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MAR 14 1938
Financial
ID*
ammerrial §
RMi u.
COPYRIGHTED IN 193» BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 146. '"ued w;;X3P.%T0w,~
mt. office
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1S7», ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH '
NEW YORK, MARCH 12, 1938
William
B A NK
°f
Chartered 1866
George V. McLaughlin
New York
President
NEW YORK
,
187B.
NO. 3794.
cor.
BROOKLYN TRUST
COMPANY
,
THE CHASE
NATIONAL BANK
OF
THE
CITY
The
OF
NEW
YORK
CHASE is
tra-
ditionally a bankers' bank.
BROOKLYN
For
many
years
it has
Member Federal Deposit Insurance
served
Corporation
large number
a
of banks and bankers
as
New York
correspondent
and
COMPANY
depository.
reserve
White, Weld & Co.
Member
Members New York Stock
New York
Corporation
STATE
Boston
London
AND
Amsterdam
MUNICIPAL
Representatives' Offices
Paris
BONDS
United States
Government
Buenos Aires
Securities
dm
The
Brown Harriman & Co.
FIRST BOSTON
Hallgarten & Go.
CORPORATION
Established It SO
YORK
YORK
BOSTON
PHILADELPHIA
London
&
AND
CO.
YORK
Philadelphia
SAN FRANCISCO
Chicago
Washington
Representatives in other leading Cities
OTHER PRINCIPAL CITIES
and
State
New\orkTrust
Municipal
Bonds
Company
ilfll
Barr Brothers & Co.
homer & co. jnc.
40
Boston
The
ONE WALL STREET
NEW
Street, New York
San Francisco
CHICAGO
Chicago
BEAR, STEARNS
Incorporated
63 Wall
Telephone: BOwling Green 9-5000
NEW
NEW
Federal Deposit Insurance
Exchange
Capital Funds
.
.
$37,500,000
INC.
Chicago
New York
Exchange Place, New York
IOO BROADWAY
57TH ST. & FIFTH AVE.
Wertheim & Co.
120
40TH ST. & MADISON AVE.
Broadway
NEW YORK
to
Batiks and
Dealers since
New York
London
Service
1888
Amsterdam
European Representative's Office:
8 KING WILLIAM
STREET
hornblower
&
weeks
Established 1888
LONDON, E. G 4
Girl M. Loeb, Rhoades & Co.
61
40 Wall Street
/
*
BROADWAY
Member of the Federal Reserve System,
London
Paris
Amsterdam
NEW YORK
Boston, Chicago,
Philadelphia and
Members New York,
NEW YORK
Berlin
-
the New York Clearing House Association
and of the Federal Deposit Insurance
Corporation
Cleveland,
Detroit Stock Exchanges
March
Chronicle
Financial
n
12, 1938
Leading Out-of-Toum
Investment Bankers & Brokers
DETROIT
A. G. Becker & Co.
Incorporated
J. & W.
Seligman & Co.
MUNICIPALS
MICHIGAN
Established 1898
and
No. 64 Wall Street
Investment Securities
NEW
CORPORATION BONDS
YORK
WATLING,l£RCHEN& HAYES
Members
Commercial Paper
New York Curb Assoc.
Chicago Stock Exch.
New York Stock Exch.
Detroit Stock Exchange
London
New York
Correspondents
884 BUHL
DETROIT
BLDG.,
Chicago
SELIGMAN BROTHERS
And Othor Cities
MICHIGAN MUNICIPALS
Charles A. Parcells & Co.
Leading Out-of- Town
Members of D.troit Stock
Investment Bankers and Brokers
PENOBSCOT BUILDING,
Exchange
DETROIT, MICH.
HARTFORD
ST. LOUIS
BIRMINGHAM
MARX & CO.
Missouri and Southwestern
Specialists in Connecticut
Stocks and Bonds
Securities
BIRMINGHAM, ALABAMA
MUNICIPAL
SOUTHERN
AND
PUTNAM & CO.
Smith, Moore & Co.
Members New York Stock Exchange
St. Louis
A. T. A T.
St. Louis Stock
Teletype
HARTFORD
CENTRAL ROW
6
BONDS
CORPORATION
A. T. T. Teletype—Hartford
Tel. 5-0151.
564
Exchange
St. L. 587
MILWAUKEE
Dividends
WISCONSIN
CORPORATION SECURITIES
Stix
Co.
a
SAINT LOUIS
Teletype—Milwaukee 92
Mining Company
120
EDGAR, RICKER& CO.
Broadway, New York, N
.
Y
March 8, 1938.
750 North Water Street
Board
The
at
declared
pany
of Directors
meeting
a
342
NO.
DIVIDEND
Members St. Louis Stock Exchange
Milwaukee, Wis.
Rosario
& Honduras
York
New
so^ouvs si
of this Com¬
this
held
day
dividend for the
of 1938,
of Seventyfive cents (75c) a share on the out¬
standing capital stock of this Com¬
pany, payable on March 26, 1938, to
stockholders
of record
at
the close
of business on March 15, 1938.
first
an
interim
quarter
W.
$50,000
UNITED
C.
LANG LEY, Treasurer.
MACHINERY
SHOE
CORPORATION
The
noov
clared
Directors
dividend
a
capital stock.
de¬
the
also declared
the Common
of this Corporation have
of 37Kc. per share upon
Preferred capital stock.
They have
a dividend of 62^c. per share upon
The dividends on both Preferred
payable April 5, 1938, to
at the close of business
and Common stock are
stockholders
F0RT0KES
March
of record
15, 1938.
CHARLES
G. BANCROFT, Treasurer.
HOMESTAKE MINING COMPANY
Dividend
No.
The Board of Directors
(S.37M)
• Taxes
companies in the
on
Associated
System amount to
year or to $49,841
a
day—holidays included.
Gigantic as is this total, it is
not so alarming as the rate at
$18,191,860
a
which the tax burden is increas¬
ernmeni.'But when taxes
on
October 31, 1937, the increase
the
previous 12 months
per
thirty-seven
and one-half cents
share of $12.50 par value Capital
Stock, payable March 25, 1938 to
of record 12:00 o'clock noon March
Checks will be mailed by Irving
utilities become excessive, the
pany,
industry's credit is impaired,
March
stockholders
19, 1938.
Trust Com¬
Dividend Disbursing Agent.
R.
1,
A.
CLARK, Secretary.
1938.
and it is unable to attract all the
funds necessary
struction. As
a
for
new con¬
to customers
may
TAXES
FOR
result, service
suffer.
ing. For the 12 months ended
over
of
803
No.
803
has declared dividend
INCREASE
77%
1932
$10,242,037
years
1933
companies now in the
System increased 77%.
cen¬
13,052,284
1935
bank
Wisconsin town, Member
FDIC.
All correspondence con¬
fidential.
Address Box 48 care
Commercial and Financial
tral
11,244,392
1934
SALE
Control interest State
13,865,221
was
28.6%. In the past
taxes
5
on
Utilities
wish
to
contribute
their share to the cost of gov-
1936
Chronicle.
15,250,813
1937*
....
Cotton Facts
18,191,860
*
12 months ended Oct. 31.
Carry
your
message
these readers at a
JttlECTI
r.W.
RSSOCIRTED GBS & ELECTRIC SVSIEm
cost
to
moderate
through our advertising
columns.
TV
rontclp
ommprrtH
No. 3794.
MARCH 12, 1938
Vol. 146
CONTENTS
Editorials
'
page
—1601
The Financial Situation
Departmental Reorganization and Executive Autocracy. 1614
The Increase in
The Price of
a
Freight Rates
1615
_
1616
Four-Power Pact.
Comment and Review
Gross and Net Earnings of
the Month of January
New
United States Railroads for
Capita] Issues in Great Britain
Week
on
the European
1618
1620
1605
1606
1610 & 1655
_
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and
Comment
Course of the Bond Market
Indications of Business
Activity
—
1621
1621
_
Week
on
the New York Stock Exchange—
1604
Week
on
the New York Curb Exchange
1654
News
1631
Current Events and Discussions..
Bank and Trust
General
.1653
1699
Company Items
Corporation and Investment News
1747
-1748
Dry Goods Trade
State and Municipal
Department
Stocks and Bonds
1655 & 1665
Foreign Stock Exchange Quotations
Dividends Declared
1657
Auction Sales.
1698
1666
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations.. 1666 & 1676
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
Quotations.
1682
...1686
1688
1692
Over-the-Counter Securities—Stock & Bond Quotations. 1695
Reports
1609
1655
Foreign Bank Statements
Course of Bank
Clearings.
1663
Federal Reserve Bank Statements
General
Corporation and Investment News
.1699
Commodities
The Commercial Markets and the
Crops—
1738
Cotton
Published
Herbert
1741
Breadstuff s
1745
Every Saturday Morning by the William B. Dana Company, 25 Spruce
D. Selbert, Chairman of the Board and Editor; William Dana Seibert,
Manager.
Other offices:
Chicago—In charge of Fred II. Gray, Western
Street, New York City
President and Treasurer; William D. Riggs, Business
Representative, 208 South La Salle 8treet (Telephone
Dana Company.
Subscriptions
for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE:
On account of the fluctuations in the rates of exchange, remittances
State 0613).
London—Edwards & Smith. 1 Drapers' Gardens, London, E. C.
Copyright 1038 by William B.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75
for
foreign subscriptions and advertisements must be made in New York funds.
Financial
CHASE
THE
NATIONAL
OF
THE
Statement
March
Chronicle
CITY
OF
BANK
NEW
YORK
Condition,March 7, 1938
of
RESOURCES
Cash
Due
and
from
U. S. Government
Banks
.
.
Obligations,
.
.
.
...
.
.
.
.
.
.
.
723,593,600.61
#
.
direct and fully
590,478,589.05
guaranteed
State
and
Municipal Securities
Other Bonds
and
Loans, Discounts
Banking Houses
Securities
and
.
.
Other Real Estate
Mortgages
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Bankers' Acceptances
.
...
.
.....
.
.
...
.
.
.
170,511,873.63
733,095,111.14
36,296,189.13
.
.
...
.
110,800,205.72
.
.
.
.
.
.
6,160,746.63
11,355,683.91
....
Customers'Acceptance Liability
.
.
.
.
.
.
.
.
24,166,089.65
.
.
Other Assets
"..77-9
17,186,771.90
:f;
#2,423,644,861.37
LIABILITIES
Capital Funds:
,
Capital Stock
.
.
...
.
.
.
.
.
Surplus
100,270,000.00
Undivided Profits
28,121,440.91
#
Reserve
for
Contingencies
Reserve
for
Taxes, Interest,
Deposits
228,661,440.91
18,024,000.81
.
.
2,243,106.76
...................
2,115,261,526.30
Acceptances Outstanding
Liability
,7.
#100,270,000.00
........
.
as
Endorser
Other Liabilities
.
on
etc.
.
...
.
.
.
.
25,216,075.37
.
Acceptances
and
Foreign Bills
.
...............
30,274,123.73
3,964,587.49
#2,423,644,861.37
United States Government and other securities carried
public and
trust
deposits and for other
Member Federal
at
$141,546,826.51
purposes as
required
or
are
pledged to
secure
permitted by law.
Deposit Insurance Corporation
12, 1938
The Financial Situation
Rising Expenditures
FROM two quarters the attention of the public has
been unpleasantly called to the subject of taxa¬
tion
during the past week.
Debate in the House of
Representatives and the approach of the time when
the
Senate will have
tax
a
measure
before it have
The serious student of the situation has from the
first
fully understood that the only possible basis for
anything in the nature of adequate tax relief was to
found
be
kept the form likely to be taken by current taxes and
The
those that
are
a
limelight.
Meanwhile,
being proposed for the future in the
annual reports of corpora¬
remind
tions, the one after the other, have served to
those
been
(if there
are
have heretofore
may not
burden
that
must
b<,rne
if
tures
of
grades
this
of
awareness
of this
man
on
of
any group
all
country
to
are
crushing deficits
It
know
to
soon
if
sources
final form,
inevitably
accompanied the task of
and
drafting
tax
enacting
have
bill
a
both
given
and occasion for the
time
of
formulation
de¬
more
liberate conclusions
the
on
like way?
The realist is likely to
general subject, and these
conclusions
identical
are
months
or more
it
veto,
seems
that
at
ago.
threatened
the
moment
law will be
profits tax
they
changes,
passed
for
and the
go,
far
as
pay
of
it
dends
appears
in
(an
projects
of social benefits
as
well
as
is
nothing else,
not
as
long
as
"political benefits"
included.
divi¬
President may veto any bill
reduce
revenues.
the harshness of the terms of the
grown
Some softening of
ing
capital gains tax
of course, are to
be set down
Both of these,
the profit side of the
excuse
unemployment has
to proportions which
which
excuse
ignores the fact that there
are
other expendi¬
many
that
tures
might
be
re¬
duced, and the further cir¬
cumstance that relief itself
has
long been inexcusably
and
wasteful
extravagant
throughout the length and
breadth of the land.
in various
increases
For
other
categories of outlays other
that
remains
fact
money
the
is being expended,
and if it is
expended it has
found somewhere.
to be
Income
now
found, but the
are
excuses
tax
payments
becoming due, infor¬
mation
daily received
now
concerning the extent of real
estate
levies, and the finan¬
cial reports
of corporations
millions of share¬
to their
holders, coupled with the
continuance of
cits,
are
at
public defi¬
the
moment
serving to emphasize these
facts in
a
way
as
such
It is
degree and in a
that budgetary figures
could
never
do.
gratifying to find re¬
sponsible officials of many
American corporations tak¬
make
stockholders
the trouble to
pay dur¬
but it is
wholesome reading.
The 642,000 stockholders of
the American Telephone & Telegraph Co. are told
by their directors, for example, that "Bell System
of the taxes their
reasonably assured.
the
increase,
less itemized statements to their
or
which he believes
likewise appears
on
more
the increase.
require much larger relief
ing
to be rea¬
sonably in prospect—again disregarding warnings that
would seriously
part of the cur¬
some
economic
benefits; general benefits as well as special
benefits; potential benefits as well as existing
benefits, where they are involved."
The
list
lacks
something in candor, if
earn¬
^
justifiable, and in distributing
among the beneficiaries,
integrated Federal policy) will take
account
are
distributed
ings
well be noted that the
are
the costs of
in taxes
and the percentage
may
again
are
For
re¬
submitted to
projects
tionship between the
required to
now
Congress at one point re¬
marks that "in determining whether or not
as
corporation
granted, but it
now
will be helpful.
a
have
National Resources Committee in this report
An attenuation of the rela-
amount
"National resources," which seem
deeply stamped upon many of them.
That plans now being brought forward for
the future will be no exception may be taken
capital gains tax, and that
these
be
is
undistrib¬
the
modifying
answer to
placed rivers and harbors as a material for
the usual "pork barrel" politics.
Those who have supposed otherwise would
do well to study the record of expenditures
and projects already completed or under¬
taken in the name of conservation of national
resources.
The mark of what Howard Lee
McBain called the ordinary "putrid politics"
six
reasonable to expect
a
uted
a
find the
include rivers and harbors,
to
that
expressed
Barring
about this:
always
those
with
often
were
not
our
rapidly in light of new investi¬
gations and of dynamic economic conditions.
"Water plans should be flexible.
The his¬
tory of flood-control plans for the alluvial
valley of the Mississippi River affords many
examples, once considered comprehensive,
which soon were replaced by others.
Water
plans should be revised annually."
In light of realistic experience with actual
practice, just what are we to think of all such
"programs" as these which are couched in
phrases that may well give the impression
that lack of any consistent national policy
touching certain of our national resources is
now being replaced with programs "scientifi¬
cally" drawn and administered in a business¬
and the discus¬
sions that have
and
dis¬
con¬
on
outlays—an
of the Nation's water re¬
ideas on their best use and
control change
into
measure
any
adjusted
correspond with budget recom¬
"Our knowledge
be, but the long delay in
getting
should be read in the light of budgetary
mendations and with action by Congress.
to
are
public
On the
outlays
is that
each year to
1938
Federal tax statute
in
distinctly
rent
requirements and must, of course, be
too
the
"six-year plan" for harnessing the Nation's
at a cost of some $2,125,000,-
port
just what
of
contents
a
000, the President said:
"The six-year program suggested in the re¬
con¬
still
Congress
water resources
to be
are
is
a
to
average
in public life to effect major
trary,
report of the
National Resources Committee, setting forth
In submitting
in
and
unchecked
avoided.
Political Benefits
and
government
the
determined effort
bursements.
expendi¬
forms
But unfortu¬
nor
has been able to discover any
the part
expenditures.
simple fact.
nately neither the better-informed
be
somehow
of
to be slowly coming to
reductions
taxation
current
of
tinue
the
clear
curtailment
seems now
duly impressed of the
total
the
any) who
drastic
in
general public
enterprises were
obliged to
It may not be encouraging,
1937.
including taxes charged to construc¬
ledger, but the nearer they come to realization the
taxes
plainer it becomes to all thoughtful observers that
tion, amounted to
$137,600,000 in 1937, or $20,-
reasonably be hoped for in
800,000 over 1936.
Taxes in 1936 were $22,300,000
the very most
that
can
the form of tax reform will do no more than
the surface of the tax
is faced.
scratch
problem by vrhich this country
.
.
.
greater than in 1935.
Thus in two years there has
been an increase of $43,100,000 in taxes, or 46%.
Taxes in 1937 were
equal to $9.21 per telephone in
Financial
1602
outstand-
service, $7.04 per share of common stock
ing, or $525 per employee."
of the system
come
The net operating in-
amounted to only $207,000,000,
Of total taxes paid
$12,500,000 less than in 1936.
or
by the system, only some $30,757,000 represented
Federal income and undistributed earnings levies.
illustration
another
Take
from
entirely dif-
an
Chronicle
was before our Declaration of Independence that
Adam Smith remarked that "the tax which each
individual is bound to pay ought to be certain, and
not arbitrary. The time of payment, the manner of
payment, the quantity to be paid, ought all to be
clear and plain to the contributor, and to every
other person.
Where it is otherwise, every person
over
subject to the tax is put more or less in the power
of the tax-gatherer, who can either aggravate the
$186,250,000 was obliged to pay over $12,325,000 in
tax upon any obnoxious contributor, or extort, by
ferent
States Rubber Company,
field, the United
which from net sales
amounting to something
equivalent to the full annual dividend
taxes,
re-
quirement of $8 per share on the preferred stock of
the
and $4.63
company
this amount
Of
common.
$1,500,000 took the
over
No payment at all on account
form of income taxes.
of the undistributed
share of
per
only a little
profits tax
required.
was
The
the terror of such aggravation, some present or perquisite to himself. The uncertainty of taxation encourages the insolence and favors the corruption of
an order of men who are naturally unpopular even
where they are neither insolent nor corrupt. The
certainty of what each individual ought to pay is,
taxation, a matter of so great importance that
Armstrong Cork Company, which shows net sales
'n
of
a vel7
$42,759,000 during 1937,
some
was
called upon to
taxes in the amount of more than $1,500,000,
pay
of which
$736,000
some
to the Federal Govern-
were
ment, about $516,500 being Federal income and
distributed
profits taxes.
Steel
the
National
1937
amounting to
of
share
each
on
Corporation
over
in
capital
stock,
from
net
sales
Of this amount
some
Westinghouse Air Brake Company
furnished another
typical
net sales of less than
amount of about
come
taxes
Federal income and undistributed
was
profits taxes.
paid
$9,900,000, equal to $4.57
amounting to $145,900,000.
$5,800,000
un-
In still another branch,
case.
$33,200,000 paid taxes in the
$2,025,000.
taxes amounted to
the undistributed
This enterprise from
Federal and State in-
something
over
$1,000,000,
profits tax costing the company
considerable degree of inequality, it appears,
d believe, from experience of all nations, is not near
s0 great an evil as a very small degree of uncer-
tainty." These observations are as true today
as
They are certainly as pertinent in
they ev€r were-
this aSe when the cost of determining how much
must be paid in taxes is a very appreciable part of
the burden of taxation. Yet for a long while past
law makers in this country have been in the habit
J'eal'
after year of enacting tax laws whose meaning
the specialist can feel sure he certainly
understands. This habit has been growing almost
alarmingly during the past few years, and the defect
11 °' even
is of course by no means confined to income or
un-
distributed profits taxes laid upon corporations,
^ second basic principle constantly ignored to-
con-
day, the justice of which no one whose opinion is
worthy of much respect denies, is the renowned first
junction with the public deficits widely prevailing,
maxim of Adam Smith that "the subjects of every
only about $12,000.
When such facts
two
or
sore
thumb.
as
these
three fundamental
are
truths
stick
out
The most obvious and the most
tant of these is
of taxation in
the
a
state 0USht to contribute towards the support of
impor-
the government, as nearly as possible, in proportion
like
circumstance that the burden
this country has become a
load, and must continue to be
contemplate until such time
drastically reduced, if
are
considered in
a
as
we
load
crushing
discouraging to
public expenditures
to avoid
are
an
in-
definite continuance of huge public deficits certain
in the end to
be disastrous.
the truth that any
in
now
that
the
can
as
obvious is
modification in Federal taxation
prospect will do and
to reduce the dead
Almost
can
do relatively little
weight of the tax load. The
most
be expected is a moderate redistribution of
weight to lessen somewhat the effect
that the
to their respective abilities; that is, in proportion
to the revenue which they respectively enjoy under
the protection of the State. The expense of government to the individuals of a great nation is like the
expense of management to the joint tenants of a
great estate, who are all obliged to contribute in
proportion to their respective interests in the estate,
In thd observation or neglect of this maxim consists
wbat is called the equality or inequality of taxation>"
To be suie' we hear f!n°ugli about this sound
general principle from the lips of many of the pro-
fessional reformers of the day, but to them it
seems,
present law has had of costing the people of the
when aPPlied in actual practice, to mean that citi-
country
zens of moderate or large incomes are able to pay
a
great deal more,
either directlv
directly, than their government received in
A third
that
observation
not
or
in-
taxation.
worthy of careful attention is
only the Federal Government, but every
the United States, must bear its
taxing unit in
share of
responsibility for the situation
in which the
The Rest of the
of
the
record.
are
The
Story
individual
constantly
more
who
obvious facts
is
struggling
return, and the corpora-
on
the anxious seat about
existing, need not be told that
of the tax laws of the
present
the ancient
to
pay
canon
that the tax
a
very
regula-
large part
day simply ignores
each person is
obliged
ought to be certain, and not arbitrary. It
.no
relationship at all to the
or
tions of the individuals who
the amount of taxes due under the
laws and
tions
t0 be asked to pay anythinS- The proponents of
graduated taxes upon the income of corporations,
number, the circumstances,
only the
hard with his income tax
tion executive
derly government bestows upon them and ought not
since such taxes bear
country finds itself.
These, however,
Practically all the costs of government while those
can pay not)linS for the benefits or-
who earn less
and their
as
incomes
the
corporations,
to have heard of the maxim.
seem never
preted
the capital contribu-
own
name
is legion, it
appears
To others,
to be inter-
suggesting that citizens with substantial
are
able and should be
obliged through gov-
ernment to contribute to the income of groups pos-
sessing important political influence and
Nowhere in
this sound
our
power,
entire tax structure, probably, is
principle
so
completely ignored
as
in
the exceedingly heavy social security taxes, so-called.
Volume
Here
Financial
146
levies which vary
are
only with the amounts
paid by employees in
wages
terprise which by its
very
tensive
of automatic
use
must carry a very
while its
en¬
nature cannot make
ex¬
machinery and therefore
large payroll is heavily burdened,
neighbor which
may
the rate of return upon
to pay
One
and salaries.
be able to show double
capital invested is required
much smaller amounts in unemployment in¬
and old age
surance
Moreover, this type
pensions.
Total
the
them, and thus
is
be paid only from accumulated
can
The argument
funds.
exceed
with which this type of tax
usually defended is to the effect that "industry"
certain
assumes
with
varies
of
cost
obligations in the employ¬
and that the extent of these
ment of labor
tions
moral
the
number
of
obliga¬
employees.
The
carrying these obligations, it is often as¬
serted, should be considered a part of the cost of
production and charged accordingly.
with this
there is
such load, and that the cost of such "obli¬
gations," if they exist, must be carried by the con¬
who after all
who
are
for the most part the same
alleged
are
Here in
that
of
is
It
the
some
are
essence
benefit from "social
to
1
security."
lems.
924,000, with the account variations consisting of
an
increase of member bank reserve balances by
$95,749,000 to $7,310,761,000; a drop of the Treas¬
general account balance by $3,650,000 to $180,-
foreign
of
drop
a
deposits
bank
by
$6,898,000 to $117,260,000, and a decline of other
deposits by $24,409,000 to $272,052,000.
ratio
the
receded to
80.4% from 80.6%.
The
reserve
Discounts by
regional banks were off $1,215,000 to $8,419,000.
Open market holdings of bankers' bills fell $8,000
to
$542,000, while holdings of United States Govern¬
securities
ment
quite unchanged at $2,564,-
were
015,000.
Business Failures in
January
of the
events
real
our
tax
prob¬
current year
are,
we
believe, destined to bring them even more forcibly to
attention
all
of
a
the
preceding month, but, like January, reveals a
substantial increase
of last year;
the
of
heartening to make note of the fact
The
DUN & BRADSTREET'S report reduction from
February shows
seasonal of failures for
citizens,
unless
inflationary
the corresponding month
over
in fact, the month's insolvencies are
greatest of any February since 1933, and this
•
public is becoming daily more conscious
them.
the
Total deposits with
regional banks increased $60,792,000 to $7,880,-
The trouble
profit market of sufficient proportions to
no
groups
fell
reasoning is that in a competitive economy
carry any
sumers
circulation
actual
in
notes
$10,667,000 to $4,134,017,000.
851,000;
possibly
or
banks, and are reported at
$20,553,000 for the weekly period.
up
Reserve
Federal
ury
earnings
to the
back
$9,659,315,000,
ies
total
advanced also because of the currency
reserves
movement
of taxation tends to conceal the extent to which lev¬
approach
1603
Chronicle
similarly true of the January casualties.
was
The
figures add to the testimony of the other indexes
of
businses
the
situation, and in
confirm the
manner
of the year so
a
very
decided
pessimistic view one must hold
far, from a business standpoint.
In
February there were 1,071 failures involving $13,-
359,000 liabilities, and in January there were 1,320
developments emerge to obscure them.
involving $15,035,000; in February last year only
Federal Reserve Bank Statement
THE condition statement ofreflects a sharp Re¬
the 12 Federal in¬
banks, combined,
serve
of member bank
crease
serves
Wednesday
in
requirements,
legal
over
balances and of
This
night.
the
excess
week
re¬
reserves
to
variation is significant
It is officially estimated that
the increase in the week to March 9 was
making the aggregate $1,470,000,000.
weeks
Not since the
immediately preceding the last increase of
reserve
requirements,
reserves
tics
180,000,090,
been at such
on
May 1, 1937, have
excess
The banking statis¬
figures.
suggest that a decline of currency in circula¬
tion and
Treasury reliance upon its general account
with the Reserve banks occasioned much of the
in member bank balances now
ures
to
It is interesting
largely routine.
are
gain
The fig¬
note, however, that the regional banks are mak¬
ing
to
otherwise
registered.
no progress
whatever in their recent endeavors
stimulate direct industrial advances.
of industrial advances fell a further
statement
week, to $17,357,000,
better illustrated
such loans
The
a
The total
$96,000 in the
and the trend is
by reference to the $23,037,000 of
year
ago.
monetary gold stock of the country moved up
$12,768,000,000.
est variation of the
certificates
the
two
less than 56%.
no
a
ago,
year
trade
but the severest rise
division,
with wholesale
trade and
manufacturing very little better off; con¬
struction
and
involved
service
commercial
trade
Retail
least.
disasters
groups
numbered
suffered
685
and
$5,484,000 liabilities in February compared
$3,571,000 liabilities in Febru¬
with 438 failures and
ary,
1937,
an
increase of 56%; 171 manufacturers
compared with 120 for
$4,517,000
for
failed
in the whole¬
insolvencies with
$2,711,000 in 1937, a 42.5% increase;
sale
there
group
100
were
$1,646,000 liabilities in comparison with 68
involving $1,041,000 a year ago, a gain
construction
industry
had
51
failures
of 47%; the
bankruptcies
$612,000 liabilities last month as
with
compared with 43
bankruptcies with liabilities of $1,279,000 last year;
commercial service failures totaled 64 and involved
$1,100,000,
involved
while last
year
they totaled 52 but
$1,169,000.
sections
All
of
the country participated
in the
Federal Reserve districts,
the country's sharpest rise was in the Atlanta Dis¬
trict, where 60 firms failed, almost 200% more than
the 21
creases
with the regional banks to the
indicated
by domestic production.
tificates
moved
for
year,
of industry into which the failures
in
retail
the
in
gold policy, and deposited gold
$4,998,000
month
same
was
The Treasury continued its lat¬
up
last
general rise; divided by
$1,000,000 in the week to March 9, and now stands
at
combined, is
The increase in
$9,771,000.
over
divided had more casualties last month than
the
again are approaching extraor¬
once
dinarily large levels.
failures
of
All the groups
are
chiefly because of the trend thus indicated, for ex¬
cess
months
for
failed
firms
721
number
to
extent
Such gold cer¬
$9,178,601,000.
ton,
failures of February,
also were shown
Substantial in¬
San Francisco and Chicago dis¬
York District did better than most
sections, with an increase of less than 10%.
Cleveland,
tricts; the New
other
1937.
in the Philadelphia, Bos¬
1604
Financial
The New York Stock Market
Chronicle
On
•
the
STOCK prices in the New York market continued
week,
small dealings. No
to drift lower this
real
rallying
against
tend with
but
the
mains
week earlier.
a
some
special difficulties of
fundamental
that
stocks
of
slowly declined, although
liquidation developed at
the New York Stock
on
under the
fell
time.
Exchange
500,000 shares.
week there
was
hardly
a
groups
shares, and
on
In all the
of
persistently
Thursday it
change of
Early
market
lacking.
a
can
best describe
At the short session sales
low level of 222,000 shares,
noteworthy nature occurred
on
No
Monday
improvement in the volume of sales.
some
Tuesday the market encountered much
when
of
news
the
suspension of
of the brokerage firm of Richard Whitney &
they began to develop last Tuesday, de¬
some
indolent way.
The break in stock prices at
exceeded three
degree that cannot be exag¬
a
This
declines in the first few hours, but
trading later resumed the even tenor of its rather
as
pressed sentiment to
ex¬
im¬
an
portant Stock Exchange firm became known.
The tragic
Co.,
on
provoked
the
Saturday last.
a
on
79,331
experienced in almost nine months.
aside from
of the
Thursday,
on
irregular market
tapered off to
circumstances surrounding the insol¬
for
Friday,
on
Friday, 142,390 shares.
on
volume
favorable item, and it is
support
on
shares;
on
citement
that
619,950 shares; on
Wednesday, 561,800
were
Tuesday, 144,077 shares;
on
98,415
and
the lowest
news
at
222,009
were
On the New York Curb Exchange
Saturday were 46,640 shares; on Mon¬
trading
is
surprising
vency
dull
A
The turnover
was
Exchange the sales
Saturday last
shares;
day, 120,405 shares;
great pressure
no
1,000,000-share level, and
under
not
any
All
on
Thursday, 455,010 shares, and
on
Wednesday,
of the Roosevelt Adminis¬
with the trouble.
cope
737,890
the sales last
trying order,
a
Stock
1938
770,050 shares.
naturally re¬
depressed condition of business
of the
to
shares;
con¬
circumstance
and the absolute failure
tration
The market had to
York
Monday they
on
Tuesday,
in evidence at any time, and
quotations at the close yesterday show sizable losses
as
New
half-day session
shares;
on
power was
the
March 12,
points,
some
no
time
declines being only frac¬
gerated, and part of the market apathy plainly is
tional.
due to that
standing the suspension of Richard Whitney & Co.
The tendency of prices on
Thursday drifted toward
state
on
Commerce Commission
cision
a
Late
occurrence.
the
on
its
de¬
lower
increased, leaving equities at
the report
on
5% to 10% would be permitted
commodities.
the
down
cheerfulness prevailed
that advances of
vinced
handed
But
financial
examination
community
soon
that
the
riers out of their
weak.
gains
taxation
did
about
added
the
soon
debates
on
the
Tennessee
Valley
Authority
levels, and at closing time the
lowest
figures.
day, and
shares
especially
came
As
compared with Friday a week ago, stock prices
are
decidedly lower.
General Electric closed yester¬
day at 37% against 39%
an
scare
as
adverse
the week
progressed, and
influence.
lic Service of N. J. at
uncertain.
were
10%-year 2%% obli¬
new
Best rated corporate issues did not
vary
The more speculative carrier liens dropped
sharply after the freight rate decision was made
known, and lowest prices in decades were recorded
by many bonds.
Foreign dollar issues were irregu¬
might be expected in view of the European
developments. In the commodity markets the main
as
toward lower
small.
from
day.
on
levels, but the drift
and most of the
Foreign
sharp turns.
known
Harvester
at
62
against 66; Sears, Roebuck & Co.
exchange
France
was
markets
reflected
were
was
withdrawn
weak for
the outflow of
the
one
fugi¬
On
the
New
new
dominant factor.
York
new
Stock
the
New
York
changed at 1%.
Exchange
low levels.
Exchange 39 stocks
and 121 stocks touched
on
ern
year
35
stocks
while
159
On the New York
touched
new
Stock
Union
closed
130% against 135%.
West¬
yesterday at 24 against 25%
on
Friday of last week; Allied Chemical & Dye at 161
against 168%; E. I. du Pont de Nemours at 113%
against 118; National Cash Register at 15% against
16%; International Nickel at 48 against 50; Na¬
tional
tional
Dairy Products at 13% against 14%; Na¬
Biscuit at 19% against 19%; Texas Gulf
154; Standard Brands at 7% against 8%
house Elec. &
at
new
low levels.
;
Westing-
Mfg. at 88% against 93%; Lorillard
16% against 16%; U. S. Industrial Alcohol at
17% against 19;
Canada
Dry at
17
against
18;
Schenley Distillers at 21% against 24%, and Na¬
tional Distillers at
20% against 22.
The steel stocks show recessions this week in
ing with the general market.
high levels for the
stocks touched
Curb
against 34%; Woolworth at 41% against 43%, and
steadily and sensationally, attaining
its lowest level since 1926.
touched
against 60%; Montgomery Ward & Co. at 33
Sulphur at 31% against 32%; Continental Can at
But in all other sessions
from
20% against
41% against 43; Eastman Kodak at 152% against
When the Whitney incident became
The franc fell
at
was not
Tuesday, funds suddenly
tive funds
Y.
changes for the week
markets and the dollar
our
Friday of last week;
29% against 30%; J. I. Case
American Tel. & Tel. at
refunding of $455,000,000
are
on
Threshing Machine at 83 against 87; International
maturing 3% notes into
was
re¬
analysis of the adjusted freight rates
by rail officials failed to come up to expectations.
at 58
trend
The railroad
21%; Columbia Gas & Elec. at 7 against 7%; Pub¬
In the listed bond market trends
pronounced
declined.
in for further downward
an
United States Government issues held
steady, with
attention directed to the
lar,
was
Consolidated Edison Co. of N.
war
exerted
greatly.
pressure
close to the day's
Trading volume increased yester¬
stock generally
vision after
or
European political troubles developed
into another
gations.
quiet, notwith¬
was
general discontent with Administra¬
tion policies.
also
car¬
nothing to improve matters, and the
squabble
to
difficulties, and rail stocks
The futile congressional
on
con¬
would not suffice to lift the so-called
borderline
turned
Wednesday's opening
freight rate increase application, and
moment of
selected
Tuesday the Inter¬
closed
last
keep¬
United States Steel
yesterday at 50% against 53%
on
Friday of
week; Inland Steel at 69% against 73%; Beth¬
lehem Steel at
52% against 56%, and Youngstown
high levels
Sheet
&
at
Call loans
group,
Auburn Auto closed yesterday at 4% against
Exchange remained
un¬
4
on
Tube
34% against 37.
In the motor
Friday of last week; General Motors at 33%
against 34%;
Chrysler at 50% against 52%, and
Volume
146
Financial
In the rubber
Hupp Motors at 1% against 1%.
Goodyear Tire & Bubber closed yesterday at
group,
20% against 21%
States Bubber at
rich at
Friday of last week; United
on
29% against 31%, and B. F. Good¬
15% against 16%
particular
subjected
were
week
present
The Bailroad shares in
.
much
to
the
pressure
closed with substantial losses.
and
Pennsylvania BB. closed yesterday at 19% against
21%
Friday of last week; Atchison Topeka &
on
Santa Fe at 32
against 36%; New York Central at
15% against 17%; Union Pacific at 70% against
75% bid; Southern Pacific at 15% against 18%;
Southern
Bailway at 9% against 11%, and North¬
Pacific
ern
at
9% against 11%.
Among the oil
stocks, Standard Oil of N. J. closed yesterday at
49% against 50%
Union Oil at
at
Friday of last week;
on
13% against 15, and Atlantic Befining
22% against 23%.
conda
Shell
In the
group,
copper
Ana¬
Copper closed yesterday at 30% against 32
Friday of last week; American Smelting & Be¬
on
fining at 45% against 48%, and Phelps Dodge at
Trade and industrial
reports remained discourag¬
Steel operations for the week ending today are
ing.
estimated at
Institute
29.9% by the American Iron and Steel
against 29.3% last week, 30.7% a month
Production of electric
and 87.3% a year ago.
ago,
for the week to March 5
power
Electric
Edison
hours
and
Institute at
was
reported by the
2,035,673,000 kilowatt
against 2,031,412,000 in the preceding week
2,199,976,000 in the similar week of 1937.
Car
loadings of revenue freight in the week to March 5
reported at 552,916 cars by the Association of
are
American Bailroads.
the
over
but
This is
a
gain of 40,986
previous week, which contained
a
cars
holiday,
drop of 177,413 cars from the same week of
a
As
indicating the course of the commodity mar¬
kets, the May option for wheat in Chicago closed
yesterday at 88%c. as against 90%c. the close on
May
Friday of last week.
corn
at Chicago closed
yesterday at 58%c. as against 58%c. the close on
May oats at Chicago closed
Friday of last week.
yesterday at 29%c. as against 30c. the close on Fri¬
The
on
price for
spot
cotton
yesterday at 9.02c.
as
was
14.26c.
here
in
New
York
against 9.12c. the close
The spot price for rubber
Friday of last week.
yesterday
on
as
against 14.58c. the close
Domestic copped closed
Friday of last week.
yesterday at 10c., the close on Friday of last week.
In London the
20
5/16
ounce
price of bar silver yesterday was
pence per ounce as
against 20%
pence per
Friday of last week, and spot silver in
on
New York closed
yesterday at 44%c., the close
on
the
In
as
matter
on
of
the
foreign
exchanges,
cable
London closed yesterday at $5.00 13/16
against $5.01% the close on Friday of last week,
and
cable
3.17%c.
British
ditional
as
not
were
Paris
or
concluded
made to the
Italian and
conversations with
German authorities
be
transfers
on
Paris
closed yesterday at
against 3.25%c. the close on Friday of
especially comforting
markets, since they can only
concessions are
successfully if new
For
dictatorships.
nervousness
brief period ad¬
a
caused
was
the failure of the New York
by first reports of
brokerage house headed
by Bichard Whitney, but fears that the incident
reflected fundamental weakness
centered
of the
around
thus
not
help, however, since the impression
conveyed that deep depression conditions
was
likely to spread
are
London market
the other
on
The reports
persistent downward trend of prices at New
did
York
that the problem
single individual.
a
of
much of the world.
over
little cheerfulness
a
was
European Stock Markets
The official
17,186 during
figures showed
February,
to
trading
as
was
Exchange
demand
that
flow
of
dustrial
and
commodity
fugitive funds from France.
international
all
marked
lower.
steady on an invest¬
were
appeared to emanate from the
renewed
almost
inactive and
was
stocks
likewise
securities
The tone again was
costs
exceeding all expectations brought pros¬
are
pects of added taxation to meet the tremendous out¬
few
were
marked down, and
issues were
Gilt-edged
lays.
exceptions to the weakness in indus¬
trading favorites finished with few impor¬
tant
on
changes after an uncertain session.
The
fresh
Dealings
Wednesday reflected a little more cheerfulness,
partly because of the realization that no important
American market troubles were reflected by the
Gilt-edged stocks were firm, and
Whitney incident.
industrial issues.
Anglo-American favorites advanced.
The London
market
was
unusually dull on Thursday, and
changes
ceded,
were
unimportant.
Gilt-edged stocks re¬
only frac¬
Commodity securities
international issues were almost
issues varied
industrial
while
tionally in either direction.
but
declined,
motionless.
Prices
were
lower
in
a
dull session
issues were not much
changed, but industrial securities lost heavily.
Trading on the Paris Bourse was dominated last
Gilt-edged
yesterday.
difficulties.
reflected
and
The steady pressure against
political
the outflow
perturbing
political crisis in France was
funds.
Bentes
were
almost all French
of funds to other countries,
fear
marked
sharply
lower,
equities likewise suffered.
securities
persisted
and
Inter¬
in only mild demand, as
were
that
controls
might develop.
spell of weakness afflicted the French mar¬
tumble in
Bentes resumed their fall,
exception of those that contain a guarantee
against exchange fluctuations.
all
the franc
liquidation of securities supplied some of the
with the
nature.
Anglo-
trial, railway and commodity obligations.
American
European financial centers, for political and eco¬
a
on
Tuesday, for the official disclosure that armaments
Tuesday, as the franc continued to
of
were
dispirited
exchange markets.
were
In¬
weak, and
were
the
alike
of
for the week, last
resumed
Gilt-edged issues
Monday.
ment
Stock
London
The
soft
ket
developments
de¬
1,810,421.
Another
on
a
total
a
IRREGULAR downwardexchanges inwere the rule
movements the leading
week
stock
nomic
In the
occasioned,
hand, by improvement in the unemploy¬
statistics.
crease
the
this
dispelled
soon were
further information indicated
as
national
last week.
The
frantically to their armaments.
political
to the London
psychosis impels all
veritable fear
a
nations to add
Monday by the gathering signs of fresh
Friday of last week.
transfers
time when
a
gains were registered also by most
day of last week.
closed
culty of attaining a balance in national budgets at
there
last year.
diffi¬
especially unsettling, since it reflects the high
ment
23% against 26%.
1605
Chronicle
descriptions
were
French equities of
marked downward.
Better
1606
Financial
demand
reported, however, for
was
national
tions of
obligations listed in
Cabinet crisis
a
the Bourse
on
better
at
provement at the end.
keen
gested
other
performance
sug¬
re¬
the French unit.
an¬
irregular.
were
sharply
Activity
few issues
were
International
Steady liquidation lowered
restricted
small and irregular.
slightly higher
A
Assembly
treaty
cussions with British
American
the
for
stone
such
and the British colonies.
dull
and
tax
payments date provoked sales for the realization
of cash.
Declines
were
mostly small, however, and
issues did not change at all.
many
Wednesday brought
The session of
few gains of
a
point
a
or
two,
but the bulk of issues
merely held to former figures.
obligations were in quiet demand.
Fixed-interest
Trading again
also is
the
trend
mixed.
was
either direction
others
hardly
noted in
were
leading stocks, while
quoted.
The session yesterday
nervous, and sizable losses were recorded.
was
were
Australia.
with
a
United
whereunder
each
States
and
Czechoslovakia,
country grants material
conces¬
sions to the other in the effort to stimulate inter¬
national
dealings.
of the series
This accord is the seventeenth
arranged under the Reciprocal Trade
of
last
which
seems
remain
ties.
in
the
United
was
tary
of
through
State
to
domestic manufactures, much
hearings
Cordell
Hull
completion
held.
were
with
But
the
pushed
skill
and
Secre¬
treaty
judgment.
This country extends to Czechoslovakia tariff
cessions
on
63
that aroused
the pact
much
so
opposition.
cover
so
long
as
slovakia do not exceed
ican production.
reserves
the
A
new
the
the
principle
problem of shoes,
provides that the lower tariff
apply only
con¬
items, including the types of shoes
introduced to
was
com¬
expressed to the extension of tariff
concessions when
as
rates are to
imports from Czecho¬
1%% of the domestic Amer¬
On any excess the United States
right to increase the tariff.
Since im¬
ports from Czechoslovakia recently have been in the
neighborhood of 1% of our own production, this
means,
in effect, that
could be
rates
imported
a
further 760,000 pairs
over recent
might be increased.
tant
lowered
or
items, such
The
Czech
quotas liberalized
as
concessions
on
many
also
be
and
declared
continued
the
that
and
Reich.
German
intensified,
will
of the German authori¬
concern
conference
a press
Monday, that German efforts to
advantage of our trade program would be wel¬
comed, but he also indicated that there will be
modification of that program
of
no
for the special benefit
Germany.
Pacific Islands
TWO tiny islets in into prominence last Satur¬
the Central Pacific Ocean
suddenly
sprang
day, owing to
moves
by the Administration in Wash¬
of the
Canton and
under
ered
British
Enderburv, have been regarded
rule, although both
by American mariners.
issued
was
last
formations
Saturday placing the small coral
under
the
jurisdiction of
possession at about the
made
known, it
step related entirely
islands
as
was
or
indicated that the
dispatches
clear that the value of the coral atoms for
aviation
little
purposes
more
would
that similar claims of
with
regard
Americans.
on
be
welcomed.
sovereignty
are
far
as
the two
military
a
It
appears
contemplated
first
visited
by
Pacific islands
are
concerned, the question of sovereignty
cern
it
made
the real intentions of the
Antarctic lands
to
So
of the
has not been overlooked, and
information
Administration
placed
When the
bases for commercial
Washington
But
were
time.
same
Interior
our
to the possible value
aviation ports,
airplanes.
discov¬
were
An Executive Order
Department, and small landing parties
was
over
expanse
The two islands of the Phoenix group,
sea.
named
as
disregarded dots in the broad
seems to con¬
only the British and United States Govern¬
ments.
In
a
note to the State
Department, Wednes¬
day, the British Government specifically reserved
its
rights.
But
an
adjustment quite obviously was
arranged in advance, for State Department spokes¬
added
don
that
intimated
men
nothing
fully
new
the
British
communication
and that Washington and Lon¬
understood
each
other
in
this curious
affair.
World Peace
impor¬
office machinery, electric refrig¬
will become effective
States
Secretary Hull remarked at
take
in¬
the Leipzig
to indicate that barter agreements
primary
a
was
list, while duties
erators, automobiles and farm products.
a year
figures before tariff
bind cotton and copper on the free
are
will
Washington,
order
Because of the large
Czech production of shoes and other items that
opposition
interesting
appeal for improvement in trade rela¬
an
methods
versial of any
our
another
Sunday, when the German Minister
trade
in
pete directly with
study of treaty possi¬
Economics, Walther Funk, opened
Fair with
Agreements Act, and it is perhaps the most contro¬
yet completed.
a
Still
possibility of expanding international trade
the hitherto
SIGNATURES were attachedtrade agreement last
Monday, to
reciprocal in Washington, be¬
the
indicated in Wash¬
was
ington toward asserting American sovereignty
Reciprocal Trade Agreements
tween
It
being directed toward
bilities
small scale, Thursday, and
Fractional variations in
was on a
Any
ington last Saturday that Administration attention
Funk, however,
unchanged.
The trend on Tuesday was
lower, partly because the impending German income
sort of key¬
a
agreement will take in the United Kingdom
between
were
as
system of reciprocal treaties..
tions
Fixed-income securities
the
delegates regarding the Anglo-
Herr
hardly varied.
in
at least
being concluded, Mr.
was
pact that is projected
rumors
shares
approval
Hull and his associates continued their formal dis¬
good dividend prospects, but the great bulk of
on
its
expresses
1938
and indefinitely, if not denounced.
year,
While the Czech
troduced
the Berlin Boerse last
on
were
marked
were
firm.
the Bourse yesterday.
on
was
In
Thursday rentes again im¬
on
Monday, and changes
of
were
for the exchange markets
pressure on
one
were
good part of the
market
proved and equities also
levels
Rentes
International securities
currency,
heavy
quiet session
issues
meantime, and it will continue in force for
indica¬
flight from the franc into almost anything
other than
flected
proportions.
The
demand.
a
The
French equities also showed im¬
many
12,
National
Wednesday held trading
a
March
of the inter¬
some
Paris.
first, and they held
gains, while
in
on
small
to
Chronicle
The pact
April 15, provided the Czech
PROMINENT statesmen everywhere proclaim the
occasions that the
of on
all
world
suitable
peace
depends upon increased armaments for their
Volume 146
own
Financial
countries, and if such
then
the
indefenitely, for armaments
rate
that
The fact
its
baffles
armaments
and aerial
The
belief
and
increases
beggars
every
in
race
country considers
justified in
history
dwarfs
race
the
a
description.
the light of
by others, and the greatest land,
arms
current
true
were
being increased at
are
is, of course, that
similar actions
statements
of all countries would be assured
peace
is in
now
progress.
led
that
one
sea
to
up
Chronicle
1607
to deal with
threw
a
Commons voted its
The
and
cannot
sources
cover.
dare
not
outlays.
to
process
phase.
Italy, left London for Rome last Satur¬
deficits
are
arms
is not pleasant
construction
naval
tinued
this
effort to
every
bill
week,
is defensive.
the $1,121,000,000
of the Administration
with
its
protagonists
con¬
making
the world that the Sole object
assure
In
on
London
naval
a
budget
sub¬
was
mitted to Parliament which indicates that the out:
lay in the coming fiscal
building,
the largest
or
Government's
defense
into another of its
Camille
francs, to keep
are
data
defense
pace
to
be
in those countries.
is
fund
upon
a
new
10,000,000,000
of
increases.
arms
In
by the totalitarian regimes
Japan
a
government subsidy
chinery needed in the speeding of the
ma¬
arms program.
Foreign Minister Koki Hirota indicated in Tokio,
last
week,
that
apprehension
country did its best to foster.
of all
of such
appeals is manifest.
are
Count
are
instructions.
Ciano,
ceeded in
As
Italian
the
intervention
in
Spain
may
The
prove
Hitler
Adolf
eign Minister, Joachim
nial
on
In
received
The smaller countries
powers
peace
and
for death and
von
Wednesday to
view of the German
will be difficult.
Saturday
for long talks with
and Count Ciano.
Premier
An official statement
identity of Italo-Polish views and the likelihood of
Central Europe
GERMAN intentions with grimly, to Austria were
unfolded swiftly and regard this week, and
in
that not
manner
a
manic
also
State
all
set
another
war
of
only stripped the small Ger¬
pretense to independence but
any
of Europe
scare.
aquiver with the fright of
Chancellor Hitler made it pain¬
The
many.
the
and
exact
uncertain
little
status
of Austria was left
Germany
on
subsequent changes in Austrian direction,
through which the Nazis of the small country re¬
gained the right of political expression.
for
week with
on
the other, in
achieve that appeasement
an en¬
without whicli
Last
independence.
policy of realism in
affairs, toward which Great Britain
dramatically
when
Captain
Eden
re¬
signed, again was questioned searchingly and Mr.
forced to defend it
Monday, in a Commons debate.
once more
last
Affirming that he
personal love for dictatorships and has
intention of
relinquishing his
own
no
ideals of freedom,
the Prime Minister added that it still is necessary
fight to the death
Wednesday
Chancellor
Schuschnigg took a further step which brought the
regime down
on
He proclaimed a
his head and
on
plebiscite, to take
place tomorrow, wherein Austrians might express
same manner
The
Chancel¬
Schuschnigg proclaimed last week that he
their wish for continued
war.
a
ultimatum
the Berchtesgaden
by
will witness another
no
Wednes¬
"political collaboration."
Prime Minister Neville Chamberlain feels the world
has
Mussolini
on
day, phrased in most friendly terms, emphasized the
all of Austria.
was
colo¬
Minister, Joseph Beck, who arrived in Rome last
wrath of the Hitler
Government this
Chamberlain
on
One other series of conversations
the
so
conversa¬
statements
inaugurated this week by the Polish Foreign
was
FORMAL conversations were initiated Italy the
by
turned
Am¬
Ribbentrop, arrived in
continue the
and his fellow Austrians would
international
British
aims, it is certain that the Anglo-German talks
lor Kurt
European Diplomacy
deavor to
the
The German For¬
merely an appendage of his adopted country of Ger¬
doing their best to spread
hand and
of
He urged the abo¬
destruction.
British
one
fully apparent that he regards his native land as
emulating their greater neighbors
goodwill by increasing their
one
to be
negotiations with Ger¬
bassador, Sir Neville Henderson.
tions.
pro¬
opened in Berlin, late last week, when
were
Chancellor
London
with
Minister,
Rome, it became clear that the question
the most troublesome.
many
discussions
the
Foreign
that his
race
capital ships, although the absurdity
of the world
and also
exists in
now
Japanese circles regarding the naval
lition
The Earl of Perth, British Am¬
expenditures for armaments
proposed for firms manufacturing tools and
late
detailed
prodigious, although few actual
made available
are
periodic crises when
with European
Italian
and
known
than
more
branches of
The French Gov¬
Chautemps insisted
extra-budgetary
German
all three
on
vote of 347 to 133.
a
ran
Premier
spending
for
year
The British
approved in the House of Commons,
was
Monday, by
ernment
since 1919.
sum
program
$1,750,000,000 this
will be £123,707,000 for
year
elapse before the talks begin to arrive
day after extensive conversations and the receipt of
of
Washington the debate
It is anticipated that four to six
bassador to
re¬
contemplate.
In
to cover all outstanding differences
are
problems.
at the final
taxation
impose taxes sufficient for the
The result of this
were
simultaneously ip all three capitals, and
on
weeks must
are
mounting everywhere, because governments cannot
or
The House of
approval of the declaration by
programs
arms
Budgetary
mani¬
in¬
The apprehensions of the citizens
Himalayan dimensions, which
be
to
are
negotiations with Italy and Germany
apparently
of
nothing
347 votes to 133.
statesmen who
are
is
there
festly beyond its strength, he said.
apprehensive, despite the obvious sincerity of the
creased also because the costs of the
But
gained by giving the League tasks which
carried
of peace.
"grand, magnificent," and must
were
prevail.
ultimately
He
to the League of Nations by admitting
sop
that its ideals
1914, and peaceably inclined people tend to become
proclaim that it is all in the interests
world in which dictators exist.
a
made
to
independence in much the
that Germans in recent elections were
express
their wish for Nazism.
In this
plebiscite cards with an affirmation printed on them
were
to
counted
the voters and
be
supplied
as
affirmative
scratched out and a
even
result of such a
the
plebiscite,
about the roughly
to
were
"Yes"
negative substituted.
ally, there would have been no
was
if
be
were
Natur¬
question about the
any more
than there ever
similar procedure of German
Financial
1608
Nazi
To
elections.
Chancellor
make
Schuschnigg
Austrians
1915
before
born
have excluded the young
double
to
to
vote, which would
Nazis.
Nazi organizations within Austria
ate and drastic.
of
immedi¬
was
agitations in all large cities, and clashes
increasing
frequency
bloodiness
and
long fight for plenary powers to deal with
a
financial difficulties.
in
not
was
Socialist
re¬
French
day,
flagrant
through
tion
climax followed swiftly yester¬
The
dependence.
undisguised
and
interven¬
by Chancellor Hitler in the internal affairs of
Austria.
Reports from southern Germany told of
German troop
concentrations
the Austrian bor¬
on
der, and it quickly appeared that
been
served
Schuschnigg.
hurried
ish
Chancellor
The latter doubtless engaged in
French
Government
Austria
that
Government
the Vienna
left
was
Schuschnigg announced
man
upon
a
telephone consultation with Italian, Brit¬
and
seem
ultimatum had
an
by Chancellor Hitler
heads,
but it would
helpless.
wishing them well.
the
reorganization
His aim, he said,
prevent the spilling of German blood.
ported
late yesterday that Arthur
the Nazi
of
com¬
to
was
It
was
re¬
Seyss-Inquart,
appointed Minister of the Interior, prob¬
ably would be made Chancellor of Austria.
officially, it
indicated that German
was
Semi¬
army corps
moving into Austria, and Herr Seyss-Inquart
are
appealed to the Austrian troops not to
entry of the German forces.
ment
oppose
the
expressed its "grave concern"
over
After
long
the
Czechoslovakian
Government supplied an answer, late last
week, to
are
to
very
come
under
Germans in other countries
the
protection of Berlin.
existence of the Prague Government
be threatened
The
seems
to
by the German Fuehrer's challenging
statement that the
10,000,090 Germans in Austria
and Czechoslovakia
are
Reich.
ber of
the
peculiar
of the
concern
Premier Milan Hodza addressed the Cham¬
Deputies
this matter
on
on
March
4,
French and Russian
support of his country
in mind.
The Czech
funds
Fresh
decided
of
other
increases
upon
effort to keep
an
this
in
of
within the
pace
nations.
with the
The
The threat to franc
immediately
was
costs
meet the
but
armaments
considerable
as
a
M. Chautemps proposed
costs
doubt
by
internal loan,
an
existed
regarding the
of the flotation he demanded
success
extraordinary
without specifying precisely
The fear
do.
to
that
what
social
in¬
he
service
funds
might be slashed alienated the socialists and
munists.
for
huge stream
fell drastically and steadily in the
foreign exchange markets.
to
stability
apparent,
began to flow out of France in
and the currency
com¬
Knowing that his Cabinet could not
sur¬
vive, M. Chautemps refused to debate the problems
on
Thursday, and he walked out of the Chamber
without
waiting for the customary defeat
confidence.
of
on a test
Immediately after the Chautemps
regime resigned, Premier Albert Lebrun called
Leon
upon
Blum, leader of the socialists and original
ganizer of the Left Front, to form a Cabinet.
generally anticipated that
or¬
It is
definite swing to the
a
Right will be apparent in the
regime.
new
frontiers
are
Spanish Civil War
DESPERATE fighting on land with the insur¬
and sea was
Spain,
resumed
gents
military heel.
deliberations,
the Hitler theme that
party.
were
tremendous deficit.
involved
methods
opposition to the steam-roller that is flattening
Austria under the German
Radical-
The British Govern¬
adopted by the Reich, but there is apparently to be
no
a
tended
pliance by saying farewell to the Austrian people
and
days, in
powers
demanded
the
as
necessarily will unbalance the budget and occasion
Chancellor
Government, and he indicated his
that
towering increases
the radio that the Ger¬
over
surprising,
regime headed by M. Chautemps had few
armaments
10
last
This turn in French affairs
least
the
outside
friends
sympathizers and the Austrians who preferred in¬
1938
STILL anotherwhen Premier developedChautemps
Cabinet crisis Camille in France,
Thursday,
ported Thursday and yesterday, between the Hitler
were
12,
French Crisis
lost
The reaction to this announcement
started
only
March
sure,
permit
assurance
proposed
Chronicle
with
clearly
"absolutely
un¬
the
ranean
the most important
won
long conflict.
between the
most immediate
the
in
the offensive in land operations, while the
on
loyalists
of
this week
sea
engagement
The battle in the Mediter¬
opposing fleets probably is of
importance, for it throws doubt
on
ability of General Francisco Franco to main¬
tain that
legal blockade of loyalist ports which is
the aim of the demand for
belligerent rights.
engagement
took place in the dark hours
dawn, last
Sunday, when the
heavier
more
insurgent flotilla
units of the
numerous
miles off
was
Cape Palos.
This
before
modern
more
and
encountered by the
loyalist fleet
some
70
The insurgents, it should be
touchable," according to the Czech Premier, who
added, gained possession of the two modern cruisers,
promised stern defense of the borders if the
the
sion should arise.
with
things
as
known that if
"We want
they
strength."
for peace,
for British
we
us
must let it be
with the
will resist with all
were
described
as
powerful influ¬
but Premier Hodza reached
sympathy in
a
out also
declaration that London
ought to recognize the importance for British
and
security of
idea of
ders
neces¬
The existing alliances with France
and Soviet Russia
ences
we
destiny confronts
sity of defending ourselves,
our
peace," he said, "but
today,
are
occa¬
peace
peace
in Central Europe. The Hitler
"defending" German people beyond the bor¬
of
Premier
the
Reich
was
repudiated specifically
Hodza, who declared that
with respect to the German
try would be regarded
not be tolerated.
as
by
Canarias
and
the
started, and there ships
ried with them
a
a
the
war
car¬
was
In the dark¬
of little value, for.
torpedo discharged by a loyalist destroyer struck
the
Baleares
The
disabled
and
set
vessel
the
was
10,000-ton cruiser afire.
bombed
repeatedly after
daybreak by loyalist airplanes and finally vanished
beneath the
some
waves.
200 of the
British destroyers
believed most of the others
caused
were
lost.
This action
rejoicing in loyalist circles and a feeling of
confidence that the
population of his
coun¬
a
blockade
with
nearby saved
complement of 765 men, but it is
move
interference which could
loyalist hands.
however, this advantage
such
any
when
believed to have
great advantage over the mosquito
fleet that remained in
ness,
Baleares,
were
even
General
insurgents could not maintain
if the current British
Franco's backers gave
right to attempt
one.
negotiations
him the legal
Volume
Financial
146
Oil land and in the air the
greater prowess.
Barcelona
Chronicle
Discount Rates of Foreign Central Banks
insurgents displayed
raided by bomb¬
was
1609
ing airplanes time and again, although the military
THERE have been no changes during the week in
| the discount rates of
of the foreign central
effectiveness of such operations is now known to
banks.
slim indeed.
also
The
bombed
was
be
loyalist naval base at Cartagena
military lull that followed the insurgent recap¬
of Teruel
ture
ended, Wednesday, by a great
was
rates
the
at
leading centers
Rate in
Pre¬
Effect
Date
Established
Effect
Rate
Argentina..
3*4
Mar.
Austria
3*4
July
10 1935
Batavia
4
July
1 1935
1
Country
Date
vious
Established
Rate
2
Dec.
4~
Hungary.
4
Aug. 28 1935
2*4
4*4
4*4
India
3
Nov. 29 1936
3*4
__
Belgium
2
May 15 1935
6
Aug. 15 1935
Mar. 11
insurgents seemingly hope to push through to the
2*4
Chile
4
Jan.
24 1935
4*4
Java
Colombia..
4
July
18 1933
5
Mediterranean
Jugoslavia
Czechoslo¬
loyalist
were
Aragon front, by
territory.
the
Three
of attack
points
were
pushed back at two of these.
admitted in Barcelona that the
was
followed
than
sooner
the entire
attack
new
The battle
Aragon front, and by Thursday the
that another
rumors
the
Lon¬
5,000 Italian troops
had been landed at Cadiz to aid the
before
4*4
vakia
3
Jan.
insurgents, just
3
MILITARY gains by the Japanese invaders of
of considerable importance
effected
China, this week, and preparations
parently
intensive
intent
are
on
fighting.
made for
were
Both sides
prosecution of the
Some
end.
war
ap¬
to an
Anglo-
informal
Japanese
conversations with regard to China
reported,
and
terms
may
Nationalist
some
Government
It is
cussions
concern
which
more
British
ing China.
accounts
through British interme¬
the status of
Morrocco..
6*4
May 28 1935
21937
5
Norway...
3*4
Jtth.
5 1938
4
19 1936
3*4
Poland
4*4
T*}C. 17 1937
5
England
2
June 30 1932
Portugal
4
Estonia
5
Sept. 25 1934
2*4
6*4
Rumania
4*4
Aug, 11 193"
Dec.
7 19^4
6
Finland
4
Dec.
4 1934
4*4
SoutbAfrlca
3*4
May
15 1933
4
Nov. 12 1937
3*4
Spain
5
July
10 1935
6*4
Sept. 30 1932
5
Sweden
2*4
Dec.
1 1933
3
4 1937
7
Switzerland
1*4
Nov. 25 1936
2
France
3
Germany
4
.
.
Greece
'
1
Jan.
6
1936
3*4
Bank of England
to have
accom¬
Advance contingents
and reached the Lunghai Railway the
bringing the total
tion,
pared with £464,475,109
increased
and
fighting to prevent
a
up
£59 861
the
accounts which increased
portion dropped
loss
rose
China.
In
the
far
Northwest,
in¬
great damage.
guerrilla warfare
Behind the lines of the
carried
was
on
steadily.
new
contin¬
gents of Japanese troops, some observers estimating
70,000 Japanese were landed in the last two
weeks.
This
in
reserves
was
a
£1,431,483 and other
The
reserve pro¬
little to 29.4% from 29.9%
was
33.7%.
a
week
Loans
on
government securities increased £775,000 and loans
other securities decreased
discounts
comprises
which
and
£121,732.
The latter
and securities
advances,
respectively fell off £551,148 and rose £429,416.
No
change
was
are
shown
a
made in the 2% Bank rate.
Below
comparison of the different items for
several years:
BANK
ENGLAND'S COMPARATIVE STATEMENT
OF
1937
March 11,
1936
March 13,
1935
March 14,
1934
479,260,000 464,475,109 404,537,294 378,919,814 369.632,045
8,446,526
12,244,317
12,671,000 16,957,487 14,238,842
150,370,925 131,494,177 127,633,436 148,773,091 147,836,466
Circulation
Public
March 10,
1938
deposits
Other deposits
Bankers' accounts.
Other accounts...
114,279,741
36,091,184
93,826.734
37,667,443
91,569,588 108,372,856 111,735,031
36,063,848
40,400,235
36,101,435
105,221,164 90,074,300 78,579,966 84,771,044 78,594,732
16,661,090
17,335,037
Other securities
27,997,323 26,544,630 24,736,213
5,029,840
5,705,807
9,944,617
4,245,537
Dlsct. & advances.
6,524,744
10.910,193
11,705,197
14,791,596
Securities
21,472,579 22,299,093
56,820,120
74,085,444 82,888,875
50,099,122
Reserve notes & coin
47,972,000
Coin and bullion
327,232,248 314,574,231 201,357,414 193,005,258 192,020,920
Govt, securities
Proportion of reserve
to
29.4%
2%
liabilities
33.70%
40.05%
47.12%
2%
2%
2%
51.46%
2%
Bank of France Statement
join the territories captured in North¬
Central
Shanghai reported the arrival of huge
that
com¬
Since gold hold¬
£1,146,000 and other
£67,921.
the proportion
ago; a year ago
and
vading forces, the Chinese attacked their foes and
invaders
£479,260,000
to
union
pushing northward
where loose desert soil hinders the mechanized
inflicted
4*4
Statement
a year ago.
Public deposits
Bank rates
are
armies
Japanese
southward to
ern
the south
day, making precarious the position of the vast
the
of
on
River, in Honan Province, and
Chinese armies that
_
a
reach¬
are
The invaders struggled desperately in
plished that formidable task.
same
.
4*4
THE further expansion week ended in note 9circula¬
statement for the of £917,000 March shows
March 9,
Thursday they were reported
on
8*4
6
Hongkong, through
colony immense supplies
bank of the Yellow
pushed
are
peace
probable, however, that the dis¬
freezing weather to establish a foothold
on
that
suggest
again be transmitted to the Chinese
diaries.
1 1936
Oct.
on
bitter
exceedingly
1
July
Jan.
_
bankers' accounts which fell off
and
4
1935
Feb.
5*4
deposits decreased £1,363,562; the latter consists of
Sino-Japanese War
more
14 1937
Jan.
5
.
5
3.65
4
Denmark.
£856,000.
still
6 1936
3*4
18 1936
Apr.
4
Danzig
ings
Anglo-Italian discussions started.
were
May
3 29
Italy
Japan.....
tm m
Lithuania..
spread
soon
insurgents claimed the capture of 18 villages.
don heard
7
June 30 1932
3
Ireland
2*4
'
1935
expected after the tre¬
was
mendous effort at Teruel.
over
by splitting the
war
main
of which the
reported, and the layolists admitted that their
defending troops
It
end
and
means
2 1936
Holland...
1936
Canada
the
on
Pre¬
Rate in
Marll
vious
Mar 11
Country
Bulgaria
drive
are
shown in the table which follows:
frequently, especially in the days
immediately following the sinking of the Baleares.
The
any
Present
was
accepted
the forerunner of
as
another drive in Central China.
THE statementexpansion in note circulation,again
for the week ended March 3 this
showed
an
time of
up
1,480,000,000 francs, which brought the total
to a new
tion
a
increase
ties of
to
high of 94,220,931,465 francs. Circula¬
aggregated 86,997,653,870 francs. An
year ago
was
also recorded in advances against securi¬
201,000,000 francs and in temporary advances
State
of
800,000,000 francs.
The Bank's gold
holdings showed a slight gain of 159,627 francs, the
total of which is now 55,806,841,281 francs.
Gold
stood at 57,358,742,140 francs and the year
65,945,601,482 francs. Credit balances abroad,
French commercial bills discounted, bills bought
last year
before
Foreign Money Rates
abroad and creditor current accounts
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
on
were
as
on
Friday of last week, and 9-16% for three-months'
bills,
on
open
at
as
against 9-16% on Friday of last week. Money
call at London
on
Friday
was
H%-
At Paris the
market rate remains at 3K% and in Switzerland
1%.
creases
of
16,000,000
francs,
registered de¬
530,000,000 francs,
12,000,000 francs and 926,000,000 francs respectively.
reserve ratio fell off to 48.25%; a year ago it was
The
54.90% and two years ago 71.59%. Below we fur¬
with comparisons for previous
nish the various items
years:
'. V
Financial
1610
FRANCE'S COMPARATIVE STATEMENT
BANK OF
Chronicle
and
loans
continues
Change*
for Week
Francs
Mar. 5,
Mar. 3. 1938
Francs
renewals.
quiet,
Mar. 6, 1936
1937
this week.
Gold holdings
10,439,341
19,261,136
—16,000,000
—530,000,000 11,050,949,745 8,030,328,137 9,198,820,711
b Bills bought abr'd
826,630,029
—12,000,000
1,309,608,886
1,299,760,937
Adv. against secure.
3,852.957,502 3,844,677,934
+ 201,000.000
3,311,223,251
Note circulation
+ 1,480,000,000 94,220,931,445 86,977,826,030 80,997,653,870
Credit current accts.
—926,000,000 21,448,614,075 17,495,621,280 11,120,460,030
Temp. advs. with¬
The
market
for
12,
1938
time
money
transactions having been reported
Rates continued nominal at
134%
up
to
days and llA% for four to six months maturities.
Dealings in prime commercial
brisk
in
throughout the week.
have been quite
paper
Paper has been available
good quantities and the demand has held steady.
are quoted at 1% for all maturities.
Rates
+800,000,000 32,703,974,773 20,072,095,857
out int. to State..
90
16,268,951
French commercial
bills discounted
c
no
Francs
+ 159.627 55,806,841,281 57,358,742,140 65,945,601,482
Credit bals. abroad,
a
Francs
March
Propor'n of gold on
—0.23%
hand to sight iiab.
a
Includes bills purchased
48.25%
In France
54.90%
71.59%
Bankers'
b Includes bills discounted abroad,
gold valuation was 49 mg. per franc; prior to Sept. 26,
1936, there
were
65.5 mg.
of gold to the franc.
Germany Statement
loss in note
marks, the total of which is
Circulation last year
of
of
5,086,100,000 marks.
now
aggregated 4,620,990,000 marks
and the previous year
also
3,998,116,000 marks.
A de¬
appeared in bills of exchange and checks
286,968,000 marks,
in silver and other coin of
555,000 marks, in advance of 38,093,000 marks, in
investments of
of
of 79,963,000 marks
6,032,000
holdings showed
no
marks.
Bank's
gold
change, the total of which is
70,771,000 marks, compared with 67,280,000 marks
a
Reserves in foreign
year ago.
increase of
it
we
was
showed
an
156,000 marks and other assets of 49,223,-
000 marks.
year
currency
The
ratio is
reserve
1.56% and the
year
six-months, %% bid and 9-16% asked.
The
bill-buying rate of the New York Reserve Bank
34% for bills running from 1 to 90 days.
Reserve
from
Bank's
holdings
of
acceptances
decreased
Discount Rates of the Federal Reserve Banks
THERE have been no changes this week banks.
rediscount
the Federal Reserve in the
rates of
The
following is the schedule of rates
the
for
various
classes
of
now
in effect
the
different
at
paper
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE
BANKS
Rate in
Federal Reserve Bank
Effect on
Date
Previous
Established
11
Mar.
Boston
Rate
IX
Sept.
2 1937
2
New York
Assets—
Relchsmarks
Gold and bullion
Relchsmarks
No change
No change
Of which depos. abr'd
Res've in for'n currency
Bills of exch. & checks.
1938 Mar.
7,
6,
1937 Mar.
Relchsmarks
70,771,000
20,333,000
5,419,000
7,
1936
Relchsmarks
67,280,000
71,694,000
18,460,000
20,264,000
5.648,000
5,362,000
—286,968,000 5,371,174,000 4,515,302,000 3.852,242,000
—555,000
151,965,000
188,180,000
191,585,000
—38,093,000
43,226,000
51,254,000
38,782,000
—1,715,000
394,709,000
519,367,000
661,351,000
+ 49,223,000
850,120,000
901,067,000
688,142,000
+ 156,000
_
Silver and other coin
Advances
Investments
Other assets
4 1937
2
IX
IX
May
11 1935
2
Richmond
Mar.
IX
Sept.
Aug. 27 1937
2
Atlanta
IX
Aug. 21
1937
2
Chicago
Changes
Aug. 27 1937
IX
Cleveland
for Week
1
Philadelphia
REICHSBANK'S COMPARATIVE STATEMENT
is
The Federal
$550,000 to $542,000.
at
years.
are
five and
furnish the different items with
comparisons for
previous
change in
Bank of New York for bills up to
days
1.49%; last
before 1.93%. Below
now
no
reported by the Federal Re-
as
and including
34% bid and 7-16% asked; for bills run¬
ning for four months, 9-16% bid and 34% asked; for
90
and in other
The
Dealers' rates
reserve
1,715,000 marks, in other daily matur¬
ing obligations
liabilities
have been very
rates.
THE statement for the circulation 192,000,000
first quarter of March
showed
crease
TRANSACTIONSlightprimeweek due to the small
in this bankers' acceptances
supply of prime bills. There has been
Bank of
a
Acceptances
Rep¬
c
resenting drafts on Treasury on 10-billion-franc credit opened at Bank.
Since the statement of June 29, 1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to tliat time and subsequent to Sept. 26. 1936,
IX
Aug. 21 1937
2
St. Louis
IX
Minneapolis
Kansas City
IX
Aug. 24 1937
2
IX
Sept.
2
Dallas
IX
Aug. 31 1937
2
8an Francisco
IX
Sept.
2
Sept.
2 1937
2
3 1937
3 1937
Course of Sterling Exchange
Liabilities—
Notes in circulation
—192,000,000 5,086,100,000 4,620,990,000 3,998,116.000
—79,963,000
811,014,000
659,265,000
611,229,000
—6,032,000
347,138,000
344,290,000
290,739,000
Other daily matur.obllg.
Other liabilities
Propor'n of gold & for'n
to note clrcul'n.
curr.
+0.06%
1.49%
1.56%
1.93%
STERLING exchange is firm against dollars and
this
all other currencies.
abroad.
New York Money Market
York money
this
and quotations
unchanged in all departments.
little demand for funds from
There
dealers
in
was
carrying obligations acquired in
nection
with
the
wise, inquiry
was
aggregating f100,000,000.
due in 91
days,
Other¬
One series of
a
further series of
discount
$50,000,000, due
days, went at 0.058% average, both computed
an
annual
bank
discount basis.
and commercial
paper rates were
ness
$50,000,000,
was
dull.
Call loans
on
Bankers'
bill
the New York Stock
Exchange held to 1% for all transactions, while
time loans
to
90
were
days,
continued at
and
iy2%
for
1%% for maturities
four
terms
to
dominating factor in exchange at present
six
of
sterling to
155.96.
The market
when
on
DEALING in detail with call loan
the
pound.
low of
new
taken
low for the French unit of 159.50 francs to the
new
pound, while in New York the
low
on
the
franc dropped to a
day of 3.1534 cents, the lowest since Oct.
30, 1926.
Francs
in
the
were
sold
heavily and sterling was bought
European centers, while New York traders
practically in the position of onlookers.
All
other
European currencies moving in sympathy with
sterling are firm with reference to the dollar. The
announcement
to
rates on the
was
a
pound.
Thursday's market developed another break to a
of
the
the
Exchanges
was
also .an important
depressing the dollar and giving firmness
pound,
the
tinental currencies.
able
suspension of the New York
Exchange house of Richard Whitney & Co.,
factor in
Stock Exchange from
day to day, 1% was the
ruling quotation all through the week for both new
Tuesday
another all-time low of 157.50 francs to the
months'
Money Rates
On
completely by surprise
Wednesday the franc moved down again to
from the New York
New York
to
immediately the franc struck
Stock
datings.
155.50 francs
Almost
were
steady and busi¬
transactions
the French control lowered the
peg of the franc in
The Treas¬
was awarded at an average
0.073%, while
in 99
on
con¬
sold last Monday two series of discount bills
ury
of
refunding.
all but non-existent.
a
Treasury
securities for
quarter-date
The
side is
on
on
is the renewed crisis in the French franc.
market
QUIET conditions again prevailed in the New
week,
were
The market
extremely dull and interest centers
guilder, and
This
news
some
other
also caused
a
Con¬
notice¬
hesitancy in the London and European security
markets.
The
strength of sterling and allied
cur-
Volume
rencies
146
also
is
attributed to the
outlook in Great
approval of
Financial
^
Minister Chamberlain's foreign
policy given by the House of Commons
Aside
from
French
no
the
overshadowing
the
of
influence
developments from those of recent weeks.
The range for
sterling this week has been between
$5.00 7-16
and
compared
with
$5.01 13-16 for bankers'
a
has been between
of
range
$5.02 7-16 last week.
It is
sight bills,
and
$5.01
between
The range
$5.00j^ and $5.02, compared with
believed that
week
a
a
ago.
foreign central banks and ex¬
1611
capital
considerable
issues
in
tinuation
must
movement.
which
the
as
their
foreign institutions
satisfied to earmark
are
of
United
the
Commerce indicate that
will not be resumed
States
The British stock index is lower.
of
gold sterilization probably
Domestic
during this quarter.
1935
100,
as
124.9
earlier, with 94
with 120.1
Nov.
on
41.6 in
Britain's
75.6
76.2 at the
total
of
$100,000,000
Commerce
are
allowed to enter the
indicate
statistics
of
Department
quarterly.
this
that
11,* 1936 and the
The
prices, based
modified sterilization
policy
This
year.
The high record
a year ago.
was
low record
was
encouraged by the fact that
are
price index has been steady for the last
few weeks.
"Economist" index of
the
on
of 1927
average
March 2,
on
Views
of the Federal Reserve System to a
month earlier,
a
beginning of the
June, 1932.
at
reserve
July 1,
on
March 3 stood at 89.9, compared
on
with 91.7, a week
production and imports of gold under the Treasury's
gold
recent
The "Financial
News" index of 30 industrial stocks based
British interests
Department
gilt-edged
the
outlook will continue to check industrial issues.
gold with the Federal Reserve Bank.
Statistics
of
most
offerings, while the still doubtful business
compares
physical outward movement of gold from New York,
to
Budget uncertainties
constituted
deposits
However, there is no
a
amounting
tend to subdue the market for
securities
capital
the
of
now
and with 95.9 at the
this side into gold.
showed
Britain
February,
against £7,464,872 in January and
£10,671,858 in February, 1937. Market conditions,
however, are developing unfavorably for a con¬
change equalization funds continue to transfer their
on
Great
in
revival
£19,248,438,
for cable transfers
of between $5.01 3-16 and $5,023/2
range
Monday.
on
franc, the foreign exchange situation presents
new
New
improved political
Britain, particularly because of the
Prime
Chronicle
against 75.5
commodity
100, stood
as
Feb. 16, and
on
beginning of January.
on
still mixed.
•
the trade outlook in Great
However,
Britain
are
recent survey by the Midland
a
will
Bank, while admitting the difficulty of forecasting
probably not be reached in the first three months
owing to various factors of the situation, arrives at
of this year.
the conclusion that it may
effective
fgiure
Imports of the metal from Jan. 1, the
date of the
ruling, through Feb. 25,
only $14,827,000.
totaled
new
Domestic production is
estimated
about
at
total additions
gold
of the Federal
reserves
approximately $45,000,000 during
the first two months of the year.
Projected
on
a
be
average
increased
by about $66,000,000 during the first three
months,
approximately
On
the
basis
reserve
two-thirds
only
permitted the system under the
Saturday
tendency to
was
gold
will
monthly
amount
due
fears
of
new
the
ruling.
showed a
lower in terms of the dollar. This
and
move
to
slump.
Monday
entertained
sterling
in
London
that
the
'-'l
business
probability of
in
be doubted whether the
heavy cumulative
a
V'.■
Retail
$15,000,000 monthly, bringing
the
to
Reserve Bank to
has entered
country
a
circulation
the
Bank
of
the part
The increase
England during the
past few weeks is indicative of more
on
^
activity would indicate the im¬
serious trade recession.
of
business
\
Y
generous
of the people, although there
spending
be
can
no
doubt that the increase in circulation is due in part
to
hoarding of Rritish notes by foreigners.
British
retail sales in January were the best ever recorded
for
the
month, showing
there
was an
the
an
For the
1937.
January,
increase
increase of 6.2%
over
ended in January
of 7.6% following one of 5.9%
year
British Government's increased rearmament program
in
might result in
January index of average daily sales stood at 127,
the
in
French
Tuesday
ness
in the
The slump
general rise in taxes.
franc
which
began
in
earnest
on
directly responsible for renewed firm¬
was
London
a
weighing
interests, after
the
prospects of higher taxation, seem to have come to
the
conclusion
the
that
Government
depressing steps in this direction.
program
over a
calls for
take
no
The rearmament
expenditure of $7,500,000,000
an
period of five
will
This is
years.
a
greater amount
y2%.
in the London open
£254,000,
one-third
Financial London is
to
over
no
credit
the
rates
at
bending
every
which is
now
the
measures
of
policy is
extremely
taxation
to
maintain
low
which
the
levels.
on
on
of
Port
and
London is
as a consequence
of
depression here and the fall in prices of the
exports of Great Britain's chief foreign markets.
on
of $35
on
are
offer
some¬
On
an ounce.
offer £78,000,
York
New
ended
week
on
Monday
March
the
gold movement
as
reported by the
9,
Federal Reserve Bank of New York, was as follows:
NEW YORK, MARCH 3-MARCH 9, INCL.
Imports
I
Exports
None
I
None
Net Change in
Gold Earmarked for Foreign Account
No
In this
money
bills
Gold
Tuesday £343,000, on Wednesday
Thursday £229,000, and on Friday,
GOLD MOVEMENT AT
might
effort to increase the export trade,
tending to decline
the
At
The Government is determined
impair the prospects of export expansion.
connection
the fact
project tends to intensify the unfavor¬
import balance.
impose
concerned
more
four-months
£310,000.
for
more.
that the huge
able
duplicate the estimate
here would require at least
This
1937.
market continues to rule
Saturday last there was
£240,000,
program
and
what above the American price
would buy much more in Great Britain
To
100, the
rates continue unchanged from
three-,
Two-,
figures would indicate when it is considered
similar
money
9-16% and six-months bills 19-32%.
sum
a
as
Call money against bills is in supply at
recent weeks.
that this
than in the United States.
1933
compared with only 119 in January,
than the
for
on
improvement was general in all parts of the country.
Open market
pound.
financial
Based
previous year.
Change
Note—The monetary gold stock was affected by a reduction in the
gold account during the week totaling $2,550,000, representing
gold to foreign accounts:
inactive
sales of
The
above
Wednesday.
figures
are
for the week ended
On Thursday there
were no
of the metal or change in gold held
marked for foreign account.
On Friday there
exports
on
imports
or
ear¬
were
imports
no
Chronicle
Financial
1612
or
exports of the metal or change in gold
The
.
held earmarked for foreign account.
the
1
pound.
ended last
Paris
was as
are our own
GOLD HELD
The day-to-
follows.
Amount
Daily Change
$1,190,585,499
Unchanged
1,190,585,499
—-
—$2,550,845
Unchanged
1,188,034,654
March 9
Decrease for the
Unchanged
Such
Montreal
rate
London check
price paid for gold by the United States:
MEAN LONDON
CHECK RATE ON PARIS
153.92
Wednesday, March
March 7
Tuesday, March 8
154.56
155.84
Thursday,
March 10
159.14
Friday,
March 11
158.06
PRICE
139s. 9d.
Wednesday, March
March 7
Tuesday, March 8
139s. 8Kd«
Thursday,
Friday,
PRICE PAID
139s. 7}^d.
9 _139s. 7d.
(FEDERAL
RESERVE BANK)
$35.00
Wednesday, March
35.00
9
close.
$5.01 5-16;
On
was
practically
Bankers'
dable
35.00
March 11__
transfers
the dollar and
on
bankers'
fers.
The
unchanged
from
$5.01 %@
was
less
was
pressure
was
Tuesday sterling
was
inclined to firmness.
Bankers' sight was $5.01@$5.01 13-16; cable trans¬
fers $5.01 1-16@$5.02.
was
firm
in
more
$5.00%@$5.01%
On Wednesday the pound
active
for
trading.
bankers'
$5.01% for cable transfers.
was
steady in
$5.00
15-16@$5.01 5-16;
$5.01%.
easier.
sight
range
and
The range was
was
$5.01@
Bankers'
cable
sight
transfers
$5.00 7-16@$5.01 1-16
was
for
$5.00%@$5.01% for cable trans¬
Closing quotations
on
Friday
were
franc
There
closed
rate
hit
a
pound and there
Thursday the
low
new
were
a
few
on
Jan.
31
On
of
days of
mean
152.84
at
Tuesday, March 8,
155.96
francs
another sharp break
was
the
to
for the week
at
Cotton and grain for payment closed
$5.00%.
on
Francs
break
On
The break
may
their
at
were
Saturday last, when they
3.25% cents to 3.26.
were
be
highest
quoted
foreshadowed
was
Monday when the low for the day
On
was 3.23%.
Tuesday the franc broke to 3.21% cents.
On
Wednesday the franc broke to 3.18 cents, and on
Thursday to 3.15%. This was the lowest quotation
of the franc since Oct.
at
3.15% cents.
record low.
30, 1926, when it
was
quoted
In terms of gold the franc reached
obtaining in
whereas its
1926, it
worth only
was
1.88
cents,
cheapest price in post-war inflation
1.93% cents, reached
on
was
July 24, 1926.
Future francs weakened with the spot rate.
March 1
30-day futures
at
to six
rose
a
widened
On
quoted at three points
were
discount from the basic cable rate.
discount
a
In terms of the old dollar of the standard
On March 9 the
Similarly 90-day futures
points.
discount of 9% points on March 1, which
March 9 to
on
13
On March 10,
points.
Secretary of the Treasury Morgenthau expressed the
hope that the latest French financial and Cabinet
crisis would have
no
effect
on
monetary agreements
between the United States, France and
said that it
Continental and Other Foreign Exchange
to 157.50.
up
dollar the present
follows:
as
Wednes¬
on
between 158.93 and 159.50.
range was
In terms of the
described
were
sight bills finished at $5.00%; 60-day bills at
$4.99 9-16; 90-day bills at $4.99%; documents for
payment (60 days) at $4.99%; and seven-day grain
$5.00%.
record low against Paris
a
Last week from Feb. 26 to March 4 the range was
Com¬
mercial
bills at
pound,
between 153.44 and 154.06.
$5.00% for
demand and $5.00 13-16 for cable transfers.
at
Paris
on
francs.
was
$5.01@
On Friday the undertone of the pound
bankers' sight and
fers.
The
On Thursday sterling
dull trading.
check
London
slight recession in
a
$5.00 11-16@$5.01 for
sight and $5.00%@$5.01% for cable trans¬
On
The situation
during January, when
ranged between 147.29 and
day, when the London rate shot
on
$5.01 3-16@$5.01 7-16.
consequently
range
more
pound the lower is the rate,
improvement at the end of January and the
on
pound.
between
The
35.00
sight
Monday in dull trading there
the
ranged
pound.
..$35.00
March 10
Thursday,
Friday,
35.00
last
previous
to the
the London rate
the
Referring to day-to-day rates sterling exchange
Saturday
Paris
on
seemed extremely inauspicious
March 10 _139s. 6^d.
March 11 _139s. 6^d.
FOR GOLD BY THE UNITED STATES
Saturday, March 5
Monday, March 7
Tuesday, March 8__
rate
147.30 francs to the
are
con¬
held relatively
was
157.20
Saturday, March 5
Monday,
After the
September and
experienced last December when
was
check
and in favor of London.
9
MARKET GOLD
LONDON OPEN
.
on
less unfavorable to Paris.
more or
155 francs to the
Saturday, March 5
Monday,
com¬
with successive
or more
that is, the more unfavorable to Paris.
mean
market gold price, and the
open
period
a
francs there
discount of 1-128%.
Paris, the
on
years
the franc rate
1936,
147.07 and
funds ranged during the week between a discount of
a
10
following periods of stability.
London
the
following tables show th<*
best
The franc has been steadily declining in
October,
Week Ended Wednesday
Canadian exchange is relatively steady.
The
perhaps
long time before the devaluation of
a
steady, although
$2,550,845
1-32% and
is
clusion of the tripartite agreement in
Unchanged
1,188.034,654
1,188,034,654
March 5
March 7
March 8
crises
Unchanged
1,190,585,499
-
March 4
For
value for the past
IN THE TREASURY'S INACTIVE FUND
March 3
franc
frequently quoted around 124 francs to the
was
pound.
calculations:
Date—
the
of
1938
United States dollar the London check rate
daily Treasury statements issued during the week
the
Wednesday
plight
12,
prehended by considering the relation of the franc to
Gold held in the inactive fund, as indicated in the
day changes
March
was
too
early to
say
England.
He
whether the tri¬
partite agreement would be affected.
The
Belgian
has been displaying weakness
THE new crisis inprecarious situation hasthe French
expected. The the French franc of long been
during the past week, partly
Treasury and the franc
in the French
franc, but chiefly from political unrest
in
The Socialist direction of the Belgian
advent of the first
M. Leon Blum.
was
apparent long before the
Popular Front Government under
The present
difficulty results from
the disturbed political situation and it
was
evident in
Paris and other Continental centers that M. Chau-
temps would fail to find support for his proposal to
govern by decree in order to strengthen the general
financial position of the
country.
unmistakable
obvious
on
was
completely
Wednesday, and with his resignation
Thursday for all practical
a
His failure became
early in the week, and
collapse.
.
purposes
on
the franc suffered
Belgium.
Cabinet
has
undertaken
Conservative
ment
currency
and
Liberal
as a
costly
result of the crisis
and
reforms
members
of
the
the
Govern¬
demanding that social legislation be de¬
are
ferred until
more
prosperous
On March 9,
times.
Finance Minister Henri de Man offered his resigna¬
tion, creating
result in
reason
or
a
for
a
situation which itwras thought might
Cabinet crisis.
He gave ill health as his
withdrawal, suggesting either
permanent
successor.
month's leave of absence
Within
was
a
a
temporary
few
hours
a
granted by the Cabinet
Volume
and
M.
Financial
146
Joseph Merlot, Minister of Public Works,
Reports that
was
named interim Finance Minister.
M.
de
had
Man
because of
the
left
disappointment
Cabinet
over a
that the
seem
Belgian banking situation is really satisfactory. The
National
Bank's statement for the week ended
March
showed
3
belgas, and
total
gold stock of 3,531,000,000
ratio of gold to note circulation of
a
80.60%, while its ratio of gold to total liabilities
68.71%.
was
The
table
following
the
shows
against 25.81 K and 25.81
while checks on Norway
finished at 25.16^ and cable transfers at 25.16^,
against 25.19 and 25.19.
budget deficit were
It would
refused official confirmation.
permanently
1613
Chronicle
relation of the
♦—
Fj1 XCHANGE on the South American countries
J-j presents no new features from those of recent
The Central Bank of Argentina in a report
weeks.
just issued states that
depreciation in the official
no
market for the Argentine peso is contemplated.
Such a move, the Bank's• report states, would be
inadvisable for Argentine economy because it would
cause a corresponding increase in the cost of living,
leading European currencies to the United States
whereas the free market, which recently was lowered,
dollar:
exercises
:
°ldparityr ^Parity1™
b Brance
3.92
"a?
^91
Switzerland (franc).
19.30
32.67
Holland
40.20
68.06
ThiaWeek
3.15H to 3.26
6.63
(franc)...
(guilder)
New dollar parity as
a
debt service.
to 55.97H
Paris closed
New York
3.17,
sight bills
bankers'
transfers
tions for Berlin marks
week. In
at
16.89% for cable
16.95%. Final quota,
bills and 40.37 for cable transfers, in comparison
with
Italian lire closed at 5.26% for
40.44% and 40.45.
bankers'
5.26%
5.26%.
closed at 18.92, against 18.95;
exchange
schillings
on
Czecho-
3.51%, against 3.51%; on Bucharest at
Slovakia at
0.74%, against 0.74%;
19.00; and
Austrian
on
on
Poland at 19.00, against
Finland at 2.22, against 2.21%. Greek
exchange closed at 0.92, against 0.92.
E
XCHANGE
i
Gold
sympathy with sterling.
Bank of The Netherlands
close
in
of
reserves
the countries neutral during the
on
moves
war
the
increased 20,000,000 guilders
to
a new
high record
as
during the past week
of March 7 of 1,455,800,000
The increase in the gold stock is due to
guilders.
continued
with
official operations in
The sterling
market.
control in
the exchange
of sterling by the
purchase
connection
acquired is converted into gold
which is then sold to the Central Bank in
order to
replenish the exchange fund's guilder balances. An
increase of 14,000,000 guilders is shown in advances,
and probably indicates a further pledging of gold with the
Central Bank by the control as collateral for loans
carrying the item to 285,400,000 guilders,
of
guilders. The non-interest-bearing current accounts
guilders, a new
of the Bank increased to 802,000,000
The Bank's ratio of gold to total sight
stands at 81.4%. The strength of the Swiss
high record.
liabilities
position
ratio
can
be realized when it is stated that the
gold to notes stands at 198.65% and the
of
gold to total liabilities at 84.10%.
ratio of
Bankers'
sight
on
transfers
at
55.84,
against 55.92;
week; cable
and commercial
sight bills at 55.80, against 55.85%.
i
•
j
^damental overseas transactions"
the report of the Central Bank states, are absolutely
ladePe,ndent, 0 tbe+:infl™ offtb* fr66 T
The
offtfial market obtains 90% of the export exchange
a" » a11 the Pubhc debt se™ces 38 jf as 83%
0 Je exchange on imports. However, the creation
°f tbe free ma'ket had a and it has operated as a
ln Preventing the
bootlegging of exchange
,,
safetY valve for the exchange market J'
Argentine paper pesos closed on Friday, official
quotations, at 33.38 for bankers sight bills, against
33.43 on Friday of last week, cable transfers at 33.38,
ngainst 33.43. The unofficial or free market close
was 25'90' aSainst 26.25%26.30. Brazilian milreis
are 9u°ted at 5.90@5.95 (official), against 5.90®
5.95. Chilean exchange is quoted at 5.19 (official),
against 5.19. Peru is nominally quoted at 24.40,
against 24%.
t
p* XCHANGE
£,
jn
on
the Far Eastern countries moves
close sympathy
with sterling.
Tokio dis-
March 8 stated that Japanese bankers
have decided to grant a credit of 100,000,000 yen
^ an exchange fund to the newly formed Federal
Reserve Bank of China, which was supposed to have
patches
on
opened for business on March 10. This is the bank
recently organized by Japanese interests for the
conquered districts of north China,
Closing quotations for yen checks yesterday were
Friday of last week. Hong31.40@31%, against 31 7-16@31 9-16;
Shanghai at 29.60@29%, against 29%<®29 31-32;
Manila at 49%, against 49.85; Singapore at 58%,
28.89, against 29.01 on
kong closed at
Amsterdam finished on Friday at
55.84, against 55.91 on Friday of last
i
"n
market wereonly 30,400,000 pesos, compared with a
demand of 87,300,000 pesos. In view of the conrafon of he+ Bank s res™ 'devi8en ^ended
for re+e farkej ,fe' lt ^ decided to allow the free
market to find its own level. During February the
offerin§s in he {l/e market ™ein° 67>800>°00
Pesos against a demand,for 71,700,000 pesos, thus
mchiemg tbe fefl.cit j° ° ^ 3,900,000 pesos,
sight bills and at 5.26% for cable transfers,
against
and
..
.
_
40.37 for bankers' sight
were
The disequilibrium in the free market
-p*
subsequently much accentuated
During January,
the Bank sold 56,700 000 pesos of its official exchange
ln t lc/ree ma'keLbZTno
"
*
sight bills and at
transfers, against 16.95% and
•
Friday
the French center finished at
cable
no
Observed in December, the Rank explained, was
3.17%,
Antwerp belgas closed at 16.89%
3.25%;
against
against 3.25%.
for
on
and stressed that it has
currencies
on
158.06, against 154.06 on Friday of last
at
on
j
,
peso
fundamental overseas transactions such as
bearing
to "float-on June 30.1937.
on
The Central Bank in its report discussed the recent
to 23.24^
23.18
55.82
small influence.
depreciation of the
to
before devaluation of the European
The London check rate
a very
Swiss francs
ag^t 58.80; Bombay at
Calcutta at 37.84, against
37.84, against 37.87; and
37.87.
closed at 23.19 for checks and at 23.19 for cable trans¬
fers,
against
checks
23.203^
finished
22.35%,
at
against
and
23.203^.
Copenhagen
22.35% and cable transfers at
22.38
and
22.38.
Checks
on
Sweden closed at 25.79 and cable transfers at 25.79,
Gold Bullion in European Banks
""THE following table indicates the amounts of gold
1 bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
1614
Financial
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
us
shown for the
are
corresponding dates in the previous
four years:
1938
1937
1936
1935
£
£
£
£
England
327,232,248
314,574,231
France
293,720,217
347,628,740
2,521,900
2,441,000
c87,323,000
Germany b_
c87,323,000
a25,232,000
Italy
Nat. belg..
Switzerland
73.218,000
78,641,000
Sweden
842,575,000
119,652,000
99,931,000
26,275,000
105,436,000
83,516,000
_
6,543,000
_
201.357,414
527,564,812
2,573,700
90,134,000
42,575,000
56,689,000
95,959,000
192,020,920
591,845,555
2,938,800
90.745,000
so
portentously under the New Deal, that ought to
abolished, and those that
left might well be
were
90,472,000
Dec.
31,
66,016,000
67,549,000
23,875,000
72,310,000
67,241,000
16,003,000
6,554,000
6,602,000
7,395,000
14,584,000
7,398.000
6,852.000
6,574,000
1936, latest figures available,
Bank of Germany are exclusive of gold held abroad,
reported at £1,016,650.
Byrnes bill, however,
only would fail to insure the ad¬
ministrative and financial benefits which the
high-
sounding declaration of purposes sets out, but that
76,806,000
67,547,000
it would introduce into the administrative
organiza¬
77,543,000
1,074,586,365 1,095,443,971 1,101,835,926 1,248,058,310 1,205,499,825
Frev. week. 1,073,971.664 1.095,265,327 1,099,659,008 1,245,117,677 1,207.682,827
Amount held
An examination of the
14,691,350
Total week.
a
1938
be
shows that it not
62,973,000
6,603,000
Norway
193,005,258
660,958,252
47.962.000
25,585,000
6,550,000
7,515,000
Denmark
12,
boards, including most of those that have multiplied
dation.
1934
£
Netherlands
March
subjected to intelligent reorganization and consoli¬
Banks of—
Spain
Chronicle
tion evils in the
now
A review of
nancially demoralizing.
of the
some
major criticisms which the searching debate in the
Senate has
brought out will show what is in store
b Gold holdings of the
the amount of which Is
highest degree mischievous and fi¬
for Federal administration if the
Amount held Aug. 1, 1936, the latest figure abailabte.
The gold of the Hank of France was revalued on July 23, 1937, at 43 milligrams
of gold 0.9 fine, equal to one franc; this was the second change In the gold's value
within less than a year, the previous revaluation took place on Sept.
26, 1936,
when the gold was given a value of 49 milligrams to the franc as
compared with
66.5 mgs. previously.
On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1
sterling, and at
43 mgs., there are about 190 francs to £1.
President.
bill, in its present
form, becomes a law.
c
First,
as to
the
Executive
The
Autocracy
tion
Byrnes bill for the reorganization of the Fed¬
eral executive
in the Senate
departments, debate
on
which began
Feb. 28 and has continued to
on
of the time of the Senate since, is a much
cupy most
amended form of
a
bill
effect to the demand
originally prepared to give
for
departmental reorganiza¬
tion which President Koosevelt laid before
in
January, 1937.
on
in
Congress
The discussion which has gone
committee and elsewhere in the interval has
had the effect
of
of its worst
some
oc¬
ridding the original proposal of
features, notably
one
have allowed the President to
merge
Commerce
which would
the Interstate
Commission, the Federal Trade Commis¬
tain
well
as
administrative character in
an
of the
existing Cabinet departments.
one
other
or
The essential
part of any
any
necessary to ac¬
limitations, "abolish the whole
any agency or
exercise any
thorized
establish
or
functions which
by law in force
by the President that
hand,
expiring
any
or
determining" is to be final, the
determination
may
to
determination
position is "policy
to make such
power
June 30, 1940.
on
not,
agency
not expressly au¬
are
office
an
new
the date of enactment"
on
On the other
of the Act.
any
cer¬
part of
or any
the functions thereof." He
"create
however,
Senator
Byrd of Virginia has pointed out that the bill would
mental
as
co¬
segrega¬
Act, "he may, by Executive order," subject to
not
judicial
de¬
complish the purposes" set forth in the proposed
other
a
or
the functions thereof, is
agency, or
sion, the Securities and Exchange Commission, and
agencies whose functions have
abolition of the whole
or
and
transfer, retransfer, regrouping,
consolidation, reorganization,
ordination,
the
upon
provides that "whenever the
President, after investigation, shall find
clare that any
Departmental Reorganization and
to be conferred
powers
bill
The
only give the President power to abolish
agencies, establish
others, but also the
new
ones,
and
govern¬
rename
"to change the policies of
power
government, in whole or in part, as adopted by Con¬
principles of the original proposal, however, remain
gress."
not
only to threaten the control of Congress
Departments, but he could, the Senator declared,
the
administrative
but to
over
agencies which it has created,
give to the President
authority
an
such
over
agencies and their expenditures of public funds
would
rival
that
possessed by
as
European dic¬
any
tator.
transfer
99%
of the bill
are
set forth
appealing phraseology which has become
cus¬
tomary in New Deal proposals.
The purposes of
organization, the bill declares,
are
of its functions to another depart¬
ment, "disrupt and dismantle it and leave
shell of
ment
a
department remaining."
the
that
Executive
re¬
increase the
"(a) to reduce
of the Government,
revenues,
(b)
to
(c) to
practicable within the
coordinate, consolidate,
re¬
organize and segregate agencies and functions
of
the
group,
Government,
or any
part thereof, as nearly as
be according to major purposes, (d) to reduce
The criticism is fundamental.
of
or
not be
as may
such
neces¬
for the efficient conduct of the Government,
(e) to eliminate overlapping and duplication of
effort."
the
performed
more
it would be
likely to be by Congress after prolonged
things and
no
others, and do them
done, it might be welcomed
as
do
as
a
all
they should
helpful
in the direction
of administrative economy
ficiency.
are
There
a
these
move
reason
if the work is entrusted to the
submitted
or
to
can
that
Congress
for
without
why the results,
President, should be
approval
before
the
The fact that existing
become effective.
created
ones
services could be
expeditiously by the President than
debate, but there is sound
cannot be eliminated or new
Congressional authorization,
administrative
agencies
which
exercise
quasi-judicial functions would not be merged with
other
proposed legislation would
Doubtless the task
reorganizing the department
Cabinet departments
part thereof,
the policies and functions
over
government."
single head, and by abolishing such agencies
or any
the administrative duties of
over
changes
functions,
we
period until July 1, 1949, the majority rule of
the number of such
agencies by regrouping or con¬
solidating those having similar functions under a
be
directing
a
Congress, not only
efficiency of the operations of the Gov¬
ernment to the fullest extent
If
mere
for
of
efficient operation
and
a
require¬
doing in this bill," he insisted, "is surrendering,
the
sary
orders
no
formation, should be ratified by Congress, "what
government but also
may
With
are
expenditures to the fullest extent consistent with
the
of the Executive
one
changes, although submitted to Congress for its in¬
The ostensible purposes
in the
He could not abolish
vast
agencies is not enough.
There is still left
boards and bureaus under the New
Mr. Roosevelt could do
and ef¬
also
great many administrative
ated
a
field, greatly extended by the multiplication of
to
the
be
doubt
as
whether
administrative
Deal/in which
he pleased.
Congress,
agencies,
There
seems
having
would
not
cre¬
be
Volume
Financial
146
guilty of
unconstitutional delegation of legisla¬
an
tive power
if it conferred
upon
the President all the
authority which the bill at this, point
to
proposes
The bill further proposes
to get rid of the office
Comptroller General, created by Congress
as a
and necessary check on the expenditure of
proper
Congressional elections approaching
mobilizing the
that
eral
auditing agency which would act
tures
only after they were made.
that Mr. Roosevelt was
up a gen¬
on
expendi¬
It is well known
extremely hostile to the for¬
Comptroller General, General McCarl, and the
mer
"Congressional Record"
of the
pages
attacks
with
loaded
on
General
of
army
aware,
Federal
that the slight savings
or
dent in the
The
aggregate of Federal expenditures.
Byrnes bill, like
which recent
tains
a
number of other measures
Congresses have had before them,
that the needed
reorganization which the bill
provisions which will not only
plish
or
good
useful
purpose,
deprive Congress still further of its rightful control
over
his
Government business
and
and
March 3 it became known
Acting Comptroller General had submitted
to Vice-President Garner and
Speaker Bankhead
a
objectionable
official
charged that the Treasury Department had
refused" to
"steadfastly
observe certain legal
quirements regarding outstanding checks.
of
dent
departmental expenditures is
sized the
Brownlow, made at Mr. Roosevelt's re¬
If there
alleged need of such control.
time when
was
"watch-dog of the Treasury" was
a
needed, that time is now, but there will be no such
guardian
As
as
there has been if the Byrnes bill be¬
further
a
step toward Executive autocracy,
the bill proposes
to do away with the present Civil
Commission
Service
tute therefor a
the
of
three
members and
single administrator.
substi¬
The efforts of
Commission, badly overworked and ill-supported
financially by Congress, to build up a competent
and
nonpartisan civil service have been repeatedly
offset, in New Deal legislation, by wholesale exemp¬
of Federal
tions
employees from civil
service
re¬
quirements, and the substitution of a single admin¬
istrator, appointed by the President and responsible
him, might impair the integrity of the civil service
to
Senator Walsh of Massachusetts, in one
speeches of his career, clearly showed
system.
of the ablest
the almost
insuperable difficulties, as a matter of
administration, which the proposed change
routine
entail and the dangers
would
to which the merit
would be ex¬
posed, but the Commission is marked for extinction
system of appointment and promotion
in the
outlook for economy
puts in the forefront of its
finds
no
which the Byrnes bill
declaration of purposes
encouragement in the bill itself.
in the bill
solidation
Nothing
requires the abolition of any existing Fed¬
eral agency,
pay
and a wholesale reorganization or con¬
would
not
necessarily rid the Federal
roll of a single one of its more than
800,000 em¬
economize, as opponents of the
pointed out, is to abolish the unneces¬
ployees. The way to
measure
sary
tive
no
have
bureaus and boards with which the administra¬
service has been saddled, but the bill carries
such common sense
reason
which
no
reorganization
range
dictatorship and give to the President
of
control
a
the
vastly widen the
the
administrative
Federal
President ought ever to
have.
system
The finan¬
which the bill makes possible are alone
cial changes
enough to condemn it.
The Increase in
Freight Rates
Railroad
revenues
have been continuously
ficient since before the return of the
their
The political man¬
eighteen years ago.
owners
under
established
agement
insuf¬
properties to
Federal
control
pre¬
ferred, eight months before the Presidential elec¬
tion of
1920, delivering a system barely earning its
indeed to
and it was feared unpopular, steps necessary
ous,
to
of reasonable relationships between
restoration
and material costs on the one hand,
wages
requirement.
There is little
expect that Mr. Roosevelt, with
and
freight and passenger receipts upon the other. Co¬
incident with the surrender of the railroads by
President
acted
an
Wilson's
Administration,
Congress
en¬
elaborate revision of the entire scheme of
governmental control, its action being widely ac¬
claimed as amounting to a genuine amelioration
liberalization
and
of
a
supervision which, it was
conceded, had been proved by experience to be intol¬
erably one-sided and unbearably opressive.
things
were
Act of
from
1920, which with very
fications
say
expected
is
Great
the Transportation
few substantial modi¬
still in effect, but it is
impossible to
of them, even the least, has been re¬
Looking at the matter in the light of sub¬
that
alized.
any
sequent history, it is plain that there was
relaxation of the rigors of
then no
regulation, either in prin¬
ciple or in practice, and that in all respects
Byrnes bill.
The
thorough¬
operating expenses and taxes to taking the courage¬
law.
comes
a
of the
one
quest, which inspired the reorganization bill empha¬
a
more
outspoken
extraordinary report of Messrs. Merriam,
Gulick and
ever
of Executive
for the legislation now demanded,
reasons
the
and
No one
to deny that increased control by the Presi¬
appears
prime
re¬
forcing
features,
highly
March 4 the same
still
going revision of the bill and the elimination of its
that is to be authorized will
on
it
vigorous opposition which the bill is meeting
alleged "illegal contracts and expenditures" by vari¬
'government agencies, and
make
Unless the
with in the Senate succeeds in
report in which some 100 examples were given of
ous
accom¬
but will, if enacted,
heavily
acts and
on
proposes
is mixed with
no
con¬
The trouble is
provisions both good and bad.
subservient to the President.
policies; yet
of
member of
one
might be effected would make any appreciable
alleged unwarranted interference with departmental
that the
presi¬
a
far in de¬
office-holders
than
more
and
go very
for
are
McCarl
off, would
political activities
Congress is well
public money, transfer the important function of
"pre-audit" to the Budget Bureau, and set
1615
dential election not far
whose
grant.
of
Chronicle
weight of external
the
and frequently unsympathetic
authority has borne more heavily upon the railroad
industry with every
material
were
ensuing year.
advances in
officially
passenger
It is true that
and freight rates
sanctioned during the summer of
benefit was with¬
reductions of
1922, and, for the rest, the progressive "whittling
away" of rates by official action has proceeded quite
1920, but a large portion of this
by the totally unwarranted
drawn
without
interruption.
Nor
can
the blanket and un-
discriminating enforcement of a reduction in the
rates
charged as coach fares, which made no ac¬
count of local
and particular conditions anywhere,
1616
Financial
but assumed that
where
a
the volume of
reflection of the fares
mere
was
travel
Chronicle
experience in railroad management, or responsibil¬
ity anywhere for the consequences of an annual in¬
every¬
exacted, be dis¬
regarded.
come
four months ago,
application filed
an
which asked for 15% greater
tains all the railroads' contentions
allied for.
sufficient
zation is
It is
gesture and
a
accompanied by
the
among
either upon
probable
the
eleven
members
of
or no
the
the principles involved
Commission,
or
regarding the
of its action.
consequences
agreement
Also
as
reve¬
necessities of the carriers and overestimate the
nue
permitted addition to the
Estimates
new
of the
gross
income.
gross
annual benefit from the
rates, which
notice,
vary
may go into effect on ten days'
from $187,000,000, assumed by the rail¬
roads, to $270,000,000, stated by the Commission.
At any
rate, it is evident that the regulative agency
has authoritatively determined that the
railroads,
in sound
economics, in law, and in morals, ought to
receive at least $270,000,000
yearly more than they
could receive with any
that is at all
volume of traffic movement
currently possible. They ought to have
that additional
in the
revenue
have had it when
testimony
future, they ought to
their application
upon
heard and the record made
upon which the deci¬
was
sion
was
their
rendered, they ought to have had it when
application
was
filed.
These truths
plicit in the decision of the Commission.
im¬
are
Charge,
then, to the regulative system that is embodied in
the
present Interstate
in
manner
Commerce
which that Act is
Act
and
in
to
a
year,
have been allowed to
roads have been
and the
this
Of
they ought to
is, to date the rail¬
course,
were
more
ation.
establishing
new
rate-schedules,
regulations,
can
months
the importance
ago,
the
be satisfied
"Chronicle"
of casting
as
a
sug¬
balance sheet
regula¬
practiced in this country, could "fie set up
and exhibited and the balance of
advantage
advantage revealed. Here, for the debit
an
un¬
which the debits and credits of railroad
tion,
account, is
recurrent and
President
satisfaction
trative
fixing
sideVf
dis¬
such
an
actually ponderable.
regulation, has awaited this decision
a
date for his conference
announced, will be held
upon
summoned
to
industry that, it has been
some
that
before
the condition
day next week. Unfor¬
tunately, and most characteristically, only
have
have
in
the
changes that
so
and the urgent
controlling statutes.
of
the
will
super-imposed
controls
hampered the managements that
so
be
in the direction of
are
nearly destroyed railroad initiative
even
simplest expedients of progressive adaptation
the rapidly changing demands of a most
dynamic
industrial order have been almost
in their
inception
completely stifled
frustrated in attempted
or
execu¬
tion.
One of the concomitant evils of commission
regu¬
lation, apparent from its earliest beginnings, has
that the regulative
agencies, for their own
been
preservation and perpetuation, have inevitably be¬
come
protagonists of the system, and invariably
find
some
way
by which they
of their own, or
turn every failure
can
of the system, into
attempting something
still
an
industry.
Over and
argument for
drastic
more
strengthening the shackles which bind
and
for
the regulated
precisely this has hap¬
over,
pened. Unless guarded against it will happen again.
Probably
those invited to
none among
next week's
conference, except the former President of
Pacific
Railroad, will enter it without
elaborate
devices
will
to
seek
of
have
additional
If
might suggest
we
the Union
one
or
more
regulation that he
accepted by the others and at¬
tempt to have grafted
upon
the
existing system.
procedure to the President,
it would be to call
upon each of the conferees for
recommendations
a
to features of
as
regulation that
ought to be abandoned and the points at which the
retained elements of control
made
more
directions
elastic.
could
If
should be relaxed and
something practical in these
emerge
from the discussion there
might be hope for the great and essential industry
so
long hamstrung by ill-advised and inimical legis¬
lation.
The Price of
conference
has
one
ever
a
of
had
Four-Power Pact
One does not often find
situation
tween
than
that
in
a
more
which
complex political
the
negotiations be¬
London, Rome and Berlin, which began for¬
mally this week, have been launched.
of the British Prime
that
the
It is the hope
Minister, Neville Chamberlain,
negotiations
may
ultimately
produce
four-Power pact, to which France will be
which will insure
peace
point
number
of
a
of
differences
differences with
sarily imply
a
in Europe, but before that
with
a
Italy, and another set
Germany, which do not
more
a
party,
be reached he must, if possible, settle
can
general agreement.
neces¬
In doing
this, moreover, he must continue to champion de¬
mocracy against
Roosevelt, without concealing his dis¬
with the sluggish
processes of adminis¬
and needs of the railroad
those
or
item of magnitude and impor¬
It is merely one of
many that are regularly
tance.
ordi¬
at least
hoped that real consideration
some
en¬
permitted advances put actually into oper¬
Several
gested
to
•
millions will be added to
more
der the statute and the
and the
an
the
than $90,-
plainly and fully
large and irremediable loss before the elaborate
of
Nevertheless, it is
1938
deprived, by the action of Congress
Commission, of something
mechanism
on
That
earn.
000,000 to which they
titled.
one-
the railroads have not been allowed
what the Commission concedes
earn
the
administered by the
Commission, the fact that for four months,
third of
and
usual,
most of the Commissioners underestimate the
be
to
genuine relaxation
series of opinions which
a
is
which
timid and disappointing
disclose the fact that there is little
for modifications
given to
reve¬
one-third
of
It
improvident and in¬
an
greater scope than that of
instability of existing conditions
need
sus¬
As usual in such cases, the authori¬
sequitur.
non
increases
authorizes
and
the
to the inade¬
as
of the present rates and the resulting
amount
household budget.
12,
moderately encouraging that the President realizes
gross
000,000, the Interstate Commerce Commission
nues
nary
than
more
the increase proposed to amount to $517,-
revenues,
quacy
account of
,
Now, dealing with
March
ment which the
principles and methods of
govern¬
great majority of the British people
repudiate, and accept the promise of heads of States
in
whose
dence.
good faith the British have little confi¬
He
program
must
go
on,
also, with his rearmament
notwithstanding that
will avert
war
is the
an
agreement that
great objective that he has in
mind, and he must act throughout with
the
effect
of his
decisions
upon
an eye
to
public opinion in
Volume
146
the British
which
Financial
Dominions and in other countries with
friendly relations
are,
if possible, to be
pre¬
There
are
interesting indications of the dif¬
some
ficulty of carrying water
House of Commons
defense,
a
both shoulders in the
Chamberlain
Mr.
which
speech
on
delivered in
the
Monday. The cornerstone of
on
policy, he told the House, "must be the
security of the United Kingdom."
With that must
the preservation of the trade routes "on which
go
depend to obtain food and
we
defense of British territories
whether
by
defense
of
have in
land
sea,
of war."
case
of
at the
any
price of
peace
responsibility to
begin in
the
our
limited
a
abrogate
people
incidents which
if they should
to be
prove
suddenly to the League of Nations, and
on
ject his remarks blew both hot and cold.
declared, "I
than
am
of those
some
today is mutilated.
who, like
be
a
"I claim,"
League which
can
protect the weak
of the strong
are
furthering
attempt to put
on
it
yond its strength." He challenged the Opposition to
"what small country in Europe today, if it be
larger
a
one,
could safely rely
on
the
League alone to be protected against invasion. There
can
be
.
.
only
honest answer, and that is:
one
The ideals
.
nificent, and I shall
attainable.
mately
of the
never
But
by
within
our
League
are
grand,
None.
mag¬
believe they are not ulti¬
we
pretending to
nearer
shall not bring them
ourselves that they are
because it will require very long,
grasp,
persistent effort before they can be achieved."
Addressing himself finally to those of the Opposi¬
tion who
charged him "with having a bias toward
dictators" because his Government would not "take
with
sides
clared
the
that
party they favor in Spain," he de¬
"I have to deal with a world in which
I have
dictators exist.
of government
Fascism
.
.
root of
I have
means
bias in favor of Nazism,
with what has become to me
preservation of democracy, which
preservation of our liberty, I would fight,
myself, and I
would
no
political creed—individual liberty.
my
For the
.
interest in other systems
Bolshevism, because all of them seem
or
to me to be inconsistent
the
no
except in so far as they react upon
other countries.
believe the people of this country
fight."
As between
understanding with Germany and
an
understanding with Italy, it would be hard to
an
say
which, for Great Britain, is the more important.
Unless
Italy is willing to withdraw its forces from
Spain and cease extending aid to General Franco,
there is
no
hope of effecting a general withdrawal
of foreign troops
of
from Spain and enforcing a policy
non-intervention, but an agreement with Italy is
also vital in
regard to the freedom of the Mediter¬
Hitler
political influence
in Eastern
over
to extend
protection
the German minorities
Europe, and the demand for a restora¬
There is
tion of German colonies.
a
further contrast
between the two countries in that while
Italy's im¬
perial ambitions, if they contemplate territorial ex¬
pansion,
apparently be furthered only by war
can
(the British recognition of the Ethiopian conquest
would
be
to
seem
foregone conclusion), there is
a
Germany's expansion in Eastern
likelihood that
Europe will be resisted if it is accomplished without
war.
German
The
badly
as
Fear of hostile
continued.
led
to
negotiations
popular demonstrations
Foreign Minister, Herr Kibbentrop, on his
a
during his visits to the For¬
Schuschnigg's announce¬
Chancellor
Office.
ment of
started off so
preparations to protect the
extraordinary
arrival at London and
eign
have
to make it doubtful whether they can be
plebiscite, to be held on Sunday, at which
the attitude of his
government toward Austrian in¬
demned, has thrown Austria into an uproar and led
present state tasks which are manifestly be¬
by
Chancellor
of
It is halt and lame, and those
speak for it.
it better than those who would
threatened
one
dependence would presumably be endorsed or con¬
and limit the powers
say
perhaps
Germany and Austria, the announced in¬
tention
and
or
the anxieties, concern future relations
say
between
differences,
the
peninsular.
The League
who
do their best to build it up afresh to
me,
real world
in its
that sub¬
better friend of the League
a
Germany
German
general conflagration."
a
Canal, Italian expansion in
claims in Palestine and the Arabian
should
to
or
Suez
Africa, and interference with British rights
With
peace
today
From these observations Mr. Chamberlain turned
he
North
no
We cannot divest ourselves
area
starting point of
might
peace
can we
own
interest in world peace nor
our
we
desire for
our
hereafter. Nor
humanity in general.
of
allies
signify willingness to purchase
moral
our
from "attack,
Nevertheless "I want to make
known," he continued, "that
does not
materials," "the
air," and "cooperation in
or
territories
the
raw
overseas
the
and
ranean
or
served.
1617
Chronicle
to
reported intervention by German troops." The sit¬
uation
was
grave
enough to lead Foreign Minister
Ribbentrop to interrupt his talks with Lord Hali¬
Secretary, and hasten back
British Foreign
fax,
Germany, while Italy has been dragged into the
to
picture by rumors that the plebescite was not de¬
cided
upon
Rome.
The longer
the
previous
without
consultation
with
the Austrian imbroglio continues,
deeper will become the mystery
regarding the un¬
derstanding which Hitler and Schuschnigg were re¬
In the light of the pro¬
ported to have reached.
and the violent incidents that
nouncements made
have occurred since the
famous meeting at Berchtes-
gaden, an Anglo-German agreement
to have received a serious setback.
would appear
for suspecting that, back of any
There is reason
willingness that Italy and Germany may
show to
adjust their political differences with Great
Brit¬
both governments have been anxious to put
themselves in a position to secure British loans.
In
ain,
neither
is
country
Armament
situation good.
heavily upon the
national economic policies have
the financial
expenditures
national resources,
restricted foreign
press
trade, the exchange situation is a
hindrance to commerce,
and the food supply is an
There is little doubt that, if
occasion of anxiety.
political differences were adjusted and fear of immi¬
nent war was allayed, the British capital market
could be induced to look with
Italian
and
The
loans.
favor upon German
greatest obstacle is
the
difficulty of insuring that the proceeds of a loan
would not in fact be used for rearmament purposes,
or
for other purposes
that would make the life of a
political agreement/precarious.
tary events in
The reported mili¬
Austria will hardly tend to allay
British fears.
There remains the
the
problem of France. The fall of
Chautemps Government had
seen
that the resignation
day occasioned little
been so clearly fore¬
of the Ministry on Thurs¬
surprise. There is no reason to
1618
Financial
Chronicle
expect, however, that any Ministry that former Pre-
most
mier Leon Blum may
tional
will be
one,
franc
to
financial
the
debt
and
stable.
more
any
record
a
form, if he succeeds in forming
low
point merely brings
which
crisis
nearer
France, burdened with
ruinously costly
a
The decline of the
of socializa-
program
to
March
discourage public
affairs
of
sources
by
in
news
discussion
shutting
down
12,
of
interna-
the
on
Downing Street and
1938
normal
West-
at
minster. The usual channels of official information
have dried up in the past two or three weeks. The
contacts that used to be
valuable to newspaper
so
tion, has long been preparing for itself. British and
men
American
pledged itself only yesterday," he said elsewhere in
his dispatch, "not to enforce a censorship upon the
free British press, but it would require only a dis¬
support for the franc cannot go
definitely, and
even
material restriction of
a
port would almost certainly bring
credit
collapse.
a
in-
on
sup-
financial and
In any four-Power agreement that
Mr.
Chamberlain
will
obviously be the weakest member, and it will
succeed in making,
may
continue to occupy
that position until
tive reaction calls
a
radicalism, and
Ministry
halt in
a
France
conserva-
political and economic
have
all
but
would
know there had been any
pressure; the
Government would strenuously deny the existence
again
has been done in
on
Mr.
its feet.
Chamberlain's
apostrophe to liberty, in his
speech in the House of Commons
Monday,
on
may
not, it is to be feared, turn out to have included
tire freedom of the press.
from
London,
In
Tuesday, the correspondent of the
on
New York "Times" gave an
ominous forecast of
possible yielding to Hitler's demand for
attacks
press
en-
remarkable dispatch
a
curb
a
Germany. "Already," the
upon
a
on
corre-
spondent wrote, "the Government is doing its ut-
Gross and
With
the
Net
by the Interstate
Commerce
Commission, Tuesday, on the freight rate increase
application, new factors enter the railroad situation.
It
quate
relief
would
hardly
has
however, that ade-
appear,
been
granted
the
hard-pressed
transportation industry, and any further
to
be taken
may
ment
could
cates
that the
sphere.
to reduce
wages,
line would
with
simple requirements.
mistake
road
above
even
be sensible
was
employees
the
of
and
It is
when
merely in accord
evident that
now
the
wages
are
Fresh
said to
studies
intervention
real
of
the
impend in Adminisand
progress
the
history
regulation
will
is to be expected
sources.
remains
true,
handed
the other hand, that
on
was
down
taken
late
a
step
by the IOC in the
Tuesday.
This ruling,
of which the
significant details
where in this
issue, provides for advances
are
presented elseon
many
products ranging from 5% to 10%, with modifica4-U
•
tions tor the increases
.
year.
„
j
granted
,,
*
.
i
,
.
Estimates ot the gains to be realized
by the
carriers
vary
amount
of
widely, for the main factor
freight
to
be
tendered
naturally must remain uncertain
individual ideas and forecasts.
the
and
It would
year can
of
the
railroads
subject
seem
something like $200,000,000 of additional
a
i
on certain items last
to
that
revenues
be expected from the increases, which
This
is
the way
the thing
present-day Britain and it
can
be
time."
The resentment of Italy
at British newspaper criticism is, of course, quite as
great
any
that
as
joined to
of Germany.
If
secret
diplomacy,
effective muzzling of the press, is a part
of the price which the Chamberlain Government is
an
prepared to
for the temporary settlement of
pay
of its international
some
will have been given
a
difficulties, the Opposition
weapon
it has had for many
any
Railroads
a
potent than
more
day.
for the Month of
is considerably less than half of what
the application for
January
asked in
was
general advance of rates by
Commissioner Charles D. Mahaffie presented
15%.
a
a
dissenting opinion to the effect that
increases granted
issued
insufficient.
are
the
rate
No ruling was
the application of Eastern railroads for
on
permission to raise passenger fare rates to 2%c.
mile from 2c.
a
Our tabulation of gross and net earnings shows
decline in January as against the
a
month of
same
last year that reflects fully the devastation wrought
in the national economic sphere by over-regulation,
punitive taxation and other hazards and obstacles
set up by the Administration.
extremely unfavorable,
railroading
such
was
Ohio
.
The comparison is
though the business of
even
generally free last January from
seriously adverse factors
swept the
Valley in
the floods which
as
January, 1937.
Gross
earnings in January, 1938, amounted only to $278,751,313 against $330,959,558 in January of 1937, a
decrease
of
Operating
less
no
than
$52,208,245,
show
expenses
a
modest
or
15.77%.
drop,
largely
because the flood burden occasioned extraordinary
outlays in January of last
to
right direction
decision
of rail-
levels.
whether
from such
a
1929
circles, but those familiar with
question
in the
and any action along
increased last year over and
governmental
It
made
Already there is
were
carrier difficulties
tration
granted
now
remedy the deterioration that has
that
grave
operations
glance indi-
a mere
freight rate increases
taken place in this vital
moves
improve-
censorship, and the newspapers would boast
done again at
We present here-
of railroad
January, and
will not suffice to
talk of
The need for
hardly be greater.
the financial statistics
for the month of
measures
of equal significance with
prove
the modest increase of rates.
with
any
of their 'self-restraint.'
Earnings of United States
decision
Government
never
of
appears
"The
creet word from the Cabinet to the newspaper
pubUshers for the powerful pro-Government newspapers
to soft-pedal their criticisms of Germany.
One
that is strong
enough to undertake the hard task of setting France
a
vanished."
$46,633,380
January, 1937,
last
a
Net earnings fell
year.
January
from
fall of $31,338,550,
$77,971,930
40.19%.
or
in
All
sections and areas of the country were affected, and
this makes it additionally clear that the problem
is
national
a
basis.
one
and
Month of January—
Mileage of 140 roads
Gross earnings
Operating expenses
1938
that
1937
Inc.
are
the
Dec.
—619
(—)
0.26%
252,987,628
—$52,208,245
—20,869,695
15.77%
8.24%
—$31,338,550
40.19%
83.27%
$77,971,930
or
76.44%
$46,633,380
In
(+)
236,041
$330,959,558
factors
underlying
this
drastically unfavorable,
order to indicate in
the measure of trade
on
on
232,117,933
business
tendency
ing
treated
235,422
Net earnings
known.
be
$278,751,313
Ratio of expenses to earnings.
The
should
We present the comparison in tabular form:
revenues
a
as
adverse
is
well
simplified form
activity in relation to its bearof
the
railroads
during the
Volume
month
review
under
have
we
brought together in
1619
Chronicle
$317,995 Cin N O & Texas Pacific.
257,887 Qhic R I & Pac (2 rds)..
243,984 Milw St P & S S Marie-
Delaware & Hudson
give below figures relating to activity
we
Detroit Toledo & Ironton
227,186
important basic
more
with those
industries, together
215,523
Denver &
212,906 Richm Fred
211,103 Utah
pertaining to grain, cotton and livestock
Chic & Eastern Illinois..
receipts and revenue freight car loadings, for the
month of
January, 1938,
month in
as
compared with the same
1937, 1936, 1932 and 1929.
On examina¬
tion, it will be readily seen that the output of all
the industries
covered, with the exception of Penn¬
sylvania anthracite coal (which
Chic Ind & Louisville
Central Vermont
& Potomac.
183,054
Chicago Great Western.
Long Island
Salt Lake
Pittsburgh & West Va__
193,962
192,030
165,936
152,782
Alabama Great Southern
$50,607,556
and the
Total (59 roads)
a These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
CHANGES
PRINCIPAL
IN
NET
THE
FOR
EARNINGS
OF JANUARY,
greatly reduced from January, 1937, the
was
Decrease
particularly
production having been
reaching
severe,
(according
to
the
figures compiled by the American Iron and Steel
Institute)
less than 63%.
no
ferent farm
increased
products
Receipts of the dif¬
for the most part greatly
were
1937, due to the recent iarge harvests.
over
1938
January
1937
1936
1929
1932
Automobiles (cars):
Production
cars,
(passenger
210,450
trucks, &c.).a._
379,603
119,344
363,942
401.037
Building($000):
195,472
Constr. contr. awarded b
242,719
214,793
84,798
409,968
& 0
Long Island
Bangor & Aroostook
Mobile & Ohio
Pere
$1,154,533
(net tons):
30,173,000 40,940,000 39,330,000 27,892,000 52,140,000
4,790,000
4,025,000
7,337,000
5,333,000 3,897,000
Bituminous-c
Pa. anthracite.d
Cotton
ern
518,772
312,134
410,916
1,200,877
235,658
215,245
211,988
172,674
Monongahela
164,815
Chic & Eastern Illinois-_
a$3,207,541
Southern Pacific (2 rds).
2,863.845
Pennsylvania
2,829,624
Baltimore & Ohio
1,999,599
Atch Top & Santa Fe
1,923,839
Norfolk & Western
1,437,694
Southern
972,162
Erie (2 roads)
958,505
N Y N H & Hartford...
924,985
Wahjifih
704,748
N Y Chicago & St Louis I
680,227
Boston & Maine
665,314
Northern Pacific
664,199
601,160
Reading
St Louis-San Fran (2 rds)
569,869
523,619
Chicago Burl & Quincy.
Atlantic Coast Line
503,283
493,652
Pittsburgh & Lake Erie.
Chic Milw St P & Pacific
492,332
Louisville &
Central Vermont
New York Connecting..
Rich. Fred & Potomac..
10.224
—
Omaha (cars)
8,810
8,442
17,362
25,236
3,787
4,034
9,087
1,906
3,295
2,076
5,825
2,270
City (cars)
135,650
136,479
Virginian
135,335
133,961
Gulf Coast Lines (4
rds)
Chicago Great Western._
r
_
123,446
Chic Ind & Louisville...
122,973
St Louis Southwestern..
121,680
M St P & S S Marie
120,953
Lehigh Valley
117,020
Texas & Pacific
116,089
Alabama Great Southern
101,572
Total
$30,775,788
(58 roads)
735,209
Livestock receipts g:
Kansas
157,237
153,424
139,822
135,907
Central of Georgia
Missouri-Kansas-Texas-.
473,377
451,997
451,444
Seaboard Air Line
Nashville..
Detroit Toledo & Ironton
474,574
Chicago & North Western
265,322
254,837
Alton
New York Central
a
Chicago (cars)
268,734
Delaware & Hudson
Western Maryland..
Decrease
Chesapeake & Ohio
South¬
(bales)-f—
receipts.
ports
291,363
Del Lack & Western
Missouri Pacific
Freight Traffic:
Car loadings, all (cars).e x2,256,423 x2,714,449 x2,352,663 x2,266.771 x3,571,455
343.053
Pacific
Marquette
Western
Total (5 roads)
.
Coal
$411,196
408,764
369,036
344,766
$737,948 Bessemer & Lake Erie
109,779 Great Northern
103,015 Elgin Joliet & Eastern
102,754 Wheeling & Lake Erie
101,037 Grand Trunk Western..
Illinois Central
Chic St P M
decrease in the case of steel
MONTH
1938
Increase
scale)
Central,
In¬
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is a decrease of $6,619,880.
increased
was on an
$151,371
149,345
136,582
135,325
129,422
125,815
124,651
121,999
111,768
Louisville & Nashville
St Louis Southwestern._
Monongahela
Central of Georgia
Texas & Pacific
the
Decrease
Decrease
Western Pacific
the table
in
Financial
146
5,478
7,272
xl.279
figures cover the operations of the New York Central and the
These
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Northern, and Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is a decrease of $3,701,193.
Cincinnati
In¬
Western flour and grain
receipts h:
xl,487
xl,737
xl,886
Wheat (000 bushels)..
X10.238
x7,349
x9,478
xl,438
X16.046
—
x32,247
X12.302
X13.001
x9,514
X34.776
—
V5.252
x4,422
x5,064
x4,033
x8,514
*8,553
x3,761
x6,086
\1,612
x3,460
xl,337
x987
xl,429
x372
x944
the roads
When
arranged in groups, or geo¬
are
X18.905
Corn (000 bushels)
Flour (000 barrels)
—
Oats (000 bushels)
Barley (000 bushels)
-
-
Rye (000 bushels)
Pig iron production. k_.
1,429,085
3,211,500
2,025,885
ingot production. I
1,732,266
4,724,894
3,045,946
x517,798
X669.718
x783,159
972,784
1,459,450
x740,568
X633.163
X698.496
x761,261
x863,862
Steel
Production,
drastically unfavorable character of the returns is
3,442,370
4,490,354
found that all the
m
Shipments.m
Orders received. m
X927.703
Note—Figures in above table Issued by:
a United
States Bureau of the Census,
b F.
W.
X375.909 xl,318,759
X537.103 xl,306,018
x546,2261x1,445,110
Dodge Corp.
(figures for 37
e
c National
Bituminous Coal Commission,
Association of American Railroads,
f Com¬
piled from private telegraphic reports.
the various
out
east
Mountains),
Rocky
of
d United States Bureau of Mines,
in each
city,
h New York Produce Exchange,
k "Iron Age."
1 American Iron
Institute,
m National Lumber Manufacturers Association
(number of
reporting mills varies in the different years),
x
Four weeks.
exception, report decreases in both
and net earnings alike.
gross
Moreover, in the case
of the
net
earnings, the percentages of the losses
shown
are
very
Steel
and
Northwestern
high, reaching in the case of the
region
prise to find that when the figures of earnings of
explained,
we group
the
classification
no sur¬
separate roads and systems are scrutinized the
lists of roads
in both the
earnings,
are
and
former
reporting losses in excess of $100,000,
case
of the gross
very
in
the
the roads to conform with the
of the Interstate Commerce Commis¬
regions are indicated in the footnote to the
latter), and embrace
of the
systems of all classes and in every part
country.
Only two roads are able to report
increases in both gross
and net alike in excess of
$100,000, and even then the gains are for very small
amounts, and but one road is able to record a gain
in the
case
of the net of substantial amount.
In the
%
$
13,918,514
64,226,156
71,562,886
118,737,831
149,707,556
—30,969,725
20.68
39,269.045
16,609,821
42.523,456
19,189,093
—3,254,411
—2,579,272
7.65
13.44
55,878,866
61,712,549
—5,833,683
9.45
28,359,914
51,476,899
region (21 roads).... 24,297,803
31,850,742
60,490,426
27,198,285
—3,490,828
—9,013,527
—2,900,482
10.95
14.90
10.66
104,134,616
119,539,453
—15,404,837
12.88
roads).....278,751,313
330,959,558
—52,208,245
15.77
(52 roads)
Southern District—•
roads)
region (4 roads)
Southern region (28
Pocahontas
Total
(32 roads)
Western District—
(15 roads)...
Central Western region (16 roads).
systems in amounts in excess of $100,000,
(52 roads)
Total
whether
increases
or
decreases, and in both gross
Total all districts (136
and net:
OF
EARNINGS FOR THE MONTH
JANUARY,
1938
$156,204
129,262
Decrease
Elgin Joliet & Eastern. _•
Great
N Y
$861,022
$285,466
Tlprrpasp
Pennsylvania
$9,358,496
New York Central
a5,516,054
Southern Pacific (2 rds).
3,759,966
Baltimore & Ohio
2.974,668
8,066,098
9,811,733
850,584
Pacific
58,065
58,329
19,853,160
36,859,159—17005,999
38,680
region...
6,041
38,768
6.048
7,594.043
5,674,330
9,705,817 —2,111,774
7,834,282 —2,159.952
21.75
27.57
44,816
13,268,373
17,540,099 —4,271,726
24.35
1,685,352
7,177.234
4,649,261
3,943,626 —2,258,274
12,725,029 —5,547,795
6,904,017 —2,254,756
57.26
43.59
32.65
Total.
842,495
823,053
762,451
683,436
666,408
623,838
Southern region
Chesapeake & Ohio
Wheeling & Lake Erie
620,524
547,898
Northwestern region.
Bessemer & Lake Erie
539,135
531,171
Wabash
Boston & Maine
rds).
Atlantic Coast Line
_
i
Union Pacific
1,920,798
Atch Top & Santa Fe___
Norfolk & Western
1,837,434
Erie (2 roads).
Southern
1,402,602 Chicago & North Western
1,167,299
Lehigh Valley
Pittsburgh & Lake Erie.
1,103,826
1,064,914
1,027,505
927,808
895,059
Grand
Reading
Missouri Pacific
Chicago Burl A Quincy..
N Y N H & Hartford...
1,834,725
Del Lack & Western
Trunk Western..
Seaboard Air Line
Denver & R G Western.
Western
Pere
$
$
1,975,329
Southern District—
Chicago & St Louis.
St L & San Fran (2
Inc.( + ) or Dec.i.—)
%
%
3,912,155 —1,936,826
15,794,806 —7,728,708
17,152,198 —7,340,465
6,976
Great Lakes region.. 26,354
Central Eastern reg'n 24,735
Chic Milw St Paul & Pac
Total (2 roads)
1937
1938
Mileage
1937
6,998
26,534
24,797
1938
region.
49.50
48.93
42.79
859,453
Northern
Northern
Month of January
Eastern District—
New England
Increase
Bangor & Aroostook
Mobile & Ohio
Net Earnings
District and Region
PRINCIPAL CHANGES IN GROSS
Inc. (+) or Dec. (*—*)
$
%
—1,778,136 12.77
—12,357,995 19.24
—16,833,594 23.52
12,140,378
51,868,161
54,729,292
(10 roads)
Great Lakes region (24 roads).
Central Eastern region (18 roads)..
Total
1937
1938
New England region
Southwestern
roads and
...•
Gross Earnings
District and Region
Eastern District—
Northwestern region
following table we show all changes for the separate
table:
SUMMARY BY GROUPS
Month of January—
roads and
and
of the different groups
The boundaries
sion.
(totaling 59 roads in the
long
58 roads
earnings and of the net
Our
As previously
by groups is as below.
above, it is
57.26%.
than
less
no
summary
In view of what has been said
it is
East¬
regions comprising these districts, with¬
single
a
g Reported by major stock yard companies
States
as
three great districts—the
the Southern and the Western—as well as all
ern,
feet):
out, inasmuch
brought
strikingly
very
Iron & Steel (gross tons):
Lumber (000 cubic
graphical divisions, according to their location, the
Maryland.
Marquette
516,624
464,374
415,301
409,713
358,425
346,887
332,984
Pocahontas
44,721
Total
46.13
.
■
■
Western District—
45,901
Cent. West, region.. 56,810
Southwestern region. 29,925
46,091
56,774
30,031
132,636
132,896
13,511,847
23.572,672 —10060,825
42.68
districts...235,422 236.041
46,633,380
77,971,930—31338,550
40.19
Total
Total all
NOTE—Our grouping of the roads conforms to the
Commerce Commission,
groups
and regions:
classification of the Interstate
the different
and the following indicates the confines of
Financial
1620
EASTERN DISTRICT
New England,
Chronicle
RECEIPTS
March
OF
COTTON
JANUARY
Region—Comprises the New England States.
AT
SOUTHERN
FROM
1933
TO
PORTS
1938,
12,
FOR
1938
MONTH
OF
INCLUSIVE
Great Lakes
Region—Comprises the section on the Canadian boundary between
and the westerly shore of Lake Michigan to Chicago, and north oI
Chicago via Pittsburgh to New York.
line from
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through
Peoria to St. Louis and the Mississippi River
of the Ohio River to Parkersburg, W. Va.,
by the Potomac
to the mouth of the Ohio Itlver, and north
and
line
a
thence to
the southwestern corner of Maryland and
River to Its mouth,
1938
Ports
New England
a
bales-
Galveston
Region—Comprises the section north of the southern boundary of
of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to Its mouth.
Pocahontas
Virginia,
east
WESTERN
DISTRICT
Northwestern Region—Comprises the section adjoining Canada lying west of th
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas
City and thence to El Paso and by the Mexican boundary
to the Pacific.
Southwestern Region—Comprises the section lying between the
south of St. Louis and a line from St. Louis to Kansas
Mississippi River
City and thence
to El Paso,
and by the Rio Grande to the Gulf of Mexico,
Western
roads, taking them collectively, had the
advantage of
January
a
very
much larger grain traffic in
the movement
year,
been almost double that of
January, 1937, and the
largest for the month since 1929.
different
receipts, the increase in the
cereals, wheat,
Western
Jan.
Moreover, all the
items, without exception, helped swell the
particularly pronounced.
five
corn,
of
case
having been
corn
The total receipts of the
oats, barley and rye, at the
primary markets for the four weeks ended
29,
1938,
aggregated
57,627,000
—
as
bushels in the
four
we
grain movement in
Jan. 29
In the
our
usual form:
GRAIN
RECEIPTS
Wheat
Corn
Oats
Barley
Rye
(.bush.)
(bbls.)
(.bush.)
(bush.)
(bush.)
(bush.)
Chicago—
1938
751,000
921.000
...
1937
615,000
5,219,000
439,000
3,657,000
1,272,000
864,000
1,181,000
296,000
121,000
2,285,000
2,101,000
1937
2,484,000
670,000
3.542,000
473,000
230,000
152,000
1,154,000
277,000
Dtduth—
1
758,000
1937
2,204,000
460,000
781,000
223,000
199,000
...
2,000
6,000
83,000
184,000
Milwaukee—
-.
1937
..
73,000
50,000
2,000
100,000
34,000
2,000
484,000
25,000
2,578,000
1.228,000
167,000
57,000
Toledo—
1938
238,000
859,000
247,000
1,000
19,000
161,000
..
1937
172,000
674,000
2,000
19,000
1938
47,000
2,000
40,000
786,000
5,304,000
2,385,000
1,275,000
1,250,000
804,000
873,000
10,348,000
2,757,000
504,000
765,000
2,658,000
336,000
185,000
127,000
144,000
1,300,000
146,000
...
49,000
3,342,000
2,043.000
182.000
...
56,000
2,206,000
980,000
122,000
232,000
275.000
...
64,000
48,000
Indianapolls-Omaha—
1938
1937
471,000
...
26,000
64,000
St. Louis—
1938
...
441,000
1937
...
525,000
52,000
26,000
222.0PO
27,000
390,000
358,000
87,000
Peoria—
1938
1937
173,000
...
...
Kansas City—
1938
1937
189,000
St. Joseph—
1938
...
223,000
472,000
1937
...
108,000
115,000
1,029,000
532,000
27,000
1938
...
1937
...
2,000
8,000
13,000
City—
1938
...
29,000
529,000
38,000
28,000
1937
20,000
...
66,000
205,000
95,000
6,000
1,000
10,238,000
32,247,000
1,337,000
12,302,000
5,252,000
4.422,000
8,553,000
7,349,000
3,761,000
987,000
Total All—
1938
...
1937
...
1,487,000
1,737.000
As to the cotton traffic
over
Southern
roads, this
much larger than in January, 1937, both as
regards the overland movement of the staple and the
receipts of cotton at the Southern outports. Gross
was
15,601
15,382
9,931
33,508
99921158634750
31
very
shipments overland reached
bales in
January the present
no
less
year
as
162
350
1,123
1,396
1,915
2,065
9,799
4,736
4,379
6,223
7,598
2,846
5,468
-
-
-
469
Charleston
7,420
11,875
6,735
9,777
3.500
194
383
740
3,923
6,723
2,021
1,662
5.50
1,480
8,487
4,919
5.946
5,138
1,462
2,783
2,632
3,105
53
7
124
280
1,082
880
518,772
312,134
410,916
237,286
478,928
821,609
Norfolk
—
Jacksonville
99920133424
the
In
table
we
4,554
now
4.433
present,
January comparisons of the
of the railroads of the
a
gross
of the
summary
and net earnings
country is furnished for each
back to and including 1909:
year
Gross Earnings
Mileage
Month
of
Year
Year
Inc. (+) or
Per
Year
Year
January
Given
Preceding
Dec. (—)
Cent
Given
Preced'g
932108657
1181,027,699 $171,740,858
207,281,856
180,857,628
199,186,255
204,168,709
213,145,078
210,704,771
246,663,737
208,535,060
233,073,834
249,958,641
......
912
......
220,282,196
267,043,635
307.961,074
282,394,665
919
395,552,020
494,706.125
......
920
921
922
469,784,542
393,892,529
......
923
......
500,816,521
924
467,887,013
483,195,642
480,062,657
927
485,961,345
456,560,897
486,201.495
450,526,039
365,416,905
274,976,249
228,889,421
929
933
257,719,855
263,877,395
298,704,814
330.968,057
278,751,313
935
937
938
+$9, ,286,841
+5.40
222,456
219.515
+ 26, ,424,228
+ 14.61
229,204
+ 4, ,892,454
+2.50
225,862
225,292
225,941
—2, ,440,307
+38, ,128.677
—1.14
237,888
+ 18.28
235,607
—16, 884,807
—6.75
243.732
—0.81
236,944
239,402
235,179
234,469
246,958
247,159
248,238
239,882
232,710
232,210
231,513
234,236
235,627
235,486
235,498
236,105
+ 1.27
237,846
236,590
—6.19
239,476
240,833
242,350
242,677
238,808
240,417
242,175
242,332
236,880,747
220,203,595
—16, 598,551
+ 46, 840,040
+21.27
246,959
247,620
267,115,289
294,002,791
+ 40, 845,785
+ 15.29
248,477
—11, 608,126
284,131,201 + 111, 420,819
392,927,365 + 101, 778,760
503,011,129 —33, 226,587
469,195,808 —75, 303,279
395,000,157 + 105, 816,364
501,497,837 —33, 610,824
+ 15, 866,417
467,329,225
484,022,695
—3, 960,038
479,841,904
+6, 119,441
480,722,466 —30, 161,749
457,347,810
+28, 853,685
486,628,286 —36, 102,247
450,731,213
365,522,091
274,890,197
226,276,523
267,728,677
263,862,336
298,664,465
330,959,558
—7.00
—3.94
240,046
+ 39.21
232,655
+25.90
232,511
—6.60
232,492
—16.05
235,395
+ 26.81
235,678
—6.70
208,698
+ 3.39
+6.30
—7.41
—85, 314,308
—90, 545,842
—18.92
—46, 000,776
+31, 443,332
—16.73
—24.77
236.149
+6, 148,718
+ 34, ,842,478
+32, ,303,592
+2.38
244,243
241,881
239,444
238,245
+ 13.20
237.078
+ 10.81
—52 ,208,245
—15.77
235,990
235,422
+ 13.89
242,365
241,991
241,337
239,506
238,393
236,857
236,041
Net Earnings
Month
of
Year
Year
January
Given
Preceding
$49,900,493
$40,841,298
56,393,506
50,062,699
50,946,344
.
45,940,706
64,277,164
53,280,183
52,960,420
45,495,380
914.....
52,749,869
65,201,441
915
51,582,992
78,899,810
52,473,974
917
87,748,904
918.
51,552,397
79,069,573
17,038,704
83,475,278
36,222,169
93,279,686
13,881,674
36,099,055
88,803,107
28,331,956
58,266,794
83.953,867
101,022,458
85,908,709
28,451,745
57,421,605
102.270.877
Increase
(+) or
Decrease
(—)
+$9,059,195
+6,330,807
—2,333,839
—7,019,714
+ 18,781,777
—12,451,572
—890,982
+27,347,413
Per
Cent
+22.18
+ 12.64
—4.38
—13.25
+ 41.28
—19.09
—1.69
+53.04
+ 8,679,331
+ 10.97
—66,436,574
+ 22,340.495
+49,809,654
+ 160.93
—60,351,362
+ 29,089,649
—79.58
+ 137.98
—67.96
+ 102.67
+ 35,012,892
+ 60.09
93,366,257
—9,412,390
—10.08
83.680,754
+ 17,341,704
+ 946,994
+ 20.72
933..
45,603,287
101,323,883
102,281,496
99,549,436
94,151,973
117,764,570
94,836,075
72,023,230
45,964,987
62,262,469
44,978,266
+ 17,284.203
+38.42
51,351,024
62,258,639
—17.51
67,383,511
77,941,070
67,380,721
46,633.380
77,971.930
—10.907,615
+ 15,478,511
+ 10,560,349
—31,338,550
99,428,246
93,990,640
117,730,186
94,759,394
71.952,904
45,940,685
New
51,905,000
+0.93
—2,853,250
—2.78
—5,558,796
+ 23,578,213
—5.58
—23,005,176
—22,883,171
—26,082,545
—361,700
+ 25.04
—19.53
—24.12
—36.21
—0.78
+ 29.82
+ 15.67
—40.19
Capital Issues in Great Britain
than
following statistics have been compiled by the Midland
Bank limited.
These compilations of issues of new capital,
which are subject to revision, exclude all
borrowings by the
British Government for purely financial purposes; shares
issued to vendors; allotments arising from the
capitalization
of reserve funds and undivided
profits; sales of already
issued securities which add nothing to the
capital resources
of the company whose securities have been
offered; issues
for conversion or
redemption of securities previously held in
the United Kingdom; short-dated bills sold in
anticipation
of long-term
borrowings; and loans of municipal and county
authorities which are not specifically limited.
In all cases
the figures are based upon the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
196,329
Month of
for the past
six years are set out in the table which
1922
Year to
Feb. 28-29
Feb. 28-29
£9,684,000
.
£28,024,000
35,214,000
1920
1921
2 Months to
February
against only
1919
-
Wilmington
119,527 bales in January, 1937; 102,659 bales in
January, 1936; 58,185 in 1932, and 167,997 in Janu¬
ary, 1929.
Details of the port movement of cotton
follows:
7.635
9,051
..
The
Wichita—
Sioux
209,147
3,394
186,053
343.147
934..
Detroit—
1937
119,409
916....
1938
1938
82,014
913.
644,000
Minneapolis—
1938
125.666
1,542
177.025
140,271
5,325
Lake Charles...
936
give the details of the Western
WESTERN FLOUR AND
4 Wks. End. Flour
less than 66,599,000
corresponding period of 1929.
subjoined table
131
161,609
Brunswick..
932
no
71
150,566
—
928
same
1937; 35,058,000 in 1936, and but 27,808,000
1932, but comparing with
56,560
—
Savannah.
930
weeks of
154,558
2,033
1,266
13,120
New Orleans
926
bushels
against only 28,821,000 bushels in the
in
having
1933
43.605
Beaumont
909
the present
1934
75,609
65
Corpus Christl
Total
and by the Columbia River to the Pacific.
1935
99,354
165,481
2.064
Houston, <fcc
Pensacola
Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
1936
66,448
Mobile
SOUTHERN DISTRICT
Southern Region—
1937
161,607
77,660,000
10,363,000
32,831.000
25,997,000
68,340.000
1923
9,957.000
31,009,000
1924
22,388,000
1925
15,568,000
1926
25,759,000
33,928,000
35,662,000
54,126,000
1927...
21,899,000
27.872,000
1928
48.231,000
61.666,000
£91,886,000
287,177,000
339,382,000
251,304,000
198,337.000
206,680,000
225,279,000
238,361,000
247,371,000
328.150,000
Volume
Financial
146
ISSUES IN THE UNITED KINGDOM
NEW CAPITAL
1621
Chronicle
BY MONTHS
The Course of the Bond Market
[Compiled by the Midland Bank Limited]
pervaded the railroad list, bringing
the levels of late 1934.
Utilities
industrials have also declined, but not to such a great
General weakness has
1938
1935
1936
1937
£16,592,347
12,620,080
£33,963,149
19,687.120
£27,614,265
10,671,858
£7,464,872
19,248,438
£29,212,427
£53,650,269
£38,286,123
£26,713,310
December
11,217,941
6,961,500
10,456,037
19,505,122
18,410,698
24,402,925
6,194,413
9,546,101
26,943,859
20,939,125
20,211,176
11,257,125
11.947,382
11,410,592
November
12,386,235
4,108,238
19,727.811
20,610,166
53,909,166
6.682,428
7,719.440
4,706,804
12,543,554
24,514,648
20,305,459
7,141,184
1,963,697
13,855,183
12,400,174
17,824,624
£182,824,210
£217,221.225
£170,906,191
January
February
1936—Janury
2
months
March
April
May
June
July.
August
1937—Janury
September
October
Year
United
India and
Brit
Other
Ceylon
IN THE
Foreign
£
Total
Countries
£
£
51,521,000
33,963,000
751,000
194,000
194,000
964,000
221~b00
19,687,000
1,715,000
221,000
84,000
6,961,000
10,456,000
8,795,000
232,000
1,356,000
73,000
17,196,000
15,344,000
27,000
2,014,000
June..
268,000
128,000
July
20.712,000
April.
May.....
2,939,000
3.537,000
78,000
1,770,000
4,346,000
8,018,000
August.
153,000
been
have
held
19,505,000
18,411.000
24,403,000
6,194,000
1,528,000
9,546,000
22,730,000
451,000
3,763,000
26,944,000
November
18,271,000
16,997,000
30,000
2,069,000
568,000
20,939,000
155,000
1,572,000
1,487,000
20,211,000
December.....
190,808,000
Year
1,090,000 22,264,000
3,060.000 217.221,000
27,614,000
24,802.000
8,043,000
2,405,000
2,581,000
407,000
31,000
17,000
10,672,000
32,845.000
31,000
4,986,000
425,000
38,286,000
March
9,756,000
34,000
April.
7,135,000
1,467,000
4,792,000
20,000
11,257,000
11,947,000
February
months.
8,313,000
22,611,000
14,558,000
6,503,000
....
June
July
August
l.obb'ooo
396,000
830,000
678",000
24,515,000
141.000
4,481,000
1,125,000
53,000
20,305,000
7,141,000
680,000
~2",000
13,855,000
1,015,000
13,000
12,400,000
2,273,000
4,885,000
November..
December...
1.964,000
96,000
32,000
13,141,000
11,372,000
10,667,000
a
very
reasonably well until the latter part of the week,
somei issues lost ground.
Brooklyn Union Gas 5s,
up
declined
70%;
at
Yestern
Illinois Power & Light 5s, 1956,
Kentucky Utilities 5s, 1961, fell 2 to
to 84%;
2%
Telegraph 4%s,
Union
1950,
were
off 6%
53%.
industrial
might be
expected, being in medium- and lower-grade issues.
In the
steel group, Otis Steel 4%s, 1962, have fallen 1% to 71,
while General Steel Castings 5%s, 1049, have declined 5%
to 44%.
Building issues have been mixed, Certain-Teed
Products 5%s, 1948, falling 4 to 60, but Penn-Dixie Cement
6s, 1941, have risen 1% to 84%.
Tire and rubber bonds
have been largely unchanged, except for Goodrich 6s, 1945,
which have fallen 1% to 88%.
In the retail group, United
Drug 5s, 1953, have weakened, declining 2 to 74%.
A slightly improved tone has been noticeable in the for¬
eign list, as a firming tendency developed in most of the
speculative issues.
Exceptions to the general trend were
Uruguayan bonds, which lost most of last week's advance.
Moderately lower prices have been seen in the
market
bond
this
17,825,000
586,000
1,867,000
September..
October
11.411,000
2,097,000
in
principal characteristic of the
Fluctuations in these groups
narrow range.
Lower-grade utilities
bonds.
utility
1950, closed at 62, off 4;
October
September
and
dropped 8% points to 69.
Stability has been the
53,650,000
6,877,000
Commis¬
Interstate Commerce
the
registered.
were
when
March
of
freight rate increases failed to improve
on
speculative railroad bonds, and wide
Baltimore & Ohio issues suffered
heavy losses.
Baltimore & Ohio 1st 5s, 1948, dropped 17
points, scoring a new 1937-38 low of 45.
New York Central
5s, 2013, lost 9 points at 54, while Southern Pacific 4s, 1955,
medium-grade
losses
Countries
33,019,000
18,502,000
2 months
May.
reception
decision
higher-grade
February
2
High grades and United States Governments have
unchanged.
High-grade railroad bonds eased moderately during the
week, and in most instances the losses have not been re¬
stricted to fractions.
Atchison gen. 4s, 1995, were off 2%
remained almost
sion's
[Compiled by the Midland Bank Limited]
Kingdom,
to
extent.
favorable
BY MONTHS
UNITED KINGDOM
and
down
averages
points at 107%; Chicago Union Station 3%s, 1951, lost %
at 103; Union Pacific 4s, 2008, settled at 105, off 2%.
Un¬
OF NEW CAPITAL ISSUES
DISTRIBUTION
GEOGRAPHICAL
these
Peruvians
week,
also
have
largest declines,
the
slightly
been
softer.
as
Among
Euro¬
issues, Austrian 7s declined further, but Checho¬
slovakian bonds recovered about 6 points.
Japanese bonds
pean
138,768,000
1,634,000 23.304,000
7,200,000 170,906,000
6,520,000
945.000
7.465.000
13,847,000
Year
3,000,000
2,402,000
19,248,000
20,367,000
3,945,000
2,402,000
26.713,000
1938- -January
February
2
months
...
MOODY'S BOND PRICES
.
have been strong.
given in
MOODY'S BOND YIELD AVERAGES
(REVISED)
U.
8.
All
120 Domestic Corporate
120
Govt.
Datlv
Bonds
(REVISED)
(Based on Individual Cloting Prices)
120
AU
120 Domestic
*
1938
tic
120 Domestic Corporate *
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
Daily
Corporate by Groups *
by Ratings
Domes¬
yield averages
the following tables:
(Based on Average Yields)
1938
bond prices and bond
Moody's computed
are
tic
30
For-
Corp.
Aaa
Aa
A
Baa
RR.
P. U.
Indus.
A
Baa
RR.
P. U.
Indus.
Averages
99.48
108.46
Mar.ll._
5.94
4.03
3.54
72.98
6.67
65.56
4.44
105.98
92.75
3.67
114.51
3.24
91.66
4.51
Mar.ll.. 110.57
10- 110.66
108.66
10—
3.23
6.51
4.02
3.53
74.55
99.66
5.80
67.08
4.40
106.36
93.37
3.65
114.72
4.45
92.59
5.71
4.01
3.53
93.06
93.69
108.66
4.38
6.42
67.97
3.63
106.73
3.23
114.72
4.42
9_. 110.68
9—
106.92
4.39
3.23
114.72
8-
3.53
93.53
108.66
4.01
8— 110.66
99.83
5.64
76.41
6.37
68.47
4.35
94.17
3.62
109.05
7—
4.37
3.22
3.61
4.33
6.33
5.60
3.51
68.87
99.83
4.01
76.88
108.46
5—
4.36
3.21
3.64
4.33
6.27
5.55
4.00
3.54
4.36
3.22
3.64
4.33
6.26
5.54
4.00
3.54
4.35
3.21
3.63
4.32
6.25
5.52
4.01
3.54
6.25
5.52
4.01
3.54
5.48
4.01
eigne
3.54
Aa
Aaa
Corp*
Averages
99.83
75.58
5.83
m — m
"
mmm
■
imm1
7— 110.69
93.85
114.93
107.11
94.49
5- 110.71
94.01
115.14
106.54
94.49
69.48
77.48
100.00
4..
110.70
94.01
114.93
106.54
94.49
69.58
77.60
100.00
108.46
3-
110.68
94.17
115.14
106.73
94.65
69.68
77.84
99.83
108.46
69.68
99.83
108.46
3.63
94.65
3.21
94.17
106.73
4.35
110.64
115.14
2..
2_.
77.84
4.32
78.33
99.83
108.46
4.32
6.22
69.99
3.63
94.65
3.22
94.17
106.73
4.35
110.64
114.93
1-
1-
99.48
108.46
Feb. 25-
4.31
5.41
4.03
79.20
6.16
70.62
3.62
106.92
94.81
3.21
94.49
115.14
4.33
Feb. 25„ 110.50
108.08
18—
5.49
4.07
3.56
98.80
6.26
6.78
69.58
78.20
4.36
94.01
3.63
107.73
3.22
93.85
114.93
4.37
18.. 110.21
3.64
106.54
93.69
3.21
115.14
4.39
93.53
11—
5.82
11.. 110.18
107.69
4.08
3.58
98.62
5.51
77.96
6.33
68.87
4.38
106.92
4..
4.47
3.27
3.68
4.47
6.45
5.70
4.09
3.62
5.87
98.45
4
..
3—
Weekly—
Weekly—
3.54
5.81
---
5.84
110.16
92.28
113.89
105.79
92.28
67.68
75.70
107.69
Jan. 28--
5.85
4.08
3.58
98.62
6.58
6.78
73.99
4.45
92.59
66.41
3.72
105.04
3.26
91.81
114.09
4.50
Jan. 28— 110.07
21„ 110.52
6.22
3.99
3.51
5.76
94.81
3.63
106.73
21-
3.20
115.35
109.05
4.34
94.33
100.18
5.52
77.84
4.31
69.99
3.97
3.50
5.83
14-. 110.15
72.32
109.24
6.00
5.28
80.84
4.26
95.62
3.58
107.69
3.17
116.00
4.25
95.78
14-
5.75
72.00
3.57
95.46
3.18
115.78
107.88
4.26
95.62
7-
3.54
109.97
108.46
4.02
99.83
6.03
5.24
81.35
4.27
Hlgh 1938
Low 1938
4.51
3.27
3.75
4.47
6.67
4.09
3.62
5.87
82.13
109.24
5.94
100.53
4.24
3.17
3.55
4.24
5.97
5.18
3.97
3.50
5.75
3.84
3.31
3.48
3.95
4.63
4.12
3.88
3.53
5.30
3.93
3.30
3.54
4.08
4.80
4.27
3.97
3.55
5.86
4_„
7-
95.95
116.00
108.27
95.95
72.65
91.66
113.89
104.48
92.28
65.56
102.84
113.07
104.48
Hlgh 1938 110.70
Low 1938 109.69
100.88
89.84
•
113.27
101.23
108.46
98.62
87.35
from average yields on the
movement of actual price quotations.
These prices are computed
level or the average
106.92
97.95
102.12
108.66
95.46
100.53
108.27
Yr. Ago
Mar.11'37
2 Yrs.Ago
2 Yrs.Ago
Mar.11'36 109.31
98.45
72.98
1
1 Yr. Ago
Mar.11'37 111.22
100.53
yield averages, the latter being the truer
Mar.11'36
show either the average
relative movement of
basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to
They merely serve to illustrate In a more comprehensive way the relative levels and the
picture of the bond market.
Indications of Business
THE
OF
STATE
TRADE—COMMERCIAL EPITOME
1938.
somewhat the past "week,
Friday Night, March 11,
The business outlook
brightened
industry.
not a few sections of
Business activity was higher last
week, according to the
"Journal of Commerce" weekly busi¬
with
optimism
business
ness
and
on
the increase in
index, which rose to 69.0 as
figure of 68.4 for the previous
sponding week of 1937.
turn
week and 103.7 for the corre¬
The index reflected a seasonal up¬
followed the sharp contraction
in car loadings, which
for the week ended Feb.
Birthday.
was
compared with a revised
28, which contained Washington's
According to this authority,
steady and lumber production and
put made gains.
automotive activity
electric power out¬
Steel activity lost 1.1 points and bitumi¬
nous
Activity
production showed further reductions.
coal
first time since early
an
improved trend in orders, "Iron
Age" notes in its current
The change, it adds, is not sub¬
enough to be convincing of a sustained seasonal
summary
stantial
For the
January some steel companies detect
of the industry.
in
expansion
buying,
but it a slight departure from the
months. "The decision
"sidewise" movement of the last two
in
railroad freight rates, handed
terstate
Commerce
crease on
some
down Tuesday by the In¬
Commission, which includes a
steel products, may have an
10% in¬
effect in stimulating
immediate buying of steel for prompt delivery,"
the
It is stated further that the increased
be put into effect on 10 days' notice, and this
magazine states.
rates
will
may
prevent
many
steel
users
from escaping the higher
Financial
1622
because
rates
irregular
present
mill
A slowly ris¬
Mon.
March
March
March
Tues.
March
Wed.
March
inventories,
volume
to make
is
9
Sat.
4
5
7
150.0
March 11
1938
151.1
148.2
Year
150.4
149.1
149.3
Fri.
aggregate
12,
2 Weeks Ago, Feb. 25
Month Ago. Feb. 11
150.7
151.1
150.9
Thurs. March 10
sufficient
in
yet
not
March
8
for replacement of
ing demand for steel products, mainly
Fri.
preclude
operations
quick execution of orders in some instances.
depleted
Chronicle
218.1
Ago, Mar. 11
1937 High—Apr. 5
Low—Nov. 24
228.1
-
144.6
1938 High—Jan. 10
Low—Feb. 15
152.9
147.6
appreciable change in the industry's
any
ingot production rate, which remains at about 30% for the
according to the "Iron Age."
third consecutive week,
Revenue Freight Car Loadings in Week Ended March 5
Pro¬
duction of electricity in the United States for the week end¬
Total 552,916 Cars
ed March 5 totaled 2,035,673,000 kilowatt hours, or a decline
Loadings of revenue freight for the week ended March 5,
1938, totaled 552,916 cars. This is an increase of 40,986 cars
or 8% from the preceding week; a decrease of 177.413 cars, or
24.3%, from the total for the like week a year ago, and
a drop of 81,654 cars or 12.9% from the total loadings for the
corresponding week two years ago.
For the week ended
Feb. 26, 1938, loadings were 26.1% below those for the like
week of 1937, and 23.9% below those for the corresponding
week of 1936.
Loadings for the week ended Feb. 19, 1938,
showed a loss of 24.7% when compared with 1937 and a drop
of 8.6% when comparison is made with the same week
of 7.5%
under the total of 2,109,976,000 in the correspond¬
the Edison Electric
ing week last year,
Institute
revealed
yesterday.
Engineering construction awards for the week,
$80,524,000,
are
1937.
They
highest
the
corresponding week
than
last week
Private
construction,
including
$48,000,000 in commercial buildings, tops
since June
24, 1937.
above
year.
last
Elmer
week
6% under the preced¬
are
the 1937 week by 15%.
issued
F.
more
every
It is 230% above last week and 170%
Public awards
ing week, but top
statement
in June,
"Engineering News-Record"
last year,
yesterday.
reported
the
since
94% above last week and 96% above the
are
yesterday
by
According to
Industrial
a
Commissioner
Andrews, the sharp downward movement in
em¬
ployment and payrolls in New York State factories, which
began last October,
in
tions
metal
the
checked in
was
and
machinery
substantial seasonal
and
millinery factories.
gains
February.
group
The first 18
major railroads to report for the week ended
5, 1938, loaded a total of 246,548 cars of revenue
freight on their own lines, compared with 240,860 cars in
the preceding week and 355,682 cars in the seven days ended
March 6, 1937.
A comparative table follows:
March
REVENUE FREIGHT LOADED AND
were
less
RECEIVED
severe
Loaded on Own Linet
In addition, net gains, reflecting fairly
Mar.
5 Feb.
reported by
textile and
as
whole,
food
and
tobacco
groups
a
and
industries,
according to
The
the report
auspicious
also
this week was unable to
employment
and
of the Industrial Com¬
of
start
payroll
cuts,
spring apparel buying
the handicap of further
overcome
the
retail
volume
for
the
week
dropping 2% to 5% under the previous week's total,
6% to 13% under the 1937 comparative, Dun & Brad-
and
street,
Inc., reported today.
Railroads reported
that
The Association
revenue
of
American
freight in the week ended
March 5 had increased 40,986 cars, or
8% above the preced¬
ing week.
increase
This
since
October.
was
more
loadings
Atchison Topeka & Santa Fe Ry.
Ba.tlmore & Ohio RR
the
downward
trend
was
reported
Gulf
Coast
17,545
20,460
4,380
4,487
20,673
36,485
12,645
11,815
18,185
16,408
17,129
12,232
26,492
6,501
6,147
10,058
12,867
Government reports state that mostly
ample soil moisture in most sections from
eastward
spring
mains too wet in
door
work
spring
a
crops
promoted
caused
and
was
good development
general
greening
Although
pastures.
number of
progressed
wherever the soil
for
and
crops
of grains
and
the
Lines
16,637
6,916
6,543
16,780
15,679
19,200
6,511
6,038
9,403
12,859
4,070
12,527
15,865
9,026
8,571
11,932
3,168
3,623
1,486
1,551
1,689
International Great Northern RR
1,803
1,638
2,034
2,412
2,314
2,538
3,946
3,559
4,456
2,378
2,234
3,312
RR
Missouri Pacific RR...
12,447
11,795
15,344
8,234
7,636
10,149
New York Central Lines
31,343
28,490
47,525
32,121
29,063
48,265
4,140
5,273
24,842
8,542
3,429
7,438
12,171
5,410
3,745
14,596
3,241
5,158
48,456
44,663
69,188
30,175
28,435
47,407
4,443
4,497
7,144
4,234
4,358
New York Chicago & St. Louis Ry
Norfolk & Western Ry.
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
satisfactorily
in
many
2,999
8,180
4,220
3,397
7,140
21,488
27,118
7,332
6,949
9,837
4,813
4,437
5,816
7,264
6,889
10,540
Wabash Ry
Total
246,548 240,860 355.682 157,806 147,106 231,455
TOTAL LOADINGS AND
RECEIPTS
re¬
sufficiently dry, plowing preparation
made
good
advance.
Early
spring
some
southeastern
Kansas
southern
Minnesota
and
eastern
little runoff.
ern
and
was
the
While the extremely heavy rainfall
California caused
other
York
largely
City
to
area
flooding
the
to
and
weather
has
very
bridges,
agricultural
some
im¬
in south¬
damage to highways,
structures, the harm done
confined
New
much
crops
erosion.
been
6,
1937
Not available
27,884
11,931
System
Total
10,868
14,613
58,729
48,257
The Association of American
week ended Feb. 26
Loading of
This
cars.
revenue
was a
reported
as
33,644
Railroads, in reviewing the
follows:
freight for the week ended Feb. 26 totaled 511,930
decrease of 180,463 cars or 26.1%
week in 1937 and
a
below the corresponding
decrease of 315,630 cars or 38.1%
Loading of
23,860
revenue
below the same week
cars or
4.5%
freight for the week of Feb. 26
Miscellaneous freight loading totaled
below the
cars
cloudy
In
to
was
a
decrease of
below the preceding week.
195,930
preceding week, and 88,334
cars,
cars
a
decrease of 7,397
below the corresponding
week in 1937.
Loading of merchandise less than carload lot freight totaled 134,958
a
decrease of 11,966 cars below the preceding week, and 18,306 cars
the corresponding week in
South
Dakota, where conditions were considerably
proved, with the moisture percolating in the soil with
Mar.
26, 1938
21,326
26,535
39,815
Illinois Central
the
In parts of the upper Mississippi Valley and
northern Great Plains moderate to
heavy precipitation was
in
Feb.
1938
Not available
St. Louis-San Francisco Ry
oat
have been put in in
Missouri, while
Chicago Rock Island «k Pacific Ry.
5,
in 1930.
Valley.
especially
CONNECTIONS
FROM
Weekt Ended
Mar.
of
and
areas,
to
beneficial,
7,072
3,528
22,461
Southern Pacific Lines
places for much plowing, out¬
seeding has progressed northward
southern
9,436
im¬
soil
and
Ohio
7,163
Missouri-Kansas-Texas
last
the Great
provement
6
1937
generally favorable
as
mild weather and
early
26 Mar.
1938
17,298
during the past week, in sharp contrast with the previous
week, when the disastrous floods of California were the
Plains
5 Feb.
1938
(Number of Cars)
The weather
outstanding feature.
1937
23,476
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mil. St. Paul & Pac. Ry.
Chicago & North Western Ry...
than seasonal, and the healthiest
started
6 Mar.
the
by the pearl, horn and bone, paper box and tube, and shoe
missioner.
Weekt Ended—
26 Mar.
1938
1938
were
CONNECTIONS
Received from, Connection
Weekt Ended—
and
general advancement in employment,
FROM
(Number of Cars)
The reduc¬
made in clothing
were
of 1936.
1937.
Coal loading amounted to
the
101,613
preceding week, and 57,803
Grain and grain products
cars
below the
cars
cars,
a
decrease of 1,068
cars
preceding week, but
an
cars, a
decrease of 1,559
increase of 2,873
cars
above the
In the Western Districts alone, grain and grain
products loading for the week of Feb. 26, totaled 18,747 cars,
a
of 924 cars below the
cars
preceding week, but
corresponding week in
Live
stock
below
below the corresponding week in 1937.
loading totaled 30,215
corresponding week in 1937.
the
cars
below
an
increase of 2,379
decrease
above
1937.
loading amounted to
11,455
cars,
an
increase of 277
cars
clear the past week, with
above the preceding week, and 464 cars above the corresponding week in
it was fair and cold
1937.
temperatures cold to mild. Today
here, with temperatures ranging from
26 to 46 degrees.
The forecast was for partly
cloudy and
warmer tonight and
Saturday. Overnight at Boston it was
22 to 34;
Baltimore, 28 to 34; Pittsburgh, 24 to 38; Port¬
land, Me., 20 to 34; Chicago, 36 to 44;
Cincinnati, 34 to 48;
Cleveland, 28 to 34; Detroit, 30 to 40; Charleston, 50 to
76;
Milwaukee, 34 to 44; Savannah, 52 to 76; Dallas, 48 to 56;
Kansas City. 32 to 54;
Springfield, Mo., 40 to 44; Oklahoma
City, 42 to 56; Salt Lake City, 34 to 52; Seattle, 48 to
62.;
Montreal, 12 to 28, and Winnipeg, 12 to 30.
In the Western Districts alone, loading of live stock for the week of
February 26, totaled 8,280
week, and
an
cars, an
increase of 239 cars above the preceding
increase of 376 cars above the corresponding week in 1937.
Forest products loading totaled 25,800 cars, a decrease of 531 cars below
the
preceding week, and 8,665 below the corresponding week in 1937.
Ore
loading amounted
to 6,818 cars, a decrease of
preceding week, and 3,888
cars
preceding week, and 6,804
r
Moody's Index of Staple Commodity Prices declined
moderately this week, closing at 150.0 on Friday, as com¬
pared with 150.7 a week ago.
fHides, corn, hogs and steel scrap* advanced.
Cocoa,
rubber, wheat, cotton, wool and coffee declined.
There
were no net
changes for silk, silver, copper, lead and sugar.
The movement of the index during the
week, with com¬
parisons, is as follows:
below the
cars
1937.
All
cars
below the corresponding week in 193/.
districts, reported decreases compared with the corresponding weeks
in 1937 and 1930.
1937
1938
Moody's Commodity Index Lower
1,342
below the corresponding week in
Coke loading amouhted to 5,141 cars, a decrease of 274 cars below the
Four weeks In January.
Week of Feb.
5
2,256,423
_
564,740
542,991
Week of Feb. 12
Week of Feb. 19..
Week of Feb. 26
Total
3,347,717
898,835
688,523
535,790
511,930
,
711,314
692,393
886,701
893,140
827,560
4,411,874
5,477.906
6.853,953
In the following we undertake to show also the
for separate roads and systems for the week ended
1938.
During this period only 11 roads showed
when
compared with the
1930
2,714,449
671.227
same
week last
year:
loadings
Feb. 26,
increases
Volume
Financial
146
Total Revenue
from Connections
1938
1937
1936
514
514
567
974
Bangor A Aroostook
2.172
8,473
1,260
1,590
2,150
8,031
1,448
233
Boston
2,504
7,834
210
6.078
*1,549
11,156
2,830
27
41
32
36
89
Ann Arbor
A
Maine
Chicago Indianapolis A Loutsv.
Central Indiana
1,454
Southern District—(Concl.)
Mobile A Ohio
426
770
326
368
8,336
17,387
9,159
22,457
9,237
20,752
4,057
3,863
11,516
370
423
385
546
766
151
170
166
629
885
85,589
110,801
101,601
56,869
73,402
12,527
2,307
15,679
3,282
13,949
1,944
17,559
3,331
14,502
1,560
21,575
4,119
8,571
11,043
2,971
7,986
3,106
1,330
1,022
1,373
4,684
5,886
5,845
2,191
7,697
7,941
8,915
10,519
5,164
6,925
Tennessee Central...
265
384
202
96
158
3,364
2,341
971
170
358
336
2,451
11,504
5,507
13,174
3,889
9,479
5,716
Lehigh A Hudson River
166
168
141
1,500
Lehigh A New England
1.173
993
Lehigh Valley
6,676
Maine Central
2,739
2,613
1,355
7,857
3,023
5,147
2,649
43,470
9,981
1,474
4,919
8,129
6,348
1,648
9,601
3,308
5,213
2,016
Erie
3,070
Grand Trunk Western
Monongahela
Montour
New
York
N. Y. N
28,490
7,550
1,225
3,745
3,153
4,497
Central System
H. & Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis....
Pittsburgh A Lake Erie
Pere Marquette
Southern System
1,826
4,620
16,570
9,889
9,443
Detroit A Toledo Shore Line...
39,632
10,229
1,729
4,334
5,751
5,612
1,807
1,639
770
8,451
3,478
6,295
2,954
270
199
1,865
2,558
1,027
1,073
4,268
4,285
16,144
229
1,086
3,873
1,361
867
372
A Potomac
Delaware Lackawanna A West.
Detroit Toledo A Ironton
1,844
2,278
1,707
3,093
1,034
Richmond Fred
Delaware A Hudson
Detroit & Mackinac
1937
1938
Piedmont A Northern
Seaboard Air Line
Central Vermont
1,948
3,071
1,295
1,957
2,416
1,070
Nashville Chattanooga A St. L.
Norfolk Southern
1936
1937
1938
Eastern District—
from Connections
Freight Loaded
Railroads
1937
1938
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
(NUMBER OF CARS)—WEEK ENDED FEB. 26
FROM CONNECTIONS
FREIGHT LOADED AND RECEIVED
REVENUE
1623
Chronicle
Winston-Salem
Southbound.
..
Total.
433
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
MUw. St. P. A Pacific.
St. P. Minn. A Omaha.
939
604
Dulutb Mlssabe A I. R
2,257
6,038
2,635
145
155
661
19
29
Duluth South Shore A Atlantic.
520
661
637
308
362
29,063
9,055
1,499
7,438
3,243
4,358
46,102
12,391
1,616
12,633
6,958
b,322
Elgin Jollet A Eastern
Ft Dodge Des Moines A South.
3,682
9,038
5,811
3,951
8,682
367
286
247
170
147
Great Northern
8,090
7,856
10,557
2,166
2,838
521
549
612
428
609
Green Bay A Western.
299
381
167
73
113
1,507
4,219
7,145
1,352
1,538
1,996
2,501
1,574
4,442
1,306
5,714
9,954
112
101
109
180
273
1,059
1,243
1,371
1,113
1,134
61,920
72,207
79,653
34,080
46,653
17,545
2,405
19,346
2,854
18,118
2,958
4,487
2,084
2,724
340
412
306
77
114
12,232
672
932
17,367
2,061
10,058
3,429
1,091
6,543
2,466
15,595
2,423
9,860
3,214
8,390
1,304
9,636
3,055
1,454
2,913
Lake Superior
A Ishpemlng...
Minneapolis A St. Louis
18
Minn. St
Paul A S. S. M
Pittsburgh Shawmut A North..
323
417
401
110
296
Northern
Pacific
Pittsburgh & West Virginia
552
1,280
1,162
1,113
Rutland
420
576
558
697
2,071
1,121
Wabash
4,437
5,681
4,320
6,889
2,094
108,867
155,529
150,329
119,651
184,949
353
591
468
513
944
20,673
1,122
34,095
2,576
31,216
2,456
11,815
16,826
2,379
2,496
3,174
10,018
2,149
5,379
3,445
344
Pittsburgh A Shawmut
...
Wheeling A Lake Erie
Total.
573
568
18
Spokane Portland A Seattle...
Total.
4,091
Ohio
Bessemer A Lake Erie
890
8,576
.
Central Western District—
Atch. Top. A Santa Fe System
Alton
Alleghany District—
Akron Canton A Youngstown.
Baltimore A
Spokane International
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific
Chicago A Eastern Illinois
2,053
6,710
473
356
496
87
45
56
2,145
3,384
2,839
7,978
1,869
1,259
2,179
Cumberland A Pennsylvania..
181
368
387
23
29
Denver A Salt Lake
496
934
Llgonler
127
226
227
17
30
Fort Worth A Denver City
930
975
819
617
1,472
2,064
1,026
1,441
1,919
935
869
1,011
1,940
263
336
225
Central RR. of New Jersey...
360
318
5
9
1,183
4,593
Buffalo Creek A Gauley
Cambria A Indiana
1,631
5,810
1,485
7,119
27
14
8,839
11,525
Cornwall
Valley
456
Long Island
756
Reading
Co
Union (Pittsburgh)
West Virginia Northern
979
1,025
44,663
10,122
5,349
Penn-Readlng Seashore Lines.
Pennsylvania System
66,287
13,166
15.835
60.402
15,298
7,873
2,358
1,434
2,215
1,217
28,435
13,244
44,015
19,148
2,863
1,146
56
92
79
0
0
2,574
3,992
3,506
4,378
7,407
92,789
Western
147,121
132,815
72,809
109,037
Maryland
Colorado A Southern
Denver A Rio Grande Western.
Illinois Terminal
332
635
1,679
1*479
86
140
327
552
845
261
446
19
31
44
0
69
(Pacific)
16,916
18,376
17,590
249
274
482
11,570
13,648
12,582
3,809
1,026
5,455
6,120
Peoria A Western
Northern
North Western Pacific........
Peoria A Pekln Union
Southern Pacific
Toledo
17
7
1,201
Mi38ourl-Dllnol8
Nevada
Union Pacific System
Total.
10,293
1,299
7,484
252
885
477
3
14
1,152
1,493
1,338
1,370
1,907
85,067
99,566
97,450
41,175
56,891
Utah
Western Pacific
Pocahontas District—
17,129
14,596
3,303
Norfolk & Western
Virginian
26,054
24,205
4,481
25,364
22,875
3,722
6,147
3,241
938
54,740
51,961
10,146
14,876
Total
9,405
4,533
758
35,028
Chesapeake A Ohio
Southwestern District—
131
232
320
161
175
597
815
767
1,104
1,333
1,124
5,054
2,882
1,303
2,006
of Ala.
505
625
949
9,838
4,469
9,073
4,342
342
Centra! of Georgia
Charleston A Western Carolina
696
9,122
3,643
Atlanta Birmingham A Coast..
Atlantic Coast Line
452
348
1,316
997
4,530
2,421
1,068
1,594
1,022
Cllnchfleld
348
152
2,059
1,337
Louisiana Arkansas A Texas
114
145
95
367
Litchfield A Madison
243
384
438
646
Midland
701
520
681
175
226
117
245
97
247
301
2,234
7,636
2,879
10,060
Louisiana A Arkansas
Valley
Missouri A Arkansas*
314
347
805
104
108
37
862
Georgia
1,696
1,434
363
449
332
533
630
1,503
18,224
14,628
1,673
23,322
1,679
1,062
22,195
8,906
25,049
20,822
4,387
1,253
15,260
5,532
Macon Dublin A Savannah
164
209
165
463
130
300
189
353
Louis
14,834
4,910
17,143
112
108
93
113
5,924
2,172
5,914
3,446
7,214
2,575
7,172
4,626
7,951
2,346
6,304
5,121
3,656
2,319
2,842
4,656
2,928
3,247
3,738
4,617
256
218
53
49
30
28
31
35
52,429
55,435
32,435
39,188
-
Southwestern
...
Texas A New Orleans
452
Mississippi Central
St.
3,559
11,824
28
Quanah Acme A Pacific
St. Louls-San Francisco
43
219
991
229
Missouri Pacific
812
910
4,281
868
42,670
304
151
29
1,410
782
2,142
77
Missouri-Kansas-Texas Lines..
281
1,248
861
401
165
2,172
158
Galnsville Midland
298
1,533
2.635
171
1,284
304
218
1,684
1,335
Southern..
129
270
Durham A Southern
215
3,750
2,299
Kansas Oklahoma A Gulf
Kansas City
1,638
Columbus A Greenville
Florida East Coast
236
3,767
2,097
1,551
2,314
1,189
1,762
1,035
International-Great Northern..
Southern District—
Atl. A W. P.—W.RR
427
329
127
192
3,168
1,638
Fort Smith A Western
Gulf Coast Lines
Alabama Tennessee A Northern
188
134
Burling ton-Rock Island
Total.
Georgia & Florida
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Note—Previous year's figures revised
"Annalist"
Weekly
of
Wholesale
Commodity
Declines in virtually all commodities cut one-half of a
point from the "Annalist" Weekly Index of Wholesale
Commodity Prices in the period ended March 9.
On that
date the index stood at 83.0, as compared with 83.5 on
March 2 and 94.0 a year ago.
In noting this an announce¬
ment issued by the "Annalist" also had the following to say:
with wheat, rye, cotton, fowls
and
certain
prices.
fruits
citrus
1923-25=100
Domestic Stocks,
Combined Index
notable exceptions
to
by Secretary Wallace that prices were high enough, if indeed, not
high.
Rubber
declined to
around the
season's worst prices,
hides, wool tops and copper were down slightly.
while
Coffee was outstanding
for its firmness.
February
.
m
Farm
83.8
89.9
89.0
102.9
103.0
111.0
*68.3
*68.3
88.7
86.9
72.2
72.5
78.7
83.0
Chemicals
4
Miscellaneous
All commodities
—
Preliminary,
x
in
X83.5
94.0
Revised.
Noted
in
Domestic
Commodity
of Current Business of the United States De¬
the combined index of com¬
modity stocks in January higher at 166.2 than December,
partment of Commerce reports
when
the
total
was
V
162.4.
111
...
110
.
.
109
.-
107
111
109
-
-
...
112.5
162.4
...
93
.
110
162.0
•
m
mm
...
91
104
112
146
175.3
196.4
114.4
114.9
139
111
98
107
.
.
1937
127
...
107
...
149.0
;
1938
23199.4
110
131
...
196.8
Preliminary.
Wholesale
Commodity Prices Again Advanced During
March 5 According to National Fer¬
Week Ended
tilizer Association
Continuing the upward trend of the preceding week, the
commodity price index compiled by the National Fertilizer
Association further advanced during the week ended March 5.
on the 1926-28 average of 100%)
compared with 76.5% in the previous
week.
A month ago it stood at 76.8% and a year ago at
86.4%.
The Association's announcement, dated March 7,
Last week the index
January
Stocks
The Survey
mm
1937
73.2
88.7
Metals
Building materials
Increase
83.8
89.5
Raw Materials
105.1
73.0
X59.9
79.7
—
Fuels.
*
80.8
72.9
*59.8
products
Textile products
106
m .
mmm
December
Food products
99
99
November.
Mar. 9. 1937
Goods
...
101
mm
'
May
June.*
October.
Mar. 2, 1938
..
m
April
23120.3
111
m
September
(1926=100)
Mar. 9, 1938
mm
.
March
August
WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
127
120
...
July
"ANNALIST"
THE
23166.2
January
1938
1937
1938
in the futures markets dwindled still further, as prices con¬
Sugar broke badly, reflecting an impli¬
Stocks of
Stocks of
Manufactured
(Quantity)
the generally lower
Live stock quotations were also firm.
[pActivity
too
raw
Corn
tinued to work into lower ground.
cation
materials increased; the former rose to 120.3
materials at 199.4 show
an
increase over the preceding month's figure of 196.8.
The figures for January, 1938, are higher than any month
last year or 1936.
To provide basis for comparison we are showing in the
table below the monthly indexes since January, 1937:
goods and
led the recent rise in prices, suffered most,
and apples losing considerable ground.
were
Total
from 114.9 in December, while raw
During Week Ended March 9
Farm products, which group
Wichita Falls A Southern
Wet her ford M. W. A N. W
* Previous figures
Index
Declined
Prices
Texas A Pacific
Stocks of both manufactured
registered 76.8%,
(based
as
continued:
The rise in the all-commodity index
all commodities
last week was due primarily to a
The food price index remained unchanged,
except farm products and foods declined, and the cotton
sharp rise in livestock prices.
Chronicle
Financial
1624
and grain indexes also
fell off.
The upturn in the index of livestock prices,
taking it to the highest point reached this year, was sufficient to raise the
Lower quotations for fibers and
all-commodity index.
0.3%
in Index of Wholesale
During Week Ended March 5
yarns resulted in
slight decline in the index of textile prices, which is now lower than at
a
Fractional declines in the prices of steel
time since 1933.
any
tin
failed
the metal
lower
to
for the last four weeks.
scrap
A drop in
lumber quotations took the index of
The only
senting the prices of miscellaneous commodities which showed a moderate
decline, largely the result of lower quotations for leather and rubber.
the index advanced during the week, the number of price
Although
there
outnumbered the
were
18
by 32 to
increases
in the preceding week
in the second preceding week there
17 declines and 29 advances;
39 declines and 28 advances.
were
Three
WHOLESALE COMMODITY
WEEKLY
PRICE
of the
10 major commodity
textile products—advanced
INDEX
and
Latest
Preced'o
Month
Year
Week
Week
Ago
Ago
Mar. 5,
Feb. 26,
Feb. 5.
Group
Bears to the
1937
Total Index
1938
Mar.
1938
com¬
Hides and leather products,
building materials declined fractionally.
Metals and metal products, chemicals and drugs,
Per Cent
Prices
groups—farm products, foods, and
during the week.
fuel and lighting materials,
Com piled by The National Fertilizer Association (1926-1928=100)
Each Group
Increase of
Commodity
modity prices advanced 0.3% during the fii^st week of March,
largely because of sharp increases in prices of livestock and
poultry, fruits and vegetables, and meats, the United States
Department of Labor Statistics announced on March 10.
The advance, the department said, brought the all-com¬
modity index to 79.8% of the 1926 average.
This is 0.4%
below the level of a month ago and 7.3% below a year ago.
The Labor Department also had the
following to say:
other commodity group average to change during the week was that repre¬
declines
1938
12,
The Bureau of Labor Statistics' index of wholesale
and
price average, which remained unchanged
building material prices to a new low for the current recession.
March
United States Department of Labor Notes
and miscellaneous commodities remained
housefurnishing goods,
unchanged at last week's level.
Wholesale prices of raw materials advanced
0.1%
6,
principally because of
higher
prices for agricultural commodities.
The group index—73.7—is
below the corresponding week of last month and 16.4% below that
of last year.
The index for the semi-manufactured commodities group
1937
0.4%
74.4
74.4
73.8
Fats and oils
65.0
65.9
62.7
88.4
Cottonseed oil
78.5
79.6
71.2
104.5
69.8
67.8
67.2
86.3
51.6
51.9
47.8
75.9
70.1
71.6
72.0
106.7
74.5
70.5
69.8
81.5
81.9
81.9
84.5
84.0
Foods
25.3
-
Farm products
23.0
Cotton
Grains
—
Livestock
17.3
Fuels
10.8
84.6
Miscellaneous commodities..
77.4
79.2
80.0
84.5
8.2
Textiles
61.1
61.2
61.4
80.6
7.1
Metals,..
96.9
96.9
97.2
100.2
—
remained unchanged at 76.0 but is
below
,
a
year
a
below
month ago and 12.2%
a
month ago and
a
week of
during the
finished
year ago,
products prices are lower by 0-1% and 2% respectively.
Non-agricultural commodities prices remained steady
during the first
March, according to the index for "all commodities other than farm
products" but are 0.5% lower than the corresponding week of February and
3.8% below the week ended March 6, 1937. Industrial commodity prices
6.1
Building materials...
80.1
80.7
81.6
91.6
1.3
Chemicals and drugs
Fertilizer materials
95.4
95.4
95.3
95.3
0.3
72.2
72.2
72.4
71.0
farm products and foods."
0.3
Fertilizers
78.7
78.7
79.8
76.7
level of the first week of
0.3
Farm machinery..
98.0
98.0
97.9
92.7
All groups combined
76.8
76.5
76.8
86.4
100.0
0.7%
Finished products prices advanced 0.4%
ago.
Compared with their levels
week.
declined 0.2%, as measured by the index for "all commodities other than
Largely
as a
result of
The current index—82.9—is 0.4%
February and 1.9%
increase of 6.2%
an
the farm products group
below
in livestock and poultry prices,
index advanced 1.3%
for calves, cows, steers, hogs,
below the
a year ago.
Quotations
.
higher
were
sheep, live poultry, apples in the New York
market, oranges, clover seed, sweet potatoes, and white potatoes in eastern
markets.
Electric
Output for Week Ended March 5, 1938, 7.5%
Below a Year Ago
The Edison Electric Institute, in its current weekly report.,
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
March 5, 1938, was 2,035,073,000 kwh.
This is a decrease
of
7.5% from the output for the corresponding week of
1937, when production totaled 2,199,976,000 kwh.
The
output for the week ended Feb. 26, 1938, was estimated to
be 2,031,412,000 kwh., a decrease of 8.0% from the like
week
a
PERCENTAGE
DECREASE
Week Ended
Regions
Grains declined 0.8% .
Lower prices were reported for barley,
wheat, cotton, eggs, lemons, hops, fresh milk at Chicago, onions,
and white potatoes in western markets.
This week's farm products index
above that for the corresponding week of February but
lower than it was a year ago.
—71.1—is 0-3%
is
22.4%
Wholesale
food
averaged 2.9%
FROM
Mar. 5, 1938
Feb. 26, 1938
Ended
corn
and
cereal
flour,
and peanut oils.
corn
11.0
Middle Atlantic
1.1
1.3
15.3
14.9
Central Industrial
Weet Central
4.9
Southern States
,
Feb. 12. 1938
/
10.3
declined sharply.
11.3
2.1
2.4
13.8
13.4
3.4
0.2
5.0
3.9
8.7
1.4
3.5
1.6
3.6
7.5
8.0
6.9
Continued
7.4
6.7
Total United States,
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
1937
1936
1938
1932
1
8
1,998,135
2,139,582
2,080,954
2,244,030
—4.7
1,854,874
15
2,115,134
2,264,125
—6.6
1,970,578
Jan.
22
2,108,968
—6.6
Jan.
29
2,256,795
2,214,656
2,201,057
2,199,860
2,211,818
2,207,285
2.199,976
1,949,676
1,955,507
1,962,827
-
-
2,098,968
Feb.
5
2,082.447
Feb.
12
2,052,302
Feb.
19
2,059,165
Feb.
26
2.031,412
Mar.
5
2,035,673
--
cedar
1929
in
1,847,264
—5.2
—5.4
—6.7
1,414,710
1,619,265
1,602,482
—8.0
—7.5
1,542,000
1,733,810
1.736,729
1,717,315
1,728.203
1,726,161
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1,512,158
1,519,679
1,952,476
1,950,278
1,941,633
1,903,363
—6.9
1,637.683
1,718,304
1,706,719
activity are almost
Thus 45%
of the
as numer¬
numerous re¬
ports analyzed show production in February
as equal to that of the pre¬
ceding month, while another 25% record expansion.
This comparatively favorable situation should
not, of course, obscure
the downturn in general
industry late in 1937, from which there has yet been
recovery except that of seasonal character.
Nor should the present
situation be regarded as equal to that of a
year ago, when some of the most
Is
experienced by this country were operative.
latest survey that 60%
February than
of the 1926 average.
prices for fats and oils.
leather
caused
the
Average prices of shoes
gum
lumber, Chinawood
Hemlock lumber and
and structural
No changes were
reportedjin
A pronounced reduction in prices of quick¬
The
housefurnishing goods
Wholesale
prices
dropped 01%
group
of crude
rubber
Cattle feed prices
.
Lower
offset by higher
were
Mixed fertilizer prices were steady.
index remained unchanged at
Average prices of both furnishings and furniture
declined
were
1%
and
0.8%
averaged
89.6.
stationary.
paper
and
higher than
pulp
for
the
Automobile tire and tube prices did not change.
following table shows index numbers for the main
modities for the past five weeks and
March 9, 1935, and March
for March 6,
of
groups
1937, March 7,
com¬
1936,
10, 1934.
(1926=100)
Mar.
Commodity Groups
of the Industrial units
In
a year
however,
the
impact
upon
79.8
products
79.6
70.2
Feb.
19
1938
Feb.
12
Feb.
5
1938
1938
79.4
79.6
69.6
70.1
Mar. Mar. Afar.
6
7
Mar.
9
10 <
1937
1936
1935
80.1
86.1
79.7
79.6
73.8
70.9
91.6
77.7
80.0
62.0
1934
Foods
73.8
73.5
73.3
73.2
74.5
86.3
81.4
82.1
68.1
Hides and leather products..
94.3
94.6
94.9
95.6
95.9 103.4
95.7
86.4
89.0
Textile products
67.9
67.8
68.1
68.2
68.5
76.9
70.4
69.3
76.3
Fuel and lighting materials..
78.3
78.9
78.6
78.7
78.8
77.7
77.3
73.8
73.0
Metals and metal products..
Building materials
Chemicals and drugs
96 2
96.2
96.2
96.2
96.1
92.2
86.0
85.1
86.4
90.8
91.1
91.1
91.2
91.6
94.1
85,0
85.0
86.2
78.9
78.9
78.8
78.9
79.0
87.1
81.6
75.7
Housefurnishing goods.
89.6
89.6
89.7
89.7
90.5
89.6
82.7
82.0
82.5
Miscellaneous
74.7
74.7
74.6
74.6
74.7
77.3
68.2
69.8
68.8
73.7
73.6
73.2
73.4
74.0
88.2
77.9
X
76.0
76.0
75.9
76.2
76.5
86.6
74.7
X
X
83.7
83.4
83.2
83.3
83.8
85.4
81.6
X
X
Raw materials
Semi-manufactured articles.
_
Finished products
All
commodities
other
79.4
X
than
farm products
81.7
81.7
81.6
81.7
82.1
84.9
80.1
79.4
76.4
82.9
83.1
83.0
83.1
83.2
84.5
79.0
77.5
78.7
All
commodities other than
farm products and foods.
were
Canadian
26
1938
71.1
All commodities
previous.
that
Feb.
5
1938
x
clearly apparent,
and
.
unchanged.
.
It
skins
a
Wholesale prices
The index for the chemicals and drugs group remained at 78.9.
Farm
those operating on a smaller scale.
less active in
responsible for
Commerce
For the first time since the autumn we have found that
production has
been stationary over a large
part of the field which we survey each month,
while individual industries reporting increased
ever
were
prices for strychnine and certain fertilizer materials
1,699,250
date of March 10, said:
our
respresenting the
,
Raw silk and silk yarn prices
silver did not affect the group index.
Stabilizing influences in Canadian industry apart from
forestry, have become more pronounced during the past
month, it is pointed out by A. E. Arscott, General Manager
of the Canadian Bank of
Commerce, Toronto, who under
we found in
jute, rope, and twine
raw
reported in prices of clothing, hosiery
prices of hides,
plumbing and heating fixtures.
Stabilizing Influences in Canadian Industry, Except
Forestry, Became More Pronounced During Feb¬
ruary,
Says A. E. Arscott, General Manager of
stimulating factors
butter,
a year ago.
The index for the metals and metal products group as a whole remained
The
Bank of
below
shingle prices were higher and brick, cement,
preceding week.
Canadian
for
The current food
and woolen and worsted goods.
unchanged at 96.2%
Jan.
fact,
were
dropped 1%
lower
pripes of agricultural implements, iron and steel items, motor vehicles, and
Jan.
no
mid-January.
No changes
weakness
steel remained
from
1937
ous as
week ago and 14.5%
a
oil, turpentine, sand, gravel, and prepared roofing.
Change
.1938
group
were
and other leather products such as gloves, harness, and luggage, were
steady.
The building materials group index decreased 0.3% as a result of lower
Per Cent
Jan.
below
hides and leather products group to decline 0.3%
red
Week Endued
as a
Quotations
prices for floor tile, yellow pine lath and flooring,
FOR
Meat prices
Higher prices
.
vegetables,
0.8% decrease in the fuel and lighting materials group.
of gasoline advanced sharply and coke remained firm.
4.0
12.9
Pacific Coast
.
Falling prices for coal and Pennsylvania fuel oil
1.9
6.0
14.4
Rocky Mountain
Dairy product prices
products declined 0.2%
caused the textile products group index to advance 0.1%
Week Ended
Feb. 19, 1938
and
meal, lard, and coconut and cottonseed oils
and underwear,
9.8
1.1%
rose
fruits
fresh
beef, lamb, mutton, cured and fresh pork, veal, dressed poultry, oleo oil.
and
first upward tendency since
Week
during the week.
fresh
most
Advancing prices of cotton goods, Manila hemp,
PREVIOUS YEAR
Week Ended
New England
DATA
prices advanced 0.4%
higher and fruits and vegetables
for hominy grits,
reported
were
index—73.8—is 0.9%
year ago.
Major Geographic
corn, rye,
Not computed.
in¬
dustry of the downward trend in world economy, following the American
slump, has been less
A factor which is
severe than was
now
expected.
being counted
upon to
National Industrial Conference Board Estimates Unem¬
...
give
some new
impetus to
general business is the improved moisture situation in the Prairie
ces.
There
are
Provin¬
good grounds for the belief that the pre-season conditions
affecting the crops of 1938
A special survey made by
the autumn
are the most promising for several years
past.
The Canadian Bank of Commerce disclosed that
precipitation was either above of near-normal, and therefore
that good moisture reserves existed, in
over
70% of the western wheat
area.
ployed Workers in United States Increased 1,427,000
January—Total
Unemployed
Computed
at
10,342,000
in
4
Between
December
and
January
a
further
increase
of
1,427,000 in the number of unemployed workers brought the
total unemployed to
10,342,000, according to the latest esti-
Volume
of
mates
Financial
146
Industrial
National
the
Conference Board.
In¬
2,344,000 workers
attached to the government emergency labor force, repre¬
sented
by the Works Progress Administration and the
Civilian Conservation Corps.
The Board's announcement
in
cluded
The
unemployed
are
26 continued:
Feb.
of
of
total
this
show
estimates
increase
unemployment
an
of
Declining employment in
to this increase.
In
manufacturing there were 1,893,000
fewer workers in January than in
September.
Transportation showed a decline of 185,000 workers; con¬
in
contributed
agriculture, 1,358,000.
The largest declines in employment between December and January were
manufacturing and trade, distribution and finance.
The former showed
decrease in employment of 626,000 workers; the latter a decrease of
and
229,000,
struction,
a
has
activity
economic
of
branches
since last September.
4,277,000
approximately
all
workers.
553,000
Taking into
that
estimates
account the increas^in
the total
labor force
population, the Conference Board
of the country, including both
workers, has been increased by the addition of
5,052,000 persons Bince 1929 to a total of 53,340,000.
It is also estimated that there were in January a total of 42,998,000
employed and unemployed
employed
of
fields
19%
and
of those workers among the major
accompanied table:
The distribution
activity is indicated in the
workers.
During
feet
booked
1929
March,
Jan.,
Average
1933
1937
920
Dec.,*
Nov.,
1937
1937
8,915
44,375
10,293
7,713
8,381
44,365
45,527
10,602
11,039
orders
of
Mills,
542
were:
orders,
All
Northern Hemlock and Southern and
in excess of production in the week
California Redwood, Cypress, Northern
Hardwood reported shipments above output.
All
orders
but
All
Northern
and
Qypress,
reported
1938.
26,
shipments, 159,496,000
feet;
feet.
Southern
Hardwoods
Hemlock
Revised figures for the preceding week
142,172,000
production,
194,464,000
Feb.
combined;
185,640,000 feet.
;
504 mills produced 144,832,000
shipped 180,428,000 feet;
1938,
26,
softwoods
and
regions but
Northern
ended
ended Feb.
the week
hardwoods
of
but Northern Pine reported
week of 1937.
1938, by 422 soft¬
wood mills totaled 178,515,000 feet, or 33% above the production of the
same
mills.
Shipments as reported for the same week were 172,701,000
feet, or 29% above production.
Production was 134,340,000 feet.
Reports from 102 hardwood mills give new business as 7,125,000 feet, or
32% below production.
Shipments as reported for the same week were
7,727,000 feet, or 26% below production.
Production was 10,492,000 feet.
regions reported orders and shipments and all
production
below similar
Lumber
in the corresponding
items
reported for the week ended Feb. 26,
orders
Mill
Identical
feet, and
a
Reports
and
mills was 132,776,000
production of 406 identical softwood
week's
Last
it was 186,812,000 feet; shipments were,
year ago
respectively,
received, 176,778,000
171,175,000 feet and 252,825,000 feet, and orders
UNEMPLOYMENT AND EMPLOYMENT—IN THOUSANDS
The Association
period of 1937.
similar
below
further reported:
feet;
Board's
Conference
1625
Chronicle
fek
feet.
194,681,000
Jan.,*
1938
10,342
42,998
10,405
Employment total
47,368
14,984
35,586
Agriculture
Forestry and fishing
10,650
9,920
268
136
176
180
164
159
Total industry
18,582
10,998
15,960
15,861
15,061
14,309
1,087
11,071
587
758
768
747
722
7,013
11,224
11,038
10,416
9,790
2,841
989
1,184
1,185
1,096
1,058
2,416
1,545
1,857
1,884
1,828
and
Production
Lumber During Four
of
Shipments
Feb. 26,
Ended
Weeks
1938
1,777
Unemployment total
Extraction of minerals
Manufacturing
Construction
-
Transportation.
Public utilities
Service industries
.
.
■„
_
.
»
Mlscell. industries and services
*
986
974
7,251
7,724
8,056
9,016
1,360
9,315
9,394
1,407
9,263
An
938
864
1,408
Trade Barometer for the four weeks ended
Reduction in Hours Worked in
to
Further
Manufacturing In¬
Weekly Earnings in Jan¬
$22.98
A further reduction in hours
of work between December and
January reduced average weekly earnings in the latter month
to $22.98, according to the regular monthly statement on
earnings and hours in manufacturing industry issued by the
National Industrial Conference Board.
Average weekly
covered by the
Board's survey are now lower than for any prior month since
September, 1935.
Under date of March 3 the Board also
earnings in the 25 manufacturing industries
announced:
the number
with 41.0 in January,
A
1938
1937
1938
689,341
47,289
647,036
26,480
919,624
65,809
715,975
30,244
47,331
562,033
Total lumber
736,630
673,516
985,433
746,219
872,108
1937 and 48.3 in 1929.
24% below that of corresponding weeks
December and January is indi¬
a drop of 10.4%
in the Conference Board's index of total manworked.
The boot and shoe and the meat packing industries alone
ended Feb. 26, 1938, were 32% below
corresponding weeks of 1937. softwoods showing loss of 30% and
Shipments during the four weeks
those of
hardwoods, loss of 60%
.
the four weeks ended Feb. 26,
Orders received during
below those of similar period of 1937 and 4% below the same
Hardwood orders showed loss of 36% as compared with
13%
were
weeks of 1936.
corresponding weeks of 1937.
mills were
production (three
compared with 3,445,887,000 feet on Feb. 27,
stocks as reported by 436 softwood
3,848,797,000 feet, the equivalent of 109 days' average
year average
1935-36-37), as
On Feb. 26, 1938,
609,253,000 feet, the equivalent of 17
PER
industries compared with a year ago is shown
following table giving the percentage
of
an
industries
the
DECREASE
February Shipments of Motor Industry
205,100 units
IN MAN HOURS, JANUARY,
WITH JANUARY, 1937
Boot and shoe
Chemical
...
Cotton—North
Electrical manufacturing
Furniture
45.6
22.8
14.9
38.0
24.8
36.5
Printing—Book and Job
*2.6
Printing—news and magazine...,.
2.5
Silk
Wool
Iron and steel
Foundries and machine shops
25.6
44.5
Leather tanning and finishing
Lumber and millwork
Foundries
Machine and machine tools
3. Heavy equipment
Paint and varnish
20.4
Hardware and small parts
Other products
12.1
40.9
25.0
25.9
Paper and pulp
4.
5.
7.3
packing
1
2.
42.2
35.4
46.6
27.5
49.2
11.6
A verage
30.5
2 5 i ndustries
♦Increase.
of
Lumber
Movement:
indicates.
On the basis of this estimate, the industry's operations
for the month were 10% under January and 47% under
Manufacturers Association
February, 1937.
Shipments for the first two months of 1938 are estimated
at 433,174 units, a decrease of 45% under the corresponding
period of last year.
The report is summarized below:
Feb., 1938
205,1001 Two months, 1938
433,174
Jan., 1938
228,074 Two months, 1937
783,086
383,9001
The
Feb.
lumber
industry
during
26, 1938, stood at 43%
the
+
Week Ended
holiday
week
Various
ended
ternational
of the 1929 weekly average of
John Simon
production and 56% of average 1929 shipments.
Produc¬
tion was about 51% of the corresponding week of 1929;
shipments, about 62% of that week's shipments.
The 1938
week showed slight increase in production over the previ¬
loss in new
bookings.
In the first eight weeks of 1938, reported new
orders totaled 34% above production; reported shipments
were
22% above output.
All items in the week ended
Feb. 26, 1938, were lower than during the corresponding
week of 1937.
National production reported for the week
ended Feb. 26, by 7% fewer mills, was 2% above the output
Crevised figure) of the preceding week; shipments were
13% above shipments, and new orders were 5% below
orders of the previous week, according to reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of important hardwood
ous
and
week; considerable gain in shipments; some
softwood mills.
duction and
In the week ended Feb. 26, 1938, pro¬
shipments as
reported by 406 softwood mills
respectively, 29% and 32% below similar items in
corresponding week of 1937; new orders were 9% below
last year's week.
In the first eight weeks of 1938, pro¬
duction, shipments and orders were, respectively, 23%, 25%
were,
International Sugar Council on Exports of
Countries
Against Quotas
Under
In¬
Sugar Agreement—Comments by Sir
Report by
Feb. 26, 1938
by the Automobile
released March 8
estimate
liminary
Feb., 1937
Report
shipped 205,100
February, the pre¬
vehicle manufacturers
motor
and trucks from their factories in
cars
15.9
Rubber
20.2
49.5
Hosiery and knit goods
American
1938, COMPARED
Paper products
6.6
Automobile
Weekly
Estimated at
.
Agricultural implement
Meat
decreases in man-hours in
book and job printing,
One industry,
covered.
increase of 2.6%
CENT
softwood mills were
days' average production, compared
equivalent of 39 days' average
feet on Feb. 27, 1937, the
production.
The situation in individual
each
production.
unfilled orders as reported by 432
with 1,365,748,000
shows
1938. were 14%
Softwood orders in 1938
weeks of 1937.
of corresponding
those
below
hours
in the
period of 1936.
below production of the 1937 period.
Hardwood output was 16%
cated by
show improvement.
Softwood
of 1937 and 25%
of 1937.
production in 1938 was 24% below that of the same weeks
below the record of comparable mills during the same
1937, the equivalent of 98 days' average
general decline in activity between
824.777
ended Feb. 26, 1938, as reported by
during the four weeks
Production
these mills, was
On Feb. 26, 1938, gross
substantially above pre-depression levels, but
of hours of work per week now averages only 32.5 compared
Hourly earnings are still
1937
1937
522,314
39,719
Softwoods...
National Industrial Conference Board Reports
Orders Received
Shipments
Production
1938
Hardwoods...
uary
National Lumber
Feb. 26, 1938*
(in 1,000 Feet)
1,359
Preliminary
dustry Reduces Average
March 9:
on
of 525 mills reported as follows to the
average
7,503
7,549
1,114
Manufacturers Association
961
5,869
1,167
7,325
9,160
1,383
Trade, distribution and finance
herewith data on identical mills for four weeks
26, 1938 as reported by the National Lumber
We give
ended Feb.
New
The
on
and
Coffee
York
Sugar
Exchange announced
following report of the Inter¬
London, regarding the status of
Feb. 16 the receipt of the
national
Sugar
Council,
export quotas of the various signatory
Commonwealth
The
of
Australia,
during the
countries:
first
\
four months of
the
International Sugar Agreement, September
through
exported 257,283 metric tons of BUgar, or
63% of the quota of 406,423 tone permitted during the first year, according
to statistics
compiled by the International Sugar Council.
The Union
of
South Africa,
during the identical period, exported 81,024 tone, or
under the
December, 1937, has
first
quota
year,
39%
approximately
Colonial
British
1,012,754-ton
on
for
first
basis,
year
the
tons,
tons,
running about neck and neck
former having shipped—to other than the
35% of its 940,000 tons quota, while the
or
of the pact.
97,100 tons, or
September-November,
shipped
quota, or about
On
among
quota,
256,451
34% of the 1,050,000 tons assigned
Czechoslovakia, with a quota of 340,000
about 28.5%, while Peru in only three
shipped 88,264 tons of her 320,000 tons
exported 357,885 tons, or about
months,
tons,
divided
States—329,546
the
tons,
shipped
for the first four months were
percentage
a
United
latter
quota
Java
and from
while the balance of the
or
about 25% of the
Empire sources.
Exports from Cuba
209,000-ton
its
of
Empire
the
28%.
other hand,
had shipped but
the Dominican
Republic,
with a quota of 400,000
1,266 tons during the period, and Germany,
with a
Financial
1626
50,000
of
quota
was
credited with net imports of 2,318 tons.
1,883 tons against her 20,000-ton quota; Holland,
quota of 100,000 tons, and Haiti, 111 tone against
tons,
Hungary had shipped
19,422
against
tons
allotment
an
ton
the
during
however,
for
6,601 tons of the
15,000-
exported
to produce
25,000 will
be
consumed
locally,
leaving
ample
to
care
quota.
400,000-ton
Council
Belgium exported
tons of the 60,000 tons allowed to be
ending Aug. 31, 1938.
The Dominican Republic,
465,000 tons during the 1937-1938 year,
year
expected
about
the
The
a
32,500 tons.
first
is
which
of
of
and Brazil 120
quota,
reports,
of Feb.
as
the following status of the various
2,
countries as regards ratification of the agreement signed last
May by 21 nations:
The necessary instrument of ratification has been
deposited in London by the following:
South Africa, Australia, United
Kingdom, Cuba, Czechoslovakia, Dominican Republic, Germany, India, Peru,
Portugal; the instrument is on its way to London from Brazil, and
Haiti.
Belgium,
Hungary,
The Netherlands,
and Poland have made
signatory
Council
the
December,
the
of
but have not yet deposited official instruments.
of ratification
declarations
Yugoslavia and the United States have not notified
China, France, Russia,
The United States Senate ratified the pact last
in any way.
to London is held up pending action
the State Department recently declared.
declaration
official
but
Philippine Commonwealth,
Under
March
of
date
Canadian
7
Press
advices
from
London said:
hundredweight
John
Sir
modified
instead
that
the terms
The
at
as
price
last
May
finally
the
preference,
be
if
rise
of
the
in
3%
a
the
special
prices
tons
will
c.i.f.,
Stock of yarns in the hands of producers at the
February amounted to a three months' supply,
based on average monthly shipments over the previous 12
months.
The publication adds:
of
Although the stock for February represents a 7% increase over the
January index of 2.8 months' supply, it does not mean that the actual
held in stock by the
pounds
imilar percentage.
in the size of the base factor used to determine the index,
crease
average
monthly
month's
stock
by
increased
been
producers have
yarn
a
The increase has been caused principally by the de¬
shipments
increase
was
anced by shipments during
the
over
nominal,
12
past
last
essentially was bal¬
production
as
namely,
Actually
months.
February.
The available stock of
rayon grey
and finished goods con¬
Although the stocks of
are still adequate, it is
probable that the present weavers' holdings of rayon grey
tinued to decline during February.
some types of finished
rayon goods
cloths
at
are
all-time low relative to normal volume of
an
business done.
Thus the
improvement in February yarn shipments by
we3avers represents entirely current require¬
ments only.
Rayon weavers' loom activity showed good in¬
creases
during the month, the activity in most construc¬
tions during the week of
February 19 being the highest
producers
to
be
Value
of
1937
Textile
a
made
in
in
14
sugar
with
1937
Largest
aggragated 11,084,600,000, the largest
reached
for
any
figures compiled by the
the
coun¬
in
value
nual
in Sugar Consumption
Countries During 1937
Consumption
The total value of textile fibers consumed in the United
States
■
Fiber
Since 1929
the
6d.
8,435,741 tons consumed during
1936, an increase of 249,389 tons, or approximately 3%,
according to an announcement by Lamborn & Co., New
compared
October.
close
amount
Consumption of sugar in the 14 principal European
during 1937 totaled 8,685,130 long tons, raw
as
for the month equalled shipments.
Activity among
weavers is reported at the highest levels since last
prefer¬
tries
value,
rayon
12, 1938
be
necessitates
will be applied to the
90,000
yarn
March
since last October.
would
Noted
European
3s.
Simon,
hundredweight
sugar
♦
of
of-
John
preference
a
quota for each rise of 6d. a hundredweight over 6s.
Increase
Sir
which
6d.
6s.
reduction
reduction
A
a
of
above
will
present;
preference
tons,
the Commons today.
of sugar
alteration
to
eligible.
tonnage
colonial
360,000
however,
2d.
the
in
of
in
liable
7s.
of
additional
quota
a
on
said
follows:
be
reduction
sugar
Exchequer,
added,
as
will
ence
of
the
of
the
effective,
is
agreement
Chancellor
of
concluded
agreement
sugar
into force, the government will continue for the five years for which
goes
the
international
the
Provided
Chronicle
Textile
000,000 in
Economics
since
year
an¬
1929, according to
"Rayon Organon", published by
Bureau,
Inc.
The
total
$5,-
was
of the previous recovery high for 1936.
The annual value of fiber consumption in the "United States
follows (units are millions of dollars):
excess
1937
1936
1932
Cotton
417.5
419.9
157.7
653.7
Wool...
357.4
345.4
105.8
357.1
Rayon.
186.9
190.3
102.5
Silk
99.7
101.7
110.6
Linen
23.1
22.0
9.4
1,084.6
1,079.3
486.0
1929
York, which further said:
Sugar stocks
5,620,000
503,000 tons,
Production
of
current
from
6,467,000
previous
O.
F.
the
an
increase
countries
included
season,
14
Czechoslovakia,
Sept.
on
the
of
in
as
1938,
amounted to
date
same
1937,
in
1937,
tons,
survey
or
according
an
for
the
advices
to
is
forecast
5,910,000
tons
in
at
Belgium,
Hungary,
Irish
Bulgaria,
Free
State,
Italy, Poland, Rumania, Sweden hnd the United Kingdom.
Cuban
1938
Sugar Crop Limited to 2,950,000
Spanish Tons by Presidential Decree
The 1938 sugar crop of Cuba has been limited to
long Spanish tons, according to
a
Long
2,950,000
presidential decree made
in
Bureau of
Spanish tons
United
the
fixed
was
States
retained in Cuba
during
as
a
the quantity
as
1938
Spanish tons.
of
which
sugar
duties,
A
and
total
of
be
could
182,695
tons
407,985
in
was
1938
Spanish
exported
to be exported to
500,000
tons
for orders from this
reserve
the report stated, adding:
Domestic consumption for Cuba
and
was
tons
"other
to
allocated
as
fixed
was
at
fixed
countries"
"special
will
the
free
be
country,
150,000
as
export
to
other
countries."
The
remaining 291,146
for
exports
ton
equals
to
other
2,272
long
countries,
Spanish
tons
according
to
was
the
designated
report.
as
a
(Long
Although the 1937 poundage consumption of cotton es¬
a new all-time high, the value of raw cotton con¬
sumed, the "Organon" points out, was slightly lower than
the 1936 figure because of the lower average price of cotton
prevailing last year.
It is further stated:
tablished
The value of
natural
fibers
The
since
reserve
on March 8, that it had been informed
by cable¬
This it is stated compares with 405,000 bags de¬
stroyed during ths first half of that month and brings the
total for this crop year, or since July 1, 1937, to
11,073,000
bags.
The grand total since the program of destroying
surpluses started, in 1931, is computed at 58,554,000 bags—
enough coffee to more than fill the coffee cups of the world
two years,
in fact, just 144,000 bags short of Brazil's
ending July 1,
1937—59,598,000 bags.
Although Brazil, last November,
announced that the 30 year old control program would
gradually'be abolished and all efforts made to increase
exports, it has been declared that such a change of policy
will not alter her plans to eliminate all
surpluses and obtain
a balance between
supply and demand.
total exports to all points for the four years
♦
Rayon Shipments by Producers to Domestic Mills Dur¬
ing February Showed Further Gain, According to
"Rayon Organon"
Shipments of
rayon yarn by producers to domestic mills
further gain during February according to the cur¬
rent issue of the "Rayon Organon", published
by the Tex¬
a
exceeded
its
1929
level.
This
the
one
1929 figure by
of the three major
figure reflects entirely
1928.
1937 value of silk consumed in the United States represented a de¬
1920.
1936 and
Only the 1933 and
1937 figure.
was
third lowest annual value for silk
1934 total of values
were
lower than the
The value of linen consumed in 1937 reached
a
new
8-year
high of $23,000,000.
Rayon consumption valued at $187,000,000 for 1937
est total on record for the
was the second
larg¬
industry, and was exceeded only by the record
Although rayon declined 1.2%
previous year, this decline was not
An item in which it
was
as severe as
the 1.9%
below the
drop in dlk.
indicated that the
textile
con¬
sumption in the United States of textile fiber during 1937
was the largest of
any post year appeared in our Feb. 12 is¬
sue,
page
988.
Spanish
grams.
Economics
1937 exceeded
of $1.01 per pound, which was the highest average annual
cline of $2,000,000 from
Bureau,
Inc.,
New
York.
Production
of
and
Its
Products—Pennsylvania
Grade
Output Climbs for Week
—Oklahoma
Allowable
Held
at
475,000 Barrels
Daily—Crude Petroleum Stocks Decline—Foreign
Firms in Mexico Win Stay
Crude Oil Slashed—Crude
Brazil, during the last half of February, burned 316,000
bags of coffee, the New York Coffee and Sugar Exchange
tile
wool consumed in
pounds.)
announced
showed
has
the average price
Petroleum
over
raw
This is the first time that the value of
wool price since
316,000 Bags of Coffee Destroyed by Brazil During Last
Half of February
for
1,578.4
No data available.
igure of $190,000,000 in 1936.
long
amount
of
exports
*
$300,000.
Cuba and reported to the Foodstuffs Division,
Foreign and Domestic Commerce, Department of
Commerce, on Feb. 25.
Of the total crop, 1,418,174 long
public
Total
166.8
400.8
*
the
9.4%.
Austria,
are
Holland,
countries
authority,
sugar
contrasted with
557,000
the
Germany,
France,
1,
European
1,
European
sugar,
raw
the
on
principal
14
started
Licht,
tons,
long
Jan.
on
approximately 9.8%.
or
for
sugar
which
season
received
5,117,000 tons
against
tone as
increase of
The
hand for these countries
on
Sharp reductions in Pennsylvania grade crude oils—the
fourth in the past six
the
months—were posted
on
Monday by
Joseph Seep Purchasing Agency of the South Penn Oil
Co., effective immediately.
15 cents
a
barrel, and two
Under the newly
Two grades of oil
were
were
reduced
cut 17 cents.
posted schedule, Bradford and Allegany
district crude is off 15 cents to $2.05; Southwest Pennsylvania
Pipe Lines, off 17 cents to $1.71;. Eureka Pipelines, off 17
$1.65 and Buckeye Pipe lines, off 15 cents to $1.55.
Corning crude was unchanged.
The cuts, since the quality of the Pennsylvania grade
crude varies so greatly from the Mid-Continent, customarily
do not affect the stability of the price structure in other fields.
The Bradford-Allegany grade has shown a net cut of 77
cents a barrel, and now is $2.05, against $2.82 prevailing
when the first cut was made last September.
The cut was not unexpected in view of the decline in the
March indicated demand as shown by lower nominations,
cents to
and
it
appeared
as
though over-production would again
boost storage tank totals.
Stocks have been on the
grade since the start of the year, totaling 4,279,000
late in February, against 4,844,000 barrels on Dec.
down¬
barrels
31.
Volume
146
Financial
Sharp gains in production in Oklahoma and Texas offset
lower crude oil output in California, and the initial March
week showed an increase of 16,900 barrels in
daily average
production of crude for the United States to 3,339,700 barrels,
according to the American Petroleum Institute report.
Despite the broadened production, however, the total was
51,900 barrels less than the March market demand estimate
of
the
reached, oil
States Bureau of Mines.
The comparison
corresponding week a year earlier did not make as
good a showing, the 1937 period being 40,900 barrels in
excess of last year at this time.
Oklahoma production climbed nearly 31,000 barrels to
reach a daily average of 522,450 barrels, against the State
allowable of 475,000 barrels and the Bureau's figure of 547,700 barrels.
A gain of 20,250 barrels for Texas, lifted the
1,269,750
1,344,900 barrels.
to
barrels, against the Bureau's figure of
The March State allowable for Texas
set by the Railroad Commission is 1,493,173
barrels, with all
wells except those in the Texas side of the Rodessa field
shut-down Sundays.
fearful that wide-spread price cuts are a
production of gasoline is pared.
^
Fuel oil prices also are showing a weakening
tendency.with
rapidly declining tanker rates insuring further pressure upon
the maintenance of the current price scheduled.
k Prices
already are giving way in price-cutting movements^butjuo
further general reductions are expected.
Standard Oil of
which indicated that its March demand would be the
than
its
share
below
the
Bureau
of
Mines
total
market
A
decline
of
52,000
barrels
in
stocks
of
domestic
and
foreign petroleum during the final week of February pared
the total to 305,167,000 barrels,
according to the United
States Bureau of Mines' report on March 9.
A rise of 3,000
barrels in inventories of domestic crude
by
was more
than offset
drop of 55,000 barrels in holdings of foreign oil.
A United Press dispatch from Mexico
City on March 8
reported that American and other foreign oil companies had
been granted a temporary stay on the
salary boost ordered
by the Mexican Supreme Court by the Federal District
Court.
The stay is in effect until March 12 when a
hearing
on whether the
stay will be made permanent is scheduled.
Meantime, President Lazaro Cardenas was reported backing
a move
whereby a compromise agreement between the oil
companies and the labor unions could be reached.
Price changes follow:
a
March
7—The
Joseph
Seep Purchasing agency reduced Bradford and
Allegany grades of crude oil 15
cents to
cents to $2.05; Southwest Pennsylvania 17
$1.71; Eureka 17 cents to $1.65, and Buckeye 15 cents to $1.55.
Prlcex of
(A
Typical Crudes
$2.05
1.25
Corning, Pa
.-
Barrel at Wells
Darst Creek
1.40
1.30
Smackover, Ark., 24 and
over
1.25
.0.90
New York—
Gulf
.08 H
New
Orleans.
Tide Water OU Co
.08 X
Shell Eastern....
.07%
Gulf
ports...
Richfield OH(Cal.)
.07 J*
...............
$1,27
1.35
TORIES
Chicago
$.05
-.05H
.06IS-.07 4
.05H
Tulsa
04H-.04H
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
1
(Bayonne)
...3.05^
North Texas
I
Los Angeles..
$.04
(New Orleans.S.05X-.05H
.03J4-.05
ITulsa...
03J4-.04
Fuel Oil, F.O.B. Refinery or Terminal
N.
Y.
(Bayonne)—
Bunker C
California 24 plus D
..$1.15
Diesel 28-30 D
1
$1.00-1.25
New Orleans C
$1.05
Phila., Bunker C
1.35
2 .20
Gas Oil, F.O.B. Refinery or Terminal
N.
Y.
(Bayonne)—
x
Chicago—
28-30 D
,
$.053
Brooklyn..
.19
| Boston
xNot including 2% city sales tax.
Daily
Average
Crude
The
>$.02J4--03
American
...
.18
$.175
|
Oil
Ended March 5, 1938,
daily
Tulsa...
|
Gasoline, Service Station, Tax Included
$.19
I Newark..
$.165 I Buffalo.
New York..
x
1
$.04?U
27 plus..
Production During Week
Placed at 3,391,600 Barrels
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
March 5, 1938, was 3,339,700 barrels.
This was a gain of
16,900 barrels from the output of the previous week, and
the current week's figure was below the 3,391,600 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed
by the various oil
producing States during March.
Daily average produc¬
tion for the four weeks ended March 5, 1938, is estimated
at 3,339,050 barrels.
The daily average output for the week
ended March 6, 1937, totaled 3,298,800 barrels.
Further
details as reported by the Institute, follow:
average gross
Imports of petroleum for domestic
use and
receipts in bond at principal
United States ports for the week ended March 5 totaled 937,000
barrels,
daily average of 133,857 barrels, compared with a daily average of 107,429
barrels for the week ended Feb. 26 and 139,286 barrels
daily for the four
a
weeks ended March 5.
There
were
no
receipts of California oil at Atlantic and Gulf ports, for
the week ended March 5 compared with a daily average of
11,571 barrels
for the week ended Feb. 26 and 17,357 barrels daily for the four weeks
ended March 5.
Reports received from refining companies owning 89.0%
of the 4,159,000
barrel estimated daily potential refining capacity of the United
States, indi¬
cate that the
industry as a whole ran to stills, on a Bureau of Mines' basis,
3,130,000 barrels of crude oil daily during the week, and that all companies
had in storage at refineries, bulk terminals, in transit and in pipe lines as
122,471,000 barrels of gas and fuel oil.
1.42
of the potential
charging capacity of all cracking units indicate that the industry
on a
1.09
as a
whole,
Bureau of Mines' basis, produced an average of 670,000 barrels
daily
during
the
week.
1.22
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Petrolia. Canada
DAILY AVERAGE CRUDE OIL PRODUCTION
1.42
2.10
PRODUCTS—GASOLINE
HIGH—CONTRA-SEASONAL
i.Q7H
Warner-Qulnlan.. .0734
1.22
(Figures in Barrels)
B.
REFINED
Other Cities—
Texas
Cracked gasoline production by companies owning 94.8%
Central Field, Mich.
Sunburst, Mont
Western Kentucky
Grade C bunker
Stand. Oil N. J_.$.07tf
Socony-Vacuum.. .08
and
Eldorado, Ark., 40............
Rusk, Texas, 40 and over
1.35
Mid-Cont't, Okla,, 40 and above..
Rodessa, Ark., 40 and above
domestic'
effectivetMarch 11. Bonded
of the end of the week, 92,151,000 barrels of finished and unfinished
gasoline
per
1.27
Illinois
reduction
a
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
New York—
gravities where A. P. I. degrees are not shown)
Bradford, Pa
Lima (Ohio Oil Co.)
March 10 posted
March 10—Standard of New Jersey reduced
same
recommendations.
on
fuel oil 10 cents to $1.15 a barrel at New
York,
Grade C was cut 5 cents a barrel.
in
previous month but that either figure would suit its
purposes.
Maintenance of the 475,000-barrel quota was
backed by Philips Petroleum, British American and
Sunray
on
the grounds that Oklahoma already had reduced more
N^w Jersey
a barrel in domestic Grade C bunker fuel
oil, the
price of $1.15 at New York becoming effective the
following day.
The price of bonded Grade C bunker fuel
oil was pared 5 cents a barrel.
Representative price changes follow:
new
California
as
men are
of 10 cents
A substantial reduction in the
daily average production in
pared the total by 16,900 barrels to 720,800
barrels.
This, however, was far in excess of the 694,600barrel total fixed by the Bureau of Mines and also rec¬
ommended by the Central Committee of California Oil
Producers.
Kansas output was off 4,250 barrels to 166,900,
against the State quota of 169,528 barrels, and the Bureau's
figure of 176,700 barrels.
Despite opposition from several major purchasers, the
Oklahoma Corporation Commission took no action
upon the
tentative plan to reduce the March allowable 25,000 barrels
from its current 475,000-barrel total.
Stanolind Crude Oil
Purchasing Co., Magnolia Petroleum, Shell Petroleum and
Carter Oil were behind the 450,000-barrel figure.
A neutral role was played
by the Gulf Petroleum Corp.
1627
real threat unless
United
with the
total
Chronicle
STOCKS
GAINS
SHOWN—REFINERY
IN
GAIN
FUEL
OPERATIONS,
SET
OIL
Interior
INVEN¬
CRUDE
of M
Devi, of
NEW
Calcu¬
Four
y
A
Week
Weeks
from
Ended
1
Ended
Mar. 5,
1938
Mar. 6,
1937
Mar. 5,
Previous
1938
Mar.
Week
lations
RUNS
Change
Ended
State
llowable
Week
(.March)
DECLINE
Oklahoma
The
steady march of stocks of finished and unfinished
gasoline into record levels continues to over-shadow all other
developments in the refined products field. Further gains
in fuel oil stocks also were a powerful factor in the week's
news.
An
547,700
475,000
Kansas
176,700
169,528
Panhandle Texas
522,450 + 30,900
166,900
—4,250
of
nearly
1,500,000
barrels in motor fuel
holdings for the March 5 week lifted the total to 92,151,000
barrels, according to the American Petroleum Institute
This—13 million barrels above last year—is equal
to more than
7fj) days' supplies and is the highest seen in the
history of the industry.
Holdings of gasoline at refineries showed a gain of 393,000
barrels to 58,967,000 barrels, with bulk terminal inventories
growing 81,600 barrels to 25,736,000.
Inventories of un¬
finished gasoline rose 223,000 barrels during the initial week
this month, totaling 7,448,000 barrels on March 5.
The gas and fuel oil situation continued unbalanced, stocks
again showing a contra-seasonal gain. Holdings rose 41,000
barrels to total 122,471,000 barrels.
Refinery operations
dropped 1.1 to 77% of capacity with daily average runs of
crude to stills dipping 40,000 barrels to 3,130,000 barrels.
Prices of gasoline in the major bulk and retail markets
continued under the shadow of the top-heavy supply situa¬
tion.
Despite the fact that demand may be expected to
broaden from now on until the summer peak season is
report.
65,600
+850
64,350
26,450
31,850
+ 1,250
+ 1,400
179,300
197,750
90,300
+ 500
425,550
214,200
186,550
109,150
452,900
90,550
East Texas
426,500
218,850
194,100
Southwest Texas
Coastal Texas
+ 100
+ 1,400
+ 9,800
67,250
225,150
197,550
1,344,900 xl493173 1,269,750 +20,250 1,252,300
1,350,300
North Louisiana
Coastal
68,700
187,350
+ 4.950
180,950
West Texas
Total Texas....
578,150
65,150
26,350
North Texas.........
West Central Texas—
East Central Texas
increase
514,350
174,050
67,300
.....
80,000
176,750
+ 450
78,800
71,150
—1,850
177,200
175,200
256,750
—1,400
256,000
246,350
38,200
49,800
+ 3,000
129,200
116,250
Louisiana
Total Louisiana
239,400
Arkansas
244,130
—5,000
Michigan
Wyoming
51,600
—1,450
50.750
34,050
46,400
134,050
50,200
47,500
47,950
138,500
—350
46,750
Montana
13,300
52,550
12,100
—1,200
13,150
Colorado
4,500
4,350
+ 300
4,200
105,100
15,700
4,400
105,050
105,350
100,450
Eastern
New Mexico.
Total east of Calif.. 2,697,000
California
27,150
2,618,900 + 40,800 2,603,350 2,712,700
720/800 —23,900
735.700
586,100
694,600
Total United States. 3,391,600
3,339,700 + 16,900 3,339,050 3,298,800
might have been surreptitiously produced.
x
Allowable effective first of month.
Sunday shut-downs continued throughout
March, except In Texas portion Rodessa field.
y
Complete details
on
March State allowables not yet available.
Financial
1628
STOCKS OF FINISHED AND UNFINISHED
CRUDE RUNS TO STILLS AND
Chronicle
March
PRODUCTION
ESTIMATED
(Figures in Thousands of Barrels of
12,
1938
ANTHRACITE
PENNSYLVANIA
AND
COKE
BEEHIVE
WEEK ENDED MARCH 5, 1938
GASOLINE AND GAS AND FUEL OIL,
OF
tin Net Tons)
42 Gallons)
"
Stocks of
Finished and
Unfinished Gasoline
Crude Runs
Daily Refining
Capacity
to Stills
Stocks
Feb. 26, Feb. 19, Feb. 27,
of
Finished
Poten¬
Aver
Total
At Re-
age
fineries
P. C.
669
Appalachian,
Ind.. III., Ky
146
129
Fuel
489
Oil
Distil.
Ac.,
1,122
9,778
1,709
1,795
3,964
263
1,279
452
383
Inland Texas
355
201
Texas Gulf.
833
797
La. Gulf...
Mo
923
6,848
United States total
2,969
54.5
25,400
4,233
Daily average
260
84.7
1929
c
c
Beehive Coke—
10,663
I
Kan.,
1937
Total, lncl. colliery fuel.a. 855,000 768,000 648,000 8,152,000 7,200,000 12,746,000
151,600
171,600
268,300
155,.500 128,000 117,500
Daily average
Commercial production.b. 814,000 731,000 615,000 7.762,000 6.840,000 11,828,000
12,751
103
92.4
1938
1937
1938
Penn. Anthracite—
398
88.4
529
Ok la.,
Nap'tha
8,097
501
669 100.0
East Coast
Terms,
1938
Gas
and
Daily
Reporting
tial
Rate
Unfin'd
in
District
Calendar Year to Date
Week Ended
4,681
56.6
128
2,286
267
3,461
1,583
278
95.7
684
1,984
9,057
168
96.6
132
11,319
1,426
296
174
611
484
3,216
No. La.-Ark.
91
58
63.7
40
272
119
190
Rocky Mtn.
California...
89
62
69.7
49
2,214
99
746
90.9
555
12,230
2,354
1,370
83,385
822,100
11,302
16,778
Adjusted to make comparable the number
c
745
821
b Excludes colliery fuel,
operations,
529
553,800
4.447
and coal shipped by truck from authorized
Includes washery and dredge coal,
a
217,900
79,300
13,217
25,000
4,167
of working days in the
four years.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
(The current estimates are based on railroad carloadings and river shipments and
Reported
Est.
3,702
.
280
4,159
3,130
4,159
77.0
3.170
unrept.
25,126
610
58,967
457
54,897
4,070
2,850
89.0
7,168 119,881
280
2,590
25,736
subject to revision on receipt of monthly tonnage reports from district and State
sources or of final annual returns from the operators.)
are
xEst.tot.U.S.
Mar.
Week Ended—
5 '38
4,159
4,159
Feb. 26 '38
7,448 122,471
7,225 b!22430
a58,574 a24,920
Feb.
State
Feb. 19, Feb. 12, Feb. 20, Feb. 22, Feb. 16,
1936
1929
1938p
1938p
1937p
U.S. B.of M.
xMar.
51,236
y3,045
6 '37
basis,
Estimated Bureau of Mines'
20,655
7,044
98,198
4
2
2
242
297
257
406
37
36
58
112
170
87
147
112
182
236
301
231
2
Alabama
Colorado
distillates in California.
Illinois
y
4
241
3
1
1
Alaska
March, 1937 daily average,
a Revised
due to transfer of 232,000 barrels from stock "at refineries" to stocks "at bulk
terminals, in transit and in pipe lines" in Oklahoma, Kansas, Missouri,
b Revised
due to transfer of 1,472 barrels from stocks of unfinished oils to stocks of gas oil and
x
Arqe.
I923e
Arkansas and Oklahoma.
-
Georgia and North Carolina
s
8
409
s
s
823
830
1,453
1,406
1,722
1,993
330
317
480
454
472
613
73
70
100
103
133
Kansas and Missouri
156
137
197
176
212
174
Kentucky—Eastern
487
546
720
806
1,014
556
226
Indiana
-
Iowa
Preliminary Estimates of Production of Coal for Month
of February,1938
According to preliminary estimates made by the United
States Bureau of Mines and the National Bituminous Coal
Commission, bituminous coal output during the month of
with 42,110,000 net tons in the
January, 1938.
Anthracite
1938.
totaled 3,525,000 net
ago and 4,775,000 tons
1938,
tons, as against 3,368,000 tons
in
corresponding month last
and 30,880,000 tons in January,
production during February,
273
135
218
246
411
Maryland
Michigan..—
29
29
40
45
63
9
10
16
21
17
26
Montana.
63
60
74
83
97
80
Western..
New Mexico
a year
The consoliaated statement of the two
aforementioned organizations follows:
Number
for
of
Month
Working
{Net Tons)
Days
Day
{Net Tons)
Average
Pennsylvania bituminous.
per
Anthracite
23.8
1,455
2,790
2,172
2,928
3,087
79
108
118
123
129
127
14
16
16
16
25
Utah
55
57
115
108
150
107
239
280
250
281
Virginia
Washington
25.1
30
Other western States
25.0
26.0
4,504
42,110,000
3,368,000
23.9
23.5
1,762,000
143,300
292,200
1,127
725
673
86
160
180
170
156
4
1
1
4
7
6,500
6,750
10,840
9.862
12,160
10,956
c
768
836
769
1,613
1,672
1,902
7,268
7,586
11,609
11,475
13,832
12,858
24.0
12,175
February Production and Shipments of Slab Zinc
The
American
SLAB
b Total
production, including colliery fuel,
shipped by truck from authorized operations.
washery
and
dredge
coal,
Note—All current estimates will later be adjusted to agree with the
complete canvass of production made at the end of the calendar year.
and
Zinc
Institute
on
March
7
ZINC
STATISTICS
(ALL GRADES)—1929-1938
coal
Retorts
(a)
Produced
Year 1929.
Shipped
During
During
Period
Period
Stock at
End
of
Period
Retorts
During
Unfilled
Orders
End
of
Period
Period
26,651
coal report
stated that production of soft coal in the week
ended Feb. 26 showed little change from the
preceding week.
The total output is estimated at
6,450,000 net tons,
crease of 50,000 tons.
The
631,601
602,601
75,430
6,352
57,999
504,463
436,275
143,618
196
31,240
68,491
47,769
Year 1931.
The National Bituminous Coal Commission in its
weekly
300,738
213,531
324,705
366,933
431,499
523,166
314,514
218,517
129,842
41
19,875
23,099
124,856
170
21,023
18,560
344,001
105,560
239
23,653
352,663
119,830
148
27,190
32,944
465,746
83,758
59
38,329
32,341
15,978
30,786
51,186
561,969
44,955
0
42,965
37,915
78,626
Year 1932.
Year 1933.
Year 1934.
Year 1935.
Year 1936.
de¬
a
January..
40,047
51,227
33.775
February.
37,794
46.953
24,616
53,202
59,635
18,183
40,285
40,613
*35,719
weekly state¬
Pennsylvania anthracite
tons,
39,948
*37,851
April
52,009
56,229
13,963
May..
55,012
55,201
13,774
21.5%.
Production in the corresponding week of 1937
was 646,000 tons.
Cumulations for the calendar
year 1938
to date are
13.2% above those of the same period of 1937.
Consolidated statement of both the above-mentioned
organi¬
zations follows:
(In Thousands of Net Tons)
50,526
50,219
40,588
*38,417
89,848
41,177
*38,936
81,448
43,429
67,143
*42,519
43,205
*42,186
59,209
46,199
14,081
July.....
49,181
49.701
13,561
46,171
82.596
*45,147
48,520
44,186
*43,007
August...
48,309
50,643
11,227
50,163
50,027
47,737
13,517
*48,387
51,809
*47,190
September
*49,860
October..
52,645
40,345
25,817
*49,766
50,578
75,086
49,511
*48,110
49,350
61,151
*46,311
*46,158
60,324
*47,552
49,393
32,676
42,534
December.
51.787
29,545
64.776
51,715
Monthly
avge.
589,932
49,300
106187
92,319
*46,192
47,509
48,339
570,111
49,161
48,812
*45,704
Total for yr_
Year to Date
*39,019
43,724
76,544
77,969
*45,175
June
November
ESTIMATED UNITED STATES
PRODUCTION OF SOFT COAL. WITH COM¬
PARABLE DATA ON
PRODUCTION OF CRUDE PETROLEUM
43,660
*43,270
increase
of
43,635
*38,979
an
working
rate ob¬
18,273
8,478
*38,447
42,786
*38.289
that day.
The United States Bureau of Mines in its
ment showed that production of
28,887
18,585
1937
March...
holiday observance of Washing¬
birthday in certain sections was reflected in lower
Coal
Average
Shipped Operating
End of
for
Period
Export
Year 1930.
Weekly Coal Production Statistics
Week Ended
the
(Tons of 2,000 Pounds)
results of the
for the week ended Feb. 26 amounted to
855,000
an average of
155,.500 tons for the five and one-half
days of the week.
In comparison with the daily
tained in the six-day week of Feb. 19 there was an
released
following tabulation of slab zinc statistics:
a Includes for
purposes of historical comparison and statistical convenience, the
production of lignite and of anthracite and semi-anthractie outside of Pennsylvania,
on
77
2,071
605
191,000
117,100
...
Beehive coke.
shipments
77
1,750
705
Dakota included with "Other Western States."
February, 1937 {Revised)—
ton's
44
2,021
363
4
Wyoming..
57
1,433
95
a
33
1,168
423
West Virginia—Southern
Northern b
1,230,000
4,775,000
23
96
212
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary.
■ Alaska, Georgia, North Carolina, and South
4,371
Beehive coke
Anthracite-b._.
»37
694
a Includes operations on the N. &
W.; C. & O.; Virginian; K. & M.; B. C. & G.;
on the B. & O. in Kanawha,
Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes .Arizona, California, Idaho, Nevada, and
Oregon,
d Data for Pennsylvania
150,000
24.0
30,880,000
Bituminous coal.a
866
455
and
1,134,000
23.5
104,900
b
72
550
Working
3,525,000
27,000,000
..
Beehive coke
January, 1938 (Revised)—
Bituminous coal, a
68
94
601
1,445
All coal
February, 1938 (Preliminary)—
a
61
62
335
Tennessee
Pennsylvania anthracite d
Bituminous coal,
43
44
64
315
Ohio
Total bituminous coal
Total
Anthracite.b
28
27
North and South Dakota
61
Texas
February, 1938, amounted to 27,000,000 net tons, compared
year
136
45,383
e
1938
January
1938
Bituminous Coal
c
1938
1937
1937-38 1936-37 1929-30
24,931
88,532
41,146
21,540
108,138
42,423
6,450
dl,112
1,083
11,194 368,219 407,335 485,621
1,897
1,311
1,452
1,720
5,323
5,397
5,280 271,107 233,699 211,569
Crude Petroleum b—
Coal equivalent of weekly output
,,
6,500
.
.
uumymisua
ana statistical
convenience the
production of lignite and anthracite and
semi-anthracite outside of Pennsylvania.
Dftrrcls produced durinu th© week
converted to eoulvfllent ooul AjR£iiinifri£f
per barrel of oil and 13.100 B.t.u. per
coal
c Subject
revision,
d Feb. 22, Washington's
6,000,000 B.t.u.
iZnd
weighted aTo.8
S
anormal^working
Birthday,
of
day.
e Approximate coal years to date.
Sum of 48 full weeks ended Feb
and corresponding periods in other
years.
26
*
1938
'
'
44,623
*38,030
*41,659
39,267
a—
Total, including mine fuel
Dally average
,
48,687
February
41,644
*34,583
Feb.2Q, Feb. 19, Feb. 27.
*38,180
145,400
[38,891
*
Equivalent retorts computed on 24-hour basis,
in total shipments.
a
Export shipments
are
Included
♦
Non-Ferrous Metals—Prime Western Zinc
St.
Louis—Copper
and
Lead
Reduced
to
Inactive
"Metal and Mineral Markets" iu its issue of March
10,
reported that trading in major non-ferrous metals was quiet
all last week, owing to the continued
inactivity in most of
Financial
146
Volume
the consuming industries.
The feature in price changes was
the reduction in Prime Western zinc to the basis of 4He.,
on by the ac¬
maintained on
the basis of 10c., Valley.
Lead buying was slow, but pro¬
ducers regarded the quotation as steady in view of the good
buying experienced recently. Tin showed little net change.
Quicksilver was lowered to $72.50@$73.50 per flask.
The
publication further reported:
drop of one-quarter cent brought
St. Louis, a
Domestic
cumulation in stocks.
domestic basis,
the
to
copper was
The foreign price held
trade in copper was quiet all week.
Domestic
close
Domestic
situation here.
which served to lend
for the week totaled 4,468 tons, bringing
sales
The industry is marking
date to 5,228 tons.
the total for the month to
to the
support
some
of some improvement in consumption of copper in the
time, awaiting news
February statistics are expected to
substantial gain in stocks.
The price continued at 10c.,
automobile, building, and utility fields.
another
show
or from 46,100
Age" further stated:
10%
46,367
to
tons
January,
''Iron
The
tons.
rate of
1 there were 91 furnaces making iron, operating at a
On March
47,045 tons daily, compared with the same number in blast on
Feb. 1,
producing at the rate of 46,035 tons daily.
Four furnaces were blown in
and the same number blown out of banked.
U.S. Steel put one in operation
and took one off blast, independent
producers blew three in, and merchant
producers blew out or banked three units.
Among the furnaces blown in were the following: One
Trumbull-Cliffs furnace,
the Wheeling
Haselton and the
Republic Steel Corp.; the Portsmouth furnace of
Steel Corp., and one Ensley unit of the Tennessee Coal, Iron
& Railroad Co.
■■
■
blown out or banked included one Susquehanna fur¬
Palmerton furnace. New Jersey Zinc Co.;
Co. furnace, and a Lorain furnace. National Tube Co.
^ The four furnaces
National Steel Corp.; a
nace,
the Brooke Iron
DAILY AVERAGE PRODUCTION
STATES
BY
COKlfluGT^ON'lN'THE
OF
MONTHS SINCE JAN.
1,
UNITED
1933—GROSS TONS
1938
1937
1936
1935
1934
1933
about
soon.
week, but the mainstay of
buying for account of Russia and Japan.
business in copper was good last
Foreign
abroad again was
market
the
of
raised
The freight rate on copper in this country is scheduled to be
Valley.
1629
Chronicle
record of sales, of copper in the domestic market, by
Following is a
1937. and the first two months of the current year, in
months, for 1936,
46,100
62,886
107,115
46,367
65,816
111,596
80,125
113.055
65,351
45,131
57.448
52.243
57,098
57,561
55.449
May
65,900
55,713
85.432
114,104
June
42.166
64,338
51,570
86.208
103,584
24,536
54.134
54,138
74,331
108,876
57.821
39,510
34,012
49,041
83.686
112,866
...
February
March
eased moderately during the week.
The price has
103,597
47,656
39,201
18,348
19,798
17,484
20,787
28,621
January
......
April
short tons:
January.....
33,165
78,654
35,948
158,064
March..
April
.....
June
...
July
43,130
tm'mm
117,715
August
September
October
....
<*
69,225
28,936
25,253
40,769
178,801
88,177
December
25,453
23,518
1938
1937
1936
November
53,819
74,912
53,101
26,143
16,303
16,521
175,484
...
February-..
May
1938
1937
1936
First six months
July
-
...
August
59,142
56,816
87,475
116,317
September
23,238
21,035
26,504
50,742
43,754
29,935
59,216
91.010
113,679
30,679
63,820
96,512
93,311
36,174
38,131
31,898
68,864
98,246
66.891
33,149
67,950
100,485
48,075
26,199
43.592
67.556
63,658
100,305
October.
35,395
November
Totals.
62,298
964,854 517,736
December
Lead
12
A
Sales for the
of quiet prevailed in lead during last week.
period
1,555 tons, compared with 6,605 tons in the previous week
week totaled
mos. average._
PRODUCTION
OF
COKE
PIG IRON AND
(GROSS TONS)
OF FERROMANGANESE
Small consumers continue to be the leading
and 7,726 tons two weeks ago.
buyers in the market, requesting prompt shipment, while
large interests,
modest
Ferromanganese y
Pig Iron x
battery, cable, and pigment makers, have so far bought in a
the
Basing consumption at around 35,000 tons per month, the
way.
March
believes
trade
April 30% .
in stocks of about 4,000 tons is anticipated for Febuary,
requirements
70%
about
are.
estimated about 33,000 tons.
The tone continues
Smelting & Refining Company,
the contract settling basis of the American
Zinc
brought out an
Buying was slow all week, but it was
easier undertone in several directions.
yesterday that the metal was offered in a fairly large way on
until
the
basis of 4%c.
May
3,537,231
3,107,506
26,765
34,632
34,415
19,706,593
170,857
July
3,498,858
23,913
August
September.
3,605,818
29,596
26,100
26,348
Half year.
ducing zinc well in excess of the demands of consumers,
not
27,757
3,391,665
February statistics, showing that the industry is pro¬
The unfavorable
St. Louis, prompt and
pound for Prime Western,
per
24,228
3,459,473
April
June
Louis.
and at 4.35c., St.
1,298,268
23,060
22,205
3,211,500
2.999,218
1.429.085
March
Quotations remained at 4.50c., New York,
steady.
January..
1937
22,388
and
covered
February.
Another increase
with shipments
1938
1937
1938
Demand at the lower
level showed virtually no improvement.
The 4%c. basis for zinc is the
lowest since Aug. 19, 1935.
Even though the reduction in the price may
not stimulate business appreciably, producers hope that the lower level
will force further curtailment in output so that the market can be brought
back to a healthy condition.
Actual consumption of zinc, taking the in¬
October
3,410.371
2,892,629
November.
2,006,724
December.
1.490,324
25,473
22,674
36.611,317
324,961
near-by delivery, a reduction of one-quarter cent.
whole, has improved slightly this month, but the gains reg¬
dustry as a
istered have been
Total stocks of zinc at the end
far below expectations.
108,138 tons, against the low of 11,227 tons last August
of February totaled
and 24,616 tons in
February last year.
Tin
Prices here moved within
London Metal Exchange reflected a steady tone.
limits,
narrow
business
with
confined
sale
to
of small
improvement in the tin-plate industry of this country
of
production to close to 55%
tin, 99%
Chinese
,
of capacity.
nominally as follows: March 3d, 40.500c.; 4th.
was
PRICES
Seasonal
lots.
has moved the rate
40.750c.
40.625c.; 5th. 40.500c.; 7th. 40.500c.; 8th, 40.500c.- 9th,
DAILY
Prices on the
quiet during the last week.
The domestic tin market was
OF METALS
("E.
Straits
Electrolytic Copper
Dom.,Refy. Exp., Refy.
&
J."
M.
New
New Yorl
Yorl
St. Louis
Louis
Steel Operations
pig iron,
y
Included in pig iron figures
Up 9% in February
operations in the steel industry during February
was 9% above the January level, but because of the shorter
month the tonnage of steel ingots produced was slightly
under January, according to a report released March 8 by
the American Iron and Steel Institute.
A total of 1,703,245 gross tons of open-hearth and Bessemer
steel ingots was produced in February, equivalent to 31.73%
of capacity.
Production of 1,732,266 gross tons in January
The rate of
represented 29.14% of capacity.
The output in February was 60% below production in
February, 1937, when 4,413,832 gross tons, or 84.25% of
were
produced.
last month was 425,811
week, it is calculated, which compares with
the weekly output of 391,031 gross tons in January and with
1,103,458 gross tons in February of last year.
Average weekly output of ingots
Zinc
St.
These totals do not include charcoal
capacity,
QUOTATIONS)
Ijead
Tin
Year.
x
4.75
9.775
9.625
41.750
4.50
4.35
9.775
9.650
41.875
4.50
4.35
4.75
5
9.775
9.650
41.750
4.50
4.35
4.75
Mar.
7
9.775
9.650
41.750
4.50
4.35
4.75
Mar.
8
9.775
9.575
41.750
4.50
4.35
4.75
Mar.
9
9.775
9.575
42.000
4.50
4.35
4.50
9.775
9.621
41.813
4.50
4.35
tons per
gross
4.708
Mar.
3
Mar. 4.
Mar.
OPEN HEARTH AND BESSEMER
1937, TO FEBRUARY. 1938
MONTHLY PRODUCTION OF
STEEL
INGOTS—JANUARY.
(Calculations based on reports of companies
open
which In 1936 made 98.29% of the
hearth and 100% of the Bessemer ingot production)
Calculated Monthly
Average.
.
markets, based on sales reported by producers and agencies.
They are reduced to
All prices are in cents per pound.
the basis of cash, New York or St. Louis, as noted.
Copper, lead and zinc quotations are based on sales for both prompt
and future
deliveries; tin quotations are for prompt delivery only.
basis: that is,
the
figures shown above are net prices at refineries on the Atlantic -eaboard.
Delivered
prices in New England average 0.225c. per .pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard. On foreign business in copper sellers usually name a c.l.f. price—Hamburg.
Havre, and Liverpool.
The c.i.f. basts commands a premium of 0.350c. per pound
In
the
trade,
domestic copper
delivered at consumers' plants.
prices are quoted on a delivered
As delivery charges vary with the destination,
Month
Tons
of Capacity
(Gross Tons)
January,.
1,732.266
29.14
391,031
4.43
February.
1,703,245
31.73
425,811
4.00
4.724,894
4,413,832
81.43
March
5,216,243
89.90
1,066,567
1,103,458
1,177,481
4.43
February.
14,354,969
85.23
l,llff,250
12.86
4.29
Copper, Stdf
'
'*
Lead
Tin, Sid.
Copper
First quarter.
84.25
3M
(Bid)
Spot
3M
4.43
90.24
5,149,851
88.76
1,181.922
1,162,495
4,183.762
74.46
975,236
4.29
13.01
,
Spot
3M
Second quarter
Zinc
Spot
4.43
14,404,058
84.53
1,107,153
First six months
28,759.027
84.88
1,111,675
25.87
78.48
4.42
■
Spot
4.00
5,070,445
April,
Electro.
■
3M
15518
1534
13%
1434
July
18534
184J4
1534
157i6
1334
1434
August....
4,875,671
83.79
40%
18534
185
1534
157i6
147u
1434
September.
4,298,354
76.46
39%
40 %
44
185%
18534
15^16
157i6
14»i«
1434
40 %
43 %
18534
18534
1534
1534
143i6
1434
13,730.026
79.61
1.045,699
13.13
39 %
7
9
18434
44 3^
44 %
42,489.053
83.10
1,089,463
39.00
October—
3,392,691
58.31
765,844
4.43
2,153,781
1.472.241
38.22
502,047
4.29
25.36
333,086
4.42
7,018,713
40.67
534,149
13.14
49,507,766
72.39
949,516
52.14
40%
40%
Mar. 8...
Mar.
18534
407i«
40 %
1,030,769
1,100.603
1,004,288
40 H
3
Mar. 4.
Mar.
%
4,556,001
November-
Mar.
44
Prices for lead and zinc are the official
buyers' prices for the first session of the
London Metal Exchange; prices for copper and tin are the
All are in pounds sterling per long ton
prices.
Third quarter
Nine months
...
(2.240 lb.).
February Pig Iron Output Makes Slight Gain
"Iron
Fourth quarter.
Age" in its issue of March 10 reported that
production of coke pig iron in February totaled 1,298,268
gross tons compared with 1,429,085 tons in January.
The
daily rate last month made a small gain of 0.6% over that
4.43
4.28
official closing buyers'
December.
The
•
1937—
January,.
May...
Dally London Prices
•
1938—
June...
above f.o.b. refinery quotation.
of
Weeks in
Production
Domestic copper,
refinery, 9.775c.; export copper,
4.500c.; St. Louis lead, 4.350c.; St. Louis zinc, 4.750c., and silver, 44.750c.
The above quotations are "M. <fc M. M.'s" appraisal of the major United States
Number
Weekly
Per Cent
f.o.b'
9.638c.; Straits tin, 41.875c.; New York lead'
Average prices for calendar week ended March 5 are:
Calculated
Production
Gross
Period
Total
Note—The
operated are calculated on weekly capacities
based on annual capacities as of Dec. 31. 1937, as follows:
percentages of capacity
of 1,341,856 gross tons
Open hearth and Bessemer Ingots,
69,964,356 gross tons.
1630
Financial
Chronicle
March
United States Steel Corp. Shipments Smaller
1937
Shipments of finished steel products by subsidiary
com-
SHIPMENTS
OF
STEEL
YEARS
PRODUCTS
BY
MONTHS
Mar.
9
$20.25
1936
fanies of the United States Steel Corp. for the
OF
$23.25
Low
Nov.: 24
Nov.
Feb.
18.73
1935
month of
ebruary, 1938, amounted to 474,723 tons, a decline of
43,599 tons from the January, 1938, total of 518,322 tons.
The decline was due mainly to the shorter month.
For the
two months of 1938 shipments were 1,290,597 tons
below
those for the same months of 1937,
showing a decrease of
57%.
In the table below we list the figures by months
since January, 1934:
TONNAGE
1938
12,
High
17.83
1934
17.90
5
16
Aug. 11
May 14
May
1
16.90
Jan.
1933
16.90
Dec.
5
13.56
Jan.
1932
14.81
Jan.
5
13.56
Dec.
6
Jan.
7
15.90
Dec.
16
Jan.
4
17.54
Nov.
1930
1927
19.71
27
3
1
Steel Scrap
March
8, 1938, $13.42 a Gross Ton
One week ago
One month ago
on
No. 1
heavy, melting steel
quotations at Pittsburgh, Philadelphia
13.92
One year ago
FOR
Based
$13.58
and
Chicago.
21.08
INDICATED
High
Low
1938
Month
Year 1934
January
February
Year 1935
331,777
534.055
582,137
668.056
385,500
March
588,209
643,009
745,064
985,337
369,938
April
May
June
July
August
October
November
366,119
December.
418,630
Yearly adjustment. —(19,907)
Total for year
1,149,918
1,133,724
783,552
979,907
984,097
886,065
950,851
923,703
961,803
792,310
—(23.7.50)
7,347.549
518,322
474,723
will
bear the brunt
9
13.42
Dec.
10
10.33
Apr.
23
13.00
Mar. 13
9.50
increase
no
6.75
Jan.
3
8.50
Jan.
12
6.43
July
5
Feb.
18
11.25
Dec.
9
15.25
Jan.
17
13.08
Nov. 22
steel
users
1937, follow:
1937—
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
freight rate costs,
products, mainly for replenishment of
is not yet in sufficient
aggregate volume to make
re¬
For the first time since
early January, some of the steel companies have
been able within the
past week to detect an improved trend in orders.
The change is not substantial
enough to be convincing of a sustained seasonal
expansion in buying, but it is a slight departure from the
sidewise movement
of the past two months.
Individual orders are running into lots of a
carload
or more as contrasted with the
recent
A further
frequency of less-carload quantities.
indication of broadening interest is a
greater diversification of
However, it will take much more of a tonnage gain than has thus
far been apparent to lift
ingot production
Pointing to
a
materially.
probable need of equipment by some roads, the
Bangor &
cars, the largest number
bought from
Aroostook has ordered 655 freight
car
builders by one road since
early last fall.
been authorized to
spend
$1,033,000
The Southern
Railway has
the repair and air
conditioning of
on
passenger cars.
Although
the
"Steel"
industry has not expanded its purchases of
car production schedules for
March are being stepped
up moderatly.
The nation-wide used car
campaign this week is counted upon to lift sales
of the
winter
depression.
trucks in the United
January and 47%
February assemblies of 205,100
States and Canada
below the February,
about
were
1937,
total.
mobile production this
year is not expected before
years
It has
no
a
The
peak
du Pont
of auto¬
May, although in most
indication of
a
seasonal gain in
were
building construction.
about 11,500 tons,
including 3,000
building at Baton Rouge, La., and 1100
tons for
dam in
a
Texas.
However, new structural projects total
nearly 25,000 tons, of
which about 12,000 to
15,000 tons is for Grand Coulee dam, 3,270 tons for
a bridge at Fort
Worth, Tex., 2,000 tons for a bridge at
Davidson, Okla.,
and 1,000 tons for a store at San
Antonio, Tex.
Private
in
projects
a
are
minority.
greatly
The
Inland Waterways
Corp., New Orleans, La., has awarded 20 river
barges, which will require 13,500 tons of
steel.
The continued low rate of steel
output is giving scrap markets
tone.
Heavy melting steel has declined 50c. a ton at
a
weaker
Philadelphia and at
The "Iron Age"
scrap composite price has declined 16c. a
ton to $13.42,
only 50c. above the low point of
1937, in November.
The
Philadelphia market has been supported for some time
by export purchases,
but orders are
running out and exporters are
paying less.
Some European
countries, notably Belgium and
Luxemburg, are ex¬
Youngstown.
periencing
in
Great
a
sharp slump in
Britain*
which has raised
steel
Following
some
business, and
the
prices, notably
AGE"
One week ago
One month ago
a
export
agreement,
Lb.
Based
2.605c.
steel bars, beams, tank
plates,
wire, rails, black pipe, sheets and hot
85% of the United States output.
These products represent
Low
2.605c.
Mar.
2.330c.
Dec. 28
}^5
J934
Inoo
2.130c.
2.199c.
2.015c.
Oct.
J 932
}930--
2.402c.
9
2.330c.
2
1
2.084c.
2.124c.
Jan.
Apr. 24
2.008o.
Jan.
2
Oct.
3
1.977c.
Apr.
18
Oct.
4
1.867c.
1.926c.
Feb.
1
Jan.
7
2.018c.
Dec.
9
Jan.
4
2.212c.
Nov.
1
Mar. 10
8
Gross Ton
$23.25
One month ago
One year ago
23.25
,
12
July
Aug.
Aug.
Aug.
Aug.
13—27.4%
20——23.5%
Dec.
27
.19.2%
1938—
74.4%
Jan.
4
66.1%
Jan.
10
Oct.
11
63.6%
Jan.
17
Oct.
18. —.55.8%
25
52.1%
Jan.
24
Jan.
31
Feb.
Oet.
19.....82.5%
26.—84.3%
2
85.5%
9
84.6%
16
83.2%
23
83.8%
July
a
Nov.
1
Nov.
8
48.6%
41.0%
3
25.6%
27.8%
29.8%
32.7%
30.5%
Feb.
7— —30.7%
14
31.0%
Nov. 15
Feb.
21
30.4%
Nov. 22
Feb. 28
29.3%
29.9%
36.4%
31.0%
Nov. 29
29.6%
Dec.
6.—27.5%
Mar.
7.
most mills find
gradual, though slow, tendency upward.
waiting attitude that has charac¬
showing
no inclination to accumulate
Requests for immediate shipment indicate little steel is in con¬
hands.
sumer
It is becoming
increasingly evident many steel users have
of their manufactured products and will not
buy freely
begun to move.
Inability of the motor
large inventory
until these have
industry to get
under way is a considerable deterrent to steel
production.
The outcome
of the present drive to break the used car
jam is awaited with interest.
Agricultural implement makers supply one of the
brightest spots in the
situation, maintaining schedules at a rate relatively higher than other steel
consumers.
With surveys of farm cash
income indicating
purchasing
power almost equal to that of last year a good rate of
buying is expected.
Farm equipment suppliers expect some decline from
last year's sales but
excellent volume, nevertheless.
an
only
10%
in
cash
returns
Federal agencies forecast
farmers
to
for
first
wire products for farm use are
expected to be
Continued scattered
buying
and cannot be restrained
by railroads
give
immediate steel
more
the latter is
trickling out.
50
of
indicates
needs
wire
are
car
and
pressing
Last week
tons of rails for March and
April
Track maintenance
is
builders have booked nine
likely to
some
of
and
an
cars
New York subways are asking
bids
cars.
by the Maritime Commission of four of the
which bids
be
decline of
a
Sales
buying than for equimpment, though
Tank
inquiry for five to ten is pending.
on
half.
large.
until the rate petition is answered.
Chicago rail mills booked about 30,000
delivery, buyers not being announced.
placed
were
taken
some
time ago gives
12 cargo
boats
on
hope the remaining eight will
The four ships will require about 20,000 tons of
steel.
Other shipbuilding construction is
bringing tonnage, the Navy
soon.
3,625 tons for destroyers building at
Still holding close to 30%
placing
yards.
navy
of capacity,
as
it has done since the middle
of
January, the national ingot operating rate dropped
to
29.5%
Slight losses,
.
six areas,
change
no
some due to
was
point last week
one
staggered operation, were shown in
made in five districts and
small gain was re¬
a
ported in
one.
Chicago advanced 2 points to 26.5% , Pittsburgh dropped
1 point to 27, Birmingham 3 points to
58, New England 12 points to 15,
Cincinnati 25 points to 10, Detroit 8
points to 35, and Cleveland 3 points
to 28.
No change was made at
Youngstown at 29%
St. Louis at 28.
28, Buffalo at 21, Wheeling at 38 and eastern
Pennsylvania at 30.
,
Pig iron production in February made
rate, 0.1% over January.
The daily rate
46,608 tons
tons,
in
9.6%
record
is
January.
lower
the
than
lowest
the
since
I,028,006 tons, with
ruary since
Total
a
gain of 47 tons in the daily
46,655 tons, compared with
wras
production in
1,444,862
December,
tons
1934,
February
in
when
total
It
1934, when output was 1,270,792 tons at
1,306,333
February
production
was
a
was
The
January.
daily rate of 33,161 tons.
a
23.25
Based
17.1%
and
over
27.6%
the lowest
was
Feb¬
daily rate of 45,385
article,
imports in January were 29,409 gross tons,
December, but 21.8%
smaller
most
than
coming
imports
were the
source
in
from
British
on
India
and
The
Netherlands. Scrap
Germany was the
lowest in many months at 222 tons.
of imports,
passing Belgium, which has
Production of automobiles last week
than
the
preceding week.
average of basic iron at Valley
54,440
been
units
in
the
lead
2,537 lower
was
General motors made 23,750 compared with
Chrysler 11,150 compared with 10,450, Ford
II,500 compared with 15,570, and other makers 8,040 compared with
9,007.
With prices of scrap largely
export,
adjustments
point for
in scrap
Buffalo,
Valley
Southern Iron at
Cincinnati.
remains
and
at
21,950 the preceding week,
furnace and foundry Irons at
Chicago,
Philadelphia,
increase
an
below the monthly average for 1937
1937.
Pig iron was the leading
January,
to
nominal in absence of buying, except for
lower
levels
steel-making grades to decline
Pig Iron
a
5
.76.1%
Sept. 27
Dec.
for several months.
Mar.
2.273c.
March 8, 1938, $23.25
One week ago
June 28
July
July
Sept. 20
Oct.
terized the situation for many weeks,
stocks.
leading
High
1927--
14
Dec.
Improvement in steel buying is slight and irregular, but
of
rolled strips.
-
June
June 21
Sept. 13
7
of
Steel and iron
'
on
2.605c.
}j5Z
7
84.1%
71.6%
.80.4%
Sept.
tons.
2.605c.
One year ago
May 31
June
1937—
Aug. 30
In general steel consumers continue the
COMPOSITE PRICES
Finished Steel
March 8, 1938, 2.605c.
steel
sheets, export trade has declined
on
noticeably.
THE "IRON
the situation is much easier
international
May 24
somewhat broader demand and
Award
Structural steel lettings in the week
tons for
and
cars
under those of
in April.
come
There is still
10%
90.0%
91.0%
77.4%
76.2%
76.6%
75.9%
75.0%
67.3%
82.7%
Cleveland, in its summary of the iron and
markets, on March 7 stated:
steel
automobile
steel,
out
1937—
May 17
as
mains at about
buyers.
.79.6%
8
80.6%
15
81.6%
22
82.5%
1
85.8%
8
-87.3%
15
88.9%
22..—89.6%
29
90.7%
5
89.9%
12
90.3%
19
91.3%
26
92.3%
3
91.0%
10
91.2%
Feb.
on
1937—
1
Feb.
from
appreciable change in the industry's ingot production
rate, which
30% for the third consecutive week.
any
companies having 98%
capacity of the industry will be 29.9% of capacity
beginning March 7, compared with 29.3% one
30.7% one month ago, and 87.3% one year ago.
week ago,
This represents an increase of 0.6
points, or 2.0%, from the
estimate for the week ended Feb.
28, 1938.
Weekly indi¬
cated rates of steel operations since Feb.
1,
12,825.467
A slowly rising demand for steel
depleted inventories,
—
of the steel
pig iron.
on
8
Sept. 25
15.00
raw materials of the steel
There is
Aug.
8
for the week
many
of the increase
12.25
Mar.
489,070
producers—ore, coke and bituminous
coal—are excepted from the increases,
though scrap will pay the higher
rates.
June
The American Iron and Steel Institute on March 7 an¬
nounced that telegraphic reports which it has received indi¬
cated that the operating rate of steel
Age" further reports:
user
12.67
1933
delivery.
The steel
21
1927
The fact that the increased rates
may be put into effect
10 days' notice will,
Important
Dec.
1930
Freight Rate Increase May Stimulate Steel Buying for
Prompt Delivery
The "Iron Age" in its issue of March 10
reported that
a decision on railroad
freight rates, handed down March 8
by the Interstate Commerce Commission, which includes a
10% increase on steel products, may have the effect of stimu¬
lating some immediate buying of steel for prompt
The "Iron
Nov. 16
17.75
-
587,241
10,784,273
however, prevent
12.92
Jan.
1932
—(40,859)
5,905.966
$13.42
1934
1,268,550
1,186,752
1,107,858
1,047,962
1,007,417
882,643
1.067.365
4
Mar. 30
1936
1,414,399
1,343,644
1,304,039
591,728
370,306
343,962
------
721,414
1938
21.92
1935.—
Year
$14.00
1937
Year 1937
676,315
598,915
578,108
547,794
624,497
614,933
686,741
681,820
661,515
378.023
September
Year 1936
this
indicator
quotations had
at
$38.84.
since
no
The
$61.70, which has held for
12
effect
last
cents
about
on
the
caused
$13 13.
middle
the
This
composite
is
of December.
the
of
lowest
Changes
the iron and steel composite, which
finished steel
many
week
to
composite shows
months.
no
change from
Volume
Financial
146
The "Wall Street Journal" in its issue
1631
Chronicle
ofjMarch 9 stated
U.
Industry
that for the steel industry as a whole the ingot production
for the week ended March 7, is placed at 30% of capacity.
This is unchanged from the previous week, and compares
1938
30
1937
86
1936
56
with 303^% two
1935
48 X
1934
48
weeks
The "Journal" further reported:
ago.
two weeks ago.
,
54
+ 1
76
—3
1929
94
+ 1
1928
82 X
+
1927
91X
+2
on pages 1664 and 1665.
Changes in the amount of Reserve bank credit
ing and related items were as follows:
Increase
(+)
or
Mar. 2.
The
1.000,000
in
Other Reserve bank credit
—6,000,000
agricultural loans declined
and
Loans to banks increased $14,000,000 in New
member banks.
United
of
the
week.
States
Government
Holdings of "Other securities" increased $15,Chicago district and $28,000,000
reporting member banks.
at all
reporting member banks.
ment
deposits increased $32,000,000 in
—17,000,000
+ 890,000,000
at all
reporting member banks.
—4,000,000
—5,000,000
-32.000,000
+153,000,000
645,000,000
Member Banks in New York City and
Chicago—Brokers* Loans
Below is the statement of the Board
of Governors of the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
Reserve
deposits—adjusted declined in most of the districts, the
Demand
$79,000,000 in New York City, $43,000,000 in the
decreases being
district, $36,000,000 in the San
Kansas
City
credited
Deposits
REPORTING MEMBER BANKS
domestic banks increased in most districts,
to
Chicago district, and the aggregate net
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year
ended March 2, 1938, follows:
Increase
Mar. 2, 1938
3,367
7,833
3,281
8,752
3,717
Chicago
Mar. 9 Mar. 2 Mar. 10
1938
1938
1937
$
$
.
1,995
618
1,996
617
$
622
1,463
221
1,469
*
*
23
387
23
390
160
*
28
28
*
700
608
1,147
45
39
214
215
*
71
71
125
59
dealers.
Loans to banks
126
54
128
50
12
—-
12
1
234
190
3,016
232
196
3,071
*
*
3,421
21
30
998
23
31
998
unsec'd
U. S. Gov't direct obligations...
Obligations fully guaranteed by
United States Government—
;
-
banks._
Cash in vault
Balances with domestic
banks..
Other assets—net
50
Obligations
14
5
417
1,067
2,788
51
68
476
420
1,061
2,712
48
69
476
101
278
574
22
162
53
101
280
592
23
138
52
447
1,167
2,500
50
78
508
deposits—
670
343
670
344
2,134
deposits
+9,000,000
—4,000,000
713,000,000
807,000,000
8,137,000,000
+ 2,000,000
+ 8,000,000
—10,000,000
—930,000.000
1,159,000,000
3,002,000,000
+ 9,000,000
+ 28,000,000
—46,000,000
—34,000,000
a—2,000,000
—49,000,000
—320,000,000
+ 456,000,000
—95,000,000
—16,000,000
by
....
-
*
*
banks.... 5,627,000,000
279,000,000
Cash in vault...
2,039,000,000
banks
*
IAabiliiies—
1,140
95
276
541
31
151
66
2,137
328
6,571
674
1,392
469
1,388
468
Demand
deposits—adjusted
deposits
-
United States Government
...14,381,000,000
5,260,000,000
-
deposits
673,000,000
—195,000,000 —1,120,000,000
+11,000,000
+ 93,000,000
+ 35,000,000
+ 333,000,000
Inter-bank deposits:
Domestic
.......
banks..
.........
Foreign banks
Borrowings...........
5,384,000,000
368,000,000
......
Comparable figures not available,
1,552
455
92
71
+124,000,000
—7,000,000
+ 5,000,000
5,000,000
a Feb.
...
...
—431,000,000
—54,000,000
+ 3,000,000
23 figures revised (San
Francisco
—
Borrowings
Other liabilities
323
14
348
1,486
account
5
----
----
+,
584
7
586
8
-----
134
103
2,280
576
381
....
'
banks
Foreign banks
Loyalists Win Naval Battle — Sink Rebel
in
Mediterranean—5,000 Italian Troops
Reported Ready to Aid Drive on Guadalajara—In¬
surgents Launch Big Offensive on Aragon Front
Spanish
Cruiser
5
344
377
17
17
22
1,488
1,471
242
242
233
Comparable figures not available.
Renewal of naval
of Member Banks of the Federal
System for the Preceding Week
Returns
Reserve
explained above, the statements of the
New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves and covering the same week, instead of being held
until the following
Monday, before which time the statistics
covering the entire body of
cities cannot be compiled.
reporting member banks in 101
warfare marked the
Spanish civil war
the 10,000-ton Spanish rebel cruiser Baleares
March 6 was torpedoed and sunk by loyalist destroyers
this week,
on
As
—2,000,000
+15,000,000
District).
5,822
Inter-bank deposits:
Complete
guaranteed
Reserve with Fed. Res.
Time
5,932
deposits—adjusted
United States Govt,
*
fully
Other securities
Liabilities—
Capital
unsec'd
United States Government
*
*
Domestic
securities.
Otherwise secured and
Balances w'th domestic
On securities....,
Other securities
+ 2,000,000
or
Real estate loans
On
Other loams:
Reserve with Fed. Res.
+ 38,000,000
1,158,000,000
82,000,000
purchasing
for
securities
U. S. Govt, direct obligations
purchasing or
Otherwise secured &
—494,000.000
769,000.000
616,000,000
-
loans
carrying
*
*
158
uneec'd
Real estate loans..
Time
*
Other loans:
carrying securities..
Demand
*
—5,000,000
Loans to banks
224
Loans to brokers and
—3,000,000
—18,000,000
431,000,000
securities
Other
and
On securities
Otherwise secured &
■
559,000,000
secured and unsec'd 3,798,000,000
securities
Open market paper
Loans to brokers and dealers in
2,133
loans:
Open market paper..
Other loans for
$
$
$
7,867
:
cultural loans:
Otherwise
1937
1938
1938
(—)
Mar. 3, 1937
$
$
+64,000,000 —1,487,000,000
+ 37,000,000
—188,000,000
21,231,000,000
8,933,000,000
investments—total
Commercial, industrial and agri-
(In Millions of Dollars)
Mar. 2 Mar. 10
Decrease
or
Feb. 23, 1938
$
Assets
Loans and
(+)
Since
■
On
Mar. 9
the
New York City and $34,000,000
increase being $124,000,000.
Borrowings of weekly reporting member banks amounted to $5,000,000
on March 2. compared with none the preceding week.
CENTRAL RESERVE CITIES
New York City
Govern¬
the Chicago district and $35,000,000
principal increases being $43,000,000 in
Loans—total
ASSETS AND LIABILITIES OF WEEKLY
Chicago
the San
deposits increased $8,000,000 in
all reporting member banks.
Time
district.
principal
Francisco district, and $17,000,000 in the
Francisco district and $11,000,000 at
in the
industrial
decline of $10,000,000
fully guaranteed by the United
increased $9,000,000 in New York City and at all
of obligations
Holdings
—42,000,000
eral Reserve accounts
agricultural
York City.
Government
States
+562,000,000
Non-member deposits and other Fed¬
Commercial,
^
$8,000,000 in
City, $6,000,000 in the Chicago district, and $21,000,000 at all
reporting member banks.
Loans to brokers and dealers in securities
increased $30,000,000 in New York City and $38,000,000 at all reporting
industrial
Commercial,
New York
+96,000,000
—9,000,000
6,334,000,000
Treasury cash...
3,562,000,000
Treasury deposits with F. R. bank..
181,000,000
Loans—total
commercial, industrial and agri¬
deposits credited to domestic banks.
+ 11,000,000
Money in circulation
investments—total..
101
ended
and|i$28,000,000 in "Other securities"; a decrease of $46,reserveibalances with Federal Reserve banks; a decrease of $195,increase of $124,000,000 in
2,594,000,000
12,768,000,000
Assets—
banks in
securities
+140,000,000
+1,284,000,000
+133,000,000
2,670,000,000
Loans and
reporting member
000,000 each in New York City and in the
7,311,000,000
IN
+3
000,000 in demand deposits—adjusted, and an
+31,000,000
+1,000,000
+ 1,000,000
Member bank reserve balances
Federal
+1
85
X
+2
X
$38,000,000 in loans to brokers and dealers
+33,000,000
Treasury currency..
Returns of
weekly
of
statement
4,000,000
.
Gold stock
+ 1
77
—
99
district, all reporting member banks showing a net
17,000,000
Total Reserve bank credit
92
+1
97
A decrease of $21,000,000 in
000,000 in
for
including
(not
—3
direct obligations declined
$56,000,000 in New York City and increased $42,000,000 in the Chicago
(—)
+ 134,000,000
$13,000,000 commitm'ts—Mar. 9)
+2
70
88X
X
cultural loans, and increases of
2,564,000,000
S. Government securities
condition
March 2:
$
8,000,000
discounted
Bills bought
54
—3X
leading cities shows the following principal changes for the week
+3,000,000
—2,000.000
—2,000,000
—1
82
close of business March 2:
Mar. 10, 1937
1938
+
26
respecting the
body of reporting member banks of
the Federal Reserve System for the week ended with the
Holdings
S
—2
15X
X
+1
27X
X
the entire
of
returns
Since
Afar. 9, 1938
'
—
51
+
of Governors of the Federal Reserve System
outstand¬
Decrease
15
—IX
+2
53
following will be found the comments of the Board
In the
Banks
49
X
—
41
+ 1
1930
found
advances
+1
47 X
1931
approximately $1,470,000,000, an increase of $80,000,000 for
the week.
Inactive gold included in the gold stock and in
Treasury cash amounted to $1,188,000,000 on March 9, a
decrease of $3,000,000 for the week.
The statement in full for the week ended March 9 will be
Industrial
+1
61
15
The Week with the Federal Reserve
U.
89
+1
26
During the week ended March 9 member bank reserve
balances increased $96,000,000.
Additions to member bank
reserves arose from decreases of $9,000,000 in money in cir¬
culation, $17,000,000 in Treasury cash, $4,000,000 in Trea¬
sury deposits with Federal Reserve banks and $32,000,000
in non-member deposits and other Federal Reserve accounts,
and increases of $31,000,000 in Reserve bank credit.
Excess
reserves of member banks on March 9 were estimated to be
Bills
+ 1
50
1933
compared with 31j^% in the preceding week and 34% two
■'
—IX
82
+ 1
1932
weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with
the approximate changes, in points, from the week immediately preceding:
30%
30
+ 1
in the week
against 28%
,
Independents
+2
Leading independents are credited with
TJ. S. Steel Is estimated at a shade under 30%
before and 26%
Steel
.
SO
and
as
airplanes
off
Cartegena in
a
naval battle.
A sister
ship, the cruiser Canarias, was reported hit by a bomb
in airplane operations.
It was said 600 were killed in
the sinking of the Baleares, although many were rescued
surprise advance of
Spain. On the same day
6) it was reported at London that 5,000 Italian
had landed at Cadiz, Spain, in preparation for a
by British
boats.
The attack was a
loyalist vessels from Cartagena,
(March
soldiers
rebel drive on the
Guadalajara front.
1632
Financial
Chronicle
March
12,
1938
Spanish insurgents, who have been preparing for a great
offensive since the battle of Teruel, on March 9 launched a
drive at three points along a 70-mile Aragon front, from
Secretary of State Hull to Ambassador Joseph C. Grew in
Alfambra
Tokio.
March
said
from
United
the
on
Press
advices
Franco-Spanish
than
tonight
along
fighting
After
in
they
Late
insurgent
of
Franco's
northern
Aragon,
defenders back
loyalists
dispatches
for
War
and
and
and
left
drove
far
Belchite,
outside
and
southwest
said
were
forfeiting
strong
take
admitted
villages and
columns
which the loyalists
seized
the
only
six
miles
eeacoast
through
Japanese
Generalissimo
Francisco
northeastern
Spain,
insurgent, forces under
or
Franco
marched
following
into
Belchite, in
bombardment
day-long
a
which forced government troops to retreat to the east.
ciated
The
To
the south,
front,
extending
largest
of
their
the
of
infantry, cavalry
offensive.
between
miles
insurgents pushed their big spring offensive along a wide
from Belchite toward Teruel.
They have amassed their
concentration
for
war
board
Valencia
of
Its
and
Belchite
war.
west
is
Feb.
of
object
is
and
to
aviation
split
the
in
civil
government-held
the
entire
sea¬
Barcelona, possibly striking the decisive blow
125
miles
from
war
was
last mentioned
Spain's
eastern
and
coast,
150
Barcelona.
The Spanish civil
icle"
days
26,
1329.
page
A
the "Chron¬
dispatch
lines
naval
a
The
battle in the
struck
vessel
Mediterranean off Cartagena before
was
officially
believed
Canarias, but other reports said she
loss
of
life
[In
of
765
the
believed
was
London
the
be
to
British
the
was
heavy, but
be
to
reported aboard had
been
today.
10,000-ton cruiser
the
Baleares,
figures
no
saved
from
sister
a
the
The
ship.
than
more
men
blazing warship
by
British
destroyers, according to the Associated Press.]
The two fleets joined battle about 70 miles off
Cape Palos at 2:20
and
after
fleet
the
made
cruiser
off
at
had
been
high speed,
hit
The
Bombed
a.
Government
Later, loyalist bombing planes roared into action, and by 6 o'clock this
the flaming cruiser had been bombed from the air six times as
planes sought to sink her.
Near nightfall fog reduced the
visibility
and hampered the air attack.
the
for
loyalist naval attack
rebel
the
war"
"blockade"
past
while
the navy
Last
awaited
were
experiencing
a
advance
The
in
effort
an
Republican
preparing
lull.
end
which
navy,
"take
to
to
over
ciated
Baleares,
received
was
that
the
rebel
fleet,
consisting
of
On March 7,
said, in part:
The
accounts
from
(Associated Press)
Admiralty disclosed today that the British
Brilliant
had
planes.
been
attacked—but
not
hit—by
The attack occurred yesterday off the
general
where
area
the
Spanish
Government
destroyers Blanche and
five
unidentified
Spanish
fleet
coast,
sank
one
in
of
bombing
the
the
Admiralty
vessels
was
obviously
a
was
result
a
case
said
of
the
of
the
Spanish
destroyers
The
neutral
The
March
which
part
did
Blanche
Government.
not
return
and
the
shipping in the
bombing
5
naval
battle.
the
He
attack
added,
the
on
however,
British
that
The
the
of
crew
Blanche
said
the
British
in
western
Nyon
Mediterranean
patrol
against
duty, protecting
"pirate" raids.
that the
the
at
note,
the
forces,
the
to
government
Washington
a
con¬
damage.
dispatch
of
which
is
reiteration
a
restated
was
to
of
made
are
laid
first
one
protect the legal
for
down
on
position of this
indemnification for
this
at
time
Feb.
on
because
3
for
safety and
the
of
all
warning
foreigners
in
of
the
the
Central
also mark their property
so
foreign.
was
air
felt
was.
that
placing lights
buildings would
on
raid|^
armies
the
fought their
strongholds
Lunghai
of
into
way
Chinese
position
Communist
today
for
armies
and
Railway.
northernmost
Red
of
barren
over
westward
a
these
passes—Hoku,
foothills
drive
of
the
across
where
Northwest
the
Great
Wall
Shansi—Japanese
Yellow
River
into
the
the
were
second
heart
of
territory.
24
hours
the
Japanese
confluence of the
River
Fen
from
and
had
conquered
Wellow
Tungkwan,
Hotsin,
Rivers, and Chaotsun, just
Lunghai
Railway
point.
pass,
across
Chaotsun
is
the
"big bend" of the Yellow River, where the stream swings east along
Lunghai, backbone of the area that separates Japanese-conquered parts
North China and the
Yangtze River Valley,
Japanese commanders sent word that broken Chinese armies were flee¬
the
of
ing in disorder
With
tain
to
reach
Besides
Inner
in
Shansi
Japanese northern
Northern
menacing
Mongolian
from
Yellow River
resistance
the
gorges,
River
the
across
Chinese
Shensi
North
troops
north
of
confined
columns
had
A
complete
were
be
to
In
1,000
area
the
cross
in
ready
occupation
Chinese
of
said
was
for
advance
an
into
the
be
where
before the Japa¬
Chinese
guerrilla
sections.
6ome
to
time
some
Shansi,
sector
of
the
Lunghai
trapped
the
area
in
the
snowy,
Japanese
were
moun-1
said
lie
rushing reinforcements for a new attack southward in Southern
tung Province toward Suchow, Eastern Lunghai nerve center.
in
moun¬
the Yellow
Howma.
near
eastern
Tungkwan.
Suiyuan Province.
harassing Japanese lines in
force of
tainous
the
only to
at
bands
Communist strongholds.
from
the
east,
Japanese-commanded
said
Paotow, to the northwest in
could
forces
and
isolated
Shensi
were
Foreign military observers said it would be
nese
Hotsin
to
February
(the
to
Shan¬
27th)
it was reported in Asso¬
Shanghai that Generalissimo
Chiang Kai-shek's invigorated air force was said to have
broken up Japanese
troop concentrations on the north bank
ciated
of
Press
advices
the Yellow
The
River.
bombardment
armies
from
In
further
against
part, these advices added:
slowed
the
the
up
Lunghai
vast
Railway
southward
corridor
offensive
through
of
Central
China.
One
the
Chinese
northern
bombs
and
on
plane
observers
week's
some
the
north
said
river
Japanese
Chinese
sectors
bank
to
have
shot
down
directing Japanese artillery
bank of the
dispersed
in
was
were
in
Northwestern
elsewhere
along the
counter-attacks
actually
of
the
rolled
river
a
captive
fire
near
Honan
balloon
from
Menghsien
Province.
on
Chinese
river.
virtually halted the whole offensive
the attackers
feinted
each
at
back.
other
Opposed
today
forces
without
a
encounter.
in
attacks
by insurgent
planes on
the Associated Press
accounts,
had
thus far
Secretary
not
Hull Warns Japanese Troops
Respect Americans and Their
touched
the
$72,000 of City of Helsingfors (Finland) 6lA% External
Bonds Drawn For Redemption April 1
Conquer Large Part
in
China
to
Property—Japanese
of Shansi and Shensi
Provinces
The United States State
Department revealed on Feb. 25
Japan has been advised she will be held
responsible
for injuries or
damages caused to Americans or their inter¬
for
injured
the United
York "Times" said:
places of
China
shadow
Yellow
The
that
armed
attribute
have
or
are
Barcelona
of the city where most of the
foreigners live.
Invaders
the
its
Within
major
of
Japanese
to
have
property
or
asserting they had gained control of virtually all of
one of
the richest in China, said the Rising Sun
flag
heights commanding three principal passes along the Western
position for
Last
on
this
authorities
border.
casts
fire.
were
to
Japanese,
from
which
the
precaution
Province,
it
identity.
utmost
shall not be injured by their
nationals
responsibility
on
but it
vital
floated
same
they believed the attacking planes belonged
Brilliant
indicated
was
said
presumed
mistaken
Authorities at Gibraltar said
to
he
not
foreign property marked was not complied with.
be difficult for United States consuls to get notice to
against
The
Japanese
official
taken.
do
or
A Shanghai dispatch on March 8 to the Asso¬
described the assault as follows:
Shansi
insur¬
gents' best cruisers.
An
the
Late
London
the
exert
military
of
would know it
it
North
both
against
Canarias
which,
to
compelled
given
Japanese
Japan's
the
and Almirante Cervera,
accompanied by four
according to the War Ministry, had been ceded to the
rebels by Italy, had been sighted
cruising 70 to 80 miles off shore.
A loyalist flotilla of four
destroyers was sent out on a scouting expe¬
dition.
Then, under cover of night, the Republican cruisers Libertad and
Mendez
Nunez,
accompanied
by the destroyers
Sanchez,
Barcaiztegui,
Almirante
Antequera and Lepanto, left the base and headed
for
the
insurgents.
destroyers,
be
seek
army
Press
assaults
opportune moment.
an
word
be
to
take
the Sino-Japanese warfare.
to
zone
voluntarily
nationals
fortnight, Japanese troops have advanced through the
of Shansi and Shensi, and late this week were
reported to be occupying the banks of the Yellow Itiver,
bombing and shelling important Chinese towns, particularly
the
In its base at Cartagena
operations
forces
in
only would
area
night
cruisers
forces
in
government ports.
been quiescent, was
had
year
land
of
planned
was
lives
Provinces
the
The
American
Developments in the Japanese offensive in China were
reported in the "Chronicle" of Feb. 19, page 1158.
In the
at
evening
in
requested
last
the
by Loyalist Planes
nationals
measures
suggested, the obligation remains
are
American
the
was
outlying districts,
facilitate
m.,
reported.
sources
by
suggestion to have
Chinese
amidships the other units of the rebel
Spanish
war
From
400
continue
and property
will
August,
losses
the Japanese
available.
were
Admiralty announced that
dawn
as
Japanese
if
position,
last
notice
China
March
in
the
Japanese Embassy in Peiping
of
0 by Lawrence A.
Fernsworth to the New York
"Times" described the naval
battle, in part, as follows:
An insurgent cruiser was
torpedoed and set afire by loyalist warships
American
safeguarding
American
authorities
nationals
with,
of
Chengchow.
in
Barcelona
measures
of
requests
American
broad
Not
two
whether
government against the time when claims
Asso¬
Press accounts from Belchite said:
Capture of the strategic position marked a 17-mile advance in
for insurgent troops commanded
by General Juan Yague.
was
18
*
commenting
The
nationalist,
other
precautionary
toward
will
measures
military
the armed
Americna
Belchite.
10 the
March
On
precaptionary
Feb. 25 to the New
the
and
take
to
forces
irrespective of
Government
In
last year.
enemy into a mountain pocket.
Some military observers believed
might be ready to start his long-awaited drive to the Mediterranean
note
Feb.
voluntarily been advised by this govern¬
they have been voluntarily undertaken in so
and
and such
consequence
of
west
The
sent
have
measures
officials,
been, complied
States
Aragon front and
Large squadrons of insurgent tanks and troops of Moroccan cavalry, with
swarms
of fighting planes overhead, led the triple offensive,
designed to
Franco
such
trolling
reported
were
its
Whether
in
heights.
mountain
Franco's
contending
military operations.
positions
officially that
the
on
the
possible,
the
not
Barcelona
China.
in
instructions
officials
whatsoever
the end that American
of
months.
strong triple offensive"
of
and
as
on
have
to
American
upon
Nevertheless,
Aguilos and Puebla
loyalists
of
Department memorandum of Feb. 25 out¬
obligation
Precautionary
more
hundreds
where the fiercest
northwest
on
The
forces
basis
interests.
ment
places
State
rests
no
behalf
on
re¬
average
6aid.
four
Fuente Todos,
towns of
Office at
launched "a
were
an
killed
were
China
insurgent
.
Franco
of
miles
ten
held
tonight
Belchite,
draw
A
armed
the
on
lined the substance of the warning to Japan as follows:
frontier,
hours.
six
troops
government
several
in
loyalist
thousand
government lines in
the strategic
had
had
enemy
taken
front
220,000
huge flanking movement.
back
swept
The
for
the
a
Francisco
Belchite, loyalist base east of Saragossa,
seizing
Alborton,
which
prisoner,
occurred
Belchite
110-mile
a
"Several"
crumpled
around
Generalissimo
driven
miles.
taken
assault
dead
of
to have
five
500
The
been
180,000
advancing
troops,
distance of
than
Japanese
There
ported
de
Ebro.
de
Ilendaye,
by
delivered
:
More
of
Fuentes
to
9
ests
City of Helsingfors (Finland) through Brown Brothers
Harriman & Co., fiscal agents for the city's
30-year 6^%
external
sinking fund
bonds,
due
1960,
announces
that
$72,000 of these bonds have been drawn by lot for
redemp¬
tion, through the sinking fund, on April 1, 1938. Bonds so
drawn will become
payable at the principal amount on
April 1, upon presentation at-the New. York office of the
fiscal agents.
*
'
.....
T
Volume
Chronicle
Financial
146
asked the lady why the rents had gone up, and she said,
Comparative Figures of Condition of Canadian Banks
to be
In the following we compare
banks for Jan. 31, 1938,
1633
the condition of the Canadian
with the figures for Dec. 31, 1937,
at
right angles is perhaps the one which has an empire which touches almost
is going to see what can be
every problem that comes up in the world and it
CONDITION
OF
THE
OF
BANES
OF
THE
DOMINION
done about it
OF CANADA
that
Jan.
Assets
31, 1938 Dec. 31. 1937
Jan.
5,928,733
.
Total.
4,873,925
5,339,044
10,212,969
10,521,929
52,224,022
198,986,327
Deposits with Bank of Canada
6,490,048
26,279,486
98,994,323
Notesof other banks
United States & other foreign currencies-
Cheques on other banks
Loans to other banks In Canada, secured,
53,899,930
196,040,148
5,661,810
24,964,322
130,175,050
44,011,345
197,040,751
5,523,441
23,365,235
84,131,184
and
with
America
Chief
balance due
4,834,126
5,209,032
27,930,153
23,726,579
22,760,827
72,343,802
78,079,663
119.039,792
Due from banks and banking correspond
United Kingdom..
and
Government
Provincial
and
foreign
public
colonial
se¬
169,971,661
127,465,916
curities other than Canadian
Railway and other bonds, debs. A stocks
171,149,233
129,602,816
marketable
sufficient
value
Italy
72,007,500
50,619,626
167,651,272
75,845,106
59.546,790
748,817.290
165,590,124
119,409,697
72,433,375
687,349,679
162,108,685
20,230,637
Elsewhere than In Canada
Other current loans & dlscts. In Canada.
22,762,126
17,481,616
731,456,128
Elsewhere
towns,
87,074,708
90,382,496
10,047,137
Real estate other than bank premises
8,495,300
8,438,461
Mortgages on real estate sold by bank..
4,265,483
4,287,272
73,482,652
73,283,607
74,989,356
61,245,489
63,601,026
71,069,321
pro
credit
as
the
5,989,535
11,305,405
5,987,203
11,370,629
7,046,512
9,790,938
1,973,769
Total assets
1,651,838
Elsie
other
banks
In
for
the entire program was in
of the official greetings,
opened
6hort
in
the
Then
talks
by
Dr.
Luis
shifted
to
President
de Faro,
New
of
special
the
York
Consul
General in
also
C.
Brazilian
Bittencourt,
City,
where
American-Brazilian
the
York broadcast
Noemi
to
Charge d'Affaires of
Rowe, Director General of the Pan-
S.
Friele,
New
The
Mme.
L.
broadcast
Berent
Commerce, and
States.
featuring
addition
In
Washington.
talks by Fernando Lobo,
included
a
Brazil in
program
pianiste;
of
Senhora
Houston,
Brazilian
Member
soprano,
and
large symphony orchestra,
a
which
Brazilian popular and classical numbers.
Trading
on
New York Stock and New York
During Week Ended Feb. 12
46,052.344
699,186,909
644,267,905
,582,825,511 1,548,604,580
405,464,162
408,544,643
to
Canada
In
14,414,248
16,959,644
10,756,488
13,887,265
12,708,736
10,228,027
41,179,994
880,264
Canada
and
and letters
of
credit
46,478,616
939,169
31,393,848
680,072
61,245,489
4,039,068
63,501,026
3,929,915
71,069,321
2,548,826
123,750,000
145.500,000
802.940
the
out¬
standing
Liabilities not lncl. under foregoing heads
Dividends declared and unpaid
145,500,000
3,082,898
2,540,142
133,750,000
145,500,000
'3,228,852,595 3,269.414,389
3,253,669,557
Rest or reserve fund
up
Total liabilities
133.750,000
Note—Owing to the omission of the cents In the official reports, the
the above do not exactly agree with the totals given.
footings In
Campbell
Says Democracies Cannot Move
Opinion—British Consul General
Suggests Statesmen Take New Angle in Considering
Ahead of
Public
International Problems
Democracies such
as
the United States and Great Britain
cannot advance ahead of
public opinion, and if they seek to
they must fail, Sir Gerald Campbell, British Consul
General, told the Bond Club of New York at
a
luncheon
on
If statesmen could discuss international problems
way and get a new angle, Sir Gerald said, "perhaps
might then stop taking about the inevitability of war.
And once statesmen put us on the right track, then I don't
think it is any longer a question of relationship between
a new
we
Governments.
I think then it is
a
the stock market) for their own account during the week
Feb. 12, was above the previous week, it was an¬
on
and
Bills payable
latter for the
common
man."
ended
nounced
yesterday (March 11) by the Securities and Ex¬
change Commission.. The week of Feb. 12 included Lincoln's
Birthday, when the Exchanges were closed.
The Stock
Exchange members traded for their own account (in roundlot transactions) in amount of 1,499,690 shares, an amount
which was 22.84% of total transactions of 3,282,350 shares
on the Exchange during the week ended Feb.
12.
During
the previous week ended Feb. 5 trading by the Stock Ex¬
change members amounted to 1,993,403 shares, or 21.22% of
total transactions of 4,697,080 shares.
round-lot trans¬
during the week ended
Feb. 12 were 206,790 shares; as total transactions on the
Curb Exchange during the week amounted to 541,770 shares,
the member trading for their own account was 19.09% of
total transactions, which compares with a percentage of
18.56% in the preceding week ended Feb. 5, when member
trading amounted to 286,675 shares and total transactions
On the New York Curb Exchange, total
actions for accounts of all members
772,340 shares.
The data issued by the SEC is in
Comparing democracies with dictatorships, Sir Gerald said:
perhaps one reason why we both have to run along parallel lines.
often thought when looking over the side of the ship coming across
about the porpoises which seem to
when one of them goes
the mate
follow parallel lines.
I have
the ocean
I have wondered
off at right angles how its mate finds it again.
goes on
the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936, on
the "Feasibility and Advisability of the Complete Segrega¬
tion of the Functions of Broker and Dealer."
The figures
for the week ended Feb. 5 were given in our issue of March 5,
1475.
page
making available
In
the data for the week
ended Feb. 12 the Commission said:
figures given for total round-lot volume in the table for the New-
The
York
Exchange and the New
Stock
York Curb Exchange represent the
volume of all round-lot sales of stock effected on those exchanges as dis¬
tinguished from the volume reported by the ticker.
volume
for the
week
ended Feb.
12
on
The total round-lot
the New York
Stock Exchange,
larger than the volume reported on the ticker.
3,282,350 shares, was 7%
On the New York Curb
Your democracy and ours cannot go ahead of public opinion, and that is
suppose
facilities
free
39",476",859
Canada,
United Kingdom
in
and
open
Trading by all members of the New York Stock Exchange
1,590,927,550
398,768,908
banking correspond
ents In the United Kingdom
March 9.
through
said.
and the New York Curb Exchanges (except odd-lot dealers
639,653,053
Deposits made by and balances due
do so,
directed
is
this hemisphere
91,332,396
secured, Including bills rediscounted..
Gerald
Duggan
in
108,947,321
payable after
public,
Deposits elsewhere than in Canada
Sir
program
significant.
48,804^068
notice or on a fixed day In Canada
Capital paid
States
United
follows:
as
radio broadcasts from
foreign
13,134,076
Finance Act
mand In Canada
Acceptances
by
101,676,294
Deposits by the public, payable on de¬
than
broadcast
34,980,927
Balance due to Provincial governments.
Elsewhere
"guarantee of
a
98,272,885
Advances under the
banks
be
hemisphere." A Wash¬
the New York "Herald
to
first
permanently
Curb Exchanges
ducting adv. for credits, pay-lists, Ac.
other banks In
4
the
considered
was
was
played well-known
Balance due to Dominion Govt, after de¬
Due to
5,
1,799,915
3,238,617,145 3,280,858.992 3,261,624,965
Notes In circulation
from
these
March
of
growing that amicable relations
Embassy, and Dr.
Union.
of
United
Liabilities
LoanB
the
That
is
were
there
were
music,
going heads-
the
cultural
inaugurating
for
would
bombarded
especially
exception
program
Chamber
the
Shares of and loans to controlled cos...
by
and
goodwill
"Chronicle"
the
said,
March
interchange," Mr.
American
Other assets not Included under the fore¬
Deposits
he
described
territory
Brazilian
there
per contra
with
the
at
Minister of Finance
for the security of note circulation
Deposit
of
Germany.
greetings,
not more than cost
less amounts (If any) written off—
Liabilities of customers under letters of
premises
This,
been
the
The
11,979,935
8,784,459
4,248,342
—...
vlded for..
Bank
Plans
in
State
Republics in the
for
Portuguese.
91,087,671
10.002,138
...
estimated loss
loans,
Brazil.
noted
be. strengthened
can
cultural
municipalities
and school districts
Non-current
with
realization
With
Loans to Provincial governments
cities,
appeal
an
Mr. Duggan, in his address, said that the broad¬
same
"The
Loans to the Government of Canada
to
issued
were
has
and
the
to
to
cover.
Loans
American
dispatch
Brazil
tures. bonds and other securities of
a
March 4 when Laurence Duggan,
of
Tribune" further
(not exceeding 30 days)
Canada on stocks, deben¬
In
on
Division
States.
ington
194,771,262
108,050,549
Call and short
loans
delivered
tolerance and mutual respect in this
Canadian municipal securities and Brit¬
ish,
good¬
South
of
the
1489.
United
1,136,402,137 1,110,646,221 1,108,732,231
Government securities
nations
the
and
casting of the initial program to Brazil stressed uninter¬
rupted harmony of relations between that country and the
than in Canada and the
ents elsewhere
Dominion
States
was
of
broadcasts
page
United
the
interchanges
4,096,807
Due from banks and banking correspond¬
ents In the United Kingdom
the date op which war is going to begin.
as
series of broadcasts designed to promote
a
between
will
including bills rediscounted
made
about war so
engagement books and mark
Brazil
to
Department,
from other banks In Canada
our
United States Opens Special Series of Goodwill Broad¬
casts to South America—Laurence
Duggan Talks
5,664,901
4,857,028
Dominion notes
Deposits
Thursday of next week
A first of
Notes of Bank of Canada
pocketbooks and
$
5,026,652
10,955,385
Elsewhere
our
30, 1937
$
coin-
that perhaps there need not be so much talk
so
need not take
we
down
Current gold and subsidiary
In Canada
home."
And the porpoise that has gone off
porpoises has gone off at right angles.
and Jan. 30, 1937:
STATEMENT
"There is going
in Europe this summer and all the Americans are staying
a war
I think the porpoises were traveling along parallel lines and one of the
Exchange, total round-lot volume in the same week.
541,770 shares exceeded by 5.3% the ticker volume (exclusive of rights and
warrants).
The
Stock
data
published
members.
based
are
Exchange and the
These reports
upon
reports filed with
the New York
New York Curb Exchange by their respective
are
classified
as
follows:
New York
I
New Yor
Stock
and on and wonders where George has gone off,
and she dives down and finds many and various other porpoises like that, and
Number of reports received
it must be very
Curb
Exchange
Exchange
Reports showing transactions:
difficult to find her mate again.
Well, we all have been following along the same course, perhaps, along
deal of talk of war, not actual war, but talk of war.
We talk too much about war.
I
am sure
they do in England; I do not think
I looked for a house for the summer
I though the rent was too much and I
103
Other than as specialists:
Initiated
on
246
234
floor
Initiated off floor
Reports showing no transactions
—
*Note—On the New York Curb Exchange the
"in
do it so much over here, at least so I am told by those who come over.
There has been so much talk even here, however, that four years ago when
you
864
196
As specialists*
parallel lines, and we have begun to wonder where we were getting to.
It seems to me that we were getting to one dangerous position, namely,
where there was a great
1,078
stocks
in which
32
89
550
655
round-lot transactions of specialists
registered" are not strictly 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, as well as those of
the specialist.
^
1634
Financial
The number of reports
in the various classifications may total
more
the number of reports received because, at times, a single report may carry
YORK
STOCK
IN
ALL
STOCKS
(SHARES)
Week Ended Feb. 12, 1938
Total for
Week
Total volume of round-lot sales effected on the Exchange-...
transactions
of
members
$47,910,357,663
on
except
transactions
par
Per
•
Cent
the
a
March 1, 1938
3,282,350
Aver.
Market
Aver.
Value
the floor—Bought
Price
Value
Price
313,150
268,985
-
S
(Incl. States, cities, &c.), 26,615,262,663
U. 8. Govt.
Total.
8.05
582,135
accessories
and
108,830
Financial—-
171,735
-
-
Chemical—
4.28
280,565
transactions
of
specialists
in
stocks
In
--
manufacturing—
:
———
330,150
—
Sold
Amusements
79.88
70,769,799
48.44
9,932,432
90.65
52,031,868
58.31
125,812,188
425,161,615 102.84
90.78
79,007,463
.....
—
Machinery and metals—...
Total.
9.71
636,990
Mining (excluding iron)
Petroleum....
Total round-lot transactions of members, except transactions
of odd lot dealers in stocks in which registered—Bought
Paper and publishing
752,130
747,560
Sold
Total
—
Retail merchandising_
-
186,640
61.67
6,414,940,250
59.95
93.21
515,441,546
91.42
1, ,531,868
77.25
Communication (cable, tel. and radio)
Total
45.70
248,770
3.79
14, 751,181
48.17
11 309,160
49.25
Shipping services
Shipbuilding and
In odd-lots
(Including odd-lot transactions of specialists):
Bought
488,503
548,930
Sold
YORK
Tobacco
1,037,433
CURB
EXCHANGE—TRANSACTIONS
IN
ALL
—————————
cos.
Miscellaneous businesses
99.78
44.22
90.00
14,261.071 46.57
10,734,510 46.74
4,491,026 105.15
43,001,608 124.83
160,498,974 53.59
1,050,216,367 65.10
66.57
1,063, 036,435
35, 250,000 100.71
(incl. Cuba and Canada)
35,005,625 100.02
STOCKS
All listed bonds
FOR ACCOUNT OF MEMBERS *
95.75
4, 418,176 104.91
42, 935,958 124.64
55.64
166, 577,373
U. S. companies operating abroad
Foreign
Total
NEW
operating
Leather and boots
83.65
163,999,934
988,432,948
216,869,945
17,716,500
993, 180,692 100.25
223 ,679,579
18 ,848,388
—
Business and office equipment
2.
1,546,740 78.00
2,816,985,990 101.35
2,855 ,592,197 102.65
163, 958,281
83.63
Miscellaneous utilities
67,130
418,136,971 101.13
68,485,308 88.90
34,797,376 87.63
522, ,873,269
(operating)
Gas and electric (holding)
.....
57.00
6,601, 809,662
Steel, iron and coke
Gas and electric
Sold
46.87
89.06
89.09
Textile.;
Transactions for account of odd-lot dealers in stocks In which
1T6& J/3 t43T0d»
1. In round lots—Bought
81.01
71,769,136
9.605,845
51,119,414
123,134,057
34,697,746
Railway operating and holding com¬
panies and equip, manufacturers—
22.84
1,499,690
-
36,407,428 102.05
97.21
227,242,991
152,996,523 101.19
98.20
153,744,446 101.68
Land and realty
306,840
14,662,187 75.63
244,487,490 100.33
91,642,564 91.93
19,120,150 62.18
36,118,881 102.14
229,576,052
—
Rubber and tires
which
registered—Bought
-
——————
Electric equipment
Food
Round-lot
-
—————————-
Building...—
Total.
-
$
105.55 26,540,481,672 105.25
1,928,084,253 60.54
60.80
1,929,440,546
77.87
15.097,218
245,517,940 100.75
92.68
92,387,529
66.86
20,413,450
Foreign government
Autos
Initiated off the floor—Bought.
Sold
-
Feb. 1, 1938
Market
of
Sold
2.
1938
value listed on the Exchange with a
$42,486,316,399.
following tabie, listed bonds are classified by
governmental and industrial groups with the aggregate
market value and average price for each:
In
specialists and odd-lot dealers in stocks In which registered:
1. Initiated
12,
total market value of
EXCHANGE—TRANSACTIONS
FOR ACCOUNT OF MEMBERS •
Round-lot
March
On Feb. 1, 1938, there were 1,378 bond issues aggregating
than
entries in more than one classification.
NEW
Chronicle
42,854,724,055
89.48 42,486,316,399
(SHARES)
Week Ended Feb. 12, 1938
88.68
The
Total
Per
for
Week
Total volume of round-lot sales effected on the Exchange.
Cent
a
541,770
following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Round-lot
transactions of members, except transactions of
specialists in stocks in which registered:
1. Initiated on the floor—Bought
Market
8,975
Average
Value
Price
1936—
2.11
22,835
%
$
1937—
94.44
Mar. 1
45,007,329,915
96.64
1
41,807,142,328
94.47
Apr.
93.88
93.33
93.89
of
specialists
in
stocks
In
registered—Bough t
1
44,170,837,675
July
1
44,001,162,031
41,685,172,818
94.78
Aug.
1
44,296,135.580
93.93
Sept. 1
42,235,760,556
95.39
Sept.1
43,808,755,638
92.76
43,305,464,747
95.79
Oct.
43,270,678,790
91.51
1
43,179,898,504
95.92
Nov.1
42,591.139,774
90.11
|
Dec.
76,030
60,390
1
June
94.24
Nov. 1
which
May
93.83
1
41,524,856.027
39,648,252.468
41,618,750,056
93.90
1
Oct.
4.39
1
44,115,628,647
43,920,989,575
Aug. 1
Sold
43,779,640.206
97.01
Dec.
42,109,154,661
89.26
45,053,593,776
97.35
Jan.
1
96.83
Feb.
1
42,782,348,673
42,486,316,399
42,854,724,055
89.70
45,113,047,758
1
1
1937—
Jan.
Total
12.59
136,420
1
...
Total
206,790
19.09
89.48
4^.—
Intervals
The
Committee
on
Customers'
Men
the
of
New
York
Stock
71,841
^members"
Changes in Salaries of Customers' Men on New York
Stock Exchange May Now be Made at 1-Month
38,213
33,628
Sold
The term
88.68
113,135
93,655
-
Odd-lot transactions of specialists in stocks in which
registered:
Bought
*
1
Mar. 1
Bought
-
1
92.98
1938—
1
Feb.
Total round-lot transactions for accounts of all members:
partners,
1
June
47,535
transactions
Total
$
40.624,571,422
Apr.
July
23,245
24,290
Total.
Sold
$
May
Initiated off the floor—Bought.
Sold
Round-lot
Market
Price
Mar. 1
Total.
2.
Average
Value
13,860
-
Sold
includes all Exchange members, their firms and their
including special partners.
•^Percentage of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions Is compared with
twice the total Exchange volume of the reason
that the total of members' transactlonsHncludes both purchases and sales, while the total
Exchange volume lndudes
only .sales.
Exchange amended on March 9, effective March 14,
its rules governing the employment by members firms of
branch office managers, customers' men and junior custom¬
ers' men, to provide that changes in the salaries of such
employees may be made at one-month intervals, instead of
not less
at
than three-month intervals,
as
heretofore.
An
Exchange announcement added:
Odd-Lot Trading
Jl The
on
New York Stock Exchange During
Week Ended March 6
rules continue to provide that the salary paid such employees may
not be
changed during the first six months of their employment.
was
The
Securities and Exchange Commission on March 10
made public a summary for the week ended March
5, 1938,
of the daily corrected
figures on odd-lot transactions of odd-
The rule
modified, the committee explained, because of the emergency created
by prevailing conditions.
New
lot dealers and specialists in stocks,
rights and warrants on
the New York Stock Exchange,
continuing a series of current
York
Stock
vertible
Exchange
Bonds
to
Certain
Permit
to
Dealt
be
in
on
Con-
"Regular Way
Delayed Delivery Basis"
figures being published weekly by the Commission.
The
figures for the weeks ended Feb. 26 and Feb. 19 were given
change
upon reports filed daily with
the Commission by odd-lot dealers and
specialists.
to
in the "Chronicle" of March
5, page 1475.
The data published are based
ODD-LOT TRANSACTIONS OF ODD-LOT
IN STOCKS.
DEALERS
RIGHTS, AND WARRANTS
EXCHANGE—WEEK
ENDED
MARCH
AND
SPECIALISTS
ON THE NEW YORK STOCK
5,
1938
5'
The Governing Committee of the New York Stock Ex¬
on March 9 amended Section 7 of Chapter I of the
Rules of the Governing Committee to permit certain con¬
vertible bonds, to be designated by the Committee on Bonds,
be dealt in
The
(Customers' Orders
No. Ord.
Shares
Value
No. Ord.
Shares
to
Mar.
28
4.545
110,346
87,579
80,842
106,883
1
3,403
Mar.
2
Mar.
3.
Mar.
4 and 5
3,322
4,131
5,862
Total for week—
21,263
$3,846,213
3,264,487
3,559
2,897,769
4,018,383
4,663,154
532,215 $18,690,006
17,641
present
time
obtaining
a
Under the rule
as
the Committee
on
82.196
2,470,316
2,907,042
granting the seller
136,957
5,152,275
of
Bonds
Listed
on
York
Stock
1
As
of March
1,
1938,
there
were
on
1,373
issues
aggregating $47,-
the New York Stock Exchange, with
total market value of $42,854,724,055.
bond
account,
this frequently results In the
amended, such convertible bonds as are designated by
BondsJmay be dealt in "regular
seven
way
delayed delivery,"
days within which to make delivery with no price
a
order
on
Members May "Cross" Orders
Both Sides
Bonds When Acting for
The Committee
ruled
f The following announcement showing the total market
value of listed bonds on the New York Stock
Exchange as
of March 1 was issued by the Exchange on March 5:
894,594,198 par value listed
for out-of-town
472,533 $16,990,033
New
Exchange March 1 Above Feb.
ex¬
disparity.
on
Value
following
somewhat less favorable price than he otherwise might.
New York Stock Exchange
Market
bonds sold
convertible
7" contract is regarded as a special contract,
Value
$3,324,676
3,135,724
68,822
4,961
146,565
the
96,973
87,585
3,414
2.663
3,044
delayed delivery" basis.
added the
is impossible tojmake delivery on the second full business day
following the day of the contract, must be sold "seller's 7."
As a "seller's
Sell)
seller
Feb.
way
announcement
where it
PURCHASES
Trade Date
"regular
a
planation of the change:
W At
SALES
(Customers' Orders to Buy)
on
Committee's
on
Bonds of the New York Stock Exchange
a bond trader who places a commission
March 3 that
on one
side of
a
bond deal in
one
of the cabinets
on
the
Exchange floor, and then receives an order on the opposite
side, may "cross" the orders.
The announcement by the
Committee read:
The Committee
on
Bonds rules that when a member has filed a bid or
offer in the cabinets pursuant to an
order entrusted to him and thereafter
Volume
he receives
Financial
144
commission order on the
a
orders without making any
offer which he
opposite side, he may "cross" such
further bids or offers, provided (1) the bid or
|
above
bid
some
offer, his intention
so to
when he acts
member acts
as
broker
on
both sides and not
either side for his own account, the account of a partner,
on
for any account
or
do.
in which he or a partner has
in which event Section
direct
a
or
indirect interest,
1, Chapter XI of the Rules of the Governing Com¬
mittee applies.
+.
Proxy Rules of New York Stock Exchange Amended—
Clarification Makes Machinery for Gathering Votes
Available to More Companies
The proxy
rules of the New York Stock Exchange
were
amended by the Governing Committee on March 9, in a
designed to clarify conditions under which member
manner
firms may vote proxies on stock not in the members' pos¬
session or control.
The clarification will have the effect of
tables.
instances, in the absence of both sale and asked price on the last trading day
in each period, the closing bid price was used
in computing market values.
e Average price found by dividing the total market value by the total shares of
stock or principal amount of bonds outstanding.
1 Expressed in dollars per $100.00 of par value.
Note—Reference Is made to the tabulation released by the New York Curb Ex¬
change In January, 1938, showing the figures as of Dec. 31, 1936 and Dec. 31, 1937.
In the compilation of the present monthly reports a slightly different method of
preparation was followed from that used in the preparation of the previous annual
compilations, which new method will be continued in future compilations.
principal changes in the method of preparation are as follows:
(а) Issues for which more than one market is quoted, such as "stamped
unstamped," "with and without warrants," &c., are now included as separate
instead of
(б)
the
New
registered in their names if they had not received instructions to vote such
by the tenth day preceding the day of the meeting and "provided the
person
signing the proxy has no knowledge of any contest as to the action
to be taken at the
thorization for
or
any
a
meeting, and provided such action does not include au¬
merger,
consolidation or dissolution, or the reclassification
The amendment consists of the substitution
outstanding security."
of the
"and does not appear otherwise to effect substantially
language
the rights or privileges of such
stockholders" for the previous phrase "or
the reclassification of any outstanding
*^The rules were also clarified
to
of
name
nominee sufficiently in advance of a
a
stockholder's meeting to
facilitate the convenient solicitation of proxies.
from the Committee
and
would
rule
1937, but after objections from members the Board of Gov¬
rescinded the regulation in order to give the subject
ernors
further
member
the
of
less
of
than
such
Pursuant
which set
rates
shall
as
from
time
to time be prescribed
at
by the
the Governing Committee adopted a
rule
Subsequently, certain objec¬
schedule of service charges.
a
for
."
..
the above section,
to
forth
"each
that
firm registered thereon carrying accounts
collect service charges on inactive accounts
or
and
make
Feb. 28, the
on
provides
Constitution
the
to
adequate
The tendency
tions
rule
the
to
Market
on
Value
Feb.
Stocks
28
Listed
of
with $10,034,425,782 at
The
New
Securities—Value
Totaled $10,446,963,234,
of
York Curb Exchange on March 8 released a
shows by classifications the number of
issues, the amount of securities outstanding and the total
market value thereof of securities on the Exchange as of
This is the initial monthly tabulation of
such statistics which the Curb has issued, and for compara¬
28, 1938.
tive purposes the tabulation also indicates the totals of all
stocks and all bonds and market value thereof as at Jan. 31
and Feb. 28, 1938.
lation
Curb
the
Hereafter the
With the issuance of the monthly tabu¬
Exchange said:
Curb
the preceding month
it
963,234,
as
against $10,034,425,782 as at Jan. 31, 1938.
of each share is $13.99, compared
January,
with $13.46
per
opinion of
recommendations
comments and opinions on the
Committee on Quotations and Com¬
and urges that you answer the ques¬
return it to the Committee not later
your
is desirous of having the answers
committee
The
of opinion of all partners of a firm
rather than the
individual partner.
any
that
your
accounts.)
number of
1.
The
total
2.
The
number
such
of
adequate
have
may
you
all
of
cross-section
such
accounts.
accounts with
of $1,000 or less,
debit
balance
as
of
Jan.
31,
1938,
b.
a
debit
balance
as
of Jan.
31,
1938, from $1,000 to $2,000,
c.
a
credit balance
a
d.
The
3.
The total value of
accounts
The
4.
compared with $4,163,134,843 total market value and $79.97 per $100
and
number of
$6.00
credit balance as of Jan. 31, 1938.
no
from
of the above classes
each
of
period.
each of the above classes of accounts
commissions
in
31, 1938,
derived
revenue
this
during
of Jan.
as
securities"
"free
commission
than
less
value of bonds on Jan. 31, 1938.
at the
data upon which to base your
opinions, it is suggested and earnestly urged that you prepare the following
statistics,
for the period from Nov.
1, 1937, to Jan. 31, 1938, from
security accounts, in existence during this entire period, of customers
whose names begin with the letters "B" and "S."
(Generally speaking,
it has been found that these two letters will represent a fairly accurate
$10,446,-
Feb. 28,
and
form
1938.
consensus
order
In
The average price
all bonds was $4,149,560,132, or $80.97 per $100 of par value at
by
cooperation
your
enclosed
23,
the
express
share as at the end of
gain of 53 cents in average price per share.
a
the matter and to report its
guided
be
may
the
March
There will also be
the Exchange had a market value at Feb. 28 of
and
Committee.
requests
a.
on
rule,
Commissions was instructed
Quotations and
on
such
phases of service charges, the
shown, month by month, the totals of all stocks and all bonds.
AH stocks
rescinded
Committee
further study of
a
on
than
Committee
Governing
that
tions
according to listed and
unlisted common stocks, preferred stocks and bonds.
the
missions
Exchange will issue a monthly table showing this
information, classified for
make
So
various
End of January.
which
tabulation
to
to
Compared
orders.
than the execution of commission
other
Governing
the
the
time
expressed to the Committee on Quotations
were
services
customers
same
New York Curb Exchange Issues First Monthly Report
par
Exchange
shall
of
XIX
Article
Commissions said:
and
Quotations
on
7
customers
not
In its letter to members,
study.
Committee
Therefore,
as
the Exchange at the end of
by
adopted
was
at stockholders' meetings appears to have been checked "
In most cases, a wider representa¬
facilities provided to the owners of stock to direct its voting.
Feb.
A compulsory service
prefer for inactive accounts.
charge
companies toward reducing the percentage of stock required for a
Securities, it appears that the revised proxy rules,
in practice during the last two months.
quorum
Committee on Quotations
and Com¬
missions,, chiefly because (1) a month was deemed to be too short a base
period for which to apply the charge, without provision for adjustment
of such
charge; and (2) it was thought there should be a maximum
charge for each base period in as much as the service charge was
intended merely to reimburse members for expenses incurred in rendering
on
tion of stockholders at annual meetings has been obtained and more
some
a
Committee on Stock
adopted by the Governing Committee on Dec. 22, 1937, have worked well
of
Stock Exchange
Commissions, under date of Feb. 28, sent to members
questionnaire asking what type of service charge they
Governing Committee.
In recommending the adoption of the revision, the
List reported that: "from information obtained from listed corporations
to
as
and
security."
the power of the Committee on Securities
require members to transfer stock held by them into their own name or the
Queried
Members
Exchange
tions and Commissions
The New York
Section
as to
Stock
Type of Service Charge for Inactive
Accounts—Letter Sent by Committee on Quota¬
members to send out notices of meetings to their customers and voting in
proxy
York
Preference in
December provided, in addition to requiring
accordance with instructions, that members could give a proxy on stock
whereas in the prior tabulations
quoted as of the dates
excluded for which no bid prices were
were
prior tabulations.
new
The rule, as adopted last
and
issues
suspended)
(except those in which dealings are
All issues on the Exchange
certain securities
of
The
single issue.
a
have been included in the monthly compilations,
proxy-gathering machinery available to a
greater range of companies.
In explaning the amendment,
the Exchange announcement said;
making the
In
the mean of the closing bid and asked price on such day.
such day,
on
date of each period indicated In the above tables.
price on last trading day of each period, or In absence of a
d Based on last sale
sale
or
as
latest report Issued prior to the
period of time and (2) he announces to the crowd before accepting his own
This applies only when the
to listed securities amounts actually outstanding as at dates of
As to unlisted securities, the amounts outstanding are as per the
Represents
c
accepts has been filed in the cabinets for a reasonable
so
1635
Chronicle
which produced
during this period.
The issuance of the
monthly figures follows the compila¬
pubhc by the Curb Exchange on Jan. 26, showing
the total market value of securities traded in on the Ex¬
change for the years ending Dec. 31, 1936 and Dec. 31, 1937.
The figures were given in our issue of Jan. 29, page 674.
The tabulation released by the Curb Exchange on March 8
that
follows:
change during February, either
tion made
MARKET
VALUE
OF
SECURITIES ON NEW YORK CURB
AS OF FEB. 28, 1938
EXCHANGE
Flattening Out of Decline in Industrial
for Satisfaction by Optimists Says
Bank of New York
While it is noted by the
a
Amount Out¬
Total Market
Issues
standing (c)
Value (d)
Average
Price
(e)
Stocks—
Common
Listed
387
412
222.782,167 $1,318,741,765
6,865,834,511
466,605,121
$5.91
Unlisted—
^799
689,387,288 $8,184,576,276
$11.87
14.71
that staple prices in general continue to hold
their ground."
Continuing, the bank says, in part:
However, stability on a level one-third below that of last August, and
about
35% to 40% below the calculated normal volume of' business
activity, is not a welcome state of affairs, unless it becomes a foundation
for recovery.
Whether this will prove to be the case remains, of course,
be
to
b
Preferred Stocks—
Listed
116
12,387,963
$365,325,283
Unlisted
210
44,510,398
1,897,061,675
326
56,898,361 $2,262,386,958
and
seen.
improve in the spring, due to
should
Business
$39.76
42.62'
Unlisted.
a
64
$660,887,685
$633,782,769
f $95.89
341
..
4,463.726,147
3,515,777,363
$5,124,613,832 $4,149,560,132
f $80.97
sudden
f 78.76
395
Totals.
too
in
31, 1938.
1,125
28, 1938.
1,125
and
13.46
745,127,247 10,034,425,782
746,285,649 10,446,963,234
13.99
spread
offer
AU Bonds—
31, 1938.
Feb. 28, 1938.
a
395
b Includes
f $79.97
f
80.97
rights.
securities not necessarily designated as "preferred," but which as to
assets, or both, rank prior to junior securities.
Includes warrants and debenture
dividends, or
$5,205,858,132 $4,163,134,843
5,124,613,832 4.149,560,132
a
been
has
many
has left
too
many
ahead
lowered purchasing power to permit
sales has left costs relatively
cuts profits away or
does both; and reduction
complex process.
no
move
problems of disturbed
The drop in
which
cases
clarification
of
prevents price
of costs on a
.
the general
outlook such as might
confidence, and the capital markets and capital goods industries
promise of early expansion.
Unfilled orders for heavy products
awards
as
are
shipment
running
on old contracts is completed.
Building con¬
considerably below the same period last year,
35% in the first half^ of February; and, the
work, chiefly residential. The 6teel industry
1938 only one-half as much on plant improvement and
equipment as it did last year. The utilities will spend less.
23% below in January, and
greatest decline is in private
will
working off of inventories
is not yet prepared to
little
declining
tract
397
in
is
falling volume
are
Jan.
decline
industries,
the
high
There
Feb.
evidently
sharp upswing.
or
adjustments,
All Slocks—
Jan.
The
scale.
broad
a
but
price relationships, reduced values, and
Bonds—
Listed
influences,
seasonal
and
on
Totals.
in facts or sentiment," the
after five months of headlong
out,
flattened
finally
drop,
$29.49
Totals.
National City Bank of New York
has shown no pronounced
situation
business
"the
bank, in its March "Monthly Letter," states that "optimists
can take satisfaction that the decline in industrial activity
has
No. of
Activity Cause
National City
spend
in
replacement of
1636
All
Financial
this indicates that improvement will
have to
in the consumers'
start
goods industries and spread to capital goods rather than the
reverse.
business
is
essential
first
prices
revive
to
them which
on
through
people with
consumers'
diminished incomes
Chronicle
goods
can
The
to
put
March
pay.
High
$159,587,000
50,033,000
99.995 equivalent rate approximately 0.018%
99.980 equivalent rate approximately 0.073%
99.984 equivalent rate approximately 0.059%
j
Average price
Commercial
Paper Outstanding
Reported
as
York Federal Reserve Bank—Total of
to New
600,000 Feb. 28 Compares with $299,300,000 Jan. 31
received by this bank from commercial
dealers show
paper
a
total of $292,600,000 of open market paper outstanding on Feb. 28, 1938.
Feb.
1937—
Apr.
31
$279,200,000
Nov. 30
30
Mar. 31
311,000,000
323,400,000
Oct.
31
Feb.
Sept. 30
.329,000,000
31
nounced
197,300.000
205,200,000
on
Comptroller of the Currency,
receiverships
during
month of February, 1938.
receiverships finally closed or
restored to solvency since the banking holiday of March,
1933, according to the Comptroller's announcement, which
This makes
a
the
total of 1,009
also said:
Total disbursements, including offsets allowed,
creditors of these
to depositors and other
1,009 receiverships, exclusive of the 42 restored to sol¬
vency, aggregated $377,503,408, or an average return of 79.84% of total
liabilities, while unsecured creditors received dividends amounting to an
active
of 65.91% of their claims.
receiverships
$2,754,040.
Dividends distributed
during the month
of February,
Total dividends paid and distributions
187,600.000
receiverships from March
to creditors of all
1938, amounted
to
Apr.
——
30
175,600.000
The
173,700,000
$215,200,000 Mar. 31
.191,300,000 Feb. 29
180,200,000
16, 1933, to Feb. 28, 1938, amounted to $897,-
following is the list of 30 National banks liquidated
closed or restored to solvency during February:
and finally
NATIONAL
BANKS LIQUIDATED
AND
FINALLY
CLOSED
Oil RESTORED TO SOLVENCY DURING THE MONTH OF
FEB.,
The
Report
San
Francisco
Clearing
Association—Officers Reelected
San
made
of
Francisco
House
of the Association, covering transactions for the
year ended Dec. 31,1937, as compared with previous periods,
Total
Being
increase
an
of
$7,913,846,280.51
were
7,230,151,709.34
9.456%
683,694,571.17
The average of
daily clearings,
1937,
was
26,204,789.00
The average of
daily clearings,
1936,
was
24,100,505.69
an
daily increase during 1937 of
average
Clearings for 1937
9.456%
1936
over
in
States
the
York,
highest since
compared
as
with
an
1930,
average
showing
an
increase of
States
as
a
whole.
In
only
increase of
1.5% for 194
four cities
in the United
Philadelphia,
balances in 1937
amounted
were
32.977% of the clearings, and
to
$2,609,755,870.73
The average daily balance for
an
The
1937
was
daily balance for 1936
The average
was
1876,
11,
8,641,575.73
7,460,000.50
daily increase during 1937 of
average
Clearing House, which
March
from
was
which
1,181,575.23
organized Feb.
date
until
Dec.
4,
1876,
31,
1937,
began
clearing
inclusive,
the
clearings aggregated $213,326,455,307.67 and the balances aggregated $42,505,659,686.66.
At the sixty-second annual
meeting of the Clearing House,
Feb. 8, C. S. Mcintosh, Chairman of the Board of the Bank
on
of
California, N. A., was reelected President and Fred T.
Elsey and R. R. Yates were reelected Vice-President and
Secretary, respectively. Mr. Elsey is President of the Amer¬
ican Trust Co., and Mr. Yates is
Vice-President of the Bank
of America National Trust &
Savings Association.
of the
O.
K.
Clearing House Committee reelected
Mcintosh,
National
Union
Trust
tional
Trust
Fred T.
Bank;
R.
Elsey and
B.
Chairman
Anglo
Huxtable
of
is Assistant
President
Bank
of
Fargo
Crocker
Bank
California
America
&
Na¬
National
Manager.
$386,883,000 Received
to Offering of
$100,
Treasury Bills Dated
March 9—$50,156,000
Accepted for 91-Day Bills at
Rate of
0.073% and $50,033,000 for 99-Day Bills at
000,000
of
Rate of
was
Two
Series
of
0.059%
announced
on
March 7 by Henry Morgenthau Jr.,
tenders of $386,883,000 were
Secretaryjof the Treasury, that
received, and $100,189,000 accepted, to the
offering of $100,000,000 orlthereabouts, of Treasury bills, dated March
9,
which were offered in two series of
$50,000,000 each.
One
series of
the
a
a
Wallowa, Ore
Coldwater Nat. Bank,
bills
was
91-day securities maturing June 8,
1938, and the other 99-day bills
maturing June 16, 1938.
The tenders to the
Reserve
banks
Eastern
Standard
and
offering
the
received at the Federal
were
branches
thereof
Time, M rch 7.
up to 2 p. m.,
Previous reference to
the
offering was made in our issue of March 5, page 1476.
Details of the bids to the two issues of
bills, as announced
by Secretary Morgenthau, follows:
91-Day Treasury Bills. Maturing June 8, 1938
Total applied for
Total accepted
$227,296,000
50,156,000
Range:
i
Lfw
Average price
-
---99-985 equivalent rate
approximately 0.059%
99.981 equivalent rate
approximately 0.075%
99.982 equivalent rate
approximately
(92 % of the amount bid for
0.073%
at the low price was
accepted)
6-32
58.18
19.72
88.76
87.5
78.63
68
12-16-32
169,084
542,100
89.3
82.77
5-31
211,271
93.14
86.7
170,475
90.89
9-32
350.312
72.57
50.22
11- 3-33
83,736
63.16
56.6
9-15-33
253,727
91.83
91.32
271,564
104.44
2-
12-
Coldwater, Mich.
First Nat. Bank, Clarksvllle, Texas
First Nat. Bank, Brlstow, Okla
a
First Nat. Bank, Davidsville, Pa
Carolina Nat. Bank, Spartanburg, S. C
First Nat. Bank, Sea Isle City, N. J..
a
7-
3- 6-34
Midway Nat. Bank, Midway, Pa...
Stockgrowers
& Farmers
Nat.
Bank,
Ithaca Nat. Bank, Ithaca, Mich
a
10- 5-32 $731,259
7-14-31
609,085
11-
First Nat. Bank, Monterey Park, Calif...
a First Nat. Bank, Mansfield, Ark__
a
Liabilities Claimants
12-11-33
First Nat. Bank, Hayti, S. Dak
First Nat. Bank, Manawa, Wis
Nat. Citizens Bank, Lake Benton, MinnFirst Nat. Bank, Victoria, Va
75.4
114
7-31
420,369
80.49
79.68
5-15-34
737,946
101.12
102.45
3-
1-34
294,754
89.96
89
4-25-28
433,020
59.2
38.95
70.59
64
7- 6-32
93,864
12-30-29
709,163
63.94'*
54.98
11-11-31
184,043
55.16
35.25
3-14-34
357,079
89.59
84.2
10-28-32
138,784
58.79
34
2-
9-32
301,859
92.65
87.5
8-
6-31
737,547
76.2
72.82
3-18-32
398,347
74.6
22
First Nat. Bank, Northwood, Iowa
American Nat. Bank, Kewanna, Ind
8-
187,856
78.97
73.1
Hancock Nat. Bank, Sparta, Ga
5-24-32
174,971
76.14
57.75
First Nat. Bank, Woodward, Okla
Citizens & Security Nat. Bank, St. James,
1-21-32
408,943
87.59
53.5
Minn..
8-32
2-25-30
216,377
94.8
92.75
2- 6-33
First Nat. Bank, Lewisville, Ind
Eau Claire Nat. Bank, Eau Claire, Wis.,
z First Nat.
Bank, Cambridge, 111.
z
429,300
101.01
10- 8-32
201,234
86,091
69.86
54.4
4-15-35
44.57
22.315
1-
158,889
78.29
10.031
8-32
103.25
Formerly in conservatorship,
z Receiver appointed to levy and collect stock
assessment covering deficiency In value of assets
sold, or to complete unfinished
liquidation.
a
Reference to the liquidation of National banks completed
during January appeared in these columns Feb. 12, page
1005.
New
Offering of Two Series of Treasury Bills in Amount
$100,000,000—To Be Dated March 16—$50,000,000 of 91-Day Bills and $50,000,000 of 93-Day Bills
of
are:
Wells
and L.
M. Giannini,
Savings Association.
Tenders
Andalusia Nat. Bank, Andalusia, Ala..—.
Second Nat. Bank, New Hampton, Iowa..
Members
Avenali, Vice-President
President
Mortimer Fleishhacker,
Co.;
H.
E.
Motherwell,
Bank,
&
Howard
It
to All
Offsets
Allowed
Union City Nat. Bank, Union City, N. J..
First Nat. Bank, Alva, Okla.
Balances
First
Dedared
to Total
Failure
...
United
(New
the
were
2,104,283.31
Chicago and Boston) did the 1937 clear¬
ings, according to statistics published in the "Commercial and Financial
Chronicle," exceed those of San Francisco.
Being
Dividend
bursem'ts
First Nat. Bank, Somerfield, Pa._
clearings for the year 1936 were
Total
Per Cent
Total Dis-
Incl.
Merchants Nat. Bank, Wadena, Minn....
Clearings
clearings for the year 1937
cities
Per Cent
bursem'ts
of
State Nat. Bank In Terrell. Texas....
'
Total
Being
Total DisDate
of Bank
public the annual report of Itussell W. Schumacher,
follows:
1938
Name and Location
Clearing House Association recently
Manager
as
to
depositors of all
809,663.
INSOLVENT
Annual
an¬
March 10 the completion of the liquidation of
168,700.000
31
Nov. 30
accepted.)
Currency
O'Connor,
..184,300,000
1936—
Dec.
324,700,000
$198,800,000
T.
F.
31
290,400,000 July
31
331,400,000
Aug. 31
July
troller of
J.
..267.600,000 June 30
243,800,000 May 31
28
Jan.
was
of 30 Receiverships of National Banks
Completed During February, According to Comp¬
average
$284,600,000 Oct. 31
.286,900,000 Sept. 30
285,000,000 Aug. 31
May 31
1937—
Dec.
1936—
June 30
28...—$292,600,000
31.
299,300,000
Jan.
of the amount bid for at the low price
Liquidation
30
~The figure for Feb. 28 compares with $299,300,000 out¬
standing on Jan. 31 and with $267,600,000 at the close of
February, 1937.
The decline in commercial paper from
January is not seasonal nor unseasonal it is stated; some
years there is an increase, others a decline; there is, however,
according to dealers a reduced demand.
The increase over
the corresponding period of 1937 is the smallest in over a year.
Below we furnish a two-year comparison of the figures:
1938—
Lr769%
$292,-
The following announcement showing the total value of
commercial paper outstanding on Feb. 28 was issued on
March 11 by the Federal Reserve Bank of New York:
""Reports
1938
99-Day Treasury Bills, Maturing June 16, 1938
Total applied for—.
Total accepted
Low
Value of
12,
A
new
offering of $100,000,000,
thereabouts, of Treasury
March 10 by Secretary
Treasury Henry Morgenthau, Jr., the tenders to
which will be received at the Federal Reserve
banks, or the
branches thereof, up to 2 p.m., Eastern Standard Time,
Monday, March 14. Bids will not be received at the Treasury
Department, Washington. The new bills, which will be sold
on a
discount basis to the highest bidders, will be dated
March 15, 1938. They will, as stated, be issued in two series,
each in amount of $50,000,000, or thereabouts.
One series
will be 91-day bills, maturing June 15, 1938, and the other
93-day bills, maturing June 17, 1938. The face amount of
the bills of each series will be
payable without interest on
their lespective maturity dates.
The bidders are required,
said Secretary
Morgenthau, to specify the particular series
for which each tender is made. An issue of
$50,045,000 will
mature on March 16. There is also
maturing from March 16
to March
19 eight issues of Treasury bills amounting to
$400,642,000, which, as noted elsewhere in our issue of
today will be paid from the Treasury's cash balance in¬
cident to the Treasury Department's March 15 financing
operation. The eight issues of bills are as follows:
bills in two series
of
was
announced
or
on
the
$50,065,000 dated Oct.
$50,119,000 dated Nov.
27. 1937 due March 16, 1938
3, 1937 due March 16, 1938
$50,044,000 dated Nov. 10, 1937 due March 17, 1938
$50,050,000 dated Nov. 17, 1937 due March 17, 1938
$50,152,000 dated Nov. 24, 1937 due March 18, 1938
$50,040,000 dated Dec.
1, 1937 due March 18, 1938
$50,142,000 dated Dec.
8, 1937 due March 19, 1938
$50,030,000 dated Dec. 15, 1937 due March 19, 1938
In his announcement of March 10 bearing
offering of bills, Secretary Morgenthau said:
on
the
new
Volume
Financial
146
The bills will be issued in bearer form only, and in amounts or denomina¬
tions
of
$1,000,
$100,000,
$10,000,
$500,000, and $1,000,000
(maturity
by
like face amount of Treasury
a
No tender
for
less than $1,000
amount
an
multiples of $1,000.
tender must be in
the basis of 100,
Each
will be considered.
The price offered must be expressed
with not more than three decimal places, e. g., 99 125.
Fractions must not be used.
Tenders will be accepted without
and trust companies and from
cash deposit from incorporated banks
10% of the face amount of Treasury bills applied for, unless the tenders are
The Treasury Department
as follows:
Treasury Bonds of 1948
1938—Department
TREASURY
will be opened and public announcement of the
acceptable prices for each series will follow as soon as possible thereafter,
the right to reject any or all tenders or parts of tenders,
reserves
allot less than the amount
shall be final.
applied for, and his action in
such respect
Any tender which does not specifically refer to a particular
subject to rejection.
series will be
any
and to
Those submitting tenders will be advised
rejection thereof.
of the acceptance or
Payment at the price offered for
cash
Treasury bills allotted must be made at the Federal Reserve Banks in
or
other immediately
available funds
on
March 16, 1938, provided, however,
Office of the
Treasury bills maturing June
customers
up
17,
1938, allotted to it for itself and its
to any amount for which it shall be qualified in excess
of
existing deposits when so notified by the Federal Reserve bank of its district.
Treasury bills will be exempt, as to principal and interest, and any
The
gain from the sale or other disposition thereof will also be exempt, from all
taxation,
except estate
and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
gift tax.)
shall be allowed
of any
a
as
deduction,
or
otherwise recognized, for the purposes
tax now or hereafter imposed by the United States or any
of its
possessions.
Treasury Department Circular No. 418, as
amended, and this notice
proscribe the terms of the Treasury bills and govern the conditions of their
issue.
'\
DEPARTMENT,
Secretary,Washington,March 7, 1938.
I. Offering of
The Secretary of the Treasury,
1.
Bonds
pursuant to the authority
of the Second
1917, as amended, invites sub¬
scriptions, at par, from the people of the United States for 2^% bonds of
the United States, designated Treasury Bonds of 1948, in payment of which
only Treasury Notes of Series C-1938, maturing March 15, 1938, may be
tendered.
The amount of the offering under this circular will be limited to
Liberty Bond Act, approved September 24,
the amount of Treasury
Notes of Series C-1938
from
semiannually, on Septem¬
thereafter on March 15 and September 15 in each year.
September 15, 1948, and will not be subject to call for
1938, and will bear interest
The bonds will be dated March 15,
1.
% per annum, payable
that date at the rate of 2
ber 15,
tendered and accepted.
Description of Bonds
II.
qualified depositary will be permitted to make payment by credit for
any
March 15 and September
Interest payable
thereof
probably on the following morning. The Secretary of the Treasury expressly
Due September 15, 1948
15
Circular No. 581—Public Debt Service
March 15, 1938
Dated and bearing interest from
to the closing hour
up
STATES OF AMERICA
UNITED
Immediately after the closing hour for receipt of tenders on March 14,
1938, all tenders received at the Federal Reserve Hanks or branches
circular detailing the offering
reads
trust company.
or
reservations set forth in the
will be allotted in full.
official circular, all subscriptions
responsible and recognized dealers in invest¬
accompanied by an express guaranty of payment by an incorporated bank
subscriptions at
the books as to any or all
time without notice, and, subject to the
any
Tenders from others must be accompanied by a deposit of
ment securities.
Notes^>f Series C-1938, maturing March
15, 1938, with the final coupon due on March 15 detached.
The right is reserved to close
value).
on
1637
Chronicle
1938, and
They will mature
redemption prior to maturity.
2.
The bonds shall be exempt, both as to
taxation now
or
hereafter imposed by the
of the possessions
principal and Interest, from
all
United States, any State, or any
of the United States, or by any
local taxing authority,
gift taxes, and (b) graduated ad¬
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 corporations.
The interest on an amount of bonds authorized by the Second Liberty Bond
except (a) estate or inheritance taxes, or
ditional income taxes,
September 24, 1917, as amended, the principal of which does
$5,000, owned by any individual, partnership,
Act approved
not exceed in the aggregate
$30,000,000 of 1A% Consolidated Debentures Offered
by Federal Intermediate Credit Banks—Issue Over¬
subscribed
A
new
tures
offered
on
of 13^% consolidated deben¬
System; the books to the offering were closed
within an hour following a heavy oversubscription, it was
announced by Charles R. Dunn, fiscal agent for the banks.
The debentures, which are the joint and several obligations
of the 12 banks, were sold at a premium over par value.
dated March 15, 1938; $10,000,000 of which will
Sept. 15 and $14,500,000 on Dec. 15.
There is a
maturity of similar securities on March 15 in amount of
$21,300,000 and $he securities now outstanding total approxi¬
mately $193,650,000.
They
are
mature
3.
The bonds will be acceptable to secure
4.
Bearer bonds with interest coupons
Treasury—10 A Year 2A% Trea¬
Bonds Offered in Exchange For $455,175,500
3% Notes Maturing March 15, 1938—Subscription
Books Closed—Treasury To Pay In Cash Maturing
sury
Bills
of
$400,642,000 and $162,000,000 Interest
on
Debt
In
furtherance of previously announced plans of the
Treasury Department, Secretary Morgenthau on March 6
made known the details of its offer of new Treasury Bonds
issued to refund Maturing Treasury Notes; a reference to
the plans appeared in our issue of March 5, page 1476.
The
new bonds were offered on March 7 and Secretary Morgen¬
thau announced that night that subscription books for the
offering would close at the close of business March 9. His
added:
announcement
Treasury.
the general regulations of the Treasury
hereafter prescribed, governing United States bonds.
prescribed by the Secretary of the
5.
The bonds will be subject to
Department, now or
III. Subscription
branches and at
tions generally may
submit subscriptions for account of customers, but only
and the Treasury Department are authorized
Reserve banks
The Secretary of the
agencies.
to close the books as to any or
any
and Allotment
will be received at the Federal Reserve banks and
the Treasury Department, Washington.
Banking institu¬
Subscriptions
1.
Treasury reserves the
all subscriptions or classes
the right to reject any subscrip¬
than the amount of bonds applied for,
to make allotments in full upon applications for smaller amounts and to
make reduced allotments upon, or to reject, applications for larger amounts,
or to adopt any or all of said methods or such other methods of allotment and
classification of allotments as shall be deemed by him to be in the public
interest; and his action in any or ail of these respects shall be final.
Subject
to these reservations, all subscriptions will be allotted in full.
Allotment
The Secretary of the Treasury reserves
2.
tion, in whole or in part, to allot less
notices will be sent out
promptly upon allotment.
IV. Payment
1.
Payment at par for
bonds allotted hereunder
must be made or com¬
1938, or on later allotment, and may be made
only in Treasury Notes of Series C-1938, maturing March 15, 1938, which
will be accepted at par, and should accompany the subscription.
pleted on or before March 15,
V.
considered
as
having been entered before the close of the
As fiscal agents of the
1.
General Provisions
United States, Federal Reserve
ized and requested to receive
subscription books.
Announcement of the amount of
subscriptions and their division
among
the several Federal Reserve districts will be made later.
The
offering through the Federal Reserve Banks, consisted
10H-year 23^% Treasury Bonds of 1948, offered in ex¬
change to holders of 3% Treasury Notes of Series C-1938, of
which $455,175,500 mature on March 15, 1938.
Exchanges
will be made par for par as of March 15, and the offering will
be limited to the amount of maturing notes tendered and
of
accepted in exchange.
Cash subscriptions will not be
right
of subscriptions at
time without notice.
Subscriptions placed in the mail before 12 o'clock midnight, Wednesday,
March 9, will be
registered as
of $50, $100, $500,
made for the inter¬
change of bonds of different denominations and of coupon and registered
bonds, and fox the transfer of registered bonds, under rules and regulations
to act as official
of
attached, and bonds
principal and interest, will be
the Federal
Offer
deposits of public moneys, but
entitled to any privilege
privilege and will not be
issued in denominations
$1,000, $5,000, $10,000 and $100,000. Provision wLl be
to
on
Conversion
provided for In
of conversion.
March 9 by the Federal Intermediate
Credit Bank
be exempt from the taxes
clause (bi above.
will not bear the circulation
issue of $30,000,000
was
association, or corporation, shall
banks are author¬
subscriptions, to make allotments on
the basis
indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts, to issue allotment notices,
to receive payment for bonds allotted, to make delivery of bonds on fullpaid subscriptions allotted, and they may issue interim receipts pending
and up
to the amounts
delivery of the definitive
bonds.
The Secretary of the Treasury may
2.
at any time, or
from time to time,
amendatory rules and regulations governing the
which will be communicated promptly to the Federal Reserve
prescribe supplemental or
offering,
banks.
HENRY MORGENTHAU, Jr., Secretary
of the Treasury.
re¬
ceived.
At the same time the Treasury Department stated that
"Special Treasury bills aggregating $400,642,000, which
mature immediately after March 15, and about $162,000,000
interest on the public debt, which becomes due on March 15,
will be paid from the cash balance."
As to the Treasury bond offering, Secretary Morgenthau
on
March 6 said:
Treasury
The
bonds now offered In exchange for the maturing notes will
be dated March 15, 1938, and
of 2^% per annum
will bear interest from that date at the rate
payable semiannually.
They will mature September 15,
date.
1948, and will not be subject to call for redemption before that
The Treasury
as are
bonds will be accorded the same exemptions from taxation
accorded other issues of Treasury bonds now outstanding, which pro¬
visions are specifically set
forth in the official circular issued today.
bonds will be issued in two forms: bearer
The
bonds with interest coupons at¬
principal and interest; both forms
the denominations of $50, $100, $500. $1,000, $5,000,
tached, and bonds registered as to both
will be
issued in
$10,000 and $100,000.
Federal Reserve banks and branches,
Department, Washington, and should be accompanied
Subscriptions will be received at the
and
at
the Treasury
Settle Controversy Among
President Roosevelt Seeks to
Directors—Chairman Morgan Differs
Other Two Members of Board—Congressional
TVA
lutions Urge
with
Reso¬
Investigations
internal dissension
Valley Authority when
he conferred yesterday
(March 11) at the White House
with Chairman Arthur E. Morgan and Harcourt A. Morgan
and David E. Lilienthal, the other two directors. Dr. Arthur
Morgan had charged that the other two members of the
TVA Board had hampered the operation of the Authority.
The two other members issued a statement asking for Dr.
Morgan's resignation if he was not satisfied with the con¬
President^Roosevelt
on
sought to settle
the directorate of the Tennessee
duct
the
of
Board's
majority.
reported yesterday (March 11) that
declined to meet President Roosevelt's request
It
was
evidence
against
Dr. Morgan
for factual
Morgan has made
the two other members of the TVA Board.
From
to
support
charges
that Dr.
Financial
1638
Associated
Press
from Washington,
accounts
yesterday,
Chronicle
EXECUTIVE
we
the opinion
oI
am
be,
cannot
case
Dr.
the President
told
Morgan
the other
Morgan's
evidence
"What
of
followed
convinced
real
malfeasance
or
the
on
of
part
col¬
your
regard to the so-called Berry marble case?"
opening statement by Mr. Roosevelt that he had been
reluctantly
and
impeded
an
President Roosevelt had asked him:
after
came
dishonesty
leagues have you in
This
of
TVA.
statement
work
the
that
the
of
public
of
issues
policy
TVA Board members was
obscured by their personal
The President also
aspersions
evidence to support the various
no
was
by
claims
referred
Roosevelt
Berry,
Senator
in
questioning
Democrat
of
Tennessee,
has been introduced in Congress asking
resignation of all three Board members.
Another
resolution, sponsored by Senator Norris, asks for a Fed¬
eral
Trade
Commission
investigation
of
Dr.
Morgan's
while
investigation
President
third
a
by
resolution
congressional
a
Roosevelt
asks
for
committee.
Lilienthal
longer
and
work
can
with
This joint
quit.
Morgan,
tion
March
4
their
statement
Morgan,
colleague
in
was
saying
and
they
no
suggesting
to
answer
suggesting a congressional investiga¬
policies.
Under date of March 4, United
TVA
Press advices from Washington said:
Mr. Roosevelt gave out the statement after being asked, at his
bi-weekly
press conference, whether he had any comment on Dr. Morgan's charges.
TVA
Administration's
passed originally as
was
of
the
is
natural
sell
carried
the
Dr.
issue
Morgan
President.
by
defense
projects,
Supreme
dissented
from
Roosevelt
right to
which
of
charged
consummate
the
of
some
refrained
Tennessee
a
that Mr.
a
had
from
Federal
Lilienthal and
reparations
chance
a
doctrines
laid
down
by
the
taking
publicly
sides
in
Court
its
announce
Press
Washington
which
before the
to
Com¬
5
outlined
Senator Norris's position as follows:
Senator
Norris
Morgan in the
supported
TVA
David
Dr.
disagreement
1930,
in
Harcourt
A.
the
TVA since
to that
time
every
decision of the Board was unanimous.
Morgan threatened to resign if Mr. Lilienthal was re-appointed.
Unfortunately, he has not resigned.
fair
investigation will
is
its
Senator
for
publication
Chairman
by
Dr.
attack
of
of
followed
statement
a
by
having pursued
Morgan
Morgan's
that
the only
hindrance
that
the
TVA
Chairman."
Norris's
the
show
and
Mr.
Lilienthal
denunciation
recent
the
majority
dated
was
his
of
Roosevelt's
policy of rule
a
TVA
members
ruin.
or
Jan.
co-directors
authorization
18,
and
accusing
The statement
before
his
Chairman
demand
for
a
congressional inquiry.
Morgan
March
on
6
indicated
that
he
will
refuse to resign.
United Press Washington advices of that
date
as
quoted
him
made
position
sent
his
reiterating his
power
Dr.
(b)
Morgan
telegraphed
last
Friday
and
In
his
"I
in
am
and
letter
from
Clermont,
Fla.,
where
I
of
public
a
contributions
seem
to
the
in
which
old,
years
anxious
am
motivated
releasing
Maverick
It would
be
in
Morgan
Mr.
some
In
4]
was
by President Roosevelt's action
joint statement from
a
they
assailed
their
be
to
to
the
and
Chairman
It
has
many
Lilien¬
associate
as
an
I
career.
pleasanter
get
did
to
ago
to
my
and do
surrender
effectiveness
in
the
gave
present
some
House
of
position
the many
chance
to
make
does
government
of
was
on
an
has
in
ROOSEVELT.
D.
commercial
March 7
on
aviation.
Mr.
that day to
on
told newspaper
territory rests
Pacific
the
always
held
followed
not
(c)
or
for
five
men
discovery.
on
discovered
were
first
mere
that
discovery
by
does
by reasonable occupation,
up
in
question,
failure of
do
the
with
not
it
is
of
which there
are
the
many,
because of (a) discovery,
other nation to occupy, or a
action
of
any
or
war
occupation
is
plans.
The
war
commercial
matter
aviation.
undoubtedly
amicably.
Chamberlain
Commons
to
Great
of
March 9
on
Ambassador
islands
the
Press
London
Mr.
Britain
told
Sir
Ronald
Lindsay,
that
Washington,
this
had
the
instructed
been
that
announced
be
form of
some
the
United
Geoffrey H.
evaded
States
Singapore naval
Associated
added:
will
"proposals
be submitted
in
hope
joint control of the two mid-Pacific islands
direct
a
allowed
be
base by lease
to
answer
to
the
use
proposal
a
huge
Commons
in
drydock at the
new
otherwise.
or
Shakespeare, financial secretary to the Admiralty, replying
question by Geoffrey L. Mander, opposition Liberal, said, that provid¬
a
ing "facilities for
ments
British
not
The
Enderbury
to
affects
Islands,
March
the
sandy,
lying
and other
American
5,
advices
coral
about
In
data
bearing
British
and
trade,
ships'
view
of
the
it
was
ment
and
the
southwest
the
that
backed
was
distinct
That,
water.
.
islands
decision
by
advantage
it
declare
which
the
was
its sovereignty
over
seas
in
in
replenishment of
their
of
nature
most
islands in the Pacific,
sovereignty
would
case
period
a
Pacific
the
in
controversial
Great Britain
over
recalled,
was
declared
to
findings
in
uncharted
.
.
potentially
or
of
discovery
cruising
were
various
at
and
The
ship¬
priority of
on
Canton
Hawaii.
relating to discovery rights in such
assumed
claim.
fresh
vagueness
called
months of study of old
many
shipmasters
stopping
were
supplies of
of
records
a
"Herald
the
to
outcroppings
miles
1,850
hope, frequently vain, that .they could provide
sailing
require¬
our
thereby."
prejudiced
sovereignty is the product of
of
repayment
a
said, in part:
ping records
when
on
dockyards is normal practice, subject to
Washington,
order
claim
docking and repairing foreign warships
naval
being
Tribune"
the
Enderbury."
9
proposed by Britain.
Government
The
and
March
of
controversy."
believed
was
Canton
of
advices
Chamberlain
ending
It
over
give the
Canton
and
State Depart¬
in the event of
counter¬
a
when the United States,
some
Wake, Howland and Baker Islands,
during the preliminary stages of the development of the trans-Pacific air
service
being
now
On
March
conducted by Pan-American Airways.
8
Associated
had
the following
and
advices
Press
from
Washington
Enderbury:
Coast
[March
Guard
6]
and
Hawaiians,
who
The
cutter
to
B.
Roger
yesterday
are
regarding the islands of Canton
to say
start
Taney stopped
7],
[March
and
them
preparing
at the islands
disembarked
small
commercial
as
Sunday
groups
air
of
bases.
Interior
Department, in whose jurisdiction the islands have been
placed, said yesterday five Hawaiians would carry on: the work at Canton
four
data
will
and
Enderbury.
to
will
in
cutter
American
May 30,
The
all
Hawaiians
United
are
"colonists"
the
duties,
will
the
planted
flag first
1937,
each
on
island.
meteorological
They
also
Both landing parties from the
American
unveiled
was
by the American
citizens.
States
collect
daily radio communication with Hawaii.
lighthouse
a
Guard
The
other
be
construct
Coast
not
at
addition
Navy
Senator Norris for
the
to inform the United States that "Britain reserves her right
Canton
sponsored by
of
undiscovered
islands
Minister
British
up
right course."
into alleged TVA dissension.
A tempestuous Senate debate
held on March 9, when Senator
of
these three.
reason
adjusted
Prime
In
deliberately
seek
not
resign
Yet,
at.
decency and
said:
years
jurisdiction
and
and
hereby
are
purposes.
Washington account
over
is
the
to
nothing to
be
will
and
issue of Jan. 29, page 680, reference
our
resolution
Mr.
suggested he quit.
to
nearly 60
any way.
things
apparently
[March
expectation
the
investigation of the New Deal
authorization
the control
and
in claiming the islands was moti¬
needs
a
States
If it
of
The sole
5.
The
Harcourt
obstructionist
the
the
be,
2
Green¬
located
degrees 07 minutes N.
3
Greenwich,
FRANKLIN
islands
former occupation,
combination
vacationing.
The Chairman
thal
congressional
a
agency.
he is
of
known
demands for
the
many
relation
time ago,
follows:
by authorizing publication of a letter he
Representative Maury Maverick (Dem., Tex.), on Feb. 14, denounc¬
colleagues, David E. Lilienthal and Harcourt A. Morgan, and
to
ing
his
from
wide,
mile
one
States is assuming a right to occupy either
Enderbury
Chairman
He
In
4.
United
search
President
lat.
from
under
and
insufficient.
"Previous
had
placed
title
to
this,
give final title.
Senator Norris said:
Chairman
"A
W.
nine
approximately in lat.
minutes W.
43
long
"Herald Tribune,"
United
From
internal
reappointment of Mr. Lilienthal in
has
claim
The
3.
directorate feud.
Declaring that there had been
the
and
and
York
Under
basis in
Lilienthal
E.
minutes
denied
had attempted
March
miles
2.5
of coral
about
American-flag ships.
decision.
of
171 degrees
approximately in
by
solely
First
that
advices
Pacific Ocean
the
atoll
lagoon
a
President
as
me
an
1938.
3,
1.
would
with Senator Berry
agreement
to
in
surrounding
and
wide
and long.
03
aside
set
2.
(Dem., Tenn.), for marble
Morgan
Ender¬
and
points which were involved in the situation:
of
Harcourt
Ocean
degrees
the New
prompted
was
Commission
Berry
S.
Early, according to
the
[March 2]
yards
in
Island,
Stephen T. Early, Secretary to the President,
to
United
Pacific
vated
over
today.
decision
mission
the
utilities,
Court.
$5,000,000 damages to Senator George L.
properties inundated by TVA overflow.
He
private
arousing
Chairman's statement of Wednesday night
a
aimed at conservation
measure
Island
vested
Canton
that
;
The TVA Act
power agency.
subsequently claimed
government
TVA
the
to
Mr.
fight until
The
from
power
national
a
The
resources.
surplus
"yard-stick"
600
to
the authority
to
ordered
is
Enderbury Island,
171
March
he
Dr.
by
one
March 2,
on
into
A.
Interior)—Canton
the
Secretary of the Interior for administration
made
Harcourt
it
which is located
also
the
in
similar
a
On
public,
without comment,
a
statement from Dr. Arthur A. Morgan's co-directors, David
E.
50
49 minutes
wich ;
long.
pursuant
States,
indicated that the action
a
charges,
degrees
for
resolution
for
Secretary of
Chairman
the TVA on marble land in the Norris Dam basin.
payment from
A
there
Mr.
which
involved
Morgan
formation,
or
to
case
United
miles long,
should be either a definite end to such personal attacks
else resignation from the Board."
charges "there
The
said if
the
of
virtue of and
the
reserved,
recriminations.
and
By
conference with the Chief Executive and
a
1938
bury Island.
Chairman
occasion,"
fact-finding
useful
or
in
directors of
two
diction
that this meeting is not, and in the nature of the
effective
an
12,
ORDER
(Placing certain islands in the Pacific Ocean tinder the control and juris¬
quote the following regarding the conference:
"I
March
on
flag
a
before
departing.
marble marker
erected
Geographic Society-United
on
States
eclipse expedition.
made to
inquiry
policies of the TVA
Signing
of
Trade
Reciprocal
Agreement
Between
Country
Grants Substantial Reductions on Shoe Imports—
President Roosevelt Declares New England Has
United States
was
Bridges of New Hampshire
charged that the Authority should be subjected to a broad
congressional inquiry.
and
Nothing to Fear
as
Czechoslovakia—This
Result of Agreement
Secretary
United
States
Claims
Jurisdiction
of State Cordell Hull and Vladimir Hurban,
Czechoslovakian Minister to Washington, on March 7 signed
Over
Canton
and
Enderbury Islands in Pacific Ocean—Colonization
Said
to
Be
in
Interest
of
Commercial Aviation—
Britain ''Reserves Right" Over Islands
In
an
Executive Order
signed
Roosevelt and made public
on
the
of
South
behalf
as
of
Pacific
the
islands
United
follows:
States.
on
March
3
a
reciprocal trade agreement between the United States and
Czechoslovakia, granting to the latter country substantial
tariff
concessions
tured
products to
by President
March 5, title is claimed to
from
Canton
nouncement
The
and
Enderbury
Executive
Order
on
reads
concessions
this
tageous
country.
for
on
certain
country.
which
among
exports of shoes and other manufac¬
the United
The
17
return for similar
State Department issued
termed
the
States in
agricultural and industrial exports
the agreement
similar
pacts
the
an
an¬
most advan¬
concluded
by
this
Volume
Financial
146
The department's statement of March 7 also
"Probably
the United
by
the
States
removal
duties,
the
will
be
of
be
will
there
so
open
the
special
expansion of trade
an
than
imports, other
on
agreement.
and apples,
importance in United States exports to Czecho¬
automobiles,
from
other
most
on
the
in
lard,
that country
into
entry
expansion
trade
exchange restriction
no
for
way
ing five
said:
trade agreement with
a
controls
this
in
gone
provided
quotas
considerable
a
has
permitted
The
restriction.
of
aside
agreement,
far in
gone
attempting to
relaxation
or
commodities of
of the
slovakia
in
country has
Czechoslovakia
as
Under
most
other
no
in
prunes
quantitative
will permit
without
commodities
Moreover,
products.
these
the payment for importB of any
on
goods of United States origin.
On March 8 President Roosevelt took occasion to refer to
protests which had arisen incident to the effect of the agree¬
reported
England need not fear that there
trade agreement that will cripple
the shoe industry in this country, and is
ment on
to have declared that New
will
be anything
in any
From its Washington bureau,
New England industry.
any
March
New York "Journal
following to say, in part:
8,
The President pointed
United
the
into
that
now
our
that country
factories
own
to be allowed to come
closed.
He said that
be
duty
covered
by the
As
imports in excess of this percentage of the classes of shoes
on
agreement.
added
an
the reductions,
defense of
leading
Shoe
exporter
Co.) is
fabric gloves.
Outlines
Roosevelt
When
one
slovakia.
In
the
limited
and
by retention
Act
The
hops
untrimmed
50%
of the
of
duty
newspaper
represented,
and
answer;
for it
lication
had
satisfied
declared
man
that
learning
upon
was
critical
a
declared
the
with
that
its
had been
there
said there
name
lot of grum¬
a
of
1.25%
entirely
the ehoe industry was
majority of
a
limitation
be found the
to
was
Mr. Roosevelt said that another pub¬
paper.
production that
the American
of
might be imported.
Protests
the
against
Massachusetts
hops
was
30c.
on
Czech
of shoes imported
limit
total
last
the
The
imports
five-year
a
stances
the
have
largely
came
members
from
of
the
provision to
a
based
domestic production,
of the entire
agreement,
adverse
been
so
far
to
seems
partisan
a
on
the
under all
that
me
Senator
nature.
have been able to analyze it,
I
as
of
consequences
New
on
Senator
or
per
more
Lodge
On
Olassware
will not
glassware, blown, colored,
on
60%.
to
is
The
explained
department
The
largely machine-made, whereas
tariffs
reduced
imitations
on
50%.
of
Czechoslovakia
precious
England
declared,
manufacturers
shoe
as
issued
by
of
cans
Holt
workers it promises not to raise the duties."
Representatives
Va.)
West
(Dem.,
of
the
accorded
duty reductions
attacked
Martin, all Republi¬
while Senator
Rogers and
treatment
shoes,
on
He said that
glass.
checks buying Czech products."
will spend their relief
grants to
Czechoslovakia tariff benefits on 63 items, imports of which
from that country in 1937 totaled $19,552,000, or 54.7% of
the imports from that country.
In advices from its Wash¬
ington bureau, March 7, the Springfield "Republican" said:
provides
pact
United
the
that
States
United
States, the State Department declared:
"In this agreement, Czechoslovakia
has granted
tariff benefits on items constituting 76.7% of its imports
in 1936 directly from the United States, and indirectly through
Bremen
Commenting
.
duties
in
and
quotas
trade
Trade
between
Czechoslovakia
in
of
1936
the
from
imports
benefit
the
all
close to
was
$74,680,500
were
valued
States
United
the
items
totaled
countries
two
in
at
Czechoslovakia
were
$35,725,000.
The new agreement specifies that there shall be no
exchange restrictions to hinder payment for goods entering either country.
The signing of
the trade treaty was delayed until today, officials
while
$38,955,000,
revealed,
that
so
imports
into
representatives
the
to
signatures
President
the
the
of
States
United
the
of
document
producers receive more serious competition from
in the United States from other materials than from imports.
two
countries
of
birthday
forty-eighth
Many of
the
in
the
concessions
of
form
the
late
the United
to
relaxations
its
of
import
systems, which, in general, "has been more
the department.
according to
"Because
of
its
maintain
has to
it
nevertheless
may
"The
The
canned
all
duties
lard
quota on
and
salmon
office
imports from
was
States,
increased to 5,600 metric tons and the duty on
was
reduced to 5%c. per pound.
reduced
was
reduced from
were
the United
43c.
to
to
27c.
2/5c.
2
per
pound in
per
The duty
automobile
weights, and on
pound,
some
now
on
its
Washington
"Journal
York
New
Concession
Probably
the
important
most
7, to the
subject
tioned
an
sole sandals not produced
fabric
duty
uppers.
cemented shoes,
Inroads
granted to
Czechoslovakia by
nation.
In
on
has
agreement
led
to
these items than
defense
so
20%
duty of
domestic
the
in
footwear
tariff duties
in the United States.
35% to 25%
from
The present
was bound.
made
leather
reduced
was
with numerous countries, Czecho¬
import-permit regime for many articles which
to
import-permit
in
list,
though
limits
producers close to 99%
99% of it in value.
Czechoslovakia
against
in the matter
reduction
of
the
other imported product from that
any
the
department said,
however,
that
the concessions as to assure to domestic shoe
of the total shoe market in quantity and well
over
Because of
to
the
Czechoslovakia
exceed
concern
are
1%% of
of American
accompanied
average
by
still
importers
permit regime.
the
leading
the agreement were men¬
of Nov. 6, 1937, page 2944.
toward
the "Chronicle"
Additional Appropriation of $250,-
000,000 for Relief Purposes for Fiscal Year
June 30, 1938
Ending
We have already referred in these columns to the action of
Congress in passing the bill which makes an additional
appropriation of $250,000,000 for relief purposes for the
fiscal year ending June 30, 1938.
Roosevelt on March 2 the measure
As signed by President
reads
as
follows:
[H. J. Res. 5961
JOINT
Making
an
Resolved by the Senate
in
RESOLUTION
additional appropriation for relief purposes for the
ending June 30, 1938.
Congress
and House of Representatives of the
assembled.
fiscal year
United States of
and
That to continue to provide relief,
authorized In the Emergency Relief
Appropriation Act of 1937, and subject to all the provisions
out of any money in
thereof, there is
the Treasury not otherwise
shall be added to,
proportionately increase the specified amounts of the limitations pre¬
appropriated, the sum of $250,000,000, which amount
and
scribed under, the appropriation made in
such Act.
Approved, March 2, 1938.
signing of the bill was noted in our issue of March 5,
1478; the adoption of the bill by Congress was reported
page 1333 of our Feb. 26 issue.
page
producers concessions on shoes made
a
Houses
Passes
Tax
Closely
Held
Profits
Tax
Revision
Bill—Rejects
Tax
on
Corporations—Proposal to Repeal
Defeated—Approves Publicity
For
Corporation Salaries
leather soled shoes with
the most competitive type,
protests
more
of the reductions,
on
on
market by
on
restrictive than import duties,"
.
Footwear
on
concession
government was with reference to leather footwear.
The duty was
reduced from 30% to 20% on McKay sewed shoes, and from 20% to 10%
molded
by Czechoslovakia were
and exchange control
be imported freely from countries without
the United States," the department said.
assures that permits
will be issued freely for
Text of Bill Making
on
said:
this
The
permit
The
advices, March
bureau,
Commerce"
of
States
the United States of a considerable number of products
the
Negotiations
motorcycles from 27c. to 22c. per pound.
From
York
will have to go
through the necessary formalities for obtaining such permits.
"Permits may not be required in the future for agreement items not
retained
America
concessions to
New
agreement
hereby appropriated,
piichards
machinery
the
.
said:
paper
to
allow to
like
control
trade
.
.
work relief on useful public projects, as
Czechoslovakia's
same
7,
clearing agreements
slovakia
affix their
could
March
advices,
Washington
"Times" from Felix Belair Jr., it was stated:
from
Czechoslovakia.
Masaryk of
As to
the
year
relatively
bags made
department said that although imports of beaded bags are
The
the
to
.
.
States
United
$30,000,000.
1937.
reductions
the
on
Hamburg."
The
the
fabric)
60% to 40%.
from
was
large domestic
exchange
with equal criticism were also
the agreement means that glass workers and others thrown
employment
The
Wigglesworth,
for
Massachusetts,
"the signing of
of
were
country as a sup¬
other
any
handbags and plates (specially shaped piece of beaded
beaded
the reduction
In
that
hand,
other
the
on
Statements attacking the trade agreement
on
stones
semi-precious
and
far outranks
plier of these items.
Assails Pact
Lodge
Mass.)
(Rep.,
the welfare of American
on
pounds were from
unit value of over
and
fication.
circum¬
"this
is a black day for those who earn their living by making shoes.
Last
year Czechoslovakia
sent 3,653,000 pairs of shoes into this country—an
all-time high.
Those of us from shoe producing centers, therefore, de¬
manded tariff increases to protect American workers against this threat
to their jobs.
Now comes the trade agreement with Czechoslovakia.
"As reported in the press, it does not give us an increase in duties.
Far from it, on the contrary, with an almost unbelivable indifference to
and
in the
24c. to 18c. per pound in the case of
pound.
Of the 10,000,000 pounds im¬
cut from
feared."
Senator
out
rate provided for
engraved, &c., was reduced from
domestic production of these
imports are largely hand-made
or
specialty products.
The decline of domestic hand-made ware, it added,
is due more to competition of machine-made products than imports.
Manufacturers of flax, not specially provided for, were granted a duty
cut from 40 %to 30%, it being explained that so far as known there is
no
domestic production of the linen articles imported under this classi¬
00%
On
"It
said:
Democrat,
largely
were
industry protected
domestic
the
pound.
per
products
average.
the
had
1%%
to
however,
protests,
Walsh,
pact
Czechoslovakia coupled with
from
with
gloves,
minimum ad valorem
United States in 1937, 5,400,000
1,700,000 from Germany, with a
the
into
Czechoslovakia
delegation, who assailed the lowering of the duty on certain
types
is
1930.
valued at
ported
gloves for women and children the concession
leather
10% reduction in the specific portion of the compound duty
a
unlined
on
of
case
to
Views
the pact of Capitol Hill, the President asked him what paper he
over
warp-knit
dozen pairs, valued
came from Czecho¬
the domestic industry concentrates on rayon
as
Imports in 1937 amounted to 1,192,000
of which 824,000, valued at $2,264,000,
$3,179,000,
The rate
bling
the United
to
important buyer of goods in the United States.
an
department said,
at
shoes
Czeclioslokian
of
Rate
President
the department pointed out that
States (Bata
Purchases
by this concern have averaged over $1,000,000 annually for the last five
years, it was stated, and amounted to $2,250,000 in 1937.
The duty on cotton gloves, made from fabric knit on a warp-knitting
machine and valued at $1.50 or more per dozen pairs was cut from 60%
to 50%.
These are principally dress gloves for women.
Domestic pro¬
duction of cotton warp-knit fabric gloves "is comparatively small," the
the
30c.
deduction.
a
rates of
advertisements
newspaper
was
would
agreement has been signed one could judge as to the sound¬
the
such
of
ness
States
of "boots, shoes and slippers other than rubber," as reported
years
by the Bureau of Census, the United States Government may increase the
Tariff
out that there has been
announcing that if footwear from
had the
Commerce"
of
the
1639
Chronicle
proviso that if imports
in any
annual domestic production for the preced¬
Expediting action this week on the tax revision bill, the
yesterday (March 11) by a vote of 294 to 98 passed
the bill and sent it to the Senate; the bill came before the
House on March 2, when it was reported to it by the House
House
Ways and Means Committee, as was
indicated in our issue
Before passing the bill yesterday
roll call vote of 233 to 153 to re¬
insert the provision imposing a 20% tax on closely held or
family corporate organizations.
Tentatively on March 9
the House, on a tellers' ballot of 180 to 124, voted to elimin¬
ate the tax from the bill.
Referring to the action as a
of March 5, page 1480.
the House declined by a
1640
Financial
stunning
account March
stated that
of
out
the
Administration,
Washington
a
9 to the New York "Journal of Commerce"
although the action
the
tentative, the striking
as Title 1-B,
(the so
expected to be confirmed later
was
section, which is known
"third
called
for
defeat
basket")
in the week when
was
roll call vote would be taken.
a
Chronicle
of
tax on
income of
With
trol
a
gallon,
designed to
for revenue lost by elimination of the third basket levy.
(3) Provision adding 6 cents to the present 3 34-cents-per-pound excise
Publication of corporate incomes of
(4)
tax
graduated from 1234 to 16%
more than
$75,000.
Corporations earning
profits tax of 20%
which
than
more
$25,000 would
pay
an
its
Washington
two
most
features
of the
towards
con¬
a series of amend¬
bill—changes in the
profits tax and the capital gains and losses
directed
were
by overwhelming votes
important
tax—some
extending greater concessions to
of
taxpayers
and others seeking continuance of the present law.
Only One Change Voted
Only
change
one
voted
was
in
the
bill
j;:/l.:
objections
over
This
publicity to salaries of corporation officials but
apply
only
salaries,
to
plus
bonuses
upon
amounting
to
of Chairman
to continue
was
a
giving
modified scale to
than
more
$75,000
annually.
plan of the committee
to seek
repeal of publicity pro¬
law which apply to all salaries of $15,000
or
more.
undistributed
In the main preponderance of discussion
today centered upon the pro¬
vision of the bill for the repeal of the clause in the
if all earnings
were
Two
on March 9 to eliminate the
20%
closely held corporations advices to the New York
"Journal of Commerce" from Washington said:
.
.
giving
.
attempts to eliminate the rider
before
made
were
satisfactory
a
compromise was agreed upon.
to carry out
As to the tellers' vote
law
present
publicity to corporation salaries.
They would get credits of 4% of dividends distributed
.
from
would pay
.
which would reduce the top rate to a minimum of 16%
distributed.
tax
the
to
visions of the present
a year
At present they pay normal taxes of
plus undistributed profits taxes of from 7 to 27% .
8 to 11%
advices
exception the committee leadership maintained complete
It had been the
Under the bill, corporations earning less than $25,000
a
its
in
the House and rejected
undistributed
imports of pork and pork products.
on
which
Doughton (Dem., N. C.) of the committee.
Increase of the liquor tax from $2 to $2.25
make up
tax
one
over
ments
closely
held corporations.
(2)
Commerce"
■A
Elimination of the so-called third basket
1938
bureau, also said in part:
Before final passage, the House reaffirmed:
(1)
12,
modification of the undistributed profits tax and the
capital
gains provisions of the present law when it voted approval
of these provisions in the bill. We quote from the "Journal
The House
yesterday (March 11) also refused to eliminate the undis¬
tributed profits tax, impose a flat levy of
12%% on capital
gains, or kill an increase in the levy on hard liquor.
As to yesterday's action, United Press accounts from
Washington said:
March
but
Representative Boileau (Prog., Wis.) sought
the President's suggestion that the rider be eliminated entirely
defeated by a vote of 118 to 60.
was
The
next
attempt
Texas)
who
proposed
on
$20,000
made
was
but this too
or more
by
.
.
.
Representative
McFarland (Dem.,
publicity be given to salaries amounting to
that
was
voted down.
Taken completely by surprise by the overwhelming
majority vote rolled
for the amendment sponsored by Representative McCormack (Dem.,
Mass.) aliminating the title from the bill, a hurried meeting of Democratic
Compromise Is Adopted
up
members was called late this evening to decide whether to
try to repair the
damage to the
revenues to
Following the session it
to
agree
be raised by the bill.
was
alternative
upon
Doughton announced
no
said members of the Committee
levies
to
recover
the
revenue
were
loss
unable
and
Mr.
and that consideration of the bill
as
it is would be resumed tomorrow.
In
increasing the estimate of the
bill would be left to the Senate.
i
was estimated
by the Treasury Depart¬
$40,000,000 to $50,000,000 of additional
revenue could be
With this provision eliminated, however, it was
thought in some
quarters that the amount would have to be made up from other
On March 4
sources.
"Times"
which in
part continued:
measure during the second day of debate,
Mr. McCormack turned suddenly to the Republicans and
urged them to
unite with
Title
tion
.
a
of Democrats next week to amend the bill
group
1-B, the "third basket," instead of making
.
An attempt to
a
so as
1936, date of enactment of the 1936
was
this
applying to corporations outside of the closely held group,
amounted to practically to a return to
abnormal tax rate. The changes, he
said, reduce the effective rate from 32.4% to 20, with a further reduction
to 16% possible.
as
Democratic
vote
Mr.
On March 10 Chairman
McCormack would
command
a
second revenue bill to make up
$30,000,000 to $45,000,000 pared from the
prospective yield of the tax revision measure by the removal
the
and Means Committee to pay more attention to his
proposal for a
gallon tax on crude oil.
1%
He said that
indicated in the "Times" account from
Washington
March 6 that reading of the bill was scheduled to start in the
House
on
March 7; debate on amendments it was
added,
would be under the five-minute rule, but
nothing had been
said to indicate any limitation of the number of amendments
which might be offered.
Monday March 7 when the bill
was
taken up
by the
the Whole House, the Democratic
majority
efforts to amend the bill; as to this advices
Committee of
defeated three
to the "Times"
on
that date said:
One of the defeated amendments
was
designed to clear the way to strike
102,
an
ancient tax provision aimed at
so
change would make the section
1-B would not be needed.
effective that Title
The proposal was defeated without
a
the
revenue and had not asked for any,
situation
revenue
with
proposals for Mr.
Mr. Doughton said that if the House
a
tax on
although
Secretary Morgenthau this
Treasury
was
preparing
Doughton's guidance, should
tfMr.
persisted in its refusal to
closely held corporations the tax
and another
revenue
measure
Morgenthau
declined
biirmtgfrtdje sent
brought in later.
to
comment
.
.
yesterday's
on
approve
the
to
Senate
"T
House
action
except to say that the administration wanted any revenue losses in the bill
A recheck of the bill
up.
showed|$41,000,000 more
Mr.JjMorgenthau spent
revised
as
up
to last night,
most of the early morning hours in telephonic
Democratic leaders of the House and announced his
readiness to furnish substitute proposals afterward.
himself to Mr.
he added,
was needed.
He indicated that the
suggestions, when requested, would be sent in the form of
a
letter from
Doughton.
Democratic members of the Ways and Means Committee decided not
to
recommend
$45,000,000
substitute
levies
offset
to
the
estimated
$30,000,000
to
loss.
revenue
They declared that since the entire House had discarded the socalled 1-B
tax, it should
assume the
turn the task over to the
responsibility for raising
more
funds
should
or
Senate.
Representative Robertson, Democrat, of Virginia, proposed raising the
Federal liquor tax from $2 to $2.25
a
gallon.
He said the increase would
produce $35,000,000.
Flannery,
1-cent-a-gallon tax
fuel
on
Democrat,
of
Pennsylvania,
The yield
oil.
was
estimated
suggestd
at
as
high
a
as
Before deleting the
i Mr. Treadway *s
have substituted
income, 14%
A
.
A
16%
income tax
pay no
A
corporations with incomes below $25,000.
on
undistributed profits tax.
income tax and
a
4%
corporations having incomes of
surtax on
rates on
gains
on assets retained
by
undistributed
$2.25
a
a
gallon
was
profits of most
than $25,000.
more
capital gains tax system which would
a
a
set at 16 to
taxpayer for
39.2% the maximum
more than
13 months.
liquor from $2 to
adopted by the House on March 10 by
on
vote of 160 to 34.
.
Representative McFarlane, Democrat of Texas, charged that the Treadrepealer would remove the incentive to corporation distribution of
way
profits which,
12M to 16%
They would
The amendment to increase the tax
motion to repeal the undistributed profits tax would
normal tax of 1234% on the first
$5,000 of corporate
that between $5,000 and $25,000, and 16% on all above
on
1-B tax yesterday, the House approved tentatively
these major features of the revenue bill:
for revocable trusts made to endow
colleges and universities
he said,
individual income
was
Treadway
held
corporation levies.
retaining
responsible for the considerable increase in
that
repeal
revenue
would
However, Says Each Such Case Must Be Decided
on
so
greatly encourage
business
probably would be gained from other
He blamed "the White House" for Democratic insist¬
even a semblance of "this
iniquitous tax."
His amend¬
ment was defeated 78 to 33.
Mr. Reed's amendment, which was defeated 82 to
23, was assailed by
Mr. Vinson as "the first attempt to strike at the revenues in this
bill."
On March 8 the House
recommendations
United States Supreme Court
Upholds Federal Income
Tax on Four State Employees—Unanimous
Ruling,
tax returns last year.
that the $81,000,000 cut in
on
discussed
Earlier Mr. Morgenthau told reporters that the
record vote.
Also
defeated were motions by Representative
Treadway, Republican, of
Massachusetts, to repeal what remains of the undistributed profits tax and
by ^Representative Reed, Republican, of New York, to allow tax deductions
ence
suggestions for additional
had
the latter desire them.
Mr. Harlan and others
contended that the
Mr.
idea and did not necessarily represent the views
own
He added that he had not received from the
Treasury
$175,000,000.
Section
corporations "improperly accumulating surpluses."
.
his
morning.
Offered by Representative Harlan, Democrat, of
Ohio, this amendment
would have strengthened
$25,000.
was
Representative
out Title 1-B.
*'
closely held corporations.
Associated Press
Washington reporting this added:
communication with
was
On
on
a
...
It
levy
a
advices from
he
a
estimated
strong
It is known that Representa¬
whip, is displeased with the failure of the Ways
Doughton suggested that Congress
might be asked to enact
made
against the "third basket."
tive Boland, the Democratic
to corporations with net incomes of $25,000 or more but
,
alternate revenue-raising
He devoted the rest of his address to support of the other
provisions of
that
27%
rejected also, 16 to 52.
was
of his Committee.
meritorious.
act.
Representative McFarland proposed to amend the bill to continue appli¬
of the undistributed profits tax rates of the
present law, ranging
the measure, stating that modifications in the
present undistributed profits
evidence
agreed
cation
any
was
was
grant further
success by Represen¬
The House voted down his amendment
^Wads worth (Rep., N. Y.).
mo¬
.
felt that the remainder of the bill
There
so as to
It would have permitted corporations to
irrevocably set aside
4% of their earnings tax free for payment of debts incurred prior to June 22.
to throw
recommittal
fn Mr. McCormack said that he favored the tax bill as a whole, with the
exception of Title 1-B, but he added he would support the bill when it
came to a vote, even if the 1-B section were
not eliminated, because he
provisions,
This amendment
modify the undistributed profits tax
relief to debt ridden corporations was made without
tative
of
Rising to support the tax
out
through the Treasury Department.
voice vote.
a
from 7 to
drive for the
dropping of the 20% surtax
tax on undistributed profits of
closely held corporations was
started
by Representative McCormack (Democrat) of
Massachusetts of the House Ways and Means
Committee,
it was stated in a dispatch on that date to the New York
a
by
120 to 50.
Under provisions of the title, it
ment that from
be handled
to
further meeting of the Committee would be held
other words, it was explained, the matter of
raised
The compromise amended was offered
by Representative Fuller (Dem.,
Ark.), member of the Ways and Means Committee, who proposed that
publicity be limited to salaries of $75,000 or more and that the publicity
of
the
overrode all opposition to the
Ways and Means Committee for
Merits
The United States Supreme Court on Feb. 28 signified its
unanimous approval of collection by the Federal Govern¬
ment of income taxes
on
salaries of four quasi-official State
employees whose incomes
come from private funds.
Justice
McReynolds, who handed down the decision, added, how¬
ever, that no hard and fast rule could be promulgated, and
that
each
merits.
such
future
case
must
be
decided
on
its
own
Volume
A
146
Financial
Washington
"Times"
dispatch
Feb.
of
28
to
summarized the ruling in the
New
the
income tax
York
case
as
follows:
McReynolds's decision involved the salaries
John
and
McLoughlin,
H.
Therrell,
lawyer in
a
of William
liquidators of Florida
the
Liquidation
Bureau
State
banks;
the
of
H.
State
Department, and Clarence M. Freedman, a lawyer in the Bank
Liquidation Bureau of the State Department of Justice.
Justice
its
to
undertake
various
enterprises,
that
did
power
United
States
in
employ
may
not
may
exercising their delegated
instrumentalities which a State
tax
the discharge of her essential governmental
which
the
order
framers
intended
each
member
duties—that
the
of
Union
the
powers;
employ
may
is, those duties
would
in
assume
adequately to function under the form of government guaranteed by
the Constitution.
"By definition precisely to delimit 'delegated power'
mental duties' is not possible.
"The
compensation
not
from funds
the
State
the
four
men
which
about
No
they
from corporate
employed
were
of
in
liquidation
of
non-union
The
assets—
officer of
an
was
not one utilized
was
duties.
private enterprises; their funds
were
The
by
corpora¬
the property
were
Supreme Court Denies Review Sought
by New York Superintendent of Insurance of
Lower
Court
Ruling
Permitting
Creditors
of
Liquidating Companies to File Claims in Federal
Courts—Other Supreme Court Rulings
States
Supreme Court on March 7 denied a
petition for review sought by New York Superintendent of
Insurance Louis H. Pink of
had
held
tion
that
creditors
direction
under
suits
their
on
insurance
of
of
State
the
claims in
ruling of
a
advices
from
of Commerce"
S.
Wallace
companies in liquida¬
Superintendent
Federal
the
right
by
$11,087
lower
for legal
bring
to
court
services
and
for
ment, which
30
all
if
proceedings
"The
and
New
the
which
York
statute
be
can
be
"thrown
creditors
courts
and
jurisdiction of such
the
suits
to
of
only
that
disrupted
Insurance Department
of
claims,
require
case
is
grounded
single control
a
decline
courts
remit all parties to the
suits and
said
and greatly
by the
the
Federal
the
if
brief,
the Federal courts."
in
determination
the necessities
attained
of
insurance corporations under
confusion
into
resorted
or
for
that another claim
Pink, in his
extensive procedure established
very
the
upon
would
numbers of
large
entertain
to
State courts."
He
sive
pointed out that the New York courts have developed
procedure for
Surety
Co.
reviews
the
allowed
The
his
further
referee
A
the
is
appointed
of
claim
claims,
then
files
a
claims.
all
stand
to
similar
bring
the
in
suits in
in
all
have the
dissatisfied
the
other creditor
any
with
has
"The
decision
instant
the
of
creditors
case,
Federal
the
Circuit
the
of
In
creditors
such
Appeals
creditors
of
will be
and
other
of
law
State
the
to
rights
same
claimant
a
York
New
of
identically the
advantage
hand,
suits
institute
creditors
suing
residents.
the
in
non-resident
gives
as
the
York
New
Federal
court
Federal
State
distribution
delay
between
courts
of
dividends
tions,
injunction
2,000
Supreme
Court's
he
of New York
insurance
of liquidation
it
is
In
matter
a
the
transit
the
Wyoming Associated Oil Co. and the taxes assessed against
Charles
Mitchell
E.
noted
are
elsewhere
this
in
United Press accounts from Washington, March
that
in
Agreed
Garment
the
at
owned
to
Nell
a
petition
decision
American
Granted
1936
the
final
in
on
order
of
plant
the
Labor
from
the
order
Kansas City,
in
States
New
Quill
enjoining
Mo.
to
&
St.
the
is
Reed.
RR.
from
convicted of fraud in connection with
grounds
the
court
issuance of the high Court's
appeal
decisions
of
Dr.
rejecting
Eugene
his
accident
Szold,
constitu¬
of
the
Federal
Trade
Commission
for
a
not
who
the
filed
to
want
applica¬
an
union,
said
the
join
they
union.
monopoly of the labor market.
a
Legislatures
by
evil
an
and
not
in the
by
the
it
stated
was
closed
the
that
shop
six
the
case
are
Carney.
and
They
Michael
sued
union, the Rapid Transit Corp.,
Transit Corp., the Williamsburg
Brooklyn Bus Corp.
(March 5), on page 1481, we
Court action in upholding the
the
Supreme
disestablishment
of
company
unions of Greyhound
Lines, and its ruling in the Shinner case, and on page 1482
the ruling was noted of the Supreme Court in refusing to
grant an appeal in a suit brought by Pacific Gas & Electric
Co. against the Sacramento Municipal Utility District.
On
Feb. 23 the Supreme Court delivered 18 opinions and
in 22 cases, said Washington advices to the
"Wall Street Journal" of March 1, from which we take the
dissent
following:
The NLRB
Circuit
Mackay
Radio
strike.
.
allowed
was
Federal
Court
&
high court review of
a
of
Appeals
Teliegraph
that
Co.
to
ICC
Wins
in
RR.
ruling by the
a
Board
could
Ninth
order
not
who
men
had
the
gone
on
Railway Mail Pay Order Case
The Interstate Commerce Commission
to have
the
reinstate
.
a
railway mail
The ICC order
in
length.
Court
in
its
application
It
the
to
flat
a
been
had
in Supreme Court in its
won
order held valid
pay
fixes
application
unfair
by
more
The
than 100
special Federal
a
Georgia and Florida District
Florida.
effort
affecting Georgia & Florida
as
mile rate for railroads
per
held
to the
Georgia &
Supreme
Court
District
Court
in
reversed
its
this
holding.
ICC
United
States
Co.
to
and
St.
Supreme
Paul
&
Pacific
pool their iron
the
first
RR.
and
traffic from
ore
opinion
the Supreme
to
Association
expended
Act
Upheld
ICC
order
authorizing
lost
by
a
a
the Menominee range
in Michigan
the
which
in
case
a
in
.
.
.
funds
recover
collected and
Frazier-Lemke
a
debt
farm
land mortgaged to the bank.
on
Commissioner
not
was
the
sought to
crop
Conciliation
which
it
Commissioner
proceeding from
under
revenues,
Court, the Bank of America National Trust & Savings
Conciliation
Adair,
Chicago
Chicago & North Western Railway
delivered by Justice Stanley Reed since his appoint¬
for
San
Bernadino
County,
liable for the funds spent because while ^ie
were initiated were declared unconstitu¬
proceedings
tional, the proceedings
were
reinstated under the second Frazier-Lemke law
expenditures thereby validated.
Justice
Reed
stay as
held
that
the
enforcement
tc
made
of
Bankruptcy Act allowed
claims
by the Conciliation
he
property,
declared,
sonally liable for the
his
upheld
to
the docks at Escanaba,
Mich., and to pool
tracks, equipment and employees engaged in that traffic.
moratorium
and
Pooling Order
Court
Wisconsin
expenses,
and in
expenses,
against
Commissioner
holding the
his
farmer to
a
property.
were
The
Conciliation
effect
expendi¬
for the benefit
the
of
Commissioner
per¬
"the lower court misconceived the nature of
office."
Supreme
not
was
debts
Court
granted
review of
a
entitled
under
the
to
held
the
court
redemption,
review
that
was
a
an
James
Federal
Cases
Wright,
of
Farm
Court
the
Debt
a
farmer
Jay
County,
of
Appeals ruling
that he
time
of
for
limit
Moratorium
payment
Act
as
of
his
amended.
Wright's property had been completed and the lower
Frazier-Lemke Act,
if it sought to extend the time of
unconstitutional.
Supreme Court refused to review
a
Federal District Court decision
hold¬
extension of redemption of the mortgage of Earl Corbett, of Indiana,
an
under
M.
Circuit
extension
Frazier-Lemke
of Mr.
the
Frazier
Sixth Circuit Court of Appeals decision
dismissing the Commission's
directly
to
the
prohibiting Goodyear Tire & Rubber Co.
from selling tires to Sears,
Appeals
to
hear his
and
the
ing
cases.
petition
union
against
of the National Labor Relations Board in ordering
power
Foreclosure
challenge of the New York State statute regulating medical services
the
minority
a
with
to review validity of their conviction.
lower
be
will
week ago
a
the
to
of the
Corp.,
issue of
referred
Indiana,
stay in
the
that: "If there be
Frazier-Lemke Act
union.
a
ruling,
similar
or
particular industry by labor organiza¬
a
brought
Queens
&
Plant
our
Ladies
picketing
collectively
who did
Thomas
and
Brooklyn
In
tures
The factory
Paul
bargain
Act
election
unequal protection
an
workers
company
"Times"
who
President
as
Power
a
International
the
majority and
considered
be
York
O'Neill
Joseph
7, reported
Senator James
carrier
12 persons
jurisdictional
of
court
Chattanooga
Nashville
of
appeal
Federal
United
City elections for
physician,
industrial
Granted
of the
a
directing
mandate refusing
Dismissed
tional
motion
Kansas
York
of
Federation
the
formal
New
from
Donnelly garment
court
the
in
arguments
Union
the wife of former
Denied
lower
an
hear
Workers'
by
issue.
comparatively busy day the Court also:
a
the
the
employees
to
workers
Noah
the eases affecting
ruling in
of
men
against
other
Calif., contended he
The
in
courts."
indefnitely."
creditors
to
negotia¬
the statute for the protection of workers
The New York Court of Appeals ruled
ment
liquidating
After
Relations
thus bringing about
monopoly of the labor market in
In
in
Labor
vanquished
are
They contended the contract amounted to
On the
operating
are
National
who
union
under
men,
an
represented
entirely disrupt the entire
would
courts
and
that
except
companies and such suits would materially increase expenses
and
for
Milwaukee
creditors
the
to
Charles Williams and five other non-union
tion
will
There is absolutely
the Department of Insurance of the State
plan under which
and
the
in
laws
representative.
contended that under the New York court
minority
impossible to
impedes the opportunity of other creditors to object to his claim.
other
of
allowed
is
may
it
suits
stockholders,
and
of
Court
number
large
a
courts.
in the allowance
participate
can
opportunity of contesting the claims asserted in such suits.
stockholders
no
the
If
non-union
the claims be
is predicated upon the determination of all claims
proceeding where all
one
the
or
upon
of National
for
bargaining
monopolies."
miles
entire procedure
Press
was signed.
Under
told they must become members of the union within
pursuant
"the
of
hear the issues raised
to
creditor
Any
the
or
and
recommendations that
court.
claim
own
case
advertises
examinations,
comprehen¬
a
predicated
is
He cited the
Superintendent
Court with
with
which
claims,
right to appeal.
"This
in
of
of
proceeding.
one
makes
Supreme
report
determination
the
filed,
disallowed.
his
in
example.
an
the
determination
the
claims
claims
or
files
all
as
with
report
and
of
laws,
one
Outlines Court Procedure
the review
Associated
Btrikes, the closed shop contract
were
elections
which have large numbers of creditors
residing outside the State of New York, Mr.
these
collective
as
threatened
compelled to join the majority,
importance to the Insurance Depart¬
is liquidating a large number of
supervision of the New York courts
District Court
Federal
a
in
Charles Williams, Ellis W. Bless, Joseph Cohen, John Loner,
further:
preferred rather than a general claim.
a
is of great
case
in
determination
a
$25,000 for legal services should he
Asserting that the
chosen
and
employees
days.
lower court ruling,
[Washington], had been granted the
suit
follows
as
of
Washington to the New York "Journal
Dempeey, attorney here
the
file
may
The effect
courts.
March 7, from which we quote
on
outlined
was
it all
lower court which
a
denial of the petition was to sustain the
said
28 dismissed
Court of Ap¬
The non-union workers
States
United
Feb.
on
men.
case
was
tions
State
The
Supreme Court
decision of the New York
a
Employees of the transit company held an election last July, pursuant
the State labor law, and the Labor Board certified that the
transport
to
in
United
States
peals upholding the closed shop section of a contract con¬
cluded by the New York Rapid Transit Corp. and the Trans¬
port Workers Union of America prohibiting the employment
individuals."
private
United
appeal from
union
the State in the discharge of her essential government
tions
an
Washington advices of Feb. 28:
of them
one
ings
The
govern¬
the term.
of
sense
paid
was
belonging to the State.
the strict
in
business
"The
of
'essential
or
Shop"
Rapid
Affecting Mackay Radio
Telegraph Co.—Frazier-Lemke Act—Other Rul¬
&
establish
not
for
usual
Transit Corp.—Decisions
for individuals engaged in such enterprises.
"Among the inferences which derive necessarily from the Constitution,"
he said,
"are these:
No State may tax appropriate means which the
States
than
United States Supreme Court Sustains "Closed
Clause in Union Contract with New York
immunity
United
less
at
power.
McReynolds noted former court opinions ruling that while States
power
1641
Co.
Edward
York
New
&
prices.
This practice was discontinued
voluntarily by the rubber company after the Robinson-Patman law was
passed, but the Commission regards the lower court order as a challenge
Tunni-
Insurance
had
Roebuck
to
Justice
cliffe
Chronicle
Lemke
Supreme
case.
Act
Court
unconstitutional.
without
...
waiting
Mr.
for
the
Corbett
Circuit
appealed
Court
of
t1
1642
Financial
Upholds State Tax
Supreme
school
Court
fund
of
tax
out-of-State
the
upheld
2%
of
advertising
Sale
on
application
of
the
of
receipts
gross
unions
of Advertising
a
Mexico
New
business
"Western Livestock,"
in
Chronicle
to
receipts from
magazine
state
by
contended
A
The school
commerce.
from
revenue
fund tax
advertising.
publishing companies
on
tion
measured
was
Middle
Court
of
Claims
to
decision
original
an
Corp.
that
Federal
a
of
issue
the
receive
stock,
stock
on
voting
transfers
trustees.
no
could
one
have
could
The
the first and only
were
lost
government
State
the
Co.
and
decision
for
merely
order
an
in
case
Federal
court
for
from
cities
for
all
persons
with
"Counsel
entitled
which
in
title
sought
escheat
than
seven
to
asserted
on
that
in
lower
last
what
transferring the funds and that it would still have
to
Justice
for
Stone,
escheat of
pass
To
filing of the formal order of the court.
is
the
the
upon
performed
Rand's
Remington
real
extent
the contrary,
effect
Harriss
order.
Meanwhile,
which
to
that
(Remington Rand, Inc.)
required
was
been
has
settlement
'it well may be that
will be found to
it.'
of
the portion of the Labor Board's order requir¬
independent labor organizations to which most
employees
factory
belong,
by
disallowed
was
the
court."
the
to
State
disturb
not
of
Pennsylvania
to affect
purport
or
founded
not
was
New
on
&
Yose,
—Tribunal
Leased from
The
brokerage firm contended that the bond covering loss from "trades
fraudulently conducted by an employee in the name of a genuine customer"
should be broadly construed so as to protect the insured
broker, since it
and
the
not
have held
customer
bond
the
customer and the
The
loss
stock of
Manhattan
from
to
ers
firm
recovery
pool
of
man
a
large block of
and represented loans made by the
Manhattan Electric Supply Co. stock.
of
$26,488
of
recovery
other accounts
two accounts,
on
which the loss
on
Elsewhere in this issue
ruling
customers'
a
Supply Co. in December, 1929, as part of an
dispose of that stock.
The loss occurred in
to
purchases
allowed
on
by
margin accounts
finance
was
sales
Electric
allegedly fraudulent
with
beneficiary, and that the lower court should
loss when caused by connivance between the
a
employee.
resulted
connection
the
is
covered
was
in
but
brok¬
The
denied
was
Supreme Court's
Feb. 28 upholding the collection by the Federal
on
Government of income taxes
the
Supreme Court
it
overruled
long-established
State
of
State
a
States
Federal
and
two
In both
strumentalities.
vote, that the Federal
Government
from oil and gas lands
Against Remington Rand, Inc.—Company Is Re¬
quired to Reinstate Discharged Employees and
Recognize Union
The United States Circuit Court of Appeals in New York
City on Feb. 14 unanimously upheld an order of the
National Labor Relations Board
requiring Remington Rand,
Inc., to rehire employees allegedly discharged for union
activities and those not already reemployed who
partici¬
pated in
a strike in 1937, as well as to recognize the Rem¬
ington Rand Joint Protective Board of District Council
Office Equipment Workers as the exclusive
representative
of the
employees in the company's plants at Syracuse, Tonawanda, Ilion and Elmira, N. Y., Middletown, Conn., and
Marietta and Norwood, Ohio.
In noting this, the New York
decision
order,
own
Board's order
company
Labor
violation
issued
was
held
was
made the Labor
making
ing
Federal
a
bank
in
Baltimore,
last
March,
responsible for
in
order, with few exceptions,
contempt
as
of
The
court.
sweeping decision in which the
a
"wholesale
violations"
of
the
National
Relations Act.
Justice
Hughes,
the
in
majority
is
be
supported
engaged in
functions
The New York "Journal of
Commerce," fur¬
ther reporting as to the
decision, stated:
the
between
present,
the
Workers,
at
least,
and
company
A.
an
F.
of
L.
the
order
various
under
where
it
be had to
merely
others
as
for
indirect
and
are
gains because
or
interference
of
with
holding
Discussed
and
direct
operating
one
effects,"
under
he said.
"And
contract
government
a
that
similar
in
the
effect
businesses,
the
upon
there
is
sufficient
no
other
is
government
Butler, with Associate Justice James C.
"necessarily
goes
McRey-
that with the overruling of the two previous
long
a
of
line
decisions
this
of
and
courts," and contended "that today's "opinion brings forward no real
so
sweeping
Associate
Reed,
Benjamin
recently Solicitor
Court's
N.
showed
facts,
that
the
of
Cardozo,
General,
analysis of the
Hughes,
covering
change of construction
a
Justices
until
the
in
State
the
ill,
is
Wyoming
had
executed
declaration
a
Wyoming Associates derived
set-up
presented
trust
of
under
certain
the
which
decision.
by
Chief
a
lease
made
for the purpose
The oil
corporation
a
F.
Stanley
the
announced
producing oil and gas, reserving a royalty to the State.
then
and
participate in
decision
of
other
reason
Constitution."
who
did not
section of school land to the Midwest Oil Co.
a
than
remote."
nolds concurring, pointed out
for
the
tax with respect to his profits on the same basis
a
engaged
Associate Justice Pierce
decisions
for his property
conceptions
substance
that
appears
subjected to
who
ground
"con¬
the
government."
must
lease is
or
summarized
government contract or lease cannot
a
theoretical
of
company
known
as
benefits.
question
units
to
Stated
its
a
of
lengthy
the
Office
Equipment
Ordered
Upholding the Board in the major portions of
reinstatement
have
been
with
full
The
of
pay
stated
"the
its order,
all
dated March
justified
whether
Wyoming
who
the
and
found
court
certainly free to find
the
(Remington-Rand) guilty of unfair labor practices.
Mr. Rand's
Rand Jr.) declarations-^ alone were
enough.
He invited a test
H.
"necessity of dealing with the union
held
court
union
that
which
has
an
employer
in
all."
in
refuse
the
to
negotiate with
past because of its
good faith to bargain
for
a
a
past
majority of the
employees.
Rand
had
the
Remington
the
Office
given
Rand
as
his
Joint
main
reason
Protective
for
Board
Equipment Workers that it had
Oil
to
tax
should
taxation
Associates
was
refusing to negotiate with
of
caused
the
District
illegal
Council
in good
faith.
Modifications Made
modification
requiring
the
in
the
company
Board's
to
order
withdraw
was
all
made
„
in
recognition
Gas
those
to
"We are
was
tax
on
its
that
a
Overruled
pointed out that the claim of tax immunity
Co.
and
Gillespie
these
crippled
subjects
there
convinced
known
cases
Oklahoma.
v.
In
no
is
extending
within
.
part:
the power
exemption
application
from
of non-dls-
direct burden Is laid upon the governmental Instru¬
if any, influence upon the exercise of
only remote,
.
.
.
are out
.
.
v.
the
announcing
the constitutional
the general
was
Burnet
as
the Chief Justice said, in
cases,
fall
which
that the
Coronado Oil & Gas Co.
by
rulings in Gillespie vs. Oklahoma and Burnet vs.
of harmony with correct principle, and accordingly
they should be, and they are now, overruled."
Gillespie
Indian
on
the
lessee
its
duties
against
from
oil
to
the
could
not
be
"At
Indians.
application
least
of
deemed
the
since
of
the
In
the
Federal
McCuiloch
government
v.
to
Government
delegated to it and that, for the
not
tax
the
Burnet
tax
derived
income
on
on
case
decision
income
from
leases
the ground that
States in
the
derived
fulfilling
ruled
court
by
lessee
the
for support of the common schools.
Justice Butler said,
the adoption
imply that
in
net
by Oklahoma
by the United
Maryland,"
resulting from
necessarily
Federal
that
taxed
instrumentality used
the United States to Oklahoma
form
of
an
held
decision
case
lands
was
regard to the section
company
received,
by jeopardizing
disadvantage of the State
overrule
be
not
it
the
of
so-called
benefits
theory of the immunity claim
to
the functions of government.
of
disturbances and
financial
agreement.
crimlnatory laws, and where
been
had not acted
&
decision to
The
not
may
misconducted itself
history if the union offers
at
the
on
by decisions of the Supreme Court in
mentality and that
was
tax
"In numerous decisions we have had occasions to declare that
13,
striking employees
28 workers
Board
operated
Chief Justice then
Court's
discharged for union activities.
Judge Hand's decision
respondent
back
of
income
generally, the
benefits
royalties under the
controversy
union.
1937, the decision directs the reinstatement
Federal
a
Decisions
terminates
plant
Reinstatement
Mr.
merely
Direct Effects
"Regard
Coronado
The
operations
by
of
opinion,
being to the effect "that immunity from non-discrimina¬
as
subject
branch plants.
labor
a
Tribune":
immunity being claimed on the ground that under the declaration of trust
Wyoming Associates was a State instrumentality.
written by Judge Learned Hand and con¬
by Presiding Judge Martin T. Manton and Judge
W. Swan, ordered the
company to "cease inter¬
fering" with the union activities of employees in several
the
said
in
Thomas
(James
he
ruling,
curred
For
which
Washington dispatch of that date to the New York "Her¬
ald
This
The
in
and
implies the power to destroy."
The Supreme Court decision of March 7 was outlined in
Justice
Board's
pro¬
case."
Marshall in 1919, in the case of McCullough
Maryland, in which the State was prohibited from tax¬
The
punishable
"unique
that "the power to tax
"Herald Tribune" of Feb. 15 added:
The court's
The majority
Chief Justice
v.
trolling view"
Order
5-to-2
a
The
minority contended that the decision destroyed concepts of
the taxing power which have prevailed since the decision of
he
NLRB
State.
a
of the Court ruled that it was dealing with a
vision of the law intended to meet a special
tory taxation Bought by a private person
UnitedJStates Appeals Court Sustains
held, by
tax income derived
can
leased from
re¬
each other's in¬
tax
to
Court
the
cases
and
authorizations
the
on
Governments
further
Govern¬
decisions
previous
restrictions
7
Federal
March
on
taxing powers of State and
when
ments
moved
Chief
four State employees.
on
clarified
excess of $200,000.
refer to the
we
United
The
stock
a
Concepts of Federal and State Taxing Powers
by United States Supreme Court Decisions
Upholds Federal Taxes on Oilj|Land
Drawn
the
brokerage firm, was denied a review of a
Federal Appeals Court ruling denying it recovery in the full amount of a
fidelity bond, known as a brokers' blanket bond, in the sum of $200,000
issued by Indemnity Insurance Co. of North America and United States
Fidelity & Guarantee Co.
A
com¬
prove
Brokerage Firm Denied Review
of
the
of
the court stated that
what
ing disestablishment of the
of
night at the executive offices of the
respects the respondent
already
authority of the
Federal District Court over the fund and the possession of the fund
by the
Treasury Department, where it had been deposited by the District Court.
to
plant.
sought by the Board,
delivering the opinion of the court, held that the decree
the funds
and does
possession
the
order
title.
its
its
court
opinion deals only with events before the strike
March by Secretary of Labor Perkins.
The
last
"It is also significant that
court
Court
not
out.
some
have
in the
money
the
the right to apply to the Federal District
it
carried
to
years.
rightful claim
no
Pennsylvania
the court excluding
also set aside a
pay,
The
require time to study the lengthy opinion of the Circuit
deciding
negotiated
did
court
it
by
it
offer jobs and full transporta¬
enforcement
the
that
stigma of
a
respect to the Board's order that
company to
is the
with
issued
was
will
before
Court
stock
settlement
Court
1938
follows:
as
pany,
Case
asserting
12,
ground
employees of the abandoned Elmira
court
becomes effective
statement
A
be
company
transferred
the
on
Company's Statement
owing to bondholders of Pennsylvania
as
more
court.
gave
Title
Supreme
held the State had
Federal
a
Loses
Pennsylvania
unclaimed
The government
custody of
a
of
$10,874 paid into
Canal
other
to
it
it should be noted that the
Government
The
them
provisions.
pay
requiring the
a
rights to them.
prevent
made
was
Review
Supreme Court review of
a
tax
stock to
therefore,
and,
Denied
denied
was
contended that the voting trustees
to
disestablish
to
back
The decision of the
States Petroleum,
Middle States Petroleum
the
section of the order
,
.
.
from
women
and
applied
modification
second
two
out-of-State
advertising was interstate com¬
specifically does not apply to transactions in inter¬
and that the tax
merce
and
plants
Remington-Rand reinstate 30 employees with full
Albuquerque, N. Mex.
The
two
appeared to the court to be "not only redundant, but to carry
disapproval which the Act does not warrant."
emergency
magazine published at
a
in
March
the
same
no
State
exertion
reason,
of
of
"the dual
the Constitution
may
tax
powers
the
that
has
operations
the
people
the Federal Government
may
operations of any State in the exertion of any of its essential
Volume
functions
of
demand
foresee
the
for
of
transactions
States to
State
a
and
that principle, the urgency of govern¬
justify yielding here.
No one can
decision just announced surrenders it.
not
the
for
the
admittedly within
are
understood
which
to
to
does
money
extent
schools
for
As
government.
mental
The
Financial
146
of raising
purpose
the principle
Now this Court makes it lawful for the United
applied.
$43,100,000 to the Farm Credit Administration for the capitalization of
$58,500,000 to the Federal Housing Administration.
may
States
Must
Court Holds C. E. Mitchell
Fine in Addition to $728,709
1929 Income—Justice McRey-
Supreme
$364,254
Tax on
Pay
Deficiency
This is after paying all operating expenses and
for the money we have borrowed to lend, and, in
opinion of our directors, is a sufficient reserve to cover any losses that
the
United
responsible have accumulated
RFC operations for which its directors are
earnings of $180,000,000irterest to the Treasury
lay tribute upon them."
and other purposes;
$23,500,000 for the Regional Agricultural Credit Corporations; and
heretofore it has been
as
1643
,
the Production Credit Corporations
provide
to
money
Chronicle
develop.
Reference to
our
Congressional action
1171.
the bill^appeared in
on
issue of Feb. 19, page
nolds Lone Dissenter
States Supreme Court on March 7 ruled that
The United
Bank
New
of
York, must pay
Reed
absent.
were
in
to
Justices Cardozo and
The suit in question was last referred
"Chronicle"
the
10, 1935, page 853.
disregarded assertions that the
Brandeis
Justice
1934
acquittal of Mr. Mitchell on charges in connection with the
alleged fraud prevented assessment of the 50% penalty, on
the
ground that
Mr.
Mitchell
March 7 to the New York
The
case
$2,870,305 loss
his
wife,
National
from
arose
18,300
failure
to
double
placed in
Washington dispatch of
a
shares
report
in his
of
a
Bank stock to
City
from the
received by him
criminal
both
on
Then
trial.
these matters,
Board
the
of
he
Tax
acquitted by
was
Appeals
imposed
in
contention
first
civil
a
a
suit,
this
the
on
deficiency
decided
second.
against the
facts
of
set
A
Boland bill, which would impose
help the coal industry, was also
unanimously adopted by the Chamber.
The report ques¬
tioned the desirability of attempting to aid one "sick"
industry by penalizing others through high taxation.
acquittal
the
on
civil
made
collection
the
of
bar to a civil action by
a
the government,
which the
Justice
$364,254
remedial in its nature, arising out of the same facts on
criminal proceeding was based, has long been settled," he stated.
Brandeis
jeopardy.
intended
the
a
Mr.
denied
not a
was
tax
but
Mitchell's
a
tax
made
oil
on
of
to
of
committees
two
Chamber—Internal
the
and
Improvements, and the Harbor and Shipping—
study of the Boland measure and the effect it would
a
have upon various industries,
(1) It
holders
basing their opposition on the
criminal
would
substantially increase
allegation
penalty,
the
that
and thus
the
fuel
cost of
house¬
oil to the
having fuel oil furnaces in their homes, and to consumers operating
hotels,
apartments,
and
office
other
who
buildings,
purchase
altogether
increase the cost of operating our steamship
(2) It would substantially
trial,
criminal charge is not
a
report opposing the
Federal
Trade
lines, which
industries
addition
meant
Justice Brandeis said that Congress clearly indicated that it
"civil, and not a criminal sanction," in the imposition of
used
its
on
substantial
further raise the cost of living
railroads, bakeries, laundries, public
other enterprises where fuel oil
still
operation
in
shipping,
and
manufacturers,
these
although both of
unable to operate at a profit.
already
many
amounts.
(4) It would inject another penalizing law into commerce and industry,
already
and burdened by heavy taxation and various
forcing sudden economic changes, promot¬
confused
seriously
regulatory statutes, thereby
new
unemployment and retarding business recovery.
ing
50%.
in
oil consumption,
fuel
our
are
effect
its
steel
is
of
whole
would
through
utilities,
of
double
15%
a
as
(3) It
approximately 20%, and of our railroad lines, which use
use
approximately
To this Justice Brandeis disagreed.
penalty impossible.
"That
in
as
reiterating its opposition to any legislation which would
approximately 24% of the fuel oil sold.
point the Circuit Court held that the acquittal of Mr. Mitchell
same
of
report urging speedy unification of the city's transit lines
a
Upheld by Circuit Court
On
Chamber
the
perpetuate the five-cent fare.
jury in a
a
the
levy and the 50% penalty, but the Second Circuit Court, while sustaining
the
March 3,
on
following grounds:
City Co.'s management fund.
Accused of fraud
meeting,
monthly
Members
tax return,
1929
National
of
$666,666
its
Commerce of the State of New York unanimously approved
"Times" said:
Mitchell's claim,
Mr.
sale of
on
hie
and
been
had
jeopardy.
In summarizing the decision,
Report
Commerce^ Approves
Chamber's Monthly Meeting
At
and
of Aug.
of
Speedy Unification of New York City's
Transit Lines—Opposes Boland Bill Levying Fed¬
eral Tax on Fuel Oil—Mayor La Guardia Speaker at
penalty of $364,254 in addition to $728,709 deficiency im¬
posed in connection with his 1929 income tax return.
The
decision, was handed down by Justice Brandeis, the one
being Justice McReynolds.
Chamber
Urging
a
dissenter
York
New
City
to the Federal Government
Charles E. Mitchell, former Chairman of the National
One result of the enactment of the measure would be to
Status
of
Rail
A trucking company
vice under
an
performing pick-up and delivery
exclusive contract with
a
ser¬
railroad and not
en¬
gaged in other trucking activities is to be regulated under
Part I of the Interstate Commerce Act as
a
railroad service
and not under the Motor Carrier Act, the Interstate Com¬
Commission held
merce
on
The New York "Times" in
The
March 5 in
divided decision.
reporting this decision stated:
precedent-setting determination
was
a
reversal
of the
Commis¬
last summer made by its Division 5, which held that the
sion's decision
operations of
a
Brothers, Inc., engaged exclusively in pick-up and
Scott
delivery service for the Pennsylvania and the Long Island Railroads in
the
New
York
metropolitan area, was
contract
a
motor
vehicle carrier
subject to the Motor Carrier Act, also known as Part II of the Interstate
The
Commerce Act.
Bureau
case was
York,
of New
Inc.,
reopened when the Merchant Truckmen's
the
Cartage Exchange of Chicago and the
Western rail carriers urged reconsideration.
The effect of the new decision will be to free thousands of small motorcarrier operators
much
drive
Trucking Companies Changed
in the country from licensing and other regulatory func¬
the report
steamship
Chairman; Kenneth C. Hogate, Archie H. Loomis,
George Nichols, Arthur M. Reis; the Harbor and Shipping—
Franklin D. Mooney, Chairman; Robert H. Blake, James J.
Maguire,
As
the
indicated in
Chamber
mittee
on
C.
H.
Charles
was
disapproving
the
establishment
of
state Commerce
and to
decrease
II of the Inter¬
Act, it was pointed out.
Recently Enacted Bill Cancelling RFC Notes Not a
Charge-Off of RFC Losses on Notes According to
Chairman
In
a
Jesse
statement made
Jones
public
on
March 7, Chairman Jesse
of the
Treasury for monies disbursed by direction of Congress
and to other governmental agencies, and about
which the directors of the RFC had no choice, has been
construed by some as a charge-off of RFC losses on loans.
to the
relief
for
Mr. Jones went on to say:
No part of the amount
loans to banks, railroads, insurance companies or to any other
from the RFC and no
was
for
borrower
debt due the Government by anyone was cancelled.
funds, and the cancellation of notes covering them
inter-departmental bookkeeping transaction that could not be accom¬
plished without authority from Congress.
Treasury, but enables it to
these
means no loss or gain to the
conform its books to the action of Congress in
expenditures, and clears the RFC balance sheet of them.
With the exception
our
It
notes were
of the amount disbursed for relief, the items for which
cancelled are reflected in the assets cf other governmental
agencies, and recoveries will go direct to the Treasury.
The items for which notes were
cancelled include:
SI,783,000,000 for direct relief;
$200,000,000 for the capital of the Home Owners' Loan Corporation;
$200,000,000 for the capital of the Federal Farm Mortgage Corporation;
$125,000,000 for the capital of the Borne Loan Banks;
$97,000,000 for the capital of the Commodity Credit Corporation; and
$10,000,000 for the capital of the Disaster Loan Corporation.
$115,000,000 wenr, to the Secretary of Agriculture for crop loans;
of its Com¬
headed by Philip A. Ben¬
insurance
bill
providing
departments
in
for
New
subjected to spirited debate, but only a
were recorded against it.
Leland Rex
Savings Bank Life Insur¬
of the
declared the
report was
every
one
of the
"ill
and
seven
carelessly
the
reasons
for opposing such insurance "could be riddled
holes."
directed at the
Mr. Benson explained that the report was
Livingston-Piper bill and not at the general
principle of savings bank insurance.
Mayor LaGuardia was guest of honor and speaker at the
meeting, at which Winthrop W. Aldrich, President, pre¬
sided.
Before the Mayor's address the Chamber considered
the various committee reports,
the
presented
Committee
on
by
including the one on transit
Jacob H. Haffner, Chairman of
Public
Service
in
the
Metropolitan
District.
The
Congress from time to time during the past few years has directed the
RFC to provide these
is an
gave
of
week ago, page 1487,
votes
League,
report
full
a
Livingston-Piper
life
Vice-President
Robinson,
ance
unification
This is not in accordance with the facts.
was
considered,", and that
H. Jones
Reconstruction Finance Corporation said
that "the recent Act of Congress, cancelling RFC notes given
H.
report
scattered
few
issue of
adopted the report
banks.
savings
The
3
Finance and Currency,
York
Act
Pearsall.
our
March
on
son,
under the Motor Carrier
ports,
Hasler,
the
Commission
foreign
$26,000,000 to the annual operating costs of the
railroads, increase the annual bill for oil-burning homes an
average of $21, and hotel and apartment houses an average
of $210.
The petroleum industry is now overburdened with taxa¬
tion, paying more than 10% of all taxes collected by Fed¬
eral, State and local governments, said the report, which
was signed by the following members of the two commit¬
tees :
Internal
Trade and Improvements—Frederick
E.
encountered under the relatively new provisions of Part
of the
to
nearly
considerably the already heavy volume of work which the Commission has
tions
business
oil
fuel
said, and it estimated that the tax would add
ton
Mayor, returning from
following
his
an
appearance
evening visit to Washing¬
at
the
transit
hearing
in
March 2, came without a prepared speech or
topic, eventually taking his subject from the discussion of
reports of the Chamber.
The Mayor said he would take as
Albany,
his
on
subject "The Lack of Correct Information in Resolutions
Presented
to
the
Chamber
of
Commerce.''
One
basis
for
the
topic apparently was a dispute of facts, which had been
aired from the floor, in the report opposing legislation to
enable savings banks to write life insurance.
Lawrence B. Elliman, Chairman of the Special Commit¬
tee of Certiorari
Proceedings, and Mr. Haffner of the Public
Service Committee, were picked
targets for some of his remarks.
a
report
out by the Mayor
as
direct
Mr. Elliman had presented
opposing legislation to suspend the right of tax-
1644
to have assessments
payers
the
Financial
of the report he
city administration.
their property
struction Finance
the
the
statement credited
a
effect that if the
Commission
"No
ruptcy.
such
Mr.
Desmond
not
was
city
which
favorable rate
a
abolishing the Transit
city would face bank¬
sell
can
$41,000,000
of
bonds
In
Ilaffner said.
The
On
Mayor
tration
for
the
room
its extravagance,
fine
financial
city
saying:
as
hear
we
and
condemning the adminis¬
the other Mr. Haffner referring to the
as
evidenced by yesterday's sale of
on
A great
and
down
my
of
city
it
is
under
not
it is extravagance which
over
which
have
I
knees before
budget approved
total
the
but
extravagance,
deal of
istrations
the
unlawfully,
$811,000.
When
control
Only
asking them
believe,
try
the
I inherited
control.
no
courts
I
I
a
to
which
save
a
from
to
replace
the
gave
of
the
Mayor.
you
find
can
budget of $580,000,000 under
and
"payroll
I
am
having
political
a
boys"
because
they
want
sporting offer to
five cents
in
the
destroy
that
in
the
administration.
confidence.
hand the city over to my successor in a
like I received it."
I
don't
Loans
and
want
These amounts include $1,285,273 authorized to
other governmental
agencies during January and a total of
$1,031,397,764 to other governmental agencies and $1,800,000,000 for relief from organization through Jan. 31, 1938.
Authorizations aggegating $4,543,197 were canceled or with¬
drawn during January, Mr. Jones
said, making total can¬
cellations and withdrawals of $1,854,146,511.
A total of
$637,852,304 remains available to borrowers and to banks
in the purchase of preferred stock,
capital notes and de¬
disbursements
include
$299,984,999
advanced directly to States by the Corporation,
$499,997,748
to the States upon certification of the Federal
Emergency
Relief Administrator, $500,000,000 to the Federal
Emergency
Administrator
under
provisions of
the
Emergency
Appropriation Act, 1935 and $500,000,000 under the pro¬
visions of the Emergency Relief
Appropriation Act, 1935.
During January, $42,817,809 was disbursed for loans and
investments and $21,187,303 was
repaid, making total
disbursements through Jan. 31, 1938 of
$6,808,200,693 and
repayments of $4,876,507,244 (approximately 72%). Chair¬
were
Can¬
(including
liquidation) amounted to $2,938,384, $1,235,603 was disbursed and
$4,432,835 repaid. Through Jan. 31, 1938, loans have been authorized to
7,515 banks and trust companies
(including those in receivership) aggre¬
gating $2,534,440,971.
Of this amount $472,641,418 has been
withdrawn,
$55,923,368 remains available to borrowers and
$2,006,049,985 has been
disbursed. Of this latter amount
$1,851,948,645, or 92% has been repaid.
Only $10,052,955 is owing by open banks and that includes
$8,331,120 from
those in
were
made to purchase
debentures of five banks
aggregate amount of $136,250.
been made for the purchase of
and
were
authorized
in
in
Through Jan. 31, 1938, authorizations
the
amount
of
$1,271,504,834
$23,322,755
to
be
Processors
Loans
ments
of
Secretary
of
Agriculture
salaries
and
for
earthquake,
and other catastrophes
to
purchase
3,300,000.00
for
fire,
tornado,
over 91%
has been repaid.
During January the authorizations to finance
drainage, levee and irriga¬
districts were increased $120,000,
authorizations in the amount of
22,300,000.00
59,409,367.71
flood
Commodity Credit Corporation
Other
Loans to Rural Electrification Administration...
11,987,555.32
5,675,783.02
20,224,586.66
98,344,759.73
3,237,500.00
15,177,924.54
20,177,690.67
24,641,689.23
1,007,251.64
11,866,435.64
742,486,372.96
19,484,491.78
26,057,000.00
....
662,279,960.78
18,546,733.45
Total loans,excl.of loans secured by
pref.stock.5,094,605,604.79
2,425.46
3,938,315,726.20
Purchase
of preferred stock, capital notes and
debentures of banks and trust companies (in¬
$18,148,730 disbursed and $7,643,
cluding
546.05 repaid on loans secured by
pref.stock).. 1,091,150,286.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Loans
secured
by
preferred
stock
companies
(Including 8100,000
the purchase of
preferred stock)
of
disbursed
for
34,375,000.00
Emergency
Administration
6,627,304.75
1,150,525,286.56
Total
Federal
509,410,459.02
Insurance
516,037,763.77
Public
of
Works security transactions
563,069,801.26
422,153,754.31
.6,808,200,692.61
4,876,507,244.28
Allocations to Governmental agencies under
pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock Home Owners' Loan Corp
Capital stock of Federal Home Loan banks.
Farm
Loan
(now
Land
Bank)
_
200,000,000.00
124,741,000.00
Commissioner
for loans to:
Farmers
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to farmers.
Federal Housing Administrator:
To create mutual mortgage insurance fund..
For other purposes
Sec. of Agricul
for crop loans to farmers
(net)..
Governor of the Farm Credit Administration for
revolving fund to provide capital for pro¬
duction Credit corporations
145,000,000.00
2,600,000.00
55,000,000.00
10,000,000.00
47,621,074.55
115,000,000.00
Stock—Disaster Loan Corporation
40,500,000.00
97,000,000.00
10,000,000.00
Regional Agricultural Credit corporations for:
Purchase of capital stock (Incl. $37,000,000
held in revolving fund)
44,500,000.00
Stock—Commodity
Expenses—Prior
Credit Corporation
to
May 27, 1933
3,108,278.64
12,820,052.92
81 nee May 26, 1933
$1,319,838,641.
$293,918,174 of this amount has been withdrawn and
$56,794,568 remains available to the borrowers.
$969,125,899 has been
22,450,000.00
288,360,506.48
refinancing out¬
on and purchases of assets of closed
banks..
Loans to finance the carrying and
orderly market¬
ing of agricultural commodities and livestock:
remains available to
aggregating
1,873,410.11
payment
Loans
by
$3,356,598. Through Jan. 31, 1938, loans have been
authorized for distribution to
depositors of 2,749 closed banks
3,300,000.00
79,588,033.46
Loans to aid in financing the sale of
agricultural
surpluses In foreign markets
Loans to Industrial and commercial businesses
Loans to mining businesses
and 1,121
repay¬
14,718.06
238,254.42
455,064.21
levee and irriga¬
public school authorities
teachers'
5,553,112.76
14,718.06
damaged by
the
$214,707, cancellations and withdrawals
$2,938,384, disbursements amounted to $1,165,603 and
disbursed and $885,171,882,
to
13,064,631.18
9,250,000.00
3.763,906,873.86 3,107,234,978.49
standing Indebtedness
Loans to aid in financing self-liquidating construc¬
tion projects
Loans for repair and reconstruction of
property
authorized for distribution to
depositors of
amounted to
to
Loans
Total allocations to Governmental agencies
907,890,406.11
For relief—To States
directly by Corporation
To .States on certification of Federal Relief
299,984,999.00
three closed banks in the amount of
amounted to
S
13.064,631.18
9,250,000.00
.
cotton
the banks when conditions of
authorizations have been met.
were
Repayments
distributors for payment of pro¬
or
Loans for refinancing drainage,
tion districts
a total authorization for
preferred stock, capital notes and
debentures in 6,836 banks and trust
companies of $1,294,827,589.
$169,326,052 of this has been withdrawn and
$34,351,250
repay¬
5,643,618.22
719,375.00
600,095.70
—
Total loans under Section 5
have
secured
and
receivers)
Credit unions
preferred stock,
companies
preferred stock,
During January, loans
disbursements
$
moneys..
preferred stock, capital notes and debentures
of 6,752 banks and trust
companies aggregating
loans
trust
Administrator
Under
Emergency
Relief
17,159,232.30
499,997,748.11
...
Under Emergency Appropriation Act—1935
Appropriation
500,000,000.00
Act,
1935
500,000,000.00
,
Total for relief
-
1,799,982,747.11
17,159,232.30
tion
$6,905
1938,
were
loans
withdrawn
have
irrigation districts
been
withdrawn,
and
$434,194
was
disbursed.
Through Jan. 31,
authorized to refinance 619
drainage, levee and
aggregating $138,685,291, of which $18,250,355 has
$40,846,903 remains available to the borrowers and
Interest
on
notes issued
for funds for allocations
and relief advances..
been
$79,588,033 has been disbursed.
of
securities
from Feb. 2, 1932 to Jan. 31, 1938:
Agricultural Credit corporations
Fish log Industry
one
and
issues)
State funds for insurance of deposits of public
,
notes
follows
as
com®
panies (including those in liquidation) in the amount of
$214,707.
cellations and withdrawals of loans to banks and trust
companies
capital
report listed
Total
authorized to three banks and trust
mortgage and trust company.
During January, authorizations
(2,901
amount
premium of $12,115,503.
later date, such part of securities
having an aggregate
as the PWA
s in a position to deliver from
time
Federal Intermediate Credit banks
Jones continued:
During January, loans
a
cessing tax
relief
blocks
Of this
Disbursements
Investments—$4,876,-
$14,465,914, rescissions of previous authoriza¬
$237,833, making total
authorizations through Jan. 31, 1938, and tentative com¬
mitments outstanding at the end of the
month, of $12,126,451,096, it was announced on Feb. 10 by Jesse H. Jones,
man
3,734
were sold at a
1,990,698,259.96 1,840,082,209.55
537,126,239.11
*181,909,814.88
Federal Land banks
387,236,000.00
375,755,471.59
Mortgage loan companies
405,084,438.19
276,299,496.19
Regional Agricultural Credit corporations
173,243,140.12
173,243,640.72
Building and loan associations (incl. receivers).
117,689,221.14
115,478,415.02
Insurance companies
89,675,416.42
86,918,419.71
Joint Stock Land banks
18,039,621.38
16,000,131.51
Livestock Credit corporations
'12,971,598.69
12,971,598.69
bankrupt condition
tions and commitments amounted to
Relief
sold at
or
Banks and trust companies (incl.
Railroads (including receivers)
I
amounted to
The
Through Jan. 31, 1938, the Cor¬
PWA
Loans under Section 5:
to
Authorizations and commitments of the Reconstruction
Finance Corporation in the recovery program
during January
bentures.
the
value of $590,186,791.
value of $403,886,759
par
The
507,244 Repaid
Chairman.
value of $973,620.
purchased from
having par
ments for all purposes
Report of Operations of RFC Feb. 2, 1932 to Jan. 31,
1938—Loans of $12,126,451,096 Authorized
During
Period —- $1,854,146,511
Canceled — $6,808,200,693
for
businesses, $9,417,303
to time.
^
Disbursed
a
entire
my control that is unnecessary
confidence
have
to
purhcase
value of $99,988,238
par
a
saved," he challenged, "I'll quit office.
Your
President, Mr. Aldrich, is a hard-boiled banker, and so are
the rest of the bankers in the city, and when
they bid
yesterday at a low rate of interest on our bonds it was
don't
to
Securities having a par value of
$168,626,055 are still held. In addition, the
Corporation has agreed with the Administrator to purchase, to be held and
a
with
overrun
has
securities
be
can
orlhas agreed
premium of $755.
a
poration
previous admin¬
few days ago I was
a
nickel,
then said he would make
"If
Corporation authorized,
value of $15,329,627 ajnd sold securities having par value of $1,148.700
The Corporation also collected maturing PWA
par
collected
Chamber.
the
the
securities having par
mandamuses.
The Mayor
during January.
including loans to mortgage loan companies to
industry in cooperation with the National Recovery
1938,
business and
addition,
at
is
on
of
industry
During January the Corporation purchased from the Federal
Emergency
Administration of Public Works 108 blocks (105
issues) of securities having
bonds.
There
condition
loans to
Authorizations in
withdrawn
or
of which has been withdrawn and $3,793,337 remains available.
Eiliman
Mr.
added to the Recon¬
seven
chase of participations aggregating $21,109,923 of 403
quoted
was
side of
one
1938
participation of two businesses in the amountjof $95,000 during January
and similar authorizations aggregating $696,334 were withdrawn.
Through
Jan. 31, 1938, the Corporation has authorized, or has
agreed to the pur¬
at
New York did yesterday is broke,"
as
canceled
were
12,
Administration program, the
Corporation',has authorized 2,284 loans for the
benefit of industry aggregating $170,756,092.
Of this amount $57,177,404
has been withdrawn and $17,431,475 remains available to the
borrowers.
bill
the
passed
was
authorized during January.
were
$894,580
Through Jan. 31,
assist
the Mayor at Albany to
to
of
amount
(d), which
Corporation Act, June 19. 1934.
aggregating $460,133
Mr. Ilaffner, in sponsoring a report favoring transit uni¬
fication without the perpetuation of a five-cent
fare, had
disputed
March
Under the provisions of Section 5
reviewed on
securing unanimous ap¬
scored the extravagance of
In
had
proval
the
on
of over-valuation.
ground
Chronicle
Grand total
*
24,864,637.65
9,540,938,483.48 4,893,666,476.58
Does not Include $5,500,000 represented by notes of the
Canadian Pacific Ry.
which were accepted in payment for the balance due on loan made
to the
Co.,
Minneapolis. St. Paul & Sault Ste Marie Ry. Co.
Volume
146
Financial
Chronicle
f
The loans authorized and authorizations canceled or with¬
drawn for each railroad,
together with the amount disbursed
to and repaid
by each are shown in the following table (as
of Jan. 31,1938), contained in the
report:
Authorized
been suggested from various
400,000
14,600
90,110,400
12,150,477
41,300
41,300
7,569,437
53,960
13,200
cently demanded
versy with his
46,588,133
1,289,000
500,000
It is consistent-, he said with TVA's
1,150,000
13,718,700
10,398,925
13,718,700
Colorado & Southern Ry. Co
Columbus & Greenville Co
2,098,925
8,300,000
28,978,900
53,600
28,925,300
Copper Range RR. Co
53,500
8,300,000
3,182,150
16,582,000
3,000
717,075
227,434
His proposal included the sale
60,000
582,000
tions with Electric Bond & Share and Commonwealth &
627,075
320,000
8,176,000
.
Salt Lake & Utah RR.
6,000,000
13,915
520,000
105,000
8,500,000
by
*6,843,082
2,300,000
2,300,000
say
whether
L. Willkie, President of the Commonwealth &
Corp., in replying to Mi. Lilienthal's offer said
5,200
785,000
785,000
18,200,000
27,499,000
18,200,000
175,102
221
29,500.000
600,000
7,699,778
17,000
—
117,750
to
3,000,000
10,500
750,000
300,000
2,805,175
18,672,250
4,475,207
300,000
7,995,175
18,672,250
200,000
162,600
22,000,000
22.000,000
19,610,000
2,264,336
100,000
147,700
100,000
5,147,700
5,147,700
108,740
700,000
45,000
ties
700.000
15,731,583
4,366,000
400,000
22,526
700,000
30,000
6,000
I have also read your public statement
covering the
newspapers
subjects.
same
in
30,000
39,000
39,000
15,731,583
4,366,000
400,000
22,525
1,403,000
100,000
22,525
the
comprehensive basis, of certain proper¬
on a
Tennessee Valley.
properties
If your proposal involves the purchase of
going concerns—that is, the purchase of
as
complete
a
unit and mot merely parts of one—it is an acceptance of what I have
advocated and offers
long
genuine basis for settlement.
a
I understand from your statement and letters that you
accept this prin¬
ciple
all the facilities of the Tennessee Electric Power Co. and all the
as to
facilities of the Alabama &
Mississippi Power Cos. in the territory which
you desire to take over in Alabama and
Mississippi.
...
I therefore suggest that a committee should be
appointed to consider the
entire question of the sale of facilities of Commonwealth & Southern
proper¬
ties in the TVA area.
Such a committee might consist of such men as
Dr.
Clarence A.
Karl
Dykstra, President of the University of Wisconsin; Dr.
Compton, President of Massachusetts Institute of Technology, and
Felix Frankfurter of Harvard Law School.
I shall be happy to confer with you at any time which you may care to
108,740
30,000
the
immediately for the purchase,
28,900,000
162,600
1,200.000
Presidents of the Mississippi, Alabama & Ten¬
issued
these
28,900,000
3,000,000
4.475,207
300,000
7,995,175
18.790,000
200,000
to the respective
I am, of course, delighted to accept your proposal to resume
negotiations
99,200
7,700,000
you
Electric Power companies.
23,134,800
27,499,000
Wrlghtsville & Tennille RR
purchase proposal
Chief Executive.
nessee
62,500
570,599
Wichita Falls & Southern RR.Co.
"'Wendell
Gover¬
or
I have your letter of March 4, together with
copies of letters addressed
100,000
Wabash Ry. Co. (receivers)
Western Pacific RR. Co
a
in part:
1,070,599
25,000
Texas Southern-Eastern RR. Co.
Tuckerton RR. Co
facilities.
power
proposal, he said, but he would not
50,000
985,000
162,600
Tennessee Central Ry. Co
who submitted
had the sanction of the
2,650,000
25,000
27,499,000
Texas Okla. <fc Eastern RR. Co..
Texas & Pacific Ry. Co
TVA purchase private
it
197,000
1,070,699
Sumpter Valley Ry Co
the
"meeting of minds," he said, with either Mr. Willkie
Southern
6,843,082
100,000
23,200,000
19,610,000
Southern Ry. Co
Southern, which
the White House several weeks
ago.
The President knew of his
8,500,000
800,000
17,000
(receivers)
suggestion that
Gordon Browning of Tennessee,
2,550,000
100,000
Sand Springs Ry. Co
recent
a
was not a
800,000
744.252
exact
Southeast.
to
13,915
520,000
35,290,000
3,000
an
Mr. Lilienthal said his proposal embraced more
territory than that cov¬
ered by Wendell L. Willkie, President of Commonwealth &
nor
6,000,000
3,000,000
Southern Pacific Co
have extensive utility holdings in the
It
354,721
99,422,400
arriving at
He said he believed this could be done in the
light of present negotia¬
Southern,
■
-
1,061,000
22,667
1,000,000
the
in
10,539
18,200,000
Puget Sound & Cascade Ry. Co..
St. Louis-San. Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Mr. Lilienthal said it would be
necessary for the TVA to have access to
books and records of the private companies in
cost.
15,000
2.300,000
23,134,800
99,200
785,000
Pittsburgh <fe W. Va. RR. Co
"in toto" itself, Mr. Lilienthal asserted.
53,500
227,434
1.729,252
Pere Marquette Ry. Co
The Government did not propose to take over the
power business
nessee.
8,300,000
1,481,000
3,000
200.000
Pioneer & Fayette RR
Southeast,
including the key cities of Memphis, Chattanooga and Knoxville in Ten¬
500,000
71.300
6,843,082
N. Y. N. H. & Hartford RR. Co.
Pennsylvania RR. Co
cities, power districts, rural associa¬
53,500
2,550,000
New York Central RR. Co
N. Y. Chic. & St. L. RR. Co
to
TVA of electric facilities privately owned in the
8,081,000
3,182,150
90,000
Fredericksburg & North. Ry. CoGalnsvllle Midland Ry.(receivers)
Murfreesboro-Nashville Ry. Co..
the
or
16,582,000
Gainesville Midland RR. Co
Galv. Houston & Hend. RR. Co.
Mobile & Ohio RR. Co
Mobile & Ohio RR.Co. (receivers)
tions
60,000
......
219,000
Ft. Worth & Den. City Ry. Co..
—
proceedings
against the Government program which since have been dismissed
by the
Supreme Court.
J- ■
24,000
Chicago R. I. & Pac. Ry. Co
Cincinnati Union Terminal Co...
"obligations under the Act," and in
effect took up negotiations where
they were dropped a few years ago when
Alabama Power Co. and others instituted injunction
the
838
150,000
1,150,000
Missouri Pacific RR. Co
Missouri Southern RR. Co
re¬
policy.
155,632
4,338,000
537
Missouri-Kansas-Texas RR. Co.
over
panies."
597,000
(trustee)
knowledge of Chairman Morgan, who
sweeping investigation of the TVA after long contro¬
colleagues
464,299
32,000
3,840,000
Minn. St. P. &SS.MarieRy.Co.
Mississippi Export RR. Co...—
the
Mr. Lilienthal described his
proposal as a "comprehensive plan for a
long-term adjustment of relations between TVA and private power com¬
11,500,000
Maryland & Penna. RR. Co
Meridian & Blgbee River Ry. Co.
pursuant, he said, to authority delegated
was
majority of the Board (himself and Harcourt
a
123,632
3,840,000
Maine Central RR.Co
a
by
220,692
Chic. No. Shore & Milw. RR. Co.
8,176,000
15,000
10,539
78,000
1,061,000
Georgia & Fla. RR. Co. (receivers)
354,721
Great Northern Ry. Co
105,422,400
Green County RR. Co
13,915
Gulf, Mobile & Northern RR.Co.
620,000
Illinois Central RR. Co
35,312,667
Lehigh Valley RR. Co
9,500.000
Litchfield & Madison Ry. Co
800,000
without
was
5,916,500
Chic
Eureka-Nevada Ry. Co
ago
but
from^Washington, March 5,
464,299
140,000
1,000
Gt. West. RR.
Co.(receiver)
150,000
Chlc.Milw. St.P.&Pac.RR. Co. 12,000,000
Chic. Milw. St.P. & Pac. RR. Co.
Fla. E. Coast Ry. Co. (receivers)
Ft.Smith & W.Ry.Co. (receivers)
Authority's inception
535,800
35,701
Chicago & Eastern 111. RR. Co—.
5,916,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,289,000
Erie RR. Co
since the
3,124,319
140,000
Denver & Rio Grande W.RR.Co.
Denver & Salt Lake West.RR.Co.
[Mr. Lilienthal's] offer
Morgan)
7,569,437
3,124,319
600,000
(receiver)
ever
in part:
to him some time
434,757
53,960
549,000
Buffalo Union-Carolina RR
605,367
stated
was
His
2,500,000
634,757
400,000
......
93,125,000
Carlton & Coast RR. Co
Central of Georgia Ry. Co
Central RR. Co. of N. J
Charles City Western Ry. Co
it
127,000
41,300
400.000
distinguished from plans which have
In Associated Press advices
$
275,000
2,500,000
634,757
Birmingham & So'eastern RR.Co,
Boston & Maine RR
Repaid
$
127,000
276,000
Alton RR. Co
Baltimore & Ohio RR. Co. (note)
Disbursed
$
127.000
Ann Arbor RR. Co. (receivers)..
Ashley Drew & Northern Ry. Co.
be
sources
which violate the fundamental policies of the statute.
or
Withdrawn
$
Aberdeen & Rockflsh RR. Co
Ala. Tenn. & Northern RR. Corp.
depreciation.
proposal is consistent with the TVA's obligations under the Act
The
of its creation and is therefore to
Authorizations
Canceled
1645
less the loss in value due to the fact that the
property is nol onger new; in
other words, the actual legitimate cost less the accrued
designate.
There should
several companies.
be
occasion
no
If you will let
for
separate meetings with
know, we
me
the
for meetings
can arrange
that will be comprehensive as to the entire problem.
Mr. Willkie's
proposal that the Federal Government pur¬
Valley properties of the Commonwealth
Corp. was referred to in these columns Jan. 22,
page 536.
Elsewhere in this issue reference is made to the
action taken by President Roosevelt toward seeking to effect
a settlement of the
controversy between the TVA directors.
chase the Tennessee
& Southern
Totals...
*
649.597,795 106.393.556 540,126.239*187,409,815
The loan to Minneapolis St. Paul & Sault Ste Marie
Ry. Co. (The Soo Line)
by its bonds, the Interest on which was guaranteed by the Canadian
was secured
Pacific Ry. Co., and when the "Soo Line" went into
receivership 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.
In addition to the above loans authorized the
Corporation has approved
In principle, loans in the amount of
$69,244,984.65
upon
Railroads
the
Through David E. Lilienthal Offers to Purchase
Properties of Utilities in Tennessee Valley—Wen¬
L.
mittee
Willkie
to
Suggests
Consider
Appointment
Sale
of
of
Com¬
Commonwealth
&
Southern in TVA Area
proposal for the purchase of private utility properties
in seven Southeastern States was made on March 5
by
David E.
Lilienthal, Director of the Tennessee Valley
Authority, who invited interested public utility officials to
Morgan in
In his statement Mr.
Chattanooga yesterday (March 11).
Specifically, if the suggested plan met with the approval of all parties
were
put into effect, it would
power that
absorbed
that
now
apply in Alabama and Tennessee.
A limited
a
similar
amount
of
Georgia in addition to present contracts.
The
for communities which have voted
a
fair price, it makes it
to
ICC's
officials,
to
An
in
190-page
that
animals
they
15%, set
increase
laths,
use
TVA power
and
Ten
of
un¬
competing and duplicate distribution facilities, and thereby protects
rates.
later date
a
on
the
oil
ton
a
had
5%
animal
cents
decision,
disappointing
was
for
a
flat
increase
to
the
railroad
estimated
from
at
following:
for
agricultural
products,
and
which
asked
increase
oils,
except
on
anthracite,
on
bituminous
tropical
except
horses and mules;
except
vegetable
products
linseed
making
lumber,
fruit;
shingles,
oil.
an
increase
average
about 5.9%.
fresh
to con¬
freight
The railroads requested
revenues.
postponed action to
forth the
of
cottonseed
alteration
milk
An
By providing for the sale of properties at
necessary
struct
in
Eastern carriers' request for an increase in passenger rates'
from 2c. to 2.5c. a mile.
No
part the statement also said:
increase
15% increase.
commission
and for the future all the
the Authority can equitably allocate to Mississippi would be
power would be available to
In
mean
by the proposed purchase and present commitments;
situation would
flat
The
a
13%
said:
10%
nominal
a
ICC
excluding certain commodities from the general in¬
crease and
allowing for a stipulated deduction of a former
rate rise, the new net over-all rise is estimated at
5%.
This, it is estimated, will produce approximately $187,-
confer writh him and Vice-Chairman Harcourt A.
and
railroads
by
March 8 granted
on
After
000,000 additional freight
A
Lilienthal
5% Net Freight Increase
The Interstate Commerce Commission
TVA
dell
Granted
the performance of
specified conditions.
and
increase
commodities
include
The
their
rates
the investor.
new
It has been repeatedly said that the communities in the Tennessee
Valley
and the TVA intends to pay grossly inadequate
prices for any properties
in
the
cream,
of
10%
(such
earlier
are
to
as
rate
and
refrigeration
all
in
steel)
increases
go
other
into
which
in
the
effect
coal,
lignite,
coke,
that
"heavy
iron
ore,
service.
items,
except
received
increases
loading"
lasts fall,
must
10%.
10
days
after the
railroads
file their
by July 31.
to be
purchased and that
be made under
no
fair price can be secured because the sales will
the threat of
In order that this issue may
competition.
That is not the fact.
be set at rest, I have included in the letters
just sent to the several companies
a
suggestion
on
price, namely that the
price be based upon the actual legitimate cost of the purchased properties.
tariffs, but the Commission
The
Commission
decision.
increases
Only
were
not
system
almost
permit,
Mahaffie,
all
new
unanimous
Charles
insufficient.
Commissioner
will
was
Commissioner
said
D.
the
on
broad
Mahaffie
be
must
phases
contended
filed
of
that
the
the
•
in
dissenting,
said:
under existing circumstances,
contemplated
rate schedules
by the law."
He
"The
increases
the adequate
declared
that
the
authorized
transportation
maintenance
of
Financial
1646
adequate
an
transportation
level
the exact
is
"In
this
tunity to
of
is
oppor¬
extent
been
"the carriers
seeking
are
an
Whether they generally can do so at any level
But so long as the country requires
services
they
should
have
chance.
that
The
meager
authorized do not afford it."
increases
justified
as
and
conclude
whole,
a
that
but
the
have
12,
proposals before
been
justified
1938
have
us
the
to
not
following
(A):
All
rates and charges, including those for accessorial services
protective service against heat or cold, upon the date of this
including those found or prescribed by us as reasonable and
existing
other
than
decision,
not
March
find
therefore
We
question.
to
open
their
Chronicle
"than
shippers
to
freight rates."
their living.
be
may
utilizes
important
more
proceeding," he concluded,
earn
rates
and
of
system
effective, may be increased, and, as increased, may be main¬
(subject to application of the rule of the fractions suggested upon
by 10%, except the rates on products of agriculture other
tropical fruits; except the rates on animals and products and the
yet
tained
Conclusions
The text
it
the
conclusions
than
of the
handed down
The
of ICC in Raising Freight Rates
gravity
in
the freight
decision
rate
March 8 by the ICC reads as follows:
on
of the
in
issues
this
proceeding has
impelled
to
us
press
conclusion with all the speed which is possible in a case
involving
freight rate and charge in the country, consistently with the devel¬
opment of the requisite facts and hearing all parties interested in the
to
a
every
result.
From
recited,
The
entire
facts
present
simple
with
the
certain
of
revenues
law
common
reference
to
transportation
such
including
the
and
the
we
applicants
herein
matters
before
find.
6o
inadequate,
are
whether
the
be applied, or if they be judged by the statute
sufficiency, under honest, economical and efficient
in the
the
lowest
cost
vegetable oils,
excepted
and
all
consistent
with
furnishing
in
shows
full
that
vigor
the
existing
either
rail
basis
of
rates
is
sufficient
not
to
imposed
import
But
the
in
cotton
of
the
An
increase
is
the purposes
traffic
of
for
to stifle
as
The addition
proposed,
based
on
The
present
amounts
The
of
amount
and
must
the
and
the
other
which
generality
of
other
future
earnings
unpredictable
of
course
both
of
course
the
upon
the
upon
prices
of
from
future
materials,
conclusion
it
possible to segregate one
those comprising the Class I roads
mainly
revenues,
derived
from
bituminous
coal
above
are
the
or
more
of
of
average
the
character, which
the
which
horizontal
for
electric
railways,
by
the
the record
we
in
region
a
or
proposal)
the coastwise
into
able
of
this
to
Part
lines
but
of
a
which
also
the
inland water
the
that
the
imposition
of
a
(subject to certain limita¬
all the present going rates and charges
are, on the whole, or in
upon
body of rates and charges which
district, just and reasonable.
conclude
that
the
increases
which
were
accomplished
immediately
in transcontinental rates; the flat increases
which
became
order
effective
before Dec. 20, 1937, as the result
suspending outstanding orders to enable
the
case
and
filing of increases
be
considered
last cited
as
part
and
other
on
parcel
commodities
of
the
matter
prayed all
as
we
are
Our
traffic
permitted because of
were
situation
which
is
with
one
only in the degree of its intensity and
elements and
The
the
In
the
and
the elimination
amount
the
upon
of
added
of
progress
decision
this
.commodities,
it
that
now
financial, economic
prevalent,
by the interjection
proceeding
was
which
by
increases
last
cited,
substantial.
very
coal,
the
rates exceeded
of
modified
6ome
new
increase
made
directly
or
effective
would
so
proportion
4%
10%.
involves
In
generally
and
touches
all
rates
as
and
In
to
they
are
the
subject such doubly-increased commodities to
transportation burden, and subject those
of
traffic
that
is
the
is
to
undue
it
charges shall
consider
and
as
the
is
they
be
unreasonable
not
to
above
and in the
early in
considered
mentioned
1937,
part
as
percentage
found
included
within
been
have
to
and those
cream,
or
the hearing
on
the
authorzation
justified.
specified, to the extent indicated, but only to that
basis of rates and charges of the carriers
orders
will
which
be
modified
to the extent necessary to
thereby, to publish and file schedules
bound
are
of
6
existing
early
as
and
the
authority
Act
will
the
for
schedules
to
be
by
given
publication
effectuate
Buch
of
appropriate
simple
forms of
increases.
date as is practicable, they may be made effective
days' notice to the Commission and to the general
a
by publishing,
beyond
filing and posting in the
Commerce
granted is
not
effective later
Fourth
section
than
relief
be
foreseen
the
extent
cannot
be
to
considered
the
as
continuing
reasonable period for the effectuation of the authorized rates and
a
become
prescribed in
manner
Act.
the authority
charges, and consequently will not apply to
To
July 31,
be
may
the
at
by
necessary
time
present
rates
any
charges filed to
or
1938.
of
reason
situations
sufficiently
or
developed
which
by
the
commodities,
that
a
such
of
lesser
to
increase
amount
value
facts
in
of
of
It
is
herein
the
so,
are
of
traffic
of
the
neces¬
rates
as
to
rates
of
the
as
the
various
we
conclude
certain
agriculture,
upon
and
pursuant
the
When
tariffs
where
products
hereinafter
the
of
stated
joint
that
through
such
The
remaining
United
but
making
various
charges
and
effective the
ports
increases
existing
now
maintained
switching charges
of
other
maximum absorptions,
as
such
does
rates
to
carriers
line-haul
not
extend
or
from
such
rates
modefied
carriers will
maximum
percentage as the charges.
same
connecting
of
resultant
until
increases
to
in
points
be
not
subject
less
to
than
a
10%.
in
foreign
Similarly,
absorbed,
are
shall
revenue
be
absorp¬
the
proportions
countries
accruing
of
in
of
the
within
accruing
United
States
may,
States.
The
the
applicants
have, throughout the record, indicated their intention,
the general authority sought, to proceed with diligence to make
require,
while at
increases
by
because
of
time
same
improvident
of
is not
the
commercial
resisting
reductions
the pressure
of
and
for
traffic
efforts to
any
casual
or
conditions may
fritter
the
away
competitive
purposes,
shippers who wield the threat of diversion
is
commodities.
to
that
We
to
of
and
prompt
law
complaints
exist,
may
with
lodged
we
will
action
efforts
be
may
fail,
endeavor
respecting
us
on
between
action
effective
readjustments; if these
necessary
violations
by cooperative
that,
expect
applicants,
bring about
attention
increased
to
and
give
of
the
carriers and
the
any
rates.
be possible by cooperative action between the
may
shippers
flat
the
and
believed
It
practicable to attempt the adjustment of all the rates
now
shippers
prompt
devise
to
of
system
a
while
credit
giving
of
statement
amounts, which will accomplish
authorized
as
the
traffic.
It
it
readjustments which
necessary
the
for
maximum
purpose
or
of
of effecting the increases
increases
rate
increases,
already
accomplished
above described.
if
will
the details of such
in working out
cooperate
an
arrangement
desired.
There
are
many
Our
us.
rates which are below maximum levels found reasonable
findings
do
authorization
and
not
preclude
the
applicants
from
publishing and filing increases upon such rates, in the manner
provided by law, subject to possible protest and suspension thereof.
the
is
The
is
rates
which
or
to
may
the
may
further
be
of
are
be pending
on
any
its
rate
the
own
or
increased under
understood
in
that
in
our
conclusions
shall
require
effect.
prejudice to the disposition
before us at any stage, and
without
right of
investigation
lawfulness
anything
lawfully
now
conclusions
prejudice
the
that
intention
foregoing
which
It
.
of
proceeding
any
or
the
not
reduction
mine
commodities,
that
stated
the
proportions
complaint
increase is just and reasonable to be
applied upon
of
the
restored
however, be increased to the extent authorized herein for rates within the
of
and
1938.
foreign countries.
be
same
1,
process
between
promptly
provide
authorization
would
the
the
minimum, such minimum should be increased
Our
of
forest,
indicated,
in
be increased in the
switching
provisions
groups
it
be
absorbed, subject to
without
that
recognized
from
law.
to
kinds
investigation.
upon
extent
classes
result
may
including Nov.
that
the relations
will
body of existing
inadequate, it is
and
to
understood
authorized
differentials
It
shown,
impose
products
mines
commodities.
of
market
namely,
products
that
departures
aggregate of intermediates clauses of the fourth section of the Act will
be granted,
be increased.
weight to the
basis
disad¬
give weight to the conditions which
prevail in
of the country and to the
respective general and
unreasonable
full
particular
and
adequate may be made
movement
levels
and
undue
that
accomplishing the
herein authorized, temporary relief from the
long- and short-haul
increases
and
by
whereby rates
on
affected by the proposal under
certain
and
thereon.
not
are
not
increases;
to
However,
We
increased.
comparative
Giving due
be
reasonable
commodities
in
prejudice
an
to
us
industries
found
amounts
may
and
just and
effect
requisite for
several
unjust
the
cumulative
increase,
are
not less than 10
public
other commodities.
revenues
possible,
determining the
sary
It
manner
compared with all
as
order
far
so
that
so
account
general
Section
effective at
upon
reached
revenues
of the total
descriptions
vantage
effective
into
permit the increased rates and charges herein authorized to be made
individual
and just that the contributions to
revenues
should be recognized, and it would be
neither
just nor reasonable to pyramid
percentage increases thereupon equal to
the percentages imposed
upon commodities which were not so
increased.
do
cited;
contempo¬
just and reasonable.
such
under
supplements
dependent
between
aggregated
is reasonable
already made in such
To
be
carriers,
embodying
or
realized
revenue
bituminous
proceeding,
general
a
of others.
the
therein,
of
case
5%, and certain
In
resulting
the
To
to
above
as
will
if granted
These increases
during
the
before recited,
as
commodities
taken
made
them
on
outstanding
enable
now
considering.
and
the
extent,
and
on
in
the publication
should
last
case
may not reasonably exceed the specific maxima
by the applicants to be applied upon lumber, sugar,
intention
increased
tions should
upon
our
be
authorized,
be
not
increases
As
year
those
of
disclaimed
and
Interstate
cotton, effective July 31, 1937; those made effective
early in
1937, as described in our report in general commodity rate in¬
creases, 1937, supra, at page 673 thereof; those
distinctly approved in our
report in the case last cited, and made effective in
November, 1937; and
the
here
therewith
other
on
rates and charges as those upon fresh milk and
protective service, which applicants in their petition
for
major
us,
with
and
I
of
proceeding and been heard.
find
charges of 15%
before the end of the year 1936
made
railroad
investigation,
provisions
not
are
of
and
come
increase in rates and
will result
We
proceeding
and which have
tions attached to the
any
only the steam
to the original petition filed
this
governed
are
upon
not
parties
were
and
Commerce Act,
But
embraces
basis
smaller steam
lines,
the
exceed
provided.
record.
conclusion
became
com¬
those
ore,
vegetables.
such
other
pounds;
further increases than
no
herein
as
2,000
which
authority granted in
10% but not to
connection
shall
proposed
is
lines.
Our
iron
increased
those
fruits and
Interstate
subject to change.
are
this
as
bituminous coal, are on the whole adequate
but nothing indicates that the revenues or return
than
shall
described
of
adequate,
lines
sum
necessarily depend upon the
the one
being dependent
traffic
transportation
rail
more
a
measuring the deficiency,
authorization, would be futile because the
our
compact body of rail carriers, namely,
in
the Pocahontas region, and their
than
now
are
increase.
percentage
particular
a
from
and taxes—all of
From
which
rates
many
compensate for the added costs shown,
and will better insure such a flow of
traffic,
horizontal
state
and
be
may
ton of
increases authorized
order
to
result
expenses,
wages
the
reasonable, will result in
cost.
will
volume of
of
to
and
attempt
which
will
increased revenue in flat
existing rates would be hazardous in its possible
would unduly ignore the element of
distance as a
added
results
measure
lesser percentage of increase than that
a
increasing
and
of
to
increased
in
in
increases
The
attempt to allocate the necessary
be
to
flow
blanket
a
the
structure
normal
a
than
revenue
or
rate
coke,
of which
5%; and
all
to
as
rates
per
Such
of
have already approved as
we
harmonious
and
originally
movement.
to present rates
coupled with
below levels
traffic
a
be
rates
described,
increases
15%,
generally based upon a normal volume of traffic,
larger amount than is reasonably necessary to meet
of the increase, if realizable, and will be such a deterrent to
proposed,
lignite,
reasonably should bear
increased
rates
improvement of the regulations between and the coordination of transporta¬
tion by motor and other carriers.
as
coal,
oil;
in
10c.
making such increases, all effective increases accomplished under
oi the decision last cited, or in the transcontinental rates
above
to
or
linseed
increase
be increased
may
pursuant
rates may
were
as
transportation,
the
authority
permit
water
or
which
domestic
raneous
other than
s.,
commodities
bituminous
except
already
o.
n.
of
groups
anthracite,
except
which
record
maintain
and
public interest adequate and efficient rail¬
service at
service.
The
products thereof and articles taking the same rates, horses and mules not
being included in this exception; and except lumber, shingles, and lath,
articles taking lumber rates; and
except the rates on cottonseed oil
and
modities justly and
tests
their
management, to provide
way
record,
inescapable,
are
hearing)
Commission
of
are
hereafter, either upon
into and deter¬
or under attack,
motion, to inquire
charge now existing
this authorization.
proceeding being brought
this
upon
the
increases authorized not being
required by us, the principle announced in Arizona Grocery Co. v. Atchison,
T. & S. F. Ry. Co., 284 U. S. 370, will not be applicable to such increased
request
of
the
applicant
carriers
and the
Volume
Financial
146
rates; and this understanding has been formally confirmed by the carriers
in the record.
orders
Footnote—(A)
commodity
statistical
the
in
their
those prescribed by the Commission's outstanding
are
and
the
cover
specific
items
customarily included by
reports to the Commission under the descrip¬
annual
for, and the Commission
over the issuance of securities
repeatedly in private and in public before the
so
valid
see no
buying
for excluding those men who make
reason
and selling
municipal
provisions which apply to those of you who make
buying and selling private corporate issues.
clay
tions here given.
I
through
money
municipalitiea_or
over
It has said
Senate Committee.
their
billjneverjdidlprovide
The
sought control
by them.
entered.
In these findings the generic descriptions of commodities
groups
orders
carriers
be
will
1647
of the Commission.
never
Appropriate
or
Chronicle
and I.
as you
I
valid
see no
They
Investment
Bankers
Association
Record
Stand
on
Maloney Over-Counter Bill—Majority
Approves Action of Special Committee in Endorsing
Bill
as
Reported to Senate—Minority to Join
Majority if Certain Changes in Bill Are Made
At
meeting of the Board of Governors of the Investment
Chicago on March 10,
regarding the Maloney over-the-counter
regulation bill were adopted,
jfc. The first, adopted by a vote of 21 to 10, was:
a
Bankers Association of America held in
resolutions
two
"Resolved that the action of the Special Committee appointed on January
22, 1938, in endorsing Senate Bill S-3255, introduced by Senator Maloney
and
as
reported to the Senate by the Committee
on
Banking and Currency
is^hereby approved."
the
following
regarding the minority report:
The 10 members of the
a
Board who
voted
negatively
on
this resolution
incorporated in the bill, that their votes would
appropriate committees of the Congress and the Securities and Exchange
Commission that in the opinion of the Board of Governors
amendments would be most
the
following
helpful in obtaining the support of the industry
and in forming pat ion al associations:
on
revolutionary reform
It is rather the result of
effort
measure.
it has been reported—It is not
organization, of order and of self-discipline into what
has hitherto been
New
the
buys
years
novel
a
of insistent
the part of leaders of your profession to bring a greater element of
on
York
poorly defined field of activity.
a
Dealers Association,
Security
national scale
on a
Your
has
organization,
own
made
distinguished
a
contribution to this movement and it is particularly gratifying to us at the
Commission that your Association, which I believe has had
greater experi¬
and
ence
greater
counter field in
than
success
other
any
creating and enforcing
organization
courageous and
in
the
over-the-
cohesive system of effective self-
a
regulation, should have through Mr. Dunne,
President, taken such
your
progressive position before the Senate Committee
a
behalf
on
Whatever the history of the bill it seems plain that the over-the-counter
market should submit
insertion of the word
16."
to regulation.
registered with
are
There
us.
About 6,760 firms of brokers and
1,375 members of the New York
are
Over-the-counter quotations for at
least 60,000 separate issues are published in services to which brokers and
dealers subscribe, whereas only about 6,000 issues are admitted to
trading
all the stock exchanges of the country.
A great deal of trading takes
on
in securities admitted to trading on exchanges
even
by members of the exchanges, and
ferred stocks not admitted
market
to
trading
This
the counter.
over
many
high-grade bonds and pre¬
any
exchange have their only
on
market
not
only provides
medium for
a
immense volume of trading but it is also the principal channel through
an
which the savings
of the nation flow into
successful
every
__________
'"file
(1)
as
or
is
man
a sacro¬
...
Returning, however, to the bill
even
was:
"Resolved that the President of the Association be instructed to advise
line 25
and sells corporate securities.
place over-the-counter
majority:
The second resolution
the
a
sanct or a different kind of man from the fellow across the hall who
Stock Exchange and 647 member firms.
minority report to the effect that if the changes contained in
the second resolution were
then be with the
The fact that
engaged in buying and selling municipal issues does not make him
dealers
Minority Report
presented
same
municipal
a
of the bill.
The announcement of the Association had
to say
made of the
are
the
through
handling the purchase for him is his
man
agent or a principal dealing on his own behalf.
Governors of
from
money
why the investor buying
reason
issue should not know whether the
securities
your
business
attracts
financing.
new
undersirable
an
Unfortunately,
element
and
some
___________
'wilfully' before the word 'violated' in
serious abuses
What
page
(This clause provides that the Securities and Exchange Commission may
suspend or expel a member of a registered securities association who has
violated any rule or regulation thereunder or any provision of the Securities
Exchange Act.)
|fe(2) "Change in the wording of Item I of Section 2 Sub-section C, line 9,
page 18, to conform to the present wording of Section 15-C of the Securities
and Exchange Act of 1934 to read as follows: ' To prevent transactions
by-
of manipulative, deceptive ,or other fraudulent devices or contri¬
vances.
The Commission shall for the purpose of this sub-section, by rules
means
and regulations define such devices or contrivances as are manipulative,
deceptive or otherwise fraudulent.' "
(This clause is in that section of the bill dealing with direct authority of
the Commission and not with registered associations.
In the present draft
the language is, "
to prevent fraudulent, deceptive, or manipulative
acts or practices;
")
(3) "The elimination of that part of Section 3 of the bill beginning with
line 25, page 18, and ending with the word 'thereof on line 4, page 19."
(This section provides that no contract shall be voided because of any
violation of any rule or regulation prescribed pursuant to clauses (3) (4)
and (5) of Section 2 which deal with financial responsibilities of brokers
and dealers, manner, method and place of soliciting business, and time
and method of making settlement, payments and deliveries.
The deletion
would remove a proviso, in the present draft, that the Securities and
Exchange Commission may make contracts voidable by expressly stating
so in specific rules and regulation.)
are
Dealers'
Association—Exemption in Favor of Mu¬
nicipal Dealers Opposed by Commission—Com¬
mends Security Dealers' Position and also Spirit
Shown by Investment Bankers' Conference
over-the-counter
market.
.
.
.
If the
associations do not compel their members to live up to the laws, to eschew
unethical practices if control
few, if they
are
issues into the
of the associations falls into the hands of
used to monopolize the securities business,
of the
hands
members, if the associations
satisfy grudges
weak
members
for
exercise
the
profit of the strong
private clubs
are run as merely
used to
or are
If the Commission does not
But I have
belief founded somewhat perhaps
a
wishful thinking that the bill if enacted will be a success.
interest points the way
for the industry.
ference, Inc., and I say this despite
to certain details of the
as
a
force poor
wise and beneficient supervision, or bears down too much or too
a
little, failure will follow.
future.
or to
in any way as instruments of oppression, failure will
or
follow and the experiment written off as a loss.
I
differences of opinion with them
some
Investment
spirit which augurs well for the
a
Bankers Association
Association has made
own
on
Enlightened self
The Investment Bankers Con¬
bill, has shown
understand the
Your
the bill.
outstanding
an
now
supports
With
success.
little by way of precedent to guide you, you have achieved much in main¬
taining good standards of conduct, good order in your
treatment of the
for
more
not
I hope it continues.
public.
These are the grounds of my
pervasive powers in the over-the-counter market.
only improve the condition of
ment of
field and good
own
If we all fail the alternative is for the Commission to ask Congress
optimism.
we
Changes in Maloney Over Counter Bill Discovered by
Robert E. Healy of SEC Before New York Security
been found in the
have
the chances of failure if the Maloney bill becomes law 7
If
succeed,
we
affairs and relieve
our own
govern¬
greater burdens but we promote the public interest.
The
action of
the Senate Banking and Currency Com¬
reporting the Maloney bill to the Senate with the
Bankhead amendment was noted in our March 5 issue,
page 1479.
mittee in
The
Maloney bill providing for the regulation of over-themarkets, and the modifications to the bill since its
were discussed by Robert E.
Healy, a member
of the Securities and Exchange Commission at the annual
dinner on March 10 of the New York Security Dealers'
counter
Rates for Railroads Urged by Fairman R.
Savings Conference of A. B. A. in New
Adequate
introduction
Dick
Association held at the Waldorf-Astoria Hotel in New York
York City—R, H. Reinhard Declares Private Enter¬
prise Cannot Survive in Competition with Govern¬
ment—Meeting also Addressed by Dr. Marcus
City. The Bankhead amendment proposing the exemption
municipal dealers from certain of the provisions of the
bill, was included by the Senate Committee, said Mr. Healy,
"over the objection of the Commission." From Mr. Healy's
Nadler, Philip A. Benson, and Otjhers
of
address
To
resume
my
outline of the Maloney bill in its present form.
As you
know, Section 2 has been modified and limited since its introduction.
now
tive
The
empowers
or
road
management,
the annual
Bankers
investment
firm
of
Section 29(b)
violations of such rules,
use
the mails and the facilities of
of the Act, which provides that
as
con¬
likewise
Dick addressed
dress
The
void, applies to
does Section 32 of the Act, which prescribes
the
Commission
certain
additional
powers;
suggestions
the
to
namely, by rule and regulation to provide safeguards with respect to the
manner,
a
29(b) of the Act only if the rule is
rule of this type are void under section
one as to
to violations of rules of this
which the Commission shall
forces
the
Moreover, rules of this type do not apply to transactions by
Finally, the Maloney Bill amends Section
The
registered association subject to the same duties
are
now
as
to
And
Section 17 on every registered broker and dealer and every national securi¬
ties exchange.
With
so
of the members of the Senate Committee.
of
included
over
the objection
they
have
city.
From his ad¬
But
as
merely
as
soon
to
Proposals
and
where
illustrate
these
concrete
and
these
concern
railroad investors
some
counter
largely
they
in
as
are
tend
proposals
action to restore
extremely strong social
responsible
and which
power
crisis.
quarters,
many
and
fate of
sad
run
been
earning
the
for
past
and
the
today continue to obstruct
in
is
the
suggestions
resistance
is
to
because,
meets
with
or a
railroad
improve
under any
earnings necessitates either
net
methods
these
a
set of
reduction
in
combination of both.
strong popular
resistance.
remarked:
at
might
great
definite
and political
increase in charges to the public,
earnings
it
why
reason
increase
unfortunately
are
This
was
the
critical
present
be
thought
and therefore railroad earnings,
amendment proposed by Senator Bankhead, found great favor with most
It
an
either of
collapse,
but
"
in favor of municipal brokers and dealers expressed in the
or
an
Mr. Dick
the
imposed by
in
generalities
popular.
power,
that
railroad
fundamental
expenses
17 of the Exchange Act, to
keeping of records and the making of reports that
of
conditions,
with
of the
Mr.
Dick
this
subject of "Political
another
of
definitely outline
and
earnings meet social
documents filed
R.
of
restoration.
its
brokers and dealers in exempted securities, which includes municipals.
The exemption
politically
specific,
type, except violations which consist of making
or
the
on
throes
made
are
to
industry and
earning
reduction
remedy
Furthermore, criminal penalties do not attach
misleading statements in reports
every
and
become
the
in
now
are
a
railroad
determine and expressly provide that it is necessary and appropriate that
shall apply.
Merle-Smith
the conference
confined
political
of making settlements, payments or deliveries.
Contracts made in violation of
for
are
railroad
socially
to
of brokers and dealers, to regulate the
method and place of soliciting business and to regulate the time and method
Roosevelt, in New York
Fairman
by
quote:
we
railroads
proposals
gives
3
Imponderables and the Railroad Situation."
financial responsibility
make
Hotel
Dick &
tracts made in violation of the rules under the Act shall be
Commission.
the
at
the Commission to enact rules to prevent fraudulent, decep¬
criminal penalties.
and
Association
March
interstate commerce.
false
delegates attending the opening session
Spring Savings Conference of the American
on
municipals, who
outside the
are
operation and beyond the control of rail¬
told
manipulative acts and practices and to prevent fictitious quotations.
Section 29(b)
depressing railroad earnings
of railroad
City, were
provisions apply to all brokers and dealers, including those who do
2
forces
field
It
business exclusively in
Section
The
of
quote:
we
at
the political
that
the
that
levels
with
and
arguments
to
admission
of
credit
railroad
in
rates,
would be unsound to the point of absurdity,
pressures
arguments
tending
continue
to reduce
the
need
for
earning power
undiminished
clearly shown by a study of the present rate
universal
railroad
restrict
case,
increased
in
intensity.
where,
revenues,
in spite
it
was
the New York "Times" of March
adequate revenues for the railroads.
precedence over the need of
of the Institute of Inter¬
competition not only
the
postal savings system, baby bonds and Federal loan and savings
associations, but the growing tendency of the American people toward
"rainy day" dependence on the government.
"In the past," he said, "almost every one in the United States regarded
a savings
account as a protection against a rainy day.
At present, how¬
ever, the population is gradually turning from reliance on self to dependence
Dr.
length the various theories as
to how earnings might be increased, such as through greater
efficiency, coordination and consolidation, reduction in taxa¬
tion and reduction in number of employees, and pointed out
how all of these run counter to strong social and political
forces.
"If it were clearly recognized that these forces
must be brought under control if railroad credit is to be
'
Dick covered at some
Mr.
promptly reach a
tinuing, he said:
Unfortunately,
for
compensate
there
however,
to be
appears
fied
alternative which is
an
credit,
opinion "the political im¬
asserted that in his
Dick
Mr.
employees and wholesale aban¬
practical methods of
of railroad
sale discharge
of railroad facilities are not
donment
and that the only practical
alternative at the present time is the raising of rates to a
level which is really adequate."
He added:
A further imponderable is recognition that if the railroads are in fact
an
essential
industry they can be supported through the charging of
adequate rates, provided the government neither directly nor indirectly
competes with them through giving special privileges to other forms of
this
with
coping
private
is
is highly complicated, but it is not insoluble, given
be solved and the proper cooperation of both
The problem
easy.
that
realization
the
The
it must
the
that
is
truth
constant
exerting
forces
on
pressure
has
he
that
is
cost
shippers for the service performed.
There is no alternative
and the taking over of the railroads by the government,
be charged to
this
between
their
and
"Our
will
country
be called upon to
it desires business conducted through
decide whether or not
later
or
sooner
government instrumentalities or through private concerns,"
said H. H. Keinhard, Vice-President of the Mercantile-Com¬
& Trust Co.,
Bank
merce
conference
on
St. Louis, Mo., in addressing the
"Savings in a New Era."
"The
long exist side by side,"
cannot
two
March 3
on
of the
expand
and
more
presided
Association,
the
at
conference
sessions.
conference, said:
Banking should not get into a rut and expect to move along easily and
comfortably, regardless
and
banking
savings
people for
do
to
institutions in
have
relations.
This
keen desire to place
a
our
giving banking service to the people.
the need
of
for
encouraging good customer
engendered
is
in
the
As
minds
of
happier
much
a
relationship
will
an
our
appreciation of the value of banks in the growth of
developed,
will be
More
in
institutions
our
an
is
cultivate
ideas and
education of personnel as well as the public.
means
of
and
exist
our
and
increased.
flexible
investment
bankers
savings
added
new
better realization
a
communities
for
the forefront
understanding
customers
particular, should
give
minds
open
conditions.
Banking in every form,
be alive to the desires of the
I am not going to suggest what
service.
I do suggest, however, that we
changing
of
in
forms of banking service.
new
should
we
keep
management
conference
the
at
by
urged
was
Robert
L.
upon
Garner,
Vice-President of the Guaranty Trust Co. of this city, in an
"Investment Policies of Banks."
on
"I
see
no
more
why you, more than other investors, should continue
reason
to hold a
security for
bought
it,"
should
take
he
to
care
better reason than that
no
"Not
said.
weed
only
is
investments
out
only 'proper that
seems
you
essential
it
have
that
which
you
de¬
are
be alert to
you
opportunities of converting one good security into another
advantageous from the standpoint of security, yield
more
maturity."
or
Mr. Garner disclaimed any intention of urg¬
ing his hearers to engage in bond trading, and said:
I
a
think you will
trading
understand that I do not
But
account.
I
strongly
do
that you should operate
mean
favor
constant
a
of
process
selectivity.
In
Mr. Reinhard added,
enterprise cannot survive." Mr. Reinhard
described the steps by means of which the competition of
government agencies obtain unfair advantages over private
"because private
to
and
street.
Benson,
teriorating, but it
taxation.
general
through
support
savings banks
a
franker
for
publicity,
the
First Vice-President of the American
Bankers Association and President of the Dime Savings
Bank of Brooklyn, N. Y., speaking at the March 3 session
Philip A.
address
political
important
most
a
to
are
economic problem.
imponderable is the question of when,
political and social angle, it will be realized that if the railroads
be restored to a sound financial condition, adequate rates must
The
from
right to
a
social rather than an
a
Urged
necessity
in
the man
to
Bankers
American
railroad
and beyond the
honestly believes
be furnished transportation at less than its fair
earnings are quite outside the field of railroad operation
control of management.
The shipper who seriously and
Activities
the
education,
through
approach
confidence
management.
and
authority
regulatory
realized that the proper
development of a sound rate structure is
the
rates,
emphasized
speakers
M.
the projected
that
The addressee were made
during the conference sessions and at a luncheon program.
Frederick W.
Shelly, President of the New Jersey Savings Banks Association, presided
at the luncheon, and Henry S. Sherman, President of the Savings Division,
emergency,
by this statement that once it is
adequate
housing program, which eventually
the American people, was ampli¬
by Stanley
address
said
who
activities
We
do not mean
I
banks should find new opportuni¬
savings of
Wider
Other
transportation.
solution
of the
out
separate
a
friendly
ponderables in the present situation lies in the future devel¬
opment of public and political opinion into a recognition,
first, that railroad credit cannot be restored through the
destruction of railroad securities, and second, that whole¬
-
with the government's
Isaacs, Borough President of
housing programs will stimulate
industry rather than compete with it.
in
their
government
that savings
suggestion
financed
Manhattan,
and revenues will not
maladjustment between expenses
but will destroy it.
a
railroad
be
Director
examples of
as
government."
Nadler's
Dr.
must
Research
also
is
cited
Finance,
ties in connection
politically and socially easier, and that is to restore railroad credit without
increasing earnings by writing off railroad capital through bankruptcies
and reorganizations.
The trouble with this alternative is simply that it
will not work.
The destruction of railroad capitalization in order to
restore
the
on
that the country would
decision and act upon it," he said. Con¬
who
Nadler,
national
be hope
would
there
restored,
1938
12,
In referring to Dr. Nadler's comments,
5 said, in part:
ings banks today.
should take
the need for low rates for the shippers
argued strongly that
March
Chronicle
Financial
1648
attempting
portfolio
there
willing
to
believe
that
much
will
sell
inevitably
security
a
if
at
is, of
primarily
This
loss.
a
book cost,
your
maintain and improve the quality of a
arise the question as to whether you are
investment
consider
you
weight to
to
constantly
will come
you
course,
but I
painful,
and do not give
out better in the long
too
run.
business, saying:
private business, whether in
with
agencies
government
of
Competition
private
business is hardly noticeable in the beginning.
But it becomes more and
more
apparent as the government agencies continue to receive subsidies
field
the
in
that
it
from
plied
otherwise, is so insidious that the effect on
or
another
or
a
is
it
from
be
to
granted
free
conducted
use
is
agency
on
basis,
government
Therefore,
the
by
the
dividend.
but
as
not
advantage of
which
economic
it
is
necessary
such
I
particular
institutions
over
private business is
what we might term the "cost of getting established."
In the case of a
private enterprise obliged to develop a new business, it is not uncommon
that its profits of the first few years must
be spent in development,
whereas in the case of a government corporation, employees in the service
of the government and on the public payroll engage in this pioneer work.
Thus
advantage
initial
the
of
recouped
in
the
case
of
a
by private
included
in
income
Government
way
They
call
on
corporations
the income
derived therefrom
would be
therefore,
are
a
tax on
the Federal Treasury
in
the Treasury in
many
instances for their expense of
They deny to the Treasury those taxes
business
In
in
short,
whether
or
the
our
not
instrumentalities
by
side
hands
of
private
which would
accrue,
were the
enterprise.
will sooner or later be called upon to decide
desires business to be conducted through government
through private concerns.
The two cannot exist side
country
it
or
because private
Vice-President
N.
the
premiums, profits
discuss
from
to
one
losses
or
technical accounting,
is
a
but I do
and should be such as to permit free
without distorting earnings or book
of
the
Commission
Dime
Savings
Bank
of
Cummings, former member
Lawrence B.
of the
State of New
York;
McDougall, Public Relations Adviser of the Sav¬
Coordination
in
enterprise cannot survive.
New
of
Private Health and
York
New York
Welfare Agencies
City Through Formation of Greater
Fund, Inc.—James G. Blaine, President
of Latter
At
a
recent
gathering in New York City a program was
announced for the
financing and coordination of more than
800 private health and
welfare agencies in New York City.
The Greater New York Fund, Inc., which has been organized
to carry out the program,
will launch a city-wide campaign
$10,000,000 from business firm and
employees beginning May 2.
Individual welfare and health
agencies will continue to seek contributions from their own
individual contributors, a method, it is stated, which has
proved successful in Chicago and other cities.
According
to an announcement by James G. Blaine, President of the
Marine Midland Trust Co. of New York City and President
contributions
of the
and
declared that competition from both the Federal
Government and from thrift departments of commercial
banks is the most serious problem facing the Nation's sav¬
ployee
swap
ings Banks Association of Massachusetts.
session of the conference, on March 4,
of Finance at New York Uni¬
versity,
Y.;
Mortgage
Kenneth
Dr. Marcus Nadler, Professor
At the concluding
can
judgment
Brooklyn,
of
for
operation.
2.
to
some
admit would be advantageous
they decline to make because
Among other speakers at the conference were George C.
of illustration, the government lending
ways:
1.
bankers
they
which
private
route.
agencies,
pro¬
a
corporate earnings and thus enrich the public treasury through
tax
methods
investment
but
accounting of
attempt
Johnson,
from
handled
two
be
must
accounting
of
of
not
accounting
values.
handle some $8,000,000,000 of loans, the interest on which
corporate income tax, whereas, if these same loans were
now
exempt
the
By
from income tax.
agencies
is
to
that
say
exercise
which
standpoint,
system
shall
I
permitting
commercial
governments
investment
deterrent.
over
government institution.
salient point with respect to this question is the tremendous
business
flowing through
government corporations which is
Another
volume
which
not attach
do
corporation
exempt
losses
enterprises
government
of
against
influence in determining investment
stated:
discuss with
of
their
private instrumentalities is apparent.
Another
issue
is
to pay any
warned
He further
frequently
time goes
of
upon
policy."
an
established thq statement
business
a
Garner
from
the United States mails; it is exempted
taxes, both State and national; and more and more, capital is sup¬
is
Mr.
cedure to have "undue
another
Federal Government.
the
government
when
rule,
a
made
on
lending
form
one
A3
of
of
newly-formed Greater New York Fund, Inc., 75 bank
trust
and
program.
officials
have
joined
Winthrop
Vice-Chairman
of
the
with
other
business,
em¬
in sponsoring the
Rockefeller will serve as Executive
campaign; John S. Burke, President
welfare leaders
of the city
Volume
of B. Altman &
Junius
men.
At the Center
of
the
plan
feller
outlined
former
Jr.,
Feb. 24, details
on
Blaine, John D. Rocke¬
Alfred E. Smith, and former
of
ment
it
private
will
and
a
Mr.
Blaine
with
away
John
From
the
in
announcement
Mr.
George
New
the
of
cause
said,
national
city's
without
health
defense
welfare.
and
problem would be best solved by such
particularly
when
been
have
the
In
had
welfare agencies
and
Mr.
Blaine
and
they step
exhausted,
outlined
into
approach
an
the breach
related
was
the
ex-Governor
cooperation
of
all
Winthrop
Midland
Smith
when
the
to
study
and
is
as
Malcolm
John
Aldricli,
before
planned.
now
by
Mayor.
the
Fund
of
Co.
P.
for
E.
Allen,
Stewart
of N.
Exchange
of
Board
the
of
Y.,
John
Other
list
N.
bankers
appearing
trade and
the
on
Manufacturers
of
the
Co.
Trust
Manhattan
Co.. Jamaica.
Vice-President Brooklyn
Trust
Buckner,
the
Trust Co.
President
the
was
Bank
York
Campbell,
President
the
Chase
National
Co.
Conover,
Chairman
Davidson,
George W.
Chairman
Executive
the
of
Far
Rockaway,
Bank
Committee
Board
City
President
National
Bayside
Marine
Midland
Bank &
Bank
New
of
R.
E.
Martin
Assistant
Manufacturers
Vice-President
Trust
the
Gersten,
President
Public
National
Goerke,
Abbot
President
Goodhue,
C.
Bank
College Point National
President
Gosdorfer,
Bank
President
of
United
&
Trust
Bank,
Manhattan
the
National
Co.
College Point.
of
Island,
Long
George L.
Harrison,
Gilbert
Federal
Reserve
Bank
of
New
York.
Jamaica.
Theodore
Hetzler,
Frederick
H.
President
Hornby,
Fifth
Avenue
President
Bank
Continental
New
of
Bank
&
York.
Trust
Co.
of
York.
Herbert
P.
Harold
Howell, President Commercial National Bank & Trust Co.
W.
Charles
Hoyt, President Title Guarantee & Trust Co.
C.
William
Huitt, President
S.
Irish,
Brewster
William
M.
Dunbar
Vice-President
National
Bank
of
Bank.
1
the Manhattan
Jennings,
President
Bowling Green Safe
Kingsley,
Chairman
of the Board
Co.,
Deposit
United States
Brooklyn.
Trust
Co.
•
-
It further stated:
creditors.
application is made upon the ground that it is necessary in the
interest of creditors of the firm that its affairs should be placed immediately
in the care of the court and that a receiver
Lee,
Vice-President the Chase
National
Bank
of
the
City
of
New York.
Ernest
Whitney's firm had a virtual monopoly on the stock
Liquors' Corporation.
"The
Co.
of New York.
T.
which
Henry D. Mygatt, Daniel G. Condon and John J. McManus.
special partner is the Estate of John A. Hayes. Following
the announcement of the Stock Exchange the firm and its
co-partners filed on March 8 collective and individual
petitions in bankruptcy in the Federal Court. The petition
set forth that the firm, a co-partnership, was insolvent, hav¬
ing debts in excess of $1,000, which it was unable to pay;
and that the petitioners as individuals have debts which
they are unable to pay and that the petitioners are willing
to surrender all their personal property for the benefit of
Hendrickson, President Jamaica National Bank of New York,
President
that Mr.
A
Gray Jr., President Central Hanover Bank & Trust Co.
R.
out
The investigators
by Richaru Whitney, who nve terms
served as President of the Stock Exchange.
Other members
of the firm are Edwin D. Morgan, Jr., F. Kingsley Rodewald,
Co.
Bank
brought
with his firm by clients for safe keeping.
he firm is headed
Kelley Graham, First National Bank, Jersey City.
S.
E. Dewey, who entered the case yesterday,
by the State Attorney-General's office had
also revealed that Mr.
of
Hills.
William
New York Curb Exchange floor member.
13, 1932
stated:
of Distilled
Oscar J.
preference
or
be appointed in order that no
improper advantage should be obtained and in order that an
equitable liquidation can be accomplished," the petition declared.
S.
MacDonald,
Executive
Vice-President
Bank
of
the
Jeremiah
D.
the night of
ties, or
McRoberts.
Johnston,
.
Merritt,
George
Chairman of the Board Chemical Bank & Trust Co.
Assistant
Vice-President
United
States
Trust
Co.
of
New York.
S.
William
Milan,
YicfePi^nTent Bank of the Manhattan Co., Long
City.
Fellowes
William
H.
Perkins,
Morgan
Sr.\
Chairman
of
the
Board
the
National City Bank
York.
of
liabilities
or a statement
of various assets and their locali¬
list of creditors.
"Accountants
Edwin G. Merrill, Chairman of the Board Bank of New York & Trust Co.
Percy H.
a
voluntary bankruptcy was not taken until
March 7, and there has been and is no opportunity to prepare
schedules listing
Maguire, President Federation Bank & Trust Co.
George McAneny, Chairman of the Board Title Guarantee & Trust Co.
Samuel
"The determination to seek
Manhattan
Jamaica.
have been called
in and the necessary compilations are
being made, but to await the completion of such compilation would require
a
delay in the filing of the petition, which would be impossible and im¬
proper."
Subsequently, Federal Judge Francis G. Caffey granted
the petitioners ten days in which to file the schedules.
In
the meantime the following statement was issued by Breed,
Abbott
& Morgan,
attorneys for Richard Whitney & Co.
(Mar. 7) it seemed evident that this firm would not be
its current liabilities today, accountants were called in to pre¬
"When yesterday
Prosser, Bankers Trust Co,
Joseph Pulvermacher, President Sterling National Bank & Trust Co.
Gordon
was
Whitney had allegedly taken securities valued at nearly $800,000
Co.,
York.
Seward
McManus
had been placed
Chester
Secretary that they were
have been suspended from regular member¬
York Curb Exchange in accordance with Article XVI,
of the Constitution.
J.
was
tion
Frew, Chairman of the Board Corn Exchange Bank Trust Co.
Gehringer,
Ridgewood.
James
shortly after 10.00 a. m.
date (March 8) the following announcement
supervised the presentation of the case to the Grand Jury.
.
.
.
The indictment of Mr. Whitney yesterday came after further investiga¬
Dewey, President Grace National Bank.
Guy Emerson, Vice-President Bankers Trust Co.
James
same
District Attorney Thomas
Walter
Louis
suspension for insolvency was announced from the
York,
Bayside.
Chester
Hearing
This morning the firm of
On March 10, Mr. Whitney was indicted by the New York
County Grand Jury on charges said to involve the alleged
misuse of a trust fund of about $105,000 created under the
will of his father-in-law, George R. Sheldon.
Mr. Whitney
was placed under arrest but was later released under $10,000
bail.
In the New York "Journal of Commerce" of March 11
it
Dayton,
17, 1938.
given out by the New York Curb Exchange through its
Section 1
Co.
Wilson
1, 1938, evi¬
Co. advised the Exchange that it was unable to meet
He joined the Exchange Oct.
the
of
Hanover
Central
Whitney & Co.,
Monday, March 7, 1938, at 1.30 p. m., presented to a special
ship in the New
Colt, President Bankers Trust Co.
S.
made from the rostrom of the
apparently contrary to just and equitable principles of
unable to meet engagements,
Clarke.
Sloan
was
Richard Whitney & Co., having advised the
Trust
Co., Brooklyn.
Far
of
York
Public Relations Department.
York.
Samuel
on
On the
Brooklyn.
Guarantee & Trust
National
New
Business Conduct discovered, on March
Rostrum of the Exchange
Trust Co.
the New
of the Board
Title
the
Co.
Co.,
City Bank Farmers
Chairman
Vice-President
suspension from
charges was set for March
the
John
L.
on
its obligations and its
Hanover Bank &
Bank of the Manhattan
the
meeting of the Governing Committee charges and specifications.
Trust Co.
New
of
March 8, after the firm had made known to the
dence of conduct
of
Caffrey, Manager National City Bank, Long Island City.
New
Island
Bank
In the course of an examination of the affairs of Richard
the Committee
on
Central
Chairman
President
Burton,
Donald
Lewis
Co.,
Bank
Exchange:
are:
Vice-President
Baker,
Burdick,
R.
J.
B.
Brooklyn.
of City
Co.,
National
Exchange its inability to meet its obligations.
The an¬
was made by Charles R. Gay, President of the
Exchange, and the following statement in the matter was
issued March 8 by the Committee on Public Relations of the
Rockaway.
New
First
nouncement
the
members of the Board
are
on
Richard Whitney &
Barnewall,
Mortimer
Howard
F.
Bank of the City of
of Richard Whitney & Co., of 15 Broad
Street, New York City,
community
successful
a
Aldrich.
Lindsay Bradford,
Forest
Vice-President
of
Announcement
Fred Barry, President Bronx County Trust Co., Bronx.
Joseph A. Bower, Executive Vice-President Chemical Bank & Trust Co.
E.
County Trust
Vice-President
Vice-President
Weston,
Stock Exchange
the
appealed
formation
Proskauer
Judge
the
Chairman
the- Fund.
of
George A.
New
Kings
& Co. of New York, Unable to Meet
Obligations—Suspended For Insolvency From New
York
Stock
and
Curb
Exchanges—Voluntary
Petition
In Bankruptcy Filed—Mr. Whitney As¬
sumes
Responsibility For Difficulties—Indicted
on
Charges Alleging Misuse of Trust Funds
Benjamin L. Allen, President B. L. Allen & Co.
Robert
J.
Weston,
governmental expendi¬
audience
made
former
making
in
Sponsoring Committee
Trust
W.
He thought
by the agencies.
careful
groups
W.
Trust
Directors
S.
Welldon,
President
Richard Whitney
individual
their
National Bank of the City of New York; George
Blumenthal; Leon Fraser, President of the First National
Bank of the City of New York; George V. McLaughlin,
President of the Brooklyn Trust Co., Brooklyn, and Bayard
F. Pope, Chairman of the Advisory Committee of the Marine
of
A.
Charles
Chase
H.
Wason,
New York.
enterprise.
R.
Warren,
J.
the private agencies play in serving the city's needy,
expenditures made annually
Fund
President Irving Trust Co.
Vice-President Chase National
Ward,
E.
Samuel
pictured the plight of the needy if deprived of the $85,000,OCfo worth
of
Co.
Co.
Warburg, Bank of the Manhattan Co.
William
intervening years,
gone
adequate solution of the financing problem.
an
The essential part
He
Co.
Vice-Chairman Manufacturers Trust
Elm,
York.
-Ellis
common
tures
Von
introducing Mayor LaGuardia, recalled the days of the
War, when all faiths, creeds and races were bound together in the
he
the
Trust
Traphagen, President Bank of New York & Trust Co.
Rockefeller,
World
ways
Bankers
Vice-President
Tompkins,
E.
Harry
quote:
we
City of
the
Bank of
Thirkield, Vice-President Brooklyn Trust Co., Brooklyn.
H.
C.
James P.
matter
the
National
Adolph J. Walter, President Colonial Trust
greater correlation of health and welfare activities,
said.
First
Tenney, Vice-President the Marine Midland Trust Co.
Henry C.
services
overlapping
any
Vice-President
,
S.
"
In time
social welfare and health work.
doing
mean
Jr., Chairman Trust Committee, Manufacturers Trust Co.
Sturgis,
Boylston
objective for the advance¬
a common
member of the Advisory Board, Chase National Bank.
Salt,
York.
Gilbert
M. ProskauerJ
Mayor Fiorello H. LaGuardia presided.
The Fund, it is
announced, is dedicated to the preservation of private wel¬
fare institutions described as "symbols of democracy," and
was pictured
by Mr. Blaine as a permanent organization
give the city
S.
Harral
New York Appellate Division Justice Joseph
which will
Stauffen
New
by Mr.
Governor
L.
Ernest
Vice-Chair¬
as
be Treasurer.
Theatre, in New York,
were
Albert
Henry
Co., and Paul Felix Warburg,
Morgan will
1649
Chronicle
Financial
146
S. Rentschler,
President National City Bank of New York.
able to meet
pare
detailed statements and in the meanwhile it was determined to protect
by suspending business.
the interests of all creditors
Financial
1650
P "As
we
has made its answer
opportunity to be heard in accordance with the constitution of
Exchange."
On March 9, Mr. Whitney through his counsel, Charles
H. Tuttle and L. Randolph Mason, of Breed, Abbott &
Morgan, issued the following statement:
"I
convinced that in the interest of the public and my business asso¬
am
ciates and friends, I should make the following statement:
"In the first place,
I want to say emphatically that the difficulties in
which my firm has become involved are the result of actions as to which I
alone have responsibility and
associates
ness
responsibility
or
in which none of
connections, and in fact
of my busi¬
my partners, none
no one
but myself, has or had any
participation.
or
"In the second place, I fully realize that certain of my actions
I
wrong.
am
have been
determined to meet the consequences, in the hope and ex¬
the Accountants Club of America in
give evidence of my purpose to do whatever lies in my power to repair
the loss which any one has suffered.
"I am, therefore, putting myself at the disposal of the Attorney General
of the State, who is now investigating, and shall be ready to give
him
a
full
statement."
it
stated in part:
was
At
standards must fear—that
will react
McCall.fAssistant
At¬
Stock List, told
on
address in New York
an
of uncordinated reform
an excess
boomerang to the defeat of its very purpose."
In discussing current stagnation in the market for new
capital, Mr. Haskell said:
Today
as a
we
faced with
are
problem of greater significance.
a
The
ac¬
countant, the SEC and the Exchange can not arrest this depression.
We
can not restore the confidence of our people in the future.
But we all can
bring
influence to bear
our
sick spot.
on one very
That
of many sore
one
spots in the present picture is the stagnation of the capital markets, and
new
capital.
According to the "Commercial & Financial Chronicle," public offerings
of all corporate securities for new capital during the months of
December
and
$40,000,000
and 1937.
that
hearing conducted (Mar. 9) by Ambrose V.
a
1938
to avoid a mass of voluminous non-essential detail, and to
slash all kinds of red tape.
In this way, the Committee on
Stock List in its sphere can be truly liberal and progressive
and thus avoid the danger that all of us interested in higher
particularly the market for
An investigation of the affairs of the firm by the State
Attorney General and the Securities and Exchange Com¬
mittee was begun following the firm's suspension from the
Exchange. In the New York "Herald Tribune" of March 10
12,
City on March 1.
He said that the Exchange is seeking to
simplify its procedure in every way, particularly in the field
of listing new securities to prepare the way for the flow of new
capital into business.
"We have," Mr. Haskell said, "done
much already and we will do more to review our requirements,
pectation that thereby I can contribute to improvement of the situation and
can
March
Secretary of the Exchange's Committee
to the charges which have been made by a committee of the Exchange,
ask those interested to reserve opinion until this firm
and had an
the
Chronicle
a
January shrank to the infinitesimal
month from
As
a matter
average
of about $100,000,000
an average
a
November,
of less
than
month In 1936
of historical interest, the "Chronicle" figures show
offerings of this
nature in 1929 averaged over $700,000,000 a month.
Exchange figures show that funds raised by listed companies as a
Our Stock
torney General in charge of the Bureau of Securities, Robert J. Rosenthal,
result of issuing rights amounted to over
cashier
over
of the
firm,
testified
he had delivered customers' securities
that
valued at approximately $400,000 to Mr. Whitney and although the ac¬
counts of the customers were still carried as
containing the securities, the
firm did not have the securities.
The particular
Yacht Club,
$125,000
Mr.
Whitney
included that for the New
was
treasurer,
York
amounting to about
the basis of the market value of the securities in the account;
on
Without
ness.
accounts investigated
of which
$200,000,000
per month in
1929,
$50,000,000 per month during the first 10 months of 1937, but averaged
only $2,000,000 per month during last November, December, and January.
Consider what those figures mean to our country's
corporations and busi¬
still
capital, and with the surtax
new
effective, how
can
undistributed profits
on
business maintain its scientific technical progress
and sustain employment, much less expand its activities to result in
higher
standards of living?
that of the estate of Eila Haggin McKee, deceased, containing 2,000 shares
of Homestake Mining stock, valued at $58 a share or a total of
$116,000,
and that of the trustees of the Stock Exchange Gratuity Fund, which was
closed out November 24, 1937, therefore containing no stock.
From the
New^York "Times" of March 9,
take the
we
following:
Mr. Whitney has been called the best-known member of the New York Stock
Exchange.
Elected to membership in 1912, he has not only served
Presi¬
as
dent, but has headed most of the important standing committees, including
that
as
on
Business conduct.
From 1928 to 1930 he was Vice-President, and
such, in charge of the Exchange, because of the absence of E. H. H. Sim¬
mons, the
Nominating
Asks for
A.iu,
The Nominating Committee of the New York Stock Ex¬
change on March 4 informed members of the Exchange that
meetings to receive suggestions on proposed Governors will
starting with "10,000 Steel at 205" has become
a
held
be
which
and
are
for this
the
cause was
that of Filer &
Co.,
a small
was not well with the
firm,
on
Sept. 27,1934.
Whitney firm
.
.
made by the
was
Suspicions
were
be
This
of the
counted for
was
Constitution,
a
week.
The
on
an¬
follows:
Monday March 14, 1938, Thursday, March 17, 1938,
p. m.
the Executive Floor of the Stock
on
announcement
new
cordially invited to attend meetings which the Nominating Com¬
The purpose
in the Governing Committee
Exchange Building.
of these meetings is to receive suggestions for nominees for
following offices and positions,
as
prescribed by the amendment to the
Constitution, which has been submitted to the Exchange:
staff of investigators attached to the Stock
Exchange's Business Conduct
Committee.
as
21.
passage
Monday, March 21, 1938 at 3:15
Room
previous suspension
17 and
the vote will not
mittee will hold on,
The failure of the Whitney firm has brought the first major
suspension
for insolvency since the formation of the SEC.
The last
Discovery that all
14,
anticipation of
nouncement read
You
Wall Street legend.
March
made in
President, during the stock market debacle of 1929.
His effort to stem the fall in prices
during that period, by a series of bids
Committee of New York Stock Exchange
Suggestions for New Board of Governors
Chairman of the Board of Governors, for the term of one year;
Fifteen Governors, who shall be members of the Exchange, five for the
aroused by examination of the firm's books.
At the beginning of this year the business conduct committee
enlarged the
term of one year
scope of its investigation into the condition of member firms.
term of three years
Previously, it had required full questionnaire replies only from brokerage
each, five for the term of two years each and five for the
each;
Six Governors, who shall be non-members of the
Exchange residing in the
houses that maintained margin accounts for the
public.
At the outset of
1938 it demanded similar data from all
concerns, whatever the nature of
their business.
First returns under the new rule were due at the end of
limited partners in firms registered on the Exchange engaged in a business
January.
two for the term of two years
Study of these and other records aroused suspicion and on March 1 evi¬
dence indicating violation of the
Exchange's constitution and rules was re¬
ported
Every effort
.
was
made to develop the case swiftly.
The accounting
staff of the committee worked
night and day, continuing through
Sunday.
Monday morning (Mar. 7) at 10:30 o'clock the Business Conduct Com¬
mittee held
a
special meeting, questioned its accountants, and decided to
prefer charges.
Mr.
Whitney is
preferred and
17.
a
member,
a
hearing
was
called for
Monday afternoon.
The interval of ten days is required
by the Exchange's con¬
Six Governors, who shall be members or non-members of the Exchange
meeting.
Yesterday morning Dean K. Worcester
of the
ing direct contact with the public, two for the term of
more
bonds than with stocks.
It
was
a
important dealings with the public.
brokers'
case.
.
.
The
letter
prominently identified with
It represented banking
Nominating Committee will welcome suggestions, whether made by
or
at the open
meetings, and urges all members and their partners to
ence
+»
"Year
Book"
of
New York Stock
Exchange for 1937—
Employees of Member Firms Totaled 47,300 Com¬
pared with Estimate of 51,740 Year Ago
The New York Stock Exchange Year Book for
Suspended from Membership in New York
Exchange for Failure to Meet Engagements
The New York Curb
Exchange on March 8 announced that
Clement J. Derrick, having advised the
Secretary that he is
to meet
engagements is suspended from regular
membership in accordance with Article XVI, Section 1 of
the Constitution.
The Curb announcement also said:
unable
instructed to close the
same, without unnecessary
delay, in accordance with Chapter IV, Section 2
Constitution.
Mr. Derrick joined the New York Curb
Exchange Feb. 26,
never been connected with
1919.
any
He
firm.
contains
the
a
Exchange,
on
statistics
securities
formation
was
Public
and
made public
Relations
of
Cooperation Between SEC, New York Stock
Exchange and Accountant Urged by John Haskell
—Points to Stagnant Market for New
Capital as
Reason for Coordinated Efforts
Exchange Commission, the New York
Exchange and the. accountant should work together
restore investment
confidence, John Haskell, Executive
to
on
the
March 3 by the
Com¬
Exchange.
Membership
data relating to the amounts and values of
listed
on
presented
the
in
Exchange
the
Year
are
included
Book,
which
marizes the pertinent statistical data regularly
the Exchange and presents comparisons with
for
1937, which
chronology of important dates in the history of
in
the
also
in¬
sum¬
published by
similar data
previous years.
Employees of member firms of the New York Stock Ex¬
on Jan. i, 1938, totaled 47,300,
compared with an
estimate for Jan. 1, 1937, of 51,740, according to the figures
contained in the new issue of the Year Book.
This is the
change
first
time
been
compiled,
that
a
total
says
of
the
Exchange
firm
employees
has
of the Exchange,
obtained in a census re¬
announcement
which
Greater
The Securities and
1938,
destroyed.
houses and
C. J. Derrick
Stock
and March 28,
Suggestions made in writing will be held in confidence and all correspond¬
mittee
wa|an individual member and has
now
for those unable to attend the open meetings, may be made by letter.
no
Mr. Whitney served as President of the
Stock Exchange
from May, 1930, to
May, 1935.
were
each, two
make their views known and to suggest nominees to the Committee.
other large institutional investors.
of the rules of the
one year
Trustee of the Gratuity Fund, for the term of five years.
.
brokerage house, having
Members having contracts with Mr.
Derrick
limited
for the term of two years each and two for the term of three years each;
Exchange acquainted the
State Attorney General's office with the state
of the
As a firm Richard Whitney & Co. was
or
business outside of said Metropolitan area and engaged in a business involv¬
Appointments for special hearings between
Charles R. Gay, President of the
Exchange, went to Washington to
acquaint the Securities and Exchange Commission with the action
taken,
leaving for the capital immediately after the governing committee
each,
one year
each and two for the term of three years each;
partners in firms registered on the Exchange having their principal places of
stitution.
Curb
of the City of New York and who shall be general or
residing outside of said Metropolitan area and who shall be general
Charges
was set for 3:15 o'clock on the afternoon of
area
involving direct contact with the public, two for the term of
A special meeting of the Governing
Committee, of which
were
March
Metropolitan
adds that the figures were
cently completed.
The total for 1938, the Year Book points
out, is based upon reports from all member firms in exist¬
as of the first of the year,
while the 1937 estimate
51,740 is based upon reports from only 623 of the 647
ence
of
firms registered a year ago, 24 firms having dissolved dur¬
ing the
year.
From the announcement
ing its Year Book
we
issued
also quote:
by the Exchange regard¬
Volume
The
146
number
compared
of
first
the
of
a
Exchange
totaled
year
totaled
1938,
member
located in 385 cities
with
increased
1,182
from
4,148
in
to
an
the
on
States and
the
1937,
Total
Government
compared
market
value
tabulations contained
and
with
of
in
of
all
listed
Year
the
New
State
during
securities,
Book,
totaled
1936.
.
declined
.
in
425,161
The
to
the
extensive
Book
and
published
volume
collateral declined during the year
on
odd
includes,
lot
for
of
trading
record
during the
other
during the
smallest
transactions
220,950
year
by
year
the
included
not
47
issues
The
all
279
breakdown
listing
stock
by
brokers,
A
numbered
67.
table
Committee
Exchange's
during
Stock
on
issues from
list.
These
the
List
companies
companies
and
that
during
odd
280,
was
of
their
members
for
seats
Book
than
20
years,
than
10
more
held
have
as
his guests and permitted to work out their
lot
dealers
classified accord¬
commission
and
invest¬
of members, 550.
group
and
of
the
25
than
their
50
brokers,
who
seats
The
for
Year
bond
123;
have
than
more
Book
46
held
shows
235
years,
prob¬
former home in Saratoga Springs
own
Flood—Property Damage Estimated
10,000
at $65,000,000—
Homeless—25,000 WPA Workers Begin
are
Rehabilitation of Stricken Area
Five
days of rainstorm and flood early this month caused
losses estimated at $65,000,000 in Southern California, made
10,000 persons homeless, and more than 170 persons were
reported dead or missing.
Approximately 25,000 Works
Progress Administration workers late this week were engaged
in rehabilitating storm-torn areas.
Anaheim, in Orange
County, suffered most from the ravages of flood waters,
with 1,100 homes damaged or destroyed.
Authorities said
2,500 persons were homeless in Orange County alone.
As¬
sociated Press advices of March 6 from Los
Angeles,
their
that
for
30
more
years.
while 618 members have owned their memberships for
more
sum¬
marizing the flood toll, said:
In Fullerton typhoid inoculation was resorted to today by health
offi¬
cials, who said that although no cases had been reported, sanitation con¬
ditions
Here
bad.
were
and
in
Anaheim
there
hundreds
were
of dead
animals, caught in the flood waters and drowned in barns and sheds.
In Los Angeles
County 34 victims have been identified, 12
fied, and 26 missing
17
Bernardino County seven
dentified and 14 missing.
the
out
and
A
bright
threatened
sun
to
has
been
one
restored
missing.
through¬
Jacinto
Mountains—and
highway and rail traffic
although subject to detours.
helped dry out the storm area today after
bring
off from
cut
communication
by the storm—from Santa Barbara to San Diego
San
the
to
is moving again,
identified, eight uni¬
are
Ventura counted three identified and
telegraph
affected
area
unidenti¬
Orange County has 19 identified, four unidentified,
San
In
missing.
are
rain
more
San
to
communication
outside
Bernardino
for
several
night that
a
County,
which
was
Light rains fell
days.
during the night in several sections, but it was not sufficient to
members
years.
His
More Than 170 Dead and Missing in Southern California
eastward
the Exchange,
members of
memberships for the longest period of time is headed by Henry G. S. Noble,
who was elected to membership April
20, 1882, and who was President of
the Exchange from 1914 to 1919.
He is one of five members who have
held
"Katrina Trask House."
as
received there
were
Telephone
1937
r'y
Year
the
only
issues.
members
shows
360;
y >.y
in
It is known
he gave to the state as a memorial to his wife.
the
totaled
approved
bond
11
banking firms constitute the largest numerical
Specialists
day
Saturday
"y/-
the
and
bond
85
1,375
ing to principal activity,
ment
Exchange
1937
full
a
reported;
were
volume
applications approved
and
the
of
the
or
was
tabulated.
are
of
the
Total
during
for
The largest
reported
stock
day
volume
the
■<
on
the figures
to
the ticker,
on
full
a
1,767,100 shares
on
Committee
represented
lot
round
value of bonds.
par
on
reported.
1
48
reported
smallest
were
when
securities
Governing
not
sales
the
when
6,
applications for
total
stock
19;
19,
'
;
listed
representing
A
June
list
to
previously
the
March
was
shares.
Applications
Oct.
on
of
Exchange Commission.
$2,966,609,145
of
when 423,760 shares
Saturday,
totals
including odd lot purchases and 6ales
year,
volume
shares
June 21,
on
daily
purchases and sales, which correspond
reported
7,288,080
was
time,
periodically by the Securities and
stopped stock and
was
first
the
581,101,112 shares of stock and
The
from $1,051,-
$659,219,305.
Year
volume
and
borrowings
Circular
Street, Saratoga Springs, to the women of that city for welfare and club
work.
$23,280,232,424
in value
on
$57,434,243
.
shown
as
his home
who
tax collections
Btock transfer
York
$66,359,326
gave
Part of the Trask estate at Saratoga Springs, called
Yaddo, was opened
by Mr. Peabody, following his wife's death, for the use of creative artists,
during the year, the market value of listed stocks dropping from $59,878,127,946 on Jan. 1, 1937, to $38,869,140,625 on Jan. 1, 1938, a new low
level since July 1, 1935.
The value of listed bonds declined from $45,053,593,776 to $42,782,348,673 over the same period.
Member
In her memory Mr. Peabody
lems free of economic pressure.
Federal
during
1651
January 8,1922.
on
same
the
over
in
Chronicle
Non-
1937.
1,
4,238
3,704,
firms
45
Jan.
on
652,
...
Reflecting the reduced volume of trading,
of
1,
Partners of members totaled
compared
correspondents
period.
Jan.
on
Branch offices of
year.
1,185,
countries,
firms
before.
year
during the
one
foreign
member
Financial
Stock
647
with
increase
eight
of
cause new
damage.
Earl Lee Kelley, State Director of Public Works, said $1,000,000 would
be
released
age
to
begin restoration of bridges and highways.
to them was estimate^ to be about $4,000,000.
nounced
an¬
$300,000 relief fund drive.
a
Los Angeles
municipal damage was estimated by officials at $9,413,147.
This includes water mains, sewers, street and bridges.
was
Flood dam¬
The Red Cross
Damage to parks
placed at $1,360,546, and to the municipal power system, $2,000,000.
Los Angeles
County damage was estimated at $8,000,000.
Other damage estimates: San Bernardino County and city, $15,000,000;
Death
of George Foster Peabody, Former Partner
Spencer Trask & Co.—Was Member of Board
Trustees of Warm
in
Victorville, $1,000,000; Riverside, $500,000; Pasadena, $715,000; Glendale,
of
$100,000 Santa Monica, $50,000; Glendora, $39,000; Ventura, $1,500,000;
Anaheim, $225,000; Orange County, including Santa Ana, $3,500,000.
Springs Foundation
George Foster Peabody, retired banker, and well known
for his activities in philanthropic works, died at his winter
home at Warm Springs, Ga., on March 4.
Mr. Peabody,
who, at his death was 85 years of age, had formerly been as¬
sociated as a partner, with the banking house of Spencer
Trask & Co. of New York City; he retired from that connec¬
tion in May, 1906, devoting himself thereafter mainly to his
philanthropic, educational, leligious and other interests. Mr.
Peabody was named by President Wilson as First Deputy
Chairman of the Federal Reserve Bank of New York, and in
Damage to private property in Los Angeles was estimated at $353,000,
The loss in this county to agriculture and to
1,750 homes being affected.
citrus and avocado
orchards was placed at $260,000.
Railroad service in and out of Los Angeles has been resumed on a cur¬
tailed basis, but officials said it would be at least a month before a normal
flow of traffic would be
will cost somewhere
The
Union
Repair to railroad tracks and bridges will
Santa Fe and
Pacific,
east bound passengers
and
possible.
between $3,000,000 and $10,000,000.
Southern Pacific
were
taking their
by bus as far as Cedar City, Utah; Barstow, Calif.,
Indio, respectively, to make connections with trains.
Freight service from Los Angeles to
tomorrow for the first time
San Bernardino is to be resumed
since the flood.
1934 President Roosevelt named him to the Federal Com¬
mission to recommend
means of reviving the commerce of the
Virgin Islands. Mr. Peabody was born in Columbus, Ga.,
on July 27, 1852.
From a sketch of his career in the New
York "Herald Tribune" of March 5
take the
we
following:
The monuments to his foresight, generosity and devotion to efforts
half of others
dot
the
land, from the
on
be¬
Spa at Saratoga Springs, through
various colleges to little Negro schoolhouse and big Negro universities in his
native South.
Death of Edward K. Mills—Director of Federal Reserve
Bank of New York
;
Edward K. Mills, class A director of the Federal Reserve
Bank of New York died at Morristown, N. J., on March 10.
Mr. Mills, who was also President of the Morristown Trust
first elected a class A director of the New York
Bank, to serve the three-year term beginning Jan. 1,
1933; he was reelected to serve for the three years, from
Jan. 1, 1936 and his term would therefore have expired the
Co.,
was
Reserve
Though he made his home in New York State from his 13th
he remained to the end not
but, in outlook,
only
an
onward,
active member of the Democratic party
Southern Democrat.
a
year
As
...
youngster in Brook¬
a
In 1896 he became Chairman of
lyn he began to interest himself in politics.
end of the current year.
♦
the Gold Democrats who refused to go along with William Jennings Bryan
his 16 to 1 free silver program.
on
cratic National Committee.
In 1904 he
Treasurer of the Demo¬
was
He had spotted the talents of Grover Cleve¬
land, Mayor of Buffalo, and had advocated his election as Governor.
was
to
be both
friend and adviser to
Roosevelt, but he
He
he
was
also
was among
a
Board
.
.
For
of its existence he was the Treasurer Of the General Educa¬
established
by John D. Rockefeller.
York State's $10,000,000 spa at
Saratoga
The dedication of New
Springs in
1936 culminated
a
quarter-century of effort on Mr. Pea body's part to save the place from com¬
mercial exploitation.
man
In 1910 Governor Hughes had appointed him Chair¬
of the State Reservation Commission.
Though he kept
an
home in Georgia.
papers,
Saratoga Springs, site of his estate, and
defending the aims of the Roosevelt administration.
winter
news¬
Terre Haute and other transportation lines.
Edison Electric Illuminating Company of
the latter eighties.
.
.
.
railroad finance and had entered the
directorates of the Mexican National Railways, the
pany,
a
From time to time he wrote letters to metropolitan
sometimes advocating government ownership of the railroads or
He had been actively interested in
St. Louis, Alton and
He became a director of the
NewfcYork in the gas-lit days of
Later he became a director of the General Electric Com¬
the American Beet Sugar Refining Company and other large corpora¬
tions, but he put all of those interests aside when he retired from banking.
When he
was
69 years old he married
of his lifelong friend and
killed in
a
Mrs. Katrina Nichols Trask, widow
business associate, Spencer Trask.
railroad accident in 1909.
the estate for the widow.
Mr. Trask
was
After that Mr. Peabody had managed
He±married Mrs. Trask on February 5, 1921.
An invalid, suffering with heart
James Howell
Post, well known philanthropist, business
and civic leader of
Brooklyn, N. Y., died at his home there
March 5, in bis 79th year. Mr. Post was Chairman of the
Board of Directors of the National Sugar Refining Co. of
and has been connected with the sugar industry
14 years of age, it was noted in the Brooklyn
"Daily Eagle," from which we quote the following:
New Jersey
since he
A
trouble, she died less than a year later—
was
director
in
more
than
a
score
of sugar concerns,
companies, business concerns and transit companies.
was
office in Broad Street, Mr. Peabody passed most of
his time in his later years in
New York and Various
on
.
Springs Foundation, to whose waters
the first to bring the attention of President Roosevelt.
the first ten years
tion
sought public office.
never
National City Bank of
Companies
Refining Co.—Director of
He
from Presidents Woodrow Wilson and Franklin D.
trustee of the Warm
Post, Chairman of National Sugar
Governors Charles Evans Hughes,
Alfred E. Smith, Franklin D. Roosevelt and Herbert H. Lehman, and to
receive appointments
H.
Death of James
banks,
deeply concerned in all moves for civic betterment and
fortune with schools, welfare and other organizations.
directors in the National City
insurance
Mr. Post nevertheless
shared his large
One of the oldest
Bank, Mr. Post was also a director of the
City Bank Farmers Trust Co.
'
in the following
companies: The Alliance Realty Co., United States Casualty Co., Under¬
wood Elliott Fisher Co., Terminal Warehouse Co., Consolidated Edison
His
many
business
interests
included
directorships
Co., Brooklyn-Manhattan Transit Corp., New York, Rapid Transit
American
and
Foreign
Marine Insurance
Marine
Insurance
Street Warehouse Corp.
Corp.,
Fire and
Welfare Council of New York City and a
Director of the Brooklyn Academy of
was
Manhattan
He also was a trustee of the Brooklyn Institute
of Arts and Sciences, and the
He
Corp.,
Co., New Amsterdam Casualty Co. and South Eleventh
Music.
14 when he started his business career as an office
firm of B. H. Howell, Son &
Co., of Manhattan.
boy in the old
The firm was one of the
largest dealers in molasses sugars in the country and also represented several
small
molasses
companies,
including the Mollenhauer sugar house, the
Brooklyn Sugar House on Bridge
Street and several others.
1652
Financial
Mr. Post became
hauer
Sugar
a
partner in the Howell firm in 1888.
Refinery, the New York
Sugar
of the
new
When the Mollen-
Refinery and the National
Sugar Refinery decided to combine in 1900, he
chosen
was
the President
as
organization, the National Sugar Refining Co. of New Jersey.
For 34 years Mr. Post remained President of the National Sugar
Refining
Co. of New Jersey, relinquishing that office in January, 1935, to become the
Chairman of the Board of Directors of the company,
in New Rochelle,
N. Y.,
j Mr. Post
was born
Oct. 13, 1859.
on
'%
addition to the companies indicated above, Mr. Post
in
connected with the following:
was
National
Chronicle
Sugar Refining Co. of New Jersey, Chairman of the Board;
March
Others elected
1938
were:
George Armsby, Vice-President, California Packing Co.
Thomas A. Bradley, President, Acme Fast Freight, Inc.
John R. Burton, President, National Bank of Far
Rockaway.
William Robert Conklin, of W. E. Burnet & Co.
George H. Coppers, of National Biscuit Co.
J. Cbeever Cowdin, Chairman of the Board, Universal Pictures
Co., Inc
William Adams Delano, of Delano & Aldrich.
William Hale Harkness,
Director of Time, Inc.'
Earle G.
Hines, President, General Theatres Equipment Corp,
Robert G. Hutchins, Directors, Allis Chalmers
Manufacturing Co.
E.
Townsend
Cuban American Sugar Co. and its subsidiary companies, Chairman of the
David
Irvin, of Shearson, Hammill & Co.
David
Board; Colonial Sugars Co., Director; Central Aguiree Associates. Trustee;
Fajardo Sugar Co., Director; Guantanamo Sugar Co., President; New
Niquero Sugar Co., President; Holly Sugar Corp., Director.
H.
James
of the National
of the Board
of
Directors
City Bank of New York and the City Bank
Co., in paying tribute to the memory of
Trust
Farmers
^Chairman
Perkins
^
Mr. Post said:
Mr.
a
has
brought deep
director since
1898.
to all his associates in the
sorrow
He has been associated with the bank
He has also been
Farmers Trust Co. since 1929.
director of the City Bank
a
His friends both in the business world and
those made through his extensive charitable activities
are
and all who knew him held him in the greatest respect .
He was undoubtedly one of the best-known citizens
New York.
His
of Brooklyn
and
♦
for
Belgium—Calls
Europe—Is Honored
Chancellor Hitler in
on
extensive tour to note
an
Berlin
Hoover, who is visiting Europe
changes since he resided abroad
during the post-war relief year,
Berlin by Chancellor Aclolph
received on March 8 in
Hitler.
On Feb. 24 Mr.
Hoover was named an honorary citizen of the
city of Lille,
France, and received an honorary doctorate at the local uni¬
versity.
Mr. Hoover spent most of Feb. 28 at Geneva,
where he visited his old
March 3 he visited
Technical
was
friend, Ignace Jan Paderewski.
Vienna and received
University
the
honorary
from
degree
of
On
the Vienna
Doctor
of
Technical Sciences.
Some
newspaper reports, describing the conference be¬
tween Mr. Hoover and Chancellor Hitler in
Beilin, said that
Mr.
Hoover
told
cialism is built
the
Reich's
Fuehrer
that
National
So¬
piinciples of government that would be
wholly impossible for the American people to tolerate in their
country.
Some accounts of this conversation were
later denied by persons close to Mr. Hoover.
A Berlin dispatch of March 8 to the New York "Times"
described the conference as follows:
former
President
refused
to
be
quoted,
asserting that
it
would
be contrary to the rules of international
courtesy for him to say anything
about the conversation.
Evidently reliable reports were obtained, however, at a luncheon that
Hugh R. Wilson, the United States Ambassador, gave for Mr. Hoover,
which was attended by several persons who had been
present during the
conversation or who
entourage
.
.
attached to the
are
Chancellery
or
to Mr. Hoover's
.
The major part of the conversation between Mr.
Hoover and the Fuehrer
was devoted to economics.. Mr. Hoover
asked for information
regarding
the
functioning of the National Socialist economic system and Hitler, it is
understood, painted a rosy picture of the Third Reich's future, though not
minimizing present difficulties.
Constantin
_a.:on
von
Neurath, head of the Privy Foreign Council
Foreign Minister; Dr. Otto Meissner, Presidential Secretary
Schacht, President of the Reichsbank; Count Lutz
Schwerin von Krosigk, Finance
Minister; Hans von Tschammer und Osten,
and
former
of State; Dr. Hjalmar
Reich
Sport Leader, and the British, French and Polish Ambassadors
tended Mr.
Wilson's luncheon.
the chiefs of the American
President
Various other high
Embassy staff
Hoover who
at¬
German officials and
were present.
visited
Belgium as guest of the
government for a series of functions honoring him for his
services as head of the wartime
Belgian relief administration,
had an audience with
King Leopold of Belgium on Feb. 18;
on
that date Brussels advices to the "Times" said in
part:
Before visiting the King Mr. Hoover made
visited
hospital for children in Brussels,
a
in his honor.
S.
&
Metals, Inc.
President, Castle & Overton, Inc.
Pendleton, of Pendelton & Pendelton.
Harry T. Peters, Chairman of the Board, Patterson & Browns, Inc.
George H. Reaney, President, United States Guarantee Co.
President, Climax Uc*
bdenum
Co.
Alexander R. Sharton, Publisher of the "Journal of Commerce."
Harold E. Talbott
Jr.,
Vice-Presid^jt,
Chrysler Corp.
Anton L. Trunk, President, Water
Carll
Tucker,
Director,
Howard
Corp.
Fiduciary G rust Co.
'
' '
Butcher
Jr.
Re-el&^ted President
elphia Stock Exchange
of
Phila-
At the annual meeting of the_Philadelphia Stock
Exchange
was re-eled cu President of the
Exchange
to serve for one year.
The following were re-elected to the
Governing Committee to serve for three years: Herbert L.
Clark, Harry C. Dackerman, Frank C. Matthews, Harrison
G. Seeler, George E. Snyder Tr., B. F. Townsend
Jr., J.
Maurice Wynn.
New
Edition
v
A
new
a
short tour of the
Later he attended
Foreign Minister Paul Spaak and
a
other prominent
of
Directory
of Mutual
Available
Savings
Banks
directory recently published by the National Asso¬
concerning
ciation of Mutual Savings Banks contains details
savings in the 17 States where mutual institutions operate.
The directory shows the names of all officers of mutual
savings institutions, the correct address of such institutions,
their assets, surplus, deposits and depositors; the method
of figuring interest in each case also is indicated.
Copies
available
to interested parties and may be
purchased
headquarters office of the Association, 60/East
42d St., New York. N, Y.
are
from
the
on
own
The
Frederick
Howard Butcher Jr.
Former President Hoover Re-visits
Former President Herbert
President, the Biltmore Hotel.
Frank C. Overton,
has been connected with almost every worthwhile
name
business enterprises of the city.
in
Mulligan,
very numerous
charitable enterprise in Brooklyn for many years, and with
many of the
great
B.
Philip G. Mumford, President, American Machine
Max Schott.
Post's death
National City Bank of New York.
as
T. Layman Jr., Financial Manager,
Henry Phipps Estates
George Grant Mason, Director, Erie RR.
♦
G.|| Arthur
Callahan Reappointed President of New
York Curb Exchange Securities
Clearing Corpora¬
tion for Coming Year—Other Officers Named
Following the annual meeting of "the stockholders, the
Exchange Securities
Clearing Corp. March 3 reappointed the officers for the
ensuing year.
G. Arthur Callahan, who was reappointed
President of the organization, is serving his fourth consecu¬
tive term.
The other officers are: David U.
Page, VicePresident; James A.
Corcoran, Second Vice-President;
Harold H. Hart, Secretary and
Treasurer; Arthur F. Bonham, Assistant Treasurer, and C. E. Sheridan, Assistant
Secretary.
board of directors of the New York Curb
At the annual stockholders' meeting James A. Corcoran,
David U. Page and Howard C.
Sykes were reelected direc¬
tors for three-year terms.
Mr. Callahan became a member
of the Curb Exchange on
May 25, 1921.
He has been a
member of the Board of Governors since 1932.
He is Chair-;
man of the Committee on Business Conduct and is a
member
of the Committee of
Arrangements, Finance Committee
and General Committee.
In addition to the three who were
reelected, the board of directors includes Fred C. Moffatt,
President of the New York Curb Exchange; G. Arthur Cal¬
lahan, Harold H. Hart, W. Reitze, Arthur F. Bonham and
George Russhon.
Messrs. Callahan, Corcoran, Hart, Page
and Sykes were
reappointed members of the executive com¬
mittee for the coming year.
city and
luncheon
J. R. Kirk
Appointed Deputy Commissioner of Income
Tax Unit of Bureau of Internal Revenue
Belgians
attended.
In the afternoon at the United States
Embassy Mr. Hoover received
members of the American colony in Brussels.
He received a written address
from Belgian authorities
declaring that Belgium wished to repeat her feelings
of
gratitude to him for his services
in
helping to feed the population during
the World War.
Bureau
On Feb. 19 Mr. Hoover dedicated a memorial tablet
placed
on the wall of the room where the
American Committee for
Belgian Relief held its meetings during the World War
Chamber
of
Commerce
29
The
on
to
of
State
of
New
York
new
of
the
members,
State
of
among
of Internal Revenue.
Mr. Kirk, who has been
promoted from the post of Internal Revenue Agent in Charge
for the Cleveland division, succeeds Charles T.
Russell, who
has resigned.
Mr. Helvering also announced the
appointment as Deputy.
Commissioner and Acting Commissioner in the absence of
_
.
Elects
Membership
Chamber of Commerce
March 3 elected 29
New
York
whom
were
leading executives of
some of the Nation's largest industrial
Those elected included Sydney G.
McAllister,
President of International Harvester Co.; Lewis R.
Close,
President of Lehigh Valley Coal
concerns.
Corp.; Harold Jacobi,
President of Schenley Distillers Corp.; Alden C.
Noble,
Chairman of the Board of Merchants Fire Assurance
Corp.
of New York, and Conde
Nast, President of the Conde Nast
Publications, Inc.
Commissioner of Internal Revenue Guy T. Helvering, with
approval of Secretary Morgenthau, on March 1 an¬
nounced the appointment of John R. Kirk to be
Deputy
Commissioner in charge of the Income Tax Unit of the
the
the Commissioner of Milton E.
Carter, who has been As¬
sistant to the Commissioner.
Previously, Mr. Russell had
served as Acting Commissioner when
necessary.
To succeed
Kirk at Cleveland, the Commissioner has named
Raymond C. Cake, who for a number of years has been
Assistant Internal Revenue Agent in
Charge there.
Mr.
♦
Ernest
Angell
Resigns as Regional Administrator of
New York Regional Office of SEC
The Securities and
Exchange Commission has accepted the
resignation of Ernest Angell as Regional Administrator for
the New York Regional Office of the
Commission, it was
Volume
Financial
146
announced
on
March 8.
Mr. Angell will return to the
private practice of law in New York City. At the request of
the Commission he will remain at his present post for a short
time until current matters
of.
now
in his
care
have been
disposed
The announcement of the SEC continued:
Before coming to the Commission, Mr. Angell was a
firm of Hardin, Hess &
general law practice.
Association, and
Association.
tion
He
member of the law
He is
Director of the New York County Lawyers
a
of
member of the Association of the Bar of the City
a
is
also
Trustee
a
of the
New
the
Bar
State
York
School Associa¬
Law
Harvard
of New York.
He is
a
graduate of Harvard College and of the Harvard University
School Class of 1913.
there from 1913 to
dominating theme of the meetings is to make more people
think about foreign trade and its
Law
We
relationship to domestic prosperity.
believe that the celebration this year will be particularly
timely due to the
increasing world recognition of the President's "good neighbor" policy and
to
the
negotiations for reciprocal trade agreements
with
under way.
now
Great Britain,
___________
Thisyear the proceedings will be broadcast both nationally
internationally and will reach 1,700 important groups in
1,000 communities in the United States and meetings in
and
than
more
followed
50 countries
for
several
Roosevelt has
President
abroad.
the development of National
Foreign Trade Week and assured visitors of interest in the
program plan for this year.
years
Originally a native of Cleveland, he practiced law
1917, when he went
in the World War.
The
since.
Canadaand others
Eder, New York City, where he was engaged in a
New York, the American Bar Association and
1653
Chronicle
He served
a
as
with the American Forces
overseas
Captain of the Infantry fo- two years
Regional Conferences of American Bankers Association
Be
to
in France
Held
in
and
17-18
March
Indianapolis
Oklahoma City March 24-25
President
Roosevelt
Member of
Nominates
System
"
Ernest
of Governors
Board
.
G.
Draper
"
.
Yesterday (March 11), President Roosevelt sent to the
Senate the nomination of f inest G. Draper, Assistant
member of Board of Gover¬
Secretary of Commerce, to be
nors
of the Federal Reserve -System.
If confirmed, Mr.
Draper will succeed Joseph
Broderick resigned.
Mr.
Draper has been Assistant Secretary of Commerce since
1935.
Solicitor
Nomination of Robert
Approves
Assistant Secretary of State
The nomination of Robert H. Jackson
as
H. Jackson
A.
A.
Berle
as
as
The Senate on March 4 also con¬
Adolph A. Berle as an Assistant
Secretary of State, succeeding Hugh R. Wilson, newly ap¬
pointed Ambassador to Germany.
The nomination of Mr.
Berle was sent to the Senate on Feb. 9 by President Roose¬
velt; reference thereto was mad* in these columns of Feb.
12, page 1015.
+
F.
and
Arbitrations
tional
Press advices of Feb. 17:
The Hague conventions of 1899 and 1907 provided the adhering nations
should appoint not more than four nationals to constitute a panel
are
a
of judges
selected for any dispute referred to the court.
Other Americans members of the court
also
influence
W.
Van
are
the
that
announces
March
for
Des
at
The conferences
24-25.
meetings are in line with recommenda¬
at the Boston convention of the
of
the
of
Judge Manley O
Hudson,
judge of the Permanent Court of International Justice at The Hague,
and Green H. Hackworth, State Departmct legal adv'ser.
extended
be
to
the
Mr.
public.
Adams's
continued:
Antwerp,
President
the
First
President of
Bank
committee in
&
Bankers Association and
the Indiana
Trust
Co.,
South
Bend,
Ind.,
is
General
charge of arrangements for the Indianapolis
conference.
Ned
President
Holman,
of
the
Liberty
National Bank and President of
Clearing House, is General Chairman for the Oklahoma City
the Oklahoma
conference.
Thorpe, editor of "Nation's Business," will address the depositors'
Merle
Bennion of Salt Lake City will
addressed 1,200 people
depositors' meeting in Des Moines, Feb. 11.
meeting at Indianapolis,
address
at
the
the
The
ation
at
one
and Dr. Adam S.
Oklahoma
City.
Dr.
Bennion
regional banking conferences are being held in cooper¬
the various State bankers associations.
The
with
of
theme
the
conferences
Indianapolis
at
theme of the one at
"Broadening the Bank's Services."
like the
City,
In
and
Oklahoma
Des Moines,
be
will
keeping with that theme, programs have been built
subjects of 'practical local interest, with special
around
emphasis
on
of banks is
are
to
those services by means of which the usefulness
For the most part, the speak¬
being broadened.
be
bankers from the sections in
which the
con¬
to be held.
ferences
are
ABOUT
Feb. 16
appointed former Secretary
Henry L. Stimson and Michael F. Doyle, of Phila¬
delphia, as members of the permanent Court of Arbitration
at the Hague.
Mr. Stimson succeeds John Bassett Moore,
whose term has expired and Mr. Doyle takes the post
formerly held by the late Newton D. Baker. The following
regarding the appointments is from Washington, Associated
on
held
last
announcement
BANKS,
TRUST
COMPANIES,
&c.
The statement of The Chase National Bank of New York
of State
from which arbitrators
scheduled
is
the depositors'
ITEMS
Appoints Henry L. Stimson and
Doyle as Members of Hague Court of
President Roosevelt
conference
tions made by Mr. Adams
ers
Roosevelt
Michael
conference
Chairman
Solicitor General
confirmed by the Senate on
Jan. 29 issue, page 692.
firmed the nomination of
President
Association
Moines, Iowa,
Feb. 11, will be supplemented by further conferences the
present month.
Orval W. Adams, President of the Associa¬
tion, states that at Indianapolis a conference will be held
at Claypool Hotel, March 17-18, while an Oklahoma City
F.
March 4
by a vote of 62 to 4.
Mr. JacJjspn succeeds Stanley F. Reed,
who resigned to become an Associate Justice of the United
States Supreme Court.
Previously, on Feb. 15, a sub¬
committee of the Senate Judiciary Committee approved the
nomination of Mr. Jackson after several days questioning,
as was noted in our issue of Feb. 19, page 1173; this action
was
later followed by a 10 to 2 indorsement by the full
Senate Judiciary Committee on Feb. 28.
President Roose¬
velt nominated Mr. Jackson on Jan. 27, as was noted in our
was
Bankers
banking
October, when he stressed the educational
value of the regional meetings and urged that their educa¬
General—Also
of the United States
American
regional
association
,•
Senate Confirms
The
as
Reserve
of Federal
City for March 7, was made public on March 11, in response
a call by the Comptroller of the Currency.
The deposits
of the bank on that date are reported as $2,115,262,000
compared with $2,069,990,000 on December 31, 1937.
Total resources are shown as $2,423,645,000 compared with
$2,375,379,000 on December 31, 1937; cash in the bank's
vaults and on deposit with the Federal Reserve Bank and
other banks, $723,594,000 compared
with $708,040,000;
investments
in
United
States
Government
securities,
to
$590,479,000 against $603,362,000; loans and discounts,
$733,095,000 compared with $728,522,000.
On March 7,
capital of the bank was $100,270,000 and the surplus
both amounts unchanged.
The undivided
profits on March 7 (after payment on February 1, 1938, of/a
semi-annual
dividend
amounting to
$5,180,000),
were
$28,121,000 contrasting with $31,121,000 on December 31,
the
$100,270,000,
Commodity Club of New York to
Cocoa at Next
Meeting
Present Lecture
on
on
March 17
Continuing its series of talks and illustrated lectures on
commodities, the Commodity Club of New York on
March 17 will present the story of "Cocoa."
This meeting
will be held at 3.30 p. m. in the Great Hall of the Chamber
of Commerce, 65 Liberty St., New York City.
E. A. Canalizo, a former President of the Exchange and now a member
of the Publicity Committee, will deliver a talk on the func¬
tions and activities of the New York Cocoa Exchange.
As
part of the program the Hershey Chocolate Co. is contribu¬
ting the use of its educational talking motion picture entitled,
all
"The Gift of Montezuma."
for National
Foreign Trade Week, to Be Held
May 22-28, Discussed with President Roosevelt
Plans
Plans for National Foreign Trade Week, to be held
May
discussed with President Roosevelt on March i
by a group representing national and international organiza¬
tions sponsoring this event.
The delegation consisted of:
James S. Carson of the American and Foreign Power Co.,
representing the United States Chamber of Commerce; E. P.
Thomas, President of the National Foreign Trade Council;
22-28,
were
F. W. Nichol of the International Business Machines Corp.,
representing the International Chamber of Commerce;
Edgar W. Smith of the General Motors Corp., representing
the Economic Policy Committee; and George F. Bauer,
Chairman of the Foreign Trade Week Committee of Greater
New York.
In acting as spokesman for the group Mr.
1937.
♦—
The statement of condition of
Trust
Comptroller's call, shows total resources of $30,007,254 as
compared with $30,971,286 on December 31, 1937 and
$31,058,001 on March 31, a year ago. Deposits show little
change over the period, ranging from $26,394,446 at the
end of March, 1937, to $27,136,292 at the year-end to
$26,226,067 on March 7 of this year. Combined capital and
surplus remain at $3,000,000, with undivided profits up to
$152,478 from $141,132 on December 31 and $53,547 a
year ago.
Reserves are listed at $405,809, an increase from
$361,451 at the year-end and from $282,985 in March a
year ago.
pared with $11,985,262 on December 31; on
on
were held
the Pacific Coast 10 years ago and have grown in importance each year
March 31, 1937,
they aggregated $15,619,562. Cash and due from banks is
listed at $8,331,267, against $12,408,464 on December 31
and
$8,709,636 in March a year ago.
Holdings of U. S.
increased from $2,731,756 on March
Government securities
31, 1937 to $5,202,169 at the year-end and $5,639,215 on
March 7 of this year.
Holdings of State, municipal and
corporate securities are shown at $1,617,455, compared with
$975,958 on December 31 and $2,851,215 at the end of the
first quarter a year ago.
*
The
The first celebrations
On the side of assets, loans and discounts, it is
stated, show a seasonal expansion at $14,069,371 as com¬
Carson said:
Foreign Trade Week is not a new idea.
Sterling National Bankl&
Company as of March 7, issued in response to the
March
as
Corn
4
Exchange Bank and Trust Co., New York,
announced the appointment
Manager of its 42d Street Branch at
on
of George W. Bunce
303 West 42d Street,
1654
Financial
York
New
City.
Mr.
Bunce
had
formerly
been
Assistant
Manager.
Former
Smith
banking premises
new
Company at 135 Broadway,
March
on
of
7 formally
Lawyers Trust
the
New
York City, in the pres¬
Directors, the officers and
performed the ceremony of un¬
members of the Board of
others.
9:30
At
a.
he
m.
locking the great doors of the
and larger home of the
new
trust company,
of which he is chairman of the Board. The
move, Orie It. Kelly, president of the Lawyers Trust Co. ex¬
plained, was necessitated by the expansion of the trust
business and the requirements for increased
banking facili¬
ties. For Mr. Kelly the transfer of activities to 135 Broad¬
is in the nature of
way
that he started
his
homecoming, since it
a
banking
career
as
an
there
was
employee of the
old American Trust Company. He was executive
vice-presi¬
dent at the time he was called to his
present office eight
years
ago.
Under the Kelly regime, the Lawyers Trust
Company
expanded
by
absorbing the
County
Trust
Com¬
pany.
♦
The Central Hanover Bank and Trust
Co., New York, on
March 2, made application to the New York State
Banking
Department
office
for
permission
to
open
an
additional
branch
in
London, England, it is learned from the Depart¬
ment's "Weekly Bulletin" of March 4.
♦
Charles Edmunds Kimball, a Trust Officer of the Chemi¬
cal Bank & Trust Co., New
York, died on March 3 at the
Post-Graduate
Hospital,
New
York,
old.
Princeton
from
gree
Born in Summit,
New
to
long
illness.
was 47
N. J., he
was
a
graduated
from
University in 1913, and later received a law de¬
Washington University in St. Louis, Mo. After
practising law in St. Louis for
came
after
Greenwich, Conn.,
Mr. Kimball, whose home was in
years
York
and
entered
few
a
the
years, Mr.
law firm of
Kimball
Murray,
Prentice & Aldrich.
Twelve years ago he became associated
with the Chemical Bank & Trust
Co., and for the last nine
years had served as a Trust Officer.
«
At
the March
Union
Square
meeting of the
Savings
Foulkes, Treasurer of
fill
Mr.
Bank,
Board of
New
Trustees of
York
City,
the
Arthur
the
the vacancy caused
body.
Foulkes has
bank, was elected a trustee to
by the resignation of John D. Peabeen
associated with
the
bank
for
the past
twenty years. He was appointed Assistant Secre¬
tary in 1932 and Treasurer in May, 1936.
♦
Manufacturers Trust Company, which leased the
building
at 265
Utica Avenue, Brooklyn, several months
ago for the
purpose of combining it with its office at 263 Utica
Avenue,
announces that these alterations have now
been
As
result
a
have been
the
bank
doubled in
front
size.
and
A
the
interior
completed.
public space
feature of the alterations is
the installation of a
night depository which enables local
merchants to make deposits any time of the
day or night—
after banking hours.
a
meeting of the Board of Trustees of the
Bay Ridge
Savings Bank of Brooklyn held this
gan,
week.
William Flana¬
President of the building construction firm of William
Flanagan, Inc.,
was
elected
a
trustee of the bank.
♦
_
?
The
Philadelphia National Bank
its statement of condition
as
of
of Mar.
of
Philadelphia, Pa., in
7, shows total deposits
$366,913,132 and total resources of $417,903,875.
principal items making up the assets are: Cash and due
banks, $136,412,876; United States Government
The
from
securities,
$129,201,847; loans and discounts, $86,596,686, and other
securities, $45,543,383.
The bank is capitalized at
$14*000,000 and has surplus and net
profits of $25,345,374.
It was
incorporated in 1803.
Joseph Wayne, Jr., is President.
new
bank President has been
prominent in civic affairs in the Peters¬
many years.
He was one of the
organizers of the bank and
burg section for
has served
director since the institution was
opened
Schultz is engaged in business with
his brothers.
as
a
in
1923
Mr.
I
In its statement of condition as
of Mar. 7, the First Na¬
tional Bank of Chicago,
Chicago, 111., reports total assets of
$927,142,346, the principal items of which are: Cash and
due from banks,
$254,661,453; United States obligations
(direct and fully guaranteed),
$331,965,430; loans and dis¬
counts, $261,370,389; and other bonds and
securities, $63,648,473.
On the debit side of the statement
total
deposits
shown at $857,693,232.
The institution is
capitalized
$30,000,000 with surplus fund of like amount.
are
at
♦
The directors
of the Westminster
Bank, Ltd. (head office
London) announce the appointment of J. H. Arnold as the
Secretary of the institution, to succeed Frederick
who retired
meeting
on
on
Feb. 28
Mytton
on a
pension after 47
4
♦
At
of
years
a
meeting held
The
Banca
March 8 by the Board of Directors
Commerciale Italiana, head office, Milan,
of service.
on
Italy, it
was decided to propose at the next general share¬
holders' meeting called for March 26, the distribution of a
dividend of 4% for the year 1937.
THE
Speculative activity
CURB
EXCHANGE
the New York Curb Exchange has
been at a low ebb this week and
except for the moderate
upward movement on Wednesday prices have gradually
worked lower. Industrial specialties have shown some activ¬
ity and a few of the more important stocks have moved to
higher levels, but the changes in the general list have been
largely in minor fractions. Mining and metal shares have
been quiet, public utility issues have
gradually worked
downward
and
oil
on
shares
have
made
few
of
movements
importance.
Trading on the New York Curb Exchange was unusually
dull and uninteresting during the two-hour session on Satur¬
day, the volume of transfers dipping to approximately 47,000
shares, the minimum since 1934. The trend of prices was
toward lower levels
of the
though there was a fairly large number
regular market leaders that were unchanged as the
session closed for the day.
Public utilities moved on th6
side of the decline, mining and metal stocks were inactive
and oil shares were down.
Prominent among the issues
moving on the side of the decline were Newmont Mining,
1 point to 61; Babcock & Wilcox, 1
point to 83; Cities Service
pref., 2l/2 points to 32, and Pennsylvania Water & Power,
2M points to 65% There were only 187 issues traded in, of
which 80 declined and 25 advanced.
The trend of prices continued to
Monday, and while there
upward, the gains
were
point
downward
on
occasional stocks that tilted
not
especially noteworthy. There
any time but the losses con¬
dipping
particularly
true of the public utilities and the oil shares.
Mining and
metal stocks were higher, Newmont
Mining moving forward
2 points to 63 and
Chesebrough Manufacturing Co. climbing
upward 43^ points to 110. On the down side were American
Cyanamid B, iy% points to 233^; Babcock & Wilcox, 3
points to 80; Bell Tel. of Canada, 2 points to 161; Pa. Salt,
points to 140% Safety Car Heating & Lighting, 23^
points to 803^, and United Gas & Electric pref., 2 points
was
no
were
pressure apparent at
tinued to appear, many of the speculative favorites
from fractions to a point or more.
This was
67.
Declining prices again characterized the movements of the
Curb list on Tuesday, but pressure was most
apparent in the
mining and metal stocks and industrial specialties, many of
which registered losses
ranging from 1 to 5 or more points.
Oil stocks were steady with a
good part of the changes in
minor fractions, and public utilities were
heavy. There were
occasional advances but a
majority of these were in slowmoving stocks and the changes were small. Outstanding
the declines were Aluminum Co. of America, 2
points to 78; Babcock & Wilcox, 2% points to 77% Nehi
Corp., 4 points to 40; New Jersey Zinc, 3K points to 60%
Pittsburgh Plate Glass, 3 points to 74; Singer Manufacturing
Co., 5 points to 235; Utility Power & Light pref., 3 points to
11, and Aluminium Ltd., 5 points to 87.
among
Price movements
•
Directors of the East Scranton State
Bank, Scranton, Pa.,
atja recent meeting elected Arthur P. Schultz President to
succeed the late William H.
Knoepfel, it is learned from
Scranton advices,
appearing in "Money & Commerce."
Other officers of the bank are: J. S.
Woodling and William
P. Jennings,
Vice-Presidents; E. H. Hausser, Cashier, and
S. F. Huber, Assistant Cashier.
The dispatch added
The
1938
March 7, the Board
Italy, noting the
improvements reported in the various operations
of the institution by its branches in Italy, in the Colonies, in
the Ethiopian Empire and abroad, approved the statement
of the Bank at the end of the year 1937, which shows a net
profit of 10,891,000 lire, after having made ample provisions
for reserves. It was also decided to propose to the
Assembly
on
March 24, the distribution of a 4% dividend on the
capital stock, which amounts to 200,000,000 lire.
to
4
At
12,
substantial
Governor Alfred E.
the
ence of
March
It is announced that at its
of Directors of the Banco di Roma, Rome,
»
opened
Chronicle
were
toward
higher levels and the tone
Wednesday. As the day
progressed the advance was checked and price trends were
mixed during the closing hour.
Specialties were the strong
stocks and there was some attention
given to the mining and
metal shares and public utilities. Oils were
steady but with¬
out
noteworthy change in prices.
Transfers were again
down, the volume of sales being approximately 98,615
shares, against 144,577 on Tuesday. Pittsburgh Plate Glass
was one of the
strong stocks and moved up 334 points to 77.
Sherwin-Williams also attracted some buying and advanced
4 points to 88.
On the down side the changes ranged from
fractions to 2 or more points.
On Thursday Curb stocks
displayed moderate strength
until late in the session when the list eased all
along the line.
Some of the more active issues
edged forward during the
morning dealings but the list, as a whole, wras fractionally
firm
during morning dealings
on
lower
as the session came to a close.
Oil shares were steady
but the gains were small.
Mining and metal stocks were
quiet and there was comparatively little interest apparent m
public utilities.
Industrial specialties were generally
the
down and many of the slower
moving shares were unchanged
from the previous close.
Prominent among the declines were
Aluminum Co. of America, 23^ points to 75; Brown
Co.,
pref., 2 points to 23; National Power & Light, pref., 2H
points to 50; Pepperell Manufacturing Co., 2 points to 70;
Pittsburgh & Lake Erie, 2% points to 55and Valspar pref.,
3 points to 33.
Volume
Financial
146
Chronicle
Curb market stocks again turned downward on Fiiday and
the losses raDged from 1 to 2 or more points.
There was a
modest list of gains during the early trading but the disturb¬
ing reports from Europe and the poor business news had a
depressing effect on prices all along the line. The transfers
were approximately 145,000 shares against 79,000 on Thurs¬
day.
Industrial specialties were weak, Pepperell Manu¬
facturing dipping 2 points to 68; Colt's Patent Firearms,
5% points to 55; Brill Corp., pref., 2% points to 20% and
Jones & Laughlin Steel, 1% points to 30.
Mining and metal
stocks were down and most of the public utilities were off.
As compared with Friday of last week prices were generally
lower, Aluminum Co. of America closing last at 75, against
80 on Friday a week ago; American Cyanamid B at 22%
against 24%; American Gas & Electric at 24% against 26%;
American Light & Traction at 11 % against 12; Carrier Corp.
at 26 against 27%; Creole Petroleum at 22% against 25;
Electric Bond & Share at 6% against 7%; Fisk Rubber Corp.
at 5% against 6%; Ford of Canada A at 17% against 17%;
Glen Alden Coal Co. at 5% against 5%; Gulf Oil Corp. at 38
against 40; Hudson Bay Mimng & Smelting at 25% against
26%; Humble Oil (new) at 66% against 67%; Lake Shore
Mines at 52% against 55; New Jersey Zinc at 62% against
66; Niagara Hudson Power at 7% against 8%, and South
Penn Oil Co. at 36% against 38%.
DAILY
TRANSACTIONS
THE
YORK
NEW
Stocks
March 11,
currencies
quoted in the New York market.
MANUFACTURERS TRUST COMPANY
PRINCIPAL
OFFICE
AND
55
BROAD
STREET, NEW YORK
FOREIGN
DEPARTMENT:
Member Federal lieserve Eystem
Member New York
Clearing House Association
Member Federal Deposit Insurance
Corporation
FOREIGN
EXCHANGE
BANKS TO
MARCH
RATES
CERTIFIED
BY
FEDERAL
TREASURY UNDER TARIFF ACT
5,
1938, TO MARCH 11,
1938,
OF
RESERVE
1930
INCLUSIVE
Noon Buying Rate for Cable Transfers in New
Value in United States Money
Country and Monetary
York
Unit
Mar. 5
Mar. 7
Mar. 8
Mar. 9
$
$
$
$
$
189300
.189210
.189200
.189200
.189200
.189130
.169486
.169169
.169257
.169220
.169092
.012550*
.168909
.012550*
Europe—
Austria, schilling
Belgium, belga
Bulgaria,
lev
012550*
Mar. 10
Mar. 11
$
Foreign
Foreign
Domestic
Government
.012550*
.035133
.035132
.035128
.035132
.035130
Denmark,
.223733
.223537
.223877
.223862
.223704
.223408
Engl'd, pound sterl'g 5.012083
.007416
5.015875
.013583
.011333
5.005041
022110
.022095
.022130
.022120
.022095
.022079
032554
.032324
.032176
.031856
.031553
.031660
.404196
.403854
.403958
.403958
.403670
.009180*
.009178*
.009183*
.009175*
.009178*
.009178*
198450*
.198375*
.198375*
.198400*
.198400*
.198450*
.052605
.052605
.052605
.052605
.052607
krone
Hungary,
Total
Corporate
.012550*
Czechoslov'ia, koruna
Finland, markka
France, franc
Germany, relchsmark
EXCHANGE
CURB
Bonds (Par Value)
of
Shares)
1938
Foreign Exchange orders transacted in all
Greece, drachma
AT
CNumber
Week Ended
1655
Italy,
pengo
lira
I
.052603
.012550*
.035130
.403579
Netherlands, guilder.
$41,000
120,405
963,000
39,000
$5,000
13,000
144,077
98,415
1,299,000
976,000
19,000
17,000
31,000
16,000
79,331
1,010,000
41.000
7,000
142,390
1,089,000
29,000
22,000
1,058,000
1,140,000
631,258
Wednesday
Thursday
Friday
Total
$5,813,000
$186,000
$94,000
$6,093,000
1,015,000
1,349,000
1,009,000
.558985
.558464
.559310
.559257
.558825
.558182
251820
.251637
.251985
.251954
.251791
.251495
.189725
.189625
.189675
.189675
.189700
.189600
.045500
.045312
.045343
.045365
.045337
.045337
Rumania, leu
.007328*
.007342*
.007350*
.007332*
.007335*
.007342*
Spain, peseta
.057500*
.058142*
.057500*
.057583*
.05* 416*
Sweden, krona
059166*
.258122
.257900
.258262
.258216
.258054
.25/758
.232008
.231796
.232153
.232151
.231990
.231767
Yugoslavia, dinar...
.023412*
.023350*
.023362*
.023362
.023362
.023350*
.294395
.294395
.296265
.294125
.293979
.294625
.293937
.294625
.294125
.293979
.294625
.293937
.294625
Shanghai (yuan) dol
$522,000
$476,000
46.640
Norway, krone
Poland, zloty.......
Portugal, escudo
Switzerland, franc...
Saturday
Monday
Tuesday
.295750
.295796
.296281
.295296
.294343
Tientsin (yuan) dol.
.293221
.292968
.292859
.293343
.292515
dollar.
.313531
.313375
.313093
.313500
.313218
.313218
British India, rupee..
.378406
.377968
.378605
.378585
.378318
/.377985
Asia—
Sales at
New
York
Jan. 1 to March 11
Week Ended March 11
China—
Chefoo (yuan) dol'r
Curb
Exchange
1938
Stocks—No. of shares.
631,258
1937
1938
1937
41,898,071
7,910,766
3,756,460
Hankow (yuan) dol
Bonds
Hongkong,
Domestic
$5,813,000
186,000
Foreign government..
Foreign corporate
.292916
$12,325,000
$57,736,000
303,000
1,385,000
3,750,000
Japan, yen..
.289693
.289695
.289566
.289058
.289000
.288897
357,000
1,338,000
4,104,000
Straits Settlem'ts, dol
.586125
.584500
.583812
.584187
.583875
.583500
$116,932,000
.
'
94,000
Australasia—
Total
$6,093,000
$124,786,000
$60,459,000
$12,985,000
3.993437* 3.990000* 3.997187* 3.994791* 3.993125* 3.987708*
Australia, pound
New Zealand, pound- 4.025208* 4.021979* 4.028541* 4.026116* 4.024791* 4.020000*
Africa—
South Africa, pound. 4.965625" 4.960156* 4.968482* 4.967187* 4.966458* 4.957656*
THE
LONDON
STOCK
North America—
EXCHANGE
Canada, dollar......
Quotations of representative stocks
»
rX.
A*.**
received by cable
as
4.
Cuba, peso
Mexico, peso
Newfoundl'd, dollar.
Sal.,
Mon.,
Tues.,
Wed.,
Mar. 7
Mar. 8
Mar. 9
Mar. 10
Boots Pure Drugs
Co
__
Electric & Musical Ind.
Ltd
Gaumont Pictures ord.
HOLI¬
A
DAY
Co
Imp Tob of G B & I__
Metal
Midland
Ry._
Box
Rand Mines
75/38/9
7b
HA
40/-
74/4 A
72/6
39/6
£9%
£9%
£9"i«
97/13/3
20/6
5/6
2/21 /—
139/6
£21%
Roan Antelope Cop M.
.999687
.999663
.999555
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.997187
.997187
.997187
.997148
.997050
.333937*
.334270*
.334320*
.334079*
.058600*
.058600
.058700*
.058700*
.059000*
.051680*
.051680*
.051680*
.051680*
.051680*
Argentina, peso
.334200*
.059000*
.051680*
.333866*
13/6
20/9
5/9
2/21/9
140/£21%
69/-
£24%
20/6
5/9
2/21/6
140/£21
97/13/6
20/6
5/6
2/21/6
140/-
97/13/6
20/6
5/6
2/21/3
140/£21%
68/6
£21%
6£l/-
69/-
*
68/6
£8%
£8%
£8%
£16%
£1 6A
£16%
.040000*
.040000*
.040000
.040000
.040000*
.546500*
.546500*
.546500*
.546500*
.546500*
.659077*
.659526
.659875*
.659387*
.659237*
Nom nal rate.
COURSE
Bank
based upon
a year ago.
March 12), bank
18/87/6
BANK
CLEARINGS
Preliminary figures compiled by us,
telegraphic advices from the chief cities of the
country, indicate that
£8%
OF
clearings this week will again show a decrease com¬
pared with
£16
18/3
87/6
.040000
.546500*
659795*
export.
peso
Uruguay, peso
£24
£24%
"
••
Colombia,
51/-
for the week ended today (Saturday,
clearings from all cities of the United States
£39%
18/6
87/6
£39%
£39%
£4 A
£4®i»
£49u
£4%
38 /23/6
22/10%
37/6
23/6
20/9
38/3
38/24/24/3
21/4 % L.21/3
38/-
21/-
possible to obtain weekly returns will be
22.3% below those for the corresponding week last year.
Our preliminary total stands at $5,305,894,837, against
$6,828,871,361 for the same week in 1937.
At this center
there is a loss for the week ended Friday of 24.2%.
Our
£8%
Ltd
£39%
£47ie
'
Shell Transport
....
United Molasses
Vlckers
£39 A
£83x#
£86ib
£8%
comparative summary for the week follows:
18/86/3
18/87/6
-w——
Royal Dutch Co
__
24/-
Wltwaterarand
Areas
£8lit
from which it is
Per
Clearings—Returns by Telegraph
Week Ending March 12
THE
BERLIN
STOCK
$2,628,273,976
received by cable
Mar.
Mar.
Mar.
Mar.
Mar.
5
7
8
9
10
$3,469,238,334
Cent
—24.2
Chicago
207,743,773
268,634,142
—22.7
Philadelphia
256.000,000
315,000,000
—18.7
197,988,000
78,860.428
—25.8
—16.8
11
-Per Cent of Par
Kansas City.—
—
62.532,533
61,900,000
74,400,000
102,619,000
San Francisco
115,503,000
—20.7
(6%)
—11.2
115
114
114
114
113
Pittsburgh
75,976,746
106,096,611
—28.4
136
Elektrlzitaets-Gesellschaft.. ...115
Handels-Gesellschaft
1937
146,923,426
as
Mar.
Allgemeine
1938
EXCHANGE
Closing prices of representative stocks
each day of the past week:
Berliner
!
39/6
£9%
98/13/3
5/-
£85i«
Rolls Royce
West
£63%
5/-
£16%
Rio Tinto
Unilever
£64%
98/-
Beers.
London
£65
4/6
£24%
£9%
Courtaulds S & Co
Bay
£65%
.999687
.277500
South America—
Brazil, milrels
Chile, peso—official.
44/103/-
5/£24%
75/38/9
Cons Goldflelds of S A.
Hudsons
44/7 A
103/6
£65 %
Central Min & Invest.
Ford
4417 A
103/6
*102/6
Cable & W ordinary
Canadian Marconi
De
Mar.
44/7%
102/-
45/6
British Amer Tobacco.
Distillers
Fri.,
Thurs.,
Mar. 5
.999687
.999166
.999735
.999166
277500
.997285
136
136
136
136
Detroit
56.757,246
52,945,392
53,435,684
86,977,747
—34.7
70,371,222
—24.8
54,482,635
—1.9
$3,705,107,776
—23.4
716,471,255
$4,837,552,119
772,905,265
$4,421,579,031
$5,610,457,384
170
166
165
124
124
123
123
123
...121
120
120
120
121
119
128
128
128
128
127
140
140
Dessauer Gas
(5%)
Deutsche Bank (5%)
170
169
-.-170
Commerz-und Privat-Bank A. G. (5%). ...124
Berliner Kraft u. Licht (8%)
...142
141
140
139
Deutsche Relchsbahn (German
Rys. pf. 7%) 132
132
132
132
132
....—...
115
115
115
116
116
—
Eleven cities, five days
Other cities, five days
—7.3
131
Dresdner Bank
Baltimore—
Deutsche Erdoel (6%)
(4%)
Gesfuerel
158
159
-.-147
Farbenlndustrie I. G.
148
148
147
148
154
153
155
155
153
...114
114
114
114
160
Hamburger Elektrizitaetswerke (8%)
77
Hapag
Marinesmann
Roehren
(4%%)
Nordeutscher Lloyd
Relchsbank
...
79
...
Rheinische Braunkohlen (8%)
Salzdeturth
-
-
-
158
■
77
111
75
212
211
212
212
208
230
230
231
230
204
203
202
166
...204
All cities, one day
Total all cities for week
1,218,413,977
$6,828,871,361
1
»«■«<
—22.3
75
114
78
-
(6%)
Siemens & Halske (8%)
156
233
...212
(8%)
884,315,806
$5,305,894,837
1
147
...154
—
(7%)
(6%)..
Total all cities, five days
—
204
--
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
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
until
FOREIGN
EXCHANGE
RATES
Pursuant to the
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
give below a record for the week just passed:
present further below, we are able to
for the week previous—the
results
give final and complete
week ended March 5.
decrease of 21%, the aggregate
of clearings for the whole country having amounted to
$5,587,324,148, against $7,068,987,019 in the same week in
For that week there was a
1656
Financial
Chronicle
March
12,
1938
1937.
Outside of this city there was a decrease of 18.3%,
the bank clearings at this center having recorded a loss of
22.8%.
We
the cities according to the Federal lieserve districts in which
they are located and from this it
appears that in the New York Reserve District (including
this city) the totals register a drop of 22.4%, in the Boston
Reserve District of 22.8% and in the Philadelphia Reserve
District of 18.1%.
In the Cleveland Reserve District the
totals show a loss of 25.5%, in the Richmond Reserve Dis¬
trict of 10.4% and in the Atlanta Reserve District of 13.3%.
In the Chicago Reserve District the totals are smaller
by
18.6%, in the St. Louis Reserve District by 16.9% and in
the Minneapolis Reserve District by 12.3%.
In the Kansas
City Reserve District the totals are smaller by 19.9%,
in the Dallas Reserve District by 9.4% and in the San Fran¬
cisco Reserve District by 19.6%.
In the
Week Ended March 5
Clearings at—
group
following
furnish
we
Inc.
Dec.
1936
$
Mich .-Ann Arbor
$
%
S
—
1935
J
Chi cago—
335,387
89,758,956
328,978
+ 1.9
295,045
114,548,582
—21.6
89,684,544
2,801,777
3,645,819
—23.2
1,819,899
978,664
1,770,378
1,256,012
+ 2.8
3,233,447
1,418,107
Terre Haul
17,379,000
1,128,352
4,661,514
Wis.—Milwe
21,907,094
21,491,000
1,468,245
5,117,320
22,946,992
1,238.445
9,352,637
Detroit.
Grand Rapids.
Lansing..
Wayn
Indianapolis.
....
Ind.—Ft.
-
South Bend
—22.1
457,363
76,671,647
1,715,424
1,095,919
746,592
—23.1
1,051,476
15,453,000
1,017,928
—8.9
4,339,551
-—4.5
239,330,224
—19.1
12,641,000
741,622
3,594,083
16,865,620
837,971
6,526,936
2,583,416
3,331,063
—5.0
447,938
494,918
—9.5
289,699,402
360,536,992
—19.6
20,238,137
1,137,350
8,103,057
3,226,048
370,225
315,012,391
1,015,321
1,115,596
—9.0
795,616
552,946
4,336,128
1,481,284
—14.5
—7.0
4,201,169
912,407
1,323,680
2,670,337
—19.6
1,423,569
555,883,958
—18.6
471,813,178
368,971,940
74,000,000
26,785,713
14,803,293
1,089,570
10,019,111
3,164,413
111.-
Chicago
3,706,501
1,190,810
1,324,537
districts:
SUMMARY OF BANK
1937
al Reserve D istrict
by Federal Reserve
a summary
or
1938
•
—12.0
+ 7.1
379,780
696,955
864,105
CLEARINGS
Total (18 cities)
452,428,245
V
Inc.or
Week Ended Mar. 5, 1938
1938
1937
Dec.
1936
1935
$
$
%
S
$
1 Reserve Dls trict—St. Lo uis—
Mo.—St. Louis..
Federal
Reserve
Dists.
1st
Boston
2nd
New
3rd
PhlladelphialO
4th
Cleveland..
5
6th
Richmond .6
6th
12 cities
Atlanta
307,341,477
—22.8
264,375,661
"
3,341,469,237
4,307,918,133
—224
4,744,502,661
"
386,134,242
471,304,214
—18.1
388,838,228
247,989,626
332,919,755
—25.5
254,229,301
149,011,050
—10.4
99,300,000
—15.4
80,800,000
31,074,290
41,273,848
20,709,282
—24.7
31,688,380
—9.3
15,028,159
_
200,455,309
133,623,478
84,000,000
328,931,070
"
"
York. 13
237,166,834
Ky.—Louisville.
18,786,530
244,545,163
X
X
X
X
702,000
646,000
+ 8.7
547,000
414,000
134,562,820
161,929,130
—16.9
128,063,539
116,003,006
4,405,730,019
119,968,487
Quincy
Total (4 cities).
102,084,775
10
"
146,454,509
168,851,003
—13.3
127,902,889
7th
110,696,511
Chicago ...18
"
452,428,245
555,883,958
—18.6
471,813,178
8th
368,971,940
St. Louis.._
4
"
128,063,539
9th
X
134,562,820
161,929,130
—16.9
116,003,006
Ninth Federal
Minneapolis 7
"
92,380,319
105,282,517
—12.3
84,685,709
76,780,698
Minn.—Duluth..
3,311,853
10th Kansas City 10
11th Dallas
6
3,272,125
"
+ 1.2
127,000,698
158,547,590
2,669,488
—19.9
138,465,610
Minneapolis...
—17.7
"
70,395,540
59,890,939
54,531,215
66,103,372
—9.4
55,907,250
49,028,028
12th San
52,500,218
57,932,294
25.745,851
2,088,913
119,831,943
228,333,201
283,894,820
—19.6
254,484,585
185,999,999
2,119,977
25,876,803
2,206,623
—0.5
"
22,476,863
1,991,146
5,587,324,148
7,068,987,019
—21.0
7,033,237,098
6,310,530,651
567,908
595.899
20,327,262
1,786,126
568,647
+ 4.8
511,673
2,895,135,555
—18.3
2,009,263,183
2,106.537
459,212
2,397,337,386
2,435,229
—13.5
2,024.661
2,650,723
457,662,349
—23.5
373,289,791
317,330,213
92,380,319
105,282,517
—12.3
84,685,709
76,780,698
Fran.. 11
Reserve Dls trict
St. Paul
N. D.—Fargo
S.D.—Aberdeen
Total
112 cities
Outside N.
Y. City
Canada
2,365,267,241
32 cities
We
add
now
our
349,931,836
detailed statement
Mont.—Billings
_
Helena
Total
(7cities).
years:
Week Ended March 5
First
Federal
Reserve Dist rict-
Me.—Bangor
606,237
Portland
1,971,959
Maes.—Boston..
Fall River
202,585,901
552,061
Lowell
New Bedford.
'
.
Springfield
Wor center
331,139
609,810
3,052,499
1,916,156
Boston
.804,162
1936
2,170,864
265,905.837
—9.2
—23.8
228,460,338
216.311,144
688,701
—19.8
691,270
590,082
396,712
728,373
—16.5
325,350
—16.3
4,026,209
2.355.809
14,367,096
4.563.810
10,770,000
—24.2
631,212
3,548,688
N.H.—Manches'r
480,439
563,904
—14.8
1,637,608
12,266,107
4,080,902
9,848,700
360,135
(Total 12 cities)
237,166,834
307,341,477
—22.8
264,375,661
Feder al Reserve D lstrict—New
531,796
1,564,035
10,436,783
New Haven...
4,413,350
10,210,500
R.I.—Providence
Second
N. Y.—Albany..
—3.3
—5.2
+ 98.5
4,985,904
1,627,731
+ 12.9
36,700,000
—21.0
446.596
736,688
—39.4
878,043
742,559
+ 18.2
3,222,056,907 4,173,851,464
—22.8
1,424,641
29,200,000
597,662
505,730
,635,899,712
Buffalo
Elmira
Jamestown
New York
Rochester
8,194,538
4,584,754
4,298,925
4,899,196
436,058
Syracuse
Westchester Co
Conn.—Stamford
J.—Montclalr
Newark
20,909,057
Northern N. J.
27,673,351
8,185,400
8,849,011
—7.4
5,293,449
3,520,948
5,152,616
579,611
—13.4
22,123,960
40,554,696
+ 22.1
—4.9
9,569,001
3,080,991
244,545,163
7,844,500
7,699,015
4,341,412
3,092,100
3,497,743
340,428
10,600,867
849,628
24,900,000
592,865
479,351
,301,267,468
6,853,482
3,426,494
2,291,971
2,680,019
440.529
18,929,679
33,888,534
3,341,459,237 4,307,918,133
Pa.—Altoona
424,149
448,333
Bethlehem
Chester
Reading
Scranton
Wilkes-Barre.
—26.9
495,380
—44.0
377,055
401,091
437,520
—1.0
—21.7
1,057,516
862,981
—18.2
377,000,000
318,000.000
+2.2
—18.5
1,980,303
3,384,900
—25.9
3,390,000
+ 0.2
1,414,406
2,808,589
956,998
1,519,188
2,730,000
386,134,242
471,304,214
-18.1
388,838,228
931,543
1.468,096
—25.8
255,407
x
Cincinnati
56,784,895
63,811,534
—18.5
96,883,550
17,823,500
2.203,799
—34.1
13,276,400
1,533,867
112,582,930
146,371,252
Columbus
Mansfield
W.Va.—Hunt'ton
x
247,989.626
3,011,897
83,575,786
79,174,480
3,278,879
—8.7
2,786,663
740,909
—31.9
3,070,323
529,650
646,171
—4.6
798,913
623,058
127,000,698
158,547,590
—19.9
138,465,610
Galveston
Reserve
1,439,339
46,213,683
5,365,245
2,733,000
1,696,962
—15.2
1,187,001
2,267,887
50,930,631
-9.3
6,402,966
—16.2
43,041,666
6,583,901
40,444,174
5,133,094
1,990,000
735,726
2,894,000
—5.6
Wichita Falls._
1,760,000
937,251
843,907
3,334.906
+ 11.1
3,202,421
—4,0
789,742
2,544,940
59,890,939
66,103,372
—9.4
55,907,250
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle--
332,919,755
37,900,837
—17.8
8,976,000
—24.0
29,850,902
7,992,000
999,370
—9.8
693,335
28,223,458
546,020
31,505,286
—10.4
11,819,299
15,978,568
—26.0
3.995.718
Ore.—Portland..
4,764,062
4,365,772
172,483,000
—13.6
27,026,519
13,958,894
4,015,299
3,704,772
Pasadena
Grand
total
B.C.—Charleston
Md.—Baltimore
3,027.096
—7.1
161,697,000
2,532,130
1,710,855
—13.2
1.404,937
2,183,974
—9.7
1,608,797
228,333,201
283,894,820
—19.6
254,484,585
185,999,999
3.772,820
135,376,000
2,812,024
1,484,949
C.—Wash'g'n
5,587,324,148 7,068,987.019
Ga.—Atlenta...:
_
Ottawa
x
115,947,553
90,107,963
254,229,301
200,455,309
Mobile
—12.5
—14.4
28,140,317
935,927
65,835,918
22,263,875
27,795,726
78,411,250
29,105,405
149,011,050
-10.4
119,968,487
102,084,775
+ 5.0
3,563,642
—4.6
56,600,000
-11.7
16,348,250
43,000,000
941,107
—2.9
—29.5
St. John
1,830,746
2,182,461
—16.1
1,686.408
2,183,541
—22.8
3,197,649
3,084,230
+ 3.7
Edmonton
3,641,227
4,177,310
—12.8
Regina
2,516,962
—13.0
5,057,441
2,255,526
5,532,813
5,324,985
1,828,776
1,942,898
3,156,102
3,770,120
Brandon
291,792
2,893.083
295,704
Leth bridge
397,905
392,866
+ 1.3
1,147,758
1,416,520
—19.0
2,935,271
281,626
385,985
1,266,492
—1.3
268,998
416,915
—11.3
514,512
—21.4
775,302
593,745
814,958
—1.2
New Westminster
Medicine Hat
756.219
799,567
—5.4
671,165
653,792
177,351
214,588
—17.4
203,933
Peterborough
193,305
340,884
500.779
—31.9
693,440
523,919
1,140,563
616.969
—15.1
611,774
608,332
463,208
1,280,933
—11.0
3,674,459
293,660
3,337.282
332,433
+ 10.1
1,178,744
2,715,044
1,028,928
2,584,041
—11.7
305,085
Moncton
316,515
670,862
757,516
—11.4
699,430
Kingston
625,257
553,333
552,880
+0.1
571,293
537,831
492,576 + 104.3
532,612
463,656
—17.8
421,205
1,114,217
499,497
1,053,041
+ 5.8
766,221
489,296
687,409
349,931,836
457,662,349
—23.5
373,289,791
317,330,213
2,621,001
13,913,462
-23.9
1,176,556
948,072
-13.3
—20.1
—15.4
753,529
-20.5
-17
5,612,712
2,897,106
5,695,325
6,396,585
563,581
21,219,767
1,770,000
40,947,747
29,711,744
17,105,039
4,449,856
3,571,470
2,498,002
4,170,757
5,172,871
1,592,027
1,778,086
2,729,112
4,145.419
2,771,437
1,121,375
769,632
14,872,000
13,146,611
168,851,003
17,453,824
19,981,789
744.160
1,180,563
33,955,889
—45.4
500,075
783,076
14,784,000
15,117,720
146,454,509
39,323,566
—24.2
881,729
-10.6
Total (10 cities)
—33.1
24,185,783
29,315,072
Fort William
-23.4
x
33,154,952
105,198,898
Moose Jaw
-10.4
-11.7
%
135,124,571
116.414,501
120,011,009
—12.3
Saskatoon
1,133,456
183,734
4,508,363
—29.4
16,937,460
20,614,000
x
Hamilton
190,051,757
130,850,796
1935
54,000,854
39,300,000
1,108,426
162,149
$
Brantford
4,223,650
20,703,908
Vlcksburg
La.—NewOrleans
%
London
147,628
2,262,000
x
Quebec
Halifax
Calgary
263,450
1,406,801
Miss.—Jackson..
$
Victoria
2,529,000
1,454,741
1936
3
Vancouver
1,012,916
Macon
Fla.—Jack'nville.
Dec.
114,723,777
22,169,565
18,333,007
15.992,945
4,486,526
2,451,762
5,529,322
1,243,325
18,467,000
16,154,978
Augusta
2,009,263,183
or
1937
134,237,700
10,774,400
—11.2
4,434,589
19,746,160
50,000,000
1,114,027
Inc.
54,648,621
Reserve Dist rict—Atlant
Tenn.—Knoxvilie
Nashville
—21.0 7,033,237,098 6,310,530,651
—18.3 2,397,337,386
Week Ended March 3
858,189
—15.2
133,523,478
—21.5
Clearings at-
Montreal
369,531
24,927,846
—16.1
(112
cities)
—25.5
—15.6
7,346,000
22,106,373
11,055,256
3,035,883
2,705,370
111,404,000
1,813,440
1,197,564
1,543,091
Outside New York 2,365,267,241 2,895,135,555
—30.4
—2.4
23,247,002
1,972,892
Calif.—L*g E
Canada—
3,058,000
36,609,442
1,457,422
35,735,507
1,230,573
68,600,077
Franc isco—
31,149,704
901,337
Yakima
Winnipeg
-25.5
1,929,337
52,500,218
6,825,000
Spokane..
Toronto
x
602,361
119,831,943
District—Da lias—
La.—Shreveport.
43,681,000
x
—10.9
1938
313,475
Richmond
All.—Birm'ham
—15.2
—16.7
3,081,814
826,374
963,355
2,716,000
Sixth Federal
Ft. Worth
53,796,155
72,143,604
11,483,800
—23.1
117,500
941,883
Reserve Dist rict—Richm
ond—
Va.—Norfolk
Total (6 cities).
.
Dallas....
x
69,637,654
Cleveland.....
Fifth Federal
41,198,375
2,937,636
162,555
1,858,979
Feder al Reserve D
istrlct—Clev eland-
Total (5 cities).
—29.9
326,931,070
1,486,435
.
Youngstown...
Pa.—Pittsburgh.
41,138,402
2,821,000
479,096
2,859,727
1,255,326
Ohio—Canton
D.
580,604
800,136
1,519,263
457,000,000
York
Fourth
3,238,826
3.887,418
ral
Texas—Austin..
Total (11 cities)
1,190,017
374,000,000
1,519,183
2,329,948
N. J.—Trenton..
Total (10 cities)
Total (10 cities)
4,744,502,661 4,405,730.019
432,973
Lancaster
Philadelphia...
101,608
—19.5
504,570
616,426
34,022,442
Reserve Dist rict—Philad
elphia
-22.4
131,901
3,279,151
102,179,346
Pueblo.
18,385,432
Third Federal
—9.6
3 297,589
380,000
—5.5
—31.8
City
—17.5
553.908
—24.8
Total 13 cities)
as
162,887
152,613
Total (6 cities).
16,244,387
1,837,425
29,000,000
Blnghamton..
N.
—27.4
440,434
308,524
2,629,498
1,221,256
York-
Conn.—Hartford
480,663
85,086,937
2,994,009
Mo.—Kan. City.
676,125
1,849,226
—18.7
+ 7.7
2,399,978
28,558,310
2,468,335
2,809,398
1935
_%
—24.6
2,638,302
28,844,295
2,746,223
Omaha.......
Inc. or
Dec.
134,326
138,021
Lincoln
Clearings at—
$
—3.9
527.550
Reserve Dis trict—Kans
Neb.
1937
Minn eapoli8
showing last week's
figures for each city separately for the four
1938
—
x
x
128,107
109.923
31,820,975
110,696,511
Kitchener
Windsor
Prince Albert
Chatham...
1,006,210
Sarnla
410,781
Sudbury
23,907,384
127,902,889
Sherbrooke
Total (32 cities)
*
Estimated,
x
No clearings available.
1,265,468
442.011
564,566
Volume
THE
Financial
146
ENGLISH
GOLD
AND
Chronicle
MARKETS
SILVER
1657
COMMONICAPITALTSTOCK
REDUCED
Ami. of
We
reprint the following from the 'weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 23, 1938:
PREFERRED
GOLD
The
Bank
407,160
of
Feb.
on
England gold reserve against notes amounted to £326 16 showing no. change as compared with the previous
Wednesday.
Demand
STOCK
150,000
DECREASED
Amt.
of
X)CCTBCLSB
^6^,• 25—-The First National Bank
of Paris, Paris, Texas.
$143,800 to $100,660
for
gold from the Continent continued to be keen and in the
changed hands at the daily fixing were on
larger scale than for some weeks; the total disposed of during the week
under review was about £3,850,000.
The sterling price was well main¬
tained, fluctuations in the dollar exchange being reflected in the varying
premiums over parity.
FromReduction
25—The First National Bank of Paris, Paris, Texas.
$300,000 to $150,000
43,140
VOLUNTARY
open market the amounts which
From
LIQUIDATION
a
Bank of Avon Park, Fla
Effective, Dec. 1,1937. Liq. Agent, M. V. Pilcher, Avon Park,
Fla. Succeeded by Barnett Bank of Avon
Park, Avon Park, Fla.
Per Fine
Per Fine
Quotations:
Ounce
Ounce
Feb.
Feb.
17
18--
139s. lOd.
139s. lOd.
Feb.
Feb.
19
139s.
lOd.
21.
139s.
lOd.
Feb.
22
Feb.
23-
139s. 9%d.
139s. 10%d.
Ohio Listed and Unlisted Securities
139s. lOd.
Average
Members Cleveland Stock Exchang*
The following were the United Kingdom imports and exports of gold,
registered from mid-day on the 14th inst. to mid-day on the 21st inst.:
Impoi ts
Exports
British South Africa—— £2,319,374
British East Africa
29,689
Netherlands—
Australia
177,869
Switzeriand
Canada—
552,821
Syria—
405,600
Morocco._
United States of America.
Soviet Union
Switzerland
Other countries
—
GILL IS
5,255
Union Trust Building, Cleveland
18,200
Telephone: CHerry
715
Other countries
on
£1,313,417
Feb. 19 carries
March 5 to March 11, both
...
Akron Brass Mfg
Amer Coach & Body
......
£11,955
755,110
59,340
1,913,718
26,752
8,246
Zealand
Canada
British West India Islands & British Guiana
Germany
Netherlands
Switzerland
319,295
:
3,290
63,908
361,286
736.674
5,640
45~317
...£12,728,252
£7,279,047
w
There was very little movement during the first half of the week under
review, but the latter half saw a rather firmer tendency develop and prices
showed some improvement.
P Demand was chiefly from the Indian Bazaars who made fresh forward
purchases besides covering bear commitments; there was also re-selling
from this quarter
and offerings on Continental account were also in evidence,
the whole, sellers were rather reluctant.
The premium on cash silver varied between %d. and 5-16d.
on
The market has a steady appearance at the present level and the interest
shown by the Indian Bazaars during the past week is an encouraging
feature.
_
~*The following were the-United-Kingdom imports and exports of silver
registered from mid-day on the 14th inst. to mid-day on the 21st inst.:
Exports
Imports
Australia
British
United States of America. x£904,815
Aden & Dependencies
xll,160
_-x£2,804,710
4,621
Hongkong
Malaya
58,485
18,408
11,320
9,703
Belgium
France
r
Other countries
Straits Settlements
xl ,500
xl ,500
4,020
Sweden
2.100
Other countries
.
4,382
x
Coin not of
£930,707
legal tender in the United Kingdom.
Quotations during the week:
LONDON
IN
IN
-Bar Silver Per Oz. Sld.Cash
2 Mos.
Feb.
17—19 15-16d.
NEW
YORK
Feb.
Feb.
(Per Ounce .999 Fine)
16
45 cents
17—
..45 cents
Feb.
18—19 15-16d.
19%d.
19%d.
Feb.
19—19 15-16d.
19 ll-16d.
Feb.
18
Feb.
21 —20 1-16d.
22— 20%d.
19%d.
19 %d.
Feb. 19
Feb. 21
45 cents
-45 cents
Feb. 23—20%d.
19 15-16d.
Feb. 22
.45 cents
19.75d.
Average—20.042d
The highest rate of exchange on New York recorded during the period
from the 17th February to the 23d February, 1938, was $5.03 % and the
lowest $5.00
50
MARKET—PER
FINANCIAL
CABLE
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
20 5-16d.
Gold, p.finzoz.l39s. 9d.
Consols,2%%. Holiday
Tues.,
Mar. 8
Mon.,
Sat.,
Mar. 5
Silver, per oz_.
Mar. 7
Wed.,
Mar. 9
Thurs.,
Fri.,
Mar. 10
Mar. 11
20%d.
20 3-16d.
20 5-16d.
139s.8%d. 139s.7%d. 139s.7%d. 139s.6%d. 139s.6%d.
£76
£76
£75%
£76%
£75%
20 l-16d.
20%d.
British 3 % %
War Loan
Holiday
£102%
£102%
£103
£103
£102%
British 4%
Holiday
1960-90
k
£114%
£114%
£114%
£114%
The
price of silver per ounce (in cents)
States on the same days has been:
Bar
U.
N.Y.(for.) Closed
£114%
in the United
44%
44%
44%
44%
64.64
44%
64.64
64.64
64.64
S. Treasury
64.64
10
250
10
Mar
14%
100
10
Jan
16%
Feb
11
12%
335
11
Mar
135
17
Jan
Jan
55
55
Feb
12%
20%
64%
370
25
18
*
18%
58
25%
14%
12%
100
18
58
25
27
14%
12%
15%
113
113
68
68
NATIONAL
BANKS
COMMON
CAPITAL
STOCK
INCREASED
Ami. of Inc.
Feb. 2.5—The First National Bank of Eldred, Eldred, Pa.
$25,000 to $75,000
-
March 2—The Indiana*National Bank of
Feb
Mar
13
Mar
Jan
114
Jeb
50
70
70
olis, Ind.
$50,000
-
From $3,000,000 to $4,000,000
1,000,000
National Bank in Breckenridge, Breckenridge,
—30,000
March 3—First
Texas.
From $60,000 to $90,000—
—
109
18%
Jan
60
Jan
70
Mar
11%
11%
11%
230
11
Feb
11%
Mar
25%
26
3
25
Jan
29
Jan
35
35
35
5
35
Feb
35
Feb
Halle Bros pref..
100
37
37
37
20
35
Jan
37%
Jan
*
31
30%
35%
Mar
44%
Jan
15
15
15
Jan
18%
Jan
5
5
Jan
6%
Jan
Interlake Steamship
Kelley Isl Lime & Tra_.
—
Lamson & Sessions
Leland Electric
10
Lima Cord Sole & Heel.
*
Medusa Portland Cement *
♦
7% cum pref.
Murray Ohio Mfg
*
15%
16%
10
3
15
4%
40
8
4
Mar
31
Jan
95
Feb
18%
Jan
3
Mar
3%
Jan
33
65
15
65
Mar
8%
30
3%
2%
120
3
100
2%
Feb
3
8%
Mar
Feb
8%
Feb
Mar
4%
Jan
Jan
29%
30
70
29%
Mar
33
Jan
17%
17%
80
17%
Mar
19%
Feb
100
4%
Jan
Jan
5%
36%
Jan
Jan
3%
Jan
32%
5
5
5
Rlchman Bros
*
33
33%
254
Selberling Rubber
*
3
3
3%
220
100
20
20
32%
2%
Jan
~2
17
Jan
6%
6%
250
6
Feb
7
Feb
2
*
2
2%
825
2
Jan
3
Jan
2%
150
2%
Jan
18%
135
2%
20
31
6%
..1
2%
18
Weinberger Drug Inc..
*
65
8%
17%
-.3
Warren Refining
Jan
100
3
2%
Jan
Mar
25%
30
*
Van Dorn Iron Works..
10%
2%
50
8%
*
8% cum pref
Upson-Wal ton
Jan
100
»
3
65
30%
3%
2%
*
Patterson-Sargent
Peerless Corp
2%
25%
65
25
Ohio Brass B
2%
25%
3
100
National Refining
National Tile
10
2%
25%
15%
III
(AG) B_.
120
110
225
5%
18
10
2%
18
Mar
Jan
20
Jan
Jan
No par value.
DIVIDENDS
Dividends
first
we
grouped in two separate tables.
In the
bring together all the dividends announced the
are
Then
current week.
show
the
we
follow with
a
second table in which
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many 'eases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week
are:
Per
Name of
Air Associates, Inc.
Preferred (quar.)
Share
Company
(quar.)
10c
—
$1%
-
25c
Air
Reduction Co., Inc. (quar.)
Alabama Power Co. $7 preferred (quar.).
Amalgamated Leather Co. (pref. div. omitted).
American Capital Corp. $3 preferred
American Crystal Sugar Co—
6 % first preferred (quar.) . .
American Cities Power & Light $2% cl. A (qu.)_
Optional, cash or 1-16th sh. of class B stock.
Coach & Body
American District Telegraph of New Jersey
Preferred (quar.)
Anaconda Copper Mining Co—
Anchor Hocking Glass Corp. common
American
$6% preferred (quar.)
—;
Arkansas Power & Light $7 preferred
— -
—
$6 preferred-.
Apr.
Apr.
Apr.
Apr.
Apr.
5% preferred, with warrants
5% preferred, ex-warrants
Atlantic City Fire Ins. Co. (quar.)
BancOhio Corp. (quar.)
Bangor Hydro-Electric (quar.)
Bank of New York & Trust Co. (quar.)
Bank of the Manhattan Co. (quar.)
Bird Machine Co, (quar.)
Bird & Son, Inc—
Bliss & Laughlin, Inc. (no action).
Preferred (quar-—
—
Borg-Warner Corp. (omitted).
Boston Insurance Co. (quar.)
Boyd Richardson Co., 8% preferred (quar.)
Bralorne Mines, Ltd. (quar.)
Mar. 18
Mar. 18
Mar. 31
Mar. 15
Mar. 15
Apr. 20
f50c
Apr.
1 Mar. 15
25c
$1%
68%c
25c
—
Apr.
Apr.
Mar. 15
Apr.
Mar. 15
25c
Mar.
Mar.
15c
Apr.
Apr.
Apr.
Apr.
$1%
$1%
$1%
Mar.
Mar.
$1!i
10c
10c
37 %c
$2
15c
$1%
J25c
75c
75c
7
Mar. 17
Mar. 17
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar.
Mar. 15
Mar.
Mar. 19
Apr.
Mar. 21
Apr.
Mar.
11
Mar. 18
Mar. 15*
Mar, 15
Mar.
Mar. 18
Mar. 31 Mar. 18
Apr.
—
-
Mar. 21
Mar.
30c
May
$3% Apr.
37 %c Apr.
—
1 Mar. 18
$1%
$1%
20c
- -
Mar. 21
Mar. 24 Mar. 14
Mar. 24 Mar. 14
$1%
BridgeporVMachine Co. preferred (quar.)
Ltd. (quar.)
Brooklyn Borough Gas Co. (quar.)
6% partic. preferred (quarterly).
Holders
May
Apr.
50c
Associated Investment Co
British American Oil.
When
Payable of Record
$1%
$1%
$1%
$1%
preferred (quar.).
$5 preferred (quar
'.)■
AJoe (A. S.) Co. 7% preferred (quar.)
Aluminum Industries, Inc. (no action).
10c
Indianapolis, Indianap¬
Jan
14%
12%
113%
—
From
32
Jan
Jan
99
—
following'information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
Mar
Jan
1,781
13
—
'"The
Jan
10
14%
— .
(newly mined) 64,64
High
Feb
6%
11%
,
ENGLISH
5%
26
45 cents
Feb.
Low
6
58
*
#
we
£2 911 185
6
12
xl,230
Egypt
Iraq
Germany
3.938
.
Netherlands
Shares
14%
-.1
Metro Paving Brick
SILVER
but,
Range Since Jan. 1, 1938
for
Week
Federal Knitting Mills.
Great Lakes Towing.
100
*
Greif Bros Cooperage A
McKee
Total.
Range
10
"
1,276,151
971,095
2,167,498
2,338,700
401,133
United States of America
Venezuela
Other countries
6
*
Dow Chemical pref
100
Elect Controller & Mfg.
673,644
197,810
105,768
:
Price
*
Cleve Cliffs Iron pref
Cleve Railway
5<*
Exchange
of Prices
Low
High
V.5
_.
Apex Electrio Mfg
City Ice & Fuel
Cliffs Corp vtc
Colonial Finance
65,006
Belgium
&
Sales
Week's
*
Clark Controller
China
Australia.
Par
565
inclusive, compiled from official sales lists
Sale
Stocks—
CLEV.
T.
&
Exports
£6,054 295
107,962
36,980
415,755
884,971
Southern Rhodesia
British India
Yugoslavia
Egypt
T.
Last
Imports
France
A
•
Friday
The following are the retails of United Kingdom imports and exports of
gold for the month of January, 1938:
New
5050
Cleveland Stock
24,649.931
The SS. Viceroy of India which sailed from Bombay
gold to the value of about £491,000.
.
WOODco
8,518
Central & South America.
14,637
3,919
8,232
7,947
Netherlands
£479,580
131.499
669.650
France.
] ,129,843
Germany
Union of South Africa
British West Africa
British East Africa—
A$5o!oOO
FejLJ?^T"Th£vBarnett National
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
I Apr.
Mar. 21
Mar. 10
Mar. 31
Mar. 31
Apr.
1
Mar. 17
Mar. 31
Mar.
8
Financial
1658
Per
Name
Share
of Company
50c
British Columbia Power .class A
Brunswick-Balke-Collender, pref. (quar.)
Bulova Watch Co. (guar.)
Bunte Bros. 5% pref. (quar.)
---Burry Biscuit Corp. 6% pref. (quar.)
Canada Bread Co.. pref. A (quar.)
Preferred
Preferred B (quarterly)-Canada Iron Foundries, Ltd.,
Canada Packers,
•
$1H
75c
SIM
tl2Mc
62 He
pref. (quar.)
Ltd. (quar.)
Ltd.
Canadian Celanese,
Partic. preferred
—
75c
25c
-
Canadian
Canadian
—-
(quarterly)
Cannon Mills Co.--.-----Carolina Power & Light 7% pref. (quar.).
6% preferred (quarterly)
Carriers & General Corp _
- - Celanese Corp. of Amer. 7% prior pref. (quar.).
7% 1st cum. preferred (quar.)-Central Aguirre Associates------Central Maine Power 7% preferred
$6 preferred—---6% preferred
— --Chicago Daily News, inc., $7 pref. (quar.)
Cincinnati Gas & Electric pref. (quar.)-.Cincinnati & Suburban Bell Telep. (quar.)
City Auto Stamping (no action).
Claude Neon Electric Products (quar.)------Columbia Baking Co., $1 partic. pref. (quar.) Commodity Corp
Conduits National Co., Ltd----Connecticut Gas & Coke Securities pref. (quar.)Consolidated Bakeries of Canada (quar.)
Consumers Gas (Toronto, Ont.) (quar•)----—Continental Gas & Electric Corp., 7% pref. (qu.)
Continental Baking Corp. 8% pref. (quar.)_
Continental Bank & Trust Co. (N. Y.) (quar.)..
Coon (W. B.) Co
Bearer
tt44c
$1H
12Hc
12Hc
50c
SIM
SIM
Mar. 25
Mar. 31
Mar. 31
Mar."i§"
Apr.
Apr.
Apr.
Apr.
Investors Royalty Co. (quar.)
Preferred (quar.)
Mar. 15
Apr.
15
Mar. 15
Mar. 18
Mar.
Mar. 18
Mar. 18
Mar. 15
Mar. 15
Mar. 12
Mar. 12
Mar. 19
Mar. 18
Mar. 15
Lambert
Mar. 18
Landers, Frary & Clark (quar.)
Lang (John A.) & Sons, Ltd. (quar.)
Lehman Corp. (quar.)
Lion Oil Refining Co. common (quar.)-?
Loew's (Marcus) Theatres, 7% pref
Mar. 20
Mar. 20
Mar.
Mar. 15
Jan. 13
Mar. 15
Mar.
15
Mar. 15
Mar. 15
Mar. 14*
Mar. 18
Apr.
Apr.
16
16
Mar. 31
Mar. 21
Co
tSIM
%l%
40c
Preferred
50c
50c
10c
37 He
Marine Midland Trust (quar.)
SIM
6Mc
SIM
30c
S2M
25c
S1.18M
25c
$25
Florence Stove Co
50c
Food Machinery Corp
Preferred (quarterly)
25c
$1H
37 Mc
Mar. 21 Mar. 15
Mar. 31 Mar. 19
Mar. 31 Mar. 19
Apr.
1 Mar. 15
Nov.
1 Oct.
25
15 Apr.
1
1 Mar. 15
Apr. 25 Apr. 18
1 Mar. 19
Apr.
1 Mar. 19
Apr.
1 Mar. 19
Apr.
1 Mar. 19
Apr.
Mar. 28 Mar. 21
Feb.
15 Feb.
10
Feb. 15 Feb. 10
Mar. 31 Mar. 18
1 Mar. 17
Apr.
1 Mar. 17
Apr.
-
Glidden Co., 4H% conv. pref. (quar.)
Goodyear Tire & Rubber of Can. (quar.)
Preferred (quar.)
Grand Rapids Varnish (quar.)
Granite City Steel Co
Great Western Life Assurance (quar.)
Apr.
Apr.
Apr.
1 Mar. 17
1 Mar. 15
1 Mar. 15
Mar. 31 Mar. 21
Mar. 30 Mar. 16
1 Mar. 19
Apr.
Mar. 15 Mar. 10
1 Mar. 15
Apr.
---
Guardian Bank Shares Investment Trust
Apr.
Apr.
Apr.
(semi-ann.)
Guardian Investment Trust, pref. (s.-a.)
Guardian Public Utilities Investment Trust, pf_
Guardian Rail Shares Investment Tr. pf. (s.-a.)
Apr.
1 Mar. 15
1 Mar.
15
1 Mar. 15
1 Mar. 15
Mar. 31 Mar. 17
—
40c
SIM
50c
10c
43Mc
25c
(quar.)
5% preferred (quar.)
Hinde & Dauch (quar.)
Preferred (quarterly)
Hollinger Consol. Gold Mines (monthly)
Holmes (D. H.) Co., Ltd. (quar.)
Holophane Co., pref. (s.-a.)
SIM
31Mc
Houston Oil Field Material
Humphryes Mfg. Co., 6% pref. (quar.)
Hunter Steel Co., 6% pref. (quar.)
Hussmann-Ligomer, pref. (quar.)
Apr. 25 Apr. 15
Apr. 25 Apr. 22
5
Apr. 20 APr.
1 Mar. 15
APr.
25
25
(quar.)._
Preferred (quarterly)
15 Mar. 31
Mar. 10 Mar.
1
1 Mar. 21
Apr.
2 Apr.
1 July
- - -
Houston Oil Field Material, pref. (quar.)
15 Mar. 31
Aug.
General Outdoor Advertising, pref. (quar.)
General Plastics, Inc., 7% pref. (quar.)----
Howe Sound Co. (quar.)
Hubbill (Harvey), Inc. (quar.)
Apr.
Apr.
May
4H% conv. preferred (quar.)
Prior preferred
1 Mar. 18
1 Mar. 18
1 Mar. 21
62 Mc
62 Mc
20c
Hartford Fire Insurance Co. (Conn.) (quar.)
Heller (W. E.) & Co., common (quar.)
Mar. 30 Mar. 23
Apr.
Apr.
Apr.
1 Mar. 15
25c
Harris-Seybold-Potter, $5 pref. (quar.)
1 Mar. 25
1 Mar. 15
Apr.
SIM
—
Hanover Fire Insurance Co., N. Y. (quar.)
Mar. 10
Mar. 18
Apr.
Apr.
62 Mc
30c
General Machinery
Hackensack Water Co., 7% pref. (quar.)
Haloid Co. (no action)
Mar. 21
15c
General Electric Co
(quar.)
Mar. 15
SI
25c
_ _
15 Mar. 31
1 Mar. 18
Mar. 25 Mar. 10
Apr.
Apr.
1 Mar. 15
15 Apr.
1
1 Mar. 22
1 Mar. 18
Mar. 15 Mar. 11
Apr.
Apr.
Mar.
1 Feb.
24
Mar.
1 Feb.
24
Apr.
1 Mar. 20
30c
Mar.
25c
Mar.
Mar.
1
Mar. 30 Mar. 19
91K
Mar.
1
50c
Apr.
Apr.
Apr.
1 Mar. 19
1 Mar. 19
1 Mar. 19
91K
Apr.
1
$2
Minneapolis Gas Light Co. $5 partic. units (qu.)
Minnesota Mining & Mfg. (interim)
7% pref
$6 preferred
;
Monongahela Valley Water Co. 7% pref. (quar.)
40c
Minnesota Power & Light
1
1
1
1
75c
6% convertible preferred (quar.)
Franklin Rayon Corp., $2 H prior pref. (quar.)
$2H prior preferred (quar.).
$2 H prior preferred (quar
Mar. 31 Mar. 19
Mar. 15 Mar.
1
Apr. 15 Mar. 31
25c
50c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
im
Fox (Peter) Brewing Co
Mar. 25
Apr.
Apr. 20 Apr.
1
25c
Mar. 21
Mar. 31 Mar. 18
IK
1H
$1K
Apr.
Apr.
Apr.
15 Apr.
$1K
Mountain States Telep. &
Firestone Tire & Rubber Co
Preferred (quar.)
Hercules Motors Corp. (omitted)
Hickok Oil Corp., class A & B
$2 non-cumulative stock
1
1 Mar. 19
First National Bank of N. Y. (quar.)
General Tire & Rubber Co., 6% pref.
General Water, Gas & Electric
8% preferred (quar.)
Apr.
Apr.
50c
Foster & Kleiser Co., 6% class A pref. (quar.)
49 West 37th Street Corp., voting tr. ctfs-__.
Apr. 15 Mar. 31
Apr.
1 Mar. 17
Mar. 31 Mar. 21
Mar. 15
Apr.
Apr.
Apr.
15 Mar. 31
2 Mar. 22
1 Mar. 20
1 Mar. 15
1
Motor Products Co. (no action).
S2M
Quarterly
6% preferred (quar.)
.—
Fiberloid Corp. (reduced)
Fidelity Investment Assoc., 5% pref. (s.-a.)
Filene's (Wm.) Sons Co
Preferred (quar.)
$2
Midland Steel Products
Mar. 15
May 20
1
25c
— -
Empire Safe Deposit Co. (quar.)
Endicott-Johnson Corp
5% preferred (quar.)
Famise Corp. (quar.)
Federal Services Finance Corp. (Wash., D. C.)-
General Fireproofing Co
Preferred (quar.).-
Mar. 19
Mar. 15
Mar. 15
Mar. 14
Mar. 14
Mar. 15 Mar.
5
Mar. 15 Mar.
5
Mar. 15
Apr.
Apr.
50c
Mar.
3c
—
2
Apr.
(quar.)
Mar. 21
1 Mar. 21
Mar. 31 Mar. 22
Apr.
Apr.
Apr.
Apr.
$4
4c
June 20
Mar. 15 Mar.
8
1 Mar. 21
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
Mar. 22 Mar. 15
Mar. 22 Mar. 15
Mar. 21
Apr.
Mar. 21
Apr.
50c
Manufacturers Trust Co. (quar.)
SIM
SIM
Trust, Ltd
Ecuadorian Corp., Ltd
Electric Auto-Lite Co——
—
Elizabethtown County Gas Co—-—
El Paso Natural Gas Co. common (quar.)
10c
Mapes Consol. Mfg. Co. (quar.)
Marine Midland Corp
SIM
S3 H
.
70c
:
Apr.
(quar.)
90c
nm
Lyon Metal Products (reduced).
,
Mahon (R.C.) & Co. conv. pref. (quar.)
$2 class A preferred (quar.)
Mahoning Coal RR
Managed Estates
21c
25c
Apr. 30
Apr.
5
Apr.
Apr.
Apr.
Apr.
25c
June
50c
15
15
37Hc
37Hc
17Hc
Mar.
SIM
Mar. 31
Mar.
Mar. 15
18
91K
$1K
S1H
$1H
$1H
(quar.)
Apr.
• ---
Apr. 15
Mar.
May
May
May
60c
Mayer (Oscar) & Co., Inc , 8% 2d pref. (quar.)_
8% 2d pref. (extra)
McKee (Arthur G.) (quar.)
McKeesport Tin Plate (action deferred).
Mercantile Acceptance ot Calif. 6% pref. (quar.)
5% preferred (quar.)
Merchants Bank of N. Y. (quar.)
Mar. 10
Mar. 14*
Mar. 31
Mar.
til H
6% preferred (quar.)
Mar. 21
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 15
Mar. 31 Feb.
40c
6% preferred (quar)..
ds, S-3 (s.-a.).
Keystone Custodian
8-1 (semi-annually)
Keystone Public Service Co., $2.80 pref. (quar.)
Kirby Petroleum Co
Mar. 10
Mar. 31 Mar. 15
Apr.
1 Mar.
5
Mar.
Apr.
$1H
$1H
$1K
25c
Apr.
(quar.)
37Hc
(quar.).
Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
30c
37 He
7% preferred (quar.)
Mar. 15
Feb.
%1H
Kahn's (E.) Sons (quar.)
Kansas Electric Power, 7% pref.
Kansas Gas & Electric, 7% pref.
Mar. 10
1938
__
Mar. 18
Apr.
May
7% preferred (quar.),
East Missouri Power preferred (semi-ann.)
Eastern Steam Ship Lines $2 pref. (no action).
Eastern Steel Products pref. (guar.)—
50c
Indiana General Service Co. 6% pref. (quar.)
Indiana Michigan Electric Co. 7% pref. (quar.).
6% preferred (quar.)_
International Button Hole Machine (quar.)
International Bronze Powders, Ltd. (quar.)
6% participating preferred (quar.)
International Elevating Co
International Metal Industries 6% cum. pref—
6% conv. pref. series A
International Nickel Co. of Canada, pref
International Paper Co., 7% pref. (no action)
International Paper & Power, 5% pf. (no action)
International Power Co., Ltd., 7% preferred—
Investment Co. of Amer. (quar.)
Apr.
Apr.
—
6H% preferred (quar.)-
Preferred
35c
I21!
$8 preferred (quar.)
$2 conv. preferred (quar.)
Apr.
Deisel-W emmer-Gilbert
Greenwich Gas.,
Ideal Cement Co
Ideal Financing Association A (quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
Crown Cork
6% preferred
23
12,
When
Holders
Payable of Record
Name ofCompany
June
(quar.)__- —
International Corp. class A
Crown Cork & Seal Co., Ltd. (quar.)
Crum & Foster (quar.)
Preferred (quar.) —
Davenport Hosiery Mills
Creameries of Amer., Inc.
Economic Investment
Feb.
Mar. 15
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
5~% pref. "(quar")
Dominion Rubber Co.. Ltd., pref.
Dunean Mills (reduced, quar.).
Mar. 18
Mar.
Cream of Wheat Corp——
Dejay Stores, Inc
Derby Oil & Refining preferred
Dewey & Almy Chemical Co.—>
Prior preference & class B pref.
Diamond Shoe Corp. (quar.)---
Apr.
Apr.
Mar. 21
Mar.
15c
preferred.
Fairbanks Morse preferred (quar.)_-_
General Investments (quar.)
Cosmos^mperiaf Mills",
Mar. 31
Mar. 17
25c
,
2 nd preferred
Canadian Car & Foundry
Apr.
Apr.
Mar.
Mar.
54c
Partic. preferred (partic.)...
Canadian Canners, 1st pref. (quar.).
March
Holders
Payable of Record.
$1H
(quarterly).
,
When
Chronicle
50c
Apr.
Apr.
Apr.
1 Mar. 18
1 Mar. 21
1 Mar. 15
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Mar.
Mar.
Apr.
Apr.
Mar. 25
Mar. 25
9
SIM
t5c
SIM
Apr.
Mar. 19
Mar. 19
Mar.
Mar. 11
Apr.
1 Mar. 19
SI.05
Apr.
1 Mar. 15
12Mc
37Mc
Anr.
1 Mar. 15
Ml?
30c
SIM
30c
68Mc
ar.
Mar.
31[Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 20
Mar. 22 Mar. 14
Mar. 31'
1 Mar. 21
Apr.
Mar. 31 Mar. 21
Teleg
Murphy (G. C.) Co. 5% pref. (quar.)
Murray Ohio Mfg.
Nanaimo-Duncan Utilities 6 H % pref
National Candy Co. 1st & 2d pref. (quar.)
National Enameling & Stamping (no action).
National Shirt Shops (Del.) $6 pref. (quar.).—
National Supply Co. (Pa.) 5H% pref. (quar.)._
UK
15c
81 He
Apr.
Mar.
1 Feb.
UK
Apr.
1 Mar. 12
Apr.
1 Mar. 25
$IH
$1H
6% preferred (quar.)
50c
$2 10-year preferred (quar.)_.
- 25c
Naval Stores Investment Co. (increased, quar.)
Nehi Corp. first preferred (quar.)
$1.31 K
New England Power Assoc. 6% preferred
$1
33 l-3c
$2 preferred
New Hampshire Fire Insurance (quar.)
40c
New Idea (quar.)
15c
87 He
New Orleans Public Service preferred
75c
New York & Honduras Rosario Mining
North Amer. Bond Trust ctfs. of interest
$19.30
Northern Liberties Gas Co. (semi-ann.)
$1
North Star Oil Co., Ltd., 7% pref
Northwestern Yeast Co. (quar.)
15c
Oahu Ry. & Land (monthly)
—
$1
Ohio Service Holding Corp. $5 non-cum. pref—
Old Colony Insurance Co. (quar.)
$5
Ottawa Light, Heat & Power (quar.)
$1H
30c
Pacific Finance Corp
91K
5% preferred (quar.)
20c
Series A preferred (quar.)
16 He
6H% series preferred (quar.)_50c
Paciric Gas & Electric Co. (quar.)_
50c
Pacific Tin Corp
1 Mar. 21
_
Mar. 31 Mar. 18
Mar. 31 Mar. 18
Mar. 31 Mar. 18
Mar.
Feb. 24
Mar. 15
Apr.
Apr.
Apr.
Apr.
Mar. 15
Apr.
1 Mar. 21
Mar. 15
Mar. 15
Mar. 31 Mar. 15
Mar. 26 Mar. 15
Mar. 15 Feb. 28
Mar. 14 Feb.
7
Apr.
1 Mar. 15
Mar. 15 Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
1 Mar. 15
1 Mar. 21
1 Mar. 15
Mar. 19
Apr.
Apr.
Apr.
30c
—
(mthly.)
Reece Button Hole Machine
Reece Folding Machine (div.
Reed Roller Bit Co.
Extra
2.5c
1H%
15
15
15
15
15
15
15
26
1
15
1 Mar. 15
15 Mar. 25
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 29 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Mar. 31 Mar. 21
Apr.
20c
Mar. 31 Mar. 19
1 Mar. 15
passed)
10c
Mar. 31 Mar. 19
25c
Mar. 25 Mar. 15
30c
Apr.
Apr.
1 Mar. 18
Apr.
Apr.
Apr.
Mar. 18
91K
7% pref. (quar.)
25c
Safeway Stores, Inc
5% preferred (quar.)
6% preferred (quar.)
7% preferred (quar.)
St. Louis Rocky Mountain & Pacific Co
Preferred (quar.)--.
Savannah Sugar Refining (quar.)
Scranton Electric Co.. $6 pref. (quar.)
Seaboard Commercial Corp. (quar.)__
5% preferred (quar.)
—
Seaboard Finance Corp. (quar.)
$2 preferred (quar.)
Security Engineering Co., Inc. (quar )
7% cum. pref. (quar.)
$1H
S1H
$1H
Mar. 25
Mar. 18
25c
Mar. 18
Mar. 18
Mar. 31 Mar. 15*
$1H
Mar. 31 Mar. 15*
Apr.
50c
Apr.
1 Mar. 15
$1H
Apr.
1 Mar.
5
20c
Mar. 31 Mar. 21
62 He
Mar. 31 Mar. 21
15c
50c
Mar. 31 Mar. 15
Mar. 31 Mar. 15
5c
(quar.)
—•—
Mar. 15 Feb.
43 He
10c
Singer Mfg. Co. (quar.)
Extra
1
15
10c
Reliance Electric & Engineering
Ross Gear & Tool Co. (quar.)
Shawmut Assoc.
15
17
50c
(quar.)
Sabin Robbins Paper Co.
Apr.
$2 Apr.
58 l-3c Apr.
50c
Apr.
41 2-3c Apr.
1H%
15
15
15
Apr. 15 Mar. 31
Mar. 28 Mar. 15
-
6% preferred (monthly)
5% preferred (monthly)
Providence Washington Insurance Co
Pure Oil Co. 5% preferred (quar.)
5H% preferred (quar.)
Ray-I-Vac Co. 8% pref. (quar.)
5
Mar. 15 Mar. 11
Apr.
1 Mar.
Page-Hershey Tubes, Ltd. (quar.)
Mar. 25 Mar.
20c
Pahang Rubber Co., Ltd
Mar. 15 Mar.
30c
Penn Electric Switch Co., $1.20 class A (qu.)_.
S1H
Apr.
1 Mar.
Pennsyivania Power & Light Co. $7 pref. (qu.)._
$6 preferred (quar.)__
1 Mar.
$1H Apr.
—
Apr.
1 Mar.
$1H
$5 preferred (quar.)
62 He
Apr.
1 Mar.
Peoples Natural Gas 5% pref. (quar.)
$1.31 H Apr.
1 Mar.
Phillips Packing Co. 5H% PreL (quar.)
Mar. 31 Mar.
5c
Pictorial Paper Package
—
1 Mar.
1H% Apr.
Pittsburgh, Bessemer & Lake Erie RR
20c
1 Mar.
Apr.
Plough, Inc
1 Mar.
91K
Plainfield Union Water Co. (quar.)
Apr.
91K
Apr. 15 Apr.
Plymouth Rubber Co., 7% pref. (quar.)
1 Mar.
$1K
Porto Rico Power Co., 7% pref. (quar.)
Apr.
Potash Co. of Amer.
Procter & Gamble 8% preferred (quar.)
Public Service Co. of Colorado 7% pref.
15
Mar. 15 Feb.
$1H
S2H
28
28
1 Mar. 21
Mar. 31 Mar. 10
Apr.
Mar. 31 Mar. 10
Volume
146
Financial
When
Per
Name of Company
Share
Silver King Coalition Mines Co
Southern Cal. Gas., pref.
(quar.)
Preferred A (quar.)
Southern New England Telephone
$2
$13*
Apr.
z7m
(quar.)
_
Stearns (Frederick) & Co
Preferred (quar.)
Steel Co. of Canada (quar.)
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
373*c
Mar. 31
Mar. 31
Mar. 31
Mar. 15
Mar. 15
25c
Mar.
Mar. 23
$13*
433*c
433*c
433*c
Mar.
Mar. 23
May
May
Apr.
Apr.
Mar.
Mar. 15
Preferred (quar.)
Sttx, Baer & Fuller Co. 7% pref. (quar.).
Sunshine Mining
60c
Thompson Products, pref. (quar.)
Time, Inc. (reduced)
Toledo Edison Co., 7% pref. (mo.)
58 1-3 c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
Toronto Mtge Co. (Ont.) (quar.)
Torrington Co
20c
Tubize Chatillon Corp., 7% cum. pref. (quar.).
$13*
208 So. La Salle Street Corp. (quar.)
50c
United Gold Equities of Canada
|3c
United Securities, Ltd. (quar.)
50c
United Shoe Machinery (quar.)
623*c
Preferred (quar.)
373*c
United Specialties Co. (no action)
Upson-Walton Co
10c
Viau, Ltd., 5% preferred (quar.)
25c
$1li
—
7
7
Mar.
Mar. 15
Apr.
Mar. 25
Mar.
Mar. 19
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
Mar. 15
Mar. 21
Mar. 10
Mar. 19
5
Apr.
Mar. 25
Mar. 15
Mar. 15
Mar. 11
Mar.
Mar. 20
Apr.
Victor Chemical Works
20c
Mar.
Mar. 21
Virginian Ry
Preferred (quar.)
Ward Baking Corp. 7%
82
Mar.
Mar. 19
$Io1
preferred
Western Electric
Western Grocers, Ltd (quar.)
7% preferred (quar.)
Western Massachusetts Cos.
25c
75c
Mar. 21
Mar. 25
16
Apr.
Apr.
Mar. 20
Mar.
Mar. 18
35c
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Mar. 31
6c
Mar.
Mar. 15
Apr.
Apr.
Apr.
Mar. 19
$13*
—
Weston (Geo.), Ltd. (quar.)
West Point Mfg. Co
West Texas Utilities, $6 pref
$6 preferred
Wicklund (J. W.) Development Co. (quar.)
Winn & Lovett Grocers $2 class A
(quar.)
20c
20c
-
50c
common
25c
7% preferred (quar.)
Yukon Gold Corp
Yukon Gold (reduced)
^ Below
Apr.
Apr.
t$l
$13*
Westinghouse Air Brake Co., com...
West Kootenay Power &
Light, pref. (quar.)
Class B
May
Mar.
50c
$13*
(quar.)
SI 3*
Mar. 20
Mar. 22
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 19
Mar. 19
4c
Mar.
Mar. 15
4c
Mar.
Mar. 15
give the dividends announced in previous weeks
paid.
The list does not include dividends an¬
being given in the preceding table.
we
and not yet
nounced this week, these
Per
Name of Company
Share
I
—
Addressograpb Multigraph (quarterly)
(quar.)
Aetna Life Insurance (quar.)_
Agnew-Surpass Shoe Stores Preference (quar)__
Agricultural Insurance (Watertown, N. Y.)
Mar. 31 Mar. 11
Mar. 31 Mar. 11
SI X
■six
37m
25c
>c
Extra
25c
Alabama & Vicksburg Ry. (semi-ann.)
Allied Chemical & Dye Corp., com.
(quar.)
Allied Laboratories (quar.)
3%
$13*
Allied Products Corp. class A (quar.)
Allied Stores Corp., pref. (quar.)
Allis-Chalmers Mfg. Co.
Alpha Portland Cement
common
433*c
$13*
373*c
_
15 Apr.
1 Mar. 18
1 Feb. 26
Apr.
Apr.
Apr.
1 Feb. 26
IMar. 15
Apr.
Apr.
1 Mar. 19
Apr.
1 Mar. 19
8
Apr.
1 Mar.
Mar. 21 Mar.
1 Mar. 15
8
1 Mar.
1 Mar. 21
Mar. 31 Mar. 11*
Mar. 25 Mar.
60c
50c
50c
$13*
%1X
SIX
six
six
(quarterly)
American Agricultural Chemical Co
American Bank Note Co. common
(quar.)
Preferred (quar.)
25c
75c
American Can Co. preferred (quar.)
1X%
American Chain & Cable Co
Preferred (quar.)
25c
American Chicle Co
^_
American Cigarette & Cigar stock dividend
l-40th sh. of Am. Tob. com. B for each share
Am. Cigarette & Cigar held.
Preferred (quar.)
American Cyanamid Co. com. class A & B
(qu.)_
Cum. conv. preferred (quar.)
American
Envelope Co., 7% pref. A {qu.)__.
7% preferred A (quarterly)
7% preferred A (quarterly)
American Express Co. (quar.)
American Fork & Hoe Co
(quarterly)
American Gas & Electric Co. common
(quar.)__
(quar.)
American Indemnity Co
American Insurance Co. (Newark. N. J.)
Extra.-
1
SI
SIX
six
six
SIX
Conv. 43*% pref. A_
Automobile Insurance Co.
June 30 June
16
1 Mar. 10*
_
Mar. 10*
Mar. 18*
Mar. 15 Mar.
Mar. 15 Mar
Mar. 15 Mar.
4
2
4
1
Apr.
Apr.
June
Sept.
Dec.
Apr.
Mar.
16
(quar.)
Corp
Apr.
8
Mar. 15
Apr.
Apr.
Mar.
Mar. 14*
Mar.
7
Mar.
Apr.
Apr.
Apr.
Mar.
Mar.
Mar.
SIX
tSIX
Mar.
Mar.
Apr.
Apr.
Mar.
Mar.
Feb. 25
Mar. 15
SIX
50c
American Ship Building Co
American Smelting & Refining Co
Preferred (quar.)
50c
50c
SIX
(quar.)
75c
Preferred (quar.)
American Steamship (quar.)
American Steel Foundries.
$13*
SI
25c
American Sugar Refining Co
Preferred (quar.)
50c
SIX
American
Sumatra Tobacco Co
American Telephone & Telegraph (quar.)
American Tobacco Co., pref. (quar.)
25c
May
May
Apr.
Apr.
Apr.
Apr.
Mar. 10
Apr. 15
May
6
Apr.
8
Mar. 10
Mar. 10
Mar. 31
Mar.
Mar. 15
Apr.
Apr.
Mar.
Mar.
5*
5*
1
Mar.
Mar. 15
Mar. 10
Apr.
July
July
May 11
S1
Copper Mining Co.
Appalachian Electric Power $7 pref. (quar.)
2
i
Mar.
SIX
SIX
123*c
Armour & Co. (Del.) preferred (quar.)
Art Metal Works, Inc. (quar.)
Asbestos Corp., Ltd. (initial, quar.)
Apr.
Mar.
Mar.
;
Anaconda
Extra
Mar.
Apr.
Apr.
..
Corp
Mar.
SIX
First $6 preferred (quar.)
Amoskeag Co., common (s.-a )
Preferred (seml-ann.)
Apr.
20c
June 25
June 25
Mar.
7
Mar.
5
Mar. 10
Mar. 10
50c
!
six
50c
(quar.)
SI
25c
Extra
Belding-Corticelli, Ltd. (quar.)
$1
Preferred (quar.)
Bell Telep. of Canada
(quar.)
Bell Telephone of Pennsylvania
pref. (quar.)
Bellows & Co., Inc., class A (quar.)
Beneficial Industrial Loan common
SIX
s
87 Xc
SIX
SIX
SIX
5% preferred (quarterly)
Biltmore Hats. Ltd., 7% pref.
(quar.)
Birmingham Water Works Co. 6% pref. (qu.)
Borne Scrymser Co
Boston & Albany RR
pref. (quar.)_
Brewer (C.) & Co., Ltd. (monthly)
Bridgeport Gas Light Co. (quar.)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd. (quar.)
6% preferred (quar.)
Brillo Mfg. Co., Inc., common
(quar.)
Class A (quar.)
British-Amer. Tobacco Am. dep. rec. ord.
75c
7Xc
SIX
reg__
(semi-ann.)
Investing
Brooklyn-Manhattan Transit pref. (quar.)___.
Buckeye Pipe Line Co..
Broad Street
20c
50c
lOd
2¥c
$13*
75c
Mar.
Mar. 11
Mar. 31 IMar. 15
50c
Mar.
31'Mar.
15
25c
15c
30c
$13*
$13*
63*d.
23*%
Apr. 30 Apr. 15
4
1 Mar.
4
1 Mar.
Mar. 15 Feb. 15
Mar. 15 Mar
1
Apr. 15 Mar. 21
Mar. 31 Feb. 28
Mar. 25 Mar. 10
1 Mar. 15
Mar. 25 Mar. 10
Mar. 31 Mar. 17
Mar. 15 Mar.
3
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Apr.
Apr.
Mar. 15
Mar. 15
Apr.
Apr.
Mar.
4
Mar.
4
Mar, 16
Apr.
Apr. 15 Apr
1
May
Apr.
Apr.
2 Apr. 15
1 Mar. 15
1 Mar. 15
Mar. 31 Mar.
4
Apr.
1 Mar. 15
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Mar. 15 Mar.
Apr.
5 Feb.
Apr.
7 Mar.
11
1
Mar. 15
Mar. 15
Mar. 15
Oct.
Sept. 15
Mar.
Feb.
28
Mar
Feb.
28
Mar.
15|Feb. 28
Mar. 15
„
Canada Northern Power Corp., Ltd.
(quar.)
Apr. 25 Mar. 31
Apr. 16 Mar. 31
1 Mar. 15
Apr.
preferred (quarterly)
(qu.)__
Mar. 15 Feb.
Mar. 15 Feb.
Preferred (quarterly)
8% preferred (quar.)
—
Capital Administration preferred (quar.)
Cariboo Gold Quartz Mining Co. (quar.)
Extra
Carolina Telephone & Telegraph (quar.)
— —
Apr.
Carpenter Steel Co
i
Carter (Wm.) Co.. pref. (quar.)
Case (J. T.) Co., pref. (quar.)__.
Mar. 15 Feb. 19
Mar. 21 Mar. 10
May 16 May
5
Aug. 15 Aug.
5
—
—
Nov. 15 Nov.
5
1 Mar. 15
Apr.
Mar. 15 Mar. 10
Apr.
Apr.
Apr.
2 Mar.
1 Mar.
8
8
1 Mar.
8
Mar. 28 Mar.
4
Mar. 28 Mar.
4
Mar. 29 Mar. 19
1 Mar. 16
Apr.
Chicago Flexible Shaft (quar.)
Chicago Pneumatic Tool $3 pref. (quar.)
S2X preferred (quar.)
Chicago Rivet & Machine
Cincinnati Union Terminal 5% pref. (qu.)
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Apr.
1 Mar. 16
Mar. 15 Feb.
25
1 Mar. 21
Apr.
July
Christiana Securities Co
$83*
$13*
20c
60c
^
(quar.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Climax Molybdenum Co
Clorox Chemical Co. (quar.)
Cluett, Peabody & Co., Inc., pref. (quarl)
Coast Counties Gas & Electric 6% pref. (quar.)_
-
Coca-Cola Co__
Coca-Cola International Corp. common (quar.)_
Colgate-Palmolive-Peet. pref. (quar.)
(quar.)
$13*
873*c
50c
87 Xo
50c
87.$
30c
75c
—
-
1 Sept. 19
Apr.
Apr.
1 Mar. 10
1 Nar. 10
June
June
1 May
1 May
Sept.
Sept.
1 Aug.
1 Aug.
Apr.
Apr.
Apr.
$1
10
10
10
10
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Mar. 31 Mar. 18
Mar. 25 Mar. 15
$1 X
50c
$3.89
50c
20
Jan.
1 Dec. 19
Mar. 15 Feb. 28
Mar. 30 Mar. 16
Mar. 15 Feb. 28
$13*
$13*
$13*
$13*
Colonial Ice Co. $7 preferred
Preferred series B (quar.)
1 June
Oct
Churngold Corp
Clarke Equipment preferred (quar.)
C'eveland Elect ic Illuminating (quar.)
—
1 Mar. 24
Mar. 21 Mar. 10
Mar. 15 Mar. 10
1 Mar. 12
Apr.
1 Mar. 17
Apr.
1 Mar. 19
Apr.
Mar. 15 Feb. 19
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light, 43*% pref. (quar.)
Central Steel &
28
28
1 Mar. 18
Apr.
1 Mar. 18
Apr
1 Mar. 15
Apr.
Apr. 30 Apr. 15
Apr. 15 Mar. 31
1 Mar. 10
Apr.
1 Mar
1
Apr.
1 Mar. 15
Apr.
1 Mar. 21
Apr.
1 Mar. 16
Apr.
1 Mar.
9
Apr.
1 Mar.
9
Apr.
Preferred (quarterly)
Canadian General Electric (quar )_„
Canadian Industries, Ltd., A & B (quar.)
4X% cum. conv. preferred (quar.)
15
15
23
19
Mar. 18 Mar.
5
Mar. 30 Mar. 15
Apr.
Apr.
Apr.
Additional
Canada Malting Co. (registered)
Colt'8 Patent Fire Arms Mfg
Commercial Credit Co. common (quar.)
12
Mar. 31 Mar. 17
$13*
40c
50c
Co
Cleveland & Pittsb. RR. Co.. reg. guar,
14
15
12
25c
(qu.)
Burlington Steel Co., Ltd
Burt, F. N. & Co., Ltd. (quar.)
Preferred (quarterly)
Butler Water 7% preferred (quar.)
Burma Corp., Ltd., Am. dep. rec.
(interim)
Less deduction for depositary
expenses.
Cable & Wireless, Ltd., Amer. dep. rec.
53*%
preferred (semi-annual)
Less tax and deduction for depositary expense.
Calamba Sugar Estates (quarterly)
7% preferred (quarterly)
Cambria Iron Co. (semi-annual)
Semi-annually
Canada Cement Co.. Ltd., 6X% preferred
f/tilflf
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Apr. 16 Mar.
Apr. 14 Mar.
Apr.
Apr.
45c
Building Products class A and B (quar.)
PrApprroH
28
1 Mar. 15
1 Mar. 15
Mar. 15 Feb. 28
Apr. 15 Mar. 31
Apr.
1 Mar. 14
Mar. 15 Feb. 18
1 Mar. 18
1 Mar. 17
Mar. 31 Mar. 17
SIX
(quar.)
Bearer (quarterly)
Mar. 15 Feb.
SIX
Bucyrus-Erie Co., pref. (quar.)
Bucyrus-Monighan, class A (quar.)
Partic. preferred (partic. div.)
Buffalo Niagara & Eastern
Power, 1st pref
Preferred (quarterly)
_
28
28
Mar. 10
Mar. 10
Apr.
Apr.
Apr.
SI
50c
________
Amer. dep. rec. preferred
SIX
Mar. 19
Feb.
Feb.
Apr.
Apr.
$2
50c
Bower Roller Bearing Co., common
Brazilian Traction, Light & Power
Budd Wheel Co., partic. pref.
_
25c
45c
Preferred A (quar.)
Bethlehem Steel Corp., 7% pref.
(quar.)
Extra.
S2X
1X%
American Water Works & Electric Co.—
25c
40c
6% preferred
Wire, 6% pref. (quar.)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
Champion Paper & Fibre, preferred (quarterly).
ChamDeHin Metal Weather Strip (quar.)
Chesapeake Corp
Chesapeake & Ohio Ry. (quar.)
Preferred (quar.)..
Chesebrough Mfg. (quar.)
25c
American Paper Goods Co. 7% pref.
(quar.)
American Power & Light Co., $6 preferred
$5 preferred
American Radiator & Standard 8anltary
(qu.)..
American Rolling Mill preferred
Apr.
Apr.
Apr.
Apr.
sm
(quar.)
Preferred (quar.)
Beech Creek RR.
(quar.)
Beech-Nut Packing Co.
May 25
Aug. 25
7
21
5
26
Feb.
Central 111. Public Service, $6 preferred
5
Mar. 15
Mar. 15
2 Apr.
SIX
...
Mar. 15
Nov. 25
Mar. 18
_
Apr.
Apr.
SIX
183*c
Preferred (quarterly)
Canadian Oil Co.. Ltd
Apr.
Apr.
Apr.
Apr.
Mar. 15 Feb.
May
l\x
1st preferred
(quarterly)
Beatrice Creamery Co.
cum.
Apr.
63c
Preferred (quarterly)
Bayuk Cigars, Inc. common.
7%
Mar. 31 Mar. 16
Mar. 15 Mar. 14
Mar. 31 Mar. 15
25c
25c
Canadian Pacific Ry. preferred
Canadian Silk Products, class A (quar.)
Canadian Westinghouse, Ltd. (quar.)
Mar.
5c
25c
Bangor Hydro-Electric, 7% pref.
(quar.)
6% preferred (quar.)
Barber (W. H.) Co.
(quar.)
Bastian-Blessing Co. (quar.)
i
Mar. 31 Mar. 14
Mar.
90c
six
Babcock & Wilcox Co
Bangor & Aroostook RR. Co., common
Preferred (quarterly)
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Mar.
20c
tSIX
Canadian Cottons, Ltd. (quarterly)
Apr.
May
t50c
t20c
When
Holders
Payable of Record
$1
Sept. 30 Sept.15
Dec. 31 Dec. 15
Mar. 31 Mar. 15
25c
25c
10c
$13*
(quar.)
Canada Permanent Mortgage (Toronto)
Canada Wire & Cable, preferred
35c
25c
American News Co
American Safety Razor
Ashland Oil & Refining Co., common
Preferred (quarterly)
Associated Breweries of Canada
(quar.)
Preferred (quar.)..
Atlanta Gas Light Co. preferred
(quar.)
Atlantic Refining Co. (quar.)
1 Mar. 21
Mar. 31 Mar. 15
June 30 June 15
Mar. 31 Mar. 15
i23*c
Share
Apr.
Mar. 15 Mar.
$13*
SIX
American Hawaiian Steamship (quar.)
American Home Products Corp.
(monthly)....
American Ice Co. preferred
5
Apr.
Apr.
Apr.
25c
50c
Quarterly
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
1
Apr.
1 Mar. 18
Mar. 12 Mar.
1
Mar. 22 Mar
2
25c
...
Aluminum Goods Mfg. (irregular)
Aluminum Mfrs., Inc. (quar.)
Arnold Constable
Apr.
50c
35c
__
Aero Supply Mfg. Co. class A (quar.)
Aetna Casualty & Surety
American Snuff Co.
Payable of Record
10c
Acme Glove Works 63* % preferred (quar.)
Acme Steel Co.
Preferred
Holders
40c
(quar.)
7% preferred
Per
Name of Company
Bullard
Abbott Laboratories
Extra
Preferred
When
1659
Holders
Payable of Record
10c
Southern Ry. Co. (Mobile &
Ohio) stock trust.
Springfield Gas & Elec. $7 pref. A (quar.)
Chronicle
Mar
Apr.
1 Mar.
2l
15 Feb. 25
1 Mar. 12
1 Mar. 12
1 Mar.
5
1 Mar. 21
Apr.
1 Mar. 21
Apr.
Mar. 31 Mar. 15
Mar. 31 Mar. 11
$1,063* Mar. 31 Mar. 11
Financial
1660
Per
Name of
Share
Company
Compo Shoe Machinery Corp. (quar.)
Compressed Industrial Gases (interim)
Confederation Life Assoc. (Toronto) (quar.)
Quarterly
.
Quarterly
Quarterly
Congoleum-Nairn, Inc
Connecticut Light & Power (quar.)..
Consolidated Biscuit Co
Consolidated Edison of N. Y. (quar.).
$5 pref. (quar.)
...
Consol. Gas, Elec. Lt. & Power (Bait.) (com)
(quar.)..
7
Mar. 31 Mar.
1 Mar. 15
Aor.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Mar. 28 Feb.
1
Mar. 15 Mar.
Mar. 24 Mar. 14
(quar.)
Mar. 15 Feb. 28
1 Mar. 14
Mar. 31 Mar. 16
x.w.&w.w.(qu.)
Apr.
Mar. 31 Mar. 21
1
Mar. 15 Mar.
1 Feb.
Apr.
Apr.
Apr.
Apr.
.
(semi-annual).
(quar.
28
Dec.
Apr.
July
1 Apr.
l'july
1
1
1 Oct.
1
Dec. 23 Dec. 23
Apr.
1 Mar.
Apr.
York series A
1 Mar.
Jan.
Semi-annually
Apr.
(quar.)
1
1
5 June 20
5 Dec. 20
1 Mar. 28
July
Detroit Hilisdale & Southwestern (s.-a.).
Detroit Paper Products Corp., preferred
Detroit Steel Corp. (quar.)
...
Mar. 31 Mar. 15
(quar.)
(quarterly)
Diamond Match Co partic. pref. (semi-ann.)
Diamond State Telephone pref. (quar.).
Diamond T Motor Car (quar.)
Distillers Cor p.-Seagrams, Ltd
Dixie-Vortex Co. (quarterly)
Class A (quarterly)
Dr. Pepper Co. (quar.)
1 Mar. 19
Apr.
Apr.
Devoe & Iiaynolds A & B (quar.).
Preferred
1 Mar. 19
Feb.
I'Aug.
Sept.
Apr. 14 Mar.
Apr.* l.Mar.
Mar. 15
Oil Co.
_.
28
10
19
18
Dome Mines,
Nov. 18
Ltd
(quar.)___
Dominion Tar & Chemical, pref. (quar.).
Dominion Textile Co., Ltd. (quar.)i.
12
15
31
Mar.
5
_
(quar.)
Apr.
Apr.
Apr.
Apr.
Draper Corp
Duke Power Co
Preferred (quar.)
Duplan Silk Corp., preferred.
(E. I.) & Co. (quar.)
$4H preferred (quarterly)
Debenture stock (quarterly)
Duquesne Light Co., 5% 1st cum. pref. (qu.)__.
Eagle Picher Lead
Preferred (quar.)
Eastern Gas & Fuel Assoc. 6% pref. (quar.)
4 94 % Pdor preference (quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
Eddy Paper Corp
Edison Bros. Stores, Inc., common (quar.)
5% cum. preferred (quar.)
„
15
Mar. 15
28
8
Apr. 25 Apr.
8
Apr. 25Apr.
Apr. 15 Mar. 15
Mar. 10
Apr.
Mar. 10
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Mar.
5
Apr.
Mar.
5
Apr.
Mar. 15
Mar.
.
„
Feb.
Mar.
Feb.
Apr.
Electric Storage Battery Co., com
Preferred (quarterly)
Mar.
28
Mar.
Mar.
Electric Auto-Lite Co
28
18
9
9
Mar. 15 Feb. 15
Mar. 15 Mar.
4
1 Mar. 19
Apr.
Elizabeth & Trenton RR. Co. (semi-ann.).
_
_
Apr.
1 Sept. 20
1 Mar. 19
$194
Oct.
1 Sept.
$194
25c
Apr. 15 Mar. 31
Apr. 15 Mar. 31
2
May
1 _.y
Aug.
25c
Nov.
$194
25c
$194
56J4c
5634c
5634c
5634c
$134
$194
$134
20c
Oct.
Jan.
Apr.
Apr.
ipf:
'i
1 Mar. 19
18
1 Sept. 17
3 Dec. 24
1 Mar. 14
1 Mar. 14
1 Mar. 14
1 June
1 Mar. 10
Mar. 31 Mar. 10
Apr.
50c
$194
87 Mc
1 Mar. 15
Apr.
1 Mar. 15
Mar. 15 Feb.
Anr.
1
Mar.
21
1
15c
Mar. 31 Mar. 21
4394c
894c
62 He
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 25 Mar. 10
50c
June
15 June
10
234%
Mar.
Feb.
14
Mar.
Feb.
14
payable in stock.
20c
•
Foote-Burt Co
Ford Motor of Canada, class A & B
Mar. 12 Feb. 25
5
Mar. 15 Mar.
15c
Mar. 19 Feb.
Sept,
75c
Entire issue called at $103 per sh.
25c
294
(quar.)
594% preferred: (semi-ann.)
Freeport Sulphur Co. pref.
Mar. 15 Mar.
26
1 Aug. 20
1
Holders
may convert pref. stock into com
at rate
of 3 1-3 shs. com. for each pref. sh. on or
before Feb. 1 and at rate of 2 94 shs. of
for
March
each
sh.
of pref.
on
or
before
5.
Game well Co., preferred (quar.)
Gannett Co., Inc., $6 conv. pref. (quar.)
$134
$134
Mar. 15 Mar.
Apr.
5
1 Mar. 15
Apr.
Apr.
1
25
Mar. 14
Mar. 14
Mar.
Mar.
Apr.
Mar. 21
20c
Apr.
Apr.
Mar. 22
1394c
$194
50c
$134
$234
3%
$134
$194
4394 c
—
25c
$134
$194
—
$1$1
20c
60c
$134
75c
—
10c
Co
*3c
?lc
$134
Extra
Helme (Geo. W.) Co., common
$194
(quarterly)
(quarterly)
Co. (monthly)
40c
Powder Co.
Apr.
Mar. 15
Mar. 15
7
Mar. 22
Apr.
_
1
Mar. 31 Mar. 10
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr.
1 Mar. 4
Apr.
1 Mar. 15
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 31 Mar. 17
Mar. 15 Feb. 25
1 Mar. 15
Apr.
Apr.
1 Mar. 20
6
Apr. 20 Apr.
Mar. 15 Mar.
7
Mar 31 Mar. 25
_
15 Apr.
5
1 Mar. 18
1
Mar. 15 Feb. 15
Apr.
Apr.
Mar. 15 Mar.
Apr.
Apr.
Apr.
Mar.
1
1 Mar.
1
1 Mar. 10
Apr.
1 Mar. 10
Mar. 25 Mar. 14
20c
(quar.)
Holophane Co. preferred (semi-ann.)
Homestake Mining (monthly)
Hosklns Mfg. Co
Household Finance (quarterly)
Preferred (quarterly)
Howes Bros. Co., 6% pref. (quar.)
7% 1st and 2d preferred (quar.)
Humble Oil & Refining
—
Hyde Park Breweries Assoc., Inc
Hygrade Sylvania Corp
Idaho-Maryland Mines (monthly)
Illinois Bell Telep. Co. (quar.)
Imperial Life Assurance Co. (Canada) (quar.)._
Quarterly
Quarterly
Quarterly
Imperial Tobacco of Canada (interim)
Final
Preferred
(semi-annual)
Hydro-Electric, pref
Mar. 25 Mar. 15
50c
Apr.
Apr.
6 Mar. 16
1 Mar. 16
Apr.
1
$134
Preferred
$1.05
3734c
25c
$1
$134
$134
$194
3734c
$1
3734c
5c
,
$2
Apr.
Apr.
(quar.)
Mar. 21 Mar. 10
Mar. 31 Mar. 19
Oct.
1 Mar. 31
2 June 30
1 Sept. 30
Jan.
3'Dec.
J 10c
*22 34c
*3%
$194
$134
25c
Mar. 31Mar. 11
Mar. 31 Mar. 11
Mar. 15 Feb. 28
Mar. 31 Mar. 19
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
150c
37 He
50c
11 Apr.
1
1 Mar. 15
1 Mar. 19
15 Mar. 19
Mar. 21 Feb. 28
1
Mar. 31 Mar.
Apr.
__
1 Mar. 15*
15 Mar. 15
1 Mar. 15
Mar.
15 Mar.
30c
June
1 May
Sept.
1 Aug. 10
1 Nov. 10
11c
$2
75c
30c
(quar.)
_
Dec.
15c
Apr.
4394 c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
194%
$194
$194
$134
$194
$1
preferred
Joliet & Chicago RR. Co. (quar.)
Joplin Water Works Co., 6% pref. (quar.)
Kansas City Power & Light Co., $6, 1st pref. B_
Katz Drug Co., preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)
Keith-Albee-Orpheum Corp., 7% conv. pref
Kemper-Thomas, 7% special pref. (quar.)
7% special preferred (quar.)
7% special preferred (quar.)
—
Kerlyn Oil Co., class A (quarterly)
Kimberly-Clark Corp
Preferred (quar.)
— —
Kings County Lighting Co., 7% B pref. (qu.)._
6% series C preferred (quarterly)
5% series D preferred (quarterly)
Kleinert (I. B.) Rubber
Koppers Co., 6% preferred
Kresge (S. S.) Co
-
5
Apr.
Apr.
Apr.
Apr.
Apr.
$2
Jewel Tea Co
(quar.).
Johns-Manville Corp., 7%
Kennecott Copper Corp
1 Mar.
1 Mar. 11*
1 Mar. 15
30c
(quarterly)
(quar.)
preferredInterstate Home Equipment (quar.)
Intertype Corp., 1st pref. (quar.)
Investment Corp. (Philadelphia)
Iron Fireman Mfg. (quar.)
Salt Co.
International Silver Co.
Quarterly
Quarterly
Irving Trust Co. (quar.)
Jamaica Public Service, Ltd. (quar.)
Preferred B (quar.)
7% preferred A (quar.)
Jersey Central Power & Light, 7% pf.
6% preferred (quar.)
534% preferred (quar.)
31
Mar. 31 Mar. 11
$134
15c
International Nickel Co. of Canada
2
$394
$394
3734c
6234c
Mining-.
1 Mar.
4
Mar. 15 Mar.
1 Mar. 10
Apr.
5%
(quar.)
15 Mar. 31
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Apr.
July
15c
div.l
Mar. 15
Mar. 25 Mar. 19
Mar. 26 Mar. 11
Apr.' 15 Mar. 31
$394
$394
$194
(quar.)
International Cellucotton Products
International
25
25
$134
6% pref. (qu.)
Hedley (M. G. M.) Ltd. (quarterly)
International Harvester Co.
Mar. 31 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
75c
H.) Knitting Co. 7% pref. (quar.)...
Harbison-Walker Refractories Co pref. (quar)->
Hartman Tobacco Co. prior pref. (quar.)
Hawaiian Agricultural Co. (monthly)
Hawaiian Sugar Co. (quar.)
International
5
Mar. 28 Mar.
Apr.
1 Mar. 10
Apr.
Apr.
Apr.
60c
Corp
'Stock
1 Mar. 15
1 Mar. 18
1 Mar. 18
Mar. 21
30c
International Shoe Co.
Mar. 15 Mar.
Apr.
July
20
5
$194
preferred
Indianapolis Power & Light, 634 % Pref. (qu.) —
Indianapolis Water Co., 5% cumul. pref. (qu.)_
Interlake Steamship Co
International Business Machines Corp
234 %
Insurance stock series
Fohs Oil Co
com.
35c
25c
Indiana Steel Products Co.
$194
Semi-annually
5% preferred (semi-ann.).
5% preferred (semi-ann
i.).
El Paso Electric (Texas) $6 pref. (quar.)
7% preferred A (quar.)
Empire Casualty (Dallas) (quar.)
Quarterly
Quarterly
Empire Power Corp. $6 cum. preferred
Emporium Capwell Co. 4 >4% pref. A (quar.)__
4>4% preferred A (quar.)
4M% preferred A (quar.).,
4 H % preferred A (quar.)
Engineers Public Service $5 preferred (quar.)
$594 preferred (quar.)
$6 preferred (quar.)
Ex-Cell-O Corp
Falconbridge Nickel Mines, Ltd
Fanny Farmer Candy Shops (quar.)
Faultless Rubber Co. (quar.)
Federal Mining & Smelting Co. pref. (quar.)
Feltman & Curme Shoe Stores pref. (quar.).
Finance Co. of Amer., com. class A & B (quar.j.
7 % preferred (quarterly)
7% preferred class A (quarterly)
First National Stores, Inc
First Security Corp. of Ogden. cl
A & B (s.-a.)_
Fiscal Fund, Inc., bank stock series
Apr.
25c
Oct.
Electro!ux Corp (quar.)
Elgin National Watch
Apr.
$134
Hanes (P.
Indiana
1 Mar. 15
Mar. 15 Mar.
$134
Mar.
Mar. 30 Mar.
_
1
Apr.
6234c
Hibbard. Spencer
Bartlett &
Holland Furnace Co
Mar. 15
Mar. 15
10c
$534 preferred (quar.)
Hackensack Water, pref. A (quar.)
Hamilton Watch Co. (quar.)
Hammermill Paper Co 6% preferred (quar)
Preferred
Mar. 15
40c
Gulf States Utilities, $6 pref. (quar.)
Hercules
Mar. 18
2 Apr.
Apr.
15
Mar. 18
Mar. 31 Mar. 12
$194
15
Mar. 15
Mar. itiFeb.
du Pont de Nemours
31
Apr.
Apr.
Mar. 15
May
25c
Hecia Mining
18
Aug. 18
Mar. 10
1
1
1
1
1
$134
Special
—
Guaranty Trust Co. of N. Y. (quar.)
May
Mar. 21
Apr.
Apr.
Apr.
25c
Hazel-Atlas Glass Corp
Ilazoltine Corp. (quar.)
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Apr.
May
llMar.
Apr.
Apr. 15 Mar.
Dominion Coal, Ltd., 6% pref. (quar.)_
Dominion Glass Co. (quar.)..
—
Greyhound Corp
534 % preferred
Griggs (C.) & Co., 7% pref. (quar.)
Group No. 1 Oil Corp
Guarantee Co of North America (quar.)
Mar. 10
Mar. 18
Mar. 23 Mar. 10
$194
Green Cananea Copper (quar.)
Greenwich Water & Gas System,
Mar. 10
Dec.
Mar. 10
$134
$134
$134
Goodyear Tire & Rubber Co. common
$5 conv. preferred (quar.)
Grant (W. T.) Co. (quar.)
Preferred (quar.)
June
—
Apr.
Apr.
Brewing Co
Apr.
Apr.
28
4
Mar. 18
2 Apr.
25c
Goldblatt Bros, preferred (quar.)
Goodrich (B. F.) Co. $5 preferred
Feb.
17
May
Apr.
Apr.
Apr.
$134
$134
Preferred (quar.)
Gulf Oil
Mar. 12 Feb.
10c
Godchaux Sugars class A
Preferred (quar.)
Mar.
Sept.
uarterly
Quarterly
25c
Mar. 15 Feb.
$134
(reduced)
Great Western Electro-Chemical
Oct.
SI 54
28
Mar. 15 Feb. 15
Apr.
1 Mar. 10*
$134
$134
Great Western Sugar (quar.)
Preferred (quarterly)
1 May 19
1 Aug. 22
1 Nov. 19
28
Mar. 15 Feb.
Mar. 21iMar. 10
50c
(quar.)
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
Gillette Safety Razor (quar.)
Preferred (quar.)
Glens Falls Insurance Co. (quar.)
Goebel
Mar. 19
Apr.
50c
25c
15c
1 Mar. 16
Sept.
$2
Mar. 15 Mar.
5
Mar. 18
Apr.
75c
6 Mar. 16
1 Mar. 21
June
Quarterly.
Quarterly
7% preferred (quar.).
7<
preferred (quar.).
7<% preferred (quar.).
7% preferred (quar..
Deposited Bank Shares, series N. Y.
Both
21
1
$134
(quar.).
Co.
1
30c
$3 conv. preferred (quar.)
General Time Instruments
Globe-Wernicke
_
Mar. 15 Mar.
Mar. 15 Mar.
25c
General Telephone Corp. common
Preferred
Apr
1 Mar. 24
1 June 23
1 Sept. 22
1
1 Mar.
$134
15
1 Mar. 10
Oct.
25c
General Railway Signal
Preferred (quar.)
2 Apr
15
1 Mar. 10
Apr.
July
6894c
pref. (quar.)
General Public Utilities $5
Mar. 31 Mar. 15
1 Mar. 10*
Apr.
preferred (quar.)
$7 pref. (quar.)...
Dayton & Michigan ItR.8% pref. (quar.).
Preferred
1
15
Apr.
Cuneo Press, Inc.
Preferred
11
May
Apr,
Crucible Steel preferred
Crum & Porster pref (quar.)
Devonian
5
1 Mar. 15
Mar. 15 Feb.
Mar. 15 Feb.
6 94 preferred (quar.)
Courtaulds, Ltd., Am. dep. rec. reg.stk. (final).
Less tax and deduction for dep. exp.
New
May 14
1 Mar. 15
Apr.
Apr.
—
Continental Steel Corp. preferred (quar.)
Continental Telep. Co., 7% partic. pref. (quar.)
CJomrnon
1 Mar. 11
1 Mar. 15
Mar. 15 Feb.
2 Apr.
May
$4 94 preferred (quarterly)
Continental Assurance Co. (Chicago. 111.) (qu.).
Crane Co., 5% cum. con v. pref.
Crowell Publishing Co. (quar.)
1
7% preferred (quar.)
7% preferred (quar.)
Gatineau Power Co., 5% cumul. pref. (initial)—
Gaylord Container Corp
Preferred (quar.)
General Acceptance Corp., common and com. A
General American Investors Co. pref. (quar.)—
General Baking Co preferred (quar.)
General Candy Corp
Class A (quarterly)
General Cigar Co., Inc
General Gas & Electric Corp. $5 pref. (qu.)
General Mills, Inc., 6% cum. pref. (quar.)
General Motors Corp
—■*«.
$5 preferred (quar.)
General Printing Ink Corp. common
$6 cum. preferred (quar.)
1 Mar. 10
Sept. 30 Sept. 25
Dec. 31 Dec. 25
1
Mar. 15 Mar.
1 Mar. 15
Apr.
Mar. 23 Feb. 19
Consolidated Laundries, pref. (quar.)..
Consumers Power Co., $5pref. (quar.)..
Crown Cork & Seal Co.. Inc., pf.
Crown Zellerbach Corp
l'Mar. 15
$194
$194
$194
*$194
Fuller Brush 7% pref. (quar.)
1 Mar. 10
Mar. 15 Feb. 28
Mar. 31 Mar. 25
June 30 June 25
Special
Continental Can Co., Inc., $4pref.
Continental Oil Co
1 Mar. 18
Mar. 15 Mar.
5% preferred (quarterly)
Consolidated Investment Trust (quar.).
De Long Hook & Eye (quar.)
Dentist s Supply Co. of N. Y.
Payable of Record
of Company
June
6% preferred B (quar.)
694 % preferred C (quar.)
Curtis Publishing Co
Name
Apr.
Apr.
Commercial Investment Trust Corp. common..
$4 >4 series of 1935 preferred (quar.)
Commonwealth & Southern Corp., $6 pref
—
Commonwealth Utilities Corp. 7% pref. A (qu.).
Holders
When
When I Holders
Payable of Recora
Apr.
Apr.
Apr.
Apr.
Columbia Pictures Corp. (quar.)
19381
March
Chronicle
$194
$134
$134
$134
$194
$194
$194
$194
$194
25c
894c
25c
$134
$194
$134
$134
10c
$134
30c
1 Mar. 15
1 Mar. 15*
1
10
1 Mar. 10
1 Mar. 15
1 Mar. 15
1 Mar.
15
llMar. 10
1 Mar. 10
1 Mar. 10
Mar. 21 Feb. 17
Apr.
Apr.
Apr.
Apr.
Apr.
_
1 Mar. 17
4 Mar. 18
1
1 Mar. 14
1 Mar. 15
15 Apr.
Mar. 31 Mar. 10
Apr.
1 Mar. 15
June
1 May 21
Sept.
1 Aug. 22
Dec.
1 Nov. 21
Mar. 31 Feb. 26
Mar. 10
Apr.
Apr.
.Apr.
'Apr.
I Apr.
Apr.
Mar. 11
Mar. 11
Mar. 15
Mar. 15
Mar. 15
Mar. 30 Mar. 15
Apr.
ljMar. 12
Mar. 12 Mar.
1
Financial
Vohant
When
Nome of
Company
$1H
$1X
S1H
S1H
$1H
Sl«
of N,
RR.
Lake Shore Mines. Ltd.
J. (quar.)
(quar.)
SI
t$l
Landis Machine (quar.)
25c
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Lava Cap Gold Mining
Leath & Co.. preferred (quar.)
Lehigh Portland Cement Co. pref. (quar.)
Lehn & Fink Products Corp., common
Leslie Salt Co. (quar.)
Quarterly
Lexington Utilities Co., $6)^ pref. (quar.)...
Libbey-Owens-Ford Glass (reduced)
Life & Casualty Insurance of Tennessee
Liggett & Myers Tobacco pref. (quar.)
Lily-Tulip Cup
Lincoln National Life Insurance (Ft. Wayne)
Quarterly
Quarterly
Lindsay Light & Chemical Co., pref. (quar.)
Link Belt Co pr«f. (quar.)
Liquid Carbonic Corp
Little Miami RR., special guaranteed (quar.)
Special guaranteed (quarterly)
Special quaranteed (quarterly)
Original capital
Original capital
Original capital.,
Lock Joint Pips Co. (monthly)
8% preferred (quarterly)
;
8% preferred (quarterly)
8% preferred (quarterly)
8% preferred (quarterly)
Mar.
June
Sept.
Dec.
May
Apr.
Apr.
Mar.
Apr. 20
Mar. li>
Mar.
4
May
Aug.
May
Aug.
25c
Nov.
Nov.
$IH
Mar.
Mar.
$1H
UK
June
June
Sept.
Sept.
3
5
Dec.
Apr.
Apr.
Mar. 16
N ational- S tandard
Mar. 14
National Sugar Refining Co. (N. J.)
Natomas Co. (quar.)
Mar.
Mar.
05c
Mar.
Feb.
June
May 31
Mar.
Mar.
Mar.
Feb.
Apr.
Apr.
Mar. 18
Mar.
Mar.
30c
May
Aug.
July
26
26
30c
Nov.
Oct.
26
Mar.
Mar.
20c
Apr.
Apr.
16
Mar. 16
50c
June
50c
50c
Sept.
May 25
Aug. 25
Dec.
Nov. 25
$m
12c
Sltf
37Hc
30c
—
1
28
8
28
Mar. 10
Apr.
1
5
Mar.
Mar. 31
Apr.
July
June
Oct.
Sept. 21
Jan.
Dec.
Apr.
Mar.
Mar. 15
15c
50c
SIM
Norwich Pharmacal Co., common
Oahu Ry. & Land Co. (monthly)
Oahu Sugar Co. (monthly)........
Ohio Brass Co., class A & B
Ohio Edison Co., $5 preferred (quar.)
$6 preferred (quarterly)
$6.60 preferred (quarterly)
$7 preferred (quarterly)
$7.20 preferred (quarterly)
Extra
Apr.
14
$1H
June
25c
June
Sept.
Sept.
May
May
Aug.
Aug.
20
20
20
20
SIM
Long Island Lighting Co.. 7%
ser. A
Dec.
Nov. 21
Dec.
Nov. 21
87m
Apr.
Apr.
Mar. 15
$1 M
Apr.
Mar. 15
Mar. 18
6% preferred (monthly)
5% preferred (monthly)
Ohio Water Service Co., cumui. class A
Oklahoma Gas & Electric Co.. 6% cum. pref
7% cumui preferred (quarterly)
Oklahoma Natural Gas, prior pref. (quar.)
Omnibus Ooro. preferred (quar.)
Ontario Mfg. Co
S2M
Apr.
Mar. 17
..
Lord & Taylor (quar.)
Lorillard (P.) Co. (quarterly)
Preferred (quarterly)
Louisiana Land & Exploration Co
Louisville Gas & Electric, class A & B (quar.)
Apr.
Apr.
Mar. 15
$1M
10c
—
7% pref. (quar.)_
6% preferred (quarterly)
5% preferred (quarterly)
37 Mc
SIM
SIM
SIM
Louisville Henderson & St. Louis RR
$4
5% preferred fsemi-ann )
Lunkenheimer Co
6H% preferred (quarterly).
,
6H% preferred (quarterly)
6H% preferred (quarterly)
% preferred (quarterly)
Macassa Mines Ltd. (reduced)
Mack Trucks, Inc., common
Magma Copper Co..
Magnin (I.) & Co., 6% pref. (quar.)
Preferred (quarterly)
Preferred (quarterly)
Quarterly
Mangel Stores Corp., pref. (quar.)..
Manischewitz (B.) preferred (quar.)
Mansanto Chemical Co. (quar.)
Margay Oil Corp
Marion Water Co., 7% pref. (quar.)
Maryland Fund, Inc. (quar.)
$2M
SIM
SIM
SIM
SIM
5c
25c
35c
SIM
SIM
SIM
25c
....
■
.
.
SIM
•SIM
1 June 21
1 Sept. 21
Jan.
1 Dec.
21
Mar. 15 Feb.
18
Mar. 31 Mar. 15
Mar. 15 Feb. 26
May 15 May
Aug. 15 Aug.
Nov. 15 Nov.
1 Mar. 21
25
9 Mar. 23
1 Mar. 21
Mar. 15 Feb.
28
Mar. 15 Feb.
28
Mar. 21 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
May 31 May 30
Aug. 31 Aug. 30
Nov. 30 Nov. 29
Mar. 15 Feb. 15
Mar. 15 Mar
1
1 Mar. 15
Apr.
Memphis Natural Gas. pref. (quar.)
Memphis Power & Light. $7 pref. (quar.)
$6 preferred (quarterly)
Mesta Machine Co
SIM
SIM
Metal & Thermit Corp., 7% preferred (quar.)..
SIM
SIM
SIM
SIM
SIM
SIM
SIM
M
Metropolitan Edison, $7 pref. (quar.)
$5 preferred (quar
$7 prior preferred (quar.,
$6 prior preferred (quar.
$5 prior preferred (quar.,
Midvale Co. of Dela
75c
pref. (quar.)
SIM
SIM
Missouri Edison Co., $7 cum. pref
Missouri Gas & Electric Service Co
Mitchell (J. S.) & Co 7% pref. (quar.)
SI
Mock, Judson, Voehringer Co., Inc., pref. (qu.)
Mfg Co
Mohawk Carpet Mills, Inc
Monroe Chemical, pref. (quar.)
Monsanto Chemical Co. $4M class A pref. (s.-a.)
Modine
50c
25c
5
5
5
Montreal Loan & Mtge. (quar.)
Moore Corp. (quar.)
...
Quarterly
Quarterly
Feb. 28
Mar. 26
Mar. 15
Mar. 21
Apr.
Mar. 15 Feb. 28
Apr.
1 Mar. 16
Apr.
1 Mar. 15
Mar. 20 Mar. 10
_
Mar. 15 Mar. 10
1 Mar. 12
1 May
10
Mar. 15 Feb.
25
15 Mar.
1 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Co?,"Ltd","inc""(final)
SIM
SIM
SIM
Apr.
Apr.
Apr.
July
11%
Society (quar.)
Quarterly
Quarterly
SI
SI
Morristown Securities Corp. common
10c
Muncie Water Works Co. 8% pref. (quar )
Muskegon Piston Ring
$2
25c
Mutual Chemical Co. of Amer. 6% pref. (qu.)_.
1
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Mutual Telep. Co. (Hawaii) (quar.)
Myers (F. E.) & Bros. Co
1
S1J4
S1H
20c
75c
15
1
1
Mar. 31
Parke, Davis & Co
Penick & Ford, Ltd
1 Mar. 10
Mar. 10
Apr.
July
1
1
Oct.
Oct.
1
Jan.
Jan.
2
Mar. 24 Mar.
June
1 May
Sept. 1 Aug.
Dec.
1 Nov.
11
27
27
26
Apr.
2 Mar. 15
Mar. 15 Mar.
1
Mar. 31 Mar. 14
Mar. 28 Mar. 17
June 28 June 16
'Sept. 28 Sept. 15
Pec. 28
Dec.
15
<Mar. 15 Mar.
5
Mar. 28 Mar, 15
Apr.
1
Mar. 15
Mar. 15
Mar. 19
Mar. 15 Mar.
Pennsylvania Edison Co., $5 pref
Pennsylvania Power Co., $6.60 pref. (mo.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
86 preferred (quar.)
Pennsylvania Salt Mfg. Co
Pennsylvania Water & Power Co., common
Preferred
(quarterly)
Penney (J. C.) Co. common
Peoples Drug Stores, Inc. (quar.)
1 Mar. 21
May
(quar.)
preferred (quarterly)
1 Mar. 10
1 Mar. 10
1 Mar. 21
Apr.
$2.80 preferred
2 Apr.
1 Mar. 21
Mar. 15
20
May 20
May 20
June
June
Mar. 15 Feb
28
Mar. 15
Apr.
Apr.
_
Mar. 15
Mar. 31 Ma-
U
Mar.
8
Mar. 15 Mar.
1
Apr.
6 4 %preferred fauar.)..
Peoria Water Works, 7% pref.
_
Mar. 21
Apr.
Apr.
(quar.)
Perfect Circle Co., common (quar.)
Mar. 18
Apr.
...
Mar. 25
Mar.
1
Apr
Apr.
Philadelphia Co., S6 cumui. preference (quar.)..
$5 cumui. preferred (quarterly)
Philadelphia Electric Power, 8% pref. (qu.)
Mar. 11
Apr.
Apr.
(quar.)
Pfeiffer Brewing.
Mar. 10
Mar.
1
Mar. 31 Mar. 15
1
Apr.
1 Mar.
Pioneer Gold Mines of B. C., Ltd., com...—
Apr.
Mar. 15
Apr.
Apr.
Mar. 10
Mar. 10
July
June
Oct.
—
Sept. 10
1-3-39
10
12-10-38
4-1-39
3-10-39
7-1-39
6-10-39
9-10-39
10-1-39
1-2-40
12-10-39
Apr.
1 Mar. 10
June
May 20
Aug. 20
Sept.
Dec.
Nov. 21
Mar.
Mar. 12
Mar.
Mar. 15
June
June
Sept.
Sept. 15
Dec.
Dec. 15
Mar. 31
Mar. 31
Apr.
Apr.
Preferred Accident Insurance Co. (N.
Apr.
Mar.
Premier Gold Mining
Apr.
Quaker Oats Co. (quar.)...
Preferred (quarterly)
Quaker State Oil Refining (quar.)
Queens Borough Gas & Electric Co.,
6% cum. preferred (quarterly)
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
28
June
40c
__
Apr.
Apr.
Apr.
Pullman, inc
Pure Oil Co., 6% preferred
28
Feb.
1 Mar. 15
1 Mar. 15
15 Mar. 31
Apr. 15 Mar. 31
Mar. 28 Mar. 10
Y.)
Co., Ltd
Procter & Gamble, 5% pref. (quar.)
Prosperity Co., Inc., pref. (quar.)
Preferred (auarterly)
-Public Nat. Bank & Trust Co. (N. Y.) (qu.)
Public Service Co. of N. J. (quar.)
8% preferred (quarterly)
7% preferred (quarterly)
$5 preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
...
—-Public Service Electric & Gas Co. $5 pref. (qu.).
Public Service of Oklahoma, 6% prior lien (qu.).
7% Prior lien (quarterly)..-
28
Feb.
5 Mar. 15
Mar. 31 Mar. 19
Preferred (quarterly)
28
28
28
Feb.
Apr.
J 50c
Mar. 31 Mar. 15
Mar. 15 Feb. 28
Mar 15 Feb. 28
Pratt & Lambert, Inc
28
28
S2M
X%\%
50c
1 Mar. 15
1 Mar. 15
1 Mar. 15
18
Feb.
50c
(quar.)
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 15 Feb. 28
18
Feb.
8
1 Mar. 15
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
2
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 16
Mar. 31 Mar. 21
.
1
Mar. 19 Feb. 28
1 Mar. 15
1 Mar. 15
Mar. 15 Mar.
5
Pittsburgh Bessemer & Lake Erie RR. is.-a.)
Pittsburgh Ft. Wayne & Chlczgo Ry. Co., com.
7% preferred (quar.)—-—
7% preferred (quar.)7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Plate Glass
Pittsburgh Youngstown & Ashtabula Ry
7% preferred (quarterly).
7% preferred (quarterly).
7% preferred (quarterly)..
Plymouth Oil Co. (quar.)
...
Pollock Paper & Box Co. 7% preferred (quar.)..
7% preferred (quar.)
7% preferred (quar.'
(quar.).,
7% preferred (quar.).
Power "Corp. of Canada, Ltd., 6% cum. pf. (qu.)
ower Corp.
6% non-cumul. partic. preferred (quar.) —
Apr.
1 Mar. 11
_
Apr. 15 Mar. 25
Mar. 15 Mar.
5
Mar. 22 Mar. 10
Apr.
Apr.
Apr.
Apr.
....
Paraffine Companies
Preferred (quarterly)
Paramount Pictures, 1st pref. (quar.).
2nd preferred (quarterly)
Mar. 12
Mar. 12
1 Mar. 21
Apr.
Apr.
Mar. 14 Mar.
1 Mar. 19
Mar. 21 Feb. 25
Mar. 21 Feb. 25
Mar. 15 Mar.
1
Pacific Lighting. $6 pref. (quar.)
Pacific Telephone & Telegraph
common
1
1
1 Mar.
1 Mar. 15
Mar. 31 Mar. 10
Apr.
Apr.
Apr.
Pickle Crow Gold Mines
87 Mc
SIM
Pacific Indemnity Co. (quarterly)
Extra.
;
Pet Milk Co
Mar. 15 Mar.
Mar. 31 Mar. 15
Apr.
1 Mar. 15
Otis Steel, pref. (quar.)
Mar. 15
Mar. 20
50c
...
Preferred A & B (quar.)
Moore (W. R.) Dry Goods (quar.)
SIM
SIM
Apr.
Apr.
Apr.
Apr.
1M%
—
Penna. Gas & Elect. Corp., $7preferred
Apr.
75c
50c
412-3 c
70c
Penna. Glass Sand, pref. (quar.)
Apr.
75c
...
5
Mar. 15 Feb. 28
Mar. 15 Mar.
3
Apr.
(quar.)
*00
Paauhau Sugar Plantation Co. (monthly).
7%
Feb. 28
1 Mar. 16
Apr.
Mar. 15 Mar. 11
Mar. 15 Mar.
5
«¥-£
5
5
43 Mc
10c
75c
Extra
Oct.
43 Mc
43 Mc
McKesson & Bobbins. $3 pref. (quar.)
Morris Plan Insurance
15 Mar. 31
15 Aug.
15 Aug.
1
1 Mar. 21
37n1?
Mead Johnson (quar.)
QuHrt)6rlv
Morris (Philip) &
15 Mar. 31
Mar. 15 Feb
40c
McClatcby Newspapers. 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
McColl Frontenac Oil (quar.)
Preferred
Apr.
Apr.
Aug.
Aug.
Apr.
July
25c
■
(Quarterly)
:
Montgomery Ward & Co. (quar.)
Class A (quarterly)
Montreal Cottons, Ltd. (quar.)
15 Mar. 31
SIM
5c
2Mc
Preferred (quarterly)
R&er Power, $6
jApr.
50c
Master Electric Co., common
Mathieson Alkali Works (quar.)
Mississippi
Mar. 15
Mar. 15 Mar.
1*
Mar. 25 Feb
28
May 20
Mar .¥24 Mar.
vl
Ohio Oil Co.. pref.
(quar.)
Ohio Public Service, 7% pref. (mo.)
Preferred
1
Mar. 14
Apr.
Otis Elevator Co
30c
pref. (qu.)
6% series B preferred (quarterly)
Loose-Wiles Biscuit Co. 6% pref. (quar.)
Mar.
Apr.
SIM
Mar. 19
25c
30
Mar. 15
20c
Apr.
May
"
July
Nov. 15 Nov.
1
Mar. 31 Mar. 19
15c
Mar.
Extra
Aug. 15
1
1
1
June
1
Mar. 15
Apr.
Apr.
Apr.
25c
75c
5% refunding participating pref, (quar,)
2 Apr. 22
Mar. 15 Feb. 25
May 16 May
Aug. 15 Aug.
...
20c
SIM
Mar. 16
Mar. 16
Mar. 31 Mar. 18
75c
50c
$1.62
.....
7
7
Mar.
May
30c
Mar. 11
...
5% refunding participating pref. (quar.)
50c
S2M
25c
Extra
Extra
Mar. 12
1
SIM
12Mc
Mar. 30
Feb. 28
Mar.
50c
Mar.
50c
25c
,l&
Noblitt-Sparks Industries
24
Apr.
Apr.
Apr.
Apr.
SIM
SIM
Norfolk & Western Ry. (quar.)
North American Co., common (quar.)
Preferred (quar.)
30c
Longhorn Portland Cement Co.—
5% refunding participating pref. (quar.)
30c
Mar. 15
Mar,
50c
25c
May 25
21
Mar. 21 Mar. 10
1 Mar. 15
Apr.
12c
......
Aug. 25
Nov. 25
Mar. 22
1 Mar. 19
Apr.
Apr.
25c
25c
50c
30c
Class A (quar.)
Class A (quar.)
Dec.
Loew's, Inc.
Corp.....
J44c
50c
60c
Niles-Bement-Pond Co
Niagara Share, (Md.) pref. A (quar.)..
1900 Corp., Class A (quar.)
67c
Lone Star Gas Corp
Preferred (quar.)
|50c
SIM
New York Transit Co
Sept.
common.
Sltf
20c
Neiman-iviarcus Co., 7% pref. (quar.)
Neiiner Bros., Inc. (quar.)
Newberry (J. J.) Co. (quar.)
Newmont Mining Corp
New Amsterdam Casualty
(semi-ann.)
New England Fire Insurance
(quar.)
New England
Telep. & Teleg. Co
New Jersey Water Co., 7% pref. (quar.)
New York Lackawanna & Western
Ry
New York & Queens Electric Lt. & Power
$1.10
$1.10
$1.10
$2
$2
$2
$2
Apr.
Apr. 15 Mar. 11a
Mar. 21 Mar. 10
50c
June
Locke Steel Chain Co
Lone Star Cement
2d preferred
(quar.)
National Lead Co
Preferred B (quarterly)
Preferred A (quarterly)
National Paper & Type, 5% pref. (semi-ann.)..
Mar. 10
65c
30c
55c
40c
36c
SIM
SIM
(quar.)
Dec.
Holders
Payable of Record
Preferred A & B (quarterly)...
National Gypsum Co., 1st pref.
Mar.
62^0
I
When
Name of Company
National Battery Go. preferred (quar.)
National Biscuit Go. (quar.;
;
National Bond & Investment, common (quar.)
5% cumulative preferred (quar.)
National Breweries Ltd. (quar.)
Preferred (quarterly)
National Cash Register Co
National Casualty Co. (quar.)
National Dairy Products (quar.)
...
Mar.
25c
.
1661
Holders
Payable of Record
Kroehler Mfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)
6% class A preferred (quar.)
6% class A preferred (quar.)
Kroger Grocery & Baking Co 7% pref. (quar.).
6% preferred (quar.)
Lackawanna
I
Chronicle
15
Mar. 15
Mar. 10
Mar. 15
Mar.
Feb. 25
Apr.
July
Apr.
Apr.
July
Mar. 21
Mar.
Mar.
1
1
1
Mar.
Feb.
Mar.
Feb.
15
15
Mar.
Feb.
15
Mar.
Feb.
15
Apr.
Mar-
Mar. 15
Mar.
1
Apr.
Mar. 19
Apr.
Mar. 19
Mar.
Feb. 25
Mar. 10
Mar.
1
May
2
Mar.
75c
Mar.
May
Feb. 28
Apr
1 Mar. 15
,
Financial
1662
Per
Radio Corp. of Amer.,
B
$3H. lstpref. (quar.)—
preferred (quarterly)
Rayonier, Inc., $2 preferred
Reading Co., 2nd preferred (quar.)
Reeves (Daniel), Inc.
(quar.)
..
Opt. paym't, one sh. pfd. for each $100 div.
or
50c
12Hc
Apr.
Apr.
Mar. 15
Apr.
Apr. 14
_
Mar.
9
Reliance Mfg. Co. (111.) (quar.)
Preferred (quar.)
Remington Rand, Inc
25c. cash and 1% in pfd. stk. with warrants.
Preferred w. w. (quarterly)
Republic Steel, 6% prior pref. (quar.)
(quar.
Reynolds Metals Co 5 H % conv. pref
Rice-Stix Dry Goods, 1st & 2d pref. (qu.).
Richmond Water Works, 6% pref. (quar.)
Rich's, Inc., 6H% pref. (quar.)
Riverside Silk Mills, class A (quar.)
Robertson (H. H.) Co
Rochester Telep., preferred (quar.)
Roeser & Pendleton, Inc. (quar.)
Quarterly
Roos Bros., Inc. (Dela.) (quar.)
Rubinstein (Helena) class A (quar.)
St. Joseph Lead Co
Sangamo Electric Co. (quar.)—,
San Joaquin Light & Power, nr. pref. (quar.)-.Prior preferred A (quarterly)
Preferred A (quarterly)
Preferred B (quarterly)
Savannah Electric & Power, 8% deb. A (quar.)_
90c
15c
$1H
Mar. 24
28
3
Mar. 14
Mar. 21*
Mar. 15
Mar. 21
Mar. 15
Apr.
Mar. 15
U
1 Mar. 10
1 Mar. 10
1 Mar. 10
10
28
28
28
Mar, 15 Mar.
7
Mar. 15 Feb. 28
1 Mar. 16
Apr.
1 Mar. 17
1 June 16
1 Sept. 15
3 Dec. 17
1
(Interim)
Mar. 15 Feb.
28
Mar. 15 Feb.
28
Mar. 21 Mar. 10
Apr. 15 Mar. 31
1 Mar. 12
Apr.
1 Mar. 12
Apr.
Mar. 21 Mar. 11
pref. (quar.)
Typewriters---
Mar. 15 Feb, 21*
1 Mar. 10
Apr.
Apr.
Apr.
Apr.
25c
37 He
37Hc
34Hc
1X%
+1%
SIX
SIX
1 Apr. 15
May
Apr. 15 Mar. 21
July 15 June 30
1 Mar. 10
1 Mar. 10
Apr. 15
Mar. 19
Mar. 15 Feb. 19
Apr.
5 Mar. 20
Apr. 15
Mar. 20
Apr.
Mar. 19
Preferred
Preferred
$1
SIX
SIX
SIX
SIX
(quarterly).-(quarterly)
Preferred (quarterly)
United Elastic Corp
10c
United Gas & Electric Corp.,
preferred.__
United Gas Improvement (quar.)
$5 preferred (quarterly)
United Light & Rys
7% pref. (mo.)
6.36% preferred (monthly)
6% preferred (monthly)
United New Jersey RR. & Canal (quar.)
United Printers & Publishers, cum. preferred
United Profit Sharing, pref. (s.-a.),
United States Gypsum (quar.)
Preferred (quarterly)
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)
Common (quarterly)
Common (quarterly)
United States Playing Car Co. (quar.)
,
-
Extra
Preferred
Mar. 21
Apr.
Mar.
1 Mar. 15
1 Feb.
15
1 Mar. 15
Apr.
Apr. 10 Mar. 21
Mar. 24 Feb. 14
Apr. 30 Mar. 31
1 Mar. 15
Apr.
1 Mar. 15
Apr.
ar. 19 Feb. 28*
June 20 May 31*
Sept. 20 Aug 31*
Dec. 20 Nov. 30*
Apr.
Apr.
1 Mar
16
1 Mar
16
Mar. 15 Mar.
Mar, 12 Mar.
Apr.
July
15 Mar.
1
7*
15
15 June
15
Mar. 15 Feb.
Mar. 15 Feb.
28
28
1 Mar.
1
1 Mar.
1
6Hc
6Hc
SIX
Extra
86 H preferred (quar.)
Van Norman Machine Tool
40c
Vapor Car Heating Co., Inc., 7% pref. (quar,).
7% preferred (quar.)
7% preferred (quar.)
Veeder-Root, Inc. (quar.)
Extra
SIX
SIX
SIX
25c
25c
Vermont & Boston Telegraph Co
$2
Vicksburg Shreveport & Pacific Ry
Preferred (semi-ann.)
Victor Equipment Co., pref. (quar.)
Victor-Monaghan 7% pref. (quar.)
Viking Pump Co. (special)
Preferred (quarterly).
Virginia Electric & Power Co.. $6 pref. (qu.)
Virginia Public Service Co., 7% pref
Vulcan Detinning pref. (quar.)
Preferred (quarterly)
2H%
2H%
Mar. 31 Feb.
23
Mar. 31 Mar. 10
Mar. 21 Mar. 10
June 10 June
Sept. 10 Sept.
Dec. 10 Dec.
Mar. 15 Mar.
Mar. 15 Mar.
July
Apr.
Apr.
1 June 15
1 Mar.
8
1 Mar.
8
Mar. 15 Mar.
5
1
Apr.
Mar. 15
25c
Mar. 20
Mar.
1
60c
Mar. 15 Mar.
1
SIX
SIX
SIX
Mar. 21 Mar.
1
25c
common
Waldorf System, Inc., common.
Mar. 31 Feb. 23
75c
...
Preferred (quarterly)
Wagner Electric Corp.,
1 Mar. 21
25c
Walgreen Co. $4H pref. (quar.)
Mar. 15
9
Jan.
3 Dec.
.9
Mar. 24 Mar.
4
Mar. 15 Mar.
1
Mar. 31 Feb. 28
Mar. 31 Feb. 28
Apr.
Walker (H.)-Gooderhatn & Worts
Preferrred (auarterly)
Waltham Watch Co., 6% pref. (quar.)
Mar.
1 Mar. 10
1 June 10
1 Mar. 21
Van de Kamps Holland Dutch Bakers
1
12Hc
$2H
SIX
25c
15
$1
1
Mar. 15
50c
50c
1 Mar.
Apr.
Apr.
Apr.
$6 preferred
1
Mar.
1H
50c
50c
Anr.
$1 .16 2-3
Utah Power & Light, $7 preferred
28
Apr.
50c
50c
SIX
SIX
SIX
SIX
$15
$10
United States Trust Co. (N. Y.) (quar.)
Extra
Feb.
Mar.
t2$1
10c
(quar.)
Apr.
Mar.
53c
50c
SIX
United States Tobacco Co., common
Preferred (quarterly).
Mar.
Apr.
ly&
58V1
25c
United States Potash Co., 6% pref. (quar.)
United States Sugar Corp., common
Preferred (quar.)..
Apr.
37Hc
10c
United Carbon Co. (quar.)
—
20c
SIX
$1
25c
SIX
six
1 Mar. 10
Apr.
Apr. 20 Apr. 11
July 20 July 11
Oct. 20 Oct. 10
Mar. 21 Mar.
1
1 Mar. 20
Apr.
Mar. 15 Feb. 25
Mar. 15 Feb. 25
Mar. 15 Feb. 25
2 Mar. 26
2 June 25
Oct.
3 Sept. 24
Apr.
July
50c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10c
Square D Co
Mar. 15 Mar.
5
Washington Ry. & Electric 5% pref. (quar.)
5% preferred (semi-ann.)
Washington Water Power, pref. (qu.)
Mar. 15 Mar.
1
Waukesha Motors
25c
Apr.
Wayne Pump Co
Welch Grape Juice
Weill (Raphael) & Co., 8% pref. (s.-a.)
50c
25c
1 Mar. 17
Apr.
Mar. 21 Mhr.
1
Mar. 15 Mar.
1
1 Feb. 18
June 15 June
1
Wellington Fund, Inc
20c
Mar. 15 Feb.
Westinghouse Air Brakes (quar.)
25c
SIX
mx
15c
Staley (A. E.) Mfg., pref. (quar,)
$5 cumul. pref. (quar.)
Standard Brands, Inc., $4H cum. pref. (qu.)-(Quarterly)
Preferred (quarterly)—
Standard Oil Co. of Califbandard
Extra
fijf
*i£
SIX
25c
10c
25c
Standard Oil Co. of Indiana (quar.)-.
Standard Oil of Kentucky (quar.)
25c
Standard Oil of Ohio (quar.)-—----.
Preferred (quar.)
25c
l\&
SIX
—
pref. (quar.)
Mar. 21
Mar. 15
Corp., preferred (quar.)_
Sunset McKee Salesbook, class A (quar.)
Class B (quar.)
— _
Superheater Co. (quarterly)
Sutherland Paper Co
Swift & Co. (quarterly)
Sylvania Industrial Con)
Sylvanite Gold Mines, Ltd. (quar.)
1 Mar. 15
1 Mar. 15*
Mar, 31 Mar. 20
Mar. 20 Mar. 10
Mar. 20 Mar. lO
Apr.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Apr. 15 Mar.
Mar. 30 Mar.
Mar. 30 Mar.
15
15
31
18
18
1 Mar. 16
1 Mar. 16
Apr.
1 Mar.
8
3im
Mar. 15 Mar.
Mar. 15 Mar.
4
30c
25c
Tacony-Palmyra Bridge, class A (quar.)_
Preferred (quarterly)
Talcott
(James), Inc
Participating preferred (quar.)
Taylor Milling Corp
Teck-Hughes Gold Mines (quar.)
Telep. Bond & Share Co., 7% 1st pref—
$3 1st preferred
Tennessee Electric Power Co.,
6% 1st preferred (quarterly)
6% 1st preferred (quarterly)
7% 1st preferred (quarterly)
7.2% 1st preferred (quarterly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Terry Steam Turbine Co., 7% pref. (quar.)
Texas Corp. (quarterly)
Texas Gulf Sulphur (quar.)
68 He
25c
JlOc
28c
12c
lis
SIX
$1.80
50c
60c
$1H
4
1
Quarterly
19
19
Mar. 31 Mar. 15
May
Apr.
Apr.
Apr.
1 Mar. 17
1 Mar. 15
1 Mar. 15
1 Mar. 10
1 Mar. 10
Apr.
Mar. 15 Mar.
1
Mar. 15 Mar.
1
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Extra.
Wisconsin Power & Light, 6% preferred
7% preferred
1 May
Mar. 15 Feb.
Sept.
25
16
25
1 Mar. 15
1
Mar. 31 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 30 Mar. 31
July 30 June 30
Oct. 31 Sept. 30
1
May
1 Mar." 15"
Apr.
1 Mar. 16
Apr.
1 June 15
July
Mar. 30 Mar. 17
2
$1$1
six
May
2
May
Aug.
Aug.
2 Apr.
1 July
15
15
1 July
1 Oct.
15
Nov.
Nov.
1 Oct.
SIX
SIX
SIX
75c
Wisconsin Public Service Corp.—
7% cumul. preferred (quarterly)
6H% cumul. preferred (quarterly)
6% cumul. preferred (quarterly)
Worthington Pump& Mfg. prior pref. (quar.)_
Conv. prior preferred (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
Extra
Youngs town $teerpoor
SIX
SIX
SIX
six
10c
5c
25c
SIX
SIX
25c
2
Apr.
Apr.
5
5
1 Mar. 12
1 Mar. 12
1 Mar. 19
1 Mar. 19
1 Mar. 19
1 Mar. 22
1 Mar. 22
1 Mar. 15
Apr. 15
15
15
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 21 Feb. 28
Mar. 21 Feb. 28
Mar. 21 Feb. 28
Mar. 15 Mar.
4
Mar. 15 Mar.
4
Apr.
Apr.
Aim*.
Apr.
Apr.
1 Feb. 14
1 Feb. 14
1 Mar. 19
1 Mar. 15
1 Mar. 12
Mar. 15 Mar.
1
28
50c
Apr.
Mar.
4
50c
Mar. 15 Mar.
1
15c
25c
Apr.
1
2 June
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
t$lH
1$ 1.31M
Yellow Truck & Coach Mfg. Co., 7% pref.
Youngstown (Sheet & Tube pref. (q
(quar,).
16
50c
HP
50c
Extra
Mar. 15
Mar.
25c
SIX
SIX
SIX
SIX
six
SIX
50c
Quarterly.
Wrigley (Wm.) Jr. Co. (monthly)
Mar. 15
25c
SIX
Mar. 15
Mar. 15 Feb.
3 Sept 24
1 May 16
50c
Extra
Mar. 31 Feb.
15c
5
25c
—
.
1
Mar. 31 Feb.
SIX
l2m
(semi-ann.)
Inc
Weston Electrical Instruments, c
A (qu.)
West Jersey & Seashore RR. (s.-a.)—
West Penn Electric Co., class A
West Penn Power Co., 6% pref. (quar.)
7% preferred (quarterly)
Wheeling Steel Corp., $5 pref. (quar.)
$6 preferred (quarterly)
Whitaker Paper (quar.)
7% preferred (quarterly)
1.
Whiteman (Wm.) Co., Inc., 7% pref. (auar.)_.
Wieboldt Stores, Inc., 6% preferred (quar.)
$5 prior preferred (quar.)
Will & Baumer Candle Co., Inc., pref
Winsted Hosier Co. (quar.)
1 Mar.
Apr.
5c
50c
4
2 Mar. 26
Oct.
June
June
$4
Westminster Paper Co.
Mar. 15 Mar.
5c
___
25
68Hc
Apr.
July
SIX
S2X
SIX
25c
juarterly
Apr.
40c
i\i
Westmoreland,
1 Mar. 16
Apr. 15 Apr.
Mar. 14 Mar.
-
25c
15
Apr.
Apr.
Mar. 16 Feb.
-
Wesson Oil & Snowdrift Co., Inc., com
Extra
28
28
1 Mar. 15
12Hc
lltl
Prior preferred (quar.)..
Mar. 31 Mar. 21
25c
-
Prior preferred (quar.)
Prior preferred (quar.)
I$3H
(quarterly)
preferred (quarterly)
preferred (quarterly)
1 Mar. 15
43 He
43 He
pref. (quar.)
Non-convertible preferred (quar.)
Sun Life Assurance (Canada) (quar.)
6%
6%
l|Mar. 15
Apr.
Stercbi Bros. Stores,1st preferred (quarterly)
1 Mar. 15
15c
*
SIX
Spencer Trask Fund, Inc
Spiegel Inc. preferred (quar.)
Texon Oil & Land Co
Mar. 28 Mar. 21
1 Sept.
Smith H., Paper Mills,
Smith (L.C.) & Corona
Thatcher Mfg. Co
20c
4
Oct.
$6 cumulative preferred (quar.)
Sloss-Sheffield Steel A Iron, pref. (quar.)
Extra
SIX
SIX
4
Mar. 15
Mar. 21
5
Apr. 13 Mar. 31
Apr. 13 Mar. 31
1 Mar. 10
Apr.
1 Mar. 15
Apr.
1 Mar. 19
Apr.
1 Mar. 19
Apr.
(quar.)
Sunray Oil
United Bond & Share Ltd., common
Common
Mar.
Mar.
8
Sloss-Sheffield Steel <fe Iron Co.—
Sun Oil Co.
Preferred (quar.).
United Biscuit Co. of America pref. (quar)
21
Mar.
Mar. 21 Mar.
7% cumul. preferred (quarterly)
conv.
25c
1
Apr.
1
Apr.
1
Apr.
Mar. 28
Feb.
1 Mar.
Jan.
Siscoe Gold Mines, Ltd. (quar.)
Extra
Stokely Bros.,
25c
4
Mar. 15
Mar. 15
Oct.
-
Extra
_
Preferred (semi-ann.)
Union Premier Food Stores (quar.)
Union Twist Drill Co. (quar.)
1 Mar.
Apr.
Apr.
July
Apr.
July
Shattuck (Frank G.)
Sheep Creek Gold Mines, Ltd. (increased)
Starrett (L. S.) Co
Preferred (quar.)
Stein (A.) & Co., 6H%
Union Pacific RR
Apr.
1
Apr.
Mar. 15
75c
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar, 15 Feb. 28
1 Mar. 10
Apr.
SI
Co. (quar.)
7% cum. preferred (quarterly)
Southwestern Consol. Gas Utilities Corp
Southwestern Gas & Electric Co., 7% pref. (qu.)
Southwestern Light & Power, $6 preferred
Southwestern Natural Gas Co., $6 pfd. A (qu.)
South West Penna. Pipe Lines
20c
Mar. 31 Mar. 12*
30c
1 Mar. 15
Mar. 15 Feb. 28
62 He
Extra
$1
80c
SIX
Mar. 15 Mar.
1
Mar. 31 Mar. 24
Mar. 31 Mar. 24
United-Carr Fastener
Apr.
Seaboard Oil of Dela. (quar.)
Southwestern Bell Telep.
50c
37Hc
1 Mar. 21
Apr.
Mar. 15 Mar. 1
United Corp., $3 cum. preference (quar.)__
United Dyewood Corp. pref. (quar.)
Mar. 21 Mar. 10
Scran ton Lace Co
—
$1H
SIX
Jung 10
Mar. 15 Mar.
1
Apr. 1 Mar. 15
Mar. 31 Mar. 15
--
5H% preferred (quarterly)
20th Century-Fox Film Corp., common
Preferred (quarterly)
Underwood Elliott Fisher Co., common (quar.)Union Carbide & Carbon Corp
Union Electric of Mo., 7% pref. (quar.)—
Union Gas Co. of Canada (quar.)
Mar. 10
26
Mar. 21 Mar. 10
1 Mar. 21
Apr.
Manufacturing
Preferred (quarterly)
Socony-Vacuum Oil Co.
Sonotone Corp., pref. (quar.)
South Carolina Power Co., $6 lstpref. (qu.)
South Porto Rico Sugar Co., com. (quar.)Preferred (quarterly)
Southern Calif. Edison Co., Ltd.—
6% cum. partic pref. (ext.)
6% preferred series B (quarterly)
Original preferred (quarterly)
5H % preferred series C (quarterly)
Southern Canada Power Co., Ltd.—
6% cumul. partic. preferred (quarterly
Southern Colorado Power, 7% cum., pref
Southern Pittsburgh Water Co., 7% pref. (qu.)«
6% preferred (quar.)
Southland Royalty Co., common
South Penn Oil Co. (quar.)
62 He
Mar. 19
1 Mar.
Apr.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Shell Union Oil Corp., 5H% pref.
Sherwin-Williams of Canada, pref
Simon (H.) & Sons, Ltd., common
SIX
pref. (qu.)
Truax-Traer Coal. 6% pref. (quar.)--.
1 Mar. 10
Apr.
Mar. 15 Feb. 25
Mar. 21 Mar.
6
1 Mar. 16
Apr.
July
7% preferred (quarterly)
5H% preferred (quarterly)
Scott Paper Co., common
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Tri-Continental Corp., $6 cumul.
Trico Products Corp. (quar.)
Holders
Feb.
Apr.
Apr.
Apr.
__
$1
When
Payable of Record
Apr.
Apr.
6% preferred (semi-ann.)__
(quarterly)
Mar.
4
25c
12, 1938
Mar.
Schiff Co., common (quar.)
Seeman Bros,
Apr. 21
Mar. 21
Mar.
7H % debenture B (quarterly)
Selected Industries, Inc., $5H prior stock
Servel. Inc pref. (quarterly)
SIX
Tilo Roofing Co., Inc. (quar.)
Mar. 25 Mar.
7% debenture C (quarterly)
6H% debenture D (quarterly)
Scovill
Tide Water Assoc. Oil, pref. (quar.)
Todd Shipyards Corp
Mar. 28
Apr.
Apr.
Apr.
Apr.
Apr.
Share
Company
28
Mar. 15
Feb.
Mar. 15 Feb.
Apr.
May
Apr.
Name of
Mar. 16
cash.
Reliable Fire Insurance Co. (Ohio) (quar.)
Per
Payable of Record
*1%
Raybeetos-Manhattan, Inc
March
Holders
When
Share
Name of Company
Chronicle
Mar. 31 Mar. 10
1 Mar. 15
*
Transfer books
t On account of
t Payable in Can
eduction of a tax
ot closed for this dividend,
simulated dividends.
ian
5%
nds, and in the
case of non-residents of
Canada
the amount of such dividend will be made.
Volume
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
weekly statement issued by the
Clearing House is given in full below:
»
♦
Clearing House
Bank of New York at the close of business Masch 9, 1938,
NEW YORK
Net Demand
Members
Deposits,
Average
previous week and the corresponding
Time
Deposits,
Surplus and
Average
Undivided
Capital
following shows the condition of the Federal Reserve
in comparison with the
date last year:
CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATUxvDAY, MARCH 5, 1938
STATEMENT OF MEMBERS OF THE
York
New
The
New York City
The
1663
Chronicle
Financial
146
Profits
Mar. 9,
Mar. 10,1937
1938 Mar. 2, 1938
$
$
$
Assets—
Gold certificates
1
Bank ol N Y A Trust Co
6,000.000
Bank of Manhattan Co.
20,000,000
National City Bank
Chem Bank & Trust Co.
77,500.000
20.000,000
90,000,000
42,419,500
21.000,000
15,000,000
10,000,000
50,000.000
4,000,000
100,270,000
500,000
25,000,000
10,000,000
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover BkATr Co
Corn Eich Bank Tr Co.
Flret National Bank
Irving Trust Co
Continental Bk A Tr Co
Chase National Bank—
Fifth Avenue Bank
Bankers Trust Co
Title Guar A Trust Co..
131,390,700 dl,890,421,000
New York Trust Co
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
49,654,000
e752,695,000
12,980,000
98,423,000
271,939,000
72,769,000
77,908,000
3,660.300
76,932.400
1,265.200
9,021,000
5,000,000
12,500,000
7,000,000
7,000,000
Marine Midland Tr Co..
11,533,000
40,209,000
178,580,000
9,467.000
57,897,000
99,126.000
55,673,000
25,581,000
3,092,000
6,909,000
9,804,000
48,035,000
2,392,000
41,422,000
2,821,000
10,179,000
13,372,700
145,269,000
395.851.000
25,862,300
/58,834,500 al,429.030,000
476,151,000
54,625,900
181,690,100 &1,288,637,000
458,340,000
45,129,300
70,476,200
C702,130.000
18,052,000
245.591,000
454.301.000
108,207,600
450,829,000
61,732,200
38.680,000
4,158,700
27,798,700
8,154,000
8,949,900
hand and due from
on
United States Treasury_x
Redemption fund—F. R. notes
Other cash
3,777,708,000 3,819.419,000 3,362,253,000
883,000
1,064,000
917,000
68,569,000
120,165,000
111,074,000
t
Total reserves
3,898,790,000 3,931,557,000 3,431,705,000
Bills discounted:
Secured
by
U. S.
Govt,
obligations.
direct or fully guaranteed
Other bills discounted
Total bills
35.269,000
United States
3,381,000
53,787,000
*
As
523,189,500
per
official reports:
909,313,700
National Dec, 31,
Treasury notes
202,679,000
341,828,000
195,049,000
HOUSE
CLEARING
WITH
THE
349,978,000
739.554,000
652,260,000
747,045,000
662,110,000
73,000
3,772,000
119,366,000
9,940,000
14,111,000
Total bills and securities
publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended March 4:
IN
202,679,000
341,826,000
195,049,000
739,554,000
....
Total U -8. Government securities..
1937; trust
York "Times"
NOT
1,095,000
5,805,000
64,000
3,968,000
133,584,000
9,940,000
4,736,000
137,789.000
10,105,000
13,701,000
13,093,000
143,238,000
159,044,000
695,157,000
9,311,598,000
1937; State, Dec. 31,
d $116,541,000; e $38,218,000.
INSTITUTIONS
2,950,000
215,000
4,316,000
Government securities:
Bonds
companies, Dec. 31, 1937. f As of Jan. 4, 1938.
Includes deposits in foreign branches: a $283,233,000; 6 $89,706,000; c $2,337,000;
The New
2,960,000
207,000
4,312,000
Treasury bills
Totals
2,414.000
536,000
2,424,000
.....
Bills bought in open market
Industrial advances
2,520,000
440,000
746,497,000
discounted
2,098,000
326,000
CLOSING
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected items
Bank premises
All other assets
Total assets.................
OF
85,000
4,792,549,000 4,839,859,000 4,259,623,000
BUSINESS FOR THE WEEK ENDED FRIDAY, MARCH 4, 1938
NATIONAL AND
STATE
BANKS—AVERAGE
FIGURES
Liabilities—
F. R. notes In actual circulation
Other
Loans,
Cash,
Res. Dep.,
Dep. Other
N.
Deposits—Member bank
Disc, and
Including
Banks and
Gross
Investments
Bank Notes
Elsewhere
Trust Cos.
Deposits
$
$
$
$
Grace National
..
U. 8. Treasurer—General account....
Foreign bank
Other deposits
21,188,300
21,634,000
4,187,586
122,600
7,369,800
469,000
Trade Bank of N Y__
7,286,000
2,454,264
2,322,200
708,000
261,084
27,195,300
26,598,000
6,090,271
Brooklyn—
Lafayette National._
People's National—
6,006,400
4,715,000
279,400
92,000
1,382,000
1,005,700
670,000
653,000
7,775,800
5,541,000
Sterling National
reserve aco't
882,198,000
910,207,000
918,258,000
3,291,151,000 3,249,175,000 2,961,693,000
30,269,000
87,681,000
98,379.000
28,303,000
42,452,000
44,862,000
101,112,000
227,187,000
247,828,000
$
Manhattan—
Y. and
312,689
Total deposits
3,648,471,000 3,640,244,000 3,121,377,000
Deferred availability items
113,115,000
Capital paid in
TRUST COMPANIES—AVERAGE
Res.
Loans,
Disc, and
Cash
N.
Dep.,
All other liabilities
Total liabilities
Dep. Other
Y. and
51,943,000
7,744,000
8,210,000
1,917,000
Surplus (Section 13b)
Reserve for contingencies
FIGURES
Bank* and
Elsewhere
Investments
50,942,000
Surplus (Section 7)
Trust Cos.
$
$
$
53,354,100 ♦6,350,900
200,011
9,202,452
11,709,798 *1,880,533
*6,819,900
19,718,600
27,412,200 *15,290,500
67,033,500 24,358,123
Ratio
Deposits
Federation
Fiduciary
Fulton
rj*wyf»rs
United States
$
13,329,200
1,534,517
2,123,983
1,310,300
of
total
4,792,549,000 4,839,859,000 4,259,623,000
to
reserve
deposit
and
1,911,785
17,529
461,400
66,628,400
10,872,592
12,947,627
858,900
to
maks
Industrial
4,344,000
ad¬
vances
76,767,843
85.7%
86.2%
230,000
4,328,000
Commitments
23,737,600
41,372,500
15,357,680
85.5%
230,000
Contingent liability on bills purchased
for foreign correspondents
%
3,938,100
7,744,000
9,260,000
1,746,000
Gross
F. R. note liabilities combined
Manhattan—
Empire
134,473,000
51,351,000
51,474,000
160,836,000
50,944,000
51,943,000
7,744,000
8,210,000
1,680,000
t "Other cash" does not Include Federal Reserve
notes or a
8,074,000
bank's
ewn
Federal
Reserve bank notes.
Brooklyn—
58,000 113,267,000
41,479,486
These are certificates given by the United States Treasury for the gold takea
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
Empire, $4,453,300; Fidu¬
ciary, $1,487,031; Fulton, $6,524,200; Lawyers, $14,670,400.
100 cents to 59.06 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.
Brooklyn
3,117,000
2,102,612
82,968,000
Kings County
32,585,530
*
34,583,000
12,237,910
*
Includes amount with Federal Reserve as follows:
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
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
oj
the Federal Reserve System upon the figures for the latest week appears in our
department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week late/
items of the
Commencing with the statement of May 19, 1937, various changes
described in
an
were
announcement of the Federal Reserve Bank of New York of
made in the breakdown of loans
April 20, 1937,
as
as
reported In this statement, which were
follows:
The changes in the
report form are confined to the classification of loans
amounts of (1) commercial, industrial and agricultural loans, and (2) loans
and discounts.
This classification has been changed primarily to show the
(other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York
City and those located
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
market" under the revised caption "open market paper/' instead of in "all other loans," as formerly.
securities.
outside New York City.
cial paper bought in open
Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans" and "other loans'
be segregated as "on securities" and "otherwise secured and unsecured."
would each
A
more
detailed explanation of the revisions was published in the
May 29, 1937, issue of the "Chronicle." page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS. ON MAR.
2. 1938, (In Millions of
Federal Reserve Districts—
Total
ASSETS
Boston
$
New York
$
Phila.
Cleveland Richmond
Chicago
St. Louts
$
Atlanta
$
Minneap. Kan. City
Dallas
Dollars)
San Fran.
$
$
1,205
8,678
1,100
1,802
618
549
3,025
653
388
644
486
2,083
627
3,693
449
706
243
287
940
308
167
259
232
1,022
559
37
234
50
48
14
11
41
48
9
17
10
40
3,798
247
1,576
155
239
95
145
525
141
72
145
139
319
431
Loans and investments—total—
82
173
27
13
13
4
47
10
7
19
2
34
21,231
8,933
Loans—total
$
$
$
$
$
)
$
Commercial, Indus, and agrlcul. loans:
On securities
Otherwise secured and unsecured.
Open market
paper
Loans to brokers and dealers
769
27
614
19
25
4
7
44
4
1
3
2
19
616
34
288
35
38
16
15
85
13
9
12
14
57
1,158
83
232
58
173
30
28
88
47
6
21
20
372
82
4
54
3
3
2
2
4
7
713
57
263
49
123
29
24
48
11
10
74
Other loans for purchasing or carrying
securities
...
Real estate loans
Loans to banks
1
2
Other loans:
On securities
12
13
Otherwise secured and unsecured..
807
56
259
53
44
40
51
58
27
51
28
35
105
United States Government obligations
8,137
1,159
3,002
5,627
427
3,291
301
781
282
153
1,484
198
168
225
174
653
21
469
90
60
32
34
189
49
14
46
29
126
130
1,225
260
255
61
75
412
98
39
114
51
282
322
2,853
247
333
149
110
785
143
78
166
113
328
Obligations fully guar, by U. 8. GovtOther securities
Reserve with Federal Reserve Bank..
Cash In vault
279
36
63
16
34
16
11
51
9
5
10
9
19
127
154
157
207
123
118
352
121
72
217
184
207
79
606
84
103
34
38
86
23
17
23
27
210
992
6,400
770
1,014
404
328
2,112
401
250
464
400
846
5,260
265
1,086
281
749
197
182
884
184
122
145
130
1,035
673
23
352
23
18
13
17
117
11
1
14
21
63
5,384
Other assets—net
2,039
1,330
14,381
Balances with domestic banks
215
2,208
283
331
211
204
790
256
123
341
182
240
7
3
"~6
"""320
56
93
81
330
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government
deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
——
368
10
329
4
1
1
9
805
"~25
356
"l6
17
23
5
20
3,630
239
1,618
227
349
92
89
367
Borrowings
Other liabilities
Capital account
1
—
13
—-
89
Financial
1664
March
Chronicle
1938
12,
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,
The following was
March 10
banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions
showing the condition of the twelve Reserve
Mar. 9,
Mar. 2,
1938
omitted
Thru cipher»(000)
1938
Feb.
2,
Jan.
26,
1938
$
$
Jan.
12,
1938
Mar.
10,
1937
5
$
9,119.891
8,324
403,894
8,846,407
11,198
440.664
9,118.394
9,393
426.665
9,568.002
9,554,452
9,532.109
9,120,630
7,632
6,979
3,838
3,811
7,420
3.695
3,919
1,005
11,470
10.790
11,115
4,924
548
548
540
3,083
17,788
17,929
17.829
17.883
23,037
727,573
1,172,213
727,573
533,682
1,172,213
728,073
1,171.713
747.039
1,170,213
1,159,497
1,303,971
674,229
664,229
664,229
064,229
657.479
592,574
2.564,015
2,564,015
2,564,015
2,564,015
2.504,015
2,564.015
2,430,227
2,592,019
2,593,403
2,593,571
2.593,962
2,593,182
2,593,553
2,461,271
9,117,895
9,443
439,441
9,116,097
10,612
430,902
9,616,196
9,613,955
9.563.830
9,557,011
6,471
3,163
6,661
3,487
6,300
3,620
7,450
3,765
7,545
3,675
9,634
10,148
9,920
11,215
11,220
542
550
550
548
548
548
17,357
17,453
17,517
17,536
17,625
702,683
702.683
1,185,103
676,229
714,683
1,175.103
674,229
714.683
1,175,103
674,229
719,573
1,185,103
676,229
2,564,015
2,564,015
2.564,015
2,590,333
2,591,652
2,592.230
9.638,762
19,
1938
9,116,097
10,183
437,550
9,167,600
9,155
Jan.
263,025
_
-
Total bills discounted.
Bills bought In open market
Industrial advances
United States Government securities- -Bonds..
Treasury notes
Treasury bills
-
Total U. 0- Government
securities.——..
securities.-
Foreign loans on gold
—
Total bills and securities
Gold held abroad
—
Uncollected
171
171
171
171
171
179
225
20,903
21,636
479,937
44,940
42,804
21,522
t533,855
24,584
27,200
503,242
30,477
674.127
564,065
178
—-
—
Total assets..
169
19,569
568,503
44,861
46,646
16,155
493,619
12,861,620
Items
premises
All other assets
169
17,644
500,039
44,861
49,250
Due from foreign banks
Federal Reserve motes of other banks.
Bank
Feb.
1938
8. Government obligations,
fully guaranteed..
Other bills discounted
Other
1938
%
9,173,603
9,308
455,851
5,366
3,053
..
Bills discounted:
U.
9,
8,419
Total reserves..,-..
by
16,
Feb.
9,163,600
9,155
441,200
9,178,601
9,104
471,610
9,659,315
Other cash *—
or
Feb.
1938
8
U. S. Treas.x
Redemption fund (Federal Reserve notes)
direct
23.
1938
ASSETS
Gold dtfs. on hand and due from
Secured
1938
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH. 9.
COMBINED
12,910,162
12,807,932
13,003,090
4,134,017
4,144*684
4,126,230
4,119,686
44,929
44,634
087,258
44,950
43,834
22,043
44,971
45,011
614,313
45.033
41,962
40,840
39.625
38,480
46,015
50,043
12,746,721 tl2.793.003
12.775,812
12,874.036
12,813.959
12,264,292
4,125,104
4,137,750
4.119,084
4,155,272
4,190,134
4,169,467
7,204,708
156,272
153,380
280,341
7,249,290
142,071
151,864
231,389
7.295,871
117,322
7.218.937
7,193,380
6,749,105
135.018
115.321
157,748
235,604
167.934
250.047
174,704
226,333
186,381
79,217
159,198
45.034
LIABILITIES
Federal Reserve notes In actual circulation...
United States
Other
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All
other
....
liabilities
...
Total liabilities
Ratio of total reserves to deposits andJFederal
Reserve note liabilities combined..
Contingent liability on bills
foreign correspondents..
purchased
7,820,132
7.839,008
7,856,070
7,794,701
7,775,220
7,806,545
7,771.936
7.709,738
7,173,901
597,762
133,217
147,739
495,425
133,217
147,739
679,755
568.580
147.739
597,884
133,041
147.739
27,683
32,984
5,961
27,082
32,985
5,646
t534,020
133,087
147,739
27,683
33,019
5,139
503,674
133,193
147,739
27,683
32,985
5,379
479,882
123,131
147,739
27,683
33,019
5,462
27,683
33,019
27,683
33,019
4,909
7,462
33,052
3,962
571,707
132,276
145,854
27,490
36,200
7,397
12,910,162
12307,932
13.003,090
12,746,721 tl2,793,663
12,775,812
12.874.036
12.813.959
12,264,292
80.4%
80.6%
80.4%
80.3%
80.2%
80.2%
80.2%
80.1%
80.1%
80.4%
640
830
1,010
1,122
1,379
1,592
1,784
1,836
12,985
13,031
13,078
13,108
13,149
13,369
13,388
12,723
12,895
19,496
6,579
—
155,041
145,809
297.660
640
Total deposits
Deferred availability items
7,240,498
12,861,620
deposits
7,215,012
184,501
124,158
296.461
496,700
133,265
147,739
27,683
32,985
8,307
Treasurer—general account.
Foreign banks....
7,310,761
180,851
117,260
272,052
7,880,924
Deposits—Member banks' reserve account...
7,215,592
187,286
152,080
301,712
7,815
8.952
4,240
133.069
133,071
147.739
27,683
for
Commitments to make Industrial advances.
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
7,755
9,072
9,118
8,215
8,701
419
424
398
512
458
635
714
430
149
768
894
893
652
589
579
578
742
310
373
300
464
575
563
664
797
774
636
65
320
332
273
299
416
391
507
509
606
160
8,419
9,634
10,148
9,920
11,215
11,220
11,470
10,790
11,115
4,924
47
93
101
152
299
281
186
91
47
46
64
150
298
259
185
""297
'"""86
47
64
198
215
""263
198
Total bills discounted.
8,093
428
719
31-60 days bills discounted
61-90 days bills discounted.
Over 90 days bills discounted
371
140
886
3,083
1-15 days bills bought In open market.....
16-30 days bills bought in open market
31-60 days bills bought In open market
61-90 days bills bought in open market...
Over 90 days bills bought In open market
Total bills bought In open market.
"""402
"350
185
70
1,934
542
540
1,415
1,156
*470
163
174
312
270
162
87
467
710
402
692
087
765
619
334
415
324
340
354
365
383
299
496
785
742
803
496
14,637
14,621
14,622
15,084
15,153
15,280
15,170
15,133
20,648
17,453
17,517
17,536
17,625
17.788
17,929
17,829
17,883
23,037
104,218
56,383
136,562
194,321
2,072,531
120,282
90,644
129,204
183,568
2,034,317
40,367
174,018
120,256
173,474
40,167
42,920
33,725
144,987
138,071
158,638
40,307
242,901
32,746
33,725
2,081,502
136,812
2,101,015
121,791
2.158.329
33,296
30,630
78,087
260.101
2,161,901
25,474
12,250
2,055,900
38,857
243,626
129,204
2,118.603
30,630
37.720
234,085
120,256
2.141.324
2,270,771
2,564,015
2.564,015
2,564,015
2,564,015
2.564.015
2,564,015
2.564,015
2.564,015
2,430,227
4,459,063
325,046
4,458,426
4,450,417
324,187
4.458.159
338,473
4,474,679
349,595
4.474,787
337,031
4,489,070
313,742
369,986
4,516,887
361,615
4,587,496
397,302
4,474,025
304,558
4,134,017
4,144,684
4,126.230
4.119,086
4,125,104
4,137,750
4,119,084
4,155.272
4,190.134
4,169,467
4,536,632
4,532,632
8,466
25.000
4,536,632
4,536,632
33,000
9,472
33.000
4.671.132
9,998
25.000
4,158,132
8,665
25,000
4,569.632
10,159
33,000
4,606,632
9,144
25.000
4,537,632
9,936
25,000
4.536.632
7,308
20,000
4,563,940
Total U. 8. Government securities....
548
1,368
2,564,015
...
548
1,250
17,357
......
548
1,165
14,541
......
548
1,670
447
1-15 days U. 8. Government securities
16-30 days U. 8. Government securities
81-60 days U. S. Government securities
61-90 days U. S. Government securities
Over 90 days U. 8. Government securities
548
1,676
274
Total Industrial advanoes.
550
1,590
752
61-90 days Industrial advances
Over 90 days industrial advances.
550
1,343
1-15 days Industrial advances
16-30 days Industrial advances...
31-60 days Industrial advances
4,506,098
4,570,776
4,570,297
4,572,568
4,579,539
4,812,791
4,649,104
4,700,130
4,587,650
217,424
843
55,905
65,827
1-15 days other securities
16-30 days other securities..................
31-60 days other securities.................]
61-90 days other securities
Over 90 days other securities................
....
...
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
.......
In actual circulation...
.............
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs. on hamd and due from u. 8. Treas..
By eligible paper
United States Government securities.......
.....
Total collateral
•
z
"Other
These
cash"
are
does
not
include
Federal
Reserve
notes,
t
Revised
9,907
figure.
certificates given by the United States Treasury tor the gold taken over from the Reserve banks when the
cents on Jan, 31, 1934, these certificates
being worth less
provjsiuns of the Gold Reserve Act of 1934.
4,518
65,000
to the extent of the difference, the difference
dollar was devalued
from 100 cents to 59.06
profit
by the Treasury under
tself having been appropriated as
Volume
Governors of the Federal Reserve System (Concluded)
Weekly Return of the Board of
WEEKLY STATEMENT OF RESOURCES AND
Boston
New Yorl
S
Cleveland Richmond
Phila.
%
Total
BUSINESS MARCH 9, I93«
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Three Ciphers (000) Omitted
Federal Reserve Agent at—
1665
Chronicle
Financial
146
%
Atlanta
Dallas
Minneap. Kan. City
St. Louis
Chicago
San Fran.
'
$
RESOURCES
Gold
certificates
hand
on
due
and
$
291,509
628,466
469,612
501,641 3,777,708
9,178.601
from United States Treasury
%
$
228,556 1,711,465
$
669,812
175,192
259,520
187,747
277,373
$
%
$
$
%
9,104
511
917
1,073
734
862
1,312
725
685
347
433
470
1,035
471,610
50,225
120,165
37,726
43,287
27,882
18,096
69,720
14,364
9,588
26,777
12,809
40,971
552,377 3,898,790
508,411
672,487
320,253
247,964 1,781,910
292,422
197,682
286.730
188,471
711,818
240
Redemption fund—Fed. Res. notes..
Other cash *
9.659,315
Total reserves.
Bills discounted:
Secured by U. S. Govt, obligations,
5,366
2,098
960
314
350
426
65
55
164
47
84
326
676
161
207
554
16
40
76
466
254
193
8,419
Total bills discounted
647
3,053
direct and (or) fully guaranteed..
Other bills discounted
731
2,424
1,636
475
557
980
81
95
76
630
301
433
41
207
56
51
2,660
51,589
.87,005
4,312
990
1,705
124
682
201
574
468
922
1,400
69,347
37.353
29,451
77,391
31,373
22,814
36,203
116,955
62,997
49,669
130,522
38,477
61,059
49,645
195,049
55,810
66,736
35,947
28,341
74,477
52,913
30,192
27,341
46,113
59,150
341,826
3,319
57,992
97,808
21,955
34,841
26,313
56,923'
2,564,015
188,239
739,554
211,610
253,038
136,297
107,461
282,390
114,478
83,246
132,103
99,767
215,832
2,590,333
Industrial advances
191,671
746,497
216,621
254,554
138,583
108,584
283,221
114,777
83,898
133,217
101,006
217,704
-
U. 8. Government securities—Bonds.
Treasury
notes...........—
Treasury bills
-
Total U. 8. Govt, securities
Total bills and securities
702,683
1,185,103
676,229
3
68
:
„
99,759
12
12
73
17
16
7
6
21
2
2
5
5
249
3,772
812
1,080
1,106
2,603
3,203
1,163
368
555
1,522
500,039
49,350
119,366
36,728
44,945
44,358
22,590
63,697
24,158
13,888
1,211
25.677
Items
23,810
31,472
3,329
44,861
2,992
9,940
2,687
2,112
4,569
2,333
1,493
3,142
1,269
3,087
14,111
4,805
5,637
6,190
49,250
premises
All other resources
Total
19
178
Fed. Res. notes of other banks
Bank
202,679
24
17,644
Due from foreign banks
Uncollected
39
16
16
2
542
17,357
Bills bought In open market
5,254
2,904
1,929
4,618
1,897
1,664
2,241
1,771
4,137
799,738 4,792,549
773,031
984,526
509,898
385,788 2,141,239
436,752
298.99
452,223
316,887
969,994
12,861,620
resources.
LIABILITIES
4,134,017
277,219
910,207
310,339
418,808
196,817
152,516
967,110
178,321
136,304
167,511
81,050
337,815
7,310,761
F. R. notes In actual circulation
427,915 3,291,151
376,407
460,612
207,586
5,154
238,273
186,977
4,350
186,544 1,017,075
30,029
4,442
130,014
87,681
241,199
2,991
647,008
9,928
Deposits:
Member bank
reserve account
Foreign
Other
Total deposits....
7,880,924
954
6,345
3,661
709
3,062
12,728
198,107 1,061,946
222,586
139,789
249,366
199,181
577,950
67,147
25,260
13,465
2,903
25,192
25,577
29,652
4,144
3,153
3,613
3,925
3,892
1,142
1,270
10,143
9,805
2,121
2,000
393,103
488,903
253,869
113,115
35,789
44,470
44,165
50.942
12,277
13,154
14,323
51.943
1,917
13,085
5,626
22,387
3,894
4,667
1,007
3,177
3,409
730
1,429
545
1,001
1,401
1,603
7,285
1,215
1,936
934
1,776
684
324
534
850
264
444
321
216
508
984,526
509,898
385,788 2,141,239
436,752
298,995
452,223
316,887
969,994
4,411
599
4,445
4,964
13,466
7,744
8,210
2,000
1,646
773,031
799,738 4,792,549
22,227
4,949
:
bills purchased
640
46
230
63
59
27
Commitments to make Indus, ad vs..
1,498
4,328
146
1,462
1,552
19
15
19
19
45
485
41
97
268
.826
76
22
12,985
282
for foreign correspondents....
•
8,286
3,036
4,660
1,448
12,861,620
on
3,384
4,042
8,307
Total liabilities
Contingent liability
3,384
909
32,985
133,265
Reserve for contingencies.
All other liabilities..
2,684
11,437
147,739
27,683
Capital paid In
Surplus (Section 7).._
Surplus (Section 13-B)__
3,501
42,452
50,641
9,404
9,900
2,874
496,700
1.
5,758
13,888
447,653 3,648,471
272,052
Deferred availability Items
7,000
4,085
227,187
8,403
4,759
117,260
bank
deposits..
3,430
5,019
13,512
10,737
6,576
180,851
U. 8. Treasurer—General account-
"Other cash" does not include Federal Reserve notes.
STATEMENT
FEDERAL RESERVE NOTE
.
Three Ciphers (000) Omitted
Federal Reserve Bant of—
%
Federal Reserve notes:
In actual circulation
held
...
certificates
140,187
176,364
91,426
381,047
12,631
3,883
8,853
10,376
43,232
24,362
25,674
11,032
17,631
4,134,017
277,219
910,207
310,339
418,808
196,817
152,516
967,110
178,321
136,304
167,511
81,050
337,815
341,000 1,035,000
337,000
445,000
209,000
156,000 1,000,000
196,632
142,500
177,000
93,500
404,000
2,394
1,141
321
557
81
55
75
612
299
423
176.678 1,000,081
196.687
142,575
177,612
93,799
404.423
325,046
hand
and
334,701
170,147
207,849
444,482
due
672
7,308
U. 8. Government securities..._..
Total collateral
.....
.....
338,141
341,672 1,037,394
4.563,940
Securities
Government
States
678
20,000
20,000
on
the
209,557
445,321
New
Transactions
at
the
New
York Stock
Stock
York
Daily, Weekly and Yearly—See page
Exchange,
1681.
Exchange—See following page.
Stock and Bond
Treasury Bills—Friday, March 11
United States
Rates
$
.
190,952
994,699
27,589
311,000 1,016,209
106,002
33,781
4,459,063
Eligible paper
United
$
$
$
S
banks:
to
on
from United States Treasury
>.
$
$
San Fran.
Dallas
Minneap. Kan. City
St. Louis
by Agent as security
for notes Issued
Gold
Chicago
Atlanta
S
$
S
?
$
•
Cleveland Richmond
Phila.
New York
4,536,632
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral
Boston
Total
quoted
are
THE
for discount at purchase.
Bid
Asked
Bid
Averages—See
Asked
page
1681.
BOURSE
PARIS
Quotations of representative stocks as received by
of the past week:
cable
each day
Mar. 10 Mar. 11
Mar, 5
0.12%
May
Mar. 23 1938
0.12%
May 25 1938
0.12%
0.12%
0.12%
June
June
0 12%
June 22 1938
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
April 27 1938
0.12%
June 29 1938
0.12%
0.12%
0.12%
July
6 1938
0.12%
Mar. 9
Francs
Francs
Francs
5,900
1,007
5,800
1,010
5,900
1,019
6,000
412
405
410
412
208
206
209
210
201
24,000
24,300
24,500
24,400
23,900
Cie Distr d'Electricite
4 1938
Mar. 8
Francs
Mar. 16 17 18419 1938
Mar. 7
Cle Generate d'Electricite
—
Mar. 30 1938
April
6 1938
April 13 1938
April 20 1938
May
18 1938
11938
8 1938
June
15 & 16 1938
—
Bank of France-.*--------—
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parisienne—
Canadian
Pacific
—
Canal de Suez cap
July
13 1938
0 12%
July
May 11 1938
20 1938
0.12%
'
593
1,150
1,150
32
32
34
412
415
416
694
718
743
722
160
d'Escompte
594
1,170
170
170
,
1,370
1,160
1,370
1,150
1,390
1,160
254
275
254
476
476
476
475
591
596
607
609
1,090
1,090
1,110
1,130
804
796
803
805
759
757
767
768
366
366
356
365
23
23
23
23
Liqulde
—
Pathe Capital
.
Int.
Rate
Maturity
Rentes
Bid
Asked
101.4
Mar. 15 1940
101.26
Mar. 15 1942...
101.27
Dec.
101.22
101 24
Sept. 15 1942
1 H%
101
101 20
June
1H%
102.2
102 4
Sept. 15 1938—
2,*4%
101.28
101.30
102.2
102.4
June
15 1938—
2K%
101.22
101.30
15 1941-..
IH%
IH%
1H%
101.25
1 H %
Mar. 15 1939...
Mar. 15 1941.
1H%
June
15 1941
15 1940...
102 4
101.2
Dec.
Sept. 15 1939.-Dec. 15 1939
une
102.2
101.24
1 H%
—
1*4%
Dee
8
15 1938.--
18
15 1942
—
—
151939
1H%
102.7
102.9
1*4%
102.26
102 28
1*4%
102.30
103
2%
104.2
104 4
2H%
102.18
102 20
-
4Vi%, 1932, A..
—1932 B„_——
5%, 1920
Schneider & Cie
Francalse Ford
Fonclere
Lyonnalse...
Marse'llalse-Tubize Artificial Silk preferred..
Union d'Electricite
Wagon Lits
Soclete Generale
Society
Societe
+ mm
'
rn.rn.~m.
m
mm
m
1,110
mm
mm'
m»
J*
366
«
m •*
—
1,903
D
f/
1,925
1,945
1,970
67.90
68.40
68.60
68.25
63.50
—
Royal Dutch
Ba'nt Gooalo C & C.
8ocl"te
m
68.30
-
Rentes 43^%,
Rentes
15 1940—
101.10
101
Dec.
1,140
-
Peehlney —
Rentes. Perpetual 3%.
Rentes 4%, 1917Rentes 4%, 1918—
Asked
m
........
'
Ry.
Orleans Ry 6%
Bid
HOLI¬
DAY
Lyon (P L M)
mmm
1,360
'
Kuhlmann..———-—-—--L'Air
,
180
1,150
263
■
+mm,.
w
1,390
—
—
-
■'1
474
Lyonnalse.
Eaux des Lyonnalse cap
Energie Electrlque du Nord
Energie Electrlque du Littoral..
Int.
*--»
•
213
470
—
Credit
Rate
'
180
213
456
Nord
'
31
207
March 11
«. m
589
460
Quotations for United States Treasury Notes—Friday,
tH
m
1,170
210
Credit
Maturity
mmmmm
33
Commercial de France..
Courrierea
pointl
:
588
Citroen B
Figures after decimal point represent one or more 32ds of
5,900
1,036
1,160
Transatlantique..
Comptoir Natlonale
Coty S A
-
a
Franc
418
Generale
Cie
-
Francs
63.40
64.40
64.70
64.30
63.50
63.10
64.40
64.60
64.10
70.10
69.60
70.80
71.00
70,80
70.30
71.50
71.75
71.10
91.00
90.70
90.75
91.00
91.00
6,140
1,859
1,000
6,160
6,250
6,270
6,110
1,867
1.905
1,930
980
998
990
62
62
63
65
83
82
83
83
1,160
1,153
1,165
1,150
520
521
110
112
116
116
372
365
374
371
75
74
74
75
mm
■
«
70.60
•'
mm
m'
m
m
m
"61
520
---»
March
1666
12,
1938
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE
furnish
we
the New York Stock Exchange
on
Owners' Loan and Federal Farm Mortgage
daily record of the transactions in Treasury, Home
a
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
117.24
117.27
117.21
117.24
117.24
(Close
117.24
117.24
(High
{Low.
117.24
117.27
2
20
fHlgh
108.16
108.19
108.17
| Low.
Total tales in 11,000 units...
Daily Record of U. S. Bond Prices Mar.
9 Afar.10 Mar. 11
8 Mar.
7 Mar.
5 Mar.
Dally Record of U. S. Bond Prices Mar.
Treasury
1947-62
No
of the day.
such sales in computing the range for the year.
United States Government Securities
Below
the only transaction
In the day's range, unless they are
Gash and deferred delivery sales are disregarded
account is taken of
117.24
Treasury
117.23
117.24
2 Ha,
117.24
102.27
(Close
1948-51
27
(High
9 Mar. 10 Mar.11
102.28
102.28
102.27
102.29
102.25
102.28
102.28
102.20
102.30
102.28
102.28
102.28
102.20
286
102
138
20
10
60
101.29
Total tales in $1,000 units—
108.16
8 Mar.
102.28
23
4
108.16
8
----
7 Mar.
102.30
102.27
{Low.
117.23
5 Mar.
102.29
(Hlgu
117.24
101.27
101.30
101.30
101.30
108.16
108.16
108.15
108.16
108.14
{Low.
101.30
101.29
101.25
101.26
101.28
101.26
(Close
108.16
108.17
108.17
108.16
108.14
(Close
101.30
101.29
101.27
101.29
101.28
101.26
Total tales in $1,000 units...
6
4
24
4
7
Total sales In $1,000 units—
31
1
70
22
6
15
(High
113.14
113.9
(High
101.22
101.21
101.21
101.22
101.22
101.18
{Low.
$M«. 1943-45
113.14
113.7
101.22
101.21
101.19
101.19
101.18
101.18
(Close
101.22
101.21
101.19
101.22
101.20
101.18
2
Total talet In $1,000 units...
5
2
42
2
16
1
111.23
111.19
(High
100.14
100.13
100.11
100.12
100.12
100 12
{Low.
Low.
113.14
113.8
(Close
113.14
113.9
Total tales in $1,000 unlit...
2
High
111.25
..{Low.
4s, 1944-64
2 He. 1951-64
113.11
iiii
113.14
2Hs, 1956-59
113.7
113.7
7
8
111.25
111.23
111.19
100.12
100.11
100.9
100.12
100.10
100.8
Close
111.25
111.23
111.19
(Close
100.12
100.12
100.10
100.12
100.12
100.8
Total tales in $1,000 units...
1
2
*2
Total sales In $1,000 unitt...
2
62
49
11
33
103
108.29
(High
103.24
103.23
103.27
103.26
103.24
{Low.
103.24
8 Hn. 1940-68.
High
108.30
Low.
108.30
108.28
108.29
Close
108.30
108.28
108.29
Total tales m $1,000 units...
7
2 Ha, 1949-53
8 Ha, 1943-47.
8s, 1961-65
104.28
105
(High
108.28
1
-
104.28
104.31
104.30
104.28
104.28
104.28
104.28
104.28
104.28
5
3
15
103.21
2
62
104.24
104.26
.—{Low.
(Close
104.24
104.26
104.24
104.26
Total sales in $1,000 units...
1
2
Mortgage
104.24
15
103.21
103.26
3Ms. 1944-64..
104.24
104.30
103.26
29
Federal Farm
104.29
{Low.
(Close
103.24
103.27
86
(Close
3
High
Low.
106.8
106.10
106.5
106.7
106.4
106.8
106.10
106.5
106.7
106.7
7
High
Low.
106.9
Close
Total tales in $1,000 units...
106.9
1941-43..
6
106.8
106.9
106.11
106.10
107.14
107.12
107.14
107.12
1
3
Low.
107
106.30
107
106.31
107
107.1
107
107
1
28
106.22
4
106.19
Low.
106.22
106.22
106.22
106.22
106.22
106.22
25
4
107.24
Low.
107.20
107.20
107.19
2
2
107.19
108.14
108.15
{Low.
(Close
108.14
108.12
108.11
108.14
108.15
108.11
Total tales In $1,000 units...
5
12
6
4
8Ha. 1944-48
108.14
108.12
108.11
108.11
108.10
17
104.19
104.16
104.16
104.18
104.19
104.16
104.16
5
1
2
3
103.7
103.9
103.7
103.9
103.9
2
Low.
104.12
104.12
2
104.14
104.14
104.14
104.13
104.10
104.10
104.14
104.13
104 9
104.12
104.14
104.14
104.13
104.9
2
4
9
3
27
112
102.11
High
102.11
102.11
102.13
102.13
102.10
Low.
102.10
102.11
102.9
102.11
102.11
102 5
102.10
102.11
102.10
102.13
102.11
102.5
2
2
14
17
49
High
1942-44
102.5
102.5
102.5
102.5
Odd lot sales.
102.2
102.3
102.2
102.2
102.5
102.5
102.3
102.5
102.5
102.5
15
53
22
15
t Deferred delivery sale.
Note—The
above table includes only sales
Transactions in registered bonds were:
I High
102.26
102.27
102.24
102.27
102.23
102.25
1
102.26
102.24
102.21
102.22
102.22
102.20
2
1
Federa
of
Treasury 4s 1944-1954
Treasury 3s 1951-1955
Treasury 2Ms 1949-1953
(Close
102.26
102.26
102.24
102.26
102.23
102.21
1°
65
250
24
129
104.31
104.30
104.28
104.2^
104.28
104.24
coupon
113.9
104.16 to 104.16
to
113.9
104.26 to 104.26
100.9
to 100.9
14
Total tales in $1,000 units..
High
80
102.5
Low.
{Low.
2 Ha, 1946-47
104.18
1
104.12
bonds.
2
2 Ha, 1956-80
104.17
104.17
7
.Close
108.10
4
104.18
104.18
Total sales in $1,000 units...
108.10
108.11
104.16
104.12
108.15
108.12
104.16
High
2 Ms.
*
(High
104.19
{Low
Home Owners* Loan
107.19
Close
Total talet in $1,000 units...
104.18
Close
Total sales in $1,000 unitt...
25
(High
1
104.17
104.18
103.9
2Ha, series B. 1939-49..
106.19
3
1
(High
Home Owners* Loan
106.19
Close
Total talet In $1,000 unitt...
8Ha. 1941
Mortgage
3s, series A, 1944-52
11
106.22
7
Close
Total sales in $1,000 units...
107
1
104.8
104.8
5
(Close
106.28
106.22
104.10
104.10
Total sales in $1,000 units...
106.28
Close
Total tales in $1,000 units...
104.10
104.10
High
Home Owners' Loan
107
High
Mortgage
2 Ha, 1942-47
107.12
107.14
1
107
104.8
104.10
Low.
Federal Farm
107.12
107
104.10
104.10
104.10
Total sales in $1,000 units..
3
107.12
107.1
v :■
Close
106.7
31
107.12
IIII
Federal Farm
106.7
106.10
4
104.10
'
Low.
3s, 1942-47
106.8
106.11
High
3Ha. 1949-62..
High
Total sales In $1,000 units...
2
1
.
Close
8
106.11
106.9
Close
Total tales in $1,000 units..
3 H8. 1948-49..
Mortgage
3s, 1944-49
106.11
1
Low.
106.6
11
106.9
High
8 Ha,
( 106.7
7
106.9
106.8
1
(High
106.6
106.10
Total talet in $1,000 units..
3Hs, 1940-43..
Federal Farm
106.3
(Close
3s, 1948-48
106.8
103.24
Total tales In $1,000 units.
2
Total sales in $1,000 units...
103.21
103.23
2M». 1945
Low.
104.31
104.27
104.25
104.27
104.25
104.31
104.30
104.28
104.27
104.28
6
63
21
9
1942-1947
United States
104.23
1
3s
104.23
C1086
Total tales In $1,000 unitt...
Farm
11
United
Treasury Bills—See previous
States
Treasury
Notes,
page.
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
Monday
Tuesday
Mar. 5
Wednesday
Mar. 7
Mar. 8
Mar. 9
$ per share
*4012
*3012
*40l2
1138
14
•1514
16i2
*75g
168
35
*32
35
32
32
36
36
*40
*40
45
*40
45
*35
39
70
llSg
1U
14i4
14
14
1512
1612
8
21
2
54
9
2014
20i8
21
21
2
*178
65l2
5214
54
1
*58
70
lU
13
1378
*m2
1514
1614
*7i2
1H4
....
*1
*58
1012
138
li4
1312
1378
i3i2
1514
1614
778
1234
*1112
*m2
*8
*11
*16
50
4534
47i2
13
1334
*834
20i8
20i8
21
2118
21
21
*178
2
5434
n8
2
1
2
54U
ih
...
70
1078
11
H4
1312
14
16U
712
9
47l8
1334
238
70
16
12
73s
50
n8
*14
12
7i8
*4878
*20
878
20M
53
14
15i2
*8
167
85g
11
*122
1214
7%
87g
20i8
21l2
2I8
1
lli8
858
165
714
*487g
4658
*1284
*2l4
165
678
712
165
13s
13M
*1U2
*1U2
*1358
16i8
*718
13i2
165
834
*8
14
14
15
16M
734
165
*in2
12
714
834
12
7i8
73s
*1
*58
1034
li4
12
70
1078
ll4
1234
*10i2
12i2
*10i2
13
*1314
1534
*16i8
1658
*7l8
734
164i2 164i2
*8
834
*11
1178
634
7
48
4458
4638
13
U4
1134
11
*10
1214
13l4
16i8
7i2
13i8
1618
*7i8
161
162
*8
100
2,600
60
60
*55
60
14U
5412
1438
X14M
14M
*5334
56
*5334
56
64l2
5412
on
64i2
this day.
103s Jan 10
Jan
3
2208* Jan 20
10
19i2 Jan
6
4
23
Jan 24
lh Jan
2
Feb 23
45i2 Feb
3
58U Jan 10
1U Jan 7
No par
Corp
19
1
1U Jan
11
Feb
5
100
12
Feb
9
62
62
*56
62
*14
15
1334
*5334
1334
14
1418
6478
6478
56
a
500
Amerada
1,000
6%
.
n
preferred—
New stock,
r
6934
Feb
59
Feb
10
Oct
68i2
Feb
Oct
5218 Feb
45»8 Mar
237s Apr
Jan 29
97g
154M Jan 29
176H
96s
143*
93g
53i2
51H
15U
7
Jan 29
6M Jan
3
42
Feb
9
■B8,
Feb
3
11*4 Feb
17i2 Jan 12
2184 Jan 17
Jan 17
Jan 10
Jan 10
Jan 19
Jan 12
Dec
Oct
Oct
258i2 Mar
17i8 Aug
33i8 Jan
217S Mar
83i2
Jan
Oct
3934
Jan
Oct
87g Mar
52M Mar
par
57
Jan
3
72i2 Feb 21
par
55
Feb
1
66
11
Jan
3
1578 Jan 15
4Q78 Jan
3
55
y
01«
Nov
Oct
—10
Ex-div.
714
10
Jan 11
Jan 11
Mar 11
x
145
Oct
Oct
Dec
14
Cash sale.
6ij
Feb
34
50
50
13
53s
49
2
3i* Jan 11
24
10li
Oct
Jan 11
1
par
Jan
Feb
Aug
Oct
Jan
4
Mar 11
No
(Del)..No
160
Oct
Jan 29
No par
American Bank Note
60
Def. delivery
Corp
Am Agrlc Chem
200
1,100
Oct
Oct
1
7i2
100
6% conv preferred
Jan
11
lfiig
No par
2i8
1478
6434
Jan
Jan
8
Mar
Jan
80H
11
13i8Marll
Feb
2
Feb
4*8
7
1&8
1
Allied Stores Corp
Alpha Portland Cem._. No
Amalgam Leather Cos Ino
36
177g Jan 12
17M Jan 12
173s Jan 12
par
11,800
preferred
1338 Feb
par
21,800
Allls Chalmers Mfg
3
Mar 11
12
vat
28»s
514
10012
15*4
07
war. 100
war
228g Mar
146
7
5%
3
1038 Mar 11
8
100
Jan
vicksburg RR Co..100
11
2l8
1434
645g
t In receivership,
Aug
4
No par
5
1,500
1478
85
8I4 Feb
4334 Dec
778 Nov
171* Oct
10i2 Oct
Hi Oct
44M Nov
i2 Oct
No par
2
62
Jan 14
Allied Kid Co
2
*1412
54l2
52
Allied Mills Co Inc
15
*56
3
Industries Inc....
Allied Chemical A Dye. No
300
15
Mar
Feb
Allen
100
14
61
Mar
69
$2.50 prior conv pref. No
Alegheny Steel Co....No
1,100
*12
*58
56
Nov
5H% pf A with $40
5M% pf A without
"""366
13
share
Nov
37
10,500
4,200
*12
per
36
Albany A Susq RR...
100
Allegheny Corp
No par
5M% pf A with $30 war. 100
12l2
2I8
Highest
share $
Mar 11
"""266
12
per
Mar 11
Alaska Juneau Gold Mln—.10
8i2
*1138
$
36
Ala A
4978
4534
64
li4
11
*10
share
45
17*666
634
*4612
4434
6312
54l2
lO^s
36
per
4
par
70
103s
4978
4714
66
2I8
15
Bid and asked prices; no sales
700
*58
25
$
MarlO
Address-Multlgr
400
*46i2
66
*
n8
Year 1937
Lowest
Highest
Advance Rumely
.No par
Air Reduction Inc
No par
Air Way El Appllance..N*
7,900
1
38U Feb
32
Adama MUlla
2,000
X46
67
56
5334
Range for Previous
100-Share Lots
share
No par
A Straus
Acms Steel Co
Adams Express
200
48
*65
1478
52
*20
per
Abbott Laboratories...No par
2,900
20i2
*178
834
2OI4
21
2
4718
19
*14
834
$
Abraham
100
45i2
12l2
2i8
*46
19
214
45
15
48
*12l2
2i8
1 4
54
9
2i4
♦1514
*54
Par
100
45
On Basis of
Lowest
30
45
48
Range Since Jan. 1
STOCK
Shares
*32
9
*8
$ per share
40i2
*45
YORK
EXCHANGE
Week
35
169
1214
$ per share
11
Mar.
*3012
40i2
834
*20i8
44
*121
*1214
*121S
10
35
*121
1*4
$ per share
*43
50
Mar.
44
H8
*60
STOCKS
NEW
the
*42i8
20h
2112
2 >8
5512
•1
Sales
50
•20ig
*2
CENT
Friday
»42i4
9
54l2
$ per share
Thursday
4U2
9
*21
$ per share
NOT PER
for
Saturday
Jan 12
Jan
Mar
Ex-rights.
8
3
812
1U
19
Oct
511» Nov
63ia Oct
10
Oct
85
Mar
1147g Mar
10Ha
413g
75M
Jan
Jan
Feb
1 Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 2
146
SALE PRICES—PER
HIGH
AND
NOT PER
SHARE,
Sales
CENT
STOCKS
NEW
for
Saturday
Mar
.
Mar
5
$ per share
36%
123
85%
87%
*164
166
23
23
*40%
46
1458
.
Mar
7
*165
2234
*39
14%
14%
•
35%
36%
""634
634
*40
44
*40
*
25
"*0%
44%
22
13%
12
122%
34
*115
85
13%
14%
634
12
86
86
44
*40%
14%
13%
39
41
Am Brake Shoe A Fdy.No par
13%
1334
5M%
160
*72
92
104
104
*
*
25
"*6%
80%
*10%
12%
80%
80%
12%
12%
*80%
334
3%
334
3%
25
♦
""400
12%
8634
11%
11134
X7834
12%
78%
1,700
8634
3%
11%
12%
*80%
334
378
3%
3%
1,400
7%
800
12
13i2
*80i4
*334
8634
*5
9
*5
9
*5
9
*5
9
*5
9
*5
9
*172
300
*172
300
*172
300
*172
300
*172
300
*172
300
358
*20
13%
378
*11%
13%
80%
334
3%
3%
2034
*8%
9%
2034
19%
*8%
20
19
*15%
11
10%
21
36
9%
20
*15%
*10%
3%
*17%
36
36
*35%
*2
2%
2
2
2
*17
1734
17
17
*17
*1514
18
*1014
3U
11
7 *16
*10%
*3%
3%
*20
21
20
36
36
6%
6%
612
2014
20%
62
62
*13i4
1334
*4
20
*60
*13%
*4
43a
32l4
32%
♦105L 115
26
26
5
32
273s
12%
*
32%
27%
1234
16434
Tsh
18%
7514
*19%
75%
11
*28%
4834
♦122
2078
*51
4%
28%
6%
19
5
228%
12
*10%
28%
47%
225
71
74
19%
19%
10%
27%
4534
*122
51
51%
*136
2834
878
2534
27%
28%
8%
8%
8%
28% 2834
115l2 115i2 *115% 116%
17%
17%
17%
*17%
135% 1353s 13434 13534
66%
66%
66%
66%
*26%
116%
*8%
29
*27
68
68
*139
67
*17
132%
66
67
60%
139%
13934 *139% 139%
6%
534
534
*6
9%
78
93s
9%
78
4%
32%
7
*76%
*4%
7
*31
32
6%
40
3I84
30%
30%
32%
79
79
*31
434
32%
5%
8%
9%
5
*4%
30
6%
6%
*29
30%
30
32%
*18
934
*778
22
934
70
*18%
7%
Amer Express Co...
Amer A For'n Power
10%
*18
21
*18%
36
36
36
2%
17%
17%
6%
19%
2%
1734
6%
6%
6%
21%
20
2034
60
60
60
60
2%
17
21
36
3%
*17%
2:35%
*16%
5%
18%
1734
1,300
60
♦122
*10%
124
*16i2
*103
*38
17%
*1634
105
♦143s
105
15
143s
*3
334
*3
*27
2834
27
*120
♦38
17
I6I4
105
105
*42
4312
*9638
5i8
4H2
*20%
93
*26l2
5i8
514
*34i4
33
3434
7i8
7i8
4i8
"~7~
7i8
418
414
85
7
*
68I4
3214
100
370
Amer Smelting A Refg.No par
preferred
preferred
100
American Rolling Mill
25
conv pref
100
Preferred
100
25
American Snuff
200
6%
15,406
100
preferred.
Amer Steel Foundries. .No par
No par
800
American
300
500
American Sugar Refining..100
Preferred
100
300
Am Sumatra Tobacco.-No par
200
50%
14384
Jan
Jan
Jan
Jan
Jan 26
18% Jan 17
14934 Jan 10
140
Oct
187
57
Dec
99
6884
Dec
3
1383s Jan 17
6312
Jan
5i8 Jan
3
83g Feb
8
Feb 14
Jan 10
7234 Jan 11
13958 Feb 15
128U May
Oct
Oct
Oct
Oct
3534 Feb 23
3i2
25U
Deo
79
Jan
8% Jan 10
314
Oct
20
Feb
793s
Feb
558 Jan 12
100
27
Jan
5
3
Mar 11
40
Jan 10
z27% Oct
2412 Nov
Oct
♦16U
10534
103
103
140
$8.50 conv preferred. No par
Jan
0
3
90
Oct
16
*12
17
*12
103
1077g Jan
100
Andes
5
19
Jan 11
7
100
Copper Mining
20
Co
No par
12i2 Jan
3
A P W Paper
Mar
9
27
27
27
27
400
Archer Daniels Mldl'd.No par
2534 Jan
6
3i8 Feb 24
30% Jan 13
22
121
*120
121
120
120
30
93
93
300
5
21,700
1,400
5
33s
*120
121
98i2
*95
5i8
5
41
93
32
634
3?S
*
0*2
3978
*40
3214
*678
32%
7
4
85
7
*12
*234
98
40
7i8
4%
16
7
*3%
*
5
518
40i2
714
93
678
414
7
40
32
3234
478
3958
5i8
40
♦35s
*
30
93
"4_,666
6%
900
4
*334
500
4i8
*
100
119
93
7%
3634
6H2
33i8
♦61
22
21%
*6
*10
6
6%
1134
23
23%
22% 23
10834
106% 106% *100
73s
7%
7%
7%
4034
*39% 41
*3934
48
*47
*47
48%
10
22
106
6
60i2
02
60
6012
59
60
15,400
1,600
2134
*5%
23%
21
21%
21
21
3,900
10
2238
106
10
10
22%
2234
106% 106%
7
7%
40
40%
*40
41
44
47
*44
4734
*115
11834 119
*6
*6
6%
4
4
*2%
234
119%
6%
4
2%
7%
7%
11834 119
*6
6%
4
2%
6%
10%
10%
22% 22%
106% 106%
6%
11%
22%
*10%
100
7,100
*5%
7
7
*40
41
45
45
11834 119
*6
4%
6%
4%
234
22
106
119
800
*16%
18
*16%
119
120
'
»«.
M.
*2%
15%
3%
16%
3%
3%
33s
4,600
9%
9%
8%
834
6%
7%
16,500
59,600
12,500
32
30%
200
95
3%
3%
9%
8%
9%
8%
32
8%
6%
7%
*30%
95
*91
10%
10%
33
33
*30%
33
*30%
33
*91
95
*91
95
*91
95
*91
*16%
173s
8
85S
10%
10
16
10%
8%
*8%
8%
83s
83g
29%
29%
29%
29
15
15
29%
14%
15%
14%
12
10%
1634
1634
8%
10%
17
1634
8%
preferred
...100
—25
Refining
50
preferred
7%
30%
1034
8%
*7%
9
*734
9
29%
*29%
31
*29%
31
12
15
15
15%
15
12
15%
*91
7%
300
29%
15
*11%
12%
*1134
11%
11%
11%
12%
*110% 111% *110% 111% *110% 111% *110% 111% *110% 111% *110% 111%
*16
*16
17
17
17
*16
*16
17
17
*16
16%
16%
*96
*96
10134
*96% 10134
100%
*96% 10134
*963s 10134
*9434 102
*30
32%
*30%
*30%
*30%
33%
*30%
*30%
*101
103
103
*101
105
*9934 103
*9934 103
10234 10234 *101
*7%
734
7%
7%
7%
7%
7%
7%
7%
*7%
*7%
*7%
♦80%
83%
*80% 83% *80% 83%
*80%
83%
*80%
83%
83%
*81%
12
12
12
12%
12%
12%
11%
12%
11%
12%
12%
12%
19
1834
1834
18%
18%
18%
18%
18%
18%
18%
*18%
1834
-
8,300
1,200
1134
-
—
-
-
-
-
-
—
"""200
400
~
"
4,
m
—
—
preferred
Bangor A Aroostook
preferred
5H%
6
Beatrice
Creamery
Loan—No par
No par
(Del).No par
36%
*34
30%
34
35
500
Best A Co
-
54%
56%
56%
15%
52%
54%
46,400
Bethlehem
Steel
15%
92%
54%
*15%
92%
15
700
92%
92
1,300
23%
*21
2234
21%
15%
92%
21%
13
13
2,300
Black A Decker Mfg
13%
*14%
14
8.300
Blaw Knox Co
14
13%
13%
13
13
14
13%
14%
12 34
15%
14%
15
14%
1434
1734
15
15
*14%
1734
♦41%
27%
62
*42
1734
62
*14%
*41%
28%
2634
26%
25%
62
28%
25%
923g
*25
2834
2634
Bid and asked prices; no sales on this day,
V
27%
*25
62
28%
2634
*42
26%
*25
f In receivership,
1734
62
27%
26
a
Def
10
Bayuk Cigars Inc..—No par
1st preferred
—100
*3534
*21
200
30
^
15,200
400
9
Oct
18
Oct
7
3
24
Mar
107
Jan
14% Jan
978
43
Jan
Jan
preferred
-.20
preferred
100
Bigelow Sani Carp Inc. No par
5%
7%
Co No par
No par
Bloomlngdale Brotbers.No par
Biumentbal A Co pref——100
Boeing Airplane Co
Bobn Aluminum A Brass
delivery,
n
1013$ Sept
7% Dec
3914
Oct
44
Jan
37
Mar
116i2 Feb
18% Mar
62% Mar
New stock,
3% Mar
9
73g Jan
3
lS's
3%
86*4
Jan
Feb
2
Dec
Sept
9%
Feb
15
Dtc
20i2 Jan
4% Jan
r
5
5
Cash sale,
2i4
Oct
3% Sept
3
Sept
5
Oct
7% Mar 11
Jan 28
10
Oct
34
Feb
30
Oct
Mar 11
8ig
Oct
Jan 21
92
Feb
89
Deo
14% Jan 28
7i2Mar 11
19
Feb
10%
Oct
10% Jan
27iS Jan
30
8
Jan
3
10% Jan
5
110
Jan 12
15U Jan
92i2 Feb
97
4
4
IH4
9%
45
Dec
32
Nov
42
163g Feb
1284 Jan
Oct
35%
Oct
20U
115
Jan
914
108
1734 Jan
1314
96% Jan
92
Oct
2884
10584
Dec
43%
II434
1534
881$
30i2
2334
6234
Jan
73g
Oct
Oct
Jan
8218
8%
Deo
Oct
83
115
Oct
Nov
29%
90«4
Feb
110i2 Feb
433$ Mar
10
7«4
Jan
Jan
23>4 Aug
40% Mar
*784 Mar
20
83g
Feb
63i2 Mar
9% Jan
Jan
l"o3~78~Fei)
Jan
7% Jan
82
Jan
Oct
1034 Feb
1078 Jan
1334 Jan
13
Mar
4t2
6% Jan
3% Jan
15% Mar 10
80
Mar
73g Jan
478 Jan
3% Jan
214 Feb
30
Barnsrtall OH Co..
56
92%
22%
734 Jan
29
Jan
6
Feb
55t2 Mar
Oct
Feb
3
104
Oct
5
9
39i2 Feb
Dec
18
20
100
preferred-.—.—50
37
92%
22%
00i2
103U Feb 10
634Mar 11
—100
50
100
—No par
Barker Brothers
53%
15%
23%
Jna 14
273$ Jan
94
Barber Co Inc.....
37
*15
72
.........—
573s
15%
Mar 11
20U Feb 3
53s Jan 31
Loco Works—No par
38
15%
923s
June
9484 May
133
Beneficial Indus
-
Feb
88
Dec
1,000
—
106
Dec
3278 Nov
Nov
4,300
—
Deo
70
Jan 12
38
S5
-
7184
42
101
25
preferred w w
No par
Beech Cieek RR
50
Beech Nut Packing Co
20
Beldlng Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation
——5
200
8OI4 Feb 24
72
Jan 22
Jan
-13
Feb
4
Mar
Voting trust ctfs...
Baltimore A Ohio
120
14%
Mar
57i2
119
Aviation
Conv 5%
"2",800
7%
Jan
125
Jan
No par
Corp of Del (The)-.3
_
16%
29
101
Dec
105
$5 prior A
95
16
Dec
48
No par
Austin Nichols
100
Jan
July
2484 Mar
Feb
Automobile.-No par
200
4%
173s
100
42
No par
Jan
70% Mar
10% Feb
100
5% conv preferred
Atlas Tack Corp
fAuDurn
126
No par
Powder
Feb
Feb
99% Mar
1334
Nov
59
4% conv pref series A...100
Atlas Corp
1
Feb
Mar
83
...100
5%
111
Jan
Feb
58
Jan 22
Atlantic
Dec
12114
Feb
33
Feb
Lines.-No par
Oct
Nov
0
Feb
24»4 Ave,
5
Jan 12
Feb 15
Atl G A W I SS
2%
Oct
Jan
Jan 10
72
MOO
234
18
6
934
09
74
preferred
478
80
32
Assented..--
8%
8%
9%
*30%
8% Jan 12
Fe—100
6%
4%
2%
33$
5ig Jan 13
534 Mar 11
68% Mar
Atlas
17%
3%
3%
Oct
35
600
4%
*2%
Feb
712 Jan 21
6
3
9
200
*15
Dec
7
Baldwin
18
67
30
5
6%
Oct
96
Feb
Atlantic Coast Line RR—100
**8
97
111
37%
10%
Oct
Jan
Feb
69i2 Mar
40
11684 May
93
14%
Def
Jan 12
Feb
Atch Topeka A Santa
Oct
29i2
107
Dec
Jan 12
39
68U Mar
6,300
6%
4%
0i8 Jan
314 Jan
2%
94i2 Jan 31
72
68
4334
*6
Mar 11
Jan 10
32
6%
40%
634
4334
Jan 12
30
078
..100
100
1st preferred
7% 2d preferred
500
106
*40
90
2
100% Jan 18
5% pref with warrants.. 100
$5 pref without warrants 100
33
*5%
Goods
6%
77
32
634
3958Mar 11
121i2Mar
Assoc Investments Co.-No par
80ig
*74l2
34i2
23
478 Mar 11
...No par
.....100
1
Artloom Corp
100
69
33
3358
6
6
preferred
100
Armstrong Cork Co...No par
Arnold Constable Corp
6
Associated Dry
Jan
Mar 11
No par
$6 conv pref...
Preferred
"4,700
612
35i2
3478
6U2
preferred
Armour A Co of Illinois
85
"534
3
Armour ACo(Del)pf 7% gtdlOO
7%
3H2
678
678
5 34
40
*50
32i2
85
"6s
16
*234
94%
*51
93
85
"*6%
94l2
3
Jan
8
Oct
10534 *103
Jan
Feb
Jan
Feb
414
10
*103
9978
160%
20%
82
Jan 21
3
2734 Feb
2578
Jan 20
778
Jan
30
Oct
13% Jan 12
80
4
434 Jan
14
3
34l2
61
2634
Jan
20i2
10478
71
Jan
Dec
116% Mar 10
4
3
Jan
Feb
Deo
39
61,000
08%
148
758
11
105
*27l2
2134
27
Oct
154
73%
27
93
62
♦
24
105»4 Mar
Oct
3
5*4
4112
24
27
Jan 11
31
Jan
22i2
*26
*96l4
*22%
*1434
Oct
Nov
*120
*6U2
*41%
46
125
Mar
Jan 15
*77
1734
2
134i2 Feb 23
3484 Jan 10
II84 Jan 18
Jan
77
62
Dec
18
80i8
28%
Nov
50
*74l2
28%
*2034
3
52
41
122
8684 Jan 11
*77
*41%
Mar
Jan 17
7
*32
*14%
68
131
4
77
14%
Feb
Feb
4
80i8
15%
30
29
Feb
*77
15
Dec
7ia Oon
24l2 Dec
15ig Feb
*74l2
14%
15%
1414 Jan 12
35i2 Jan 11
66>4 Jan 12
5
$5 prior conv pref
25
Anaconda Copper Mining—50
300
207g Jan 12
3
108% Jan
17
Feb
31% Deo
10i2 Jan
87i8 Jan
72% Jan
29i2 Feb
3
No par
1
Oct
129%
45U Mar
10158 Aug
76
Amer Zinc Lead A Smelt
140
36
77
14%
Oct
914
AnchorHockGlass Corp No par
80i8
92%
Oct
26
Anaconda W A Cable.-No par
34
23%
31
Jan 12
14U Feb 23
1651s Jan 12
2278 Jan 15
300
*7412
92%
Oct
200
*77
*22%
Dec
3
16
*30
15%
Nov
20
37
77
15%
100
No par
Preferred
1,400
6,300
2434 Nov
Mar 9
Jan 18
Jan 12
Jan 12
Feb
293$ Mar
13^ Jan
6884 Mar
3
25
$0 1st preferred
American Woolen
600
Oct
Jan
6O84 Jan
100
Oct
3
170
8% Jan .4
127i2 Feb
preferred
10i8
1784 Mar
58% Feb
125
Oct
6
25
Am Type Founders Ino
10
Am Water Wks A Elec.No par
Oct
Oct
Oct
Jan 17
Co...100
6%
300
1,500
6,900
63
434 Mar
2758 Feb
Dec
50% Jan
25
Dec
63%
9
22% Feb
Oct
584
14ia
11% Mar
5584 Mar
5238 Mar
Jan 15
Feb
130
Oct
Oct
Jan
Jan
Jan
15%
26% Mar 11
44% Feb 4
121
Common class B
100
55%
*15%
92%
*22%
13%
105
Tobacco
American
4,200
■*
Stores
Amer Telep A Teteg
15,800
1,800
300
38
4
Jan 28
16,900
70
39%
Feb
14% Jan 10
6% Jan 12
3834 Jan 12
Jan
32
57%
29
4
Jan
32
56%
3
Oct
16
8OI4
*38
123s Feb
334 Jan
2
23% Feb 25
74% Jan 17
10
*55
*12
8
17
*60
1634
3
Feb
Mar
7% Jan 11
American Seating Co.-No par
Amer 8hlp Building Co.No par
70
8
1612 Feb
50
Jan 13
78
70
10
Jan 28
3
*60
8%
14
Jan 27
Jan
*60
9
18
I5l2
584
60
34
934
3734 Jan 14
2% Feb 26
Oct
37
32
9%
8%
20
3
3
100
American Safety Rator._18.50
70
3%
3
20
4
69
*17%
3%
Feb
3378 Jan
1®8 Jan
14%
734
2%
20%
3214
ll8
Jan 18
4% Jan 13
17% Feb
69
18
12
17
*77
*17%
3%
1934 Feb 25
1
Jan 28
6
*60
♦23s
100
3
Feb
3
Jan
*30
234
No par
Feb
10
39l2
*74l2
3414
*238
Jan
Feb
12
33
70
4
6878
21
4
4
200
23% Mar
3084 Mar
335$ Jan
99% Mar
13% Jan
Dec
Oct
1
7i2 Feb
4
69
4
Mar
*16
77
4
Jan
225
3
*58
6%
17
Oct
Jan 22
*37
80 !8
*6
Oct
175
177
Feb
*60
119
Oct
5
17
*73i2
36%
*116
Nov
2
Feb
70
13
80
38
*77
*10
Jan 18
Feb
1,200
Jan
434 Jan 12
6i2 Jan 17
3
29
1634 Jan 12
5
Feb
Oct
104t2 Feb
3334 Aug
150
Apr
112
Aug
83
3l2Marll
11%
69
0%
Feb 19
Oct
38
39i8
1634
34
*6
78
26
*60
36l2
1012 Feb 8
a;1134Mar 11
22
*58
32
Jan 27
Oct
90
Jan
20% Dec
5% Oct
8U Oct
12i2 Oct
19l2 Feb 7
8% Feb 21
1334 Jan 15
No par
68I4
32i4
0
11%
86
27
*3
3%
85
"*612
7
$5 preferred....
No par
Am Rad A Stand San'y.No par
69
*58
1912 Feb
175s Jan 17
100% Jan 24
104% Mar 2
3
4M%
Oct
*26
*12
143s
27
*120
*9612
#
42
4
Feb
1
42
|*38
Jan
4
11
*50%
5134
*136
*136
*135%
26
25%
2634 29
2434
27%
28%
8%
878
8%
*8%
8%
8%
8%
28%
28%
28% 28% *27% 2978
*27%
120
11778
116% *115
116% 116% *116
*17
17
17
*17
17%
17%
17%
131
130
132% 133% 131% 13234
134
67
66
67
6634
65%
67%
65%
68
68
68
67%
67%
67% 68%
139% *138% 139%
138% 138% *138% 139
578
5%
534
5%
578
5%
534
9
9
9
9
8%
8%
8%
♦
79
79
r80
80
79%
*7478
5
5
5
478
*4%
*4%
*4%
*31
31
31
32
31
31
30%
7
6%
6%
6%
634
6%
6%
30
30
*30
33
32%
*29% 34
30
31
32%
31%
31%
31% 32%
51%
95
105%
29%
7i8
40%
1,600
36
Jan 16
Feb
Oct
Preferred
10%
10%
28
27%
2834
26%
46%
48%
45%
47%
12334 12334 *122% 123%
*51
52
*50% 51%
1034
28%
49%
12l2 Feb 3
89% Feb 18
3
"4",700
Feb
50
Feb
$0
71
3
Feb
25
1,800
Oct
37
103
15,600
Jan
15%
27% Jan 12
100
6,900
1,900
174
Dec
...50
Ice
conv
Oct
3
Feb
684
preferred
6%
15178
19% Feb
American News Co new No par
Amer Power A Light...No par
100
410
8
5
Feb
17i2
Amer Metal Co Ltd...No par
3,900
121
11% Jan 14
Preferred
700
Dec
25% Feb 25
Amer Mach A Fdy Co..No par
Amer Mach A Metals.-No par
900
09
80 84
16% Jan 28
Amer Internet Corp...No par
American Locomotive..No par
500
180
Jan
167
share
Oct
Dec
1334
6878
38%
6% non-rum pref
5,400
60
13%
1334
*13%
13%
13%
13%
4
4
4%
*378
334
378
31
31%
2934
30%
3034
31%
112
112
*105
105% 105% *105
26
26
26% 26%
26% 26%
434
4%
4%
434
434
434
28
29
29%
27%
29% 29%
25
2334
23%
25% 25% *24
12
12
12%
1234
12%
12%
*
162%
162% *..._ 162%
18"
18%
"18% 18% "18% 18%
71
70%
*71%
7334
71% 72%
1834
1834
*1834 2078
*1834 2078
10%
2734
47%
6%
400
6%
18%
preferred
American
1,500
163
3
per
28
109
3
2
9112 Feb 23
42i2 Jan
12512 Feb
Oct
American Home Products...1
800
2
70»4 Jan
Highest
share $
2i2
American Hide A Leather
200
20
35%
Feb 14
per
4% Jan 13
No par
10
2
2%
3078 Jan 29
120
$
share
per
Jan 28
...No par
Amer Hawaiian SS Co
1,100
3%
$
3
No par
200
share
No par
$7 2d preferred A
18
*10
per
Jan 22
$7
preferred
$
177
$6
*15
10%
3%
Year 1937
Lowest
Highest
100
400
7%
18
3%
No par
200
20
*10
3%
..100
Chicle
6% 1st preferred
100
American Encaustic Tiling.. 1
Amer European Sees...No par
3,100
3%
3%
3%
*15%
48%
124
20
3%
10%
3%
1034
28%
4834
51
30
"is"
*
28%
124
434
25%
12%
16434
18%
11
*122
26
3%
12%
20
638
4
4%
*7%
2%
1734
19%
61%
13%
26
20
3%
4
26
3%
9%
61%
13%
1334
4%
*135%
-
*6%
20%
62%
3134
27%
1234
*
16434
18%
18%
74
74%
*19% 20%
49
—
3%
12%
52%
♦13514
11
31%
26%
11%
29%
124
17%
3%
31%
32%
30%
31%
♦105% 115
*105% 115
26
5
12%
3%
334
2034
*8>8
13%
100
J(AllegCo)25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
""266
"*6%
13
.No par
Am Coal Co of N
7
•1112
100
preferred..
American
25
"*6%
7%
12%
12%
—..25
Am Chain A Cable Inc.No par
6,300
5%
92
106
Can
American Car A Fdy
Preferred
4,400
13%
*72
*104
100
Preferred
200
92
*70
pref
conv
American
3,500
40
*103% 108
92
104
25
""6%
634
Par
22%
23
104
Shares
$ per share
Range for Previous
On Basis of 100-Share Lots
Loioest
100
36%
35%
166
*74%
$ per share
Ranoe Since Jan. 1
STOCK
Week
11
*163% 16434
165% 165% *163% 165
21
20
20%
22%
2034 2134
*165
15%
Mar.
10
YORK
EXCHANGE
3,300
166
82
Mar.
122% 122%
86
104
9
the
Friday
Thursday
3534
3234 34%
123
122% *115
85
80
84%
85
*80
.
$ per share
36
87
104
*
Mar
*115
02
25
Wednesday
8
123
107
*83I2
*103
.
$ per share
$ per share
3734
*36i2
12H2 121i2
87%
Tuesday
Monday
1667
Jan
Jan
Feb
Jan
Aug
Feb
Mar
Feb
July
Feb
July
Feb
Jan
Jan
Mar
1078 Jan
1478 Jan
16&» Jan
19
Mar
15
Oct
29
Jan
Dec
Feb
Feb
Jan
Feb
40i2 Feb
65% Jan
16% Jan
29
60%
14%
89%
20%
12*4
41
Oct
14
Oct
9812 Jan
85% Nov
1291$
28
Jan
0984
Feb
Feb
Jan
22U Dec
13U Nov
38
Jan
Feb
177g
11%
Jan
14
Feb
15% Mar
17»4 Jan
153$
Dec
42
Jan
50
Oct
Dec
10
Oct
30
y
60
35i2 Jan
23% Jan
23% Jan
t Ex-dlv.
9
21
Oct
Feb
Jan
Ex-rlghta.
105i2
20
Jan
2078 Mar
32i2 Jan
94i2 Jan
4984 Mar
48i$ Feb
^ Called for redemption.
£
New York Stock
1668
LOW
SALE
HIGH
AND
PRJCES—PER
SHARE*NOT PER
Record—Continued—Page 3
CENT
March
Monday
Tuesday
Wednesday
Mar. 5
Mar. 7
Mar. 8
Mar. 9
S per share
$ per share
$ per share
87
86
$ per share
88
*86%
*43%
12%
44%
*12%
25%
334
18
*18
23
32
*31
31%
31%
134
*134
7%
1*4
7%
97g
3034
*15%
38%
*8%
784
8
84
46%
4%
45
414
4%
30%
I884
8%
29%
29«4
18
1734
1784
18
17
29%
19
8
8
18
18
2%
I884
*2%
77s
2%
9%
*8
15
77g
7*4
21*4
*3%
8
15
17%
17%
17
1734
2%
*47%
49%
134
I84
8%
8%
13%
16%
14
14
14
13%
13%
17%
17%
18%
17%
17%
6%
"6%
34%
*5%
*37%
34%
6%
6%
*33%
*5%
*37%
14
18
*40
6%
*3538
634
36
6
6%
45
*37%
*
*46
.
_
6%
36
6
45
83%
16%
*16%
18'%
384
3%
35g
86
88%
88%
*108% 109% ♦108% 109%
46
46
46%
45%
102% 102% *102% mmmi
15
*15%
15%
153g
*3%
88%
*.
100
*40
100
♦
100
"20"
20
*19%
20%
*18%
20%
*58
63
*58
62
*58
62
*26%
33g
27%
*9%
*6%
113s
6%
484
*4
*97
104
27%
3%
*9%
3%
103
*4
7
*63g
40*4
39%
7%
7%
27%
30
106
*27%
28
*10
47
10%
473g
36%
*807g
367g
877g
*1
*2%
*34
*334
*17g
*12%
*84
13s
278
%
484
6
1284
13g
%
138
1%
1%
4
4
*11
11%
30%
*29
1
1
*2
♦104
27%
*10
z44%
*184
*1
14%
15
5
35
62
52%
10%
10%
*65%
66
*56
60
*3
3%
*18%
1934
*151
110"
*22%
23%
*74
76
33%
*80%
9%
94
94
434
*1%
6
*117g
*34
1%
1%
*3%
10%
29%
1%
12%
*11%
84
12%
4
11%
29%
1%
2%
1%
3,100
11
10%
10
10
30
*28
30
1%
*3%
10%
*28%
%
1%
3%
10%
29%
%
*28%
30
*2
1%
1*4
*884
14%
434
10
14%
5
35
33
52%
49%
2%
1*4
10
14l2
434
33
5134
♦
500
1*1
900
*14is
14*8
45s
45s
1,200
*29%
1414
33
51
57,000
53
12
52%
125g
50
12i2
12
12%
4,400
65l2
65%
65%
320
*56
65%
60
*56
60
•56
60
3
3
18%
18%
3
*110% 111%
22
*74
3
*18%
2O84
*151
110% 110%
*213s 21l2
22%
78
*
9
78
*91
9%
9384
834
93
22%
94%
*9
*7%
*17%
*16%
*7
11
10%
18%
17%
9
75s
1712
67
67
7%
70%
67
7%
70%
*17
*55%
34%
*91
4134
*97
8
1%
37%
23%
7i8
*70
3
18i2
3
18*2
*151
912
93
22%
11012
20i2
*7312
iioi2
2112
78
1,600
78
3684
37
2,500
1418
UI4
1,100
115
11584 *115% 117
120
121
*583g
9
59
912
*9214
94
*2212
2312
2119
•583s
9
119
59
9ig
93
93
22>2
22l2
♦112U 117
*11712 119
60
1,000
*58*8
87S
9
""6~3o6
94
94
22
22
500
95
93
93
*92
95
*92
95
50
*2014
1434
30
*20U
1478
30
*2014
30
1458
758
1434
1478
1418
14%
734
*6*8
9
9i8
93g
9
*7%
9
712
1714
1784
1678
17
167s
17
17
16%
16l2
16%
16l2
*6712
12i2
68
68
68i2
66
66
1234
*12i2
13i2
*31
34
*30
34
71s
*70*4
75
*55l2
59
*55i2
59
20
*34
34U
95i8
33U
34
2,500
714
8712
714
*70
73g
75
40
4038
99
*96
778
8
13s
ll2
37
2334
778
1*8
3684
2384
99
8
1%
37%
2378
Bid and asked prices; no ga'ee on this
day
93s
9
73g
*887g
391g
40
99
99
7l2
17
40
1,400
400
2,200
100
6.100
235%
*23l2
3514
*33i2
35i2
23i2
1,800
2314
1 In receivership,
a
Def
61
Jan
17% Mar
6U2 Jan
18% Mar
Jan
52%
102
Feb
353g June
9% Apr
191*4 Aug
129*4 Jan
4,400
I84 Jan 10
45g Jan 12
127g Jan 15
Nov
31
Oct
89
Dec
84
1
13% Mar
Oct
Feb 28
384 Jan
7
Jan 12
lll%MarlO
26% Jan 10
Feb 18
Feb 25
125
Jan 17
59
Jan 25
No par
8% Jan 28
87% Feb 11
117g Jan 12
Mar
Dec
10
%
Us
7a
25g
18% Mar
12% May
32
Dec
Jan
Dec
3% Mar
7% Mar
6% Mar
19% Feb
634
Oct
33
Feb
2884
Dec
45
Aug
84
Dec
1%
Oct
10%
1
Oct
884 Mar
27% Jan
Oet
Dec
6i2
46i8
95% Jan
4
Oct
Oct
11
Oct
57
Dec
58
Dec
2
Oct
17U
Dec
3% Mar
Feb
48% Aug
90
Oct
47i8 Mar
24i2 Nov
13U Dec
110i2 Dec
9384 Oct
56i2 Jan
8i2 Oct
95
Dec
Dec
27*8 Jan 12
18
5
96
Jan 22
98*4 Nov
29
Feb
26
Jan
14% Mar 11
20
Jan 15
11%
514
Oct
Dec
8
Jan 27
7% Mar 11
1678 Mar 10
16% Mar 10
6214 Feb 4
1178 Feb 3
Jan
5
678 Feb
4
II84
9%
22%
2114
76
Jan
19i2 Dec
8
884 Jan 12
Aug
Act
82
3
3
Feb
Feb
Feb
July
10% Mar
179
Feb
Jan
Jan
Mar
74
48
113
Feb
6
92
Oct
90
8
22%
10234 June
29
30
4
Dec
135%
21%
3
4% 2d preferred
100
Columbia Br'd Syslnc clA 2.50
Class B
2 50
Columbian Carbon v to No par
Mar
484 Mar
Oct
Dec
45
Jan 27
20% Feb
687g Mar
157g Mar
3
..No par
90% Mar
100
80
58l8 Feb 10
100
Feb
Feb
Oct
41
Jan
48
Oct
Feb 18
Feb
Feb
63% June
36
33% Jan 28
112
Feb
82
Feb 23
Jan 27
111
23%
111
3
76
100
Jan
868$ Mar
Oct
Oct
179
13i2
115
12
No par
Collins A Alkman
2 40
June
Feb 18
Jan 12
Jan 12
Jan 12
15i2 Feb 17
li7% Feb 14
preferred
Oct
Feb
37
106% Jan 7
195g Jan 28
75% Feb 23
Coca-Cola Co (The)...No par
Colgate-PalmoMve-Peet
5
100
2i2
1284
16*4
578
Feb
Jan
45
Jan
50%
Feb
41
Dec
297g July
1327g June
170% Apr
59
June
2584 Mar
104% Jan
6234 Feb
11234 Mar
45
Apr
517g Feb
27% Mar
Jan 10
8
Dec
30
Jan
Jan 10
7%
I684
165g
Dec
29
Jan
Dec
32
Jan 15
Jan 11
Jan 10
65
Dec
Nov
Aug
31% Aug
12534 Apr
39% Jan
46% Jan
207s Jan
1512 Jan 10
10
Oct
34
4
2584
95g Jan 13
z4%
Dec
Oct
Z08%
6412
303g
Oct
Dec
Dec
101
114
Mar
79
Jan 15
Mar
3
65
Jan 18
31% Jan
3
38»4 Jan 17
100
86
Jan
5
95
8
80
Dec
Comm'l Invest Trust..No par
54.25 conv pf ser '35.No par
Commercial Solvents.-No par
36
Jan
3
44»4 Jan 17
34
Dec
93
Jan 17
99
Mar 10
86
D<
Jan
3
10
Jan 12
5
Oct
21%
Jan
13s Mar
3
2
3
1
Oct
Jan
4214 Jan 13
34
Oct
4%
75%
200
11,500
5
32i2 Jan 17
D4 Jan 20
278 Jan 11
Jan
Jan
Jan
Special guar 4%
50
Climax Molybdenum..No par
No par
6% preferred series A... 100
5% preferred
100
Commercial Credit
10
13g
Jan
17s Jan 10
24
Columbia Gas A Elec_.No par
778
Jan 11
1
60
100
1*8
Feb
14
Feb 28
12,300
784
5
2*4 Jan 27
17% Jan 4
7
*96i2 100
Jan
60
75
H2
4
10*4 Mar
5
7
77g
Mar 2
Jan 17
100
*70
778
13s
24
9%
123g
334
3212
465g
Columbia Plct v t c
No par
52.75 conv preferred.No par
2,400
Jan 12
Jan 11
63's Jan 15
13% Jan 12
67i8 Feb 3
100
37i2
4
Jan
800
95's
38i2
Mar
59
12l2
*8878
3212 Feb 23
106
Oct
Oct
Sept
3484 Dec
3i8 Oct
18i2 Oct
10312 Dec
25i8 Nov
2i2
27
5
34
1212
*30
46<2 Jan 11
8*s Jan 10
3i2
95
3
Jan
160
9i8
*7l2
Feb 19
100
A
4
5% Jan 20
2% Jan 22
Jan
Colorado A Southern..... 100
4% 1st preferred
100
714
914
75g
*7
8% Jan 10
103
63g Jan 10
1
"i~66o
77g
Oct
5
9% Feb
5% conv preferred..
100
Colon! U Beacon Oil...No par
Colo Fuel A Iron Corp.No par
*7
8
Jan 22
Jan
3
3
...No par
Cluett Peabody A Co
Preferred
6%
Jan 10
Jan
par
City Stores
500
Oct
11
% Jan 26
5g Jan 27
U4 Jan 26
Oct
June
2%
11
Nov
2
3
5
Clark
Equipment
No par
C C C A St Louis Ry Co...100
Clev El Ilium 14 50 pf. No
par
Clev Graph Bronae Co (The) 1
Clev A Pitts RR Co
7% gtd.50
24
2
23g Jan
No par
6H% preferred
City Investing Co
Class
3
1% Feb 23
384 Jan 13
114 Jan 10
1% Jan
City Ice A Fuel
59
30
*55l2 59
35i2 36i8
*90U 102i2
*39%
3978
""226
20%
20
14ia
95
/
1T2"
llO^s
3714
3534
23%
400
14%
60
3612
2314
""600
37
58
1%
234
18*4
1458
9418
8%
234
1812
*151
11058 m%
20%
20%
7634
Oct
96
89
Mar
% Jan
par
Corp
Jan
3012
12%
48%
38%
78 Fob
178 Jan
Chrysler
60
38l4
3418
38
3
21%
*56
38
60
*9612
*234
*18*4
60
*14
35%
99
*56
*151
95
4134
51
Dec
Jan 25
3118 Feb
25
7
80
412 Jan 12
87
par
Chtckasha Cotton Oil
10
Chllds Co
..No par
Chile Copper Co
25
220
3
2578 Mar 10
7% Jan 5
37% Feb
6% preferred
100
Chicago Yellow Cab...No par
"""806
5
35
2234 Jan 28
10378 Jan
{Chic Rock Isl A Pacific... 100
7% preferred
...100
10
66
34
*2384
1%
1%
*1%
*884
5034
11%
*32
24
*4%
1%
65
*12%
8%
14U
*31
2
10
11%
13%
1%
36%
*1*2
*884
66
34
1%
14%
484
35
*1%
11
13
8
1%
10
$3 conv preferred
1,200
Jan 28
100
Preferred
Chicago Pneumat Tool No
100
1%
66
34
36
434
*31
2
*7g
10%
13%
99
18S
*834
*1414
1
3
6
5% preferred
100
{Chicago A North West'n.100
600
3
35% Jan
100
Chicago Mall Order Co
{Chic Mil St P A Pac__No
1,500
66
38
*97
*%
1%
100
1034
*65%
*34
42
•»
1,600
1
45g
105
Feb 28
Jan
Jan 12
28
3
578 Mar 10
{Chic A East 111 Ry Co
100
6% preferred
100
{Chicago Great Western..100
4% preferred
100
{Chic Ind A Loulsv 4% pf.100
4,200
*13%
42
500
3%
13i2 Nov
278 Oct
62i2 Feb 26
Jan 13
3% Jan
5
Preferred series A
2,800
84
17t2
1712
67i8
12l2
59
34
Cab
Chesapeake Corp
No
Chesapeake A Ohio Ry
13,100
6
1%
26
1
Checker
3%
3%
Jan 11
25% Jan
4
500
%
1%
18
94
95
6% prior preferred
100
Cham Pap A Fib Co 6% pf 100
Common
No par
10
3%
4
37i2 Dec
90
Jan
19
500
1%
8
95
510
Jan
100*4 Feb 11
9i8 Jan 29
Cerro de Pasco Copper.No par
%
4
Oct
Nov
Jan 17
Feb
par
Certain-Teed Products
100
11%
Dec
678
86
109% Mar
55i8 Jan 31
100
Preferred
4,600
334
1234
44
28
7% Feb 25
37% Jan 28
18
No par
2,100
1%
*7
35%
1234
10
"400
*1%
11%
Jan 15
48% Mar
82% Jan
39% Jan
12% Jan
107% Jan
4184 Jan
24*4 Jan
14% Mar
234
84
Jan 11
8% Jan 10
115
*2%
6
38% Mar
9i2
Oct
3%
334
Feb
Oct
Feb 23
Feb
Dec
*2%
84
*1%
373g
Dec
1%
6
Dec
19i8
*1
4
10
90
3.20G
3234
Jan
Jan 10
92
100
Co
preferred...
100
Central Agulrre Assoc..No par
Century Ribbon Mills..No
87
20%
52
7% prior preferred
Central Vloleta Sugar Co
42
32%
6i8
Oct
4i2 Jan 12
97% Jan 20
Jan
14
5%
%
8
35%
34
40
*80
Oct
4
Celotex
300
9%
1
Jan 11
"566
1%
14l2
*90
84
9%
3i2 Feb
52% Sept
Jan 10
41% May
400
27
7
Jan 28
Jan 31
Jan 5
Feb
105% Aug
1%
4
Feb
44
36
Jan
48%
Dec
*1
*1%
*11%
478
37%
76*4
15i2
3
Feb 18
91
34*s Mar
Dec
1%
15
*55
2%
1%
2%
33%
87
Jan
Jan 11
13
34
15
7%
43%
Mar 11
Oct
Oct
12ls Oct
I8I4 Dec
4978 Dec
4,500
1%
16
75
42
Jan 11
6
6
24
Dec
%
225s
*70
10
25
44
6
*2584
3
Jan 10
Jan 11
Jan 12
Nov
1%
1%
*3%
*1084
9412
*20i4
7%
*9%
28
1312 Jan
18%
36% Mar
914 Feb
3384 Mar
Oct
97
%
22%
67
25%
10534 *104
3
29
434
3834
6%
25%
10534
Jan
Oct
Oct
10278 Feb 25
187s Jan 12
1%
1%
94%
67
25%
634
10
3
3
Mar
5i8
10%
2%
100% Jan
200
%
1%
30
10%
38
Mar 11
1% Jan
67S Jan
118s
3684
1984
24i2
49%
2i2
10%
I684
1984
Feb
40
1%
1%
3%
10%
*28%
*%
%
13s
*20%
17%
40
Jan
25
300
101
3
48
Central Foundry Co
1
Central HI Lt 4H% pref._100
Central RR of New Jersey.100
6
4
Jan
Feb
45%
97
90
*4
3
Feb
II84
39
3
2,400
101
Feb
Feb 23
43g Jan 10
Oct
Dec
Oct
10
85g Feb 25
3
Oct
I84
6%
65% Mar
45% Jan
183s July
353g Feb
55% Jan 10
"566
5
15
Jan
79
3%
5%
Feb
39% Feb
27%
3%
Jan
13
98% Jan
*26
101
33
3
1
14%
98
2i2 Oct
24% Dec
10% Oct
684 Dec
100
IOO84 10034
9%
984
27
22
Jan 29
Feb
11718 Mar
Oct
100
100
3%
*104
Jan 12
Jan
Caterpillar Tractor....No par
6% preferred
100
Celanese Corp of Amer.No par
200
21
7%
16
15% Jan
100
Case (J I) Co
Preferred
2,500
4,200
62
5%
*80
700
*18%
27
34%
"400
4
Jan 11
912 Feb 26
20% Jan 10
Jan
Oct
Jan 17
30
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
5
Carriers A General Corp
1
•
32% Mar
20
Deci
2i4
35
3i2 Jan 15
No par
Capital Admin class A
200
m *r
*56
28
*1
♦
27
8
53s Jan 20
11
1
Cannon Mills
300
*11%
%
30
18
33
18%
106
27%
87
*4
84
94%.
*17%
Canada Sou Ry Co__.
Canadian Pacific Ry
*23
4334
6
23%
*17
12~666
6
33
61%
7
87
434
*20%
*15%
*934
*7%
"6%
*40
34'
*4
39%
43%
33%
2%
*93
11
11,200
10
7
343g
13s
*22%
*7
17%
10
40%
87
39
39
39
37
37%
38
*14%
*14
1434
14%
14%
14%
*112% 115
*112% 115
*11214 115
*122% 124
121% 122% II8I4 121
59
*58%
59
*58%
*58%
59
9%
1,800
102
7
10
*2%
34
50%
13%
"6%
3%
39%
10
2%
4%
13%
1634
*97
44%
9%
27
Feb
3
Calumet A Hecla Cons Cop..5
Campbell W A C Fdy..No par
Canada Dry Ginger AJe
5
102
6%
434
101
10
2%
34
*334
*178
*33
Callahan Zinc-Lead
5,000
106
2734
106
27%
43
*151
110
7%
*1
*134
*884
14%
5
39%
13g
1%
*33
27
3684
*2
11
27%
*104
87
2%
*9
38%
6%
46
*80
11%
*4
*97
27%
10%
z34%
27%
3%
102
6%
4
29%
106
*9%
104
73g
*104
3%
4
40%
7%
*28%
7
*27
102
♦97
484
104
4084
3%
10134 10134
*9%
11%
113s
*6%
*97
4,700
76
6*8 Jan 12
19
Packing
No par
preferred
.......50
5%
8U8 Jan 27
12i2 Jan
678 Jan 26
10
134
8
5478 Jan 11
16% Jan 26
30
5
8%
115
18%
*56
181
Feb
7
Jan 13
984 Jan
Jan
1%
6%
6%
6%
7
*6%
45
45
*37% 45
*37% 45
•
*
81
83%
*75
80
80
16
*16"
16%
1034
*1534
16
16% *15%
4
3%
3%
*3%
3%
3%
4
*3%
83
87
86%
8634
87
85%
83
85
108
106
108% 106
2105
105
♦105
109%
46
46
46
44%
44
44%
4184
42%
*1023g 10284 «1023g 10234
102% 102% *102%
15%
15%
14%
15%
15%
15
15%
1484
*
Feb
Jan
8
*78
*
24i2
24i2
1,000
200
48
6%
Oct
3
48
34
Oct
6%
7
1%
*40
•
6
2
8%
Jan
Jan 10
19
49%
53
10
California
20
Dec
3
3
Feb
By era Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
1934
7
Jan
900
20
Jan
Jan
Jan
5% conv preferred..
130
8
381?
50
Butte Copper A Zinc..
900
37
Jan
Oct
Dec
52*4
par
Butler Bros
1
5%
102i2
700
9%
47
Dec
700
1734
Dec
Dec
7%
30
28
Jan 20
Feb
Dec
3%
9%
Feb
Feb
15i2
20%
17
597g
53i2
21
7%
30
Oct
Dec
34
3%
9%
2314
18
22
Jan 11
20%
1,300
4i2 Jan
34
Aug
Oct
Jan 24
35g Jan 3
24i2 Jan 3
15i2 Jan 27
{Bush Term Bldg gu pf ctfs 100
50
18%
634
36
No
Oct
Dec
7
21l2
100
Debentures
%
1578
41
4i2 Jan
No par
{Bush Terminal
30
*4784
1»4
8%
"
63
27
300
500
18
134
20%
103
2,400
20
*20"
273g
3%
7%
20%
3%
9%
Bullard
7%
6
7% Feb
7i2 Jan
Burlington Mills Corp
1
Burroughs Add Mach..No par
30
20
*58
104
3%
900
16
50*8 Aug
15*4 Mar
6
40
900
2%
*12%
8%
9%
7%
20%
3%
9%
31%
18%
Co
Oct
Jan
78
No par
No par
Watch
Bulova
3,900
Dec
3
9«4 Jan 13
133g Jan 13
25% Feb 4
14% Jan 27
100
Budd Wheel
2284
Jan 10
Jan 13
284
35
par
par
8
2%
49%
7%
21
3%
9%
par
17%
7%
8%
14
*27%
3%
2%
16
20
7%
*20%
63« Mar 11
85s Jan 3
100
No par
preferred
Jan
Jan 10
Jan
H4 Jan
par
5'
preferred
Aug
34
17
8%
*7%
*12%
21
17%
♦103
*2%
8
15
20%
*47%
134
21%
50%
184
834
14%
100
27%
17%
734
29
1734
8%
30
18
*
30%
*17
9%
1,500
*8
8
7%
4%
1734
18
14%
"
4
29
33
9%
18
~16%
4%
7%
7%
25
28
Feb
Bucyrus-Erle Co
Budd (E G) Mfg
Apr
Dec
Dec
28
1,300
500
46i2
11
16
5
par
Oct
Jan 13
Jan
1,000
400
39
per
Jan 12
19*4 Jan
Brown Shoe Co
5,900
Jan 12
Jan 12
23
8
5%
43%
5
Highest
share $ per share
93
Jan
7684 Oct
par
734
5
4
Feb 21
$
par
84
43
3
share
per
92%
443g
1378
195g
28%
484
5
84 Jan
1634 Feb
7% Jan
No par
Bruns-Balke-Collender.No par
734
Year 1937
Lowest
22% Jan 13
1078 Jan 11
26% Jan 20
30% Jan 13
8
5%
45%
4%
3
par
*80
18
I84
8%
83%
5%
45
8
..
*2%
3%
300
834
84
15
21
1,000
1734
♦17%
33g
15
38
8
*8
preferred
No
Bklyn-Manh Transit.-No
$6 preferred series A.No
Brooklyn Union Gas—No
700
15
*35
♦31%
*47%
*37%
*784
*80
5
S6
3,100
28
15%
39
18
184
884
*
15%
*35
4%
934
28
30%
8
15
10%
29
33
48%
*6
9%
28%
18
*21
67g
3,300
7%
934
*40
7%
9%
2034
33%
18%
21%
*35
6%
734
934
884
7
21%
3%
*31%
48%
1*4
200
33
334
21
400
134
*7%
21%
3%
9%
2184
*18
31%
134
5%
4%
2%
784
*30
2
7
46
1734
15
31%
*184
Jan
Feb 21
17i8 Jan
21% Feb
tBotany Cons Mills class A.50
Roller Bearing Co__17
600
8%
46
8
*2%
734
25g
*13
15
8
21%
27
*31
80
5%
46
21%
27
1634
7%
5%
5%
22
5
12
100
Bridgeport Brass Co ...No
Brlggs Manufacturing. No
Brlggs A Stratton
No
Bristol-Myers Co...
Brooklyn A Queens Tr.No
share
40
Bower
29%
9%
Corp
Range for previous
Highest
85% Mar 10
15
200
21%
7%
Borden Co (The)
Boston & Maine RR
5,400
7,600
per
—1
800
8
5
..No par
No par
Class B
Bond Stores Inc
Borg-Warner
18,800
29
2
80
24
Bon Ami class A
140
1934
7%
8
29%
31%
30
17%
30%
*18
7%
8
*80
5%
*15%
8%
*15%
8
8%
43g
1934
210
3%
38
80%
4%
*234
8
*8
48
3%
38
46
5%
5%
784
2434
29
8%
6,500
24%
8%
223g
*15%
39
17%
17%
22%
20
*27
80%
5%
8%
4%
30%
15%
600
1784
*3
Par
8684
43%
12%
43
*12
17%
3%
21%
29%
*3034
*134
*684
9%
9%
30%
15%
*38
8
80
*46
93g
8684
Lowest
Shares
25%
„81s
7
85%
On Basis of 100- Share Lots
1938
EXCHANGE
Week
1734
17%
24%
3%
31
*27
8%
*15%
7
39
8%
80
12%
2
10
8
44
*12
*134
30%
15%
*38
85%
*43%
12%
30
31
7%
167g
38%
44
*12
22%
2
*9%
30%
15%
10%
31
*43%
8%
11
$ per share
18
*29
29%
31%
$ per share
12%
17%
25%
33g
215g
23
223g
29%
Mar.
86
83g
8*8
10
,
86
18
18%
8%
22%
*28%
-
3%
.
*18
18%
884
*8%
253fi
247g
3%
384
Mar
Range Since Jan. 1
NEW YORK STOCK
the
Sales
Friday
44
*43%
12%
17%
24%
33g
13
1784
12%
18%
26%
18
86U
43%
86%
43%
Thursday
STOCK8
j"1
Saturday
12,
4X %
conv preferred...
Commonw'lth A Sou—No
56
n
New stock,
r
Feb
57
73g
par
preferred series...No par
Commonwealth Edison Co..25
delivery,
68
Cash sale
30
8
Feb
4
22*4 Feb
3
Ex-dlv.
v
r
Mar
Jan
c
108
69%
80%
120
Jan
Jan
Jan
Jan
Jan
Jan
Jan
25ig Feb 17
Ex-rights.
1 Called for redemption.
Volume
New York Stock Record—Continued—Page 4
146
AND
HIGH
PRICES—PER
SALE
Tuesday
Monday
Mar; 5
Mar. 7
Mar. 8
$ per share
$ per share
% per share
*6
6%
6%
*618
8%
6
22
8%
*714
9
9
*8
1558
15
7%
7
1512
7U
*7
21 a4
8U
21
*714
914
15
*R
Q
1434
15l2
7lg
6234
76l2
13g
14i8
62
*5914
62
*5914
6234
80
*5914
*73l2
1%
*5%
*74
78
*74
76
*74
1%
6%
21
9234
*4%
9i4
21*8
92
434
93S
92l2
1%
512
215s
*92
4*4
43s
9
9U
9
*5l2
*100i8
5i2
6
♦Sg
%
*8
*8
38
*312
4
1534
8514
*312
*83%
*83i2
3%
1534
85%
33s
1412
*83i4
14i2
14i8
134
14%
14lg
1%
14%
13%
1*4
134
178
*82
137g
42
42lg
*30
1U
3034
29%
30
*13i2
1334
13%
13%
*49i2
50
50
64i4
6414
64%
*164i2
4
""4
271g
28
37g
25%
93
*24
92i4
92%
92
25
*24
25
J:
8
8
*7%
33i2
*34i2
34
*32
33
32%
♦34i2
32%
1034
*68
63%
*164
37
10%
10»4
84
85
37g
27%
92%
%
9%
4%
71%
16%
i2
%
10
10
9%
*4%
4%
72
4l2
*65
16l2
*16
72
*16
6I4
*46*4
4%
157g
6%
6I4
49
414
55
♦2234
2014
20%
*534
*15
8%
2234
*2234
*1212
15i8
7%
*1%
*91%
*3%
♦35
233g
227g
1234
15i8
7%
434
35%
25%
35%
69
33%
*7%
7%
14%
*75
76
*15%
*31%
*18%
56%
*6%
16%
32%
20%
56%
*10
♦2%
13,700
3,500
25%
93%
11,300
24%
300
Cream of Wheat ctfs
500
Crosley Radio Corp
1,900
Crown Cork & Seal
31
*66%
31%
32%
*81
85
7
15%
6
6
46%
*46
4%
4%
16%
4%
15%
4%
4
16
*52
15%
*52
55
20%
6%
15%
15%
*8
8%
6%
*1%
7%
4%
25
*35%
35%
7
7
6
*534
*14%
*8
*8
*105%
22%
23%
22%
227g
13
*12%
*22%
12%
14%
14
15%
7
7%
6%
2
*1%
92%
*91
*3%
434
33
30
24%
*24%
35%
35%
7%
7
*105%
21%
100
*3%
35%
35%
7%
*6%
13%
13%
*72%
73%
14
14
76
74
74
74%
74%
16%
33%
15%
*15
33%
*30
19
19
19
5414
6%
39%
53%
*6%
37%
54%
16
*15
32%
*30
108% 108%
21
*19%
*19%
19
10%
*%
*%
10%
%
%
2%
55%
6%
54%
106%
*10
*%
*%
2%
*2%
18%
54%
*6%
15%
54
54%
6%
6%
40%
*105% 108%
107
21
*19% 21
11%
10% *10
%
%
*%
*%
%
%
3
3
*2%
38%
39
39
107
107
*19%
21
*10
11
10
:
*%
*2%
2%
*10
12
*10
14
*10
14
*10
113
*108
113
*108
113
*108
113
*108
113
*108
115% 118
134
*135
117
117%
*134
135
*113
116% 118
*134% 135%
114
*115
114
5%
134
114
114
115
*115
5"%
5%
5%
5%
-
-
6
*5%
156
154% 154% 152% 154% *154
*164%
165% *164%
*164%
17
17
17
16%
16%
16%
17%
3%
3%
3%
3%
*3%
3%
3%
18
18%
18%
17%
17%
18%
18%
8%
8%
8%
8%
7%
8%
8%
*3
*3%
3%
3%
3%
3%
3%
10
10
9%
9%
9%
9%
9%
34
33
37
36
33%
35% 35%
32
32
33
30
30% *30%
31%
30
29%
30%
31% y29% 30%
31%
%
%
*%
%
*%
%
*%
178
*1%
1%
1%
*1%
1%
*1%
20
20
20
20
20%
20% 20%
154% 154%
'
165l2
<
17%
*3%
18%
8%
3%
9%
*35
Jm ~4m
_
«
-
-
,
*32%
*30%
*%
*1%
20%
*35%
40%
*35%
106% 106% *105
4%
43%
4
4%
*35% 43%
106% 106%
4
4%
4%
*45%
47
*45%
47
*45%
*45%
47
*48
51%
*48
51%
*53
55
*52
55
*52
54
*2
3%
5%
*3%
*3%
8%
*1%
*5%
6
5%
5%
4
3%
3%
8%
*1%
3%
3%
*3%
*3%
3%
8%
1%
8%
*1%
8%
8%
1%
*6%
29%
*95%
30
*31
6%
29%
*95%
31%
32%
7%
*10%
10%
*10
*75
79%
75
*60
74
100%
3%
3%
1%
*1%
16
*15%
2%
3%
4%
*2%
3%
6%
3%
*3%
*8%
*1%
-
75
71%
f 35
35
32
30
31
*29%
*
15% Jan 28
;*1%
19%
*35%
Class
Dunhill International
300
3
5
3
% Feb 28
3
2% Feb
39
2
2
3%
3%
5%
5%
3%
*15%
.15%
16
Bid and asked prices: no sales on this
16
day.
3%
1%
16%
Jan
1%
Jan
3%
Feb
8%
Jan
17%
Jan
....Nopar
Oct
Oct
pref
Duquesne Light 5% 1st pf 100
Eastern Rolling Mills
6
Eastman Kodak (N J).No par
70
500
3
Oct
17
Mar
3
167
5
144
Nov
198
Aug
157
5
165% Feb 16
21% Jan 15
4% Jan 12
21% Jan 12
10% Jan 17
150
Apr
164
Nov
5
100
800
-
-
m-m
m
„
40
5,100
•
Jan
3
Jan 12
Jan 29
40
Jan 14
24
Oct
87
26
Jan 26
31% Mar 7
% Jan 12
2% Jan 12
22
Oct
44%
Jan
Oct
Oct
Oct
2
Jan
8
Jan
% Feb 2
1% Mar 11
17
Feb
3
34% Jan
104
Jan
3
3% Feb
3
5
79%
61%
3%
100
Fairbanks Co
3%
300
1%
15%
1%
700
15%
200
n New
stock,
r
Cash sale.
Jan
29
Jan
8
33
Nov
60
Feb
106% Jan 18
6% Jan 14
100
Nov
115%
3
Oct
17%
Jan
Jan
22
Feb 26
40% Jan
41
Oct
78%
Jan
Jan
45
Nov
81
Feb
51
Nov
86% Feb
9% Jan
23% Mar
Jan 18
5% Feb 10
24
Feb 3
27g Jan
5% Jan
8%
6%
5%
10%
Jan
Jan
Jan
Jan
1% Jan
2
Jan
11% Jan
83% Jan
1% Dec
4% Oct
8% Oct
5
Oct
3
Oct
6%
Dec
1%
Oct
1
Oct
7%
Oct
Oct
23%
35% Mar
28% Mar
14% Jan
34% Mar
6% Jan
5%
28
Jan
71%
Jan
Jan
150
Mar
210%
26
Oot
70
Jan
29%
Jan
Jan
28% Jan 28
33% Feb
3
10% Jan
75% Feb
7%
Oct
72%
103
Jan
74
Jan
60
Dec
Nov
150
Mar
96% Feb
4% Jan
4% Jan
90
Oct
129
Apr
2
Oct
8
Feb
7t% Feb 16
61% Mar 11
96% Feb
2% Jan
Federal Water Serv A—No par
Federated Dept Stores. No par
Det. delivery,
Jan
62% Jan
Jan 31
1% Jan 31
6
5
*3%
Jan
""
54
100
100
110
Feb
26%
92%
497g Jan
5% Mar 11
3% Mar 11
3% Jan 3
7% Jan 3
1% Jan 3
% Feb 10
20
%
1%
14%
Feb
7%
3
3
1,200
13% Jan 12
Feb
16
3
100
900
Jan 11
Mar
45%
Feb
40
Erie Railroad
2,900
4
16
43% Feb
1,100
Evans Products Co—
Feb
43
3,000
4% 1st preferred
4% 2d preferred—
37%
Jan
Jan 23
50
Eureka Vacuum Cleaner
115%
26
$5 conv
1,000
1,700
2%
30
5
.——3
preferred——No par
$5)4 preferred w w..No par
$6 preferred
No par
Equitable Office Bldg—No par
100
100
Jan
15% Dec
2% Dec
14% Deo
3% Oct
3% Oct
6% Oct
Oct
27
15% Jan 3
8% Jan 5
15% Jan 4
7% Mar 8
3% Feb 16
8% Feb 3
$7
•
Jan
Nov
Jan
111% Jan
Elec & Mus Ind Am shares
1,300
112
149% Feb
Nopar
Eltingon Schild-
800
100
31%
9%
a
3
8
Jan
39%
107%
109%
Federal Screw Works..No par
t In receivership,
% Jan
3% Jan
55
8% Deo
% Oct
% Oct
1% Oct
115% Mar 10
116% Mar 1
7% Jan 12
1% Jan 29
1%
*15%
3
Oct
79% NOV
21
Deo
4
3
1%
Jan
%
Deo
Jan
300
1%
12% Jan 17
Oct
5
111
*9%
1%
2
Jan 10
22
35
2612
$4.50
*71%
1%
Mar
112
1
41% Jan
46% Feb
57% Dec
12% Mar
77% Jan
143% July
Jan
73
*1%
*15%
60% Feb
Oct
Feb
4
3%
Feb
Oct
16%
Oct
9%
*71%
61%
25
15
27
130
10%
71%
*95
Oot
Jan 12
Jan 12
22% Jan 11
Apr
Mar 11
10
3%
Mar
23
136
*95%
74
96
4
4
31%
110
Mar
Oct
Mar
Jan
*31
*3%
*3%
29
60%
75
132
2984
*95
Oct
6% Deo
6% non-voting deb——100
31%
*60
10
500
30
3%
3%
30
Jan 12
6
Jan
14",600
30%
74
9%
16
180%
135%
30%
*95%
110
Oot
Jan 27
86
122
1,030
260
*3%
*3%
Oct
NOV
6%
30%
*95
6
Nov
6
*60
29% Dec
18% Oct
98
6
3%
3%
15*
47§ Jan 24
39% Feb 28
26% Jan 20
106
6
74
24% Mar
10% Feb
116% Jan
22
May
76% Feb
36% Feb
40% Feb
115
1%
6%
110
Oct
Oot
—25
8% preferred
100
Fairbanks Morse & Co-No par
6% preferred—
——100
Fajardo Sug Co of Pr Rico..20
Federal Light & Traction—16
$6 preferred
.—.100
Federal Min & Smelting Co 100
Preferred
.——100
Federal Motor Truck—No par
3%
3%
5
1% Oot
88% Deo
Jan
Jan 27
1%
20
3%
5%
*90
58% Mar
123% Feb 23
34
2%
*60
29
Oct
10
Exchange Buffet Corp .No par
3%
3%
Oct
4
preferred
..Nopar
$6 preferred
—Nopar
Elec Storage Battery—No par
fElk Horn Coal Corp..No par
6% preferred....
-50
El Paso Natural Gas
3
Endlcott-Johnson Corp.—.50
5% preferred
100
Engineers Public Service
1
9%
*71%
8
13
Jan 12
108
Jan
Nov
31% Mar
Jan 12
Electric Power <fe Light. No par
52
75
27
Feb
1,700
800
*31
15% Jan 11
17% Jan 12
19% Nov
20% Nov
106
50%
31%
10%
3
Jan 20
113
18,700
46%
*31
109*
Oct
100
preferred.
9%
*48
*95%
Oct
25
Jan 28
100
-
96%
Feb
25% Feb 25
10
500
-
Jan
Feb
Jan 28
1
31%
18%
24
8
Du P de Nemours(EI)& Co.20
Electric Boat
*47
1%
Oct
% Feb 11
10
Jan
Oct
17
877g Jan 27
19% Jan 27
8% Jan 3
—1
Oct
Feb
8% Mar
23% Mar
6
34
8
17% Feb 4
53% Mar 11
..Nopar
8%
20%
109%
12%
15% Mar 10
100
100
Oct
Jan
30
Electrle Auto-Lite (The)
*43%
74
Mar 11
Feb
2
Feb
8% Feb 25
2% Jan 10
Feb 16
12% Jan 3
66
Jan 26
No par
B
fDuluth 8 S & Atlantic
6% preferred
3,100
52
110
16
3
3% Feb 16
29
39% Dec
9% Feb 17
1%
*3%
3%
*
Jan
20% Jan
31% Jan
6% Jan
.No par
18
46%
50%
8%
Jan
Jan
Mar
Jan
27
107
Feb
Feb 14
6% Jan
17g Jan
89
Dresser (SR)Mfg conv A No par
6% cum preferred---—100
*48
*60
3%
*3%
4
Jan
Feb
Jan
13% Mar 11
Eaton Manufacturing Co——4
3%
*3%
Oct
62
8% Jan 20
60
*47
■
2%
86
46% Jan 21
1,700
*44%
3%
17%
Nov
4
16%
3%
52
4%
Jan
Oct
18% Nov
4
32%
30%
29%
1%
Mar
3
3
24
Jan
300
20
135
Deo
54% Dec
Feb
5,900
*36
Nov
%
Jan
Apr
62% Feb 21
22% Mar 1
24% Jan 10
7
Jan 10
6
1,600
106% *103
106%
4
384
3%
3%
*3%
*3%
*8%
*1%
12
7
35
8%
1%
20%
Oct
80
47%
25%
108% Apr
81% Mar
600
51%
4%
5% Jan
13%
8%
102%
18%
*217S
Nopar
3%
40%
Feb
Nopar
8%
*103
2%
3%
5%
19
.100
Duplan Silk
45%
2%
3%
5%
3%
..No par
20
*5g
%
57%
21
Oct
Dec?
15% Jan
48% Jan 11
preferred
29%
29%
30
*%
.
7% pref-.100
...No par
200
114
778
*3%
884
[3%
13% Feb
8
30
10
17%
F9%
1
1
5%
31
18%
8%
3%
9%
k8%
Jan
A
Douglas Aircraft
Dow Chemical Co
......
152% 154
3%
18
Jan
Dominion Stores Ltd.-No par
100
115% 115%
*5%
5%
*16484
16%
8%
Oct
Jan
4
Doehler Die Casting Co No par
Dome Mines Ltd
No par
1,400
114%
135% 136
3%
Dee
30% Deo
4
6
39
1
1%
6
—
17
34
43
8
6
32%
1012
4%
165
Jan
Feb
Jan
Deo
1%
1
6%
*
105
165
*16%
3%
100%
56%
12
8%
1%
1
29%
*95%
45%
*115%
5%
5%
154% 154%
Jan
28% Nov
Jan 6
Jan 12
Jan 18
Jan 10
Jan 17
No par
Aug
37
18%
7%
50%
5%
18%
3
300
112
114
72% Jan 12ft
44% Jan 11
94% Jan 17
1% Jan 7
Feb
28%
Jan
1
1%
1
30
138
*90
*90
*
3%
*47
1
1
1
1
2%
3%
4
52
*2
3%
105
45%
2%
3%
5%
4-%
*2
47
*35%
117%
115% 115%
*114% 116
115
114
*115
5%
112% 116
134% 134%
Jan 31
Jan
115
15
113
115
5
% Feb 14
6% Jan 6
Corp-Seagr's Ltd No par
5% pref with warrants--100
Dixie-Vortex Co
...No par
14
♦108
Jan
80
6% participating pref....25
9,600
2%
14
83% Jan 12
12% Jan 12
31% Mar 11
Distil
%
*%
%
3
*10
3
6,600
%
14
37
3
Jan
Deo
Deo
Nov
6%
Deo
Class A
10
*10
4
Jan 28
Feb
66
Diamond T Motor Car Co—.2
700
7
*%
%
*%
...
10% Jan 11
39% Jan 17
9% Feb
30
Devoe & Raynolds A...No par
Diamond Match......No par
200
300
38%
102% 105%
1984
1934
Oct
Deo
77
70
33%
*16
*15
*30
*72%
14%
73%
3
Jan
Jan
Feb
71% Jan
171% Jan
10% Mar
56% Feb
3
800
16
*30
19%
16%
32%
14-%
Apr
3
1,000
1,300
7
14
Oct
153
Feb
Det & Mackinac Ry Co—100
500
13%
3
65% Jan 17
166% Feb 21
4% Jan 12
Jan
Detroit Edison—
930
14%
7
21
JDenv & R G West 6% pf.100
434
30
24%
35%
4
Jan
Oct
Jan 11
Delaware Lack & Western..50
600
29
9% Oct
46% Nov
Jan 12
Apr
Jan
Jan
Feb
49
July
35% Mar
87
Preferred
......
24%
24
16% Jan 10
25
9,500
4%
34% Jan 11
56
Mario
2l7g
7%
31%
34%
Diesel Wemmer-GJlbert. ...10
Delaware & Hudson
..100
32
Oct
Jan
Jan
Feb
25%
42%
3%
Jan 27
Deere & Co new
400
24%
Oct
%
2
9
4,200
2
Oct
6%
23
Feb
Mar
13%
14
6%
37% Deo
106% Dec
88%
13%
91
9% Jan 17
32
Jan 12
1% Jan 15
22% Nov
*12%
6%
45% Jan 12
110% Feb 21
Jan 14
5
25
Davison Chemical Co (The). 1
Dayton Pow <fe Lt 4)4% pf.100
40*400
*1%
5
Feb 25
14
91
3
29%
15
2
Oct
Feb 23
98
2,600
7%
65
5%
109%
69%
108%
1
22%
92%
37%
Oct
Jan 31
21%
2278
37%
Oct
1
Feb
Davega Stores Corp....
Conv 5% pref
200
9
Oot
7%
Cutler-Hammer Ino newNo par
400
22
*8
8%
23"
10%
2% Jan 13
70
Cushman's Sons
6
16
5%
*14%
16% Jan 18
16% Jan 15
85
Feb
13% Apr
52% Apr
02% Aug
..—.100
$8
16
5%
Oct
14%
127
Class
6,800
19%
Oct
3
3% Jan
conv
Preferred
55
19%
15%
8%
*1%
33
*52
3
19
5
Curtlss-Wrlght
12,500
10,300
16
1%
Jan 27
1,700
47%
4%
10%
Oct
4
*22%
5%
*90%
*3%
31%
24%
*35%
7%
*3%
55
15%
2
32
15%
16%
2,600
6
6
Oct
%
90
pref w w__No par
No par
Preferred...
200
20
91
*24
15
19%
22%
12%
14%
91
15%
*14%
2%
13% Feb 7
5% Jan 10
80
*22%
22
22%
22%
12%
1478
71
Dec
7
4
Cudahy Packing
.....50
Curtis Pub Co (The).. No par
1,600
*65
100 '
Jan
16
Jan
Jan
Jan
Jan 12
Jan
Jan
Apr
13%
17%
105%
Feb 21
Jan
108
3
5
68% Feb
No par
100
Cuban-Amerloan Sugar
10
410
Oct
79% Dec
Jan
164
Cuba Co (The).
Cuba RR 6% pref
1,300
Oct
7
48
pref
No par
Crucible Steel of America..100
Preferred
100
100
71
20%
19%
*105%
7%
*52
55
*22%
19%
*5%
4%
$5
Nov
3%
6% Jan 12
22
92
86% Jan 21
4
Jan
3
Jan 15
Jan 10
1% Jan 3
27% Mar 8
12% Jan 27
Pref ex-warrants
7,500
%
8%
4%
*%
%
9%
4%
46%
4%
70
conv
3
5%
10%
101%
7%
%
25
Crown Zellerbach Corp
5,800
100
85
6%
46%
47
$2.25
"""300
9%
4
4% Oct
21% Dec
100
5% conv preferred
36
31
X9%
Feb
7% Jan 3
27% Jan 28
No par
Co
6%
18%
49%
38% Feb
No par
Crane
800
Oct
107
No par
24%
*7%
100
Coty Inc
1,200
1
73
No par
7%
32%
25
*91%
Preferred
Mar
12% Jan
10% Jan
1% Jan
5
64
63%
164% 164%
3%
3%
200
Mar
95
3% Mar 11
13% Feb 3
83% Jan 3
Continental Steel Corp.No par
Corn Exch Bank Trust Co—20
Corn Products Refining..—25
100
290
6%
46%
6%
6%
46
*65
Continental Oil of Del.
87
Oct
% Jan
1
13%
*15%
16
4%
Motors
49%
16
*6%
36%
,
28%
800
Oct
63
4
101% Feb 21
3?g Jan 3
20
27%
34%
70
Continental Can Ino
600
109
65
4% Feb 16
100
*12%
71
55%
6%
39%
-
9%
4%
%
9%
"3", 100
41%
preferred
Jan 15
Jan
8% Feb
No par
*47%
*65
16
4%
36%
*6%
%
2%
%
32%
8%
80%
68
96% Jan
Continental
71%
*65
7%
2%
38%
%
*80
Class B
July
18%
90
4,700
4
18%
11%
*%
*%
*66%
85
36
2,000
1,600
26
Oct
par
Container Corp of Amerloa.20
Continental Bak class A No par
4,800
1%
Jan
Oct
4%
71
•
5% preferred v t c
100
Consumers P Co$4.50pfNo par
200
22
8
25% Jan 14
2,000
32%
*34%
31%
10%
700
400
19% Feb
45% Mar
19% Jan
578
Dec
Dec
Ja 117
1% Feb
5% Feb 19
1%
4%
55%
108% 108%
*19% 21
69%
34%
33
1,400
Oct
Dec
8
20% Jan 29
No par
Consol RR of Cuba 6% pf.100
t Consolidated Textile--No par
Consol Coal Co (Del) v t o—25
"!766o
4%
20
7%
par
..5
.No par
Consol OH Corp
$5 preferred
Highest
share $ pet share
5
Jan
8
par
1
per
10% Feb 23
19% Jan 17
7
75% Jan 25
1% Jan 11
6% Jan 12
1%
9%
19
7
*66%
33%
*82
I
27%
93%
24%
7%
400
24% Jan 22
$
60% Mar
100
$4.50 pref
No par
Continental Diamond Fibre-.5
Continental Insurance—$2.50
4%
93
1.400
13,300
$ per share
7% Jan 14
6% Jan
100
7%
29%
7%
9%
19
39%
39
41%
9
13
7%
14%
*72%
*15%
*31%
*14%
*3"78
%
85
21
24%
35%
378
26%
4
10
%
15
24%
35%
64%
31%
32%
42%
64%
*164%
10%
227g
*33
37
25
48
277g
10%
*105%
7%
*1%
91%
*3%
2%
93
28
*12%
13%
49%
164
23*
215g
227,
*12%
14%
29
*3%
26%
*79
85
29
1%
32
*22%
*105
600
200
7% Feb
No par
6H% prior pref w w
Consol Film Industries
$2 partio prefNo
Consol Edison of N Y__No
$5 preferred
No
Consol Laundries Corp
9,200
14
6% Jan
13% Feb
Consolidated Cigar
7% preferred..
"""so
13
1%
178
29%
1%
28%
13%
48%
29%
1%
64
14
109
30
63%
13%
12%
14%
108% 108%
7%
7%
36
15%
55
*534
*8*8
*81%
41%
*31
69
20%
6%
15%
8%
*15
♦105
13%
*1%
32
10%
157g
1934
6ig
; 14
36
4%
*22%
16
55g
21l2
7%
33%
10
4%
*52
*52
74t2
II4
*512
20*4
112
*5l2
25
32%
6%
4%
15%
157g
*114
*24%
7%
33%
*34%
32%
*34%
*31%
47
47
6234
74l2
1%
55g
21
92
4l4
93%
24%
7%
32%
*34%
;
%
7612
94
8
*80
*593g
*74
*92
25
35
♦80
*59%
*8
Mar 11
Conn Ry & Ltg 4J4% pref.100
Consol Aircraft Corp
1
4,100
1,400
85
49
164
"
8
70
33%
347g
84
37
32%
10%
*6614
72i2
34l2
33
7
2
*12%
*24
*; 7%
1412
7
14
1%
28
13%
49%
64%
49%
64%
14l2
,714
6284
6
20
No par,
per
Lowest
Highest
share
Jan 27
Conde Nast Pub Ino
"""16
15i8
2078
14%
29%
1%
29
27%
*12%
28
"418
4i8
27i2
925g
14%
13%
*1%
*81%
42%
30
1%
50
*164
85
30
1%
878
15
$
Congoleum-Nairn Ino ..No parf
Congress Cigar
No par
2,100
8I4
*7
42
42%
42%
109% 109% *108
109%
7%
*7%
7%
7%
30
13$
30
14%
13%
178
13
Par
200
634
203g
*784
53g
42%
30
31
*H4
20
Range for Previous
Year 1937
of 100-Share Lots
Lowest
Shares
8I4
8%
2114
92l2
412
*82
109% 109%
734
734
109i2 109%
8
*734
*6
634
Range Since Jan. 1
On Basis
EXCHANGE
Week
11
$ per share
21
*
*8
85
*81
85
42
*1412
20*4
*714
STOCKS
NEW YORK STOCK
the
92
92
9112
92l2
414
*4U
412
*414
412
9
834
9
«i#
914
I 878
9lg
*10018 103
103
*100l8 103
*100i8 103
*5
4%
412
512
5l2
4i2
5
38
38
3g
*%
38
%
12
3is
33g
312
33g
33g
*33s
3%
*14
15
15
1534 *14
1534 *13l2
*80
8412
85
*84%
8412 *79
84%
13%
13i2
*14
13g
5%
21
9212
*4l2
*100% 103
*100% 103
*534
6
1%
*53s
2078
1%
6*8
1%
5%
21
21%
9234
*6
21U
7lg
♦593s
Mar.
10
$ per share
8U
*8
9%
15%
6
2H2
*7i4
6ig
6%
22
23
*7i4
Mar.
CENT
Friday
Thursday
Mar. 9
$ per share
♦22
NOT PER
SHARE,
Wednesday
Sales
for
LOW
Saturday
1669
2
3
Jan 28
14% Feb
x
3
Ex-div.
y
2
Jan
18% Jan
Ex-rights.
2% Oct
1% Oct
14% Dec
11%
11*2
6
Feb
Feb
Jan
43% Mar
1 Called for redemption.
New York Stock Record—Continued—Page 5
1670
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
for
Monday
Mar. 7
Tuesday
$ per share
$ per share
Saturday
Mar. 5
% per share
♦68
77
20
88%
3012
21
2OI4
88I4
*3212
I6I4
88I4
33
16%
2014
♦86
77
2934
♦1514
31
30
33
33
167g
167g
♦26
28
26
*1634
18
*1634
♦2ig
Mar. 8
♦68
♦2<)34
*15%
20%
*68%
29i2
♦1514
Mar
9
10
Mar.
% per share
Mar
$ per share
73
73
30
75
30
Friday
Thursday
30%
*68%
*29%
68
7434
21
20
"2" 400
Firestone Tire & Rubber... 10
89
♦82
89
400
6% preferred series A.-.100
1,100
8,.500
21
26
.500
Florence Stove Co
1634
1634
100
Florshelm Shoe class A .No par
16
2%
27%
*2%
26%
2%
2634
2,400
t Follansbee Brothers..No par
Food Machinery Corp
100
2
94
95
17
17%
62%
3,300
10
$7 conv preferred
3%
500
Francisco Sugar Co
1712
*5834
1812
62
412
1734
18%
62%
1734
59
4
4
*38
45
1634
59
45
1734
*57
18
62%
4
3%
*38
*57
45
*38
*57
5
*3%
3%
45
38
900
360
38
26i2
2
2
2
2
2
2
4
4
4
4
♦3%
4
14%
*13%
15
*13%
13%
42
6
6
6%
96%
15%
15
2
*134
2
3%
15%
1334
334
13%
334
13%
12%
13%
87
87
87
87
*6%
85
85
13
200
13%
13%
130
88%
30
1,100
4134
8
8
5%
6
6
5%
5%
*6
634
*6
684
6
6
96%
*91
96%
*91
*91
40%
77s
40
96%
39%
8%
122% 122%
123
40%
734
40
39%
8
*734
734
4
*334
9%
$6
39
*334
4%
9
8%
18
18
*17
20
♦63
90
*63
70
63
63
*59
75
*59
60
59
59
26
*25
26
*2534
26
*25
26
26
31%
*1
*30
*55
*118% 120
*118% 120
38
39
3834 39%
32
31%
31% 32%
31%
1
1
1
1
1%
*30
*30
50%
50%
50%
56
5634
*55% 5634
55%
122
122
*121
123
122
35
33
122
3458 3514
11534 116%
116
116
*27
3078
*28
30
♦5
514
5%
5%
5%
5%
918
9
9%
884
9
9i8
♦10334 108
♦
2
158
*22
24
*88
100
1%
33%
33%
*88
19
100
1%
1%
115
116
116
116
116
*26
30
*26
30
*26
5
*88
*11
*16i2
12l2
IOI4
*5914
*712
*54
100
*86
100
19
22
24
21
22
24
21%
18%
22%
23%
11
11%
11
11
*11
11%
*18%
21%
22%
*1078
17%
12%
17%
*14%
17
*15
12
12%
*14%
*12%
17
12%
10
10%
59%
10
*57%
10%
59%
*57%
13%
10%
59%
7%
7%
7%
7%
7%
12i2
10%
6018
734
5478
59%
7%
53%
53%
*52
1%
22
20
22
19%
*38
40
38
2%
2%
*2%
312
3%
3%
3%
*50%
1934
*37%
2%
3%
*70
72
*70
72
*70
1634
16
16%
15%
50
49
49%
48
21%
2134
2078
21%
20
84
84
85
85
4
4
4
4
82%
3%
16i2
*49
*55
60%
1%
5
*1%
1234
15%
*24%
22%
*12%
22%
*29%
1%
*55
5%
1%
1234
15%
1%
478
*1%
12%
16%
25
25
22%
12%
22%
30
*22%
12%
21%
28%
60%
1%
*55
24%
22%
11%
12%
15%
24%
22%
12%
20%
22%
28
28
*126
50
*40
50
*40
18
18
10%
8
*1%
*21
1%
29%
*5%
6%
*41
*55
*12%
*40
50
60%
1%
127
8
*82
1%
127
10
21%
83%
4
434
12%
2234
29%
17%
50
17%
*41
1%
*4%
*40
17%
17%
50
*41
10%
10
10%
7%
1%
22%
'8
8
*1%
1%
6%
21
*5%
10
178
97
7
*9178
96
148
1478
54
148
147„
54
*128% 130
♦43
51
92
92
1%
95
634
*91%
*132
34
6%
6
1734
17
98
98
*95
*92
100
*92
98
98
♦92
100
*44
92%
20%
*22%
23
23
105
*99
*8
*19
51
*43
92%
20%
23%
*19
105
878
18%
8%
8%
18%
*18%
18%
*102
*91%
148
*102
92%
22
*99
8%
18%
*102
5934
60
60
60
59
*22%
23
22
22
*934
10
21%
9%
*51%
*88%
*51%
90
52%
90
734
47%
2
778
47%
2
*5
934
9%
51%
*88%
7%
51%
92%
46
*184
734
47
2%
6%
1%
10%
5
5
8
8
7%
1%
8
1%
IO84
*16
22
*33
38
♦5
7%
*
67
67
1%
10
*16
33%
*5
1%
10%
21
7%
44
*90
6%
93
*6%
67
1%
95
6%
*534
6
75
1%
*90%
95
6%
1%
6%
53
533s
*128% 129
53
53
128% 128%
51
*43
51
*43
92%
20%
2234
*91
93
*91
94
*19
20%
*19
20%
105
22%
*100
8%
8
18%
....
18%
23
105
9%
52
90
7%
46
59
*21%
2234
100
8%
7%
778
183s
18%
18%
*102
5934
21%
22%
100
51
♦102
59
23%
6
*534
—
•
—
300
*67
77%
178
1,200
94
63s
51
130.
21%
100
40
400
52
2,500
8
1,400
18
500
18
♦102
59"
57
58%
"MOO
*21%
23%
*21%
23%
934
52%
300
89%
200
7%
10,000
45
44
44%
2,200
9%
51%
51
51
89%
7%
88%
88%
46
45
934
7%
934
734
9%
*51%
400
2
2
*1%
2
*134
2
2
2
400
6
*5
6
*5
6%
5
5
734
7%
1%
1%
10%
1%
9%
9%
*16
33
7%
*5
20%
33
7%
Bid and asked prices; no sales
on
*17
33%
*5%
734
1%
10%
20%
33%
8
this day.
7%
7%
1%
1%
10%
9%
*16
32%
5%
18%
33%
5%
Dec
Hercules
conv
Jan 12
28
Mar 11
Jan 19
5% Jan 26
Jan 28
Jan 31
123% Jan 29
5
100
Jan
60
2
"
89
140
,
Jan
Jan
Jan
Jan 15
18
Oct
121
Dec
5
Oct
Feb
94
Dec
Nov
11
50
Nov
1
125
May
39%
43% Jan 26
93
Jan 13
Mar
23% Mar
83
2
4
20
Oct
Jan 11
Feb
100
7% Mar 10
11
16%
Jan 13
Jan 12
15%
93
734
Dec
Nov
Dec
Oct
Nov
Dec
Mar 11
25% Jan 12
15%
109
18
52% Jan
21% Mar
par
8% Jan
4
8
3
46% Jan 4
83% Jan 26
6% Jan 3
C..25
5
41% Jan 3
1% Feb 11
100
5
100
Oct
65% Jan 20
£3934
Oct
25
Jan 12
1
100
21
6
11% Jan 12
52
90
Mar
44
4
Feb 24
78%
434
8% Jan 11
53% Jan 13
2% Jan 13
Mar
7
6% Jan
1% Jan
8% Jan
No par
Illinois Central
Dec
86
Jan 10
stk.No par
100
Hupp Motor Car Corp
Oct
Nov
129
Jan 31
12.50
Hudson Motor Car
5%
Jan 11
...100
preferred
1%
81
Feb 25
17
17
v t
Oct
55% Dec
8
Feb 24
98
5
Howe Sound Co
92
6
152% Feb 17
58
9
3
Oct
Dec
Nov
25
No par
Hudson & Manhattan
95
96
130
18% Feb 16
Oct
126% Feb 28
£7% Jan 19
4
No par
com
434
1734
Jan 18
7% Jan 17
8
Oct
Oct
23% Dec
26% Apr
7
100
126% Jan 19
42% Feb
84% Jan
12
2% Jan 11
12% Jan 31
49% Feb
3%
6
7
95
Jan 10
Jan
34
12
21% Jan 15
67
Jan
1%'Feb
No par
preferred
Houston OH of Texas
Def. delivery,
19
32
No par
Class B
10
3
No par
5%
100
Feb 16
20
Houdallle-Hershey cl A.No
140
6
%
Jan 12
5
25
Holly Sugar Corp
7% preferred
Homestake Mining
5%
28
Jan
02
Hollander & Sons (A)
Household Fin
Oct
Dec
Oct
100
preferred
Nov
7%
7%
24% Mar 8
Hercules Powder new..No par
5%
Feb 16
15% Jan
No par
Holland Furnace
Dec
60
Jan
Chocolate
129
Jan 22
8% Jan 5
1% Jan 10
Feb 18
100
6
Oct
10% Jan 12
95
6% cum preferred
Jan
Oct
Dec
45
6
Motors
20%
23%
Jan 14
3
Feb 15
Helme (G W)
Preferred
10
Feb 16
Feb
4,700
a
Dec
1934
50% Sept
15% Oct
86
9,800
t In receivership.
22
Jan 24
40
25
12.000
6
Jan 10
21% Jan 12
v t c.No par
Corp
23
Jan 22
17
w w
1%
16
Jan
5
25
100
7%
32
Oct
Dec
Jan 31
100
9%
16
3
No par
7%
1%
*4
Jan
Oct
10
13
4
1% Jan 29
17% Jan 5
...25
884
32
1%
Jan 11
Jan 10
45
Corp of Amer class A..1
Hecker Prod
200
738
Jan 11
Oct
16
10
0M% preferred
1,500
*88%
7%
934
Oct
55
Dec
40
100
Hayes Body Corp
Hazel-Atlas Glass Co..
50
*734
Oct
3
125
$4 conv preferred
No par
Hinde & Dauche Paper Co. 10
"4" 100
13g
Jan 12
19
No par
Hershey
105
Jan 12
7% Feb
100
-
Feb 21
6%
1%
13%
18%
£27%
10
preferred
Oct
2
8% Feb
preferred
Dec
55
100
600
-
4% Jan 11
Dec
16%
72%
3%
Mar 11
par
93
-
46
Feb 23
Feb 28
127%
43
20%
21%
Dec
5
Hat
150
90
*100
1,600
130
43
*19
200
Oct
Dec
32
6%
'
30
178
*92%
6%
2
1234
3
preferred class A
Oct
Oct
£83%
24
11% Mar 11
Hanna (M A) Co $5 pf. No par
Harbison-Walk Refrac.No par
~~3~666
m
1%
Jan 17
89
4% Jan 3
1% Jan 28
11% Jan 3
13% Jan 4
22% Feb 7
1
Printing
Dec
43
3% Jan 11
4
6%
100
58%
51%
*88%
7%
46
60
19%
27% Jan 11
51% Jan 19
3% Jan 10
Feb
7%
Oct
Oct
19% Jan 15
57% Jan 15
Jan
1
5
No par
Hamilton Watch Co
Oct
Dec
49%
Jan 13
26% Jan
Hall
Oct
6%
15% Jan 12
28% Jan 12
400
97%
20
20%
20%
20%
*125% 128
*125% 128
♦67
30
8
3% Jan 28
53% Feb 5
No par
10
6% preferred
Hackensack Water
Dec
8
20
300
6%
76
8% preferred
100
Gulf Mobile & Northern...100
"MOO
17
96
£91% 91% *90
*90
96
*143% 148
*146% 148
*146% 148
13
13%
13% *13
13
13%
148
par
.1
5M% preferred
Guantanamo Sugar
30
*5
33%
1%
92
14
*13% 1434
14
53
*53% 54%
54
*128% 130
♦128% 130
♦19
*99
96
148
200
♦6
98
1%
18%
5%
34
6
*17
6%
100
6%
100
17
98
92
1%
36
*32%
1%
16
56
80
13% Jan
Greyhound Corp (The) .No
1,600
36
6%
*92
6%
778
17
98
2
778
*1%
18%
5%
2
4
Greene Cananea Copper
~8~306
*32%
100
95
8
50
Oct
Oct
9% Jan 10
8
Mar
2% Jan
Oct
9%
Feb 26
Great Western Sugar_.No par
Preferred
100
Green Bay & West RR
100
Green (H L) Co Inc
1
60
10%
19% Mar
Dec
13%
11% Feb 26
68
Oct
Dec
1%
6
5% preferred....
20
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
~2"666
9%
3
Jan 27
38
100
Graham-Paige Motors
50
*41
50
par
Granby Consol M S & P
36
21
21
21%
21%
20% 21%
20% 21
*125% 128
*125% 128
*125% 128
*125% 128
*578
6%
578
5%
6
5%
5%
*534
1%
10%
20% Mar
3
No par
900
28
6%
♦634
50
Oct
18
46% Jan
17% Jan
$3 conv pref series
Granite City Steel
Grant (W T)
9%
14
3
3
6% Jan
Grand Union Co tr ctfs
8
4
Jan 10
Jan
£99
14% Jan 15
pref erred... No par
conv
500
*41
Oct
Jan
15*900
17%
Nov
1
Feb
1%
17%
85
Jan 10
61
50
4%
*40
Jan 18
2
3
500
17%
Oct
90
3
3
1
200
50
16
6
Jan
15
No par
1%
*12%
17%
2% Jan 8
26% Jan 15
5
preferred
Oct
1% Jan 28
No par
1
28
6
conv
Oct
9% Jan 11
106
Feb
3
9% Jan
(Adolf)
Dec
Oct
21%
3%
8%
5
Jan
55% Feb
Preferred
900
28%
5% Feb 24
No par
Brothers
Gotham Silk Hose
1,200
1,000
1,000
25,200
Oct
May
111
5
31% Jan 18
No par
preferred
Nov
48
38% Jan 15
116% Mar
Oct
117
5
Mar
Jan 31
70
$5
1,000
33
3
Feb
57% Jan 11
Jan
*15
*40
30
122
20
4%
26
17%
*95
334
26
17%
*60
4%
600
60%
25%
*6%
67
4%
334
25
7
*60
*55
1%
334
60%
1%
3
4
5% preferred
No
Goodyear Tire & Rubb.No
1,000
18,900
84
*23
18
67
*82
16
36
*92
20%
84%
*15
24%
*32%
98
47
20%
21%
17
26
100
47
48
3
4
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co(BF)
No par
8,400
20%
3
Jan
15% Feb
10% Jan
oobel
20
15%
22%
*25%
*32%
98
70%
15%
*15
26
*92
70
Feb
Oct
*4
Jan 10
AM%
800
18
*25
*6%
*17%
*97%
7%
*15
5%
*15
7
10%
18
21
18
18
50
300
16
28% Nov
1% Jan 11
14
preferred
Glldden Co (The)
1,300
3%
34
33% Jan 17
10% Jan 11
$6
5,200
2%
45% Jan 10
28% Jan 10
Glmbel
100
1934
4
9
28
$5 conv
1,700
40
Dec
87
Gillette Safety Razor ..No par
52
*1%
*18%
*5%
*16
32%
17%
1%
22%
18
*678
50
7%
1%
*18%
*55g
♦17
*17%
1%
12%
15%
24%
22%
7%
Oct
£99
1% Jan 26
18% Jan 3
General Tire & Rubber Co. .5
100
Oct
120% Feb 11
19% Feb
5,500
Oct
Dec
19% Jan 28
100
58
Jan 10
Oct
Oct
66
102
par
1,700
17
Oct
2%
6%
14%
22
1
No
5
117
4% Jan 5
7% Jan 28
100
preferred
31% Nov
Jan 15
Jan 24
26
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
72
48
334
$6
Oct
Nov
Mar 11
General Refractories...No par
Gen Steel Cast 16 pref.No par
400
1134
9%
1%
1%
1%
12%
12%
*12%
15
15
15%
24
24% 24% £23
*22
22
£22
22%
12
12
12%
12%
11%
11%
20
19
20% 22%
2034
1934
29
28% 28% *28% 29% *28%
12634 12634 *126
12634 *126
12634
50
778
*1%
*558
1%
5
1%
*12%
15%
24%
22%
12634
978
*21
38
83
1%
22%
38
2034
1%
*14
20
38
83
*334
400
1,970
Oct
Oct
91
25% Jan 12
29% Jan
112% Jan
No par
preferred
Deo
Nov
5%
Feb 11
13
50% Jan
Railway Signal...No par
6%
4,500
.3%
20
Gen
Gen Realty & Utilities
Dec
Feb 23
1
1,500
3
11%
72
30
No par
2~600
18%
3%
54
*50%
19%
Printing Ink
preferred
Jan 17
Jan'
28
118
No par
Public Service
"
Jan
5% Jan 12
%Mar
Gen
21%
22%
11%
21
*3%
*70%
15%
734
$6
48%
Oct
26% Mar 11
10
preferred
General
1.600
21%
3%
72
16%
10
59%
$5
Oct
1%
Feb
9
36% Feb
100
Jan
9
6
4
No par
No par
preferred
32%
2% Jan 12
45% Jan 10
Feb
No par
Foods
Gen Outdoor Adv A...No par
Common
No par
"""466
1%
58
Jan
Jan
123
Jan
Jan
Jan
83
Mar
97
Feb
Jan
Feb
183$
73
24% Jan 27
110% Jan 13
100
General Motors Corp
"MOO
*17%
2%
17
12%
7%
21
♦55
22%
23%
11%
No par
preferred
Feb
Jan
54%
135
117
14%
3
3% Jan
8% Feb
17% Feb
$6 conv pref series A .No par
'
No par
42,.500
1,300
100
1%
*2%
£934
*56
49%
3%
*86
1%
19%
2%
54
12%
48
60%
100
*10%
*14%
1134
9%
♦55%
7%
*50%
1934
♦37%
2%
48
434
127
*4078
16
1%
12%
15%
*126
17%
*3%
*70%
15%
72
4%
25
24
10
2%
*3%
18%
2234
22%
38
2%
1%
22
20
40
*214
1%
1%
18%
54
22
♦60
*85
23i2
18
33%
4%
4%
8%
8%
8%
834
*8%
8%
*10334 108
*10334 108
*10334 108
2
*1%
1%
1%
1%
„112
£20
20
20%
20
20
20%
1%
18%
•37
32%
5%
33
118
100
No par
6%
30
5
*5
34%
5
Jan
Feb
Oct
4
General Mills
60
Oct
9%
20%
6%
7% Jan 12
7% Jan 10
Mar 10
5%
5%
©3%
35%
7%
No par
Gen Gas & Elec A
"""266
122
115
30
33%
12
24
*120
*27
35%
245g
2OI4
23i2
122
*120
34%
115% 115%
*10334 108
*10334 108
2
2
*1%
*1%
21
21
21% 21%
1%
2014
122
Oct
102
88
5
Cable
General
9,300
3,500
18
Jan 12
Jan 17
5
General Electric
42,400
Jan 21
Jan 21
90
Class A
7%
Dec
85
No par
General Cigar Inc
30
3
Oct
Oct
40
10%
7% cum preferred
600
1,000
40% Jan 13
Oct
Dec
234
16% Jan 20
Baking
General
66
Jan 18
5% Jan 12
16
No par
1st preferred
General Bronze
200
25
26%
25%
118% 118% *115
118% *115
118%
38% 39%
38%
39%
37%
38%
30
3134
2734 29%
26%
27%
1
%
%
1
%
%
*30
50% *30
50% *30
50%
56
56
*54%
*55%
*54%
55%
*120
preferred
$8
1,900
9%
11%
65
9% Jan
Investors...No par
General
800
20% Jan 12
3
Jan 31
12% Mar 10
Gen Am Transportation
30
3
Jan 28
10
4.100
123
Sept
Feb 26
No par
"966
39%
8%
8%
Apr
98
1%
1«4 Feb 17
3% Jan 3
12% Feb 3
preferred
Gen Amer
58
Oct
Jan 10
28
22% Jan 3
10234 Feb 28 £107
27
22% Feb 4
Gannet Co conv $6 pf_.No par
Gar Wood Industries Inc...3
700
Oct
80
38
(Robert)
Gamewell Co (The)
96%
*25%
*118% 120
40
39%
$3
27
96
3
3% Jan
Gabriel Co (The) ci A..No par
Galr Co Inc
13
*84
33% Jan 10
3
14% Jan
7% pf 100
Free port Sulphur Co
__10
f6% conv preferred
100
Fuller (G A) prior pref.No par
$6 2d preferred
No par
10
3
Jan
56
par
F'k'n Slmon&CoInc
2,300
58% Feb
39% Mar
8
89
10
No
5
Jan
107% Feb
52% Mar
46% Feb
Mar
No par
900
6
*121% 127
*121% 127
*121% 127
*122% 127
3%
3%
3%
3%
334
334
384
3%
9%
9%
*9%
9%
9%
9%
9%
9%
18
18
18
1834
18%
18%
1884
17%
Foster-Wheeler
Feb 11
Oct
26% Feb
100
900
6%
*91
No par
2
3%
6%
534
No par
334
*1%
6
4134
8
*7%
14%
88
*134
334
*13%
1334
Stores—No par
AM% conv pref
20
26
255s 26%
26%
26%
26
26%
25%
♦10234 103% *10234 10314 *10234 10314 *10284 103% *10234 103% *10234 103%
*2412
25%
11%
11%
42
Dec
26
18
1734
*91
Dec
15
28
62
96%
22
21
*26
17i2
♦S834
*9134
Oct
*1634
95
6
11%
18
94
634
Dec
28
*27
6
26%
14% Jan 28
23% Feb 4
34% Feb 11
18% Feb 10
29% Jan 12
*1634
28
*6%
3
*26
95
14%
Jan
18
95
*87
28
26
27
15
Nov
♦1634
96
90
90
15%
28
Dec
16%
Jan 11
16
28
15
20
45% Jan
3984 Feb
413a Mar
Jan 15
30
share
108% Mar
Oct
92
30
per
Oct
22%
25%
16%
*2
share $
£65
33% Feb 23
9
31
2
Jan 18
per
4
15%
2
$
Mar
31
(The)
Lowest
share
87
16%
Fllntkote Co
z79
Feb
£18% Jan
31
First National
4
per
par
£30%
15%
♦95
*87
(Wm) Sons Co .No
FUene's
16
218
$
67% Jan
27
20
29
*13%
Fed Dept Stores AM % pf-.lOO
1434
2
1938
Range for Previous
Year 1937
Highest
share
Fidel Phen Fire Ins N Y..2.50
20
96
26
per
300
*12%
♦28
*38
$
2,600
68%
2934
*80
21
•95
2534
Lowest
Par
20
96
45
Week
Shares
87
*15%
1934
21
29
2534
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
26
18
218
*4
YORK
12,
EXCHANGE
29%
*12%
1934
29
478
11
$ per share
30
♦95
♦4
the
87
26
2*8
214
Wednesday
March
3
10
3
5
12% Feb 25
37
1%
3%
7% Jan 13
Jan 13
1% Jan 10
4
Oct
Dec
Oct
Oct
Dec
Oct
Oct
Oct
Oct
Oct
1%
Dec
8
-
Oct
6% preferred series A...100
16
Jan 28
20
Jan 10
16
Oct
Leased lines 4%
29
Jan 28
38
Jan
4
34
Dec
7% Feb 25
5
Dec
100
RR Sec ctfs series A
n
New stock,
r
1000
Cash sale,
5% Mar 10
x
Ex-div.
y
Ex-rlghts.
5 Called for redemption.
Volume
New York Stock Record—Continued—Page 6
146
AND
SALE PRICES—PER
HIGH
Saturday
Monday
Mar. 6
Mar. 7
Mar. 8
Mar. 9
$ per share
$ per share
$ per share
$ per share
*6%
7%
1978
1978
78
78
6%
19%
*76
*136% 138
*6i2
1912
80
*136i8 138
684
1958
76
6%
1978
76
73
72
74
70
1278
1278
1212
1234
12
4
4
4
*21%
5%
22
4U
*2H2
22
20
•83
85
*83
85
*83
434
*3%
1034
*312
4
1078
3'8
3%
*24
1012
3
26
*22I2
*151
15134 15134
65l2 66I4
*145
64
152
578
*33s
*10
*145
5l2
*33g
678
3%
1038
10
4%
5
*43g
3i2
10%
378
1034
152
75
*6i2
185s
*74
714
6%
1858
18%
76
73
74
*83
85
3i2
1012
*22%
2412
151
6134
145
15134
64lg
14514
95g
5l2
33g
10
48ig
578
4914
514
33s
35s
10
85
*84
84
334
312
312
1078
3
1038
278
1058
278
10
25
23
23
22
152l2 *152
156
154
152
6314
141
65
145
53g
5%
33g
33g
934
97s
64l8
142
53s
*3%
*95s
141
5
53g
135
61
80
8
138
Feb
8
97s Jan
378 Jan
3
1
3% Jan
5
Inspiration Cons Copper
Interchemlcal Corp
6%
40
Interlake
400
Internat
1,050
4,600
83% Feb
5%
25
July
131% Mar
33% Feb
6
92
2%
Oec
6
Oct
2
Oct
18%
Oct
111%
11%
28%
9%
63%
Jan 12
Jan
Jan 17
Dec
6
Jan
1334
64%
Apr
Jan
July
Mar
Mar
Apr
Apr
127% Nov
53% Nov
189
Jan
120
Aug
3
138
Nov
162
Jan
784 Jan 12
478 Jan 11
117g Jan 21
3
Oct
l7s
Oct
6
Oct
37
Nov
73% Mar
1277s May
6% Dec
884 Sept
4% Sept
13534 Jan
19% Sept
70
152
Mar
3
Feb
143
IM84 Jan 21
478 Feb
778 Jan
1
Corp
144
Oct
6884 Nov
6% Oct
378 Oct
1% Oct
20
Oct
29
55% Feb
Internat Mining
Nov
132
484 Jan 12
13% Jan 12
378 Jan 17
Jan
141
72
6
Jan
95
9
Jan
100
share
Jan 14
25
Jan
140
per
22% Jan
47% Apr
Dec
4% Jan 19
684 Jan 13
3
2% Jan
20
Oct
15
78% Jan 12
15% Jan 11
3% Feb
9
par
100
Int Hydro-Elec Sys el A
39,000
3
Jan 26
Int Mercantile Marine.No par
1,900
4858
17
No par
No par
Preferred
200
9%
par
Int Business Machines.No par
Internat Harvester....No par
10,700
378
Rubber
Iron
Agricultural..No
Prior preferred
600
9
Jan
100
No
preferred
Intercont'l
400
8,900
1,800
141%
5%
20
Insuranshares Ctfs Inc
500
63%
878 Jan 10
8
Feb
16
Highest
$ per share $
share
Mar 11
preferred
11,000
5,700
7,000
154
0% Feb
per
Jan 18
6%
*3%
378
10
73
100
No par
$
share
22
Inland Steel
22%
6134
653g
142
No par
10
Year 1937
Lowest
Highest
f Interboro Rap Transit--.100
400
234
234
No par
~2~,600
3%
1038
334
10i2
278
*22l2
per
Ingersoll Rand
2,300
84%
*3%
85
$
Indian Retlnlng
Industrial Rayon
200
6%
1834
*136i8 138
*136% 138
*13618 138
72
73
7H4
73
69%
72
12
12%
125s
12i2
133s
12%
1234
4
4
4
4
4
4i8
4%
5
434
5
478
5
5
5i8
21
2H2
21i2 2112 *20
20% 20%
3
6512
152
7%
193s
Par
Range for Previous
100-Share Lots
Lowest
Shares
$ per share
$ per share
Range Since Jan. 1
On Basis of
Week
11
Mar.
10
70i2
3
3%
24l2
*74
Mar.
STOCKS
EXCHANGE
♦136is 138
73
4
*6i2
18i2
Friday
Thursday
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Tuesday
Sales
for
LOW
1671
Jan
Jan 11
Mar
107,8 Jan
15% Apr
18'4 Jan
'
4934
50%
4834
135
♦133
734
712
8
4978
135
*133
49
4934
*133
49
135
4984
473g
*129
135
Int Nickel of Canada..No par
Preferred
300
135
100
Inter Paper & Power Co
27% Feb
3
3
39% Jan 12
3484 Mar 11
48% Jan 21
34
No par
20
19%
Oct
Shoe
No par
31% Jan
6
30
Oct
International Silver
..100
16
Jan
3
22% Feb 17
3534 Jan 24
20
Jan 17
100
62
Jan 27
7l2
714
7%
73s
75g
7
7%
8,700
31i2
283s
3i2
3012
30%
*3%
3U4
412
30l2
33g
31
312
29
30%
8,000
3%
830
3434
39
240
*20%
32%
17%
21
500
International Salt
600
International
600
65
65
Class
30
378
378
*40%
*2078
42
4034
4034
40
40
*383g
40
*3834
40
2H2
21
21
2078
o32%
*1834
*65j4
3212
325s
2212
32i2
22%
3314
1958
*20ig
32l2
*20%
*32l2
*1834
19&8
201g
3258
1812
1834
*18
19
*18%
32%
19%
6534
6514
65U
*65
80
*65
80
7
75s
734
103s
678
714
*37g
378
33s
5%
..No par
...
C
No par
pref
conv
100
Internat Rys of Cent Am..100
Voting trust ctfs
*6412
714
7h
778
73g
1058
103g
7
7
718
7i2
32%
7i2
7%
73g
70
*7i2
1012
*65
IH4
*2012
*11734
*66
70
*65
75
*65i4
70
73a
*934
*65%
1H4
*11
1H2
*11
1H2
*11
11%
*11
*2012
217g
*2012
22
22
10
21
IOI4
21
10
*119
*11784
523s
*11734
10
*20%
32%
18%;
7
10
934
978
70
*65%
11
"""366
*20%
21
100
11%
2134
18
*8%
"9%
21%
*1534
*12%
*7434
16
*5
02
62
63
61%
62io
1784
♦17
18
*17
18
17
17
118
*17%
*17
♦734
62
118% 118%
18
*118%
8%
*17
15%
13
*12%
13
80
*7434
80
77g
7%
5%
*8334
37%
5
89%
♦85
38
8%
*22
2234
178
*184
*15%
14%
17%
*5
48
734
15%
*13%
*2034
11%
*458
*13
47g
8
22
22
*134
14%
14%
17%
1734
178
48
14%
1778
*434
2778
15%
14%
15
15
*13%
24
22
11%
6
17%
*3%
*9%
26%
34%
*7%
*26%
93g
93%
*164
30%
5
5
85
36%
36%
37%
8
8
8
*8
*21%
22%
*21%
*178
*15%
14%
1634
*17g
2
*15%
178
48
15%
483s
*76
80
8
37%
22%
2
48
14%
*734
5%
*85%
3478
5%
89%
8
8
*21%
*178
*15%
14%
22%
100
2
100
Kinney (G R) Co.—
14%
330
1634
1,500
32,200
1,000
35%
200
15
2,600
13%
20%
13%
16%
13%
13%
13%
21
20
21
13%
19%
20%
21
21
220
11
11
11
11%
11
11%
11
11
2,000
*4%
12%
1534
12%
6~
16%
'«•»»<»
—
16%
*101%
5%
6
*4%
*12%
16%
16%
*101%
6%
5%
1278
%
%
%
34
3%
3%
2558
2534
9%
2678
*3%
25%
334
25%
3%
25%
3%
25%
9
9
9
9
26
25
25
33%
3234
*7%
33%
26%
2534
32%
*7%
26%
26%
34
7%
778
77g
17
6
13%
16%
-
5%
34
%
3%
24%
8%
*24%
25%
*27g
23%
878
33
*7%
*26
27
*26
88
90
87
87
91
91%
91%
91%
165
165
*164% 165
*17%
18
18
*17%
3034
29
29
28
28
28
29%
42%
*41
42
41
4078
25
7%
7%
18
26%
200
*17%
*164
164%
18
167s
16%
41%
16%
40
16%
16%
16%
48%
46%
48%
46%
47%
47
47%
108
*105
108
*105
*105
108
108
27
Dec
19%
109%
4
4
43% Jan 10
97g Jan 12
19
3
22%Mnr
Feb
7
Jan
15% Jan
10
37
1%
1%
37%
36%
*334
4
17%
17%
104
*103
16%
16%
13534 13534
1%
37
35%
334
334
17%
17%
*103
16
1%
334
17%
103
104
16%
16
140
13534 137
16
*16
1634
16
*4784
49
4634
4734
4584
18
18
18%
18%
30%
17%
*29
30%
*122
21%
315s
*1178
26
126
*29
*122
*157s
9
*534
678
15
10
7
8
15
778
*4
15
77g
12%
2
2
*6%
6%
*5g
1%
*%
1%
*4%
678
*11%
*15g
12%
*28
2878
8%
*2534
2
177g
378
34%
26%
164
♦160
*5
678
11%
11%
*1%
2
*28
287s
8%
8%
17%
3%
1734
3%
33%
25%
*160
34%
26
5%
39
39
5
5%
*21
22%
23
*21
91"
86
91
*12
12%
12
"
12
*8%
9
8%
*7278
80
*7178
*
87g
80
*2534
26%
*25%
3
4
MarlO
2278 Feb
5
8% Mar 10
5
2278 Feb
31% Feb
4
7%
7%
6%
*%
*4%
11%
1%
11%
28
28
8%
8%
177g
17%
2%
6%
1%
67g
12%
1%
2878
8%
18%
3%
*3%
4
67g
1%
33%
2534
2084
21
4?s
—
87
1284
*66
80
33%
26%
162
3834
478
3834
21%
3834
9
*32%
2578
*160
3834
47g
*8
*1%
*27
164
-
12
21%
47g
$6.50 preferred....—No par
2,600
3,500
600
400
10
2,100
6%
"5,660
11%
2,600
1,000
2634
400
*11%
83%
83%
*12%
*8%
12%
*66
80
9
2%
«•
mm, m
m. ,m
16
350
7
2,700
12
100
178
178
500
6%
63g
4,600
*%
*4%
1%
67g
12%
12%
1%
1%
734
*3%
3234
27
287g
8%
1734
37g
3234
27%
162
162
38
38
478
*20%
*84
12%
*8%
*70
12
678
28
-
.»
-
1%
60
28
200
8
4,300
8,400
734
17%
*3%
3%
3234
*31%
26%
MM
590
17
*160
«.
1234
*1%
27
164%
200
1,300
2,200
60
600
36%
47g
36%
478
3,100
22
*20%
21%
*84
*20
12%
9
80
■
12%
600
8%
1,200
X Iu receivership,
Oct
29
Aug
Dec
113%
Feb
114
Jan
175
Jan
Def. delivery,
n
New stock,
Jan 14
140% Mar 11
17% Jan 13
56% Jan 10
21% Jan 12
31
120
Jan
7
Jan 21
1
June
32
Oct
2% Oct
17% Dec
101
Oct
15% Dec
125
Oct
14% Oct
48% Nov
13%
26%
207g July
8778 Aug
110
Jan
378
Feb
75% Mar
IO84 Jan
43%
110
28%
14784
28«4
99
Jan
May
Feb
Jan
Jan
Mar
4184 Mar
Oct
30
123% Nov
Dec
8%
18%
Oct
Oct
3
23% May
83% Feb
03
Aug
Oct
25
Jan
8
Feb
3
5
Jan
3
17g Jan
3
10
584 Feb 11
% Jan
6
3% Feb
7
7
Jan 28
1% Jan
8
26% Feb
8
7% Jan 26
1578 Feb
2% Jan
4
29
Feb
3
22% Jan
4
157
3
Jan 26
3
Jan 13
Feb
132% Feb
62% Mar
58% Mar
15% Jan
63
Mar
Oct
778
1
Oct
7
Mar
Oct
30
Jan
9 '
Jan 24
5%
Dec
9
Jan 10
0
Dec
20% JaD 13
10
Oct
Jan
21% Apr
1678 Jan
39
Jan
Jan 13
4%
Oct
16%
Jan
12% Jan 13
284 Jan 11
9%
Oct
29%
684
14%
Jan
Feb
Feb
9
7% Jan 11
1% Jan 31
6% Jan 13
1284 Mar 11
184 Jan 13
29
Jan 14
978
21%
4%
37%
Jan 12
Jan 3
Jan 24
Jan 15
27% Mar 10
165
Feb 23
42% Jan 15
67S Jan 12
3484 Jan
3
47g Mar
8
2034Mar
8
25
80
Jan
4
Mar
1
16
Jan 18
7% Jan
3
10
Jan 11
3
79
Jan 18
3% Mar
3
Oct
20
Jan
684
1%
Dec
Oct
39
Jan
24
7%
10
I84
20
Dec
Dec
Oct
Oct
Oct
22
Dec
142
May
33«4
Dec
4%
Oct
91% Feb 10
12
1% Oct
5% Oct
84 Dec
678 Mar
5184 Mar
307s Mar
29% Apr
1378 Jan
74
Feb
4184
Jan
165
Jan
60% Mar
15% Jan
74
z
Feb
Ex-dlv.
v
Jan 10
Ex-rlghta.
44
Jan
June
-.1
100
Cash sale,
Jan 18
18
Oct
Dec
9984 Nov
13% Feb 10
307s Jan 11
6% Jan
No par
No par
r
Jan 12
Nov
14
43%
32% Feb 28
12
Stores...10
No par
preferred w w
No par
preferred ex-warr.No par
Corp
6% conv preferred
4% Feb 23
21
33
3
7% Jan 10
Maytag Co
Stores
5
Jan 12
Oct
Oct
4
7
May Department
Corp
42% Mar
15%
18%
Oct
May
Jan
6
Manhattan Shirt—
McCrory
Feb 28
83%
79
1%
X Manhattan Ry 7% guar. 100
Modified 5% guar
100
McCall
xlS
82
151
Jan
7
$6 1st cum. pref
6
Jan
10% Jan
2384 Jan
178 Jan
$3
Jan 10
Dec
26
80
a
23
17%
Macy (R H) Co Inc
25
Maracaibo Oil Exploretion..l
Marine Midland Corp
5
Market Street Ry
100
6% preferred
100
0% prior preferred
100
0% 2d preferred
—100
Marlin-Rockwell Corp
1
Marshall Field & Co...No par
Martin (Glenn L.) Co
1
Martin-Parry Corp
No par
Masonlte Corp
No par
Mathleson Alkali Wks.No par
7% preferred
100
Jan
15% Mar
2434 Jan 12
Madison Square
$3
8
*70
6858
33% Dec
3
Mack Trucks Inc
60
12
~
15% Feb
30% Feb 10
121% Jan 14
—No par
No par
Gard. .No par
Magma Copper..
10
X Manatl Sugar
100
Certificates of deposit...100
Preferred...'
..—.100
Pref ctfs of deposit
100
Mandel Bros..
No par
Jan
Oct
106
Mar
16% Feb
129% Feb
15% Mar 10
Jan
«*,
98
10
No par
preferred..
Jan
18%
Oct
167
MarlO
Feb
384
5
1% Jan 17
39% Feb 21
44
Feb
24% Mar
Oct
5278 Jan 12
106% Jan 14
103
278
2284 Dec
203
8
102% Jan 11
18
300
98
478
Steel
MacAndrews & Forbes
2
17%
7%
Louisville Gas & El A..No par
6%
1%
*28
100
10
100
preferred
(P) Co
preferred
500
6%
*5
5%
Oct
Dec
Deo
23
3
3184 Jan 27
3% Jan 28
17% Mar
-
Lor11 lard
280
2
*%
Inc
Oct
Dec
Jan 10
100
1% Jan
No par
Lone Star Cement Corp No par
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
Loft
14
27% Feb 25
Jan 10
Jan
2778 Mar
61% Feb
2
4
5
105
Mar
1784 Mar
Oct
97
4%
%
24
Dec
9
Mar
44% Feb
9«4
Jan
Jan 11
20
No par
Belt Co..
Link
5
Jan
Jan 14
27% Mar
16
1934
12
11
10% Dec
Jan
43% June
21% Feb
Liquid Carbonic Corp..No par
Loew's Inc
No par
30%
*20
*20
Bid and asked prices; no sales on this day.
*11
9
034 Feb 25
1% Jan 12
5% Jan 13
28% Jan 12
1,500
1,200
5,600
9
12
Feb
8
3484 Jan 12
11%
7
102
Jan
22% Feb 3
3478 Jan 31
30
*13%
6
Lima Locomotive Wks. No par
19%
14%
7%
Jan
16
-
11%
2634
7%
41%
Lily Tulip Cup Corp...No par
-
3134
18
Oct
3,100
-
30
7%
8
Feb
126
67g
Jan
Jan 12
Mar
19
*5%
2778
64
Ludlum
*4%
Oct
Oct
42
73g Jan
25% Jan
Louisville & Nashville—..100
9
7
6
90
1,300
67g
9
*5%
*14%
Jan 12
87
1,000
*1%
1578
47%
24%
25
---100
Series B
Preferred
177g
*25
Dec
Liggett & Myers Tobacco-.25
46
*29
Dec
14
500
800
46
*122
30%
126
22
15% Jan 12
1984 Jan 12
4% Jan 6
84 Jan 31
60
1
Feb
Jan 12
1278 Jan 10
Jan
1'% Dec
Mar
Jan 12
3
95
No par
17
18
*4%
*5%
14%
*4%
19
15%
46%
2%
9
67g
11%
140
35% July
29% Jan
200
1%
1%
33%
32%
37g
*3%
1778
*17%
*103% 103%
16%
16%
140
140%
*15%
16%
*1%
*1%
*2
*12
2%
2%
1%
87
19%
2578
6%
33
*29
*122
*31
2%
8
18
3134
11%
6%
*%
*412
16%
3%
2034
15%
*46
*11
*11
*20
*20
*86
19%
3134
30%
126
140
1134
1134
II84
25%
5%
*20
7%
*160
164
40%
*39
*5%
*13%
*29
*122
*2
*1134
6%
12%
2%
63g
8%
1784
*3%
34%
30%
126
31
*3%
*2
1584
20%
9
140
18
30%
11%
678
*16
4734
20%
*534
z34
34%
3%
3%
17%
17%
103% *103% 103%
16%
16%
16%
18
12%
2634
*3%
■1*8
4
1534
3134
*1%
*1%
177s
47%
21%
2%
3534
*334
46%
1734
20%
*1%
35%
*17%
16
31%
2%
*1134
140
*1178
*25%
1%
71
Dec
4
438Mar 2
11% Jan 4
14% Jan 31
No par
Lerner Stores Corp
2,700
90%
139
16%
123g
26
*1%
*103
103
3134
2134
26
*1%
*29
*122
126
1%
3534
37g
17%
Dec
11
Feb
0
"
*1%
20
30
100
50
Jan
17% Jan 17
Jan
10% Feb
Jan
Mar
3
2% Jan 10
15
Feb 17
5
Jan
Jan
Feb
20% Mar
4034 Apr
19
No par
No par
110
Jan
Mar
28
478 Mar
par
27%
10% Jan 12
18% Jan 18
1'4 Feb 11
par
14%
28% Nov
5% Oct
1784 Dec
184 Oct
Llbbey Owens Ford Gl.No par
Llbby McNeill & Libby No par
Life Savers Corp
5
27
*26
*86
87%
87%
90
91%
90%
164
165
164% *164
*17
*17
17%
1778
28
27
29%
26%
39%
39% 40
39%
16
16
16
16%
44%
45%
Z4534 46%
*105
106%
106% *105
Oct
80
87
100
6% conv preferred
4,000
878
4
Jan 14
3
18
Lehman Corp (The)
Lehn & Fink Prod Corp
3,300
1,000
1,200
3278
24%
3134
23%
12
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal
800
3%
24%
Oct
3258 Feb
7% Jan
Lehigh Portland Cement.-.25
87
93
9
25%
33%
778
*J4
7
12% Jan
1,100
5%
Nov
984 Jan 10
6% Jan 10
par
4,600
1,200
16
5
35
Feb 17
Bryant
Mar
4478
12
Lee Rubber & Tire
Mar
29
Oct
14% Jan
Lane
200
Jan
121
Oct
Oct
24
Lambert Co (The)
6
5
Nov
par
preferred
Feb
46
13
par
5%
Jan
136
15
0
Jan
64«4 Nov
15% Dec
116% Apr
14% Jan 12
Jan
Jan
126
18% Jan 12
Laclede Gas Lt Co St Louis 100
50
*101%
34
3
300
47g
478
87%
165
Mar
20
1
preferred
Apr
Aug
8
4% Jan
Jan
30
4
80
No par
...No
$5 prior preferred...No
Kresge (S S) Co
Kresge Dept Stores
No
Kress (S H) & Co
No
Kroger Grocery & Bak.No
$8
48
26%
127
3
Jan
3
Dec
65% Nov
Jan
107% Apr
80
1
B
Kennecott Copper
Jan 10
19% Jan 10
118% Jan 28
934 Feb 25
xll6
36%
678 Jan 31
Kendall Co $6 pt pf A ..No par
10
26
5%
*90
Class
1,000
8
Feb
8% Nov
Feb
16
Keystone Steel & W Co No par
Kimberly-Clark
No par
16%
5%
89%
1478
1278
78
Jan
157s
153g Mar
12% Mar
100
Stores.$12.50
5
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
700
8
100
preferred...
Kaufmann Dept
*24%
*4%
Mar 11
Kayser (J) & Co
15
91%
93%
4%
100
6%
25
6
120
Southern
800
15
92
27
Kansas City
400
25
78
9%
*12
13
15
5%
33%
7%
*15
25?s
13%
124% Jan 10
6
15
*4%
Jan 24
8
*24%
6
53% Mar 11
86
Jan 10
122
Mar
15
*13%
Jan 28
Jan 26
49
No par
6% Jan
*16%
8%
*478
Oct
Sept
118
27
17
42%
*1634
*7%
5%
*85%
35%
20%
Kan City P & L pf ser B No par
15
16%
*101%
25
166
*17%
7%
85
478
86
Jan 15
270
80
*76
734
24
8
15%
12%
Dec
117
Feb
*24%
16%
34%
8
12%
15%
12%
8%
Feb 21
Jan 19
10
20%
*16
Oct
20%
116%
46%
06%
6l
17%
478
*13
26%
93
*90
*105
334
26
18%
15%
Feb
0%
Dec
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn
10
1,500
Mar
Oct
Nov
570
8
52
4
9
300
8%
19%
15%
8%
49%
Jan
Jan
Jan
110
...100
.......
Feb
Oct
70
.....No par
Johns-Manville
Feb
Oct
Jan 18
1
10
884
57%
2884
16
Jan 11
Feb 10
10% Jan
61%
61
*14%
17%
47g
13%
*34
*8%
3
63
Apr
65
12
1
Preferred
14%
17%
6%
17%
*478
11%
5%
7%
*118% 120
9
80
*75
22
*13
%
13
80
50
*11%
*458
16%
18%
15%
12%
15%
*21%
178
22
*101%
8%
*15%
14%
6%
2778
34
26
35%
778
26%
15%
"IT
6
*8334
37%
8
*15%
13%
*16%
*101%
7%
5
89%
6
*25
15%
*12%
*7434
36%
*8
*17
8%
20%
8%
8%
20%
15%
118% *118% 120
4
93g Jan
18
9% Apr
68% Sept
68% Jan 25
8% Feb 26
8% Feb 26
13% Jan 12
4
Feb
Dec
75
preferred
Jewel Tea Inc
5,900
6
6
No par
Island Creek Coal
"""500
Jan 21
29% Dec
2% Oct
4% Sept
4
Corp..
$6
Jan
6% Feb
Interstate Dept Stores.No par
Preferred
..100
Intertype
6
16%
16%
*118% 120
64%
62
64
No par
Foreign share ctfs...No par
*119
*119
.100
preferred
Inter Telep & Teleg
70
11
734
634
3% Jan
No par
preferred
7%
39,200
3,500
1,400
7%
7%
7%
52 ~
*51
63"
63%
5~2% *52
5212
52%
5212
53%
*5112
73
75
74
71
73
76
76
74%
7238
74l2
7334
76i2
*12412 12512 *12412 125i2 *12412 125i2 *12412 12512 *124% 125% *124% 125%
*63
5%
50
,
135% Mar
4
7%
3214
4
15
6284 Feb 23
1
9?s Jan 12
3
Jan 19
6% Feb
734
Class B
32
43% Jan
132
45
Jan
Nov
111
11%
Dec
36
Jan
7«4
Oct
24%
Feb
20%
Dec
Oct
Jan
106% Mar
1 Called for redemption
"<5=
New York Stock Record—Continued—Page 7
1672
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
far
Saturday
Monday
Tuesday
Mar. 6
Mar. 7
Mar. 8
Mar. 9
$ per share
$ per share
'% per share
14%
14*8
14%
9%
9%
9%
4134 4134
41*4
$ per share
*13%
*8%
4134
19«4
684
20*3
6%
34%
1712
6%
3414
034
14
14
834
4034
87g
41
18i2
3334
*80
94
12%
*1U2
18U
07g
67g
117g
11
0%
*80
94
11%
78
*11
12
Shares
034
6%
94
*02
07g
3314
*80
11%
143g
40
18%
0%
500
MoGraw Elec Co new
2,000
McKeesport Tin Plate
2,000
McKesson A Robbing
33
1.900
94
11
11%
6%
"V,366
78
*02
78
*02
78
♦02
59
*53
59
53
53
*52
59
*43%
43ig
434
21
20
44%
4%
1912
40
21
43%
434
20'%
*4314
*434
44
,*4
43g
20
52%
*43%
4%
52%
45'4
5U
*52%
*43%
59
*43%
♦4%
*20'4
♦14%
20
19
15%
39%
8%
15%
30
39%
834
1,000
2,800
2,600
1,900
40
23
1834
*25
4
15
15%
3984
914
397g
15
40
834
17U
2134
*92%
9
9
18ig
23i2
18
18l2
87g
17%
23%
2514
♦23%
94
94
94
*95
18
92U1
15
3934
*14%
39%
18%
23%
92%
25i2
92%
4%
1912
9%
9
914
1834
*0212
1534
3934
*14%
3934
1584
4034
9%
78
25
92%
*
96
90
*
96 \
99
43g
9
177g
24
104%
90
4
700
*
96
♦102
0
*42
6
14%
48
49%
102*4 *102
0
6%
46
9%
14%
48
6
6
40
14
13
12%
12
12%
8%
♦7%
19%
*152
*15
♦76%
*42%
10%
14%
*108
8
8%
19%
154
19%
*152
15%
77%
*15%
*75%
*41%
10%
14%
45
16%
14%
111
42
'
9%
11%
12
12
19%
*152
8
*7%
19%
19%
154
153
7
*%
%
58%
58*4
21
21%
89
90
♦75
*3*4
♦9%
4
Morris A Essex
290
700
2,000
Mulllns Mfg Co class B
50
$7 conv
200
1,000
2,300
400
280
National
1,800
7%
21%
17
*15%
634
17
6%
2134
7%
22%
23
~
*15%
6%
21%
22
138"
132
18%
0*4
%
6%
*%
%
132
20*4
6%
19
0*4
6%
%
*%
%
%
*%
%
♦%
54
%
54%
19%
21%
26%
27
53
55%
54
19%
21
20%
27
27%
89
*72%
90
26%
*72%
*75
90
*75
9%
9%
6%
3%
*3%
9%
*9%
54%
21*4
27%
132"
132
6%
*%
*%
6%
200
52
633g
19
1934
6,800
14,400
26
20%
87
♦72%
85
90
*75
90
9*4
9%
3*4
mm
9%
*9%
"600
*36
39
*36
40
*36
37%
*36
36
36
36
36
"V.400
105
105
70
*4
4%
♦10
11%
*%
2
*1%
7%
♦43
%
67
5%
1%
7%
45
^*80%
~*r
87
108
1%
*175
179
*104
*7
16%
10
15%
30
33%
34%
32%
17%
10%
17%
15
15
16%
15%
26%
24%
25
24
23%
24
*
4
18%
8%
*92%
♦86
1
108
1
*
180
11%
11
28
28
28
28
*2%
2%
217g
*0%
*21%
*125%
9%
*40
*13
*42%
984
*4%
*7%
*12%
♦
10
5
1734
8%
13%
1534
33
29%
29%
1,200
1034
15%
15
13
15%
1334
75,300
2,300
24%
24%
19
21
23
24
1334
23%
♦24%
*42%
46
51%
9%
4%
9%
47g
17
17
*6%
12%
12%
8
"*%
1%
*
108
"is4
1%
8
7%
7%
8%
7%
93
93
88
*84
88
~l6%
11
11%
30%
2%
86%
10%
30%
2%
10%
*27%
"16%
*27%
*28%
20
*18
*2
*18
*42%
51
9
4%
12%
29%
10%
12%
30%
10%
*96
100
*6
7
*14
14%
*42%
46
*115
51%
9%
4%
17
*6%
*12%
2
12%
2834
10%
30%
10%
95
96
♦5%
7
14
77g
on
52
9
4%
*16%
*6%
12%
14
14
*42%
46
*115
52%
9%
4%
17
51%
9%
5
*16
7%
6%
12%
12%
this day,
•
2
29
9%
4
29% Mar
1
Dec
30
Jan
3
79% Mar
2
63%
Dec
80%
Oct
70
Feb
1
75
Feb 23
75
Dec
75
Dec
3% Jan
8% Jan
3
3
Dec
Jan
6
4% Jan 14
10% Jan 20
19% Feb
4
23% Jan
No par
63
Jan 11
35
Feb
100
40
Jan 14
32
Jan 18
99% Nov
12
Jan 10
3
19% Jan 15
10%
39
29
9
9%
80
1,700
6%
6%
12%
400
12%
x In receivership,
a
Feb
Oct
14
Oct
72
Mar
100
Jan
20
Jan
3
26% Feb 17
15
3% Feb
4
4*4 Jan 11
No par
7% Feb
50
112% Jan
4
3
7
11*4 Mar 1
115% Feb 26
% Jan
preferred
2
Oct
4%
9*4 Mar
26% Feb
0% Feb
7
6% Jan 10
5
1% Jan 15
10% Jan 24
62
4
100
7g
Jan
100
4
165
Mar
4
1
7% Mar
preferred
100
Steel..
73
June
%
Oct
272
114
Jan 12
Oct
2
99
Jan 13
93
Oct
104%
Jan
O t
105
Jan
31% Jan
3
Jan
22
13% Jan
91
9%
30
36% Mar
Oct
53% Jan
6% Mar
Jan
15
Oct
40
14% Jan
9
Oct
32% Feb
Feb
24
Nov
22% Apr
73
Apr
26% Feb
12% Jan
Jan 14
96
Mar
1%
6%
90
Oct
Nov
4
7*4 Jan
5%
Oct
Jan 31
24% Jan
20%
Oct
Jan 14
128% Mar
125
Nov
114
140
Jan
Jan
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
127g Feb 4
42% Jan 26
16
Jan
50
Jan
Owens-Illlnols Glass Co..12.50
48% Jan 24
66% Jan
61% Nov
8*4 Feb 16
11% Jan
5% Jan
*9%
Dec
Jan 28
15%
17% Feb
2%
7%
Oct
4
Oct
40
8% Jan
14% JaD
Oct
10%
27%
32*4
Pacific Amer Fisheries Ino...5
Coast
10
60
4
13
n
New stock,
r
Cash sale.
6
*
Jan
Jan
3
11%
.....No par
No par
Pacific Finance Corp (Cal).lO
Del. delivery,
12*4
Feb
Feb
Oct
24% Mar
Dec
97
Dec
28
Mar
Jan
Jan
4
Ex-dlv.
y
Ex-rlghts.
44
Dec
75
Jan
114
Pacific
1st preferred
2d preferred
6%
48
Jan
19% Mar
45% Jan
12
8% Feb
45% Feb
Jan
Oct
50
...No par
1st pref. .No par
Jan
Feb
Dec
8
conv
Jan
3
4
$5.50
Jan
10% Jan 10
93*4 Jan
5*4 Feb
Jan
9
54% Jan 13
14% Oct
48% June
Feb
4*4 Mar
Oct
Apr
71
122
4
19%
76%
102*4 May
112% May
34%
57%
17%
117g Jan
No par
631* June
102
17
No par
Oct
5
180
9% Mar 11
27% Mar 4
17g Jan
Telegraph...50
Co
Feb
30
Jan 13
22
48% Mar 11
50
Oct
Oct
106*4 Jan 17
3
10% Feb
198
Mat 10
104
Jan
Oct
1
3
1% Jan 11
3
100
Jan 10
88% Jan
85-2 Feb 26
pref
100
American Co...No par
Oil
Jan
Feb
2*4 Jan 10
6% Feb 28
Jan
Jan
2
97
4% Feb
% Jan
100
135
Dec
100
No par
Oct
54%
7
No par
Oct
110
Jan 18
01
Feb
Mar
5
Oct
Oct
2
41
2*4
31% Mar
12% Jan
25% Jan
%
100
100
Oct
55% Mar
% Jan 10
Jan 10
56
Shlpbldg Corp partstk..l
6%
40
110
98%
15%
Otis
3,400
5
Jan
Nov
30% Nov
19*4
15%
Mar
41*4
38% Jan 12
Otis Elevator
15%
Jan
37
Oct
19% Jan 12'
22% Jan 10
1,600
*4%
64*4 Mar
109
Mar 11
91
51
Nov
Feb
Feb
Sept
Mar 11
Ohio
100
49%
Jan 10
Dec
9
Oct
13
8% preferred A
100
Oppenhelm Coll A Co..No par
"5" 500
87
Oct
106
110
4
Dec
0%
5
400
200
Dec
62
7
8
22% Feb
9*4 Jan
14%
22%
Feb 11
3
Jan 28
99% Aug
26% Nov
12%
13%
57%
12% Jan
Norwalk Tire A Rubber No par
Preferred
50
46
Oct
Dec
19
6% preferred
North Amer Aviation
20
*42%
% Sept
55
Jan
15% Mar 11
200
*13%
70
Feb 25
9% Feb
29
North
5,800
5
7
Jan
65
Northwestern
1634
12%
21
110
46
Jan
40
20
46
1
Jan
Jan
17%
20%
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
128% 128%
9
9%
Jan
23
6
20
Oct
% Sept
% Jan 12
62*4 Jan 12
14,500
1,600
10%
*5%
5
7
01%
14*4
2%
3
94
934
94
*4 Jan
Dec
4
84% Mar
12%
8% Jan 12
10%
Oct
Feb
%
50
Northern Central Ry Co...50'
Northern Pacific
100
18
4
Jan 11
4%
14% Feb
25
Adjust 4%
30,700
*115
52%
100
(The) Pa..10
70
2
4
Feb 10
10%
30%
12%
2734
24
% Feb 11
92
18
Mar
6% Feb
94%
2
38
Jan
No Amer Edison $0 pf. No par
19%
12%
Dec
25'
Jan
400
87
17*4
Feb
20
Mar
150
21,300
30%
Mar
July
734
♦
35
127
Feb
"9%
93%
21
20% 20%
20%
12534 127
*123% 128%
9%
9%
9%
9%
*46
52% *46
52%
46
16
*
Oct
Jan
t Norfolk Southern
Norfolk & Western....
300
7%
Jan
17
7*4 Feb
29*4 Jan
Feb 11
♦93
30%
*2
♦93
10
130
$7 pref series A
12,700
48%
24'
Oct
23% Feb 17
3
Oct
130*4 Feb 7
I07g Jan 26
preferred
N Y Steam $6 pref
200
18
May
5%
4
Apr
7%
^^mrnmm
1734
48%
112
7*4 Jan 11
5% Feb 1
Mar
Conv preferred
130
93%
*
1%
26% Feb
112% Mar
18i
t N Y Ontario A Western..100
700
7%
93%
Oct
44
N Y
20
106
4
Mar
171
1NYNH&Hartford
20
165
18%
48s4
Oct
12
Oct
5%
200
165
18%
*48%
Oct
13
IN Y Investors Inc..-No par
N Y Lack A West Ry Co..100
3,900
*104
1834
39
Oct
N Y A Harlem
2.200
1,600
104
49
Jan 11
18% Jan 10
15*4 Jan 12
NYC Omnibus Corp..No per
New York Dock
No par
20
165
18%
43
Jan
33*4 Jan
103% Feb
67% Aug
38% Feb
8% preferred series A... 100
20
104
49
4
3
18% Jan
33% Mar
107
18
No par
N Y Chic A St Louis Co...100
1,200
165
18%
Aug
New York Central
130
106
50
Dec
90
Industries..
1
N Y Air Brake
No par
380
170
17%
Bid and asked prices: no sales
ifcSrr
108
13
Jan 31
5% Jan 28
20% Feb 3
Newport
3,400
1,100
*104
50
*115
"hi
*
ll", 500
*105
_
*18
*115
53"
*17
2%
104
20
217g *18
127,
13%
12%
1234
29% 30%
2734 29%
10%
10%
10%
10%
100
100
*95%
95% 95%
7
6
6%
6%
6%
21
21%
21%
20% 207g
130
*12534 130
*12534 130
9%
9%
9%
9%
934
51
*45
51% *40
51
*14
15
14
147g
14
46
15
16
17%
15%
26%
24%
108
"*%
1%
175
104
13%
30%
10%
*115
*52
*2%
♦
108
172%
*104% 106
1834
18%
18%
*49
51%
51%
8%
734
8%
94%
93% 93%
85%
11%
2934
10%
*95%
10%
32
10%
33%
Oct
Dec
May
153
4% % conv serial pref...100
Newberry Co (J J)
No par
5% pref series A
100
t New Orl Tex A Mex
100
14
4
1
*175
84%
*13
"14"
*7%
*7%
15%
4
4
*3%
3%
3%
*3%
9
9
8%
834
9
8%
8%
115% 115% *115% 120
*115% 120
*115% 120
*115% 120
1
*3g
%
*3g
%
%
%
%
*%
%
*58% 67
07
*58% 67
*58% 67
*56%
56% 56%
2
2
2
2
2
2
2%
2%
2%
2%
5
5
5
512
5
5
5%
5%
4%
4%
1
*1%
1%
1
*1
*1%
*1%
1%
1%
1%
t
7
67g
7
7
7%"
7%
7%
7%
7%
45
*42
45
45
*42%
49
♦43
45% *43
48%
87
87
*86
88
88
*80
88
*86
88
*86%
88%
11%
*18
*105
"14"
10
106
*50
37%
*105
14
15
16
9%
2
*5%
105
*7
4
*11514 120
*58%
105
m
6%
17
145
17% Jan 10
Jan 28
158
1
75
m
5
80
4
Jan 11
17
..No par
20
*09
14
Feb
9
7
Nelsner Bros Inc
♦18
75
mm
20% Jan 21
157
Jan
Mar
Jan 20
100
20
16
Jan 17
*24%
159
1,600
*18
24
24
19% Feb
100
National Tea Co
Natomas
Co
*69
*25%
47% Mar
Oct
5prior preferred... 100
0% prior preferred
100
mm
75
16
Oct
4% Jan 26
No par
5% 2d preferred
National Steel Corp
mm
334
*3%
9%
mm
20
26
Oct
8
Feb
Mar
3
National Supply
$2 preferred
3,200
.mm
*69
29
5
10
13% Jan 11
10*4 Jen 6
9
Mar 11
Feb 3
Feb 2
Jan 3
71
National Power A Light No par
Nat Rys of Mex 1st 4% pf.10
1,300
%
*18
16
Oct
Dec
53g Jan
10
7% preferred A
6% preferred B
%
75
*24
3
44
...100
Nat Mall A St'l Cast Co No par
6,400
110
♦75
3%
7,100
20
*27
150
Nat Enam A Stamping.No par
Nat Gypsum Co
1
National Lead...
10
1,000
*75
4
4,200
*69
1084
7% Jan 17
47% Feb 24
12% Jan 10
15% Feb 18
Mar
9
10%
9%
7%
17«4
No par
Jan
3
Oct
0% preferred.
Nat Distillers Prod
Feb
Mar
Mar 11
Dec
*19
17%
108%
20*4
104%
75
17%
90
Apr
100%
20
*34%
Nov
102
7
20
1534
*34%
50
Jan 12
2
*69.
16%
30%
Jan 12
110
23
*7%
57
104
112% Mar
18%
90
36%
107*4 Jan 27
132%
90
15% Aug
99% Mar
Jan 11
41
100
Jan
Oct
Mar 10
Jan
Jan
Dec
46
5
Jan
Deo
106
18%
19
9%
100
100
634
213g
20%
4%
100
*156
133"
18%
0%
28
3*4
7
22
*156
Jan 10
7% pref class A
200
16
*15%
*19%
6%
♦%
*132
57%
21%
9%
7
23
10
%
%
3*4
16%
*157%
90
*105
50
14% Feb 23
14
7% pref class B
Nat Dept Stores
80
14
7*4 Jan 15
64% Jan 13
4
% Jan 3
21% Jan 10
Dec
260
700
Mar
Jan 29
113
20
108% 108*4
5*4
534
4%
4%
20% 213g
Aug
Mar
Mar
Feb
13% Jan 31
22%
Oct
9*4 Mar
34%
6%
12%
40%
107%
Mar
39% Feb
147g Jan
6
Oct
Oct
Dec
51
Nat Dairy Products...No par
4%
21*4
6%
1%
1%
12%
Oct
20
14%
6
2
Dec
Dec
Oct
15%
♦4%
%
16% Mar
Aug
2% Jan
5% Mar
6% Jan
34
Apr
108
Dec
43
6*4
*4
15
Dec
8%
15%
13%
4%
Oct
Dec
%
,
21% Jan 10
3
Mar 11
15
108
50
Feb
*40%
108
Jan 12
*4 Jan 10
Oct
14%
111
7*4 Jan 12
60
12%
42%
15%
108% 108%
*5*4
6%
*4%
4%
21%
21*4
Mar
Feb
14
*108
Mar
124
Dec
3
15%
111
120
Oct
Mar
*40%
108% 109%
5%
6%
*4%
4%
21% 22
Nov
98%
4%
46
45
♦108
63
66%
3%
38%
*40%
*15*4
13%
m
2
09
44
m
Jan
Mar
67
105*4 Feb 28
Jan
Oct
14
m
106
Dec
*41%
15%
m
Oct1
Dec
14%
3,300
7.200
91
30%
%
43%
16%
mm
20
21
13«4 Feb
10*4
14%
22
Jan
94%
Oct
30
7
Jan 31
74
14%
Oct
Nov
37% Feb 23
30% Jan 17
39% Jan 13
4
Jan
5% pref series A w w
100
Nat Bond A Share Corp No par
Nat Cash Register
No par
10
15
87
101
1
pref
22% Jan 11
27% Jan 12
101% Jan 12
Sept
Nat Bond A Invest Co.No par
*69
*7%
16%
cum
Jan
109
47S Jan
National
100
41
72% Mar
26% Feb
35*8 Mar
48% Mar
Oct
50
par
Nat Aviation Corp....No par
Biscuit
10
700
9,300
14
Oct
Nov
10% Jan
No par
Acme
Dec
4%
105
15
Myers (F <fe E) Bros...No par
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis.. 100
11,100
14
33% Nov
*71
15% Mar 11
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America... 10
140
16*8
47*4 Mar
Jan 12
% Jan
1
preferred...No
Oct
Dec
Jan 26
29% Feb
...1
Munslngwear Inc
3
Feb 25
5
25
5
Co
Mueller Brass
*20
*105
Wheel
Motor
1,700
1
17
Jan
31
50
Mother Lode Coalition. No par
Motor Products Corp. .No par
3,900
1,600
Mar
Feb
91%
Jan 28
77% Jan 29
111
preferred
100
3*4
9%
24] 600
101
11% Feb 10
10
No par
Montg Ward A Co Ino No par
Morrell (J) A Co
No par
"
154
13
34*4 Apr
10%
57g Jan 11
3% Jan 11
500
19%
*75
$4.50
Jan 25
72
1% Feb 16
14
133
56
Monsanto Chemical Co
Jan
11% Jan 10
2% Jan 8
77%
*156
20%
27%
♦72%
28
1,800
112%
Dec
Feb 16
1
14
7%
*27%
*72%
1,000
Dec
10
1% Jan 11
1% Jan 12
17*4 Jan 13
3% Jan 12
Jan
Feb
2% Jan
7% Feb
100
78%
Jan 12
2
*4 Jan
1
14
X Missouri Pacific
100
5% conv preferred......100
Mohawk Carpet Mills
20
1,400
MarlO
% Feb
No par
Preferred series A
300
3
5% Feb
*05
0%
*%
*%
%
%
Mo-Kan-Texas RR
2,500
3,900
4
Jan
15%
19
19
40% Jan 28
77%
7
20
94% Jan 26
*05
*156
6*4
*152
4
Feb
*14
*17
19*4
154
4
100
100
No par
Jan
Feb 17
15
10% Mar
47% Jan
10% Jan 13
43% Jan 17
117g Jan 11
92% Mar
preferred
19
82
Oct
Jan
20% Jan
7%
Oct
Feb
100
4% leased line ctfs
0
23
No par
Mission Corp
400
Dec
3
8% cum 1st pref
mmmmmm
Dec
28%
93% Aug
4
48
18%
5%
35% Feb 23
87g Jan 15
86
3
100
Sept
Dec
7% Jan 3
17% Jan 29
$6.50 conv preferred.No par
Oct
Dec
14% Mar
Minn St Paul A 88 M
30%
28% Jan
42% Jan
42% Mar
Dec
Midland Steel Prod
300
21
Dec
60
Mld-Contlnent Petroleum..10
"3,800
share
per
Dec
7*4
60%
35
102
11
37%
5
4% conv pref series B...100
Minn Mollne Pow Impl No par
Jan 15
Jan 12
Feb 1
Jan 12
Jan 10
Jan 19
5
pf.-KKT
Minn-Honeywell Regu.No par
14*4
10%
45%
26%
8%
Highest
share I
per
Jan 13
17% Feb
MllW EI Ry A Lt 6%
$
01
Mesta Machine Co—.
Copper
share
*48
15
*17
♦132
*152
4
1
50
per
5
Jan 28
77%
111
133"
8
20%
153
Year 1937
Lowest
4
*14
110
133
9%
12%
12%
Jan
♦70
109
22%
6%
42%
Feb 28
50
4034 Feb
16%
*108
22%
40
*45
40
46%
102*4 102*4 *102
10234
6
0
0
5*4
41
41
*40%
44%
9
9
9%
9%
11
11%
11%
10%
12
12
11%
♦11%
8
7%
7%
7%
*19% 20%
19% 1934
02
Miami
2~500
14
8
Merch A Mln Trans Co .No par
'.■mm
50%
Feb 17
Mar
75
110
7%
5%
11
14%
111
22*4
5%
50%
*12%
14
82
3
75
110
♦150
6
51
Jan
15%
111
17*4
7%
6
51
*12%
4
77
108% 109
*0%
6*4
4*4
4*4
21% 22%
*0%
*4%
21%
9
11%
*7%
19%
154
6%
44
9%
13
♦12%
6
53
11%
11*4
9%
9%
0
*42%
*13
6
*51
5*4
51
13% 13%
12%
12%
47
46% 46%
46%
*102
102*4 103
102*4
102*4
*42
9%
5%
50%
5*4
50%
5%
60%
*13%
54
$
Jan 31
0% Feb
No par
Co (The)
5% conv 1st pref
30
"
30
100
No par
No par
w.No par
Mentjel
230
17%
24
104%
*95
5
Melville Shoe
19%
17%
*233g
10
1
$5.50 pref ser B w
100
"64"
63
"ei" 63
"00% 62% "03"
64%
"04% 64*4 "60*4 61
♦105% 114
♦105*4 114
*105*4 114
*105% 114
*105% 114
*105% 114
7
6*4
6*4
6%
6*4
6*4
6%
6%
6%
6*4
6%
6%
54
55
*49
53
48
49
♦50%
50
50% 50% *48
*40%
%
%
*%
%
%
*%
*%
*%
*%
%
*%
%
1%
*84
1%
1%
1%
**4
**4
*84
**4
1%
**4
%
1%
1*4
1%
*%
1%
*%
*%
*%
*%
1%
♦%
1%
14
*14
15%
14%
♦13%
15%
14%
*13%
*13%
14%
14%
14%
3
2%
2*4
*2%
2%
2*4
2%
2%
*2%
2%
2%
2%
9
9%
*9%
9%
9%
9%
*8%
8%
8%
8%
7%
8%
*1%
1%
1%
1%
*1%
1%
1%
1%
*1%
*1%
1%
1%
2
2
2
2%
2%
♦2%
2%
*2%
*2%
2%
2%
2%
15
♦15%
15%
15%
14*4
14*4
15%
14*4
14*4
14%
*14% 15%
85
83
85
84% 84%
83% 83%
81% 82
83% 84% fl85
♦111
113% *111
113% *111
113% ♦111
113% *111
113% *111
113%
35
34
34%
34*4
33%
33%
34%
32% 34%
35%
32%
33%
29
29
♦27% 29
*27% 29
*27% 29
*27% 29
*27%
*27%
♦35
35
35
30%
34*4 35*4
34% 35% *34%
35*4
34%
34%
%
%
%
%
%
%
%
%
%
%
%
%
17
17
17
16
*17% 17%
17% 17%
15*4
15%
15%
16%
*11*4
12%
11*4
11*4
11%
11%
11%
11% ♦11%
11*4
11%
11%
17
16
16
♦10%
10%
15
10%
15*4
16%
15%
15%
15%
5%
*50%
*13%
49%
""206
share
39% Mar 11
17% Mar 7
6% Jan
preferred
conv
40
'
15»4
397g
1938
Range for Previous
Lots
Highest
8% Feb
No par
Mead Corp
$0 pref series A
78
*53
*02
1
$3 conv preferred
McLellan Stores
400
684
♦80
per
10
Mclntyre Porcupine Mines. .6
4,100
$
McGraw-Hill Pub Co ..No par
0%
11%
Par
18%
07g
18
33
94
Lowest
39%
39%
12,
EXCHANGE
400
13%. 14%
*8%
914
9
Range Since Jan. 1
On Basis of IW-Share
STOCK
YORK
Week
$ per share
*137g
♦8i2
39-"%
18%
07g
33%
34
the
Mar. 11
10
$ per share
14%
9i2
40%
18%
6%
Friday
Thursday
Mar.
07g
*33
6%
*80
94
*11%
40
18
07g
*80
♦133g
*8i2
07g
3334
19%
07g
3414
6%
*32
Wednesday (
March
May
115
June
4
Dec
103*4 Aug
23
Jan
Feb
Mar
Feb
Jan
1 Called for redemption
New York Stock
Volume146
LOW
AND
HIGH
SALE
PRICES—PER
Record-Continued—Page
Sales
8
1673
Monday
Mar. 6
Mar
$ per share
.
7
Mar
Mar. 8
$ per share
$ per share
$
per
26
26
26
26%
26
26
26
*37
38
*37
38
36%
37
*14
1458
14
14
12%
13
*1284
114
*110% 114
13514 135% *135% 139
*12%
13%
13%
*12%
4%
412
4%
4%
*8%
9%
*8%
9%
1%
1%
*1%
*1%
47% 47i2
47%
47%
40
40
*40i4
4212
*90% 9334 *90% 9334
9
9%
984
9%
*84
87%
88% *75
978
9%
10i8
10%
*20
*20
22
2%
3678
*1834
*178
2i2
2%
36%
3678
19
1834
*1%
2
22
36%
18%
2
9
Mar.
13
4%
*7%
*1%
*12
4%
9%
1%
45
3884
*90%
9
9%
2%
36%
18%
1%
111
200
*784
*1%
9%
*7%
*1%
9%
*
-
»
-
-
200
120
41%
93%
9%
85%
984
*38
41
*3778
40%
*90%
9%
93%
9%
90%
90%
*80%
*9%
85
22
9
85%
984
*20
*20
2%
36
2%
36%
18
18
*184
2%
36%
*1784
*184
1%
48
*4
*44%
2%
2%
2%
4%
21%
*13%
47%
68%
67
6912
*19
534
1034
*44%
5%
*2
*5%
534
10*4
5%
578
11
6%
*44U
*68i2
<
5%
2%
1034
5
64%
534
1034
5%
47%
66
5%
10%
46%
5%
46%
66
67
2
2%
5%
10%
*5
2
*11%
634
26%
*3414
*62i2
1134
11
7
6%
26%
3634
25%
3478
66
*178
*3%
*63%
2%
4U
%
91
91%
•
*178
*3%
%
89%
*15
18
11%
6%
26%
34%
66%
2%
4%
18
10%
6%
24%
*1%
*3%
18
5%
*5
7
65
37%
*234
*32i4
*6l2
38%
Jan
3
2
Mar
8
3% Jan
3
7%
*6%
6%
*6
*23
23%
50%
23%
48%
*6%
2334
48%
7%
*23
*48
35
*30
4
t.
35
»5%
36
*34
63
*58
4
%
%
%
92
%
288
*5
7
65
48
50%
*48
65
3634
36%
37%
37%
65
*5%
*53%
*234
*32%
6%
35
24
23
23
50%
50
50
6
33
*32%
34
65
*5%
*52%
6%
33
30
6%
4
6%
6%
*5%
65
*52%
65
Jan
Feb
4% Jan 12
15
Jan 12
3
Oct
17
Mar
Oct
48% Mar
87
Jan
91
Jan
11
Oct
25
Jan
13%
7%
31%
37%
Jan 11
9%
Oct
21% Mar
3
Oct
13% Feb
597, Mar
Feb
6
Jan
10% Jan 28
4*4 Jan 3
22
Feb
34
Jan 26
4
No par
62% Mar
9
50
17g Jan
6
50
Phillips Jones Corp
Feb
3
5% Mar
100
2
Mar
9
£34% Feb
3
48
No par
f
6
Mar 3
Jan 10
Jan 12
Jan 5
65
2% Feb 19V
4% Jan 12
1
% Jan 11
81
No par
7% preferred
Phillips Petroleum
5
3% Jan
No par
Pierce Oil 8% conv pref
100
23%
300
Plllsbury
.25
*46
52
80
6
400
Mar
7
-—100
Flour
30% Jan 18
6
Jan 29
18% Nov
34% Nov
62
Dec
5412
Jan
.100%
Jan
7%
Feb
|
Dec
2% Oct
% Oct
1*4
95% Feb 23
6% Feb 18
50% Mar 9
42% Jan 10
14
3%
Jan
Feb
Oct
65
50
5%
95% Aug
Oct
20
Nov
87%
30% Oct
17, Dec
64
3
27
Oct
8% Jan 10
4
Oct
Jan
Jan
74%
20*4
5
Preferred
33
Mar
9%
July
Jan
Jan
Apr
33% Jan
20% Jan
3
24% Jan 12
20%
Pirelli Co of Italy "Am shares"
40
8
56
Feb
5% Jan 28
26% Jan 5
5012 Mar 10
7% Jan 17
36
Pittsburgh Coal of Pa
200
w*
9
Jan
100
65
11634
65%
15
~"~20
«.
Mar
Oct
15
Phoenix Hosiery
6
63
22
Dec
7
*5%
*52%
Oct
Dec
Dec
35
6%
20
27
110% Sept
30%
50%
*5%
*52%
6%
Oct
34% Jan 12
,
28
12% Feb
76% Feb
2934 Feb
50% Mar
Oct
13% Dec
30
*6%
*2278
*25
2%
15
Jan
10334 Mar
63g Jan
57% Nov
1% Oct
37% Jan 11
*32%
30
64
Nov
37
38% Jan 16
23%
30
10% Jan
2378 Mar
73g Feb
4
Philip Morris A Co Ltd—10
'
Oct
4
Phila & Read C A I
m.
Oct
MarlO
1,300
20
9
Oct
8
11% Feb
fPhila Rapid Trans Co
7% preferred
7,000
4
4
2%
28
6,300
I
Feb
Oct
No par
$6 preferred
60
31
Oct
1%
25
Phelps-Dodge Corp
25
Philadelphia Co 6% pref.-.50
120
Jan 11
112% Feb
1
Petroleum Corp of Am
...5
Pfeiffer Brewing Co...No par
400
li
4434 Feb
29% Aug
7% Jan
100
4
*5%
12
Jan
100
*234
5%
Oct
5
6
3% Feb
__100
5% prior preferred
5% preferred
35
5%
30
100
4
7%
28
24% Jan 10
15% Jan 11
24% Jan 15
Mar 11
Pere Maruqette..
1,500
1,500
11,600
36%
Jan
28
240
7%
35%
30
People's G L & C (Chic)-.100
Peoria A Eastern
65
*48
3
47% Feb 25
73% Feb 25
2% Jan 10
Jan 18
270
87
*5
7%
50
6%
4
6%
*5
3678
*2%
*32%
*6%
*2278
*234
6%
7
*5%
Feb
8
5% Jan 10
3
Jan
112
400
%
86
8%
6*4 Jan
12% Jan
12% Feb 3
19% Mar 11
50
100
178
3%
%
89
17
100
62%
*57
4
Pennsylvania RR
1,600
36
*61
par
No par
v t c
6% cum pref_
24%
*35
64
7
*30
684
*5214
23%
36
178
3%
Corp
Peoples Drug Stores ...No par
6%
38
33
7%
*30
*6%
65
*284
35
*6U
6%
37
36%
Penn G1 Sand
31,700
10%
*178 .: 2%
3%
3%
No
$7 conv pref ser A.._iVo par
100
Pet Milk
10%
25%
Penn-Dixie Cement
500
300
18
10%
*57
*5%
3
3
4134 Jan 28
24%
Oct
2% Jan 10
4
62
■
1
20*4 Feb 23
3
No par
*15
Jan
Jan 10
37% Mar
Jan 28
Corp.—10
15%
34%
3%
3
Penn Coal & Coke
*15
Jan
Oct
3
Penick & Ford_.-_--._iVo par
Mar
18%
2% Jan
31% Jan
Penney (J. C)
90
JaD 20
1
400
Jan
May
Jan
24
1,400
Jan
4%
26*4
2
2,700
17%
121
200%
Mar
2%
Feb
Oct
20
66%
1238
Oct
1
44%
Oct
8
123g Jao 10
2%
37g
4
80%
4
978 Jan
4% Jan
Jan
Apr
28*4
4
4*4 Jan
Jan
29*4
10978 Mar
Feb
No par
149
Dec
32% Nov
Sept
8% Oct
Feb
Pathe Film Corp
1,400
2,400
5
152
Jan
1134
£96
9
Patlno Mines & EnterprNo par
Peerlees Corp
3
700
10%
478
Jan
10% Oct
110
Nov
133
Apr
Oct
82
1»4 Feb
Jan
5334
4478
Oct
Feb 11
17
38
Oct
Oct
94
share
Oct
1
42
per
22
x3434
7
3
No par
Highest
share 3
29
884 Mar 11
Parker Rust Proof Co. -.2,50
Parmelee Transporta'n. No par
600
400
1%
5%
10%
Jan
90% Mar 11
66%
2%
91
Feb
per
7
Feb 25
1
44%
*1%
*3%
%
35
Jan 12
Jan 15
Jan 21
2%
25%
90%
3
46%
66%
24%
*34%
62%
%
4
Jan 28
2%
6%
88%
Feb
1% Feb
66%
6%
1
8
40
5%
9%
1%
55%
5
6%
91
3
5%
6%
25%
2%
4%
Jan
45%
18
157g Jan 1(>
100
Parke Davis & Co
1%
4
10%
10%
36
No par
5
10%
66
Jan 28
5%
10%
*63
Jan 31
140
10%
1034
*30
*57
*48
*15
116
10
1,700
4
4
4
*4
4
4
4%
378
378
19
19
♦16
20
18
21%
20
*16%
*16%
*14
15
16
14
16
14
*1334
14%
14% *14
21
20
21
21
20
2U4
20
20
20%
21%
20%
19%
30
31
*2514
*25%
32%
*25%
*25%
31% *25%
31%
31%
*25%
*11034 11634 *11034 11634 *11034 11634 *11034 11634 *110% 116% *110% 116%
30
30
30
30
29
29
29
29
28
29%
29%
28%
5
5
5
5
5
*3%
*3%
3%
3%
*3%
*3%
*3%
*11
13
11% 11U
11%
11%
11% *10%
11%
1178
1278
*9%
32
32
31
30
28
28
28
31%
29%
30%
*26%
29%
28
28
28
28
25
25
25
25
29i2
*26% 29%
*25%
*15
4
Jan 13
11»4 Jan 29
100
1,900
*19
18
109% Feb
134
10
Park Utah CM
1414
*15
100
100
6% 2d preferred
*
*512
*1034
16% Jan 11
Jan 14
127, Jan 10
97% Jan 10
36%
18
8
No par
2%
2%
36%
12% Mar
6% 1st preferred
22
*20
40
Paramount Pictures Inc
100
1,500
.
9%
9%
28% Jan 10
preferred
conv
$
share
Park A Tilford Inc
85
*80
9%
21%
2%
36%
1978
178
4%
30
17,900
per
4
preferred.—..100
conv
$
3434 Feb
_
Parafflne Co Inc
200
9
8%
8%
Lowest
Highest
share
25% Jan 31
Pan-Amer Petrol & Transp..5
JPanhandle Prod A Ref No par
-
1%
45%
1%
25
per
No par
6% preferred
Pac Western Oil Corp
Packard Motor Car
10,500
5
Range for Previous
Year 1937
No par
Corp
Pacific Telep A Teleg
90
4%
4%
Ltg
Pacific Mills
190
12
11%
1278
4%
42
*38%
2
600
46
*90%
2%
3634
183s
13
46
9334
22
13
136
1%
3834
934
Pacific
110
47
84
*77
Pacific Gas A Electric
1,500
136
*12%
4%
9%
*45%
9%
1,900
36
*135% 137
4%
1%
45%
Par
36
36
13%
13%
111
*110
13
4%
*7%
Lowest
Shares
$ per share
26
26
257g
36
13%
Week
11
Mar.
10
257g
37
On Basis of 100-Share Lots
EXCHANGE
'
VriAsiu
1 v
uu.v
X
OkAALJ
$ per share
111
110% 110% *110
136
136
*135% 137
*12
*20
2%
.
Range Since Jan. 1
NEW YORK STOCK
the
CENT
NOT PER
Thnrc/lfiii
fl U/
J
share
26
36
*110
SHARE,
VPfid tips (fsin
WW
CU'HOOU>Uu
Tuesday
STOCKS
for
Rnlirrtlnu
Oct
18%
Jan
Jan 17
25
Oct
7% Feb 26
4
Dec
76% Jan
14% Aug
Mills
100
6% preferred
100
Pitts Coke & Iron Corp No par
m
65
$5 conv pref
Pitts
Ft
W
4
7
48
--.100
Jan
Jan
6
163
No par
Chi
&
Jan
Feb
2
35
Oct
Dec
4%
Dec
100% Aug
Jan 25
165
Apr
175
173% Jan 5
87g Jan 10
172
Dec
190
Jan
4%
Oct
20
Mar
16% Jan 12
8
Oct
43
Mar
Mar
61
166
1
4834
Jan
'
♦174U
7i2
*174%
7%
7%
'm
«•
—
~
-
7%
*12
12%
*35
40
35
24
*19%
*30
h
*10
*15s
18
*10
178
*55
88
*1212
1234
*%
19
*10
10%
2%
1%
3%
834
9%
*25
27%
4914
49%
»11834 120
30%
30%
*93
12%
58
19
1434
*884
•lBg
*55
*10%
212
*7g
*3i8
834
*84
9434
*10%
*9%
119
*93
*112
*85
31
1178
89%
*878
15
*61
*32
37
*32
7% pref class B
—
33
Feb
8
46
Jan 10
32
Dec
122
Mar
22%
*17%
22%
*15
22%
6% pref class A
---100
19
Feb
5
26i, Jan 10
23
Dec
30
Deo
39
*30
39
*30
39
5H 1st scr conv prior pref 100
33
Jan
4
45
30
Dec
45
Dec
*4 Feb
9
1
s4 Nov
4
Feb 25
12
Dec
28
*84
*10
18
1%
*1%
51%
51%
3i2
*20%
334
21%
1534
1
18
*10
1%
12%
%
19%
1434
10%
12
12%
19%
*%
19%
19%
10%
10%
*10%
12
*10%
*9
2%
*%
3%
734
8%
*23%
48%
11834
29%
6%
49%
3%
*20%
29%
*112
30
1184
89
8%
14%
29%
11%
£87%
8%
*14%
6%
9%
14%
6%
51
3%
21%
15%
6%
*61
*61
100
£46%
48%
3%
3%
20%
20
48%
3%
*19%
113
——
30%
29%
11%
87%
87g
14%
6%
12
87%
9
15
6%
100
*61
49
49
3%
20%
1334
113
30
*25
28
*25
27
*25
26%
24
24
*24
2434
24
24
*18
2334
*18
23%
*15
1%
*35%
*1
*8l2
*878
12
*7%
9
*8
11
87g
*7%
13«4
14
13%
58
1%
11%
8%
*334
58
*35%
1%
11%
8%
*8
3%
1%
10
*64
*46
70
167g
17%
16%
*57%
*61%
63
61
61
*58
64%
61
13
12%
61%
13%
*60%
13
13
*24
30
30
♦24
29
*24
2%
13%
13
2%
16%
17
2%
81%
*81%
90
*60
82%
*60
82%
16%
16
16%
n5%
16%
*8578
7l2
3934
90%
7%
16%
*85%
91
*85%
91
3934
*55
57
91
7%
3984
57
*85%
7
38%
*55
*684
734
*684
8%
*684
6%
6%
6%
6%
6%
10%
10%
18«4
*17%
10
18%
18
I884
18'4
*218
36i2
3
*2%
3
37%
35%
1%
♦1%
2%
3684
1%
*1%
♦23s
*
2%
Bid and asked
2%
10
*1784
17%
*2%
34
1%
2%
39%
38%
57
*55
8%
6%
60%
57
63%
*587g
12%
61%
200
127g
12%
2,600
29
*24
2884
81%
82%
1584
90%
*81%
*
90
82%
*15%
86
57
81%
*
16%
~15%
86
*84
39%
38%
3878
8,200
57
57
57
6
6%
978
57g
*9%
6%
17%
18%
2%
35%
1%
*16%
2
2
10
*17%
10
97g
I884
187g
17%
3
2%
35%
*2%
18%
z35%
36%
1%
2%
1%
*1
2%
2
.
10
8%
,6%
17
"5",700
% In receivership.
2
a
24
900
400
6,800
1,100
1
Def
1,500
delivery,
1
6
367, jsn 17
13% Jan 11
98% Jan 18
91
Oct
107
10% Jan 24
16% Jan 14
7% Jan 11
5»4
Oct
23*4
13%
Dec
187,
4*4
Oct
61
Jan 24
96% Dec
115
63
Feb 25
44
Dec
80
5% Jan 11
23*4 Jan 15
2%
10%
Oct
20
Dec
26
26
DeC
29%
22
18%
Dec
47
Jan
23
Dec
43*4
Jan
Oct
13%
Jan
Jan 21
39
Dec
83
Jan
3
1
Stpt
1
Jan 26
Feb 18
41
1% Jan
11
3%
4% Mar
Jan Id
7%
Deo
30
784
Dec
223,
934
Oct
35% Mar
8%
Oct
29% Mar
94% Jan
Jan
8
67% Feb 24
61% Nov
Jan 2b
667, Jan 22
69
2% Jan
157g Feb
3
4
65
Dec
Jan 13
60
Dec
8
9
Oct
87
Jan
8
26
Dec
85
Jan 21
81
Jan
4
62% Feb 24
14% Feb 7
847g Feb 18
6% Jan
38% Mar 11
51% Jan 31
Pow.
6% Feb
Oil Corp
No par
5% Jan
No par
New atoek.
j
»■
r
Iiiffrtii
"■
i~'iTW"
Jan 27
17
Feb
2
Jan
5
297, JAn
100
10
Oagh gale.
3
978Mar 10
4
3
1
Jan 28
2
J St Louis-San Francisco.—100
6% preferred
100
n
3
17
Ruberold Co (The)—-No par
Lead
4
Jan
gEx-dlv.
" 11
~IM ■
5
y
64% Jan 21
17% Jan
87% Jan
10% Jan
461,
58%
8%
77,
11%
20*4
23*4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2% Jan
40% Jan
1% Jan
3
7
21
11
8
11
7
10
10
19
11
10
12
12
Jan 10
Ex-rlghtg.
"^"""rwwr'<"
76*4
60
12*4
80
Mar
Feb
Feb
9% Feb
47% Mar
124
Apr
Oct
Oct
17% Jan
100
100
10
110
Dec
73
Jan 29
Joseph
1*4
12%
4
24
Rutland RR 7% pref
20% Jan 15
76% Jan 15
6
10
St.
Jan 10
Jan
Mar 11
60
Richfield
3
11% Feb
6% conv prior pref ser A. 100
Revere Copper A Brass.——5
Common
Dec
27% Jan 25
4% Jan 10
7
5M% conv pref
Reynolds Spring
Dec
Mar
7
Jan
50
preferred
Jan
Apr
49
65
7% preferred
Jan
Nov
Dec
1
57
Feb
Feb
30
35% Mar
Republic Steel Corp—No par
6% conv preferred
100
Jan
Jan
Feb
Feb
80% Jan 16
3% Jan 17
6
Jan
Mar 11
8
Reo Motor Car
Jan
37% Aug
24% Jan 11
29% Jan 18
Jan 13
Feb
1234 Mar
19% Dec
12*a Jan
Rttter Dental Mfg
1
8
17% Mar 10
Roan Antelope Copper Mines.
1
8
Mar
Jan
Remington-Rand
1
Preferred with warrants.-25
100
2
3
35% Jan 13
98% Jan 12
9*4 Jan 10
11% Jan 12
16% Feb 25
500
17%
Oct
4
Rhine Westphalia Elec A
35%
Oct
Oct
85
3
Mar 11
3
18%
2
25%
8*4
72%
24%
Jan
10
33%
June
25
100
1
Reynolds (R J) Tob class B.10
39
*6%
110
13% Mar
Reynolds Metals Co—No par
39%
8%
MarlO
Feb
100
2,300
*6%
113
8
TSOO
684
60
Jan
Jan 12
10
5 H%
6%
8%
*18
3
50
7%
*55
Jan
Sept
10
Class A
7
6
10
200
7%
prices: no galea on thto day.
|T—
23,500
*634
18%
17%
3534
1%
2%
16
4*200
*60%
90
82%
7
7%
17
2%
16%
2%
118%
Rensselaer A Bar RR Co.—100
'
"
*57
*24
1678
*81%
2%
Jan
114% Mar
303, Oct
132
24
100
preferred
65%
M Jan 14
Reliable Stores Corp—-Wo par
Reliance Mfg Co
12%
82%
♦
2%
16%
17%
6I84
61%
1678
17%
1st
66
70
17%
10
"5*800
67
2%
*55
13%
*58
2%
7%
39%
13%
*64
2%
81%
"""766
9
70
2%
84
8%
10%
*8
67%
59
*81U
8%
*8%
*46
*47
*60
9%
8%
10%
13%
*64
*64
*8
Feb
Oct
143
3% Feb 16
Jan 28
No par
Reis (Robt) A Co
———
Feb
86
43%
Jan 26
19%
100
Preferred
1%
14
8%
4% 2d preferred
Real Silk Hosiery
58
*1%
13%
59
30
*35%
200
31
Oct
Oct
7*g Jan
--50
50
50
5
4% 1st preferred
Oct
Oct
14% Feb 16
578 Feb 3
60% Jan 31
44% Jan 28
26
Reading
Oct
Jan
20
103%
10% Feb
No par
52 preferred
Jan
Jan
Feb
117
8
28% Mar 11
Raybestos Manhattan.iVo par
Rayonler Inc
1
1,700
1%
13
67%
*25
58
1784
13%
*50
13%
*3%
100
37,
15%
317,
123% Jan 13
85
53.50 conv 1st pref—iVo par
800
87g
IO84
*65
65
3%
1384
26
117,
Oct
112
No par
JRadio-Kelth-Orph
300
*9
59
63
7,000
11
67%
*6158
13i2
"3"I66
3%
Oct
Oct
135
100
$5 preferred B
2
2%
5%
5%
108
91*4 Feb
—.No par
preferred
Mar
120
Oct
l0478Mar 3
117% Feb 17
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—No par
30,800
48%
*8
*46
*57
300
11
*64
*1784
3%
*35%
*1%
*8%
8%
68
*1%
13%
67%
2%
17%
2,000
20
25
58
6%
1% Jan
4% Jan
10% Jan
10% Jan
52*4
112%
128%
140%
162%
113%
29% Mar 11
No par
Pure Oil (The)
3
Jan 21
117
—
Pullman Inc
200
*25
*1
8%
1478
6%
2334
378
28
3
4
4
No par
100
—100
8% preferred.100
Pub Ser El A Gas pf 15.No par
100
13%
7% Feb
67g Feb
20% Feb
45% Jan
No par
7% preferred
200
28
25
7
5
50
$5 preferred
400
25
18
Jan 15
22% Aug
33% Feb
Inc—1
6% preferred
6,400
34,100
*22%
17%
*23
3%
29%
19%
14
*334
*35%
*1%
*884
8%
300
3%
20%
13%
25%
17%
21
3%
94
3%
*19%
13%
*23%
17%
24
*334
6,700
11%
13%
378
30
85
24
Co
6% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J—Wo par
100
*19%
Car
Procter A Gamble
170
——
3%
Dec
8
*113
20
9
3% Mar
110
47%
6
XPostal Tel & Cable 7% pf-100
*133% 136
49%
Jan
s4
100
6
11
1%
100
*61
Apr
3
Jan
22
17
10
15
31% Jan 17
50% Jan 11
120
100
2978
3% Jan 13
3,400
«.
834
*13%
Jan
Oct
12
*105% 110%
21
♦35s
*3512
48%
9
3
13
4
7
Steel
47% Mar
2
8
5% conv 2d pref..
Jan
July
Mar
*4 Feb
Pressed
141
Jan
Feb
20
7% Feb
2% Jan
No par
5% conv 1st pref...
11
Apr
Oct
Oct
No par
100
85
16% Jan 10
*4 Jan 19
£97%
8%
%
8%
Oct
Porto Ric-Am Tob cl A.No par
*116
28%
1*3
Poor A Co class B
200
12
8
200
Class B
87%
8
Jan
2% Jan 11
700
6,100
4»
9
Creek Pocahon.. JVo par
9
-
Mar 11
% Jan 26
16% Feb 3
5
24
]m
10
100
Jan 13
Pond
1
'
l%Mar 10
6
Jan
100
8%
26
13%
"
"eoo
48%
*118%
29%
93%
10
Pittston Co (The).—No par
3%
*19%
14
Plymouth Oil Co
27g
*22%
*19%
Pittsburgh A West Va
*3
14%
6%
1
preferred—
""330
*2%
*7s
30%
Term Coal Corp
"2~406
1178
8%
24
.100
Pittsburgh United
%
19
778
*77g
No par
100
25
Conv pref unstamped.—100
6%
10
11
*%
;18%
*10%
8%
25%
2178
*1478
*24
Pitts
88
10
%
19%
11%
'
11
6%
12
*%
Pittsburgh Steel Co
600
1%
*65
10
10%
10
*8%
*2%
238
2%
*2%
27g
1
1
1%
*7g
3%
3%
*3%
3%
3%
9
8%
8%
8%
8%
*8
8%
9%
*8%
9%
*24
28
*23
27
26%
4934 *48% 49%
49%
49%
*118%
11884 *118%
30
2984
30%
29%
29%
95%
95%
*94%
94%
94%
110
*104% 110% *105% 110%
120
*116
117%
117% 117%
135
136
136%
135% 135%
89
100
12
%
88
Pittsb Screw & Bolt-..No par
100
10
1%
10
12%
9
*55
1
10
1%
£19
%
88
>
*34
18
1%
12%
8934
15
1
*10
1%
*12%
*%
1834
95
*94%
109% *104%
30%
11%
*34
18
1%
*55
11
1
*34
*112
*61
12
88
113
65s
100
*11%
7%
*55
88
*135%
9
20
38
*17%
137
*14%
40
*30
*30
137
9
*1414
6%
900
39
*116
11%
11
22%
119
*87
10%
40
*116
30
"2,606
171% Jan 26
6*4 Jan 27
10% Jan 3
7%
1134
*112
135ia 13512
3078
1078
1
2%
*2%
1%
*7g
3%
*3%
834
8%
884
834
*24% 27
4834 49%
011884 II834
30
30%
105% 105% *104
*116
7
100
*17%
12
*%
19
67g
7
7
Preferred
_
*30
39
7B
7
*174
~
*30
24
39
7
*174
*11%
35
*1912
*32
115s
*174
*174%
110% Mar
49% Apr
98
Apr
139
Apr
Dec
95*4
Oct
Jan
30%
Nov
Jan
112
Nov
Jan
Jan
57s
Dec
34%
40%
Dec
68
55
Oct
67
Jan
10% Nov
14
Feb
6%
31%
191,
Oct
Feb
Deo
17%
Oct
Dec
Dec
Oct
1
Oct
4%
8*4
18%
26% Nov
'
88
Jan
June
'
9*4
65
Feb
Mar
1
Oct
4*4 Mar
1%
Oct
1%
Feb
T Called tor redemption.
1 ' iHi i
New York Stock Record
1674
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
Monday
Tuesday
Mar. 6
Mar, 7
Mar. 8
$ -per share
$ per share
$ per share
*4%
♦4%
5
*4%*
5
*6
18
*6
175s
*74%
1818
79
*7414
8712
*83
43<
2414
*14i8
23%
84
♦83
73
24%
*83i2
*2
23's
23
4%
61
147s
59
14%
23
*334
%
6012
1434
1718
*10
»6534
60'8
58
4
4
4
*44%
45
45
*25
20l2
15
15%
102
♦101
*7%
100
%
1,800
200
2234
*3%
57%
13%
2%
22%
4%
58%
13%
7%
7,900
81
5,900
100
%
5,500
*3%
4%
*4%
7%
6%
100
39%
39%
*434
38%
39
*%
39
3
%
%
%
%
21
231
*334
2%
23%
47g
57%
47
59
2%
24%
5%
2%
23
2%
23%
8
*484
58%
1378
8
*56%
4%
26%
*25
8
17
♦56
45
59
60%
137g
8
7%
16
16%
*5534
*4%
*4378
59
45
45%
*43
♦25
26%
*25
15%
99%
7%
26%
1434
4%
45
19
4%
278
*2%
*1734
27
*25
93
93
*91
*91
*2%
94
18
7%
19%
234
I77g
26%
*17%
*25%
92
7%
18%
2%
17%
*24%
92
89
Sharpe & Dohme.
No
$3.50 conv pref ser A .No
Sheaffer (W A) Pen Co .No
Shell Union Oil
No
300
26%
13%
14%
*99
100%
99%
*7%
18%
20%
234
3,100
~~4~i66
91
61
61
60
61
56
57
60
60
98
*90
98
*90
98
*96
98
*94
98
*57%
93%
60
*90
94
100
17
17
161
*16
1078
*16
1678
*16
17
300
I8I4
*17
10%
59
60%
14
*13
14
14
14
14% *13%
*12%
*12%
14l2 *13%
*11*
1078
11%
11% *10%
11%
11%
11%
10%
10%
14
14
1378
14%
14%
14%
14%
1434
1478
13%
14%
113
*112% 114
113
*112% 114
*112% 114
*112% 114
♦112I2 114
23
2%
2%
2%
2%
2%
2%
*2%
2%
2%
2i2
2l2
24%
24% Z2434 2478 *23% 2478
25%
25
*2478
2514
*23%
24%
*132
142
*13234 142
*131% 142
*132% 142
132% 132%
♦132% 142
22
22
21% 21%
21% 21%
21% 21% *21% 21%
21% 22
*13l2
IH4
18
11%
18%
*28
17%
»
*28
*22%
19
♦12%
31%
10
♦58
3%
*42%
278
3%
47
3
8
75
23%
19%
13%
31%
10%
5934
11%
18
1634
8
*3
37«
8%
*16%
21%
*H
31%
32%
34%
50%
59%
9%
*7%
834
*2%
"23%
1878
*31%
9%
32%
*31%
9%
33%
9%
65%
56%
66
66%
10
18
8%
8
*10%
20*4
8%
*1
1%
30
30%
31%
25
58%
7%
7%
7%
8
8%
8%
5%
5%
5%
51% *51% 53
124% 124% *123% 124%
1334
13%
14%
13%
24
.25
25%
25%
2%
2%
234
2%
13
13%
14%
14%
23
9
*8
8%
8%
8%
634
7
934
9
8%
5%
50*4
8%
9%
25
58%
878
17%
934
*22
9%
25
5%
7%
41
4
32
4778
59%
23
*7
*41
7%
42
18%
778
17%
7%
18
97
97
8%
18%
*10
20%
20
*1
3034
3034
*22
23
*30
4984
*22%
59
834
8
5%
*52
9
8
6
6J
7
7
*7
*41
42
*41
*8
9
17
17
24%
24%
8%
6%
8
6%
7%
3
7%
19
2%
*8
16%
23%
77g
6%
*7
6%
54
2%
14
24%
9
1678
24
8
6%
7%
5
4
*6%
39%
*37„
6%
40%
4
31%
8%
31%
8%
31%
884
9%
9
41
4
9%
*7
7%
5%
21
*58*4
*3*4
21%
2434
60%
4
*52
56
3%
*1*4
*4%
12*4
3%
2%
5
1234
234
21
21
14%
81
23%
*24
*5834
60%
*59
4
*334
56
*52
3%
3%
*184
2%
5
5
*2%
12%
2*4
*9%
11
1434
82%
14%
14%
12%
*80
82
II84
11%
11%
*42
43
42%
43
10%
10%
10%
*6
6%
778
334
778
334
85
*82
*5
5%
*7%
2234
*29
8»4
2234
29%
6
6
7%
7%
3%
3%
85
*82
5
5%
8%
22%
*7%
22
29
29
4
4
4
4
*37
38
37
37
*8%
*1%
8»4
2
57
57
*1%
56%
10%
9%
7584
*20%
76%
21%
74%
20%
74%
*79
75%
81%
79
*21*4
23%
22%
24%
*2134
23%
♦
8%
8%
*10
75
19%
23%
60%
*11%
10%
20
2434
12
*2%
*10
20
*24
*5834
2
50%
10%
70%
20%
75
*384
52
4
52
*384
51
19%
2484
60%
4
51
3%
2%
*184
4%
5
5
11%
2%
12%
10
10
*10
1334
13%
*79%
12
2%
12
934
2%
934
13%
14%
*81
11
41%
10%
534
*7%
3%
82%
4%
*7%
21%
*28%
*3%
38
8%
1%
56%
9%
71%
20%
71%
83
11%
42%
10%
5%
8%
3%
82%
3%
13%
*7934
11%
41%
10%
534
*7
3%
*8234
3%
2%
2%
80
73
11%
2%
10%
13%
80
3%
*134
*4%
11%
2%
934
13%
80%
10%
10
6
8
*7
3%
3%
82%
85
22%
28%
3%
40
8%
2%
56
10
74
20%
74
80%
79
79
22%
22%
23%
22%
24%
24
5
41%
*78
22%
3%
2%
51
10%
*5%
884
54%
*934
72%
20%
72%
54
*3%
Bid and asked prices: no sales on this day,
434
*7%
21%
*28
*3%
*38
8%
*1%
x52
9%
72%
20%
71%
*76
22%
22%
par
6
5%
7%
7
3%
3%
*82%
434
*7%
21%
82%
4%
8%
22
28%
4%
40
28
3%
37
8%
8
2%
52%
50
10
74%
20%
72%
*1%
10%
5%
7
3%
85
4%
21%
28
3%
38
8%
20
70%
72
79
77
77
2234
22
22%
24
22%
23
t Id receivership,
400
6,900
200
1,600
8%
2%
50%
9%
72%
203g
9%
71%
2,400
a Def.
3,700
400
400
1
10% Feb 3
6% Jan 28
96% Mar 8
2% Feb
6
3% Jan 28
6% Jan 28
13% Jan 28
16% Jan 28
1
3
30% Mar 11
% Feb
28% Jan
34
200
2,500
1,800
14,400
2,300
3,900
600
400
21,200
Jan 24
44% Jan 3
2184 Feb 4
64% Jan 4
8% Mar 11
7% Mar 8
734 Mar 11
4% Jan 3
48% Feb
1
11% Jan
Jan 26
2% Jan
8% Feb
25
16% Jan
1
7
3
39
Nov
16
Nov
7%
101
Jan 12
Jan 7
Oct
Oct
Oct
65
Oct
Jan
4
Jan
50
60
Feb
43
Dec
Feb 24
42
Nov
76
Mar
26
Jan 15
19% Dec
53% Dec
48
Mar
75
Jan
21
Feb
Jan 13
5% Oct
6% Dec
Jan
11% Jan 12
7% Jan 12
57% Jan 24
44% Dec
59% Mar 4
11% Jan 12
11
6%
Oct
17%
33%
3
Oct
20
Feb
77%
Jan
118
Aug
Mar 10
9
Oct
Jan 13
18
Oct
Jan 13
Jan 11
Jan 10
1%
Oct
8
Oct
17% Dec
784 Oct
5%
2%
Oct
Jan 12
10% Jan 11
8% Jan 11
484
4%
Oct
27
Mar 10
47
4478 Jan 11
47s Jan 10
27
8
Jan 11
Jan
3
34
7% Jan
3
10% Feb 21
Jan 19
3
11% Feb 10
Jan 19 1075
Feb 21
1734 Feb
3
24% Mar
No par
19
3
No par
58% Feb 21
3% Feb 10
24% Feb 23
58% Feb 21
3
1
100
par
934 Mar
78
Mar
5% Feb
6% Feb
3. Feb
par
80
Feb
56
Jan 13
4% Jan 12
Oct
44
Oct
558
Oct
16%
15%
48
Feb
Oct
64
Jan
Oct
13% Mar
93% Jan
13% Feb
8% Jan
15% Mar
2878 Feb
3%
65
Nov
2%
1%
Jan 12
4
Dec
Jan 15
10
Oct
85
Jan 13
Jan 11
Jan 12
Jan 10
Oct
Oct
8
1%
Oct
10%
Jan 11
6%
Oct
4084
6
13%
Oct
72
Dec
21% Feb
98% Aug
Jan
Jan
884
Jan
Jan
Oct
287S
Jan 11
36
Oct
79
Feb
Jan 12
10
Oct
17
Aug
Jan 15
4
Oct
Jan 10
Jan 25
6% Oct
3% Dec
82
4%
7
18%
Dec
Oct
Dec
Oct
Feb
22% Jan
27% Jan
11% Mar
109% Jan
12
Mar
20% Mar
4078 Mar
31% Feb 23
6
Jan 13
44
Jan 11
39
Dec
94
Jan
7
Oct
25
Mar
Jan
25
234
No par
l%Mar
47% Feb
9% Jan
59% Feb 23
12% Jan 12
Union Carbide & Carb.No par
...25
67% Feb
18% Jan
80
70% Mar
80
IO84
784 Jan
21%
Mar
1
Feb 23
No par
2178 Feb
88% Jan 12
Jan
6
81
a3% Jan 12
5
20% Feb
27% Jan
100
72
100
Cash sale,
54% Mar
15% Nov
18% Dec
Under Elliott Fisher Co No par
Union Bag & Pap new .No par
r
Jan
Jan
55
10% Jan 12
2% Jan 13
United Aircraft Corp
Mar
36
1
4% preferred
Union Tank Car
Jan
57%
8%
19% Jan
26% Jan
334 Jan
100
Union Oil California
Union Pacific
1534
2334
5%
Oct
Oct
Jan 13
24
28% Mar
3378 Mar
2384 Jan
17% Jan
Oct
2%
5%
15%
3%
13%
15%
6% Jan 10
10% Jan 11
484 Mar
7% Jan
Truscon Steel
10
20th Cen Fox Film Corp No par
$1.50 preferred
No par
Twin City Rap Trans..No par
Twin Coach Co
Ulen & Co
Feb
10
434 Jan 17
Jan
20% July
61% Feb
7% Mar
47% Mar
3978 Jan
20% Jan
2
5%
3484
83
Feb 16
10% Jan
38
1
125
Jan
Feb
Jan
15% Mar
65% Apr
9% Mar
137s
48%
12%
7%
9%
4%
8
13% Jan 28
No par
No par
Preferred
4
11% Mar 11
2% Jan 3
par
Transamerica Corp
2
Transcont & West'n Air Inc.5
Transue & Williams St'l No par
$6 preferred
Truax Traer Coal
Jan
1»4 Jan 28
4% Jan 3
25
pref
New stock,
Oct
6% Dec
5% Mar 8
37% Jan 28
3% Jan 3
Tlmken Detroit Axle
10
Tlmken Roller Bearing.No par
n
Oct
5
Jan 21
Feb
27% Dec
26% Oct
30% May
Oct
50
Jan
72%
% Dec
Dec
100
Dec
5
4
No par
48% Mar
16% Jan
Feb 15
Jan 18
Jan
Apr
10
41
100
Jan
Feb
14
Jan 10
900
50
28%
95%
337s
35%
35%
64%
7
8% Jan
Jan
Jan
Aug
12% Jan
14% Mar
32% Mar
Oct
5% Feb 18
25
Tlr-Continental Corp..No
36
Oct 107%
4% Jan 11
41
No par
Tide Water Assoc Oil...
10
$4.50 conv pref
No par
delivery,
Oct
2%
2%
Jan 13
1
Dec
8% Dec
49
5
100
cum
3% Jan 10
5% Jan 12
11% Jan 12
22% Jan 14
26% Jan 12
4
6% Jan
50
Thompson (J R)
Thompson Prods Inc.-No
Thompson-Starrett Co .No
$3.50
5
2478 Feb 25
878 Feb 7
187S Jan 10
22% Mar 11
7% Feb 4
5% Feb 4
9
5
21% Jan 11
9% Jan 10
14%
29%
3%
17%
Feb
Jan
Feb 26
107% Feb
125
119% Feb
Jan 26
Thermoid Co
Third Avenue Ry
Feb
11% Jan 10
z39
Jan
Feb
94
61
Feb
18
pref
~
Jan
Mar
Mar
31
4
10
Preferred
60
2,800
1% Oct
5% Dec
73% Sept
19% Dec
13
Thatcher Mfg
900
3,300
2,400
5,600
Jan 12
3
100
Texas & Pacific Ry Co
40
10%
41%
Jan 12
9
3
No par
The Fair
5,000
1,100
4
Feb
No par
conv
Oct
Oct
7
21
$3.60
1%
8% Jan
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil... 10
Texas Paciflo Land Trust--.1
4
13%
80%
Mar
Mar
Mar
30
1
Tennessee Corp
Texas Corp (The)
-
900
65%
43%
60%
65%
11%
77%
9%
par
5
Telautograph Corp
100
300
Oct
35
Without warrants...
1,800
9%
Jan
Oct
9
3
50
Jan
17
23%
2
Feb
Jan
32%
Oct
par
June
Oct
3% Jan 10
237s Mar 10
155
Dec
10
5)4% preferred
Jan 14
6%
42%
10
10
Talcott Inc (James)
1,200
2%,
Oct
115
10
No par
Swift & Co
8,600
900
130
Oct
Oct
15% Jan 10
.....100
Sutherland Paper Co
10
Sweets Co of Amer (The)
50
10,700
1,000
Jan 10
35%
Superior Steel
2,200
•»«.«.
28
1%
20%
Jan 21
Superheater Co (The).-No par
Superior Oil
1
10
~
Oct
Mar
21% Jan 17
Studebaker Corp (The).
200
20
Oct
13
110
3
Symington-Gould Corp ww_.l
8%
984
168s Jan 10
113% Feb 28
3% Jan 13
3
Swift International Ltd
8%
11%
Dec
Feb
3,900
3,500
31%
5
Mar
10
12
Stokely Bros & Co Inc
3,600
23,600
3%
2%
Mar
54% Jan
40% Feb
29% Feb
23% Aug
16% Jan
1
2,000
5%
51
197
120
Oct
par
Stewart-Warner
100
60%
Nov
46
Jan 17
Feb
June
3
21
Oct
Apr
13
Feb
Jan
Apr
60%
102%
96
7
1
No par
Stone <fc Webster
Feb 23
Mar
07
par
1
Sterling Products Ino
"3",900
4%
3
4%
26
Jan 13
2% Jan
par
Standard Oil of New Jersey.25
Starrett Co (The) L S__No par
100
24%
41%
5%
8%
*184
4
18
42%
10%
*434
8%
1%
56%
9%
74%
20%
2%
37
No par
0% preferred
Sunshine Mining Co
42
*59
10%
41%
*7%
2184
28%
3%
*38
*11%
100
No par
Standard Oil of Kansas
9
11%
5
4
5
3
Standard Oil of Calif..No par
Standard Oil of Indiana
25
3,300
1,200
7
Jan 14
Feb
1778 Mar
58
20% Jan 10
15s4 Jan 15
13% Jan 15
100
Oct
Sun Oil
2%
13%
*22
82% Jan 12
Nov
Dec
280
23
11
834
2134
29%
38
3%
*134
20%
24%
60%
88
15
$4 preferred
$6 cum prior pref
7,900
2,600
11%
*22
*51
4%
81
V.
*3%
*3%
*1*4
22%
24%
19%
*22
*59
1
Feb
27
Old
*24
93
Jan 13
32
400
14%
8%
8%
3484 Jan 10
3% Jan 17
22
24% Jan 31
par
JStand Gas <& El Co
0,300
7,200
5%
Mar 11
Jan 28
Nov
5% Oct
17% Oct
2% Nov
1584 Dec
26% Dec
100
$4.50 preferred
Stand Comm Tobacco
400
24
31
91
22% Jan 12
1334 Jan 12
2184 Jan 10
Standard Brands..—..No par
4,200
8
39%
3%
Feb
Mobile & Ohio Stk tr ctfs 100
1,700
16,100
1,300
► 200
1,500
124
*39%
434
5%
38%
3%
Feb
34%
105%
9% Mar 11
15% Mar 11
5% preferred
110
14
7
Jan
44
15
No par
Spalding (A G) & Bros. No
1st preferred
Sparks Wlthlngton
No
Spear & Co
$5.50 preferred
No
Spencer Kellogg & Sons No
Sperry Corp (The) v t c
Spicer MfgCo
No
$3 conv preferred A..No
Spiegel Ino
Conv $4.50 preferred.No
Square D Co class B
270
7%
*8
Feb
24% Dec
1478 Nov
Southern Railway
10,800
7%
16% 16%
22% 23%
7%
7%|
6
5%
Mar
14
65
Mar 11
24
13%
9% Jan 11
24% Jan 11
Feb
17% Feb
42% Mar
120
Dec
Southern Pacific Co———100
200
52
*2%
10184 Jan 27
34
Oct
1734
300
3%
*22
18% Jan 11
27% Mar
51% Mar
Dec
24% Jan 10
2,200
7%
124
2734 Jan 27
Oct
384
44
3
11,400
62
Jan 28
Jan 3
2% Jan
S
*4%
9%
15%
11%
10%
1334
Stand Investing Corp. .No par
7%
8%
Jan 28
93% Mar 11
Jan 14
20% Feb
*iini%
1100
31
30%
J10,300
311
31«
30%J 30% 10,000
200
3434 t 34ij>i 34%
50%
49% 49% 20,600
24% *22
24%
59%
58%, 59
"V.866
9
8%
1,900
8%
41
8%
55
25
Southern Calif Edison
17
i
Mar 11
60
Jan 14
58s Jan 10
48
132% Mar 11
1
5
6%
40%
31
89
66
4
"""206
19
2% Mar 11
16% Jan 3
24% Feb 4
$7 cum prior pref..-No par
42
9%
19
3
3
3
15
Jan
*M00
*434
6%
3934
8%
*15
20%
2
2084 Jan 11
128
100
17%
3%j
7%
Feb
9% Feb 17
Oct
Oct
Oct
3% Oct
4984 Nov
1284 Dec
6% Oct
100
8% preferred
40,700
20,100
7,600
961^|96%
*231 3
3%
4
6% Jan 14
653s Feb 25
1634 Jan 12
3
2,600
65
7%^
5
1%
16
Jan
10
31%
9%
17
778
124% 124%
14%
14%
24% 25%
14
17%
2584
8%
31
87g
7%
*22
9
32
8%
9%
59
14
17
5
9
24
*8
*25
59
14
8%
32
31%
30%
31%
30%
34% 1*30
50%
49%
24% *22
*22
934
41%
378
7%1
1% 1F1
7%
7%
8%
8%
5%
5%
51% 51%
123% 124%
137g
14%
25% 26
2%
2%
6%
40%
3%
6%
3934
378
3%|
20
*434
5%
38%
334
3034
5%
634
3
3%
*17
9%
*434
4
*2%
3
84
Jan 13
Feb 25
22
18%
12%
9%
4
Jan
2%
27%
So Porto Rico Sugar...No par
24
31%
3
3
% Jan
6
Jan 27
Jan
1,300
8
*57
57
,
3434
49%
9%
7%
17
42
31
*30
59%
24%
*478
*634
40%
378
*31%
878
8%
57
97
3%
7%
1734
31%
9%
17%
7%
*23^
20
10%
58
98% Mar
3% Feb
23% Feb
45% Jan
2% Jan
8% Jan
54% Apr
11% Mar
98% Aug
7»4 Jan 11
Jan 24
42
112
75
18%
Dec
% Oct
3% Oct
34% Nov
4
Jan
Snider Packing Corp...No par
80
*23"
Dec
71
1
96'4 Jan
6% Jan
18% Jan
Smith (A O) Corp
10
Smith & Cor Typewr. __No par
200
*10
12%
31%
10%
97
3%
1%
*1
58
234
20
17%
25%
*41
7%
8
*17
*24%
7%
18
97%
17%
*21
*6%
1778
778
96%
284
3%
2034
50%
*634
934
18%
22
85
Solvay Am Corp 5)4% pref 100
South Am Gold & Platinum. 1
3%
*5%
6
Feb 23
27% Jan
4
Jan
3,100
15%
*
2378
18%
*10
49
9
*is
*17
6%
Feb
Socony Vacuum Oil Co Inc. 15
43%
2%i 2%
234
75
12%
51
234
■
2378
19%
32%
3434
15%
*6%
*
*11
32
24
2%
8
12
30*4
*22
27g
75
113
Oct
Jan
100
30
3%
42%
47
23%
18%
*30
♦14%
*43
15%
Dec
11
19
27,500
10%
*22
3%
12
32
26
26
47
1778
z98
4
105
"""600
16
9%
30
18
378
5%
5%
*51% 53
*124% 124%
14
14%
3%
12%
31%
3
59%
9%
7%
884
♦
18
30
15
17%
11%
19
25
*21
27s
*6
7%
16%
10%
16%
*22%
*3%
18%
12%
31%
"23"
3
34%
*43
17%
11%
*23*
3%
1%
3134
3234
*3%
234
75
*22"
97%
18%
♦
23
778
97%
21%
4234
7
8
17%
*25
3%
42*4
234
2%
75
*17%
3%
378
8%
*3%
47
18
98
10%
28
8
1734
9778
16%
17%
28
3%
*7%
I
17%
11%
35
17%
18%
40
*3%
*42%
*278
*7%
16%
10%
18%
1078
18%
11%
Jan
Feb 11
5
4
...No par
$6 preferred
Mar
113
5534 Mar 11
Sloss Sheff Steel & Iron... 100
200
103
Dec
43% Feb 9
24% Jan 5
13% Mar 11
25
100
6% preferred
600
Dec
86
7% Mar 11
10
Skelly Oil Co
Jan
70
Jan 18
14% Feb
Simonds Saw & SteelNo par
200
46
Jan 20
13
No par
Stmms Petroleum
20% Mar
37% Mar
93
3% Jan
63% Feb
6)4% conv preferred. ..100
Silver King Coalition Mines.5
100
Dec
81
% Jan
par
500
Oct
Nov
4
2
par
Simmons Co
800
3%
18
3
20
par
2,400
Jan 26
Jan 12
Mar
5% Jan 28
37% Jan 3
par
4,100
7%
18%
2%
17%
25%
5%
Highest
share $ per share
$ per
23%
8s Feb 10
No par
$5 conv pref....
200
4%
45
Mar 11
75
No par
No par
Sharon Steel Corp
200
5534
65%
4%
4%
14%
99%
27%
*2%
*1784
18
Shattuck (F G)
3,400
16%
share
14% Mar 8
21% Mar 11
1
Bervel Inc
per
98% Mar
Sears, Roebuck & Co.-No par
6,200
$
share
84
No par
Seagrave Corp
13,300
*25
14%
*98%
7%
18%
41
14%
1434
14%
8
60
*44
*3%
59%
1378
7%
*10*
60
*16
*16
23
*2
1937
72% Jan
Seaboard Oil Co of Del .No par
81
%
18%
28%
9434
39%
%
83
Year
Lowest
10
No par
Schenley Distillers Corp
5
5)4% preferred
100
jSchulte Retail Stores
1
8% preferred....
100
Scott Paper Co
No par
t Sea board Air Line... No par
4-2% preferred
100
600
%
18
*92
350
14%
22%
*2
4%
*2734
100
14%
21%
%
20
278
19
29i2
100
227g
*81
19%
*2%
*212
*1734
*27»4
14%
%
101
100% 101% *100
8
712
77s
778
2014
99
Range for Previous
Highest
4% Feb 16
100
100
100
5% preferred
6% preferred..
7% preferred
Savage Arms Corp
per
17
Safeway Stores
20
%
45
14%
87%
*4%
58
*25
20
60
4%
77g
8
*7%
74%
87%
6034
*3%
♦16i2
*70
%
1478
8%
1634
*2
6
39i2
a4
2i2
73
87%
$
J St Loula Southwestern.. .100
5% preferred
100
No par
2,300
22%
83
Par
434
17%
14%
23%
Lowest
18
17
99
23
*4%
*6
18
73
14%
*81
4%
Shares
18
*86%
100
99
83
♦81
23%
*5i2
*38*4
%
5%
39%
♦%
%
87%
*14%
%
5%
39%
%
2%
12
100
99
*4%
*6%
*17%
18
17%
73%
1938
EXCHANGE
Week
$ per share
10
12,
On Basis of \QO-Share Lots
STOCK
YORK
March
Range Since Jan. 1
STOCKS
NEW
the
Friday
Mar. 11
$ per share
4%
*4%
*84
84
16
Mar.
17%
98l2
16
2414
98i2
98l2
98%
9
*6
87i2
*15
.
$ per share
18«8
79
*84
Mar
18
♦6
18
18*8
Thursday
Wednesday
Continued—Page 9
Sales
NOT PER\CENT
for
Saturday
-
z
Feb
Ex-dlv.
y
Ex-rights.
5
Nov
Oct
1% Oct
46% Nov
87s Dec
61% Nov
17%
Oct
Nov
50
17%
Mar
Jan
67s Jan
100% Jan
18% Sept
111
Feb
28% Feb
14834 Mar
78
Oct
9984
22
Nov
31%
Oct
Jan
Feb
35% Mar
1 Called for redemption.
Volume
LOW
AND
New York Stock
146
HIGH
SALE PRICES—PER
SHARE,
Record—Concluded—Page
Monday
Mar. 5
$ per share
*8
Wednesday
Mar. 7
Tuesday
Mar. 8
$ per share
$ per share
$ per shoe
8U
734
11
♦8
•183s
*8
18*2
»112l2
1812
8*g
lOU
18*2
*112l2
4734
4734
47
*16*2
18
278
*16*2
234
x28h
634
234
2834
2914
*634
7
8
8
*7
74
74
75
7h
778
1784
278
29
634
75g
*8
IOI4
*8
183),
183s
18*2
*11212
*112i2
47
Mar. 9
4634
*16*2
234
283s
6i4
734
7*2
7012
75
NOT PER
Thursday
Mar.
$ per share
75s
778
714
734
*812
10U
*7i2
lOU
18*2
18
I8I4
18
19
*11212
*47
50
*48
4878
"""666
17
17
278
283g
1734
234
100
234
*16i2
234
28
*27i2
28U
6I4
3,800
United Corp
$3 preferred
3,100
United Drug Ino
..5
6
Feb
7i8
500
United Dyewood Corp
.10
7
283s
612
6*8
*7l2
7l2
71
*69
284
638
734
278
285s
6I4
714
77
6
6I4
714
71
7i8
71
*414
71
71
67
*165
*65s
*31*2
18*2
5l2
8*2
634
*34
6*2
6*4
8*2
*72
1
6*2
}
1
6l2
8*2
9
10i8
10,000
10012 10012
300
458
500
*34
*6*2
9*2
65l2
*55
28*4
*434
28
28*4
5*8
65
*55
28*2
2678
45g
478
43g
65
*55
315g
32
2934
317g
28*4
6978
7034
67
71*2
63
2778
4*2
30*2
6834
6984
70
69
70
69*2
71
70*8
51*8
70*8
*69
5278
106*4
106
70*8
70*8
53*8 53*2
106*8 106*4
3412 3434
41
4U2
*4*2
*178
74
6i2
2,100
412
*658
7
*72
1
*412
74
6l2
*72
*34 / 1
7*2
*6l2
7*2
458
2
*68
75*8
53*2
106*4 10634
34*8 343g
*40*4 42
458
*4*2
178
52
.
17«
106
32
41*2
4*2
*58
28
2712
412
4*2
29&S
31*2
67*2
70*2
70
69*4
70*8
70*8
515s
533g
105*4 106*8
33
3234
42
41l2
434
*4i2
70*8
4*2
458
30
3U2
6734
70*4
70
70*4
52l8
3214
*40
4*2
178
65
28
27*2
34
*38*2
9
2
54
10634
32I2
4U2
*412
484
134
U8
65
65
*1058
*5784
♦146
3,300
2834
30*2
66*2
68*2
72,600
23,600
68
69
67
70*8
500
50*4
2,600
51*2
63,300
10434 105*4
32*2
32l2
2,600
4134
4134
4*2
4*2
2
*134
*105g
*1058
12*8
*5734
*5734
59
46
*38
12lg *1058 1158 *105g 12*8 *1058 12*8
60
5734
5734 *5734 60*2 *5734 60*2
1475s *146
1475s *146
147&8
1475g *146
40
40*2
*36*8
397g
3978
3978 *36*8 3978
1
1
*?8
78
78
78
7S
78
84
78
78
*34
*34
78
78
*84
1475s *146
40
40
1
1
♦22
25
«4
17*8
20*2
173s
20*2
*22
1634
19*4
25
*20
17
16*2
*19*4
20*4
*99
103
*99
103
*99
38
38
38
38
*38
25
*20
17
1634
193g
20
103
25
*20
17i2
165s
*1938
1912
*99
103
39
39
38*2
43g
*99
*38
45
*38
1,100
38
38
38*2 .38*2
19
19
1834
*7978
80
7978
77s
12
*3
778
4U4
19*8
*1878
12
4H4
*12
314
*3778
534
40
*35
39
57g
7*2
41
3
*3778
5&8
*35
1834
797g
734
19
185s
19
7938
79*8
7978
183g
185s
*1858
79
795g
7938
7*4
40*2
7*2
73g
41
40i2
19
19
41l2
*187S
4U2
19*8
12l2
12
12
*11
12
3
278
*3734
40
534
512
38
*35
27g
40
27g
*37
558
38
512
*35
8
19*8
278
40
3*2
*7*2
13
3
*7*2
278
3*8
3778
100
5*4
5*2
18,900
3
278
3
13
*7*2
22
*20
22
*1378
14
*14
15*4
24*2
15l2
*1378
15
26
26*4
212
1*8
3412
25*2
23g
75
253g
*218
*1*8
33*2
*737g
94
*90
*90
96
9612
88
88
96*4
*88*2
94
33i2
*7378
89
96*2
95l2
88*2
90
14
75
*24l2
*2I8
*1*8
»32l2
*737g
90*2
*85
1*8
96*2
96*2
89
♦121
*120
*119*2
2512
23g
33
13s
33*2
75
15
24i2
*2i8
1*8
88*2
*121
25i2
23g
13g
2*8
14
14
24
24*2
*2
2*8
1*8
3212
*1*8
3212
33
1*8
75
75
75
*73*2
91
*85
89
*85
96
96
95
96*2
88*2
122
2134
2*8
138
24*2
3312
*21
86
87
121
121
*11412 115*2 *114l2 115*2 *11412 115l2 *11412 11512 *115
115*2
17
17*2
173g
17*2
173g
17*4
17*8
17U
*17*2
1734
*4
*4
*4
4
4*4
43g
4*4
418
4i8
378
9
7
*7
8
7
*6
*7*2
8*2
*7*2
7*2
*1
*1
*1
*1
1*4
1*8
1*8
1*8
1*4
1*4
23g
23g
23g
2*4
2.4
*2i8
212
2*4
*2*4
2*2
25
*25*8 2578
2512 *24*2 25*2
24*4 2514
2434 25
24
24
23
24i2 24l2
23ig
2312
23*4 24
23*4
93
94
88
91
9334
937g
91*4
9134
9334
91*8
136
136
137
137
135
135
135
13512
*135*2 137
*14
*14
*13
*13
15*2
15*2
1512
1512 *13
15*2
*31*2 3334
*31*2 3334
3U2
3U2 *31l2 3334
3334
*31*2
14
14
14
14
*1384
14*2
*1334
135s
135g
*135g
29
27
27
*26*4 30
*26*4 29
*26*4
273g
*26*4
*85*4
100
33
75
89
95*2
493g Feb
1045s Jan 28
4
I84 Feb
8
3
10i2 Jan 10
No par
50
Jan
3
100
140
Jan
6
Universal Pictures 1st pref. 100
34
Sales.....
No par
100
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
100
Vlck Chemical Co
5
Chem
84 Mar 11
®8 Jan 3
203$ Jan 5
15
100
"1:266
No par
Ward Baking class A..No par
Class B
No par
Preferred
100
Warner Bros Pictures
conv
pref
5
No par
200
1,700
200
240
700
200
o70
Feb
105
Mar
Jan 25
Jan 10
Mar
5
Feb 24
2i2 Jan 10
42
Feb 25
13i2 Jan 14
21
May
86
Jan
Jan
29
Oct
108
Jan
54
Jan 12
90
80
20
115
115
6%
1*4 Jan 7
l*a Jan 10
25
Jan 17
6%
preferred
100
Co...10
63
Oct
16
478
Jan
25s Jan
58*2 Jan
393s Mar
Oct
Oct
Oct
115
Mar
Mar
5
Jan 22
3584 Nov
47
May
3
3
445g
Jan
105
June
5
4i2 Jan 20
3
Deo
Jan 29
1534 jan 11
8
Oct
37
Jan
12078 Feb 26
113
Deo
135
Mar
60
Dec
98
Mar
II784
Feb
122i2
Jan
2
Oct
10*8 Mar
2i2
2ig
Oct
183s Mar
Oct
16
658
Dec
115
Feb
1
42
Feb
3
67
117*4 Jan 11
1*2 Jan 5
258 Jan 31
2>4 Jan 5
67s Jan 3
118
_.
Oct
55s Jan 21
32 ig Jan 21
110*8 Jan 26
Jan 10
Feb
8
25s Jan 11
4*8 Jan 11
33g Feb 4
8*4 Jan 17
23g
18*2
Oct
1234 Apr
743g Apr
Oct
115
1234
Feb
Jan
Mar
195s
Feb
49
Feb
20*4 Jan 10
18
5
28
29
11
3
4
81
7184
3*4
Dec
447g Jan 15
32
Oct
1938 Feb 18
17
Oct
1978
16*4 Jan 15
334 Jan 13
778
Oct
503g
Feb
2
Oct
10s4
Feb
3778 Mar 11
514 Mar 11
48
35
40
I8I4 Feb
74i2 Jan
6i2
3984
18*2
9i2
214
Jan
Jan
Jan
Jan
Jan
4
Feb
Jan 24
8*2 Feb 23
Jan 18
7»4 Jan 10
Jan 13
4*2 Jan 13
13*2 Jan 13
1712 Jan 17
Feb
2ig Jan
1*8 Jan
27
1*2 Jan 28
3578 Feb 24
Jan
*72l2 Feb 14
75
Jan 24
Oct
82i2 Aug
I884 Mar
515s July
Oct
26*2 Deo
484
33
25g
Jan
99*8 Mar
18
Oct
Jan
69*2
1214
35*4
Oct
Dec
Jan
Jan
9
Nov
16
Oct
46
11*8
Oct
38*4
20
Oct
6034 Aug
2i8
1
Oct
934
214
July
56
23*4 Oct
73*8 Nov
84*2
Jan
Nov
Feb
Feb
Jan
Mar
Feb
3
84
Oct
108
3
88
Oct
109
Feb
Feb 21
10212 Jan
102*2 Jan
9784 Jan
3
76
Oct
103
Aug
Jan
4
121
1
17*4
Oct
123*2 Mar
llli2 Jan 6
14*2 Jan 28
3*2 Jan 5
115
10*2 Apr
14i2 Dec
258 Oct
115i2 Jan
29*2 July
9
84
Feb
91
Jan 29
84
1
1,500
Western Auto Supply
1,400
Western Maryland
100
6
2d preferred
100
6
Mar 11
*1
1*4
100
Western Pacific. ......—.100
1
Jan 28
2
Jan
4%
Oct
9*4
14*4
173g
334
6*8
500
84
97
West Penn Power 7% pref. 100 *117
60
984 Dec
3i2 Jan
1
Wo par
Feb
Feb
Jan
164
Jan 12
....100
100
8*8
84*2
Nov
Jan 17
preferred,
Oct
Nov
3
preferred
preferred
9*4
Oct
47
2934
conv
Oct
1
Jan
135
Mar
24
7%
278
46
150
4
60
1
$4
Oct
14758 Mar 11
5
West Penn El class A..No par
Jan
126*2 Mar
100*4
Jan 27
2234 Jan
No par
Wells Fargo A Co
48*2 Nov
753g
Mar 10
24*2 Jan 14
Wesson Oil A Snowdrift No par
Deo
42
38
No par
Webster Elsenlohr
43*2
5
42
10*s Jan
1684 Jan
12'a Feb
Wayne Pump Co
250
122
358
118
58
25s Feb
Waukesha Motor Co
Mar
5
No par
Warren Fdy A Pipe
223g Mar
112
72*4 Mar
193s Jan
723g Mar
Mar
70*8
6218
114*2
3484
$3 convertible pref. .Wo par
""166
$ Warren Bros
4358 Feb
15i8 Mar
Dec
203s Jan 12
Feb
Preferred
Mar
101
3
.100
Oct
70
12384 Feb 15
10
100
Oct
Feb
23i2 Mar
62i2 Nov
3
Virginia Iron Coal & Coke. 100
100
3*4
20
3
4
100
172
Jan 19
Jan
No par
154*8 Nov
684 Dec
2978 Dec
16*8 Oct
334 Oct
6*8 Oct
Feb
8
Jan
108
pref
Jan
Jan
3478
Mar
18U Jan
97
No par
preferred
Jan 29
Jan
137
71
4i8 Jan
1
Oct
Nov
35i2 Feb 25
757a Feb 26
37
preferred
512
53
Oct
United Stockyards Corp.. ..1
United Stores class A..No par
$6 conv pref A
No par
Universal Leaf Tob
20i2
Deo
Jan
Feb
35S
Oct
24
5
new
Oct
65
63s Jan 10
Jan
11378 Jan
16*8 Feb
2434 Mar
100*2 Feb
43a
Jan 17
8
$3.85
*121
1634
100
Nov
Mar
84
Feb 18
4i8 Jan
2214 Jan
45i2 Jan
57i2 Jan
63
70
32
Mar
13
22
100
3*2 Oct
558 Dec
66
Mar
6%
Oct
4
41
36*2
22
*14*4
500
*34*2
*20
No par
No par
37
22
No par
4*i% pref with warrants 100
Walworth Co!
No par
Walk(H)Good A W Ltd No par
600
*7*2
Jan
Walgreen Co..
3*8
13
26
900
12
*7*2
63
700
*278
377g
13
100
65s Jan 13
10*4 Jan 13
734 Feb
32
200
3
2334 Jan 15
2
.20
...
1858
1,300
33s
Feb
3
Jan 20
80
5,600
*8
*20
•2l4
1*8
*3312
*7378
*3
9
878 Jan 11
35*4 Jan 12
4
3
5
4
16934 Feb
9
No par
7*2
13
22l2
♦21
3
Jan 26
6*4 Mar
3li2 Feb
17i2 Feb
Waldorf System
19*8
'
*3
164
.50
100
403g
558
100
Corp. -.5
300
600
19*8
11*4
3934
Jan
Preferred
900
40
5*2
Feb 15
5% preferred
100
Virginia Ry Co 6% pref...l00
Vulcan Detlnnlng
100
75s
*35
77a Jan 12
4
10
...
90
19*4
3
612 Feb
72
Corp
Va El & Pow $6
40*2
*11*8
278
*37*2
83s Jan 17
7484 Feb 21
1*4 Jan 18
4
Jan 27
pref
60
712
12
4
U8 Feb 16
Jan 31
tWabash Railway....
5% preferred A
5% preferred B
7*4
584 Feb
69
Feb
8
.50
Va-Carollna
3
57g Jan 12
25
900
4038
*19
55g
38
185s
*79
2,300
Jan
4
57
7% 1st preferred
'""600
106
438 Feb
No par
20
Preferred
*3*466
Dec
258
Oct
Vadsco
16*2
74
101
1,000
20
Jan 11
100i2 Mar 11
No par
103
16*4
Jan 10
Jan
2534 Apr
106*4 Feb
9*2 Mar
17
34
20
Oct
86^4 Mar
^Utilities Pow & Light A
*99
17
20*2
103
6*2
63
100
Preferred
25
Jan 10
Jan
Mar
Oct
3,600
34
*20
16
Oct
78
34
25
130
Oct
Oct
Smelting Ref & Mln... .50
8%
5
9
No par
U S Tobacco new
10
Jan 12
3
Universal-Cyclops Steel Corp 1
100
1475s 1475s
4
4
4
4
4*2
43g
43g
*4*4
4*8
4*4
*4ig
*26i2 27*4
26*2 26*2
25*2
25*8
25l2 25*2
25*2
2478
2478
2518
*108*2 111
*10834 111
*10884 111
*10878 111*4 *10878 111*4
IO884 109
*3
*3
3
3
*3
*3
3l2
3*2
312
3*2
*25g
3*2
15
15
15
15
*10
15
15
*10
*10
*10*2
*9*4
*10*4
123
*114
123
*114
*114
123
*114
123
*114
123
♦1143s 123
54
*50
54
*51
*51
58
*50
55
58
*50
*50
5678
*118*2 125
*118*2 125
*118*2 125
*118*2 125
*118*2 125
*118*2 125
*2
2
2
2
2
2*8
178
134
134
*134
*17g
1«4
*3
*3
*3
3
3
334
33g
3*4
234
234
234
234
*3
3
*3
3
*3
*2
6
3*4
3*4
3*4
3*4
3*4
8
8
8
*734
*734
8*4
734
8*4
734
734
734
*734
•185s
300
1,300
12l2
*38
4678
934 Feb
preferred.
7% pref.
8*2
Oct
52
Preferred
220
Mar
Oct
25*4
8
65*2 Feb 25
113s Jan 5
preferred
U S Steel
35
2
Jan 12
Jan
3
8% 1st preferred
5,300
Feb
66*4 Jan
100
Corp
U S Pipe A Foundry
U S Realty A Imp
U S Rubber
U S
Jan
91
No par
Prior preferred
43g
3684 Deo
17*2 Dec
24
"1,800
4*4
3
4*8 Mar 11
Jan 10
Feb
30*4
Jan 12
U S Industrial Alcohol.No
par
U S Leather
No par
Partlo A conv class A .No par
900
,
Feb 23
31*4
H784 Feb
35
U S Hoffman Mach
3,100
7
495g
19*4
334
32i8
73s
9?8
80i2
6*4
Oct
3
preferred
conv
Oct
7
No par
Gypsum
5J4%
Feb
110
30*2 Jan
"""806
4"900
60
*38
U S
15i8 Feb 8
284 Jan 28
70
Oct
8
No par
U S Freight
"
♦40
....
Conv
7%
27*2
42
*40
1,100
4,800
27*4
2
*134
9
*58
first
4
2612 Jan 28
.5
par
$5
Jan
15
Feb
..5
United Paper board
.10
USA Foreign Secur... Wo
50
7*2
Cos.!
preferred
U S Dlstrlb
1
*6*2
$5
100
74
*34
100
United Electric Coal
United Eng A Fdy
United Fruit..
United Gas Improvt
10
9*4
*8*8
934
958
95s
68
66
67*2
62
65*2
66*4
635g
64*2
65*4
65*2
16934 *165
16934 *165
16934 *165
16934 ♦165
16934
16934 *165
7*2
*6*2
7*2
6*2
*6
6*2
6I4
6I4
7*4
*6*4
7*4
34
34
*31
33
*31*2 36
*26
*31*2
*30
33*8
33*8
18
18*2
185s
185s
18*8
18*8
18*2
17*2
1858
18*8
17*2
5*2
534
5
*5*4
5*4
5*4
514
5*4
53g
5*8
53s
8
8
878
8*2
8*4
8*8
8*4
812
734
8*8
734
65
*58
75
*34
Preferred....
700
1,600
10
No par
No par
1,400
6H2
62l2
412
par
80
4U
305s
61i2
4i8
30i2
10i8
1005s 101
14,700
39
5
111S4
Jan 31
27g
29
United Carbon...
No par
United Carr Fast Corp .No
Highest
share $ per share
53S Oct
2438 Jan
per
834
10*4 Feb 26
19*2 Jan 11
3
3
3
1103s Jan 20
6i2 Feb
8*2 Jan
17*2
438
*6*2
8*2
100
$
Jan
>161# Jan
4834
3212
*72
Preferred
Lowest
share
$ per
share
per
*1612
62
74
United Amer Bosch ...No
par
No par
United Biscuit
$
*47
*31
74
Transport
-.5
Year 1937
Highest
1784
478
412
434
414
4*2
4*2
4*4
3234
31*2 3112
3H8 31i4
3112 31l2
64
64
63
64
64l2
6412 65
10
10
10
Ida
10*4
10*8
10i8
103
*10034 IOH2 *100*2 101*2 *101
*1005s 102
*43s
5
45s
45s
412
4*2
4l2
4*2
65
*658
63s
6*2
678
6i2
612
658
1
"i*706
Par
Un Air Lines
Range for Previous
100-Share Lots
46*34
*434
75
8,200
Basis of
Lowest
*112i2
64*2
10*8
*a4
Ranoe Since Jan. 1
On
Shares
8
IOI4
1675
EXCHANGE
Week
*31*2
*73
STOCKS
NEW YORK STOCK
the
CENT
Friday
Mar. 11
10
$ per share
Sales
for
Saturday
10
19
Feb
Mar lli
Feb 23
4i2 Jan 10
Jan 10
5i2
1134 Mar
Oct
1
Aug
Oct
23*2 Mar
'
*75
80
22*8
22*8
*75
21*4
*75
80
22*8
20*8
80
*75
2034
20*4
80
21
*75
20*2
80
110
*83
110
*80
110
*80
110
*51
55
*51
53
51
51
*51
53
*4978
53
*14
16
*14
14*2
14
14
*13
14
*13
14
10*4
10*4
9*2
9*2
10
*178
2
934
17g
16*2
*16*4
17
16*4
*25g
23g
234
2l2
2*2
*23g
25g
2l2
5
5*8
47g
5
4l2
4*4
4534
10
10*8
10
10
10
*934
*2
2
2
1578
2*8
I57g
*15*2
*2l2
*23S
234
2i2
53s
53g
4*2
*45
4*2
4634
43g
45
45
1534
15*4
15*2
15*8
435s
433g
17*4
435g
433»
17*2
17
18
♦
*
66
*49"
*35
66
60
*47
60
*47"
60
35l2
4134
66
*33*2
35
*33*8
42
33*2
40*2
33*2
*40*2
40*2
*40
75
75
70
75
*67*2
27
*68*2
68*2
27
68*2
*67*2
27*4
69
14*4
♦35s
♦
*69
85*8
*69
16
1434
4
4
534
45s
16
15*g
15*4
36
37
85*8
16*2
1434
6*4
*69
17
85*8
173s
1434
15
412
45g
Bid and asked prices; no sales on this day,
Dec
90
Dec
126
Aug
19
Oct
65
Mar
Jan 26
95
Jan
4978 Mar 11
14
4
75
Nov
59
Jan 14
55
Dec
Jan
5
15
Jan 13
1412
Oct
Jan
6
8*2
15g
Oct
2,500
Jan 22
900
$4 conv pref erred..-Wo par
13*2 Jan
4
21*4 Jan 24
5
214 Jan
2*4 Jan
4f>s Jan
4
3
4
3
2,900
6% conv preferred
8*4
1
10
11
Oct
Oct
234 Feb
134
Oct
3
2
Dec
Jan
678 Jan
Jan
Jan
Jan
Dec
Oct
4984 Dec
10*2 Dec
438
4%
Jan
126*4 Aug
9034 Aug
23*2 May
Oct
Jan 21
43g
33%
Feb
1878
.
Jan
634 Mar
46*8 Jan
6*4 Jan
5i2 Sept
12
12*4
Sept
Feb
1578
1434
15
1,300
Woodward Iron Co
...10
13
Jan
6
427g
18*8
4134
42l2
6,900
Jan
3
Feb
34
Dec
17*4
4,000
143s Feb
3
20
Feb
12
Oct
Jan 2 5
66
Jan
54i2
Oct
112i2 Mar
40
Oct
100
Dec
700
Woolworth (F W) Co
—10
WorthlngtonPAM(Del) Wo par
Preferred A 7%
100
Preferred B 6%
100
Prior pref
serles.-.lO
Prior pf 4^% conv series. 10
Wright Aeronautical...Wo par
Wrlgley (Wm) Jr (Del)-Wo par
Yale A Towne Mfg Co.—-.25
36
17
43,000
Yellow Truck A Coach cl B..1
43g
47
♦
47
60
30
200
42
38*2
38*2
200
72*2
6834
70*2
72
*69
26*4
27
1278
133s
89
88
88
70
16
15*4
15*4
365s
34*4
35
7834
*6758
16*4
14*2
400
17
15
4*2
14*8
4*4
j In receivership,
43g
a
$6
1,300
14,400
"¥! 100
3,800
33,800
414 Feb
45
100
preferred
66
Feb 28
9134 Mar
1334
6538
47
Deo
Jan
Jan
Mar
35*2 Feb
34
35
Jan 26
46
Jan
3984 Dec
54
Nov
65
Feb
3
94
Jan
38
Oct
128
Mar
62
Jan 24
30
Feb
4
4O84
Deo
68*2
2134
Oct
76
Jan
Mar
Dec
838 Jan
3
15*8 Jan
7*2
Oct
62i2
37*8
Feb
Jan
5
93
Young Spring A Wire—Wo par
13*4 Jan
Youngstown S A T
3184 Feb
3
3
433>4 Jan
12i2 Doc
34i2 Nov
70
Oct
1178
2i8
Dec
Oct
2084 Jan 31
80
100
Preferred
80
7834
16
80
Wo par
Wilson A Co Inc
400
66
137g
4*4
21*8
4
534
60*4
19*4
4378
43g
48
2734
15
9
Jan
3
Willys-Overland Motors
13*8
*6758
16*4
Mar
11
White Rock Min Spr
Jan
Feb
2734 Jan 12
13*8 Jan 12
Wilcox Oil A Gas
68*2
*26*2
15*2
3534
27*4
347g
Jan
May
90
3
8
3
1.900
*28
36
39
x27
178 Jan
2,000
33*4
*88
30*8
3
9*2 Mar
2,000
4134
72*2
170
Oct
1034 Oct
3H2 Nov
IO84 Oct
90
1
57g
35
33*4
17*8 Jan 15
3234 Jan 5
15i2 Jan 18
83*2 Jan
5734 Mar
16758 Jan
1734
87*8 Nov
113
ctf No par
White Motor Co
212
2i2
*33*8
*38*4
Jan 27
434 Mar
11*4 Mar
Oct
Dec
Oct
White Sewing Mach...Wo par
300
*41
73
140
1*2
22ls
7934 Feb 24
2018 Mar 8
Wo par
(The S S) .20
4,800
*47~"
3634
14
5
3U2 Jan 19
$5 conv prior pref
White Dent'I Mfg
17S
155s
60
73
200
9*4
*47
91
1734
*15
f 425g
3 17*2
"""266
10*4
60
91
1434
14
178
*47"
91*2
17
4978
9
66
91*2
*15*4
3434
143s
110
-Wo par
Class A
*9*2
2
*56
14*4
15*2
4978
*13
66
68l2
15*2
35l2
85*8
183s
*
28
157g
18
I87g
133$
37*2
*69
15*4
4334
68*2
155s
*80
80
20*2
2*2
212
47g
28
3634
Jan
2*2
135jj
92
24
Wheeling Steel Corp...Wo par
Preferred
100
2*2
27
93
*92
5% conv preferred
30
Wheel ALE Ry 5
% c pr 100
1 2*2
| 23s
68*2
27*4
1378
72
100
"3:500
1978
5
125s
13*8
29
*75
25g
23g
27
14*8
1378
75
*26*4
14*2
18
Jan 28
3
15*4
43
13
Jan
16*4
414
4
Feb 10
12
984
|
8734 Feb
132
Westvaco Chlor Prod--Wo par
10*4
f48
50
1st preferred
-.50
Weston Elec Instrum't.Wo par
200
178
1534
438
Westing house El A Mfg
1334
9*2
49
Westlngh'se Air Brake.Wo par
160
10
*9*2
478
3,700
22,600
5
23*8 Feb 3
2034 Jan 29
15*2
934
1
100
preferred
Western Union Telegraph. 100
3334
2
414
*4612
1514
15*4
4334
17*2
23*8
90*4
135
6%
500
2,800
*31*2
*13*2
5
43g
17*4
110
214
25
*13
2l2
23g
4534
1534
88*4
135
10*4
95g
9*2
43*4
2378
223s
20*2
*83
*80
2*4
.
16s Jan 11
3*4 Jan 11
28*4 Jan 10
27*2 Jan 15
10978 Jan 16
No par
5M% preferred
100
Youngst'wn Steel Door. Wo par
Zenith Radio Corp
Wo par
Zonite Products Corp.
1
Def. delivery,
n
New stock,
r
Cash sale,
6884 Feb
28
Jan
187s Jan
Jan 29
75
15
Jan 28
12
Feb
22*t Jan
17*2 Jan
584 Mar
73
284
x
Jan
Ex-dlv.
4
3
y
Jan
Ex-rlghta.
68
Dec
142
46&S
Jan
Jan
Feb
10178 Mar
115
Ian
4334 Aug
9*4 Jan
^ Called for redemption.
1676
March
NEW
YORK
STOCK
19381
EXCHANGE
Record,Bond
Friday, Weekly and Yearly
NOTICE—Prices are "and lntereet"—except for Income and
Cash and deferred delivery sales are disregarded In tbe week's range,
defaulted bonds
this only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote In the week In
No account Is taken of such sales In computing the range for the year.
unless tbey are
occur.
Wee ft
Range or
Friday'$
1
EXCHANGE
Week Ended Mar. 11
STOCK
Y.
Friday
Lam
,
BONDS
N.
Sale
Friday
N.
Since
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
1tIner st Period
EXCHANGE
117.24
61
116.22117.27
D
100 M
108.14 108.14
108.19
45
107.2
108.19
i M N
99 M
113.7
113.14
19
112.2
113.14
7 F
A
Low
Mar. 11
113.7
2 J
111.19 111.19
111.25
6
110.27111 -27
7 F
A
108.29 108.28
108.30
10
107.18108.30
2 J
Jan
100%
99%
*
J
104 24 104.24
105
41
104
High
NO.
101 %
100
162
106.3
100.10
41
105 6
106.11
100.7
100.7
106.11
40
105.29106.13
IM
107.14
5
106.30107.14
i
107.12 107.12
106.28 100.28
107.1
45
100.19 106.19
106.22
57
Aug. 16 1941
107.19 107.19
107.24
4
15 1944-1946
108.10 108.10
108-15
48
15 1955-1960
15 1945-1947
102.21
102.27
492
52
104 31
111
102.20 102.20
102.30
537
102
145
101.3
101.18 101
101.22
68
8
F
15
82
102.20
18
External loan 4 %s ser C..
80
88
4
62
16
82
02 M
90
17M
24
52
87%
19%
20
7
102% al03
102%
3
102% 104
1
100
105.19106.24
H
J
107.4
107.24
5 1
D
74 M
74
75%
97
107
108.15
A
O
96
95
60
85
104
2 A
O
96M
93
98%
97%
24
89
105
2 J
J
Ms..—Apr
105%
101%
105%
24
105
102%
25
101
101%
31
101 M 104
99 M 102
100.8
100.14
260
99.18100.14
103.27
180
102.14103.27
104.24
104.26
3
103.28104.30
104.10
14
103.15104.12
A
104.19
19
103.22104.26
M
S
*60%
64
4
102.18103.17
A
O
*60
01
A
O
60
60
M N
104*8*
104.8
104.16 104.16
103.7
103.9
104.9
104.9
104.14
157
103
1C2.6
102.5
102 13
164
102.5
112
101.6
Deutsche Bk Am part ctf 6s.
M S
8
A
O
90%
5
83
90 M
66
66%
5
67
67
61%
61%
5
60
62
3
60
90%
O
1
66
60
60
60
J
19104.15
-
-
J
102.8
J
24
J
100
100%
107
107%
5
D
21%
1947 F
A
A
O
"2254
10054
1945
♦Antloqula (Dept) eoll 7s A
J
*2254
2254
10054
7)4
7)4
7)4
♦External
s
f 7s series B._
1945
s
f 7s series C
—1945
s
f 7s series D
1945
J
♦External
s
f 7« 1st series
♦External
sec a
1957
O
♦External sec 8 f 7s 3d series. 1957
Antwerp (Cltyi external 5s
1958
Argentine (National Government)^-
D
9954
loan 4s Apr——1972 A
93)4
1957 J
Belgium 25-yr extl 6 Mb
External
s
1945 F
1955 J
74
16
6)4
5
9954
19
6
15
A
D
D
~
*
7M
7
7%
5M
99
7
100M
89%
100
78)4
59
12
102
73M 105M
102M
19M
23M
18%
19%
19M
-.1958 F
A
100)4
100)4
7
19%
99M101M
99% 101 M
—I960 J
D
102
10254
2
101M 102M
1962 J D
♦Buenos Aires (Prov) extl 08—.1981 M S
*80
8)4
.1961 M
8
A
1977 M
8
60
59 M
—1976 F
A
61
260 M
A
O
—1967 J
10
8)4
88
-.1961 F
f 7s
8
101 M
me
•»
—
O
♦Hamburg (State) 6s
It
♦Heidelberg (German) extl 7 Mb
Hplsingfors (City) ext 6%s
If
Hungarian Cons Municipal Loan-
A
O
J
J
A
O
mm
mm. mm
♦Slnklng fund 7 Mb ser B__.
♦Hungary (Kingdom of)—
F
18X
1961 J
D
1
J
1960 A
58
O
1952 M N
10-year 2)48
25-year 3%s
7-year 2Mb
30-year 3s
Aug 16 1945 F
A
1961 J
101
18%
18
19
*17
18%
17M
18M
18
18
18
61M
69M
75
82
59 M
80 M
66 M
Japanese Govt 30-yr s f 6 %8.—1954 F
A
Extl sinking fund 5 Mb
♦Jugoslavia (State Mtge Bk) 7s
♦Leipzig (Germany) s f 7s
74%
61%
03
O
45
45%
M N
A
F
A
J
76
62%
D
D
*21
65)4
25
63%
72 M
47 M
3
47
63
54
121
76%
72
81
29
49M
5
42%
64 M
45 %
20 M
22
24
*
85
70 M
54
114M 115M
71M
61
—1954 J
4
52%
48
5
97 M
—
21
62)4
101
18
21
J
97
1950 M S
*17
*16%
*16%
75%
Q
102)4
100M
106M
62
70M
1967 J
17%
104 M
1
105%
80
60M
101 M
17%
73
35
1
31M
34 M
1
32M
35M
25
108% HO
111 M H3M
37
100% 101%
37
M N
♦Assentlrg 5s of 1899.
♦Assenting 5s large...
♦Assenting 6s small—
90
40
99 M
85
96%
54
62M
2%
.
6%
D
5
3
_
2M
3J4
2M
4M
4
2M
*2
2
2%
46
3%
2H
4
D
2%
2%
2
3
2%
13
254
3%
2%
10
1%
254
5%
2)4
3)4
J
O
17
*2%
J
J
2%
2%
A
♦{Small.
8%
2%
♦Assenting 4s of 1910 large.
♦Assenting 4s of 1910 small.
62
62
3
-
«...
63%
68
9%
22
3
60 M
07
MInas Geraes (State)—
M
97M
2
*7%
2%
*2%
J
100% 102%
26
22 M
19
78
61)4
111)4
10254
1944 J
-
♦Carlsbad (City) sf 8s
♦Cent Agrlc Bank (G«r) 7s
105%
105%
10
19
J
109)4
112)4
10154
10254
86
22%
60%
Q
109)4
10954
112)4
10154
27
70
60%
J
Canada (Dom of) 30-yr 4s
24
11
79%
75%
J
3154
32)4
2
J
78M
79M
3154
32)4
30 M
29
io;
8
J
1968 MN
27
27%
Italian Cred Consortium 7s ser B '47 M
Italian Public Utility extl 7s.—1952 J
23
81
Italy (Kingdom of) extl 7s
70 M
M
26 M
21%
*
52%
47
J
32 M
2
♦116%
61)4
64)4
61)4
29
30)4
28
76
A
59 M
*»#»«■
27 M
24 %
25%
M N
72M
72M
74
*70
20
3
76
76
M N
*61*54 "*31
*70
~30H ~34%
34
195
22%
15M
101
28%
24M
27
25
23
15
s
A
100
28
♦Secured
A
112
21
♦Stabilization loar 7 Mb
F
7
1754
3% external s f I bonds ---.1984 J
Bulgaria (Kingdom of)—
M N
6
17)4
♦Budapest (City of) 08
24%
*29%
26%
27%
—IS
10154
22 M
1754
1976
1975 M N
•_
113)4
17
Refunding • f 4%b-4%8
External re-adj 4%8-4%8
External s f 4%s-4%s
part paid
D
J
16)4
f 4M-4%8
♦(Cons Agrlc Loan) 6 Mb
It
♦Greek Government s f ser 7s.. It
J
J
17
s
27%
J
16)4
101
100M
22 M
34
27%
J
16)4
External
33%
M N
♦7s
♦6 54s stamped
O
104M 107M
116M
25%
——
20 %
23
106M 108
♦External
♦6s stamped
A
9
6
99 M
25M
German Prov A Communal Bks
15
♦External
—
♦German Rep extl 7s stamped
96H
14
27
191
25%
25%
6
6%
5%
40
19)4
28%
106
22
108%
100M
108M
*20
106)4
24
3
*22
23
«.
18M
108%
7%
17%
15%
15%
s ! 6%s of 1920—1957 A
O
s f 0%a of 1927—1957 A
O
(Central Ry)
1952 J D
Brisbane (City) » f 5s
1957 M 8
D
10754
22
m -
96 M
7%
80
88 %
80
88%
104M 106H
104% 106M
55
27
102 %
3
6M
18)4
16)4
Sinking fund gold 6s
20-year s f 0s
J
107 M
*
-
80
84
36
*98%
101
10154
O
J
♦Brasil (U 8 of) external 8s__—1941 J
84
106)4
1»%
108%
100%
108
D
113
106)4
113)4
S
113
99
100M
100 M 108M
3
22
German Govt Tnternational-
10654
106)4
23
D
M
94
21%
30
107
6
101M
73 M
*10654
J
External 30-year s f 7s
1
7)4
101
A
-.1955 J
Bergen (Norway) extl s f 6s—1960
♦Berlin (Germany) • f 0%s_—1950
♦External sinking fund 6s
1958
6)4
101
J
-.1949 M S
f 6s
12
93)4
83)4
83)4
105)4
10554
84
—1956 M N
♦Bavaria (Free State) 0%8
7)4
754
754
83)4
106)4
10554
O
Australia 30-year 5b.———1955 J
J
External 6s of 1927
1957 M S
f 7s
13
J
22
22%
100 M 102
6
7H
♦7s
8 f external 4 Ha
—-.1971 M N
S f extl conv loan 4s Feb
-1972 F A
External g 4%« of 1928
7)4
9954
o
------
10 M
17%
654
6)4
7)4
O
f 7* 2d series. 1957
-
5
7)4
754
7)4
J
♦External
—
6M
J
♦External
35
2254
101
3
24
100
108%
__
--.1963 M N
---.1948
62
23
5
S
IM N
J
♦Gtd sink fund 6s
62
61
2
64
68%
-
19
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 0s.-—
64
65
-
M
Akershus (Dept) Ext 5s
106%
101.19102.14
102.2
A
78M
101%
105 M
103.21
1
08
101
100.8
F
9
A
M
1 1939-1949
1942-1944
4mm rn.
O
103.21
15 1942-1947 J
—
104
F
>
External g 4
102%
A
102.2
100.26101.25
*
104
J
s
110M
96 M 100
102)4 106
105.28107.4
Govt. & Municipals—
Austrian (Govt's)
99% 101M
97 M 100M
52
A alOlM alOl % alOl %
A
*101%
) F
101.30 102 30
101.26 101.25
2%s series B..Aug.
2Ms series G
eonv
High
103.25104.31
15 1948-1951
15 1951-1954
1942-1947
Home Owners' Loan Corp—
8s series A.—.May
1 1944-1952 M N
S f extl
1
Low
87
M N
101.25102.27
104.23 104.23
Mar.
Foreign
Since
Jan.
105.1
100.6
Mar. 15 1944-1964
—May 16 1944-1949 M N
3s
Range
Bonds Sold
Art
&
Low
High
Federal Farm Mortgage Corp—
3s
Bid
Price
Foreign Govt. & Mun. (Cont.)
16 1941-1943
15 1946-1949
Dec. 15 1949-1952
2%s
Friday's
117.24 117.21
1947-1962
1943-1946
1944-1954
1946-1950
1943-1947
15 1956-1959
2Hist-.Dec. 15 1949-1953
2%s__
Dec. 15 1945
3%s
Range or
Sale
No.
Week Ended
1
15 1951-1955
3%S-.
3%8—Apr.
2%s—Mar.
2%8—Sept.
2%a.-.Sept
2%s
June
2%s„_.Sept.
Week's
Last
High
Jan.
15 1940-1948
15 1940-1943
3s
June
3MB...June
3%s
Mar.
3MB—June
3%8
STOCK
<§3
&
U. S. Government
15
16
16
15
15
Y.
Asked
Bid
Price
Low
Treasury 4%8—-Oct
Treasury 3%8_—Oct.
Treasury 4s
Ilec
Treasury 3%8
Mar
Treasury 3%8—June
Treasury 3s...-.Sept.
BONDS
Range
which they
101
M
♦6s series A.
8
S
9%
9%
9%
10
12
854
854
D
*
50%
60
M N
*
50
67 M
J
1054
11
01
67 M
104)4
3654
3154
38
4
30
38
F
A
103%
103%
4
31)4
12
30
32
A
O
103
O
31
31
32
23
32
F
A
100M 10354
10654 107
O
106%
8
♦Farm Loan 0a ser A Apr 16 1938 A
31
31
32
11
29%
29M
103%
106%
11
Oct 16 1960 A
32
F
A
106%
106%
107%
52
106)4 107)4
1754
17M
17)4
1754
18
16M
8
105
105
106
43
29
16%
18H
18M
M
1754
A
O
104
104%
80
10454 106)4
102)4 104 M
1754
1754
15
10 M
|18M
F
A
102%
103%
102%
103
20
102)4 103 M
17)4
17)4
17)4
1754
15)4
1554
15)4
1754
47
16H
18M
1754
1754
8
10
15)4
9
14M
15)4
9
15)4
7
14 M
18M
18M
ISM
16
16
16
102)4 102)4
20
21M
1754
16%
10M
16M
15)4
1354
1554
1354
4
14M
11%
16M
19M
21
♦Pernambuco (State of)' 7s
•Peru (Rep of) external 7s
15M
15%
♦Nat Loan extl 8 f 6s 1st ser—1960 J
♦Nat Loan extl s f 6s 2d ser..1961 A
♦Poland (Rep of) gold 6s
1940 A
♦Farm Loan s f
♦Farm LoaD
s f
0s__July 16 1960 J
0s
J
♦Chile (Rep)—Extl a f 7s
1942 M N
♦External sinking fund 6s.-.1900 A O
♦Extl sinking fund 6s—Feb
1961
F
A
♦Ry ref extl s f 6s
Jan 1961 J
J
♦Extl sinking fund 6s..Sept 1901 M S
♦Externa) sinking fund 6s
1962 M 8
♦External sinking fund 08—1963 M N
♦Chile Mtge Bank 0 Mb
1967 J D
♦Sink fund 0%s of 1926
1901 J
♦Guar sink fund 08.—
♦Guar sink fund 08
1901
♦Chilean Cons Munic 7s
♦Chinese (Hukuang Ry) 6s
D
15)4
15M
O
1962 M N
-.I960 M S
1961 J
♦Cologne (City) Germany 6 Ms. 1950
Colombia (Republic of)-—
♦0s of 1928
A
1754
1754
1754
17M
M
Oct 1961 A
1354
D
*31)4
•
8
O
1454
♦08 extl a f gold
J
Jan 1961 J
♦Colombia Mtge Bank 0%a
1947 A O
♦Sinking fund 7s of 1920
1946 MN
14)4
♦Sinking fund 7s of 1927
For footnotes
see page
1947 F
1681.
A
2254
3
35
2254
2254
15)4
47
12M
15M
49
13
25
D
A
M
8
M N
A
Panama (Rep) extl 5 Ma
1953 J
*102%
57
21%
2
59%
62%
54
55%
57
8
3
103
O
D
103
21
62%
102%
M N
103%
102%
102%
16
40%
22
39
17%
23
2254
4
10M
22M
2254
3
17
22 M
M
M
♦Stabilization loan a f 7s.—1947 A
♦External sink fund g 8a
1960 J
101
61
8
2
6254
47 M
57
10154 103)4
100
104M
42
*40%
M N
14
35
23
1454
14)4
*2254
14M
J
F
Oriental Devel guar 6s
103%
34
M i 4654
1 41
rrj
754 V 954
7%
7%
S
10%
10%
10%
1
10M
D
10%
10%
10%
58
O
10%
61%
10%
65%
42
O
10%
61%
9)4
9M
O
78%
8
75)4
82)4
58%
78%
58%
80%
J
60%
29
64 M
62
8
17
67.
11)4
1154
11M
6754
Volume
146
New York Bond Record—Continued—Page 2
BONDS
N.
Y>.
Last
EXCHANGE
STOCK
Price
Foreign Govt. &MunIc. (Concl.)
1661 J D
J
1966 J
Prague (Greater City) 7%s. -.-1962 M N
♦Prussia (Free State) extl 6%s_1951 M S
♦Porto Alegre (City of) 8a
♦Ext! loan 7%s
..1962 A
♦External s f 6a
O
A
O
F
*9%
8%
97
21%
21H
21%
21H
107 %
107 H
108%
1950 M S
8a....1946 A
A
27
O
♦Extl sec 6%s.———.
1953 F
Rio Grande do Sul (State of)—
♦8s extl loan of 1921....
1946 A
♦Rio de Janeiro (City of)
♦6a extl
8
......1968
f g
J
♦10
8H
8%
O
D
♦78 extl loan of 1926...—-.1966 MN
&
Low
8%
A
Queensland (State) extl 8 f 7a..1941
...1947
26-year external 6a
♦Rblne-Maln-Danube 7s A
♦10
*9%
9%
9%
J
O
D
J
D
1955 F
A
5%s
—1971 J
J
1952 M S
Tokyo City 5a loan of 1912
External
f 5 %s guar
s
1961 A
22
1
9
10%
13*
8%
67 H
28
65
73
29
35
27
38
12
8%
18
9%
10
33 H
33 H
n
8%
13%
9%
9%
9%
33%
36
30
""26"
"26"
23
26
24
11%
10%
16%
13%
47%
24%
.26
31
37
31
55%
59
33
54%
25
26
O
31H
"I64"
104"
♦External
s
f 6s
s
f 6a
N
A
J
O
N
A
D
60%
29
1
31
5
100i»m100»»I
47%
—1964 IVI N
M
F
J
A
M
F
J
49
58H
*13
60
49
"60
1960 M N
♦External
104 H
56
59%
fl46 H
3
50
2
<*46 H
*42
50
46
46
48
46%
46%
47H
♦Debenture 6s...
1955
♦Berlin Elec El A Undergr 6%a 1956
Beth Steel cons M 4%s ser D..1960
84%
►
*
1966
94%
3%s
1952
87%
s f conv debs..
..—1944 J D
Boston A Maine 1st 6s A C
1967 M S
1st M 5s series II..
...1955 M N
1st g 4 %s series JJ......... 1961 A O
{♦Boston ANY Air Line 1st 4s 1956
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3%s..l966
Bklyn Manhat Transit 4%s...1966
Bklyn Qu Co A Sub con gtd 5s. 1941
1st 58 stamped
.1941
Bklyn Union El 1st g 5s — .—1950
Bklyn Un Gas 1st cons g 5s
1946
1st lien A ref 6s series A
1947
Debenture gold 5s
1st lien A ref 5s series B
F
J
s
f deb
of
...1952
M N
45%
J
F
54
53%
40%
45%
63
42%
50
._
75
77%
59%
26
63%
63
61
64
29
63%
100
.....
AND
{(♦Abltibl Pow A Paper let 5s_1953 J D
Adams Express coll tr g 4s
1948 M S
49 H
49 H
92%
92%
.—1947
Coll trust 4s of 1907
10-year deb 4%s stamped
'166
1946
100
1952
Adriatic Elec Co ext' 7s
75
»
Ala Gt Sou 1st cons A 6s......1943
"99 H
1943
1st cons 4s series B
Albany Perfor Wrap Pap 6s—1948
6s with warr assented
1948
100%
A
A*
Coll A eonv 5s.—..
O
.....1949
J
J
O
Alplne-Montan Steel 7s
Am & Foreign Pow deb 5s
conv
1955 M S
.2030 M 8,
Amer Telep &
Teleg—
20-year sinking fund 5 Hs.—1943
O
D
J
Amer Wat Wks A Elec 6s ser A .1975 MN
Anaconda Cop Mln a f deb 4 Ha 1950 A
31H
it
99
101%
26
75
77
104
105
78
102
"85
2
87
"84
84
104 H
104 H
O
49%
92%
99% 103%
3
40
54
39
67
90
;
90
—1967 Jan
5 f Income deb.—..
88
"~52H
52 H
"i04H
95 H
104 H
91%
43
184
21
28%
26%
24%
100% 103%
92%
95%
84
88%
114%
117%
120%
120%
118%
117%
121
120%
115%
115%
124
83%
99%
114%
98%
99
93%
D
cons g
9%
107% 107%
34
45%
35
45
8
32
41
9
12
....
41
68
104%
146
51
44
40
102% 104%
45%
61
1
75%
105%
57
102
19
66%
19
90%
74%
78%
102% 108%
101% 106%
27
62
*40%
100%
73
90
96%
107
11
105% 107
110%
20
110
"27%
*26
8%
1
111%
106% 106%
20%
8%
44
10
9
85
38%
114%
.1938 J
1
76
28
104%
J
1949 J
85%
37
2
101
2
115%
11
117%
23
121
3
120%
6
118%
115%
115%
124%
84%
101%
4
6
7
14
42
43%
51
61
103% 104%
97% 109
113%
115%
118%
1!8%
116%
113%
115%
117%
121
120%
118%
115%
113% 115%
123 H
18
125%
89
83%
99% 103%
42
112% 114%
69
114%
100%
95%
36
98% 104
16
93%
99
101%
6s ser A.Dec 15 1952 J
101%
49%
100%
102%
86%
86%
86%
81
89
92
63
56
"70%
70%
70%
23%
70%
76%
20
26
63
50
60
38
Cent 111 Elec A Gas 1st 5s
106
6
105% 109
85%
92%
47%
47%
98% 101%
90% 108
"~3
30
105%
Central N Y Power 3%s
90%
56%
9
88
46
100
58%
Cent Pacific 1st ref gu gold
53
95%
1
95
104%
91%
31
103
1
91%
99
104%
98%
60
155
122
5
112% 113%
100% 102
100% 101%
104
107
92
97
102% 105
28
91H
91
107H
107
*
D
J
D
—1960
1948
Trans-Con Short L 1st 4s
1962
...1946
Atl A Chart A L 1st 4 %s A
1944
1st 30-year 6s aeries B
1944
Atl Coast Line 1st cons 4a July 1952
General unified 4 Ha A
—1964
10-year coll tr 6s
.May 1 1945
LAN coll gold 4a
Oct 1952
Atl A Dan 1st g 4a—
1948
*
J
J
J
J
108%
*102
84%
87%
1989
gold 4s
.—.1989
1st g 5s
1941
80
A
100
2
6
101
101% 106%
101
103%
108% 112%
106
112
....
3
4
69
21
28%
23%
84%
97
87% 104%
80%
94
67%
77%
76
88
67%
5
26
76%
31%
5
22%
31
J
J
—.1958 M
1977
.1971
1982
Chicago A Erie 1st gold 6s
5
53%
60
♦Gen 4s series A—..May 1
3
17
30
11
♦Gen g 3%s series B—May
♦Gen 4%s series C—May
♦Gen 4%s series E—May
98%
1995 J D
1941 MN
J
Southwest Dlv 1st 3Hs-6s—1950 J
21
36
36
Ref A gen 6s series C—
P L E A W Va Sys ref 4s
29%
29%
J
35
8
18 %
1960 F A
1996 M 8
J
Bangor A Aroostook 1st 6a....1943 J
19%
18%
15%
18%
16
58
111
28%
61%
294
31
391
100%
102%
......1951
*40
Battle Creek A Stur 1st gu 3a..1989
*
Beech Creek ext 1st g 3Hs—..1951
118H
127%
78%
39%
82%
36
70
45
190
18%
842
15%
34
26%
271
18%
39
58
147
10
....
100%
104%
49%
100
118%
166
41%
19%
43%
20%
45%
36%
35%
26%
22%
*110
..........—1961
53
60%
"23
118%
127%
30
29%
59%
35
46
38%
107% 112%
100% 106
102% 108
48
48
99% 100
118
119%
126% 128
23
102% 105%
79%
.
62
60
60
101
100%
104%
117%
104%
117%
95%
95%
95%
*...__
62
118%
-
-
„
62
....
63%j
14
97%
"53" *74%
64
116% 116%
5«
67
104
29
100% 106
104%!
23
104% 106
119
26
117
96%
15
96%
40
90%
91%
106
108
121
97
97
106
A
112% 115
113
*107%
19%
98
21%
100%
241
98
100
104%
144
100
101%
179
19%
98%
100
97%
97%
89%
89%
27
94
68
99
16%
88
12%
12%
71%
16%
*12%
M N
101
*85
99
"12%
14
130
44
13%
12
«...
-
72
6
19
20
137
.
-
•
*12
15
-mm
*12%
15
m
5
-
m
-
m
mm
13
26%
107%
111%
97% 109
89% 106
98% 109%
90
90%
12%
17%
12%
16%
71% 108
22%
15%
12%
15
12
13
10%
14%
*111%
5%
6%
84%
112%
26%
26%
28%
44
26%
36%
25
25
11
25
30
*27%
26%
29%
23
26%
36
27%
27%
4
27%
35%
34%
5%
*
4
;
6
6%
85
112
7%
7%
86%
112
Chic Milwaukee A St Paul—
54
45
F
M
81%
O
A
{♦Chicago Great West 1st 4s—1959
{♦Chic Ind A Loulsvref 6s
1947 J J
J
♦Refunding g 6s series B
1947 J
J
♦Refunding 4s aeries C——1947 J
♦1st A gen 6s series A
1966 M N
J
♦1st A gen 6s series B—May 1966 J
Chic Ind A Sou 50-yr 4s...
1956 J J
J D
Chic L 8 A East 1st 4%s
1969
85
85
29
86%
*117%
♦Certificates of deposit
25
102
4.6
34%
53
A
54
81%
8
F
O
{{♦Chicago A East 111 1st 6s_..1934
{♦C A E 111 Ry (new Co) gen 6s. 1961 MN
25
2
29
26
79%
79%
*53"
O
1st A ref 4 %s series B
1st A ref 6s series A...
80
22%
H
A
J
General 4s
19
35
7
25%
105%
*
J
1949
3%s...1949
--1949
99% 102
97
104%
296
105% 107%
10
*113"
Chic Burl A Q—III Dlv
91% 103%
26
26
22
....
32
—
94%
110%
1
67%
MN
J
25
8
'107
36
85%
86%
106
70
107% 107%
94% 100
"38"
105%
M
Illinois Division 4s...
12
69
Tol A Cln Dlv 1st ref 4s A—1959 J
Ref A gen 6a series D.—...2000 M
2d consol
Warm Spring V
98% 103
84%
67%
MN
19
60
88
80
D
D
116
J
O
For footnotes see page 1681.
100
M 8
Bait A Ohio 1st g 4a——July 1948 A
Refund A gen 6s series A——1995 J
1st gold 5s
—.—July 1948 A
—..I960
98%
100%
109%
109%
109 H
108 H
98%
41%
19%
43%
20%
1st A ref 6s series C
92
100
98%
43 H
20%
Pa 6e series B—.1948
95
109 H
J
8
Baldwin Loco Works 6s stmpd.1940 MN
stamped—
88
102%
D
J
29
RAA Dlv 1st con g 4s
60
102 H
{♦Auburn Auto conv deb 4%s.l939
Austin A N W 1st gu g 5s——1941
-
41
100
105
J
Second mortgage 4s.—1948
Atl Gulf A W I SS coll tr 5s
1959
Ref A gen M 6s series F
31
98
102"
M
38
25
{♦Cent RR A Bkg of Ga coll 6s 1937 M N
5s extended to May 1 1942...... M N
.1941 M N
Certaln-teed Prod 5%s A.
1948 M S
Champion Pap A Fibre deb 4%s *50 M S
Ches A Ohio 1st con g 5s..—.1939 M N
General gold 4%s
1992 M S
Ref A imp mtge 3%s ser D..1996 M N
Ref Almpt M 3%sser E_...1996 F A
Craig Valley 1st 5s
May 1940
35
109%
63
11—
O
3
91%
10
112
—
70
98
*108
A
10
....
108
29
F
4s. .1949
11
26%
—
102
*66
Through Short L 1st gu 4s—1954 A
Guaranteed g 5s...
..I960 F
35
28%
102 H
1958 J
Cal-Arls 1st A ref 4Hs A.
Atl Knox A Nor 1st g 5s
98
98%
7%
25
*107
.1962
100
162"
..1965
Rocky Mtn DIv 1st 4a
100%
5%
Potts Creek Branch 1st 4s...1946
48
102
"91H
"91%
7
5%
*100
Chic A Alton RR ref g 3s
91
91
5%
18%
'94%
12%
8
10%
*38"
102
9%
10%
22%
1966
{♦Cent New Eng 1st gu 4s_—.1961
181
10
J
1956 J
Conv gold 4s of 1910
Conv deb 4Hs
*9%
Central of N J gen g 5s.—
1987
General 4s
—.1987
82
93
104%
O
1995 M N
1955 J D
5%
94%
13
87
9%
*5
Cent Illinois Light 3%s
"21
95%
104%
1995 Nov
Stamped 4s
*20
""9%
1951
87%
86%
105%
106
94
94 H
104 %
A
Conv gold 4s of 1909
Conv 4s of 1905
23%
A
♦Mid Ga A At Dlv pur m 5s. 1947
67%
41%
104
....W...
Armour A Co (Del) 4s series B.1955 F
1st M 8 f 4fl ser C (Del)..
1957 J
Adjustment gold 4s.
D
♦Mobile Dlv 1st g 5s.
Central Foundry mtge 6s
37%
28%
101 %
101 %
99%
Atchison Top A Santa Fe—
General 4s
—1995 A
F
♦Chatt Dlv pur money g 4s..l951
♦Mac A Nor Dlv 1st g 5s
1946
58%
101H
101H
8
4s...
1948 J
—1945 M N
1959 A O
1959
♦Consol gold 68..—
♦Ref A gen 5 %s series B
♦Ref A gen 5s series C
11
64
113%
101%
101%
J
Bell Telep of
"91
36
"38%
D
{♦Car Cent 1st guar 4s._.
"§5% "81
113%
1995 Q
4s
20%
22%
85
83%
J
J
76
"42
113%
Ark A Mem Bridge A Term 5s. 1964 M
Con ref 4s
High
"26% *28%
2
107%
41%
41%
*48%
104%
97%
Central Steel 1st g s f 8s
26 H
35
4 Ha
102%
95%
88%
38%
J J
M S
A
F
J
F
M
J
1960 J
65
70%
♦Anglo-Chilean Nitrate—
Conv
Low
2
26%
104%
97%
1946
.1941
Gen mortgage 5s
.—.1941
Cent Hud G A E 1st A ref 3%s 1965
86
74%
105%
105%
Jj
mn'
3%s debentures——...
1961 A
3 H a debentures
1966 J
♦Am Type Founders conv deb.1950 J
"81%
D
5Ha..—.1949 M Nj
Am Interaat Corp conv 5%s.. .1949 J
g
*
115%
{♦Central of Ga 1st g 5s..Nov 1945
90
*38
...1953 J
f deb 6s
{Ann Arbor 1st
110%
*106%
20%
20%
8%
8%
*7%
J
J
O
A
D
A
S
J
♦Cent Branch U P 1st g 4s
2
12
40
58 H
68 H
..1950
6s.
Amer I QChem
90
107
O
95
17
40
*64 H
68
"68
—1960
Atlegb A West 1st gu 4s..
1998
Allegb Val gen guar g 4s
..1942
Allied Stores Corp deb 4 Ha
-1950 A O
4 Hs debentures
....1951 F A
Allls-Chalmera Mfg conv 4s
1952 M S
a
62
62
O
94%
93%
92%
100%
39
stamped
American Ice
102%
101%
A
62%
14
40
—1946
Alleghany Corp coll trust 5s—1944
conv
"75%
103%
Carriers A Gen Corp deb 6s w w 1950 MN
Cart A Adlr 1st gu gold 4s
1981 F A
Celotex Corp deb 4%s w w
1947 J D
51%
106
~99H
Alb A Susq 1st guar 3 Hs
♦5s
"~8
INDUSTRIAL
COMPANIES
♦Coll A
28%
28%
41%
A
J
1954 J
Coll trust gold 5s—Dec 1
Collateral trust 4 %s
1st A
RAILROAD
No.
High
Since
Jan. 1
60
M N
Caro Clinch A Ohio 1st 5s
62
65
45%
*
M N
Guaranteed gold 5s..—July 1969 J
54%
104
J
Consol 58
1955 J
{Bush Term Bldgs 5s gu
.1960 A
Cal Pack conv deb 6s
...1940 J
Canada Sou cons gu 6e A..—1962 A
Guaranteed gold 6s
.Oct 1969
Guaranteed gold 5s
1970
Guar gold 4%s.....June 15 1956
Guaranteed gold 4%s
1956
Guaranteed gold 4%s..Sept 1951
Canadian Northern deb 6 %s._.1946
Canadian Pac Ry 4% deb stk perpet
Coll trust 4%s
1946
5s equip trust ctfs
...1944
41
M N
50
60%
47%
100»u 104
*8%
104%
deposit-.
{Bush Terminal 1st 4s
35
J
1950 F
{{♦Burl C R A Nor 1st A coll 5s 1934
34
35%
M N
-.1950 J D
1967 M N
3%s.
107%
34
35%
A
40
55%
94%
87%
Big Sandy 1st 4s
Canadian Nat gold 4%s...—1957 J
55%
Asked
29%
102
102
Cons mtge 3%s series E
60
40
18
28%
28%
26%
48%
45
*31
44 H
>
103% 104%
45%
42%
&
3%s._ 1943
cona
Buffalo Gen Elec 4 %s ser B
1981 F A
Buff Nlag Elec 3%s series C—1967 J D
Buff Rocb A Pitts consol 4 %s_. 1957 M N
33%
33%
60%
55%
Range
II
Friday's
Bid
Low
Belvldere Delaware
11%
30%
31
Range or
Sale
♦Berlin City Elec Co deb 6 %S—1951
♦Deb sinking fund 6%s
1959
Brown Shoe
26
31H
Price
13
33 H
33 H
31H
Last
*1
12
8
9%
12%
12
fTrondhjelm (City) 1st 5%s..1957 M N
♦Uruguay (Republic) extl 8s._.1946 F A
3H-4-4H% extl read)
1979
4-4 H-4H% extl readj
1978
3 Hs extl readjustment
1984
Venetian Prov Mtge Bank 7S—1652
Vienna (City of) 6s
1952
♦Warsaw (City) external 7s
1958
Yokohama (City) extl 6a..
.1961
"23
12 H
11
A
a f
25
STOCK EXCHANGE
Week Ended Mar. 11
♦Certificates
1962 M N
Taiwan Elec Pow s f 5 Ha
9
107% 108%
106% 109%
10
10H
♦12
D
♦Sileslan Landowners Assn 68—1947 F
Sydney (City)
1
25
t
J
—....1962 M N
.1958
4
27
*15%
...—1950 J
...1956 M S
♦7a series B sec extl
9
108H
Y
—
..1957 MN
♦Silesia (Prov of) extl 7s.
108 H
98%
29 H
1952 M N
♦8s secured extl
27
10%
10%
27
J
22%
19
10%
27
1946
Serbs Croats A Slovenes (Kingdom
19
8
J
♦Sinking fund g 6 %s
90
29
8
A
Secured a f 7a
...1940 A
♦Saxon State Mtge Inst 7a——1945 J
3
19
OO
8
♦Saarbruecken (City) 6a_—..1953 J
Sao Paulo (City of, Brazil)—
♦6s extl Dollar loan—....... 1968 J
11%
10%
22%
98
N.
High
34
9
1936
8%
9H
65
-i
Low
8H
"~2
9H
9
§♦88 extl loan of 1921.
9
9
65
♦8a external
No,
11
2*
BONDS
Jan. 1
8H
O
♦7s extl Water loan
High
Since
«J6Q
9
D
♦88 extl secured s f
Ask
8H
♦78 municipal loan..
...1967 J
Rome (City) extl 6%s
1952 A
♦Roumanla (Kingdom of) 7a—1959 F
♦6 %s extl secured a f
San Paulo (State of)—
Range
c2
Friday's
Bid
Week's
Friday
Range or
Sale
Week Ended Mar. 11
1677
Week's
Friday
'
1989
11989
1 1989
1 1989
F—.May 1 1989
{♦Chic Milw St P A Pac 6s A..1975
♦Conv adj 6s...
...Jan 1 2000
MN
{♦Chic A No West gen g 3%8—1987
♦General 4s...—
....1987 MN
♦Stpd 4s non-p Fed lnc tax 1987 MN
♦Gen 4%s stpd Fed lnc tax—1987 MN
♦Gen 6s stpd Fed lnc tax—1987 MN
♦4 %s stamped
1987 MN
J ♦Secured 6%s...
—1936 M N
♦1st ref g 6s—
May 1 2037 J D
♦1st A ref 4%s stpd.May 1 2037 J D
♦1st A ref 4%s ser C.May 1 2037 J D
♦Conv 4%s series A——..1949 MN
♦Gen 4%s series
27%
k
33
"9%
"9%
3%
14%
14%
3%
14%
14
14
14
*14%
*17%
17
•
-
213
11%
19
3%
17
14%
50
14
32
•
-
-
-
35
8
.....
4%
17%
14
13%
4%
18
18%
18%
15%
17%
17
22
16%
*16%
*17%
9%
236
4
15%
16%
15%
19
28
"18% "26
6
8
8%
8%
7%
4%
9%
15
5%
233
9
18
18%
17%
8
22%
12%
8%
7%
4%
11%
11%
7%
New York Bond Record—Continued—Page 3
1678
March
Friday
Week's
Last
Range or
Sale
Friday's
bonds
N.
Y.
STOCK
EXCHANGE
Week Ended March 11
Bennett 'Bros. & Johnson
Price
Bid
a
o
York,
Chicago, III.
'Private Wire
1965 A
F...
ser
Connections
Randolph 7711
Ti. T. 1-761 H* Veil System Teletype •>- Cgo. 543
TJlgby 4-5200
♦Second gold 4s
Detroit
11
534
17
5
734
934
11
734
334
O
—
1995 j
deb.3s...
Fnaay
N.
Y.
ii
EXCHANGE
STOCK
si
Week Ended Marcu 11
Range
Sale
Bid
&
Low
15
1634
15
1952
m"s
1951 j
D
d
Chic TH4 So'eastern 1st 5s..1960 J
d
""434
D
1951 J
Inc
gu
15
1434
734
20
634
8
15
734
10
734
*40
42
7
86
64
53
634
40
834
534
434
7434
*-.
5334
4
434
♦
...Dec 1 1960 m 8
5s
52
15
834
634
H
47
-
—
—
m
—
—
—
86
86
7834
7834
56
3
53 34
67
4734
5
44
5434
Chicago Union Station—
10434
....1944
10334
1st it ref M
Chllds Co
454 s series D
1962
deb 5s
cons
42
87
83
8534
76
80
6034
6034
63
12
56
10834
103
103
89
107
m
o
1943 a
^♦Choc Okla & Gulf
89
10834
1951 m
1952 J
4s
5s_._1952 ivi N
Cincinnati Gas & Elec 354s....1966 F a
1st mtge 334a
D
.1967
14
14
104j4
con gu 4s—1942 m n
Cln Un Term 1st gu 6s ser C...1957 n N
1st mtge guar 334s series D..1971 M N
1843
10854
10634
D
Ref & impt 434s series E
Cairo Div 1st gold 4s.
j
—1939
J
Cln Wabash & M Div 1st 4s. 1991
J
St L Dlv 1st coll tr g
25
11
1434
3
10434
10834
23
109"
""8
10734
71
1
10334 10734
10834 110
10534 10934
10234 10534
100
92 34
6834
14
1434
10234 10434
107
10834
10734 109
10434 10834
75
76
D
1977
1
*102
10834
10734
J
Cleve Cin Chic & St Lgen 4s... 1993
General 5s series 13
1993
10434
10834
Cin Leb & Nor 1st
Clearfield & Mah 1st gu 5s
9
10434
10834
10734
10334
9034
83
1st mtge 4s series D........1963
1st mtge 354s series E
1963 J
con
I
7634
76
108
5234
5234
10134
10134
9034
9234
7334
10134 10234
9254
6034
28
10134
15
I
5234
8334
1990 m n
1940 m s
j
1940 J
*100
105
10534
11134
W W Val Dlv 1st g 4s
Cieve & Pgh gen gu 434s ser 13.1942 A
Series B 334s guar
1942 A
Series A 4 Hs guar
1942 j
Series C 334s guar
"74"
111
O
Cleve Short Line 1st gu 434s
Cleve Union Term gu 534a
52
105
13
11034 11134
10634
*102
10634 108
10634 108
*10534
10634
87
87
9334
14
82
75
75
86
41
75
75
7434
80
49
72
*
Columbia Q & E deb 5s...May 1952 ivi N
Debenture 5s
Apr 15 1952 a
Jan 15 1961 j
J
Columbia & H V 1st ext g 4s
Columbus & Tol 1st ext 4s
1948 A
10034
35
9534
60
35
9434
95
"9034
166""
10034
1951 A O
254 s debentures
1942 j D
Commercial InveBt Tr deb 3 34 s1951 J
j
Commonwealth Edison Co—
1953 J
j
1954 j
9034
11234
j
1st mtge 354s series H
1965
Conn & Passum Rlv 1st 4s...-1943
Conn Ry & L 1st & ref 4 34s
1951
Stamped guar 434s
Conn Rlv Pow sf354sA
10734
9834
10034
10334
o
s
*104
D
1981 ivi
—
1956 a
1957 J
1st mtge g 434s series C
1st mtge g 434s series D
1st mtge g 4s series F
108
10634
1951
1961
98
10034
10334
40
30
9534
9534
66
9234
28
2
1956 j
110
108""
47
9834
48
101
98
104
31
j
J
♦Debenture 4s.
1955 a
o
J
*12
♦Debenture 4s..
♦Consolidation Coal s f 5s
Consumers Power 3J4s.May 1
1st mtge 3 343
May 1
1960 j
J
9934
*1134
49
1965 ivi N
49
1965 ivi N
16534
10334
10734
10434
10334
1966 m n
101
101
Container Corp 1st 6s..
15-year deb 5s
Crane Co s f deb 3 34s
Crown Cork & Seal
1950 mn
s
1946 j
f 4s
D
1913 j
D
1951 f
Crown Willamette Paper 6s
Cuba Nor Ry 1st 534s
A
1951 j
J
1942 j
D
1952 J
7348 series A extended to 1946—_ J
9534
9854
9934 101
10434
102
6s series B extended to 1946
J
Dayton Pow & Lt 1st & ref 3 34s 1960 A
10234
104
1971 J
107
{♦Consol gold 434s
see page
1952 f
A
4s
conv
70
*10234
I
El Paso & S W 1st 53
5s stamped
10034
10034
35
57
o
*
♦
Series C 334s
^♦Erie RR 1st
J
1953
♦Series B
♦Gen
1953
4134
7034
54
2434
53
1834
1634
43
16
51
16
16
25
107
42
10534 108
10034
16
2034
151
5
2134
1534
50
3
108
11
6
51
22
9
45
54
10534 108
102 34 10434
10134 103 34
9934
102
10434
10434
3734
35
4834
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10734
4
12
*10334
10734
10734
*10734
1134
17
28
13
1234
J
59
J
ivi
1938
-
Ernesto Breda 7s
1954 F
9834
1956 j
D
5s International series
1st lien
30-year deb 6s series B
10534
91
10234
1951 ivi N
13
10634
103 34 104 34
43
46
40
5434
49
41
5834
45
52
4434
10734
5
48
40
10534 10734
42
6434
106 34 108
103
10734
10734
1334
13
10334
10734
3
106
1
10634 10834
107 34 10834
108
*49
3
4234
105
9834
95
6034
6034
61
10034
101
85
10134
60
6134
9834 10234
93
S
1942 ivi
1942 ivi
1234
57
5434
10034
S
1942 ivi
5s stamped
s f
1st lien 6s stamped.
7
62
3634
2134
43
100
A
Fairbanks Morse deb 4s
200
13
5534
s
Federal Light it Traction 1st 5s 1942 ivi
16
2134
299
1434
1434
S
94
92
-97
9234
9234
9234
93
94
92
8
99
99
97
100
90
80
85
9434
9534
9334
1954 J
d
*85
1946 J
j
*9434
95
t*Fla Cent & PenJn 5s
1943 j
$♦ Florida East Coast 1st 434s..l959 j
J
*4034
9734
55
D
9234
Fiat deb
s
f 7s
♦1st it ref 5s series A
1974 ivi
57
8
5 34
5 34
634
8
634
534
234
234
234
234
*134
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234
434
2
2
134
134
*103""
Fort 8t U D Co 1st g 4 34s.
1941 j
J
Framerican Ind Dev 20-yr 7 34s 1942 j
J
FraDcisco Sugar coll trust 6s
1956 M n
10334
*
—
104
*4234
Galv Hous & Hend 1st 534a A.1938 a o
Gas & El of Berg Co cons g 58—1949 j D
Gen Amer Investors deb 5s A..1952 f A
f 534s A
1947 J
♦Sinking fund deb 634s
♦20-year s f deb 6s
1940
J
95
9534
10334 10334
103
10434
42
4934
45
*11834
102
9534
9534
J
4334
d
44
44
a
10234
10234
10334
a
10234
j
*
k
^{♦Ga Caro it Nor 1st ext 6s..1934 J
♦Good Hope Steel it Ir sec 7s—1945 A
8834
1956 J
91
Goodyear Tire & Rub 1st 53—1957 ivi N
Gotham Silk Hosiery deb 5s w w '46 ivi s
Gouv & Oswegatchle 1st 5s
1942 j D
Grand R & I ext 1st gu g 4 34s. 1941 J
j
1st it gen
s
"4
10334
75
10234 10334
103
21
10134 103
9534
9734
2
10434
*7534
10434
"69
4934
45
39
45
4434
45
5734
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2034
21
28
20
25
2534
8834
2534
~90""
98
91
9534
9934
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105
85
7634
80
9634
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d
4034
4034
10634 10634
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A
76
77
65
77
j
70
70
70
65
7034
J
106
106
10634
33
J
1950 J
f 634a
"88 34
91
.
Grays Point Term 1st gu 5s...1947 J
Gt Cons El Pow (Japan) 7s.—1944 f
"4434"
25
*20"
1945 j
43^8
97
17
9834
"4434
"4434
60
10034 10234
9534
9934
9634
4434
*44
Gen Steel Cast 534a with warr.1949 J
^♦Ga it Ala Ry 1st cons 5s Oct 1 '45 J
Goodrich (B F) conv deb 6s
59
9534
12034
*101
j
1948 ivi N
Gen Motors Accept Corp deb 3s.'46 F
15-year 334s deb
...1951 F
Gen Pub Serv deb 534a
1939 J
1st mtge
734
634
1952
t{♦Proof of claim filed by owner. M n
(Amended) 1st cons 2-4s
1982
J {♦Proof of claim filed by owner M n
♦Certificates of deposit
s
"57"" 'Is"
83
6
534
♦Certificates of deposit
Fonda Johns & Glov 434s
2
5734
Great Northern 434s series A.. 1961
General 534a series B
—1952
General 5s series C
1973
General 434s series D
1976
98
98
10234
28
j
8134
8334
8434
19
86
55
1
10434 11134
91
104
90
99
440
99 34
90 34
8034
8934
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9134
8034
157
8434
95
7734
55
7234
82
Feb
54
55
54
60
9
8134
1977
J
1946
Gen mtge 4s series H
Gen mtge 334a series I
j
93 34
j
8634
9334
8634
j
7734
1946
1967
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
.1940 M
4s
Stamped
n
O
--
--
-
-
M.
*
-
5
934
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-
-
4
O
834
10
----
80
72
81
-
—
-
-
72
81
81
72
82
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1
J
92
1952 J
g
O
O
103
10334
15
10034 10334
1946 A
O
103
10334
16
102
1952 J
1949 j
Hackensack Water 1st 4s
J
1961 A
1966 A
Gulf States Steel s f 434a
Gulf States Util 4s series C
10-year deb 434s
♦Harpen Mining 6s
Hocking Val 1st cons
93
Feb
General 434s series E
General mtge 4s series G
gu
93
j
j
*10834
J
Hoe (R) it Co 1st mtge
^{♦Housatonic Ry cons g 5s
1937 M n
Houston Oil sink gund 534a A. 1940 ivi N
Hudson Coal 1st s f 5s ser A—1962 j D
85
85
85
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j
1999 J
1944 a o
434s
Hudson Co Gas 1st g 5s
Hudson & Manhat 1st 5s
*
•
117
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3734
10034
10034
13
19
85
7
-----
---
-----
-
-
-
-
58
---
3734
10034
2034
108
88
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10834
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11
11734
83
-
115"" 11934
55
60
1
37
6
9934 10134
286
13
3834
30 34
1949 M n
A. 1957 f A
5134
51
5234
48
51
56
♦Adjustment income 5s.Feb. 1957 A O
1934
1934
21
54
1834
2334
ser
-
120
—
120
1
11934 12034
10134
35
*108
J
1681.
1534
106
J
J
1734
1634
99 34
105 34
j
J
15
15
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10134
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8434
42
1936 j
♦3d mtge 434s
18
90
"l3""
"13""
o
f 6s.. 1957
s
58
27
16
o
1967 ivi N
♦Ref it Impt 5s of 1930-.- —1975 a
♦Erie it Jersey 1st s f 6s
1955
♦Genessee River 1st
4134
2434
1634
o
1953 a
4s series D
conv
"49%
4134
O
♦Ref & Impt 5s of 1927
9534
10334
2434
J
♦Conv 4s series A
48
101
105
90 34
*102
J
1996
70
10234 10334
13134 13134
97 34 10134
109
10934
10234 10334
8934
*102"
J
......1940
4s prior. .1996
cons g
♦1st consol gen lien g 4s
Gulf & S I 1st ref & ter 5s Feb 1952 J
10634
103 34 10534
101^4 103 34
10
*37
1951 ivi N
23
10834
10634 108
80
10634
10834
*10334
O
a
1965
1965
,
Erie it Pitts g gu 334s ser B...1940
10734 10734
107
24
42
1936 j
2134
106
*132
Elgin Jollet & East 1st g 5s
1941 ivi N
El Paso Nat Gas 434s ser A—1951 J D
105
10734"
10434
10234
8734
1969 j
f 5s
10234 105
09
108
"70
J
J
Gulf Mob & Nor 1st 534a B—.1950 A
1st mtge 5s series C
1950 A
10234
1969 j
1st mortgage 434s
s
j
Illinois Bell Telep 334s ser B..1970 A
Illinois Central 1st gold 4s
1951 j
1st gold 334a
1951 j
Extended 1st gold 334a
1st gold 3s sterling
O
10834
J
*85
1951
a
ivi
*
s
Collateral trust gold 4s
1952
a
o
1955 M n
Purchased lines 334a
Collateral trust gold 4s
1952 J
8
9134
92
10634 109
9134
98
93
88
9334
64
4934
o
—.1951
10834
*
J
Refunding 4s
10434
d
Del Power & Light 1st 434s
1st & ref 434s
Stamped as to Penna tax
J{*Den & R G 1st cons g 4s
1950 m n
1939
10734 10734
10534
O
1943 ivi N
Den Gas & El 1st & ref
Electric Auto Lite
cons g
Greenbrier Ry 1st
86
j
Del & Hudson 1st & ref 4s
105
10834
108
o
5S—1995 J
4s
cons
Y) 1st
10034 101
99
102
d
Cuba RR 1st 5s g
For footnotes
9934
16
1970 m n
1st mtge 334s
1st mtge 3 34 s
33
109
108
*12
1956 j
106
113
112
26
D
1955 j
8534
9634
11234 11234
10934 10934
11034 112
11034 11134
10534 108
63
1951 J
99
98
112
107
4s. .1954 J
8834
90
5
^10634
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4734
2
108
J
35
11334
"33
10134
10534
65
112
11234
11234
11134
104
10134
21
11234
11234
11134
♦11134
10734
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10434
10134
10534
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
Consol Oil conv deb 334b
10734
*10834
*10734
Consol Edison (N Y) deb 3348.1946
334s debentures
1956
Consol Gas (N Y) deb 433s
1951
10434
10534
102 34
92 34
60
a
1965 M n
10634
*101
O
1955 F
Columbus Ry Pow & Lt 4s
Commercial Credit deb 334s
161"
10234
*
o
Debenture
non-conv deb
Ed El 111 (N
♦Gen Elec (Germany) 7s Jan 15 1945 j
*104
1973
1st mtge g 5s series A
1st mtge 5s series B
106
J
1st s f 4 34 s series C
1977
Coal River Ry 1st gu 4j..
1945
Colo Fuel & Iron Co gen s f 5s. .1943
♦5s income mtge
1970
Colo & South 434a series A
1980 ivi N
J^Consol Ry
Ed El 111 Bklyn 1st
Gen Cable 1st
1961
1972
series B gear..
5s
"74"" "7834
78
O
-.1948 m n
37
30
106
99
Series D 3 34a guar.........1950 F| a
Gen 434s series A..
1977 F A
Gen &. ref mtge 454s series B.1981
s f 5s
I
'
.
10434
Cleve-Cllffs Iron 1st mtge 454s. 1950 mn
Cleve Elec Ilium 1st M 354 s.-.1966 J
j
4s
Spr & Col Dlv 1st g 4s
1st
2134
{♦N Y & Erie RR ext 1st 4s. 1947 ivi N
Guaranteed 4s
334s guaranteed
Chic & West Indiana
I East T Va & Ga Dlv 1st 5s
51
734
634
734
7
-
15 1951 J
37
"37
108
10834
a
j EastRy Minn Nor Dlv 1st 4s. .1948
High
4334
734
434
♦Certificates of deposit
{♦Secured 434s series A
June
Low
2
1934
1834
934
834
"734
Gold 334s
No.
High
1434
o
Memphis Dlv 1st g 4s
Since
Jan. 1
50
1534
a
♦Certificates of deposit.
♦Couv g 434s
..I960 MN
Range
Ashed
50
1934
Ch St L & New Orleans 5s
or
Friday's
Price
{♦Refunding gold 4s
157
weeks
Last
J {♦Chicago Hallways 1st 5s stpd
Feb 1 1938 2j% part paid. .... f
J»Chlc It 1 & p ity gen 4s
1988 j
♦Certificates of deposit
35
11034
10734
42
110
*30
k
d
J {♦Du! Sou Shore it Atl g 5s.. 1937 j
Duquesne Light 1st M 334s— 1965 j
bonds
8
11234 11334
10734 109
10934 11034
10434 10734
♦30
D
1951 J
334
42
""e
109
107
8
734
1034
3
80
11334
10834
11034
11034
7
334
*10
113
11334
& Tunnel 434s.. 1961 ivi N
t erm
Dow Chemical
High
634
6
734
Gen it ref mtge 3 34s ser G—. 1966 m
♦Detrolt it Mac 1st lien g 4s... 1995 j D
133 So. La Salle St.
Low
634
j*Des Plains Val 1st gu 434s... 1947 ivi
Detroit Edison Co 434s ser D.. 1961 f A
Gen <fe ref 5s ser E
1952 A O
Gen it ret M 4s
Y.
No.
Jan. 1
534
-
On* Well Street
High
Since
CQ&5
534
|*Des M &, Ft Dodge 4s ctfs... 1935 J
%AILROAD 'BONDS
Range
11
Ask
<&
Low
F
♦Assented (subj
to plan).
♦Ref & Impt 5s ser B___Apr 1978 a
^♦Den & R G West gen 5s. Aug 1955
12, 1938
Refunding 5s
Louisv Div & Term g 3348.-1953 J
Omaha Div 1st gold 3s
St Louis Div & Term g 3s
1134
15
Gold 334s
Springfield Div 1st
13
16
Western Lines 1st g 4s
g
a
3834
*
33 34
4434
20
4034
45
35
38
55
3334
31
*3334 "4534
3834
5034
56
50
7
4534
5534
3034
50
3434
195
2834
3834
72
72
73
75
*
d
8934
*63
J
8134
-
—
--
*
7034
*-..
80
j
*._.
7434
----
j
*
7934
----
j
1951 F
a
1951 J
1951 J
3343—1951 j
1951 F
4134
40
j
1953 M n
1955 M n
40-year 4^s
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s
1951 j
4134
_____
--
95
J
a
*
7934
----
-
—
—
—
--k ——
Volume
New York Bond
146
<u
BONDS
N.
Y.
EXCHANGE
STOCK
Week Ended March 11
Last
bs
e
Price
&
High
34
38%
92
33
35%
70
33
107
107%
24
107%
*
......
1961
"105%
{Interboro Rap Tran 1st 5s—1966
♦Certificates of deposit.
*-
54%
Inland Steel 3%s series D
o
Interlake Iron conv deb 4s
A
Int Agric Corp 5s
90
105%
106" "41
659
A
♦Mex Internat 1st 4s asstd
♦4s (Sept 1914 coupon)
1977 M
♦Mlag Mill Mach 1st s f 7s
1956 J
Michigan Central Detroit & Bay
City Air Line 4s
1940 J
49
56
13
49
56
47
72
27
100
100 %
18%
36
17
19%
4%
8
15%
6
......
2
4%
5%
19
15
1956
1944
J
15%
15%
A
67
66
70
1941
A
45%
45%
50%
13
38 %
85%
s
Internat Paper 5s ser
f 6s series A
6s
A & B—-1947
1955
1st 5s B—1972
Int Rys Cent Amer
(VI N
A
deb g 4MS--1952 J
J
— -1939
———-1955 F
J
{♦Iowa Central Ry 1st & ref 4s. 1951
M
19
%
72 M
51
J
A
1959 J
4s.
4^8 A.¬
Kanawha & Mich 1st gu g 4s..
{{♦K C Ft S & M Ry ref g 4s.
8
70
94 M
83%
82
{♦Mil Spar & N W 1st gu 4s. —1947
{♦Milw & State Line 1st 3 Ms.-1941
90
1
94
{♦Minn & St Louis 5s ctfs
1934
58
58
2%
10
2%
65
♦1st & ref gold 4s
59 M
90
63 M
3
56
2%
{♦M St P & SS M
61
1990 A
O
1950 A
o
1950 J
J
J
1st gold 3s
—Apr
5s
Kansas City Term
♦K are tad t
♦64%
"27"
"mmmmm
D
25%
8
67%
11
60
108
35
104%
105
11
71%
19
1
14 M
23 %
27
♦23
1943
1946
mmmmm
85%
mm mm, mm
J
mrnrnmmm
Kentucky & Ind Term 4MB--- 1961 J
J
1961 J
J
mrnrnmmm
1961
J
J
mmmmmm
A
♦95"
mmmmmm
J
mmmmmm
1954 J
J
1st & ref 6 Ms
—
D
Kinney (G R) 5 Ma ext to—— 1941 J
1951 m N
Koppers Co 4s s or A
....
mmmmm
*
99%
♦152"
75
ext 5s. 1939
1953
C
1960
5 Ms series D
A
34
1
155
71
78
M 100 %
101
103 %
96
A—. .1965 A
4
6
3%
69
26
60%
69
28
28%
28
34%
64
17
53
67
39%
45%
93
37%
48%
1962
J
J
34
34
20
31
42%
J
J
39%
45 M
A
O
F
A
*
of
ser
19%
S
A
17%
4%
4%
A
M S
58
58
5
3
55
60
105
105
2
52
12
48
53%
Monongaliela Ry 1st M 4s ser A '60 M N
Monongahela West Penn Pub Serv
102%
92 M
28
31%
85
89
91%
j>--—
Mo Pac 3d 7s ext at
95%
5
99
28%
{♦Mobile & Ohio gen gold 4s.-.1938
♦Montgomery Div 1st g 5S--1947
♦Ref & impt 4 Ma
♦Secured 5% notes
93
.
90%
95%
102
*
f 5s series
3%s.l966
A
s
f 4 Ms series
C--1955
s
f 5s series D
1955
91%
95
Morris & Essex 1st gu 3%s
2000
J
18
27%
35
9
A
~60~~ "99%
27%
46
26
30
4
26
39%
24
24
27%
3
24
40
45
2
40
62
40%
18%
45
20
(VI N
A
O
19%
25%
25%
69
9
30
59%
*35%
......
141
22%
24%
70
16
10
11
10
21%
14%
14%
37
93
1
89%
92
49
88%
18
100%
2
73
1955
Mutual Fuel Gas 1st gu g 5s. -.1947
Mut Un Tel gtd 6s ext at 5%--1941
Cons tr M 4 Ms series B
55
M N
47%
47%
M N
*112%
1978
Nash Chatt & St L 4s ser A
94%
92%
09% 101
73
73%
79
"80 "
29
58%
9
63%
54%
47%
55
10
52%
114%
113
71%
62
55%
113%
(VI N
F
A
*63%
105%
105%
1950
1938
r1949
gold 4s.
Guar ref gold 4s..—------1949
48 stamped
1949
"98%
"98%
62
O
J
D
mmmmmm
S
mmmmmm
M
(VI
S
(VI
22
3
"98% "53
16
62
61%
*
A
73
*166%
l"66"
32
Nat
(VI N
105
40
m
122% 126
*96% "99%
61
75
63%
90
100% 100%
....
5
87
14
85%
86%
87%
10
85
85
87
88%
88%
A
O
128%
128%
128%
2
F
A
118
118
118
4
M
S
5s
— — 1951
Louisiana & Ark 1st 5s ser A—1969 J
.
1966
1945
1910
(VI
j
103%
106%
S
89
74%
5
104
10
106%
102% 104
105
107%
101 %
"90"
231
97%
1
95
90
A
102%
97%
101%
J
B——-.2003
70
71%
129%
115% 122%
60%
79%
127
93
9
85%
93%
101% 105
102
C—---2003
A
1st & ref 4s series
84
85
11
83
90
A
81%
82
22
75
82
Paducah
D.__—,•«—2003
E
2003
& Mem Div 4s
1946
A
1st & ref 3%s series
F
1980
4 Ma
1945
South Ry joint Monon 4s—1952
Atl Knox & ClP Div 4s
1955
Lower Austria Hydro E16Ms—1944
Mob & Montg 1st g
*
.....m
(VI
S
M
S
J
106
J
*79%
111%
78
78
(VI N
107%
F
a 90
A
•
•
...
91
111%
80
105% 107%
78
5
12
107%
2
a90
1
80
111M 112
74 M
80
106 M 111M
98
98 M
1977
♦4s April 1914 coupon off
1977
♦Assent warr & rets No 5 on '77
Nat RR of Mex prior lien 4 %s—
♦4s April 1914 coupon on
A—1945 j
--I960
7Ma—1942
D
j
D
A
101%
"l"00%
80
O
51
2013
5
100%
41
99% 101%
97% 100%
10
80
80
51
86
51
*35
70
*38%
♦Certificates of deposit.-—.
{♦Manhat Ry (N Y) cons 4s_. 1990
♦Certificates of deposit
101%
100%
2
45
55
40
45
41
41%
O
J
D
26
26
32%
42
24
28%
A
30%
29
22%
♦14
17
32%
31%
99%
105
20
....
100%
130
105%
37
2%
m
—
m
28
.
....
103
106
mmmmm
mmmmm
mmmmm
.....
.....
9
1%
2%
2%
mmmmm
.....
....
*2
3
1%
*2%
1%
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off.-.1951
*1%
2%
2M
4 on '51
1%
♦Assent warr & rets No
1965
1954
{♦Naugatuck RR 1st g 4s
*1%
J
D
106%
107
*20
M N
97%
98% 101
mmmm
*1%
*1%
O
.
..
m'mrn
.
1%
13
2%
30
107
65
*119%
2%
2%
3%
1%
.....
....
1%
2%
104% 107%
....
116% 119%
Newark Consol Gas cons
5s—1948
J
D
{♦New England RR guar
58—1945
J
J
1945
New England Tel & Tel 5s A.. 1952
1st g 4 Ms series B.1961
N J Junction RR guar 1st 4s.-1986
N J Pow & Light 1st 4 Ms
I960
New Orl Great Nor 5s A-1983
NO&NE 1st ref & imp 4 Ms A 1952
New Orl Pub Serv 1st 5s ser A.-1952
1st & ref 5s series B
1955
New Orleans Term 1st gu 4s—1953
{{♦N O Tex & Mex n-c inc 5S..1935
♦
1st 5s series B
1954
J
J
J
D
125
125
7
122% 125
(VI
N
121%
121%
1
120% 122%
F
A
106%
♦Consol guar 4s
O
*
1956
♦1st 5%s series A.——
---1956
1954
31%
25%
*
2
....
-----
25
-----
.....
29%
.....
106% 108
27
58
2
58
64%
J
"34"
34
40
11
34
50
O
91%
91%
93
36
88%
98%
D
91
91
92%
101
89%
98%
J
51
51
60%
20
51
76
A
O
29
29
29
12
28
31
A
O
31%
31%
31%
1
30
*
F
A
29
A
37%
30%
33
F
O
55
*
A
Newport & C Bdge gen gu 4 %s 1945
N Y Cent RR 4s series A
1998 F
32
mmmm
34%
35%
27
28%
33%
32
37
32
35%
3
36
110%
36
31
mmmm
34%
♦
J
1946
Ref & impt 4Ms series A
2013
Ref & impt 5s series C
-2013
Conv secured 3%s—-——-1952
.
....
25%
95
.
107
♦Certificates of deposit--.
10-year 3%s sec 8 f.
.
58
106%
J
♦Certificates of deposit--.
♦1st 5s series C_—
«
10
110%
72%
110% 111%
65%
A
O
A
O
Ml N
•
65%
26
65%
82
69%
O
A
69%
80
55
69%
50%
50
57
162
50
91%
65%
54
53%
62%
248
63%
73
65
65
74
117
65
84
•
1681.
68
22%
96%
mmmmm
3
.....
2%
AO
A
26%
100
*1%
*1%
*1%
J
91%
mmmrn
43%
*97%
1926
♦Assent warr & rets No 4 on.
♦1st 4Ms series D..
McCrory Stores Corp s f deb 5s. 1951 (VI N
McKesson & Robbins deb 5 Ms. 1950 Ml N
24
24
1957
1914 coup on
♦4%s July 1914 coup on
1957
♦4 Ma July 1914 coup off
1957 J
♦Assent warr & rets No 4 on '57
Nat Steel 1st coll 8 f 4s
1944
61
67
National Rys of Mexico-
118"
104% 106%
85%
85%
S
Ml N
1951
1946
Dairy Prod deb 3%s w W..1951
Distillers Prod deb 4%s.--1945
♦4 %s JaD
87
87
Nat
129% 131
Liquid Carbonic 4s conv debs_-1947 J D
Little Miami gen 4s series A—1962 M N
Loews Inc a I deb 3 Ma
1946 F A
Lombard Elec 7s ser A
--1952 J D
_
50%
30%
-«--
123%
105%
115
40%
18%
19%
25%
J
D
2
123
101% 104
m mm «*
J
113%
123%
For footnotes see page
11
68
57%
102
107%
104
63
D
J
115%
A
♦Second 4s
25%
23
70
*74%
Nat Acme 4 Ms extended to
5
F
4Ma ser A
18%
18
——
40
41
130
Gen mtge
23
4
*74%
Constr M 5s series A-------1955 M N
•••
96
129%
§{*Manati Sugar 1st St
2
25%
40
73
A
f 5s series
6%
19
A
Gen & ref
s
25%
13%
100
1941
A.:—1955
B
1955
Gen & ref
"94"
130
Maine Central RR 4s ser
23
4%
91%
91%
Gen & ref
mmmmmm
O
St Louis Div 2d gold 3s
19%
17%
17%
11
103%
71
10
A
1st & ref 4Ms series
23
93
I960
65
93
O
4s
18
88
74%
S
Montreal Tram 1st & ref 5s
s
25%
18
10
10
-.1965
Montana Power 1st & ref
8
18%
16
S
A
M
32%
92%
•
*68%
S
55%
55%
m + mm
44%
F
28%
65
*
1991
M
M
6
57%
*56%
......
A
1977
—1938
MN
48
30%
56%
18
July 1938
4%
1st mtge 4Ms.-..
6s debentures
54%
A
1st & ref 5s series
103
22
59
115
Unified gold
18%
18%
32
22
Mohawk & Malone 1st gu g 4s.
O
-2003
—-2003
5s—-1941
Lex & East 1st 50-yr 5s gu—1965
Liggett & Myers Tobacco 78—1944
5s
1951
4s
RR—
19
19
90 M
86%
26
5s——
Louisville & Nashville
1
50
5%
23
1981 F
O
21%
17%
4%
M N
61%
18
1974
Leh Val Term Ry 1st gu g
Louis & Jeff Bdge Co gu
98
20
17%
1949
1980
85
20
Louisville Gas & Elec 3 Ms
4
56
56%
(VI N
Co deb 78—
21%
141
10
18%
Lorillard (P)
22%
25
29%
M N
Unified
23
1
135
6%
18%
18%
1978 M N
♦1st & ref 5s series I
25%
17
17
5%
6
deposit --
♦1st & ref g 5s series II
♦Certificates of deposit...
19%
.
18
1977 M
♦Conv gold 5Ms
23%
18
21%
17
45
18
«
21
19%
ivi's
35
22
18
17
A—-1965
deposit
1975
of
"l8"
♦
-
59
J
Long Island gen gold 4s——
12
5%
62
88
......
1940
Long Dock Co 3%s ext to
5M
30%
"99"
2003
cons
6%
67%
Nassau Elec gu g 4s stpd
General
14%
3%
"67%
♦Certificates of deposit...
100% 103
98 % 100 %
.1954
4Mb
8%
9%
7
4%
3%
58
41
27%
1944 F
•
Leh Val N Y 1st gu g
5%
5
14
5M
87
D
f 5s_—■ 1954
.1964
Lehigh Val (Pa) cons g 4s
General cons 4 Ms
14
13
1
92%
......
1945 m
Leh Val Harbor Term gu 5s
8%
39%
4s
Gen & ref
f 5s
3%
23
13%
7%
30%
mmmmmm
*
1st & ref. s f
s
12
3
29
♦47
♦
1975
1st mtge income reg
1954 J
Lehigh C & Nav s f 4 M3 A
Cons sink fund 4Mb ser C-. 1954 J
s
,
....
Lautaro Nitrate Co Ltd—
1st & ref
5%
5%
12
2%
3
99%
58%
5s 1937 extended at 3% to-. 1947 J
1941 J
2d gold 5s—
—
1997 J
Lake Sh & Mich So g 3 Ms
1st & ref
12
12
6%
3
103%
100%
92%
1942
f 5s.
20
5%
3%
*2%
*
♦Certificates of deposit---
153
103
1942
Lehigh & New Eng RR 4s
6
6
60
J
♦1st & ref 5s series G
....
Lake Erie <fc Western RR—
Lehigh Val Coal 1st & ref s
6
16%
......
♦98"
102%
o
Coll & ref 5 Ms series
Lehigh & N Y 1st gu g 4s
-
102%
99%
mrnmmmm
S
Laclede Gas Light ref &
-
3
D
1st & ref 5s series F
....
96%
*
♦Certificates
♦General
♦Certificates
76
96%
mmmmmm
{♦Mo Pac 1st & ref 5s
27
108 M 108 M
♦
'mmmmm
A
1959 (VI
——-
60
19
50
48%
J
1947 F
Coll tr 6s series A
60
17%
*18%
mmmmm
J
-
Prior lien 4 Ms series D
♦Cum adjust 5s ser A
....
{♦Kreuger & Toll secured 5s
Unif orm ctfs of deposit
*
17M
101%
mmmmm
58%
1945 J
-.
99
.....■
1978
Jan 1967
40-year 4s series B
97%
mrnmmmm
1954 J
4s_.
""
mmmmmm
J
O
1949 F
4s...
Kings Co Lighting 1st 5s
95
*
1961 J
unguaranteed—
mmmmm
♦
1997 A
Plain
*100
21
87
......
Kings County El L & P 6s
«...
♦25
m"s
1987 J
——
19%
99% 102
J
M-K-T RR pr lien 5s ser A
87
11
74%
89%
15%
95
S
J
7
70
24%
82%
(VI
87%
18%
100%
100%
1990
1962
Mo Kan & Tex 1st gold 4s
20 M
......
1st 6s
85%
17%
*51
101
..
102% 103
99%
99%
*77
J
J
...
100%
*
17%
J
1949
1978
100
89
100
J
-
—-
100
{1st Chicago Term s f 4s—-1941 M N
J
{♦Mo-Ill RR 1st 5s series A
1959 J
65
64M
104M 108 M
106 %
104
19
1943 m N
Coll tr 6s series B
65%
5 Ma
107% 109
5%
*._.
F
J
1938
96% 100
101% 103%
6%
5%
6%
*2%
S
—1946 J
♦1st ref 5 %s series B
27%
41
stmp
Coll & ref
♦25-year
.29%
23
40
w w
3Ms collateral trust notes.
90
90
24 M
1
♦Ctfs
Kresge Foundation coll tr
91M
40
mrnmmmm
Kentucky Central gold 4s
5s
♦1st cons 5s gu as to int
♦1st & ref 6s series A
40
1943
$645)-(par $925)-.
(par $925)-.
Kings County Elev 1st g
52
63%
106%
cons
78 M
98 M
103
*1%
J
4s int gu *38
1938
61
mmmmmm
stmp (par
4 Ms
32
28
66%
60
106%
104%
w w
Stamped
____
27
......
♦Ctfs
♦Ctfs with warr
11
1943 M N
(Rudolph) 1st 6s—.
Keith (B F) Corp
93
25
1960 J
1st 4s
Kansas Gas & Electric 4 Ms— 1980 J
Ref & impt
2
92%
o
1936 A
61
con g
97
10
j
1949 (VI
1962 Q
♦Ref & ext 50-yr 5s ser A
84
109
*6%
M N
84 M
90
mmmm
12
s
80
35
76
89
J
84
177
mmmm
100
4Ms(1880) 1934 D J
.1939 J D
1939
5
57%
80
99%
108%
108%
*102%
J
O
D
14
87%
61%
♦Certificates of deposit—-Kan City Sou
J
1940 A
12
55%
"92%
70
*
78
85%
D
1961 (VI
Jones & Laughlin Steei
85
70
mmmm
*86%
S
M
80
55%
85%
S
85
rnrnmm
*
86%
87 M
52
mmmmmm
mmmm
80
25
J
90
......
♦1st
James Frank & Clear 1st
ext
1st ext 4 %s
Con ext 4 Ms
1
High
90
*67
(VI N
Milw El Ry & Lt 1st 5s B_—.1961 J
1st mtge 5s
1971 J
{ §*Mil & No 1st
Low
*70
S
80
......
(VI
Conv deb 4Ms——
15
59
Ref & impt 4Ms series C
{♦Mid of N J 1st ext 5s
No.
D
76%
J
F
—1947
1st iien & ref 6%s
110
1951
1952
1979
Jan
*88
1977 M S
Jack Laos & Sag 3 Ma
1st gold 3 Ms
81
78%
100%
f
Marine
Debenture 5s
58%
M
1968 Mi S
1950 A O
{§*Met West Side El (Chic) 4s. 1938 F A
Since
Asked
High
*
O
J
1st 6s with warr..1945 M N
52 %
16
306
&
*72
J
23
54
57%
4%
15%
......
J
Range
Friday's
Bid
s
Metrop Ed 1st 4 Ms ser D
Metrop Wat Sew & D 5 Ma
17
4%
J
{♦Man G B & N W 1st 3 %s—1941
100% 100M
103% 106
47M
56
55
"17"
J
f 5s... 1953 (VI
Mead Corp
19%
77
s
13 %
deb 6s
♦1st g 5s series C
Int Telep & Teleg
107 %
Range or
Sale
Manila RR (South Lines) 4s.-.1939 M N
Jst ext 4s
1959 (VI N
90"
55%
Last
Price
Low
12 %
56
100%
St
87
----
20
18%
77%
fel
EXCHANGE
Marion Steam Shovel s f 6s
1947 A
Market St Ry 7s ser A...April 1940 Q
53
57
(VI N
s
106 %
48
§♦ 10-year 6s....
1932 A O
§♦ 10-year conv 7% notes._1932 m S
♦Certificates of deposit.-
1947
stamped
1942
{♦Int-Grt Nor 1st 6s ser A——1952
♦Adjustment 6s ser A..July 1952
♦1st 5s series B
1956
46 M
42
102
*13~~
{♦Ind & Louisville 1st gu 4s
1956
Ind Union Ry 3 Ms series B__1986
Internat Hydro El
STOCK
Week Ended March 11
High
34
33
-.1950
111 & Iowa 1st g 4s
Y.
Manila Elec RR & Lt
34
Ind. Bloom & West 1st ext 4s__1940
Ref
Low
1963
Illinois Steel deb 4%s—
Merc
No.
1963
-1940
1st & ref 4 Ms series C
Int
N.
Since
Jan. 1
Asked
St L & N
Joint 1st ref 5s series A
Ind
BONDS
Range
s2
Friday's
Bid
Low
111 Cent and Chic
1679
Week's
Friday
Range or
Sale
t
NO,
Record—Continued—Page 4
Week's
Friday
"y
New York Bond
1680
Friday
BONDS
N.
Last
EXCHANGE
RTOPK
Y.
Rid
dk
Debenture 4s
3H>-1997
86
1942
—
86
f
O
94 H
Penn-Dlxle Cement let 6a A
1941
i
98 H
Penn Glass Sand
4Hs—1960
>
60
65 H
82 H
Pa Ohio A Det let A ref 4 He A. 1977
)
2
4
84
39H
74
38H
62
73 H
52
73H
149
73 H
39 H
75
Ref 5 He series A
Ref 4Mb serlee C
3-year We
M %
39H
35H
35H
47H
211
A
64
54
60 H
38
54
72
73 M
6
72
82 H
2
82
105H
70
104
1st guar
82
105"
1963
1963
1961
1938
6s serlee B
NY Dock 1st gold 4s
Serial 5% notes
Certificates of deposit
104 X
106
106
18
46H
55
66 M
31
44
60 H
1966
103 H
43H
68 H
16
50
103 H
104 H
33
103 H
1966
104 H
40
123H
14
122H
♦114H
1949
122
N Y Lack A
115
♦22
39 H
N
♦100
102H
1973 M N
*65
Nl
2000
gold 3 Mb
Weet 4s ser A
Peoria A Eastern 1st
124H
113H 114H
♦Income
101
103
110H
80 H
93 H 101H
60
92H 101H
97 H
83 H
78
78
116
117
110
110H
58 H
11
7H
1
105
70
1
7%
1974
......
Phlla Bait A Wash 1st g 4s
General 5s series B
106
70
16H
7
16
16
16
19
J
O
29H
.1967 Nl N
♦Debenture 4s...
♦1st A ref 4 Mis ser of 1927.—1967 J
D
♦Harlem R A Pt Cbea let 4a.l964 Nl N
{♦N Y Ont A Weet ref g 4s
{♦N Y Providence A Boston 4s.l942 A
N Y Steam 60 series A
1st mtge 60
...1961 Nl N
1st mtge 6s
J
F
ref mtge 3Hs ser B
J
J
1946 J
6s stamped....
1946
|f*N Y WestchABost l8t4Hsl946 J
J
Niagara Falls Power 3 He
Pitts Coke A Iron
79
9
8H
5H
5%
99
99 H
3
76H
76 H
2
108
1
106
104
37
9H
11H
10
12
10
106 H
72
105H 107
106H
61
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6
40 H
~6
67
4H
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64
29
105 %
107 H
32
16
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4
Deb 6s series C
Nov 161969 N Nl
North Cent gen A ref 6s
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1974 Nl
*53
8
10H
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60
51
16H
15H
100H
104
104 H
99 H
101
105
98 H
D
119H
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125
♦lis""
Ref A Impt 60 series D
1938 A
Northwestern Teleg 4Hs ext—1944 J
1948 J
♦Stamped
J
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1st mtge 4s
1st mtge 3H0
118H
70
J
...1972 J
...1946 J
1943 F
...1961 J
1962 J
1
109
109
-
109"
107" 109"
*110"
120""
117" 117"
105 H
105 H 105H
1
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D
O
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J
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17
104
98
.
105H
104
_
104
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43
98
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104H
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107
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-
-
♦104H
106
*
.
49 H
108
45
*
m
..
m
-
42
-
42 H
1st gen 6s series B
1962 F
A
8
55H
39
55 H
108
*99H
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1st 4 H« serlee D
-1974 J
D
109M
*99H
1977 J
D
Postal Teleg A Cable coll 5el953 J
Potomac Elec Pow 1st M 3He-1966 J
Pressed Steel Car deb 6s
1961 J
"Bin
"_51H
Port Gen Elec 1st 4 He
1960 M S
1st 5e 1935 extended to 1950
J
J
Porto Rlcan Am Ton conv 6s—1942 J
J
*
13H
43
16
79
55
102H 104H
122
105H
78
78
48H
3
2
55
12
105H
105H
J
"54" "I6i
48H
12
J
J
115H H5H
102 H
48 H
{♦Providence Sec guar deb 4s..1957 Nl N
{♦Providence Term 1st 4a
1956 Nl S
Purity Bakeries s f deb 6s
J
1948 J
12
55
18
103H 105H
3
78
82
6H
1
6H
5H
8
t
1
"86 H
OOl
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"84" ~87H
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd)
65M
85
10
85
85
95 H
1997
65%
79
79
1997
66
65M
1941
Reading Co Jersey Cent coll 4s. 1961
S
Remington Rand deb 4Ha
Rensselaer A Saratoga 6s gu
1941 Nl N
Republic Steel Corp 4 He ser A. 1960 M S
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1961 F A
60
62 H
69 H
34
59H
76
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69
78
82
69
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64H
88H
79
64
80
69
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0
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72
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J
J
10
10
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9
9
1
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2
10
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108 H
103 %
102 H
102 H
98 H
J
103 ~
14
98 H
99 H
1
13
12
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104
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94 H
98 H
J
1
D
D
A
D
J
99
99
J
i
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1946 J
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6
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8
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79
75
1
82
93
46
90
97
93 H
112H
101 %
71
71
t
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3
2
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1
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65
106H
50
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102 %
58
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1
109H
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106
102 H
104
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76
104 C 104 H
104 H' 104 H
104H
V
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1944
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8
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1942
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...
...
3
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1941
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103
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39
"88"
1949 Nl
82
70
90
59
1942 Nl
—4
75H
70
69
90
103 %
100 H
95
60
,
100H1101
8
1968
45
107H 110
104H 106 H
100H 102H
58
87 H
61 H
97 H
74 H
92 H
45
38H
118H 119H
70
70
101H 103 H
102 H 103 H
103 H 103 H
7
100
36
94
104
100 H
88
1
35H
78
99
28 H
87 M
108H
88 H
101
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30
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90H
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30
30
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8
1955 A
O
31H
31H
1952 Nl
S
95
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11
1952 J
J
104H
5
4
24
Richfield OllCorp—
4s
e
f conv debentures...
Rlchm Term Ry 1st gen 6s
♦Rlma Steel let s f 7a
1955 I
104H
A
*40
*35
J
40
15
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1962 Nl
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Nl
8
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•
15
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9H
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-
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1947 J D
Saguenay Power Ltd let M 4He '66 A O
St Joe A Grand Island
J
latja
1947 J
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1996 J
1966 A
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15
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110
6
10
17
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119
108H 110
9
11
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22H
HH
HH
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9H
14
2
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10H
10H
♦Stamped
60
41
14
11
13
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J
6a..*
32
47
40
10
J
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41
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J
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J
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1st
52
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40
-
110
O
1949 J
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RR
.
104H
D
1977 M
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106
100
75
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31H
31H
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A
I {♦R I Ark A Louis let
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104
17
26
1963 F
113
116H
114H 118H
99 H 106 H
67 H
74 H
113H
114H' 114H
35%
24
83 H
32
Roch G A E 4 Hs series D
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113
H
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J
106
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111 H 113
106H 110H
108H
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«
100
J
1952 Nl N
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114 :»
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27
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113
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i
20
{♦Rio Grande June 1st gu 6s..1939 J
♦Rio Grande Weet 1st gold 4S..1939 J
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1949 A
COI 0O« X! I02H
«
32
82 H
105H
_
2
J
3
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I6i
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♦ConB mtge 6s of 1928
♦Cons mtge 6s of 1930
113
82
82
-
'
110
112
M N
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99
*_
112
1956 Nl N
102H
99H
11
95H
6 Ha '64 M N
112H
loiH
102
112H
J
J
conv
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J
1952 Nl N
5
-m-m1
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59 H
1958 J
1681
87 H
108H
10SH 110H
—"—I *1""
A
D
69
J
28-year 4a..
see pare
109
1948 J
J
Guar 3 Ha trust ctfs D
Guar 4s aer E trust ctfs
For footnotes
80
108
A
1964 M N
A
aer
J
1956 F
1947 Nl
...
9
13
109
109
39
93 H
Panhandle Eastern Pipe L 4s.. 1962
Pat A Passaic G A E cons 6a...
♦PauUsta Ry 1st ref a f 7a
Penn Co gu 3 Ha coll tr aer B_.
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109
O
79H
1938
Paris-Orleans RR ext 6 He
Par melee Trans deb 68..
6H
-
-
108H
1960 A
68
1938
Pacific Tel A Tel 3Hs ser B... 1966
Ref mtge 3Hs eer C
1966
Paducah A 111 1st s f g 4 Mb
1965
conv debentures
108
1st mtge 4 He series C
200
1966
Paramount Pictures deb 6a
-
86
O
58 H
67
,
Paramount Broadway Corp—
let M s f g 38 loan ctfs
100
1959 A
90 H
Pacific Coast Co let g 6s
1946
Pacific Gas A El 4s series G... 1964
let A ref mtge 3Ha ser H... 1961
let A ref mtge 3 He eer 1
Pac RR of Mo 1st ext g 4s
2d ext gold 6s
109
1st mtge 4 Hs series B
65
1945 Nl N
Oregon RR A Nav con g 4s...1946 J
Ore Short Line let cone g 6s... 1946 J
Guar stpd cons 6s
1946 J
Ore-Wash RR A Nav 4e
Otis Steel let mtge A 4 Mb
108
105H
—1977 J
84
1965 M N
1967 M S
lOhlo Indiana A West 6s.Apr 11938 Q
Oklahoma Gas A Elec 3He
1966 J
4s debentures
1
20
A
1975 A
84 H
55
F
1943 M S
Ontario Power N F 1st g 6s
Ontario Transmission let 6s
31
108 H
*107 H
w w.1956 Nl
2047 J
♦Og A L Cham let gu g 4e
11
69 H
2047 J
6s
108
1970 J
Gen A ref 4 He series A
Gen A ref 4 He series B
Ref A Impt 5e series C
g
4 Ha
| ♦Debenture gold 6s
Il6H
118
as 10 sale of
f Nor Ry of Calif guar
183
107 H
53
117
100H 104
103 H
98 H
8
April 1 '33 to
Oct 1 1937 lncl coupons...1945
North Pacific prior Hen 4a
1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
Ref A Impt 4 He scries A
2047 J
Ref A Impt 6s series B
2047 J
3He
107 H 108 H
91 H
95 H
92
99
117H
♦{Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons. 1945
♦Apr 1938 and eub coupons..1945
♦Stpd
7
6H
102 H
103 H
101
8
1974 Nl
108
70
107
102
101H
103 H
18 H
86 H
105
106H
117
A
4H
86
Pitts Va A Char let 4s guar
1943 M N
Pitta A W Va let 4 He ser A—1958 J
D
Pitta Y A Ash 1st 4s
15
A
47 H
70
17
Aug 15 1963 F
HH
8H
7H
45
Deb 6 Hs series B
16
47 H
16
S
cons guar
Series J
95
F
14H
55
*
1963 F
Gen mtge 6s series A
Gen mtge 5s series B
Gen 4Hs serlee C
93
1961
34
108H
108H
1960 F
4 Hs
106 H
13
1957 Nl
cons
106 H
92 H
92
A
Series I
106
13
ser
87
15H
5%
D
1963 J
1957 M N
4s.
cons guar
104
94 H
North Amer Co deb 6s
46
107 H
5
1949 F
Series G 4s guar
Serlee H
104
93
Norf A W Ry 1st cons g
99 %
94 H
8
*65 H
65 H
6s—1941 NIN
4i
1996 O A
89 H
106H
«.
1942 A
1942 M N
1946 M N
...
Series C 4 He guar
5
|J*Norfolk South 1st A ref 6s..1961 F
♦Certificates of deposit...
No Am Edison deb 6s
108 H
92 H
74 H
105H
105H
g
87
115
109 H
95 H
414
13H
~
14
.1940 A
Series D 4s guar
16
Niagara Share (Mo) deb 6H0—1960 Nl N
1960 A O
i:*Norfolk A South 1st
8
7%
108
-
—1952
Pfcta C C C A St L 4 He A
105
106
A
10H
44 H
4H
-
107H
4Mb A. 1952
conv
106
11
106
*
'
—
14H
-r
1949
104 H
*6
106
-
s
105H
1966 M S
Nlag Lock A O Pow 1st 5s A...1966 A O
Nord Ry ext sink fund 6 Hs
♦Conv deb 6s
104 H
104 H
44 H
1967 J
Series E 3Hs guar gold
Series F 4s guar gold
108
D
1967
Rock 1st 60
Pirelli Co (Italy) conv 7s
12
99
A
Nl N
N Y Telep 1st A gen s f 4 He—.1939 M N
35
108
A
107
25
75H
J
F
7
23 H
"<33"
104 H
108
19
*94 H
|'
107 M
18H
8H
M N
....1966
{♦|N Y Susq A West let ref 60.1937
|»2d gold 4 He
1937
♦General gold 60
1940
♦Terminal 1st gold 6s
1943
series A
Series P 4Hs guar
1947 M N
107 H 110H
-
f 4s
1937 J
Plllsbury Flour Mills 20-yr 6s..1943 A
5H
1961 Nl N
113
6
-
23
N Y A Putnam 1st con gu
N Y A Rlchra Gas 1st 60 A
6
20 H
8H
110
13
16
29
107
76
110
16
5
107H
108
3
62
29
102
113
26
21H
75 H
61
71
109H
{♦Phlla A Reading C A I ref 5s. 1973
^♦Philippine Ry 1st
63
4
107 H
108
Phlla Electric 1st A ref 3H3—-1967
-
80 H
113
19
%
1
64
8H
107
108
21
20
8H
O
61
109 H 112H
52 H
60
113
16
sec 5s
117
72 H
64
106
......
15H
15H
9
20
D
4s...1993 A O
N Y Queens El Lt A Pow 3 HS--1965 M N
{N Y Rys prior Hen 6s stamp.. 1968 J
J
Phlla Co
89
116
F
16
75
1992 M 8
—--—1966 J
19H
17H
78
6
1977 J
1981 J
31
8H
"26"
1943
1974
General g 4Hs series C
General 4H-s series D
31H
16
19
1BH
61
106
20
16
16 H
J
1940 A
♦Collateral trust 60
N Y Trap
7
17H
17H
17H
17H
J
1948 J
debenture 6fl
♦General 4s
17H
1966 J
debenture 4s
♦Conv debenture 3Hs
♦Conv
"17H
1956 Nl N
♦Non-conv debenture 4a..>.1966 i
♦Non-conv
79 M
91
136
107
64
1st g 4 Hs series C
1980
Phelpe D< dge conv 3 Hs deb—1952
96 H
714
......
Pere Marquette let eer A 5a.... 1956
1st 4f sen-* B
^956
95
*50
......
1990
93
99 H
111H
6
3
42
4a—1940
80
96 H
105
116
75
95
95 H
52
271
116H 120 H
97 H 106
1952
64
96
111H
86
113
21
1943
91
i
108H
145
92 M
85
N Y A Long Branch gen 4s
S
1941
o
{♦NYANE (Boet Term) 40-.1939
{♦N Y N H A H n-c deb 4s
1947 IVI S
♦Non-conv debenture 3HS--1947 Nl S
♦Non-conv debenture 3 He.. 1964 A O
114
89 H
92 H
April
101
109 H
98
83
♦NYLEAW Dock A Impt 601943
92 H
109
107 H
1984
Nl N
1973
B
6
37
8»H
118
82 H
93 H
N Y L E A W Coal A RR 6*0-1942 Nl N
4 Mb series
13
105
105
—1947
cons
j
102 H
82 %
93 %
6a
4s
77
84 H
102H 104M
97H 104H
108H
_
111
86
—1981
Peoria A Pekln Un 1st 5 Ha
♦N Y A Oreenwood Lake 68—1946 Nl N
N Y A Harlem
1968
150
1
High
116H
97 H
97 H
1970
cons
98 M
109H
86
1965
2
111
110H
1970
Debenture g 4 He
Peop Gas L & C let
110
Irow
22f
105
97
*109
1960
General 6s series B
General 4He series D
Gen mtge 4 He series E
Conv deb 3Hs
Refunding gold 6s
N Y Gas El Lt H A Pow g 60..1948
Purchase money gold 4s
Gen mtge 3He ser C
Coneo) Blnklng fund 4 He
General 4 Ha series A
101
97
Jan
5'
84 H
102 %
*
4a
cons g
102H 104 H
103
104 H
N Y A Erie—See Erie RR
83 H
)
105 H 109H
52 H
48
N Y Edison 3MB ser D
1st Hen A ref 3
s ser E
5
106H
47
No.
100
1
95 H
108
51
"47*
HUB
Since
l§<*5
102H
100
-.1981
1943
Consol gold 4s
1948
4a eterl stpd dollar May 1 1948
90
1st mtge 3 He extended to—1947
N Y Connect 1st gu 4Mb A
B
Pennsylvania PAL let 4 He—1981
77
72
O
1946
4s collateral trust
4 He series
let M
Pennsylvania RR
N Y Chic A St I/>uis—
Asked
&
Imw
85 H
Range
c2
Friday's
Bid
High
85
•O
Range or
Sale
Price
33
75
A
A
Low
I
1938 1
Week's
Last
|
EXCHANGE
STOCK
Week Ended Mar. 11
116
87
56 H
F
Y.
12
85
50
75
1974
1978
Oct 1 1938
No.
88H
85
A
4 H" eer A
Lake Shore col! gold 3 Ha
Mich Cent coll gold 3Ha
N.
Jan. 1
UiQh
60
2013
1998
1998
Ref A impt
March
BONDS
Since
Asked
Low
N Y Cent * Hud River M
Range
Friday's
Price
5
Fridai
Ranoe or
Sale
Week Ended Mar. 11
Record—Continued—Page
Week's
"iiH
100
101H
101H
100H
102
13
3
*107 H
*
J
12H
104
100H 102H
107 H
109
94
*
O
100
15
92
St Lbuls Iron Mt A Southern—
♦IRiv A G Div let g 4a
♦Certificates of deposit
{♦S L Poor A N W let gu 6s...1948 J
St L Rocky Mt A P 6s atpd—1955 J
{♦St L-San Fran pr Hen 4a A.-I960 J
♦Certificates of deposit
♦Prior Hen 6s aeries B
♦Certificates of deposit
♦Con M 4 He series A
♦Ctfs of deposit stamped
{St L 8W 1st 4s bond ctfs
55
55
58
56
1933 Nl N
56
56H
14
65
64
2
56
62
3
16
18H
J
67
67
69
4
65
68
J
11
11
12H
29
11
15
10
13H
15M
13H
J
17H
17H
10
j"j
10
10H
22
10H
10H
12H
28
10H
10H
1960
10
10H
16
10
11
44
M~S
9H
9H
60
1989 MN
62 H
62
66H
21
33
1978
8H
♦2d g 4s lnc bond ctfs...Nov 1989 J
|*lst terminal A unifying 58.1952 J
♦Gen A ref g 6a series A
1990 J
9H
8%
5
9H
8H
14
11H
60
67 H
33
33
26 H
32 H
J
17H
17H
25
17H
24 H
J
14H
14H
8
14H
17
J
Volume
New York Bond
146
Week's
Friday
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Week Ended Mar. 11
SI
Range or
Sale
D
F
A
J
J
1972 J
J
J
J
San Antonio Pub Serr 1st 6a. .1952 J
J
{♦St Paul A K C 6b L
gu
4 Hfl.1941
Asked
No.
Range
*8H
7H
Low
1940
4s (large)
St Paul Un Dep 5s guar
gu
S A A Ar Pass 1st gu g 4s
—1943
100
98
9H
8
12
7
20
100
62
H
9H
9H
109 H
Santa Fe Prea A Phen 1st 58—1942 M S
110H
109 H
J
♦Stamped
...
s f 6 Mb series B
1946
♦Stamped
Scioto V A N E 1st gu 4a
1989
i {♦Seaboard Air Line 1st g 48—1950
(♦Gold 4s stamped
1960
♦Adjustment 5a
Oct 1949
i ♦Refunding 4s
1969
♦Certificates of deposit..—...
J
J
A
O
*30
A
O
30
31
116
8
10
116
6H«
♦Guar
♦1st A
cons
20
O
F
A
A
O
♦Certificates of deposit
(♦Alt A Blrm 1st gu 48-—-1933 MS
F
1935 F
A
Shell Union Oil deb 3Hs
Shinyetau El Pow 1st 6 Hs
1951 M
S
1952 J
*""7H
J
(♦Siemens A Ha lake s f 7s
♦Debenture s f 6 Hs
♦Silesia Eleo Corp 6 Hs
SUeelan-Am Corp coll tr 7s
3
114
3 X
6
6H
46
3H
5H
4H
8H
6H
8
7
7H
12
7H
7
25
19 H
AH
21
3H
3H
1
3H
101H
164
61H
----
69
22 H
77 H
88
10
75 H
85
75 H
86H
2
72 H
1952
24
1951
98 H
99
17
79 H
97
1950
South A North Ala RR gu 5s... 1963
South Bell Tel A Tel 3Hs—
1962
106 H
107
18
♦112H
115H
~75H
1941
Skelly oil deb 4s
Sooony-Vacuum Oil 3 Ha
20 H
104 X
103 H
104 H
108 H
108 H
108 H
108 H
Southern Colo Power 6s A
1947 J
1946 J
J
96 H
120H
101H 104H
107
108 H
107 H 108 H
y 7
J
108 H
■
7
95
7
93 H
21
89 H
93 H
98 H
99H
34
95
99H
55 H
98H
96 H
92 H
D
O
99 H
105 H 108
36
1961 M S
1965 F A
1951 A
.
114
Southern Calif Gas 4 Hs
1st mtge A ref 4s
Southern Kraft Corp 4Kb
Southern Natural Gaa—
1st mtge pipe line 4 Hs
5H
4H
70
22 H
...
22
54
22 H
Simmons Co deb 4a
10H
9H
07H 101H
4
70
72
*70
STOCK EXCHANGE
Week Ended Mar. 11
♦1st Hen g term 4s.—..
♦Det A Chic Ext 1st 6a
♦Dee Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3 Hs—
♦Toledo A Chic Div g 4s
gen
57
7
52
65H
92
100
{♦Warren Bros Co deb 6s
1st 40-year guar 4s
—1951 J
80-year 5s
68 H
76
182
J
♦Studebaker Corp oonv deb 6s. 1945 J
Swift A Co 1st M 3Ha
1950 M N
Tenn Coal Iron A RR gen 5s... 1951 J
Tenn Cop A Chem deb 6s B... 1944
67
102 H
102
106"
f 7s__
24
57
55H
53
60 H
11
53
75 H
63
♦105H
S
105 H 105 H
109"
*
85
93
*92
1940 M N
94H
91H
92 H
7H
'Th
D
6
554
13
12
*100 »x«
*97 H
"98H
97 H
82H
10754
J
13
J
100"m101»I«
13
"~7H
J
D
D
97H
A
O
1st mtge s f 4s ser C
98H
..—1961 M N
102
9654 100H
105
100
95
102
100H
62
72 H
transaction during current week,
n Under-the-rule sale; only transaction during
current week,
x Ex-Interest,
f Negotiability impaired by maturity,
t The price
98 H
3
43
83
e
Cash sales transacted during the current
week and not included In the yearly
No sales,
Cash sale: only transaction during ourrent week,
a
Deferred delivery sale; only
113H
1
111
114
represented is the dollar quotation per 200 pound unit
105 H
81
39
102
108H
7
77
payable at exchange rate of $4.8484.
T Bonds caUed for redemption or nearlng maturity
{ Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities alsumed by such companies.
*
Friday's bid and asked price. No sales transacted during current week
106 H
77
113 H
83 H
"15
81
104 H 106 H
ill"
116H
78H
88H
78 H
88 H
78 H
85 H
57
84
120
85
102
32
102
30 H
23
7H
45
72 H
102
11
t
Bonds selling flat.
Deferred delivery sales transacted
D
F
71
9
75
mmrnrn^
*103 H
100
100
8
H
8H
72H
105
100
Transactions
H
Stocks,
Railroad A
State,
United
Total
Number of
Shares
Miscell.
Municipal A
For'n Bonds
States
Bond
Bonds
80
166"
105 H
*-__—
87
20
103 H
104H 108 H
March
11, 1938
97
Saturday
Monday......
75
----
96
Tuesday...—
107 H
76H
108
9H
117H
7
70
80
52
105
737,890
561,800
108
42
21
113
25
89 H
96
90H
95H
105H 107
69 X
77 H
74H
81H
5
108
108 H
40
42
105
105
114
114
111H
106 H
114H
94 H
94H
107
44
93 H
92 H
106 H
77
106 H
77 H
74 H
74H
109
*23 H
112
105 H
105H
19
77 H
78
75H
32
109
106 H
108H 109
24
27
5
107
114
106H
33 H
182
3,366,730
$2,770,000
11
103 H
27 H
33
33
6
27 H
823,000
$28,390,000
$4,390,000
Week Ended Mar. 11,
Sales at
Exchange
Stocks—No. of sharesBonds
Government.....
State and foreign.
83 H
6
78X
79 H
86H
Total.
——
27H
32
1938
82H
82H
84 H
46
50
50
50 H
31
50
87 H
50 H
1959
60
50
50
67
50
50
86 H
86H
1
81
3,366,730
15,182,950
43.941,435
137,180,326
$2,770,000
4,390,000
28.390,000
$41,732,000
7,067,000
170,393,000
$32,206,000
48,016,000
268,372,000
$90,652,000
101,249,000
633,527,000
$35,550,000 $119,192,000
$348,594,000
$825,428,000
the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
are
88
H
as
eomp.led by Dow, Jones & Co.:
;
'
Bonds
Stocka
1957 MN
J
1937
1938
Stock and Bond Averages
{♦Utll Power A Light 5 Ha—1947
J
(♦Vera Crux A P 1st gu 4Hs—1934 J
J
J
(♦July coupon off
Virginia El A Pow 4s ser A
1955 MN
Va Iron Coal A Coke 1st g 5s
1949 M S
11
Jan. 1 to March
1937
1938
33
82 H
Vanadium Corp of Am conv 5a.1941 A O
Vandalia cons g 4s series A
1955 F A
$35,550,000
870,000
6,422,000
New York Stock
Railroad and industrial
33
32 H
*28
A—1947
....
Total..
116
5
25
112
Friday
9H
117
118H
105 H 108 H
108H 114 H
104
107 3i
111
455,040
770,050
Thursday
$2,801,000
4,849,000
7,130,000
6,192,000
6,750.000
7,828,000
9H
----
111
"92 H
Sales
$131,000
496,000
967,000
233,000
360,000
583,000
$346,000
544,000
1,104,000
703,000
$2,324,000
3,809,000
5,059,000
5,256,000
5.520,000
619,950
-
Wednesday
108
Bonds
222,000
94
80
74 U
Exchange,
Daily, Weekly and Yearly
Week Ended
2
Stock
York
New
the
at
-
118H H8H
117
J
70
107H
♦III—
*9H
June 2008 M S
1970 A O
49 H
63
96 H 102
♦118H
A
J
99
included
during the current week and not
4)4-4Ha 1976, Mar, 5 at 60.
Roumania 7s 1959, Mar. 5 at 2654.
Buenos Aires
100 H 102
199
63
97H
under
34
6H
27
♦
Accrued Interest
of bonds.
in the yearly range:
104
29
——
61
M S
Utah Power A Light 1st 6a—1944
96
70 H
83
104H 106 H
♦65
1945 M 8
—2003
5H
954
13
72
Utah Lt A Trac 1st A rat 5s..—1944
1st cons 5s—
6H
5
99)4
m
6H
20
98H
16H
14H
6H
7H
105 X
101H
♦Un Steel Works Corp 6 Ha A..1951
♦Sec s f 6 Hs series C
1951
Va A Southwest 1st gu 4s
13
13)4
7H
*6H
*A%
range:
6H
63 H
J
U S Rubber 1st A ref 5s ser A..1947 J
f 4s series B
10754 109H
14
♦12
—
('Sup A Dui dlv A term 1st 4s '36 M N
♦Certificates of deposit
{♦ Wor A Conn East 1st 4 Hs
1943 }"j
96 H 100H
82
85
83
107H
13H
14
60
79 H
101H
1962 A O
1953 M S
U N J RR 4 Can gen 4s
1944 M S
J
({♦United Rys St L 1st g 4s
1934 J
U S Pipe A Fdy conv deb 3H8-1946 MN
s
5
119H 125
95
100
29
J
Un Cigar-Wbelen Sts 6s
United Drug Co (Del) 5s
Cons
11054
8954
20
*98 H
J
34-year 3Hs deb
35-year 3Hs debenture
—1971 M N
United Biscuit of Am deb 58—1950 A O
(♦Debenture 6s
108
87
87
125
79
6H
72 H
3 Hs debentures
1952
Union Pac RR 1st A id gr 4s...1947
1st lien A ref 4s
June 2008 M S
♦Sink fund deb 6 Hs ser
2054
51
80
101
79 H
79 x
Union Electric (Mo) 3«s
1962 J
{(♦Union Elev Ry (Chic) 5s
1945
Union Oil of Calif 6s series A...1942
1st lien A ref 5a
3
64
105 H 107 H
105H
J
Tri-Cont Corp 5s conv deb A—1953 J
Tyrol Hydro-Elec Pow 7 Ha—1955 MN
s
23
14
111
79
Toronto Ham A Buff 1st g 4s—1946
Trenton G A El 1st g 6s...—.1949 M
Ujlgawa Elec Power
70
59)4
57
Youngstown Sheet A Tube—
o«
J
1952
57
57
23
57
105
"in"
1937 J
f 7s
56
57
23
22
80
J
sec s
68H
72)4
J
Winston-Salem S B 1st 4s...—1960 J
{♦Wis Cent 50-yr 1st gen 4s..—1949 J
Certificates of deposit
Tokyo Elec Light Co Ltd—
Guar
72
113H
J
1960 J
Jan 1960 A O
1st 6s dollar serif*
1953
Tol A Ohio Cent ref A imp 3Hs 1960
Tol St Louis A West 1st 4s
1950
Tol W V A Ohio 4s ser C
.1942
63
X
21
64 H
80
Tex Pac Mo Pac Ter 5Hs A... 1964 M S
..1952
20
57
18
J
Wlunar A Sioux Falls 5s
1938 J D
Wilson A Co 1st M 4s series A-1955 J
J
Jonv deb 394s
1947 A O
r
1979
(♦Third Ave RR 1st g 5s
Tide Water Asso Oil 3Hs
17
53)4
57)4
105 H
.1980
♦Adj inc 6a
55
31
107 H
98
80
,1977
Third Ave Ry 1st ret 4s.
19H
19H
59H
125
1943
Gen A ret 5s series D
12
98 H
10854
106
106)4
"98"
2000
Gen A ref 5s series C
105
107H 109 H
101
103 H
99 H
"64"
97 H
70
H
60
97 H
101H
*
H
52
4
'"64H
64
m mum mm
2
105"
Gen A ref 6s series B
40
102
Gen refund s f g 4s.,
1953
Texarkana A Ft S gu 5Ha A... 1950
Texas Corp deb 3Hs
... .1951
gold 5s...
gold 6s...
188
103 H
12 H
105 H
con
50 H
108 H
J
Tennessee Corp deb 6s ser C... 1944
Tenn Eleo Pow 1st 6s ser A
1947
Texas A Pac 1st
63
103 X
12
102"
Term Assn of St L 1st g 4Hs— 1939
1944
1st cons gold 6s
Tex A N O
47 H
39 H
f08H
103 H
D
1943
Staten Island Ry 1st 4Hs
33 H
93
87
6
19
—
"Bl" "83"
84
46
53)4
S
69
93H
57)4
A
1955
14
118
J
Wheelii g Steel 4 Hs series A—-1986 F
J
6
106
19
10254
12054
109«i 110H
106 H 108 H
10254 103H
116
Ji
S
1960 M
96H 104 H
D
88
105H
121)4 123
101
19
D
♦Westphalia Un EI Power 6s—1953 J
West Shore 1st 4s guar
2361 J
Registered....
2361 J
Wheeling A L E Ry 4s ser D
1966 M
RR lri consol 4s
1949 M
47
113
"2!
28
89
105 H
105
53)4
S
99
233
119H
S
1950 M N
X
1960 MN
J
♦{Spokane Internet 1st g 5s... 1955
A
1946
Staley (A E) Mfg 1st M 4s
D
Standard OH N J deb 3s
1961
119
1946 M
96
38
12154
*109)4
1946 M
Western Union g 4Hs....
26-year gold 5s
96 H
50
105 H
102
88 H
10754 108)4
107H 110
19
110
101H
......
1950 A O
39H
9
108)4
10754
107H
*104)4
12154
J
{♦w ikes-Barre A East gu 5s—1942
1964 J
91
107H
107H
1943 A O
83 H
1938 M S
79 H
43 H
70.
1977 J
61
80
34
West N Y A Pa gen gold 4s
{♦Western Pac 1st 5s ser A
♦5s assented.
■
83
*_
25
86
61
*
36H
86
61
1938
34H
O
J
1
82
65
34H
1952 A
White lew Mach deb 8s
79 H
52
75
81
S
Western Maryland 1st 4s
1st A ref 5 Hs series A
63
~60H "22l
2
6754
108H
44
33 H
16
79
103 H
211
1955
71
79
6554
103
53 H
68 H
"52"
<
67
108
44
"52"
10
10254 104H
64
71
S
1952
44
1951
13
9
26
103
Pulp A Paper 4Hs
,1981 M N
St Louis Dlv 1st g 4a
East Tenn reor lien g 5a
Mobile A Ohio coll tr 4s
S-weatern Bell Tel 3 Ha ser B...
S'western Gaa A Eleo 4e ser D_.
8H
"854 r13"
103
10254
70H
West Va
63 H
63 H
93
10254
101H
58
40
9)4
Gen mtge 3Hs—
1967
West Penn Power 1st 5s ser E—1963
1st mtge 4s ser H
1961
1st mtge 3 Ha series I..—...1968
44 H
43H
*
30
10
"9H
Wash Water Power s f 5s...... 1939
Westchester Ltg 5s stpd gtd
1950
170
41
"s h
O
1945
112
1996
UK
13 H
11H
'"§H
O
Warren RR 1st ref gu g 3Hs—2000 F A
Washington Cent 1st gold 4s... 1948 Q-M
Wash Term 1st gu 3Hs
1946 F A
200
68H
D
1941 M
53
1956
14)4
9
854
11
10 H
Walker (Hiram) GAW deb 4)48-1945 J
Walworth Co 1st M 4s
1955 A
6s debentures
1955 A
Warner Bros Pict deb 6s
..1939 M
54
33 H
40
9H
10)4
*
H
"si"" "5l"
"9H
"m
m
30
J—
56
1956
51
A
1980 AO
43 H
1994
35
94
29)4
69)4
1054
1978 AO
44
1956
105)4
67)4
45
---
......
44 H
Devel A gen 6s
Devel A gen 6 He
Mem Dlv 1st g 5s
4954
25 H
10
♦Certificates of deposit.
♦Ref A gen 4 Hs series C
♦Certificates of deposit
♦Ref A gen 5s series D
43H
Southern Ry 1st cons g 6a
Devel A gen 4a series A
High
102
1
25H
*25H
Low
56
53
♦16
1976 F
"56"
4s
72
Jan. 1
*20"
5Hs A.1975
♦Certificates of deposit
♦Ref A gen 5s series B
S
So Pac RR 1st ref guar
1st 4s stamped
Since
No.
10454
49H
*
1941
1969 M N
,1946 J
High
104H
1939
1968 M
Gold 4 Ha
10-year secured %%a
San Fran Term 1st 4s...
Asked
1941
{♦Wabash Ry ref A
Range
1S
&
i
1941
69 H
76
8
104)4
49 H
25H
1954
So Pac coll 4s (Cent Pac coll).. 1949
1st 4 Ha (Oregon Lines) A... 1977 M
Gold 4 Ha
Gold 4 Ha
Friday's
Bid
Low
Virginian Ry 3Hs series A—...1966 M 8
{(♦Wabash RR 1st gold 5s
1939 M N
♦2d gold 6s.
1939 F A
D
J
Range or
Sale
Price
15H
17H
*98 X
1951 M S
1946 F A
Last
•2* ***
sft,
Y.
♦Certificates of deposit
14
12 H
152
100 H
68
101H
31
116
36
8H
♦17H
3H
3H
28 H
27
7
"Th
23
17
25
7H
7
112H
H
20
10
15
......
D
1935 J
4
25
12H
3H
5H
*4H
110
17
32 H
*13 H
"12H
A
♦Series B certificates
108
22
20
20
O
A
6s series A—....1945 MS
{♦Seaboard All Fla 6s A ctts...l935
*19H
MN
A
81H
109 H 110H
110
J
gtur
62
♦110
1946
{♦Schulco Co
102 H
116H U8H
20
74
110
1965 MN
San Diego Consul GAB 4a
117
*—
62
Week's
High
93
mm — — —
100
7H
N.
Jan. 1
St Paul Minn A Man—
tPacific ext
1681
BONDS
Since
r
■.mmmmm
J
6
Friday
<§<?
High
A
Low
St Paul A Duluth 1st con g 4s_.1968 J
{♦St Paul E GrTrk 1st 4Hu—1947 J
J
3
Friday's
Bid
Price
Record—Concluded—Page
|
10
10
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus-
Grade
Grade
Utili-
40
trials
roads
ties
Stocks
trims
Rails
Rails
ties
Bonds
Mar.
11 122.44
25.66
18.54
39.04
105.06
93.41
49.75
103.35
87.89
10 124.71
9 125.67
26.36
18.83
39.81
105.12
94.09
50.71
103.57
88.37
27.21
18.98
40.31
105.15
95.21
52.11
103.68
89.04
Mar.
8
"33
30
Mar.
""2H
109H
Indus¬
Mar.
"T%
"109H
1H
8 125.33
27.55
19.00
40.34
104.99
95.95
53.46
103.73
89.53
105.27
96.71
54.45
103.81
90.06
105.36
97.22
55.45
103.76
90.45
"in "2H
Date
40
•
J
•IIIII
..1958 A O
40
90
50 H
108"
1
40
109H
45
1
mm
55
mmmrnm
61
Mar.
1
Total
7 125.38
28.05
19.11
40.52
Mar.
5 Y27;67
28.75
19.35
41.28
New York Curb
1682
f
NOTICE—Cash and
Exchange—Weekly and Yearly Record
12, ma
deferred delivery sales are disregarded in the week's
range unless they are the only transactions of the week, and when selling outside of the
a footnote in the week In which they occur
No account la taken of such sales In computing the range for the year.
regular weekly range are shown In
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (March 5,1938) and ending the present Friday (March 11, 1938).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include
every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
Friday
Salts
Last
Week's Rang*
of Priest
Low
High
Week
Pries
20
Acme wire v t c com
Aero
28
Range Since Jan. 1, 1938
Shares
28
Low
50
3*4
34
Feb
17
Jan
Jan
conv pref
Blumenthal (S) A Co.
Jan
Feb
29%
29%
200
23
7%
500
%
1%
%
IK
1
*
14
14
14
Jan
4%
32%
6%
Feb
8%
600
%
Mar
100
1%
Jan
1,000
14
45%
45%
60%
53
40%
$3 conv pref
Class A
6%
100
14%
75
106
im
Jan
64
Jan
64 %
Jan
Feb
Feb
Brewster
Feb
Bridgeport
Feb
10%
Jan
Feb
81
13
70%
105% 106
1,700
500
"84"
"io %
—
-.10
n-v
Amer Gas & Elec com
20*4
20*4
20*4
50
British Amer Oil coupon. _*
Mar
9%
Feb
12%
Jan
Jan
1%
Jan
16
Feb
Jan
52
Feb
Jan
10%
Jan
Feb
67
2%
23%
21%
21%
2
*
Class A
Registered
7*4
Jan
£1
Jan
26*4
25*4
Am dep rets ord bearer£1
Jan
20*4
British Amer Tobacco—
Amer dep rets reg
British Celanese Ltd—
Feb
21
*
2%
2
23%
21%
2%
2,100
125
100
"22%
$2 preferred
Amer Laundry Maon
Amer Lt & Trao com
4*4
24%
10H
Preferred
"n%
*
Feb
Jan
Feb
26%
3%
27%
26%
Mar
22%
Mar
1%
Jan
24%
26%
109% 110%
4%
4%
24% 25%
4,500
Jan
22
Feb
109%
Feb
200
Jan
Mar
13
Jan
18*4
Jan
11%
Mar
14%
Jan
23
Jan
23%
Mar
18
Mar
300
63%
%
Feb
23
Jan
63%
Feb
Jan
1
Jan
2614
Jan
Canadian
36
Feb
Capital City Products
Carib Syndicate
5%
Mar
914
Jan
5
Mar
714
Jan
Feb
114
Jan
%
Carnation Co
Carnegie Metals
1%
Feb
2%
Jan
3%
5%
71%
6%
6
71%
6%
x4
3%
9%
900
Jan
4
Jan
Feb
16%
Feb
Mar
103%
Jan
'11
Jan
he
Feb
3%
Jan
Jan
4,100
3%
Mar
4%
4%
500
5%
Feb
7
Jan
08
Feb
72
Jan
0
Jan
7
Jan
3%
Jan
4
Jan
10
100
1,500
Jan
11*4
1
%
1
1%
6%
1
Jan
1*4
Jan
614
Jan
8*4
Jan
,m
Jan
»u
Jan
Jan
*4
Jan
100
*i«
*
Atlan Birmingham A Coast
RR Co pref
100
70
•
10
Austin Sliver Mines
1
Automatic Products
..6
Automatic Voting Mach--*
3
Mar
2,400
3
Feb
25
30
22
1
3%
24
Mar
4%
Jan
Jan
Chamberlln Metal Weather
Strip Co
5
Jan
7i«
Charts Corp
7u
2,300
14
Jan
%
Jan
1K
1%
1%
700
Jan
7%
400
Feb
Jan
17%
Jan
30
1414
Feb
20
Feb
400
77%
Mar
93
Jan
78%
77%
83
3%
13
3%
7%
1%
1%
2,800
1,000
7%
700
014
Jan
914
Jan
Jan
Mar
114
214
Jan
5,900
114
114
814
7%
4%
Feb
2%
414
17
Jan
Feb
10
Jan
Jan
""966
5 J4
Mar
814
Jan
""50
6314
Mar
6314
Mar
5%
Mar
614
Jan
1%
1%
200
1%
Feb
13%
400
100
1214
314
Feb
3%
159% 164%
50
15914
Mar
13
""3%
159%
3%
514
50
414
100
%
lSn
7%
7%
Jan
11914
Feb
Feb
5%
Feb
Clayton A Lambert Mfg..
Cleveland Elec Ilium
Cleveland Tractor com
Cllnchfield Coal Corp.. 100
1
page
6%
17
Jan
Columbia Gas A Elec—
Conv 5% preferred.. 100
Columbia Oil A Gas
1
Jan
10%
Jan
Commonwealth
Feb
30%
714
Feb
9
Mar
Feb
11
Feb
914
21%
Jan
400
1687
614
Mar
Mar
Jan
79
Mar
80
84
Mar
100
25
"l%
1*4
1*4
*4
4*4
*4
4*4
9i«
5,500
1,100
12*4
100
10
10
5
75
Jan
Jan
1*4
Mar
%
Jan
4*4
10
Feb
Mar
Mar
9
5
5
5
3*4
3*4
3*4
500
x7*4
7*4
200
7*4
7*4
200
50
Jan
5
Feb
3*4
Jan
6*4
Jan
7
Feb
20*4
"""50
100
51*4
7*4
52*4
900
40
8*4
200
*4
200
110
"31*4
110
31
34*4
1*4
30
475
1*4
9,400
32
600
Jan
Jan
Jan
7P
Til
Feb
Feb
26
Jan
1*4
26*4
Feb
Feb
27*4
30
20
23
Feb
61
67
550
29
Feb
57
63
500
26
Feb
5
2*4
2*4
100
5
5*4
300
3*4
3*4
200
2*4
Jan
4
1*4
4
34*4
1*4
4
34*4
5
2,100
200
34*4
4*4
3*4
Jan
Jan
Jan
1
Jan
4
Mar
400
30*4
Feb
800
5
4*4
2*4
Feb
'""760
Jan
Jan
1,500
5*4
2,000
1*4
8*4
Feb
J:.n
2%
Feb
3%
4*4
*55
4*4
£55
Jan
4*4
Mar
100
£55
52
50
63
55*4
3*4
55*4
3*4
*4
Warrants
Community
Community
Community
6*4
71*4
*4
*4
1,500
"2l"*4 "21*4 "22*4
"~50
Feb
21
150
Jan
19
3*4
Mar
*4
*4
3,400
4
Jan
Feb
•11
Feb
A Southern
Commonw Distrlbut
17
12
3*4
0% conv pref
£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
Jan
1,200
600
6
%
7%
Feb
com
1%
18%
Jan
61
60
7
Rosenberger Ino.
Colon Development ord._
Jan
11
6%
5
7
"l*4 "l*4
Jan
Mar
Feb
60
76*4
1*4
Jan
Mar
3*4
17*4
Clark Controller Co
Claude Neon Lights Inc..
»i«
700
75
100
57
City Auto Stamping
City A Suburban Homes. 10
1514
14
8%
Feb
3*4
Jan
61
500
•
67
70
Cohn A
Jan
165
20
Jan
2*4
27*4
„
Cities Serv P A L $7 prel.
$6 preferred
914
3014
%
Purchase warrants
24*4
2*4
76*4
1*4
1,200
Berkey A Gay Furniture. 1
Blckfords Ino common..
$2.50 conv pref
Blrdsboro Steel Foundry A
Machine Co com
♦
7
30
Cockshutt Plow Co
1,300
18
7*4
common
Preferred..;
Preferred B
Preferred BB
Jan
Feb
2*4
2*4
*4
Chic Rivet A Mach
Chief Consol
Mining
Childs Co preferred
Jan
214
16
Jan
116
20
Feb
10
3*4
Club Alum Utensil Co
1%
20
Jan
Mar
"63%.'63%
Conv pref..
Bliss (E W) new com
Bliss A Laughlln com
3J4
13
"5% ~"e"
20
com..
Jan
14%
13
"5%
2%
500
70
10
Cities Service
17
7% 1st pref
100
Beaunlt Mills Inc oom__10
Bell Tel of Canada
100
Bell Tel of Pa 0*4 % Pf-100
Benson A Hedges com
2*4
Cherry-Burrell com
..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
7
2%
8%
8%
Jan
7%
114
714
17%
10*4
79
114
1614
Jan
Mar
85*4
30
21
Feb
5
79
Jan
Feb
23
800
84*4
Feb
Feb
3,700
5*4
27
'84*4
*
Feb
5
25*4
12*4
100
Mar
10
5%
12*4
100
Jan
1
65*4
26
12*4
Mar
214
1
warr
20
800
66
uu
1714
100
1*4
63*4
914
Jan
21*4
64
Conv preferred
100
Conv pref opt ser '29.100
Centrifugal Pipe
Jan
1
*
com
8% pref without
7% preferred
21*4
*
Cent A South West Util 50c
Cent States Elec com
1
Jan
1
*
500
Tobacco—
Beech Aircraft Corp....
Bell Aircraft Corp com..
Bellanca Aircraft com
$7 div preferred
1st preferred
1,300
5
Bath Iron Works Corp
1
Baumann (L) A Co com..*
Celanese Corp of America
7% 1st partlc pref... 100
Celluloid Corp common. 15
10%
>su
W....25
pref
70
1
Feb
73
21*4
10
9%
%
16i«
Bardstown Distill Inc....l
Barium Stainless Steel
1
Barlow A Seellg Mfg A
6
Castle (A M) com
Catalln Corp of Amer
Jan
Feb
3*4
*
Cent Ohio Steel Prod
1
Cent Pow A Lt
7% pref 100
Feb
700
Assoc Laundries of Amer.*
Purch warrants for com..
preferred
30
Baldwin Rubber Co com.l
*
common. 1
Cent Maine Pw 7% pref 100
Cent N Y Pow 5% pref. 100
400
7
warrants
7%
Carrier Corp
Carter (J W) Co
Casco Products
1
com
Jan
Jan
10,900
•
common
Cent Hud G A E
£1
Atlas Corp warrants
Atlas Plywood Corp
15
Carolina P A L $7 pref...*
$6 preferred
*
x98
%
2,500
*
Jan
3%
*
1*4
*
Jan
X3%
10
1*4
25c
Carman A Co class A
Class B
Feb
40
Jan
Jan
4
100
Jan
Mar
Mar
18
300
Jan
3*4
3*4
1
75
3%
14%
Jan
9
Jan
99
3*4
125,
200;
21
150
Jan
1
23
1,100
Mar
"~6%
3%
5
20
22*4
3*4
Jan
1*4
3%
400
Jan
•is
9*4
1*4
1214
1%
2
100'
1
68
5
24
800
9
100
Ashland Oil A Ref Co
1
Associated Elec Industries
Atlantic Coast Fisheries..*
Atlantic Coast Line Co. .50
Feb
2*4
1
200
3%
6%
2*4
2*4
Feb
9
300
700
1
Mar
1
3%
99
1
1*4
*
13%
%
common
Marconi
68
3%
1%
3%
13%
Arkansas P A L $7 pref...*
400
*
Jan
4,200
3%
Babcock A Wilcox Co..
Baldwin Locomotive—
B non-voting
13
3%
5%
13*4
1*4
4,800
1*4
Canadian Indus Alcohol A*
68
10
Feb
12*4
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 25
Jan
200
"1
'it
Jan
95*4
11 *4
Warrants
22
ii'-ioo
5%
21*4
250
Cables A Wireless Ltd—
125
Jan
700
98*4
Burma Corp Am dep rets..
Burry Biscuit Corp..l2*4c
Cable Elec Prods v t c
*
300
Jan
Feb
*
Jan
200
2*4
7*4
35
22*4
*
common
$3 convertible pref
Mar
11%
Jan
97
Bunker Hill A Sullivan 2.50
20
3%
Avery (BF)
100
Burco Inc
23%
Mar
2*4
l'ioo
Feb
11%
6i«
V to common
4*4
Feb
18
Jan
18*4
37*4
6
Jan
5
600
3*4
27%
16
Feb
1,000
37*4
*22*4
26
10%
22
7*4
2*4
3*4
28
Feb
7*4
2*4
37*4
*22 *4
1%
12%
113%
200
1
Jan
150
Arkansas Nat Gas com...*
Common class A
*
*
Feb
Jan
7*4
25
6
Buckeye Pipe Line
50
Buff Nlag A East Pr pref25
$5 1st preferred
*
Jan
100
fArcturus Radio Tube... 1
$5 preferred
Jan
23
*
Feb
11%
%
Angostura Wupperman_.l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
Common
Jan
Jan
$0 preferred
Brown Rubber Co com
Bruce (E L) Co com
4
16
5
*
Class A
Jan
Jan
22
*
100
24
1,000
10%
"5% "*7*4
American Thread pref
6
Anchor Poet Fence....'..*
Amer deposit rets
Assoc Gas A Elec—
28
Class B
§ Brown Co 0% pref
30
2
com
Feb
100
22
Am Superpower Corp com*
1st preferred
*
Preferred
Class A pref
*
Brown Forman Distillery. 1
0,700
300
33
Brown Fence A Wire com. 1
Jan
1%
""% """% "2", 000
10
Preferred
Feb
2%
"25"
Amer Potash A Chemical.*
American Republics
Amer Seal-Kap com
z59%
23%
18"
1
Amer Meter Co
Jan
Jan
22%
100
Amer Maracalbo Co..
Jan
Jan
16
—25
Amer Mfg Co common 100
2
23J4
27%
20
26
19%
4,300
dep rets ord reg.-10s
British Col Power class A.*
Jan
11%
24*4
110%
1
23%
Feb
%
1K
*
$2.50 preferred
1
Amer Hard Rubber Co..50
1%
3
Mar
Mar
27%
*
Preferred
American General Corp 10c
see
7% preferred
....100
Brillo Mfg Co common.
Class A
Jan
Mar
*ii
1
For footnotes
Feb
Jan
106%
Feb
Mar
99%
Amer Foreign Pow warr..
Amer Fork A Hoe com
*
Blauner's
Jan
»ii
95%
Cyanamld class A. 10
conv
81
1*4
Jan
3
25
Class A with warrants 25
$1.60
120
3*4
18*4
Feb
10c
Class B
Class A
87
100
550
10c
Class A
Axton-Flsher
Feb
85*4
"87"
100
200
19
w
Jan
8*4
200
92
Am Cities Power A Lt—
6% preferred
Warrants
3*4
900
*n
99%
15.60 prior pref
*
Amer Centrifugal Corp—1
Option
600
1*4
3*4
82%
97%
7%
1,000
9
ht
5%
48
5*4
4*4
1*4
Jan
700
Mar
4%
4
3*4
Mar
""IO
4*4
Feb
3*4
4%
67%
94%
11%
Jan
Jan
100
700
*
15%
|3 preferred
Art Metal Works
Jan
k
Jan
Am
Common class B
0% preferred
Brill Corp class B
Feb
Feb
100
2
Jan
3*4
*4
1,200
8*4
4
Bright Star Elec cl B
Feb
200
Amer Box Board Co com.l
Class B
Jan
15
200
"48"
4%
"306
11
10*4
*
...100
90
4%
10%
Preferred
Feb
16%
"48"
100
1
Jan
105
2
Aeronautical..
Machine
1*4
13*4
13%
10%
Breeze Corp
9
1614
American Beverage com_.l
Amer
100
%
4%
6% preferred
100
American Airlines Inc...10
100
2%
1%
50
14%
74
%
7% 1st preferred
Feb
Jan
"3*4 "3*4
com
2d preferred
Jan
Mar
Mi
Brazilian Tr Lt A Pow.
Feb
1
Ltd common.*
American Capital—
Class A common
Bowman-Blltmore
Feb
Mar
10
350
Jan
Jan
5*4
1*4
15*4
11
10*4
Bourjols Inc
Jan
7
Aluminum Goods Mfg..
American Book Co
Jan
%
9%
Aluminum Industries com*
Aluminium
15%
Feb
%
25
conv com
preference
"800
37
"7"
25
2H
1%
Aluminium Co common._*
"7*4
1*4
800
}Botany Consol Mills Co. *
49%
10
com
Low
1*4
100
Borne Scrymser Co
Feb
*
Products
1st preferred
Jan
Jan
Feb
com
1*4
Range Since Jan. 1. 1938
Shares
*
Jan
Feb
Allied Internat Invest com*
Allied
7%
1%
•
1%
51%
180
1
$3 opt
2
45
10
60%
52
._*
Allee A Fisher Inc com...*
Blue Ridge Corp com
.
Feb
hi
25
Price
Bohack (H C) Co com—»
3
Southern. .50
Invest
Par
Jan
1,100
Ala Power $7 pref
Alliance
Week
Feb
3%
Investors common.—*
Conv preferred
Warrants
$6 preferred
for
of Prices
Low
High
26
3*4
1
Air Devices Corp com
Gt
Week's Range
High
1
"7*4
Agfa Ansco Corp com
Alnsworth Mfg common.
Alabama
Last
Sale
14%
*
Sa*es
STOCKS
(Continued)
Supply Mfg class A
Class B...
Air
Friday
for
Salt
STOCKS
1
P A L $6 pref *
Pub Service 25
Water Serv__l
22*4
22*4
Feb
Jan
Volume
New York Curb
146
Friday
STOCKS
Last
(Continued)
Week's Range
Salt
Par
Prict
Exchange—Continued—Page
Range Since Jan. 1, 1938
for
Week
of Prices
Low
High
Low
Shares
Cities Service Co.
High
Compo Shoe Mach—
Common
v t c ext to 1946
Coneol Biscuit Co
1
Consol Copper Mines
6
Consol OELP Bait oom ♦
5% pref class A
13 *
4*
63 X
100
Consol Gas Utilities
1
Consol Mln A Smelt Ltd .6
Consol Retail Stores
1
13*
4*
4%
4*
5*
63*
63 *
114* 114*
*
54
54
X
55
100
12X
Jan
15
600
3X
Jan
4
4X
61X
Feb
70
Jan
Jan
115
Jan
Feb
1
Jan
4.900
300
80
200
Mar
64 X
Jan
80
Jan
300
4*
1,200
3X
Jan
73
73 X
100
72 X
Feb
80
*!•
Feb
3X
Mar
IX
6*
*
6*
3*
5
_
6X
3*
300
100
Jan
IX
6
Y
STOCKS
Last
Week's Range
for
Sale
of Prices
Week
4
Feb
9X
Jan
14 preferred
com
7*
»
13 prior preference
•
Copper Range Co
Copperweld Steel
Cord Corp
7*
7%
600
16*
16*
100
6X
16 X
4X
com
_
19*
.10
IX
Corroon A Reynolds—
Common
IX
j
conv preferred
1%
IX
1,100
2*
.100
"1% "ix
1,200
2*
16 preferred Aril"""
Cosden Petroleum oom
1
2X
.£1
Creole Petroleum
Crocker Wheeler Elec
22X
6
Florida P A L $7 pref
Ford Motor Co Ltd—
Am dep rets ord
Price
*
6
X
X
Cuban Tobacco
10 y8
Jan
Jan
72
Jan
Jan
Feb
2X
13*
Jan
12
Jan
Jan
Feb
Cuneo Press Inc....
18
2X
100
29 X
102
Dayton Rubber Mfg com.*
Class A
36
9
Feb
10
Jan
Feb
Feb
Jan
Mar
8
50
18
100
Dennison Mfg 7% pref. 100
Derby Oil A Ref Corp com
~~2~X ~~2X
1I666
8
11.20
£
300
IX
Detroit Gray Iron Fdy.__l
Det Mich Stove Co oom.
13 X
IX
2X
2%
l
19
*
40
3X
58
Mar
Mar
600
IX
300
2X
2X
200
500
2X
15X
Jan
Jan
2
Jan
Jan
3X
3 X
Jan
Jan
22
Jan
Feb
io
"jq
14
3X
24X
6
£1
coml.l
3
Dobeckmun Co com
1
Dominion Steel A Coal" B 25
Dornln Tar A Chern com.*
10
4
24.X
4,725
100
Feb
3X
24X
16
Jan
9
Mar
Mar
Jan
24 X
Feb
Jan
Feb
Jan
75 H
•
17X
13
13
1,000
2
18
13X
Tire
A
17
55 X
17
110
6% preferred A
Gen Water G A E
Class B
1,100
28X
300
33 preferred
Gorham Mfg Co—
"ex "ex
"166
Jan
67
Jan
com
stock
*
Jan
17
Feb
40
55
Feb
63
Jan
100
16
Feb
Jan
110
10
108
Guardian Investors
Gulf Oil Corp
Mar
20 X
110
Mar
Jan
2
Feb
Mar
65
25
58
5X
8X
61
475
Jan
X
Jan
ex
OX
10X
400
5X
Mar
Jan
Haloid Co
400
7X
Jan
6X
9X
8X
Feb
1,600
8X
Jan
1ZX
Jan
Hartford Elec Light
Hartford Rayon v t c
10 X
xlO
2X
100
2X
Feb
Jan
1 X
200
58
Jan
5
46 X
-.1
Jan
Hazel tine Corp
Jan
Hearn
Eastern States Corp
*
17 preferred series A. II*
S6 preferred series B__
20
IX
IX
300
3X
3X
"ii"
Corp...Hi
IX
OX
IX
Elec Bond A Share com..6
Jan
IX
Jan
ex
...I*
.III*
com I~"l
46
46
50 X
3
50 X
3
1
2X
2*
50
18
Jan
26
Jan
19*
125
18
Jan
24
Jan
3X
500
3
Jan
Jan
11
Mar
"ilk """460
200
1
7X
47X
53 X
3X
Jan
26
14
Jan
Heller Co
14
Feb
n6 9
Elec Shovel Coal 14 pref
5X
1,100
1
Feb
IX
Jan
Hewitt Rubber
6X
Jan
10 X
Jan
Heyden Chemical
Jan
Jan
600
55 X
58
Jan
Hires (Chas E) Co cl A...*
Hoe (R) A Co class A—10
"'1%
~~x38~
X
9
5X
46X
47X
121X 123
5x
x37
"88"
Feb
17*
93
'11
Jan
Feb
2*
19*
Feb
20*
1*
9*
ex
Jan
Feb
15X
Feb
6,100
X
7X
Feb
400
4X
Feb
Jan
Jan
Hollinger Consol G M
4
Jan
Holophane Co
26
10
22 X
Feb
35
Feb
2
600
n73
175
5X
38 X
400
ex
600
40
"88"
Feb
Jan
Jan
Jan
Jan
Jan
50
IX
68
5X
1X
700
1
100
~40~~
100
40X
Empire Power part stock.*
Emsco Derrick A Equip..6
com
10c
14*
Feb
5X
Mar
9
Jan
Jan
30
Jan
Feb
10*
Jan
20
20
Feb
49
39X
40 X
44
500
28
Jan
50
Feb
46
400
32
Jan
52
Feb
Feb
22
Feb
10X
X
Jan
10*
Feb
Illinois Iowa Power Co...*
Jan
Jan
13
Jan
Jan
9X
31
Jan
Div
preferred
arrear
200
X
*
X
X
1100
ex
3
"nx
..III
2X
1
u
X
2X
7X
300
Mar
X
ex
1,900
12X
3
1,800
600
2X
Jan
7X
200
6X
Jan
50
Fanny Farmer Candy coml
X
6X
10
X
Jan
Jan
11X
13X
Jan
Jan
4X
*
..116
5X
5X
6
400
Federal Compress A
Warehouse Co com...25
Marl
5X
Mar!
50
ctfs
Illinois Zinc
3*
8X
24
200
200
35
Jan
50
41
Mar
9X
400
9
Feb
800
13
Jan
Jan
5*
Mar
9
5X
100
7,900
4,100
1,500
20*
Indiana Pipe Line
Jan
32
Jan
7% preferred
100
Indpls PAL 6X% preflOO
Jan
Mar
23
14 X
Ys
53X
100
14 Ys
Mar
14X
100
61
ex
63 X
1,000
X
182
52X
2,700
5X
200
58
Mar
Ti«
Jan
60 X
Jan
Jan
7X
Jan
Jan
63 X
Mar
Jan
Marj
pf.100
Jan
Jan
16*
Feb
Jan
7
7*
ex
20 X
8
Jan
Feb
Feb
Jan
37*
41
Feb
Mar
Jan
12*
14*
14*
Jan
5*
Mar
4
Feb
Feb
24*
Mar
4*
Jan
100
Jan
Feb
11
Jan
Jan
28*
Feb
Feb
60
70
Feb
Feb
6*
Jan
*
Jan
Mar)
7*
Feb
Jan
7*
Jan
Jan
100
5*
2*
Jan
Jan
350
20 x
Mar
1*
21*
3*
400
3
16*
2,000
5
5*
9*
200
500
3
12*
4*
9
Jan
Jan
Feb
Feb
Feb
19X
19
300
14
14X
200
2,200
*
4*
Jan
Jan
Jan
6
Jan
Feb
Jan
8*
19*
Mar
Jan
19
Mar
Jan
7*
18 X
19
33
17
13*
49*
Mar
48*
Feb
17*
17*
Jan
Jan
7X
7X
400
8
14
14
14 X
470
15X
14*
15X
165
14
Jan
14*
Feb
36*
Jan
37*
8*
14*
Jan
Mar
ex
Jan
10
Feb
Mar
11
Feb
15*
Mar
80*
Feb
88*
Jan
Jan
1*
Jan
Jan
1*
Feb
Mar
*
Mar
Non-voting class A
*
Class B
*
IX
IX
100
IN
1*
—1
X
X
200
Vs
"58*
"766
Industrial Flnanoe—
V tc common
7%
preferred
7
100
Insurance Co. of No Am. 10
For footnotes «ee page 1687
Jan
Jan
Jan
Indian Ter Ilium Oil—
8X
14X
5X
10
Indiana Service 6%
18*
*i«
21*
98*
9X
22*
6
Mar
7X
4*
1*
Ireland..£1
Jan
Feb
Jan
58*
1*
1*
1*
ex
15
9
Jan
12
250
3X
'H"
ex
300
52X
5*
6*
8
10 X
5
Imperial Tobacco of Can.5
Imperial Tobacco of Great
and
Jan
41
1*
18*
Britain
20
*
Imperial Oil (Can) coup..*
Registered
..*
Jan
19X
1
Jan
Mar
Feb
37
7X
Imperial Chem Indust—
Am dep rets ord reg..£l
20X
18*
10
Jan
Mar
Jan
13X X13X
~~9X
*
Jan
32
18*
Jan
Mar
Jan
20*
X
Feb
35
Illuminating Shares cl A.*
h«
Feb
7X
3X
ex
1
7% pref stamped
100
7% pref unstamped..100
Hydro Electric Securities. *
6%
30
Feb
41
X
Hygrade Food Prod
5
Hygrade Sylvanla Corp.
31
20
7
48
Feb
600
100
ex
Jan
28
11
200
ex
28
9X
11
3,900
5Ys
75
com..-60
300
Feb
ex
8H
3X
ex
68
200
European Electric Corp—
Option warrants
30
4*
43 X
43
Jan
500
66
Mar
3*
""500
4X
52
l*u
Mar
Jan
5%
66 X
Jan
Feb
88
2X
15X
5X
•
Humble Oil A Ref
81X
1Ju
Jan
81
X
4X
Hummel-Ross Fibre Corp 6
Hussman-Ligonler Co
*
fHylere of Delaware Ino—
Jan
Feb
50
9
Jan
IX
X
26 X
50X
100
80
1,700
25X
Jan
3,400
Feb
IX
IX
25 X
24
22
Equity Corp
Feb
Jan
150
Mar
Feb
42*
58
200
19*
Jan
Feb
75
10
*
Jan
37
58 X
24X
Hud Bay Mln A Smelt
Feb
Mar
23X
Jan
X
10
..100
200
41X
7*
3
10
30
8X
Inc...6
10X
"i«
38 X
Jan
Feb
Feb
100
X9X
*
5% preferred
Hubbell (Harvey)
Jan
Feb
Jan
5X
2X
4
Jan
IX
33
600
5X
Jan
13
49*
124*
2*
Horn (A C) Co com
2X
Jan
5X
30
Holt (Henry) & Co cl A.
Jan
75X
Jan
Feb
Feb
11 x
15
15
7
Jan
6
Jan
28
100
"l%
35
Feb
Jan
46
119*
58
10
5
Jan
6X
8,200
com..
Common
100
80
175
29 X
13*
4
13
Jan
Jan
10
2*
6
Jan
20
16 preferred...
Jan
72
10
com
Feb
IX
1
Jan
Jan
Jan
100
18
ex
40 X
46 X
2 X
19X
50X
Flsk Rubber Corp
12
Jan
Feb
6*
6X
17
8X
3X
....25
ww
2X
IX
(Philaj
Preferred
900
19X
Empire Dlst El 6% pf.100
Empire Gas A Fuel Co—
Fire Association
41
15
2
com
1,800
i
Fiat Amer dep rights
Fldello Brewery
Jan
6*
35
*
3
C0..IH5
1
Mar
Mar
Jan
76
Jan
*
300
Electrographlc Corp...
Ferro Enamel Corp
26c
Horn A Hard art
IX
i
w~ will I"*
Metallurgical
.60
Class A
4X
Shareholding—"
Fedders Mfg Co
preferred
Hecla Mining Co
Helena Rubensteln
3X
A..H*
Brewing
6%
*
Dept Store com..5
16,900
Option warrants....
Fanstee I
1X
20 X
13
18
Easy Washing Mach B
Economy Grocery Stores.*
Edison Bros Stores....
2
Falstaff
Feb
"~5*""Feb
Jan
*
Jan
7% preferred
Jan
Mar
88
5
28
25
11
Ex-CeU-O Corp
Falrchlld Aviation
6*
28*
29
5
Gulf States Utll 35.50 pref ♦
S0 preferred
*
Hall Lamp Co
*
ix
31
Evans Wallower Lead
Jan
11«
*
Jan
1
Feb
50
5 Ys
Grocery Sts Prod com..25c
17
55 X
Feb
Esquire-Coronet
Jan
Mar
2,300
X
25
Feb
Eureka Pipe Line
14
Jan
5*
28
16X
100
8
100
Feb
1*
33
5X
18
Grand National Films Inc 1
49
6*% preferred
7% preferred
8% preferred..
11^
2
Grand Rapids Varnish
Gray Telep Pay Station. 10
26
6% preferred
Mar
33
5X
*
_
50
.
Jan
Jan
6
.*
V t c agreement extend
150
Elgin Nat Watch
70
47
86 X
*
X
58
.
El octroi Inc v to.
Jan
Feb
Feb
X
50
pref
Jan
90 X
Jan
3X
12 X
28
"l5"
37 preferred
Goldfleld Consol Mines
Gorham Inc class A
28
conv.
•it
39
28
*6
Jan
11X
Gilchrist Co....
Glen Alden Coal
Godchaux Sugars class A_»
4X% prior preferred. 100
6% preferred
100
Malleable Iron_25
Common
Feb
*
64 X
Jan
Eastern
Electric
14
Mar
J
IX
Harvard Brewing Co
1
Hat Corp of Am cl B com. 1
Elec P A L 2d pref
Feb
X
65
♦
Hartman Tobacco Co
Class A
10 H
40
*
3 J*
51
Elec Power Assoc
Jan
200
I
2X
40 X
16 preferred.
$6 preferred
19*
100
com
33 preferred
7% 1st preferred
Gt Northern Paper
Greenfield Tap A Die
IX
Common
Elsler Electric
2*
Feb
Rubber—
Jan
Mar
East Gas A Fuel Assoc—
.
Jan
17 X
'n
16
55 X
Dublller Condenser Corp
.
IX
200
+
General Telephone com.20
33 conv pref
General
Jan
1,100
IX
17X
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
Gen Rayon Co A stock
•
Non-vot
*
100
6X
Great Atl A Pao Tea—
Co." III1110
preferred
.IlOO
Durham Hosiery cl B com*
Duro-Teet Corp com
1
Duval Texas Sulphur.._.*
Eagle Plcber Lead
io
100
67
Driver Harris
Duke Power Co
Jan
9*
80*
13
Jan
10
100
_
Mar
87
Jan
15X
3
300
100
_
$0
Jan
Jan
600
Dominion Textile com
»
Douglas (W L) Shoe Co—
_
Mar
13X
3
10X
Jan
9
35 preferred
Gilbert (A C) com
Preferred
Jan
Jan
Jan
86
ex
Georgia Power 36 pref..
Jan
11
28
Jan
14
8*
16*
100
Jan
Feb
9X
Jan
20*
2X
19
7X
Jan
12X
2 X
2X
Feb
Jan
8
200
12 J*
Jan
22
Mar
Jan
2X
50
MfglHIl
10 x
Jan
40
2X
Jan
Jan
5X
Mar
Warrants
X
100
Jan
7X
30
Jan
Jan
Feb
14 X.
28
3X
29 X
105X
8X
13X
5X
9
7X
50
300
*
oom
Mar
Jan
21X
300
8
Investment com.l
16 preferred
*
Jan
5X
7%
15X
4% conv preferred
100
GameweliCo %6 conv pf..*
Jan
Jan
21*
1
7X
3X
7X
15X
7X
Mar
Feb
7
hs
Jan
Mar
IX
11
19,800
Darby Petroleum com
6
Davenport Hosiery Mills. *
Jan
7
10 X
Jan
9X
Jan
7*
5
Jan
Mar
18
preferred
Jan
2X
2
7%
3X
Mar
conv
Jan
2X
zl8*
Jan
400
General
Jan
Jan
Mar
$3
Feb
Feb
IX
Jan
3%
1
Gen Electric Co Ltd—
Amer dep rets ord reg_£l
Gen Flreprooflng com
*
10X
■
Curtis Mfg Co (Mo)
6
Cusl Mexican Mining..60c
Dejay Stores
Jan
Jan
Mar
15X
18
Mar
Jan
600
50
4
17
17X
2
16
5% preferred
General Alloys Co
6
Ys
300
Jan
10;
IX
Jan
Jan
Feb
5*
18*
7
Jan
Jan
Jan
Mar
5
18
Gatlneau Power Co
100
1,530
41X
18
Jan
900
5X
17X
High
Feb
*
8X
Jan
Low
32X
16 X
Fuller (Geo A) Co com.__l
27 X
2,800
5
1
preferred
Fruehauf Trailer Co
Jan
*
5X% preferred
Common.
Feb
4*
250
5
Conv
Feb
6*% Preferred..III100
Preferred
Diamond Shoe Corp com
Distilled Liquors Corp..
.!
X
10X
IX
X
IX
39 X
Franklin Rayon Corp
1
Froedtert Grain A Malt—
22 X
5X
5,400
10
1H
com v t c. *
7% preferred
Draper Corp
Fox (Peter) Brew Co
2,400
com..H.♦
..Hl0
Distillers Co Ltd
Dlvco-Twln Truck
Jan
IX
26
Crystal Oil Ref
6% preferred
De VlJblss Co com...
3X
17
Range Since Jan. 1,1938
Shares
36
Ford Motor of Can cl A..*
Class B
*
Jan
High
Ford Motor of France—
Amer dep rets
100 free
Jan
Jan
4
Seni ?etro1 ^d)
Detroit Paper Prod
Detroit Steel Products
Jan
Jan
Feb
Low
5
1,000
24X
6
X
Crown Cork Interaat A__*
Crown Drug Co com..26c
7%
Par
3
22 X
l
ww
7X
22 X
2X
Sales
Friday
X
Crowley, MllnerACo"""
Preferred
Detroit Gasket A
Feb
9H
17X
Feb
12
"
Croft Brewing Co
Preferred
Jan
Mar
9X
60
Courtaulds Ltd.
Jan
Mar
IX
65
Cramp (Wm) A Sons com_1
6% pref
Teletype: N. Y. 1-1943
reg._£l
Cooper Bessemer
6%
Street, New York City
HA 2-5383
Jan
Jan
Jan
9
_
60 Wall
(Continued)
X
8X
Jan
WILLIAM P. LEHRER CO., INC,
Jan
Jan
Jan
Jan
Jan
Jan
IX
4
3*
81X
IX
5X
Continental Oil of Mex.__l
Cont Roll A Steel Fdy
Continental Secur com
Cook Paint A Varnlsn.
Jan
3
Consol Royalty Oil
10
Consol Steel Corp com-..*
Cont G A E 7 % prior pf 100
BOUGHT—SOLD—QUOTED
Feb
54
100
Preferred
and
Feb
X
6X
Jan
113X
X
l6o
8% preferred
1683
2
Sales
55 X
"55'
Feb
8*
Jan
54
Feb
61 *
Jan
New York Curb
1684
Sales
Friday1.
STOCKS
Last
Week's Range
Continued)
Sale
Oj' Prices
Low
High
Par
Price
International Cigar Mach m
19
19
Internal Holding A Inv
IX
Internat Hydro-Eleo—
Pref 13.60 series
60
1 a
15
15
234
3034
2%
31X
for
Week
Low
100
19
100
2X
International Petroleum..*
3034
-*
Registered
30 X
22
Mar
Par
Jan
IX
Jan
Moore (Tom) Distillery..l
Mtge Bk of Col Am shs
Mountain City Cop com 5c
734
Jan
3134
Mar
Murray Ohio Mfg Co
*
.8
834
Jan
Mar
Muskegon Piston Ring.2 34
N achman-Sprlng filled
10
1034
300
2934
Jan
434
Feb
1,000
534
Jan
834
34
Jan
Nat Auto Fibre
Jan
Feb
National Baking Co com
Nat Bellas Hess com
Feb
Jan
63
Jan
Feb
Jan
634
Jan
34
Jan
Nat Service
Jan
1634
1234
Jan
Amer dep ids—20 Lire
Italian Superpower A—
X
X
X.
100
534
534
ox
2,700
5
75
62
34
*
Feb
x
734
334
Jan
234
Jan
Jan
,
Feb
100
100
100
6% preferred
7% preferred
Jonas A Naumburg-_.2.50
Jones A Laughlln Steel-100
Kansas G A E 7% pref. 100
62
62
66
7734
234
77X
2X
83
30
30
70
06
2X
31X
Conv part preferred
National Steel Car Ltd
Jan
Nehl Corp
400
43 X
Jan
Jan
108X
Feb
Jan
21X
Jan
6X
Jan
7X
Mar
200
""X ""X
A *
1
6X
"600
6
3
Feb
434
Feb
634
Jan
»!•
1534
600
434
300
834
834
234
600
1,000
34
400
134
234
234
34
34
15
200
X
100
2
Jan
Jan
Jan
Jan
34
Nebraska Pow 7% pref. 100
Jan
Jan
Jan
334
34
3
1434
100
15
73
Feb
Jan
35
1
85
Jan
9
1434
434
.15
National Transit
12.60
Nat'I Tunnel A Mines
•
Feb
1134
37
Jan
"800
*
Feb
Feb
13
Mar
Mar
734
34
*
Mar
30
834
30
34
Nebel (Oscar) Co com
77X
2X
2124
150
"*434 ~~4X
34
Nat Union Radio Corp
Navarro Oil Co
500
60
400
334
"434
Jan
107
Keith(G E)7% 1st pref. 100
Kennedy's Ino
6
Ken-Rad Tube A Lamp
Mar
32
234
common
Jan
Jersey Central Pow A Lt—
preferred
30
*
com
National Sugar Refining..*
National Tea 534 % Pref. 10
Jacobs (F L) Co
Jeannette Glass Co
.__*
Nat Rubber Mach
Jan
Jan
Jan
2034
ht
Jan
Jan
Jan
334
9
Jan
1
Feb
National Fuel Gas
2534
1334
7
18
National Oil Products...
National P A L S6 pref..
National Refining Co
25
100
7
Jan
Jan
45
Jan
300
834
Mar
34
350
Jan
434
14 X
1,800
600
4
Feb
10H
434
300
34
934
1834
Jan
334
1434
10X
434
53
334
500
1
434
1834
4834
Nat Mfg A Stores
2"66O
Isotta Franschlnl Co—
Jan
1834
4834
Jan
"3X ~~3X
Irving Air Chute
1234
1,400
Mar
Jan
Feb
1434
2834
28
934
1334
Feb
'"600
Jan
Jan
1334
Jan
"454 "ix
Jan
10
1,000
Jan
934
Interstate Hosiery Mills..*
34
121
Feb
834
1
Feb
Interstate Power S7 pref.*
Jan
734
734
Jan
Feb
Investors Royalty
Iron Fireman Mfg v t O..10
Jan
Feb
734
9
34
34
34
434
834
2534
Feb
434
X
100
he
2,200
Jan
Feb
National City Lines com
S3 conv pref
...50
National Container (Del).l
1,400
4
534
Feb
934
534
115
1
54
3X
5
334
Jan
1
854
27X
3 34
354
Jan
Feb
_
.
com
»i«
Vitamin...1
2
534
300
31
10
8H
27X
Interstate Home Equip-.1
"1,900
{Mountain States Power.*
Mountain Sts Tel A Tel 100
1
International
*634 "~624~
High
Mar
334
634
2834
100
Low
1
1,200
Mountain Producers
8
S3.60 prior pref
*
Warrants series of 1940.-
134
Jan
Jan
.--*
SI.76 Preferred
1
Range Since Jan. I, 1938
Shares
Feb
*
Class B
High
34
334
34
034
034
Low
1734
200
31
Price
Jan
Feb
International Utility—
5>4%
Week
Feb
Raior B.*
Class A
for
of Prices
234
1
Internat Radio Corp
Week's Range
Sale
34
134
12
100
1,300
4,200
International Products—*
Internal Safety
Last
High
Jan
134
STOCKS
(.Continued)
Shares
12, 1938
Sales
Friday
Range Since Jan. 1, 1938
A stock purch warr...
Internat ! Paper A Pow war
March
Exchange—Continued—Page 3
Jan
Jan
Feb
Feb
Jan
ft
4134
Mar
1834
Jan
634
Jan
Feb
934
Jan
Jan
1434
3
Jan
Mar
1334
Tu
110
Feb
Jan
34
Jan
34
Mar
15
Feb
Feb
Feb
""566
Nelson (Herman) Corp ..5
Neptune Meter class A...*
434
Nestle Le Mur Co cl A..
Nev Calif Elec 7% pref. 100
34
Jan
1
Jan
42
42
10
31
Jan
42
Mar
6% preferred D
Kingston Products
30
30
20
24
Feb
30
Jan
434
""*34
"x
49
50
49
111
Jan
Jan
47
Feb
Feb
4134
Feb
434
Mar
Feb
734
Jan
X
Mar
34
Mar
300
200
0
Jan
50
49
Mar
50
150
49
Mar
62
Jan
87
Feb
102
Jan
6
200
Feb
10
Jan
72 34
Jan
Jan
234
Jan
50
Mar
New Engl Pow Assoc...
Feb
Kings Co Ltg 7% pref BlOu
434
Feb
634
43
35
4134
40
*
common
1st preferred
Kingsbury
Breweries
10
100
1
1
234
434
Klrkl'd Lake G M Co Ltd. 1
IX
Klrby Petroleum
Klein (D Emll) Co com..*
Knott Corp common
Kobacker Stores
2X
2X
434
454
IX
IX
3,600
1.100
200
100
Jan
X
2X
3X
IX
UX
Jan
3X
Jan
0% preferred
..100
New England Tel A Tel 100
New Haven Clock Co
New Jersey Zinc
.25
Jan
5
Feb
New Mex A Aria Land
15
16
IX
15
Jan
15X
6
15
Mar
Feb
1
com
9
Jan
Newmont Mining Corp. 10
Jan
N Y Auction Co
Jan
N
10 X
99 X
Jan
12X
Mar
102 X
Jan
UX
Feb
12X
Feb
1
7X
Mar
11
Jan
Lackawanna RR (N J). 100
43 X
Feb
Koppers Co 6% pref-..100
Kress (8 H) A Co
10
Kreuger Brewing Co
Lake Shores Mines Ltd
1
99X
100
434
Develop...26
Oil
3,300
51X
Jan
58 X
Feb
2X
1,700
2X
Feb
3X
Jan
Feb
86X
J an
Feb
IX
13X
Feb
100
5,900
X
12X
Jan
12X
AX
3X
Jan
9i«
7,500
800
100
2,300
100
X
14X
Feb
,IH
Jan
Feb
Jan
1734
20X
Mar
19
18X
Jan
25X
Jan
10 X
23X
Jan
14
Feb
Jan
25
Jan
IX
Jan
Jan
2X
10X
Jan
Jan
10 X
Jan
Nllee-Bement Pond
7X
Jan
9X
Jan
Jan
Noma Electric
1
Jan
\7X
1934
1934
Lion Oil Refining
*
21
22X
13X
1
13X
26
__
"i'x "ix
*
com
Locke Steel Chain
1
Lone Star Gas
*
'"266
6
Lockheed Aircraft
Corp
Long Island Ltg—
Common
........*
7% preferred
6% pref class B
8
100
Loudon Packing
*
Louisiana Land A Explor. 1
Lucky Tiger Comb G M.10
Lynch Corp common
6
Vk
5
IX
7X
8%
8
4,500
900
IX
2,600
IX
Mar
40
36 H
30 X
Jan
42
Feb
34X
IX
38
"si"
40
31
33
150
Jan
Feb
7H
100
Jan
Jan
Jan
IX
8X
*3334
8X
8X
"§334 '33X
'""150
Feb
2X
Jan
8X
X
31
2,400
Jan
9X
Jan
Feb
X
Jan
Feb
38
Jan
Majestlo Radio A Tel
1
1
Feb
IX
Jan
Mangel Stores
1
3
Jan
3X
Jan
*
45
•6
conv
preferred
Mapes Consol Mfg Co
Marconi Intl Marine—
1
*
1
19X
19X
400
100
19 X
Communication ordregll
Margay Oil Corp
7X
..*
Marlon Steam Shovel....*
Mass Utll Assoo v t c
1
20
5X
Master Electric Co
5X
6X
"ex "7"
Massey Harris common..*
1
1454
15X
600
Mead Johnson A Co
*
100
Memphis Nat Gas
6
com
Memphis P A L |7 pref
Mercantile Stores com
*
Merchants A Mfg cl A
150
Mexloo-Ohio Oil
Michigan Bumper Corp__l
Michigan Gas A Oil
I
Michigan Steel Tube..2 60
Michigan Sugar Co
Preferred
10
454
1054
99X 100X
4%
4X
Class B
v
"iix
~l~4X ~i~5X
t o
"44*
"44"
44
X
234
Jan
Feb
7X
Feb
"2934 ~29X
*
5X
3X
OX
Monroe Loan Soc A
Montana Dakota Utll
9X
95 X
Feb
3X
Jan
*100
Feb
12
Jan
10734
434
*
Jan
Mar
19
Jan
Feb
434
Jan
Mar
2334
Mar
2X
Jan
Jan
Jan
434
34
44
Jan
50
Jan
Jan
2,800
X
Jan
34
134
Feb
""Io
2934
Mar
2934
Feb
Mar
*
n
Mar
Jan
X
X
Jan
34
Jan
3X
Mar
Jan
ox
300
6
Jan
Feb
1*11
X
Jan
534
834
34
3X
Jan
5
2X
300
#ii
2,500
100
5X
Feb
2X
Mar
X
Mar
4
Jan
Feb
Feb
50
73
7
"ifi
"ix "ix
8X
Jan
T66
IX
350
Jan
Jan
4
"»•
10
Jan
29X
75
Jan
9934
220
Jan
101
Jan
91
92
14
Common...
1
86 preferred
...»
North Amer Rayon cl A..*
Class B com
*
76
60
7X
8X
700
4X
5X
2
2X
1,500
2,500
5
Nor Cent Texas Oil
Nor European OH com
Mar
Mar
8034
134
834
*1134
234
24 X
Feb
2934
Mar
75
Feb
76
Mar
Jan
107
Jan
134
Jan
Jan
Jan
Jan
Feb
Feb
634
434
Mar
Feb
x834
634
Jan
434
Jan
40
15
Jan
734
734
2,600
7
Jan
71
Feb
79
Jan
66
75
225
*i«
134
134
200
534
400
*3134 "34"
I'M
31
Feb
Jan
27
Mar
Feb
3334
145
J:m
145
Feb
Jan
Feb
Jan
Jan
Jan
034
8934
Jan
38 34
Jan
9
1,100
434
8934
31
Feb
934
Feb
2
Jan
234
Feb
334
Jan
434
Jan
334
134
3434
334
134
3434
134
900
134
Mar
3434
400
3434
Mar
500
134
Jan
Jan
~20X "2034
"166
3734
Jan
16
Jan
24
Jan
18
Feb
2334
Feb
Jan
43
43
34
334
334
700
Jan
IX
Mar
Jan
4
Jan
334
Jan
Feb
66
Jan
68
Feb
77
Jan
6
Feb
Nor Sts Pow
com
cl A..100
{Nor Texas Elec 6% pf. 100
Northwest Engineering..*
Novadel-Agene Corp....*
6
'1034
conv
pref
6
100
534
1,100
934
Jan
Jan
1034
2034
Mar
Mar
2434
3434
31
11234
10134
9334
107
U134 11234
10134 10134
15
9
27
934
30
11034
9434
Jan
11234
Jan
10134
Jan
9134
Jan
934
8
Jan
Jan
1034
31
Feb
92
10
2,100
400
2134
90
2
3,700
100
534
334
334
100
"29k "30"
Pacific PubUc Service
*
81 30 1st preferred....*
534
Parker Pen Co
i*200
Peninsular Telp
com
Jan
Jan
334
634
2834
2734
30 34
Jan
2734
2934
15
1434
16
634
634
2734
Jan
10534
51
2834
Jan
Jan
Jan
Jan
1734
700
Jan
31
1,600
1434
Feb
1934
34,300
1534
16
800
534
734
Jan
Jan
14
1534
534
434
1734
2434
4
634
58
1,000
Feb
1434
Jan
434
15
,
19
21
"23"
"166
Jan
23
2134
Feb
2434
334
"23"
*
Preferred
534
3
102
10
Class B
234
Jan
Mar
6
Pacific G A E 6% 1st
pf.25
534% 1st preferred
25
Pacific Ltg 80 pref
»
Pacific P A L 7% pref.. 100
Jan
10934
120
234
534
334
Jan
9434
Jan
Feb
534
1
Jan
91
100
234
of Venea
1
100
1
Pantepec OH
1434
100
Oliver United Filters cl B_*
Overseas Securities
*
Pacific Can Co com._.__.*
Pacific Tin 8pec stock.._.*
Pan-Amer Airways......6
Feb
*8834
934
9334
107
Jan
1334
"366
100
Oldetyme Distillers
he
Jan
11
"1034 ~n"
60
83 preferred
6%
934
6
com.
34
X
10
100
Feb
4
I*
21
Jan
26
100
110
Feb
110
Penn Edison Co—
82.80 preferred
85 preferred
Penn Gas A Elec cl A
Penn Mex Fuel Co
Penn Traffic Co
v t c
Pa Pr A Lt 17 pref...
86 preferred
Perfect Circle Co
Jan
134
58
Jan
33
Jan
Jan
20
534
22
1
20
Pepperell Mfg Co
2934
Jan
he
Feb
700
Jan
Jan
34
400
34
2
140
Jan
6934
Feb
Jan
Jan
5934
Jan
131
Jan
834
34
234
60
19
5934
6934
Jan
Jan
600
Jan
Jan
*1634"
1
134
134
5
*150
934
Nor Ind Pub Ser 0 % pf. 100
7% preferred
100
Northern Pipe Line...
10
Penn Salt Mfg Co
Pa Water A Power Co
Feb
100
"27"
Jan
Mar
534
3134
5
Parkersburg Rig A Reel_.l
5
x33X X33X
9434
6
10
Patchogue-PlymouthMllls*
13234 133
"26"
Mar
400
0% prior preferred
50
No Am Utility Securities.*
Jan
Jan
9034
634
100
._.*
Pennroad Corp
1687.
Jan
10
74
5
common
Feb
104
29X
27
30
Mar
Paramount Motors Corp. 1
"900
100
For footnotes see page
Class B
Class A pref
Oklahoma Nat Gas
Jan
100
2X
X
5X
74
134
0% 1st preferred
Ollstocks Ltd com
55
75X
•
Jan
734
Niagara Share—
Mar
Jan
14X
2,200
*
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref
24 X
1,300
*i#
Jan
225
900
1
Montreal Lt Ht A Pow
Class A opt warr
Class B opt warr
334
Feb
300
75
*
Jan
300
734
100
Ohio Oil 0% pref
100
Ohio Power 0% pref... 100
Ohio P S 7% 1st pref... 100
~~7~X "ix
10
Montgomery Ward A
10
61
734
Ohio Brass Co cl B com..*
Ohio Edison 80 pref
*
8X
2X
Jan
100
Jan
Voehringer
1
Monogram Pictures oom.l
...100
Jan
600
900
Miss River Power pref. 100
Missouri Pub Sere com..
Molybdenum Corp
6% 1st pref
5% 2d preferred
5% 2d pref cl B
1634
1334
8X
454
2
834
29
"l5"
Pender (D) Grocery A...*
Minnesota P A L 7% pf 100
2.50
Niagara Hudson Power—
Common
;
...10
4734
100
2X
Jan
Jan
200
2834
734
6
New York Transit Co
5
N Y Water Serv 0% pf_100
Jan
4X
X
"ox
Jan
4
1
Feb
600
50
'it
Mid-West Abrasive
Mock, Jud,
Common
Jan
X
3X
"4"
_50c
Midwest OH Co
io
Midwest Piping A Sup
*
Mining Corp of Canada..*
Minnesota Mining A Mfg. •
Jan
3 X
3
*
oonv pref
Midland Steel Products—
%2 non-cum dlv shs
*
Mid vale Co
*
734
23 X
3
io
Midland Oil
Jan
Mar
Feb
55
«
Middle States Petrol—
Class A v t c
734
24
Mar
Founders shares
14
1
634% A preferred... 100
Mesabl Iron Co
1
Metal Textile Corp oom__*
Partlc preferred
*
Feb
1934
OX
*700
*
Participating preferred.*
Merrltt Chapman A Scott *
Warrants
Jan
Jan
45
4X
2X
10
72
N Y Shipbuilding Corp—
47
*
Dredging
Feb
Mar
IX
May Hosiery Mills Ino—
14 preferred w w
-.T*
McCord Rad A Mfg B.._*
McWilliams
Feb
Nor Amer Lt A Pow—
16
»
6% preferred.
54
Jan
9934
734
5
IX
X
Le Tourneau (R G) Inc..l
Llpton (Thos J) cl A..
834
Nineteen Hundred Corp B1
4
Line Material
Lit Brothers
1,600
134
91
Feb
55X
1
21X
29
88 preferred
52X
X
Leonard
N Y A Honduras Rosarlo 10
N. Y. Merchandise
10
N Y Pr A Lt 7% pref.. 100
Niplssing Mines
*
63
00
500
2
834
80
Lehigh Coal A Nav_.
59
1,300
2
*
com
12X
*
*5934
6534
„
434
Y City Omnibus—
46
Bryant 7% pref..100
Lefcourt Realty com
Preferred
134
Warrants
2X
62 X
Lakey Foundry A Mach..l
Lane
99X 100
Feb
6234
1
534
6034
._*
2534
*
....
2534
25
Mar
2534
Mar
2534
834
Feb
Mar
2 34
Mar
Mar
.....
100
*
1
234
2.50
234
100
234
234
234
5,000
8734
8634
8734
175
*
140
50
6534
*
*
68
68
14034
75
6534
7234
400
450
Jan
234
Jan
85
Feb
9034
Jan
7734
1
._»
100
234
Feb
82
Jan
234
131
Feb
14934
Jan
6534
Mar
7234
Jan
6034
Feb
77
Jan
Volume
New York Curb
146
Friday
STOCKS
Last
{Continued)
Sal*
Par
Price
Sate*
Week'*
Range]
High
for
I
Share*
Range Since Jan. 1, 1938
Low
3X
Feb
4X
Mar
•
6X
Feb
Jan
*
112 X
Feb
7X
115
Feb
Jan
31X
Feb
Phlla Elec Co 15 pre!
4x
400
Pbila Elec Pow 8% pref.25
Phillips Packing Co
31
*
3X
3*4
zx
400
1
2*4
2*4
2X
Marj
1,500
2X
"rj"
""900
Jan
Jan
1
"zx "zx
2",700
2X
Jan
Conv pre! series A
Pierce Governor com
10
*
Wlnterfront
"IS"
Is"
-.1
Pioneer Gold Mines Ltd..l
"~3*4
21
Jan
17 X
Jan
Jan
IX
Jan
ZX
Jan
Jan
Pltney-Bowes Postage
*
Meter
Pitts Bessem'r ALE RR 60
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Forgings
6
.....
6
6X
Z8X
Z8X
1
7
300
A Lake Erie. 60
Metallurgical 10
65 **
55X
Plate Glass. .26
76 *4
74
78
Polaris Mining Co
Potrero Sugar com
25
70
2,400
zx
X
zx
"ZX
Powdrell A Alexander. ...5
zx
Producers Corp
7X
2X
1,600
"1«
700
2,000
4
1ZX
13*4
X
zx
100
izx
100
*
55 x
74
200
ZX
Power Corp of Canada— *
Premier Gold Mining
1
Pressed Metals of Amer..*
ex
ix
5
Pratt A Lambert Co
38
ex
25c
6% 1st pre!
5*4
600
7*4
55*4
Pleasant Valley Wine Co.l
Plough Inc
Sioux City G AE
7% pf 100
Solar Mfg Co
1
Sonotone Corp...
1
Boss Mfg com
South Coast
21
21
21
2X
"IS"
200
2X
15
15
Jan
ex
Jan
Jan
7X
Jan
South Penn Oil
25
So West Pa
Pipe Line..50
Spanish A Gen Corp—
Am dep rets ord
Jan
90
Feb
IX
Jan
8X
zx
Feb
Jan
Jan
Jan
Mar
Jan
Feb
IX
4X
Jan
Mar
14X
Feb
95
Feb
19 X
Jan
IX
Jan
21X
2X
Feb
18
Jan
200
100
15
Mar
*x»
Jan
Jan
Jan
ex
Jan
ex
Feb
7X
ex
Jan
Feb
91X
•
X
5X
5X
«i.
Feb
1,300
"""25
Prudential Investors
16 preferred
Public Service of Indiana—
97 prior pref
•
$6 preferred..
Public Service of Colorado-
30 X
30?*
33
220
22
Jan
17
17
21
400
11X
Jan
6% 1st pref
100
99 X
Feb
7% 1st pref
100
103 J*
Jan
98
Jan
Jan
Jan
35 X
22**
Mar
99 J*
Feb
106
Mar
Feb
Pub Serv of Nor HI oom__»
Common
60
Public Service of Okla—
preferred
Common
$1.60
conv
Feb
Starrett (The) Corp
Jan
Stein (A) A Co common..*
6X% preferred.
100
Sterchl Bros Stores
*
1st preferred
50
preferred
♦)
X
X
*4
250
425
27?*
16
200
12
...100
*
.
137
15*4
100
ex
ex:
99
100
6
20
94
99
138
15X
ex
ex
80
1SX
200
137
9
Railway A Utll Invest A..1
17*4
Feb
7**
Jan
7
Jan
100*4
Jan
Mar
Jan
**
Rainbow Luminous Prod—
Class A.
.....*
Class B
*
34
Feb
15*4
•
com
Jan
Mar
Feb
32 X
14*4
6X
Pyrene Manufacturing.. 10
Quaker Oats com
♦
Feb
Feb
30
II
*4
Feb
Jan
30 **
14*4
16 preferred
Puget Sound Pulp A Tim.*
Feb
140
Feb
15?*
10
Jan
*4
Feb
Mar
Feb
X
?4
100
Feb
*4
Jan
*4
X
Jan
**
Jan
Raymond Concrete Pile—
Common
*
12X
14
10?*
Feb
16
Feb
•
30
30
50
29
Feb
30
Mar
com...50c
2
2
300
2
Feb
2**
5*4
7
6,300
3*4
Jan
7
26
100
23?*
Feb
100
zx
Mar
1,700
Jan
100
X
9*4
200
2**
preferred
12X
Red Bank Oil Co
Reed Roller Bit Co
•
Reeves (Daniel) com
*
'zx
Relter-Foster OH new.-50c
H
5*4
26
X
Richmond Radiator
1
Rio Grande Valley Gas Co-
IX
IX
IX
900
Voting trust ctfs
1
Rochester GAE6%pf D100
%
X
7i«
900
Reliance Eleo A Engln'g .5
Reybarn Co Inc
1
Reynolds Investing
Rice 8tlx Dry Goods
zx
X
200
zx
X
10*4
2X
X
10
2X
1
Roosevelt Field Ino
'l2X ~12%
"loo
7
200
1
conv
pref
Rossla International
8*4
♦
2X
8X
X
X
Typewriter
Z5X
77
Feb
11*4
Jan
Technicolor Inc
Jan
2?4
Mar
Jan
Texon Oil A Land Co
Thew Shovel Co com
H
95**
Jan
7is
Jan
Tllo Roofing Ino
Mar
96**
Feb
12?*
Tlshman Realty A Constr*
Tobacco Prod Exports...*
Jan
Mar
13*4
Jan
6
Jan
Jan
7*4
1?*
Feb
Jan
3*4
Jan
Feb
•it
Mar
9?4
Jan
Jan
7u
Feb
Feb
49
Jan
6
Jan
Feb
9**
Jan
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
•50
35 X
Mar
38
Fel
Jan
4
Jan
X
Mar
Jan
Common.
Transweetern OH Co
Feb
2
Feb
140**
Feb
Feb
4X
100
4**
Jan
Jan
6**
2X
ex
400
6X
Jan
7**
36
39
Feb
Jan
Jan
Mar
36
1,100
Mar
Feb
22**
Jan
Feb
*i6
Feb
Mar
IX
**
4X
Jan
1**
**
Jan
146
39
Feb
1**
Mar
**
Jan
Jan
Jan
16
"22*4 "22X
iex
7X
19X
19X
17**
7X
19**
98
98
.....
11
Jan
22**
Mar
2X
Feb
Jan
2>*
11**
9**
14
Jan
Mar
14**
Jan
2,000
16?*
Mar
18
400
6X
Feb
Feb
Feb
Jan
7**
Jan
IX
1
1
300
19
Jan
22
Jan
400
1
1
18
18
"166
Jan
200
9X
16 J*
6?*
98
Feb
99**
Jan
1,700
1
Jan
IX
Jan
Jan
1**
Jan
X
300
6
ex
400
900
6**
'ii
Feb
•is
Jan
7X
8
300
7**
Mar
9?*
Jan
2X
2X
100
2**
Jan
3
Jan
4X
4X
2,200
2X
11**
Jan
5**
12**
Feb
Jan
ZX
Feb
4**
Jan
ht
2X
56
Jan
Tri-Contlnental
1
1,800
200
X
75
Feb
X
300
2X
56
ZX
60
8,000
100
2%
49
2X
IX
22
IX
200
X
22X
"266
1X
10X
22**
1?*
92
**
Jan
Mar
x
5
5X
Mar
4X
Jan
Feb
Mar
63**
Jan
3X
Jan
Jan
Feb
Mar|
2 X
15
29**
Jan
Jan
Jan
80c div preferred
400
»1«
1
zx
2,900
800
Union Gas of Canada
Union Investment com.
Jan
8**
Jan
United Chemicals
"""800
59X
59 X
60
60
60
60 X
Jan
Jan
ex
9X
"266
150
2X
5X
112
"9'x "lox
9X
12X
2X
5X
112
5
Jan
Jan
United
Feb
1 *4
Jan
Feb
1**
Jan
United Gas Corp com
1
1st $7 pref non-voting.*
1
Jan
2 X
Jan
Feb
1**
4 J*
17
Jan
Jan
Jan
X
Feb
1**
Jan
Jan
8X
Jan
65
Jan
60**
Mar
66 X
Jan
61**
Mar
1%
Feb
United G A E 7% pref.100
United Lt A Pow com A.*
Common class B
*
$6 1st preferred
*
United Milk Products—*
$3 preferred
..*
United Molasses Co—
i
86X
89 X
109X 109X
AAA 100
Shreveport EH Dorado Pipe
ser
ex
Jan
Feb
Jan
2X
10**
Jan
United Shipyards cl A...1
Class B
-1
Jan
Simmons Hard're A Paint *
IX
3
100
IX
3
235
20
Jan
1,000
81
Jan
90
Jan
107
Jan
110
Jan
U 8 Foil Co class B
7
300
2
ZX
235
X
5X
Jan
Jan
500
IX
Jan
1,100
3
Mar
10
224
Jan
100
1687,
150
Mar
8**
Jan
Jan
2
Feb
"""250
IX
9X
Mar
12
7
Jan
Jan
Jan
Jan
Jan
9X
Mar
12**
Mar
13**
Feb
920
2?*
34**
Jan
3**
Jan
Jan
36**
Feb
Jan
11
Jan
3
5X
100
Mar
7
Feb
25
103
Feb
116**
Jan
4**
1,000
4
Jan
5**
Jan
28**
100
26**
Feb
29**
Jan
*4
200
*4
Jan
IX
20
5X
600
Jan
4,600
IX
16**
Feb
X
IX
21*4
Mar
200
5**
Jan
5X
Jan
5X
112
4X
11
10**
Jan
Jan
46
Feb
48
97
Feb
102
4
Jan
4**
Jan
Feb
12**
10**
Mar
400
150
9**
700
7**
Feb
5
Feb
Jan
Jan
Jan
5
Feb
2 J*
Jan
3**
Feb
15**
1**
44**
Feb
225
"2% "zx
"900
Jan
16**
1**
56
Mar
92
~2X
55
52
Jan
95*4
Jan
Feb
Jan
Jan
"98** "98**
*4
Jan
7
Feb
2X
5X
Jan
243
Jan
Jan
4X
Jan
5**
Jan
""20
103
6
»ie
8
8
30
13
13
Jan
he
Jan
1**
Jan
Jan
3**
Jan
7**
Jan
Feb
x
Jan
Jan
11**
Jan
35
2X
ex
1,500
**
8X
700
2**
5**
**
2,400
7 J*
30
2X
ex
2%
IX
300
Mar
X
2X
98*4
'is
98X
"l2X
25
100
Feb
2X
800
2**
Mar
ex
2X
400
6X
Feb
200
2X
1**
Feb
1**
13**
200
13
600
Jan
Jan
Jan
Jan
Jan
3**
7**
2*4
1*4
Jan
Jan
Feb
Mar
15
Jan
5**
100
12**
600
10
Jan
6**
14**
Jan
11**
7X
zx
400
7
Feb
12**
Preferred
Mar
5J*
100
Jan
Jan
Jan
X
3
Jan
4
Jan
34
zx
Feb
34
Feb
"2" 200
"lb",600
zx
67
2X
"l~9X
19**
**
7i«
Mar
Mar
2X
"19"
19**
1#u
Feb
3**
92**
»i»
;
Jan
Jan
X
Jan
Jan
5**
Jan
100
Jan
X
21,000
2%
4,200
2**
Jan
3?*
Feb
Feb
"3",400
Feb
4**
26*4
Jan
"23**
ZX
16 X
19**
25
17**
Jan
19?*
Jan
67
10
67
Mar
6X
228
Jan
1**
Jan
77
Jan
Jan
6X
Jan
Jan
230
100
United Specialties com...l
70
Jan
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
ZX
100
4X
10**
9X
"18X
United Shoe Mach com.25
Feb
Simmons-Broad man Pub—
Conv pref
•
Sim plicity Pattern com... 1
Jan
,1,000
*
*i«
100
25
•
Feb
2X
ex
Am dep rets ord reg--.
United N J RR A Canal 100
United Profit Sharing
Preferred
5X
1,100
7X
Mar
9X
X
Jan
2,200
IX
7X
Jan
7
7X
4?*
Corp warrants
Jan
7X
1
29
Feb
12X
5X
""x
zx
X
4*4
2
Mining..6
ex
4X
28**
*4
IX
18X
5**
4X
com..
4X
IX
ex
19X
4
Shawlnlgan Wat A Pow..*
Sberwln-WUHams com..25
Mar|
5X
11
9X
Warrants
18**
7**
Feb
X
IX
Jan
7
50
4X
"2X
$3 cum A part pref
*
Un Clgar-Whelen 8ts..l0c
ex
com
"ix "ix
26
400
2,500
7**
Feb
dep rts reg
£1
Sentry Safety Control....!
For footnotes see page
5X
Jan
5**
*
Union Premier Foods Sta.l
United Aircraft Transport
25
Amer
com
7
ser A pref--.--*
Unexcelled Mfg Co
10
Feb
600
5
Severeky Aircraft Corp
26
7
5X
Ulen A Co
Jan
1,700
..1
25
200
26
*
113
15
Allotment certificates...
Selfrldge Prov Stores—
zx
7
Option warrants
*
Convertible Stock
zx
5X
26
10
IX
5
zx
warrants..
Tublze ChatUlon Corp...l
Class A
1
Jan
16 X
*
4X
1
25
com
Singer Mfg Co
Feb
Trans Lux Plct Screen-
X
Line stamped
27**
25**
4
Am dep rets def
reg_..£l
Todd Shipyards Corp
*
Toledo Edison 6% pref.100
Mar
Selected Industries Ino—
Sllex Co
Jan
Feb
1**
Tung-Sol Lamp Works... 1
Warrants
5% cum pref
Jan
24**
40
Tobacco Securities Trust—
Am dep rets ord
reg.__£l
7*4
83
Securities Corp general
*
Seeman Bros Inc
*
Segal Lock A H'ware
..1
Denn
36**
Mar
600
X
5
113
Scullln Steel Co com
Shattuck
35**
26**
Mar
400
21
2
5
Spring Brook
Seton Leather
1
8X
Z5X
Water Service pref
$5.50 prior stock
35**
27
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref... 100
Jan
1*4
J...
Manufacturing. .25
....
Teck-Hughes Mines
500
Scran ton Elec $b pref...
Scranton Lace com
Common
Jan
25
9X
common.*
300
X
5
Selberllng Rubber
Selby Shoe Co
36 X
1
200
Schlff Co common
Scranton
Taylor DlstlUlng Co
com
Savoy Oil Co
Scovlll
Jan
Jan
2?*
Samson United Corp com. 1
Sanford Mills
•i»
4
Jan
X
X
X
1
100
Feb
28**
3*4
7X
7X
Ryan Consol Petrol
•
Ryereon A Haynes com__l
Safety Car Heat A Lt ...»
7% preferred
$3.30 class A participate
Swan Finch OU
Corp
16
Swiss Am Elec pref
100
39
1
Anthony Gold Mines.
,
5*4
8
•
2*4
St. Lawrence Corp Ltd.. .*
$2 conv pref A
60
St Regis Paper com
6
Sunray Drug Co
*
Sunray OH
...1
6X % conv pref
60
Superior Ptld Cement B..»
2**
400
5
Stetson (J B) Co com
._*
Stlnnes (Hugo)
5
Corp
Stroock (S) A Co
*
Sullivan
Machinery.....*
Feb
200
3
9
5
20
20
Taggart Corp com
1
Tampa Electrio Co com..*
Tastyeast Inc class A...1
Mar
1
ex
ex
preferred
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Feb
6
Root Petroleum Co..
Feb
2d
v t o. 1
X
4X
1*4
1,000
•
Roeser A Pendleton Ino.
Rome Cable Corp com...6
St
6X
3?*
Jan
Jan
Mar
...
78
Russeks Fifth Ave
Rustless Iron A Steel
$2.50 conv pref
Feb
2**
...1
89
Royal
5
500
preferred..20
Standard Invest 95X Pref*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
6% preferred
100
Standard Pow A Lt
1
Common class B
*
Preferred
*
Standard Products Co
1
Standard Silver Lead
1
Standard Steel Spring....5
Standard Tube cl B
1
Standard Wholesale
Phosp
Jan
$1.20
Jan
800
2**
Standard Dredging Corp—
Feb
Mfg
1?*
ex
10
78
conv
3**
•4**
dep rets ord bearer £1
Spencer Shoe Corp
*
Stahl-Meyer Inc com
*
Standard Brewing Co
.*
Standard Cap A Seal com.l
89
13
Jan
Feb
reg..£l
Conv
Jan
2X
IX
Am
7% prior Hen pref... 100
I Pub Utll Secur 17 pt pf_.*
Puget Sound P A L—
Raytheon
3,400
88
2
5
100
Ry. A Light Secur
35**
26 X
24**
100
IX
5X
zx
High
Jan
A Acid Works
com...20
6 % prior lien pref
6% preferred
Quebec Power Co.
Low
140
25
7% preferred
100
South New Engl Tel.-.100
Southern Pipe Line
10
Southern Union Gas
*
Southland Royalty Co
Mar
zx
ZX
IX
IX
5
6% original preferred .25
6% preferred B
25
5*4 % pref series C
26
Southern Colo Pow ol A.25
Range Since Jan. 1,1938
for
Week
Share*
88
zx
Jan
Marl
High
zx
9*4
62 X
Mar
Range]
of Prices
5
39
Mar
Week'*
Low
1
com
Jan
Feb
*
Providence Gas
X
1685
Sale*
1
Corp
Feb
95
..I
Prosperity Co class B
95
Price
Southern Calif Edison—
Common
Pines
Jan
Jan
17**
11X
4
ZX
ZX
Phoenix Securities—
Sale
Par
1
4*4
Last
High
Philadelphia Co
4*4
STOCKS
(Continued)
I
Pharla Tire A Rubber
com
4
Friday
Week
of Price*
Low
Exchange—Continued—Page
|
X
Feb
1
Jan
3,900
2,200
2**
Jan
Jan
Mar
8**
Feb
77*4
Jan
42**
Feb
Jan
10
25
1
5X
5**
IX
IX
68**
39**
"Z9X
4
"~5X
5X
6
IX
69**
375
1 **
67?*
3
'
Feb
39**
4?*
70
39
Jan
400
4
Mar
6?*
Jan
5X
2,400
5
Feb
6*4
Jan
Last
Week's Range
for
Sale
of Prices
Par
Price
Low
High
U S and Int'l Securities.. •
34
55
1st pre! with warr
U S Lines pref
134
10
Playing Card
U S Radiator
U S Rubber Reclaiming.
134
3
234
100
100
134
23
334
234
1,600
54
49
Jan
134
Jan
134
67
-2
10
1
United Wall Paper
-
Universal Corp vtc
"234
Cities Service Gas 534s.'42
Jan
Feb
Cities
1943
10134
Jan
Cities Serv PAL 534s. 195/
Mar
53^8
1949
♦Commerz A Privat*534s'37
Com'wealth Subsld 534s '48
5234
5334
'""266
50
134
600
Utah Pow A Lt 27 pref—*
Feb
34
134
Jan
134
2
Jan
Jan
134
Jan
234
11
334
Jan
Jan
15
Feb
1634
Feb
Jan
134
4334
Jan
134
34
Feb
Jan
8
2
2
300
39
39
100
134
"Ik "l34
34
1
.....
300
1034
234
Van Norman Mach Tool. 6
Venezuela Mex Oil Co.. 10
"l4~"
Venezuelan Petroleum...)
134
10
2!
Wagner Baking vto
2
Mar
1734
234
Jan
Mar
Jan
Jan
33
100
26
Jan
4034
Jan
14
1534
700
1334
Jan
10
Jan
Feb
7734
x7H
Jan
Feb
Det City Gas 6s ser A. 1947
Jan
354
Jan
Jan
1134
Jan
Jan
831
Jan
34
134
634
534
534
Jan
34
Jan
Jan
134
Jan
Feb
654
Mar
Elec Power A Light 5s.2030
Jan
634
Jan
Feb
Jan
Jan
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
1950
Jan
Empire Dist El 5s.._.1952
Empire Oil A Ref 534s. 1942
Jan
1st A ref 6s.....
1st A ref 6s..
Jan
034a series A
Erie Lighting 5s
634
400
"766
Jan
234
234
1,500
2
Feb
334
600
3
Jan
634
234
434
Jan
8
65
Jan
1907
Aluminium Ltd debt 5sl948
Amer G A El debt 6s..2028
Am Pow A Lt deb 0S..2O16.
Amer Radiator 434s._1947
Amer Seating 0s stp..l940
Appalao Power Deb 0s 2024
Ark-Louisiana Gas 4s. 1961
Arkansas Pr A Lt 68..1950
Associated Eleo 434S..1953
Associated Gas A El Co—
Conv deb
534s._...1938
Registered.
.....
Conv deb 434s C...1948
Conv deb 434s
1949
Conv deb 5s
...1950
Debenture 6s..
.1908
234
100
Feb
Jan
1973
Broad River Pow 5s.. 1964
Canada Northern Pr 5s_'53
♦Canadian Pac Ry 08.1942
Carolina Pr A Lt 5s...1966
1st A ref
434s
Feb
47
Feb
5634
70
Jan
90
10234
Feb
164
5934
9434
Jan
67
Jan
Jan
9734
Feb
57
Feb
12734
Mar
10534
Mar
4,000
10534
12034
Mar
10634
12234
Jan
6534
8034
Jan
Jan
97
1,000
127
Feb
Feb
Mar
Jan
6234
60
Feb
Jan
6534
Feb
Feb
103
96
Jan
100
Jan
50
Jan
55
Feb
93
Mar
9634
101
Jan
Jan
Feb
10334
Jan
Jan
Jan
10934
10534
Jan
Jan
Jan
103
Feb
434
6
9934
10834
10334
10034
Jan
534
Feb
334
Feb
5
Feb
1
Feb
134
134
7934
10834
Jan
Jan
Jan
Jan
Jan
934
8
Jan
10
Jan
834
300
Jan
Feb
934
0034
Feb
""234 "234
"266
Jan
334
Jan
6s ex-warr stamped. 1944
Gatineau Power 1st 5s. 1956
Deb gold 6s. June 151941
Deb 6s series B
1941
General Bronze 6s
1940
Jan
734
Jan
Feb
Mar
7134
10434
10234
9034
Jan
Jan
Feb
Jan
Jan
Feb
101
Jan
84
Jan
73
Jan
83
Mar
53
Mar
56
Feb
10234
Feb
10534
Feb
7134
Mar
10234
5,000
103
Jan
93
Feb
95
Jan
19,000
8034
Jan
85
Mar
40,000
79
Jan
8734
3,000
10534
10434 10434
104 34 1 04 34
*92
100
64
103
Feb
Jan
Jan
105
Feb
Jan
10534
10534
Jan
Jan
Gary Electric A Gas—
1
200
60
10234
Jan
6,000
5,000
Jan
434
10034
Jan
104
Feb
Feb
13,000
67
Jan
104
10434
334
53
34
854
0534
254
434
Mar
34
General Pub Serv 5s.. 1953
Gen Pub Util 634s A. 1956
"8334
8334
81
81
8434
85
85
8134
8634
10434
104
104
10134
10134 10134
10134 10134
10134
*65
*75
«...
-
-
14,000
19,000
3,000
7,000
83
Jan
89
Jan
Jan
10334
Feb
10434
Feb
10134
10134
Jan
10134
10134
Jan
Feb
Jan
67
85
.
ti,
Feb
73
Jan
80
73
Feb
8734
Jan
754
134
"~634
*300
Jan
634
Jan
7034
72
19,000
07
Jan
74
Jan
♦General Rayon 0s A. 1948
76
76
Jan
76
Feb
100
1534
Mar
1634
Jan
Gen Wat Wks A El 5s. 1943
70
70
3,000
1,000
75
1534
70
Mar
78
Jan
2,200
734
Jan
Feb
Georgia Power ref 6s.. 1967
Georgia Pow A Lt 6S..1978
500
154
Jan
834
234
734
8
134
134
6
102
U0234 10434
Jan
Jan
10334
7034
10634
10734
70
10534
62
59
36
Jan
Jan
81
27,000
6,000
92
78
Jan
7634
73
Jan
05
Jan
81
Jan
10034 10634
29,000
28,000
7,000
9134
8634
Jan
7534
7034
107
41,000
10634
10634
38,000
11,000
07
Feb
105
Feb
Jan
11034
"9*666
10734
Feb
10134 102
9234
9434
3534 3634
21,000
9934
Jan
102
Feb
69,000
86
Jan
9534
Jan
40,000
3234
Feb
4134
Jan
*8634
110
102
9234
3534
92
91
86
71
10534
9234
91
91
*20
"2534
79
89
52,000
2934
2534
30
27
27
29
2734
*33
4934
5234
4934
54
5034
72
72
7254
95
95
95
9934 100
Houston Gulf Gas 6s.. 1943
100
90
Jan
112
Jan
634s with warrants. 1943
Houston Lt A Pow 334s.'06
10534' 10534
Jan
9234
Mar
91
Mar
Jan
28
Feb
10*666
2234
Jan
29
Jan
12,000
25,000
1,000
2634
Jan
3434
Jan
26
Jan
33
Jan
1st A ref 534s ser B.1954
1st A ref 5s ser C...1956
Sf deb 534s-_ .May 1957
8434
95
*8034
6834
74
11334
12134
11334 11334
12034 12034
12154 122
137
137
7734
60
137
7734
7834
60
60
10434
"8334
83
85
11434 11434
1981
9634
8834
9434
*87
9734
74
8934
73
73
76
2734
Mar
3634
Jan
15,000
46
Jan
5434
Mar
12,000
42
Feb
72
Jan
5034
8034
Mar
8.000
1,000
9,000
9234
Feb
96
Mar
Indiana Service 5s
1950
Feb
100
"5134
9734
Mar
1st lien A ref 6s
1963
5134
Jan
..1953
5s series O
...1951
Indiana Gen Serv 5s_.1948
Indiana Hydro Elec 5s 1958
Indiana A Mich Eleo 5s.'55
6s
1,000
90
Feb
95
Mar
Ind'polls P L 5s
10934 10934
75
10634
..1957
A. 1957
10534
International Power Sec -634b series C
1955
142,000
25,000
5,000
7,000
2,000
26,000
5,000
6134
Feb
Jan
79
Feb
11234
11934
12034
Jan
11434
12234
Jan
122
130
Jan
137
Mar
Mar
7734
5534
7s series E
7s series F
Jan
International Salt 5S..1951
Feb
Interstate Power 5s—.1957
40
3934
Mar
Debenture 6s
1952
Interstate Publlo Service—
2134
21 34
5s series D
85
Jan
Jan
67
Feb
87
Jan
20",000
103
Jan
10434
Mar
16,000
105
Jan
10834
Jan
81
Feb
98
Jan
Feb
115
Jan
Iowa Pow A Lt 434S..1958
Iowa Pub Serv 5s..__ 1957
Isarco Hydro Elec 78.1952
Jan
Isotta Fraschini 7s...1942
Italian Superpower 08.1963
Jacksonville Gas
32,000
1,000
9034
9,000
46,000
97
20.000
11334
9534
87
Feb
10134
Feb
93
Jan
Feb
88
Mar
9934
9134
Jan
92
Mar
96
Feb
9434
10534 106
54
1952
Feb
Jan
1950
434s series F
1958
Iowa-Neb LAP 5s—.1957
6s series B..
6134
0834
64
1901
4334
2334
68
6334 6534
9534 96
9534 9534
10634 10634
101
60
"43"
22,000
1,000
4,000
5,000
4,000
*
—
Jan
Feb
3334
Feb
62
Feb
7134
Jan
5634
Jan
90
Jan
9334
Mar
107
Jan
10734
Jan
63
Jan
65
Jan
Jan
59
Feb
33
Jan
3734
Jan
60
107
10534
Jan
15,000
7634
Jan
2134
8334
Feb
"3:660
9834
Mar
104
98
Mar
9934
10534
-
--
*
Jan
53
-
5:660
17,000
2,000
6,000
4,000
1,000
5,000
56,000
11,000
50,000
17,000
1,000
1,000
15,000
1,000
1,000
12,000
17,000
7,000
15,000
4,000
64,000
8534
10334
Feb
Jan
23
8834
10134
60
6034
94
57
Feb
57
Feb
10734
9334
8734
8434
Feb
Jan
Feb
Mar
Feb
Feb
Mar
63
62 34
-
88,000
41,000
6,000
13,000
11,000
2,000
13,000
10,000
5,000
Jan
110
Feb
Mar
100
Jan
Mar
9434
Jan
Mar
9134
Jan
73
Mar
8534
Jan
83
Jan
8834
7134
10834
75
89
Jan
Feb
9134
Feb
Feb
78
Jan
Mar
10934
81
Jan
Mar
Jan
10634
Mar
10734
Jan
110
Mar
11134
Jan
51
Jan
58
50
Feb
58
4934
Jan
10434
Feb
5234
6434
10034
Jan
57
Jan
56
m
Jan
Jan
57
2,000
5534
*6034
65
*54
5934
*108
109
...1957
80
75
10634 10634
11034 111
5134 53
5134 5334
61
5s A1952
ser
58
5834
10734 10734
9334 9434
8734 89
8434 8634
73
7434
8634
8934
Jan
Jan
68
25
8634
8934
Mar
*76
7954
10434 10454
10734 108
8734
30
85
0834
9334
Indiana Electric Corp—
6s series A
..1947
034s series B
9834
10534
58
10734
8834
45
*17
58
0s series B
..1949
111 Northern Util 5s—1957
111 Pow A Lt 1st 6s ser A '53
Jan
Mar
3334
—
"8034
*2334 28
8834 8834
9834 103
98
♦Hungarian Ital Bk 734s'03
Hygrade Food 0s A...1949
♦Indianapolis Gas
95
*25
Jan
81
10534
Jan
2734
*10734
7634
Jan
10834
0434
2,000
3434
2734
Jan
7034
♦Hamburg El Underground
A St Ry
534s
1938
Heller (W E) 4s w W..1940
Jan
22
28
2534
2934
62
Jan
Guardian Investors 5s. 1948
Hackensack Water 5s. 1977
Hall Print 6s stpd
1947
♦Hamburg Elec 7s... 1935
7834
50
36
99
Jan
10734
34,000
57
62
Jan
79
10734
8434
*57
89
70
♦Gesfurel 0s....
1953
Glen Alden Coal 4s...1905
8334
Grocery Store Prod 0s. 1945
Guantanamo A West 6s.'58
9134 $11,000
105
t
Gobel (Adolf) 434s. ..1941
Grand Trunk West 4s. 1960
Gt Nor Pow 5s stpd__1950
83
Feb
Feb
8334
Feb
9034
8134
72
71
*3134
6634 67*"
5634 5634
9334 9334
10734 10734
81
9034
8134
8834
9434
1968
47
12,000
10434
334
1534
ser F.1967
5s series G
51,000
66
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57
Florida Power 4s ser C 1966
Florida Power A Lt 5s. 1954
Jan
"0"
9734
434s series H
Feb
65
Firestone Cot Mills 5s. 1948
5
934
834
1956
......
10234
105
Jan
34
54
Cedar Rapids M A P 6s '63
Central 111 Public Service—
6e series E...
Jan
65
Jan
200
100
5
334
1st M 6s series B...1957
Birmingham Eleo 434s 1968
Birmingham Gas 6s... 1959
100
105
Jan
Works—
68 series C
....I960
Bethlehem Steel 6s... 1998
Feb
14,000
Jan
53
1953
734
534
5
6s with warrants... 1947
6s without warrants. 1947
♦Convertible 0s
I960
Bell Telep of Canada—
1st M 5s series A...1955
100
20,000
73
157,000
101
2,000
10134
97
9734
10,000
52
52
3,000
93
22,000
9334
6,000
100)4 101
*10934
10434 10434 *32",6o6
73,000
10234 103
Banks 6s-5e Stpd.._1901
Avery A Sons (B F)—
Baldwin Locom
Eastern Gas A Fuel 4s. 1956
Edison El 111 (Bost) 334b '05
Mar
Feb
234
6
Conv deb 534s.....1977
Assoc Gas A Elec Corp—
Conv deb 6s.......1973
Conv deb 434s
Feb
434
134
10,000
134
75
04,000
75
7634
7,000
108
10734 10834
67
6834 133,000
67
1,000
10234 10234
*10134 103
8934 9034 "14:666
83
28,000
8134
8134
934
7034
234
Feb
09
234
Registered...
Assoc TAT deb 534s.A'65
Atlanta Gas Lt 434«.1955
Atlantic City Eleo 334s '04
Feb
9434
-Mar
*534
*434
*134
134
Feb
22
9
1908
4Mb
10434
1967
Federal Water Serv 534s '54
Finland Residential Mtge
75
Jan
2134
1956
1st A ref
52
Ercole Marelll Elec Mfg—
""300
7
Mar
BONDS
1940
Aug 1 1952
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
♦Certificates of deposit
Jan
134
8
Abbott's Dairy 6s
1942
Alabama Power Co—
1951
Feb
Mar
12,000
51,000
10334
6034
7134
♦0348
7
Mar
334
Woolworth (F W) Ltd—
Amer dep rets
5c
1st A ref 6s
52
1950
100
634
Woodley Petroleum.....1
1st A ref 6s
5s 1st series B
7
Wolverine Tube com....2
6
Jan
Mar
5934
5934
Detroit Internat Bridge—
134
Wisconsin P A L 7% pf 100
Yukon Gold Co
7134
10134
9334
200
"534 ~~5H
234
6034
5734
22,000
127
10534
97
134
T34 ""134
Conv preferred
.._.*
Wilson-Jones Co....
*
Wilson Products Inc
1
Feb
12734
96
Cuban Telephone 734s 1941
Cuban Tobacco 5s
1944
Mar
fWll-low Cafeterias Inc..)
0% preferred
_._£1
Wright Hargreaves Ltd-..*
Cont'l Gas A El 5S...1958
Crucible Steel 5s
1940
7
Williams Oll-O-Mat Ht—*
Mar
10534 10534
12234 12234
6334
Denver Gas A Eleo 58.1949
83
1
*
Feb
Feb
10534 10534
90
10234 10334
63
0334
10234
1943
Jan
234
West Texas Utli26 pref..*
Wolverine Portl Cement. 10
0a ser A stamped...
134
*
65
30,000
4,000
24,000
24,000
12,000
2,000
88
1954
Feb
9
234
10134 102
5254
55
5334 55
1939
mtge434s
134
034
Westmoreland Coal Co...*
Weyenberg Shoe Mfg
Williams (R C) A Co
Gen
334
100
1
West Va Coal A Coke
5b
9134
Feb
Feb
Consol Gas Util Co—
Jan
TlOO
*
com
Community Pr A Lt 5s.'57
Community P 8 5s...I960
Feb
2,700
Western Tob A Stat—
Vot trctfs
.........
134
100
134
234
9634
Jan
5434
5034
5734
5134
Pipe
3
334
134
234
Gas
Line 6s
Cudahy Packing 3548-1955
Delaware El Pow 5348.1959
70
Wayne Knitting Mills....6
.
Jan
2
"634 ""734
""234
)
Wellington Oil Co
1
Wentworth Mfg..
1.26
Western Air Express.....)
Western Grocery Co...20
Western Maryland Ry—
7% 1st preferred
100
*i»
10
*
Welsbaum Bros-Brower.
Jan
100
.100
Walker Mining Co
Jan
Jan
600
334
Wahl (The) Co common. •
Waltt A Bond class A—*
Class B
Jan
Jan
Mar
Service
1969
Jan
34
2 34
1,100
*
7% preferred..
44
234
13
pref..lOO
....*
134
34
54
""*2 34 *
Debenture 5s.
(Balt) 334s ser N—1971
Consol Gas (Bait City)—
33
Vogt Manufacturing.....*
Waco Aircraft Co
Jan
...
Conn Light A Pow 7s A.'Sl
Consol Gas El Lt A Power-
34
7% preferred.......100
Valspar Corp com...
l
20 conv pref—
6
Va Pub Serv 7%
34
'""TOO
Feb
34
|UtU Pow A Lt common- .1
Class B
Feb
134
3634
Registered
Jan
Utah Radio Products....*
Utility Equities Corp
»
Priority stock.
*
Utility A Ind Corp com...6
Conv preferred
-7
98
Jan
3,600
1,900
134
5934
9634
6
34
3
4
6
Utah-Idaho Sugar
59
Jan
Feb
134
234
16
5634
5734
5734
Debenture 5s......1958
70
10
5734
Jan
Jan
Mar
Jan
89
8,000
"5734
334
34
Universal Pictures com—
Universal Products Co—*
1950
Feb
23
8
Universal Insurance.
Conv deb 6s
Jan
2
Feb
87
83
89
High
Feb
11,000
10,000
6234
5834 212,000
1,000
5734
36,000
59
300
.
400
"234
89
61
434
*ie
2>4
1960
Low
$
8534
61
1955
Cities Service 6s
Jan
334
2
0s series B
85
3
7
2
Jan
Cincinnati St Ry 534s A '52
22
34
Universal Consol OH
Week
150
134
United Verde Exten—60c
Jan
Feb
134
for
of Prices
Low
High
Price
High
Feb
Week's Range
200
ei«
3 34
—
Low
Rimes
334
a S Stores Corp com....
$7 conv 1st pre!
United Stores vtc
55
22J4
1
•
com..
34
(Continued)
1938
Range Since Jan. 1,1938
Last
Sale
BONDS
Range Since Jan. 1, 1938
Week
12,
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
U S
March
New York Curb Exchange—Continued—Page 5
1686
Feb
6034
00
107
Jan
10834
3934
2134
Feb
Mar
65
Feb
61
Feb
93
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
48
Jan
2834
Jan
73
Jan
Jan
6934
9834
9634
10634
Jan
10234
Jan
Jan
94)4
10034
9834
Jan
5834
Jan
63
Jan
78
Jan
85
Feb
39
Jan
46
Feb
36 34
Jan
Jan
Feb
Jan
*82
4234
4334
25:600
3534
3034
11,000
10434 105
102
10334
12,000
77,000
10,000
5,000
4,000
10334
Mar
10034
Feb
9?34
Jan
11434
Jan
11434
Jan
9934
Feb
10134
Mar
.
__
—
6s
8tamped
1942
Jersey Central Pow A Lt—
Cent Ohio Lt A Pr 5s_.1950
*92
Cent Power 6s ser D..1957
Cent Pow A Lt 1st 68.1956
Cent States Eleo 6s
1948
70
6934
70
6,000
66 34
Jan
7034
Feb
86
86
8834
32,000
8234
Feb
90
Jan
33
33
37
38,000
33
Mar
41
Jan
3234
Mar
41
Jan
434s series C
1901
Kansas Elec Pow 334 s. 1966
Kansas Gas A Eleo os.2022
Kansas Power fls
..1947
3934
Jan
4034
Jan
10534
10534
Jan
106
Jan
1st mtge 5s ser H... 1901
Jan
10734
Jan
034s series D
534s series F...
3534
32
Feb
Kentucky Utilities Co—
534s ex-warrants...1964
Cent States PAL 534s '53
3234
4034
Chlo Dist Eleo Gen 434s'70
0s series B...
1901
Chicago A Illinois Midland
Ry 434s A
I960
92
93
"3",000
3234 3634 115,000
4034 4434 33,000
10534 10554
5,000
109
*106
93
93
2.000
9134
Feb
9,000
32,000
10634
Feb
95
Jan
Chlo Jet Ry A Union Stock
Yards 5s
..1940
|*Chio Rys 5s ctfs
1927
For footnotes see page
10634
45
10634 10634
45
51
43
Feb
1637.
I
10034
5234
Jan
Jan
5s series B
5s series I...
1947
1948
1955
1969
105
10234
9834
11434 11434
98 34
100
7034
10034
100
Jan
10534
Jan
99
Jan
70 34
90
72
3,000
7034
Mar
8034
Jan
91
3,000
90
Mar
97
Jan
81
81
81
Mar
90
Jan
72
72
1,000
6,000
Jan
79
Jan
7134
Volume
BONDS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
" High
7)48—1946
Lexington Utilities 5s. 1962
Llbby McN A Llbby 6s '42
Long Island Ltg. 6s—1946
94 H
♦Leonard Tletz
Louisiana Pow A Lt 6s 1957
S
9734
14,000
93
94
9534
31,000
9034
~92~~
104
7,000
92
10434
14,000
9934
12,000
10334 10434
31,000
104
9734
ioik"
1,000
29
*26
Jan
9734
Mar
Feb
103
Jan
25
Mar
25
92
Mar
9734
Jan
Jan
104)4
Mar
Jan
100
Feb
Feb
10434
Jan
91
10134
*2634
Marlon Res Pow 4)4b-1962
*99
97
Jan
McCord Had A Mfg 6s '43
73
73
Mar
73
Memphis Com ml Appeal
Deb 434s
1952
Memphis P & L 5s A..1948
Mengel Co conv 4)4 s.1947
Metropolitan Ed 4s E.1971
48 series G
1965
*8834
7634
"§9)4
103
6)4s *45
Middle States Pet
Midland Valley RR 5s. 1943
Minn PAL
4)48-1967
4)4s
1978
1st Aref5e
1955
Mllw Gas Light
93)4
7834
6,000
6734
8934
89
"9834" "jan
83
Jan
93
14,000
7,000
10334
19,000
103
10434 10434
103
10434
*8034
"60
9,000
7634
60
io'666
23,000
63
9334
94
88
9734
8834
33,000
8834
9634
81
7534
5334
90
.
86
20,000
9634
Feb
Jan
81
93
Jan
Jan
Feb
10634
Jan
Mar
10634
Jan
Jan
88
Feb
Jan
63
Feb
Jan
Feb
9534
Jan
9234
Jan
Mar
100
Jan
Mississippi Pow 5s—1955
65
65
6534
14.000
62
Feb
75
Jan
Miss Power A Lt 5s—1957
70
70
76
24,000
70
Mar
87
Jan
1944
♦Munson SS 6)4s ctfs.1937
Nassau A Suffolk Ltg 6s *46
74
2030
68 a
{♦Nat Pub Serv 5s ctfs 1978
44 H
6s series B
Nebraska Power 4)48.1981
6s series A
2022
Nelsner Bros Realty 6s.'48
Nevada-Calif Eleo 6s_1956
New Amsterdam Gas 5s *48
N E Gas A El Assn 5s. 1947
Conv deb 6s
1950
New Eng Power
*52)4
3)4s.l961
New Eng Pow Assn 5s. 1948
Debenture 5)4s
1954
New Orleans Pub Serv—
6s stamped
83 H
Jan
95
Jan
7234
6434
Feb
8634
Jan
Feb
7634
Jan
44
Jan
4434
Jan
Jan
10934
Jan
Jan
116
Feb
Toledo Edison 5s
34,000
4434 118,000
42,000
10834 109
1,000
11434 11434
*52
5234
83
"8~66O
Mar
70
Jan
11534
Jan
9334
7534
118
Jan
Feb
Jan
3i~666
48
Jan
5734
Feb
46
26~666
5334
55
10834
114)4
Jan
Feb
Feb
5734
5834
104
Mar
Feb
85
Jan
4634
102
13,000
7934
82
26,000
7734
83
85
35,000
7934
Jan
Feb
87
91
Feb
Jan
Jan
9034
13,000
8634
Feb
69
70
20,000
64
Feb
Feb
100
Feb
Mar
84
Feb
9934 100
3,000
80
3,000
80
107 54
4)4s 1980
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954
80
107
10734
9034 9234
*10534
63,000
105 34
Feb
31,000
9034
Mar
7134
10834
9734
Jan
Jan
6234
1,000
1956
Nor Cont'l Utll 5)4s„1948
77
77
7734
3534
17,000
No Indiana G A E 6s. 1952
Wh
10734 10834
3,000
Jan
105
11234
6234
Jan
11234
Jan
5334
Jan
6234
Mar
3534
3,000
35
10554
Jan
8034
Jan
Feb
40
Jan
Jan
vH 0 00
Mar
1966
96
6s series D
1969
95
4)4 s series E
1970
9034
North'n States Pow 3)4s '67
N'western Elec 6s stmpd'45
100 %
9734
10334
9634
9534
8934
9034
10034 101
10334 10334
105"
105
N'western Pub Serv 5s 1957
....1946
9534
88
8834
10534
12,000
93
Feb
100
Jan
25,000
94
Feb
100
Jan
41,000
74,000
8834
Feb
9334
Jan
9734
Jan
10134
Mar
Jan
4,000
102
Feb
10434
3,000
86 34
10334
10434
Jan
Jan
Mar
10534
107
Jan
10334
Feb
10634
Jan
Jan
100
104 34 10534
16,000
1st Aref4HsserD.1956
10434 10534
9934
26,000
63,000
9934
9934
110
85
...
9534
6634
4,000
2,000
Texas Elec Service 5s. 1960
Texas Power A Lt 5s. .1956
95
Feb
9834
79
10534
4334
4334
3,000
4,000
Feb
55
Feb
55
44
2,000
5334
5634
Jan
Feb
100
5234
10634
Feb
Jan
55
55
51
44
Jan
5334
45,000
4334
Feb
4834
5234
42
Feb
56
6534
6234
Feb
7234
41
Jan
5434
48
4634
10534
10534
7034
70
"8934
99
2022
5034
27
634s.. 1953
Twin
50
64
Tenn Puollc Service 5s 1970
Teral Hydro-El
6s series A
53
Jan
Jan
104
13,000
9,000
28
29,000
19,000
52,000
4,000
46
3,000
4534
4634
5,000
8,000
10454
9,000
105
105
10534
10534 105)4
73
7034
70
*60
8834
99
*92
8434
1962
10634
54)4
City Rap Tr 534b '52
56
2134
Jan
3034
43
Jan
46
Mar
Jan
4634
Mar
Feb
10634
Jan
39
10634
Jan
Feb
6534
Feb
78
Jan
13,000
5734
Feb
Jan
8034
61
Feb
57
7634
16,000
8534
62
90
38*666
9934
58,000
Feb
10634 10634
5434
5534
10034
Jan
Feb
Jan
10434
9934
Jan
8234
Jan
8634
Jan
Feb
10834
Jan
5434
Feb
6334
Jan
40
Jan
47
114
Jan
57
Jan
11434
6034
Feb
24
*13*666
86
Feb
9634
94
94
Feb
2434
Jan
106
14,000
29,000
Jan
Ulen Co—
Conv 6s 4th stamp. 1950
United Elec N J 4s... 1949
United El Serv 7s
*3734
59
♦United Industrial 634s.'41
♦1st s f 6s
1945
United Lt A Pow 6s...1976
*2734
30
*
Jan
Jan
28
28
i~66o
23
Jan
28
6334
6434
36,000
57
Jan
72 34
Jan
66
66
67
26,000
58
Jan
75
Jan
9734
9734
15,000
Feb
72
7234
34,000
9434
6434
Feb
10034
7834
12,000
96
Feb
10834
1959
Un Lt A Rys (Del) 534s '52
United Lt A Rys (Me)—
"72"
1952
10434
10434 105
Mar
63
66
...1944
5334
Jan
68
3,000
64
Feb
75
Feb
82
83
Feb
Jan
78
80
Jan
70
66
79
1973
Utah Pow A Lt 6s A..2022
4348
6034
64
1974
6s series A...
1,000
4,000
11434 11434
1956
634s
534s
4234
9034
63
65
16,000
8834
8834
9034
11,000
19,000
1st ref 5s series B...1950
83
83
84
10,000
80
Feb
85
6s
8234
8234
8334
14,000
75
Jan
8434
1734
1734
1,000
38,000
9,000
11,000
1434
Jan
10334
Feb
10654
Jan
10534
10734
101
Feb
106
97
Va Pub Serv
534s A..1946
1946
Waldorf-Astoria Hotel—
..1954
Wash Gas Light 5s... 1958
105
10434 105
Wash Ry A Elec 4s...1951
10734
Wash Water Power 5s 1960
10234
10734 10734
10234 10334
2030
West Penn Traction 5s '60
9734
9734
10234 10234
West Texas Utll 5s A 1957
8434
West Newspaper Un 6s *44
West United G A E
8434
8634
Feb
102
2,000
10034
Feb
10334
61,000
8034
Jan
35
Feb
3934
Jan
10534
10734
10634
1,000
39
105"
534 s '55
Wheeling Eleo Co 5s.. 1941
19
39
1,000
105
105
22,000
*10734
10434
10734
Feb
8934
Feb
13,000
Ohio Power 1st 5s B..1952
Okla Nat Gas 4)4s—1951
10634
10634
Jan
48
West Penn Elec 5s
Northern Indiana P S—
Jan
10734
4834
1970
♦5s Income deb
No Amer Lt A Pow—
75
1st 434s
Feb
10334
*11234
62)4
_
6s series A
Jan
Jan
10434
51
Tide Water Power 5s.. 1979
Tletz (L) see Leonard
69
10434
8,000
1,000
Jon
107
48
2d stamped 4s..
1946
Super Power of HI 434s.'68
91
6834
4434
21,000
11,000
4534
10,000
534
Jan
"S^OOO
51
53
Stlnnes (Hugo) Corp—
2d stamped 4s
1940
~5~66o
Jan
106
9934
6234
Standard Investg 534s 1939
{Standard Pow A Lt 6sl957
♦Starrett Corp Inc 5s. 1950
75
99)4
Ogden Gas 6s
51
74
80
C_
{♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935
*061111108168 of deposit
Debenture 6s
.1951
Debenture 6s. Dec 11966
90
334
5,000
7034
1,000
♦Ext 4)4s stamped.1950
N Y P A L Corp 1st 4)4s '67
series
7034
Tennessee Elec Pow 5s 1956
Feb
Jan
98
9134
434
9134
98
6s
9734
Jan
8934
♦Income 6s series A.1949
6Hs series A
98
Jan
N Y Central Elec 6)4 s 1950
New York Penn A Ohio—
Nippon El Pow 6)4s—1953
S'weetern Lt A Pow 5s 1957
So'west Pow A Lt 6s
2022
So'west Pub Serv 6s__1945
68
10334 104
'79H
1942
N Y State E A G
9034
110
9534
82
10534 10534
51
Jan
Feb
10634
50
Feb
86
*8234
7334
7434
74)4
*11634 118
5534
5234
"52H
1948
6s.
106
106
10634
10934 110
*98
High
Low
$
27,000
86
9034
63
94
85
90)4
109
Jan
Week
High
106
110
Range Since Jan. 1, 1938
for
of Prices
106
Sou Counties Gas 434 s 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
3,000
Dakota Power—
Weel's Range
Low
10634 10634
Ref M 354s. May 1 1960
Ref M 334s B.July 1 '60
1st A ref mtge 4s...I960
4,000
64
5)48
8534
1945
6534
10934 10934
Missouri Pub Serv 6s_1960
Nat Pow A Lt 6s A...2026
Debenture 334s
9134
*2 H
9134
Miss River Pow 1st 5s. 1951
Montana
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
Mar
10234
Sale
Price
Mansfield Mln A Smelt—
♦7s without warr'ta. 1941
Last
(Concluded)
High
Low
97
3)4 s '66
Lehigh Pow Secur 6s._2026
Deb
BONDS
1,1938
Range Since Jan.
Week
Price
Sales
Friday
Sales
Friday
Lake Sup Diet Pow
1687
New York Curb Exchange—Concluded—Page 6
146
96
91
Feb
Jan
95
25,000
95
76
76
80
6,000
73
Jan
80
Jan
Pactflo Coast Power 6s_'40
100
100
100
1,000
100
Mar
10334
Jan
Wise Pow A Lt 4s
■Iff, 006
9334
9334
98
98
9934
22,000
31,000
106
1966
♦York Rys Co 5s..... 1937
*65
10534
9134
Jan
Jan
Feb
67
69
96
9634
10534
Mar
73
Mar
Okla Power A Water 5s. *48
10634
9334
Wlsc-Minn Lt A Pow 5s '44
Yadkin River Power 5s '41
6s
conv
debs
1946
93
93
8634
Feb
1st 6s series B
.1941
11534
Pacific Invest 5s ser A. 1948
Pacific Ltg A Pow 5a
1942
Pacific Pow A Ltg 5S..1955
Palmer Com 6s
11434 11534
*8534
88
30,000
62
1938
64
62
10034 10034
*31
32
114)4
84
11334
*11334 115
Park Lexington 3s
1964
Penn Cent LAP 4)48.197/
1st
42,000
1,000
11634
Feb
Feb
8834
Mar
Feb
11334
Feb
Mar
60
Jan
67
Jan
99
Feb
101
Jan
3134
Jan
Jan
3434
83
84
19~,600
83
Jan
88
Jan
88
88
1,000
88
Mar
90
Mar
1971
83
8334
8,000
83
Jan
87
Jan
1950
90
90
Feb
96
Jan
80
81
2,000
11,000
86
5)4s series B..1959
80
Feb
105
105
6e
1979
Penn Electric 4s F
Penn Ohio Edison—
6s series A
Deb
Penn Pub Serv 6s C..1947
5s series
D
1954
Penn Water A Pow 5s. 1940
10734
4)4s series B
1968
Peoples Gas L A Coke—
4s
series
108
108
87
87
8734
1961
4s series D
8734
8734
8934
{♦Peoples Lt A Pr 5S..1979
Phlla Elec Pow
10034 10034
10734 10734
1981
B
5)4s— 1972
834
113"
Phlla Rapid Transit 6s 1962
7334
Pledm't Hydro
5934
E16)4s_'60
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s
1948
Potomac Edison 5s E.1956
4Mb series F
107
9434
*22
56
56
9434
107
10734 10734
Potrero Bug 7s stmpd.1947
*65
Power Corp (Can) 434sB '59
Electric 6s. 1954
10134 10134
30
*23
♦Prussian
1,000' 105
1,000
43,000
1,000
16,000
27,000
20,000
7,000
Mar
7
111
109
Jan
Feb
91
Jan
Mar
Jan
Jan
Feb
1034
11334
Jan
79
56
Jan
61
106
Jan
108
7,000
2,000
Jan
9134
Mar
73)4
Feb
Mar
Jan
8734
Jan
Mar
Feb
Feb
Feb
Mar
100
Jan
19
Jan
21
Feb
"s'ooo
48
Jan
5834
Feb
7,000
106
Jan
10734
Jan
1,000
10734
Feb
10734
Jan
"s'ooo
10034
2034
Jan
10134
Mar
Jan
2134
Jan
130
Jan
1,000
9434
57
71
Jan
65
Jan
Public Service of N J—
6% perpetual certificates
136
13434 136
103
11134 11134
10634 107
103
10334
10334 104
103
10334
8,000
136
Mar
Pub Serv of Nor Illinois—
1st A ref 5s
....1956
6s series C
4)4s series D
4)4 a series E
1st A ref 4)4s
4)4s series I
1966
1978
1980
ser
F.1981
10334
1960
■
10,000
7,000
6,000
19,000
23,000
10534 10534
5,000
100
6,000
11034
Jan
113
Feb
105
Feb
107
Mar
103
10334
10234
104)4
Agricultural Mtge Bk (Col)
♦20-year 7s
Mar
Feb
10434
10434
Feb
Feb
104
10634
10134
6934
6534
Jan
23
Jan
2,000
23
4,000
20
Jan
23
Jan
1951
21
21
1,000
21
Jan
2134
Feb
*70
86
76
Feb
76
Feb
*70
834
79
834
80
Jan
8034
934
Feb
2234
Buenos Aires (Provlnce)-
♦7s stamped
1952
♦734s stamped
1947
♦Cauca Valley 7s
1948
Cent Bk of German State A
834
♦Prov Banks 6s B..1951
a2734 a2734
♦6 series A......1952
Danish
534s
28
1955
5s
28
Jan
5,000
2,000
5,000
24
Feb
25
Jan
Jan
Jan
27
Jan
28
10134
Mar
Feb
Jan
10034
Jan
Feb
5934
13,000
10034
10034
9,000
5334
1934
1934
Jan
22
Jan
23
23
20
Jan
22
23
19
Jan
2234
1 334
1134
Feb
1334
18,000
1634
Jan
2,000
734
Jan
9
64
Feb
77
21
Feb
23
1634
1434
Jan
23
10034 10034
*10034 104
1953
t
Danzig Port A Waterways
External
634b
58
♦German Con Munic 7s '47
58
2234
1952
2234 a23
23
1947
♦Secured 6s
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6348.1949
♦Lima
*2234
*2134
*1134
(City) Peru 634b.'58
♦Maranhao 7s
18
.1958
5934
18
834
♦Medellln 7s series E.1951
75
♦Mendoza 4s stamped. 1951
6834
4,000
2,000
23
834
40,000
77
1834
Mtge Bk of Bogota 7s. 1947
♦Issue of May
♦Issue of Oct
*22
1927
"1534
Mtge Bk of Denmark 5b *72
♦Parana (State) 7s
1958
aidili
♦Rio de Janeiro
♦Russian Govt
25
2234
1927
♦Mtge Bk of Chile 6s. 1931
6s stamped1931
634s—1959
6)48—.1919
♦634s certificates.—1919
♦534s
1921
♦534s certificates
1921
1534
18
*1234
10034 10134
9
934
834
834
134
*34
34
34
1
21*666 "9834"
1334
1534
34
1534
Jan
Jan
'10234"
9
Feb
1034
834
34
Feb
34
13,000
1,000
Jan
1034
34
34
25*666
34
34
5,000
58
1334
*13
1949
1,000
1,000
10,000
1
34
*5334
♦Santa Fe 7s stamped. 1945
♦Santiago 7s
2234
1534
Jan
1
Jan
34
Jan
56
65
1134
Jan
1134
"1,000
Feb
Jan
1334
1334
Feb
Feb
1734
2234
2234
2234
1947
Jan
Feb
..1946
♦20-year 7s._
♦Baden 7s
Jan
Feb
84
9134
10734
103J4
10834
10034
10734
10734
6,000
2234
5634
107
1961
9
11234 113
7334
7534
58
5934
107
♦Pomeranian Elec 6s.. 1953
Portland Gas A Coke 5s '40
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Pacific Gas A Eleo Co—
Jan
Jan
1961
♦7s
Pub Serv of Oklahoma—
1966
4s series A
Puget Sound PAL 534s '49
1st A ref 5s series C_ 1950
100
6734
5334
101
99
6634
6834
55,000
6134
Jan
63
64
13,000
60
Feb
Jan
Jan
1st A ref 4)4 s ser D. 1950
Queens Boro Gas A Elec—
5934
5834
5934
50,000
53
Jan
63
Jan
534 s series A
1952
♦Ruhr Gas Corp 6)4s_ 1953
♦Ruhr Housing 6)4s._ 1958
80
80
8034
8,000
80
Feb
9334
Jan
2834
2,000
2534
Feb
2834
Mar
*23
2534
10934 11034
12
1134
2134
10834
Jan
24
Feb
lo'ooo
Jan
11034
1234
Mar
Safe Harbor Water
2834
434s.'79
{♦St L Gas A Coke 6s. 1947
1134
San Antonio P 8 53 B.1958
♦Saxon
Falls 5s
1955
Servel
10034
10034 10134
28
1948
Inc 5s
1st 4)4 a series
B
1st 4Hs series D
1968
1970
1,000
26
1,000
11,000
45
45
*10634
10434 10534
10434 105
10434
10434 10434
2,000
-71"
102 34
Feb
Feb
x
Ex-d'Vldend.
57
17.000
2,000
9,000
2,000
71
7234
12,000
v
delivery sales not Included In year's range.
year's rangs.
r Cash sales not Included
» Under
n year s
Ex-Interest.
♦ Friday's bid and asked price.
Bonds being traded flat.
No sales were transacted during
current week.
♦
i Reported In receivership.
104
Feb
Feb
12834
Feb
Feb
112
Feb
week and not included In weekly or
yearly range:
112
No sales
Jan
25
Jan
28
Mar
2134
Jan
26
Mar
10034
Jan
102
e
Cash sales transacted during the current
Jan
43
Jan
10634
57
8herldan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
28
26
Pub Wks 6S..1937
Shawlnlgan WAP 4)4s '67
"s'ooo
112
♦Schulte Real Est 6s_.1951
Bcrlpp (E W) Co 5)48.1943
Scullln Steel 3s
1951
8,000
112"
112
10
No par value,
a Deferred
not included in
12834
10334 10334
*13134
San Joaquin L A P 6s B '52
Sauda
34,000
♦
the rule sales
range,
Feb
10334
Jan
10334
10334
Jan
Jan
55
Feb
71
Mar
50
10734
10534
105)4
10434
6334
7734
p
Jan
a
Deferred delivery sales transacted during
In weekly or
the current week and not
included
yearly range:
No sales.
Mar
Mar
week and not Included In
No sales.
Jan
Mar
Under-the-rule sales transacted during the current
weekly or yearly range:
Abbreviations
Used Ahose—'"cod," certificates of deposit;
Jan
"cum." cumulative:
Jan
"v
1
without warrants.
'eons," consolidated:
non-voting stock,
'conv," convertible; "m," mortgage; "n-v,''
c," voting trusts ertiflcates "w 1." when Issued;
'w w." with warrants
Financial
1688
March
Chronicle
1938
12,
Other Stock Exchanges
Sales
Friday
Last
Stocks
Closing bid and asked quotations, Friday, March 11
(Concluded)
Week's Range
Sale
Estate Securities Exchange
Real
New York
of Prices
Price
Par
7
Ask
Bid
Unlisted Bonds
Ask
Bid
Preferred 5%
18
100
18
38th
B'way
St
Internal Commerce Bldg—
Bldg—
>
1945
90
6
Bryant Park Bldg 6%sl945
11 West 42d St 6%b._1945
26
Mayflower-Old Col Cop_25
Mergenthaler Linotype.-*
Narragansett Racing Ass'n
Park
7s
%8
5%
............
Place Dodge Corp—
Income bonds v t c
0
10 East 40th St Bldg 5sl953
77
250 W 39th St Bldgs 0s '37
12
:::
29
en
Pacific Mills Co
SteinBros.&Boyce
S.
Estebfistad
Calvert St.
1853
39
Louisville, Ky.
Hagerstown, Md.
Week's Range
Sale
of Prices
High
Low
2%
55c
770
Jan
79c
4
40
3%
Feb
5
2%
2%
50
2%
Mar
Consol Gas E L A Pow
*
5% preferred
—100
Eastern Sugar Assoc com.l
Preferred1
Second
25
%
276
23
23
25
64
100
30c
Jan
44c
Mar
13%
22%
218
12%
19%
Mar
16%
24%
Jan
19%
4%
Jan
114%
150
47
18
Mar
Mar
Mar Tex Oil...
2%
240
2
2%
Feb
9%
10%
8%
350
9
Jan
10%
Mar
7%
511
7%
Mar
11%
*
20%
20%
24%
395
20%
Mar
27
Jan
------
19%
40
20%
Feb
68%
39%
19%
69%
39%
1,353
Jan
90c
92c
1,475
97%
19
8%
3%
107
(new)
2
*
United Shoe Mach Corp. 25
68%
—25
39%
Preferred
1
Utah Metal A Tunnel
Vt A Mass Ry Co
96
96
100
*
7%
7%
2%
*
60
1948
Series A 4%s
High
Mt V-Woodb Mills
H
1
Feb
Mar
12%
Feb
20
Jan
Jan
U S Fidelity A Guar.....2
Mar
8%
18%
104%
9%
17%
%
%
Jan
New York Curb (Associate)
150
09
9%
26
16
695
15
Mar
91%
9%
Jan
14
Feb
Jan
%
21
%
2%
2%
400
14
Feb
24%
108
23%
Feb
2%
7
2%
Mar
Jan
Feb
2,230
%
%
2%
25
2%
Feb
16
67
Feb
So.
10
Jan
s
fiat
44%
15
9%
1%
%
64%
10%
729
1%
%
1,450
66%
70
70
64
64
13
13
19
Mar
44
La
3
Jan
mmmmmm
to
March 11, both
for
Sale
of Prices
Botton Stock Exchange
Par
Low
Price
Jan
100
%
Mar
Jan
Adams Oil A Gas Co com.*
5%
64%
Mar
75
Jan
Advance Alum Castings..5
10
70
Mar
72
Jan
Aetna Ball Bearing com.. 1
3%
6%
11
64
Mar
64
Mar
Allied Laboratories com..*
13%
1,091
13
Mar
15%
Jan
Allied
19
8,500
19
Mar
23%
Jan
Armour A Co
21
2,450
19%
Mar
27
Jan
Aro
Jan
Jan
%
Common
•
(new)
42
z40
10
25
6%
8%
9%
------
....
—
Berghoff Brewing Co
Borg
Week's Range
for
Sals
of Prices
Low
High
Week
Range Since Jan. 1,1938
Shares
Low
Bigh
9
11%
"""9%
9%
11%
6%
11%
50
100
Boston Edison Co.---.100
Boston Elevated
.100
Boston
1%
13
50
IK
14
130 % 135 %
80
92
130%
80
121
121
50
50%
Herald-Traveller.*
18
122%
51%
18%
25
105
4,157
240
1%
13
129%
80
732
114%
366
48%
77
18
*
9
Class A 1st pre! stpd.100
Class A 1st pref
100
3
Class B 1st pref std._100
3
Class D 1st prefstd_.100
Boston Personal Prop Tr. *
2
Central Cold Storage com20
Cent 111 Pub Serv pref.—*
Central 8 W—
23
188
8
170
2%
5%
.
Common..
East Mass St Ry—
1st preferred..
Preferred B.
26 %
100
20
Economy Grocery Stores
Employers Group...
General Capital Corp.—
Georgian Ind cl A pref..20
Gillette Safety Razor.. ..*
Hathaway Bakeries cl B__*
Isle Royal Copper Co
25
For footnotes
see page
6%
Feb
9%
Mar
50
13%
Jan
15%
4,500
4%
Mar
6%
Jan
7
Feb
U%
Jan
100
32
Mar
200
50
50
12%
400
Jan
1%
30%
Jan
Jan
Jan
8%
Jan
4%
Jan
Jan
3%
12
13%
10%
Jan
Mar
Jan
Jan
13
Jan
9%
11%
Mar
13
Jan
11
Jan
14%
Jan
8
Jan
150
6%
5%
Jan
6%
Jan
16%
17%
200
16%
Mar
22%
Jan
23
26%
5,900
21%
Feb
28%
Jan
7%
250
Jan
7%
22%
Mar
7%
20
19
200
8%
700
7%
Feb
9%
Jan
3%
4%
600
3%
Mar
5%
Jan
7
7%
1,100
6%
Jan
8%
Jan
Mar
20%
20%
21%
21
500
18%
Jan
21%
21%
100
19
Jan
25
Jan
12
12
250
12
Mar
14
Jan
Mar
%
6%
51%
Feb
------
----
5%
300
5
Jan
240
46%
Feb
4,700
1%
Mar
2%
Jan
470
29%
Feb
33%
Mar
130
92
Jan
97
Jan
49%
50
1%
1%
32%
1%
33%
96
97
—
«• — *• •**
h
4
4
14
15
2
2
Jan
124
Feb
Preferred
*
Chic Flexible Shaft com..6
56
Jan
20%
Jan
12
Jan
Feb
4
Feb
Cities Service Co
2%
Feb
Club Aluminum Uten Co.*
4%
Jan
Common wealth
5
Jan
*
com
3%
53
3
Jan
4%
11
10
4
Feb
40
9%
Feb
12%
Jan
Compressed Ind Gases eap*
65
25
Feb
75
Jan
Consolidated Biscuit
Feb
V t c part shs pref
Cord Corp cap stock
mmmm
2%
30%
30%
52%
1%
51
*'•
100
53%
1%
%
------
32
100
1%
1%
-----
1%
1%
%
100
1%
1%
4
Jan
Jau
Jan
12%
1%
Feb
5%
15%
4,050
Feb
2%
1,100
1,100
31
Feb
34
Feb
38%
Jan
Feb
1%
%
Mar
59%
1%
%
10
150
300
70
Jan
Mar
Jan
Jan
Mar
Feb
100
Jan
1,950
1%
Mar
2
Jan
50
1%
Jan
1%
Jan
7,500
22%
Feb
27%
17
Jan
25
70
99
Consumers Co—
Jan
■
Jan
600
"49%
-
%
%
%
5
■
"14
Feb
Jan
8
Chicago Corp common...*
Mar
Jan
7
■'
Chain Belt Co com......*
Chic A N-West Ry com 100
Chicago Rys part ctfs 1.100
Chicago Towel Co—
Convertible pref.
*
5%
19
3%
------
Jan
Jan
1
300
Mar
Mar
Feb
10
149%
108%
Feb
6
300
9
Mar
Mar
250
300
32%
4%
13%
1%
1%
8%
5%
31c
10
1%
8%
187
0
31c
60
2%
49%
26%
2%
New
Edison—
.25
com.
1
1%
Jan
10%
310
Jan
7%
Jan
100
31c
Mar
70c
Feb
2%
Feb
3
Jan
50
5
Cudahy Packing pref. .100
Cunningham Dr Stores. 2%
Dayton Rubber M*g com.*
Jan
Dixie Vortex Co com.*...*
------
Jan
Dodge Mfg Corp com.
------
200
50
323
48
Feb
28
213
26
Feb
20
80
6
15
3%
------
------
Feb
16
3
23%
1%
6%
4%
51%
30%
700
16
6%
2%
Jan
Jan
Jan
23
6%
3%
*
Feb
Elgin Nat Watch....
Jan
Jan
Dredge Co com
Fuller Mfg Co com.
Gardner Denver Co com
13
13
18%
270
28%
10
1%
10%
15
1%
Feb
"9 %
28%
1%
9%
220
9%
Feb
28c
35c
50
27 c
Jan
35c
Jan
1%
1%
100
1
Jan
i%
Feb
20
12
Feb
13
15%
Jan
19%
27
Feb
30
1%
11
4%
------
23%
19%
4
4%
1%
350
4%
1,150
4%
20
250
13%
8%
15%
14
650
9
150
11
11
62
13%
3%
20%
1%
63%
62
------
24
3%
15%
3%
30
50
100
3%
Jan
4
Feb
1%
Feb
4%
6%
2%
Jan
Jan
Feb
Jan
Jan
61
Jan
70
Feb
13%
Feb
15%
10%
Jan
8
Jan
15%
Jan
10
Feb
500
3%
Jan
950
19%
Mar
5%
Feb
2
Feb
Jan
Jan
16%
14%
4%
Jan
24
Jan
7
Jan
Jan
FltzSimons A Connell Dock
17%
"in
100
14%
18%
1691.
9%
Jan
2
6
Eastern Steamship com..*
Jan
Feb
Elee Household t <11 cap. 5
100
_
Feb
Feb
East Gas A Fuel Assn—
4% % Prior preferred 100
6% preferred...
100
*
10%
8%
...10
8%
Jan
950
7%
—1
65
10 %
Copper Range.....
25
2
50
Prior Hen pref—...... .*
Central States P A Lt pfd *
50
4%
Boston & Providence-. 100
Brown-Durrell Co com.-.*
Calumet A Hecla
25
East Boston Co.
10%
3%
8%
7%
11%
6%
5%
6%
"16%
conv preferred.... 30
Common
Boston A Maine—
Prior preferred......100
Mar
Mar
5%
1
10
Preferred
Amer Pneumatic Service—
13%
8%
13%
—
Last
4
'
Cent 111 Secur Corp com—1
Convertible pref*
Sates
6%
1
Castle (A M) common. .10
inclusive, compiled from official sales lists
Jan
450
1
.*
Butler Brothers
Friday
4%
5%
6%
32
5
com....
Bruce Co (E L) com
Burd Piston Ring com
6%
7%
Mar
6
""4%
1
Class A
Exchange
Mar
Jan
3%
1
Brown Fence A Wire com. 1
Lewlston
46
5
500
Warner Corp—
(New)
N. Y. Tel. CAnal 6-1541
Jan
750
3%
6%
14
14
—
4%
5
Aviation com
Binks Mfg Co cap...
1
Bliss A Laughlln Inc cap. 5
DEPARTMENT
36%
800
6
6
1
1
Bastlan-Blesslng Co com.*
Belden Mfg Co com. —10
New York Curb Exchange (A**o.)
Boston Stock
High,
Low
46
5%
3%
b
common
Equip Corp com
Asbestos Mfg Co com
Bendix
Portland
Range Since Jan. I, 1938
S hare*
Products—
Barber Co (W H) com
1
Barlow A Seel Ig M fg A com 5
1887
30 State St., Boston
High
Abbott Laboratories—
229
Private Wire System
100
Jan
Jan
47%
11%
1%
Jan
UNLISTED TRADING
6% non-cum pre!
63%
Week
New York Stock Exchange
1st preferred..
Amer Tel A Tel-..
Boston & Albany
Feb
57
Sales
Week's Range
Jan
3
Last
Member*
Price
Jan
inclusive, compiled from official sales lists
Friday
9%
1%
Established
Par
Jan
4%
Chicago Curb Exchange
Jan
Townsend, Anthony and Tyson
Stocks—
8%
St., CHICAGO
Jan
Associates Invest Co com.4
March 5 to March 11, both
Jan
Feb
Chicago Stock Exchange
March 5
Jan
2%
16%
25%
19%
mmmmmm
Bangor
7
2%
Jan
Jan
Atbey Truss Wheel cap... *
Boston Tel. LAF 7010
Jan
Chicago Stock Exchange
Salle
19
1%
.1975
;
103
Jan
Class A
.
Feb
Feb
Common.
A5
Jan
96
Jan
Bonds—
Bait Transit Co 4s (flat) '75
Jan
1%
Members
5%
44
%
64%
Heal Estate Trust Co..100
41%
Jan
Paal H.Davis & ©o
Jan
113%
2%
mmmmmm
44%
9%
*
77%
Jan
Jan
Jan
Stocks—
Preferred
Mar
38%
90c
62%
SECURITIES
620
14%
23%
mmmmmm
1
2%
17%
23%
Mt Ver-Woodb Mills-
Penna Wat A Pow com...*
Jan
Listed and Unlisted
6
2%
2%
mmmmmm
Owlngs Mills Distillery...1
$1,000
60
New York Stock Exchange
%
%
2%
Jan
Jan
9%
mmmmmm
Preferred..
...100
New Amsterdam Casualty 5
No American Oil mm
1
40
Feb
Jan
28
Feb
15%
100
Feb
17%
70
9%
15%
1
com
23
Mar
115
mmmmmm
MercbA Miners Transp.. *
MononWPenn P S 7% pf 25
150
19
Eastern Mass Street Ry—
Jan
*
1
Jan
Jan
7%
Feb
96
....
20
9%
61%
95
Common class A
2%
*
232
95
*
Jan
3
19
284
5%
mm.
40
15%
preferred
Mar
3
18
64
15
v t
1,193
3
18
115
63%
114
100
.
Jan
44c
12%
19%
Bonds—•
Low
14%
210
1%
13%
15
Fidelity A Deposit
.20
Finance Co of Am A com.6
Houston Oil pref
Mfrs Finance com
488
%
mmmmmm
rmmmm
3%
Week
1%
12%
mmmmmm
mmmm mm
Brager-Eisenberg Inc com 1
Jan
Range Since Jan. 1, 1938
Shares
26
—- —--
*
Jan
Jan
):
Union Twist Drill Co-..5
York, Pa.
for
15%
25
------
....*
1%
42c
Jan
Jan
2%
50c
CHICAGO
14%
•
1st pref v t c—
Black A Decker com
102
Feb
Sales
Friday
Atlantic Coast L (Conn) .50
Bait Transit Co com v t o. *
Jan
Feb
90
Torrlngton Co
BaitimoreStock Exchange
Arundel Corp....
Feb
Reece Folding Machine. 10
*
March 6 to March 11, both inclusive, compiled from official sales lists
Price
5%
2%
4
-1%
mmm'mm
Shawmut Assn T C
Waldorf System
Par
100
648
Jan
Jan
3%
1%
Jan
44c
50
25
Warren Brothers
Stocks—
2%
94
24%
Stone A Webster
Broadway
Members New York, Baltimore and Chicago Stock Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
Last
2,840
Jan
Mar
10c
19
2%
Reece Button Hole MachlO
NEW YORK
BALTIMORE, MD.
4%
Jan
Jan
2%
26c
51c
_*
Quincy Mining Co
371
Jan
22
Jan
1%
119
Old Dominion Co...—25
Baltimore Stock Exchenge
20c
20%
Jan
18
9
4
*
Pennsylvania RR
6
91
mmmmmm
100
Ctfs of deposit
2%
2%
2.50
Butte
4%
91
New England Tel A Tel 100
N Y N H A Hartf RR-100
North
19
;-/■<
High
-
Jan
6%
75
200
20c
-
4%
National Tunnel A Mines. *
mmm
^
m
m
50
1%
1%
19
—1
Inc
Old Colony RR
Orders Executed
m —
30
18
1%
Low
Shares
7
Mass Utilities Assoc vtc.l
Range Since Jan. 1, 1938
for
Week
High
7
Maine Central corn.—100
Unlisted Bonds
Low
Feb
Mar
Jan
Feb
Feb
.
.15
*
_
6
21
6
100
2
900
2
2
*
12
12
12%
------
52
52
300
50
11%
52
Jan
Mar
2%
Jan
16
Jan
52%
4%
Jan
Jan
*
3%
3%
3%
250
1%
i
Common..
Godchaux Sugar cl A
6
19%
1
.
$3 cumul conv pref—20
Gen Finance Corp com
Gen Household UtU—
20
1%
33%
1%
33%
6,350
1
Mar
2%
Jan
20
32
Jan
33%
Mar
------
3%
Feb
Volume
Financial
146
Week's Range
of Prices
Low
High
Week
Price
Goldblatt Bros Iflo com..*
17*
7*
17*
7*
13*
Gossard Co (H W) com..*
Great T-akes DAD com..*
13*
1
cap.
Feb
Feb
7*
5*
Jan
7
Jan
6
5*
100
5*
6
30
6
350
pref—
-.25
With warrants
20
Hibb Spenc Bartlett com25
Hormel A Co com A.... *
104*
Indep Pneu Tool s t c—.*
20
1
Iron Fireman Mfg v t c—*
Jarvls (W B) Co cap
1
5
5
Indiana Steel Prod com
...
14*
19*
Jefferson Electric Co com *
38*
Joslyn Mfg & Sup com—5
Ken-Rad T A Lamp
La Salle Ext Unlv com.
Lawbeck 6% cum
Mar
-----~
12
12
145
12
Feb
13
Formica Insulation
*
10
10
10*
*
25
25
25
22
*
Lindsay Lt A Chem com 10
2
Common
....
Jan
Kahn
*
Jan
Jan
KeUey-Koett pref.
Kroger
*
11
Jan
2
Jan
Procter & Gamble
*
5*
Jan
8*
Jan
Randall B
*
*
Rapid
20
Mar
29
Jan
150
5
Jan
7
Jan
U S Playing Card
US Printing
13*
13*
Mar
100
19*
Mar
100
38*
Mar
450
Mar
Jan
4
50
5
Feb
*
15*
18*
23*
Jan
Preferred
Jan
Jan
Jan
7*
Jan
10
Jan
12
22
Feb
30
5
7,150
54*
3*
*
2*
150
*
2*
250
29
Feb
5
Mar
Jan
17*
Jan
49*
35
45*
Jan
Jan
2*
22*
23*
300
50*
3*
50
2
22*
,
23
23*
*
2
2
10
27
Jan
Jan
2
100
Jan
Jan
22*
21*
95
2
Mar
23*
Feb
Jan
3
Jan
..50
Preferred..
5*
5*
22
5*
Mar
7
Feb
..10
...
7*
8
95
7*
Mar
10
Jan
72
2
Jan
80
Mar
.100
72
72
66
Cleveland Stock Exchange—See page
1657,
Mar
Feb
1
Jan
3*
Feb
Jan
Jan
9*
30
Watling, Lerchen & Hayes
Jan
Members
7*
150
3
150
22
50
2
50
New York Stock
Feb
Detroit Stock
Jan
9
Jan
Jan
4
Jan
Mar
2*
Jan
Feb
19*
500
29
Jan
10
2
400
2*
4
Jan
3
.
Jan
7*
100
Feb
1*
29
Mar
*
400
7*
8*
1,500
3*
250
2*
31
Buhl Building
DETROIT
Telephone: Randolph 5530
Jan
Jan
3*
Chicago Stock Exchange
Exchange
Jan
JaD
Jan
Feb
7*
3*
New York Curb Associate
Exchange
Jan
25
1*
9*
4*
Jan
Feb
*
*
7*
6
15
48*
_____
2*
8*
500
2
_.*
Mar
100
456
9 *
Jan
Mar
29
80
3*
22
Mer A Mfrs Sec cl A com.l
Mar
6
Jan
6
15
Jan
58
28*
60*
Manhatt-Dearborn com..*
Marshall Field com
9*
8
6
9*
15
Jan
40
29
*
McQuay-Norrls Mfg com.*
Jan
Jan
40*
5*
100
3
Loudon Packing com
Jan
■
..10
Wurlltzer..
Jan
7
32*
15
;
*
------
Jan
2
*
Lion Oil Ref COcom .....*
12*
25*
Feb
Jan
11*
400
9*
7*
3
Mar
24
21
6
3*
Llbby McN A Llbby__.10
Lincoln Printing Co—
10
35
Jan
10
*
2*
..10
Jan
65
Mar
108
Mar
25
6
com
Jan
104*
Mar
31
23*
29
*
Common
Mar
22
15
Leatb A Co—
Le Roi Co com..
104*
100
22
30
250
4*
10
104* 104*
...
Mar
39
3*
"2*
.5
81
*
103
20
5*
pref-100
Jan
Jan
4*
6
10
4*
5
75
32
22*
56*
comA*
Kentucky Utll Jr cum pi 50
6% preferred
100
Kerlyn Oil Co com A.
5
Kingsbury Breweries cap.l
Mar
121
l*
250
38*
4*
..1
Kellogg Switch A Sup com*
Katz Drug Co com
303
Cintl Union Stock Yard..*
CInti Union Term pref. 100
60
14*
15*
13*
4*
80*
4*
6
Jan
Mar
115
80
Mar
300
5
High
Feb
80
—
Early A Daniel
Low
112
32
100
23*
,v'
Cincinnati Street
-.50
Cincinnati Telephone. -.50
18
115
*
100
1*
6*
5*
103
104*
20
115
*
50
1*
100
.100
Range Since Jan. 1, 1938
for
Week
Shares
High
Goldsmith...
45*
Jan
150
9*
10
10
Hupp Motor com (new)..I
Illinois Brick Co
-.25
111 North Utll pref
17*
9*
Hubbell Harvey Inc com. 5
Low
Price
Hobart A
Mar
20
Jan
41*
16*
50
42
17*
m
CNOATP
of Prices
Feo
Mar
20
50
20
42
Houdaille-Hershey cl B. ..*
Par
Week's Range
Gibson Art
Mar
6
Jan
Jan
Jan
200
5*
5*
8*
16
Jan
Jan
7*
6*
6
6
Harnlschfeger Corp com. 10
Helleman Brew Co G
7*
12*
23*
Jan
300
1,850
6
6
Mar
Feb
Feb
17*
450
18
8*
14*
Stocks (Concluded)
High
Low
Shares
5*
Hall Printing Co com
10
Hamilton Mfg cl A pt pf dlO
Heller (WE)
Last
Sale
for
Sale
Sales
Friday
1,1938
Range Since Jan.
Last
Par
1689
Sales
Friday
Stocks (Concluded)
Chronicle
*
"23*
23*
70
Mlckelberry's Food ProdCommon.......
...1
2)6
2*
2*
450
2*
Mar
5
5
5*
4*
Jan
Jan
1
1
1
3,700
1,150
Mar
to
March 11,
Exchange
both inclusive, compiled from official sales lists
Jan
Middle West
Detroit Stock
March 5
Jan
Preferred
22
22
Mar
Jan
24
1
Midland United Co—
Conv preferred
3*
A...—*
1*
3*
3*
"~3*
Miller A Hart Inc conv pf *
Monroe Chemical Co com *
Montg Ward A Co cl A...*
Natl Battery Co pref
.*'
National Pressure Cooker 2
133
"22"
2*
Jan
3*
30
131
Jan
130
21
Jan
100
Peabody Coal Co com B__*
xUH
A..10
Penn Gas A El A com....*
"27"
---.*
Pines Wlnterfront com—1
1
Jan
Feb
Jan
Det Gray Iron com
Mar
*
Jan
Det Paper Prod com
Mar
23*
2*
8*
Jan
Det Steel Corp com
Feb
11
Jan
21*
Mar
32
Jan
Feb
1
Jan
Goebel Brewing com.
50
12*
Jan
2*
500
2*
Jan
6*
750
6*
Jan
10*
21*
*
70
9*
50
14*
Quaker Oats Co com
*
98
100
138
98
140
139
30
2
2
Jan
Mar
29
Jan
1
Jan
General Finance com....I
1 *
Jan
Hosklns Mfg com.
1*
Jan
Feb
100*
Jan
Houdaille-Hershey B....*
Hudson Motor Car com..*
Jan
141
Feb
95*
137
150
------
1
*
St Louis Natl Stkyds cap.*
------
com.
.
_
_
Sangamo Elec Co com.
*
Schwitzer Cummins cap..l
...
1
550
62
62
10
18
8*
98*
18*
*
1
Signode Steel Strap pref 30
Common.
------
------
12*
*
16
Sou Bend Lathe Wks cap 5
South Colo Pow A com..25
Standard Dredge oom
*
Convertible preferred.20
Sunstrand Macb Tool com5
-
-
-
--- -
J
-
-
--
9*
«
15
22*
—25
£16*
Swift International
Swift A Co
Thompson (J R) com ...25
Trane Co (The) com.....2
Utah Radio Products com *
5
1
3*
23*
12*
15*
1*
Jan
98
Jan
58*
Jan
Feb
10
....1
99
Jan
1*
Jan
Mich St Tu Prod com.2.50
Jan
64
Mar
27
Jan
Mar
300
8*
Feb
13*
63*
Jan
54*
Feb
3*
Mar
5*
Jan
20
2
22
Jan
50
10
Feb
28*
17*
400
14
Jan
17
50
2
2*
Jan
3*
Jan
--*
Parker Rust-Proof com 2.50
Parker Wol verine com... *
Penin Metal Prod com...l
2
100
10
Feb
13
Jan
9
Mar
13
Jan
Mar
27
Jan
Mar
18*
Jan
25*
600
17*
2,600
5
750
16*
500
1*
1*
2*
300
9*
22*
16*
Jan
Motor Wheel com
Natl Auto Fibres v t c
200
2*
11
9
2
Jan
Jan
Feb
600
Feb
22*
16*
Jan
4*
14*
1*
18
Jan
1
Jan
Jan
Timken-Det Axle com... 10
Jan
5*
Jan
Feb
16*
Feb
Mar
I*
Jan
16
...*
*
...
------
*
18*
Wisconsin Bank ihs com.*
------
Walgreen Co common
3*
2
oom.
Yates-Amer Mach cap...5
------
Zealth Radio Corp com..*
14*
16*
1*
1*
18*
4*
3*
2*
90
100
Jan
18*
Jan
150
4*
3*
2*
15*
1*
1,400
19
14
16
4*
3*
1*
12*
Mar
250
150
1,950
Jan
Jan
Feb
*
20*
5*
Jan
......100
11
Mar
1,807
48
Jan
62*
Jan
100
14
Jan
15*
1 *
Mar
200
Jan
1*
Jan
1*
Jan
Feb
1 *
2*
13*
Mar
100
12*
400
10*
9
9*
448
1*
6
1*
6
—
3*
3*
195
------
33*
-
-
-
1
---
-
—
-
*
35
--
—
-
90
Jan
Mar
Jan
Jan
.
Jan
3*
16
Jan
Feb
13*
Jan
8
Jan
Jan
2,300
1*
Jan
10*
1 *
854
5*
3*
29*
Jan
7*
Jan
Mar
4*
1,852
550
1 *
1
-
326
3*
3*
1,660
Jan
3
Mar
1
Mar
Feb
Jan
Jan
38
Jan
3*
1*
12*
22*
11*
Jan
Jan
10
10
160
10
------
22*
22*
100
22*
Mar
9*
9*
10
250
8*
Jan
7
Jan
9*
Jan
""2*
7*
2*
Jan
3*
Jan
Feb
*
Jan
Jan
18*
Jan
Mar
Jan
Mar
19*
1*
—
-
— —
7*
2*
1,080
2*
1,310
60
17*
500
*
17
310
16*
17
16*
60
16*
"
17*
1*
1 *
1*
63
1,435
17
1*
Jan
Mar
Jan
Jan
90
-
-
-
-
-
-
-
-
90
Mar
1 *
Jan
35
825
34
Mar
*
Jan
97
200
Jan
1 *
Jan
65
-
100
97
-
90
32
""32""
66
300
*
62
Jan
4*
*
Jan
4*
4*
100
3*
JaD
5
Jan
4
-
4
100
3*
Jan
4*
Feb
Jan
1*
1*
100
1*
Jan
2
9*
4*
9*
200
9*
Mar
10
Jan
4*
1,030
4*
Jan
1,112
31*
Jan
5*
37*
Feb
354
17*
Jan
------
——————
-
-
-
-
-
-
36*
-
-
-
-
—
-
-
-
-
2*
6*
1*
-
2*
------
Union Investment com—*
2*
6*
1,127
Jan
1 *
518
5*
1*
2*
3*
3*
2*
200
400
Mar
Jan
4
Jan
Jan
Mar
Mar
3*
7*
2*
2*
Mar
2*
Jan
Feb
4
Jan
4*
Jan
1,676
3*
3*
2*
18*
Feb
22
Jan
Jan
20
425
94
10
90
Jan
94
Mar
12
105
Jain
107
Jan
570
Jan
1,735
4*
Mar
1 *
875
1
Mar
1*
Jan
3*
3*
100
3*
Mar
5
4*
2*
4*
2*
200
4
Feb
850
2
Jan
400
81
Mar
------
—-*
12
Jan
500
105* 105*
4
4*
------
*
20*
Jan
2
10
94
------
4*
Jan
9*
2,460
Jan
2*
3*
3*
2*
19*
2*
------
18*
9*
-
2*
-
37
18
36*
Tivoli Brewing com ——1
2*
Wayne Screw Prod com..4
Mar
150
Jan
Members Cincinnati Stock Exchange
11
2*
Mar
Jan
Warner Aircraft com..... 1
100
13*
2*
......
5*
B
Jan
2
2*
17*
Unlv Cooler A
26
108
Pfelffer Brewing com
Preferred
Jan
Jan
1,590
Jan
Parke-Davis com
_.._*
Prudential Investing com.l
5
Reo Motor com
Rickel (H W) com
2
River Raisin Paper com..*
Standard Tube B com.... 1
Stearns A Co (Fred'k) com*
Preferred..
...100
Viking Pump Co—
Common
6
*
Packard Motor Car com..*
21*
Feb
Motor Products com—..*
1
Mar
7
1*
--*
—
Jan
Jan
17*
20*
100
530
400
Mid-West Abrasive coin50c
350
Jan
1*
9*
1*
2*
13*
11*
High
650
100
93
Low
1*
McClanahan Refining coml
Mar
18
Kinsel Drug com
Shares
1*
1*
91*
1*
1*
Lakey Fdy & Mach com__l
McAleer Mfg com.......*
McClanahan Oil com
1
250
16
16
*
2*
Jan
Mich Sugar com.... —
Micromatic Hone com
23*
12*
4*
16
Jan
*
10
58
11
— —
150
2
1 *
Hurd Lock & Mfg com__.l
60*
3*
8*
58*
~
Serrick Corp cl B com
30
98*
*
A1!,,
Sears Roebuck A Co com.*
Woodall Indus!
1
Graham-Paige com
—1
Grand Valley Brew com__l
14
1*
-
92
Federal Mogul com......*
Mar
1
150
1
-.100
-
Ex-Cell-O Aircraft com...3
Kresge (SS) com
..60c
c——5
6 % preferred v t
Wahl Co com
5
1
.5
Jan
Raytheon Mfg—
Rollins Hos Mills
Det Cripple Creek Gold-.l
Detroit Edison com ...100
Jan
*
350
96*
138
27
600
*
1
14*
9*
Mar
4
30
27
*
Mar
100
4
-
-
Gemmer Mfg A
*
-
52*
14
------
11
50
"56*
22*
11
Frankenmuth Brew com__l
*
Jan
20
7*
18
17*
21*
—
-
-
6*
17*
1
com
5*
23*
100
27
1
Crowley Milner
Jan
900
*
Potter Co com
Jan
Jan
22*
Feb
*
18*
4
Consolidated Paper com. 10
Continental Motors com. .1
140
1*
7*
m-4mm
------
Chamberlin M W Str com 5
3*
50
14*
21*
Feb
Jan
4*
6
50
150
2*
6*
9*
21*
*
"9*
Common v t c
Price
-
Jan. 1, 1938
Week
Baldwin Rubber com....l
Briggs Mfg com
_*
Burroughs Add Mach-...*
35
6
*
17*
17*
2*
Northwest Bancorp com..*
Northwest Utll 7% pref 100
Reliance Mfg Co—
Preferred
Range Since
for
of Ibices
Low
High
1
Jan
2
Mar
250
4*
20*
4*
Noblltt-Sparka Ind com .5
North American Car com20
Preferred
Mar
20
National Union Radio coml
Prior Hen pref
1*
300
22
6
Tr pref *
90
1*
3*
3*
133*
22
National Standard com.. 10
Perfect Circle Co
Par
>
Jan
Feb
200
3*
3*
100
7% prior lien
Penn El Switch conv
Stocks—
Week's Range
Sale
Auto City Brew com..... 1
—
Natl Republic Inr
Sales
,t)
Last
Corp cap—5
Stock purchase warrants
Midland Utll
Friday
1
1 *
85
81
81
2*
------
2*
25
25
Wolverine Brew com _-_.l
Jan
3*
220
2*
Feb
400
*
Jan
5*
3*
1*
3*
*
Jan
Jan
Jan
Jan
Jan
Jan
ActivefTrading Markets in
Cincinnati and
[Ohio Listed and Unlisted Securities
Wm.Cavalier&Co.
BALLINGER & CO.
UNION TRUST BLDG.
Phone
CINCINNATI
Cherry 6711—Bel1 Sys.
Tel.
Cin.
MEMBERS!
363
Lot Angeles
Cincinnati Stock
March 5 to March llf
523 W. 6th St.
Exchange
San Francisco Stock Exchange
Stock Exchange
Loa Angeles
Sales
Last
Par
Week's Range
of Prices
.
for
Sale
A'
Week
Price
Low
High
Los
Range Since Jan. 1,1938
Shares
Low
Angeles Stock Exchange
March 5 to March 11, both inclusive,
High
compiled from official sales lists
Sales
Friday
*
Aluminum Industries
4
American Laundry Mach20
Baldwin...
....
Teletype L.A. 290
both inclusive, compiled from official sales lists
Friday
Stocks—
Chicago Board of Trade
Nevo York Stock Exchange
15*
4*
8
Champ Paper A Fibre....»
Preferred
100
------
Churngold.
CInti Gas A Elec pref. .100
For footnotes see page
4
99
1691
4
10
16
41
5
33
24
28*
105* 105*
8*
9
99
100
145
4
260
109
5*
15*
4*
Mar
24
Mar
103*
6*
97*
Feb
Feb
4
18*
5
31
Mar
Last
Jan
Sale
Mar
105*
Mar
Feb
9
Mar
100*
Par
Price
of Prices
High
Low
for
Range Since Jan. 1,1938
Week
Shares
High
Low
Jan
Jan
Jan
Stocks (Concluded)
Week's Range
Jan
3
1
Barnhart-Morrow Consol.l
3*
3*
3*
1,200
40c
40c
40c
900
40o
Berkey A Gay Furn Co—1
75c
75c
75c
100
75c
Bandlnl
Petroleum
4
Jan
Jan
45o
Jan
Mar
1.00
Jan
Feb
Financial
1690
Stocks
Par
(Concluded)
Calif Packing Corp com...
100
Central Investment
5
Chrysler Corp...
Claude Neon Elec Prods—
Week's Range
of Prices
Low
High
Week
Price
253
20*3
Shares
Low
253
20*3
1,000
1*3
Feb
253
Mar
20*3
2
100
20*3
Mar
20*3
Mar
Mar
15
16
192
15
50
5153
8*3
200
49*3
Jan
62*3
Jan
200
7*3
Feb
8*3
Mar
Mar
10*3
4*3
Jan
853
Consolidated Oil Corp
10
General Motors com
Oceanic OH Co
Olinda Land Co
22X
35 X
35 X
22 X
35X
Jan
Jan
8X
200
Feb
24 X
Jan
35
Jan
37X
30 X
21X
33 X
3X
36X
12X
Jan
29 X
100
29
Jan
18 X
18X
19 X
500
16X
Jan
Jan
Standard Oil Co of Calif..*
31X
31X
33 X
400
29
Jan
Jan
Sunray Oil Corp
75c
85c
1,100
34*3
300
9
Jan
30*3
Jan
3753
400
29
7
4*3
Jan
25*3
1*3
9
Jan
100
453
453
62*3c
10*3
95c
Jan
Feb
5
Jan
Mar
preferred
Original
1
Superior Oil Co (The)—25
29 X
3
29 X
3
3
20
100
2X
Jan
35 X
200
30 X
Jan
10 X
10X
10X
1,000
10X
Jan
Union Oil of California..25
21
21
21X
800
18X
ll'A
UX
1,400
653
Jan
Jan
200
5*3
Jan
*
Transamerica Corp
35X
35
Jan
12c
6c
7X
20 X
So Calif Gas 6% pref A..25
Jan
Jan
100
Southern Pacific Co—100
33*3
853
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
21X
ux
6*3
Mar
1*3
300
Jan
29*3
IX
Jan
Universal Consol Oil
8c
8c
11c
10,100
8c
Mar
11c
Jan
Wellington Oil Co
12c
12c
13c
900
15c
Feb
18c
Jan
8*3
3*3
8*3
3*3
8*3
400
753
Feb
3*3
4,100
2
Jan
10*3
3*3
Mar
Black Mammoth Cons. 10c
18c
18c
18c
1,000
18c
Feb
22c
Jan
4
4
4
300
4
Jan
4*3
Feb
Cons Chollar G & S Mng.l
3%
3X
3X
100
3X
Jan
4X
Jan
60c
60c
60c
60c
Feb
75c
Jan
13X
13X
13X
IX
4%
18X
8X
200
Jan
28*3
1*3
1
Mt Diablo Oil Mng &
22 X
25
8
Jan
80c
1.05
Devi
1
1
1
28
1*3
1,100
2,300
1.05
Jan
10
1
6
6
1,400
1.00
Mar
1*3
Jan
400
55o
Mar
70c
Jan
Amer Rad & Std
1,500
25c
Jan
30c
Jan
Commonw & Southern
Sanitary*
IX
IX
453
4X
18X
8X
14X
Feb
100
1X
Jan
1X
Jan
100
4
Feb
Jan
Jan
Jan
1.05
1.05
1.05
200
1.00
Feb
1.20
Jan
Curtiss-Wright Corp
*
1
3c
3c
4c
8,000
3c
Feb
28c
Feb
N Y Central RR
*
18X
North American Aviation 1
853
*
*
8X
8X
8X
100
55 X
54X
55 X
200
25c
25c
Jan
Unlisted—
27c
1.00
6
9X
Mining—
55c 57*3c
57*3c
Menasco Mfg Co
Occidental Petroleum
3,000
8
Jan
29
Jan
Mar
34*3
1
Mascot Oil Co
6c
6c
8
Jan
60c
Jan
25
10
200
853
25X
7
60c
60
Jan
300
453
60c
25 X
IX
Feb
Jan
9*3
4
Milling..25
Hancock OH Co A com—*
Hupp Motor Car Corp
Klnner Air pi & Motor
1
Lincoln Petroleum Co._10c
Lockheed Aircraft Corp..!
Los Angeles Indust Inc..-2
Los Angeles Investment. 10
60c
25 X
6c
1.10
8*3
9*3
453
10*3
Globe Grain &
300
60c
Sontag Drug Stores
*
So Calif Edison Ltd.-..25
High
Low
IX
1.20
IX
Shares
Jan
9
Gladding-McBean <fe Co..*
High
853
10
4
Low
Price
4
9
Equip..5
Exeter Oil Co A com
1
Ryan Aeronautical Co_.
Samson Corp B common
Security Co units of ben lnt
Sierra Trading Corp—25c
for
Week
400
10
Preferred
18
Par
of Prices
9*3
200
Consolidated Steel Corp—
Emsco Derrick &
Jan
16
5153
8*3
8*3
853
(<Concluded)
Stocks
High
Week's Range
Sale
for
Sale
Range Since Jan. 1, 1938
Last
Range Since Jan. 1, 1938
Last
1938
Sales
Friday
Sales
Friday
Bolsa-Chlca Oil A com..10
March 12,
Chronicle
Pacific Clay Products
*
200
5
Jan
7*3
Mar
Pacific Distillers Inc
1
30c
30c
30c
100
49c
Jan
12*3
12*3
1253
600
Jan
14*3
Jan
U S Steel Corp
26
26
2653
200
Feb
27*3
Jan
Warner Bros Pictures Inc.5
22*3
,30c
11*3
25*3
18*3
3653
103*3
Mar
Pacific Finance pref A—10
23
12
100
15 X
Jan
5X
19 X
100
7X
Feb
10 X
Feb
Pacific Gas & Elec com..25
Pacific Indemnity Co—10
*
Pacific Lighting com
7*3
104
Puget Sound Pulp Timber.
100
100
100
4*3
653
300
353
4*3
1,500
6
Republic Petroleum com.l
22*3
3653
3653
10353 104
4*3
4*3
6
22*3
3653
6% preferred
♦
Pacific Public Service com*
353
50
5*3% preferred
Richfield OH Corp com...*
Roberts Public Markets..2
Ryan Aeronautical Co
7*3
7*3
4*3
35
36*3
5*3
253
1.25
47
6*3
35
5*3
35
200
800
253
253
1.25
200
300
25*3
1753
2*3
2553
7c
7c
39*3
Feb
104*3
4*3
6
Jan
7*3
353
Feb
5*3
Jan
Jan
37*3
7*3
Jan
3*3
1*3
21*3
Jan
2*3
Jan
32
Jan
5*3
Feb
253
Feb
1.10
2*3
2*3
7c
25
21*3
35*3
27*3
25*3
21*3
35*3
35*3
26*3
27*3
600
26*3
Jan
25
25*3
800
24*3
Jan
30
30
30
100
29
15*3
15*3
1853
1,300
30*3
30
31*3
700
29
25
33
33
34
600
30*3
Transamerica Corp......*
10
10
So Calif Edison Co
25
Original pref
6% pref B
25
5*3% pref C...
25
So Calif Gas 6% pref A..25
Southern Pacific Co
100
Standard Oil Co of Calif..*
Superior OH Co
200
134
22
700
75
Mar
17
Jan
2*3
25
20*3
Feb
24*3
Jan
Jan
37*3
27*3
25*3
30*3
21*3
33*3
36*3
New York Stock Exchange
PHILADELPHIA
NEW YORK
1513 Walnut Street
30 Broad Street
Feb
Mar
1253
Jan
1
Jan
15*3
2,800
Mar
Jan
10
18*3
20*3
9*3
4*3
9*3
4*3
1053
4*3
700
5*3
5*3
5*3
500
5*3
3
3
3
200
3
Jan
Feb
Philadelphia Stock Exchange
Feb
Tan
Feb
6*3'
Jan
21*3
11*3
3
4*3
Mar
Mar
6*3
Jan
3*3
Jan
Jan
Par
Stocks-
17c
17c
17c
1,000
17c
Mar
22c
Jan
..1
30c
30c
30c
400
29c
Jan
30c
Mar
American Tel & Tel Co.100
100
132
Jan
145
Mar
132
Chrysler Corp
31*3
200
29*3
Jan
Jan
Horn & Hard (N
1*3
100
1*3
Mar
2
Jan
Lehigh Valley
.*
Montgomery Ward & Co.*
1*3
35*3
35*3
100
Jan
41
Jan
33*3
33*3
33*3
100
29*3
Feb
*
15*3
15*3
7*3
17*3
1,900
15*3
7*3
Mar
Nor American AvIation._l
8
600
Feb
3653
19*3
Mar
Jan
Jan
*
6*3
6*3
6*3
700
Jan
10*3
7*3
Jan
n._25
40*3
38*3
Feb
4153
Jan
*
200
29*3
Feb
29*3
Mar
Warner Bros Pictures
5
29*3
5*3
40*3
29*3
200
US Rubber Co
40*3
29*3
5*3
5*3
300
553
Mar
7*3
Jan
Radio Corp of America
Texas Corp
7*3
6
Y) com..*
50
National Power & Light..*
1
Pennroad Corp v t c
50
Pennsylvania RR
Phlla Elec Pow pref
Phlla Rapid Trans 7%pf
Philadelphia Traction
Salt Dome Oil Corp
25
50
50
MEMBERS
650 SOUTH
LOS
ANGELES
STOCK
STREET
SPRING
•
EXCHANGE
10 X
*
100 X
*
9
SANTA
FRANCISCO
We also give below the record of transactions on the Los
Stock
Exchange
ended March 4,
week due to
interruption in wire service, caused by the severe floods in
the Los Angeles district.
we
were
for
the
week
unable to give in our issue last
Sale
Par
Price
Week's Range
of Prices
High
Low
to
1*3
VA
200
1%
5c
5c
6c
1,000
5c
9 53
16*3
953
18
30
Consolidated Oil Corp
„
Consolidated Steel Corp...
4*3
4
4X
400
Exeter Oil Co A
80c
80c
90c
3,000
common.
1
Farmers & Merch Nat. 100
General Motors
General Paint
com
10
399
399
35*3
9
com
Gladding McBean & Co..*
Globe Grain & Milling..25
9
Jan
Mar
Jan
31X
41X
Feb
1,317
45
Feb
24%
Mar
4X
OX
Jan
0%
Feb
Jan
8%
2
Jan
Jan
Jan
135
62
112
Feb
2X
30%
144%
110*3
Jan
32 X
2
Mar
4X
Jan
5%
10%
Feb
Feb
Jan
40
37 X
28
7%
24%
42*3
Feb
30
100
>16
Jan
1,585
2,041
3,957
19X
Mar
Mar
763
5X
ox
260
3,979
38 X
19%
39%
30
30
Jan
1%
206
X
IX
Feb
IX
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Feb
X
IX
IX
3
>u
1
Jan
2%
982
2%
28X
2%
189
2X
Feb
29 X
195
20 X
Jan
9%
40%
3,416
100% 101%,
9
8%
441
2
Jan
25
6
'45
10%
7
11%
March 11,
9%
Feb
100 X
Mar
392
8%
Mar
$5,000
3,000
5X
10%
Jan
Feb
Jan
Jan
3X
32
Jan
Jan
UX
100%
9X
Feb
Feb
7
Jan
Mar
20
Jan
Jan
both inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1, 1938
Last
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
High
*
*
10%
32%
*
14%
Alleghany Steel com
Shares
High
Low
953
399
35 *3
9
100
6
35*3
100
60
30*3
Feb
39
Jan
15
380
11*3
Jan
15
Mar
100
Jan
Mar
Mar
Jan
Carnegie Metals Co
*
1
9X
IX
14*3
Jan
1*3
100
Clark (D L) Candy Co ..*
4%
4*3
200
8*3
1*3
3*3
Jan
Feb
Jan
4*3
6*3
Feb
9*3
com
16
Feb
18
Jan
Columbia Gas & Electric.*
7%
7%
490
...10
19%
12%
19X
253
19
12*3
110
12*3
9
Feb
10*3
Jan
Devonian Oil
4
Jan
4*3
Jan
62*3c
Jan
95c
Jan
Jan
Duquesne Brewing Co—5
Follansbee Bros pref
100
Fort Pitt Brewing..
1
Jeanette Glass pref
100
Jan
390
30*3
Jan
399
Jan
37*3
753
Jan
9
Feb
7
Jan
9
Feb
Koppere G & Coke pref 100
100
4*3
Jan
5
Jan
Lone Star Gas Co
McKinney Mfg Co
Mesta Machine Co
7
8
115
7
80c
80c
100
70c
30
30
62
Jones & Laughlin St pf 100
100
23
34
5c
100
Hancock Oil Co A com...*
21*3
2*3
4*3
Goodyear Tire & Rubber.*
Feb
Feb
9
4*3
23 *3
15*3
Feb
9
9
4*3
23 A
16
16*3
14*3
153
By era (A M)
1*3
18
20X
29%
21X
277
Armstrong Cork Co
Low
Buckeye Un Oil pref v t c.l
100
Jan
295
3%
Blaw-Knox Co.
Range Since Jan. 1, 1938
for
Week
Shares
Bolsa Cbica Oil A com__10
Central Investment
7*3
Sales
Friday
Stocks—
Mar
Pittsburgh Stock Exchange
March 5
Stocks—
Last
5%
Jan
Bonds—
ANA
Peoples Pass tr ctfs 48.1943
which
50
135
%
*
Elec & Peoples tr ctfs 4s
Angeles
Jan
Jan
81
IX
2X
Westmoreland Coal.
Jan
47X
5X
03%
195
ht
2X
Preferred
OX
29X
"39*3
Jan
Jan
18X
*
United Gas Impt com
LOS ANGELES
53
U5X 110%
31
30X
OX
Feb
Jan
149X
18X
119*3
Jan
Jan
0%
2X
21X
3X
Jan
Feb
60
220
0%
19X
UX
707
5%
4%
5X
2
High
Jan
14%
110%
4%
3X
5X
135
50
United Corp com
Preferred
115
8%
127%
Teletype: LA 477
Telephones VAndike 2201
SAN
Co.
&
19 X
__*
Union Traction
Revel Miller
847
5%
31X
35%
24 X
33X
1
*
263
24 X
5*3
6X
2X
Tacony-Palmyra Bridge..*
Tonopah-Belmont Devel.l
Tonopah Mining
1
Transit Investment pref..*
STOCKS
BANK
ANGELES
"29*3
49%
5%
29X
Penna Salt Mfg
50
Phlla Elec of Pa $5 pref...*
Scott Paper.
LOS
4X
Low
Shares
159
119
5X
10
General Motors
30*3
1*3
35*3
35
118
*
BatterylOO
8H
130 X 135X
iox
10%
4X
5
30*3
36*3
131X
*
*
*
New York Central RR
Price
100
G) Mfg Co
Budd Wheel Co
50
Kennecott Copper
Week
10
Barber Co
Curtis Pub Co com
Unlisted—
132
for
of Prices
Low
High
*
American Stores
Electric Storage
132
Week's Range
Sale
Bell Tel Co of Pa pref..
Blk Mammoth Consol..10c
Range Since Jan. 1, 1938
Last
Mar
Jan
Sales
Friday
Jan
Budd (E
Copper
both inclusive, compiled from official sales lists
March 5 to March 11,
Jan
Mining—
Cities Service Co
1874
Jan
20*3
Anaconda
Jan
Jan
35
10
American Tel & Tel Co. 100
Jan
Philadelphia Stock Exchange
Jan
25
Tom Reed Gold
Jan
7X
& Townsend
Jan
12c
1,400
80
61X
Members
Jan
Jan
Universal Consol Oil
lstpf *
1
DeHaven
Jan
29
Jan
Union Oil of Calif
Wellington Oil Co
Yosemite Ptld Cement
9X
Jan
5X
Established
Jan
6c
10*3
20*3
Weber Showcase & F
Feb
Feb
8X
52
Feb
25*3
17
200
6
Mar
Sierra Trading Corp...25c
17
6
Jan
Mar
1
*
Samson Corp 6% pref...10
Security Co units ben Int..
Safeway Stores Inc
6
Jan
Feb
2.000
1.25
Jan
Standard Brands Inc
100
62
100
102
7%
*
7%
1*3
Jan
20
Jan
14
Mar
11
Feb
80c
40
Jan
Jan
Feb
Jan
Jan
Jan
Feb
25
Jan
10
62
Mar
332
100
Mar
105
Jan
Jan
9
Jan
Feb
10
255
73*3
Jan
250
7*3
1*3
Jan
1*3
116
35*3
Feb
43 5-3
290
5*3
Mar
6*3
Jan
Jan
3*3
Jan
Jan
1*3
25*3
Mar
Jan
Mar
90*3
Jan
100
18*3
Feb
27*3
Feb
*
IX
29 %
28 X
29 X
1,600
25*3
Jan
29*3
Mar
5
39%
Hupp Motors
1*3
IX
IX
200
1*3
Jan
1*3
Jan
Mountain Fuel Supply..10
5X
Lincoln Petroleum Co.. 10c
16c
16c
16c
1,000
15c
Feb
18c
Jan
Natl Fireproofing Corp—5
2%
Lockheed Aircraft Corp__l
Los Angeles Indus Inc
2
8%
853
9
400
753
Feb
10*3
Jan
3*3
3
3X
1,800
2
Jan
Pittsburgh Brewing pref..*
25
25
50
1*3
22*3
4
4
4X
400
4
Jan
3*3
453
Mar
Los Angeles Investment .10
Feb
Pittsburgh Plate Glass. .25
74%
77*3
156
74*3
Mascot Oil Co
1
65c
65c
65c
800
60c
Feb
75c
Jan
7*3
925
6*3
Jan
9
...1
1.10
1.10
1.10
500
1.05
Jan
153
Jan
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Foundry.*
7
8
8
125
7*3
Feb
10
Jan
10c
3c
3c
4c
4,500
3c
Feb
7C
Jan
Plymouth Oil Co
30
16*3
Feb
20
Mar
Mt Diablo Oil Mng & Dev 1
60c
Menasco Mfg Co
Mid-Western Oil Co
60c
Penn Federal Corp
IX
*
19%
5
40
5*3
2*3
1*3
19*3
190
2
140
Feb
1
2X
2*3
1,891
2*3
8
8
195
753
Jan
34*3
Jan
Jan
1*3
Jan
Jan
65c
Feb
27*3
107*3
Jan
1*3
Jan
Mar
4
Jan
Jan
9
60c
100
60c
Jan
70c
Jan
Renner Co
1
11c
11c
12c
4,000
11c
Feb
15c
Jan
Shamrock Oil & Gas.
1
1
1.10
1.10
1.10
500
1.00
Feb
1.20
Jan
Standard Steel Spring
Olinda Land Co
1
4c
4c
4c
17,500
3c
Feb
280
Feb
United Engine & Foundry 5
31*3
31*3
145
11*3
Jan
14*3
Jan
United States Glass Co..25
IX
1*3
100
30*3
1*3
Jan
7*3
Feb
Victor Brewing Co
1
Westinghouse Air Brake
*
Westinghouse El & Mfg.50
65c
65c
200
60c
22*3
88*3
24*3
93*3
471
21
Jan
144
88
Feb
10
13
Puget Sound Pulp & Tim..
7
12*3
7
13
200
300
preferred
50
4*3
3553
3553
7X
4X
35X
Rice Ranch Oil Co
1
17c
17c
17c
Richfield Oil Corp com
*
Warrants
653
1*3
2*3
653
IX
2 *3
6X
VA
Roberts Public Mkts Inc. 2
Republic Petroleum com.l
5*3%
For footnotes
see page
1691.
4
2*3
1,700
50
1,200
1,100
6
353
32
17o
Feb
5*3
Jan
37*3
Jan
Mar
17c
Mar
Jan
5*3
Jan
7*3
Jan
400
153
Feb
253
Jan
200
253
Feb
3*3
Jan
1,000
5
com
Feb
1
1
Nordon Corp Ltd
Oceanic Oil Co
Pacific Finance
Jan
..
2%
Jan
Jan
Unlisted—
1
2
Pittsburgh Brewing 6s 1949
107
Pennroad Corp vtc
Bonds—
2*3
35
1*3
Feb
3
Jan
Jan
107*3
Jan
'
107
$1,000
107
Financial
Volume 146
Chronicle
1691
3>,
Sales
Friday
Week's Range
Last
Sale
ST. LOUIS MARKETS
Stocks
Paauhau
I. M. SIMON &CO.
Low
Shares
High
5%
5%
5%
*
for
Week
of Prices
Low
Price
15
Pacific Can Co
9%*
210
High
12
Jan
7
Mar
5%
Jan
280
5%
Feb
25
26%
25%
26%
2,252
29%
27%
29%
29%
1,096
25%
29%
Feb
6% 1st preferred_.i_.25
5%% preferred
25
all
on
Par
Sugar
Jau
28%
30%
27%
27%
342
26%
Jan
28
36
35%
38
775
35%
Feb
40
104%
110
Feb
104%
5%
1,055
101%
4%
Jan
6
16%
160
16
130
109
Pacific G & E
Business Established 1874
Enquiries Invited
(Concluded)
Range Since Jan. 1, 1938
com
Pacific Lighting com
Mid-We stern and Southern Securities
*
6% preferred
MEMBERS
6
*
104%
4%
6
104
New York Stock Exchange
New York Curb (Associate)
Pac Pub Ser (non-v) com.*
First preferred
*
St. Louis Stock Exchange
Chicago Board of Trade
Pacific Tel & Tel com.. 100
16%
111%
110
6% preferred
Paraffine Cos com
134% 135
40
134
39
259
35
Chicago Stock Exchange
4%
16%
110
Jan
Jan
Jan
J?
„an
17
Jan
JL
Jan
.
Jan
^9%
C
Jan
Feb
Jan
137
Feb
42
Jan
Mar
7
Feb
6%
Feb
56%
Feb
134%
.*
38%
6%
6
6
56
56
56%
Rayonier.
St., St. Louis, Mo.
100
Puget Sound
Ry Equip & Realty com..*
6%
100
315 North Fourth
13%
13%
23%
13%
735
13%
Mar
25
Jan
24%
999
Mar
29%
Jan
1,200
23%
3%
Jan
5%
Jan
10
Jan
36%
14%
Jan
38%
6%
100
6
6%
200
5
20
54
6%
Telephone Central 3350
St. Louis Stock Exchange
Preferred.
23%
Republic Petroleum
1
3%
3%
4%
50
36%
36%
1
11%
11%
36%
12%
1,435
11%
Mar
Richfield Oil Corp com
Warrants
*
5%
5%
6%
1,665
5%
Jan
*
1%
1%
1%
100
1%
Mar
5%% preferred
Sales
Range Since Jan. 1, 1938
Last
of Prices
Low
High
Week
Century Electric Co
10
Coca-Cola Bottling com—1 ..31
mom
—mm
23
Jan
40%
4%
4%
60
19%
30
7%
7%
34
Grlesedieck-W Brew com.*
Hamilton-Brwn Shoe com *
-
-
-
m
m
IX
-
32
33
16%
%
16%
18%
2,131
Mar
22%
Jan
%
%
125
%
Jan
%
Feb
%
%
%
530
%
Jan
%
Mar
31%
19%
839
29%
13%
Jan
204
Jan
33%
19%
Feb
10
76%
Feb
84
45
Mar
12
Mar
27
Jan
31%
Mar
31%
Jan
36
Jan
Jan
8
Feb
Mar
5
280
30
1%
8%
6
Jan
11
200
10%
8%
Mar
11
Jan
120
15%
Feb
18
Mar
11
Jan
13
9
20
77%
5
5
5%
77%
4%
122% 122%
Warrants
30
19%
19%
Tide Wtr Ass'd OH $4% pf*
80
Transamerlca Corp
__2
10%
20
21
730
15
15
15
158
15
25
7%
Jan
8%
Jan
6%
Jan
Mar
Jan
Waialua Agricultural Co 20
38
38
38
30
35
Jan
11%
41%
280
280
280
25
266
Jan
7%
Jan
Wells Fargo Bk & U T.100
90%
5%
Jan
Western Pipe & Steel---10
19%
19%
Yel Checker Cab
A..50
29
29
Yosemite Portl Cem pref 10
3
3
Mar
102
Mar
2%
Mar
3
6
Mar
7
Jan
123%
100
5%
Jan
7%
8
Mar
8%
Feb
60c
200
52c
Mar
1.23
Jan
142
23%
Feb
27
Jan
$3,000
24%
23%
Mar
28
Jan
Mar
27
Jan
24 %
25
24%
23%
Members New
3.000
& Co.
Private Leased Wires
to
Barbara
NewYork
Portland
Stockton iFresno
own
—
Beverly Hills
Honolulu
Francisco Stock
long Beocb
Par
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc...10
for
of Prices
Low
High
Shares
Price
11%
11%
15%
15%
160
3%
3%
150
7
7
Bank of California N A. 80
190
186
131
7
190
5
20
Callf-Engels Mining Co-.l
Bishop Oil Co
Calamba Sugar com
Calif Cotton Mills com. 100
Calif Packing Corp
com..*
50
Preferred
Calif Water Service pref 100
Caterpillar Tractor com..*
Preferred
100
5
Chrysler Corp..
Claude Neon Elec Prod..*
Cons Chem Indus A
*
Creameries of Amer Inc_.l
Crocker First Nat Bank 100
Crown Zeller Corp
Preferred
Di Giorgio Fruit
com..5
*
com...10
.....100
preferred
Doernbecher Mfg Co
$3
Eldorado
Oil Works
Par
10
100
1
360
%
9%
290
2%
6%
5%
20
13%
z
California Art Tile A
14c
Mar
43%
Domlnguez Oil Fields.
General Electric Co
36%
mmmmmm
91%
Jan
97
Jan
z
40
Feb
52%
Jan
Honokaa Sugar Co
Jan
102
320
4%
General
Metals
64%
3%
Jan
Jan
Jan
Jan
1
2.15
2.15
2.40
2.15
Mar
3.20
Jan
1
10
10c
10c
11c
3,800
10c
Feb
14c
Preferred
Jan
z
—
Kinner Air & Motor
Jan
Jan
McBryde Sugar Co
Jan
z
5
1
120
28%
Jan
34%
Jan
10
455
9%
Jan
10%
Feb
z
46
10
Jan
46%
Feb
15
15
19%
25
5%
19%
5%
Jan
5%
Jan
1.05
1.05
100
1.05
Feb
1.56
Jan
20c
18c
24c
35,000
18c
Mar
38c
6
6
6%
1,205
5%
Jan
9%
mmmmmm
Olaa Sugar Co
z
Menasco Mfg
1
155
31
Jan
35
Mar
27
27
27
300
25
Jan
30
Jan
7
Jan
1.40
Jan
2.00
Jan
pref. 100
47%
47%
20
44%
Jan
47%
Mar
10
10
100
10
Jan
10%
26
26
40
25
Feb
26
10
33
33
34
598
31%
Jan
Jan
Schumacher Wall Brd pref.
*
*
8
8
8
125
9
Jan
Shasta Water Co com
28
7%
25%
Feb
100
Feb
28
Mar
12%
13%
270
11%
Jan
29
392
Jan
20
26%
22%
33%
325
17%
Jan
Jan
36
Mar
Feb
19
Jan
Jan
10
1%
1%
1%
325
1%
Feb
1%
Jan
10
2%
2%
2%
160
2%
Mar
2%
Mar
20
15
15
36%
37%
LeTourneau (R G) Inc—1
15%
18
1
7%
Magna vox Co Ltd
2%
Marchant Cal Mach com.5
14%
Fibres..*
4%
7%
%
Lockheed Aircraft
9%
4%
9%
Mar
17
Jan
35
Jan
39
Feb
18
7%
Feb
60c
Jan
Studebaker Corp com
5%
Jan
280
5%
23%
7
23%
5%
23%
150
United Aircraft Corp
Mar
26%
Jan
1.10
1.10
200
1.10
Mar
1.55
Jan
52%
52%
470
Feb
60%
Jan
1%
1%
100
Mar
1%
Jan
2.00
2.00
100
50%
1%
2.00
Mar
3.50
Jan
5%
5%
500
5%
Mar
7%
Jan
1
5
U S Petroleum...
1
US Steel com
100
Utah-Idaho Sugar Co. —.5
Vica Co com
25
Warner Brothers
5
mmm
mm
m
mmmmmm
mm
mmmm
No par value,
c Cash sale,
a
Feb
A. M. Castle & Co. spilt its common stock one
two-for-one basis on March 9,1937
Jan
10%
1%
Jan
%
Feb
14%
Jan
605
4%
Mar
8%
7%
10%
Jan
Jan
Jan
0
Stock dividend of 100% paid Sept. 1,
r
Cash sale—Not Included In range for year,
z
Listed,
1,240
Jan
38
110
34
Mar
43
Feb
O'Connor Moffatt & Co AA*
9
220
9
Jan
10%
Jan
16
Feb
18%
Mar
Jan
6%
Jan
Jan
25%
Mar
12%
9
B
24
Jan
24c
485
34
A__*
20%
24%
Feb
269
1,250
200
9
Oliver United Filters
436
40c
1,020
34
No
21%
25%
24c
%
9%
Jan
Jan
Feb
25%
•
*
Amer Inv 6% pref. 100
Natomas Co
5.50
24c
com...25
5%% preferred
25
Stearman-Hamm__62%c
7%
5
Mar
25%
z
Mar
Feb
4.75
8
Jan
14
130
5.00
14%
%
14
15
410
1,915
15
36%
17%
*
Nat Automotive
Jan
Feb
4.75
21%
4.75
Sherwood Swan & Co.. 10
Sou Calif-Edlson
Jan
13%
29%
29%
Jan
40
Food Mach Corp com—10
28%
Jan
35
855
Pac Portland Cem
Feb
Jan
32%
7%
Jan
8%
4%
Jan
1.90
Jan
Jan
Feb
7%
76
Feb
17
22
1.75
33
7
5
Jan
Mar
20
Coast Aggregates.. 10
Jan
z
75
19%
32%
20
Occidental Petroleum— 1
Pac
1,025
15
Jan
15
19%
Bancorporation—
Marine
Oahu Sugar Co
3
5%
50c
Mountain City Copper. .5c
250
700
34c
Jan
360
Feb
6%
Feb
8%
Jan
9
Jan
5
3%
82c
Jan
Jan
19
3%
Feb
5%
Mar
Jan
8%
67c
40
16c
Mar
3%
Jan
1,100
35c
4%
8%
Jan
1,500
18%
*
59
1,320
1,840
100
Gladding McBean & Co__*
5%
16
Feb
19c
400
38
75c
7
Jan
Mar
40c
4%
43
70c
7
16
52%
18c
Kleiber Motors
5%
20
100
*
35c
Jan
28
16
57%
5%
Jan
73
130
8
16
57%
Feb
35c
12
Jan
Mar
5%
International
320
Feb
Mar
36%
Mines—1
z
Feb
Jan
70c
18%
31%
25
43%
349
Cinema..1
Italo Petroleum
1
Idaho-Maryland
Jan
9%
10
36%
7
1
20
Holly Development
43%
36%
7%
Feb
Jan
33
z
4%
10
Jan
Jan
Jan
18%
Leslie Salt Co.....
Jan
Mar
Jan
%
4%
Hutch Sugar Plant
Feb
23c
44%
40%
8%
21
Feb
Preferred
Jan
10
Jan
Jan
26
Hunt Bros common
17%
Jan
13c
Jan
1%
1
Curtlss-Wright Corp
18%
*
Feb
8
5%
Cities Service Co com..100
69
Honolulu Oil Corp
12%
200
Mar
Mar
18
300
14c
1%
4
18
13%
9%
14c
Mar
4
29
18
12%
9%
Jan
Mar
270
615
866
1
1%
Mar
345
36
2.25
4
Jan
5%
29%
4%
26%
Mar
1%
190
29
36
Mar
2.10
4
Feb
29
25%
%
200
2%
Jan
36
365
Feb
Mar
25%
"te
2.25
742
8%
*
10
%
60
Jan
Jan
9%
Feb
110
Pineapple
5%
30c
210
Home F & M Ins Co
Jan
2.35
29
Hawaiian
3%
Jan
62%
12%
27%
1,684
Mar
Feb
*
*
4%
20c
74%
Hale Bros Stores Inc
4%
Jau
1.65
73%
Hancock Oil Co
9%
500
Mar
28
Mar
2,550
6%
28
8
20c
29
Preferred
465
2.00
29
Golden State Co Ltd
8%
Jan
45c
17
20c
73%
General Paint com
8
Feb
1.90
Fireman's Fund Insur—25
General Motors com
Jan
34c
20c
49%
46
13
1.90
mmrnmrnm
100
46
141
1
*
20
600
Central Eureka Mining. 1
mmmmmm
10
9%
34c
14%
Carson Hill Gold^
200
31
34c
14%
z
600
9%
Jan
36
z
8%
31
Jan
30
Jan
49%
30
305
Jan
8%
405
31
Mar
Feb
49%
350
^m'rnmmm
mmmmmm
2.50
102
4%
Jan
55c
1,067
2.10
Cardinal Gold Mining..1
49%
8%
70
Hlll-Sullivan.._2%
Jan
70c
Mar
56c
31
Mar
10%
128%
10%
135%
55c
Mar
100
449
10%
130
Feb
Mar
100
%
Gt West Elec-Chem com..
102
26
4%
Goodrich (B F) Co com...
45%
3%
25%
—1
Bancamerica-Blair
Jan
10
66
mmrnmmm
Jan
497
2,645
14%
Jan
92%
68%
mmmmmm
12%
48%
10%
Anglo-American Mln—1
Anglo National Corp
Baltimore & Ohio RR..100
50
92%
320
56c
24
42
9%
"130 "
Jan
42
320
mmmm--
Feb
48
9%
68%
3%
25%
High
21%
10%
149%
21%
21%
4
Mar
9%
19%
160
320
Low
Shares
19
Jan
355
4
Range Since Jan. 1, 1938
for
Week
High
Jan
Jan
20
4%
-
Hills
z
%
48
102
High
Jan
Feb
184
19%
48%
92%
9%
19%
Angeles
Beverly
Jan
14
700
%
Low
Price
mm+m~-
*
Equip..5
Ewa Plantation Co
5%
20%
5%
20
X
9%
30
160
Los
—
Exchange
21%
Co
M J &M&M Consol
Emp Cap 4 % % cm pf ww 50
Emsco Derrick &
5%
20
Low
11%
—
Sales
of Prices
Amer Car & Foundry
Bunker
105
3%
Co.5
Atlas Imp Diesel Eng
Week
11%
15%
Francisco
Hollywood
Week's Range
Berkey & Gay Furniture. -1
Bolsa Chiea Oil A.
10
Range Since Jan. 1, 1938
Week's Range
—
Sale
z
Sales
Sale
In San
Monte
Anaconda Copper Mln. .50
Exchange
Lasty
Del
Lot Angeles
Ppsadena
both inclusive, compiled from official sales lists
Friday
offices
Last
American Toll Bridge
Stocks—
Jan
York Stock Exchange
Friday
American Tel & Tel
Alaska Juneau Gold Mln 10
3%
Broadway, New York
San Francisco Curb
Amer Hawaiian SS
March 5 to March 11,
Jan
March 5 to March 11, both inclusive, compiled from official sales lists
Stocks—
San
Jan
3
174
Cortlandt 7-4150
wire
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Tacoma
32
Schwabacher & Co.
Mcmbcrr. New York Stock Exchange, SanFranciscoStock Exchange, Chicago Board ofTradc
Seattle
Jan
Feb
Jan
220
Dean Witter
Sacramento
3
Jan
16%
29
100
Feb
6
MUNICIPAL AND CORPORATION BONDS
Oakland
19%
29
22%
Feb
120
ser
Jan
285
Jan
632
Jan
170
100
Santa
San Francisco
7%
Jan
Private
NewYork Curb Exchange
Jan
120
2,285
8
23%
4s cash delivery
22%
11
111
1934
Feb
9
Mar
Feb
Jan
21%
19%
Union Sugar Co com
12%
Jan
Mar
10
20
6,621
Jan
Mar
10
10%
Union Oil Co of Calif...25
Bonds—
fUnlted Rys 4s
80
80
Jan
7%
8
24%
24 %
15
Wagner Electric com
30
Super Mold Corp of Cal. 10
9
52c
-
Standard Oil Co of Calif..*
7%
6
Stix Baer & Fuller com.. 10
*
Jan
10
30
6
,
B
16
United Air Lines Trans..5
Feb
5
2%
So Pac Golden Gate A.__*
Jan
Universal Consol Oil
15
2%
6
2%
Southern Pacific Co...100
Jan
101% 101H
.
30%
Mar
100
.
Jan
Mar
18
5
28%
Feb
6
rn.mmm.mrn
100
Feb
415
6
30
2
11
77%
30
36
75
*
100
Rice-Stix Dry Gds com
*
1st preferred
100
St L Bk Bldg Equip com
*
St Louis Car pref
100
Southwstn Bell Tel pref 100
Sterling Alum com.
1
30
Jan
12
com
Sou Calif Gas 6% pref..25
27%
11%
2d preferred
Jan
Mar
Jan
45
1,973
Jan
Feb
Mar
18
Natl Candy
24
Feb
83
8
..20
Mo Portland Cem com..25
Jan
570
Feb
4%
23
21
11
s%
100
Jan
Jan
*
*
*
Laclede Steel com
Mar
Feb
Mar
*
Laclede-Christy Clay com
115
Mar
98%
20%
17
6%
Internatl Shoe com
Knapp Monarch com
Mar
3%
20
77%
19%
150
7%
111
40
20
30%
Key Co com
7%
30
4
98%
22%
19%
Jan
31%
32
10
115
4
98%
20%
83
Mar
23
11%
111
17%
Mar
3%
280
1%
45
10%
31%
io %
5
90
83
32
Jan
40
45
Hussmann-Lig pf ser *36.50
Mar
17%
Jan
2%
23%
120
34
90
83
26
410
7%
10
Soundview Pulp Co com_5
Preferred
100
Mar
36
90
4
Jan
Mar
90
115
100
Jan
Mar
Signal Oil & Gas Co A...*
5
4%
7%
1%
90
Schlesinger Co (B F) com.*.
Shell Union Oil pref
32
98%
22%
Mar
105
3%
30
mmm
Jan
55
32
29%
__1
Hyde Park Brew com
Feb
34
19 %
*
Ely& Walk D Gds com..25
Huttlg S & D com
20
90
3%
Dr. Pepper com
Flastaff Brew com
93
39%
30
5
Roos Bros pref
100
S J L & Pwr 7% pr pref. 100
Mar
22
38%
*
Columbia Brew com
High
Low
Shares
22
22
*
Brown Shoe com
for
Price
Par
American Invest com
Week's Range
Sale
Stocks—
Jan
Rheem Mfg Co com
official sales lists
March 5 to March 11, both inclusive, compiled from
Friday
Jan
17%
18%
18%
170
5%
5%
6%
758
5%
6 Ex-stock dividend,
d Stock split up on a
two-for-one basis.
1936.
x
Ex-dlvldend.
t In default.
X Company In
bankruptcy, receivership or reorganization.
v
Ex-rights.
Financial
1692
Chronicle
March
12,
1938
Canadian Markets
LISTED
Provincial and Municipal
UNLISTED
AND
Montreal Stock
Issues
Closing bid and asked quotations, Friday, March 11
Bid
Province of Alberta—
Jan
1 1948
Oct
5e
11956
43*s
Aft
Province of Ontario—
ft 13*
62 3*
/503*
613*
6s
bid
6s
Prov of British Columbia—
..Sept 16 1943
Last
Ask
5s
1213*
July 12 1949
98
993*
4s
43*8
Oct
1 1953
94
96
43*8
1U83* 109 3*
116
1173*
*
«
1 1941
5h
June 16 1964
86
89
43*8
10934 1103*
56..
Dec
2 1959
87
90
48
107 3*
...Aug
of New Brunswick—
rov
16 1960
16 lt61
Apr
Apr
43*8
4V*s
Sept 15 1952
1 1960
Mar
6ft
104 %
1033* 1043*
Prov of
1083*
1103*
..June 15 1943
..Oct
1
1951
77
79
78
53*8
43*8
80
77
75
is
Pacific
Ait
Ry—
itk
8134 823*
Oe
Sept 15 1942 /10634 10734
99
4^8.......Dec 16 1944
9834
5s
July
1 1944
11434 11534
43*s
Sept
993*
1 1946
973*
6s
Deo
1
1954
99
Ju*y
1 1960
91
93
1 1961
6^8
1 1956
6ft
Oct
I
69
..Feb
Grand
1957
1 1969
1
July
1 1946
28
Mar
130
148
Feb
50
24
Feb
24
41
80
Feb
Trunk
86
100
Preferred
Ry—
14
123*
133*
43
43
43 3*
153*
153*
1654
9
34
Feb
17
Jan
Jan
35
50
Mar
Jan
55
Jan
595
133*
Feb
15
Jan
1,515
12N
Feb
1634
Jan
145
43
Feb
50
Jan
450
9
24
...25
Rolland Paper vot tr
Feb
1013*
155
50
133*
*
Jan
1003*
Feb
1513*
2
50
133*
13
Canada..*
St. Lawrence Corp
15J*
Feb
18
Feb
155
9
24
15
24
Jan
25
Jan
17
35
15
Feb
173*
Feb
4
*
A preferred
Jan
Jan
934
1
1962
109
3s.
Jar
I
1962
98
3534
203*
*
14
for
Par
Price
9834
of Prices
Glove Works Ltd..*
Agnew-Surpass Shoe
7
Amal Electric pref
60
Breweries
*
23*
100
29
tsulidlng Products A
*
'"93*
100
102 3*
7
Feb
7
72
95*
-Feb
11
2
Mar
Feb
23*
334
90
29
12
Jan
1254
Jan
103*
1.75
334
4
334
49
103*
1023* 103
19
1934
25
6
1.30
17
Jan
30
17
1,563
19
Feb
Feb
213*
14
14
60
Jan
16
Jan
120
5
105
Jan
120
Mar
90
9
Feb
934
123*
934
133*
103*
Jan
Jan
123*
175
1234
Feb
1334
64
210
60
Feb
69
Jan
90
56
Feb
63
Jan
140
140
5
140
Mar
149
Jan
Jan
6
Jan
100
50
50
65
50
Mar
50
Mar
...»
18
18
35
18
Feb
20
Jan
60
60
60
60
Jan
43*
♦
Western Grocers Ltd
*
43*
•
110
43*
43*
Mar
65
23*
234
290
23*
Mar
3
*
1.85
1.85
2.00
56
1.75
Feb
234
Jan
100
103*
103*
103*
25
12
Jan
143*
Jan
Jan
59
59
50
58
Canadlenne
100
161
162
46
160
Jan
1623*
100
16454 151
160
1623*
Feb
178
Canada
59
50
...
Jan
Feb
60
Feb
Jan
100
200
200
270
200
Feb
208
Jan
100
300
300
10
297
Jan
305
Feb
100
175
17554
156
175
Feb
19134
Jan
Montreal.
.........
17534
Canadian Government
Public Utility and
Municipal
Industrial Bonds
Jan
1593*
Feb
166
Jan
3,320
105*
Jan
123*
737
3054
Mar
335*
20
434
Feb
35*
Feb
40
HANSON BROS., Inc.
Jan
Established
Feb
5
Feb
4
Jan
10
48
Jan
523*
10
Jan
1254
103
Mar
110
18
Jan
56
St.
James
1883
St., Montreal
Sparks St., Ottawa
330 Bay Street, Toronto
Jan
44
255
Jan
895
no
193*
Jan
Jan
3
283
25*
Jan
10
678
854
Jan
12
Jan
36
45
353*
Mar
40
Feb
"Tx
10
1,435
22 x
353*
934
223*
2334
1,565
203*
Jan
*
15
15
183*
1,306
153*
Mar
100
100
100
Mar
Rights
213*
20
Jan
Jan
512
23*
Canadian Celaneee
JaD
59
Jan
934
Canadian Car A Foundry. •
Preferred
25
48
63
Jan
93*
Canadian Bronze
Feb
Jan
9
49
19
34
Feb
934
60
620
Feb
23*
Preferred
36 3*
59
Mar
226
163*
1603*
1034
103*
3034
31
*
Canada Cement
55
35
576
4
*
353*
Royal
High
9«4
1.50
163*
31
Bruck Silk Mills
Low
1234
160
103*
British Col Power Corp A.*
B
Shares
29
1.50
163*
Feb
Nova Sootla
Range Since Jan. 1, 1938
1234
9
160
23*
Jan
20
Commerce
29
....
Braallllan Tr Lt A Power. *
Canada North Pow Corp
Canada Steamship (new).*
10
234
Bntburst Power A Paper A*
Bawlf (N) Grain..
Bawlf (N) Grain pref... 100
7
10
10
Alberta Pacific Grain A..*
High
17
Mar
Banks—
W/ifk
vy ccjfc
Low
Feb
18
*
Wabasso Cotton
Sales
Week's Range
123*
125
26
B
Sale
Jan
53*
295
18
120
Simon (H) A Sons
*
Southern Canada Power..*
Winnipeg Electric A
Last
Jan
4
14
18
100
Preferred
905
43*
1354
50
St Lawrence Flour Mills..*
Vlau Biscuit pref
Jan
Friday
102
55
17
130
9
103
Feb
33*
Montreal Curb Market
Jan
March 5 to March 11,
both inclusive, compiled from official sales lists
1154
Jan
2334
Mar
Last
20
Jan
Sale
106
Jan
1654
Mar
20
75
75
15
75
Mar
76
Mar
.100
105
105
25
104
Jan
108
1,105
3
Feb
Sales
Friday
Stocks—
Par
Price
Week's
Range
of Prices
Low
High
Range Since Jan. 1. 1938
for
Week
Low
Shares
High
Jan
..100
1634
Canadian Cottons
3334
*
...
Power Corp. of
Price Bros A Co Ltd
Montreal Stock Exchange
7%.
33
100
Penmans....
5
1003* 1003*
3334
...
United Steel Corp
Pacific
4«..
March 5 to March 11, both inclusive, compiled from official sales lists
Preferred
Feb
Tuckett Tobacco pref. .100
124
1969
Preferred..
Feb
563
80
Preferred
I 1970
Telephone..
31
29
24
Preferred
t-eiJ
Feb
150
Steel Co. of Canada
Junel5 1965
Associated
Jan
62
80
Canadian Northern Ry—
July
July
Acme
31
Jan
273*
St Lawrence Paper pref 100
Bid
Canadian National Ry—
Stocks-
Feb
3154
613*
24
993*
43*8..
Dominion Government Guaranteed Bonds
6b..
30
55
59 3*
150
Shawlnlgan WAPow
...Feb
10
3,459
"5934
Sherwln Williams of Can 25
Sept
413*
1,256
Canadian Pacific Ry—
perpetual debentures.
43*s
434s.
43*8
43*8
High
Jan
40
100
Preferred
Canadian
Low
333*
373*
3154
38
...100
Preferred
Ottawa L H A Pow
Regent Knitting
Preferred
«?<■
Range Since Jan. 1, 1938
for
Week
Shares
Ottawa Car Mfg——100
Quebec Power
Railv/ay Bonds
Bid
Price
Range
of Prices
Low
High
273*
Niagara Wire Weaving...*
Norauda Mines....—...*
Ottawa Electric Rys
Saskatchewan—
58
10834 1093*
11634 11634
Par
National Steel Car Corp..*
107
p»ovlnce of Nova Scotia—
43*s
Province of Quebec—
434»
106
Stocks {Concluded)
Ogllvle Flour Mills,
91
43*8
Sales
Week's
-
Province of Manitoba—
■
Sale
11134 1123*
1163* 1173*
fa
94
Exchange
Friday
Preferred
Canadian lndust Alcohol.*
334
*
33*
33*
33*
210
35*
Feb
*
Class B
Canadian Locomotive
Canadian Pacific Ry
3%
93*
934
103*
280
8
Feb
25
6
6
334
7
43*
4
103*
Abltlbi Pow A Paper Co..*
Jan
6% cum pref
100
Jan
Pref ctfsof dep
Aluminum Ltd
1.65
1.60
1.70
1434
1434
1434
430
15
15
100
Jan
Mar
*
Asbestos Corp Ltd
•
1.50
4,521
90
61
90
61
643*
Feb
234
Jan
Jan
Jan
19
10
15
Mar
18
Jan
5
86
Feb
86
Feb
864
52
Feb
653*
Feb
143*
4,851
63*
Mar
Bathurst P & P Ltd B
*
33*
33*
3 34
169
33*
Jan
8)6
83*
934
950
1134
Jan
Beauharnola Pow Corp
*
43*
4
43*
638
4
Feb
553*
593*
3,738
834
5554
Jan
65 34
43*
53*
Jan
_*
Con Mln A Smelt new...25
Crown Cork A Seal Co...*
Jan
6434
Jan
Brewers A Distill of Van. .5
7
7
748
534
Jan
73*
Feb
1934
1934
10
17
JaD
.17
Jan
Bright A Co Ltd (T G)...»
""53*
53*
6
310
Feb
203*
213*
1334
203*
Jan
Distill Corp Seagrams....*
534
203*
133*
143*
293*
183*
325
13
Feb
British
13
14
27
10
Jan
133*
Mar
29
Feb
153*
323*
Jan
312
Jan
Canada A Dom Sugar Co.*
Canada Malting Co
*
""68"
68
68
31
6734
Jan
683*
Feb
125
"108"
107
Cockshutt Plow
Dominion Bridge
Dominion Coal pref
25
29
"ilx
1834
490
183*
*
Columbia Packers*
Feb
26
100
103
103
16
100
Feb
110
Jan
100
Preferred.
145
145
1
Can No P Corp 7 % cmpflOO
145
Feb
145
Feb
13
Feb
Canada Vinegars Ltd
Cndn Breweries Ltd
Dominion Steel A Coal B 25
Chemical
*
123*
123*
7
7
1334
3,970
1634
...*
""i'io
1.50
Feb
32
Feb
36
34
103
Jan
110
1634
20
16
Jan
1.65
470
3234
108
1.25
Feb
JaD
Mar
Jan
Feb
163*
Feb
1.65
Mar
834
565
Jan
10
Jan
*
173* "18
125
16
Jan
183*
8034
200
80
Jan
85
Jan
30
30
35
33
Jan
34
Jan
140
65
Jan
70
Jan
Cndn Dredge A Dock
Cndn Industries B
*
69
*
201
202
30
201
Feb
202
Mar
Jan
Cndn Marconi Co
1
Dry den Paper
634
Eastern Dairies
*
Electrolux Corp
1
English Electric A
*
110
63*
110
Preferred
14
♦
100
General Steel Wares
*
Can
30
100
30
Jan
32
Jan
9
255
7
Jan
10
Jan
Celtic Knitting Co
13
Feb
153*
Jan
Commercial Alcohols Ltd.*
85*
7554
Jan
10
Jan
Jan
84
Feb
120
10
1,456
353
634
Gurd (Charles)
.*
Gypsum Lime A Alabas..*
Hamilton Bridge
"6"
•
Holllnger Gold Mines
6
Howard Smith Paper
Preferred
*
100
Imperial Oil Ltd
14
j
*
73*
6
f 63*
734
730
6
Feb
1534
73*
634
574
10
Feb
1,030
63*
5
90
7
63*
63*
133*
25
2
Mar
2
Mar
125
140
510
1.25
Jsd
1.60
Feb
434
Jan
7,085
5
Feb
43*
63*
Jan
435
5
63*
Jan
35
5
534
5
5
43*
63*
434
63*
'173*
173*
173*
296
16
16
163*
30
13
"ie"
153*
463*
463*
35
*
B
♦
534
Feb
Jan
634
Jan
43*
Mar
63*
Jan
5
43*
Jan
Jan
Jan
83*
183*
Jan
163*
173*
Jan
Jan
Jan
Ford Motor Co of Can A. *
12
Jan
16
Feb
Fraeer Cos Ltd
4
93
Feb
98
Feb
2,986
173*
Jan
123*
Jan
1934
143*
Feb
68
239
60
Feb
70
1334
Jan
GenSteelWares7%cm pflOO
65
2,215
195*
1454
1634
908
Feb
Inter-City Bak Co Ltd. 100
23
23
30
23
Jan
23
Jan
Intl Paints (Can) Ltd A..*
Jan
48
1434
293*
40
Mar
Voting trust ctfs
5% cum pref
*
*
*473*
5034
26
50
26
Mar
27
323*
35
323*
Mar
32 3*
Mar
3134
1,048
263*
Jan
434
434
Jan
3134
434
Mar
25
75
Feb
84
123*
Feb
163*
Jan
Power pf.100
*
434
5,042
*83
*
83
15
$14
1 4
*
14
165
4
50
63* !i 63*
113* 1511
*
4
Jan
Feb
5254
5
Feb
Interna*! Utilities Corp B.l
75
Inter-State Royalty A
*
103*
Lake 8t John P A P
Lake Sulphite
*
Jan
Loblaw Groceterias A
*
Feb
MacLaren Pow A Paper..*
Jan
Jan
73*
565
1134
795
11
Jan
14
Feb
10
60
Mar
50
Mar
50
50
30
3034
3,761
40
40
403*
1,125
3934
3934
40
"303*
44
85
63*
Feb
7%
Feb
2854
373*
Jan
31
Jan
Jan
413*
Jan
39
Jan
41
Jan
Page-Hersey Tubes Ltd..*
•
No par value.
5
15
10
75
75
350
103*
103*
23
5
Preferred
10
Mitchell (Robt) Co Ltd..*
334
15
Maasey-Harr 5% cum pflOO
McCoU-F Oil 6% cum pflOO
Melchers Distilleries Ltd.*
31
434
334
20
E26
323*
Jan
1,090
267
Int Bronze Powder pref.25
2
43*
Fleet Aircraft Ltd
Jan
25
Mar
534
Jan
Mar
Preferred
10
*
854
40
National Breweries......*
Donnacona Paper A
Mar
27
•
Jan
6
5
Mtl L H A P Consol..
Mar
Mar
Fairchild Aircraft Ltd
45
*
10
53*
Jan
29
...»
10
463*
Jan
40
Oil
Jan
10
2
125
30
1534
1,270
Jan
8
Jan
973*
14
Jan
Feb
21
5
73*
40
Maseey-Harris
53*
40
Ltd.*
85*
29
Mitchell (JS)
115
20
95
100
Lindsay (CW)
Paper
53*
1.35
10
*
Jan
lndust Accep Corp......*
Woods
Preferred...
Consolidated
5
Feb
Mar
20
7% cum pref
Feb
Intercolonial Coal
*
5
1.00
51334
1434
International Power.
__.*
675
*14
1834
.
Ltd
1.30
14
•
Inn Nickel of Canada
854
17
Vickere
1.10
1334
Imperial Tobacco of Can. 5
Intl Paper A Power pref..*
Internal Pet Co Ltd
1.10
100
Catelll Food 5% cm pf__15
14
634
1.35
Jan
83
14
Rights
Mar
Jan
934
"
1.00
83*
16
823*
10
8234
Feb
-
Feb
9
Foundation Co. of Can..
Gatlneau
40
63*
Preferred
13
133*
30
30
161
734
170
133*
B
McCoU Frontenac
Jan
3234
*
848
6
8034
100
Dominion Textile
International
163*
Jan
2134
'
69
(New) prsf
Lake of the
Jan
Brit Amer Oil Co Ltd
..*
Dominion Glass
Dom Tar A
6
83*
24
5
2234
"12"
53*
2234
50
100
334
15
70c
103*
23
Jan
Jan
Feb
Jan
Mar
930
33*
Feb
25
2234
Mar
43*
15
1.00
103*
Jan
Jan
Jan
Jan
Jan
Jan
Jan
31
Jan
123*
22 3*
Jan
Feb
12
12
1,010
12
Feb
17
Jan
443*
913*
443*
85
44
Jsd
50
Feb
913*
21
863*
Jan
923*
Feb
23*
Feb
2
63*
123*
2
1
2
6
63*
164
6
123*
9334
75
30
123*
93
Jan
Jan
Jan
63*
1234
Feb
153*
Jan
913*
Jan
95
Feb
Volume
Financial
144
Chronicle
1693
Canadian Markets—Listed and Unlisted
Montreal Curb Market
(Concluded)
Par
Weel's Range
for
Sale
of Prices
Low
High
Week
Price
Stocks
High
Low
Shares
Par
99 *
45
03)4
JaD
95)4
Feb
Bobjo Mines
*
4*
30
4)4
104)4
Mar
4*
Feb
Bralorne
Jan
Brantford Cordage pref.25
Brazil Traction.....
*
25
105)4 106
Feb
106
United Securities Ltd-.100
15
15
5
15
Feb
Walker-Good A Worte (H) *
Walker-G & W J1 cm pf..*
41
41
5
40
Feb
44)4
18*
19
75
18 A
Jan
19
17*
....
5
15
Feb
Mar
Week's Range
for
of Prices "
Low
High
Shares
Price
50
100
17)4
18J4
1
Mines
31
:
31
Range Since Jan. 1, 1938
Week
Low
5
High'
30
Feb
34
Jan
9)4c
lie
10,100
»*c
Feb
12c
Jan
8.90
9.10
3,880
8 75
Feb
9.15
Feb
22
22
10 X
10)4
10*
654
654
7
100
21
20)4
21
1,457
32
9)4c
„.*
15
4,317
Mar
24
Feb
13
Jan
5
Jan
Feb
20
Feb
7*
21*
34
Jan
22
10*
Jan
6
Jan
Brewers A Distillers
B A OU
Feb
Brit Col Power A
*
30)4
30)4
30 X
Mar
British Dominion Oil
Brown Oil
*
10c
14c
4,400
10c
Mar
15c
•
"48c
46c
58c
390
Feb
68*0
Jan
1
15c
86,000
4,697
13*C
JaD
17*0
Feb
*
354c
21,000
3*0
Feb
5*C
Jan
Jan
52*
Feb
220
Feb
Mines—
53c
55c
8,950
47C
Feb
67c
Jan
lc
2)4c
31,600
1*C
Mar
3)4o
Jan
Buffalo-Canadian
25c
12,400
16c
Feb
32c
Mar
Building products
26c
30c
10,200
20c
Jan
33c
Feb
Bunker
40c
42c
500
40c
Jan
57c
Jan
Burlington Steel
9*c
ll*c
9)4c
2,500
9*c
Mar
12c
Jan
Burt (F N)
13)4
lc
Arntfield Gd Mines Ltd-.l
Beaufor Gold
1
26c
Big Missouri Mines Corp.*
Bobjo Mines Ltd
1
Gold
(1936)
Dredging
7*c
6
2,900
8c
Jan
8c
500
5c
Feb
8c
Feb
87Ac
31,500
5c
Feb
10c
Feb
Calmont
28
510
26)4
Jan
Jan
30
49
49
16c
49)4
16c
75
18c
9,940
12
10
100
10
22)4c 22)4c
1.16
4,050
95c
Feb
1.27
Feb
8c
8c
10)4c
19,000
5C
Jan
150
Feb
35c 38)4c
Calgary A Edmonton....*
Oils
1
Feb
62o
3 X
Jan
4*
B
50
Canada Cement...
Preferred
45*
9)4
9)4
.
15
45*
10)4
Feb
43)4e
Jan
2.15
Jan
3.20
Mar
6,750
26c
Jan
41c
Feb
Canada Malting
Canada Packers
*
53 *
53)4
55)4
655
54)4
Jan
60
Feb
Canada Permanent.... 100
l4§"
Duparquet Mining Co
1
5H c
5)4c
Jan
6)4c
Jan
East Malartlc Mines..
1
1.42
1.38
1.60
12,400
1 05
Jan
1 68
Mat
Canada Steamships
*
Can Steamship pref....60
"9)4
Eldorado Gold M Ltd
1
2.74
2.60
3.25
2.19
Jan
3.25
Mar
Canada Wire A
*
64
*
6.15
6.00
6.20
280
64
Falconbrldge Nickel
40,920
1,500
20)4
...100
Jan
108
31*
Feb
36
Jan
68
Feb
72
Jan
143)4
10
140
Feb
150
Jan
3
48
2*
Jan
10
79
9
Jan
12
Jan
20
58
Jan
67
Mar
320
20
Feb
22
Jan
3
Mar
3
Mar
143
254
9)4
5.50
Jan
Jan
Canada WireB
*
20)4
10c
500
9*c
Feb
13c
Jan
43c
4,600
37c
Feb
55)4c
Feb
Canadian Bakeries._.._.*
Canadian Breweries
1.45
7c
1,000
185
9c 13)4c
6c
Jan
8c
Feb
27c
Mar
27c
Mar
Jan
28)4
Mar
9c
Mar
23o
Feb
2,000
61,300
9*c
24
Preferred
*
Cndn Bk of Commerce. 100
Canadian Canners..
*
Canadian Cannerslstpref20
2d preferred
3
17
3
17
135
1.60
1,095
5
17)4
17)4
100
17
140
8
600
17o
Mar
27c
Feb
85c
85c
200
85c
Mar
85c
Mar
Kirkland Lake Gold
1
1.16
1.16
1.21
1,300
1.20
Feb
1.50
Jan
Lake Shore Mines
1
52*
52)4
55)4
495
62)4
Jan
58)4
Feb
4c
4c
1,000
Jan
5c
Feb
354
354
354
10)4c 10)4c
2)4c
2)4c
2,700
3)4o
9*c
Canadian Dredge.
.*
Canadian Ind Alcohol A..*
Mar
14o
Jan
Canadian Malartlc
1.01
1.00
1.19
18,900
4,000
l*c
Feb
2)4c
Jan
Canadian Oil
11
11
1154
440
20
C P R
5,232
Lee Gold Mines
1
Canadian Oil pref
4.60
4.80
2,450
4.70
Mar
6.50
Jan
1
1.00
1.03
4,900
90c
Feb
1.05
Mar
6
4054
4054
115
40)4
Jan
Jan
Mac ass a Mines
Mackenzie-Red
1
Lake
Mclntyre-Porcuplne
4.60
.
44
Feb
McVlttie-Graham
1
19c
100
I6*c
19C
Mar
McVVatters
*
60 He
60c
80c
28,100
30)4 c
Jan
80c
Mar
Mining Corp of Canada..*
Moffatt-Hall Mines Ltd-.l
1.85
1.85
1.85
200
2.05
Jan
2.25
Feb
Gold
19c
Canadian Wineries
Cariboo Gold
Jan
Jan
8
954
8)4
9*
245
23
2254
23)4
500
9*
20*
29
29
31
380
29
675
3
Feb
4*
Jan
91c
Feb
1.28
Feb
/
Feb
11*
Jan
Jan
23*
Mar
Mar
Jan
35
Jan
Mar
10
110
Jan
115
6
Mar
8*
Jan
Jan
114
115
6
7
3
3)4
75
2*
Jan
3*
Mar
2.10
2,655
1.05
Jan
2.26
Feb
25
6
1
"2.60
..100
Carnation pref
Castle Trethewey..
9
8
*
102)4
...
Jan
Jan
954
100
25
Feb
Feb
Jan
11
Lamaque Contact Gold..*
Lebel Oro Mines Ltd
1
Can Car A Foundry.....*
Preferred
25
Mar
5*
17*
Jan
Feb
4*
"85c
17
18*
177
15
1
17
Mar
160
147
Jan
1.70
17
5)4
3*
Feb
15
1754
164)4 165)4
'T
1.25
Kirkland-Hudson Bay
Kirk land Gd Rand Ltd. —1
Jan
100*
77
10c
27c
Jhd
35
41c
2554
13
69
10c
27c
Jan
3254
102
41c
6)4c
Feb
Feb
68
Fed-Kirk land Mining Ltd 1
2554
9*
46
32
102
"32"
._.._.*
Francoeur Gold M Ltd..
.
Jan
Jan
43
10
34c
6,900
27c
Jan
Feb
40*0
100
43,300
6*c
3.10
2.39
7,525
30c
25 *
Feb
10,205
3.05
Hudson Bay Mln A Smelt *
J-M Consol Gold
23*
47c
25c
Graham-Bousouet Gd M
Jan
4
2.75
Howey Gold
Jan
21X
2.78
25c
6.95
Jan
Jan
4
2.75
BC
Jan
13
42c
1
5,700
Mar
2.50
1
6c
10
42c
Consol Cblbougamau
Dome Mines Ltd
37c
16c
2.60
......*
Central Patricia Gold
Central Cadillac G M Ltd 1
48
Jan
Feb
1.00
Cartler-Malartlc G M Ltd 1
*
615
14*c 15)4c
3)4c 354c
10
Canada Bread
12c
"l~02
Can Malartlc Gd M Ltd.
...»
25
27
1
...
...
8c
Brazil Gd & Diamond M.l
Brownlee Mines
.
Hill
7*c
Bouscadlllac Gold Mines. 1
•
Buffalo-Ankerlte
22c
Aldermac Copper Corp
*
Alexandria Gold
—.1
Bulolo
(Continued)
Blue Ribbon pref..
Sou Can Pow 0% cum pf 100
United Amusement A
*
Sales
Last
Sale
Power Corp of Canada
6% cum 1st pref
Quebec Tel A Pow A
Exchange
Friday
Range Since Jan. 1,1938
Last
Stocks
Toronto Stock
Sales
Friday
2.00
Feb
104
l*c
154 c
2c
24,500
l)4c
Feb
3o
JaD
Central Porcupine..
Nor metal Mining.....
*
75c
75c
75c
1.03
Jan
1.14
Jan
Chemical Research
O'Brien Gold
1
3.70
3.70
4.10
1,000
11,700
3.10
Jan
6.40
Jan
Chromium
3.70
3.75
500
3.60
Jan
4.30
Feb
98*
Jan
61c
60c
65c
4,106
55c
Jan
73c
Feb
2.66
1
Central Patricia
2.60
3.05
27,190
2.10
Jan
320
Feb
12c 14)4C
Commonw'Ith Petroleum
102)4 103
Pamour Porcupine M Ltd •
Pandora Cad
1
"~45c
45c
53c
10,150
39c
Jan
620
Jan
Cockshutt Plow
Pato Consol Gd Dredging 1
2.55
2.50
2.55
3,800
2.20
Jan
2.70
Jan
Coniagas Mines
Pend Oreille M & Met
1
1.75
1.72
1.99
4,600
1.70
Feb
2.65
Jan
Conlaurum Mines..
Perron Gold Mines Ltd
1
1.41
1.38
1.65
18,900
1.02
Jan
1.77
Feb
Cons
Pickle Crow Gd M Ltd...l
4.65
4.65
4.85
700
4.50
Mar
5.15
Jan
Consol
3.10
3.10
Mar
Jan
15C
1,800
35c
Feb
45c
Feb
70c
11,950
1,100
43 c
Jan
72o
Feb
30*0
Feb
43c
Jan
Jan
31 )4c 31 )4c
'"8)4
8)4
.—5
*
*
Bakeries
9*c
36c
60c
"60c
Mining
15,800
36c
12c
1
1.75
1.35
1.50
14
14
23c
Jan
11*
920
1.75
Feb
2.25
0,850
1.33
Mar
1.84
Jan
10
Jan
395
1.33
"26c
Chlbougama
9
1.75
115
31c
Feb
9,407
3,030
8
14
Feb
230
Mar
Jan
42c
Feb
Jan
150
2.95
Feb
3.30
6
56
Mar
64*
Placer Development Ltd.l
Preston-East Dome
1
"l6c
16c
16c
100
15*C
Feb
17*c
Feb
Consumers Gas.....—100
183
181
183
262
180
Mar
199*
95c
95c
1.13
3,800
1.10
Mar
1.33
Feb
Cosmos
20
20
21
398
20
Mar
24
Jan
Read Authler Mine
1
3.45
3.40
3.75
1.900
3.60
Mar
4 50
Jan
Crows Nest Coal..
35
35
14
33
Jan
38
Feb
Red Crest
*
17c
Darkwater
Reward Mining
1
Ritchie Gd Mines Ltd—1
4c
Pioneer Gold of Brit Col.
1
_
'
16c
35c 148,000
Cons
Smelters
100
16c
Mar
42c
Jan
1654c
1654c
19c
15,900
4c
5c
6,300
4)40
Mar
6)40
Feb
Davles
*
55c
55c
67c
254c
1,000
20
Jan
3c
Feb
Denlson Nickel Mines
1
25c
25c
30c
75,571
8,900
Distillers Seagrams.
Preferred
....100
13)4
54
Mines..
Petroleum
1.40
1.40
400
1.30
Feb
1.48
Feb
...1
30c
28c
30c
3,900
21c
Jan
33c
Mar
1
1.28
1.25
1.45
8,455
1 28
Jan
1.78
Jan
Dome Mines
Slscoe Gold Mines Ltd
1
2.65
2.61
2.75
6,200
2 55
Feb
3.40
Jan
Dominion Bank
Sladen Mai
1
1.15
1.08
1.35
35,400
94c
Jan
1.39
Mar
HtadaconaRouyn
•
25c
25c
28c
57,435
22c
Jan
44c
Jan
Sberritt-Gordon
1.13
1.08
1.23
41,847
95c
Jan
1.23
Mar
1
3.20
3.20
3.20
150
3.05
Jan
3.60
Feb
Dom Scottish Inv
1
5.20
5.20
5.20
175
5.30
Feb
5.00
Jan
25c
28c
18,440
20c
JaD
38c
Jan
Dominion Tar pref
35c 39)4c
18,600
35c
Jan
43C
Jan
Dorval Slscoe...—
1,575
7.75
JaD
8.10
Jan
1
Wood Cad
1
35c
W rlght-H ar greaves
•
7.85
7.75
7.90
Oil—'
*
10c
10c
500
10c
Feb
15c
Jan
49c
49c
57c
18,450
45c
Feb
58c
Mar
Calgary A Edmonton....*
2.60
2.60
2.60
100
2.40
Feb
3.10
Jan
61c
2,500
Co Ltd
Brown OH
Dalhousle Oil Co Ltd....*
55c
10c
61c
55c
Feb
70c
Jan
500
43c
Feb
61)4e
Mar
1.32
6,965
1.10
Feb
1.40
Jan
1.61
1.65
600
1.85
Mar
2.20
Jan
42 *
•
1.15
42)4
45)4
651
Jan
47)4
Feb
*
Home Oil Co.
1.15
1.61
Davles Petroleum
61)4c 61)4c
OJalta Oils
Royal!te Oil Co
41
Toronto Stock
March 5 to March 11,
Exchange
both Inclusive, compiled from official sales lists
Sales
Friday
1.50
1.80
14
14
15)4
Jan
*
Preferred..
...—100
General Steel Wares—.—*
GUlles Lake Gold
1
Glenora
....—1
God's Lake Mine—
-*
Goldale Mines.
1
9c
9c
1,100
9c
Jan
10c
Feb
Gold Belt
"2c
1*C
3c
30.000
l*c
Mar
4)4o
Mar
1
22c
22c
600
20c
Feb
Alberta Pac Grain pref. 100
18)4
35
10)4
Jan
Last
Sale
Stocks—
Par
Price
1.60
Aoltlbl
0% preferred...
100
for
of Prices
Week
Ij>w
*
Acme Gas A Oil....
Afton Mines Ltd
Week's Range
...1
AJax Oil A Gas
Gatineau Power..—
High
19
Range Since Jan. 1, 1938
Shares
Low
975
1.50
700
14
-.1
22c
*
52c
Alexandria Gold
1
Amm Gold Mines
1
*
*
24c
21c
1.20
1.20
3.55
3.50
3.90
7,007
Arntfield Gold
1
21c
20c
30c
70,250
15c
Ashley Gold
1
7c
754c
2,000
554c
Anglo-Can Hold Dev
Anglo-Huronlan
Feb
Feb
Aldermac Copper..
A P Cons Oils
High
2)4
19)4
26c
20
Jan
Jan
Mar
Jan
25c
Jan
Grandoro
1.15
Feb
1.05
Jan
Great Lakes Paper
3.50
Jan
4 15
Jan
Feb
33c
Mar
Jan
10c
Jan
Preferred...
Mines...
Mines
Preferred
Feb
lie
Feb
Gypsum Lime A
Halcrow-Swayze
1
17c
17c
23c
9,325
17c
Mar
270
Jan
Hamilton Theatres
Beauharnols
4*
L*
Bell Tel Co of Canada. 100
160
1
1
35c
*
Bloodgood Kirkland
Big Missouri
10)4
43c
160
14o
15c
Feb
22c
Jan
2,303
lie
Jan
20c
Feb
1754
939
15*
Jan
18*
Jan
17)4
16)4c
8,675
160
Feb
210
Feb
39c
45c
12,400
35c
Jan
53c
Feb
9)4
9)4
82)4
10)4
83)4
221
6*
Feb
10*
Feb
421
70
Jan
84
Feb
6
Feb
8*
6)4
754
12c
12c
14c
10c
Jan
230
4*c
5c
45,100
15,500
4c
Feb
50
Jan
46c
55c
20,942
460
JaD
680
Jan
"46c
-.*
*
*
9
2)4
-1
80c
Alabaa—♦
654
-1
383
47c
98.200
43c 43)4c
2,500
Jan
Jan
Homestead Oil...
159
20c
39c
Feb
105
Feb
5*
Feb
160)4
Jan
Feb
600
Feb
Howey Gold—
Hunts A
Huron A Erie
Jan
680
Jan
1154
755
9
Feb
110 *
90
110)4
Mar
1154
110)4
Mar
*
3)4
4
56
354
Mar
5
Jan
Mar
"00
20%
•
No
—
-*
5
*
1
-1
*
100
par
value.
33
Jan
25
Feb
2)4
2)4
75
2
Feb
1154
50
11
Feb
80c
1.02
32,925
75c
Jan
27A
Jan
Jan
12
1.09
Mar
8*
Jan
Feb
3c
Mar
1.50
3)4
100
3*
Mar
3*
Jan
1.65
2.40 248,335
1.10
Jan
2.54
Mar
---1
Holllnger Cons—
Home Oil Co..
330
Jan
Jan
Jan
Mar
HXc
3)4
Jan
1,100
17c
Mar
34c
Jan
50,700
lie
Jan
17C
Mar
2,400
1 25
Feb
1 40
Feb
13c
1.20
14c
3,000
Mar
20c
Jan
110
14
JaD
13
Jan
17*
14*
Feb
1.34
3,056
8,145
1.10
Feb
1.40
Jan
25c
14,300
20c
Feb
370
26c 2854 c
24,300
13c
16
16)4
1354
14
1.13
1.13
23c
23c
9
9
61
754
Jan
17c
17c
1354
26c
6*
11 )4c 14)4c
1.25
Gold..1.50
High wood Sarcee—
-*
Hlnde ADauch—
26
llo
12
2c
Barker
Jan
25
Jan
Mar
8
1.10
Hedley Masoot
Jan
0*0
35
105
Hargal Oils
Feb
7,000
9
695
Jan
45c
854c
4,000
Jan
1.49
8c
8
Feb
1.30
Jan
10)4
8c
1.10
249
Jan
9*c
Feb
1.30
305
Jan
Feb
5c
41
654
207
Feb
50
4,500
2)4c
Feb
26c
50
3.000
7c
54
6)4
Jan
9
Jan
7)4c
7c
2)4o
1
Feb
3)4
Jan
Jan
53*
6c
53 *
.
11)4
25)4
297
100
Jan
6)4
151
200
5
16)4c 18)4c
82)4
240
401
17)4
39c
—*
-1 "l"70
*
4)4
Jan
16c 17)4c
15c
12c
4,000
"l2c
Hard Rock....
10*
Feb
9c 1154c
Harding Carpets
110 *
Blue Ribbon
Jan
Jan
8*c
9c
Feb
161)4
34c
6.95
21*
Feb
100
Feb
Jan
Mar
60C
100
Biltmore Hats
Preferred...
100
100
8
5.40
19*
1.03
1.25
Mar
1,730
30,700
Jan
25
Mar
9
3,604
Jan
17,900
Jan
3.25
6.25
62c
23.875
5*
Jan
32
20)4
57)4c
3.5c
Jan
Jan
7
6.00
14
1.39
2.17
19)4
1.00 128,843
10)4
40
6
6
Jan
29
6.05
*
Greening Wire..
Gunnar Gold
440
31c
16
19)4
—--50
—1 ""6c
.1
8c
—*
Great West Saddlery
4)40
1.25
105
3.25 153,810
9
9
Feb
Granada
10)4
2.61
Jan
Jan
Beatty 2d pref
31
2.70
Jan
Jan
1*26
30
30
Jan
Feb
17
72*
Feb
~~32c
Mar
Feb
7c
"
16*
16)4
Mar
Mar
04
25c
•
5
16)4
200
147
1,000
*
59,833
1.70
6554
13,000
Seattle Gold
15c
Jan
7)4c
57,800
Bathurst Power A..
Feb
1.05
64
9c
Base Metals Mln
Feb
10*c
7)4c
Graham Bousquet
4
14c
5,540
1.63
65
Jan
9
48,400
18c
1.38
Jan
Feb
29
25c
lie 13)4c
18c
12c
Feb
200
Jan
84
Feb
70c
240
Jan
7*C
37c
300
78
25,600
2)4c
240
10
8c
Feb
200
Jan
81
Feb
Feb
300
8*
400
Mar
"300"
Jan
Jan
43c
35c
100
Mar
!6*
6
12*
27*0
9c
100
32
Mar
1,127
Jan
27c
100
Jan
1,517
6)4
Jan
3*0
Bank of Nova Scotia
30
1354
Mar
29c
Bank of Montreal
15
32
19c
3)4c
Bank of Toronto
Mar
260
46c
59)4
34
30C
22o
80c
Mar
Jan
6,200
l)4c
16)4c
59
Feb
7c
Jan
11,350
3.000
85c
206
4c
25*
15,400
3.4C0
59)4
Jan
200
4,000
40
6)4c
33c
34,850
50
Feb
36c
2c
..1
60
26c
1
Bank field Cons
Jan
32c
Auglte-Porcuplne Gold...l
Aztec Mining
50c
Bank of Canada
Mar
21c 23)4c
3c
Bagamac Mines
Jan
75
26c
55c
Jan
16
Jan
21c
3 )4c
Astorla-Rouyn
Jan
32c
50c
4,620
Jan
13
66*
53*
—1
Goodflsh Mining—......1
Goodyear Tire
*
Eagle
22c 26?4c
25c 223,200
Feb
Mar
50c
Gold
1HC
1.40
400
34
1.40
Firestone
—-
23*0
07
Mar
81
81
English Electric B.
Petroleum...25c
1
Ford A
*
Foundation Pete—
-*
Francoeur
*
Jan
Jan
25c
12)4
6)4
6)4
Fontana Gold
27
12c
40
Jan
32
12)4
*
*
Equitable Life
—.25
Falconbrldge
—*
Fanny Farmer.......—.1
Federal-Kirkland
1
1,659
202
5c
100
1
*
East Malartlc
1
Eastern Steel
.-*
Economic Investment—.25
Eldorado
1
56
55*
32
pref..50
100
35
200
East Crest Oil
Thompson Cad
1,270
54
*
Preferred
14)4
74)4
6c
1
Dominion Stores
25c
13)4
74
100
Dominion Explorers
Dominion Foundry
Sullivan Cons Mines Ltd.l
Sylvanlte Gold
Teck-Hugbes Gold.
Anaconda Oil
60
254c
San Antonio Gd M Ltd—1
Shawkey..
55)4
61
754
754
330
26C
Mar
5
9
Mar
12
77
61
Mar
67*
8*
110
6*
Mar
Jan
Jan
Jan
Mar
Jan
Jan
March
Chronicle
Financial
1694
1938
12,
Canadian Markets—Listed and Unlisted
Toronto Stock
for
Sale
of Prices
11)0
Imperial Bank
Price
201
204
201
Intl Coal A Coke
Feb
2c
Feb
3 he
Jan
5.45
5,705
5.15
Jan
5.70
Jan
Mar
Texas Canadian—
1.35
1.35
1.42
6,975
1.20
Jan
1 57
Jan
Mar
Tip Top Tailors
Preferred.—
13h
Feb
20c
Mar
20c
Jan
50H
43
30H
31H
28 H
Jan
52H
31H
Mar
70c
75c
70c
Feb
1.00
Jan
32c
Feb
53c
Jan
Toronto Elevators
15c
Jan
400
Mar
41c
41c
Jaoola
1
30c
29 He
52o
54c
Cons..........
9c
Kirk Hud Bay
Klrkland Lake.........
5
38Hc
Jan
9C
Mar
43,300
82c
1
Lake Shore
Feb
15
58.900
1.80
Jan
2.30
1
*
100
58 H
Feb
13
Lapa Cadillac........... l
Laura Secord
*
59c
58c
68C
1
.1
Oro
1.01
1.10
9Hc
lie
2c
Lava Cap Cold
76,400
15
63
63
T.01
10
2c
4,100
55
37
Mar
Ho
Jan
Jan
United Oils
United Steel
60
Maoassa
*
74c
McDougall-Segur
Manitoba A East
Mar
15k
Jan
3,380
5.50
Walkers
Mar
Preferred
1,300
99o
Feb
1.25
Jan
1.80
1.50
Mar
2.14
Jan
40
22,925
3,318
Jan
44 H
Jan
19
Jan
Jan
1.13
Feb
Wendlgo
90
Mar
16c
Jan
lHc
Feb
2Ho
Jan
Westflank Oil
40
Gold
19
16c 17Hc
830
Mar
1.12
Feb
West Turner PetroleumSOc
4.75
Mar
Westons
21H
Mar
6.00
24
Feb
380
20
780
20
Feb
21H
16c
»
8,800
34,450
11c llHc
11
lie
11
Preferred.
Jan
White Eagle
4.85
9,780
4.50
Mar
5.55
Jan
Whitewater
1.30
Jan
3.90
Mar
.1
36c
36c
28HO
Jan
490
Feb
Wlltsey-Coghlan
Winnipeg Electric A
1
♦
Mar
3HC
Jan
100
Molntyre Mines.......
McKenzle Red Lake
1
MoVlttie-Graham
.....1
.
.
McWattere Gold....
*
Mercury OH
lHc
Jan
4hc
Mar
8c
Jan
3c
Feb
60
4ho
3h
Jan
2H
2.75
Jan
2
1.90
21c
27c
Jan
2Ho
Jan
4c
Jan
365
Feb
2H
Jan
Wood Cadillac
1
35 He
34c
39c
200
2H
3H
Mar
5
Feb
Wright Hargreaves
*
7.70
7.65
7.95
33,725
9c
Jan
Mar
Ymlr Yankee Girl
♦
20c
19 He
25c
1,546
6H
41H
19 Ho
7H
Jan
60
Jan
11
Jan
14
Feb
Jan
93
Feb
Mar
45
Jan
1.65
10
1,135
92
92
92 H
31
39 H
39 H
41H
3.171
86H
39H
85c
85c
1.02
25,260
85c
Mar
1.10
Jan
Friday
17c
17c
21c
15.671
13c
Jan
240
Mar
Last
Week's Range
for
60c
60c
80c 164,650
32o
Jan
80c
Mar
Sale
of Prices.
16c
16c
15c
Feb
18c
Jan
7Hc
2.12
16 Me
3Hc
16Hc
4c
25c
18c
2.35
60,935
Mlnto Gold......
2.10
Feb
6c
Jan
8c
1.73
Jan
2.49
1
"i2c
1
2Hc
3,000
3c
Feb
4Ho
16c
Feb
20c
to
March 11, both inclusive,
Par
Stocks—
Jan
5,600
March 6
Jan
Mar
Canada Vinegars
Canadian Marconi
Groceries......*
Preferred.
.....100
5H
lie
Feb
17C
Jan
3 He
22c
1
"~27c
355
10
21c
3c
1
*
Nlpisslng
6H
3c
27c
31c
50
Jan
39,868
1,500
2,400
...6
1.91
1.91
2.05
1,228
..*
Noranda Mines...
Nordon Oil..
59 H
59 H
61H
4,686
.1
Mar
3c
Feb
250
Feb
1.89
Jan
53
Jan
Canada
*
1,320
1.05
Feb
70
19h
Feb
—...6
3.00
200
2.60
Jan
1
lHc
lHc
5h
5h
lHc
5H
Feb
7
Jan
62c
13,500
1,975
3,845
5
62c
53c
Jan
69c
Jan
29
Mar
30 h
60c
4,900
7h
10
35 HO
Feb
4Ho
Jan
Honey Dew pref
Hudson Bay mas
*
*
380
Mar
h umbers tone
*
Jan
Inter Metals a
*
"7H
7h
Feb
Klrkland Townslte
1
19c
19c
lc
245
56c
7h
10c
11c
4.500
10c
Mar
3c
2 Ho
3Hc
Feb
90c
70C
Feb
fit
58c
61c
8,000
8,060
3,300
2Hc
75c
58c
Mar
58c
Jan
Jan
Dominion Bridge..
10c
1
14c
Jan
Feb
15 h
Hamilton Bridge...—...*
2.15
0c
17h
45
Foothills
62
Jan
120
100
Jan
19
75c
Norgold Mines..
Normetal...
1.25
High
Feb
4hc
7hc
Jan
7H
126 H
Jan
12H
21c
18,500
Jan
Mar
Mar
5%
120
Low
6Hc
7h
16
Consolidated Paper...—*
Jan
2Ho
Range Since Jan. 1, 1938
Shares
21
150H
14H
30c
Jan
1.10
Coast Copper.
Cobalt Contact
120
Feb
3.00
Canadian Wirebound
5H
30c
19h
Jan
Feb
14H
Mar
1.10
35 H
Feb
120
*
19 he
3.00
Feb
146
DaJhousle Oil
National
Feb
19h
2.56
31
7
15,800
2,000
8.20
*
Jan
293
2Hc
Jan
compiled from official sales lists
High
5Hc
7h
15h
5Hc
34
2Hc
Jan
7 50
43c
Sales
Low
Price
Brett Trethewey
Canada Bud...:
150
llHc 13Hc
16
Mar
Toronto Stock Exchange—Curb Section
r
Jan
Jan
2.07
Feb
340
22,100
7,540
14,300
Jan
33
2.10
12
10H
100
Preferred
150
33
100
National Sewerplpe
Naybob Gold-.—...
Newbee Mines....
New Golden Rose..
Feb
Jan
Week
225
7c
Klrkland...
Mar
10
11H
1.75
Murphy Mines......
2
55
1.90
3.000
1.85
....
Feb
Mar
4,000
19,000
*
A
Jan
Feb
3,300
1,500
21c
2
1,300
2,000
15,635
Moneta Porcupine......
Moore Corp...
14c
14
84
3he
.
2Hc
2Hc
Merland Oil
Monarch Oils
Jan
5Hc
11
6H
*
Corp.....
Jan
34c
Feb
78
11H
*
100
Feb
10
44
12c
Preferred
10c
1,050
80
21Hc
2Hc
2H
3H
m
12c 16Hc
6H
7
43 H
46 H
2Hc
MoColi FTontenac
Preferred
Feb
Mar
3Hc
*
B
14HC
Feb
18c
112
2c
1
3.80 328,350
45c 28,350
19 H
Feb
Mar
Jan
4Hc
3 He
*
4.50
2.95
12o
112
5
10
11
80
100
Jan
18H
35.900
112
7.40
Mar
40
660
12o 14Hc
112
1
6,400
Jan
42
18H
Western Grocers pref-.100
Feb
4.55
Mines
Massey Harris..
Jan
29
Malroblo
Mandy
*
Jan
Montreal l h A p
Feb
National Steel Car
*
12
27
19h
18
Jan
Jan
Jan
4.00
1 he
Jan
Jan
Mar
65c
Feb
Mar
8H
12
25
32h
56c
7
Mar
Jan
14
Jan
22 h
Jan
28 H
Feb
30
17
Feb
20H
8h
225
6
Feb
20c
17c
Feb
832
Jan
Jan
9H
23c
Jan
lc
Feb
15c
5,100
4,500
2,025
12o
Mar
30
30h
110
28h
Jan
31
39
*
73c
12
25 h
40 h
255
Jan
41h
Feb
Feb
4
1
Jan
12
25 h
Feb
1.40
20
lHc
"l5c
15c
"39
lHo
Feb
lHo
Jan
240
Mar
5
3H
3H
3H
235
3H
Jan
3H
Jan
3h
2,000
33 H
3c
he
Jan
l
3.70
3.65
4.50
Jan
5.45
Jan
Oslsko Lake Mines......1
7c
7c
8c
1,500
7c
Mar
13c
Jan
1.68
1.60
1.98
1.60
Mar
2 30
Jan
Pawnee-Klrkiand
1
lHc
lHc
lHc
1,000
lc
Jan
2c
Jan
•
2 He
2Ho
3Hc
3Hc
Feb
Pend Oreille
1
1.75
1.70
2.00
Feb
2.62
36o
42c
33 He
Feb
Feb
Ritchie Gold—
—1
2Hc
2Hc
2c
Feb
3o
Jan
*
8H
8H
10
8
Jan
8H
Mar
Robb Montbray
1
lHc
lHc
2c
14,420
2,400
28,000
1.70
40c
5Ht
460
Jan
...l
18,390
21,250
11,300
35,946
3.10
....*
North Star Oil pref
O Brien Gold
Okalta Oils.....
Jan
2 Ho
Feb
*
1.00
1.00
15
Mar
1.50
Jan
Rogers Majestic..
3h
3h
1,45
Mar
*
*
Standard Paving.........
"2 H
3h
21H
3
Olga Oil A Gas..
Omega Gold
Ontario Steel
Orange Crush
Pacalta
Jan
1.05
1.08
Maraigo
Oio Plata
Jan
6
5.95
4.95
2
Northern
26c
Jan
1.00
22H
20H
21c
Feb
4H
1.50
3.00
*
Jan
17c
850
1,022
5.50
4.75
83c
12H
6,200
1.55
62 H
000
65
14
13
Jan
1.00
1
.
_
Morris
Jan
1.90
5.50
21H
Maple Leaf Milling......*
Preferred.........
*
Mining
66c
Jan
•
Walte Amulet
..1
Mines.....
MacLeod Coekshatt
Madsen Red Lake
122
Mar
*
Vulcan Oils
Jan
21H
85c
A........
Mar
44c
90c
—1
*
*
Ventures
Feb
4.80
Gold...
115H
13
115H 115H
Feb
Jan
5c
20
Leitch
Little Long Lac........
Feb
50
27,100
3,000
49,000
9HC
Lee Gold
Loblaw
Feb
85
4H
3H
3H<J
55
48
Feb
17c 19 He
Jan
55
Mar
4H
52
55
45
80
17c
Mar
Jan
5
20
4H
Jan
590
2,100
295
45
85
13
1.50
Jan
Jan
45
85
*
*
•
1.50
Mar
Jan
45
Union Gas..
Mar
28c
2.60
85
9.600
90c
Jan
17
46,835
1.14
10,450
Feb
53c
6,200
41.620
4c
14H
1.80
46,745
5H
185
44c
69c
54 H
15H
1.45
1.25
4c
15
44c
1.05
5
15
1.45
48c
52H
Mar
1
00c
4c
2.25
Uchi Gold
1.14
52H
1,085
Toronto Mortgage
48c
108
Jan
2.50
Towagmao Exploration..l
Mar
Jan
11H
105
20
2.25
Jan
1.80
Lake Sulphite........... *
90
107
2.25
*
Preferred
-50
Toronto General Trusts 100
Mar
107
107
1
Jan
17c
13
T.85
i
Laguna Gold....
Landed Banking.
13c
13 H
2.15
1.20
Kerr Addison...........1
Lamaque Contact
9c
13H
M Consolidated.......!
Kelvlnator..... ........*
100
13
12H
12H
Toburn Gold
1
Mine*
14H
—
70c
.....
Jan
17,900
5.20
300
Jack Walt*
16
2Hc
20c
11,966
4,792
1,300
45c
2,600
38c 55,551
78c 253,326
High
Feb
14
370
5.25
Jan
47 H
Low
High Shares
Low
2Hc
Mar
14H
31
Intl Utilities B
Price
Teck Hughes
19H
Jan
48
*
Range Since Jan. 1,1938
for
Week
Tasbota
17H
13H
Jan
315
20c
...1
Par
of Prices
14H
3Hc
Tamblyns
Jan
214
4,715
International Pete
Lebel
200
19H
14H
18H
International Nickel.-...*
J
31
Stocks (Concluded)
High
14H
18H
imperial Oil
Imperial Tobacco
Jelllooe
Low
High Shares
Low
Week's Range
Sale
Week
Par
Sales
Last
Range Since Jan. 1,1938
Week's Range
Exchange
Friday
Sales
Last
Stock* (Continued)
Toronto Stock
Exchange
Friday
...
..............
Oils
•
•
Page Hersey
»
Pamour Porcupine......*
Pandora-Cadillac
1
Pan tepee Oil
90c
12c
Paulore Gold....
Paymaster Cons.
Payore Gold
460
Jan
10Ho
Mar
94
3.35
3.30
3.85
45c
1
10Hc
15c
.1
65,900
34,600
93
1
......
1.36
llHc l3Hc
93
l
Partanen-Maiartlo
90c
55c
55c 53 He,
6Hc 6Hc
lOHc 15Hc
14Hc
19c
54c
63c
40
16,956
9,500
3.30
Stop a Shop
Feb
Temlskamlng Mines..
7H
Feb
United Fuel pref
20c
31,650
120
Feb
220
Mar
lc
lHc
3,500
12H0
Jan
1.02
Jan
690
lHc
Jan
19
Feb
4.60
4.85
3.00
3.00
3.20
99 H
99 H
99 H
35
2.20
39,515
1 73
Jan
2.41
49
Feb
15
Mar
35c
Feb
2 42
19
Jan
9,485
3,210
16
4.50
Jan
5.10
Jan
2.85
Feb
3.30
Mar
Jan
99 H
31c
800
5,125
1.89
Jan
399
14H
Mar
l
2.10
2.10
2.35
Pressed Metals—_.......*
14 H
14H
16
30,800
21H
Feb
Jan
4h
Feb
Feb
23
Jan
75c
30c
Feb
10c
Feb
25c
Jan
Feb
42
Jan
Jan
12c
37h
36
38 h
35
235
SECURITIES
Municipal
•
•
Corporation
Mar
97
31o
25c
1
100
Government
1
Feb
100
13 H
30c
14
25
11c 17Hc
Feb
2h
17
25
45c
45c
CANADIAN
Feb
Mar
Mar
lc
4.65
1.80
19
80
30
17
Jan
4
Feb
Mar
16
14
3h
Feb
230
1.76
16
1.85
215
Jan
Mar
54c
1 he
Jan
l
«
2%
17
...*
63o
55,820
93,200
23,600
Premier
Feb
Jan
23c
Porto Rico pref...
100
Powell Rouyn......... 1
4.30
Jan
1.65
l
Mar
20 H
100
....
Jan
17c
Pioneer Gold...
Preferred
40C
1.35
lc
Shawl nlgan wap
Feb
Feb
5M
18c
Pete-Cobalt
170
96
7 H«
1.41
Photo Engravers...
*
Pickle Crow,.....—.....J
Feb
225
1
Power Corp
Prairie Royalties
89
3h
*
22,900
...1
Perron Gold-—..
1.00
Oil Selections
Feb
Jan
Preston E Dome......_.l
Quebec Mining......
1
Quemont Mines
1.00
96c
47,580
96c
Mar
1.34
54c
54c
54c
500
54c
Mar
70c
7c
7c
7Hc
6c
Jan
10c
3.35
3.35
3.80
3.35
Mar
4.55
40
40
40
Mar
•
HAnover 2-6363
NY 1-208
New York
•
Bell System Tele.
kiiiif *i*f **mf iviiii'i't'iii'iii
Jan
40
Royal Securities Corporation
30 Broad Street
Jan
Read Authier
4,000
2,750
Private wire connection between New York, Montreal and Toronto
Real Estate Loan
100
1.17
Red Crest Gold
Red Lake G Shore.....-*
15c
35c
25c
24o
30c
Reeves-Macdonald
30c
30c
37c
.....
Reno Gold
17c
51c
Riverside Silk
...*
Roche Long Lac..
Royal Bank
1
23
15c
100
50c
23
14Ho
63c
23
•21c
175
176
Royallte Oil
Saguenay Power pref... 100
"42*
42
44
St Anthony
San Antonio
14 Ho
99 H 100
13c
17c
]
76,900
78,662
1,900
10.595
495
67,400
60
40
Jan
Industrial and Public
Mar
150
Mar
450
Jan
190
Jan
36HC
Jan
30c
Mar
39 Ho
23
Feb
10c
170
Jan
Jan
Feb
618
40 H
Feb
20
97 H
Feb
16,100
12o
Jan
55c
640
25
240
190
48 H
100
20c
Jan
Feb
Feb
Mar
Jan
Bid
Abltlbi p a Pap ctfB fie '63
Alberta Pae Grain 68.1046
Beauharnols Pr Corp 5« '73
Bell Tell Co of Can 5s. 1955
Jan
Burns a Co 5s.......1958
Mar
Calgary Power Co 5s..1960
Canada Bread 6s
1941
Canada North Pow 5s. 1053
Canadian Inter Pap 6s '49
Canadian Lt a Pow 6s 1949
Mar
77 h
68 h
61
98
Sherritt Gordon........
1.45
25o
33o
1.00
1.07
6,400
980
Jan
1.25
1.48
31,689
1.25
Mar
1.80
Jan
Canadian Vlckers Co 6s '47
97
1.25
25
1.00
Feb
1.25
Mar
114
2H
115
Cedar Rapids m a p fis '63
Consol Pap Corp 61961
5Hb ex-stock
...1961
Dom Gas A Eleo 6h8-1945
Donnaconna Paper co—
/39h
1.30
SUverwoods
Silverwoods pref....
*
2H
100
Slscoe Gold
Sladen Malartlo........
1
86
1.21
Feb
3
Jan
18
10
18
Mar
18
Mar
86
86
50
81
Jan
95
Jan
2H
Feb
2.60
2.75
18,823
2.52
Feb
3 40
Jan
1.08
1.35
82,170
87c
Jan
1.38
Mar
*
25c
dtadaoona..—.....
Preferred
Mar
1.16
81ave Lake
Spy Hill Royalties
Jan
340
2.60
Southwest Petroleum
Steel of Canada
1.65
Jan
18
.......
Simpsons pref
Feb
10c
"lie
25c
*
26
10c
14c
40c
40c
11c
14c
24He 28Hc
62H 64H
59
59
79,020
2,500
4s
—.1956
-
-
95 h
Jan
70c
Jan
Eastern Dairies 6s
1949
50
54
7,700
lie
Mar
250
Jan
101
220
Jan
450
Jan
Fraser Co 6s...Jan i 1950
Gatlneau Power 6s... 1956
100
37,400
Mar
69 H
Jan
Feb
53
55
63H
Jan
Straw Lake Gold
*
10c
10c
13c
13,700
10c
Mar
15Hc
Jan
Sudbury Basin
Sudbury Contact..
»
2.95
2.90
3.20
2 90
Mar
3.80
Jan
14c
13c
17c
4,225
10,800
12hc
Jan
190
Mar
Sullivan Cons......
1
1.17
1.05
1.23
Feb
1.23
3.05
3.05
3.20
3.05
Jan
3.60
Feb
50 X
50 h
102h 103 h
97 h
97
1939
value) 3s
3Hs—
3Hs—
1b56
1973
Montreal Tramway 5e 1941
100
-
104h
90
91h
101h 102 h
104
Dec
1
1961
91h
6s
1951
63
a
-
-
105h 105h
103
United Grain Grow 5s. 1948
fih* '&2
67
75
104
83
United Becurs Ltd
64h
/ Flat price
•
101h
101h 102h
1q3h 104h
92 h
No par value.
101h
107 h
Winnipeg Elec 6s. Oct 2 '64
6hs.
*
106
101
1957
100h
105
5hs *47
Saguenay Power 4}£b a '66
4hs ser b
1966
Shawlnlgan wap 4Hs *67
Smith h Pa Mills 4h* '51
Mar
1
53,475
4,850
950
Sylvanlte Gold
gt Lakes Pap Co 1st 6s '66
Int Pr a Pap of Nfld 5s '68
Lake St John Pr A Pap Co
95
31
Montreal l h a p ($50
Provincial Pap Ltd
24c
59
98
30h
103h
73
Jan
155
97
105
Ottawa Valley Pow fihs'70
Power Corp of Can 4h* '59
Mar
.
Minn a Ont Paper 6s. 1945
Montreal Island Pr 5h» '67
77
40 h
10c
Ask
101
46
5a
_____
74
44
par
98
114h
44
76
100
5hs-1961
2h* to '38—5ha to 49
Massey-Harrls Co 5s.. 1947
101
40c
East Kootenay Pow 7s 1942
Manitoba Power
McColl Frontenae Oil 6s '49
99
104h 105
95
MacLaren-Que Pr 5 ha '61
Maple Leaf Milling—
mm
h
1.30
210
•
69
103
1.00
1.25
-
-
113h 113h
1.34
19,765
25,400
Rid
Ask
49 h
(49
1.00
60c
Utility Bonds
Closing bid and asked quotations, Friday, March 11
27c
l
Shawkey Gold....
Sheep Creek
Simpsons A
22
Feb
Nominal.
l
68
mrnrn
Volume
146
Financial
Quotations
Bid
a3s
Jan
1
a35is
a354s
0354s
a354s
a354s
*3J4s
July
1 1975
1977
May
l
Nov
1 1960
Jan
1954
July
a454s
a454s
a454s
10454 10554 a454s
108
110
a4%B
11054 111 H a4548
110)4 112
a454s
a4
110)4 112
54 s
113)4 114)4 a454«
114)4 115)4 a454"
114)4 115)4 a454s
11554 11654 a454«
1 1957
Nov
1 1958
a4s
May
May
1 1959
a4s
Oct
a4s
1 1977
1 1980
a454s Sept.
a454s Mar
a454s Mar
a454a Apr
1
15 1972
1 1960
1 1962
1 1964
11754 11814
11854 11914
118)4 11954
11954 120
11954 12014
12014 12114
1 1974
June
106
Feb
15 1978
10554
Jan
1 1977
Nov
Mar
117
116
1966
10454
1 1975
May
a4s
a45is Apr
105
15 1976
a 4s
99 M
15 1978.
1 1981.
1 1957
May
1 1967.
Nov
1 1963
Mar
1 1965
June
1 1967.
July
Deo 15 1971.
1 1979.
Deo
Par
Ask
Bid
100)4 101)4
104)4 105)4
1 1954
Mar
New York Bank Stocks
City Bonds
Ask
98)4
1695
Over-the-Counter Securities—Friday Mar. 11
on
New York
Chronicle
11614 11714
118
117
Bid
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
Klngsboro
54
Merchants Bank
Bensonhuret National... 50
95
105
Chase
13.55
2954
3154
City (National)
1254
Commercial National.. 100
2454
26
—
25
15
46
27)4
2954
Sterling Nat Bank A Tr 25
23
25
Trade Bank
1785
17
21
New York Trust
10
County
Brooklyn
Bid
1254
Fid ton
350
360
46
48
Guaranty
Irving
Kings County
Lawyers
1
World War Bonus—
1
4Mb April 1940 to 1949.
Highway Improvement—
62.00
4s Mar A Sept 1958 to '67
12454
Canal Imp 4s JAJ '60 to
67
mmm
12454
42 A '46
11054
113)4
mmm
Barge C T 4s Jan
—
Barge C T 454 s Jan 1 1945.
7
6
100
78
7)4
83
m
Bid
Ask
200
100
220
231
236
11)4
12)4
100 1610
25
91
43
55
60
25
12
15
New York
12
1354
Title Guarantee A Tr. -20
4754
Empire
22
4854
23
United States
1650
30
35
94
41
60
Corn Exch Bk A Tr.—..20
Ask
1
133
Par
102
Continental Bank A Tr.10
Bid
130
Companies
Ask
96
Central Hanover
.20
Chemical Bank A Trust. 10
Ask
133
12
55
Publlo National
12014 12114
12214 12314
12414 12514
62.65 less
_
10
47
121
120
62.60 less
Highway Imp 414s Sept *63
Canal Imp 4>4s Jan 1964.
Can A High Imp 454s 1965
13
60
850
Bronx
62.85
40
115
National Safety Bank. 1254
10
100
800
First National of N Y—100 1745
Flat bush National
100
36
Bankers
6e Jan & Mar 1964 to '71
National Bronx Bank...60
Penn Exchange
Peoples National
Par
Canal & Highway—
100
11914 12014
New York State Bonds
38 1974
Ask
65
100
152
Fifth Avenue
Bid
National...100
146
Banca Coram Italiana. 100
Bk of New York A Tr. .100
3s 1981
Par
24
11554 11654
Bid
Ask
2254
48
Clinton Trust
Colonial Trust
10
Manufacturers
-20
3854
49
51
-25
91
94
Preferred
4054
5)4
Underwriters
6)4
80
90
.100 1475
1525
«.«►
mmm
—
Chicago & San Francisco Banks
Par
Port of New York
Authority Bonds
Bank
BU
Atk
Bid
Port ol New York—
Holland Tunnel
Gen A ret 4b Mar 1 1975.
Gen A ret 2d ser 3J4> '65
10854 10954
Gen A ret 3d
414s
A»k
A
First National.
-.100
ser
3148 '76
3s 1976
Gen A ret
314b
1977
George Washington Bridge
4148 ser B 1940-63.M N
105
105)4
9754
9854
9954 10054
Pari
Bid
Harris Trust A Savings. 100
6354
6554
197
193
285
Ask
1305
Northern Trust Co...
100
530
555
NTASA—1254
42
SAN
|
FRANCISCO
Bk of Amer
I
44
ser E
1938-1941...
MAS 60.25 to
1942-1960
MAS
Inland Terminal
Atk
185
155
Trust—33 1-3
10254 10354
ser
Gen A ret 4th
Bid
American National Bank
A Trust
100
Continental Illinois Natl
414s
ser
1.25%
Insurance Companies
111J4 11254
Par
D
109
Bid
Ask
Par
87
91
Aetna
4154
43 54
Home Fire Security
Homestead Fire
Aetna Life
MAS 60.25 to
MAS
1.25%
111
1938-1941
1942-1960
Aetna Cas A Surety...
23)4
2554
Bid
Importers A Exporters...5
11054 11154
.10
154
1454
..10
4 it
254
16
70
74
Ins Co of North Amer...10
754
55
American Alliance
20
2154
K nlckerbocker
11
American Equitable.. —5
American Home
-10
American of Newark.. -554
26
2754
Lincoln Fire
1054
1054
12
Maryland Casualty
1
Mass Bonding A Ins.. 1254
354
4054
454
4354
American
28
29 H
Merch Fire Assur
6
42
44
23
2454
Merch A Mfrs Fire New'k5
8
4054
4254
Merchants (Providence)-.6
4
2654
28
National Casualty
National Fire
Agricultural
United States Insular Bonds
Philippine Government—
4b 1946
Ask
Bid
454s Oct
4>4s July
5s
Apr
1952
1955
5e
1952
106
Honolulu
10154
102 54 10354
10254 10354
10054 102
Feb
554s Aug
1941
Hawaii 454s Oct 1956
109
U S Panama 3a June 1 1961
Govt of Puerto Rico—
454> July 1952...
10754
11054
11354 11554
5s...
6s
i
Ask
63.50
3.00
114
118
-10
American Surety
Automobde
25
Baltimore Amer
.254
U S converelo'
3a 1948
Conversion 3a 1947
11054 11254
Bankers A Shippers
109
...
July 1948
Boston
108
11054
11054
10854 111
9
Re-Insuranoe. 10
American Reserve
Bid
100
1959
25
76
572
582
18
20
2154
1754
23)4
Camden Fire
Carolina
6
5
25
100
.
—
City ol New York
10
-10
7854
...5
18)4
26
Employers Re-Insurance 10
3s 1955 opt 1945
3a 1956 opt 1946
3s
1956 opt
JAJ
JAJ
1946....MAN
3548 1955 opt 1945..MAN
10254 102)4
102 54 102)4
10254 102)4
10454 104)4
4s 1946 opt 1944
JAJ
4s 1958 opt 1938
MAN
454s 1958 opt 1938..MAN
Ask
111 54
1007u 10054
l027u 10254
11154
4054
bid
Burlington 5s
Ask
77
81
78
82
New York 5s....
North Carolina 6s
98)4
99)4
9954 100 54
Ohio-Pennsylvania 5s
98)4
/46
5a
100
102
29
/6
100
Dallas 3a
Denver 5s
101
7
9954 100
First Carolines 6s
First of Fort Wayne 454s--
Montgomery 5s
95
97
100
102
9754
First of New Orleans 5e
First Texas of Houston 5e.
First Trust of Chicago 454s
Fletcher 354s
Fremont 454s
99
99
10054
98 54 100
9954 101
100)4 102)4
71
74
72
Greenbrier 5e
Greensboro 3s
9954 101
55
48
/26
Central Illinois 6a_.__
Chicago 454s and 5a.
Firat of
Bid
Lafayette
6s.
75
100
102
9954 10054
Illinois Midwest 5s
86
88
Iowa of Sioux City 454a...
93
96
Oregon-Washington 6s....
745
Pacific Coast of Portland 6s
100
Pac Coast of Salt Lake 6s.
Pac Coast of San Fran 5s.
99)4
38
81
24
2554
115
Northwestern
National.25
Pacific Fire..
25
98
Phoenix
10
*71
1654
119
97
Preferred Accident
5
1454
1654
Flre Assn of Phila
..10
5154
5354
Providence-Washington. 10
2854
3054
Flyman's Fd of San Fran26
72)4
74)4
Reinsurance Corp (N
Republic (Texas)
Revere (Paul) Fire..
Y)-2
10
2354
10
1954
Rhode Island
...6
Firemen's of Newark. —.5
9
7)4
24
5
2654
32
30
20
Rossia
21
38 M
Seaboard Fire A Marine. .5
Seaboard Surety
Security New Haven
12)4
1454
30
71
74
22)4
2454
Stuyvesant
...6
Great Amer Indemnity —.1
Halifax
-10
2254
23)4
8
29
3054
U S
10
Hartford Fire
-10
Hartford Steamboller.
—
*65)4
Home
2154
2854
3054
11354 11654
454
554
100 *410
...100
406
67)4
U S Fire
54
U S Guarantee
2754
Westchester Fire
460
416
1254
4754
2.60
50
2954
4
—..10
4954
48
Fidelity A Guar Co. .2
25)4
5
1954
10
Sun Life Assurance
52
10
10
10
—-.6
Travelers
Hanover
9
8
7
454
554
194
186
Springfield Fire A Mar..25
Great American
.5
754
2454
2154
5
6
27
—
73
6
St Paul Fire A Marine...25
36)4
5
22
20
10154
31)4
14
100
55
101
1()0
.
Pennsylvania 6s.........
100
Phoenix 454s
6s
Surety Guaranteed Mortgage Bonds and Debentures
10454 10654
10854
9954 10054
Potomac 3s
St Louis 5s
101
107
J21
100
...
San Antonio 3s.......
Southwest 5s
...
Southern Minnesota 5s
Union of Detroit 454s
77
/1454
97)4
5s.._.
99
Virginian 6s
Virginia-Carolina 3s
30
Bid
80
Arundel Bond Corp 2-6s '53
Arundel Deb Corp 3-6a "53
75
55
16
Associated Mtge Cos Inc—
100)4
98 H
10054
9954 10054
9954 101
Debenture
1953
3-6a
Cout" Inv Bd Corp 2-6s 63
Confcj Inv DebCorp 3-6s 53
Par
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
83
All series 2-5s
Series B 2-5s
Potomac
4354
77
47
4554
Bid
45
55
New York
100
10
50
North Carolina..
100
50
ioo
76
30
Pennsylvania
.....100
issues) 2-5s
26
30
Potomac
100
70
San Antonio
100
43
7154
(alt
1963
73
42
45
42
50
45
3-6s
34
85
42
1953
Potomac Maryland Deben¬
ture
Corp 3-6s
(Central
part ctfs
Funding
series)
Nat Cons Bd Corp 2-5a '53
1953
Realty
72
Atlantic
Deb Corp 3-6s
Bondholders
1953
42
28
73
42
Realty
1953
44
45"
/25
Unified Deben Corp 5s 1955
32
Bond
A
Mortgage
deb 3-6s
20
loo
Ask
1954
Corp
Potomac Cons Deb Corp—
3-6s
1953
Potomac
40
Bond
Atk
5354
Potomac Deb Corp 3-6s '63
Potomac Franklin Deb Co
1953
Ino 2-5s
Nat
Ask
Ask
Aided Mtge Cos ino—
1963
Joint Stock Land Bank Stocks
i
3554
15 54
7854
Fidelity A Dep of Md. ..20
Corp 2-5s'55
Mortgage Bond Co of Md
Denver
20
—..12.50
6)4
interstate Deb
Dallas
42
3854
Empire Properties Corp—
2-3s
1946
Bid
4054
5)4
Globe A Republic
Lincoln 454s.
/43
454s.._
California
Ask
28
10
Globe A Rutgers Fire. —15
2d preferred
15
9954 10054
11
954
2654
36 54
94
Glens Falls Fire
9954 10054
Atlantic 3s
11654
10
5
General Reinsurance Corp5
10
Georgia Home
Gibraltar Fire A Marine. 10
Atlanta 3s...........
6
£454
754
10
Franklin Fire
Joint Stock Land Bank Bonds
654
113
2
North River
4254
*52 %
9
21
...2
Northern
Excess
Bid
10
New York Fire
25)4
4
1854
854
5754
1254
254
2.60
2454
Federal
Ask
..10
New Hampshire Fire
New Jersey
2354
3
2
National Liberty
....2
National Union Fire
20
Connecticut Gen Life. -10
Bid
com
New Amsterdam Cas
New Brunswick
Continental Casualty. -.6
Eagle Fire
-254
Federal Land Bank Bonds
6
Dee Moines
100
45
First Carollnas
100
4
Fremont
100
Lincoln..
100
55
7
54
1
Virginia
154
Virginia-Carolina
6
100
154
74
12
60
Nat Deben Corp 3-68.1953
48
Telephone
154
an
Telegraph Stocks
75
Par
3
Am Dist Teleg (N J) com.«
Preferred
—100
Bid
88)4
I
Atk
92
Par
New York Mutual Tel. 100
159
162
Pac A Atl
Bed Telep of Pa pref—100
117
120
Peninsular Telep 00m
Cuban Telep 7% pref
.
.100
Bid
25
46
Telegraph
Preferred A
26
♦
...100
12
15
2254
2454
108)4 112
Emp A Bay 8tate Tel.. 100
F I C
154s.—Mar 15 1938 6.20%
154s
Apr
15 1938 6.20%
1548..-May 16 1938 6.25%
F I C 154s
June 16 1938 6.25%
F I O 1548—.July 15 1938
6.30%
F I C
F I C
Bid
Atk
52
58
F ranklin Telegraph
Atk
33
37
100
109
87
8954
So A Atl Telegraph
25
Sou New Engl Telep... 100
13
S'western Bell Tel pref. 100
Wisconsin Telep 7% pi. 100
100
F I C
154s
Aug
1548—.Sept
15 1938
*
6.30%
15 1938 6.35%
FIC 1548—.Oct
15 1938 6 .35%
F I C 1548—.Nov 15 1938 6
.40%
FIC 154a—Jan
16 1939
6.45%
Rochester
Telephone—
J6.50 1st pref
...
Gen Telep Aided Corp—
$6 preferred...
F I C
Ask
18
11754 120
Bell Telep of Canada.—100
Federal Intermediate Credit Bank
Debentures
Bid
34
80~"
Int Ocean Telegraph... 100
72
78
Mtn States Tel A Tel—100
114
117
For footnotes see page
1697.
17
136
13854
12154 12354
11654
Financial
1696
March
Chronicle
12,
1938
Securities—Friday Mar. 11—Continued
Quotations on Over-the-Counter
Railroad Bonds
/35
08—
Mrmktrt J^ev/
Augusta
York Stock Exchangt
120
Broadway
Unlon Station 1st 4s-
Tel. RE ctor
2-6600
STOCKS
40
72
80
1953
33
April 1 1943
44
60
70
1942
43
55
1949
1905
1995
/20
30
34
41
47
42
1945
1978
1940
33
38
Ore A Iron 1st ref 58——,————.—
Choctaw A Memphis 1st 5s—
Cincinnati Indianapolis A Western 1st 5s
—
Cleveland Terminal A Valley 1st 4s
Florida 1st 6s
1st 5Hs
Georgia Southern A
Goshen A Decker town
5s
Kansas Oklahoma A Gulf 1st 5s
Little Rock A Hot Springs Western 1st 4s......
Long Island ref mtge 4s.. —
Hoboken Ferry 1st
Dividend
Asked
Par in Dollars
600
*
120
127
0 00
40
46
90
15
1949
85
88
1905
1951
1955
Minneapolis St Paul A Saulte Marie 2d 4s
1949
Montgomery A Erie 1st 6s.................—.........1950
87
94
32
40
27
34"
1840
1960
—1951
1945
1957
40
48
60
—
1951
1955
———......1955
1951
82
88
70
80
40
48
70
80
Ha
1957
Buffalo 4Hs........—...—......1900
105
70
79
-1954
40
45
Macon
Terminal 1st 5s
33
85
89
00
70
2.85
45
49
New YorkA
5 00
100
6% stamped.. 100
CI eve Clnn Chicago A St Louis pref (N Y Central) .-.100
Cleveland A Pittsburgh (Pennsylvania)...
60
Betterment stock
......
60
Delaware (Pennsylvania)
..26
Fort Wayne A Jackson pref (N Y Central)........100
30
75
8.60
Canada Southern (New York Central)
76
80
Piedmont A
77
82
Portland RR 1st 3Hs
Carolina Cllnobfleld 6c Ohio common
6.00
8.60
75
44
47
2 00
38
57
02
Rock Island Frisco
Terminal 4 Ha
Louis 1st 4s...
Terminal 1st 6s
A St
St. Clair Madison
Shreveport Bridge A
Somerset Ry
170
4.U0
43
50.00
1st ref 4s
Southern Illinois A
....
Missouri Bridge 1st 4s
3.875
33
36"
6 00
55
60
Toronto Hamilton A
60
4 00
83
80
30
40
4.60
Western)......—00
(U 8 Steel).......60
1.50
60
3 00
70
(Pennsylvania)..100
7 00
160
7 00
173
177
Preferred..
Pittsburgh Fort Wayne A Chicago
Preferred
A Hudson)
Rensselaer A Saratoga (Delaware
Bridge 1st pref (Terminal RR)
Second preferred
St Louis
38
-
Public
0 82
55
128
Par
00
0 00
......100
100
08
64
pref—*
pref *
Alabama Power 37
Arkansas Pr A Lt 7%
0 00
128
135
10 00
225
230
0 00
48
54
6.00
55
5 00
...100
(Pennsylvania)....100
(7tic a Chenango A Susquehanna (D L A W)
...100
Valley (Delaware Lackawanna A Western)........100
Vfoksburg Shreveport A Pacific (Illinois Central)... 100
Preferred
......100
Warren RR of N J (Del Lack A Western)..........60
West Jersey A Seashore (Pennsylvania).....
60
Associated
45
Tunnel RR St Louis (Terminal RR)
Bid
135
3.00
Utility Stocks
25
30 "
*
*
37 preferred
*
Atlantic City El 0% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec 37 pref-*
3.00
53
67
59 H
69
71
Miss Riv Pow 6%
6H
pref.100
Line..6
Monongahela
West
Penn
Pub Serv 7% pref
25
6H
Mountain States Pr com..*
Missouri Kan Pipe
2H
5X
3 %
48
26
31.00 preferred
Carolina Pr A Lt 37 pref—*
preferred
0%
*
5H
109
111
122
58 H
60H
*21H
22 H
73 H
76
New Eng G A E
70
New
60.76
6.00
6s
4.00
65.25
4.00
4.00
64.75
4.00
New Orl Tex A Mex 4 Ha
65.50
91X
9 9H
41
45
7% cum preferred
100
Northern States Power—
98 X
(N J). 100
*
89H
91
71H
73
4H
6H
100
Gas
114H H6H
30 H
35
19H
21
20
21 H
24
123
182
36
preferred
New York Central 4Hs.
63.25
2.50
8«sDet 1 1930-1944
64.50
3.60
62.00
preferred...
4.00
pref
100
Ohio Pub Serv 0% pf
100
7% preferred...
100
Okia G A E 7% pref...100
99
108
101
87X
109 H
24
100
37X
1
sx
4
5H
Utilities—
4X
0% preferred C
100
Sioux City G A E 37 pf.100
Southern Calif Edison—
94 X
95h
100
preferred
37 H
40 H
56
77
79
Jamaica Water Supply—
50
pf—100
54
83
86
0% pref series B
25
South Jersey Gas A El. 100
26
7% pref.100
Kln(;s Co Ltg 7% pref.. 100
Long Island Ltg 0% pf.100
27
182
31
32 H
100
38 X
0% pf.100
*43
preferred
108
37
0%
Republic Natural Gas
Rochester Gas A Eleo—
7H%
preferred
Jer Cent P A L 7%
Kan Gas A El
109H
38 H
41 H
Pennsylvania RR 4 Ha
62.00
1.25
1.00
6% conv partlc pref..50
Memphis Pr A Lt 37 pref.*
21H
61.50
49
51H
43 H
46H
Utah Pow A Lt 37 pref..*
62.90
2.00
Mississippi Power 36 pref.*
37 preferred....
*
49 X
53
Virginian
62.75
2.00
62.75
2.00
5s
6s
61.76
1.00
4s series E due
Jan A July 1937-49
Chicago A Nor West 4 Ha.
60.25
5.50
2 Ha series
0.00
Pere Marquette
4Ha...
63.25
60.75
0.00
Reading Co 4Hs.—
63.25
2.50
80
65.00
4.00
66.00
4.00
66.00
4.00
96
90
95
4 Ha
90
95
6a
90
90
94
Great Northern 4 Ha
Toledo Edison 7% pf A. 100
62.80
2.16
61.80
1.25
Hooking Valley 6s
61.75
1.00
Illinois Genual 4 Ha
6s
65.25
4.25
Internat Great Nor 4Ha..
65.50
4.25
Long Island 4Ha..
63.10
5
9
95
7% preferred
100
/G Foods inc common..*
75
63.10
2.50
61.75
1.10
6s
6s
6s..
—
Southern Ry 4 Ha
6a
B
4.00
Btckfords Inc
63 25
2.50
62.50
6 Ha
Minn St P A 8 S M 4a
4.25
65.00
4.25
Texas Pacific 4s
4Hs
6e
65.25
4.25
61.75
1.10
64.50
3.75
5«
Virginia Ry 4 Ha
6a
64.50
3.75
64.00
8.00
1H
9X
6 Ha
Western Maryland 4 Ha.
Western Pacific 6s..—.
6 Ha
10
30
32
32.60 conv pref
Bo hack (H
..*
*
C) common
63.15
2.60
—.100
100
Flshman (M H) Go Inc..*
63.15
2 50
Ko backer Stores
62.25
1.50
61.50
7%
100
preferred
100
Ry
66
34h
137
69
36
143
Bid
1H
14H
12
0% pref
Ask
(I) Sons common..*
0H% preferred
100
Murphy (G C) 35 pref.100
Miller
12X
3
6
17
22
101H 102 h
16h
61.70
1.00
61.70
2 h
Reeves (Daniel)
pref...100
1.00
95
1.00
80
84
80
7X
84
80
84
9"*
10
100
63.25
4.00
65.00
4 00
*
preferred
17h
18X
82
Miscellaneous Bonds
Associates Invest 3a..1940
95X
Bear
,
96X
1953
Henry Hudson Parkway—
4s...
A prill 1955
2s
100
1 hs
Federal Farm Mtge
1 Ha
—Sept
Corp—
1 1939 101.12 101.15
1Kb
2s
April 1938
July 1938
Dec 1940
Corp
Aug 15 1938
ill
104h 105
Home Owners' Loan
Mountain-Hudson
River Bridge 7s
Bid
Ask
2.50
66.00
35
Stores
17
72
84
80
United Cigar-Whelan
96
*
preferred
7%
1 Hs
1097
Par
Kress (8 H)
1.00
61.50
preferred
7%
Bid
Wabash Ry 4 Ha
6s
m
Federal Home Loan Banks
For footnotes see page
51X
101h
2 00
65.00
*
Diamond Shoe pref
08-.
Mains Central 6s
100
44h
98 h
85
4.00
65.00
6 Ha
Union Pacific 4 Ha
Louisv A Nash 4 Ha
49 X
96X
United Gas A El (Conn)
Ask
Bid
*
Borland Shoe Stores
2.50
6s
22 X
Par
66.00
95
....
pf.100
Chain Store Stocks
2.50
92
4 Ha
St Louis Southwestern 6s..
Southern Pacific 4Ha...
90
Ha..
100
preferred
84
St Louis-San Fran 4s...
6 Ha
7%
2.50
62.10
Dec 1 1937-50
5s
Denver A R G West 4Ha..
6s
Tenn Eleo Pow
Texas Pow A Lt 7%
G non-call
5.60
60.75
Chicago RIA Pacific—
Trustees' ctts 3 Ha
preferred
7%
Mass Utilities Associates
60.25
6s
Chic Mllw A St Paul 4Ha.
6s
100 X
36 H
1.20
4 Ha
Chesapeake A Ohio—
10) X
98
54
61.75
4.00
_
5s
99 H
86 x
Northern Pacific 4 Ha
64.76
5s
N Y N H A Hartf 4He—
94 X
111H 112^4
93 X
*92
50 h
4.50
Cent RR New Jersey 4 Ha.
2.76
*92 X
pf-100
4.50
2.50
67 H
88
pref...*
Penn Pow A Lt 37
4.00
2.75
63.10
65 H
87
*99 H 101H
preferred
65.50
63.25
37
65.50
63.26
Canadian Pacific 4 Ha
08
♦
Ohio Edison 30 pref
65.00
Canadian National 4Hs__.
6s
Erie RR 6
100
*
pref
Pacific Pr A Lt 7%
22
Interstate Power 37 pref..*
1.25
65 00
*
100
preferred....
7%
7%
Queens Borough G A E—
Interstate Natural Gas..
Iowa Southern
(Del)
Ohio Power 0%
182
22
cum
36 cum
(Minn) 6% pref—-.
preferred
*
4 25
4.00
6s
62 H
89 X
Ask
64.76
N Y Chic A St L 4Ha
*
pref
*
Hudson County Gas... 100
65.25
5 Ha
19"
29 H
preferred
74
37 cum preferred
*
Gas A Elec of Bergen..100
6a
Boston A Maine 4 Hs
17
28
60 X
6H% Pf-*
Eng Pub Serv Co—
37 prior lien
Federal Water Serv Corp—
66.25
—
19X
110
123
Light—
7%
5s
18
108
100
*67 H
Idaho Power—
Missouri Pacific 4 Ha
pf 100
Newark Consol Gas
New York Power A
Essex Hudson
Equipment Bonds
1.60
Nassau A Snf Ltg 7%
New Orl Pub Serv 37 pf.
30.50
6.00
IX
79 H
76 H
36 cum preferred
60.75
17 H
69H
7%
Philadelphia, Pa.
62.26
X
15H
*77
Oonsol Traction
Stroud & Company Inc.
4Hs
100
preferred
7%
Nebraska Pow 7% pref.100
Continental Gas A El—
Atlantic Coast Line 4Hs..
24 H
x67
preferred
Consumers Power 35 pref
Baltimore A Ohio
4H
*23 H
100
Dallas Pr A Lt 7% pref.100
Derby Gas A El 37 pref..*
Quotations-Appraisals Upon Request
Bid
4H
100
Cent Pr A Lt 7% pref..100
Consol Elec A Gas 36 pref
36
EQUIPMENT TRUST CERTIFICATES
Ask
53
105H 108
100
preferred
7%
Bid
Ask
126
Central Maine Power—
Private Wires to New York
Bid
51X
Mississippi P A L 30 pref. *
Buffalo NlagaraAEastern—
5.00
50 "
Original preferred
10 60 preferred...
Par
Ask
B7H
Electric
Gas A
3.60
United New Jersey RR A Canal
Railroad
90
105
100
100
1st 3Ha
Washington County Ry
90
60
87
Toledo Terminal RR 4
..100
(DLAW)
Northern Central (Pennsylvania)
Pittsburgh Bessemer A Lake Erie
84
57
850
46
—60
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western
—
80
40
660
Hoboken Ferry general 5s
Northern Ry 1st mtge 3Hs
Consolidated 5s
77
2.00
10 00
..100
Georgia RR A Banking (LAN AC L)
Lackawanna RR of N J (Del Lack A Western).. -.100
—100
Michigan Central (New York Central)
1st 4s...
Maryland A Pennsylvania
Meridian Terminal 1st 4s
*
...100
(New Haven)..............100
Oswego A Syracuse (Del Lack A
86
2 00
......60
(New York Central)...
Boston 6c Providence
"50
"40"
/12
..—1978
1939
64
(Illinois Central)
Beech Creek (New York Central)....
Boston A Albany
67
10.60
100
Albany A Susquehanna (Delaware A Hudson).....100
Allegheny 6c Western (Buff Roch 6c Pitts).....
100
Alabama 6c Vlcksburg
85
35
Chateau pray
(Guarantor in Parenthesis)
95
1940-1945
1961
Since 1855
Guaranteed Railroad Stocks
35
90
80
1939
1957
4Hs
Birmingham Terminal 1st 4s
Boston A Albany 1st 4 Ha
Boston A Maine conv 5s
Buffalo Creek 1st ref 5s
GUARANTEED
NEW YORK
—
Baltimore A Ohio
JJ-JL—
L-B=V
Dealers in
—
40
/35
Youngstown 5Hs
1945
—-—-1945
Akron Canton A
3o$epb(Ualker$$om
Asked
Bid
Guaranteed Railroad Stocks
100.23 100.20
June 1 1939 101.9 101.12
Bridge—
Dec i960 104h 104 h
Marine Parkway
4 ha
Reynolds Investing 5s 1948
66
70
100.11 100.11
Trlborough Bridge—
4s s f revenue 1977 AAO
109h 109h
101.28 101.31
4s serlai revenue 1942-08
62.40 to3.70
100.1
100.3
Volume
Financial
146
Quotations
Public
Chronicle
1697
Over-the-Counter Securities—Friday Mar. 11-Continued
on
Utility Bonds
Bid
Water Bonds
Atk
61H
86
Bid
63
Atk
101H 103
89
Green Mountain Pr 5s.l948
Appalachln Eiec Power—
101 H 101H
Bid
Alabama Wat Serv fis. 1957
Alton Water Co fis...1956
1950
96 H
98 H
Ashtabula Wat Wks fis *68
Atlantic County Wat fis '58
Kan City Puu Serv 48.1957
25H
26 H
98
bid
99
Power 3 Ha
1967
Iowa Sou Utll 6 Ha
104H
105
101
Muncle Water Works 5s '65
New Jersey Water 5s 1950
100H
New Rochelle Water—
99 H 100
Associated Electric fie. 1961
43
Assoc Gas A Elec Corp—
Kan Pow A Lt 1st 4Ha '65
24
25
24H
Keystone Telep 5 Ha--1955
26 H
.1973
Conv deb 5Hs
27
Missouri Pr A Lt 3 Ha. 1966
29 H
Mtn States Pow 1st 6s. 1938
48
-
•»
100H 101
.
103 H 103 H
101H 102
57 H
60
88
90
88
1973
90
Narragansett Elec 3 Ha *66
Newport N A Ham 6s. 1944
N Y State Elec A Gas Corp
26
North Boston Ltg Prop's
Secured notes 3 Ha.-1947
Cons ref deb 4Hs—1958
8lnk fund lnc 4s
1983
18
87
Newport Water Co fis 1953
98
101
104H
Ohio Cities Water 6 Ha '53
Ohio Valley Water 5s. 1954
67
72
104
101H 103 H
Ohio Water 8ervlce fis.1958
Ore-Wash Wat Serv fis 1967
fis
series
B
1954
101
Calif Water Service 4s 1961
Chester Wat Serv 4 Ha '58
104 X 105 H
23
84
103
Cltlsens Wat Co
104
105
106"
103
1951
6 Ha
91H
90
series
iol H
1951
A
103
5a
1941
1st coll trust 4 Ha—1966
1st A ref fis
101
City Water (Chattanooga)
20
26
Ohio Pub Service 4s_-1962
101 H
101H
1983
24
29
Old Dominion par fis-.1951
47 %
50 H
Sink fund lnc 5Ha..1983
Sink fund lnc 4-5e__1986
28
35
18
23
Parr Shoals Power fis..1952
82
86
6 Ha series B
1946
56 H
60 H
S f lnc 4Hs-5Hs.— 1986
20
26
Pennsylvania Elec fis. 1962
96 H
98 H
6s series A__
1946
61
Sink fund lnc 6-68—1986
8 f lnc 5H-6H8—.1986
24
29
35
Penn Telep Corp 1st 4s *66
Peoples Light A Power
Connellsvllle Water fis 1939
Consol Water of Utlca—
100
28
B
106
1961
107
58 H
Bellows Fails Hy El fis 1958
102
103 H
Public Serv of Colo 6a. 1961
Blacketone V G A E 4s 1965
108 H 109H
Pub Utll Cons 6 Ha—1948
100H
1st consol fis
Prior lien fis
87
88
80
83
60 H
62 H
1st lien coll trust 6s. 1946
Cent Maine Pr 4s ser G '60
67
69
St Joseph Ry Lt Heat APow
8
1947
1948
PhJla Suburb Wat 4s..1965
65
Pinellas Water Co 6H8. '69
Pittsburgh 8ub Wat fis '68
101
Power
fis
1953
1962
Plalnfleld Union Wat fis '61
Richmond W W Co 5s. 1957
Roanoke W W fis
1950
104
92
89
93
1958
90
95
Roch A L Ont Wat fis.1938
99
H 102
St Joseph Wat 4s ser A..'66
Scranton Gas A Water Co
105
102
Consol Edison 3 Hs
59
73 H
75
121
Western Mass Co 3 Ha 1946
Western Pub Serv fiHs '80
104
Wisconsin G A E 3 Ha. 1966
36
*67
100H 101H
103H 103^
Cumberl'd Co PAL 3 Ha '66
99 H 100H
Dallas Pow A Lt 3HS.1967
Federated Utll 5Hs—.1957
104
106H 106H
Consumers Power 3 Hs
100
i960
103H
Greenwich Water A Gas—
fis series A
1952
fis series B
1952
Pow 3H8..1961
68
4 Ha
106"
1st mtge 4s.
1961
—
104 H
97
Fund
Inc.—1H
Par
Investors Fund C
4.15
19 H
21H
3.50
Series
Ask
9.20
9.77
20.4fi
22.31
12.92
Series B-3
Amer
14.17
Series K-l
New common
Amer A Continental Corp.
Amer Gen Equities lnc 25c
Am Insurance Stock
Bid
1
Keystone Cust Fd Ino B-2
3.77
*
8H
14.56
9.16
10.03
13.14
1st mtge fis...
fis series A
4.2£
Corp *
4H
4H
5H
6H
Major Shares Corp
•
Maryland Fund Inc...10c
2H
Mass Investors Trust
Boston Fund
1H
British Type Invest A..
Broad St Invest Co Inc. .6
Bullock Fund Ltd
26c
41c
21.97
1
Nation
23.50
12 H
13H
Series AA
Common
B
4.82
5.13
11.45
1
12.31
Agriculture
7.66
8 29
Sank stock
7.82
8.46
91
103 H
101
6a
1962
104 H
Terre Haute Water 6s B *56
6s series A
1949
Texarkana Wat 1st 5s. 1958
Union Water Serv 6 Ha *51
101
101H 103 H
101
103
101H 103H
W Va Water Serv 4s..1961
99
101
Illinois Water Serv fis A *62
1966
7H
Building supplies
6.35
Electrical equipment
«.
6.42
7.39
Insurance stock
8.39
9.08
■
2.39
Machinery
7.38
7.99
Metals
8.18
1
8.85
m m
m*
mmmm
Oils
2.39
10
21 H
23 H
115
7% preferred
100
Cumulative Trust Shares
9.27
6.37
■
6.90
7.02
7.60
No Amer Bond Trust ctfs.
...10
110
4.24
1.94
Series 1955
1
2.39
ser
Deposited Insur Shs A
Deposited Insur 8hs
ser
A1
1.47
1
2.52
Diversified Trustee Shares
C
.3.50
D.
m*
m
•
•
mm
mm
„
•
3.25
2.15
Pacific Southern Inv pref. *
Glass A
•
1.23
28
6H
H
38
c
7H
1
45c
5.65
1.13
26
*
Plymouth Fund Inc._.10c
■*4.
5.00
25c
Eaton A Howard Manage¬
ment Fund series A-l
16.67
17.90
Eqult Inv Corp (Massj—fi
Equity Corp S3 conv pref 1
26.00
27.66
26H
29H
Fidelity Fund lnc
17.68
19.04
*
Fiscal Fund I no—
Bank stock series
2.35
1
Class B
1
Dividend Shares..
1
----
2.75
B1
■
Series 1956
Series 1958
Deposited Bank Shs
Quarterly lnc Shares.. 10c
5% deb series A
2.45
2.71
3.08
8.17
3.41
Fixed Trust Shares A...10
B
10
10.22
97 H
11.22
101
Representative TrustShslO
Republic Invest Fund.25c
Royalties Management—1
40c
60c
Selected
8.53
Shares.2H
8.37
27c
8.87
32c
3.71
Sovereign Investors
Spencer Trask Fund
70c
13.79
14.52
2.30
2.50
Standard
Utilities
Inc.50c
41C
44c
7.32
7.94
State 8treet Invest Corp.*
73
Foundation Trust Shs A.l
Fundamental Invest Inc. 2
3.55
76 H
3.86
8uper Corp of Am Tr Shs A
2.87
14.93
16.12
Fundamental Tr Shares A2
4.31
4.88
•
3.91
mmmm
AA..
Automobile
BB
1.90
4.62
Supervised Shares
1.04
1.14
Trustee Stand Invest Shs—
shares
72c
80c
1.09
1.13
Food shares
1.19
1.23
73 c
81c
D
5.09
3
8.76
9.52
Monongahela Valley Water
5 Ha
1960
1
2.15
Series D
1
Trustee Stand Oil Shs A.l
8eries B
l
...I960
6« series A
1949
104
iW'msport Water fis...1952
102
101
101
105
Broadmoor
1941
(The) 1st 6s '41
Bway Barclay 1st 2s..1956
B'way A 41st Street—
1st leasehold 6Hs—1944
Broadway Motors Bldg—
Bid
S f deb fis
1948
59 H
62 H
Chanln Bldg lnc 4s...1945
53 H
65 H
1st 68
m~m
•
-
»«•
..Apr 28 1940
/---
Dorset (The) 1st 6s...1941
/—
m
-
»
East Ambassador Hotels—
1st A ref 5 Ha
1947
/—
mm
--m
Eqult Off Bldg deb fis. 1952
55
51
54
60 Bway Bldg 1st 3a ino '46
600 Fifth Avenue—
35H
37H
30
33
63
1st mtge 2s stpd A reg '55
1st A gen 6s
1948
/23H
25H
f—-
N Y Majestic Corp—
4s with stock stmp—1956
...
f5
N Y Title A Mtge Co—
6 He series BK
6
/45H
/33H
749 H
5 He series C-2
fiHs series F-l_
6 He series Q
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
46 H
34 H
61H
41H
/39H
"
/—
m
m
-
57H
Deb fis 1952 legended...
61
1945
Y Athletic Club—
N
22
36H
*
Atk
Metropol Playhouses Ino—
35
Chsebrough Bldg 1st 6s '48
Court A Remsen 8t Off Bid
Mortgage Certificates
Atk
/—
/---
/20H
105
/—
—
40 H
43 H
42 Bway 1st 6a
61H
mm*
1939
m
/>--
2d mtge 6s
1951
103 E 67th St 1st 68—1941
Film Center Bldg 1st 6s '43
40 Wall 8t Corp 6s
1958
1400 Broadway Bldg—
1st 3Ha-6Hsstpd..l948
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1 Park Avenue—
-
mm
Fox Theatre A Off Bldg—
1st 6 Ha
Sept 1 1941
/5
Fuller Bldg deb 6s
1944
32 H
38
41
1946
68
60
Harrlman Bldg 1st 6s. 1951
33
35 H
mmm
'
m m
165 Bway Bldg 1st 6Hs '51
m
/44H
46 H
/53
55%
Prudence Co—
•'
5Hs stamped
196)
Realty Assoo Sec Corp—
fis Income
1943
-
••
36
1949
mmm
mmm
1st 2H-4a
(w-8)
Graybar Bldg fis
Roxy Theatre—
Hearst Brisbane Prop 6s '42
Hotel
6H
3s with stock
«
m
42 H
44 X
59 H
61
Bldg
1st 4-fis extended to 1948
Lewis Morris Apt Bldg—
1st 6 Ha
Apr 16 1937
1957
46 H
48 H
25
1956
28H
Sherneth Corp—
3-»Hs deb lnc (ws).1956
...
Lexington 1st 6s '43
I960
1st 4s
Savoy Plaza Corp—
60 Park PI
(Newark) 6s '37
618 Madison Av 1st 6Hs*38
61 Broadway Bldg—
+
m
mmm
...
mmm
m
f
3H-6s with stock.—1950
Syracuse Hotel (Syracuse)
1st 6Hs..j-.Oct 23
20
/18H
37H
39
39
1940
/--58
60
Textile Bldg—
1st 3-fis (w s)
1958
37
87H
89H
Trinity Bidgs Corp—
1st fiHs
1939
56
/41H
2 Park Ave Bldg 1st 4s 1946
55
Lincoln Building—
Income 5Hs w-s... 1963
.
57 H
1st 6s (Bklyn)
1942
1st 6 Ha (L I)
1936
Metropolitan Chain Prop—
1948
...
84
87
87
90
Walbrldge Bldg (Buffalo)—
1st 6Hs
Oct 19 1938
/
Wall A Beaver St Corp—
1st 4Hs w-s
1951
---
mmm
22
23 H
1947
Westlnghouse Bldg—
1st fee A leasehold 4s '48
—
5.56
71c
Trusteed Amer Bank Shs B
file
Trusteed Industry Shares.
85c
93c
U S El Lt A Pr Shares A..
11H
11%
68c
Sugar Stocks
1.23
1.11
fis series C
6.21
93c
1.01
...1956
85 H
84H
94
100 H 103
6s series B
Bid
Alden 1st 6s
6s
64c
Petroleum
102
2 10
85c
1.13
105
Metropolitan Corp (Can)—
Series C
Merchandise
shares
90
99
105
8s
Investing shares
Mining shares
85
Ludwlg Bauman—
5.09
30.27
4.25
Building shares
Chemical shares
91
1961
London Terrace Apts 6s '40
2.99
28.15
Group Securities—
Agricultural shares
103
Middlesex Wat Co 5 Ha '57
Monmouth Consol W fis '66
1960
1st mtge fis
1st mtge 5 Ha
1950
Westmoreland Water fis '62
Wichita Water—
Loew's Theatre Rlty Corp
1st 68
1947
1.90
..
B
C
General Capital Corp...*
General Investors Trust.*
102
6s series B
103 H
Long Island Wat 6 Ha. 1965
Lefcourt Manhattan
63c
*
Foreign Bd Associates Inc.
B
106
Kokomo W W Co 5s..1958
Hotel St George 4s
Standard Am Trust Shares
6.37
88
104
9.30
Amer
Selected income Shares
10c
Insurance stk series. 10c
83
1957
6Ha stamped
1949
62d A Madison Off Bldg—
68
Nov 1947
49^
No Amer Tr Shares 1953.*
29
26
6.88
8.57
Railroad equipment
Steel
insurance
95
103
Western N Y Water Co—
1958
Y Stocks Ino—
m
6H
100
shar
1.28
3.24
1.99
1
Series ACC mod
Cruni A Forster
Investors Corp.l
England Fund
2.90
1.15
22.04
1.99
mod.
N
2.80
hares
3.90
2.02
Accumulative series..
x>m
10.92
3.03
1
8% preferred
9.99
21.50
Century Shares Trust-
Crum A Forster
10
19.78
3 55
Commonwealth Invest
1
Continental Shares pf.100
Corporate Trust Shares.. 1
Series AA
18.64
Wide Securities 25c
Voting
National
New
Canadian Inv Fund Ltd. .1
105
1954
5.82
15.41
14.41
103
8pringf City Wat 4b A *66
Real Estate Bonds and Title Co.
2H
5.31
1
Mutual Invest Fund
2.97
lnc
103
i960
4.76
Assoc. Stand Oil Shares..2
Bankers Nat Invest Corp •
Basic Industry Shares..lo
1955
1960
14.38
Series S-4
66c
13.28
K-2
Series S-2
9H
58c
70
101H
Joplln W W Co fis
Ask
11.82
3.17
Amerex holding Corp
Business Shares—
99 H
67
fis series B
1977
73
98 H
Indianapolis Water—
Investing Companies
Bid
1961
6a
104 H
57 H
11.11
70
South Bay Cons Wat fis '60
South Pittsburgh Water—
ser B
...1964
5s
Par
74
94
Indianapolis W W Secure—
Administered Fund2ndinc*
100
71
Sbenango Val 4s
105
71
104H 104H
98
98
109 H
fis series B
1958
95
fiHs series B
Huntington Water—
1st mtge 3 Ha
Affiliated
106'
Scranton-Sprtng Brook
Wisconsin Pub Service—
56
106
Water Service fis. 1961
1st A ref fis A
1967
Haokensack Wat Co 6s. '77
102 H 103
Wis Mich
-
36 H
35
1958
100
1942
34
58
1942
6s series B_.
fis series D...
98 H
33
Utlca Gas A El Co 5s..l957
■
103"
88
2H
105 H
35
Consol E A G 6s A...1962
6s series B
97H
Texas Public Serv 5s. .1961
/1H
95
1958
fis series A
103 H 104
Income 6 Hs with stk '52
108"
106
1st mtge fis
101H 102 H
Tel Bond A Share fis..1958
Colorado
98
103H
63
Sioux city G A E 4a
1966
Sou Cities Utll fis A...1958
Central Public Utility-
98
1948
104 H
E St L A Interurb Water—
Calif-Oregon Pow 4e..l966
Cent Ark Pub Serv fis. 1948
Central G A E 6 Ha
1946
91
104
4 Ha
59H
104 X 105H
62
89
1948
1954
1957
1st fis series C
Community Water Service
1st lien 3-6s
83
101
1950
1st consol 4s
Sink fund lnc 4Hs._1983
series
98~
80
Peoria Water Works Co—
Sink fund tnc 6s
fis
95
Penna State Water—
City of New Castle Water
23
88
(Wash)—
6a
1965
4s
Assoc Gas A Elec Co—
83
1957
series A
1954
Butler Water Co fis...1957
81
1951
C
79
76
77
6 Ha
series
5 Ha
1951
New York Wat Serv fis *51
fis
109 H 109H
92 H
94 H
25
28 H
Conv deb 4s
99
fis series B
44 H
Atk
Morgan town Water fis 1965
Birmingham Water Wks—
Idaho
103 H 103 H
Atk
104H
shares
RR equipment shares
Steel
66c
shares
1.03
Tobacco shares
90c
Guardian Inv Trust com.*
Huron Holding Corp
73c
1.13
99c
H
H
49c
79c
15.82
17.01
1
B
1.56
Voting shares
73c
Un N Y Bank Trust C-3. •
Un N YTr Shs ser F
•
Wellington Fund
2
1
1
12.43
Corps
Corp.l
3H
1.66
81c
2H
1H
13.71
Investm't Banking
Incorporated
Investors..*
Institutional Securities Ltd
Bank
Group shares
Insurance Group Shares
Insuranshares Corp (Del)l
Invest Co. of Amer com. 10
Bancamerlca-Blalr
Central Nat Corp cl A—.*
1.09
1.21
1.20
1.33
1H
1H
34
37
class B
•
First Boston Corp
33
2
10
13 H
10c
1H
4H
38
5
15
Scboelkopf, Hutton A
Pomeroy lnc
com...
Par
Cuban Atlantic Sugar... 10
Eastern Sugar Assoc
1
Preferred
•
No
par
1
value,
a
Bid
9
15
10H
Haytian Corp Amer
Bid
*
m
-
Ask
H
«
6H
Savannah Sug Ref com... 1
29 H
31 H
16H
West Indies Sugar Corp..1
2H
3H
Interchangeable,
b Basis price,
/ Flat price,
n Nominal quotation,
to I When issued,
dlvidend.
v Now selling on New York Curb Exchange,
d Coupon
w-s
*
Ex-rlghts.
With stock.
t
Ex-
t Ex-stock dividend
f Now listed on New York Stock Exchange
X Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold,
i Ex 25% stock dividend Jan 27th.
1%
Par
Ask
5H
Financial
1698
Quotations
on
Chronicle
March
Over-the-Counter Securities—Friday Mar. 11
Specializing in all
52 Wall Street,
Concluded
Inactive Exchanges
WALTER E.
New York City
A. T. & T. Teletype N. Y. 1-1642
2-8080
1938
Foreign Stocks* Bonds and Coupons
REGISTERED MARKS
HAnover
12,
62 William
BRAUNL
St., N. Y.
Tel. HAnover 2-5422
Foreign Unlisted Dollar Bonds
Bid
SYLVANIA INDUSTRIAL CORP.
24
Housing A Real Imp 7s '46
/23
f22
24
117
20
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7)4s '32
Hungarian Discount A Ex¬
/19
/19
m
/22
1948
Barranqullla 88*35-40-40-48
Bavaria 6)48 to
1945
UNTERBERG & CO.
E.
C.
/ New York Security Dealers Association
Commodity Exchange, Inc.
Members
61
7B
Cities 7s to...
BOwllng Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
1945
Bogota (Colombia) 6)4 8 '47
8s
.1945
.
Bolivia" (Republic)" 8sZ 1947
7s
Bid
Par
American Arch
64
Petroleum Heat A Power.*
11)4
...100
4)4
28)4
12 X
American Cynamld—
...10
5% conv pref
American Hard Rubber-
8% cum pref
9.5
..100
American Hardware
Amer Maize Products
21)4
25
22)4
12
Art Metal Construction. 10
14
62
69
48)4
19J4
*
American Mfg 5% pref. 100
Andlan National Corp...*
49 X
21X
Bankers Indus Service A.*
3
4
Belmont Radio
3)4
5
Corp
*
Beneficial Indus Loan pf.*
Bowman-BUtmore
51H
•
Conversion
Petroleum
Ask
Bid
Par
Pat he Film
7% pref
103
100
1
54
54
4
554
11
12)4
Pilgrim Exploration
1
3)4
4)4
Remington arms com....*
Scovlll Manufacturing..26
*22
23)4
232
Singer Manufacturing.. 100 *225
Singer Mfg Ltd
4)4
5)4
8
Skenandoa Rayon Corp..*
6)4
Standard Coated Prod .10o
1)4
154
Preferred ..—.—...5
Standard Screw..
...20
3)4
2754
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp.....*
454
1454
4
2954
554
1554
52J4
Hotels
7)4
8)4
6
Tennessee Products......*
154
Chic Burl & Qulncv ...100
Chilton Co common
10
46
51
34)4
4)4
5)4
77
83
Columbia Baking com...*
$1 cum preferred......*
4
6
Trlco Products Corp
*
Tublze Chat lllon cum pf.10
United Artists Theat com. *
254
3554
13
15
*30
Crowell Publishing com..*
67 preferred
100
32
Preferred
1)4
31
35
Dictaphone Corp.
..*
Preferred...........100
33)4
37)4
116
Preferred
Fobs Oil Co
West Dairies Ine com vicl
20
14
shares......*
Packing com
*
Extinguisher...*
Good Humor Corp
.1
Graton & Knight com
*
Fire
26
3)4
2X
40)4
16
654
6)4
96
154
1H
15
1654
88
98
754
6H
60
14
11
WJR The Goodwill 8ta._5
23)4
7)4s
60
55
York ice Machinery
*
854
9)4
7% preferred
.100
Young (J S) Co com...100
7% preferred..
100
61X
6354
85
93
X
100
123
...
15
American Tobacco 4s. 1951
150
290
Am Wire Fabrics 7s..1942
113
5)4
49)4
106)4
100
95
100
36
114
80
6)4s—
42
s
84
Callao (Peru)
7)4s
Cauca Valley 7)4s
oeara
45
4
Preferred 6)4%
1938
Conv deb 6s__.
1948
1939
20
90
21)4
Scovlll Mfg 5)48
107
45
36
38
Ohio Leather common...*
Ohio Match Co..
.*
1945
65
10
Wltberbee Sherman 6s 1944
Woodward Iron—
1st 5s
12
7)4
2d
854
1962
conv
42
/40
see
page
93
89
1697.
following securities
were
SALES
sold at auction
on
'
RR. preferred,
par
$100
I
I
"
2)4
21)4
-I-.I""I1IIIIII577)4
of New Bedford,
par
$5oIII"III$8
60 Western Massachusetts
Companies....................
1 Columbian National Life Insurance
Co., par
lot
27
.
$166
16
Springfield Gas Light Co., par $25
Haverhill Gas Light Co., par $25
26
10 St. Paul Business Reai Estate Associates, par $75
50 warrants Conso.ldated Investment Trust
/75X
77X
122 X
24X
Munlo Bk Heesen 7s to *45
/21X
23
OX
Municipal Gas A Elee Corp
Recklinghausen 7s. .1947
122
24
f6X
/8)4
654
9)4
Nassau Landbank 6)4 s '38
Nat Bank Panama
/3
5
/23
.
*
54"
*****
f8X
fl4
(A A B)
6)48.1946-1947
6)48.1948-1949
f29H
mmm
/96
mmm
/96
mmm
61
1946
/40
/56
f!7
42
Oberpfala Elec 7s
123
26
61
Oldenburg-Free State
.1945
/22
24
118
20
Panama City
1952
in
18)4
Panama
/25
/24
28
1956
30
35
17)4
•
6)4s '50
.1953
European Mortgage A In¬
vestment 7)4s
1966
7)4 s income
1966
6)4s
7s
.1967
J7X
8)4
/2254
7s
to..
1946
6)4s
6% scrip
Poland 3s__
Coupons..... 1936-1937
24""
/2154
/23X
123X
Porto Alegre 7s-
24
/22
/22
23)4
1968
1946
many) 7s.
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
25
25
/33
/26
...
*
Frankfurt 7s to. —1945
106
1941
*
*
...
*
m
*
Rhine Westph Elee 7% '36
1941
6s
Rio de Janeiro 6%
1933
Rom Cath Church 6)4s '46
R C Church Welfare 7s '46
Saarbruecken M Bk 6s '47
3s...1940 /loo
German Atl Cable 7s.. 1945
/43
German Building A Land
7s ctfs of deposit-1957
1948
Funding 3s
..1946
Int ctfs of dep July 1 '38
German defaulted coupons:
Salvador
/33)4
/92
3354
!40X
/39
...
...
fZ7X
...
/36
July to Dec 1936
S84X
125X
S24X
I24X
27)4
26)4
26)4
16 X
6X
f8X
9
1960-1990
sx
■
mmm
'
-
122 X
/20
-
.
26X
***
/70
/26
...
8X
17 X
f22X
*
122
**
***
120
in
1\4X
10
123
mmm
mm*
15X
11
...
*
...
1947
8%
18 X
158
180
10
61
...
Santander (Colom) 7s. 1948
...
July to Dec 1934
Graz (Austria) 8s..
1954
Great Britain A Ireland
38
125
Scrip
Jan to June 1935...
Apr 15'35 to Apr 15'37.
German Young coupons:
*mm
122X
/22X
1948
Santa Fe 7s stamped. 1942
97
/58
.1938
German scrip.
German Dawes coupons:
Deo 1934 stamped..
mmm
135
nx
8s ctfs of deposit-1948
8s
/40
Jan to Mar
mmm
Santa Catharlna (Brazil)
Jan to June 1934
July to Dec 1937
1957
7%
4s scrip
/23
July to Dec 1933
July to Dec 1935..i.
/19
108
Gelsenklrchen Mln 6s. 1934 /ioo
6s
1937 /100
6)4s...
m*m
Protestant Church (Ger¬
5s
French Nat Mall SS 6s '52
.1967
.
18)4
/33
/26
/22
Income
•
"
18 X
OX
Sao Paulo (Brazil) 6a..1943
17 X
123
122
8X
Saxoo Pub Works 7s.. 1945
6)4s
1951
122
Siem A Halske deb 6s.2930 1395
Saxon State Mtge 6s. .1947
State Mtge Bk Jugoslavia
5s
1956
m
18
flOX
11)4
/13
163
05
65
Coupons—
Oct 1932 to April 1935
166
1937
144
Stettin Pub Util 7s.. .1946
122
163
161
151
149
Stlnnes 7s
14
unstamped. 1936
1936
4s
7s unstamped..
1946
Certificates
1946
Toho
85
---
mmm
163
Certificates
4s
Electric 7s
1955
1947
Tolima 7s
11454 11554
25
25
1956
2d series 5s
Oct 1935 to April
167 X
17X
...
...
24
...
...
...
8)4
Union of Soviet 80c Repub
7% gold ruble
f30
40
1957
/22
24
Veeten Elec Ry 7s
1953
70
75
Wurtemberg 7s to
Untereibe Electric 6s.
_
1943 t87.09
1953
122
1947 121X
1945 123
91.72
.
..
25
/ Flat price.
SALES (Concluded)
By Barnes & Lofland, Philadelphia:
Shares
$ ver Share
Stocks
21 526—3000 Guarantee Trust Co., Atlantic
City, A. J.,
preferred, par $10
5 2659—3000 Guarantee Trust Co., Atlantic City, N. J., pref., par $10
10 Lincoln Drive & Johnson Street Corp. v. t. c., common, no par—
8
6
6
14X
8
Philadelphia Bourse common, par $50
CURRENT
5^4
6
4
..I..'
80
9
-7
;
J"
~
25)4
~~ 25c.
25 FaJ River Gas Works, par $25
" 14
8 New England Power Assn. preferred, par $100.
48)4-48
1 Merchants Real Estate Trust, par $1,000, and 2 South
Bay Co., par $10—$15 lot
Meridionals Eleo 7s...1957
Munich 7s to..
.1945
mmm
--
NOTICES
j ver Share
Spinning Associates, common
9 Farr Alpaca Co., par $50
139 Brockton Gas Light Co., par $25
,
1 Columbian National Life Insurance Co., par $100...
9
/23
.
80
Stocks
Berkshire Fine
Mannheim A Palat 7s. 1941
fon
J6\)
/98X
59 X
Electric Pr (Germ)
By Crockett & Co., Boston:
Shares
/23
North German Lloyd 6s '47
4s...
1947
East Prussian Pow 6s. 1953
80
...
...
mmm
.1948
Water 7s
/19
1945
$ ver Share
1 Boston Insurance Co., par $100..
mmm
1953
1945
Wednesday
220 New York New Haven A Hartford
RR. common, par $100..
100 Consolidated Edison Co. of N. Y. common
§95 Commonwealth Mortgage Loan Co.
20)4
AUCTION
,
£lLConnectlcut & Passumpsic River
nsx
mm*
70)4
Dulsburg 7% to
By R. L. Day & Co., Boston:
Stocks
23
*****
mmm
/6834
Duesseldorf 7s to
Haiti 6e
of the current week:
Shares
/19
Leipzig O'land Pr 6)4s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
/60
/44
/23
/60
/25
123
/19
Guatemala 8s
1948
Hanover Hars Water Wks
AUCTION
The
Land M Bk Warsaw 8s '41
(C A D)
Cundinamarca 6)4s.. 1959
Dortmund Mun Utll 6a '48
6s
'
26)4
25
/40
.1943
Hungary 7)48
1962
National Hungarian A Ind
Mtge 7s
1948
1949
4s
For footnotes
Koholyt 6)4 B
Nat Central Savings Bk of
Dec 1 '34 stamped
June 1 '35 to June 1 '37..
102)4
Income 5s..1962
Nov 1932 to May 1935
Nov 1935 to May 1937
24
17
Jan to June 1937.
85
42
6
454
454
mm
56)4
56)4
55X
28
Cordoba 7s stamped.. 1937
75
/17
Norwich
454
1968
Budapest 7s
Colombia 4s
150
140
55 X
mmm
/24
/14)4
J\4X
1934
7s assented
7s
/20
Ilseder Steel 6s
9
n
12 2
...
127 X
Jugoslavia 5s funding. 1956
Jugoslavia 2d Series 5s. 1956
Coupons—
...
*
Jan to June 1936..
Nat Radiator 5s......1946
N Y Shipbuilding 5s..1946
100
Northwestern Yeast... 100
m
City Savings Bank
14
25
68
1947
Chilean Nitrate 5s
81
20
New Britain Machine...
New Haven Clock-
(Brazil) 8s
Chile Govt 6s assented
92
22
554
1944
1946
Madgeburg 6s
86
90
/79
f!2
conv 4s. 1950
1937
91)4
89
f 6s...*..1940
Martin (Glenn L)—
Conv 68
10 X
109
1953
Caldas (Colombia) 7)48 '46
Call (Colombia) 7s...1947
Kelsey Hayes Wheel Co—
9J4
...»
Preferred......
...»
Nat Paper A Type com...*
5% preferred
100
1st conv
Cudahy Pack
Deep Rock OH 7s
Haytlan Corp 8s
Mock Judson A Voehrlnger
7% preferred
..100
Muskegon Piston Rlng.2 X
Chicago Stock Yds 5s. 1961
Oont'l Roll A Steel Fdy—
53
28
Merck & Co Inc common, l
654
*.
German Conversion Office
110
*
■
1454
11X
/454
/454
f4X
Buenos Aires scrip
/51
Burmelster A Wain 6s. 1940 /123
bank
Bonds—
,
13
Macfadden Pub common.*
1962
1936
...
'
Brown Coal Ind Corp—
25
Worcester Salt..
31)4
8)4
54
754
X
X
/10)4
/8 5
1948
change Bank 7s
fl7
/1354
m
34
m
100
100
Pharmacal
.
93
Steel..*
com
»
17X
45
6X
1940
_
32
5
1
1
Lawyers Mortgage Co..20
Lawrence Port) Cement 100
Lord & Taylor com....100
Casket
Wlrkwlre Spencer
m
15X
$3 cum preferred
*
White Rock Mln Spring—
87 1st preferred
100
Wilcox A Glbbs
m
28 H
Harrlsburg Steel Corp
Klldun Mining Corp
King Seeley Corp com
National
7%
m
18
5H
4)4
41)4
Preferred
100
Great Lakes SS Co com..*
Great Northern Pa per...25
preferred
105
5
Gar lock
6%
preferred.......100
59
Gen
Preferred
6s
5s
15
West Va Pulp & Pap com.*
Preferred
100
15
24)4
f22X
British Hungarian Bank
Costa Rica funding 5s. '51
Costa Rica Pao Ry 7)4s '49
43
19)4
23)4
2)4
1)4
38)4
1st 6% preferred
2d 8% preferred
*
48""
3)4
*
3
Welch Grape Juice com..5
55
Foundation Co For she...*
American
Warren (Northam)—
S3 con v preferred
15)4
30
54
100
44
(Jos) Crucible...100
2)4
754
X
2)4
Devoe A Reynolds B com *
Douglas Shoe preferred. 100
Draper Corp
......*
Federal Bake Shops......*
154
6)4
United Merch A Mfg com *
United Piece Dye Works.*
109
Dennlson Mfg class A...10
*****
Central German Power
....*
Steel common
4
Dixon
Brandenburg Elec 6s. 1953
Brazil funding 5s.. 1931-51
Brazil funding scrip
Bremen (Germany) 7s. 1935
Taylor Wharton iron A
1st preferred..
100
Burdlnes Inc common.... 1
1940
.
3X
25)4
46X
♦
American Book
lAsk
1969
gg
Industrial Stocks and Bonds
1958
7s
Alabama Mills Inc
24
Bavarian Palatinate Cons
j
Ask
flOO
f22
Antioquia 8a
Bid
Ask
Hansa SS 6s stamped.1939
6s unstamped
1939
1946
1946
Bank of Colombia 7%. 1947
Anhalt 7s to
—Woodruff & Co., Inc.,
institutional investment counselors at 231 S.
that Virgil Gist has become associated with
affiliated with Glore, Forgan & Co.
La Salle St., Chicago, announce
them.
Mr.
Gist was formerly
—The New York Stock Exchange firm of
Wall St., New York City
of National Power &
—Kean,
Hettleman, Field & Co., 52
has prepared for distribution a
detailed analysis
Light Co. debenture bonds.
Neville is now as¬
of their New York office.
Taylor & Co. announce that Leslie M. W.
sociated with them in the stock department
Volume
146
Financial
General
Chronicle
1699
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
Oct. 1, July 1 and
April 1, 1937
and on Dec. 24, 1936, and
compared with
30» June 30 and March 3L 1936: 25 cents paid on
July 2, 1935, and with 75 cents paid on March
25, 1935;
Dec. 24, Sept.
25, June 4 and March 15, 1934, and on Dec.
28, 1933.
The
latter
r?J?eonS £ald,on
Dec. 30, Oct. 1 and
RIGHTS-SCRIP
payment
was
the first made since
Akron Canton &
Specialists since 1917
1937
..
„
Operating
Operating
McDonnell &fo.
120
work
OF
Telephone REctor 2-3815-30
Teletype NY 1-1640
REGISTRATION
following registration
STATEMENT
UNDER
Champion Paper fr Fibre Co. (2-3615, Form A2) of Hamilton, Ohio,
has
a
registration statement covering $5,500,000 of
sinking fund deben¬
tures due Sept.
1, 1950, and 7,819 shares of $100 par value 6% cumulative
preferred stock.
The interest rate on the debentures is to be furnished
by
amendment to the
further details see
registration
subsequent
Filed
statement.
March
8,
For
1938.
page.
The SEC has announced that at the
request of the
it has consented to the withdrawal of
the
applicant
following registra¬
tion statement:
30
30
30
$859,477
151,729
$653,105
91,239
$581,764
123,080
.......
418
1010
251,851
224,598
178,400
170,799
Umpqua Mining Co. (2561)
see
900
113
_
787
income
income
$483,150
11,470
9,198
9.024
$383,048
10,146
$286,762
9,739
10,502
14,974
10,575
7,072
18
Miscellaneous income...
21
1,745
19,394
Inc. from funded
secur..
Inc. from unfunded secur
524
576
491
14,643
65,851
1,250
65,930
1,290
$478,523
1,335
$389,697
1,417
106
rents
Int. on unfunded
debt..
Inc. transf d to other cos.
Misc. income
5
86
$360,076
1,392
4,511
342,415
22,541
....
Misc. tax accruals
Int. on funded debt
$528,116
1,478
4,962
335,979
9
991
1,116
331,131
22,000
20,629
332,215
23,004
18
_
2,837
3,920
1,007
""*727
def$13,620
—Vei46C°™ei535
Stop order with opinion issued:
_
$306,525
11,384
9,467
11,436
Misc. non-op.
phys. prop
Contrib. from other cos.
Gross income
378
784
391
Net operating
income.
Miscellaneous
$579,556
1,278
$665,024
105,470
tax accruals...
Dividend
1934
$1,721,879
1,142,323
$651,913
Rent for pass. tr.
cars...
Joint facility rents
Miscell. rent
1935
$1,986,860
1,334,947
$854,033
2,725
2,689
charges...
Furniture Shops of America Inc.
(3306) covering 775,790 shares of
common stock,
par $1.
Filed July 22, 1937.
South
1061.
p.
58
Uncollectible ry. rev
Hire of freight cars
statement (No. 3615),
has been
filed with the Securities and
Exchange Commission under the
Securities Act of 1933.
The total involved is approximately
$6,281,900.
filed
146
882
Total income.
SECURITIES ACT
The
$662,707
1,377
equip..
Joint facility rents
Railway
FILING
1933.—V.
1 936
$2,264,738
1,410,705
$2,122,095
1,459,389
expenses
New York Curb Exchange
Broadway, New York
Bell
revenues
Net
operating revenue
Rent from
locomotives..
Members
Exchange
1
Consolidated Income Account for Calendar Years
[Including Northern Ohio Ry. Co.]
~
New York Stock
Oct.
Youngstown Ry.—Earnings—
$161,148
$122,041
$31,218
American Cities Power &
Light Corp.—Stock
subsequent
of this issue.
page
The last previous list of
registration statements
in our issue of March
5, page 1535.
was
given
Cancella¬
tion Voted—
at
their
recent
annual
18,425 shares of the company's class A
for retirement—V.
146, p. 1229.
meeting approved cancellation of
stock which
had
been
purchased
American Co.—Old
Company Reorganized—
A
REDEMPTION
CALLS
AND
SINKING
charter has been issued under
Delaware laws to the
which company takes over the
entire real estate and
FUND
NOTICES
cannot now be used
Below will be found
a list of
bonds, notes and preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for
making tenders, and the page number shows the
stocks of
issue of the "Chronicle" in which the details
were
Company and Issue—
Appalachian Electric Power Co., 1st 5s, 1956
given:
Date
Page
Mar. 14
Appalachian Power Co., 1st 5s, 1941
Aroostook Valley RR., 1st
4>£s, 1961
Autocar Co., 1st mortgage 7s, 1947
Chicago Union Station Co., guaranteed 4s, 1944
Commonwealth Utilities Corp., 6% series
A, 1938
Dayton Power & Light Co., 3Ks, 1960
Denver Gas & Electric Co.,
gen. mtge. 5s, 1949
Federal Light & Traction Co. 1st liens of
1942
Freeport Sulphur Co., 7% preferred stock
Hawley Pulp & Paper Co., 1st mtge. 6s, 1946
Hazel Brook Coal
Co., 6% notes, A & B_._
Helvetia Coal Mining Co., 1st
5s, 1958
Interborough Rapid Transit Co., 1st 5s, 1966
Lake Erie Power &
Light Co., series A, 1946
Series C, 1952
Lawrence Portland Cement Co.
5Ms. 1942
Lehigh & New England RR. gen. mtge. bonds
Lexington Water Co. 5s, 1960
Libby, McNeill & Libby, 1st 5s, 1942
McColl-Frontenac Oil Co., Ltd., 6% lstmtge. A's,
.June
1389
1
1389
Mar. 14
1230
Mar. 15
1540
April
May
1
Apr.
1
May
1
Apr. 15
907
1546
1708
1548
1709
Mar. 15
751
Mar. 15
-
1553
1553
1
Mar. 18
April
Apr.
;
1
1
Apr.
May
Apr.
.
1
1
1
1554
1077
1403
1
1
1
Mar. 15
Mar. 25
Apr.
National Terminals Corp. 6^8, 1943
Northern Paper Mills 1st
mtge. serial 5s
Pillsbury Flour Mills Co. 1st 6s, 1943
Sauda Falls Co., Ltd., 1st
5s, 1955
1403
1404
1715
1557
918
1405
1406
1718
1
,
1
1
1
3
Apr.
Talcott, Inc., 5>£% preferred stock
1416
1569
Mar. 15
Traylor Engineering & Mfg. Co. preferred stock
Virg'nia Power Co. 1st 5s, 1942
(Alan) Wood Steel Co. 1st mtge. 6s, 1944
Thomas Dunlop and Dr
representing the common shareholders and Herbert
Corey and James M. Johnston, representing the preferred
shareholders, and
John Poole, as President of the
company.
By vote of stockholders
whereby all the
at a
meeting, March ,2, final action
was
taken
of the old company were turned over to the
new
company, and all the liabilities of the old
company assumed by the new
company in exchange for all the preferred shares and all the
common shares
of the new company, 4,681 shares of each
class.
M
The plan provides for the issuance of one
share of new preferred stock
for one share of the old
assets
old common stock for
preferred, and the exchange of eight shares of the
one
share of the
new common.
The preferred stock is
5% cumulative.
The capital and surplus or the new
company will be as follow<?s:
4,681 shares of preferred stock (par $100)-.-
$468,100
4,681
225,000
-
4,681 shares of
common
stock (no
Surplus, approximately
par) carried at $1 per sh_
_
Net worth
$697,781
The board of directors is as follows:
John Poole, President; Charles G.
Abbot, George W. Harris, James M. Johnston,
Harry King, Frank T.
Mitchell, Vernon G. Owen, James Brown Scott, Leon Tobriner, L. Perry.
1722
1413
Apr.
May
Toho Electric Power Co.,
Ltd., 1st A 7s, 1955
The reorganization committee
consisted of G.
Charles Stanley White,
1719
May
Mar. 14
..Apr.
..Apr.
1949..Apr.
Missouri River Sioux
City Bridge Co. 1st 6s, 1953
Monon Coal Co. 1st mtge. 5s, 1955
James
American Co.,
mortgage business of
Federal-American Co. Under an Act of Congress the word "Federal"
by any corporation formed after the passage of the Act.
"This is in reality a
reorganization of the capital structure, made neces¬
sary by the existence of a technical
capital deficit, which situation pre¬
vented the old
company from distributing any of its earnings even to
preferred shareholders, so long as that condition
continued to exist," said
John Poole, President.
the old
449
Apr.
1
1730
June
1
1389
Apr.
1
1732
West.
Officers are: John Poole, President; Leon
Tobriner, Vice-Pres. & General
Counsel; John W. Fisher, Sec. & Treas.; Nathan Poole, Asst. Sec. & Asst.
Treas. ^Office, Southern
Building, 807 15th St. northwest, Washington,
D.C.
American Crystal Sugar Co.—Dividend Halved—
The directors have declared
mon
stock,
par
a dividend of 25 cents per share on the com¬
$10, payable March 24, to holders of record March 14, This
3, and on Oct. 1, last; 75 cents paid on
compares with 50 cents paid on Jan.
June 25, last; $1.50 paid on March
15, 1937, and 50 cents paid on Jan. 2,
and on Oct. 1, 1936, this latter
being the first dividend paid
by this
com¬
pany.—V. 145, p. 1890.
American-Hawaiian Steamship Co. (& Subs.)—Earns.
Affiliated Fund,
Period End. Dec. 31—
Inc.—$400,000 Additional Debentures—
Directors have authorized
the
issuance
of
$400,000 of additional 5%
debentures, increasing the amount outstanding to $2,000,000.
This is
the first authorization of an increase in
outstanding debentures since Sep¬
tember, 1937.
The directors announced their intention of
authorizing
no
Net profit from oper__
& divs. rec. on in¬
145,
Period End. Feb. 28—
Gross earnings
Profit
x
x
p.
2832; V. 146,
p.
1938—Month—1937
$338,500
$445,000
107,500
224,700
charges,
surtax on
but before depreciation, depletion, Federal
undistributed profits.—V. 146, p. 1060.
Aluminum
development
income
taxes
and
Industries, Inc.—No Common Dividend—•
145, p. 2833.
Amalgamated Leather Cos., Inc.—Dividend Omitted—
Directors at their recent meeting stated that no action
would be taken on
the payment of a dividend on the new
6% convertible preferred stock, par
$50, at this time. A regular quarterly dividend of 75 cents was
paid on
Jan. 3, last.—V. 145, p. 1247.
Capital Corp.—Accumulated Dividend—
The directors have declared a dividend of 50 cents
per share on account
on the $3 cum.
pref. stock, no par value, payable April 1
to holders of record March 15.
Dividends of 75 cents
of accumulations
were
paid
from
on
Dec. 24,
def$78,870
$1,076,528
(net)....
9,287
or
loss
on
8,030
75,133
70,629
$102^357
profit:
def$70339
67,768
"$1,151,661
$1,229,339
726,882
$28,008 def$138,607
$352,831
$502,456
Drl35,595
Dr9,154
CY21.325
0728,838
74,348
"
Balance, profit
Profit
$1,158,710
other
Prov. for depreciation._
Directors at their meeting on March 8 failed to take
any action on the
quarterly dividend ordinarily due at this time.
Previously regular quar¬
terly dividends of 10 cents per share were distributed.—V.
American
sources
Total
1938—2 Mos.—1937
$747,500
$911,000
264,100
475,900
Includes other income and is after
operating expenses and
&
vests.
587.
Mining Co.—Earnings—
$93,069
Int.
further debentures bearing a
5% rate and have determined that the coupon
rate will be 4^% or 4% .—V.
Alaska Juneau Gold
1937—Month—1936
1937—12 Mos.—1936
$1,543,826
$481,380 $16,123,632 $13,721,660
1,450,756
560,249
15,047,104
12,562,950
Operating earnings
Operating expenses..
798,830
sale of
securities
Dr55,284
Prior years adjustments.
Balance, surplus..... def$27,275
Exps. incident to mari-
def$1387607 ~
$208,081
$552,620
94,311
158,583
173,841
def$27,275 def$232,918
$49,499
$378,779
_
time strike
Net
„
„
profit before Fed'l
income taxes
Note—Data furnished above the 12 months ended Dec. 31,1936 and 1937
includes year-end adjustments and with respect to 1937 is subject to audit
by
our
public accountants. This statement does not, however, include the
covering certain insurable risks by the company's own insurance
result of
fund.
During December this company's investments In other shipping enter¬
prises were sold to a wholly-owned subsidiary at a loss of $524,928.
In
October we reported a profit of about $860,000, representing excess of
appraised value of assets received from Oceanic & Oriental Navigation Co.
over cost to American-Hawaiian Steamship Co. of its
60% stock interest
Financial
1700
In
that
Neither the loss nor the profit resulting from the
of these shipping investments is included in the appended
operations for December, or for the calendar year 1937.—
99.
company.
liquidation
statement of
V. 146, p.
American Home Products
Net inc. after all chgs.
taxes
_
_
$2,825,261
$3.02
21,212,654
545,208
Prepd.tax&lns.
$3,663,368
2,610,653
_
$1,052,714
74,237
profit on sales..
income
Gross income
$1,126,951
...
*1^36__
_
$3,791,047
2,679,992
$1,111,055
119,384
$1,230,439
$2,531,203
1,782,931
$3,060,093
2,111,557
$948,536'
$748,272
162,811
129,449
$911,083
681,353
$1,077,985
871,598
882,501
721.671
$255,353
$347,938
$356,314
1,550
$229,730
Prof., incl. bds. repur.
Depr. & depl. of ore res-
$255,353
115,055
34,720
$347,938
110,942
41,291
5,100
8,135
$357,864
102,291
58,982
15,241
$182,469
164,043
$181,349
_
See y
z
Cr50,960
Extraordinary profit-.
136,717
Dividends
19367
&c., payableSalaries & wages
9,403,809
170,336
Due from affile.
242,392
Oth. misc. assets
6,532,648
Int.
mines, <fcc
Sheet
$292,736
45,535,301
423,485
489,621
380,927
_
Accts. receivable
$330,000
89,745
Fed. Inc. taxes-.
2,070
7,729
.
13,810
•«.—.
American Tobacco
44,739
104,716
362,813
.
1
1
35,000
Conv. 4% debs—
G'dwll, pats., &c.
158,988 Notes
pay.
690,500
30,000
1939—
of purch.
of stk.
of subsidiary
49,681
1,532,965
Capital surplus...
583,932
Earned surplus...
72,663
c
Capital stock...
305,000
55,833
1,491,300
713,694
164,639
$3,491,337 $4,095,437
Total
Subsidiaries]
1937
1935
in 1937 and $654,710 in 1936.
b After
depreciation of $571,990 in 1937 and $628,304 in 1936.
c Represented by
306,593 (298,260 in 1936) shares (no par),
d After reserve for doubtfuls
of $187,643 in 1937 and $196,570 in 1936.
e After deducting $22,368 in
1937 and $26,166 in 1936 reserve for doubtful accounts,
f Consolidated.—
V. 145, p. 4106.
After depletion of $123,376
Smelting & Refining Co.—Annual Report—
$36,521,938
1,191,511
1,181,337
1,506,563
1,489,734
876,433
810,224
860,760
2,774
72,771
239,896
60,592
423,811
188,103
1,350,674
c3.820,025
1,395,799
a9,571,462
1,293,964
a9,390,311
—$26,197,493 $20,183,821 $24,282,643
3,161.982
3,161,982
3,161,982
22,934,186
23,061.555
23.435,520
$24,084,280
gold
6%
on
(net)
Interest, discount, &c__
6% bonds pur.
Prem. on
—
1,000
Other losses & expenses.
25/ ,268
& cancelled.
Net loss on sale of securs
Flood
casualty
State
franchise
289",910
loss
in¬
and
1,275,964
c4,737,063
Federal income taxes...
Simon Guggenheim, President, says in part:
At the end of the year cash and U. S. Government securities (not includ¬
ing bonds amounting to $133,395 deposited with Federal and State Com¬
missions) totaled $19,796,549, as compared with $18,336,110 at the
be¬
ginning of the year.
On Dec. 31, 1937, total current assets were $86,445,419; total current
were $22,244,332; excess of current assets over current liabilities
was $64,201,087.
liabilities
The steadily increasing burden of taxation is shown by the following
1926
„
(Partly Est.)
$10,400,000
22,500,000
27,100.000
23,100,000
26,500,000
1929
$600,000
4,700,000
5,300,000
6,000.000
8,200.000
Estimated taxes (including social security taxes) for 1937 amount to
equivalent of $3.74
per
share of
common stock now
Account for
outstanding.
Calendar
Years
1937
1936
1935
1934
mines, smelt.,
ref.&mfg. plants
.$31,418,718 $28,599,166 $24,877,701 $17,652,785
Divs. from controlled cos.
301,310
137,288
445,906
780
Other income (net)...
676.706
544,043
233,867
1,008,161
Profits realized from sale
earns,
of investments-
233,197
218,310
$60,024,136
Total
Profit & loss
surplus-.$60,024,136 $59,922,812
4,575,044
4,593.912
$5.03
$3.70
Shs.com. outs, (par $25)
Earns, per
a
1st mtge. & 1st
1935) in common stock B of American Tobacco Co. and exceed by $2,000
($660,000 in 1935) the net income for 1935 of such subsidiaries applicable
the investment of American Tobacco Co.
(earnings of foreign sub¬
sidiaries converted at constant rates of exchange not in excess of prevailing
c Includes capital stock taxes, but no provision made or believed
required for Federal surtax on undistrib. profits,
d Payment upon com¬
mutation of Tobacco Products Corp. lease resulting in acquisition of leased
brands.
Of this amount $29,451,261 was allocated to paid-in surplus
thereby extinguishing such surplus,
e Refund, in part, of payment made
in prior years upon commutation of Tobacco Products Corp. lease,
f After
reduction in liability provided for in prior years in estimated amount or
$202,398. g Dividends received in 1937 from subsidiaries not consolidated
herein include $1,478,681 in common stock B of American Tobacco Co.
and exceeded by $310,000 the net income for 1937 of such subsidiaries
applicable to the investment of the American Tobacco Co. (earnings of
foreign subsidiaries converted at constant rates of exchange which result in
a lesser amount than if converted at prevailing rates.
rates),
Consolidated
x
Net
income
Preferred
dividends
$
130,355
17,696,180
4,680,589
manuf.
1,050,100
$18,285,426 $17,131,036 $13,768,153 $ 7,583,202
3,500.000
3,500,000
b4,375,000
7,875,000
460.000
1,104,000
c3,956,000
9,314,593
e8,051,736
731,976
909,809
-
Accts. receivable
11 492,584
notes receiv
.
$5,010,833
20,799,041
$4,475,300
16,323.742
1,646,319
_
}
pref. stock retired..
Approp. for additions to
metal stock reserve
domestic
Shs.com.stk.out.(no par)
Earnings pei share
to
1 ,527,721
goodwill, &c-_ 54 ,099,430
2,191,669
$6.54
interest
payable--
1,892,448
1,615,886
277,938
101.082
Accrued
Accts.
co.
of
54,099,430
274,023,029 255,411,555
$1.63
adv.,
6.091,288
60.024,136 59,922.812
stk.Dr10,922,297 Z>r9,443,615
7,316,506
cont., tax., &c
Treasury
Total
274,023.029 255,411,555
After depreciation of $11,408,980 in 1937 and
Represent 11,200 shares of common and 157,616
$10,642,895 in 1936.
(138,736 in 1936) of
The American Tobacco Co.'s equity in
the net assets of these subsidiaries, as shown by their balance sheet at
Dec. 31, 1937 (net assets of foreign subsidiaries converted at constant
rates of exchange which result in a lesser amount than if^converted at
prevailing rates) including intangible assets of $3,984,352 ($3,984,605 in
common B
$20,799,042 $16,323,741 $11,618,564
1,829,940
1,829,940
1,829,835
de¬
to affil. cos
Prov.
y
.
$5.01
7,624
790,496
338,559
Surplus
y
$6.85
7,324
790,496
324,379
div.
clared
523,981
800'000
Total
yet
Amts. owning by
by affil. co
Brands, tr.-mks.,
a
Including estimated United States and foreign income taxes,
b In¬
cludes $875,000 declared payable Jan. 31
1936.
c Includes $276,000 de¬
1 ,528,968
24,516,535
2,401,829
1,246,111
x
Profit & loss surplus..$24,142,574
not
presented
2 064,240
co.
97,624
Pref.
24 269.552
.
Other Investm'ts
owing
accept.
pay
and
.
co.
ctfs.
ll,618i564
__
1,663,000
3,436,000
bank (current)
bank (not cur)
Scrip&conv.div.
wholly-owned
foreign subs
920,000
747,300
21,697,000
1,739,000
Notes payable to
owned
$4,705,177 def$291,798
E^°fSrSeT!UobioleiVe$25'809'874 *2°'799'°« S16'323'741
PrWfed
"
18,532,000
2,155,661
zCapltal stock of
Amts.
12;410]362
131,650
831,250
18,532,000
Sub.
Prepaid Ins., &c
Surplus for period....
Previous surplus
126,650
831,250
Serial debentures
1,287,290
10,917,418
&
accts.
52,699,700
40,242,400
78,353,800
4% gold bonds-.
121,152,008
21 365,947
19,501,908
receivable
Common stk B.
6% gold bonds
stock,
suppl.&c.l37 422,279
op.
4,219",061
1,111,202
17,609,383
40,242,400
78.354,100
_
1936
$
%
52,699,700
stock.
Common stock
tobacco
Other
313,323
1937
$
Preferred
tures, &c
Leaf
31
Liabilities—•
fix¬
chinery,
Dec.
Balance Sheet
1936
Real est., ma¬
party
2d pref. dividends
Common dividends
$4.46
to
Cash
4,470,744
1,086,682
$4.57
Includes capital stock and processing tax.
b Dividend received in 1936
subsidiaries not consolidated herein include $1,975,868 (930,609 in
Bills
312,950
4,770,136
829,745
870,000
$65,557,385$105,251,117
4,619,390
4,688,277
sh. on com
1937
$29,498,806 $27,168,337 $18,661,726
1,853,670
1,863,285
1,498,970
Research & exam. exps..
1,113,501
442,701
277,199
605,122
a Corporate taxes......
d5,010,742
d3,711,364
3,126,179
2,083,487
Int. on ser. A 5% bonds.
1,364,374
1,819,351
Interest on bonds
135,500
802,610
336,111
Deprec. & obsolescence.
Ore depletion.
_
630,000
36.748,873
f57,602
—
1,610,864
Total net earnings
$32,629,931
General & admin, exps..
2,171,931
lien 4% bds. retired..
$59,980,413$102,936,257$106,121,116
gencies prior years
d Payment.
Assets—
Int. on Fed. Met. bonds
Unamort. bond disc., &c
$6,039,716
$2,314,859 $2,506,578
65,557,385 105,251,117 108,627,695
e462,744
Miscellaneous credit
from
The above taxes are those directly payable and do not include those
Income
3,161,982
23,428,876
59,922,812
Balance, deficit... ...sur $101,325
Previous surplus
the
indirectly paid, which are not susceptible of accurate calculation but which
we know arc a large and increasing amount.
The year 1937 was one of extreme fluctuation between high and iow prices
or metals,
unprecedented increase of labor cost accompanied by labor
disturbances, and many problems caused by a decided recession of business
in the later, as contrasted with the earlier, months.
Between July 1, 1936, and Sept. 1, 1937, the
average rate of wages
P^ld by the company increased 22.5%. and at the end of the year, notwith¬
standing low metal prices and declining business and profits, exceeded
considerably the wage scale of 1928 and 1929, years of high metal prices
and great prosperity.
Consolidated
(6%)
(cash)
Com. divs.
Provision for tax contin-
Before Taxes
_
1913 (last pre-war year)
Net income
Pref. divs.
table:
Taxes
Net Income
1934
$24,770,673 $32,444,056 $32,153,302
b2,653,933 b4,810,210
3.980,582
161.371
63,443
60,316
783,923
327,739
$34,826,642 $27,585,977 $38,101,631
Total income
Depreciation
Premium
come taxes
American
1936
Operating profit..
$31,531,222
Dividends, interest, &c. *3,018,383
Other income
277,037
Profit on sale of securs..
bonds
S3 491,337 $4,095,4371
Total
Years
[Including Wholly Owned Domestic
690,500
Def.obllg.foracct.
Res. for contlng's.
shares.—V. 146,
Co.—Earnings—
Consolidated Income Account for Calander
of stocks of sub.
994,545
165,412,762 161,266,368
Total
165,412,762 161,266,368
2,113
payable
951,640
40.168
1,554,888
2,979,659
20,799,041
Represented by 2,191,669 (1,829.940 in 1936) no par
Amts.due on purch.
_
7,633,607
24,142,574
1536.
p.
1,440
Adv.pay.on contr.
DIvs.
12,907,462
1,751,122
Surplus
x
7,668
Deferred charges
on
13,421,893
treat¬
Misc. liabilities.
Total
Interest
347,760
902,115
ment charges.
8,135
36,111
bonds and
mineral rights.
Prem.
343,245
1,116,516
Res've for metal
146,742
income tax
1,190,453
b Fixed assets
Net
business
Invest., <fec
Est. llab. for Fed'l
33.954
Ore reserve and
2,331,530
Other reserves
$300,000
123,931
108,341
48,525
2,890,165
obsol.,
Unearned
1.289,772
mortgages
,
82,960
Res. for mine &
Res. for prior yrs.'
& to secure bids-
Inventories
a
on
conting., &c_.
f 1936
1937
Notes payable
562,441
Deps.wlth ins. cos.
a
for
Res.
$28,042
31
Other accruals
accepts. & accr'd
int. receivable.
Dec.
Accounts payable-
d Notes and trade
Stocks,
6,916,410
accrued
bank loans...
3,261,146
44,364,988
2,865,855
settled for
new
Liabilities—
f 1936
$259,007
Cash
e
8,933,000
(Fed. tax.est.)
Int.
not
but
135,500
35,049
Acer .tax not due
concentr.,
rec'd
394^977
1,372,455
33,880
Divs. unclaimed
2,856,508
Adv.tocusts.on
ores
317,525
bonds—
payable..
on
Divs.
co.'s
2,182,276
595,000
Due to affiliates
Ore concentr. on
at
due
loans
1938
in
1,973,599
5,290,741
825,450
Mat'l <fc supplies
Bank
stocks
Balance
100,000
prop'y purch-
required).
1937
749,855
100,000
Note payable for
10,776,833
268,846
y
Assets—
9,442,912
657,385
50,984
.
z Realized on sale of
None considered necessary.
certain fixed assets during year.
Note—No deduction made for surtax on undistributed profits (none
Consolidated,
9,772,292
accrued
Metal stocks—
$156,539
Net profit
Accounts, notes,
9,290,397
(not current)
11",034
bds. red_
13,550,000
lien 4%
39,508
Accts. and notes
hand
111,770
78,884
18,299.400
1st
8,932,301
due
rec.
43,620,430
outst'g:
mtge.
39,252
U.S. Govt, secs.
$229,730
Prov. for Fed. inc. tax..
1st
13,282,352
6,514,198
Cash
Notes
50,000,000
18,400,000
stock—
Common stock
Bonds
9,129
transit
in
&c
Bond interest
x
261,960
Inter plant accts.
xl934
xl935
Operating profit
Profit on retire, of bds„_
Sell., adm., gen. exp.,
2d pref.
$
50,000,000
Preferred stock.
for
Special deps
& Metals, Inc.— -Earnings-
1937^
.
Prem. paid on.
56,293.794
Investments
$
Liabilities—
%
53,521,001
20,135,662
called bonds..
sales
Cost of sales
Gross
$2.57
$3.81
American Machine
Other
$2,033,317
3489.
Calendar Years—
Net
$1,729,708
1936
1937
1936
%
Property aec't..
$2,875,399
-
Consolidated Balance Sheet Dec. 31
1937
Assets—
_
$3.88
.
_
.
&
Earnings per share
—V. 145, p.
1936
1938
payable after Dec. 31.
1934
1935
12,
$170,000 ($220,000 in 1936) for
e Includes $1,372,455 declared
clared payable Jan. 31
1936.
d Includes
United States tax on undistributed profits,
Corp. (& Subs.)* -Earnings-
1937
Calendar Years—
March
Chronicle
stock carried at cost,
1936), aggregated $25,051,368
z
($25,625,931 in 1936).—V. 144. p. 1773.
Volume
146
Financial
American Telephone &
1938
revenues
Operating
Operating
1937
$8,797,967
59,645
fixed assets.
$9,298,202
$8,738,322
6,584,634
revenue
1701
dollars at the average of
exchange rates prevailing during the year except
that depreciation
charges have been based on U. S. dollar cost of their
Telegraph Co.—Earnings—
Month of January—
Operating
Uncollectible operating
Chronicle
$9,251,031
6,359,122
Comparative Consolidated Balance Sheet Dec. 31
47,l7l
[Including Domestic Subsidiary Companies]
revenues
expenses
_
1937
Assets—
zl936
S
Net
operating
revenues
$2,153,688
Operating taxes
1,120,393
$2,023,020
f
operating income
—V. 146, p. 1537.
3,613,425
Customers'notes
868,889
$1,033,295
„
Net
2,784,070
U. S. Govt, securs.
$2,891,909
&
raw
Notes & accts.
a decrease of 21.4% under the output of 52,311,000 kilowatt
hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
146,
p.
1937
1936
52,341,000
52,614,000
52,478,000
52,311,000
American Writing
1 935
40,091,000
40,407,000
41,099,000
40,857,000
30,416
242,524
33,660
607,104
480,870
ers
3 Mos.
$2,260,215
$1,172,798.
and
Paid-in
assets
of
as
Dec.
31,
1937,
amounted
to
surplus was $3,031,511 and deficit from operations
3,686,697
932,156
3,355,143
1,005,774
9 Mos.
80,670
Total
94,289
936,755
l
...
$81,906
$8,781,773.
7,623,465
7,623,465
surplus...27,689,992 18,481,901
9,978,148
9,490,296
Earned surplus...
less amortizat'n.
Debt diact. & exp.
i
48,833,5921
...48,341,878
Total
48,341,878 48,833,592
Represented by 1,209,124 shares of no par value,
y After deducting
for depreciation of $14,759,187 in
1937 and $13,850,047 in 1936,
JL937 after reserve for revaluation effected as of Jan. 1, 1933, of
$4,365,563 and $4,814,464 in 1936.
z Including net investment in
foreign
x
reserve
subsidiaries,
including $516,358 cash, amounted
were
$280,379.
Inventories were
liabilities
current
300,000
Capital stock...
plant
Goodwill
$85,378
300,000
unemploym't
benefits
x
equipment.18,532,742 17,436,109
Paid-up
licenses,
Note—Included in the above results are
extraordinary charges of $24,814
for the nine months and $5,767 for the three
months and net adjustment
of raw material
inventory to the lower of cost or market amounting to
$35,943 for the nine months and $27,943 for the three months.
Current assets as of Dec. 31, 1937,
to
Property,
786,286
8,700,000
and
Paper Corp.—Earnings—
Period Ended Dec. 31,1937—
Net loss after depreciation, interest, &c
Total
288,986
..
Other lnv. at cost,
y
407,599
Res. for wage earn¬
expenses.
owned for. subs.
35,156,000
35,707,000
36,323,000
35,875,000
111,323
1.038,130
cap. stk.& corp.
loan taxes
Investments In and
1934
44,680,000
44,129,000
44,398,000
43,979,000
195,968
629,658
Prov. for Federal
4% debentures
advs. to wholly-
1938
2,302,191
Prov.for State Inc.,
rec.
(non-current)
Prepaid
years follows:
39,717,000
39,654,000
40,054,000
41,135,000
1538.
sidiaries
a
321,540
Loans to employees
kilowatt hours,
$
1,517,049
taxes
matls abr'd.
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended March
5, 1938, totaled 41,135,000
Week Ended—
Feb. 12
Feb. 19--Feb. 26
Mar.
5
accrued expenses
Due to foreign sub¬
Adv. for purch. of
Output—
—V.
154,095
zl936
?
Accounts payable &
5,447,564
460,353
374,889
13,411,884 10,941,480
.
Inventories
lnc.--Weekly
Liabilities—
2,026,242
5,982,658
accts. receivable
3,829,249
Miscell. accts. rec.
84,125
Due from foreign
subs.—current
American Water Works & Electric
Co.,
1937
$
Cash
a
Includes surtax
undistributed profits.—V. 146, p. 742.
on
Aspinook Corp., Jewett City, Conn.—Officers, etc.—
The
corporation, recently organized to take over the property at Jewett
City, Conn., formerly known as the Aspinook
Finishing Co., has started
operations at the plant with 75
employees. It is expected that the number
eventually be increased to 600 or more.
The officers of the new corporation are:
W. A.
Capital
was $81,906.—V. 145,
will
Angostura-Wuppermann Corp.—EarningsYears Ended Dec. 31Inc. from sales (net)
1937
-
$85,938
3,115
-
-
$120,012
Total income
$892,657
1,074
$74,404
12,576
$144,296
5,096
$121,086
$86,980
$149,392
7,933
10,261
9,576
5,167
160,722
71,034
negotiations..
merger
in
conv.
396.581
loans,
franchise
taxes, cap. stock taxes,
lifeinsur., &c
Exps. in connection with
Loss
463,204
75,964
Jewett City,
4,115
-
xl7,853
11,759
7,457
_
32,475
y$70,657
$89,962
$58,188
229,411
$0.31
200,000
200.000
$107,635
200,000
$0.45
$0.29
$0.54
Including $2,651 Federal
settlement of $96,842.
surtax
Balance Sheet
1937
$85,635
73,503
Accts. receivable-.
j Accts.
rec., Trini¬
dad Prod.
(sec. by
1936
"29,295
47,965
672
119,391
32,252
(Inks,
7,530
109
129,590
107,686
41,259
19,523
104,752
(net).
512
costs
agency
50,300
9,750
Bitters, Ltd., in
(net)
Other liabilities
10,382
2,888
...
8,041
200,000
(unsee'd)..
12,278
229,411
181,851
75,000
147,280
67,785
2,740
9,920
$458 723
$626,287
$458,723
$18,788prof$134,786
40,519
44,576
-
deficit-
$59,307 prof$90,209
3,206
31830
Other income
Gross deficit
$56,101 prof$94,040
103,218
109,310
$159,319
$15,271
operating earnings are before any year end audit adjustments,
provision has been made for surtax on undistributed profits as the
earnings cannot^yet be determined.—V. 146, p. 1062.
x
These
no
—
Atlas
Tack
Corp .—Nine Plead Guilty in Rigging Case—
Admit Fraudulent Use of Mails in Federal Court Trial—
Philip H. Phiibin, Jr., and eight co-defendents pleaded guilty in Federal
1937
exp
1936
1935
$14,0.56,608 $14,038,057 $10,664,109
6,784,171
6,080.206
5,230,007
Profits from operat'ns
Deprec. & obsolescence.
Net operating profit..
Other income
Total income
Int. & other expenses
Fed. income tax (est.)._
Net profitDividends paid
Shares capital stock
share
$7,957,851
1,111,641
$5,434,102
1,066,377
$3,564,443
973,147
$6,120,757
x228,541
$6,846,210
$4,36t,725
536,908
684,034
$2,591,296
473,932
$6,349,298
$7,383,118
1,252,070
$3,065,228
835,691
1,617
302,035
181,619
163,797
lossll9,247
10,713
$5,157,887
3,325,090
1,410,644
$5,277,535
3,022,837
1,209,124
$3,434,912
1,058,002
1,209,124
$1,973,098
302,293
1,209,124
$3.66
$4.36
$2.84
$1.63
885,283
217,558
Securities
on
Oil
Co.—Order
were
William
Jar vis,
Boston,
Jr., Inc.—V. 145,
Withdrawing
p.
3188
Registration
of
Exchange—
Babcock & Wilcox Co.
Calendar Years—
$1,320,666
Income from investm'ts.
Interest and exchange..
Total income
foregoing statement for 1937.
The operating results of the foreign sub¬
except the Spanish subsidiary, have been converted into U. S.
(& Subs.)—Earnings—
1937
operations after
sell., adm. & gen. exps $1,850,961
Deprec. of bldgs., mach.
and equipment. &c
530,295
Amortization of patents.
1936
1935
1934
on
715,516
,
9,649
$1,213,724
$458,514
x$505,104
481,247
531,141
786,153
219,477
$732,477
573,375
6,335
x$72,627 x$l,510,734
959,618
192,296
16,387
25,109
$903,378 x$l,293,330
$2,045,831
22,987
$1,312,187
Res. against investments
Prov. for Fed. inc. taxes
193,008
100,319
undist. profs..
25,006
—
Interest paid.
deducting $111,812 loss on sale of marketable securities,
y After
deducting cost of sales, exclusive of depreciation of $28,702,837 In 1937,
$25,761,918 in 1936. $19,396,315 in 1935 and $14,637,537 in 1934.
z Incl.
wholly-owned subsidiaries only.
Note—Since no audited figures are available with
respect to the Spanish
subsidiary, its opreating results for the year 1937 are not included in the
Autoline
Net profit on opers
$5,051,759
1,097,600
400,000
After
sidiaries.
Phiibin
B. Hale, and the defunct firm of Philip H. Phiibin,
zl934
$7,955,571
4,391,128
$7,272,437
1,151,680
undistributed
profits
Foreign subs, profits
guilty with
York, who withdrew earlier pleas of innocent;
McNeel's Financial Service, Inc., Boston; William J. Kennedy, Edward
F. Barry and Henry Barry, connected with McNeel corporation; Harold
Profit
976,963
514,865
pleaded
and Samuel L. Gaines, New
The Securities and Exchange Commission, pursuant to Section 19 (a) (2)
of the Securities Exchange Act of 1934. as amended, has ordered that the
registration on the Baltimore Stock Exchange of preferred stock, ($10 par),
and common stock ($10 par) of company be withdrawn, effective as of
March 12, 1938.
[Including Domestic Subsidiary Companies]
y
per
xl937
$2,195,652
2,060,866
.
Consolidated Income Account for Calendar Years
x
(incl. depreciation)
Net operating deficit
corporation.
Those who
Total
Armstrong Cork Co.—•Earnings—
Earnings
$1,920,239
1,939,027
Court New York, March 1 to fraudulent use of the mails and violation of
National Securities Act through manipulation of the stock of the
I
on
expenses
(& Subs.)—
xl938
revenues
Taxes-
and
loan
Capital surplus
.
Surtax
Operating
Operating
Net loss
Dec. 31,
Gross profit.
Selling & admin,
Lines
Interest, rentals, &c.
1936 Trinidad Products Corp. (a wholly-owned sub¬
sidiary) had liquidated all Its assets except warehouse receipts
covering
114 cases of merchandise in bond of a value
equal to its only liability,
to wit:
balaace due the Angostura-Wuppermann
Corp. as shown above,
b Payment assured,
c Payable in monthly instalments of
$1,042, begin¬
ning Feb., 1937, and subject to terms of Inks, Inc., contract with Conti¬
nental Can Co., Inc. d Includes surtax.—V.
146, p. 589.
,
Atlantic Gulf & West Indies SS.
Month of January—
dl7,853
50,300
$626,287
at
599
Prov. for Fed. inc.
Long-term
on
stock,
15.
the
tracts
As
March 5 declared a dividend of 50 cents per share on the
no
par
value, payable March 31 to holders of record
Previously regular quarterly dividends of 75 cents per share
were distributed.
In addition, an extra dividend of $1 was
paid on Dec. 31,
ast, and an extra of 75 cents was paid on Dec. 31, 1936.—V. 146, p. 1389.
March
'""Operating
655
tax
con¬
Total
a
ins .taxes
Prov. for Fed. Inc.
pay.
Directors
common
un-
Earned surplus.
Sur. res. for cont.
for¬
mulas, & develop
Excl.
388
State
Com.stock (par?l)
expenses
applies.,
&
V.146,p.1539.
6,912
comms.
40,163
Def. chgs. & prepd.
Pat.
Fed.
U. 8.
2,390
Inv. (Inks, Inc.)..
Fixed assets
$59,946
9,257
&
$32,072
tax on Angostura
Inc.)
Acct.receiv. (Inks,
Inc.)
I
Bitters, Ltd
payable
1,042
141,139
Gas sendout for February was
up 10.4% over last year to 2,259,095,500
cubic feet.
For the year ended Feb. 28, sendout was
22,983,439,300 cubic
an increase of
9.6% above the previous comparable period.—
1936
Due Angostura
em ploy,
Inc. (instal'tpay
Note rec.
1937
payable
Life insurance
c
Mobilities—
Accruals
Jan., 1937)
Inventories
electric output for February was off
21,313,052 units (kwh.), or
5.8%, to 344,715,226 units, it is reported by the Associated Gas & Electric
System. For the 12 months ended Feb. 28, production amounted to
4,639,620,524 units.
This is 280,184,251 units, or
6.4% above output for the
1
Dec. 31
Accts.
Corp.
current
assets)
b Note rec.—Inks,
„
Before net income from life insur"
y
ance
Assets—
Associated Gas & Electric
Co.—February Output—
Net
Associates Investment Co.—Smatlei Common Dividend—
Net prof, from opers._
Cash
Schwab, Jewet
>
,
feet, which is
713
9,750
Shs.com.stk. (par$l)__
Earnings per share
x
Swiger, New York; G. B.
units,
&c
Final loss of sub. Trini¬
dad Products
Corp
Federal taxes._
Conn.; Arlen G.
City, Conn.—V. 146, p. 900.
previous comparable period.
Output for the current week, ended March 4, was off 6.9% to 83,603,410
a decrease of 5,653,082 units under a
year ago.
3,010
of £ sterling loan
Non-recurring charges.
The
directors are:
W. A. Broadfoot, Jewett City, Conn.; Hubert F.
Young, New York; E. E. Gilbert, Jewett City. Conn.; B. R. Armour, R.
W.,
Smith, Edwin Farnham Greene, Hamilton Pell, New
York; Viggo Carlsent
209,193
with
connect,
Broadfoot, President/
Viggo Carlsen, Vice-Pres.; R. W. Smith, Vice-Pres. & Sales
Manager; G.
B. Schwab, Treas.; Hubert F.
Young, Asst. Treas.; Arlen G. Swiger,
Sec.; Julien D. Goell, Asst. Sec.
1934
$675,884
352,399
179,467
69,613
Profit from sales
Other income
on
1935
$738,350
$89,053
Cost of goods sold
Sales & distrib. exps
Admin. & gen. exps
Int.
1936
$604,488
322,007
132,485
63,159
Surtax
on
Net profit
Surp. at beginning of yr_
Portion efres .for conting
restored to surplus—
Total surplus
Cash dividends (net)—
Surplus at end of year,
x
Loss.
350~6oo
30,490
$1,804,829
5,088,991
$1,211,867
4,719,795
$6,893,820
892,950
$5,931,662
842,671
$4,809,347
89,552
$4,442,720
156,261
$6,000,870
$5,088,991
$4,719,795
$4,286,459
$522,888 x$l ,293,330
4,286,459
3,986,049
1,750,000
Financial
1702
Chronicle
Consolidated Balance Sheet, Dec. 31
1937
$
1936
$
$
TAaMlUies—
2,351,505
Accounts payable-
1,645,437
9,0~2~2~802
4,527,469
Notes payable
.12,000,000
Accrued liabilities.
873,428
6,539.380
3,897,248
Costs and expenses
Advance payments
3,896,190
1,118
on
Property, plant &
6,935.653
for
1
653.250
34,375
50,822
Other assets......
45,294
Deferred charges &
prepaid expenses
232,949
$478,996
21.423
27,800
32,705
171,618
$1,515/408
106,781
$855,309
$672,037
118,346
583,186
117,587
41,738
8,352
482,482
10,048
693,790
Cr6l"214
226,986
$457,809
180,113
130,610
$657,766
281,460
$312,289 loss$367,086
$147,086
$376,306
$312,289 def$367,086
Total income
Capital stock...17,600,000 17,600,000
Surplus
6,000,870
5,088,991
e Capital stk. held
Dr200,941
Total
88,500
$1,436,588
128,349
Deprec'n & amortiza'n..
Int. on notes payable—
16,574
Rents paid to Sunland
Inv. Co. & other rents
677,960
Federal taxes
88,300
Surtax on undistrib. prof.
29,400
38,196
Special charges
920.850
Dr200,941
29,480,043 25,715,433
b After reserve
1936. c After reserve for depreciation,
shares,
f All but $500,000 has been
paid since Jan. 1, 1938.—V. 146, p. 1540.
reserve
$802,912
19,692
Co
vestment
165,242
1,170,500
Reserves
25,715,433
29,480,043
After
$1,463,707
23,901
of $97,000 in 1937 and $297,103 in 1936.
of $961,840 in 1937 and $963,891 in
d 227,000 no par shares,
e 3,010
Net profit
Preferred dividends
Common dividends
Automobile Finance Co.—Dividend Passed—
Directors have decided to omit the dividend ordinarily due at this time
on
Surplus.
A regular quarterly dividend of 10 cents
paid on Dec. 1, last.
See V. 145, p. 1410, for record of
previous dividend payments.—V. 145, p. 3001.
the company's common stock.
1937
Assets—
a
Directorate, &c.—
111,704
Consolidated Balance Sheet Dec. 31
per share was
Baldwin Locomotive Works—New
$1,333,338
14,750
Income from Sunland In¬
d
In treasury
a
$7,996,932
7,517,935
Other income
82,232
Fed'l
income taxes—
5,932,593
1
....
Total
1934
$9,679,955
8,877,043
Operating profit
157,800
contracts—„
Reserve
sales.....
Net
Dividends payable
6.688,685
b Investments
equipment
1935
$14,314,027 $12,576,811
12,980,689
11,113,103
227,000
6,587
Inventories
Patents-..
1936
1937
707,662
Accrued interest.-
c
1938
Corp. (& Sub.)—Earnings—
1,124,397
2,380,980
Accts.¬es rec.
12,
Consolidated Income Account for Calendar Years
2,231,621
Cash
T7.8. Govt, securs.
a
Barker Bros.
1937
1936
$
Assets—
March
Liabilities—
dl936
$1 ,202,369 $1,007,366
Fixed assets
1937
dl936
5H% pref. stock..$3,290,000 $3,290,000
556,064
Cash
564,910
b Common stock..
3,295,444
3,295,444
be held since confirmation
Notes & accts. rec.
4 ,948,193
4,360,448
Accounts payable.
717,573
919,953
of the reorganization pian, the voting trustees for the new $13 par value
stock who had sole voting power elected a new board of directors
for the ensuing year as follows: Arnold Bernhard, of New York; Charles E.
Inventories
2 ,643,788
2,203,658
Notes pay., unsec.
1,800,000
500,000
Capital stock held:
At the annual meeting, on March 3, the first to
common
Brinley, John W. Converse, Joseph N. Ewing, Edward Hopkinson Jr.,
George H. Houston, Conrad N. Lauer, all of Philadelphia; Jerome Preston
of Boston; Charles H. Schlacks, Philadelphia: Robert C. Shields
Detroit;
Charles L. Stillman, New York, and Samuel M. Vauclain, Philadelphia.
The new board is made of 12 members, the same number as the old board,
and includes five members of the old board and seven
new
directors.
Sunland
25,438
17,938
eBy sub. co...
f In treasury
10,870
2,152
Misc.
investments
756,073
866,035
Other
investments
130,630
115,201
Deferred charges..
132,853
134,249
Goodwill
1
.
1
Members of the old board who were elected to the
new
board
Judge Refuses to Increase Fees—
Federal Judge Oliver B. Dickinson has handed down an opinion refusing
committees and attorneys for services in
the
reorganization
ances
and
were
not
on
to
Judge Dickinson
proceedings.
his estimate
its
creditors.
or
He
remarked
that
allow¬
the value of their services to the company,
admitted that the "weight and evidence"
indicated that the allowances should have been considerably larger, but he
felt the entire cost to the company should not exceed $55,875.
Claims of committees and attorneys alone totaled $182,000, but Judge
Dickinson pared them to $40,000, or about $5,000 each.
New
Officers—
At the organization meeting of the new board of directors held March 7,
following officers were re-elected to serve for the ensuing year: Samuel
the
M. Vauclain, Chairman of the Board; George H. Houston, President;
Robert S. Binkerd, Vice-Pres. & Director of Sales; Harry Glaenzer, VicePres.
in Charge of Engineering; Charles E. Acker, Treas.; Charles D.
MacGillivray, Sec.; James MacDonald, Asst. Sec.; Howard D. Humphrey
and Thomas
of the company.—-V.
Total
March 17.
RFC
&
Accumulations after the payment of the
amount to
Ohio
$104 per share.—V.
RR.—$2,233,000
145,
Cash
p.
Corporation loan of $8,233,000,
Of the
originally approved loan of $8,233,000, $4,000,000 was to be used
for maintenance payrolls
during the last half of December, January and
February, $2,000,000 for maintenance, and $2,233,000 for payment of
maturing equipment obligations.
The RFC actually advanced the B. & O.
$6,000,000 in cash, but in
equipment maturities.
In the application, the B. & O.
requests the loan order be amended so that
the additional $2,233,000
may be used for maintenance payrolls instead of
for equipment maturities.
"The money so far received from
RFC", said B. & O., "has proved to be
of material assistance in
continuing the employment of maintenance forces,
and the $2,233,000 will enable a better distribution
of work during the com¬
ing months and will assure the continued
approximately 3,000,000
(March and April)".—V. 146,
p.
employment of maintenance
for the period indicated
man-hours
1540.
1938—Month—1937
$179,313
$174,341
Gross earnings
56,864
24,850
10,884
$80,181
24,010
$81,743
23,996
$972,398
288,125
$1,005,456
371,868
$56,170
25,483
21,721
$57,746
25,483
18,101
$684,273
305,794
231,697
$633,588
305,794
199,114
$8,966
$14,162
$146,782
$128,680
Depreciation
Net oper. revenue
Fixed charges
Surplus
pref. stock
stock.
.
Balance
—V. 146, p. 1391.
$2,137,407
727,484
249,000
155,467
Participations, Inc.—Asset Value—
The company reports as of Dec. 31, 1937, net asset value of class A
was $14.09 a share comparing with $25.31
class A share at close of 1936.—V. 145, p. 3339.
participating preferred stock
Packing Co.—To Vote
stockholders
at
their
on
Directorate—
annual
meeting on March 15 will consider
amending the certificate of incorporation so as to provide that the board of
directors shall be not less than
seven
nor more
than nine in number and to
amend the by-laws to provide for such amendment.—V.
Total
523,392
1
^
„
92,208
376,306
$10,398,778 $9,279,458
Spent
Plant in
on
Son, Inc—10-Cent Dividend—■
Directors have declared
a dividend of 10 cents per share on the common
value, payable March 28 to holders of record March 18.
A
regular quarterly dividend of 25 cents was paid on Dec. 14, last.—V. 146,
p. 1232.
stock
no
par
Period Ended Dec. 31—
Amort,
of
146, p. 1391.
1937—12 Mos.—1936
1937—Month—1936
Operating revenues
Oper. exps., incl. taxes..
$675,847
468,585
$642,229
432,375
$7,621,680
5,669,311
$6,798,203
5,094,937
limited-term
312
316
3,738
3,791
160,000
40,000
600,000
480,000
$46,950
$169,538
377
234
$1,348,631
7,862
$1,219,475
348
$47,327
45,750
"$169,772
$1,356,493
mtge. bonds.
45,750
Other int. & deductions.
4,237
4,153
549,000
51,784
$1,219,823
549,000
50,044
$755,709
$620,779
Property retir.
appropriations
reserve
Net oper. revenues...
Other income (net)
Gross income
Interest
x
on
Net income.
def$2,660
$119,869
applicable to pref. stocks for the
period, whether paid or unpaid
Dividends
.'
Balance
-
429,174
429,174
$326,535
$191,605
x Dividends
accumulated and unpaid to Dec. 31, 1937, amounted to
$214,587, after giving effect to dividends of $1.75 a share on $7 pref. stock
and $1.50 a share on $6 pref. stock, declared for payment on Jan. 3,1938.
Dividends
these
on
stocks
are
cumulative.
*
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those periods.—
V. 145, p. 4110.
a
dividend
Laughlin, Inc.—No Common Dividend—
meeting held on March 8 took no action on the payment of
common stock, par $5. at this time.
An extra dividend
regular quarterly dividend of 50 cents
Dec. 24 last.
For detailed record of previous dividend pay¬
on
a
the
of 25 cents per share in addition to a
was
paid on
ments see V.
145,*P-3647.
C.
O. Kalman, Chairman, made the following statement:
"During the past two years the company has paid dividends equal to
$2.75 a share annually on the common stock.
This represented approxi¬
mately 75% of the earnings and was, perhaps, a more liberal dividend policy
than the directors would have pursued had it not been for the severe penalty
imposed upon retained profits by the undistributed profits tax.
The
directors would have preferred a more conservative policy with a viewfto
a more stable maintenance of dividends during good and bad years.
"In view of the above rather obscure outlook the directors deem it the
part of widsom to defer any dividend consideration until toward the end of
the second quarter.
Notwithstanding the liberal dividend policy which
the company has maintained,
and the expenditure of approximately
$150,000 in the expansion of its Buffalo plant, the company at end of Febru¬
ary was in excellent current position with current assets of $1,982,624, of
which $706,884 was cash and current liabilities of $256,831."—V. 146,
p.
Beech-Nut
The
surplus
92,208
commercial developments at the Maryland, Steelton and Lebanon
plants, which had been acquired prior to 1923 and where rebuilding pro¬
grams were under way at that time.
Use of this capital made it possible to increase Bethlehem's ingot pro¬
duction from 7,600,000 tons in 1923 to 10,420,000 in 1938.
The company
has also entered new fields of wire, pipe, strip and sheet products and capacity
has been greatly increased in structural sheets, plates, bar tin plate, alloy
and electric steel products.
In addition to these expenditures Bethlehem has acquired by purchase
during the 15 year period such important properties, as its Pacific Coast
steel plants, McClintic-Marshall Steel Fabrication Works and the Williamsport Wire Rope plant.—V. 146, p. 1541.
Bliss &
61,036
27,000
11,096
Taxes accrued
a
110,000
34,400
for
Directors at
1938—12 Mos.—1937
$2,225,965
747,049
347,200
159,317
expenses
Beacon
100,000
Capital expenditures for modernization and expansion 6f facilities by
during the 15 years from 1923 to 1937 amounted to $332,000,000, according to announcement in "The Bethehem Review," company
magazine, distributed to employees March 4.
The expenditures covered
every phase of Bethlehem's activities, with emphasis on modernization,
increase in capacity and economy of operation and especially upon diversi¬
fication of products so as to stabilize operations and to reach every field
of steel consumption, shipbuilding and ship repairing.
The total given does not include capital expenditures of $75,000,000
Bangor Hydro-Electric Co.—Earnings
Period End. Feb. 28—
on
485,359
liability.
for conting..
the corporation
addition agreed to take care of the
on common
10,000
402,427
Bethlehem Steel Corp.—$332,000,000
so as to
fied in the ICC order.
Div.
Div.
on
pay¬
15 Years—
investments
by
permit the road to use $2,233,000
for maintenance payrolls instead of for
equipment trust payments as speci¬
Operating
taxes,
depreciation of $1,426,970 in 1937 and $1,439,890 in 1936.
b Represented by 178,200 no par shares.
d Giving effect to the plan of recapitalization which was approved by
the stockholders on Dec. 9, 1937, pursuant to which 28,200 shares of the
former
convertible 6M%
cumulative preferred stock were reclassified
into 65,800 shares of new 5cum. pref. stock of the par value of $50
each and 28,200 shares of common stock without par value.
e
Represented by 4,000 (6,000 in 1936) shares of common stock acquired
in 1935 at cost,
f Represented by 300 (126 in 1936) shares of preferred
stock and 54 shares common stock, at cost.—Y. 146, p. 272.
1892.
Advance
Sought—
of
lnstal.
long-term oblig.
Birmingham Electric Co.—Earnings-
The company has asked the Interstate Commerce Commission to amend
its loan order of last Dec. in which it
approved a Reconstruction Finance
forces
$9,279,458)
160,174
146, p. 1390.
payable March 28
Baltimore
$10,398,778
50,014
117,700
Federal
After
a
Bird &
The directors have declared a dividend of $1.50
per share on account of
accumulations on the 5% cumulative preferred stock
current dividend will
Curr.
Accrd,
Earned
Baltimore Brick Co.—Accumulated Dividend—
to holders of record
for
Capital surplus
E. McFalls, Asst. Treas.
In addition the following
Executive Committee was elected: Conrad N.
Lauer, Chairman, Arnold Bernhard, Charles E. Brinley, Edward Hopkin¬
son Jr., George H. Houston, Robert C. Shields, and Samuel M. Vauclain.
The firm of Morgan, Lewis & Bockius was re-appointed General Counsel
15,635
rent
income tax
Res.
are
to alter fees allowed to the four
Res.
Deferred
directors are Bernhard, and Brinley, who are also voting trustees;
Converse; Hopkinson, of J. P. Morgan & Co. and Drexel & Co.; Preston,
of Preston, Moss & Co., Boston; Schlacks, a former corporation executive
of Philadelphia, and Stillman.
Bernhard, Converse and Hopkinson also
were
connected
with
reorganization committees representing security
Ewing; Houston, President of the Baldwin company; Lauer, Shields, of
Fisher & Co., and Vauclain, Chairmaa of the board of Baldwin.
The five voting trustees for the new common stock are Charles E. Brinley.
Arnold Bernhard and Philip C. Staples, representing holders of consolidated
mortgage bonds, and Thomas S. Gates and Robert K. Cassatt, representing
the stockholders of the company.
All of the voting trustees attended the
meeting with the exception of Mr. Cassatt who is in Europe and who gave
his proxy to Mr. Lauer.
The reorganization plan which was confirmed by final order of the count
on Sept. 1, 1937, provided for a voting trust for the new common stock to
continue for a period of 10 years from Sept. 1, 1935, unless terminated
earlier under specified conditions.
The new board of directors was on March 4 granted authority by Federal
Judge Dickinson to elect such officers as they desire at the organization
meeting held March 7.
The Court's permission to do this was necessary as the company is still
under its supervision in 77-B reorganization proceedings.
accrued
Co.,
roll & other exp.
The
nre
holders.
Inv.
744.
Bond Stores,
Inc.—Sales—
Period End. Feb. 28—
Sales
—V.
146,
p.
1542.
1938—Month—1937
$861,488
$956,142
1938—2 Mos—1937
$2,097,301
$2,233,810
Volume
Financial
/4u
Borden
Co.—80th
Chronicle
Annual
Report-—The remarks of
Theodore G. Montague, President, together with the income
account and balance sheet for the
year 1937, will be found
under "Reports and Documents" on
subsequent pages of
profits, according to President Montague, in his
This is the company's 80th annual
report.
message
to stockholders.
"The disastrous price conditions existing in New York City during the
greater part of the year were a major factor affecting these results," ex¬
plained Mr. Montague.
"On fluid milk itself, the company was unbale to
profit from its total sales in all markets of 780 million quarts of
fluid milk as such in 1937, as contrasted with the modest
profit of l-9tb of a
cent per quart in 1936 on sales of 781 million
quarts."
1937
1936
Sales
_237,561,672
b Net operating profit.
7,043,164
Other income (net)_____
446,136
________
238.844,538 229,888,089 215,723,659
4,981.464
9,266,042
5,657,543
395,900
339,559
453,967
_
_
Gross income
7,489,300
1,168,661
Federal, Ac., tax (est.).
Maint.exp. on properties
not essential to oper_
5,997,103
1,020,946
9,720,009
1,702,483
29,987
_
31
1934
1935
7,921,490
7,034,726
4,842,349
7,034,726
4,490,045
7,034.726
1,446,446
21,168,450
sur886,764
20,281,687
2,192,377
22,474,064
2,544,681
25,018,746
19,722,003
Total surplus.
com.
stock
21,168.450
20,281,687
22,474,064
4,396,704
_
Shares
4,396,704
$1.80
4,396,704
a4,396,704
$1.10
$1.02
out¬
fit standing (par $15).__
Earned
P
per
share
$1.43
$
$
Assets—
Prop, account 66,068,361
a
Cash
15,545,029
14,054,958
Receivables
Marketable sees.
5,776,198
9,699,411
7,967,944
Finished goods
Mat'l & supplies
_
Mtges. &
Liabilities—
65,377,625
17,586,010
12,953,995
5,926,916
13,005,471
6,957,997
other
rec.(not curr.)
2,669,386
Deferred assets.
653,535
Tradem'ks, pats.
A goodwill.
Total
1936
$
b Capital stock.
Accts.
payable.
Accrued
65,950,560
9,807,599
65,950,560
9,550,810
4,206,199
254,738
taxes, &c
Deferred credits
500,529
Insurance, conting'cies, Ac.,
1,474,039
8,289,584
612,043 Earned surplus. 19,722,003
Capital surplus. 14,204,141
reserve
8,271,327
21,168,450
13,756,077
__
-.122,434,824 123,894,096
Total.122,434,824 123,894,096
1937 and $37,629,006
a After
deducting depreciation of $37,268,580 in
in 1936.
b Par value $15.—V. 145, p. 3002.
their
meeting held March 5 voted to omit the dividend
ordinarily due to be declared on the $5 par common stock at this time.
An extra dividend of 50 cents in addition to a
regular quarterly dividend of
like amount
was paid on Dec. 10, last.
The company's announcement said
"approximately 70% of last year's
earnings were paid out in dividends, but the present volume of sales and
the immediate general outlook do not warrant a
payment at this time."
—V. 145, p.
3189.#
Bralorne Mines, Ltd.—Extra and
Larger Dividend—
F The directors have declared an extra dividend of 10 cents per share in
addition to a quarterly dividend of 15 cents per share on tne common
stock, no par value, both payable April 14 to holders of record March 31.
Extra of 10 cents and regular quarterly dividends of 10 cents
per share were
paid in each of the four preceding quarters.
Extra dividends of 5 cents
were
paid
Jan. 15,1937, Oct. 15, July 15 and April 15,1936.
Dividends
Jan. 15, 1935; Oct. 15 and
July 16, 1934, and a dividend of 12^ cents was paid on April 15, 1934.
on
an extra
bonus of 20 cents
was
paid
Dec. 17, 1934.—V. 145,
on
Period End. Jan. 31—
Gross earnings
Operating
1938—Month—1937
$1,346,765
760,634
expenses
Net earnings
_
$586,131
_.
1938—7 Mos.—1937
$8,905,221
$8,734,893
5,111,891
4,890,535
$1,338,346
747,391
$590,955
$3,793,330
•V. 146, p. 904.
11,901
103,775
$991,271
$
5,490.315
Dies, jigs A fixt'S. 1,488,914
current
Calendar Years—
1937
1936
1935
1934
$3,751,447
1,854,663
$1,887,093
1,436,816
$1,136,571
1,269,856
Operating profit..—
$2,440,924
417,786
$1,896,784
357,916
$450,277 1OS8$133 ,284
263,402
401,885
$2,858,710
627,167
$2,254,700
566,941
$713,679
520,849
Other income
Total income
....
Depreciation
Add'l inc. tax prior yrs__
Federal, &c., taxes
x339,000
$1,892,543
431,184
911,750
Net profit...
Preferred dividends
Common dividends
.
x379,250
$1,308,509
$268,601
536,919
20,719
b Rent
$156,430 loss$289,036
154,603
123,255
Including $21,560 ($19,750 in 1936) Federal surtax
on
undistributed
profits.
1937
Assets—
Land,
buildings,
mach'y,
Ac
5,156,352
Cash
874,634
Accts. A bills ree'le
Due from affil.
cos.
Other assets
4,001,935
59,925
prepaid and de¬
ferred taxes
105,025
Fed.Res. Bk. loan 2,492,000
104,289
28,634
6% conv. bds
43,247
Bond discount and
exp., unamort..
Exp. In connection
with ref. plan...
50,524
.26,517,731 25,114,286
After
depreciation
1937
1936
$
$8,118,143 in 1937 and $8,003,801 in
part overdue, under lease from Budd Realty Corp. c
reserve for doubtful accounts of $13,764 in 1937 and $15,069 in
d Represented
by 1,656,808 no par shares, f Includes notes, g Due
h Due 1941.—V. 145, p. 2688.
Budd Wheel
Inventories
Investment assets.
3,495,389
24,939
17,741
6,843,493
6,845,969
Accrued taxes
Accrued
6,830,000
6,284,840
464,436
108,804
139,155
211,792
540,821
165,247
218,282
130,828
338,102
5,685,721
commis¬
....
Gross oper. profits
Selling, adm., legal and
general expenses
Total
5,798,754
__26,169,408 26,554,833
Represented by 560,000 shares of $10 par value,
y Less depreciation
z Represented
by shares of
$5 par value,
a Includes $988,029 representing cost of preferred and com¬
mon stocks in treasury.—V. 145, p. 3190.
x
of $4,949,256 in 1937 and $4,746,853 in 1936.
Not,
available
[,031,734
$1,935,849
$1,768,005
x$897,439
500,858
1,138
646,928
165,000
90,000
21,771
483,894
365,132
14,410
493,318
122,714
313,037
41,999
427,727
13,600
$606,038
12,953
$765,704
30,634
$772,431
12,014
$101,076
10,868
$618,991
41,378
193,052
$796,338
52,390
193,051
$784,445
195,927
$111,944
Common dividends
Balance at Dec. 31
Shs. of com. stk. (no par)
$384,561
965,258
$550,896
965,258
$0.76
$588,518
965,258
$0.75
$111,944
965,258
$0.06
Interest
Depreciation
Miscell. chatges
Operating profit.
Other income.
Total income
Preferred dividends
Earnings
x
was
per
528",933
152,317
5,000
$0.60
share
Included in the expenses deducted in arriving at profit from operations
rent accrued under leases with Budd Realty Corp., affiliated, in the
amount of
$448,836.
Balance Sheet Dec. 31
1937
Liabilities—
1937
1936
$612,009
$792,606
Accts. pay.—trade
887,257
994,963
1,355,803
12,660
Accrued liabilities.
Assefs—
Cash
Accts .A notes rec
1,522,516
24,027
Rent under lease..
208,428
Investments, Ac..
300,044
226,020
286,287
....
Patent rights.—--
2,087,295
1,333,999
1,961,768
1,333,999
91,244
$870,201
383,735
12,218
6,311
268,982
175,464
7% rum. pref. stk.
495,000
559,800
Common s*ock_.
4,289,209
-
260,732
s.
Dr265,659
4,289.208
271,270
Dr265,658
Surplus since Dec,
31, 1932
1,144,455
759,893
c
Capital surplus..
bLand, bldgs.,ma¬
1936
$619,726
242,156
Prov. for inc. taxes
estimated..
Die & tool expend.,
balance unamort
dCom.stk.lntre
86,117
chinery, Ac
After
a
Total
..$7,066,821 $7,050,224
Total
reserve
for
for
doubtful
depreciation of $3,385,173
Burd
$7,066,821 $7,050,224
b After
in 1937 and $2,922,767 in 1936.
d Represented by 25,417 shares
accounts
Represented by 990,675 no par shares,
at cost.—V. 146, p. 1392.
and notes of $10,000.
Ring Co.—Dividend Deferred—
Piston
passed the dividend ordinarily payable
time.
A dividend of 25 cents per share
paid on Dec. 1, last.—V. 144, p. 1949.
Directors at their recent meeting
on
the common shares at this
was
Burroughs Adding Machine Co. (& Subs.)—-Earnings—
Calendar Years—
Gross prof. fr. sales,
1937
1936
1935
1934
&c.$22,748,773 $18,463,791 $15,095,538 $12,657,424
8,887,710
12,593,035
10,135,523
9,050,894
476,905
424,475
368,631
376,618
$9,678,834
399,643
$7,903,793
331,122
$5,676,013
325,775
$3,393,096
448,404
$10,078,476
Fed. & forn. inc. taxes..al,915,072
$8,234,915
a 1,290,473
$6,001,788
888,260
$3,841,500
588,000
$8,163,404
$6,944,442
2,303.939
$5,113,528
2,105,814
$3,253,500
4,450,636
74" 53 1
334",597
920.744
201,466
$9,322,912
6,000,000
$7,553,939
5,250,000
$8,826,346
3,163,355
Depreciation __
Operating profit
Other income
.
—
Net income
3,231,454
Surplus at Jan. 1
Adjustment due to trans.
from res. for conting.
.
Misc. credits
—
Dividends
Cost
of
as
—
—
$11,394,858
7,000,000
145,631 shs. of
stock distributed
3% stock dividend-
Miscellaneous debit
3,557,177
...—
—...
b91~,458
$4,394,858
$3,231,454
$2,303,939
$2,105,814
5,000,000
Profit & loss surplus..
Shs. com. stk.
26,189,408 26,554,833
1934
1935
1936
$14,349,069 $14,514,6541
14,675,987
12,413,220
12,746,649 [
Cost of goods sold
treas.
Capital surplus... 5,575,598
Earned surplus__.a6,329,291
Total..
1936.
1938.
Co.—Earnings—
Calendar Years—
1937
Gross sales, less returns,
&c
$16,707,721
Total
21,578
573,299
sions, Ac
Advances
1936.
After
$
7% cum. pref.stk. 6,158,600
5.225,567 r Common stock.. 6,078,335
992,420 Accounts payable.
373,210
3,698,658 Dividends payable
117,318
420,481 Accrued payrolls._
267,993
89,851 Reserves
284,230
4,660,652 Accrd. sundry ex¬
4,603,491
penses, Ac
28,007
Deferred charges.,
....26,517,731 25,114,286
Total
of
b For the most
Total income
Liabilities—
98,317
5,614,424
Goodwill
Dec. 31
1936
s
626,077
h940,125 gl,174,625
2,992,000
5,953,100
7% pref. stock
5,953,100
&c
4,902,647
13,402,645 12,182,684 d Common stock. 4,902,647
Pats. A pat. rights
1 Capital surplus... 7,127,047
1
7,127,047
Unexpired ins. and
181,090
Surplus.-.
1,400,513
32,018
3,232,353
36,400
1,425,233
Balance Sheet
408,000
1,075,687
510,781
166,080
623,228
500,000
1,646,856 Accts. pay., trade. 1,732,945
Accrued liabilities.
447,403
288,056 Prov .for inc. taxes
395,873
c
$4,706,746
2,265,822
Gross for costs.
Expenses..
$
Notes pay. to Fed
Ree.Bank (curr.)
3,755,991
ac¬
counts receiv'le.
f54,608
Investments, Ac.. 3,056,355
a Land,
buildings,
1936
1937
Liabilities—
■
3,778,266
an
Bucyrus-Erie Co.—Earnings—
108,716
$743,413 loss$1398832
1936
1,017,572
Aocounts A notes
receivable
1,873,661
reserve
yd
17,082
$307,736
663,963
311,212
485,071
6,320
240,002
Inventories
organization meeting held on March 1, Walter P. Holcombe was
made Vice-President and Assistant to the Vice Chairman of the Board of
Directors.—V. 146, p. 1232.
x
$1,946,939
721,093
361,817
Unexpired ins. and
prepaid Items..
$3,844,358
Brooklyn Edison Co., Inc.—New Vice-President—
At
$2,357,051
898,806
346,117
s
Misc. accts. rec
Ltd.—Earnings—
$252,607
55,129
272,000
Inventories...
British Columbia Power Corp.,
$1,870,132
76,807
Balance Sheet Dec. 31
a
3647.
p.
$1,601,015
756,036
1937
of 15 cents per share were
paid on April 15 and
In addition
$1,015,760
763,153
$1,219,423
Net profit-
Prov. for Fed. inc. tax..
Provision for surtax.
Borg Warner Corp.—Dividend Omitted—
Directors at
$2,695,777
825,645
income taxes
4,696,344
accts.
$2,811,916
1,210,901
Other deductions
Prov. for State & Federal
Total
1937
Not
Reported
14,613
54,285
Interest.
a
1936
1934
1935
$3,010,345
1,170,716
279,308
Depreciation
Pro v. for doubtful accts
Amort, of bd. disc. &exp
Consolidated General Balance Sheet Dec. 31
1937
1936
$2,973,326
37,019
income
Total income
Par value $25.
b After cost of sales and expenses, including deprecia¬
$6,256,676 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.
a
tion
1937
Operating income
Other
Other
Balance, deficit.
Previous surplus
$1,933,270
$4,376,819
1,403,493
Assets—
Cash
6,290,652
7,034,726
c702,372
...
1938—8 Mos.—1937
$1,945,760
$308,644
$38,994,488 $30,602,767 $23,681,562)
34,617,669
27,790,851
20,985,784 (
Gross profit.
Expenses
c
Miscellaneous debit.
$371,955
Calendar Years—
Gross sales (net)
Cost of goods sold
5,377.364
887,319
133,808
96,035
1938—Month—1937
904.
(Edward G.) Budd Mfg. Co.—Earnings—
secure any
Consolidated Income and Profit A Loss Statement for Years Ended Dec.
Wire^Co.—Sales—
Period End. Feb. 28—
Saw*-i\r*-—
—V. 146, p.
this issue.
Net earnings of $6,290,651, a decline of $1,630,838 from those of the
Previous year, are reported by the company for the year ended Dec. 31,
1937.
Profitless operations from the sale of fluid milk itself and increases
in wages and taxes were the chief factors
accounting for the decline in net
1703
Brown Fence &
5,000,000
$1.39
5,000,000
$1.02
5,000,000
$0.65
outstand.
(no par)
Earned per share.
—
$1.63
Including $43,000 ($15,000 in 1936) estimated United States surtax
on
undistributed profits,
b Additional amount necessary to increase
reserve to equal book value of all asset located in Spain.
a
Financial
1704
Consolidated Balance Sheet Dec. 31
1937
A ssets—
x
—
Liabilities—
$
4,950.661
3,941,098
7,812 665
Plant, equip.,&c.
Cash
Govt.securities...
1937
1936
$
■
4,402,444
y
1936
$
$
Common stock-.25,000,000 25,000,000
875,743
736,596
Accounts payable-
and
Wages
6,661,280 10,328,602
com¬
missions payable
809,555
763,077
4,386 281
4 184 643
Prov.for Inc. taxes
1,833,157
1,277,126
Cash In closed bks.
249 255
277,604
Repairs to macb'y
lnvestm'ts
102,775
35,496
136,825
126,997
Notes
and
accts.
receivable
Mlscell
Pro v.for unemploy.
made
Ins. under "Social
estate
Security"
6.914
3,282
prior to 1931--Real
12,013,192
Deferred charges.- 1,030,807
Other
...
36 885 699 34 837,892
1,000,000
1,000,000
392,462
388,668
4,394,858
3,231,454
reserves
Total
The company stated that the 54 cent participation distribution
accrued on the stock to Dec. 31, 1937.
On March 31,
March 18.
135,126
2,178,847
con¬
Surplus
Total
2,332,474
credits..
for
tingencies
Directors have declared a dividend of 25 cents per share on the common
payable March 31 to holders of record March 18.
Previously
quarterly dividends of 40 cents per share were distributed.
In addition, the directors declared a participating dividend of 54 cents
per share and regular quar. div. of $1.75 per share on the 7 % cumulative
the dividend
—V. 144, p.
110,626
Deferred
378,148
9,706,848
1,027 876
223,721
business-..-
a
participating dividend of 69 cents
Canadian National Ry.—New Director—
Transport Minister Howe announced that Charles T. Read, Amherst,
H.
McDougall of Steliarton, N, S., who resigned owing to ill health.
Mr.
Read's appointment is for the unexpired portion of Mr. McDougall's
three-year term ending Sept. 30. 1940.
N. S., has been appointed a director of this company, succeeding D.
36,885,699 34 837,892
1937 and $8,893,923 in 1936 reserve for
depreciation, y Represented by 5,000,000 shares of no par common stock.
—V. 146, p. 4,33.
Bulova Watch Co., Inc.
Earnings of System for Week Ended March 7
1937—9 Mos.—1936
$6,623,760
$4,259,424
2,489.945
1,657,211
Operating
$1,894,084
17,692
profit
$1,377,173
x428,650
$4,133,815
38,965
$2,602,213
x611,193
$1,911,776
404,251
z335,840
$1,805,822
143,922
z254,023
$4,172,780
739,753
z782,925
$3,213,406
332.688
z461,295
$1,171,685
324,881
$1,407,877
a424,881
$4.33
$2,650,102
324,881
$8.16
$2,419,422
a424,881
—
Other income
Total income
Int., bad debts, &c—
Depreciation and tax
y
Netprofit-com. stock (no par)
per share
—.
Shs.
Earnings
$3.60
$7.45
Number of shares to be outstanding March 1 when all preferred stock
will either be exchanged for common or retired under recapitalization plan.
x Including profit on gold conversion and foreign exchange,
y Includes
provision for doubtful notes and accounts, &c.
z No provision has been
1937
Decrease
$3,816,991
$572,368
—V. 146, p. 1543.
Canadian Pacific
$2,116,126
738,953
1937—3 Mos—1936
Expenses
1938
$3,244,623
Gross revenues
(& Subs.)- -Earnings—
$2,975,984
1,081,900
Period End. Dec. 31-—
Gross profit
share.
per
4171.
After deducting $9,048,653 in
x
1938
stock,
1937 the company paid
legis¬
Reserve
presently used In
co.
Inventories
12,
Canadian Celanese, Ltd.—Smaller Common Dividend—
Participating Preferred Dividend—
was
lation
not
March
participating preferred stock, both payable March 31 to holders of record
under guaranty.
Loans to sh'holders
employers
Chronicle
Ry.—Earnings—
Earnings for Week Ended March 7
1938
1543.
1937
Decrease
$2,374,000
Traffic earnings...
—V. 146, p.
$2,633,000
$259,000
•
Capital Transit Co. (& Subs.)—Earnings—
1937
Calendar Years—
i935
Net oper. revenue
1934
$9,487,650
7,197,790
594,151
785,825
$8,545,308
5,859,336
618,646
591,927
1936
Operating revenue
$11,090,583 $10,557,842
Operating expenses
8.341,078
8,260,016
Taxes (incl. Fed. inc.tax)
809,536
649,290
Provision for deprecia'n.
1,146,177
1,015,533
$793,791
34,234
$633,003
50,852
$909,883
118,530
$1,475,397
168,709
$828,026
669,896
$683,855
638,993
$1,028,412
636,278
$1,644,106
664,553
8,391
11,966
4,229
11,524
4,269
9,234
4,353
2,991
$137,773
Non-oper. income
$29,109
$378,631
$972,208
a
made for Federal surtax
on
undivided net income.—V. 145, p.
3190.
,l O. M. Brewer, President of the
146,
died
company,
p.
on
and expense
March 2.
He had
Total income
$2,056,420
504,261
$1,605,509
389,097
$436,646
233,466
$1,552,159
63,279
$1,216,412
22,679
$203,180
14,677
$1,615,438
319,294
Crl 1,617
189,800
217",548
on
"$217,857
$1,239,091
362,242
21,087
64,260
137,500
96,700
deductions
44,816
Prov. for obsoies. of eqpt
Federal tax
Federal surtax
1934
$1,549,123
368,503
Crl 1,883
Depreciation
Other
1935
$1,504,383
44,740
Other income
1936
$2,115,973
611,590
Operating profit
231,517
808
"2,947
undis¬
tributed profits
$906,003
431,219
Surplus
Shs.cap.stk.out.(no par)
Earnings per share
$271,377
$654,002
223,389
344,175
$3.00
loss$17,4l5
$430,613
343,675
774,019
$2.63
1937
def$17,415
343,675
Land,
bldgs., machin'y & equip..$4,118,567 $3,802,192
765,640
475,470
Accts. receivable-.
505,368
963,466
Nil
Prov.
Land
1,192,749
contracts
Capital stock--.$4,050,220 $4,050,220
59,803
138,224
116,766
387,284
Accounts payable.
&
305,498
castings
27,875
25,676
95,630
68,736
unadjusted cred.
4,487
3,894
Earned surplus.__
2,225,352
Z>r25,319
1,748,832
.--.$6,780,654
5,000
39,463
Unclaimed wages &
8,000
Deferred charges..
31,071
x
Co.'s
own
$6,780,654 $6,623,071
stock.
Total
2,825 shares in 1937 and 3,825 in 1936.
shares.—V. 145, p. 3341.
Dr36,557
Represented by 348,000
y
Canada Bread Co., Ltd.—Accumulated Class B Divs.-—
The directors have declared a dividend of 75 cents
per share on account
of accumulations on the 5% cum.
pref. class B stock, par $50, payable
April 1 to holders of record March 15.
Like amount was paid on Jan. 3
and on Oct. 1, last; a dividend of 50 cents was
paid on July 15, last; one of
75 cents on July 2, last; 62M cents was paid on April 1 and on Jan.
2, 1937,
and one of 50 cents per share was
paid on Oct.
1, 1936.—Y. 146,
Canada Northern Power Corp.,
Operating
?emrDin^V
146, p. 433.
$400,678
158,723
$240,345
-
1937
$421,627
181,282
—V.
$241,955
Breweries, Ltd. (& Subs.)—-Earnings—
Period End. Jan. 31—
from operations,
1938—3 Mos.—1937
1938—12 Mos.—1937
Profit
after all
273.
1938
expenses.
Canadian
p.
Ltd.—Earnings—
Month of January—
Gross earnings
taxes,
598,000
22,450
881,554
371,847
Cash
on
Total income
$83,206
31,590
Profit
$958,114
72,877
$527,802
80,162
$114,796
24,094
75,774
$183,115
21,702
121,896
Interest.
Provision for deprecia'n.
$1,030,992
$607,964
96,383
349,812
97,721
351,991
$39,517
$14,928
$581,279
$161,769
Subject to provision for minority interests and Dominion Government
income taxes.
Mark. sec.(at cost)
1938
1937
$170,574
174,646
Investments
ceivable
(net)..
296,557
211.382
1,958,936
draft
5
102.204
300,525
253 649
plant and equip. 7,068,039
Other investments
430,296
6,101.096
461,985
buildings,
46,280
Taxes accrued
(trade)
33,839
25,750
Interest accrued
Accts.
rec.
Balances
1937
46,928
450,841
398,746
in closed
(secured).
Fare tickets out'd'g
133,622
115,650
Other
curr.
.
& accr.
54,415
4,541
6,037
519,511
banks.-...—
496,156
22.273
..15,892,750
Reserves
16,171,285
Capital surplus...
Undivided profits.
.59,738,780 58,731,437
Total.....
.
..
1,727,295
1,629,677
1,725,071
1,482.322
.59,738,780 58,731,437
(J. I.) Case Co.—To Change Capitalization—
The stockholders at their annual meeting on April 6 will consider amending
so as to reduce the authorized preferred stock
the articles of association
from
shares to 101,825 shares and to increase the authorized
stock from 200,000 shares to 300,000 shares.—V. 146, p. 906.
200,000
common
Celanese
Corp. of America (& Subs.)—Earnings—
1937
1936
1935
1934
$6,576,624
11,772
$6,457,795
199,911
$5,900,858
$4,692,824
11,920
9,480
4,018
53,313
24,540
43,269
$6,600,316
1,268,645
$6,667,185
1,213,472
$5,958,190
1,116,480
$4,760,633
924,591
196,415
43,219
139,481
20,275
194,289
676,155
850,364
601,783
83,309
503,000
a$4,461,227
on 7% cum. prior
preferred stock
1,153,726
Divs. on 7% cumul. 1st
partic. preferred stock
1,287,676
Divs. on common stock2,250,000
$4,406,993
$4,057,227
$3,229,458
865,547
803,726
803,726
1,138,015
1,500,000
1,037,253
bl,762,948
$903,432
$2,216,248
$662,784
Net profit from oper
Divs. on investments—
Interest earned
Total income
Depreciation
Loss on disposal of fixed
&SS6tS
Int.
on
long-term debt--
Res. for contingencies_
Res. for income tax
_
Net income
Divs.
Surplus
def$230,175
a This is equal after dividends on
7% prior preferred stock, and par¬
ticipating provisions of the first participating preferred stock to $2.04 a sh.
on the common stock and compares with $2.25 a share on the common
in 1936 and $1.99 on the common in 1935.
b Of which $725,695 is on ac¬
count of arrears in full.
pay
Assets
ment expenses..
$10,461,790 $9,503,409'
1937
1936
$
Liabilities—
$
Land, bldgs,, &c..32,264,999
Patents & develop¬
28,271,691
1
1
9,376,629
rec.
Other
(less res.)..
accounts
Due from affil.
4,083,414
47,344
49,489
7,921,739
co.
6,679,134
22,548
23,037
$406,483
616,861
611,371
mental exps
1,343,027
1,033,634
166,359
196,984
charges
Investments
40,000
1,369,343
1,433,043
sur.
Total
Deferred
14,817,900
1,000,000
1,000,000
liability.
33,000
66,000
4,500,000
4,000,000
1,312,947
1,432,306
726,242
1,183,189
Purch.
mon.
mtge.
affiliated co
Accounts payable-
236,165
1,048,654
288,432
288.431
168,433
125,118
710,512
823,862
for
Federal
Income tax
Res. for conting..
358,946
358,946
9,721,453
9,951,627
1,913,763
$10,461,790 $9,503,409
Dividend—
Directors have declared a dividend of 44 cents
per share on the preferred
stock payable on account of accumulations on
April 11 to holders of record
March 25.
Similar amount was paid oh Jan.
10, last.—V. 145,
381,710
Divs. payable
Res. for for'nexch.
accrued
Earned surplus
1,954,219
Foundry Co.—44-Cent Pref.
98,640
365,044
&c.,
Prov.
1,400,000
254,936
4,916,854
b Capital stock...
4,918,154
Capital surplus &
distributable
14,817,900
1st partic
Other accruals
Deferred & prepaid
debentures 1,300,000
MIn. int. in subs..
cum.
pref. stock
Wages. commis'ns,
series A sink-
fund
16,481,800
Notes pay. to bks.
3,519,093
&
.
7%
b Common shares.
Cust. notes & accts
$
16,481,800
stock
3,928,895
Cash
1936
$
Cumul. prior pref.
& oth. def. cred.
$583,901
depreciation of $4,868,112 in 1938 and $4,090,032 in 1937.
b Represented by 163,428 cumulative
sinking fund convertible preference
shares of no par value and 673,861
(672,561 in 1937) common shares of
no par value.—Y. 146,
p. 1064.
26,088
97,198
23,213
.
liabilities
Research & experi¬
After
Canadian Car &
51,452
493,144
96,938
Matured bond int.
80,656
Total
51,679
526,263
(power purch.).
Other accts. & int.
Total
T°tai
275,800
Pot. Elec. Pow. Co
1,126,159
26,088
of
pay.
93,711
...
due
640,859
for
Inventories
1938
over¬
accrued llabils-.
1,523,830 Mtge.
62,218
expenses.
Bank loans &
Accts. payable and
Int. in & advances
to affiliated cos.
Liabilities—
(
$80,675
768,588
Accts. and bills re¬
Inventories
debt
within 1 year...
matured interest
Dep.
int. receivable.
Consolidated Balance Sheet Jan. 31
Assets—
Notes payable....
Consolidated Balance Sheet Dec. 31
$181,548
1,567
Cash
Capital stock ($100
par)
24,000,000 24,000,000
Funded debt
15,115,550 14,277,000
Accts. pay. (trade)
179,117
208,700
Funded
1937
income taxes
a
hand and
In banks
except
Other income
Prepaid
a Land,
52,565
22,450
Calendar Years—
no par
x
130,369
598,000
Other inv. (at cost)
Miscellaneous income—
Total
x
on
secur.
$6,623,071
Stk. pur., contr...
x
321,470
52,809
......
&
deposit
1936
Liabilities—
Reacq. sec. (at par)
for returned
101,058
2d mtges. rec'le.
Investments
1936
Payroll accrued
1,178,506
$
1937
-V. 144, p. 2291.
1937
Taxes accrued
Inventories
y
Cash
Cash
Deferred charges..
$1.90
Liabilities—
1936
$
Assets—
31
1936
Prop. & plant acct.56 350,070 55,540,520
receivable
Consolidated Balance Sheet Dec. 31
Assets—
1937
Mater als & suppl.
$1,045^396
$474,784
345,175
Netprofit
Dividends
_
Consolidated Balance Sheet Dec
1937
Expenses.,--
.
Net income
1233.
Campbell, Wyant & Cannon Foundry Co. (& Subs.)
Calendar Years—
Gross profit
funded debt
on
Other interest charges
California-Oregon Power Co.—Obituary—
been ill for several weeks.—V.
Gross income
Int.
Amort, of bond discount
p.
3648.
..50,583,349 51,147,056
Total
50,583,349 51,147,056
b Represented by 1,000,000 shares of no par value.
Participating Dividend—
The board of directors has declared a dividend of $1.75 per share on the
7% cumulative series prior preferred stock, payable April 1, 1938 to holders
of record March 18.
The directors also declared a participating dividend
of $1.53 per share on the 7% cumulative first participating preferred stock
being the participating dividend accrued on this stock to Dec. 31, 1937
payable April
1, 1938 to holders of record on March 18, 1938.—V. 145,
p.3813.
Volume
146
Financial
Celotex Corp.—Shareholders
Fight Stock Deal—
Testimony intended to show an official inter-relationship between the
Celotex Corp., the Phoenix Securities
Corp. and the Certain-teed Products
Corp, was offered March 8 by Celotex stockholders' counsel in a suit to
bar
stock deal between the
companies.
The deal involves the
proposed acquisition
a
by the Celotex Corp. of a
large stoc«r of Certain-teed Products Corp. stock from the Phoenix Securities
Corp.
The suit for a permanent injunction restraining the Celotex
Corp.
from making the purchase is
being argued before Harry Kane, referee,
at 14 Vesey St.—V.
146, p. 434.
Central Hudson Gas & Electric
Calendar Years—
1936
1935
1934
$7,175,390
3,279,560
714,500
$6,620,563
$6,471,564
2,917,152
Taxes
29,976
zl ,008,166
$6,939,596
3,168,909
660,000
21,743
628,434
602,276
562,298
Operating income
Non-operating income..
$2,143,187
50,371
$2,460,511
65,404
$2,510,698
69,213
$2,478,829
125,497
Gross corp. income...
Int. on mortgage debt..
$2,193,558
451,386
1,983
$2,525,915
426,925
10,920
230,234
$2,579,911
465,019
64,811
119,183
$2,604,326
494,250
67,705
198,494
$1,857,836
x400,552
y1,305,000
$1,930,898
421,800
1,200,000
$1,843,876
421,800
1,200,000
Retirement
expense
Uncollectible
revenues..
Other int., amort., &c..
Federal income tax
,
See
z
2,994,946
484,000
28,643
fk
the
483,960
29,324
1705
g to the registration statement the
??
debentures
^
to be
are
°in Feb'
$1,740,189
316,385
1,200,000
Includes $316,350 paid
x
on 6% preferred stock for the first three quarters
1936, $79,096 paid on 4J£ % cumulative preferred stock for the
last quarter of the year 1936 and
$5,106 paid on the unexchanged 6%
preferred stock for the last quarter of the year 1936.
y $1,200,000 paid on
1,500,000 shares of common stock without par value of 80 cents per share
per annum and $105,000 paid on 1,500.000 shares of common stock without
par value payable on Jan. 2, 1937, at 7 cents per share,
z Including pro¬
vision for Federal income tax
amounting to $225,368.
of the year
1937
A^ssct8'——m
1936
$
1938 to complete plant and additions
*xT V
rr-u
Cap. stock
Liabilities—
357,757
342,059
566,111
expense
the
*
to the registration
statement.—V.
this
around
Recently the directors
it
is
Notes & accts.
total of 215,000 Erie RR. shares went to
Chesapeake & Ohio Ry.
January when the latter acquired control of the Erie from
Alleghany
Corp., the Securities and Exchange Commission disclosed March
446,783
563,971
608,363
Prem.onpref.8tk.
613,130
x
432,028
Retirement res've.
73,074
74,429
619,669
587,438
Defd credit to Inc.
754,339
616,293
Surplus
7.030,000
Prepayments
.
Work in progress..
Total
43,052,806 40,399,9271
13,235,224
2,232,320
738,740
114,668
111,829
2,473,743
257,206
3.510,478
Total
Represented by 1,500,000 shares of
Calendar Years—
Gross earnings—Electric
17,020
Common stock..13,235,224
Other reserves
Central Illinois Light Co.
7,030,000
no par
Authority for
value.—V. 145,
p.
2540.
Feb. 24—V. 146, p. 1544.
Chesapeake & Potomac Telephone Co. (Bait.)—Earns.
Calendar Years—
1937
Local service revenues..$11,430,305
Miscellaneous
—Earnings
1936
1935
1934
Uncollectible oper. rev..
$5,617,355
2,032,945
574,515
52,746
$5,033,317
1,911,876
544,089
18,500
$4,729,374
1,759,768
521,847
Current maintenance...
$8,820,588
3,158,566
479,289
975,200
837,849
391,400
$8,277,561
2,954,829
530,549
910,000
715,067
253,000
$7,507,783
2,562,317
470,367
750,000
525,606
313,200
"$7,037,387
$2,978,284
691,723
14,856
85,435
Cr37,850
$2.914^116
"$2,780,741
676,646
75,667
73,057
Crl 8,934
$2,886,292
757,418
4,823
36,635
Crl1,925
$2,224,121
1*2/107.679
$2,099,341
$1,892,644
26,398
Total operating rev...
Depreciation
Maintenance
Prov. for retire,
General taxes
reserve.
Federal taxes
Net
earnings
Int.
on
Int.
on
funded debt....
unfunded debt..
Amort, of dt. disc. & exp
Int. charged to constr'n.
xNet
income
2,361,589
453,511
718,500
456,205
266,841
Commercial
was charged to income deductions.
For comparative purposes,
the amount charged to income deductions in 1936
($95,702) has been elimi¬
nated from the above statement of income for that
year.
Note—It is estimated that no surtax on undistributed
1,334,446
205,398
1,154,562
a2,125,738
1,236,856
181,191
1,067,889
al,857,839
1,139,885
184,903
1,272,502
1,633,085
1,060,491
179,361
1,057,842
1,598,872
$2,855,902
4,365
$3,106,982
8,215
$2,626,779
3,794
$2,644,437
726
In. avail, for fixed ch'g $2,860,267
$3,115,197
195,165
$2,630,574
89,532
$2,645,163
142,489
expenses..
Gen. and misc. expenses.
Taxes
Net operating income.
Interest deductions
305,759
Bal. avail, for div
Div. on pref. stock (7%)
2,475,000
$2,920,032
61,200
2,550,000
$2,541,042
210,000
2,100,000
$2,502,674
210,000
2,100,000
Bal. tranf. to surplus.
$79,507
$308,832
$231,042
$192,674
on com.
a The
company does not consider that it had any undistributed earnings
in 1936 and 1937 in respect of which
provision for surtax should be made.
Comparative
1936 and 1937.
Balance Sheet
1937
$
Dec.
31
1936
$
Balance Sheet
1937
$
1937
Liabilities—
1936
$
Telephone plant. .54 236,109 61,088,350
Other lnvestm'ts..
14,162
6,279
Misc. phys. prop.
7,810
16,390
Cash & spec. deps.
195.426
190,272
.
Fixed capital (Incl.
intangibles)
Invest.
In
43,522,780 41.933,467
sec.
of
var'scos., &c._.
-
Special
29,600
deposit...
33,870
1,218,000
&c
Maintenance trust
h
fund
deposit
Debt disc.
>
&
170,357
stock
disc.,
Misc. curr.liabil..
&
Reserves
Contrib. for exten.
process
of amortiza'n
759,761
951,166
238,527
166,711
2,321,750
x
14,945
Mat'l & supplies..
519,303
406,892
Acc'ts
and
Other defd debits.
179,930
22,188
5,266,935
162,431
10,755
154,298
int. receivable..
1,223,105
1,483,590
145,028
60,358
75,026
256,602
•
2,652,847
x
reserve
56,642,126 53,426,7711
Total
directors have
declared
the
y
following dividends payable April
1,
Central New York Power Corp.
2,641,439
Total.
.56,642,126
3,187
53,426,771
$8,100,847
32,596
$7,652,717
29,129
$8,833,167
1,406.674
1,376,854
1,200,288
723,837
194,428
677,878
a980,450
$8,068,250
1,311,101
1,381,328
1,017,411
651,323
176,938
675,819
844,647
$7,623,588
1,358.879
1,355,202
1,002,982
615,249
165,877
589,643
775,722
operating income. $2,196,335
inc...
12,447
$2,272,758
$2,009,681
53,143
$1,760,032
82,898
ch'g $2,208,782
194,167
$2,297,659
197,188
187,635
250,549
$2,062,825
214,545
259,147
$1,842,931
215.439
261,582
9,488
807
9,627
10,474
10.529
833
732
770
$1,816,683
1,800,000
$1,839,461
1,620,000
$1,577,926
1,440,000
$1,354,609
1,440.000
$16,683
$219,461
$137,925
def$85,391
revenues.
Total operating rev—
Current maintenance—
$9,535,028
Depreciation expense—
1,430,217
1,468,276
Traffic expenses
Commercial expenses—
Operating rents
Gen. & miscell. expenses
—
Definitive Bonds Ready
Net
In. avail, for fixed
Bond interest
livery
Amort,
of outstanding
temporary
bonds
to
the
Marine Midland Trust Co. of New York, trustee.—V. 146, p. 1234.
Co.,
Hamilton,
Ohio—
Company on Feb. 8 filed with the Securities and Exchange Commissioin.
registration statement (No. 2-3615, Form A-2) under the Securities Act of
1933 covering $5,500,000 sinking fund debentures due Sept. 1, 1950, and
7,819 shares|($100 par) 6% cumulative preferred stock.
The interest rate
onfthe debentures is to be furnished by amendment to the registration
Other interest
of
discount
funded debt
1936
1935
1934
1,624,045
762,516
227,851
733,296
al ,092,491
—
Inc. available for divs.
Dividends
on com
24,901
on
Other fixed charges
stock
.
a
846,017
12,706,229
$8,866,530
33,363
Miscellaneous
^Company's definitive general mortgage bonds 3%% due Oct. 1, 1962,
have been made available in the principal amount of $48,364,000 for de¬
tatement.
801,284
4,102
12,816,394
credits..
reserve
$5,392,549
1,904,133
356,034
Net non-operating
4113.
Champion Paper & Fibre
To Issue $5,500,000 Bonds—
liabilities
$5,681,412
2,017,990
401,444
—V,
presentation
323.507
925,360
$6,196,264
2,236,302
433,963
Taxes
had
been paid quarterly from time of issuance up to and including July 2, 1934.
the
324,144
1,351,847
/
Years—
and Jan. 1, 1937, and payments of one-half of the above rates were
in each of the nine preceding quarters.
Regular preferred dividends
against
payments
Acct's payable and
other curr. liabil
to
1
made
p.
depos.
billing &
Represented
$1.75 per share on the 7% cumulative preferred stock (par $100).
$1.50 per share on the 6% cumulative preferred stock (par $100).
$1.50 per share on the $6 cumulative preferred stock (par $100).
Similar distributions were made on Jan. 1, last, Oct.
1, July 1, April
145,
1,756,032
Customers*
Total
$9,572,256
Uncollectible oper. rev..
37,228
50,668,911 47,681,086
$153,991 in 1936.
shares.—V. 146, p. 1544.
to holders of record March 10.
4,225,000
1937
$6,816,092
2,294,172
461,992
Calendar
Central Maine Power Co.—Accumulated Dividends—
"The
6,650,000
2,030,442
trustee
of pension fund.
Chesapeake & Potomac Telephone Co. of Virginia—
of $167,441 in 1937 and
no par
$
Amer.
—V. 146, p. 434.
Local service revenues..
50,668,911 47,681,086
After
Notes sold
Depree.
Toll service revenues...
Total
from
Tel. & Tel. Co..
Unapprop. surplus 2,663,911
4,887,758
245,847
2,380,792
582,628
by 210,000
1936
$
30,000,000 30,000,000
not due
1,374,462
587,746
Adv.
Deferred
Accts., notes and
Mat'ls <fe supplies.
1937
Common stock
Accrued
Total..
secur.
1 403,495
188,108
other curr. assets
31
Liabilities—
& adv.
Prepayments
858,600
1,540,000
Earned surplus
receiv.
445,417
204,666
209,027
accounts..
Cash
U. 8. Govt,
17,353
167,982
524,052
Def. charges & pre
jncpaid
funds—
on
funded debt
681,440
prem.,
comm.
in
exp.
600,930
int.
Working
1,063,685
Accounts payableAccrued taxes
Accrued
exp.
in proc. of amort
Pref
4pref.stock..11,146,400 11,146,400
y Common stock..10,833,987 10,833,987
Funded debt
18,554,300 16,554,800
Consumers' depos.
Dec.
1936
$
Assets—
Assets—
$2,554,507
stock
Dividends
profits will be in¬
curred for the years
.
Net non-oper. income...
xBeginning Jan. 1, 1937 the amort, of pref.stk. prem., dis,. comm. and
expense has been charged to earned surplus.
Prior to that date such amor¬
tization
$14,890,231 $14,035,445 $13,295,252 $12,886,523
54,955
39,900
45,278
41,510
Operating rents
822,641
13,507
63,284
Crl 1,336
1934
$9,795,237
2,667,960
423,325
$14,835,276 $13,995,545 $13,249,974 $12,845,012
2,328,084
2,219,108
2,227,898
2,230,332
2,152,949
2,094,361
2,146,390
2,155,619
2,678,196
2,231,318
2,018,531
1,918,058
expense...
Traffic expenses
Total gross earnings._
Operation
1935
$9,999,401
2,815,310
480,541
2 889,751
revenues.
Total
1936
$10,357,662
3,155,790
570.175
521,993
Toll service revenues...
1937
revenues..
"Nickel Plate."
Directorship Asked—
$6,023,644
2,206,835
541,217
48,890
Gas
during January.
common shares of the
John M. Miller
Jr., Richmond, Va., banker, has applied to the Inter"
state Commerce Commission for
authority to serve as a director of this
railroad and its affiliated
companies.
Mr. Miller was elected a director
3,292,465
43,052,806 40,399,927
5.
The
included in the Commission's
monthly compilation of security
of officers, directors and
principal owners
was
Alleghany Corp. also sold 167,300
34M00
Serial pref. stock..
379,128
472,576
Heating
Non-oper.
Chesapeake & Ohio Ry.—Acquires 215,000 Erie Shares—
A
n
Customers* deps..
Contrib. for ext's.
rec.
x
equity in the railway, since
expected that Chesapeake Corp. will pay an extra dividend
shortly in
common to reduce its earned
surplus.—V. 146, p. 1544.
C. & O.
transfer
Instalm't contr'ts.
Inventories
Deferred charges.
or
transactions
9,759
$364,375.
of the corporation authorized the
sale of 60,480
C. & O. preferred which will be
arrnaged at a private sale institu¬
tion
Proceeds of the latter probably will be reinvested in
C. & O. common
so that the
holding company can maintain its
shares
245,907
inv..
are
expected to take action shortly on
according to reports in the financial district,
it is believed that the
company will offer for
Ohio Ry. the 27,500 shares of Pere
Marquette
move
common
703,546
212,293
270,914
746.
Chesapeake &
which Chesapeake Corp. now owns.
Chesapeake Corp.
these shares at a book value of
$4,783,959, whereas the market value
of Pere Marquette common
now is
Ky.
489,202
6% pref. stock
p.
carries
311,585
203,512
the corporation
the dissolution of the
company
in preparation for
sale to the
766,087
lt267~815
146,
Chesapeake Corp.—May Dissolve—
379,096
203,512
on
tL* Hv*tton & Co. and Goldman, Sachs & Co., both of New York
Gity will underwrite the debentures. The
company states that there will be
underwriters for the 6% cumulative
preferred stock.
The price at which the
securities are to be offered to the
public, and the
underwriting discounts and commissions are to be furnished
by amendment
Accrued liabilities.
975,000
1,473,345
mills or to increase its working
company intends
m>
558,519
Mktable. invest's.
the
to sell the preferred
the New York and Cincinnati
Stock Exchanges or
directly to investors.
The debentures are
redeemable at the option of the
company in whole or in
part after 30 days notice at 103
% and accrued interest if redeemed prior to
March 1, 1939, and thereafter
the premium will be reduced w
of 1% for
each year to and
including March 1, 1950.
21,290
Investments
Misc. inv. & advs
secur.
$
11,768,000
prospectus
£?m,g registered through brokers
,
Accounts payable.
Divs. declared
Bond red. fund...
Cash
Other
$
14,240,000
Long-term debt
and betterments in progress,
will be added to working capital. The proceeds
preferred stock, the company states are to be devoted
to^mprovements and betterments at its
1936
1937
$
36,614.321 35,065,291
to the retirement
c™™balance of the proceeds
rrom the sale of the
Comparative Balance Sheet Dec. 31
Fixed capital
follows:
as
11938 in the amount of $2,800,000;
«oon^^e!ciliLpape?
,.The directors of
Net corporate income.
Preferred dividends
Common dividends
applied
net proceeds from the sale of
To the retirement of bank loans
outstanding on Feb. 27,1938 in the amount of $800,000;
awzu.OUO to the retirement of
purchase money obligations; and
$100,000 to
estimated expenditures made or to be
made subsequent to
According to
Corp.—Earnings—
1937
Operating revenues
Operating expenses
Chronicle
Balance, surplus....-
1936 includes $15,836 surtax on undistributed earnings; the company
had any undistributed earnings in 1937 in respect
of which provision for surtax should be made.
a
does not consider that it
Financial
1706
1937
Misc.
plant..36,664,788 34,734,573
60.607
phys. prop.
60,607
Other
Investments
108,778
1,150
266,942
15,751
106,300
funds—
2,695
152,649
13,259
Notes receivable..
--
funds
Cash & spec. dep.
Working
$
Liabilities—
Telephone
Sinking
1936
$
1936
}
3,250
Acc'ts receivable..
966,871
914,959
Mat'l & supplies..
380,424
263,566
335,670
stock—20,000,000
Common
18,000,000
3,900,700
4,275.000
954,642
Notes sold to trus¬
pension fd.
Customers'
& adv. billing <fc
628,376
491,514
8,730
credits..
loss$25,342
24,535
loss$20,695
28,579
loss$49,275
218,011
x
$6,115
loss$49,877
x521,040
x569,394
572,991
$506,499
Net loss for the year.
1,910,839
38,501,160 36,669,553
Total
$34,973
x541,472
Net income
—
on funded debt, &c.,
y
Int.
$514,925
$619,271
$622,266
cancellation and adjustment of charges applicable to
of $7,600 in 1937, $33,969 in 1936 and $16,268 in 1935.
obligations not assumed by
After deducting
prior years, &c.,
Before deducting interest and expenses on
receiver.—V. 144, p. 1777.
y
Washington,
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
1935
1936
1937
Calendar Years—
1934
$8,691,927
876,762
502,781
1934
$7,534,668
837,891
450,602
Manufacturing profits-- $5,873,853
Admin., sell. & gen. exp.
3,509,661
Depreciation
413.028
$4,455,714
$11,171,575 $10,614,315 $10,071,470
revs.
34,108
17,301
4,948
$8,823,161
39,459
Profit from operations $1,951,164
Other income charges—
107,618
$1,365,597
162,233
y325,000
127,000
174,286
21,190
$10,597,013 $10,066,522
1,767,378
1,935,143
1,609,200
1,635,058
1,847,888
1,989,691
1,064,616
1,136,461
34,031
39,025
830,364
801,803
735,234
a867,323
$8,783,702
1,776,841
1,529,935
1,777,213
1,001,464
33,050
748,148
608,075
Profit from operations $1,518,546
83,770
$1,076,364
72,449
$660,320
72,841
$338,902
75,701
$1,602,316
$2.26
$1,148,813
$2.58
$733,161
$0.48
$414,603
Nil
$2,177,804
2,065
$1,308,976
1,082
Calendar Years—
Local service revenuesToll service revenues—
Miscellaneous revenues.
Total oper. revenuesCurrent maintenance-
Depreciation expense—.
Traffic
$26,698
20,583
9,725
5,787,831
2121.
Uncollectible oper.
$51,055
16,082
534,099
Chesapeake & Potomac Telephone Co.,
D. C.—Earnings—
Total
Non-operating income-
268,340
884,365
5,679,693
Unapprop. surplus 1,917,040
—V. 144. p.
51,884
$238,706
Other deductions
275,390
payments
Deprec. reserve—
38,501,160 36,669,553
66,825
$238,930
213,588
Accts. pay. & other
Deferred
Total
54,275
$199,934
226,633
Balance, Income
Acer. liab. not due
227,871
70,264
$184,381
235,436
Taxes.-:
depos.
current liabilities
Deferred debits...
$1,615,696
1,802,518
$1,909,571
2,023,688
4,675,000
1,113,726
1934
$1,672,818
1,844,923
$1,816,031
1.961,690
—
Operating revenue
Operating expenses
Amer.
from
Tel. & Tel. Co..
tee of
1938
1935
1936
1937
Calendar Years—
3,855,700
Bonds—
Adv.
12,
Chicago Aurora & Elgin RR.—Income Account—
Balance Sheet Dec. 31
1937
A. 38Ct3
March
Chronicle
expenses
1937
$9,703,504
890,709
577,361
.$11,137,467
2,064,933
1,036,690
2,331,325
1,196,556
44,235
796,166
.
.
.
Commercial expenses—.
.
Operating rents
Gen. & miscell. exps
a980,044
Taxes
1930
1935
$9,107,820
973,047
533,447
Prov. for Fed. inc. taxes
Income credits
x
Net
profit
Earns, per sh. on com..
x
$3,600,822
2,408,132
336,894
388,054
$2,764,844
$855,796
2,702,063
$511,606
172,704
1,959,503
293,735
minority interest, y Includes $73,000 for surtax on undistributed
Before
profits.
Consolidated Balance Sheet, Dec. 31
Net operating income.
Net non-oper. income--
$2,087,515
51,062
$2,192,510
16,618
Income avail, for
fixed
935,990
268,892
Interest
Bal. avail, for divs---
Divs.
stock-
on common
$1,869,685
1,800,000
$2,179,870
267,041
$2,209,128
182,790
$1,310,058
329,418
$1,91^,829
$2,026,337
1,900,000
$980,640
1,440,000
1,480,000
1,920,506
19,927
.-
29,320
122,714
securities.
Market
receiv,
Long-term
Instalments
within
$69,685
Balance to surplus.—
a
$432,829 def$459,360
$126,337
1936 includes $4,513 surtax on undistributed earnings* company does
that It had any undistributed earnings in 1937 in respect of
should be made.
Comparative Balance Sheet Dec. 31
which provision for surtax
39,960,097
16,678
from
$
$
Common stock
Adv.
employees
Net assets of for.
20,000,000 20,000,000
28,444
199,316
103,400
Notes sold to trus¬
12,216
10,269
tee of pens, fund
Mat'l <fc supplies..
535,385
558,292
Cust. deposits and
Miscell. phys.prop.
Cash
Working
Tel. & Tel. Co..
6,000,000
1,261,314
157,906
55,108
1,293,498
other cur. assets
178,963
Prepayments
47,352
Other def'd debits.
2,895,000
2,219,093
242,685
1,116,324
Acer. liab. not due
346,336
391,475
2,304
1,118
Deferred
credits..
Deprec'n reserve. .11,058,380 10,605,435
4,844,951
Unapprop. surplus 4,801,716
45,842,559 42,151,584
Total
45,842,559 42,151,584
Total
disct. &
1937
1934
$3,421,148
1,529,625
240,813
1936
1935
$3,837,493
1,791,297
$3,557,388
1,580,121
262,079
$6,374,194
$5,915,771
16,115
$5,399,588
$5,899,656
1,050,135
997,877
$5,171,182
171,404
596,794
a693,929
$5,377,372
1,000,741
1,011,800
849,791
442,728
147,200
515,904
586,721
$1,106,222
Dr2,815
$997,428
$822,486
$825,482
Dr675
Dr477
37
$1,103,407
130,333
$996,753
131,916
$822,008
159,782
$825,519
208,202
$973,074
972,000
$864,838
810,000
$662,226
486,000
$617,317
162,000
$1,074
$54,838
$176,226
$455,317
Calendar Years—
Total
21,207
Uncollec. oper. revs
$6,352,988
Depreciation expense—
1,014,798
1,101,344
472,360
151,391
526,038
1,201,688
expenses
Commercial expenses—
Operating rents
Gen. & miscell. expenses
a779,143
Taxes
Net oper. income—Net non-oper. income-
286,981
Inc. avail, for divs—
22,215
932,991
459,096
983,203
1,015,722
818,788
426,692
129,422
448,566
523,305
Earned surplus
4,574,866
341,652
16,331,106 20,075,750
Total
16,331,106 20,075,7501
x After
depreciation of $4,441,403 in 1937 and $4,369,009 in 1936.
Represented by 181,135 no-par shares, z Represented by 335,320 (199,469
in 1936) shares (no par)
a Represented by 70,000 no par shares,
b Repre¬
sented by 181,135 no par shares.
Note—The above balance sheet includes the assets and liabilities of Con¬
solidated Pneumatic Tool Co., Ltd., and certain of its subsidiary companies
and branches as of Nov. 30, and of its remaining subsidiary companies
and branches as of various dates from Sept. 30 to Oct. 31, inclusive.—V
,
Chicago Rapid Transit Co.—Earnings—
stock-
Balance, surplus.,
Sheet Dec.
Balance
1937
$
1937
Liabilities—
Common
Accts. receivable..
667,059
647,449
12,630,208
int.
$601,017
657,480
$349,483
669,686
def$110,673
corporate obligations
on
658,140
reserve
Int. & exp. in connection
with corp.
obliga's not adopted by receivers or
2,577,987
2,577,987
2,590.324
$3,346,800
$2,634,449
$2,910,528
trustees
Net loss for the year
x As dtdjustcdi
On Jan. 27. 1937 the Federal District Court approved the company's
petition for reorganization under the provisions or Section 77-B of the
Act.
By appointment of said Court, effective at the
1937, Messrs. Albert A. Sprague and Britton I.
formerly receivers for the company, became temporary trustees.
On Feb. 20,1937, Mr. Budd resigned as temporary trustee and on March 2,
1937, the Court appointed Mr. Sprague sole permanent trustee.
On April 28,1937, a committee for the reorganization of the company was
appointed by Judge James H. Wilkerson of the U. S. District Court,
composed of William J. Lynch, Chairman; D. F. Kelly, S. L. Castle and
Byron V. Kanaley.
Walter A. Shaw, consulting engineer, was also ap¬
pointed by the Court as technical adviser to the committee.
This com¬
mittee is authorized to formulate "a fair, equitable and practical plan of
reorganization of the debtor corporation."
The committee is also author¬
ized to negotiate with the City Council, or any committee thereof, "in all
matters relating to the preparation of any traction ordinance or ordinances
which may be deemed to be in the interest of the debtor."
Federal Bankruptcy
close of business Jan. 31,
Mat'l & supplies..
Adv.
stock
from
Balance Sheet
$
16,200,000
16,200,000
Cust. dep. & adv.
Amer.
1937
Tel. & Tel. Co..
2,650,000
1,900,000
tee of pens,
891,082
813,414
347.204
170,347
billing & pay'ts.
56,786
60,226
Accts. pay. & other
24,561
14.543
current liabilities
94,544,711
Acc'ts payable
Accrued int. on
203,346
Cash.____
421,152
Special funds—-
158,871
746,322
121,678
26,203
4,481,383
Unapprop. surplus 1,539,432
1,528,729
receivable
27,147,770 26,133,146
Accrued int.
y
Chicago Milwaukee St. Paul & Pacific RR —Equipment
Certificates—Salomon Bros. & Hutzler, Dick & MerleSmith and Stroud & Co. were high bidders on March 10 on
$2,235,000 3%% equipment trust certificates, series S,
maturing April 1, 1939-53, with a tender of 99.033.
by Evans, Stillman & Oo. and associates.
Accrued
taxes.
wages
Accrued rentals
658,875
508,014
Contract
2,471
273
rec.
_
deposit.
7,798
7,000
Deferred charges
821,043
Deficit
2,845,437
696.844
317,274
223,405
.
liab lis.
28,068
30.018
145,105
3,956,498
4,780,224
16,084,367
13,440,843
103,692.294
103,621,485
due within 1 yr
Reserves
1,387,288
,
337,440
-
Deferred liabil--
cos
2,867,483
12,305,669
1,600,547
Acc'ts payable ..
229,667
Due from Chic.
2,867,146
14,805,119
3,213,937
bonds & notes
231,372
local trans,
Trust
Funded
Accrued
Notes and acc'ts
Mat'ls & supplies
—Y. 146, p. 2121.
64,991,206
1,472,892
x
3,038
203,346
mtge.prop.sold
26,008
19,862,900
1,472,892
x
3,038
Sundry invest
522,070
19,862,900
64,991,206
465
Depos. in lieu of
4,394,645
1,500,000
stock.
x
190,368
credits.-
4,995,800
debt—
465
496,354
496.694
reserve..
$
4,995,800
1,500,000
Notes payable
Common
2,904,676
3,439,364
723,380
Deprec'n
1936
$
Pr. pref. stk. A.
3,431,018
_
201,151
Deferred
Total
Liabilit ies—
Pr. pref. stk. B_
Sinking fund
Other def. debits..
Acer. liab. not due
96,365,554
Misc. phys. prop
tion expense.
fund
1937
$
Special construc¬
Notes sold to trus¬
Dec. 31
1936
S
Assets—
Road & equip-.
Prepayments
A bid of 97.029 was submitted
13,201,365
Bal. avail, for retirement reserve &
1936
$
Telephone plant..25,841,964 24,987,532
Misc. phys. prop.
11,546
94,644
Other investments
31,527
9,512
Cash
159,187
141,791
Working funds...
7,933
7,103
27,147,770 26,133,146
xl935
$13,802,383 $12,979,691
31
1936
$
Assets—
xl936
1937
Calendar Years—
Operating revenues & non-oper. inc__$13,859,093
Oper. exps., taxes, rentals & receivers'
& trustees'int. (excl. of retire, res.) 13,969,766
Budd,
a
1936 Includes $4,029 surtax on undistributed earnings; the company
does not consider that It had any undistributed earnings in 1937 in respect
of which provision for surtax should be made.
Asks
4,065,364
837,434
Capital surplus
y
$5,191,587
20,405
Income avail, for fixed
Interest
Total
301,307
& develop, exp.
Retirement
Total oper. revenues-Current maintenance—
on common
1.994,690
224.675
_
38,285
61,035
Total
Chesapeake & Potomac Telephone Co. of W. Va.—
Local service revenues-- $4,160,812
Toll service revenues—
1,896,296
Miscellaneous revenues.
317,086
Divs.
9,056,750
pf. stock_b2,415,133
conv.
Prior pref. stock__a3,377,500
z Common stock.
3,353,203
9,989,085
146, p. 1545.
—Y. 144, p. 2121.
Traffic
31,924
20,243
Insur., taxes, duty
248,321
1,172,043
Accts. pay. & other
43,373
25,215
Conv. pf. stock-
y
$3
Goodwill
2,048,955
current liabilities
adv. bill & pay't
Acc'ts receivable &
767,134
expenses—debs-
funds...
investments
455,085
foreign subsld'y.
eqpt.,&c 3,982,941
Unamort.
Amer.
16,753
28,444
Other
2,000,000
Minority interest—
buildings,
mach.,
100,000
year.
Contingent reserve
Reserve for Ins., &c
107,423
40,384
&
subs., &c
Liabilities—
$
$
Assets—
Telephone plant..43,530,705
60,594
advances, &c
Land,
one
debentures
Amts. due by off rs
x
1936
1937
1936
1937
due
15-year 5Yz% gold
Misc. Investments,
not consider
1,201,259
28,875
Bond int., accrued
6,907,092
32,390
151,613
(misc.)
—
842,468
1,668,439
liabilities & taxes
25,979
8,023,144
1,980,564
rec.
$
90,360
Accts. pay. & accr.
(trade)
Accts.
Inventories--
1936
$
Notes payable
567,777
Notes & accts. rec.
$2,138,577
charges
Liabilities—
$
$
Assets—
Cash
1937
1936
1937
173,174
912,928
Special
Total.
x
103,692,294 103,621,485
Total
payable at June 28, 1932, date of receivership and
bonds and notes,
y Being the estimated amounts
Notes and accounts
accrued
interest
(subject to final
on
determination) due in adjustment of passenger revenue
transfers.—V. 144, p. 1 "°r' r r*-- -
from inter-company
Delay—
The Guaranty Trust Co. of New York on March 8 asked the Interstate
Commerce Commission to defer from March 21 to May 23 the reorganiza¬
proceedings of the road to allow time for the organization of a protec¬
tion
tive committee.—V.
146,
p.
1545.
Childs Co.—New Directors—
and Thomas I. Mclntyre, Secretary and Treasurer
elected directors to succeed Leroy W. Baldwin and
David F. Kemp.—V. 146, p. 1235.
Hervey J. Osborne
of this company were
Volume
146
Financial
Chronicle
1707
Cincinnati Union Terminal Co.—Bal. Sheet Dec. 311937
1936
$
Assets—
.
$
1937
Common
Cash
Special deposits
98
Miscell. accts. rec.
894,033
Total def'd assets.
84,619
dt.
222,736
Oth. unadj. debits
152,913
237,740
235,293
105,572
on
fund
Mat'l A supplies..
payable..
192,753
Int. mat'd unpaid.
7,327
Divs. mat'd unpd.
Funded debt mat'd
217,427
5,969
1,338
1,529
90,000
Unmat'dint.fccr.
240,000
curr.
1,265
235,217
-Y.
43,281,564 43,763,651
145,
Total
used for
new
Colorado
Southern
p.
292,553
sees.
3.650,138
3,352,887
8,737
1,387
from
x
Common stock 46,217,240
Funded debt
int.
decl.
6,804,400
46,217,240
45,297,500
45,623,000
1.069,042
2,630,000
1,057,026
884,281
920~083
bond
and
divs.
& unpd.
Notes payableAccounts pay..
Due to affil. cos.
Central
385
727
Conn.
P. & L. Co. 5s
88,634
444
750
Mat'ls A 8uppl's
1,008,686
298,000
Consumers' deps
1,467,629
Unadjusted cred
Accrued accts..
72,579
Unamortiz. debt
43,281,564 43,763,651
1,149,832
498.158
15,063
5,234.730
126,028
Res. for retire's.
disct. & exp__
Prepd. and def'd
3,088,317
3.197.870
Other reserves—
756.688
1,276,179
484,938
1,971
4,762,617
128,924
Employ, welfare
Contribs. for
accounts
Work in progress
1.531,802
699,755
1,842,381
Unadjusted dts.
Employ, welfare
99,892
80,314
365,141
ex¬
385,344
fund
Total....... 114,120,296 111,455,601
Ry.—$1,072,000 RFC Loan Plea
tensions
548,009
3970^ePreSente<*
Total
503,826
365,141
3,280,487
(contra).
res.
Surplus
(contra).
4113.
The company has filed with the Interstate Commerce Commission
amendment to its application for an Reconstruction Finance
99,484
affil.
$
6,804,400
and officers..
Acer d .int. recelv
1,183
to ICC Amended—•
1,183,301
1,866,652
956,947
19,668
1936
$
5cum. pref.
Matured
companies
Loans to em pis.
Co.—Bonds Placed Privately—
capital.—V. 145,
&
1,207,565
Due
The company sold privately on Dec. 22, 1937, $650,000 gen. mtge. series
A, 4s, dated Dec. 1, 1937 and due Dec. 1, 1962.
Proceeds were used to
retire $465,000 1st 5s, called for payment Feb. 1, 1938, and the balance
was
1,917,930
102,389
Notes A accts .rec
2689.
P.
Clinton Water Works
1,884,478
90,446
Marketable
53,966
27,300
Deferred liabilities
consol
special depos.
240,000
liabil..
95,643,892
stock
Cash
364,000
Mlscel. accts. pay.
Other
1937
Liabilities—
Miscell. invests.
Sink, funds and
90,012
15,000
unpaid
Unad]ust. credits.
Total
not
8.045
96.784
wages
1936
S
Inv.in affil. cos.
186,592
865,634
Rents receivable..
Other cur. assets..
Assets—
Prop.,pl't & inv. 98,903,770
Audited accts. and
86
Disc,
S
3,500,000
3,500,000
Preferred stock... 3,000,000
3,000,000
Funded debt
36,000,000 36,000,000
41,072.779 41.005 981
591,853
830,030
23,452
399,345
Net bal.rec.fr .agts.
stock
1937
1936
$
Liabilities—
Invest, in road and
equip't, &c
Balance Sheet Dec. 31
385,344
2,991,326
114,120,296 111,455,601
1.148,126 no par shares at stated value.—V.
145. p.
an
Corporation
of $1,072,000 which is to be used to refinance bonds of Galveston
Terminal Ry., the net effects of which are to reduce the time of the loan
Consolidated Cigar Corp.-—New Director—
loan
and to strengthen the collateral now held by the RFC and offered by the
Colorado & Southern for the new advance.
Jerome K. Crossman, has been elected a
director of this company to
Maurice Heckscher.
The date of the annual
meeting has been
changed from the first Monday in March to the first
Monday in April.—
Y. 146, p. 1394.
succeed G.
Under terms of the original application to the ICC, the RFC was to buy
$546,500 of the Galveston Terminal bonds, due on March 1, and extend
the maturity ten years.
The balance of $525,500 was to be paid by Colo¬
rado & Southern through an advance of that amount from the RFC.
The amended applicat on provides that the bonds
bought by the RFC
would be extended for only six years, instead of 10 years.
In addition,
C. & S. would repay $72,000 of the $525,500 advance within 30 days.
A
further amendment proposed that a contemplated lease of the terminal
property by the Burlington-Rock Island RR. run for 10 years, instead of 15.
Certain steps likewise were proposed in the amended application. Pointing
out that there are unpledged $744,977 of Burlington-Rock Island receivers'
certificates, the C. & S. proposed that these certificates be pledged with
the trustee of its refunding and extension mortgage, bonds under which
mortgage are held by RFC.
In addition, Burlington-Rock Island in¬
debtedness of about $350,000 to Fort Worth & Denver Northern on account
company
of traffic balances either would be
tures and
or
unfavorable
pledged under the extension mortgage
assigned to the RFC.
All C. & S. refunding and extension bonds and all securities of Fort
Worth & Denver Northern are pledged with the RFC as collateral for pre¬
While the actual market value of such securities is not
vious loans.
as¬
certainable, the road said it believed that the value of the refunding and
extension bonds, of the stock and note of the Denver Northern and of the
O. & 8. general mortgage bonds, held by the RFC, plus the market value
of
$2,000,000 of Burlington bonds, also held by the RFC, will exceed 125%
outstanding.—V. 146, p. 1545.
of loans
Commonwealth Edison
Co.—Weekly Output—
The electricity output of the Commonwealth Edison Co. group (intercompanysales deducted) for theweek ended March 5,1938, was 126,592,000
kilowatt hours, compared with 134,829,000 kilowatt hours in the corre¬
sponding period last year, a decrease of 6.1 %.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Kilowatt Hour Output
1937
—
Week Ended—
5
Mar.
Feb.
Feb.
Feb.
1938
126,592,000
126,491,000
128,545,000
127,618,000
26.1
19
12
—V. 146, p.
Decrease
134,829,000
137,508,000
136,818,000
137,264,000
6.1%
8.0%
6.0%
7.0%
1545.
Community
Public
Service
Co.—Consolidated
1936
$
S
Pl't & prop. (net). 12 ,478,965
12,264,852
1937
Funded
depos.
tional $10,000,000 being
charged to capital requirements.
The proposed debentures, Mr. Carlisle said in
an application to the P. S.
Commission, would be sold in one or more series, to be dated not earlier
than April 1, 1938, to fall due not earlier than
April 1, 1953, or later than
April
1,
1963.
While unable to announce
6.774,000
Consolidated Railroads of Cuba (&
Period End. Dec. 31—
—V. 145, p.
Income
Accrued insurance,
56,473
40,200
4,639
5,008
tnat'l & supplies
2,600
8,639
Mat'l & supplies..
367,933
17,641
13,953
2,439
&c
Rental equipment.
2,250
24,109
6,967
261,400
235,354
1,780,425
4,443,675
1,802,042
4,443,025
436,778
Reserves
Common stock..
on
bonded debt.
307,726
390,174
228,809
for
Connecticut Ry. & Lighting Co.—Order
2,097,537
1,621,987
the transit properties
by the New York New Haven & Hartford RR. in
bankruptcy proceedings of the railroad.
The Circuit Court decided that
there was due company $388,281 because of taxes paid, instead of $332,331
determined by the Connecticut Federal Court.—V. 145, p. 3005.
Connecticut Light & Power
Calendar Years—
Co.—Earnings-
1935
1937
1936
$19,636,753 $18,593,769 $17,695,556
13,314.864 x11,847,513
10,985,770
_..
Operating income
Income from non-operating properties
2,611,816
1,668,208
3,244,941
1,782,659
51,000
36,759
203",241
contingency
Net income
Preferred
dividends
Common divs. (cash)
Common divs.—stock..
Amt. transferred to
^
$6,321,889
116,039
_
$6,746,256
69,058
...
e2,745,050
...
$6,471,492
21,805,983
$6,437,928
1,754,059
penses,
$6,815,314
1,773,505
$6,809,957
1,804,005
124,323
345,557
40,345
111,104
348,939
50,293
118,047
342,084
43,845
$4,173,644
less premium on debt
Rentals & other chgs. on leased prop.
Other deductions
Profit & loss surplus..$15,334,491
of common out¬
standing (par $25)...
Earn, per share on com.
b Net loss
$4,531,473
$4,501,976
231,381
in
2,530,000
2,530,000
2,530,000
$2.52
$3.86
$2.62
$3.16
company estimates that its equity in earnings
amounts to approximately $5,075,000 in 1937,
from affiliated companies
($1,700,000 for cos. which
where exchange restrictions are in effect)$5,100,000
in 1936, $4,600,000 in 1935 and $4,200,000 in 1934.
Of these amounts,
$1,489,479 in 1937, $1,862,205 in 1936, $2,067,787 in 1935 and $1,680,584
in 1934 has been received during the years, d Includes extra cash dividend
of 75 cents per share amounting to $1,897,500. e Paid in common stock of
Allied Mills, Inc., 101,200 shares at quoted market value at Dec. 31, 1935.
f Transferred to surplus from reserve for depreciation of marketable se¬
curities during 1936. This amount was transferred from surplus in 1935 to
take care of possible depreciation in marketable securities.
operate in countries
Consolidated Balance Sheet Dec. 31
1937
y
1936
$
maeh'y,
A
Cos. pf. stock.
Cash
Balance
Common
stock.
,250,000
Acc'ts payable—
,328,715
,327,542
63,250,000
2,239,424
2,327,541
31.002,201
30.471,292
Due to sub. and
418,799
1,100,139
2,446,084
469,856
2,665,880
10,813,012
11,547,352
3,270,344
636,880
,326,050
,334,491
4,003,084
21,805,983
Divs.
3,011,932
$4,531,473
$4,270,595
Notes receivable
240,900
14,802,084
796,742
788.875
Accrued Interest
Due fr. affil. cos.
3,444,378
3,443,780
$3,481,720
3,134,145
8,543,818
Deferred charges
$3,734,731
58,961
4,252.091
Mdse. A supplies
Based upon computed taxable net income, the company is not liable
for surtax on undistributed profits for 1936 or 1937.
cos.
1 lab 11.
and credits
Reserves
Surplus
655,903
25.191,507
81,313
a
f Balance of net income available for
com. stk. divs. & other corporate
purposes, transferred to surplus. $3,799,402
x
Def erred
26,586
Market, secur.
374,242
Light
"""
Common dividends
payable..
affiliated
469,856
$4,173,644
-
& Power Co. preferred stocks
%
32,874,332
Other inv., incl.
z
1936
25,000,000
&c_. 33,519,804
bonds
cos—
$
,000,000
of sub.& con¬
trolled
1937
Liabilities—
Preferred stock.
Rl. est.,bldgs.,
Acc'ts receivable
Cash dividends on Connecticut
$21,805,983 $22,268,052 $25,228,561
2,530,000
sales of securities to the amount of $41,810 in 1936, $225,662
1935 and $160,273 in 1934.
c Predicated upon information in hand,
Stocks
Net income of companies merged
^
$2,960,509 sur$407,946
25,228,561
24,820,615
on
mortgages
^Net income.
$462,069
22,268,052
Shares
$6,709,786
100,171
Amortization of debt discount and ex►-
3,345,028
1,937,610
197,020
280,000
$8,100,522b$ll,490,647 b$8,347,907 b$9,702,696
1,720,166
1,720,166
1,718,416
1,707,921
7,590,000 d9,487,500
7,590,000
7,586,829
Assets—
Gross corporate income..
Interest on funded debt
3,488,828
res_Dr5,261,848Crf2,000,000 fDr2000,000
Deficit
Modified—
The U. S. Court of Appeals for the Second Circuit has modified an order
issued by the Federal District Court for Connecticut regarding payments
due the company as the result of disaffirmance of the 999 year lease held
Operating revenues
Operating expenses
5,082,121
14,298,745 14,080,361
x Represented by shares of $25 par.
Note—The consolidated income account for calendar years was given in
"Chronicle" of Feb. 26, page 1394.
on
Sales Co.)
1934
$13,578,747 $15,491,587
29,233
Insurance
Previous surplus
Total
14,080,361
3,000,743
$11,871,046 $15,807,431
Depreciation
616
dividends
14,298,745
Sub.
1935
501
1,311
Surplus appro p. for
sinking fund
Total
5,283,087
_
Unci.
$7,533,257 $11,007,160
84,591
53,641
878,778
941,958
General, State, corp.and
Prov. for
963
avail,
on securs
Federal taxes
deposits
Surplus
Calendar Years
1936
Income from subs, and
Int.
taxes...
income tax
x
for
$5,552,959 $12,073,252
20,131
48,587
1,014,868
684,848
on
dep.
Unred. ice coupons
in¬
Int. & divs.
c
Consumers' deps..
Cons.' line exten.
320,171
taxes,
$7,197
566,079
1937
Profits from operation..
Int. on dep., loans, &c._
Acer. Fed. A State
Letter of credit for
$5,648
291,590
Refining Co.—Earnings-
Total income
Insur., &c., depos.
$4,447
291,590
Account
34,712
wages,
$2,941
3814.
Corn Products
36,096
5,925
Subs.)—Earnings
169,802
&c
expenses,
affiliated companies.
4,694
can
1937—6 Mos.—1936
Combined net loss after
821,633
(net)..
1937—3 Mos.—1936
Net loss of company only
after expenses, &c
22,000
consumers'
price at which the proposed debentures
sold, Mr. Carlisle indicated that the issue could be sold to investment
bankers at a price to make the sale and the
redemption of the $60,000,000
4 H% issue advantageous to the
company.
It was said also in the application that
company would notify the Com¬
mission as promptly as possible as to the call
price, the issue price and the
exact maturity date or dates, as well as the
minimum amount it expects
to realize.—Y. 146, p. 1546.
11,443
Accrued interest
a
be
21,718
due on reacq.
surance,
$60,000,000 refunding
dropped and only $30,000,000 of bonds were sold, an addi¬
program was
6,872,750
85,659
584,504
i
was to be utilized for
capital expendi¬
the rest applied to
refunding operations.
However, because of
market conditions at that time, the
81,896
bonds in treas—
Prepaid
debentures, $20,000,000 of which
Ltabil. for redemp.
of pref. stock
902,182
527,662
rec.
new
Accounts payable.
and
cash on hand—
Int.
debt
$
than
1936
$
Liabilities—
more
8,000
13,505
with
trustee
Acct's
not
190
Miscell. invest—
Funds depos.
>
at
3^% to refund an outstanding issue of 4V4%
gold bonds of the same amount, due on June 1, 1951.
Action by the company in
re-entering the capital market for refunding
purposes will bring forth the second largest
piece of financing of the year to
date and the largest
single block of securities in more than eight months
Last October Consolidated Edison
planned to issue and sell $80,000,000 of
Consolidated
1937
Bank
Floyd L. Carlisle, chairman of the board, revealed
March 9 that the
was planning to issue $60,000,000 of new
debentures bearing
interest
Balance
Sheet Dec. 31—
Assets—
Consolidated
Edison Co. of New
York, Inc.—Loan of
$60,000,000 Sought—New Debenture Issue in Series at 314%
Planned to Refund
4^% Gold Bor.ds—
1,461,730
Total
110,622,476
1,647,282
11,163,483
,
972,849
120,382,0761
Total
110,622,476 120,382,076
After depreciation reserve of $33,061,025 in 1937 and $31,714,325 in
1936. z 4,262 shares at cost, a At market value.—V. 145, p. 2691.
y
Financial
1708
Consolidated Retail Stores, Inc.—Sales—
1938—2 Mos.—1937
$1,271,903
$1,285,803
1938—Month—1937
$661,035
$714,754
Period End. Feb. 28—•
Sales
1068.-
—V. 146, p.
Chronicle
March
of the settlement of patent litigation which had been pending many yearg,
and had no relation to its public utility business.
Balance Sheet Dec. 31
Oct. 1, July 1 and on April 1, 1937, as against a dividend of
$4 paid to Dec. 24, 1936; $2 paid on Oct. 1, 1936; dividends of $1 per share
were paid in each of the 15 preceding quarters, $1.50 par share paid on
July 1 and Oct. 1, 1932, and regular quarterly dividends of $2 per share
previously.—V. 146, p. 1237.
last* $2 paid on
28—
Sales
$634,488
-
Cuba Co. (&
1A
1938—5 Mos.—1937
K
$643,345
$3,626,352
$3,615,688
1937—3 Mos.—1936
$2,510,198 $2,368,755
revenues
interest,
taxes,
depreciation, &c-----
Exps.,
1937 6 Mos.—1936
$5,033,828
$4,375,530
Ac
5,908,181
5,376,739
$437,711
subsid.
pref.divs.& min. int.
1548.
2,841,715
$472,960
$874,353
$1,001,209
Net loss before
198,591,.505
-
6,027,178
27,691
123,522
a4,314,594
3,687,048
Accrued
Tax
1936
$
$
&
acc'ts
Int. payable.,
192,552,539
6,353,581
Investments
Deferred charges
b6,955,488
200,128
7,041,604
114,167
2,364,376
1,013,767
interest
reserve
Res., renewals &
replace., &c..
Notes, acc'ts and
int. receivable
4,807,423
5,784.474
Funded debt...
246,307
250,649
Mat'l A supplies
4,339,523
2,857,751
'. .235
60,755,957
38,000,000
$7
munlc. bonds.
0
283,700
pf. stk.
cum.
Common
Deferred
credits
*>3.1
•
stock. 101,004,898
F"
.898
"
161,798
Surplus
Period End. Dec.
8,758" 791
8,954,280
—218,680,626 211,289,162
b Notes and accounts payable
only.
Ltd.—Production—
Dome Mines,
During February this company had bullion production $601,372 which
compared with $640,622 in January and with $617,483 in February, last
year.
Dome Mines output, including premium, for first two months of
1938 was $1,241,994, against $1,261,859 in like 1937 period.—V. 146, p.
Dominion
1937—3 Mos.—1936
$528,868
$420,077
31—
671,203
Net loss.--
597,149
$142,335
IntTtaxes, depr., &c—
1937—6 Mos.—1936
$1,005,175
1,303,224
$951,631
1,205,237
$298,049
$253,606
$177,071
Stores, Ltd.—Sales—
Period End. Feb. 26—
Sales
1938—4 Wks.—1937
$1,459,840
-
Duluth-Superior Transit Co.—-Earnings—
(Including
Cuba RR.—Earnings—
31—
1937—6 Mos.—1936
$26,471
$85,704
$111,983
Duluth-Superior
Bus
Co.)
1937
1936
$1,198,828
1,055,034
$1,182,840
1,009,671
$143,794
$173,169
82,946
$119,406-
79,223
$120,500
78,973
$41,527
Calendar Years—
1937—3 Mos.—1936
1938—8 Wks.—1937
$2,864,320
$2,932,916
$1,474,989
—V. 146, p. 1549.
3815.
Period Ended Dec.
Total
1071.
revenue
Operating revenue
Operating expenses
1935
1934
$1,084,291
964,885
$1,070,709
950,209
$305,098
Net rev. from oper
3815.
Taxes assigned to oper—
Cutler-Hammer, Inc.—To Vote on Stock Change-—
Stockholders at their annual meeting on March 28 will consider adopting
resolutions rescinding action heretofore taken by the stockholders at the
special meeting held Sept. 3, 1937, providing for the creation of 25,000
shares of preferred stock.—V. 146, p. 1548.
Davenport
218,680,626 211,289,162
a Including certificates of deposit.
V—146, p. 1396.
Ry.—Earnings—
Cuba Northern
104,059
Operating income.
Non-operating income..
$39,734
1,227
$90,223
$40,183
999
632
595
$40,961
60,188
$91,222
62,097
$40,815
61,126
$42,122
60,317
$19,226 surp$29,124
$20,311
$18,195
Gross income
Interest, &c
Water Co.—Bonds Sold Privately—
placed privately in Oct. 15. 1937 $1,600,000 1st mtge.
dated Oct. 1, 1937.
Due Oct. 1, 1962.
Proceeds were used
to retire $1,600,000 series A 5s due Jan. 1,1961, called for payment Nov. 15,
1937—V. 145, P. 2691.
The
1937
Liabilities—
Notes,
Cash..
„
2,947,909
—V. 146, p.
—V. 145, P.
$
pl'ts,
est.,
Total
Subs.)—Earnings—
13—
Period End. Dec.
-V. 145, p.
Real
1070.
—V. 146, p.
Gro^
1936
$
Assets—
Govt., State and
Co.—Sales—
Crown Drug
GroS
1937
have declared a dividend of $2 per share on account of
accumulations on the 8% cum. pref. stock, par $100, payable April 1 to
holders of record March 14.
This compares with $4.50 paid on Dec. 24,
Period End. Feb.
1938
is non-recurring
Continental Baking Corp.—$2 Preferred Dividend—
The directors
12,
disbursed the net proceeds of same, after taxes, to the stockholders, resuling
in a special distribution of 82.82 cents per share of common stock.
This
income was received as the company's portion of the proceeds arising out
Net deficit.
company
Consolidated Balance Sheet
series A 4s.
1937
Assets—
Dayton Power &
Light Co.—Bonds Called—
Cash
$140,000 first and refunding mtge. bonds, 3M% series, due
for redemption on April 1 at 105 and interest. Pay¬
the Irving Trust Co., 1 Wall St., New York City.—
3343.
A total of
Working
funds
1960 have been called
ment will be made at
Acer.
V. 145, P.
Mat'ls A supplies
Dejay Stores, Inc.— To
31
Liabilities—
4,562
3,116
_
147
143
.
97,075
88,149
8,987
8,338
Misc. accts. receiv.
1937
Cap. stk. ($20 par)
Funded
1936
$782,740
$782,065
1,173,500
1,172,000
38,712
debt
52,706
Accrued interest on
funded debt
Cash
8,888
_
5,889
55,211
53,177
56,649
58,104
1,128
4,409
3,616,074
33,136
3,618,501
Surplus
10,875
Unadjust. debits.
7,451
Unadjusted credits
int. receiv.
Special funds
Pay 10-Cent Dividend—
1936
,464,137 $5,486,049
22,050
22,050
85,713
113,368
3,728
3,500
Investments
Dec.
,
reserves
Audited acc'ts and
wages
payable.
.
Acer. State & local
taxes
have declared a dividend of 10 cents per share on the com¬
Acer. State & Fed.
payable April 1 to holders of record March 15. Pre¬
viously regular quarterly dividends of 20 cents per share were distributed.
In addition an extra dividend of 30 cents was paid on Jan. 2, 1937.—V. 145,
unemploy. taxes
The directors
mon
stock, par $1,
Empl.'s Athletic &
Reserve
3193.
p.
Derby Oil & Refining
Corp.—Accumulated Dividend—
declared a dividend of $1 per share on account of
value, payable June 1 to
paid on March 1, last; a
dividend of $6 was paid on Dec. 24, last; one of $2 was paid on July 1,
last and one of $4 was paid on Dec. 15, 1936.—Y. 146, p. 1238.
The directors have
accumulation on the $4 preferred stock, no par
holders of record May 20.
A like amount was
of $367,098 for 1937 show an increase of 20.85% over
1936 and an increase of 47.61% over 1935.
Vehicular traffic for 1937 increased 19.69% over
that of 1936 and was
45.57% above 1935.
Operating expenses for 1937 show an increase of 9.42% over the year
1936 and 29.15% over the year 1935, due to restoration of wage reductions,
handling increased traffic and cost of essential painting of large portions
of the bridge structure.
Administrative expenses for 1937 show a slight
increase of 3.88% over the year 1936 and an increase of 6.3% above the
1935, attributable to the partial restoration of salary reductions and
expenses for additional illuminated traffic directional signs, alse non-re¬
year
curring professional fees
in connection with replacing of all-risk insurance.
$196,619, as compared with gross earnings of $367,098 for
53.56% of the gross earnings, are still a matter of
grave concern and directors have endeavored in every possible manner to
have the assessments adjusted on a more equitable basis.
The appeal on a
similar tax situation to which reference was made in the last two years'
Tax levies of
1937, being equivalent to
resulted in the Federal District Court of Appeals sustaining the
favorable report by the special master which had been confirmed by the
Federal District Court.
If the case is not appealed to the U. 8. Supreme
Court, it is expected that the company will be able to effect a more equitable
relationship between taxes and gross earnings at a not too distant date.
Note—The figures given in last week's "Chronicle" under the year 1937
are those for the year 1935.
reports
Consolidated Income Statement Years Ended Dec. 31
1937
Gross
rev.
1935
1934
$302,281
$247,379
$231,896
109,785
193,331
98,848
183,505
106,598
175,559
loss.-.prof.$51,231
$834
$34,973
$50,261
1,562
1,485
1.319
Total
$52,793
$651
loss$33,654
loss$49,487
than Fed'l)
Net operating
$5,697,177 $5,733,701
Other income..
&c
Y.
146, p.
was
given in
1548.
Duke Power
Calendar
ended Dec. 31
1934
1937
1936
1935
$29,269,165 $27,611,113 $24,317,244 $23,543,706
Years—
Eastern Massachusetts Street Ry.Calendai
Total
rev.
Total
rev.
23,026,609
bonds & notes—
1,582,082
Oper.
-Earnings-
1937
1936
1935
1934
$6,249,297
$6,503,412
$6,167,756
$6,024,580
Years—
from transp..
from other ry.
228,732
219,048
220.795
279,564
$6,478,029
$6,722,461
$6,388,551
$6,304,144
572,140
1,300,759
713,788
2,152,509
17,944
734,903
490,994
637,133
1,284,453
754,465
681,302
1,194,740
2,110,421
2,008,223
13,213
748,423
421,169
13,305
770,823
350,629
676,457
1,235,636
981,455
1,884,375
7,615
782,656
Operating revenue
Non-oper. income
$494,990
70,799
$753,183
104,018
$515,615
110,053
$445,334
126,109
Gross income
Rent for leased roads
$565,790
39,958
$857,201
40,005
$625,668
50,465
8
122
645
587,894
677,617
733,073
$571,443
55,435
1,076
765,541
operation
Total ry. oper. rev
Deductions—
Ways and structures
Equipment
Power
Conducting transporta'n
Traffic
General & misc. exps
Taxes assign, to ry. oper.
Miscellaneous rents
Int. on funded debt
Int.
on
290,615
195
225
255
285
11,629
6,974
9,097
$69,542
Deficit
a
853,912
7,275
a$127,601
$165,745
$259,991
unfunded debt..
Miscellaneous debits
Surplus.
Comparative Balance Sheet Dec. 31
$
18 ,856,442 24,182,314
$
1936
$
12,123
11,765
1 756,188
1,600,563
Preferred B
160,250
728,684
163,790
757,420
Adjustment
4,139,900
13,000
2,997,800
8,711,200
Common
8,488,014
259,406
279,564
Cash
for
Liabilities—
Capital stock:
1st preferred
Deposits in lieu of
Deposits
1937
1936
$
Road and equip
Sinking fund
4,139,900
8,488,014
13,000
2,997,800
8,711,200
Capital adj. leased
int.,
divs. & rentals..
exps.,
taxes, re¬
newals & replace, res.
44,096
..$5,697,177 $5,733,701
paid a dividend of 40 cents per share on its common stock
March 1, last.
Dividends of 50 cents were paid on Dec. 1 and on
Sept. 1, last.—V. 136, p. 3727.
mtge. prop, sold
Misc. phys. prop._
Other inv. (at cost)
Co.—Earnings—
Gross revenue
Total...
The company
Assets—
The consolidated balance sheet for the year
45
67,470
on
1937
Net income before int.,
depreciation,
in..
-V.144,p.1277.
773
117,686
196,619
Oper. & admin, exps—.
Taxes (other
1936
$365,536
from tolls—-
paid
30,579
Dunean Mills—Smaller Dividend—
annual report for the year ended Dec. 31, 1937, it is noted
that gross revenues
accounts.
Deficit
International Bridge Co.—Annual Report—
Detroit
From the
366
Protective Assn.
704,576
704,576
12,050,000
lines
12,800,000
secure.
166,953
652,717
Funded debt
Accts. receivable..
101.529
171,035
Accts. & wages pay
94,206
100,278
Unamort. disc, on bonds
Materials & suppl's
92,188
154,771
Mat. int., divs.,Ac
258,852
279,009
It called
Int., divs. & rents
Int.
on
-----
$4,660,474
Net income
8,753,791
Previous surplus
Credit
account
19,472,062
1,660,723
17,545,791
2,520,954
17,713,866
2,877,471
1,617,736
$4,860,591
8.522,972
$4,250,498
9,243.565
$2,952,370
9,953,300
settle.
patent suit
Surplus
of
Mercantile
Development Co
Total surplus
Preferred dividends
Common divs. (cash)
—
Surplus adjustments
11,490
paid in advance.
19,859
3,030,144
101,078
207,118
88,458
30,657
19,859
3,030,144
19.859
3,535,168
sees.
883,177
treasury
Difference between
250,268
for
1,431
Ins. A
res.
305,918
deprec'n.
5,474,217
189,689
4,890,298
Other unadj. cred.
56,379
Invest,
reserve
Profit and loss....
prop.
143
55,074
1,431
133,449
cas. reserves
Mlscell. oper.
Capital surplus
par value of sees,
issued
143
64.271
Accrued
In
289,980
— .
42,507
276,540
317,007
79,191
defl07,225
43,028,933
44,732.840
& value at which
prop, is carried.
6,565,356
6.565,356
13 232,863
9,673,810
Property aband'd,
1,841,460
7,049
1,674.764
147,422
246,324
107,077
$8,954,280
$8,753,791
$8,522,972
$9,243,565
chargeable to op¬
During the yearjcompany received income of $965,369 from the dis¬
solution of Southern El6Ctro-Chemical„Co .and Alper Chemical Corp. and
Total
expenses
43,028,933 44,732,840
a
20,198
12,239
Rents & ins. prem.
erating
Surplus, Dec. 31
11,994
unpaid
Acer.int., divs., Ac
Def'd liabilities...
receivable
Deferred assets
Reacquired
268,740
19,859
4,292,704
836,510
Mat'd funded debt
Other unadj .debits
836,510
-$14,250,775 $13,652,303 $13,494,064 $12,905,670
Special distribution—
Premium & unamortized
disct. on bonds retired
a
Marketable
-V. 146, p. 1549.
Total
Volume
East
Financial
146
Period End. Jan. 31—
Net earnings
$32,959
1937
1938—10 Mos.—1937
1938—Month—1937
$47,634
$40,210
14,675
22,916
$388,002
143.981
$465,544
144,714
$244,021
$320,830
$17,294
—V. 146. p. 911.
d
1938
1937
.$11,373,954 $10,592,137
3,095,646
2,725,611
12'Months Ended Jan. 31—
m
Total income
Note—There is
no
202,930
48,476
2,914,100
136,349
El Paso Elec. Co.
6,167
6,236
1,197
1,184
1st mtge. bonds.
Accounts payable.
352,103
12,273
380,460
Customers' deps..
Divs. declared
Unadjusted debits
Eastern Rolling Mill Co.-
expense
8,419
$5,081,208
$4,385,665
1935
$4,254,213
$2,702,620
4,770,333
Cost of goods
4,185,901
4,247,845
2,836,533
$310,875
$199,765
21,076
20,926
$331,950
120,453
89,830
$220,691
56,188
92,429
1936
1934
sold, incl.
Profit from operations
$6,368 loss$133,913
Inc. credits, incl. int. &
cash discount earned.
Gross profit for year.
_
Income charges
Provision for deprec
profit.
Condensed
1937
$27,164 loss$l 13,945
71,321
49.436
90,110
183,773,
55,440
23,834
72,480
...
......
Common
Unemploy.
contract-
640,287
771.010
949,720
11,133
5,475
Deferred charges..
10,806
Other reserves
Earned surplus...
Total
26,429
18,611
41,495
380,000
84,974
60,432
Accrued accounts.
Mtge. payable
$2,902,728 $3,237,731
Total
Total..
Eastern
25,950
440,000
102,073
2,553
$2,902,728 $3,237,731
-
1937_o
1938
$517,264
614,980
$640,913
$97,716
Operating revenue
Operating expense
$98,884
Operating deficit.
739,797
834
824
57,845
59,759
$154,727
Net deficit
-
Note—The above statement covers operations after depreciation, interest,
but before Federal income tax, capital stock tax,
capital gains or losses and other non-operating adjustments
rentals and local taxes,
Preferred Dividend—
Directors at their meeting
held March 7 took no action on the quarterly
declared on the $2 dividend no-par conv.
dividend of 50 cents was
dividend ordinarily due to be
pref. stock at this time.
A regular quarterly
paid on Jan. 3 last.—V. 146, p. 1072.
Eastern Utilities
1938
■
Operating revenues, subsidiary companies.——
Net earnings of sub. cos. appl. to Eastern Util Assoc
Other income of Eastern Utilities Associates
Bal. for Eastern Util. Associates divs. and surplus
-1937
^
$8,475,144
$8,530,055
1,705,384
1,443,329
309,824
1,615,355
309,824
1,884,428
the Federal surtax on undistributed
profits for the year 1938, since any liability for such tax cannot be determined
until the end of the year.—V. 146, p. 1239.
Note—No provision has been made for
-New Name, &c.-
above.
The Irving Trust Co. will until 12 o'clock noon
April 15, receive bids
the sale to it of sufficient first lien s. f. gold bonds due March
1, 1942,
to exhaust the sum of $149,882.—V.
146, p. 1241.
Fiberloid Corp.—Dividend Reduced—
The directors
have declared
a dividend of 30 cents per share on the
value, payable March 10 to holders of record March 1.
paid in each quarter of 1937, $2.50 paid on
Dec. 21, 1936; $2 paid on July 1, 1936; $1.50 on
April 1, 1936; $3 paid on
Dec. 31, 1935; $2 in each of the four
preceding quarters; $1.50 paid on
Oct. 1 and July 2, 1934, and $1
per share distributed on April 2, 1934 and
on Dec.
30, 1933.—V. 146, p. 1397.
common
stock,
no par
This compares with 75 cents
The directors have declared
a dividend of 25 cents per share on the
stock, no par value, payable April 25 to holders of record April 15.
compares with 50 cents paid on Sept. 25, June 25. and on March 25,
1937.
A dividend of 20 cents was paid on Jan.
27,1937; 50 cents on Dec. 15,
1936; an extra of 20 cents and a quarterly dividend of 40 cents paid on
Sept. 30, 1936, and 30 cents paid on June 30 and March 31, 1936, and
on Dec. 31,
1935; in each of the eight preceding quarters distributions of
20 cents per share in addition to extra dividends of 10 cents
per share
common
This
were
made.—V. 145, p. 4117.
Firestone Tire & Rubber Co.—Dividend Reduced—
The directors have declared a dividend of 25 cents
per share on the
stock, par $10, payable April 20 to holders or record April 5.
This compares with 50 cents paid on Jan. 20
last, in each quarter of 1937,
and on Nov. 20,1936, and compares with 30 cents
paid on July 20, April 20,
and Jan. 20,1936; 10 cents
per share each three months from April 20,1933
to Oct. 21, 1935, incl.; 25 cents paid
quarterly from Oct.
common
including Jan. 20, 1933, and 40 cents per share paid
and July 21, 1930.—V. 146, p. 1074.
—V.
146,
p.
1938—Month—1937
$215,169
Sales
—V. 146, p.
6,588,000
2,297,000
9,670,000
Ry.-—Earnings-
$64,181
46,563
Total operation expenditures
15,000
4,735
—
Total deficit
$4,482
$17,618
,5,776
Renewals
——
—- —
$16,035
5,776
10,000
4,741
$7,894
Operation surplus
Fixed charges
Taxes........
1937
$64,294
48,259
1938
revenue
—
—V. 1466, p. 1550.
Officers—
recently elected
a
director, remains
as
has called a hearing for March 18
of Charles E. Denney, President, and John A. Hadden,
for ratification of their appointments as trustees.
The hearing will be held here before examiners R. T. Boyden and Milo H.
Brinkley.—V. 146, p. 1550.
The Interstate Commerce Commission
petitions
attorney,
El Paso Electric Co.
Operating reven ues _■
Operation
Maintenance
Taxes
(Del.) (& Subs.)—Earnings—
Non-oper. inc. (net)
Balance
Int. & amortization
$122,454
Dr4,175
$101,918
4,896
$1,249,315
Dr32,417
$1,059,922
39,411
$118,279
36.158
Net oper. revenues—
$106,814
36.163
$1,216,898
436,841
$1,099,334
437,064
$70,650
$780,056
$662,269
378,585
46,710
335,000
46,710
$354,761
182,972
$280,559
Balance-..-.
$82,121
Appropriations for retirement res< rve...
Pref. div. requirements of sub. company
-
BalancePref. div.
—
1937—12 Mos.—1936
$3,132,946
$2,934,214
1,322,562
1,351,919
189,796
181,233
a371,272
341,139
1937—Month—1936
$281,901
$264,602
114,917
125,802
17,518
12.473
27,010
24,408
— -—
-
-
-
requirements of El Paso El. Co.
(Del.)--
182,972
$171,789
$97,587
$49,182 Federal income taxes, of which $2,710 is Federal surtax
Bal. for com. divs. & surplus
a
Includes
undistributed profits.
Note—Effective Jan. 1, 1937 the subsidiary companies
on
„
_
■
,
,
,
.,
adopted the new
prescribed by the Federal Power Commission, hence
previous year's figures are not exactly comparative.
system of accounts
Increased, &c.—
Stockholders at their annual meeting held March 4 ratified the action
taken by the officers in maintaining the company's 40% interest in the
capital stock of the Marshall Stove Co. by investing an additional $160,000.
The company's directorate, Treasurer and Clerk were reelected, while the
50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 21 to holders of record March 15.
A dividend of
$1.75 was paid on Dec. 24 last, and previously regular quarterly dividends
of 50 cents.per share were distributed.—V. 146, p. 1551.
Furniture
Shops of America Inc.—Registration Withdrawn
See list given on first page
Gardner Electric
of this department.—V. 145,
p.
760.
Light Co.—To Issue Notes—
The company, a subsidiary of New England Power Association, has filed
a declaration with the Securities and
Exchange Commission covering the
issuance of two 3% one-year unsecured notes each for $200,000, the pro¬
ceeds of which will be applied primarily to the payment of maturing bank
loans and intercompany indebtedness incurred In the making of plant and
equipment
Period End. Dec. 31—
Vice-President.—V. 146, p. 1241.
additions
extensions,
and
improvements.
Hearing
will
be
held March 25.—V. 145, p. 2225.
RR.—Hearing Planned on Trustees—
Cleveland
$424,276
$412,904
board of directors was increased from 9 to 11.
John H. Foster and William I. Westervelt, were the new directors added.
1938—2 Mos.—1937
$2,568,386
$2,279,069
1073.
Edmonton Street
1938—2 Mos.—1937
George K. McKenzie was elected Secretary of the company, at the
reorganization meeting of directors following the recent annual meeting of
stockholders. F. H.Neher, who formerly occupied that position and was
Florence Stove Co.—Directorate
Inc.—Sales—
Month of January—
$217,814
912.
Decrease
1938—Month—1937
$1,385,068
$1,237,002
20, 1930, to and
Jan. 20, April 21
(M. H.) Fishman Co., Inc.—Sales—
Period End. Feb. 28—
Sales
Amount
1938
1937
Operating Subsidiaries of—
American Power & Light Co— 98,092,000 104,680,000
49,476,000
Electric Power & Light Corp.. 47,179,000
83,887,000
National Power & Light Co— 74,217,000
—V. 146, p. 1550.
Edison Brothers Stores,
on
Directors have declared a dividend of one cent per share on the De¬
posited Bank Shares—Series N. Y., and a dividend of 3H cents per share
on the Deposited Bank Shares—Series
A, both payable April 1 to holders
of record March 1.—V. 146, p. 1074.
Flintkote Co.—New
week ended March 3, 1938, the kilowatt-hour system input
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp., and National Power & Light
Co., as compared with the corresponding week during 1937, was as follows:
the
of the
Period End. Feb. 28—
...17,626,992 17,510,694
or
Inc.—Weekly Input—
Ebasco Services,
Total
41
29,160
874,227
Fiscal Fund, Inc.—Dividend—
Associates—Earnings—
12 Months Ended Jan. 31—
on
96,973
57,420
257,995
5,936
1,664,678
103,397
b Par value $100
Federal American Co.See American Co.
$157,819
Other income
Other expense
Erie
768,704
8,000,000
74,085
(William) Filene's Sons Co.—25-Cent Dividend—
Steamship Lines, Inc. (& Subs.)—Earnings—
Month of January—
Total
768,704
8,000,000
77.727
per share, cumulative, c Par
d Represented by 58,282 shares of
shares of no par value $6 dividend
preferred stock, cumulative.-—V. 146, p. 912.
Represented by 210,000 shares par $5.—V. 145, p. 3007.
For
Pref. stock
92,132
57,420
281,389
Sundry liabilities.
26,166
Retirement res've. 1,560,975
Operating reserves
93,348
Unadjusted credits
14,976
Capital surplus
29,160
Earned surplus... 1,046.016
17,626,992 17.510,5941
Less rentals charged,
f
com p.
tax...—
Purchase obllgat'n
505,092
receivable
Inventories
No
(Texas):
e
Federal Light & Traction Co.—Tenders—
1936
1937
stock..$1,050,000 $1,050,000
664,506
728,293
Capital surplus...
915,415
538,922
69,795 Accounts payable.
Notes and accounts
x
pref. stk.
value $100 per share, non-cumulative,
no par value,
e Represented by 7,785
31
Dec.
Liabilities—
x
Equipment purch.
under
Sheet
Balance
1936
property...$1 .408,095 $1,368,652
128,126
131,322
Investments
19,968
20,796
$72,074 loss$134,267 loss$347,154
$121,667
——
Assets—
Cash
on
series A
21,037
-Earnings-
1937
Years—
Net sales
Plant
c
Prem.
Prepayments
count &
17,600
48,476
d Common stock. 2,914.100
Series B 6%--
105,585
369,163
Int. & taxes accrd.
Calendar
net
$
2,598,800
17,600
1396.
p.
1936
$
84,929
on rental
provision for surtax on undistributed profits.'—V. 146,
taxes,
dividends.
and
terest
Appls.
depreciation and depletion reserves, in¬
Federal
1937
Liabilities—
518,502
219,422
74,227
23,602
Miscell. investm'ts
Special deposits—.
Unamort. debt dis¬
-
Net Income available for dividends after all chges..
Available for
$
Mtge. <fc notes ree.
Accts. rec. incl. in¬
Mat's & supplies..
Associates—Earnings—
1936
$
Assets—
Prop., plant & eq*tl5,623,152 15,485,807 Pref. stock:
Cash
b Series A 7%.. 2,598,800
811,414
793,421
stall, accts
Eastern Gas & Fuel
a
1709
Consolidated Balance Sheet Dec. 31
Kootenay Power Co.—Earnings—
Gross Earnings
Operating expenses
a
Chronicle
General Electric Co.
Calendar Years—
(& Subs.)—Earnings—
1937
1936
$
$
Sales billed....
1935
Net inc. after all charges
and taxes x—— 63,547,000
Earns, per sh. on com.__
$2.21
43,947,166
$1.52
1934
$
349,740,000 268,544,587 208,733,433
$
164,797,317
27,843,772
19,726,044
$0.97
$0.59
Taxes for
1937 totaled $23,266,000, compared with $15,072,000 for
1936, and included $570,000 for Federal surtax, compared with $300,000
for 1936.
x
To Pay 25-Cent Dividend—
The directors on March 4 declared a dividend of 25 cents per
share oil the
value, payable April 25 to holders of record March 18,
$1 paid on Dec. 20, last; 40 cents paid on Oct. 25,
July 26 and April 26, 1937: and an extra dividend of 50 cents in addition to
a regular quarterly dividend of 25 cents paid on Dec. 21,1936.
A dividend
of 25 cents was paid on Oct. 26, 1936, and each three months previously.
common
stock,
no par
This compares with
Orders Received Show DecreasePresident
Gerard
Swope announced that orders received by General
two months of 1938 amounted to $41,348,000,
compared with $64,229,000 in the similar period last year, a decrease of 36 %.
V.—146, P. 1398.
Electric during the first
Catineau Power Co.—Plans
$2,000,000 Issue—
The company is reported to be discussing with underwriters a
refunding
plan involving $82,000,000.
This would be the largest piece of corporate
financing since last July.
The company's proposal involves refunding of both the junior and senior
debt obligations.
It is planned says the reports to conduct the financing
through a group of underwriters in both the United States and Canada.
1710
Financial
Chronicle
The refunding would embrace $68,500,000 of first 5% bonds, due 1956,
and $13,600,000 of 6% debentures, due 1941.
Both the bonds and deben¬
tures are widely held in the United States and Canada, many individuals
as)well as Institutions being among the owners.
►•Company recently made arragements with the Hydro Electric Power
Commission of Ontario amending its contracts covering the sale of a total
of 320,000 hp. of hydro-electric power to the Commission.
As amended,
these contracts are effective from Dec. 1, 1938, until 1970.
An immediate
increase of 25,000 hp. in deliveries was made effective from Dec. 1, 1937.
and definite provision made for further incresae of 35,000 hp. on Nov. 1,
1938, and 60,000 hp. on Nov. 1. 1939, bringing the contract demand up
to the full amount of 320,000 hp. covered by the contracts.
I* The company recently applied to the Provincial Electricity Board of
Quebec for approval of its plans to install an additional 60-cycle 34,000 hp.
generating unit at its Chelsea hydro-electric plant on the Gatineau River,
and to construct a second 110,000-volt circuit to the existing transmission
lines from its Farmers plant to its Val Tetreau switch station at Hull,
Quebec.
Cost of construction, involving around $750,000, will befurnished
out of cash on hand and earnings.—V. 146, p. 1551.
General Fireproofing
The
directors
declared
have
dividend
of 20
cents
62,831 in February compared with 51,600 in February a year ago.
Sales
January were 63,069.
Sales for the first two months of 1938 totaled
125,900 compared with 144.598 for the same two months of 1937.
Sales of General Motors cars to dealers in the United States totaled
63,771 in February compared with 49,674 in February a year ago.
Sales
in January were 56,938.
Sales for the first two months of 1938 totaled
totaled 120,709 compared with 120,575 for the same two months of 1937.
In comparing this year's figures with those of a year
ago, it should be
borne in mind that in February as well as in January, 1937, the sales did
not fully reflect the consumer demand because of the stoppage of
production
and the shortage of cars in the field resulting from the strike.
Total Sales to Dealers in
share
per
1938
compares
Finance
Corp.—Plans
Preferred
Stock
Issue
2,116,897
to
Total.
Sales to Consumers in United States
1938
Stockholders will be asked to approve a 350,000Not more than 200,000 of these
announced March 9.
working capital and general
136,589
122,198
1.594,215
1,720,213
1,278.996
October
November
December
Total.
Sales to Dealers in United States
1938
January...
February..
between crops.
The proposed
1937
new stock will mark the first addition to the authorized
capitalization since March 13, 1929.
In 1925 the company retired 65,000
preferred shares which had been issued in 1922.
There are currently out¬
standing 5,251,440 shares (no par) common stock of an authorized issue
profit incentive plan for 1938.
April
May
June
July
August
September.
April 13, stockholders also will
This plan is the same
approved
October...
for 1937 with the exception that the dividend on any preferred stock that
may be issued would be deducted from consolidated net income in addition
to the $2 per share on the common stock as under the 1937 plan in
comput¬
November.
as
December.
ing the amount of the fund.
Under last year's plan there were not sufficient
earnings to provide for the fund so that there w 11 be no distribution to
managerial employees during 1938 under the plan for 1937.
Unit sales of
Consolidated Income Account
,
Period End. Dec. 31—
1937—3 Mos.—1936
$31,313,784
Cost of sales, incl. depr. 26,003,563
Net
Total
passenger
sales
146,
1937—12 Mos.—1936
$133,126,506
93,322,787
p.
and
1936
1935
70,901
49.674
216.606
180,085
199,532
162,390
187,869
157,000
58,181
136,370
153,184
108,232
56,938
63,771
March
of 6,000,000 shares.
At the regular annual meeting, also set for
68.566
cor¬
large due to the fact that it is essential to stock seasonal products
vote on a
173,472
June-.:
intended to expand the distribution of these foods to a considerable extent
for the next few years.
The inventory requirements of this division neces¬
are
54,105
77,297
126,691
143,909
109,051
137,782
108,645
127,346
66,547
July
August.
September
A considerable portion of the additional working capital will be required
connection with the company's quick-frozen foods operations, as it is
sarily
1935
102,034
96,134
181,782
200,117
195,628
189,756
163,459
133,804
85,201
44,274
155,552
April
May
new securi¬
porate purposes.
in
1936
92,998
51,600
196,095
198,146
178,521
153,866
163,818
156,322
88,564
107,216
117,387
89,682
March
*
Negotiations for the underwriting and public offering of the
ties, expected to carry a $5 annual dividend, are being conducted with
Goldman, Sachs & Co. and Lehman Bros.
In connection with the new-money stock flotation, it was estimated that
capital expenditures for 1938 will approximate $6,500,000.
These include
construction and equipment of a new plant and research laboratory in the
New York area, a fish-processing and quick-freezing plant, acquisition of
quick-freezing machines and replacement and expansion of operation facili¬
ties at various factory locations.
The remaining proceeds from the sale
of the stock is to be used for additional
1937
63,069
62,831
January
February
special meeting April 13.
sbEros will be sold
a
1,715,688
November.
December.
In order to finance a broad program of expansion, principally in its frozen
foods division, the corporation plans to sell an issue of preferred stock, it
was
2,037,690
October
Expansion—
share issue at
184,059
134,597
181,188
167,790
124,680
39,152
127,054
182,754
185,698
July
August
September.
July 1, last; 25 cents paid on April 1, 1937; an extra dividend of 30 cents
to a regular quarterly dividend of 10 cents paid on Dec. 24,
1936, and an extra dividend of 10 cents in addition to the regular quarterly
dividends of 10 cents per share distributed on Oct. 1,1936.—V. 146, p. 1242.
Foods
1935
98.268
121,146
169,302
94,449
June
addition
General
1936
158.572
144,874
196,721
229,467
222.603
217.931
204,693
121,943
19,288
90,764
191,720
239,114
March
on
in
Shipment.
1937
103,668
74,567
260,965
238,377
216,654
203,139
226.681
188,010
82,317
166,939
195,136
160,444
94,267
April
May--
the
on
United States and Canada Plus Overseas
January.-.
February..
stock, payable April 1 to holders of record March 19.
This
with 75 cents paid on Dec. 24, last; 30 cents paid on Oct. 1 and
common
12, 1938
in
Co.—Dividend Reduced—
a
March
for the first two months of 1938 totaled 188,716 compared with 168.235 for
the same two months of 1937.
Sales of General Motors cats to consumers in the United States totaled
131,134
116,762
162,418
187,119
194,695
186,146
177,436
99,775
4,669
69,334
156,041
197,065
75,727
92,907
132,622
105,159
152,946
150,863
139,121
103,098
22,986
97,746
148,849
150,010
1,680,024
1.682,594
1,370,934
Chevrolet, Pontiac, Oldsmobile, Buick, La Salle and Cadillac
commercial cars are included in the above figures.—V.
1552.
General Public Service
Corp.—New Director—
Norman R. Steinmetz, Vice-President and
Secretary of this company has
been elected a director of the corporation.—V.
146, p. 597.
Gross
x
profit after de¬
preciation, &c
$5,310,221 $10,355,494 $39,803,719 $44,898,860
Expenses, &c
6,263,701
6,164,496
29,677,028
28,654,476
Balance
loss$953,480
446,117
$4,190,998 $10,126,691 $16,244,384
374,414
1,040,043
965,133
loss$507,363
Federal income taxes-77,616
General Telephone
$4,565,412 $11,166,734 $17,209,517
941,655
1,960,439
2,968,560
Other income
two months
0.47%,
Total
y
income
Net profit-'loss$584,979
Earns, per sh. on 5,251,440 shs. capital stock
(no par)
$3,623,757
Nil
-
$1.75
Acceptance Corp.—Earnings—
1937
$
1936
$
—Week Ended Feb. 28—
1938
1937
^®,fcpr?f-in,ci-dIvs— 14,592,238
Dividends
paid
Per cent earned
14,674,850
13,000,000
on
14,682,895
16.64
1937
$
734,233
1,416,010
1,847,301
Mdse. inventory._ 2,708,275
For'n curr. assets.
d529,770
Real est., mach'y,
equip., &c
4,631,758
2,664,693
Marketable
secur.
Accts. & notes
Pats.,
14.42
rec.
expenses..
89,026
1,634,188
1,534,776
541,367
4,486,873
85,071
trade-mks.,
goodwill, &e
14,879,663
14.880,871
1937
$
Notes and bills receivable
Accounts receivable
Company
automobiles
and
equipment, less depreciation
1936
$
953 419
709 779
820,674
328,064
_J,548,837
1,429,429
office
To^al—Liabilities—
y{W'*iy
146 703
543 649
6,000
873,424
®
50,000,000
20,000,000
?^Vi^dpr0fitS
3M% notes
10-year 3% debentures
15-year 3
% debentures
_____
«Sra»wi>ayable
50,000,000
20,000,000
13,323,081
25,000,000
50,000,000
50,000,000
50,000,000
20,000,000
13,148.231
25,000,000
294,757,682 221,212,140
227,811,260
29,666,736
180,104
3,430,394
14,915,319
25,000,000
50,000,000
50.000,000
Accrued Interest payable
Accrued taxes payable
Dealers repossession loss reserves—
18,864,060
1,526,589
5,461,780
19,126,784
38,067,868
1,529,171
4,697 244
15,020,481
S^rvn^dlI1COme"Reserves
22,327,678
20;840!555
—V° M57pT 2225'."
General
1
1,146,703
582,192,129 518,363.925 400,641,448
Capital stock
pany on
$
705,625
357,204
-
Motors
10,212,236
11 114 619
131355
117
8,673,385
6,934,985
582,192,129 518,363,925
400,641,448
Corp.—January Car Sales—The
March 8 released the following statement:
1937
Liabilities—
$
1936
$
Accts. pay., accr'd
items, &c
631,738
Loan from English
bank
Dividends payable
Res. for inc. taxes.
Res. for for'n exch.
Res. for litigationb $5 div.
375,000
1,368,844
200,000
25,523
e648,9l5
819,161
589,200
375,000
1,259,440
200,000
85,323
a42,020
convert,
27,030,300 26,562,073
Total
—27,030.300 26,562,073
Created out of capital surplus,
b Represented by 300,000 (310,000
1936) no par shares,
c Represented by 2,018,769 no par shares
(20,000
treasury shares valued at $150,000 charged to surplus),
d Current assets,
$772,338, less current liabilities of $339,487; balance, $432,851.
Add fixed
assets at cost (less reserve for
depreciation) of $869,694; goodwill, trade¬
marks and patents (as stated on books and
resulting from consolidating
accounts) or $1,037,925; total, $2,340,471.
Less reserve against earnings
not available because of
monetary restrictions of $60,700, and contingency
reserve created out of
capital surplus of $1,810,700; balance, $529,770.
e Reserve
for foreign income tax
contingencies, $536,222; reserve for
contingencies created out of capital surplus, $172,703.
f Represented by
1,998,769 no par shares (after deducting 20,000 shares retired April 23,
1937), stated value $7.50 per share.
The consolidated income statement for the calendar
year was published
in V. 146, p. 1552.
.
a
in
Gimbel
Brothers—Obituary—
Theodore Kaufman,
a
director of this company, died on Feb. 26 of
a
heart attack.—V. 145,
p. 2392.
Girdler Corp., Louisville, Ky.— United States to Purchase
Helium Properties—
Contract for the purchase by the Federal Government of all of the
helium properties of the corporation at a price of
$537,975 has been ap¬
proved by Secretary of Interior Ickes following acceptance of terms of the
agreement
com¬
February sales of General Motors cars to dealers
in the United States
Canada, together with shipments
overseas, totaled 94,449 compared
in February a year ago.
Sales in January were
94,267.
Sales
with 74.56/
Total
1935
42,186,749
43,902,900
39,814,797
536,354,387 471,258,988 358,256,876
Investments
Deferred charges
1937
$211,614
pref. shares
2,250,000
2,325,000
Common shares..fl4,990,768 cl5140,767
Surplus
6,479,502
5,726,171
Comparative Consolidated Balance Sheet Dec. 31
.
1 to Feb. 28—
1938
$159,213
Res. for conting..
income.
.
—Jan.
1936
....
928.496
Prepaid
15.01
$
Cash
Includes $236,033 Federal surtax on
undistributed income,
y Includes
$2,954,992 Federal income tax and $435,022 Federal surtax on
undistributed
Assets—
$28,011
Gillette Safety Razor Co. (& Subs.)—Bal. Sheet Dec. 31
Assets—
*
Cash
company-
(A. C.) Gilbert Co.—Acquisition—
12,684,862
14,500,000
16.56
of 365,140
This company recently announced the
purchase of the plant of the
American Flying Co. of Chicago, for 30 years manufacturer of miniature
19,531,771
3,006,258
capi¬
tal funds
$20,700
—V. 146, p. 1552.
1934
$
$
3,643,561
total
a
electric trains and equipment.—V. 145, p. 3973.
1935
22,992,623"
1,727 telephones (exclusive of purchases), or
gain of 4,114 telephones, or 1.24%, for the cor-
now
have in operation
telephones.—V. 146, p. 1399.
Operating revenues
1394,677839 1394,035821 1030,594565 790,568,115
50,104,006
46,411,358
41,319,079
35,222,891
Oper.
expenses,
taxes,
losses, loss res., &c--y27,878,455 x26,057.838
Interest and discount—
7,633,313
5,678,671
a
Georgia & Florida RR.—Earnings—
Earnings, Calendar Years (Including Sub. Cos.)
Total volume
Gross income
1938 totals
$2.71
Including proportionate share in results of operations of controlle '
companies,
y Includes provision for surtax on undistributed profits in
the amount of $24,453 for the quarter and 12 months ended Dec.
31, 1937,
and $269,236 for the quarter and 12 months ended Dec.
31,1936.—V. 146,
p. 277.
Record of
of
compared with
The subsidiaries
owned
x
General Motors
as
rasponding period of 1937.
$9,206,295I$14,240,957
$0.69
Corp.—February Operations—
This corporation reports for its subsidiaries a
gain of 779 company-owned
telephones for the month of February, 1938, as compared with a gain of
2,334 telephones for the month of February, 1937.
The gain for the first
by directors of the corporation.
The properties acquired by the United States consist of natural
gas
wells and leases covering gas rights in fields located at
Dexter, Kan., and
Thatcher, Col.
Helium production plants are located at both sites.
The
two
plants, which have been operating intermittently to supply commercial
demands for helium, have produced approximately
10,000,000 cubic feet
of the rare gas since 1927.
Volume
146
Financial
Chronicle
Glidden Co.—No Common Dividend—
Directors at their meeting held March 7 took
action
no
on
the
common
dividend due at this time.
A regular quarterly dividend of 50 cents per
paid on Jan. 3, last.
Extra dividends of 30 cents were paid on
Oct. 1 and on July 1, last.
56
Adrian D. Joyce, President, of the company stated:
"While the company is operating currently at a profit we are approaching
our
peak sales season when our cash assets will all be needed to properly
take care of our big volume of business.
We paid out our earnings last
year in order to escape the tax penalty and as the recession in business
prevented our shareholders from taking
up
the stock recently offered
them it behooves us to conserve our assets now.
If all goes well
satis¬
factory interim dividends may be declared late in the year when con¬
ditions are clarified."—V. 146, p. 1552.
share
was
Goldblatt Brothers, Inc.—Dividend Date Changed—
Directors
on
March 3 declared the regular preferred dividend and made
announcement regarding the common stock: "Hereafter,"
the following
the company stated, "quarterly dividends on the common stock will be
paid beginning Feb. 1 instead of Jan. 1."
Revision was made to make
company's payments conform to the new fiscal year which ends Jan. 31,
instead of Dec. 31.
Last common payment was made on Jan. 3.—V. 146,
P. 278.
Period End. Dec. 31—
1937
1935
Earnings-
Month— 1936
$494,909
221,826
46,423
$6,459,627
2,540,382
321,923
a694,398
$5,863,973
2,532,059
232,119
495,454
$189,735
Dr9,891
$170,834
9,145
$2,902,923
19,934
$2,604,340
184,435
$179,843
$179,979
82,144
$2,922,857
977,384
$2,788,776
1,148,526
$97,835
$1,945,473
746,179
$1,640,260
750,000
36 924
Taxes
Net oper. revenues
Non-oper. inc. (net)
Balance
Int. & amortization
80,838
Balance
$99,005
Appropriation for retirement reserve.,
Balance
Preferred dividend
Balance for
® i
prescirbed
are
1, 1937, the
sales
149,971,716 141,097,136
878,580
After
x
Nil
undistributed
Note—Net loss for
118,669,014 103.871,718
x7,319,507
2,534,679
3,429,781
$4.03
Nil
Nil
profits
taxes.
after write-down of $5,652,935
1937 is
1937
to
Dec. 31,
is introducing a new non-skid tire which it claims has
unusual traction and braking effectiveness on
slippery roads.
The tire
represents two years of experimentation in which 100 different designs were
tried.
Company officials state that the new tire has been road-tested for
380,000 miles by the company and given exhaustive independent tests by
Accts.
incl.
rec.,
install, acc'ts...
Mat'Is & supplies,
company
March 4 declared
on
&
a
(W. T.) Grant Co.—Sales—
Period End. Feb. 28—
1938—Month—1937
1938—2 Mos.—1937
$5,522,508
$5,614,526 $10,850,652 $11,240,303
—V.
146,
p.
1075.
(H. L.) Green Co., Inc.—Sales—
1938
1937
$1,780,246
146, p.
$2,019,037
1076.
per
cents
per share was
10 cents was paid on
paid
Jan. 3, last.
A participating
Nov. 15. last.—V. 145, p. 3009.
on
1937
1936
$4,727,850
Miscellaneous income
General expenses (net)
Surtax
on
undistributed profits...
$4,880,656
24,656
282,859
75,653
130,000
$3,526,019
77,234
$4,375,766
32,553
281,685
38,000
6,000
33,453
Federal income tax
Customers' depos.
175,297
166,822
46,946
Int. & taxes accr'd
496,215
316,862
17,187
Sundry liabilities.
17,362
1,540,020
36,356
3,103,105
1
,974,935
7,486
43,120,540 42,440,437
10", 885
$3,039,613
159,680
62,007
43,120,540 42,440,437
b Represented by 67,030 shares of no par value
cumulative, and 30,000 shares of no par value
preferred stock, cumulative,
c
Represented by 280,000
value.—V. 146, p. 1553.
no par
Newly elected members of the board of directors
H. A. Piper.—V. 145, p. 764.
x
common
New
com.
$4,239,216
$4,553,466
stk.
x
Before
stock
income
$1.77
Comparative Balance Sheet Dec. 31
1936
1937
$
Cash
Acc'ts & notes rec.
Mat'Is & supplies.
Prepaid
1937
Liabilities—
$
1,813,945
121,885
_
986,550
111,907
5,600
22,666
Contract receiv
464,061
479,767
Invest. & advs—24,336,802 22.401,470
3%
secured
1936
$
Accounts payable.
Accrued taxes, &c.
13,123
expenses.
$
129,690
233,947
201,240
84,436
serial
note pay. to bk.
Adv. pay affil. cos.
750,000
250,000
Reserve for injuries
and damages
Special deposits—
372,361
50,900
Fixed assets (net).
62,663
385,570
75,001
339,973
2,731
Gross
3,305
tract receivable.
a
26,898
24,183
183,356
185,402
371,249
383,814
Preferred stock.
5,500
5J4% pref. stock. 3 ,272",530
1.950,900
b Common stock. 3 .971,645
3,254,225
Capital surplus
13 .100,822 13,101,372
Earned surplus... 5 ,683,010
4,846,063
Total
a
27,263,146 24,787,134
Total
..27,263,146 24,787,134
Called for redemption on Jan. 1, 1937, at $110
per
shares, outstanding
b Represented by 2,675,122 (2,603,380 In 1936) no par shares;
163,626 (97,545 in 1936) shares are held in reserve for conversion of 5}4%
preference stock.
Note—Included in the 1936 balance sheet are the assets and liabilities of
Eastern Greyhound Lines, Inc. of New England liquidated during the
55 shares,
year
and operated
as a
division of The Greyhound Corp.—V. 146,
p.
1400.
Hercules Motors Corp.—No Common Dividend—
Directors have decided not to declare
at this time
Income charges
Gain arising from conversion of
foreign monetary
values in consolidation of
foreign subsidiaries..
Net income
Dividends—Class A shares
Class B shares
x Included in these items are the
following:
Maintenance and repairs
a
dividend
on
the common shares
because of the sharp decline in business during the past five
regularly quarterly dividend of 25 cents
last.—V. 146, p. 755.
....
...
Depreciation
Taxes (other than income)
Rents and royalties
$1,566,071
329,383
$1,497,248
219,683
Crl,740
820
Dr5,311
272,981
1,284
y$910,469
395,661
150,000
$997,989
398,958
150,000
$96,895
199,673
132,396
38,410
327,140
204,603
44,684
Equal under the participating provisions of the shares, to $ .23 a share
197,410 shares of class A stock, and $2.73 a share on 100,000 shares of
B
stock.
This
compares
class A stock and $3.00 a share
with
on
$3.50 a share on 198,995 shares of
100,000 shares of class B stock in 1936.
Consolidated Balance Sheet Dec. 31
Assets—
1937
1936
$696,946
396,847
165,276
$784,642
549,779
291,319
4,976,924
3,788,309
-
United States Government securities, at cost
Federal Land Bank, Canadian bonds, &c., at cost
4,593,180
3,142,416
Notes, instalment contracts, accounts receivable,
Inventories
expenses,
and salesmen for advances,
&c
51,797
Net current assets subject to withdrawal restric¬
tions in foreign country
Troy housing properties (at depreciated valyes),
investments in other companies, &c_
Treasury stock purchased for resale to officers and
employees
y Property, plant and equipment
Goodwill and patents
*
Deferred charges
...
Total
Liabilities-
&c
Minority interests in subsidiary companies:
Capital stock
Earned surplus
z Class A (voting) stock
---a Class B
(voting power restricted) stock
Capital surplus
Earned surplus
—
—
53,063
48,581
1,400.560
15,619
77,442
2
96,647
4,640
6,763
2,438,000
1,562,000
958,342
4,957,937
1936
$22,819
210,972
1,215,693
4,640
6,685
2,438,000
1,562,000
958,342
4,608,550
$11,782,908 $11,027,702
Total
x
65,126
122,693
1,368,459
1937
Miscellaneous deferred credits
for
41,295
$27,221
267,331
1,440,223
106,974
13,476
payable
Reserves for contingencies,
29,806
53,884
.$11,782,908 $11,027,702
Notes payable
After reserve of $180,067 in 1937 and $310,590 In 1936.
y After reserve
depreciation of $1,846,843 in 1937 and $1,697,855 in 1936.
z Repre¬
shares,
a Represented by 100,000 no par shares.
sented by 200,000 no par
—V. 146, p. 1076.
(R.) Hoe & Co., Inc. (& Subs.)—Earnings—
4 Months Ended Jan. 31—
1938
$2,166,063
Net sales...
Net profit
$1,859,466
73,561
74,234
1937
after int. and.other charges, but before
Federal income taxes
...
Consolidated unfilled orders on hand on Feb. 4,1938, totaled $5,490,528
months.
A
$1,314,217
183,030
$129,874
205,617
income
Accounts
Def. profit on con¬
Other assets
$4,663,711
3,349,494
$1,365,507
200,564
Accrued accounts
Res. for conting..
Intangible
prop'ty
1936
$8,948,277
4,284,566
$5,099,860
3,734,353
Gross profit on sales.
Selling and general expenses
Due from employees
$1.59
tax,
Assets—
1937
$9,738,244
4,638,383
Cost of goods sold
and accrued interest
$7.55
of Eastern Greyhound Lines of New England
(operated as a division Of the Greyhound Corp.
b In combined net profit from operations of affil. cos., based
upon stocks
owned at the end of each period, after deducting dividends received.
c Representing net profit of
Greyhound Corp. for the year and equity in
undivided net profit or loss from oper. of affil. cos.
a
Subs.)—Earnings—
Other income credits
x
stock
common
W. H. Salmon and
are
Years Ended Dec. 31—
Net sales..
1,470,606
43,246
based upon stock outstanding at
end of period:
Old
1,649,272
Total
y
$4,017,529
$4,915,475
of
17,856
Earned surplus
15,335
2,186,599
153,697
28,469
1,624,165
charged,
Cash
sh.
159,361
Previously quarterly dividends of 25 cents per share were distributed.
Gilbert E. Mosher,
President, was elected Chairman of the board.
Joseph R. Wilson, formerly Vice-President in
charge of sales, was elected
on
453,903
94,084
per
reserve
terly dividend ordinarily due for payment on
April 1.
Directors voted to
pay a dividend, if any,
semi-annually hereafter.
The next dividend, if
declared, would be payable July 1.
$3,614,139
130,851
443,675
$4,367,488
Other companies
earn,
2,078,720
28,255
Retire,
Operating reserves
Unadjusted credits
Corp.:
Bus companies
Whereof
4,000,000
453,973
2,833
Haloid Co.—No Dividend Action—New
Officers, &c.—
The directors
af. their meeting held March 8 took no action on the quar¬
class
Net income for the year
b Equity of the Greyhound
17,300,000
29,763
expense
shares of
1935
$4,286,146
59,678
28,390
1,552
119,353
Interest and amortization
ref.
Provision for Federal and foreign income taxes....
Ints. of min. shareholders in net income of subs..
Greyhound Corp.—Earnings—
Net profit
7,000,000
series C 4s
17,300,000
Deben. 4^8, 1946 3,644,000
Accounts payable.
344,564
Profit from operations
Y.146.p.1243.
a
7,000,000
dividend of
Stockholders at their annual meeting held March 2,
approved proposal
to increase authorized common stock to 250,000 shares from
200,000 shares.
No immediate plans have been made for issuance of additional shares.—
Years Ended Dec. 31—
&
9,194 512
share
Greenfield Tap & Die Corp.—Stock Increase Voted—
Income—Dividends
Interest
mtge.
$
,
78
Hobart Mfg. Co. (&
the
$1.25 participating preferred stock likewise payable March 15
holders of record March 10.
The regular quarterly dividend of 31H
to
408,627
cCommonstock..
1st
1936
$
9,194,512
It trvV1<?-e?t Preferred stock,
$5.50 dividend
Greenwich Gas Co.—Dividends—
The directors have declared dividend of 24 cents
per share on the common
no par value, payable March 15 to holders of record March 10.
An
initial dividend of 30 cents was paid on Nov. 15, last.
The directors also declared a participating dividend of 8 cents
stock,
on
1937
b Preferred stock.
President.
Month of February—
Sales...
—V.
31
34.567
Unadjusted debits
on Sept. 30 last and previously regular quarterly dividends of 25 cents
share were distributed.—V. 145, p. 3818.
Sales
500,466
Unamort. dt. disc.
rentals
dividend of 12 ^ cents per share on
stock, payable March 30 to holders of record March 16.
This
compares with 25 cents paid on Dec. 23, last; a dividend of
373^ cents
per
1,101,642
914.
common
paid
145,005
Miscell. investm'ts
Special deposits..
Granite City Steel Co.—Dividend Halved—
The directors
1
rent
Total
the
Commission, hence previous
Liabilities—
Prop.,pl't &eqpt._38 175,580 36,015,038
;
i ,128.152
1,125,173
Notes receivable.
107,143
75,994
Appli'ces on
Prepayments
Offers New Tire—
p.
$
Cash
a
Pittsburgh Testing Laboratories.—v. 146,
$323,066
?
liability for Federal surtax
1936
$
.
1937, market prices of raw materials on hand, on commitment and material
content of unfinished and finished goods on hand.
This
$632,111
no
1934
Assets—
Earns, persh. on com
$890,250
567,183
company adopted the new system of
by the Federal Power
exactly comparative.
not
Balance Sheet Dec.
Net
Net profit after all chgs.
and Federal taxes.-x loss
*567|l83
dividends and surplus
o-^^^Lffective Jan.
figures
iqq 2Q4
requirements"I"I"II"III
common
Th® company is of the
opinion that it has
undistributed profits for 1937.
on
1937—12 Mos.—1936
$438,188
215,943
18,871
32,539
Operation
Maintenance
year s
1936
1937-
Operating revenues
accounts
(B. F.) Goodrich Co.—Earnings—
Calendar Years—
1711
Gulf States Utilities Co.
per
share
was
paid
on
Dec. 24,
against $6,561,778 on Feb. 3, 1937, a net decrease of $1,071,250.—V. 146,
p. 1243.
Financial
1712
Houston
1937—Month—1936
$901,707
$806,013
426,893
390,039
138,655
92,361
1937—12 Mos.—1 36
$10,761,930
$9,648,517
5,150,079
4,673,060
1,709,330
1,205.576
$323,613
1,596
$3,902,521
19,042
$3,769,881
$325,209
108,125
8,083
$3,921,563
147,393
$3,784,065
1,297,500
94,337
$243,296
$209,001
Dividends applicable to preferred stocks for the
period, whether paid or unpaid..
$2,783,753
Gross income
Int.
2,599
$338,758
--
80,208
mortgage bonds.
Other int. & deduc'ns...
on
Net
income
15,254
-
...
It is
estimated by the company that the total population of the areas
excess of 220,000.
They include the cities of Lafayette, Elkhart,
14,184
990,417
315,078
315,078
$2,468,675
"$2,077,150
been made for Federal surtax on undistributed
1937 and 1936, since no taxable
indicated for those periods.—
profits for the 12 months ended Dec. 31,
undistributed adjusted net income was
V. 146, p.
La
Porte,
Connersville,
755.
Capitalization—
1st mtge. 4^8, series B, 1965
for Reorganization—
U. 8. District Court at Lewisburg, Pa.,
the company under the National Bank¬
ruptcy Act and Judge Albert W. Johnson fixed March 19 as the date of
Six bondholders filed a petition in
hearing.
The petition avers that the assets of the company are $31,652,000 and
the liabilities $73,968,250, and the petitioners state that they expected
with other creditors under 77'B to present a "feasible, fair and equitable
plan of reorganization under the direction of the court."
The petitioners are listed as follows: Benjamin F. Yarowski, Wilming¬
ton, Del.; George J. Segal, Philadelphia; John T. Duffy, Pottsville; Joseph
Kaskton, Melva Solomon and Alex Sachter, all of Brooklyn.
The petitioners charged that the company had lost money in several
years and had survived only through aid from the holding concern, the
Delaware & Hudson Co.
The petitioners contended that the parent firm may withdraw support
and alleged that the concern, while insolvent, transferred a large amount
of property to the parent company, thus making it a preferred creditor.
J. Julius Levy, counsel for the petitioners, reported that it was his under¬
standing that a bondholders' committee has been organized with Thomas E.
Egan, Philadelphia, as legal representative.
He further stated he under¬
stands that those names appearing as petitioners are representing the com¬
mittee.
Mr. Levy said that the company will owe about $875,000 in in¬
terest payments on $35,000,000 of 5% bonds on June 1 and tbat it is the
possibility of default on this payment that is the basis of the petition for
reorganization.
F. W. Loamy, senior Vice-President of Hudson Coal Co. declared he
knew of no reason for such action.—V. 145, p. 3839.
$6 cumulative preferred stock
Preferred stock not designated as to series
1937
Local service
Toll service
revenues..
revenues
Miscellaneous
revenues.
$9,185,928
3,257,568
541,454
$12^984^951
Total
Uncollec. oper. revenues
Total oper. revenues.
Current maintenance
42,887
20,000 shs. y18,750 shs.
20,000 shs.
None
Upon completion of present financing,
y This figure includes 3,000
shares which the company issued to its parent, General Telephone Corp.*
on Feb. 14, 1938, at $95 per share, in cancellation of indebtedness to the
amount of $285,000.
The 17,291 shares now offered are owned by General
Telephone Corp.
Earnings Years Ended Dec. 31
xl937
Oper,
(after deducting
revs,
prov.
Operating expenses
Depreciation.
$1,315,312
504,949
212,410
187,325
...
_
Co.—Earnings—
1936
$8,440,618
2,943,502
483,366
1934
$7,833,163
2,495,222
463,956
Net earnings from operations.
$410,627
1,456
$440,019
12,588
$367,560
6,580
Net earnings
Interest and other deductions.
$412,084
134,262
$452,608
139,809
$374,141
181,979
$277,822
$312,799
$192,162
Net income
The income account for the year ended Dec. 31, 1937 includes earnings
expenses for one month applicable to the property acquired from
North-Western Indiana Telephone Co. as of Nov. 30, 1937.
x
and
Underwriters—Bonbright & Co., Inc., New York, 8,645 shares; Paine,
Webber & Co., Boston, 6,485 shares; Mitchum, Tully & Co., Los Angeles,
2,161 shares.
Balance Sheet, Dec. 31, 1937
Assets—
Liabilities—
Preferred stock
Telep. plant, equipment, &c._$7,831,650
Investments
12,664
$12,942,064 $11,849,093 $10,750,498 $10,258,664
2,260,954
1,774,961
1,765,368
1,859,087
1,948,277
2,003,702
1,936,072
1,930,897
Traffic expenses.
1,618,075
1,944,186
1,463,015
1,420,479
Commercial expenses
816,372
908,493
742,971
734,654
210.937
Operating rents
215,480
223,982
227,304
Gen. & miscell. expenses
849,972
956,502
850,999
762,355
Taxes
1,939,270
1,718,589
1,452,526
1,340,927
1,890,000
Depreciation fund
493,693
Funded debt
Special deposits
5,113
379,722
Deferred liabilities
16,199
121,383
Accounts payable
Debt discount and expense...
Prepaid accts. & defe'd chgs._
Cash...
Certificates of deposit
1
...
5% demand note...
23,229
4,590
33,750
176,095
Accrued taxes
57,223
Accrued divs.
179
pref. stock..
on
Miscell. current
164,093
liabilities
Reserves
Earned surplus
$9,136,981
Total
$9,136,981
Indiana Gas & Chemical
Corp. & (Subs.)—Earnings—
Consolidated Operating Statement for Quarter Ended Dec. 31, 1937
Production sales
$391,184
333,191
2,039
1,886
Cost of sales incl. maint., adminis. & selling expenses
Insurance
Taxes—Property
Taxes—Indiana gross sales
816
Taxes—State & Federal payroll
Inc.
avail,
$2,911,910
40,061
$2,315,564
21,464
$1,982,962
85,515
$2,722,644
for
$2,713,476
9,168
$2,951,971
340,993
$2,337,028
447,545
$2,068,477
479,997
^$2,610,978
$1,889,483
1,650,000
$1,588,480
1,650,000
361.237
Balance net income—
Divs. on common stock.
$2,361,407
2,392,500
Deficit.
$31,093
2,640,000
$29,021
sur$239,483
$61,520
Comparative Balance Sheet Dec. 31
1937
1936
$
Assets—
S
1937
Common
Acc'ts receivable..
1936
$
Liabilities—
Telephone plant..49 ,552,242 47,665,889
Inv. in contr. cos.
187,093
Other investments 1 ,630,274
1,649,834
Misc. pliys. prop.
186,435
180,849
Cash
149,794
197,966
Working funds
69,981
84,334
Mat'l & supplies..
590,992
562,765
$
Acc'ts pay. & other
1 ,142,950
1,103,540
87,425
101,353
35.402
Prepayments
Other def. debits..
158,863
Ad vs.
stock...33,000,000 33,000,000
from
Amer.
281,631
1,653,512
res.
7,164,368
600,000
600,000
906,969
reserve...
1,108,545
46,258
against
Unapprop. surplus
53,568,957 51,769,027
.89,369
7,893,324
Total
Telephone Corp.—Preferred Stock
Offered—%400,000 434% Series B Bonds Sold Privately—
An offering of 17,291 shares of $6 cum.
pref. (no par) stock
was made March 9 at a
price of $98 per share through an
underwriting group headed by Bonbright & Co., Inc., and
including Paine, Webber & Co. and Mitchum, Tully & Co.
It is also announced that the
company has contracted to
sell privately to four purchasers at 105
$400,000 1st mtge.
4lA% bonds, series B, due Oct. 1, 1965.
Purpose—The net cash proceeds from the sale of the 17,291 shares of $6
cumulative preferred stock estimated to amount to
$1,597,928, will be
received by General Telephone Corp., parent
company, and owner of the
stock, and will be used by that company to provide working capital.
Company proposes to apply $215,000 of the net proceeds, which (after
deduction of expenses estimated at $2,542) are estimated to amount
to
$417,458, to pay its indebtedness of $215,000 to General Telephone Corp.
This amount represents the unpaid balance of
5% demand note payable
Telephone Corp. in the amount of $500,000 at Dec. 31,
1937.
The original amount, $500,000, was borrowed
by the company from
General Telephone Corp. to enable it to
pay the purchase price of the
a
to General
^opOTtira acquired by it from the North-Western
Of this
The balance of $202,458 of the net proceeds to be
received by the company from tho sale of the bonds will be used to reimburse the
company's
treasury for expenditures made by the company in acquiring property and
in making additions and betterments to its
plants.
incorp. in Indiana on Feb. 5, 1930. Company
is engaged in the business of
providing, without competition, telephone
service to 33 communities and
surrounding territories in the State of
was
Indiana.
Company owns toll lines and provides toll service between various of its
exchanges, and in some cases between its exchanges and
exchanges of
com.
1,449
721
ful accounts;
Inventories
84,076
380,258
4,818
2,126
y
Accrued liabilities.
1,449
41,572
Reserve for maintenance
17,998
Mtge. note of Wabash Coke &
Warehouse Co
9,750
zl,170,000
Cum. pref. stock
Common
665
stock
(par
50c.)
capital surplus
&
1,036,884
Earned surplus
24,525
100,000
Miscell. investments
work
in
41
progress
not
allocated
1,029
Lands, bldgs. & equipment
Total....
After
*1,973,125
$2,563,6621
reserve
for
liability of $6,352 for
being contested in the
$2,563,662
Total
depreciation of $186,592.
y Includes
contingent
gross sales taxes on interstate shipments which is
courts,
x Represented by 23,400 no par shares.—.
145, p. 2695.
Month of January—
*
Railway operating revenues
Railway operating expenses
1938
$701,409
534,124
1937
$908,293
598,721
Net revenue from railway operations
Railway tax accruals
Equipment & joint facility rents
$167,285
60,588
64,690
$309,572
73,418
79,163
$42,007
3,884
$156,991
2,113
$45,891
2,860
37,324
$159,104
3,216
37,924
$5,707
$117,964
$1.55
Net railway operating income.
Other income
Total income
Miscellaneous deductions from income.
Total fixed charges
Net income after fixed charges
Net inc. per share of stock, as of the
end of month.
_
$0.08
—V. 146, p. 1244.
International Metal
Industries, Ltd.—Accum. Div.—
Directors have declared
a
dividend of $1.50 per share on account of
6% convertible cumulative preferred stock and on
the 6% convertible cumulative preferred stock, series A both payable
May 2 to holders of record April 15.
Like amounts were paid on Feb. 1,
last.—V. 146, p.
111.
accumulations
on
the
Indiana Telephone Co.
$500,000, $285,000 was canceled by General Telephone Corp. on
Feb. 14, 1938, in consideration for the sale and
delivery to it on that day
of 3,000 shares of the company's $6 cumulative
preferred stock at $95 per
share.
wn
&
Indiana Harbor Belt RR.—Earnings-
Associated
Business—Company
103,050
pref,
cum.
53,568,957 51,769,027
-V. 144, p.1962.
Indiana
der plan of reorganization..
x
$158,434
on
stk. declared, but unclaimed
Dep. oncomp.&liab. insur
Accts. rec. (less res. for doubt¬
Cost of
reserves
contingencies...
Divs.
cum.
Deferred charges
Com. stock of Universal Gas
666,247
Notes
Accounts payable
pref. & com
stock not yet exchanged un¬
on
1,834,103
305,818
Acer. llab. not due
Surplus
divs.
5,414,361
781,719
1,811,790
liabilities..
Deprec.
Liabilities—
$15,355
dep. for payment of
Co
billing & pay...
miscell.
on
1,955,623
tee of pens, fund
Cust. deps. & adv.
curr.
Assets—
Cash in banks & on hand
Cash
Prepaid Insurance
Prepaid interest
Notes sold to trus¬
$28,907
Consolidated Balance Sheet, Dec. 31, 1937
6,224,343
Tel. & Tel. Co..
Deferred credits &
Total
1,408
1,043
21,893
Taxes—Capital stock
Depreciation
Net income before Federal income taxes
fixed
charges
Interest deductions
5,133
429,468
_
-V. 146. p. 1402.
_
Net operating income.
Net non-oper. income...
11,812
28,507
1,516,377
Contributions for extensions..
Total..
3,000,000
2,605
500,000
66,414
Due affiliated companies
Accrued interest
3,490
;
Materials and supplies
...
Accrued payrolls
51,569
Working funds
Depreciation expense
.
$1,449,000
Common stock
$7,527,180
2,316,429
432,189
$11,867,486 $10J92,341 $10,275,798
18,393
41,843
17,134
1935
$1,205,038 $1,120,583
450,544
435,454
185,000
175,000
129,474
142,568
Other income
Due from affil. companies
1935
1936
for
General and Federal taxes
Accounts receivable
Indiana Bell Telephone
xOutstand'g
Unlimited $3,400,000
.160,000 shs.
63,000 shs.
Common stock (no par)
Preferred stock (no par):
March 6 seeking reorganization of
Calendnr Years—
and
Wabash
Authorized
uncollectible accounts)
Hudson Coal Co.—Petition
Valparaiso,
Goshen,
Greencastle.
x
Balance
Note—No provisions have
1938
served is in
$2,392,228
$336,159
—
12,
telephone companies.
Toll service to other points in and out of
Indiana is provided through toll connections with Indiana Bell Telephone
Co.. American Telephone & Telegraph Co. and certain independent com-
Logansport,
Net oper. revenues
Other income
March
other
Lighting & Power Co.—Earnings—
Period End. Dec. 31—
Operating revenues
Oper. exps., incl. taxes - Prop, retire, res. approp.
Chronicle
Interstate Department Stores,
Inc.—Sales—
^Monlhol February—V.
146",
p.
,1&378.883 uMllM
1555.
Interstate Power Co.—Personnel—
meeting the following directors were
James F. Orr, Oscar Solberg, T. E. Bartlett, J. B. Miller, all of
Dubuque, Iowa, and Marc Hardie or Des Moines, Iowa.
At a meeting of the directors Mr. Orr was elected President and Mr. Sol¬
berg Secretary and Treasurer.
T. T. Parker, former President, Walter
A. Horner, former Secretary, and Neill Richards, former Treasurer, re¬
signed.—V. 145, p. 3199.
At the recent annual stockholders'
elected;
Volume
146
Financial
International Silver Co.— -Earnings-
and
CalendarJZears—
1936
1935
1937
.$14,320,980 $12,379,911 $10,520,436
12,151,171
10,873.346
9,757,137
Depreciation
589,768
544,758
582,651
Maintenance and repairs
267,709
213,657
238,570
Ordinary taxes
170,980
162,464
148,376
Fed. & State payroll tax.
186,971
55,500
Rents, &c
148,105
191,957
171,138
salesCfJ,..
Net
1934
$9,736,016
8,603,169
541,340
228,527
160,039
—
Costs and expenses
Prov. for decline in
ket
price of silver
Other income
Prof, of Internat'l Silver
Co. of Canada
Profit of the Steelsmiths
Inc
Div.
from
rec.
Profit
Interest paid
sales of
on
$510,625 loss$376,894
4,348
101,984
inv't
on
53,275
129,997
9,896
securs
Federal and State taxes.
Surtax
13,690
$908,924
Prov.against loss
Preferred
dividends...
Surplus
13,461
23,500
$430,625 loss$496,687
237,828
178,371
$206,183
237,828
$121,186
Net profit
$192,797 def$675,058
def$31,645
Earns, per sh. on 91,198
shares common stock
64,000
16,000
$229,683
$715,756
594,570
profits
on
$3.28
.
Nil
$0.16
Nil
General Balance Sheet Lee. 31
1937
Assets—
$
Real estate
1936
1937
$
-u
583,093
Mach., tools &flxt 3,860,423
Inventories
5,412,751
Liabilities—
4,787,979
Accrued
tional Sliver Co.
U. S. Govt,
Railroad,
951,370
200,625
sees..
916,590
1,237,813
Pref.
301,027
3,295
Total
287,554
64,302
220,262
112,065
25,296
30,184
447,257
stock
326,071
div.
Surplus
5,412
98,768
em pi
79,935
Deferred charges..
84,983
Stocks and bonds.
820,559
Cash
791,823
Accts. & notes rec. 3,274,832
9,119,800
64,044
scrip
pal <fe other bds.
5,945,700
Federal
taxes..........
munici¬
Accrued Int. rec..
Due from
liabilities
for
Prov.
Canada, Ltd.
$
5,945,700
Common stock
9,119,800
Accounts payable.
241,330
Invest, in Interna¬
of
1936
$
Preferred stock.
580,093
3,534,357
years was
published
1556.
p.
Issues
Report to Jobholders
a new departure
in corporate reporting practice, Lewis H.
President, who last week reported on the company's operations
7>100 stockholders, on March 7 issued a report to the company's
11,200 jobholders for the year 1937.
"It has long been the custom for business firms to issue
annual reports to
their stockholders—the
persons whose money invested in a company makes
possible
to
build factories,
buy'materials,
create
employment, sell to
customers on credit, and provide for future
expansion," Mr. Brown stated.
I propose this
year to make a report to the jobholders—the persons whose
time and labor invested in Johns-Manville make it
possible to manufacture
and distribute and sell our
products.
"This report gives all Johns-Manville jobholders a record of our com¬
pany's progress during the last year, discusses our prospects for continued
progress, and lists some of the economic problems jobholders will face
together witn the management and stockholders in 1938.
"Our stockholders put their
money into the company.
In return, when
business is good they are paid "dividends."
When business is bad, the
stockholders are "laid off
in that they receive reduced dividends or some¬
times no dividends, at all.
"The jobholders put their work into'the
company.
When business is
good they receive regular pay and the opportunity to earn more in wages
or
salary.
If business conditions force the company to slow down pro¬
duction, some jobholders have to be laid off, in that the hours may be
reduced, pay may be cut or actual lay-offs may be necessary.
"It is tiie chief concern of the
managers to try to plan for the best possible,
uninterrupted annual wage or salary for both jobholders and stockholders.
Then neither of them will be "laid off." Your
company managers know that
both stockholders and jobholders are
dependent upon each other, and that
neither could profit without the support and cooperation of the other."
The report takes the employees "behind the scenas" of the
corporation's
financial operations, pointing out that of the $64,161,722 received from
customers in 1937, $20,311,813 was spent for materials, and
$3,988,330
was paid to railroads and
trucking concerns for transportaing goods and
paid for canceled sales, leaving $39,861,579 as the actual amount JohnsManville received for the value it added by manufacturing raw materials
into finished products and for
handling certain products manufactured by
other companies.
Fifty-one per cent of this sum, or $20,354,000. was turned over to JohnsManville jobholders in wages and salaries, $4,562,500 or 11
was paid
to stockholders as
their "wages" in the form of dividends, $2,077,000 or
paid out in taxes, $2,179,000 or 6% in depreciation and depletion,
or 1H % for research, $889,343 or 2% was put aside for new plants
and additional working capital while $9,196,736, or
23%, went for "all
other expenses," including repairs and maintenance,
advertising, &c.
Indicating the amount of money necessary to provide each Johns-Man¬
ville worker with his job, the report points out that back of every
employee
there is an investment in buildings, machinery, tools and other
property
of $4,561 or a total investment of $51,281,512.—Y. 146, p. 1556.
5%
was
$603,000
77,935
290,999
955,117
3,099,585
Total
16,063,690 15.885,675
16,063,690 15,885,675
—V. 146, p. 1244.
(Mead) Johnson & Co.—Extra Dividend—
Intertype Corp. (& Subs.) —Earnings—
Calendar Years—
146,
it
1,639
10,429
332
14,897
in V.
$73,038
155,006
Manning
Bowman & Co
Loss
2,365
consolidated income statement for the calendar
i
Marking
$359,049 loss$498,257
135,521
110,934
22,173
There has been appropriated from reserve for
contingencies and added to the provision for Fedtral income taxes
$134,158
in connection with
contemplated additional Federal income taxes of prior
years resulting from revision in
depreciation rates.
z
Brown
100,000
$806,275
65,246
1713
$23,514,232 in 1936.
129",903
mar¬
Profit
Chronicle
1937
1936
Gross profit—
x$2,281,889
Sell. & gen. admin, exps.
1,531,825
The directors have declared an extra dividend of 75 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
1935
$1,742,477
1,097,714
$1,671,288
923,155
$f,389,576
857,027
common
stock,
no par value, both payable April 1 to holders of record
of $1.75 was paid on Dec. 28, last; extra dividends of 75
paid on Oct. 1, July 1 and April 1,1937; an extra of $1 was paid
Dec. 26, 1936; 50 cents per share on Oct. 1, July 1 and April 1, 1936;
March 15
an extra
cents were
Profit
$750,064
175.366
$644,763
152,566
$748,133
147,079
$532,549
143,871
100,775
77,000
Depreciation
in Germany and
99,571
124,377
inv. in German subsid.
Fed. normal inc. tax, &c.
Federal surtax on undis¬
tributed profits
deductions
on
40,000
Assets
one of 75 cents on Jan.
2, 1936, and in each of the seven preceding quarters
the company distributed extra dividends of 25 cents per share.—V. 146,
Jones &
26,000
y232~,207
z224",45i
$370,923
58,006
$392,626
77,694
$244,471
97,348
21
21
21
177,281
166,201
88,641
$135,615
$148,710
$58,461
_
$1.42
$0.75
$0.21
..
Common dividends
Laughlin Steel Corp.—New Vice-President—
Lewis M. Parsons has been elected Vice-President in charge of sales and
director of this company, it was announced on March 1 .—V. 146, p. 1556.
$47,309
$1.32
Net profit..
a
$124,228
76,898
21
Other
1st preferred dividends.
2d preferred dividends
1402.
p.
Kansas Gas & Electric
Period End. Dec. 31—
Operating
Oper.
,
exps.,
Co.—Earnings—
1937—Month—1936
$507,426
270,298
$536,836
279,627
revenues
incl. taxes..
1937—12 Mos.—1936
$6,194,687
$5,825,344
3,312,613
2,992,995
Amortization of limited-
Surplus
x Includes
other income (net) of $122,633.
y $150,000 provision for
inventories of subsidiary and $82,207 provision for doubtful notes and
accounts
receivable,
z $22,445
bond
discount
written
off,
$100,000
provision for foreign receivables and for contingencies and $102,006 land
not used in business acquired in foreclosures, written down.
1937
Cash
Notes & accts.
c
Due
from
2,359,450
sub.
25,129
2,362,388
2,352,085
400,950
Install,
notes
acc'ts
rec.
in
b Common stock.
1,831,750
1,831,750
241,800
177,390
19,345
38,833
Dividends payable
Prov.for salesmen's
on
and
2
50,000
50,000
600,000
600,000
Net oper. revenues—
$206,766
6,097
$187,128
5,122
$2,281,200
18,432
$2,232,347
14,731
$212,863
60,000
15.000
15,000
7,806
Crl,520
$192,250
$2,299,632
720,000
180,000
106,731
Crl ,945
$2,247,078
720,000
180,000
90,983
$131,577
$111,463
Dividends applicable to preferred stocks for the
period, whethe. paid or unpaid
$1,294,846
$1,257,971
—
520,784
520,784
1---
$774,062
$737,187
Inc.
Other income (net)
Gross income
Int.
on
Int.
on
mortgage bonds.
deb. bonds
Int. charged to construe.
Net
income
Balance.
-
_
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those periods.—
258,000
250,000
V. 146, p. 280.
28,102
29,556
payable
machinery sold.
Special
Kaufmann Department
69
1
1
Earned surplus...
168,214
2,783,801
1
1
Appropriated earn.
surplus..
500,185
stockholders will be held on March 21 on decreasing
consisting of 6,000 shares of preferred
stock, par $100 each, and 600,000 shares of common stock, par $12.50
each, to $8,025,000, consisting of 5,250 shares of preferred stock, par $100,
and 600,000 shares of common stock, par $12.50 each.—V. 145, p. 283.
470,185
d Treasury stock.. Dr523,533
Dr519,715
Lands not used in
contingencies
Res. for taxes, &c.
business
1
Deferred charges..
70,318
56", 996
350,000
163,423
2,428,187
140,154
securs.
Stores, Inc.—To Reduce Capital
A special meeting of
reserve for
13,469
Patents & patterns
Inv. in German sub
the capital stock from $8,100,000,
Kings County Lighting Co. (& Subs.)—Earnings
1937
$2,957,348
Operating expenses, ordi¬
nary taxes, &c
x2,366,745
$7,007,335 $6,899,209 |
Total
$7,007,335 $6,899,209
After
deducting depreciation of $2,552,277 in 1937 and $2,535,338
b Represented by 221,722 shares of no par value,
c After
d Represented by 4,592 shares 1st pref. purchased
for retirement, 353 (314 in 1936) shares 1st pref. in
treasury, and 110
shares common stock in treasury, all at cost.145, p. 3975.
a
1935
1934
$3,019,647
$3,018,423
$3,046,513
x2,376,888
x2,314,985
2,193,248
$590,602
$642,759
39,363
$703,438
71,147
$853,266
166,940
$590,602
275,380
$682,122
275,380
$774,586
275,380
See
See
See
1936.
reserves
of $250,000.
Investment Co. of America—Asset Value—
Johns-Manville Corp.
(& Subs.)—Balance Sheet Dec. 31
1937
1936
S
Assets*"*"*
^
Plant equip., &c24,780,126 22,565,250
Stock of Credit Co.
at cost
Advs.
to
Manville
1,200,000
Johns-
Corp
550,000
Accts. receivable.
8,670,758
Accounts
4,795,935
100,483
9,218,793
Mis cell. Invest
363,183
Deferred charges..
302,233
.
Notes receivable
Inventories
Dividend
3,148,507
5,548.811
reserve
Res.
for
contingencies...
Minor,
In
40,684,239»
Total
$280,760
$355,228
258,922
300,000
$499,439
258,922
300,000
Common dividends
x
z732,147
757,723
64,058
6,682,947
1936
8
Assets—
Fixed capital
$
15,317,952 15,204,921
and sup¬
23,617
132,548
251,673
12,784
13,717
419,329
128,645
132,234
262,445
plies
22,816
Mlscell. invest....
Prepayments
1937
Liabilities—
Funded
.
Notes and accounts
Dividend
declared
Customers'
727,367
Contrlb. for exten.
57,539
1,748,596
18,698
2,000,000
1,816,400
112,900
2,500,000
Deferred
credits..
Common stock..
574,793
y
7% pref. stock..
122,577
fl47,731
1152,764
y
6% pref. stock..
y
5% pref. stock..
J
64,730
depos.
x
\
_
$
4,961,000
Accounts payable.
173,911
Int. & taxes accr'd
228,244
645,504
Deferred charges.
1936
$
debt
Reserves.
Prem. on cap.
stk.
11,290
Corporate surplus. 2,235,427
5,166,716
51,281,513 40,684,239
x
Consolidated Balance Sheet Dec. 31
Deferred expenses.
70,227
14,379,898
6,056,060
258.922
300,000
—.—
1937
receivable
net
x
Including provision for Federal Income tax.
funds
Represented by 850,000 (750.000 in 1936) no par shares at stated value
y After reserve for depreciation of $25,127,242 in 1937
of $20 per share,
143,978
$211,017
258,922
x
Special deposits &
stockhold¬
int.
125,982
$1,020,206
275,380
87,732
157,656
deductions
Balance for dividends.
Preferred dividends
Cash
foreign exchange
fluctuat'n & oth.
Initial surplus
Earned surplus
51,281,513
131,250
1,131,446
self-Ins.
112,827
worth of subs...
x
933,127
131,250
7,495,119
388,125
225.600
Other
Material
1,155,596
104,206
long-term debt..
on
$
1,416,088
Income tax res've.
ers'
Total
1936
$
stock..17,000,000 15,000.000
stock
9,000,000
9,000,000
payable. 1,340,245
1,816,971
Acer, taxes, wages,
&c
Credit
Total income
Federal income tax
Common
Preferred
2,500,000
Cash
1937
Liabilities—
x
Net operating income.
Other income
Int.
Company reports net asset value on Feb. 28, 1938, was $37.61 per share
of common stock, comparing with $34.97 per share on common stock
on
Jan. 31, 1938 and with $65.51 per share of common stock on Feb.
27, 1937.
—V. 146, p. 1078.
y
1936
Calendar Years—
Gross earnings
in
Crl ,876
218,653
from in¬
stalment sales..
pref.
Total
60,000
15,000
7,498
Crl,711
Advances
133,248
1st
874
res. approp
238,721
commission, &c.
from
stock red. fund.
Marketable
350
Res. for taxes pay.
customers
Cash
350
Fire
sees.
1936
$1,460,600 $1,460,600
2d pref. stock
407,952
29,491
Ins. Co. Includ'g
marketable
1937
1st pref. stock
Accounts payable.
rec
Inventories
In
Liabilities—
$642,667
777.096
officers
and employees..
Inv.
1936
$748,059
656,569
2,730,450
443
investments
Other int. & deductions.
Consolidated Balance Sheet Dec. 31
Assets—
Mach'y & equip.
a
term
Prop, retire't
Earns, per sb. on 221,612
shs. com. stk. (no par)
Total
16,656,104 16,909.947
Represented by 50,000
$100 par.—V. 145, p. 2697.
x
no-par
Total
shares,
4,961,000
144,605
303,825
139,730
756,890
56.988
1,639,359
2,000,000
1,816,400
112,900
2,500,000
11,290
2,466,958
..16,656,104 16,909,947
y
Represented
by
shares
Financial
1714
Chronicle
Lake Superior
Kolmar, Inc.—Earnings—
$957,104
854,411
Sales
Cost of sales
„
69,547
Expenses (net)
$33,146
Net profit
-V. 146, p. 601.
(S.
1938
it has received from the Canadian
announced
as trustee
on
March 5 that
liquidator, under an order of the Supreme
Court of Ontario, an interim distribution of 1 H% of the amount of its
claim as trustee, and is accordingly distributing on and after March 9,
1938 to holders of bonds the sum of $16 per $1,000 principal of said bonds
presentation thereof to its Corporate Trust Department at 165
Broadway, New York.
All bonds must carry the June 1, 1932 and sub¬
142, p. 2504.
upon
sequent coupons.—Y.
S.) Kresge Co.—Sales—
Lambert
1938—Month—1937
1938—2 Afos.—1937
$9,396,098
$9,843,047 $18,417,843 $19,191,897
Period End. Feb. 28—
-
--
12,
Corp.—Interim Distribution—
The Chemical Bank A Trust Co.
Earnings for 2 Months Ended Jan. 31, 1938
Sales-
March
During February company
American and 56 Canadian.
had 737 stores in operation, of which 681
728, with 677 American and
Co.—37]4,-Cent Dividend—
on March 7 declared a dividend of 37K cents per share on
payable April 1 to holders of record March 17. A similar
paid on Jan. 3, last, and previously regular quarterly dividends
were distributed.—Y. 146, p. 1556.
The directors
the common stock,
51 Canadian.—V. 146, p. 1403.
(S.
were
A year previous stores in operation totaled
amount was
of 50 cents
Lehigh Coal & Navigation Co.—Annual Report—
H.) Kress Co.—Sales—
for the month of February were $5,357,798,
a decrease of $237,255,
or 4.2%.
The sales for the two months ended
Feb. 28 were $10,516,387, a decrease of $187,520, or 1.8%.—Y. 146, p. 1078.
J. N. Nuelle, President, says in part:
On Dec. 7, 1937, Lehigh Navigation
The sales of this company
Kroger Grocery & Baking Co. (& Subs.)—Earnings—
52 Weeks
53 Weeks
Ended
Ended
Year
Ended
S
$
$
$
C-248,444,230 242,273,498 229,907,884 221,175,331
198,926,897 193,102,412 182,576,691 172,909,675
Sales
Cost of sales
a
Year
Ended
Jan. 1 1938 Jan. 2 1937 Dec. 28 *35 Dec. 29 *34
Period—
49.517,333
49,171,086
9,498
482,406
19,946
580,330
47,331,193
41,938
500,512
48,265,656
95,121
465,019
50,009,237
42,489 959
2,391,401
1,990.761
Administration expenses
Adjust, of inc.
of prior
years (net of extraord.
Cr140,624
costs)
49,771,362
41,367,846
2,365,434
2,043,050
47,873,643
39,380,554
2,290,652
2,081,788
48,825,796
Gross
profit
Interest
Acer'd earns.of sub.cos—
Gross income
Operating expenses
Depreciation
39,620,701
2,356,200
2,062,543
327,400
507,200
Cr467,451
477,173
588,111
2,950,340
14,430,173
3,487,831
14,410,851
4,110,926
13,212,452
-77,380,513
17,898,683
17,323,378
16,837,772
2,912,527
3.245,842
Net profit
Previous surplus
3,342)
divs
2d pref. 7% divs
3,312
3,381
3,388>
Common cash div
2,915,182
3,461,779j
1st pref. 6%
Earned
Shs.
com.
379,479
charges--
14,458,638
14,430,173
14,410,851
1,821,989
$1.91
1,821,989
$2.25
1,810,293
$1.62
$2.31
Cost of sales now includes warehousing and transportation expenses,
b Correction and final adjustment of amounts written off in prior years,
which write-off was the difference between the
recorded costs
equipment
or
and the costs less depreciation as determined by
and depreciation thereon
appraisal.
an
year to Lehigh Navigation Coal Co., amounting to $400,000, for
capital expenditures, payment of taxes and current expenses, making the
total advances assumed by Lehigh Navigation Coal Co., Inc. $2,300,000.
The Schuylkill Water Co., all of whose capital stock was owned, was
dissolved by decree of the court dated April 27, 1937.
The Schuylkill
Water Co. was chartered in 1882, but for many years has owned no property
and has not been engaged in any activities.
Income Account for
Railroad
$3,151,401
91,758
292,118
63,004
39,585
1,016,791
172,704
Dividends
Interest
Miscellaneous
Total
Canal
operation
Taxes
Deprec. and depletion.
Operating expenses
_
Interest
General
U.S.Govt.
Jan.
'38
Jan. 2 '37
5,338,329
2,072,814
'37
Liabilities—
$
Divs.
County A munici¬
expenses
1,645
13,202
10,809
on
for
closed
Investments
refunds
on
183,330
Total
360,737
248,658
263,230
958,725
Deferred charges.-
648,942
910,493
562,297
192,336
168,261
53,700
57,112,141 57,971,794
Total
Earned per
x
|
57,112,141 57,971,794
Total
Includes
$93,162.
Represented by 1,830,885 no par shares,
b 8,896 shares,
earned surplus appropriated for contingent uninsured losses,
c
1938—8 Wks.—1937
1938—4 Wks.—1937
$17,742,559 $19,467,011 $35,708,193 $38,265,338
Average number of stores in operation during the period was 4,090, com¬
pared with 4,195 in corresponding period a year ago, a decrease of 2.5%.
E. T. Kearney and John H. Sadler were on March 2 elected to
the board
Mr. Sad¬
Mr. Kearney succeeds the late J. O. McKinsey.
Roy G. Clark.—V. 146, p. 1078.
Sulphite
Pulp
Co.,
Ltd.-
seven
■Shareholders
Appoint
company so long as it shall remain in receivership.
Toronto:
Marius
Doye,
N.
$8,284,605
$7,946,176 $11,875,409
1,930.065
$0.78
C. Poison,
J.
McL.
The following were
K. C.f
Stephens and C. S.
Budden of Montreal and H. Freeburne of Hamilton.
oth. fixed assetel9,670,041
following temporary balance sheet was submitted by G. S. Currie
position of the company at the date of his appoint¬
ment, Feb. 7, 1938.
Assets—
1936
1937
$
%
Liabilities—
$
Audited
22,948,000 23,024,000
vouchers
and payrolls
19,629,810
77,952
71,908
Accrued taxes
826,612
945,469
510,147
11,753
511,020
Matured A accrued
Bonds A stocks of
affiliated
Only)
1936
$
■
cos.--l4,100,392 34,091,064
3,516,846
3,519,243
Investm'ts-
6,246,735
1,706,649
cos-
Cash
673
Notes receivable..
347,968
15,918
Sundry debtors
Mat'ls A supplies-
2,872,780
2,860,962
Int. on fd. debtDivs. unclaimed..
31,288
Deprec. reserves.. 6,960,916
6,517
2,109,040 Res. for depletion.
16,085 Res. for uncollect.
Suspended
credit.
327,340
x
-
24*255
332,719
5,958
accounts
361,737
64,598
5,800
Affiliated cos
Suspended debt ac¬
Capital stock—32,152,117 32,167,750
8,284,605
6,850,155
Surplus
70,387,217 65,426,326
Total
70,387,217 65,426,326
Total
Represented by 1,929,127 no par shares in 1937 and
value in 1936.
1,930,065 shares
par
Oper.
exp.,
and
_
_
inc. prov. for
workmen's
tion
Companies)
1937
1936
1935
1?34
--$20,324,600 $23,720,316 $23,184,559 $24,759,049
Calendar Years—Jlftj*
Gross earnings
compensa¬
uncollectible
„„
„„„
•
19,488.387121,745,889
22,165,509
21,939,880
479,445
29,139
102,990
accounts.,
$1,974,426
2,345,582
481,445
40,045
92,754
$1,019,050
2,345,520
583,263
66,588
235,291
$2,819,169
2,331,976
612,143
25,227
256,981
$3,793,433
1,249,397
840,593
1,424,834
286,386
178,665
$4,934,253
1,422,043
870,352
1,446,327
313,880
197,377
$4,249,711
1,071,242
1,090,385
1,439,273
287,380
146,052
$6,045,496
1,178,055
1,374,651
1,469,760
$215,380
8,434
$1,609,627
Cr4,219
$651,464
10,314,804
$206,946
11,457,747
$1,590,807
11,338,163
$836,213
Operating income
Receiver's Statement
The
to show the financial
1,930,065
$0.92
1,930,065
$0.95
profits tax included amounting to
Consolidated Income Account (Incl. Subsidiary
has been appointed to cooperate with the receiver,
elected to the committee: G. G. Blackstock and Peter Campbell,
of
$6,850,155
properties
24,420,257
Railroads, canal A
no
and to represent the shareholders as a group in all matters pertaining to
the
11,295,605
Dr226,265
$8,718,202 $12,840,441
772,026
965,032
Funded debt
Committee to Work with Receiver—
A committee of
$1,771,101
Dr4,991,263
1937
x
Lake
$1,839,809
11,875,409
Dr5,753
*9,442,644
1,158,039
share
counts
New Directors—
ler succeeds
$1,500,137
7,946,176
Dr3,668
General Balance Sheet Dec. 31 (Company
Adv. toaffil.
of directors.
1,043,669
184,262
108,000
55,029
$110,365 in 1937 and $33,061 in 1936.
Other
Sales—
Sales
1,023,693
179,509
132,000
Coal lands A min.
a
Period End. Feb. 26—
1,021,682
190,972
xl74,146
Provision for Federal undistributed
Assets—
144,957
125,042
$3,406,349
133,317
166,000
1,929,127
$0.63
Earned surplus—14,458,638 C14523.335
accounts
recelv., not due.
122,461
281,976
$3,434,537
97,526
162,000
$7,428,893
578,738
(no par)
55,700
48,000
48,400
a Common stock..33,398,250
33,398,250
Paid-in surplus— 1,047,761
1.047,761
204,222
"$3,291,374
914,021
82,132
value of
Profit and loss surplus
of capital stock
2d pref. stock
15,342,486 15,697.215
Prepaid insurance,
rents, taxes, Ac-
90,856
37,769
Shares
1st pref. stock
Def'd claims rec._
in stated
Dividends..
group
insurance
168,261
192,336
accumulation
Land,bldgs.,eqpt.,
Ac
147,511
ing divs. & prem.
97,157
97,157
for sale to empl.
107,056
38,059
invest, in Lehigh Navi¬
gation Coal Co. stock.
Red.
ploy's, represent¬
b Com. stock held
Cash A ctfs.of div.
795,510
$60,926
2,294,240
stores
not yet due
646,334
19,985,345 22,692,864 Prov. for self insur.
6,283,888
6,210,256 Amounts due em¬
Inventories
887
886,069
rentals
301,706
Claims A advs
Net income
$1,225,576
8,284,605
Sundry accts. adjusted.
Dr22,786
Loss sustained by disolution of subsidiaries
Dr2,058,503
Previous surplus.
1934
$63,757
2,293,980
948,176
x249,865
921,351
payable
Prov.
683,141
Employees
Accrued
1,771,289
taxes
Accts. & notes rec.,
776,260
$
Provision for Fed'l
164,000
pal bonds
$
Accrued expenses.
27,500
securs.
customers
1
9,752,287 Accounts payable- 4,710,923
Jan. 2
'38
1
$
12,123,820
Cash
1935
$57,627
2,293,122
rentals
Comparative Consolidated Balance Sheet
Jan.
1936
$45,288
2,293,101
572,430
112,153
128,429
revenue
Federal income tax
Assets—
Calendar Years (Company Only)
1937
Canal
13,212,452
1,821,989
surplus..
stk. outstand.
Earnings per share
a
1937.
4,198,242
12,639,530
recovered in 1935
Federal income taxes—
Miscellaneous
Dec. 31
As of Dec. 16,1937, the name of Lehigh Navigation Coal Corp. was duly
changed to Lehigh Navigation Coal Co., Inc.
Additional advances were made by Lehigh Coal A Navigation Co. during
the
Taxes charged against in¬
come of
prior years &
Total
Coal Co. (a wholly owned sub¬
sidiary), transferred, as of Nov. 30, 1937, to Lehigh Navigation Coal
Corp., organized in Pennsylvania, all of its personal property, subject to
the payment of its ascertained and stated liabilities, in exchange for the
issuance to it of all the 50,000 shares of authorized no par capital stock of
Lehigh Navigation Coal Corp.
On Dec. 8, 1937, Lehigh Navigation Coal
Co. duly leased to Lehigh Navigation Coal Corp. for a term of 10 years and
one month from Dec. 1, 1937, all its coal lands and mining properties, Ac.,
situate in Carbon and Schuylkill counties east of the Little Schuylkill River
and west of the Mauch Chunk Borough Line.
Thereafter Lehigh Navigation Coal Co., elected to dissolve and on
Dec. 21 and 31, 1937, Lehigh Navigation Coal Co., distributed, assigned,
transferred and conveyed to Lehigh Coal A Navigation Co., its sole stock¬
holder, all of its remaining assets, including, the lease to Lehigh Navigation
Coal Corp., together with the 50,000 shares (no par) stock of that corpora¬
tion, in complete liquidation of its affairs and in complete cancelation and
redemption of all its capital stock, which was canceled and redeemed on
2,345,647
Railroad rental
Dividends
Interest
Miscellaneous
Liabilities—
Cash in bank
$6,348
Accrued wages
$120,325
Accounts receivable
3,268
Due on contracts
Containers returnable
3,918
Other acc. & exps. payable
Est. cost to comp. woods oper.:
Expenses on mill operations..
5,514
Exps., pulpwood operation..
1,612,422
Invest, in Nipigon Corp
500,000
Advance to Nipigon Corp
92,457
Deposit with Government.
Plant expenditure*
Discount on notes
Organization
expenses
Cutting rights
50,000
5,405,856
63,500
...
Stumpage
Fire tax
-
;
Accrued interest
Common stock (150,007 sh)-.
Deprec. and depletion._
529,153
233,852
To contractors, Ac
10-year 6% notes
Prov. for Fed'l inc. tax.
23,955
Prov. for Fed. undistrib.
Interest
1,250,000
General
expenses
loss$304,634
Apport. to min. interests
Cr 1,876
Net income
—it
1
Total
37,028
118,192
profits taxes
275,223
138.180
13,938
3,300,021
$7,772,305
In presenting the statement of position Mr. Currie said that wages
accrued had been paid by bank loan against receiver's certificates, but
since his appointment no other contracts had been assumed and mill con¬
struction was held up.
In connection with woods operations, arrangements
had been made to protect cut wood, but cutting was temporarily suspended.
*
Amount spent and further expenditure contracted for by the company
to date.
(In order to complete the mill there are further expenditures to
be made by the company which are not included here.)—V. 146, p. 1078.
I
Balance
Taxes
455,731
30,018
$7,772,3051
Total
1,845,329
Net inc. of Lehigh Coal
A Nav. Co. A subs_loss$306,510
Previous surplus
9,626,871
Total surplus
Dividends paid
i
Balance. Dec. 31
18,820
'
$12,928,970
$9,320,361 $10,966,268 $11,664,694
965,143
781,114
1,160,949
578,753
Sundry adjustments.344,022
Adjustm't for min. ints.
$647,245
Cr38,857
$8,436,442
215,866
Cr37,418
580,789
Crl2,013
505,843
237
$9,626,871 $10,314,804 $11,457,748
Volume
Financial
146
Consolidated. Balance Sheet Dec. 31 (Incl. Sub. Cos.)
1937
Assets—
Coal
&
1936
$
lands,
Liabilities—
Funded
market prop.31,503,589 31,649,184
Mtges. payable
Canal property
3,737,765
3,739,300
Railroad
prop'ty.40,891,621 40,725,043
Water property
3,187,291
3,241,158
Audited
Real
932,849
3,800,593
3,005,423
260,625
accts.y2,518,048
1,821,668
-
Cash
Notes receivable-.
1,342,981
1,355,288
824,870
539,752
742,780
669,766
61,675
58,814
1,251,872
Def.
&
623,316
and
401,637
350,940
sus¬
pended accts
Reserves
13,478,895 13.130.982
45,110
82,757
Capital stock...32,152,117 32,167,750
Capital surplus
2,402,520
2,394,983
Minority Interest-
debt
retired
Surplus
approp'd
47,880
48,128
51,621
8,436,442
approp
9,626,871
Total
93,620,799 94,957,296
69,847
o
-
Profit & loss surp.
Total..
93,620,799 94,957,296
Represented by 1,929,127 no par shares in 1937 and 1,930,065 shares o
1936.
y Includes notes receivable.—V. 145, p. 3349
x
no
112,316
159,904
surplus
sink, fund res've
/
par value in
Lane Bryant,
Inc.—Sales—
Period End. Feb. 28—
1938—2 Mos.—1937
$1,835,128
$1,989,896
1938—Month—1937
$874,116
$950,463
Sales.
Oct.
on
1
increase of
an
service
Mediation
employees in a similar proceeding
Board conducted the negotiations.
000a* annua* wage increase due to these changes amounts to
$1 640
^9,ontinue Payment of pensions to employees from Jan. 1
pensions heretofore paid voluntarily.
Under the unemployment
provisions of the Social Security Act, company
paid taxes of 2% of payrolls in 1937. In 1938 the company will be required
to pay 3% or a total of
$700,000.
At the end of 1937 bank loans totaled
$9,425,000.
During the year all
were transferred from the
Reconstruction Finance Corporation to
loans
banks at lower interest rates.
Railroad Credit Corporation loan was
paid in 1937 and at the close
the year
company had on deposit with the Corporation under the
marshalling and distributing plan, $342,965.
In Nov., 1937, the railroads
applied to the Interstate Commerce Com¬
mission for an advance of
15% in freight rates (with certain limitations on
coal, sugar, fruit, &c.) and it was expected that a decision would be reached
on this application in
Feb., 1938 (no decision rendered to date—Ed.).
At
the same time the railroads
requested authority to increase the passenger
coach rate from 2 cents to
2H cents per mile.
Should the Commission
approved the freight rate application it will merely restore freight rates to
the levei in effect in 1930 1931 and
substantially all the increase in revenue
will go to the Government in added
taxes, to the employees in wages and
to pay for the higher cost of all
materials—particularly bituminous fuel for
which the price has been raised
materially by the National Bituminous Coal
of
Commission.
No conclusion has been reached in the claim
against the German Govern¬
Langendorf United Bakeries, Inc.—Plan Approved—
a special meeting held March 1 approved a plan of re¬
that was evolved for paying accumulated dividends of $7
the class A stock.—V. 146, p. 1246.
explosion in 1916.
Traffic Statistics for Calendar Years
Stockholders at
1937
capitalization
on
to June 30,
1937, at a cost of $101,687, after which the Federal Government took over
such obligations.
The annual cost of this imposition is $650,000, less the
cost of Lehigh Valley
ment on account of the Black Tom
share
in
day was granted to
which the National
The Railroad Retirement Act became effective on Jan.
1, 1937, under
which company paid to the Internal Revenue
Department 2 % % of salary
and wage payments
up to $300 per mooth per employee.
Company had
—V.146,p. 1557.
a
44 cents per
The
through inc. and
Surplus
'
train
x
Fund
suspended
accounts
Sink, fund assets.
621,389
ac¬
Interest-.
Deferred
9,093
funds.—
and
crued
1,181,514
9,586
Sundry debtors
Working
Matured
568,505
Coal In storage...
Mat'ls & supplies.
267,125
1,381,925
109,532
1,491,648
vouchers
payrolls
Sundry creditors._
4,461,736
.
Customers'
and
$
1,426,270
44,581
1,128,978
Accrued taxes
943,679
3,802,646
estate
Investments
1936
$
32,960,900 33,101,100
debt
1715
tion Board and
1937
5
min.
Chronicle
Tons
rev.
1936
1934
xl935
freight
23,604,007
22,163,476
17,881,789
17,667,660
4281076,244 x3977344858 3436603,834 3385571,303
Freight revenue
$42,900,965 $43,276,066 $35,404,267 $34,462,892
Average revenue per ton
$1.82
$1.95258
$1.97991
$1.95062
Av. rev. per ton per mile
1.002 cts
1.088 cts.
1.069 cts.
1.060 cts.
Passengers carried
1,169,964
1,068,816
878,409
965,450
Pass, carried one mile..132,387,278 126,332,001 102,636,172
116,366,035
Passenger revenue
$2,621,861
$2,670,937
$2,345 143
$2,468,176
Avge. rev. per passenger
$2.24
$2.49897
$2.55650
$2.66976
Av. rev. per pass.per mile
1.98 cts.
2.114 cts.
2.285 cts.
2.121 cts.
Tons freight, 1 mile
Lehigh Navigation Coal Co., Inc.—New Company—
During November, 1937, Lehigh Navigation Co, transferred to Lehigh
Navigation Coal Corp. (organized in Pennsylvania) certain properties and
in December voted to dissolve and transferred to Lehigh Coal & Navigation
Co. all its other assets.
As of Dec. 16, 1937, the name of Lehigh Navigation
Coal Corp. was changed to Lehigh Navigation Coal Co., Inc.
Lehigh Navigation Coal Co.—Dissolved—
See
Lehigh Coal & Navigation Co. above.—Y. 134,
1384.
p.
Comparative Income Account for Calendar Years
Lehigh & New England RR.—Earnings—Calendar Years—
1937
1936
1935
1934
$3,962,590
2,933,614
227,031
$3,432,725
2,593,600
83,584
$3,455,844
2,666,758
82,162
$691,558
178,081
31,826
$801,945
131,331
26,843
$755,542
183,317
27,199
$706,924
172,619
28,138
$901,466
115,403
$960,119
125,963
$966,058
116,061
$907,681
117,797
372,786
390.488
30,332
45,807
388,804
27,482
Railway oper. revenues. $3,689,201
Railway oper. expenses.
2,835,402
Railway tax accruals, &c
162,241
Railway oper. incomeEquipment rents, &c...
Other income
Total income
Joint facility rents, &c—
Total interest accrued on
funded debt—
Other deductions
*
398,234
29,072
Net income
$382,944
Income balance
$397,860
$433,709
38,294
68,000
39.78G
272,000
43,371
340,000
272,000
$276,649
—.
.
$86,074
$50,338
Assets—
1936
S
Liabilities—
$
Inv. in road & eq.21 ,926,331
21,759,753
1,018
269
36,545
Sinking funds
MJsc. phys. prop..
$
36,495
45,941
124,175
119,175
704,355
789,236
13,043
rec.
177,567
243,542
from
34,224
24.909
36,761
Mat'ls & supplies.
Int. & divs. receiv.
400,074
378,639
306
184
curr. assets.
26
24
Deferred assets—
31,549
57,970
465
2,589
126,165
on
77,096
66,744
funded
debt
214,123
199,542
192,920
25
Int. mat'd unpaid.
25,375
25,775
accr.
81,620
80,002
Ilabs—
19,011
7,486
Deferred liabilities
20,506
17,919
105,865
262,188
Other
Prem.
131,738
advance
9,550~666
Misc. accts. pay'le
Unmat'd Int.
curr.
on
fund, dt.
17,093
13,428
68,549
Other unadj .debits
Accrued
3,095,711
surplus
23,705.847 23,701,018'
excess
of
par
the value carried on the
69.847
82,138
39,313
566,899
2,759,847
43,101
40,055
566,899
23,705,847 23,701.018
value of securities of subsidiary companies
books of the Lehigh & New England RR.
2,384,294
108,199
2,665,510
305,206
243,622
4,404,786
142,004
442,191
1,910,329
226,370
2,668,416
302,519
271.072
315.299
2,669,069
304,754
452,025
$859,463
7,794,034
1,286,289
1,280,281
192,037
Crll5 097
4,318,986
344,655
512,837
1,671
4,500,908
2,363,527
321,848
417,585
4,353,398
209.986
233,331
285,538
232,285
167,621
Total deduc. from inc.$10,695,814 $10,477,820
Net loss
898,553
yl,323,825
"$9,412,705
Miscellaneous
MisceU.
tax
Interest
Int.
on
rents
accruals
funded debt-
on
unfunded debt..
Miscell
income charges.
Separately
oper. prop
Adjusted figures,
x
y
187
1,843,801
$9,685,175
1,891,141
Profit.
1936
1937
Assess—
$
98,473,716 100,633,546
equipment-..
Impt.
on
$39,313 at prices not exceeding 102.—V. 146,
p.
Lehigh Valley RR .—Annual Report—
D. J. Kerr, President, says in part:
Due to the lowered rate level in effect in 1937 and the many added costs
on company during 1937,' there was a net income deficit of $898,553
for the year 1937.
Gross revenue for the year 1937 was $48,618,849, a
imposed
decrease of 1 %, compared with 1936, in spite of the fact that the company
moved 8% more ton miles in 1937 than in 1936.
The Interstate Commerce Commission terminated the application of the
prop.
2,301,271
125,668
2,301,362
125,668
Special deposits.
134,818
Loans & bills rec.
4,678
89,947,504
20.882,630
9,519,571
3,501,356
4,916,291
665,336
3,845
1,037.739
1,434,412
666,331
Stocks
88,120,750
Bonds.
20,116,131
Advances
Other lnvestm'ts
9,721,794
3,467.534
Cash
2,739,667
balances rec—
on Dec. 31, 1936.
As a result, the
of company was reduced in 1937 by approximately $1,720,000.
Operating expenses for the year 1937 amounted to $37,179,197, an
increase of 5% compared with 1936.
The operating ratio was 76% compared with 72% in 1936.
The increase
was due to the lowered rate level, increased wages and to greater
equipment
maintenance
requirements.
Following the removal of the so-called emergency freight rates the rail¬
roads sought recovery of a part of the revenue through filing tariffs to
increase rates on various commodities.
The Commission authorized, late
in the year, certain of these increases
the revenues of company for 1937.
but there was little or no effect upon
The Commission refused to permit
anthracite coal although it permitted an increase in
rates on bituminous coal.
1936
S
60,501,700
118,520
Preferred stock.
117,937
37,750
construction—
Long-term debt. 101,601,013 102,051,775
4,577,136
4,425,000
Loans&bills pay.
Traffic & car ser¬
vice bal.
pay.
wages payable
598.309
Int. mat'd unpd.
391,680
curr. assets
7,620
Deferred assets.
345,327
762.240
2,396,183
28,767
28,800
697,936
Divs. mat. unpd.
690,131
Unmat'd rents
503,366
503,618
liab.
226,839
365,693
Deferred liabil—
1,337,025
594,787
Unadj. credits.. 31,834,924
33,812,981
accrued
922,142
2,152,969
2,527,244
69,394
35,481
29,397
777,387
3,040,618
1,210,769
391,885
Misc. accts. pay.
Other
from agents &
466,452
2,660,676
Audited accts. &
Unmat. int. accr
Net balance rec.
curr.
2,518,855
conductors.
—
Mat'l & supplies
Int. & divs. rec.
1,938,715
3,325,277
28,793
Rents receivable
31,457
Misc. accts. rec.
Oth.
UnadJ.
debits-
Total
so-called freight emergency charges
gross revenue
$
60,501,700
36,150
Grants in aid of
leased
Misc. phys.prop.
Inv. in affil.cos.:
1557.
1937
Liabilities—
Common stock.
Traffic & car ser.
The Tradesmens National Bank & Trust Co. will until 12 o'clock noon
March 14 receive bids for the sale to it of sufficient general mortgage bonds
increases in rates on
$1,028,796
7,568,904
Income Charges—
2,645,539
Tenders—
to exahust the sum of
$963,989
11,801,646
Hire of equipment
railway
reserve.
Total
$1,059,314
9,797,262
Inv. in road and
Capital surplusProfit and loss
Represents
184,162
844,634
135,488
Comparative Balance Sheet Dec. 31
51,621
x
828,501
Joint facility rents
Rent for leased roads
66,772
through inc. and
surplus
Sink. fund
$6,934,571
407,438
161,164
898,150
income.-
2,962,678
49,518
Fund, debt retired
x
$6,540,108
2,701,704
—
through inc. and
Total
8,654,514
2,114,406
deprec.—
equipment
Oth. unad). credits
Add'ns to property
over
13,908.733
3,071,076
Operating income— $8,737,948 $10,837,657
85,930
Insur.and casualty
reserves
11.439,652
Total other income
Total income
204,271
63,104
.
Tax liability
Ins. prems. paid in
Disct.
wages payable.
Net operating revenue..
Total tax accruals, &c—
3,100
18,987
9,487,000
payable
Audited accts. and
253,451
1,595,099
2,631
Transp. for invest.—Cr.
Dividend income
car-serv.
balance
18,911
agents & cond'rs
Misc. accts. rec'le.
Other
of construct
expenses
General expenses.
$3,043,875
8,446,020
1,354,299
20,410,967
237,653
1,576.682
1,851
$
3,100
Fund, debt unmat.
Traffic &
car
service bals., rec
Net bal.
$30,921,804
8,944,722
2,010,151
Transportation
6,800,000
Govt, grants in aid
Special deposits
and
$2,960,674
7,232,181
1,307,943
17,606,844
204,480
1,611,228
1,546
expenses
Miscellaneous
41,041
Cash
1936
Capital stock
6,800,000
CampbellHallConnecting RR.mln.
interest..
cos
investments
Traffic
$3,196,055
7,284,075
1,329.523
18,261,014
203,370
1,694,291
917
$3,214,304
9.648,120
1,355,390
21,115,463
MisceU. operations
1937
$49,156,379 $40,621,926 $39,866,526
Total operating exp—$37,179,197 $35,247,646 $31,967,411
$90,578
$362,578
Consolidated Balance Sheet Dec. 31
1937
Inv. In aff11.
Total oper. revenue..$48,618,849
Operating Expenses—
Maint. of way & struct.
Maint. of equipment.—
Traffic
Income applied to sink¬
ing & other res. funds.
Dividends
Other
1937
1936
xl935
1934
Average miles operated.
1.319
1,332
1,348
1,354
Operating Revenues—
Anthracite coal freight..$15,141,485 $15,964,408 $12,514,607 $12,607,370
Bituminous coal freight.
1,278,510
1,412,285
1,231,520
1,146,078
Merchandise freight
26,480,970
25,899,373
21,658,140
20,709,444
Passenger
2,621,861
2,670,937
2,345,143
2,468,176
Mail
321,292
322,916
315,191
313,810
Express.
375.060
407,769
362,780
397,370
Other transp. revenue—
1,675,608
1,760,500
1,644,852
1,670,661
Incidental revenue
724,062
718,190
549,692
553,617
234,983,473 242,949,246
to
prop,
through inc.&
496,494
surplus
Profit
and
surplus
Total
475,952
29,058,619
33.770,324
loss
234,983,473 242,949,246
road represents only road property of
(Phillipsburg, N. J., to Wilkes-Barre, Pa.)—
Note—The item investment
Lehigh Valley RR. proper
Add'ns
in
V. 146, p. 1557.
Lexington Water Co.—Bonds Placed Privately—
sold privately Dec. 30, 1937, $2,400,000 1st mtge. series
The company
A 4s, dated Dec. 1,1937, and due Dec. 1,1962.
Of the proceeds $1,134,000
has been used to pay a like amount of ref. mtge. series A 5H» called for
payment Feb. 1, 1938, and $250,000 to liquidate bank loans; $536,000 will
be used to pay off a like amount of mtge. ref. 5s called for payment April 1
at 100 and balance will be used for new capital purposes.—V. 146,
next
p.
1557.
(Marcus) Loew's Theatres, Ltd.—Accumulated Div.—
In the early part of 1937 wage increases were granted to New York pier
employees by an Emergency Board appointed by the President of the
United States.
accumulations on the 7% cum. pref. stock, par $100, payable Mardeb 31
to holders of record March 19.
Dividends of $1.75 were paid on Dec: 15,
N On Aug. 1, 1937, an increase of 5 cents per hour was granted to all nonemployees in a negotiation supervised by the National Media¬
of $1.75 were paid
train service
The directors have declared a dividend of $3.50 per share on account
and
on
of
Sept. 30, last; a dividend of $3.50 was paid on June 30, last; dividends
on
March 31, 1937; Dec. 15, Sept. 30, June 30 and
Financial
1716
March 31. 1936; on
Dec. 31, Oct. 1 and
made
(& Subs.)—Earnings—
Net sales
$39,551,065
Cost of mdse. sold, and
Gross
Prepayments, taxes, insurance, &c
Unamortized debt discount and expenses..
Deferred expenses in connection with inventories of
$2,317,072
67,574
"$2308,011
plant ana properties and in pending proceedings
81,947
94,360
67,391
$2,660,418
"$2,841,733
$2,384,646
$2,375,402
1J,3i9£o
152,645
119,034
397.559
128,884
110,019
of fixtures, &c
49,483
charges..
& ex-
Miscellaneous
Prov. for Fed. inc.
profits taxes
Federal surtax
$1,935,567
111,335
987,500
400,000
$4.65
400,000
$5.18
400.000
$4.56
Divs.
on
6^ % pref. stk.
- - - - - -
Divs.
on
4H % pref. stk.
144,000
Divs.
on com.
stock
Shs. outstdg.—common
Earnings per share
$1,787,917
448,013
400",000
200,000
$8.01
Assets—
Cash........—-- 2,321,199
4,953
Rents receiv. (net)
2,835,840
2,302
Accts.
less
pay.
$
$
trade,
discount
258,250
Miscell. accts. rec.
17,063
16,831
3,178,800
167,067
3,282,088
4,731,011
255,645
Fixed assets
Deferred
395,021
charges.
than Fed. Income
316,894
288,520
127,203
54,961
115,060
104,953
192,247
168,850
Other accts. pay..
Customers' deps. &
unred.
Mtge.
Long-term debt
59,127,600
10,610,000
1,059,345
57,440,400
8,265,000
856,179
305,229
3.402,434
680,362
360,847
3,388,231
2,252,184
2,160,944
Notes payable
Excess revenues to be refunded
Loans by consumers
Consumers' deposits
instalments
24,100
59,600
607,561
payable
40,089
plant and property
Unamortized premium on long-term debt
6,362,546
5,838,563
908,408
950,009
Contributions for extensions
1,629,911
1,518,965
475,069
1,632,494
451,856
1,581,953
307,131
164,498
5,547,826
305,497
164,498
6,208,394
136,969,073
133,394,184
Reserve for retirement of
of Queens
Revenues
Contingency reserves
Miscellaneous reserves
11.440,613'
55,414
8,083
: ,221,050
926,800
17,673
Preferred stock, i ,200,000
16,672
3,200,000
Common stock..
700,000
700,000
426,974
426,974
i ,252,242
4,479,781
12,378,171
Total
—
-
Represented by 3,000,000
11,440,613
4H% cumulative preferred stock par $100. y Represented by 400,000
i-opar shares.
Sales for Month of February
no par
Louisiana Ice & Electric
shares.—V. 146, p. 1404.
Co., Inc. (& Subs.)*
-Earnings
xl935
1936
1937
Years—
Calendar
$701,938
49,631
$674,795
$700,275
63,012
338,207
72,267
68,488
60,454
367,004
87,910
61,651
436,436
78,366
64,106
5,305
Non-operating revenue (net).
$132,820
26,232
$123,255
35,409
$68,093
16,135
Provision for renewals & replacements
$159,052
84,000
$158,663
82,000
$84,229
69.150
$75,052
4,500
1,342
$76,663
5,962
1,118
$15,078
3,534
7,675
2,082
$69,210
$69,583
$1,786
69,098
69,098
Operating revenue
Power purchased.
Operation
*
Maintenance
of Federal income taxes).
Taxes (excl.
12,378,171
preferred stocks sold
on
Earned surplus
x
Capital surplus...
Total
Borough Gas & El. Co. and
pending rate decision.
int. thereon held in susp.
Total
Deferred income.,
852,467
800,968
—
58,787
611,056
year
Real estate mtges.
Earned surnlus
—
for construction of services..
Deferred credits
Accts.pay.,not due
y
payable
Premiums
credits..
and conting
x
3,000,000
95,890
101,132
13,841,500
Res. for Fed. taxes
within
7,475,000
17,912,300
3,000,000
13,841,500
Accrd. taxes, other
(net). 6,294,068
334,260
240,496
Acer. sal. & exps_.
Mdse. Inventories.
Other assets.
7,475,000
17,912,300
preferred stock ($100 par)
preferred stock ($100 par)
Preferred stocks of sub. cos. held by public
Dividends
1937
1938
LiabUUies—
$
$
133,394.184
Liabilities—
Series A 7% cum.
Series B 6% cum.
x Common stock
Interest and taxes accrued.
1937
1938
563.001
136,969,073
Total
Accounts
Consolidated Balance Sheet Jan. 31
•
79,098
940,247
Minority int. in common stk. & surp. of sub. cos..
$2,181,510
88,830
19,331
1,186,000
$2,003,617
profit
313,478
330,044
2,758,131
105,359
2,365,770
Other deferred charges
274,007
365,380
-
before the Commission
823,680
Construction work in progress
scrapping
through
1,982,014
295,247
Materials and supplies
$2,566,0.57 "$2/759,786
profit
Consol. net
Notes and accounts receivable
27,899,753
226,727
442,067
Total income
cess
-
29,642,898
256,464
Other income
Loss
35,031
844,214
3,126,684
Cash
34,092,512
325,890
Depreciation
1,572.946
196,306
1,156,995
2,834,290
1.729,321
373,440
881,301
3,141.232
Miscellaneous investments
13 Mos.End.
Jan. 31, '35
$37,178,189 $32,216,435 $30,434,493
36,542,941
sell. & gen. expenses..
1936
$
$
123,335,853 121,223,093
—
Special deposits and funds
Years Ended Jan. 31—
—
1938
1937
1936
1938
1937
Assets
Plant and property
Lerner Stores Corp.
12,
Consolidated Balance Sheet Dec. 31
Dec. 21. Sept. 30, June 29 and April 1, 1935, and on
June 30, 1934. Semi-annual payments of 3H% were
15 and July 15, 1931.—V. 145, p. 3660.
Jan.
on
March
Chronicle
Uncollectible
accounts
x
Month of
1938
February—
146,
1937
$2,135,524
Sales......
—V.
p.
$2,140,303
1079.
Net income
Interest, long term debt
Loft, Inc.—-Stockholders' Protective Committee—
Holders of a substantial amount of the capital stock have requested the
undersigned to act as a committee.
The committee in a notice issued
Interest
Premium
March 9 says:
There are many
vital problems of management which need to be met in
the interests of the stockholders.
Serious losses have continued for a long
time and stockholders ought to determine the reasons and to see for them¬
selves if that are corrective measures which can be taken.
The committee
has retained disinterested specialists to cooperate with it.
In view of the forthcoming stockholders' meeting, stockholders are in¬
vited to communicate at once with the Secretary of the committee stating
the number of shares which they hold.
The members of the committee are: Milton W. Harrison. Chairman
(former
Pres.,
Owners'
Security
Association), Emanuel Loeb
(member
I. Jerome Riker (Riker & Co., real estate), with
Javits & Javits, counsel, and Allan B. Salinger, Sec., Room 2130, 15 Church
St., New York City.—V. 146, p. 918
N. Y. Stock Exchange),
Lone Star Cement
Corp.—Companies Cited in Trust Suit
William McCraw of Texas filed suit March 7
seeking cancellation of charters and penalties aggregating possibly $30,000,000, against six major cement manufacturing companies.
The suit, charging violation of Texas anti-trus
laws, was against the
Lone Star Cement Corp., Southwestern Portland Cement Co., Trinity
Portland Cement Co., Universal Atlas Cement Co., Longhorn Portland
Cement Co., and San Antonio Portland Cement Co.
The bill of complaint, filed in the U.S. District Court at Austin, Texas,
charged that the companies entered into price-fixing agreements about
Jan. 3, 1929, when the Cement Institute, with headquarters in Chicago,
was formed.—V. 146, p. 1404.
State Attorney General
Lowell Electric Light
ing John
Hunnewell,
A.
unfunded debt
paid on bonds retired.
Bal. to surp., before Fed. inc. & un¬
distributed profits taxes
Common dividends
Prepared to reflect earnings of only those properties owned at Dec. 31,
1935, irrespective of dates of acquisition, and after the elimination of
$3,065 interest accrued by Pineville Electric Co. on certain notes out¬
standing during the year.
x
Consolidated Balance
Investments
14,738
14.736
100.843
.
77,793
250
Accounts payable.
Unred. ice coupons
Notes receivable.
800
rec..
Inventories
35",185
21,713
Prepayments
12,193
9,722
858
412
Deferred debits.
1936
$75,000
Accounts payable-
122,475
19,324
51,787
Accrued int.
1937
$75,000
1st mtge. 6s
400
Cash
Accounts receiv..
Dec. 31
Pineville Elec. Co.
$1,444,697 $1,278,968
830
12,830
equipment
Sheet
Liabilities—
1936
1937
Assets—
Plant property and
_
Consumers
533
210
24.126
depos.'
20,149
398
896
312,392
235,687
Deferred credits..
Reserves
Capital
17,434
38,806
Accrued Items
($1
stock
69,098
14,932
69,098
Earned surplus
Capital surplus
1,096,518
1,096,518
par)
Total
$1,646,793 $1,544,038
14,309
$1,646,793 $1,544,038
Total..
—V. 145, p. 3200.
McCrory Stores Corp.—Sales—
Corp.—New President—
Leon E. Seekins has been elected President of this
on
corporation, succeed¬
decreased.
Since 1934 Mr. Seekins
Manager.—V. 144, p. 4183.
has been
Vice-President and General
Period End. Feb. 28—
Sales
1938—2 Mos.—1937
$5,116,471
$5,171,260
_
194
201
operation
—V. 146, p. 1080.
Lyon Metal Products, Inc.—Smaller Dividend—
Directors have declared a dividend of 12}^ cents per share on the common
stock, payable March 15 to holders of record March 1.
An extra dividend
ot 25 cents in addition to a regular quarterly dividend of 25 cents per share
was paid on Dec. 15, last.— v. 145, p. 3660.
1938—Month—1937
$2,661,593
$2,640,834
Stores in
McKeesport Tin Plate Corp.—New Vice-President—
of Operations of
elected Secretary.
L. D. Smith has been elected Vice-President in Charge
the tin
plate divsion.
Thomas D. Douglas has been
Postpones Dividend—
of the present decline in industrial activity, which
prevail for the next several months" considered it advisable at this
The directors, "In view
Long Island Lighting Co. (& Subs.)1937
Calendar Years—
1936
-Earnings—
1935
may
1934
Operating revenues—
"PVflTYl
oo
1
pc
nf
pi
$11,951,105 $11,421,452 $11,810,515 $11,195,300
8,278,025
8,164,304
8,201.036
8,506,004
184,912
178,635
107,343
150,911
energy.
From sales of gas
Miscellaneous.
share
3013.
per
p.
p
dividend action. A regular quarterly dividend of 50 cents
distributed on the common shares on Jan. 5, la»t.—V. 145,
time to postpone
was
McLellan Stores
Corp.—Sales1938
Total oper. revenues..$20,414,044
9,290,341
Operating expenses
Premiums for officers
$19,764,392 $20,118,895 $19,852,216
8.689,475
8,246,768
8,037,493
employees pensions—
Retirement
expenses...
Taxes (incl. provision for
Federal income tax)..
Managed Estates, Inc.—To Pay Four-Cent
336,195
1,224,538
1,368,796
1,179,856
1,307,106
1,068,228
1,411,980
1,050,085
1,454,618
2,803,671
2,195,598
2,347,667
2,298,290
Operating income
$5,390,501
Non-oper. income (net).
15,944
$6,392,357
$7,044,251
The board of directors has declared a dividend on
Dividend—
the common shares
amounting to 4 cents per share, payable March 25 to
holders of record March 10.
Dividends of 8 cents per share were paid on
of
the
company
Dec. 28 and
Sept. 27, last, the latter being
146, p. 1405.
on
the initial distribution on these
$7,011,728
Gross income
Int.
on
Int.
long-term debt--
on new
8,006
11,992
35,807
2,634,582
648,131
$6,400,363
2.725,880
637,239
$7,056,243
2,893,810
688,533
$7,047,535
2,731,080
983,245
Cr55,023
Cr60,597
Cr53,907
Cr41,050
33,690
92.354
184,300
185,845
$5,406,445
Other interest
construction
chargeable to fix. cap.
Amort, of debt discount
and expense
Miscell. deductions, incl.
70,380
Balance
Divs. paid or
declared
78,394
81,102
84,644
$2,074,684
minority interest
j
$1,248,224
—V. 146, p. 1079.
&
Maintenance
1937
$1,184,083
Month of FebruarySales
$2,927,094
$3,262,405
$3,103,771
on
pref. stock of sub. cos.,
neld by public
850,916
850,916
850,916
850,916
$1,223,768
pf. stk
457,851
$2,076,178
$2,411,489
523,250
523,250
940,396
1,074,738
1,074,738
$2,252,855
523,250
1,074,738
Net inc. for the year..
Divs.
on
on
7% cum.
6 % cum. pf. stk
Mangel Stores Corp. (&
Years Ended Dec. 31—
Operating profit
Depreciation
Profit.
Other income
Total
Other charges
Provision for Federal inc.
taxes
&
Subs.)—Annual Report—
1937
193®^
lMKnn
$8,543,879
**87,476
$8,985,492
Net sales
contingencies '.
$9,104,697
$8,66o,717
234,905
75,001
298,928
46,761
234,781
27,381
$ 159,904
7.763
$252,167
13,332
$207,399
6,775
$377,669
8,568
$167,667
6,444
$265,499
9,376
$214,175
11,848
$386,237
5,778
xl2,500
xl8,750
*20,000
50,000
1,800
3,250'
$146,924
$234,123
9,807
Provision for Federal tax
r«-.i
Divs.
shares.—V.
on
undist.inc
Consolidated net prof.
transf. to surplus —
x
Federal income taxes only.
.182,327
$330,459-
Volume
Financial
146
Consolidated Balance
1936
$707,993
Accts.
hand
on
Sundry accts.
rec.
(less reserve)...
32,484
28,870
774,691
971,080
11,001
7,523
b Real estate
171,006
173,642
leasehold
Ac.
25,223
Mtge. pay,
...
3,519
2,000
for
Res.
14,300
'
1
1
Goodwill
real
current Install.
$5
76,947
36,000
437,500
177,500
718,953
207,082
769,031
$2,246,302 $2,383,283
Total
Def.
Represented by shares of $1 par value,
b After reserve for deprecia¬
on $14,363 in 1937 and $11,727 in 1936.
c After reserve for deprecia¬
tion on additions subsequent to June, 1932, or $143,222 in 1937 and $75,527
in 1936.—V. 144, p. 1966.
Marchant Calculating Machine
$3,354,661
2,036,802
Gen. & admin, expenses.
165,775
Other deductions (net)
180,786
Selling expenses
Federal
Co.—Earnings-
1936
1935
1934
$2,734,836
1,571,125
134.139
251.140
$1,704,461
1,010,413
$1,062,263
1937
642,242
59,397
96,951
121,090
258,303
and ex¬
income
profits taxes
y163,558
yl24,425
$807,740
17,427
679,928
226,642
$654,006
17,427
534,228
226,642
$2.81
$394,741
cess
Preferred
Common
dividends
Shs.com.stk.out.(par $5)
Earnings per share
Par $10.
x
y
18,099
136,074
14,046
24,338
38,452
due—Taxes
(Including
Fed'l
income tax)
Unearned income
11,846
1,881
12,349
143,818
603,159
11,216,556 12,004,4791
After
11,216,556 12,004,479
Total
for
depreciation of $6,082,875 in 1937 and $5,669,401 in
1936.
y Represented by 245,914 no par shares,
x Represented by 9,012
shares.—V. 146, p. 919.
x
reserve
Midland Steel Products Co.—To
The
directors have declared
a
Pay 50-Cent Dividend—
of 50
dividend
cents per
share on
the
value, payable April 1 to holders of record March 19.
This compares with $3 paid on Dec. 24, last; 50 cents paid on Oct. 1, July 1,
April 1 and Jan, 1, 1937, $2 was paid on Dec 23, 1936; $1.25 per share
paid on Oct. 1, 1936, and 25 cents per share distributed on July 1, April 1,
and Jan. 1, 1936, this latter being the first dividend paid since Jan. 1,1932,
when 75 cents per share was distributed.
common
stock,
no par
New Director—
Otto Miller has been elected
—V. 146, p. 1559.
a
director succeeding the late Frank H. Ginn.
$3.50
Minneapolis Brewing Co.—
$102,320
1937
xl88,045
$0.45
xl88,046
$2.00
$68,905
1,190,485
810,382
124,426
Accrued wages and
6,177
38,363
163,558
Accounts payable-
543,086
7,191
96,262
45,019
$428,291
492,373
Inventories
4,582
4,581
Prov. for Fed. tax.
and
15,300
600,473
647,237
Pref. 6% cum.
ap¬
249,000
1,161,890
stk
105,702
Deferred charges..
18,051
14,969
surplus
173,395
1,161,890
173,395
408,600
408,600
d Earned
94,683
147,779
Reduction
$2,720,781 $2,513,661
surplus.
...$2,720,781 $2,513,661
Total
reserve
Dec. 31 '37
$302,732
$254,090
&
State
35,833
Notes
&
211,589
b After
of $5 par
250,626
208,566
88,158
85,897
112,891
of
V.
cust'rs,
Feb.
95,929
3,950
43,832
3,950
for conting..
Cap. stock, com..
500,000
500,000
1,822,028
1,834,551
bonds
Res.
24.—
sold
Surplus-
1937
Years Ended Dec. 31—
1935
1936
27,000
Depreciation
x
$93,053
19,625
$88,200
17,250
Provision for income taxes
$103,688
75,000
$70,950
50,000
$73,428
50,000
$28,688
Net profit
Dividends paid.
$20,950
Assets—
Cash
Accounts
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
[Excluding Wisconsin Central Ry.]
1936
$3,497
$31,577
All other revenue
27,000
payable.!
33,780
58,330
108,998
$2,943
$4,054
50,085
300,510
Accrued
Accts. receivable..
242,374
130,621
Prov.
Inventories
378,343
635,850
Prov.
960,846
916,211
Cap. repay to class
1
6% cum. pref. stk.
1,250,000
4,789
4,537
stock.
250,000
350,000
1,250,000
250,000
Transportation expenses
1
Profit & loss aect-.
104,384
76,427
Net railway revenues
Taxes
Call loan..,
Land,
......
A
Trade-mks., good¬
will, Ac........
Deferred charges..
Total..
..$1,639,382 $1,991,783
a
for
4,500
Operating revenues
Oper exps., incl. taxes.
Prop, retire, res. approp.
shareholders.
b After deprec.—V. 146, p. 759.
$2,503,474
37,745
$2,075,812
41,297
$188,069
61,448
$2,541,219
737,375
General expenses—
6,764
39,031
737,375
42,222
$119,857
Dividends applicable to preferred stocks for the
period, whether paid or unpaid.
$1,764,813
$1,337,512
$282,490
61,448
3,057
mortgage bonds.
on
Other int. & deductions.
Net income...
$217,985
394,876
394,876
$1,369,937
Balance
Net deficit
Merchants & Miners Transportation
Oper.
revenue
Other income
Co.—Earnings—
1936
1935
(transp.). $7,540,616
133,611
$8,253,057
$7,672,424
March 18.
122,017
103,389
102,915
$7,674,227
$8,375,074
1,284,034
5,859,926
253,297
$7,775,813
1,216,631
5,420,795
254,172
$7,599,591
1,174,411
5,585,362
240,409
Mining & Mfg. Co.-—Interim Dividend-—
declared an interim dividend of 40 cents per share on
value, payable March 31 to holders of record
This compares with 75 cents
Other
1,170,099
6,311,347
(incl. deprec.)
expenses
250,746
2,479
Rentals
389
405
305
250,536
x291,838
242,680
a
Minnesota Power
Period End. Dec. 31—
investments.
-
Prop, retire, res. approp.
Net oper. revenues—
Other income
Gross income
Int.
on
mortgage
284,273
$685,591
521,167
$641,130
379,030
$400,380
379,030
Balance, surplus
def$595,252
outst'd'g
236,902
Earnings per share
def$1.31
$164,424
236,902
$2.89
$262,100
236,902
$2.71
236,902
$1.69
Int. charged to
Net
x
income
& Light Co.—Earnings—
1937—12 Mos.
1937—Month—1936
Interest
Taxes (incl.
Fed. tax res.;
Net income
Dividends
paid
__
Shs. of cap. stk.
bonds.
constr'n.
$6,822,748
3,126,127
63,750
78,750
6,730
500,000
450,000
$201,418
648
$143,020
$3,189,891
$2,984,976
82
$143,102'
137,004
5,021
$564,360
298,631
561
136,217
6,617
Crl74
3,951
1,314
$3,193,842
1,636,542
71,794
Crl29'
Cr6,031
$2,986,290
1,649,747
64,440
$1,491,537
$1,273,627
$1,206-
$59,406
stocks for the
applicable to preferred
period, whether paid or unpaid
Dividends
x
Includes $3,810
for surtax.
/
Crl,524
990,668
990,756
$500,781.;
Balance
$21,350
1936
$6,390,855
2,955,879
$556,692
334,922
$202,066
Operating revenues
Oper. exps., incl. taxes..
Amort, of limited term
198,723
loss$310,979
paid on Dec. 22, last; 60 cents paid
Sept. 30, last; 50 cents
and
Other int. & deductions.
Maint.
$736,227
paid on July 1, last; 40 cents paid on April 1,1937,
special dividend of 40 cents and a regular quarterly dividend of 25
cents per share distributed on Dec. 22, 1936.
See also V. 145, p. 3977.
on
$7,496,676
Total income.
$216,003
Z>r27,164
493,059
the common stock, no par
1934
1937
Calendar Years—
$192,584
Dr35,669
497,898
1559.
The directors have
Includes credit adjustment
undistributed profits in
94,234
$183,621
17,031
13,350
$726,352
—
—
Interest on funded debt
$942,636
of $45,000 of the provision for Federal surtax
1937.
December, 1936, includes a credit ad¬
justment of $45,801 of the provision for Federal surtax on undistributed
profits in 1936.
y Includes provisions of $70,000 and $46,199 for Federal surtax on un¬
distributed profits for the 12 months ended Dec. 31, 1937 and 1936
re¬
spectively.—V. 145, p. 4120.
x
on
59,885
Dr$89,387
116,885
Net deficit after rents
—V. 146, p.
568.498
$160,129
19,284
13,170
Other income (net)
Minnesota
income..I.
Gross
Int.
Dr$43,244
Net deficit after taxes.
Hire of equipment.
$2,117,109
682
148,491
218,942
33,962
550,720
50,186
Rental of terminals
$186,641
1,428
$281,808
$983,197
149,114
256,774
38,311
$959,058
_
Total.........$1,639,382 $1,991,783
xl937—Month—xl936
yl937—12 Mos.—yl936
$894,430
$772,337
$8,737,885
$7,865,523
553,164
528,832
5,511,910
5,089,776
59,458
56,864
722,501
699,935
Net oper. revenues
Other income (net)
revenues
Traffic expenses
Memphis Power & Light Co.—Earnings—
Period End. Dec. 31—
Total
Maintenance of way and structures expense.
Maintenance of equipment--.
uncom¬
Common
Represented by 62,500 no par shares,
a
99,397
liabilities./
for taxes
pleted repairs..
buildings
& equipment
1937
$817,565
66,234
1938
$791,729
Passenger revenue
1937
$43,079
($78,747 in 1937).
y After reserve for depreciation, including accrued de¬
preciation at date of appraisal, of $1,260,747 in 1938 and $1,290,849 in
1937—V. 146, p. 759.
Freight revenue.
Liabilities—
$3,280,486 $3,188,422
Total...
paid for, and after reserve for doubtful accounts of
Month of January—
Sheet, Dec. 31
1936
1937
I
$228,625 ($270,072 in 1937) for containers in hands of
After deducting
customers not
$23,428
Surplus.
Balance
$3,280,486 $3,188,422
Total.
$147,769
17,081
...
363,567
Premiums rec'd on
Ltd.—Earnings—
Profit from operations
78,837
362,494
liabil..
Long-time
145, p. 3013.
Melchers Distilleries,
138,252
paid
for
holders of record
$100, on March 1 to
800
and
Containers in hands
Company paid an extra dividend of 25 cents per share in addition to the
regular quarterly dividend of $2 per share on the 8% second participating
par
Fed.
State inc. taxes.
2,241,571
(Oscar) Mayer & Co., Inc.—Extra Preferred Dividend—
preferred stock,
for
65,166
190,859
Accruals
113,950
2,247,565
assets...
Fixed assets....
800
70,856
Bond deposit
Res.
7,583
6,015
due monthly
Other assets
y
121,810
accts.
receivable
Deferred
9,364
116,056
Contr'spay. (signs)
33,723
281,718
7,023
Trade
rev.
stamps on hand.
x
$64,541
acceptances
Accounts payable.
hand...
Fed.
Dec. 31 '37
$60,643
Notes payable
Cash in banks and
on
Jan. 31 '38
Liabilities-
38
Jan. 31
d Since Jan. 1, 1936.—V. 145, p. 3660.
value,
6,859
Balance Sheet
Assets—
64,263
Common stock..
c
After depreciation of $476,467 in 1937 and $395,599 in 1936.
for doubtful accounts,
c Represented by 226,642 shares
a
13.531
$21,319
Inventories
Total
$41,710
...
Net profit.
249,000
67,811
Paid-in surplus...
&C--
plications,
Profit
Provision for depreciation.
Provision for normal income taxes for January (est.).
52,500
Deferred income..
patent
$39,616
2,094
...
22,200
94,500
98,614
Pat., purch. contr.
Res. for conting..
&c.
equipment,
3,618
2,367
Sundry accrud and
payables
buildings,
machinery
Pats.,
commissions
Inactive
receivables
Land,
$103,641
58,039
-
Miscellaneous income—net.
$54,951
94,220
$266,179
bCust's' accts., &c
and
-
Selling, delivery, administrative and general expenses
Doubtful accounts charged off and provided for
Interest paid
Profit
1936
1937
Liabilities—
1936
Mis cell. receivables
Cash
Slow
Earnings for the Month Ended Jan. 31, 1938
Gross profit from operations
Comparative Balance Sheet Dec. 31
b
.
Unadj. credit items
and
Includes surtaxes.
Assets—
a
356,911
37,371
liabilities
81,266
Net profit
dividends
charges
Total
a
Calendar Years—
31,117
Accrued
not
.
_
other assets
tion
Gross profit on sales
Mlscell. accts. pay
116,860
96,423
Earned surplus
$2,246,302 $2,383,283
299,602
177,500
Capital surplus
Total
131,555
plies (at cost)
437,500
.
Common stock..
a
688,628
558,525
5,488,782
vouchers
& wages payable
Materials and sup¬
pref. stk_.
cum
securs.
Accts. receivable..
Accrd. income, int.
receivable
less
estate,
Audited
129,928
1,176,016
614,109
754,272
23,007
inc.
Mtges. payable on
63,694
50,289
Deferred charges..
Fed.
taxes-........-
430,478
63,087
529,871
$m
y
17,000
17,000
co.
Other investm'ts
Cash
U. S. Govt,
Mtge. install, pay.
impts.
Inv'ts (at cost):
Stock of sub.
1936
6,147,850
Dr225,300
Capital stock
6,147,850
z Treasury stock.. £>r225,300
Earned surplus... 4,918,792
9,040,632
8,622,848
$
Liabilities—
$
$
Prop & equip
21,911
45,000
within one year-
684,821
217,202
160,049
credits
—expenses,
x
1937
1936
1937
Assets—
$557,708
$425,228
payable
Customers'
Furniture <fe flxt.,
and truck
1936
1937
pay.—mdse
less discount
Accounts
Mdse. inventory..
Other assets
c
Balance Sheet Dec. 31
Liabilities—
1937
$522,007
Assets—
Cash in banks and
1717
Chronicle
31
Dec.
Sheet
m?
$282,959
x
Dividends accumulated and unpaid to Dec. 31, 1937, amounted to
$227,090, after giving effect to dividends aggregating $2.34 a share on 7%
preferred stock, $2 a share on 6% preferred stock and $2 a share on $6 pre¬
ferred stock declared for payment on Jan. 3, 1938.
Dividends on these
stocks are cumulative.
'ii J '
x'
' {>',
jyote—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
,
.•
{
oj
J.»f ii'i'r) ' *7s s:i-
1718
Financial
undistributed
adjusted
V. 145, p. 4120.
Income
net
Indicated
was
for
those
Chronicle
periods.—
March
Ilncluding
Missouri
Calendar Years—
1937
1,693,392
260,000
1,008,477
taxes
Approp. for retire, res've
Interest
1935
charges
Net income
Preferred dividends
1,592,650
(G. C.) Murphy Co.—Sales—
1,222,894
260,000
1,036,294
260,000
1,018,920
$1,235,308
494,068
260,000
1,025,131
$1,754,785
494,069
1,240,000
$1,054,873
$20,717
$805
Common dividends
840,000
$1,214,395
494,069
720,000
Balance, surplus
def$98,760
$327
494,069
560,000
Note—No liability for surtax on undistributed income can be determined
reported
as
$
1937
f. trustee
s.
Cash
on
164,372
167,414
5,715,247
5,606,322
have declared a dividend of 15 cents per share on the
stock, payable April 1 to holders of record March 21.
This com¬
30 cents paid in each of the four preceding quarters; a dividend
paid Dec. 26, 1936, and dividends of 30 cents were paid on Oct. 1
and on July 1, 1936, this latter being the first distribution made on the
common stock since Oct. 1, 1930.—V. 146,
p. 1560
$
Accounts payable.
46.540
74,323
538,217
71,576
9,207
9,122
9,710
XJnamortlzed bond
42,667
450,818
492,098
.
5,136
6,391
437,929
432,680
123,517
123,517
Other current and
Prepaid ins., taxes,
accrued
&c............
taxes & all
Deprec'n
1937
$
18,170
4,309,839
36,707
40,573
Other reserves
charges...
stk. outstdg..
per
National
$1.53
54,629,588 54,691,428
40,649
Profit from operations.
bl937
$1,171,245
217,074
Operating profit..
y
Rep¬
9,338,205
6,263,165
$1.38
6.551,930
6,263,165
$0.93
1936
1935
$1,355,647
1934
$759,067
111,502
148.451
$447,777
71,714
$954,171
215,624
114,321
$647,564
83.145
$376,063
72,587
$1,092,874
97,781
$564,419
49,043
$303,476
57,065
$844,161
144,800
11,933
$1,190,655
165,000
7,000
$613,462
81,000
$360,540
39,000
$1,018,655
$532,462
$321,540
245,676
57,611
...
$1,207,195
$738,547
105,613
..
deductions
Profit before taxes
Income taxes
Surtax
on
undist. profits
Mobile Gas Service Corp.—No Interest on Income Bonds—
At
13,282,028
6,263,780
$2.01
245,787
25,187
235.901
54,629,588 54,691,428
x After reserve for doubtful accounts of $125 in
1936 and 1937.
resented by shares of $100 par.—V. 145. p. 3014.
meeting of the board of directors held on Feb. 18, it was determined
making necessary and permitted deductions from the gross
of the company, there was no surplus income available for the
payment of April 1, 1938, interest on the series A and series B income bonds
of the corporation, and therefore no payment will be made April 1, 1938,
on such bonds.
On April 1, 1938, the accumluated unpaid interest on the
series A and series B income bonds will amount to 28% and 22%, re¬
spectively.—-V. 145, p. 2855.
that
1934
$
$687,428
Other
48,891
5,715,737
5,616,977
Total
1935
$
290,441,358 267,414,547
Gypsum Co. (& Subs.)—Earnings—
Calendar Years—
a
10,290,731
6,263,880
share
3503.
Other income.
Total
1936
$
18,990
4,544,246
..
reserve
Surplus
com.
Prov. for deprec. & depl.
llabU's.
reserve
Cas. & Ins.
Shs.
Earnings
125,604
487,740
428,782
acc't.
on current
Interest accrued.
Dividends payable
disct. & expense
Dairy Products Corp. (& Subs.)—Earnings—
Net sales (excl. inter-co.)351,015,644 329,171,730
Net profit after interest,
—V. 145, p.
Taxes accrued
for
constr. & maint.
National
Calendar Years—
2,942
5,937
Mat'd Int. unpaid.
Due to affil. cos.
542,688
77,100
7,431
Payrolls payable..
mat'd Int., &c..
Corp.—To Change Par Value—
due Jan. 1
119,812
Deps. for pay't of
Mat'l & supp.
$
8,234,475
8,234,475
Common stock..16,000,000 16,000,000
1st mtge. bds., 5%
221,249
cur.acct.
directors
pares with
of 80 cents
y
49,142
159,379
in bank...
Due from affiliated
cos. on
Murray Ohio Mfg. Co.—Smaller Dividend—
The
6% cum. pref.stk.
1951.16,212,300 16,368,200
Debens., 5%, due
May 1,1947
2,817,000
2,817,000
hand and
Accts.¬esrec.
x
1936
Liabilities—
Property & plant.47,423,634 47,389,554
Cash
on
deposit
Investments
$5,070,040
common
National Aviation
$
1938—2 Mos.—1937
$4,979,031
a
1936
A. $8€tSmmmm
1938—Month—1937
$2,488,934
$2,551,017
—V. 146, p. 1081.
Stockholders at a special meeting to be held March 30 will vote on
proposed change in par value of capital stock from no par to $5 per share;
each present share to be exchangeable for one new share —V. 146, p. 920.
Consolidated Balance Sheet Dec. 31
with
Period End. Feb. 28—
Sales
by company.
1937
1937
$21,764,505 $22,160,565
—V. 146, p. 1081.
$3,574,061
860,176
*
1938
Sales
1934
$3,900,091
maintenance
exps.,
and
$4,085,966
Co.]
1936
$4,197,178
Gross earnings
Oper.
Transmission
a
after
income
Dividends paid in cash:
On 1st preferred
On 2d preferred
Div. paid in 2d pref.:
On 1st preferred
12.593
503,690
On class A
611,489
37,500
On class B
After deducting selling, administrative and general expenses,
solidated figures.
a
Monon Coal Co.—Tenders—
Note—In
The Bankers Trust Co., as sinking fund trustee for 1st mtge. sinking fund
5% income bonds, due 1955, announced that it will purchase bonds of this
issue for the sinking fund
in an amount sufficient to exhaust the
sum
of
$16,065
now available for that purpose, at prices not exceeding the principal
Sealed proposals will be received up to March 25 at the corporate
department of the bank's New York office.—V. 146, p. 1248; V. 140.
3901.
1937
trust
Monsanto Chemical Co.
(& Subs.)—Earnings-
Consolidated Income Account for Calendar Years
1937
Net sales
1936
.$12,116,351 $10,728,218
3,109,025
2,927,320
1,993,202
1,561.619
975,606
795,659
1934
$9,420,392
t.
$6,050,052
1,798,659
898,612
456.356
2,930,187
i.
1,280,552
665,399
Research expenses.
$6,038,519
509,381
$5,443,621
448,208
$4,544,253
421,495
$2,896,424
371,742
$6,547,900
355,884
1,029,505
$5,891,829
257,506
xl,028,729
$4,965,748
644,827
$3,268,167
147,882
482,244
$5,162,511
$4,605,593
$4,009,873
$2,638,040
163,453
136,889
166,482
stk. $4,999,058
Cash divs. on com. stk_.
3,343,161
Preferred dividends
yl94,500
$4,468,703
3,234,826
$3,843,390
1,445,007
$2,619,465
999,000
1,114",409
999,123
864",666
$4.01
$3.85
$3.20
Other income.
were
received
subsidiaries
from
.
Net income
Avail, for
Shs.
y
common
stk.
com.
Earnings
-
outst'g
1,114,388
$4.40
per share
311.048
on
hand and demand
deposits
Time deposits (including interest)
United States Treasury notes
c Notes and accounts receivable
•
Capital stock of subsidiary (not consolidated)
a Open account of
subsidiary (not consolidated)
Employee accounts and travel advances (less reserve)
Miscell. accounts receivable, investments, &c. (less reserves)__
Securities on deposit with State and Dominion governments—
a
Real estate not used in operations
Fire loss replacement fund (contra)
d Property, plants and equipment
i
Patents, trademarks and copyrights
Deferred charges
undistributed earnings,
on
Earned
Surplus
_
Balances, Jan. 1,1937
$9,283,005
4,999,059
Net income for the year
Excess provision for British
income taxes applic¬
able to prior period restored to surplus
Total
Paid-in
Surplus
$8,345,293
124,383
$14,406,447
on
$8,345,293
capital stock of parent company:
Preferred:
Paid Dec. 1, 1937
Declared payable June 1, 1938 ($93,750 ap¬
plicable to the year 1938)
Common—$3 a share
Excess of stated value of preferred capital stock
over sales price to underwriters
Expenses relating issuance of preferred stock.
82,000
-
Balances, Dec. 31, 1937—.
112,500
3,343.161
50,000
28.955
.$10,868,787
$8,266,338
Comparative Consolidated Balance Sheet Dec. 31
1937
Assets—
1936
$
Cash
Marketable securwr4,027.805
Receivables,
reserves.
-
less
2,417,235
2,959,815
Inventories, at the
—lower of
market*.. .'wt^U^.577,190
'Other assets,
L\
<:
1,170,562
112,500
11,413,955 10,145,733
British subsid'y.
1
206,707
can
1,940,000
subsidiary..
Preferred stock
Com .stk.
1,940,000
353,477
345,983
x5,000,000
(par $10)11,143,880 11,144,090
Paid-in surplus...
8,266,338
8,345,293
Earned surplus...10,868,787
J >,"■ T, Oi" ■
1
■ ■—•
"■
-Total.... ......52,741,919 44,947,240
9,283,005
Total
To Increase Directorate—
Directors
at their annual meeting on March
15 will consider amendments
to the agreement of consolidation so as to
eliminate any references to street
i address of the principal office of the
corporation in the
County of Cumber-
land and State of Maine, and to increase the number of the directors of
the corporation from 10 to 14.—Y.
146, p. 115.
—.
Total
a
-$12,867,403
Subsidiaries
not
consolidated
corporations which have
several
include
wholly owned inactive
other than trade names, and no liabilities;
one wholly owned subsidiary which was inactive during the year
1937,
the investment in which is $1,000, the same as its net asset of $1,000 cash;
and a 51% interest in the capital stock of a small sales company, which is
not carried at any value, but which owes the parent company $17,147 on
open account considered fully collectible,
b Treasury stock of the parent
company deducted from the amounts in the balance sheet for capital stock
outstanding at Dec. 31, 1937, as follows:
1st pref. stock, 53.5 shares,
$5,350; 2d pref. stock. 99.813 shares, $1,996; common stock, 3,194.04
shares, $3,194.
(Registration application was filed Feb. 15, 1938, covering
62,975.960 shares of the parent company's common stock to be issued,
together with 3.194.040 treasury shares, in connection with the purchase
no assets,
of The Best Brothers Keene's Cement Co.).
c Less reserve of $165,160.
d After reserve for depletion and depreciation of $853,107.—V. 146, p.140.
National Malleable & Steel Castings
Years Ended Dec. 31—
Gross sales
Co. (& Subs.)—-
J
—
1937
1936
$19,210,454 $14,033,453
17,201,326
12,588,195
Net profit on sales
Gross profit on miscellaneous operations
$2,009,128
38,318
$1,445,258
24,069
Net profit from operations
Other income and credits
$2,047,445
467,185
$1,469,327
$2,514,630
12,266
34,141
$1,528,957
Net prof, before other deducts. & Fed. inc
taxes
Exps. of non-operating plants (net)
Loss on sale or retirement of plant assets (net)
Provision for loss on sale of part of non-oper. plant.
Additional inc. taxes. prior years
Provision for Federal income taxes
59,631
28,455
39,188
93,053
15,000
x507,500
x237,852
$1,945,723
950,672
$1,130,409
944,922
$995,051
483,961
$4.02
$185,487
472,461
$2.39
52,741,919 44,947,240
Represented by 50,000 no par shares of series A, $4.50, redeemable
and cumulative.-*-V, 146,.p. 1406.
(John) Morrell & Co, y
j
_
b 7% cum. 1st pref. stock ($100 par)
Min. int. in Ameri¬
o>I,j
-
15-year 6% sinking fund bonds (due 1943)
Reserve for workmen's compensation self-insurance
Reserve for replacement of plant destroyed by fire (contra)
2,572,575
1,042,329
878,474
1-
-Deferred ohargea-p->j 212,549
-
2,600.654
5,876,558
835,318
(Land, bldgs.,mach.;
& equip., Aoii.i.34,147,381. 27,717,384
JPat'ts & processes.
accruals
Preferred shares of
.
3,900,856
338,090
4 % mortgage note (due 1940)
Cost of sales
Div. on pref. stock
Reserves
cost or-—'
$
Accts. payable and
Est. income taxes-
—
2,885,547
.
1936
$
Liabilities—
4,891,067
b 5% non-cum. 2d pref. stock ($20 par)
b Common stock ($1 par)
$442,238
46,751
16.907
38,105
148,206
1,250,000
746,000
20,000
73,109
19,653
3,505,617
1,150,682
1,171,188
filnvwiw HQ
1937
$
3,056,128
$12,867,403
Earned
Consolidated Surplus Accounts for the Year Ended Dec. 31,1937
Dividends
-
Liabilities—
Accounts payable
Federal and State capital stock, franchise and local prop, taxes
Federal and State payroll taxes
• Accrued interest, royalties, &c
Federal (U. S. and Can.) and State taxes on income—estimated
Deferred income
x
Including $36,167 ($74,577 in 1936) surtax
$112,500 declared payable June 1, 1938.
$693,585
845,801
340,145
1,420.779
1,753,272
1,000
17,147
33,720
111,118
50,211
78,120
73,109
7,096,067
83,529
269,799
Capital surplus
surplus
18,575
•
con¬
Consolidated Balance Sheet Dec. 31, 1937
Cash
Total
-
Income charges
b Con¬
not
the consolidation.
Inventories
1935
$33,202,356 $28,848,438 $24,705,574 $17,543,750
21,086,005
18,120,220
15,285,182
11,493,698
Cost of goods sold
dividends
no
solidated, and the results from operations of the 51% owned sales company,
which were insignificant in amount (less than $100), are not taken up in
amount.
P.
1938
Montgomery Ward & Co., Inc.—Sales—
Month of February—
Mississippi River Power Co., St. Louis, Mo.—Earnings
12,
Net profit
Dividends paid...
Surplus..
Shares
common
Earnings
x
per
stock (no par)
share
Including $138,500 ($25,352 in 1936)
Note—Provision
for
surtax on undistributed profits.
depreciation in the amount of $429,765
in 1936) has been charged to cost of sales and expenses.
($409,812
Volume
Financial
146
Consolidated, Balance Sheet, Dec. 31
1937
1936
$
$
Assets—
Cash
U.
1890,264 Accounts payable.
cl96,512
Acer, wages, sals.,
&c
sec.
Accts. & notes
3,162,378
&
insur'ce
80,078
763,929
697,104
7,077,576
Non-oper. plants 1,492,497
Patents & goodwill
1
6,521,366
zl ,592,497
term
1
tal assets.
7,498
a$l ,419,430
121,116
$353,845
45,415
$527,752
35,000
a$l,298,314
237,752
$226,391
51,359
$277,750
$399,260
$562,752
guar¬
43,603
34,949
Capital stock
8,000,000 a8,000,000
Capital surplus
11,013,593 10,914,348
Earned surp. def— 3,738,231
4,733,282
bReacq. stock... Dr77,185 Dr265,439
Total income
antees, &c_.
16,588,171 15,301,792
Total...
for doubtful accounts, allowances, &c. of
reserve
1934
1935
22,500
-
507,500
for
1936
56,837
$77,141 in 1937
After reserve for depreciation of $8,676,701 in 1937
and $8,441,416 in 1936.
z After reserve for loss on sale of part thereof of
$93,053.
a Represented by 488,676 no
par shares,
b Represented by
4,715 (16,215 in 1936) shares at stated value, c U. S. Government securities
only.—V. 145, p. 2856.
x
and $94,829 in 1936.
1937
$62,100,160 $62,485,320 $63,063,462 $62,789,250
62,586,760
61,358,393
61,737,028
61,336,636
932,830
917,364
972,589
900,536
„
S?8*.0*,8^68'&c
Depreciation
& State
excess
Consolidated Income Account for Calendar Years
Sal<*5_
-
taxes
...16,588,171 15,301,792
After
207,628
219,702
dividends
outstanding preferred stock) of 7% of the first $500,000 of
s^ne^rofits, 5% of the next $500,000, and 3% of net profits in
lor casualty
Reserve
Oper. plants
Total
237,891
305,540
1719
the net profits of the
company for each year (after providing for
on the present
Prov. for Fed. inc.
&
plant
equipment:
$606,798
& damage claims
receiv
Prop.,
y
Prov.
long-
&
$295,458
unemploy. taxes
69,846
expenses
Invest'ts
$
Acer, taxes, State,
1,892,532
local, &c
3,031,507 Acer. Fed.
1,497,733
Inventories
Prepd.
596,444
re¬
ceivable
1936
$
$2,327,697
Govt-
S.
incl.accr. int—
x
1937
Liabilities—
Chronicle
64,750
2,216
51",000
80,666
100", 000
a$l,365,280
67,848
94,237
$226,750
81,334
376,950
$319,260
81,345
377,700
$462,752
81,347
384,927
$1,527,366
628,250
$231,534
$139,785
628,250
630.000
$0.38
$6.60
s
Federal taxes.
Net profit
Preferred dividends
Common
dividends
■
y
Shs. com. outst. (no par)
I
Earns, per sh. on
a
628,250
$0.23
Nil
com__
$3,522
Loss.
Consolidated Balance Sheet Dec. 31
National Enameling &
Stamping Co.—No Div. Action—
Directors at their meeting held March 4 took
of
a
dividend
the
on
common
on the payment
Company issued the
following statement:
"Owing to uncertainty of current business conditions and of outlook
for the immediate future, directors decided to take no action on a dividend
at this time."
A
regular quarterly dividend of 50 cents
V. 145, p. 1105.
National Steel
Dec. 23 last.—
on
1937
$
1934
$
1935
$
..145,933,348
$
103,176,629)
123.074,149
101,351,057
Cost of sales and exps._ 116,055,393
Inventories
84,944,763/
Unavailable
21.723,092
1,285,358
18,231,866
1,006,070
12,339,493
541,198
23,008,450
4,844,158
31,327,602
Deprecia'n & depletion.
5,272,117
Int. charges, bond dis¬
count, &c
2,398,153
Prems. on bonds retired.
31,318
Prov. for Fed'l taxes
4,109,120
Provision for surtax.1,715,000
Mtges. & notes
....
....
Surplus.
com. stock outst'g.
Earnings per share
Shs.
19,237,936
3,929.384
2,256,767
12,541,842
6,749,503
11,136,452
3,233,740
6,050,722
2,155,777
10,217,373
2,167,877
$8.21
5,792,339
2,162,277
$5.80
7,902,712
2,156,977
3,894,945
2,155,777
$2.87
$5.16
Note—Dividends paid by companies not Consolidated, but a majority of
are included in income at not more than the propor
tionate earnings of the paying companies.
On all such companies, ne
profit for the year 1937 not taken up, amounted to $47,426, 1936 $56,948
net loss for the year 1935 not taken up aggregated $17,605 and 1934 profit
was $39,960.
Consolidated Balance Sheet, Dec. 31
1936
1937
1936
$
$
Liabilities—
Prop'ty acc't. 134,271,946
116,763,667 y Capital stock. 54,196,925
Cash
15,069,917 Accts. payable. 12,515,799
10,979.090
Market, secur..
2,500,000
2,200.000 Accr.exp.& taxes
2,271,657
Notes and accts.
Federal taxes...
5,824,120
receivable
9,762,993
11,797,749 Funded debt
59,054,781
Inventories
31,531,798
28,144,966 Reserves
4,156,130
Other assets
863,185 Capital surplus. 38,105,940
755,506
Investments
12,330,891
12,582,663 Earned surplus. 28,327,270
Def'd charges..
2,320,397
2,108,354
...
54,056,925
10,942,153
2,345,487
3,314,462
59,000,000
3,739,638
38,021.940
18,109,896
2,479,344
2,045,000
mtge.
(current).
70,250
<-
19,660
Notes
pay.
ceivable
16,183
673,088
3,155,417
19,786
672,925
3,107,430
Bldgs., mach'y,
131,024
Purch. money obli¬
gations (not cur¬
6,072,110
6,560,486
Goodwill.
1
1
139,200
charges.
166,181
145,000
rent)-Real
&c
83,676
(non-
current)
Investments
37,750
123,235
Commercial letters
of credit
est.
notes—
(1939 to 1947)
Rent pay. subs, to
554,250
—
1938
29,000
Contingent res've.
54,811
5)4%
cum.
pref.
stock (par $10)- 2,000,000
z Common stock.8,250,000
4U05
2,000,000
8,250,000
Earned surplus
4,774,300
3,246,935
a Treasury stock.. Dr858,715
Dr858,715
1,206,156
whose stock is owned
X
63,481
1,970,071
l,9i~5~334
2,282,988
25,000
2,685,155
629,307
estate
notes
gations (current)
Land
equip.
Real
1,998,229
1,430,000
Pinch, money oblil-
12,880,692
3,653,743
17,801,893
7.584,520
1937
395,758
7,032,022
$
$
Accounts payableNotes payable
re¬
Total-
Net profit
Dividends paid.
8,596
50,816
Deferred
Total income
951,133
Employees stock
subscrip'n
con¬
y
Operating profit-.... 29,877,954
Other income
1,449,647
5,203,721
-
1936
1937
Liabilities—
$
1,273,686
Notes ree'le (net).
18,262
x Accts. receivable
426,533
tracts
1936
1936
$
Cash
Cash in closed bks.,
less reserve
Corp. (& Subs.)—Earnings—
Calendar Years—
Net sales
paid
was
1937
Asseis—
action
no
shares at this time.
17.029,018 18,997,459
17,029,018 18,997,459
Total
Represented by 52,120 shares of preferred stock and 31,750 shares of
stock,
x After
reserve for bad debts of $33,854 in
1937 and
$31,042 in 1936. y After reserve for depreciation of $7,871,747 in 1937 and
$7,278,507 in 1936.
z Represented by 660,000 no par shares*
a
common
Sales—
The consolidated sales of the company for the four weeks ended Feb. 26.
1938, amounted to $4,430,402 as compared with $5,083,281 for the four
weeks ended Feb. 27, 1937, a decrease of $652,879, or 12.84%.
The number of stores in operation decreased from 1,229 on Feb. 27, 1937
to 1,154 on Feb. 26,1938, or 6.11% .—V. 146, p. 1082.
Neisner
Brothers, Inc.—Sales—
1938—Month—1937
Period End. Feb. 28—
Sales-.
$1,125,912
—V. 146, p.
$1,186,563
1938—2 Mos.—1937
$2,254,311
$2,368,639
921.
(J. J.) Newberry Co., Inc.—Sales—
Period End. Feb. 28—
Sales
1938—Month—1937
$2,775,079
$2,833,642
1938—2 Mos.—1937
$5,431,135
$5,586,233
Consolidated Income Account, Years Ended Dec. 31
1935
1936
1937
1934,
469
461
450
431
$50,315,454 $48,376,510 $43,388,611 $41,054,218
Cost and expenses
46,481,382
44,124,814 39,886,441
37,258,061
Deprec. & amortization676,910
667,932
596,884
582,253
Other income (Cr.)
8,570
Number of stores
Sales
Total
x
n
204,452,622 189,530,5021
After depreciation and
1936.
y
H.
at his home.
nrao
204.452,622 189,530,502
depletion of $58,282,570 in 1937 and $54,172,052
Par $25.—V. 146, p. 920.
National Sugar Refining
James
Total
Co.—Obituary—
Post, Chairman of the board of directors died on March 5
He had been in failing health for the past few weeks.
Mr.
«
I
*
*
"
—
...
[Post was 78, having been born on Oct. 13,1859.—V. 144,
p.
2490.
National Terminals Corp .—Bonds Called—
Payment will be made at the City National Bank & Trust Co. of Chicago.—V. 144, p. 4353.
Years Ended Dec. 31—
Net income after all charges.
—
stock outstanding (no par)
Earnings per share
—V. 145, p.
3,157,161
x595,293
$3,583,764
x683,262
$2,905,286
319,795
$3,222,472
392,526
68,571
236,860
68,571
245,572
16,073
68,571
287,860
11,571
68,571
377,274
5,217,489
336,980
$2,384,103
336,987
913,070
$2,570,286
y87.133
187,448
913,070
608,714
342,420
$1,092,454
380,446
$1,382,635
380,446
$1,271,795
380,446
$1,704,696
380,446
$5.27
$6.03
$4.94
$5.38
and interest
Federal and State taxes,
Divs.
stock
of J. J. Newberry Rlty
on
pref.
cap.
Interest
Miscellaneous
982
charges
$2,255,454
Net income
7% preferred dividends
5% pref. stk. series A
Co.—Earnings-
Gross income
Shares capital
before taxes
Co
A total of $19,000 collateral trust sinking fund 6K% bonds due April 1,
1943 have been called for redemption on April 1 at par and accrued interest.
Natomas
-
-
inc.
Net
1937
$1,285,864
959,750
980,250
$0.98
1936
$1,553,068
1,099,353
987,120
$1.11
Common dividends
Balance, surplus
Shs. com. out. (no par).
Earns, per sh. on com__
x
3352.
1937 and $187,076 in 1936 for surtax on undistri¬
Redeemed May 1, 1936.—
Consolidated Balance Sheet Dec. 31
Includes $162,303 in
buted profits,
y
Naval Stores Investment Co.—Dividend Increased—
Company paid a dividend of 25 cents per share on the common stock,
on March 1 to holders of record Feb. 24.
An extra dividend of 50 cents
was paid on Dec. 22 last, and a regular quarterly dividend of 24 cents
per share was distributed on Dec. 1 last.—v. 146, p. 284.
249,930
1937
$
Assets—
7,774,976
and fixtures. 5,766,313
b Land,
Furn.
bldgs., &
1937
1936
provements.--- 2,744,393
2,458,390
Report—
John McKinlay, Chairman says in part:
The company at Dec. 31,1937 had future commitments for the purchase
of merchandise, beyond current needs, of not more than $200,000 and at
2,841,715
31,993
7,164,992
6% pref. stk. New
berry Rlty. Co-
prices not exceeding the then current purchaseprices.
During the year, the company obtained a 5% mortgage loan of $500,000
secured by 54 out of a total of 170 store properties owned, with principal
payable serially to July 1, 1947.
The proceeds of this loan were used for
working capital.
In accordance with the terms of an indenture entered into between the
and Investment-
33,957
Deferred charges--
345,298
40,201
376,317
and Nateco Realty Trust on Jan. 1, 1928, the company was
required to purchase three store properties from the Nateco Realty Trust
on Dec. 31,1937, for which it issued its promissory note due May 31, 1939
in the amount of $131,024.
Like many others, this company in its more prosperous days put too large
a proportion of its assets into land and buildings; as a result, in addition to
owning 170 store properties, the company owns warehouses, garages and
factory properties, some of which are either not used by us or only partially
used, and the board of directors intends to give this situation serious con¬
sideration during the coming year.
Of total of 1,205 stores, 18 are rented from employees or directors of our
business.
None of the rents are high; others are very reasonable indeed.
Thirty-six of our store properties are leased from the Nateco Realty Trust,
in which this company owns a half interest.
All of these leases expire on
or before May 31, 1939, at which time we shall be free to act for the best
Cash
Mis
.accts.ree'le.
Inventories
We have 18 subsidiaries, all wholly owned; some of them are
inoperative,
and probably most of them should be dissolved and their operations made
simply departments of the National Tea Co.
On Jan. 27,1938, at the invitation of the board of directors and the larger
stockholders, John McKinlay accepted the position of chairman and chief
executive officer for a period of three years.
His arrangement, in addition
to a nominal salary, provides for the payment to him of a commission on
$
998,600
Co
Accrued
Empl. notes receiv.
divs.
998,600
61,000
61,000
on
Realty Co. cap.
11,428
114,942
147,647
1,767,144
1,698,928
725,173
638,527
2,784,525
Purch. mon. mtge. 2,875,400
Gold notes
2,500,000
2,000,000
Surplus
8,268,102 7,536,540
c Treasury stockDr302,962 Dr302,962
stock
Res've for self
Ins.
Accts. pay., &c
Federal tax-
company
interests of the company.
1936
4,998,600
5,208.572
6H% pref.stock of
Newberry Rlty.
2,730,644
d28,014
7,080,246
Alterations and im
National Tea Co.—•Annual
$
Liabilities—
$
4,998,600
8,064,556 5% pref. stock—
5,413,970 a Common stock-- 5,208,572
-
Total
.—26,503,842 26.392,133
Total
26,503,842 26,392,133
Represented by 395,314 no par shares (incl. shares held in treasury)
b After depreciation and amortization,
c Represented by 14,868 shares
of common stock.—V. 146, p. 1082.
a
New
England Power Association—Smaller Pref. Divs.—
Directors on March 7 declared a
dividend of $1 per share on the 6% pref.
the $2 pref. shares, both payable
Dividends are in arrears on both
shares and of 33 1-3 cents per share on
April 1 to holders of record March 15.
issues
•
Frank D. Comerford, Chairman of the Board, in announcing the current
dividend, stated as follows:
•
"Although consolidated net earnings of New England Power Assn.
and subsidiaries for the full calendar year 1937 slightly exceeded 1936,
earnings during the latter part of 1937 were considerably below earnings of
period of the previous year.
Furthermore, earnings for
the corresponding
the months to date,
This abrupt change in
1938 are considerably below normal expectations.
earnings is particularly attributable to the business
1720
Financial
Chronicle
depression which began in New England during the latter part of the summer
of 1937 and to the cumulative effect of substantial electric rate reductions,
increased labor costs and taxes.
"Beginning in September, 1937, electric primary production commenced
a major decline and in December, 1937 reached a low point of between
15%
to 20% below the similar period of 1936.
This decline seems to have flat¬
tened out and currently is running nearly 15% below the
early part of 1937.
There is no present indication to
support an expectation of immediate im¬
provement, and with the approaching seasonal decline of electric con¬
sumption, as well as the current reduced business activity, it was decided
that preferred dividends should not now be declared at the full rates."
—V. 145, p. 3824.
Nebraska Power
1937—Month—193 6
$676,607
340,694
$7,546,354
4,147,618
69,166
87,500
542,500
Saidbeentheir maturity on April 1, 1938,time. refinancing with
at found to be impossible at this and
as
$199,389
40,393
$2,830,662
26,837
$2,627,180
228,220
$241,726
61,875
17,500
8,806
$239,782
61,875
17,500
$2,855,400
7,339
$2,857,499
742,500
210,000
108,094
Crl ,009
Cr3,019
Cr44,507
Crl1,173
$154,554
Net oper. revenues—
Other income..,.
Gross income..
Slightly over 70% of the net amount of outstanding notes have been
deposited to date, with additional notes being received daily.
These
deposits, which include those of the noteholders' committee, are,
however,
as yet insufficient to effectuate the
plan.
The assents also include a con¬
sent to carry the plan into effect in 77-B
proceedings, but it is the hope of
the company that those proceedings, with their attendant
delay, expense
$156,087
$1,841,412
$1,825,026
$7,016,803
3,889,623
25,574
553
-
Int. on mtge. bonds
Int. on deb. bonds
Other int. & deductions.
tion.
Net income
742,500
210,000
89,047
Dividends applicable to preferred stocks for the
period, whether paid or unpaid—
Balance
499,100
499,100
$1,342,312
-
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those periods.—V. 145,
p. 4122.
New
England Power Co.—Earnings—
Years Ended Dec. 31—
1937
8ales of electric energy:
To affiliated cos
d6,655,669
To subs, of Mass. Util.
Associates
Toothers
1936
1935
5,244,923
$3,800,652
1.667,182
5,579,083
84,605
5,430,044
141,198
Operating rentals
1934
$3,927,247
$6,065,246
90.143
and
effect/ upon the company's business, may be avoided.
The company is in a position to make payment on
April 1, 1938, of the
that date, as well as the prospective 10% cash payment of
coupon due on
principal, but whether the company can and will declare the plan operative
at the expiration of the present extended time for
deposits, March 15, 1938,
depends on the action of the holders of remaining outstanding undeposited
notes.—V. 146, p. 1409.
New York New
1,486,480
5,191,399
87,059
New York
& Honduras
The directors have declared
Rosario
an
capital stock,
March 15.
Calendar Years—
1937
Production of gold and silver.
Operating income.
Net operating profit
$930,504
$747,409
Income from investments, &c
77,338
15,000
cos—
101,216
10,442
67,474
2,466
3
1,223,423
,573,318
622,462
3,195,684
1,577,694
948,480
.,247,467
319,422
1,1 lb",530
317,282
640,000
From others
Operating expenses
Maintenance
Depreciation
Taxes, other than Fed'l.
640,000
651,649
280,077
700,085
490,269
Prov. for Fed. taxes
$3,225,342
20,924
3,205,205
1,327,359
995,403
149,391
910,979
283,821
640,000
642.019
330,184
$2,773,752
$2,389,123
15.379
$2,864,036
38,759
3,194,942
1,337,788
847,520
14,888
144,021
876,831
267,425
640,000
588,038
279,899
$3,246,265
327,177
Int. on funded debt
Amortization of bond dis¬
count & expenses
$2,902,795
542,429
$2,789,132
513,586
$2,404,012
525,337
Net profit.
Dividends
$887,004
833,525
paid
Earns, per sh. on
Including
a
43,938
23,642
&c--
21,256
18,786
Amort, of pref. stk. disct
Other charges
21,110
25,486
14.781
23,524
40,918
13,410
188,367 shs. of
excess
cap.
Mines,
1937
plant
1936
•Liabilities—
<S»
Drafts
$1,256,763 $1,276,587
242.524
158,194
Cash...
Bullion at smelters
in
$2,851,507
347,079
transit....
marketable
306,505
Acct.
278,422
1,321,130
1,877,709
87,648
sec.
$2,214,167
$1,800,822
331,923
365,987
claim
41,480
Adjustm't of prior year's
income, net
81,844
Total
receivable..
$3,198,586
$2,694,918
$2,580,154
480,840
1,866,999
480,840
1,711,415
480,840
1,338,015
$352,881
$347,079
$387,899
$365,987
stock
186,159
228,050
Other assets
315,290
Bal. of earned surplus.
148,893
5
S
equipment
43,820,346 43,239,472
Construction work
3,836
126,068
4,480
77,431
101,946
928,311
1,168,113
131,321
.
Acc. receivable
Other accts. & note
Materials & sup
Prep. ins. & rentals
164,896
105,258
20,591
6,223
of
series
1936
$
$
Total
$4,201,309
After
reserve
670.680
Note pay.
15,'61.10,067,000 10,067,000
to New
Engl. Pwr. Assn,
& accrued Int
250,042
Accts. pay. to oth.
(not
cos.
976,895
on
bonds.
986,059
63,421
548,623
40,897
Other accts. pay..
Accrued taxes
720,360
Casualty
&
183,865
318,190
40,897
31,113
8,054,502
other
reserves
when 87
$4,301,5801
412,651
mtge. 3K% bds,
Suspense credit...
6% cum. pref. (par
$100)
394,419
143,066
Earned surplus
..45,842,922 45,471,920
New York Central
% cents per share
was
561,426
$4,201,309
$4,301,580
8,014,000
Total
352,881
expenses
from railway operations
-
Operating income
$19,448,416 $19,890,569
1,226,404
Gross income
Interest
on
$21,116,973
funded debt
Interest on unfunded debt
1
Interest charged to construction
Amortization of debt discount and expense
Dividends on preferred stocks
Minority interest in net earnings
Balance
8,668.586
481,735
Cr99,547
436,147
2,972,854
1,208
$8,655,989
NY PA NJ Utilities Co.:
Interest on funded debt
Interest on funded debt
Amortization of debt discount and expense.
Dividends on preferred stock
Balance
-.$24,386,472 $29,902,526
20,444,480
22,752,993
$69,331,821 $73,570,990
30,805,388
32,789,299
5,854,649
5,182,313
5,659,024
6,259,861
1,453,082
1,817,184
6,111,260
7.631,763
Subsidiary companies:
x
1937
8,270,663
2,670,979
Annual int. & pref. div. requirements on outstanding securities:
45,842,922 45,471,920
1938
1936
xl937
$58,662,188 $62,629,347
8,003,487
2,666,145
revenue
Other income
RR.—Earnings—
revenues
(& Subs.)—Earnings—
revenue
Federal income taxes
Other taxes
8,014,000
15,558,325
1,071,665
347,079
Pay Pref. Div.—
also distributed.—V. 146, p. 285.
Provision for retirements
145,765
[Including all leased lines]
v
revenue
1,679,999
558,897
Total
Total operating revenues
Operating expenses
—Y. 146, p. 761.
F^Net
1,574,877
mines
for depletion and depreciation of $3,779,072 in 1937 and
b 11,633 shares of capital stock in treasury.—V. 145,
Maintenance
9,000
Com. 8tk.(par $25)15,558,325
Prem. on com. stk. 1,071,665
Railway operating
Railway operating
of
(net)..
Years Ended Dec. 31—
Electric
Unamort. premium
(less exp.) on 1st
Month of January—
72,112
2,000,000
Drll6,330
Directors have declared a dividend of 873^ cents per share on account
of accumulations on the $7 cum. pref. stock, payable April 1 to holders of
record March 21.
This will be the first dividend paid since April 1, 1933,
Miscellaneous
A, 3M%.
Otheracc. exp
9,724
Reserve for deprec 8,583,775
1st
Total
103,309
2,000,000
stock. Drl 16,330
surplus...
Apprec.
Gas revenue
bonds,
due Nov.
Acc. int.
exp. & prem. for
mtge. 5% bonds
mtge.
subsidiaries)
Unamortized dist.,
redem.
1937
affil.
25,510
rec
....
Treasury
$3,719,929 in 1936.
p.3978.
NY PA NJ Utilities Co.
Liabilities—
1st
plant &
orders in prog...
b
New Orleans Public Service Inc.— To
1936
1937
Securities owned.
excess-profits
157,151
Balance Sheet Dec. 31
Cash in banks
57,764
4,448
57,463
Deferred charges..
Note—No provision made for surtax on undistributed profits.
Assets—
$46,608
42,713
$2,184,843
480,840
2,364,865
1936
$33,395
Cap. stk. (par $10)
Earned
242,411
pref.
cum.
&
taxes..
280,145
a
10,617
1937
payable
Accounts payable.
Accrued taxes
U. S. Govt. & other
& mill bias
$2,307,018
387,899
734.632
$4.08
Prov. for Fed. inc.
Broken ore in stopes
.13,306
$768,244
$4.71
profits tax of $11,347 in 1937.
Inventories
Net income
Previous earned surplus.
Settlement
of
damage
stk. (par $10)
Balance Sheet Dec. 31
Assets—
a
&
Other interest charges..
Prem. on bonds purch'd.
al03,309
2,529
Appropriated for depletion
equipment
Property,
$1,953,690
1,129,164
77,117
Other deductions from income
Federal taxes on income
Production expenses....
6%
$2,037,208
83,518
$2,113,646
1,104,305
78,836
-
Operating expenses.
New York administrative and general expenses—
1936
$2,203,125
89,479
—
Freight and expenses on bullion
River
From other affil.
on
Mining Co.—Interim
interim dividend
of 75 cents per share
par $10, payable March 26 to holders
of record
This compares with $1.65 paid on Dec. 24, last; $1.15 piad on
Sept. 30, last; 87H cents paid on June 26, last, and 75 cents paid on March
27, 1937.
See V. 144, p. 1794. for detailed record of previous dividend
payments on this stock.
the
on
energy:
Power Co
Divs.
RR.—Certificates—
Dividend—
$12,041,790 $11,585,433 $11,258,118 $10,565,591
Total
Purchased elec.
From
Conn.
Haven & Hartford
The trustees have applied to the Interstate Commerce Commission for
authority to issue $1,640,000 3%% equipment trust certificates for the
purchase of six electric passenger locomotives and six Diesel-electric
switching locomotives, costing $2,190,000.
The certificates
would
be
issued under the Philadelphia plan, with the New England Car Co. as
vendor and the Irving Trust Co. of New York as trustee.—V. 146,
p. 1561.
$1,325,926
Note—No provisions have been made for Federal surtax on undistributed
a new issue
The company's plan of recapitalization as modified Dec.
29, 1937, pro¬
vides, upon its being declared operative, that holders of the
outstanding
$4,386,000 of notes may receive for each $1,000 note deposited, $100 in
cash and $900 in
new convertible 5% notes, due
April 1, 1947.
500,000
$241,173
25,574
investments
•
serial notes.
During the
outstanding was reduced by
$5,614,000 (even though the obligation to retire was only $4,500,000).
In
addition, the company promptly paid the interest in full, meanwhile main¬
taining its general credit standing.
The remaining $4,386,000 cannot be
Amortiz. of limited-term
Property retirement re¬
serve appropriations..
Deposits Required to Assure
1928 company issued $10,000,000 of 5%
difficult period which followed, the amount
1937—12 Mos.—1936
$615,984
329,095
1938 1
In
Co.—Earnings-
Period Ended Dec. 31—
Operating revenues
Oper. exps., incl. taxes..
March
New York Dock Co.—Further
Success of Plan—
806,561
2,752,148
93,303
18,414
$4,985,562
Preliminary, subject to annual audit and such sundry book adjustments,
if^any, as may be necessary incident to closing for fiscal year ended Dec. 31,
Note—Includes operations of all properties now part of the NY PA NJ
Utilities Co. consolidation irrespective of dates of acquisition, with annual
on securities owned
and annual requirements on securities out¬
standing at Dec. 31, 1937.—V. 145, p. 3354.
Railway tax accruals
Equipment & joint facility rents
$3,941,992
2,968,186
1,146,842
$7,149 533
2,022,631
1,263,199
Net railway operating income.
..def$l73,036
1,414.739
$3,863,703
1,666,245
Negotiating for Sale of $10,000,000 Bonds—May Be Placed
Privately—
$1,241,703
$5,529,948
Company applied to the New York P. S. Commission March 4 for per¬
mission to issue $10,000,000 1st &
consolidating mortgage bonds at 3Ji%
interest, maturing in 1968.
The proceeds would be used to pay to Consoli¬
dated Edison Co. of New York, Inc., $7,000,000 advanced to the Queens
company for capital expenditures and the balance for additions, improve¬
ments and betterments to plant and distribution system already made and
to be made after Dec. 31, 1937.
Other income.
t Tofcdincome.
Miscellaneous deductions from income
..
145.361
139 788
3,991,805
4,602,419
Net income after fixed charges
def$2,895,463
Net income per share of stock as of end of month.
Nil
$787,741
Totalfixed charges....
—V. 146, p.
1560.
$0 16
*
income
New
York
&
Queens Electric Light & Power Co.—
Volume
Financial
146
The company says that it believes the
proposed bonds can be sold at a
pnce which will make the sale advantageous and that negotiations for such
sale are now in
progress.
The bonds would be secured
by the mortgage
indenture dated Nov. 1, 1935, executed by the Queens company to
Cijy Bank-Farmers Trust Co. as trustee.
The company says that it will
trust
notify the Commission before entry of a final order in the proceeding as to
the price at which the bonds can be sold.
The petition to the Commission
points out that net capital additions to
company property during the period from Sept. 30, 1935, to Dec. 31, 1937,
which have not been made the basis for issuance of
any securities, amount
to
$8,550,906.
Most of the funds to meet these expenditures—$7,000,000—
obtained by borrowing on open account from Consolidated Edison Co.
"During the period between Dec. 31, 1937 and June 30, 1939," says the
petition, "your petitioner will be required to mkae additions, extensions
and improvements of its
plants, equipment and distribution system.
It is
estimated that the reasonable expenditures for such
purposes during said
period will exceed the retirements or other appropriate deductions from fixed
capital account during such period by more than $5,006,000.
Of this
amount approximately $3,118,000
will, your petitioner believes, be expended
during the year 1938 "
Queens County, the territory served by the petitioner, is the fastestwas
growing section served by the companies of the Consolidated Edison Sys¬
It is expected that the World's Fair will create an additional demand
tem.
for
electricity above and beyond what the Fair itself uses.
Considerable
additions to the company's service facilities will, therefore, become neces¬
sary.
New Vice-President—
Harold C. Dean, Vice-President of this company, has been elected VicePresident & Assistant to the Vice-Chairman of the Board, taking the place
vacated by Lawrence A. Coleman, who died
also elected a Vice-President of this
Feb. 10
A. Augustus Low
company.—V. 146, p. 1561.
was
New York & Richmond Gas Co.
Period End. Jan. 31—
Earnings—
1938—Month- -1937
Operating re venues
1938—12 Mos.—1937
$104,678
$98,893
$1,162,154
$1,174,810
25.865
22,660
277,269
293,678
135,005
Gross income after retire¬
ment accruals
Net income.
118,657
Chronicle
Corp. (the parent company) in part as follows:
"The principal electric and
companies of the system operate not unlike divisional units, the officers
gas
of
which coordinate and relate operations
Hudson Power Corp. as a unifying agency;
year.—V. 146,
p.
and policies through Niagara
and through those companies
its business is
essentially that of making, selling and spreading the use of
electricity and
service
As
It has
gas.
engineering, supervisory, financial or other
no
subsidiaries."
one
of the largest taxpayers in
New York State, the Niagara Hudson
System through its companies paid $14,359,576 in 1937 for taxes, equivalent
almost $40,000 a day.
According to the report these 1937 taxes, to
Federal, State and local government amounted to 16.5 cents out of every
to
doUar received from electric and
gas customers.
Operating expenses (excluding maintenance) increased $3,837,104 for the
year 1937 over 1936, from $25,691,898 to $29,529,002.
This was accounted
for
principally by higher costs of materials, labor and fuel,
expenses incurred for new business promotion, by increases in
of electricity and natural
by increased
the amounts
purchased, and by expenditures incurred in
connection with changing customers' equipment to standard frequency.
Maintenance expenses increased from $4,126,901 in 1936 to $5,057,453
in 1937.
During the year 1937 appropriations from earnings by the system
companies to retirement reserves were $10,227,127, as against $9,852,672
gas
in 1936.
Since the publication of the last annual report, recapitalization and
refunding operations by subsidiary companies have resulted in annual reduc¬
tions to the system companies of more than $1,000,000 in interest on funded
debt and preferred dividend requirements.
The system companies expect to spend in 1938 about $18,000,000 for the
construction, extension and improvement of necessary facilities.
The increasing use of electricity in the homes served by the system's com¬
panies is illustrated by one of the charts included in the report.
This
shows that the average annual use of Niagara Hudson residence electricity
increased from 592 kilowatt hours in 1929 to 881 in 1937, while during the
same period the average price
per kilowatt hour declined from 5.03 cents to
3.84 cents.
This average price is 12% below the national average for 1937
and the Niagara Hudson avergae use is 10% above the national average.
Statement of Income (Parent
Note—No provision has been made for the Federal surtax on undistributed
profits for the year 1938, since any liability for such tax cannot be de¬
termined until the end of the
1721
the public in small sections of Ontario.
It describes the corporate organiza¬
tion of the Niagara Hudson
System as well suited to the conduct of inte¬
grated operations, and describes the function of Niagara Hudson Power
For Period from
Company)
Feb. 1, 1937 to Dec. 31, 1937
^
Income:
921.
From
New York
subsidiary companies:
Dividends on preferred stocks
Telephone Co.—Gain in Phones—
The company reported on March 3 a net
gain of 1,767 telephones in service
February,
uunng
compared with
gain of 11,512 instruments in February,
1937.
For the first two months of this year the company had a total
gain
of 5,002 telephones in
operation, against an increase of 24,211 stations in
the first two months of last
year.—V. 146, p. 1561.
as
Dividends
Interest
a
on
on
$612,581
-
4,143,662
9,651
1,796,543
897,240
stocks
common
bonds
Interest on advances..
Other dividends and interest
Total income
New
York
Title
&
Mortgage
Co.—B-K
Certificates
Holders May Expect Recovery
of Original Investment in Issue—
Expenses
...
...
Taxes.......
*
...
...
Interest
Investors in the $13,000,000 series B-K issue of
mortgage certificates
guaranteed by the New Vork Title & Mortgage Co. may expect to recover
$6,452,114
Net income
their entire original
investments, according to a report of the trustees for
the issue filed March 3 with Supreme Court Justice Frankenthaler.
Dividends
on
first preferred stock
Dividends
on
"Qf course, if economic conditions should get much worse, no one can
Predict with any degree of certainty what the return from any investment
will be," the report continues.
"Even if this recession should become much
Dividends
on
second preferred stock
common stock
1,736,510
485,512
3,832,414
$397,677
Balance
than it
worse
It
income.
now is, at most that would mean
only a temporary loss of
would not mean any real impairment of capital."
Tde original investments in the series
liquidation of the assets of the series the
totaled
trustees
$13,035,000.
In the
they expected to
said
Balance Sheet Dec. 31, 1937 (Parent
$13,430,000, a 10% anticipated profit on 45 large income-producing
properties offsetting anticipated losses on the estate's comparatively small
investments
to
Other investments-
Marketable securities
Cash
2,713,591
23,238
Interest and divs. receivable
Notes payable to banks
420,423
1936
1935
799,656
2,208,073
Paid-in surplus, less
Operating income
$5,054,582
Non-oper. income (net).
241,047
$4,987,264
205,229
$5,034,812
205,210
$5,323^701
$5,192,493
1,633,502
80,923
$5,240,022
1,736,950
93,935
Earned
795,972
1,936,939
$5,489,035
1,769,420
101,056
Gross income
funded debt.
deductions
Miscell.
Net
$5,295,630
1,137,255
C'r9,321
on
corp.
income..
$4,167,696
2,783,404
$3,478,069
1,484,482
$1,384,292
Shs.com.stk.out.(no par)
742,241
$1,993,587
742,241
Dividends
L
Balance
Earned
per
share......
$5.61
$3,409,137
2,968.964
$4.69
165,335
$3,618,559
2,968,964
$440,173
742,241
$4.59
$649,595
742,241
$
4.88
Consolidated Balance Sheet Dec. 31
1937
Asset 8—
1936
$
Liabilities—
1936
$
88,663,685 87,989,564 y Common stock.35,575,565 35,575,565
309,645
699,931 Funded debt
32,493,000 32,493,000
Advs. to afill. cos.
4,720,000
3,045,000 Accounts payable.
235,029
232,570
Special deposits
Taxes accrued
4,010
768,475
350,042
Cash
1,582,039
732,547 Interest accrued..
379,354
379,358
Accounts receiv... 1,196,758
1,235,549 Other liabilities...
11,250
11,500
Materials & suppl.
241,239
264,322 Res. for retire, of
Prepaid taxes, in
fixed assets
10,885,775 10,198,372
Investments
342,421
5,672
351,948
Miscell. reserves..
125,145
Capital surplus
97,065,471
94,444,007
Earned surplus
471,560
5,535,602
10,709,859
478,925
5,535,603
9,189,072
Represented by 742,241
no
par
Total
97.065,471 94,444.007
$182,151,930
Total
Statement
of Consolidated Income (Corp. and Subs.)
$75,441,051 $69,246,942
revenues—'Electric
Gas....
11
-
-
Miscellaneous....
Total
Niagara Hudson Power Corp.—Annual Report—
-
of the present capitalization of the
corporation and after deducting its
annual preferred dividend requirements, is
equivalent to 84 cents a share
on the common stock now
outstanding.
Earnings as reported for 1936 were
68 cents per share on the common stock then
outstanding.
For the ninth consecutive year the Niagara Hudson
System led the world
of kilowatt hours of electric
energy.
Total sales in 1937 amounted
to 7,172,828,930 kilowatt hours, an increase of
11.2% over 1936.
System
sales of manufactured and mixed
gas amounted to 10,232,212,200 cubic
feet in 1937, an increase of 3.2%
Consolidated operating revenues increased from $80,865,557 in 1936 to
$87,561,816 in 1937—a gain of 8-3%.
This was accounted for by an 8.9%
increase in revenues from the sale of
electricity (constituting 86.2% of the
consolidated revenues); a 4.2% increase in total revenues from the sale of
gas (constituting 13.3%); and a 7.8% increase in miscellaneous
operating
nnu
11,150,709
467,905
25,691,898
-
29,529,001
-
10,227,127
9,852,672
14,359,576
12,287,232
5,057,453
Maintenance expenses
provision
-
Taxes
income.
Gross
funded debt—_
unfunded debt
Interest
on
Interest
on
Interest
charged to construction.__________
—
... —
— ...— ...
$28,721,828 $29,134,205
9,782,161
10,382,676
492,365
467,959
Cr28,155
Miscellaneous deductions from income
Balance
—
on
$18,054,781 $17,816,581
-
Net income
7,552,510
—
In order to reflect the net income
on
403,523
91,872
pref. stocks of sub. cos., excluding
Mohawk Hudson Power Corp
and 1936
Cr28,406
347,835
72,841
— —
Amortization of debt discount and expense..
Dividends
4,126,900
$28,388,658 $28,906,855
333,170
227,350
Operating income.
Non-operating income (net)
a
£.1/2
11,616,396
504,368
$87,561,816 $80,865,557
operating revenues..
Operating expenses
no
1936
1937
Calendar Years—
Operating
a
The annual report for 1937, which was forwarded to stockholders
this
a consolidated net income of
$10,502,271, which, on the basis
27,333,333
397,677
outstanding entitling the
purchase respectively 2,784,911 23-24 shares of common
stock at $105 per share to Oct. 1, 1944, and 497,191 3-6 shares of common
stocks at $50 for 1 1-6 shares at any $ime without limit.
shares.—V. 145, p. 3353.
week shows
charges
Note—Class A and B stock option warrants are
a
Total
425,000
surplus
$
Fixed assets.
surance, &c
Deferred charges.
$182,151,930
Total
404,004
holders thereof to
Retirement
1937
$
stock
Miscellaneous reserves
1934
816,671
2,192,374
Interest
10,320
Interest accrued-
Dlvs. accrued on pref.
846,670
2,946,155
.....
255,184
Taxes accrued
1937
expense
8,750,000
285,569
Accounts payable
85,000
Operating revenues.....$12,600,369 $10,933,746 $10,573,838 $10,518,122
Operating expense
3,752,961
2,531,296
2,937,438
2,461,511
Retirement
Taxes
95,810,341
Common stock ($10 par)
Niagara Falls Power Co. (& Subs.)—Earnings—
Calendar Years—
9,028,100
1,664,900
5% series A
5% series B.
17,368,514
Accounts receivable
The report was presented by Leon
Lazarus Joseph.—V. 146, p. 1561.
($100 par)— $37,887,500
stock ($100 par)
1st pref. stock
Second pref.
subsidiary companies. .$161,541,163
in specialties, non-income-producing properties, reorganized
properties and small properties.
The investments in the 45 large incomeproducing properties amounted to $7,370,000.
Leighton, P. Walker Morrison and
Company)
Liabilities—
Assets—
Investments in and advances
recover
y
$7,459,678
513,113
334,436
160,015
7,654,798
-..$10,502,271 $10,161,783
for the years ended Dec. 31, 1937
the basis of the present capitalization of the parent company,
has been made for dividend requirements on the preferred
deduction
Corp. for the period prior to Feb. 1, 1937,
of the present Niagara Hudson Power Corp.
These
stocks of Mohawk Hudson Power
the date of formation
dividend requirements amounted to $351,905 in 1937, and $4,206,356 in
X936
The statements of income present the operations of the predecessor com¬
of the same name and its subsidiary companies for the period prior
1, 1937, and the operations of the present Niagara Hudson Power
Corp. and its subsidiary companies for the period subsequent to that date.
The net income for the year 1937 of $10,502,271 is applicable to the follow¬
pany
to Feb.
.
The increase in operating revenues was less than the increase
in volume of sales because of the lower average
prices at which the services
were sold.
revenues.
The report stresses the simplification of the system's corporate structure
during the eight years since 1929, the year of the formation of the Niagara
Hudson System.
In 1937 the net elimination of 16 companies was accom¬
plished, completing a reduction from 59 companies at the end of 1929 to
20 at the present time.
The letter to shareholders accompanying the financial statements
points
out, "This simplification is believed to be appropriate to the desire of
regulatory authorities for the alignment of electric and gas properties Into
integrated regional operating systems.
sumer
It has resulted in benefits to con¬
and stockholders alike and is believed to be greatly in the public
interest."
The report says that all of the electric and gas operations of the system
companies are conducted in neighboring areas wholly in the State of New
York, except for two Canadian operating companies which render service to
ing periods:
Prior to Feb. 1,
Total
net
$1,301,761
1937
Subsequent to Feb. 1,1937
income
...
9,200,510
$10,502,271
Statementof Consolidated Earned Surplus from Feb. 1,1937 to Dec. 31,1937.
income from Feb. 1, 1937 to Dec. 31. 1937, $9,200,510; deduct,
(in addition to interest applicable to current operations) resulting
from the refunding of bonds of subsidiary companies, $479,317; fixed
capital adjustments. $297,656; miscellaneous charges
(net), $147,715;
dividends on first pref. stock, $1,736,510; dividends on second pref. stock,
$485,512; dividends on common stock, $3,832,414; balance, Dec. 31, 1937,
$2 221 384.
Statment of Consolidated Paid-in Surplus from Feb. 1,1937 to Dec. 31, 1937
—Balance, Feb. 1, 1937, $37,770,799; miscellaneous credits (net), $62,599;
Total, $37,833,398; deduct, adjustments to fixed capital accounts of sub¬
sidiary companies involving the writing-off of certain intangible capital
incident to consolidations effected during the year, $4,326,046; increase in
the aggregate par value of the preferred stock issued upon consolidation of
certain subsidiaries over the aggregate par and stated value of their pref.
stocks previously outstanding in the hands of the public, $1,451,617;
premium and unamortized debt discount and expense on bonds retired,
—Net
interest
1722
Financial
Chronicle
$4,054,501; organization expense of Niagara Hudson Power Corp., $667,900;
balance, Dec. 31, 1937, $27,333,333.
A.
Liabilities—
Fixed assets..
other
$543,379,044
common
public utility
for
future
18,714,632
funds
deposits...
special
and
1,004,583
8,728,943
...
Cash
Notes and accounts receiv.
Accounts
Consumers' deposits
Taxes accrued
7,616,921
....
Other deferred charges
1,079,110
3,567,292
1,471,722
3,511,751
2,546,433
Divs. accrued
on
pref. stocks
876,908
Other accrued liabilities
Reserve
for
124,802
retirement
fixed assets
Total
$607,551,8431
Miscellaneous
Operating
44,907,918
7,707,041
Taxes, other than in. tax 13,141,947
Provision for income tax.
4,220,990
27,333,333
surplus...
2,221,384
Total
$607,551,843
a
Quoted market value at Dec. 31, 1937, $56,000.
b Relating to Sacandaga and Stillwater reservoirs and other property.—V. 145, p. 3505.
hearing March 2 in which representatives of various com¬
that the road would
146, p. 1562.
mittees participated, Judge Way announced the hope
be out of receivership in a reasonably short time.—V.
Norfolk
Year
&
Ended
Western
262,709
291,890
49,354,483
860,366
5,038,636
221,784
20,872
225,713
46,726,769
808,505
4,447,643
41,688
11,030
145,519
43,886,971
891,871
4,359,299
19,235
54,008
261,384
Ry.—Summary of Annual Report,
31, 1937—Extracts from the remarks of
President W. T. Jenks, together with income account, will
"Reports and Documents"
on a
subsequent
Condensed Income Account for
1937
from oper
rev.
58,255,424
funded debt.
on
Total interest charges.
Less interest during cons,
charged
to
and plant
49,472,768
15.084,231
15,591,024
789,594
363,228
651,081
235,291
651,617
195,691
677,740
15,483,935
15,421,108
15,931,540
16,469,709
201,923
50,011
297,610
261,415
15,282,012
7,556,907
15,371,097
7,981,751
15,633,930
8,297,726
16,208,294
8,226,285
1,390,180
15,523,844
1,337,909
14,287,476
1,164,002
13,654,024
987,014
13,258,761
39,752,944
Net interest charges..
Pref, dividends of subs..
Appr. for deprec.
1935
1936
from oper...$41,754,181
rev.
Fed., State & local taxes
Net rental of equipment
...
reserve
38,978,233
38,749,682
38,680,354
18,502,481
1,819,077
13,710,008
16,743,621
1,819,077
10,705,905
13,431,472
1,819,795
8,575,447
10,792,414
1,820,034
5,287,640
2,517,820
$1.95
$1.74
$1.35
$1.04
1934
$78,037,279 $72,697,204
44,499,165
44,531,257
Total deductions
$44,716,395 $33,538,114 $28,165,947
8,840,000
13,734,848
7,768.000
13,035,513
Preferred
3,996,614
2,605,704
3,523,878
Net ry. oper. income.$32,715,281
Other income
1,556,025
2.120,340
Earnings
$34,505,424 $27,303,818 $22,518,286
896,104
1,332,694
1,738,780
leased
on
$28,636,512 $24,257,066
$35,401,528
lines,
bonds
and
other charges
2,472,025
2,492,003
3,280,660
3,976,884
income
$31,799,281
Dividends on adjustment
$32,909,525
$25,355,852
919,692
18,284,279
919,692
14,064,830
919,692
14,064,830
preferred stock (4%).
North American
Stockholders at
a
919,692
22,503,728
on
1939, of this
gold bonds series of 1928,
and the Northern
company
Northern States Power Co.
Year Ended Dec. 31—
Operating
Operating
(Del.) (& Subs.)—Earnings
xl937
•
expenses,
March 29 will consider authorizing
maintenance and taxes
$15,012,413 $14,624,525
69,849
71,295
Other income (net)
Net oper. rev. & other income
for retirement reserve)
1561.
(before approp.
$15,082,263 $14,695,820
2,900,000
2,900,000
Appropriation for retirement reserve
North American Cement
Years Ended Dec. 31Net sales
1937
expense..
1935
1934
$2,977,672
1,627,259
564,462
$2,167,012
1,250,898
510,081
$2,627,221
1,330,332
500,186
$785,951
11,907
$406,032
13,754
$796,702
10,155
$493,078
303,924
769,365
$797,858
340,735
722,934
$419,786
269,512
699,990
$806,857
180,778
754,919
Operating profit
Other income
Total income
Int. and amort, of bonds
Depreciation & depletion
Prov. for loss
Gross income
1936
$2,963,214
1,846,423
635,705
$481,086
11,992
Cost of sales
Selling & other
Corp.—Earnings—
.
closed bank
Prov. for Fed. inc. tax..
Net loss.
10,000
"
3,226
1
$580,212
$549,716
$269,038
$138,840
Balance Sheet Dec. 31
1937
Assets—
1936
$
Special
a
682,649
930,922
2,587
accounts
102,352
673,523
86,310
552,804
bReal est., bldgs.,
equip, and stone
deposits
9.052,010
9,526,348
Y.
Compensat'n Act
debtedness
cash
bank,
in
.
.
23,841
20,344
12,724
series
Preliminary—Subject to
6)4%
bonds..
283,000
894,770
Northern States Power Co.
92.662
9,086
Operating
Operating
50,720
9,086
18,891
34,704
15,996
Common stock
See
c
Total
See
c
6,150,229
1,009,783
10,599,914 11,168,955
Net oper. rev. and other income
for retirement reserve)
on
on
Divs.
on
Divs.
on common
District Court their petition
to intervene in
the present Northern
Pacific Ry.'s long contested land-grant case
against the government.
The case, involving approximately 3,000,000 acres across the
Western
States, is said to be the largest land case ever filed in a United States court.
Hearings have been conducted across the country since 1931.
Frank Graves, special master, recommended last
July that the railway
was entitled to more than 2,375,000 acres under
Congressional
$13,507,385 $13,076,482
...
3,166,752
590,713
on common
on common
.
x
Preliminary,
5,064,301
stock without par value.
class A stock
class B stock
subject
to
audit now
$4,990,456
1,191,666
243,337
208,586
4,752,210
—
532,993
42,292
$7,250,378
cum. pref. stock
7% cum. pref. stock
6% cum. pref. stock
Divs.
2,446,440
56,581
$5
Divs.
2,442,960
$11,064,425 $10,630,042
Net income
and depletion of $7,725,450
in 1937 and $7,086,494 in 1936.
c All unissued shares reserved to
comply
with the provisions of outstanding common stock
purchase warrants, which
have now expired.—V. 145, p. 3204.
An Associated Press dispatch from
Spokane, Wash., March 7 had the
following:
Minority stockholders of the old Northern Pacific RR lost in United
(before approp.
Interest charges (net)
Amortization of debt discount and expense
Other income deductions
Divs.
Northern Pacific Ry.—Land Suit Petition Fails—
res.)__$12,453,030 $12,021,692
1,054,354
1,054,790
income
Divs.
b After allowance for depreciation
-
Appropriation for retirement reserve
Gross
*1937
1936
$30,976,399 $30,203,898
18,523,368
18,182,205
:
maintenance and taxes
Net oper. rev. (before approp. for retire.
10,087
18,891
common..
revenues
expenses,
Other income (net)
10,087
80,834
50,720
(Minn.) (& Subs.)—Earns.
Year Ended Dec. 31—
808,079
99,838
82,836
Class A
week
1,344,100
retire¬
20,919
10,599,914 11,168,955
Weekly Output—
3,243,125
insur.,
repairs, &c
purposes
1938, totaled 24,503,330 kwh., an increase of 2.4% com¬
pared with the corresponding week last year.—V. 146, p. 1562.
mtge.
income
14,130
company
public
the above figures have been revised
to reflect certain changes in classification, due to the Uniform System of
Accounts which became effective Jan. 1, 1937.
(2) Northern States Power
Co. (Minn.) has made no provision for Federal or State income taxes for the
year 1937 as it is contemplated it will claim as a deduction in its Federal and
State income tax returns for the year 1937, debt discount and expense on
bonds redeemed in 1937 consisting of unamortized discount and expense
on such bonds at date of redemption,
and premium and expense on re¬
demption together with duplicate interest charges, which will result in no
in 1937 and $69,590
States
certified
Electric output of the Northern States Power Co. system for the
275,500
allowance for doubtful receivables of $72,906
}n 1x22 •
2,341,578
made by
ended March 5,
Ser. B pref. stock.
Pref. stk. ($1 par).
in¬
a*
$5,190,816
2,727,270
2,341,578
being
now
$6,216,223
2,727,270
-
taxable income.
Capital surplus... 6,150,229
Oper. deficit
1,308,419
»
held by public
audit
Notes—(1) For comparative
A,
ment of pref. stk
Ser. A. pref. stock
1
Total
x
3,226
6H% mtge. bonds, 1,341,350
6^% inc. bonds.. 2,848,075
for
closed
determinate)
Deferred charges..
co.
68,261
24,261
Reserve for
(value
69,678
insurance
Reserves,
16,704
pref. stock of sub.
Netincome.
Dividends on 7% cumulative preferred stock
Dividends on 6% cumulative preferred stock
for compen¬
sation
in¬
due July
1938
Prov.
on
investments,
of
_.
Accrued int., def.,
at cost or less...
Certificate
.
6)4%, 1940
underWorkman's
Misc.
wages, &c.
Deben,
2H% dep. with
N.
15,435
interest,
awards
U.S. Treas. bonds,
of
S
34,013
Pr. for Fed.inc.tax
receiv. trade...
Inventories
State
Accrued
1936
$
Accounts payable-
deposit
Notes,
1937
Liabilities—
Cash in banks and
hand
on
Min. int. in net income of sub. companies.
accountants.
cash in
on
$12,182,263 $11,795,820
4,022,926
5,920,701
622,541
565,570
66,186
52,765
1,191,666
62,719
65,967
Interest charges (net)
Amort, of debt discount and expense
Other income deductions
Divs.
1936
$35,831,102 $34,847,802
20,818,689
20,223,277
revenues
Net oper. rev. (before approp. for retire, res.)
Aviation, Inc.—Special Meeting—
special meeting
1, 1938, and Nov. 1,
Electric Co. have been called for redemption on May 1 at 100 M and interest
for the 1938 series and 101 and interest for the 1939 series.
Payment will
be made at the Harris Trust & Savings-Bank, Chicago, 111.—V. 145, p. 3205.
the organization of a separate company to acquire all, or part of, the Eastern
Air Lines Transport Division assets of North American Aviation, Inc.—-V.
p.
on no.
All of the outstanding first mortgage 5% serial
due Nov.
$20,280,181
Net
Common dividends
—V. 146, p. 1410.
share
shares outs
Northern Paper Mills—Bonds Called—
$34,271,306
of
interest
per
com.
—V. 146, p. 1562.
Gross income from all
Rental
dividends....
Stock
joint facilities (Cr.).
sources
sur__
Common—cash-.
of
on
200,945
property
Bal. for div. and
146,
52,181,155
14,534,736
and expense
Other interest charges._
of subsidiaries
Calendar Years
$94,861,503 $94,864,293
53.107,322
50,147,899
Total oper. expenses—.
&
55.721,854
14,331,112
Amort, of bond discount
i
F Net
_
Minority irxts. in net inc.
page.
Total
Interest
Dec.
be found under
107,029,662 101,386,964
39,271,128
37,528,765
6,294,540
6,414,655
11,617,576
10,768,969
3,119,650
2,787,603
42,551,123
7,006,811
11,848,820
4,844,185
51,106,760
Non-oper. rev.—Interest
830,032
Dividends
5.825,978
Net pro. on mer. sales
218,109
Net inc. from rentals.
15,301
Other income
259,243
Net operating rev.
Gross income
interests is reported on the plan.
a
79,258,255
2,998,068
3,849,753
9,986,372
4,037,241
1,257,274
on
undist. profits
Norfolk & Southern RR.—Plan Hastened—
Federal Judge L. B. Way at Norfolk, Va., has reserved decision on an
order approving a reorganization plan for the road.
Agreement by dominant
Following
expenses
Maintenance
$
84,093,174
3,127,597
4,019,002
10,295,761
4,384,535
1,109,593
3,523,664
reserves
Paid-in surplus, less charges
Earned
Coal
47,816,003
Miscellaneous
115,897,312
Transportation
1934
$
Total operating rev. 121,347,366
Gas
Prov. for Fed. surtax
of
1935
$
91,042,884
3,336,628
4,164,806
10,863,107
5.184.546
1,305,341
Heating...
8,750,000
payable
1936
$
96,180,433
3,254,299
4,382,441
11,196,573
4,920,766
1,412,853
Electric
228,739,900
5,371,000
cos
Subs.)—Earnings—
1937
Operating revenues:
Interest accrued-
and expense
North American Co, (&
Calendar Years—
95,810,341
127,405,615
cos
liability
Notes payable to banks
discount
with the Northern Pacific in the land-grant case.
Judge Webster ruled
there was no connection between the two cases.—V. 140, p. 1562.
1,192
b Long-term
He denied some of the Northern Pacific's claims,
Judge J. Stanley Webster opened a hearing March 7 on exceptions by
and
1.564,900
Funded debt of subs,
1938
grants of 1864 and 1871.
9,028,100
Pref. stocks of subs,
85,000
4,563,022
2,038,364
Prepaid taxes, insur., &c—
debt
$37,887,500
companies
7,066,780
.
Marketable securities
Materials and supplies
Unamortized
series
Common stock ($10 par)
Minority interest In common
stocks and surplus of subs.
13,275,442
Sinking
5%
5% series A
5% series B
con¬
struction
a
pref. stock
($100 par)
Second pref. stock ($100 par)
cos.,
together with other invest.
Funds held
1st
stocks of
12,
both the government and the railway company to the master's report.
The minority stockholders' petition to intervene was to allow their
claims to be considered in any ultimate government financial settlement
Consolidated Balance Sheet Dec. 31, 1937
Invest. In
March
2,737,539
2,346,594
170,775
36,458
being made by certified public
accountants
Notes—(1) As reflected by the above statement, net income of $7,250,378
an increase of $2,259,922 when compared with net income of
$4,990,456 for 1936.
This increase is due principally to the reduction of
$1,890,007 in interest charges on funded debt resulting from the refunding
of company's funded indebtedness during February, 1937, and a reduction of
$380,400 in income taxes due to such refunding as mentioned below.
The
reduction in interest charges is partially offset by dividends in the amount of
$1,191,666 on the 275,000 shares of cumulative preferred stock, $5 series,
issued and sold in February 1937 in connection with refinancing.
As of
Feb. 3,1937, all of the 7% and 6% preferred stocks and class A and class B
for 1937 shows
Volume
146
Financial
Chronicle
stocks of the company then outstanding were reclassified as com¬
stock.
common
mon
(2) For comparative purposes the above figures have been revised to
reflect certain changes in classification, due to the uniform
system of ac¬
counts which became effective Jan. 1,1937.
(3) The company has made no provision for Federal or State income taxes
for the year 1937 as it is
contemplated it will claim as a deduction in its
Federal and State income tax returns for the year 1937 debt discount and
1723
Paramount Broadway
Corp.—Earnings—
Calendar Years—
1937
Expenses
Depreciation of fixed assets
Amortization of bond discount & exp.
Net operating loss for the period._
on sale of
capital assets
expense on bonds redeemed in 1937, consisting of unamortized discount
and expense on such bonds at date of
redemption, and premium and ex¬
Loss
redemption together with duplicate interest charges, which will
result in no taxable income.—V. 146, p. 762.
pense
1935
413,743
30,039
$470,576
413,537
208,555
15,020
$326,992
$166,536
$923,500
806,710
$236,852
17,522
on
$254,374
v
,
C.
Foster announced his election
his
resignation
Corp.—V. 141,
President of this
as
General Manager of Sales of Jones &
1940.
as
p.
MTVvv V*X* v
sheet for Dec. 31,
Northwestern Barb Wire Co.—New President—
J.
1936
$1,007,035
831,450
384,467
27,970
"Chronicle."
and
Steel
Laughlin
Operating
Cash in banks
Notes rec. & accr'd
interest
1937
$2,735,202
10,590
Acc'ts receivable.
$2,724,612
1,578,030
Fixed assets
Acct.
rec.
$2,707,411
1,940,877
180
1,983
26,066
_
29,998
630
an
co
11,667,790 12,072,854
Sinking fund cash
$766,534
376,046
$1,146,582
367,383
Net operating income.
$390,488
Prepaid
328
252
$779,199
-V. 146, p. 1250.
insurance
6,054
10,802
Deferred charges..
469,706
566,742
(Mass.) Water Co.—Bonds Placed Privately—
The company sold privately Dec. 6,
1937, $200,000 1st mtge. series A 4s,
Dec. 1, 1937 and due Dec. 1, 1962.
Of the proceeds $65,000 was
used to retire a like amount of bonds, all of
which were held by company's
parent company, American Water Works & Electric
Corp., and the bal¬
used for
capital.—V. 95,
new
Nova Scotia Steel & Coal
p.
1125.
Co., Ltd.—Reorgan. Meeting—
Meetings of holders of the 5% 50-year first
perpetual debenture stock have been called for
mortgage bonds and 6%
April 14 in Halifax to deal
with
the proposed reorganization.
holder of the first mortgage bonds will
receive, according to the
plan, $100 in bonds, a like amount of new 25-year 3
% % first mortgage bonds
of the company secured on its Newfoundland
and
WUin»U\/V
1st
no par
$
13,883
102,991
7,764,000
8,569,000
1,375
24,302
sinking
mtge.
■i
fund loan bond,
due Feb. 15,'55.
Lease deposits
975
stents rec. in adv..
on treas.
pur. for
1936
4,147
94,713
97,306
bds.
skg. fd.
x Capital stock
100,000
Surplus July 1, '35 4,620,275
Deficit from July 1
449,144
Total
72,471
100,000
4,617,733
m
454,314
12,232,273 13,047,441
shares.—V. 146, p. 1562.
Parke-Davis & Co.—New President—
Dr. A. William Lescohier, who has been General
Manager and a director
of this company since 1929, was elected President
by the directorate
following the annual stockholders' meeting held March 1.
Norman H. S.
McLeod, Secretary-Treasurer of the company, was selected as Chairman
of the Finance Committee.—V.
146, p. 1563.
(J. C.) Penney Co.—EarningsCalendar Years—
Each
Cape Breton properties
12,232,273 13,047,441
Represented by 1,950
x
dated
ance was
l/iiv
$
1935
Total
Norton
$166,536
WJUU.
t
Accounts payable.
Accr'd liabilities..
Disc,
held by trustee.
taxes
Operating
Xt/U I
I
Liabilities—
364,180
40,742
from
affiliated
Net operating revenues
$326,992
U4,
1937
$
21,406
1938
Operating revenues
Operating expenses
VUUVU
1936
$
$2,718,042
10,631
revenues
Uncollectible operating revenues
J VMll
given in the advertising pages of last week's
Balance Sheet Dec. 31
1937
Co.—Earnings—
Month of January—
V**V
were
company
Assets—
Northwestern Bell Telephone
*v*.
1937,
1937
Sales
1936
1935
1934
275,375,137 258,322,479 225,936,101 212,053,361
one share, class B, of Dominion Steel &
Coal Corp.
These bonds will
be exchangeable into four shares of class B
Dominion Steel & Coal shares
Cost of merchand. sold,
up to
Deprec. and amort
Federal income tax
Surtax on undistributed
and
April 1, 1940.
The iron ore properties of the
company at Wabana and Bell Island, New¬
foundland, will be leased to Dominion Steel & Coal Corp. for 25-years at
an annual rental of
$225,000, payable half yearly, plus a royalty in each
year of 25 cents per ton for all ore mined in excess ot
450,000 tons. The lease
is to be assigned to the trustee for the
bonds and all rents and royalties are
to be applied solely for
payment of interest and principal of the new first
mortgage bonds.
Each holder of the outstanding 6 %
perpetual debenture stock will receive
three class B common shares of Dominion Steel &
Coal Corp. for each $100
of debentures.
A mortgage on the property of the Nova Scotia Steel &
Coal Corp., other than the Wabana lease for the
amount of the indebted¬
ness
now
represented by the debenture stock, will be given to Dominion
Steel & Coal and will be subject to the
prior charge of the trust deed securing
the new bonds.—V. 146, p. 606.
Oklahoma Natural Gas Co. (&
Sub.)
12
profits
Gross
1,005,171
3,269,258
229,083
17,719,987
911,838
909,135
2,550,815
14,499,679
732,999
140,557
15,324,716
699,616
122,981
48,211
15,485,654
994,788
94,722
profits
Other income
Profit of subsidiaries
937,050
2,400,764
80,663
Total income
Preferred dividends
16,575,164
18,712,488
15,373,235
*371,747
Com. dividends (cash)..
13,991,912
17,900,055
9,238,346
16,147,315
619,578
10,687,530
Balance, surplus
Surplus Jan. 1
2,583,252
37,284,423
812,433
36,245,846
5,763,1'42
30,412,172
4,840,207
25,628,635
224,938
xl,206
30,965
x448,076
37,284,423
36,654,355
1938
$3,879,972
51,193
$4,451,255
1,159,653
$3,931,164
1,296,819
standing (no par)
Earnings per share
$3,291,602
1,496,466
$2,634,345
1,613,686
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
$1,795,136
$133,200
undist. profits)
on
$7,653,965
2,917,706
215,313
640,974
$4,426,230
25,025
Maintenance
1937
$8,402,510
2,991,959
189,153
795,168
revenues
Taxes (not incl. Fed. surtax
$1,020,659
99,900
Total surplus
39,867,675
Adjust, prior years taxes
4,849
Excess
of cost
over
Non-operating income—net
30,468,842
56,671
par
of pref. stock retired..
;
_
309,789
98,721
-
Sundry deductions
Net operating revenues
Profit and loss surplus 39,862,826
37,284,423
36,245,846
30.412,172
a2,543,984
$7.36
2,468,984
2,468,984
$6.29
Shares of com. stk. out¬
Balance
Retirement accruals
Gross
1,136,343
2,917,265
Net adjust; of prior yrs.
Fed. & State taxes, &c
Mis cell, credit
Earnings—
Months Ended Jan. 31—
Operating
Operation
sell.andgen.expenses.255,606,792 236,279,852 208,098,608 193,268,695
2,543,984
$6.52
$6.08
x
income
Interest and amortization, &c
Net income
Divs. paid & accr. on
-V. I4r p. 1411.
". 146,
conv.
6% prior pref. stock...
thereto,
y Including Federal capital stock tax.
z Paid to date of retire¬
a Includes 75,000 shares in process of issue at Dec.
31, 1936, but
actually issued subsequently thereto.
ment.
Balance Sheet Dec. 31
Pacific Western Oil
Calendar Years—
1937
al936
$4,951,863
2,669,932
1,729,535
1,430,719
994,341
1,490,003
and general
(incl. all taxes)..
Abandoned wells, leases t
and equipment
\
Depletion & deprec'n._J
oper.
on
1,259,740
688,838
$663,533
3,316,729
$631,834
3,086,754
150",000
$1,388,710
1,750,435
Net profit for year
$1,582,326
818,109
c329,938
Loss
on sale of int. in the
Baldwin Hills & Kettle-
Divs. paid in cash
Sundry charges
Dr750,000
dDr55,405
Dr650,000
Earned surplus
$2,663,679
$1,750,435
$818,109
—V. 146, p.
$1.58
$3,316,728
$0.66
Includes earnings and expenses of wholly-owned
operating
as
a
previously
d $54,000 for additional provision for Federal
income
loss,
and State franchise taxes and interest
thereon, for the
inclusive, and $1,404 royalties paid applicable to prior
years
1937
%
397,063
1929 to 1934,
years.
369,148
334,388
Notes
9,947,085
9,587,966
Mission Corp.com.
capital stock
in v.
in
affiliated
Other
non¬
2,490,778
2,286,866
156,411
cos...
114,244
Inventories
Spec'l trust funds.
x
1,021
1,021
8,783,910
187.603
charges..
8,299,908
Fixed (.capital)
assets
Prepaid
170,167
taxes....
158,793
200,047
203,140
liabils..
62,368
60,697
25,446
,5,335,757
55,150
5,105,772
cur.
Deferred
Prov.
_
liabils.
credits..
for
Govt,
for
Income
17,868
6,212
133,350
Pfeiffer Brewing
y165,564
74,566
10,000,000
surp.
....
After
reserve
22,333,019 21,149,2821
for depletion and
y
Total
10,000,000
3,416,500
$3,550,504
Co.—Smaller Dividend—
1936
1935
1934
$3,898,352
23,100
$3,419,441
14,384
$3,328,769
22,600
$4,370,028
2,619,170
$3,921,453
2,366,926
185,822
$3,433,825
2,201,152
153,720
$3,351,369
2,066,911
219,600
188,256
110,870
219,600
147,447
38,051
140,247
211,200
142.899
40,524
Cr20,045
$849,978
349,578
6,923
9,003
Cr 6,921
$673,855
348,900
7,182
8,941
Cr6,779
$749,588
348.900
6,468
8,941
Cr5,471
$605,790
202,008
250,000
$491,394
174,508
100,000
$315,611
174,508
125,000
$390,750
203,577
180,000
1937
Total gross earnings__
Operation
Maintenance..
Prov. for retire, reserve.
General
taxes
182,499
303,000
204,852
141,352
3,416,500
V
Fed. & State inc. taxes..
Net
on
Int.
on
2,663,679
1,750,435
earnings
funded debt....
unfunded debt..
Amort, of dt. disc.& exp.
Int. chgd. to
Net
22,333,019 21,149,282
depreciation of $11,215,387 in 1937 and
Includes interest (prior years).—V. 145, p. 3506.
1938—2 Mos.—1937
$3,409,820
earnings—Electric $4,341,533
revenues..
28,495
constr'n—
income
Divs. on
....
pref. stock
Divs. on common stock.
x
$1,758,277
on
Non-oper.
(un¬
appropriated)
Total
1938—Month—1937
stock,
Calendar Years—
Gross
Int.
(1,000,-
000 shares)
$9,678,380 in 1936.
1938—2 Mos.—1937
$28,700,001 $30,170,636
March 3, declared a dividend of 25 cents per share on the
payable April 11 to holders of record March 25.
This
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. 145, p. 3355.
140,233
Federal
taxes...
Cap.surp.fpaid in)
Earned
189,246
contlng.
royalties-
Com. stk.
196,146
81.352,351 82,326,819
to
interest.
Long-term
of subsidiaries..
Total
1084.
The directors
136,530
(secured)..
Accrued
Prov.
$
353.695
payable
bks.
Accrued
surplus
1938—Month—1937
$13,437,002 $14,242,614
$1,658,153
common
1936
$
Accounts payable.
Accts. receivable-.
Other
1937
Liabilities—
354,721
2,072,269
2,014,101
39,666,680 37,095,177
losses, &c
Surplus
Undlstrib.
8,141,135 11,527,741
3,153,353
3,377,787
fire
Pennsylvania Power Co.- -Earnings-
1936
%
A ssets—
for
Peoples Drug Stores. Inc.—-Sales—
Consolidated Balance Sheet Dec. 31
Cash...
accrued liabils..
Federal tax reserve
Reserve
1084.
Sales
$0.63
subsidiary
Pacific Western Oil Co. for the eight months ended
Aug. 31, 1936.
b Consolidated,
c Value
of securities of Richfield Oil
Corp. received
in settlement of claim against Richfield Oil Co. of California
written off
Accts. payable and
Dr400,000
—V. 146, p.
$1.38-
1936
Sales for Month and Two Months Ended Feb. 28
Period End. Feb. 28—
par)
55,310
1937
Liabilities—
S
$
Common stock..y28,122,767 z28122.767
x After
depreciation.
y Represented by 2,543,984 no par shares.
z Rep.
by 2,543,984 no par shares in 1936; 75,000 of which were in process of issue
31, 1936, but actually to be issued subsequently thereto.
Drl ,859
Earns, persh. on 1,000,000 shs. capital stock
a
76,808
81,352,351 82,326,819
Total
Sales
2.272,141
Dr250,000
(no
6,095,883
Land and bldgs... 2,012,370
2,076,992
Impt. and lease... 1,832,649
1,802,265
Cash
7,371,739 12,703,767
Deferred charges..
724,749
625,633
Merchandise
56,657,929 52,760,015
Accts. receivable-.
479,356
377,708
Invest, in subs, cos 5,441,146
5,829.246
Period End. Feb. 28—
No. Dome fields.
man
^
6,755,603
at Dec.
Dr4,161
635,850
_
-
Furn. & fixtures.
x
Mtges. receivable-
debens. retired
Amort, of debs, retired
1,747,362
231,412
100,000
Previous earned surplus.
Value of securs. of Rich¬
field Oil Corp., &c
on
$4,327,773
1,232,193
funded debt
Prov. for income taxes..
Profit
bl934
1936
*5
jA. sscts
bl935
$3,557,858
exps.
Int.
1937
-Earnings-
$5,152,984
Gross income.
Cost,
Corp.
$919,154
299,073
9,447
24,887
Note—No provision has been made in 1936 and 1937 for Federal surtax
undistributed profits, as it is estimated that all taxable net income has
on
been
distributed during such years.
Financial
1724
Sheet
Balance
1937
S
14,336,671
13,125,904
34,367
49,464
$6
intangibles)
various
of
in
<fc
<fc
Accts.
30,380
558,908
709,000
545,000
Misc.
d736,562
672,060
Contribs. for ext's
DIvs. pay. on pref.
Acer.
104,238
...
214,282
.18,696,488
1,563,042
......
1,298,698
53,054
53,052
1,030,800
866,825
18,696,488
Surplus
15,211,0121
Total
by 100,000 no par shares,
c Less amounts
terest receivable,
e Interest only.—V. 145,
Peoria & Eastern
15,211,012
b Represented
d Includes in¬
charged off.
p.
3355.
Ry.—Proposed Sale of Notes—
R. P. Ahrens, Treasurer, is requesting bids for the purchase of $500,000
$3,422,723
327,510
$4,697,323
46,459
49,395
Loss on disposal of securities
290,738
Int. & discount excl. of interest on funded debt..
55,032
Miscellaneous deductions
1.926
Interest on funded debt
1,048,674
Depletion
1,488,772
Deprec. of plant, &c., and amortization of patents
2,361,145
Amortization of debt discount and expense
64,317
Prov. for Federal taxes on income of sub. cos.:
Normal and excess profits tax
284,095
Undistributed profits tax—...
1,876
Propor'n of net loss of subs, accruing to min. int..
41,225
$3,750,233
62,251
53,680
Crl4,908
Total income
Provision for doubtful accounts—less recoveries..
Premium on bonds purchased or retired—net
—
ear
1,730 shares of capital stock of Periora & Pekin Union Ry., and $500,000
Peoria & Eastern Ry. 1st consol. mtge. 50-year 4% bonds, due April 1,
1940; such bids to specify a price not less than 100% of the principal amount
of note plus accrued interest to date of delivery.
Bids must be submitted at the office of the treasurer, 466 Lexington Ave.,
N. Y. City, on or before March 15.
Interstate
Commerce
Commission
has
Net loss for the year.
$1,036,330
1936
a
91,934,647
23,901,091
Coal lands... 90,217,765
equip. 23,944,198
b Plant &
company
Mortgage rec__.
the
mtge. 4% bonds, to be pledged as part collateral for the note.
The note
is to be issued at not less than par and accrued interest.—V. 144, p. 3187.
2,781,586
371,139
2,973,699
55,188
bonds...
and
x
1937
1936
4,402,753
211,005
4,370,206
211,005
invest. fund..
Pension fund inv
x
per
y$12,740,773 y$11392,546
5,071,240
5,071,240
share
$2.51
$6,147,878
5,071,240
$3,224,915
5,342,922
$0.60
Federal and State income taxes, but before depletion,
undistributed profits.—V. 146. p. 1256.
secure.
Inventory
After surtax
Feb. 26 authorized the
on
-
5,770,618
int., taxes and all other
charges
$98,309
$104,307
$104,144
$0.19
$0.26
current
Acc'ts payable..
1,337,921
e8,875
Capital surplus. 53,482,814
18,510,782
Treasury stock Dr319,767
Deficit
d
139,537,023 139,995,664
Total
Total
139,537,023 139,995,664
After
1938
$897,977
1,066,108
def$168,131
102,133
C/T97.713
$280,867
150,602
0170,743
def$72,551
15,185
$301,008
16,672
def$57,366
$317,680
49,559
6,437
.
Net railway operating income
stock.
The price is $10 per unit of one share of
pref. stock and subscription warrants for two shares
common
1937
$2,001,803
1,720.936
of January—
Net revenue from railway operations
Railway tax accruals
Equipment & joint facility rents
stock.
The conv. pref. stock (no par) is preferred as to dividends at the
rate
of 60 cents per share per annum, cumulative from March
1, 1938 (or from
the first day of the quarter within which the stock is
issued), payable
quarterly, and preferred as to assets on liquidation to the extent of $12
per share plus accrued dividends.
Red. as a whole or in part at any time
upon 30 days' notice at $12 per share plus accrued dividends.
Convertible
into common stock at the rate of 2}4 shares of common stock for each
share of conv. pref. stock, such conversion rate
being subject to adjustment
in certain events.
—
-
Total income
Miscell. deductions from income.
Total fixed
common
of
33,333
1,476,987
4,375
53,482,814
17,544,762
Dr319,767
depletion,
b After depreciation of $24,785,862 in 1937 and
$23,899,184 in 1936.
c Dividends have accumulated on pref. stock from
Jan. 1, 1926.
d Represented by 529 shares of pref. and 2,668 shares of
common,
e $3,500 due in 1940.—Y. 146, p. 924.
a
Otherincome
of
923,183
104,705
3,233,333
$0.26
Piper Aircraft Corp.—Stock Offered—J, E, Swan & Co.,
New York, on March 8 offered 21,500 shares of conv.
pref.
stock and subscription warrants with respect to 43,000 shares
conv.
826,992
103,057
4,783,333
Bills payable not
2,006,959
Railway operating expenses.
shs.
Nil
pens. claims..
Pension fund...
Railway operating revenues
1934
:
$71,866
1,460,339
582,157
298,246
com-
Pittsburgh & Lake Erie RR.—Earnings—
1935
Earns, per sh. on 85,000
(no par) common
stock
outstanding
—V. 146, p. 118.
1,498,109
and taxes
Workmen's
199,035
322,848
1,730,777
bills receivable
Month
1936
•
668,345
227,725
liabil..
Bills payable...
Cash
Phillips-Jones Corp.—Earnings—
Net profit after deprec.,
681,118
185,655
pensation adj.
Miscell.
com¬
mtge.
60-year not preferred 3% gold bonds.
Authority was granted to the Reading Co. to assume obligation and lia¬
bility as guarantor in respect of the payment of the principal of and interest
on the bonds as extended.—V. 146, p. 1256.
1937
256,657
com
Accrued payroll.
on
pany to extend from April 1, 1938 to April 1, 1948 the maturity of $280,500
of 1st mtge. 50-year preferred 4% gold bonds and
$100,000 of 1st
Years End. Dec. 31—
$
1,967,794
17,937,000
Mtg. due in 1938
y
1936
35,000,000
Min. int. in subs
566,577
Philadelphia & Chester Valley RR.—Bonds Extended—
The Interstate Commerce Commission
$
723,250
Miscell. acc'ts &
for all operating expenses, including experise~of shut¬
depreciation, interest on debentures, and estimated
properties,
6,784,599
5,539,964
Acc'ts & bills rec
$1.21
Market,
After"providing
down
22498
$1,684,956
Insurance fund.
342,405
351,952
489,672
285,465
9,044,285
development.
1934
$2.25
247,187
Accrued interest
Deferred charges
1935
Shares cap. stk. (par $25)
Earnings
1,437,040
2,407,637
70,974
40,000,000
18,457,000
253,678
1,952,220
Workmen's
Sink, fund & re¬
Patents & patent
Phelps Dodge Corp. (& Subs.)—Earnings—
Liabilities—
Pref. stock... 35,000,000
Common stock. 40,000,000
c
Bonds
Invest, in stocks
authorized
1937
$
$
promissory note for $500,000 to obtain funds to pay off at maturity
April 1 an equal amount of Ohio Indiana & Western Ry. 1st mtge. 5%
bonds.
The company was authorized to issue $500,000 of 1st consol.
on
41,815
8,243
1,099,071
Consolidated Balance Sheet Dec. 31
1937
A 8 sets—
to issue a
Calendar Years—
Net profit
1936
$4,077,958
619,365
Other income
interest at
Sromissory notethe be dated Marchannum, andto mature Aprilby pledge to
to rate of 5% per 30 1938 to be secured 1, 1940, of
The
1937
33,149
After reserve of $102,183 in 1937 and $89,083 in 1936.
a
1085.
$47,878,579 $46,352,471
43,800,621
42,929,748
operating revenues, rentals and royalties
Operating profit
liabils.
2,328
181,883
See d
receivable
Mat'Is & supplies.
Total
curr.
Reserves
5,863
Calendar Years
int. & other
dlvs. payable...
notes
receivable
p.
$208,000
138,000
Gross sales (less discounts, returns & allowances),
Cost of goods sold and expense
stock
Due from affil. cos.
Interest
e40,028
52,289
secure.
depletion and taxes.—Y. 146,
Before depreciation,
1936
1937
$166,000
97,000
29,085
471,981
81,191
Cash..
a
46,363
expense
Pittsburgh Coal Co. (& Subs.)—Earnings—
208,811
taxes
476,048
prepaid accounts
U.S.Govt.
147,615
368,225
Net after
x
96,985
153,890
Accrued
and
charges
131,758
x
1938 1
Columbia, Ltd.—Earns.
1938
$155,000
90,000
Gross
6,978,000
204,818
liabilities
Due to affil. cos..
exp.
proc.of amort.
Dei.
8,889,000
23,934
debt
Accounts payable.
1,549,456
disc.
3,000,000
1,800,525
996,217
2,500,000
cum.
Deferred
Sink, fund & spec.
deposits
Month of February—
b Common stock..
cos.
(at cost)
Debt
$
Funded
Inv. In securities
c
1936
$
pref. stock 2,367,025
pf. stk.
996,217
cum.
$6.60
March
Pioneer Gold Mines of British
1937
Liabilities—
Fixed capital (incl.
t
fi$c. 31
1936
$
Assets—
Chronicle
CY1,602
charges
3,801
Net income after fixed charges
def$59,565
Net income per sh. of stock, as of end of month..
—V. 146, p. 1563.
Poor & Co.
Nil
$261,684
$0.30
(& Subs.)—Earnings—
1937
1936
1935
1934
Net sales
b Purchase & production
$8,369,455
$6,533,357
$3,881,958
$4,512,442
cost of product sold.
Selling & Admin. exps_
6,202,176
1,153,774
4,861,804
994,804
2,888,709
727,230
3,351,945
706,295
Profit from operations
d Expenditures
$1,013,504
104,805
$676,750
110,070
$266,018
113,842
$454,201
122,729
$908,699
$566,679
$152,176
$331,473
227,693
159.643
92,780
127,186
6,864
18,133
$1,136,393
$726,322
$251,820
$476,792
Int. exps. & prems. paid
on red. of notes & bds-
77,013
Other expense
Prov. for Fed. inc. tax.
45,543
154,144
149.019
12,123
88,403
58,280
99,150
11,430
13,829
116,717
21,500
41,910
$418,497
160,000
362,843
$0.49
$127,410
$296,664
362",843
362",843
Calendar Years—
_
c
Subscription
Warrants—Entitle the holders to subscribe for shares of
common stock at $5 per share from April
1, 1938, to and incl. April 1, 1939;
at $6 per share thereafter to and incl.
April 1, 1940, and at $7 per share
thereafter to and incl. April 1, 1941; such
subscription prices being subject
to
adjustment in certain
e
Profit before deduct¬
ing Fed. tax & int..
Int. received and income
events.
from investments
Company—Company was incorporated Nov. 10, 1937, in Pennsylvania,
on Nov. 13,
1937, acquired the assets subject to liabilities or Taylor
Excess
and
Company is engaged in the business of manufacturing and selling air¬
planes and parts therefor.
The purpose has been to develop for
large-scale
production an airplane of low first cost, cheapness,
simplicity and safety
of operation, available to the general
public through a nation-wide sales
organization, for low-cost instruction and general flying purposes.
The airplane developed for this
purpose is known as the CUB with
variations in design being specified
by the type names J 2 (Cub Trainer)
and J3 (Cub Sport).
of
par
bonds retired
Aircraft Co.
value
over
of
cost
of acquirement
Prov. for Fed. surtax.
_
The predecessor was formed in
March,
1931, by C. G. Taylor and William
Piper, and acquired through Mr. Piper the assets, upon sale in bank¬
ruptcy, of Taylor Brothers Aircraft Corp., a
Pennsylvania corporation
organized in 1929, which had manufacutred a plane for sale at
approxi¬
mately $4,000.
The connection of C. G. Taylor with the
predecessor
ceased in February, 1936.
Prior to March 16, 1937, the
operations of the predecessor were con¬
ducted at a small plant
chiefly on leased premises at Bradford Pa.
On
T.
Plan^ was swept by fire, resulting in almost complete loss
of the building and materials and serious
damage to the machinery and
equipment, only a small portion of which was covered
by insurance.
In June, 1937, the predecessor moved its
operations to Lock Haven Pa
where it leased the property, with the
plant and
quently acquired by the company.
Capitalization
^
_
Conv. pref. stock
,
as
21 500 shs
y250,000
shs!
Outstanding
None
80,000 shs.
expenses
share
.
Nil
$0.15
not incl.
provision for depreciation.
c Incl. salaries, commissions, traveling
expense, rents, taxes, &c., but not incl. interest, patent expense and ac¬
quirements.
d Incident to the acquirement and protection of patents
and patent rights, provision for amortization of patents and patent rights
and provision for depreciation on buildings and equipment,
e But not
incl. interest and investment income received and profit from disposal of
Investment and fixed assets.
Consolidated Balance Sheet Dec. 31.
1937
$815,415
1937
Liabilities—
1936
$747,472
6,265,078
Fixed assets
y
Investments
311,055
Notes
7,425
143,171
11,155
Federal
129,188
payable
taxes
rec.
Ir. empl.
1936
Capital stock...$6,727,976 $6,727,976
Accounts
6,273,318
361,227
Patents & goodwill
and
189,836
inc.,
315,939
232,686
accruals
185,463
&c.,
Interest accrued--
Bank depos. under
4,470
restrictions
13,410
15,000
4% debs, (current)
41,000
1,300,000
1,500.000
723,057
291,511
776,421
107.223
4% debs., 1946...
Accts. & notes (not
7,798
12,710
99,825
106,910
924,019
rec_
471,201
459,985
Accr'd int. receiv.
2,249
535,272
Paid in contributed
997,073
459,520
current)
-
Deferred charges..
Cash and market¬
able securities.
Accts. & notes
Inventories
_
_
& capital surplus
Surplus
1,963
in connection with the sale
of such securities, will be $204,250.
The proceeds will be added to the
general funds of the company to be
applied to repay advances, note, bank loans, and additional workine
apital.—V. 146. p. 1256.
8
per
Value of life insur.
17, 1942__"_._;.$65,000
$65,000
Subscription warrants relating to 57,000 shares of common stock,
y 57,000 shares of common stock are reserved for issuance
upon the exercise
of outstanding subscription warrants; 53,750 shares will
be reserved for
issuance upon conversion of the 21,500 shares of the
conv. pref
stock and
43,000 shares will be reserved for issuance upon the exercise of the
sub¬
scription warrants offered in units with the conv. pref. stock
Use of Proceeds— If J. E. Swan & Co. purchases
21,500 shares of conv
pref. stock, together with 8,000 shares or common stock and
subscription
warrants for 43,000 shares of common
stock, the proceeds to be received
.
b Incl. purchased product, labor, material and production expenses, but
x
by the company, before deducting
class A stock.
Earnings
x
Authorized
(no par)
on
Shs. class B stk. (nopar)
Assets—
of March 3, 1938
.
Common stock (par $1)
Subscription warrants
Two bonds maturing Nov.
.
buildings thereon, subse¬
Divs.
32,407
$827,286
640,000
362,843
$1.61
Total
$9,519,478 $9,628,023
Total
$9,519,478 $9,628,023
x After
depreciation of $2„469,143 in 1937 and $2,362,919 in 1936.
Represented by 160,000 shares of A and 362,843 shares of B stock of
no par.—V. 146, p. 764.
y
Volume
Financial
146
Chronicle
1725
Balance Sheet Dec. 31
Pittsburgh Steel Co.—Option Granted—
This company has notified the New York Stock Exchange that a new
option has been granted to A. E. Walker, Executive Vice-President, to
purchase at the price of $12.50 per share 1,500 shares of common stock on
Dec. 31, 1938 and 1,500 shares of said stock on Dec. 31, 1939.
The com¬
pany has further advised the Exchange that the new option supersedes and
replaces the original option granted to Mr. Walker to purchase 1,500 shares
on Dec. 31. 1937 and 1,500 shares on Dec. 31. 1938.—V. 146, p. 1086.
Potomac Electric Power
Calendar Years—
Operating revenues
$14,725,380 $14,093,989 $13,154,881
Operating expenses...
6,297,933
5,917,720
5,621,122
1,118,818
982,528
906,264
Pro v. for income taxes..
z716,490
y895,782
606,770
Depreciation
1,238,735
1,333,597
1,442,905
Taxes..
$4,964,361
126,204
$4,577,820
113,439
$5,090,565
439,976
$4,691,260
394,986
15,961
301,225
Cr27,080
$4,619,686
399,347
16,017
236,937
Crl6,488
$4,006,167
395,041
2,550,000
$3,983,873
395,043
2,280,000
501,944
Crll,527
76,579
Amort, of bond discount
Other interest charges._
Int. during construction
2.036
Cr35,287
Oommon dividends
221,840
Cr19,593
$4,886,974
395,038
3,900,000
Net income for year..
Preferred dividends
339,603
Consumers' depos.
6,322
867,357
877,104
Accounts payable.
Deferred charges.
Reserve funds
219,429
225,182
Deprec. reserve
Res've for rellning
135,773
,198,234
189,899
2,223,686
Cash
$4,446,306
395,040
3,600,000
$591,935
on
undistributed income.
Note—Commencing Jan. 1, 1937, the revenue and expense accounts of the
been classified in accordance with the uniform system of
prescribed by the Federal Power Commission and adopted by the
Public Utilities Commission of the District of Columbia.
The figures
shown for the year 1937 are not, therefore, in all cases comparable with
company have
accounts
those shown for previous years.
1937
Property & plant.71,065,951
Cash
on
&
1936
$
$
Liabilities—
66,733,979
securities
deposit
1937
§
A. sscts
Pref. stock, cum.:
2,000,000
5,000,000
5H% ser. of '27 5,000,000
Com.stk($100 par) 6,000,000
6,000.000
Funded debt--—20,000,000 15,000,000
6% series of 1925 2,000,000
with
trustees
2,002,250
2,140
Investments
1,068,712
65,076
1,023,713
Duefromaftil.cos.
Cash
4,445,074
2,814,409
Accounts payable.
2,778,031
Accrued payroll
67,686
Due to affil.
cos
—
Consumers'deps..
U. S. Govt. sees..
460,103
24,920
1,253,690
837,000
308,169
15,109
of mat'd int.,&c.
353,085
463,039
Mat'd fund. debt.
28,085
1,169,587
219,289
Acc'ts receivable..
936,165
915,997
Sundry curr. liabs.
65,235
1,024,180
1,185,099
205,981
149,096
Interest accrued..
325,000
243,750
Fuel
306,159
204,278
Contrib.
Mat'ls & supplies.
Balances in closed
985,956
826,414
605,337
471,351
317,439
350,279
Deposit for paym't
Other accts. & int.
Taxes accrued
receivable
by
51,405
Contrib. for extens
3,102
Deferred charges..
229,840
8,990
291,920
debt
on
331,456
reserves
420,47.1
Surplus
Total
31,387,729 30,781,930
Total
.81,667,354 76,279,694
81,667,354 76,279,694
-V. 146, p. 446.
Pure Oil Co.—Underwriters
At
a
Period End. Dec. 31—
Maintenance
Taxes
1937—12 Mos.—1936
$1,411,258 $16,718,034 $15,006,747
553,892
6,154,959
5,803,265
83,291
1,210,352
876,669
91,731
a2,133,652
1,910,988
1937—Month—1936
$1,415,734
471,952
112,085
188,542
revenues
Net oper. revenues
$643,154
1,155
$682,342
59,771
$7,219,070
Drl06,290
$6,415,824
565,235
$644,309
323,242
$742,113
317,647
$7,112,780
3,852,979
$6,981,059
3,852,865
Balance
$321,067
Appropriation for retirement reserve
$424,466
$3,259,801
1,488,194
$3,128,194
1,465,594
$1,771,607
550,000
1,583,970
$1,662,600
550,000
1,583,970
$362,362
$471,369
Non-oper. income (net).
Balance
Int. & amortization
Balance
Prior preference dividend requirements
Preferred dividend requirements
Balance deficit
a
Includes $98,702 Federal income taxes, of which $112 is Federal surtax
undistributed profits.
Note—Effective Jan. 1,
on
accounts
1937 the company adopted the new system of
by the Federal Power Commission, hence previous
exactly comparative.
prescribed
year's figures
are not
Consolidated Balance Sheet Dec. 31
1937
1937
1936
$
$
Assets—
Liabilities—
5
b Preferred stock 34,446,847
Prop., pl't&eq. 131,042,660 129.724,968
Investments
8,855,131
8,853,958
c
Cash
Bonds
2.274,738
233,491
1,897,328
217,970
Acc'ts receivable a3,598,291
Mat'ls & suppl's
838,466
3,384,420
729,883
Prepayments
Sink, fund cash.
76,838
74,684
573
772
Special deposits.
4,000
1,101
Notes receivable
Unamort.
disct. & exps.
Unadjust. debits
Common stock
1936
$
34,446,847
14,000,000
64,963,000
Coupon notes.Notes pay. bks.
Acc'ts payable.
14,000,000
65,086,000
2,919,500
2,919,500
each underwriter will be free to dispose of its shares as it may see fit at
such times and prices and in such manner and amounts as it may from time
to time determine, and no commitment will then exist among the under¬
2,725,456
207,224
2,972,942
104,842
Report for the Year Ended Dec. 31, 1937—
Henry M. Dawes, President, says in part:
The Year 1937—The year 1937 has seen a number of noteworthy develop¬
ments in the company's history.
Most important are:
The payment of
all of the company's outstanding long-term and bank indebtedness; the
retirement of its 8% stock; and the increase in working capital.
These
developments should be considered as the culmination of events which have
taken place over a considerable period of years, and none of them can be
properly appraised if considered as entirely detached from the broad aspects
of the company's operations, the general situation in the oil industry and
to make
as
these assumptions are not
The management in its
wisely made, no sound policy can be evolved.
operations has assumed that private operation
and ownership of property will be maintained and that
taxation will not reach such a point as to destroy them.
confiscation through
If this is accepted,
be a course of action which
property of stable earning
capacity, even though at times this might involve a temporary impairment
of current showing.
Unfortunately, under the limitations of conventional
and proper bookkeeping, authorities agree that it is impossible in the oil
business to make balance sheets and earnings statements which convey
a completely adequate picture of not only current earnings but increased
it follows that the primary consideration must
would result in building a solid, permanent
values.
striking single illustration of values which are only partially reflected
balance sheet is the increase of the crude reserves of the company
the
on
In 1925 the reserves were approximately 73,000,000
barrels, while at the present time I should estimate them at between
400,000,000 and 500,000,000 barrels.
A similar condition of increased
property values which are only partially set up on the books would hold
if a comparative valuation were made of nearly all of the company's other
properties, although none whould show so large an increase as production.
During the 12 years which showed this large increase in producing
reserves, as well as the development of other properties, the funded and
debt
of the
company
was
This period includes
earnings showed an increase of
$3,700,000 over the previous year and were reasonably satisfactory.
They
were unfavorably affected by drastic reduction in the amounts of crude
oil which State authorities permitted the company to produce.
In 1936
the company produced 7,621,000 (net) barrels from its largest property,
the Van unit, but in 1937 it was permitted to produce only 6,917,000 barrels
from the same property.
The price of crude has held very well throughout
the year, but the prices of refined products were not maintained at parity
with it during the latter months.
While there was an increased demand
for gasoline, the general
curtailment of industrial and manufacturing
activities resulted in a materially decreased demand and lower prices for
fuel oil.
There was an increase in consumption of household heating oils,
but it was not sufficient to offset the lower sales of products for industrial
purposes.
Financial—A plan for an issue of new preferred stock was outlined in
year's annual report.
At a stockholders' meeting no March 26,
1937, the directors were given authority which enabled the company
officers to proceed with negotiations providing for the issuance and sale
of this stock.
The stock was issued, delivered and paid for on Oct. 22, 1937.
In the period necessary for compliance with the provisions of the laws
governing the issuance of securities, and at the time the new stock was
ready for delivery, the general level of securities prices was much lower
than that prevailing at the time the issue was projected.
A total of
442,434 shares of 5% conv. pref. stock were issued, for which the company
received $43,137,292 after payment of underwriting commisson.
On July 1, 1937, the company retired its outstanding note issue.
Under
the provisions of the warrants attached to these notes, the holders had
exercised their right to purchase 696,870 shares of common stock at $15
a share, and the company received therefor $10,453,050.
This sum was
devoted to the retirement of these notes in accordance with the trust in¬
denture.
The total amount of such notes retired since Jan. 1, 1937, was
$28,500,000.
The company also redeemed its 8% preferred stock, aggregating 76,620
shares, at a price of $110 per share and accrued dividends, requiring
$8,581,440.
During the year $5,000,000 in short-term bank loans were
last
127,451
transactions the company is now
137,500
ness:
1,578,680
12,208
reserve.
11,029,018
10,481,907
reserves..
834,182
534,467
286,434
271,068
18,159,258
Unadjust. cred's
completely paid.
the years of the great depression.
Current Earnings—The
$11,400,000
788,032
11,334
d Surplus
conflicting trends and of such basic uncertainty
particularly difficult the problem of orienting current operations
with permanent policies.
There are certain assumptions, however, which
must be made if an industrial institution is to survive and prosper.
If
458,801
1,737", 547
Oper.
public offering of such shares.-—V. 145, p. 4127.
131,795
accr.
Retire,
a
420,780
_
Customers' dep.
Divs. declared—
Int. & taxes
providing for
Annual
917,173
Sundry liabilities
debt
Agreement Terminated—
meeting of the underwriters of the 5 % cumulative preferred shares
of the company held at the offices of Smith, Barney & Co., March 4, it
was determined
to terminate the existing agreement among the under¬
writers at the close of business March 9, and accordingly, after such date,
bank
Puget Sound Power & Light Co. (& Subs.)—Earnings
Operating
Operation
1,407", 295
20,701,493 20,481.639
Total...
20,701,493 20,481,639
-V.145,p.3981.
A
Deprec'n reserve—12,844,177 12,226,253
Other
1,407,090
86,571
34,421
Profit and loss..._
Total
69,551
2,677
53,096
in the past 12 years.
Unamort. premium
banks
55,513
Other accrued llab.
cust.
construction
for
627,885
649,164
393,209
the economic background.
The year has been one of
31
1936
*§
Dec.
—
658,379
392,541
$1,061,126
$451,266
Balance Sheet
.....
Accrued Interest..
Maintenance and repairs are included in the following amounts:
has been made for Federal surtax
6,480
Unadjust. credits.
writers
$1,308,830
$718,268
in 1937, $605,884 in 1936, $665,873 in 1935 and $583,477 in 1934.
y In¬
cludes $34,1 ll for Federal surtax on undistributed income,
z No provision
Balance, surplus
x
1st mtge. series B.
Accrued taxes
$4,488,864
130,822
$5,418,683
revenues
3 ,250,000
Accts. receivable-
970,996
1934
$12,127,511
4,825,232
792,184
599,407
1,421,825
$5,353,402
65,281
Gross income
Int. on funded debt
$
11,507,445
3,250,000
76,932
Mat'ls & supplies
ovens
x
Non-oper.
$
11 ,507,445
Capital stock
17,994,348
959,298
425,706
Other reserves
1935
1936
1936
1937
Liabilities—
$
$
Co.—Earnings—
1937
Net oper. revenues...
1936
1937
Assets—
Property & paint .18,297,628
17,120,404
retired
In summarizing the
foregoing, it will be apparent that as a result of these
without any long-term or bank indebted¬
it has during the year
retired its 8% stock; and it has increased its
working capital.
of the company was 20,308,000
barrels (100,000 barrels less than was produced in 1936).
The Texas
production of the company, particularly in the Van field, has been more
Production—The total net production
drastically restricted than ever in the
As a result of a survey and study
history of its operation.
extending over eight years, the com¬
acquired 283,000 acres of leases in Clay, Jasper, Richland and Wayne
counties in southern Illinois.
The first well drilled on this acreage eached
a producing sand in
March, 1937, and was a small producer as was the
next completion.
On May 23, 1937, the third well, the Bunyan Travis
No. 1
was completed at a depth of 3,000 feet, and its initial production
was approximately
2,600 barrels per day.
At the time of writing this
pany
Total
149,856,871
147,962,869!
Total
149,856,871
147,962,869
a
Includes instalment accounts not yet due of $1,045,979 pledged as
security for notes payable to banks,
b Represented by 110,000 shares of
no par value $5 prior preference stock, cumulative, and 263,995 shares
(excluding 18,005 shares reacquired) of no par value $6 preferred stock,
cumulative,
c
Represents the capital paid in for the issue of 1,318,388
shares no par common stock, less losses of $8,153,705 on a subsidiary interurban railway company's securities, and $10,805,995 transferred to capital
surplus and charged against common stock,
d Includes capital surplus of
$10,805,995 transferred from common stock account and approximately
$2,000,000 arising from revaluation of certain properties in prior years.—
V. 146, p. 925.
Providence Gas Co.—Annual
Calendar Years—
Gross oper. earnings
Operating expenses
Interest, &c_-
DepreciationNet income
Dividends
Balance, deficit.
The present production is from a limestone
and pressures are not high.
The first few
is
Report—
to
an
unusual degree,
1936
1935
1934
$3,049,790
1,889,680
140,753
215,000
$3,048,272
1,881,179
132,022
180,000
$3,007,939
1,878,411
$3,032,712
1,695,218
137,147
180,000
133,060
its discoveries,
200,000
to make
$804,357
805,521
$855,070
859,222
$812,381
859,222
$1,004,435
1,020,327
$1,164
$4,152
$46,841
$15,892
1,074,028
$0.75
1,074,028
$0.80
1,074,028
$0.75
1,074,028
$0.94
in a solid block, with indications that a very
large proportion of the productive territory is within its borders.
The
prospects are that the daily rate at which the oil can be withdrawn will
not be very high, but that ultimate recovery from this Illinois property
1937
Shares of stock outstand¬
ing (no par)..
Earnings per share
wells, and since the
gross barrels of oil.
formation, and the gas volume
weeks of decline from the first
day's production is usually rapid, but when wells are put upon the pump,
production is maintained remarkably well.
The distance from the northern¬
most production of the company to the southernmost is approximately
20 miles, with a number of different small fields interspersed.
This acreage
report, the company had completed 130 producing
date of the discovery well, has recovered 2,850,000
than the company has ever received from any of
with the single exception of the Van field.
It is too early
will be very much larger
but at this time the
that the portion of the property now explored
100,000,000 barrels.
Taxes—The upward trend in taxes continued during the year.
In addi¬
tion to the numerous taxes paid by the company and its affiliates, there
were either paid or accrued gasoline and other product taxes amounting
to approximately $35,000,000 for the account of Federal, State and other
governmental authorities.
It may be well to recall that the original pur¬
pose of the gasoline tax was to provide for constructing and maintaining
any
accurate estimate of the total reserves,
company's engineers feel
has reserves in excess of
_
1726
Chronicle
Financial
During recent
substantial proportion has been diverted
to other government uses, thus increasing the unfair burden of taxation
borne by the automotive and oil industries.
highways.
years, a
Consolidated Income Account for
Shares cap.
1934
Earnings
$92,416,785 $79,766,991
71,066,726
68,731.741
stk. (no par)
share
Reading Iron
Stockholders
company,
-
Preferred
dividends
Common dividends
$7,658,372
x2,526,325
635,500
$2.66
635,200
$2.16
y
641,300
$1.17
After surtax
on
Co.—Liquidation Authorized—
authorized
with
March 10 the liquidation of the company in
recommendations of the board of directors.
The
the
subsidiary of the Philadelphia
a
1934
& Reading Coal
&
Iron Co.
All of the $1,000,000 capital stock of Iron company is owned by the
Philadelphia & Reading Coal & Iron Co. and all but $2,000 is deposited
137, p. 1255.
under latter's refunding mortgage.—V.
$8,150,027 loss$884,872
Reece Button-Hole Machine Co.—Dividend Halved—
Directors have declared a dividend of 10 cents per share on the
capital
stock, par $10, payable April 1 to holders of record March 15.
Previously
regular quarterly dividends of 20 cents per share were distributed.
In
addition, extra dividends of 20 cents were paid on Oct. 1, and July 1, last,
and on Dec. 24, 1936.—V. 145, p. 2241.
$7,707,996
3.982,031
$5,132,047
$8,150,027 def$884,872
Shs. com. stk. (no par)-3,285,120
3,038,370
3,038,370
Earnings per share
$2.15
$1.65
$2.00
Nil
x Includes $798,417 dividends accrued
to April 1, 1936, on shares not
exchanged under the plan submitted Jan. 13, 1936.
y Includes $4,269
Reed Roller Bit Co.—Extra Dividend—
Federal surtax.
for
1935
"will continue to manufacture its products during the term of its
liquidation
while It has the raw materials."
995,104
Surplus
634,000
$3.03
per
accordance
$25,305,137 $21,020,117 $21,693,765 $11,201,047
y3.818,681
3,204,299
3,204,735
2,578.768
Interest on notes, &c—
1,082,956
1,392,441
1,656,232
1,924,411
Deplet., deprec., &c
8,411,028
7,967,526
8,062,499
6,938.436
Minority interests
588,667
797,480
620,272
644,305
$11,403,805
2,700,705
1936
all charges including Federal income taxes,
undistributed profits.—V. 146, p. 1257.
Total income
Taxes...
income
1938
$24,757,095 $21,613,803 $17,501,329 $13,761,533
yl,924,880
1,374,423
yl,691,496
750,892
After
x
Operating income
$23,124,809 $19,798,019 $21,350,059 $11,035,250
Non-oper. profits (net).
2,180,328
1,222,098
343,706
165,797
Net
mi
sales....
Net income
x
1935
12,
Raybestos-Manhattan, Inc. (& Subs.)—EarningsCalendar YearsNet
Calendar Years
1937
1936
Gross earnings
$119,097,644 $106114,326
Costs & oper. expenses- 95,972,835
86,316,307
March
Surplus Accounts Dec. 31, 1937.
Paid-in
Surplus
$27,074,691
Balance—Dec. 31, 1936
The directors have declared an extra dividend of 10 cents and a
quarterly
dividend of 20 cents per share on the no par common stock, both
payable
March 31 to holders of record March 19.
Extra dividends of 50 cents
Earned
Net income (as above)
Excess of amount received ($15 per share (over as¬
Surplus
$14,310,464
11,403,805
Dec. 24 and on Sept. 30, last.
Extra dividends of 10 cents
June 30 and on March 31, 1937. Extra dividends of 55 cents
Dec. 15 and on Sept. 30, 1936.
An extra of 10 cents in addi¬
tion to an initial quarterly dividend of 20 cents
per share was distributed
on June 30, 1936.—V. 145, p. 3666.
paid
paid
paid
were
were
were
signed value ($10 per share) of common shares
sold through the exercise of warrants attached
on
on
on
to
15-year 4j^% sinking-fund notes (including
$501 arising from sale of common shares through
subscription warrants)
Regal Shoe Co.—Directorate Reduced—
exercise of
Total
Stockholders, at their recent annual meeting, voted to reduce the author¬
ized number of directors from nine to seven.
The board has consisted of
seven members for some time.
E. J. Bliss and Louis
3,484,851
$30,559,542 $25,714,269
Cash dividends declared—
directors,
as
On preferred shares
On common shares
2,700,705
995,104
Amount of divs. accrued on 8% cum. pref. shares
from Oct. 1, 1937 to date of
redemption
Co. and J.
Mr. Wallace who is Treasurer of the
company,
a Vice-President.
H. D. Reed was elected Chairman of
All other directors and officers were reelected.—V.
145, p. 4127.
Roses 5, 10 & 25 Cent Stores. Inc.—Sales—
1,915,000
Period Ended Feb. 28—
2,319,569
Sales
$28,418,120 $17,634,749
common
$
Property acct.106 ,907,568
Patents,
trade¬
a
marks,
&c
19 ,694,286
Cash
10
459,929
1937
8,839,437
17,452,413
3,964,716
16,120,947
10,468,435
655,676
9,012,052
1,771,602
3,107,393
.Russell Motor Car Co., Ltd.—Name Changed—
d334,516
2,440,921
2,920,075
8,516,996
1,996,849
Acc'ts payable..
Other accr. llab.
1,682,489
576,491
3,697,968
970,077
3,353,966
Paid-in surplus. 28,418,120
27,074,691
Earned surplus.
14,310,464
Interests..
Pref.
stock
Total
a
After
....178,442,460
162,828,325
receivables,
c
_
Total
(1937, $91,177,731).
Represented by 3,982,031
reserves
In
1936).
d Bank loan of subsidiaries
pref. stock at cost.—V. 145, p. 4127.
17,634,749
In
treasury
b After
only.
reserve
shares
©4,500
for
doubtful
(3,285,120 shares
shares 6% cum.
rehearing and
the Commission's order in connection
stock of the Nassau & Suffolk
a
rescission
with
or a
modification of
the
purchase of the common
Lighting Co. and Long Beach Gas Co., Inc.
April of 1927.
idea
company contended that the Commission had erred in its deter¬
minations, and that in any event its order inflicted a
very serious hardship
on the Queens
Borough company, in that it had waited for nine years for
determination by the Commission as to the method in
which the admitted
stock purchase price should be
amortized.
In the meantime, the Nassau &
Suffolk Lighting Co. and Long Beach Gas
Co., Inc. had met with the same business depression that has affected all
a
§as companies, andin viewthe all the circumstances.
oubtedly stringent that
of terms of the Commission's order
business
Canada
1938
Total telegraph and cable
operating expenses
$103 707
__
Net telegraph and cable
operating revenues
Uncollectible operating revenues
Taxes assignable to
operations.
_
Net
Other
146,
R. C.
p.
77,220
$26,487
$17,699
100
250
5,338
3,597
$13,852
363
®oi
ooo
A.
$14,215
1938
$380,722
366,554
Net telegraph and cable
operating revenues
Other operating revenues
Other operating expenses
IIIIII
Uncollectible operating revenuesIIII
Taxes assignable to operations
II""
Non-operating income
IIIIIII
Gross income
Deductions from
gross
income
IIIIII I II
$14,169
31,344
39,243
1,000
1938
1
1937
$225,089
282,789
$277,345
270,829
def$57,700
29,818
_
$6,516
17,036
755
Cr238
$88,273
$10,282
4,116
3,840
$84,433
...
Net deficit after fixed
$6,166
363
34,187
$118,752
charges
345
33,956
$40,698
Note—Net
deficit based on 30% of bond interest as provided in
income available for fixed charges, $84,796, deficit; fixed
plan:
bond
charges,
$11,297; net deficit, $96,093.—V. 146,
p.
1565.
Safeway Stores, Inc.—To Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
payable April 1 to holders of record March 18.
A stock dividend of l-100th
of
a
Dec.
were
share of
5% preferred stock for each common share held was paid on
15, last and regular quarterly cash dividends of 50 cents per share
on Oct. 1, July 1 and on April 1, 1937.—V. 146,
p. 1565.
paid
Calendar Years—
Profit.
1937
$760,730
120,000
$434,672
343,155
$91,517
33,931
37,003
22,399
1,000
32,009
def$17,130
64,861
$55,436
70.031
$125,467
26,656
$20,667
$172,368
3,140
$55,359
5,776
$331,408
$175,507
4.610
6,610
30,849
$61,135
3,184
30,484
4,000
1935
77,046
1934
20,500
16,000
Prov. for contingencies.
Net profit
Dividends
$456,616
252,292
$245,752
170,631
$101,549
$27,468
$204,323
167,715
$2.72
Earned per share
$75,121
167,715
$101,549
$27,468
167,715
$1.45
167.715
$0.54
$0.10
x After
deducting all expenses incident to operations, including those for
ordinary repairs and maintenance of plants and ordinary taxes.
Consolidated Balance Sheet Dec. 31
x
Assets—
1937
Fixed assets....$2,734,821
1936
Liabilities—
52,747,686
1937
2d pref
stock
$9,500
Common stock.. 3,354,300
1936
1
1
Earned surplus
831,149
$48,600
3,354,300
626,826
296,122
623,296
Capital surplus...
712,521
713,279
225,319
171,694
Accounts payable-
59,657
44,651
Inventories
1,960,462
Notes rec. due 1939
12,000
Deferred assets
18,793
1,360,259
Patents,
goodwill,
&c
Cash
$47 731
$47,731
27*065
27.065
$322,690
8,718
.
ing inventories
Shs. com. stock (no
par)
1937
$175,821
120,462
27,000
Federal and State taxes.
Federal surtax on undis¬
tributed profits
Provision for slow-mov¬
$293,838
121,470
$665,513
5,590
176,307
Total profit
Other deductions
1936
$442,690
120,000
$640,730
24,783
Other income
Accts. receivable.
$98,811
Total
-V. 146, p. 1415.
'
deficit..
Miscell. deductions from income.
Total fixed charges
Surplus.
Communications, Inc.—Earnings-
Month of January—
Acme
Holdings Ltd.
the satisfactory results achieved
income
Operating profit
1937
$83,513
65,814
1086.
on
major
Canadian
in
Savage Arms Corp. (& Sub.)—Earnings—
173
Gross income
-V.
and
railway operating deficit..
Total
was un-
$21,049
Non-operating income.
Co.
Railway tax accruals
Equipment & joint facility rents.
America—Earnings—
revenues
The company's
company.
Motor
RR.—Earnings—
Depreciation
Radiomarine Corp. of
the
1258.
Month of January—
Railway operating revenues
Railway operating expenses
x
Month of January—•
Telegraph and cable operating
of
Cycle &
a small interest in West Toronto
attempt to forecast results likely to be attained
Commission recently, and on Feb.
9, 1938, directed the Queens
Borough Company to correct its books so as to reflect a value of not ex¬
The
in
Ltd., and
this year.—V. 146, p.
The
ceeding $18,000 for the Queens Borough company's investment of
approxi¬
mately $4,000,000 in such stocks.
of the
are
President T. A. Russell commented
in the past year, but did not
Commission1s Order—
The company announced March 7 that it had filed with the P. S. Com¬
mission an application for a
in
proper
Screw and Gear
Rutland
162.828,325
Queens Borough Gas & Electric Co.—Asks Rehearing
on
a
investments
eZ>r424,789
178,442.460
no-par
because the present name was felt to be
inappropriate and did not convey
7,739,159
1,689,580
Divldends pay..
Ltd., below.
Sharesholders at a recent special meeting in conjunction with the
regular
annual meeting approved a by-law by which the name of the
company is
changed to Russell Industries Ltd.
This change was deemed necessary
oblig.
(current)
Min.
Industries, Ltd.—New Name—
2,665,760
Bk. loans (curr.)
Purchase
ad¬
Russell
See Russell Motor Car Co.,
purch.
obligation
3,147,002
Pay 30-Cent Dividend—
declared a dividend of 30 cents per share on the
value, payable April 1 to holders of record March 18.
3,000,000
Bank loans
8,004,279
oils, &c-.
Investm'ts,
35,961,700
32,851,200
28,389,000
Deferred
Mat'ls <fc supplies
vances, &c._.
Deferred charges
72,543,100
39,820.310
Long-term debt-
b Notes & acct's
receivable....
Crude & refined
$
Common stock
c
19,696,020
9,358,794
have
no par
share paid quarterly previously.
In addition, the following extra dividends
were paid:
30 cents on July 1, 1936, 50 cents on Dec. 31, 1935, and $1 paid
on Feb. 10, 1934—V. 145,
p. 3666.
1936
$
Liabilities—
Preferred stock,
95.717,629
102
per
1936
$
$643,302
100
This compares with $1 paid on Dec. 20,
last, 60 cents paid on Oct. 1, last
and in each of the four preceding quarters, and dividends of 30 cents
Consolidated Balance Sheet Dec. 31
1937
stock,
1938—2 Mos.—19371
$614,670
__
Ross Gear & Tool Co.— To
1,375,222
The directors
Assets—
1938—Month—1937
$313,831
$326,195
_
Stores in operation
—V. 146, p. 1087.
766,200
issuance of 5% cum. convertible preferred shares
Balance—Dec. 31, 1937
K.Liggett retired
Bliss also requesting to be retired as Chairman. Two
elected, S. St. John Morgan of the State Street Trust
W. Wallace.
the Board.
Elimination of estimated amt. of interdepartmental
profits in inventories at Jan. 1, 1937
Premiums & unamortized disct. & expense charged
off on redemption of 4lA% sinking fund notes..
Premium of $10 per sh. on 8% cum. pref. shares
called Oct. 23, 1937 for redemption on Jan. 1, '38
Commissions and expenses in connection with the
were
also elected
was
149,142
Mr.
directors
new
y
.
y
Accrued Items
127,805
57,375
Prepay. & reserves
152,587
70,627
12,721
$5,247,520 $4,915,657
Total...
$5,247,520 $4,915,657
x After
deducting $6,568,596 ($6,452,939 in 1936) for depreciation,
Represented by 167,715 shares of common stock (no par).—V. 146, p. 926.
Volume
Financial
146
Chronicle
Schenley Distillers Corp. (& Subs.)—Earnings—
Calendar Years—
1937
Sales .less returns, allow.,
discounts
$83,899,301
Gross profit on sales..$23,162,043 $21,656,871
Other income
581,079
220.903
$18,508,642 $15,655,651
334.348
140,126
Total.
$23,743,122 $21,877,774 $18,842,990 $15,795,777
Sell., distrib., advertis.,
admin. & gen. exps... 12,458,517
11,419,273
8,733,649
6,411,562
$11,284,605 $10,458,501 $10,109,341
1,518,701
335,152
677,874
$9,384,215
1,025,420
Prov. for extra compen¬
sation under plan ap¬
proved by stkhldrs
345,671
Prov. for Fed. inc., cap
stock & excess profits
taxes
1,800,038
Years Ended Dec. 31—
Gross service charges, incl.
328,683
95,514
$7,320,903
15,125,350
$8,227,796
Miscellaneous
5 % % cum. pref. div
Common dividends
$6,970,960
3,522,308
1,686,518
$8,035,268
12,179,786
14,160,054
Oper.
1936
1937
$
2,778,601
5H% pref.stock.,17,625,000 17,625,000
Common stock
6,300,000
5,250,000
Notes payable
135,864 11,739,594
2,544,208
Notes & accounts
17
r,764,606
12,833,769
Inventories
43
1,705,889 35,675,155
Marketable sees...
178,500
AcctB. payable and
accr.
liabilities..
Sundry taxes
664,656
268,000
857,576
2,556,046
242,344
572^850
and
Res. for extra
418,755
206,250
pay
able & accrued..
com¬
pensation
Land, buildings,
3,794,561
406,750
Div. payable
Investments and
2,003,405
1,833,984
111,761
111,761
Res. for liquor floor
tax
(Pa.)
pay.
in N. Y.
182,500
182,500
250,000
5,930,000
City
250,000
Res. for claims and
contingencies.,,
a
Other
reserves.
.
Minor, int. in subs.
Cap'tal surplus
63,896,9201
5,930,000
10,000
1,419,164
17,696,878 15,125,350
6,063,019
Earned surplus
82,462,768
Total.
82,462,768 63,896,920
x After
reserve for doubtful accounts, allowances,
&c.,
1937 and $175,000 in 1936.
y After reserve for losses of
on
undist. prof.
1937
of $180,000 in
$100,000.
z After
depreciation of $1,832,955 in 1937, and $1,054,862 in 1936.
Reserve appropriated from earned surplus for balance of converted
claim of the Commonwealth of
Pennsylvania for floor tax.
b Unsecured
notes payable to banks under bank credit
agreement, due March, 1939,
renewable at the option of the company to Jan. 26,1942 (reduced to
$19,500
000 since Jan. 1, 1938).
ImNote—The reserve for balance of the controverted claims of the Common¬
for
Pennsylvania for floor tax represents an appropriation from
for principal of such tax allegedly due and interest accrued
Dec. 31, 1935.
No reserve has been appropriated from earned
earned surplus
surplus for additional interest of approximately $635,000
1936, and approximately $620,000 accrued during 1937,
$1,468,012 $1,104,788
Repos. auts., &c_.
Invest
in
owned
5,304
15,205
10,467
2,235
63,762
subs....
deferred
5,217 827
2,235
wholly-
Furn., flxt. &
Prepaid exps.
eq__
made
37,640
40,421
28,006
due
allowance for
such
floor tax
Deferred income.
5%
Suits
com.
stock
com.
stock
pehding for
an
and
interest.
Total
—V.
305,338
364,362
Earned surplus
245,071
161,654
_$10,251,923 $6,406,267
146,
p.
Total
...$10,251,923 $6,406,267
927.
Sears, Roebuck & Co.—SalesWeeks Ended Feb. 26—
4
.$30,148,610 $30,725,423
Sharon Steel
Corp.—Annual Report—
Henry A. Roemer, chairman and President says in part:
Taxes—During the year there was a total of $667,638 taxes taken up
through operations or charged direct to income covering Federal income,
capital stock, old age benefits and unemployment taxes, Pennsylvania
income, capital stock and corporate loans taxes, and local taxes; also
Federal surtax on the portion of profits retained by the company for working
capital and for capital expenditures.
Subsidiary, Youngstown Pressed Steel Co.—Under the provisions of an
agreement entered into between this company, its wholly owned subsidiary,
Youngstown Pressed Steel Co., and Mullins Manufacturing Corp., and pur¬
plan of reorganization of Mullins Manufacturing Corp.,
following transactions were consummated immediately following the
1937 (recorded at book value, no profit, or
close of business on April 30,
loss being shown thereon):
(a) Sale by Youngstown Pressed Steel Co. to this company of certain
totaling $739,846 in consideration of the
assumption by thsi company of all the liabilities of Youngstown Pressed
Steel Co. then existing in a like amount.
(b) Transfer of the remaining assets of Youngstown Pressed Steel Co.
(including capital stock in its subsidiary companies) to Mullins Manufactur¬
ing Corp. for 200,000 shares of class B common stock of that corporation,
such shares being after the payment of a 100% stock dividend on the class B
shares previously outstanding. Of the 200,000 shares, 22,500 were delivered
to H. M. Preston & Co. for services rendered in negotiating the transfer.
Subsequent to the consummation of the foregoing, Youngstown Pressbd
Steel Co., as such, carried on no operations.
At Dec. 31, 1937, that com¬
pany had no liabilities, and its sole remaining asset was 177,500 shares of
class B common stock of Mullins Manufacturing Corp.
The income statement for the calendar year was published in V. 146,
p. 1566.
Comparative Balance Sheet, Dec. 31
1937
Cash
Notes & accts. rec.
Inventories
Deferred charges..
Invest. & advances
1,287,547
Accounts payable.
2,313,236
3,728,999
124,551
3,644,604
79,277
Accrued payrolls..
1,544,074
Accrued Interest..
Due
on ore
contra.
7,388,441
9,204,804
Fed.
&
State
accr.
ag
llabil..
for the tax.
National Distillers
as
of Dec. 31 carried
a reserve
against the
of $1,929,994 and Schenley carried a reserve of $5,930,000.
County Court's decision should be upheld the distillers will be able to
tax
these reserves to surplus account.
"We cannot escape the conclusion,"
Judge Hargest ruled, "that a specific
imposed without the slightest regard to valuation, ranging from 12%%
500% of the value on the liquors worth from 40 cents to $16 per gallon, is
arbitrary and results in both inequality and confiscation and therefore such
a classification is invalid."—V.
145, p. 2705.
tax
to
102,164
76,194
389,540
538,474
67,814
Serial pref stock 5,972,000
Common stock
3,897,740
4,000,000
3,773,090
purch. contracts
__
72,506
Paid-in surplus and
capital surplus.. 4,723,690
...17,343,286 18,157,938
Total
Total
1,097,914
Period End. Jan. 31—
Operating revenues....
Gross income after retirement
$158,637
„
624,286
z Represented
1566.
Co.—Earnings
1938—Month—1937
„
1938—12 Mos.—1937
$147,116
$1,869,564
$1,734,066
37,448
697,264
567,519
685,546
559,022
'
55,955
accruals
4,700,910
17,343,286 18,157,938
x Represented by 59,720 (40,000 in 1936) no par shares,
by 387,774 (377,309 in 1936). a Consolidated.—-V. 146, p.
Net income
Notes—(i) includes parent company for period prior to July 31, 1937.
(2) No provision has been made for the Federal surtax on undistributed
profits for the year 1938, since any liability for such tax cannot be deter¬
mined until the end of the year.—V. 146, p. 767.
Sharp & Dohme, Inc.- -Earnings—
Calendar Years—
Operating income
Income credits.
Total income
Other deductions
Provision for Federal tax
profit
Preferred dividends
Surplus
Earns, per sh. on
Includes
1934
$5,114,122
3,671,982
132,106
$1,425,849
89,780
$1,012,255
99,164
$1,310,034
100,990
$1,344,349
269,181
76,000
$1,515,629
299,670
92,000
$1,111,419
346,973
16,600
$1,411,024
323,111
146,358
601,352
$1,123,959
801,797
$747,846
801,797
$941,555
859.068
$322,162
def$53,951
$82,487
$1,245,771
98,578
776,627
shs. com. stk. (no par)
x
1935
$4,917,719
3,775,921
129,543
127,522
Depreciation
Net
1936
$5,513,975
3,963,082
125,044
$397,816
..
Selling & admin. expense
x
1937
$5,618,125
4,244,832
$999,168
Manufacturing profit.
If the
restore
274,483
30,000
Paym'ts under stk.
In the first of the series of floor tax
suits, prosecuted personally by Attor¬
ney General Charles J. Margiotti, the State sought to collect $1,704,347
from A. Overholt & Co. Later Mr. Margiotti intended to sue for
$3,330,699
already paid by the liquor firm contending the tax never was paid by the
company, but was passed on to Pennsylvania consumers.
Shortly after repeal the Commonwealth of Pennsylvania placed a tax
of $2 a gallon on whiskey stocks held in the State.
After much dispute
with the two leading distillers in the State, Schenley and National
Distillers,
the State agreed to take the tax from the proceeds of liquor sold
by State
liquor stores but this agreement was later abandoned and the State sued
160,574
2.000,000
Reserves
Sierra Pacific Power
approximately $20,000,000.
202", 110
debentures
vided therefor in the above balance sheet.
Presiding Judge William M. Gargest set aside a directed verdict in favor
of the State and ruled that the Act is "arbitrary and results in both
inequality
and confiscation
81,408
131,273
15-yr. 4%% conv.
Earned surplus
We quote the following Harrisburg (March 5) press dispatch;
Following invalidation of Pennsylvania's Liquor Floor Tax Act of 1933 in
Dauphin County Court, March 4, the Commonwealth took an appeal to
the State Supreme Court. Unless the lower Court's decision is set aside
by the
State's highest bench, Pennsylvania cannot collect any of the fees it
claims
231,552
inc.
taxes
Other
1,171,326
533,984
381,056
Accrued gen. taxes
Common¬
Pennsylvania Distillers Win $20,000,000 Liquor Floor Tax
Fight—Pennsylvania to Appeal Case—
267,133
Notes payable.---.
Such
In December, 1936, the Commonwealth commenced suit
against the com¬
pany Jfor alleged payments under such contracts of $3,266,605 in excess
of the fair market value of liquors purchased, together with interest at
6%
per annum from date of payment and attorneys' commissions.
This claim,
in the opinion of counsel, is also uncollectible, and no reserve has
been pro¬
$
$
Liabilities—
$
1,248,424
1,133,721
3,803,545
Property, plant &
equipment
al936
1937
al936
$
Assets—
►
outstanding estimated
1937
1938
Sales.
jinunction against the
collection of such floor tax and interest, and on the
part of the
wealth for the collection thereof.
as
800,000
200,000
Capital surplus
of the Commonwealth and since March 3
the Commonwealth have not been made
are now
210,000
cum. pf. stk.
Class B
7
under these contracts.
264,788
1,000,000
$50)..
Class A
x
by
366,444
cum. pref. stk.
Com.stk.(par $10) 1,012,600
1936,
of liquors
$4,130,000
5,991
51,459
65,116
123,550
173,628
94,461
134,663
10,562
Dealers' partic.res.
Reserves
(par
charges
1936
Notes pay., unsec.$6,938,500
contracts are in default on the part
purchases
$87,657
1937
Accounts payable.
Accr. taxes, &e—
and
wealth (acting through its Liquor Control
Board) under outstanding un¬
completed contracts for the purchase of liquors by the Commonwealth at
which
$210,455
5%%
accrued during
or for attorneys
commissions.
In the opinion of counsel, the claims of the Commonwealth
of Pennsylvania for floor tax and interest is unconstitutional
and uncol¬
lectible, and, apart therefrom, is offset by obligations of the Common¬
terms
$198,148
93,481
17,009
Liabilities—
1936
Notes rec., secured 8,612,386
Misc. accts. ree'le.
49,901
a
thereon to
$348,710
95,754
32,000
10,500
13.964
accounts receivable and inventories
(non
current)
b22,700,000
1st mtge. on bldg.
of
$181,140
17,009
$407,274
102,574
35,500
12,000
Net income
the
&c., taxes
Notes
wealth
$273,428
75,281
suant to a certain
259,202
Res've for Federal,
mach., eq., &c_ 16,512,938 12,002,936
Brands, tr. marks,
1
goodwill, &c
reserve
$507,938
297,911
8,607
6.317
$257,201
Prov. for Fed. surtax
1936
$
Liabilities—
Cash in bank & on
Totat
$653,541
339,461
9,831
14,584
16,235
—Y. 146, p. 927.
Consolidated Balance Sheet Dec. 31
1937
Assets—
exps.
549,706
\
$849,599
540,565
98,240
Assets—
at
deferred charges
available
Int. & debt disc, on curr. indebtedness
Prov. for Fed. normal income tax....
a6,562,500
surplus appropriated
Sept. 30,1935 for balance of controverted claim of the Commonwealth
of Pennsylvania for floor tax and interest accrued from Jan.
1, 1935, of
$6,450,000, less portion of reserve restored to earned surplus, representing
amounts equivalent to floor tax recorded as a current
liability during the
three months ended Dec. 31,
1935, less additional interest accrued of
$395,000; balance (as above), $6,055,000. z Portion of reserve for contro¬
verted claim of Commonwealth of
Pennsylvania restored to earned surplus,
representing amounts approximately equivalent to floor tax on merchandise
sold and delivered to the Commonwealth in the
period from Jan. 1, 1936 to
March 3, 1936. a $3,937,500 paid in cash and
$2,625,000 paid in preferred
stock at par.
b Arising from settlement of ins. claims on whiskey destroyed
by fire
(net).
Note—Depreciation provided during 1937 amounted to $646,472; 1936,
$450,198; 1935, $305,280, and 1934, $266,755.
z
1935
$947,564
439,626
Balance Sheet Dec. 31
After deducting $389,196 charged to surplus in
respect of credit arising
from whiskey destroyed by fire, y Amount of earned
Prepaid
I
& amortization
Taxes (other than Fed. taxes on inc.).
Rents (including light)
x
other assets
Not
gen. & admin, expenses
Cash
y
1936
f $1,203,247
{
Deprecia'n, depletion
zCrl25,000 yDr6,055,000
825,000
969,375
3,780,000
Balance, Dec. 31
$17,696,878 $15,125,350 $14,160,054 $12,179,785
Com. shares outstanding
1
(par $5)
1,260,000
1,050,000
1,050,000
1,050,000
Earnings per share
$5.04
$7.05
$7.65
$6.63
receivable
1937
f
amount
deferred at beginning of year
Deductions
xl,387,835
1,396,198
b Credits
hand
253
Seaboard Commerical Co-p.—Earnings—
Other income.
1,770,647
Profit for year
x
$1,257,144
276
•
on
Balance, Dec. 31
as
1938—2 Mos.—1937
$1,158,092
Stores in operation
—V. 146, p. 1258.
$309,034
Total
Other charges
Prov. for Fed. surtax
undist. profits
1938—Month—1937
$598,425
$633,324
Sales.
$82,220,448 $63,045,936 $40,275,470
60,737,258
60,563,578
44,537,294
24,619,819
Cost of goods sold
Period Ended Feb. 28—
1934
1935
1936
1727
Schiff Co.—Sales—
additional depreciation.
$0.41
Nil
$0.18
1728
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1936
1937
Assets—
U.S.A. treas, notes
Notes
and
accts.
400,000
reoelvable.net..
1,947,084
3,808,892
......
Dlvs.
1,922,636
3,485,360
(at cost):
Affiliated cos...
Special
*
486
3,131,139
3,076,237
1
336,889
In
reserve
of
respect
486
Fixed property..
275,646
200,444
359,961
Accruals
Invests,
%
187,895
pref. stk.
on
fixed
1
property
pat¬
ents, copyrights,
...
Prepaid
and
(with¬
stk
766,977
def.
108,041
37,835
11,170,392
charges
457,743
9,000,000
Cap'l
out par
Trade-marks,
&c
457,743
value).. 9,000,000
Earned surplus... 1,164,793
x
11,037,700
....
Total....
Total
11,170,392 11,037,700
Preference—Authorized,
500,000
shares;
issued
and
outstanding,
229,085 2-5 shares—$3 50 cumulative convertible preference on liquidation,
$75 per share plus accrued dividends.
Common—Authorized, 2,000,000
shares; issued and outstanding, 776,627 shares,
i After
deducting de¬
preciation of $2,113,117 in 1937 and $2,046,992 in 1936—V. 145, p. 3210.
x
Silver King Coalition Mines Co .—Earnings—
Calendar Years—
1937
Other earnings
Total earnings..
1935
1934
$2,124,561
17,619
$1,644,891
25,462
Depreciation
income.
Dividends
paid-...
—
Balance, surplus
per
$421,827
488,187
Assets—
def$66,360
1,220,467
def$62,670
1,220,467
$0.45
$159,171
1,220,467
$0.63
$1.16
1937
1936
-_$J ,061,985
Liabilities—
Fed. inc. & capital
stock taxes.....
211,385
57,688
Utah occupa. taxes
32,852
(at cost)......;
concentr's
$78,480
305,117
payable
$71,857
183,070
undelivered....
93,251
40,234
Workmen's
com-
12,910
19,670
pensa'n insur..
72,712
78,855
143,717
Net proceeds tax
73.000
68,000
8,645,071
129,415
8,621,001
5,103
417
27,078
15,587
6,250,000
...
Total fixed assets.
Other assets.
State corp. fran¬
chise tax
Cap. stk. ($5 par). 6,250,000
Surplus..
3,536,191
Treasury stock... Dr 147,665
Total
Dr 147,665
Total ........$ 10,439,149
$9,9,53,622
$10,439,149 $9,953,622
3,340,666
10-Cent Dividend—■
The directors have declared
dividend of 10 cents per share on the
capital
stock, par $5, payable April 1 to holders of record March 15.
This com¬
pares with 25 cents paid in each of the four preceding quarters; 15 cents
paid
a
on Jan. 9, 1937, and on Oct.
1, 1936; 10 cents per share distributed each
three months from Oct. 1, 1934 to and
including July 1, 1936, and 15 cents
paid previously quarterly.—V. 146, p. 1259.
Singer Manufacturing Co.—Extra Dividend—
The directors have declared an extra dividend
addition to the regular quarterly dividend of $1.50
of
$2.50
per
share
'
par
Siscoe Gold Mines,
Ltd.—February Production—
February gold production was valued at $203,748 from 16,585 tons milled,
indicating an average recovery of $12.28 per ton.
January production of $208,229 from tonnage of
This
compares
18,337
an
recovery of $11.35 per ton and with production of $226,616 in
1937, from 15,671 tons, with
average recovery of $14.46.—V.
Southern Pacific Co.—Annual
with
average
February,
146, p. 1416.
Report—
Hale Holden, Chairman, says in part:
Results—Net income for the year 1937 of Southern Pacific Lines
was
$756,793, a decrease of $13,746,537 compared with 1936.
For Southern
Pacific Lines and all separately operated
solely controlled affiliated com¬
panies there was a consolidated net deficit of
$3,391,018, compared with a
net income of $11,161,957 for 1936.
Net railway operating income of Southern
Pacific Lines amounted to
$22,616,281, a decrease of $11,470,399, or 33.65%, compared with 1936.
Aside from the increased expenses attributable
to maintenance of
enactment
partly offset by
of the
a
Railroad
such
decrease in pension payments resulting from
Act of 1937; the net increase in
Retirement
items, which were largely
mately $11,627,000.
Operating
the result
and
an
lines.
of
an
increase
of
$20,678,362,
10.89% in the
increase of 13.02% in the
or
10.12%.
ton-miles
revenue passenger
This
of
was
revenue
largely
freight
miles of the steam rail
Passenger
revenues were larger in
every month of the year.
Freight
decreased in the last quarter of the
year compared with the same
period of 1936, in which there were considerable
revenue
revenues
company.
Rales—Freight rates were increased on a number of commodities, which,
together with increases allowed by the ICC in Ex Parte 115, restored a
for Southern Pacific Lines.
However, owing to the rapid shrink¬
ing of net railway operating income caused by the rise in wage rates, fuel
prices, and taxes, company had no recourse but to seek a
further increase in rates.
To this end, Southern Pacific Lines joined with
other railroads of the Nation in applying for a general increase in all freight
rates and charges except for protective service to perishable
freight.
[For
decision see under "Current Events and Discussions" on a preceding page.]
Arrangements were also made to increase certain passenger fares without,
however, exceeding the basic fares established several years ago of two cents
a mile for coach travel and three cents a mile for
passengers in sleeping and
parlor cars.
Subsidiaries—Southern Pacific Golden Gate Co., a holding company in
which company owns slightly over 50% of the outstanding stocks, and its
solely controlled Southern Pacific Golden Gate Ferries, Ltd., which oper¬
ates vehicular ferries on San Francisco Bay, had a consolidated net loss for
1937 of $644,687, compared with a net loss of $388,261 for 1936.
On Feb. 5, 1938, a proposed plan of reorganization of St. Louis South¬
western Ry. was issued by the Bureau of Finance of the ICC.
Hearing
on exceptions to the report will
probably be had before Division 4 of the
Commission within the next few weeks.
Appropriate consideration is
being given to the report by company as the owner of 87.37 % of the issued
capital stock of St. Louis Southwestern and also as the owner of that
company's note in the principal amount of $17,882,250.
Bonds in the
principal amount of $24,377,000 are now held by company as collateral
security to the note.
*
revenues
Traffic Statistics, for Calendar Years (Southern Pacific Rail Lines)
1937
Average miles of road
by rail as the rasult of interruption of steamship service to and from
Pacific ports, as well as gains due to more
favorable business conditions
prevailing at that time. Revenues from traffic carried
by rail because of
interruption of steamship service during the
early months of 1937 slightly
exceeded the revenues from
movement of such
traffic during the last
quarter of 1936.
Operating
expenses
Av.
freight revenues from movement of the oil over
the
lines; anci (4) a decrease of approximately
$966,000 in the amount of pen¬
sions paid by company to retired
employees, due to the Federal Govern¬
ment taking over the
payment of pensions up to a
maximum of $120
amount
Of 1937.
accrual
1937,
of
under the terms of the Railroad
1937; this decrease, however,
comparing with the much
for excise taxes under
the Carriers Taxing Act
accrued
SV™18of excise taxes under
increased $4,906,655,
$3,087,720
which
superseded
the
Railroad
or 40.58%, as the result of
the
Carriers
Taxing
Act
x
Taxing Act of 1935*
increase of $1,307,631 in accruals of
excise taxes under the
unemploy¬
provisions of Federal and State Social
Security Acts; and a net inof $511,304 in accruals for all other
taxes, mainly because of increased
rates and assessments in various States
traversed by Southern
Pacific
8,897,832
1,058,697
1.594 cts.
1.628 cts.
33,685,606
11,263,640
31,369,879
10,115,727
1.049 cts.
1.064 cts.
1.106 cts.
1.099 cts.
661.53
.
1.561 cts.
43,782,840
14,756,848
657.06
616.12
594.99
y Three
(000) omitted.
1937
Total ry. oper. revs
1935
$
162,829,285
24,578,437
7,609,675
9,321,152
$
$
129,258,765
20,790,405
6,920,084
6,390,355
115,239,196
18,729,348
8,136,281
7,087,885
204,338,550 163,359,609
19,862,360
15,669,963
33,772,853
28,761,185
5,898,066
5,460,562
5,026,351
91,702,115
75,821,961
62,554,489
13,989,062
13,316,111
11,977,158
149,192,709
15,986,082
27,086,367
4,842,127
54,388,154
11,276,487
225,016,912
23,763,209
38,560,223
_ _.
Maint.
or way & struc,.
Maint. of equipment-,.
Traffic
1936
$
178,643,805
27,444,019
7,625,376
11,303,711
Mail and express
All other oper. revs
.
Transportation
All other oper. exps
Total ry. oper. exps._173,912,676
1934
148,233,849
123,989,147
113,579,216
from ry. oper.
Railway tax accruals
51,104,236
16,998,747
56,104,701
12,092,093
39,370.463
12,035,942
35,613,493
Uncollectible ry. rev
Eq. & jt. fac. rents—net
1] ,489,208
9,925,928
7,501,054
22,616,281
256,095
Dr260,288
34,086,680
586,864
Dr582,516
19,833,467
22,612,088
34.091,028
19,853,246
17,024,329
1,911,645
1,730,340
4,751,594
2,884,168
2,868,870
1,849,017
8,721,447
2,946,640
622,784
1,388,451
10,738,355
2,983,896
642,248
32,696,310
46,326,000
33,993,133
32,777,279
roads
and miscell. rents
704,079
Int. on funded debt
30,021,046
Int. on fund, debt—non-
712,938
29,606,847
759,502
815,610
29,287,068
29,534,969
Net
revs,
Net ry. oper. income.
Rev. from miscell. oper.
Exps. of miscell. oper.
Taxes
on
_
1
12,274,874
Cr8,706
6,343,667
541,330
17,003,658
477,312
Dr521,552
[Dr455.665
misc. op. prop. J
Total oper. revenue._
]
Dr976
Non-operating Income—
Income
rrom
lease of rd.,
miscell. rent income._
Dividend income
Inc. from fund, securs..
Other non-op. inc. accts.
Gross income
Rents for leased
negotiable debt
1,725,245
3,514,871
2,932,459
618
63,881
542
466
471,546
842,870
1,017,341
593,053
466,713
371,381
379,439
556,837
564,083
371,648
621,695
Total deductions
31,939,516
Net income of Southern
31,822,670
31,632,935
32,369,054
Pacific Lines
Net deficit of separately
756,793
14,503,330
2,360,198
408,225
4,147,811
3,341,373
4,088,438
4,315,829
Int.
on
unfunded debt..
Amortization of discount
on funded debt
Other
deductions
from
gross income
operated
solely
trolled affiliated
an
Lines.
9,258,696
1,213,309
48,730,309
16,363,946
.
Operating Income—
Freight-Passenger.,
Retirement
ment
13,292
9,985.273
1,478,198
1.560 cts.
mile
Figures revised,
1934
13.221
Income Account for Calendar Years
[Southern Pacific Lines (Southern Pacific Co. and Transportation System
Cos.,
Consolidated)
and
Separately
Operated
Solely
Controlled
Affiliated Companies.]
of
CT6&S6
p.
xl935
13,198
10,164,179
1,670,686
Net tons p. train, all frt
a
™°*Jth per Person from June 1, 1937,
Retirement Act of
larger
rec. p. pass.
1936
13,187
_.
Freight Traffic—
Tons carr. rev. freight.,
y Tons carr. 1 m., all frt.
Av. p. ton p. m. rev. frt.
increased
$25,678,827, or 17.32%, mainly because
of the larger forces and
greater quantities of fuel, materials and
supplies,
required to maintain the properties and
transport the increased volume
°t fpffic, and partly due to a net increase of $7,466,000 resulting from
the following unusual fluctuations:
(1) Increases in rates of pay amounting
to
approximately $3,100,000, mainly due to the increases in
wage rates
of non-transportation
service employees on Aug.
1, 1937, and train and
engine service employees on Oct. 1, 1937,
resulting from mediation under
the Railway labor Act;
02) an increase of about $4,020,000
resulting
from higher prices of fuel oil and
other materials and
supplies and a nonrecurrmg credit to fuel oil costs in 1936
accounts; (3) an increase of $1,312,000 in the amount of freight
charges prepaid by the seller and included in
the cost of fuel oil shipped from
California for consumption in locomotives
in service in
adjacent States, about $745,000 of this increase
being offset
by an increase in
-
Passenger Traffic—
No. of rail pass, carried
y Rail pass. carr. 1 mile
gains from traffic
moved
Trust,
Series O," was created to provide for construction and acquisition of new
rolling stock, and $11,220,000 of 2\i% equipment trust certificates was
issued. The certificates mature serially in lots of $748,000 on March 1 of
each year, from 1938 to 1952, both inclusive, and are guaranteed by
non-controllable, amounting to approxi¬
revenues increased
com¬
Southern Pacific trains to and from the north, and started work on a new
the
properties and handling a much larger volume of
traffic, the decrease in
net operating income is
principally the result of increases in rates of pay,
increases in prices of fuel oil and other materials
and supplies and a non¬
recurring credit to fuel oil costs in 1936 accounts, and an increase in accruals
for taxes,
converted to
Substantial progress was
union passenger terminal being constructed at Los An¬
new
passenger-car yard in a location convenient to the terminal.
An equipment trust, known as "Southern Pacific Co. Equipment
in
per share on the capital
$100, both payable March 31 to holders of record March 10.
Similar extra divs. were paid in each of the 15
preceding quarters, while on
March 31, 1934, an extra dividend of $1 per share was
distributed.
In
addition a special dividend of $15 per share was
paid on Dec. 31, 1935.
—V. 145, p. 3983.
stock,
the
and material
Reserves:
Inventories
on
Jmrtionratethe revenues lost by 1936 producedDec. 31, 1936, of emergency
reight of surcharges which in expiration on approximately $2,570,000 of
1936
35.429
(cost).
Dlvs.
concentrates
Receivables
1937
368,000
Sec. owned
&
31
Accounts payable.
126,698
Ores
$0.35
cars were
service cars, using second-hand materials.
geles, Calif., by company and other railroads jointly.
Anticipating that
this new terminal will be placed in operation during the latter part of 1938,
company commenced construction
of trackage which will be used by
992,927
77.653
49,067
136,515
$683,533
242,895
199,000
Due from smelter.
Zinc
pany
$.547,563
610,233
Balance Sheet Dec.
Cash.....
wood-lined box cars; and a number of vacated
$1,803,726
610,234
$195,525
1,220,467
share
$1,670,353
1,050,130
59.525
45,691
93,181
$769,405
$1,415,992
1,220,467
.
8hs.cap.stk.out.(par $5)
Earnings
$2,142,181
1,058,590
62,107
48,321
203,758
390,994
reserve
Net
Equipment and joint facility rents paid increased $1,563,279, or 15.75%,
principally due to increased use of foreign line freight cars and private line
cars in moving the larger volume of traffic.
Total other income decreased $2,481,520, mainly because of a decrease
of $1,424,459 in the amount of dividends received from Pacific Fruit Ex¬
press Co. and a decrease of $971,792 in the amount of credits to miscel¬
laneous income for charges against Pacific Fruit Express Co.
The Pacific Fruit Express Co., owned one-half by company and one-half
by Union Pacific RR., purchased 2,000 new refrigerator cars during 1937.
at a cost of approximately $7,800,000, and reconstructed 2,799 owned
refrigerator cars at a cost of approximately $3,900,000.
Additions and Betterments—Expenditures by Southern Pacific Lines for
additions and betterments amounted to $32,588,567, an increase of $15,617,473 compared with 1936. The expenditures in i937 include approxi¬
mately $4,920,000 of the cost of the 1936 program for new rolling stock
and approximately $15,150,000 of the cost of the 1937 program for purchase
of 28 locomotives, 10 large capacity locomotive tenders, 45 light-weight
streamlined passenger-train cars, 2,375 freight-train cars and 3 units of
work equipment, and construction of 350 new freight-train cars in company
shops.
Other important improvements completed during the year or in
course of construction at the end of the
year, include the following projects:
Air-conditioning facilities were applied to 70 owned passenger cars, and
62 of these cars were otherwise modernized; 400 freight-train cars were
rebuilt; 300 single-sheathed box cars were converted to steel-sheathed,
$1,765,653
38,073
$3,362,362
1,434,056
51,043
70,278
1938
refrigerator
made
Mining, mill., &c., exp.
Administrative expenses
Tax
1936
$3,345,417
16,945
Ore sales
12,
Taxing Act of 1937, the railroads caused the-dismissal of the litigation,
involving the retirement and taxing Acts of 1935.
1936
%
Accounts payable.
2,115,144
400,000
1,774,749
Inventories
1937
Liabilities—
$
$
Cash
March
After enactment of the Railroad Retirement Act of 1937 and the Carriers
Notes—(a)
con¬
cos
For comparative purposes, 1935 figures have been restated
changes in ICC classification, effective Jan. 1, 1936.
(b) Income of Southern Pacific Lines includes interest on bonds of, and
rental income from, separately operated solely controlled affiliated comto
conform
to
Volume
Financial
146
Sanies, whether earned or not, in order that spearately operated solely con¬
debits reflected in the
deficit of such income credits will offset
icome
co
panies. Southern Pacific Co., when necessary, makes
advances to these debtor companies to enable them to meet interest on
funded debt and rental obligations.
Dividend
cluded
in
this
income
dividends received
excludes
from
in¬
companies
statement, and also from separately operated solely con¬
companies; dividends from the latter companies being
trolled
affiliated
excluded for the
reason that the
offsetting charges by such companies are
made against profit and loss,
and, therefore, would not be offset by the
inclusion of the net deficit of such companies.
(d) Net deficit of separately operated solely controlled affiliated com¬
panies includes $364,342 for 1937, compared with $592,334 for 1936, repre¬
senting net deficit of such companies from operations within the Republic
of Mexico, the conversion from Mexican
currency to U. S. currency being
computed at the official exchange rate at close of year, established by Mexi¬
can Government for tax
purposes, of 3.55 pesos per dollar for each year.
Consolidated Balance Sheet Dec. 31 {Southern Pacific Lines)
1937
1936
^
A. sscts
^
1934
1935
Transportation property.1,481,938,644 1,467,153,996 1,471,888,421
Misc. physical property..
20,165,759
Sinking funds.
12,401.293
2,783,254
8,514,139
263,393.855
243,027,396
9.666.275
16.139.057
7,556,973
Affiliated companies
1,481,045,613
3,396,059
5,116,216
26,420,004
Other investments
Cash
Time drafts and deposits.
Material and supplies---.
7,225,673
271,131,044
10,986,056
28,249,307
4,600,000
17,201,843
17,116,492
1,935,428
12,221,573
8,296,756
8,003,062
243,586,125
10,163,642
29,203,011
18,917,717
16,452*448
15,593~ 198
Other current assets
Deferred assets
15,909.090
19,159,743
16,236,319
1.091.493
Discounts
13,055,697
18,175,996
1,666.485
11,857,679
9,327,691
on
910,371
funded debt
Other unadjusted debits.
Total
1
13,371,397
32,388.646
852,473,635 1,856,119,613 1,822,641,854 1,863,405,850
Liabilities—
Cap. stk. held by public-
377,277,705
377,277,705
377.277,705
6,304,845
6,304,845
6,304,845
3,045,705
1,178,096
675,417,467
1,060,223
683,213,711
Premium
on capital stock
Grants in aid of construc'n
377,277,705
6,304.845
Funded dt. held by public
Fund. dt. held insink. fds.:
698,409,937
1,499,565
703,316,934
By transp'n system cos.
By solely controlled af¬
2,172,000
8,120,000
7,543,000
227,000
280.000
cos.
6,760,390
6,217,276
6.459,032
5,000.000
7,034,854
21,500,000
13,368,160
filiated
cos
Non-negot. dt. toaffil.
_
TTT°tal
Uncoil,
18,271*645
15,817.408
14,280,717
310,086
15,094,800
13,310,135
12,970,101
Commercial expenses
6,786,790
Operating rents.
1,106,337
Exec, and legal
depts...
632,397
Accounting & treas. dept
2,665,565
Prov. for empl. serv.
pen
742,817
Empl. sickness, accident,
death & other benefits
476,114
Depreciation
Traffic
expense...
expenses
for
lease
453,853
435,815
394,272
1,043,703
952,960
157,951
999,820
561,171
178,180
47,050
of
b8,735.580
68,177
8,330,331
88,966
7,942,170
oper¬
ating property
Taxes
Net oper. income
Net non-oper. income.
Income
available
fixed charges
Bond interest
$19,677,121 $20,293,528 $16,573,894 $15,599,334
412,180
Amortization of discount
on funded debt
on common
2,363
312.668
296,125
3,393,370
6,010,884
Other current liabilities. .*
911,961
1,195,656
680,164
570,216
Deferred
585.718
556,127
650,993
953,645
151.360,571
23.380,732
144,957,512
142,965,683
13.532,251
40,244,475
68,055,704
22,111,868
146,753,160
21,215,413
73,420,227
32,797.961
32,162.662
73,241,323
37,222,135
Other invests...
460.578.061
448,179,524
442,462,245
441,512,488
$1,302,973
Mlscell. physical
1,852.473,635 1,856,119,613
1,822,641,854
1,863,405,850
Comparative Balance Sheet, Dec. 31
1937
(Grasdon Building
Corp.)—D 'strihution.
The holders of 1st mtge. 614% gold bonds dated
Aug. 1,1925, are notified
that the mortgage securing the bonds has been foreclosed and the
mortgaged
The Peoples National Bank & Trust Go. of White Plains,
premises sold.
1936
$
$
Asset,s—
Telep. plant
Invest,
in
trolled
19 37
con¬
5,368,330
2,467,483
7,868,290
cos
8,079,962
774,783
250,000
88,234
168,869
sion fund
2,988,657
7,772,062
776,580
657,513
63,586
66,024
251,102
220,434
Prepayments
debt-
Other
deferred
Net
—V.
Deferred
expenses
$121,356
-Fourth
$818,473
337,685
$116,554
Week
$771,511
315,410
$480,788
-Jan.
of Feh.-
1938
1937
!,112,313
$456,101
Southwestern Associated
to Feh.
1938
2 8—
1937
$2,848,896 $17,887,706 $22,019,602
Telephone Co.—Earriinas-
Monlh of January—
1938
Op
1937
$103,247
Un
ncollectible operating revenues.
Total
taxes
$38,163
9,038
Standard Gas & Electric
Net operating income.
$29,125
$30,083
56.677
Year End.
Period—
Dec.
31
Dividends received and accrued
Interest received and accrued
Weekly Output—
Electric output of the public utility operating companies in the Standard
Electric Co. system for the week ended March 5, 1938, totaled
Gas and
100,219,550 kilowatt-hours, a decrease of 3.9%
responding week last year.—V. 146, p. 1568.
9
Net
$10,071
$14,828
_
Balance
1937
815,897
Investments
for
Due
282,344
$9,589
receivable..
for
Due
Deferred charges.
579
(not
Res.
612
sec.
2.416
100
198
135
Common stock.
Income
a
27,388
par
$300,261
$196,303
168,668
Period Ended Feb. 28—
1,655
$300,261
profit
$196,303
179,179 shares in
z
53,700
1936
1935
1934
$3,434,427
$2,332,231
$2,755,352
$8,17
Surplus charges
Net increase in operating surplus, before divs—
Preferred stock dividends
$14.20
1
$405,162
20,381
55,600
$324,753
6,303
bad debts),
Reserve for Federal income taxes.
.
1938—2 Mos.—1937
$4,239,698
$4,698,517
$2,571,403
$1.66
$12.53
956
$402,104
23,651
Surplus credits (net).
1938—Month—1937
$2,519,288
$2,857,955
5,249
982
$329,181
3,581
$331,057
$332,763
1936,
After all charges, including provision for doubtful accounts and collec¬
tion expenses, depreciation and Federal income tax.—V. 146, p. 1090.
x
$396,732
4,391
$398,957
Income from securities.
Other charges (cash discounts,
and
1937
Net
Earns, per share on com.
$644,037
245,081
164
Earnings for Calendar Years
x
$680,399
283,667
1,123
Spiegel, Inc.—Sales—
Sales
Selling and general expenses.
Other income
2,636
Total
1937
1936
$1,304,500
660.463
17,918
259,154
account
Represented by 273,885 shares in
value 10 cents.—V. 145, p. 3830.
344
equaliza'n
Earned surplus...
Total
1937
Cost of sales.
406
799
.
Loss.
$1,330,368
649,969
$7,680
505
Federal
Capital surplus
y
(L. S.) Starrett Co.-—Earnings—
y
$8,123
expenses.
Afar.9,'35 to
Dec. 31, '35
After all charges including provision for Federal income taxes,
1936
purch.
received)
for
(par $1)
1936
$2,187,783 y$l,975,622
2,171,643
2,155,660
$1.01
Nil
6 Months Ended Dec. 31—
1937
and State taxe3.
a
634
608
_
Due for
1937
—V.146, p.449.
$3,672
$4,607
31
Accrued
153
treasury
stock resold
Real estate
Dec.
Liabilities—
183,297
securities
sold, not deliv'd
Divs.
Sheet
1936
paid on Dec. 1 last.—V. 145,
$811,874
2,199,371
$0.37
Earnings per share
x
Dividends paid.
was
Subs.)—Earnings—
profit.
Shares common stock
$4,856
1,184
3,530
share
Years Ended Dec. 31
208
$13,601
per
Period—
x
_
action on the payment of a dividend on the common
An extra dividend of 12 cents in addition to a regular
Studebaker Corp. (&
$4,648
Expenses and taxes.
no
shares at this time.
Dec. 31 '36
$13,592
compared with the cor¬
Standard Silica Corp.-—Dividend Passed—
Jan. 31 '36 to
'37
Co.—Confirmation of Plan-—
be advised promptly of any action necessary on their part.
The company has agreed to advance a program for the reduction of its
soon after the conclusion of the reorganization proceedings.
quarterly dividend of 20 cents
P. 3359.
Sovereign Investors, Inc.—Earninos—
Assets-
17,783,020
....380,203,697 366.942,935
was
Directors took
122.
Cash
Total.....
a plan of reorganization of the com¬
signed March 5 by Judge John P. Nields in the U. 8. District
Court for the District of Delaware at Wilmington, according to a statement
by Bernard W. Lynch, President of the company.
In the plan it is stated that upon consummation of the plan the company
proposes to register as a holding company with the Securities and Exchange
Commission under the Public Utility Act of 193,5.
Mr. Lynch stated that preparation of the various instruments and com¬
pletion of other steps necessary to consummate the plan, in accordance
with the order of confirmation, will require a further brief period of time
and that holders of the various classes of stocks, notes and debentures will
pany
$37,047
6,964
expenses.
Net operating revenues.
Net income.
380,203,697 366,942,935
The formal order of confirmation of
100
$93,724
Total income.
87,938
87,109,374
495,215
$93,824
$103,047
64,884
146, p.
m
93,442
93,757,892
funded debt
200
-V.
credits
reserve.
.Surplus reserved
740,244
Unapprop. surp. 18.312,013
1938—4 Mos.—1937
Ry.—Earnings—
Gross earnings (est.)
—V. 146, p. 1567.
Operating
5,564,243
6,100,110
&misc.re8-._
Deprec.
■Enrninas—
1938—Month—1937
$198,220
$193,884
76,864
77,330
earnings146, p. 1260.
Operating
6,230,635
7,301.274
liabil¬
-V. 146, p.1090.
Canada Power Co., Ltd.-
Southern
2,089,861
n
liabilities
ities not due..
4361.
Period End. Jan. 31—
Gross earnings
Operating
2,164,513
payments
Accts. payable &
other
current
Accrued
by company be suspended.
p.
7,926,755
de¬
billing
vance
and
charges.
8,317,266
....
posits and ad¬
disct.
fund
on
The Securities and Exchange
Commission, pursuant to Section 8 (d) of
the Securities Act of 1933, as amended, has ordered that the effectiveness
of the registration statement (No. 2-2581) filed
144,
to
Customers'
8,009,269
'
„
3,500,000
sold
trustee of pen¬
3,222,971
Umpqua Mining Co.—Stop Order—
Southern
& Tel Co
Notes
funds.
1,1929, and subsequently maturing
—V.
916
45,000,000
on
Mat'l & supplies
trustee, has available for payment to the holders of bonds unpresented
the distributable part of the proceeds of sale
payable with respect to such
In order to receive payment bonds should be
presented at the
office of the bank accompanied by Aug.
South
916
45,000,000
920,473
bonds.
131, p. 2549.
cap.stk
Funded debt...
5,349,515
as
coupons attached.—V.
Prem
Accts. receivable
Unamort.
$
Common stock. 173,000,000 173,000,000
Preferred stock. 21,785,500
21,785,500
Ad vs. to Am. Tel
250,000
3,947,521
..
Cash & spl. dep.
1936
$
Liabilities—
349,583,028 338,001,941
Sinking funds
Working
Sound View Garden Apartments
$l,699,407df$l,418,268df$2,250,395
made.
property
eliminated.—V. 146, p. 1416.
167,554
Includes approximately $229,000 in 1937; $109,000 in 1936 and
$55,000
1935, which may be refunded in whole or in part in event of adverse rate
decisions,
b Company does not consider that it had
any undistributed
earnings in 1937 or 1936 in respect of which provision for surtax should be
6,040,576
over assets
167,602
a
3,452,448
Excess of inter-company liabilities
16,106
$18,794,392 $13,946,717 $13,114,590
1,524,985
1,524,985
1,524,985
1,524,985
stock. 15,137,500
15,570,000
13,840,000
13,840,000
in
5,841,778
a
566,079
$20,089,301 $20,945,379 $17,145,575 $16,165,413
1,575,000
1,779,236
2,512,306
2,510,130
546,480
355,645
518,949
373,139
Balance to surplus...
5,793,909
Total
571,680
Bal. avail, for
divs...$17,965,458
Divs.on pref. stock(7%)
429,648
73,149.467
651,851
for
Other interest..
4,495,145
Appropriated surplus
371,148
bl0,751,381
Rent
337,520
Profit and loss—balance.
280,102
1,135,307
967,409
180,002
Exp. charged const.—Cr
4,423,597
Consol. adjustment
307,497
1,229,877
1,029,038
373,020
received under
license contract
Other general expenses..
Unmatured int. accrued-_
a
1934
$79,917,477 $73,594,576 $70,047,920
12,992,479
12,251,705
11,782,903
12,785,738
13,122,671
12,930,738
11,465,766
10,548,107
9,994,396
6,261,802
5,654,713
5,395,215
1,056,663
991,568
1,019,885
563,171
583,199
532,710
2,511,950
2,349,327
2,218,066
827,182
818,040
794,770
Services
Interest payable Jan. 1__
Accrued depreciation
Other unadjusted credits.
1935
$86,409,542 $80,224,973 $73,874,679 $70,419,068
oper. revenues..
Divs. & int. mat'd unpaid
liabilities
Earnings—
1936
Total oper.
revenues..$86,099,456
Current maintenance...
Divs.
16,500,000
1937
revenues__$56,159,522 a$52300,549 a$48588,258 $47,255,488
ToU service revenues...
25,830,676
23,931,245
21,540,050
19,687,550
Miscellaneous revenues.
4,419,344
3,993.179
3,746,371
3,476,030
233,000
Loans and bills payable.
Accts. and wages payable
Calendar Years—
Local service
7,003.000
146,000
1729
Southwestern Bell Telephone Co.
net
trolled affiliated
(c)
Chronicle
Common stock dividends
y
14.404
$323,242
9,140
146,699
$318,358
11,388
161,369
Includes charge for depreciation of plant in amount of $26,713 ($23,018
z No provision has been made out of earnings for Federal surtax
undistributed profits.
in 1936).
on
7,815
Financial
1730
Comparative Condensed Balance Sheet Dec. 31
W Assets—
Accts. receivable..
Accts. pay. & accr.
$705,969
353,087
325,3.50
1,679,533
209,892
Inventories
Mktable. sec.(cost)
47,7.50
19,020
47,750
65,303
Treasury stock
321.777
Fixed assets (net)
1,396,167
649
468
607,.500
607.500
1 ,500,000
1,500.000
224,127
Deferred charges..
135,317
214,173
Prel.stk.(par $100)
Common stock..
Mlsc.notesA accts.
65,303
& State
taxos
244,677
$53,272
$71,485
expenses
Accr.Fed.
1,343,766
ferred stock.
i
1930
1937
Liabilities—
1936
1937
$.527,072
Cash
1,223,498
2,397
11,904
receivable
Misc. sec. (less res.)
y
Surplus
Res. lor sink, lund
*
Deposit
z
x
65,303
1,869,271
$4,585,865 $4,230,663
Total.
reserve for depreciation of $1,079,122 in 1937 and $1,064,528 in
Represented by 150,000 no par shares,
z In Millers River
Bank, in liquidation, less reserves,
a No provision for Federal
undistributed profits is included in this amount.—V. 146, p. 1568.
After
1936.
....
468
$4,585,865 $4,230,663
Total
65,303
2 .127,404
lor prel. stock..
Sink, lund lor pre¬
y
National
surtax on
Sterling Aluminum Products, Inc. (& Subs.)—Earns.
Income Account for
$2,296,270
51,029
7,790
1,694,528
Returns, allowances and freight
Discount allowed
Cost of goods sold—
$542,922
50,837
Gross profit
Royalty
income—
35,350
84,743
1,596
expense
Administrative and general
expenses..
Uncollectible trade accounts (net)
•'
•
.
i
•
i
•
i
•»'•.
•
•
i
r
terests in proven or
n
producing oil properties
the company's operations are confined to the Salt
It has leasehold interests in seven
County, Tex.
contiguous partially developed properties with a total acreage of approximatelyj209 acres.
Purpose—5,000 shares are being sold for the purpose of paying off certain
bank loans now owed by the corporation which total approximately $18,500;
for the purpose of providing additional working capital to further improve
and develop properties presently owned; and for other corporate purposes;
2,500 shares belong to former owners of the properties and represent
part of the stock which they received in payment for properties presently
owned by the corporation.
Prospective Earnings—The present income from production from the
At the present time
Flat Field in Caldwell
properties projected on an annual basis is estimated at approximately
$55,000.
There are oil payments of approximately $22,000 being retired
out of the proceeds from the sale of one-half of the net oil accruing to the
company.
These oil payments should be completely eliminated within
11 months.
The income for the first year during which the oil payments
are being made will, accordingly, be approximately $33,000, and thereafter
will be
conditions in
$30,000 per annum.
Assuming that the price of oil and general
the industry remain stable, company should conservatively
be able to put
the stock on a 10% dividend basis.
Ry.—Abandonment—
Texas & Pacific
certificate
Commission on Feb. 28 issued a
Interstate Commerce
The
Operating expenses are currently running
approximately $55,000.
at the rate of
permitting abandonment of operation under trackage rights by the company
over a line of railroad of the Texas & New Orleans RR. and over a line
of railroad of the Kansas City Southern Ry. in Shreveport, Caddo Parish,
La.—V. 146, p. 1569.
Thompson Products, Inc.—Omits Common
$593,760
Profit
Selling
•
12, 1938
located in the State of Texas.
Year Ended Dec. 31, 1937
Gross sales
March
Chronicle
Dividend—
their recent meeting took no action on the payment of a
the no-par common shares at this time.
A dividend of 30
Directors
dividend
at
on
paid on Dec. 23 last, one of 50 cents was distributed on Oct. 1
1 last, and a dividend of 40 cents was paid on April 1, 1937.
of previous dividend payments see V. 145, p. 3671.
cents was
and on July
For detailed record
$472,070
Operating profit
Thompson-Starrett Co., Inc.—New President, &c.—
1,038
Other income (net)
Colonel Horatio B.
before
Profit
taxes
on
$473,108
68,500
Income
Federal income tax
Surtax
on
11,400
undistributed profits
4,400
State taxes
Underprovision for prior years
$388,489
295,800
$1.57
Net
profit
Dividends paid
Earnings per share on 246,500 shares of capital stock (par $1)
Trade
37,286
Receivables.
89,890
Inventories
accounts,
$23,729
6,842
&c„ payable
Fed. & State payroll taxes pay.
8,469
84,955
accounts....--.
235,340
1,349
Accrued
Plant & equip, (at deprec. cost)
140,445
Capital stock (par $1)
Patents and trade-name
8,078
11,233
Deferred charges
Total
a
Fed. & State taxes on income..
Earned
$735,805
246,500
365,311
surplus
$735,805
Total
After reserve for doubtful accounts,
Period End. Feb. 28—
1938—Month—1937
S495'747
$151'594
1938—2 Mos.—1937
$999,920
Corp.—Stop Order Lifted—
three
$929,262
Co., La Crosse, Wis.—To Offer Stock—
Trane
to the registration statement has been filed with the
Exchange Commission at Washington, preliminary to a
proposed offering of 20.000 shares of stock.
Barney Johnson & Co., Chi¬
cago are the underwriters for these shares, which are being sold by four
An
amendment
and
Securities
Ray Drug Co.—Sales—
^vfl46".pTi26i:
30.—V. 146, p. 123.
Commission on March 4 lifted stop orders
registration statements filed under the Securities Act by
T. I. S. Management Corp., an investment trust of Jersey City.
The
Commission recently made public an opinion in which it called attention
to certain deficiencies in the corporation's registration statement.
Since
then amendments have been filed by the trust making public information
previously omitted.
These amendments have now been declared effective
and the registration statements have been made re-effective.—V. 146,
p. 1570.
'
Sun
per share on the common
record March 19.
During the year
$2 per share on March 31, June 30
dividend of $1
The Securities and Exchange
against
freight, &c., of $7,502.—V. 145,
4129,
p.
a
T. I. S. Management
commissions,
Other assets
have declared
1937 the company paid dividends of
Liabilities—
$212,184
U. S. Government securities..
a
Time, Inc.—Smaller Dividend—
Directors
stock, payable March 31 to holders of
and on Sept.
Consolidated Balance Sheet Dec. 31, 1937
Assets—
Cash
elected President of this company, accord-
ning to an announcement made on March 1 by L. J. Fischer, Chairman of
the Board of Directors of the company.
Mr. Hackett was also elected a
director.—V. 146, p. 1417.
319
...
Hackett, former Director of Housing of the Public
Works Administration, has been
principal stockholders.
It
Symington-Gould Corp.—Committee to Study Acquisition
A special committee of three members has been appointed to study
P.
is expected that the stock will be
1570.
offered at the market.—V. 146,
ft*
Traylor Engineering & Mfg. Co.—Tenders—
the
Fidelity-Philadelphia Trust Co., Philadelphia, Pa., will until 12
1 receive bids for the sale to it of sufficient preferred
$5,048.—V. 141, p. 1784.
advisability of thp corporation acquiring the assets of McConway & Torley
Corp., as recently proposed to Symington-Gould stockholders, according
o'clock noon, April
to a letter to shareholders.
stock to exhaust the sum of
The
The committee has been formed following objections to the
acquisition
byiW. H. La Boyteaux.
Mr. La Boyteaux and the board of directors
of Symington-Gould, as reprseenting opposing sides of the controversy,
have agreed to abide by the majority decision of the committee, which is
to file its report on or before April 30.
The committee will consist of R. E. Frederickson, Sectetary and Treasurer
or Symington-Gould, designated as a member
by Symington-Gould Corp.;
Gletus Keating, an attorney representing Mr. La Boyteaux, and Ray Morris,
of Brown Brothers Harriman & Co., jointly selected by Mr. Frederickson
and Mr. Keating.—V. 146, p. 1417.
Telephone Bond & Share Co.—Accumulated Dividends
The directors at their meeting held
March 4 declared dividends of 28
cents per share on the 7 % 1st pref. stock and 12 cents
per share on the $3
1st pref. stock, to be paid on March 15 to holders of record March 1, leaving
arrears of $38.29 and $16.41 a share, respectively.—V. 145, p. 3670.
-Earnings-
Operating revenues
Oper.exps.,incl. taxes..
Prop, retire,
res. approp.
1937—Month—1936
$332,079
$310,736
209,666
209,346
32,514
31,402
388,418
Operating
$116,760
taxes
38,011
55,122
$78,749
Net operating income
—V. 146, p. 1261.
Twin Coach Co.,—Earnings
*1934
xl935
1937
1936
$8,236,635
6,384,251
$7,918,237
5,925,916
$6,065,207
4,609,132
$4,636,722
3,774,168
$1,852,384
$1,992,321
$1,456,075
$862,554
1,049,206
1,022,472
785,818
79,128
68,126
56,049
636,452
49,816
$724,050
105,103
$901,723
98,365
$614,209
121,476
$176,286
71,465
$829,153
$1,000,087
124,497
45,285
162,204
30,522
$735,685
71,667
92,099
$247,751
12,309
34,086
$659,371
401,625
$807,361
$571,917
45,922
$201,354
661,500
$257,746
1937—12 Mos.—1936
$3,393,606
2,414,790
366,773
$497,912
381,152
$120,809
expenses.
$500,324
2,412
$509,227
Operating
$145,861
$525,995
$201,354
Calendar Years—
$3,758,584
2,616,849
379,851
$510,725
1,498
Operating revenues
Uncollectible operating revenue.
Tennessee Public Service Co.—Earnings—
Period End. Dec. 31—
1937
1938
Month of .January—
Selling, service & demon¬
stration & general &
'
Net oper. revenues
Rent from lease of plant.
$89,899
8,370
$69,988
8.208
$761,884
98,635
$612,043
98,331
$98,269
1,306
$78,196
$860,519
14,547
$710,374
Other income
Gross income
Int. on mortgage bonds.
Other, int. & deductions
$99,575
32,385
1,118
$79,119
32,417
735
$875,066
388,967
5,519
$719,577
389,000
4,660
$66,072
$45,967
$480,580
$325,917
297,618
297,618
$182,962
$28,299
Operating Income
923
9,203
admin, expense
Depreciation
Other income
Other
deductions
Federal income tax
Surtax
x
on
i
undist. profits
Dividends applicable to preferred stock for the
period, whether paid
or
unpaid
Balance
$496,030.
Dividends paid.
Surplus
and unpaid to Dec. 31, 1937, amounted to
Latest dividend amounting to $6.75 a share on the $6 preferred
I wa®Paid on Dec. 9, 1937.
Dividends on this stock are cumulative.
*?}eTNo provisions have been made for Federal surtax on undistributed
x
Balance Sheet Dec.
at-
undistributed
m°nths ended Dec. 31, 1937 and 1936, since no taxable
adjusted net income was indicated for those periods.—V.
14b, p. 288.
Consolidated.
Assets—
to
Resign—
Henry Miller, for 18
AUIIot—V
144
p
years
President of this company, will resign, effec-
2678S°n Jr ' WaS eIected
Sectors to succeed Mr.
Oil
Corp.—Stock Offered—Pitman & Co.,
Texas, are offering 7,500 shares of common
($10).
These shares are being offered and issued
only to bona fide residents of the State of Texas.
1,046,242
Total
n
■,
r-
,•
Capitalization-—
Authorized
Company—Corporation
P.any if
oil.
was
10,000 shs.
organized in Texas, Feb.
11,
1938.
Com-
ea?a£ed generally in the business of producing and marketing crude
Tne policy of the company is to
acquire mineral leasehold interests
producing or proven pil properties in the State of Texas, to drill additional
wells thereon where such properties are not fully
developed, to acquire
in
similar interests in
action
advisable
to
undeveloped oil properties and when it considers such
drill well thereon.
Furthermore, the company con-
Of series
Ulen &
To Be
Outstanding
10,000 shs.
15,030
641,094
1,124,453
12,119
$566,290
156,746
154,119
557,200
current)
Res. for financing,
124,664
84,417
$1)
966, COO
966,000
54,608
1,315,749
contingencies
Com. stk. (par
76,952
Capital surplus...
54,608
577,792
442,660
Earned surplus—
1,573,496
29,500
29,500
$4,244,682 $3,141,184
D and E
Total
$4,244,682 $3,141,184
notes
depreciation
Co.—Application Approved—
The New York Curb Exchange has
tional shares of series A and 5,000
to
493,167
(not
payable,
b After provision for
$367,945 in 1937 and $291,387 in 1936.—V. 146, p. 449.
a
of
$318,800
65,442
Other assets
Goodwill & patents
San Antonio,
Common stock ($10 par value)
223,652
1,215,477
Accts. rec., trade.
944,133
stock at par
1936
1937
series
D and E
Accounts payable.
& accr'd interest
Inventories
pay.,
Notes payable
Notes rec'le, trade,
Prepd. Ins., &exp.
Notes
Accrued liabilities-
28,447
bLand.bldgs. &eq
Texamerica
?2,100
1588,654
Deposits In banks, J
a Cash
dep. with
trustee
Terminal Railroad Association of St. Louis—President
f
1 $322,617
31
Liabilities—
1936
1937
Cash
approved the listing of 12,000 addi¬
stocks, no par,
issuance.—Y. 146, p. 1570. a
shares of series B pref.
become effective upon official notice of
Union Oil Co. of Calif.—New Directors—
new members were added to the board of directors of this company
1, increasing membership of the board
are all department heads of the com¬
pany and include:
A. C. Rubel, director of production; R. E. Haylettan,
Three
at the annual meeting held March
to 16 from
13.
The new directors
Volume
146
Financial
director of manufacturing, and V.
P. 1418.
H.
United Gas Improvement
Week Ended—
88,542,412
87,756,586
1731
Waldorf System, Inc. (&
Subs.)—Earnings—
Calendar Years—
Total sales
Cost of sales
Co.—Weekly Output—
Mar. 5, '38 Feb. 26, '38
Electric output of system (kwh)
—V. 146, p. 1571.
Chronicle
Kelley, director of sales.—V. 146,
Afar. 6. '37
92,172,233
1937
1936
1935
193
$14,785,373 $14,621,621 $13,342,848 $12,978,614
13,692.686
13,355,447
12,481,837
12,405,973
Income from operation
$1,092,687
Income credits
42,123
United Specialties Co.—No Common Dividend—
Directors took
no action
on
Depreciation, amortiz'n
of
leaseholds, Federal
shares at this time.
During the year 1937 the company paid a dividend
of 15 cents on March 31 and 35 cents
quarterly on July 1, Oct. 1 and on
Dec. 24.—V. 145, p. 3672.
United States Steel
See under "Indications
V. 146, p. 1263.
of
Activity"
on
a
preceding
33 673
$1,300,813
$905,736
$606,315
and State taxes, &c._.
x632,107
x608,939
467,017
452,872
$5u2,7o3
426,115
$691,875
$438,720
628,520
106,529
$153,443
85,703
$76,588
2,298,386
$63,355
2.245,182
$332,191
2.212,919
Net income
Common dividends
Corp.—February Shipments—
Business
44.726
$1,134,810
Gross income.
the payment of a dividend on the common
$1,266,174
34,639
Balance, surplus
page.—
Profit and loss surplus.
Com. shs. outst (no
par)
Earns, per share on com.
_
United Traction Co., Albany, N. Y.—Plan Asked—
:
March 5 to permit reorganization of the
company.
Judge Bryant adjourned the application until March 14, when he will
take up the case in Syracuse.
On that date he will also consider a similar
plea for the Schenectady Ry.
Assets—
Land &
,
erected
1936
Accts. &
931,823
28,307
520,234
275,533
University of Detroit—Reorganization—
275,533
222,251
222,751
17,882
45,316
36,088
91,532
...
328,035
1,011,734
38,460
524,012
Suspense
The bondholders'
41,324
101,426
540,532
Mlscell. assets
Deferred charges..
Goodwill
540,532
tracts
included
the
words
"donations,
a
clarifying clause which would include devises of real estate in the defini¬
of donations, gratuities and
legacies, so that the same when received
would be divided 70% to the bondholders and
30% to the banks, would not
be such a change in the
plan as would
tion
materially and adversely affect the
rights of the bondholders.
The court, upon the submission of the several
indentures for its approval,
also made a similar
finding holding that the addition of such a clause did
not constitute a change in the
plan materially adverse to the interests of
bondholders, and that no notice need be given to bondholders who had
approved the plan.
Because of these findings by the court and by the
committee, no notice of the addition of such clarifying clause was given to
bondholders.—V.
142,
p.
pleted
Serial notes pay'le
Total
(non current)
Mtge. notes pay..
.
1937—Month—1936
1937—12 Mos.—1936
$1,461,513 $17,777,381 $16,358,693
539,530
6,775,952
6,364,317
138,052
1,426,067
1,203,392
183,643
a2,182,961
2,080,779
$ 1,543,800
592,910
132,572
179,492
Taxes
Net oper. revenues
Non-oper. income (net).
Balance
Int. & amortization
*
$638,824
Drl5,186
$600,288
17,961
$623,638
$618,249
145,245
145,433
$8,960,058 $9,136,910
P.
$478,204
Appropriations for
$7,392,400
Dr203,958
-
$473,004
$6,710,203
141,343
$7,188,442
1,743,487
$6,851,547
1.781,374
$5,444,954
2,050,438
common
dividends and surplus
$3,153,506
$2,222,901
Preferred dividend requirements
$5,070,172
1,916,666
$3,394,516
1,171,615
retiremert reserve
Balance
Balance for
$1,981,952
1,171,554
The company is of the opinion that it has no
liability for Federal surtax
on undistributed profits for 1937.
Note—Effective Jan. 1, 1937 the company
adopted the new system of
accounts prescribed by the Federal Power
Commission, hence
a
year's figures
are not
—V.
1937
Assets—
$
Prop., pl't 6c eqpt.78 869,582
146,
Cash
1 ,057,745
Notes receivable..
Accts.
rec.,
inch
1936
$
198,896
211,509
accts...
1 ,609,536
Mat'ls & supplies,
866,203
1,302,390
775,404
a
131,917
269,947
install,
Appll'ces
on rent
Prepayments
1937
1936
$
Liabilities—
$
b Preferred
stock.19,216,030 19,216,343
c Common
stock..15,137,260 15,137,260
lst&ref.ser. A 4s.37,500.000 37,500.000
Notes payable
Accounts payable.
Customers' deps..
Int. & taxes
55,188
86,951
Sundry
liabilities.
164,728
106,302
Retire,
reserve...
Sinking fund cash.
281,250
281,250
Special deposits...
Unamort. debt dis¬
10,508
21,520
105,474
3 ,969,413
was paid on Dec. 24, last, a
was paid on Oct. 1 and on
July 1, last; a dividend of $1.75
paid on April 1, 1933; $4 was paid on Dec. 24, 1936; $1.75 paid on
Oct. 1, 1936; 75 cents paid on
July 1, 1936; 50 cents paid in each of the
11 preceding quarters; on
April 1 and July 1, 1933, distributions of 25 cents
each were made; 50 cents
per share paid on Jan. 3, 1933; $1 per share on
July 1 and Oct. 1, 1932 and $1.75 per share in previous
quarters.
Accumulations after the payment of the current dividend will
amount to
$22.25
per
share—V.
...87,241,356 85,499,845'
962,427
94,747
5,844,370
85,499,845
509,842
93,401
equipment account
186,909
118,054
14,322
42,409
16,437
$169,274
5,760
$103,732
$25,971
4,715
Net revenue
Taxes
Operating income
Non-operating income..
Worts,
17,635
4,908
3,397
Gross income
$172,914
$175,u34
$107,129
$30,687
From the above gross earnings must be deducted
$35,586 of other charges,
leaving net earnings of $137,328.
These charges are made up as follows:
Miscellaneous rents, $200; Railroad Retirement Act and
unemployment
insurance, $29,404; interest on motor bus obligations,
$1,408; trustee fees
and bank charges, $4,526 and uncollectable items
written off, $46.
The protective committee for the first
mortgage bondholders states:
"Despite higher wages, increased cost of maintenance and operation,
including depreciation of $41,779 and taxes, Railroad Retirement Act and
social security deductions,
company closed the year 1937 with net earnings
of $137,328—or about 2%% on its
$5,773,000 first mortgage bondB.
"Considering the long-continued unsettled condition of business through¬
out the country, this result cannot be
regarded as other than extremely
gratifying.
of
The total gross revenue in 1937 was
$1,218,447, with the sole exception
the memorable year 1929—the largest for one
year in the history of
The high record total of 1929 was $1,307,921, a difference of
compared with 1937.
"An increase of $60,321 in passenger traffic is
mainly attributable to the
company.
as
substitution
of buses for trolley cars.
At this time the company has in
operation 29 motor coaches, and the service they render has become very
popular with the public; fully justifying the management in making the
change.
.
"With regret
J. C. Neff.
we
announce
the
resignation
from
the
committee
of
"Of the outstanding $5,773,000 first mortgage
bonds,
been deposited with the committee, together with
of
$2,333,000 outstanding
West Point
common
$5,485,000 have
$2,170,000 of the total
stock."—V. 144, p. 2154.
Mfg. Co.—20-Cent Dividend—
a
■
dividend of 20 cents per share on the new $20
holders of record March 15,
Divi¬
par common stock, payable April 1 to
dends of 30 cents were paid on Jan. 3,
last, and
on
Oct. 1, last this latter
being the initial quarterly distribution on this issue.
dividend was paid on Aug. 20, last.—V. 145, p. 3674.
A special year end
West Texas Utilities Co.—Accumulated Dividend—
on
a dividend of $2.50
per share on account of
the $6 cum. pref. stock, no par value, payable
April 1
March 15.
A like amount was paid on Dec. 15,
last;
a dividend of $2 was
paid on Oct. 1, last; one of $1.87 XA was paid on July 1,
last; one of $2.50 was paid on April 1, 1937; $1.50 was paid on Jan. 2, 1937;
$1.12paid on Oct. 1, 1936, and dividends of 75 cents per share were
paid on July 1, 1936, and each quarter since and incl. Oct. 1, 1933, prior
to which regular quarterly dividends of $1.50
per share were paid.—V. 145,
p.
3515.
in ratio of
one
Ltd.—New
President, &c.—
H. C. Hatch will resume the
Presidency of this company and will retain
the office of Chairman of the Board of
directors, the company announced
March 4.
Howard R. Walton was appointed General
Manager and
Ward Wright was elected a director.
The changes were necessitated
by
the recent death of W. J. Hume, former President
and General Manager
of the company.—V. 146, p. 1264.
a
Corp.—To Sell Stock—
proposal to sell 130,818 shares to shareholders
share at $2 for eacn two shares held.
Charles Boettcher, 2nd, and James I.
to underwrite unsubscribed stock.—V.
Newton, of Denver,
146, p. 931.
were
authorized
Western Auto Supply Co.—Sales—
Period End. Feb. 28—
Sales
—V.
146,
p.
1938—Month—1937
$1,741,000
$1,785,000
1938—2 Mos.—1937
$3,648,000
$3,580,000
1264.
Western Electric
The directors
1934
$678,682
636,273
188,906
20,899
.
Western Air Express
which originated from an appraisal made of the
properties of a former sub¬
sidiary company at date of merger with this company,
c Represented by
2,788,445 shares of no par value, including 280 shares reserved for
out¬
standing scrip and shares of prior issues,
d Including $299,136
capital
surplus.—V. 146, p. 931.
on
1935
$881,584
763,529
$168,006
_
Stockholders have ratified
&
Ry.—Earnings-
1936
$1,089,543
902,634
$1,218,448
1,029,541
to holders of record
Total .........87,241,356
Walker-Gooderham
1574.
p.
1937
revenue
204,859
a
Less rentals charged,
b Represented by 195,291 1-6 shares
(1936
195,294 1-6 shares) of no par value $6 dividend preferred
stock, cumulative.
The stated value of preferred stock includes
$1,657,821 transferred from
surplus arifing from an increase in property, plant and
(Hiram)
146,
Waterloo Cedar Falls & Northern
The directors have declared
23,495
Total
$8,960,058 $9,136,910
was
accumulations
5,514,313
4,191,996
26,386
Total...
dividend of $1
422",281
6,398,206
Operating reserves
490,288
Unadjusted credits
164,074
d Surplus
5,739,304
....
count & exps...
14,236
Ward Baking Co.—Accumulated Dividend—
800.000
461,326
199,893
accr'd 1,029,497
Mlscell. Investm'ts
Unadjusted debits
51,366
2,167,288
2,245,182
1938—Month—1937
1938—5 Mos.—1937
$5,296,828
$5,186,720 $29,642,519 $28,616,680
1093.
p.
Directors have declared
Sheet Dec. 31
76,635,500
1,593,578
585,521
50,000
The directors have 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 2l.
Similar amount
previous
exactly comparative.
Balance
494,271
50,000
38,988
22,249
2,110,751
2,298,386
Walgreen Co.—Sales—
Period End. Feb. 28—
Sales.
$89,473
Balance
.
Represented by 461,610 (no par) shares,
including 35,191 shares held
treasury,
y Represented by 35,191 shares of common stock.—V.
145,
3672.
Total oper. expenses..
Virginia Electric & Power Co.—Earnings—
revenues
1,176
91,250
x
m
Calendar Years—
The New York Curb
Exchange has approved the application of the
corporation to list 30,444 shares of $4 dividend cumulative convertible
pre¬
ferred stock, par $5, and
152,220 shares of common stock, par $1, in sub¬
stitution for and exchange of
presently listed shares of $6 dividend cumula¬
tive convertible preferred
stock, par $5.
Authority was granted the com¬
pany to add 152,220 additional common shares to the list
upon official
notice of issuance in conversion of the
$4 dividend cumulative convertible
preferred stock.—Y. 146. p. 1573.
Operating
Operation
8,789
Serial notes pay'le
Res.fordeprec'n..
802.
Valspar Corp.—Application Approved—
Maintenance
19,834
91,250
(current)
_
Grand total
Period End. Dec. 31—
144,213
con¬
com¬
Surplus..
gratuities and legacies,"
meeting called for the purpose, voted that the addition
the committee, in a
of
in
144,665
31,649
93,672
as
retirement of the respective obligations.
At the time of the preparation of the bank
indentures, the question was
raised as to whether or not the words
"donations, gratiuties and legacies"
covered devises of real estate.
If they did, the proceeds of the sale of such
devises would be divided
70% into a sinking fund for the benefit of the
bondholders, and 30% into a sinking fund for the benefit of the banks.
If they did not, such devises would be held
as additional security for the
bondholders.
Inasmuch as all the parties to the proceeding believe that devises of real
were
not
Res. for contlng.
Res. for self Ins. ,&c
approved by the court under date of
donations, gratuities and legacies would
be divided 70% to the
bondholders, to be deposited in a sinking fund, and
30% to the bank creditors to be deposited in a sinking fund, each for the
estate
135,679
exp.
Fed. & State taxes
each
$1,000 bond.
Under the plan of reorganization
Nov. 16, 1936, it was provided that
accr.
accrued
account:
Agawam
Due from
employs
1936
513,879
and taxes.
Construction
treasury
1937
476,073
Social security tax
Com. stock held
in
$67,740
1,883,185
428,619
Commonstock__$3,108,300 $3,108,300
Accounts payable.
Wages,
328,035
notes rec.
Inventories
protective committee for the 1st mtge. 5% serial gold
bonds, series A, B and C in a letter to the bondholders states:
By an order dated Dec. 31, 1937, Edward J. Moinet, Federal District
Judge approved the form of supplemental indenture securing the new bonds
and debentures to be issued
by the University of Detroit pursuant to the
plan of reorganization.
It is expected that the new bonds will be
ready for
distribution and exchange within a
very short time, such distribution and
exchange of bonds to be accompanied by the payment of $30 interest on
Liabilities—
x
3,708,158
on
leased property.
Cash
y
426,419
$1.02
Consolidated Balance Sheet Dec. 31
1937
buildings.$2,299,628 $2,299,628
Equip. & furniture 3,668,210
Bldgs.
Judge Bryant observed that while reorganization of the Traction company
had been advocated
frequently during the years of its receivership, no
plan had yet been submitted which would be acceptable by the P. S. Com¬
mission.
He suggested that an outline of such a
plan be submitted to him.
—V. 139, p. 946.
426,419
$1.62
$0.35
Includes $149,309 in 1937 and
$46,530 in 1936 for social security taxes.
x
Acting in behalf of various creditors, Archibald. L. Jackson, attorney for
the General Finance Corp.,
urged Federal Judge Frederick H. Bryant on
426,419
$1.17
capital stock, no
on
Co., Inc.—Smaller Dividend—
March 8 declared
a
dividend of 25 cents per share on the
value, payable March 31 to holders of record March 25.
This compares with 90 cents paid on Dec. 28, hist; 75 cents paid on Sept.
30,
and on June 30, 1937; 60 cents paid on March 31, 1937; $1.50 paid on
Dec. 28, 1936; 75 cents was paid on Sept. 30, 1936, and 50 cents paid on
June 30, 1936, this latter being the first payment made since June
30,
1931, when the company distributed a dividend of 75 cents per share.
From March 30, 1929, to and including March 31, 1931, the
company paid
regular quarterly dividends of $1 per share.
An extra dividend of $1 per
share was distributed on Dec. 31, 1929.—V. 146, p. 1419.
par
Financial
1732
Westinghouse Air Brake Co. (& Subs.)—Earnings—
—
-
Cost of sales
b After
$2,971,771 loss$553,932
$5,393,659
3,594,848
4,091,392
1,649,147
$8,988,508
$7,063,163
Consolidated Balance Sheet Dec. 31
1,728,487
608,393
—
.,
—
.
y905,987
Not
Income deductions——
comparable
%
in
Inv.
*
73,848,544
09,385,393
3,0.50,827
Ac--
3,854,151
534.808
200,442
to
adv.
other
cos
$6,253,381
Net profit.---Divs. paid in cash—
see
z
$302,473
1,553,832
$5,548,782
3,106,453
$656,398
1,942,118
25,836
304,550
38,086
33,003,643
29,413,228
$2,096,677
$3,348,036
and rebuilding
Ac.
1,765,703
755,343
Inv. in rnkt. sec.
299,625
Cash.—
2,541,637
Bh<ir68
Deferred charges
1,463,053
outstanding (nopar)..
3,108,912
3,106,814
3,106,816
3,106,889
Earns.persh. oncap.stk.
$2.01
$1.79
$0.10
$0.21
x In
1935 these deductions were designated as extraordinary charges,
consisting of: Adjustment of book values of plant properties held for dis¬
position, $600,000; adjustment of carrying value of miscellaneous invest¬
ments, $30,000: patents purchased, $46,312; total, $676,312; less sundry
credits, $56,709: balance (as above), $619,602.
y Including $12,000 in
1937 and $1,025 in 1936 surtax and undistributed profits,
z During 1937
816,431
748,071
Res. for conting.
254,695
9,700,897
299,803
4,221,993
1,455,847
7,583,278
receivable
28,000
Res. for relinlng
contracts.
ore
Dr132,906
,
3,071,015
471,500
oflong-tm.ob.
Accts. and notes
-----
-----
5,000.000
2,791,057
banks
Accr'd liabilities
Advance pay.on
-
20,115",050
33,600,000
3,443,824
Bink.fundinstal.
Deps.
bftuks
$2,442,329def$1251,359def$1285,720
2,096,677
3,348.036
4,462,111
38,286.200
Notes payable to
under
plan
in closed
pur.
Inventories.--..
$6,253,381
Previous earned surplus.
4,539,006
Sundry adjustments
Extraordinary charges.
Accts.
ployees
stk.
Common stock 28,871,100
32,900,000
2,401,171
payable.
Funded debt...
Bal.due from em¬
173,1391
6% pref. stock..
3,130,500
$5 cum. pref .stk .a35,024,200
y
1936
$
$
$
Liabilities—
Liabilities—
associated and
Federal &
Provision for
machy.,
x619,603
y1,006,640
Gross income.
1937
1937
1930
$
bldgs.,
Land,
x
$1,095,215
j.....
cln-
undistributed profits.
1937
Assets—
Net income from oper.
Other income
12, 1938
construction
for Interest charged to
deducting $153,918
eludes $67,977 for surtax on
1934
1937
1936
$33,180,563 $22,139,398 $11,739,328
27,786,903
19,167.627
12,293,260
Calendar Years—
Gross sales-
March
Chronicle
furnaces,
1,655,701
Capital surplus.
Surplus (earned)
10,304,728
9,461,062
9,017,132
Treas. stock..
Dr612,119
I>r669,881
in
Total earned surplus..$10,792,387
of Ctipitcil stock
$4,539,006
payments amounting to $2.25 per share were distributed to stockholders
from paid-in surplus, which was created in 1935 by a reduction of the stated
value of the capital stock.
There are three more payments to be made
from paid-in surplus:
25 cents per share on April 30, 1938, to stockholders
of record as of March 31, 1938; 25 cents per share on July 31, 1938, to
stockholders of recofrd of June 30, 1938, ana the remainder, approximately
25 cents per share, on Oct. 31,1938, to stockholders of record as of Sept. 30,
1938.
Total.....
x
z
.
.123,5.51.253 118,824,534
z
123,551,253 118,824,534
Total
After reserves for depreciation of $53,448,231 in
1937 and $53,187,792
1936.
y Represented by
577,422 (402,301 in 1936) no-par shares,
Includes 279 (1,315 in 1936) shares of pref. and 14,210 shares of common
at cost,
a
Represented by 350,242 no-par shares.
To Reduce Directorate—
•
amending
reduce the number of the board of directors from 18 to
1576.
Stockholders at their annual meeting on March 22 will consider
the by-laws so as to
17.—V. 146, p.
Willson Products, Inc.—Sales—
Company reports sales for February, 1938 of $81,353, compared to sales
of $72,549 in the previous month and $110,872 for February, 1937.—
146, p. 1265.
Consolidated Balance Sheet Dec. 31
1937
1937
1930
$
$
10,045,138
10,584,322
1
1
Assets—
Property.—
Patents
Equity in uncom¬
pleted contracts
497,307
y Treasury stock
1,314,448
—
Liabilities—
152.031
Accounts payable.
1,545,137
Amt. to be distrib.
Notes & acc'ts rec.
919,509
903,700
Investments—
Cash.—......
6,345,404
7,382,657
Accts. A notes rec.
4,571,342
market,
a
—
1,215,918
2,059
2,685
10,792,387
53,544,464 54,010,245
Total-.-
To
Winnipeg Electric Co.-—Earnings—
have declared a dividend of 25 cents per share on the
stock, payable April 30 to holders of record March 31. A like
amount was paid on Jan. 31, last, and,a dividend of $1.25 per share was
paid on Dec. 23 last.
See V. 145, p. 3362, for detailed dividend record.
—V. 145, p. 3985.
1938
$239,611
Philadelphia, Pa.—V. 146, p. 1265.
Worthington Pump & Machinery Corp. (& Subs.)—
$375,887
Jan.
1
to Feb.
28
1938
1937
$2,185,220
$3,070,112
Maurice A. Long, Chairman of the Board, died at his home on Feb. 27.
sixty-two
was
years
1936
$659,525
149,936
y$177,647 y$l,174,017
94,883
$2,155,519
291,000
undist. profits
202,000
$809,461
24,729
31,271
y$91,387 y$l,083,197
4,000
Operating profit
Other incoxne.--------
on
old.
January—
Gross from railway
Net from railway
-
-
Net after rents
—V. 146, p. 931.
1938
$131,480
10,698
def2,623
-Earnings—
1937
1936
1935
$134,159
1,716
def7,331
$121,784
4,391
def25
$102,125
def8,461
defl2,953
(H. F.) Wilcox Oil & Gas Co.—To Reduce StockThe company has notified the New York Stock
Exchange of
a
proposed
reduction in authorized preferred stock from 47,019 shares to 8,841 shares
and in common stock from 1,159,000 shares to 600,000 shares.—V. 145,
p.
3025.
Wheeling Steel Corp. (& Subs.)—Earnings—
Calendar Years—
1937
1936
1935
1934
Gross sales, less disc., re¬
turns and allowances_$90,455,381 $80,598,525 $66,262,939 $48,484,261
x Cost of
sales, &c
73,247,504
64,312,550
Depreciation & depletion
8elling, general and ad¬
5,503,495
*
4,950,523
51,208,475
—
5,242,105
39,510,079
3,918,179
ministrative expenses
pc
Prov. for doubtful accts
6,245,200
66,621
5,767,428
89,726
4.949,301
90,771
3,624,596
97,380
$5,392,560
850,552
$5,478,299
846,102
$4,772,286
624,779
fixed assets
Red. of absolete invent'y
-
Special charge
Gross profit
Other income
$6,324,401
140,319
1,477,293
43,608
223,537
$5,397,065
191,473
1,289,778
87,837
Profit from operations $4,790,208
Profit from sale of in¬
$4,439,645
$3,827,977
$563,250
100,000
z40,540
a$l ,62L979
$4,439,645
$3,927,977
z324,257
430,351
Total$4,790,208
Provision for Federal in¬
-----
come
taxes
(est.)
Amt. carried to
_
Property,
c551,720
Miscell. securities.
388,147
Acets. A notes rec. 3 917,460
Inventories
$4,115,388
a2,289,108
$3,497,626
y762,602
$1,826,280
388,091
$2,735,024
388,070
$511,148
387,767
$4.70
$3.11
affll.
cos.
notconsol. (for'n) 1 ,155,026
Deferred charges.
512,013
6% preferred dividends5% cum. pref. divs
1936
$
Capital stock
al6 ,965,386 20,951,000
1,400,000
4, 200,000
10,490,716 Notespayable
1,015,064
554,560 Accounts payable- 1,,189,708
66,560
63,752
484,975 Accrued payrolls.
77,028
81,037
4,004,961 Accrued taxes
56,000
526,878
6,785,463 Res. for Fed. taxes
Bal. of pur. contra.
330,511
ill 7~ 304
177,290
1,023,330 Miscell. curr. liab.
54,305
54,654
371,146 Accrued comm's..
Adv. pay .on contr.
34.022
69,711
_
payable of
sub. company..
25,000
Minority
interest
in subsidiary—
Capital surplus
3 058,016
Mtge.
Profit A loss sur p.
$511,148
Surplus-.-.--$2,315,375
Shs.com. stock (nopar).
563,212
Earnings per share
$4.11
of
9, 747,055
1937
$
Liabilities—
plant
and equipment .10 960,935
Cash
1 051,023
Sec.
$4,238,488
1,047,510
875,603
surp..
Jan. 1, 1937 to Dec. 31, 1937
Consolidated Balance Sheet Dec. 31
1936
40,000
(net).
y$95,388 y$l,083,197
1937
Assets—
$551,148
vestments
j bl,452,90S J
$248497
After deducting cost of sales,
lossl2,102
— -
$2,032,483
83,095
1,356,730
29,405
—
183,823
321,141
(a) Virginia corporation:
Capital surplus:
Balance Jan.
1, 1937,
$325,037; deduct premium paid upon acquisition of additional stock of
subsidiary company, $1,528; balance, March 20, 1937, $323,509.
Earned
surplus:
Balance, Jan. 1, 1937, $724,964; net income for period, Jan. 1,
1937 to March 20, 1937. per accompanying statement, $93,199; balance,
March 20, 1937, $818,163.
Surplus of Virginia corporation, March 20,
1937,$1,141,672.
(b) Delaware corporation:
Surplus resulting from reincorporation under
the laws of the State of Delaware, after reclassification of capital incident
to said reincorporation, $3,737,281; surplus arising from the restatement
of treasury stock of the Virginia corporation at par, representing the excess
of par or stated amount of such stock over the cost thereof, $251,898;
capital surplus of Delaware corporation, March 20, 1937, representing
amount paid in at date of transfer of net assets from Virginia corporation,
$5,130,850.
Deduct:
Common stock without par value issued in accord¬
ance with provisions of plan of recapitalization dated March 25, 1937, in
exchange for class A and class B cum. pref. stocks—114,513.15 shares
stated at $10 per share,
$1,145,132; organization and recapitalization
expenses, $160,081; write-down of investment in foreign affiliated company
in France, $613,594; loss on disposition of property in liquidation, $151,130;
premium paid upon acquisition of the remaining outstanding stock of
subsidiary company, $2,897; capital surplus, Dec. 31, 1937, $3,058,016.
x
Total income
$6,243,113
Loss on property retired.
Int. & disct. on bondsOther interest.
Strike expense
90,820
86,259
including all operating and maintenance
charges, depreciation of plants and equipment, selling, general and admin¬
istrative expenses,
y Loss,
z Expenses in connection with liquidation of
the Virginia corporation,
a Whereof, amounts are applicable as follows
to the Virginia corporation period from Jan. 1, 1937 to March 20, 1937,
$93,199 and to the Delaware corporation, period from March 21, 1937 to
Dec.31, 1937, $1,528,779.
$1,334,024
698,458
.
1935
Abandonment of certain
Consolidated Surplus Account,
Western Ry. of Alabama-
1934
1937
$2,060,636
Calendar Years—
x
x
Feb. 28
1937
Obituary—
He
$295,451
A total of $74,500 first mortgage 6% sinking fund gold bonds, due April
1, 1944, have been called for redemption on April 1 at 103 and accrued in¬
terest.
Payment will be made
at the Fidelity-Philadelphia Trust Co.,
Net profit—.
Western Maryland Ry.—Earnings—
(est.)
$276,610
Net earnings...
193"7
$636,503
341,052
-V. 146, p. 291.
Surtax
directors
Gross earnings
1938
$614,126
337,516
Operating expenses and taxes
Gross profit
Federal income tax.
Pay 25-Cent Dividend—
End.
of
$4,276,668.—V. 143, p. 2388.
Month of January—
earnings..
common
—Week
date totaled
Gross
Earned surplus
subsequent to 1937.
The
same
(Alan) Wood Steel Co.—Bonds Called—
restricted in the amount of $251,559 in 1937 and
$251,487 in 1936, which represents the cost of 6,851 shares in 1937 and
6,848 shares in 1936 of the parent company's capital stock reacquired and
held in its treasury,
c Consists of $3,170,297 to be distributed from a
paid-in surplus in 1937 and $793,028 to be distributed from paid-in surplus
a
the
374,325
..53,544,464 54,010,245
$10,642
$0.03
net loss
of $395,630.
The new company began operations on Oct. 8, 1936.
Total assets on Dec. 31, 1937 were $15,276,652.
Current assets as
4,539,000
8,551,311
208,208
1937
period from Oct. 8, 1937 to Dec. 31, 1937 company had a
In the
6,351,476
Earned surplus..
x Represented
by 3,172,111 shares of no par value,
y Representing
63,199 shares of capital stock in 1937 and 66,296 shares of capital stock in
1936.
Earnings for 3 Months Ended Dec. 31,
and Federal income taxes.
Earnings per share on 320,778 shares 6% preferred stock
Net profit after charges
321,572
1,657,069
Paid-in surplus
277,820
Inventories /9,414,749
Deferred charges..
229,030
Total....
50,990
income..
14,441,971
117,419
rec
Officers' and empl.
notes A accts.rec
—
3,179,788 c3,963,325
Advance billings..
Deferred credits to
.12,384,782
securs.
720,501
7,273,802 Accrued liabilities. 2,241,335
5,577,114 Reserve for contin¬
gencies, Ac
1,650,007
4,382,394
U. 8. Govt. & other
Acer. int.
1,409
1,064,566
1,512
from paid-in sur.
(not current)...
$,
Stocks of
not held
Willys-Overland Motors, Inc.—Earnings—
1936
$
Capital stock--.34,893,218 34,893,218
subside.
x
Preferred stock
treasury
Total
27,731,659 23,715,152
Total----
989,715
25,000
25,300
325,037
724,964
in
zDrll56433
27,731,659 23,715,152
Includes maintenance and repairs
(approximately $6,120,000 In 1937),
taxes, labor, idle plant expense and other operating charges,
y At rate of
$2 per share,
z The provision for estimated normal tax on income for the
year 1936 does not include surtax on undistributed profit under the revenue
Act of 1936, due to the dividend credit, the deduction of bond
discount,
Represented by 62,810 shares 4H% conv. series (par $100), 62,810
4H% series (par $100), 8,620 shares class A 7% cum. pref. stock
(par $100), 10,821 shares class B 6% cum.pref. stock (par $100) and 245,932
no par shares common stock,
x After depreciation of $8,924,969 in 1937
and $9,595,425 in 1936.
Includes property in liquidation amounting to
$1,245,478 in 1937 and $601,037 in 1936.
y Represented by $5,592,833
class A 7% pref. stock, $10,321,671 class B 6% pref .stock and $12,992,149
expense and premium
common
Nil
x
expenses
applicable to bonds redeemed during 1936 and other
and losses which have been charged to surplus. The adequacy of
the provision for Federal income tax is subject to final interpretation of the
laws and regulations affecting the companies,
a At the rate of $6 per share.
a
shares
stock,
z Represented by $194,503 class A 7% pref. stock and
$961,930 class B preferred stock.—V. 145, p. 3027.
For other Inveetment News
see page
1737.
Volume
146
Financial
Chronicle
1733
gjkpxrrts anil Jjoxuutjeuts.
PUBLISHED
AS
ADVERTISEMENTS
NORFOLK AND WESTERN RAILWAY
COMPANY
SUMMARY OF ANNUAL REPORT
FOR 1937
The
Forty-second Annual
Western
Report
Railway Company for the
of
the
1937, will be presented to the stockholders
meeting
Norfolk
and
was
ended December 31,
year
$32,715,281.60,
the year
upon the
and represented
a
return of
6.52% for
Railway Property Investment.
at their annual
April 14, 1938.
on
NEW EQUIPMENT
During the
the Company built, in its
shops, at
Roanoke, Va., 10 steam freight
locomotives, 500 all-steel
hopper cars, 55 tons capacity, 500 all-steel
RESULTS FOR THE YEAR
Comparison
1937
Total Revenue from
Operations
Total Operating
Federal, State
Rental
Equipment
1
Dec.$2,962,213.73
1 used
$13,035,513.51
and
Inc. $2,959,423.18
$41,754,180.93
and Local taxes
of
Dec.
3,996.614.18
Net Railway
Operating Income
Other Income.
and other
$34,271,306.55
on
472,736.01
Inc.
depressed
charges..
Dec.
$31,799,281.23
Operating Expenses increased
of material and
supplies .and
result
and
1
safety
car
were
addition,
rebuilt and
air-conditioned.
FREIGHT AND PASSENGER SERVICE
Improvement in both freight and
$19,978.32
Dec.$1.110,243.74
December
31,
1936.
scales.
Taxes decreased
as a
of
reduced net earnings, credit of accruals
under
Carriers Taxing Act of
1935, offset, in part, by increased
during the
passenger service
con¬
Locomotives of improved design,
year.
economically operated and maintained, and freight
of modern
design and efficiency were added to
cars
meet
business demands.
ment
continued during the year.
Collection
because of higher costs
fuel, heavy repairs to freight
wage
more
train
Operations for 1937
due, principally, to loss of
approximately $4,000,000 of
emergency freight rates discontinued
equipment and higher
cars
capacity,
659,920.46
Dec.$l,130,222.06
$2,472,025.32
The decrease in Total
Revenue from
car
center
bonds
Net Income
Total
cars,
70 tons capacity,
flat car and 1 poling car, and rebuilt
locomotive crane, and purchased
4,000 all-steel hopper
25 passenger train
tinued
was
cement cars,
capacity, 916 all-steel box cars, 50 tons
9 all-steel
postal cars and 5 automobile trucks.
In
Dec.$l,790,142.52
1,556,024.95
capacity, 10 all-steel
cars, 55 tons
$699,335.20
Inc.
$32,715,281.60
sources
Rental of leased lines, interest
$2,790.55
Joint
Facilities-Credit
Gross Income from all
55 tons
Dec.
$53,107,322.06
Net Revenue from
operations
Net
gondola
with 1936
$94,861,502.99
Expenses
year
carload
and
Modernization of passenger equip¬
delivery service for handling less-than-
shipments,
recently
further and constant effort
and
otherwise,
inaugurated,
was
developed
was
made, through this service
to regain traffic heretofore diverted to other
forms of transportation.
State, county, local and Social
Security unemployment taxes.
Other Income increased
TRANSPORTATION RATES
mainly from interest and dividends.
After
paying the regular 4% dividend of $919,692.00
upon
Adjustment Preferred Stock,
quarterly dividends of $2.50
per
share and
of $16.00,
an
extra dividend of $6.00
per
$22,503,728.00,
or
were
paid
upon
share,
a
total
Common Stock
during 1937.
Authority
granted by the Interstate Commerce Com¬
was
mission, effective November 15, 1937, to increase
certain
basic
commodities.
The
resulting
rates
revenues
on
were
intended to replace, in part, those lost
through discontinuance
of emergency
freight rates
on
Dec. 31, 1936.
The pressing need for additional
FINANCIAL
revenues
to meet
rapidly
rising costs resulted in the filing by member roads of the
The
outstanding capital stock
remained
unchanged at
$163,640,600, and represented 75.84% of the capitalization.
On Dec. 31,
13,162,
an
1937, the Company's stockholders numbered
increase of 143 during the
year, with
an
average
The
outstanding funded debt was unchanged at $52,139,531.92, and represented 24.16% of the capitalization.
debt includes $6,086,031.92
Norfolk, Va., issued
to
at
leased to this
Norfolk, Va.,
are
not assumed
the terminals.
now
cover
cost of
by this Company,
bonds of
mission, of
a
bonds
lien
upon
Since January, 1931,
$60,016,000 of funded
debt has been retired,
reducing the
gations to $46,053,500.
provide for its retirement
Company's direct
This debt is not callable,
a
petition for
15% horizontal increase in freight
a
asked, and
an
increase in passenger coach rates in the
Eastern District from 2 cents to
23^ cents per mile.
TRAIN
LIMIT
BILL
City of
Company, which
they
a
rates, except certain commodities for which maximum rates
The
Municipal Terminals
nor are
Company,
November 5, 1937, with the Interstate Commerce Com¬
were
holding of 124 shares.
Said funded
Association of American Railroads,
including this
on
obli¬
and to
voluntary sinking fund has .been
established to which
appropriations of $25,000 per month
from available
earnings are made.
Train
Senate in
cars
the
Limit
now
before the
being conducted.
measure
passed by the United
is refuted
House, and hearings
The claim that it is
States
a
commerce.
upon
necessary
it
are
safety
by the admirable record of the railroads
reducing accidents and loss of life.
result in additional hazards to the
Its enactment would
public, greatly increased
transportation costs, lowered operating efficiency, and in¬
convenience generally.
RAILWAY PROPERTY INVESTMENT
as
length of trains operated in interstate
The bill is
in
Bill,
1936, is intended arbitrarily to limit to seventy
suited
to
various
Determination of train lengths best
localities
and
conditions
should
be
left
with the railroad managements.
The Total
year
was
over
1936.
Railway Property Investment
$502,126,784.51,
The Net
an
increase
at the end of the
of
$13,764,859.43
Railway Operating Income for 1937
By order of the Board of Directors,
W.
J.
JENKS,
President.
Financial
1734
March
Chronicle
1938 1
THEIBORDEN COMPANY
Established 1857
ALL SUBSIDIARY
AND
COMPANIES
EIGHTIETH ANNUAL REPORT—1937
Board
New Yort
Thomas I. Parkinson
President, The Equitable
Madison H. Lewis
President, Pioneer
Howard Bayne
New York
Society
Ice Cream Division
Life
New York
L. Manuel Hendler
of the United States
New York
South Eastern
*John W. McConnell
President, St. Lawrence
Sugar Ileflnerles, Ltd.
Montreal
Ice Cream Division
Baltimore
Robcliff V. Jones
Assurance
,
Theodore G. Montague
New York
Stanley M. Ross
President
Mid-West Division
New York
Columbus, Ohio
Executive Vice-President
York
New York
OFFICERS
Theodore'G. Montague
Albert G. Milbank
President
Chairman
George M. Waugh, Jr.
Executive Vice-President
Harold W. Comfort, Vice-President
Robcliff V. Jones,
1936754
*
Harold K.Kramer, Assistant Treasurer
Vice-President
Theodore D. Waibel, Asst. Secretary
Ralph D. Ward, Vice-President
EXECUTIVE
OFFICES
350 Madison Avenue, New York City
REGISTERED
OFFICE
15 Exchange Place, Jersey City.
TRANSFER
AND
DIVIDEND
N. J.
As usual, all inventories are valued at cost or
Despite a substantial recession
in general commodity prices experienced during the last
quarter, inventory write-off amounted to only $257,360.
The proper conduct of the Company's business makes it
necessary, at times, to make forward commitments covering
the purchase or sale of materials and finished products.
However, such commitments as the Company had outstand¬
ing at the year end for delivery in 1938 were, in the aggregate,
based on prices prevailing December 31, favorable to the
which were
including material
holdings of Canadian Government securities, taken at their
cost, amounted to $5,886,952 and at their market value to
$5,776,198 at December 31, 1937.
These totals compare
with a cost of $5,926,916 and a market value of $6,308,765
on December 31,
1936 for the securities then owned.
Receivables at the end of 1937 amounted to $14,054,957
United States Government securities, and
are
equivalent to approximately 22 days average sales.
during the major
year, but for the last quarter were not quite
However, all credit losses have been charged off
portion of the
York
normal.
and
REGISTRAR
by
Wall Street. New York City
adequate reserves against future losses have been created
charges to operations, leaving Receivables in sound
condition.
Properties
COUNSEL
AUDITORS
Haskins & Sells, 22 East 40th Street, New York City
Having recently become Publisher of The Montreal Dally Star, Mr. John W.
Feb. 23,
which was accepted
1938.
To the Stockholders:
There
is
wisdom of its construction.
submitted herewith
the
annual report
of The
Borden
Company and all subsidiary companies for the
ended December 31, 1937.
year
Net Income
Net Income for 1937
$6,290,651, equivalent to 2.6%
sales, and $1.43 per share as contrasted with $7,921,489
or
3.3% on sales and $1.80 per share obtained in 1936.
Dividends aggregating $1.60 per share were paid in 1937,
the same as paid in 1936.
was
on
Sales
Sales amounted to
$237,561,671 for 1937 compared with
$238,844,537 for 1936.
The 1937 figures reflect the very
substantial decrease in sales of the Produce Division, which
decrease, as explained later, was the result of planned cur¬
tailment and changed policies.
After due allowance is made
for the effect of the foregoing, the sales tonnage increase
for the year was 3%, and the sales value increased 3.7%.
Taxes
Taxes of every nature for 1937, including Social Security
Taxes of $1,510,004, amounted to $5,705,516 or $1.30 per
share and represent an increase of $500,058 or 12c. per share
1936.
The Federal Government is contending that
Company should be assessed additional income taxes
for certain prior years because of having charged excessive
depreciation.
The Company is of the opinion, based on
competent independent advice, that when the matter of
depreciation is scientifically adjudicated, it can generally
over
the
substantiate
the
amounts
heretofore
claimed
on
its
by existing reserves.
The growing burden of taxes is
emplified in the following statistics:
Total
$3,714,186
4,282,329
5,205.458
5,705,516
Per Share
$
.84
.97
1.18
1.30
paid in 1937 amounted to $197
stockholder.
per
ex¬
% of Sales
1.72
1.86
2.18
2.40
employee,
and $122 for every
Net
Working Capital
This item at the close of the year
stood at $39,029,742
compared with $42,183,233 at December 31, 1936.
The Budget of Capital Expenditures for 1938, while con¬
siderably less in total amount than in 1937, provides fully
for replacements as well as for needed improvements and
business expansion.
Commencing Jan. 1, 1937, the Company has adopted a
policy of charging values of physical property write-downs
to Earned Surplus or appropriate reserves, instead of to
Capital Surplus.
Accordingly, there was charged to Earned
Surplus in 1937 the sum of $703,372, representing the value
of property and equipment which became unessential during
1937 under conditions not incident to the normal conduct
of the business, less the salvage realized on disposals made
in that year, and after deducting reserves for depreciation.
A material portion of this write-off resulted from the aban¬
donment of three branches and two
pasteurizing plants, these
operations having been consolidated into the new Riverside
plant in New York City.
In 1935 and 1936, values applicable to unserviceable prop¬
erties and excess values attaching to operating properties were
charged against Capital Surplus as described in the annual
reports to stockholders for those years.
To the extent these
properties were sold or adpated to some operating use during
1937 a salvage value of $448,063 was realized which was
credited to Capital Surplus in that year.
Salvage values,
as and when realized, from the further
sale or other dis¬
position of unserviceable properties will be credited to the
same accounts
that were charged when their book values
were
previously wTitten off.
Fluid Milk Division
tax
returns, and no material liability exists which is not covered
Total taxes
Company's plants and properties have been fully
maintained and large expenditures were made during the
past year for improvements and cost-reducing facilities.
During the year the Company completed its Riverside plant
in New York City.
This fluid milk plant is equipped with
the most modern machinery and is one of the largest in the
world.
Its few
months of operation has indicated the
The
Milbank, Tweed & Hope, 15 Broad Street, New York City
McConnell regretfully tendered his resignation as a Director,
on
provision is made for the estimated loss involved
carried under Miscellaneous Assets.
Inventories of $17,667,355 compare with $19,963,467 of
Reserve
Collections showed further improvement
11 Broad Street, New York City
Bankers Trust Company, 16
which funds were
included in cash.
and the net balance is
and
DISBURSING AGENT
The Chase National Bank of the City of New
and restricted deposit funds,
further reduced during the year, are not
Marketable Securities, a substantial amount of
George Bittner, Assistant Treasurer
Patrick D. Fox, Vice-President
$17,586,009.
Company.
Everett L. Noetzel, Treasurer
Walter H. Rebman, Secretary
Clyde E. Beardslee, Vice-President
Current Assets
market, whichever is lower.
George M. Waugh, Jr.
Marcus M. Munsill
New
of
last year.
President, Cridley Dairy
Company, Milwaukee
was
Frozen
Beverley R. Robinson
Milbank, Tweed & Hope
New York
Vice-President
Lester Le Feber
ratio
December 31, 1937 was
Albert G. Milbank
Chairman of the
to Current Liabilities on
$3.79 to $1.00 which compares with
the ratio of $3.96 to $1.00 on December 31, 1936.
Cash on hand at the end of the year was $15,545,029, which
was in excess of the total of all current liabilities on that date
amounting to $14,013,798.
Cash on December 31, 1936
The
BOARD OF DIRECTORS
The
on
its
Company
was
unable to secure a satisfactory return
in the distribution of fluid
substantial investment
milk and allied
products.
The disastrous price conditions
existing in New York City during the greater part of the
year were a major factor affecting these results.
On fluid
milk itself, the Company was unable to secure any profit
from its total sales in all markets of 780 million quarts of
fluid milk as such in 1937, as contrasted with the modest
profit of one-ninth (1/9) of a cent per quart in 1936 on sales
of 781 million quarts.
Wage increases in this Division effective during 1937,
computed at their annual cost, and applied to the number of
employees on the payrolls at the time such increases were
made, amounted to more than $1,600,000.
A very large
I)
Volume
146
Financial
-
of this additional labor
part
cost
absorbed
in
Chronicle
1735
1937,
Division.
There are, it is
believed, additional opportunities for sales
expansion in this group and plans have been formulated and
efforts are now being directed* toward a
more intensified
development of this Division.
largely to the disappoint¬
ing results experienced in this Division.
The Company is often referred to as a middleman with
an
implication that its functions are unimportant and its
profits excessive.
This mistaken viewpoint results from
failure to recognize the actual cost of
performing all the
services necessary to link producers and consumers.
Export business enjoyed new post-war peak volume and
However, monetary restrictions enforced in many
foreign jurisdictions are hindering a more rapid
development
of both
existing and potential markets.
was
well as increased taxes of
$300,000 in this
These increased costs, which were
beyond the Management's
control, much of which could not be recovered through
advanced selling prices, contributed
as
profits.
Research
The
company
maintains
Substantial progress has been made in recent
years toward
improved methods of processing and transporting milk with
such developments as tank car and tank truck
shipments
from country to city.
There is unceasing search for both
more efficient methods of
handling and for a lowered cost
of distribution.
However, inflexible costs such as taxes,
transportation and, to a large degree, wages of labor, con¬
stitute a great part of the total cost of distribution.
Any¬
thing like a drastic cut in the cost of milk delivery, with its
attendant wholesome effect
upon consumer prices and con¬
sumption, must await the finding by science of new and
presently unknown methods of preparing, packaging and
delivering a highly perishable product like fluid milk.
Search
and
for such methods is continuous.
the
will
accrue
are
undoubtedly familiar with the existence
for several
years of Milk Control Boards
mental price-fixing
or
other Govern¬
agencies, both in some States of the
United States and in several
provinces of Canada.
During
the past year unsound milk control
policies have become
more and more burdensome in
some of these markets.
In
some
instances, control agencies have attempted to satisfy
farmer demands by
increasing the buying price and at the
same
ing
time have tried to avoid
consumer
displeasure by
oppos¬
resale price advance commensurate with such increased
distribution.
Such unfortunate attempts
can only come from lack of
knowledge concerning the so-called
"distributor's spread."
Labor, taxes and transportation
constitute by far the greatest
part of the margin between
the price received
by the farmer and the price
a
cost of milk and of
paid by the
little remains
depreciation,
consumer.
After these expenses are paid,
very
building and equipment repairs ana
feed, coal, oil, gasoline, bottles, cans, cases and other costs.
Since such an
overwhelming proportion of the cost is beyond
the control of the
distributors, any significant increase in
to
cover
price
to
producers without an advance in the resale
price
only be possible if it were taken out of labor costs
would
by substantially reducing wages.
It is highly doubtful if
control agency would go on record as
favoring that
any
course,
of this
even if it were practicable.
However, recognition
deplorable condition by control agencies, producer
associations and consumers
alleviation has been
to
seems
experienced in
be
growing and
some
recent weeks.
Ice Cream Division
Substantial
improvement
Division, both
was
made
the
Ice
Cream
earnings exceeding 1936.
Sales
particularly gratifying in the early months of
1937, and while still satisfactory, has leveled
off'somewhat
in recent months.
The Company is
pursuing an aggressive
policy with regard to its ice cream activities, both in modern¬
izing its production and distribution facilities and in
further
territorial expansion.
Produce Division
Further curtailment
of the activities of the Produce Divi¬
sion which marketed
butter, eggs and poultry at
wholesale,
was effected
during the year, a disposal of the major
part
of the
Company's plants operating in this Division
been consummated
in June.
In addition to
Company of the losses attendant
properties, the sale
was
upon
negotiated at
to return to the
a
having
relieving the
the operation of these
price which promises
Company substantially all of its book invest¬
properties disposed of.
The Produce Division
originally acquired in 1929, had
consistently
ments in the
which
was
failed to return to the
Company a satisfactory profit, and in
addition its operation had tied
up Substantial amounts of
capital in inventories, and this capital will now be
free for
more profitable
employment.
The
Company's property at Shanghai, China, which
is
engaged in the procurement and
processing of frozen eggs
for sale largely in
European countries, has not been
seriously
damaged during the recent hostilities, although
operations
have
at times been
interrupted.
Despite the difficulties
encountered, profits for 1937 were quite
satisfactory.
How¬
ever, it is impossible to foretell to what
degree the extension
of the conflict into the other
provinces of
the
principal
sources
of
Chinese
eggs,
operations in 1938.
China, which
may
affect
research, in addition
laboratories
devoted
ex¬
to
and adhesive
Company
are
means
of
fields.
The
entire research
activities
of
the
being directed toward the discovery of methods
lowering the cost of fluid milk distribution and
new products, all of which should mate¬
rially enhance and diversify the earning power of the Com¬
pany.
The results already secured from a more intensive
research policy
justify the hope that much greater benefits
in the future.
Employee Relations
During
1937
paid to about 29,000 employees
$54,705,813.
This compares with $53,126,389
paid to about 29,500 employees in 1936.
Included in this
figure are all salaries paid to officers of the parent Company,
wages
amounted to
which salaries amounted to
one-seventy-second
cent per quart
pany
(1/72) of
these
remaining operations in this Division, though
small,
contributed satisfactory profits in 1937 and
their outlook
for the coming year seems
encouraging.
Manufactured Products
in 1937.
Disposition of the produce business in June caused a
reduction in the number of employees and
consequent payroll,
but the total wages paid to others
represents a very substan¬
tial increase over the
previous year.
The custom of the Company to
grant vacations with pay,to most
employees who have been in service for more than
one
year, has been continued.
Tne Management is ever mindful of its
obligation to the
consuming public to prepare its products under the most
rigid sanitary standards and in furtherance of this policy
clean and comfortable working quarters are
provided for
employees, and the Company is constantly striving for im¬
provement in working conditions.
Increasing attention is being given to safety and accident
prevention, machinery and equipment being maintained
according to the best safety standards.
The Company
ten thousand vehicles for the prompt distribu¬
products.
Operators of these vehicles have co¬
operated in avoidance of preventable accidents on streets
and
highways.
Recognition has been given to many
Borden men by public authorities as a reward for their con¬
tribution to safe driving.
Group life insurance is available to all employees and it is
carried by most of them, with the
Company bearing a share
of the cost and assuming all expenses incident to its adminis¬
tration.
The total group life insurance in force at the close
of the year amounted to $35,432,715 and death benefits
during 1937 amounted to $220,750.
The Company has also
adopted a plan of group accident and health insurance for
the benefit of its employees, under which joint contributions
will be made by the Company and each insured
employee.
Physical examinations are given many employees and prac¬
tical assistance rendered in maintaining their health.
The Company has constantly been striving to build an
employee relationship based on amity and seeks to maintain
the same friendly relationship with organized labor, or
unions, which it enjoyed for so many years with employee
over
tion of its
associations.
Capital Stock
There
change in either the authorized or outstanding
shares of Capital Stock during the year, and the capital
structure continues without any outstanding securities senior
was no
to the Common Stock of The Borden
Company.
During the year, four quarterly dividends of forty cents
each per share were paid on March 1, June 1, September 1
and December 1.
The
Capital Stock outstanding December 31, 1937 was
by 46,623 stockholders, with an average holding of
94 shares, which compares with 42,480 stockholders with an
average holding of 104 shares on December 31, 1936.
The Annual Meeting of stockholders will be held at
10 o'clock A.M. on April 20, 1938, at the registered office
of the Company, 15 Exchange Place, Jersey City, N. J.,
and at that meeting this annual report for 1937 will be
presented.
The manufactured products
group, prepares and markets
cheese, evaporated milk, condensed milk, dried
milk, malted
milk, caramels, casein products, mince
meat, etc.
This
group of products experienced new peak volume of
sales,
although profits were lower due to reduced margins.
New
products have been added and new uses found for old ones.
a
of milk handled by all divisions of the Com¬
held
are
The
to
product and quality
control laboratories maintained at
operating plants.
Research activities have been broadened and
expendi¬
tures increased,
appropriations for 1937 being larger than
any previous year..
Lactoflavin, the growth element in
certain vitamins, and for which Borden
scientists were recog¬
nized by the American Medical
Association last year, has
found a ready market
acceptance, and new nutritional as well
as
pharmaceutical uses are being developed.
Additional efforts are being carried on in the
casein, plastics
operates
in
volume and
progress was
t
three
development of
Stockholders
clusively
financial Statements
There
presented
on subsequent pages [pamphlet report]
together with the certificate of Haskins
& Sells, Certified Public
Accountants^ setting forth the
Operating Results for 1937 and the condition of the Company
are
Financial Statements,
at the close of that year.
On behalf of the
In Memoriam
It is with
a
feeling of deep regret that we record the
of Arthur W. Milburn, our former
President,
on
passing The Borden Company lost the services
one who served in the employ of the Company
since February 15, 1894 and as chief executive officer since
October 17, 1917,
a rare
Board of Directors, I wish to express
and record sincere appreciation for' th© faithful
loyalty and efficiency of the employees of our organization.
death
October 11,
THEODORE G. MONTAGUE,
In his
1937.
of
March nt 1938
Financial Chronicle
1736
leader,
SUBSIDIARY COMPANIES
Consolidated Balance Sheet, December
31, 1937 and 1936
ASSETS
fiirrAnt
Calh
Dec. 31, 1937
% 15,545,029.25
-
Marketable Securities—1937 Vfc'inarYeVvalue (cost
$5^86r952~.41' less'r^erve $110,754.27); 1936 at cost (market
—.
-
o,yzo,yio.io
12,953,994.59
1Q Qfio 4fi7 Q1
Supplies
$ 7,967,944.43.,-
Materials &
Finished Goods
1936—
o,77o,iyo.i4
14,054,957.68
-
.
advances" to" employees^-!937$78,327.19l"f936," $52,873.25) less Reserve for
$1,837,919.38M936, $1.849,484.77
Inventories—At the Lower of Cost or Market:
1937— $
Dec. 31.1936
$ 17,586,009.61
17,667,355.35
95)
value $6 308 765
Receivables (Jnclud ing~ salary"
Doubtful Accounts—1937,
rresiae .
Submitted by order of the Board of Directors.
BORDEN COMPANY AND ALB
THE
.
Pr^vw
9,699.410.92
13,005.470.54
6,957,997.37
..$ 53,043,540.42
Total Current Assets
Miscellaneous Assets, less Reserves
19,963,467.91
-
-
2,669,385.50
.$
2,669,385.50
$
(Including Mortgages, Other Receivables, etc.)..
$ 56,430,388.29
1,474,038.59
$
cost, but in part at lower valuations
above property valuations
established by the Company
$103,006,631.67
37,629,006.25
.$ 66.068,361.45
Property, Plant and Equipment (Principally at
Less Reserves for Depreciation (Based on
$103,336,941.54
37,268,580.09
$ 65,377,625.42
.
.$
653.535.47
$
612,043.17
.$
1.00
$
1.00
Prepaid Items, etc
Trade-marks, Patents and Good-will.
.$122,434,823.84
LIABILITIES
Dec. 31,
Current Liabilities:
Accrued Accounts:
Dec. 31, 1936
9,550,809.65
$
2,625,914.16
2,070,430.49
2.257,459.35
1.948,739.57
.
Taxes
1937
9,807,599.33
.$
$123,894,096.47
(Includi
.
Other Items..
.$
$
14,247,154.30
254,738.21
$
500,528.59
.$
Reserves:
14,013,798.25
.$
Deferred Income and Non-current Liabilities.
2,664,009.48
$
2,664.009.48
5,607.317.36
5,625.574.15
.
8,271.326.84
$
.$
.$
65,950,560.00
$ 65,950,560.00
.$
Total Reserves
8,289,583.63
14,204,140.55
19,722,003.20
$
8,289,583.63
Capital Stock—The Borden Company:
Common $15.00 par (Authorized 8,000,000 shares)
4,417,958 shares
Issued
Less
Treasury
21,254
"
4,396,704
"
Stock
Outstanding—
Surplus:
.
13,756,076.72
21,168,450.02
.$ 33,926.143.75
$ 33,926,143.75
Total...
contain any salvage values which may be ultimately realized
$123,894,096.47
$122,434,823.84
-
Notation—The above balance sheet does not
$ 34,924,526.74
.$122,434,823.84
Total Surplus
from properties, now owned and not essential to
operations,
which have heretofore been written off.
THE BORDEN
Statement of
COMPANY AND ALL SUBSIDIARY
COMPANIES
1936
Consolidated Net Income for the Years Ended December 31, 1937 and
■Year Ended December 31,1936
1937
.$237,561,671.94
Cost of Sales and Expenses: (Including
provision for depreciation of $6,256,676.18 in 1937 and
delivery, administrative and general exj
$238,844,537.57
?
insurance, taxes, and all manufacturing, selling,
229,578,496.02
230,518,508.18
.
.$
$
9,266,041.55
453,967.07
.$
7,489,300.07
$
9,720,008.62
.$
Other Income (Less Charges for
7,043,163.76
446,136.31
1,168,661.02
$
1,702,483.40
Interest)
Total
Deduct:
e
of $191,817.52 in 1937 and
96,035.42
29,987.32
$197,211.62 in 1936).
.$
Net Income for the Year
BORDEN COMPANY
THE
Statement of
1,198,648.34
$
1,798,518.82
.$
Total
6,290,651.73
$
7,921,489.80
AND ALL SUBSIDIARY COMPANIES
Consolidated Earned Surplus for the Years Ended December 31, 1937 and 1936
Year Ended December 31,
1937
$ 20,281,686.62
6.290,651.73
7,921,489.80
.$ 27,459,101.75
$
Total
1936
$ 21,168,450.02
Balance at Beginning of Year
Net Income for the Year
$ 28,203,176.42
Deduct:
.$
7,034,726.40
$
7,034,726.40
702,372.15
ing the year.
.$
___$
THE
7,737,098.55
$
7,034,726.40
_$
$
Total
Balance at End of Year
19,722,003.20
$
21,168,450.02
BORDEN COMPANY AND ALL SUBSIDIARY COMPANIES
Statement of Consolidated Capital
Surplus for the Years Ended December 31, 1937 and
1936
Year Ended December 31,
1937
Proceeds from disposals of Unessential Properties previously written off against Capital Surplus, and
ating values ascribed to other such properties adapted to some operating use
Less write-off of Unessential Properties and Excess Values by which Operating Properties have been
after
1936
$ 13,756,076.72
Balance at Beginning of Year
$ 13,581,199.40
fair oper¬
"$
adju
$
448,063.83
$
174,877.32
$
13,756,076.72
816,214.22
application of reserves.
_$
Net Credit.
Balance at End of Year
_
991.091.54
448,063.83
L,
_$
$
14,204,140.55
14,204,140.55
Volume
146
Financial
Chronicle
HASKINS & SELLS
Certified Public Accountants
22 East 40th Street
Borden Company,
through
divisions thereof, conducts
described
an
sheet of The Borden
as
the
examination of the consolidated balance
years
the
correct;
inventories
reviewed
were
by
and
us
to
physical
amounts from the Company
subsidiaries, and a large number of other
pending in the Federal Courts of California
mince meat, dried fruit
and
and New York, a similar suit in the
Federal Court of Illinois
having been withdrawn by, and court costs therein assessed
against, the plaintiff.
The Company's counsel believe the
suits to be without merit as
against the Company and its
subsidiaries.
In our opinion,
subject to the foregoing, the accompanying
consolidated balance sheet, with notation
thereon, and re¬
lated statements of consolidated net
Business of the above nature is conducted
throughout
United States, Canada and
Export Markets.
the
income, earned surplus,
and capital surplus of The Borden
Company and its sub¬
sidiary companies, fairly present, in accordance with accepted
principles of accounting, their financial condition at Decem¬
ber 31, 1937 and 1936, and the results of their
operations
for the years ended those dates.
Fluid
Milk:
Purchase and distribution by a
system of
deliveries of milk, cream, butter,
eggs, etc. in the
following States and Canadian Provinces:
route
Arizona
Connecticut
New Jersey
Oklahoma
Texas
Massachusetts
New York
Illinois
prepared on a consistent basis except that in 1937 write-offs
of properties, less proceeds
from disposals, were charged
against earned surplus and in 1936 similar write-offs were
charged against capital surplus.
Indiana
Kansas
Missouri
California
The statements have been
Wisconsin
Michigan
Ohio
Ice Cream:
Manufacture and sale of ice
>
HASKINS
New York,
White
&
cream
Ontario
Quebec
and allied
products in the following States and Canadian Provinces
California
Iowa
Connecticut
Delaware
SELLS.
February 23, 1938
Missouri
Pennsylvania
Ontario
Texas
Quebec
Kentucky
Indiana
New
Maryland
Massachusetts
Michigan
Illinois
Sewing Machine Corp.—Recapitalization Plan—
owns
of its Canadian subsidiaries.
evaporated, malted and dry milk; caramels,
juices, etc., and package, loaf, bulk
fancy cheeses, as well as the remaining produce activities.
This group of products also includes
casein, milk sugar,
adhesives, prescription products such as Dryco, package
Klim and Biolac; also flavors and
flavoring extracts.
Lactoflavin and vitamin
products for pharmaceutical uses are
manufactured and distributed.
Vitamin products for use
in animal and
poultry foods are also included in this group.
judgments for material
are
owns
of which is
Manufactured Products: Manufacture and sale of
Eagle
Brand Condensed Milk since
1857; also other brands of con¬
densed milk,
and certain of its
defendants,
one
as
.
quantities and condition of the
were certified to us
by officials of the companies.
Legal actions in which Mills Novelty Co., the plaintiff,
seeks
subsidiaries,
The produce business having been reduced to small propor¬
tions and cheese
production and distribution having been co¬
with other products marketed
chiefly through
the grocery
trade, the Cheese and Produce Division has been
merged with the Manufactured Products
group.
The busi¬
ness
of the
Company, therefore, falls into three general
groups as follows:
stated.
appear
Canadian
ordinated
we considered
appropriate in view of the system of
internal accounting control, and made a
general review of
the operating and income accounts for the
inventory records
The
latter, in turn,
100% of the stock
we
which
The
business.
100% of the stock of all its subsidiaries,
The Borden
Company, Limited.
The
the years
made a review of the accounting methods,
examined or tested accounting records of the
companies
and other supporting evidence in a manner and to the
extent
be
the
Jersey Corporation)
1936, and of the related state¬
income, earned surplus, and capital
ended those dates.
In connection
for
BUSINESS
operate the business in the Dominion.
The Borden
Company (a New
Company and its subsidiary companies
of December 31, 1937 and
therewith,
in
a
heretofore,
ments of consolidated net
surplus
remaining
AND
product and territorial
substantially all of the following
United States and in
Export
comparatively few subsidiaries conduct
business
Markets, while
Company:
We have made
ORGANIZATION
The
New York
ACCOUNTANTS' CERTIFICATE
The Borden
1737
CORPORATE
New York
West Virginia
Ohio
Wisconsin
Jersey
Oklahoma
The directors have submitted to both the
preference and common stock¬
holders a plan of recapitalization for their
Proposed Capitalization
The proposed capitalization on the basis of the
figures as of Dec. 31,
1937, after giving effect to the plan, and
assuming that ail preference stock
of the corporation is
exchanged under the plan, is as follows:
and
Prior preference stock, par value
$20 per share..100.000 shs.
Common stock (par $1)
approval.
In a circular, A. S.
Rodgers, President, says:
"During the last two years directors and management have given ex¬
tended consideration to various plans of
recapitalization designed to elim¬
inate the deficit in the capital account, and to eliminate
the accumulated
unpaid dividends on the preference stock on a basis which is fair
to
all of the stockholders; and after discussion with a
number of substantial
stockholders, the present plan, dated March 5, 1938, which is
believed to
be fair and equitable, is now submitted,
"The plan contemplates that each share of common
stock (no par), now
issued and outstanding, shall be changed into two-fifths of a
share of new
common stock (par $1), and that the
preference stock (no par), now issued
and outstanding, together with ail accumulated and
unpaid dividends
thereon, shall be exchanged on the basis of one share of new prior
preference
stock (par $20) and three shares of new common stock
(par $1) for one
share of preference stock and all accumulated and
unpaid dividends thereon.
"The new prior preference stock will carry dividends
at the rate of $2
per share per annum, payable quarterly, dividends to be
non-cumulative
to and incl. Jan. 31. 1941, and cumulative
thereafter; new prior preference
stock will be preferred over the present preference stock
and the new com¬
mon stock both as to earnings and
assets, will be red. after Jan.
1, 1942,
at $35 per share plus dividends, and will be entitled
on liquidation to
$25
per share plus dividends.
"From
the balance sheet it appears that as of Dec.
31,
the corporation's capital account of
1937, there was
$3,167,228. and that the
corporation had outstanding debentures, maturing Nov.
1, 1940, in the
principal amount of $725,500.
There must be applied to the
purchase or
redemption of these debentures $144,000 per year.
All interest on these
debentures to date has been paid and the sinking fund
requirements with
respect to these debentures have been complied with
by the corporation.
"In each of the years 1930 to 1934,
inclusive, the corporation suffered a
substantial loss from operations.
It made a net profit of $35,581 in
1935,
in 1936 a net profit of $z79,431, and in 1937 a net
profit of $299,136.
For¬
merly the corporation manufactured and sold both sewing machines
and
church and school furniture, but in 1931 its church and
school furniture
a
deficit in
business
discontinued.
In 1932 it also became dasirable to
change
substantially a portion of the corporation's sales program with
reference to
sewing machines.
Prior to 1932 a considerable part of the
sewing machines
manufactured by the corporation were sold
through branch offices of a
subsidiary located in various parts of the country, but in that
was
year it was
decided to close out these branch offices and to
replace the branch office
business by expanding the sales of sewing machines
through departments
department stores.
This shift in sales program
necessarily took con¬
siderable time to accomplish, but the corporation,
through its subsidiaries,
has been successful in greatly
expanding its department store outlets.
in
The department store operations have to date
proved quite
satisfactory.
"It seems desirable to rearrange at this time the
capital structure of the
corporation so that when funds are available for that
purpose dividends
can legally be declared and
paid.
This requires the elimination, at least
in substantial part of the deficit in the
corporation's capital account.
Also,
the accumulated and unpaid dividends on the
preference stock aggregate
$3,100,000 as of Feb. 1, 1938, which amount it seems certain the
corpora¬
tion cannot hope to pay during any reasonable
period of time, and it seems
desirable to eliminate these accumulated and
unpaid dividends on some
fair basis.
The plan Is designed to accomplish the results
Authorized
6%
consummate
Capitalization of Corporation
as
500,000 shs.
6% and participating sinking fund debentures,
due Nov. 1, 1940
(nopar),auth.andoutstanding_100,000shs.
Common stock (no par)
Consolidated deficit
400,000 shs.
,
Stated value $5,000,000.
y Stated, value $750,000.
Upon the preference stock there are accumulated and
Consolidated Income Account for Calendar Years
1937
1936
1935
1934
x$2,900,109
38,015
$2,659,056
$2,015,525
$2,063,517
62.825
191.138
154.366
$2,938,124
2.290.724
$2,721,881
2,135.111
$2,206,663
1,818,718
$2,217,883
1.883.946
$647,400
49,094
1,394
144,381
$586,770
63.258
1,129
147.667
$387,945
194,929
$333,937
172.480
1,573
200.430
55,000
Gross profit on sales
Other income
55.000
5,261
41,582
1O8S$82,129
Gross income
Sell., admin.& gen. exps.
Profit..
Interest on debentures..
Other interest
Depreciation
1'rov. for contingenciesLoss
on
capital assets
scrapped, &c
Prov. for normal Federal
income tax
150.804
1.370
5,894
$279,431
$35,582
$2.99
Net profit—
13.500
17.500
$299,136
Prov-. for Federal surtax.
9,285
42,000
50,500
$2.79
$0.35
Earnings
per
share on
100,000 shs. $4 conv.
preferred (no par)
x
After
Nil
deducting cost of sales amounting to $2,612,354.
Consolidated Balance Sheet Dec. 31
Assets—
c
1937
1936
Liabilities—
Property acct...$1,451,567 $1,581,644
Cash in workmen's
b Preferred
a
compensat'n ins.
Common
Funded
fund, &C-._
Misc. other assets.
67,896
58,794
9
9
Pats. & goodwill..
Cash
1
1
501,058
414,759
Cash with trustee.
24
.
debt
750.000
725.500
Reserves
1936
$5,000,000
750.000
909,500
332.952
Capital surplus...
.
267,964
1,411.686
1,411,686
4,873,526
300,167
1,027
369,319
1937
stock .$5,000,000
stock,
458,280
dNotes & accts.
rec
Instalment accts..
1
4,578.914
335,955
1,213,044
52,739
.
1
1,534,565
Inventories
Deficit
Current liabilities.
38,231
Deferred charges..
Total
$3,977,178 $3,765,792
Total
$3,977,178 $3,765,792
a Represented
by 200,000 shares of no par value,
b Represented by
100,000 shares of no par value,
c After depreciation of $2,110,381 in 1936
and $2,212,515 in 1937.
d After reserve for doubtful accounts and notes
of $119,410 in 1936 and $112,616 in 1937.—V. 146, p. 932.
(F. W.) Woolworth Co.—Sales—
Period End. Feb. 2 8—
Sales.
1938—Month—1937
1938— 2 Mos.—1937
$20,054,283 $19,758,433 $39,211,370 $38,408,346
—V. 146, p. 1093.
Worcester
Telegram Publishing Co.—To Increase Stock
Stockholders recently voted to increase capital stock from
15,000 $100
shares, to 150,000, $10 par shares, by issuing 10 shares of $10 par
stock, for each share of $100 par stock.—Y. 121, p. 3145.
par
See Sharon Steel Corp. above.—V. 141, p. 1954.
Outstanding
$725,500
xlOO.OOO
y200,000shs.
$3,167,228
x
unpaid dividends
of $31 per share as of Feb. 1, 1938,
aggregating $3,100,000.
Outstanding
$725,500
100,000 shs.
380,000 shs.
$202,771
Youngstown Pressed Steel Co.—Sale of Assets, &c.—
of Dec. 31, 1937
Authorized
Preference stock
the plan."
participating sinking fund debentures
Consolidated surplus
aforesaid.
"Inasmuch as it is not contemplated that
any meeting of stockholders
will be called to consider the plan until the board of
directors is assured
that the successful consummation of the plan is
probable, the proxy sent
to stockholders covers any meeting of stockholders
prior to Dec. 16, 1938,
called for the purpose of considering the
plan and the matters incident
to its consummation,
including the reduction of the capital of the
corpo¬
ration and the amendment of the certificate of
incorporation, and the
authorization of the board of directors and the officers
to do all
things
deemed by them to be necessary or desirable to
and
Yukon
Gold Co.—Dividend Reduced—
The directors have declared a dividend of four cents per share on the
capital stock, payable March 25 to holders of record March 15.
This com¬
pares with nine cents paid on Dec. 22, last; six cents paid on Sept. 24 and
on June 22, last; five cents paid on Dec. 31, 1936, and a dividend of
eight
cents per share paid on Oct. 21, 1936, this latter being the first dividend
paid on this issue since June 29, 1918, when 2H cents per share was distri¬
buted.—V. 146, p. 1266.
Financial
1738
Friday Night, March 11, 1938
the
5th' inst.
futures
closed
unchanged to
5
points lower in the Santos contract, with sales of 28 lots.
points lower, with transactions
only 4 lots.
Actuals were quiet, and there were no changes
of importance at primary sources.
It was believed that the
greater part of the business entered on the selling side was
through New Orleans sources, while the buying was scattered.
Havre closed unchanged to iy2 francs lower.
Brazil prices
were
unchanged.
Receipts at the Port of Santos were
50,000 bags on Friday, making total stock 2,145,000 bags.
On the 7th inst. futures closed 6 points up to unchanged in
The Rio contracts closed 1 to 4
of
the Santos contract, with sales totaling 24 contracts.
Rio contract closed 2
The
with only one sale of 1 con¬
tract.
The coffee market was extremely quiet, as all sections
waited for developments in actuals or March transferable
notices.
Santos contracts opened 1 higher and held there
during most of the early session.
Rio contracts were 2
higher in the early afternoon.
Cost and freight offers from
Brazil held unchanged, with Santos 4s at from 6.50 to 7.00c.
However, one lot of lightish, small bean 4s were offered at
6.15c.
for
prompt shipment.
Milds continued steady.
Following a sale of nearby Manizales at 9^c., 9%c. was still
asked on further coffees.
Havre futures were 2to 3 l/i
francs higher.
On the 8th inst. futures closed 6 points
higher to 2 points lower in the Santos contracts, with sales
totaling 57 lots.
The Rio contracts closed 3 points higher to
1 point lower on sales of 5 lots.
Switching from March to
December at 48 to 50 points accounted for about 10 lots of
total.
Longs moved forward, selling March to complete the
transaction and buying later months.
As a market factor,
announcement that Brzail had destroyed 316,000 bags of
coffee in the last half of February, making the total for the
month 719,000 bags, against 1,104,000 bags in January
was without significance.
Brazil since 1931 has now des¬
troyed 58,554,000 bags.
Receipts at the Port of Santos
today were 27,000 bags, making stock 2,173,000 bags.
Havre closed 23A francs to 3 francs higher.
On the 9th inst.
futures closed 2 points lower to 2 points higher in the Santos
contracts, with sales totaling 82 lots.
The Rio contracts
closed 1 point higher to 2 points lower, with sales of 12 lots.
Short covering of March on the opening in the Santos con¬
tract put that month up 4 points to 6.58c., but at that level
it was at a point where it invited selling against actuals,
which
for
and in
some
points
time
at
have
up,
been
less.
in
the
market
at
6.50c.,
The
buying power seemed to
peter out immediately after the opening, ana the only demand
was on the scale down.
The Havre market closed 2% to 6
francs higher.
Rio 7s in Brazil's spot market were 100 reis
higher at 12.100.
Receipts at Santos today were 18,000
bags and stock amounted to 2,191,000 bags.
On the 10th inst. futures closed 1 to 7 points lower in
Santos contracts, with sales totaling 42 lots.
The Rio-con¬
tracts closed 1 point lower to 5 points higher, with sales
totaling 2 lots.
No notices have appeared against the
March position as yet, but despite the lack of notices that
month on liquidation was 7 points lower, selling at 6.45c.
The Brazilian spot markets were unchanged.
Receipts at
the port of Santos were 26,000 bags and stock amounted to
2,170,000 bags.
Today futures closed 5 to 8 points up in
the Santos contracts, with sales totaling 48 contracts.
The
Rio contracts closed 2 points down to 3 points
up, with sales
totaling 4 contracts.
The coffee market advanced slightly
on what appeared to be trade
covering.
There are still no
tenders against March contracts.
Santos contracts opened
1 point higher to 3 lower, while Rios were
unchanged ini¬
tially.
Later Santos were unchanged to 6 points higher,
with December at 5.05c., up 6 points, while Rios were 1 to
2 lower, with May at 4.27c., off 2
points. Cost and freight
offers from Brazil were still in the
range which has held for
over
a month—Santos 4s.
being offered at from 6.50 to
7.00c.
Mild coffees were also steady, with Manizales not
available at under 9%c.
Havre futures were 2 to ZlA francs
lower, but this market no longer serves as a yardstick for
some
cases
international coffee values.
Rio coffee
prices closed
March
as
follows:
-.4.52
May
July
4.32
September
4.10
December
4.10
4.10
Santos coffee
prices closed
March
May
July
-
as
follows:
6.45 September
6.17 December
6.06
6.05
6.05
Cocoa—On the 5th inst. futures closed 8 to 9
points net
The opening range was 3 to 6 points off.
Transac¬
tions totaled 188 lots or 2,519 tons.
London outside
lower.
prices
rallying power
during the closing session of the week, even though there had
been a steady decline for the previous three days.
Factors
ran
6d.
lower.
Cocoa futures
showed
no
12,
1938
accountable for the decline seemed essentially the same as had
been the case most of the week. Tired longs were liquidating.
COMMERCIAL EPITOME
Coffee—On
March
Chronicle
short selling, although this seemed
closing:
March, 5.54; May, 5.58;
July, 5.60; Sept., 5.62; Oct., 5.65; Dec., 5.70.
On the 7th
inst. futures closed 8 to 10 points net higher.
The opening
range was 1 to 4 points higher.
Transactions totaled 270
lots, or 3,618 tons. - London came in firm also.
The outside^
market there ran 6d. higher, while futures on the Terminal
Cocoa Market ranged 13^d. to 2d. stronger, with sales of
600 tons.
Local closing:
March, 5.(53; May, 5.67; July,
5.68; Sept., 5.72; Oct., 5.75; Dec., 5.78.
On the 8th inst.
There
rather
was
also
light.
some
Local
futures closed
18 to 13 points higher.
The opening range
points higher compared with the previous day's
finals.
Transactions totaled 262 lots or 3,511 tons.
London
noted a 3d. decline on the outside, and ran 3d. lower to 13^d.
higher on the Terminal Cocoa Market, with 410 tons trading.
In the local market a lack of offerings from primary sources,
plus the continued strength on foreign markets, brought
about further short covering here.
There was also some
taking in of hedge lines.
The rally seemed a further natural
reaction following last week's extended losses, rather than
the reflection of any new developments in the general cocoa
situation.
Local closing:
March, 5.80; May, 5.84; July,
5.85; Sept., 5.86; Oct., 5.88; Dec., 5.93.
On the 9th inst.
futures closed 6 to 8 points down.
The opening range was
unchanged to 3 points off.
Transactions fell to 174 lots, or
2,332 tons.
London came in 6d. higher on the outside,
while futures on the Terminal Cocoa Market ranged un¬
changed to l^d. higher, with 750 tons trading.
March
notices continue to come forward freely in the local market,
70 more being tendered today and stopped promptly.
It
was reported the leading manufacturer account took care of
these tenders, which now amount to 703 lots.
Local closing:
March, 5.74; May, 5.77; July, 5.77; Sept., 5.79; Dec., 5.87.
On the 10th inst. futures closed 14 to 12 points net lower.
The opening range was 2 points off to 1 point up compared
with the previous day's finals.
Sales were only 89 lots or
3 to 11
was
1,193 tons.
London
came
in 3d. lower
on
the outside and
13^d. higher to 43^d. lower on the Terminal Cocoa Market,
with 600 tons trading. The Mar. contract did very little. There
were no further transferable notices. Local
closing: Mar., 5.60;
May, 5.63; July, 5.64; Sept., 5.66; Oct., 5.69; Dec., 5.75.
Today futures closed 12 to 9 points net higher. Transactions
totaled 144 contracts.
The market was steady, unchanged
to 1 point higher this afternoon.
March then was selling
at 5.60c.
Trading was quiet, with a total of only 100 lots
to that time.
It was reported that 15,500 bags of cocoa had
cleared from West African ports but that none was Gold
Coast cocoa.
Total afloats to United States ports are esti¬
mated at 155,900 bags.
Warehouse stocks decreased 5,000
bags. They now total 598,970 bags. % Local closing: March,
5.72; May, 5.74; July, 5.75; Sept., 5.77; Oct., 5.80; Dec.,
5.84; Jan., 5.88.
Sugar—On the 5th inst. prices closed unchanged to 1 point
higher. The opening range was unchanged to 2 points higher.
Trading was very quiet during this short session, the general
disposition being to keep to the sidelines pending further
developments.
Cane sugar refiners today reduced their
price 10 points to 4.65c. as spot raw sugar declined to 3.08c.,
the lowest
March 27, 1935.
Current market weakness
by Secretary Wallace inferring
that prices both for refined and raw sugar were high enough
or too
high. In the market for raws one sale of 40,000 bags
of Puerto Ricos for second-half March
shipment to Savannah
was effected at 3.08c.
Other sales at the same price were
believed to have been done, and on the strength of these
views the spot price was reduced to 3.08c., the lowest in
3 years.
The world sugar contract closed unchanged to
llA points lower, with sales of only 29 lots. On the 7tn inst.
futures closed 1 point down in the domestic contract, with
sales totaling 44 contracts.
The world sugar contract closed
1 Yi points down, with sales totaling 33 contracts.
Domestic
sugar futures opened 1 to 2 points lower and held there in
quiet trading.
In the raw market American secured 1,000
tons of Puerto Ricos, ex-store, at 3.07c., off a point and the
lowest raw price since March, 1935, when the low was 3.00c.
Parcel lots were offered at 3.08c. and cargoes at 3.10c., but
refiners were not showing interest in nearbys at above 3.05c.,
but might pay 3.08c. for May arrival sugar.
All cane
refiners are now at $4.65, Sucrest $4.55, while western beet
processors are quoting $4.55, maintaining the 10c. differ¬
ential.
New business is very light.
London futures were
H to Id. lower, while raws there were offered at 5s. 4k£d.
against 5s. 5^d. on Saturday.
On the 8th inst. futures
closed 1 to 2 points lower.
Increased hedge selling by trade
since
reflects the recent statement
and
Cuban houses weakened the domestic sugar contract
today.
market
price.
/
Confidence in the
badly shaken by Secretary Wallace's viewsjof
Since then scale down covering has been serving as
Transactions totaled 289 lots.
was
Volume
146
the cushion.
Financial
Very little
buying has been in evidence.
Switches lifted the volume of business by 98 lots.
In the
market for raws 2,000 tons of Cubas for prompt shipment sold
at 2.15c. cost and freight, equal to 3.05c. delivered
today, to
Imperial. At the close there were further buyers at the 3.05c.
basis and while sellers were asking 3.08c.,
they were willing
to shade that price on a bid.
The world sugar contract
closed unchanged to 34 point higher.
Transactions in this
market totaled
64 lots.
new
More than half the
business rep¬
resented
switching of July for September at a difference of
2Yi points. London prices were 34d. to Id. lower and raws
there broke through the lc. level on a Cuban equivalent.
Raw sellers were asking 5s. 3d., equal to .99c. f. o. b. Cuba
with freight at 16s. per ton.
On the 9th inst. futures closed
unchanged from the previous day's finals.
Sales were 151
lots, of which 100 were in the September position at 2.19c.
and 2.20c.
Activity generally represented short covering and
hedging, but there was some scattered new demand and
liquidation.
No business was effected in the raw sugar
market today,
but the* best buying interest was 3.05c.,
delivered, for March arrival. A cargo of Puerto Ricos was
offered for second half
world
or
late March arrival at 3.07c.
The
contract closed 134 to 234 points lower, with
transactions totaling 247 lots.
All months dropped to new
sugar
low ground in this contract
today as Cuban hedge selling
and liquidation increased.
At their lowest point prices were
234 to 334 points under the previous close.
London raws
continued easy.
Sellers were asking 5s. 234d., equal to .98c.
f. o. b. Cuba, with freight at 16s.
per ton.
On the 10th inst. futures closed
points net higher.
covering attracted new buying, and sugar
futures as a result of this demand rose rather
sharply 4 to 5
points. There was some profit taking on the bulge and some
gains
were
reduced.
Transactions totaled 434 lots.
Reports that difficulty at arbitration of the recent labor
might lead to another strike of the
stevedores, was believed to have been a factor in the early
trouble in Puerto Rico
advance.
At
3.07c.
for
prompt
arrivals
and
3.10c.
for
forward
shipments refiners yesterday bought about 25,000
tons of raw sugar today.
The 3.07c. price is 2 points better
than refiners were reported to be interested at in the
previous
session, and represents a new spot.
The sales at 3.07c.
included 3,500 tons of Philippines, due March
20, and
4,300 tons of Puerto Ricos, late March, loading, both to
National; 1,000 tons of Philippines, due March 14, to
Arbuckle; 3,000 tons of Philippines, due March 20th, to
McCahan; 1,000 tons of Philippines, early April arrival, to
Revere. World sugar ruled
irregular in quiet trading, ending
1 point higher to
134 lower. Sales 74 lots. Today futures
closed 2 to 3 points up.
Sales totaled 326 contracts in the
domestic contract. Domestic futures
Gains of 3 to 4 points had been
were again in demand.
registered up to early after¬
buying was against sales of actuals. ' In
the raw market National
bought 6,000 tons of April-May
Philippines at 3.10c., and an operator 7,000 tons. American
secured 1,000 tons of
Philippines, due March 17th, at 3.07c.,
noon.
Some of the
and Revere
due
the
was
middle
credited with paying 3.09c. for 3,000 tons
of
April.
Generally 3.10c. was asked on
while for distant shipments sellers were asking
nearby
sugais,
3.12c.
New business in refined has
so far been
very meager.
World sugar contracts opened 1 to 1
34 points lower and later
were y2 to 1
lower, with September at 1.03c., off y2 point
after touching a new low at 1.02c.
London futures were
Y2 to Id lower. Refiners there were still showing no interest
in
1739
$9 to $9.80, the top price registering $9.80. Total
receipts
at the leading Western markets amounted to
48,200 head,
against 69,200 head for the same day a year ago. On the
9th inst. futures closed 7
points off on all deliveries. The
market opened 2 to 5 points higher.
Shortly after the session
got under way considerable selling developed, causing
prices
to
drop 10
15 points from the early highs.
There was
rally from these levels. Export shipments of
to
very little
lard today were 5,600 pounds, destined for
Glasgow. Liver¬
pool lard futures closed 3d. higher to 3d. lower. Hog prices
at
Chicago closed 25c. lower. Sales were reported throughout
day at prices ranging from $8.75 to $9.60. Total receipts
the
for
the Western run were 47,200
head, as against 70,000
head for the same
day last year.
On the 10th inst. futures closed 2 to 5
points net lower.
The opening range was 2 to 5
points higher. Trading was
quiet, with a heaVy undertone prevailing during most of the
Export clearances of lard from the Port of New
York totaled only 13,125
pounds, destined for Antwerp.
Liverpool lard futures were easy and closing prices were
6d to 3d lower.
Chicago hog prices on the close were mostly
15c. higher, with the demand fair.
Total receipts for the
Western run were 35,300 head
against 48,000 head for the
same day last
year.
The top price for the day was $9.70,
with sales generally
ranging from $9 to $9.60.
Today
session.
futures closed 12 to 15 points net lower.
This heaviness of
was rather
surprising in view of the firmness of the
lard
markets.
'■■
;.
•
■'>;-■:■'
grain
'■};
>.////
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
1 to 2
Nervous short
of the
Chronicle
'
Sat.
Mon.
Tues.
Wed.
9.07
9.05
8.95
9.30
9.25
9.45
9.02
9.25
9.45
Thurs.
8.72
Fri.
8.92
9.17
8.92
9.12
9.12
9.37
March
9.35
9.35
8.75
May
July
September
9.47
Cottonseed Oil, sales, including switches, 130 contracts.
Crude, S. E., 7c.
Prices closed as follows:
March
May..
8.35
8.25
8.24
June
8.25<
April
July
August
September
n
8.24 @
8.25@
8.30 @
8.27 @
October
n
-
8.29
Pork—(Export), mess, $28.3734 per barrel (per 200
pounds); family, $29.50 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export) steady. Family (export), $27 per
barrel (200 pounds), nominal.
Cut Meats: steady. Pickled
Hams: Picnic, Loose, c.a.f.—4 to 6 lbs., 1334c.; 6 to 8
lbs.,
12j4c.; 8 to 10 lbs., 1134c.
Skinned, Loose, c.a.f.—14 to
16 lbs., 17%c.; 18 to 20 lbs.,
1534c. Bellies: Clear, f.o.b.
New York—6 to 8 lbs., 20c.; 8 to 10 lbs., 1934c.; 10 to 12
lbs., 17%c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16
to 18 lbs., 1234c.; 18 to 20 lbs.,
12^c.; 20 to 25 lbs., 1234c.;
25 to 30 lbs., 1224c.
Butter: Creamery, Firsts to Higher
than Extra and Premium Marks: 27c. to 3034c.
Cheese:
16c. to 22c.
Eggs: Mixed Colors, Checks to Special Packs:
16c. to 1934c.
^'7".'.:"■
:
Oils—Linseed oil in tank cars is quoted 9.3 to 9.5c. per lb.
Quotation?:/ China Wood: Tanks, spot and nearby, 13c.;
May, forward, if shipped, 13c.; Drums, 14c.
Coconut:
Tanks, .0334; Pacific Coast, .03 J4Corn: Crude, West,
tanks, nearby, .0734 to .08. Olive: Denatured, spot, drums,
$0.97)4 to $1.00. Soy Bean: Crude, tanks, West, forward,
.0634 to .0634.
Edible: 76 degrees, 10c.
Lard: Prime,
1034c.; Ex. winter strained, 934c. Cod: Crude, Norwegian,
light filtered, 3234c. Turpentine: 32 to 34c. Rosins: $5.05
to
$7.75..r/v:;/^:^4-.;V;v■";/.//• •/■:,V,;,
raws.
Rubber—On
Closing prices
March
were as
...
May
July
follows:
2.20
2.10
2.22
net lower.
September
January (new)
2.24
2.19
March (new)
2.20
Lard—On the 5th inst. futures closed 5
points net lower
all active deliveries.
The opening prices were 2
points
lower, but eased off further as a result of speculative
on
selling.
irregular, and prices at the close
higher. Hog prices at Chicago were
steady at Friday's average. Total receipts at the
leading
Western hog markets amounted to
9,600 head, against 17,015
head for the same day last
year.
Scattered sales were re¬
ported at prices ranging from $8.60 to $9.60. On the 7th
inst. futures closed 2 to 5
points net lower. Light buying in
the early session sent prices 2 to 5
points higher, which gains
were
subsequently erased by some selling for trade account.
Liverpool lard futures
were
were
3d. lower to 3d.
Over the week-end export clearances of lard from
the Port of
York were very heavy and totaled
New
destined for Hull and New Castle.
546,000 pounds,
Last week export sales
heavy to the United Kingdom. Liverpool closed un¬
changed to 3d. lower today. Western hog
receipts were
under expectations, and as a result
prices at Chicago ad¬
vanced 15c. to 25c.
The top price for the
day was $10.
Sales generally ranged from $9.25 to
$9.90. Total receipts
for the Western run were 63,600
head, against 65,500 head
for the same day last year. On the 8th
inst. futures closed
2 points lower to 2 points
higher. The opening range was
unchanged to 2 points higher compared with the
previous
day's finals. Trading was dull, with the news
containing
nothing of a stimulus to prices. Lard exports from the Port
of New York were
heavy and totaled 486,556 pounds, des¬
tined for Liverpool, London and Manchester.
Liverpool
lard futures were also very quiet, with final
prices unchanged
to 3d. higher.
Hog prices at Chicago closed 15c. to 25c.
lower, due to a slow demand. Sales generally ranged from
were
Trading
the 5th inst. futures closed 8 to
The opening range
was
was
light and devoid of
3 to
any
15
points
14 points low^r.
particular feature.
Standard sheets at the end of this week closed at 14 9-16c.,
compared with 1434c. for the previous period, a decline of
The London market was reported quiet today and
l-16c. easier, while Singapore came through quiet and 34c.
lower.
Local closing: March, 14.45; May, 14.60; July, 14.70;
Sept., 14.81; Dec., 15.00.
On the 7th inst. futures closed
5 points lower to 2 points up.
The opening range was 1 to 7
points higher, with prices moving within a very narrow
margin.
The principal feature of the trading was some
commission house selling and trade buying.
Sales totaled
920 tons.
The London and Singapore markets closed quiet
and steady, respectively, the former unchanged to l-16d.
lower, while the latter moved up l-32d. to l-16d.
The out¬
side spot price in the local market remained the same as
Saturday's at 14 9-lGc.
Local closing of futures was:
March, 14.47; May, 14.55; July, 14.66; Sept., 14.82; Dec.,
as
3-16c.
14.99; Jan., 15.05.
On the 8th inst. futures closed 6 to 14
points net lower.
The opening range was 3 to 8 points
higher compared with the previous day's finals.
Prices fell
off in the later trading on persistent selling by the trade,
this pressure evidently influenced
by weakness in other
commodity markets.
Transactions totaled 2,200 tons.
The London and Singapore markets closed quiet and
steadyrespectively, the former l-16d. lower, while the latter ad¬
vanced 1-32 to 1-16d.
The domestic spot price in the out¬
side market was reduced 34 to 14 7-16c.
Local closing:
March, 14.38; May, 14.48; July, 14.59; Sept., 14.63; Oct.,
14.75; Dec., 14.85.
On the 9th inst. futures closed 1 point
lower to 8 points up.
The market continues to rule quiet.
Prices started unchanged to 10 points off.
There were 54
more transferable notices issued
today, bringing the total
for March up to 194 to date.
Activity on the Commodity
Exchange comprised trade buying and selling and some com-
1740
Financial
Chronicle
March
12,
1938
*
mission house
liquidation.
Transactions totaled 1.540 tons.
Local closing: March, 14.37; May, 14.50; June, 14.56; July,
14.62; Sept., 14.74; Oct., 14.80; Dec., 14.92.
On the 10th inst. futures closed 5 to 9 points net higher.
The opening range was 2 to 9 points higher on the higher
foreign cables, prices moving within a very narrow range
the balance of the session.
The spot quotation on the actual
market moved l-16c. higher, with spot at 14He.
Twentyfive more transferable notices were issued bringing the total
to date
to 219 notices.
Transactions in futures today
totaled only 760 tons.
Local closing: March, 14.45; May,
14.59; July, 14.70; Sept., 14.81; Dec., 14.98. Today futures
closed 14 to 20 points net lower.
Transactions totaled 217
contracts.
Lower cables and the heaviness of stocks caused
selling of rubber futures.
The market opened 11 to 20
points lower and was easy throughout the morning on sales
of 1,450 tons.
In early afternoon May stood at 14.38c., off
21 points, and July at 14.48c., off 22.
Distant positions hit
new seasonal low prices on the decline.
The London market
closed l-16d. to 3-16d. lower, but Singapore was unchanged.
It' was estimated that United Kingdom stocks would show
an increase this week of 1,300 tons.
Local closing: March,
14.30; May, 14.45; July, 14.55; Sept., 14.66; Oct., 14.70;
Dec., 14.78.
Hides—On the 5th inst. futures closed 8 to 10 points net
Trading was limited, though the undertone im¬
proved as the session progressed. Following an irregular
opening with first prices from 16 points decline to 5 points
advance, the list worked gradually higher under light buying.
Transactions totaled 760,000 pounds.
There has been a
marked improvement in sentiment in the domestic
spot hide
market, according to close observers. This is said to be the
higher.
result of the recent sizable movements into
manufacturing
channels.
Local closing: March, 9.26; June,
9.60; Sept.,
9.92; Dec., 10.23. On the 7th inst. futures closed 20 to 27
points net higher. The opening range was 10 points off to
•10 points up, the list working higher under
covering and
scattered buying and when the final bell
rang, prices were
holding at the highs of the day. The marked improvement
in futures
was attributed to the better
feeling evident in
domestic spot hide circles. It is estimated that on
Saturday
there were 100,000 calfskins sold in the West at
He. to lc.
above last previous business. Business in hide futures
today
was moderate, the turnover
amounting to 4,000,000 pounds.
Local closing: March, 9.53; June,
9.80;
Sept., 10.13; Dec.,
March-April,
15s.
Philippines to United
Cuba to Antwerp, April, 15s 6d.
$8.50.
Coal—An interesting
the announcement
was
development of the week in coal
by the Interstate Commerce Com¬
10
days notice. It is believed that the only ones to be
by the increase will be the ultimate consumer of
coal. Several anthracite factors here state that prices usually
drop some time around April 1st and that a good deal
depends on when the new freight rates are announced. It is
expected that consumers of hard coal will enter the market
and purchase coal before the new rates are issued and after
the spring reduction in price.
At present the demand for
on
effected
anthracite in New York for the smaller sizes is reported as
fairly good in comparison with the larger grades, which are
running slow. It is stated that with the current curtailment
in production and the fact that th,e shipments of coal from
the mines have been tied up on the tracks, buckwheat coal
in New York is difficult to be had.
Metals—The report
of Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
appearing at the end of the department headed
"Indications of Business Activity," where they are covered
more fully.
and
articles
Wool—The wool situation has not changed
materially
during the past week, though now viewed as having more
promise. Better prices in Australasia and Texas are welcome
developments. Government assistance to growers on their
unsold wools, when available, is expected to stiffen the
Western basis and prevent wool from receding below a 60c.
scoured basis.
It is a question, however, what will
happen
to the new clip as loans are not to be made for wool
yet on the
sheep's back, which at this time is approximately 95-97% of
the expected 1938 clip.
The Administration, however, has
thus far done so little for wool growers and the wool bloc in
Congress is so powerful that wool growing interests are not
likely to find much to complain of in the matter of direct
Government assistance during this unusually hazardous
year
for wool as well as for its manufacturers.
It is reported that
arrangements whereby the Commodity Credit Corporation
will be in a position to provide crop loans under the farm bill
are about
completed and around the middle of the month
10.44.
the
announced.
the lows when the
session ended.
considerably up from
Trading was relatively
light, with sales totaling 3,000,000 pounds. No news of
importance was received in connection with the domestic
spot hide situation during the course of the day. There were
no spot sales
reported in the Argentine market. Local closing:
March, 9.48; June, 9.67; Sept., 9.99; Dec., 10.29; March,
10.59.
On the 9th inst. futures closed 4 to 5
points off.
Trading was light and prices moved within a narrow range.
The opening range was unchanged to 8
points off compared
with the previous day's finals. Transactions totaled
2,280,000 pounds.
Stocks of certificated hides in warehouses
licensed by the Exchange increased
by 1,033 hides to a
total of 759,514 hides.
No
new
developments were reported
Argentine spot hide market. Local
closing: March, 9.39; June, 9.64; Sept., 9.93; Dec., 10.24.
On the 10th inst. futures closed 1 to 4
points net higher.
The opening range was 19 points decline
to 2 points advance.
The list moved within a narrow
range during most of the
session, which was an unusually quiet affair. Stocks of cer¬
tificated bides in warehouses licensed
by the Exchange in¬
creased by 1,023 to a total of
760,537 hides. Transactions
in the local futures market totaled
1,840,000 pounds. Local
closing: March, 9.38; June, 9.60; Sept., 9.90;
Dec., 10.21.
Today futures closed 19 to 16 points lower. Transactions
either in the domestic
or
totaled 99 contracts. Raw hide futures
declined in
with the stock market.
The opening was 10 to 43
sympathy
points net
lower, but the market's tone improved thereafter with the
result that in early afternoon
prices were only 15 to 17 points
lower on sales totaling 2,160,000
pounds.
June then stood
at 9.45c. and Sept. at 9.73c.
Certificated stocks in ware¬
houses licensed by the
to
a
total
of
Exchange increased by 1,057 hides
761,594 hides.
Sept., 9.74.
Ocean
Local
closing:
June,
9.41;
Freights—The market for charters was
fairly
with the demand for tonnage to
transport scrap
especially active to the Far East. Charters included:
Scrap:
Gulf to Japan, April, 20s 6d.
Atlantic or Gulf to Japan,
April, 20s Atlantic loading, 21s Gulf loading. Fixed
through
Pacific Coast, Hampton Roads to
Japan, April, $5.10.
Atlantic range to Japan,
March, 20s. Los Angeles to Japan,
April 15.-31, $4.75. Gulf to Japan, March 20s 6d. Grain:
Gulf to Antwerp, Rotterdam or
Amsterdam, March 20April 5, 2s 7Hd, option United Kingdom, 2s
10Hd. Gulf to
Antwerp or Rotterdam, end March early
April, 2s 6d,
option United Kingdom 2s 9d. Gulf to
Antwerp or Rotter¬
dam, April, 2s 6d, option United Kingdom 2s 9d.
Sugar:
San Domingo to U. S.-Continent, end of
March early April,
15s lHd.
San Domingo to L.L.G.A.R.A. March
25-April,
15s lHd.
San Domingo to United Kingdom-Continent.
active,
April,
mission that freight rates on anthracite coal will be advanced
10c. per ton. Bituminous and lignite coke are exempt from
the general increase.
The new rates will become effective
lower.
On the 8th inst. futures closed 10 to 15
points net
The opening range was 18 to 28
points below the
previous day's finals. The market improved a little during
the subsequent dealings, with prices
States,
size
of
the
wool loan
and
its
terms
will
probably be
Silk—On 7th inst. futures closed
unchanged to lc. higher.
At the
opening prices
were
He. easier.
Trading
was
quiet
and without special feature, transactions
totaling 470 bales.
The average quotation of crack double extra remained
un¬
changed to S1.67H-
The Japanese markets came through
lower, with moderate trading reported.
Yokohama re¬
ported a lower spread of 6 to 10 yen and Kobe 3 to 8 yen less.
Grade D closed at 725 yen in both
cities, 2H yen weaker.
Spot sales totaled 600 bales, while futures amounted to 1,975
bales.
Local closing:
March, 1.59; April, 1.58; May,
1.56H; July, 1.55; Aug., 1.52H; Sept., 1.52H; Oct., 1.52.
On
the
8th inst. futures closed
unchanged to lc. higher.
opening prices were He. lower compared with the pre¬
vious day's finals.
Influenced by a weaker securities market
prices drifted somewhat lower, but rallied somewhat in the
The
later session.
Trading was a little heavier than the previous
day, with 930 bales changing hands.
The principal feature
of the day's activities was trade
switching after the new
differentials
out.
The average quotation of crack
remained the same at $1.67H«
Japanese
markets continued to rule weaker and moderate in
activity.
Yokohama showed a range of 1 yen higher to 3
yen lower,
while Kobe came through 1 to 4
yen easier.
Grade D re¬
mained unchanged in both markets at 725
yen.
Spot sales
totaled 775 bales for Yokohama and
Kobe, with futures
double
came
extra
totaling
1,675 bales.
Local closing:
March, 1.60; May,
1.56H; July, 1.55; Aug., 1.53H; Sept., 1.53; Oct., 1.53.
the 9th inst. futures closed
He. to lc. higher.
The
market opened He. up on the active options.
Trade switch¬
ing was the feature of the trading in a realatively dull
day.
On
The volume totaled
only 240 bales.
The average quotation
of crack double extra
again remained the same at
Japanese
$1.67H.
markets
Yokohama showed
ruled
higher
and
moderately
active.
gain of 5 to 8 yen and Kobe ran up 4 to
6 yen.
Grade D closed at 727 H yen in Yokohama, up 2H
yen, and advanced 5 yen at Kobe to close at 730.
Spot sales
in the Japanese markets totaled 675
bales, while futures
totaled 1,875 bales.
Local closing:
March, 1.61; May,
1.57; July, 1.55H; Aug., 1.54; Sept., 1.54; Oct., 1.53Ha
On the 10th inst. futures closed 1 to 2c. net lower.
After
opening unchanged to He. lower on the weakness of the
Japanese cables, the silk futures market moved within a
narrow
range until towards the close when prices eased in
sympathy with an easing stock market. Volume was slightly
better than the previous
day, with 460 bales changing hands.
The principal feature of the
day was continued trade switch¬
ing. The average quotation of crack double extra remained
unchanged at $1.67H.
Yokohama came through with a
spread of 1 yen higher to 3 yen lower, while Kobe was 1
yen up to 2 yen down.
Grade D closed at 730 yen in both
cities, 2H yen better at Yokohama and unchanged at Kobe.
Spot sales totaled 850 bales, while futures amounted to 1,425
Volume
bales.
146
Financial
Chronicle
1741
Local
closing: March, 1.60; May, 1.56; July, 1.54;
Aug., 1.52^; Sept., 1.52; Oct., 1.52.
Today futures closed
x/l to lc. down. Transactions totaled 116 contracts. With
Japanese cables lower and the spot market easier, selling
felt in the silk future market in somewhat more
active trading.
In the early afternoon the market was un¬
changed to lc. lower, with May at $1.56 and July at $1.53.
pressure was
Transactions
then
double extra silk
totaled
620
bales.
The
price of crack
]/<&. lower at $1.67 a pound.
Yoko¬
hama Bourse prices were 5 to 10
yen lower.
Grade D silk
declined 23^ yen to 7273^ yen a bale. Local closing: March,
1.59K; April,* 1.573^; May, 1.55^; June, 1.54; July, 1.53;
Aug., 1.51)4; Sept., 1.513^: Oct., 1.51.
was
From,
Aug. 1, 1937
Exported to—
to
Mar. 11. 1938
Great
Exports from—
Britain
Galveston
Houston
265,915 172,440
238,024 155,356
90,344 73,800
Corpus Christi
Beaumont
Ger¬
France
61
4,231
384,313 232,756
23,296
6,795
82,889 18,522
New Orleans.
Lake Charles.
Mobile..
Jacksonville..
Pensacola, &c.
Savannah
1,543
36,613
60,637
Charleston
Italy
many
The
2,675
Movement of
the
Crop,
as
indicated by
93,498
13,085
our
tele¬
ending this evening the total receipts have reached 92,663
bales, against 82,658 bales last week and 86,327 bales the
previous week, making the total receipts since Aug. 1, 1937,
6,567,777 bales, against 5,656,873 bales for the same period
of
1936-37,
showing
increase
an
since
910,904 bales.
Aug.
1937,
1,
V,v
of
T
T
Sat.
Galveston
3,011
1,061
3,259
14,049
Houston
Corpus Christi.
Mon.
_
New Orleans
Mobile
7,900
875
Wed.
Thurs.
3,213
1,825
1,460
4,584
16,708
3,119
30
302
376
273
475
179
736
47
98
Pensacola, &c_._
Savannah.
Tues.
Fri.
Total
3,730
1,093
3,314
■
4,340
174
828
210,77
14,060
4,142
46,114
1,022
2,487
7,746
42
'
8
60
499
•
•*
4.536
100
676
59
463
607
Lake Charles
Wilmington
1,226
1,746
20",509
6,889
5,341
2,157
904
979
60
"420
222
202
99
81
474
152
63
218
106
60
649
"398
56
241
"561
"322
20,313
649
16,511
92,663
21,865
14,759
22,788
7,622
9.118
The following table shows the week's
total receipts, the
Aug. 1, 1937, and the stocks tonight, compared
with last year:
1,162
1937-38
Mar. 11
Total
Since Aug
Week
Galveston
1,1937
21,077 1,801,242
14,060 1,727,396
4,142
397,441
10,841
46414 1,894,431
1,022
186,703
499
72,730
3,607
1,226
122,247
1,746
181,903
183
78,138
1,265
23,357
680
50,277
This
Week
Corpus Christi
Beaumont
New Orleans—
Mobile
Pensacola, &c
Jacksonville
Savannah
Charleston
Charles
Wilmington
Norfolk
1, 1936
1938
9,679 1.622,631
5,182 1,222,187
452
282,743
22,936
40,962 1,765 944
5,037
224,921
88,189
3,615
2", 369
119,529
1,703
153,889
10
54,783
592
21,551
729
32,833
New York
Boston
"649
Baltimore
Totals
"17",464
92,663 6,567,777
1937
1,239
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
Total 1936-37
Total 1935-36
1937-38
21,077
14,060
46,114
1,022
1,226
323
3,513
975
3,827
1,225
41422
42,859
35,528
504,767
85,685
5.208
1,981
155,546
38,546
11,662
20,393
32,874
67,954 5.656,873 3,012,538 1.852.249
1936-37
1935-36
9,679
5,182
40,962
5,037
2,369
1934-35
7,809
12,086
12,867
1933-34
5,524
5,557
8,299
1,064
774
1,116
803
"
"
Charleston
1932-33
27,751
14,119
22,199
1,115
1,615
3,751
13,353
15,670
14,219
"""495
510
567
1,746
1,265
T.703
"l",099
1.890
592
6
178
210
680
145
729
597
1,187
701
884
All others
"5,473
"l",70i
"2",280
"""576
"7",6i4
"2~,7i5
Total this wk.
92,663
67,954
38,439
24,287
80,965
48.558
Wilmington.
_
"""904
Newport News
Since Aug. 1__ 6,567,777 5,656,873 6,078,934
3,694,400 6,388,186 7,260,657
The exports
for the week ending this evening reach a total
of 122,922 bales, of which 42,561 were to Great
Britain,
7,557 to France, 11,328 to Germany, 11,464 to Italy, 22,762
to Japan, 3,104 to China, and
24,146 to other destinations.
In the corresponding week last
year total exports were 143,563
bales.
For the season to date aggregate
exports have been
4,478,257 bales, against 4,107,287 bales in the same period
of the previous season.
Below are the exports for the week:
Week Ended
Exported to—
Mar. 11, 1938
Exports from—
Great
Britain
Galveston
Houston
France
5,793
9,053
many
1,016
2,686
Italy
3,900
Japan
4,403
3J61
6,417
8,971
5,644
China
4^312
1,284
870
271
Mobile
Jacksonville
Ger¬
6,251
5,282
Corpus Chisti
New Orleans
477
Other
3,883
5,854
150
421
29,258
1,203
100
260
1,161
1,128
Charleston
Los Angeles
San Francisco.-.
Total
25,975
34.263
11,716
"626
"260
Pensacola, &c
Savannah
Norfolk
950
71,802
132,519
50
384,357
55,728 826,694 4478,257
930,325 649,483
1078,309 597,268
529,307 263,313 1180,908
654,999 281,840 1206,880
21,189 532,762 4107,287
32,853 748,526 4600,675
NOTE—Exports
to
Canada—It has
never
been
our
practice
to include in the
above table reports of cotton
shipments to Canada, the reason being that virtually
all the cotton destined to
the Dominion comes overland and It is
impossible to give
returns concerning the same from week
to week, while reports from the customs
districts on the Canadian border are
always very slow In coming to hand.
In view,
however, of the
numerous
say that for the month of
been
21,354
bales.
inquiries we are receiving regarding the matter, we will
January the exports to the Dominion the present season
In
the
corresponding
month
of
the
preceding
the exports were
season
19,488 bales.
For the six months ended Jan. 31, 1938, thero
143,955 bales exported, as against 165,296 bales for the six months of
1936-37.
were
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
Mar. 11 at—
Shipboard Not Cleared for—
Great
Britain
Galveston
Orleans.
Savannah
Other
many
Foreign
4,900
864
400
10,000
.
Leaving
Ger¬
France
4,800
3,584
New
3,049
2,448
Charleston
3,000
28,100
9,194
3,508
Coast¬
wise
2,000
332
2,677
Slock
Total
42,800
14,374
21,682
----
Mobile
1,297
1,297
Norfolk
1,151
"361
3,246
"156
219
254
1,019
47
1,589
3,612
60
l"l41
782
2,694
"950
1,333
105
16,154
17,400
2,131
6,557
Total
42,561
7.557
11,328
11,464
22,762
3,104
24,146 122,922
Total 1937
25,883
14,547
12,683
71,814
736
Total 1936
33,745
7,120
25,090
8,197
10,232
27,328
145
10,203 143,563
9,577 113,237
19,681
33,005
13,275
*
534,233
377,592
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Norfolk
3,301
304,772
718,981 404,040
Total 1938--
In order that
Savannah
75,524
1400,987 687,470
Total 1937
Stock
Since Aug
100
Houston
Brunswick
l"200
32,063
10,863
Seattle..
Total 1936
1936-37
This
Orleans.
Mobile.
1~977
90~4n
50
16.841
Other ports
Receipts to
Houston
454
200
16,606
Houston
Totals this week.
New
16,172
10,044
5,529
7,461
4,999
250
680
Baltimore
Receipts at—
"To
"630
99,556
1,265
81
Galveston
1,621
1,785
280
183
187
Norfolk
we
4,515
1,000
4~135
499
121
183
Charleston
Lake
1,717
48,395
87,935
133,891
1,000
31,602
255
648
'
119
_
total since
Total
"250
11,159
32,114
35,778
4.917
have
Receipts at—
Other
114
"118
Los Angeles..
San Francisco
For the week
30", 172
1,284
36,983
Norfolk
Baltimore
from the South tonight, is given below.
87,328
25,677
116,622 104,721
Philadelphia..
grams
23,951 209,283 1135,407
22,606 172,979 927.510
3,556 57,911 361,528
500
8,417
3,465 172,137 1044,186
21,821
55,871
16,478 167,957
3,625
Gulf port
Friday Night, March 11, 1938
China
Wilmington..
New York
Boston
Cotton
Japan
118,026
216,371 129,421
152,055 99,162
57,261 52,979
8,813
6,806
8,413
5,848
10,512
8,703
40,802
26,080
31,975
5,009
9,443
4,030
830,310
856,191
804,147
148,607
67,168
54,692
29,365
141,905
80,153 2.932,385
85,846 1,766,403
66.396 2.133,040
Estimated.
Speculation in cotton for future delivery during the past
week
has
been
at
a
rather low
ebb, with the market dis¬
playing heaviness during most of the period.
little of encouragement
There
was
to operations in a substantial way
either side of the market, the general
uncertainty inclin¬
ing many to keep to the sidelines.
■
on
On the 5th inst.
There
tions
trade
prices closed 7 to 9 points net higher.
important developments, and trading opera¬
largely of a routine character and mostly through
were
were
no
houses.
Interest seemed to be centered
a
good deal in
Bombay market and the movement of
differences between Bombay and New York.
This was due
to the fact that
Bombay interests are long in New York
against sales in their market, and recently prices have been
widening and offering profits to these spreaders.
Traders
also were awaiting developments in
Washington, where an
interpretation of the Comptroller General on the Smith
amendment to the farm bill relating to a 2c.
subsidy and
government possession of the loan cotton is pending.
De¬
mand for spot cotton was again quiet and offers from the
the
action
south
of
the
small, showing that farmers were not inclined to
An official report by the Commodity Credit
showed that through March 3, farmers had
placed 5,058,847
bales of this year's crop into the government loan at an
average loan price of 8.38c.
On the 7th inst. prices closed
2 to 5 points net lower.
The chief factor in today's declines
sell
were
freely.
the
selling for Bombay account at wider differences,
an extreme
drop of 7 to 9 points. The market
slightly on trade buying and covering, though it
lacked any real vigor or strength.
The opening was barely
steady at 6 to 9 points down from the previous close. Al¬
though the market showed heaviness during most of the
session, there was no inclination to aggressiveness on the
selling side, as traders seem impressed by lack of southern
selling. Hedges were small and when foreign selling ceased,
contracts became scarce.
Reports from the south indicated
more favorable weather for
crop preparation, which is now
progressing in the extreme southern portions of the belt.
Traders are paying less than the usual attention to this
feature, however, and are awaiting the outcome of the
referendum to be conducted among farmers, which will
was
which caused
rallied
determine
whether
not
are satisfied with the
Southern spot markets, as
officially reported, were 4 to 5 points lower. Average price
of middling at the 10 designated spot markets was 9.14c. On
the 8th inst. prices closed 3 to 7 points net lower.
The
factors operating against values today were
selling against
Bombay straddle positions and liquidation by nervous
longs, this latter being induced largely by latest Wall Street
developments. As offerings lessened, partial rallies followed
on rebuying by early sellers.
The market opened steady at
unchanged to 2 points lower.
Heaviness soon developed
or
growers
United States acreage allotment.
Financial
1742
:
following the announcement of the insolvency of one of the
leading firms in Wall Street. The latter development served
to emphasize the effect of the foreign selling in the way of
undoing straddles, Liverpool interest being credited with
selling around 15,000 bales, some of which was probably for
Bombay account. Quietness of the textile trade, the decline
in the stock market and uncertainties in the industrial
picture generally, were other upsetting influences. Southern
spot markets as officially reported, were 4 to 5 points lower.
Average price of middling at the 10 designated spot markets
was 9.09c.
On the 9th inst. prices closed 2 to 4 points net
higher.
Even though gains were slight, the market was
considered to have acted very well in the face of the bearish
interpretation placed on the Washington news in connection
with payment of subsidy loans.
The reported Comptroller
General's ruling, which was said to prevent immediate
payment of 2c. to producers on loan cotton pledged to the
Commodity Credit Corp., caused a short-lived flurry of
selling by nervous longs.
Pressure quickly subsided when
it was pointed out that the ruling had not been made public
and that the interpretation was based on surmise.
The
tendency later was to await publication of the official ruling
and a moderate covering movement, together with trade
support, steadied prices toward the last. The market opened
quiet, 2 points lower to 1 point higher. Trading operations
were slow, with interest mixed.
Liverpool bought early and
Bombay sold. Southern spot markets as officially reported,
were 3 to 5 points higher.
Average price of middling at the
10 designated spot markets was 9.14c.
On the 10th inst. prices closed 2 to 5 points net lower.
reacted
market
The
presumably
selling,
foreign
under
Futures—The
rallying power was displayed, with reap¬
domestic trade support, together with short
covering and New Orleans buying offsetting scattered local
offerings. After touching new lows for the movement, con¬
tracts regained 3 to 5 points of the loss and finished just
slightly under the previous day's finals.
Liquidation inci¬
dent to the issuance of delivery notices for 3,600 bales and
further
of
by tired longs added
liquidation
to the
weight of
However, the declines uncovered support from
the trade at limits, along with absorption of March by New
offerings.
Orleans
interests
markets,
as
Southern
covering.
scattered
and
spot
officially reported, were 4 to 5 points lower.
spot mar¬
Average price of middling at the 10 designated
kets was 9.09c.
Today prices closed 10 to 2 points net lower.
Prices for
futures continued to lose ground today in a heavy
cotton
of transactions.
volume
business
A
short
time
before
the close of
active positions showed
the closing
from
declines of 5 to 9 points
previous day.
March sold
levels of the
8.95c., down 7 points, and May was 9 points off at 8.96c.
Trading was active on the opening, with the market 3 to 6
at
points lower.
Commission house liquidation in the near
months, further selling by brokers with Bombay affilia¬
highest, lowest and closing prices
week have been as follows:
Saturday
Mar
Monday
Mar. 7
Wednesday
Tuesday
Mar. 5
Mar. 8
at
Thursday
Friday
Mar. 10
Mar. 9
Mar. 11
(1938)
Range..
9.05- 9.13
9.03- 9.08
8.97- 9.09
9.02- 9.07
8.96- 9.02
8.95- 9.00
Closing.
9.12- 9.13
9.07- 9.08
9.04
9.07
9.02
8.97
—
—
—
April—
Range..
9.05n
9.13»
9.07- 9.16
9.05-
Closing.
9.14- 9.15
9.10- 9.11
9.08a
9.03n
8.97n
9.01- 9.10
9.05- 9.10
9.00- 9.06
89.5- 9.01
9.06
9.10
9-.05- 9.06
8.96
9.08n
Range..
Closing.
May—
9.08
—
—
June-
Range..
9.17n
9.13- 9.23
Closing
9.20- 9.21
9.17
9.23n
9.08a
9.08n
8.99n
9.09- 9.16
9.07- 9.12
9.02- 9.07
9.10- 9.11
9.20 n
9.lira
9.13- 9.14
9.11- 9.12
9.02- 9.03
9.13»
9.12-
9.07- 9.16
9.16n
9.13n
9.0571
9.13n
Range..
Closing.
July—
.
9.17
—
Aug.—
Range..
Closing.
Sept.—
Range..
9.26
9.23n
9.16n
9.19»
9.15«
O.OSn
Range-
9.23- 9.30
9.21- 9.27
9.16- 9.25
9.17- 9.23
9.15- 9.19
9.10- 9.15
Closing
9.28
9.26-
9.20
9.22
9.18
9.11- 9.13
Closing.
Oct.—
.
—
9.27
Nov.—
Range..
9.28n
9.26n
9.20»
9.22 n
9.19n
9.117?
Range..
9.23- 9.32
9.21- 9.26
9.18- 9.25
9.18- 9.23
9.16- 9.20
9.11- 9.16
Closing
9.30
9.26
9.20
9.23
9.19
9.11
Range..
9.25- 9.27
9.24-
9 20- 9.27
9.19- 9.23
9.17- 9.21
9.13- 9.17
Closing.
9.31n
9.28n
9.22n
9.24n
9.20ra
9.14
Closing.
Dec.—
.
/an.(1939)
9.27
Feb.—
Range..
Closing.
n
Nominal.
Range for future prices at New York for week ending
March 11, 1938, and since trading began on each option:
tions and
heavy selling of the May and July contracts by a
Range Since Beginning of Option
Range for Week
Option for—
Mar. 1938-
8 95
Mar. 11
9.13
Mar.
5
7.39
Dec.
3 1937 13.97 Apr.
Apr. 1938—
May 1938-
8.95
Mar. 11
9.16
Mar.
5
7 60
Oct.
8 1937 12 96
1938-
5
Mar. 11
9.30 Mar.
5
Oct.
27 1937 11.36 July
8 1937 11.36 July
Feb.
18 1938
9.39
Feb.
18 1938
7.85 Nov
4 1937
9.48
Feb.
23 1938
Sept. 1938—
1938-
9.10
Nov. 1938—
Dec. 1938—
9.11
Mar. 11
9.32
Mar.
5
8.73
Dec.
29 1937
9.50
Feb.
23 1938
Jan.
1939..
9.13
Mar. 11
9 27
Mar
5
8.67
Jan.
28 1938
9.51
Feb.
23 1938
Feb.
1939...
§•> The Visible Supply of Cotton tonight, as made up by
cable and tolegraph, 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.
bales.1.021,000
806.000
639.000
182.000
135,000
96.000
941.000
735.000
235.000
197,000
17.000
76,000
*76.000
*11.000
5,000
Stock at Manchester
^
Total
1936
1937
1938
Mar. 11—
Stock at Liverpool
Great Britain
1,203,000
271,000
Stock at Bremen
Stock at Havre
195,000
269.000
15.000
324,000
14,000
Stock at Rotterdam
Stock at Genoa.
Sat.
Mon.
Tuea.
9.20
Middling upland
Premiums and
9.16
9.12
Wed.
Thura.
Fri.
9.16
9.11
9.02
Discounts for Grade and
Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
for deliveries on contract on Mar. 17, 1938.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over %-inch cotton at the 10 markets on Mar. 10.
H
%
Inch
1 In
15-16
Inch
Inch
WMte-
*
Longer
1 .10
.82
on
.76
on
on
on
46 on
.35 off
17 off
.64
on
St. Good Mid—
.68
on
Good Mid
.61
on
St. Mid
.34
on
.60
Mid
Basts
.25
St. Low Mid—
.61 off
.90
on
Good Mid
1 ,04
on
St.
97
on
Mid
81
on
*8t. Low Mid—
.46 off
.25 off
.66 off
1.48 off 1.40 off 1.33 off
*Low Mid..
.31
on
.53 on
.06 off
Mid
on
.14
on
.35 on
Tinged—
Low Mid
1.40 off 1.30 off
Good Mid
.48 oft
.32 off
.15 off
•St. Good Ord.
2.20 off 2.15 off 2 11 off
St.
.75 off
.58 off
42 off
•Good Ord
2.79 off 2.77 off 2 75 off
♦Mid.
1.54 off 1.44 off 1.36 off
*St
2.32 off 2.27 off 2.21 off
24 off
Extra White—
Good Mid
.51
on
.76
on
.97
on
St. Mid
.34
on
.60 on
.81
on
Mid
Even
.25
.46
on
.61 off
.35 off
on
.17 off
Low Mid
1.40 off 1.30 off 1.24 off
•St. Good Ord
2.20 off 2.15 off 2.11 off
Good Ord
2.79
off,2.77 Off 2.75 off
Mid.
Low Mid..
♦Low Mid
2.91 off 2.86 ofL2.83 off
Yd. Stained—
Good Mid
♦St
Mid
♦Mid
1.19 off 1.05 off
.91 off
1.68 off 1.61 off 1.54 off
2.41 off 2.35 off 2.30 off
.57 off
.38 off
.60 off
Not deliverable on future contract.
New York
617,000
577,000
1,352.000
206,000
294,000
1,412,000
161,000
233.000
206.000
86.000
165.000
303,000
785,000
Quotations for 32 Years
quotations for middling upland
1937..
1936..
193519341933
1932-
1931-
9.02c.
...14.45c.
...11.41c.
...11.30c.
...12.35c.
6.35c.
7.05c.
10.70c.
—
1930
at
...14.30c.
1929.. ...21.45c.
1922_. ...18.65c.
1921
—11.40c.
1928
1927
1920
..
18.90c.
...14.20c.
..
1926.. ...19.25c.
...
1925
—
1924
1923
—
..
.,
-
...25.90c.
...28.90c.
....30.75c.
._
41.00c.
1919.. ...26.85c.
1918
—33.25c.
1917
18.25c.
1916
11.80c.
1915
8.85c.
—
—
—
...
228,000
309.000
686,000
1,852.249 2,199.436 2,382,336
1,744,860 2,012.824 1.587,972
26,731
20,434
7,022,742
Of the above, totals of American
20,605
and other descriptions are as follows:
American—
Liverpool stock
bales.
Manchester stock
Bremen stock
Havre stock.
Other
Continental
stock
...
U. S
659,000
333.000
321,000
135,000
226,000
300,000
62,000
58,000
144.000
238,000
24,000
60,000
191,000
176.000
48,000
exports today
7,146,064 4,708,714 5,267,991
Total American
East Indian, Brazil, cfee.—
„
Other
Continental stock
,
-
-
-
"
318,000
47,000
45,000
24,000
26,000
77,000
52,000
31,000
27,000
36,000
46,000
21,000
135,000
206,000
151,000
343,000
228,000
86,000
309,000
952,000 1,093,000
4,937,742
_
473,000
108,000
113,000
381,000
-
Indian afloat for Europe
Egypt, Brazil, &c
afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
-
_
* 362,000
Liverpool stock
Manchester stock
Bremen stock
Havre stock
259,000
50,000
209,000
105,000
118,000
235,000
294,000
233.000
206,000
3,012.538 1,852,249 2,199.436 2,382,336
2,479,799 1,744,860 2,012,824 1.587,972
36,727
20,605
26,731
20,434
U.S. port stock
U. S. interior stock
686,000
488,000
38,000
45,000
33,000
67,000
161,000
165,000
303,000
785.000
New
York
on
1914.. -.13.10c.
1913
.12.40c.
10.80c.
1912
1911.. ...14.65c.
—
1910
—
1909
—
1908
1907
—
...15.10c.
9.80c.
11.40c.
—.
—
..
.11.35c.
2,058,000 2,453.000 1.865.000 2.085,000
7,146,064 4,708,714 5,267,991 4,937,742
Total East India, &c
Total American
^
7,161,714 7,132,991 7,022,742
7.94d.
Q.SOd.
..0-59d.
14.47c.
11.38c.
11-50c.
12-23d.
9.71d.
|-§0d.
6.lid.
5.39d.
5.74d.
9.66d.
6.13d.
—
Later figures not available.
Total visible supply
9,204,164
Middling uplands, Liverpool
6.49d.
Middling uplands, New York—.
9.02c.
Egypt, good Sakel, Liverpool
9.61d.
Broach, fine, Liverpool
4.21d.
Peruvian Tanguis, g'd fair, L'pool
6.31d.
C.P.Oomra No.l staple.s fine.Liv
4.33d.
*
1938-
151,000
343,000
1.093.000
9,204,064 7,161,714 7.132,991
Total visible supply
.43 off
1.41 off 1.30 off 1.22 off
♦Mid
The
516,000
1,457,000
.19 off
.81 off
St. Mid
73,000
34,000
10,000
9,000
k
Gray—
Good MM
835.000
254.000
172,000
25,000
1,886,000
108,000
American cotton afloat for Europe
235,000
Egypt, Brazil,&c.,afl't for Europe
113,000
Stock in Alexandria, Egypt
381,000
Stock in Bombay, India
952,000
Stock in U. S. ports
3,012,538
Stock in U. S. interior towns
2,479,799
U. S. exports today
36,727
-
Total European stocks
India cotton afloat for Europe
2.29 off 2.24 off 2.19 off
7.10
1935
747.000
88.000
683,000
Total Continental stocks
American afloat for Europe
Spotted—
on
Mlil. Fair
St. Low Mid
9,000
Stock at Trieste
quotation for middling upland cotton in the
New York market each day for the past week has been:
19.000
10.000
8,000
52.000
13,000
.
Stock at Venice and Mestre
The official
Mar. 5 to Mar. 11—
27 1937
27 1937
Aug. 1938—
Oct.
Stock at Barcelona
and Wall Street.
1937
Aug
7.65
9.39
9^23 Mar*
~9?02 ~Mar.~l 1
The
buying was done by Japanese brokers, trade interests
5 1937
Mar. 21
9 63
June 1938..
July
leading spot house were the features of the early business.
•
1938
moderate
last,
pearance
•
12,
New York for the past
a
resumption of the movement to undo straddles, but declines
were
accomplished in an orderly manner.
Toward the
March
Chronicle
Figures for Jan. 24.
Continental imports for
The above figures for
week
of
past week have been 72,000 bales.
1938 shows an increase over last
gain of 2,042,450 over 1937, an
bales, a
2,071,173 bales
2.181,422 bales from 1935.
increase
27,039
of
over
1936, and a gain
of
Volume
Financial
146
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
figures are given in bales of 500 lb. gross weight.
Open
Contracts
New York
March
Mar.
(1938)
5 Mar.
4 Mar.
6.000
2,200
May
33,800
July
33,700
13.000
7 Afar.
8 Mar.
(1939)..
Inactive
22,400
26.200
24.200
6,400
21,700
17,500
33,200
43,100
28.900
5,700
21,300
22.000
2,800
6,600
6,900
1,900
December
January
9.900
11,300
October
Mar. 10
9 Mar. 10
3,000
800
5,400
4,600
12,300
4,300
1,300
7,200
*34,200
27,500
695,700
29,700 1,164,200
16,800
583,300
7,900
61,600
months—
September (1938)
1743
The
foregoing shows the week's net overland movement
this year has been 28,789
bales, against 37,213 bales for
the
week
last
and that for the
year,
aggregate net overland exhibits
of
a
the
year ago
Sight and Spinners'
Takings
Week
Aug. 1
Receipts at ports to March 11
92,663
Net overland to March 11
28,789
South'n consumption to March 11. 85,000
Aug. 1
6,567,777
850,718
3,305,000
67,954
37,213
130,000
5,656,873
667,631
4,200,000
206,452 10,723,495
*20,810
1,728,468
Total marketed
Interior stocks in excess
Excess of Southern mill
over
1936-37
Since
Since
Week
235,167
*65,911
10,524,504
560,805
takings
consumption to Feb. 1
526,721
Came into sight during week
Total in sight March 11
185,642
1,102,456
169.256
12,978,684
12,187,765
400
—
Total all futures
99,700
51,400
95,700 110,700
92,000 2,710,500
74,900
*
Open
Mar.
(1938)
2 Mar.
1,200
May
3 Mar.
1,900
4 Mar.
5 Mar.
1.300
7 Mar.
300
Mar. 8
8
13,200
2~400
16,550
4,200
3,100
19,500
98,950
11,600
4,100
7,050
12,600
7,600
1,400
2,600
11,750
116,800
900
150
400
250
1,400
22,750
50
250
1,850
12.350
58,700
415,100
(1939)
50
All Inactive months—
Total all futures
939,030
21,989
1,396.890
Decrease.
^Week—
Bales
1936—March 14
1935—March 151934—March 16
years:
Since Aug. 1
124,427
126,915
153,655
Bales
1935
1934
1933
11,557,152
7,669,278
10,727,103
158,200
2,600
1,350
December
6,450
6,850
4,950
October
2,950
11,000
July.
24,851
Movement into sight in previous
Contracts
New Orleans
January
date
to
over
1937-38In
North, spinn's' takings to Mar. 11
March
season
increase
an
183,087 bales.
216,100
2,900
Chronicle
22.700
15.200
27.150
9.300
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:
♦
Includes 4,900 bales against which notices have been issued, leaving net
open
contracts of 29,300 bales.
At
the
Interior
Towns
the
movement—that
is,
Closing Quotations for Middling Cotton
Week Ended
Mar. 11
Saturday Monday
Tuesday
on—
Wed'day Thursday
the
Friday
.
Movement to Mar. 11, 1938
Towns
Receipts
Ala., Birm'am
Stocks
ments
Weel
Ship¬
Mar.
Season
846
Movement to Mar.
Week
Receipts
479
Ship¬
Season
Week
Stocks
Mar.
Week
70,572
8.96
8.91
8.95
New
8.90
8.81
Orleans
Mobile
9.37
9.33
9.29
9.27
9.18
9.09
9.05
9.01
Savannah
9.34
Norfolk
9.16
9.40
9.30
9.35
9.00
9.26
9.30
9.30
9.20
9.49
9.15
9.25
9.45
9.10
9.32
9.05
9.30
9.35
9.25
9.41
Houston
9.00
8.95
Little Rock
Dallas
Fort Worth
9.00
8.95
8.74
8.75
8.79
8.75
Memphis
12, 1937
ments
11
60,752
9.00
Augusta
detail below:
Galveston
Montgomery
receipts for the week and since Aug. 1, the shipments for
the week and the stocks
tonight, and the same items for the
corresponding period of the previous year—is set out in
12
43,011
554
Eufaula
666
11,759
612
8,557
110
9,053
79
9,983
Montgom 'y
669
49,114
228
53,274
40
49,686
2,866
57,855
64,804
167,444
1,730
57,116
532
9.20
9.45
9.40
9.31
9.05
9.10
9.10
8.90
8.90
8.71
8.71
8.94
8.95
8.75
8.75
8.90
8.90
8.70
8.95
8.80
8.61
8.70
8.61
New Orleans Contract Market—The
8,599
8.91
9.30
9.20
9.10
8.80
closing quotations
62,683
1,397
9.26
Selma
2,888
41,496
132
68,498
290
60,209
129
359
168,445
2,978
106,884
66
677
1,851
27,947
64
1,008
57,231
99,029
2,060
40,452
300
32,403
'59,536
500
65,017
857
25,562
90
54,049
900
City
Helena
leading contracts in the New Orleans cotton market for
the past week have been as follows:
11,492
Ark., Blythev.
Forest
for
10,931
69
...
Hope
Saturday
Jonesboro..
120
36,421
467
26,305
21
10,341
Rock
451
143,037
2,810
94,320
1,265
5,339
60,238
46.036
1,088
25,221
9
668
11,526
Bluff.
May
1,108
180,290
3,784
78,346
1,214
132.437
5,959
Walnut Rge
130
61,805
184-
36.841
48
45,953
447
37,777
14,972
Tuesday
Mar. 7
Mar. 8
Wednesday
Mar. 9
Thursday
Friday
Mar. 10
Mar. 11
April
97
19,547
179,702
27.682
460
Little
Newport—
Monday
Mar. 5
PJne
Ga., Albany..
154
265
17,028
10
Mar
9.24
920&-922a
919&-920a
9.21
9176- 920a 9.076-9.09a
9.27
9.23
9.19- 9.20
9.22
9.17
9.08- 9.09
9.32
(1938)
9.29
9.24
9.26
9.23
9.14
—
June
July
August
55
45,021
610
36,159
28
13,310
29,158
630
Atlanta.
28,570
10,082
185,098
3,391
168,326
9,049
313,690
14,044
221.620
October
Augusta
5,201
156,421
2,470
140,731
2,556
173,884
4,514
1,100
25,700
600
100
14,525
300
44,884
252
34,8.50
35,753
103,736
35,800
November
Columbus-
2,144
—
Athens
Macon
455
17,438
49
17,382
767
39,932
20
16,547
100
21.744
40
21,034
500
La., Shrevep't
76
571
64,725
43
99,453
2,040
Miss., Clarksd
3,734
145,797
249,079
5,359
69.751
422
159,140
885
13,389
10,959
Rome
Columbus.
35,057
29,993
543
38,297
975
32,652
40
38,418
687
30,431
1,316
293,415
4,723
90,502
383
256,938
1,045
28,369
11,390
176
3
64,362
17,971
216
Vlcksburg..
Yazoo City
256
50,692
457
206
75,637
1,699
Mo., St. Louis
6,974
142,643
N.C., Gr'boro
1.551
5,789
4,424
514,451
5,191
114,940
2,413
91.531
53,436 2315,508
65,420
667,042
Natchez
15 towns *.
Texas, Abilene
9.32
9.29
9.19- 9.20
9.31
9.34
9.31
9.22
Jan. (1939)
9.41
9.39
9.32
9.35
9 32
9.23
February
.
Tone—
Steady.
Spot
Options,..
Steady.
Steady.
43
61,034
611
20,485
642
4,710
20
38,829
400
4,566
$221,163,838
5
51.354
442
4,341
on
6,583
2.840
5,239
260,790
5,439
3,308
799
3,748
273
8,721
120
3,572
330
174,056
187,543
2,107
6,325
56,797
85,757
94,180
546.722
261
3,676
6,143
171,243
4,810
31,726 2312,434
50
38,761
97
45,878
372
17,889
340
1,663
1
16,081
198
92
13,587
66
12
6,124
233
1,839
Dallas.-.-.
744
110,700
781
595
80,496
1,071
8.364
Paris
536
2,614
37,144
24,715
..
7,958
739
217
93,068
274
69,968
813
3,936
Robstown..
4
15,661
827
2
13,701
12
292
San Antonio
11
7,580
298
2
8,774
159
316
Texarkana.
30
294
Waco
Steady.
151
207
Austin
Brenham
9.29- 9.31
9.38
..
19,720
33,049
Oklahoma—
S. C., Gr'ville
9.36
9.41
14,694
Jackson
Tenn., Mem's
9.39
December.
41,734
387
19,603
89,936
177
16,485
Quiet.
Quiet.
Steady.
Steady.
Steady.
Steady.
26
34,723
78,618
163
401
6,481
477
1.365
Cotton Loans of
March
4
on
CCC Through March 3
Aggregated
5,058,847 Bales—Announcement was made
by the Commodity Credit Corporation that
"Advices of Cotton Loans" received by it through March
3,
1938, showed loans disbursed by the Corporation and held
by lending agencies on 5,058,847 bales of cotton.
The
aggregated $221,163,838.20 and repre¬
sented an average loan of 8.38 cents per pound.
Figures showing the number of bales on which loans have
been made, by States, are given below:
amount of the loans
State—
Bales
Alabama—-----------—-—
Arizona
Arkansas
California..
Total;56towns 102,981 6002,747 12?,791 2479,299
*
Steady.
Steday.
25,056
398
.
Greenwood.
September
Includes the combined totals
61,100 5524.842 127,011 1744,860
Missouri
76,512
New Mexico
46,910
51,707
Florida
990
-
83-701
Texas
531,153
-
102,635
South
270,068
;
Mississippi
Carolina
Oklahoma
411,653
——
Louisiana
North
Bales
Carolina..
Tennessee
Virginia
—
Georgia,
of 15 towns in Oklahoma.
State——
751,462
95,188
540,495
225,003
258,881
1.603,124
9,365
Market and Sales at New York
Corn Loans of Commodity Credit
Futures
Market
Closed
Spot Market
Closed
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
—
_.
Steady,
Steady,
Steady,
Steady,
8
4
4
4
pts. adv.
pts. dec.
pts. dec.
pts. adv.
Steady, 5 pts. dec.
Quiet, 9 pts. dec..
SALES
Spot
Very steady..
Steady
Steady
Steady
Steady
Barely steady.
100
100
"200
300
"500
250
250
200
200
750
300
1,050
39,655 122,000 161,655
Aug.
Overland Movement for the Week and Since
-1937-38
Mar. 11—
Aug. 1
1936-37
Since
Shipped—
Week
Via St. Louis
6,583
2,840
Aug. 1
Since
Week
1,676
37,699
308
3,836
29,885
-
Deduct Shipments—
Overland to N. Y., Boston, &c__
Between interior towns
649
.13,954
Total to be deducted
Leaving total net overland.*
*
17,252
6,601
190,860
.14,866
14,866
28,789
263
Including movementlby rail to Canada.
Aug. 1
47,844
203
Via Louisville.
Virginia points
Via other routes, &c
142,418
101,156
3,000
4,554
116,951
697*362
43,655 1,065,431
Via Mounds, &c
Via Rock Island.
Via
Total
...
Total weekSince
Contract
5,439
2,850
111
69
1,239
259,764
129,092
4,056
7,476
151,826
512,981
9,120
41,122
9,010
347,432
214,713
10,631
397.564
850,718
37,213
667.631
272
Corporation Aggre¬
gated $15,598,490 Through March 3 on 32,159,693 Bush¬
els—The Commodity Credit Corporation announced on
March 4 that "Advices of Corn Loans" received by it through
March 3, 1938, showed loans disbursed by the Corporation
and held by lending agencies on 32,159,693 bushels of corn.
Such loans aggregated $15,598,489.76, based on a loan rate
of 50 cents per bushel, of 2^ cubic feet of ear corn
testing
up to 14-^2% moisture; the average amount loaned per
bushel determined in this
manner
thus far has been
.4851
cents.
Figures showing the number of bushels on which loans
made, by States, are given below:
have been
Bushels
State—
State—
2,327 Missouri
5,146,015 Nebraska
Indiana—793,240 Ohio
Iowa
18,379,050 South Dakota
Kansas
22,582 Wisconsin
Minnesota
2,846,101
Bushels
Colorado
Illinois
-
------
—
1,096,429
2,856,524
63,885
950,754
2,786
Through Feb. 24 the total amount of loans disbursed was
$14,696,834.79 on 30,266,169 bushels of corn.
Up to
the week ended Feb. 17 loans disbursed by the Corporation
aggregated $14,074,020.75 on 28,964,691 bushels of corn.
Returns by Telegraph—Reports to us by
telegraph this
evening denote that while cotton planting has been under way
in the south of Texas for some time, no planting in Louisiana
has yet
been done.
It
seems
likely that most cotton
growers
Financial
1744
are
Chronicle
March
1937-38
Rain
Inches
High
2
0.06
75
64
52
Since
Receipts—
Week
64
1
0.52
30
47
Austin
1
0.12
88
46
67
Abilene
2
0.20
88
34
2
1.61
82
56
1935-36
69
Since
Week
Aug. 1
Since
Week
Aug. 1
Amarillo
.
Bombay
For the
2
0.20
84
54
69
36
61
from—
0.01
86
92
48
0.24
72
38
82
44
63
0.12
86
38
Conti¬
Jap'n &
Britain
nent
China
Total
19,000
1,000
27,000
22,000
12,000
41,000
21,000
18,000
3,000
62
1937-38
0.38
78
46
62
1936-37-
2
0.79
86
44
65
1935-36-.
2
0.18
84
36
60
0.74
84
32
58
1937-38__
11,000
666.000
578,000
144,000
390,000
625,000
585.000
57
Total
941,000
all—
59
1937-38-
6,000
15,000
0.06
77
41
62
1936-37-
29,000
0.94
78
30
54
1935-36-
44,000
72,000
59,000
82
0.38
36
34
80
0.04
408,000
942,000
901,000 1823,000
1519,000
649.000
57
0.08
82
46
64
0.02
80
64
72
0.04
74
40
57
1
0.04
82
54
68
3
0.08
80
41
0.96
62
72
30
36
72
32
2
0.03
63
1.34
80
70
45
1
34
52
1
1.30
dry
Macon
54
52
54
72
0.02
26
1937-38
1936-37
200,000
8,015.280
130.000
115.000
8,512,238
7,343,858
Alexandria, Egypt,
46
0.62
Alexandria Receipts and Shipments
60
1
2
1935-36
Mar. 9
Receipts (centars)—
This week
Since Aug.
1
40
32
0.04
78
40
59
80
34
30
50
80
52
Since
This
52
70
74
This
52
1
3
1
-
Chattanooga.
1
3.51
1.20
Nashville
1
0.78
Week
Exports (Bales)—
To Liverpool
To Manchester,
by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. on the dates given:
Mar. 12, 1937
Feet
Mar. 11, 1938
Feet
New Orleans
Above
zero
of gauge
Memphis
Above
zero
of gauge.
Nashville
Above
zero
of gauge.
3 >-6
11.9
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gauge-
19.5
15.4
32.9
45.1
13.4
18.3
21.3
Since
Week
1
Aug.
This
Week
1
Since
Aug.
1
..
14,000 514,128
31,228
4,000 161,121
108,181
ll",666 478,461
27,940
9,000 758,710
&c
To America
Total exports
Aug.
7,000 134,528
121,907
2,000 484,158
18,117
To Continent & India—
The following statement has also been received
25.000 851,411
15.000 775,703
ll",666
151,344
154.711
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Mar. 10
200,000 cantars and the foreign shipments were 9,000 bales.
were
20.6
.
Plantations—The
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Stocks at
Interior Towns
1937
lleceipts at Ports
413,000
349,000
285.000
34
1
the
253,000
229,000
297,000
80
1
from
361,000
19,000 40,000
1,000 102,000
0.30
1
Receipts
238,000
27.000 130.000
39,000
1
Raleigh.
123,000
90,000
1936-37-
1935-36-
1
Charlotte
581,000
901,000 1157,000
649,000
64
1
South Carolina—Charleston—
North Carolina—Asheville
408,000
236,000
89,000
61
63
42
2
Atlanta
152.000
212,000
56,000
50,000
38
46
86
2
Tampa.
Total
44,000
61.000
84
80
0.44
dry
Miami
China
12,000
0.30
1
Florida—Jacksonville.
nent
9,000
2
Vicksburg
Britain
5~666
6,000
29,000
Louisiana—New Orleans
Birmingham
Montgomery
Japan &
Oth. India—
3
Mississippi—Meridian
Conti¬
Bombay—
3
Shreveport
1
Great
55
0.59
2
Little Rock
117.000 1,620,000
Since Aug.
Great
70
2
4
Oklahoma—Oklahoma City—
66.000 1.099.000
Week
Exports
0.30
1
Del Rio.
106.000 1,432,001
.
—
3
1936
Manchester Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady.
Demand for both yarns and cloth
is poor.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
1937
1936
•
Lbs.
8H
Shirt¬
Cotton
8X
Lbs.
Shirt-
Cotton
32s Cop
ings, Common
Middl'g
32s Cop
ings. Common
Middl'g
Twist
to Finest
Upl'ds
Twist
to Finest
Upl'ds
d.
Receipts from Plantations
d.
s.
d.
s.
d.
d.
8.
d.
d.
.
d.
Dec.
End.
10- 10K@11H
17- 10«@11H
1935
1936
1935
1936
1937
1935
Q
! "5,506 133,018 157,455 2610,850 2327,953
169 71J 143,595 188,143 2640,423 2290,467
2369,180
2371,801
139,333 119,319 158,812 2663,852 2253,715 1911,138
141.563 117,505
99,705 2658,348 2250,247 2361,505
230,448 194,354 188,356
199,284 106,109 190,764
162,762 82,"67 169,268
147,067 112,749 78,953
9 10 M @ 10
9 I0X@10
IX
IX
24- 10X@H*i
1937
>)i
Aug. 1
61
Brownsville
1936-37
March 10
-ThermometerLow
Mean
Rainfall
Texas—Galveston
9
9
10X@10
10X@10
IX
31- lOtf @11K
IX
4.84
9
10H@10
10^ @10
9 10X@10
IX
4.97
4
@
9
IX
5.02
11X@12 %
9
4
@
IX
4 93
12
@12X
9
6
9 10X@10
IX
4.82
12X@13X
9
6
Jan.-
7.
125,265
14.
121,714
21.
116,840
1936
1937
1938
1937
1936
1937
1938
1936
120,588
98,804 2619,799
96,101
92,756 2613,016
61,240
82,643 103,103 2629,639
86.523 2628.795
61,831
17,573
50.871
4.
104.958
54,826
70,572 2598,040 2001,896 2196,265
74,203
10,309
17.101
11.
112.608
57,820
63.630 2575,215 1952,548 2158,658 135,433
8,472
26,023
18. 101,785
82,257
96.794
56,513
66,019
59,413
19,670
42,943
48,205 2500.609 1810,771 2057,037
38,439 2479,799 1744,860 2012,824
39.957
Nil
2,043
Nil
9
@10
4 81
10
6
4 88
11X@12X 10
11X@12X 10
6
6
10 H@ll'4
21„ 10J4 @1154
28- 10X@UX
4X
6.93
@ 10
9
6 88
@10
9
7 01
@10
9
7.10
9
6
7.11
9
6
7.20
@10
0
7.16
@ 10
0
7.34
19 37
9
1,667
71,853
11X@12 H 10
22,543
25.
56,534 2570,224 1926,804 2124,667
64,035 2543,310 1880,455 2103,576
14..
4.70
19 38
7- 10M@12
1938
Jan.
1938
waiting the result of the voting on marketing quotas
Days
Week
12,
28.
2180,501 2337,209 86.716
2142,612 2311,287 128,497
2090,671 2285,388 133.463
2046,413 2249,736 119,744
26,355
74,508
23,351
30,702
66.834
77,204
4_.
1!
Feb
.
iox@nx
ioy8@nx
9
9
@10
9
9
@10
18- 10X@11X
25..
4- 10%@UH
12X@13X
9
6
@10
0
7.30
5.02
12X@13X
12X@13X
9
6
@10
0
7.30
5.16
9
4
@
9
6
7 22
3
5.21
12X@13X
9
6
@10
0
7.41
@10
3
5.13
13
@10
2
7.70
@10
10
4.93
3
5.06
7 X
7.94
9 10X@10
4.
82,658
64,149
11.
92,663
67,954
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1937, are 8,286,078 bales;
in 1936-37 were 6,210,567 bales and in 1935-36 were ,6942,158
bales.
(2) That, although the receipts at the outports the
past week were 92,663 bales, the actual movement from
plantations was 71,853 bales, stock at interior towns having
decreased 20,810 bales during the week.
World's Supply and
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
or
from which statistics
amounts
out of
gone
IX
@10
10
11- lOKmiX 10
86.337
Mar.
are
Fph
@14X 10
10
13X@15
4X@10
Shipping News—Shipments in detail:
Bales
GALVESTON—To
Liverpool—Mar.
3—Clara
1,185—Mar. 7—West Cobalt, 1,972..
Hugo
Stenner,
To Manchester—Mar. 3—Clara Hugo Stenner, 250
Mar. 7
3,157
—West Cobalt, 1,844
2,094
2,219
To Bremen—Mar. 3—Meanticut, 2,219
To Hamburg—Mar. 3—Meanticut, 467
467
To Rotterdam—Mar. 3—Clara Hugo
Stenner, 56.
To Japan—Mar. 3—Norfolk Mo.ru, 4,820
Mar.
m
4,151 —
56
7—Anubis,
8,971
_
To China—Mar. 3—Norfolk Maru, 1,284
To Trieste—Mar. 3—Laura C, 1,971
To Venice—Mar. 3—Laura C, 1,929
1,284
1,971
1,929
1,355
1,000
To Oslo—Mar. 3—West Harshaw,
1,355
To Susak—Mar. 3—Laura C, 1.000
To
Antwerp—Mar. 9—Boschdijk, 183
183
To Ghent—Mar.
9—Boschdijk, 686
To Rotterdam—Mar.
HOUSTON—To
sight for the like period:
686
9—Boschdijk 603
Ghent—Mar.
4—Cranford,
Indiana 501
603
865
Mar.
9—
1,366
______
To Havre—Mar.
Cotton
Takings.
1937-38
1936-37
Week and Season
To
'
Week
Visible supply March 4
Visible supply Aug. 1
American in sight to March 11
Bombay receipts to March 10Other India ship'ts to Mar. 10
Alexandria receipts to Mar. 9
Other supply to Mar. 9*6—
Total supply
Deduct—
Visible supply Mar. 11
Total takings to Mar. 11 a_.
Of which American
Of which other
Season
Week
9.177,125
185",642
■
106,000
18,000
40,000
11,000
Season
4,339,022
12,978,684
1,432.000
361,000
1,601,200
317,000
4.899,258
169",256 12,187,765
66,000
1,999,000
90,000
666,000
26,000
1,705,200
12,000
383,000
9,537,767 21,028,906
7,661,151 21,840,223
9,204,164
7,161,714
9,204,164
333,603 11,824,742
222,603
8,249,942
111,000 3,574,800
To
To
7,297,895
7,161,714
499,437 14,678.509
318,437 10,570,309
181,000 4,108.200
♦
Embraces receipts in Europe from
Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated
consumption by
Southern mills, 3,305,000 bales in 1937-38 and
4,200.000 bales in 1936-37—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners. 8,519,742 bales in
1937-38 and
a
10,478.509 bales in
1936-37, of which 4,944,942 bales and 6,370,309 bales American.
5 Estimated.
To
To
To
4—Cranford,
1,128
Mar.
9—Indiana,
1,269; Scottsburg, 891
Dunkirk—Mar. 4—Cranford, 27
Mar. 9—Indiana 1,049;
Scottsburg, 1,429..
Rotterdam—Mar. 4—Cranford, 359
Genoa—Mar. 3—American Press, 2,428
Trieste—Mar. 3—American Press ,1,095
Venice—Mar. 3—American Press, 880
Liverpool—Mar. 5—West Cobalt, 1,604
m
111
10—Idarwald,
Mar.
10—Idar¬
wald, 2,108
Oporto—Mar. 5—West Harshaw, 881
To Gdynia—Mar. 10—Talleyrand
To Lexioes—Mar. 5—West Harshaw 100
Gothenburg—Mar. 10—Talleyrand, 480
To Lisbon—Mar. 5—West Harshaw, 425
To Tallin—Mar. 5—Meanticutt, 14
ports for the week and for the
shipments from all India
from Aug. 1 are cabled,
season
for three years, have been as follows:
receipts
'
2,219
881
1 414
100
480
425
14
To
375
To
5,644
To
226
Montylnoto—Mar. 10—Talleyrand,375
Japan—Mar. 5—Anubis, 1,396—Mar. 9—Vinni, 4,248
Copenhagen—Mar. 10—Talleyrand,226
To China—Mar. 5—Anubis, 200
Mar. 9—Vinni, 670
To Havana—Feb. 15—Ruth Lykes, 28
To Puerto Colombia—Feb. 15—Ruth Lykes, 186
MOBILE—To Havre—Mar. 3—Inberville, 477
To Hamburg—Mar. 3—Iberville, 626
To Rotterdam—Mar. 3—Iberville, 100
India Cotton Movement from All Ports—The
of Indian cotton at Bombay and the
880
4,198
5—Meanticutt,
To
To
359
2428
1,095
3,678
2,320
Hamburg—Mar.
2,505
1,604
To Manchester—Mar. 5—West Cobalt, 3,678
To Bremen—Mar. 5—Meanticutt, 1,878
Mar.
To
3,288
SAVANNAH—To Manchester—Mar. 3—Shickshinny, 1,128
To Hamburg—Mar. 3—Shickshinny, 361
To Oporto—Mar. 3—Shickshinny, 100
CHARLESTON—To Manchester—Feb. 25—Shickshinny, 3,246__
To Denmark—Feb. 25-—Shickshinny, 47
To Hamburg—Feb. 25—Shiqkshinny, 219
870
28
186
477
626
100
1,128
361
100
3,246
47
219
Volume
Financial
146
Bales
NEW
ORLEANS—To
Liverpool—Mar.
1—Colorado
Mar. 8—Clare Hugo Stinnes, 1,405
4,317
Springs,
5.722
3,331
To Manchester—Mar. 1—Colorado Springs, 3,331
To Antwerp—Mar.
2—Belgique,
300
Mar.
3—City
Omaha, 100
of
Mar. 4—Beemsterdijk, 950
1,350
To Ghent—Mar. 3—City of Omaha, 1,150
To Havre—Mar.
2—Belgique,
2,250._.Mar.
3—City
Omaha, 2,314.
To Dunkirk—Mar.
3—City
1,150
-
of
4,564
-
2—Belgique,
100
Mar.
of
Omaha, 531
631
To Rotterdam—Mar.
3—City of Omaha,
462
Genoa—Mar. 2—Montello, 3,161
Oslo—Mar. 5—Talleyrand, 100
Gdynia—Mar. 5—Talleyrand, 625
Gothenburg—Mar. 5—Talleyrand, 150
Tallin—Mar. 5—Talleyrand, 200
Mantyluoto—Mar. 5—Talleyrand, 1,725
Japan—Mar. 7—Vinni, 4,312
Havana—Mar. 5—Granda, 300
Marseilles—Mar. 9—West Harshaw, 385
Leixoes—Mar. 9—West Harshaw, 50
Oporto—Mar. 9—West Harshaw, 330
Capetown—Mar. 9—Silver Bell, 60
500
4—
Mar.
Beemsterdijk,
To
To
To
To
To
To
To
To
T9
To
To
)
To
962
3,161
100
625
160
-
200
1,725
„
4.312
——
300
„
385
50
330
60
160
To Durban—Mar. 9—Silver Bell. 150
CORPUS CHRISTI—To Antwerp—Mar. 9—Ostende, 50
To Ghent—Mar. 9—Ostende, 100
To Havre—Mar. 9—Ostende, 66
60
100
66
To Dunkirk—Mar. 9—Ostende, 205
NORFOLK—To Manchester—Mar. 8—Manchester Zrigade,
To Antwerp—Mar. 8—Black Tern, 60
205
-
254__
254
Baltimore, 1,019
PENSACOLA—-To Liverpool—Mar. 4—Eleanor Christinsen, 676_„
To Manchester—Mar. 4—Eleanor Christinsen, 475
SAN FRANCISCO—To Great Britain—?, 782
To Holland—?, 50
U019
676
475
782
60
To Ha-1 burg—Mar. 11—City of
To Japan—?,
To China—?,
50
2,694
2,694
950.
2,081
ANGELES—To Liverpool—Mar.
950
To India—?,
LOS
2,081
4—Pacific Ranger, 380;
699
Mar. 8—New West¬
Ninsenielle, 50; Lochkatrini,
City, 15,000
minster
16,129
25
20
1,141
85
260
To Manchester—Mar. 4—Pacific Ranger, 25
To Rotterdam—Mar. 4—Lochkatrini, 20
To Japan—Mar. 8—President Pierce, 541;
To Canada—Mar. 1—Rosebank, 85
Ronde, 600
JACKSONVILLE—To Manchester—Mar. 9—Fluor Spar, 260
Total
122,922
Liverpool—By cable from Liverpool we have the| follow¬
ing statement of the week's imports, stocks, &c., at that port:
Feb. 18
Of which American
Total
Feb. 25
Mar. 4
Mar. 11
56,000
54,000
1,193,000 1,192,000
795.000
787.000
Forwarded
Total stocks
51,000
1,209,000
781,000
71,000
59,000
1,203.000
794,000
56,000
38.000
imports
68,000
Of which Araerican
55.000
24,000
182,000
97,000
40.000
Amount afloat
176,000
79,000
Of which American
22,000
164.000
153,000
88,000
96,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Spot
Market,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Chronicle
high grade United States wheat was being taken by British
millers and that there was
correspondingly less demand for
expensive Canadian wheat.
kind
12:15
j
Moderate
P. M.
I
demand.
Quiet.
5.13d.
Mld.Upl'ds
Quiet.
5.lid.
Quiet.
5.12d.'
Quiet.
5.09d.
i
Quiet.
opened
Quiet but
Steady,
5.08d.
5.06d.
".
Steady,
Quiet but
Steady,
Quiet,
1 pt.
2 to 2 to 3 pts. 3 to 4 pts. 1 to 2 pts. stdy., 2 to decline to 1
decline.
pts. dec.
advance.
decline.
3 pts. dec. pt. advance
3t'y;
stdy.,
3
Steady.
Market,
1
4
Steady,
to
P. M.
Quiet,
pts. 3
2
Barely stdy
to 4 pts. 3 to 5 pts. 3 to 4 pts. 3 to 5 pts.
decline.
decline.
advance.
decline.
decline.
Prices of futures at
Liverpool for each day
are
Steady;
1
to
2
pts.
decline.
given below:
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
March
(1938)...
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
4.99
4.96
4.96
4.93
4.94
4.97
4.93
4.94
4.91
May
5.05
5.02
5.01
5.02
4.98
4.99
5.02
4.97
4.98
4.95
July
5.12
5.09
5.08
5.09
5.05
5.06
5.08
5.03
5.04
5.01
5.16
5.15
5.16
5.11
5.12
5.14
5.10
5.10
5.07
d.
October
.....
5.19
December...
5.21
Jan
5.23
(1939)
March..
*
-
-
-
5.20
5.26
May
5.28
July
4.97
5.17
5.19
5.13
5.20
5.22
5.29
5.15
5.17
-
5.24
5.20
-
-
5.16
-
5.19
5.25
-
«
«
mm.
mm
mm
mm
5.16
under
5.20
5.22
5.24
5.13
mm,
mm
mm
mm.
mm
mm
5.13
5.11
and
way,
prices
Liberal buying of wheat futures
developed on the part of
milling interests and exporters when the Chicago wheat
market dropped to the
early low levels. A rather wholesome
influence on sentiment and values was the
report that
5,000,000 to 6,000,000 bushels of corn had been sold out of
Duluth for shipment at the
opening of navigation. In addi¬
tion to brisk
buying of wheat futures, export purchases of
North American wheat
today were estimated at upward of
500,000 bushels, most of it wheat from the United States.
On the 9th inst.
prices closed l%c. to 2He. down. The mar¬
ket experienced quite a
drop today as a result of widespread
beneficial rains Southwest, the best in weeks.
Heavy selling
developed which caused a drop of 2He. a bushel. In addi¬
tion to
timely general moisture for Kansas and Oklahoma in
particular, disappointing action of the Liverpool wheat
market gave impetus to down-turns of values on the
Chicago
Board.
Quotations at Liverpool were due lc. to*l He.
higher, but late advances in Chicago were ignored abroad
and the
Liverpool market closed today at material net losses.
Export business in North American wheat today, however,
showed some increase, the estimated total
being upwards of
500,000 bushels, principally wheat from the United States.
On
the
selling
10th
of
export
inst.
wheat
amounted
prices
futures
purchases
of
4.97
5.02
closed
States
additional
moisture
the
for
bearing
domestic
influences
was
interest
in
5.18
the
their
needs
very
a
had
forced
postponement
Maximum
in
were
Chicago
a
Southwest
values.
a
Adding to
consequence.
independent
bushel
for
wheat
nervousness
of
traders
regarding advices of military steps by Ger¬
many relative to Austrian border developments were ad¬
vices Germany had made formal claim that all her
colonies
be
restored.
With offerings of wheat scarce,
gains.
Open
DAILY CLOSING
interest
PRICES
in
wheat
OF WHEAT
Sat.
CLOSING
Mon.
107%
—
flour
has
con¬
Season's
PRICES
OF
prices scored
92,387,000
was
*
Based
two
months,
recent
high registered Jan. 13.
Traders said the decline
apparently has improved the mar¬
ket's technical position,
eliminating some "long" interest not
strongly held and creating a sustaining volume of "short"
interest.
The improved crop condition in the
Southwestern
belt seemed to have spent its force as a bearish
influence.
Buying credited to export and milling interests and scattered
short covering lifted quotations as much as
%g. at times, but
the gains could not be maintained in the face
of lagging
speculative activity, and the market closed
virtually un¬
changed compared with Friday's finals. On the 7th inst.
prices closed He. to %c. lower. The chief influence
operating
against wheat values on the Chicago Board was the tumble
of 2He. m wheat prices at
Winnipeg. Preceding the extreme
fall of Winnipeg quotations were cables
saying more interest
When
July
Made
Feb.
89%
84%
90%
85%
85
85%
I
Season's
29. 1937(May
Sent. 28.
105%
19371 July
9, 1938 (September
transactions since official opening,
Low
Fri.
104%
105%
IN
Wed.
85%
and
Thurs.
CHICAGO
Thurs.
88%
83%
84%
and
87%
83%
83%
When
Fri.
88%
84%
85%
Made
81%
Nov.
Nov.
8. 1937
83%
Mar.
9, 1938
85%
July 29; sold
132% in unofficial trading prior to July 29.
as
8, 1937
high
as
DAILY CLOSING PRICES OF BONDED WHEAT AT
WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
May
122% 121
122
120
118% 120%
October
%e.
on
107%
Tues.
85
*122%
105%
92%
September
Wed.
FUTURES
Man.
;
NEW YORK
IN
Tues.
106%
WHEAT
90%
Hiah
May
July
July
Austria's
of
lHc.
upturns of
May
July
September..
closely.
May wheat 9c. below its
the
against
stimulus.
5.17
Wheat—On the 5th inst. prices closed
He. higher to
lower. Wheat prices were at the lowest level in
with
in
Today prices closed 1 to l%c. net higher. Warlike aspects
of the European
political situation hoisted wheat prices
anew
in
late dealings today.
Broad general buying of
wheat futures here set in following
reports that Chancellor
5.16
5.19
sharply.
The promising demand for odd carlots
quantities up to 1,500 barrels that showed earlier in
week has dried up
completely.
Once more bakers are
covering
crops
5.14
tracted
and
that
today
bushels.
5.16
Friday Night, March 11, 1938
buying
corn
than sufficient to offset new low
prices at
Besides, temporary gains in securities afforded
something of
5.12
result of the extended declines in the wheat
week,
and
more
Liverpool.
substantial
BREADSTUFFS
past
wheat
operating
Sat.
the
Heavy
Aside from the late downward
plunge of prices, the Chicago
wheat market averaged
fractionally higher most of the
time.
At various stages buying credited to domestic mill¬
DAILY
market
off.
estimates
only about 100,000 bushels.
Most of the sell¬
ing here developed in May wheat, which fell to 87 He. as
during yesterday's final transactions.
The
extreme drop of 2c. in
Winnipeg wheat, as well as disap¬
pointing action of the Liverpool market, together with
No. 2 red
a
%c.
to
after
to
5.08
October
Flour—As
V$
developed
United
against 88He.
5,10
5.12
5.18
4.92
•
this decline touched
on
At this point recoveries got
closed near the tops of the day.
year.
wheat
Neir Contract
Purchases of the United States
March
plebiscite.
to
March 11
for
the securities market. Wheat values
new low levels for
the
Hitler
March 5
wheat
shipment from Gulf of Mexico
ports at a price equal to $1.32, duty paid, were noted as
having exerted a disturbing influence at Winnipeg. On the
other hand, a decrease of
nearly 2,000,000 bushels in the
United States wheat visible
supply total led to something of
a
rally in prices here as the day drew to an end. May con¬
tracts led wheat price downturns on
Chicago Board, and fell
to 89He., but recovered to 89
H to 89He. On the 8th inst.
prices closed He. to lc. net higher. In the
early trading
the market ruled
heavy, influenced largely by the depressing
effect of a Stock
Exchange failure and consequent drop in
ers
Futures.
Market
of
were
f
1745
in
114%
94
113%
93%
114%
94%
112
92%
110%
91%
111%
93%
Corn—On the 5th inst. prices closed He, off to
He. up.
Trading was light and price fluctuations very narrow. Re¬
ports of improvement in the Argentine crop offset talks of
smaller domestic marketings because of high returns from
feeding corn to hogs.
On the 7th inst. prices closed un¬
changed to He. higher.
This market displayed a steadier
undertone, due somewhat to a moderate export demand.
However, the depressed state of the wheat market and the
bearish character of the crop and weather news is
doing much
to throw a damper on those inclined to take the
upside of the
corn market.
On the 8th inst. prices closed He. to
He. net
higher. Corn was firm during most of the session, influenced
by an official estimate that the Argentine corn crop is only
177,000,000 bushels, against 360,000,000 last year. Another
contributing influence favoring corn values was an authori¬
tative late estimate that 5,000,000 to 6,000.000 bushels of
1746
had been sold out of Duluth for shipment at the
opening
corn
of
Financial
navigation.
On the 9th inst. prices closed
c. to %c. off.
up very well in the face of pronounced
market held
This
weakness in wheat values.
Some export buying of corn was
noted, estimated at 400,000 bushels. Spreaders bought May
corn and sold July at
l%c. difference, the widest spread
this
Chronicle
the 10th inst. prices closed % to ^4c. off.
Trading
relatively quiet, with the undertone fairly steady dur¬
most of the session.
Exporters were said to have
was
ing
bought July corn.
Today prices closed Vs to ^c. net higher.
Corn was relatively quiet, interest being focused
largely
on
developments in the wheat market.
Open interest in
50,285,000 bushels.
was
corn
DAILY CLOSING
1938
regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce
Exchange.
First
give the receipts at Western lake and river ports
Saturday and since Aug. 1 for each
we
for the week ended last
of the last three years:
PRICES
OF
No. 2 yellow
72
DAILY CLOSING PRICES
Season's
High and
May
*74
July
66%
September
63%
When
July
Sept.
Feb.
NEW YORK
Wed.
72
Tues.
58%
60%
61%
Oats—On the 5th inst.
was
high
as
prices closed unchanged to }4c.
little of interest in this market.
On the
7th inst.
prices closed }4e. off to }{c. up. September oats
touched a season new low price record.
Trading was light
and without any special feature.
On the 8th inst. prices
closed l/8c. to V8c. higher.
The steadiness of this grain was
largely due to the firmness of wheat and corn. On the 9th
inst. prices closed unchanged to }4c. lower.
Trading was
light and of a routine character.
On
10th
the
There
prices
little
was
inst.
very
prices
little of
Chicago
closed
interest
unchanged
in
this
%c.
to
market.
203,000
steady.
ls'ooo
MilwaukeeToledo
133,000
Indianapolis
Louis-
City
10,000
Omaha
St.
56.000
229,000
86,000
735,000
42,000
154,000
11,000
23,000
553,000
74,000
178,000
1*3*666
125,000
39,000
80,000
40,000
393,000
206,000
298,000
55,000
,255,000
Joseph.
57,000
159,000
66,000
82,000
466,000
817,000
30,000
259,000
19,000
942,000
123,000
50,000
OF
OATS
Sat.
May
July
September
15,000
27,000
59,000
2,000
8,000
63,000
174,000
100,000
240,000
...
3,000
*50*666
"e'ooo
198,000
550,000
351,000
2,923,000
Buffalo.
6,459,000
2,197,000
4,821.000
1,722,000
978,000
2,342,000
Tot.wk/38
401,000
Same wk'37
423,000
1,792,000
Same wk'36
440,000
2,660,000
Since Aug. 1
1937
11,883,000 223,181,000 189,524,000
1936
13,214,000 165,824,000 112,333,000
1935
11,697,0001258,470,000 106,872,000
Receipts at—
285,000
166,000
Season's
High and
*33%
32%
30%
May
July
September
Tues.
Wed.
Thurs.
29%
29%
29%
29
29
29
28%
28%
28%
When Made
I
Season's Low and
July 29, 19371 May
28%
Oct.
2, 1937(July
28
Jan. 10, 19381September
28%
When
Made
Oct.
13. 1937
6.1937
Mar. 7, 1938
Sat.
May
July
Mon.
46%
IN WINNIPEG
Tues.
46%
Wed.
46%
Thurs.
46%
43%
44
October
New
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
142,000
23,000
80,000
38,000
4,000
57,000
New Orl'ns*
27,000
108,000
434,000
St. John W_
is'ooo
325,000
151,000
Boston
19,000
34,000
338,000
20.000
Galveston.
_
Halifax
Total wk'38
Rye
4,000
~
3~66O
3,000
263,000
1,018.000
540,000
43,000
25,000
33,000
16,141,000
9,774,000
535,000
870,000
1,677,000
1937.
308,000
373,000
1,276,000
30,000
4,000
17,000
2,639,000
1937
on
Fri.
46%
43%
46%-
5,844,000
9,249,000
454,000
209,000
58,000
Receipts do not Include grain passing through New Orleans for
foreign ports
through bills of lading.
The exports from the several seaboard
ports for the week
ended Saturday, March 5, 1938, are shown in the annexed
statement:
Exports from—
New
wheat
and
naturally had a
wholesome influence on rye, and stimulated
buying of this
latter grain.
On the 9th inst. prices closed lMc. to l^c.
off.
The pronounced weakness of wheat had its effect on
rye, prices in the latter market showing substantial losses at
the close in spite of some
rye purchases for shipment to
Oats
Rye
Barley
Bushels
Bushels
Bushels
York
264,000
inst.
prices closed
*4
to
l%c. down.
With
heaviness
in wheat, holders of
rye in many instances
inclined to sell, especially in view of the bearish
crop
and weather reports.
Short selling was also a. factor.
A
4,000
1,169*000
224,000
St. John West
338,000
Today prices closed % to %c. net
higher.
This firmness of rye values
pathy with the firm wheat market.
RYE
Sat.
72
and
84
72%
69%
was
largely in
FUTURES
Mon.
70%
66%
65%
66%
65%
September
Tues.
IN
OF
RYE
Sat.
May.
July
FUTURES
Mon.
79%
78
78%
77%
Tues.
Thurs.
69%
65%
64%
IN
Closing quotations
62%
58%
were as
69
64%
63%
65%
64
Made
Nov.
8,1937
Nov. 8, 1937
Mar. 10, 1938
WINNIPEG
76%
75%
Thurs.
Fri.
74
72%
75%
74%
62%
58%
62%
58%
62%
58%
61%
57%
61%
57%
follows:
Total week 1938__
Same week 1937
1,512,000 1,436,000
956,000
Soft winter straights .....4.60 @4.85
Hard winter straights
6.05 @5.25
Hard winter patents
Hard winter clears
5.25@5.45
4.70 @4.90
Corn, New York—
No. 2 yellow, all rail
71%
119,030
143,235
2,000
6,000
293,000
79,000
16.000
below:
as
Flour
Rye flour patents
4.90 @ 5.00
Seminola, bbl.,Nos.l-3_ 7.20 @
Oats, good
2.52%
Cornflour
1.90
'
and Since
July 1 to—
Week
Mar.
Barrels
United Kingdom-
47,725
19,305
13,500
35,500
1,000
So. & Cent. Amer_
West Indies
The
2,000
119,030
143,235
Since
Week
Since
July 1
Mar. 5
July 1
Mar. 5
July 1
1937
5
Week
1938
1937
1938
1937
Barrels
Bushels
Bushels
Bushels
Bushels
1,694,841
348,242
Fancy pearl, Nos.2,4&7 5.25@5.60
Oats, New York—
No. 2 white
43%
Rye, No.2,f.o.b. bond N. Y.. 84%
Barley, New York—
47% lbs. malting
61%
Chicago, cash
48
776,000
28,000
4,000
50,828,000
416,000 19,722,000
40,262,000 1,020,000 14,774,000
1,095,000
170,000
41,000
5,000
1,512,000
956,000
93,727,000 1,436,000 34,676,000
89,811,000
1,000
6,000
704,000
430,000
958,500
7,000
204,033
3,642,616
3,809,490
1,5*01*666
*5*666
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, March 5, were as follows:
granary
at
GRAIN
Wheat
United States—
Boston
STOCKS
Corn
Bushels
Oats
Bushels
Rye
Bushels
Barley
Bushels
1,000
New York
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux
Bushels
City
St. Louis
Indianapolis
Peoria
afloat
Minneapolis
145,000
627,000
664,000
43,000
1,352,000
3,361,000
728,000
2,001,000
2,399,000
12,107,000
2,863,000
,
396,000
2,157,000
1,014,000
10,000
8,611,000
308,000
1,707,000
65,000
7,361,000
43*1666
*8*666
14*666
39*666
694,000
265,000
17,000
24,000
34,000
10,000
1,520,000
25,000
71,000
4,000
7,000
9,000
6,000
263,000
168,000
857,000
2,814,000
4,776,000
991,000
97*660
7,000
152,000
*9*666
618,000
216,000
88,000
13,000
11,000
67,000
17,000
9,000
330,000
756,000
204,000
68,000
12,000
18,000
1,653,000
1,187,000
70,000
9,008,000
1,857,000
676,000
7*3*0*666
222,000
103,000
769,000
3,092,000 13,536,000
7,659,000
4,073,000
959,000
383,000
13,000
2.000
5,000
2,000
5,470,000
2,175,000
200,000
2,341*666
358*666
2*94*666
2*78*666
173,000
197,000
90,000
Total Mar.s 5 1938— 58,340,000 38.306,000 22,599,000
Total Feb. 26 1938— 60,316,000 37,126,000 22,946,000
Total Mar.
6 1937— 37,625,000 12,592,000 23,574,000
3,661.000
9,515,000
3,965,000
9,851,000
3,753.000 11,590,000
Duluth
3,581,000
175,000
Detroit
afloat
4.00
Corn
Since
1938
5,344,000
1,270,000
1,155,000
50,000
afloat
Barley goods—
Coarse
Wheat
Exports for Week
afloat
Milwaukee
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
105%
Manitoba No. l.f.o.b. N.Y._161%
1,000
The destination of these
exports for the week and since
July 1, 1937, is
Chicago
FLOUR
Spring oats, high protein .5.95@6.25
Spring patents
5.50@5.70
Clears, first spring
5.20 @5.45
3,000
3*33*666
Port Arthur, Texas._
Fri.
68%
When
Wed.
78%
77%
sym¬
DAILY CLOSING PRICES OF BARLEY
FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
May
July
116*666
*3*666
34,000
CHICAGO
Wed.
70%
66%
65%
When Made
I
Season's Low and
Aug. 10. 1937 May
63%
Feb.
9, 1938 July
62
Feb.
9, 19381 September
63%
DAILY CLOSING PRICES
*4*666
*1*8*666
Halifax
Total 1938
Total 1937
OF
79,000
2*98*666
feature of the trading was selling of
May rye for a house
CLOSING PRICES
177,000
1,000
5,000
243,000
Orleans
Brit. No. Am. Col.
Other countries
May
July..
55,030
2,000
32*666
Philadelphia
were
with export connections.
43,000
Boston
Baltimore
Continent
10th
Season's High
Flour
Barrels
corn
Rotterdam.
the
Corn
Bushels
Mobile
1/8q. to z/8c. lower.
Trading was light, with a heavy undertone to the market
most of the short session.
On the 7th inst. prices closed
Kc. to iy8G. down. The heaviness of wheat and the bearish
character of the crop and weather news influenced consider¬
able selling of rye by tired holders.
On the 8th inst. prices
closed ye. to yc. net higher.
The bullish developments in
actual
Wheat
Bushels
Galveston
Rye—On the 5th inst. prices closed
with
25,000
8,000
25*666
18,000
18,000
2,506,000
1938
Week
Barley
bush 66 lbs bush 48 lbs
Since Jan. 1
New
connection
723,000
Nov.
*
Based on transactions since official opening,
July 29; sold as high as
42% In unofficial trading prior to July 29.
| DAILY CLOSING PRICES OF OATS FUTURES
1,860,000
Saturday, March 5, 1938, follow:
Flour
Philadelphia
Fri.
29%
1,833,000
322,000
82,206,000 22,307,000 75,060,000
56,184,000 12,288,000 66,395.000
100,662,000 16,916,000 65,169,000
bbls 196 lbs
*
29%
28%
28%
13,000
Total receipts of flour and grain at the seaboard
ports for
the week ended
FUTURES IN CHICAGO
Mon.
29%
28%
28%
Barley
358,000
686,000
73,000
2,000
Rye
bush 56 lbs bush 48 lbs
Slnce Jan. 1
DAILY CLOSING PRICES
May.
July
September
2,224,000
559,000
112,000
off.
Today
closed %c. lower to %c. higher.
There was very
trading to this market, though the undertone was
DAILY
190,000
484,000
Sioux City.
58%
60%
62%
Season's Low and
Made
When Made
29, 1937 May
65%
Nov. 30, 1937
30. 1937 July
56%
Nov. 30. 1937
17, 1938 September
59%
Feb.
2, 1938
as
Oats
bush 32 lbs
Duluth-.-
Wichita
Fri.
58%
60%
61%
transactions since official opening, July 29; sold
81 In unofficial trading prior to July 29.
There
71%
Thurs.
59%
60%
61%
on
lower.
Fri.
71%
Wed.
59%
60%
62
Corn
bush 56 lbs
Minneapolis
Kansas
Thurs.
71%
Wheat
bush 60 lbs
Peoria.—..
FUTURES IN CHICAGO
Man.
58%
60%
61%
-
IN
Tues.
71%
OF CORN
Sat.
May
July
September
♦Based
CORN
Man.
Flour
56i«.196 lbs
Receipts at—
St.
Sat.
the
12,
season.
On
On
March
All the statements below
Buffalo
Note—Bonded grain not included above: Barley—Duluth, 100,000 bushels; New
York, 55,000; total, 155,000 bushels, against 3,909,000 bushels in 1937.
Wheat—
New York, 892,000 bushels; Buffalo, 27,000; Albany, 276,000; Erie, 731,000;
Boston,.
20,000; total, 1,946.000 bushels, against 18,132,000 bushels in 1937.
Volume
Financial
146
Wheat
Oats
Rye
Bushels
Canadian—
Corn
Bushels
Bushels
Bushels
Lake, bay. river & seab'd
9,267.000
Ft. William &Pt. Arthur
11,934,000
668,000
639,000
24,215,000
8,436,000
Bushels
22,000
923t,0OO
Other Can. & other elev.
Barley
331,000
Chronicle
tions of
ent
to
fair
furnish
needed
Mexico, Colorado, Utah, Montana and the North¬
improved moisture conditions and protected grains against low tem¬
peratures.
Prospects have improved In the Southwest and grains are
good to excellent throughout these States.
Spring-wheat seeding is under
5 1938...
45,416,000
9,643,000
Total Feb. 26 1938...
45,528.000
Total Mar.
69,969,000
9,376,000
12,076,000
1,276,000
1,285,000
1,542,000
9,055,000
8,959,000
8,823,000
58,340,000 38,306,000 22,599,000
45,416,000
9,643,000
3,661,000
1,276,000
9,515.000
9,055,000
6 1937...
to
good
and
condition,
Canadian
5 1938...103,756,000 38,306,000 32,242,000
Total Feb. 26 1938...105,844,000 37,126,000 32,322,000
Total Mar. 6 1937...107,594,000 12,592,000 35,650,000
much of this State.
snow
The world's
shipment of wheat and
4,937,000 18,570,000
5,250,000 18,800,000
5,295,000 20,413,000
corn, as
furnished by
shown in the following:
Corn
Wheat
Week
Since
Week
Since
Since
Mar. 4,
1938
July 1,
Mar. 4,
July 1,
July 1,
1937
1936
1938
1937
1936
Bushels
North Am.
Bushels
Bushels
Bushels
Bushels
Bushels
Australia
Since
July
1,
3,317.000 131,573,000 145,025,000
864,000
65,042.000
47,104,000
42,920,000 100,850,000
3,028,000 66,683,000 61,853,000
112,000
12,000,000
7,792,000
Black Sea.
Argentina.
1,436,000
35,060,000
6,000
86,000
3,264,000
17,664,000
338,000 177,421,000 286.089,000
2,582,000
_
India
Other
countries
Total
..
568,000
16,264,000
720,000
18,448,000
10,471,000 334,482.000 381.072,000
66,169,000
16,229,000
2.580,000 281,914,000 319,988,000
Weather Report for the Week Ended March 9—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended March 9, follows:
At the beginning of the week a trough of low pressure extended from
Ontario south westward to Kansas, with
light precipitation over
portions of the Central Valleys and general warmth over the East.
At
the same time precipitation was widespread over much of the West, being
particularly heavy in California.
On the morning of the 3d a "low" was
central over eastern Kentucky, with rain or snow reported from most of
the Ohio Valley and the Northeast.
Much colder weather prevailed at
the same time over the Lake region, with subzero temperatures reported
over northern New York and Michigan and readings of —46 deg. to —48
deg. in upper Quebec and western Ontario.
Precipitation continued heavy
in the far West, especially in southern California.
On the morning of the 4th a disturbance was central over northern
Utah, with widespread precipitation over the Great Basin, the northern
Great Plains, and adjacent sections; at the same time, colder weather had
overspread the East.
On the 5th, the southwestern "low" had moved to
the southern Lake region, with irregularly distributed rain or snow over
the upper Ohio Valley, the central and eastern Great Plains, and adjacent
areas.
It had become much warmer over the Northesat, but somewhat
colder over portions of the Great Plains.
On the 6th precipitation had been reported over most of the East, except
the extreme Southeast, while colder weather had overspread the Ohio Val¬
ley and south-central portions of the country.
The colder weather moved
southeastward, reaching the south Atlantic coast on the morning of the
7th, but at the close of the week generally fair and somewhat warmer
weather prevailed
The week was generally warmer than normal, except in the extreme
Northeast, most of the Lake region, and locally in the Northwest and far
eastern
West.
Temperatures ranged from 5 deg. to 7 deg. above the seasonal
average in the lower Great Palins and lower Mississippi
similar conditions prevailed in portions of the upper Rocky
Valley, while
Mountain re¬
15 deg. colder
than normal in northern New York and Vermont, and ranged from 4 deg.
to 9 deg. below in the upper Lake region.
Slightly subnormal tempera¬
gion and the Northwest.
Rye is in fair condition generally in South Dakota and is making a good
start in Nebraska.
Oat sowing is well along in Kansas with early fields in
the southeast up to good stands.
Considerable seeding was accomplished
in Oklahoma with
satisfactory germination reported, and some oats were
planted in Missouri and Illinois.
Carolina report minor grains in
The week was from
THE DRY GOODS TRADE
New York, Friday Night, March 11, 1938.
Hampered by adverse weather conditions prevailing in
many sections of the country, and by the continued slump in
employment and payroll figures, retail business again made a
disappointing showing. All divisions registered substantial
losses in the volume of sales,
although comparisons with last
year's results were, of course, again greatly influenced by the
fact that pre-Easter buying was in full
swing at this time in
1937.
Early promotions of spring merchandise met with
only moderate success, inasmuch as recurrent spells of winter
weather exerted a retarding influence on
buying activities.
Department store sales in the metropolitan area during the
past week, according to the survey of the Federal Reserve
Bank of New York, declined
5% against the corresponding
week of 1937; Buffalo and Rochester stores
reported losses
ranging from 15.7 to 17.5%, while in Newark a loss of 9.1%
was established.
Department stores sales the country over,
according to the usual compilation of the Federal Reserve
Board, during the month of February, declined 8% from
February, 1937. The largest loss was shown in the Cleveland
district, with 14%, while the best showing was made in the
Atlanta district with a gain of 4%.
New York reported a
loss of 5%.
Trading in the wholesale dry goods markets remained
very
quiet. While a number of fill-in orders continued to reach
the market, virtually no forward
buying was undertaken by
wholesalers and retailers,
reports
Domestic
current
southern Minnesota
and eastern
South
Dakota where conditions
were
The
moisture
where most
situation
areas
need
is
rain
somewhat
and
some
unastisfactory in the Southeast
are suffering.
However, in
crops
most sections of the South from Texas eastward to the Central Gulf States
the
moisture
situation
is
quite satisfactory and most winter crops pro¬
has been planted in Texas during the week, with
some coming up on southern
portions, while planting this crop has ad¬
vanced in other Gulf sections, with some reported seeded in southern Ala¬
bama.
Cotton planting continues in extreme southern Texas, with some up
gressed well.
Much
corn
in the southern Coastal Plains.
Although frosts were reported from many portions of the Southeast,
being especially heavy in portions of Georgia and South Carolina, there
was no extensive harm to truck or fruit.
Many peach buds were reported
killed in Georgia, but it is believed that sufficient remain unharmed in
the principal areas.
Considerable injury was noted to peaches and ten¬
der truck in South Carolina, while scattered damage was noted in other
portions.
Truck crops in most of the South are doing well and early po¬
tatoes are mostly planted and sweet potatoes being bedded.
In most of the Weat and Northwest the week was quite favorable, with
additional beneficial moisture In many portions of New Mexico and Ari¬
zona.
While the extremely heavy rainfall in southern California caused
much damage to highways, bridges and other structures, the harm done to
agricultural crops was confined largely to flooding and some erosion.
It is
again becoming dry in western Oklahoma, the western third of Kansas
and eastern Colorado, with duststorms reported in some parts of these
areas.
The moisture situation is largely favorable from the Rocky Mountains
westward and mountain-snow storage was increased In many places.
Small Grains—There were some reports of damage from freezing and
thawing in portions of the upper Ohio Valley, and sleet and glaze were
unfavorable for winter grains in portions of Wisconsin, but elsewhere east
of the Mississippi the week generally favored small grains, although oats
are suffering from lack of rain in portions of the Southeast.
Condition of
winter wheat is fair to good in most Northeastern States, with continued
improvement noted in the lower Ohio Valley and in Tennessee, where
dition is excellent.
Several States in the Mississippi
con¬
-
Valley and southern Great Plains report
precipitation badly needed locally, and duststorms occurred in southeastern
Colorado and western Oklahoma, but elsewhere west of the Mississippi River
the moisture situation has improved decidedly.
Winter wheat is making
good progress from the Dakotas southward and is showing green in por¬
Cotton
markets continued
fill-in
Iitle runoff.
were
quotations could be obtained. Business in silk goods showed
a moderate improvement, with attention centered in
popularpriced crepes and prints.
Trading in rayon yarns gave a
fairly satisfactory account, as weaving plants continued to
cover
nearby requirements on a moderate scale.
While
surplus stocks in producer's hands at the end of February
were reported
to have reached a figure equal to a threemonths supply, it was stated that during the month
ship¬
ments of yarns came up to production.
Minimum temperatures for the week were not abnormally low, with the
line of freezing extending southward to central North Carolina, the central
considerably improved, with the moisture percolating in the soil with very
because of the uncertain outlook
Prices remained fairly steady although
current that slight concessions from official
for general business.
11 deg. to
portions of Georgia and Alabama, and northern Mississippi and Texas.
Throughout most Gulf sections minima ranged from 40 deg. to 55 deg.
Subzero weather was confined largely to the Northeast and some extreme
northern sections of the country.
The lowest temperature reported from
a first-order station was 30 deg. below at Canton, N. Y., on the 4th, while
Doucet, Quebec, reported a minima of —48 deg. on the 3d.
Precipitation was moderate to heavy in east-central districts, portions of
the eastern Lake region, and quite generally in the eastern Great Basin and
California.
In the latter area the weekly totals were generally high,
ranging from 2 to over 6 inches; Los Angeles reported 6.7 inches for the
week.
Precipitation was very light in the southern Great Plains and the
Southeast, where mostly inappreciable amounts were recorded.
Mostly mild weather and ample soil moisture in most sections from the
Great Plains eastward promoted good development of early spring crops
and caused general greening and improvement of grains and pastures.
Although the soil remains too wet in a number of places for much plowing,
outdoor work progressed satisfactorily in many areas and, wherever the
soil was sufficiently dry, plowing and preparation for spring crops made
good advance.
Early spring oat seeding has progressed northward to
southeastern Kansas and southern Missouri, while some have been put in
in the Ohio Valley.
In parts of the upper Mississippi Valley and northern
Great Plains moderate to heavy precipitation was beneficial, especially
Arkansas, Texas, Alabama, and South
good condition.
Rice planting
mostly
has begun in extreme southwestern
Louisiana.
tures were indicated in most of California and central Montana.
in
affording good grazing in
in New
west
Broomhall to the New York Produce Exchange, for the week
ended March 4, and since July 1, 1937, and July 1, 1936, are
Exports
except
condition is only poor; the crop is
way in portions of the far Northwest.
Summary—
American
Total Mar.
soon be suffici¬
The crop improved in Oklahoma and is now in
in much of the Panhandle where rain is
pasture.
1,617,000
1,462,000
5,976,000
Beneficial
Total Mar.
1747
Nebraska, while in southeastern Kansas growth will
Goods—Trading in the
dull.
Sales
were
lots, and their total reached
limited
but
a
gray
to
cloths
occasional
fraction
of
the
curtailed output.
While prices of first hands held
steady, second-hand offerings were rather frequent at fairsized concessions from official quotations.
Determining
influences for the dullness in trade
were the continued low
level of industrial activities and the easier trend in the raw
cotton market.' Towards the end of the week a slightly
better feeling began to manifest itself, predicated on advices
that converters are running short of a number of construc¬
tions and must
replenish their supplies. Reports that
tax may be imposed on cotton goods,
also influenced sentiment to some extent, although it was
seriously doubted that such a levy will be passed at this
session of Congress.
Business in fine goods remained quiet
with transactions confined to scattered spot lots.
Moderate
activity prevailed in combed lawns, and some interest existed
for carded fancies.
Closing prices in print cloths were as
follows: 39-inch 80's, 6%c.; 39-inch 72-76's, 63^c.; 39-inch
68-72's, 5Mc.; 3834-inch 64-60's, 4%e.; 38^-inch 60-48's,
a
graduated
soon
process
4c.
Woolen
Goods—Trading in men's
wear
fabrics continued
spotty as clothing manufacturers maintained their waiting
attitude. Prices, however, showed a slightly better trend, in
of reports that government loans to wool
likely to be granted.
Gabardines and flannels
continued to move in moderate volume, and some additional
orders were received on chalkstripes and herringbones.
Although fall openings are scheduled to take place within
about two weeks, little initial buying is anticipated, as
cutters are presumed to await a clarification of the general
business situation.
Reports from retail clothing centers
made a disappointing showing, with adverse weather con¬
ditions adding to the hesitancy of consumers to cover their
needs.
Business in women's wear goods slowed down per¬
ceptibly, due in part to the inability of mills to supply
wantea materials, and also owing to the less satisfactory
movement of goods in distributive channels.
consequence
growers are
Foreign
active.
Dry Goods—Trading in linens continued
price structure, however, had a firmer
The
in¬
ap¬
pearance based on reports that importers' stocks are low,
owing to unusually small importsgduring the last season, and
also because of the consistent steadiness of the foreign
primary markets.
Business in burlap remained listless, as
the market awaited the outcome of the present Calcutta
negotiations concerning a curtailment in output. Domestic¬
ally lightweights were quoted at 3.70c., heavies at 5.05c.
Financial
1748
Chronicle
March
Name
Rate
1432
Specialists in
Lee County, Iowa
1435
1440
1435
951
1109
Illinois & Missouri Bonds
1434
954
1433
952
952
Liberty County, Texas
CHICAGO
WIRE
314 N.
Lime Springs Station, Iowa (2
given
Maryland (State of)
Marshall S. D„ Mo
"
Name
Rate
3)4
Maturity
1940-1948
2-2)4
1115 Albany, Ore
1432 Aledo, 111..
1939-1948
1113 Amsterdam, N. Y. (2 issues)
Argo H. 8. D. 217, 111..
15,000
12,000
240,000
100
100.37
1.86
270,000
240,000
100.53
3.88
2)4
1435 Bayonne,
1942-1963
1940-1949
2 5*-3 J*
N. J
1941-1962
1939-1946
3%
1285 Belmont 8. D., Ohio.
1114 Bloornvllle, Ohio
-
1595
949
103.51
3.69
Cambria, N. Y
Canton, Miss
1943-1958
10-20 yrs.
100
Curtis, Neb
100.70
2.85
1939-1958
20,500
25,000
214
3)4
1939-1948
20,000
100.35
2.43
1940-1954
215,000
101.61
3.29
4}*-4}*
1939-1968
'25,000
96
4.91
2)4
1939-1978
18,000
30,000
100.25
3.60
100.29
3.58
1111
2.60
1941-1952
125,000
100.14
2.58
3)4
1939-1956
r43,000
100.77
1599
Duval County R. D. No. 1. Texas.5
it.
4)4
1940-1964
3)4
Ellsworth Co. 8. D. No. 24, Kan__25*
1435 Ely, Nev
3%
10,000
1939-1954
1939-1957
1435 Ely, Nev. (3 Issues).
24-3)4
1280 Escambia Co. 8. D„ Fla (2 Issues).6
1283 Far well, Neb
}
1938-1946
3)4
1943-1958
1114
3
1939-1946
4
1939-1950
Flndlay, Ohio
1115 FJandreau. 8. Dak
1109 Fulton, Ky
947 Garnett, Kan
...4
.
1939-1967
1939-1958
__
1439 Gibson
County, Tenn
953 Giles County, Tenn._
1109 Grafton, Iowa
1114 Grafton, Ohio....
4
3
__
947
Great Bend, Kan
2 )4
949
Greenville, Miss
Gregg County, Texas
4
1108
1438
1433
Gulf County, Fla
Guthrie, Okla
Hagerstown, Md
Hastlngs-on-Hudson, N. Y
Haverhill, Mass
1939-1948
1965
1941-1957
100,000
1939-1956
1439
1430
1112
1436
1435
1435
1115
1438
1116
1280
1432 La Salle 8. D. No. 22, 111
1434 Lauderdale County, Miss
949
Lawson, Mo
1438 Lebanon, Ohio
15,000
100.42
2.91
97.76
4.30
1113
1940-1949
.
2 }*
:
1.70
3
...2)4
3
3
1939-1948
1940-1947
1943-1958
1938-1947
1-10 yrs.
1 }*
1939-1941
2 )4
1939-1957
25*
1946-1957
4
5
4
1939-1950
93.98
5.25
....
2.72
3
1939-1946
4,784
100.27
4
1940 1959
3.98
1939-1947
100.38
2.42
2
1939-1946
2)4
1939-1948
16,000
113,800
97,500
435,000
100.15
2)4
__.P
954 Richland 8. D. No. 2, Wis
3
1115 Richland Twp. 8. D., Pa. (2 iss.)
951 Riverhead Common8. D. 4, N.Y.3.20
—
_
.
1939-1943
Rolfe, Iowa (4 iss.)
Ruston, La
2.60
.2.20
1594 Banders Co. 8. D. No. 9, Mont..4
1116 Sandy, Utah
954 San Angelo, Texas
3)4
2.66
1939-1943
4.500
100.08
1948
St. Francis Twp., Ill
St. Louis Co. 8. D. 40, Minn....2)4
949 St. Paul, Minn
2.70
2.15
100.11
5,000
1939-1943
18,000
10,000
..
2)4
3-5
1.90
4-4}*
1.80
100.58
269,000
3,637,800
15,000
50,000
14,500
5
Rochester, Minn
100.92
1939-1945
1939-1948
1939-1948
1939-1948
1939-1968
1943-1953
1940-1946
1941-1968
1939-1958
1939-1948
2.94
27,600
100,000
135,000
25,000
350,000
359,000
300,000
165,000
15,000
20,000
105.51
2.00
...
100
5.00
101.40
2.02
100.29
1.85
100.11
100.39
2.67
100.15
2.69
100.76
2.53
100.37
2.14
100
4.00
20
years
15
years
25,000
100.27
1939-1966
1940-1949
100,000
650,000
38,000
30,000
100.70
99,000
100.91
1.56
50,000
175,000
80,000
d20,000
100.01
2.24
100.24
2.45
100
5.00
Madison
8. D. 1, N. Y
1107 San Francisco, Calif
1285 Sargent Co., N. Dak
3
2
4
5
15*
1939-1958
1940-1945
1112
2)4
1939-1943
Scott Co., Mo
1115 Scott Co., Tenn
1281 Sedgwick Co., Kan
2)4
1939-1948
5
1939-1958
Sebree, Ky
1285 Sherburne, North Norwich &c., 8.
D. No. 1, N. Y
1.60
1939-1943
3)4
2
1942-1947
1941-1946
33,000
r6,000
59,000
1940-1958
50,000
1939-1958
1943-1958
1939-1940
1939-1954
1939-1943
1940-1950
123,000
68,000
32,000
20,000
dl2,000
Sioux City, Iowa
1287 Souderton, Pa
2)4
1)4
..2)4
1287 South Carolina (State of)
1114 South Charleston, Ohio
1284 South River, N. J
4
South Willamette Water D., Ore. .5
25,000
2.95
100.10
1.98
100
4.00
100
5.00
100.05
1.59
100.45
1.37
100.93
1.84
100.12
100.35
3.99
101.51
2.72
2.10
100.01
1.49
101.03
2 36
100.26
3.91
100
1433
6
100.44
98
4.13
1OT.23"
1)4
Senset, La. (2 iss.)
1432 Tampa, Fla
1108 Thomaston, Conn
2
1280 Thorton Twp. H. S. D. 205, 111.—3%
1437 TIconderoga, N. Y
3
1440 Tlmpson S. D., Texas..
4
1433 Todd Co., Ky
5
1286 Toledo, Ohio
104.75"
3.33
950 Tolle Co. 8. D. No.
14, Mont
1109 Topeka Twp., Kan
4
1284
2)4
101.49
50,000
100.70
3.38
83,000
98.49
3.70
53,840
140,000
60,000
150,000
lOUOT
101.34
2.38
10,000
14,852
47,000
r92,500
88,000
r66,000
102.17
2.57
100.07
105.61
1.69
2.01
2-16 years
1950-1957
1939-1945
1965-1967
1438 West Salem S. D. 32, Ore
1599 Whitaker, Pa
3.00
100.44
1.02
-
35,000
270,000
100
4.00
100.30
2.19
3,250
25*
1939-1952
r28,750
101.05
2.60
1939-1952
1941-1970
1952-1956
1939-1951
1939-1967
280,000
60,000
66,000
185,000
340,000
50,000
100,000
26,000
100.11
100.66
101.28
99.90
102.05
104.90
2.19
4
25*
3
—
1948-1953
1941-1962
3.15
2.65
2.01
3.81
101.95
100.57
2.55
2.94
32,500
3
1940-1960
375,000
4
1940-1943
1950-1956
1939-1948
4,000
15,000
[rl57,000
20,000
32,000
105,000
40,000
70,000
10,000
——35*
2.14
45*
2)4
-
_---
--35*
2)4
1938-1953
1939-1958
4
--
Total bond sales for February (216
104.15
2.75
100.18
101.51
3.73
1.95
100.05
2.49
100.85
......
....
municipalities,
covering 288 separate issues)
k Not
100
273,000
d Subject to call in and during the earlier years
101
1.92
2.98
20 years
3.20
1438 Zanesvllle, Ohio
2.35
100.63
100.10
2.20
953 Watertown, S. Dak
1591 Webster Co. Iowa
1115 Westfield S D.. Pa
1280 Westmont S. D. No. 101, 111
1594 West Orange S. D.. N. J
101.39
d66,000
7,000
14,600
17,000
120,000
1.24
1939-1948
1109 Troy Mills Con. S. D., Iowa
1435 Union Co., N.J.
1437 Union Springs, N. Y
1281 Wichita, Kan
1108 Woodland Park, Colo
1437 Woodstock, N. Y
10,000
40,000
r500,000
150,000
1939-1954
4
Trenton, N. J. (3 lss.)
1438 Trenton, Ohio
1438 Worthing ton S. D., Ohio
1109 Wyandotte Co., Kan
1431 Yuma, Colo
100
1939-1958
3
1109 Wapello Co., Iowa
25*
1434 Waseca Co. S. D. 72, Minn
2
1440 Washington Co. San. Dist. 1. Va.4
500,000
4,000
6,800
100.50
100.21
108,000
1941-1952
2.80
100
5.00
8,000
1940-1944
2.69
275,000
rl03,000
19,000
2.94
25,000
3)4
1939-1946
100.07
2.89
2.22
1939-1941
2.75
100.47
100.32
100.006
3.00
73,068
100
100.52
2.25
3)4
5)4
4)4
2,000
8,000
72,000
100
103.38
1939-1948
2.75
r8,000
23,000
25,000
270,000
3
....
1946
4
Marshall &
2.08
88,000
100
1938-1956
las.)
Pleasantville, N. Y. (2 lss.)
Port Clinton, Ohio
Port Sanilac, Mich
Portsmouth, Ohio
Pottawattamie Co., Iowa
Ramsey Co., Minn....
1202
104.54
100
193°.1947
100.12
1958
1.67
2.97
1940-1947
1939-1943
105,000
20,000
100.07
100.39
3
2.28
rd9,000
100.02
3
105.43
1946-1952
101.56
1112 Spring Lake, N. J
1109 Steen SchooJ Twp., Ind
1282 Southton, Mass
100
1939-1953
1939-1948
4
2%
2%
2%
—
1277 Reconstruction Fin. Corp. (46 iss).4
1285 Rensselaer, N. Y
2.70
1438
3.24
1939-1948
2)4
Jackson County, Iowa
6.00
3.50
100.07
4
issues)"
100
100
2.38
3.67
4,000
-
1288 Skagit Co. Drain, Dlst. 15, Wash.4
1287 Slatington, Pa
2%
101.88
18,000
100,000
Indlanola, Neb
Jamestown, N. Dak..
Jasper County, 8. C
Jefferson County, Ala
Jo Daviess County, 111
Kansas City, Kan
Kingston, N. Y. (2 Issues).
Kirksvllle, Mo
Klrkwood, Mo
Klttanning, Pa
Klamath Falls, Ore
Lacrosse, Wis
La Porte, Ind
4*99
85,000
1939-1953
3u
1281
94"50~
25,000
1963-1973
2)4
1116 Howe Ind. 8. D., Texas
1436 Hudson, N. Y
1280
d9,400
24,000
134,000
d55,000
10,000
225,000
21,000
7,000
5,000
39,451
3,000
114,000
200,000
3U
Hillsboro, Ore
1283 Holden, Mo
1114
18,000
20,000
2)4
953
(5
949 Perryville 8. D., Mo
1436 Perth Amboy, N. J. (2
1284 Pleasantville, N. J
1433
3
1283
Perkins, Okla
1281 Perry, Iowa....
1115 Silverton, Ore
4
952 Hamler 8. D., Ohio
1439 Harrlsburg Ind. 8. D.
C-l, Texas.3H
Harrison, N. Y
3U
954 Hartford City 8.
D., Wis
3
1284
3143 Hutchinson, Kan.
123,750
55,000
30,000
r22,000
1-3
1284
1281
45,000
101.16
100,200
20 years
1939-1958
r23,000
1281
1439
1938-1942
2%
1281
3.40
1,600,000
1285
Edgerton, Ohio
1107 El Dorado County, Calif
1439 Elk Point, 8. Dak
1942-1944
6
1, Mont..
1435 Savage H. 8. D., Mont
947 Scott Co., Iowa
100.104
1281 Douglas County, Kan
1436 Dresden, N. Y
Duluth, Minn
Dunellen, N. J
3
1437 Sangerfield,
4)4
15,000
17,000
Ogden, Utah
St. Paul, Minn
949 St. Paul, Minn
100
101.92
4,805
1288
1435 Park Co. II. 8. D.
949
104.78
1 89
69,000
9,700
125,000
160,000
1108
3.43
13,800
40,000
rl9,000
12,000
1940-1968
1282
100.61
101.30
100
3
1433
1108 Dallas City, 111
1435
12, N. Y.
1437 Rotterdam, N. Y
40,000
100,000
d22,000
d32,000
20,000
3.62
2.48
100.26
O'Conto County, Wis
1281
4.125
3.97
101.31
30,000
60,000
1116
20,000
45,000
._
1287 Davison County, 8. Dak
1433 Doualdsville, La
1939-1942
63,500
3
Calif
1939-1963
1.70
1430 Roanoke, Ala
949 Robbinsdale, Minn
100
100.25
100.12
Portage, &c., 8. D. No.
947 Randolph Co., Ill
1431
Davis,
5
5,500
4
Crawford County, Kan
Nocona. Texas
Northport, N. Y
1111
100
1938-1941
1948-1957
—3.90
1285
48,500
1-20 yrs.
1938-1948
Idaho.
1942-1960
1288
1437±Nunda,
3.72
2.25
100
1938-1959
New Plymouth,
127.000
125,000
1,031,000
rl2,000
120,000
2.12
100.012
100
1942-1953
..3-3)4
2)4
1108 Morgan County 8. D. 3. Colo
2%
1109 Morning Sun, Iowa (2 Issues) .3 )4-3.60
947 Morris, 111
3)4
3.69
3.19
1940-1954
4)4
Morgan County 8. D. 3, Colo
100.66
100.32
1942-1954
1958
Moore County. N. C
947
4,000
28,500
100.75
100
1938-1958r21,217,000
Montgomery County, Kan
1109
800,000
8,400
r56,000
5,000
3,000
2.75
1938-1958 12,411,000
1938-1962
50,000
1108
2.88
1.99
1942-1951
1939-1946
1285
100.10
100.02
2)4
1116 College Twp. 8. D„ Pa
1590 Cottonwood, Idaho
Mississippi (State of)
1433 Monroe County, Ky
1286
4.00
3H
Clinton, Wis
Mississippi (State of)
1286
3.92
—
1109 Chanute, Kan
1287 Charleston Co. 8. D. 5, 8. C
1108 Clay City H. 8. D. 103, 111
1111
1434
100
1939-1949
1939-1957
35*
3)4
3)4-3)4
3)4-3)4
1111
15,000
655,000
249,000
27,000
100.08
1942-1951
1112
d6,000
31,347
35*-3}*
1109
100.36
22,000
213,763
1939-1948
1939-1948
1.50
100
45,000
1438 Perry Twp., Ohio
1-9 yrs.
1939-1948
1948
2)4
1432 Park Ridge, 111
1941-1963
1286 Carnegie, Okla
4 ya
1114 Carnegie 8. D„ Okla
3-3}*
1438 Carrier Grad. 8. D. "A," Okla.2-3}*
1111 Carthage 8. D., Miss
4
1282 Centrevllle, Mich...............
954
3.00
15,000
1280 Boone, Iowa..
...4
953 Bratton Twp. 8. D„ Pa. (2 Issues) 4
950 Brookhaven, N. Y
2
951 Buffalo, N. Y. (2 Issues)
3.20
-2}*
Mason City B.D., Iowa
1440
5,000
__
1941-1953
Maxwell Utility Dlst., Okla
Metuchen, N. J
McKinney S. D., Texas
27,500
3
...
2
1114
10,000
19,000
4
1439 Baird Ind. 8. D., Texas
Basis
101.35
1939-1949
4
1108 Banner Twp., Ill
1286 Bartlesville, Okla
Price
$42,000
4
953 Austin County, Texas
1114 Avon Lake 8. D., Ohio.
Amount
1939-1948
1.90
1432
1107 Arkansas (State of)
1432 Atallssa Ind. 8. D., Iowa
947 Atchison 8. D., Kan
1939-1962
1940-1958
1939-1963
4
1281
1587
during
on page
$62,311,260.
This total does not in¬
clude Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
promised to States and municipalities during the month.
The numbei of municipalities issuing bonds in
February was
216 and the number of separate issues was 288.
1287 Aberdeen, 8. Dak
1435
3%
2)4
2 49
2.51
Mcintosh Co. 8. D., Okla
Madison Twp. 8. D., Ohio
Maria Creek Sewer Dlst., Mo
100.06
100.79
34,000
Marin County, Calif
5.00
100
5,000,000
2)4
4.00
100
46,000
1939-1947
2)4
-
Iowa
J
35,000
1944-1947
1109
the month stands at
Paqe
3.75
1942-1960
952
FEBRUARY
The total of awards
4.00
100
12,000
r25,000
45,000
Louisiana (State of) (2 Issues).3)4-4
1283
LOUIS
detailed list of the municipal
bond issues put out during the month of February, which
the crowded condition of our columns prevented our
pub¬
lishing at the usual time.
was
1939-1948
1938-1947
1948-1952
100
100
1286
present herewith our
The review of the month's sales
1939-1947
2?*
25*
Basis
100.11
5,000
19,000
Lucas County,
952
of the "Chronicle" of March 5.
2)4
Minn
Lockland S. D., Ohio
lockland S. D., Ohio
Price
20,000
34,000
1112
We
1939-1958
Mass
948
BOND SALES IN
iss.) 2)4
Lincoln Co. 8. D. No. 5. Wyo
1279
MUNICIPAL
yrs.
1)4
Lincoln County,
Littleton,
20
1940-1956
1938
r33,000
r60,000
1110
Broadway
ST.
1939-1948
4
4
Amount
70,000
Liberty Co. S. D. No. 28, Mont--6
LldgerwoodS. D., N. Dak
1114 Lorain, Ohio
DIRECT
2)4
.
1109
STIFEL, NICOLAUS & CO., Inc.
106 W. Adams St.
Maturity
Lee Co. Sup. Dlst. No. 2, Miss.-.5
12,
$62,311,260
and to mature in the later year,
including $76,500,890 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government, t Refunding bonds.
Volume
United States—-Tax Delinquencies Show Decline Through
Organized Collections—The trend toward organized campaigns
The following items included in our totals forathe previous
months should be eliminated from the same.
We give the
number of the issue of our
be found.
page
paper
for the collection of
in which reasons for
Rate
Name
1284
Greene Co.. N. Y.
1599
Maturity
Amount
Basis
Price
200,000
1,982,000
Houston, Texas(15 iss.) (Jan.)_2^-3
(January)
We have also learned of the following
Although most cities are limited by their State laws In their remedies
against delinquent taxpayers, the Association found that the collection
campaigns frequently increased payment of both, current and delinquent
taxes without new State legislation or wholesale foreclosures.
£3
Butler County, Ohio, for example, reduced its delinquent taxes by more
than one-third in 18 months, collecting $627,819 during that time.
Butler
County's campaign started with an announcement of intention to publish
additional sales for
previous months:
Rate
Name
Page
1286
Anadarko S. D., Okla
Brewer, Me
954 Dunn Co., Wis. (November)
948
949
Dunklin Co., Mo
947
Eldora, Iowa (2 Issues)..
946
Fresno
Co., Calif
946
Fresno
Co., Calif.
-
3X
2J^
3H
2»A
2X
3-5
1281
Gladbrook, Iowa
952 Grady
Co. Con.
C.
3-3 M
947
5
3
Jefferson Co., Kan.
2)4
Jefferson Co., Kan
.........2%
King Co. S. D. 147, Wash
4
Labette Co., Kan
2J4
La Due, Mo
J.
2H
Morgan City, La
4ii
Olympia S. D., S. C
Palmyra S. D., Pa
2H
Perry School Twp., Ind
-..__3J4
953
Plains Twp., Pa
953
Plum Twp. S. D., Pa
947
947
949
948
953
953
1440
952
18,000
30,000
<150,000
50,000
36,000
350,000
88,000
5,773
1938-1943
1943-1947
1941-1957
1940-1948
1944-1960
20,000
8,000
21,000
6,000
2.000
<(21,000
13,800
15,000
50,000
<(50,000
35,000
18,000
1943-1952
1939-1943
1-21 yrs.
1939-1948
1939-1942
2-23 yrs.
2.25
3.46
2.67
2.22
100.30
100.86
100.16
100.03
delinquent property owners, the announcement alone bringing
$200,000 in delinquent tax payments.
Following publication of the
delinquent properties, the county prosecutor and special tax officers inter¬
viewed the property owners personally.
Less than 10% of the owners showed proof of inability to pay all or part
of the taxes and only 18 refused to pay any part of their bills.
The tax
officers arranged for payment of taxes in installments, and granted six
100.71
100.71
100
101.56
100.24
100.04
3.00
2.33
2.33
4.00
2.22
2.22
4.24
101.36
104.07
2.25
2.70
100
1939-1968
67,000
1940-1958
r<(19,000
1939-1944
25,000
100
1939-1944
2,200
100
......
2.80
101.92
30,000
Sangamon Co. Non-H. S. D. 111...3H
1115
Seneca Ind. S.D., S. Dak
4
Trout-Good PineS. D. 21, La....4Ji
4)4
125,000
months grace to owners unable to pay before starting foreclosure.
Establishment of real estate divisions to handle property obtained
......
3
.....
the list of tax
in
5.00
100
2)4
50,000
37,000
Rives San District, Va
Ross Co., Ohio.
1432
948
- —
100
1-10 yrs.
1939-1953
1938-1957
1939-1958
1939-1948
1939-1948
1938-1947
1941-1958
....4
1114 Winchester, Ohio.
Basis
Price
100
51,
954 Green River, Wyo
947 Hobart, Ind
1116
Amount
,
5
D.
S.
Okla..
947
Maturity
1941-1949
—-
2.45
3.25
4.00
4.75
4.50
100.52
100
100
All of the above sales
(unless otherwise indicated) are for
These additional January issues will make the
total sales (not including temporary or RFC and PWA
loans) for that month $47,798,417.
January.
UNITED
1287
STATES POSSESSION
Name
Page
4
ISSUES IN
FEBRUARY
Maturity
Amount
1938-1956
Rate
Puerto Rico (Govt, of)
1,400,000
1116
Name
Rate
Brantford, Ont
3)4
954
Brockvilie, Ont
1288 Canada (Dominion of)
954
1288
954
Forest Hill, Ont
954
1288
Gait, Ont
Georgetown, Ont
Lanark Co., Ont
4
Port Albernl, B. C
Prince Edward Lsland (Prov.
1440
Quebec (Prov. of)
1440
Quebec (Prov. of)
954
1116
1600
St. Mary's,
Amount
Ont..
of)..3)4
2%
3)4
.4
Timmins, Ont
4)4
....4
Vernon, B. C
*25,000,000
10-20 yrs.
59,458
20 years
38,925
5 years
14,800
1939-1958 >
290,000
1-10 yrs.
10,000
12,000
1949
400,000
10 years 10,000,000
10 years 10,000,000
10 years
10,000
1938-1957
357,000
for property after three years of tax delinquency.
certificates two years before starting foreclosure.
'i
Supreme Court Decisions Apparently Influence Tax Field—
Supreme Court, in a 5-to-2 decision on
March 7, overruled two previous lower court rulings and
The United States
removed certain
long-established restrictions on the powers
instrumentalities of
according to a Washington dispatch to the New
York "Times" of that date, which continued in part as
of State and Federal governments to tax
each other,
The decision
was
State
regarded
taxation
as an
in
important step in defining the fields of
with a respect by Attorney General
line
light of the necessity for a coherent and rational administratoin of the tax
laws."
finding follows recent opinions that States may tax receipts of
contractors, and that the Federal Government may levy
the income of quasi-State officials.
The question asked was whether the Wyoming Associated Oil Corp.
could be taxed by the Federal Government on its income from school lands
leased from the State of Wyoming.
Chief Justice Hughes and Justices
Brandeis, Stone, Roberts and Black concurred in an opinion delivered by
Mr. Hughes, expressly overruling former opinions in Gillespie v. Okla¬
homa and Burnet v. Coronado Oil & Gas Co.
Justice Butler, joined by Justice McReynolds, stated that "no one can
foresee" the effect of the majority decision on the principle that a State
may not tax Federal instrumentalities and vice versa.
Chief Justice Hughes said for the majority:
"Where it merely appears that one operating under a Government con¬
tract or lease is subjected to a tax with respect to his profits on the same
basis as others who are engaged in similar businesses, there is no sufficient
ground for holding that the effect upon the Government is other than in¬
The
Government
100.86
102.80
101.48
100.39
104.11
3.20
2.98
101.14
3.38
3.14
*
-
3.13
$21,277,183
direct and remote.
"We
News Items
Edition
series,
18th edition of their booklet in the quar¬
New York State—Governor
Signs Tax Program Measures—
Governor Lehman has approved all of the measures which
by his recommendation by the Legislature,
effect for another year the emergency levies
needed to meet the cost of the State's $386,400,000 budget
for the fiscal year 1938-39.
The bills which received the
Governor's signature are listed as follows:
passed upon
thus continuing in
were
Two bills continuing the 2-cent-a-gallon emergency levy on gasoline.
The State has a permanent 2-cent-a-gaUon tax, funds from which are sup¬
posed to be used for highway purposes, and the emergency tax to be used
for relief brings the total paid by mortists on each gallon to four cents.
Another bill continues the 1% special tax on personal net incomes, while
a fourth provides a 25% increase in the graduated tax on estates. A fifth
doubles the tax on stock transfers, placing the levy on stocks selling
for more than $20 at 2 cents and for less than $20 at 1H cents.
The next two bills provide a 2% State tax on the gross receipts of public
measure
utilities and permits cities throughout the State to collect
an additional
1% from the same source.
These are the measures which Mayor F. H.
LaGuardia had protested against as depriving the city, wnich formerly
a 3% tax of its own on utilities, of much-needed relief money.
The last two of the nine tax-program bills will increase the franchise tax
placed
on
on
business corporations in the State from 434% to 6%, and levy a 4% tax
the net incomes of unincorporated business in excess of $5,000.
Various Bills Killed
by Legislature—A brief summary of the
houses of the Legislature in defeating
some of them of more than ordinary
action taken by the two
numerous
measures,
importance, is
dated
as
contained in the following Albany report
Senate Democrats, in
of the Governor's savings bank life insurance bill.
„
.
and Burnet
principle and
convinced that the rulings in Gillespie v. Oklahoma,
accordingly they should be, and they now are
Bond
overruled."
Proposals and Negotiations
ALABAMA
BRIDGE
AUTHORITY,
Ala.—DAUPHIN, ISLAND
BRIDGE BONDS PROPOSED—It has been reported that additional plans
on building and financing Dauphin Island Bridge are to be submitted to
representatives of the Board of Revenue and the Alabama Bridge Com¬
mission.
Plans will call for a $900,000 bond issue to be retired with revenue
from a $1 bridge toll, revenue of about $20,000 annually from Dauphin
Island Land Co., and a pledge of not more than 20% of the county's
ALABAMA
gasoline tax.
MONTGOMERY, Ala.—BOND SALE— The two issues of street im¬
aggregating $200,000, offered for sale on March 8—V.
awarded to the First National Bank of Montgomery,
as 4Mb at par.
The issues are divided as follows:
provement bonds,
146, p. 1589—were
$100,000 Series "A W"
1948 inclusive.
bonds.
100,000 Series "A X" bonds.
1948, inclusive.
Due $10,000 from March 1,
Due $10,000 from March
1939 to
1, 1939 to
RUSSELLVILLE, Ala.—BONDS AUTHORIZED—An ordinance has
authorizing the City Council to acquire an electirc distribution
by construction or otherwise, for which purpose electric system
revenue bonds in the amount of $69,000 shall be issued.
Bonds shall be
dated March 1, 1938, denom. $1,000, interest rate 4% per annum, payable
semi-annually on March 1 and Sept. 1 beginning Sept. 1,1938. Bonds shall
be numbered in the order of their maturity from 1 to 69, shall be in coupon
form and shall be payable at the office of the City Treasurer.
Bonds will
mature $2,000,
1941-1942; $3,000,
1943-1945; $4,000, 1946-1949 and
$5,000, 1950-1957.
been passed
system
ARIZONA
TOLLESON, Ariz.—BOND SALE—The $10,000 issue of 6% coupon
works bonds offered for sale on March 7—V. 146, p. 1279—was
purchased by Kirby L. Vidrine & Co. of Phoenix, according to the Town
Clerk. No other bid was received for the bonds. Dated Jan. 1, 1938. Due
$1,000 from Jan. 1, 1948 to 1957 incl.
TUCSON SCHOOL DISTRICT NO. 1 (P. O. Tucson), Ariz.—
REPORT ON FINANCIAL CONDITION—In reporting the overcrowded
condition of the district's schools. City School Superintendent C. E. Rose
stated that finances are in better shape now than for a number of years.
In 1931 outstanding bonds totaled $1,968,000 while as of Jan. 1, 1938, the
total was $1,063,000 or a decrease of $905,000 in seven years.
This year
$172,000 will be paid off while $179,000 will be paid off next year.
This
includes a $200,000 Public Works Administration bond issue.
The bond
issue of $350,000, dated as of 1920, will be retired in 1940, and in June, 1941
the $750,000 bond issue for the high school will be retired.
water
of March 9:
conference, refused to rally to the support
The Senate completed
legislative action on the Todd municipal housing authority bill for counties
and first-class villages, and the Wadsworth bill authorizing scholarsoips for
Social Welfare Department employees, and the Muccigrosso bill protecting
C. I. O. unions from "wildcat" use of their name, ancipassed the Burchill
bill for collective bargaining for employees on the city subway.
The Assembly completed legislative action on the Kleinfeld bill per¬
mitting initiation of charter amendments by petition for up-State cities.
Its mortgage committee killed the Governor's mortgage bank bill, and other
committees buried scores of bills, including many sponsored by Mayor
LaGuardia and the Labor Party.
The
are
Coronado Oil & Gas Co. are out of harmony with correct
giving up-to-date
financial statistics of the
Commonwealth of Massachusetts, its counties, cities, towns
and districts.
This edition contains an outline map of the
Commonwealth, showing all its political sub-divisions.
The statistics given show population, assessed valuation,
gross and net debt, net debt ratio and per capita, tax levy,
tax collections, tax titles, and a comparison of tax rates.
Copies are available upon request.
1A similar booklet has been prepared for distribution by
Newton, Abbe & Co., 60 Federal St., Boston, Mass.)
terly
v.
of
Municipal Statistics
Compiled—Tyler & Co., Inc., Boston, are making free dis¬
tribution of the
Plattsmouth holds these
upon
Temporary loan; not Included in total for month.
Massachusetts—New
"i
Plattsmouth,
Rochester, N. Y. increased tax payments by providing for instalment
payments and adjusting penalty rates.
The city also used the weapon of
foreclosure threats against owners of income-producing property
who
appeared to be deliberately pocketing all the income and withholding pay¬
ment of taxes.
The city collected more than $8,000,000 in delinquent
property taxes from 1934 to 1936.
Scores of cities now use special delinquent tax collectors, special notifica¬
tion of delinquencies, and installment methods of collection to retrieve
delinquent taxes, the Association found.
Federal and
Basis
3.43
Price
100.58
104.40
include
Nebraska's practice of obtaining tax sale certificates making the city trustee
Cummings that the Court re-examine some of its former opinions "in the
25,000
Total long-term Canadian debentures sold in February
*
r50,000
by
producing additional revenue in Portland,
Ore. and other cities, the Association reported.
Other methods
of collecting
delinquent taxes
follows:
-
10,000
3)4
3)4
3)4
3)4
1288 Halifax, N. S
1600
Maturity
1938-1957
3
tax foreclosures has resulted in
Basis
Price
DEBENTURES SOLD BY CNADIAN MUNICIPALITIES IN FEBRUARY
Page
delinquent property taxes which total
$1,000,000,000 for the Nation, is reducing tax delinquencies
in many cities and counties, the Municipal Finance Officers'
Association reported on March 7:
these eliminations may
Page
1749
Chronicle
Financial
14%
ARKANSAS
BLYTHEVILLE PAVING DISTRICTS NOS. 2 & 3 (P. O. Blytheville), Ark .—REFUNDING PLAN TENTATIVELY APPROVED—Judge
Thomas C. Trimble of the Eastern Askansas Federal District Court tenta¬
tively approved a plan for refinancing the indebtedness of the districts by
the issuance of $228,500 of new 5% bonds, maturing April 1, 1950 and
representing the balance in bonds now outstanding of the consolidated
districts' original issue of $437,400.
JACKSON COUNTY DRAINAGE
DISTRICT NO. 11 (P. O. New¬
port), Ark .—RFC REFINANCING LOAN APPROVED— It is stated
District Secretary that a loan of $22,000 has been approved by
Reconstruction Finance Corporation for refinancing.
the
by
the
1750
Financial
MORGAN
CALIFORNIA
CALIFORNIA,
CELLED—In
a
State
statement
of—REQUEST FOR
dated
BOND
TENDERS
CAN¬
March
7, it was reported by Harry B.
Riley, State Controller, that the Teachers' Retirement Salary Fund Invest¬
ment Board
would purchase bonds for investment on March
f 11.
He
stated that about $100,000 would be available for this
purpose.
However, we were advised by telegram from Mr. Riley on the 11th that
the meeting scheduled for that date to consider the bond
offerings had been
cancelled and that he will advise us of the date of the future
meeting of the
Board for the purchases.
Mail offerings should be addressed to Mr. Bvrl
F. Babcock, c-o State Controller's Office, State
when
a
Capitol, Sacramento, Calif.,
call for tenders is next issued.
Chronicle
CALIFORNIA,
State of— WARRANT SALE—An issue of $1,045,818.80 revolving fund replenishment, registered warrants was offered for
sale on March 9 and was awarded to
Wells-Fargo Bank & Union Trust
Co. of San Francisco, at 0.75%, plus a premium of
$1,083.43.
Dated
March 12,1938. Maturity to be on or about Aug.
3,1938.
HUNTINGTON BEACH, Calif .—BOND ELECTION—An
agreement
been entered into between the City Council and the
Mills Land &
Water Co. whereby the city is to be granted an option to
purchase 1,600
feet of beach frontage for $85,000.
A bond issue to cover the cost of the
proposed purchase will be submitted to the voters for approval at an
elec¬
tion to be held on April 12.
LOS ANGELES
METROPOLITAN WATER
DISTRICT (P.
O. Los
MONTEBELLO, Calif.—BOND ELECTION DATE CHANGED—Elec¬
tion at which
voters will be asked to
approve issuance of $75,000 school
bonds will be held March 18 instead of March 15.
NEVADA
IRRIGATION
DISTRICT
(P. O. Grass Valley) Calif.—
BOND REFUNDING PLAN MODIFIED—The
following is a copy of a
letter sent out on March 5 to bondholders who are still
in possession of the
bonds of the above district,
by William
Durbrow,
District
Manager,
requesting the complete deposit of all outstanding obligations:
To Holders of Nevada Irrigation District
Refunding Bonds which have not been
Deposited under Modification of Refunding Plan Dated Jan.
1, 1937—
You
been previously advised that Nevada
Irrigation District has
modification of its refunding plan of June
1, 1931, and that such
modification has had the approval of the California
Ditricts Securities
Commission, the electors of the district, and the holders of
have
asked for
a
more than
75% of the outstanding bonds.
Such approval complies with all the
con¬
ditions necessary for such a modification, as set out in
Section VIII of the
district's refunding plan of June 1, 1931, and the
modification is fully
effective as of Jan. 1, 1937.
On Feb. 25, 1938 the Supreme Court of the
State of California, in the
case of Livingston v. Robinson as Treasurer
of Nevada Irrigation
District,
rendered a decision sustaining the
validity of this
the modification
binding
upon the holders of all
district.
There
SCHOOL
DISTRICT
NO.
12,
1938
2
(P. O. Brush).
Colo.—PRE-ELECTION SALE—We are informed that $20,000 school
bonds were purchased
by Sidlo, Simons, Roberts & Co. of Denver, subject
to an election schedulea for April 8, divided as follows:
$10,000 as 2%%
bonds, maturing $1,000 from 1943 to 1952, and $10,000, maturing $1,000
from 1953 to 1962, as 3% bonds.
PUEBLO COUNTY (P. O.
Pueblo), Colo.—BOND REFUNDING
ACTION NOT SCHEDULED—In connection with the
report given in
these columns recently that consideration was
being given to a proposal to
refinance $100,000 in outstanding road and
bridge warrants, we are in¬
formed as follows on March 7
by A. G. Hughes, Clerk to the Board of
County Commissioners:
In answer $o your inquiry of March 5,
1938, wish to state that the plan
of refunding road and
bridge warrants is just in its infancy, in fact, there
has been no action taken
by the
in the future, it is still
asked for that reason.
a
County Board.
problem and I cannot
As to what
answer
may
be done
the questions you
CONNECTICUT
has
Angeles), Calif.—BOND SALE—It is reported that the Reconstruction
Finance Corporation, offering par for 5s, this
being the only bid submitted,
was awarded the
$60,000,000 Colorado River water works bonds offered
March 4—V. 146, p. 1599.
March
COUNTY
NEW
BRITAIN, Conn.—NOTE OFFERING—W. H. Judd, President
of the Board of Finance and Taxation, will receive sealed bids
until 11
on March 15 for the
purchase of $300,000 tax
a. m.
anticipation notes.
Denom.
purchaser may requrest on straight discount basis.
Payable June 30,
1938, at the National City Bank, New York
City.
Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston will be furnished the successful
as
bidder.
Delivery will be made
in New York or Boston.
WALLINGFORD, Conn .—BOND SALE—Paine,
Burr
Webber
&
&
Co.
and
Co., both of Boston, jointly, purchased privately $80,000
2Y%
refunding bonds, due $4,000 annually on April 1 from 1939 to
1958, incl.
WATERBURY, Conn.-BOND OFFERING—John P. Fitzinaurice,
City Clerk, will receive sealed bids until 8 p. m. on March 16 for the
purchase
not to exceed 6% interest
coupon bonds, convertible into
registered form at holder's option.
The offering consists of:
of $1,085,000
$500,000 funding bonds, series of 1938.
Due March 15 as follows: $10,000
from 1939 to 1948 incl. and
$40,000 from 1949 to 1958 incl.
585,000 street and general improvement bonds, series of
March 15
All of the
bonds
as
follows:
are
dated
$65,000 from 1950
March
15,
1938.
to
1937.
1958 incl.
Denom.
$1,000.
Due
Bidder
specify different interest rate for each
maturity but must bid for all
none of the bonds.
Rate of interest to be expressed in a
multiple of
of 1 %.
Principal and interest (M. & S. 15) payable at the First National
Bank of Boston.
The bonds will be
may
or
printed under the supervision of, and
as to
genuineness by the First
opinion of Storey, Thorndike, Palmer &
Dodge of Boston will be furnished the successful bidder.
A certified check
for 1% of the bonds bid for,
payable to the order of the
the signatures and seal thereon certified
National Bank of Boston.
Legal
City Treasurer,
must accompany
on or
each proposal.
Bonds will be delivered to tne purchaser
about March 29, at the First National Bank of
Boston.
modification, and holding
outstanding bonds of this
FLORIDA
deposited with the Bank of America, N. T. & S.
A., 485
California St., San Francisco, Calif., or with the
agents of said
depositary
New York, Philadelphia, Boston and
Chicago, approximately 95% of
the outstanding refunding bonds.
The
are now
BONDS
in
modification, as above stated, is
applicable to all outstanding bonds, whether deposited or
not, and provides
the overprinting upon the bonds and
upon the coupons of certain en¬
dorsements, as set out in the printed copy of the
modification, dated Jan. 1,
1937, heretofore mailed to all known bondholders.
Clyde C. Pierce Corporation
for
Barnett National Bank
Building
JACKSONVILLE
In order that the work of
overprinting the bonds may be done in a neat
manner, it is preferable that it all be done at one time.
Request is therefore
made that you immediately forward
your bonds to the Bank of
America,
N. T. & 8. A., 485 California St., San
FLORIDA
Branch Office:
First National
Bank
Building
TAMPA
T. S.
Pierce, Resident
Manager
Francisco, Calif., for
overprinting
and subsequent re/urn to you.
Upon receipt of the bonds the
depositary
will issue a receipt to you; or, if you so
prefer, a certificate of deposit will be
Issued by the depositary, in which latter case
you should
sign and forward
the enclosed letter of transmittal with
your bonds.
In order that your bonds
may be overprinted with the balance of the
bonds it will be necessary that
they be received by the Bank of America
not later than March 31, 1938.
Under the modification of the
refunding plan fixed interest is payable on
these bonds at the rate of 3% per
annum, beginning with Coupon No.
9,
dated July 1, 1937.
It is urgently requested that the
forwarding of your
bonds be attended to at once in order that
you may receive prompt pay¬
ment of interest as the same becomes due.
If you hold coupons due
July 1,
1937, or Jan. 1, 1938, which have not been
paid, payment thereof will be
made promptly upon the deposit of
your bonds with these
coupons and all
subsequent coupons attached.
The above-mentioned modification has
made available to the
sinking
fund set up under the refunding plan of June
1, 1931, and
as now
modified,
certain moneys in the district's bond
fund, namely, the sum of .$218,000,
and tenders are now being asked of
outstanding bonds, said tenders to be
made on or before 11 o'clock a. m. on March
22, 1938. This notice is being
sent to you for the purpose of
giving you an outlet for your bonds should
you at this time wish to tender them to the district.
SIERRA COUNTY (P. O.
Downieville), Cclif.—SCHOOL DISTRICTS
BOND SALES—The two issues of bonds
aggregating $59,500, offered for
sale on March 7—V. 146, p. 1590—were
awarded as follows:
$26,500 Loyalton Elementary School District bonds to
Lawson, Levy &
Williams of San Francisco, as
4s, paying a premium of $127,
equal to 100.475, a basis of about 3.93%.
Due from April 1, 1939
to
1954.
•
33,000 Sierra
Valley Joint Union High School
Witter & Co. of San Francisco, as
3s,
equal
to 1 0.1878,
1939 to 1944.
The second highest bid
a
District bonds to Dean
paying a premium of $62,
basis of about 2.95%.
Due from April 1,
the Loyalton bonds was an offer of
$25 premium
on 5s, by
Howell, Douglass & Co. of San Francisco.
The next best bid on
the Sierra Valley bonds was
submitted by Lawson,
Levy & Williams,
offering $33 premium on 3J4s.
on
TAFT, Calif.—BOND ELECTION—The proposal to issue
$46,000 jail
modernization and fire main improvement bonds
will be submitted to the
voters at the city election in April.
FLORIDA
CALHOUN COUNTY (P. O.
Blount.town), FI
SOLD TO
Informed by the Clerk of the Board of
County Commissioners
that the $75,000 issue of 4% Apalachicola River
Bridge revenue bonds
offered for sale on March 7—V. 146,
p. 1280—was purchased by the Public
Works Administration, at
par plus accrued interest.
This was the only
bid received.
Dated March 1, 1936.
Due $25,000 on March 1 in 1968,
1969 and 1970.
PWA—We
are
DeLAND SPECIAL TAX SCHOOL DISTRICT
(P. O. DeLAND),
Fla.—BOND OFFERING NOT SCHEDULED—It is stated
by Geo. W.
Marks, Superintendent of the Board of Public
Instruction, that no im¬
mediate plans have been made to readvertise for sale
the $130,000 6%
semi-annual school bonds offered without success on Feb.
10, as noted in
these columns—V. 146, p. 1280.
Dated Jan. 1, 1938.
Due $5,000 from
Jan. 1, 1941, to 1966, incl.
GAINESVILLE SPECIAL ROAD AND BRIDGE
COLORADO
BENT COUNTY SCHOOL DISTRICT
NO.
1
(P. O. La, Anima.)
Colo.—BONDS SOLD—It is stated by the Superintendent of
Schools that
the $66,000 school construction bonds
approved by the voters at the election
held on Feb. 11—V. 146, p. 946—have
been purchased by Oswald F.
Benwell, and Donald F. Brown & Co., both of Denver,
jointly.
r
COLORADO, State of—1937 INCOME TAX LAW AFFECTING
MUNICIPALS—The following report has been received
from our Denver
correspondent:
The
new
Colorado income tax law, which
tangibles, including
the
market
Colorado
for
municipal
puts
bonds,
2% surtax on all in¬
is expected to stimulate
a
outside municipals, investment
bankers said this week.
Income from all bonds, except
Governments, is taxed under the new law.
Colorado municipals have been
selling extremely high, due to exemptions
from tax in Colorado, but the new law
puts these securities on the same
basis as out-of-State municipal
bonds.
Average maturities of Colorados
are returning from 2.10 to
3%, while many good out-of-State bonds are
running up to 4 H %.
While people like to be close to their
investments, brokers believe the
larger returns from outside municipals will broaden the
market for the latter
securities.
FORT
COLLINS.
Colo.—BOND ELECTION—An issue of
$250,000
sewer disposal plant bonds will
submitted to the voters at the regular mu¬
nicipal election in the near future.
GLENWOOD,
Colo.—BONDS DEFEATED—A proposed
$200,000
municipal light, heat and power plant bond issue was
recently defeated.,
F
HOLLY DRAINAGE DISTRICT
(P. O.
GRANTED—The Reconstruction Finance
a
loan of $61,000 which is to be
evidenced
district.
Holly), Colo.—RFC LOAN
Corp. has granted the district
by 4% refunding bonds of the
1
GAINESVILLE SPECIAL TAX SCHOOL DISTRICT NO. 26
(P. O.
Fla.—BONDS VOTED—At a recent election freeholders
Gainesville),
voted the issuance of $225,000 school modernization and
construction bonds.
HILLSBOROUGH
COUNTY
(P.
O.
Tampa), Fla.—BOND RE¬
FUNDING CONTRACT MADE—The County Commissioners
have con¬
tracted witn three bond houses to refund a
past due bond debt of $1,500,000
by issuing new bonds bearing a lower rate of interest and
selling them at
97.
The old bonds recently held value
by the Supreme Court after long
litigation, near 5 and 5M%.
The new bonds would bear 4H%.
Since
the dealers who agreed to
buy the bonds will pay all expenses of the rerefunding out of their profits, Commissioners said the sale
price of the
new bonds actually would
figure about 97 M or 97^.
The contract was made with D. E. Arries & Co. and
Kuhn, Morgan
& Co. of Tampa, and R. E. Crummer & Co. of
Orlando.
The maturities
new bonds will be decided
by Commissioners later.
They have in
mind about a 20-year period of
payment.
County attorneys Cone and
Tillman and been instructed to draft a formal
contract to be executed
of the
as
soon
as
possible,
bonds.
so
legal proceedings may be started to issue the
LAKELAND, Fla.—COURT
„
DISTRICT NO.
(P. O. Gainesville), Fla.—BONDS VALIDATED—Following the action
district, the Board of County Commissioners adopted
a resolution approving the
validating of $3,020,000 of bonds of the district.
of the trustees of the
new
APPROVES BOND REFUNDING PLAN
—Circuit Judge H. C. Petteway signed an order March
2 setting in motion
the validation machinery for a
$6,557,000 bond refunding program for this
city, after the program had been approved by
City Commissioners.
He
set March 23 for a
hearing.
City attorney A. L. Carver said the revised program was
designed to
eliminate objections of the Atlantic Coast Line
RR., which, as a taxpayer,
previous validation by Judge Petteway of a
refunding bond
issue.
The program will start interest at
attacked
2% gradually increasing until
it
reaches its peak of 5% in
1951, five years before the bonds
Certificates totaling $1,600,000 also will be
refunded, without
mature.
interest
and redeemable within 10
years at 40% of their face value.
Unless the
railroad again objects, it was believed
that the new plan could be taken to
the Supreme Court for
approval by April 1.
Amendments to the plan
can be made by the
City Commission at instance of taxpayers prior to the
Circuit Court validation, Mr. Carver
said.
TAMPA, Fla.—BOND CALL—It is stated by
George V. Booker, City
Comptroller, that public improvement bonds numbered 1168 to
1185,
1192, 1201 to 1337. 1339, 1341 to 1343, 1345, 1350 to
1370, 1372 to 1396,
1398 to 1429, 1431 to 1480, 1482 to
1495, 1497, 1498, 1500 to 1528, 1530 to
1569, 1574 to 1674, and 1676 to 1700, in the total
amount of $500,000, are
being called for payment as of June 1.
VOLUSIA COUNTY
(P. O. De Land),
Fla.—BOND
RECEIVED—In connection with the call for tenders
time action
—V. 146, p.
of Public
Board:
toward acceptance was
postponed,
1280—it is now reported
as
TENDERS
on Feb. 10, at which
noted in these columns
by the Superintendent of the Board
Instruction that the following bonds were
purchased by the said
$6,500 Daytona Beach, District No. 6 bonds at 96 and accrued interest.
Due Jan. 1, 1944.
15,000 Dayton Beach, District No. 6, bonds at 94.50 and accrued interest.
Due Jan. 1, 1954.
3,500 New Smyrna Beach, District No. 8, bonds at
96, and accrued
interest.
Due Jan. 1, 1944.
*
Volume
Financial
146
2,000 New Smyrna Beach, District No. 8 bonds at 96 and accrued
Due Jan. 1, 1945.
1,000 New Smyrna Beach, District No. 8, bonds at 93 and
interest.
Due Jan. 1,1959.
2,000 New Smyrna Beach, District No. 8, bonds at 93 and
interest.
Due Jan. 1, 1960.
1,000 Orange City, District No. 13, bonds at 93 and accrued
Due Jan. 1,
Interest.
or in
accrued
interest.
1944.
Jan. 1, 1944.
3,000 Holly Hill, District No. 32, bonds at 93 and accrued interest.
Due Jan. 1, 1944.
1,000 Pierscn, District No. 39, bonds at 93 and accrued interest.
Due
Jan. 1, 1945.
GEORGIA
ROSE HILL CONSOLIDATED SCHOOL DISTRICT (P.O.Moultrie),
Ga.—BOND OFFERING—Sealed bids will be received until 11 a.m. on
March IS, by L. O. Rogers, Superintendent of Schools for the purchase of a
$2,500 issue of 5% semi-ann. auditorium-gymnasium and equipment bonds.
Denom. $500.
Dated Feb. 15, 1938.
Due $500 from Feb. 15, 1943 to
1947
incl.
These
on
bonds
approved
were
Dec. 22 and
by the voters on
March 4, 1938.
IDAHO
IDAHO FALLS,
Idaho—BONDS VOTED—& $35,000 issue of school
construction bonds was
PRESTON,
recently approved.
Idaho—BOND
OFFERING
NOT
Dated Feb.
accrued
1,000 De Land, District No. 12, bonds at 98.50 and accrued interest.
Due Jan. 1, 1944.
1,000 De Land, District No. 12, bonds at 98.50 and accrued Interest.
Due Jan. 1, 1945.
500 Ormond, District No. 13, bonds at 96 and accrued interest.
Due
validated
Chronicle
CONTEMPLATED—It
Is stated by C. L. Greaves, City Clerk, that the $100,000 not to exceed 6%
semi-ann. water bonds offered for sale without success on Sept. 23, 1937,
as noted in these columns, will not be reoffered as the
money is no longer
needed.
ILLINOIS
a. m. on March 17 for the purchase of $35,000
4% fire department equipment bonds.
Dated Nov. 1, 1937.
Denom.
$1,000.
Due as follows: $2,000, 1939; $1,000, 1940 to 1944 incl.; $2,000,
1945 to 1951 incl.; $3,000 from 1952 to 1955 incl. and $2,000 in 1956.
Council asks that two bids be made, one for the entire issue of $35,000 and
the other for the first 31 bonds.
Bids based on a lower rate of interest
be entertained.
A certified check for 5% of the total bid must
will not
accompany each
proposal.
Financial Statement
Assessed valuation, 1937
Total bonded debt
--$14,159,917
227,361
,
COOK COUNTY (P.O. Chicago). 111.— WARRANT OFFERING—The
County Treasurer will receive sealed bids until March 28 for the purchase
of $3,500,000 tax anticipation warrants of 1938, including $3,000,000
corporate fund and $500,000 highway fund issues.
Bidder to name rate of
interest in a multiple of M of 1 %.
These are the first warrants to be issued
against the 1938 levy and, pursuant to State law, should be the first to be
retired from that year's tax collections, the initial installment being due
March, 1939.
EAST ST.
LOUIS, 111.—BOND ELECTION—At an election to be held
April 9, voters will be asked to approve the issuance of $300,000 combined
police and fire station construction bonds.
on
part on
before Dec. 30,1938.
five days' notice to purchaser.
INDIANAPOLIS,
on or
Ind.— WARRANT
SALE— The $75,000 warrants
146, p. 1432—were awarded to a syndicate of In¬
1M% interest, at par plus a premium of $7.80.
Membership comprised Fletcher Trust Co., Union Trust Co., Indiana
National Bank, American National Bank, Merchants National Bank and
March 10—V.
dianapolis bankers at
the Indiana Trust Co.
May 10, 1938.
which bid
a
The warrants
Second high bidder
rate of
dated March 10, 1938 and due
the Marion County State Bank,
are
wsa
2% and $50 premium.
LINTON, Ind.—BOND ISSUE SOUGHT—The city recently asked the
Public Service Commission for
permission to issue $110,000 of waterworks
bonds to refund $65,000 in bonds now
revenue
outstanding and to provide
$45,000 for improving the waterworks system.
,,
PARAGON, Ind.—BOND SALE—The
issue of $6,000 rural electrical
line extension bonds offered Feb. 21—V.
146, p. 1280—was sold to J. E.
Sedwick of Paragon, at par.
Due serially in from 1 to 10 years.
TIPTON, Ind.—BOND OFFERING— Besse B. Beyersdorfer, City ClerkTreasurer, will receive sealed bids until 1:30 p.m. on March 23 for the pur¬
of $144,000 not to exceed 3M% interest
municipal utility revenue
chase
bonds.
Dated April 1, 1938.
Denom. $1,000.
Due as follows: $5,000,
April 1 and Oct. 1 from 1940 to 1952, incl.; $5,000 April 1 and $9,000 Oct. 1,
1953.
Bidder to name a single rate of interest, expressed in a
multiple of
H of 1%.
Proceeds will be used to pay the amount still owed on Diesel
electric generating equipment now in operation and will constitute a first
charge against the net revenue of the municipally-owned light and water
works system.
Principal and interest (A. & O.) payable at the Citizens'
National Bank, Tipton.
A certified check for $5,000, payable to the order
of the city, must accompany each proposal.
Approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder.
No conditional bids will be accepted.
Sale will be
continued after March 23 if necessary until the issue has been sold.
IOWA
CLARINDA, Iowa—CERTIFICATES TO BE SOLD—It is stated by the
City Clerk that $3,000 fire equipment certificates will be sold to the Ceme¬
tery Trust Fund.
DICKINSON COUNTY (P. O. Spirit Lake). Iowa—BONDS VOTED—
At
a
recent election the
ment bonds was carried
proposition of issuing $550,000 highway improve¬
by a vote of 1,748 to 366.
FLOYD COUNTY (P. O. Charles City), Iowa—BOND OFFERING—
C. E. Laun, County Treasurer, will receive sealed and open bids at 1.30
p. m. on March 31 for the purchase of $20,000 2H% bridge bonds.
Dated
April 1,1938.
Denom. $1,000.
Due $4,000 on April 1 from 1939 to 1943
incl.
Payable at the County Treasurer's office.
The purchaser shall agree
to furnish the blank bonds and the approving opinion of Larson & Garr
of Charles City, and reimburse the county for the legal expense of
drafting
the proceedings, and all bids must be so conditioned.
A certified check for
at least 3 % must accompany each proposal.
IOWA. State of—REPORT ON BOND OFFERINGS—In connection
with the bond offering notices given below on Mitchell County and Wright
County, we give herewith the text of the official statement from the State
Highway Commission concerning these proposed sales:
Iowa's Primary Road Refunding
Bond Program for 1938
In but two counties of Iowa, namely, Mitchell and Wright, are there
outstanding Primary Road Bonds which by their terms become callable in
1938.
These callable issues
County
are as
follows:
Date
Bond No.
of Issue
FREEBURG, 111.—CERTIFICATE SALE—The Municipal Bond Corp.
last October.
GREENE
Due Dec. 15,1938.
TOWNSHIP
(P.
O.
111.—BONDS SOLD—Local
Viola),
approved at the general election last November.
KIRKLAND
Lola
126-300
426-600
8-1-1932
10-1-1932
Wright
Wright
Wright
126-300
426-600
621-800
7-1-1932
9-1-1932
11-1-1932
SCHOOL DISTRICT NO. 29, 111.—BONDS SOLD—
Slaymaker, District Clerk, reports the sale of $20,000 construction
MORA (P. O.
bond issue that
IOWA
approved at the March 1 election has been sold.
Dated
Savings Bank of Chicago,
valorem taxes
as
2Ms, at
a
price of 100.65, as previously
re¬
sufficient
to pay
both principal and interest.
Legality to
be approved by Chapman & Cutler of Chicago.
Other bids for the issue
were
as
follows:
.
„
**
■
Bidder—
Int. Rate
Brown Harriman & Co
Inc
Mississippi Valley Trust Co
First National Bank, Chicago
John Nuveen & Co. and White-Phillips Corp
2 M%
,
Premium
$1,291
2M%
335
2M%
135
4,700
4,350
4,300
1,500
1,300
Laurence Stern & Co
2% %
2%%
Northern Trust Co
2
Charles K. Harris & Co
2%%
2% %
Halsey, Stuart & Co., Inc.
%%
PITTSFIELD, 111.—BONDS SOLD—An issue of $55,000 4M % gas plant
bonds authorized at an election last October, has been sold to Henry Rees
& Son of Quincy.
Legality approved by Chapman & Cutler of Chicago.
PLYMOUTH, 111.—BONDS VOTED— In a special election voters re¬
cently confirmed the issuance of $36,000 water works construction bonds.
The project will cost approximately $58,000, of which the Federal Govern¬
will furnish $22,000.
RANTOUL, 111.—BONDS SOLD—It is reported that an issue of $75,000
3M% light and power revenue bonds ahs been sold to A. S. Huyck & Co.
Chicago.
.
ROANOKE, 111.—BONDS SOLD—The issue of $5,000 water plant bonds
a
recent election has
been sold.
COMMISSION
ALEXANDRIA, Ind.—BOND OFFERING— Florence E. Madden, City
Clerk-Treasurer, will receive sealed bids until 2 p. m.
on
March 18 for the
CLEAR CREEK TOWNSHIP (P. O. Smithville), Ind.—BOND SALE
funding bonds offered March 8—V. 146,
1432—was awarded to the Fletcher Trust Co. of Indianapolis as 3s at
$181, equal to 101.20, a basis of about 2.84%.
and due as follows:
$500, July 1, 1939; $500.
Jan. 1 and July 1 from 1940 to 1953 incl., and $500, Jan. 1, 1954.
—The issue of $15,000 judgment
p.
par plus a premium of
Dated March 1, 1938,
CLINTON TOWNSHIP (P. O. R. R. 8, Greensburg), Ind.—BOND
SALE—The issue of $24,000 4% coupon School Township bonds offered
March 3—V. 146, p. 1280—was awarded to the Union Trust Co. of In¬
dianapolis, at par plus a premium of $1,850, equal to 107.70, a basis of
about 2.99%.
Dated Oct. 1, 1937 and due semi-annually as follows:
$500, July 1, 1939; $1,000, Jan. 1 and $500 on July 1 from 1940 to 1954
incl. and $1,000, Jan. 1, 1955.
CHICAGO,
Ind.— WARRANT SALE— The issue of $60,000
7—V. 146, p. 1432—was awarded to the
offered March
Union National Bank of Indiana Harbor at East Chicago at 2% interest.
an elec¬
for March 23 at which voters will be asked to approve issuance of
$36,000 school addition bonds, proceeds of which will be used to provide
a
gymnasium, stage, two classrooms and a superintendent's office.
MITCHELL
Sealed
bids will
COUNTY (P. O. Osage), Iowa—BOND OFFERING—
be received until 2 p. m. on March 25, by the County
Treasurer, for the purchase of a $350,000 issue of primary road refunding
bonds.
After the receipt of sealed bids and the consideration of open bids,
the bonds will be awarded to the highest bidder for cash.
Dated May 1,
1938.
Due
$50,000
from
1939
to
1945
incl.
Interest
payable
semi¬
annually.
Bids should be made on the basis of par
and accrued interest
better
for all of the bonds bearing the same interest rate, such interest rate to be
a multiple of one-quarter of one per cent.
The purchaser must agree to
furnish the blank bonds and the County will furnish the approving opinion
of Chapman and Cutler of Chicago, and all bids must be so conditioned.
A certified check drawn on a State or National bank and payable to the
order of the County Treasurer for an amount equal to (3%) of the amount
of bonds offered must be furnished by bidders.
In order to assure com¬
or
petitive bidding on a uniform and impartial basis, sealed bids should be
on bidding blanks which
may be obtained from the County
Treasurer andjfrom the Iowa State Highway Commission at Ames, Iowa.
All open bids are to be made on condition that before a final acceptance
thereof, they will be reduced to writing on one of said bidding blanks.
The right is reserved to reject any or all bids.
The proposed bonds are to be issued for the purpose of retiring and re¬
funding as of May 1, 1938, a like principal amount of bonds of said County
now outstanding issued for primary road purposes.
The purchaser of the
Primary Road Refunding Bonds will be required to accept delivery and
pay for the proposed bonds at the office of the County Treasurer of said
County or through a county seat bank when the bonds are available for
delivery and payment.
submitted
SANBORN, Iowa—BOND SALE—The $13,000 issue of refunding water
bonds offered for sale on March 7—V. 146, p. 1591—was awarded
D. Beh Co. of Des Moines, asJJHs, at par, according to the
Town Clerk.
Coupon bonds, dated April 1, 1938.
Denom. $500.
Due
from Nov. 1, 1938 to 1950; optional after 1943.
Interest payable April 1
revenue
to the Carleton
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. O. Sioux
City), Iowa—BOND SALE—The $57,000 issue of school building bonds
purchase of $20,000 swimming pool construction bonds.
Dated March 18,
1938.
Denom. $1,000.
Due $1,000 annually on July 1 from 1939 to
1958 incl.
Bidder to name the rate of interest, which will be payable
semi-annually.
warrants
Administration Engineer
LISBON, Iowa—BOND ELECTION—School Board has called
and Nov. 1.
INDIANA
EAST
180,000
tion
ported in V. 146, p. 1591—are dated April 1, 1938, in denoms. of $1,000
and $500 and mature Dec. 1 as follows:
$7,000, 1939 and 1940; $10,000,
1941 to 1950 incl.; $11,000 in 1951, and $12,500 from 1952 to 1957 incl.
Principal and semi-annual interest (J. & D.) payable at the First National
Bank, Ottawa.
Bonds are being offered by the bankers subject to the
opinion of counsel that they will be a direct general obligation of the entire
district, and that all taxable property therein is subject to the levy of ad
time
HIGHWAY
STATE
Kempton), 111.—BONDS SOLD—The $58,000 4% road
was
OTTAWA SCHOOL DISTRICT NO. 141, 111.—BOND SALE DETAILS
—The $200,000 construction bond issue awarded to the Harris Trust &
voted at
4M%
4M%
4M%
By: C. Coykendall,
March 15, 1938, and due serially from 1939 to 1948, inclusive.
of
Amount
$175,000
175,000
175,000
175,000
proposed to call the above-described issues for redemption on May 1,
1938, and to retire them from the proceeds of sales of Primary Road Re¬
funding Bond Issues which are fully described in the "Notice of Sale of
Primary Road Refunding Bonds" and the "Proposal Form-Contract"
for each of the two issues, herewith enclosed.
bonds.
ment
Int. Rate
4M%
4^%
It is
banks have purchased an issue of $30,000 road construction bonds which
was
Mitchell
Mitchell
of Alton purchased as 4s, at par, the $25,000 electric light plant and system
certificates of indebtedness which were authorized by the Village Council
Callable in whole
offered
CHAMPAIGN, III.—BOND OFFERING— B. J. Marshall, City Clerk,
will receive sealed bids until 10
1751
1,1938, and due
offered for sale on March 7—V. 146, p. 1281—was awarded to the Live¬
stock National Bank of Sioux City, and the Iowa-Des Moines National
Bank & Trust Co. of Des Moines, as l%s, paying a premium of $15, equal
to 100.026, a basis of about 1.74%.
Dated April 1, 1938.
Due from
April 1, 1943 to 1945.
The second best bid was an offer of $10 premium on l%% bonds,
tendered by Halsey, Stuart & Co. of Chicago.
_
,
^
^
SPENCER, Iowa—BOND SALE—The $6,539.04 5% sewer construction
offered March 4—V. 146, p. 1433—were awarded to the Farmers
& Savings Bank of Spencer.
bonds
Trust
TABOR SCHOOL DISTRICT (P. O. Tabor), Iowa—BONDS SOLD—
It is reported that $22,000 3% semi-annual refunding bonds were purchased
recently at par by the White-Phillips Corp. of Davenport.
WASHINGTON SCHOOL DISTRICT (P. O. Washington), Iowa—
BONDS DEFEATED—Voters defeated the proposal to issue $96,500 school
construction bonds.
It is said that a new effort will be made to vote the
issue.
Iowa—BOND SALE—The $400,000 interceptingTand
outfall sewer bonds offered for sale on March 7—V. 146, p. 1591—were
awarded to the National Bank of Waterloo, as 2 l^s, paying a premium of
$1,151, equal to 100.2877, a basis of about 2.22%.
Dated March 1.U938.
WATERLOO,
Due from Nov. 1, 1939 to 1957.
1752
Financial
The second highest bid was an offer of $1,150 premium on
Chronicle
BONDS OFFERED FOR INVESTMENT—The First Boston
Corp. and
Polk-Peterson Corp. of Des Moines, on March 9 publicly offered the above
2M% bonds.
The bonds, issued for sewer purposes, are offered to yield
from 0.75% to 2.20%, according to maturity.
Other bids were as follows:
Name of Bidder—
Prem.
—
,
„
ST.
2M
2%
575
425
2M
425
425
a $530,000 issue of primary road refunding
bonds.
After the consideration of open bids, the bonds will be sold to the
highest bidder for cash.
Dated May 1, 1938.
Due $70,000 from 1939 to
1944, and $110,000 in 1945.
Interest payable semi-annually.
Bids should be made on the basis of par and accrued interest or better
for all of the bonds bearing the same interest
rate, such interest rate to be a
multiple of \i of 1 %.
The purchaser must agree to furnish the blank bonds
and the
county will furnish the approving opinion of Chapman & Cutler
of Chicago, and all bids must be so conditioned.
A certified check drawn
for
national bank and
payable to the order of the County Treas¬
an amount
equal to 3% of the amount of bonds offered must be
furnished by bidders.
In order to assure competitive bidding on a uniform
and impartial basis, sealed bids should be submitted
on bidding blanks
which may be obtained from the
County Treasurer and from the Iowa
State Highway Commission at Ames, Iowa.
All open bids are to be made
on condition that before a final
acceptance thereof, they will be reduced to
writing on one of said bidding blanks.
The right is reserved to reject any
all bids.
the dollar
O.
PARISH
O. Covington) La.—REFUNDING
Burns, President of the Parish School
(P.
Bryan D.
that
an
election
on
MAINE
(State
BALTIMORE, Md.—PLANS SALE OF $1,000,000 BONDS
TO TRUST
FUND—The Board of Commissioners has votec to issue $1,000,000
2M %
10-year voting machine and warehouse construction bonds.
They will
be sold in blocks to the Pension Fund and retired at the rate of
$100,000
to be issued for the purpose of retiring and re¬
the first payment in
annually, wita
1940.
HAGERSTOWN, M d.—PROCEED WITH PLANS FOR BOND SALE—
The Board of County Commissioners recently voted to proceed with the
sale of $190,000 of school construction bonds.
MASSACHUSETTS
BEVERLY, Mass .—NOTE SALE—The issue of $300,000
notes offered
9—V. 146, p. 1593—was awarded to the Boston Safe Deposit &
Trust Co. of Boston, at 0.20% discount, plus $8 premium.
Dated March
9, 1938, and due Nov. 23, 1938.
The Beverly National Bank and the
March
Beverly Trust Co.
OTHER
were
second high bidders, the rate being 0.23%.
BIDS—
Discount |
Bidder—
Bidder—
Discount
0.23% I First National Bank of Boston 0.26%
0.23% | Jackson & Curtis,
0.36%
Beverly National Bank
Beverly Trust Co
CLINTON, Mass.—NOTE SALE—The issue of $100,000 notes offered
was awarded to the First Boston Corp. at 0.50% discount.
Due
March 11
Oct.
1,
1938.
Other bids
were:
Bidder—
Discount
Bancamerica-Blair Corp
Clinton Trust Co
0.567 %
0.57%
0.64%
Wrenn Bros. & Co
EASTHAMPTON, Mass .—NOTE SALE—The issue of $25,000
offered March 8
at
was
0.26% discount.
awarded to the Merchants National Bank of
was
SOLD—The
Merchants
and payment.
New England Trust Co
Mansfield & Co
0.27%
0.28%
0.31%
0.39%
0.41%
0.68%
0.516%
Second National Bank
EL WOOD, Kan.—BONDS PUBLICLY OFFERED—The
$26,000 A%%
by the voters on Feb. 11, as noted here
being offered by Beecroft, Cole & Co.
Topeka, for public subscription.
Denom. $1,000 and $500.
Dated
1, 1938.
Due on Aug. 1 as follows; $1,000, 1939 to 1946; $1,500,
1947 to 1951. and $2,000, 1955 to 1957.
Prin. and int. (F. & A.) payable
West Newton Savings Bank
Bancamerica-Blair Corp
EAST
Bank
rate a
of
loan of
follows;
$8,332.81
were as
$25,000
Discount
Bidder—
Frederick M. Swan & Co
coupon waterworks bonds approved
at the time—V. 146, p. 1281—are
same
Other bids for the two issues
Tyler & Co
KANSAS
National
awarded at the same time and at the
$8,332.81, due Nov. 25, 1938.
funding as of May 1, 1938, a like principal amount of bonds of said county
now outstanding issued for
primary road purposes.
The purchaser of the
primary road refunding bonds will be required to accept delivery and
pay
for the proposed bonds at the office of the County Treasurer of said
county
or through a
county seat bank when the bonds are available for delivery
notes
Boston,
Due Nov. 25, 1938.
ADDITIONAL NOTES
Boston also
are
(P.
MARYLAND
WRIGHT COUNTY (P. O. Clarion), Iowa—BOND OFFERING—
Sealed bids will be received until 2 p. m. on March
24, by the County
proposed bonds
4
of)—BOND CALL—Belmont Smith, State Treasurer,
announces the call for payment of the following bonds:
On April 1, 1938—
$125,000 Kennebec Bridge loan bonds, issue of April 1, 1927, numbers
1876 to 2,000 incl. On May 1, 1938, $25,000 Kennebec Bridge loan bonds,
issue of Nov. 1,1926, numbers 976 to 1,000 incl.
Treasurer, for the purchase of
The
NO.
will be held on March 92 at which
the proposal to levy a special tax of one mill
all taxable property, the proceeds of which will be used to
retire the present unfunded indebtedness of the parish and shall continue
until indebtedness has been liquidated in full.
2M
2H
WOODBURY COUNTY (P. O. Sioux City). Iowa—BOND OFFERr
INO—The County Treasurer will receive sealed bids until 2 p. m. on
March 14, for the purchase of $12,000 Garretson Drainage District
bonds,
due serially on Dec. 1 from 1938 to 1940, inclusive.
or
DISTRICT
2M
Iowa—BOND SALE—The $90,000 issue of municipal
plant addition revenue bonds offered for sale on March 8—V. 146,
p.
1591—was awarded to a group composed of Leo L. Mak, Inc.
of
Waterloo, the Carleton D. Beh Co., and Wheelock & Cummins, both of
Des Moines, and Harold E. Woods & Co. of St. Paul, as
2%8., paying a
premium of $1,176, equal to 101.306, a basis of about 2.43%.
Due $5,000
every six
montns, beginning on April 1, 1939, the last maturity to be in
1947.
Bonds may be called for payment on and afetr Oct. 1, 1943.
or
announced
MAINE
WAVERLV,
State
TAMMANY
2 M
power
on a
SCHOOL
2
575
...
urer
PARISH
voters will be asked to approve
on
2M
COUPEE
TAX ELECTION—Mr.
Board,
—
Mercantile Commerce Bank & Trust Co., St. Louis,
Mo.; Stern Bros., St. Louis, Mo
Halsey-Stuart Co., Chicago, 111. and BancamericaBlair,Chicago, 111
*
1st National Bank, Chicago, 111
Carleton D. Beh & Co., Des Moines, Iowa
Boatmen's National Bank. St. Louis, Mo.; Northern
Trust & W. D. Iianna & Co., Waterloo; Iowa, and
Waterloo Savings Bank, Waterloo, la
POINTE
New Roads), La.—BOND OFFERING—It is stated by Samuel P.
Lorio,
Superintendent of the Parish School Board, that he will receive sealed bids
until 10 a. m. on April 6 for the purchase of an issue of $100,000 school
bonds.
No bids for less than par will be considered.
These bonds were
approved by the voters at an election held on Dec. 21.
Int. Rale
2 Ya,
1938 1
State
of—PAYING
AGENT APPOINTED—Manu¬
facturers Trust Co. is paying agent for $4,000,000 State of Louisiana series
T bonds, dated Jan. 1, 1938, and $1,000,000 State Highway Fund No.
2,
series C bonds, dated Jan. 1, 1938.
by the Polk-Peterson Co. of Des Moines.
Smith, Barney & Co., Chicago; F. S. Mosley & Co.,
Chicago; Illinois Co., Chicago; Central National, Des
Moines, Iowa; Jackley & Co., Des Moines, Iowa
$1,125
lowa-Des Moines National Bank & Trust, Des Moines,
Iowa., and Harris Trust Co., Chicago, 111. & White
Philips Co
900
Brown, Harriman, Chicago, Ill.;Wheelock & Cummings,
Des Moines, Iowa
900
Lehman Bros., Chicago, 111.; Blyth & Co., Chicago, 111.
and Leo Mak& Co., Waterloo, Iowa
875
Mississippi Valley Trust Co., St. Louis, Mo. and Braun,
Bosworth
Toledo, Ohio
700
March
LOUISIANA,
2X*. tendered
0.27%
0.60%
LONGMEADOW, Mass.—NOTE SALE—The Issue or $30,000
notes offered March 8 was awarded
to the
Springfield Safe Deposit & Trust
1938.
Second high bidder was
of
Co.
March
Mansfield & Co., who named a rate of 0.39%.
the office of the State Treasurer at
Topeka.
Legality to be approved
by Bowersock, Fizzell & Rhodes, of Kansas City, Mo.
Kan.—BOND ELECTION—At
the
city primary election
on March
28, voters will be asked to approve the issuance of $300,000
bonds for the purchase of a site and the construction of a
municipal office
building and an auditorium.
Voters will also be
Issuance of $236,000 of school construction and
asked
to
approve
the
0.35%
Due Nov.
discount.
15,
HAVERHILL, MASS.—BONDS APPROVED—The State Finance Board
at
EMPORIA,
at
recently approved
the
issuance of $50,000
which will continue Works Progress
of water
bonds, proceeds
of
projects.
LYNN,
Mass.—NOTE SALE—The issue of $400,000 notes offered
March 7—V. 146, p. 1592—was awarded to the First National Bank of
Boston, at 039% discount.
Due Nov. 8. 1938. Leavitt & Co. of New York
was second high bidder, naming a rate of 0.415%.
equipment bonds.
Other
bids:
„
Bidder—
MARYSVILLE, Kam.—BOND ELECTION—At
on
April 5, voters will be asked
to approve
bonds.
an
election to be held
$50,000 of city hall construction
Discount
Security Trust
Day Trust Co
Co.
of Lynn
MASSACHUSETTS
WICHITA, Kan.—BOND SALE—The $74,643.25 issue of 2K%
semi-ann. internal improvement curb, gutter,
paving and sewer
bonds offered for sale on March 7—V.
146, p. 1591—was awarded to the
Commercial National Bank of Kansas City,
paying a price of 101.964, a
basis of about 1.87%.
Dated Feb. 1, 1938.
Due over a period of from
one to
10 years, approximately one-tenth
annually.
The second highest bid was an offer of
coupon
101.453, submitted by
Bros. & Co. of Kansas City.
Stern
KENTUCKY
HARDIN
COUNTY
PUBLIC
Ky.—BONDS
Bond Co. of Louisville is
offering
9C xM'0 Sirst mortgage bonds.
$1,000.
Dated March 1, 1938.
PUBLICLY
PIKE COUNTY (P. O.
Pikeville), Ky.—BONDS PUBLICLY OFFERED
-—The Bankers Bond Co. of Louisville is
offering for public subscription an
Issue of $125,000 4^% school
building bonds at prices to yield from 3%
to 4.27%,
according to maturity.
Dated Feb. 1, 1938.
Due from Aug. 1,
1939 to 1958, incl.
Subject to redemption on any interest payment date
at the option of the Pike
County Board of Education, after 30 days' notice,
at 102 J-S and accrued interest.
Prin. and int. (P. & A.) payable at the
County Treasurer's office.
Legal opinion by Woodward, Dawson &
of Louisville.
Hobson,
SPENCER
COUNTY
PUBLIC
Taylorsville), Ky.—BONDS
SCHOOL
CORPORATION
(P.
O.
PUBLICLY OFFERED—The Bankers Bond
Co. of Louisville is
offering for general investment a $65,000 issue of 4%
closed first mortgage bonds at
prices to yield from 3% to 4%, according to
maturity.
Dated Feb._l, 1938.
Due from Aug. 1, 1939 to 1957, incl.
LOUISIANA
BOSSIER CITY, La.—BOND ELECTION—An
election will be held on
April 5 at which voters will be asked to approve the issuance of
$350,000
municipal light plant and natural gas plant revenue bonds.
EUNICE, La.—BOND SALE—The $20,000 public Improvement bond
issue offered March 1—V. 146,
p. 1281—was awarded to Scharff & Jones
of New Orleans, as 5Ms, at par.
Dated March 1, 1938 and due March 1
as follows:
$1,500, 1939 and 1940; $2,000 frOm 1941 to
1946, incl. and
$2,500 in 1947 and 1948.
Only one bid was received.
of)—NOTE
OFFERING—William
E«
Hurley, State Treasurer will receive bids in writing until noon on March 14
for the purchase of $4 000,000 notes, dated March 22, 1938, due March 15,
1939, issued under tne provisions of Chapter 49 of the Acts of 1933, as
amended, creating an Emergency Finance Board, being in renewal of a
similar amount of notes due March 22, 1938.
Award of loan is subject to
the approval of the Governor and Council.
The notes are direct obligations
of the Commonwealth and interest will be payable at maturity.
The
Commonwealth figures the interest on exact number of days on a 360-day
year basis.
They will be delivered in Boston, with principal and interest
payable in Boston or New York at option of purchaser.
MEDFORD,
SCHOOL
CORPORATION
(P. O.
OFFERED—The Bankers
for public subscription an $85,000 issue
Coupon bonds in the denomination of
Due from March 1, 1940 to 1958, incl.
Prin. and int. (M. & 8.)
payable at the First-Hardin National Bank,
Elizabeth town.
These bonds are callable on any interest
payment date
after 30 days published notice at
100.
Legal opinion by Woodward, Daw¬
son & Hobson of
Louisville.
Ellzabethtown),
0.46%
0.47%
March
11
National
was
(State
Mass.i-NOTE
awarded
to
SALE— The issue of $400,000 notes offered
the
National
Shawmut Bank and
both of Boston, at 0.43% discount.
1938 and due Nov. 9, 1938.
Other bids were:
Dated
Bank,
Merchants
March
Bidder—
11,
Discount
First National Bank of Boston
0.46%
0.48%
Frederick M. Swan & Co
P* NORFOLK COUNTY (P. O. Dedham), Mass .—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive bids by mail, telephone
or
telegraph until 11
a. m. on
March 15 for the purchase of $200,000 coupon
district court house. Act of 1937, serial notes.
Dated March 15, 1938.
Denom. $1,000. Due $50,000 on March 15 from 1939 to 1942 incl. Bidder
to name one rate of interest in a multiple of M, of 1%.
Principal and int.
(M. & S. 15) payable at the First National Bank of Boston.
These notes
will be
valid general obligations of the county, exempt from taxation in
Massachusetts, and all taxable property in the county will be subject to
levy of unlimited ad valorem taxes to pay both principal and interest.
They will be issued under authority of Chapter 100 of the Acts of 1937 and
engraved under the supervision of and authenticated as to genuineness by
the
The First National Bank of Boston. This bank will further certify that the
legality of this issue has been approved by Messrs. Ropes, Gray, Boyden &
Perkins, of Boston, and a copy of their opinion will be furnished the pur¬
chaser.
The original opinion and complete
transcript of proceedings
covering all legal details required in the proper issuance of these notes will
be filed with The First National Bank of Boston, where they may be
inspected. Notes will be delivered to the purchaser on or about Monday,
March 28, 1938, at The First National Bank of Boston, 17 Court Street
office, Boston, against payment in Boston funds.
Financial Statement, March 1, 1938
Assessed valuation
Total bonded debt, not including present
Water bonds..
$642,918,593.00
issue
—
74,720.60
*
Is<one
All taxes
collected, including 1937.
Population, 320,826.
From the proceeds of these notes, $75,000 will be set aside to redeem an
equal amount of District Court House notes payable April 5,1938.
NEW
offered
BEDFORD, Mass.—NOTE SALE—The issue of $500,000 notes
7
V
146. P. 1592—was awarded to the First National
March
BardTof
Boston, at 0.579% discount, plus
$5 premium.
Dated March 7.
Volume
Financial
146
1938 and payable Nov. 9, 1938.
The National Shawmut Bank of Boston,
second high bidder named a rate of 0.64%, and the next bid was made by
Brown Harriman & Co., Inc. and Jackson & Curtis, jointly, the offer being
a rate of 0.74%, plus $2 premium.
NORTHBRIDGE, Mass.—NOTE SALE—The New England Trust Co.
was awarded March 7 an issue of $75,000 notes at 0.22% dis¬
of Boston
count.
in the
Due Nov. 15,1938. The Second National Bank of Boston, runnerup
bidding, named a rate of 0.25%.
Other bids:
Discount
Bidder—
Second National Bank of Boston
Worcester County Trust Co___
First National Bank of Boston (plus $1)
Frederick M. Swan & Co
0.25%
0.264%
0.40%
0.431%
Chronicle
HAVEN, Mich.—BOND ELECTION—At an election to be held
on March 14 voters will be asked to
approve the proposal to install a $43,500
municipal water system consisting of wells, pun ping plant and pipe line,
which would be financed by the issuance of
$26,000 30-year not to exceed
6% serial bonds.
The balance of the $43,500 would be supplied by the
Works Progress Administration.
PAW PAW, Mich.—BONDS VOTED—At a recent
special election voters
approved the issuance of a $75,000 bond issue to replace the municipal hydro¬
electric plant which was washed out last December.
PONTIAC, Mich.—TENDERS ACCEPTED AND REJECTED—II. A.
Maurer, City Clerk, compiled the following report showing the tenders
accepted and those rejected in connection with the city's request for tenders
until Feb. 28 for sale by the holders of series A and series B. Sums
availably
for purchase of the different series were
$55,000 and $70,000, respectively:
PALMER, Mass.—NOTE SALE—The issue of $75,000 notes offered
March 8 was awarded to the Merchants' National Bank of Boston, at 0.26%
discount.
Dated March
11, 1938, and payable Dec. 2, 1938.
The
Second National Bank of Boston, next highest bidder, named a rate of
0.289%.
Other bids:
Bidder—
New England Trust Co
R. L. Day & Co—
First National Bank of Boston-
SPRINGFIELD,
Discount
0.29%
0.36%
0.39%
——
.-
Mass.—OTHER BIDS—The
$500,000 revenue notes
awarded to the Merchants National Bank of Boston, at 0.22%, plus $3
premium, as previously reported in these columns—V. 146, p. 1593—were
also bid for
as
Tenders
Tender
Tenderer—
Mrs. Ada R. MacPherson
Meilink &Co.,Inc
H. V. Sattley & Co
H. V.
Second National Bank of Boston
0.228%
0.23%
0.24%
0.24%
0.29%
Day Trust Co., Boston.
York
of New
Chace, Whiteside & Co., Boston
First National Bank of Boston—
Jackson & Curtis, Boston
0.34%
The Merchants' National Bank of Boston, next high bidder, named a rate
of 0.39%.
WORCESTER COUNTY (P. O. Worcester), Mass.—NOTE OFFER¬
ING—Alexander G. Lajoie, County Treasurer, will receive sealed bids
until noon on March 15 for the purchase at discount of $500,000 notes issued
in
anticpation of taxes for the year 1938.
Dated March 15,1938.
Denom.
$25,000, $10,000 and $5,000. Payable Nov. 14,1938 at the Second National
Bank of Boston.
The notes will be authenticated as to genuineness and
validity by the Second National Bank of Boston, under advice of Ropes,
Gray, Boyden & Perkins of Boston, and all legal papers incident to the
bank, where they may be inspected.
Notes
issue will be filed with said
on
or
Tendered
_
_
_
_
_
Sattley & Co
85
89.85
89.98
$5,000.00
10,000.00
10,000.00
1,000.00
23,000.00
25,000.00
17,000.00
89.99
Second National Bank & Trust Co
90
Old
90
Colony Trust Co
Wright, Martin & Co
90.5
Total
$91,000.00
H. V. Sattley & Co
H. V. Sattley & Co..
Link, Gorman & Co.
93.74
93.75
First of Michigan Corp.
Braun, Bos worth & Co
94
94.325
95
First of
about March
at the
16
National Bank of
Second
Boston, 111 Franklin St., Boston,
Michigan Corp
95
."$84,000.00
Total
Tenders
Rejected
Series "A"
Braun, Bosworth & Co
Guy G. Wedthoff & Co
H. V. Sattley & Co
Braun, Bosworth & Co
First of Michigan Corp
First of Michigan Corp
First of Michigan Corp..
Keystone Envelope Co
Braun, Bosworth & Co
First of Michigan Corp
First of Michigan Corp
Link, Gorman & Co..
90.74
90.75
90.99
$15,000.00
15,0000.00
5,000.00
7,000.00
18,000.00
18,000.00
5,000.00
5,000.00
10,000.00
5,000.00
12,000.00
2,000.00
5,000.00
5,000.00
1,000.00
70,000.00
15,000.00
91.46
93.00
93
93.495
93.5
93.94
93.987
94
94
...
Continental Illinois National Bank & Trust Co
First of Michigan Corp
94
Continental Illinois National Bank & Trust Co
Detroit Trust Co
95
95
Union Guardian Trust Co.
MICHIGAN MUNICIPALS
$20,000.00
6,000.00
1,000.00
10,000.00
13,000.00
8,000.00
26,000.00
94
Detroit Trust Co.
WESTFIELD, Mass .—NOTE SALE—The issue of $200,000 notes offered
March 8—V. 146, p. 1593—was awarded to the First National Bank of
Boston at 0.389% discount.
Dated March 8,1938, and due Nov. 10,1938.
be delivered
Amount
price
,
Series "B"
Discount
Bankers Trust Co.
Accepted
Series "A"
m
follows:
Bidder—
will
1753
NEW
95
94.987
Norris, McPherson. Harrington & Waer
95
8,000.00
St. Louis Union Trust Co
Carl P. Dennett
95
4,000.00
9,000 00
5,000.00 '
5,000.00
-
95
First of Michigan Corp..
W. C. U. Building...
First of Michigan Corp
DETROIT
A.T.T. Tel
DET 540-641
97.85
Braun, Bosworth & Co
A.T.T. Tel. Grpe. 7
97.5
Crouse & CO
Telephone 9-8255
94,85
Floyd V. Pinkerton
GRAND RAPIDS
Telephone Cherry 6828
95.497
95.75
95.987
Crouse & Co
Cray, McFawn & Petter
98.17
99
'
...
Edgar B. Whitcomb..
Central Wisconsin Trust Co
Bank of Lansing.
BIRMINGHAM,
Mich.—BOND OFFERING—H. H. Corson,
City
Treasurer, will receive sealed bids until 2 p. m. on March 18, for the pur¬
chase of $180,000 not to exceed 6% interest sewage disposal plant revenue
bonds.
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows:
$5,000, 1941 to 1943, inch; $6,000, 1944 to 1946, incl.; $7,000, 1947 to
1949, incl.; $8,000, 1950 to 1952, incl.; $9,000, 1953 to 1955, incl.; $10,000,
1956 to 1958, incl.; $11,000, 1959 to 1961, incl.; $12,000 in 1962.
Callable
after April 1, 1944 at city's option at a price of 102 and accrued interest.
Award will be made on the basis of the bid figuring the lowest Interest cost,
after allowing for amount of premium offered.
A certified check for $3,600
payable to the order of the city, must accompany each proposal.
The
approving legal opinion of John C. Spaulding or Miller, Canfield, Paddock
& Stone of Detorit will be furnished the successful bidder.
It is expected
that the bonds will be ready for delivery at the Birmingham National
Bank about April 5.
v
*
BURTON
TOWNSHIP
(P. O. Flint), Mich.—OPTION ON BOND
ISSUE—It is reported that B. K. Blanchet & Co. of Toledo obtained a
10-day option on the $220,000 coupon water supply system revenue bonds
which were offered for sale on March 3—V. 146, p. 1434.
Bidder was asked
to name an interest rate of not more than 6%.
Bonds were to be dated
March 1, 1938 and mature March 1 as follows:
$5,000, 1941 and 1942;
$6,000, 1943; $7,000, 1944; $8,000. 1945; $9,000 in 1946, and $10,000 from
1947 to 1964, incl.
Callable in inverse numerical order on any interest
payment date after March 1, 1946, at par and accrued interest.
99.5
Matthew Carey & Co
94.5
1938.
on
Due $1,500 annually on Feb. 1 from 1940 to 1959, incl.
1, 1950.
Callable
and after Feb.
MICHIGAN
(State
of)—TENDERS
WANTED—Murray
D.
Van
Wagoner,'State Highway Commissioner, announces that he will receive
sealed tenders of assessment district highway refunding bonds until 2 p. m.
on March 21, covering the following issues:
Road
Estimate of
No.
418
463
471
Funds Available
Obligation of
Monroe and Wayne counties, townships and district-Monroe and Wayne counties, townships and district-Assessment district
473
Assessment district
473A Assessment district-
5,000
484
Macomb County
Macomb County
Assessment district
Lenawee, Monroe and Washtenaw counties, townships
491
Monroe,
475
481
481
-
and district
Washtenaw
Wayne
counties,
492
Townships
Assessment district
9,000
10,000
2,000
10,000
10,000
-
and
and district
492
$11,000
14,000
10,000
9,000
4,000
8,000
Tenders must specify the road assessment district number, the bond
numbers, the obligor (whether township portion, county portion or assess¬
and stipulate the lowest prices
at which the bonds will be sold to the sinking fund.
Bids to remain firm
through Marcn 25.
Upon notice of receipt of acceptance of tenders, the
bonds must be delivered to the paying agent designated in the bond, on or
before March 25, accrued interest being computed to that date.
No tenders
above par and accrued interest will be considered.
MUSKEGON, Mich.—BOND OFFERING—R. F. Cooper, City Clerk,
(Eastern Standard Time) on March 15
the purchase of $100,000 not to exceed 4% interest coupon general
obligation general refunding bonds.
Dated April 1,1938.
Denom. $1,000.
will receive sealed bids until 2 p. m.
for
Due as follows $3,000 from 1940 to 1941 incl.; $6,00 from 1943 to 1949
incl., and $7,000 from 1950 to 1956 incl.
Principal and semi-annual in¬
terest
payable at the City Treasurer's office.
1938.
The bonds to be refunded
A certified check for $2,000 must accompany each pro¬
posal.
Successful bidder to furnish bonds and coupons; city to furnish
approving legal opinion of Miller, Canfield, Paddock & Stone of Detroit.
The bonds are issued pursuant to Charter Chapter IX, and the Laws of
Michigan.
$520,664.92
Series "B"
95.45
96.43
Braun, Bosworth & Co.
The Maccabees.
Edgar B. Whitcomb
Matthew Carey & Co..
—
$5,000.00
10,000.00
98
98.17
98.75
99
McDonald, Moore & Hayes Co
McDonald, Moore & Hayes Co__
Crpuse & Co
10,000.00
7,000.00
10,000.00
60,000.00
813.62
96
$186,813.62
Total
8 (P. O
Royal Oak), Mich .—TENDERS ACCEPTED—In response to the call fo*
on March 5 the district purchased $21,000 series A refunding bonds
of 1936 at a price of $13,400 and $6,792.50 interest refunding certificates of
1934 at $6,577.30, according to Ralph Valom, Secretary of the Board of
ROYAL
OAK
TOWNSHIP
SCHOOL
DISTRICT
NO.
tenders
Education.
WALKER TOWNSHIP
Rapids), Mich.—BONDS
(P. O. Collingwood Road, N. W„ Gran
NOT SOLD—William H. Muth, Township
Clerk, reports that no satisfactory bid was submitted for the $68,000 not
to exceed 5% interest special assessment district water system and sewer
bonds offered Feb. 28—V. 146, p. 1434.
WATERFORD TOWNSHIP (P. O.
Pontiac, R. F. D. No. 4), Mich.—
exceed
BONDS NOT SOLD—No bids were received for the $100,000 not to
6% interest water supply system, revenue bonds offered March 8—V. 146,
p. 1593.
An effort will be made to sell them privately.
Dated March 1.
1938 and due March 1 as follows: $2,000, 1940 to 1943 incl.; $3,000, 1944
to 1945 incl.; $4,000 from 1946 to 1959 incl. and $5,000 from 1960 to 1965,
inclusive.
WYOMING
TOWNSHIP
(P.
O.
Grand
Rapids),
Mich.—BOND
SALE DETAILS—The $51,500 special assessm ent bonds purchased by the
Old Kent Bank of Grand Rapids, as previously reported in these columns—
1593—were sold as 5s at par.
1948, inclusive.
V. 146, p.
to
Due serially on Feb. 1 from 1939
MINNESOTA
SALE—The $10,000
bonds offered for sale on March 5—V. 146, p.
ANOKA COUNTY (P. O. Anoka), Minn.—BOND
issue of drainage funding
1434—was awarded to
3s,
Dated Feb. 1, 1938.
Piper, Jaffray & Hopwood of Minneapolis as
paying a price of 102.52, a basis of about 2.59%.
Due $1,000 from Feb. 1, 1940 to 1949, inclusive.
KENYON, Minn.—BOND OFFERING—Henry H. Akre, Village Clerk,
March 14 for the purchase of $13,000
works system bonds.
Denom. $1,000.
Due April 15 as follows
$1,000 from 1941 to 1947 incl. and $2,000 from 1948 to 1950 incl.
The
bonds may or may not be made callable at par and accrued interest on any
interest paying date after April 15, 1943. in the discretion of the Village
Council upon the determination of the best bid.
This issue was approyed
will receive sealed bids until 8 p. m. on
townships
ment district portion on individual issues),
mature in
8,000.00
25,000.00
69,000.00
'
664.92
99.5
Total
DURAND, Mich.—BONDS SOLD—The issue of $30,000 general obliga¬
tion sewage disposal bonds which failed of sale on Jan. 31—V. 146, p. 1282—
has since been sold to Cray. McFawn & Petter of Detroit.
Dated Feb. 1.
55,000.00
99
Detroit Trust Co
MICHIGAN
5,000.00
6,000.00
1,000.00
1,000.00
15,000.00
water
at the
Feb. 4 election.
VOTED—The proposed issuance of $53,000 school addition
approved by the voters at a recent election.
MINNEAPOLIS, Minn.—BOND SALE—The three issues of bonds
aggregating $1,300,000, offered for sale at public auction on March 10,
as noted here recently—V. 146, p. 1434—were awarded jointly to Phelps,
Fenn & Co., and Stone & Webster and Blodget, Inc., both of New York,
as 2.20s, paying a price of 100.2346,
a net interest cost of about 2.15%.
The issues are divided as follows:
BONDS
building bonds was
$150,000 permanent impt.
(storm drain) bonds.
Due
April 1, 1939 to 1948, incl.
I,000,000 public relief bonds.
Due $100,000 from April 1,
150.000 permanent impt. (work
1939 to 1948, incl.
relief) bonds.
$15,000
from
1939 to 1948,
Due $15,000 from April 1,
Offered for Investment—The successful bidders immediately reoffered the above bonds for general subscription at prices to yield from
0.60% to 2.25%, according to maturity.
Bonds
1754
Financial
ORMSBY,
Minn .—BOND
SALE—The $9,000 issue of water
March 5—V. 146, p. 1593—was
purchased
bonds offered for sale on
Farmers State Bank of Ormsby,
104.72,
1939 to 1952 incl.
by the
4s, paying a premium of $425, equal to
Dated Feb. 1, 1938.
Due from Feb. 1,
as
basis of about 3.36%.
a
works
No other bid
was
received.
as
March
12,
1938
NEBRASKA, State of—ANALYSIS PREPARED ON LOCAL DEBT
—The Wachob-Bender Corp., 210-12 South 17th
St., Omaha, are issuing
a
booklet
bearing
on the financial condition of municipal
subdivisions in
Information is given on 1930 population, assessed
1937, and bonded debt of each taxing unit.
In addition to
giving these statistics for every county, city, village, and school district
the State of Nebraska.
valuation for
PINE COUNTY (P. O. Pine City), Minn—PRICE
PAID—It is stated
by the County Auditor that the $50,000 old-age assistance fund bonds
purchased by the State of Minnesota, as noted here early in
sold
Chronicle
January,
3s at par.
were
in the State, a section is devoted to
listing the bonded debt of the various
drainage and irrigation districts.
The publication includes an index and
so designed as to add to its value as a
handy reference guide to dealers
is
and investors in bonds of the communities.
While the State, with an assessed valuation
$2,058,195,872, Is restrained
by constitutional provision from incurring bonded debt in excess of $100,000
thus has continued to operate
debt-free, the counties, cities, school
Offerings Wanted:
and
districts and
LOUISIANA &
MISSISSIPPI
MUNICIPALS
Bond
Bell
ORLEANS,
units have accumulated an
aggregate indebtedness of
This figure, according to Wachob-Bender
Corp., is appor¬
follows:
as
City and village debt
City and village school districts
Department
$48,200,301
29,545,304
1,093,795
181,000
4,311,195
4,416,909
Rural school districts
WHITNEY NATIONAL
NEW
other
$74,909,999.
tioned
BANK
County high school districts
County debt
Precinct, drainage and irrigation district debt
LA.
Teletype N. O. 182
Raymond 5409
Total.
MISSISSIPPI
NATCHEZ, Miss.—PLANT CONTRACT TO BE REDRAWN—After
Mayor William Byrne's conference with representatives of
Sears, Roebuck
& Co. and Mississippi Power &
Light Co., it was announced that the con¬
city and Sears, Roebuck & Co. and the Armstrong Rubber
Co., whereby Natchez will purchase a site and provide plant
buildings for
the rubber company to manufactuer tires, will be
redrawn to comply with
the recent ruling of the
Mississippi Supreme Court upholding the State
Industrial Act, under which Natchez will issue
$300,000 of bonds to pro¬
vide facilities for the plant, which will make tires for
Southern distribution
by Sears. Roebuck & Co.
.$87,748,504
SCOTTSBLUFF. Neb.—BOND ELECTION—At the
city election on
April 5 voters will be asked to approve the issuance of $50,000 sewer ex¬
tension bonds and $15,000 of bonds to
provide for the purchase of a site
for a proposed municipal building.
tract between the
SUNFLOWER
COUNTYjfP. O. Indianola). Miss.—BONDS OFFERED
FOR INVESTMENT—The First National Bank of
Memphis is offering for
public subscription a $213,000 issue of
4% refunding bonds at prices to
yield from 1.75% to 3.50%, according to maturity.
Coupon bonds dated
March 15, 1938.
Denoms. $1,000 and $500.
Due on March
1
$5,000,1939
as
follows:
to
1955; $6,500,1956; $6,000, 1957; $7,000,1958;
$9,000,1959;
$10,000, 1960 and 1961; $11,000, 1962, and $12,500 in 1963.
Prin. and
int. (M. & 8.) payable at the Central
Hanover Bank & Trust Co., N. Y.
City.
Legality to be approved by Charles & Trauernicht of St. Louis.
Mo,
Delivery is to be when, as and if issued about March 18.
These bonds are
stated to be direct and general
obligations of the county.
NEW
was
issue of $200,000 notes offered
awarded to the Second National Bank of Nashua at
Due $100,000 each
Boston Corp., second
0.45%
on
Jan. 30 and
high bidder, named
NEW
CAPE
Feb. 28,
a rate
of
1939.
The First
0.62%.
JERSEY
MAY, N. J .—BONDS NOT SOLD—The
6% coupon
two issues of not to exceed
registered semi-ann. bonds aggregating $84,000, offered on
March 11—V. 146, p. 1594—were not sold as no bids were
received, accord¬
ing to Floyd C. Hughes, City Clerk,
The issues are divided as follows:
$70,000 sewer bonds of 1938.
Due from 1939 to 1964 incl.
14,000 improvement bonds of 1938.
Due from 1939 to 1946 incl.
or
HILLSIDE
TOWNSHIP
(P.
O.
Hillside),
N.
J.—BONDS SOLD—
The $10,000 coupon or registered emergency relief bonds for which no bids
were received on Feb. 16—V.
146, p. 1435—were sold later to the Police
and Firemen's Pension Fund as 3)4s, at par.
Dated Oct. 1, 1937, and due
Oct. 1 as follows:
MISSOURI
HAMPSHIRE
NASHUA, N. H.—NOTE SALE—The
March 11
discount.
$2,000 in 1938 and 1939, and $1,000 from 1940
to
1945
inclusive.
BONDS
HILLSIDE TOWNSHIP (P. O. Hillside), N. J.—BOND OFFERING—
Howard J. Bloy, Township Clerk, will receive sealed bids until 8:30 p. m.
on March 23 for the purchase of $38,000 not to exceed
6% interest coupon
Markets in all State, County & Town Issues
registered sewer funding bonds.
Dated April 1, 1938.
Due $2,000 on
April 1 from 1939 to 1957 incl.
Bidder to name a single rate of interest,
expressed in a multiple of
of 1%.
Prin. and int. (A. & O.) payable at
the Hillside National Bank, Hillside, or at holder's
option, at the Irving
Trust Co., N. Y. City.
A certified check for 2% must accompany each
proposal.
The approving legal opinion of Hawkins, Delafield & Longfellow
of N. Y. City will be furnished the successful bidder.
Successful bidder will
be required to pay for the bonds on April 1, 1938.
or
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
MISSOURI
BUCHANAN COUNTY (P. O. St.
At
a
recent election voters
Joseph), Mo.—BONDS VOTED—
approved a $285,000 relief bond issue
by a vote
Proceeds will be used to provide
county's
of 10,490 for and 4,802
against.
40% share of direct relief costs.
NEWARK, N. J .—RELIEF BONDS UNDER CONSIDERATION—
City Commission is considering curtailment of city services and the issuance
$2,000,000 unemployment relief bonds.
It has been predicted that
of
1938 tax rate will be raised 100 points.
NEW
JERSEY
SEVEN
CIRCLE, Mont.—BOND OFFERING DETAILS— In
connection
the
with
offering scheduled for March 22, of the $22,000 not to exceed
6% semi¬
annual sewer system bonds—V.
146, p. 1594—on which bids are to be re¬
ceived by M. Lehman, Town
Clerk, the following additional information
has now been made available;
Dated Jan. 1, 1938.
Amortization bonds will be the first choice and
serial bonds will be the second choice of
the Council.
If amortization bonds
are sold and
issued, the entire issue may be put into one
single bond-or
divided into several bonds, as the
counsel may determine upon at the time
of sale, both
principal and interest to be payable in semi-annual instalments
during a period of 20 years from the date of issue.
If serial bonds are
issued and sold they will be in the
amount of $600 each, the sum of
$600
of said serial bonds will become
payable on Jan. 1, 1939, and a like amount
on the same
day each year thereafter until all of such bonds are
paid.
The bonds, whether amortization or
serial, will be redeemable in full on
any interest payment date from and after five
years from the date of issue.
These bonds carried at election held
on Feb. 14.
Enclose a certified check
for $100, payable to the Town
Clerk.
LOCAL
to issue $175,000 grade school
construction
Works Administration
grant was involved in
bonds.
No
a
pro¬
Public
the proposal.
MISSISSIPPI
The two
sale
on
issues
COUNTY
of
(P. O. Charleston) Mo .—BOND SALE—
4% semi-ann. bonds aggregating $50,000, offered for
March 7—V. 146, p.
1593—were awarded to
Callender, Burke &
ri£cRonald .of Kansas City, paying a premium of $1,460.00,
i9?'^Aa bas'8
about 3.43%. The issues are divided as follows:
equal
2??aoonenfr^0^ert ^* Winn
I2H2?'95?; compared with
e<2? pts
r,.,
compared
General
reports Feb. 28 general treasury balance at
$29,458,476 as of Jan. 31, increase of $2,February were $7,531,991 and disbursements were
revenue
balance
as
of
Feb.
to
28
was
$6,050,610,
$7,246,378, and common school apportionable fund at the
en,d, was $7,554,222. Highway Department balances include:
Road bond interest and
sinking fund, $5,845,825; road fund, $76,541, and
T?on^
i.
Department fund, $293,000.
,
,?J- JOSEPH, Mo—BOND
on
until noon
OFFERING—Sealed bids will
JJaJnn'i^V
maturities and
for the
remaining maturities.
It is stated that these bonds will
obligations of the city.
Prin. and int. payable in lawful
New York City.
The approving
of Chapman & Cutler
of Chicago will be
furnished.
These bonds
?g J8sVe2 tp„rePand a like amount maturing on May 1, 1938. A
certified check for $2,720 must
accompany the bid.
be direct general
J^^fy
opinion
Jkhe Guaranty Trust Co.,
NEBRASKA
rill
~7P£
43,000 4 )4 % Borough of Rutherford school bonds
108.26.
in-the denomina-
be
«
$10,000,
1943
sold
as
noted
by
School
Board
in
is stated by the City
Steinauer &
these columns
recently—V.
4s and mature from Jan.
1, 1942 to 1957.
as
were
1927 and due Dec.
1
as
sold at
a
follows:
price of
$2,000,
1941 to
incl.
1940,
and
$10,000 from
.
60,000 4)4%
Ridgewood Township school bonds were sold at a price of
Dated July 1, 1930 and due July 1 as follows:
$15,000
109.662.
in 1939 and $15,000 from 1941 to 1943 incl.
•
,
12,000 4)4%
Ridgewood Township school bonds were sold at a price or
Dated July 1, 1927 and due $2,000 on July 1 from 1938
107.14.
1943 incl.
To M. M. Freeman & Co. of Philadelphia:
10,000 4t£ % Town of Kearny water bonds were sold at a price of 106.75.
Dated May 1, 1925 due $5,000 on May 1 in 1940 and 1943.
To Fisher, MacEwan & Co., Inc. of Philadelphia:
100,000 4)4% Town of Irvington school bonds were sold at a price of 110.157
Dated Jan. 1,1927 and due Jan. 1 as follows: $5,000,1940; $25,000,
1941 to 1943 incl. and $20,000 in 1945.
„
„„„
RARITAN
TOWNSHIP
(P.
O.
Metuchen),
N.
J .—BONDS PASS
FINAL READING—An ordinance providing for the issuance of $30,000
bonds was recently passed on final reading by the
relief administration
Township Commission.
ROXBURY TOWNSHIP SCHOOL DISTRICT (. P O.
Succasunna),
N. J.—BONDS SOLD—The issue of $150,000
coupon or registered school
bonds unsuccessfully offered as not to exceed 4s on Feb. 15—V.
146, p.
1284—was sold privately later to M. M. Freeman & Co. of
Philadelphia.
Dated April 1, 1938 and due April 1 as follows: $4,000, 1940 to 1947 incl.;
$5,000 from 1948 to 1955 incl., and $6,000 from 1956 to 1968 incl.
The bankers reoffered the bonds at prices to yield from
2.50% to 3.80%,
according to maturity.
SALEM, N. J,—BONDS APPROVED—The Common Council has ap¬
an ordinance authorizing the issuance of $38,000 of bonds to refund
$38,000 of bond anticipation notes for the installation of school equipment.
proved
Bonds will be numbered from 1 to 38 and will be in denomination of $1,000.
They will be dated April 1, 1938, and will mature in numerical order, three
yearly from 1939 to 1946 and two yearly from 1947 to 1953.
They may be
registered or coupon as to principal only or as to both principal and interest.
SEASIDE
Commission
HEIGHTS, N. J .—BONDS SOLD—The State Funding
approved the sale of $120,000 4)4% general refunding
has
bonds to B. J. Van Ingen & Co., Inc., New York at a price of 95.50.
The bonds are dated Dec. 1, 1937 and mature $10,000 on Dec. 1 from 1938
to 1949 incl.
HACKENSACK
TOWNSHIP,
N.
J.—COMMISSION DE¬
DEBT LITIGATION—The State Municipal Finance Com¬
mission has advised that "any suit or suits which may be instituted by the
township declaring the
sewer
notes or bonds" issued by it "to be illegal
and unconstitutional," must be taken "without assistance or
approval"
by
the commission.
NEW
The purchaser is required to
approving legal opinoin.
Neb.—REFUNDING AUTHORIZED—The
mDETAILS—It
that the $25,000 sewer
bonds purchased
Lincoln,
1,
1939; $1,000 in
May 1, 1939, and $20,000 from
Interest payable M. & N. These bonds are said to
recently authorized the refunding of an issue of
$30,000 6% school bonds
with an issue of 3 A
% bonds.
The Board is said to be
planning to refund
other issues which carry the
higher rate of interest.
of
and An¬
on
the revenues or the
plant.
pay the costs of printing the bonds
and the
GERING,
Dated Dec.
1938;
SOUTH
.
?ue «25.000
Pension
CISION IN
SALE DETAILS—In
connection with the
m
,°rri
1,125,000 2A% municipal power plant equipment bonds to the
ri^f
a£ a Pr*ce of 100.18. as noted in these columns re¬
cently
V. 146, p. 1594—it is reported
that the bonds are
?n!n°P
i? 9
payable from
Teachers'
be received
April 6 by M. B. Morton, City
Comptroller, for the purchase
$136,000 coupon refunding bonds.
Denom. $1,000.
Dated
%fo0n May 1 as follows: $8,000, 1943 to 1950, and
$9,000, 1951 to 1958.
Bidders to name the rate of interest for all
the
bonds in multiples of
)4 of 1%.
Bids may be submitted with a
single
rate tor the full
issue, or at two rates, one for one set of
of an issue of
another
State
to
$45,000 jail bonds. Due $4,500 from March
1, 1939 to 1948, incl.
5,000 court house bonds. Due $500 from March
1, 1939 to 1948, incl.
MISSOURI, State of—REPORT ON TREASURY BALANCE— State
$5,160,517.
ISSUES—The
1938 to 1944 incl.
65.000 4M% Town of Phillipsburg school bonds were sold at a price of
106.026.
Dated Dec. 1, 1927 and due Dec. 1 as follows: $15,000
1938 to 1941 incl. and $5,000 in 1942.
to
LADUE, Mo.—BONDS DEFEATED—Voters
recently defeated
posal
(State of)—ANNUITY FUND SELLS SERIES OF
BOND
nuity Fund, which offered at public sale March 11a total of $318,000 bonds
of local taxing units in the State, awarded them as follows:
To J. S. Rippel & Co. of Newark:
$28,000 4)4% Millburn Township general impt. bonds were sold at a price
of 107.607.
Dated May 1, 1930 and due $4,000 on May 1 from
146.
P.
Schweser
1283—were
MEXICO
CLAYTON, N. M.—BONDS SOLD—It is stated by J. H. Bender, City
Manager, that the $75,000 3)4% semi-annual refunding bonds authorized
recently by the City Council, as reported in these columns—V. 146, p.
1436—have been purchased by the State Treasurer.
Denom. $1,000.
Dated May 1, 1938.
Due as follows $9,000, 1941 to 1945, and $10,000
in 1946 to 1948.
HOBBS, N. M —BOND ELECTION—Proposed issues of $175,000 city
hall
construction
voters for
bonds
approval at
and
an
$35,000 sewer bonds will submitted
election to be held on April 5.
to
the
Volume 146
Financial
NEW YORK
AUBURN, N. Y.—OTHER BIDS—The $300,000 public welfare and
improvement bonds awarded to Smith, Barney & Co. of New York, as
1Mb, at par and total premium of $117.30, equal to 100.039, a basis of
about 1.49%, as previously reported in these columns—V. 146, p. 1595—
were also bid for as follows.
• (In each case the interest rates on the two
issues—$160,000 public welfare and $140,000 public improvement bonds
are
identical):
Chronicle
suwrea^^id^OT^S6^ & Longfellow of N, Y. City will be furnished the
ERIE COUNTY (P. o.
Buffalo), N. Y.—BOND OFFERING—Charles
Treasurer, will receive sealed bids until 11 a. m. (Eastern
Time) on March 14 for the purchase of $2,750,000 not to exceed
4% interest coupon or registered bonds, divided as
follows;
$400,000 county Jail bonds.
Due March 15 as follows: $25,000 from 1939
ulrich, County
Standard
.
,nn
Rate
Bidder—
Morse Bros. &
Co., Inc., and Brown & Groll
Shields & Co. and Sherwood & Reichard
Mercantile-Commerce Bank & Trust Co. and Washburn
& Co.. Inc...
Halsey, Stuart & Co., Inc
Premium
Bid
1.60%
1,60%
1.60%
1.60%
690
594
1.60%
1.70%
1.70%
407
The Auburn Trust Co. and the National Bank of Auburn
1.75%
Par
N.
Y .—OTHER BIDS—The $50,000 home relief bonds
awarded to Campbell, Phelps & Co. of New York, as 1.70s, at par
plus a
premium of $139, equal to 100.278, a basis of about 1.65%, as previously
reported in these columns, were also bid for as follows
Int.Rate
Harris Trust & Savings Bank
Geo B. Gibbons & Co
J. & W. Seligman & Co
1.80%
1.70%
1.90%
2.00%
1.80%
2.00%
2.50%
1.90%
1.80%
The Marine Trust Co. of Buffalo.
Manufacturers & Traders Trust Co
C. F. Herb & Co
Genessee Trust Co., Batavia
Morse Bros. & Co., Inc
A. C. Allyn & Co., Inc
Adams, McEntee & Co., Inc
1.75%
C. F. Childs & Co
Roosevelt & Weigold, Inc
Sherwood & Reichard.
Genessee County Savings & Loan Assn., Bata via
R. D. White & Co
Ira
Haupt & Co
Halsey, Stuart &
Co
-.1.80%
1.90%
1.70%
2.50%
1.80%
1.80%
1.90%
revenue
Due $40,000 on March
bonds of 1937.
Due $290,000
Premium
$44.50
107.50
100.00
89.50
84.50
47.50
12.44
94.50
38.50
130.01
217.00
115.00
30.00
Par
66.80
85.00
184.50
BELFAST, CANEADEA, ANGELICA, NEW HUDSON AND ALLEN
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Belfast), N. Y.—BOND
OFFERING—Ernest C.
Gleason, District Clerk, will receive sealed bids
until 3 p. m. on March 18 for the purchase of $93,000 not to exceed 5%
interest coupon or registered school bonds.
Dated Jan. 15, 1938. Denom.
to name
single rate of interest on all of the $2,750,000 bonds,
expressed in a
or 1-10th of 1 %.
Principal and interest (M. & S. 15) payable
Marine Trust Co., Buffalo.
A certified check for $55,000, payable
to the order of the
county, must accompany each proposal.
The approving
legal opinion of Clay, Dillon & Vandewater of N. Y. City will be mrnishea
the successful bidder.
a
at the
ESOPUS (P. O. Port Ewen), N. Y.—BOND SALE—'The issue of
$90,000
coupon or registered Port Ewen Water District bonds offered March 8—V.
146, p. 1284—was awarded to Adams, McEntee & Co., Inc., New York,
2.60s, at a price of 100.33. a basis of about 2.57%.
Dated March 15,
1938, and due March 15 as follows $4,000 from 1939 to 1948,
incl., and
$5,000 from 1949 to 1958, incl.
as
Other Bids—
Bidder—
IntRate
A. C. Allyn & Co., Inc
Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co
Sherwood & Reichard
R. D.White & Co
-
Bacon, Stevenson & Co
Campbell, Phqlps & Co
J. & W. Seligman & Co
Halsey, Stuart & Co., Inc
,
-
as
Int. Rate
Marine Trust Co.
of Buffalo
Oswego County Trust Co
Goldman, Sachs & Co
Shields & Co
1.60%
1.60%
1.70%
1.70%
1.70%
1.70%
1.70%
1.70%
1.75%
Sherwood & Reichard
Lazard Freres & Co
H. C. Wainwright & Co
R. D. White & Co., and Safford, Biddulph & Co., Inc.
63.48
63.48
262.20
247.48
172.96
141.00
128.80
72.68
156.40
Manufacturers & Traders Trust Co. and Geo. D. B.
Bonbright & Co
Harris Trust & Savings Bank, Inc
Campbell, Phelps & Co., Inc
Morse Bros. & Co., Inc
Halsey, Stuart & Co.,
O. F. Childs & Co
Geo. B. Gibbons & Co., Inc
C. F. Herb & Co_
-
-
Francis I. DuPont & Co
BUFFALO,
N.
Y.—BONDS AUTHORIZED—'The
Common Council
recently authorized a $500,000 water bond issue to provide a new work
relief project.
Issue is exempt from city's bonded debt limitations.
CAMBRIA,
N.
Y.—BOND
SALE
DETAILS—'The
$8,400
highway
bonds awarded to Fred H. Krull of Niagara Falls, as previously reported
in these columns, bear 3.60% and were also bid for as follows
Bidder—
Int. Rate
Niagara County Nat. Bk. & Trust Co., Lockport
Roosevelt & Weigold, Inc., New York
-
3.90%
3.70%
Rate Bid
Par
100.24
CHAUTAUQUA COUNTY (P. O. Mayville), N. Y.r-OTHER BIDS—
The $100,000 highway bonds awarded to George B. Gibbons & Co., Inc.,
New York, as 1.60s, at a price of 100.177, a basis of about
1.5t5%, as
previously reported in these columns—V. 146, p. 1595—were also bid for
as
follows:
Bidder—
Int. Rate
Halsey, Stuart & Co
Rale Bid
1.90%
1.90%
100.467
Campbell, Phelps & Co
Roosevelt & Weigold
1.70%
100.159
1.90%
100.280
Manufacturers & Traders Trust Co
2.00%
100.399
Merchants National Bank, Dunkirk
C. F. Childs & Co
1.90%
1.70%
1.70%
1.90%
100.175
100.135
100.000
Harris Trust & Savings Bank
Dunkirk Trust Co.. Dunkirk
Union Trust Co., Jamestown
DEER PARK
FIRE
—-
DISTRICT (P.
100.238
100.314
O. Deer Park), N. Y.—BONDS
NOT SOLD—The issue of $13,500 not to exceed 6% interest coupon or
registered fire house and apparatus bonds offered March 4—V. 146, p. 1595
—was not sold.
Dated March 1, 1938, and due March 1 as follows:
$1,000 from 1939 to 1950, incl., and $1,500 in 1951.
BONDS REOFFERED—R. M. Foley, Secretary of Board of Fire Com¬
missioners, informs us that the bids were not satisfactory and that the Board
has decided to again ask for bids, this time until 2 p. m. on March 25.
$238.68
599.00
402.00
346.80
279.50
528.36
367.20
501.84
405.96
2%
2.10%
2.10%
2.20%
2.25%
-
Manufacturers & Traders Trust Co
$254.00
195.96
165.75
150.00
128.80
104.70
84.18
Premium
1.80%
1.90%
2%
2%
BINGHAMTON, N. Y.—BONDS PUBLICLY OFFERED—UNSUC¬
CESSFUL BIDS—Adams, McEntee & Co., Inc. and Paine, Weober &
Co., both of New York, jointly, are offering for public investment $92,000
1H% relief bonds at prices to yield from 0.50% to 165%. according to
maturity.
Bonds are due serially from 1939 to 1948 incl. The award, as
previously noted in these columns—V. 146. p. 1595—was made to the
bankers on their bid of par plus a premium of $18.40, equal to 100.02, a
basis of about 1.499%.
Other Dids were:
Brown & Groll
341.10
follows:
Bidder—
George B. Gibbons & Co., Inc.
E. H. Rollins & Sons, Inc—
Premium
369.00
FULTON, N. Y.—OTHER BIDS—The $204,000 refunding relief and
public works bonds awarded to Halsey, Stuart & Co., Inc., New York,
as 1%b, at par plus a premium of $357; equal to 100.175, a basis of about
1.72%, as previously reported in these columns—V. 146, p. 1595—were
ful bidder.
1.60%
1.60%
1.60%
1.60%
1.60%
1.60%
1.60%
$133.20
297.00
384.30
300.00
169.20
252.00
134.10
PLAIN, N. Y.—BOND OFFERING—John E. Barker, Village
Clerk, will receive sealed bids until 3 p. m. on March 14 for the purchase of
$25,000 not to exceed 4% Interest coupon or registered water main bonds.
Dated March 1, 1938.
Denom. $1,000.
Due Sept. 1, as follows: $2,000
from 1940 to 1951, incl., and $1,000 in 1952.
Bidder to name a single rate
of interest, expressed in a multiple of X or l-10th of 1%.
Principal and
interest (M. & S.) payable at the Fort Plain National Bank, Fort Plain.
The bonds are general obligations of the village, payable from unlimited
taxes.
A certified check for $1,500, payable to the order of the village,
must accompany each proposal.
Approving legal opinion of Clay, Dillon
& Vandewater of N. Y. City will be furnished the successful bidder.
Harris Trust & Savings Bank
C.F. Childs & Co
multiple of X or l-10th of 1%.
Principal and interest (J. & J. 15)
payable at the Chase National Bank, New York City.
The bonds are
general obligations of the school district, payable from unlimited taxes. A
certified check for $1,860, payable to the order of Ray C. Howden, District
Treasurer, must accompany each proposal. The approving legal opinion of
Clay, Dillon & Vandewater of New York City will be furnished the success¬
Premium
2.60%
2.70%
2.75%
2.75%
2.75%
2.80%
2.90%
3%
3.20%
FORT
also bid for
a
Int. Rale
15 from
1939 to 1943, incl.
tnn
in
Bidder—
1939 to
March
500,000 emergency relief bonds.
Due March 15 as fodows: $55,000 from
1939 to 1946, incl., and $60,000 in 1947.
All of the bonds will be dated March 15, 1938.
Denom. $1,000.
Bidder
$1,000. Due Jan. 15 as follows: $3 000 from 1939 to 1945 incl. and $4,000
from 1946 to 1963 incl. Bidder to name a single rate of interest, expressed
Marine Midland Trust Co., Binghamton
Barr Bros. & Co
15 from
on
multiple of X
Harris Trust & Savings Bank
Dick & Merle-Smith and Geo. B. Gibbons & Co., Inc
E. H. Rollins & Sons, Inc.; A. C. Allyn & Co., Inc.;
R. D. White & Co., and Safford, Biddulph & Co......
Bidder—
1,450,000 tax
810
447
420
417
408
201
447
BAT AVI A,
to 1948, incl., and $30,000 from 1949 to 1953, incl.
1948» inclusive.
>
,
$840
Manufacturers & Traders Trust Co.; Kean, Taylor & Co.,
and Adams, McEntee & Co., Inc
1.60%
Lazard, Freres & Co. and First of Michigan Corp..
1.60%
The First Boston Corp
1.60%
Barr Brothers & Co., Inc.
1.60%
nnn
400,000 improvement bonds.
Total
Int.
1755
GENEVA, N. Y.—BOND OFFERING—Walter F. Foreman, City Treas¬
will receive sealed bids until 2 p. m. on March 17 for the purchase of
$19,000 not to exceed 6% interest coupon or registered refunding bonds.
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows: $1,000 in
1939, and $2,000 from 1940 to 1948 incl.
Bonds to be refunded mature in
the current fiscal year.
Bidder to name a single rate of interest, expressed
in a multiple of X or l-10th of 1%.
Prin. and int. (A. & O.) payable at
the Guaranty Trust Co., New York City.
The bonds are general obliga¬
tions of the city, payable from taxes on all its taxable property, subject to
the 1 % tax limit contained in Section 111 of the City Charter.
A certified
check for $500, payable to the order of the City Treasurer, must accompany
each proposal.
The approving legal opinion of Clay, Dillon & Vandewater
of New York City will be furnished the successful bidder.
Bonds will be
sold subject to the approval of Common Council.
No claim will be allowed
by the city for any fees in connection with investigation of legality of is¬
suance and execution of the bonds.
urer,
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P. C*
Long Beach), N. Y .—BONDS NOT SOLD—The issue of $861 000 coupon oY
registered school bonds offered as not to exceed 6s on March 11—V. 146
p. 1436—was not sold.
Dated April 15, 1938 and due April 15 as follows:
$26 u00,1941; $25,000,1942 to 1946 incl.; $30 000 from 1947 to 1958 incl.,
and $35,000 from 1959 to 1968, incl.
HUNTINGTON,
N.
Y.—BOND
OFFERING—Arthur
J.
Kreutzer;
Town Supervisor, will receive sealed bids until 10:30 a. m. (Eastern Stand¬
ard Time) on March 17 for the purchase of $37,000 not to exceed 4% interest
registered refunding water bonds.
Dated Jan. 1, 1938.
Denom.
$1,000.
Due July 1 as follows:
$6,000 in 1952 and 1953; $15,000, 1954;
$8,000 in 1955, and $2,000 in 1956.
Bidder to name a single rate of
interest, expressed in a multiple of X or 1-10 of 1 %.
Principal and interest
(J. & J.) payable at the Huntington Station Bank, Huntington Station,
with New York exchange.
Of the proceeds of the financing, $26,000 will
be used in the payment of a similar amount of bonds due in 1938, and
issued in behalf of the South Huntington Water District, and the balance
of $11,000 will be applied for a similar purpose in connection with bonds
issued for improvements in Greenlawn Water District.
All of the said
refunding bonds are general obligations of the Town of Huntington, payable
primarily from a levy on property in the respective districts, but if not paid
from such levy, then all of the town's taxable property will be subject
to the levy of unlimited ad valorem taxes in order to provide for the pay¬
ment of both principal and interest.
A certified check for $740, payable
to the order of the town, must accompany each proposal.
The approving
coupon or
legal opinion of Clay, Dillon &
furnished the successful bidder.
Vandewater of New York City will be
LACKAWANNA CITY SCHOOL DISTRICT (P. O. Lackawanna),
N. Y.—BOND SALE—The issue of $163,700 coupon or registered school
bonds offered March 11—V. 146
p. 1595—was awarded to the Manu¬
facturers Trust Co. of New York City, as 2.70s
at a price of It 0.70, a
basis of about 2.56%.
Dated March 1, 1938 and due March 1 as follows:
$15,700, 1939; $16,000, 1940 to 1946,
1948.
Second high bid of 100.348
in
& Co., Inc.,
incl.; $17,000 in 1947, and $19,000
for 2.70s was made by A
and E. H. Rollins & Sons, Inc., both of New York,
.C. Allyn
jointly.
MAMARONECK, N. Y.—BOND ELECTION—Village Manager Ray¬
mond J. Whitney recently announced that an election would be held on
March 15 at which a proposed Issue of $30,000 West Basin dredging bonds
will be submitted to the voters.
MOOERS,
CHAMPLAIN AND CHAZY CENTRAL SCHOOL DIS
N. Y.—BOND OFFERING—Clara F. Fill¬
TRICT NO. 1 (P. O. Mooers),
District Clerk, will receive sealed bids until 3p.m. (Eastern Standard
Time) on March 14 for the purchase of $143,000 not to exceed 5% interest
EASTCHESTER, N. Y.—BOND OFFERING—Arthur N. Ferris, Town
Clerk, will receive sealed bids until 10 a. m. on March 23 for the purchase
more,
coupon or registered street improve¬
of 1938.
Dated March
1, 1938.
Denom. $1,000.
Due
March 1 from 1939 to 1942, incl.
Bidder to name a single rate
of interest, expressed in a multiple of X or l-10th of 1%.
Principal and
interest (M. & S.) payable at the First National Bank & Trust Co., Tuckahoe.
A certified check for 2% must accompany each proposal.
The
approving legal opinion of Hawkins, Delafield & Longfellow or N. Y. City
coupon or
of
$80,000 not to exceed 6% interest
ment
bonds
$20,000
on
will be furnished the successful bidder.
ELMIRA, N. Y.—CERTIFICATE OFFERING—Ralph D. Klebes, City
Chamberlain, will receive sealed bids until 11 a, m. on March 15 for the pur¬
chase of $600,000 not to exceed 6% interest certificates of indebtedness.
Dated March 15, 1938.
Denoms. as desired by purchaser in multiples of
$10,000 or $25,000.- Due $200,000 on June 15 and on Sept. 15, 1938.
Principal and interest payable at the First National Bank & Trust Co.,
Elmira.
A certified check for 2% is required.
Approving legal opinion
registered school bonds.
Dated Feb. 1, 1938. Denom. $1,000.
$4,000, 1941 and 1942; $5,000, 1943 to 1949, incl.;
Due Feb. 1 as follows:
$6,000, 1950 to 1957, incl.; $5,000 from 1958 to 1967, incl., and $2,000 in
1968.
Bidder to name a single rate of interest, expressed in a multiple of
X or l-10th of 1%.
Principal and Interest (F. & A.) payable at the Mer¬
chants' National Bank, Plattsburg, with New York exchange.
The bonds
oblitafctons of the school district, payable from unlimited
payable to the order of H. H. Wray,
each proposal.
The approving legal
opinion of Clay, DiUon & Vandewater of New York City will be furnished
the successful bidder.
are
direct general
taxes.
A certified check for $3,000,
District Treasurer, must- accompany
URGE MEASURE TO AID
Desmondin a brief
signed by Louis K. Comstock, sent to members of the Legislature, urged
NEW
YORK,
N.
Y.—MERCHANTS
TRANSIT UNIFICATION—Expressing its opposition to the
Mitchell bill in its present form, the Merchants' Association
1756
Financial
the passage of a measure which would
unification of rapid transit properties.
Chronicle
enable New York City to effect
The Association suggested principles which it believes should be written
into this bill to take the issue out of politics by placing full
responsibility
in the hands of the city authorities, to whom would be given power of de¬
its consummation.
That the abolition of the Transit Commission's power
transit unification would facilitate that objective, that it is an
inescap¬
able fact that the unified rapid transit system could no tbe operated on a
5-cent fare now, or at any time which can be foreseen, without unbearable
deficits; that any legislation should contain provisions for a flexible fare to
be determined by actual economic conditions; that the number of directors
of the Board of Transit Control should be definitely fixed in order to avoid
0.50%
UNDERSTANDING ON PRICE FOR
W.
R. K. Webster &
Outhell,
March
on
associate
4
that
he
shortly and he has been assured by Mr. Bigelow that he will
meeting of the board of directors of the Interborough Rapid Transit
soon as possible and by Mr. Watson that he will confer
promptly
with the other officers and directors of the Manhattan
Ry. Co. and with
representatives of their security holders.
Mr. Cuthell further stated that he has been discussing a similar
arrange¬
ment with representatives of the Brooklyn-Manhattan Transit Co. and
hopes
to be able to present to the Transit Commission a
memorandum of under¬
standing containing his recommendations as to the price to be paid for that
company's properties.
Mr. Cuthell further stated that in signing a memorandum of understand¬
was following the method used by Judge
Seabury and Professor
Berle in their dealings in 1935 with the same
companies.
ing he
YORK,
(State
of)—BILL
TO CREATE STATE MORTGAGE
BANKS TURNED DOWN—The Assembly Banks Committee
killed the bill which would have
in New
on
March 9
provided State regulated mortgage banks
York.
The bill, which already had passed the
Senate, was sponsored by the
Insurance Department and the Mortgage Commission as
part of Governor
Lehman's program for the current session.
Similar legislation in the past
has been defeated
consistently when it reached the Assembly.
Institutional investors had looked for this measure to give some relief
from their pressing problem of
finding outlets for idle funds.
Debentures
of the mortgage banks would have been
eligible investments for life insurance
companies, savings banks, trustees, as well as others.
Several groups had
been considering the formation of
mortgage banks if the legislation was
enacted.
PORT OF NEW YORK AUTHORITY. N. Y.—GOVERNOR
FAVORS
ACCEPTANCE OF BONDS IN PA YMENT OF DEBT— Governor Herbert
H. Lehman has sent a
message to the State Legislature recommending ac¬
ceptance by the State of snort-term Port Authority bonds,
maturing in 1941,
in lieu of annual repayments of
money provided by the State at the time of
construction of the George Washington Bridge.
The Governor further
suggested that the State Comptroller be empowered to sell the
bonds,
which will amount to $2,777,000, with the
proceeds to be used for public
relief.
Legislation carrying out the Governor's recommendations has not
yet been introduced.
RENSSELAER COUNTY
(P.
O.
Troy),
N. Y.—BOND SALE—'The
bonds offered March 11
Troy Savings Bank as 2.40s, at a
issue of $341,000 coupon or registered
refunding
—V. 146, p. 1596—was awarded to the
were
as
Int. Rate
...
_
ROCHESTER,
N.
Y.—BOND
Comptroller, will
Reichard
Salem and associates, offering
remaining $20,000 as 3Ms.
100.039
100.07
100.319
100.10
100.03
100.39
100.23
100.167
OFFERING—L.
Rate Bid
2.40%
2M %
100.357
100.409
2M%
100.189
2.60%
2.60%
BLOWING
-.t
100.309
2.70%
100.10
as
4s, the
$125,000
election to be
held on April 12, voters will be asked to approve the issuance of
$75,000
water supply system improvement bonds and the issuance of
$10,000 sewer
system enlargement and extension bonds.
an
N. C.—BOND SALE—The $115,000 issue of coupon
registered water bonds offered for sale on March 8-—V. 146, p. 1437—
awarded to Fox, Einhorn & Co. of Cincinnati and associates,
paying a
premium of $109.25, equal to 100.095, on the bonds divided as follows:
$70,000 as 3Ms, maturing $5,000 from March 1,1941 to 1954; the
remaining
$45,000 as 3Ms, maturing $5,000 from March 1, 1955 to 1963, incl.
The second highest bid was by the Wachovia Bank & Trust Co. of
Winston-Salem and associates, offering a premium of $12 for $75,000 as
3Ms, and $40,000 as 3 Ms.
GOLDSBORO,
or
was
HAZELWOOD, N. C.—BOND OFFERING— It is stated by the Town
Clerk that $15,000 street improvement bonds approved by the voters at an
on Feb. 24, will be offered for sale on April 1.
election held
LIBERTY, N. C.—REFUNDING AUTHORIZED—The Town Board of
Commissioners recently passed an ordinance authorizing the issuance of
$92,000 bonds to refund $62,000 6% water and sewer bonds, dated June 1,
1926, and $30,000 6% water and sewer bonds dated Jan. 1, 1927.
LUMBERTON, N. C.—BONDS AUTHORIZED—The Town Board of
Commissioners has passed an ordinance authorizing the issuance of not
exceeding $32,000 street improvement bonds.
MEBANE, N. C.—BONDS APPROVED—The Local Government Com¬
mission recently approved a proposed $338,000 refunding
plan for the city.
In connection with the plan, in order to stop damage
suits, the issuance of
$40,000 in
new sewage
disposal plant bonds
was
approved.
SALISBURY, N. C.—BOND TENDERS INVITED—It is stated by
H. C. Holmes, City Manager, that he will receive tenders until 9.30 a. m.
on March 22, on the following
refunding bonds:
$11,000 street and sidewalk improvement; $3,000 school; $2,000 general
improvement, all dated Dec. 1, 1934, payable on Dec. 1, 1959.
4,000 street and sidewalk improvement; $1,000 school, both dated July 1,
1936, payable on July 1, 1961.
3,000 street and sidewalk improvement, dated May 1, 1937, payable
on May 1,1962.
STANTONSBURG, N. C.—BOND SALE—The $19,000 issue of coupon
water and sewer bonds offered for sale on March 8—V. 146, p. 1597—was
awarded to McAlister, Smite & Pate, Inc., of Greenville as 5Ms, paying
a premium of
$24.70, equal to 100.13, a basis of about 5.235%.
Dated
March 1, 1938.
Due $1,000 from March 1, 1941 to 1959 inclusive.
The second high bidder was Kirchofer & Arnold, Inc., of Raleigh,
offering
a
2.70%
premium of $14.50 for $120,000
ROCK, N. C —BOND ELECTION—At
100.20
100.60
a
Commission is said to have approved the proposed issuance of
in water and sewer bonds and $75,000 street improvement bonds.
10 188
2.70%
CAROLINA
ASHEBORO, N. C —BONDS AUTHORIZED—The Local Government
follows:
Bidder—
Halsay, Stuart & Co., Inc., Bancamerica-Blair Corp.
and First of Michigan Corp
Salomon Bros. & Hutzler and Kean,
Taylor & Co
Smith, Barney & Co., National City Bank of Troy
and Phelps, Fenn & Co
E. H. Rollins & Sons, Inc., A. C.
Allyn & Co., Inc.,
and B. J. Van Ingen & Co., Inc
C. F. Childs & Co., Sherwood & Reichard and
Eldredge & Co
Marine Trust Co., R. D. White & Co. and
Safford,
Biddulph & Co., Inc_
Manufacturers & Traders Trust Co., Adams, McEntee & Co., Inc. and Paine, Webber & Co
Goldman, Sachs & Co., George B. Gibbons & Co.,
Inc. and Bacon, Stevenson & Co._
_
1.70%
1.75%
1.80%
1.80%
1.80%
1.90%
1.90%
2%
NORTH
as
Other bids
Rate Bid
ALAMANCE COUNTY (P. O. Graham), N. C.—BOND SALE— The
$140,000 issue of coupon funding bonds offered for sale on March 8—
V. 146, p. 1437—was awarded to Kirchofer & Arnold of Raleigh and asso¬
ciates, paying a premium of $100, equal tp 100.0714, on the bonds divided
as follows:
$115,000 as 4s, maturing from Dec. 1, 1949 to 1961; the remain¬
ing $25,000 as 3 Ms. maturing on Dec. 1, 1962.
The second best bidder was the Wachovia Bank & Trust Co. of Winston-
Srice of 100.40, a basis of about $15,000 from 1940 to 1950, incl., and $20,Dated March 1, 1938 and due
larch 1
follows: $16,000,1939: 2.36%.
000 from 1951 to 1958, incl.
these:
UNITY REPORTED REACHED
as
NEW
&
counsel
a
Co.
Co., Inc
Co
had
Mr. Cuthell stated that he will present the entire matter to the Transit
Commission
call
&
provision should be added
Sherwood
were
Int. Rate
Washburn
for the Transit Commission,
signed a memorandum of under¬
standing with Ernest A. Bigelow, Chairman of the board of directors of
the Interborough Rapid Transit Co., and Theodore 8. Watson, Vice-Presi¬
dent of the Manhattan Ry. Co., both of whom are members of the unifica¬
tion committee of the Interborough Rapid Transit Co.
The price stated in the memorandum, and which all of the
signers will
recommend to the Transit Commission, to their respective boards of direc¬
tors and to the security holders' committees, is $170,213,508.
announced
Among other bids
Bidder—
to
the pending legislation giving the city or the Board of Transit Control the
alternative of operating the unified system or of providing for private
oper¬
ation under contract.
—-Chester
a
1.80%, according to maturity.
to
over
possibility of political manipulation; that
12, 1938
WARREN COUNTY (P. O. Glen. Fall.), N. Y.—BOND SALE—
The $120,000 coupon or registered bridge and highway bonds offered March
8—V. 146, p. 1596—were awarded to Morse Bros. & Co., Inc., New
York,
as 1.70s, at par
plus a premium of $216, equal to 100.18, a basis of about
1.67%.
Dated March 1, 1938, and due $10,000 on March 1 from 1939 to
1950, incl.
The bankers reoffered the bonds at prices to yield from
termining the rate of fare needed to operate the system on an economic
basis.
Among these principles it included:
"That divided authority over transit unification is a serious obstacle to
the
March
rating but, if spch a rating is to be maintained, a more conservative financial
policy on the part of the county appears essential.
premium of $13
on
5M% bonds.
*
NORTH
DAKOTA
CASS COUNTY SCHOOL DISTRICT NO. 11 (P. O.
Alice), N. Dak.
—BONDS NOT SOLD—It is now reported by the District Clerk that the
$1,500 school bonds offered on Jan. 24—V. 146, p. 631—were not sold as
no bids were received.
.
B.
Cartwright,
City
receive sealed bids until 11 a. m. (eastern standard
time)
March 16 for the purchase of $1,100,000 not to exceed
4% interest coupon
registered public works bonds.
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows:
$120,000 from 1940 to 1944 incl. and $125,000 from
1945 to 1948 incl.
Bidder to name a single rate of interest,
expressed in a
multiple of
or 1-10th of 1%.
Principal and interest (A. &
on
KILLDEER.
N.
Dak.—PRICE PAID—The $5,000 5% sewer bonds
purchased by the Bank of Killdeer, as previously reported in these columns
—V. 146, p. 1597—were sold at a price of par.
This was the only bid
received.
or
O.) payable
at the Paying Agent of the
City of Rochester in New York City.
A certified
check for 2% of the bonds bid
for, payable to the order of the City Comprtoller, must accompany each proposal.
The city is authorized and required
by law to levy on all its taxable property such ad valorem taxes as
may be
necessary to pay both principal and interest without limitation as to
rate or
amount.
Approving legal opinion of Reed, Hoyt & Washburn of New York
City will be furnished the successful bidder.
Bonds will be ready for de-
Apr
if ].at a ^ace
New York City indicated by the purchaser
LEEDS SCHOOL DISTRICT NO. 6 (P. O. Minnewaukon), N. Dak.
CERTIFICATES NOT SOLD—We are now informed by the District Clerk
the $11,000 7% certificates of indebtedness offered on Feb. 14, as
noted here at the time—V
146, p. 951—were not sold as no bid was re¬
that
ceived.
MOUNT
N.
ROSE
SCHOOL
OHIO
SLOAN, N. Y.—BOND SALE—The issue of $15,000
coupon or regis¬
tered street improvement bonds
offered on March 4—V.
146, p. 1437—was
awarded to the Marine Trust Co. of
Buffalo as 3.70s at a price of
100.43,
a basis of about
3.61%.
Dated March 1, 1938, and due March 1 as fol$2,000 from 1940 to 1945, incl., and
$1,000 from 1946 to 1948, incl.
COUNTY
(P.
O.
SUFFOLK
Riverhead), N. Y.—FINANCIAL
ISSUED—Lazard, Freres & Co., New York, a^e
issuing a com¬
prehensive revised study of the finances of the
county and all factors
economic and
political, bearing in its future status. On the basis of
their
findings, the investment bankers reached the
following conclusions*
The principal unfavorable factors
affecting the credit of Suffolk County
are the
SURVEY
following:
J
Tax collection system which
places the burden of town tax delinquency
upon the county.
M
*
Rapid and consistent increase in debt for
many years past.
Resort to the refunding of bond
maturities during recent years.
Funding of practically all of the county's share of
unemployment relief
Although the bonded debt of the county has
approximately doubled dur¬
ing the last five years, in our
opinion, it has not yet reached excessive
Sroportions. Furthermore, the taxpaying capacityofof the county
oubtedly good,
the favorable collection record
combined
county collections indicates.
is
town
unand
Thus, under present circumstances, we be¬
lieve that obligations of Suffolk
County are entitled to a fairly high credit
p.
37
(P.
O.
Bottineau),
794—was not sold.
MUNICIPALS
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA
AKRON
cessful bidder.
as
NO.
SOLD—The issue of $5,000 certificates
Feb. 1—V. 146,
on or about
ROCKVILLE CENTRE, N. Y.—BOND
OFFERING—James H. Patten.
Village Clerk, will receive sealed bids until 2 p. m.
(Eastern Standard Time)
on March 23 for the
purchase of $26,000 not to exceed 5% interest
coupon
or registered
drainage improvement bonds.
Dated April 1, 1938.
Denom.
„P**e.APril kas *°llows: $2,000 from 1939 to 1942 incl.; $3,000 from
1943 to 1948 incl.
Bidder to name a single rate of
interest, expressed in a
multiplei of M or l-10th of 1%.
Principal and interest (A. & O.) payable
at the Bank of Rockville
Centre Trust Co., Rockville
Centre, with New
York exchange.
The bonds are general obligations of the
village, payable
from unlimited taxes.
A certified check for
$520, payable to the order of
^',,fnus£ accompany each proposal. The approving legal opinion
of
cJa,y; ,Vl,1Ion & Vandewater of New York City will be furnished the suc¬
ows:
DISTRICT
Dak .—CERTIFICATES NOT
of indebtedness offered
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
OHIO
AKRON CITY SCHOOL DISTRICT, Ohio—NOTES NOT SOLD—
The district failed to receive any offers on March 10 for an issue of $400,000
not to exceed
4% interest notes, proceeds of which was to be used in the
redemption of all of tax anticipation notes, commonly known as "scrip",
presently outstanding.
Notes were to be dated March 1, 1938, due March
1, 1940, and callable on any interest date.
They were to be sold in antici¬
pation of the sale of a bond issue.
CLEVELAND, Ohio—NOTE SALE—G. A. Gesell, Director of Finance,
reports
that
local
banks
purchased
$1,000,000 tax anticipation notes at
1M% interest.
CLEVES,
Ohio—BOND ELECTION POSTPONED—By order of the
City Council, the special election at which voters will be asked to approve
issuance of $48,000 sewer system bonds will be held on March 29 instead
of March
15.
LIMA CITY SCHOOL DISTRICT (P. O. Lima), Ohio—BOND SALE
—The issue of $47,600 delinquent tax bonds offered March 7—V. 146, p.
1285—was awarded to Fox, Einhorn & Co., Inc., Cincinnati, as 2Ms at
plus a premium of $414.14, equal to 100.87, a basis of about 2.32%.
Dated March 1, 1938 and due Nov. 1 as follows:
$5,600, 1939; $6,000,
1940; $5,000, 1941; $6,000 in 1942, and $5,000 from 1943 to 1947 incl.
Second high bidder was Pohl & Co., Inc., Cincinnati, their offer being
a premium of $209.44 for 2
Ms.
par
Volume
Financial
146
Int. Rate
Premium
$314.00
76.16
253.60
351.29
33.32
138.04
185.00
Provident Savings Bank & Trust Co
Middendorf & Co
2?^%
2%%
3H%
2H%
2H%,
2%%
2 H%
Seasongood & Mayer
Assel, Goetz & Moerlein, Inc
McDonald-Cooledge & Co__
3%
37.85
3%
3%
142.80
325.00
Stranahan. Harris & Co
Paine, Webber & Co
E. H. Rollins & Sons. Ine
Otis & Co
_
_
question presented in the case before him.
The court found that all the preliminary steps required by the statute
for submitting the bond issue to a vote of the electors had been taken by the
board.
Information as to the amount of the bonds, the period the bonds
will run, the purpose of the bond issue and the tax rate to be levied to pay
the bonds had been published by the board. Judge Hooper said.
MADISON TOWNSHIP SCHOOL DISTRICT (P. O. Mount Perry),
Ohio—BONDS SOLD—The State Teachers* Retirement System purchased
$22,500 3H% school bonds at a price of 100.20.
Due serially from 1939
to
1962 inch
MILTON UNION SCHOOL DISTRICT, Ohio—BOND
INJUNCTION
DENIED—The Court of Appeals recently dismissed the appeal of F. D.
Schermind of Potsdam from the finding of the Court of Common Pleas
in an injunction! suit brought against the school board to enjoin the issuance
of $135,000 bonds for a new school building in West Milton.
MUSKINGUM WATERSHED CONSERVANCY DISTRICT, Ohio—
PERMANENTLY ENJOINED FROM ISSUING $1,500,000 GENERAL
TAX BONDS—The Fifth District Court of Appeals on March 2 permanently
enjoined the district from issuing $1,500,000 in bonds and held that it lacked
authority to levy general taxes on property not benefiting from the district's
flood control projects.
The Court, in its unanimous decision, upheld a temporary injunction
granted by Common Pleas Judge Clarence U. Ahl of Bucyrus in the tax¬
payer's suit of Charles Hostetter of Massiilon.
Counsel for the district argued before the Court that development of a
recreation and conservation program in the 14-county area was the para¬
mount motive behind the proposal to issue $1,500,000 in general levy bonds
1932-654
Not only were these facts published, the court noted, but they were
contained in the preamble to the ballot placed before the electors.
It was
his opinion, Judge Hooper said, that the voters received all the information
required by the statute.
'The court believes that
there was substantial compliance with the
statute," Judge Hooper stated, "and that the electors knew what they
were voting for when they voted if
they could read the preamble of the
ballot.
"As
an
CITY
SCHOOL
estate and
estate
public utility
public utility
Municipal Bonds Since 1892
Oklahoma
Limitations
1937
1938
$1.69
$1.69
4.01
4.01
1.36
4.30
4.30
7.04
None
None
$10.80
Total.
_
Original Form
$109,000.00
Bonds inside 10 mill limit.._
Bonds outside 10 mill limit
1938
$2.89
4.35
7.76
None
None
$20.80 $15.00
Total
607,500.00
$1,095.00
55,932.50
$110,095.00
663,432.50
$716,500,00
$57,027.50
$773,527.50
32,881.55
Jan. 1, 1938
Principal and Interest Requirements 1938
Total
Principal
.
March
$1,187.50
9,682.52
3,375.00
5,482.50
9,687.50
34,155.50
April
June
.
—
December (includes principal and in¬
terest due Jan. 1, 1939
OKLAHOMA
Okla.—BOND SALE DETAILS—The $30,000 sewer
1 to the Brown-Crummer Co. of Wichita,
previously reported in these columns—V. 146, p. 1596—were sold as
4s, at par.
Other bidders were the First National Bank of Oklahoma
City, C. Edgar Honnold and the Taylor-Stuart Co., all of Oklahoma City.
FAIRVIEW,
system bonds awarded March
as
SCHOOL
DISTRICT
912.50
8,500.00
25,412.50
45,357.50
36,500.00
8,857.50
$71,325.00
$37,603.02
Levied
„
$170,183.34
212,944.32
223,303.77
208,532.88
280,173.32
141,437.82
-
Population: 1930 census—6,494.
HOLLIS, Okla.—BONDS DEFEATED—At the election held on Feb.
proposal to issue the $135,000
light and power plant bonds.
23—V. 146, p. 952—the voters defeated the
Estimated, 1937—7,400.
CONSOLIDATED
LIBERTY
MARLOW,
PORTSMOUTH, Ohio—BOND OFFERING—James D. Williams. Direc¬
Due Oct. 1
as follows:
$14,000 from 1944 to 1948 incl. and $15,000
1952 incl.
Principal and interest (A. & O.) payable at the
A certified check for $1,300 must accompany the
City Treasurer's office.
Bonds to be refunded mature in the present year.
The bonds will be approved as to
legality by Peck, Shaffer & Williams of
Cincinnati, the opinion to be furnished the successful bidder without cost.
Cost of exchange or delivery to out-of-city purchasers to be borne
by the
successful bidder.
SILVER LAKE, Ohio—BOND OFFERING—J. R. Somers, Village
Clerk,
will receive sealed bids until noon (Eastern Standard Time) on March 30
for the purchase of $110,000 4% refunding bonds.
Dated March 1, 1938.
Denom. $1,000.
Due $22,000 annually on March 1 from 1949 to 1953 incl.
& D.
A certified check for 2% of the bonds bid for,
payable to the order of the Village Treasurer, must accompany each proposal
Interest payable J.
TOLEDO,
Ohio—PLANS SPECIAL LEVY FOR RELIEF—The city
plans to hold a special election within 60 days at which the voters will be
asked to approve a levy of five mills to cover direct and work relief
expendi¬
tures.
The Administration is convinced that its appeals for aid to the
State and Federal governments will go unheeded and has decided to seek
the special levy to provide the funds urgently needed to meet the relief
crisis.
Relief bills in the amount of $425,000 for 1937 remain unpaid and,
of the approximately $750,000 which was available for relief at the start
(P.
O.
Okla.—
school building bonds offered for sale on
awarded to the Taylor-Stuart Co. of
City, according to the District Clerk.
Due $500 from Mar. 1,
MAYES COUNTY SCHOOL'DISTRICT NO. 2 (P. O. Adair),
BOND SALE—The $6,500 issue of
7—V. 146, p. 1598—was
March
Oklahoma
1941 to
1953 incl.
Okla.—BONDS
Education that $13,000
SPRINGER SCHOOL DISTRICT (P. O. Springer),
SOLD—It is stated by the Clerk of the Board of
sold.
OREGON
bonds—V. 146, p. 1597—we are advised that the issue
sold in equal amounts to the Oberlin Savings Bank and the
Peoples
Department of Finance and Audits, will receive sealed bids until
3 p. m. (Eastern Standard Time) on March 28 for the purchase of $130,000
not to exceed 6% interest refunding bonds.
Dated April 1, 1938. Denom.
3
Attorney General has
and improvement
Okla.—BONDS APPROVED—The
tower construction
tor of the
NO.
approved the issuance of $55,000 electric light extension
gymnasium auditorium bonds have been
Banking Co. of Oberlin.
The bonds bear 4% interest and were sold at
ar.
Dated March 2,1938.
Denoms. $1,000 and $500.
Due $5,000 on
arch 2 from 1939 to 1943 incl.
Coupon bonds, interest payable M. & 8.
DISTRICT
bonds.
OBERLIN, Ohio—BOND SALE DETAILS— In connection with the
previous report in these columns of the sale of the $25,000 water works
from 1949 to
SCHOOL
Granite, Route 1), Okla.—BOND OFFERING—It is reported that sealed
E. Fletcher, District
Clerk, for the purchase of a $10,000 issue of building and equipment bonds.
Bidders to name the rate of interest.
Due as follows: $600, 1941 to 1955,
and $1,000 in 1956.
A certified check for 2% of the bid is required.
(A similar amount of bonds was scheduled for sale on March 8, as noted
in these columns recently—V. 146, p. 1598).
bids will be received until 10 a. m. on March 15, by W.
Collected
$294,975.54
261,716.57
252,738.03
200,400.00
1936-1937.
200,760.00
Delinquent school taxes after closing of 1937 collection
bid.
Okla.—BOND
Granite),
O.
9—V.
Interest
$1,187.50
8,770.02
3,375.00
5,482.50
1,187.50
8.743.00
General Properly Taxes Levied and Collected, School Purposes Only
Amount
Amount
$1,000.
(P.
$11,000 issue of school building bonds offered for sale on
146, p. 1598—-was awarded to the Taylor-Stuart Co. of
Oklahoma City, according to the District Clerk.
Due $1,000 from 1941 to
SALE—The
March
in
-$108,928.02
—
Total...
was
Long Distance 158
ENID, Okla.—BOND OFFERING— Sealed bids will be received until
a. m. on March 14, by H. E. Evans, City Clerk, for the purchase of a
$22,557.96 issue of coupon special assessment retirement bonds.
Interest
rate is not to exceed 5%, payable J. & D. Denom. $1,000, one for $557.96.
Dated June 1, 1938.
Due on June 1 as follows: $3,000, 1941 to 1947, and
$1,557.96 in 1948.
A certified check for 2% of the bid is required.
GRANITE
Refunded
City, Oklahoma
Oy_191
1951 incl.
Total.
Cash in sinking fund:
October.
Ok
10
Total Indebtedness Jan. 1,1938
_
July---September.
—Total—
$5.00
None
1937
$2.40
1937
$4.09
5.37
11.34
None
$10.00 $10.00
other
Values)
Limitations
1938
$1.20
.34
3.46
School
__
21,665,290.00
Tax Levies (In Dollars per Thousand of Assessed
Inside
Outside
County
City
^
AT&T
$17,626,170.00
Auditor's
(County
estimate after reappraisement)
The issuance of
tax levy.
a
R. J. EDWARDS, Inc.
Ohio—FINANCIAL
DISTRICT,
and
voting for
board.
Financial Information
Assessed Valuations
1937—Real
1938—Real
were
The demurrer to Mrs. Nunley's petition was filed by Assistant Prosecutor
Joseph Stern, R. B. Cohen and David Spriggs, representing the Yorkville
^
OAKWOOD
or
actual fact they
bonds would be no good if there were no authority to levy the tax. Therefore
the demurrer will be sustained.
Counsel may have exceptions."
STATEMENT—The following is given in connection with the March 14
offering of $40,000 library construction bonds, described in Y. 146, p. 1438.
State
1757
illegal, because it was worded "for the tax levy" and "against the tax
levy."
The plaintiff contended the ballot should have been worded "for
the bond issue" and "against the bond issue."
Judge Hooper stated that there was no case in Ohio deciding the exact
Other Bids—
Bidder—
Ryan, Sutherland & Co
Chronicle
(P. O. Roseburg)
until 7.30 p. m.
purchase of an $80,000
not to exceed 3;
DOUGLAS COUNTY SCHOOL DISTRICT NO. 4
Ore.—BOND OFFERING—Sealed bids will be received
March 28, by A. J. Geddes, District Clerk, for the
issue of coupon building bonds.
Interest rate is
on
payable A. & 0.
Denom. $1,000.
Due on April 1 as follows: $7,(
1943 to 1945; $8,000, 1946 to 1949, and $9,000, 1950 to 1952.
Bidders to
name the rate of interest in multiples of H of 1 %.
The bonds will be sold
to the highest bidder at not less than par and accrued interest.
Prin. and
int. payable at the County Treasurer's office, or the State's fiscal agency
in New York City.
These bonds were approved by the voters at the elec¬
tion held on Jan. 28, as noted here at the time.
A certified check for
5% payable to the District, must accompany the bid.
stated by the City Re¬
system revenue bonds pur¬
HILLSBORO. Ore.—MATURITY—It is now
corder that the $107,000 4%semi-ann. sewer
chased at par by the Public Works Administration, as noted
—V. 146, p. 1598—are due as follows: $2,000, 1940 to 1945:
to
1952; $4,000, 1953 to 1958, and $5,000. 1959 to
here recently
$3,000, 1946
1968.
SALE—The $4,899 issue of Lateral Sewe
bonds offered
1438—was awarded to Tripp & McClearey
of Portland, as
paying a price of 100.27, a basis of about 3.68%.
Dated March 7,1938.
Due from March 7, 1940 to 1949 incl.
ONTARIO,
Districts Nos.
Ore.—BOND
14 and 15, general obligation improvement
for sale on March 7—V. 146, p.
SCHOOL DISTRICT NO. 4 (P. O Salem, R. F. D.
Ore.—WARRANT OFFERING—It is reported that
will receive sealed bids until 8 p. m, on Mar. 21
for the purchase of a $2,600 issue of interest bearing warrants.
Bidders to
name the rate of interest, payable annually on June 1.
Due $260 from
June 1, 1939 to 1948 incl.
Prin. and int. payable at the office of the
POLK COUNTY
No.
3,
Box
456),
Mattie Carr, District Clerk,
District Clerk.
POLK COUNTY SCHOOL'DISTRICT NO. 29 (P.
SALE—The $22,000 issue of coupon
O. Independence),
of the year, about $525,000 was spent in the first two months,
according
to report.
Requirements for the full year have been estimated at between
Ore.—BOND
$3,000,000 and $3,500,000.
The projected five-mill impost would yield
about $2,350,000 of funds on the basis of the tax duplicate at $470,000,000.
offered for sale on March 7—V. 146, p. 1598—was purchased by Atldnson,
Jones & Co. of Portland, according to report.
Due from March 1, 1939
WILLOWICK (P. O. Willoughby), Ohio—TENDERS WANTED—
W. C. Dettman, Village Clerk, will receive sealed tenders until noon on
April 4 for purchase by the sinking fund, at not to exceed face value, refund¬
ing bonds dated Oct. 1, 1936.
Funds available for their purchase amount
to about $25,000.
Tenders will be accepted at the lowest offering price in
accordance with the provisions of the Plan for Municipal Debt Readjust¬
ment and Section 2293-5P of the General Code.
YORKVILLE
VILLAGE
SCHOOL
DISTRICT,
Ohio—BOND
VALIDITY UPHELD—Validity of the ballot by which the voters approved
issue of $75,000 school bonds last November was upheld by
Judge
Hooper, according to press advices from Steubenville.
District
had been enjoined from selling the issue at the offering on Jan. 27.—V. 146,
to
improvement bonds
1951.
OFFERING—Sealed bids will be received un¬
Wiele, City Clerk, for the purchase of a
city hall improvement bonds.
Denom.
$200/ Dated April 1. 1938.
Due $200 from April % 1939 to 1948 Incl.
ST. PAUL, Ore.—BOND
til
March 21, by C. L. Van de
issue of 4% semi-ann.
$2 000
SILVERTON, Ore.—PRICE PAID—A price of 99 was paid by Conrad,
Feb. 28 an issue of $2,500
columns—V. 146, p. 1598.
Bruce & Co. of Portland in purchasing as 4s on
refunding bonds, as previously reported in these
Only one bid was received.
an
Arthur L.
p.
952.
In
an
oral opinion Judge Hooper found that the mandatory steps of the
statute providing for the issuance of bonds had been fully complied with by
the board.
The court declared it was his belief that the electors had before
them all
the
necessary
information and that the exact wording of the
required.
statute on the ballot was not
The petition for an order restraining the school board from
selling the
bonds was filed by Hattie Nunley, Yorkville, through her attorney, William
J.
Weinman,
Mrs.
Nunley contended
that
the
form
of the
ballot
was
PENNSYLVANIA
ALLENTOWN SCHOOL DISTRICT, Pa.—BOND OFFERING—W. H.
Acting District Secretary, announces that sealed bids will be received'until 7 p. m. on April 6 for the purchase of $430,000 school bonds.
Fisher
CHESTER,
Pa.—BONDS
APPROVED—The
School
Board recently
voted to accept a plan authorizing the Board to proceed with the proposed
construction of a new high school and involving the flotation of not to
exceed $700,000 school construction bonds.
taxes would result from the improvement.
A five to six mill increase in
Financial
1758
Chronicle
March
1938 1
Dated March 15, 1938 and due March 15 as follows: $2,000 from 1939 to
1951 incl. and $3,000 from 1952 to 1959 incl.
Other bids were:
City of Lancaster
due
Bonds
To
Prices:
Bidder—
Net 2.20% to
2A%
Drovers & Mechanics National Bank
Yarnall & Co
2.40%
Guardian Trust Co
1520 Locust 8t
.
Stuart & Co.
Inc
First National Bank
Moncure Biddle & Co.
Bancamerica-Blair Corp
M. M. Freeman & Co
Bioren & Co
Philadelphia
3%
3%
3%
3H%
3A%
W. H. Newbold's Son & Co
Leach Bros
CITY OF PITTSBURGH, PA.
PENNSYLVANIA
(State
of)—local issues approved—the
following is a list of local bond issues approved by the Department of Internal
Affairs, Bureau of Municipal Affairs.
Information includes name of the
municipality, amount and purpose of issue and date approved:
21/4*
Due July 1.
1947-1956
To net from 2.125% to 2.28%
Date
Municipality and Purpose—
Approved
Montgomery County—Construct¬
T.
A.
&
T. Teletype—Phila.
ing
sanitary sewer system
Whitaker Borough, Allegheny County—Grading, curb¬
ing and paving streest
McAdoo
Borough,
Schuylkill
County—Refunding
bonded indebtedness $12,500; funding floating in¬
PENNSYLVANIA
COAL TOWNSHIP SCHOOL DISTRICT
(P. O. Shamokin), Pa.—
bond sale details—A price of par for 4^8 was paid byM.M. Free¬
& Co. of Philadelphia in purchasing an issue of $23,500 judgement
man
funding bonds on Feb. 9, as previously reported in these columns—V. 146,
p. 1598.
DALLASTOWN, pa.—bond offering—W. W. Flinchbaugh, Bor¬
ough Secretary will receive sealed bids until 7 p. m. on April 5 for the pur¬
registerable as to principal only, bonds to bear
interest at one of the following rates
as named in the successful bid, 2,
chase of $43,000 coupon
2H, 2Yi
2%, 3, 3lA
or
3Vi%.
Dated May 1. 1938.
Of the bonds 18
will be in denoms. of $500 and 34 in $1,000 units.
Due May 1 as follows,
$2,500 from 1939 to 1954 incl. and $3,000 in 1955.
Interest payable M.
& N.
Both bonds and interest thereon will be payable without deduction
for any tax or taxes, except succession or inheritance taxes, now or here¬
after levied or assessed thereon under any present or future law of the Com¬
monwealth of Pennsylvania, all of which taxes the borough assumes and
agrees to pay
making the bonds free of tax to the holder.
A certified
check for 1% of the issue, payable to the order of the Borough Treasurer,
must accompany each proposal.
DUNMORE SCHOOL DISTRICT, Pa.—plans bond offering—
It is reported tnat the district plans to make an offering on March 29 of
$125,000 Mansfield Act school bonds.
As previously noted in these col¬
umns—V. 146 p. 1598—the State Employees' Retirement Board is under¬
stood to have agreed to purchase the issue at 4% interest.
A public of¬
fering is required to be made before the loan can be sold.
EDWARDSVILLE BOROUGH SCHOOL DISTRICT
(P. O. WilkesBarre), Pa .—refunding bonds approved—The State Department
of Internal Affairs recently approved an issue of $37,000 refunding bonds.
DURYEA SCHOOL DISTRICT, Pa .—bond offering—Arthur A.
Billinge, District Secretary, will receive sealed bids until 7 p. m. (Eastern
Standard Time) on April 4 for the purchase of $128,000 coupon refunding
and judgment funding bonds, to bear interest at one of the following rates,
as named in the successful bid: 3, 3lA,3A, 3%, 4, 4\i, 4A,
4% or 5%.
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows: $7,000 from
1941 to 1956 incl. and $8,000 in 1957 and 1958.
The bonds will be registerable as to principal only, with interest payable semi-annually April 1 and
Oct. 1.
The bonds and interest will be payable without deduction for
any tax or taxes, except succession or inheritance taxes, now or hereafter
levied or assessed thereon under any present or future law of the Common¬
wealth of Pennsylvania, all of which taxes the school district assumes and
agrees to pay.
A certified check for 2% of the bonds bid for, payable to
the order of the District Treasurer, must accompany each proposal.
The
bonds are issued subject to the favorable opinion of Townsend, Elliott &
Munson of Philadelphia.
ERIE COUNTY (P. O. Erie), Pa.—LIST OF BIDS—The following is a
complete list of the bids submitted for the $200,000 notes offered March 1.
The award, as previously reported in these columns—V. 146, p. 1598—
was made to the Security-Peoples Trust Co. of
Erie, which bid an interest
of 0.64%, at par:
S. K. Cunningham & Co., Pittsburgh, Pa.—Int. rate 1% per annum, bid
par—plus premium of $12.50, or discount basis- int. rate 98-100 of 1%
rate
Eer annum.
nson & McLean, Inc., Pittsburgh, Pa.—Int
rate 1 V* % per annum, bid
$200,022, or if int. payable in advance, bid $199,065.75.
Singer, Deane & Scribner. Pittsburgh, Pa.—Int. rate 0.875% per annum,
bid par—accrued int. to date of delivery and a premium of $65.
W. H. Newbolds Son & Co., PhiladelDhia—Int. rate 0.71%.
Brown Harriman & Co.
Philadelphia—Int. rate of K of 1 % per annum,
premium of $54.
Security Peoples Trust Co., Erie, Pa.—Int. rate 0.64%.
Mackey, Dunn & Co. Philadelphia—0.69% discount basis.
C. C. Codings & Co., Philadelphia—100 and int to date of
delivery at an
int. rate to maturity of
0.82%—-plus premium of $7.
E. H. Rollins & Sons. Pittsburgh, Pa —100.05, equivalent to 100, plus a
premium of $100, bearing 1.00% interest.
Brandon & Co., New York.—Int. rate of 0.90% per annum and
pay 100
and accrued interest and
a
premium of $25.
Feb.
28
$123,000
Feb.
28
15,000
debtedness $15,500
Meadvilie City. Crawford
22
Philadelphia
St.
Walnut
Mar.
1
28,000
0.875%.
Bioren & Co.. Philadelphia—0.81 of 1%—plus premium of $2 26.
Fisher MacEwan & Co.. Inc., Philadelphia—100% and accrued
to date of
delivery.
Int. at rate of 0.83%
PENNSYLVANIA
Pa.—syndicate
March
per annum.
LARKSVILLE,
a
new
BOND
OFFERING—It
DISTRICT
is
(P. O. Terrace), Pa.
-bond sale—The issue of $100,000
coupon school building bontis of¬
fered March 7—V. 146, p
i439—was awarded to E. H. Rollins &
Sons,
'PCPhU^dcJphJaj
as 2^s at a price of 101.189, a basis of about
1938, and due $5,000 on March 1 from 1939 to
1958, incl.
Second high bidder was Singer, Deane & Scribner
of Pittsburgh, the tender
2.62%!
Dated March 1
being
26,000
4
15,000
O.
Harrisbure),
large
bond
up to $60,000,000 bonds to finance construction of the proposed 162H-mile
between Middlesex, near Harrisburg, and Irwin, near
Pittsburgh.
Under the agreement, according to Mr. Jones, the bonds will be sold to
the bankers on a basis of 3.88% interest.
They will be amortized over a
period of 40 years, payable solely out of revenues from tolls.
The maximum
amount contracted; for by the syndicate is sufficient to build the highway
and consummation of the agreement will permit an immediate start on the
project, the Chairman said.
Completion of the bond financing contract was made at a meeting at¬
tended by B. J. Van Ingen and L. R. Ayres, President and Vice-President,
respectively, of B. J. Van Ingen & Co., Inc., and the members of the com¬
mission, composed of Walter A. Jones, Edward N. Jones, and Frank
Behout.
Chairman Jones pointed out that Van Ingen & Co. headed the
published list In the sale of municipal and revenue bonds for the year 1937
of all houses engaged in this type of financing.
ROSETO
SCHOOL
DISTRICT,
Pa.—bond
sale— The
issue
of
$24,500 coupon, registerable as to principal only, building bonds offered
March 7—V. 146, p. 1287—was awarded to Chandler & Co. of Philadel¬
phia
as
3Hs at 100.298,
1
and due March
as
basis of about 3.46%.
Dated March 1, 1938,
$1,000 from 1939 to 1962, incl., and $500 in
a
follows:
Other bids were:
1963.
Bidder—
E.
H.
Leach
Interest Rate
Rollins &
Bros.,
SCOTT
—bond
Sons, Inc
Inc—
TOWNSHIP
SCHOOL
offering—Lloyd
DISTRICT
Burnside,
O.
(P.
District
Rale Bid
3^%
4%
—
100.30
100.90
Woodville), Pa.
Secretary,
will
receive
sealed bids until 7:30 p. m. on March 18 for the purchase of $15,000 coupon
school bonds.
Dated Feb. 1, 1938.
Denom. $1,000.
Due $3,000 on
Feb.
1 from
1941
to
1945 incl.
Bidder to
name
a
single rate of interest,
expressed in a multiple of M of 1%.
Interest payable F. & A., free of all
taxes (except gift, succession and inheritance taxes) levied pursuant to any
present or future law of the Commonwealth of Pennsylvania.
Sale of the
bonds is subject to approval of proceeds by the Department of Internal
Affairs of Pennsylvania.
The successful bidder will be furnished with the
approving legal opinion of Burgwin, Scully & Churchill of Pittsburgh,
without cost and the district will provide the bonds.
A certified check for
$500, payable to the order of the District Treasurer, must accompany each
proposal.
SHAMOKIN, Pa.—bond sale—The $35,000 coupon, registerable as to
principal only, improvement bonds offered Masch 8—V. 146, p. 1287—
awarded to Singer, Deane & Scribner of Pittsburgh, as 4s, at a price
100.291, a basis of about 3.92%.
Dated March 15. 1938 and due
$5,000 on March 15 from 1939 to 1945 incl.
Other bids were:
were
of
Bidder—
Rate Bid
Int. Rale
Chandler & Co
4H%
4A/o
Leach Bros., Inc
100.229
100.30
WHEATLAND, Pa.—bond sale—The issue of $10,000
coupon bonds
146, p. 1439—was awarded to Glover & MacGregor
Dated March 1, 1938 and due $2,000 on March 1 from 1946
Pittsburgh.
to 1950 inclusive.
bid
was
3.69%.
par
and
a
successful
premium of $51 for 3%, equal to 100.51, a basis of about
on March 1 from 1946 to
Dated March 1, 1938 and due $2,000
1950 incl.
Other bids
were as
follows:
Bidder—
Int. Rale
Chandler & Co
8. K. Cunningham & Co
Johnson & McLean
$10.90
4%
68.50
4%
RHODE
WOONSOCKET,
Premium
3%%
*
14.60
ISLAND
authorized—'The State has
$40,000 water main con¬
struction, $40,000 school construction, $80,000 sewer construction, $160,000
road and bridge improvements and $80,000 surface water drains construc¬
R.
I.—bonds
authorized the city to issue the following bonds:
tion bonds.
SOUTH
CAROLINA
1
YORK TOWNSHIP (P. O. York), S. c.—bond call— It is stated
by W. D. Thomasson, County Treasurer, that all refunding bonds dated
April 1, 1912, are being called for payment at the Chase National Bank of
New York or at the County Treasurer's office, on or after April 1, on which
date interest will cease.
Optional at any time after April 1, 1926.
100.818 for 2%b.
other bids—
S. K.
3
super-highway
special meeting, the
2A% 16-year serial
f
—BOND SALE—The $8,500 4% coupon bonds of¬
fered March 7—V. 146, p. 1439—were sold to the Bank of
Matamoras, at
par.
Due serially from 1939 to 1947 incl.
SCHOOL
Mar.
Mar.
underwrite
a
reported
that Borough officials will issue $30,000 of bonds to meet
overdue obliga¬
tions, including back salaries of former employees and many
unpaid bills
MIFFLIN TOWNSHIP
45,000
a call for proposals on March 8—V. 146, p. 1599—
Ingen & Co., Inc., New York, as managers of a large banking
group, concluded an agreement on March 10 with the Commission to pur¬
chase not more than $60,000,000 revenue bonds, according to an announce¬
ment made by Commission-Chairman Walter A. Jones.
The commission
was created by act of the Pennsylvania Legislature and empowered to issue
stadium and to provide equipment.
Pa .—PROBABLE
2
issue—Pursuant to
City School Board recently authorized $100,000 of
bonds, to be issued as needed and to provide additional funds if needed
for the construction of
to
25,000
Mar.
(P.
20,000
1
In connection with the above report we are advised that the
146, p. 1286—was
Corp., New York, as 3s at a price of 101.079, a basis of about 2.93%.
Due
April 1, 1958.
Chandler & Co. of Philadelphia bid a price of 100.169.
The Interboro Bank & Trust Co. of Prospect Park also bid for the
issue,
naming a price of 100.02 for 3s.
LANCASTER, Pa.—BONDS AUTHORIZED—At
contracts
COMMISSION
1
Mar.
B. J. Van
of
of $22,000 coupon bonds
awarded to Bancamerica-Blair
7—V.
TURNPIKE
Mar.
offered March 4—V.
interest
FOLCROFT, Pa.—BOND SALE—The issue
offered
a
County—Enlarging and ex¬
tending the sewage treatment works in Vernon
Township.-*
Slatington Borough, Lehigh County—Funding float¬
ing indebtedness
Lafayette Twp. School District, McKean County—
Erecting,
equipping and furnishing consolidated
school building
Westfield Boro School District, Tioga County—Mak¬
ing alterations in and erecting an addition to school
building: equipping and furnishing same
Lebighton Borough, Carbon County—Building a fire
house; completing improvements to park
Schmidt, Poole & Co., Philadelphia—100 plus premium of $6 at int. rate
of
Amount
Souderton Borough,
YARNALL & CO.
1528
$268.00
Par
505.00
419.50
376.25
19.45
751.90
278.00
150.00
87.76
600.00
400.00
2la%
.2% %
2^%
2ZA%
2%%
3%
Chandler & Co
Halsey
Premium
Int. Rate
Singer. Deane & Scribner
September 1, 1961 to 1961
SOUTH
?w?w\r/K'n
Chandler & Go
Leach Bros
NORTH
JZZZZZZZZ
YORK
SCHOOL
DISTRICT
(P.
O.
2%%
K)0^36if
3?^%
Cunningham & Co. and Glover & McGregor.
inn 39Q
4H%
lOOilo
North
10lil63
York)
Pa
the Feb. 15 election.
coupon school bond issue offered March 4—
r»ato ?TOUg^e!!t/* Corkran & Co. of Philadelphia.
Dated March 15, 1938 and due
as
follows: $2 000 from 1939
1951. incl. and $3,000 from 1952 to 1959 incl
Dougherty Corkran & Co. of Philadelphia,
paid a price of par and
premium of $361.40 for 2^s, equal to 100.72. a basis of
about
S.
—
SA!"oilTThe $5[).000
March 15
DAKOTA
Dak.—bond offering— Sealed bids addressed to
Evans W. Jenkins, City Treasurer, will be received until March 14 for the
purchase of $3,000 5% well bonds.
Dated March 1, 1938.
Denom.
$500.
Due $500 on July 1 from 1941 to 1946 incl.
Issue was approved at
IPSWICH,
to
a
2.43%.
MADISON INDEPENDENT SCHOOL DISTRICT (P. O. Madison),
S. Dak.—bond sale—The $45,000 issue of refunding bonds offered for
on Feb. 28—V. 146, p. 1439—was purchased by Harold E. Wood &
sale
Co. of St. Paul, as 3^8, paying a premium of $190.00, equal to 100.422,
a basis of about 3.19%.
Dated April 1, 1938.
Due $3,000 from Apr. 1,
1939 to 1953 incl.
,
Volume
Financial
146
a? S$0w8:
TENNESSEE
CHATTANOOGA,
Chronicle
sale of the securities and to receive bids not later than 3 p. m.
March 29.
QUEMADO, Texas—BOND
chased and is
follows:
$40,000
DRESDEN, Tenn.-TENDERS WANTED—The Mayor and Board of
Aldermen will receive tenders until May 22 of $3,000 outstanding
bonds issued Jan. 1, 1937.
Tenders must be less than face value.
option of the holder.
all general
liability bonds, the full faith and credit of the
City being pledged for the payment of both principal and interest as they
severally become due.
The bonds may be registered as to principal only
and may be discharged from registration and
again registered from will.
The bidder will name interest rate in
multiples of one-tenth or
of 1 %.
No higher rate of interest shall be chosen than shall be required to insure
sale at par, and all bonds shall bear the same rate of interest.
No bid
will be considered unless it is a bid for all of the bonds.
Comparison of
bids will be by taking the
aggregate of interest at the rate named and
a
SALE—John L. Arlitt of Austin "has purmaking public offering of $70,000 5% bonds, divided
now
gas system revenue bonds.
Due Sept.
to 1944, incl.; $2,000 from 1945 to
1 as follows: $1,000, 1939
1952, incl. and $3,000 from 1953
t0 1958, inclusive.
30,000 water works system
city
MEMPHIS, Tenn.—BOND OFFERING— It Is now stated by D. C.
Miller, City Clerk that he will receive sealed bids until 2.30 p. m. on April 5,
for the purchase of the $250,000 coupon
improvement bonds mentioned
in these columns recently—V. 146, p. 1599.
Interest rate is not to exceed
6%. payable A. & O.
Denom. $1,000.
Dated April 1,1938.
Due $10,000
from April 1, 1939 to 1963 incl.
Prin. and int. payable at the City Hall
in Memphis or at the Chemical Bank & Trust Co. in New York, at the
are
to determine the net interest cost
City.
The bonds will be sold for par or face value, plus interest to
delivery and a premium, if any, be bid.
Bids will be considered
if submitted by mail, if received within the time stated, and
by wire, if
satisfactory good faith check is provided on time on the sale date.
No
arrangement can be made for deposit of funds, commission, brokerage fees,
nor private sale.
The approving opinion of Thomson, Wood & Hoffman,
Esqs., of New York, will be furnished.
The bonds on delivery will be
accompanied by a full transcript of the passage of all ordinances, pro¬
ceedings of the Board of Commissioners making sale, Treasurer's receipt
for proceeds, signature certificate and
legal opinion.
The City is con¬
sidered by the State Banking Department of New York to fall within the
18 days of date of sale, and the bonds will be delivered in the
City of New
or equivalent at the
option of the bidder if bidder so states in bid,
York
naming point of delivery.
No proposal blanks will be furnished the bidders
are required
to submit bids in triplicate.
Enclose a certified check ,a
1 % of the amount of bonds bid
for, payable to the City.
P"
PULASKI, Tenn.—BONDS SOLD—It is stated by the Town Recorder
that the $37,500 industrial plant bonds authorized
by the Board of Alder¬
last October, have been purchased by local investors, as 5s at par.
men
Due from Jan. 1, 1939 to 1956.
bonds.
Due
Sept.
1
as
follows:
dated Sept. 1, 1937, payable to bearer and the certificate
or approval by the
Attorney General's Department of Texas is contained on
back of each bond.
Principal and interest (M. & S.) payable at the South
Texas Bank & Trust Co., San
Antonio, trustee.
Denom. $1,000.
y
SINTON
$85,000 for
are
INDEPENDENT
SCHOOL
DISTRICT
(P.
vOTED—Taxpayers recently approved
a new
school
a
O. Sinton),
bond issue of
building.
*NDEPENDENT SCHOOL DISTRICT (P. O. Taft), Texas—
BONDS DEFEATED—It is stated by the
Secretary of the Board of Educa¬
$130,000 construction bonds submitted to a vote on March 5,
tion that the
were
defeated.
VALLEY VIEW SCHOOL DISTRICT (P. O.
Valley View), Texas—
BONDS SOLD—It is reported that $3,000 4% semi-annual construction
bonds were purchased recently
by the State Board of Education.
VERMONT
to the
Srovision of as amended.five (d) of Section 239 of within approximately
few York,
subdivision
Delivery will be made the Banking Law of
revenue
$1,000 from 1939 to 1948, incl. and $2,000 from 1949 to 1958, incl.
The bonds
deducting therefrom the premium bid
time of
Denom. $500.
to 1944
trU0 '
(This report supersedes the election notice given in our issue of March
5.)
Tenn.—ELECTRIC
SYSTEM
BONDS
PASS
FIRST READING—The Board of City Commissioners passed an initial
ordinance to issue $2,382,000 of bonds to finance the construction of a
municipal electric distribution system.
The Board also acted to advertise
The bonds
1759
$25,000 in 1939 and 1940 at 2K%\ $50,000 from 1941
HARTFORD (P. O. White River Junction), Vt.—NOTE OFFERING
Wilmot, Town Treasurer, will receive bids at the Hartford Savings
Bank Bldg., White River Junction, until noon (Eastern Standard
Time)
on March 17, for the
purchase at discount of $75,000 notes issued in antici¬
pation of taxes for the year 1938. Notes issued will be in denominations to
—R- R.
suit the purchaser, dated March 17, 1938 and
payable Oct.
First National Bank in White River Junction
Vermont.
8, 1938, at the
They will be
validity by the National Shawmut Bank of
Boston, under advice of Storey, Thorndike, Palmer & Dodge, Boston and
all legal papers Incident to this issue will be filed with said
bank, where they
may be inspected.
certified
as
to genuineness and
HARTFORD
TOWN SCHOOL DISTRICT
(P. O. White River
Vt .—NOTE OFFERING—R. R. Wilmot, Treasurer, will
Savings Bank Bldg., White River Junction, until
11 a. m. (Eastern Standard Time) on March 17, for the purchase at dis¬
count of $65,000 notes issued in
anticipation of taxes for the year 1938.
Notes issued will be in denominations to suit the purchaser, dated March 17,
1938 and payable Oct. 8, 1938, at the First National Bank, White River
Junction, Vermont.
They will be certified as to genuineness and validity
by the National Shawmut Bank of Boston, under advice of Storey, Thorndike, Palmer & Dodge, Boston, and all legal papers incident to this issue
will be filed with said bank, where they may be inspected.
Junction),
receive bids at Hartford
TEXAS
BAIRD INDEPENDENT SCHOOL DISTRICT
(P. O. Baird), Texas
—PRICE PAID—It is now reported by the Persident of the Board of Educa¬
tion that the $5,000
gymnasium bonds purchased by the State School
Board, as noted in these columns recently—V. 146, p. 1439—were sold
4s, at
as
a
$15,000
NEWPORT NEWS,
price of 101.00.
Due
BIRDVILLE SCHOOL DISTRICT (P. O. Birdville), Texas—BONDS
YP<r
—Voters of the district recently approved the proposal to issue
$55,000 for the construction of a new high school and the modernization of
two old school
buildings.
BROWN
(P.
O.
COUNTY
Brownwood),
WATER
IMPROVEMENT
Texan—DETAILS
ON
DISTRICT
BOND
NO.
$300,000 4% tax and water supply
revenue
bonds.
Dated Feb. 15, 1938.
on Feb. 15 as follows:
$11,000, 1940: $12,000, 1941; $13,000,
1942 and 1943; $14,000, 1944 and 1945; $15,000, 1946 and 1947;
$16,000. 1948 and 1949; $17,000, 1950; $18,000, 1951; $19,000,
1952; $20,000, 1953; $21,000, 1954 and 1955; $22,000, 1956, and
$23,000 in 1957.
Prin. and int. (F. & A.) payable at the First
It is said that these bonds will carry
the
unqualified approving opinion of the Attorney-General, and
Clay, Dillon & Vandewater of New York.
300,000 4% refunding, Series B bonds.
Due from March 1, 1939 to
1953.
It is stated that these bonds are payable entirely out of
of
taxation and
are
being subscribed for by the present holders.
CAMERON COUNTY (P. O. Brownsville), Texas—ROAD BOND
REFUNDING PROPOSAL OUTLINED—Details
of the proposal of the
County Commissioners' Court for refunding the entire issue of road bonds
outstanding have been made public.
Of the $5,741,500 road bonds out¬
standing, tne State has assumed, to be paid for out of the one-cent gasoline
tax, $1,035,576 known as State-aid bonds.
These bonds, since they bear
a
premium, are not to receive the same reduced interest rates as provided
for in the case of the discount bonds, which total
$4,638,523.
They will
continue to bear the interest rate of 5%.
The contract
before
the
Commissioners'
Court proposes
to reduce the
interest rate from 5% to 3% on the county's portion for the first five years
and from 5% to 4% the next
folllwing 10_years.
The remaining years call
for a return to the interest rate of
5%.
The reduction over the life of the
bonds, it is estimated, will
average
nearly 20%'.
Over the period of 15
years,
this would amount, in round figures, to
$900,000, it was explained.
„
Richmond, Va.
PURCHASE— In
Due
National Bank of Dallas.
F. W. CRAIGIE & COMPANY
1
connection with the report given in these columns
recently that the Brown
Crummer Co. of Dallas had signed a contract with the Board of District
Directors for. the purchase of $600,000 in bonds to finance the district's
share of a water distribution system—V.
146, p. 1599—it is now reported
that the bonds are divided as follows:
COMFORT SCHOOL DISTRICT (P. O. Comfort), Texas—BONDS
3^ %
A. T. T. Tel. Rich. Va.
Phone 3-9137
VIRGINIA
ROANOKE,
Va .—BOND
ORDINANCE AMENDED—In
connection
with the report given in these columns recently of the election scheduled
for March 22, on the $5,000,000 water works acquisition bonds—V.
146,
1440—we quote as follows from the Roanoke "World News" of March 1:
"City Council amended its recently enacted $5,000,000 bond ordinance
yesterday, writing in a provision enabling the city to recall the bonds if
necessary.
The interest date was also changed from April 1 to April 15,
it being estimated that this would save the city interest amounting to some
$2,000.
"Issuance of the bonds is planned to enable tne city to purchase the
p.
properties of the Roanoke Water Works Co. and make necessary improve¬
The call feature of the bond ordinance is intended to protect the
ments.
city in the event that higher courts rule against the city in its condemnation
suit against the company.
"Approved as an emergency measure, the amended ordinance contains
the provision that the entire issue of the water bonds may be called at a
premium of 2H points on or before April 15, 1941, in the event that the
company takes the case to a higher court and gets a decision which makes
it desirable for the city to discontinue operating the system."
^
rDrumblli?r, Eltrlichman & IDhib
SOLD—It is stated by R. C. Herbst, District Secretary, that $45,000
ESTABLISHED
NORTHWESTERN
DALLAS COUNTY (P. O. Dallas), Texas—BONDS SOLD—It is re¬
ported that $110,000 4% semi-ann. refunding road and bridge bonds have
been purchased by Callihan & Jackson, of Dallas.
AND
Exchange
DENISON, Texas—BOND ELECTION—At
to approve
83
ALLEGHANY COUNTY (P. O. Covington), Va .—BOND OFFERING
—Sealed bids will be received by B. W. Pentz, Clerk of the County School
Board, until 10 a. m. on March 22, for the purchase of an issue of $120,000
school bonds.
The bidder is to state the rate of interest, payable June
and Dec. 30.
Denom. $1,000.
Dated April 1, 1938.
Due $15,000 from
Dec. 30, 1938 to 1945 incl.
Bonds must sell at par or better.
semi-annual construction bonds approved by the voters on Feb. 26 have
been purchased by local investors.
"
,
April 5 voters will be asked
Va., Water 43/4s
7/1/61-65 at 3.20-3.25% basis
an election to be held on
the issuance of $80,000 elementary
1921
MUNICIPAL
CORPORATE SECURITIES
Building
SEATTLE
Washington
school construction bonds.
WASH INGTON
FORT BEND COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. O. Sugar Land), Texas—PRICE PAID—It is
reported by the District Secretary that the $250,000 construction
bonds purchased by the Reconstruction Finance Corportaion, as noted in
LONGVIEW,
now
these columns recently—V.
146, p. 1599—were sold
FRISCO
INDEPENDENT
Texas—BONDS VOTED—At
ance
SCHOOL
as
5s at
DISTRICT
(P.
par.
O.
Frisco),
a recent election
voters approved the issu¬
of $32,000 high school construction bonds by a vote of 105 to 43.
GAINESVILLE, Texas—BOND ELECTION RECALLED—The city
.council recalled the proposed $62,000 bond election which had been called
for
March
1.
HARLINGEN, Texas—REFUNDING BONDS VOTED—The proposal
to issue
voters.
$234,000 warrant refunding bonds was recently approved by the
New 5% bonds will replace warrants bearing 6% interest.
HIDALGO COUNTY (P. O. Edinburg), Texas—BOND CALL—Clay
Everhard, County Treasurer, announces that bond numbers 46 to 150,
both incl., of the 5%% special road refunding issue, series of 1935, dated
Oct. 10, 1935, have been called for payment on April 10. 1938, at the
State Treasurer's office, Austin.
Bonds are in $1,000 denoms. and the
aggregate principal amount involved is $105,000.
from 1939 to 1942, incl.
Interest will cease to be
April
They mature April 10
paid on the bonds after
10.
Wash .—DEPOSIT
AGREEMENT
ON
LOCAL
IM¬
BONDS TERMINATED—The following no¬
11 by the Bondholders' Protective Committee
for the local improvement districts of the above city, through Warrens,
Bosch & Floan, Porter Building, Portland, Ore., Readjustment Managers:
To Holder of Undeposited Bonds of
City of Longview, Wash.
.
Local Improvement Districts
Nos. 1 to 8; 10 to 15; 17 to 23, incl.
Please be advised that the following resolution, which closes the de¬
posit agreement against the further deposit of bonds after Saturday, Feb.
19, 1938, was duly adopted by this committee and filed with the depositary
PROVEMENT DISTRICT
tice was sent out on
Feb.
.
OI1'Tie*itlresofved'by
,
,
_
.
.
the Longview, Wash., Local Improvement Districts
Bondholders' Protective Committee as follows:
Whereas this committee has heretofore adopted a plan for readjustment,
"
liquidation, and settlement of the indebtedness represented by bonds of
of said districts deposited with it, and
"Whereas there was a total of $1,497,000 face amount of such bonds
eligible for deposit under said plan and the bondholders' protective agree¬
ment of this committee, and up to the date hereof the face amount of such
bonds deposited under said agreement and entitled to the benefits of said
plan is $1,068,000, and
Whereas this committee, in and by said plan and said bondholders
,
"
MESQUITjE, Texas—BONDS VOTED—Residents recently voted
$30,000 bond issue to finance construction of
addition to the present high school.
proval or
and
an
a
PECOS
—We
are
COUTY
a new
ap¬
high school
(P. O. Fcrt Stockton), Texas—BOND ELECTION
informed by W. P. Rooney, County Auditor, that an election has
19 in order to vote on the issuance of $250,000 in
been called for March
highway bonds.
He states that the county Court has already contracted
bonds, if and when voted, at 2%% and 3% respectively, divided
to sell the
protective agreement, reserved the right and power to limit the time within
which further deposits of bonds would be permitted,
"Now, therefore, it is determined and declared that the bondholders prorective agreement of this committee shall be closed against the further
deposit of bonds at 12 o'clock noon on Saturday, Feb. 19, 1938, and the
depositary shall not accept for deposit any bonds otherwise eligible for
deposit under said plan and agreement after that time, unless the depostary
be
specially authorized to accept such additional
bonds; provided that this
1760
Financial
committee hereby reserves the right and
power
for
deposit thereafter, but only
to accept additional bonde
conditions which the
on special terms and
committee shall deem proper to prescribe in each instance.
"This resolution shall be in full force and effect when signed
and approved
by a majority of the members of the Committee and lodged with the Secre¬
tary, who shall thereupon deliver a copy to the depositary,"
Respectfully
J.
J.
F
J.
J.
EDWARDS.
ZEITHAMEL,
of Canada
to
holding unconstitutional the three
to establish
2.
Lieutenant Governor Victor A.
Meyers, who was
backed by the Committee for Industrial Organization, in early returns to¬
night from Seattle's non-partisan Mayoralty election.
Unoffical returns from 90 of the city's 508 precincts gave Langlie 13,740
votes to 8,778 for Meyers.
over
TENINO, Wash.—BONDS NOT SOLD—It is stated by L. D. Baldwin,
Town Clerk, that the $55,000 not to exceed 5H% semi-ann. water system
bonds offered on Sept. 28, 1937, as noted in these columns at the time,
were not sold as the sale was canceled
because of a technical error in the
election proceedings.
Dated Oct. 1, 1937.
Due from Oct. 1» 1939 to
1957. callable prior to maturity.
WEST
VIRGINIA
WIRT COUNTY (P. O. Elizabeth), W. Va.—BOND SALE DETAILS
now reported
by the Secretary of the Board of Education that the
$33,000 high school bonds purchased by the State Sinking Fund Depart¬
—It is
ment, as 3s, as noted in these columns recently—V. 146, p. 1600—were
sold at par, and mature $11,000 from Nov. 1, 1938 to 1940 incl.
WISCONSIN
is reported that sealed bids
by the Vihage Clerk until March 10, for the purchase of a
$19,000 issue of coupon sewage disposal system bonds.
Denom. $950.
Dated Feb. 1, 1938.
Due $950 from 1939 to 1958.
EAU CLAIRE COUNTY (P. O. Eau
Claire), Wis.—BOND OFFERING
bids will be received until 10 a. m. on March 29
by John H.
—Sealed
Nygaard, County Clerk, for the purchase of a $250,000 issue of current
H, bonds.
Denom. $1,000.
Dated April 1, 1938.
Due
from April 1, 1939 to 1948, incl.
The bonds maturing from
April 1, 1943 to 1948 are subject to redemption at the
option of the county
on April 1, 1942, or
any interest payment date thereafter.
Interest rate
expense, series
$25,000
not to exceed
2M%, payable A. & O.
The rate is to be in multiples
of yH of 1%, and all bids must designate one rate of interest for all maturites.
Prin. and int. payable at the
County Treasurer's office.
It is stated
that
these bonds are issued to pay current and ordinary expenses of the
county and are authorized under Section 67.155, Wisconsin Statutes,
and prior to the delivery thereof tax sale certificates owned
by the county
and having a face value of not less than $250,000 have been
pledged and
be
set
aside
to
act
additional
as
security for their payment.
The
approving opinion of Chapman & Cutler of Chicago will be furnished to
the purchaser without charge.
A certified check for 2% of the par value
of the bonds, payable to the
County Treasurer, must accomaopy the bid.
GREEN BAY, Wis.—BOND OFFERING— It is now stated
by F. N.
Waasenberg, City Clerk, that he will receive sealed bids until 11 a. in.
(C. S. T.), on April 4, for the purchase of the two issues of bonds aggregating
$690,000, divided as fallow's:
$660,000 Washington Junior High School bonds.
Due on Oct. 15 as fol¬
lows: $20,000,
1944 and 1945; $25,000,
1946: $22,000, 1947;
$53,000, 1948; $50,000, 1949 and 1950, and $60,000 from 1951
to 1960.
30,000 Jackson School bonds.
Due on Oct. 15 as follows: $5,000, 1939
to 1942, and $10,000 in 1943.
(This notice supplements the tentative offering report given in our issue
of March 5.)
IOWA
COUNTY
(P.
O.
Dodgeville).
Wis.—BOND
OFFERING—
Elizabeth Mitchell, County Clerk, will receive sealed bids until 1
p. m. on
March 21, for the purchase of
$127,000 highway improvement bonds,
divided as follows:
$73,000 series
B
bonds,
March 1
as
balance
of authorized issue of $108,000.
Due
$17,000 in 1943, and $56,000 in 1944.
1 as follows:
$24,000 in 1944, and
follows:
54,000 series C bonds.
Due March
$30,000 In 1945.
are dated March 1, 1937.
falling due prior to March 1, 1938
Denom. $1,000.
All interest
to be canceled.
Separate
bids are requested on each of the above series of
bonds, and will be sold at
par to the responsible bidder offering the lowest interest rate under 5%,
plus the highest premium.
The bonds will be direct general obligations of
the county, payable from unlimited ad valorem taxes on all its taxable
property.
The county will furnish a legal opinion of the Attorney General
and complete legal
proceedings covering tnese issues.
Any other legal
opinion to be paid for by the successful bidder.
Purchaser to furnish and
print the bonds at his own expense.
A certified check for 1% of the bid
must
accompany
KENOSHA
t
are
each proposal.
COUNTY
(P. O. Kenosha), Wis.—BOND
OFFERING—
Sealed bids will be received until 2
p. m. on March 22, by John C. Neiderprim, County Clerk, for the purchase of a $400,000 issue of
poor relief,
series of 1938 bonds.
Interest rate is not to exceed 5%, payable A. & O.
Pe?om. $1,000.
to
Dated April 1, 1938.
Due $40,000 from April 1, 1939
1948, incl.
Bonds maturing from 1944 to 1948 may be redeemed at the
option of the county, at par and accrued interest to the
redemption date,
on any interest
payment date on and after April 1, 1943, upon 30 days'
notice
by registered
mail
the
to
original
purchaser and
publication in
a
financial journal in New York
City.
No bid for less than par will be con¬
Principal and interest payable in lawful money at the County
Treasurer s office.
The county will furnish completed bonds and the
sidered.
approving opinion of Chapman & Cutler of Chicago.
2% must accompany the bid.
MADISON, Wis.—BONDS SOLD—Two
A certified check for
1
issues of coupon
bonds aggre¬
gating $117,000, were offered for sale on March 10 and were awarded to
*^°J?er $ Co'
Chicago as 2Ms, paying a premium of $1,275, equal
r
to
101-089,
basis of about 2.13%.
The issues are described as follows:
$52,000 refunding, series of 1938, bonds.
Dated April. 1 1938.
Due on
April 1 as
$7,000 in 1944 and $5,000, 1945 to 1953.
65,000 refunding, series of 1938, bonds.
Dated May 1, 1938.
Due on
May 1 as follows:
$7,000, 1944 to 1948, and $6,000, 1949 to 1953.
a
The second highest bid was
an
offer of $1,270 premium on 2Ms,
by the Channer Securities Co. of Chicago.
tendered
4.
5.
Wis.—BONDS SOLD—It is reported that $113,000
filtration plant bonds have been
purchased by the city's amortization
MILWAUKEE
COUNTY
(P. O. Milwaukee), Wis .—BOND REDLMPIION NOTICE—It is stated
by C. M. Sommers, County Treasurer,
that various
relief, corporate purpose and Metropolitan Sewerage Area
bonds, bearing l\i, 2, 4, 4}4, 4M. 4% and
5% interest, maturing in 1939,
the total amount of
n
at
F
plus
par,
POLK
At
an
$2,854,600,
accrued
COUNTY
(P.
may
interest
be presented for immediate payment
to
date
of
maturity.
O. Balsam
election to be held
issuance of $50,000 storm
on
Lake), Wis.—BOND ELECTION—
April 5 voters will be asked to approve the
sewer
The Dominion had
system bonds.
WYOMING
Side
State
Bank
at
par.
CANADA
_
A (Province of)--SOC/AL
CREDIT ACTS INVALIDATED
M
^
P URT—Three Acts of the Provincial Legislature
constituting the basic structure of Premier William Aberhart's social credit
program were ruled invalid in unanimous
rulings by the Supreme Court
^
In
a
of Alberta Regulation
unrestricted power to disallow Provincial enact¬
Governors
had
power
to reserve
assent
to
bills, subject
only to the restrictions imposed by instructions
from the Governor General.
On every subject the Court ruled
against the submission of Alberta as
outlined at the hearings here from Jan. 10 to Jan. 17.
It accepted the
arguments of the Dominion on every point.
The Toronto "Globe & Mail" of March 5 commented in
part on the
decisions as follows:
Going outside the terms of the reference, Chief Justice Duff and Justice
H. II. Davis passed an opinion the Alberta Social Credit
Act, the keystone
the legislative efforts of the Aberhart Government to establish a new
in
financial system in the Province, was unconstitutional.
This phase of the Chief Justice's decision was considered
the
most
important of all because of the legal doubt it cast on the whole social credit
plans of the Aberhart Government.
One interpretation placed on it was that it precluded establishment
of a social credit financial system in any Canadian Province because of
lack of legal control over two fields, banking and trade and
commerce,
held by the Dominion under the Brithsh North America Act.
Of the three bills the most important was the one
relating to the control
of credit institutions.
Its purpose was to license by the Provincial Credit
Commission and regulate by local boards dominated
by appointees of the
Social Credit Board all institutions dealing in credit.
The Chief Justice found it unconstitutional bceause "it is quite plain,
only from the preamble of the Credit Regulation Act, but also from
its enacting orovisions, that it is a part of the general scheme of
legislation
of which the Social Credit Act is really the basis; and that statute
being
ultra vires, ancillary and dependent legislation falls with it."
The Chief Justice found the bank tax prohibitive, considering
the
relatively small
population of Alberta in relation to the population of
that Provinces, under the guise of taxation, could
not force banks to close their doors or impose excessive taxation to frustrate
the banking system established by Parliament.
The third bill related to Alberta newspapers, daily and weekly.
It
would compel them to print corrective or amplifying statements on Govern¬
ment policies at the direction of the Chairman of the Social
predit Board.
Canada.
of
He
ruled
The Chief Justice ruled it unconstitutional because "this bill is a part
the general scheme of social credit legislation, the basis of which is
the
Alberta Social Credit Act, the bill presupposes, as a condition of its
operation, that the Alberta Social Credit Act is validly enacted; and, since
that Act is ultra vires, the ancillary and dependent legislation must fall
with it."
On
the
question of disallowance the
the power was conferred
in
on
Chief Justice
in
substance ruled
the Dominion when the B. N. A. Act
1867, had been used many times in the intervening
years
was
passed
and still
was
alive and unrestricted.
The
argument, the Chief Justice ruled, was true of the power of
reservation except that Lieutenant Governors were limited by their instruc¬
tions from the Governor General.
On
same
disallowance, perhaps the most significant point in any of the judg¬
was the following written by Justice Cannon:
"Another reason
ments,
for
the preservation of this power of disallowance of Provincial statutes
is its necessity, more than ever evident, in order to safeguard the unity of
the Nation.
"It may become essential for the
to use in practice the principle of an
proper working of the Constitution
absolute central control which seems
of confederation;
the Lieutenant Governors' power of reservation
and the Governor-General-in-Council's power of disallowance."
have been considered
this control is found in
to
an
essential part of the scheme
BRITISH COLUMBIA (Province of)—BORROWS $1,000,000 FROM
DOMINION—The Dominion Government has advanced $1,000,000 to
the Province to enable it to finance its share of relief works and projects,
according to a return recently tabled in the House of Commons.
As
security the Dominion has accepted
drawn for
one
a
Treasury bill bearing interest at 3 %
year.
CHESLEY, Ont.—BOND SALE—Dyment, Anderson & Co. of Toronto
recently
years.
was awarded an issue of $25,000 SYi% town hall improvement
a price of 101.52, a basis of about
3.33%.
Due in from 1 to 20
Other bids
Bidder—
Rate Bid
Rate Bid
Bidder—
J. L. Graham & Co
101.14 lsard, Robertson & Co
Pezzack, Pepall, Hara & Co_.101.13 Wood, Gundy & Co
Harrison & Co
100.76 Fry & Co_
R. A. Daly & Co
100 69 C. H. Burgess & Co
Frank L. Craig Ltd
Midland Securities Corp.,
London
100.30
100.08
100.04
99.83
99.11
100.60
A. E. Ames & Co
100.58
Bell, Gouinlock & Co
99.00
Harris, MacKeen, Goss & Co. 98.56
ETOBICOKE TOWNSHIP, Ont.—REFUNDING IN PROGRESS—
According to a statement issued by Reeve W. A. Armstrong of Etobicoke
Township, Ont., the first step towards the township's refinancing has been
the issuance of $400,000 bonds
covering matured but unpaid debentures.
The new issue is for a 25-year period with interest at 4H%. he stated.
Interest rates on the expired debentures ranged from 5% to 6%, the Reeve
added.
Obligations were met in full.
The scheme was agreed upon by
last year's Council, Reeve Armstrong said, and present developments were
part of an earlier agreement.
FOREST
HILL,
Ont.—SEEKS STATUS OF CITY—At the current
session of the Ontario Legislature, the village plans to present a bill for an
Act designating it as a city with a Council composed of a Mayor and four
Aldermen, to be elected by general vote.
It is asked that the provisions of
the Municipal Act be so amended as to make incorporation applicable in
the case of the village in its present status.
The 1938 population, it is
understood, is below that required for a city under the Act as it stands,
GRANBY, Que.—BOND SALE—The issue of $25,000 3H% improve¬
bonds offered March 7—V. 146. p. 1600—was awarded to
Bros, of Montreal, at a price of 101.429, a basis of about 3.33%.
March 1, 1938 and due serially in 20 years.
Other bids:
ment
Bidder—
Mead & Co-Securities
Hanson
Dated
Rate Bid
—
Bell, Gouinlock & Co
— -
—-
100.51
100.31
100.13
Corp
W. C. Pitfield & Co
99.38
Societe Financiere, Inc
L. G. Beaubien & Co
99.18
99.03
ST.
CATHERINES, Ont .—BOND SALE—The Dominion Securities.
Corp. and the Imperial Bank of Canada, both of Toronto, jointly purchased
$18,000 2H% improvement bonds at a price of 100.31, a basis of about
2.04%.
Due in 1939 and 1940.
SHAWINIGAN FALLS,
Que.—BOND SALE—The $156,500 improve¬
146, p. 1600—were awarded to Comptoir
National de Placement of Montreal, as 3Hs, at a price of 99.09, a basis of
about 3.59%. i Dated Nov. 1. 1937 and due serially in-20 years.
ment bonds offered March 9—V.
YORK
TOWNSHIP, Ont.—TO ASK STATUS OF CITY—Incorpora¬
tion of the township as
FROCK SPRINGS, Wyo.—BONDS SOLD—The
$3,000 4% street im¬
provement bonds offered Jan. 17—V.
146, p. 312—were sold to the North
proposed
was
in the movement.
1
Lieutenant
Dominion
MILWAUKEE,
water
by which it
An Act to
bonfs at
All of the bonds
coupons
measures
financial system In the Province, also issued a decision
ments.
is
will
new
unconstitutional.
was
not
BALDWIN, Wis .—BOND OFFERING—It
will be received
1938 1
An Act respecting the taxation of banks was unconstitutional.
ensure the publication of
accruate news and information
3.
two-to-one lead
a
outlawing, in substance, the underlying theory
Jr.
SEATTLE, Wash.—C. I. O. CANDIDATE TRAILS IN MAYORALTY
CONTEST—We quote in part as follows from an Associated Press dis¬
patch out of Seattle on March 8:
Councilman Arthur B. Langlie, the "good government" candidate, took
a
March
March 4.
The action of the Court was interpreted in legis¬
lative circles as being tantamount to the complete
collapse of the entire
system.
This conclusion was based on the fact that the Court, in addition
on
series of judgments the Court ruled as follows:
1. An Act to amend and consolidate the Credit
Act was unconstitutional.
yours,
LYNN,
H.
Chronicle
the City of York is planned under the terms of a
private bill to be presented to the Provincial Legislature,
ment 0f
According to the latest statistics, compiled by the Depart
Mu¬
nicipal Affairs, the township for assessment purposes has a population of
72,852 and an acreage of 3,644, with a total assessment valuation of $28,698,000.
At the close of 1936 the total debt stood at $10,413,392, exclu¬
sive of $4,440,932 representing hypothecated debentures and $3,734,072
for current liability on defaulted debenture principal.
Of the latter item,
$529,755 is included in the hypothecated debentures.
The proposed bill suggests the proposed city be separate from York County
for municipal purposes but part of the county for judicial purposes.
The
City Council would be composed of a Mayor and six Aldermen, two from
each of the three existing wards.
@FedFRASER