It is stated by the.
Superintendent of Schools that the $85,000 school construction bonds
purchased by the J. K. Mullen Investment Co. of Denver, as noted here—
V. 148, p. 1357—were sold as 2%s (not 4s), at a price of 100.668, a basis
of about 2.67%.
Due from July 1, 1939 to 1955 incl.
2%e, paying a price of 100.304.
COLORADO
CLARK FORK INDEPENDENT SCHOOL DISTRICT NO. 5 (P. O.
DURANGO, Colo.—BONDS OFFERED TO PUBLIC—A $350,000 issue
of refunding water bonds is being offered by Bosworth, Chanute. Loughbridge & Co. of Denver, for general investment, divided as follows: $168,000
as 3s, maturing 14,000 from Sept, 1, 1941 to 1952; the remaining $182,000
as 3Ms, maturing $14,000 from Sept. 1,1953 to 1965 incl.
Denom. $1,000.
Dated March 1, 1939.
All bonds maturing from 1955 to 1965, are subject
to call on or after Sept. 1, 1954.
Prin. and int. (M-S) payable at the
City Treasurer's office.
Legal approval by Pershing, Nye, Bosworth &
Dick of Denver.
Sandpoint), Idaho—BONDS SOLD—It is stated by the District Clerk
that $19,500 4% semi-ann. school bonds have been
the State Department of Public Investments.' These
by the voters at an election held on Aug. 9.
EMMETT, Idaho—MATURITY—It is now reported by the City Clerk
that the $29,002.51 issue of Local Improvement, Oil Surfacing District
No. 1 bonds purchased by Sudler, Wegener & Co. of Boise, as 5Ms at par,
as noted here—V. 148, p. 1054—is due on Feb. 1 as follows:
$3,000 in
,
COUNTY
1940 to 1948, and $2,002:51 in 1949.
are
ILLINOIS
OTERO AND CROWLEY COUNTIES JOINT SCHOOL DISTRICT
3 (P. O. Manzanola), Colo.—BONDS OFFERED TO PUBLIC—
The following bonds aggregating $73,000, are being offered by Bosworth,
Chanite, Lougbbridge k Co. of Denver, for public subscription:
III.—PLANS APPEAL TO STATE SUPREME COURT
IN $11,000,000 FUNDING BOND CASE—The
Wall Street Journal" of
March 10 carried the following report from its Chicago bureau:
An appeal to the June term or the Illinois Supreme Court is being pre¬
pared by the City of Chicago on a recent decision of County Judge Edmund
K. Jarecki holding illegal part of the levy of taxes to service the $11,000,000
judgment funding bonds of this city sold early in 1937.
The court will
recess for the summer and it is not expected that decision will be forth¬
coming until the fall term.
CHICAGO.
NO.
■
$21,000 314% refunding bonds.
Due on April 1 as follows: $2,000 In 1940
to 1942, and $3,000 in 1943 to 1947.
52,000 3H% refunding bonds.
Due $4,000 from April 1,.1948 to 1960 incl.
Dated April
amount of
1, 1939,
These bonds are being issued to replace a like
outstanding 4H % building bonds which will become optional
"Specific issue to be certified'to the Supreme Court will be whether under
1936 statute public benefit judgments may be funded just like any
types of judgments.
for payment on April 1, 1939.
They have been authorized by a vote of
the qualified taxpayers of the district and will constitute, in the opinion
of counsel, a direct general obligation of the entire district, payable from
unlimited ad valorem taxes.
Legality
to be approved by
the
other
Under ordinance dated Dee. 21, 1930 the city was authorized to issue
$12,349,000 judgment funding bonds of which $8,685,021 was to fund the
principle amount of judgment and $3,363,269 to fund Interest thereon.
Such funding bonds were issued under a statute passed in 1936 which gave
Illinois cities authority to issue such bonds without a referendum.
Legality
of the bonds was approved «by Chapman & Cutler, one of the leading
municipal law firms or the Middle We.it.
Of the total amount of bonds issued $11,000,000 have been publicly
sold; $275,000 have been acquired by the City of Chicago for its various
funds, and the remainder are unissued.
The publicly sold bonds mature
in 1956 but are optional in 194^-47-49.,
"In a recent verbal decision, County Judge Jarecki held that a part of
Pershing,..Nye,
Bosworth & Dick, of Denver.
FORT COLLINS, Colo.—BONDS SOLD—It is stated that $585,000
2H% semi-annual electric light and power revenue refunding bonds have
been purchased privately by Boettcher & Co., and Brown, Schlessman,
Owen & Co., both of Denver, jointly.
Dated April 1, 1939.
Denom.
$1,000.
Due as follows:
$21,000 Oct. 1, 1939, $22,000 April and Oct. 1,
1940, $23,000 April and Oct. 1,1941, $24,000 April and Oct. 1,1942, $24,000
April and $25,000 Oct. 1, 1943, $25,000 April and $26,000 Oct. 1,-1944,
$27,000 April and Oct. 1, 1945. $28,000 April and Oct..l, 1946, $29,000
April and Oct., 1, 1947, $30,000 April and Oct. 1, 1948, $31,000 April and
Oct. 1,1949 and $32,000 April and $4,000 Oct. 1, 1950.
Callable in whole
or in part in inverse numerical order on 30 days' notice upon any interest
paying date rit 102%.
These bonds are part of a total issue of $646,000.
The remaining $61,000 bonds are being purchased by the city's surplus
fund and mature $28,000 Oct. 1, 1950 and $33,000 April 1, 1951.
The
bonds are valid and legally binding obligations of the city, payable solely
out of a special fund known as "Fort Collins ,Light and Power Fund.
Prin. and int. payable at the International Trust Co., Denver.
Legality
to bp approved by Chapman & Cutler of Chicago.
the tax levied to meet the
principal and interest of the judgment funding
and could not be collected. He held that the city had
judgment funding bonds against so-called public benefit
judgments, which represented the city's share of the cost of public improve¬
bonds was illegal
no
CONNECTICUT
BRIDGEPORT, Conn.—REFUNDING BILL SIGNED BY GOVERNOR
A decision
authorizing the city to refund $2,499,000 of maturing debt has been
signed by the Governor.
*
appeal may not be forthcoming, however, until the fall
,
ing in the judgment funding bonds and the market for them has become
a strictly order market.
Quoted prices, however, have shown a recession
of only about 10 basis points but in the light of the nominal trade this
may not be important."
(City of), Conn .—TEMPORARY LOAN— the $590,000
The $110,000 loan was withdrawn from the market as it was not needed.
was described as being in anticipation of taxes due Sept. 1, 1937
and Sept, 1, 1938, and still unpaid.
the
The decision is important to other cities in the State as it affects similar
bonds they may have issued or consider issuing.
As a result of Judge Jarecki's decision there has been almost no trad-,
notes issued in anticipation of taxes due Sept. 1, 1939, bids on which were
received March 8, were awarded to the First Boston Corp. at 0.28% dis¬
count, plus a premium of $14.
Dated March 9, 1939 and due March 1;
1940.
The First National Bank of Boston, next-best bidder, named a rate
of 0.42%.
•
'
This debt
on
The issue being certified to the Supreme Court will be
whether public benefit judgments under the. statute may be funded just
like any other types of judgments.
term of the court.
CONNECTICUT (State of)—$10,000,000 IN BONDS PROPOSED BY
21 TAXING UNITS—rTwenty-one cities and townsihave asked the General
Assembly for permission to issue bonds amounting in the aggregate to more
than $10,000,000, according to a report in the New Haven Register of
March 5. The 1938 legislature considered requests from 18 towns involving
about $7,000,000, it was said.
This year s total includes Bridgeport's
refunding item of $2,499,000, already approved by the Governor.
STAMFORD
power to issue
ments.
Of the principal amount of judgments funded $4,138,000 were
public benefit judgments.
''Tax objectors, represented by Attorneys Adelbert Brown and Robert
N. Holt, brought the litigation in an attempt
o have the taxes reduced
and contended that the City of Chicago could not levy taxes to serve the
judgment funding bonds as they were not the kind of judgment the legis¬
lature intended should be funded.
"City of Chicago is opposing the legislation arid will take an appeal to
the Supreme -Court of the State of Illinois, probably at its June term.
—A bill
.
purchased at par by
bonds were approved
Due in 20 years; optional after
five years.
SCHOOL DISTRICT (P. O. Craig), Colo.—
informed that bids for the purchase of $45,000
refunding bonds were rejected.
It is said that the issue may be reoffered
in August.
MOFFAT
BIDS REJECTED—We
DISTRICT
IDAHO
SANTA CRUZ. Calif.—PRICE PAID—It is now reported by the City
Clerk that the $140,000 civic auditorium bonds purchased by Biyth k
Co, of San Francisco, as noted here—V.148, p. 1357—were sold as follows:
as
SCHOOL
(P. O.
Statenville), Ga.—BOND SALE DETAILS—It is now reported by the
Secretary-Treasurer of the Board of Education that the $10,000 5% semiann. school bonds sold recently, as noted here—V. 148, p. 1357—were pur¬
chased by G. W. Varn of Valdosta, paying a price of 100.50.
Due from
April 1, 1940 to 1954.
CONSOLIDATED
STATENVILLE
Denom. $1,000.
1945, and $2,000 in 1946 to
Principal and interest payable in lawful money at the County
$35,000
102.27, and
mature from 1951 to 1960.
Dated March 15, 1939.
5%, payable M-S,
(P. O. Lagrange), Ga.—BOND
bonds
Due March 15, as follows: $1,000 in 1940 to
1957.
SCHOOL DISTRICT
SALE DETAILS—It is reported by the City Clerk that the $155,000 school
which we reported as sold—V. 148, p. 1198—were purchased by
SAN DIEGO COUNTY (P. O. San Diego), Calif.—SCHOOL BOND
OFFERING—We are informed by J. B. McLess, County Clerk, that he
will receive sealed bids until 11 a. m. on March 13, for the purchase of a
$30,000 Issue of Warner Union School District bonds.
Interest rate is not
to exceed
1939
11
CHICAGO, III.—WARRANT PURCHASERS— In connection with the
148, p. 1358—of the sale of $2,000,000 1M % warrants and
$1,000",000 VAs, we learn that the obligations were purchased by the
followirig Chicago instututions: First National Bank, Continental Illinois
report in V.
National
'
Bank- &
Trust
Harris Trust
Co.,
Trust Co., City National Bank
Co.
•
&
Savings Bank, Northern
and the American National Bank & Trust
■
,
_
WALLINGFORD, Conn.—BOND OFFERING—William H. Talcott,
Town Treasurer, will receive sealed bids until 8 p. m. on March 15 for the
purchase of $45,000 coupon refunding bonds.
Dated April 1, 1939.
Denom. $1,000.
Due $3,000 on April 1 from 1940 to 1954 incl.
Bidder
CHICAGO
a multiple of M of 1%.
Principal and
(A-O) payable at the First National Bank of Boston.
Legal
opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished
the successful bidder.
DISTRICT,
III.—WARRANT
SALE—The
on March 8 sold to six local banks an issue of $1,educational fund tax anticipation warrants,^payable from,
collections of 1938 educational taxes.
Board of Education
125,000 2M%
EAST PEORIA SCHOOL
to name one rate of interest in
interest
SCHOOL
DISTRICT NO. 86, III.—BOND SALE—
An issue of $90,000 2%% building bonds was sola to Bartlett, Knight &
Co. of Chicago.
Dated March 1. 1939,
Denom. $1,000.\ Due Dec. 1 as
follows: $5,000, 1944; $4,000, 1945 and 1946; $14,000, 1947: $15,000, 1948
and 1949; $16,000 in 1950 and $17,000 in 1951. Interest J-D. Bonds were
authorized at an election on Feb. 18 and are payable out of unlimited ad
valorem taxes.
FLORIDA
Legality to be approved by Chapman & Cutler of Chicago.
FAIRBURY, 111.—PRE-ELECTION SALE—The White-Phillips Corp.
of Davenport has contracted to purchase an issue of $10,000 sewage disposal
BONDS
Iilant bonds, subject to voters' approval of 24. at an election on April'18.
previously turned down on Jan. loan
*
ssue was
Clyde G. Pierce Corporation
Barnett National Bank Building
JACKSONVILLE
-
.
,
-
-
V
National Bank Building
T.
52, 111.—BOND SALE DETAILS—
Davenport—
1 as follows:
$500 in 1939 and $1,000 from 1940 to 1956 incl.
FLORIDA
Branch Office: TAMPA
First
MILAN SCHOOL DISTRICT NO.
The $17,500 school bonds sold to the White-Phillips Corp. of
V. 147, p. 605—were sold as 3Ms, at-par, and mature Dec.
S, Pierce, Resident Manager
NORMAL, 111.—BONDS SOLD—An issue of $30,000 3M% water plant
was sold last November to C. E. Bohlander & Co. of
101.
Dated Nov. 1,
1938. Denom. $ 1,000.
Due serially from 1942 to 1962 incl.
M-N.
improvement bonds
Bloomington at par plus $300 premium, equal to
FLORIDA
FLORIDA, State of—BOND AND NOTE TENDERS RECEIVED—
In connection with the call for tenders
unmatured original or
sealed offerings of matured or
refunding road and bridge or highway bonds, time
of
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and Special Road and Bridge Districts, noted here on Feb. 18—
V. 148, p. 1054—it is reported by W. V. Knott, State
Treasurer, that 14
parties offered bonds.
TREASURE ISLAND, Fla.—BONDS SOLD TO RFC—It is stated
by
Mayor H. M, Wallace that an issue of $696,000 4% semi-ann. causeway
revenue, first series bonds has been taken up at par by the Reconstruction
Finance Corporation.
Due Oct. 1, as follows: $20,000 in 1942, $21,000 in
i8l3xJl2M9PJn2S,44' $23,000 in 1945, $24,000 in 1946, $25,000 in
1947,
$26,0(K> in11948, $27,000 in 1949, $28,000 in 1950, $29,000 in 1951, $30,000
P?£9P Ln l053' $33,000 in 1954, $34,000 in 1955. $35,000 in
1956,
$37,000 in 1957, $38,000 in 1958, $40,000 in 1959, $41,000 in 1960, $42,000
in 1961, $44,000 in 1962 and $45,000 in 1963.
Mr. Wallace also states that $350,000 4% semi-ann.
causeway revenue,
second series bonds were purchsed at par by the
City of Treasure Island
Improvement Co.
Due Oct. 1, as follows: $46,000 in 1964, $47,000 in 1965.
$48,000 in 1966, $50,000 in 1967, $52,000 in 1968, $53,000 In 1969 and $54,000 in 1970.
Dated Oct. 1, 1938.
Denom. $1,000.
Prin. and int;
payable at the Florida National Bank, Jacksonville.
OAKWOOD. 111.—BONDS SOLD—The $18,000 water works bonds,
including $9,000 general obligations and $11,000 revenue, authorized by the
voters last August were sold to Doyle, O'Connor & Co. of Chicago.
PEORIA HEIGHTS SCHOOL DISTRICT NO. 120 (P. O. Peoria
Heights), 111.—BOND SALE—The $33,500 3% school building addition
bonds offered March 6—V. 148, p. 1358—were awarded to the Mississippi
Valley Trust Co. of St. Louis at a price of 105.958, a basis of about 2.05%.
Dated Sept. 1, 1938 and due Sept. 1 as follows: $3,500 from 1941 to 1949
incl. and $2,000 in 1950.
Second high bid of 105.609 was made by Bartlett,
Knight & Co. of Chicago.
(P. O. Waukegan), III.—PRICE PAID
Speer & Sons Co. of Chicago, paid a price of par in purchasing
WAUKEGAN TOWNSHIP
—The H. C.
an
issue of $101,000 4% funding
relief bonds.—V. 148,
p.
1358.
WOODSTOCK, III.—BOND OFFERING—James R. Pierce, City Clerk,
will receive sealed bids until 7:30 p. m. on March 17 for the purchase of
$18,000 bonds.
INDIANA
ADDISON TOWNSHIP SCHOOL TOWNSHIP (P. O. Shelbyville),
Ind.—BOND SALE—The $5,000 4% school bonds offered March 7—
V.
as
148, p. 1198—were awarded to Kenneth«S. Johnson of Indianapolis
4s, at par plus a premium of $392.50, equal to, 000.00.
Dated March 1
Volume
1939 and due
Financial
148
from 1941 to 1949, incl., and $250 June 30, 1950.
-
realized from taxes and local contributions which
the Board has heretofore been or may hereafter be authorized and em¬
powered to levy.
Proceeds of this issue have been deposited with the State
Treasurer, to be kept in a special fund and used solely for the purpose of
paying an issue of like amount, which has been called for payment Sept. 1,
and Dec. 30
Other bids:
payable from first
Premium
Bidder—
Frederick O. Schoeppel, Shelbyville
Raffensperger, Hughes & Co
McNurfen & Huncilman
$356.70
356.61
237.00
Shelby National Bank
137.50
LAFAYETTE, La .—CERTIFICATE SALE—The $92,400 issue of light
218.00
CHICAGO,
moneys
311.00
Ross T. Ewart, Inc
A. S. Huyck & Co
EAST
1519
Chronicle
follows: $250 Dec. 30, 1940; $250 on June 30
as
Ind.—WARRANT
$200,000
SALE—The
warrants offered March 6—V.
148, p. 1198—were awarded
National Bank of East Chicago at 2% interest.
to
excess revenue certificates of indebtedness offered for sale on March 7
—V. 148, p. 1055—was purchased by the First National Bank of Lafayette,
as 5s at par.
Dated March 1, 1939. Due from March 1, 1940 to 1949, incl.
plant
time
the First
now reported by the Secretary
Sewerage District No. 1 bonds
Oct. 3i, as noted here—V. 147, p. 3049
WELSH, La.—BONDS SOLD—It is
the
Board
of
Trustees
that
the
$70,000
offered for sale without
success on
—have since been sold
MARION COUNTY (P. O. Indianapolis), Ind.— WARRANT OFFER¬
ING—Florence E. Grossart, County Auditor, will receive sealed bids until
10 a. m. on March 16 for the purchase of $150,000 not to exceed 5% interest
privately
5Ms and 5Ms,
as
Dated Nov. 1, 1938.
Due from Nov. 1, 1940 to 1958.
anticipation (Welfare Fund) warrants. Dated March 31, 1939. Denom.
$5,000. Payable June 15, 1939 at the County Treasurer's office. Interest at
maturity. Payment will be made out of taxes levied for the County Welfare
Fund and now in the course of collection.
A certified check for 3% of the
warrants bid for, payable to oraer of the Board of County Commissioners,
is required.
tax
MARYLAND
IOWA
County Treasurer, must accompany each proposal.
MASSACHUSETTS
Mass.—NOTE SALE—The $300,000 current year notes
offered March 8—V.
148, p. 1359—were awarded to the Boston Safe
Deposit & Trust Co. of Boston at 0.103% discount.
Dated March 9, 1939
and due on Nov. 23, 1939.
The Second National Bank of Boston, next
best bidder, named at rate of 0.109%.
BEVERLY,
CHARITON, Iowa—BONDS DEFEATED—It is stated by the City
an election held on, Feb. 28 the voters turned down a proposal
$98,000 in gas plant revenue bonds.
Clerk that at
to issue
BROCKTON, Mass.—NOTE SALE—The First National Bank of Boston
awarded on March 3 an issue of $300,000 notes at 0.264% discount.
Nov. 22, 1939.
Jackson & Curtis of Boston, second high bidder,
CLINTON, Iowa—PRICE PAID—It is now reported by the City Clerk
park bonds purchased by the White-Phillips
as noted here—V. 148, p. 1358—were sold at par.
was
that the $63,500 4% semi-ann.
Due
Corp. of Davenport,
•
Due from 1950 to 1958 incl.
payable from
an
rate of
0.28%.
■
„
..
Mass.—NOTE
OFFERING—Louis
M.
Dufault,
validity by the First National Bank of Boston, under advice
Thorndike, Palmer & Dodge of Boston.
and
City
of Storey,
*
'
EVERETT, Mass .—NOTE OFFERING—Emil W. Lundgren, City Treas¬
will receive sealed bids until 11 a. m. on March 15 for the purchase at
discount of $400,000 revenue anticipation notes of 1939.
Dated March 15,
1939 and payable Nov. 7, 1939 at the National Shawmut Bank of Boston,
which will certify as to the genuineness and validity of the notes under
advice of Storey, Thorndike, Palmer & Dodge of Boston.
urer,
The approving opinion of Chapman & Cutler of Chicago, and the printed
bonds will be furnished by the town.
Enclose a certified check for $250,
payable to the Town Treasurer.
—It is reported that bids
bid.
a
Treasurer, will receive sealed bids until noon on March 15, for the purchase
at discount of $200,000 revenue anticipation notes.
Dated March 15,
1939.
Denoms. $25,000, $10,000 and $5,000.
Due $100,000 each on
Nov. 24 and Dec. 5, 1939.
Notes will be authenticated as to genuineness
annual levy of 2M mills.
IDA COUNTY (P. O. Ida Grove), Iowa—CERTIFICATE OFFERING
will be received until 10 a. m. on March 16, by
Mary B. Lindsay, County Treasurer, for the purchase of a $40,000 issue
of secondary road construction anticipation certificates.
Dated April 1,
1939;
Due $20,000 on or before Dec. 31, 1940 and 1941.
The printed
certificates and legal opinion will be furnished by the purcnaser.
A certi¬
fied check for 3%, payable to the County Treasurer, must accompany the
named
CHICOPEE,
Iowa—BOND OFFERING DETAILS—In connection
with the offering scheduled for March 15 of cthe $8,000 issue of not to
exceed 3% semi-annual municipal building bonds, noted in our issue of
March 4—V. 148, p. 1358—it is now reported by A. W. McDonald, Town
Clerk, that the bonds are in the denomination of $500, and mature $500
March 1, 1940 to 1955, bonds maturing on and after March 1, 1950, are
callable on March 1, 1944 and any interest payment date thereafter, atpar and accrued interest.
Principal and interest payable at the Town
HOPKINTON,
are
$l,OO0.
A certified
L. Tribbitt,
Denom.
Due $5,000 on March 1 from 1945 to 1962 incl.
Interest M-S.
check for 2% of the bonds bid for, payable to order of Sherman
$3,862.81 storm sewer improvement bonds.
32,244.62 street improvement bonds.
22,975.67 street improvement bonds.
Due on May 1 from 1940 to 1949; optional at any time prior to maturity.
The bonds
Md.—BOND OFFERING—
Commissioners, will receive
of $90,000 3M%
Denton),
O.
(P.
Walter S. Rutter, Clerk of the Board of County
sealed bids until 3.30 p. m. on March 14 for the purchase
school
construction
bonds.
Dated
March
1,
1939.
AMES, Iowa—BONDS NOT SOLD—It is stated by J. W. Prather, City
Auditor, that the following bonds aggregating $59,083.10, offered on
March 6—V. 148, p. 1198—were not sold as no bids were received:
Treasurer's office.
COUNTY
CAROLINE
"
GARDNER, Mass.—NOTE SALE—The $300,000 revenue anticipation
148, P- 1359-—were awarded to the New England
notes offered March 7—V.
Dated March 8,
22, 1939.
R. L.
of 0.21 % •
Trust Co. of Boston at 0.15% discount, plus $3 premium.
1939 and due $200,000 on Nov. 10 and $100,000 Dec.
Day & Co. of Boston, second high bidder, named a rate
GRAFTON, Mass.—NOTE S ALE— Merchants National Bank of Boston
awarded on March 6 an issue of $100,000 notes at 0.34% discount.
•
was
JOHNSON
COUNTY
(P.
O.
SALE—The $50,000 secondary road
—V. 148, p. 1358—were purchased
Iowa City), Iowa—CERTIFICATE
certificates offered for sale on March 1
jointly by the First Capital National
Bank, and the Iowa State Bank & Trust Co., both of Iowa City, according
to report.
OTTUMWA, Iowa—BOND OFFERING—It is reported that bids will
be received until 10
of
in
a
a.
m.
March 13, by the City Clerk, for the purchase
on
$7,000 issue of fire truck bonds.
Due
on
Dec. 31,
as
follows: $3,000
Bidders shall bid the lowest rate
of interest at which they will purchase the bonds at par, plus accrued
interest.
The approving opinion of Stipp, Perry, Bannister & Starzinger of
Des Moines, will be furnished.
COUNTY
O. Des Moines), Iowa—POND OFFERING—
Treasurer, that he will offer for
March 10, at 10 a. m.„ a $276,000 issue of coupon
funding bonds, which were mentioned in our issue of March 4—V. 148, p.
1358.
Interest rate is not to exceed 5%, payable M-N.
Dated Jan. 1,
1939.
Denom. $1,000.
Due Nov. 1 as follows: $50,000 in 1945 tol948
and $76,000 in 1949.
The bonds are issued to take up an overdraft of the
county as pf Jan. 1, 1939.
Pauper fund, $238,000; court expense fund,
$32,000; county insane fund, $6,000.
The bonds will be a general obliga¬
tion of the county and taxes will be levied in a sufficient amount to pay
principal and interest at maturity.
The county will furnish and pay for
the printing of the bonds.
'
(P.
It is stated by G. C. Greenwalt, County
sale at public auction on
TRURO
CONSOLIDATED
Iowa—BONDS SOLD—It
SCHOOL
DISTRICT
(P.
O.
Truro),
is
reported by the Secretary of the Board of
School Directors that $25,000 building addition bonds voted last June have
been purchased by the Farmers & Merchants State Bank of Winterset, as
3Ms, paying a price of 100.12.
WEBSTER COUNTY
(P. O. Fort Dodge), Iowa—BOND OFFERING
a. m. on March 16, by V. E. Hale, County
Treasurer, for the purchase of an issue of $173,000 funding bonds.
Interest
rate to be specified by the bidder.
Dated Jan. 1, 1939.
Due on Jan. 1 as
follows:
$15,000, 1950 to 1952; $16,000, 1953; $20,000, 1954 to 1958, and
$12,000 in 1959.
Prin. and int. (J-J) payable at the County Treasurer's
office.
Bonds and the attorney's opinion are to be furnished by the pur¬
chaser.
These bonds are being sold for the purpose of funding outstanding
poor fund warrants as of Dec. 31, 1938.
—Bids will be received until 10
KANSAS
HOXIE, Kan.—BONDS SOLD—It is stated by H. C. Humphrey, City
Clerk, that $10,000 swimming pool bonds approved by the voters last
August, have been purchased by Beecroft, Cole & Co. of Topeka, at par.
LEOTI, Kan.—BOND SALE—The $10,000 issue of 4% coupon semi¬
bonds offered for sale on March 6—V. 148, p. 1358—
purchased at par by a local bank. No other bid was received, accord¬
ing to the City Clerk.
Due $500 from Jan. 1, 1940 to 1959, inclusive.
annual auditorium
was
TOPEKA, Kan.—BOND ELECTION—It is reported that an election
t,
will be held
in
school
on April 4 in order to vote
building bonds.
on
the proposed issuance of $178,000
OWENSBORO, Ky.—BONDS SOLD—It is reported that $19,000 fund¬
Co. of Owensboro.
ing bonds have been purchased by the Central Trust
PADUCAH, Ky.—PRICE PAID—It is now reported that the $200,000
3 M % semi-annUal flood wail protection bonds purchased by a syndicate
headed by Stein Bros. & Boyce of Louisville, as noted here on Sept. 17—V.
147, p. 1808—were sold for a premium of $300, equal to 100.15, a basis of
about 3.49%.
Dated Aug. 1, 1938.
Due from Aug. 1, 1939 to 1958, incl.
WEBSTER COUNTY (P. O. Dixon), Ky.—PRICE PAID—It is now
reported that the $40,000 4% semi-annual court house, first mortgage bonds
purchased by the Bankers Bond Co. of Louisville, as noted here on Nov. 19
„—V. 147, p. 3192—were sold at a price of 94.525, a basis of about 4.63%.
Due from Oct.
1, 1940 to 1958. incl.
LINCOLN,
was
Mass —NOTE
awarded
ATCHAFALAYA BASIN LEVEE DISTRICT (P. O. Port Allen). La.
FOR INVESTMENT—An issue of $1,000,000 5%
semi-annual refunuing bonds is being jointly offered by White, Dunbar &
Co., and Scharff & Jones, Inc., both of New Orleans, for public subscription,
3.60% to 3.95%.
Dated Sept. l, 1938.
Denom. $1,000.
Due Sept. 1,
1954 to 1970. Prin. and int. payable at the State Treas. office, or at the
fiscal agency of the State ill New Orleans.
These bonds, in the opinion of
at
counsel, are direct obligations of the Board of Commissioners for the district,
4
7
an
Co. of
issue of $25,000 revenue notes at
Na¬
MASSACHUSETTS (State of)—NOTE SALE—The issue of $4,000,000
notes offered March 7—V. 148, p. 1359—was awarded to a group composed
of the Bankers Trust Co., New York; Merchants National Bank of Boston;
Boston Safe Deposit & Trust Co.; Day Trust Co. of Boston, and the Na¬
tional Shawmut Bank of Boston, to bear interest at 0.097%, at a price of
Dated March 15, 1939 and due March 11, 1940.
The First Boston
Corp., other bidder, named a rate of 0.125% and premium of $35.
par.
QUINCY, Mass.—NOTE OFFERING—Harold P. Newell, City Treas¬
will receive sealed bids until 11 a. m. on March 14 for the purchase at
anticipation notes of 1939.; Dated March 15,
1939.
Due in instalments of $250,000 each on Nov. 23 and Dec. 21, 1939.
Notes will be authenticated as to genuineness and validity by the National
Shawmut Bank of Boston, under advice of Storey, Thorndike, Palmer &
urer,
discount of $500,000 revenue
Dodge of Boston.
'
,
WALTHAM, Mass.—NOTE SALE—The $200,000 revenue notes offered
March 8 were awarded to Jackson & Curtis of Boston at 0.288% discount.
Dated March 8, 1939 and due Nov. 6, 1939.
The First National Bank of
Boston next highest bidder, named a rate of 0.295%.
WATERTOWN,
Mass.—NOTE OFFERING—Town
Treasurer
will
March 14, for the purchase at discount
1939.
receive sealed bids until 3:30 p. m. on
of $200,000 notes, payable Nov. 27,
MICHIGAN
METROPOLITAN DISTRICT (P. O. Flint), Mich —
BONDS SOLD—The $134,000 water supply system revenue bonds briginally
offered last November—V. 147, p. 3194—have been sold to John Nuveen
& Co. of Chicago.
Dated Nov. 1, 1938 and due Nov. 1 as follows: $2,000,
1941 and 1942; $5,000, 1943 to 1950, incl.; $10,000 from 1951 to 1959, incl.
BEECHER
DENVER TOWNSHIP FRACTIONAL
SCHOOL DISTRICT NO. 3
(P. O. Hespiria), Mich.—BONDS SOLD—An issue of $8,000 bldg. bonds
sold to the State Bank of Hesperia.
Due from 1939 to 1943, incl.
was
FARMINGTON
TOWNSHIP
SCHOOL
DISTRICT
NO.
5
(P. O*
Farmington), Mich.—PRICE PAID—The $52,000 school bonds awarded
of Detroit as 2Ms—V. 148, p. 1359—were soid at a price
of 100.167, a basis of about 2.73%.
to Crouse & Co.
HUDSON, Mich.—BOND SALE DETAILS— The
$59,000 general dbli
gation sewage disposal systen bonds sold late in 1938 to the Parker Rust
Proof Co. of Detroit—V. 147, p. 2896—were issued as 3s. at a price of
a
basis of about 2.86%.
HUDSONVILLE, Mich.—BOND OFFERING—Fred F. McEachron.
Village President, will receive sealed bids until 10 a. m. on March 14 for
the purchase of $33,000 not to exceed 4% interest coupon general obligation
water works bonds.
Dated April 1, 1939.
Denom. $1,000.
Due Oct. 1
as follows: $1,000 from
1940 to 1946, incl. and $2,000 from 1947 to 1959,
incl.
Rate or rates of interest to be expressed in multiples of K °'J%•
Principal and interest (A-O) payable at the Village Treasurer's office.
Village is authorized and required by law to levy such ad valorem taxes on
all of its taxable property as may be necessary to pay both principal and
interest of the bonds.
A certified check for 2% of the bonds, payable to
order of the Village Treasurer, is required.
Legal opinion of Linsey, Shivel,
Phelps & Vander Wal of Grand Rapids will be furnished the successful
bidder.
Purchaser to pay for printing of the bonds.
PORT AUSTIN FRACTIONAL
Port Austin),
—BONDS OFFERED
SALE—The New England Trust
March
on
SCHOOL DISTRICT NO. 1 (P. O
$14,000 school bldg.
State Bank of Bad Axe
Mich.—BOND SALE DETAILS—The
purchased last August by the Hubbard
V. 147, p. 1526—were sold as 4s, at par.
bonds
LOUISIANA
»
,
0.17% discount, plus $2 premium.
Due Dec. 1, 1939.
The Second
tional Bank of Boston, next highest bidder, named a rate of 0.187%.
101.525,
KENTUCKY
Worcester County
GREENFIELD, Mass.—NOTE SALE—The Franklin Savings Institution
of Greenfield purchased an issue of $300,000 notes at 0.10% discount.
Due Dec. 1, 1939.
The New England Trust Co. of Boston, second high
bidder, named a rate of 0.12%, plus $2 premium.
Boston
1940 and $2,000 in 1941 and 1942.
The said bonds are dated Jan. 1, 1939.
POLK
Due $50,000 each on Dec. 1 and Dec. 22, 1939.
The
Trust Co., next high bidder, named a rate of 0.375%.
SCHOOL DISTRICT
NO. 1 (P. O
SALE DETAILS—The $85,000 refunding
148, p. 1200—
were sold at a price of 100.02 on the following basis;
$26,000 3 Ms. due
March 1:
$5,000 from 1940 to 1943, incl. and $6,000 in 1944; $59,000 as
3 Ms, due $6,000 from 1945 to 1948, incl. and $7,000 from 1949 to 1953,
incl.
Net interest cost about 3.27%.
Braun. Bosworth & Co. bid 100.12
for $40,000 3 Ms and $45,000 3Ms; First of Mich. Corp. offered 100.95 for
ROMULUS
Romulus),
TOWNSHIP
Mich.—BOND
bonds awarded to Siler,
Carpenter & Roose of Toledo—V.
>
Financial
1520
Chronicle
Mar.
$5,000 3M* and $80,000 4s, and Stranahan, Harris & Co. bid 100.04 for a
combination of $64,000 3M» and $21,000 3M®.
MISSISSIPPI
BOND CALL—District Secretary announces that the following refund¬
ing bonds, dated Oct. 1,1935, will be redeemed at par and accrued interest
on April 1, 1939 at the Bomulus State Bank: Series A, bearing 4% interest
to Oct. 1, 1939 and 5% thereafter: series B, 4% to Oct. 1, 1939 and 5M %
thereafter.
ROYAL OAK AND TROY TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 11 (P. O. Clawmon), Mich.—CERTIFICATES PURCHASED—In connection with the call for tenders of certificates of indebted¬
ness, dated Oct. 1, 1937
that $7,993.77 principal
and due Oct. 1, 1947—V. 148, p. 1056—we learn
amount of securities were purchased at a price of
$4,399.83.
SARANAC, Mich.—BONDS SOLD—An issue of $8,000 sanitary sewef
and sewage treatment plant bonds, due from 1940 to 1952, incl., has been
sold.
WALKER TOWNSHIP SCHOOL DISTRICT NO. 11 (P. O. Grand
Rapids), Mich.—BOND OFFERING—Martin J. Schuiling, District Sec¬
bids until 7 P. m. on March 15 for the purchase
3M% interest coupon refunding bonds.
Dated
March 1, 1939.
Denom. $1,000.
Due Sept. 1 as follows: $1,000 In 1941
and 1942 and $2,000 from 1913 to 1951, incl.
Rate or rates of interest to
be expressed in multiples of M of 1 %.
Principal and interest (M-S) payable
at the Old Kent Bank, Grand Rapids, or at any other financial institution
to be agreed upon between the district and successful bidder.
Bidder to
state in his proposal the attorneys he desires to pass on the legality of.the
bonds.
District will pay for both the legal opinion and the cost of printing
the bonds.
A certified check for 2% of the issue, payable to order of the
Treasurer of Board of Education, is required,
retary, will receive sealed
of $20,000 not to exceed
COUNTY
(P.
O.
COUNTY
BENTON
(P. O. Ashland). Miss.—BONDS SOLD—It Is
reported that $18,500 5% semi-annual funding bonds have been purchased
by the First National Bank of Memphis.
Dated Jan. 2, 1939. Legality
approved by Charles & Trauernicht or St. Louis.
BIG
BLACK SPECIAL CONSOLIDATED SCHOOL DISTRICT
(P. O. Kilmichael), Miss.—BONDS SOLD—The $30,000 issue of school
bonds offered for sale on March 6—V. 148, p. 1200—was purchased by
Dane & Weil of New Orleans, according to report.
Due from March 1,
1940 to 1964.
GRENADA, Miss.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $45,000 bonds purchased jointly by Lewis & Co., and
J. S. Love & Co., both of Jackson, were sold as follows:
$15,000 3 % semi-ann. street improvement bonds at par.
Due $1,000 from
March 1, 1940 to 1950 incl.
30,000 3H% semi-ann. industrial plant bonds at a price of 101.08, a basis
of about 3.10%.
Due $2,000 from March 1, 1940 to 1954 incl.
HANCOCK COUNTY (P. O. Bay St. Louis), MUt.—BONDS SOLD—
It is now reported by A, G. Farve, County Clerk, that the $75,000 issue of
6% semi-annual funding bonds offered for sale on Dec. 19—V. 147, p. 3645
—was purchased by local investors.
Due on Sept. 1 as follows:
$7,000
in 1939 to 1943, and $8,000 in 1944 to 1948.
Legal approval by Charles &
Trauernicht of St. Louis.
LAUDERDALE
COUNTY
(P.
O.
Meridian)
Miss.—BOND SALE
DETAILS—In connection with the sale of the bonds aggregating $216,000,
noted in our issue of Dec. 10—V. 147, p. 3645—it is now reported that they
purchased by a group composed of Scharff & Jones, Inc. of New
Orleans, George T. Carter, Inc., the First National Bank, and the Municipal
were
Securities Co., Inc., all of Meridian, divided as follows:'
Mich.—BOND OFFERING—
George A. Dingman, County Drain Commissioner, will receive sealed bids
until 11:30 a. tn. on March 23 for the purchase of $56,000 coupon Tonquish
Creek Drain, City of Plymouth, Township of Plymouth bonds.
Dated
April 1,1939. Denom. $1,000. Due May 1 as follows: $3,000,1940 to 1946
incl.; $4,000 from 1947 to 1951, incl. and $5,000 from 1952 to 1954, incl.,
Principal and interest (M-N) payable at the County Treasurer's office.
Registerable as to principal only at the Treasurer's office,
Proposals to
be conditioned upon successful bidder furnishing at his own expense the
lithographed bonds ready for execution and the necessary opinion approving
the legality of the bonds. A certified check for 2 % of the bonds bid for must
accompany each proposal.
WAYNE
11
1939
Detroit),
$140,000 court house and jail bonds; $65,000 maturing July 1, $5,000 in
1939 to 1942, $6,000 in 1943 to 1946, $7,000 in 1947 to 1949, as
3 Ma, and $75,000 maturing July 1, $7,000 in 1950, $8,000 in 1951
to 1954 and $9,000 In 1955 to 1958, as 3Ms.
'
56,000 county-wide refunding bonds as 3Ms.
Due from 1944 to 1958.
20,000 County Supervisors' Districts bonds as 3 Ms. >
MERIGOLD CONSOLIDATED SCHOOL DISTRICT
(P. O. Cleve¬
land), Miss.—BOND SOLD—It is reported that $20,000 3M% semi-annual
refunding bonds have been purchased by the First National Bank of
Memphis. Dated Feb. 1, 1939.
WYOMING TOWNSHIP (P. O. Grand Rapids), Mich.—SANITARY
UNSOLD—The $99,000 not to exceed 5%
NATCHEZ, Miss .—TOLL BRIDGE BONDS PURCHASED BY RFC—In
Reconstruction
SEWER DISTRICT BONDS
connection with the loan of $1,925,000 authorized by the
Galewood-Urbandale-Burlingame Special
Assessment
Sanitary Sewer District bonds offered last December—V. 147, p. 3945,
remain unsold.
Dated Dec. 15, 1938 and due Dec. 15 as follows:
$5,000,
1939; $10,000, 1940 to 1947, incl. and $14,000 in 1948.
Finance Corporation for a toll bridge, noted in these columns last October,
it is now reported by Lemuel P. Conner, City Clerk, that the said Corpo¬
ration took up and paid for $400,000 of the bonds on Jan. 21 and further
interest
coupon
blocks of these bonds will be issued and taken up as the work progresses.
MINNESOTA
MISSOURI
CARLTON COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 6
BONDS
(P. O. Barnum), Minn,—BONDS SOLD—It is stated by the District
Clerk that $38,300 3 % ouilding addition and remodeling bonds voted at an
election held last September, have been purchased by the State Investment
Board.
Markets in all State,
County & Town Issues
.
HIBB1NG, Minn.—PRICE PAID—It is now reported by the Village
Accountant that the $353,000 sewage disposal plant, street and water
extension bonds purchased by the State, as noted here on Jan. 21—V. 148,
p. 466—were sold as 3s at par,
SCHERCK, RICHTER COMPANY
LANDRETH
LAMBERTON. Minn.—BONDS SOLD—It is stated by the Village Re¬
approved by the voters last September,,
have been purchased by the State,
BUILDING, ST. LOUIS, MO.
.
corder that $8,000 city hall bonds
NORMAN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 18
(P. O. Haieted). Minn.—BONDS SOLD—It is stated by the Clerk of the
Board of Education that the $36,000 3% semi-annual building bonds were
purchased
by the State.
OWATONNA, Minn.—WARRANTS SOLD—It is stated by the City
Clerk that $79,750 public improvement warrants have been sold to local
purchasers at 3M%-
FAYETTE, Mo.—BONDS SOLD—It Is stated by the City Clerk that
water works improvement bonds approved by the voters last
$25,000
„
October have been sold
POLK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 44
(P. O, Fertile), Minn.—BOND SALE DEFERRED—It is stated by the
District Clerk that the sale of the $11,000 building bonds which had been
scheduled for March 2—V. 148. p. 1360—was deferred pending approval
of a Public Works Administration grant.
Dated March 1, 1939. Due from
March 1,1941 to 1945.
ST. JOSEPH, Mo.—BOND OFFERING SCHEDULED—It is
of
ST.
LOUIS COUNTY
(P.
O.
Duluth, Mltin.—BOND ISSUANCE
a
leter sent to
•
us
by.
"'
"We have your request for information regarding the proposed sale
of
$400,000 of welfare bonds for the County of St. Louis.
"The Board of County Commissioners has taken no official action on the
■call for bids for the above referred to issue.
As soon as such action is taken,
we will be pleased to give you the information which you have
requested.'
.
.
ST. PAUL, Minn.—BOND OFFERING—It is stated by Harold P. Good¬
rich, City Comptroller, that he will receive sealed bids until 10 a. m. on
Mar. 21, for purchase of a $275,000 issue of coup, public welfare bonds.
Interest rate is not to exceed 6%, payable M-S.
Denom. $1,000.
Dated March 1, 1939.
Due on March 1 as follows:
$25,000 in 1940; $26,000 in 1941 and 1942; $27,000 in 1943 and 1944; $28,000 in 1945 and 1946; $29,000 in 1947 and 1948 and $30,000 in 1949.
Rate
of interest to be in multiples of A or one-tenth of 1 %, and must be the same
for all of the bonds.
The bonds are to be issued under authority of and, in
all respects, in full compliance with Chapter 120, Laws of 1933, as amended
by Chapter 48, Session Laws of 1935, and as further amended by Chapter
105, Session Laws of Minnesota for 1937, and C. F. No. 113976, approved
Feb. 24, 1939.
No bids will be considered for less than par and accrued
interest.
Under and by the terms of the resolution, the faith and credit
of the city are irrevocably pledged to pay the principal and interest at
maturity on the bonds.
Bonds will be furnished by the city, but delivery
shall be at purchaser's expense.
The approving opinions of Thomson,
Wood & Hoffman of New York, and Walter Fosness of St. Paul, will be
furnished.
Enclose a certified check for 2% of the amount of bonds bid
for, payable to the city.
WABASHA
COUNTY
INDEPENDENT SCHOOL DISTRICT NO.
60 (P. O. Plainview) Minn.—BOND OFFERING—Sealed and auction bids
will be received by M. T. Duerre, Clerk of the School Board, until March
20.
at 8. p. m., for the purchase of a $50,000 issue of
refunding bonds. Denom.
$1,000. Dated April 1, 1939. Due $3,000 in 1940 to 1949, and $4,000 in
1950 to 1954. Prin. and int. payable at any suitable bank or trust company
designated by the successful bidder.
The approving opinion of Fletcher,
Dorsey, Barker, Colman & Barber, of Minneapolis, will be furnished.
Enclose a certified check for $1,000, payable to the district.
2Ms.
KEARNEY SCHOOL DISTRICT (P. O. Kearney). Mo.—BONDS
SOLD-—It is stated by the Secretary of the Board of Education that $15,000
gymnasium-auditorium bonds approved by the voters last June, have been
sold to the Commerce Trust Co. of Kansas City.
that sealed bids will be received until 8 p. m. on April 3, by M,
payable M-S.
NOT SCHEDULED—The following is the text of
W. A. Newman, Deputy County Auditor:
as
FLORRISANT, Mo.—BONDS SOLD—It is stated by the City Clerk
that $52,900 water works bonds approved by the voters last August, have
been purchased by the Mississippi Valley Trust Co. of St. Louis.
RAMSEY
COUNTY (P. O. St. Paul), Minn.—BOND OFFERING—
It is stated by Eugene A. Monick, County Auditor, that he will receive
sealed bids until 10 a. m. on March, 15, for the purchase of a $725,000 issue
public welfare, series O bonds.
Interest rate is not to exceed 6%,
Dated March 1, 1939., Denom. $1,000.
Due March 1,
as follows: $66,000 in 1940, $67,000 in 1941, $68,000 in 1942', $70,000 in
1943., $72,000 in 1944, $73,000 in-1945, $75,000 in 1946, $76,000 in 1947,
$78,000 in 1948 and $80,000 in 1949.
These bonds are a direct general
obligation of the county and are issued in full compliance with the pro¬
visions of Chapter 120, Sessions Laws of Minnesota for 1933, as amended
by Chapter 48, Sessions Laws of Minnesota for 1935, and by Chapter 105,
Sessions Laws of Minnesota for 1937.
Bidders must specify the rate of
interest In multiples of M of 1 %, and must be the same for all of the bonds.
No bid for less than par will be considered.
These bonds are issued for the
purpose of defraying the County's proportionate share of the cost to be
incurred for the support and relief of poor persons in the City of St. Paul
and the county.
The city is issuing bonds for its proportionate share of
this expense to be sold in the near future.
Delivery or the bonds will be
made to the purchaser at such place as he may designate at the purchaser's
expense, and the purchaser will be required to take and pay for said bonds
immediately upon being notified by the County Auditor of readiness to
make delivery.
The approving opinion of Calvin Hunt of St. Paul and
Thomson, Wood & Hoffman or New York, will be furnished.
Enclose a
certified check for 2% of the amount of bonds bid for.
MISSOURI
CANTON, Mo.—BONDS SOLD—It Is stated by the City Clerk that
$45,000 electric light plant and water improvement bonds have been pur¬
chased by Callender, Burke & Mac Donald of Kansas City.
Dated Dec. 15,
1938.
Legal approval by Charles & Trauernicht of St, Louis.
reported
B. Morton,
City Comptroller, for the purchase of an issue of $136,000 refunding bonds.
Interest rate is not to exceed 4%, payable semi-annually.
Dated May 1,
1939.
Due in from five to 20 years after date.
MONTANA
'
MONTANA, Stat, of—BOND ISSUANCE NOT SCHEDULED—It is
reported by Ray N. Shannon, State Treasurer, that the $500,000 State
Mental Hospital construction bonds approved recently in the Legislature
cannot be issued until the matter is submitted to the voters at the next
general election In November, 1940.
The issue cannot be voted on until
that time and could not be issued before the latter part of next year or some
time in 1941.
NEBRASKA
ALLIANCE, Neb
BOND
SALE—The
electric plant Revenue bonds offered for sale on
was awarded jointly to the Allison-Williams
$300,000 issue of coupon
March 2—V. 148, p. 1200—
Co., and the Thrall, West
Co., both of Minneapolis, paying par for the bonds divided as follows:
as 2.20s, maturing $30,000 from April 1, 1940 to 1944; the remain¬
ing $150,000 as 2.05s, maturing $30,000 from April 1, 1945 to 1949, incl.
The other bids were officially reported as follows: *
Names of Other Bidders:—
Price Bid
Premium
Chas. K. Norris Co., Chicago (split bid)
2M-2M%
'
$1.00
Peters, Writer & Christensen, Denver—
2M%
712.00
John Nuveen & Co., Chicago (split bid)——...
2M-2M%
1,026.40
First Trust Co., Lincoln, Neb." (split bid)—•—
2M-3%
179.00
Steinauer &„Schweser, Lincoln (split bid)—;
3%-2M%
710.00
Kirkpatrick, Pettis Co., Omaha
—
2M%
165.00
Ballard Hassett Co., Des Moines
3%
None
*
Green way & Co., Omaha-—
—2M%
1,950.00
Split bid
—2M-2M %
255.00
$150,000
-
♦
Two
bids.
Neb.—BONDS SOLD—It is stated by the Village Clerk
$5,000 water works bonds approved by the voters in September have
DUNCAN,
that
been sold.
NORTH PLATTE, Neb.—BOND ELECTION POSTPONED—It is re¬
ported that the election which had been scheduled for April 4 on the pro¬
posed issuance of $3601000 in electric distribution system revenue bonds,
as noted here—V. 148,
p. 1360—has been postponed to a later date.
YUTAN, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$10,000 municipal auditorium bonds approved by the voters last August,
have been purchased by the Wachob-Bender Corp. of Omaha, at a price
of 100.91.
NEW
HAMPSHIRE
H.—NOTE OFFERING—City Treasurer will receive
March 14, for the purchase at discount of
$100,000 notes, payable Dec. 29,1939.
NASHUA,
N.
sealed bids until 10 a. m. on
NEW
JERSEY
BAYONNE. N. J.—BOND OFFERING—John F. Lee, City Clerk, will
receive sealed oids until 11a. m. on March 23, for the purchase of $237,500
not to exceed 6% interest coupon or registered general funding bonds.
Dated March 1, 1939.
One bond for $500, others $1,000 each.
Due
Volume
March 1
as
148
Financial
follows:
$27,500 in 1940 and $30,000 from 1941 to 1947, incl.
ff.™ kp,a si^Kle rate of interest, expressed in
7i
.
a multiple of M or
°v Principal and interest (M-S) payable at the Oity Treasurer's
at the Hudson County National Bank, Jersey City.
The price
which the bonds may be sold cannot exceed $238,500.
A certified check
$4,750, payable to order of the city, must accompany each proposal.
"
office
for
for
or
Legal opinion of Reed, Hoyt, Washburn & Clay of New York City will be
furnished the successful bidder.
BLOOMFIELD, N. J.—BOND SALE—A
group composed of R. W.
Pressprich & Co., New York, J. S. Rippel & Co. and C. A. Preim & Co.,
both of Newark, was the successful bidder at the offering of $749,000
or registered school bonds on March 6—V. 148, p. 1201—taking
$745,000 bonds as 2Ms, at a price of $749,100.50, equal to 100.55, a basis
of about 2.20%.
Dated March 15, 1939 and due March 15 as follows:
$25,000 from 1940 to 1968 incl. and $20,000 in 1969.
They were re-of¬
fered by the bankers to yield from 0.40% to 2.25%, according to maturity.
coupon
Other bids:
No. Bonds
-
r-
Bidder—
Bid
Int.
For
Rate
.Rate Bid
Stranahan, Harris & Co., H. C. Wainwright
&. Co., G. M.-P. Murphy & Co., Bioren
& Co. and Charles Clark & Co__
746
& Co.,
Goldman, Sachs & Co. and H. B. Boland
Co
2M%
100.43
734
2M%
102.045
735
2Y%%
101.95
A. C. AHyn & Co., Inc., E. H. Rollins &
& Sons, Inc., Hemphill, Noyes & Co.,
fe Burr & Co
MacBride, Miller & Co.,
I
2H%
2fi%
740
101.39
101.35
2M%
739
740
101.24
Int. Rale
$81,500
81,500
82,500
H.
82,500
82,500
Co
101.44
101.23
101.07
100.77
,
Denom. $1,000.
Due June 1
follows:
$20,000, 1939 to 1948, incl.; $30,000 from 1949 to
1952, inclusive.
Interest J-D.
46,600 voting machine bonds.
Dated April 1, 1939.
One bond for
$600, others $1,000 each.
Due April 1 as follows: $3,600, 1940;
$3,000, 1941 to 1953, incl.; $4,000 in 1954.
Interest A-O.
55,000 general improvement bonds.
Dated April 1, 1939.
Denom..
$1,000.
Due April 1 as follows:
$3,000, 1940 to 1944, incl.;
$4,000 from 1945 to 1954, incl.
Interest A-O.
163,300 highway bonds.
Dated April i, 1939. One bond for $300, others'
$1,000 each.
Due April 1 as follows:
$10,300, 1940; $10,000,
1941 to 1951, incl.; $13,000, 1952; $15,000 in 1953 and 1954.
as
i.
Interest A-O.
Dated April 1, 1939.
One bond for $300, others
$1,000 each.
Due April 1 as follows:
$5,300, 1940; $6,000 from
1941 to 1950, incl. and $7,000 from 1951 to 1954, incl.
93,300 park bonds.
Bid For
Lehman Bros., et al
Int. Rate
1M%
a
x
First National Bank of New York et al
x
B. J. Van
x
-—
Ingen & Co., Inc., et al
'
—
1.80%
1.80%
1.80%
1.80%
1.85%
1.85%
1.85%
1.85%
1.85%
1.90%
"1.90%
2M%
x
b
Blair & Co., Inc., et al
Harriman Ripley & Co.,
x
Inc., et al—-—
Kidder, Pea body & Co., et al
Halsey, Stuart & Co., Inc., et al
J. S..Rippel & Co., et al
M. M. Freeman & Co., et al
—
x
x
'
b
-
x
c
100.13
N.
HEIGHTS,
J.—BOND
100.03
100.018
One
bond
follows:
$500,
for
100.16
100.09
100.651
OFFERING—Joseph
P.
others $1,000
each.
Due
the same time for the purchase of
$151,500 bonds, being part of the entire total amount of $193,000.
The
up of $149,000 sewer bonds, maturing March 15
lesser amount is made
$6,000 in 1946 to 1949, $8,000 in 1950 to 1959, and $9,000 in 1960 to 1964
and $2,500 sewer assessment bonds, maturing March 15, $1,000 in 1946.
and $500 in 1947 to 1949.
Kate of interest to be in a multiple of one-quarter
or one-tenth of 1%, and must be the same for all the bonds bid for in any
proposal. Principal and interest payable in lawful money at the Hasbrouck
Heights office of the Peoples Trust Co. of Bergen County, Hasbrouck
Heights, or at the Marine Midland Trust Co., New York.
The $151,500
of bonds are a part of the $193,000 of bonds.
No proposal for the purchase
of such $151,500 of bonds will be accepted if any proposal for the purchase
of the $193,000 of bonds is accepted.
If any proposal for the purchase of
the $151,500 of bonds is accepted, the remaining $41,500 of bonds not sold
will be sold to the Borough's Sinking Fund Commission.
Bidders must bid
separately for the $193,000 of bonds and for the $151,500 of bonds.
The
purchaser will be furnished with the opinion of Reed, Hoyt, Washburn &
Clay, of New York, that the bonds are valid and binding obligations of the
borough.
A certified check for $3,860, payable to the Borough, must
accompany the bid.
HASBROUCK
HEIGHTS
SCHOOL
DISTRICT,
N.
3Ms, at a price of 100.15, a basis
and due $1,200 on March 1
JERSEY CITY, N.
of about 3.22%.
Dated March 1, 1939
from 1940 to 1949, inclusive.
J.—FINANCIAL SURVEY CITIES CASH BASIS
City has shown a steady
OPERATION SINCE 1934r—"Since 1934 Jersey
improvement in its financial affairs.
As a result of strict adherence to the
'Cash Basis Act,'the debt rate has steadily declined,
the total bonded debt
as of Dec. 31,1938 being $72,168,130," according to a complete survey made
by J. B.
Hanauer & Co., New York City, which includes financial facts in
addition to a social and economic
analysis.
YORK
NEW
MIDDLETOWN, N. Y.—BOND SALE—The $485,000 coupon or regis¬
tered school building bonds offered March 9—V. 148, p. 1360—were awarded
to a syndicate composed of Lehman Bros., Kean, Taylor & Co., Inc., and
A. G. Becker & Co., Inc., all of New York, as 1.70s, at par plus $945.75
premium, equal to 100.195, a basis of about 1.68%.
Dated April 1, 1939
and due April 1 as follows:
$15,000 from 1940 to 1942, incl. and $20,000
from 1943 to 1964, incl.
The bonds were re-offered to yield from 0.20%
to 1.80%, according to maturity, and were all sold and syndicate terminated
at the close of business on the day of the award.
Other bids at the sale were
follows:
as
-
Bidder—
Int. Rate
»
Union Securities Corp., and Estabrook & Co
Shields & Co., R. W. Pressprich & Co.,
Martin & Chambers
&
Co., Inc., and Adams,
.
1.70%
&
2,085.50
1.75%
1.75%
& Hutzler
Savings Bank,
1,343.45
1.75%*
1,309.50
1-75%
1.75%
& Co.
-
Co
Brothers
&
194.00
1,261.00
Co. of
Roosevelt & Weigold, Inc..
Phelps, Fenn & Co., and F. S. Moseley &
Harriman, Ripley & Co., Inc—
Trust
737.20
383.15
1.70%
McEntee &
Co., Inc
Paine, Webber & Co., and L. F. Rothschild
Chase National Bank, and Bankers Trust
New York.
$873.00
1.70%
-
Lazard, Freres & Co., and C. F. Childs & C01—
Goldman, Sachs & Co.; First of Michigan Corp.,
and Tucker, Anthony & Co
-Manufacturers & Traders Trust Co.; George B.
Gibbons
Premium
1.70%
and
,
1.80%
---
1,988.02
970.00
and Sherwood &
.
761.45
1.80%
1.80%
1-90%
1.90%
2,798.45
1-90%
-
679.00
4,156.45,
3,050.65
1.90%
& Co
Co
483.06
£§§•££
L80%
1,697.50
E.
Halsey, Stuart & Co
Middfetown, Savings Bank
— —
n_
1-90%
-
2%
>
£65.10
100.00
Y.—FEBRUARY SHORT-TERM BORROWING— Tem¬
porary financing by the city during February was confined to the disposal
of $40,000,000 0.25% revenue bills, dated Feb. 28, 1939 and due May 3,
NEW YORK, N.
1939.
*
CENTRAL RURAL SCHOOL DISTRICT NO. 1
Kings Park), N. Y.—BOND OFFERING—Thomas L. Hartney,
sealed bids until 3 p. m. on March 11 for the
purchase of $68,750 not to exceed 4% interest school bonds.
Dated March
15,1939 and due March 15 as follows: $2,000,1940 to 1960 incl.; $3,000 from
SMITHTOWN
(P. O.
District Clerk, will receive
P3iy2tbl0
W*w«vr
payable to
-
—
——
-
order'of*the~Board of Education, must
-
-
accompany
each proposal.
Glens Falls), N. Y.-BONDSALE^bonds was sold on Feb. 23 to the First National
SOUTH GLENS FALLS (P. O.
An issue of $23,000
3% sewer
Bank of Glens Falls.
$26,000
WASHINGTON, N. C. General Imp. 3s
Due Oct. 15,
1945-51 at 2.50-2.90% basis
F. W. CRAIGIE &
COMPANY,
Richmond, Va.
Phone
3 9137
A. T. T. Tel. Rich. Va. 83
J.—BOND
SALE—The $12,000 school bonds offered March 6—V. 148, p. 1201—were
awarded to the Peoples Trust Co. of Bergen County, Hasbrouck Heights,
as
97.33
**
H. Rollins & Sons; A. C. Allyn & C6., and
Campbell, Phelps & Co
—
Bacon, Stevenson & Co., and Equitable Securities Corp
Marine Trust Co. of Buffalo; R. D. White & Co.,
and B. J. Van Ingen & Co
- ——
Par
453.44
158.76
J.—BONDS SOLD—An issue of $113,000 poor
National Bank of Jersey City,
WEST NEW YORK, N.
Burr
100.01
550.00
relief bonds was sold to the Hudson County
100.19
$6,500,
Sealed bids also will be received at
:
100.22
100.05 '
1940; $6,000, 1941 to 1949, incl.;
$8,000 from 1950 to 1959, incl. and $9,000 from 1960 to 1964, incl.
7,500 sewer assessment bonds. Denom. $500. Due March 15 as follows:
$1,000 from 1941 to 1946, incl. and $500 from 1947 to 1949, incl.
as
1.60%
-
Ripley & Co., Inc
Reichard, Inc
Kidder, Pea body & Co., and Blyth
The First Boston Corp
will receive sealed bids until 8:30 p. m. on March 15,
purchase of $193,000 not to exceed 6% interest coupon or registered
bonds, dated March 15, 1939 and divided as follows:
15
Harriman
Halsey, Stuart & Co., Inc
Julius A. Rippel, Inc
58.32
48.60
664.20
-
1.60%
1.60%
1.60%
Lazard Freres & Co
Salomon
Breeze, Borough Clerk,
March
271.20
372.60
145.80
61.07
Harris
for the
$185,500 sewer bonds.
502.20
273.78
1.50%
1.50%
1.50%
1.50%
1.50%
1.50%
1.60%
100.04
$678,200 bonds; b for $677,200 principal amount;
$601,200 principal amount; c for $675,200.
HASBROUCK
1.50%
1.50%
.
Company of New Jersey
Buckley Brothers
j—-—
Kean Taylor & Co., and Van Deventer Bros., Inc._
The Elizabethport Banking Co
Lehman Brothers and Ira Haupt & Co—,
Blair & Co., Inc., and Charles Clark & Co
Shields & Co., and Morse Bros. & Co., Inc
100.06
xFor entire offering of
for
1.40%
M.-P.
G.
The Trust
112,807
*
b
Shields & Co., et al
H.|L. Allen & Co., et al
Rate Bid
Premium
$59.94
Int. Rate
4J u*.
and
Smith, Barney & Co-
x
A. C. Ailyn & Co.,
.4
,
Elizabeth Trust Co
Blair & Co., Inc., and
follows:
Amount Bonds
a
Bidder—
#- 'W>
Campbell, Phelps & Co., Inc—
Stranahan, Harris & Co., Inc.,
Murphy & Co
100.68
(P.
O.
Newark),
N. J.—-BOND SALE—The
$678,200 coupon or registered bonds offered March 9—V. 148, p. 1360—
were awarded to a group composed of the Chase National Bank, Goldman,
Sachs & Co., both of New York, and MacBride, Miller & Co. of Newark,
as 1.70s, at a price of 100.039, a basis of about 1.69%.
The bonds, des¬
cribed below, were re-offered by the bankers to yield from 0.15% to 1.80%,
according to maturity: ■
■
COUNTY
Dated June 1, 1937.
1.39%.
Dated March 15, 1939 and due March 15 as follows:
$16,000 from 1940 to 1948, incl. and $18,000 in 1949.
Re-offered to yield
0.25% to 1.60%, according to maturity.
The following are some of
Rate Bid
2M%
_____
Milliken & Pell
Dover),
the other bids submitted at the sale:
Stroud & Co. and MacBride, Miller & Co_
C.aC. Codings & Co
—
Phelps, Fenn & Co., Inc., etal
Inc., et al
O.
101 49
2M%
2M%
2M %
2M%
Bidder—
(P.
Annuity Fund at par.
2>£?%
Bid for
as
DISTRICT
SCHOOL
from
739
Yeatman & Co_
Other bids for the bonds were
TOWNSHIP
101.55
Amount Bonds
$320,000 road bonds.
RANDOLPH
N. J.—BONDS SOLD—An issue of $161,500 3M% school bonas was sold
last October to the State Teachers' Pension ana
2M%
,
••
N. J .—BONDS NOT SOLD—'The $30,000 not to
interest emergency relief bonds offered March 6—V. 148, p.
Dated Feb. 1, 1939 and due Feb. 1 as follows:
$4,000
$2,000 in 1947.
5%
915—were not sold.
101.77
Rippel & Co. of Newark as 2 Ms, at a price of 100.42, a basis of about 2.21%.
Dated March 1, 1939 and due March 1 as follows:
$5,500, 1940; $5,000,
1941, and $4,000 from 1942 to 1959, incl.
Among other bids were the
following:
►-ESSEX
exceed
2M%
W BURLINGTON, N. 3.—BOND SALE—The $82,500 coupon or registered
school bonds offered March 7—V. 148, p. 120l—were awarded to J. S.
&
bidder.
UNION#COUNTY (P. O. Elizabeth), N. 3.—BOND SALE—The
$162,000 coupon Or registered road improvement bonds offered March 9—
148, p. 1360—were awarded to Campbell, Phelps & Co., Inc., New
York, as 1.40s, at par plus a premium of $59.94, equal to 100.037, a basis
Colyer,
—
Allen
month.
NORTH
PLAINFIELD, N. J .—BOND OFFERING—Frederick A.
Martin, Borough Clerk, will receive sealed bids until 8 p. m. on April 10,
for the purchase of $23,643.75 not to exceed 6% interest coupon or registered
sewer bonds.
Dated April 1, 1939.
One bond for $143.75, others $500
each.
Due April 1 as follows:
$1,143.75 in 1940; $1,000 from 1941 to 1962,
incl. and $500 in 1963.
Bidder to name a single rate of interest, expressed
in a multiple of M of 1%.
Principal and interest (A-O) payable at the
State Trust Co., Plainfield.
The price for which the bonds may be sold
cannot exceed $24,643.75.
A certified eheck for $472.88, payable to order
of the Borough, must accompany each proposal.
Legal opinion of Reed,
Hoyt, Washburn & Clay of New York City will be furnished the successful
of about
Dougherty, Corkran & Co. and Morse
Bros. & Co.__
Adams & Mueller
Lehman Bros., Kean, Taylor & Co., B. J.
^ Van
Ingen & Co., Inc. and VanDevenw.
ter Bros
T____
...
L.
toward close of the present
1
738
Robinson & Co. and Butcher & Sherrerd
H. L. Allen & Co., Minsch, Monell & Co.,
Buckley Bros
6% interest funding bonds, subject to approval of-State Funding
The issue would mature as follows:
$4,000, 1940; $10,000,
1941 to 1945, incl.; $25,000 from 1946 to 1949, incl.
Sale is expected to be
Commission.
736
and R; D. White & Co
Halsey, Stuart & Co., Inc., Robinson, Mil¬
ler & Co., Schlater, Noyes & Gardner,
Inc., and First of Michigan Gorp.__—
Phelps, Fenn & Co., Inc., F.S.Moseiey& Co.,
t
Bidder—
exceed
—V.
,
Bioren & Co. and Suplee,
$150,00(| FUNDING
BONDS—Robert P. March, City Comptroller, informs us thatyan ordinance
received first reading on March 9 providing for an issue of $154,000 not to
1
__
Inc.,
BRUNSWICK,*N. J.—PLANS SALE OF
from 1940 to 1946, incl. and
Harriman Ripley & Co., Inc., Smith, Barney & Co. and Julius A. Rippel, Inc
Campbell, Phelps & Co.,
NEW
►- PLE ASA NT VILLE,
Blair & Co., Inc., Kidder, Pea body
^
1521
Chronicle
NORTH
CAROLINA
COLUMBUSICOUNTY (P. O. Whiteville), N. C.—BOND OFFERING
—It is stated by W. E. Fastening, Secretary of the Local Government
Commission, that he will receive bids at his office in Raleigh, until 11a.m.
on March 14, for the purchase of a $55,000 issue of county hospital bonds.
Dated March 1, 1939, maturing annually, Sept. 1, $2,000, 1940 to 1965,
and $3,000, 1966; without option of prior payment.
There will be no
auction.
Denom. $1,000; coupon bonds registerable as to principal atone;
principal and interest (M-S), payable in legal tender in New York City;
Financial
1522
Chronicle
general obligations; unlimited tax; delivery on or about March 30, at place
of purchaser's choice.
Bidders are requested to name the interest tate or rates, not exceeding
6% per annum in multiples of M of 1 %.
Each bid may name one rate for
incl.
Due $24,000
600,000 general sewer bonds.
on
Sept. 1 from 1940
to 1964
incl.
Due $40,000
1,000,000 Cuyahiga River improvement bonds.
from
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and ac¬
Sept. 1
on
1964 incl.
1940 to
dated March 1, 1939.
A syndicate headed by
Lazard Freres & Co. of New York was second high bidder, offering a price
All
of the
bonds
are
of
100.089 for the same combination of interest rates, 2Ms and 3Ms.
a net cost of 2.623%.
Others in the account were Goldman, Sachs &
Co., Kidder, Peabody & Co., Union Securities Corp., Hemphill, Noyes &
Co., L. F. Rothschild & Co., all of New York; Merrill, Turben & Co.,
Cleveland; Kelley, Richardson & Co. and Stern, Warn pier & Co., both of
Chicago; Newton, Abbe & Co., Boston; E. Lowber Stokes & Co., Philadelor
crued interest will be entertained.
bank
1939
$500,000 paving and sewer bonds, city's portion.
Due Sept. 1 as folldws:
$45,000 from 1940 to 1945 incl. and $46,000 from 1946 to 1950
6art of the bonds (havingnameearliest maturities), and anotherbidder must
alance, but no bid may the more than two rates, and each rate for the
Bids are required on forms to be furnished with additional
and each bid must be accompanied by a certified check upon an
11,
information,
incorporated
unconditionally to the order of the State
Treasurer for $1,100.
The approving opinion of Masslich and Mitchell,
New York City, will be furnished the purchaser.
?hia; Wheelock Ashmun & Co. of Minneapolis. R. Compton & Co., New
ork, and C. S. & Cummins, Des Moines; W.
LINCOLNTON, N. C.—BOND OFFERING—We are informed by W. E.
Easterllng, Secretary of the Local Government Commission, that he will
—The State Tax Commission has authorized the district to hold
or
trust company .payable
CLEVELAND CITY SCHOOL DISTRICT, Ohio—BOND ELECTION
receive sealed bids at his office in Iiaieigh, until 11 a. m. on March 14, for
the purchase of a $35,000 issue of coupon local improvement bonds.
In¬
terest rate is not to exceed 6%,
payable M-S.
Dated Sept. 1, 1938.
from 1943 to 1962 incl.
De-
$1,000.
Due Sept. 1 as follows: $5,000 in 1944 to 1946, $4,000 in
1947, $6,000 in 1948 and $5,000 in 1949 and 1950.
Bidders are requested
to name the interest rate or rates in multiples of M of 1 %.
Each bid may
name one rate for part of the bonds (having the earliest maturities) and
another rate for the balance, but no bid may name more than two rhtes,
(In connection with the above report it is pertinent to note that on Jan. 25
Court ruled that the district could not issue bonds
part of an $8,000,000 expansion program until the voters had approved
creation of the proposed debt.—V. 148, p. 768.)
last the State Supreme
as
GREEN SPRINGS, Ohio—BOND SALE—An issue of $17,500 mortgage
works system bonds was sold on Feb. 20 to Siler, Carpenter
as 4s, at a discount of $875, equal to 95.
specify in his bid the amount of bonds of each rate.
offering to purchase the bonds at
revenue water
The bonds will be awarded to the bidder
& Roose of Toledo
the lowest interest cost to the Town, such cost to be determined by deduct¬
ing the total amount of the premium bid from the aggregate amount of
interest upon all of the bonds until their respective maturities.
No bid
of less
than
I RONTON, Ohio—LEGAL OPINION—The $200,000 flood prevention
Stranahan, Harris & Co., Inc. and Braun, Bosworth &
Co., both Toledo, jointly, as 3s, at a price of 102.116, a basis of about
—2.82%V. 148, p. 1202—have been approved as to legality by Squire,
Sanders & Dempsey of Cleveland.
bonds awarded to
and accrued interest will be entertained.
Prin. and int.
payable in lawful money in New York City.
The bonds are registerable
as
to principal only.
General obligations; unlimited tax.
Delivery at
place of purchaser's choice.
The approving opinion of Reed, Hoyt, Wash¬
burn & Clay of New York, will be furnished.
Enclose a certified check
for $700, payable to the State Treasurer.
par
LAKE WOOD, Ohio—BOND SALE—An issue of $40,000 sewer improve¬
bonds was sold to the City Treasury as 2s.
Dated March 1, 1939
ment
and due $1,600 each year from 1940 to 1960 incl.
NEW BERN,
N. C.—BONDS NOT .SOLD—The $50,000 issue of not to
semi-annual street improvement refunding bonds offered
148, p. 1361—was not sold as no bids were received,
according to the Secretary of the Local Government Commission.
Dated
Feb. 1, 1939.
Due from Aug, 1, 1941 to 1950, inclusive.
exceed
on
6%
7—V.
NORTH
WILKESBORO, N. C.—BOND OFFERING—Sealed oids will
be received until
11 a, m. on March 14, by W. E. Easterling, Secretary
Commission, at his office in Raleigh, for the
$14,000 issue of coupon town hall bonds.
Interest rate is
not to exceed 6%, payable F-A.
Dated Feb. 1, 1939.
Denom. $500.
Due Feb. 1 as follows: $1,500 in 1940 to 1947, and $2,000 in 1948.
Bidders
are requested to name the interest rate or rates in multiples of M of 1%.
Each bid may name one rate for part of the bonds (having the earliest ma¬
turities) and another rate for the balance, but no bid may name more than
two rates, and each bidder must specify in his bid the amount of bonds of
each rate.
The bonds will be awarded to the bidder offering to purchase the,
bonds at the lowest interest cost to the Town, such cost to be determined by
deducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their respective maturities.
No
bid of less than par and accrued interest will be entertained.
Prin. and int.
payable in lawful money at the Town Treasurer's office or at the Chase
National Bank, New York.
General obligations; unlimited tax.
Delivery
at place of purchaser's choice.
The approving opinion of Storey, Thorndike, Palmer & Dodge of Boston, will be furnished.
Enclose a certified
check for $280, payable to the State Treasurer.
of the
McCONNELLSVILLE, Ohio—BOND SALE—An issue of $15,000 street
improvement bonds was sold to George T. Lennon & Co. of Columbus.
coupon
March
Local
purchase of
Government
a
PERSON COUNTY (P. O.
Roxfeoro), N. C%—BOND SALE—The
$24,000 issue of school building bonds offered for sale on March 7—V. 148,
1361—was awarded to McAlister, Smith & Pate, Inc. of Greenviile,
paying a premium of $38.40, equal to 100.16, q, net interest cost of about
3.45%, on the bonds as follows:
$6,000 as 3s, due $1,000 from Dec. 1,
1939 to 1944; the remaining $18,000 as 3 Ms. due $2,000 from Dec. 1, 1945
to 1953, inclusive.
p.
REIDSVILLE, N. C.—NOTES SOLD—It is reported that $20,000
have been purchased by R. S. Dickson & Co. of Charlotte.
TABOR
notes
_
,
CITY, N. C.—BONDS SOLD—It is stated by the Secretary of
the Local Government Commission that $25,000
have been purchased at par by a local investor.
TRYON,
election
connection with
nom.
and each bidder must
an
March 22 on the question of issuing $2,500,000 construction bonds in
a Public Works Administration grant.
Bonds would mature
on
6% semi-annual bonds
"ROCKY RIVER, Ohio—BOND SALE—The $50,000 assessment re¬
funding bonds offered March 6—V. 148, p. 1202—were awarded to Fox,
Einhorn & Co; of Cincinnati as 3s, at par plus $450 premium, equal to
100.90, a basis of about 2.83%.
Dated Oct. 1, 1938 and due $10,000 on
Oct. 1 from 1943 to 1947 incl.
Ryan, Sutherland & Co. of Toledo, second
high bidder, offered a price of 100.62 for 3Ms.
Other bids:
1
,
Int. Rate
Premium
Field, Richards & Shepard, Inc—_•
3M%
$218.60
Otis & Co
3M%
3 34%
334%
4%
210.09
Bidder—
Seasongood & Mayer
William J. Mericka Co_
Merrill, Turben & Co___
;
165.85
105.00
130.00
TOLEDO CITY SCHOOL DISTRICT
(P. O. Toledo), Ohio—BOND
being offered
principal and
interest at the Chemical Bank & Trust Co., New York City. Coupon bonds
will be issued and may be registered as to principal only at purchaser's
expense.
At the purchaser's request and his expense registered bonds may
be issued in lieu of coupon instruments.
Bonds will be delivered at the
Toledo Trust Co., Toledo, on or about April 1, 1939; payment to be made
through that bank.
"
OFFERING DETAILS— The $245,000 4% refunding bonds
20—V. 148, p. 1362—are payable as to
for sale on March
COUNTY
TRUMBULL
(P.
O.
Ohio—BOND SALE DE¬
Trust
1939.
Warren),
TAILS— The $140,000 refunding bonds sold to the Union Savings &
of Warren as 2Ms—V. 148, p. 1362^—bear date of March 1,
Co.
Interest A-O.
Denom. $1,000.
WAUSEON, Ohio—BOND SALE—The $60,000 sewage disposal plant
and system mortgage revenue bonds offered March 6—V. 148, p. 1058—
were awarded to Siler, Carpenter &
Roose of Toledo as 3Ms, at 101.26,
a basis of about 3.39%,
Dated Feb. 1, 1939 and due Oct. 1 as follows:
$2,000 from 1940 to 1954 incl. and $3,000 from 1955 to 1964 incl.
C. W.
McNear & Co., next best bidder, offered 100.33 for 3Ms, plus cost of
legal opinion and printing of bonds.
'
N. C —BOND SALE—The $8,000 issue of refunding bonds
offered for sale
on March 7—V. 148, p. 1361—was awarded to McAlister,
Smith & Pate, Inc. of Greenvhle, as 4s, paying a price of 100.137, a basis
of about 3.96%,
Dated April 1, 1939.
Due $4,000 on
R. J. EDWARDS, Inc.
April 1 in 1943 and
1944.
NORTH
NORTH
DAKOTA,
Municipal Bonds Since 1892
DAKOTA
Stat©
of—REDUCTION SHOWN IN REAL
ESTATE DEBT—State has reduced its outstanding real estate bonds by
almost 50% during the past six years according to a comparative report of
State debt issued by the Bank of North Dakota.
As of Jan. 2, 1939, the outstanding real estate debt totaled $19,566,000.
This compares with $38,976,000 as of Jan. 1, 1933.
The report shows
that during the biennium 1933-35 the State cut its debt $6,564,300.
In
the next biennium the reduction was $7,624,700 and from Jan.
1, 1937 to
Jan. 2, 1939, the reduction was $5,221,000.
Of the $19,410,000 retired during the six year period, $3,467,000 matured
and were paid; while $15,943,000 were paid and cancelled
prior to their
maturity dates, the bank report shows.
*
Of the $15,943,000 bonds cancelled prior to
maturity, Bank of North
Dakota purchased the greater portion, paying the market price, and turning
them over to the State Treasurer for cancellation at
par.
The premium
paid by the bank on these bonds amounted to $1,316,462, which amount
the bank paid out of its operating profits.
The annual interest requirements on the retired bonds amounted to
$855,715 and the total interest to maturity was $7,196,027.
Since Jan. '1, 1933, the bank has collected on mortgages, sale of land
and refinancing of mortgages $20,603,028 which money it
paid over to the
State Treasurer and in turn was used to pay the real estate bonds.
OHIO
Oklahoma City, Oklahoma
AT&T Ok Cy 19
Long Distance 787
OKLAHOMA
GARVIN COUNTY
CONSOLIDATED SCHOOL DISTRICT NO. 3
(P. O. Wynnewood, R. No. 1) Okla.—BOND OFFERING—It is reported
by J. V. Webster,
that sealed bids will be received until 2 p. m. on March 14,
District Clerk, for the purchase of a
12,000 issue of school building bonds.
Due $1,000 in 1942 to 1953.
The bonds will be sold to the bidder bidding
the lowest rate of interest the bonds shall bear, and agreeing to pay par and
accrued interest.
HITCHITA
Enclose
a
certified check for 2%.
DISTRICT
(P. O. Hitchita), Okla.—BOND
bids will be received until 2 p. m.
Clerk of the Board of Education, for the
purchase of a $7,500 issue of building bonds.
Due as follows: $i,000 in
1942 to 1947 and $1,500 in 1948.
The bonds will be sold to the bidder
bidding the lowest rate of interest the bonds shall bear and agreeing to pay
par and accrued interest.
Enclose a certified check for 2%.
SCHOOL
OFFERING—It is reported that sealed
on
March 15, by Marion Stafford,
OKEENE
SCHOOL
DISTRICT
(P.
O.
Okeene), Okla.—BOND
OFFERING-—Sealed bids will be received by E. R. Moss, Clerk of the Board
MUNICIPALS
of
Education, until 2 p. m. on March 13, for the purchsae of a $10,000 issue
building bonds.
Due $1,000 in 1942 to 1951.
The bonds will be sold
bidding the lowest rate of interest the bonds shall bear and
agreeing to pay par and accrued interest.
These bonds carried at the
election held on Feb. 21.
Enclose a certified check for 2%.
of
to the bidder
MITCHELL, HERRICK
700 CUYAHOGA
CANTON
AKRON
WANETTE,
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
Okla.—BOND
OFFERING
as
on
BUTLER TOWNSHIP (P. O. R. F. D. No. 2.
Shiloh), Ohio—BOND
SALE—The $14,000 3% coupon township house bonds offered March 2—
V. I48, p. 1058—were awarded to the Richland Trust Co. of Mansfield as
2Ms, at par plus $32 premium, equal to 100.228, a basis of about 2.72%.
Dated A<pril 1, 1939 and due $500 on April 1 and Oct. 1 from 1940 to
1953
incl.
The Citizens National Bank & Trust Co. of
Mansfield, second high
price of 100.049 for 2Ms.
CADIZ, Ohio—BONDS SOLD—An
issue of $20,000
Union National Bank
system bonds was sold to the
Oct. 15, 1938.
Denom. $1,000.
Due
$1,000
on
3M% water works
of
Dec.
1
Cadiz.
from
Dated
1940
to
1959 inclusive.
CLEVELAND, Ohio—BONDS ALE—The $2,100,000 bonds offered Mar*
10—V. 148, p. 1202—were awarded to a syndicate
composed of the Harris
Trust & Savings Bank, Northern Trust Co., both of
Chicago; First Boston
Corp. and F. S. Moseley & Co., both of New York, R. H. Moulton & Co.,
Los Angeles; Schwabacher & Co., San
Francisco; and Sherwood & Reichard
of New York, on a bid of 100.142 for the
$1,600,000, 1940-1964 issues as
2Mb and the $500,000, 1940-1950 loan as 3Ms, making a net interest cost
to the city of 2.619%.
Sale consisted of:
is
equipment bonds that was
Jan. 23, as noted here—V. 148, p. 619.
offered for sale without success
Due $1,000 from 1942 to 1951,
inclusive.
OHIO
a
SCHEDULED—It
by S. F. Dawson, Town Clerk, that no definite date has been set
yet for the reoffering of the $10,000 issue of not to exceed 5% semi¬
annual street
bidder, offered
NOT
stated
SPRINGFIELD
WESTVILLE, Okla.—BONDS SOLD—A $4,000 issue of 6% semi-annual
been purchased by the Bank of Com¬
fire truck bonds is reported to have
merce of Still well.
'
<
OREGON
MULTNOMAH
COUNTY
JOINT
SCHOOL
DISTRICT
NO.
42
iP. O. Portland), the $8,000 coupon school bondsnow informedTrippthe
by &
listrict Clerk that Ore.—PRICE PAID—We are
awarded to
McClearey of Portland,
2Mb,
as
noted here—V. 148, p. 1202—were purchased as
of about 2.47%.
Due $1,000 from
at a price of 100.17, a basis
March 1, 1941 to 1948, inclusive.
SEASIDE,
Ore.—INTEREST RATE— It
is
reported
by
the
City
Auditor that the $60,500 coupon sewage disposal plant bonds purchased
jointly by two banks at a price of 100.03, as noted here—V. 148, p. 1362—
were sold as 4s.
Due from May 1, 1942 to 1947.
No other bid was re¬
ceived for these bonds.
*
SILVERTON, Ore.—BONDS SOLD—It is reported that the following
aggregating $26,000 were purchased recently by Tripp & McClearey
$20,000 sewer, and $6,000 swimming pool bonds.
bonds
of Portland:
.
Volume
Financial
148
YAMHILL
COUNTY
UNION
HIGH
SCHOOL
NO.
DISTRICT
6
(P. O. Newberg), Ore.—BOND SALE—'The $63,000 issue of school bonds
offered for sale
March 8—V.
148, p. 1362—was awarded to the Baker,
Fordyce, Tucker Co. of Portland, as 2Ms, paying a price of 100.08; a basis
of about 2.24%.
Dated Oct. 1, 1938.
Due from Oct. 1, 1940 to 1955, incl.
on
1523
Chronicle
as a
whole orl
n
Other
Bids—
Harriman
$55,000 BOROUGH OF SHARPSBURG
Ripley & Co., Inc
Incorporated
Bidder—
PENNSYLVANIA
A. T. T. Teletype—PITB
Co., Inc.
Mackey, Dunn.& Co., Inc
!
Harriman Ripley & Co., Inc
Union Securities Co. of Pittsburgh
289
PENNSYLVANIA
for the
purchase of $337,000 coupon funding bonds.
Dated April 1, 1939.
Denom. $1,000.
Due Oct. 1 as follows: $30,000, 1941 to 1943, incl.;
$35,000 from 1944 to 1949, incl., and $37,000 in 1950.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
Principal and
interest (A-O) payable at the County Treasurer's office.
Sale of bonds
will be subject to approval of proceedings by the Pennsylvania Department
of Internal Affairs.
A certified check for $3,000, payable to order of the
County Commissioners, must accompany each proposal.
Bonds will be
payable from unlimited ad valorem taxes on all of the county's taxable
property and legal opinion of Burgwin, Scully & Churchill of Pittsburgh
infirmary building (Public Works Administration project) bonds.
Dated
April 1, 1939.
Denom. $1,000.
Due Oct. 1 as follows: $10,000, 1941 to
19*7, incl.; $15,000 in 1948 and 1949 and $10,000 in 1950.
Bidder to name
a single rate of interest, expressed in a multiple of M of 1 %.
Principal and
interest (A-O) payable at the County Treasurer's office.
Sale of bonds is
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
A certified check for $1,000, payable to order of the
Executive and Administrative Officers of the District, is required.
County
will furnish favorable legal opinion of Burgwin,
Scully & Churchill of
Pittsburgh wnich will state inter alia that the Donds are valid and binding
general obligations of the county, payable as to both principal and interest
from ad valorem taxes levied upon all of tne taxable property therein with¬
out limitation as to rate or amount.
BOYERTOWN SCHOOL DISTRICT, Pa.—BOND SALE—The $15,"
148, p. 1203—were awarded
000 coupon school bonds offered Feb. 27—V.
to Glover &
MacGregor of Pittsburgh as 2Ms, at par plus $93.75 premium
equal to 100.625, a basis of about 2.16%.
Dated March 1, 1939, and due
$1,000 on March 1 from 1940 to 1954, incl.
O. Butler), Pa .—BOND OFFERING—
A. G. Reamer, President of Township Road Supervisors, will receive sealed
bids at the office of W. B. Purvis, 606 Savings Bank Bldg., Butler, until
10 a. m. on March 23, for the purchase of $11,000 3% coupon road bonds.
Due Oct. 15 as follows:
$2,000, 1939; $3,000, 1940; $2,500 in 1941 and 1942 and $1,000 in 1943.
15, 1938.
Denoms. $1,000 and $500.
CLEARFIELD
of $80,000
SCHOOL DISTRICT, Pa.—BOND SALE—The issue
refunding bonds offered March 6—V. 148, p. 917—was awarded
Moore, Leonard & Lynch of Pittsburgh as 2Mb, at a price of 101,138,
a basis of about 2.09%.
Dated March 1,1939, and due March 1 as follows:
$5,000 from 1940 to 1949, incl., and $6,000 from 1950 to 1954, incl.
Burr &
Co. of Philadelphia, second high bidder, offered 100.209 for 2Mb.
The following were the other bids submitted for the issue:
Bidder—
Int. Rate
Premium
Inc.__.__
2M%
E. H. Rollins & Sons..
2M%
2M%
2M%
2lA%
Hemphill, Noyes & Co
Glover & MacGregor, Inc
Clearfield
Trust
Co__
__:
Blair & Co___._
.
3%.
$167.20
102.40
1,162.00
1,015.12
544.00
667.68
Other bids:
TOWNSHIP (P. O. Cresson), Pa.—BONDS SOLD—'The
bonds offered Nov. 1, 1938—V. 147, p. 2432—were purchased
National Bank of Cresson.
Dated Nov. 1, 1938 and due
Nov. 1 from 1943 to 1949 inclusive.
ELK TOWNSHIP (P. O. R. D. 1,
Russell), Pa.—BOND OFFERING—
Joseph Plowright, Secretary of the Board of Supervisors, will receive
sealed bids until noon on March 21, for the purchase of $3,500 5% town¬
ship bonds:
Dated Feb. 1, 1939.
Denom. $700.
Due $700 on Feb. 1
from 1943 to 1947, incl.
Principal and interest (F-A) payable at the
Warren National Bank, Warren.
of proceedings
100.38
100.315
100.377
100.09
>
Bonds will be issued subject to approval
by the Pennsylvania Department of Internal Affairs.
Premium
Int. Rate
Bidder—
2M%
2M%
2M %
2M%
Singer, Deane & Scribner
Glover & MacGregor, Inc
S. K. Cunningham & Co
Burr & Co
.
2M%
2M%
;
Inc
PAINT (P.O. Windber). Pa.—BOND SALE—An issue of
$237.00
226.00,
222.25
147.00
91.35
118.65
$10,000 3M %
of
sanitary sewer system bonds was sold to the Merchants & Miners Bank
Paint as 3Ms, at par.
Due in 20 years; callable on or after Jan. 1, 1940.
SHARON
HILL,
Pa .—BOND
SALE
DETAILS—'The
$41,000
3
funding bonds sold to Burr & Co. of Philadelphia at a price of 101.039—V
148. p. 917—are dated June 1; 1938, in $1,000 denoms. and mature June 1
as follows:
$2,000 from 1939 to 195/ incl. and $3,000 in 19od. Principal and
interest payable at the South Philadelphia National BanK, Philadelphia.
SHINGLEHOUSE, Pa .—BOND SALE—The $16,500 coupon or regisoffered March 7—V. 148, p. 1059—were awarded to Burr &
Philadelphia as 3 Ms. at a price of 100.399, a basis of about 3.21%.
Dated Jan. 1, 1939 and due Jan. 1 as follows:
$500, 1942 to 1947, incl.;
$1,000 from 1948 to 1956, incl. amd $1,500 from 1957 to 1959 incl.
Second
high bid of 100.69 for 3Ms was made by Phillips, Schmertz & Co. of
Pittsburgh.
»
tered bonds
Co. of
(P. O. Tunkhannock), Pa .—BOND SALE—
courthouse improvement bonds offered March 8
148, p. 1203—were awarded to George E. Snyder & Co. of Phila¬
delphia as 2s, at par plus a premium of $522.77, equal to 100.857, a basis
of about 1.89%.
Dated March 15, 1939 and due Sept. 15 as follows:
$5,000 from 1941 to 1951, incl. and $6,000 in 1952.
Second high bid of
100.641 for 2s was made by the "Wyoming National Bank of Tunkhannock.
WYOMING COUNTY
The $61,000 funding and
—V.
offered
YORK, Pa .—BOND SALE—The $125,000 improvement bonds
10—V. 148,
p. 1383—were awarded to Biddle, Whelan & Co. of
Philadelphia as 1Mb, at a price of 100.81.
Dated April 1, 1939 and due
April 1 as follows: $20,000, 1943; $30,000 fro.n 1944 to 1946 incl. and
$15,000 in 1947.
Halsey, Stuart & Co., Inc., New York, second high
bidder, offered 100.77 for 1Mb.
f
March
RHODE
ISLAND
CRANSTON, R. I.—NOTE SALE—The $100,000 notes issued in an¬
ticipation of taxes assessed as of June 15, 1939 and offered on March 9 were
awarded Jo the Citizens Savings Bank of Providence at 0.25% discount.
Dated March 9, 1939 and due Dec. 1, 1939. The Chase National Bank of
New York bid a rate of 0.29%; Stephen W. Tourtellot of Providence, 0.30%,
and the First National Bank of Boston, 0.38%.
JAMESTOWN,
R. l.—BOND ISSUE APPROVED—At a special town
of $40,000 bonds for rehabiliJamestown & Newport Ferry Co. system.
financial meeting the taxpayers voted an issue
.tation of the municipally-owned
CRESSON
on
;
E. H. Rollins & Sons, Inc
SOUTH CAROLINA
$3,500 4%
at par by the First
$500
Rate Bid
2M%
2M%
2M%
2.80%
TOWNSHIP (P. O. Aspinwall), Pa.—BOND SALE—The
$15,000 bonds offered March 2—V. 148, P. 1059—was awarded to
Moore, Leonard & Lynch of Pittsburgh as 2Mb, at 100.z83, a basis of about
2.23%.
Dated March 1, 1939, and due Marcn 1 as follows: $3,000 in
1944 and $4,000 in 1949, 1954 and 1959.
Second high bid of 101.61 for
2M» was made by Phillips, Schmertz & Co. of Pittsourgh.
to
Burr & Co.,
_________
issue of
BEAVER COUNTY INSTITUTION DISTRICT (P. O. Beaver), Pa.
—BOND OFFERING—Joseph S. Edwards, Chief Clerk, will receive sealed
bids until 1:30 p. m. on March 15 for the purchase of $110,000 coupon
Dated Oct.
—
Johnson & McLean,
will be furnished the successful bidder.
(P.
101.157
O'HARA
BEAVER COUNTY (P. O. Beaver), Pa.—BOND OFFERING—Joseph
S. Edwards, Chief Clerk, will receive sealed bids until 1:30 p. m. on March 15
TOWNSHIP
100.56
Int. Rate
Blair &
BUFFALO
101.099
bonds offered March 9—V. 148, p. 1203—were awarded to E.
JOHNSON & McLEAN
I
*
Sunbury), Pa.—BOND SALE—The $215,000 County Institutional Home
H. Rollins &
Sons, Inc., Philadelphia, as 2 Ms, at 100.536, a basis of about 2.14%. Dated
Dec. 1, 1938 and due Dec. 1 as follows: $25,000, 1940; $30,000 from 1941
to 1944 incl. and $35,000 in 1945 and 1946. Callable in whole or in part in
nverse order of bond numbers on Dec. 1,1939 or on any subsequent interest
date at a price of 103. Other bids:
COUNTY, PENNA.
Telephone—Atlantic 8333
2M%
2M%
3%
*
NORTHUMBERLAND COUNTY INSTITUTION DISTRICT (P. O.
2M% Bonds due Dec. 1, 1941-57 @ 1.30% to 101
PITTSBURGH
Rate Bid
Int. Rate
E. H. Rollins & Sons, Inc
Leavens & Leader, Inc
ALLEGHENY
Dec. 1, 1939,
part in the inverse order of their numbers on
at any subsequent interest date at tie following prices:
On
Dec, 1,
1939 to Dec. 1. 1942, incl., at 105; thereafter to and incl. Dec. 1, 1945, at
104; thereafter to and incl. Dec. 1, 1948, at 103; thereafter at 102.
or
GREENVILLE, S. C.—BONDS SOLD— It is reported that
swimming pool revenue bonds were sold recently to McAlister,
Pate, Inc. of Greenville, as 4Mb. Dated Apnl 1 1939.
$35,000
Smith &
SUMTER, S. C.—BOND SALE—The $70,00j issue of street improve""
offered for sale on March 8—V. 148, p. 1363—was awarded to a
ment bonds
syndicate composed of Frost, Read & Co. of Charleston; McAlister, Smith
& Pate, Inc. of Greenville, and E. H: Pringle & Co. of Charleston, as 2Mb,
less a discount of $1,253, equal to 98.21, a basis of about 2.485%.
Dated
Feb. 15, 1939. Due from Feb. 15, 1940 to 1954 incl.
,
ERIE, Pa .—REFUSED TO COMPROMISE IN ASSESSMENT BOND
DISPUTE—It is reported that the City Council recently refused to accept
SOUTH
the
compromise agreement, offered by 94 holders of street improvement
bonds, of paying face value plus 1% accrued interest.
The compromise,
which had been sent to the council by attorney Jacob B. Held, Secretary
of the Bondholders' Committee, was read to city officials at its meeting on
Feb. 24., it was said.
Mayor Charles R. Barber suggested that Finance Director Paul F.
Watson contact each bondholder and attempt to make individual Settle¬
ments in an effort to end-the controversy that has been in progress for more
than five years.
City Solicitor Edward Murphy said that the city appeal for a new
trial
in the judgment given by a jury to T.
R. Palmer, one of the largest bond¬
holders, will be heard in the State Supreme Court on March 20.
ERIE COUNTY (P. O.
a
Int. Rale
Bidder—
Rate Bid
\
1.50%
100.5888
100.1734
100.076
100.462
100.794
Halsey, Stuart & Co., Philadelphia
Peoples-Pittsburgh Trust Co., Pittsburgh
Security-Peoples Trust Co., Erie
1.25%
1.25%
1.25%
1,25%
Blair & Co.
2%
101.1665
Union Trust Co., Pittsburgh
1.25%
1.25%
100.40688
100.2916
1.25%
1.25%
1.25
1.50%
100.0196
100.09
100.045
100.039
1.50%
1.25%
100.8183
100.218
Singer, Deane & Scribner, Pittsburgh
W. H. Newoold's Son & Co., Philadelphia
jGhnson & McLean, Inc.
Pittsburgh
Eastman, Dillon & Co., Philadelphia
E. W. Clarke & Co., Philadelphia
Hemphill Noyes & Co. and Phillips, Schmertz & Co.
E. H. Rollins & Sons, Philadelphia.
__
.
funding and street im¬
Inc. and Blair & Co.,
basis of about 2.40%
1363—attracted the following other bids, all of which specified
MILL VALE, Pa.—OTHER BIDS—The $100,000
provement bonds awarded to E. H. Rollins & Sons,
both of Philadelphia, jointly, as 2Mb. at 101.16, a
—V. 148, p.
a coupon
of 2%%:
Rate Bid
Bidder—
Glover & MacGregor, Inc. and Singer,
S. K. Cunningham & Co. and Moore,
Deane & Scribner
Leonard & Lynch
Johnson & McLean, Inc. and Burr & Co
Hemphill, Noyes & Co. and Phillips, Schmertz & Co
Halsey, Stuart & Co., Inc
102.417
101.445
101.361
101.80
100.55
NORTHUMBERLAND COUNTY
(P. O. Sunbury), Pa.-BOND
SALE—The $250,000 coupon funding bonds offered March 9—V. 148,
1203—were awarded to Blair & Co., Inc., New York, as 2Mb, at 100.38,
basis of about 2.21%.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
$30,000,1947 and 1948; $35,000,1949 and 1950; $50,000 in lpSl and $70,000
in 1952.
All of the bonds will be redeemed at the option of the county
p.
a
148, p.
COUNTY (P. O. Faulkton), S. Dak.—BOND SALE—The
issue of funding bonds offered for sale on March 7—V. 148,
1363—was awarded to the Justus F. Lowe Co. of Minneapolis, and
associates, according to the County Auditor.
Dated March 1, 1939.
Due on Jan. 1 from 1941 to 1959; optional on and after Jan. 1,1944.
$175,000
p.
LINCOLN
COUNTY
INDEPENDENT CONSOLIDATED SCHOOL
DISTRICT NO. C-l (P. O. Harrisburg), S.
Dak.—BOND OFFERING—
reported that both sealed and auction bids will be received until
March 16, at 10 a. m., by John E. Loberg, Clerk of the Board of Education,
for the purchase of a $5,000 issue of not to exceed 3M% semi-ann. funding
bonds.
Dated Jan. 1,1939.
Due $500 from Jan. 1, 1942 to 1951 incl.
It
basis of about 2.40%.—V. 148, p, 1363:
Harriman Ripley & Co., Philadelphia.!.
S. K. Cunningham & Co., Pittsburgh^
Allison-
$5,000 in 1942; $10,000 In 1943 to 1946;
$15,000 in 1947 and 1948; $20,000 in 1949; $25,000 in 1950; $30,000 in
1951 and 1952, and $35,000 in 1953 ana 1954.
1363—are due on Jan. 1 as follows:
Erie), Pa.—OTHER BIDS FOR BOND ISSUE—
The following other bids were submitted for the $150,000 refunding bonds
which were awarded recently to the Security-Peoples Trust Co. of Erie as
2Mb, at 101.16,
COUNTY (P. O. Aberdeen). S. Dak.—MATURITY—It is
reported that the $250,000 refunding bonds purchased by the
Co. of Minneapolis, as 3Ms at par, as noted here—V.
Willaims
FAULK
'
-
«
BROWN
now
DAKOTA
is
MONTROSE
INDEPENDENT SCHOOL DISTRICT
NO. 1 (P. O.
Montrose) S. Dak.—BOND SALE—The $88,000 issue of refunding bonds
offered for sale on March 3—V. 148, p. 1363—was awarded to the WellsDickey Co. of Minneapolis, as 3Ms, paying a premium of $976, equal to
101.109, a basis of about 3.63%. Dated March 1, 1939. Due from March 1,
1940 to 1959; optional on any interest payment date prior to final maturity.
TENNESSEE
COLUMBIA, Tenn.—BONDS SOLD—An issue of $107,000 3M%
semi-ann. funding bonds Is being offered by the Equitable Securities
Corp. of Nashville, for general public subscription. Denom. $1,000. Dated
Jan. 1, 1939.
Due Jan. 1, as follows: $5,000 in 1951 and 1952, $10,000 in
1953, $15,000 in 1954 and 1955, $20,000 in 1956 and 1957 and $17,000 in
1958. The bonds were issued to fund the city's floating indebtedness, con¬
stitute general obligations of the city, payable from unlimited ad valorem
taxes on all taxable property therein.
Practically all the notes and warrants
funded by these bonds were issued for various capital improvement pur¬
poses such as schools, sewers, street improvements, &c., and do not rep¬
resent accumulated deficits.
Prin. and int. payable at the Chemical Bank
& Trust Co., of Kew York. The bonds are offered subject to the approval
of Chapman & Cutler, of Chicago.
coupon
It is
reported that Nunn, Shwab & Co. of
the above named firm in the
Nashville was associated with
purchase of these bonds.
MEMPHIS, Tenn.—MARKETING OF UTILITY BONDS PROPOSED
—We quote in part as follows from a special dispatch out of Memphis to
the "Wall Street Journal" of March 7:
"City of Memphis is planning to ask for bids soon on two types of bonds
for financing purchase of Memphis Power & Light Co.'s gas and electric
1524
Financial
Chronicle
system.
The purchase price has been set at $17,360,000, of which the
Tennessee Valley Authority will contribute $2,110,000 and the city will
put up $16,250,000.
"City officials will have to raise this money through bond offerings,
but they have not decided whether to issue revenue bonds or general
obligation bonds of the city.
"The revenue bonds would be payable solely from revenues accruing to
the utility system, while the general obligations would be payable from
revenues of the system, or in event they were insufficient, from ad valorem
taxes.
"The city will
not sell
ask bond buyers to bid on both types of bonds, but will
general obligations unless the best bid is 25 to 30 basis points below
revenue bonds.
Two sets ofibonds, gas and electric, will
the best bid for
be issued."
,
Dated April 1,
sold recently to Nichols & Co. of Nashville.
1939.
148,
Associated with the above firm
Hanifen & Co. of Denver.
are sufficient to pay the cost of constructing certain improvements
the city's water works and sanitary sewer system.
The warrants are
to be delivered as the construction work progresses.
to
COUNTY
O.
(P.
BELLI NGHAM,
Rockport),
Texas—BOND
SALE
DETAILS—It is stated by the County Judge that the $60,000 road improve¬
ment bonds sold to liuss, Roe & Co. of San Antonio, as noted here—
V.
148, p. 1363—were purchased as 4^s, at a price of 103.085, and mature
April 10 as follows: $1,000 in 1940; $2,000, 1941 to 1945; $3,000, 1946
1954; $4,000, 1955 to 1957, and $5,000 in 1958 and 1959, giving a basis
of about 4.17%.
*
on
to
„
PASS INDEPENDENT SCHOOL
DISTRICT
(P. O.
Pass), Texas—BONDS OFFERED—Sealed bids were received
until 7:30 p. m. on March 10, by Walter Noble, President of the Board of
Trustees, for the purchase or a $38,000 issue of 4H% semi-ann. school
house, series of 1938 bonds.
Dated Oct. 15, 1938.
Denoms. $1,000 and
$500.
Due April 15 as follows: $1,000 in 1940 to 1944; $1,500 in 1945 to
1949; $2,000 in 1950 to 1954; $2,500 in 1955 to 1959, and $3,000 in 1960.
Prin. and int. payable at the Central Hanover Bank & Trust Co., New York.
ARANSAS
BRAZOS COUNTY
(P. O. Bryan), Texas—BOND SALE DETAILS
reported by the County Judge that the $90,000 refunding bonds
Dittmar & Co. of San Antonio, as 2s—V. 148, p. 1364—
were purchased at a price of 100.063,
and mature $18,000 from April 1,
1940 to 1944, giving a basis of about 1.98%.
now
sold to Mahan,
EASTLAND, Texas—BONDS PURCHASED—In connection with the
call for tenders of bonds and warrants, it is officially stated that all available
funds for the purchase of bonds havo been absorbed at approximately 20 flat.
FORT WORTH INDEPENDENT SCHOOL DISTRICT
(P. O. Fort
Worth) Texas—ADDITIONAL INFORMATION—In connection with the
sale of the $750,000 refunding bonds to local banks as 3s, as noted in our
issue of Jan. 7—V> 148, p. 150—it is now reported that the bonds are in the
denomination of $1,000, and mature Feb. 1, as follows: $60,000 in 1940 and
1941, $70,000 in 1942 to 1945, $60,000 in 1946, $65,000 in 1947, $50,000 in
1948, $75,000 in 1949 and $100,000 in 1950. Prin. and int. payable at the
Fort Worth National Bank, Fort Worth. These bonds, part of a total issue
of $1,053,000, were issued to refund at a lower coupon rate a like amount of
outstanding voted callable bonds, and, in the opinion of counsel, are direct
and general obligations of the district payable from ad valorem taxes levied
on all taxable property therein, within the limits prescribed
by law. Legality
approved by Reed, Hoyt & Washburn of New York, and the ,Attorneyj
General of the State.
SCRANTON INDEPENDENT SCHOOL DISTRICT (P. O.
Scranton),
SAI<E DETAILS—It is now reported by the District
Secretary that the $6,000 building and gymnasium bonds purchased by the
State Board of Education, as noted here—V. 148, p. 1204—were sold as
3Ms, at par, and mature $300 annually from Aug. 1, 1939 to 1958, inclusive.
Texas—BOND
STERLING COUNTY (P. O. Sterling) Texas—BOND SALE DE¬
TAILS—It is reported by the County Judge that the $45,000 (not
$49,000),
issue of court house bonds purchased by Mahan, Dittmar & Co. of San
Antonio, as noted here—V. 148, p. 1204—was sold as 4s, paying a price
of 101.111, and matures on Aug. 1 as follows: $1,000 in 1940 to
1950, and
$2,000,1951 to 1967, giving
a
basis of about 3.91%.
DISTRICT
(P.
O.
Sweeney),
Texas—BOAD
SALE DETAILS—It is now reported by the
Superintendent of Schools
that the $34,000 building bonds sold locally, as noted here—V.
148, p. 1060"
handled through Mahan, Dittmar & Co. of
Houston, and are
divided as follows:
$6,000 as 2Ms, due in 1939, 1940 and 1941; the remain¬
3s, due from 1942 to 1948.
TEXAS (State of)—-WARRANTS CALLED—The
following statement
was issued as of March 4 by
Charley Lockhart, State Treasurer:
To Holders of General Revenue and
Confederate Pension Warrants—
General Revenue Warrants:
If written
within
the fiscal
year
beginning Sept.
1,
1937 and
ending
Aug. 31, 1938, we are paying at face value general revenue warrants up to
and including No. 200,772.
All general revenue warrants issued on or
before July 14, 1938, but not prior to Sept. 1, 1936, are
payable regardless
of
theij; number.
-
Warrants written prior to Sept. 1, 1936, come under the classification of
warrants," and we request that you notify us if you are the
"outlawed
holder
of such
warrants.
Confederate Pension Warrants:
We are paying at face value all warrants drawn
against the Confederate
Pension Fund up to and including the Nov., 1937 issue,
regardless of whether
not
they have been discounted.
paying all warrants drawn against the Confederate Pension Fund
up to and including the Nov., 1938 issue, provided they have not been dis¬
counted and are supported by affidavit to that effect.
These warrants are
purchased by Special Act of the Legislature authorizing the State Treasurer
or
We
to
are
purchase such
warrants
collateral
are
as
Warrants
not
that have not been discounted.
Discounted
be confused with warrants that have been
put up as
are not barred from purchase.
warrants
to
the latter
drawn
against the Confederate Pension Fund are called by
by serial number as there are four distinct classes of
drawn against this fund.
months rather than
warrants
TEXAS, State of—INTEREST RATE—It is reported by Fred C. Varner.
Assistant Director of the Old-Age Pension
Commission, that the $900,000
interest-bearing warrants sold to the Republic National Bank of Dalas,
noted here—V.
148, p. 1364—were purchased at 1H%.
WOODSBORO INDEPENDENT SCHOOL DISTRICT (P. O. Woodspoi-o) Texas—MATURITY—It is reported by the Superintendent of
Schools that the $90,000 3M% semi-ann.
building bonds purchased by
the Ranson-Davidson Co. of San Antonio, as noted here—V.
148, p 1204—
are due as follows:
$4,000 in 1940 to 1945; $5,000, 1946 to 1951. and $6,000
in
1952 to 1957.
YSLETA INDEPENDENT SCHOOL DISTRICT
(P. O. Ysleta),
Texas—BONDS SOLD—It is stated by Mary L.
Carey, Acting Secretary
of the Board of Trustees, that an issue of
$150,000 school bonds was offered
for sale
on March 6 and was awarded to A.
Schwartz, of ELPaso.
March 10, 1939.
Due on April 10 from 1940 to 1969, inclusive.
public reoffering was Mc Cabe,
priced to yield from 2.25% to
Wash.—BOND OFFERING—It is stated that sealed
purchase of a $450,000 issue of water department
Interest rate is not to exceed 5%, payable J-J.
Denom.
1, 1939.
The bonds shall be payable commencing
stitute
a
charge upon the
of the consolidated water supply
gross revenues
system of the city, and belonging to, or which may hereafter belong to
said city, and all betterments and extensions of such system.
Said charge
to be prior and superior to all other charges whatsoever, including charges
for maintenance and operation, except the lien of those certain water re¬
funding bonds of 1935 of said city, of which there is at the present time out¬
standing bonds in the principal total of $181,000.
Said bonds are to be
issued and delivered to the successful bidder as soon as possible after the
acceptance of such bid.- Bids must be accompanied by certified check in
the sum of $22,500, payable to the city.
Each bidder shall in the bid
agree to furnish the blank bonds necessary for said issue and to have the
same suitably lithographed or printed.
The city will furnish to the suc¬
cessful bidder the opinion of Preston, Thorgrimson & Turner, of Seattle,
as to the legality of said bonds.
AH bidders are required to submit a bid specifying:
(a)
The lowest rate of interest and premium, if any, above par at which
purchase said bonds, and/or
The lowest rate of interest at which the bidder will purchase said
such bidder will
(b)
bonds at par.
The above bonds mature
on Jan. 1 as follows:
$18,000 in 1941 to 1944,
$20,000 in 1945 to 1947, $21,000 in 1948, $22,000 in 1949 and 1950, $24,000
1952, $25,000 in 1953 and 1954, $29,000 in 1955, $30,000 in
1956, $31,000 in 1957, $32,000 in 1958 and $33,000 in 1959.
in 1951 and
P CENTRALIA, Wash.—BOND SALE DETAILS—It is stated by the
City Clerk that the $10,500 issue of street improvement bonds sold recently,
as noted here—V.
148, p. 1204—was handled by C. J. Oliver of Spokane,
as 6s.
Dated Nov. 28, 1938. Due on or before 12 years from date.
*■
QUINCY, Wash.—BOND SALE—The $6,000 issue of
specia
coupon
revenue bonds
offered for sale on Feb. 27—V. 148, p. 918—was
awarded to the Odessa State Bank of Odessa, Wash., as 51£s, at a price of
100.50,
basis of about 5.40%.
a
optional after six
Dated
Due $500 from Jan. 1,
years.
WEST
DODDRIDGE
COUNTY
(P.
1941 to
1952;
•
.
VIRGINIA
O.
West
Union),
W.
Va.—BONDS
VOTED—It is reported that $75,000 high school bonds were approved by
a wide margin at an election held recently.
■
TUCKER COUNTY (P. O.
Parsons), W. Va.—BOND SALE DETAILS
—It is stated by the County Superintendent of Schools that the $10.6,000
(not $110,000) school bonds purchased as 3s by the State Sinking Fund
Commission, as noted here—V. 148, p. 1204r—were sold at par and mature
on July 1 in 1940 to 1972.
WISCONSIN
BARRON COUNTY (P.
O. Barron), Wig.—BOND OFFERING—It is
stated that open bids
will be received until April 10, at 1:30 p. in., by Edw.
Jensen, Chairman of the County Board, in the office of T. T. Hazelberg,
County Clerk, for the purchase of an issue of $120,000 highway improve¬
ment, Series D bonds.
The bonds if and when issued, shall mature Nov. 1,
1943,
Nov.
and
interest payments will be made semi-annually, May 1 and
The bonds at maturity will be eligible to be retired with State
to Barron
County in accordance with the provisions of the
1.
allotments
Wisconsin Statutes.
JUNEAU
County
reserves
the right to reject ahy and all bids.
COUNTY
(P. O. Mauston), Wis.—PRICE PAID—We are
now informed by the County Clerk that the $36,000 2% coupon, semi-ann.
court house bonds purchased by Harley, Heydon & Co. of Madison, as
noted here—V. 148, p. 1364—were sold for a premium of $690, equal to
U10.916, a basis of about 1.60%.
Due from Jan. 1, 1940 to 1949 incl.
KENOSHA
COUNTY (P .O. Kenosha), Wis —BOND OFFERING—
by John C. Niederprim, County Clerk, that he will receive
sealed bids until 2 p. m. on March 20, for the purchase of the following
not to exceed 5% semi-ann. refunding bpnds aggregating $115,000:
$40,000 Series 1939 bonds, dated April 1, 1939.
75,000 Series 1939 bonds, dated April 15, 1939.
Denom. $1,000.
Due April 15 as follows: $10,000 in 1940 to 1949 and
$15,000 in 1950.
Prin. and int. payable at the County Treasurer's office.
The bonds will be sold to the highest responsible bidder at not less than
gar and accrued interest rate oid of delivery, the basisthe determination
of county. The
eing the lowest interest to date
and interest cost to
bonds
are issued to refund $40,000 of 3H % poor relief bonds, Series 1938,
due April 1, 1939 and $75,000 of 3K% poor relief bonds, Series 1937, due
April 15, 1939, the bonds being part of total issues of $400,000 and $325,000, respectively.
The $40,000 of bonds will be delivered April 1 and the
$75,000 bonds will be delivered April 15, 1939.
The approving opinion of
-Chapman & Cutler, of Chicago, will be furnished.
Enclose a certified
check for not less tnan 2% of amount bid.
MADISON, Wis.—BOND SALE—Two issues of coupon refunding bonds,
aggregating $117,000 were offered for sale at public auction on March 9,
and were awarded to Halsey, Stuart & Co., Inc. of Chicago, as 2s,
paying a
premium of $2,600, equal to 102.22, a basis of about 1.78%.
The bonds
are
described
as
follows:
$52,000 series of 1939 bonds.
Dated April' 1,1939.
Due April I, as follows:
$5,000 in 1945 to 1952, and $6,000 in 1953 and 1954.
Interest
payable April and Oct. 1.
65,000 series of 1939 bonds. Dated May 1, 1939. Due May 1, as follows:
$6,000 in 1945 to 1949, and $7,000 in 1950 to i954,
Interest pay¬
able April and Oct. 1.
SHAWANO, Wis.—BOND SALE—The $35,000 issue of 3% semi-ann.
bonds offered for sale on March 7—-V. 148, p. 1364—was awarded to
the Milwaukee Co. of Milwaukee, according to the City Clerk.
Dated
Jan. 1, 1939.
Due from Jan. 1, 1940 to 1949 incl.
sewer
All warrants which you hold coming within the above call
may be col¬
lected at this office by presenting through
your local bank.
as
are
with the second year as explained in the schedule which is given below.
Prin. and int. payable at the City Treasurer's office.
Said bonds will con¬
It is stated
—were
as
the
in
The bonds
water
COUNTY
(P. O. Gainesville), Texas—BOND SALE DE¬
TAILS—It is reported by the County Judge that the $60,000 road improve¬
ment warrants sold recently as 3s, as noted here—V. 148, p. 1060—were
purchased jointly by two local banks at par, and mature as follows: $11,000
on March 10, 1940 and 1941; $12,000 in 1942, and $13,000 in 1943 and 1944.
ing $28,000
Utah—
Dated Jan.
$1,000.
Aransas
SWEENEY SCHOOL
Price),
for the
bonds.
revenue
000,
COOKE
O.
bids will be received until 2:30 p. m. on April 3, by Harry A. Binzer, City
Comptroller,
TEXAS
—It is
(P.
WASHINGTON
as
AMARILLO, T exas— WARRANTS SOLD—It is stated by J. M. Barker,
City Auditor, that $85,000 water revenue warrants have been purchased
by the Amarillo National Bank as 3s at par.
Denom. $1,000.
Dated
Jan. 1, 1939.
Due Jan. 1 as follows: $10,000 in 1940; $15,000 in 1941,
and $20,000.in 1942 to 1944.
Funds from these warrants, together with
$25,000 cash, which the city deposited in a special construction fund, when
supplemented by a grant from the Federal Government aggregating $90,-
ARANSAS
DISTRICT
2.75%, according to maturity.
1363—were purchased by C. H. Little & Co. of Jackson,
Due from July 1, 1939 to 1953 incl.
p.
par.
SCHOOL
funding bonds is being offered by the First Security Trust Co. of Salt Lake
City, for general subscription.
Dated Dec. 30, 1938.
Denom. $1,000.
Due Dec. 30 as follows: $23,000 in 1946 to 1955 and $20,000 in 1956.
These
bonds bear interest at the rate of 5%
per
annum to
May 1, 1940,
and 3M% thereafter to maturity.
Prin. and int. (J-D;, payable at the
Guaranty Trust Co., New York.
These bonds being issued for refunding
purposes are, in the opinion of counsel, a direct obligation of the entire
district, payable from taxes levied against all of the taxable property there¬
in, without limitation as to rate or amount.
Legality to be approved by
Chapman & Cutler, of Chicago.
RIPLEY, Tenn.—BOND SALE DETAILS—It is stated by the Town
3Jis, at
1939
UTAH
COUNTY
CARBON
Recorder that the $25,000 ice plant bonds which were sold, as noted here
—V.
11,
BONDS OFFERED TO PUBLIC—A $250,000 issue of general obligation re¬
PARIS, Tenn.—BONDS SOLD—It is reported that $40,000 3% semi¬
annual refunding bonds were
Mar.
WYOMING
SWEETWATER
COUNTY
SCHOOL DISTRICT
NO.
6
(P. O.
Wyo.—BOND SALE POSTPONED—It is stated by Mary
Bagley, District Clerk, that the sale of the $18,000 high school building
bonds, scheduled for March 2—V. 148, p. 1060—was postponed.
Granger)
CANADA
CLARE (P. O. Little Brook), N. S.—BOND SALE—An issue of $25,000 4% improvement bonds awarded on March 6 to J. S. Brennan & Co.
of Halifax at a price of 100.18
Issue has an average maturity of about 11
years.
offered
The Dominion Securities
price of 98.44.
Corp.
of Toronto, second high
binder,
a
NORTH SYDNEY, N. 'S.—BOND SALE—An issue of $20,000 4%
improvement bonds was sold to Johnston & Ward of Montreal at a price of
103.45, a basis of about 3.70%.
Due in 1954.
@FedFRASER