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gus. AL'K.
Ui^ARY
1939
IIIAR 9 0
COPYRIGHTED !N 1939 BY WILLIAM
VOL. 143.
B. DANA COMPANY, NEW
YORK.
lMuedT^4Pe?Yn,ara0op,_
ENTERED AS SECOND-CLASS
MATTER JUNE B3, 1B7B, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
NO. 3847.
NEW YORK, MARCH 18,1939
THE CHASE
brooklyn trust
BANK
company
NATIONAL BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
President
DepositZInsurance
Member Federal
•
The
,
BROOKLYN
NEW YORK
1879.
Corporation
NEW
chase
ditionally
For
YORK
of
number
bankers
as
correspondent
York
New
and
and
has
it
years
large
a
banks
tra-
bankers7 bank.
a
many
served
is
depository.
reserve
Member Federal Deposit
Insurance
Corporation
FUNDAMENTAL
Public Utility
INVESTORS
Bonds
INC.
Harriman
Ripley & Co.
Incorporated
Prospectus
available from
local dealers
Underwriters of capital issues
and dealers in
The
ment
FIRST BOSTON
U. S. Govern¬
Bonds, Municipal Bonds
and other investment
securities.
CORPORATION
BOSTON
NEW YORK
Hallgarten & Co.
SAN FRANCISCO
PHILADELPHIA
AND OTHER
Established 1850
NEW
,
63 Wall Street,
New York
CHICAGO
Chicago
Philadelphia
Boston
Representatives in other leading
PRINCIPAL CITIES
Cities
YORK
London
Chicago
City of
The
Philadelphia
Commonwealth of
NewTbrkTrust
BEAR, STEARNS &
Pennsylvania
CO.
Bonds
ONE WALL STREET
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
ioo
40TH
HOJVIEIC& CO., Inc.
40
broadway
MADISON AVE.
ST. &
AVE. & 5 7TH
FIFTH
ST.
to
Banks and
Dealers since
NEW YORK
Exchange Place, New York
Service
1888
HORNBLOWER
European
&
Representative s Office:
WEEKS
Established 1888
8
KING WILLIAM
Carl M. Loeb, Rhoades & Co.
61
BROADWAY
Paris
p
,
NEW YORK
Members New
J
•
*
Amsterdam
40 Wall Street
LONDON, E. G 4
NEW YORK
London
STREET
Member ofthe
Federal Deposit Insurance
«
Corporation
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
II
Financial
Mar.
Chronicle
18, 1939
Leading Out-of-Town
Investment Bankers & Brokers
MILWAUKEE
Commercial Investment Trust Corporation
WISCONSIN
NOTICE OF REDEMPTION OF ALL
y/2% Debentures (due July
1,1951)
on
CORPORATION SECURITIES
Teletype—Milwaukee 92
April 15,1939.
To holders of y/2% Debentures of Commercial
Investment Trust
Corporation, issued under an Indenture, dated as of
July 1,
1936, between Commercial Investment Trust Corporation and
The Chase National Bank of the
City of New York, as Trustee.
EDGAR, RICKER & CO,
207 East
.
NOTICE above mentioned Indenture, Commercial Investment
of the is hereby given that, in accordance with Article Second
Trust
Corporation has elected
ment
for said Debentures will
to and will
redeem,
Michigan St.*
Milwaukee, WU.
st. louis
April 15, 1939,
all of its then
outstanding 2lA% Debentures, due July 1, 1951, at
l^2lA% of the principal amount thereof, together with interest
accrued on such
principal amount to the date of redemption. Pay¬
be made
on
the principal office of
Dillon, Read & Co., Paying Agent, 28 Nassau Street,
Borough of
Manhattan, New York, N. Y., upon presentation and surrender there¬
of
oh or
at
after the
redemption date, with all appurtenant interest
coupons maturing after said redemption date. On and from said re¬
demption date, the interest on said Debentures will cease to accrue.
St/x
Debentures
registered as to principal must be accompanied
by
instruments of assignment and transfer duly executed in
proper
blank.
By Order of the Board of Directors.
S. B.
Co.
&
GA/NT LOU/3
'
009 OUVE ST.
Member* St. Louis Stock
Exchange
ECKER, Secretary
Commercial Investment
Dated: March 14,
1939.
Trust
Corporation
Cotton Facts
Carry
your
message
to
these readers at
a
cost
advertising
through
our
moderate
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SOUTHERN
MUNICIPAL
AND
CORPORATION BONDS
Volume 14$
Financial
Chronicle
m
Meetings
NORFOLK AND WESTERN
RAILWAY COMPANY
Broad Street Station
Building
Philadelphia
March'll, 1939.
NOTICE
OF
ANNUALTMEETING^OF
STOCKHOLDERS
The
Annual
Meeting
of
To the Holders
Stockholders
the
of
of
Norfolk
and
Western
Railway Company
will be held at the principal office of the Com¬
The Central Railroad
pany in Roanoke, Virginia, on Thursday, April 13,
1939. at 10 o'clock A. M., to elect a Board of
eleven Directors for the ensuing year, and to
transact such other business, not known or deter¬
mined at this time, as properly may come before
The quarterly installment of interest, due April 1, 1939, on the
registered General Mortgage Bonds of The Central Railroad Company
of New Jersey, will not be paid on that date for the reasons following:
the meeting.
Stockholders of record at the close
of business March 24, 1939, will be entitled to
vote at such meeting.
L. W. COX, Secretary.
In each of the years
from 1932 to 1938, both inclusive, the Com'
large margin to earn its fixed charges. The
deficit after fixed charges in the year 1938 amounted to $4,264,82?
and the total deficit for the above period has aggregated $17,351,081.
The principal causes of these continuing net income deficits have
been, first, the drastic decline in railway operating revenues attributable
to the general depression in business which has existed during the
period and to the unsatisfactory conditions which have prevailed with
increasing intensity in the anthracite coal industry upon which the
Company has been dependent for a large amount of its traffic; second,
the increases in cpsts of operation due to increased costs of labor and
materials and the imposition of social security and other similar taxes;
and third, the burden of the extraordinarily high property taxes, State
and local, aggregating over the period in question $33,306,852 assessed
upon the property of the Company in the State of New Jersey.
The Company, together with certain of the other railroad com'
pany
Dividends
UNITED FRUIT COMPANY
DIVIDEND NO.
A
dividend
of
dollar
one
159
share
per
on
the
capital stock of this Company has been declared
payable
on
April
15,
1939,
record at the close of business
LIONEL W.
stockholders of
to
Company of New Jersey
GENERAL MORTGAGE BONDS
March 23, 1939.
UDELL, Treasurer.
has failed by
a very
Janies has contested operating lines of railroad in the State of taxes
owning and the propriety of the assessments for property New
ersey,
assessed by the State of New Jersey for the years 1932 to 1938, both
The Company has accrued for these years the full amount
inclusive.
of the total State taxes
years,
so
assessed and has paid, in respect of these
or 56.6% of the total assessment.
assessed by the State but unpaid amounts,
in the aggregate $15,227,494
The remainder of such
taxes
$11,674,143. In addition to contesting the property taxes! assessed
by the State, the Company has been contesting local assessments of
which an aggregate of $4,065,855 has been paid and an aggregate of
$2,339,360 remains unpaid.
'
*
On March 13, 1939, the Supreme Court of the United States
to
.
THE NEW YORK TRUST COMPANY
denied the
100 Broadway
The Board of Trustees has this
1939, to stockholders of record at the close or
business on March 18, 1939., The transfer books
willnotclose.
Company's application for
years are
Board of Tax
LOCKWOOD, JR.
Secretary
burden and
DIVIDEND NOTICE OF
Jersey
CORPORATION,
Baltimore, Md.
March 14,1939.
The Board of Directors of The Arundel Cor¬
poration has this day declared twenty-five cents
per share as the regular quarterly dividend on
the no par value stock of the corporation issued
and outstanding, payable on and after April
1st,
1939, to the stockholders of record on the cor¬
poration's books at the close of business March
0th,
a
absence of
fpr
to
these legal proceedings, negotiations in regard to
Jersey,
some
some
No condusion has
as
yet.been reached but it is hoped that
solution may still be found which will afford the Company a
measure of relief both in respect of the assessed and accrued,
but
a
dividend. No. 191, of
(15c.) per share, was declared by
of, Directors out of past earnings,
payable April I, 1939, to stockholders of record
at the close of business March
23, 1939.
DUNNING, Secretary.
*
INDIANA PIPE LINE COMPANY
26
.
Broadway,
New York, March 17,1939.
•
,
A dividend of Thirty 130) Cents per Share
has been declared on the Capital Stock ($10.00
.
Par vaiue)
of this Company, payable May 15,
1939, to stockholders or record at the dose or
19391
J, R. FAST, Secretary.
can
business April 21,
CHICAGO
ILLINOIS
The Board of Directors Tof Northern States
Power Company
(Minnesota), atiasmeeting held
on March 15,1939, declared a
quarterly dividend
of one dollar and twenty-fiveicents
($1.25) per
share
on
the»Cumulative*Preferred Stock, $5
Series, of the Company, payable
by check
April 15, 1939, tb stockholders of record as of
dose of business March 31,
quarter^ending March 31, 1939.
the
J. J.
1939. for the
MOLYNEAUX.
.
be effective in the absence of
*
a
hoped that
as a
THE CENTRAL RAILROAD COMPANY OF NEW JERSEY,
Treasurer.
AMERICAN
MANUFACTURING
Noble and West Streets
Brooklyn, New York
The
Board
of
Directors of the ^American
Manufacturing Company has declared the regu¬
lar quarterly dividend of $1.25 per
share on the
Preferred^Stock of the Company payable March
31, 1939, to Stockholders_of record March 15
(
ROBERT B. BROWN, Treasurer.
By E. W. Scheer,
Dated: New
COMPANY
substantial tax reduction.
result of these discussions the Company will
be in a position in the reasonably near future to present to the
holders or the General Mortgage Bonds a plan for the adjustment of
the interest obligation on these Bonds for a period at least sufficient
to permit the future potentialities of the Company to become more
clearly determinable, which will have the approval at the outset of the
aforesaid holders and by mean? of which if the bondholders generally
cooperate and if the State tax problems and other problems confront'
ing the Company can also be solved, the necessity of court reorganiza'
tion may be avoided.
It is
OFFICE OF
NORTHERN STATES POWER COMPANY
unpaid, taxes for the past years in question and in respect of
for future years.
In the hope that its efforts to obtain such tax relief will be pro'
ductive, discussions with a groiip of holders of large amounts of the
General Mortgage Bonds and with other fixed charge creditors for some
time have been and are now also in progress concerning the possibility
of a voluntary adjustment of the Company's fixed charges. The Com'
pany is of the opinion, and believes that "the aforesaid holders of large
amounts of the General Mortgage Bonds are also of the opinion, that
it is preferable to attempt such a voluntary adjustment rather than
to subject the situation to the delays and expenses of court reorganiza'
tion, with the realization, however, that no such voluntary adjustment
property tax assessments
Board
F.
tax
substantial
Secretary.
13, 1939,
substantial reduction of its
time have been and are now in progress between the
railroads concerned in this litigation and officials of the State of New
THE YALE & TOWNE MFG. CO.
the
a
material adjustment of its fixed charges^ the Company
In addition
taxes
FR0EHLIN6ERt
fifteen cents
before the New Jersey State
cannot avoid court reorganization.
Indeed, should the State of New
Jersey attempt to collect the assessed but unpaid taxes for the two years
1932-1933 involved in the decision of the Supreme Court or the
United States referred to above, the Company would seem to have
no recourse but to seek the protection of the courts.
.
THE ARUNDEL
.On March
or
Appeals.
It is dear that, in the
New York, March 15,1939
a
review of the adverse decisions
pending in varying stages of advancement in the
Federal District Court for New
'
MANICE deF.
193^ichard
a
of the lower Federal Courts in respect of the taxes assessed by the State
of New Jersey for the years 1932 and 1933,
The cases covering the
other
day declared a
quarterly dividend of five per cent (5%) on the
Capital Stock of the Company, payable April 1,
York, March 17, 1939.
President,
Financial
IV
ANNUAL STATEMENT
FOR THE YEAR ENDED
AND
Statement of
GROSS OPERATING
SUBSIDIARY
6,449,680.62 $348,922,047.34
THE YEAR ENDED
23,139,030.40
$140,749,691.47
21,750,321.50
DEDUCT—Dividends declared during 1938
Amortization of drilling costs on
expenditures
wells,
dry holes and un¬
on
amortized drilling costs on
abandoned
the
during
wells
.
,
DECEMBER
SURPLUS,
EARNED
31,
1938
year.
(The company follows the
policy of capitalizing drilling
costs of producing wells and
amortizing such costs on the
.
$117,610,661.07
company).
13,484,654.44
....
earned
(Including
of
surplus
predecessor
$118,999,369.97
company)...
8% per annum. This
basis of
1937
$279,300,619.26
preciation and depletion)
incurred
31,
predecessor
of
DECEMBER 31, 1938......
selling and gen
(Exclusive of de¬
Costs, operating,
producing
DECEMBER
surplus
earned
NET PROFIT FOR
OPERATING CHARGES:
♦Taxes ^
Consolidated Earned Surplus Account
SURPLUS,
(Including
$342,472,466.82
.
eral expenses
COMPANIES
EARNED
INCOME:
Miscellaneous
DECEMBER 31, 1938, OF
Statement of
Consolidated Income Account
Net sales
1939
18
CORPORATION
TEXAS
THE
Mar.
Chronicle
r
•
with
applic¬
policy has been followed
respect to such costs
completed since
able to wells
January
prior
charged
curred
1934; such costs
1,
that
to
date were
to expenses fas in¬
and have not been
'
299,300,172.73
„
6,514,899.03
capitalized.)..-.
$ 49,621,874.61
Balance.
NON-OPERATING INCOME (NET):
Interest,
dividend,
patent
and
other income, less miscellaneous
charges of $855,976.37
9,620,428.22
•
I
Balance, before interest, de¬
depletion
and
preciation
and Federal income and ex¬
$ 59,242,302.83
cess-profits taxes
CAPITAL SURPLUS,
INTEREST CHARGES:
t
■
Statement of Consolidated Capital
'•
"
'
Surplus Account
DECEMBER 31, 1937.._..$ 69,748,239.68
«
Interest and amortization of dis¬
count
,
and
expense
on
ADD:
funded
$
debt.....
2,208,815.04
•
.
assigned to properties acquired in
2,684,020.55
475,205.51
Other interest charges...
t
Excess of value
exchange for 2285 shares of
$
Balance
capital stock of The
56,558,282.28
Texas
Corporation held in
treasury over par
41,700.63
value thereof.
DEDUCT:
Depreciation and other amortiza¬
Depletion and leases forfeited..
Net
Excess of book value at
_.$ 24,946,308.23
:
tion.
29,785,692.59
4,839,384.36
cost of additional
dates of acquisition over
shares of certain
acquired from minority interests
subsidiaries
129,505.01
during 1938—
profit before Federal in¬
and
excess-profits
come
PROVISION
INCOME
PROFITS
FOR
AND
for
EXCESS-
2,710,000.00
year
1938
$ 24,062,589.69
applicable to minority
923,559.29
interests in subsidiaries
Net
profit carried to earned
surplus account
*
In addition, state
69,919,445.32
FEDERAL
TAXES.......
Net profit
Profit
$
$ 26,7,72,589.69
taxes
$
23,139,030.40
gasoline and Federal excise taxes were
DEDUCT—Excess of
shares of
reacquired in 1938 and held
CAPITAL SURPLUS,
paid (or accrued) to taxing
{Concluded on following
•
4
cost over par
capital stock of The
I
page)
value of 424
Texas Corporation
in treasury
DECEMBER 31, 1938
authorities in the amount of
5,933.00
$ 69,913,512.32
$88,162,358.44.
Volume 148
Financial
Chronicle
v
(The Texas Corporation
and
Subsidiary Companies—concluded
from
previous page)
Consolidated Balance
Sheet—December 31, 1938
Assets
Liabilities
CURRENT ASSETS:
CURRENT
Cash in
banks, in transit and
hand—
In United
In
on
States...
foreign
$
long-term
obligations)..
5,256,562.74 $
Accounts receivable.
5,262,700.45
29,553,114.19
Accounts payable-
Notes and accounts
receivable—
Notes receivable
$
13,976,466.61
Accrued liabilities.
2,412,996.15
16,150,856.97
32,102,273.71
and
determined
by
Provision for Federal
income, ex¬
cess-profits and
undistributedprofits taxes (Returns
subse¬
34,515.269.86
for bad debts
Inventories—quantities
dition
Notes payable
(Including $2,481,108.30 due in 1939 on
24,296,551.45
countries
Lees—Reserve
800,000.00
33,715,269.86
quent
com-
(after
at
elimination
company
mental
and
of
Total
lower
was
than
90,350,219.63
7,021,122.22
...
stock purchase
accounts)—less
$200,000.00.
INVESTMENTS
ARE
AND
'
(Of
applies
Board of
AD¬
eluded
$
.$
PROPERTIES,
EQUIPMENT
PLANT
of
AND
,
cost,
properties of certain
contingencies
APPLICABLE
MINORITY
SURPLUS:
:
reduced to values
determined
by company and/or
government
Capital stock,
engineers):
equip¬
(Including drilling costs
producing wells completed
since January 1, 1934)
.$233,751,712.92
Oil pipb lines and
tank farms..
Less—Held in
treasury 509,371
shares, at par value........
„
76,854,178.69
Ships and
K
stations,
equipment
161,295,995.98
facilities
and
company) 118,999,369.97
Total.
CONTINGENT LIABILITIES—
$635,847,871.80
amortization
pletion
COST
and
Reference is made
de-
296,773,864.81
(Less
report
339,074,006.99
of
$1,447,010.78)
1,664,651.96
DEFERRED CHARGES:
insurance, interest
expense
incomplete
Other prepaid
expenses
ferred charges.
and
with
page
5
of
dated
respect to
ports that while it is
ascertain
the
respect
impossible
ultimate
to
to
liability
other contingent
antees,
aggregate amount of ultimate lia¬
1,355,654.04
wells
1939,
suits. Federal taxes,
claims, guar¬
etc., in his opinion, the
1,745,819.41
in
process of amortization
on
15,
to
stockholders
liabilities, including pending law¬
and
$
costs
March
with
taxes
and
to
certain contingent
liabilities. The
company's General Counsel re¬
re¬
amortization
discount
460,834,932.29
deprecia¬
tion,
for
69,913,512.32
.
2,969,353.76
for
12,734,275.00
•
Earned surplus
(Including earned
surplus of predecessor
109,834,614.53
Miscellaneous
Less—Reserves
.
Outstanding 10,876,882
shares.$271,922,050.00
Capital surplus
51,142,015.92
.
_
PATENTS—AT
'
$284,656,325.00
-
marine equipment..
Sales
par value $25.00—
Authorized 14,000,000 shares
Issued 11,386,253
shares
of
Refineries and terminals
6,091,833.61
>
except
and
TO
INTERESTS..,..
93,039,239.98
CAPITAL STOCK AND
acquisition
ment
27,740,906.71
STOCK AND
SUR¬
PLUS OF
SUBSIDIARY COM¬
were
Lands, leases, wells
2,542,803.28
7,000,000,00
PANIES
subsidiaries,
dates of
18,198,103.43
CAPITAL
93,939,239.98
900,000.00
(At
foreign exchange fluctuations
8,096,713.85
Less—Reserve
Drilling
liabilities
10,382,463.91
520,692.16
Total...
Prepaid
current
For
74,939,370.06
Miscellaneous
Bond
in
For
'
Natural gas pipe line
company.
serve
-
companies):
Crude oil and gasoline
pipe line
companies
.
J
employes' plans
$1,275,000.00 in-'
above
Oil
-
Directors):
—excluding
50%-
producing, refining and mar¬
keting companies, etq______$
62,869,727.20
For benefits under
»
which
to
2,869,727.20
RESERVES (As authorized
by the
SUBSIDI¬
COST
60,000,000.00
963,698.85
COMPANIES
NOT
„.__$
.....
re¬
_
IN
TO
$60,721,574.55
as
46,859,545.60
DEFERRED INCOME AND
SUS¬
PENSE CREDITS
3,482,672.05
which
$
Other long-term debt
$160,639,725.90
RECEIVABLES
(Including $764,048.89 emjdoyes'
owned
liabilities.".
SH% Debentures, due June
15,
1951......
97,371,341.85
LONG-TERM
ARIES—AT
current
.
$
-
WHICH
6,047,242.07
5,422,279.50
FUNDED AND
LONG-TERM
DEBT;
in the
Total current
assets..
VANCES
to
cost
Materials apd
supplies, at cost.
serve of
subject
Dividend payable
January 5,1939
inter¬
market.
r
are
interdepart¬
profits) which
aggregate
1927
Treasury Department)
"
pany—
merchandise,
to
final settlement
with the U. S.
con¬
Crude and refined oil
products
and
LIABILITIES:
bility in respect of such other con¬
tingent liabilities is not
materially
important in relation to the total
1,818,793.10
de¬
2,540,080.83
7,460,347.38
consolidated assets of The
Texas
Corporation
and
subsidiaries.
$605,360,644.26
$605,360,644.26
The
foregoing balance
sheet and
statements are taken from
the annual
poration, and should be read in
report, dated March 15,
conjunction with the
1939, to stockholders of The Texas
the remainder of the
certificate of Messrs. Arthur
Cor¬
said report, a
Andersen & Co.,
copy of which may be had
Auditors, attached thereto, and with
report are not intended to
upon application to the
constitute an offer,
corporation.
The said balance
solicitation of offer,
of any
sheet, statements, and
security of The Texas Corporation.
representation, notice,
advertisement, or any form of a prospectus in
respect
Mar.
18,
1939
Chronicle
Financial
A^Xrd Annual Report
1
1
I
ClLIFORIIil
COMPAlf Y ETD.
SOUTHER1
EDISOll
COMPANIES)
SUBSIDIARY
(AND
...
'
(
/
•
.
.
and Summary of Earned Surplus
Ended December 31, 1938
Consolidated Income Account
for the Year
Account
•
'
Gross
Earnings
.
.
.
Operating Expense and Taxes :
Operation and Maintenance
Taxes
$10,615,765.16
.
.
.
.
.
.
.
operating revenue)
Interest
.
.
.
Deductions
.
.
.
Surplus Net Income
.
.
Deduct:
1938
"
.
.
....
December 31, 1938
.
.
/
ASSETS
.
Miscellaneous Investments
3,990,625.19
.
.
.
Other Cash De-.
posits with Trustee
Unamortized Bond Discount,
Pre-
miums and Expenses .....
and Expense
.
Stock Discount
Prepaid Accounts
Charges
.
.
and Deferred
.
.
Current Assets:
and
on
hand, and
Working Funds
.
,
11,815,469.98
10,633,642.47
.
.
.
.
$14,297,223.81
December 31,1938
LIABILITIES
Capital Stock (Par Value $25 per
share)
•
Preferred—3,467,053
Shares '
.
.
$86,676,325.00
.Common—3,182,805
Shares . . 79,570,125.00 $166,246,450.00
17,768,451.66 Add: Premium onStock ... 743,466.63
Original Is9,273,565.13
sues of Capital
"
166,989,916.63
d,5!>9,aU4.2o Long Term Debt'
154,648,000.00
Deferred Liabilities .. . .
.
363,050.57
Current Liabilities and Accruals . 11,802,518.86
>
'
Reserves . . . . .
. . . 49,876,777.04
180,404.18
.
•
,
Contributions in Aid of Construe- ■
tion
Capital Surplus .......
$4,049,534.70
& Notes
Receivable less
Accounts
Earned Surplus
$422,738.39 Reserve
$13,115,396.30
,
.
.
Cash in Banks
.
.
...
.
Rights, Franchises,
Etc. (Stated Substantially at Cost)$354,263,785.99
^
.
$24,930,866.28
Plant, Property,
Sinking Funds and
SXJRFLUS
... . . .
1938
Consolidated Balance Sheet,
.
.....
.
..................
Dividends
Balance
$18,832,439.38
7,016,969.40
.$11,815,469.98
CONSOLIDATED EARNED
SUMMARY OF
Surplus Balance—January 1,
Add: Surplus Net Income for
.
.
.
.
.
.
1 .
........ . / .
•
•
•
• •
......
...
.
6,252,807.54 $24,536,311.67
,
.
.
.
.
.
7,667,738.97
.
of gross
....
Earnings
Net
.
.
.
.
.
.
Depreciation (14^4 %
Provision for
$43,368,751.05
• .
.
. ..
.
'
.
.
.
.
.
.
.
'
ACCOUNT
INCOME
•
for Uncol-
1,092,959.00
1,044,844.08
14,297,223.81
.
lectible Receiv¬
ables
....
3,156,647.78
Construction and
Operating Ma¬
terial and Sup¬
plies (Stated at
Cost)
.
.
.
3yS72,77\.0S
11,078,953.56
$400,115,289.99
$400,115,289.99
Vol.148
MARCH 18, 1939
No. 3847.
CONTENTS
1
*1
•i
'
1
'
■
:
Editorials
*
page
'
The Financial Situation
.
1525
.
Legislative Reform and Railroad Recovery
1539
What About Labor Unions?
1541
Report of United States Steel Corporation
*
'
1542
.
Comment and Review
'
Gross
and
Net
Earnings of United States Railroads
for January
Week
1544
the European Stock
Exchanges
Foreign Political and Economic Situation
•
on
Foreign Exchange Rates and Comment
1529
1530
Course of the Bond Market
1546
T
Indications of Business Activity
1547
Week
on
the New York Stock Exchange
,
Week
on
the New York Curb Exchange
...1584
News
1528
.
1
;
Current Events and Discussions
1560
Bank and Trust
.
t
..1536 & 1585
1584
Company Items
General Corporation and Investment News
1628
Dry Goods Trade
1680
'
State and Municipal
Department
1681
H
Stocks and Bonds
Foreign Stock Exchange Quotations.
...1587 & 1595
.
Bonds Called and Sinking Fund Notices
1587
...
Dividends Declared
1588
Auction Sales
New York Stock
...
1
1587
•.
Exchange—Stock Quotations
New York Stock
-
Exchange—Bond Quotations..1596 & 1606
New York Curb
Exchange—Stock Quotations.....
New York Curb
7
.
1596
Exchange—Bond Quotations...
Other Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
1612
1616
1618
1622
Over-the-Counter Securities—Stock & Bond Quotations. 1625
"
*
'
»
Reports
Foreign Bank Statements
......
Course of Bank Clearings
Federal Reserve Bank Statements
General Corporation and Investment News
1535
1585
1560 & 1593
1628
Commodities
The Commercial Markets and the Crops
1669
Cotton
1673
Breadstuffs
1678
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City.
Herbert D. Selbert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs. Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative. 208 South La Salle Street (Telephone
State 0613).
London—Edwards A; Smith. 1 Drapers' Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N.Y.,unaer the Act of March 3,1879. Subscriptions in
United States and Possessions, $18.00 per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
&
Mar. 18, 1939
Chronicle
Financial
vm
Allied Chemical &
Dye Corporation
To the Stockholders:
Herewith are presented the consolidated balance sheet of the Company at the close of business
1938, and the consolidated income account for the year.
Net income for the year was
December 31,
$13,111,024.
recession experienced throughout the country in the latter months of 1937 extended into the first
quarter of 1938.
Although a moderate improvement occurred in the second half of the year, the volume of the
Company's business showed a substantial decrease as compared with 1937.
Exports continued to be restricted
by import license systems, tariffs and exchange regulations in the principal foreign markets.
The sharp
During the year substantial additions were made to plant facilities and research was continued on a
basis, both for the purpose of effecting operating improvements and for developing additional activities.
retirements from the property account amounted to $3,886,232,
No occasion has
policy of providing adequate depreciation and other reserves has been continued.
The
arisen for the
broad
Gross
of the Reserve for Investments and Securities.
use
The stockholders of the Company through their officers and directors are engaged in a cooperative under¬
taking with labor for the production of goods.
The assets of ah industrial corporation are a consolidation of facili¬
ties and tools of production and represent the savings of the stockholders.
It is largely from such consolidation
of tools aided by science and invention and used in association with labor that more and better goods are pro¬
duced and the national economy advances.
The corporate net income is the amount which remains out of the
gross receipts after providing for taxes, wages, materials and services purchased from others, depreciation and
other expenses and represents compensation to the stockholders for the use of the tools, just as wages represent
compensation for labor.
In the last decade the trend of prices
Tax and
hourly
The
wage
of the Company's principal products has been notably downward.
rates have risen sharply and have become increasingly rigid factors of cost.
Company continued the payment of regular dividends of $6.00 per share, which is the same rate main¬
The net income for the year was slightly less than the amount required for such distribution.
tained since 1926.
The balance sheet reflects the strength of the Company's financial
express
condition and resources. The Directors
their confidence in the Company's future and its ability to benefit fully from the economic recovery of
the country.
;
Respectfully submitted,
H.
•
F, ATHERTON, President.
Dated, March 8, 1939.
CONSOLIDATED GENERAL BALANCE SHEET—DECEMBER
PROPERTY ACCOUNT
Real
Estate,
CURRENT LIABILITIES
Plants, Equipment, Mines, etc. at
cost
Accounts Payable.
.......$239,453,614.28
...
or
less.............
37,678,189.40
S.
302,607.29
4,305,964.98
-$
—_
Government
Securities
Investments and Securities......
at'
40,000,000.00
10,413,115.67
°
Contingencies..!
......
Insurance
:..
11,639,036.88
Marketable Securities at cost....
2,429,031.69
Sundry...
15,276,512.50
2,719,797.32
...
,
i
..
219,202,389.02
■
Accounts and Notes Receivableless Reserves
Inventories
at
9,725,652.03
Depreciation, Obsolescence, etc...$163,640,444.34
■General
$35,773,439.72
i_
.
cost
5,117,079.76
-
...
RESERVES
CURRENT ASSETS
U,
-
Taxes Accrued
Sundry Investments at cost
1 .$
...
Wages Accrued...
INVESTMENTS
Cash...
31, 1938
LIABILITIES
ASSETS
...
cost
or
whichever is lower..
CAPITAL STOCK AND SURPLUS
10,775,691.43
Common Stock, without par value,
market
basis $5. per Share
23,387,970.53
...
Issued 2,401,288 Shares
96,852,651.06
$ 12,006,440.00
Capital Surplus
DEFERRED CHARGES
101,037,235.00
Further Surplus..........
Prepaid Taxes, Insurance, etc....
80,667,448.39
1,511,466.61
Total Capital Stock and
OTHER ASSETS
Surplus..$193,711,123.39
Deduct Treasury Stock......
Patents, Processes, Trade Marks, Goodwill, etc.
Total.—
167,873,822.91
Total
$396,801,863.96
D. S. Government Securities had
a
25,837,300.48
21,305,942.61
$396,801,863.96
....
market value at December 31, 1938 of $12,257,708.
Marketable Securities consisting of 150,500 shares of
stock of the United States Steel Corporation and 270,000 shares of capital stock of the Air Reduction Company, Inc., listed on the
New York Stock .Exchange, had a market value at December 31, 1938 of $28,189,563.
Treasury Stock consists of 187,189 shares of common
common
stock carried at cost,
v
»
Further Surplus consists of $59,045,603 earned surplus
companies prior to the Company's organization.
accrued
to the Company since its organization and $21,621,845 accrued to its subsidiary
CONSOLIDATED INCOME
YEAR ENDED
ACCOUNT
DECEMBER 31,
Gross Income {other than dividends and interest) after provision for
renewals, all state, local and capital stock taxes......
.....
...
Other Income:
1938
depreciation, obsolescence, repairs and
......
....
Dividends
$
Interest....
Federal Income Taxes."
■
1,373,120.70
345,251.68
Gross Income before provision for Federal Income Taxes
Net
$ 14,009,566.17
.
"
t
..
........
"
i'
....
*
2,616,914.48
-
'
-j
'
b
Income....
$ 13,111,024.07
SURPLUS
Surplus
at December
ACCOUNT
31, 1937
$181,878,253.32
Net Income year 1938
Dividends declared
Less:
Dividends
Surplus
1,718,372.38
$ 15,727,938.65
•.
...
'
on
on
*
Common Stock
...
...
Treasury Stock, not included in Income
at December
1,123,134.00
.....
31, 1938
Allied Chemical & Dye Corporation,
New York, N. Y.
13,111,024.07
$194,989,277.39
.._.....$ 14,407,728.00
.........
...
13,284,594.00
$181,704,683.39
*
We have made ail examination of the consolidated
general balance sheet of the Allied Chemical & Dye Corporation and its subsidiary com¬
panies as at December 31, 1938, and of the statements of consolidated income and surplus for the year 1938.
In connection therewith, we
examined
tested accounting records of the company and its subsidiary companies and other
supporting evidence and obtained information
explanations from officers and employees of the companies; we also made a general review of the accounting methods and of the operating
and income accounts for the year, but we did not make a detailed audit of the transactions.
or
and
In our opinion, based upon such examination, the
accompanying consolidated general balance sheet and related statements of income and
surplus fairly present, in accordance with accepted principles of accounting consistently maintained by the companies during the year under
review, the financial position at December 31, 1938, and the results of the operations for the year.
March 7. 1939.
WB9T' FUNT & 00"
The Financial Situation
SOME time ago there appeared the Treasury, of their to set up the claim action, violative of the
gress previous
Secretary of upon the wall
of that anything contrary to
the office of the
ac-
cording to representatives of the
read: "Does
It
introduced
was
suggested the
But
In
Managers,
on any
of
tion
current
slogan
of the Administration. The
incident and much of the
of
some
and
officials
the
others
sur-
rounding the President, in¬
the
aroused
of
wrath
of
who
still
deter¬
are
mined at all costs to make
the
world
'
accord
in
over
with their amateurish ideas
.A
v
and who,
litical
I
President
the
he
po¬
saw
all
the
tain.
Cohen,
Corcoran,
Ickes
and
more
recent
to
the
"Does it contribute to
covery £" may or may
is
that
many
But
prosperous
the
so
end
far
is
seems
best
state
of
business,
in effect to be saying
be undertaken to
methods
as
not
slogan
two
of
encouraging
position taken by
of the
tional
$150,000,000 addi¬
appropriations which
he still insists he must have
to
provide for the Works
Progress
and its
government
Administration
dependents during
the remainder of the
fiscal year.
rent
President:
Said the
"The
ciency of the
cur¬
insuffi¬
money
ap¬
propriated will compel the
Administrator to discharge
about
a
million and
a
quar¬
actual workers in the
ter
immediate future.
not
that these
and
can¬
discharged
men
will contribute
women
the
to
I
bring myself to believe
prosperity of the
United
States,
do
nor
I
believe that the merchants
and landlords they are now
dealing with will become
more
prosperous
when their
trade
ceases.
Therefore,
the
responsibility for the
in
situation
which
all
of
these people will find them¬
selves
during the coming
months rests of
three
ne¬
cessity within the decision
the
of
United
the
of
Congress
States."
refusal
the
In fine,
of
Congress
a
policy toward
is
year,
to grant the
Works
Progress Adminis¬
tration
all
the
funds the
a
recorded
experience
seems
clearly to
mark the path.
What is needed is some way
of persuading the politicians, or perhaps our¬
selves, to heed the teachings of history.
If the Council can suggest a method well
suited to that, it will make a real contribu¬
President thinks it
to
ought
have, thereby presum¬
ably laying the basis for a
reduction of some $150,000,000
enormous
in
the
deficit
.
already
for
the
tion.
year,
lip service to
in
general idea—but it is
clear
the
the President in the matter
early this
concerned,
need for such
to feel it wise
at least to do
policy should, there¬
there really any
survey, and if it were compe¬
tently made, would it obtain a respectful
hearing from the politicians?
A century or
re¬
spokesmen of the Govern¬
the
a
sound recovery.
if not most of the
ment appear
an
investigation
an
determine
Administration—
the
a
what the Council
that
for
more
Government
with
mous
be¬
develop¬
a new
never
full, satisfactory and sustained em¬
ployment is for all practical purposes synony¬
ments have demonstrated.
have become
work relief is
Since
concerned, however,
come
as
themselves
than
or
problem."
others need not have per¬
mitted
unemployment problem be ob¬
public assistance as such, "be viewed
only as one step in the development of a pub¬
lic assistance program that should be corre¬
lated to economic recovery.
To this end, it
recommends that a comprehensive, objective
economic survey be made, dealing with the
causes contributing to prolonged
unemploy¬
ment, with remedies that should be applied
to reduce such unemployment and with fea¬
tures of
public assistance programs which
may tend
to aggravate the unemployment
support that he could ob¬
Messrs.
solu¬
gestion that its report, which concerns itself
hour
an
needed
a
.
"betrayed"
by turncoats at
when
can
with
according to
commentators,
without work
only secondarily to the problem of public as¬
sistance itself.
Policies of public assistance
which retard recovery are not sound, regard¬
less of how temporarily desirable they may
appear to be."
Quite logically the Council follows these
excellent generalizations with its first con¬
crete recommendation in the form of a sug¬
a
number of die-hard advis¬
ers
the attention of the business
in
fore, be directed primarily to the promotion
and maintenance of economic prosperity, and
Commerce,
the
best
now
Either direct relief
minimum.
Treasury and the
Secretary
"Survey"?
a
paragraph
cies which will reduce the need therefor to
cluding both the Secretary
of
upon
inadequate expe¬
dient to meet private misfortune, an expedi¬
ent which, unless Wisely used, may intensify
and prolong the misfortunes it is intended
to
alleviate.
Since
all income,
including
that diverted to public assistance, is derived
from production, and whatever measure of
security may be assured to individuals de¬
pends thereon, the only constructive way of
dealing with the problems of public assistance
is to develop and apply public and private poli¬
at
ques¬
new
the
tained.
tion, would gaze thought¬
of
Why
first
the
bulk of those
before
reaching decisions
behavior
Several outstanding examples of this strategy have
forced themselves
blue
of "recommenda¬
tions" submitted on Monday last, the Advis¬
ory
Council of the New York City Works
Progress Administration said:
"Only by the resumption of private em¬
ployment in sufficient measure to absorb the
approval of
this
would actually retard it.
community during the past
that time forward the New
upon
of the
with its
recovery,
That $160,000,000
week. One of them is found
Secretary, that from
important
days
early
promptly
was
least the tacit
fully
far from promoting
The
drawn, apparently with at
Deal
Its
or
of the Administration,
program
our
propaganda.
inferance
the
recovery?"
Administration,
Recovery
eagle and the "We do
part"
to
existing policies and
and the circumstances under which it
appearance
National
contribute
it
course
slogan,
press, a new
enough that the New Dealers retain the right and
recovery,
does not and will not
the least
contribute to
and failure by Congress to reconsider its
will defi-
the determination to decide for themselves what does
refusal and appropriate the $150,000,000
and what does not contribute to recovery,
nitely retard it.
ideas
day,
on
this
subject,
seem more
and
as
more
real meaning.
is, of
any
were
the situation not
and that
proposal
so
comes
and their
disclosed from day to
Early this week representatives of most of the
to rob the slogan, if such it
national stock exchanges met in Washington and
It would be highly amusing
serious to observe, as this
formulated
they
are
to hand, how easy it is for
officials, from the President himself down, and dyedn-the-wool followers of the Administration in Com
Acts and
a program
of revision of the Securities
the regulations thereunder, which they
believed would aid in restoring prosperity.
The
suggestions were certainly modest. Their fault, so
far as they had fault, was chiefly that they did not
Financial
1526
nearly far enough. Within a few hours after re¬
ceiving them, the Securities and Exchange Com¬
mission rejected them all in an extraordinarily sweep¬
Mar.
Chronicle
of action would
course
Characterizing the sugges¬
tions as well suited to permit a recrudescence of the
malpractices which are alleged to have been common
prior to the New Deal (and which sometimes did
occur and do
today occur), the Commission said:
"Weakening our safeguards against market rigging
will
On the
contribute to business recovery.
not
destroy whatever investor
through efforts to clean
contrary, it will serve to
confidence has been built up
up
It will not produce 'healthy
the Stock Exchanges.
buying power.' "
At an earlier point the formal
statement had asserted that "sound recovery cannot
be had
through the
of injurious stimulants." In
Chair¬
use
informal oral statement to the press, the
a more
is said to have been even more
man
forceful, saying
"looking at the end result/if you try to measure
that
for business recovery, the re¬
in terms of a program
Opening things up so that the
port is a phony.
boys
help
have another party isn't going to
can
recovery."
Other
point in the
The Ad¬
weeks at
ministration has seemed for two or three
least to have been
working
of tax relief, and from the
mildly encouraging reports have
on a program
offices concerned
permitted to percolate to the public from time
been
time, but from the White House and from the
President's
a
blowing both hot and cold on the
Various Administration figures have been
subject.
to
direc¬
same
Take the matter of tax revision.
tion.
representatives in the halls of Congress
different story
to be
no
no
is
often heard.
as
revision of consequence,
First, there is
then there is to be
revision which does not leave estimated revenues
undiminished, then the President still "has to be
shown" how tax laws
to
as
give
much
man
any
forward
cause
a way
with
the
suggestion that
pro¬
from satisfying business,
complaints and presumably retard re¬
What is becoming each day more probable
covery.
from all
found
changed in such
before, and then some other spokes¬
posals being made, far
would
be
relief and at the same time yield as
revenue as
comes
can
appearances
is that it will in the end be
(by the New Deal managers)
that
sub¬
no
stantial
modification
business
really wants will, after all, contribute to
of
of the year,
existing tax laws which
concerning possible
changes in the National Labor Relations Act, but
if the belief is held
tration circles that
as
a means
strongly anywhere in Adminis¬
sweeping amendments
are
himself
apparently
nothing at all, and from all
a
good
that
have
any
substantial
factor in the
if
would
prefer to
there
appearances
are
where
support
do
are
seem
support
hardly of much importance
promotion of
As to
recovery.
these, Administration leaders
may
said, and nothing that has been done or said by
since that time in the least suggests
that the Administration has in any way altered its
his entourage
It is true that the President
views in the matter.
which has ap¬
parently been gradually assuming the characteris¬
tics, in the popular mind, of a sort of gauge of fiscal
sanity, but every one knows that the Treasury has
a very
large cash balance, that it has very sub¬
sidestepping the debt limit issue
is
which it can apply to current
needs, and finally, that a
now
Government
thorough-going revision,
or,
panacea
gacy as a
many
But what
any
of his in¬
a
profli¬
of economic ills, it has given no
evidence of it.
is of the
of the existence of the
organizations which by statute expire at
Evidently,
the
too,
Administration
opinion that a continuation
several
the
middle
The
same
now
vested
broadening of the func¬
and of the special (or
these institutions
of
emergency powers
that
is essential to recovery.
year
be said of the extraordinary powers
in the President.
In some instances it
to believe that a
appears
tions
of this
may
of the President are in order for
Pleas for legislation designed for
purpose.
have been made in several cases es¬
these purposes
sentially upon these grounds.
continuation of the power to
A demand for the
devalue the dollar and
exchange markets, and for some
rig the foreign
$2,000,000,000 in reserve for such purposes has been
made in the name of financial security and stability.
In
of the other cases the demanded
some
appear
renewals
almost as a
to be on the way to success
matter of course.
which the President is appar¬
of aid¬
termed
He is reported to have issued vir¬
ently fully determined to obtain as a means
ing
is
business
"labor
peace."
what
is euphemistically
tual ultimata to the leaders of the two
of
organization.
having his
way
but he will have
business
here
any
a
differ¬
join hands in one giant and highly monop¬
and
olistic
in
chief factions
organized American labor to settle their
ences
Whether even he can succeed
in this matter remains to be seen,
it if he can.
Now, if such a con¬
in any way
assured an elimination of
is
for that matter, of
Has the President, or have
If the Administration has
guarantee.
appreciable measure lost its faith in
in any
summation
as a
fluential advisers asked themselves whether such
great deal of spending can
through agency borrowing with full
be financed
the labor difficulties that are
they have arrived at the conclusion that the sub¬
repeal?
expenditures.. Nothing that he has done or
ernment
to
well be right
ject has little bearing upon recovery.
of
Senator
Proposals for changes which
vitally needed
of
or¬
others in places of influence who share
many
view.
in
of contributing to recovery, it cer¬
tainly has not yet made itself evident.
Wagner
went definitely and defiantly on record
this is no time to reduce Gov¬
Another program
The situation is still obscure
essential
The President, at the beginning
of the belief that
as
recovery.
der
persistent fiscal profligacy is
for that purpose.
stantial other sums
Cases
Other straws in the wind
and around the White
tinued and
settled con¬
House that con¬
place, it appears to be a
the first
viction in
be available.
this question seems to
the answer to
will con¬
In some particulars, at least,
recovery?
tribute to
In
Will Contribute?
the Administration think
But what does
If
replied in the negative.
they apparently have
What
ing formal statement.
1939
contribute to recovery?
go
so,
18,
today,
or
being experienced by
those of the past, we might have
matter of the first
But is there
importance.
It would-be difficult to find.
and doubtless exist today certain
such assurance?
There have been
so-called
jurisdictional disputes between unions af¬
filiated with the American Federation of Labor and
those
who
but there
acknowledge Mr.^ Lewis as their Czar,
are
and always
have been
a
great many
Volume
148
Financial
which involve
two
or
unions affiliated with
more
the American Federation
Chronicle
of
to sound and
enduring recovery is concerned, is, in
the language of the Chairman of the Securities and
Labor, and, what is
more, many of the difficulties being experienced to-
day
grow out
of,
Exchange Commission, "a phony."
associated with, rebellious
or are
The "Does it contribute to recovery?" idea evi-
movements within the ranks of the followers of Mr.
Lewis.
dently is
Neither of the two major labor groups have
been
ever
able
to
eliminate
troubles within their
ranks.
own
should it be expected
*
•
are
Why, therefore,
*
ti t
o
tf r,
the suspicion 1° fin
that the
ol the President
such
control
V?TC
period March 8 to 15, We
iT?
inclusive,
labor peace efforts
cludc
likewise
are
though it
as
they are much
closely related
fact to
a
obviously far from what they
Senator Glass has
as
the Senate.
tion and
They
an
of the very
described
ably indicated
on
as
.are
to
adop-
same
during
ex-
of the 'twenties. It
cess
this arrangement which
was
have short memories."
the
It
would appear
failing is not confined to Senators.
It
can
rowers
«,
briefly, but there is
reserves
excess
the
months.
spring
are
making
no
may
shows
an
increase in business
only $1,000,000 to $1,366,000,000, and it
be added that this is indicative of the country-
exchange
Brokers' loans
tension of further credits.
asked to
to
In.those
days investors
existing debt, to
and
to
lend, and in fact did freely lend, funds
foreign peoples and foreign Governments to
ice
ex-
lessness is
now
as
in the
case
^at
of Brazil it-
same purposes,
obligations acquired in connec-
recent
refunding of notes due next
prevails, it is noteworthy that the Federal
governors
find objectionable the various
proposals advanced from time to time in Washington
f0r the use of the System in raising the general level
0f prices, inducing prosperity by inflationary expe-
Now the Government is to lend the funds of the tax-
for precisely the
the obvious result of dealer dis-
light of the credit and currency situation
now
Reserve
self, in large amounts of obligations in default
payers
as
-
In the
The net result of all this reck-
evident,
-with the
from 101 cities,
security collateral fell $43,000,000
june.
exports hoped for in the future, and to develop
backward countries.
$715,000,000,
tion
for exports already made
pay
on
tribution of Treasury
serv-
acceptable bor-
The condition statement covering weekly reporting
loans of
was our
Notwithstanding the
resources,
^de trend as reflected in reports
were
every
demands for accommodation,
banks in New York City
that
being constantly relieved by the
de-
$30,000,000
Income tax payments to the
pride during the New Era that shortages in dollar
were
reserve
up
be expected to interrupt the upward
superabundance of credit
brought from Senator Glass the retort that "Senators.
Excess
prospect that the figure will soar to new record heights
as
part and parcel of the financial madness and
$92,295,000,
legal requirements moved
$3,440,000,000.
t,ren(i 0f
Admin-
(and not altogether without reason)
over
Treasury
roundly condemned by this
so
advanced
p0sits
adaptation by the Federal Government
practices
heavy gold inflow, but also in part to Treas¬
ances
being,
an
with demand for
Owing principally
outlays from its general account with the 12
Federal Reserve banks, member bank reserve bal-
the floor of
to us to represent
seem
Government, and indeed by this
same
istration
a
are
lacking.
ury
the dictatorships of Europe."
by
they may be designed to do, they
accommodations
to the
de-
resources,
credit■;
ure toAmerica
counter-balance alleged machinations in
South
But whatver
however,
banking statement for the current weekly
The figures now available reflect again an
the
upbuiiding of idle bank
that
suspicion
m
and thus in-
involving income tax payments and Treasury
expenditures oh : public debt. The great
riod
a^substantial aid to recovery, al-
more
the
bulk of such transactions will lie reflected,
in
being "pointed to with pride"
difficult to escape the
is
+.
part of the extensive quarter-date transac-
a
tions
cover
Merest
Financial understandings recently reached with
by Washington
Con-
upon
wvTL?
American labor than with anything else.
Brazil
It may well be ignored henceforth.
Federal Reserve Bank Statement
litical aspect of the so-called spht, m the ranks of
_
dud.
YihhICIAL banking statistics this week
4.
concerned with the po-
more
a
Any contribution to real recovery waits
gress and the people themselves.
that all would be sweetness
4.
suppress
to
or
1527
and without
conSulting those who must, under the arrangements
dients and otherwise tampering
made, provide the money.
The Board of Governors issued a formal statement
What
we
alize in the
agers
did not
,
always fully understand
or re-
Twenties, and what the New Deal
evidently have not learned, is that
a
it also may
but
there is
indicate merely,
something radically
be safely made
can
or
wrong
chiefly, that
in trade rela-
Sunday, vigorously denying the
0f such schemes.
chronic
shortage of dollar exchange may be an indication of
the need of dollar loans which
last
man-
volume
over
or
complete, and that steady average prices, even if,
obtainable by
official action, would not insure last-
of
of money
the
of several other aspects of
situation—something
cured
wrong
which cannot be
by throwing good money after bad.
there been any
Has
thorough-going study of the situa-
the Board's control
and cannot be made
the cost of money; that
the volume, of money is not
ing prosperity."
one
applicability
"Experience has shown," it was
stated, "that prices do not depend primarily on the
,
tions, in the domestic affairs of the country short
dollars, or in any
with economic laws,
Notwithstanding the abundance
and credit, and its relative and absolute
cheapness, prices since 1929 have declined approximately by one-fourth, it was indicated. "The Federal Reserve System can see to it," the statement
tiop in all of its aspects, or any careful appraisal,
added, "that banks have enough reserves to make
which
money
now
be
of this
suggests that large scale
investments
can
safely made to and in Brazil by the people
country?
If
so, we
have heard nothing of it,
and, if the situation were such as thus would be
indicated,
we
should be at
a
loss to understand
why private capital was not taking advantage of
the
opportunity.
It appears to us that this vaunted
arrangement with Brazil, as far as its being an
aid
available to commerce, industry and agriculbut it cannot make the commercial
ture at low rates,
banks
use
these
reserves,
it cannot make the people
borrow and it cannot make the
public spend the de-
posits that result when the banks do make loans
and
These comments are sufficiently obvious, of course, but their restatement is appropriate
at a time when Congressional inflationists are at-
investments."
Financial
1528
tempting to promote all sorts of legislation intended
Monetary gold stocks of the country continue to
mount, the increase of the week to March 15 being
and
the
total
The
$14,983,000,000.
Treasury deposited $70,043,000 gold certificates with
12 Federal Reserve
the
Banks, raising the holdings
of the institutions to $12,253,762,000.
cash" item of
of
the
notes
circulation
advanced
of member bank
$9,077,284,000;
an
to
increase of
reserve
consisting of
an
increase
balances by $92,295,000 to
by
$42,848,000
ac¬
$1,058,714,000;
to
foreign bank balances by $13,357,000
$269,292,000, and
a
gain of other balances by
The
$28,646,000 to $282,759,000.
to
$10,688,049,000,
to
drop of the Treasury general
a
balance
84.3% from 84.4%.
eral Reserve banks
ratio fell
reserve
Discounts by the 12 Fed¬
were
up
$112,000 to $3,457,000.
Industrial advances dropped $63,000 to $14,059,000,
while
commitments
make
to
bankers bills
were
up
such
fell
advances
Open market holdings of
$25,000 to $12,545,000.
total of
$1,000 to $554,000,
while the
holdings of United States Treasury securities
remained at $2,564,015,000.
the
not
the New York Stock
a com¬
adverse influences
foreign and domestic events.
recorded in
resulting from both
William O.
Douglas of the Securities and Exchange
Commission of
ciated stock
was
linquished, for the optimism that prevailed for
has been
of the restrictions that
tions
a
re¬
time
any move
by
States Treasury
fractional
plunged sensationally,
the
from
partial
against Czechoslovakia.
continued in
Prices'began to drift lower
The
mid-week
modest fashion
a
market
period,
was
when
on
was
Monday and Tues¬
unsettled seriously in the
German troops
march into Bohemia and Moravia.
began
to
Losses in that
turnover
staples
Domestic
against closing levels
on
Friday of
last week, prices yesterday ended 3 to 10
points off
in a number of leading issues of the industrial
of
outlines
domestic
held
metals
their
controls.
On
tively stable sessions
Turnover in the rela¬
hardly mounted
above
the
500,000-share mark, but exceeded the 1,000,000-share
figure in the weak periods on Wednesday and Friday.
Apprehensions about European trends and devel¬
opments occasioned the sharpest declines
It
was
to the
German troop
that
areas
stocks
on our mar¬
accompaniment of the successive
movements into
here
fell
Czech and
drastically.
Slovak
The
fear
naturally prevailed that hostilities might eventuate
on
a
broad scale and spread
world.
But the
undertone
against
levels.
new
touched
York
swiftly throughout the
Stock
Stock
new
low levels.
new
Exchange
145
stocks
high levels and 79
Call loans
remained
York
New
the
Stock
the
half-day session
on
the
unchanged
Exchange the sales at
shares;
Saturday last
on
Monday they
on
were
Tuesday, 685,190 shares;
shares;
Thursday, 668,720 shares, and
on
1,470,190 shares.
the
sales
last
Saturday
141,130
short
fractional
moved
shaded
session
a
easiness abroad
Friday,
117,995 shares;
on
136,090
Tuesday,
Thurs¬
on
Friday, 227,270 shares.
firm
range
opening.
Equities
for the first hour,
Caution guided the
over
any
move¬
Monday, induced by fresh
on
un¬
Chancellor Hitler's latest tac¬
regard to Czechoslovakia.
throttled
ness
on
liquidation made itself felt and
prices slightly.
tics with
on
on
a
narrow
on
stocks
on
Saturday last ended with
on
after
losses
within
of
were
shares;
Wednesday, 201,515 shares;
on
533,085
On the New York Curb Exchange
day, 130,500 shares, and
The
were
647,860 shares;
Wednesday, 1,113,000
on
Initial heavi¬
inclination of stock prices to
rise, and in quiet trading equities worked lower,
the pace
close.
two
being accelerated
Losses for the
points.
confidence
earlier
as
the session drew to
a
day ranged from fractions to
Initial hesitation turned into renewed
on
Tuesday
as
traders cast aside their
forebodings and confined their attention to
the domestic situation.
Some semblance of
a
rally
ensued which carried values forward from fractions
point at the close.
European
velt refuses to admit the obvious and take
proper
measures for curtailment of Federal
expenditures and
ity prices
Czech
1%.
the central
any
the most highly-
On, the New York-Curb Ex¬
event, owing to the clear indications that Mr. Roose¬
pessimistic in
Base
the increase.
Exchange
to about a
was
even
was on
change 126 stocks touched
New
affairs.
high levels for the year while 83 stocks
ments
kets.
York
New
new
touched
stocks
foreign
The foreign exchanges
quoted only nominally.
Telephone stock.
general downward movement.
the motivat¬
greatly because of official
vary
pressure
but from then
all followed the
The leading food
Sterling futures declined sharply, however,
the
touched
group.
groups
and
ground.
softened, but did not
Railroad and utility stocks fell 1 to 3
points, with
occasional larger losses recorded, as in American
Special
a
soft in the commodity markets, which
another adverse element, although
was
shares;
As
own
ing factors easily could be traced also to the general
spell
After a breathing
Thursday, another sharp set-back occurred
yesterday, with losses the most severe of any session
all its
corporation bonds of
decreasing scale.
a
on
were
Monday,
on
on
The entire foreign bond list
speculative character moved moderately lower, with
session varied from 1 to 5 points.
of the week.
complete default
or
obligations.
unsettled.
was
might be expected
as
assumption of sovereignty by Germany,
which is in
external
United
Czechoslovakia
losses.
war
in the final session of last week and the decline
somewhat unsettled
was
and other high-grade domestic bonds
snail
showed
bonds
On
bloodless
strangling
are
by the domestic and foreign developments.
whatever for business
the German
slowly
'
The listed bond market
at
and
appeasement,
asso¬
the securities markets.
dispelled by the .unwillingness of President
Roosevelt, to make
day.
joint recommendations by the
exchanges of the country for modifica¬
Much of the advance
equities in recent weeks again
as
by Chairman
the harsh rejection
was
regarded European units
SHARPLY lower levelsExchange, owing to on~
developed this week
Almost
only factor in this situation.
crowns were
of
Insistence
significant
indicating that
New York Stock Market
bination
1939
appropriation which Congress cut off his requset was
Reserve
dropped $8,253,000 to
$91,450,000
with the account variations
count
only
Total deposits with the 12 regional
$4,335,313,000.
banks
Federal
$12,666,458,000.
actual
in
advanced
thus
institutions
to
The "other
fell modestly and total reserves
reserves
regional
$57,356,000
of the business community.
reassurance
18,
by the President upon the extra $150,000,000 relief
for dubious ends.
$60,000,000
Mar.
Chronicle
on
sudden desire
coup
Wednesday.
to sell
Later advices anent
played havoc with
secur¬
Late in the morning
struck the market,
causing
a
a
Volume 148
Financial
precipitate decline in prices of leading issues.
exerted
pressure
ficed to
one
show
noteworthy
any
Dulness set in
sion
that
marked
Lower tendencies
followed
by
overtaken
were
duration, but suf¬
from
range
points, and from which the market
to
close.
short
bring about losses extending in
to four
unable
of
was
The
some
by
on
Thursday following
wide
declines
the
a ses¬
equity prices.
at
11
ard
1529
against 12%.
Oil
of N.
J.
on
against 22%.
In the copper group, Anaconda Cop¬
closed yesterday at 27 against 29% on
Friday of
per
last
week; American Smelting & Refining at 44%
and Phelps Dodge at 38% against
against 48%,
firmness, only to subsequently be
42%.
Final
prices,
however,
The European
steady and mixed.
situation
yesterday, and heavy foreign sell¬
Trade and industrial
reports failed to reflect any
material
improvement in the domestic business
ation this week.
Steel
ing, coupled with domestic liquidation, caused stock
ing today
prices to break sharply.
Steel Institute at
from
two
Major issues relinquished
six points at the
peak of the short
period of reaction and closed somewhat above their
to
lowest levels.
with
the
Our
of
the
pursuing
a
world
jeopardy.
in
Acting Secretary of State,
own
approval
severely rebuke
the
President,
German
Reich
This action
firmed the belief held in
final
week ago.
one
Consolidated
peace
more
of the
less
or
con¬
Wide declines at¬
compared with
as
General Electric closed
yesterday at 39% against 42%
week;
to
trading circles of the deep
closing prices yesterday
prices
fit
saw
yesterday for
policy that has placed the
gravity of the foreign situation.
tended
Edison
Friday of last
on
Co.
of
N.
Y.
at
32
against 34%; Columbia Gas & Elec. at 7% against
8%; Public Service of N. J. at 35% against 38;
J. I. Case
Threshing Machine at 85% against 93%;
61% ex-div. against 65;
last
last
year.
Institute
week and
yesterday at 21
week;
Allied
167,
against
Chemical
Western
23%
&
at
171%
against
181%; E. I. du Pont de Nemours at 149% against
155%; National Cash Register at 23 against 24%;
National Dairy Products at
14% against 16%; Na¬
tional Biscuit at
reported by Edison Elec¬
2,237,935,000
This
was
decrease of
a
week, but
7,000
of last week.
47%c.
28%c.
May
corn at
as
last week.
The
Chicago closed yesterday
on Friday of
May oats at Chicago closed yesterday at
against 28%c. the close on Friday of
,
spot price for cotton here in New York closed
yesterday at 9.02c.
as
Friday of last week.
yesterday
The spot
16.12c.
was
against 8.40c. the close
Domestic
yesterday at ll%c., the close
In London the
the
ounce
close
ounce
against 20%
as
close
ley Distillers at 15% against 17%, and National
transfers
Distillers
as
in
for
sharp revision in
prices this week. United States Steel closed yester¬
day at 57% against 64% on Friday of last week;
Inland
Steel
at
In
matter
per
yesterday at 42%c., the
of
the
foreign exchanges, cable
London closed
on
yesterday at $4.68 3/16
against $4.69 3/16 the close
week, and cable transfers
ll/16c.
as
on
Friday of last
Paris closed yesterday
on
against 2.65%c. the close
on
Fri¬
day of last week.
at
44% against 50%.
European Stock Markets
67% against 75%, and Youngstown Sheet & Tube
of
pence
84% against 93; Bethlehem Steel
at
Auto closed
closed
Friday of last week.
the
at 2.64
copper
Friday of last week.
Friday of last week, and spot
on
silver in New York closed
on
on
price of bar silver yesterday was
per
pence
on
price for rubber
against 16.71c. the close
as
Friday of last week.
on
6% against 7%; Westinghouse
Mfg. at 109 against 117; Lorillard at 22%
against 23%; Canada Dry at 17 against 19; Schen-
came
similar
against 48%c. the close
as
Standard Brands at
stocks
the
over
indicating the course of the commodity mar¬
kets, the May option for wheat in Chicago closed
yesterday at 67%c. against 68c. the close on Friday
Elec. &
steel
from the previous
As
20%
The
cars
gain of 34,961 cars
a
week of 1938.
25% against 28; Texas Gulf Sul¬
26% against 27%.
corre¬
year.
the Association of American Railroads announced.
phur at 30% against 31; Continental Can at 39%
against 42% ; Eastman Kodak at 172 against 178;
at
the
Car loadings of revenue
freight in the week to March 11 were 591,691 cars,
closed
Friday of last
on
Dye
Union
was
2,014,729,000 kilowatt hours in
last week.
against
at
sponding week of last
Sears, Roebuck & Co. at 73% against 76%; Mont¬
gomery Ward & Co. at 49% ex-div. against 53%;
Wool worth at 48%
against 50, and American Tel. &
160
a month ago* and 32.1% at this
Production of electric power for
kilowatt
hours
against 2,244,014,000 kilowatt hours in the previous
at
at
by American Iron and
55.7% of capacity against 55.1%
the week to March 11
tric
situ¬
operations for the week end¬
estimated
were
week, 54.8%
time
International Harvester at
Tel,
Among the oil stocks, Stand¬
closed
yesterday at 47% against
Friday of last week; Shell Union Oil at
12% against 14%, and Atlantic Refining at 21%
50%
accompanied opening quotations,
indecision.
grew more tense
in
was
at
recovery
Chronicle
In the motor group, Auburn
yesterday at 3% against 4%
on
Friday
last
week; General Motors at 47 against 51%;
Chrysler at 76% against 85%; Packard at 3%
CSANGES on stock exchanges in mostlyleading
the in the
European financial centers
were
direction
tional
In the rubber group,
don
Goodyear Tire & Rubber closed
against 35%
on
Friday of last
lower
levels, this
week,
cipally to the renewed uncertainty
against 4%, and Hupp Motors at 1% against 1%.
yesterday at 32
of
developments.
or
ments
There
was
Paris that the Central
would
have
owing prin¬
as
European
immediate
to interna¬
little fear at Lon¬
rearrange¬
repercussions
else¬
week; B. F. Goodrich at 21 against 23%, and United
where, but it finally was recognized that the prom¬
States Rubber at
ises of the German dictator
shares
reflect
a
vania RR. closed
44% against 50%.
The railroad
decidedly lower trend.
Pennsyl¬
yesterday at 20% against 23%
on
upon
to be
utterance, and that
placed
upon
the
are
no
forgotten promptly
reliance whatever is
assurances
that the Reich has
further territorial demands to make in
Friday of last week; Atchison Topeka & Santa Fe
no
at
The
tendency in the British and French markets
was
toward
34% against 39;
New York
Central at 17%
against 20%; Union Pacific at 98 against 102%
Southern
Pacific
at
16% against 18%; Southern
Railway at 18% against 21%, and Northern Pacific
*
the week
as
Europe.
liquidation of commitments, and for
a
whole small recessions
The Berlin Boerse was
were
the rule.
steady in most sessions, but
apparently far from pleased over
Czechoslovakia, prices improved on the German
the course of the
market and small gains predominated at the end.
Improvement was the rule on Wednesday, when it
appeared that the Czech crisis would be settled
strictly in accord with Herr Hitler's views. German equities were marked one to two points higher,
but fixed-interest issues remained dull. Small gains
were registered on the Boerse, Thursday, owing to
the modest stimulation afforded by the rapid expansion of the Reich. Gains of one to three points
in equities resulted from the mild^ optimism, but
bonds remained quiet. Small and .irregular movements took place yesterday on the Boerse.
Exit Czechoslovakia
T TTILIZING as his flimsy pretext a Slovakian deV-^ mand for freedom from the Czech regime at
Prague, Chancellor Adolf Hitler this week carried
imperialist expansion upon which Chancellor Hitler
now
has set -his adopted country.
Trade and in-
varied little this week in the fore-
dustrial reports
they exercised little
European countries, and
most
influence
Some
the securities markets.
on
nervousness
develop-
international
to
as
apparent on the London Stock Exchange
start of the week.
The previous upswing was
ments was
at the
also
gilt-edged issues, which drifted slightly
in
halted
British industrial stocks
quiet trading.
in
lower
soft, and similar influences prevailed in
were
mining stocks quoted
international issues and the
Hardly
London.
at
business was done Tues-
any
recession prices held steady.
stocks were only fractionally off for the day and changes were similar
day, and after an early
Closing levels in gilt-edged
•
German
marched
troops
Business
calm attitude.
from the previous
small recessions
industrial
The
close.
ragged, and internationals
leadership of Czech bonds. The powas
group
fell under the
position in Central Europe finally occasioned
litical
selling
somewhat wider scale, Thursday, and
on a
All sections
sharp recessions were recorded.
some
hardly merited the action taken by Der
still further restricted,
was
gilt-edged securities mostly
with the few trades in
at
A crisis within Czechoslovakia which
Fuehrer
was pushed to a swift conclusion, with the Nazis
emerging as possessors of all but the eastern tip of
the former country, and Hungary apparently destined to hold that small tip, known as Ruthenia, or
Carpatho-Ukraine. The Slovaks, in their vociferous
demands for freedom, merely exchanged an easy
master for a harsh one. They also brought tumbling
about their ears the delicate balance of Central
European affairs which resulted from the Munich
settlement. The Czechs and Slovaks accepted the
change sullently but peacefully, on orders from
their respective regimes. In Ruthenia some fighting took place as the Hungarians pushed through
to effect a union of frontiers with Poland. Britain
and France looked the other way, and Italy politely
eastward.
maintained their
Wednesday, the British markets
joined in the decline, which was pre-
of the market
cipitated only in Czech obligations and a few others
that
that
affected directly by the
were
disappearance of
Declines again were the rule in a
country.
quiet session yesterday, but the losses were modest,
All
lost ground.
groups
The
Paris Bourse
initial session of the
-
exceptionally dull in the
was
week, with most observers inSmall
affairs.
German-Czech
tions in either direction were
nite marked trend
reported, with
a
and
Rentes
were
marked
few
a
francs,
Gold mining stocks were
international securities.
demand,
felt
down
larger losses appeared in French equities and
in
financial
areas
they usually
as
Paris
were
the
soft.
tional issues
were
but found few
sion of the famous Skoda munitions plants and with
ex-
Rentes dropped 2%
offered at material
buyers.
have
ened nation of close to 90,000,000 people, in posses-
number of French equities.
a
Japanese to be even more aggressive than they
International is-
the average, and heavy recessions
on
peared in
the
world, and possibly will influence the Italians and
Europe, for Germany emerges as a greatly strength-
day, when the full implications of the German
francs,
changes, moreover/ are bound to echo around
especially
or
sharper decline developed Thurs-
pansion began to be realized.
conclusion of what aptly has been called Chancellor
Hitler's bloodless war against Czechoslovakia. The
Czech,
into
small in rentes and not
A
Startling changes for Europe are implied in the
,
but the
march
Bourse, Wednesday,
pronounced in French equities;
sues were
the new successes
Rome-Berlin
Armaments increases most
assuredly will be hastened still more in Western
of political
course
The German
affairs.
recessions
when apprehension is
are
regarding the
unsettled
in
to
axis.
defi-
Tuesday, prices drifted slowly lower on the French
market.
at
affected
achieved by her partner in the famous
In modest trading on
lacking.
gratified
be
developing crisis
fractional varia-
clined to await the outcome of the
in
in the World
expansion
War settlement as a buffer to German
Czechoslovakia on
into
destruction of the small State
of Czechoslovakia which was created
When the
sharply.
obligations fell
Czech
to a conclusion the
and most international securi-
in industrial issues
ties.
Mar• 18> 1939
Financial Chronicle
1530
ap-
been in recent years.
more
than 1,000 further airplanes added to her sky
fleets.
seizure
The
are
tactical
consequences
of
the
latest
almost incalculable. Germany now holds
the
unopposed
high
plateau
Central
of
Europe
Interna-
which is the key to any move eastward, and could
concessions,
turn her forces with equal readiness upon Poland
The Bourse suffered
a severe
or
Or, if Herr Hitler so pre-
the Danubian States.
sinking spell yesterday, but a late rally modified
ferred, extensive material aid might be supplied to
the decline.
Premier Mussolini for
The Berlin Boerse
was
listless at the start of the
week, notwithstanding the apparent
maneuvers
for
tional losses
control
were
of
The
ternational
creasing.
France
opening
tension
When
would
it
offer
on
was
Frac-
leading stocks, while
same
Tuesday
said
appeared
no
of the
Czechoslovakia.
the rule in
fixed-income issues took the
course.
success
in
-
slow downward
was
weak
Berlin
that
resistance to
to
some
adventures at the other
Already there are rumors that the
Italian dictator might move against parts of Yugo-
slavia,
or
might
enlarge
French territory.
upon
his demands for
The German move, ominously
enough, is quite in line with the course of action
as
in-
laid out in
Hitler's book, "Mein
be
in-
forecasts
attack
Britain
the
end of the axis.
and
rape
of
an
Economic
on
Kampf," which
the Russian Ukraine,
consequences
of the German absorp-
tion of the Czechs and Slovaks are of considerable
Volume
Financial
148
cover
Switzerland
and
matum was rumored on that day to have been pre¬
demand,
sented to the Czech regime by the German Nazi
totaled $39,300,000. The
Government, calling for the reorganization of the
agricultural resources gained by
small country into the federated States of Bohemia,
German
the
to
Foreign exchange
other valuable
is
impressive
an
also
one,
on
with coal, iron and
Slovakia and Carpatho-Ukraine, all to be under
The forest area
Dr. Tiso and his associates
received in Berlin by Chancellor Hitler, but
there is no reliable indication of the course of the
discussion. It is fairly clear, however, that Herr
Hitler demanded a convening of the Slovak Parliament, for a summons hasitly was issued in Prague
deposits included.
extensive, and
riculture
over,
authorities,
»
resources
list of mineral and
the Reich is
countries, but
at least in good
presumably will be turned
paid,
other
German "protection."
well diversified and thriving ag-
a
falls
to the
conquerors
of
were
alien
an
For the United States the change in sov-
people.
ereignty has
slovakia
Czecho-
direct financial interest/
a
of the European
one
was
defaulters
on
in-
Monday. The Hungarians, with their eyes on
Ruthenia, conferred hastily with the Poles on means
of establishing a common frontier through absorp-
tergovernmental debt account, for the $165,658,000
to the
obligation
There is now,
of
course, no
moratorium
tion of Ruthenia.
The final blows of dissolution were aimed at the
Czechoslovak Republic on Tuesday and Wednesday,
chance whatever
Two publicly floated dollar bond is-
recovery.
sues
of
on
States Government has
United
been without service since the Hoover
ended.
Czech Government
of the
of
the nominal amount
outstanding in
are
and they were aimed all too well.
$17,448,000, and a further
must be taken
The
into the calculation.
re-
lin, nearly at midnight, of the President of the
Czechoslovak State, Dr. Emil Hacha, and his Foreign Minister, Frantisek Chvalovsky. Long confer-
the United States
and with it
ciprocal trade treaty between
and
Czechoslovakia lapses, of course,
the
extension
to
tariff concessions
American
the
of
nations
other
granted therein and generalized
under the most-favored-nation
Tuesday was a
day of feverish anxiety and of intensive diplomatic
consultations, which ended with the arrival in Ber-
$7,574,000 of municipal and industrial dollar bonds
also
The
result is the same, in any event, for matters started
to move to a swift climax on Monday. An ulti-
Much of the metal
specific gold liabilities.
held in
was
tion that may never be answered conclusively.
further $11,800,000 set aside to
a
1531
merely took advantage of the opportunity, is a ques-
The Czech gold reserve amounted to
importance.
$82,900,000, with
Chronicle
ences
followed that lasted until the morning hours
of Wednesday, and they ended with a public state-
principle.
viewpoint the German
ment in which Chancellor Hitler announced that
annexation of Czechs and Slovaks is too bitter for
the fate of the Czech people and country had been
the
From
"trustfully" laid in his own hands.
Gei^nan soldiers marched
description.
adequate
into the
humanitarian
"The Fuehrer
has accepted this declaration and has expressed his
country on Wednesday, and resistance was
Sullen
decision to take the Czech people under the protec-
German forces
tion of the German Reich, assuring them the au-
snowball
tonomous development of indigenous life in accord-
throwing " their resentment over the surrender of
with their own character," the ominous statement added. Early on Wednesday some 200,000
German troops marched across the border into
Czech territory, and the subjugation of an alien
people, assured only six months ago that Herr Hitler did not want them, was started.
Hungarian
forbidden by the
could
and
Czech Government itself.
arrival of the
watched the
crowds
only manifest by hissing and
recently-won liberties.
ance
In all minds was the shriek-
ing assurance by Herr Hitler at Nuremberg, last
September, that Germany "wants no Czechs at all."
Obvious to every
observer was the fact that all pre-
tenses now have been cast
aside by the conquest-mad
troops at almost the same instant marched across
the border into Ruthenia, in the race to reach the
Polish frontier.
There were rumors that Rumanian forces also had moved into Ruthenia, but
Fuehrer, who skillfully made the self-determination
of
peoples serve his purposes while Germans reoutside Reich
mained
preservation."
who found
sure
a
they were later shown to be baseless.
Most pitiable of all are the Jews
haven in
As
country.
carefully remained on their own side of the border,
by the new master
As the German forces poured over the border and
German
the
troops
deeper into Czech territory, the radio boomed
out at five-minute intervals that by order of the
Czech authorities no resistance was to be offered,
moved
ever
through the country, numerous suicides took place,
-
Much
remains to be disclosed
events that
as
to
the actual
and this . order was observed.
The Hungarians
found it necessary to fight their way into Ruthenia,
preceded the entry of the German troops
into Czechoslovakia.
; The autonomy movement was
Sloextensive
pushed of late with increasing vigor by the
vaks, as against the regime at Prague, and
concessions
his
and
made by President
were
associates.
An
impasse
Emil Hacha
developed
last
by PreDr. Tiso promptly
Saturday, and the Slovakian regime headed
mier
Joseph Tiso was ousted.
appealed to Chancellor Hitler, who granted to Dr.
and his associates the facilities of radio sta-
Tiso
tions in
of
Vienna, from whence an intensive barrage
at Slovakia.
A new
by Dr. Karol Sidor,
instantly apparent that the plans of
propaganda was aimed
regime in Slovakia was formed
but
the
it
was
Prague regime had gone awry
vention
by
the
German
and that interthreatened,
Government
Whether Chancellor Hitler
Polish troops
now are
Czechoslovakia, and
to be hunted and scourged
the
of
boundaries, and now calmly
conquest accords with the "law of self-
asserts that
fomented the strife, or
-
but the Premier of that small .autonomous part of
Czechoslovakia, Augustin Volosin, fled over the border into Rumania, Thursday, after a fruitless appeal for intervention by King Carol.
In the statement issued early on Wednesday by
Chancellor Hitler it was announced that CzechoSlovakia "ceases to exist." Much was made by the
German Fuehrer of the terrorism alleged to have
taken place in the German-language islands of the
former country, and it was stated that troops would
march into Bohemia and Moravia to restore order,
With clocklike precision, which clearly demonstrated that plans for the moves had been made
long in advance, German troops streamed through
Czech territory throughout Wednesday. Late on
1532
Financial
Chronicle
Mar. is, 1939
*
the
day Herr Hitler arrived at Hradeany Pal-
same
in Prague.
ace
providing for
and
Decrees
a
issued
were
Thursday,
on
German protectorate
Bohemia
over
Moravia, and the bitter pill that the Czechs
must swallow then
made evident.
was
Under the
ruling the German in the area will be
of
class
citizens, with
preferred
a
Jews always excepted
as
inevitable
Yugoslavia,
Poland,
In
Rumania
and
Hungary much uneasiness was indicated as to the
further intentions of the German Chancellor, now
that the conquest of alien peoples and the carving
beyond the pale, while the Slavs will be subjects of
of
Europe.
Reserved for administration by
The
confined entirely to the controlled press of that
country.
the
protectorate.
the attitude therefore assumed.
was
"pleasure" of the Italians over the German coup was
the Germans will be the army,
imperialist empire has started in Central
an
-Russian authorities said little,
foreign policy, railways and other communications, the post office and
wire lines.
German tariff laws were applied imme-
yesterday
diately to the area and the customs barrier abol-
Prime Minister Chamberlain of England and Pre-
ished, while both the German mark and the Czech
infer Edouard Daladier of France.
declared legal tender.
high irony of this sordid bit of contemporary
the fate of
started in motion the machinery that
brought Czechoslovakia under German suzerainty,
Dr. Joseph
Slovakia
Acting Secre-
Slovaks
Tiso was restored to the premiership of
on
Tuesday, and for
brief period the
have reveled in the feeling of inde-
may
a
law.
of
demnation
the
of
the
free
Slovakia
close
munication from Dr. Tiso to Herr Hitler
lished, which showed the Slovak State
protection of Herr Hitler.
A
com-
pub-
was
are
"begging"
as
The latter, with
truly remarkable generosity, accepted this charge
with alacrity and extended the sway of his growing empire deep into Eastern Europe, to the borders
of the Ruthenian
Hungary
area.
on
the
domain, and efforts
a
States have maintained specially
the
friendly
Minister Chamberlain declared in
of Czechoslovakia
bitterness
from
in
Government,
old adventure or the beginning of
acceptance in Paris- and "pleasure" in Rome.
a new one.
an
No
In ringing tones he declared that
such endeavor will be resisted to the utmost,
and that
fatalistic
to
now
longer bothering to defend the Munich "agreement,"
in other capitals
London
Prime
address
Mr. Chamberlain asked whether the German move
represents the start of an attempt to dominate the
complete.
was
Reactions to the German coup
a grave
at Birmingham, yesterday, that the question
any
The rape
peace
civilization
" arises whether the German seizure is the end of
world by force.
Budapest
World
modern
being threatened by wanton acts of lawlessness
advancing, troops
the
of
and of arbitrary force, Mr. Welles said.
military opposition which was directed against the
of
relations."
structure
very
day
pushed to down the
were
in
liberties
part
same
announced that Ruthenia henceforth is to be
and
and
resulted
the
independent people with whom.
when the Republic of Czecho
attained its independence, the people
herself"
minions, according, to Berlin reports.
of
day
of the United
On Thursday, however, Slovakia "threw
under the protection of Herr Hitler and
have
and
the
a
from
which
acts
extinguishment
temporary
pendence.
ranged
by
an order based
This Government, he added, "cannot
from making known, this country's con-
refrain
Slovakia, where the.fight for freedom
and autonomy
of its
addresses
through international support of
upon
for the
in
States Government frequently has made clear its
conviction that world peace can be assured only
history appears in sharper light in connection with
his
and
tary of State Sumner Welles declared the United
expected to attain wholesale proportions.
The
Washington,
in
military police immediately began, and
German
were
alien people was reflected in a statement issued
Arrests by the
were
crown
The ominousness of the German seizure of an
Brit-
every ounce
any necessary
of effort will be thrown behind
defense of freedom.
in the world has received
eve£
a
"Public opinion
sharper shock than has
been administered to it
even
by the present
ish authorities appeared to find it difficult at first
regime in Germany," Mr.
to believe that Chancellor Hitler's ambitions would
"What may be the ultimate effect of these profound
extend to the
disturbances of men's minds eannot yet be foretold,
in
lengths that events of the week bore
Prime Minister Neville Chamberlain declared
out.
thet House of Commons, Tuesday, that
yoked
little
aggression" had taken place, and he
reason
for action
of the German dictator
by London.
were
uneasy
he
a
by Wednes-
further statement to
Commons Mr. Chamberlain admitted that
felt "bitter
disappointment"
over
the German
The actions of the German authorities
course.
described
as
"a
cause
Ministers, who
were
depart for trade talks in Berlin,
structed to cancel their
debate started
on
were
of disturbance" and "a shock
British
to confidence."
uled to
saw
The intentions
too obvious
day to be disregarded, and in
an
"unpro-
no
engagements, and
were
on
Thursday
that
to
Mr. Chamberlain indi-
Sir
Neville
Henderson
return to London
sure
will surrender a single inch of territory, or a
single right to force or trickery. He asked for extraordinary powers so that France could be made
never
an
immense workshop, with the Government in posof blanket powers to take all necessary
session
military and other
measures necessary
would
be instructed
port."
In Paris it was made plain that exploratory
to
"re-
:
Armaments and Appeasement
/"\NLY
^
a
State
few days before the
tension raised to
from London for
a
a
new
which would accompany fresh appeacement efforts,
That the democratic countries of
Europe
were
quite
unprepared for the fresh adventures of the German
Nazis
in
Central
plain
on
Wednesday
ping the German annexation; but no support was
Chamberlain, in
offered
Commons.
by those countries, and acceptance of the
pitch, overtures emanated
general disarmament agreement
conversations had been conducted with the Polish
Hungarian Governments as to means of stop-
Czechoslovakian
virtually destroyed and European
was
and
to meet the
situation,
in-
a general
British Ambassador from Berlin to make clear the
cated
that it must be
far-reaching in its
results upon all."
In the French Chamber of
Deputies, Premier Daladier declared that France
am
sched¬
the advisability of recalling the
resentment felt in London.
but I
Chamberlain asiserted.
If
a
Europe
was
made
sufficiently
by Prime Minister Neville
statement before the House of
any
corroborative
evidence
were
Volume
Financial
148
1533J
Chronicle
needed, it is supplied by the endeavors of the Brit¬
dresses at the Communist
ish Cabinet to reach
which
some
sort of basis for the inter¬
national discussion of the armaments
that
rumors
line
substantiated
were
March
on
Samuel Hoare, the British Home
in
10, when
effort to free their
that
haunts
armaments
short space
and
them
that
the
real aims
start of the session the Russian
Sir
lin,
Secretary, urged
Ministers
of
the
impending
In
upon
that
incredibly
an
the
British
and
Czechoslovakia to
French
"the
Britain
and
France,
purpose
and
unity
greatest
ish Prime Minister
to engage
and
he
opportunity
that
have
action
diverting
of
The Brit¬
was
troops once
such
hardly to be expected.
on
London
in
that
would
tions
be
the
were
trade
recent
Such
are
conversa¬
demands and other elements of appeasement.
only is
a
has
now
for the British
armaments
and
program
burden
severe
even
prosperous
over
reas¬
Russians
tary authorities in the event of hostilities, and the
growing might of the Berlin froces
The strain
disregarded.
implied
by the recent
possibly will offset
the German economy
on
and
such
hardly be
can
current developments
factors eventually,
there is also to be considered the German
tion
to
make
of
use
but
tempta¬
military strength while that
Notwithstanding all the
strength is unimpaired.
gloomy implications of the fresh overturn in Cen¬
tral
Europe,
Prime Minister Chamberlain
tained at least the semblance of
addressed the House of
While
optimism, when he
Commons,
expressing bitter
main¬
Wednesday.
on
the
regret over
German
march, he urged that Great Britain should not be
deflected
peace
from
course
by agreement.
fer checks and
Mr.
ist
"Though
have to suf¬
we may
said,
"the
object
we
have
in
happiness of mankind—is of too great
significance for
one
attempting to attain
disappointments from time to time,"
Chamberlain
mind—the
of
lightly to give it
us
an
now
spheres.
war,
for
few
a
shots-
gun
insurgent strength,
near
Madrid.
found fresh dissension within their
the last
week-end, but it
surrender of
wished
to
some
General Fran¬
save
The loyalists
own
ranks
over
put down after the
was
14,000' soldiers who, presumably,
continue
the
hopeless struggle against
General Franco and his Italian and German allies.
After calm
restored in Madrid it
was
was
indicated
there that most of the rebellious soldiers had been
tricked
Junta
into
was
Franco.
believing that opposition to the
equivalent
An
to
opposition
preparations
render of the
new
General
exchange of prominent prisoners is
being carried out, which is
that
to
are
a
sufficient indication
being rushed for the final
loyalists.
The
son
sur¬
of the loyalist Gen¬
eral, Jose Miaja, was released by the insurgents,
and the
de
loyalists sent
across
Rivera, last surviving
the lines Miguel Primo
son
of the late dictator.
Indicative of the extensive Italian aid to the insur¬
gents is an announcement at Rome, Monday, that
Italian army
casualties in Spain total 14,352 killed,
wounded, missing and made prisoner.
Italian air force
did not include
also
are
These figures
casualties, which
extensive.
up or to set it
Far East
side."
AGGRESSIVE
Soviet Russia
jlm.
OFFICIAL , reactions in the ofRussian months
Soviet
developments
recent
Union to the
in
"purges"
harm and
no
early surrender by the loyalist hold¬
cisco Franco withheld his
and
impressments of the efficient German mili¬
tremendous
did
purges
of the Madrid-Valencia salient.
ers
.
the
the
to
as
ended, with the next task that of organization
pointing to
Whatever the precise
after, it is evident that these peoples will be subject
enormous
Dictator Stalin endeavored to
week in the
legal status of the Czechs and Slovaks may be here¬
to
with
men,
QNLY mild and Spanish civil
occasional clashes with all signs
occurred this
steadily to the
relatively
de¬
Spain
that admittedly is proving a
in the
a
equipment reported
Not
appear necessary
French to add
capable democratic States.
on
mechanical
in the economic and cultural
trade accord unlikely in the situation that
developed, but it would
made, for the meeting
was
preliminary to broader discussions of colonial
as
rapprochement
a
Little further reference to
devoted in large part to
was
by asserting that the
generally viewed
were
Germany, which M. Sta-
placed at 3,000,000
of
years.
the
sure
with
week
postponed indefinitely.
commercial matters
on
talks
to start this
apparently
was
increases
Chancellor, Adolf Hitler, whose desire for con¬
quest seems to grow steadily.
It was promptly
clear
ideas
Saturday the West¬
endeavoring to foment
by suggesting that
Wednesday
which
began to march at the behest of
German authorities which
powers
scription of the armed might of the Soviet regime,
the
made
accused of
might develop instead.
abandoned, of course, when German
more
for the
offensive
German
between Russia and
a war
Hopes for the early attainment of such admirable
ends had to be
were
lan countered
refusal of the others to
a
parts of
was
But Germany is disappoint¬
In the session of last
nations
ern
amply has indicated his willing¬
suggested that
of
Reich
as
added, by pressing for further concessions in
the West.
has
ever
in such endeavors, Sir Samuel added,
join in this task
into
ing the French and British, M. Stalin is said to
worked
of
been offered to the leaders*of the world."
ness
French
reported
was
cession
German
the
purpose
toward
or
march
having informed the initial meeting of the congress
expenditure
an
M. Stalin
areas.
against the Ukraine.
of
German
from
Germany, Italy and Russia, and the Prime
singleness
dictator, Josef Sta¬
Czech and Slovak
beggars them."
Great
are
peoples from "a nightmare
of time, Sir Samuel said, the whole his¬
of
spokesmen
than the British
was no more aware
tators of
Ministers
in Moscow,
congress
It is at such meetings
of the Russian
tory of the world might be transformed, if the dic¬
with
party
March 10.
on
indicated, and it is instructive to note that at the
public address that European leaders join in
a
an
that
problem. The
proposals would be made along this
began
Western
Europe have been difficult to fathom,
owing to the lack of decisive utterances.
ordinary
interest
attaches,
therefore,
More than
to
the
ad¬
States
are
of the German
Far East is not
problem.
intentions
of
being examined
seizure of
the
totalitarian
anew,
in the light
Czechoslovakia, and the
being neglected by students of the
The possibility becomes ever
more
threat¬
ening of a concerted attack by Japan upon the Mari¬
time
Provinces of Soviet Russia
and
by Germany
Financial
1534
the Russian Ukraine.
upon
ments
Extensive troop
move¬
by the Japanese to the Manchukuoan-Siber-
ian border
Chronicle
that
cepted by various observers of Far Eastern affairs
with
indication of
as an
possible enlargement of the Sino-
Japanese conflict, this spring.
developments would be
tarists to
find, and perhaps is being manufactured
fisheries
the
through
A pretext for such
for the Japanese mili¬
easy
The
dispute.
territorial
waters around the Kamchatka Peninsula
been used
long have
by the Japanese as an important fishing
ground, but the Soviet authorities this year refused
to
the
renew
whereunder Japanese
arrangement
vessels fish in such Russian waters.
matic
representations,
Tokio
in
officials
Moscow
auctioning the fishing rights.
upon
on
Tuesday that
in the form of
Despite diplo¬
It
reprisal
a
insisted
was
rumored
develop;
may
attempt at seizure of the northern
an
portion of Sakhalin Island, which is under Russian
sovereignty.
Whether such explosive material actu¬
ally will be ignited plainly depends upon the de¬
cisions of the
The
of
war
ever
more
they
plenti¬
are
struggle, which is
a
The Chinese leaders
intent
may
beginning to reach the interior of China
occupied by the Japanese
have moved
from
rumored in
be
may
launched
Kai-shek
French
Indo-China
clared
regime.
are
into
It is
Chiang
against the invading armies of this unde¬
war.
weakened
Since the Japanese
armies have been
by the dispatch of hundreds of thousands
of effectives to the Manchukuoan-Siberian
the
was
series of offensives,
a
Generalissimo
by
soon
the
over
supplies also
some
Shanghai that
are
Since Hainan
the hands of the Chinese Nationalist
now
give the
Supplies
pause.
road from British Burma.
are
continuance
upon
factor that
Japanese militarists
maneuvers
will be of
frontier,
of the Chinese authorities doubtless
great interest.
The
success
achieved in
guerrilla tactics against the Japanese is said to have
induced the
defenders
to
use
a
good part of their
available forces for extension of this
The
ance.
financial
aid
to
tries
was
illustrated
elevated to
an
Senate will agree
extended
type of risistto
China
by
occasional demands
The Japanese
Office, however, is said to take
may or may
a
Foreign
calm view of the
not be significant.
questionable
scheme.
General
agremeent
the other
hand, with respect to the need for helping
of the
reciprocation.
n
tween Arabs and Jews
hearty endorsement of Senate leaders in Washing¬
ton, while others are questioned and possibly will
cated late last week
That the views
changed
was
indi¬
by Secretary of State Cordell
Hull, who declared in
a
public address in Phila¬
delphia that the results of the Lima conference of
be-
regarding the future
mediators
as
dispute, the British Government
on
Wednesday proposed formally its "final plan" for
temporary
solution
adjustments whereunder the ultimate
might be postponed for five
years or more.
The Palestine conference made little progress
its
start
the
delegations to the London meeting of the
ing,
bombing and
open
reconcile the hostile
ties fell back upon
five-year period,
warfare between
the
an
factions, the British authori¬
over a
independent State in which the
population would have
portional parliamentary representation under
Constitution to be
re¬
Unable to
area.
their proposal to create,
various elements of the
pro¬
a new
adopted after suitable discussion.
Restriction of Jewish
immigration to 15,000
persons
is included in this proposal, and close regu¬
year
lation of land sales also is
predominant
are
same
intransigencies that provoked riot¬
ligious groups in the mandated
a
from
early last month, owing to a display by
hostilities and
this is
hardly
implied.
Since the Arabs
the population
in
of Palestine,
palatable solution for the Jews, who
a
still look upon the Balfour Declaration as binding/
The urgent
be
British need for
a
solution
appears to
paramount, on the other hand, and it was
by
has
this
British
a
been
policy, and
spokesman
needed in
on
Palestine
ex¬
Wednesday.
is
a
positive
shall not be stopped in. enforcing
we
one," the spokesman is reported to have said.
banks.
Rates
Present
of
Foreign Central Banks
any
at
rates
the
leading centers
are
shown in the table which follows:
Pre¬
Rate in
Effect
Argentina.
Date
vious
Mar 17
Country
It would appear that
subjected to exhaustive debate.
on
improve their de¬
AFTER five weeks of conferences in London
a
aspects of the Good Neighbor program have the
of the Administration have not
to exist,
appears
fense facilities.
Established
Mar.
July
1 1935
2H
Oct.
27 1938
7
Bulgaria
6
Aug. 15 1935
Canada
2H
Mar. 11 1935
Chile
3
Dec.
16 1936
4
July
18 1933
3
Jan.
1 1936
4
Colombia
_
.
-
-
Dec.
4
Aug. 29 1935
3
Nov. 28 1935
5
Lithuania.
_
.
Eire
Jan.
2 1937
5
Feb.
23 1939
4
Portugal
June
30 1932
34$
Rumania
18 1936
6 1936
Jan.
14 1937
5
July
Jan.
44$
Poland
3K
May
Apr.
64$
34$
.
Norway
3
Denmark
44$
3
Java
34$
2 1936
3.29
-
Japan
Morocco
Danzig
Rate
2
...
4
.
vious
Hungary
Italy
-
Czechoslo¬
vakia
Date
Established
India
3
~
Pre¬
Effect
Mar 17
Country
Holland
1 1936
3H
4
Belgium
.
Rate in
Rate
Batavia
be
Brazilian-aid
the
the Latin American countries to
Washington Adminis¬
tration, with respect to Latin America, despite
marked lack of
of
THEREdiscount no of
the
have been changes during the week in
of the foreign central
EVENTS Neighbor policy which lately test of the
Good plainly are moving toward a
has domi¬
the sentiments
ex¬
criticism
rates
some
Monday, how¬
on
vigorous
pressed
Discount
Latin America
nated
Whether the
when Senators Lewis, Glass and Borah
ever,
"What
Tokio and
measures.
situation, which
Republic.
to all phases of the arrangements
made somewhat
was
now
Uruguay, to be the first Ambassador
that Central American
to
was
Ministry in Panama will be
Embassy, with William Dawson,
the Minister to
tinued
anxiety in
being exercised
care
Monday, when it
anew on
the
that
announced
pressed
retaliatory
The
augment our relations with Latin American coun¬
Great Britain and the United States
provokes con¬
for
States is to
country and extend aid in the form of a
this ancient
are
to
that
in
parts of the vast area of China which the
said
in
gold loan of $50,000,000.
Summaries
Japanese
new
greatly encouraged by the agreement
Brazil, whereunder the United
Palestine, with British authorities
"pacifying."
Presi¬
conference
liquidate $19,200,000 of frozen American balances
as a
ful in all
insatiable
a press
of
pally to the suppression of such bands.
reported to be
plain in
devoting their attention princi¬
of these obscure clashes show that
1939
Palestine
continued this week
guerrilla operations by the defenders,
with the invaders
of the
felt
he
18,
justifies great optimism.
Japanese militarists.
Sino-Japanese
matter
States
American
dent Roosevelt made it
ac¬
during the winter months have been
Mar.
Dec.
24$
44$
34$
5
3.65
4
1 1938
54$
May 28 1935
44$
51938
17 1937
4
5
4
.
.
Aug. 11 1937
44$
3 4$
May
5 1938
44$
15 1933
15 1935
4 4$
2
June 30 1932
24$
South Africa
34$
May
Estonia
44$
Oct.
1 1935
5
Spain
5
July
Finland....
4
Dec.
3 1934
44$
Sweden
24$
Dec.
1 1933
3
France
2
Jan.
2 1939
24$
Switzerland
14$
Nov. 25 1936
2
4
Sept.22 1932
5
Yugoslavia.
5
Feb.
6
Jan.
4 1937
7
England
...
Germany
Greece
.
.
1 1935
5
64$
Volume
Financial
148
1535
Chronicle
Foreign Money Rates
Mar.
were
Mar.
1939
1938
£
Mar. 20,
Mar. 18,
1936
Mar. 17,
1937
£
IN bills Friday market discount rates9-16% on
LONDON open
9-16%
against for short
on
STATEMENT
COMPARATIVE
BANK OF ENGLAND'S
£
as
15.
16,
1935
Circulation
Friday of last week, and 9-16% for three-months
bills
9-16%
against
as
Money
Paris the open
Friday
on
call at London
on
of
Friday
was
on
477,248, 000 479, 475,746 463, 815,261 404.368.038 377,958.707
14,854,333
10,525, 000
11, 109,347 k 22 846,052 16,891,421
142,019, 769 154 ,713,154 131 225,897 128,051,747 145.832,163
Bankers' accounts. 106,470, 458 119 ,046,337
93, 969,062 90,848,611 105,259,109
Public deposits.
Other deposits.
week.
last
H%.
At
market rate remains at 2^% and in
Other accounts
!
35,549, 311
37 256,835
35, 666,817
Govt, securities
697,629
97,531, 164 112, 206,164 94
23,411, 038 24, 104,505 26
Dlsc't & advances
3 640,045
3
1,706, 688
Securities
21,704 350 20 464,460 22
Reserve notes & coin
49,836, 000 47 ,773,056 50
Coin and bullion
227,084 668 327 ,248,802 314
Proportion of reserve
1%.
to liabilities
Bank of France Statement
32.6%
Bank rate
Gold val. per fine oz_
THE weekly statement dated268,000,000 showed
March 9 francs,
of
which
Notes
francs.
circulation
in
aggregated 93,630,780,965 francs and the year
before
French commercial
francs.
86,405,066,205
discounted increased 20,000,000 francs,
bills
while
the items of bills bought
decreases,
namely
Bank's total
gold holdings
116,000,000
The
are now
at 87,265,942,141
last
valuation rate of the franc was
when the
43 mg.
a
francs,
compared with 55,806,959,832 francs
francs,
hand
2,000,000
and 216,000,000 francs respectively.
francs,
year,
abroad, advances against
current accounts recorded
creditor
and
securities
The proportion of gold on
gold, 0.9 fine.
to
sight liabilities
year ago
rose
63.13%;
furnish the
slightly to
47.76%.
Below we
with comparisons for previous
it
was
different items
BANK OF
FRANCE'S COMPARATIVE
showed
year
a
of March
circulation of
in note
163,-
500,000 marks, which brought the total outstanding
down to 7,573,800,000 marks.
a
before
marks.
4,522,427,000
Reserves
year
foreign
in
advances, and investments registered in¬
currency,
of
creases
Notes in circulation
totaled 4,949,486,000 marks and the
year ago
marks,
100,000
10,000,000 marks,
marks and
10,200,000
The Bank's gold
respectively.
holdings remained unchanged at 70,772,000 marks,
compared with 70,771,000 marks
decrease
shown in bills of
was
a
ago. "
year
A
exchange and checks of
15,200,000 marks and in other daily maturing obliga¬
tions of
and
The proportion of gold
62,800,000 marks.
foreign
currency
1.01%; last
years:
to note circulation is now at
it
1.54% and the
was
Following
1.61%.
STATEMENT
2%
2%
ll^d. 84s. ll^d.
2%
ll^d. 84s.
Germany Statement
decline
a
46.73%
39.32%
32.90%
2%
ll^d. 84s.
'HE statement for the second quarter
brought the total outstanding down to 113,-
886,699,970
ago
Bank of
loss in note circulation
a
17,897,789
5,432,920
8,606,022
17,462,810 12,464,869
,801,608 56,996,995 75,099.039
,616,869 201,365.033 193,057,746
933,082
28.8%
2%
5V£d. 84s.
148s.
80,159,996
26,068,832
,764,547
.
...
Switzerland at
40.573,054
85,951,044
37,203,136
854,300
Other securities
are
year
before
year
different
the
items
'
with
comparisons for previous years:
Changes
for Week
Mar. 9, 1939
Francs
Mar.
Francs
REICHSBANK'S COMPARATIVE
10, 1938 Mar. 12, 1937
Francs
Francs
'
:
•
*13,476,674
Credit bals. abroad.
a
7,033,029,397 10,592,042,034 8,384,734,515
746,831,371
825,815,987 1,303,974,539
3,864,866,344
—116,000,000
3,370,723,967 3,786,983,508
—268,000,000 113886 699,970 93.630,780,965 86,405,066,205
—216,000,000 24,335,656,331 23,226,770,143 18,707,069,928
+20,000,000
—2,000,000
abr'd
Adv. against securs.
Note circulation
Credit,
c
curr.
acc'ts.
Temp. advs. with¬
for Week
Propor'n of gold on
hand to sight liab.
"■
47.76%
63.13%
+0.22%
♦
Figures as of Feb. 23,1939
Includes bills purchased In France,
-
b Includes bills discounted abroad,
of revaluing the Bank's gold under the decree of Nov. 13,
Silver and other coin...
three entries on the Bank's
*
Investments
c
In
1938, the
914,772,000
725,353,000
al539,755,000
u.
Liabilities—
163,500,000 7,573,800,000 4,949,486,000 4,522,427,000
715,802,000
823,134,000
964,400,000
—62,800,000
352,387,000
197,832,000
a454,104,000
Other
—
liabilities
Propor'n of gold & for'n
books representing temporary advances to the State
a
wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-Interest bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold, 0.9 fine, per franc), under the
were
1.61%
1.54%
1.01%
+0.02%
to note clrcul'n.
curr.
decree of Nov.
-
Res've In lor'n currency
Bills ot exch. and checks
54.57%
Reichsmarks
No change
No change
of which depos. abr'd
Other assets..
Reichsmarks
Reichsmarks
70,771,000
67,417,000
70,772,000
18,842,000
20,333,000
10,572,000
5,586,000
5,536,000
5,800,000
+100,000
7,068.500,000 5,180,330,000 4,461,688.000
—15,200,000
201,292,000
224,197,000
al79,472,000
42,511,000
51,020,000
48,100,000
+To",200*060
498,006,000
400,592,000
975,000,000
+10,000.000
Gold and bullion
Notes In circulation....
Other daily matur. obllg
a
Mar. 15,1939 Mar. 15,1938 Mar. 15,1937
'
Reichsmarks
Advances
20,627,440,996 33,703,974,773 20.072,095.857
No change
out int. to State..
the process
Changes
»
Assets—
discounted-_
b Bills bought
,
15,020,092
17,499,813
French commercial
bills
..
+ 112,791 87,265,942,141 55,806,959,832 57,358,742,140
Gold holdings
STATEMENT
Figures as of March 7, 1939.
New York
13, 1938, was effected in the Statement of Nov. 17, 1938; prior to
had been at the rate, 43 mg. gold, 0.9
Money Market
that date and from June 20, 1937, valuation
1936, the value
franc; and before Sept. 26, 1936, there were 65.5 mg. of gold to
fine, per franc; previous to that time and subsequent to Sept. 26,
49 mg. per
was
the franc.
■
Bank of
NOTHING developed in change York money
the New aspects of
England Statement
limited
THE statement for theofweek ended in note cir¬
£1,929,000 March 15
shows
a
contraction
culation, Which together with a gain of £10,842 in
gold holdings brought about an increase of £1,940,000
The gold price in London on the state¬
ment
date
was
148s. -5Md.,
as
compared with
in reserves.
148s.
for
23^d.
a
week earlier and these were the bases
valuing the Bank's gold under the law which
Circulation
became effective March 1.
totaled
£477,248,000
475,746
and
a year ago.
other
includes
deposits
in
£9,791,527.
rose
bankers' accounts,
which
rose
The
latter
Government
securities
decreased £255,984.
the proportion
increased
amount,
£1,653,873
was
was
The
28.8%.
£8,285,000,
other securities decreased £2,343,813.
wrhile
Of the latter
and ad¬
Below we
from discounts
and £690,940 from securities.
the different items with
comparisons
vances,
previous years:
lows
policy.
a
to
which
further issue
of
for
and
bills
commercial
The Treasury sold on Monday
quiet.
were
un¬
motionless at the
they were forced by the
Bankers'
$100,1000,000 discount bills due
days, and awards were made at figures from
slightly above par to 99.999, so that the borrowing
was
Call loans on the New York
virtually costless.
Stock
Exchange held at 1% for all transactions,
while time loans remained at
to
90
days,
and 1%%
1%% for maturities
for four
to
six months'
datings.
New York
£9,046,511,
proportion dropped to 32.6% from 33.1%
week ago; a year ago
show
£479,-
with
Public deposits fell off £923,000
and other accounts, which
reserve
a
comparison
March 15
on
extreme
in 91
any
available in almost
abundance, rates were
official
paper
to
funds
With
market.
the
week
this
market
■
Money Rates
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
was
ruling quotation all through the week for
loans
and renewals.
continues
were
quiet.
The market for time
The
only
transactions
new
money
reported
occasional*renewals at rates previously reported.
Rates continued
nominal at 134%
up.
to 90 days and
The market
commercial paper has-been moderately
V/iJo for four to six months maturities.
for
both
prime
1536
Financial
active this week.
the
at
demand
Chronicle
More paper has been available and
has
improved.
%@%% f°r
Rates
The
maturities.
Financial
market.
Dealers'
rates.
freely and there has been
more
to the
There has been
rates
reported by the
as
bills
would be
only
few days before the total
a
The London authorities have for
000,000,000.
some
sending large quantities of gold here for
earmarking in New York.
Sweden, Holland, and
and in¬
Brussels
%%. bid and 7-16% asked;
running for four months 9-16% bid and
cluding 90 days
tendency of
time been
Federal
Reserve Bank of New York for bills up to
for
better
a
somewhat increased
a
gold stock of the United States would exceed $15,-
change in
no
was
from London to New York and asserted
move
that it
are
coming out
tone
to the
advance in
gold to
ances
reflected in
gold price from 148s. 3d. to 148s. 6d.
the
THE volume of business in prime bankers'bills
improved this week. High class accept¬
1939
an
observers noted
Bankers' Acceptances
18,
sharp decline in business confidence due
sudden turn of events
unchanged
are
Mar.
have
also
earmark here and
are
large quantities of gold under
Belgium and Switzerland have
joined in the movement.
Swiss
Yi% asked; for five and six months, %% bid and
that
9-16% asked.
now
state
newspapers
transferred to London and New York.
The bill-buying rate of the New York
Reserve Bank is
days.
%% for bills running from 1 to 90
Federal
The
Reserve
Bank's
holdings
slovakia
On
rediscount rates
the
for
classes
various
of
in effect
the
BANKS
Date
Established
.
IX
Philadelphia
IX
Sept.
Cleveland
Richmond
IX
IX
Atlanta.
IX
4,1937
2
May 11, 1935
2
2
2
Aug. 21,1937
2
Sept.
2
Minneapolis..
IX
IX
Aug.
IX
IX
Aug.
Sept.
Kansas City
Dallas
San Francisco.
2,1937
Aug. 27, 1937
Aug. 21,1937
'
Sept.
2,1937
24, 1937
3,1937
31, 1937
3, 1937
British
for
2
as
for
cable
transfers
has
a
consequence
The range
been
between
$4.68 1-16 and $4.69 5-16, compared with a range of
between $4.68% and $4.69% a week ago.
The current
German coup
sterling situation is dominated by the
which has again darkened the gradually
brightening outlook reflected in recent dispatches,
which in reviewing, the British industrial and finan¬
cial
with
position for the week ended March 11 referred
have
The
fortnightly settlement in London
the heaviest in months and in all directions
instead
of
losses
were
disclosed.
The
was
profits
"Financial
News"
index, for the week ended March 11, of 30
industrial stocks, based on July 1, 1935 as
100, stood
at
successful
88, the highest level since July 12 last
week before March 11 the index stood at
earlier
at
82.1,
and
a
year
ago
at
year.
85,
the index touched
Despite
market
all
aggression
a
was
a
88.2.
record low of 73.7.
reached
on
on
declined
Tuesday.
The
The
year
high
Nov. 18, 1936.
"London
Financial
dam, Paris and Brussels also reported slight declines
orderly markets.
already taken
industrial
with
German
These
conclusion
conferences
place.
The
an
current
they cannot be continued
under
have
to
were
to
a
existing circumstances.
British
presence
official
of the Presi¬
dent of the Board
of Trade and the
Secretary of the
Department for Overseas Trade, Oliver Stanley and
Robert Hudson, who were to have left for Berlin at
the end of this week.
lain's statement
According to Mr. Chamber¬
March 15, "the British Govern¬
feels the present
ment
priate
Mr.
on
for
the
moment would be inappro¬
proposed
visit."
Mr.
Stanley, however, with the
Hudson
and
same
purpose of
promoting international trade, will visit Moscow,
Warsaw, and Helsingfors.
They may also go to
Bucharest, Budapest, and Belgrade.
The tentative
recovery in international trade has
been arrested
by the latest political developments and
great difficulties
are now
and the United States
than
the
other
encountered.
are
more
countries.
retardation
flected in the United States in the
bankers' acceptances.
on
a new
Feb.
28,
is
re¬
sharp decline in
These instruments outstand¬
1939
low since the
Great Britain
profoundly affected
The
according to the Federal Reserve
the
Times" industrial averages were down 1.4
points to
102.9 and its rail index declined 0.6 to 45.1.
Amster¬
in
limitations and
JSome conferences for this
ing
following the German
The
offering
endeavor to effect
month
fair degree of resistance by the London
indexes
to
In
a
September slump and again in January of this
record of 124.9
decline
a
was
British
Dusseldorf
support and advice from the
optimism to the heartening recovery in British
business.
in
month
British view is that
$4.69 3-16 for bankers' sight, compared with a range
of between $4.68 11-16 and $4.69 3-16 last Week.
range
meet
this
arms
relations.
improvement in trade.
between $4.67 15-16 and
was
dis¬
cause
2
2
of the German seizure of Czechoslovakia.
sterling this week
trade
to
were
industrialists
2
Exchange
and unsettled
Wednesday that
fail to
he,, said, is regrettable since
suggestions for world
leaders
STERLING exchange and all financial markets
nervous
on
not
beginning to revive and
improved
purpose
Course of Sterling
can
prospects of concrete measures, referring to recent
Aug. 27,1937
IX
This,
the
Foreign Secretary Viscount
2
Sept.
1
IX
authorities
cancel
to
confidence Was
1H
St. Louis
Treasury
England
Rate
New York
-
confidence.
Previous
Boston
The
of
Halifax told the House of Lords
in
Effect on
Mar. 17
for
British
Bank
turbance of the international situation and
Rate in
Federal Reserve Bank
became
the
the
events in Czechoslovakia
DISCOUNT RATES OF FEDERAL RESERVE
Munich settlement,.the
gold credit of £10,000,000
a
remainder of the credit.
■
Reserve banks:
Chicago
of the
arranged
Wednesday
authorized
different
at
paper
redrawing the boundaries of Czecho¬
result
a
to
Czechoslovakia, of which approximately £3,250,000 had already been transferred by March 14.
THERE have been of the Federal Reserve banks;
no changes this week in the
now
as
London banks
Discount Rates of the Federal Reserve Banks
following is the schedule of rates
large part of the Swiss gold stock has been
At the time of
of
acceptances increased from $553,000 to $554,000.
The
a
amounted
to
$248,095,184,
Bank of New
York,
publication of monthly figures in
1925 and the lowest since 1916.
Acceptances reached
high of $1,732,000,000 in December, 1929. Accept¬
ances to finance
imports in February totaled only
a
$86,849,766.
331,836.
represented
believed
reached
for
Export acceptances amounted
The
balance
domestic
that
import
of
the
Britain
are
to
$57,-
acceptances
warehouse
credits.
and export
credits
fully $1,000,000,000.
Great
total
It
in
is
1929
Comparable figures
not available
but
it
is
well
Volume
Financial
148
known that the accepting houses of London have had
to turn to other forms of investment
as
business has declined in the past
ance
their accept¬
few
years
to
The London money
months bills
are
offer
in
are
21-32%.
believed taken for
On
19-32%,
are
All the gold
on
market continues to be
destination.
unknown
New York.
Two- and three-
9-16%, four-months bills
London open
the
for
market continues unchanged,
supply at %%.
and six-months bills
taken
sterling
Much
of
it
$4.68%@$4.68%
Friday exchange continued
Wednesday £460,000,
on
on
quotations
the week ended March 15, as
$4,68 3-16
bills
gold movement for
reported by the Federal
at
$4.66 11-16,
there
Paris
Decrease:
above
figures
are steady.
In fact the French
change in French francs
in
New
176.90 francs to the
pound and
was
rate
mean
176.80 and the
was
on
Wednes¬
exchange
was
Short-term money
are
week ended
for the
$3,944,000
foreign trade statistics for February showed
increase over January in
imports of 757,000,000
an
francs, whereas exports
on
higher at
1,483,000,000 francs, compared with 1,157,0Q0,000
francs in January.
For the first two months of 1939
was
$2,478,000 from Switzerland.
marked for
There were no
change in gold held ear¬
foreign account.
On Friday $2,028,000
of
received from Belgium.
exports of the metal,
exports of the metal, or change in
for
foreign account.
It
were
on
exodus
ranged during the week between
a
a
discount of
An
Tuesday, Mar. 14
spent
176.80
Thursday,
Friday,
176.76
Mar. 16
Mar. 17
148s. 3d.
148s. 23^d.
148s. 3d.
176.85
$35.00
35.00
35.00
Saturday, Mar. 11
Monday, Mar. 13
Tuesday, Mar. 14
Wednesday, Mar. 15
$35.00
Mar.
16
Friday,
Mar.
17_,
credit
35.00
35.00
On Tuesday in
narrow
trad¬
Bankers' sight
cable transfers $4.68%@
On Wednesday sterling declined sharply
consequence
Moravia.
the German capture of Bohemia
Bankers' sight
was
$4.6 8%@
under
the
armament
budget,
As
of
the
of
expendi¬
a
which
was
result of about
and issues and
accounts
balance
of
2,700,000,000
Treasury closed the
re¬
the end of 1937.
-
The
a
cash
and
balance
a
the
of
improvement
on
^
industrial
internal
labor.
as
situation
The rank and file
unjustified
shows
marked
the French extremists lose their hold
strikes
longer hours and
and
seem
glad
to
be tired
to
have
of
received
The membership of the
Labor, which was greatly
more pay.
General Confederation of
increased at the time
of the rise to
power of the
Popular Front government under M. Blum, has in
recent weeks shown a sharp decline. The
rising prices
in France have had much to
attitude
and
outlook
of
Council has fixed
May 5
a new
aggravated the nervousness of financial markets and
with
year
francs
8,000,000,000 francs, against 5,300,000,000 francs at
Assembly to elect
operations
an excess
receipts, including post office
$4.68%©$4.68 13-16.
transfers
the
receipts in the ordinary budget of 8,700,while 19,700,000,'000 francs were
Thursday the German march on Slovakia further
cable
of
payments of short-and,, long-term debt, showed
day-to-day rates sterling. exchange
on Saturday last was steady with only slight devia¬
tions from Friday's close.
Bankers' sight bills were
$4.69 1-16@$4.69 3-16; cable transfers $4.69%@
$4.69%. On Monday in limited trading the pound
was
slightly firmer.
The range was $4.69 1-16@
$4.69 3-16 for bankers' sight and $4.69%@$4.69 5-16
$4.68 11-16@$4.69;
foreign
francs,
and local government
STATES (FEDERAL
Thursday,
ing sterling was somewhat easier.
statement
all disbursements and
Referring to
transfers.
from
31,500,000,000 francs received through revaluation of
the gold reserves of the Bank of
France, the total of
Wednesday, Mar. 15
148s. 5J^d.
Thursday,
M^ir. 16
148s. 6d.
Friday,
Mar, 17___ 148s. 6d.-
PAID FOR GOLD BY THE UNITED
RESERVE BANK)
purchases
financed exclusively by loans.
LONDON OPEN MARKET GOLD PRICE
Saturday, Mar. 11
Monday, Mar. 13
Tuesday, Mar. 14.
do
as
Treasury in 1938 shows
000,000
Wednesday, Mar. 15
capital
This fact must be taken into account in
tures over
MEAN LONDON CHECK RATE ON PARIS
__._176.89
.176.90
176.90
Y
on
official
French
paid for gold by the United States:
Monday, Mar. 13
francs.
reflect the situation.
tables show the.mean London check
Saturday, Mar.^ 11
colonies
which
Paris, the London open market gold price,
and the price
6,172,-
French
determining the real deficit in the trade balance,
does not as an aggregate
figure accurately
Montreal
discount of 3-16%.
The following
of
countries.
Francisco from China.
17-32% and
reached
France
is
drawing
her empire for supplies and necessi¬
ties, and imports from the colonies do not entail an
Friday that $373,000 of gold w^s received at San
Canadian exchange is relatively steady.
countries
and imports from
2,324,000,000
increasingly
ear¬
reported
foreign
000,000 francs
were no
gold held
was
from
imports
or
There
only 216,000,000 francs.
rose
The deficit in balance of trade is therefore
from England,
came
not
are
French
of gold was
from China and $82,000
On Thursday $6,422,000 of gold
Wednesday.
received of which
On
Foreign Exchange
available.
Y
$5,938,000
received at San Francisco, of which $145,000 came
$4.68 11-16;
$4.67%.
in Paris and is in supply but long-term
from Australia.
and
at $4.67 7-16.
funds
Foreign Account
Note—We have been notified that approximately $227,000
a
(60
payment
continues easy
Net Change in Gold Earmarked for
$4.69 1-16.
Other
frequently quoted around 176.77.
$50,199,000 total
as
and
little
was
day the
202,000 from India
was
for
the unit improved with respect to
sterling.
On Tuesday the mean
quotation for London on
None
2,659,000 from Holland
cable
documents
York,
3,851,000 from Canada
for
transfers.
Commercial sight
$4.67%, 60-day bills at $4.67, 90-day
FRENCH francs
Exports
Imports
PRICE"
cable
financial markets
hardly reflected the Czech
crisis, except that trading in foreign
exchange and on
the Bourse was brought almost to a
standstill. While
$43,487,000 from England
on
for
Closing
$4.68 1-16 for demand and
were
Tuesday £694,000,
GOLD MOVEMENT AT NEW YORK, MAR. 9-MAR. 15, INCLUSIVE
rate
Friday
Continental
Reserve Bank of New York, was as follows:
funds
on
15-16@$4.68%,
$4.68 1-16@$4.69 5-16.
were
bills finished at
available
Thursday £246,000 and
At the Port of New York the
marked
Bankers' sight was $4.67
cable transfers
Cotton and grain for payment closed at
was
Friday £861,000.
was
$4.68 3-16@
range was
arbitrage account for shipment to
Saturday last there
on
gold
The
days) at $4.67, and seven-day grain bills
£261,000, on Monday £570,000,
and
lower.
was
$4.68 9-16 for bankers' sight and
for cable transfers.
On
is
on
The
1537
disturbed.
unprofitable volume.
with call money in
Chronicle
as
do
with
labor.
the
The
changed
Ministerial
the date of the National
president of the republic to
succeed M. Albert Lebrun who
was
elected
May 10,
1
Financial
1538
1932 for
a
political
France
not
can
The election of a new
have any effect on
business conditions such
or
United States with
German
weeks.
term.
seven-year
President in
Nothing positive
can
be said regarding the
German financial and economic situation.
figures
observers,
newspaper
is
situation
Reich affairs,
on
whether bankers
by the
70,700,000
reichsmarks,
continued to be
3.43 cents.
tional
reserves
for
of only
Bank
of
Bucharest closed
on
Poland at 18.88,
Finland at 2.07, against 2.07.
on
Greek exchange closed at 0.86, against 0.86%.
•—
f^XCHANGE on the countries neutral during the
Hj war is steady, moving in close sympathy with
sterling.
For
weeks
some
a
flight from the Holland
the
the unit.
pressure on
It would also
guilder to decline
nearer
the level
to
parity and the unit is again practically
known
the sterling
began, the depreciation level
published statement of the Na-
dated
March
7,
with
crowns,
gold abroad and foreign balances totaling 1,051,These
have
resources
been
seem
that,
the Amsterdam authorities deliberately allowed the
greatly
until Thursday at least,
Czechoslovakia,
crowns.
on
on
of
a
tion below 22%.
fall of sterling.
sterling
member of
Before the decline in the guilder
group.
was
a
fraction above
19% with reference to the dollar and is
gold stock of 2,361,700,000
600,000
against 18.88; and
are
nominally quoted in New York at
The last
independence,
nominally quoted
Thursday at 3.43, against 3.42%
on
Friday of last week. Exchange
on Friday at 0.73, against 0.73;
well
it is
gold stocks of the Reich
The Czechoslovak crown,
showed
which
statement,
though
The
be judged
may
of this amount.
excess
of
was
of The Netherlands in the past few weeks have eased
weeks has acknowledged gold
that the secret
in
Reichsbank
weekly
pledge
guilder seemed imminent, but gold sales by the Bank
unreliability of the German figures
many
1939
The trade deficit
favorable trade balance.
a
or
18,
whereas in 1936 and
for 1938 is known to be serious,
had
but most
agreed that the economic
are
extremely difficult.
1937 the country
Hitler's
Czechoslovakia
on
accurate indication of the
an
German financial and economic position,
commentators
Official
evidently officially
published statistics
or
inspired do not give
despite
Exchange
in New York
from recent
present mo changes
Mar.
provinces and by Thursday Slovakia also had been
seized
in the
as occurs
change of executives.
a
marks
Chronicle
frac-
now a
This is explained by the recent
The Holland domestic
economy
and
that of its East Indian possessions are greatly de-
pendent
upon
the sterling rate and the present action
of the market shows that the authorities in Amsterdam
approved the recent
pressure on
the unit.
In defend-
fiscated by the German Government.
The gold stock
ing the guilder during the past few weeks the National Bank sold about 110,000,000 guilders of gold,
of
amounts
The
Czechosovakia
under
trifle
thus
taken
$100,000,000,
Department
of
16 the
Commerce
to
a
approximately 250,-
or
On March
000,000 marks.
over
con-
United States
advised
all
Apaerican
loss meant little in comparison with the
huge
gold stocks still at the disposal of the Netherlands
Bank.
A
large part of the Holland gold is earmarked
with the Federal Reserve Bank of New York,
exporters to stop shipments to the former republic of
The Swiss franc is easier.
The
gold stock of the
Czechoslovakia until the situation there is clarified.
National
In the
March 7 declined slightly to a seven-month low.
of
case
shipments already
the
on
the
ocean
Department suggested that exporters hold the goods
at
European ports.
face the
from
German
republic.
ments
is
It
was
pointed out that exporters
possibility of restricted exchange resulting
are
dissolution
of
the
In Germany itself foreign exchange
rigidly restricted and if the
applied
there
American
now.
The
;
;
.
any
pay-
prodceure
same
might
exporters
difficulty in obtaining payment for
sent
Czechoslovak
find
merchandise
-
•.
following table shows the relation of the lead-
ing European currencies to the United States dollar:
oid Dollar
New Dollar
nange
Parity.
b
c
France (franc)
Parity si
a
"iw
22
This Week
6.63
"'.m
-
3.92
"'.mh
to
30 and Oct. 3, 1936.
/
(b) Francs cut from gold and allowed to "float"
(c) On May 5, 1938, the franc
was
devalued
The London check rate
at
176.85, against 176.91
In New York
at*
2.64%,
sight bills
.against
on
on
on
Paris closed
on
Friday
Friday of last week.
the French center finished
2.65 3-16;
cable
transfers
at
2.64
at
11-16, against 2.65%. Antwerp belgas finished
16.82% for bankers' sight bills and at 16.82% for
cable
transfers, against 16.83% and 16.83%.
quotations for Berlin marks
were
5.26% for bankers' sight bills and 5.26% for cable
transfers, against 5.26% and 5.26%.
The dissolution of the Czechoslovak
republic
was
announced
Tuesday when the Germans invaded the
on
two Czech
ended
The gold stock is still excessive, amount-
apparently been aroused
Swiss
a
ratio of
over
the
disturbed
gold has been transferred to London and New
York, while still
Swiss
.
has been removed, according
more
from the
newspapers,
.
central
bank to
a
•,
Secret hiding place.
Bankers'sight
Amsterdam finished
on
.S0-f"ltlloX
against 53 13
on
Friday at
on Friday of last week; cable
transfers at 53.08/2, against 53.13, and commercial
bills
at
at,
22 0^
53.03,
for
against
ehpekcj
Swiss
53.08.
*mrl
at
99
francs
fnr
Pahlo
uoseQ ai}
10r CUeCKS ana at ZZM lor cable
transfers, against 22.75% and 22.75%.
Copenhagen
checks finished at 20.89% and cable transfers
20.89%, against 20.94% and 20.94%.
Checks
at
on
Sweden closed at 24.10% and cable transfers at
24.10%, against 24.15% and 24.15%; while checks
on
Norway closed at 23.52 and cable
transfers
at
23.52, against 23.57% and 23.57%.
Final
40.13 for bankers'
sight bills and 40.13% for cable transfers, in comparison with 40.13 and 40.13.
Italian lire closed at
have
closed
francs to the pound, or 2.79 cents a franc.
week
political conditions in Europe and have taken steps
to protect their
gold reserves. A large part of the
sight
-
de facto basis of 179
the
gold to notes of 171.41% and a ratio of gold to total
sight liabilities of 85.92%.
The Swiss authorities
"Jen
June 30, 1937.
011
on a
Switzerland in
ing to 2,812,500,000 Swiss francs, with
.
2.65 5-16
New dollar parity as before devaluation"of the
European currencies
between Sept.
October.
££
2.64«,» to
of
The
decline in the gold holdings represented largely the
withdrawal of French funds from Switzerland since
to
,
Bank
♦—
EXCHANGE
1—i
continues
operations.
are
the
on
steady
Recent
South
as a
American
countries
result of exchange control
dispatches from Buenos Aires
to the effect that the Argentine Government is
about to
conclude
the
final
details
of
new
deals with Germany and Italy which will
many
barter
run
into
millions of dollars and give the two leading
'
Volume
Financial
148
totalitarian States
the
monopoly in supplying
Government's needs in the
Argentine
current
The German barter deal involves 1,500,000
year.
£227,084,668, equivalent, however,
to only about £129,953,742 at the statutory rate (84s, 11 t$d. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with former
periods as well as with the figures for other countries in the tabulation, we show
English holdings in the above in statutory pounds.
In making the calculation we
have had to assume that the rate used by the Bank was 148s. 5>^d. per fine ounce,
per
virtual
a
1539
Chronicle
fine ounce), the Bank reported holdings of
in the absence of specific information.
of
metric tons
bushels.
•
wheat, the equivalent of 55,125,000
The
Argentine State railways will import
German railroad equipment to a value
of
cost
wheat
the
taken
apparently embarked
by Germany.
policy of barter arrange¬
Its bilateral trade
ments.
agreements are arousing
trade
favorable
sizable
also
The Netherlands is sending
a
on
delegation
this
soon
Argentine paper pesos closed on Friday at 31.21
bankers' sight
last
bills, against 31.28
on
Friday of
week; cable transfers at 31.21, against 31.28.
The unofficial
free market close
or
at 5.90
23.05@23.10,
was
Brazilian milreis are quoted
Chilean exchange is
against 23.05@23.15.
(official), against 5.90.
quoted
(official),
5.19
at
Peru is
5.19.
against
nominally quoted at 20 3-16, against 20'
francs per £1; when 65.5 mg., about 125 francs equaled
of the
quence
as
restrictions
severe
On March 13
United
a
States
The
has imposed
Japanese invasion of China.
Japanese Government in the past year
on
foreign trade in North China.
Tokio press
dispatch stated that the
reported to have protested to
was
imposed on
sponsored North
government at Peiping.
Effective as of
10 Japan issued an order forbidding circula¬
Japan
against
restrictions
financial
foreign merchants by the Japanese
China
March
dollar and substituting in its
Chinese
the
of
tion
place notes of the Japanese-sponsored Federal Re¬
Bank of North China.
These notes have the
serve
theoretical value of the yen, i.e.,
Far
Eastern units for the' most
Is. 2d.
per
unit.
part move in sym¬
pathy with sterling.
Legislative Reform and Railroad
Recovery
The
the
Hong¬
29.22@29.5-l6;
Shanghai at 16J^@16^8, against 16J^@16^; Manila
Friday of last week.
kong closed at 29J^@29against
at
49.80, against 49.80; Singapore at 54.50, against
and Calcutta
54.60; Bombay at 35.05, against 35.15;
at
plight of the railroads, which is the plight of
public and of industry, is the creature of legis¬
lation and
new
can
be corrected in
removing
legislation
shackles
35.05, against 35.15.
„
no
through
way save
least
of
some
the
New forms of competi¬
tion, changes in the public demand for transporta¬
tion services, the depletion of traffic movement
inevitable during
periods of depression, and notably
higher standards of
ficulties
wages
have but exaggerated dif¬
These im¬
arising out of over-regulation.
industry have demonstrated that expanding
and excessive
of all
regulation has deprived that industry
elasticity and
power
to meet new and adverse
conditions and maintain its
This conclusion is
efficiency and solvency.
Moreover, it is gen¬
inescapable.
erally recognized and accepted; not only the rail¬
roads, with their employees and investors, demand
relief, but the whole enlightened section of the
public unites in asking for relaxation of the intoler¬
able and destructive severities accumulated during
59 years
of increasingly oppressive legislation and
prejudiced administration.
portation
nor any
No purchaser of trans¬
qualified member of the traveling
shipping public asks anything else or wishes for
or
the continuance of
mental restrictions.
and" extended
hampering and generally detri¬
The situation
calls for broad
vision, for courage to abandon the
have controlled the
political expedients, which
past, for statesmanship of the
highest order, and for patriotic determination to
yield to no plausible sophistry and to no
sectional
demand
The White House is on record as
favoring legis¬
and, although the President has shown
nothing more than formal interest in
Banks
selfish or
damaging to the whole body of
transportation and to the public.
lative relief
Gold Bullion in European
at
unwisely imposed.
fallacious doctrines and
Closing quotations for yen checks yesterday were
27.30, against 27.37 on
£1.
perative incentives to adjustments within the rail¬
EXCHANGE be extremely Eastern countriesconse¬
on the Far distrubed
con¬
a
to
Also first
'
accordance
equals one
franc; previously and subsequent to July 23, 1937, gold in the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26,1936,65.5 mg. gold, 0.9 fine, equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France is now Just about £1; when there were 43 mg.
gold to the franc, the rate was about 190 francs to the £1; when 49 mg., about 165
road
tinues
1,1936.
The value of gold held by the Bank1 of France is presently calculated, in
with the decree of Nov. 13, 1938, at the rate of 27.5 mg. gold, 0.9 fine,
Belgium has already
apply to them.
b Gold holdings of the
As of April 30, 1938, latest figure available.
report subsequent to Aug.
that these bilateral policies
and the French authorities will take similar action.
for
c
France,
trade mission to Buenos Aires to insist
point.
Amount held Deo. 31, 1936, latest figures available,
The authorities of
Belgium and The Netherlands.
should
Argentina has
notably
balances,
these countries complain
a
Argentina
on a
the attention of countries with which
sent
equal to the
a
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
reported at £529,300.
carrying out
promise seven years ago to rescue the railroads
from their chronic and law-imposed condition of an
his
bullion (converted into pounds sterling at the
THE following table indicates the amounts of gold
'
84s. llj^d. per fine ounce)
principal European banks as of respective
of most recent statements, reported to us by
British statutory rate,
the
in
dates
cable yesterday (Friday); comparisons are
corresponding dates in the previous
special
some
shown for the
relief.
Thus
1939
1937
1936
1935
£
£
£
£
112,500.000
77,868,p00
33,055,000
6,555,000
26,299,000
6.542,000
314,616,869
347,628.740
2,428,750
87,323,000
42,575,000
76,631,000
105,500,000
83,522,000
25,609,000
6,550,000
8,222,000
7,442,000
6,603,000
*129,953,742
327,248,802
295.815,871
England.
293,720,843
France
3,007,350
Germany b_
Spain
1938
£
Banks of—
__
c63,067,OOO
2,521,900
87,323,000
Italy
a25,232,000
25,232,000
Netherlands
118,000,000
119,652,000
Nat. Belg..
92,371,000
100,885,000
Switzerland.
Sweden
Denmark.
_
Norway
Total week.
Prev. waek.
*
660,546,095
2,954,450
90,119,000
90,750,000
42.575,000
the Currency and
62,979,000
legislative
the
situation
has
suggestions concerning alterations in the
laws.
One legislator,
not
misconception,
commonly
67,547,000
railroad industry,
23,884,000
16,111,000
7,395,000
traffic of the last 20 years
72,306,000
6,852,000
the Bank of England
carried the gold holdings of the Bank
price,
5Hd.
existing
apparently obsessed by the
67,242,000
6,554.000
6.602,000
going to do about it?
progressed beyond the introduction of bills, and in¬
proponents of sundry
48,089,000
Bank Notes Act. 1939,
March 1, 1939. and since, have
What is Congress
56,689,000
95,237,000
value current as of the statement date, instead of the statutory
formerly the basis of value.
On the market price basis (about 148s.
at the market
which was
193,057,746
525.346,458
888,378,963 1,074,734,545 1,098,981,359 1,099,032,041 1,247,740,291
896,640.369 1,074,586,365 1,095,443.971 1,106,835,926 1,248.058,310
Pursuant to
statements for
far,
terviews with statesmen and
201.365,033
2,572,150
which he
annually unbalanced budget, a committee
designated has formulated a measure, the prompt
and unamended enactment of which would afford
prevailing
outside the
that the heavy loss of passenger
is
a
principal source of
difficulty, has revived the old Cowles nostrum
of
postage-stamp rates for passenger travel, and has
obtained from a member of the Interstate Com¬
merce
Commission
the non-committal
declaration
1540
Financial
that "it
the
ought to be investigated."
view
that
everything would be
Others
express
if only all
serene
transportation, by land, water, and air, and
munications
by
wire
and
wireless,
"cribbed, cabined, and confined."
Government
the less
holds
such
possible that it
a
Apparently only
view,
but
it
is
tially all the traffic,
do not
States, the function of railroad regulation
vested
the influence and
prestige that he
all
in
the
face
automatically
of
and
the
least
sions
threat
they almost
combine,
only to defend the least defensible features
not
of
arbitrary,
requirements
much
and
the
condemns
too
and
Commerce
have
stations
cartage to
restrictions, whenever the failures of regulation and
loaded
demand for relief necessitate
roads
such necessity, their invariable response has
every
been
admission
an
that it has
sprung
that with
cease
just
of
more
to
except
new
for added powers.
new
If this old formula is
complete
reform
this
in
legislation
and
stacles to successful
railroad
the
existing law-created ob¬
private administration
of
the
industry.
inquiry, "Doe$ it contribute
to recovery?" Congress
approach railroad legislation in the spirit
which at least
purports to have prompted that in¬
quiry.
like
For their recovery,
the railroads require,
organisms, adjustment and adpatation to
all
their environment.
And it is
a
changing and dy¬
namic environment.
They must be endowed with
capacity to make, immediately, adjustments and
adaptations progressively and promptly as the en¬
vironment itself
ernment
such
can
changes and
make,
or
progresses.
initiate,
or
even
No gov¬
supervise
adjustments, it can only hamper and
them, to the general detriment.
Happily,
necessary
retard
however, such capacity in
industry and within
fact
exists
every sound
regime of free economy.
within
the
industry under
a
It is essential, it is innate,
but it has been bound and defeated
by legislation.
Reform the legislation
along sound lines and it is
there, revived, alert, capable, and sufficient. Within
these broad
some
of
terms, it is
the
chief
habilitation and
a
simple matter to specify
pre-requisities
the
of
railroad
re¬
continuing solvency of those
largely predominant portions of the railroad system
facility
possible
was
when most
years
determined.
were
working conditions that
the
product
abandonment of
es¬
Upon the instigation of Under-Secretary
Hanes,
there is
conspicuously displayed in the office of the
Secretary of the Treasury a card bearing the bold
should
and
ease
greater loads than it
also, the excessive costs
cipally
With
principle accepted, legislation ought to proceed
difficulty to reduce the most hamper-
over
quite im¬
be traversed by high¬
quirements of standardization in service
now
the
were
or
not
is
and
cars
service, has become superfluous.
senger
of
are
are
of the
r
In
swelled
re¬
and wages
prin¬
Yet,
when
plainly superflous station
a
both
by
themselves
regulation.
unpatronized train is in issue, the
without great
ing and detrimental of
can now
sup¬
horses
or
cases,
precede railroad recovery.
built,
were
movement,
drawn by oxen
single mile during the
a
stations and
They
of freight
of
the
changes
upon
many
demands
repeat itself, the present consideration of
legis¬
relief must be
accompanied by recognition
that
Ten miles
locations
of
Similarly, a
great deal of branch-line service, especially pas¬
lative
sential that must
move
station
It has been tried again
disappointments and
too
prin¬
clause
most
often to be almost
as
and with much
That,
ensue.
and
almost anywhere with greater
way
failures would
power
poor
passable.
assertion
again, and from repeated retrials nothing has
come
to
the
and victorious achievement would
remedy has always failed.
and
plus
from deficiency of authority and
little
a
failure
law
Any
This
the points where the
in wagons
was
so
or
diversion
located, when agriculture
when
To
vicious.
heavy station-expense.
their
this
imposing restrictions
isting laws and regulations, but to advocate further
legislation.
aids
long-and-short-haul
Railroads
rates.
which
the largest bulk
some
permitted, by the laws
efficient, competitive agencies.
plied
ex¬
They
existing conditions to prevent diver¬
Interstate
in
are not
regulation
or
wasteful,
the
instantaneously
less
to
statute
ciple
their
pro¬
both.
or
presently carry this portion of the country's
their rates to
owes to the exag¬
associates, are naturally a unit
against any suggested reduction of their
authority,
lower rates
or
regulations, to adapt either their services
These politicians,
gerated authority of his position.
economic advantages that would
traffic, because they
is
and freight, in which
passenger
superior service
and
manner
publicly advantageous, must carry substan¬
duce
in politicians of power and
prominence,
organized in public boards and commissions, not
one of whom would
willingly surrender an iota of
and
Railroads, to sustain themselves in the
most
possess
reason.
In 48
country that have not lost their economic
develop strength within
may
19S9
basis for survival.
they
national legislature.
There is still political
gold among the ancient hills of prejudice and un¬
with
the
Mar. 18,
none
the
is
of
com¬
equally
were
Chronicle
very
or an
existence
present laws and system of regulation
con¬
stitutes everywhere an invitation to all local
agen¬
cies to organize themselves
effectively behind the
Government commissions for the
prevention of sen¬
sible economy.
Too often
they finally succeed, al¬
they force the accumulation of heavy operat¬
ways
ing losses before
are
only
common
which
service could be made
not to be
a
charge
can
prevail.
There
opportunity,
maintained
as
to those less endowed with
invariably
are
as
regularly remunarative, so as
freight movement. Parallel
upon
to all these rail lines
and
sense
few railroad routes in the country upon
the operation of
really modern passenger
a
well
splendid
highways
as
supplied at taxpayers' cost
continuously utilized by competing carriers of
both
and freight.
passengers
admitted
the real costs at which it is
to meet all their
have
no
costs
the
rendered, but they have
costs, while their competitors
own
a
few
stations, with inconsiderable
incidentals of agencies and
on
have
except those of vehicle operation and
maintenance of
Even
The railroads
advantages in quality of service and in
advertising, plus taxes.
routes where their law-created
vantages, although enormous,
are
more
than
disad¬
coun¬
ter-balanced
roads
are
and their
tion.
by their economic superiorities, rail¬
not permitted to
realize, for themselves
patrons, the full advantages of their posi¬
must witness the fostering and per¬
They
petuation, at public
expense,
of wasteful and rel¬
atively inefficient competition and they may not
modify or adjust their own charges, independently
Volume 148
of
charges
and
Financial
upon less
favorably situated railroads
routes, upon the basis of highest net
revenue
from
Chronicle
terests, and since
this size
operation, that is, upon the only sound basis
possible.
Test legislation by the inquiry
whether it will permit the
foregoing, and similar
adjustments too numerous here to enumerate, and
pany.
it will have been tested
ferent
that is
as
to whether it will
tribute to railroad recovery.
con-
The exigency is too
great and too immediate to permit any other test.
Most
since railroads
ever
began,
a
.great section of the country, that south of the Ohio
and James
rivers, has had to
no
dif-
corporation stockholders, in
not interested in exercising their right
policy matters, unless
or on
important
serious controversy is
some
presented. This situation was clearly perceived by
the drafters of the New York State insurance sta-
test against the management develop, but stipulated
very
few regulations to Cover the routine elections
held
every year or so.
ship
a
ton of freight
No
railroad
over any
charge for any unit of rail-
service, anywhere,
Such services
joint costs and
merely
are
of
that there must
mean
than over the mile traversed by the heaviest
ices is
that they
that
mileage rates, regardless
volume of traffic.
satory.
from
corn-
operate), who provided elaborate machinery to pro¬
tect the right of policyholders to vote should a con-
own
mile, anywhere, however scantily utilized by ship-
road
Their position is in most respects
density of traffic, so that it will cost
of volume and
pers,
did not actively administer the affairs of their
forward to demand
pay
now come
universal standard of
more to
much of the committee's time,
needed to show that policyholders
tute (under which several of the great companies
equalization," by which they
no
so
rail-
of that section have
a
was
transportation. Representatives
roads and railroad
be
for its
subject received
No probe
specific evils resulting from
no
mentioned, it is not clear why the
were
to vote in the election of directors
unfortunately, at this time, it has suddenly
been discovered that
1541
a
in itself,
was ever,
are
compen-
always rendered at heavy
schedule of rates for separate serv-
a means
of recovering, in very small
Directors
of
insurance
most
therefore been elected by
of total policyholders,
But what
was
a
as
laws.
have
the probers pointed out.
not made clear was the fact that all
these elections complied in
State
companies
rather small proportion
Curiously
particular with
every
enough,
agents forging policyholders'
the
names
incident of
to ballots for
directors' elections, much publicized by the probe,
individual payments, a very large aggregate outlay,
only
Nearly always everywhere, and always in the South,
policyholders in voting by having the agents solicit
there is
vast
a
aggregate of potential service that
is hot utilized
and, of
solvency of
railroad, at
The
time, depends
upon
ability to divide its total outlay, or cost of
its
not paid for.
serv-
ice,
among
lie and
total
any
course,
any
the services actually wanted by the pub-
performed, in such
a way as
to recover its
expenditure for operation, maintenance, in-
terest and other
be done
capital costs, and taxes.
everywhere, North and South, Where traffic
is dense and where it is
be
could
That must
no
light.
Consequently, there
equalization of rates among separate
railroads, unless it
were
upward, that would not
produce bankruptcies and decay.
And upward
re-
arose
ballots.
because
one
tried to interest
company
It received this adverse publicity, there-
fore, because it
was
trying to do what Chairman
Douglas of the Securities and Exchange Commission wants to do—interest policyholders in votingan
action not required of it by law.
also
was
the fact that practically
testified to ballot forging
was
a
every
Interesting
agent who
member of the
Congress of Industrial Organizations agents' union,
now
seeking recognition from the company under
investigation.
The Monopoly Committee did not state its pur-
in presenting such testimony, nor did it indicate just how policyholders might be persuaded to
pose
Is Federal rather
vision, where low rates have been permitted by
interest themselves in elections.
heavy volume of traffic would automatically
than State control of insurance the goal?—or is
hibit the continuance
such rates
are
of that volume with
seriously intended.
in
untenable
an
tation of proxies in corporation stockholder voting,
The outcome has been that fewer rather than more
position and the
success
of their
proxies have been returned, and several corpora-
the
tions have consequently reduced the percentage of
upon
ballots necessary to constitute a quorum in an elecJust how to get corporation stockholders or
they attempt to speak. '
tion.
insurance company
investigation by the Temporary Na-
Economic Committee brought forth a
critb
which, although both
pointless and rather unfair, does suggest a reform
that
might be carried out by a totally different
The
ance
(1)
of organizations—the labor unions.
monopoly probe's two-week study of insur-
companies
was
directors' elections desired?
question One might
If it is, those who make it
cism of insurance companies
group
over
to the latter
examine the result of SEC regulation of the solici-
What About Labor Unions?
tional
answer
un-
may
========
The recent
supervision
an
not
legislation,
satisfied,
Opposition would react most unfavorably
section for which
closer
For
The threat to defeat all railroad
are
which
associated.
less this unwarranted demand is
be
pro-
chiefly concerned with proving
that insurance companies are large, and
(2)
policyholders to exercise their
franchise remains a problem as yet unsolved,
The committee did not consider whether policyholders were equipped to vote intelligently in insurance company elections, or whether affairs would
have been administered differently if they had done
so.
Vice-Chairman Sumners, however, did admit
to doubts on this score and also as to whether there
was any method of stimulating their interest in
management.
great mutual life companies are not actu-
But the problems cited and the line of approach
ally managed by their policyholders, as the theory
used in the monopoly probe might very well be
considered in connection with the labor unions, a
subject, needless to say, that the probe will not find
that the
of such
organizations would imply.
'
"The
accusation
that
insurance
companies
were
large scarcely constituted news or needed proof,
Since the
had
never
probers also conceded that the huge size
been used contrary to
policyholders' in-
time to consider. Unions are big business, and
unlike the insurance companies, they need investigation to determine just how big they are—to point
Financial
1542
out the number of
small
unions
well
so
that the
In
they wield.
known,
is there much evidence
nor
minority control is wisely
fact, there is good
reason
fairly utilized.
or
to believe that regula¬
tion of union elections would provide a solution for
of the most
some
For
eral
important of our current problems.
example, the automobile industry has for sev¬
been
weeks
plagued by
between the supporters
factional quarrel
a
of Homer Martin, the duly
elected President of the United Automobile Work¬
and his rivals who support the C. I. O.
ers,
factional strife has caused several
This
costly strikes and
provoke numerous others before a complete
may
machinery
rules
achieved.
is
settlement
were
union
if
Now
regulated by statute,
election
if the
or even
provided in the Constitution of the union
enforced, the quarrel might not have become
ter of
concern
industry.
to the
public
or
perhaps
a
THE annual pamphlet report March 13 reveals
of the United
States Steel Corp. issued
on
that the company
1938
of
$7,717,451,
debt.
on
the
in some of the older and more law-abid¬
deducting
after
the
This striking reversal in
business
profit
on
is,
says
Edward R. Stettinius Jr., Chair¬
attributable primarily to the heavy decline in
man,
tonnage volume in the consumer demand for steel,
coupled to
located
a very
considerable extent with
dis¬
a
price condition in certain important lines
to
Selling prices
products.
material
reduction,
sub¬
were
with, however,
no
corresponding reduction in the high cost levels that
prevailed for materials, labor, services and taxes,
which
comprise the elements of production expense.
Stettinius states that at
at the union's
did the demand for iron and steel
time
no
during 1938
products attain
proportions commensurate with satisfactory and
employers.
Or consider the American Federation
C. I. O.
a
the net return
Mr.
or
with
large investment which stockholders have in the
ing unions, but they are, in these instances, settled
polls and do not disturb the public
general
all
highest level since the peak earnings period of
1929.
mat¬
staged
net loss for the year
previous of $94,944,358, which was at
of finished steel
are
a
This loss for 1938 compares
for the year
jected
to the
suffered
charges, including depreciation, taxes and interest
were
even
Numerous fights for control
every year
Corporation
controlled and managed by a
are
minority of their members, but this situation
is not
Mar. is, 1939
Report of United States Steel
monopolies they administer and
the consequences of the power
Most
Chronicle
split which the President is
Most observers
compose.
is not relished
now
of Labor-
trying to
that this quarrel
agree
by the majority of members of either
organization; rather that it is in the main the dis¬
At the outset of 1938, he
profitable operations.
states, operations showed
no
improvement from the
depression point reached in December, 1937, and
continued
uncertainly at that level within
fluctuations and
narrow
hesitating upward trends until the
pute of the top-ranking executives of both factions.
third
Needless to say,
provement occurred which, though not impressive,
has
neither of the two organizations
permitted
ever
its members
to
vote
ber of the
the
developed gradually and with somewhat broadening
tendencies toward the close of the year into volume
How much did the average mem¬
clothing workers' union have to do with
designation of John L. Lewis
the C. I„ 0.?
President of
as
We may even doubt that Mr. Lewis
elected President of his miners' union
was
democratic
procedure, for
through
of the delegates
many
equal to about one-half of total capacity.
This im¬
provement, however, was confined largely to prod¬
ucts
a
required by consumer goods industries, leaving
large part of the corporation's facilities for the
production of durable goods unemployed.
The ton¬
of steel produced for sale by the subsidiary
nage,
of the corporation in 1938
companies
voting for Mr. Lewis at the miners' last convention
slightly
had
been
moderate im¬
to
as
entitled to know how each of the two factions' lead¬
selected.
summer a
In fact, we are
whether the split should continue.
ers were
During the
quarter.
more
was
only
than half of the previous year's vol¬
previously appointed by Mr. Lewis to
ume,
averaging 36.2% of rated capacity, compared
positions with local unions, which, in turn, entitled
with
71.2% in 1937.
them to be
from
a
But
delegates at the convention".
regulation of union voting and management
might help solve other problems.
for
Why should not,
example, individual members enjoy the right to
vote
on
any
right, how
would
suggested strike?
many
a
unauthorized strikes and sit-downs
have taken
average
If they had such
place in recent years?
If the
worker actually exercised his right to vote,
Viewing the
acted and the results
one
of the
the net loss of 1938 of
1934
deficit
ing
501,122, and for 1932
available to
union dictators
might dis¬
The
appear.
No
illusion
that
regulation
of
internal
union
of
For
moreover, many of the opportunities for racketeer¬
now
sale reached
48.6%,
that such
the
a
But
reasons
for expecting
reform would prove more
beneficial to
country than
in the
convincing
are
manner
any
suggested
of insurance
denied that
not
be
the
problems just
a
or
implied changes
regulation.
And it
can¬
searching investigation into
cited would of itself have
a
of
a
with
$1,146,708*
corporation reported
a
a
(a decrease of
a
deficit of $36,-
deficit of $71,175,705.
6,562,948 tons in 1938, showing
various
problems cited should be maintained.
compares
production of rolled and finished steel for
cline from the
certainly
the
$21,667,780; for 1933
management and voting would completely solve the
there
As already stated,
$7,717,454
profit of $94,944,358 for 1937
1935.
as
in the steel indus¬
years
$102,661,812); $50,583,356 for 1936, and
for
whole,
obtained, 1938 takes rank
major depression
try during fhe last two decades.
net
year as a
standpoint both of volume of business trans¬
a
de¬
previous year of 6,199,319 tons, or
Only in three
more
1932, 1933 and 1934
was
recent depression years
the production of the
subsidiary manufacturing companies lower than in
1938, and except for these three
volume
full
was
lower than any year
years
the 1938
since 1908.
The
significance of this sharply reduced level of
industrial
activity becomes
more
apparent by a
healthy influence, while the probe into insurance
comparison with the corporation's average annual
companies has
production in the
ing," the
so
purpose
lutely clear.
far only provided
some
"smear¬
of which has yet to be made abso¬
five-year period from 1926 to
1930, inclusive, which shows that the 1938 produc¬
tion
dropped approximately 7,000,000 tons belowr
Financial
Volume 148
the
five-year
referred to.
average
This represents a
quarter of 1938 operations averaged
steel
in
sale;
for
products
the second
After
$4,787,454.
adding provision for Federal income and excess
32.3%
profits taxes amounting to $2,930,000, the deficit
of capacity of rolled and finished
(1937, 82.6%)
ing to $8,262,327, left a loss of
In the
tonnage shrinkage for 1938 of nearly 52%.
first
1543
Chronicle
quarter,
$7,717,454, which, added to divi¬
increased to
was
dends
paid
the preferred stock for the year,
on
31.4% (1937, 88.4%); in the third quarter, 34.2%
makes the total deduction from
(1937, 73.6%), and in the fourth quarter, 46.9%
leaving the balance of earned surplus at Dec. 31,
(1937, 40.69%).
1938, $247,419,012.
by
In
examination of the quarterly returns.
an
reviewing the results of the previous calendar years
pointed out that beginning with the third quar¬
we
Net
corporation's operations are best disclosed
The
exception, had shown smaller earnings than the pre¬
of
1931 the shrinkage had been most pronounced of all.
In greatly aggravated form the unfortunate record
continued all
through the calendar year 1932
1933. As
a matter of fact, there were no net earnings at all
for any quarter of 1932 and the first quarter of
1933, each and every quarter having failed to earn
expenses, not to speak of charges and allowances
for depletion, depreciation and obsolencence and
interest charges on bonds and mortgages.
In the
June quarter of 1929 the corporation had aggregate
earnings of $73,861,425, and while in the September
quarter of that year the downward descent which
to the end of the first quarter of
was
began, earnings in that quarter
to last so long
amounted
still
$72,009,666.
to
The change from
of affluence to a deficiency in the
that condition
third and fourth
quarters of 1932 and the first quar¬
ter of 1933 of
$4,474,719, $3,755,503 and $4,045,065,
was a most extraordinary one and
the slump experienced.
In the fol¬
respectively,
of
indicative
lowing table we show the earnings by quarters for
The figures, as already
the last 10 calendar years.
exclusive of charges for interest
stated,
are
bonded
and other
Dec. 31, 1937
$512,432,978
79,261,329
for
increase
The
the
$483,414,682
117,331,071
$433,171,649
,.
Net working assets
$366,083,611
in the current asset
year
position is attributable to the cash proceeds from
the sale
during the
debentures of the
other
of the $100,000,000 10-year
year
corporation and the issuance of
'
=
;■ ■.
While the 1938 tax levies fall
considerably under
1937, still all classes of taxes continued at
those for
a
subsidiary com¬
obligations of the
capital
panies.
The fact that the 1938 taxes are lower
high level.
than 1937 is due
mainly to the 1938 reduced volume
and the heavy loss
of business transacted
in earn¬
ings upon which income and profits taxes are
levied.
notwithstanding
these
Stettinius
Mr.
lower
says
constitute
unit of output and
aggregate tax charges in 1938 they
somewhat greater
a
that
burden per
income than was the case in 1937. The tax
accruals estimated for 1938 as taken into the
gross
accounts for the year are as
follows:
1937
1938
State and local taxes
Federal taxes
Social security taxes.
Total of all taxes
$32,044,825
5,488,091
11,309,215
...
*
—
—
—
$42,882,565
$48,842,131
$88,048,237
31,749,768
13,415,904
Expenditures during the year 1938 for general
debt, and of depletion, deprecia¬
for estimated amount of Federal income taxes pay¬
able in
past two years:
Dec. 31, 1938
Gross working assets
Current liabilities
on
obsolescence, but inclusive of allowances
and
tion
The following table
position of current assets and
current liabilities for the
ceding quarter, and that in the latter quarter
and up
relative
succeeding quarter, without a single
ter of 1929 each
was
increased during the year
working assets
$67,088,038 to $433,171,649.
shows the
surplus $32,937,140,
upkeep of the properties and the
maintenance and
further
charges against earnings and income for
of improve¬
facilities, and for depletion
resources, totaled $113,642,375 in compari¬
accruing depreciation and obsolescence
succeeding years:
ments, equipment and
Fourth
1938
1937
y1936
y
—
—
1935
1934
1933
1932
1931
1930
1929
x
—
—
—
—
—
—
Loss,
y
The
other
Second
First
Quarter
Quarter
Quarter
$21,336,676
18,716,056
36,594,063
20,520,928
3,788,375
5,587,543
x3,755,503
4,020.549
23,038,230
57,988,856
-
y
Third
Quarter
53,716,626
29,227,034
14,117,865
21,082,389
4,631,963
x3,362,737
13,817,524
47,061.305
73,861,425
.
17,664,596
12,428,449
6,578,731
x4,045,065
xl,136,607
19,464,836
49,615,397
61,978,985
a
of
the
corporation
amounted
to
decline of $628,875,877, or 45%, from
reported in 1937.
Gross sales to outsiders
$560,508,303, compared with $964,397,615 in
decrease of 41%, while transportation rev¬
1937,
a
enue
was
$52,574,864 against $96,098,001 in 1937,
45%,
and miscellaneous revenue was $19,-
450,216 against $26,266,861 in 1937, a falling off of
26%.
$6,816,645,
or
conversion
uses
revenues
Sales between subsidiaries for
and resale and other inter-company
amounted to $134,140,370, compared
with
$308,787,153 in 1937, a decrease of 56%. The results
of the year
1938
as a
whole can be briefly stated by
profit of
$53,668,322, the charges for allowances for deple¬
tion, depreciation and obsolescence of $49,193,448
saying that starting with a# operating
left
a
net income of
interest charges
$3,474,874, while the call for
for bonds and mortgages, amount¬
of natural
son
with
$172,164,266 for similar expenditures and
allowances for the
preceding year.
Capital outlays,
restricted basis during the depres¬
necessarily
on a
sion years
(the net property expenditures
only $7,313,792 in
1933),
Figures reported In quarterly statements.
revenues
the total
down
$11,170,183
report fpr 1938 shows that gross sales and
$766,673,753,
were
$11,500,257
48,213,455
30,192,889
13,469,570
3,768,863
11,816,832
x4,474,719
9,181,091
37,995,300
72,009,666
,
$11,334,085
45,260,205
Avere
reaching
1934 as against $7,875,635 in
increased from $31,705,235 in 1935 to
$69,421,594 in 1936 and $123,617,832 in 1937, but
declined to $66,949,512 in 1938.
In previous years
capital outlays were of large proportions. "At
1938 unexpended balances on approved
the
the close of
authorizations
for
additions,
extensions
provements to plants and facilities
and im¬
aggregated ap¬
The sale of $100,000,000
10-year 3%% debentures provided the corpora¬
proximately $22,000,000.
of
tion
with funds for construction and
rate purposes.
of the common
a
credit of
$217,581,300 to capital surplus, provided
part of the $260,368,521
assets to
other corpo¬
The write-down in the stated value
shares from $100 to $75, permitting
required to write intangible
$1 in 1938, an amount additional to the
aggregate of $508,302,500 by which intangibles had
written off in the preceding 36 years.
Mr.
been
transaction,
evaluate
convincingly what real value the intangible assets
Stettinius,
states:
in
connection
with
this
"It is, of course, not possible to
1544
Financial
whatever that value may be, it is still
possess, but
in existence and is not affected in
the
book
ment
number of employees working at the
total
any manner
above."
decrease of
a
In
The average earnings
per employee per hour increased 3.8c. to 90.2c.
The
it
creased
22.7%;
total
payroll
decreased
21%, and
earnings
average
The report states that
Gross and Net
per
the
railroads
of
the
United
States
In comparison with the
last year,
a
small
and
when the situation
improvement
was
during
and net
earn-
same month
of
truly deplorable,
be noted in
can
virtually all of the gain
earnings,
gross
carried
was
products,
earnings, owing to the harsh necessity for econo¬
mies imposed by the accentuation late in 1937 of
a
much
the
depression.
recorded is
now
are to resume their proper
spheres
achievement, and railroad
executives,
the Administration in
which
reform.
improvement
statistics.
contributed to the modest financial
of
We
the
now
Month of January—
week
fresh
in
business
ease
mains
to. be
the New
predicament
some
Most of these proposals unques¬
and
of them
some
particular problems markedly.
It
re¬
however, whether the rigors of
seen,
Deal will be relaxed
thus afforded for
Gross
of
name
Legislature, and hardly
well intentioned,
are
would
persecution
by without the introduction of
legislation.
this
like all other
Washington under the
the national
goes
tionably
and
an
indicated
by
same
631,048,
the
1939
1938
233,824
Inc.
234,853
(+) or Dec. (—)
—1,029
0.44%
$305,232,033
$278,600,985
+$26,631,048
Operating expenses
232,421,014
231,990,989
+ 430,026
Ratio of expenses to earnings.
76.15%
83.27%
Net earnings
$72,811,019
In order to show in
a
$46,609,996
+$26,201,023
simplified form the
9.55%
0.19%
56.21%
measure
of trade
activity in relation to its bearing
revenues
of the railroads
the
on
during the month under
opportunity
widespread business expansion.
we
have brought together in the subjoined
figures indicative of activity in the more
important basic industries, together with those per-
taining to grain, cotton and livestock receipts and
revenue
freight
loadings, for the month of Janu-
car
1939, as compared with the same month of 1938,
1937, 1932 and 1929. On examination it will be
a*y,
readily
that the output of all the industries
seen
named are,, in greater or less degree, much larger
than in January last year, especially in the case
of
the
iron
and
steel
loaded with
cars
larger.
industries.
revenue
The
number
of
freight, too, it follows, is
On the other hand, receipts of cotton at
the Southern
outports and of livestock at the lead-
ing cattle markets
as
are on a greatly reduced scale,
well as the receipts of the various farm products
earnings
amounted
the
the
railroads
present the monthly compari¬
Gross earnings
review,
recognition by
a
some-
Apart from considerations of this
in tabular form:
son
for
necessary
managers,
Consideration of the railroad
continues
a
in
passes
the De¬
table the
Washington of the need for
rather : than
recovery,
are
awaiting anxiously
are
over
substantially better than
were
nature, it is noteworthy that virtually all sections
of the country
Business
place in the national scheme of things.
all
production and ship¬
comparison of the 1939 and 1938 periods is
only mildly encouraging, for
struggling railroads
in
as
improvement
some
and
what distorted.
The comparative improve¬
greater absolute gain must be realized if
advances
well
as
Mileage of 135 roads.......
the economic
improving tend¬
during the corresponding period in 1938."
to
over
net
ment
an
Earnings of United States Railroads for the Month of January
ings of the Class I systems for the month of Janu1939.
industry indicate
During the first two months of 1939 orders
cember average
important questions having
most of 1938 is reflected in the
gross
ary,
"At the time this report is written
ments, have shown
hour increased 4.4%.
their designated representa¬
gratifying to observe that conditions in the
for steel
36.3%;
Modest relaxation of the crisis conditions which
faced
is
ency.
number of hours worked per week decreased
or
concluding his remarks to stockholders, Mr.
iron and steel
number of employees working in 1938 de¬
average
hours and conditions of employ¬
employees,
Stettinius says:
$160,718,351 to $282,209,332.
average
1939
satisfactorily adjusted through discus¬
were
sion with
59,185 below 1937,
202,108, while the payroll decreased
of
18,
tives.
mentioned
end of 1938 showed
a
Mar.
to do with wages,
by
reduction
The average
or
Chronicle
of the railroads for January
at the Western primary markets, with two
$305,232,033 against $278,600,985 in ; tions—wheat and oats:
month of 1938, this
being a gain of ^
1939
1938
1937
January.
1932
excep-
to
9.55%.
This advance reflects in part
the larger volume of traffic; offered the
carriers, but
or
it is necessary
to note that the higher freight rates
(cars):
Production (passenger
1929
Automobiles
«
trucks, &c.).a_.
cars,
Building
339,152
210,450
379,603
119,344
401,037
251,673
195,472
242,719
84,798
409,968
($000):
Constr. contr. awarded b
permitted by the Interstate Commerce Commission
'
»
a
year
ago
provement.
the
also contributed
The
operating
Coal
to
the
financial
im¬
of enforced economy brought
wave
charges
of
the
railroads
down
(net tons):
Bituminous.c
Freight
in
to
reasonable
proportions
earnings, the ratio of operating
revenues
falling
83.27% in the
to
same
76.15%
in
of
the
January
month of last year.
increase of $26,201,023,
or
56.21%.
ously enough, adjustments of this nature
carried much
wage
several
comparative
creases
1,200,877
735,209
8,810
17,362
25,236
3,085
4,034
5,825
9,087
2,641
2,270
1,906
5,478
7,272
Flour (000 barrels)
Wheat (000 bushels)
xl.737
xl.438
xl,886
xl0,817
xl0,238
x7,349
X16.046
xl8,905
Corn (000 bushels)
Oats (000 bushels)
*13,515
x5,756
x32,247
X12.302
z9,5l4
x34,776
Obvi¬
xl,487
x2,249
—
Barley (000 bushels)
Rye (000 bushels)
__
X5.252
x4,422
X4.033
x8,514
x6,529
x8,553
x3,761
xl,612
x3,460
xl.062
xl.337
x987
x372
x944
1,429,085
3,211,500
972,784
3,442.370
1,732,764
4,724,894
1,459,450
4,490,354
*
Iron & Steel (gross tons):
Pig iron production.k..
Steel ingot production.l.
farther, especially in view of the high
scales inflicted upon the carriers
of the
312,134
10,224
3,787
receipts:h
conse¬
cannot be
518,772
7,685
Western flour and grain
earnings of January amounted to $72,811,019 against only $46,609,996 in that month of
an
173,309
Kansas City (cars)
Omaha (cars)
quence, net
1938,
x2,302,464 x2,256,717 x2,714,449 x2,266,771 x3.571.455
South¬
Chicago (cars)
against
In
receipts,
ports (bales) A
Livestock receipts:g
ern
gross
to gross
expenses
Traffic:
Car loadings, all (cars) _e
Cotton
January
35,530,000 30,950,000 40,940,000 27,892,000 52,140,000
4,953,000 4,815,000 4,025,000 3,897,000 7.337.000
Pa. anthracite.d
2.175,423
3,186,834
Lumber (000 board feet):
result
a
Production.m
prosperity
prevailed.
preceded the freight rate
The
so
that the
x521,741
x669,718
x375,909 xl,318,759
x749,623
X648.063
*783,159
Orders
X773.178
x707,060
X927.703
X537.103 xl,306,018
X546.226 xl,445,110
received.m
Note—Figures in above table Issued by:
in¬
advances, with
January of 1938 falling in the interim,
wage
X687.764
Shipments.m_
as
rulings of 1937, when conditions of
a
United States Bureau of the Census,
States
d
east
of
Rocky
Mountains),
United, States Bureau of Mines,
e
b F.
W.
Dodge Corp.
(figures for 37
c National Bituminous Coal Commission,
Association of American Railroads,
f Com¬
plied from private telegraphic reports,
g Reported by major stock yard companies
city,
h New York Produce Exchange,
k "Iron Age."
I American Iron
in each
Volume
148
Financial
and Steel Institute,
National Lumber Manufacturers* Association
reporting mills varies in the different years),
x Four weeks. •
With
m
the
railroads
of
the
recording increases in both
alike, it is
country as a whole
gross
and net earnings
surprise to find when
no
(number Of
we
turn to the
Chronicle
1545
favorable character of the returns is very
brought out, in
as
much
clearly
all the three great dis¬
as
tricts, the New England, the
Southern and the
Western, together with all the various regions
com¬
separate roads and systems that the exhibits are
prising these districts, with the single exception of
in
the
with the results shown for the roads
consonance
collectively.
and
For the month under review 45 roads
systems are able to report gains in gross earn¬
ings in
above
of f100,000, and but two show losses
excess
that
amount, while in the
case
of the net
Southwestern
of the
net, all the different districts, including their
regions, show gains.
the increases shown
of the net
case
earnings, 50 roads record increases above $100,000,
and only three roads decreases.
Both the great
ing in
trunk
case
lines—the Pennsylvania
York Central—show
net
alike,
the
BR. and the New
large gains in both gross and
$4,431,111
former
in
$2,779,316 in net, and the latter $3,116,691 in
and
the
$2,524,341 in net.
(These figures
and
gross
gross
only
cover
operations of the New York Central and its
leased
of
earnings
an
previously explained,
we
other roads and
systems which are able to report
increases in
both
Baltimore &
Ohio, showing
gross
Among
gross
and net earnings
a
are
and $1,307,795 in net; the Norfolk & Western,
$1,526,220 in
Southern
gross
Cross Earnings—
1939
Fe, with
a
In the
increase of
an
14.34
14.25
135,084,182
118.677,964
+16,406,218
13.82
roads)........ 43,029,121
19,010,031
39,269,045
16,609,821
+ 3,760,076
+2,400,210
14.45
55,878,806
+ 0,160,286
11.02
28,359,914"
+1,653,473
+2,591,171
—180,100
5.83
5.03
0.74
104,044,155
+ 4.064,544
3.90
278,600.985
+26.031,048
9.66
following table
we
whether increases
or
of $100,000,
decreases, and in both
gross
~y
Total (32 roads)....
62,039,152
...
9.57
Western District——
(15 roads).— 30,013,387
Central Western region (10 roads).
Total (52
54,068,070
24.027.242
(21 roads)
roads).—v.—..108,108,699
Total aU districts
(135roads)—.305,232,033
District and Region
Month of Jan.—
Eastern District—
show all changes for the
excess
►'
Pocahontas region (4 roads)
$1,014,705 in the net.
separate roads for amounts in
(—)
%
9.67
+ 7,800,347
Southern District—
gain of but $185,162 in the gross, is
able to show
or Dec.
$
+ 1,175,099
+ 7,430,772
The Atchison Topeka & Santa
$1,054,877 in net.
(+)
12,141,760
61,806,922
54.729,292
Total (51 roads)..
Southern region (28
Inc.
$
New England region (10 roads)..*. 13,316,849
Great Lakes region (23 roads)
59,237,694
Central Eastern region (18 roads) — 62,529,639
Southwestern region
gross
1938
$
and
in
The boun¬
SUMMARY BY GROUPS
Northwestern region
$978,920
As
con¬
and regions are indi¬
Region
Month of January-
and $1,293,885 in net, and the
reporting
By.,
than
cated in the footnote to the table:
the
gain of $1,061,258 in
less
no-
the roads to
group
daries of the different groups
increase in gross
$3,492,923 and of $2,790,570 in net.)
region
form with the classification of the ICC.
Eastern District—
of
50%, and in the
over
Our summary by groups is as below.
District and
included, the result is
exceedingly high, reach¬
are
Northwestern
the
129.39%.
Moreover, the percentages of
by the various regions in the
instances well
many
lines; when, however, the Pittsburgh & Lake
Erie is
region in the Western district,
report increases in gross earnings, while in the case
»'
Net Earnings
■
Mileage
1939
61,470,899
24,207,342
1939
1938
New England region.
6,805
Great Lakes region.. 20,224
Central East'nregion 24,614
6,960
26,308
24,744
57,643
Southern region..... 38,463
Pocahontas region
6,057
1938
Jwc.(+) or Dec.i.—)
$
$
t
%
14,625,053
15,643,979
1.973,298 +1,585,675
8.073,888 + 6,451,165
9.811,733 + 5,832,246
80.35
79.90
59.44
68,012
33.728,005
19,858,919+13.869,086
69.83
38,680
6,039
11,136,521
7,605,527
7,694,043 + 3,542,478
5,674,330 +1,931.197
46.64
44,520
44,719
18,742,048
13,268,373 + 5,473,675
41.25
Northwestern region. 45,821
45,901
Total....
and net:
3,668,973
Southern District—
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JANUARY
171CT6CLS 6
Increase
Pennsylvania——.... $4,431,111
New York Central
a3,116,691
Norfolk & Western.....
1,526,220
Union Pacific.
1,333.272
Baltimore & Ohio
1,061,258
Southern Ry
978,920
:
Atlantic Coast Line.....
Cine N O & Texas Pac..
$350,702
342,197
333,657
293,567
259,500
211,632
188,836
185,162183,860
159,064
145,377
141,900
Chicago Burl & Quincy
Delaware & Hudson....
Virginian
Western Maryland
Louisville & Nashville..:.
886,008 Lehigh Valley
Erie--.
768,643 Atch Top & Santa Fe...
N Y N H & Hartford.—
666,734 Nash Chatt & St Louis
594,283 Detroit Toledo & Ironton
Reading
Southern Pacific (2 rds.)_
593,525 Atlanta Great Southern.
Great Northern...
!
'
584,882 Western Pacific
Boston & Maine
;
"
576,532 Bessemer & Lake Erie
118,876
Chesapeake & Ohio
571,103 Central of Georgia......
117,471
Del Lack & Western.
526,062 Denver & R G Western.
114,914
Elgin Joliet & Eastern
525,8401 Clinchfield.
114,333
Pere Marquette
471,914 Chic R I & Pac (2 rds.)..
112,313
Chic Milw St P & Pac466,333 Monongahela Ry
112,185
N Y Chicago & St Louis.
463,884
Northern Pacific
Total (45 roads)......$26,023,701
428,383
Seaboard Air Line
Decrease
424,536
$191,529
Wheeling & Lake Erie.
398,074 Bangor & Aroostook
Wabash-..386,153 Colorado South'n (2 rds.)
180,932
Grand Trunk Western..
381,562
Total (3 roads).......
Pittsburgh & Lake Erie.
376,232
$372,461
_ _
...
...
...
....
Total
—
XVfiSifPTti
nlvfpf
34.03
i
1,085,352 +2,180,750 129.39
7,159,234 +3,918,449
64.73
4,638,118
+759,057 10.30
Central West'n region 56,481
56,808
Southwestern region.
29,413
3,866,108
11,077,083
5,397,175
131,661 132,122
20,340,966
13,482,704 +0,858,262
50.80
Total all districts...233.824 234,853
72,811,019
46.609.996 +26,201,023
66.21
Total
29,359
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
And regions:
groups
<
EASTERN DISTRICT
...
.
.
...
...
..
.
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
a
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $3,492,923.
PRINCIPAL
CHANGES
IN NET EARNINGS
OF JANUARY
FOR
THE
Pennsylvania
$2,779,316 Wheeling & Lake Erie—
New York Central.
Baltimore & Ohio...
*2,524,341
1,307,795
1 <293,885
1,180,023
1 <054,877
1,014,705
933.977
806,508
640,606
611,741
587,004
577,071
534,185
504,364
Norfolk & Western
Southern Pacific (2 rds.).
Southern Ry
Atch Top & Santa Fe
Louisville & Nashville...'
N Y N H & Hartford...
Chic Burl & Quincy..
Northern Pacific
Boston & Maine........
Union Pacific
Chicago & North Western
Reading
*—
Delaware & Hudson....
Erie
—
Pere Marquette
N Y Chicago & St Louis.
Del Lack & Western..
Wabash
Elgin Joliet & Eastern
Chic R I & Pac (2 rds.)..
Great
Northern
Lehigh Valley
Chesapeake & Ohio.;
Cine N O & Texas Pac
Atlantic Coast Line.....
■*
500,911
Chicago Milw St P & Pac
Grand Trunk Western..
$303,022
297.206
279,310
Western
Pacific
«...<
Seaboard Air Line..'
Pittsburgh & Lake Erie.
Missouri Pacific—-
272,383
266,236
266,229
251,799
.
«...
Virginian—i.
St Louis-San Fran (2 rds.)
Nashville & Chattanooga
Detroit Toledo & Ironton
Denver & R G Western..
Chicago Great Western..
Bessemer & Lake Erie...
Western Maryland-.-..
Alabama Great Southern
459,884 Clinchfield
424,003 New York Connecting..
421,437 Central of Georgia
226,791
194,481
166,551
162,155
153,368
152,318
129,015
125,744
124,671
108,154
106,010
404,944
Total (50 roads)
$25,174,162
393,519
383,572
Decrease
383,024
$123,887
377,869 Bangor & Aroostook
Yazoo & Mississippi Val.
114,251
353,923
107,684
346,031 Central RR of New Jer..
329,004
Total (3 roads)..,
$345,822
310,651
These
When the roads
are
arranged in groups, or
geo¬
graphical divisions, according,to their location, the
line from Chicago via, Pittsburgh to
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the Mississippi River and
south
point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
of the Ohio River to
a
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the, Ohio River north to Parkersburg, W. Va.,
a line from Parkersburg to the southwestern eor-~
nf Maryland and
and south of
thence by the Potomac River to its mouth ij
WESTERN DISTRICT
Northwestern Region—Comprlses the section adjoining
Canada lying west of the
Great Lakes Reglori, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
f
1
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 6f a line
to El Paso and by the Mexican boundary
from St. Louis to Kansas City and thence
to the Pacific.
The
them
grain
traffic
over
far below that of 1938
was
Western
roads, taking
collectively, in January the present year fell
149,549
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago A St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $2,790,570.
a
between
north of
New York.
Central Eastern Region—Comprises the section south of the Great Lakes Reglor
east of a line from Chicago through Peoria to St. Louis and the Mississippi Rive,
to the mouth of the Ohio River, and north.of the Ohio River to Parkersburg, W. Va.,
and a line thence to the southwestern corner of Maryland and by the PQtomao
a
Increase
Increase
»
MONTH
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian boundary
New England and the westerly shore of Lake Michigan to Chicago, and
although, even at that, it
still much larger than in
and oats
receipts
ran
193T.
.
While wheat
somewhat heavier in January,
1939, the movement of the other staples, particu¬
larly of corn, was on a greatly reduced scale.
Alto¬
gether, the receipts of the five cereals, wheat, corn,
oats, barley and rye, at the Western primary mar¬
kets for the four weeks ended Jan.
28, 1939, totaled
only 37,679,000 bushels as against 57,627,000 bushels
in the
same
four weeks of
1938, but comparing with
28,821,000 bushels in the corresponding period of
1937.
Back in
January, 1932. the receipts were
Financial
1546
Chronicle
Mai.
only 31,577,000 bushels, but in 1929 they aggregated
In the following table,
66,599,000 bushels.
the details of the Western
Net Earnings
give
we
grain movement in
1939
18,
of
Year
Increase ( + ) or
Per
January
our
Year
Given
Preceding
Decrease (—)
Cent
$49,900,493
$40,841,298
+$9,059,195
+22.18
+ 12.64
1909
usual form:
56.393,506
1911.
WESTERN FLOUR AND GRAIN RECEIPTS
-
50,062,699
+ 6,330,807
50,946,344
1910
53,280,183
—2,333,839
—4.38
1912
Jan. 28
45,940,706
52,960,420
—7,019.714
—13.25
Barley
Rye
1913
64,277,164
45,495,380
+ 18,781,777
+ 41.28
{Bush.)
{Bush.)
1914
—12,451,572
—19.09
Oats
Corn
{Bush.)
Wheat
{Bush.)
Flour
(Bbls.)
4 Wks. End.
{Bush.)
52,749,869
65,201,441
1915
51.582,992
52,473,974
—890,982
—1.69
84,000
1916
78.899.810
51,552,397
+27,347,413
+ 53.04
296,000
1917
87,748,904
79,069,573
+ 8,679,331
+ 10.97
83,475.278
3,542,000
573,000
473,000
1920.
163,000
210,000
1922
223,000
1923
Chicago—
1939
1938
669,000
615,000
3,951,000
5,219,000
1,887.000
1,272,000
1,104,000
1,181.000
3,426.000
2,285,000
910,000
2,484,000
1,156,000
670,000
2,859.000
581,000
758,000
580,000
2,204,000
355,000
460,000
827,000
751,000
Minneapolis—
—66.436,674
—79.58
36,222,169
13,881,674
+22,340,495
+ 160.93
85,908,709
+ 49.809,654
+ 137.98
—60,351,362
—67.96
57,421,605
36,009,055
88,803,107
28,331,956
+29,089,649
+ 102.67
93,279,686
58.266.794
+ 35,012,892
17,038,704
1918...
600.000
1939
1938
1919
-
28,451,745
1921
Duluth—
1939
1938
-
781,000
—,i.
+60.09
10.08
1924
525,000
100,000
29,000
34,000
507,000
859,000
195,000
247,000
1,045,000
2,372,000
936,000
73,000
1938
13,000
2,000
265,000
238,000
1939
73,000
83.953,867
93,366,257
—9,412,390
1925
101,022,458
83,680,754
+ 17,341,704
+ 20.72
1926
Milwaukee—
102,270,877
101,323,883
+ 946,994
+0.93
99,428,246
102,281,496
—
1,959,000
44,000
2,578,000
167,000
1928
93,990,640
99,549,436
—5,558,796
—5.58
2,000
11,000
1929
117,730,186
94,151,973
+23,578,213
+ 25.04
1,000
19,000
1930
94,759,394
117,764,570
—23,005,176
—19.53
94,836,075
—22,883,171
—24.12
41,000
1932
45,940,685
72,023.230
—26,082,545
—36.21
26,000
1933
45.603,287
45,964,987
—361,700
1934
44,978,266
+ 17,284,203
+ 38.42
1935
62,262,469
51,351,024
62,258.639
—10,907,615
—17.51
1936
1927
Toledo—
1939
1938
1931
Indianapolis <k Omaha—
1939
m-
-1.1-
1938
786,000
1,275,000
6,304,000
St. Louis—
831,000
1,320,000
804,000 10,348,000
408,000
504,000
81,000
127,000
2 658,000
235,000
336,000
2,836,000
3,342,000
912,000
2,043,000
283,000
472,000
311,000
232,000
—0.78
200,000
157,000
1939
499,000
1938
71,952,904
—2.78
—2,853,250
441,000
237,000
48,000
52,000
26,000
153,000
36,000
173,000
1938
*
—
68,000
'
1938
St. Joseph—
■>
+29.82
+ 15,478,511
390,000
51,905,000
67 380.721
+ 10.560,349
+ 15.67
46,633 380
77,971.930
46.609,996
—31.338.550
—40.19
+ 26,201,023
+ 56.21
1939
87,000
49,000
182,000
*
1939
1938
223,000
......
The Course of the Bond Market
After
Wichita—
879,000
1,000
27,000
2,000
34,000
242,000
42,000
52,000
15,000
29,000
529,000
38,000
28,000
198372450
i-
all—
2.249,000 10,817,000
13,515,000
5,756,000
6,529,000
1,487,000 10,238,000 32,247,000
5,252,000
8,553,000
As to the cotton traffic
Southern
over
movement
of the
the
to
In
Gross shipments
125,700 bales in January
1937, however, the overland receipts fell
In
January, 1929, they totaled 167,997 bales.
Details of the port movement of cotton for the
past
six
OF
COTTON
AT
JANUARY FROM
1939
Ports
Galveston
bales.
Houston,
Corpus
SOUTHERN
1934 TO
1938
PORTS
FOR
1937
1936
„
1934
99,354
75,609
177,025
165,481
2.064
43,605
164,558
56,560
140,271
3,400
65
r
54", 256
150,566
13,120
7,102
Pensacola
158
162
Savannah
3,357
1,542
1,266
161,609
15,601
2,033
3,394
71
131
125",666
72,014
119,409
15,382
7,635
5,325
350
1,123
1,396
9,931
1,915
9,799
2.065
4,736
4,379
6,223
.
Brunswick
2,846
"l04
7",420
4", 554
Lake Charles
...
we
in utility
to
has been down.
uncertainties, lost
have recovered
Tel.
& Tel.
some
Lower grade issues, sensitive
ground, particularly those which
noticeably in past weeks.
so
International
5s, 1955, at 69 were off 6; Associated Gas &
Electric 534s,
1977, have declined 4 to 52; New England
Gas & Electric 5s, 1948,
have lost 3% at 6534-
There have
1,480
2,632
280
1,082
future.
312,134
410,916
237,286
478,928
been
a
gross
of the January
summary
and net earnings of the
including 1909:
Mileage
$181, ,027,699 $171,740,858
207, 281,856
180,857,628
204, 168,709
199,186,255
210, 704,771
213,145,078
246, ,663,737 208,535,060
267, ,043,635
249,958,641
236,880,747
220.203,595
267,115,289
294,002,791
Inc.
(+)
Dec.
or
{—)
Preced'g
+46,840,040
+ 21.27
+ 40,845.785
+ 15.29
—11,608,126
—3.94
222,456
229,204
225,862
237,888
235,607
243,732
246,959
247,620
248,477
240,0*6
+ 39.21
232,655
+ 25.90
232,511
—6.60
232,492
235,395
+ 2.50
—2,440,307
—1.14
+ 38,128,677
+ 18.28
—16,884,807
—6.75
—16,598,551
—7.00
485, ,961,345
456 ,560.897
489,722,466
1929
486 ,201,495
—30,161,749
+ 28.853,685
—36,102,247
—16.04
+ 26.78
235,678
—6.70
+ 3.39
238,698
236,149
—0 81
236,9*4
changes of
latter
234,469
246,958
247,159
248,238
239,882
232,710
232,210
231,513
234,236
235,627
235,886
235,498
236,105
236,590
+ 1.27
237,846
—5.02
239,476
240,833
238,808
—6.30
—7.41
242,350
242,175
—18.92
242,332
—16.73
242,677
244,243
241,881
+ 13.89
239,444
241.337
228, 889,421
1934
267, 719,856
226,276,523
1935
257,728,677
+ 6,148,718
+ 2.38
238,245
1936
263, 877,395
298, 704,814
263,862,336
237,078
239,506
238,393
330, 968,057
+ 34,842,478
+ 32,303.592
+ 13.20
1937
+ 10.81
—52,208,245
+ 26,631,048
—15.77
235,990
235,422
236,857
236,041
+ 9.55
233,824
234,863
278. 751,313
305, 232,033
298,664,465
330,959,558
278,600,985
—24.77
240,417
242.365
241,991
fractions, although
or
classification
more
the
are
among
lower grades
have been registered.
Certain-teed
In the
Products
534s,
1948, down 3 points at 82, and the R. K, O. 6s, 1941, down
points at 68.
On the other hand the International Mercan¬
tile Marine 6s, 1941, were up 2%
news
for the
been
shipping industry.
down
points at 59
pany
on
encouraging
Steel Company obligations
fractionally * and oils have been mixed,
with changes held to fractions; meat
225,941
239,402
235,179
—85,314,308
—90,545,842
—46,000,776
+ 31,443,332
365, 416.905
274, 976,249
to
point
a
219,515
225,292
457,347,810
486,628,286
450,731,213
365,522,091
274.890,197
450 ,526,039
changes of industrial bonds this week have generally
confined
have
+ 5.40
1928
500, ,816,521
Given
+ 14,61
+ 4,892,454
1927
393 ,892,529
Year
Cent
+ 26,424,228
480, ,062,657
469, ,784,542
Year
+ $9,286,841
1926
494, ,706,125
Per
new
no
Price
been
Preceding
395, ,552,020
...
bond prices this week and the trend in all classes for
the most part
2,783
483 ,195,642
1938
Following the sagging price structure of the stock
market, defaulted railroad bonds also sustained losses.
124
Given
307, ,961.074
...
334s, 1952, dropped 5 points
1,462
Year
282 ,394,665
1932
72.
1956, declined 6M to 5^3^,
conv.
7
Year
233, 073,834
.......
Southern Railway 4s,
utility offerings but the acceleration in regis¬
trations indicates a resumption in financing in the near
present
220, 282,196
...
-
3,923
1925
1939
week.
while New York Central
6,735
467, ,887,013
1933
reactions, weakness having continued toward the close of the
5
...
4s,"1995, at 108>2 lost 1}/%.
550
Gross Earnings
1923
gen.
speculative railroad bonds have undergone wide price
740
1924
1931
gained \i at 1173^; Atchison
More
an
Oregon Short Line gtd. 5s, 1946, have
1+875
284,131,201 + 111,420,819
392,927,365 + 101,778,760
603,011,129 —33,226.587
469,195,808 —75,303,279
395,000,157 + 105,816,364
501,497,837 —33,610,824
467,329,225
+ 15.866.417
484,022,695
—3,960,038
479,841.904
+ 6.119,441
1930
irregular pattern.
toward the close
losses,'producing the"net effect "of
383
Month
1922
narrowed the
have
1,662
*
railroads for each year back to and
1920
than
518,772
comparisons, of the
.......
more
5,946
173,309
Finally,
1916
tendency toward
any
nervousness.
4",433
6,723
1,418
...
.......
world
194
3,500
Jacksonville
1909
in
mm
2,021
5,138
85
496
Wilmington
.
e
53
Charleston
of
January
mi
Uncertainty prevailing in the markets has been reflected
1935
66,448
Chrlstl
hi
High-grade railroad bonds experienced fractional losses at
1939, INCLUSIVE
161,607
Mobile
Norfolk
OF
49,701
Orleans..
-
the middle of the week, but minor gains
to
MONTH
53,232
&c__
Beaumont
New
given in the subjoined table:
years are
RECEIPTS
disturbance
U. S. Governments declined by minor fractional
rails, but without showing
re¬
119,527 bales, and in 1932 were down to 58,185
bales.
implications of additional
regards
as
present year as compared with 196,329 bales in
1938.
re¬
Czechoslovakia,
amounts, and corporates lost some ground, particularly the
minor
staple and the
ceipts at the Southern outports.-
oveiland aggregated only
1,062,000
1,337,000
roads, this,
greatly reduced scale, both
on a
its
mi
1939
overland
with
politics.
"
too, was
highs earlier in the week, bonds
ceded upon news of German occupation of
......
1938
the
new
20,000
1939
1938
recording
2,000
1,029,000
1939
1938
Sioux City—
Total
72,811,019
„
jf"
Kansas City—
1939
1,912,000
77,941.070
1938
182,000
1939
67,383,511
1937
Peoria—
packing and food com-'
issues have been firm.
Political events in Europe caused considerable uneasiness
in the
foreign bond market and most European obligations
have been
such
depressed.
those
as
ranged from
a
of
While losses in the better-grade issues,
Scandinavian
the
fraction
up
which have been hardest hit,
31 and the 8s, 1951, 41
and
Belgian
groups,
to 2 points, it was the Czech issues
the 8s, 1952, losing 46 points to
points at 31.
German Government
-loans showed little change with the rest of that group con¬
tinuing spotty.
Italian bonds have been lower while Polish
bonds have been well maintained.
after their recent
upward
surge,
Following early weakness,
Brazilian bonds recovered
slightly in later dealings, other South American issues dis¬
playing
some
signs of softness.
Japanese bonds have been
irregular.
Moody's computed bond prices and bond yield
are
given in the following tables:
averages
Volume
1547
Chronicle
Financial
148
MOODY'S BOND YIELD AVERAGES f
MOODY'S BOND PRICES t
(Based
U.
8.
AU
Govt.
AU 120
Corporate by Groups *
104.67
Corporate by Groups
Daily
tic
Averages
Corp.
Baa
RR.
U.
Indus.
114.93
102.30
80.07
92.43
109.64
113.27
Mar. 17
3.74
2.99
Aaa
Aa
P.
Aaa
U.
Indus.
Baa
3.22
3.87
RR.
4.89
A
Aa
A
119.92
Corp.*
Averages
120 Domestic
by Ratings
1939
tic
Mar. 17.. 114.64
120 Domestic Corporate
Domes¬
120 Domestic
by Ratings
Domes¬
Bonds
(Based on Individual Closing Prices)
Yields)
120 Domestic Corporate *
120
1939
Daily
on Average
4.46
3.48
3.30
P.
16— 114.74
104.85
120.14
115.14
102.66
86.50
93.06
109.84
113.68
16
3.73
2.98
3.21
3.85
4.80
4.42
3.47
3.28
15
114.77
104.85
120.14
114.93
102.66
86.64
93.06
109.84
113.68
15
3.73
2.98
3.22
3.85
4.85
4.42
3.47
3.28
14
114.77
105.22
120.59
114.93
102.84
87.07
93.53
109.84
113.89
14
3.71
2.96
3.22
3.84
4.82
4.39
3.47
13.. 114.74
105.22
120.37
115.14
102.84
87.07
93.37
110.04
113.89
13
3.71
2.97
3.21
3.84
4.82
4.40
3.46
3.27
11— 114.73
105.41
120.59
115.14
103.02
87.21
93.53
110,.04
113.89
11
3.70
2.96
3.21
3.83
4.81
4.39
3.46
3.27
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
.4.81
4.39
3.46
3.28
10— 114.79
3.27
9- 114.49
105.22
120.59
115.14
102.84
86.92
93.21
110.04
114.09
9
3.71
2.96
3.21
3.84
4.83
4.41
3.46
3.26
8- 114.39
104.85
120.37
114.93
102.66
86.50
92.90
109.84
113.89
8
3.73
2.97
3.22
3.85
4.86
4.43
3-47
3.27
7— 114.28
104.07
120.14
114.72
102.48
86.07
92.43
109.64
113.68
7
3.74
2.98
3.23
3.86
4.89
4.46
3.48
3.28
0- 114.05
,
104.67
120.14
114.72
102.48
85.93
92.28
109.84
113.48
6
3.74
2.98
3.23
3.86
4.90
4.47
3.47
3.29
102.30
85.93
92.28
109.84
113.68
4
3.74
2.98
3.22
3.87
4.90
4.47
3.47
3.28
—_
4— 113.93
104.67
120.14
114.93
3— 113.59
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.29
2„ 113.74
104.11
119.92
114.51
101.94
85.24
91.35
109.64
113.48
2.
3.77
2.99
3.24
3.89
4.95
4.53
3.48
3.29
109.44
113.48
1
3.77
2.99
3.24
3.89
4.96
4.54
3.49
3.29
1— 113.74
104.11
114.51
119.92
85.10
101.94
91.20
Weekly—
■
Weekly—
t
84.14
90.14
109.05
113.27
Feb. 24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.30
Feb. 24- 113.38
103.38
119.69
114.30
101.06
17— 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
10- 113.21
103.20
119.69
114.09
101.06
83.00
89.69
108.85
112.46
10
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3
3.95
6.10
4.68
3.53
3.29
3.. 113.16
102.84
119.47
113.68
100.88
83.19
89.10
108.66
113.48
Jan. 27- 112.59
101.94
119.03
113.07
99.83
82.00
87.93
107.88
112.86
89.55
108.66
3.84
3.01
3.28
27—
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
4.68
4.57
3.30
4.70
3.58
3.32
3.34
Jan.
20- 113.18
103.20
119.69
113.48
,101.06
83.87
13— 112.93
102.66
119.47
113.07
100.53
83.06
89.10
107.88
113.27
13
3.85
3.01
3.31
3.97
6- 112.95
102.48
119.25
112.25
100.53
83.06
88.80
107.69
112.86
6
3.86
3.02
3.35
3.97
5.11
5.11
4.01
6.19
4.76
3.60
Hlgh 1939 114.79
105.41
120.59
115.14
103.02
87.21
93.53
110.04
114.09
High 1939
3.89
3.05
3.37
Low
101.94
118.60
111.84
99.83
82.00
87.93
107.30
112.45
Low 1939
3.70
2.96
3.21
3.83
4.81
4.39
3.46
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
3.76
71.15
96.11
104.30
Low 1938
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
1939 112.59
101.76
118.60
111.43
100.18
88.80
High 1938 112.81
Low 1938 109.58
82.27
112.45
102.66
89.10
62.76
1 Year Ago—
1 Yr. Ago
114.93
108.66
94.17
68.77
78.08
99.31
108.27
Mar. 17,1938—.
2 Years Ago—
4.36
3.22
3.53
4.35
6.34
5.50
4.04
3.65
112.25
94.01
Mar.17'38 110.17
108.85
99.66
88.07
96.61
100.88
107.69
Mar. 17,1937—.
3.91
3.35
3.52
4.02
4.75
4.20
3.95
3.58
2 Yrs.Ago
101.58
Mar.17'37 109.16
♦
level
3.20
computed from average yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
Theee prices are
or
the average
yield averages, the latter being the truer picture
t The lastest complete list of bonds used In
of the bond market.
computing these indexes was published in the Issue of Feb. 18, 1939, pages 939
Indications of Business
STATE
THE
OF
TRADE—COMMERCIALIEPITOME
Business
activity did little more than hold its own the
number of developments that
the business and finan¬
cial world.
The ominous happenings in Europe and the
world-wide anxiety that has resulted had a severely de¬
pressing effect, and this was reflected in no small measure
in the security markets.
Developments at Washington have
had anything but a wholesome effect on sentiment.
Recent
statements by President Roosevelt, and especially his atti¬
tude towards tax reform, lead many to believe that the
much heralded cooperative action on the part of the Gov¬
ernment will not materialize, and if it should, it will be
only in a half-hearted way.
At the moment the stalemate
with respect to tax revision offers a striking illustration
of what can be expected from Government sources in its
attempt to cooperate with business.
The Treasury has
proposed as a stimulus to business and capital investment,
did much
and
There were a
week.
in
to disturb confidence in
turn
to
employment,
repeal
of
the
undistributed
profits tax and the taxes on capital stock and excess profits
and the substitution of a single corporation income levy.
Yet so far the President's only response to it has been to
tell
was
Congress to adjourn and go home.
Business activity
fractionally higher for the week ended March 11, ac¬
cording to the "Journal of Commerce" weekly index, which
rose to 86.8 and compares with a revised figure of 86.5 for
previous week and 70.6 for a "year ago. Gains for auto¬
motive activity and car loadings more than offset small
setbacks for electric output and petroleum runs-to-stills
the
.
and
a
slight drop in
their survey.
steel ingot production,
according to
Gains in sales of steel products are ndt in
expectations for seasonal improvement in
March, which frequently has been the peak month for
steel output, "Irop Age" reports in its current summary.
While progress is slow, the magazine adds, hopes have
strengthened that recovery in steel volume will extend
well through the second quarter, at least.
Ingot produc¬
keeping
tion
with
for
the week
is
estimated at 56%
of capacity,
up
1
"Reaffirmation of present prices on major steel
products," the survey states, "although clearing the atmos¬
phere, has not yet contributed to much improvement in
tonnage.
The automobile industry, although increasing its
assembly schedules, is not making new purchases beyond
fil-in lots, and is still receiving shipments of flat-rolled
products contracted for last fall. Railroads are still counted
on
to provide additional tonnage to the steel mills.
Oar
builders expect that not less than 8,000 freight cars will
be bought before the end of the second quarter."
Produc¬
tion of electricity by the electric light and power industry
for the week ended March 11 amounted to 2,237,935,000
kilowatt hours, an increase of 11.1% over the like 1938
week, according to the Edison Electric Institute.
Although
point.
the total for the latest week was
below the previous week's
total, the percentage increase over
1938 widened in
com¬
parison with 10.2% for the week ended March 4.
Output
for the current reporting week was 6,079,000 kilowatt hours
total
of 2,244,014,000 kilowatt
below
the
hours,
but was 223,206,000 kilowatt hours over the 2,014,-
previous week's
729,000 kilowatt hours in the week ended March 12, 1938.
Activity
of revenue railroad freight for the week
ended
Saturday decreased 7,000 cars, or 1.2%, from the load¬
ings of the previous week, according to figures released
today by the Association of American Railroads.
Total
loanings for the week came to 591,691 cars.
This consti¬
tuted an increase of 34,961 cars, or 6.3%, compared with a
last
Friday Fight, March 17, 1939.
past
Car loadings
and 940,
year
and a decrease of 152,808 cars, or 20.5%, com¬
1937. The Association of American Railroads
ago,
pared with
estimated
compared
$206,576,440 in February, 1938, and $349,798,677 in the
reported today that 93 Class I railroads had
operating revenues of $227,976,660 in February
with
Operating revenues of the reporting
month of 1930.
same
railroads in
February this year were
10.4% above Febru¬
1938, but 34.8% below February, 1930.
The Associa¬
tion said the 93 reporting carriers represented 82.3% of
ary,
total
operating
revenues
of all Class I railroads.
Auto¬
in the United States and Canada
this week amounted to 86,725 units, according to the esti¬
mate of Ward's Automotive Reports, Inc.
This was a rise
mobile and truck output
29,170 units from the same week of last year
of
and 2,630
Ward's said that sales re¬
ports were showing continued gains over 1938 figures and
that a spring selling season above expectations was antici¬
pated.
It also predicted that production would increase
steadily and surely rather than in erratic jumps forward.
Snow and rain in many parts of the country hindered
week.
units greater than last
spring buying this week. Retail trade with difficulty main¬
tained a favorable comparison with the corresponding week
a
said Dun & Bradstreet, Inc., today.
"Although
week appeared to have little
on
sentiment, foreign news," the credit agency
year ago,
domestic developments of the
influence
said in
its
weekly review, "was again disturbing' to finan¬
In trade and industry the effect was evident
cial markets.
much
not
so
the
attitude
industrial
a
over
the
that
say
In
in
the
toward
risk
taking."
it was noted,
activity,
year
transacted as in
Major barometers of
volume of business
maintained sharp gains
The outstanding feature of the weather
ago.
past week was a snow storm of
struck the New England States.
blizzard proportions
Informed quarters
it was the worst snow storm since the blizzard of, 1888.
its wake it left 27 dead, clogged highways, grounded
planes, paralyzed shipping, caused numerous
accidents and
with a flood threat.
Reports from, various
sections showed the fall of snow averaged a foot in depth,
left
the region
by
accompanied
being
a
northeast gale which piled up
sections. More than 50 Massa¬
drifts six feet high in some
chusetts
schools
swirled across
sin
were
closed.
the northern
and Michigan,
mobile and rail
Another
severe
snowstorm
sections of Minnesota, Wicon-
leaving four dead and disrupting auto¬
In the Lake Superior district the
traffic.
of 10 to 14 inches into 10-foot
the finest north country trains.
Temperature was near zero.
The cessation of heavy rains
in the South, especially the Southeast, followed by warm,
fair and mostly sunny weather during the past week im¬
wind
whipped a snowfall
drifts,
stalling
two
of
conditions for field work, and seasonal activities
progress.
In the New York City area the
weather during the week has been generally cold and clear.
Today it was fair and cold here, with temperatures rang¬
ing from 29 to 40 degrees.
The forecast was for partly
proved
made
better
1548
Financial
Chronicle
cloudy tonight and Saturday; somewhat colder tonight;
moderately colder Saturday.
Overnight at Boston it was
degrees; Baltimore, 32 to 48; Pittsburgh, 20 to 36;
Portland, Me., 20 to 38; Chicago, 12 to 28; Cincinnati, 22
to 40; Cleveland, 18 to 38; Detroit, 14 to
28; Charleston,
44 to 72; Milwaukee, 6 to 24;
Savannah, 44 to 70; Dallas,
to
year
production
business activity is
City, 22 to 42; Springfield, Mo., 30 to 42;
City, 36 to 58; Seattle, 48 to 52; Montreal, 12
adequately developing
Steam
The
Bureau
of
Balance Sheet
In the first quarter
Items
of
Class
I
Commission has issued
of
the
government.
Interstate
Issues
Commerce
railways in
a
the
United
States
for
the
month
These
has
purchasing
111 millions
Freight
of
are subject to revision and were compiled
reports representing 141 steam railways.
The
present statement excludes returns for class I switching and
FOR
The report in full is
THE
UNITED STATES
cars
For the 12 Months
of
1937
1938
,
1937
Car
Loadings
2,865,839
6,492,877
24,057,765
Inc. avail, for fixed charges..
$75,085,775 $60,036,256
Rent for leased roads & equip.
Interest deductions
12,042,070
new
capital
877
Total
691,691
Cars
for
Week
freight for the week ended March
revenue
week in
decrease of 998 cars
11
week, and
cars,
an
increase of 5,795
increase of 22,200 cars above
an
the
1938.
below the preceding week, but
cars,
increase of 1,728
an
above the corresponding week in 1938.
cars
Coal loading amounted to
118,314
cars, a decrease of
10,815
below
cars
the preceding week, but an increase of
13.040 cars above the corresponding
week in 1938.
11,216,628
138,071,072
147,701,978
41,321,436 3475,520,378 a478,006,445
2,237.887
215,827
2,701,888
39,522,209
d96,404
Other deductions.
25,001,041
$503,453,785 $739,799,827
Fixed charges:
first
from
contributed
Loading of merchandise less than carload lot freight totaled 152,422
a
Mlsoeil. deductions from Income
the
Ended March 11
above the preceding
cars
174,597,572
$77,951,614 $00,529,133 5528,111,550 $764,801,468
......
In
or
corresponding
Total Income
has
government
Miscellaneous freight loading totaled 239,117
Net railway operating Income.. $49,371,522 $25,994,857
$372,844,650 $590,203,896
Other income
28,580,092 40,534,276
155,266,900
millions.
6.3% above the corresponding week in 1938, but a
cars or 20.5% below the same week in
1937.
Loading of revenue freight for the week of March 11
was a decrease of
7,000 cars or 1.2% below the preceding
week.
The Association further reported:
^
Income Items
1938
334
decrease of 152,808
(ALL REGIONS)
For Month of December
387 millions, while the govern
was
totaled 591,691 cars, the Association of American Railroads
announced on March 16.
This was an increase of 34,961
follows:
as
was
from capital issues and 221
came
67 millions while
only
Loading of
figures
136
TOTALS
the
or
funds into productive enterprise
new
power
In the latest three months the contribution of
been
,
terminal companies.
goods
present recovery, which is that
private investments in productive enterprise.
new
of 1937 the flow of
to
December.
from
our
millions.
statement showing the aggregate
totals of selected income and balance sheet items of class I
steam
contribution
quarter of 1938 only
Railways for December
Statistics
shortage of production of durable
greatly dependent on pump-priming,
through the sale of corporate capital issues
ment
and
This
too
now
contributions government is making to consumer
purchasing power, and is
not
+
Income
88.
only
was
reflects the most vulnerable feature of
36, and Winnipeg, 12 below to 4 above.
Selected
August of 1937.
non-durable production was again at 110, but the volume of durable
goods
44 to 60; Kansas
Lake
1939
In that month the index number for the production of durable
goods was
126 while that for non-durable output was 110.
In January of this
24 to 42
Salt
Mar. 18,
Our last recovery period came to its definite downturn in
Grain and grain products loading totaled
31,211 cars, a decrease of 1,133
below the preceding week, and a decrease of
218 cars below the cor¬
cars
Total fixed charges
$51,467,875 $52,753,891 $613,829,337 $028,413,311
Income after fixed charges
7,282,365 dl 10,375,552
1,539,940
12,536,232
23,617,900
1,392,523
Contingent charges
$22,225,377
$5,742,425 dl22,911,784
of 553
$98,671,034
10,565,469
2,722,140
10,841,607
201,826,145
d631,90'J
18,924,49*
197,033,672
31,973,461
7,142,753
18,009.471
937.697
1,315,926
69,008,936
13,643,635
140,288,593
27,488,441
Depreciation (way & structures
equipment)
Federal income taxes
Dividend appropriations:
On common stock
On preferred stock
cars
below the
preceding week but
cars, a
preceding week
week in
1938.
decrease
increase of 25 cars above the
an
1938.
Live stock loading amounted to
10,175 cars, an increase of 538
the
week of March
...
...
In the Western districts alone grain and
grain
products loading for the week of March 11 totaled 18,829
corresponding week in
Net income
and
responding week in .1938.
111,386,516
12,715,482
but
a
decrease
of
779
below
cars
the
above
cats
corresponding
In the Western districts alone
loading of live stock for the
11 totaled 7,647 cars, an increase of 618
ceding week but
decrease of 528
a
cars
above the
cars
pre¬
below the corresponding week in
1938.
Poorest
Balance at End of December
products loading totaled 25,927 cars,
above the preceding week but
1938
Selected
Asset Items—
1937
Ore
*
Investments in stocks, bonds, Ac,, other than those
of affiliated companies
loading amounted to 7.559
preceding week and
$048,289,163
$665,074,919
$449,947,664
11,251,587
19,392,610
Special deposits
$352,917,730
5,245,991
34,321,881
65,081,089
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and
conductors..
92,726.174
1,151,411
61,293,811
4,068,199
57,049,903
38,604,494
143,180,396
385,056,582
in
cars,
Miscellaneous
accounts
__
receivable
Materials and supplies
41,254,298
128,110,629
...
....
J
317,561,698
20,366,631
1,301,049
....
Interest and dividends receivable
Rents receivable..
Other current assets
22,411,429
1,965,843
4,263,711
3,204,802
Total current assets....
$1,119,897,279 $1,142,412,393
Selected Liability Items—
Funded debt maturing within 6 months
Loans and bills payable c
Traffic and car-service balances
cars
£184,766,535
$243,172,824
payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Rinded debt matured unpaid
in
$216,222,949
78,439,849
679,363,917
9,759,377
628,442,053
....
Unmatured dividends declared
Unmatured interest accrued..
Unmatured rents accrued
Other current liabilities..
76,343.316
830,614,026
...
....
75,859,642
238,766,354
205,777,246
73,904,132
....
12,883,450
464,909,717
2,240,225
4,873,165
81,308,990
districts reported increases compared with the
corresponding
Southwestern, which reported a decrease.
All districts
reported decreases compared with the corresponding week in 1937.
1939
W eek end ed Marc h
4
REVENUE FREIGHT
LOADED
Loaded
1939
139.642.897
130 .943 027
Volume
of
New
Stating that "in increasing volumes of
construction
new
factor in the present business
Ayres, Vice-President of the
Cleveland Trust Co., in the
company's "Business Bulletin"
of March 15 goes on to
say:
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
18,063
26,484
20,133
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
13,700
17,707
Chicago Mllw. St. Paul & Pac. Ry
Chicago & North Western Ry
12,826
3,741
1,566
3,686
12,006
RR
Missouri Pacific RR
New York Central Lines
34,725
4,696
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
quarter of 1937, when business
activity was at its highest
levels, the Federal Reserve index of
building constructin averaged 60.
that the value of
the
new
building
base period of 1923,
depression building boom.
figures
are
contracts
1924, and
60%
was
Marquette Ry
Pittsburgh & Lake Erie
The months
are
November and
figure of 98 for the latest three months
many
construction
is swelled
public works contracts hurried through in the
present need of business is
%,ps in that direction.
is
important
more
and
Received from Connections
Weeks Ended—
4 Mar. 12 Jlfar. 11
1939
1938
1939
TOTAL
18,528
17,470
23,681
17,600
12,964
5,157
14,251
8,521
7,072
7,494
9,588
1,456
2,470
2,563
8,755
35,316
9,332
4,149
34,426
26,091
21,175
14,054
17,930
12,779
3,228
1,612
3,688
12,038
35,141
11,887
31,476
4,837
3,876
encouraging.
16,649
12,683
3,936
1,927
3,913
...
19,780
16,072
54,266
49,260
4,711
5,391
23,996
5,106
RR
Southern Pacific Lines
Wabash Ry
5,103
4,655
3,534
24,507
23,659
5,074
4,631
4,897
4,584
7,828
8,107
Mar.
4 Mar. 12
1939
1938
5,116
14,645
8,702
7,286
•
7,273
9,903
1,297
4,440
13,283
7,039
6,446
6,340
8,653
1,610
2,120
2,383
8,420
38,225
33,089
10,350
8,409
2,598
2,281
8,425
4,135
3,462
36,871
5,267
30,773
4,429
4,456
3,857
7,887
8,743
8,307
7,315
279.807 284..543 259,873 175.906 182,616 161,219
LOADINGS
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
Weeks Ended—
Mar. 11, 1939
The
greatest
durable goods production, and building
IDlnois Central System
St. Louis-San Francisco Ry
Total
In the
following
we
Mar. 4, 1939
Mar. 12, 1938
21,920
22,392
27,193
11,879
11,572
62.003
Chicago Rock Island & Pacific Ry_
22,819
28,056
11,728
For the latest three months for which
closing weeks of last year, and it is also true that the
average for residence
Nevertheless the high and rising
new
Lines
4,975
when depression
construction in those months was
only 55.
of
Own
as great as
December of 1938, and January of 1939.
by the inclusion of
on
1925 during the pre-
In the first quarter of
1938,
available the average is 98.
It is true that the high
RECEDED FROM CONNECTIONS
17,717
53,289
Pennsylvania RR
Pere
Total
had returned, the index
averaged 50.
level
Missouri-Kansas-Texas
the first
in
AND
$66,232,266
make up the most
encouraging
situation."
Col. Leonard P.
been
6,952,734
(Number of Cars)
International Great Northern RR
it had
5.521.875
5,790,234
730,329
railroads to report for the week ended
March 11, 1939, loaded a total of 279,807 cars of revenue
freight on their own lines, compared with 284,543 cars in
the preceding week and 259,873 cars in the seven
days ended
March 12, 1938.
A comparative table follows:
Mar. 11 Mar.
$54,181,161
Construction Most En¬
couraging Factor in Present Business Situation
According to Col. Ayres of Cleveland Trust Co.
means
744,499
,
The first 18 major
Gulf Coast Lines
That
2,763,457
556,730
591,691
Weeks Ended—
Represents accruals, including the amount In default,
b Includes payments
which will become due on account of
principal of long-term debt lother than funded
debt matured unpaid) within six months
after close of month of
report,
c Includes
obligations which mature not more than
two years after date of issue,
d Deficit
or other reverse items.
recent
2,155,536
552,892
598.691
Week ended March 11.
24,084,053
a
In
2,714,449
$2,206,189,723 $1,900,051,461
.....
Tax liability:
United States Government taxes
Other than United States
Government taxes
Increasing
1937
2,256,717
23.492,842
27,616,315
1938
2,302,464
2,297,388
■
Four weeks In January
Four weeks in February
*
Total current liabilities
week
1938 except the
83,252.056
24.914,686
»
below the
cars
increase of 1,839 cars above the
corresponding week
$91,226,424
„
below the
cars
1938.
All
in
cars
correspond¬
'
-
an
of 1,481
below the corresponding week
Coke loading amounted to 6,966
cars, a decrease of 448
preceding week but
Total
b.......^.
,l
increase
decrease of 1,420
a
decrease of 1,163
a
1938.
.
Cash
Demand loans and deposits..
Time drafts and deposits...
an
decrease of 1,686 cais below the
a
ing week in 1938.
02,613
61,157
28,814
undertake to show also the loadings
for separate roads and systems for the week ended March
4,
1939.
During this period 74 roads showed increases when
compared with the
same
week last year.
Volume 148
Financial
Chronicle
1549
REVENUE FREIGHT LOADED A NT) RECEIVED FROM
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
MARCH 4
Total Revenue
Railroads
Total Loads Received
Freight Loaded
1939
1938
1939
Railroads
1939
590
606
1,970
7,215
1,559
1,778
2,172
196
205
6,999
Chicago Indianapolis <t Louisv.
8,975
Central Indiana
Central Vermont
1,632
1,757
10,204
1,947
8,907
1,689
23
35
49
57
27
1,249
Delaware & Hudson
4,508
Delaware Lackawanna & West.
9,008
1,282
4,628
9,297
Bangor & AroostookBoston & Maine
Detroit & Mackinac
559.
1,239
1,511
1,076
4,736
I,800
7,478
8,768
6,279
1,497
6,407
5,812
261
315
404
106
119
2,050
1,539
3,353
1,081
249
170
347
12,200
11,072
13,316
4,423
3,285
5,829
3,531
11,527
6,979
176
1,918
1,203
2,424
10,575
5,974
1,845
Detroit Toledo & Ironton
Detroit <fe Toledo Shore Line...
Erie
Grand Trunk Western
...
Lehigh & Hudson River.
166
Lehigh & New England
Lehigh Valley.-
194
1,645
7,987
2,805
3,801
Maine Central
Monongahela
Montour
1,691
1,522
972
782
8,347
8,388
2,784
2,931
•3,606
5,557
2,602
7,273
3,003
6,857
2,659
1,840
1,531
35,141
New York Central Lines
N Y. N. H. & Hartford
31,331
9.407
New York Ontario & Western.
990
834
386
4,468
4,182
12,554
8,119
18,835
8,745
9,598
4,696
4,176
18,443
Tennessee Central...
23,301
13,195
386
411
466
665
Winston-Salem
145
fcY616
152
190
671
■ik.689
92,787
91,353
113,847
64,147
61,031
12,779
17,930
3,629
.12,859
2,557
16,780
3,259
15,865
2,250
19,200
3,500
9,903
2,634
7,273
9,026
2,300
6,511
2,696
562
532
954
475
544
786
306
338
6,422
4,319
9,172
5,795
4,384
Southern System
Southbound
Total..
Northwestern District—
Chicago
Chicago
Chicago
Chicago
& North Western
Great Western.
Milw. St
2,295
P. & Pacific.
Duluth South Shore & Atlantic.
II,340
9,957
1,580
Great Northern.
Green Bay & Western
Lake Superior & Ishpemlng
Elgin Joliet & Eastern
...
Ft. Dodge Des Moines & South.
1,762
10.350
4,335
4,443
8,453
7,144
8,542
4,224
5,267
4,234
584
28
17
Minn. St. Paul & S. S. M—..
Northern Pacific.
423
160
164
1,336
1,139
624
914
851
5,074
5,816
8,307
3,535
4,813
2,640
4,577
2,962
7,264
2,340
135,052
122,793
168.365
150,803
130,719
599
729
658
14,645
12,645
-
Wheeling & Lake Erie
Total.
,
Baltimore & Ohio
26,091
1,564
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
—
23,476
1,125
36,485
3,110
1,277
861
..
285
•
336
418
2
1,572
5,443,
1,263
1,588
6,196
14
22
5,475
10,647
10,203
556
Central RR. of New Jersey
Cornwall
—
361
478
311
59
52
184
333
.
Cumberland & Pennsylvania—
Ligonler Valley
;
238
5
37
32
131
123
219
14
13
Long Island..-
549
513
687
Penn-Readlng Seashore Lines.
Pennsylvania System.*
Reading Co
.*
978
843
1,131
54,266
48,456
12,126
12,794
69,188
14,223
2,695
1,348
36,871
15,739
Union
2,855
1,362
30,175
13,818
10,007
5,860
15,918
1,453
1,245
39
32
91
3,214
2,946
4,181
*
(Pittsburgh)
West Virginia Northern
Western
Maryland
1..
Total.
117,448
.104,265
1
5,495
154,678
5,221
91,025
79,168
21,175
19,780
...
Virginian
16,408
15,410
3,801
4,214
;
26,492
24.842
8,702
4,135
1,208
45,169
35,619
13,865
10,730
Southern District—
165
208
251
177
177
728
672
917
Atlanta Birmingham & Coast..
Atlantic Coast Line
1,277
489
526
692
9,205
3,545
9,673
10,350
1,247
1,009
4,581
3,969
5,160
2,704
377
401
508
1,173
1,104
...
1,094
1,401
2,062
4,741
2,591
1,111
1,734
297
Central of Georgia
Charleston & Western Carolina
Clinchfield..
357
299
359
312
Columbus & Greenville
'
Durham & Southern
Florida
Chicago
Chicago
Chicago
Chicago
167
1,183
66,064
79,375
40,339
36,228
18,528
2,593
17,298
20,470
5,116
2,614
2,952
2,088
4,380
2,046
275
448
68
64
14,054
12,867
16,637
7,286
6,916
2,050
1,690
10,689
2,665
2,472
11,383
3,483
686
592
10,198
2,697
8,657
745
656
902
2,355
Burlington & Qulncy.
1,806
3,140
7,618
2,149
1,255
1,940
& Illinois Midland-...
Rock Island & Pacific.
& Eastern Illinois—__
Colorado & Southern
Denver & Rio Grande Western,
Denver & Salt
Lake...
358
12
5
1,179
1,557
M lssouri-Illinols
1,743
1,101
2,208
1,006
1,429
1,031
1,114
400
623
331
317
Nevada
1.626
1,361
1,469
98
74
596
331
723
334
337
14
11
45
19,897
16,731
North
....
Northern
Western Pacific.
Peoria & Pekin Union
Southern Pacific
(Pacific)
Louisville &
;
19,849
4,055
4,219
236
279
11,980
14,126
1,223
6,357
1,046
5,472
405
240
723
3
4
1,316
1,301
.1,478
1,596
1,510
95,204
86,190
105,349
46,112
42,089
115
142
185
181
193
3" 228
4.070
1,612
1,803
3,623
2,034
2,120
188
184
177
953
1,063
1,743
1,750
1,343
1,934
1,730
1,629
1,484
972
1,023
—
Total.
Southwestern District—
Fort Smith &
....
Western.*
Nashville
Macon Dublin & Savannah...
Mississippi Central..
Kansas
City
Louisiana & Arkansas
83
120
134
349
398
128
264
401
755
745
584
584
250
Missouri & Arkansas
177
172
189
258
247
3,688
3,946
4,417
2,378
12,075
12,475
15,393
2,383
8,420
Missouri-Kansas-Texas
Missouri Pacific...
St. Louis-San Francisco..-
939
1,059
1,574
1,433
The
in
;
544
545
1,042
10,032
16,186
5,389
1,056
9,721
4,826
153
193
597
321
168
217
* Previous
February,
fl'ure*
on
x
6,311
the
3,553
3,770
193
191
27
36
43,551
46,608
Wetherford M. W. & N. W
the
of
were
in
monthly
"Annalist"
business
activity
February, from 92.2 the month before,
in
November
when
the
high
Total
24,
indexes accordingly
cotton
textile
—
TABLE
I—THE
the
and
INDEX
COMPONENT
seasonally-adjusted
1936*
January
C92.2
79.5
104.3
92.3
February
*89.6
78.5
105.7
89.0
86.7
77.5
106.9
89.5
84.4
group
OF
BUSINESS
ACTIVITY
AND
March...,
July
Fri,,
a98.4
♦90.2
a95.0
73.1
84.2
91.9
121.5
124.0
Zinc
119.7
146.3
_
73.7
71.9
100.9
104.7
84.9
75.1
102.9
86.1
71.4
103.3
89.1
88.9
98.5
78.0
74.6
a
87.8
107.1
92.0
76.0
81.3
110.5
96.7
82.4
Revised.
10
11
13
14
15
16
17
-
144.8
..144.7
was as
follows:
......
144.3
143.8
143.8
143.3
143.5
Two weeks ago,
March 3
Month ago, Feb. 17
Year ago, March 17
1938 High—Jan. 10
Low—June 1
1939 High—March 6..
Low—Jan. 26
145.3
143.5
149.0
152.9
130.1
145.0
141.8
Index
of
Wholesale
Commodity
Prices
Commodity
139.1
76.0
*p'~.
64.1
72.1
lost 0.4 of
76.3
74.6
since
the
year
ago.
73.2
78.8
82.4
66.3
a92.2
95.0
Weakness
*89.6
-
declined
during
the
week
ended
despite higher security quotations and improved
sentiment
in
financial
circles,
it was
announced
on
March 13 by the "Annalist."
The "Annalist" weekly index
104.8
-
prices
March 11
84.0
Lead production
1Q2.5
Decreased 0.4 of Point During Week Ended Mar. 11
138.1
71.1
....
102.4
111.2
C95.3
"Annalist"
a99.9
-
«.
;
108.9;
106.5
a95.0
'
March
March
March
March
March
March
March
72.3
-
_
Combined Index
83.8
85.2
-
*95.3
production
82.7
.
128.4
66.7
Cement production
82.0
99.3
85.1
101.4
Mining
97.6
101.8
all5.4
Wool consumption
Silk consumption
Lumber production
107.8
The movement of the index
90.7
120.8
Automobile production
86.4
Moody's Commodity Index Lower
90.3
81.2
Boot and shoe production.
85.9
81.8
Moody's Commodity Index declined from 144.8 a week ago
to
143.5 this Friday.
The principal individual changes
were the declines in hog and rubber
prices.
84.2
*112.2
Rayon consumption
82.8
79.0
November.-
81.0
Dec., 1938
'
Cotton consumption
<
94.1
95.9
C82.9
—
December
79.1
68.0
Textiles
i
107.1
-
August-..—.-—
82.8
Jan., 1939
♦98.0
Pig iron production
i
84.6
109.0
September—
83.2
...
Steel ingot production
4
83.2
74.2
June
77.3
Manufacturing
79.6
■
a73.8
—...
80.0
Miscellaneous
Electric power production
1934
87.2
a74.3
April.,
.May.———,
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
mi
-
1934
1935
GROUPS
Feb., 1939
Other
34,100
1937
war.
car loadings, and automobile assemblies.
Freight car loadings..-.
33,516
53.064
1938
thegainsjwere less
declined—notably steel ingot and pig iron production,
•'ANNALIST"
53
32
II—THE COMBINED INDEX SINCE JANUARY,
♦Subject to revision,
increase,
activity, freight
45
49
34,
1H3<»
October
ago it stood at 78.5
The announcement in the
year
advances actually took place, but
seasonal
97
4,063
2,497
3,060
3,980
3,699
210
•
1939
place in January
index
Jan.
to say:
cases
normal
8,234
111
4,135
2,591
3,019
2,443
7,269
"4,598
6,702
Texas & Pacific.——
TABLE
current issue of the
"Annalist"
Discontinued
Sino-Japanese
number of
2,085
Wichita Palls & Southern.....
All of the components of the index
declined, except rayon consumption
which was affected by the high prices for silk due to the
a
118
7,644
Texas & New Orleans
Activity Index
according to
point for 1938 was reached.
A
and in February, 1937 at 105.7.
matter went
181
6,285
2,409
"
took
95.3
Louis Southwestern
St.
306
69
6,367
171
436
140
144
December and
_
Quanah Acme & Pacific
losses that
declined to 89.6 in
In
Lines.
114
by H. E. Hansen in the
(New York).
than
—
811
372
1,486
2,412
581
.....
202
1,855
23,116
24,795
293
239
Louisiana Arkansas & Texas...
75
292
380
1*297
Litchfield & Madlson.i..—....
Midland Valley...-
775
Further Decline in "Annalist" Business
Noted During February
general repeated in
1,328
—...
313
...
The business
»
Southerh.
54
Note—Previous year's fDures revised,
95.0
Kansas Oklahoma & Gulf.
154
1,441
19,013
»
291
_
1,427
.
760
13,063
Toledo Peoria & Western.—
Union Pacific System
Utah.
46
1,455
19,414
19,504
-
Illinois Central System
2,517
1,142
2,108
1,121
699
Gulf Mobile & Northern
.
974
City
Terminal
164
1234
,
610
Fort Worth & Denver
Illinois
1,806
—
2,638
242
1,332
348
30
Georgia & Florida
3,153
133
1,203
Bingham & Garfield
151
Georgia
1,620
2,103
69,480
1,488
East Coast.
Galnsvllle, Midland
review
944
83
1,932
109
International-Great Northern..
Alabama Tennessee & Northern
7,567
67
1,761
1,421
Gulf Coast Lines.—
Atl. & W. P.—W. RR. of Ala—
452
1,574
5,649
9,169
Central Western District—
800
55,651
286
1,465
4,429
87
Burlington-Rock Island
Total-.
517
1,306
Total.
6,501
3,429
4,317
175
2,349
507
7,806
Spokane Portland & Seattle.
Pocahontas District—
Norfolk & Western
98
2,302
575
Spokane International
Western Pacific.
Chesapeake & Ohio
342
8,551
542
159
Alton
389
388
9,007
1,417
4,583
Atch. Top. & Santa Fe System.
Alleghany District—
Akron Canton & Youngstown.
138
228
Minneapolis & St. Louis...—..
315
1,251
141
553
999
5,273
509
2,893
9,249
1,337
310
942
487
30
883
1,826
2,583
429
172
538
938
288
32,147
335
2,189
2,653
1,204
308
30
698
2,218
3,177
475
4,140
3,524
Rutland
1938
Piedmont Northern
403
...
1939
Richmond Fred. & Potomac
Seaboard Air Line
4,711
Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North-.
Pittsburgh & West Virginia
from Connections
1937
2,132
2,661
1,084
2,597
1,051
St. P. Minn. & Omaha.
Duluth Missabe & I. R
197
1938
1,702
....
Southern
5,197
N. Y.
Wabash..
-
Nashville Chattanooga & St. L.
38,225
47,525
12,009
8,792
1,627
4,837
Southern District—(Concl.)
Mobile & Ohio
Norfolk
Total Loads Received
Freight Loaded
1938
Eastern District—
Ann Arbor
Total Revenue
from Connections
1937
and demand
a point to close at 78.9 on March 11, the lowest
early part of February and 3.7 points under a
It was further reported:
in
commdoity prices
situation
was
attributed to the top-heavy supply
which is evident in most items.
The grains declined
much
as
lc.
as
weak.
Butter
were
under
with
fire,
Corporation announced
time
Lard and cottonseed oil followed suit.
an
outstanding exception to the downward
being.
Hides
were
prices rising to the highest
also
was
trend,
level since the last weke in January.
with
(1926=100)
Mar.
Mar. 9. 1938
72.9
70.4
a59.8
84.2
84.2
88.1
97.4
97.3
102.9
67.8
Metals
67.8
---
Building materials
Chemicals
71.2
A
/'
78.9
"all commodities other than farm prod¬
commodities increased 0.1%.
They are
0.4% above a month ago and 3.2% below a year ago.
The index for
"all
commodities other than farm
products and foods," reflecting the
movement in prices of industrial commodities, rose 0.2% and is 0.2%
above a month ago.
It is 2.8% below a year ago.
Index
Price
During
since
and also a decline of 7.7% below the 1937 high.
The index is still 1.3 % above the 1936 low.
The fluctuations
in retail prices as based on the index, have been within a
more restricted
area during recent
months, than during
any corresponding period in the life of the index, said the
announcement issued March 14 by Fairchild Publications,
New York, which went on to say:
fractional declines that were not sufficient to
Index.
The individual groups are averages
the composite
while
prising to note that the composite has
It is, therefore, not sur¬
remained unchanged, while several
As compared with a year ago,
with a decline of 4.3% recorded the greatest reaction,
home furnishings
with women's apparel next with a
1937
affect the composite
have shown fractional declines.
groups
decline of 2.5%.
home furnishings and
high,
lower
were
of farm products in the wholesale markets of the
1.2% to the highest point of the year.
Increases of 1.9%
for the livestock and poultry subgroup and 1.3% for grains were largely
responsible for the increase.
Quotations were higher for barley, corn,
As compared with the
women's apparel showed the greatest
the smallest declines,
prices
Average
oats,
rose
York), oranges, and flaxseed.
Lower prices were re¬
(New York), lemons, and potatoes.
This
products index, 68.0, is 1.9% above a month ago and 5.2%
apples
week's
(New
calves, live poultry
ported for
below
farm
a
year
ago.
with a slight advance in prices of bituminous coal
lighting materials group index to rise 0.4%.
Average
together
fuel and
the
caused
prices of anthracite and coke were steady.
wholesale
Wholesale
of
prices
movement
downward
The
ucts
0.2%
long as income continues to lag behind production.
FAIRCHILD PUBLICATIONS RETAIL PRICE
INDEX=(JAN. 3. 1931=100)
Copyright 1939, Fairchild News Service
result
Jan. 2,
1939
Feb. 1,
1939
Mar. 1,
91.2
88.9
88.9
89.1
89.1
65.1
86.1
84.4
84.3
84.3
84.3
at
solder
Infants'
70.7
90.7
88.7
88.7
88.7
71.8
92.2
89.2
89.0
89.0
76.4
97.1
96.4
96.3
96.3
90.4
90.4
90.6
90.5
....
63.6
63.6
85.9
8 5.0
104.5
84.7
84.7
84.7
107.4
104.5
104.5
104.6
Sheets
65.0
98.4
92.1
91.9
91.9
109.0
103.9
103.6
103.2
»
steady
This week slightly higher prices for
counterbalanced by lower prices for
prices for agricultural implements and
fixtures
were
Average wholesale
were unchanged from last week.
index
The
92.0
72.9
oils,
fata,
consecutive weeks.
plumbing
and steel
The
Blankets & comfortables
a
for
the
housefurnishing
goods
remained
group
at
86.6.
wholesale prices of both furniture and furnishings were steady.
following table shows index numbers for the main groups of com¬
Average
Domestics:
.o
and
quicksilver.
63.6
63.6
65.0
69.2
68.6
57.4
Woolens
Cotton wash goods.....
as
Lower
No changes were reported in prices of woolen and
for
the metals and metal products group has remained
for eight
94.5
96.2
94.6
primarily
index to rise 0.1%.
The index for
iron
Piece goods:
Silks
0.2%
for drillings, duck, print cloth, raw silk, silk yarns,
3.3% below a year ago.
88.9
70.2
wear
Home furnishings
prices
drugs group
Dec. 1,
1938
88.5
rose
luggage,
shoes,
and tankage, caused the chemicals
The drug and pharmaceutical sub¬
group declined 0.6% because of a sharp reduction in prices for castor oil.
A decline of 0.6% in wholesale prices of meats, principally fresh pork
and veal, together with lower prices for butter, flour, coffee, lard, pepper,
and raw sugar, caused the foods group index to drop 0.1%.
Quotations
were higher
for cheese (New York), oatmeal, corn meal, canned peaches,
mutton, dressed poultry (New York), cocoa beans, copra, and corn and
peanut oils.
The foods group index 71.4, is 0.4% above a month ago and
and
Mar. 1,
1938
1939
prices for
goods.
Advancing
69.4
Composite index
Piece goods
Men's apparel
Women's apparel
group
and leather prod¬
reversed and the index
was
in
higher prices for cotton yarns, muslin, and silk hosiery.
of
prices were reported
1933
May 1,
advances
hides, and skins, caused the advance.
The index for the textile products
fc It is very unlikely that the extremely restricted fluctuation in prices
will continue for a time, especially since wholesale prices are showing very
vision the index
3.1% and crude rubber advanced
index for the hides
in the
Minor
92.5.
to
burlap, and raw jute.
avoid marking up prices as
rose
began early in the year,
which
group,
advanced
worsted
A. W. Zelomek, economist, under whose super¬
is compiled.
The tendency on the part of retailers is to
feed
cattle
1.2%.
declines, with infants' wear and men's apparel showing
little change, according to
petroleum and Oklahoma
Sharp advances in prices of Pennsylvania crude
gasoline
(Chicago), cotton,
wheat, cows, steers, hogs, ewes, live poultry
rye,
eggs,
of the commodities included,
is a weighted aggregate.
glass,
window
Prices
country
unchanged during February, several groups
showed
timbers, linseed oil, rosin, turpentine, plumbing
sand, and gravel, largely accounted for the ad¬
for yellow pine lath and flooring, china wood
pine
yellow
fixtures,
to the highest level
prices for sand lime
early
oil, lime, plaster, and plaster board.
evident for months continued
year ago,
While the index remained
stated:
materials group index rose 0.7%
in June of last year.
Higher
building
vance.
during February, according to the Fairchild Publications
retail price index.
The index on March 1, 1939, at 89.1
(Jan. 3, 1931=100) showed no change as compared with
Feb. 1, 1939, but shows a decline of 2.3% under March 1
a
quoting
Department of Labor, in its announcement
The
February Showed No Change from January
The firmness in retail prices
for
of non-agricultural
Commissioner Lubin as above, also
brick,
Retail
index
the
to
prices
reached
Publications
Fairchild
remained un-
ago.
year
a
According
72.2
82.6
Revised.
a
a
below
The
Preliminary,
group
88.7
69.8
79.3
69.7
All commodities
59.9
86.4
86.4
.
M Isceiianeous—
to
ucts,"
69.4
Fuels
♦
Mar. 4, 1939
*59.4
Farm products
Textile products
Average
week
the semi-manufactured commodities
for
74.5% of the 1926 average.
wholesale prices of finished products rose 0.1% during the
point 0.4% above a month ago.
The group index, 80.5, is
changed at
3.7%
11, 1939
result
a
index
The
.
'•ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
as
ago.
Poultry
copper.
to the highest point of the
index rose 0.7%
group
of higher prices for agricultural commodities, crude
petroleum, tankage, and crude rubber.
Compared with a month ago,
raw
material prices are up 1.3%.
They are down 3.5% from a year
The metals improved under the leadership of "export"
strong.
products and housefurnishing goods remained unchanged
materials
The raw
year
it would discontinue buying for the
Commodities
1939
It,
week's level
last
at
hogs exceptionally
lost about one-fifth of its value after the Federal Surplus
prices
and metal
Metals
Cotton
bushel last week, with barley the only exception.
a
Livestock
easier.
was
Mar.
Chronicle
Financial
1550
103.2
modities
past five weeks and for March 12,
for the
March 14,
1938, March 13, 1937,
1936, and March 16, 1935.
Women's apparel:
Hosiery..
59.2
75.1
74.0
74.0
74.0
75.5
107.5
104.1
104.6
104.6
104.9
83.6
93.0
92.5
92.5
92.5
4
(4926=100)
f74.0
Aprons & house dresses
Corsets and brassieres..
92.5
102.8
92.5
91.4
91.0
,,90.6
86.6
85.1
85.0
85.0
85.0
76.5
87.7
86.7
86.7
86.7
786.5
Hosiery
64.9
89.3
87.7
87.7
87.7
87.7
Underwear
69.6
92.7
91.1
91.1
91.1
Shirts and neckwear
87.3
86.0
86.1
86.1
86.1
Farm products
69.7
84.5
82.3
82.0
82.0
82.0
Foods...
Hats and caps
Clothing, incl. overalls..
70.1
93.5
90.0
90.0
90.0
89.9
Hides and leather products._
Shoes
76.3
96.8
95.0
95.0
95.0
94.0
Socks
74.0
100.7
100.4
100.4
100.4
100.4
Underwear
74.3
94.8
94.2
94.2
94.2
Shoes
80.9
96.0
94.6
94.2
94.2
Furniture
69.4
100.7
94.5
94.2
94.6
94.6
Floor coverings
79.9
115.8
110.0
110.8
112.0
113.0
Miscellaneous
73.4
Raw materials
71.2
74.5
80.5
Feb.
91.1
74.3
:
.'
Shoes
Infants'
11
Commodity Croups
Feb.
11
Mar. Mar.
.
12
13
Mar. Mar.
14
16
1939
1939
1939
1938
1937
1936
1935
76.7
76.8
76.6
76.6
79.8
87.2
79.2
79.4
67.2
67.7
66.9
66.7
71.7
93.6
76.4
71.5
71.4
71.3
71.1
73.8
87.3
79.7
82.6
92.3
92.4
92.5
92.7
94.2 104.2
95.5
86.0
70.4
69.0
1939
77.0
68.0
71.4
92.5
.
All
commodities.!!—
....
,
79.2
'94.?
194.0
Textile products
66.0
65.9
65.6
65.5
65.6
78.8
77.2
Fuel and lighting materials..
wear:
73.6
73.3
73.4
73.6
73.7
78.3
77.2
77.2
Metals and metal products..
94.5
94.5
94.5
94.5
94.5
96.1
95.8
85.9
85.0
Building materials
90.2
89.6
90.0
89.4
89.1
90.6
95.7
85.1
84.6
Chemicals and drugs
76.3
76.2
76.0
76.0
76.1
78.6
87.3
79.0
81.5
86.6
86.6
86.6
86.6
86.7
89.6
89.8
82.6
81.9
73.2
73.0
72.9
72.8
74.5
77.9
68.2
69.0
70.7
70.9
70.4
70.3
73.8
89.7
77.2
74.5
74.4
74.4
74.6
75.6
89.7
74.6
*
80.4
80.4
80.3
80.2
83.6
86.1
81.2
*
Housefurnishing goods
Musical instruments
50.6
59.9
57.4
57.3
57.1
56.6
Luggage
60.1
79.9
74.0.
74.1
74.2
74.0
Semi-manufactured articles.
Elec, household appliances
72.5
83.1
81.0
80.8
80.5
80.2
Finished products
China
81.5
94.1
All
95.0
_
•
94.0
94.0
94.0
commodities
other
other
*
Advanced 0.4% During
United States
Department of Labor Index
Commodity Prices
*
■
than
79.0
comrhodltles
farm
73.8
than
farm products
All
Wholesale
18
25
4
1939
*,
Men's apparel:
,
Feb.
Mar. Mar.
66.8
69.2
Furs
Underwear
products and foods...
78.9
78.8
78.8
78.7
81.6
85.8
79.8
79.4
80.6
80.4
80.4
80.4
80.4
82.9
85.4
79.0
77.3
Not computed.
Week Ended March 11, According to
Wholesale
Department of Labor, Bureau of Labor
Statistics' index of wholesale commodity prices rose 0.4%
The United States
year's high
reached early in January, Commissioner Lubin an¬
during the week ended March 11 to equal the
point
nounced
on
index to the
March 16.
"A rise in the building materials
highest level reached since June of last year
farm products, mainly livestock
accounted for the increase which
brought the all-commodity index to 77.0% of the 1926 aver¬
age," Mr; Lubin said.
"The combined index of 813 price
series is 0.5% above a month ago and 3.5% below a year
ago."
Commissioner Lubin continued:
and
and
advancing prices for
grains,
Seven
Week.
for
of
The
farm
the
largely
ten
increases
products.
major
commodity groups averaged higher during the
1.2%
decrease.
ranged from 0.1% for chemicals and drugs to
Foods
was
the only group to register a
in
Prices
Commodity
Week
Fertilizer
Ended
Continued
Unchanged
March 11, According to National
Association
the general level of commodity prices was
National Fertilizer Association's index in
remaining at 72.8%,
the same as in the two previous weeks.
A year ago (based
on the 1926-28 average of 100%) the index stood at 76.4%
and two years ago at 87.8%.
The Association's announce¬
ment, dated March 13, continued:
No change in
recorded by the
the week ended March 11-, the figure
The
third
low point
of
consecutive drop in
the food price index took it to a new
for the current recession.
In the farm products group the effect
slightly lower prices for cotton and grains was
tations for cattle, poultry,
first week of January.
A moderate drop
brought about by declines in cotton, burlap.
highest point recorded since, the
in the index of
offset by advancing quo¬
and eggs, with the group average rising to the
textile prices was
Volume
148
jute, and silk.
rise in
Higher prices for
the metal
erately,
Financial
steel scrap, tin. and lead caused
price average.
reflecting
increase
an
The building material index
in
lumber
prices.
The
index
which changed during the week was that
of miscellaneous commodities, which
advanced as
for hides, rubber, and cattle feed.
Twenty-five
price
series
included
in
index
the
DATA
FOR
1551
RECENT
WEEK8
OF
group
KILOWATT-HOURS)
the
prices
Percent
Change
Week Ended
result of higher prices
1938
1937
1938
1936
1932
1929
from
advanced
during
the
the
second
preceding
week
there
were
advances and
11 declines.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
3
10
2,285,523
2,318,550
2,152,643
2,196,105
+ 6.2
Dec.
+ 5.6
2.133,511
2,242,916
1,510,337
1.518.922
Dec.
17
2,332,978
2,202,200
+ 5.9
2,278,303
1,563,384
2,362,947
2,085,186
+ 13.3
Dec. 31
25 advances and
35
were
Dec.
Deo. 24
declines; in
2,120,555
1,998,135
2,274,508
2.080,964
1,554,473
1,414,710
Latest
Each Group
Bears to the
Preced'g
Week
Group
Mar.
Total Index
1939
25.3
Month
Week
Mar.
11,
1939
Year
Ago
4,
Feb.
1939
12,
1938
Fats and oils
69.4
69.7
74.0
64.7
52.6
53.5
49.6
67.2
68.0
60.6
79.6
64.6
64.5
64.1
69.2
48.9
Cottonseed oil
Cotton
49.0
47.2
50.8
53.0
53.4
53.0
67.1
71.2
Grains.
70.8
-
70.8
74.6
17.3
Fuels
75.9
75.9
75.9
81.4
10.8
Miscellaneous commodities..
77.5
77.1
76.7
61.0
61.3
60.0
90.4
90 5
1,806,225
1,840,863
1,860,021
1,637,683
■i
1938
Jan.
7
2,169,470
2,139,582
Jan.
14
Jan.
21
2,115,134
2,108,968
Jan.
28
2,269,846
2,289,659
2,292,594
Feb.
4
11
2,268,387
18
Feb.
25
2,248,7«7
2,225,690
2.244,014
Mar.
4
...
Mar. 11
+ 7.3
+8.6
2,098,968
2,287,248
Feb.
Feb.
+ 1.4
■
+ 9.2
2,082,447
2,052,302
+ 9.8
—
I-
------
+ 9.6
2,035,673
2.014.729
2.237,935
.
+ 10.5
+ 9.2
2,059,165
2,031,412
+ 10.2
+ 11.1
61.0
90.5
1,718,002
from
77.4
Textiles
1938
>
Ago
Mar.
11,
1939
69.0
Farm products
+ 6.1
(1926-1928=100)
1939
Per Cent
23.0
(THOU8ANDS
1937
week and 22 declined; in the
preceding week there
17
Chronicle
mod¬
rose
only other
representing
a
slight
a
96.8
8.2
7.1
6.1
Building materials
DATA
FOR
RECENT
MONTHS
(THOUSANDS
OF
KILOWATT HOURS)
Percent
84.3
83.9
84.0
80.0
1.3
Chemicals and drugs
92.4
92.4
92.4
95.0
0.3
Fertilizer materials.
71.4
71.4
71.4
72.1
0.3
from
Fertilizers.
77.7
77.7
78.2
78.7
1937
94.9
94.9
95.1
98.0
72.8
72.8
72.7
76.4
0.3
.<
Change
'
Farm machinery
Month of
1938
January..:
1937
9,300,383
1938
1936
1932
1929
9,785,174
—5.0
8,634,336
7,041,926
8.406,129
8,922,551
—5-8
9.930,252
—8 0
8,029,046
8,351,233
0,502,755
9.137,970
April
All groups combined!
February
March.........
100.0
8,617,372
8,800,414
8,934,086
9.589,639
—10.1
8.371.498
9,699,161
—9.3
9,791,569
—8.8
8.536,837
8.706.984
6,320,551
6,240.381
June..
6,168.781
7,220,279
July
9.962,484 10,074,083
—8.1
9,239,027
6,175.627
7,484,727
—4.6
9,359,167
6,339,283
7.773,878
—3.7
9,250.053
6,277,419
—1.3
9.662,847
6.596,023
8,133,485
+4.9
9,293,742
6,488,507
7,681,822
December
9,894,489 10,366,839
9,593,670 9,902,122
9,975,343 10,111,605
9,534,868
10,005,534
10,524,626 9,719,582
+ 8.3
9.908,343
6,625,298
7,871,121
Total
112451500 117487 445
—4.3
May......
February Sales of 29 Chain Store Companies Up 6.01%
According to a compilation made by Merrill, Lynch &
Co., Inc., 29 chain store companies, including two mail order
companies reported an increase in sales of 6.01 % for February
1939, over February, 1938.
Excluding the two mail order
companies the 27 other chains reported an increase in sales
of 3.17%.
Sales of these 29 companies showed an increase of
4.61%
for the two months of 1939
August
September
October
November
1938.
Residential
Excluding the two mail order companies, the 27 chains
reported an increase of 2.11%.
Year
the two months of
over
Sales—February
Sales—Two Months
.
1938
$
Inc.
$
1939
1938
Inc.
$
%
$
•
"
%
0,90 117,543,894 119,716,087 xl.81
3.45 106,620,694 103,151,761
3.36
,
6 Grocery chains
60.636,573
54.354,017
11 5 & 10-cent chains
4 Apparel chains—,
2 Drug chains
18,881,148
7,382,895
3,835,016
2,211,000
>.
3 Shoe chains
1 Auto supply chain
Total 27 chains.
2 Mail order cos
6.79
6.14
2.25
26.6
39,808,401
14,802,740
37,118,108
14,208,604
8,894,702
4,579,000
8,375,871
3,652,000
7.25
4.18
6.19
25.4
147,300,648 142,767,796 3.17 292,249.431 286,222,431 2.11
59,071,050 51,913,115 13.79 115,336,459 103,388,134 11.56
,
206,371,698 194,680,911
6.01 407,585,890 389,610,565
4.61
Decrease.
awarded
in
Continue
Improvement
Trade activity in the chain store field in
February im¬
proved over January levels.
Sales widened the percentage
gain over the previous year, according to the current report
of trade by "Chain Store Age."
As reflected by the "Chain Store
Age" index, the com¬
bined business of 20 leading chain
organizations in February
stood at 108.8 of the 1929-31
average for the month taken
as 100.
This compares with 107.5 in
January.
During the
same
two months of 1938 the index
The index of grocery
fell'from 106.7 to 106.4
chain sales
last month against 96.0 in
1938.
was approximately 98.6
January and 98.6 in February,
Index figures for
February last year were 111.0 for the
variety; 128.5 for the drug; 125 for the shoe, and 108.8 for
the apparel groups.
Edison
significant," he said,
"that
made
was
1938, when
production totaled 2,014,the week ended March 4,
729,000 kwh.
The output for
1939, was estimated to be 2,244,014,000 kwh.,
of 10.2% over the like week a year ago.
PERCENTAGE
months
INCREASE FROM
residential
Week Ended
Regions
Mar. 11, 1939
13.1
Middle Atlantic
PREVIOUS
an
increase
Ended
Week Ended
Feb.
25.
1939
Week
Ended
12.2
13.1
Feb. 18,1939
dollar
8.3
8.1
12.1
11.1
5.4
3.7
1.4
10.5
7.2
6.8
8.7
10.0
a
11.1
at
year
for
public
gain of $65,561,000
$140,-
to
projects.
The
the first two
over
gain of $18,392,000 for public
a
the
of February
end
amounted
176%.
to
and two family residences amounted to 62%.
one
new residential
building for February amounted to $169,-
gain of 65% over the February, 1938 figure which amounted to
$102,990,000.
The cumulative record of contemplated residential projects
for the first two months of this year was 42%
ahead of the corresponding
two months of last year.
Summary of Business Conditions in Federal Reserve
Districts
The
trend
of
business
9.3
7.1
'
10.2
9.6
in
the
Federal
various
Reserve
Districts is indicated in the following extracts taken from
the "Monthly Reviews" of the Federal Reserve Districts of
Boston, New York, Philadelphia, Cleveland, Richmond, At¬
lanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas
•
•
First (Boston) District
New
business
England
activity
3.6
9.2
during January
moderately
was
•
the level of general
than that which
lower
prevailed in December, after allowances had been made for
customary seasonal changes," states the Federal Reserve
Bank
of
Boston in
its
"Monthly Review" of March 1.
In
part, the "Review" also said:
The
reduction
between
in
December
total
and
construction
January
hand,
there
were
increases
between
cotton
raw
awarded
contracts
the
was
although wool consumption also decreased
principal
more
than
December
consumption.
in
district
this
retarding
influence,
seasonally.
and
the
On
January in
Total
revenue
boot
freight
loadings during the four-week period ending Feb. 4 in New England
about 3% larger than in the corresponding period in
1938, and
were
sales of New
England department stores and apparel shops during January
1.8% lower than in January last
Cotton
consumption
by
9.1
9.9
$19,907,000
period, tjie dollar gain in the small house field consisting of
Contemplated
854,000,
74,312 bales,
in
January
in
this
amount
daily
Total United States.
last
over
same
privately-owned
8.0
12.0
7.3
—
gain
For the
14.4
10.2
Rocky Mountain
Pacific Coast.
Week
Mar. 4, 1939
4.0
Southern States
a
building."
and shoe production and in
9.2
West Central-
residential
of the first
family dwelling type, comprising many large scale rental
housing projects insured by Federal Housing Administration, the cumulative
other
YEAR
13.8
Central Industrial
only
compared with
as
the
The 1939 record of private residential construction reveals the fact that
were
New England
year
to
At the end
in the multiple
car
Major Geographic
of last
growing in importance, it is
contribution
greatest
private residential contracts amounted
with
private residential total showed
"In
Institute, in its current weekly re¬
of electricity by the elec¬
tric light and power industry of the United States for the
week ended March 11, 1939, was
2,237,935,000 kwh.
The
current week's output is 11.1% above the
output of the cor¬
of
compared
as
program is
the
by private enterprise.
.
that production
responding week
montL.
last
correspond¬
11.1%
Electric
estimated
States
ing 1938 total.
and San Francisco:
Electric Output for Week Ended March
11, 1939,
Above a Year Ago
The
Eastern
37
♦
Index figures for other groups were as follows:
Variety,
115, against 113 in January; drug, 137, unchanged from
January; shoe, 128, against 137 in January; apparel, 112.7,
against 118 in January.
•
port,
the
tistical & Research Division of F. W. Dodge Corp., stated
that the combined total of residential contracts for the first
two months of this year was more than twice the
276,000,
Sales
Double
$79,020,000, according to F. W. Dodge Corp.
This total represents a gain of 98% over the
February, 1938
total which amounted to $40,023,000.
Thomas S. Holden, Vice-President in charge of the Sta¬
two months of this year,
Store
107409113 77,574,474 90,277,153
amounted to
building gains
February Chain
7,523,395
Building Contracts in February
Ago—Highest for Month Since 1929
"Although the public housing
Total 29 cos
x
60,095,706
52,539,826
17,680,024
6,955,529
3,750,711
1,746,000
7.486.635
At no time since 1929 has the February volume of residential
building equaled the total for February, 1939.
Residential
contracts
1939
7,585,334
6,850,855
7,380.203
7,285,359
6,787,923
than
as
last
has
of
wool
average
basis,
been
76,295
consumed
was
in
year.
New
...
England
during
January
was
71,253 bales in December and 49,865 bales
Average
year.
district
raw
mills
compared with
consumption
bales
in
New
over
for
the
England
the
past
month
seven
during
of
January,
nearly 17% less than in December, but
djjuble the amount consumed in January, 1938.
January
years.
was
The
on
a
more
This
.
sylvania
.
.
employed
representative manu¬
in
payrolls were 7% larger.
...
Retail trade declined more than seasonally from the high level
declines were not as large as the average decreases between
December and
January of 2.0% in employment and 2.9% in payrolls
which have occurred over the 13-year period, 1925-38, inclusive, according
less, but these
trade
sale
declined
also
Inventories
months.
15
in
time
first
Fourth (Cleveland)
presenting
its
in
Bank
weekly data indicate that there was
decline in business activity in February."
The
further
Bank adds:
slightly higher than in
have averaged
operations appearto
mill
Steel
but there is ordinarily a marker^ rise between these two
Automobile assemblies, which had .been running at a high level
January,
result
months.
is
of
recent months;
weeks
three
first
incoming business was in restricted ■ volume during most
there was a recovery in the last week.
In the
though
month,
the
freight
of
shipments
month,
the
of
by railway were
although
in the same period
generation of electric power declined only about as
usual, and bituminous coal production continued at approximately the
January rate.
Department store sales in this district during the three
than
lower
ended Feb.
weeks
were
As
in January,
production
industrial
of
failure
but
to
gain
other
in
as
the general
years,
and trade, on a seasonally adjusted basis, declined
December and January.
The average daily rate of
steel ingot production was little changed in January, whereas pronounced
increases have occurred in most other years, and while cotton textile mills
were
somewhat more active than
in December, the increase was much
smaller than usual.
A decline in automobile assemblies was mainly of a
seasonal character, and shoe pro uction appears to have shown about the
usual
increase, but bituminouscoal production increased somewhat less
than usual, cement output declined more than irt most other years, and
level
of
production
production
copper
machine
level
was
however,
orders,
tool
dollar value of
advanced further in January to the highest
than
December.
in
The
1937.
October,
since
lower
long term trend, and where necessary
for price changes)
Jun.,
•'
•
of February.
Nov.,
Dec.,
Jan.,
1938
«
1938
1938
,
..
.
goods industries were operating at fairly high
first part of February.
Shoe factories were very active, and
levels
the
in
Employment
orders
in
The
was up by 57%.
This rejuvenation
sales which in late January and / the first
retail
Akron
in
reflected
was
consumption
rubber
Crude
year.
hand
on
were
usual.
production were at satisfactory levels for this season.
this field was somewhat above last year, and sufficient
to permit operations further into the spring than
rubber industry in January showed remarkable gains over last
sales and
clothing
February averaged 19% in excess of last year.
three weeks of
January by more than the usual /
allowing for such changes, was at about the
of November and only slightly under a year ago.
.
•.
.
the steel industry employment and
payrolls in this section were
trade
Retail
seasonal
level
In
lower
in
since
prompt
rates
declined" in
generally
after
and,
amount
Little advance buying was evident
December.
than in
January
deliveries are obtainable.
The increase in steel operating
year-end low point was moderate and tapered off in
the
from
quite pronounced at this season. ...
material plants in this district were
first half of February than in January, although
February, whereas usually gains are
Releases to automobile parts and
at
lower
a
the
in
rate
than
they were at a much higher rate
(Adjusted for seasonal variations, for estimated
by. the
maintained
Many of the consumers'
between
moderately
,
increase over January sales,
seasonal
a
7% lower than in the corresponding 1938 period.
the result of somewhat greater than usual contraction in trade, and
however.
present,
were
level
the first half
continued in
whereas ordinarily some advance occurs,
showed
18
,
factors
relatively/high
the
was
reduced, particularly in
of
The
proportions."
moderate
of
Chief among them
construction industry.
Privately-financed contracts awarded in States of the Fourth District
increased 4% in January over December, a contra-seasonal change.
Resi¬
dential buliding was 121% greater than in January, 1938, and the gain
favorable
Several
sales,
indicated
to.
falling-off
a
was
Bank further states:
in rela¬
as is usual at this season, were somewhat
the latter part of the month. Cotton mill activity
reported to have shown little change from the comparatively high level
tionship
District
Cleveland, in its "Monthly
Business Review" dated Feb. 28, reports that "industry and
trade in the Fourth District so far this year have followed a
more or less horizontal trend.
When allowance is made for
the fact that an expansion usually occurs in some of the
more important industrial lines at this time of year, the net
.
some
the
in
Federal Reserve Bank of
The
available
considered,
declined
stores
York) District
its monthly indexes of business activity,
"Monthly Review" of March 1, the Federal Reserve
of New York states that "when seasonal factors are
Jn
retail
at
establishments increased slightty.
those at wholesale
while
month
Second (New
reached
than the dollar volume a year earlier.
Whole¬
in the month, but was above a year ago for the
December, and was less
in
Industries.
Department of Labor and
the Massachusetts
Increases were shown only in wholesale trade and anthracite
Compared with January, 1938, employment was down 4%, but
raining.
facturing establishments in Massachusetts during January was 1.1% smaller
than in December and the amount of aggregate weekly payrolls was 1.7%
to
declined
payments.
the production of
and was 30.7% larger than
figure
9,389,000 pairs in January last year.
The total number of wage earners
1939
payrolls in 12 lines of trade and industry in Penn¬
7% and 6%, respectively, from December to January,
owing principally to seasonal reductions in retail trade activity, building
construction, and quarrying, and to a decline of 3% in factory wage
January
pairs.
12,273,000
18,
Employment and
in New England is
total was 28.8% higher
during
shoes
and
been
have
to
December
the
than
boots
of
Production
estimated
Mar.
Chronicle
Financial
1552
Plate glass orders also
a year ago.
of electrical equipment in January turned up rather
sharply from the level that had been evident for several months.
House¬
hold
equipment sales were particularly good, and plants in that field
were operating
at high levels.
Inventories continued downward.
1939
Sales
off.
tapered
both
from
orders
tool
Machine
the former
January with
domestic
foreign
and
rose
sources
in
proportionately more than the latter.
up
Industrial lToduction—
80
69
Copper
77
92
95
867?
Passenger cars.r—
48.
84
83
84
Steel
—
Motor trucks .r
78
-
82
87
82
67
—
Bituminous coal
84r
38
.
80
79
777?
.
Fifth (Richmond) District
Review" of the Federal Reserve
that "the seasonal recession in
from the high December level was
"Monthly
28
Feb.
The
Bank of Richmond reported
in
business
January
96
88
877?
90
92 p
91T?
50
...
85
85
Crude petroleum
Electric power
Cement
67
71,
57
perhaps somewhat greater this year
94
the
71
Wool consumption
49
Shoes
A 207?
110
134
113
95
.
lOlr
96
Cotton consumption
126p
1247?
"
84
Meat packing
89
91
87
Tobacco
87
95
95
87
115
103
127
than in most years, but
comparisons with
January, 1938, in nearly all lines of trade and industry."
The following' is also from the "Review" :
142
products
Machine tool orders *
showed
record
January
The most favorable development last
1938, permits by 149%, but reached the
month since April, 1930.
Contracts
district in January declined 31% from the high December
permits
Employment—
manufacturing. United States.r..
91
91
93
937?
66
74
75
747?
21
42
AO
47
61r
79
112
by 22% and January,
highest
total
69
Employment,
building contracts.
Non-residential buliding & engineering contracts-
tinued
74
79
81
79
72
76
79
75
Exports
91
75
80
697?
Imports
64
merchandise and miscellaneous
.
-
71p
73
74
Distribution to Consumer—
86
87
87
85r
Department store sales, United States
76
81
79
81
,103
111
114
93
93
100
97
Mall order house sales
87
90
95
91
New passenger car
00
81
77
Tip
Department store sales, 2nd District
Chain grocery sales
Other chain store sales
registrations, r
1117?
to
of
ments
of
deposits,
demand
65
66
36
44
155
154
155
155T?
150
147
148
Not adjusted for price
changes,
p
111
110
111
this
decrease
sales
Revised,
x
Not adjusted for
In
Reserve Bank of Philadelphia, in
Federal
its "Busi¬
Summary" of March 1, reported that "industrial pro¬
duction
in
the
Philadelphia
clined 3% in January on
a
Federal
Reserve
District
de¬
seasonally adjusted basis, after
having advanced from a low of 68% of the 1923-25 average
last
April to 78% in December, the highest level in over a
The index in the first month of 1939, however, was
year.
10%
above
a
year
precipitously."
The
decrease
factured
goods,
expanded
more
facturing
lines
declined,
after
in
The
ago,
when productive activity
Bank further reported:
January
reflected
bituminous coal
and
reductions
crude oil.
than seasonally for the third
the
production
having expanded
of 1938.
declined
in
The
the
output
output of
successive month.
of manu¬
anthracite
Bank
we
the
December
rate of
the
take
in the Sixth
January textile operations and
and
However,, after
both
of
and
retail
production
The
what
less
allowance
wholesale
for
trade
following
regarding
District:
coal production in the Sixth District
pig iron production was maintained.
sharply from the high December
declined more than they usually
December to January,
declines from
were
at
levels
higher
than
in
January
and substantially higher levels were
December
and
tracts,
than
evident in construction
building permits, the rate of cotton consumption, and in the
of pig iron and coal than in January, 1938.
last year,
contracts,
lines.'
(Atlanta) District
Atlanta
of
to
January
construction con¬
consumption in this district were some¬
for the United States as a whole.
Com¬
changes in retail trade, in
in the rate of cotton
favorable
than
those
the increase of
with a decrease
of 2.2%
for the United States, and figures for construction contracts,
textile operations, and the production of coal and pig iron were relatively
a
good deal better for the district than for the Nation.
this year, however, with January, 1938,
3.8% in retail trade, after seasonal adjustment, compares
paring
January
In manu¬
both durable and non-durable goods
steadily throughout the last six months
of
Sales
"Monthly Review" of the Federal Re¬
Building and construction activity dropped
do.
The
probably due to lower prices this year in many
furniture stores
last month were -6% larger
level, and both retail and wholesale trade
Third (Philadelphia) District
.
Fifth District is of
37
business conditions
increased
r
.
December sales
sales.
From the Feb. 28
serve
trend.
ness
was
in
1938,
Sixth
1117?
Preliminary,
.
from
98%
were
147
8
average=100%)
Cost of living (1913 average=100%)
Composite Index of wages (1926 average=100%).
*
a
'
General price level (1913
seasonally
in the manufacture of which the
yarn,
City
(1919-25 average=100%)^__i
Prices and Wages x
about
level
a
1938, contracts.
1938, sales by 39%.
Textile mills con¬
third higher than a year "ago, and ship¬
above shipments in January, 193,8.
Soft
production was slightly lower than in December, but was 15% above
output in the corresponding month a year ago.
Tobacco products manu¬
factured in January exceeded January, 1938', products in all lines.
Retail
trade as reflected in department store sales dropped more than seasonally
between December and January, and in the latter month was 3% below
the dollar volume of business in January last year, but most if not all of
36
65
York
at
61
42
New
declined
month
last
coal
January,
(1919-25 average=100%)
City
Velocity
run
rayon
importance,
great
Retail
Velocity of Deposits x
Velocity of demand deposits, outside New York
any
27%, but exceeded January,
by
Primary Distribution—
Car loadings,
Car loadings, other
automobiles
new
for
33% above January,
but totaled
figure,
of
valuation
the
in
awarded
,
Construction—
Residential
Build¬
only exceeded December
month was in construction.
issued iq 31 Fifth District cities not
ing permits
Employee hours, manufacturing, United States._
satifactory
Seventh (Chicago) District
In the Feb.
eral
Reserve
25 "Business Conditions
Bank
of Chicago it
Report" of the Fed¬
is stated that "as com-
Volume
148
pared with
was
a
Financial
year
when the level of business activity
ago,
declining, current conditions
District
are
Chronicle
in
Seventh
the
In
year
(/Chicago]
improved.
However, there was
during January from the rising trend pre¬
vailing in the later months of 1938.
Industrial production
Daily
Although the steel industry
the
middle
above
of
a
of
incoming
than in
business.
from
Output
of
decided
automobiles
foundries
considerably
and
furnace
previous,
with
exceeding
factories
is usual;
as
orders
new
the period.
that
of
than
less
the
recorded
improvement
in
January,
Merchandising phases
followed seasonal
wholesale
and
fell
off
decline in
department store trade
was
retail
trade
January and, owing t<j
However,
of shoes
sales
those
lower
and
that
last
of
fell
than
more
from
January,
during
the
and
and
in
to
both
as
The
ago./
year
In its Feb. 28 survey of
Reserve Bank
commercial
by
St.
of
and
industrial
"data
interests
this
to
This
both
true
was
geographic
with
reference to the
In
locations.
number of important
a
further
forward.
trade
Retail
showing
were
shown
of
activity
the
from
December,
gains
main
though
through
in
somewhat
than
registering
wholesale
January over the preceding
In comparison with a year
The
satisfactory.
mild
fair
a
channels
winter
date
to
over
at iron and
Production
months.
rate
in
losses
Output of bituminous coal
high
January,
in
in
decline
established
record
Lead
1938.
in
but
production
January
one-thirdi greater
about
was
than
earlier,
year
a
by sales of reporting
from
the
December
demand
orders
showed
decline.
some
glass, fire clay products,
of -electric
tion
January
last
10%
was
by
power
There
moderate
were
declines
in
in
local
in December, but 6%
indicates
in
about
building, which
by
Freight traffic of roads operating in this district
year.
period a year
1938,
,
(Minneapolis) District
Business volume in tbe Ninth
tires
daily
of
petroleum
above the
level of January last year,
apolis Federal Reserve Bank in
Feb.
28, from which
January.
information
,
.
January
business
The volume of
month
with
in
and
exception
December,
since
and
the
last
1930.
.
business
in
seta
and
said the Minne¬
January,
in
department
department
all
as
high
as
indicators (that
higher
were
debits,
bank
sales
in
and
was
plumbing
frmo last
product
linseed
new
year
the
week
of
tele-,
flour
pro¬
wholesales
hardware,
tobacco
of trucks
Minneapolis,
from
1939,
Minne-
in
cars
number
recorded in sales
were
shipments
and
the
,
serve
Feb. 28
tbe
District
"Monthly Review" of the Federal Re¬
Bank of Kansas City we take the following regarding
agricultural and business conditions in the Tenth District
during January:
Dollar volume
December
and
but
in
year
to
sales
of
sales
at
reporting department stores in the district in
January had been
the
first
three
virtually unchanged from
weeks
of
February
Sales showed about the usual
ago.
January.
a
January.
larger
earlier.
year
a
earlier,
year
about 3%
above
a
decline from December
seasonal
Sales
declined
January continued slightly
about
9%
from
December
to
to
substantial
6ales
than in
at
reporting yards
the
same
in
improvement
month
a
in
the
year
the
last
district
ago.
half
in
.
of
January
.
half
second
decrease
year.
of
1938,
1938,
were
retail
19%
from
advanced
in that month.
accumulated
further
in
.
during the last
January and
was
...
to curtail
output
by the
for
from " 646,000
barrels
of
crude
in
in
were
other
most
assembly,
negligible.
reported to have
active
increased
retail
important
and
meat
Orders
increased
of
a
to
lines,
packing,
Production of
demand
occupancy
December
'
.
that
automobile
in
hand, expanded somewhat.
are
an
rubber
received
appreciably in
accounted
for
to
a
houses.
new
13% Higher Than Last|Year
individual
cities
and
accounts,
tbe
week
as
ended
reported
by
banks
in
8
March
;
.
,
compared
with
separate
a
January, 1919, amounted to
$8,010,000,000 the preceding
$6,730,000,000 the week
ended
■ •
March
9
of
last
NO.
..
Week Ended—
Of
Centers
*
Mar. 8. 1939
Mar. 1, 1939
17
.1434.368.000
$487,454,000
$376,196,000
15
4,030,607,000
407,316.000
3,887,281,000
452,528,000
3,381,.546,000
18
25
46 r>, 570,000
530,148,000
24
265,390,000
305,356,000
408,432,000
246,785,000
Incl.
2—New York
26
Mqr. 9, 1938
363,352,000
237,734,000
261,400,000
247,895,000
41
993,067,000
1,204,492,000
937,272,000
16
208,335,000
17
142,066,000
244,074,000
146,790,000
10—Kansas City
28
219.664,000
263,020,000
18
184,552,000
209,587,000
12—San Francisco
29
669,642,000
696,957,000
133,079,000
218,981,000
196,515,000
607,716,000
274
$8,258,311,000
$8,689,087,000
$7,311,173,000
Louis
Total
Cost
of
Dec.
Living
15
Labor
as
in
on
193,404.000
United States at Same Level on
Sept. 15, According to Secretary of
Perkins
The cost of
living for families of
wage earners
and lower-
salaried workers in the 32 large cities of the United States
surveyed
.
Following
lumber
were
...
The value of wholesale sales in the district in
above
extent
Federal Reserve District
8—St
Tenth (Kansas City)
seasonal
y
/ •• • ,"
These figures are as reported on March 13, 1939, by the
Board of Governors of the Federal Reserve System:
month
output of copper and silver.
From
reflecting
year.
the highest
lumber shipments and
supplies,
large
orders
total lias been maintained since
than
January,
passenger
Reserve
December
important factcm* stimulating recovery
.
indicates
the other
on
$7,637,000,000,
country
any
the output of gold,
heating
and
higher in
were
Minnesota,
the
Aggregate debits for the 141 cities for which
higher than in
or
sales of
retail
truck
Decreases
Dakota,
store,
as
in the Twin City area,
goods,
sales
store
sea¬
likewise well maintained
week of last year.
of
measured by our
lumber sales index
shipments from Minneapolis,
groceries.
North
district
trade,
aggregated
$8,258,000,000, or 5% below the total reported for the pre¬
ceding week and 13% above the total for the corresponding
.
were
Dakota,
North
electrical
in
.
,
1938,
phone installations
and
leading
Federal Re¬
much
The country
volume
January,
duction and
were
months.
18
April,
Other
than
of
rural
clearings indexes
the
in
the
was
city
of
flour,
partly
Debits
larger than that of the preceding
well above the level of January last year.
All of our indexes
the
check
in
indexes,
seasonally adjusted
and
considerable
-appreci¬
its "Monthly Review"
usual
producers
,
manufacture,
by district furniture plants
also take the following:
we
Federal
about
was
expanded
production
average
aircraft
January,
District declined less thgn usual in January and was
serve
well
(Minneapolis)
at
decline is usual
changes in output during January
J
•
this
in
eight lines of
prevent further additions to already excessive stocks resulted in
in
including
v
Ninth
Twelfth
during the
some
output of lumber
efforts
Available
in
production
was
the
was an
and trade
Bank Debits
ago.
the
volume of unfilled
a
622,000 barrels in
ably greater in January and the first two weeks of February than in the
similar
in
,
channels
to
January remained
production
to
decline
unfilled
than in
more
firms
The
sig¬
sea¬
Twelfth (San Francisco) District
production
trade
Voluntary
order
and some ether building materials.
Consump¬
industrial users in the principal centers in
less than
.
wholesale
by
December
January, reflecting in part a
drugs, tobacco and electrical goods.
for
t
of
through
53% higher than in January of last
*-.■
receded
but
declined
from
levels.
quarter of
was
lumber
Production of
retail
Stimulated
measurably
was
December,
2inc
and
and lessened demand.
prices
in
merchandise
sharply in January, although
relatively high averages of the last quarter of 1938, owing mainly
the
the
the
3%
3694571—DCMRBAPohcsivltamdgnep
in
thsi
in
mines
at
firms
usual
this
Residential
the highest
at
was
of
measured
decrease
December
militated
The value of contracts let for construction
ago.
below
than
greater
from
to
ingots at mid-February
1937.
of
year
a
fell
district
10%
steel
about
on
plants maintained the high rate of recent
January fell slightly below that of December, but
than
larger
the
fall
the
since
area
of
steel
is
payrolls advanced further, allowing for the customary seasonal declines
time, of year.'
Following a sharp increase in December, railroad
freight traffic declined moderately in January.
Available information
against the movement of all descriptions of cold weather merchandise.
Operations
reporting
than
Factory employment in Pacific Coast States
a
while
has
at
.
distribution
as
at
January results
ago,
Sales
smaller
and
some
month,
January.
considerably
of March 1.
Further expansion in output of in¬
producing building materials and household furn¬
ishings approximately offset decreases in some other lines,
the Bank said, further stating:
expected
gain
a
improve¬
Review"
and
spotty,
was
marked
a
over
than
dustries
"
the
lower
after alowance for seasonal
influences', it was noted
by the San Francisco Federal Reserve Bank in its "Monthly
instances carried
some
more
gain of 73%
a
moderately
was
level
improve¬
'
by others.
the
in
were
maintained, and in
showed
January
Distribution
ago.
lines
lines
industries
.
in
decline
seasonal
year
several
production
only fractionally lower than in January, 1938.
fact that sales this
January were nearly as large as a year ago is
nificant, as business in January, 1938, after allowance for
average
sonal changes, was at the
highest level since 1929.
District during
to¬
The "Review," in part, continued:
noted in recent months was
ment
was
,.
considerable degree of spottiness during January and the
February."
to say:
on
awarded, although one-fourth smaller
were
Industrial
supplied
Bank,
contracts
Petroleum
during
that
"Business Conditions," the Fed¬
usual statistics used in gauging business
conditions in the Eighth Federal Reserve District, reflected
first half of
volume
amount
sonal
that
1, which went
year.
declined
stated
.
(Dalas) District
January, after allow¬
during
Agricultural and livestock conditions showed
district,
month.
Louis
.
industry in the Eleventh
improvement
January, and
The
housefurnishings at retail ex¬
trade 'groups sold heavier
gether with the
a
last
large
an
Eighth (St. Louis) District
eral
.
declined
following the heavy general rains which broke the prolonged drouth.
Consumer buying at department stores in
principal cities of the Eleventh
District, which was stimulated by widespread price-reduction sales, was
wholesale
1938
same
a
.
ment
.
month.
preceding
.
district
;
>
the large volume in the preceding month, showed
year ago.
mills
.»
...
and
some
January
expansion
greater than in the 1929-38 average
furniture
the
in
trends
volumes.
:
The value of construction
than
payments during
wage
year.
the
in
changes, said the Fed¬
Reserve Bank of Dallas, in its "Monthly Business Re¬
eral
Ship¬
paper
decrease in Chicago, totaled below
a
and
January,
than
volumes
of
'
ago.
view" of March
January
in
last
were
petroleum
a
this
of
is made for customary seasonal
ance
All of the major manufacturing groups
had lower employment
them
of
year
January
1938,
customary
crude
all
.
showed
Building
slow.
was
double what they
production of
for
January.
Business
well
On the other hand, activity at steel and malleable casting
January, and most
ceeded
a
volume
in
year.
accounted
Eleventh (Dallas) District
was
January,
"sharply
were
represented in employment data registered losses in
dollar
smaller
was
than
building
Output was 20% smaller than a year ago, although
under the January average of the last 10 years.
January production of Southwestern flour mills, although slightly under
normal for the month, was 5%
larger than in the corresponding month
The
the
in
those of furniture declined
showing
increased following recent declines.
for
production
expansion
residential
19% larger than
were
only 4%
slightly higher rate in
a
previous and
no
seasonally, and the movement of materials
stove
month
a
seasonally,
for
though
than
more
ments
than
month
a
December, but much heavier than in the month last
construction,
off
operating at
was
February than
earlier, there has been
year
in
for
more
average
further
for the most part was down in
January, the merchandising
of commodities fell off in accordance with seasonal
expecta¬
tion, and employment and payroll volume decreased."
report also had the following to say:
Awards
ago.
increase, being
considerably
recession
some
1553
January construction awards in the district
the Bureau of Labor Statistics was at the
Dec. 15, 1938, as on Sept. 15, 1938,
Secretary
of Labor Perkins reported on Feb. 15.
"Slight declines in
same
level
by
on
the cost of food, clothing,
housefurnishing goods and miscel-
.
Financial
1554
laneous items
Chronicle
TABLE 2—INDEXES OF THE COST OF
counterbalanced by an increase in fuel
were
Mar.
h
.
EARNERS AND LOWER-SALARIED WORKERS IN 32 LARGE CITIES
DEC. 15, 1938
r
'
and light costs, while rents remained unchanged," Secretary
Perkins said.
"The Bureau of Labor Statistics' index of
OF THE UNITED STATES, BY GROUPS OF ITEMS,
(Average 1923-25=100)
the cost of all goods purchased by wage earners and lowersalaried workers in 32 cities, based on costs in 1923-25 as
HouseAll
Dec. 15, the same as on Sept. 15.
Living
costs in these cities averaged 2.1% lower than a year ago
and 17.0% below the peak point in December, 1929.
They
were
11.1% higher than at the low point of June, 1933."
The Secretary added:
100,
82.7
was
on
Living costs declined in 21 of the 32 cities and increased in
the quarter ended
than 1%
Dec. 15.
except in Buffalo, where food costs caused the index for
.
to increase by
1.2%
.
cities in which
>ower on Dec. 15 than on 8ept. 15.
0.1%
Boston.
index of food costs was higher
3.8%.
3%—Buffalo,
Los
and
3.4%—both
Angeles,
all
were
On
relatively small.
between November and
eggs
December,
90.6
99.3
87.4
78.6
99.6
69.2
83.6
80.9
97.6
82.3
78.0
80.9
70.4
100.9
84.3
96.1
81.3
75.0
83.0
72.1
76.3
86.0
96.5
79.3
78.8
74.4
60.7
96.0
73.9
100.2
.;.
85.7
78.4
77.2
94.4
93.4
101.0
85.8
80.8
84.9
69.2
100.9
79.2
104.2
79.8
76.7
82.1
67.1
79.1
81.6
95.1
81.4
77.9
79.7
66.0
84.7
87.8
93.6
81.1
61.5
100.2
.....
81.4
81.7
79.8
80.5
.,77.9
Minneapolis..*
84.2
83.4
79.2
72.1
90.9
87.4
96.6
82.9
82.7
81.9
58.3
87.6
90.1
101.3
Kansas City
....
South Atlantic:
In
no case was
the change
much
as
of the year.
,
,
due entirely to increased wood prices.
cities reported advances
of over 2%
(2.5%),
Boston
of over 2%—Memphis (3.6% ) and
Cincinnati (2.5% ).
introduction
the
of
a
rate schedule
new
89.3
104.0
84.5
75.5
87.9
64.9
81.9
86.7
83.3
71.4
89.7
73.3
82.9
90.5
99.1
80.9
77.8
83.9
64.1
84.0
86.4
91.4
86.8
80.2
82.7
87.0
84.8
89.3
99.8
76.8
67.5
86.8
59.6
83.1
81.1
93.0
Memphis
Mobile...
81.0
74.3
87.3
62.9
85.6
92.8
94.9
82.3
74.0
89.1"
67.5
71.4
88.7
97.4
82.2
77.9
76.3
73.9
76.6
92.8
94.6
West South Central:
Houston
for domestic service.
In
...
New Orleans
83.6
82.8
81.0
73.3
74.2
93.3
92.7
82.8
82.6
78.0
64.4
77.8
88.7
99.1
78.9
73.7
86.1
55.2
81.7
82.2
94.9
Mountain:
•Denver........
Pacific:
brought
Los Angeles...
Portland, Ore...
practically no change In average costs of clothing, house-
83.3
79.8
81.7
62.1
86.2
84.9
100.1
San Francisco
about by an increase in the B.t.u. content of the gas served in that city.
was
103.8
81.5
Birmingham
In Memphis
for gas
95.4
82.7
86.4
East South Central:
and
the drop was due primarily to a decline in the cost of electricity resulting
Cincinnati the decline came as the result of lower costs
89.3
83.7
69.6
Washington D. C.
Of the seven cities reporting declines, two showed de¬
Chicago (2.2%).
73.6
76.2
80.7
Norfolk..
Four other
(2.4%),
65.3
81.9
76.5
Savannah
all as the result of increases in coal
Birmingham
(3,5%),
prices—New York
,
83.9
83.1
79.2
.
usual atthls
In 24 cities increases were reported of which the largest
in Houston. 4.3%
73.1
86.2
Jacksonville
Richmond
1%
as
80.3
Baltimore
Fuel and light costs showed an average increase of 1.4%
f There
97.8
77.7
78.6
St. Louis
did the net drop
Sept. 15 level in 16 cities, higher in 15, and unchanged in one of the 32
from
73.7
79.1
78.4
West North Central:
paid by wage earners and lower-slaried workers were below the
cities included in the survey.
creases
80.6
81.9
81.9
Atlanta
Rents
was
78.7
84.8
Indianapolis
the
of meats.
season
84.6
Cincinnati
well as to the lowered cost
as
103.1
Cleveland
The declines reported
Boston,
only one city,
98.2
90.0
Detroit
(2.2%), due in large part to an unusual drop in the price of
exceed 2%
82.0
79.3
Chicago
12
largely
87.6
76.6
East North Central:
'
than
75.4
82.3
Buffalo
cities in which higher prices were reported, two showed advances of more
result of higher cost of fresh fruits and vegetables.
85.7
76.8
Philadelphia
Pittsburgh
only
Of the
74.5
84.1
New York
At the end of the quarter the
12 cities and lower in 20.
in
82.3
„
Portland, Me........
all items
were
laneous
Middle Atlantic:
Scranton
food prices are secured,
ing
Goods
Rent
ing
New England:
'■
.
the 51
Food costs in
furnish¬ Miscel¬
and
Light
less
was
Fuel
Cloth¬
Food
Items
Area and City
11, during
In each of those cities the change
18, 1939
GOODS PURCHASED BY WAGE
88.3
81.9
92.5
73.7
•78.7
89.4
106.3
87.0
78.5
88.9
71.0
97.7
90.9
101.1
82.7
a78.6
81.5
69.6
88.0
83.3
98.5
144.2
al24.5
146.2
113.3
163.1
174.6
196.5
Seattle.,
...
furnishing goods, and those items which arecaovered in the "Miscellaneous"
All three indexes for the 32 cities combined declined by a fraction
index.
of
a
there
decline of as much
a
items of clothing.
.
as
1%
In only one city, Atlanta,
(1.1% ), due to lower prices for
many
(a
2.4%
►
Only Baltimore reported
which resulted chiefly from
drop)
a
a
Includes 51 cities.
change greater than 1%
price reductions
textile
in
Decline of 1.4% in Retail Food Costs Between Dec. 13
,
and Jan. 17
The cost of the goods and services included in the miscellaneous group
lower in 23 of the cities and higher in nine.
was
with
exception of Jacksonville,
the
less than
1%
■
.
In
the change during
the quarter
was
City-wide reductions in the cost of laundry service caused
.
The remarks of
Secretary Perkins were contained in an
by the United States Department of Labor
(Office of the Secretary), which also had the following te say:
announcement
fc. Percentage changes in the cost of goods purchased by
lower-salaried
workers
from
Bept.
15,
1938,
to
Dec.
wage
15.
are
shown in Table 1 for 32 large cities of the United States, separately, and
by
for these cities combined,
groups
I^Table 2 presents indexes based
100,
as
bined,
on
are
Group indexes with costs in 1913
also presented in Table 2.
the 1913 base, was 144.2 on
TABLE I—PERCENTAGE
1923-25
IN THE
LOWER-SALARIED
WORKERS
UNITED STATES, BY GROUPS
IN
entirely to
100, for the 32 cities com-,
as
same as on
Sept. 15,
1928.
1938, TO DEC. 15.
32
LARGE
CITIES OF THE
OF ITEMS
decline of 22.1 %
of butter.
The
a
Food costs
lower in 50cities and slightly higher in only one city.
were
Prices of 51 of the 84 items regularly priced by the Bureau decreased, 29
Increased, and 4 showed
was
3.5% lower than
index is
change.
no
23.8%
The cost of cereals and
since the
ary.
of
summer
Prices
of the 1923-25 average.
when the index stood at 80.3.
a year ago
above the level of January, 1933.
January, 1929 index, which
The index of the cost of all goods,
Dec. 15,1938, the
COST OF GOODS PURCHASED BY WAGE EARNERS
1938,
due almost
was
The January index for all foods was 77.5%
CHANGES FROM SEPT. 15,
AND
This decrease
in egg costs and a drop of 6% in the price
Bureau's announcement further said:
of items.
on average costs in the years
by groups of items, for each of these cities and for these cities
combined.
The retail cost of food declined 1.4% between Dec. 13,
1938, and Jan. 17, 1939, the Bureau of Labor Statistics of
the United States Department of Labor reported on Feb. 16.
earners
1938,
Reports United States Department of
Labor
each of these cities,
the miscellaneous index for Jacksonville to decline by 1.5%
and
.
United States..
of the
Eight cities showed increases in the cost of housefurnishing goods and
furnishings.
cities
(Average 1913=100)
Average—32 large cities
.
24 reported decreases.
large
of the United States.
Clothing costs declined slightly in 26 of the 32 cities and
percent.
fractional increases were reported for six cities.
was
Average—32
were
was
102.7.
1937, decreased 0.5%
between December and Janu¬
lower for 10 of the 13 items included in the group.
during the month and
was
0.4%, and the current price is 8.4% lower than
All
Area and
Hems
City
Fuel
Cloth¬
Food
Rent
furnish¬ Miscel¬
and
ing
Light
ing
1.2%
Important
lamb
New England:
Boston
—0.7
—2.2
—0.5
—0.1
+ 2.4
+ 0.9
—0.2
Portland, Me
—0.7
—1.6
—0.1
+ 0.2
—0.9
—0.7
——0.2
Buffalo
+ 1.2
+ 3.8
+ 0.3
a
+ 0.5
—0.3
+ 0.8
New York
+ 0.5
+ 0.9
—0.3
+ 0.3
+ 3.5
+ 0.4
—0.6
—2.0
—0.4
c
+ 1.6
—0.9
...
Scran to n.
—0.3
—1.0
—0.4
+ 0.1
+ 0.2
+ 0.4
—0.1
—0. i
+ 0.7
Pittsburgh..
•»
+2.7
c
+ 0.2
+ 1.7
—0.2
—0.9
East North Central:
—0.4
—1.7
—0.4
+ 0.2
+ 2.2
Cincinnati......
.
0.8%
sub-group,
the current
advance
in
The price of roasting chickens
.
during the month.
Six of the
cutlets declined 0.1%
A drop of 1.5%
seasonal
For beef, the most
.
costs
was
3.7%
rose
—0.7
—1.5
—0.4
r—6.2
—2.5
+ 0.6
—0.1
—0.1
c
+ 0.3
—0.1
a
+ 0.2
—0.8
a
—0.6
+ 0.8
—0.4
+0.4
c
—0.2
—0.2
...
—0.8
+ 0.2
—0.1
—0.2
—0.2
—0.1
Indianapolis
+
.
Los Angeles.
INDEX
—0.1
—Q.6
0.2
+ 1.2
~—0.5
Minneapolis
+ 0.4
+ L3
—0.7
+ 0.3
+ 0.2
—0.4
—0.5
—1.4
—0.1
—0.2
+ 0.5
+0:3
Atlanta
+ 0.4
+ 2.1
—1.1
—0.1
+ 1.6
+0.8
Baltimore
—0.4
—0.8
+ 0.3
—0.1
+ 1.0
—2.4
J ackson vllle
—0.9
—1.3
c
+0.1
—1.1
—0.2
—0.4
—0.6
—1.5
a
—0.1
—0.5
+ 0.3
+ 1.6
—0.2
a
—0.3
1.7%
The price of
vea
OF
RETAIL
a
1
greater than
Lower butter prices
were
price of fresh milk advanced 0.6%, as
in Boston and 0-3%
per quart
0.1
St. Louis
—
average
Other items in the group showed little
NUMBERS
COSTS
OF
or no
FOOD
per
quart in
change.
BY
COMMODITY
GROUPS
(Three-Year Average 1923-25=100)
West North Central:
Kansas City
in the price of butter.
The
result of increases of 0.9%
+0.1
+0.1
—0.1
Detroit......
—0.2
for
and
The seasonal
pork products showed price decreases
seven
in the cost of dairy products reflected
decline of 6%
a
Cleveland..-
0.5%
.
The cost of canned salmon did not change.
.
reported for 48 cities.
a
Chicago
»
for hominy grits and
decline in the cost of pork, which began last October, amounted to
c
Philadelphia
The greatest
a year ago.
ranging from 0.6% for sliced ham to 3.2% for loin roast.
Middle Atlantic:
The
below the
for macaroni.
Meat costs turned upward with an increase of 0.2%
laneous
Goods
14.8%
Further reductions in prices of white bread averaged
relative changes in the group were decreases of 1.3%
Hons
below the
bakery products, which has tended downward
price of flour declined 0.5%
level of January, 1938.
It
The current
It is 24.6%
Commodity Group
Jan.17,
Dec.
13,
1939a
1938
Nov. 15,
1938
77.5
78.6
77.8
86.1
86.5
86.8
Jan.
18,
Jan.
15,
Jan. 15
1938
1933
1929
80.3
62.6
102.7
South Atlantic:
Norfolk
Richmond
—0.7
—0.4
d
—0.1
—0.7
Savannah
+0.1
+0.3
—0.6
+0.6
+0.1
—0.3
—0.6
—0.2
—0.5
+ 1.4
+ 0.5
Cereals & bakery
Meats
prod.
93.2
69.5
92.9
92.7
93.2
93.8
64.8
117.6
Dairy products
Eggs.
77.9
79.1
77.4
83.9
63.4
105.1
105.0
Fruits
+ 0.1
Washington D. C
All foods
_
98.4
65.9
84.5
87.2
70.1
66.9
61.1
59.6
55.9
58.8
52.3
88.2
Fresh
60.0
58.2
54.0
56.8
51.4
86.6
Canned.
74.4
74.5
75.0
79.8
66.4
56.8
57.3
57.7
61.3
48.6
98.2
66.3
66.3
66.4
68.3
71.1
110.7
Fats and oils
64.8
65.8
66.6
70.2
46.9
94.1
Sugar and sweets
a
62.3
62.6
62.5
66.2
58.3
76.7
—0.2
East South Central:
Birmingham
—0.5
—1.5
—0.9
—0.4
+ 2.5
—0.3
Memphis
—0.6
—1.0
—0.1
—0.3
—3.6
—0.5
Mobile
—0.4
—0.7
—0.4
+ 0.9
+ 0.2
—0.6
-0.7
+ 0.3
+ 0.7
—0.4
c
+ 4.3
—0.9
and vegetables..
96.0
c
—0.1
West South Central:
Houston
New Orleans
—0.1
Los Angeles
+0.7
—1.0
—0.2
+ 0.7
+ 0.1
—0.1
—0.7
—0.9
+ 0.8
+ 3.4
—0.4
a
+ 0.2
—0.3
—0.2
regions v^jere
+ 0.6
—0.2
-4.;
price increases for 9 of the 13 fresh items.
Portland, Ore
+ 0.5
+ 2.0
San Francisco
—0.1
—0.1
+0 1
a
d
—0.2
+0.2
+ 1.0
—0.2
—0.2
+ 0.1
—0.4
Seattle
of
Preliminary.
—0.6
—0.2
Pacific:
a
chocolate-
+ 0.9
Denver.
large
the United
,
—0.1
—0.3
States..
-
Egg costs dropped 22.1% and reached the lowest January level since 1934.
Lower prices were
each.
reported for each of the 51 cities, and decreases for all
markedly greater than for the same period in 1938.
The average
—o.1
cost
of fruits and
Price increases
for
0.7% for apples to 13.3%
titles
Decrease less than 0.05%..
d No change.
a
&
—0.9
Mountain:
Average—32
Dried
Beverages
b—0.1
—0.3
b Includes 51 cities,
+ 1.4
c
—0.2
—0.1
Increase less than 0.05%
and carrots fell
than
1%
10.6%
vegetables advanced 2.5%, reflecting
other fresh
for spinach.
and 3%
Potatoes and cabbage
fruits
and
respectively.
8.8%
and lettuce
Small price decreases of less
for 7 of the 10 canned products resulted in
the cost for the group.
rose
vegetables ranged from
Oranges declined 4.9%
a
decline of 0.2%
The cost of the dried fruits and vegetables
in
was
Volume 148
0.8% lower than
Financial
month ago.
a
and lima beans 0.8%
peas
rose
,
Prices of navy beans declined 1.3%
and raisins, 0.7%
Chronicle
All
prunes
,
Dried peaches and black-eyed
.
Hardwood
slightly.
March
The cost of beverages and chocolate
averaged about the same as in the
preceding month.
An upturn of 0.4%
in the price of coffee offset price
declines of 0.6%
6.4%
for tea and 0.3%
below the level of
A decline of
a
for
and
due largely to a
was
decreese of 2.6%
Coast
Prices for other items in the group fell
cartons.
further
Lower food costs
Bureau's index,
located in
Butte
In
accounted
Decreases
the Mountain
(2.7%).
Dallas
for
Salt
area;
the
Lake City
In each of these cities,
Salt
and
sharply contrary
Lake City,
the
to
prices of 0.8 cent
fruit
reported for St. Louis.
was
fruits
and
Reduction
movement.
in
All
output.
of
1938
regions except Southern Pine,
Pine,
Pine reported
Redwood
and
ended
Northern Hemlock
Northern
West
Western Pine,
above
shipments
regions
except
last
Hemlock
year.
reported
reported for the week ended March 4, 1939, by 437 soft¬
totaled
182,153,000
Shipments
17%
feet,
reported
as
above production.
9%
or
above the production
for the
week
same
Production
of the
195,181,000
were
167,052,000
was
feet.
Reports from 103 hardwood mills give new business as 10,775,000 feet,
15% above production.
Shipments as reported for the same week were
10,091,000 feet, or 8% above production.
Production was 9,364,000 feet.
Identical
Last
week's
feet, and
bread
a
feet
The only advance in food costs,
and
production
year ago
194,755,000
pound for Denver, con¬
a
or
dropped
Increases in prices of meats and
week
Northern
week
the
in
above
corresponding
and
or
(3%) and
white
of
All
than 25%.
more
vegetable costs
pound for Dallas and 0.5 cent
a
tributed to the declines in these cities.
0.1%,
declined
and
mills.
feet,
(5%), and the cities
(4%), Denver
egg prices
fresh
general
Dallas
mills
same
general decline of 1.4% for all
greatest in
were
production
shipments
reported
those
Western
Lumber orders
change.
or no
above
Cypress and Northern
wood
reported for 50 of the 51 cities included in the
were
which
cities combined.
The other items showed little
"tfbove
Hemlock
All regions except California Redwood,
Western Pine.
Coast,
Northern
production above the 1938 week.
slightly.
The cost of sugar and sweets decreased
0.4% and is 5.8% below the
level of a year ago.
Sugar declined 0.4% and strawberry preserves, 1%
during the month ended Jan. 17.
Cypress,
orders
new
Hardwood
orders
and
WeBt
in the price of
reported
4, 1939.
Southern
a
1555
Southern
except
Northern
reported
now
year ago.
in the price of lard and
shortening sold in
Coffee is
cocoa and chocolate.
1.4% in the cost of fats and oils
drop of 3.3%
regions
feet
it
of 432
179,479,000
feet."
189,984,000
In
feet;
vegetables for this city were much greater than those for the
51 cities combined.
shipments,
feet and
8,377,000
feet
feet,
the
reported production last week and
fresh
Reports
mills
151,191,000 feet; shipments
was
and
Mill
identical softwood
a
and
and
orders
of
case
year
was
166,698,000
were,
respectively,
received,
181,517,000
hardwoods,
identical
84
mills
7,365,000 feet and 8,791,000
ago
6,395,000
feet,
and
orders,
8,904,000
6,023,000 feet.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
(Three-Year Average 1923-25=100)
Federal Surplus Commodities Corporation Authorized
to
Regional Area
\
Jan. 17,
1939
United States
13,
1938
77.8
76.4
.
75.7
Nov. 15,
1938
78.6
a
77.5
New England
Middle Atlantic
Dec.
76.2
Jan.
18,
Jan.
15,
Jan.
15,
1933
80.3
62.6
102.7
78.3
64.0
102.1
81.0
64.3
102.8
77.6
78.4
77.5
80.9
60.3
103.9
79.7
80,7
80.2
82.3
61.3
103.5
South Atlantic.
79.9
79.0
77.5
76.9
79.2
61.5
101.0
East South Central...__
West South Central
70.9
72.2
71.4
75.5
57.5
102.2
75.9
77.6
76.9
78.8
60.3
102.1
Mountain
77.7
80.4
79.0
83.4
62.9
99.5
Pacific.
76.4
77.7
76.5
78.6
64.2
101.0
a
76.7
.
....
Bushels
of
Wheat
Relief
for
The Federal Surplus Commodities Corporation has been
to make additional purchases, not to exceed
West North Central
78.6
1,750,000
authorized
East North Central....
•_
Buy
Distribution
1929
1938
■
315,000 barrels of whole-wheat graham flour and up to
180,000 barrels of whole-wheat breakfast oreal, for relief
distribution, the Department of Agriculture announced on
March 11.
The program is designed to assist producers
further in disposing of current stocks of surplus wheat.
The
Department further explained:
Preliminary.
The
wheat
products will be purchased from mills
over
the country in
quantities to be determined from time to time for the next several weeks.
Decreases Noted in Pennsylvania Factory Employment
and Payrolls from December to January—Dela¬
Employment and payrolls in Pennsylvania factories de¬
creased about
2% and 3%, respectively, from December to
January, according to figures released by the Federal Re¬
serve Bank of
Philadelphia.
These declines were less pro¬
nounced than usual for this
the Bank
further
Substantially less
plants
glass
and
products;
metal
number
but
iron
while
non-ferrous
The
earlier,
of
declines
steel,
actual
in
textile,
increases
payrolls
chemical,
occurred
reported
were
to
be supplied
by the FSCC
upon
The purchases will be made
request.
the basis of offers from the mills at stipulated prices,
FSCC, after consideration of such fastors
as
of relief distribution.
on
and acceptances by the
market conditions and economy
!
*
The total quantity of flour and cereal to
the
in
leather
of
case
by
clay and
and stone,
products.
9%
The program will be open to all mills which are in position to produce the
flour and cereal in accordance with specifications prescribed in offer forms
-
be purchased and distributed
under this program is the equivalent of 1,750,000 bushels of wheat,
seasonal
and
workers
nearly
Under date of Feb. 20
xieriod.
reported:
than
turning out
probably will be made
during the week immediately following, with additional purchases later.
Factories Report Gains
ware
An initial purchase of 160,000 barrels of the cereal
during the week of March 12 to 18, and 80,000 barrels of the graham flour
Since
June,
1938,
total of 2,700,000
a
barrels of White flour;
268.900
,barrels of whole-wheat graham flour, and 203,600 barrels of whole-wheat
cereal, representing the equivalent of approximately 13,000,000 bushels of
wheat, have been purchased for distribution to low income familes on relief
employed
slightly
was
than
greater
the
at
low
than
smaller
point of
a
recent
year
rolls.
years,
reached
last June.
Wage disbursements, on the other hand, were about
12% larger than in January, 1938, and 20% above last year's low.
The
volume
year
of
above
the
substantial
The
January,
levels
increase
total
in
payments
wage
prevailing
substantial
increases
in
The
69c.,
Bank's
Delaware
in
Factory employment and
a
virtually unchanged in
62c.
ttfo
for
the
stabilization of
the
1939-40
and
and
1940-41
agreed upon recently by rep¬
resentatives of the coffee-producing States of that country
meeting at Rio de Janeiro, according to a report to the Food¬
stuffs Division, Department of Commerce, from the office
of Brazil
crops
were
of the American Commercial Attache at Rio de Janeiro.
The
report made public March 14 states that in an endeavor to
following to
say
re¬
factories:
in Delaware
about 2% above January, ,1938.
were
in
Average hourly
earlier and
year
the
payments
wage
3%
five' months.
preceding
Agreed, Upon for Stabilization off1939-40
1940-41 Coffee Crops of Brazil
Plans
moset
coffee
about
-
had
announcement
garding conditions
the
1938,
decreased
the
against 70c.
as
■
January and
of
mills.
week, pompared with 35.4 in Decem¬
a
ago.
years
beginning
Plans
this
started
groups
the highest reported since October, 1937.
was
earnings approximated
in
the
at
major
over 33% at textile
employee-hours worked
of
Working time averaged 34.6 hours
ber, when it
all
bping
number
following
practically
increased
slightly
Working time
the month.
«
.
,
was
"
maintain a statistical equilibrium between production and
consumption of the crop for each of the two years, it was
agreed that 30% of each season's crop1 of common coffees and
15% of the crop of preferential coffees should be acquired by
the National Coffee Department of Brazil from the growers
at two milreis
(approximately 11 cents) per "bag of 133,
pounds each. It was further said:
>
•
_
Weekly
Report
lumber
The
of
Lumber Movement,
March 4, 1939
industry
during
the
Week
March
National Lumber Manufacturers Association from
regional
associations covering
the operations of important softwood
and hardwood mils.
Reported shipments,
and
orders
new
were
14%
Reported production
greater than
was
2% less.
were
the preceding
in
New orders were
3% below the corresponding week of 1938.
duction
For
week.
ders
and
softwoods, production,
in
than
both
were
respectively, 10%
were,
less
shipments
9%
Reported
above
last
pro¬
year's
shipments and new
or¬
9% greater and 4%
New business
greater,
corresponding week
8% greater
16% above output in the week ended
March 4.
Reported production from the nine weeks of the
year to date was 24% above corresponding weeks of 1938;
shipments were 14% above the shipments, and new orders
were 4% above the orders of the 1938 period.
New busi¬
for
ness
the
nine
weeks
11%
were
of
1939
was
The
above.
above output;
10%
Association
further
reported:
of
week
softwoods
orders
were:
be destroyed by the National
.
purchase cf this coffee will be derived partly
33 cents) tax per bag of coffee exported
for consumption from each of the producing States with the exception
State of Sao Paulo which will furnish the sum of 23,000 contos
mately $1,265,000).
«
523,000 feet;
of
and
Mills,
orders,
4,
hardwoods
192,928,000
535;
1939,
production,
169,843,000 feet.
523 mills produced 176,416,000
combined;
feet.
Revised
of the
(approxi¬
The remainder of the money required to effect the
purchases will be had from a portion of the assessment imposed by decree
law in November, 1937.
The State of Sao Paulo has agreed to continue to be
responsible' for the
20,000,000 pounds sterling Coffee Realization loan and will in consequence
thereof be
credited
by the National Coffee
attained from 6 milreis of the
State.
'
Department .with the funds
12 milreis export tax assessed against that
*
The planting of new coffee trees will
be prohibited until June 30, 1941.
This regulation will not be made to apply, however, to
the replacement or
substitution of trees on existing plantations or to plantings in
which have not yet reached the prescribed limit of
those States
50,000,000 trees, accord¬
ing to the report.
Guatemalan Coffee Trade During February
Continued
withJDeclining PricesandJSIoav Demand
~"The dullness""which characterized the Guatemalan coffee
during January continued through February with
declining prices and slow demand, according to a report to
the Department of Commerce by the office of the American
Commercial Attache at Guatemala City.
The Commerce
Department on March 9 further announced:
trade
_
Exports of both hulled and unhulled coffee during the four
During the week ended March
feet
booked
will eventually
from the six milreis (approximately
were
shipments
purposes,
Department, the Commercial Attache reported.
The funds to finance the
1938.
of
(hardwoods and softwoods) was 9% above production, and
shipments
acquired, except that which is used for advertising purposes
so
for industrial
Coffee
4,
1939, stood at 54% of the 1929 weekly average of produc¬
tion and 66% of average 1929 shipments.
Production was
about 61% of the corresponding week of 1929; shipments,
about 71% of that week's shipments; new orders, about
64% of that week's orders, according to reports to the
week.
The coffee
or
ended
week
Ended
205,272,000
shipped
figures
180,028,000
for
feet;
the
feet;
preceding
shipments,
190,-
Feb. 23 totaled 107,641 sacks of 132 pounds each compared
sacks during the Dec.
weeks ended
with 114,398
30, 1938—Jan. 25, 1939 period, and 105,450 sacks
•IP*'
iwM
the United States during February decreased in
during the Jan. 26-Feb. 22 period of 1939, the report states
Although
volume
exports
to
compared with the preceding month, they accounted for 62% of
Financial
1556
Chronicle
with
Mar.
five-cent advance to $1
1939
18,
barrel posted by the
the total shipments from Guatemala during the month, and were well in
pares
advance of the figure for the corresponding period of 1938, statistics show.
Caddo Crude Oil Purchasing Co. The Commonwealth Pipe
Line Co. posted a 10-cent a barrel cut in the price of Western
Exports to Germany were maintained at approximately 14% of the total,
or
about equal to the preceding month but below the volume
1938.
for February,
Other European countries continued to take approximately the same
percentages as during January, but the total volume
decreased somewhat,
a
Michigan crude oil
78 cents
a
on
a
March 15, making the
News from Washington on the Senator
according to the report.
posting
new
barrel.
Connally "hot oil"
bill continues favorable with the Senate Finance Committee
Petroleum
Products—Extension
Its
dent
Cardenas—Mr.
of Five-Day
Backed
by Texas Operators—Other States
Continue Curtailment Programs—Crude Oil Out¬
put Climbs—Hot Oil Bill Progressing Favorably—
Mr. Richberg Continues Conferences with Presi¬
Hits
Farish
Bolivian
Oil
Move
The mid-month State-wide
proration meeting held by the
Texas Railroad Commission in Austin
almost
unanimous
on
March 15 showed
support among both independent and
major oil operators for the continuance of the five-day pro¬
duction week in the Lone Star State for at least another
three-month period.
Earlier this month, it had been in¬
timated by Commission members that production would
.
gradually be returned to a normal seven-day week basis
during the course of the next few months.
Speaking for the independent producer and operator,
Charles Roeser, President of the Independent Petroleum
Association of America, pointed out that even under the
allowables,
oil than can be absorbed by the
Another point made by Mr.
Roeser was that unless the refining branch of the industry
is brought into line with the general curtailment objectives
of the producers, the present price structure is none too
steady.
During the hearing, the Commission disclosed that 814
new wells had been completed in
Texas during January,
while February brought an additional 715 producing wells
present
more
market is being produced.
'
15 voting to report favorably on the measure.
provisions of the "hot oil" bill, the Federal Govern¬
ment lends support to State oil-regulatory bodies by making
it a Federal oftense to ship crude produced in violation of
State proration regulations in interstate commerce. The bill
sets up Federal Tender Boards from which permits to ship
crude or refined products in interstate traffic must be ob¬
tained before such interstate shipments may be made,;
Conferences between President Lazaro Cardenas of Mexico
and Donald Richberg, who is acting as Counsel for the
Standard Oil and Royal Dutch Shell groups affected by last
March's oil expropriations in Mexico, continued during the
week with little concrete results. Early in the week, reports
originating within the Mexican Government indicated that
an early settlement might be expected
but later develop¬
ments proved this rumor false. Late in the week, Mr. Rich¬
berg hinted at a possible further delay in the talks when he
disclosed that he had to return to Washington in order to
try a case in the United States Supreme Court on March 27,
on
and
Week
into existence.
The State allowable
March 14
on
was
1,805,-
.
able for Oklahoma will not be made until March 29, it was
indicated that the Oklahoma Corporation Commission wih
at that time order continuance of the
428,000-barrel daily
figure which has ruled for the past nine months.
Prior to the hearing Chief Conservation Officer Armstrong
will hold conferences with operators to work out recommended
quotas for various prorated wells.
Out on the West ^Coast, the Central Committee of Cali¬
allowable
.
fornia
Oil
Producers
continued to
seek
means
of further
curtailing production of erude oil.
The fact finding com¬
mittee of the group has recommended a production limit for
wells in the State of 1,000 barrels a day or more potential, of
250, to 300 barrels daily with a sliding scale down to wells of
26 barrels daily potential or" more.
Stripper wells of 25
barrels a day or less would remain unaffected by the new
recommendations. The committee also held that the umpire
order and supervise potential tests.
New wells should be
treated as .established producers, pending further clarifi¬
cation in this field.
.
■.
•
Daily average crude oil production in the United States
during the week ended March 11 rose 38,150 barrels to a
daily average of 3,353,000 barrels, the American Petroleum
Institute reported.
This again was more than the market
demand estimate of the United States Bureau of Mines which
had
placed probable demand for March at 3,340,000 barrels
daily.
Production since the first of the month has gone
above the demand indicated by the Federal
survey several
times.
Largest gain was shown by California which rose 18,900
a daily average of 628,200 barrels.
Oklahoma
also showed a gain, production rising 5,100 barrels to a
daily
average of 446,300 barrels.
Kansas production was off
5,900 barrels to a daily average of 139,000 barrels while a
decline of 1,900 barrels for Texas pared production there to
1,319,150 barrels. Louisiana also showed a decline, output
dropping 1,700 barrels to a daily figure of 264,950 barrels.
Several minor readjustments in the price structure of
various fields were made during the week.
The Dixie Pipe
barrels to
Line Co. announced
on
March 12 that it had advanced the
price of crude from the Magnolia field in South Arkansas
five cents a barrel to 80 <?ents.
Two days later, the Atlas
Oil Co. boosted its top price for crude in the
Shreveport
field in North Louisiana three cents to 98 cents which
com¬
would return for further discussions if
but added that he
the question had not been cleared up by then.
A bitter attack upon the decision of the Supreme
Court of
Bolivia's decision on March 8 cancelling the Bolivian con¬
cessions of the Standard Oil Co. (N. J.) was made in a state¬
ment issued in New York
March 13 by W. S. Farish,
on
of the company.
The decision was "clearly a
subterfuge to defeat the company and despoil it of its prop¬
President
erty," Mr. Farish stated.
March 12—Dixie Pipe Pipe Line advanced crude prices in the
field in South Arkansas 5 cents
757
barrels, compared with 1,793,696 on the- first of the
month and 1,801,404 a month earlier
Continuance of the
present five-day week for another quarter's period would
enable the industry to reduce its present excessive stocks.
Interested spectators at the hearing included members of the
Interstate Oil Compact Commission who held their meeting
in the same city on the following day,
*
\
The Inter-State Oil Compact Commission, in an effort to
stave off any concerted move in Congress to once again place
the petroleum industry under Federal control, created a
technical agency to promulgate production and conservation
standards, to be administered within the framework of State
sovereignty.
E. T. Thompson, Chairman of the Com¬
mission, was chosen Chairman of the new group.
Mr.
Thompson will name the members of ihe new group, and its
technical advisers, before the next meeting of the Commis¬
sion in June.
In addition to representatives from the six
member-States, observers from Arkansas, California, Louisi¬
ana, Michigan and Pennsylvania were present as official
representatives of these six States.
While formal announcement of the April production allow¬
March
Under the
a
Magnolia
barrel to 80 cents.
March 14—The Atlas Oil Co. boosted its price for crude in the Shreveport
field in Northern Louisiana 3 cents to 98 cents, against a 5-cent advance
by the Caddo Crude Oil Purchasing Co. to $1
March
15—The
Commonwealth
barrel.
a
Pipe Line Co. cut western Michigan
crude oil prices 10 cents a barrel to 78 cents.
Prices of
Typical Crude
per
Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa—
$2.00
.
Oil Co.)
Corning, Pa.
Lima (Ohio
are
not shown)
'
Eldorado, Ark., 40—————-*1.05
.—....
1.25
...
1.02
Darst Creek.
..i........
1.25
Michigan crude
Western Kentucky.
1.20
Mid-Cont't., Okla., 40 and above.. 1.10
Rodessa, Ark., 40 and above.
.1.25
Sunburst, Mont
Smackover. Ark.. 24 and over
1.02-
Rusk, Texas, 40 and over
Petrolia, Canada
Illinois..
REFINED
.75
-
-_T-
Huntington, Calif.; 30 and over
Kettleman Hills, 39 and ever
PRODUCTS—MOTOR
1.09
...
.
FUEL
,
•—
INVENTORY
7.82
1.22
1.24
1.25
25||
RISE
SMALLEST IN MONTHS—REFINERY OPERATIONS HOLD AT
HIGH RATES—STATE-WIDE INCREASES IN GAS PRICES IN
TEXAS—KEROSENE
AND
WEAKNESS—STANDARD
SHOW
SEASONAL
INDIANA MAKES
READJUST¬
FUEL
OF
OILS
MENTS
Despite continued high refinery operations, the seasonal,
gain in demand for motor fuel brought about the smallest
rise in stocks of finished and unfinished gasoline during the
March 11 period for several months, according to figures
published in the mid-week report of the American Petroleum
Institute.
Stocks gained only 587,000 barrels to a total of
85,996,000 barrels, in sharp contrast to the recent" sharp
upward movements.
Refinery operations held virtually unchanged during the
week at 78% of capacity, which represented a decline of
only one-half point. Daily average runs of crude oil to stills
of 3,250,000 barrels represented a declino of 25,000 barrels.
An increase of 245,000 barrels in production of gasoline dur¬
ing the week lifted this figure to 9,665,000 barrels.
Led by Texas Co., a general advance of one cent a gallon
in the tank-wagon price of gasoline in Texas was posted
on March 13 by all leading
company with a corresponding
increase in retail prices following closely.
Under the new
price schedule, retail prices in Fort Worth climbed to 19
cents for premium, 17 cents for regular and 15 cents a gallon
for third-grade gasoline.
Despite further improvement in the statistical position of
gas and fuel oil stocks which this week showed a loss of
1,284,000 barrels to 130,646,000 barrels, seasonal weakness
in the price structure for kerosene and fuel oils in general
developed during the week in the major markets.
There
seemed to be no general readjustment downward, but prices
as a whole were on the
easy side.
In the gasoline price field, developments of the week
were highlighted by the wide readjustment of prices in its
territory where the markets have been subnormal for some
time made in mid-week by the Standard Oil Co. of Indiana.
In general, prices were firm to slightly stronger as the trade
grasped at the straw of encouragement held forth in the
sharp slackening in the rising trend in stocks of gasoline.
Representative price changes:
March 13—Texas Co. and other leading companies advanced
prices of gasoline 1 cent
the
same
a
gallon throughout Texas.
tank-wagon
Retail outlets made
upward adjustment which became general immediately.
U. S. Gasoline (Above 65 Octane), Tank
Stand. Oil N.
Car Lots, F.O.B. Refinery
Other Cities—
New York—
New York-
J—$.06>5
Socony-Vacuum..
Tide Water OH Co
Texas
.06
Gulf
.08 X
Shell Eastern....
Richflled Oil(Cal.)
.07 X
Warner-Quinlan—
.07 X
—
$07 X
.08 X
.07^
Chicago
New
Orleans.
Gulf
ports
Tulsa
$.05
-.05)4
.06H--07
.05, X
.04M-.05
Volume
Financial
148
1557
Chronicle
PRODUCTION
Kerosene, 41-43 Water White, Tank Gar, F.O.B. Refinery
OF
BY STATE8 AND
CRUDE PETROLEUM
PRINCIPAL FIELDS
New York—
I North Texas
(Bayonne)
$.04^
I
$.04
Los Angeles..
Diesel
Orleana.$.05)i-.05H
I Tulsa
.03&-.05
Jan.,
I
$.04
$.1951 Newark
New York
z
Brooklyn
z
138
4.5
1,418
1,556
45.7
996
51.4
50.2
1,286
774
58.4
2,524
2,408
49.2
1,857
1,610
59.9
1,526
Long Beach
52.0
1,768
1,926
1951
2,600
83.9
2,856
92.1
2,073
53
430.2
13,712
442.3
15,643
13,645
19,274
Rest of State
-
Total California.
$.17
.135-.15
$.1519Buffalo
1815Philadelphia
Boston...
Not including 2% city sales tax.
621.7
20,035
646.3
22,008
18,032
103
3.3
110
3.6
114
105
4,446
143.4
3,981
128.4
1,128
368
57
1.9
88
2.8
66
60
4,931
159.1
4,826
155.7
5,680
5,300
520
16.8
523
16.9
411
400
5,769
186.1
5,081
Colorado
Illinois
Indiana
Kansas.
Kentucky
5,672
183.0
5,416
875
28.2
890
28.7
1,311
1,370
44.2
1,349
43.6
1,116
633
8,014
258.5
255.2
7,843
7,504
Michigan
1,630
52.6
7,911
1,595
51.6
1,564
Montana
435
14.0
401
12.9
375
474
3,039
98.0
3,256
2,774
Louisiana—Gulf coast
Rodessa
Petroleum
Crude
Petroleum
and
The
Rest of State
Products,
Total Louisiana
1939
January,
monthly petroleum report of the United States Bureau
of Mines disclosed that crude oil
production recorded little
3,062
402
13.0
Ohio
252
8.2
271
8.8
248
255
3,271
105.5
101.6
4,196
5,297
3,583
115.6
3,147
3,545
7,124
114.4
3,932
4,141
The
principal changes in the States' production figures were
decline
and
of
25,000 barrels in California's
about
increase of 15,000
an
down somewhat in January,
work in Illinois slowed
in
to 259 in
Bureau's report
The
January.
after increasing
14,426
2,063
29.8
639
282.0
8,743
40,510 1,306.8
40,847
63.4
29.5
922
8,751
282.3
40,726
Total Texas
1,313.8
279
6
290
473
453
992
1,010
50.4
1,465
1,463
7
102,490 3,306.1 102,287 3,299.6
Total United States
5
.106,007
98,537
6
....
289
8.9
15.3
1,087
1,561
47.2
1,463
Other.a
8,546
35.1
474
32.2
64.0
277
15.0
997
•
Wyoming—Salt Creek
9.0
466
West Virginia
a
391.5
5,517
13,993
2,164
1,170
8,051
39,131
393.7
Rest of State
Stocks of all oils showed little
8,236
5,828
913
Total Wyoming
appreciably in December.
9,345
210.0
210.5
12,205
1,964
Panhandle..
with the result that stocks declined in January
to stills increased materially
1,497
329.5
334.4
6,525
Rodessa
further stated:
18,767
1,566
13,816
1,372
10,215
6,511
12,136
1,983
Rest of State
of crude petroleum continued below normal, but crude runs
Exports
9,329
17,409
44.3
10,368
East Texas
the rise
9,281
445.7
43.4
West Texas..
440
229.8
450.0
Texas—Gulf coast...
444
13.2
409
228.9
1,346
Total Oklahoma...
average
production being retarded and oil wells completed de¬
clining from 296 in December
7,097
13,951
Rest of State...
Pennsylvania
Development
barrels in Illinois.
...
Seminole
300,000 barrels in December to 3,306,000 barrels in January.
a
899
New York
rising only from 3,-
average
1,790
98.8
New Mexico
Oklahoma—Oklahoma City
change in January, the daily
774
13,337
Wilmington
z
290
6.2
46.2
1,811
California—Kettleman Hills
$.053
28-30 D
1937
160
Total Arkansas
Gasoline, Service Station, Tax Included
Jan.,
1938
Average
1,593
Rest of State
$.02J*-.03
Total
Average
1,433
Arkansas—Rodessa
| Chicago-^,
27 plus
Total
Terminal
Tulsa
Daily
Daily
$0.90
1.45
1.651
Gas Oil, F.O.B. Pefinery or
N. Y. (Bayonne)—
December, 1938
Terminal
California 24 plus D
i New Orleans G
$1.00-1.25 Phila., Bunker C
i
(Thousands of Barrels)
03J*-.04
January, 1939
Fuel Oil, F.O.B. Refinery or
N. Y. (Bayonne)—
Bunker C
....$0.95
I New
Includes Missouri, Tennessee, and Utah.
change, declining only 307,000 bariels to 554,163,000 barrels on Jan. 31.
Refined Products
Daily
The
yield of gasoline in January was 44.8%, compared with 44.4% in
December and 44.1% in January,
indicated
The
month
of
1938.
(3,638,000 barrels)
In
siderably
of the
spite
more
fuel
motor
January
in
above the demand in January, 1938.
was
high
18% above the corresponding figure
demand, gasoline stocks increased
than anticipated though less than in January, 1938.
stocks of finished and unfinished gasoline on Jan. 31,
79,466,000
nearly eight million
barrels,
first of the year,
barrels
than on hand the
more
but about 6,500,000 barrels less than on hand a year ago.
The demand for the various fuel oils continued to run well
previous year, kerosene being 12%
tillates up
con¬
Total
1939, amounted to
above January, 1938,
gas
'
ahead of the
oil and dis¬
25%, and residual fuel oil up 14%.
According to the Bureau of Labor Statistics, the price index for petroleum
products in January,
and
The
crude
oil
capacity represented by the data in this report was 4,-
.
78% in January, 1938.
week ended March 11 totaled 845,000
daily average of 120,714 barrels, compared with a
123,857 barrels daily for the four
barrels for the week ended March 4 and
were no
receipts of California oil atr
December,
January,
1938
1938
January,
dicate that the industry as a whole ran
Dally average
Benzol,
102,287
106,007
98,537
3,300
3,420
3,179
—
4,345
4,336
3,785
Daily average
...
185
186
147
247
106,939
a
Total production
106,818
110,490
102,569
3,450
3,446
3,564
3,309
-
Imports b:
Crude petroleum:
11.
weeks ended March
1,373
2,416
1,986
324,000 barrels of heavy fuel oil,
1,129
1,048
Receipts for domestic use
444
1,871
1,644
84.9% of the total daily
amounted to 9,665,000 barrels.
1,180
109
DAILY
AVERAGE CRUDE OIL
PRODUCTION
(Figures in Barrels)
Receipts in bond
_ —
635
478
678
1112,184
114,707
105,556
3,599
-
supply, all oils
1,727
111,582
Receipts for domestic use
new
.
production by companies owning
Refined products:
Total
of Mines'
during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 85,966,000 barrels of finished and un¬
finished gasoline; 22,322,000 barrels of gas and distillate fuel oil, and 108,-
refinery capacity of the country
495
Receipts In bond
to stills, on a Bureau
basis, 3,205,000 barrels of crude oil daily
Total gasoline
,
85.8% of the 4,268,000
of the United States, in¬
barrel estimated daily potential refining capacity
New Supply—
of 46,857
16,714 barrels daily for the four
Reports received from refining companies owning
1937
'
Natural gasoline
Atlantic and Gulf Coast ports
11, compared with a daily average
March
for the week ended
barrels for the week ended March 4 and
102,490
3,306
4,264
bond at principal
barrels,
daily average of 110,143
Imports of petroleum for domestic use and receipts in
United States ports for the
There
(Thousands of Barrels)
Domestic production;
Crude petroleum
the week
Further
weeks ended March 11.
SUPPLY AND DEMAND OF ALL OILS
January,
1939
the
average gross
3,330,250 barrels,
The daily average output for
ended March 12, 1938, totaled 3,382,100 barrels.
details as reported by the Institute follow:
a
103,000 barrels, hence the operating ratio was 78%, compared with 77%
in December and
that
estimates
Institute
crude oil production for the week ended
March 11, 1939, was 3,353,000 barrels.
This was a gain of
38,150 barrels from the output of the previous week, and the
current week's figure was above the 3,340,000 barrels cal¬
culated *by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during March.. Daily average production
for the four weeks ended March 11, 1939, is estimated at
daily
1939, was 50.4, compared with 50.9 in December,
58.8 in January, 1938.
Petroleum
American
The
37,-
was
Although
from the December peak, the total for
exports of gasoline fell off sharply
the
for
demand
domestic
847,000 barrels, or 8%
Crude Oil Production During Week
11, 1939, Placed at 3,353,000 Barrels
Average
Ended March
1938.
3,619
3,700
3,405
B.
Four
of M.
307
Decrease in stocks, all oils
.7,771
cll,293
Calcu¬
Week
Change
Weeks
Week
Allowable
Ended
from
Ended
Ended
Require¬
cl,479
State
lated
Dally average
Mar. 1
1939
ments
otal demand
-
-.
111,889
119,955
3,609
3,870
103,414
104,077
3,336
3,357
*'
"
428,000
446,300
+ 5,100
445,450
526,100
156,850
139,000
—5,900
146.750
173,100
65,700
—2,950
64,750
—100
8,491
11,237
7,988
8,157
Panhandle Texas...
North Texas
80,700
41,649
33,668
5,286
West Central Texas.
30,600
14,847
East. Central Texas.
28,116
1,625
East Texas
106
5,953
3,596
-
5,980
29,787
1,831
35,176
5,360
12,642
25,844
1,471
74
Lubricants
15,656
1,609
Residual fuel oils
Wax
6,813
15,742
29,484
Kerosene
Gas oil and distillate fuels
61
115
532
—
Still gas
506
535
1,132
1,077
760
174
151
4,933
4,937
4,864
173
145
137
157
1,147
2,028
209,350
+ 550
208,050
186,500
94,650
—2,050
94,300
372,800
West Texas
+ 150
372,600
97,800
427,750
Southwest Texas
247,800
+ 1,200
247,550
Coastal Texas
217,560
+ 1,300
216,050
226,550
199,300
98,921
103,834
89,473
2,886
2,978
—1,900 1,314,050 1,290,500
73,450
191,500
Coastal Louisiana
+ 1,350
71,500
78,800
—3,050
194,300
177,000
92,324
3,349
1,363,900 bl801,400 1,319,150
Texas
Total
North Louisiana
2,149
3,191
259,700
254,220
264,950
—1,700
265,800
255,800
50,000
126,500
53,090
53.450
+ 750
53,200
165,250
97,500
+ 7,200
156,700 1
48,900
138,800
100,300
+ 1,100
96,700
Michigan
47,700
58,500
+ 2,500
55,800
53,500
Wyoming
53,600
51,000
+ 2,350
50,600
Montana
13,500
14,100
—150
13,850
47,500
12,200
3,700
—100
3,800
111,900 + 10.000
104,400
Total Louisiana
Total domestic demand
Daily average...
Arkansas
Illinois
Eastern
Stocks—
Crude petroleum:
Refinable in United States
Heavy in California..
272,346
d273,560
16,356
16,467
306,195-
287,159
15,026
e
4,567
4,830
4,951
Refined products
260,894
259,613
249,107
4,032
229,517
Total all oils
554,163
d554,470
575,279
520,708
154
143
172
155
Natural gasoline
Days' supply
From Coal Economics Division,
b Imports of crude as reported to Bureau
Mines; all other imports and exports from Bureau of
Increase,
68,100
26,500
520
1,164
Miscellaneous.
Losses
58,000
80.200
30,550
226
5,081
-
1,062
173
—
Road oil
c
12,
1938
150,300
4,884
•
merce.
1939
473,200
37,847
Refined products
Motor fuel
a
Week
11, Mar.
Oklahoma-
4,477
„
Domestic demand:
Coke
Previous Mar.
Kansas
average
Exports b:
Crude petroleum
Asphalt
11
(March)
Demand—
Daily
Mar.
e
Not available.
4,200
Colorado
109,700
New Mexico
Total east of Calif.
-
California....
ot
Foreign and Domestic Com¬
d New basis; to compare with 1939.
(notincl.IU.)—
2,751,600
588,400
3.340 000
a
109,700
C602.000
2,724,800 + 19,250 2,707,100 2,654,400
623,150
727,700
628,200 + 18,900
3.353.000 + 38.150 3.330.250 3.382,10
of domestic crude
premises outlined In its detailed forecast for the month of
These are Bureau of Mines' ^calculations of the requirements
oil based upon certain
3,100
104,900
1558
March.
Financial
Chronicle
As
duction,
requirements may be supplied either from stocks, or from new pro¬
contemplated withdrawals from crude oil Inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new
Mar.
ESTIMATEDJPRODUCTION
AND
COKE
BEEHIVE
Week Ended
Mar. 4, Feb. 25,
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced,
1939
Recommendation of Central Committee of California Oil Producere.
GASOLINE AND GAS AND FUEL OIL. WEEK ENDED MARCH 11. 1939
Daily
Stocks of Finished and
to Stills
Unfinished Gasoline
Stocks
of
Unfin'd
Aver¬
Total
615
P.
Oper¬
At Re-
Terms,
age
tial
Rate
ated
fineries
Ac.
C
510
615 100.0
Gas
in
82.9
6,722
Napiha
1929
c
c
998,000 9,068,000 8,741,000 13,073,000
17,200
17,500
24,100
159,900
237,800
1,051,700
2,867
2,917
4.017
2,961
4.404
19,476
average....
Includes washery and dredge coal, and coal shipped by truck from authorized
a
operations,
b Excludes colliery fuel,
Adjusted to make comparable the number
c
of working days in the three years.
ESTIMATED
Fuel
Distil.
149
128
85.9
105
82.0
1,543
12,559
1,479
1,279
Appalachian
317
735
574
514
89.5
458
89.1
10,339
3,938
561
5,405
419
342
81.6
232
67.8
4,667
3,132
270
PRODUCTION
WEEKLY
Oil
Ind.,IU..Ky.
COAL,
BY
STATES
(The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
4,037
8,163
OF
(In Thousands of Net Tons)
and State sources or of final annual returns from the operators.)
Kan..
Mo
Inland Texas
316
159
50.3
108
67.9
1,598
69
293
895
89.5
795
88.8
9,254
250
1,713
6,939
149
145
97.3
120
82.8
1,503
623
418
1,374
133
'
La. Gulf
Week Ended—
1,795
1,000
Texas Gulf..
No. La.-Ark.
100
55
55.0
38
69.1
322
Rocky Mtn.
118
64
54.2
36
66.3
California...
828
2,120
745
90.0
453
60.8
85.8
2,855
78.0
50,107
695
97,712
Stale
Feb.
Feb. 25, Feb. 18, Feb. 26, Feb. 27, Feb. 23,
1939 p
Alaska
606
350
Avge.
1929
1937
2
6,416 127,676
110
2,970
2
2
1923
280
237
303
8
e
8
398
409
64
74
70
52
169
87
157
157
119
195
298
231
1
1
1
1
1,182
1,112
897
1,481
1,683
1,993
415
417
309
486
510
613
89
93
65
118
111
—
Colorado
Georgii and North Carolina
Illinois
xEst.tot.U.8.
2
272
Alabama
Arkansas and Oklahoma
unrptd.
1938
1939.P
789
727
1,421
24,303
4,335
62
82
1,772
12,387
3,662
Reported
Est.
1938
and
P. C
Daily
Reporting
1939
1938
Beehive Coke—
Crude Runs
Finished
Poten¬
5,
Total, incl. colliery fuel a 915.000 973,000 1,051,000 9,546,000 9,201.000 14,087,000
175,300
181,800
268,300
175,200
.United States total
District
1939
Dally average
152,500 176,900
Commercial production b 869,000 924,000
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refining
Capacity
Calendar Year to Date
Mar.
Pa. Anthracite—
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Okla.,
1939
18
ANTHRACITE
(In Net Tons)
b Base allowab'e effective Feb. 18.
Shutdowns are ordered for all Saturdays
and Sundays during: March.
Calculated net basis 7-day allowable for week ended
Saturday morning. March 11, approximately 1,295,400 barrels dally.
East Coast-
PENNSYLVANIA
crude
to be produced.
c
OF
Indiana
8
8
Mar
11*39
4,268
4,268
3,205
54,442/ 24,998
6,526 130,646
Iowa
Mar,
4 *39
4,268
4,268
3,230
53,987
6,250 131,930
Kansas and Missouri
159
162
149
194
207
174
Kentucky—Eastern
688
704
431
922
953
556
226
U.S. B. of MxMar. 11 '38
x
25,142
Western
.7.3,093
Estimated Bureau of Mines' basis,
59,335
25,689
211
204
157
312
404
Maryland
30
29
28
42
61
51
Michigan
10
13
14
23
18
26
Montana.
7,270 121.439
March, 1938 daily average.
z
71
85
55
70
89
80
New Mexico
PRODUCTION AND STOCKS OF NATURAL GASOLINE
65
s63
837
297
636
476
694
1.908
1,890
1,453
2,790
2,888
3,087
126
120
80
122
114
127
Texas
17
17
16
14
25
Utah
74
80
58
110
152
96
276
268
211
302
288
212
42
49
31
46
73
77
1,557
1,533
1,255
2,045
2,086
1,127
553
565
395
724
685
673
112
120
76
157
159
156
2
1
1
84
87
11,259
11,967
10.956
Virginia
Washington..
West Virginia—Southern.a
Northern, b
Wyoming
....
♦
Other Western States.c
Total bituminous coal
8,570
•
Pennsylvania anthracite
6,491
973
854
864
718
1,409
1,902
9,543
Total, all coal
a
8,510
9,364
7,355
11,977
13.376
12,858
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties, c Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania an¬
entire
month,
p
Preliminary,
s
Georgia.
Alaska,
Dakota included with "Other Western States."
e
Average weekly rate for
North
South
Carolina, and
1,000 tons.
* Less than
Stocks
Jan. 31,1939
Jan.,
Dec.,
Jan.,
1939
1938
1938
Dec. 31, 1938
At
Plants
A Ter¬
Refin¬
eries
minals
eries
3,360
...
February
At
At
Refirir-
East coast
23
'
thracite from published records of the Bureau of Mines,
(In Thousands of Gallons)
58
57
426
Tennessee
daily
average in January was 5,777,000 gallons compared with
5,887,000 gallons in December.
Decreases were general
throughout the country, Seminole, Kettleman Hills and.
East Texas being the chief exceptions.
Stocks continued to decrease, the total on hand at the
end of the month being 191,814,000 gallons,
compared with
202,860,000 gallons in storage Dec. 31,1938 and 207,942,000
gallons held a year ago.
53
46
78
460
...
Pennsylvania bituminous
January Production of Natural Gasoline
27
67
Ohio
The production of natural gasoline decreased in
January,
1939 according to a report prepared by the Bureau of Mines
for Harold L. Ickes, Secretary of the Interior.
The
29
27
North and South Dakota
Production
136
At1
7,400
7,619
7*307
210
7*.608
1,358
1,363
1,103
3,381,642
Tons
Shipments of anthracite for the month of February, 1939,
minals
as
252
Illinois, Mich., Kentucky
Total
Shipments
Net
Ter¬
5,082
Appalachian
Anthracite
Plants
&
6*299
2,940
491
4,536
342
38,639
37,777
42,568
1,722
15,434
Kansas
1,512
13,157
5,454
42
1,114
42
53,547
6,552
42,946
3,822
48,397
873
294
3,977
145
378
135
1,218
2,320 108,696
1,321
the
to
Anthracite
This
is
Institute,
to
amounted
decrease, as compared with
a
876
55,512
5,512
57,408
5,021
Texas.
reported
3,381,642 net tons.
Oklahoma
Louisiana
7,504
2,108
7,931
2,207
7,766
Arkansas
Rocky Mountain
6,994
7,216
6,183
54,029
55,457
California
336
'
1,312
*882
1,897
56,805 102,942
2,524
shipments
665,179
shows
an
179,088 182,490 182,112 118,986
5,777
5,887
5,875
Dally average
72,828 125,832
the
preceding
when
and
increase of
month
of
4,264
4,345
4,336
138
Dally average
140
1938,
324,914 net tons.
earners
'
•
tons)
(in net
are
as
•
77.028
'
February,
Total (thous. of bbls.).
of
January,
February,
with
compared
Shipments by originating
folows:
Total
during
tons,
January,
February,
1939
1939
1938
587,806
780,475
619,049
January,
1938
140
2,833
1,734
2,996
1,834
Reading Co
i
780,475
Lehigh Valley RR
Weekly Coal Production Statistics
The
Mines
1
anthracite
that
for the
the
total
week
production
ended
March
of
4
is
Pennsylvania
estimated
The National Bituminous Coal Commission in
its current
weekly coal report said that, the total production of soft coal
m the week ended March 4 is
estimated at 8,442,000 net tons.
Compared with the output in the preceding week, this shows
a decrease of
128,000 tons, or 1.5%.
Production in the week
of 1938
corresponding with that of March 4 amounted to
6,405,000 tons.
UNITED
STATES PRODUCTION OF SOFT
COMPARABLE DATA ON PRODUCTION OF CRUDE
559,201
825,221
276,951
249,884
276,951
481,773
584,920
411,419
684,920
376,485
>
COAL
325,326
376,485
299,551
Pennsylvania RR
394,099
510,259
328,227
510,259
Erie RR...
301,646
330.100
248.082
330,100
New York Ontario & Western Ry
Lehigh & New England RR
180,715
162,722
178,593
193,997
176,149
193,997
168,413
3,381,642
4,046,821
3,056,728
4,046,821
168,413
at
915,000 tons, or 152,500 tons per day for the six
working
days of the week.
Compared with 5Yi day week of Feb. 25,
the daily rate decreased
nearly 14%, and was 13% less than
output in the corresponding week of 1938.
ESTIMATED
825,221
260,496
Delaware & Hudson RR. Corp
weekly coal report of the United States Bureau of
stated
673,632
Central RR. of Jew Jersey
Del. Lackawanna & Western RR
WITH
PETROLEUM
Total.
February Statistics
on
Portland Cement
The Portland cement industry in February, 1939, produced
5,506,000 barrels, shipped 5,043,000 barrels from the mills,
and had in stock at the end of the month
according to the Bureau of Mines.
ments
of
creases
Portland cement in
24,080,000 barrels,
Production and ship¬
February, 1939, showed in¬
of 40.6 and
February, 1938.
1.2% lower than
10.2% respectively, as compared with
Portland cement stocks at mills were
a year ago.
The statistics given
Week Ended
Coal Year to Date
Afar. 4, Feb. 25, Mar.
5,
1939
1939
1938
Bituminous Coal
8,442
yuiyuoco
ui
8,570
1,407
Crude Petroleum b—
Coal equivalent of weekly output.
muuuw
1938-39 1937-38 1929-30
a—
Total, Including mine fuel
Daily average
a
c
1,453
5,310
5,332
uutunom
uuuuyanson
6,405 331,276 370,179 485,621
1,068
1,175
1,314
1,720
OF
RATIO
5,350 252,418 270,973 211,569
ana
PRODUCTION TO CAPACITY
statistical convenience the
production of lignite and semi-anthracite and anthracite
outside of Pennsylvania
b Total barrels produced
during the week converted to equivalent coal
assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u.
per pound
of coal,
Sum of
48 full weeks ending March 4, 1939, and
corresponding periods In other coal years.
below are compiled from reports for
February received by the Bureau of Mines, from all manu¬
facturing plants.
In the following statement of relation of production to
capacity the total output of finished cement is compared with
the estimated capacity of 160 plants at the close of February,
1938 and 161 plants at the close of February, 1939.
c
Feb.,
The month
The 12 months ended
-
1938 Feb.,
19.8%
43.7%
1939 Jan.,
27.9%
41.9%
1931
Dec.,
1938 Nov.,
1938
24.3%
36.9%
48.2%
41.3%
41.0%
40.6%
I
Volume 148
Financial
PRODUCTION, SHIPMENTS, AND STOCKS OP FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN FEBRUARY
lln Thousands ol Barrels)
Stocks at End
District
Production
1938
Shipments
1939
1938
Chronicle
6,381
tons
1559
in, the
previous week.
Shipments of common grades for the
were 4,566 • tons.
Unfilled orders increased to 40,779 tons, against
29,761 tons in the previous week.
Quotations on Prime Western remained
steady at 4%c., St. Louis.
period
Tin
of Month
1939
1939
1938
With tin-plate prices reaffirmed for the second
quarter, and business in
that important outlet for tin tending
upward, buying interest in the metal
Eastern Pa., N. J. and Md
New York and Maine
.488
1,188
835
972
3,974
106
192
174
204
175
229
380
351
266
250
196
259
383
656
297
334
635
903
717
810
1,550
3,089
2,334
3,361
1,730
171
221
278
236
400
343
354
342
2,966
2,169
2,683
2,013
444
570
532
545
664
851
88
63
125
81
578
578
676
678
604
722
1,436
85
213
83
187
510
3,916
5,506
4,575
5,043
24,361
Ohio, Western Pa., and W. Va_.
Michigan.
Wis., 111.. Ind. and Ky
Va., Tenn., Ala.. Ga., Fla. A La.
Eastern Mo., Ia., Minn. & 8. Dak
W. Mo., Neb., Kan., Okla. & Ark
Texas
Colo., Mont., Utah, Wyo. & Ida.
California
Oregon and Washington
4,512
1,570
2,910
2,156
2,697
1,785
1,379
946
-
improved.
On
14
than
400 tons of tin were purchased,
by the tin-plate industry, at prices ranging from 45.950c. to
46.250c., the top figure obtaining late in the day.
Early yesterday about
100 tons were purchased, but, as the unfavorable
political news from
Europe entered into the picture, demand here fell off and the tone of the
more
mostly
market became easier.
in
anticipation of
Chinese
24,080
London prices were fairly steady yesterday,
largely
early resumption of buying from this side.
an
tin, 99%, was nominally as follows:
March 9, 44.6'50c.;
44.700c.; March 11, 44.675c.; March 13, 44.300c.; March 14,
March 10,
44.400c.;
Total...
March
March 15,
44.550c,
DAILY PRICES OF METALS
<"E. & M. J." QUOTATIONS)
PRODUCTION, SHIPMENTS, AND STOCKS OP FINISHED PORTLAND
CEMENT BY MONTHS
Month
Production
Electrolytic Copper
Mar.
Tin
Lead
Zinc
9....
New York
New York
St. Louis
St. Louis
11.025
Stock at End of
Month
Shipments
Straits
Export,
Domestic,
Refinery
9.950
46.350
4.85
4.70
4.50
Refinery
January
February
4,534
3,916
;
March
5,301
5,506
•
May...,
10,361
....
September
10,943
10,968
11,007
10,164
11,823
11,716
12,357
8,573
6,281
10,559
11,556
10,184,
8,066
...
October
November
December..
Jf Total
105.548
—
—
-»•»
—
a23,618
25,023
24,361
22,979
22,262
5,043
9;752
10,535
....
.....
July
August
5,640
4,390
4,575
7,259
8,691
1939
1938
1939
1938
5,879
7,983
April..,
June
1939
Mar.
24,080
22,467
23,286
9.975
46.400
4.85
4.70
4.50
11.025
9.975
46.375
4.85
4.70
4.50
Mar.
13
11.025
9.925
46.000
4.85
4.70
Mar.
14
11.025
9.925
46.100
4.85
4.70
4.50
Mar.
15....
11.025
9.925
46.250
4.85
4.70
4.50
11.025
9.946
46.246
4.85
4.70
4.50
..
Average prices for calendar week ended March II
.
4.50
Domestic copper f.o.b,
are:
reilnery, 11.025c.; export copper, 9.888c.; Straits tin, 46.221c.; New York lead,
4.800c.; St. Louis lead, 4.650c.; St. Louis zinc, 4.500c.; and silver, 42.750c,
22,534
*
,
11.025
11
Average
22,875
-»
10
Mar.
1938
21,374
lhe above quotations are *'M. & M. M.'s" appraisal
20,569
of the major United States
markets based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
22,179
23,954
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
106,524
In the trade, domestic copper prices are quoted on a delivered
basis; that Is, de¬
livered at consumers' plants.
figures shown above
Non-Ferrous
Metals—Lead
Price
Raised
10
Points
ft March 9—Zinc Sales Large—-Tin Buying Improves
"Metal and Mineral Markets," in its issue of March 16,
reported that though foreign political developments cast a
shadow over the market for non-ferrous metals
on
ered prices in New England average 0.225c: per pound
above
f.o.b.
refinery
Copper cnsumption is gradu¬
ally increasing, but volume business has not yet made its
appearance.
The February copper statistics were better
than generally expected.
The move to tax copper exports
from Chile naturally upset producers in that country.
The
publication further reported:
Daily London Prices
Copper, Std.
week,
of
found
but
March
on
15.
domestic copper
in the
most
a
firmer
of
undertone
in
the
domestic
copper
previous week.
of
The so-called outside market held at 10%c., Valley,,
Producers maintained their 11 ^4 c. Valley basis.
the week.
Though world stocks of refined copper increased 13,055 tons during
February—7,848 tons here and 5,207 tons abroad-—traders were not in the
-
least
disturbed
duction
over
blister
of
right direction,
the
in
showing made last month.
the
States
United
and, with
actual
The decline in
accepted
was
consumption
of
as
copper
a
step
in this
pro¬
in the
conutry
held to be rising,
Standard
the figures exerted little or no pressure on the market.
in London Steadied, following publication of the figures.
copper
"Stocks of
blister abroad decreased
2,190 >. tons,. whereas the supply in this
The Copper Institute's
's
"
9...
43»i t
10—
43«i«
13.
43*16
437if
Mar.
14
Mar.
15
43 %
43 %
43%
43%
Prices for lead and zinc
are
3M
Spot
0
00
O
00
OO
215%
215%
14%
14%
15
13%
14*16
215%
215%
43%
Mar.
3M
Spot
216%
216%
43%
Mar;
3M
Spot
215
14**16
15*16
13%
13%
14%
14%
214%
215%
14'»i«
15%
13**16
14**16
15*16
13**ie-
14*16
14*1*
216%
15%
the official buyers' prices for the first session
London Metal Exchange; prices for copper and tin are the
of the
official closing buyers
All are In pounds sterling per,long ton (2,240 lb.).
Steel
Ingot^Output UpJSlightly—New Business Gains
Slowly
The
"IronJAge" in its issue of March 16 reported that
whatever gains are being made in sales of steel products
are hot in keeping with the expectations for seasonal im¬
provement in March, which frequently has been the peak
month of steel production.' While progress is slow, hopes
have strengthened that recovery in steel volume will extend
well though the second quarter at least.
The "Iron Age"
further reported:
||Ingot production for the industry
country increased 1,279 tons.
follow:
Mar.
(Bid)
market
political
developments in Europe disturbed the
Prices here and abroad, however, held steady.
Sales
during the week totaled 6,013 tons, against 6,859 tons
news
Zinc
Lead
Tin, Std,
Copper
Electro.
3M
Spot
prices.
Copper
Consumers
quotation,
March 14
for the first time in months.
trade
above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
Havre and Liverpool.
The c.i.f. basis commands a premium of 0.325c. per pound
board.
and 15, the tonnage of lead and zinc sold cluring the week
was above the average.
Tin experienced soine good buying
last
As delivery charges Vary with the destination, the
net prices at refineries on the Atlantic seaboard.
Deliv¬
are
figures for January and February, in short tons,
week to 56% of
as a whole has risen one point this
capacity, but the improvement is partly the result of larger
specifications against contracts placed during the past few months and not
'■
Feb.
Jan.
Jan,
Production, crude:
U. S. mine
55,283
U.S. scrap, &c
13,725
Foreign mine..
92,244
14,857
Foreign scrap, &e
Feb.
51,059
U. S. exports, b
13,412
3,768
95,762
Foreign
The Chicago
district, which has been gaining consistently for several weeks,
U. S. domestic
87.826
wholly a reflection of current business.
Moreover, the trend is not altogether in one direction.
Deliveries to customers,
refined:
49,915
10,589
48,067
3,310
98,221
lost two
points to 56%, and reports from there indicate a slight decline in new bus!-1
Offsetting this loss, the only one of importance, are gains in the Pitts¬
ness.
burgh, Youngstown, Cleveland-Lorain and southern Ohio districts.
f
Totals
.al76,113 161,742
Totals
.
Production, refined:
.150,589 149,598
Stocks at end, refined:
United States..,.....301,110 3Q8.958
U.S.duty-free........ 66,182
59,225
Foreign.,,....
..107,298 103.428
Foreign
178,949 184,156
The
Pittsburgh district picked up as much as the Chicago district lost.
The reaffirmation of present "prices on
major steel products, .including
though clearing" the atmosphere, has not yet contributed to much
tin plate,
However, there is likely to b© a spurt over the
remainder of the month In orders for those products on which quantity de¬
improvement in tonnage.
Totals
a
....173,480 162,653
Revised,
b
.:
Totals..
Duty-free copper.
480,059 493,114
/
ductions are less favorable than they have
Lead
Three
weeks
brought out
the
an
quotation
continued
the
tons,
for
4;85c.,
buying of lead,
New
and
firmer London quotations,
March 9 of 10 points, establishing
on
4.70c., St. Louis.
Demand
good volume' at the higher level, though buying suffered in
days
the
week,
York,
because of
not
the
and
at
tension
over
European
including' contract business,
developments.
amounted to 6,000
the market re¬
The undertone of
firm, as London parity yesterday was sufficiently above the level
of prices
Consumers
customers
January.
probably
are
with
April
than
during
February held
Preliminary estimates
85%
taken
more
needs
care
at
covered against their March
of
by
55%.
Deliveries
to
about the same daily rate as in
February shipments at around
place
to
in
Smelting & Refining Co.'s published quotation was raised
4.85c., New York, March 9.
the East at
must be
a
ordered to entitle the buyer to the $3 a
heretofore 25 tons
of one size and one grade could be included in an order
the $3 deduction.
Similar reclassification of quan¬
has been made on hot rolled and cold finished bars. As
of 150 tons which took
tity deductions
there are
manufacture
the change
moderate increase for the mills
comparatively few consumers whose character of
permits the ordering of 75 tons of one size and grade at one time,
in the
quantity deductions should produce a
obtained for sheets, strip and bars.
Following the reaffirmation of prices on
St. Joseph Lead Co. sold its own brands
premium.
Zinc
Consumers
virtually rushed into the domestic zinc market during the
early part of last week when London quotations for forward metal passed
£14, and prices here became firmer.
Announcement of a higher price
for domestic lead also stimulated zinc buying.
There was talk of a
and it is expected that bolt and nut prices will also be con¬
Nearly all pig iron producers have announced unchanged quo¬
tinued.
The
\
steel
industry finds varying conditions among its
outlets.
The automobile industry,
letting of tonnage
for Public Works Administration projects that were
Official information from Washington
authorized befoi-e the end of 1938.
Is that the peak steel
until June or July.
as
tractors, has
principal consum¬
though increasing its assembly
beyond fill-in lots as it is still re¬
ceiving shipments of flat rolled products contracted for last fall.
There
has been a moderate gain this week in the placing of fabricated structural
contracts, which total nearly 23,000 tons, but there has been a lull in the
ing
schedules, is not making new purchases
higher price here for zinc.
Excitement in this direction waned, however,
prices abroad eased during the remainder of the week.
Business booked
during the week involved 15,584 tons of the common grades of zinc, against
major steel products, there has
of current prices on rivets
been an extension through the second quarter
and cap screws,
tations.
36,000 tons.
The American
75 tons
shipment at one time
ton deduction, whereas
of flat rolled products in one size and one grade for
in the realized net prices
here to promote confidence in the price structure.
requirements,
been.
Clarification of the new setup announced last week reveals that
total well above the average.
a
mained
heavy
advance in the price
at
few
last
Sales
in
of
requirements for the PWA program will not be
reached
The farm machinery industry, though still active on
stocked dealers with spring farm equipment and is curtailing
manufacturing somewhat.
v
1560
Financial
Railroads
mills.
still counted
are
Car
builders
expect
to
on
provide additional tonnage to the steel
that not less than 8,000 freight
will be
cars
bought before the end of the second quarter, including inquiries
now
Chronicle
"Steel"
Mar.
18, 1939
of
Cleveland, in its summary of the iron and
steel markets, on March 13 stated:
pend¬
A moderate but diversified improvement in steel buying is accompanied
ing from the Missouri Pacific, Illinois Central, Chicago & North Western
and Denver & Rio Grande Western.
The Great Northern is expected to
by noticeable betterment in sentiment
buy also.
stronger tone in most scrap markets.
The allocation of 56,200 tons of rails by the New York Central
three mills in the United States and
gave tonnage to
eral thousand tons of accessories also
in Canada.
one
Sev¬
demand.
ordered.
were
Among the fabricated structural steel contracts placed during the week
1199336874657
45
were two
that indicate
a return to
the market of
Steelmaking
of the public utilities.
some
York Power Corp. placed 3,000 tons for a steam plant
Oswego, N. Y., and the Pacific Gas & Electric Co. ordered 1,150 tons
for steam plants at Avon and Martinez, Cal.
Among
jects is 9,300 tons for the substructure of
a
Creek,
barges
Md.
Fifteen
Mississippi
River
new structural pro¬
Potomac River bridge at Bob's
which
on
bids
are
being
Scrap markets display strength,
composite remaining
scrap
ternational
Scrap Convention, the
this country and may buy
a
few
European
150,000 tons
unchanged, the
are
$15.17.
A
delegation
from
buying
scrap
or more of scrap
"Iron
the
agency,
In¬
less
is in
"IRON AGE"
COMPOSITE
a
Lb.
Based on steel bars, beams,
One week ago
One month ago
2.286c.
tank plates,
wire, rails, black pipe, sheets and hot
2.286c.
One year ago
2.612c.
These products represent
85% of the United States output.
High
May 17
2.612c.
Mar.
2.211c.
Oct.
will permit
2.249c.
Mar.
2
2.016c.
Mar. 10
Oct.
.2.062c.
2.056c.
Jan.
1
Apr. 24
1.945c.
Jan.
2
1.953c.
Oct.
1.792c.
May
2
-
1932
1.915c.
1930
3
Sept.
1.870c.
6
Jan.
7
1.962c.
Oct.
Jan.
4
2.212c.
Nov.
29
1
Pig Iron
120.61
Gross Ton
a
One week ago
[Based
$20.61
od average of basic Iron at Valley
Chicago,
Buffalo,
Valley
and
Southern iron at Cincinnati.
furnace and foundry Irons at
One month ago
20.61
One year ago
23.251
Philadelphia,
High
$23.25
June 21
Low
5,000 units to
$19.61
July
6
16
Mar.
9
20.25
Feb.
19.73
.
Nov. 24
18.73
Nov.
5
17.83
May 14
16.90
Jan,
27
13.56
Jan,
A
Dec.
6
16
17.90
1932...
May
1
16.90
*
.
Dec.
5
5
13.56
•
14.81
-
1927
:
Jan.
18.21
Jan.
7
15.90
Dec.
19.71
1930
Jan.
4
17.64
Nov.
1
Mar, 14, 1939,
One week ago
$15.17
a
Gross Ton
fBased
—-$15.17
-
13.58
No.
on
1
heavy
melting
Low
Mar.
7
$14,875 Jan. 31
ll.OO
June
9
Nov. 22
21.92
Mar. 30
12.92
1936
17.75
Dec.
21
12.67
June
1935-
13.42
Dec.
10
10.33
-
a
week
year
incieased
more
ago.
tion in structural
shape and concrete reinforcing bar awards, but shipments
against old orders continue
in residential
domestic
building
are
important support to steel-making.
an
Gains
accompanied by better activity among makers of
equipment.
Operations of farm equipment builders have increased moderately so far
but the industry is not counted on to exceed its 1938 steel require¬
this year
by
any large margin.
•
Finished steel shipments by the United States Steel
Corp. in February
were influenced partly by the shorter month.
Based on the number of
working days the decrease from January
a
14% reduction in the monthly total.
Shipbuilding is
with
a
was
less than 7%
The increase
compared with
February last
over
nearly 43%.
a
promising
of business for
source
steelmakers,
eastern
large tonnage pending for work already placed
or in
early prospect.
Increased automobile production is stimulating steel demand
moderately.
although sheet and strip purchases still
are restricted somewhat by previous
Indicative of the general nature of the upturn in
assemblies, most
orders.
makers participated in last week's gain.
from
General Motors increased output
35,255 units to 36,165; Chrysler from
19,835 to 20,425; Ford from
Steelmaking is tending upward in the majority of districts, last week's
being retarded by declines of 2 points to 48%, at Pittsburgh and 12
points to 43% at Cincinnati.
15.00
;
higher than
rise
$15.17
1938
1937
stee
(
-
48%
season, as was the practice before
Tin plate production continues slightly below 55%.
Improvement in building and engineering construction finds little refec¬
and Chicago.
High
1939-
Automobile assemblies last
stand
quotations at Pittsburgh, Philadelphia
[
15.00
present prices on a number
attempt will be made to institute
15,400 to 16,200; and all others from 8,215 to 11,305.
Steel Scrap
One month ago
One year ago
an
Tin plate demand gradually is improving, with prices
again extended for
Aug. 11-
18.84
_
.
awaiting the price
only three months instead of through the
year was
23.25
r...
1933-.-
'
up
favorable development.
a
stand.
a
ments
14, 1939,
mote or
was
However, the
accessories.
Mar. 15
2.192c.
2.402c.
j'm
some
Seasonal quickening is appearing in activity among some important steel
8
2.118c.
Mar.
the release of some business held
products, it is regarded not unlikely
such
8
9
Dec. 28
.12.249c.
predicted in
this year.
Low
2.612c.
-
...I...
are
higher quotations by third quarter in the event conditions appear to warrant
rolled strips.
1938
Further gains
ago.
Railroads are
preparing for spring track work, the outstanding feature in this regard
lately being the New York Central's order for 56,200 tons of rails, plus
PRICES
Finished Steel
14, 1939, 2.286c.
year
decision, and in general is considered
than
1927...
a
consuming industries.
THE
a
expected, consequently effect of the recently announced extension of
move
of
by
future.
near
quotations into the next period will be relatively moderate.
before departing
weeks hence,
Mar.
30%
Reaffirmation of current prices on second quarter business
Since producers express dissatisfaction with
but prices
at
with
districts for the
taken will require 5,800 tons of plates.
Age"
consumers, as well as
National average operations last week were up y -point to 56 3^ %,
compared
The Central New
at
among
been affected only slightly by recent gains in
has
yet
as
Nov. 16
9
Mar. 13
9.50
Apr. 23
Sept. 25
Aug.
8
6.75
Jan.
12
6.43
July
6
Dec.
9
1934
13.00
1933
12.25
1932
8.50
Jan.
1930
15.00
Feb.
18
11.25
1927
15.25
Jan.
17
13.08
Chicago was up 1.5 point to 58, a new 1939 high.
Other increases
included 3 points to 40 in eastern Pennsylvania; 3
points to 74 at Wheeling;
1 point to 52 at Cleveland; 5 points to 65 in New
England; 2.5 points to
57.5 at St. Louis; and 5 points to 52 at Youngstown.
Unchanged districts
were
Buffalo at 32.5, Birmingham at 83 and Detroit at 76.
Scrap is stronger in most areas, and higher prices are believed imminent
Purchase of 400,000 tons for the European cartel is
expected shortly.
Nov. 22
3
Meanwhile the scrap composite is unchanged at $14.96. while the finished
steel
V
composite remains at $56.50.
Steel
The American Iron and Steel Institute
nounced
March 13
on
an¬
that
telegraphic reports which it had received indi¬
operating rate of steel companies having
96% of the steel capacity of the industry will be 55.7% of
capacity for the week beginning March 13, compared with
55.1% one week ago, 54.8% one month ago, and 32.1% one
year ago. This represents an increase of 0.6 point, or 1.1
%,
cated
that
from
the
the
estimate
for
the
week
ended
March
61
9339.
Weekly indicated rates of steel operations since Feb.
1938
1938—
Feb.
193$
1938—
230.7% May 23
7.
Sept.
26.2%
Sept. 19.....47.3%
Sept. 26
46.7%
6
14
31.0%
Feb.
21
6
30.4% June
29.3% June 13.
29.9% June 20
28.0%
Oct.
3
32.1%
June 27
28.7%
Oct.
10
33.7%
Feb. 28
7
Mar. 14
Mar. 21
May 31
27.1%
Sept. 12
Mar. 28
35.7%
Apr.
4pr.
32.6%
32.7%
July
July
July
July
25
37.0%
Nov.
32.4%
Aug.
1
39.8%
Nov.
\pr. 25.....32.0%
May
2
30.7%
Aug.
8—39.4%
40.4%
\pr.
May
May
—
4.
11
18
9
16
5.
39.9% Dec. 19——.51.7%
45.3% Dec. 26
38.8%
Oct.
24
18—-.36.4%
Oct.
53.7%
31—56.8%
61.0%
Nov. 21
30.4% Aug. 22
42.8%
Dec.
5
30.7% Aug. 29
44.0%
Dec.
12
55 X
soy
+
1937
88
1936
58
+2
'
1935
48
1934
1933
—
14 H
1932
....
25 y
1931
61.9% Feb. 20
53 7%
65 8%
60.7% Feb. 27
.59.9% Mar. 6.....55.1%
1930
74
1929
9434
13
55.7%
The Week with the Federal Reserve
Banks
During the week ended March
15 member bank reserve
balances increased $92,000,000. Additions to
member bank
reserve
arose
from decreases of
$43,000,000 in
-1
1928
56 y
—
+
84
Excess
reserves
mated to be
of member
banks
on
March
approximately $3,440,000,000,
15
an
were
esti¬
were
an
increase of $70,000,000 in United States
a
Treasury
corresponding decrease in United States Treas¬
ury notes.
The statement in full for
found
on
pages
—
,34
—i
1434
—1
243*
—i y
+4
57
+1
—2
68
—2
<■'
89
100
—2
+2
—1
923*
+
78
y
+1
+
+1
.
y
85
,
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
(+)
or
Decrease
(—)
Since
Mar. 15,1939
$
Bills
discounted
3,000.000
Bills
bought
Mar. 8, 1939
$
Mar.
16,
1938
$
1,000,000
U. 8. Government securities
Industrial
advances
(not
—
—
2,564,000,000
including
$13,000,000 commitm'ts—March 15
Other Reserve bank credit
14,000,000
—3,000,000
13,000,000
+ 30,000,000
currency
Member bank
reserve
—5,000,000
balances
2,595,000,000
+ 30.000.000
—13,000,000
14,983,000,000
2,832,000,000
Gold stock.
Treasury
—5,000,000
+60,000,000
+ 2,205,000,000
+ 3,000,000
+160,000,000
9,077,000,000
+ 92,000,000
+1,749,000,000
th$ week ended March 15 will b8
Money in circulation
6,751,000,000
Treasury cash
1594 and 1595.
52
97
.
+ iy
Total Reserve bank credit
principal changes in holdings of bills and securities
bonds and
—1
57 y
increase of
$30,000,000 for the week.
The
49
14 34
+ 1
Treasury
deposits with Federal Reserve banks and $4,000,000 in
Treasury cash, and increases of $30,000,000 in Reserve bank
credit, $60,000,000 in gold stock, and $3,000,000 in
Treasury
currency, offset in part by an increase of $48,000,000 in
nonmember deposits and other Federal Reserve accounts.
—1
80
34
63
55
—2
+4
+2
26 y
y
+ 234
+iy
93
4 6y
—i
3i y
+1
52
'34
—1
81
42
—
+
29
34
9234
—
1927
Independents
y'
53
48
54.8%
13
57.6% Mar.
U. S. Steel
+2
9
14—62.6% Feb.
Nov. 28
Industry
1939
51.7%
Jan.
1652.7%
Jan. 23
51.2%
Jan
30.....52.8%
Feb.
6
53.4%
17—.49.4%
Oct.
Aug. 15
with the
nearest corresponding week of previous years,
together with the
approximate changes, in points, from the week immediately predecing:
2..... 50.7%
51.4% Jan.
22.4%
7
34 % two weeks ago.
Leading independents are credited with 57 34 %,
compared with 5934% in the preceding week and 5634 % two weeks
ago.
The following table gives a
comparison of the percentage of production
1938
1939—
47.9% Jan.
32.3%
11
U. S. Steel is estimated at nearly
53% against 52M% in the week before
and 53
1938—
29.0%
26.1%
Feb.
Mar.
7,
follow:
ingot production for the week ended March 13
is placed at 55342% of
capacity, according to the "Wall
Street Journal" of March 16.
This compares with 56^%
in the previous week and 55
% two weeks ago.
The "Journal"
further reported:
2,712,000,000
—4,000,000
Treasury deposits with F. R. bank..
1,059,000,000
—43,000,000
+ 795,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
811,000,000
+ 48,000,000
+ 222,000.000
—
+423,000,000
—838,000,000
Volume
Financial
148
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve
Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE
1939
Assets—
1939
$
7,957
Loans—total
$
1938
1939
1939
1938
$
Loans and Investments—total._
$
$
$
2,032
Open market
2,132
2,096
3,243
531
524
614
1,366
1,365
1,672
352
348
412
117
122
155
15
15
27
715
758
603
36
32
37
192
192
215
66
66
71
108
Industrial
7,974
3,038
7,724
2,963
agricultural
108
125
13
13
50
"*55
_
securities
Real estate loans
Loans to banks
67
94
48
398
loans..
Treasury
399
425
bills
208
245)
215}-
666
663j
100)
766
863 >
1,938
1,741J
Obligations fully guaranteed by
United States Government
1,037
427
125
125
100
1,051
323
324
284
687
680
Japanese dispute.
icle"
hai
the
1,034
1,162
1,061
1,171
Reserve with Fed. Res. banks..
4,301
4,259
2,824
50
53
47
26
27
20
90
80
70
194
209
116
390
396
473
50
51
50
.
Balances with domestic banks..
Other assets—net
i
Sino-Japanese conflict was mentioned in the "Chron¬
March 11, pages 1397-98.
Associated Press Shang¬
advices of March 13 reported the Japanese capture of
Hupeh Province towns as follows:
of
The
river
Liabilities—
1,359
1,529
6,938
6,956
5,834
1,515
615
633
645
472
472
116
116
344
83
83
which
is
banks
2,780
2,161
738
999
579
468
The Japanese
wiped
Returns
9
"l5
"~14
18
1,486
1,483
256
257
242
Reserve
of
Banks
Member
of
Federal
the
in
were
position
a
A
instead of being held until
Monday, before which time the statistics cov¬
reporting member banks in 101
ering the entire
body
cities
bank
the
of
east
a
in
had
River
and
bank
east
Shasi
toward
advance
The other
of today's operations they now
the
on
this region.
river.
the
result
Shanghai that
a
the
of
Han
Ichang.
and
Japanese-backed
daily
airplane
Shanghai, Nanking and Peiping would be started tomorrow,
Japanese
ments
by the Chinese Government.
run
announced widespread bombing activity
military spokesman
vigorous "mopping up" expedition against Chinese guerrilla
a
against
During February -Japanese units fought 61 engage¬
in the vicinity of Soochow, 50 miles east of
guerrillas
Shanghai, in which they said they killed 1,004 and took 84 prisoners.
Press advices from Tokio,
following to
in part,
say,
March 10, had the
regarding the Russian-Japanese
Japan today dispatched decisive instructions to her Moscow Ambassador
in
with
connection
Details
and
week,
the
designed to harass Chinese shipping south of Shanghai, carried out coinci-
the
same
up
forces
to
announced
was
the
covering the
the east
on
on
objectives in
Japanese
as
replacing the, service formerly
taneously with the figures of the Reserve banks themselves
the following
that
Chinese
service linking
simul¬
given out on Thursday,
are
also
fisheries dispute:
System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks
Lohanssu,
were
Likiawan,
farther
said
all
out
main
two
miles
Associated
Complete
and
fighters in the region.
10
"363
1,482
Capital account
75
dentally with
308
"291
±
of
one
2
500
301
,
Other liabilities
captured
Shayang,
7
504
Foreign banks
Borrowings
is
Ichang,
116
2,832
United States Govt, deposits.__
Inter-bank deposits:
reported
opposite
It
Demand deposits—adjusted.
Time deposits
towns
bank, 15 miles
north of Lohanssu.
Shayang is near the point where the Han River,
after flowing southward, turns east to join the Yangtze 100 miles farther
on
at Hankow.
Shayang is 35 miles northwest of Shasi, Yangtze port,
573
3,003
Other securities
Domestic
were
Japanese armies.
,
279
91
Treasury notes
United States bonds.
Cash In vault.
Chinese guerrillas
still causing much difficulty
Meanwhile, a warning was issued
March 14 in the Japanese Parliament that Japan would
fight, if necessary, over the valuble Northern Kamchatka
fishing grounds involved in the long-standing Russian-
12
"49
small feet of junks in which Chinese
a
were
The
paper
Other loans for purchasing or
Other
Hupeh Province, as well as the
attempting to flee westward across the Han
River, 100 miles west of Hankow.
They admitted, however,
and
loans.
Loans to brokers and dealers.
carrying
sinking of most of
troops
to the
New York City
-ChlcagoMar. 15 Mar. 8 Mar. 16 Mar. 15 Mar. 8 Mar. 16
China this week reported
military leaders in
Japanese
the capture of two towns in
that
CITIES
(In Millions of Dollars)
Commercial,
Japanese Capture Two Towns in Hupeh Province—
Report Chinese Troops Fleeing—Russian-Japanese
Fisheries Dispute Causes Tension
System for the New York City member
banks and also for the
1561
Chronicle
of
fact
Togo—beyond
Shigenori
Ambassador
to
sent
"decisive"—were, not disclosed, but it was believed
told to warn Soviet Russia that Japan would resort to free
they
envoy
fishery rights dispute with the Soviet Union.
the
instructions
the
were
was
fishing unless Moscow renews the Japanese privilege of fishing in Siberian
territorial
waters.
.
■
compiled.
be
cannot
of
In the following will be found the comments of the Board
of Governors of the Federal Reserve
returns of the entire
Federal
Reserve System for the week
The
condition
leading
March
securities,
credited
of
$124,000,000
$111,000,000
$121,000,000
to
in
weekly
holdings
in
in
domestic banks,
and
a
banks
brokers and
to
United States
of
deposits—adjusted,
demand
member
ended
in
in
deposits
"
J
Holdings of Treasury bills increased $15,000,000 in the Chicago district,
$18,000,000
member
Treasury
the
000,000
notes
at
all
all
Government
banks
{he Atlanta
all
York
Chicago
reporting
Holdings of
$17,000,000
City,
district,
and
at
all
increased
district,
district,
increased
$113,000,000
member
$51,000,000
in
banks.
capital commitments where lack of confidence
do not induce
credited
New
to
$14,000,000
in
its huge
New
in
Deposits
York
City,
York
City
and
in the Chicago district, $10,000,000
$104,000,000" at all reporting member banks.
$12,000,000
porting member banks, together with changes for the week
and the year,
"has
Cheap and plentiful money in con¬
balanced budget proved to be a powerful
incentive to new enterprise in Great Britain, while in the
United States it merely enabled the Government to finance
reporting membet
of the principal assets and liabilities of re¬
summary
"The experience of the United States," says the
demonstrated that a reduction of interest
rates and the broadening of the credit base by themselves
bulletin,
Weekly reporting member banks reported no borrowings on March 8.
A
Sweden," issued March 6 by Dean John T. Madden, director
of International Finance of New York Uni¬
of the Institute
pessimism prevail.
junction with a
reporting
and
keystone of their respective recovery programs, accord¬
versity. i
.
at all
policy of cheap and abundant money as
ing to a bulletin, "Managed Currency in Great Britain and
in
Holdings of United States Gov¬
$11,000,000
the
Sweden, as well as the United States,
and
have adopted the
$104,-
Holdings of obligations guaranteed by the
increased
deposits—adjusted
Cleveland
the
the
at
,
$121,000,000
domestic
$26,000,000
New York City.
$125,000,000 i,n New York City and $111,000,000
*
Demand
in
in New
in
reporting member banks.
increased
States
banks.
and
$40,000,000
reporting member banks.
United
and
district,
$8,000,000
$26,000,000
decreased
district,
bonds
ernment
Louis
St
and decreased
Cleveland
the
at
in
banks,
UnitedTStates,
as
Finance Deficits at Low Cost
to
Great Britain
bonds,
decrease of $104,000,000 in holdings of
Treasury notes.
Well
dealers
Government
and $104,000,000
101
in
changes for the week
loans
as
Also Adopted Policy of Cheap and Plentiful
Money as Keystone of Recovery Programs, Accord¬
ing to Institute of International Finance—Found
Incentive to New Enterprise in Britain, While in
United
States
It
Merely Enabled^Government
ended with the close
reporting
the following principal
Increases
8:
of
statement
shows
cities
and Sweden,
Britain
Have
business March 8:
of
in
Great
System respecting the
body of reporting member banks of the
ended March 8, 1939, follows:
Increase
in
deficits
Decrease
or
(—)
the Swedish Government of incurring budgetary
1934 to finance non-eelf-supporting public works for
the
because
and
1933
alleviation
the
of
unemployment
no
was
deterrent to private enterprise
made adequate provisions for
had simultaneously
Government
repayment of the short-term loans used to finance the deficits.
Hence,
whereas
in
Sweden
the loans have been
repaid before maturity, the
the
Government
(+)
The bulletin also states:
deficits at low cost."
The deliberate policy of
balanced
United
the
of
States
still
is
deficits
large
incurring
and
a
budget is not yet in-eight.
Since
Mar. 8,
Assets—
'
Investments—total
Loans and
Loans—total
—
1939
Mar.
1, 1939
Mar. 9, 1938
+ 194,000,000
+ 152.000,000
—682,000,000
to
dealers
lor
purchasing
or
Loans to banks
Other
+ 1,000.000
—104,000,000
+ 111,000,000,
2,030,000,000
+ 11,000,000
3,244,000,000
7,409,000.000
.......
Reserve with Fed. Res. banks
-2,000,000
+878,000.000
+235,000.000
+ 41,000,000
Balances with domestic banks
+ 502,000,000
+ 95,000,000
State
the
higher
+ 121,000,000
the
by
authorities
in
their
endeavors
It is obvious that the government of a
homogeneous population like Sweden can more easily
+22,000.000
Again,
crisis
—34,000,000
—2,000,000
—75,000,000
6,518,000,000
569,000,000
+ 104,000,000
+ 3.000.000
—2,000.000
+1,155,000,000
+ 207,000.000
—14,000,000
a
the economic activity
of the country than the
than
activity
relatively
the bulletin that "since industrial
in
States
United
in
period 1927-29 was
the
England or Sweden, the decline in the
precipitous than in either country."
in
It is further noted:
Nor
in
States
United
the
because
of
while
the
in
suffered most
epidemic of
Britain
Great
and
from
severely
bank failures
Sweden
the
financial
which
paralyzed
business
bank
depositors
suffered
losses.
the
social
-
countries
United States was more
+1,572,000,000
Inter-bank deposits:
with
It is noted
in
no
16,086,000,000
Time deposits
5,224,000,000
United States Government deposits
632,000,000
Demand deposits—adjusted
Foreign banks..i.
the
adequate comparison of the efficacy of
employed
instruments
effectively influence
activity,
Domestic banks
impossible to make an
of
duration of the depression
government of a large nation like the United States.
+116,000,000
—26,000,000
small
+ 40,000,000
+26,000,000
Liabilities—
Borrowings
structure
bring about economic recovery.
and
+1,674,000.000
+ 31,000.000
420,000.000
2,532,000,000
vault
social
+25,000,000
by United
Other securities
in
—20,000,000
5,307,000,000
United States bonds
Cash
—1,000,000
+ 19,000.000
1,551,000,000
Treasury notes
States Government
—82.000,000
442,000,000
2,427,000,000
loans
Treasury bills
Obligations guaranteed
+ 42,000,000
+ 9,000,000
1,135,000,000
111,000,000
Real estate loans
+ 124,000,000
532.000,000
securities
it
various
the
to
923,000,000
loans
carrying
—118,000,000
in
and
securities
Other
—569,000,000
313,000,000
paper
brokers
and
economic
and in the intensity and the
under consideration
renders
3,773.000,000
cultural loans
Loans
the
difference in
The
+ 526,000.000
Commercial, industrial and agri¬
Open-market
continues, in part:
The bulletin
%
21,788,000,000
8,338,000,000
fact
should
the
United
States
reforms.
be
overlooked
coincided with
While
a
number
desirable, major reforms always create
business activity.
that
the
recovery
the adoption
of
these
reform
of
taken
economic and
were highly
measures
many
measures
uncertainties which adversely affect
£1562
In
Financial
discussing
British
the
policy
monetary
Mai.
ACCOUNT OF MEMBERS*
states:
Week
It appears
had
the
field
of
during
discovered
by
chance
the
5%
lack
of
funds
at
The
of
connection
loan.
(SHARES)
25, 1939
Total for
the
with
of
business
preparations
securities,
owing
market
was
the
and
the
of
amounts
construction
automatically
but
to
brought
was
about
by
2.
762,370
s-
Other transactions Initiated on the floor—Bought
Bold
did
of
combination
not
the
10.45
196,910
167,350
Total
the recovery
a
378,390
383,980
Total
mortgage
1929.
that
agi-ee
(except
registered—Bought
The
seem
members
of
Sold
the bulletin states:
majority of economists
account
dealers):
budget
activity.
The
for
a
1. Transactions of specialists in stocks In which they are
the
than twice that of
more
ot
con¬
for
money
transactions
Cent
3,647,200
—
transactions for odd-lot accounts of specialists and odd-
was
that
fact
increasing
encouraging
building in 1935
the
to
B. Round-lot
expansive
an
recovery
Per
Week
A. Total round-lot volume
evolved
effectiveness
promoting
In the case of Sweden
come
Feb.
British
that
are
been
has
The growing abundance of
thereby
rates,
residential
volume of
in
war
brought into the
falling
indications
years
economics.
instrument
Government
new
balanced,
was
and
an
as
the
and
past seven
gradually
method to meet the rapid and unpredictable changes
error
version
of
the
finance
policy
monetary
policy
monetary
policy
by the trial and
in
Ended
that at the time of the departure from gold the Government
definite
no
monetary
1939
18
STOCK TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOR
bulletin
the
Chronicle
1—
4.99
364,260
3. Other transactions Initiated off the floor—Bought
128,240
126,517
Sold
policies pursued by the central bank and the Government and of economic
outside
developments
the
which
At
the
stages
changed markedly.
only
a
minor
business
factors
different
different
Sweden.
difficult
is
carried
in
to
bringing
apportion
in
while
1934 and 1935
public
works
of the
the
Total.-.
weight
recovery.
various
4.
703,540
677,847
-r
-
played
main
stimulus
-
,
Sold
'
Total—
to
■
C. Transactions
♦
Chile Grants
odd-lot accounts
for the
odd-lot dealers:
1.
Franking Privileges for Earthquake Zone
franking privileges have been granted to
earthquake zone of Chile by the Minister
of the Interior, according to a report by the American
Consulate at Santiago made public by the Department of
Commerce on March 9.
The franking privilege will
apply
df specialists
and
'
In round lots—Bought
Sold
Temporary
92,260
—
131,740
-
Total
224,000
2. In odd lots—Bought
Total
mail
dispatched
by
them,
ACCOUNT
the
stated.
report
The
was
also
announced
that
in the earthquake zones will
of the orders.
not
be issued free of
Parcels sent to the
postal charges
zones
cost
CURB
EXCHANGE
Total round-lot volume
B.
regardless of the value
be addressed to authorized
must
for mail
deposited
within
or
the
Round-lot transactions for account
Meet
a
82,095
99,895
Sold
will
Total
Argentine Loan of 150,000,000 Pesos Oversubscribed—
to
Per
Cent
of members:
registered—Bought——
2.
Increased
for
711,250
1. Transactions of specialists in stocks in which they are
damages.
zone
FOR
(SHARES)
Week
A.
apply to that addressed to foreign countries, according to the report.
Amount
YORK
Total
The service will not insure the sender or addressee against losses
from
NEW
MEMBERS*
postal money orders addressed to persons
committees of relief in order to be granted free postage, the
report stated.
Freedom
OF
Week Ended Feb.25, 1939
announcement further said:
It
3.07
1,063,724
TRANSACTIONS ON THE
STOCK
,
563,110
500,614
Sold
to both mail addressed to residents of the stricken districts
18.93
1,381,387
_
residents of the
and
3.49
254,757
—
Total—Bought
factors
depreciation
currency
supplied
activity.
the
about business
of recovery the importance
Thus,
part,
It
181,990
*
Other transactions Initiated on the floor—Bought
Sold
Demand
Total
The Argentine Government on March 6 offered two internal
loans totaling 75,000,000 pesos to be used for
public works.
One loan consisted of 25-year
4}4% bonds in amount of
52,300
Other transactions Initiated off the floor—Bought
Sold
4.
Total—Bought..
39,355
2.77
-------
Sold
146,655
Total
O.
3.68
19,495
19,860
Total
50,000,000 pesos and the other was an issue of 25,000,000
of 10-year 4% bonds.
The favorable reception ac¬
corded the loans on March 6 caused the
Ministry to Finance
to increase the 43^% issue to 100,000,000
pesos and the 4%
issue to 50,000,000 pesos.' It was made known on March 13
that the 150,000,000 pesos loan has been
considerably over¬
12.79
26,900
v
3.
pesos
0
25,400
273,645
Odd-lot transactions for account of specialists—Bought...
Sold
19.24
68,615
45,506
subscribed.
+
Total
•
*The
Member
Trading
Curb
on
New York Stock and
New
Exchanges During Week Ended Feb.
a
25
4.
transactions
page
well as those of the specialist.
purchases
and
sales,
A
on
March 15:
Shares
Shares.
Previously
6% preferred
Belding Hemlnway Co., common..
Bristol-Myers Co., common
Corp.',
1,011
»
22,032
17,394
17,379
7,740
j
Century Ribbon Mills, Inc., 7% preferred
Collins A Aikman Cnorp., 5% preferred
Trust
809
Report
4,289
184,946
21,732
i.
Bucyrus-Erle Co., 7% preferred
Cetbtex Corp. (The), common
Commercial Investment
"
2,189
162,003
.....
Per Latest
.
Reported
Atlas Corp., common...
1,300
...
"
6,743
400
50
common
;
Dayega Stores Corp., common
Detroit Edison Co. (The), common.
70
2,965
*120
57,438
'
I
54,668
8,800
5,609
...
9,900
313,892
...
!
Firestone Tire &. Rubber Co. (The) common
Florsheim Shoe Co. (The), class A common
313,912
5,391
499
449
70,400
...
Hecker Products Corp., common
Household Finance Corp., common
91,300
716
x25
7,900
y2,900
4,348
Insuranshares Certificates, Inc., capital
International Business Machines Corp., common
International Harvester Co., common
4,566
163,452
163,456
Interstate Department Stores, Inc., 7% preferred
1,250
2,020
2,030
Jewel Tea Co., Inc., common
4,545
3,806
35,103
14,970
1,115
35,503
International Silver Co., 7% preferred
Kaufmann Department Stores, Inc., common
Lone Star Cement Corp., common
Macy & Co., Inc., R. H., common
Class
50
90
584
Swift & Co., capital
Vadsco Sales Corp., 7% preferred..
the New York
42,400
z
20,221
8,722
932
1,351
952
2,371
3,288
1,869
3,538
30,697
80,058
13
None
1,773
-
——
1,454
30,912
80,140
-
Notes—* Retired 2,965 shares by resolution of Feb. 6,
x Sold 700 shares and
acquired 9 shares.
y
42,900
8,752
Webster Eisenlohr, Inc., 7% preferred
Wheeling Steel Corp., 6% preferred.'.
h
14,721
2,315
27,200
20,286
A
Sheaffer Pen Co., W. A., common
Standard Oil Co. of Kansas (The), common
Exchange odd-lot
2,050
9,400
Safeway Stores, Inc., 5% preferred
6% preferred.
7% preferred
similarly
on
Exchange
appeared in our issue of Feb. 18,
The following is the list, made available by the
Revere Copper & Brass Inc., common—
552
the
previous list
104
'
while
.
818
241
compared with
the Exchange for the reason that the total of
'201
The number of reports in the various
classifications may total more than
the number of reports received because, at
times, a single report may carry
entries in more than one classification
includes
Company and Class of Stock—
Allegheny Ludlum Steel Corp., common
the
designated for the New York Stock Exchange, since
specialists
Curb Exchange perform the functions of
the New York Stock
as
«
957.
Exchange
Note—On the New York Curb Exchange the
round-lot transactions of specialists
in stocks in which
they are registered are not strictly comparable with data
dealer,
transactions
lt0S3
3
on
their firms and their
of twice total round-lot volume.
Patino Mines & Enterprises Cons., Inc., capital
Plymouth Oil Co., common
231
no
on
both
stock.
Exchange
Reports showing other transactions Initiated off
the
floor
Reports showing
percent
The New York Stock Exchange issued on March, 15 its
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
Curb
Exchange
Total number of reports received..
1. Reports showing transactions
3.
Exchange members,
as
Changes in Amounts of Their Own Stock Reacquired
by Companies Listed on New York Stock and New
York Curb Exchanges
York
Slock
as specialists
other transactions initiated
includes all
transactions
volume includes only sales.
The data published are based
upon weekly reports filed with the New
York Stock Exchange and the New York
Curb Exchange by their
respective
members.
These reports are classified as follows:
Reports showing
floor..
members'
In calculating these percentages the total of members' transactions is
were given in these columns of
11, page 1399.
In making available the data for
the week ended Feb. 25, the Commission said:
2.
in
members'
for the week ended Feb. 18
New
Shares
twice the total round-lot volume
March
York
"members"
partners, including special partners.
York
During the ,week ended Feb. 25, which included Washing¬
ton's Birthday, when the Exchanges were
closed, the per¬
centage of trading for the account of all members of the
New York Stock Exchange
(except odd-lot dealers) and of
the New York Curb Exchange to total transactions in
each
instance was below the
preceding week ended Feb. 18, it
was made known
by the Securities and Exchange Commis¬
sion yesterday (March 17).
Trading on the Stock Exchange for the account of all
members during the week ended Feb. 25
(in round-lot
transactions) totaled 1,381,387 shares, which amount was
18.93% of total transactions on the Exchange of 3,647,200
shares.
This compares with member
trading during the
previous week ended Feb. 18 of 1,203,065 shares, or 19.42%
of total trading of 3,098,740 shares.
On the New York
Curb Exchange member
trading during the week ended
Feb. 25 amounted to
273,645 shares, or 19.24% of the total
volume on that Exchange of 711,250
shares; during the pre¬
ceding week trading for the account of Curb members of
236,490 shares was 19.28% of total trading of 613,225 shares.
The data issued by the SEC are in the
series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in
June, 1936, on
the "Feasibility and
Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
New
term
114,121
None
z20
1,909
1939, and acquired 120 shs-
Acquired 17,200 shares and retired 22,200 shares by resolution of Mar. 8,1939.
Acquired 120 shares and retired 100 shares.
■
,
.
'
Volume
Financial
148
P^The New York Curb Exchange announced on March. 16
that the following is a list of issuers of fully-listed securities
which have reported changes in their holdings of reacquired
an
(b) The provisions of this Rule shall not apply to any sale if made (l)fby
odd-lot dealer in a stock in which he is registered; (2) for a special arbi¬
trage account by
of stock of the
Shares
Shares
Previously
Per Latest
Reported
Report
American Cities Power & Light Corp.—r"A" optional dividend series, 1936__
Convertible "A" optional dividend series...
chase which such sale offsets, is effected for the bona fide purpose of profit¬
ing from
18,905
12,135
2,225
184,476
400
471
475
..........
Crown Central Petroleum Corp. common........
Crown Drug Co. 7% preferred......^......
.....
100
14,531
19,199
24,195
24,105
629
Kleinert (I. B.) Rubber Co. common....
Knott Corp. (The) common..
Lion Oil Refining Co. conv. 4H% debs., due 1952
Louisiana Land & Exploration Co. capital
(3) hereof,
28,577
...
Merchants & Manufacturers Securities Co. part. pref....
"A" common....
32,570
Merrltt-Chapman & Scott Corp. 6)4 % "A" preferred....
Michigan Gas & Oil Corp. common...
North American Rayon Corp. 6 % prior preferred.
.:
2,955
4,400
328
Oilstocks, Ltd., capital.......
..........
Pantepec Oil Co. of Venezuela, C. A., common capital...
Prudential Investors, Inc., $6 preferred................
5,712.
security
3,005
5,816
217,878
5,700
26,200
...
2,763
_
......
„■
.
.
r
Rustless Iron & Steel Corp. common
'
.........
Amends
Omits
Rule
Securities
subject
For the purpose of clause
security shall be deemed to be the same
Under
Requirement
Holding
Calling
'
CompanyWAct—
for
ExplanationXof
Transactions
On March 15 the Securities and
Exchange Commission
amended Rule U-9C-4 under the Public Utility Holding Act,
which provides for the filing of applications for approval by
296
75
618
1,001
10,550
None
.....
a
the security represented by such receipt,
388
292
Sterchi Bros. Stores, Inc., 6% 1st preferred.
SEC
immediately.
depositary receipt for
a
as
300
242,878
5,650
25,000
or
providedjthe
by virtue of information currently
such sale is then available to him in such foreign securities market
cover
and intends to accept such offer
$145,000
28,586
15,222
76,220
$130,000
securities market not within
jurisdiction of the United States and on the Exchange;
received, has reasonable grounds to believe that an offer enabling him to
£14
Lane Bryant, Inc., 7% preferred.
a
afspecial international arbitrage
of profiting' from a current difference
seller at the time of the sale knows, or
$37,000
24,200
24,605
..........
purpose
between the price of the stock on
to the
19,315
$35,000
632
.....
class of securities of the issuer; or (3) for
14,666
Henry Holt & Co., Inc., class A.
...
Hygrade Food Products Corp. conv. 6s, "A," 1949
5% 2d preferred
—...
S. Stroock &=Co., Inc., capital..
Tobacco & Allied Stocks, Inc., capital
current difference between the price nf-the stock sold and the
a
represented by another security or was issued to all the holders of any
account for the bona fide
115
......
Equity Corp. (The) $3convertible preferred..
or
7,635
186,783
100
...
...
Cooper-Bessemer Corp. $3 prior preferred
Common
who then owns another security by virtue of
class as the stock sold; provided such sale, or the pur¬
same
security owned and that such right of acquisition was originally attached to
American General Corp. common.
Common...
person
a
which he is, or presently will be, entitled to acquire an equivalent amount
stock:
Name—
1563
Chronicle
the Commission of investment programs for current funds
of registered holding companies and their subsidiaries.
80
11,050
50
Regarding the amendment, which became effective Marchll3,
the SEC said:
Odd-Lot Trading on New York Stock Exchange During
Week Ended March 11
On March 16 the
made
of
public
the
odd-lot
a
reports required of persons making acquisitions under investment programs
approved by the Commission,
Securities and 'Exchange
Commission
for the week ended March 11
summary
STOCK
TRANSACTIONS OF ODD-LOT
MARCH
11,
of the ACt, and the terms and conditions of any rule
Brief reference was made in our issue of a week ago (page
1400) to the announcement on March 10 by the Securities
and Exchange Commission of the modification of the rules
of the Commission governing short
selling on national
securities exchanges. As we indicated in our item of a week
ago, it was made known by the Commission that the modi¬
fications were adopted at the recommendation of the New
York Stock Exchange following conferences with the Presi¬
dent, William McC. Martin, and other officials of the
Exchange. It was the view of the Exchange officials, says
the Commission, "that the modifications would provide
greater freedom of market action in accumulating short
positions while retaining effective restraints on short selling."
PURCHASES
(Customers' Orders to Sell)
Trade Dale
No. Ord.
4,690
6
Mar.
7._______—
Mar.
8
Mar.
9
-
ii../,--.
Mar. 10 and 11
_..
Total for week..
3,698
4,508
6,437
8,150
27,483
Shares
Value
758,656 828,860.410
32,310
122,184
6,294
126,645
186,161
223,097
Value
Shares
No. Ord.
$4,454,907
3,761,666
5,155,408
6,932,243
8,556,186
123,633
98,220
4,989
4,043
96,002
158,661
180,043
240,285
7,049
9,935
.
$4,166,855
3,301,959
5,737,550
6,421,125
8,857,679
797,075 $28,485,168
The Commission's announcement went
New York Stock
Exchange to Continue Study of Effect
of Proxy Rules-—Asks Corporation Heads to Supply
that
.
on
short sale of
For example, under
5. Whether
the
corporation
the original rules if transactions in
a
security had
suc¬
'least one-eighth
above the last price.
Under the amended rules, however,
if transactions In the security have been effected at 49 J4, 50 and 60 a short
'
be effected at 50, and additional short sales may also take place
sale may
50.
at
the effect of the amended rule would be to restrict
In declines, however;
For example, if transactions in a security have been effected
short sales.
50, 49 % and 49 Ji
at
50
or
,
a
short sale could be effected not at 49 %, but only at
above.
,r
Following an extended study of international arbitrage operations in their
member
/
rule by
are
.
Exchange
to
of
taken
addihg
a true
an
the Commission has also amehded the short selling
exemption for certain short sales made in the course of
This exemption applies only to transactions which
arbitrage nature, namely; transactions in which
one
on
market.
soliciting material to their customers.
The committee also asks for views and comments
last
cessively rising prices, since each short sale was required to be effected at
international arbitrage.
requested members of this
as the
50K, while additional short sales could have been effected only at
at
Total number of shares registered in the names of members or member
forward the proxy
security can be effected only at a price above the last
a
The amendment permits short sales at the saflie price
relation to short selling,
■
■.
been effected at 49?i, 50 and 50, a short sale could have been effected only
2. Total number of shares voted at meeting.
firms of the New York Stock Exchange voted at meeting.
to say:
price which preceded it.
Total number of shares outstanding and entitled to vote.
,3. Total number of shares registered in the names of members or
on
have heretofore required, in effect,
sale, provided that the last sale price was higher than the last different
Stock List of the New York Stock Ex¬
firms of the New York Stock Exchange.
4.
a
sale price.
change5 in collaboration with the Securities and Exchange
Commission has determined, it is announced, to continue
the studyof the amount of stock voted at meetings of stock¬
holders which was undertaken last year. This was indicated
in a letter sent March 11 by John Haskell, Director of the
Committee on Stock List to the Presidents of corporations
having stock listed on the Exchange. The results of the study
undertaken in 1938 were published in our Jan. 21 issue, page
360. To assist in the study of the effect of "the proxy rules, the
committee requests that the following information be pro¬
vided as of the first stockholders' meeting held in 1939:
1.
The Commission's short selling rules
<
'Data
The Committee
In all other
Modification by SEC of Rules Governing Short SellingChanges Made on Recommendation of New York
Stock Exchange
1939
Mar.
order of the Coin-
respects, however, the paragraph remains unchanged.
DEALERS AND SPE¬
SALES
or
As amended, the paragraph omits this requirement.
mission.
^EXCHANGE—WEEK ENDED
(Customers' Orders to Buy)
the applicant
deems each transaction under the program consistent with the provisions
Exchange, continuing a series of current figures being pub¬
lished weekly by the Commission.
The figures for the week
ended March 4 were given in our March 11 issue, page 1399.
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
CIALISTS ON THE NEW YORK STOCK
Heretofore, this paragraph has required
that the report specify, among other things; the reason why
corrected figures on odd-lot stock transactions of
dealers and specialists on the New York, Stock
ODD-LOT
Paragraph (f) of the rule deals with the data to be included in periodic
,
a
position is
exchange which is to be immediately covered on a foreign
.
Specifically, the exemption applies only to short sales made for special
on
the
operation of the SEC's rules and the Stock Exchange's rules.
A reference to the revised proxy rules of the Exchange was
made in our issue of Jan, 7, page 43.
international arbitrage accounts.
The exemption further provides that
an-
arbitrageur may effect a short sale only if, at the time/he is advised that
a
corresponding Offer is available on a foreign securities market and intends
to accept
that offer.
Thus, the new exemption will permit short sales by
arbitrageurs only where the short seller can, and intends to, neutralize the
effect of the short sale by an immediate covering purchase.
The foregoing
New York Stock Exchange Amends Rule on Short Sales
in Odd-Lots—Action
Taken
to
Conform
with
Amended SEC
W The Board of Governors of the New York Stock Exchange
special meeting on March 15 amended rule 618 of the
Exchange, relating to short sales in odd-lots, to make its
provisions, effective March 20, similar to those prescribed
in the amended rules of the Securities and Exchange Com¬
mission (referred to elsewhere in these columns today),
affecting short sales in round lots, also effective March 20.
The amended rule of the Stock Exchange follows:
a
Rule
effect
618.
on
(a)
No member
or
member firm or partner thereof shall
the Exchange any short sale of a stock in an amount less than the
unit of trading,
unless such sale is based upon a sale, in the unit of trading,
the price of which (1) is higher than the price of the last "regular way" sale
on the Exchange of such stock in the unit of trading, or (2) is the same as
the price of
so as to exempt
loans of
securities or "failures to deliver" where the exchange concerned finds that
Rules
a
at
modifications are embodied in amendments to paragraph
(a) and paragraph (d) of Rule X-10A-1.
The Commission has also amended Rule X-10A-2
such las,t sale and such price was higher than the last different
short sale was made because of a
bona fide
error,
that
a
"purchase for
cash" to cover the sale would result In undue hardship because of the con¬
dition of the market at the time the mistake was discovered and that the
member who effected the sale had used due diligence to ascertain the cir¬
cumstances
under which sell orders may be marked
X-10A-1
Rule
When the
Commission stated
would be
would
them
a
"long" pursuant to
(c).
original short selling ruies were adopted in January, 1938, the
that its study of short selling on securities exchanges
continuing one.
be prepared to
The Commission also stated at that time that it
make alterations in the rules as experience under
proved necessary or
desirable.
The action taken Mar. 10 is in accord
with that policy, and similarly, the amendments adopted Mar.
10 will be
constantly reexamined in the light of experience.
The text of the Commission's action follows:
The Securities and Exchange Commission, deeming it necessary
for the
and appropriate In the
price of a "regular way" sale on the. Exchange of such stock in the unit of
exercise of the functions vested in it and necessary
trading.
public interest and for the protection of investors so to do, pursuant to
1564
Financial
Chronicle
in creating a
psychology which would mark a return of the realization of
benefits from
Amendments to Rules X-lQA-1 andX-10A-2
an
mental
Paragraph (a) of Rule X-10A-1 is amended to read as follows:
Rule X-10A-1.
(a) No person shall, for his own account
effect on a national securities ex¬
change a short sale of any security (1) below the price at which the last sale
thereof, regular way, was effected on such exchange, or (2) at such price
unless such price is above the next preceding different price at which a sale
of such security, regular way, was effected on such exchange.
of companies
"or"
before
the
"(7)"
figure
period at the end thereof
a
and
by
inserting immediately
In
hereof a depositary receipt for
not detri¬
a security
the security represented by such
receipt.
May Be Reduced
this
consider
not
detrimental
the
to
smaUer
stock
by
similar increased trading interest
a
exchanges,
the smaller
on
exchanges.
before the
(8) any sale of a security on a national securities exchange effected for a
special international arbitrage account for the bona fide purpose of profiting
from a current difference between the price of such security on a securities
market not within or subject to the jurisdiction of the United States and on
such national securities exchange; provided the seller at the time of such
sale knows or, by virtue of information currently received, has reasonable
grounds to believe that an offer enabling him to cover such sale Is then
available to him in such foreign securities market and intends to accept
such offer immediately.
did
would be accompanied
to a
answer
question. Mr. Martin said it was "not unlikely" that the
listing fees of the New York exchange would be reduced at
or
For the purpose of clause (8)
were
either, and said he believed an increased volume on the New York exchange
semi-colon and the following:
shall be deemed to be the same security as,
purposes
which qualified for a national market.
Fees
He
Paragraph (d) of Rule X-10A-1 is amended by striking out the word
2.
He said his
organized market.
the over-the-counter market and in this connection said the New
to
York Stock Exchange was desirous only of obtaining listings of securities
Short Sales,
for the account of any other person,
or
1939
IS
The interview with Mr. Martin brought out that he is intensely interested
authority conferred upon it by the Securities Exchange Act of 1934. par¬
ticularly Sections 10 (a) and 23 (a) thereof, hereby takes the following action:
1.
Mar.
some
time in
the future.
One of the objectives of the stock exchange groups, he
obtain
"equalization" in
agreed,
far as registration of securities
so
was
to
concerned.
was
He hopes that the cost of registration will be reduced so that the aims of
the national security exchanges to have all securities registered can be ac¬
complished without penalty to smaller corporations.
Mr.
Martin said
at this time,
he felt
that
venturesome
capital was highly desirable
pointing out that enterpricse and speculation are synonymous.
Another factor working to this end, he said, is that the return on pure-in¬
vestment has been materially
reduced.
Paragraph (d) of Rule X-10A-1, as amended, reads as follows:
(d) The provisions of paragraph (a) hereof shall not apply to
(1) any sale by any person, for an account in which he has an interest,
if such person owns the security sold and intends to deliver such security
as soon as is possible without undue inconvenience or expense;
Value of
by
Commercial
$195,300,000
(2) any member in respect of a sale, for an account in which he has no
interest, pursuant to an order to sell which is marked "long";
(3) any sale of an odd-lot;
(4) any sale by an odd-lot dealer to offset odd-lot orders of customers;
Paper Outstanding as Reported
Federal Reserve Bank—Total of
New /York
Jan.
Feb.
28
Compares
with
$195,200,000
31
-
sale by an odd-lot dealer to liquidate a long position which is
round lot, provided such sale does not change the position of
such odd-lot dealer by more than the unit of trading;
(6) any sale of a security on a national securities exchange effected with
the approval of such exchange which is necessary to equalize the price of
such security thereon with the current price of such security on another
national securities exchange which is the principal exchange market for such
security; #
•
(7) any sale of a security for a special arbitrage account by a person who
then owns another security by virtue of which he is, or presently will be,
entitled to acquire an equivalent number of securities of the same class as
the securities sold; provided such sale, or the purchase which such sale
offsets, is effected for the bona fide purpose of profiting from a current dif¬
ference between the price of the security sold and the security owned and
that such right of acquisition was originally attached to or represented by
another security or was issued to all the holders of any class of securities
(5)
any
less than
The following announcement
showing the total value of
outstanding on Feb. 28 was issued on
by the New York Federal Reserve Bank:
commercial
a
March 15
paper
Reports received by this Bank from commercial
total of
$195,300,000 of
This
figure
with $195,200,000
compares
with $292,600,000 on Feb. 28, 1938.
Below we furnish a two-year comparison
1939
3
1938—
June 30
225,300,000
Jan.
31
195,200,000
May 31
Dec.
30
Apr.
31
186.900.000
Mar. 31
Nov. 30
206,300,000
Feb. 28
31
213,100.000
Jan.
(8) hereof
a
depositary receipt for
receipt.
3.
a
'
Paragraph (b) of Rule X-10A-2 is amended to read
as
follows:
(b) The provisions of paragraph (a) hereof shall not apply (1) to the
lending of a security by a member through the medium of a loan to another
or (2) to any loan, or arrangement for the loan, of any security,
failure to deliver any security if, prior to such loan, arrangement,
failure to deliver, the exchange upon which the sale requiring the delivery
member,
or to any
or
of such security was effected finds (i) that such sale resulted from a mistake
made in good faith, (ii) that the condition of the market at the time the
mistake was discovered was such that undue hardship would result from
covering the transaction by
a
212,300,000
209,400,000
Dec. 31
279,200,000
210.700.000
Nov. 30--,— 311,000.000
e
thereof.
.
The foregoing amendments shall be effective
on
March 20, 1939.
The adoption by the Commission of rules
"designed to
prohibit short selling in a declining market" was noted in
these columns Jan. 29, 1938, page 674.
Feb. 28
Outstanding Bankers' Accept¬
February—Total Feb, 28 Reported
$248,095,184—$59,020,128 Below Year Ago
at
The volume of outstanding bankers' dollar acceptances on
Feb.
28, 1939
amounted to $248,095,184, a decrease of
$7*306,991 as compared with the Jan. 31 figure of $255,402,175, it was announced March 13 by the Acceptance
Analysis Unit of the Federal Reserve Bank of New York.
As compared with last year, the Feb. 28 total is $59,020,128
below that of Feb. 28, 1938, when the acceptances outstand¬
ing amounted to $307,115,312.
The
decrease
in
Regulations
DOLLAR
outstanding
due to declines in all branches
was
ACCEPTANCES
OUTSTANDING—UNITED STATES
FEDERAL RESERVE
Federal Reserve District
DISTRICTS
Feb. 28, 1939
Jan. 31, 1939
$28,717,767
1.
$29,904,355
184,371,109
10,029,311
Boston
New York
3.
Exchange, while in Pittsburgh on March 10, commented
the modification by the Securities and Exchange Com¬
mission of the rules governing short
-selling, expressing him¬
self as "very gratified" at the action.
"It is a constructive
move," he asserted.
"I believe it will go a long way toward
improving general confidence."
The modification of the
further reference
acceptances
Feb. 28, 1938
"
upon
noted in
of
of credit except those drawn for exports; in the
year-to-year
comparisons only credits for domestic shipments were above
Feb. 28, 1938.
;
\
The following is the report for Feb. 28, 1939, as issued
by the New York Reserve Bank on March 13:
2.
ing Sponsored By Bond Club of That City
was
•<.
volume
as
Meet¬
William McC. Martin, President of the New York
Stdck
rules
the
Feb. 28 below Jan. 31
on
—BY
Pittsburgh
285,000,000
290,400,000
267,600,000
During
ances
BANKERS
Move"—Attends
1937—
323,400,000
331,40 \000
329,000,000
324:700,000
284,600.000
286.901,000
Decrease of $7,306,991 in
President Martin of New York Stock
Exchange Regards
Action of SEC as to Short Selling
"Constructive
._
Mar. 31
31
July
"purchase for cash," and (iii) that due dili-r
CceX-10A-1 (c) existed or that the circumstances specified in clause (1) (2)
was used to ascertain to obtain the information specified in clause of
31
Sept. 30
security
security as the security represented by such
$
31
Oct.
Aug. 31
immediately.,
same
Jan. 31 and
251,200,000 Sept. 30
271,400,000 Aug. 31
296.600.000 July-31
292.600,000 June 30
299,300.000 May 31
Apr. 30
1938—
a
of the figures:
195,300,000
Oct.
For the purpose of clause
dealers show
1937—
$
28
(8) any sale of a security on a national securities exchange effected for a
special international arbitrage account for the bona fide purpose of profiting
from a current difference between the price of such security on a securities
market not within or subject to the jurisdiction of the United States and on
such national securities exchange; provided the seller at the time of such
sale knows or, by virtue of information currently received, has reasonable
grounds to believe that an offer enabling him to cover such sale is then
available to him in such foreign securities market and intends to accept such
shall be deemed to be the
on
Feb.
of the issuer; or
offer
paper
market paper outstanding on Feb. 28, 1939.
open
Philadelphia
Cleveland...
4.
5.
1,178,045
1,767,567
5,141,212
731,486
1.271,825
ll,676,/52
939,924
1,621,063
759,007
18,407,473
1,009,003
17,961,691
"Y.465J 05
$248,095,184
$255,402,175
$307,115,312
Atlanta
7. Chicago
8., St. Louis
9. Minneapolis
10. Kansas City
-
11.
Dallas
12.
San Francisco.......
issue of March 11, page
1400, and
thereto appears in these columns
our
today.
According to the Pittsburgh "Post Gazette" Mr. Martin in
interview, in Pittsburgh on March 10 said
that desired
changes in the Securities Act of 1933 and the Securities Ex¬
change Act of 1934 will not produce a boom in stocks but
are aimed at
improving the machinery of administration of
2,257.002
957.614
9,703,687
2,182,074
597,373
1,675,383
4,988,071
639,400
Richmond
6.
$29,766,073
218,601,026
12,445,693
2,639,068
1,023,670
179,246,904
__
Grand total
Decrease for month, $7,306,991.
'
2,232,899
24,704,039
Decrease for year, $59,020,128.
ACCORDING TO
NATURE OF CREDIT
an
the Act.
It was added in the paper
qouted that Mr. Martin
said he had no thought of
seeking the repeal of the Act and
declared that even complete repeal would not
create a boom
psychology in markets.
Indicating that Mr. Martin was
in Pittsburgh to attend a
meeting of the Associated Stock
Exchanges, of which R. S. Richards of Kay, Richards &
Co. is President, the "Post Gazette"
continued:
Mr. Martin also
was
guest of honor and speaker at
'
•
Feb. 28, 1939
Imports
Exports
A meeting of representatives of the
nation's stock
Washington next week
to discuss
dinner in the Wil¬
Pittsburgh, the
Association
and'
declaring he had
2,364,567
60,997,241
BY ACCEPTING
BANKS
$122,403,558
...
75 yyg 40Q
$198,180,027
CURRENT
5,623^578
MARKET
RATES
ON
MARCH
Dealers'
Days—
PRIME
13,
BANKERS'
ACCEPTANCES
1939
Dealers'
Dealers'
Buying Rates Selling Rates
Days—
Dealers'
Buying Rates Selling Rates
numerous
30
not
feel
meeting of the Associated Stock Ex¬
changes here was attended by Presidents of most of the
exchanges of the
United States, it was not
designed to prepare any program for the
meeting
in Washington.
"We just sat around and
gossiped," he said.
2,297,592
55,190,861
Decrease for month
exchanges will be held
might be advanced, said he did
free to air them in advance of the
meeting.
Mr. Richards said that while the
77,720,187
7,945,384
61,848,117
10,517,680
41,700,650
2^b!U8A-
Bills of others
the
proposals for revision of the securities
Acts and Mr. Martin, in the
interview, while
ideas concerning changes which
$96,239,816
57,091,642
54,272,103
Dollar exchange
Based on goods stored In or
shipped
between foreign countries
BILLS HELD
Feb. 28, 1938
$88,603,750
57,331,836
9,630,182
38,155,586
1,855,711
Domestic shipments
Domestic warehouse credits
Pittsburgh Stock Exchange.
in
Jan. 31,, 1939
$86,849,766'
Total.
a
liam Penn Hotel last night, sponsored
by the Bond Club of
Western Pennsylvania Group Investment
Bankers'
.
A
7-16
120
60..
9-16
7-16
A
150
90
A
9-16
7-16
180
H
9-16
The
of
the
following table, compiled by
volume of hankers'
us,
acceptances
close of each month since Nov.
furnishes
a
record
outstanding at the
30, 1936:
Volume
1936—
1937—
Nov. 30
Dec.
J349.053.490
Investments
1938—
Sept. 30
July
31..
30
387,227.280
Feb.
27.:...
348.026,993
Sept. 30..
Dec.
1937—
Jan.
J344.419.113
346,246,657
343,065,947
Oct.
Oct.
372,816.963
401.107.760
Mar. 31
.1264,748.032
258.319.612
30..
Aug.
30
Nov. 30
31
31
1938—
Jan.
31
.
31..
.
Apr. 30
Feb.
28
385,795.967
Mar. 31
.
307.115,312
May 29
.
Dec.
325.804.395
June 30
364.203,843
Apr. 30
July
31
351.556.950
May 31
343.881,754
June 30
261.430.941
tember
and
obligations held
273.327,135
respectively.
269.605,451
which
31..
.
28..
.
255.402,175
129,000,
248,095,184
of
and
Since the issuance in January of
statement of the Federal Reserve Bank of New
the annual
York,
revised,
the Bank in its annual report, issued March 9,
of
some
chiefly, says
to
in
210.
1938
been
have
(Section 13-b)
and
The preliminary figures made pub¬
(Section 7).
shown
earnings
issued
of
1938
for
January were given in these columns Jan. 14, page
In the revised figures, net earnings of the Bank for
are
in
reported
statement,
annual
the
Reserve
against
estimated
$520,000
losses
transferred
was
Section
industrial
loans to
on
concerns,
ordinary surplus account
to the
compared with the estimated
the Act,
7 of
The profit and loss account
1938 and 1937, revised
1938 figures are concerned, follow:
$546,000 reported
on
Jan. 7.
of the Bank for the calendar years
far
so
the
as
LOSS ACCOUNT FOR
PROFIT AND
■
,
Surplus
since
■/
.
banks
other
and
cash
and
with
reserve
items
Federal
in
Reserve
Dec.
on
1938,
31,
stock
respectively.
periods,
12-month
and
stock
preferred
$1,570,622,000,
was
and
$204,451,000
of
B
class
$16,986,000.
total
a
profits
undivided
$1,149,005,000,
$419,654,000,
of
$1,757,522,000,
of
and
$21,010,000
increased
September, 1938, and $91,155,000 since December, 1937.
Bills
payable,
the
The
rediscounts
$5,608,000
three-
and
of
reductions
and
loans
borrowed
for
$4,725,000
of
money
$5,231,000
and
respectively.
periods,
discounts
in comparison
30.26,
was
Dec.
liabilities
other
and
showed
12-month
percentage
1938,
on
A
$188,863,000,
aggregating
in
of
of
of
reserves
to
with 30.62
deposits
total
on
Sept.
Dec.
on
31,
1938, and 33.21
28,
1937.
31,
♦
Final
Figures on Treasury's March 15 Financing—
$1,266,973)300 of Treasury Notes Maturing June 15
Exchanged for Three Outstanding Issues
After providing for regular dividends
to member banks and transferring $286,000
special surplus account under Section 13-b of the
Act to cover part of the reserve set up
the
under
preferred stock
three-
capital
class
with
total of $9,706,409,000, increased $498,215,000
a
the
in
unimpaired
balance
$4,375,869,000,
of
$4,775,236,000,
included
January.
Federal
Reserve banks
but increased
$3,291,000, compared with estimated net
as
$3,003,000
of
in
$3,057,000
from
figures
industrial loans from surplus
on
surplus
lic
the
the amounts transferred to reserve for estimated
to reflect
losses
prelimintary figures of
$1,607,-
political subdivisions of
of States and
$555,304,000,
$1,155,916,000
The
which
$3,603,000
as
obligations
collection
of
banks of
Total Announced
$7,172,471,000 and $1,533,488,000,
were
in the year.
of
process
fully
direct and
corporate stocks, including stock of Federal
$227,412,000, decreased $23,458,000 since September,
Cash
Earnings of New York Federal Reserve Bank in
Total $3,291,000, Compared with Preliminary
Dec. 31, 1938,
on
obligations,
increased $229,682,000 since Sep¬
since December, 1937.
The direct and indirect
and
$63,112,000
1938
Government
Other bonds, stocks and securities aggergating $3,753,234,000,
included
1939—
Feb.
264.222,590
Net
States
$8,705,959,000,
$633,077,000
269:561.958
268,098,573
Aug. 31
31..
Jan.
292,742,316
278.707.940
United
in
guaranteed, aggregating
.
Nov.30..
396,471,668
395.031.279
1565
Chronicle
Financial
148
CALENDAR YEARS 1938 AND
>
■
Series
$10,706,000
7,336,000
-
,
14
that
indicate that
A-1939,
Henry
Treasury
the
Morgenthau
reports from
the
Jr.
Federal
an¬
Re¬
$1,266,973,300 of Treasury notes
15, 1939, have been ex¬
maturing June
changed, $894,415,600 for the 2%%
1960-65,
$319,444,500 for the 2y2%
1950-52,
Treasury bonds
Treasury bonds
1%% Treasury notes
$53,113,200 for the
and
of
of
of
Series B-1943.
Subscriptions
several
1937
of
March
on
banks
serve
of
1937
;
1938
Earnings
Secretary
nounced
w.ere divided among the
districts and the Treasury as
allotments
and
Federal
Reserve
follows:
'
■
,
$11,548,000
expenses
-
T
For 1
$2,316,000
$664,000
83,000
55,000
Notes,
1950-52
Series B-1943
$2,399,000
$719,000
Boston
sales of United States Government securities.
on
Bonas of
1960-65
$4,197,000
Additions to current net earnings:
Profits
Bonus oJ
District
7,351,000
$3,370,000
Current net earnings.
For 2 H %
Federal Reserve
Net
For 2%%
All other.
$39,230,500
....
Phlladel phia
_ .
Cleveland
Total additions
Richmond
Atlanta
Deductions from current net earnings:
Chicago.
Losses & reserves for losses on inudstrial advances (net)
737,000
Special reserves and charge-offs on bank premises
Prior service contributions to retirement system
$206,000
$448,000
-
St. Louis
Kansas
639,000
.1,282,000
—
514,000
13,000
ITOOO
________
i,
$79,000
3,057,000
286,000
3,070,000
520,000
469", 000
$51,943,000
520,000
$51,474,000
469,000
$52,463,000
$51,943,000
Paid United States Treasury (Section 13b)
Dividends paid
$5,000
--
,
Transferred from surplus (Section 13b)
Transferred to surplus (Section 7)
Surplus (Section 7) beginning of year
Addition
as
j
-
above
Surplus (Section 7) end of year
....
of the Bank for the year ended Dec. 31,
referred to in our March 11 issue, page 1400.
was
♦—
National
Bank
Deposits
on
Dec. 31 Were
1
050,676,000
Comptroller of the' Currency Preston Delano announced
March 9 that the total assets and total deposits of
Hawaii
iu
United
continental
the
Alaska,
States,
States on
the highest
in the history of the National Banking System.
The 5,230
active banks reported assets totaling $31,666,177,000, an in¬
crease
of $955,231,000 over the amount reported by the
5,245 active banks on Sept. 28, 1938, the date of the previ¬
ous call, and an increase of $1,561,947,000 over the amount
reported by the 5X266 active banks on Dec. 31, 1937.
The
deposits on Dec. 31, 1938, totaled $28,050,676,000, exceeding
by $946,795,000 and $1,509,982,000 the amounts reported on
Sept. 28, 1938, and Dec. 31, 1937, respectively.
Other de¬
tails regarding the figures disclosed in the Dec. 31 bank
call were given as follows in the Comptroller's announce¬
Dec.
and
31,
the
Virgin
Islands
of
the
Tenders
ment of March 9:
Deposits
of
the last call
on
$7,519,544,000, respectively.
deposits
040,000;
date consisted of
partnerships
individuals,
of
States
and
corporations
demand and time deposits
of
$12,962,084,000
and
political subdivisions
of
$2,138,982,000;
postal savings deposits of $50,892,000; deposits of other banks of $4,500,636,000,
and
with
included
amounted
Loans
certified
checks
travelers'
and
cashiers'
outstanding,
time
&c.,
checks,
of
cash
letters
$344,498,000.
deposits of individuals,
of
credit
Savings
and
deposits,
partnerships and corporations,
$6,696,470,000 and represented 15,920,038 accounts.
to
and
discounts,
increase
of
$190,516,000
427,000
in
the
year.
including
since
Sept.
overdrafts,
28,
1938,
were
but
a
6,103,500
642,500
1,945,300
3,523,000
1,563,500
2,940.200
527,000
21,500
$319,444,500
$53,113,200
228,700
operation was made
1402.
$302,584,000 Received to Offering of, $100,-
of
A
March
thereabouts, of 9Fday Treasury bills dated
June 14, 1939, it was announced
13 by Secretary of the Treasury Henry Morgen¬
Of this amount,
Secretary Morgentliau said,
15
or
and
March
Jr.
tliau
$302,584,000 was tendered to the offering of
of
total
$100,000,000,
maturing
$100,369,000 was accepted at an average price
$8,489,120,000, an
decrease of $324,-
the
at
thereof
fractionally
.
tenders
ceived
offering of Treasury bills were re¬
Reserve banks and the branches,
the
to
Federal
Eastern Standard Time, March 13.
appeared in our issue of March 11,
to 2 p. m.,
up
Reference to the offering
offering is from Secretary
Total
applied
Total
for
The
accepted
down
the
amount
New
to
-
—$302,584,000
100,369,000
were tendered at prices ranging from slightly above
the average price being fractionally under par.
Of
—
accepted
par
bids to
Morgenthau's announcement
13:
March
of
The following regarding the accepted
1401.
page
—
—
bids
99.999,
tendered
at
99.999,, 26%
was
accepted.
Offering of $100,000,000 or Thereabouts
Treasury
Bills—To Be Dated March 22,
Announcement
of
a
new
offering
of
of 91-Day
1939
$100,000,060,
or
made on March
16 by Henry Morgenthau, Jr., Secretary of the Treasury.
The bills will be dated March 22 and will mature on June
21, 1939.
They will be sold on a discount basis to the
highest bidders and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of bills on March 22 in amount
thereabouts,
of 91-day Treasury bills was
$100,631,000.
of
The
United States Government deposits of $534,and
12,659,800
000,000
of
91-Day Treasury
Bills—$100,369,000
Accepted at Average Price Fractionally Under Par
United
the date of the last call, were
1938,
107,000
1,329,300
311,000
«.
the
on
banks
7,247,700
under par.
■
Highest in History of Banking System, Reports
Comptroller of Currency Delano—Assets Totaled
$31,666,177,000 and Deposits Amounted to $28,-
National
502.600
25,375,500
11,354,000
17,839,900
-
issue of March 11, page
The
and
Assets
»
5,206.900
1,696,500
$894,415,600
our
on
The annual report
1938,
800,600
9,718,200
7,752,200
$3,544,000
_
9,374,100
Reference to the March 15 financing
$653,000
$3,291,000
in
Net earnings
17,547,500
29,835,300
8,243,300
130,182,100
7,814,700
11,769,300
Treasury.....
•
..
$2,237,600
36,029,100
2.092,100
$1,372,000
$2,478,000
Total deductions
4,947,000
City
Total
Net deductions from current net earnings
216,509 700
Dallas
San Francisco. _I
Federal Reserve System
All other.-
-
Minneapolis
(final
payment)
Assessment for building for Board of Governors of the
-----
$20,222,200
570,618,000
40,924,400
.
ork
New
ys%
tenders
to
the
new
offering, announced March
16,
Reserve Banks, or the
branches thereof, up to 2 p. m., Eastern Standard Time,
March 20.
Tenders will not be received at the Treasury
will
be
received
at
the
In his announcement of the of¬
Morgenthau also said:
They (the bills) will be issued in bearer form only, and in amounts
denominations of $1,000, $10,000,
$100,000, $500,000, and $1,000,-
Department, Washington.
fering, Secretary
or
Federal
0(J0
(maturity
value).
1566
No
Financial
tender
tender
for
be
must
pressed
99.125.
e.g.,
Tenders
and
in
the
on
multiples of
basis
of
be
securities.
posit
10%
and
the
tenders
are
incorporated
1989,
thereof
from
and
recognized
others must
of
an
closing
be
Treasury
ex¬
hour,
on
the right
serves
allot less
than
applied
of
in
rejection
or
allotted
any
Early in
a
by
for,
de¬
by
payment
the
for
receipt
Federal
of
Reserve
will be opened
and
tenders
Banks
an
On
public
thereof.
be
Payment at
made
the
at
immediately available funds
The
sale
except
Decision
the
from
gift
for
the
States
shall
of
purposes
or
announcement
of tenders,
great
No
be
loss
that
from
tax
offered
for
Banks
Treasury
in
cash
taxes.
the sale
other
or
deduction,
or
hereafter
as
a
now
(Attention
bills
is
not
are
imposed
by
would
Department
the
of
terms
No.
418,
Treasury
bills
as
amended,
and
govern
and
the
would
April 1
exempt
Congress
Securities
that
notice •
securities, by months, since February,
1937:
the
real
need
1938—
April
'
May
February
March..!
April
July
August
12,510,000
8,900,000
3,716,000
2,000,060
15,351.100
September
October
November.
December
May
July
783,500
1,151,600
3,905,650
38,481,000
1,044,000
;
purchased
August
purchased
September
purchased
October
purchased
November
sold
December.
January..
12,033,600 sold
is
based
purchased
will
In
year ended June 30 next.
He warned Con¬
that unless the appropriation is granted the WPA on
April 1 will revise its program to the end that 1,200,000
persons will be thrown out of employment
by June
30,
he said
weeks
that
such
a
would
program
within
the
bring hardship to 4,000,000 Americans
next
now
on relief funds for their
livelihood, "and nearly
1,000,000 more later on."
The President said:
"I cannot
bring myself to believe that these discharged men and
will
States,
they
nor
are
dealing
now
with
will
beeom\^#iore
people will find themselves during the coming three months
rests of necessity within the decision
of the Congress of
the
United
$150,000,000 to supplement the
for
in
in
the
emergency relief
January and signed by
The text of that resolution
on
814
page
message of
of
our
issue
of
$725,000,000 provided
legislation passed by Congress
President Roosevelt on Feb. 4.
as
of
Feb. 7 appeared
sum
enacted into
Feb.
on
law was given
11, and the President's
page
813.
In revealing on
Feb. 7 the signing on Feb. 4 of the
$725,000,000 appropria¬
tion measure, the President said he would not
have done
so had it not included
a provision that no more
than 5%
of WPA
employees be dismissed prior to April 1.
As was
Feb. 4 (page 661), the
$725,000,000
appropriation was less by $150,000,000 than the amount
noted in these columns
($875,000,000)
asked for by the President for
emergency
special message to Congress on Jan. 5, the text
of which we gave in these columns Jan.
7, page 47.
The
To the
At
needy
Congress of the
,
Out
is
the
estimates,
judgment
should
based
of
the
continue
persons
on
actual
executive
to
be
who
were
and
branch
able
estimated
to
perform
figures,
useful
showed
work.
exists.
that
in
Within
begin,
in
about
order
the
over
three
that
the
months
careful
a
Of
check-up shows
the conditions of
the
need
WPA
volume
of
for
unemploy¬
employment
and
unemployment
employment
certifications
has
agri¬
relief
has
maintained
was
to
the
30,000
eligibility
in
increase
it
300,600
total
conditions
be
cannot
of
of
those
these
between
employment.
m
are
now
However,
expected
who
in need and
as
not given
are
agencies until actual
assigned.
business
in
certified
present
be
can
past,
than
of
public" relief
persons
the
of
reduced
with
that
now
this
the
on
awating assignment.
two
categories,
3,850,000
3,550,000.
requirements
aliens
have
of
been
the
recent'
removed
appropriation
from
the
law,
rolls.
The
who
will
be
eliminated
will, not
exceed
5%
of
the
be considerably less.
$100 of Federal
every
administrative
business
by the WPA, only $3.50
$10.50 is spent for materials, equip¬
is paid out directly in the form of wages.
As a
to
occurs
that
me
modicum
some
of
commendation
order.
no
funds expended
overhead;
$86
proposition it
ih
If
i3
issue
additional
instructions,
The
plan
appropriation
within
proposed
by
the
is
next
the
made,
week,
the
WPA
reduce
to
Administrator
is
must
the
to
ment
2,000,000
However,
necessity
employed.
reduction
a
further
a
of
reduction
This will reduce the total
employ¬
persons.
these
even
of
number
effect
to
approximately 400,000 in the first week in April, and
of 600,000 in the first week in May.
drastic
will
cuts
be
not
sufficient
to
make
the
available fund last through to June 30,
of
ments
the
statutes.
Therefore,
.200,000 will have to be
This
plan
has
week-to-week
been
made
a
Under
reductions
the
of
out
1,200,000
affected
and
before
by
while
obvious that
be-
I
people
employed
of
am
.in
be
the
from
be
later
are
believe
that,
actually in need and
form
of
It
is
which
Federal
the
exists
which
in
and
within
list"
be
thrown
to
the
next
few
over
weeks
list."
category—because
being di6charged.
are
it
is
no
people
are
doing,
i
all
cases,
few
not
duty of
to
do
the
are
will
growing
of
would
municipalities
that
exceptions,
receiving
their
finances
those
who
are
than
they
should
more
will
employed
in
the
assistance.
obvious
attempted to
of
with
program
including dependents,
persons,
that States, counties and
overwhelming
further
a
persons
who
1,000,000,
4,000,000
the rolls
on
majority
permit to meet the situation.
I
persons
is
"waiting
the "waiting
the opinion
of
of
to
more
on.
the
now
latter,
future
number
will
added
the
number
near
The
more
must
being»preferable
as
under
the
the
30.
reduction
million
a
these
plan,
in
June
this
nearly
can
proposed
employment
and still comply with the require¬
still further reduction of more than
early in June.
recommended
because,
eventually lose their job3.
in
give
order
final
the
all
Chief
possible
that the
decision
and
Executive
factual
to
point
the need
out
information.
This
I
have
legislative branch of the Government,
full
responsibility necessarily rests,
act.
may
Because
it
has
been
alleged
that
I
would
be
satisfied
if
no
further
appropriation
were
made for the coming three
months, I feel that in
justice to myself I must make it clear that I am not
sending this message
to the
Congress merely for the purpose of going through motions.
For
and
to
more
the
starve;
to
and
are
that
those
Gf
unable to
That
the
abandoned
It
tor
than
is
the
six
Congress
The
of
the Government
3,000,000 persons
employed during the winter months, followed by a
the request
of
This includes industrial
„
the
substantial
the
and supplies;
ment,
ment
opening, of this session I advised the Congress of the number of
unemployed
study the conditions
the spirit
must
change in
improvement
more
that
number
of
for
work
United States:
Con¬
possible economies in administration and operation are
being sought
and will be constantly checked, but here
again the cold facts, which have
been given insufficient emphasis, require restatement.
relief in his
President's message of March 14 follows:
and
the
is appropriated quickly.
conditions,
needy
have been
would be
the
To
(Feb. 7) President Roosevelt sent a special
message to Congress, asking an immediate
appropriation of
date
All
States."
A month ago
that
advising
was
apportioned
money
December.
States
experience
accordance
that
prosperous
when their trade ceases,'
"Therefore," the President added,
"the responsibility for the situation in which all
of these
between
investigation of the actual need of relief employees will shortly
completed in the field, but it is already clear from preliminary reports
be
contribute
to
tlie prosperity of the United
do I believe that the merchants and landlords
relief
current
de¬
pendent
women
more
factors,
in
absorb
approximately
ing the fiscal
and
of
that
who
or
means
persons,
Roosevelt
few
be
may
Therefore,
result
the
will
That
purchased
gress
leaving
of
remaining after
money
I
of
which
employment
seasonal
which
belief
my
rolls
purchased
dur¬
expended,
that this, in my judgment,
January and February,
certain
to
sola
relief
as
February
funds.
pursuance
situation
substantial
seasonal
exist
on
WPA
1,648,000 purchased
72,500 purchased
$150,000,000 for Works Progress Administration
was
eligible for employment is actually higher than it was a month
so-called "waiting list" actually does not reflect the total
June
increase
President Roosevelt, in a special
message to Congress on
March 14, again asked for an additional
appropriation of
people
•
the
to
because in
It
purchased
Again Asks Congress for Additional
$150,000,000
Relief
Appropriation—Says
Without It, WPA Must Dismiss
1,200,000 Persons
by June 30—Places Responsibility on Congress
-
of
employment.
total and may
President
in
of
on
number
This
and
360,000 purchased
February
"relief;
in
maintenance
of
discharge,
on
;.to the Federal authorities by the local
6,469,750 purchased
January
of
no
the end
ago.
1939—
1938—
the
appro¬
persons
during
be
would
amount
to
these
of
employment
for
of
decreased
contrary, recent data have become available substantiating
an
additional appropriation of
$150,000,000.
since
need and
4,899,250 sold
June
the
for
needs,
$3,001,000 sold
23,348,600 purchased
2,480,250 purchased
purchased
effect,
an average of 2,996,000 persons,
and the average for March
being held at approximately the same figure.
Despite this fact, the number of persons now certified as being in
P
purchased
purchased
24,370,400 purchased
4,812,050 purchased
June
and
WPA
of
been
because
vacancies
purchased
in
advise
February at
is
Secretary Morgenthau announced on
March 15.
This compares with net purchases of
$1,648,000
during January.
The foiowing tabulation shows the
Treasury's transac¬
$5,701,800
.119,553,000
11,866,500
3,853,660
need
their
the
the number
hardship; and that
appropriation
messages
has
Due
purchases of $72,500,
1937—
and
increased.
in'Government securities for Treas¬
ury investment accounts in February, 1939, resulted in net
February
that
necessary
serious
very
the
my
cultural
Treasury During February
March...
and,
appropriation
June;
it
the
from the curtailment
reduction
of
On
decreased
by
Market transactions
tions in Government
March,
created
had not
appropriation
definite
a
the
there
ment.
of
the
Purchased
direc¬
information, I feel impelled again to call the attention of the
the
Partly
Government
the
April, May and June, unless
,
of
entire
of
make
result
to
remainder
issue.
$72,500
continuing
is approaching;
further
weeks
the
United
this
and
of this fact in order to give sufficient time to
for
conditions
with
thus
that
list"
result
a
as
by
the
half
would
Since
Circular
the
of
constitute
which
recognized,
the
$725,000,000,
Congress that the reduction in the
emergency;
"waiting
that
that
half
an
June 30, nearly half of the numbers
bills
of
February
situation
new
the
to
the
on
January;
other
1
invited
disposition
otherwise
or
the
created
and
before;
the
gress
Treasury
reported
itself
rolls
as
April
other
or
I
during April, May and
to principal and interest, and any
thereof will also be exempt, from
inheritance
ruling
allowed
any
as
disposition
4550,
price
Reserve
in
March
only
and to
7
early
and
of its possessions.
any
Treasury
prescribe
their
the
Federal
and
estate
tax.)
bills
Treasury
parts
or
recheck
to
me
relief
since
March 22, 1939.
on
other
or
taxation,
Treasury
to
tenders
Treasury bills will be exempt,
from' the
gain
all
all
or
February the Congress appropriated
Feb.
priation
the
branches
or
The amount of money required to supply
Congress of the results.
March
on
1939
$875,000,000.
during
requesting
unless
applied for, and his action in any such respect
Those submitting tenders will be advised of the
acceptance
must
estimated at
was
18,
during the latter part of the five months'
persons
tions that the number of
persons on the relief rolls should not be decreased
in number more than
5%
in¬
the amount
be final.
shall
to reject
Mar.
2,700,000
these needs
thev acceptable prices will follow as soon as possible thereafter,
probably
the following morning.
The Secretary of the Treasury expressly re¬
of
to
period ending, on June 30, 1939.
places,
dealers
accompanied
bills
guaranty
express
hour
received at
the closing
to
be
must
decimal
reduction
company.
the
tenders
offered
three
Each
deposit from incorporated banks
responsible
by
price
than
more
considered;
Chronicle
be used.
amount
trust
or
after
all
up
face
be
will
The
not
without cash
from
accompanied
bank
Immediately
20,
$1,000
$1,000.
not
Tenders
the
of
than
with
must
accepted
companies
vestment
of
100,
Fractions
will
trust
less
amount
an
it has been the definite policy of the President
years
that needy persons,
it
an
to
work
private
out
obligation of
was
able
and
charities
an
to
of
the
work, should not be allowed
Federal
obligation
take
care
of
of
Government
State and
those
needy
local
to
give
govern¬
persons
who
work.
policy, I
am
more
than
ever
confident,
is
right.
It should not be
now.
wholly within the right of
any
greater efficiency of government.
and all
of
us
For Several
to
study
years
and work
infinite study
Volume
148
Financial
Chronicle
1567
tfc,
(
has
been
studies
given
are
to
the
problems
of
relief
in
all
its
additional
forms;
proper.
Appearing before the committee
Welles,
But the Government of the United
States
is
faced
Acting
condition
George 0.
insufficiency of the money appropriated will
compel the Administrator to discharge about a million and a
quarter actual
Senator
and
not
a
workers
I
theory.
in
the
cannot
will
immediate future.
contribute
the
the
to
merchants
Therefore,
the
will
themselves
the
they
trade
responsibility
find
of
landlords
their
three
United
are
and
men
States,
do
nor
I
women
for
the
during
situation
the
which
in
three
coming
all
months
of
these
rests
of
FRANKLIN
White
appeared
killed.
Mr. Welles' statement read
conviction that only through
on
for
This
Government,
founded
and
upon
the
to
principles
of
extinguishment of the liberties of
from
the
day
when
the
a
free and independent people with whom,
republic
of
Czecho-Slovakia
attained
its
inde¬
pendence, the people of the United States have maintained specially close
friendly relations.
The position of the Government of the United States
United
in
It has emphasized the need for respect for the
sanctity of treaties and of
the pledged word and for non-intervention
by any nation in the domestic
affairs of other nations; and it has on
repeated occasions expressed its con¬
demnation of a policy of military aggression.
It is manifest that acts of wanton lawlessness and of
arbitrary force are
threatening world
The imperative need for the observance of the
principles advocated by this
Government,has been clearly demonstrated by the developments which have
session, it
and
measure
has
the
the
to
defense
firms
such
met
conferees
had
program
guilty of violating
violent
concede
opposition
it
later
week
early
or
voted
were
which
of
action
be
cannot
facture
of
stronger
included
will
bonds
they
in accord
were
equipment
of
for
understanding
Idaho)
the
it
is
Latin
with
the
on
loans
executive
of
Senator
that
credits
or
there
in
Senate
is
and
would
facilitite
United
a
to
Brazil,
'
difference
no
in
heated
William
in
between
E.
Senator
the Foreign
the
Borah
democracies
.
the
on
'
debate
proposed
as
Senator
Press
debts.
debate
route
reported out of
manu¬
countries
America
Senate engaged
signed last week.
the matter of
in
expressed
stormy
credits
Pittman's
Relations
considered
was
indica¬
will
measure
Committee,
travel
to which
it
„
the
bill
the
Secretary of War would be authorized
Government-owned arsenals and
artillery
$1,416,372
an
aims
American
Latin
the
as
referred.
Under
the
totalitarian aggression.
came
pact
asserted
attitude
of
was
in
action
American
dictatorships
tive
•
Pittman's
States-Brazilian
The
and
to
in
spent
They said that building of naval vessels and
"united, front" against
proposed
United
$6,539,287
at
In commenting on the Pittman
proposal,
Washington advices, March 13, said:
*
over
and
program
be
insular possessions,
Leahy and Marshall testified
learned that
military
Senator
Roosevelt's
next.
$3,295,631
$766,284 in
Welles,
measure.
strengthen
Mr.
on
airplane pilot training
an
this
funds
defenses,
States,
deferred
'
was
Pittman's
orders
on
from
factories
American
any
coast
to
construct
defense and anti-aircraft
republic,
despite
any
secrecy
limitation.
Such
be
military secrets
available to
prohibit
their
the
would be sold to Latin American nations would
as
other country within a year.
Another provision would
American republics from reselling the equipment to
any
Latin
neighbors.
The
to
'
also
embodies Senator Pittman's
recently announced plan
Secretary of the Navy to construct in Government-owned
vessels and guns for sale to the Southern countries at prices
measure
authorize the
shipyards
low
lower
or
Not only
the
two
than
does the
military
instruments
war
taken place during the last three days.
revealed that the
drafting the
Panama.
as
and the very structure of modern civilization.
peace,
It
that
subcommittee
which
Although Messrs.
and
has been made consistently clear.
contracts
Act.
business
issue
for
seacoast
human liberty and of democracy, cannot refrain from
making known this
country's condemnation of the acts which have resulted in the temporary
and
the
items
strengthen
once
dedicated
General
favorably Wednesday after the group
denied
$7,300,000 to finance
dispose of
and
based upon law can world peace be assured.
heads
continental
frequent occasions stated its
international support of a program of, order
in
Barkley amendment to
have
appropriations
(Rep.,
follows:
as
The Government of the United States has
would
Labor** Relations
defense
Other
Neutrality Act with Developments in Europe
With the approval, it is stated, of President
Roosevelt,
Acting Secretary of State Welles, at Washington, issued a
formal statement yesterday (March
17), in which he spoke
of Germany's absorption, this
week, of most of Czecho¬
slovakia as a "temporary extinguishment of the liberties of
a free
and independent people with whom, from the
day
when the republic of Czecho-Slovakia attained its
independ¬
ence, the people of the United States have maintained spe¬
cially close and freindly relations."
the
that
It
Wagner
from
will
Statement by Sumner Welles, Acting
Secretary of State
on
Germany's Occupation of Czecho-Slovakia—
President Roosevelt Sees Need for Revision of
reported
and
salvaged.
request
ROOSEVELT.
D.
Leahy,
Pittman, who is Chairman of the committee,
probably would be
The
Bouse, March 14, 1939.
of the Navy William D.
Army Deputy Chief of Staff.
heard the officials.
It
been
the
necessity within the decision of the Congress of the United States.
The
it
again
believe
dealing with will become
now
ceases.
Acting Secretary of State Sumner
Secretary
Marshall,
departments had collaborated with him
that
prosperity
and
when
prosperous
people
a
The
bring myself to believe that these discharged
that
more
today with
were
their
those
quoted by European countries.
permit munitions sales, but it would
measure
departments
well
as
authority
sell
as
to
test
confidential
and
plans
repair
the
grant
various
specifications
and
for
manufacture.
Associated Press advices further reported from
Washing¬
ton
yesterday
follows:
as
Mr. Welles said that questions with regard to United
relations
with
sideration.
an
old
the
Czecho- Slovak
Government
Secretary of the Treasury
announcement
to
make,
States diplomatic
under
now
are
Morgenthau, he said, would have
probably tomorrow, with regard to the trade
agreement with Czecho-Slovakia.
1
Answering
a
question, Mr. Welles declared that he had nothing as yet to
of Czecho-Slovakia's debts to the United States.
say on the question
Mr. Welles' strong statement was issued, he
said,
Government has received
despite the fact that this
communication from any foreign Government
no
regarding what has taken place in Central Europe.
President Roosevelt said earlier in the day that
European developments
demonstrated the need for
session of
revision of the American neutrality act at this
a
Farm
made at
was
a
conference in rasponse to a
press
He told another inquirer that there
need for revision during
was
this session, but that he believed the matter would be worked
out in
con¬
ferences instead of through a presidential message to Capitol Hill.
It is said that many
Manufacturers'
Bill
and
for
Sale
Profit
of
of
United
12%—Senator
States
Arms
to
mitted
a new export plan to President Roosevelt and at the
time stated its opposition to the Smith bill. According
to Associated Press advices the objectives of the program
same
1.
House
conferees
March
on
15
reached
conferees
measure
adopted
the Army
crease
the
limit
the
House
protests
of
5,500
Feb.
on
from
the
bill, and early congressional ap¬
in its final form was expected.
The
Senate
the
air
strength
The
in
the
conferees also,
Navy
Army,
which
provision
would
which resulted frojm the huge 1937 crop in
cotton on a
2.
ment from
limite
to
12%,
over
and
bill
as
passed
a
on
by
March 14.
allowance
for
Senate passed
To acquire a substantial amount of government-loan
They also voted to raise
averaging
profits
and
losses
in our March 11
on
issue, page 1406.
March 7,
as
we
indicated
Washington United Press
advices from Washington, March 15, in reporting the action
of the conferees, said, in part:
Final
enactment of
strength
to
6,000
the measure,
which will expand the Army Air Corps
bulwark
planes,
Panama
Canal
fortifications
strengthen and augment seacoast and other defenses, became
when
Senate
and
House
conferees
consolidated
mere
and
formality
differences between the two
chambers.
The
and
tions
conferees
reached
their
5.
Navy Departments put increased
Committe
for
pressure
early approval of Senator
on
of the
State, War
the Senate Foreign Rela¬
Key Pittman's resolution to
authorize the United States to aid in arming Latin American nations.
They
emphasized
Executive's
program
that
of
it
was
an
"continental
Employ such
normal position
urgently
essential
solidarity."
.
part
.
.
of
the: Chief
as
soon
orderly
an
measures as may
be
necessary to restrict
imports to their
in the domestic market.
♦
Senate
Committee
Approves Government Reorganiza¬
Bill Passed by House—Senator Wheeler Sees
tion
Abdication of Powers of Congress with Enactment
—Senator Byrd's Proposal Rejected
The
Senate
ization
for
Special Committee
March
on
14
Government Reorgan¬
on
favorably reported
a
bill
provide
to
the reorganization
of
of executive departments and agen¬
Government.
The measure has already been
the
approved by
March
11
the
issue,
House
page
(March
1407.
8),
as
was
noted
bill
The
was
criticized
in
our
on
March 11
by Senator Wheeler, who said that if it is enacted
Congress wuold be "abdicating its powers and turning them
to the executive
over
branch."
The
measure
would enable
the President to transfer and consolidate most
agencies
House
by
and
executive
Senate
order within
agreement while officials
cotton
possible, classify it and make it available to the world trade in
but competitive manner.
cies
the bill
,
4.
as
business
profits of airplane manufacturers from 10%
with
channels for export.
To hold the domestic price up to at least the loan value.
result of
four-year period.
a
The
the bill
of
a way as to put out export
maintain our fair share of (he world market.
but not necessarily exclusively through regular com¬
To sell chiefly
mercial
against the
controversial Barkley labor amendment, dropped the amend¬
the
such
fully competitive ba.sis with foreign growthkin all the important
in¬
to 6,000 planes, rather than
planes contained
15.
To merchandise the excessive cotton stocks governmental!y controlled
countries of the world, and
an
Corps expansion
proval of the
follows:
as
3.
agreement on disputed provisions of the $358,000,000 Army
and Air
to offer and
Approval of the bill
by the Senate Agricultural Committee was recorded on
March 9 (reference thereto having been made in these col¬
umns of last week, page
1407) and it was schedules to be
taken up by the Senate on March 14.
The American tfarm Bureau Federation on March 10 sub¬
Latin American Nations
Senate
Senators have amendments
have not had time to prepare them.
are
Agree on $358,000,000 Army and Air Corps
Expansion Bill—Would Raise Plane Strength to
6,000—Eliminate Barkley Labor Amendment and
Permit
Smith Cotton Bill Delayed—American
Offers New Export Plan
Federation
Senate consideration of the Smith cotton bill for
disposing
of the huge government surplus was put off
indefinitely on
March 14 when the leaders revised their legislative calendar.
Conferees
Pittman
on
Bureau
..
Congress.
The President's assertion
question.
Senate Action
con¬
tive.
and
order,
not
both
in
vote
the
independent
event
that
disapproval
the
of
an
60 days it would
Approval
described
did
as
of the
follows
in
bill
automatically become effec¬
by the Senate committee was
United
Press
Washington
advices
of March 14:
The
sored
committee
met
briefly
and
rejected
the
reorganization
bill
spon¬
by Senator Harry F. Byrd, Democrat of Virginia, anti-Administration
Financial
1568
Democrat,
the
In
on
passed by the House, which battered down
to limit the President's power, the committee decided not to
attempts
hold
to
scuttled
who
Senator
leader
bill
K. Wheeler, Democrat of Montana,
year's fight, intend to offer amendments which would give
last
of
drastic
Burton
Senator
and
Byrd
presidential reorganization plan.
Congress power to veto a
of
house
either
of conservative
coalition
the
of
floor clash between Admin¬
Democrats and Republicans
reorganization bill last session.
will start on Thursday
[March 16], when
the Byrd plan insures a
a
more
a
Consideration
the measure provides that both houses must pass
resolutions of disapproval before a reorganization move can be rejected.
One chamber could refuse to pass such a resolution and the bills would
In
its
form
present
round
to
substatute
sponsored by Representative Lindsay Warren, Democrat
of North
Carolina, and Representative John Cochran, Democrat of Mis¬
souri, would require an affirmative vote by Congress within 20 days of
House'
the
the
bill
is
plan
today was
reported
Federal
the
that
proposed.
....
identical with the House measure, except
Deposit Insurance Corporation was added to the list of
reorganization
timea
The
bill
The
the Government were
Most quasi-judicial agencies of
exempted agencies.
bill.
highly controversial provisions of last year's bill have been elimi¬
from the current measure.
The 1938 reorganization bill proposed a'
exempted
The
nated
the Warren-Cochran
in
abolition
Commission,
Service
Civil
one-man
General
the
of
Accounting
and Submission of rriany independent
altered accounting practices
Office,
agencies to executive control.
would
Wheeler's
Senator
Wheeler,
the bill as follows:
on
effective.
His amendment would make an order
unless Congress voted approval within 20 days.
Senator said that under the House measure "all Congress is doing
become
could
invalid
The
is
abdicating
to
legislate.
thing.
its
the executive branch
turning them over to
and
powers
or progressive about that sort of
the most reactionary courses that
nothing liberal
There is
On the
is
contrary, it
of
one
correction
created
in
have
seen."
never
agencies
"these
inefficient
most
been
set
in
up
were
■
newly-
personnel picked
hurry with
a
the
which I
when
years,
President
on
a
of
'
Before
Powers
policies
Government
to
Agencies—Investigation
made
was
known
10
March
on
the
that
Temporary
hearings
authorization of
an
priation
$2,000,000 and
$600,000
of
Feb.
17,
said,
Chairman,
This
request
O'Mahoney,
included
Senator
in
The
Chairman
broad
requested
the
and
next
said
that
respectively.
this
at
Roosevelt
President
not
Congress.
committee
Senator
Tex.),
(Dem.,
It
who
will
be
request.
to
bring
but
session,
A
forth
added
that
preliminary
to
js
report
the
in
with
agreement
proposals
the
really
which
had
"the convening
preparation
actually
cise
it."
operate until
Dec.
31,
1940, and the
could
be
put
distributed
body
of
policyholders
States
Chubb
Co.
latter
and
pf
they
power
lie stated.
could
as
operation
the
"And
policy
Senator
&
Sons,
Insurance
of
wisely
exer¬
Prudential
the
for
managers
Co.,
testified
Prudential
solicit
'
to
never
„
United
that
these
business
as
a
for
his
Feb.
27,
26
in
.
probably to
adjourned indefinitely,
the
from
Chubb
in
director
a
business from Prudential, but he stated it
interests.
committee
J.,
Federal
the
and
some
personal
insurance
data
the
N.
Orange,
partner
a
Co.
companies got
other
with
West
of
Guarantee
matter
had
they
in
;
.
Hendon
if
uncon¬
machinery
this
give
that
still
was
to any conclusion
come
not
certain
Committee
easily solved.
was
member,
to control the management Of a mutual concern,"
am
President,
Acting
that he
statement
a
workable
Nortliwestern's
Sumners,
power
resume
on
Trade Commission.
Federal
O'Mahoney
issued
statement
a
Feb.
on
which, according to a Washington dispatch, Feb. 26, to the
"Times," he stressed the "tremendous" size of the assets
assets
companies; the rapidity with which these
increasing,
were
assets
He
by
asserted
that,
big
business
cern"
over
paid
institutions,
and
tribute
the
to
whatever
said
control
and
3
of
discretionary
lation
of
advices
the
at the
Commissioner
of
of
it
the
upon
•
assignment
further
of
(according to Washington
O'Mahoney during
Senator
a
rulings
'
Ewin
L.
committee's
lawyer
business.
benefit
to
Davis
of
FTC
a
with
argued
Frank
marked
Mr. Frank is
SEC
the
the
of
hearings.
member
Jerome
Commissioner
the
of
the
SEC
afternoqn
ses¬
leading New Dealer,
the- FTC
Commissioner
desirability of extending the policy of giving business the benefit
advance
in
they might
what
on
or-
might
do
not
under
the
by
between
declaratory rulings
request for the $600,000 appropriation would carry it until February, 19£0,
reflect
Washington account, March 3, Ave quote
debate
and
the
to
follows:
as
protracted
The
hearings
•
sounded
was
administrative
sion
on
con¬
companies."
saying:
who administered these huge organi¬
men
"Times")
From the "Times"
the
other
public
piembers of the committee on the desirability of
declaratory
further
"real
for
"governed
with
to government agencies in their regu¬
powers
business
to
debate by
A
nee$
insurance
warning against
a
than
Eastern
were
interlocked
.
March
few
a
companies
managements,
zations."
On
of
which
was
developed
was
the
there
present
the ability of the
or
hands
boards"
and
the, "management
"Nothing
integrity
officers
said,
advices added:
speaking,"
"generally
self-perpetuating
the
in
'Times"
The
faster, he
degree to which, he decmi-ed, the
concentrated
were
companies.
times
seven
insurance itself, and the
the
at
Senator O'Mahoney declared.
with
individual
an
as
Cleary,
J.
Representative
the session
effective,
would
part:
problem of mutuality
myself,
on
of that date to the New
I
for
President
from the committee before
established
was
in
was
"any- definite
present time and may be ready by next week,
The
by
yesterday
Sumners
Vice-Chairman,
"substantial report"
a
House
Representative
come before Congress,
The requested appropriation will be part of the
decision
legislation"
into
deficiency appropriation bill to
authorization
committee
of
Chairman
next
White
the
to
and
O'Mahoney. said.
$2,000,000
the
the
Wyo.
investigation
its
that date, reporting this, added:
on
carried
was
(Dem.,
TNEC
as
appro¬
Previous committee
describing the testimony
In
Michael
practice,
closed
that
haven't
how
in
by
description
a
company's
vinced
821.
x>age
"Times"
the
"I
11,
Washington dispatch
a
Despite
Advices to the "Wall Street Jour¬
nal" from Washington
serve
continue
to
monopolistic practices.
immediate
an
Northwestern Life Insurance Co.
Wisconsin, contrasting the Wis¬
the
of
as representatives
Commission cited the
Exchange
the insurance question were noted in these col¬
on
Feb.
umns
National Economic Committee will shortly request Congress
for
and
consin statute with that of New York.
He
It
business,
insurance
the insurance laws of
and
into
Liquor Industry Following Conclusion of
Inquiry into Insurance Business—Further Con¬
gressional Funds Sought
making his general
17 completed its inquiry into the
Feb.
on
the
of the insurance
Congressional Committee Inquiring
into
Monopolies—Chairman Senator O'Mahoney
Warns Against
Granting Further Discretionary
Hearings
with an explanation by
Chairman, that use of the
against the industry, and in
ease
Securities
mutual
"reactionary"
A
expire.
the. powers and "destroy every
the statute book."
of
continuance
a
legislation now
progressive
would
measure
note
Wyo.), committee
patient need fear going to a hospital," he stated.
his testimony with the observation that he would
a
phase
The
House
might obtain
of
vestige
the
State
dropped phrases which might have been iuterpreted as unfriendly.
the
to
under
.
harmonious
a
contracts
prefaced
prove
The committee
first
,
job of reorganizing the Government could not be completed within
The
two
departments,
These, has been waste and extravagance the like of
hurry.
a
the
have
that
bureaus
governmental
in
inefficiencies
of
that
declared
Senator
to
Insurance
could „be taken."
Urging
than
Buck
try
statement
amendment
they
on
(Dem.,
control"
"unified
persecution of witnesses.
and no industry need fear the activities of this committee
no
more
Mr.
of
leader of the successful fight against Mr. Roosevelt's
a
opened
.
.
the
as
in Scotland
contracts" franchises,
agency
maintenance
price
law.
this
of
In the
described
business
York
remarks
reorganization bill in 1937, said he would press for adoption of his
to
require congressional approval of executive orders before
court
be
"No
Associated Press Washington advices of March 11 quoted
Senator
"we hope
"monopoly" by the body did not imply condemnation and that there
word
of
through "sole
resale
Miller-Tydings
O'Mahoney
manifestation
the
and
and
he
what
on
whiskey manufactured for export
States commerce
the
hearing
Senator
not
Ltd.,
agreements
and
touched
counsel
most
over
Co.,
the United
SeSnator
for
FAA
exerted
in
agency
only whiskey
cover
although
the industry,
of
picture either in future hearings or by report."
statement
Distillers
picture
complete
a
the
out
by
laws
be
not
"control"
any
into the statute books within 60 days.
Bird's proposal, which he is expected to offer as a
pass
would
and
general
approve
forces and
istration
measure
hearings.
public
Refusal
the
1939
18
Whiskey
the material to be presented would
He stressed that
President.
approving
Cover Only
To
authority the House measure
curtailed the
have
would
which
confers
Mar.
Chronicle
Cliairrpan
requested
said.
Whether
authorization
asserted,
depends
will
the
not
or
additional
be
expended,
eventually
'"how
upon
far
it
is
Senator
might
O'Mahoney took issue with
couilter
run
ment"—a
term
elsewhere
"I
have
have
recovery,"
mittee
to
is
the
against
Senator
envisaged
the
of
program
Administration
it
was
"business
spokesmen
in
develop
the
week
the
committee
said,
causes
of
witness
adding
restraint
or
as
Congress
and
purpose
trade
of
of
without
part
this
of
com¬
appearing
industry."
as
was
directed toward
to the operations of four
Exhibits bearing on this were introduced and
explained to the committee
by Phillip E. Buck, general counsel of the Federal Alcohol Administration,
In
an
opening statement to the committee,
industry
of
and
its
presents
newness,
distribution
"unequaled
an
and
in
the
a
fact
highly
that
it
is
integrated
for
large,
abuses
economic
touching
manner.
study
both
because
production
might
not
result
from
a
bill to
the
during
discretionary powers in
and he raised the question
such grants of power than
additional
of
intervals
problem in
-
some
other
way.
O'Mahoney suggested that one way of meeting the regulatory
without
matter
discretionary
extending
would be
powers
to state
in
a
language what a corporation might or might
plain
in
sioner
where
Commissioner
not
was
put,
are
someone
that
"It
of
distrust
unpunished
go
is
because
the
than
innocent
of
extensions
punish
to
regulation
government's
upon
to
6ee
that
the position
law, declaring that our schools taught it was
persons
has
Frank insisted.
expressed by Commis¬
entirely consistent with the fundamentals of Amer¬
retorted
O'Mahoney
Frank
inhibitions
the
not violated,"
Chairman
have
better to let nine guilty
innocent
one
suffered
along
party.
the
with
guilty
in
business that business men look with
of
so-called government regulation,"
he asserted.
Federal License Advocated
Mr. Buck declared the whiskey
opportunity
lodging
Senator Borah of
insisted at
agencies that most abuses arose,
more
are
some
in part:
say,
with
co-sponsor
corporations,
do.
"No
they
"Journal of Commerce" had the
Discusses Abuses
meeting the business regulatory
problem
ican
to
the
from
was
Chairman
not
who is
franchises
corporation charter
Schenley Distillers Corp., National
Distillers Products Corp., Joseph E. Seagram &
Sons., Inc.,
and Hiram Walker & Sons, Inc.
The hearings "with respect
thereto were begun on March 14 and
Washington advices
following to
it
governmental
viz.,
that day to the New York
that
differed.
Commissioner
O'Mahoney,
Federal
from
FTC
Senator
Senator
grant
day
the
and
'
-
•
said.
appease¬
important
an
"the
committee's inquiry
liquor trade, particularly
major companies,
advice,
original
whether
this
O'Mahoney
victimize any particular
This
The
few weeks,
a
the
suggestion that the TNEC activities
Administration
which
go."
of
O'Mahoney
recently protested.
always
to
to
a
to
necessary
$500,000 appropriation will be exhausted within
$1,400,000
Senator
certain confusing Federal laws.
Mr. Frank took the position that
would greatly encourage business activity to have the benefit of such
"No
"that
one
feels
more
strongly than
especially at this time
cent
through
exerciser of
it
founded
on
is
the
we
State power.
habits
of
Commissioner Frank replied,
damaging the inno¬
No regulation can succeed unless
I do,"
must guard against
the
people."
...
.
Volume
Inquiry
the
148
Financial
disclosed
committee,
that
carrying
was
experience
in
which
inaugurated
the
was
field
of
J.
O'Connell,
forward
by
late
the
into
of
Herman
member
Treasury
new
study
rulings
a
declaratory
Oliphant,
of
Government
Federal
bodies
administrative
counsel
general
possible that five
not
on
"That
that he
10
or
basis
by
know
not
decedent
the
tax
with
to
necessary
Frank
ad¬
them
if it
not
was
different membership
a
relation
to
questions
the
of
the
human
adding
replied,
nature
be
can
future
and
focused
March 2
on
the
The
newest
of
cases
Ewin
L.
Davis
constitutional,
the
Commission
which
case
/
Earlier
the
asked
would
does
not
The
by
Act
questioned
for
be
clothed
of
a
the
with
gradual
designed
was
repeated
recommendations
unlawful
for
would
any
the
Clayton
be
Act
the
tendency to restrain
and
commerce
this
amended
make
to
four
Contracts:—United
States
panies who sought to void a provision for minimum wages
forested concerns bidding on Government contracts.
The
companies wished to enjoin Secretary of Labor Perkins from
putting into effect a ruling that all steel manufacturers in
13 Northern and Eastern States mufct pay a minimum of
62 Yi cents per hour in performing Government steel contracts.
In an outline of the decision, Associated Press, Washington
advices March 13 said:
'
,
„
Jan.
on
Government motion to dismiss the suit, Justice Bailey
of the minimum wafee rates prevailing in the steel
industry
was so
"arbitrary
The prevailing
but the
Perkins acted
Secretary
tracts
to
determination went into effect
rate
back to the Labor Department for a
order sent
contracts
wage
on
March
1,
rehearing.
clude,
prevailing minimum wage rates
pay
.•
\
v
found by the Labor De¬
as
hour to compete with the
areas
in
bidding
62 M cents
findings on the current minimum wage rates paid in
wide geographical
a
instead of making them conform to the wage differentials long enjoyed
area
that
The
13-State
area
wage
Texas,
and
home
Lower prevailing rates
Southern steel producing areas.
Plaintiff companies were:
Steel
Iron &
Eastern
cents was the
were
found to exist in Western
\
South
Chester
Tube
Corp.,
return
The United States
Supreme Court
decision, ruled that Massachusetts
the late Col. Edward H. II.
is entitled to collect
tax
a
March 13, in
on
was
a
6-to-2
the legal residence of
Green, and therefore that State
of almost $5,000,000 on the, $36,-
000^000 he left from the estate inherited from his mother,
Hetty Green,
justices Black and Frankfurter dissented
from
the
decision
jurisdiction in
the
Chief
tax.
tance
bench.
affirmed
John S.
the
on
the
ground that the tribunal lacked
four-State controversy
Justice Hughes
Justice
Stone
delivered
recommendation
a
was
in
favor
over
the inheri¬
ill and absent from
the
of
opinion,
Flannery, Washington attorney, who
was
appointed
Associated Press advices from
special master in the case.
Washington, March 13, in indicating this, added:
Massachusetts
claims
$4,947,008
the
of
York $5,910,301, and Florida $4,663,857.
has collected
The Federal Government already
States
can
impose a tax
intangibles
"There is
differing,
on
no
the
tinued,
any
no
determination
for
"can
he
purposes,
foreclose
hereafter
the
as
to
purposes
of
death
State
taxes,
a
from
domicile,"
determination
decedent
and
a
that
the
money, was
determine
to
in
single domicile
-
The
Colonel
case,"
this
for
he
Colonel
Green
assumption
auxiliary
the
on
by
is the
that
basis
leaving
ascer¬
three
assets
no
State
the
estate
in
But the fact that the political officers
Texas,
which
the
was
asked
only
the
his
with
opinion
first
the
found,
his
today.
The
coming
to
.•1
■ ■„
the
court
make
to
purpose
of
Colonel
•
the
place
domicile.
a
Green
We
ceased
identified
in
frequent
in fact, he had
in .fact
his
with
have
to
life
him
connect
to
that
statements
which
occupied.
never
his
with
legal
Texas
a
residence
to make
and
build
to
his home
his
up
have had after 1919 to
may
there,
it is plain
that
it receded
extensive
estate
Round
at
Hills
tliat
there
his
make
of others.
....
obtain
weigh
Massachusetts
certain
political
this
against
to
lease,
short
.
.
freedom
from
taxation
.
contention
occupation
Colonel
that
in New York.
.
Green
of
during the
it
when passing through. New
York
later
on
his
that
home
real
the court
for
limitations
and
his
of
some
court
•
assumption
The
Massachusetts.
in
was
dissenting
litigation,"
of
mutilate
even
its
limited
most
by
of
the
States for
Justice
-
.
.
.
jurisdiction."
been
claims
of
"The old
of
formulas
.
a
are
"often
and
thereby
for its solution."
"from time to time led
had
their
of
this court
deprecate
to
controversies
resort to
to
or
"by
States
applying
an
old
to
oppose
determine
doctrine
of
circumstances."
simply inadequate to the
the other
considerations
declared,
problem
V*
different
multiple residences
equitable
of
Justice Frankfurter continued,
asked,
"On
said.
1927."
that the question
held
Frankfurter
actualities
settlement
validity, to, modern
Frankfurter
opinion,
distinguished members either
had
court
conflicting
his
to and
way
decide.
to
that such considerations
He said
cases
in
Frankfurter,
one
upon
of
years
his
ever
The reten¬
»
.
without weight to turn, the scales against the preponder¬
the litigious process unsuited
render
to
any
wanting also that the domicile established in Massachusetts
is
denature
.
at
abandoned in favor of the Florida house which Jie built there in
not
this
place
the Sherry Netherlands Hotel in New York,
his
and
stays
evidence
Justice
his'
of
to
respect
abiding
or.
time there than
more
advantages and
the
make his permanent home
from Florida, are
or
circumstances
with
taxation.
conclusion.
support
tion of his apartment at
was
He spent
.
the
intention
principal home
of legal residence or domicile as a mental state whereby
little
is
to
for
.
all
there,
and
his
it
evidently curtailing his stays only to avoid the possible danger
he,, could
not
himself
attitude
real
to
was
does
"There
in
>
established
had
being subjected to
was
was
v
"His conception
ating
a
place of residence in
any
.
began
other place,
life
of
con¬
>
nominal place of abode in the room
nothing
was
delivered
since
elements
that
1911.
never
Court
'.VA '
essential
master
after
Supreme
,V-
was
coupled
are
the
'
Terrell,. Tex., and which,
.
he
to
hand,
evolve
new
new
situation," Justice
is not for this
6ourt
taxing policies based
all-or-nothing
the
than
it
consequence
of
in these
on
the
more
old
domiciliary rule.
...
"But merely because'no other means
than litigation, have as yet been
evolved
to
adjust the conflicting, claims of several States in a single
estate is not sufficient reason for utilizing as a basis of our jurisdiction
oversimplified formulas of the past that have largely lost their
in
the
contemporary
Colon Green
his parents
reference
1936,
to
page
was
were
his
3960.
relevance
context."
born in London, England, in 1868, while
touring Europe.
death
appeared
He died in 1936, and a
in our issue of June 13,
Colonel Green engaged in business and
politics in Texas until 1911.
Thereafter he lived in New
York City and
maintained homes at South Dartmouth,
Mass., and at Star Island, Miami, Fla.
Federal
property within their borders.
question presented of
tax
here
tax
—
for future litigation whether
open
a
the
of
can
Revision
Still
Under
Consideration by
Roosevelt Re¬
Administration Officials—President
place
ported Inclined Toward Consolidation of Corpora¬
tion Taxes—Senator Harrison's Proposals
of
Justice Stone
his
such
questions
con¬
by
have only a single domicile
of the place of domicile
determination
Tax
situs of dece¬
court of competent jurisdiction in which they may arise.
"By the law of each
for
made
the
jurisdiction
floating intention Colonel Green
exclusion
domicile."
"And
of
/
,
opinion apparently left
Justice Stone 6aid:
dent's
New
$17,520,987.
The majority
the other
$4,685,057,
Texas
estate,
in
indicated
life
which
Massachusetts by
be
background after his mother's death, and had completely vanished
"When
this
Legal Residence of Col. Edward H. R. Green Was Massa*
chusetts, United States Supreme
Court Rules—State Entitled to $5,000,000 Inheritance Duty
would
Massachusetts.
Steel, Harrisburg, Pa.; Harrisburg Steel, Harrisburg, Pa.;
Rolling Mill, Colgate, Md.; and Atlantic Wire, Bradford, Conn.
delicate
so
it
domicile.
he gave up his
Texas
to
into the
"The
Chester,'Pa.;
saying that
as
is of
that
possibility
the
share
.
fact,
was
,
"Whatever
"■'*
;
Lukens "Steel of Coatesville, PaAlan Wood
of Conshohocken,, Pa.;
Central
that 62 K
was
estate
an
by
Green's
home,
than
.
Miss Perkins held
Fuller
jurisdiction
rights
to
decision
there
other
Texas.
in
extended from the Iowa line to the Atlantic coast and from
Maine to Kentucky.
and
which
an
only
a
except
for two weeks.
Texas
he
"Proof
by small producers in their immediate localities.
prevailing
in
1914
temporary
They contended that the Secretary exceeded her authority by basing her
should be
ways.
her
begun
was
will
in
intended
big steel producers in the Pittsburgh and Chicago
to
.
an
Government contracts.
on
court
Texas
jurisdiction
the claims."
he had rented
Attorneys for the steel companies argued that the Secretary's order would
force them to raise their base wage rate from 563^ cents to
Justice
that
fact.
a
here
claims
the special
as
After
public
/!"t
■
of
Frankfurter's dissent
"About
act, which requires manufacturers bidding on Government con¬
partment.
that the
of
opinion
Stone said:
residence
oi
under authority of the Walsh-Healey
of
30.
residence
manufacturers brought the suit in an effort to have the wage
seven
in
$222,276,
Florida,
contemplated
asking
satisfy her claim.
make
'''Residence
Secretary's determination
and capricious" as to warrant the interference of the court.
in
involved
absolute."
court
in
different
her of
recessed
Justice
when
111 sustaining a
to
Green
,
held that the steel firms failed to show that the
property
be
complaint
"the
view
high
standing
no
residence one's
United States District Judge Jennings Bailey of Washing¬
on March 13 dismissed a suit by seven small steel com¬
the
Chief
was
ascertainment
despoil
then
Justice
,
District
ton
the
the
four
litigation
The
Court Denies Injunction Plea
tangible
might
$1,583,221;
not
was
assumption
determine Colonel
court
Government
has
States
The
to
trade.
Steel Manufacturers Fail in Suit Seeking to
Enjoin 623^-Cent Hourly Wage While Performing
the
interfere
to
or
so
as
to safeguard any possible
interest, is hardly a substantial reason for assumping that their judiciaries
it
Seven
tax
danger that the highest courts of four States will
in
will sanction
competitor where it has
a
of
which
of
their claims
determination
solid
which
of
it
took
give
the
fact
out of
by the courts.
.
corporation to acquire assets of
a
to
merely the
will
the Commission's
upon
bill
necessity
would press
that
"Texas
the
of
effectiveness
provisions
place emphasis
to
that
of
its
upon
the
controlling
courts
undermining
impose
from
domicile.
"is
tain
chief counsel of
Kelley,
the
the late
that
Frankfurter
States
sufficient
existence of
that
indicate
the
of
value
York,
between the- State
when
save
"The
be
would
proposal
a
authority to extend advice in
by William T.
interpretations placed
testimony
such
which
controversy.
told
was
whether
the
expressed
that
justice quoted
character
a
Justice
not
is
references
court
involve
the committee
Commission,
Clayton
FTC
of
and
New
dissent
and
disputes
grave
said,
'
to
different
by appropriate State procedure."
that
Massachusetts,
was:
Frankfurter's
exercised
violating the law, the "Journal of Commerce," re¬
•
entitled
is
situs
no
$2,220.
jurisdiction
Green's
porting this, added:
States
four
have
collection
amount
found
than
litigation,
Justice
mitting the FTC to advise business whether it
proceed
its
Flannery
other
Texas,
various
may
they
sought to restrain
States
tax
subject of Government advisory agencies briefly during the
hearings when Commissioner Frank of SEC, member of the
committee, suggested that legislation be considered per¬
without
the
of
as
dismissed.
con¬
on
is
Master
three
and
was
which
far
so
determination of
Special
the
in
Indicating that attention
relief
without
Commissioner
the vicissitudes
determine
intangibles
on
"No
already
legislation."
1569
will
place of domicile.
lodging
of
Commission.
nature/'
"how
agencies
SEC with
an
business
advise
human
advisability
asked Commissioner
hence
years
the
Government
in
by the present
inherent
did
trolled
questioning
business,
differently
one
is
in
powers
give such advice to
settled
of
with
O'Mahoney,
discretionary
might
Chronicle
of
Treasury.
Chairman
ditional
to
the
Joseph
The tax revision issue has
continued to
the atten¬
On March 15,
occupy
tion of Administration officials this week.
discussing tax questions at his press conference, the
it
is
President,
reported, said consolidation of five existing business
1570
Chronicle
Financial
being studied.
levies
was
must
maintain
But lie added that
revision
level.
From Washington March 15, the Associated Press in indi¬
cating this, added:
After Mr.
Federal
revenues
their
at
Roosevelt outlined his tax views,
From the trend of the questioning it has been
Senators
guards against its use in
Mr. Roosevelt said the matter
was
done
In
of
dealt only with corporation taxes.
questions, he said
to
response
the Administration
was
Federal
of the
fund,
Board and
Reserve
the
perhaps the chairman of
one,
New York Federal
President of the
To them would be entrusted management
small portion of the fund, with direction to report to Congress ways to
a
that should
one
*
and would clear the way for a log-rolling revision of the tariff laws.
Senator Harrison, Democrat, of Mississippi, Chairman of the Senate
was
advocated liquidation
witnesses
two
pleased with the President's state¬
be
least
at
partially removed from
Right of Congress
import
program
indicated he
today's
Secretary of Treasury might be
the sole decision of the Treasury or a political Administration."
levy on vegetable oils, saying it would interfere with the reciprocal trade
Finance Committee,
of
the
administrations and
social security act.
an
far could have been
so
"It is, in my opinion," he said, "a problem that will last through several
merging the five present levies on corporations—those of income, excess
Senate proposal for
likely to complicate the present situation
deal with the gold in the future.
considering
profits, undistributed profits and capital stock and pay roll taxes under the
Mr. Roosevelt voiced strong opposition to a
a manner
States.
Reserve Bank be also members.
equitable distribution of corporate levies between big and little corporations.
He emphasized that studies have
number of
by foreign exchange departments of Federal Reserve banks," Pro¬
whom
the
was
United
Neither
still in the study
that the main question in any tax revision
a
It also would
fessor Gideonse declared.
the
reporters
in the Senate.
Mr. Collidge suggested that the fund might be administered by trustees of
stage.
told
indicated that
for extension of the devaluation
"Everything that the stabilization fund has done
Speaker Bankhead had said he expected no general revision this year.
Asked about the Barkley and Bankhead statements that a single tax would
He
the
in
would be gained from
Just a few hours .before the President's press conference, in fact,
hurt small companies,
move
success
extended for two years, there will be embodied in the legislation many safe¬
revising the corporation levies because the aggregate tax load could not be
reduced.
for
while the life of the $2,000,000,000 stabilization fund will be
appear that
Barkley.
Those two men have indicated a belief that little
determined to defeat the
are
power, with reasonable prospects
said his remarks appeared to conflict with statements by Speaker Bankhead
and Senator Leader
1939
18,
May Deny Extension
any
present
members of Congress
some
Mar.
"Congress has before it the request to extend the right given
his discretion,
at
in
an
one
man,
higher resulting, if used in full,
increase of nearly $3,000,000,000 more to our existing gold stock and
presumably
ment.
the price even
raise
to
a
further increase in new production and additional
greater
purchases of gold.
Thought should not be given to higher prices but should
"
Democrat, of Georgia, said the only practical
Senator George,
which Congress
ment
in
could aid business were tax revision and reduction of Govern¬
spending.
Democrat, of Utah, another committeeman, said that if
Government continues spending at
taxes—"bad
increase
.
Senator Harrison reported "progress" on
being held with President Roosevelt on
alteration and simplification of the tax set-up as a part of the
general business appeasement program a dispatch from
Washington to the New York "Herald Tribune" continued
that
March 15 in the talks
in part:
*
composed of Senator Harrison, Representative Jere Cooper,
Democrat, of Tennessee. Chairman of the Tax Subcommittee of the Ways
and Means Committee; Henry Morgenthau Jr., Secretary of the Treasury,
Hanes, Under Secretary of the Treasury, met for the second
time within ten
The
•
the
told
were
present stock.
there
within
expansion
power is never used,
Senators
our
situation
present
unfortunate
damage
their
own
the
as
years
pass
of gold
reserves
knowing they
it
There is
chance that it will be
a
higher than 2034%-
no
revision, little business
can continue to expect
special favors,
This is
a
reassurance
large part of the
a
present burdens of business might be shifted onto smaller businesses.
also thrown out that there might also be
of tax legislation at this session
of Congress.
<
by currency action of foreign
We quote from Washington advices to the "Wall
Street Journal" of March 17 which also said:
"I
in complete accord with the Secretary of
am
He said that he had been
a
position he had
"misunderstood" and added that the
House Ways and Means Committee probably would consider
today.
"What I intended to convey," he said, "was that no laws would be
passed
that would result in a reduction of present revenue."
.
.
to any program or propositions at
as
would not admit that tentative shifts in the tax burdens
discussed.
•
or rates
con¬
all.'.', He
had been
.
study of the
of other
figures
made
available
when
the
,
check-up
of
the
subsequent meet¬
he said....
on taxation are unanimous
that tin increase of 1%
$75,000,000 in
in the
in saying, Senator Harrison continued,
corporate income
tax
means
an
increase of
In order to make up the $175,000,000 loss from the
revenue.
other three taxes, then, it would be necessary to raise the flat
corporate tax
by between 2% and 234%
•
'
.
'
'
'
At the present time the maximum tax. if no
surplus profits are distributed.
is
19%.
give not
The tax "mean" is around 18.
more
than 2034%
Senator Taft wanted
The additional 2
or
234% would
•
trade
Taft
27%, but he was counting
deficit of approximately $250,000,000 as a result of the
repeal of the
"business deterrent" taxes.
a
then
Further Opposition to Continuance of Dollar Devalua¬
mittee
Hearing—Views
Secretary Wallace
velt
Reported
Amendment
and
Opposed
of
T.
at
Senate
Jefferson
Proposal
to
dent further power to devalue the dollar
of
expressed
Roose¬
Repeal
Authorizing Issuance of Greenbacks
yhe view that Congress should withhold from
restoration
Com¬
Coolidge,
Others—President
to
monetary confidence
as a
throughout the world
on
"Journal
of Commerce" from its
Washington bureau on
day similar views were also expressed by former UnderSecretary of Treasury Thomas Jefferson Coolidge, now VicePresident of the First National Bank, Boston, who
asserted,
"I hope Congress states to the world that our
money will
that
not
be
further
devalued."
In its further account of the
of Commerce," said:
hearing advices
a
wheat and some
the
whole
the theory
on
"
purpose
that
of the
exports
Hull
would
be
lot of complications," Secretary Wallace replied.
Secretary Wallace stated that
be to our advantage to give
in light of conditions today both at home
necessary
or
to the "Journal
essential
for
the
protection
national defense purposes.
•
of American prices and for
.
Other views expressed on the
subject, both before the
Senate Committee and the House Committee on
Coinage,
Weights and Measures, were indicated in these columns
March 4, page 1251 and March 11,
page 1408.
President Roosevelt on March 14 made known his
opposi¬
tion to the repeal of the
provision in the so-called Thomas
authorizing him to issue $3,000,000,000
Advices to this effect appeared in the
inflation amendment
in
greenbacks.
Washington "Post" of March
15 which further said:
Asked to comment on a
repeal bill introduced by Senator Bridges (Re¬
publican), New Hampshire, he said he did not think the power should be
repealed, although in all probability it
a
never
will
be used.
It is
a
good
keep in the closet, he remarked.
Then,
on
second
thought, he said he felt Mother Hubbard would offer
more
apt analogy.
It would be a good idea, he said, to keep a little
food in the back of the cupboard so Mother Hubbard would not find
spare
the cupboard bare.
letter.
Adjustment
s
remarks were the first intimation from
discretionary
power was
regarded
as
an
official
was
forced
"
'
on
the
Administration
by
Agricultural
inflationists
"
Senator Taft (Rep.)
from Washington stated
source
anything more than a
A part of the Thomas amendment to the 1933
Act
Congress.
in
•
according to United Press advices
on March 15 that President Roose¬
velt's desire to retain
authority to issue $3,000,000,000 of
greenbacks as a "club in the closet" is a business deterrent.
The United Press likewise
reported:
"The President's remark
yesterday, opposing the repeal of the Emergency
the Presi¬
first step toward
March 14 by Prof. Harry D. Gideonse, of
Columbia University, before the Senate
Banking and Cur¬
rency Committee.
According to advices to the New York
was
not
was
•»
and abroad the limited
power asked for by the Administration was all that
The President
Voiced
if it
Senator Taft then asked why it would not
that this rusty
President
"
asked
corn,
exported and would also tend to increase
the President unlimited power to devalue.
dead
of
are
to increase imports
program
"There you get into
other hand, predicted that the figure might go to
Powers
advantage to devalue
our
stimulated thereby.
club to
22%," Senator Harrison predicted:
Senator Alben W. Barkley, of Kentucky, Majority Floor
Leader, on the
tion
to
to know what the effect on American economy
Secretaiy Wallace said it would be bad for prices of
"At all events, it wouldn't go over
on
Secretary Wallace said.
think it would be
imports into this country.
was
He did say that the group had gone over figures prepared by the
Treasury
had been requested at a previous meeting.
Further
which
March 15 income tax returns is complete, will be made at
not
.
after the White House conference that "no
clusions had been reached
power
of disturbance
avenue
would be if England devalued to $4.
law
some tax
Treasury that the
possible
"baiting" questions by members of the Committee, the
Secretary said he did
modifications.
Harrison said
American farm product prices,"
Senator
Speaker William B. Bankhead likewise retreated from
Experts
to
disturbances to farm prices
manufactured products that
general overhaul
a
taken yesterday to the effect that there would be no tax revisions at this
ings
one
with
Secretary of Agriculture Wallace urged at
Committee hearing that Congress continue the
power to devalue currency as a means of na¬
tional defense and as an essential protection
against possible
In response to
against the impression which was gaining ground that
and
ours
currencies
President's
,
in all tax laws since 1921, Senator Harrison said.
figures
their
by
one
On March 16
his opinion, apart from any discussion at the
as
Little Business to Get Aid
Senator
and
something inherently stable.
to
session.
tying
were
to devalue is essential to protect
against one
was
stood
we
stabilize their currencies with
higher than 22%.
A hint
existence."
quantities.
could
powers.
days at the White House.
Senator Harrison gave
a
of
Even
system.
mere
by this witness that the best step to take to
Then, he added, the world would know where
nations
White House, that if a flat corporate tax is to be substituted for the
present
If there is
banking
encourage foreign stabilization would be to definitely fix the price of gold
and agree to buy from anyone and sell to anyone in unlimited
capital stock, excess profits aqd undistributed profits taxes, it will not be
as
is danger of depreciation
our
be caused by its
can
the Senate
The group
and John W.
under
and
though the
the present rate Congress should
that would be."
as
^
Noting
"Even
money
Senator King,
the
ways
be directed to consideration of
Law of 1933,
of paper
giving him
greenbacks
power at his sole
with
discretion to issue $3,000,000,000
nothing at all behind them,
is
unbelievable,"
Mr. Taft said.
"When he refers to this power as a useful club in his closet,
he
he
admits
that
really is
A club against whom?
considering the
Against Congress?
possibility of using the
club.
Against those urging reasonable
economy on the Government?
"At
a
time when the President is expressing a desire to encourage
business
enterprise he suddenly suggests a monetary policy which would shake th9
confidence of everyone and undo any good that could possibly be done by
a
modification of taxes.
"We have not issued irredeemable
our
paper
disastrous experience in the Civil War.
Government extravagance.
man
for the benefit of the
speculator.
Germany, and it
can
of this character since
It would
take all limits off
It would be the first step toward destruction
of all savings and life insurance
policies
in
money
happen here."
and impoverishment of the
average
It happened in France, it, happened
Volume
Financial
148
Chronicle
1571
'
R.
Richberg Continues Oil Negotiations with
President
Cardenas
Seek
Mexico—Conferences
of
'*
*
t
Donald
"
terpret, the law and (c) to win support for its basic princi¬
ples."
In her report Mrs. Herrick said in part:
Settlement of Expropriation Controversy
Despite the Increasing compliance with the law by employers heie the
Donald R.
Richberg, who has been in Mexico for the past
two weeks representing American and British oil companies
whose properties were expropriated a year ago, is continuing
his conferences with President Cardenas.
It was stated in
United Press accounts from Mexico City on March 16 that
possible solution of the year-old oil expropriation dispute
was intimated that
day in an official announcement which
Act continues to stand
be
subjected
the longer
to
bulwark to all the workers who would otherwise
as a
improper
history of trade unions in this area and their
organization
have
which warrants
contributed in
in saying with
me
creasingly widespread and
tion seemed
large
Nevertheless
union activity.
against
pressure
to
measure
confidence that
the present situation
we
look forward to
genuine acceptance of the law.
impossible in 1936.
.
extensive
more
This
an
in¬
predic¬
.
.
Some important lessons are to be learned from the experience of the past
said the viewpoints of Mexico and the American and British
three years.
companies whose properties were seized last March 18 were
"approximating" each other.
Prom these advices we quote:
settled by agreement, of workers reinstated with back pay after discrimina¬
The statement
R.
issued after President Lazaro Cardenas and
was
Richberg, representing the companies, held
Donald
conference in an
sixth
a
effort to settle the controversy.
The
talk
between
the
Mr.
and
the Washington attorney was
luncheon in
Richberg lasted two hours,
Chapultepec Castle.
The
made
announcement,
the Chief Executive's guest at
,
by
Federal
the
of
Department
and
of Press
The statement indicated that
some
be reached tomorrow.
handled
hour and
dent.
I
do
not
of understanding.
r
•
press
a
statement
anticipate that it
have concluded
consideration, but if conclusions
I
today,
March
on
which
15
reached in the next two
just
certain
seen
I have made no
regarding Mexican polftical issues,
no
States
opinions.
on
statements
published
which I haVe
March 27, Mrs.
the workin which I
Richberg.
our
me,
very
assuming
If necessary,
•
A reference to the conferences
or
.
desirable to
come
carry on
back to Mexico
' '
v
■
appeared in these columns
Three hundred and fifty-three
promulgating the Mexican Senate's
The
a
joint commission of two members.
Lawrence
representative on the commission,
unit and the ceitification of a
the Mexican
Government is to make
in the main without recourse to the
of the Board.
which
is
which
with
compliance
secured.
In
one
our
issue
of Nov. 19, 1938 page
On March 8 an adverse report was presented to the House
from the Committee on Foreign Affairs on a House resolution
requesting information from the President on the seizure of
certain American property in Mexico.
The adverse report
read: :
:■/ v .•
'
•
ADVERSE
with Board'decisions and include six cases in
Circuit
sixty-four strikes out of a total of 1,483 handled by
in this region in 1938 as
' ;
the cases
now
property
following report
Foreign Affairs, to whom was referred the resolution
Such
in
Mexico,
thereon,
having considered the same,
with the recommendation
information available to the
with the public interest has been
submit the
tbiat it do not
■
Conclusion
we
find and increasing
point out to the unions the necessity of exhaust¬
before filing charges with the NLRB.
The
tion of the
tract
a
Many of these casus arise in shops where a union con¬
$.ct.
providing machinery, for grievance adjustment exists but in which
other officer may have been discharged allegedly
union shop chairman or
pre&sing the claims of the unions.
for too gieat miitancy in
has been so often pointed out in this report, our
as
Here again,
function becomes largely
educational.
Often the management will
balk at submitting the grievance to arbitra¬
pass:
"how
to
get
But our job in this type of case is.to
the fullest
"encourage
Some¬
practices
show both parties
benefits from their contractual relationship,
thus
National Labor Relations Act,
effectuating one of the prime purposes of the
to
disciplinary power.
reject that proposal or refuse to invoke the machinery
fundamental to the friendly adjustment of in¬
dustrial disputes arising out of
ing conditions."
differences as to wages, hours or other work¬
,
Department of State as is consistent
furnished your committee and is
Accepting Law and
Realizing Duties
on
file.
Workers'
Board of Governors of Federal Reserve
to
(a) to improve our administrative technique,
.'(b), to in-
March
System Oppose
Legislative Action Giving It Power
a,t Fixed
Business
Prices
Unsettle
The Board of Governors of the
on
"widespread and genuine acceptance of
the law" was anticipated by Mrs. Elinore M. Herrick, Re¬
gional Director of the National Labor Relations Board, in a
survey of the Board's work during the period 1935-38 in New
York, New Jersey and Connecticut, which was published on
March 6. \ Mrs. Herrick listed achievements of the period
in terms of cases settled by agreement, workers reinstated,
disestablishment of company-dominated unions, establish¬
ment of collective bargaining agreements and the machinery
for peaceful adjudication of disputes.
She said the NLRB
has "now reached the point at which our major tasks are:
Maintain
Would
Organizations
An increasingly
comprise
'
,
Board has held that violation of a contract may not be considered a viola¬
Report for 1935-38 Shows NLRB Achievements in New
York Area—Mrs. Elinore Herrick Says Employers
Are
,
being brought to the Board
we must
Proposals for
Are
Sixty-four and
The 1,229 petitions to
bargaining agency filed in New York
the collective
36-7% of all the cases handled here.
of the contract.
House of Representatives all data in regard to the seizure of certain
American
settled.
tion, claiming that to do so impairs its proper
(H. Re«. 107) requesting the President of the United States to transmit
to the
compared with 1937.
seven-tenths per cent of these strikes were
In
There were 10% fewer
the New York Region.
have been in
determine
-
■
i
„
REPORT
(to accompany II.. Res. 107)
on
Strikes
.
,
Three hundred and
cases
Supreme Court, decisions was
Court or
the NLRB
times the union will
The Committee
after issuance of formal complaints,
full administrative and legal procedure
additional case the Circuit Court reversed the Board.
•/,'
/
initial
an
held.
Eighty-five were settled after institution of the formal proced-
number in which
referred to in
This latter question may
ings, during the course of the hearing, by compliance with the trial eximiner's intermediate report or
ing all their other remedies
was
One hundred and
basis of evidence of union membership and
ings, 62.4% were cloased at some stage
annually thereafter until the full award of the indemnities is paid.
dispute
3095.
50.0
21.2
17.4
11.4
108 unfair lablr practice cases reaching the point of formal hear¬
payment of $1,000 ,000 on May 31, and a payment of not less than SI ,000,000
The settlement of the
filed.
cases
doubt of majority exists an election must be
or
.
agreement
the
bargaining agency.
be decided by the Board on the
meeting here at presnt.
the
—
formal hearings have been held in the New
strike
;
American
-
1,525
648
,
533
347
180 involved determination of the appropriate bargaining
committed and
Of the
It provided for the value of the seized American lands to be determined
the
Percentage
100.0
91.2
•
without recourse to an ordered election, though where any conflict of claim
versial notes between Mexico and the United States.
31, 1939, by
2,454
seventy-three hearings were to determine if unfair labor practices had been
an
United Press added:
of
-
York Region since 1935, or 10.5% of all
expropriated by the Mexican Government was pub¬
lished in the Official Journal on March 1 it was reported in
United Press advices from Mexico City that day, in which it
was noted that the agreement, which was signed in Washing¬
ton last November 12, culminated an exchange of contro¬
Under
3,346
3,053
—
-
private
agreement between Mexico and the United
method of compensating Americans for agrarian
Lawson is
filed.
(a) Agreement informally
(b) Dismissal by regional director —
(c) Withdrawal
(d) Other means
little information
lands
before May
total
of Closing Cases—Second Region—NLRB—1935 Through 1938
cases
Total cases closed..
to
Supreme Court of the United
engaged, I will, of course,
am now
March 11, page 1409.
An executive decree
M.
A
Number
Total
I wish to state
daughter and I expect to leave for
City.
on a
discrarged,
discriminatorily
workers
to
(20.4%) of the total reinstated throughout the country.
Manner
three days
'
which I must argue in the
Washington gome time next week.
States
pay
workers have been reinstated in this region after illegal discharge, or onefifth
under
now
comments either in public or
as to
•
a case
ratification of
,
definite
any
or
back
in
then post¬
was
;
For the year 1938 alone these settlements carried with them $131,083.85
Closed by:
have
Because of
nearly one-quarter of all the cases settled informally throughout the
or
:
and
approximately one-sixth of all the workers involved in similar informal
or
about
lasted
discussion of the matter
quote me but which in fact misquote and misrepiesent
emphatically that
by peaceful and orderly agreements resulting from in¬
These amicable settlements involved nearly a quarter of a million workers,
in circulation.
Because
In marked contrast to the fre¬
area.
formal conferences held by-the Labor Board with the parties to the dispute.
I shall be glad to make such a statement as may end many unfounded rumors
now
settled
Labor Board settlements throughout the country and represent also 23.8%
will be possible to make
our
are
been
'country.
Cardenas
been adjudicated reflects
quent injunctions of earlier days, 1,525 cases of 50% of those closed locally
have
!
:;V
President
with
we
cases
by the other 21 regional offices and its experience, therefore, is
York, New Jersey and Connecticut
poned until tomorrow morning because of other engagements of the Presi¬
statement until
under liberal
...
(21.1%) of the total
the peace value of the National Labor Relations Act to the important New
sort of climax in the conferences may
half, covered several important topics and
a
even
adjucation
Of the 3,346 cases filed in the New York Region 91.2% have been closed.
\
'
Mr. Richberg issued
saying:7
"
an
bound to arise from time to time
are
The method in which these 3.026 disputes have
The Presidency also intimated that both sides in the dispute appear to
discussion
disputes which
working
as to
significant.
made, achieving approximation
the companies.
The discussion
and it is expected that a more
by the Government and by Mr.
Richberg, who, for the time being, accepts these declarations as his own."
The
and of collective
own desires,
The New York Region has handled one-fifth
continued and considerable progress was
in the viewpoints of the Government and
will continue tomorrow at the same time
ample statement may be made then, both
near some sort
their
in good faith with resultant agreements
on
managerial policy, and the wisest union leadership.
"In the conference of March 16, held between 11:15 a. m. and 12:40 p. m.p
discussion of the basic points of the project presented by President Cardenas
be
dominated unions disestablished leaving the
company
bargaining carried
.
'
.
of
workers free to organize according to
conditions and the stablishment of machinery for the peaceful
President
after which
Publicity, said:
The concrete achievements of those years are measured in terms of cases
tory discharge,
12, issued
a
statement
Levels—Says
Move
Federal Reserve System,
(dated March 6)
which
Congressional committees considering price
management bills, in which the Board voiced its opposition
was
sent
to
legislative proposals to empower it to manage price levels
of the volume of money and credit.
The
Board said that an attempt to stabilize prices through Con¬
to
through control
gressional action not only would hinder efforts to improve
business conditions, but would raise in the public mind
be realized."
The price averages, the
"frequently would indicate a policy that would
work against rather than for stability."
Senator Thomas, of Oklahoma has introduced a bill to
hopes that "cannot
Board said,
give the Board power to act as
a
monetary authority to
1572
Financial
0
return
prices
Congressional
in
efforts to
stabilize
prices
that
legislation
level, while similar
by Senator Logan of Kentucky.
"Chronicle"
the
1926
the
to
has been proposed
Chronicle
referred
were
the
Earlier
of
what
Governors
of
Governors
booms and
prevent
do
Board
the
Board
The
it could
is
in
has
help accomplish
changes in the aeount and cost of
of
steady
and
of
people
as
sympathy
with
desire
the
it
to
be made complete;
cannot
(3)
the
Federal
factors
Reserve
the
real
and
perience has
Board
the
and
shown
that
or
the cost of money;
not
Board
and
made
its
all
of
order to maintain
In
the
Government,
a
of
lasting
as
well
as
constant
a
many
foreign
trade,
agriculture,
believes
Board
of
agency
prices
indicate
It
Such
the
Reserve
scribed
In
point
view
or
and
all
the
it
statement
Federal
the
Board
of the
does
there.
not
the
control
can
the Board
of
and
System,
when
but
furthermore,
other
there
are
business
life, and
that
so-called
does
and its
money
things
bonds,
been
not
this
influence
an
influence
,
can
powers
at
if it
should
Federal
Reserve
If
the
Reserve
deposits than it has
System's
our
that is,
•
if
should
it
engage
buy Government
them,
for
has
as
by
which
they
deposit
At
much
the
which,
bank
banks
able
will
but
for
the
public
all
not only
This
together
classes
lend
can
detailed
banks;
supply,
that
invest the
can
the
banks
about
six
times
banks,
Conditions,
have
however,
been
not
so
buying
more
been
a
large inflow
have
increased
than
lend
or
$1,000,000
of
from
about
use
1939.
same
all
$3,500,000,000
finding
any
way
The Federal
to
serves
at low
to
the
more
of
make
the
people
Federal
shows
It
rise
the
amount
Reserve
of
they
that
to
time,
keep
in
banks
reserves.
the
money
Board's
pf
Government
they
securities,
securities.
the
and
of
reserves
have
There
that
steady.
does
not
We had
;
because the banks
reserves
banks
our
held.
than
At
this
have
not
time
they
the law requires and
found
have
are
not
reserves.
can
see
to
by
that
it
banks
industry,
borrow, and it cannot
did
mean
that
the
Grocery
have
use
make
enough
and
re¬
agriculture
these reserves,
the
determine
prices
public spend
designated
down
amount
of
local.
if
the
experience
very
rapid
collapse with falling prices,
modities
fairly steady prices
is assured when
from 1921
to
of
1929 ;
in
prices
but during
Committee,
The
proposal
en¬
experimental
new
food commodities
by
consumer
would
first
be
The conference,
all
and
branches
of
Sec¬
conference with
a
eligible
now
that could
power
be used
The Btamps
public
for
be
these
take
in
effort
no
for
the
said
to
in the
dollar
tribution
way
of
Officials
to
trial
in
the
are
lie
three
one
Increased
or
the method of
be
bring
would
pointed
about
the
in
except
of
the
cities.
of
sales
Officials
of
if
all
surplus
expenditure
surplus
more
experimehtal
dis¬
in
the
is
expected
variants,
FSCC
areas,
as
the
margins
realized
out,
Each
plan.
All
retail
would be
„
past.
-
■
,
be given
to
however,
based
are
principle—issuance by the FSCC of stamps that
good for the purchase of surplus farm products.
in
and
or
purchases
their
they
the present program.
that,
more
The surplus
There
of margins.
will
plans
increase
would
volume of. retail
reduction
a
the
of
to
money
variations
fundamental
same
surplus.
as
commodities.
circumstances,
under
emphasized
are
FSCC
regular wholesale
in
other
The
-
into the hands of properly
power
move
as
value
enabled
such
does
experiment.
the
bring about
Government
it
areas.
by the FSCC probably will
distribution of surpluses, but would
surplus removal and distribution will continue
There
will be tried in a"
the Government to fix sales prices
potential
Under
than
to
or
would
same
thereby
are
used
stamps..
designating commodities
part of
greatest
to
or
Com¬
of
course
purchase
designated surplus commodities.
consumers
a
and
the
commodities.
of
either
be counted upon
the
would" be
operations
distribution
direct
usual
by food stores
on
State
Surplus
and will be in widely separated
putting added purchasing
channels,
issued only
According to present plans, the cities will be of
up,
during the
confine itself to
trade
be
Federal
„
hand
similar
completely worked out with food industry groups and
cities the
a
would
Federal agencies concerned, the experiment
discontinued
not
removal
surplus
and
food products officially
the
to
only
redeem¬
stamps,
stores
assistance—Federal,
the surplus commodity
representative cities.
In
for
already available
public
for
,
obtain
to
food purchases.
form of
grocery
certified
of
details.are
the
in
in exchange for certain
funds
Corporation
When
acceptable
commodities.
or
the
finance redemption
The chief deferences
getting stamps into the hands of eligible low-income
According
the stamps
plans,
present
to
for
purchasing surplus
products would be blue.
Two
the
of
three methods
only to eligible
purchase
of
not
use
them
surplus
be to make
sure
In
would
be
for
for
issued
every
issuance
are
necessary
purchases.
to
of
to
cases,
blue
expected
orange
stamps
to
prevent "the
only.
bought.
Studies
whether
surplus
issuing
or
buy
of the
one
stamps,
orange
direct relief
orange
stamps
good for purchase of surplus foods
buying orange stamps
show
for the
of
Under
the eligible persons would
stamps
good
that families receiving blue stamps
blue stamps
persons
two
the blue stamps
are
purpose
of their WPA wage
portion
a
Under the other,
stamp
The
not.
who made application would receive
payment.
both
which
stamps,
or
replace customary food purchases.
persons
doilar-for-dollar, in lieu of
cash.
orange
whether
food,
to
proposed provide for issuing
who buy
persons
any
stamps would
orange
method
lasting prosperity
and
for
in accumulation of inventories and in
a
surplus
as
Part
plans, eligible
even
money,
business
in
Conference
would be provided in
power
Government
receiving,
persons
did
and
This
prod¬
March 13, unanimously
on
low-income families
give
purchasing
regular retail food outlets;
families.
to
commerce,
which later result in
purchasing
has
failing business, and general distress.
But
This
able
sold
was" given in
the
market
finished
surplus agricultural commidities in addition to their usual
families
by the public by $6,000,000.
to bring this about.
They
as
they
reserves
in speculation,
undertakings,
the turn
of
took action after
would
additional
products
The Federal Reserve banks
System could determine the
prices results
proposal
certified
invest all
steady prices would not necessarily mean prosperity.
true that violent changes in
prices are harmful.
A
unsound
The
as
that
is
materials and
manufacturers
grocery
different
their
as
can
they
amount
the
all
rising
a
summary of the plan, issued by the Depart¬
Agriculture, said, in part:
assistance
a
money
on
falling market.
a
official
ment of
and"
Steady Prices Do Not Assure Prosperity
if
on
Works Progress Administration.
the State and
deposits that result when the banks do make loans and investment.
Even
materials
six cities of 50,000 or more population
or
varying size, from 50,000
are
forced
control of
retary of Agriculture Wallace, and representatives of the
Treasury, Agriculture and Commerce Departments, and the
on
available
five
of
the
required
rates; but it cannot make the commercial banks
cannot
out
few
money,
into '
run
were
the
and, if it proved practical, would then be extended to in¬
proportion
System
money
and
clients.
as
reserves
much
Government
from abroad,
these
relief
for
willing
times
would
beyond
have been maintained only if
if that had occurred, it
Department of Agriculture's
in
$2,700,000,000 in December, 1933, to $9,000,Deposits of banks, however, have not increased
%
use
Reserve
make
gold
about
anything like the
to
always such
number of years.
a
$2,500,000,000
000,000 in January,
possible
not
are
for
bought
the
to
would
by
Food
reserves
are
proportions
as
-
this works
way
are
The
tthe present
at
such that banks
are
National
subsidies
their
reserves.
the
they
several
on
deposits.
but,
the
pass
would
demand
increasing
or
checks
turn,
increasing
a
lend
enable the banks to increase deposits held
can
is
re¬
1936.)'
for
Reserve
of
and there
more
receive
in
thus
the amount of unused
their
invest
or
conditions
the
of
banks,
amount
because
of
explanation
Report
When
is
well
the
together
portion
a
of
amount
banks
would
The
banks,
banks
the
sellers
Reserve
can
increase
banks
The
the
give
banks.
going
banks
As
the
different
can,
usually
invest.
only
Annual
the
as
or
the
on
the member banks' legal
are
are
to
power
Federal
the law,
reserves.
these
reserves
has
their
in
the
things
credit
to
on
have,
under
when
to lend
pass
System
deposit
checks- in
time
a
The
would
influence
more
buying, Government bonds.
these
balances
has
the amount of currency, but there are limits to the
on
influence.
serves
the
in
System should
Federal Reserve notes
System
prices
commodities
things
raw
reason
plan to distribute surplus
.
out
pay
of
movements
meeting in Washington
a
dorsed
Reserve System supplies at all times the
demands.
open-market operations,
and
important item
most
in some of the bills before Congress, this currency would
right back to the Reserve banks and would serve no useful purpose.
The
(A
is not the
than
use
and
buy
to
important
food distribution,
have
cannot
It has
use.
favorable
are
and
prices
slowing down of industrial and building activity.
a
an
be
change
the
chases
The
representing
of Money
proposed
come
of
Federal
the
declined,
pre¬
Governors
occasion^ when the System's
many
.currency
the public
had
unprofitable
price
fact,
of
some
selling finished products
in
can
up
Representatives of Food Dealers and Grocers Approve
Plan of Department of Agriculture for Distribution
of Farm Surpluses to Those on Relief—-Proposal
Intended to Stimulate Consumption and Eliminate
WPA Waste—Issuance of FSCC Stamps for Pur¬
An
already explained,
currency
are
in
were,
of
other
or
clude every person receiving public relief.
Completely Control Amount
it
1937.
tried
a
,
by
it
ucts
would
that the Federal
Government
made
why
reason
average
relation between
average
prices
of prices could
products
between
stability.
thereby raise the price level to
issued
Cannot
Reserve
amount
business
frequently
for
prices: One
average
When prices of industrial materials advanced in
average
resulted
pre¬
the public interest.
in the
steady
a
when
years
prospect of
have
work
...
maintain
Differences
limited.
As
it
stabilize
than
following:
Reserve
become effective,
are
it
rather
considerations,
other agency
complete control of the amount of
in
efforts to
any
average
public mind hopes and expectations
these
credit and
maintain
also take the
Federal
in
con¬
to
or
given
a
at
be guided in its
prosperity is that the
assure
interested
more
level.
in
finished
the
'
of
any
and
money
From
the
hinder
against
the
in
maintain
enactrpent of any bill based on the assumption
of
on
taxation, expenditures,
the price average
work
realized.
System
volume
The
would
would
be
not
Conclusion.
we
but
hinder, because
that
and
be
may
general
influence business
all
to
steady
a
and
other
many
the
in
by Congress to the Board
bring about
order would also raise
an
could
favor
order
an
to
assist
not
would
policy
a
that
Congress
would
conditions.
that
labor
flow
industry,
•'
The
other
of
and
prices,
forces
of the commodities that make
some
monetary authority.
would
1929
in
the people of lasting
assure
serve
important than
more
are
difficulty
1936-1937,
with
began
An unchanged average
destructive
doing its best to
price
attempt
have
ample
prosperity,
groups
public, must cooperate, since policies in respect to
lending,
ditions.
and
commerce,
the
which
To require the Board to
by drought, armament demand,
of
average"
to
unsound
,
would
money
stable,
are
disaster.
from
prices
general
volume
the
on
led
of
they produce and sell and the prices of what they buy and
the
An
prices
the volume of
steady
the needs
in
ex¬
But
not assure lasting prosperity.
provide
meet
to
keel.
even
over
that
and
would
to
powers
an
depend primarily
do not
complete;
reasonable rates
agriculture.
agencies
prices
on
with
booms
prevent
which
principally by changes in the level of prices would
or
People
violently.
up
to
of
depression
the
therefore, does not
prices
steady average prices do not
serious
is
which
situation
that billions
yet completely emerged.
prices alone,
While
steady while prices of
many
complete sympathy
in
always
by official action,
exerts
at
money
is
that the Board's control
be
cannot
obtainable
if
The
of
and
Governors
business
have
is
of
price-stabilizing bills,
of the
purpose
depressions
even
affected by
are
summarizing its views, the Board stated:
To' summarize,
■
alone, because they
System
for
not
to panic and
it at times
of what
beyond the control of the Federal Reserve System.
In
speculative
a
during this period
was
made; that expensive and unsoundly financed apartment
have
we
Relations
a
Steady prices and lasting prosperity cannot be brought about by action
It
prepared
was
which
vent
in lasting prosperity;
they produce and those which they must buy.
of
ground
policies entirely
(2) the Board's control of the
prices does not necessarily result
developing
was
1929.
were
prosperity.
prices cannot be controlled by
money;
there
wholesale
that lead
fair relationship between the prices of the commodities which
a
of
duty to
its
steady level of average prices is not nearly as important to the
a
the
from
always considered
(1)
complete and
is not
money
average
(4)
1939
houses and office buildings were erected far beyond the needs of the people;
stock prices rose to fantastic levels.
It was during this period that
these results.
Experience has shown, however, that
amount
18,
that
says:
complete
depressions, and
to
period
collapse in
foreign loans
to
of
Aug. 7, 1937, (pages 854 and 857)
and in the issue of Feb. 19, 1938 (page 1169).
In its state¬
ment
Mar.
t
the
purchases
in
a
ratio
of
one
The third method
of the
use
from
operation
of the
of
orange
displacing
blue
provides
the
latter
stamps
regular
is
food
Volume 148
In
Financial
address before the conference,
an
Chronicle
March 13, Mr.
on
notes which he can issue should be "lifted
Wallace explained the purpose of the plan, which, he said,
was
designed to eliminate much waste now involved in
relief distribution, and at the same time insure a better
diffusion
of
It Bhould
food
surpluses.
be understood
Mr. Morgenthau
in bonds and
entirely."
asked whether the existing ratio of $30,000,000,000
was
$15,000,000,000 in notes
that the "ratio is
He said, in part:
the
that
1573
Secretary believes that the "partition" limiting the amount of bonds and
"disproportionate."
was
He replied
very good, not counting this last refunding."
now
He
pointed out that when he became Secretary of the Treasury the average
bond maturity was six years, but now it has been increased to ten years.
plan here proposed will not take the
place of the present FSCC methods of purchases and distribution, except
in
those cities
I
have
fine
attitude
Having
where
been
displayed
confidence
mechanical
fident,
the
a
used.
with
the
the
they
effective
have
cities
in
such
all
know
with those people
is
do
have
we
view
we
of
who
the
fact
that
are
the
farmers
proposing to make
are
successful,
it
people
the
of
that
means
United
moving the
real
Reorganization of corporate directorates to include so"working directors" as a means of increasing the
efficiency of American business was advocated on March 9
by Richard C. Patterson Jr., Assistant Secretary of Com¬
merce, in an address before a luncheon meeting of the Bond
called
possibility of expanding consumption
buying less than 15c. worth of. food per day "
day get jobs, but until they
some
public health which
job in
a
have
the
day is
will
States
such
not
be
especially in
cannot shirk,
we
far
'And
surpluses.
great
joint frontal attack.
a
distant
adequately
all
when
the
of
,
goal
Our
nourished.
Club of New York.
Mr. Patterson said that the Adminis¬
tration is determined to promote business recovery and to
so
iB fully
If this plan
v
might
well
be
United
States.
A
D,
to
and
of
We
of
kinds
have
which
vitamin-rich
lack
of
such
are
food
is
preventable
with
in
the
most
to
seems
mental
butter
with
Most
Gentlemen,
Vitamin
of'
sources
the
in
energy
common
that
the
in
Vitamin
may
eat
well
health
to
of
than the various
behave
and
right
be that you
this
of
Shortage
.
sickness and
properly
used
time.
funda¬
the
sense
surplus
Every
groceryman
increase
can
his
economic
in
pioneers
are
our
conference
foods.
Every
increase his public health service to. under-nourished
can
.
going to be overflowing with
are
it
who
C.
more
United. States
people
sense
members
the
service
con¬
to
cities.
embodies
The
plan for consideration to be tried out in half
helpful
suggestions
Business, he declared, should accept in good faith recent
Government assurances pf cooperation.
He stressed that
his views were "unofficial," and that his suggestions were
personal.
With, regard to "working directors," Mr. Patterson said
that the more adequately
private enterprise and private
business function in the creation of more work, more employ¬
ment and more wealth, the smaller will be the Government's
burden in keeping the economic system from breaking down.
Mr. Patterson, who indicated that he spoke "in an unofficial
capacity," continued:
/
It should be clear that the working director is interested in major policies,
not in the detailed operating
proposal is the product of
many
cooperate with industry to that end, and he said that the
objectives of business and the Government are the same.
the
procedure which is the concern pf management.
Deahs of outstanding business schools whom I have consulted and who
"
You have before you a
It
deficiency
abundance of
its
opinion responsible for
farmers.
dozen
vitamin
end
significant public health movements of
me
significance
groceryman
sumers.
to
excellent
my
diseases.
ordinary
abounding health.
It
foods
surplus
abounding, joyous
of
themselves
one
surplus
surplus eggs with their abundance of Vitamin B, and surplus
fruits
citrus
use
which
a
have commented
long hours pf consultation.
have
come
from
the
groups.
Reported
Abandonment
-
of the
by
on
whole and the public in general; special problems in¬
their attention'to specific industries;
confining
in
studies
expansion
on
contraction
of the company's
affairs.
,
auditors, special advice on executive personnel policies, stimulation
a more
thorough discussion of policy questions in board
meetings, thus assisting the board in discharging its responsibilities more
increase in the
fully.
How will the
of working directors improve the situation ?
use
They will
improve the situation, iu my judgment, by increasing the efficiency of the
would ask for removal of the "partition" limiting the propor¬
boards.
tion of the public debt in
making it possible—I might almost
000,000.
thau conferred
world in which
outstanding bonds to $30,000,Besides lunching with the President, Mr. Morgen¬
They
will
bring about
that Increase in
say
efficiency—hqw?
By
by making it obligatory—that every
board will adhere to the needs of the organization and the complicated
Mar .13 with officials of the Federal Reserve
a
and
policy questions the services of working directors should
and contribution to
public debt limit at this session of Congress, but that he
System, but according to
relations,
helpful in the following ways: Special advice to the board on the selec¬
tion of
March 13 by Secretary of the
an
as a
executives
In addition to such
Treasury Morgenthau, after lunching with the President,
on
following: Employer-labor
activities and long- term planning; also developments in international
be
that the Administration would not ask for
to
supplementary
Next Session-—Pro¬
Long-Term Treasury Bonds
made
industry
parent
posed to Seek Removal of $30,000,000,000 Limitation
was
the
as
volving stockholders' relationships; social and economic trends not so ap¬
—
Action Will Be Deferred Until
Announcement
policy
careful consideration of the brOad principles of business policies in relation
Administration of Plans
to Ask
Congress for Increase in Statutory Debt
Limit
Secretary Morgenthau Indicates that
on
major
of
finances, consumer relations and marketing, public relations, to effect more
*
1
favorably on the employment of working directors have
suggested that the advice of such directors would be most helpful on such
trade
questions
'
Jr. Urges "Working Directors"
Industry—Assistant Secretary of
ciency—Pledges Government Cooperation in Busi¬
ness
Recovery
con¬
greatest
We hope these people will
per person.
Patterson
Commerce Tells Bond Club Move Would Aid Effi¬
the
on
am
C.
American
in
/
the
that
I
demonstrate
to
as
Richard
groups.
work
to
real job of
a
manner
a
efficiency to the public.
We
down
got
The food trades,
way.
their very best to do
the selected
different
the
of
mutually
of the
reports
representatives
other,
very
going to do
are
are
delighted
by
each
in
details in
surplus in
stamps
continually
business finds
itself today.
Please note carefully that I am not suggesting public
dispatch from Washington to
by government agencies, but I
am
directors appointed
suggesting that private enterprise itself
the New York "Times," would not discuss the nature of the
conference other than to state that it was arranged last week
ment directors
and
prise and the public interest are coincident when business is well managed,
exercise great care in selecting its own
pertained to "joint problems" of a fiscal and monetary
From the dispatch to the "Times" we also quote:
and it is
nature.
The
Secretary did
say at
being
his press conference, which followed his meeting
was
Federal Reserve conference included Marriner S. Eccles,
Chairman of the Board of Governors; George Harrison, President of the
Those at the
same
Committee that the
attempt to exercise a domination, over administration and policy.
It
would tempt some persons to use such a position to promote ambitions in
political and other fields.
A poor selection could readily Wreck sound
administrative and directorial sense of responsibility in such a company .
Further, there would be created the fundamental anomaly, if such appointed
government director stuck to his proper functions, of often having a com¬
pany at? issue with a governmental regulatory body over questions of rates,
services and other mattery.
One arm of the government would be opposing
another.- There would also be constant situations where a government-
Morgenthau
appointed director actihg on behalf of all the stockholders would be in a
position of opposed interest to government agencies with which his company
of the, Budget, and E. A. Goldenweiser, Federal Reserve economist.
*
Abonddnment of the plan to increase the debt limit from $45,000,000,000,
the present statutory figure, to $50,000,000,000, came in the face of growing
opposition in Congress.
"Personally, I do not
see
why they should not do it now," said the Secre¬
tary, who originally had told the House Appropriations
increase would be sought.
The
national
debt
stood
today at
$40;000,000,000,
Mr.
said the Treasury could get through this calendar year and possibly longer
without increasing the limit
of issue,
above $45,000,000,000.
The
•
k
was
contracting."
.
Now, that concludes Mr. Sloan's statement.
At the present rate
Whatever weight you may give to the
however, the $30,000,000,000 long-term debt limit will be reached
voicing
by late August or early September.
Still for Spending Less
objectives
generally
quite
:
these Objectives
Secretary insisted that the Administration's new position on the
iterated his view that Congress should spend less money, but
entertained
He re¬
added that
private enterprises owned
of large
widely-scattered securityholdres.
more
grown
the limit
to
$50,000,000,000
had
rapidly since Senator Harrison announced ten days ago that he would
•The effect of the Senator's statement
the economy bloc to new and
was to summon
bolder resistance to governmental spending.
From its Washington bureau March 13 advices to the
New York "Herald Tribune" said In part:
The decision to sidetrack the controversial debt-limit question from the
Congressional calendar removes an obstacle from an early adjournment.
Mr. Morgenthau asserted that after Sept.
able to sell any more bonds.
30 the Treasury would not be
On Feb. 28 the total of bonds outstanding was
$26,995,000,000, while the bond debt limit was $30,000,000,000.
this month the Treasury announced the
Early
refunding of $1,294,000,000 prin¬
cipal amount of notes maturing June 15.
About 76% of these notes were
exchanged for two outstanding bond issues, indicating total bonds out¬
standing bond issues, indicating total bonds outstanding of $28,169,000,000
or
reaches the
that
another $3,752,000,000 of notes and bills before it
$15,000,000,000 point for these two types of security.
Let
man
The
of the
responsibility
by numerous and
appointed by the government, the
directors
business should be concerned in improving the quality of
of its own
choosing by other means, such as those I have suggested.
us now
turn to the
question of responsibilities of directors.
Chair¬
Douglas of the Securities and Exchange Commission, with whom I
have at length discussed
this problem, says:
We are a capitalistic economy and only so long as we remain a capital¬
istic economy will we remain a democracy.
Capitalism and democracy
are Siamese twins; they cannot live if separated.
An effective job requires
a leadership of business by business and alertness of industry to its own
responsibilities.
Industry has it in its power to take the lead by putting
its whole corporate house in order.
Every such chore should not be left
to government.
Let us not look to government for leadership, except
where self-heip breaks down.
I believe that we are on the eve of a real
resurgence in our economic life, a resurgence in which changes in our cor¬
porate directorates will be an important and an inspiring factor.
In the earlier part
of his remarks, Mr. Patterson said:
Despite the controversy now raging about government
great bulk of our economic
by private business.
$1,831,000,000 under the limit.
Including the March 15 financing operation, the Treasury estimates
it has powers to issue
against
The more it is believed that that demand
should not be met by public directors
fight the increase.
businessmen
will not stop the growing demand upon the part
the directorate
"voting the money and then not raising the debt limit is like closing the
to raising
by
public for greater efficiency,. greater capacity and greater
in
barn door after the horse is stolen."
opposition
thoughtful remarks of Mr. Sloan,
public directors appointed by the government, you will appreciate that
Money
debt limit figure had nothing to do with business "appeasement."
Congressional
I quote from his report: which
by the government.
unanimously accepted by the Business Advisory Council:
It would be inherently difficult for an active, aggressive governmental
director not to step over into the field of governmental inspection and regu¬
lation and from just the fact that he had been appointed by the government
bank; Daniel W.
Bell, Assistant Secretary of the Treasury and until recently Acting Director
danger if government injects itself into private enterprise beyond
traffic cop to maintain the common good.
directors appointed
public debt limit was discussed, "among other things."
Allan Sproul of the
a
We heed no govern¬
George A. Sloan of New York has ably presented the case against public
with the Federal Reserve officials, that policy with respect to changing the
New York Federal Reserve Bank;
a
directorates..
under a system of private enterprise because private enter¬
spending, the
activity is carried on by private enterprise and
The more adequately private enterprise and private
of more work, more employment and more
business function in the creation
wealth, the less will be the" government's
system from
breakihg down.
burden in keeping our economic
1574
Financial
Technological
of Monopoly Inquiry Suggested
Frank—SEC Commissioner's Proposal
Leads to Discussion of Record of NRA
Basis
|g|by Jerome
|gl
A proposal by Jerome Frank, Securities and Exchange
Commissioner, that governmental studies of monopolies on
industry-by-industry basis be made with a view to "regu¬
lating" practices of those industries in which technological
an
eliminated
has
progress
March 8 at hearings
Committee.
nomic
"Chronicle"
the
Previous
Feb.
of
tioned elsewhere
competition
on
hearings were referred to
Mr.
Frank is
reported as
of
burden
The
heavy
transfer
who
able
referred
not
to
it
such,
as
his views
in
Hinrichs
Wendel
were
that
the
of
Labor
Berge of the Justice Department and
also members of
Department,
com¬
Mr.
told
Frank
"we
that
have
monopolies
industry
that all
because in
type
committee
the
adding
done
little
too
of
in
which
industries where monopolies exist there exists
some
monopolies
he did
He said
tion
because it
trouble
The
the
exist.
not advocate a
employed devices tliat went exactly in the wrong direction.
with
he added,
NRA,
stated
that
instead
should
there
have
been
of
having
what
their
given
not
was
number
great
a
might be termed
before which the automobile
mitted to
that attention
was
to
increasing production and reducing prices.
necessity of
He
Recovery Administra¬
industry,
of
"super
a
authorities
council"
set
for example, might have been
per¬
reduction.
Technology Factor Cited
Asserting that technological
method
of
geing to
production
in
competition
get
industries,
must
Mr.
Frank
felt
devices.
that
if
we
are
we
new
use
production, beet wages and lowest prices possible.
Mr.
Frank
said
factor.
Each
because,
he
be
he
that
industry
believed
should
continued,
there
be
is
each
industry
approached
blanket
no
presented
from
form
social
a
different
a
that
can
better
automobile
off
other?
if
he
should
questions
by
be
in
Frank
the
Frank.
the
rendered
glibly,
Fetter of
H.
committee,
He' said
that
the
of
he
well
he
in
and
any
answer
his
opinion
made
is
move
to
such,
did
with
believe
not
for
witness
issue
the
the
Trade
views
that
would
it
be
Mr.
by
sacrificing
industry is
iir the public
he 6tated,
thought that there must be
a separate
"I believe
a
code for each industry is an
blanket law
to
the controversy ,by commenting that "NRA is out the
window, and I don't feel it is the duty of this Committee
to hold
the
Federal
shares
of
case
The Federal tax
.
New
York
stock
other
higher-
well
as
the
as
the aggre¬
on
levy
States
no
„
conspiracy of silence
a
selling
the case of
State.
transfer
Small
investors
levied
taxes
the acute
on
already
are
here.
During
the
a
other
is
Here
diverted
listed
the
on
which
exchanges,
New
York
Stock
naturally
are
Exchange
New
Stock
York,
injury
not
business
being
is
the
to
injury
New
the
of
taxation
trading,
stock
only
if
York
economic interests of the
•
.
.
.
the study of the Federal and
State stock transfer taxes, under the
chairmanship of Sen¬
is comprised of:
ator, Mastick,
K.
the
...
excessive transfer
but the financial business and
committee conducting
Louis
which
exchanges,
annual loss in
an
seriously
would
generally.
The
local
direct reflection of
Obviously such
continue,
to
various
to
a
aa
State.
York
Exchange,
State
York
New
New
of
also
are
taking advantage of
evidence of the speed with
practical
from
citizens
President
Com&tock,
of
the
Merchants'
Association
New
of
York.
Saxe, former State .Senator and Chairman of the Taxation Com¬
of the
mittees
Constitutional
State
Conventions
of
1915
and
1938.
Bogen, editor of the "Journal of Commerce."
B.
Chairman
Smith,
the
of
York
New
,
Stock
Transfer
Asso¬
ciation.
Howard
S. M.
Froelick, of De Coppet & Doremus.
„
Sadi, Secretary.
Paul
Professor
Studenski,
of
York
New
University,
conducting the research for the committee.
of
bers
committee
the
volunteered
have
All the
their
is
mem¬
services
to
the stock transfer tax situation in this State.
cure
Progress and Problems of Petroleum Industry Outlined
by Joseph E. Pogue of Chase National Bank of
New York—Study Constitutes Concluding
Chap¬
of Book to Be Published Later This Year
ter
post mortem
a
its vices
on
Petroleum
Criticism
of^gExcessive Burden of Federal and New
YorkJState Transfer Tax by State Senator Seabury
C.
Mastick—Finds
Small
Investor
Suffers—Sees
Diversion of New York Business to Other States
The
excessive
burden
of
stock transfer taxes upon
Albany
March
on
13
Federal
and
small investors
by former
State
New
York
State
criticized at
was
Senator
Seabury CMastick, Chairman of the Committee for the Study of Fed¬
eral and State Stock Transfer
Taxes, who asserted that
such investors ,are unfairly taxed and that stock transac¬
tions are being diverted in rrapidly
growing volume to
exchanges in other States because of the severity of trans¬
fer taxes here.
The committee, Mr. Mastick
said, has made
comprehensive survey on which a preliminary report is
shortly to be made public, and has presented the informa¬
a
tion which it has gathered to Abbot Low
Moffat, Chairman
of the Ways and Means Committee of the New
York Assem¬
bly, for his consideration.
ing to
This
regarding the effect of the tax:
say
is
not
persons
problem that
a
employed
whole State.
stock
the
fact
therein,
The welfare
The State of
the
Senator Mastick has the follow¬
transfer
that
New
tax
more
of
is
The
impaired
conducted
other
on
economic^foundation of
by
the
the
decrease
New
Stock
the
at
is
other
living
to
New
not
loss of
an
Wall
Street
York, outlines the
Mr.
sources,
outside
of
stock
Mining
of
as
a
the
result
State
of
are
security
Exchange and the diversion
transactions
of business
constitutes
the
concluding
published later this
and
subjects
by the American
year
Metallurgical
Engineers.
It
em¬
capital investment in the industry,
exploration, production and proration, transportation, re¬
fining,
distribution,
consumption, exports and imports,
as
tariffs, prices, labor and taxation.
Pointing out that the oil industry has at all times met
current needs of a technological civilization and con¬
the raising of its high standards of living by
providing products qf steadily improving quality at de¬
the
tributed to
clining costs, Mr. Pogue indicates how the industry at the
same
time has extended the Nation's economic frontiers
and has
preserved active competition among the diversified
elements
and
involved.
interests
The record of this
proud
$15,000,000,000 industry, he feels, is
For example:
#
one.
The
oil
develop
a
of
design
the
directly from
City and New York State
of
be
it
alarming extent, in other
York
proportion
to
of
braces such
study
"Elements of the Petroleum Industry,"
book,
a
is
of
only considera¬
the
of the industry and its current
progress
Pogue's
Institute
which
and
population of
the
revenue
of
Pogue, Vice-President of the Chase National Bank of New
business
its
from
further
an
ground,
to
by
find
by
in
of
is
its
order
is
the
the
first
operations,
the ordinary
influences of
to
make
laws
of
will
enterprise,
practical solution
character.
for
afford
within
a
a
great
having
the
industry
altered
enterprise
economics and
unchecked
experimenting with
proration
competitive
a
States
conducting
structure
industry
evolution
effort
of
regulation
The
United
the
economic
disturbing
capture.
The
of
the
in
method
new
susceptible to
of
the
States.
a
operation
new
of
case
to
the
more
to
free
the
rule
economic
fascinating
a
form.
history
existing legal back¬
complicated problem of unique
our
*
Although the essential framework of a workable operat¬
ing structure has already been established, Mr. Pogue states
that the proration mechanism has not yet been
perfected,
either in structure, range or
investing public
diversion
York
in
a
from
investors
handling their security transactions,
markets.
businesses
investor
suffering
indirectly
more
the
It strikes
the small
York
and
and
concerns
alnoe.
"Economics
entitled
Industry," made available March 12, Joseph E.
problems.
virtues."
or
comprehensive review,
a
chapter in
The
transfers than the
In
opportunity to attract business away from New York State.
ethics is the
pn
According to Associated Press advices from Washington,
March 8, Senator King (Demicrat), Utah, brought on end
to
in
high
stocks
the
on
In
is
a
approach to the problem."
proper
now
have
and
be industry-by-industry approach to
that there is going to be bureaucratic exami¬
means
absurdity," Dr. Fetter. declared.
tion.
bound to
suggestion that there
nation of each industry.
the
the
years
help to
interest,"
stockholders
vital activity of capital
Furthermore,
.
.
maintaining
situation
of
aware
of
the
large industry aggregations.
up
monopoly problem
"The
in
half
Commission
expressed
or
of
rapidly increasing proportion of the stocks of many
leading corporations have been traded on exchanges in other States, where
the State transfer tax burden is light or even non-existent.
More than
each
by
with tax¬
about 20%
Stock Exchange.
York
number
share, while in
per
transactions.
whatever.
two
regulation.
Princeton,
took sharp
that
sad,
No
the
of
no
Howard
country
Nation's
the
in
persons
is, therefore,
stock
on
4c. per share.
point
competing-with each
point.
before
and
New
the total
investors
3c.
is
taxes
be
the
factor
$8,500,000,000,
the
on
the stocks.
of
is
Jules I.
Would
the industry
in
of explaining his
way
"Decentralization of
the
example.
an
companies
direction
efficiency by breaking
added
as
should be studied extensively
industry
Dr.
500
inquired
Government
before
had
it
industry
whereas wealthy investors
transfer taxes only on
important
of
heavier tax
a
the tax is
transfer
stock
applied.
the
who
investors,
investors, who buy in amounts of less than 100
transfer
Martin
Continuing, he stated that ove'fcompetition is not always desirable,
cited
listed
85%
over
the tax
$20,
value
par
There
standpoint
regulation
or
as
incur taxes on the
Massachusetts, Pennsylvania and Florida are levied
of
stock
Through
industrial
methods, he said, efforts could be made to obtain the highest
conference
small
100 shares,
less held
or
stocks
the value
in
priced shares,
taxes
permitted
have eliminted competition in the
processes
some
actually twice
Its tax is levied on a per share basis, wtih but little regard
than
less
at
in
.
country
,
levies
now
differences
for
up
and complain of the high level of steel prices and demanded
go
that
fact
generally.
York
New
traded
code
year
a
of
that
taxation of such
Heavy
past
National
of
return
the
exceedingly
an
$5,000
volume
estimated
Government.
a
competition also although competition might not prevail in other industries
by
damaging effect on the stock market and on the
gate
experi¬
monopolies
not
are
this
of
100 shares or more pay
of
are
.
menting,"
pure
monopoly
the
Ford
caused
is
country are small
shares.
the
A.
of
entire
also
investment
understood
was
mittee.
investors
incomes
this
was
is
market.7 A recent estimate shows that 4,000,000
in
it
It
amounts
in
Small
the Government to ascer¬
Although
York
investor as for the large investor.
This result was
by the Legislature in framing the present stock
laws.
tax
capital
production and price schedules.
The Washington ad¬
vices, March 8, to the New York "Journal of Commerce"
philosophy, expounded by the Commissioner, who is SEC's representative on
the monopoly committee, is the so-called "planned economy" theory which
is favored by many liberal advisers in the New Deal.
Joining Mr. Frank
exchanges
New
foreseen
not
buy
confer with each other and with
*
stock
in
taxes
purchase as well as the sale of their securities,
the
follows:
registered
the sale.
is
as
the
transfer
purchase securities in amounts of less than
of
hearing
stock
of
the small
for
probabdly
It
further reported the
of
transactions
stock
18, 1939
85% of the total volume
ordinarily take place.
saying that it would be desirable for units of industry to
tain
Mai.
security market in New York, where more than
in
and are also men¬
11, page 821,
this issue.
in
advanced
wras
before the Temporary National Eco¬
Chronicle
as
a whole will ultimately bear the cost of this
trading through the impaired efficiency of the national
application, and that it can be
impaired if price-fixing is permitted to enter into operation,
"for the existence of
a
flexible price
structure
is' essential
Volume 148
to control and
Financial
proportionate capital flow."
Chronicle
The
As to bis study,
it is noted:
The
industry, Mr. Pogue asserts, has
primarily through reinvestment of
imposing size
charges, the debt
its
to
grown
(4) The
present
135
of
industrial
in
the
invested
capital, compared with
corporations outside
industry
The
structure
the
has
about
this
doubled
field.
in
the
16
and
is
customers
amounted
against
oil, notes Mr.
went
Pogue.
States
to
Federal
in
1938
to
$1.05
and
barrel
per
weighted average price of
a
$1.18
of
crude
About three-fourths of the total of
About
oil
gasoline, according to
The
sive
author
of
sales
in
tax,
from 21.06c.
years
from
0.91c.
industry
for
the
gallon
per
provides
favoring
gallon in 1923 to 14.05c.
bestowed
cities, Federal
1923
in
striking
a
the consumer,
benefits
same
the
6.44c.
to
by the industry
withstanding
the great advances
mileage and
motor
itself
in
and
in
example of the
trend of taxation
gallon in
per
State,
1938.
increased
Thus,
while
production
mass
has
tended
to
the
for
refining which
'
Continuing, he states
and
that
keeps
the
profit
unreinunerativ6
change,"
cap
be
long
permit
the
of
the
volume
theme
of
for
but
a
the
will
in
is
unit
the
to
this interest
situation
is
frozen
merely
toward
demand.
incidence
its
in
.
except
further
to
A
for
through
there, is
and
recommended
Oswald
of
W.
Knauth,
the New
group
in
York
a
to
that
the
passed
much
legislation
and
is
partly
demand
probable.
seems
On
relief
may
will
life
the
The
activities
the
of
projects with
useful
existing therein.
when the unemployment
point predetermined as
below
an
vary
which
that point,
to be applied, and with, those
which may tend to aggravate the
with the remedies
programs
be adjusted
to the characteristics of
situation. "
work
of
projects the principle of not competing
relief
lean
to
and only be reserved for genuine
emergencies,
not
are
scale which encourages local govern¬
the Federal Government for financing their normal
upon
public improvements.
' '
Provision by project sponsors of funds to cover cost of materials, equip¬
ment and supplies and costs of preparing plans.
Establishment of a merit system for employees in executive and admin¬
positions,
istrative
relief
and
Act
14 by
.
of
the
means
prevent exhaustion of
to
of
discontinuance
Gradual
adoption
of
test as
condition of
As a last resort,
all
for
a.
program
relief
of
under
of
since last
and State supervision, to have
relief and determination of eligibility
subject to Federal
applicants.
Associated with Mr. Knautb on the Advisory Council of
York
New
WPA of
the
City are:;
The
T.
in
so
Arthur
Moore,
for the present
compatible with Government finances.
Council
recommends
that
wages
be paid
basis; and that full hours of employment be
hourly wage than
on a minimum security
required, resulting in a lower
in private employment.
(3) The relation of Federal and local* governments:
-
Radiator
&
Standard
Benjamin
W.
of
Dodge Corp.
the Board, Manning,
H.
Namm,
Maxwell
&
President the Namm Store.
Nystrom, Professor of Marketing,
H.
Paul
Chairman
School of Business, Columbia
University.
E.
T.
American Cyanamid Co.
H, A. Tiedemann, Director Industrial Relations Counselors, Inc.
V.
O'Daniel,
Langbourne M.
Knauth
Mr.
Vice-President
Williams Jr., President Freeport Sulphur
is
President
Corp. of New York and was
of the. Associated
Co.
Dry Goods
formerly Director of the Emer¬
Relief Bureau of New York City.
The announcement in behalf of the Council says:
gency
that the
the public assistance program, the Council felt
attack on the unem¬
employment service was the keystone of any
recommended improvements in the present service.
the consolidation of public works with public
the other hand, recommended planning and control of
Federal, State and local agencies to make possible
ployment problem, and
I«
(2) The problem of relief wages:
The
Vice-President F.
Moore,
Though not a part of
relief be continued
American
Inc.
appraisal of work relief:
as
Vice-President
Hamilton,
Holder*,
C.
:
far
S.
J.
Corp.
Sanitary
meet
that work
Co.
President William A. White & Sons.
Peter Grimm,
Rolland
■-
system of relief could be more than an inadequate
recommends
.
Dillon, President Brooklyn Gas Co.
Goldthwaite Dorr of the law firm of Hines, Rearick, Don- & Hammond.
to absorb the bulk of those now without work can
Council
President Bowery Savings Bank/
Gibson Carey Jr., President Yale & Towne Mfg.
Mary E.
caring for unemployment, which would not disrupt the
While having in mind
(1) An
Security
direct relief should be the reliance for public assistance
governments,
charge of actual distribution of direct
economic structure of the country.
tions
the Social
direct assistance to unem-
unemployable persons.
Local
industrialists of New
private misfortune and that, conse¬
quently, there was no single best way for meeting the prob¬
lem, most of the discussion turned around four main ques¬
eligibility for work
family assets.
categorical
general
a
,
a
ployables.
representatives of the organizations with which they are
to
for
level to
It should not be on a
W.
expedient
index
emergency
and production should be observed.
the Federal Government's contribution
with the state of' necessity.
It should cease entirely under
Liberalization
prosperity, thereby reducing the need for public assistance.
The basic principle underlying the discussions of the
Council, Mr. Knauth said, was the attempt to find a method
com¬
private construction
respect to work relief,
With
ments
and maintenance of economic
Federal
minmuin of
a
initiated
be
a
falls
index
business
emergencies.
a solution of the
unemployment problem be obtained, and
recommended, therefore, that Government policy be directed
the
administrations.
public assistance
normal
should
a
connected.
The Council called attention to its belief that
only by the resumption of private employment in sufficient
of
for the States and localities should be established
to
unemployment,
conditions
and
assistance
prolonged unemployment.
above
rises
recommendations acted in their individual capacity and not
no
in
granted by the Federal Government for public work
are
the selection
with
be largely negative
City Works Progress Administration,
public
Henry Bruere,
that
owner¬
policies, or small savings
by administrative agencies.
determined
limited. to
quotas
pointed out that the members of the Council joining in the
of
to
the past,
in
single existing agency.
assistance
current
In
for by
probably
Chairman of the Advisory Council
primarily to the promotion
hand,
tend
insurance
unemployment problem.
Public assistance policies should
such
of new expansion rather than
York City, who have been studying the problem
measure
other
not
applicants should be permitted to retain
present
a
period of
relief
when
features
May at the request of Lieutenant-Colonel Brehon Somervell,
Works Progress Administrator for New York City.
It is
as
the
should
have exhibited thrift
who
basis of the unemployment
longed
their
'
men
of
comprehensive objective economic survey to deal with causes of pro¬
A
compensated
however,
report made public on March
of leading business
allowances.
amount
non-partisan statutory Federal Council on Public Assist¬
and performance of Federal public assistance
a
for
country
cease
of
forces
for public assistance to replace the
as
The
of
subsidies
Federal
the
present scattered and somewhat unrelated relief activities
is
recipients
minimum
program
work
the
on
no
running
of
work
a
and,
Assistance
national program
the
to review administration
When
Progress Administration—Urges
Policy Be Directed Toward Reducing
Public
and
access
<
assistance
York Works
Need
relief
generous
of
easy
petition and dislocation of private enterprise offers the preferable form of
National Program to Replace Scattered Relief Activities
Recommended in Report of Advisory Council of
New
*
agencies, and consolidation of public assistance functions in each State for
„
all
have
♦
Government
public
Since
responsibility through too
family
supervision of local relief
There
the regulation
to
or
sector
adjustment,
u.
too
or
eligibility
homes,
Creation
ance
efficient
expansion
and yet
suggest
equilibrium
an inhibition
rapid contraction of existing facilities, o
.
that,
too
be gradual and with sufficient growth in
of
A
to the
proposed,
this
margins
of
process
of
Consolidation
The change is slow and complex,
improved
narrower
The
difficulty
are
or
by
funds
Government under
prolong the adjustment—an irregular move¬
of
And again:
clude:
says.
brackets.
cost
increase;
in
of
unnecessary.
Outstanding recommendations of the Council, which fol¬
the general principles governing its discussion, in
'
lowest
evidence
overexpansion
weaken
or
accordance with standards
severity of competition
a
retard
panaceas
considerable
direction
trend
increasing
per
will
reversal is under way.
doubtless
the
inevitable
sales
continued
unless
ment
this
protection to
maximum and
action
of
that
relief
lowed
Pogue
Mr.
unsatisfactory
the
legislative
more
There
competitors.
making
of
level
a
in
margins
narrow
which
in
at
operators
resolvement
fundamental
no
period
field
all
make
of assistance should undermine the industry and thrift
level of destitution.
ship
»
"
:
average
to
will
rby compelling them to exhaust family assets completely and sink to the
the
and the source of endless
The overcrowded nature of the field makes for
and
which
from
destroy the morale of
contribute to greater
efficiency.
regulation
relief
conditions
Narrowing profit margins also pose a problem for an
industry which has contributed so vitally to the conveni¬
ence and welfare of the American people and to foreign
peoples, while "the distributing system of the industry is
proposals
construction
application
the form of prices and not¬
in
the focus of incessant dissension
derived
individual
to
principle
offset
the
and
all
production, the best program for dealing with
problems which public assistance is intended to meet is to promote
is
No program
1938, the
has
industry,
development
terprise to provide employment"
price of gasoline, exclu¬
declined in the past 15
average
60 representative cities, has
per
sales tax
average
a
policies
the
Nation and in such ways as will not diminish the capacity
of the individuals to support themselves or of private en¬
14% and 19% of the average retail price oi
chart which Mr. Pogue introduces.
shows that while the
also
recommends
for
amount to between
now
especially
of
principle that it be provided for the relief of need and not
other purposes, and should be operated in harmony
with the general economic and social structure of the
$1,277,680,972
taxes, which fact leads the author to declare that gasoline taxes are
approaching the point of diminishing returns, "and there is some indica¬
tion of a cessation of growth" of such taxes.
Total State and Federal
taxes
direction
his family in meeting a de¬
The Council recommends "that the program for
public assistance be carried out in conformity with the
the other fourth being paid into the
of the total represented State gasoline
59%
the
vidual and the assistance of
municipalities,
Treasury.
for
pression.
barrel of crude
per
private
All through the report is disclosed a disposition on the
part of the Council to emphasize the necessity in any public
assistance program of preserving the initiative of the indi¬
now
probably close to $15,090,000,000.
New capital issues in the oil industry
$145,000,000 a year during the last 16 years.
Total amount of taxes collected from the petroleum industry, its products
and
of
recovery and expansion of private enterprise.
have averaged
produced,
private
the
invested
and
years,
responsibility
Federal supervision.
safeguarding
Council
income
5% for
capital
The total
past
than
more
local
industry.
earnings and capital
being relatively small.
The investor in the
American petroleum
industry, on the other hand, he states, in recent years
has received a
relatively modest return as reflected in earnings and divi¬
dends, the aggregate cash dividends paid by 21 oil companies Nbetween
1922 and 1937, inclusive,
averaging about 4% per year on theXstockshare
that
recommends
relief be maximized with
petroleum
holders*
1575
Council
did
not
assistance,
public
their
low
recommend
but,
works
on
by
maximum
ebb.
utilization
,
in
periods, when private construction
is at a
¬
1576
Public
direct
Financial
assistance
relief,
include
and
by
relief
insurance,
did
nor
the
and
unemployment compensation,
workmen's
of
considered
as
categorical
Council
included
institutional
old-age insurance
include
it
works carried
public
demand
The
customary methods as being a form of public assistance.
Mr.
in
Knauth
explained,
however, that the latter had
reducing unemployment, and that public works
Council
from
that
point of view.
but it
that the employment
service, though not a part of a public assistance program, was necessarily
connected
meetings.
the
with
extent
it
unemployment
and
that
which
to
and
the
had
considerable
given
thought
it could
which
"in
way
be
best
tied
in
The
recommendations
the
of
University of Wisconsin, and
Lescohier
and
secured
accompanied
are
In
the
consultant
a
by the findings
Automobile
of
representatives of
O.
them
both governmental
private agencies dealing with employment, finance and welfare.
the
retain
Committees of A.
F. of
L. and
C.
I.
O.
Efforts
on
and continued without
m.
F. of L.
when they left the A.
as
charter,
for
even
The United
did not give the
instance,
holds those rights.
now
fashion,
same
United
the
U. A.
W.
It does not propose to relinquish
F. of L.
Workers
Mine
men
have
told.
were
by
organized
chemical and munitions plants, and intend to
as
bargaining rights there, it was said. Others of the old C. I. O. unions,
like the Amalgamated Association of Iron,
Steel and Tin Workers, have
undergone similar changes, it was explained.
Effect Labor Peace
to
The conferences which
war,
yesterday's meeting,
pointed out at
representatives
product industries, such
Adjournment Until March 24 of Deliberations Between
There was
has been renewed in the present
which
by returning the original charter, the A.
In
yesterday
tonight.
in their efforts to end the three-year labor
Hotel Biltmore at 10 a.
Workers'
them and in fact
addition to technical aids in various fields,
advice
conferences
bargaining rights for auto parts workers, but the U. A.W. organized
exclusive
labor and industrial
on
I.
C.
longer are the same
no
by Dr. Don D. Lescohier, Professor of Economics
problems of wide repute.
Dr.
Council
the
F. of L. must greatly
of four
longest
for lunch until 3:45 p. m., that some of the original C. I. O. unions
recess
research staff headed
a
at
A. F. of L. plan for
an
...
the
which began in the
with
public assistance.
of
their
proposal of two years ago
But
employment service could be used in reducing
the
in
Council
the
1939
learned that the C. I. O. has found new difficulties in the A. F.
was
L.
of
to
objections to
new
to be satisfied, the A.
ended
peacemakers
statement of progress
no
considered by the
were
He also explained
for labor peace is
with a curt announcement that they will meet again
important effect
an
yesterday posed
18,
modify its proposal.
by
out
Mar.
uniting their millions of workers and it appeared that, if President Roosevelt's
not
other kind
any
or
did
It
The C. I. O.
relief,
work
care.
Chronicle
No imtimation
were
begun
on
March 7 by repre¬
sentatives of the American Federation of Labor and the Con¬
of Industrial Organizations, and which a week ago were
transferred to New York, were recessed on March 14, and
the further meeting is scheduled for March 24 in the De¬
partment of Labor Building, Washington.
Reference to the
conference, held at the instance of President Roosevelt,
appeared in our issue of a week ago, page 1414., The New
was given as to the developments at the
March 14, at which, as noted above, a 10-days'
conference
on
recess was
taken.
gress
York
"Journal of Commerce" of March
It
15 in
noting the
taken March 14 stated:
recess
was
assumed that
Ended
recess
the fact that John L.
was
United Mine Workers of American contract with the coal
operators.
present
In
contract
our
expires March
item of
The
The
possibility
proposal to merge all labor unions into a new American
Congress of Labor.
With the renewal of the Conferences in
New York on Friday March 10,
following the adjournment
on March
8, Harry C. Bates, Chairman of the A. F. of L.
Committee, issued the following statement March 10, after
the
and
The joint committee discussed at
length the proposal
committee for the Congress of Industrial
Organizations.
the discussions, the representatives of the
that negotiations for
proposed
an
American
submitted by the
In the
It
of
were
left off.
agreed that the proposal submitted by the American Federation of
Labor and any other proposals that
may be submitted, will be discussed at a
meeting which is to convene on Monday at 10 a. m. at the Biltmore Hotel."
was
In the
New York "Times" of Maich
12 it
stated:
was
The seven members—four from the A. F. of
L. and three from the C. I. O.
adjourned early yesterday after
a
five-hour session which failed to reach
flatly rejected
A. F. of L, peace proposal in
1937, agred Friday night to reconsider it
when the joint committee reconvenes on
an
Monday.
The A. F. of L.
terms
appointed
Mrs.
The board members,
Anna
M.
Rosenberg,
One agreement
Board
of
International
facturers'- Association,
receive
to
are
and
practices
Mr.
LaGuardia
appointed
also
are
original A.
"would pot apply nor
affecting the 20
new
F.
of
L.
C. I. O. unions
according
to-the
were
A.
of L.
F.
adjusted
to
so
this
proposition,
until all
matters
that the interests of
all would be cared for
concurrently. "
"A joint conference committee
and
the
C.
I.
O.
unions
be
would
established
C. I.
O. and dual
out a
for
each
of these
20
new
"When
these
conflicting union .to resolve the conflict
conflicts
were
to
or
work
A
adjusted, the membership of the C.
I.
O.
Union,
while
and the United Dress Manu-
the
drivers
agreement
$37.50
of
wages
week to $40,
a
Certain fair
1.
com¬
to
all
parties
the
prevent
well
as
the
as
interruption
of
board
he
important
an
,
jurisdictional dispute between the American Federation
Labor and
the
Massachusetts
Congress of Industrial Organizations in
settled
was
between
cussion
union
March 7 after
on
leaders
and
five-hour dis¬
a
T.
James
Moriarity,
State Commissioner of Labor and Industries, at the Parker
House, Boston.
The dispute threatened to tie up fuel and
shipments in the Boston
Boston
ment,
The
C.
its
off
also
I.
0.
Regarding the settle¬
area.
advices
March
of
the C.
I.
that
A.
C.
C.
market
from
I.
O.
two
stood
workers,
its
[March
Saturday
on
goods
had
the
.
in
contending
The A.
employees
F.
joined
f
Markets
closed-shop
4]
L.
of
had
who
employees.
local
instructed
its
the
at
Charging
plants,
truckmen
the
to refuse
to
refineries.
sugar
firm
agreed to call
L.
F. of
contracts.
"
United
the
raided
had
0.
O.
I.
Markets
/
about
centered
I.
L.
of
O.
United
reinstate
•
dispute
F.
move
plants having
on
to
0.
the
7
"
agreed to withdraw its pickets from the United Markets,
embargo
agreed.
The
unions would be admitted into the A. F. of L.
concurrently with the original
A. F. of L. unions.
" •
and the Dress
groups
Workers'
Under
group.
the
A. F. of L. and C. I. O. Sign Agreement in Massachu¬
setts Ending Jurisdictional Dispute
mutually acceptable understanding..
or
Garment
owners
service.
The
equally representative of the A. F. of L.
were
Social
Medalie.
present
congratulated
cooperating
for
of
Director
Inc., plants in. Cambridge and Boston and the A.
of L. Plan
unions,"
be admitted
Regional
required.
United Press
following to say:
Terms of A. F.
their
in
from g.nd been suspended by the A. F. of
L., but that there should be careful
consideration before the admission to the A. F. of L. of
some 20 new C. I. O.
12
present at the signing,
wpre
Ladies'
contractor
a
increases
LaGuardia
Mr.
George Z.
helpers from $25.50 to $27.50, beginning Sept.
petitive
after
investigate the dispute and seek
York
Alger and
signed between the truck
was
only
signed between truck owners'
was
the
who
New
George W.
to
-''
'
.
reached
were
three-member board
a
Security Board;
Joint
agreements
food
"The
garment
involved, the union, the truck drivers
two-year agreements in the
"
the
of
plan is based on the theory that there are no obstacles
to the return to the A. F. of L. of
the C. I. O. unions that had withdrawn
unions to protect existing A. F. of L.
unions from jurisdictional conflicts.
York
of Mayor LaGuardia.
In reporting the end of the
the New York "Herald Tribune" of March 7
settle .it.
to
of
Some of those close to the conference felt
that some progress had been
made, inasmuch as John L. Lewis, C. I. O. President, who
New
signed
.
The
had
an
accord.
350
of
controversy,
Federation of Labor
adjustment of the pending differences
proceed front the point where negotiations of December, 1937,
-
course
strike
a
contractors,
presence
another
5-hour conference:
a
of
drivers, which would have made idle approximately
50,000 workers in the dress industry, was ended on March 6
said:
31.
week ago mention was made of the C. I. O.
a
50,000
truck
Lewis and
Philip Murray, C. I. O. Vice-President, will be engaged in nego¬
tiations with the Appalachian bituminous coal
group for renewal of the
Have Involved
Pacts—Would
by
Workers
when the three groups
for the
one reason
Threatened Strike of New York Garment Truck Drivers
demand
its
the
for
righb'to represent the
them only when invited to
it had organized
by employees and questioning the legality of the A. F. of L. contract.
,
.
If all other
matters
were
adjusted, the A. F. of L. committee would
consider recommending the amendment of the
construction of the A. F. of L.
to
provide that the executive council of the A.
affiliate international
an
authority of
or
national union
or
F. of If. could only
revoke its charter
suspend
on
direct
Disapproval by SEC of Recommendations for Revision
of Security Laws Proposed by Representatives of
National Securities Exchanges
a convention of the A. F. of L.
"A special convention of the A. F. of L.
would be held within a reasonable
time (90 days) after all matters were
ad justed and all affiliated organizations
would be entitled to
representation with all
rights and privileges of other
A. F. of L. unions.
We would agree to
of organization would
specify certain industries where the industrial form
Elsewhere
posals
which were
mission,
March 13,
exert
all
possible pressure to keep the two sides
down to the business of
trying to arrive at
Perkins
took advantage of the
another
appeal
a
peace.
buckled
Secretary of Labor
Sunday lull in the negotiations to sound
along that line.
In
Washington she issued
a
in
can
now that
peace negotiations are
going
on will
a
constructive way to advance the chances for
successful negotiation
between the A. F. of L. and the C. I. O."
American workers
C.
I.
O.
and
From the
a
posals
would
very
following with reference
to the
we
take
meeting the previous day:
in
viction
This
made
to
the
pro¬
representatives
of
16
National
The Commission's opposition to the
made
in
known
statement
a
issued
Exchange Commission has received the report of the
by
John
Lehman
Hancock, of
M.
the Federal securities
acts.
observations
following
Brothers,
proposing
We have considered those
as
respects
chief
the
pro¬
one.
proposal of this committee is a relaxation of the law against
manipulation.
free
is
the
of
Stripped
of
unalterably opposed
stock
the
market.
SEC
proposal is
markets.
The
flow
interested
of
is
the
its
phraseology,
legal
this
proposal
bring the pool operator back into the market.
This strikes at the
heart of stock market regulation.
The Securities and Exchange
productive
"Journal of Commerce" of March 14
to
Commission
tion
a
successful conclusion" her statement continued.
of
by
14,
was
make the
and
market
and
headed
The chief
anxious for peace between the A. F. of L. and the
hope nothing will be done which might endanger carrying
negotiations to
the
are
March
exchanges.
Securities
Committee,
amendments
statement
do everything they
reference
issue
revision
March 15 by Chairman Douglas which we give herewith.
on
The
yesterday expressing the hope that "employers, workers, their unions and
officials,
this
National Securities laws,
presented to the Securities and Exchange Com¬
on
Securities
said:
Officials in the New Deal
administration, which attributed some of its
set-back in the elections of last November
to the split in labor's ranks,
expected to
in
the
recommendations
apply."
In advance of the further
meeting on Monday
the New York "Herald Tribune" on March 12
are
for
SEC
of
American
is
deeply
of
from
on
the
five
any
attempt to
of
years
the
savings
To
legalize manipula¬
1934
the problem
of
this end
confidence
in
experience
is the
with
that it will aid
the ground
concerned with
industry.
stimulating
industry.
to
finding of Congress
after
presented
capital,
channels
in
The
today,
the
the
of
investor
investors
in
law.
maintaining
through
Commission
But this Commission cannot stand
con¬
the
the capital
the
is
the
vitally
securities
idly by,
while
Volume
attempt
any
basis.
Financial
148
is made to bring
Such
investors back
into
market
the
an
to
quicker profits, the insider, and the market
whom
cannot
be
The
trading
more
rigger—not
means
American
had
law,
industry
through the
stands
it
as
increased volume of trading—the broker
American
nor
of injurious
use
today,
has
Sound
investors.
suggested
make
its
The
by
enforcement
clarification
however,
only
present
sales
the
e.g.
The
to
The
the part
on
basic
the
in
is
in.
standard
more
purchases
of
conduct
indefinite
so
and
subject
so
bought
of the Commission would be directly contrary
philosophies of
Federal securities legislation.
the Commission to foresee and define
our
upon
ceaseless
Invention
of such
recognition
of
Such
procedure might well
a
techniques
new
ingenuity that
regulation.
evade
to
consistently
have
courts
our
declined
to
of
fraud
that
might in
any way
be relied upon as delimiting precedents in
future
cases
involving
and
new
The
lay
hard
down
and
schemes.
different
prohibition
present
placed
was
would
point
manipulation of
tion
be
involve
mission.
Out
mission
of
finds
the passage of
tribute
would be
interesting
pool
of
and
that
note
to
were
built
insider who
by
believe
Committee
to
as
Let
against pools,
and
with
harmonious
not
and
that
prior
efforts
con¬
destroy
clean
to
serve
through
to
market-rigging
permit
private
and
that
Led
those dealing with
curtailment
of
.
truth
their
worked
to
of the
away
responsibili¬
investors—th^se
finance.
1929
report
the
on
March 10,
on
Congress Chapter VIII of Part Two of its
to
study
of
issues
30
companies
leverage
end
value
single
1935
than did
of
held,
the
the
in
the
in
invested
in
smallest
the
a
of
end
single
1936,
vestments
classified)
were
the
different
of
while
different
the
companies,
corresponding
than
10.4%
the
more
largest
by
represented
was
percentages
1932
in
and
indicating that the individual companies dis¬
evenly
the individual
over
the general
industry
18
Also,
'
portfolios
more
among
(of
industry
of
number
portfolios at the end of 1935 than at the end of 1932
At
companies
companies,
number
of
different
of
single industry.
a
diversified
•'
the
General
number
a
non-leverage companies,
the
in
included at
investment
larger
a
in
number
larger
general
as
one-half of
whereas
investments
80 at the end
their portfolios.
in
a
closed-end
'
individual
approximately
was
from almost
specialized
invested
the
9.4% and 7.2%,
their
of
principally, in
or
'
1929,
the
of
issue
were
tributed
portfolios
companies
groups,
which
carried
invested
..
,
the
popular
most
ten
individual
issues
proper,
designated
companies
;
open-end
issues.
80
did
than
companies
portfolio securities
the
the
Half of all these companies
issues,
portfolios
which invested entirely,
At
over
excluding
proper,
to
companies
and
those
of
for
the Individual Portfolios
Corporation
1932.
from
proper,
the
fixed and
34%
large
portfolio of these fixed
1930
the
in
companies
among
accounted
for
companies
which
into
average
an
1929.
or
investment
groups
in their
issues
the
20%
of
proper,
in¬
portfolio
of the
ag¬
gregate investments in the individual portfolios, while at the end of 1929
the
average
percentage of the portfolios in
investment-holding
Management
pletely, /or predominantly
securities
the
in
single industry
a
companies
invested
sufficient
to
working
secure
funds
companies had less than
most
cases
counted
for
Fixed
issue,
issues in their portfolios, and
and in 21
semi-fixed
the
a
the
single issue
In. 11 of the
portfolio.
the
companies
a
single issue
a
ac¬
portfolio.
trusts
investment
did
than
issues
entire
of the 37
half the value of
over
and
of
extent
over
practically the entire porftolio consisted of
in this group
single security
number
seven
accounted for the bulk of the
companies
an
influence
managerial
or
com¬
single in¬
of a
At the end of 1935, half of these investment-holding
portfolio companies.
37
control
27%.
was
their
of companies
dustry, concentrating in the securities of certain companies to
invested
investment
in
a
companies
much
proper,
smaller
33
issues
fixed trust portfolio unit as originally
set up, with 162 trusts out of a total of 191, or 85%, having 40 or fewer
stocks in the original portfolio list.
being the average number
of the
Plan for Changes Respecting
investment
trusts and investment
the Investment Bankers
Conference, Inc., to Be Sent by the SEC to Dealers
for
Opinion
Securities
The
information
standards for
Securities and Exchange Commission,
transmitted
had
1936,
issues
closed-end
of
47
of
accounted
1935
1936, after having decreased
industries
and cost
sales
gross
in
old-fashioned, conservative
in
to
different
of the other proposals of
some
Report on Investment Trusts and Investment
Companies Shows Shift in Common Stock Holdings
—General Motors Corp., Most Widely Held at End
of
1936, as Compared with Consolidated
Gas,
Which
of
The Equity
and
investment
in
of
combined
end
the
at
portfolios
the
not forget that stock market
SEC
The
of
diversified
k
the amount of
investing public.
A stripping
a
would,
which
proposal
nullification of corporate insiders'
a
stockholders
their
to
not
was
will
to take 'personal
us
reduction
a
available to stockholders and. the
protection
it
for the manipulator when he
to note
(such
principally
go
than
will
it
up
another
wishes
often the most successful
Hancock
sales)
ties
to
of the Com¬
to
reason
proposal to
the
accompanied
is
operations
been
has
Similarly, it is interesting
are
no
market-rigging
hand-in-glove with the corporate insider.
of
respect
but the definition
discretion
abuse today
against
advantage of his inside information.
the
with
a
It will not produce "healthy buying power."
exculpate the corporate
pools
policy,
an
end
end
of Investments in
investment
1933
on
No longer would manipula¬
On the contrary,
recovery.
confidence
investor
is
less
safeguards
our
the stock exchanges.
and
as
the act.
of
business
to
whatever
It
Congress
of administrative experience the Com¬
indicate
to
policy
be left to the
years
evidence
no
national
in
national
of
would
five
almost
manipulation
Weakening
up
the
in
market
to
matter
a
as
of manipulation
by
the statute
public securities markets.
our
outlawed
prohibition
change
a
in
To altpr the provisions of the statute
guaranty against manipulation.
this
definitions
fast
while
1927 to 62 at the end of
of
the
approximately the same proportion of the total market
number
Corporation
71 from
at
stocks in
stocks.
average
influencing the market
suggestion would inevitably involve the Com¬
proposal would also call
result
It
of
conceivable variety of manipulation.
every
far
a
Atlas
markets, if not in the actual evaluation of such securities.
our
the
of
proposed
of
tests
the
on
render the protection of the statute illusory.
as to
Committee's
activities
one
superimposing
determination of appropriate price levels for securities
a
and sold in
Such
opinion,
Hancock
mission in
bv
improperly
or
The proposal,
certainty.
Furthermore, it would make enforcement of the
standards
upon
to differences of
unduly
of
additional
Committee's
The Committee
Commission.
confusion
purpose
The
all
trusts,
accounted for
in
the
issues
trusts
Diversification,
and
law
prohibitions against market-
interests
and
of
test
the purpose of
dependent
the
in
uncertainty
price of such security."
rules
drafted by the
law
the
popular
value of
semi-fixed
issues
management
the
make
and
The modifica¬
difficult.
first
rules
the
statutory
nature,
"for
would
most
investment
value of all
weaken
would
committee
exceedingly
upon
of
adds
single
indefinite
or
Hancock
recommendations
rigging dependent
asks
the
ten
semi-fixed
of the market
increasingly ef¬
been
years
fective in protecting the stock market against manipulation.
tion
recovery
stimulants.
for five
The
1929
a
on
proposal would redound only to the benefit of those whose
a
primary interest is served by
1577
Chronicle
and
Exchange
Commission
present a copy of a comprehensive plan for
the Investment Bankers Conference, Inc.,
expects
to
the revision of
to prepare it
registration with the Commission as the national asso¬
ciation of dealers and brokers under the Maloney Act.
The
mailing of about 7,000 copies to all over-the-counter dealers
and members of the Investment Bankers Conference, Inc.,
was to begin today (March 18) in an endeavor to obtain a
broad section of opinion within the trade on two phases of
the new organization, on which the Investment Bankers
Conference, Inc., and the SEC are not in agreement in
principle.
The New York "Times" of March 17 had the
following to say about the plan:
for
The Commission will enclose letters to the trade requesting
views.
The two controversial points involve
companies, which it has conducted in accordance with the
Public
executive
the
powers to
individual
be given to the
board of governors
Utility Holding Company Act of 1935.
section
of
of Feb.
A previous
"Chronicle"
18, page 963.
the
report
was
referred
in
to
the
The current section reveals that com¬
mon stock of the General Motors Corporation was held by
the largest number of investment trusts at the end of 1936,
in the portfolios of 91 of the 161 com¬
being represented
panies of this
York common
1929,
being
Consolidated
type.
the
was
held
most
by 57
Gas
Company of New
popular stock at the end of
a
total of 116 investment
of
out
An
official
period
the
1927
individual
1936
to.
investment
management
the companies in the Atlas Corporation
varied
in
popularity
stocks
retain the duty
tion
companies
combined
exclusive
proper,
relative
nuxnber of
of
groups,
investment
Among the 50 most popular stocks at the
issue.
of utility and railroad com¬
panies, while at the end of the period the majority of the most popular
stocks
the
At
held
was
held
the
of
were
period
the
majority were
industrials.
to
end
by
of
the
1936,
stock
common
number
largest
the
of
of
General Motors
investment
companies
Corporation
proper,
being
by 91 investment companies, of
most
popular stock at the end
of 1929
popularity, were General Motors, Standard Oil of New Jersey, International
Chrysler,
Nickel,
all
years
Electric,
These ten
Copper.
of
Montgomery
General
Roebuck,
E.
Ward,
I.
du
Union
Pont
Carbide
de
and Carbon, Sears
Nemours, and Kennecott
stocks accounted for 16% of the total market value
these investment companies proper.
Seven
portfolio investments of
earlier, at the end of 1929, the ten most popular stocks were Con¬
Gas of New York, General Electric, New York Central, Union
solidated
Carbide
&
and
Share,
Columbia
aggregate
of
all
proper
Carbon,
Standard
Gas
&
American
Oil
of
Telephone
and
Telegraph,
Electric
Bond
New Jersey, Atchison, Topeka & Santa Fe,
Union Pacific.
The market value of the
Electric, and
investments
investments
at
be
and power of establishing the general policy of the organiza¬
responsible for
held
in these stocks amounted to 11%% of the value
by the 116 management investment companies'
held
the 1929 year-end.
any
change in policy.
"
■
Commission to
The • committee
should be provided with the power
delegate to a paid executive only those powers
ticable.
to
that it deems necessary to most
the affairs of the association; that the board should
further feels that the governing board
,,
it determines are prac¬
„
SEC wants a strong individual head of the asso¬
specifically set forth in the by-laws of
Behind this reasoning is seen a desire on the part of the
provide for one man who has the power and responsibility
On
difficult
speak authoritatively on all matters concerning the association.
this point, it is
felt by many in the trade that it would be extremely
to find one man
who, in addition to being an executive of the
would also be familiar with and in a position to
all of the phases
interests and
mittee
the total qf 164 companies, or 55%.
was Consolidated Gas Co. of
New York common, which was then held by 57 investment companies out
of a total of 116 investment companies, or 49%.
At the end of 1936, the ten most popular stocks, in the order of their
The
or
powers," with the right to select the
discretionary
of the organization
personnel
efficiently conduct
the organization.
the
in
and The Equity Corporation
by the
measured
as
companies holding each
beginning
broad
ciation, with his duties and powers
said, in part:
of the report
summary
the
of
receive
On the other hand, the
SEC
portfolio
committee holds the opinion that the board of governors
The! drafting
should
companies.
During
of the new association versus those to be granted to a paid
under the by-laws and the question of dues.
highest type,
speak for the association on
of such an intricate business involving so many
types of securities.
contends,
would
appear
different
A powerful governing board, the com¬
to
be
the more democratic method of
running the association,
On the question
and
of dues, both the Investment Bankers
the SEC favor a graduated scale
conference.
scale, which, it is felt
Conference, Inc.,
similar to that now in force in the
It is believed, however, that the
Commission desires a higher
by many, would prove burdensome on many dealers
and brokers.
Representatives of 16 National Securities Exchanges
Ask SEC to Sponsor Wide Revision of Security
Laws—Proposals Rejected by Commission—Report
Urged Among Other Things Repeal of Rule on
"Insiders," to Enable Them to Make Profits With¬
out Fearing Recovery Suits
Representatives of 16 national securities exchanges meet¬
ing in Washington on March 13 and 14 asked the Securities
and Exchange Commission to sponsor substantial modifica¬
tion of the national securities laws which "are hampering
and restricting the effectiveness of organized security markets
1578
Financial
Chronicle
and
tending to prevent them from performing their necessary
and
proper function in the national economy." A resolution
making this proposal was presented to William 0. Douglas,
Chairman of the SEC.
One of the recommendations
was
Text of the exchanges' recommendations presented
Securities
The resolution also defined
kind
one
of
for
exchanges
In each
submit
un¬
case
we
We
Section
have
9
Practical
section 9
experience has
manipulation
foreign markets."
of
was
We
prices,
however, that the broad language of
many
were
In the attempt to prevent
transactions,
proper
including
,
clear definition; of what constitutes
manipulation or a
a
is not regarded as such.
The
mere
fear
being accused
a
whether his contemplated acts
as to
from
men
performing acts which
At the
wili
violate the statute,
beneficial and wholly in the
are
time, the vagueness of the statute
same
to
serves
law which does not deter the
unscrupulous.
Suggested Remedy
With Regard to Section 9 (A)
that section
9
(A)
(2)
.
(?) be amended to read
follows:
"Section 9 (A).
It shall be unlawful for any person, directly or
indirectly,use of the mails or any means or
instrumentality of interstate com¬
merce, or of any facility of any national
as
by the
regu¬
securities^ exchange, or for any
a national securities
exchange.
/
"(2) To effect, alone or with one or more other persons a series of trans¬
actions in any security registered on a national
securities exchange creating
actual or apparent active trading in such
security or raising or depressing
the price of such security for the
purpose of inducing the purchase or sale
of such security by others, in
contravention of such rules arid regulations
as may be prescribed
by the commission as necessary or appropriate in the
public interest or for the protection of investors."
member of
...
phases
up
in
are
trading in such se¬
curity or raising or depressing the prjee of such security, for the purpose of
inducing the purchase or sale of such security by others."
make it
of the business
Following
ordinarily be listed
remain
release
informed, because of burdens attendant
upon registration and restrictions upon
the
to
-
...
whose securities would
away from exchanges, the SEC
shown,
come within its scope.
security
public interest.
the underwriter with
some
directed
comments
Section 9 (A) (2) makes it unlawful "to effect, alone or with one or more
other persons, a series of transactions in
any security registered on a national
securities exchange creating actual or apparent active
legal opinion
-
Many corporations
separate
stabilization and sponsorship, have been eliminated.
deters
Complex
trading in securities which has resulted "in diversion of
to
with the resulting loss of business
reputation, of violating a
penal statute so vague in its terms tha t no person may know or obtain clear
In a letter of transmittal to the
SEC, the exchange representatives who
have been meeting here for two
days, called attention to the "thinness" of
in American securities to
written.
(A) (2) has had the effect of preventing transactions which
There is need for
after phases of the regulatory
set-up, stated its objections and then gave
suggested remedies.
now
the effects that have been noted in its
operation,
endeavored
obviously not intended to
of
the committee took
commented
not in the order of
designed to eliminate manipulative abuses.
was
We recommend
as
sections
first describe the provision of the law as it is
fairly complete statement of what
Broadly speaking the exchange representatives reached this conclusion:
That many phases of the present laws
and procedure are unduly re¬
strictive, that such restrictions are damming the flow of the
capital stream
and resulting in thin markets for
securities, and that such results are harmful
and not helpful to the
investing public.
pointed out
the
of undesirable transactions.
14 to the "Wall Street Journal" said in
part:
were
1934
suggest no modification in those numer¬
subheadings under this section which define and prohibit certain types
ous
Washington dispatch of March
unnecessary expense
of
which
full accord with this objective, and
in full in another item in this issue.
In discussing the report, a
duplication of
in
thereunder.
finding of Congress in 1934 (X)
today, after five years of ex¬
Mr. Douglas' statement is given
Too much data called for, regulations too
complex,
lations and other phases which burden the issuer
and
order
statute itself from those with respect to the rules of the
commission issued
The
Too
the
in the Securities Exchange Act of 1934 and
our comment as to
fications.
is the conviction of the SEC
Regulations
in
and conclude with concrete recommendations for
improvements and modi¬
opposition to the proposals; "the chief
proposal," said the statement of Mr. Douglas, "is arelaxation
of
the
law
against market manipulation."
He added:
"Stripped of its legal phraseology, this proposal wopld :
bring the pool operator back into the market.
This strikes
at the very heart of stock market
regulation.
The SEC is
unalterably opposed to any attempt to legalize manipulation
perience with the law."
Act
18, 1939
follows:
their importance.
Commission's
in the stock market.
submitted
are
upon appear
desirable manipulation, asked that corporations rather than
security issues be registered with the SEC, and proposed that
registration statements be simplified.
The report, which
comprised six main sections, was unanimously adopted by
the 36representatives present, but was
subject to ratification
by the governing boards of the exchanges.
In a statement
issued on March 15 Chairman Douglas of the SEC indicated
the
Exchange
as
The following comments and recommendations of the national
securities
complete repeal of the provision which forbids "insiders" in
corporations to make profitable trades within six-month
periods on penalty of recovery suits for the benefit of the
companies.
Mar.
officers, directors and large stock-
holders.
such
amendment,
an
rule No: 1 under section 9
as
the
commission
(A) (2)
should
immediately
thus amended the following
as
rule:
'
"No person subject to the provisions of
section 9 (A) (2) shall execute
cause to be
executed, or participate in an account for which there is
executed, on a national securities exchange, the purchase of
any security
at successively higher prices or the sale of
any security at successively lower
prices for the purpose of creating or inducing a
false, misleading or artificial
appearance of activity in such security, or for the
purpose of unduly or
improperly influencing the market price of such security."
or
Stating tha t they did not intend
«
to attribute the present
thinness of the
market "wholly to restriction," the
exchanges said their recommendations
some of the provisions of the
acts which "are
dealt with
hampering and
restricting the effectiveness of organized securities markets."
The exchanges said it was their
opinion that the "public interest will
support fair and reasonable registration
requirements under which all
corporations having substantial amounts of securities
outstanding In the
hands of the public would file data
reasonably adequate for the
The commission might then proceed
....
This change in the statu tes should facilitate the
prompt issuance of simple
and regulations permitting constructive
market sponsorship under
section 9
(A)
(6),
;
Section II
and
a
(D) (1) makes it unlawful for
dealer, whether
maintain credit to
Specific Recommendations
.
o
remove a,
portion of the incentive now responsible
for the growing tendencies of
companies" to make such placements.
"
-
Section Eleven
.
a
he is
or not
a
customer or any
any person who is both
stock
and in the distribution of which the
broker or dealer
sections
of
manipulative,sections..
16-B and 9 A-2,
respectively.
sections to eliminate abuses has in
said.
On
the
contrary
and
so,
the leport to the SEC
sponsorship undertaken
interest of the investor and in the
interest of
in
the
orderly marketing have been
eliminated.
'
Another specific recommendation
brokers and dealers to extend
amendment of the statute to permit
earlier date
to
trading
as
the offering has been made or at such
they may be effectively registered with the SEC and
admitted
national securities
exchange.
tension of credit within a six months
period
on a
by
ticipated in the distribution of
a
new
The law
a
security
broker
as a
now
or
bars such
ex¬
securities may not be sold until the
registrations
are
the
where
an
is
to
effective.
,
in data called for.
4,
proxy
rules and substantial reduction
Revision and simplification of forms
calling for financial details and dis¬
single registration statement which may be used under
both the Securities Act of
1933 and the Securities Exchange Act of 1934.
Revision of provision
relating to prospectuses so that if a prospectus is
filed with an exchange, it will not be
necessary for members to forward
a
copy with the
Stock
Stock
Stock
of the
class of stock
are
delivery of
securities purchased
on
the exchange.
by a committee com¬
of W. G. Paul, executive secretary of the Los
Angeles
Exchange; William B. Long, President of the Boston
Exchange, and Robert H. Chubb of the St. Louis
Exchange.
The report was signed by representatives
following securities markets:
________
Baltimore Stock Exchange, Boston Stock
Exchange, Chicago Stock Ex¬
change, Cincinnati Stock Exchange, Cleveland Stock
Exchange,
Detroit
Stock
Exchange, Los Angeles Stock Exchange, New Orleans Stock Ex¬
change, New York Curb Exchange, New York Stock
Excnahge, Philadelphia
Stock Exchange, Pittsburgh Stock
Exchange, St. Louis Stock Exchange,
The recommendations of the
follows:
Exchanges
were
presented'as
a
completed,
of securities
of
a
undesirable.
appears
alike, whether part of
apply restrictions to the
as
a mem¬
new
issue is
new
class
Since
normally
Even ip some cases
in
as
the
frequent
certificates
a new or old
of the
issue, the attempt,
part of an issue alone is for all practical
to no purpose.
Suggested Remedy With Regard to Section 11 (D) (1)
The
exchanges
brokers
and
recommend
dealers
to
extend
that
the
credit
on
statute
be
all
or
securities six months after the offering has
dare
as
they
may
Act and admitted
new
.»
amended
to
additional
been made
or
at
pro¬
permi-
issues
such
of
earlier
be effectively registered under the Securities Exchange
trading on a national securities exchange.
In cases
to
classes of securities,
new
case
already outstanding
all
The commission has already issued a
helpful rule under this section
viding for the exemption of certain securities from its application.
where similar securities have
not
previously
been registered and listed, this permission
might well be limited to securities
on
those exchanges whose rules prohibit the admission
of
new classes of
securities, until the primary distribution has been satis¬
factorily accomplished.
.
Sections Twelve and Thirteen
Section 12
(B) and 13 of the Act relate primarily to the information
re¬
quired
in the registration statements and reports filed by corporations.
No revisions in these statutory provisions
appear necessary, in view of the
broad rule-making and interpretative powers
they now grant to the com¬
mission
.
The friction points which have
of the
law itself,
developed relate not to sections 12 and 13
but to the specific rules,
forms and certain of the pro¬
cedural methods adopted by the commission.
The rules and forms issued
by the commission under these sections of the 1934 Act requiring the dis¬
closure
of
certain
information
in
registration
statements
and
in
annual
reports have been, for the most part, in accord with the principles of dis¬
closure developed by the stock exchanges and are
now, we believe, generally
acceptable, except for those items which require certain detailed financial
schedules,
including
historical
financial
period, and the disclosure of sales and
Suggested Remedy
Salt Lake Stock Exchange, San Francisco Stock
Exchange, and Washington
Stock Exchange.
been
not
amount
provision
a
The report was submitted to the SEC
posed
additional
sold, this
The distribution of
complete.
much shorter period than six months.
distribution has
effectively registered
.
closure of sales and cost of sales
Formulation of
a
is
purposes impossible and creates difficulties
of
new
issue
dealer who par¬
were:
Simplification of the SEC's
new
completed in
member of the selling
Also
Other suggestions
a
where
syndicate.
specifically requested was amendment of the Act to ease securities
registration requirements and to accelerate the
period in whicha registration
may become effective.
Registrations now become effective in 30 days and
or
a new issue
participated
.
a customer on all new or additional
issues of securities six months after
broker
There is certainly no need for such restrictions
when the initial distribution
same
was
credit to
part'of
was
ber of the selling syndicate within six months.
What has been done in these
reality not done
stabilization
These
a
exchange member, to extend
security which
The exchange representatives then
called for repeal of that part of the
Securities arid Exchange Act which relates
to unfair use of information
by
insiders and the clarification of the
blanket
are
ex¬
rules
,
In regard to the problem of
private placement of securities, the exchanges
asserted that if registration statements
were simplified and consolidated as
recommended, it "would
detailed
more
the promulgation of rules de¬
signed to prohibit specific manipulative devices.
information
of investors."
to a further and
amination of methods of manipulation and
data
cost
covering
the
13-year
past
of sales.
With Regard to Section 12 (B) and 13
We recommend that the forms and rules of the commission with
respect
to detailed fnancial schedules and the commission's practice with
respect
to sales and
gestions:
cost
of sales be revised in accordance with the following sug¬
Volume
148
Financial
Chronicle
(A) Historical Financial Data, Detailed Schedules and
Procedure
We lecommend
covering
that the rules calling for certain financial
information
13-year past period and certain detailed financial schedules be
a
revised.
The
volume
of its preparation
that
suggest
insist
of material
the
required
commission
the
burden
and
annual reports to correct minor
to
registration
Suggested Remedy With Regard to Section 16
No revision in section
16 (A), requiring large
stockholders, directors and
officers to file repoxts of their
transactions in equity
securities, is urged.
It is suggested,
however, that the commission examine the
operation of this
provision as applied to foreign
officers, directors and large
stockholders.
The exchanges recommend
that section 16 (B) be
repealed.
We believe that
transactions which would be in the
interest of the public
would thereby cease to be
penalized and constructive
sponsorship would
not be
discouraged, nor would the protective disclosure
provisions of section
16(A) be eliminated.
expense
We
and
statements
deficiencies in out-of-date documents.
(B) Sales and Cost of Sales
We would consider that the
hardships which have been reported in certain
cases as a result of this item of
the forms would be
greatly lessened if the
commission would review its indicated
present policy of refusing all requests
from corporations to
keep sales and cost of sales information confidential,
and adopt a more liberal
policy in this regard.
The commission appears
fully authorized to keep such information confidential
under Section 24
of the Act as now drafted.
However, it is recognized that it may be dif¬
ficult to permit certain
companies to keep such data confidential
Securities
such
confidential
treatment
to
others.
that, if the commission feels that it should
determining whether
data
to sales
as
terests of
or not
disclosure should be made.
and 1934 Acts
In the comment and
recommendations with respect to
sections 12 and 14
Securities Exchange Act of 1934
included in this
report, we recom¬
mended no change in the
statute itself, but only certain
modifications in the
existing rules of the commission.
We feel, however, that
of the
In many cases,
have some usefulness to
prospective investors; still, the in¬
existing stockholders
those which would be most injured by an
are
inflexible policy requiring disclosure in all
Section
12
of
cases.
but it also provides
We recommend
security under the
a
automatically 30 days after the commission
exchange of its approval of a security for listing,
receives notice from the
that
the commission
may shorten
this
that the commission
provide by rule
30-day delay.
practice,
indicated
as
by its
numerous
rulings in particular
cases,
of
exchanges with
of corporate
.
that
With Regard to Section 12 (F)
the commission
adopt rules providing for the fol¬
lowing:
(A)
Immediate
effectiveness
of
securities of the same class
registration
of
additional
amounts
of
the 1933 and 1934 Acts
with
satisfactorily accomplished.
value
exchanges in
expense attendant upon
contravention of such rules and regulations as
the commission may prescribe.
No change in the statute
appears necessary.
The proxy rules of the com¬
mission issued under this section in the form in
which
prior to Oct. 1,1938,
were
least of which is caused
the
in
this material.
and
•
,
the
.
,
•*
of some of the information
of assembling
expense
involves the
that
filing of
a
the
requiied
and circularizing
offering,
new
upon the
«
these rules
be simplified and
the
called
for
or
to list its securities on
of
the
few
a
isolated
The
cases,
effect of the rule
would
commission
Provision for Delivery
a
to
imposed
should
practical
matter to reach the most
outstanding cases of abuse and, since there is ho
requirement that proxies be sent out, whether the rules
will not operate in
the long run to the detriment cf
security holders.
.
Section 16.
of Prospectuses
which
registered
are
on
national
a
securities exchange.
Section
states that it is its purpose to
prevent the unfair use of information
16
(B)
by large
stockholders, directors and officers, and makes any profits realized
by them
from any purchase and sale or sale and
purchase within a
period of less than
six months
inure to
the corporation.
16
(B) also provides that suits
such profits may be instituted
against large
and officers in behalf of the
corporation.
recover
to
stockholders, directors
,
fe, Although this section
as
i
are
allows the commission to exempt such
transactions
not comprehended within the
purpose of the
subsection,
such rules have been issued.
this subsection of the law may throw
light.on its
Not
,
far
so
no
The following inconsistencies and
defects in
Effected
by
In the first place, the purpose for which the
provision was
designed
is
not
being drafted.
The six months
criterion
no
use
as
to
whether any
of inside information.
The statute arbitrarily creates the conclusive
presumption that
a
six
months'
a
profitable
period is necessarily unfair, irrespective
of what the actual facts may be, without
condemning clear abuses
of inside
information when the transaction is not
completed within six months.
In the attempt to prevent the unfair use of
information,
legitimate
sponsorship has been eliminated.
Buying and selling to narrow the spreads
in markets, which we believe desirable and in the
public interest, is curtailed,
if not completely eliminated.
>
Section
16
(B)
may
We believe that it does
The
inside
easily be evaded
more
by those who desire
to
evade it.
harm than good.
exchanges would afford their approval and
soundly
practice is
expense,
detri.
not in the broad public
interest
Connection
with
Stock
Exchange
:
of doubtful value to
investors, is
who
have
purchased
on
an
exchange securities which-have
are
buy a security on the exchange is or is not solicited
and careful
unwilling to take the risk of an erroneous decision.
firms send
licited
A prospectus
purchase was not solicited by
It is difficult to determine where
any particular order from a
and
Some such
a
prospectus to all customers whether or not
the order
whether the security
was
a
part of the
new
issue.
was
so¬
It is im¬
possible in the ordinary course of business to know
whether the particular
certificate delivered (in the case of an
additional issue) is one of the new
securities registered under the
1933 Act.
Information as to such listed
securities is already available
through both the requirements of the 1934
Act and the general
availability of the prospectus under the 1933 Act.
We recommend therefore that this
provision of the Act be amended so
that, if
a
prospectus under the 1933 Act is filed with the
exchange, it will
for members to forward a copy of the
prospectus with the
not be necessary
delivery of securities resulting from
customers' purchases on the
of
exchange.
Prospectus
related problem, it is recommended that the
1933 Act requirement
be renewed when distribution is not
completed within
be eliminated with respect to issuers
having securities listed and
registered on national securities exchanges for which
complete and current
information is provided under the terms of the
Securities
a
that the prospectus
a
year
Exchange Act of
arbitrarily established is
particular completed transaction involves the unfair
transaction within
exchange.
Transactions
Renewal
The wording of the section would not have
prevented
the most celebrated cases of abuse which were
discussed at the time the law
was
firms
As
effected by its terms.
an
recently been registered under the Securities Act of
1933,
is not required to be delivered if the
order to
unworkability:
Terms
in
on members of
customer to
.
national securities
exchange
national securities exchanges and registered corpora¬
by the provision requiring, in certain cases, the
delivery of a prospectus
to customers
the broker.
Section 16 (A) requires directors and officers and
large stockholders to file
reports of all their transactions in any equity securities of
their corporation
a
would remove
exchanges and
A great- burden of labor and
tions
operate as
discourage reading
now
•
appears
abuses
whether
to
this
Many corporations feel that they are penalized
by the scope and character of the information
required, which
at
as
listing application and approval by
a
designed to accomplish.
directed
issues
simple prospectus outlining the essential facts
with respect to
filing of
mental to the Interests of the
We suggest that the commission reconsider
hot only the detailed informa¬
tion called for by these rules but also
the objectives which the rules are
be
new
of
securities, which
often unimportant
information of
voluminous
a portion of. the
responsible for the growing
tendency of companies to seek
private placement of their securities.
We believe
substantially reduced.
also consider
so
unified and simplified
registration
incentive
data
corporation
A corporation so
registered would be free to issue new
securities upon the
Suggested Remedy With Regard to Section 14 (A)
We recommend
a mass of
value to security holders, and
and to obsecure important facts.
Such
:•
registration of the
permit substantial reduction in
the
the registration of
assembling of
no
to create many difficulties, not the
seem
by the character
statement
proxy
now
they were effective
generally acceptable to listed corporations.
The
recently adopted rules, however,
to provide for one
Exchange Commission.
basic purpose of providing investors
with important facts
relating to the
of their securities.
Thifc should
solicit proxies, consents or authoriza¬
securities
corporate registration sections of
so as
the Securities and
We recommend that the
provisions for such single
registration be pat¬
terned after the
existing statutory provisions of sections
12, 13 and 14,
and the liability
provisions of the Securities
Exchange Act, and that the
information called for and rules
issued thereunder be drafted in
the light of
the
Section 14
to
examination by investors.
Suggested Remedy With Regard to the Securities Act
of 1933
The serious
difficulty of these double registration
requirements might be
effectively disposed of by amending the
4
Section 14 (A) makes it unlawful
national
-
we
discourages
already listed and registered upon receipt by the
commission of certification from the
exchange of its approval of such se¬
curities for listing and
registration, provided that the registration statement
for the additional securities has been on file
for 10 days with the commission.
(B) Immediate effectiveness of registration of new classes of securities
of
issuers having other securities
already listed and registered, provided that
the registraion statement
containing information as to the new issues is
available and has been on file with the
commission for 10 days.
The
effectiveness of automatic acceleration in such
cases could be limited to those
exchanges whose rules prohibit the admission of such new classes of
securities
to trading until the
primary distribution has been
tions in respect of securities
registered on national
material
endorse the principle of
disclosure, no precise line may be
drawn between
necessary and unnecessary information.
Even the most
inconsequential detail of finance or
management may
conceivably be in¬
teresting.
But some line must be drawn and
some reduction
must be made
in present demand for
information.
The requirement of disclosure
defeats
its very purpose when
the quantity of fact revealed
becomes so great as to
be incomprehensible and
hence unread.
The voluminous nature
of the
material required and filed
under these Acts and its sheer
bulk makes
careful analysis difficult and
"
„
Suggested Remedy
We recommend
exchange.
Though
greater degree of certainty in arranging the details
a
financing.
the
on a
securities
so
that prompt acceleration would be assured
under certain specified conditions.
The incorporation of such a
policy in published rules would provide corpora¬
tions and
heavy burden
already filed.
On the other hand, even
where a security has been
effectively
registered under the 1933 Act and
most complete
information made avail¬
able, an additional separate
registration statement must be
filed under the
Securities Exchange Act of
1934 before this issue can be
listed
for the automatic
acceleration of effective registration in
many cases so that the public may
obtain the obvious benefits of
conducting its transactions on organized
stock exchanges at the earliest
possible opportunity.
Formal rules should
be adopted along the general lines of the
commission's present administra¬
tive
a
labor'and
expense is imposed on
corporations by the
duplications in¬
herent in the registration
sections of the Securities Act
of 1933 and the Se¬
curities Exchange Act of
1934.
If a company which
has already filed com¬
plete corporate information under
the 1934 Act sells
additional securities,
it is required to
prepare and file a separate
registration statement under the
1933 Act, even
though this statement duplicates much
(£>)
Section 12 (D) now provides that the
registration of
1934 Act becomes effective
1933
Duplication of Corporate Registration
Requirements Under 1933
voice
a
of
underwriters.
suggest
we
discretionary
provision should be made to give stockholders themselves
power,
in
Therefore,
not exercise such
Act
The national securities
exchanges have not considered it
appropriate in
this report to refer to the
detailed provisions of the
Securities Act of 1933,
except with respect to those
provisions which directly affect
the operation
of the
exchanges and the members in their
capacity as brokers rather than
as
while
refusing
1579
They have concluded, however, that this is
impracticable
in the light of
past experience.
liberalize its administrative policy and not
filing of formal amendments
upon
and
out of all proportion to its value to
investors.
seem
law.
present
conceived
and
effectively designed^
information
and
to
afford
to
appropriate
support
prevent
the
to
legislation
unfair
remedies to injured
use
of
parties.
They have diligently explored the possibility of formulating amendments to
which would obviate the unworkable and harmful effects of the
this end,
1934.
"Year
Book"
of
New
York Stock Exchange for 1938
Distributed—Lists 60 Member Firms
Tracing/Their
History in Securities Business Sixty Years or More
The New York Stock
Exchange Year Book, the new
edition of which was distributed on March 15 to
members
of the Exchange, includes for the first time a
list of 50
member firms
which, according to available records, trace
history in the securities business from 64 to 174
years.
The oldest firm, based on the records available to
the Exchange staff which prepared the
work, is Biddle,
Whelen & Co., of Philadelphia, which traces its
origin back
to 1764, 28 years prior to organization of the
Exchange
back their
itself in 1792.
Other firms in the list follow:
1580
Financial
Morgan (J. P.) & Co
Seligman (J. & W.) & Co
1797
Dick & Merle-Smith
1828
& Co_T—1832
Whitehouse & Co
Turnure (Lawrence)
Clark (E. W.) & Co
Newbold's (W. H.) Son & Co..1844
Clark, Dodge & Co
1847
Richard (C. B.) & Co..-.-.--1847
1849
Jacquelin & De Coppet
their
1866
1867
1868
1868
1869
1869
1865
Lazard Freres & Co
-1849
-1850
Stout & Co
Lehman Bros
-1850
-1850
Carey (H. T.), Joost & Patrick. 1870
Dominick & Dominick
1870
Goadby (W. H.) & Co-__i.__-.1870
Davis (Fellowes) & Co
1872
1851
Colgate (Jas. B.) & Co..
-4§'5?
-1855 Orvis Brothers & Co
.-1857 Simmons (E. H. H.) & Co
Smithers (F. S.) & Co—... —1857 Tobey & Kirk
Schafer Bros
—1860 Dyer, Hudson & Co
Walker (Joseph) & Sons
Benedict (E. C.) & Co
1872
-
Exchange's announcement bearing
Book the following is also taken:
From the
The Year Book also
includes
a
1872
1873
1874
its Year
on
which is headed by Harry
membership Oct. 8, 1885.
He is
one
of the
who have held their memberships for more than 50 years.
Twenty-eight members have held their memberships
there were 627 member firms and 1,080 branch offices,
As of Jan, 1,1939,
a
105, respectively, from Jan.
decrease of 25 and
1
member firms as of Jan.
1,
1938.
The total of
4,043, compared with 4,238
was
Branch offices of member firms as of Jan.
a
year
associations
$57,434,243
698,663 to $17,432,039, and receipts by New York State declined from
Total collections
$29,735,580 to $19,750,142.
on
New York Stock Exchange
security transactions by both taxing agencies for the 12-year period, 1927
that
The registration fee paid to
York
New
the
Exchange fox
Stock
1938
$246,125,
was
compared
net
a
ing
total
for
gain of 13.2%
of
savings
that
T.
rest
withheld by member firms from the amounts credited to the
for whom the transactions
The Year Book shows that last year the Exchange received 143 applica¬
119 stock and 74 bond issues.
tions to list
Rice,
the
in
loans
place,
with
22%
Of
the
months
he
280 listing applications.
the Exchange approved
market
Total
of all listed securities,
value
in
a
in
total
over
the
♦t
close this month its third
year of operation
last stock subscription from the Govern¬
Federal Home Loan Bank of Chicago reported
a .gain of 70% in the amount of capital stock
the
March 14
on
privately
owned during that period.
Stockholders of pri¬
the savings, building and loan associations in
vate rank are
Wisconsin
Illinois
and
which
owned
15.84% of all capital
stock at the time the last Government subscription was put '
the books and
on
capital.
now
24.35% of the Bank's $18,741,725
own
institution
into
regionally-owned
a
organization
is
of
the
continuous
a
Privately-held stock increased $410,000 the past 12 months,
some $700,000
the preceding, year, and $780,000 the year before that.
During the triennium in which it has functioned without additional
process.
capital stock subscriptions
$30,730,528.8(3
the
meet
Deposits
Loan
home
loan
from
the
Government,
building
demand
from member
Bank
and
in
loan
Wisconsin
associations
and
member
in
addition
associations,
and
to
•
the
the
the
Bank
has
associations
and
increases
of
made there
analysis" of
of the total loans
in
Mr.
year,
in
winter
in
diverted to
building
with
in
as
maintain¬
by those
showing
in
points
loans
construction
home
associations
on
money
$1,821,000
where
League,
part
$1,264,000
creditable
this
in
is
Ohio
always
$859,000
in
January.
December
Rice
said,
to
January
compared
as
.
January
January
disbursed
for home purchase financing.
were
loans
on
according to
and
purpose
the
percent
each account follows:
Estimated Loans Made
Purpose
by All Associations
:
in the
*
New construction.
Percent of
Total
United Slates
$16,099,000
29.0
"
Repair and modernization.
3,389,000
...
6.1
17,503,000
11,749,000 "
Refinancing
Other purposes
31.4
21.2
.
6,827,000
12.3
$55,567,000
Death
James
of
them
communities.
have
stock
Ross, Administrator of Bonneville
Dam—-President Roosevelt Pays Tribute
James D. Ross, Administrator of the Bonneville Dam
Columbia River in Oregon, died of heart disease *
on
on
hospital at Rochester, Minn. He was 66 years
old.
Mr. Ross, a former member of the Securities and Ex¬
change Commission and former Chief Engineer of the Public
Works Administration, was appointed to the Bonneville
project in October, 1937, and had charge of the marketing
of the hydro-electric energy produced by this Dam.
Refer¬
ence to his appointment was given in our issue of Oct.
16,
1937,
page
The
issued
a
2491.
following statement paying tribute to Mr. Ross
by President Roosevelt on March 15:
was
It is fitting that every American should know of the passing of one of the
Americans of
greatest
our
illness, built for himself
a
generation.
Mr.
J.
D.
Ross, fighting against
strong body and a brilliant mind in the building
of Alaska and later of the Pacific Northwest.
bined with this the practical
ability to make things work in the sphere of
public opinion and successful business.
pher and
a
lover and student of
His successful
interest
are
career
More than that, he
was a
philoso¬
trees and flowers.
and especially his long service in behalf of the
public
worthy of study by every American boy.
My personal affection for him
people leaned on him for
grew
so much
with the years and because
so many
of inspiration and advice his place in our
country will be almost impossible to fill.
Home
supplied
the
subscriptions
by
perioditT repayments of
D.
the
advanced
help
Federal
the
markets
in
to
Illinois
debentures
System sold in the private capital
funds,
necessary
the
savings,
to
going
their
.
.
the
of
.
An outstanding mathematician and an equally great
engineer, he com¬
It was further reported:
to A." R. Gardner, President, this gradual evolution
According
reserve
had
emphasis
months
;
States
March 14 in
Privately Owned Capital Stock of Federal Home Loan
Bank of Chicago Gained 70% in Three Years
ment,
the
and the
loan
the
six
past
showing a sizable volume of savings, building and loan
mortgages in reCe-nt months, New Jersey is the only one where
League estimates a g^ln in January over December.
Over half of
the loans
The value of
$42,782,348,673 to $47,053,034,224
+
a
existing
+.
period.
Bringing to
more
shown in the extensive
140,625 on Jan. 1, 1938 to $47,490,793,969 on Jan. 1, 1939.
since receiving its
States
association
the
during the year, the market value of listed stocks increasing from $38,869,-
same
building
have
In 1937,
tabulations contained in the Year Book, increased in value $12,892,338,895
listed bonds increased from
continued
the
lending volume from
13%
only
ago.
This
President
California
V
as
buy
programs.
and loan mortgage
cites
State,
alsor made
was
year
Kan.,
keep home
by savings and
drop
but
a
United
loans to
prevailed
lending
of savings
examples
New York
$2,756,000
seasonal
took
by
one.
has
City,
seasonable
Illinois
season.
The
it
old
an,
which
efforts to
As
the
as
of
associations'
Kansas
more
channels.
well
the
to
35% of the month's lending, went directly
either the building of an entirely new
or
activities
loan
ing the high percentage
these
of
Eighteen applications for 13
stock and 12 bond issues were by companies not previously listed.
for
January
January, 1938, and
over
Purchase
made.
were
months
accounted for by loans for build¬
The registration fee is collected by the Exchange from its
sums are
seasonal
with
members at the rate of lc. for each $500 represented by their transactions.
These
good
kind,
some
organized
in
as
the
remodeling
and
Clarence
out
of
job-making
upon
the
was
$19,488,000,
the
or
gain
$415,381 in 1937; $466,466 for 1936, and $375,166 for 1935 and the four
accounts of the principals
of
decrease
The League further reported:
construction
house
according
year,
homes,
new
properties.
months of 1934 following the Exchange's registration as a national securi¬
ties exchange.
season
to
Loan
than half of the
The
the Securities and Exchange Commission by
following
a
time
League, which reported on March 11
$55,567,000 estimated loan disbursements repre¬
their
sented
1938, inclusive, aggregated more than $662,000,000.
to
usually
again likely to avail
done by the savings, building and loan
was
this
and
Building
Receipts by the Federal Government declined from $27,-
1937.
during
with
the
not
are
Tbe largest dolar volume of home lending in any
for nine years
construction
$37,182,181, compared
totaled
and
is
choose this
they
com¬
when
Savings, Building and Loan Associations
13.2% in January Over Year Ago
as
Federal Government "and New York State on New York Stock
transactions
of
ago.
1 were located in 380 cities, in
this
which
the
month
a
Increased
Reflecting the reduced volume of trading in 1938, transfer tax collections
by the
April
Since
associations
credit
January,
arrive.
by associations in
45 States and territories and in 7 foreign countries.
Exchange
Bank
in
1939
into
funds
savers'
new
heaviest
around.
home loans,
Loan
when
with
maintain direct wire connections
who
correspondents
of
building
Loans
well
memberships for more than 10 years.
non-member
change
for
Home
of
be
to
18,
♦
for more than 40
217 for more than 20 yearn, and 582 members have owned their
years,
of
themselves
home
A
list of the 25 members who have held their
memberships for the longest period of time,
Content who was elected to
four members
demand
use
inflow
likely
is
1866
Hallgarten & Co
Scholle Brothers.
Estabrook & Co.__
often
the
that
associations
1867
1865
1865
Mar.
said
Gardner
heavy
(Spencer) & Co
Wainwright (H. C.) & Co.
Bouvier, Bishop & Co
1842
-
1865
Trask
—1842
Laidlaw & Co
1864
Mr.
munity
investments
1865
Sutro Bros. & Co
1838
Wilcox & Co
1864
Day (It. L.) & Co
Billings, Olcott & Co
Glendinning (Robt.) & Co
Kidder (A. M.) & Co
Tate & Hays..
Watson (T. L.) & Co..
Kuhn, Loeb & Co
1837
Speyer & Co
Kidder, Peabody & Co
1861
1862
Clews (Henry) & Co
Lawrence (Cyrus J.) & Sons
Bioren & Co
—.1764
Biddle, Whelen & Co
Brown (Alex.) & Sons__
1800
Brown Brothers Harriman & Co. 1818
Chronicle
Death of Governor Frank D. Fitzgerald of MichiganDefeated Attorney General Murphy Last November
advances.
Governor Frank D. Fitzgerald of Michigan, who defeated
Frank
Federal Home Loan Bank of
Sum of
Chicago Receives Record
$1,521,698 in Repayments of Outstanding
Advances
New money flowing into its savings and loan associations
members
caused
the
Federal
Home Loan
Bank of Chicago
to receive the record sum of
$1,521,698 in January in
A
rest
repay¬
ments of its outstanding advances to associations in Ilinois
and Wisconsin, A. R. Gardner,
President, said
similar
for
situation
in
the
of
the
on
country
March 8.
accounted
total of
$22,910,997 being repaid to the entire system
of 12 Federal Home Loan banks
during the month, he said.
a
The Bank's announcement added:
Murphy for reelection to the governorship last
November, died of heart disease on March 16 at his home
in Grand Ledge, Mich.
The Republican Governor, who was
54 years old, hkd been suffering from influenza and was
believed to be recovering.
He will be succeeded by Lieu¬
tenant Governor Luren Dickinson, who will be 80 years old
next month.
Mr. Fitzgerald had served as Governor of
Michigan in 1935 and 1936 but when he ran for erelection
was defeated by Mr. Murphy, who is now Attorney General
of the United States.
Last November he was again elected
to office defeating Mr. Murphy.
From the New York "Herald Tribune" of March 17
wre
take the following:
During his last campaign Governor Fitzgerald had attacked Governor
The
Chicago bank's receipts were more than double those of January,
1938, and brought about a decrease of $641,000 in the amount of advances
outstanding at the Bank by the end of January.
The large January sum
followed
effects
the
on
of
the
vestors
in
bank.
Credit
member
of
a
repayment
outstanding
new
advances
December
associations'
$1,022,000
a
ber, because
heels
remained
were
which had
new
of
already begun to feel the
popularity
their
among
advances
practically
the
savers
from
same
the
during
made about equal the repayments.
and
in¬
regional
Decem¬
Murphy's general labor policies and his handling of the sit-down strikes
in
Michigan.
In January he introduced
sit-down strikes
provided for
a
a
five-man
labor relations bill which banned
State labor
board representing
unions, industry, retailers and the public and calingg for 15 days' notice
of any strike involving public utilities.
A few hours before Governor Fitzgerald died the House of Representa¬
tives,
controlled by the
stones in
his campaign.
Republicans, approved his bill, one of the key¬
It now goes to the Senate.
.
.
.
Volume 148
Fitzgerald
Mr.
Fitzgerald,
was
Financial
native of Grand Ledge.
was a
member of the
a
State
His father, John Wesley
Legislature for
Fitzgerald
.
.
and
time,
a
postmaster of Grand Ledge from 1897 until his death in 1908.
started in public service at an early age.
.
was
The younger
He
was a
postal employee from 1906 to 1911.
Throughout his
Mr. Fitzgerald
career,
For many years he was
a
member of the Eaton County Republican Com¬
mittee, serving several terms
Mr.
as
its chairman.
Fitzgerald's service at the State Capitol started in 1913, when he
became
a
clerk in the State Senate and in the
years later he was a proofreader in the State
1917
he had
become bill clerk in the
named executive secretary
From
1921
manager
of
to
Mr.
was
named Deputy Secretary of State.
Fitzgerald
was
Lansing to become business
Department.
From
member of the
in
business as general
private
this
time
he
Convention
In July, 1923,
of the State Highway
manager
He became a
rapidly in politics.
rose
Republican State Central Committee, serving part of the
its secretary, was chosen as a delegate to the
as
By
Representatives, and was
for the Oldsmobile Distributing Corp., at Memphis.
he returned
time
1923
to
Two
Department of State.
House of Representatives.
House
of the Federal Food Administfration for Michi¬
After the World War he
gan.
active in Republican politics.
was
in
1924,
and
was
generally recognized
Republican National
of the party's
one
as
strongest figures in the State.
He remained business manager of the State Highway Department until
1931, when he
elected Secretary of State.
was
Expressions of regret on the death of Governor Fitzgerald
were voiced in Washington on March 16
by Attorney General
Murphy, former Governor of Michigan, and Senator Arthur
H. Vandenberg.
Attorney General Murphy said:
Governor
every
Fitzgerald
who
one
was
good and
a
I will
knew him.
able
always
He
man.
remember
beloved by
was
gratitude his
with
modest way
a
returned to office.
have lost
a
I tried to reciprocate when Governor Fitzgerald was
He, however, set the example.
good citizen and
a
good friend.
The
sudden
death
me
lifelong
of splendid public service.
career
and to the Nation. He
Lansing last January and
once more
He probably had
more
was
good Lieu¬
a very
Frank
D.
Fitzgerald
is
just reaching the climax of
a
a
a
brilliant record.
*
•
The whole
.
,
personal friends than any other Michigander in
I deeply grieve his passing.
Death
Barron
of
Street
Cars
Collier, Leader in Advertising on
Subways—Owned Large Prop¬
and
Florida
erties in
A native
University
of Missouri in 1906; he received the degree of Master of Arts
the University of Illinois in 1910, and the degree of
Doctor of Philosophy in Economics, Philosophy and Soci¬
from
ology from Columbia University in 1911.
Upon the com¬
pletion of his work for the doctorate at Columbia University,
he was appointed instructor in Economics at the
University
in 1911, and in 1913 Assistant Professor.
He was then called
to Harvard University as Assistant Professor of Economics,
leaving in 1918 to become economic adviser to the National
Bank of Commerce in New York City. Two years later he was
appointed economist of the Chase National Bank.
Dr. Anderson is the author of three books: "Social Value,"
1911, Houghton Mifflin Co.; "The Value of Money," The
Macmillan Co., 1917, the publisher of the 1936 edition of
which is Richard R. Smithy New York; and "The Effects of
the War on Money, Credit and Banking in France and in
the United States," 1919, published by the Carnegie En¬
dowment for International Peace.
For the past 18 years, his
writings have appeared in the "Chase Economic
Bulletin," issued by the Chase National Bank. He has been
chief
Vice-President of the American Economic Association and is
present
member of the Executive Committee of that
a
organization.
+
.
W. O.
Douglas, Chairman of SEC, to Speak at Dinner
Five
Honoring
Companies in Philadelphia on
public interest.
He took up a difficult assignment
made
country had its eye on him.
my time.
and the relation of government to economic life.
of Missouri, Dr. Anderson was graduated from the
*
of Governor
heavy loss to
at
Dr. Anderson is known for his work in
theory of value and prices, his investigations in money and
banking, his studies on the statistical relation of foreign to
domestic trade, the underlying factors of American business,
the
Vandenberg said:
shockingly
1581
the country.
over
The people of Michigan
They have
tenant Governor and I am confident that he will act in the
Senator
all
at
kindliness and helpfulness after I was elected Governor two years ago.
In
Chronicle
March
William
31
O.
Douglas, Chairman of the Securities and
Exchange Commission, will be the principal speaker at an
assembly dinner to be attended by scientists and industrial
leaders in Philadelphia on March 31, the Franklin Institute
.announced March 13.
The dinner, the announcement said, will honor five
prominent American companies—Carbide & Carbon Chem¬
icals Corp., E. I. du Pont de Nemours & Co., Libbey-OwensFord Glass Co., Monsanto Chemical Co., and Pittsburgh
Plate
Glass Co.—for their public service in perfecting a
high-test safety plate glass which is expected to reduce
highway accidents and make motoring safer for the country's
highway users.
It was further announced:
new
Barron Collier, founder and President of Barron G.
Collier, Inc., and a leader in street car and subway adver¬
tising throughout the United States, died of heart disease
on
March
13
the
at
Harkness
Pavilion
of
Columbia
the
Presbyterian Medical Center, New York City. He was in his
Born in Memphis, Tenn., Mr. Collier had been
associated with advertising in New York for the past 39
years.
For a number of years he was interested in police
work having served as a Special Deputy Police Commissioner
of the New York Police Department and as Chairman of the
Advisory Committee of the Internatioal World
Police.
66th year.
Mr. Collier
was
instrumental in the
development of the west
large paift of the land in
County, named for him by the Legislature. He also
coast section of Florida and owned
Collier
owned
a
a
chain of hotels in Florida and it is estimated his
investments in that State totaled $16,000,000. Mr. Collier
was honored by
many foreign countries during his career.
His decorations included that of the Order of the Crown of
Italy, the Great Silver Cross of Merit of Austria, the Cheva¬
lier of the Order of the Crown of Belgium, the certificate of
La Solidaridad of the Republic of Panama, the Order of the
His lecture will be accompanied by a demonstration of the recently
perfected plastic used in the hew safety plate glass which will be conducted
by
Nicol
Dr.
H.
chief
The
filler
has
under
severe
following:
Guests
of
honor
was
elected in 1923.
He had served
at the time of his death he was Chairman of the
In
July,
Boy Scout Public Relations
Vice-Chairman of the Health and Safety Committee.
1931, Mr.
Collier
was
a
representative of the
Boy
Scouts of
America at the Sixth Internaciooal Boy Scout Conference in Vienna.
President
Roosevelt
head of the
as
He
was a
the
Nation's
Chief
Executive
and
"When
resigned
Boy Scout Foundation fo Greater New York, Mr. Collier
served in his place.
Mr. Collier
became
was a
He resigned in July, 1937.
member of the International Chambers! Commerce, the Chamber
York Board of Trade, the
ation and the
Ne\y York, the Italy-America Society, the New
Society of Arts and Sciences, the Pilgrims Associ¬
Virginia Historia Society.
the
new
glass
temperatures,
is
that
enabling
the
the
plastic
glass
more
of
a
to
cushioning
"
include
J.
A.
Rafferty,
President of Carbide &
Corp.; A. E. Pitcher, General Manager of the plastics
division of E. I. du Pont de Nemours & Co.; John D,
Biggers, President of
Libbey-Oweiis-Ford Glass Co.; John C. Brooks, Vice-President of Monsanto
Chemical Co., and
II. S. Wherrett, President of Pittsburgh Plate Glass Co.
■
San Francisco Stock Exchange Creates Office of Execu¬
tive Vice-President—R. E. Kaehler Named to New
Office—Exchange Reports Net Loss for 1938, After
Depreciation, of $54,627
San
The
Francisco
Stock
Exchange announced March 8
adoption by its members of
the
an
amendment to the Con¬
Exchange creating the office of Executive
Ronald E. Kaehler, who has been Assistant
to the President ahd Executive General
will
May,
in the future have
new
Manager since last
title
of
Executive
general managership of the Exchange was the first step in
the
direction
of
the
present
form
of joint administration
by a non-member executive and the Governing Board.
title
Kaehler's
new
and
Mr.
specific form.
more
1938
The
gives
consolidated
Francisco Stock
Corporation,
net loss after
for
.
the
Mr. Kaehler's appointment last May to the
Vice-President.
„
life member of the National Institute of Social Sciences.
of Commerce of the State of
of
all
at
qualities under all conditions and, when broken
as
Acting President of the Boy Scout Foundation of Greater New York, and
Committee and
will
Vice-President.
He [Mr. Collier] was a member of the National Executive Board of the
Boy Scouts of America, to which he
Charge of Chemistry of
effect than previous products.
stitution of
From the New York "Herald Tribune" of
feature
flexibility
Carbon Chemicals
and many others.
take the
Director in
impact, to resist penetration and, provide
the
we
Associate
distinguishing
unusual
retain its shatter-resistant
Crown of Rumania, the Order of the Red Cross of Esthonia
March 14
Smith,
Franklin Institute.
this
arrangement
financial
permanent
a
statements
of
the
San
Exchange and its subsidiary, the Building
released to members on March 9, indicate a
depreciation of $54,627." With $51,720 allowed
depreciation, the net loss before depreciation was $2,907.
the loss was an item of approximately $7,800,
Included in
Benjamin M. Anderson Jr. to Accept Professorship at
University of California in September—Will Relinguish Post as Economist of Chase National Bank
of New York
representing
Curb
a
non-recurring
Exchange absorption
expenditure incident to # the
in May of last year.
Net loss
ended Dec. 31, 1937, was reported as $55,897,
depreciation.
for the year
after
Dr.
Benjamin M. Anderson Jr., economist of the Chase
National Bank of New York since 1920, has informed the
bank that he has decided to accept an appointment as
Professor of Economics at the University of California on
the Los Angeles Campus.
His work there will begin next'
September.
His new post it is stated will permit him to
continue his active participation in the discussion of public
affair.
As economist of the Chase National Bank for
a
period of
19 years, Dr. Anderson has expressed his views on matters
of economic and financial policy vigorously through the Chase
Economic Bulletin and in many public addresses.
He was
frequently invited to testify before Congressional Committees
and to speak before large groups of business men and bankers
President
Roosevelt
N. W. Littell as As¬
Succeeding C. McFar-
Nominates
^
sistant
Attorney
General
land, Resigned
The
nomination of Norman W.
Littell
as
Assistant At¬
General in charge of the Lands Division of the De¬
partment of Justice was sent to the Senate on March 16 by
President Roosevelt.
The resignation of Carl McFarland
from that position was announced at the same time.
In his
letter to the President Mr. McFarland said that he was re¬
turning to the private practice of law.
Mr. Roosevelt, in
reply, said that he had accepted the resignation "reluctantly"
and praised the way Mr. McFarland had carried on the
torney
division.
I
1582
Dr.
Financial
Harry
of
Alvin
Millis
Appointed Research Director
Bargaining Study Undertaken by
Century Fund
Collective
Committee
of
Twentieth
Chronicle
should call, at the earliest practical time, an interstate conference on this
subject."
The National
Dr. Harry Alvin Millis of the University of Chicago has
announced
was
March
on
tions,
Dr.
9
A
pared by the Bureau of Agricultural Economics
The report gives in detail
pre¬
submitted to Secretary
the results of the Bureau's investigations of
affecting dairy products,
vegetables and
former President of the American Economics Asso¬
a
was
March 7.
on
barriers
specialist in labor rela¬
a
special report, "Barriers to Internal Trade in Farm Products,"
Wallace
Evans Clark, executive
by
Millis,
Conference to be held at Chicago is in pursuance of this
resolution.
research director of the impartial study of
collective bargaining in the United States being undertaken
by the Labor Committee of the Twentieth Century Fund,
it
1939
18
to restrict the free flow of commerce and
,
been appointed
director of the Fund.
Mar.
"tend to create such barriers and
othei
farm
margarine, alcoholic
through
crops
beverages, fruits,
the imposition of State
taxes
licensing and bonding regulations, inspection limitations, quarantine
ciation, and author of three standard economics treatises,
has arranged a leave of absence from the University of
re¬
strictions, and other regulations.
It shows
that practically
State has erected trade barriers of
every
one
Chicago and is to begin organizing the Labor Committee's
kind
research
officials declared that these restrictions "add hundreds of millions of dollars
tieth
New
in
program
York
immediately.
Century Fund's Labor Committee
pointed
1934
in
government
make
to
special
a
study
relations, and the
sponsored, "Labor and the Government,"
1935.
Commenting
We plan
of
States,
bargaining in
with
ways
in
staff
to
cedures
special
which
obtain
well
peace, as
unionized
actually
facts
making
for
that
the
shall
We
illustrate
will
without
it
use
has
taken
small
a
conditions,
Great
in
Britain
Sweden.
necessary
stated.
was
of Customers' Men to Hold First Regular
Meeting April 10—Six New Committees Appointed
and
Six committees""to carry out part of activities of the
newly formed Association of Customers' Men were appointed
on March 16
by Albert C. Beeson, President of the organ¬
ization.
It
was
also. announced ' that the first regular
meeting of the members of the association will be held at
the
policies
and
pro¬
industrial
difficulties which beset newly
long-developed techniques.
and
to obtain
distinct limitation upon the expansion of agricultural
are a
Association
experienced
The findings will
be related to the recent reports of the President's Commission on
Relations
They
increasingly difficult, if not
in the lower income brackets
persons
Bureau
published in
was
bargaining relationships and for
examine the pitfalls and
iridustries
forms
various
free trade between the States.
production for domestic consumption, it
factual picture of the present statua
works.
in
success
as to
it
15 representative industries of the United
some
reference to
it
which
report
interfering witjh
to the annual food bill of consumers and make it
impossible, for
foods."
the new study, Dr. Millis said:
on
to develop a non-partisan
collective
Twen¬
originally ap¬
of the role of
was
labor
in
The
another
or
the Hotel New
Industrial
will
*
Yorker, April 10 at 4
p. m.
be considered and committee reports
A constitution
received at that
meeting.
William II. Davis,
member of the President's Commis¬
a
sion, is Chairman of the Fund's Labor Committee.
stated
Dr.
that chiefly upon
Millis and
dent's
is
the basis of the facts gathered by
staff
those
and
contained
in
the
in detail
by Dr. Millis and his staff for the Twentieth Cen¬
of industries and
ditions.
trades in
The committee
are
which
has
to be chosen from,
widely different
are
decided
list
a
study, if feasible,
the fields of newspaper publication, book and job printing,
the men's clothing industry, the manufacture of women's
wear, steel, rubber, building, hosiery and railroads.
Other
topics to be consdiered are the status of collective bargain¬
ing prior to
1933;
collective
recent
bargaining legislation,
including experience
under the National Recovery Admin¬
istration, the Wagner Act and the National Labor Rela¬
tions Board; the rapid spread of unionization since
1933,
particularly the growth of industrial unionism and Amer¬
Federation
of Labor-Congress of Industrial Organiza¬
rivalry; legal status of unions and agreements; and a
general
appraisal
of
"how
collective
bargaining
has
Century Fund
into
search
The
A.
Filene
directors
conduct
economic
contemporary
present
founded and endowed
was
to
of
non-partisan
and
social
Twentieth
the
are:
re¬
problems.
Century
A. A.
Duties
Aide
The
Jr., Francis Biddle, Bruce Bliven, Percy S.
Brown, Henry S. Dennison, John H. Faliey, Robert H.
Jackson, Oswald W. Knauth, Morris E. Leeds, Robert S.
Lynd, James G. McDonald, Charles P. Taft, Harrison
Tweed and
William
J. Frederic
Allen
White.
The
Fund
economist
is
Devvhurst; the executive director, Evans Clark.
James
of
Roosevelt—President's
Conference
Interstate
on
Trade
Barriers
of
Colonel
was
March 9 that
Interstate
National
a
Conference
on
informed
Watson
as
suc¬
6.
The White House also announced that Colonel
Watson would be promoted to the rank of Brigadier-General
and would retire from the Army with confirmation of his
appointment.
duties
Colonel Watson took
over
his
Secretary,
until
March
31,
1940.
From
14, Associated Press advices stated:
March
House
officials
Exxecutive. Mansion,
unless
he
becomes
rank
new
As
of
as
had
Clarence
discovered
Colonel
Hess,
that
physically disabled,
effective
Watson
is
appointment
Colonel
until
he
going
Watson
has
March
on
to
Washington,
work
clerk
a
pay
and
in
at
once
as
secretary
a
a
year,
has been the President's chief
military
beginning of the Roosevelt Administration,
accompanied the President on his Caribbean
the
recently
The
these
his
31.
Watson
since
cruise.
retire,
in.
year
title.
He will receive, beginning March 31, $7,500
Brigadier-General, instead of $10,000 as a secretary.
Colonel
aide
the
at
not
may
served
that
his
said
Brigadier-General,
result,
a
secretarial
new
March 14, although he cannot assume the title of
on
resignation of James Roosevelt
columns
Nov.
19,
page
reported
was
3104.
+•—-—
John T. Cahill Sworn in
United States
as
Attorney for
Southern District fo New York
John
for
T.
Cahill
was
Southern
the
presided
ceremony
Mr.
Cahill
took
York
Senior
of
oath
United
as
New
of
by
over
the
in
sworn
District
on
Trade
M.
March
by Council of State Governments for Chi¬
April 5-7
cago,
Edwin
James Roosevelt, the President's son, as a mem¬
White House
Secretariat was announced on
the
Called
|F The Bureau of Agricultural Economics
Military
Made Brigadier General
•,
National
made in these
was
Take Over White House Secretarial
to
appointment
to
cessor
ber
of
Also
without
Berle
Orvix Brothers & Co.
♦
Col. E. M. Watson
Fund
'
Chapman.
T. B. Meek,
t A previous reference to the association
columns of March 11, page 1414.
White
The Twentieth
A. E. Borneman, Kidder, Peabody & Co.
A. L. Ferguson, Chisholm &
Ethics and Business Conduct:
worked."
by the late Edward
Allyn C. Donaldson, Francis I. Du Pont & Co.
con¬
to
are:
Newell Thomas, Fahnestock & Co,
Constitution:
The industries to be studied
tury Fund's Labor Committee
ican
Legal and Research:
Grievance:
appointed
James Sloat, Goodbody & Co.
Education and Program:
Presi¬
reports,, the Fund Committee will pro¬
policies for the improvement of industrial
relations in the United States.
tions
The Chairmen of the six committees
Out-of-Town:
.
Commission
specific
pose
his
It
States Attorney
March, 10 in
on
Judge
office
after
John
C.
hearing
a
Knox.
George
Barriers has been called by the Council of State Govern¬
J.
ments, to be held at Chicago, April 5, 6 and 7, in an effort
to halt the erection of "tariff barriers
among the several
Court, read the commission signed by President Roosevelt
and Attorney General Murphy.
The President named Mr.
States," it is announced by the Department of Agriculture,
which also states:
The Council is composed of State
lators
that
the
who
resolved
in
"interstate trade
welfare
economic
a
General
Cahill
was
at
Washington
country."
are
in
January
to
Forty-six of the 48
States
by the
On
March
Council, and inviting Dr. F. V. Waugh, in immediate charge of the Bureau's
nated
Uruguay,
serve as a member of the committee on
Mr. Bane reported that "scores of additional
bills, extending these trade
many
of the 42 State Legislatures
now in
session."
He added "all agree that this
movement, if not halted, will undermine
of the basic
our
principles set forth in the Constitution,
a
principle
"the Governors' Conference, in session at Okla¬
City last September, concerned about this situation, authorized its
announce
that the group unanimously
opposed the principle
were of the
opinion that such barriers between
of State trade barriers and
the States should be removed."
The
General
Assembly at Washington, Mr. Bane said, "recommended
complete adherence to the traditional American policy of free trade
among
the
States.
The
Assembly further resolved
that
the
secretariat
of the
Council of State Governments should
study legislation and policies which
9,
as
Panama
in
Roosevelt
Raised
Names
to
William
Embassy—
Dawson
as
13
President
William
spect
the
of
that Panama
its
to
Dawson
Legation
President
also
Laurence
has
in
taken
to
the
to
be
the
American
Embassy and nomi¬
present Minister
to
The State Department
similar action with
Washington.
sent
Steinhardt
A.
raised
Minnesota,
the first Ambassador.
as
announced
Roosevelt
to the status of an
At
Senate
the
the
Ambassador
same
nomination
to
the
re¬
time
of
Soviet
Union.
The letter stated that
Chairman to
Feb.
on
Feb. 11, page 824.
one
upon which
prosperity and well-being largely depends."
homa
Legation
Legation at Panama
investigations of trade barriers, to
agriculture.
pending in
Hardy, resigned,
First Ambassador—Nomination of L. A. Steinhardt
as Ambassador to Moscow Also
Sent to Senate
were
Executive Director of the Council, that committees
dealing
with various phases of the barriers
problem have been established
are
Lamar
our issue of
President
detrimental to
Officials of the Bureau of Agricultural Economics
quoted a letter from
barriers,
succeed
reported in
American
represented at the assembly.
Frank Bane,
Follmer, Chief Deputy Clerk of the Federal District
»
Governors, Commissioners and legis¬
Assembly
barriers, under whatever guise,
of the
H.
Reports of this nomination were made knoWn in
Washington March 4, as was noted in these columns last
week, page 1419.
Panama
vated to
zuela
our
is
an
the
third
being the others
Jan.
14
Latin American
republic to be ele¬
Embassy since Oct. 1, 1938, Colombia and Vene¬
issue,
(reference
to
which
was
made
in
221).
Mr. Dawson, who was Minister to Ecuador in
1928, to
Colombia in 1934, and to Uruguay in
1937, will take the
page
Volume
148
Financial
Chronicle
post left vacant by the transfer of Minister Frank P. Cor-
with
rigan to Venezuela
1583
munities.
Ambassador.
as
According to Associated Press advices from Panama,
15, Dr. Augusto S. Boyd, Panama's Minister at
Washington, was named as the republic's first Ambassador
March
to the United States.
Organizational! New York City of Latvian-American
Chamber of Commerce
^
With
charter
a
membership of 22, the first Latvian-Amer¬
ican Chamber of Commerce in the United States
ized
at
Karl
meeting held
a
G.
Schroff,
in
New
York
Vice-lPresident
City
organ¬
March 10.
Manager of
the International Forwarding Co., Inc., presided and opened
the meeting with a toast to the President of the United
States,
and another to the President of the Republic of
Latvia.
Mr. Schroff set forth the aims of the organiza¬
tion, which, it is stated, embody the following:
The
the
fostering of
Latvian
To
delivered
General
and
aV the
of
a
adjust
business
the
of
by
Dr.
New
at
Rudolfs
York..
Consul
Shillers,
Dr.
Marc
and
acquainted
the members
and import capacity.
of
the
Lat¬
with the
He laid particular stress
trade
greater
between
relations
the
United
States,
and the year 1939 should show
considerable increase
a
on
political approach or economic
occasions,
many
Experience
temporary
practices
has
events
and
is
amply
produce
relief problem and
budgets
than
certain
fiscal
problem
am
situation
other
factor.
one
The
solved.
be
may
that
Per¬
well
correct
that
gave
with
to
steps,
course
promise of
public
the
balancing municipal
disposition
in
Thus
the
on
part
part year after year
of
presents
debt load
for which there is no compensating capital,
Experience in the past decade is quite convincing
improvement.
or
it
today
one
of
municipality,
quickly change the
can
concerned
a
guilty
justify.
a
be
must
however,
from
greatly
more
sounding
bankruptcy when
of
signal that
demonstrated,
municipalities to fund such costs
accumulating
asset
conditions
true
the difficulty that this presents in
any
and
frequently
the budget
danger
a
sound
a
I
well
are
dire predictions of impending
attempting to balance
unsound
improvement."
or
meaning
alarming language than
in
equally
some
while
intelligently and conscientiously' applied,
that such costs should be financed from current income and not borrowing
if other essential services are to be continued or debt burdens are to
within
The
such
promise
to
limits
to
pay
simple
as
will
as
the
on
assure
reasonable credit
a
of municipal
part
mathematics
as
can
position.
does not
governments
be
occasions
on
applied
to
corporate credits.
is
Management in both government and private enterprise
important consideration.
Usually the character and continuity of
an
such
management
latter
field.
be
can
The
satisfactorily determined, however,
more
exigencies
and
which
to
people
in the
in
public
subject and the uncertainties presented by periodic elections and
appointmnts in municipal government are factors which do not
readily into approved patterns.
life
the favored nations with regard to trade treaties with
among
office,
time to time
arise
in
remain
of
Latvia and the United States, and said:
is
when
heed.
in
warning
more
difficulties
or
those
of
note
hear from
we
submit
Vice-President
from
using much
Golandsky,
Chamber, pre¬
development
Latvia
desirable
an
,
asset
People in public life having a different
conception
being troublesome.
institutions
and
men
Latvia.
is no compensating capital
continued, in part:
He
of the character and structure of the Lat¬
survey
the
meeting
First
economy
there
of
and prevent controversies.
between
Latvia
vian export
sition to, in part, fund such costs year after year
by certain
municipalities presents an accumulating debt load for which
if
the Republic of
newly-chosen
on
and
of goodwill from the Republic of Latvia was
message
vian
States
com¬
he
was
"more
concerned
today with the public relief
problem and the difficulty that this presents in balancing
municipal budgets than any other one factor.
The dispo¬
sistence
.
United
the
-
friendship
promote
United States and
sented
between
commerce
integrity, good faith and equitable business principles.
and
furnish
financial,
commercial,
statistical
information,
Acquire
A
and
uniformity in trade customs.
differences
Promote
and
Republic.
procure
Settle
trade
savings banks of equivalent size located in similar types of
John S. Linen, Vice-President of the Chase National Bank
New York, who also spoke on March 9, remarked that
of
on
General
and
was
28
pressures
are
political
fit
.
imports to and exports from the United States and Latvia.
The
following
President,
of
tive
President,
Dr.
Marc
It must be admitted
of the newly-organ¬
Schroff; First Vieef
United States representa¬
Karl
G.
Colandsky,
Latvian
numerous
•
elected officers
were
Chamber:
ized
manufacturers
and
exporters;
to
municipal
the
that
quite
The
sustaining and life.
"
:
'
•
•+.
the
best
Earnings
of
Primary
Interest
Supervisors,
William R. White Tells Eastern Regional Con¬
ference of A. B. A.r-—John S. Linen, Virgil Jordan,
A. L. M. Wiggins, and Adolph Suehsdorf Among
Other Speakers During New York Sessions
to
much
is
we
of
such
as
before
the
American
Eastern
Regional
Banking Conference of
Association
Bankers
New
in
York
City.
the
From
Dr.
and dangerous
premise."; Earlier reference to
other addresses
of
at
week ago,
a
speech,
the
1416.
page
furnished
conference
by
In
of the
some
made
was
in
issue
our
abstract of Mr. White's
an
the Association,
he
in
quoted,
was
part, as saying:
Speaking
visor's
that
plan
a
be
be
can
permitting
reduction
the
solution
do
savings
White
absorbed
banks
lend
totaled
which
25%
meeting
expense
and
of
25
each,
between
chart
special
function
the
in
with
total
with
asset
a
a
based
;
can
of
liquidity."
existing
in
upon
commercial
to
cases
a
that
it
is
opinion
my
should be
that
eliminated," Mr.
communities
throughout
depository
the
for
these departments
public's
in
can
the
many
income
York
item of
officers
to
247
of
City.
heavy burden
expense
New
in
1938
York
State
The only other item
and
employees,
which
printed
analysis of
range
upon
In
one
the
New
of
50
of
1.5 to
thousand
1938
York
bankers
operating
State
were
the ratio of
interest paid upon
setting
comparing
and
and
trust
divided into two groups
addition
figures
income
banks
7.0 millions located outside the
The banks
to
attending
forth
the
50
deposits
significant
to
gross
differences
composition, the
commercial
institutions
small
factors
question
Industrial
on
credit
business
of
On
banks
funds
for
be
can
and
it
are
under
related
by
estab¬
true
that
the
and
that
the
specific transactions
to
that
true
for
many
making so-called
now
the
unfilled
an
filled
is
It
a
also
is
be
change
industry.
years
intermediate
but
programs
alternative
An-
under
a
proposal
guaranteed
It may
standards
deposit
for
insurance
soundness of
it
practical
and
so
purposes
banks,
loans
variety
of
may
of
intermediate
resources
reason
loan
a
the
mortgage
which
on
to
as
and
for
coverage
I
Personally,
the
now
are
to
a
total
a
to
small
by the
lending bank
insurance
was
to
up
a
advances
desirability
bank loans
doubt the
speculative
more
insured
are
not
can
make
including
the
(1)
liquid
or
must
maximum of
both deposits and
the banking
volume
and
cautious attitude
a
No matter what merits
marketable assets.
The
inevitably
of
non-marketable,
long-term loans available,
the
in taking
industries.
they
non-liquid and
deposits.
in
insured
corresponding to aggregate insured
bank
its
(2)
(3)
depend
holdings
the
upon
of
quality
the ratio
of
formulation
of
but it should
policies
never
a
other
of
the
capital
The existence of Federal deposit insurance may be
for less emphasis on liquidity,
consideration
be
industrial
making
agencies
have been justified
possess,
loans
factors,
classed
a
greatly restricted that our banking system would for all
be nationalized or socialized.
I think,
such
any
as
This is the practical equivalent of guaranteeing the
regard to capital loan®
assets
of
to me that the scope of private enterprise in
seems
would be
In
loans
might
business
If insurance assessments should be levied on
deposits.
these
to
small premium the
a
on
insurance.
bank's assets
a
kind would
be made
equity capital.
insurance
For
loss
Deposits
insurance.
depositor.
per
of
loans
the
to
against
banks
acceptable
combining
some
ever
be questioned whether many loans that do not meet the
the
of
be
volume
that
is
Housing Administration.
obtained.
assets,
minimum
comparable
system
be
would
doubt that such loans should
reasonable
a
banks
enforced under the
been
to assure the solvency of such a credit system.
is reason to
for
have
Government subsidy of
a
advance
they could unquestionably lend
adopted
were
br later
sooner
industrial
the
for intermediate credit
If less rigid standards than
advance
there
Federal
funds through
of
I doubt that there is much need
money,
event,
in
unquestionably
Government subsidy
perhaps
undergone
hand,
made
should
for
lias
that
other
the
have
become necessary
field
could
a
demand
effective
which
demand
business loans
banks
industry.
with
later
or
Considering this fact, the change in the attitude of the examining
industrial
of
He said that if left rigid
banks
it is widely believed that there is
mechanism,
intermediate
declined.
The
than
more
unsolved
the solvency
Dr. Jordan continued, in part:
authorities, and the availability
income.
the
credit
proportion of
has
$5,000
a
but sooner
relatively
the
commercial
would
.
deposits constitutes
salaries
composition
included
lishing
"the
credit; system."
the
character
circumstances
of
most
the two groups in income ajjd expenses and asset
also
in
substitute
greater efficiency."
operating
was
by
the
I
municipal
activities which tend to counter¬
industry."
enforced
money,
a
Despite
for
program
of
the other hand, other
on
pressure group
industrial advance programs
gap
and
definite
a
operate
blame.
to
form
kind would become necessary to assure
some
of such
programs,
earnings
■
or
many
that
of
deposits
essential
White stated that this
gross
deposit
income.
and
interest
is
convenient
companies outside New
larger
problem
under
impression
only
principal cities of the State.
operating
the
that
cities
that
the
presented
companies with
six
solve
said
the
interest paid
was
of
White
Mr.
the
of
trust
on
we
as
part
Board, Inc., who addressed the conference
were
more
not
departments
investment
an
balancing of yield
upon
leave
banks, Mr.
21%
and
cost
of
to
belief, however,
to
evidence that
commercial
to
help
larger
realize
my
instances be made
As
paid
the
constitute
It is
savings.
Super¬
are
cannot
improved operating management.
banks for
credit
standards
some
will
to
"I
they
the
which
deposits
achieved,
special interest departments
or
from
funds
interest
savings
problem of bank earnings.
added.
country
rate
wish
not
all
been
Superintendent
outside
the
of
place
have
scientific
more
in
Problem
that
special
or
.
which
York
located
banks
"I
a
New
The
to
objectives
adopted
Earnings
recommended
thrift
developed
these
"The
White
from
v.:
/
"When
Mr.
eliminated
basis.
time
subject
the
upon
be
in
the
as
This
Virgil Jordan, President of the National
loans.
Standpoint,"
savings
however,
in
this State,
in
generally
concerned.
office,
are,
factor.
March 10, doubted that "there is much need for intermedi¬
past experience," he
said, we know that "the practice of
paying out all or substantially all earnings on the theory
that there will be no principal losses is based upon a false
of
affairs
themselves
are
There
it will
of
government
operations is
legislation
public relief, and other
balance the benefits
ate
be maintained
are to
municipal
misfortunes.
public
doubtful
definite "improvements
mandatory
some
possible future losses, if capital funds
adequate level, William K. White, New York State
Superintendent of Banks, said on March 9 in an address
in
ip
that
government
making
are
Conference
an
desired
economy
such
of
times
extent to which
management
frequently
be laid at the door of those in
supervisor is priniarily interested in the subject
because a portion of earnings must be set
aside each year for adequate charge-offs and reserves for
at
be
to
and
government and management.
of
inefficient
in
has withstood
bonds
effects
population and the probable
of
and the
,
abuses
and
municipal
damaging
and
this
In spite of
upon.
serious inefficiencies
costly and
injurious
credit, and that the wisdom
supporting
judging this
of
way
private
various
ravages
the
of
forms
believe
bank
of bank earnings,
the
efficiency
as
under
Bank
ise to
always to be relied
continued
to
There
far
it
recall
can
character
always
.
one
not
effectively
submit
is
is
that bad and incompetent management is
as
the fundamental security
past,
Second
Vice-President, Dr. Emil Aufrichtig, Vice-President
Mercantile
Co.;
Secretary-Treasurer, Anthony
Wesson, steamship agent.
Membership is divided into four classes: associate, active,
credit
electorate
fact
Overseas
A
,
.
both
in
a
be the dominant
in regard to loans.
Financial
1584
A. L. M.
Association's Federal
Wiggins, Chairman of the
Committee, said on March 10 that the proba¬
bility of any broad revision or major changes in Federal
banking laws during the present session of Congress seems
remote.
He added that "there appears to be in Washington
Legislative
the problem of business
careful weighing of the
merits of proposed changes in advance of their acceptance."
Correspondent banking in the United States provides
"real and numerous benefits to both the large city bank
and the out-of-town bank as sources of investment informa¬
tion," Adolph Suehsdorf Jr., Assistant Vice-President of
the Bank of Manhattan Co. of New York City, said in an
address on March 9.
He asserted that it can be developed
further as a reciprocal service and as "a healthy stream of
valuable investment knowledge flowing in both directions."
today a more realistic approach to
than in recent years, and a more
Suelisdorf stated, in part:
Mr.
local
banker
out-of-town
The
issues,
municipal
in
.
the
is
best
for information
source
regarding
which one may find in estates in the personal
customer's list.
The interpretation by the out-of-
trust
division
town
correspondent of State tax legislation as it applies to securities is a
the large city banker's reaction.
No one is a better
or
a
Mar.
Chronicle
Roscoe J. Todd, under Edwin N. Van
Vice-President. The paper added:
Mr. Ford, a native
of
local
a
very
real
the local
bond issue or
estate
banker when it comes to the value
mortgage loan.
I have checked with
secured,
out
Southwest as to the outlook
small country banks in the South and
communities for the year's cototn
crop,
and the information
cotton area at large, has worked
their
in
when applied to the country's
Other tests can be made in other crop areas.
Such
then be translated to the granger rails, cotton movers, &c.,
well.
very
material
for
than
information
of
can
Credit information on some local name to serve as a
obvious reasons.
basis
of
purchase
the
for
commercial
paper
is another
instance where
be given, and this applies too to field warehouse
receipts.
.
.
'
In the big cities there is a tendency toward mass thinking on politics
and political moves, and on such questions the views of bankers in the
outlying country districts are always refreshing and independent.
Out-oftown banks have often been helpful in locating markets for little-known
help
intelligent
may
.
1939
Home, Executive
;
Chicagoan. was employed for many years
in an official
Northern Trust Co. of Chicago, and later engaged in
business. He served the Illinois State Banking Department
capacity by the
investment
four years as
review examiner, and more
the
for
recently has been active in tk.d
warehousing work.
Deputy State Bank Com¬
recently elected President of
Harold G. Hudson, heretofore
missioner for
the
Michigan,
Savings
Alpena
was
Bank, Alpena,
Mich.
He succeeds
Mark A. Wilson.
Prior to becoming Deputy
Bank Commissioner, Mr. Hudson was a bank examiner and
late
the
also
was
associated with the Federal Reserve Bank of Chicago.
•
has been made by Wiley R. Reynolds,
President of the First National Bank in Palm Beach, Palm
Announcement
Beach, Fla., that at their regular meeting on March 14, the
directors declared the regular monthly dividend of SI per
share and an extra dividend of 50 cents per share, payable
April 1 to stockholders of record March 25,1939.
«
worth-while check on
source
18,
Directors of the Midland National
Bank of Billings, Mont.,
special meeting on March 7 elected E. T. McCanna
President of the institution to succeed the late Elroy H.
Westbrook.
Mr. McCanna, who since 1931 has been a
Vice-President of the First National Bank of Bismark,
at
a
will assume his new duties next month.
Both the
Billings and Bismarck banks are affiliated with the First
Bank Stock Corp.
In regard to Mr. McCanna's career,
the "Commercial West" of March 11 said:
N. Dak.,
He is
a
native of North Dakota, attended the University
of Minnesota,
"
stocks
and
bonds
of companies located
in their general area.
and with
River
First National,
of that
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
discontinuing its
office at Third Ave. cor. 116th St., and is transferring the
business of that branch to its recently acquired office at
Second Ave. cor. 116th St.
The change was made over the
week-end and the latter office was ready to serve the cus¬
tomers of both branches on March 13.
John C. Lewis is the
♦
.
■
"
in the stock brokerage firm
of Smith & Gallatin, New York City, died on March 13 at
his home in New York following a long illness.
He was
Albert R. Gallatin, a partner
old. A native of New York City, Mr. Gallatin
graduated from Columbia University in 1891 and helped
70 years
was
found the firm of Smith & Gallatin in 1901 with which he
was
associated
until
his
death.
Mr.
Gallatin's
great¬
grandfather, Albert Gallatin, was Secretary of the Treasury
under
Thomas
and
Jefferson
United
States
Minister
to
Great Britain and France.
Red
1923 as representative of the
In that capacity and later as Assistant Cashier
extensively in North Dakota and
developing a wide acquaintance among bankers and
In April, 1930, he became a
Minot, also a First Bank Stock
Manufacturers Trust Co., New York, is
officer in charge.
St. Paul.
bank, Mr. McCanna traveled
Montana,
men.
ITEMS
his brother engaged in extensive farming operations in the
Valley prior to entering banking in
business
Vice-President of the Union National,
affiliate.
The directors of the Dominion Bank
(head office Toronto,
Canada) at a meeting on March 16 declared a dividend of
3 1-3% for the four months ending April 30, 1939, being
at the rate of 10% per annum, payable May 1, 1939, to
shareholders of record April 20, 1939.
That the present
dividend covers a period of four months is due to a change
in the bank's fiscal year, which will end Oct. 31 instead of
Dec. 31.
Dividends will be payable quarterly hereafter
on
the first of August,
November, February, and May..
^
THE CURB EXCHANGE
Irregular price movements during the early part of the
sharp fluctuations working into brisk recessions as
the week progressed were the dominating features of the
trading on the New York Curb Exchange during the past few
days.
The disquieting news from Europe regarding the
situation in Czechoslovakia caused considerable selling and
price movements turned sharply downward. There was some
week and
interest in the utilities but these turned toward lower levels
Grafton
F,
Smith,
a
member of the
New
York Curb
Exchange since March 14, 1923, died at Broad Street Hos¬
pital, New York City, on March 15.
He was 54 years old.
Before becoming a member of the Exchange Mr. Smith
was a salaried market employee for H. W.
Levy of Levy
Brothers,
He held that position from June 17, 1921,
shortly before the Curb moved indoors, until he bought
his seat on the Exchange.
He was a specialist and was
not connected with any firm but made his headquarters
with Dates & Dyer, members of the New York Curb Ex¬
change, at 19 Rector St.
Mr. Smith was born in Bay City,
Mich.
\—
William T. McCaffrey, President of the Lincoln National
Bank of Syracuse, N. Y., since its organization in 1929, died,
after a brief illness, in Augusta, Ga., on Mar. 13, while on
his way to St. Petersburg, Fla.
He was 50 years old. Born
in Syracuse, Mr. McCaffrey began his banking career as
a
clerk in the Syracuse Savings Bank in 1908, where he re¬
1917 when he was appointed a State Bank
charge of the Syracuse and Rochester territories.
After serving the State until 1920, Mr. McCaffrey organized
the Dunkirk Trust Co. at Dunkirk, N. Y., and headed the
company until 1923.
He then became Executive Vice-
mained until
Examiner in
President and later President of the National Bank of Roches¬
ter, and in 1928, upon the consolidation of his institution with
the Union Trust Co. was named a Vice-President of the en¬
larged bank.
This office he continued to hold until 1929,
to Syracuse as President of the newly
when he returned
formed Lincoln National Bank & Trust Co.
In addition to
his
banking duties, Mr. McCaffrey devoted much of his
leisure time to writing on financial subjects.
*—„
Officers and directors
of the
Central National Bank of
Wilmington, Del., announce the death of their President,
Robert P. Robinson, on March 4.
From the "Michigan Investor" of March 4 it is learned
that Thomas B. Ford has joined the American National Bank
& Trust Co. of Chicago, 111.
He will serve, it is said, in the
correspondent bank division with Charles C. Kuning and
with substantial losses
on
Wednesday.
<
Light trading with advancing prices were the outstanding
features of the brief session of the Curb market on Saturday.
There were a few stocks that moved against the trend but the
list, as a whole, was stronger.
The preferred shares in the
public utilities group attracted a large part of the speculative
attention but there was some good buying among (the
specialties. Oil issues were quiet with a leaning toward lower
levels.
Mining and metal shares were generally lower and
aircraft issues were irregular.
The transfers were approxi¬
mately 118,000 shares with 323 issues traded in.
Note¬
worthy among the strong stocks Were Pepperell Manufactur¬
ing Co., 5 points to 73; Alumin um, Ltd., 2 points to 128;
Sherwin-Williams, 234 points to 113; United Gas pref., 334
points to 9234; and Fisk Rubber pref., 234 points to 89.
Lower prices prevailed during most of the session on
Monday, and while trading was moderately active, the list
was
generally unsettled by the crisis in Czechoslovakia.
There were occasional strong spots but these had little effect
on the movement of the market.
Industrial specialties were
weak, Singer Manufacturing Co. dipping 1 point to 20934;
Aluminium, Ltd., 2*4 points to 125%; Axton Fisher A, 134
points to 39%; ana Colt's Patent Fire Arms, 2 points to
80%.
Lake Shore Mines slipped back 334 points to 42%;
Niles-Bement-Pond 134 points to 6134; Great Atlantic &
Pacific Tea Co. n.v., 1% points to 85%; and Fisk Rubber
pref., 134 points to 87 34- Public utilities were also off, Cities
Service pref. falling back 134 points to 4534; Long Island
Lighting pref., 134 points to 3334; and National Power &
Light pref., 1 point to 82%.
Trading was quiet with irregular price movements on
Tuesday, and while there were some wide fluctuations ap¬
parent especially among the higher priced stocks, there was
no
great amount of selling in evidence at any time during the
Aircraft shares were moderately active and made a
session.
This was true also of the industrial
specialties which registered a number of strong spots including
Mead Johnson which climbed up 234 points to 46 and Great
Atlantic & Pacific Tea Co. n.v. which moved ahead 1%
number of modest gains.
points to 87.
advance
were
Other active stocks closing on the side of the
Aluminum Co. of America, 2% points to
Volume
148
Financial
Chronicle
119%*; Todd Shipyards, 2% points to 77; American Potash
& Chemical, 2l/z
points to 63; and Lake Shore Mines, 1 %
points to 78.
Sharp declines all along the line were in evidence on
The
1585
price of silver
States
the
on
BarN.Y.(for'n)
Closed
news
from
4234
regarding the fate of
Czechoslovakia resulting in a drop of 1 to 4 points in
many
of the more active stocks.
Practically every group suffered
losses the largest volume of
selling appearing in the mining
and metals and industrial
specialties. The transfers for the
day climbed up to 207,975 shares against 135,890 on the
preceding day. There were 442 issues traded in of which 276
were on the side of the
decline, 63 advanced and 103 were
unchanged.
The outstanding losses were Singer Manu¬
facturing Co., 3 points to 204; Aluminum Co. of America,
2%* points to 117; Colt's Patent Fire Arms, 2lA points to 77;
and New Jersey
Zinc, 2 points to 57.
S. Treasury
(newly mined) 64.64
were
give below
FOREIGN
a
EXCHANGE
activity
oil stocks and mining and metal issues.
light, the transfers dropping to 130,710 shares
against 207,915 on the preceding day.
in
apparent
Trading
The
Mar. 11
tumbled
sharply
downward
Friday
on
as
selling continued and losses ranging up to six or more
were registered by many of the
trading favorites.
The unloading extended to all
parts of the list the transfers
points
climbing*up to approximately 227,000 shares against 130,710
the
on
preceding day.
Aircraft
stocks
moved
down
with
the rest of the
list, Bell Aircrift dipping 2% points to 25 %,
declined 2 points to 29%.
As compared
with Friday of last
week, the range of prices was toward
lower levels, Aluminum Co. of America
closing last night
while
Lockheed
pref,
at 49% against 54, Chicago Flexible Shaft at
75%
against 78, Consolidated Gas, Electric Light & Power Co.
of Baltimore at
76% against 78%, Creole Petroleum at
19% against 20%, Electric Bond & Share at
10% against
12%, Fisk Bubber Corp. at 10% against 12%, Ford Of
Canada A at 20%
against 22%, Humble Oil (new) at 61%
against 63%, Lake Shore Mines at 41 against
45%, Lock¬
heed
Aircraft
at
29% against 31, *New Jersey Zinc at 56
Newmont Mining Corp. at 75 against 77,
Niles-Bement-Pond at 59% against 63%, Scoville
Mfg. Co.
at 23% against 26%, Sherwin Williams
at 108% against
110%,. South Pen Oil Co. at 33 against 34%, Technicolor
against
at
18
58%,
against
19%,
United
and
against 85.
DAILY
-
TRANSACTIONS
AT
;
Shoe
YORK
CURB
Bonds (Par
117,995
141.130
1,789.000
136,090
1,793,000
Wednesday..
Thursday..
201,515
1,869.000
130,500
1,500.000
Friday
227.270
1,886,000
9.54,500 $10,036,000
Corporate
41,000
$204,000
i
at
$35,000
29,000
25,000
63,000
Total
$23,000
$1,257,000
1,834,000
1,835,000
1,967,000
16,000
,
,
17,000
35,000
26,000
79,000
"
11,000
Week Ended Mar-. 17
"
1,537,000
2,006,000
Exchange
'
1939
1938
1939
9,782.755
.209363
.209286
.209161
.209062
.208940
.691250
4.688750
.685902
.683750
L680763
$10,036,000
$6,140,000
228,000
$114,690,000
$63,876,000
196,000
1,232,000
209,000
$10,436,000
$6,577,000
r, 613,00(1
1,266,000
.
1,547,000
$117,188,000
$67,036,000
.020610
,026504
.026504
.026481
.026463
.401166
.401144
Greece, drachma
.401112
.008598*
.008594*
.008589*
.008587*
.008580*
.008571*
Hungary,
Italy, lira
.196250*
.196000*
.196000*
sociated
Bancroft, formerly
with
of Ryan,
Sutherland
Stranahan, Harris & Co., Inc.,
.196000*
.052601
.052601
.052600
.052600
.530827
.530872
.530711
.530744
.235669
.235558
.235438
.235340
.188775
.188675
.188550
.188525
.188500
.188500
.042637
_
zloty
Portugal, escudo
Rumania, leu
.196000*
.052604
.531000
.235656
Poland,
.196125*
.052603
.042587
.042534
.042503
.042500
.0224401
announce
that
as
&
Co.,
manager
is
now
of the
Romeo
buying
Muller, formerly with
Fahenstock & Co., is now associated with them in their
Hotel Commodore
FINANCIAL
MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
oz._
Mon.,
Tues.,
Mar. 11
Silver, per
Mar. 13
Mar. 14
20 9-16d.
20 9-16d.
Consols, 2X %
_
Wed.,
Mar. 15
Thiers.,
Fri.,
Mar. 16
.007192*
.007200
.007200*
.007192*
.007185*
.007171*
.241493
.241516
.241413
.241286
.241108
.240993
Switzerland, franc...
.227408
.227400
.227347
.227352
.226833
.226422
Yugoslavia,
.022800
.022800
.022800
.022800
.022800
.022800
.161833*
.162000*
.161416*
.161000*
a
dinar...
148s.5Hd. I48s.6d.
Holiday
£70
£69H
£69
Holiday
£9834
£98 H
£9834
£97 X
£97
Holiday
£10934
£10934
£10834
£108 X
20Md.
20%6.
2034d.
14 8s .6(1.
British 3M%
W. L
Asia—-
Chefoo (yuan) dolT
.163666*
.162000*
Hankow (yuan) dol
Shanghai (yuan) dol
.163666*
.162000*
.161833*
.162000*
.161416*
.162750*
.161187*
.160750*
.160875*
.160437*
.160125*
Tientsin (yuan) dol
.163666*
.159937*
.159812*
.159937*
.158875*
.158875*
British 4%
1960-90
.161000*
Hongkong, dollar.
British India, rupee-
.290953,
.290953
.290875
.290718
.290718
.290515
.351254
.351123
.351004
.3507&3
.350500
.350226
Japan. yen...
.273328
.273348
.273217
.273053
.272978
.272700
Straits
Settlem'ts,
dol
.544500
.544500
.644500
Australasia—
.544187
.543625
.543312
3 732500
3.731171
3.728359
I
Australia, pound
.738125
New Zealand, pound.
Africa—
.752875*3 752000* 3.750375*
Union South Africa, £ 4.642812
3 737031
3.737343
747812* 3.746375*3.743562*
4.644062
4.640312
4.638125
4.636750
.997753
.996445
.996308
.995820
4.633125
North America-
Canada. dollar
Cuba,
.997851
.994921
.999333
.999333
.999333
.999333
.200280*
.200280*
.200280*
.200240*
.995234
.993906
.993750
.993437
.992460
.312670*
Newfoundl'd, dollar.
.999333
.200280*
.995507
peso
.999333
.200280*
peso.........
Mexico,
.312662*
.312493*
.312318*
.312262*
.312106*1,
.058600*
.058580*
South America—
Argentina,
peso.....
Brazil, mllreisChile, peso—official.
.058800*
.058600*
.058775*
.051733*
.051733*
.051733*
.051733*
.051733*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569840*
.669840*
.569840*
.569840*
.569840*
.569840*
.617290*
.617291*
.617050*
.616604*
.616235*
.615950*
.058800*
"
export
Colombia,
Uruguay,
*
peso
peso......
Nominal rates,
a
.051733*
No rates available.
BANK
CLEARINGS
Bank clearings this week will show
an increase compared
Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
a
year ago.
indicate that for the week ended today (Saturday, March
18)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 10.6% above
those for the
corresponding week last
year.
Our preliminary
$6,689,911,333, against $6,050,157,381 for
total stands at
same
week in 1938.
At this center there is
Friday of 11.5%.
Clearings—Returns by Telegraph
Week Ending March 18
New York
1
Chicago
a
gain for the
Our comparative
summary
1939
1938
$3,377,997,673
...
Cent'
$3*030,532,770
'
255,361,279
+ 11.5
232,465.192
+ 9.8
360,000,000
314,000,000
+ 14.6
176,074,827
+ 9.7
Cleveland
193,127,411
76,185,083
89,100,000
122,689;000
101,138,043
82,933,835
84,116,327
Baltimore
-
Philadelphia
—
'
—
Kansas
.....
City..'
,
79,925.301
—4.7
85,300,000
+ 4.5
127,970.000
—4.1
—8.2
57,940,035
110,137,037
76,127,437
79,955,188
54,875,954
$4,800,588,686
774,337,425
$4,367,363,706
752,658,865
+ 2.9
Total all cities, five days
All cities, one day
$5,574,926,111
1,114,985,222
$5,120,022,571
930,134,810
+ 19.9
$6,689,911,333
$6,0.50,157,381
+ 10.6
_
l
.1.
_:
Eleven cities, five days
Total all cities for week
£10834
+8.9
+ 5.2
+ 5.6
+ 9.9
+ 8.9
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day of
furnish
the week in all
cases
has to be estimated.
In the elaborate detailed statement,
however, which
we
present further below, we are able to give final and complete
results for the week previous—the week ended March 11.
For that week there
.
a
China—
Mar. 17
20H6.
148s.2^d. 148s.3d.
£7034
£70 Vs
Gold, p. fineoz. 148s.3d.
.235171
as¬
office.
ENGLISH
!
Spain, peseta
Sweden, krona
Pittsburgh
department in the Toledo office.
—Newburger, Loeb & Co.
.020565
.531122
pengo---
Netherlands, guilderNorway, krone
Detroit
M.
.020610
Other cities, five days
NOTICES
—William Swordes, formerly head of the
public utility bond trading
department of Pflugfelder. Bampton & Rust, is now associated with W.
S.
Sagar <Sc Co. in a similar capacity.
—E.
a
.020630
St. Louis.
CURRENT
a
.401168
Boston.
Total
.034235
.401143
8.780,666
Foreign corporate
.034255
1938
869,900
201,000
.034251
.209362
L691180
for the week follows:
954,500
Foreign government
.168216
.012075*
.026512
the
Bonds
Domestic
.168236
.012075*
.020615
$196,000 $10,436,000
Jan. 1 to Mar. 17
New York Curb
Stocks—No. of shares.
S
.168241
.012125*
012125*
.020660
week ended
Sale
.168236
Mar. 17
$
.026513
*
.
Foreign
Saturday
Monday
$1,199,000
Afar. 16
$
.401187
with
Government
Tuesday
Total..
.012125*
Mar. 15
France, franc
EXCHANGE
Value)
Foreign
Domestic
RESERVE
1930
Germany, reicfismark
upon
of
Shares)
FEDERAL
Machinery at 83%
(Number
Week Ended
Afar. 17. 1939
.168241
COURSE OF
NEW
Stocks
„
$
.168238
Engl'd, pound sterl'g
Finland, markka
.
THE
BY
Mar. 14
S
.012125*
Czechoslov'la, koruna
Denmark, krone
at 110
against 119% on Friday a week ago, Aluminium Ltd.
at 120% against 126, American
Cyanamid B at 24 against
25%, American Gas & Electric at 36% against
40%, Babcock & Wilcox at 21 against
25%, Bell Aircraft at 25%
against 28%, Carrier Corp. at 14% against 16%, Childs Co.
Mar. 13
$
Europe—
Belgium, belga
Bulgaria, lev
the
market
CERTIFIED
Unit
was
the
RATES
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
little
was
We
record for the week just passed:
MARCH 11, 1939, TO MARCH 17, 1939, INCLUSIVE
through the list, notably the
higher all around.
Public utili¬
there
RATES
BANKS TO TREASURY UNDER TARIFF ACT OF
scattered
depressed, and
EXCHANGE
daily to the Secretary of the Treasury the buying rate for
aircraft issues, which were
ties also were
moderately strong, some of the more active
stocks recording gains
ranging up to two or more points.
Industrials
4254
64.64
cable transfers in the different countries of
the world.
stocks were generally lower and
price movements
irregular during most of the session on Thursday.
Many of the trading favorites that were weak on the pre¬
ceding day again registered declines.
There were occa¬
spots
42J4
64.64
FOREIGN
Curb
firm
42J4
64.64
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
were
sional
42J4
64.64
U.
abroad
in the United
(in cents)
ounce
64.64
.
Wednesday, the
per
days have been:
same
was an increase of 9.6%, the
aggregate
clearings for the whole country having amounted to
$5,844,233,313, against $5,330,691,789 in the same week
of
Financial
1586
Outside of this city there was an increase
in 1938.
of 3.7%,
having recorded a gain of
13.6%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a gain of 13.1%, in the Boston
Reserve District of 8.1%, and in the Philadelphia Reserve
District of 8.5%.
In the Cleveland Reserve District the
totals are larger by 6.1%, in the Richmond Reserve District
by 1.2%, and in the Atlanta Reserve District by 2.4%.
In the Chicago Reserve District there is an improvement of
2.4%, in the St. Louis Reserve District of 3.6%, and in the
Minneapolis Reserve District of 5.2%.
The Dallas Reserve
District has an increase of 4.1%, but the Kansas City Re¬
serve District has a decrease of 0.6%, and the San Francisco
Reserve District of 0.7%.
In the following we furnish a summary by Federal Reserve
Week
the bank clearings at this center
districts:
Ended
March
18, 1939
11
Clearings atInc. or
1937
Dec.
1938
1939
%
Seventh Feder al Reserve D lstrict
Detroit
Grand
Rapids
Lansing
Ind.—It.
Wayne
Indianapolis
South Bend.
Terre Haute
Wis.—Milwaukee
la.—Ced.
Rapids
Des Moines..
Sioux
City.—.
—
Chi cago—
+ 43
410.361
69,087,390
+7
109,736,218
1,913,171
1,110.407
+25
3,079,095
849,029
+ 12
1,198,397
16,394,000
+5
19,388,000
1.548,366
263,048
376,318
74,253,770
2,398,727
1,083,991
956,918
17,350,000
1.265,693
4,802,847
18,006,379
1,171,209
8,377,483
3,137,467
355,202
Mich .-Ann Arbor
1,402,139
—2.
+ 10.
1,142,237
4,227,599
"
4,893,955
24,071,063
+ 13.
18,971,934
—5
1,028.673
7,221,436
2,913,108
+ 13
1,184,987
7,981,169
2,959,000
+ 16.
+ 7.7
275,628
+ 28.9
388,010
Chicago
261,171,794
259,969,619
+ 0.5
327,102,104
Decatur
842,189
3,296,073
791,843
+ 6.4
973,737
+ 5.6
—11.0
4,086,586
1,148,214
3,121,546
1,074,889
1,102,978
+ 4.1
1,380,922
1,438,388
400,950,610
391,458,535
+2.4
513,222,487
HI.—BloomiDgton
Peoria
956,336
Rockford
■
/■
.
Mar.
Chronicle
Springfield
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc.or
1939
1938
Dec.
1937
1936
%
11, 1939
Week End. Mar.
Federal Reserve Dlsts.
S
7*
S
S
230,749,028
12 cities
"
+ 8.1
213,430,4%
281,533,326
245,083,090
1st
Boston
2d
New York—13
3,737,209,089
3,305,775,735
4,008,896,218
3d
PhiladelphlalO
325.331,673
391,439,979
Cleveland..
7
240,954,071
,304,813,035
247,501,628
5th
Richmond..
6
124,102,024
122,670,179
+ 1.2
133,022,546
107,977,657
6th
Atlanta
7th
18
St. Louis— 4
Minneapolis 7
"
"
"
"
152,814,631
149,284,198
+2.4
400,960,610
391,458,535
127,066,074
122,662,729
+2.4
+3.6
6
"
"
"
"
"
12th San Fran...10
"
10
Chicago
8th
9th
83,360,075
+5.2
98,753,335
—0.6
140,848,678
125,905,769
64,469,204
61,927,333
+4.1
65,598,321
55,503,008
211,852,728
213,411,008
—0.7
239,487,305
220,497,387
5,844,233,313
5,330,691,789
+9.6
+3.7
6,825,389,775
6,137,204,400
2,122,791,670
2,592,331,256
2,221,493,497
add
now
our
+ 3.6
148,535,267
Reserve Dls trict
Ninth Federal
2,687,474
+ 2.0
3,494,430
52,901,592
22,467,982
2,090,141
+ 4.9
62,980,000
+ 5.4
26,386,488
+ 1.1
2,249,254
616,796
549,797
+ 12.2
592,724
623,227
—4.9
653,224
2,468,853
2,039.862
+21.0
2,367,040
87,685,560
Minneapolis.
St. Paul.
83,360,075
+ 5.2
98,753,336
2,113,466
N. D.—Fargo—.
S. D.—Aberdeen.
Mont.
—
Minn eapolis
—
2,741,804
55,467,346
23.684,571
Minn.—Duiuth—
Billings
622,899
317,093,943
354,378,674
Total (7 cities).
We
122,662,729
Helena.
+ 9.6
273,383,214
299,659,921
668.000
127,066,074
Qulncy.
Total (4 cities).
86,314,428
114,177,572
-.32 cities
Canada
+ 2.0
•
126,407,051
87,685,560
113 cities
Total.
505,000
x
111.—Jacksonville
122,643,535
113,511,986
Outside N. Y. City
515,000
15,731,123
Tenn.—Memphis
450,432,182
148,535,267
19,978,666
18,604,560
-15.4
*
2,200,543,185
10th Kansas CitylO
11th Dallas
161,863,248
513,222,487
87,800,000
40,188,601
Ky.—Louisville..
340,042,447
4th
+13.1
+ 8.5
+6.1
227,202,256
4,346,272.250
352,868,309
uls—
Eighth Federa I Reserve Dls trict—St. Lo
+ 7.8
73,400,000
79,100,000
+ 5.2
30,153,169
31,719,951
Mo.—St. Louis..
detailed statement showing last week's
figures for each city separately for the four years:
Reserve Dl6 trict
Tenth Federal
Week
Ended, March
Neb.—Fremont.
11
Hastings......
Clearings at1938
1939
First
Reserve Dlst rict-
Federal
Boston
491,272
1,840,243
207,698,973
891,759
+ 14.5
243,467,420
832,099
409,609
—4.2
619,620
+ 18.7
+ 5.3
34,627,403
2,114,505
2,519,416
72,972,951
2,627.971
2,360,750
—10.4
2,794,781
75,185,963
2,626,283
—9.9
3,228,893
—2.9
93,998,246
+ 0.1
3,019,420
660,238
584,379
+ 13.0
3,363,102
434,156
3,239,436
1,698,600
14,678,483
3,298,053
9,801,100
422,950
281,533,326
245,083,090
—11.3
—12.4
180,968,303
+ 9.4
Fall River
712,409
638,132
+ 11.6
Lowell-...
435,364
506,732
380,349
528,889
—0.04
—2.2
+8.1
Mass.—Boston..
788,031
636,635
494,119
+ 28.8
641,311
New Bedford—
113,511,986
114,177,572
N.H.—Manches r
490,926
2,939,374
1,720,477
10,456,769
3,500,994
9,694,800
501,964
Total (12 cities)
230,749,028
213,430,496
2,938,189
1,715,426
11.511.870
Sprlngfleld
Worcester..
Conii.—Hartford
3,284,094
9,326,900
New Haven
R. I.—Pro vldence
r
—0.3
2,267,341
+ 10.1
12,223,604
4,104,835
11,138,100
~~6,2
—2.8
384,614
....
St. Joseph
Colo.—Col. Spgs.
Pueblo
-
Total (10 cities)
Eleventh Fede ral
Reserve
al Reserve D lstrict—New
1,464,065
+ 26.9
1,486,134
47.230.080
+ 3.9
6,901,577
+ 8.3
50,243,668
7,026,387
2,062,000
Wichita Falls..
7,475,577
2,152,000
982,172
Fort Worth...
2,055,000
+ 4.7
1,004,735
3,271,876
—2.2
868.124
2,946,596
—9.9
3,913,008
64,469,204
61,927,333
+ 4.1
65,598,321
Twelfth Feder al Reserve D lstrict—San
Franc!
York-
12,715,890
—40.4
—0.8
•5,931,861
875,147
6,094,050
860,143
25,000,000
415,402
+ 4.0
34,500,000
—8.8
652,995'
920,775
District—Da lias—
1,857,710
.
Dallas
La.—Snreveport.
Fedei
140,848,678
—0.(
49,055,149
Texas—Austin—
Galveston
Second
1,711,811
637,607
462,691
1,737,854
Portland.——
193,291
2,100,112
Mo.—Kan. City.
615,358
2,058.083
410,178
1,521,854
197,895,086
Me.—Bangor
100,140
+ 7.1
27,801,288
Wichita
_%
City
—13.5
2,492,661
Kan.—Topeka..
%
as
29,261,496
Omaha
1936
1937
Dec.
Kans
97,618
132,279
2,540,13a
Lincoln
Inc. or
—
84.391
141,721
.
28,200,000
511,298
7,575,394
853,128
26,000,000
N. Y.—Albany..
Blnghamton
Buffalo-
378,912
Elmira
605,763
New York.
3,643,690,128 3,207,900.119
Rochester
6,851,400
7,444,488
3,425,846
3,536,605
Syracuse-...-.
Westchester C<
3,166,041
3,077,962
636,860
Jamestown
3,646,766
298,865
Conh.—btamfon
N. J.—Montclab
Newark...-
15,900,294
24,78^,455
+ 5.1
+ 13.6 4,233.058,519
—8.0
Total (6 cities)
.
985,631
570,308
,915,710,903
6.578,654
8,031,994
4,289.941
3,619,825
Ore.—Portland
+ 2.9
2,478,925
2,402,019
3,182,437
+ 14.6
3,631,935
+ 10.6
*380,000
16,492,474
—3.6
19,375,248
3,334,755
348,901
16,703,179
24,274,164
+ 2.1
32,244,907
23,836,695
_
30,793,268
12,863,573
—6.7
15,848,689
Francisco
_
Total (13 cities) 3,737,209,089 3,305,775,735
Third Federal
383,036
466,322
Bethlehem.
2,948,423
—13.0
447,718
671,901
+84.8
+ 75.0
4,544,464
+ 1.0
—2.1
4,815,038
140,225,304
3,936,421
2,382,344
Stockton
2,578,642
+ 31.3
'
1,372,642
1,685,634
+ 73.6
1,899,163
+ 12.7
1,388,496
2,224,210
211,862,728
Total (10 cities)
Reserve Dls trict—Phila delphi
333,320
861,651
Pa.—Altoona
+ 13.1 4.346,272,250 4,008,896,218
San Jose
Santa Barbara.
Northern xST. J.
+ 1.5
3,766,195
126,843.000
2,245,561
3,994,086
3,803,389
124,210,000
Pasadena
San
28,597,866
—3.6
11,998,968
Calif.—L'g Beach
270,288
"
906,119
27,604,596
Utah—s. L. City
.
36,163,175
+ 14.2
868,937
Yakima
—3.1
SCO
+ 2.6
31,339,056
761,060
32,142,822
Wasn.—Seattle—
213,411,008
■—0.7
239,487,305
474,635
434,428
426,146
243,522
308,955
216,631
1,128,371
343,000,000
1.146,053
313,000,000
—1.5
1,692,175
+ 9.6
379,000,000
.1,059,819
327,000,000
Reading.
1.149,070
1,028,323
+ 11.7
1,322,064
2,066,496
744,697
982,858
1,929,655
803,126
+ 7,1
2,262,469
—7.3
1,252,636
—21.5
1,089,166
1,677,531
1.460,049
2,175,800
5,079,000
—57.2
2,968,000
352,868,309
325,331,673
+ 8.5
391,439,979
5,844,233,313 5,330,691,789
5,046.700
Total (10 cities)
(113
cities).
+ 9.6 6,825,389,776
6,137.204,400
2,307,633
N. J.—Trenton..
total
1,119,753
Scranton
Grand
340,042,447
Chester
Lancaster
Philadelphia
Wilkes-Barre—
York______
.
Outside New York 2,200,543,185
2,122,791,670
+ 3.7 2,592,331,256 2,221,493,497
Week Ended March 9
922,799
Clearings at—
Inc. or
1939
Feder al Reserve D lstrict—Clev eland-
1,868,257
49,347,696
—5.1
65,240,241
50,274,659
Cleveland
79,381,631
66,729,908
+ 19.<
87.066,323
71,194,710
Columbus
12,158,300
1,389,630
8.953,700
1,355,813
1,419,085
+ 35.1
13,605,200
13,978,500
1,883.412
Quebec.
+58 .i
2,694,606
1,190.829
2,549,693
94,725,564
—0.1
132,020,246
106,250,595
...
Mansfield--L-.
Youngstown„.
Pa.—Pittsburgh
.
2,246,087
94,562,570
,
2,303,107
2,062.642
Montreal.......
...
240,954,071
227,202,256
+ 6.1
304,813,035
247,501,628
Hamilton
John
Victoria
Fifth Federal
Reserve Dlst rlct
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
8. C.—Charleston
350,420
1,996,000
33,136,960
1,082,551
64,790,573
-Rlchm ond—
+16.2
367,085
220,063
—10.7
2,918,000
32,942,719
+ 0.6
34,795.994
+ 1.8
—0.8
+ 7.6
1,346,540
67,910.659
25,684,268
2,142,000
29,579,764
940,120
+ 1.2
133,022,546
C.—Wash'b'n
22,745,520
1,063,874
64,981,755
21,144,236
Total (6 cities).
124,102,024
122,670,179
Md.—Baltimore
D.
_
Sixth Federal
Tenn.—JCnoxville
Fla.—Jack'nville
.
Mobile
Miss.—Jackson..
Vlcksburg
La.—NewOrleans
Total (10 cities)
Brandon
Lethbridge
Saskatoon..
19,592,611
Moose Jaw
107,977,657
Medicine Hat
3,983,772
4,022,139
—1.0
16,839,658
51,100,000
1,031,352
+ 9.7
—6.3
3,745,479
3,391,622
43,000,000
+ 2.6
19,766,875
56,700,000
1,441,701
16,067,718
934,124
—8.7
1,065,747
799,614
15,892,000
+ 13.9
17,101,000
13,063,000
19,279,017
17,611,509
+ 9.5
20,437,799
1,837,648
1,436,167
+ 28.0
1,552,361
15,428,604
1,232,495
x
136,825
41,192,571
152,814,631
x
149,019
40,268,230
149,284,198
Fort William
New Westminster
Reserve Dlst rlct—Atlant
1,057,993
852,510
Augusta
Macon
Regina
55.503,099
18,102,000
Ga.—Atlanta
Edmonton
Brantford
18,472,295
47,900,000
Nashville
Ala.—Birm'ham
London
301,596
2,236,000
x
x
1,162,289
x
—8.2
229,184
122,852
+ 2.3
39,823,100
-14,225,710
20,448,764
5,589,520
2,260,947
3,977,123
4,277,477
1,529,239
1,485,135
2,021,691
3,310,252
+ 13.8
1,548,139
1,768,573
2,143,002
3,183,487
2,417,596
251,711
341,926
991,322
471.140
772,812
561,997
642,814
176,273
502,333
Peterborough
,
+ 7.7
+ 6.7
1936
$
125,903,046
112,625,319
+ 0.8
+ 26.6
2,100,379
4,441,124
3,684,943
Halifax—.—
St.
95,559,046
83,127,981
21,052,954
21,823,735
4,495,741
Calgary
Total (7 cities).
$
22,680,921
16,183,070
Winnipeg..
Vancouver
%
96,364,817
Ottawa.
+ 2.1
Cincinnati-
—5.4
1937
8
105,273,388
Toronto
1,975,393
52,042,793
Dec.
$
Canada—
Fourth
Ohio—Canton
1938
,
109,852.586
94,637,826
28,603,013
19,962,895
25,476.572
42,967,698
—19.6
4,161.266
—7.1
15,629,868
15,826,445
3,788,007
2,049,659
+ 11.7
2,439,249
4,132,008
—13.9
5.905,244
5,061,990
+ 1.2
1,807,243
+ 19.1
+ 6.0
1,728,200
2,529.886
3,343,850
2,952,065
1,568.550
1,614,626
—3.8
2,270.883
+ 6.5
+ 11.4
227,374
4,052,929
2,448,378
3,425,500
2.592,694
243,453
225,868
381.617
—10.4
358,309
394,025
1,017,880
—2.6
1,124,310
407,940
741.087
+ 15.5
507,589
+ 4.3
888,530
1.144,397
450,732
766,425
682,297
—17.6
643,001
—0.02
679,976
595,253
151,997
+ 16.0
7.6
165.308
108.667
545,591
580,151
599,846
466.232
543,618
—
475,019
502.485
557,253
927,172
Windsor
Prince Albert....
Moncton..
Kingston
Chatham
Sarnla
701,953
988,010
—6.2
914,734
870.769
2,639,509
—17.8
279,449
+ 10.5
3,018,702
309,003
2,568,829
282,440
615,233
+ 3.3
—2.7
569,159
502,566
503,126
571,827
444,051
735,021
Kitchener
2,168,578
308,701
635,664
490.411
Shrebrooke..
—20.6
482,438
398,171
+ 18.5
526,887
456,123
+ 11.5
445,449
403,532
842,286
—12.7
830,232
800,938
299,659,921
273,383,214
+ 9.6
354,378,674
317,093,943
504.138
559,844
28,375,341
Sudbury
Total (32 cities)
+2.4
161,863,246
122,643,535
♦Estimated.
xNo figures available.
Volume
Financial
148
THE
LONDON STOCK
each
received by cable
Mar. 13
Boots Pure Drugs
British Amer Tobacco.
102/-
Cable & Wire ordinary.
£46
Canadian Marconi
CentralMin A Invest—
4/3
£18%
66/10%
44 /4%
Cons Goldllelds of 8 A.
Courtaulds S & Co
£8
Co
Electric A Musical Ind.
Ford Ltd
94/14/19/3/3
HOLIDAY
Gaumont Pictures ord.
A
Hudsons Bay Co:
ImpTobofGBAI
——
Royal Dutch Co—
Shell Transport
—
Swedish Match B
Unilever Ltd
Unlted Molasses—
Vlckers
£46%
4/£18%
66/3
28/9
27/-
28/£7%
93/-
93/6
£7%
91/11/6
17/6
3/1/23/128/£12%
75/£8%
£12%
12/6
18/6
3/1/24/6
133/£13%
77/£8%
£12%
16/6
110/7%
£35
£4%
28/36/6
£4%
16-
110/—
£35
£4%
.
Wltwaterarand
Areas
"
£6
£6%
£5%
£5%
£6
CALLS
AND
SINKING
FUND
NOTICES
and preferred
together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Below will be found a list of bonds, notes
stocks of corporations called for redemption,
Company and Issue—
Date
Bethlehem Steel Corp. 30-year s. f. 3%% bonds
.......Apr,
1
Brown Shoe Co., Inc., 15-year 3%% debs
...
.Apr. 13
Chicago Union Station Co., 4% guaranteed bonds.. -...Apr.
1
♦Citizen Water Co. of Washington, Pa.
First mortgage 5%s series A
Apr. 10
Page
First mortgage 5s series B
-Apr.
Cleveland-Cliffs Iron Co. 1st mtge. 4 %s
Apr.
♦Commercial Investment Trust Corp. 3%% debentures..Apr.
Consumers Power Co. 1st mtge. 4% bonds
—.May
Cuban Telephone Co. 1st mtge. bonds
.-—--.Sept.
Dayton Power & Light Co. 1st & ref. mtge. 3%s_.
Apr.
Engineers Public Service Co. preferred stock
.Mar.
Family Loan Society, Inc., partic. pref. stock.—.
-—-Apr.
Federal Light & Traction Co. 1st lien bonds....
...Apr.
♦(M. H.) Fishman Co., Inc. preferred stock-..—...
Apr.
Gemmer Mfg. Co. 5%% gold debs
......Apr,
♦Great Northern Power Co. 6% gold bonds.—.v.—.
Apr.
♦H. L. Green Co., Inc. 7% preferred stock
-May
Gulf States Utilities Co. 10-year 4%s
...
Mar.
Hackemack Water Co
first mortgage 4s 1952-.—....Apr,
Holland Furnace Co., preferred stocK....
.Aw.
Helvetia Coal Mining Co. 1st mtge. 5s
Apr.
Illinois Iowa Power Co., 1st & ref. mtge. gold bonds —..Apr.
Illinois Northern Utilities Co. 1st & rer. 5s, 1957.——.—Apr.
Illinois Water Service Co., 1st mtge. 5s...
Apr.
International Salt Co. 1st mtge. 5s
...June
International Salt Co. 1st mtge. 5s
July
Lawrence Portland Cement Co. 5%% debs
Apr.
Libby, McNeill & Libby 1st mtge. 5s..—... .........Apr.
♦McCrory Stores Corp. 6% debentures
May
♦MacLaren-Quebec Power Co.:
30-year 5%% bonds, series A and B
.i
May
Manufacturers Finance Co. 4%% notes.—
——.—Apr.
Metropolitan Corp. of Canada, Ltd., 6% gold bonds.
Apr.
♦Metropolitan Stores Ltd. 4% notes
—:
Apr.
Nord Railway Co. 6%% bonds—
——Oct.
10
1636
4
1165
1637
2:4051
1474
....
...
-
1320
1027
.
of
date of
1
The Bank of England gold reserve against notes amounted to £126,414,357
Feb. 22 as compared with £126,414,257 on the previous Wednesday,
The Bank announced today the purchase of £5,566,983 of bar gold.
The Currency and Bank Notes Act of 1939 received the Boyal Assent
yesterday.
**
In the open market about £3,500,000 of bar gold changed hands at
the daily fixing during the week. Sales were made by the authorities, but
on a smaller scale than of late and, on occasion, offerings proved
inadequate to meet a keen demand from the Continent, buyers in conse¬
resales were
quence
being able to
secure only a
proportion of their requirements.
Per Fine Ounce
Quotations'.
Feb. 23-.
Feb. 24-.,
—•
—
148s.
148s.
148s.
148s.
148s.
——
Feb. 25—1
Feb. 27————————
Feb. 28—
Mar. 1
——————
——
———-
———
...
-
Union of South AfricaSouthern Rhodesia-.
British East Africa:
-
-
-
£28,490
55,934
30,294
-
-
Australia-...
New Zealand....
Egypt
157,008
-
29,493„
11,843
—
—
Netherlands..
.-*
...
Belgium
Germany.
8,550
84,947
5,966
...
Exports
Union of South Africa.. .
U.S.of America
-
252.483
—
36.209
-
Netherlands—
1
Other countries-.
£528,562
CHANGES IN NATIONAL BANK NOTES
2,825
•
following shows the amount of National bank notes
(all of which are secured by legal tender deposits)
the beginning of February and March, and the amount
afloat
at
of the decrease in notes afloat
during the month of February
for the years 1939 and 1938:
1938
National Bank Notes—All Legal Tender Notes-—
Amoiint afloat Feb. 1—
1939
—$200,884,777
,,3,222,030
—
Net decrease during February
——
Amount of bank notes afloat March 1———.
*
$236,914,115
3,981,145
*$197,661,847
*$232,932,970
of the Treasury.
1, 1939,
Includes proceeds for palled bonds redeemed by Secretary
Note—$2,235,026.50 Federal Reserve bank notes outstanding March
secured by lawful money, against $2,25.8,881.50 on March 1, 1938,
NATIONAL
£6.916,545
•
;
„
American
was quoted on Feb. 27,
months prices having narrowed to
%d.; the premium on cash recovered to %d. yesterday, but eased to
ll-16d. today. The two months quotation varied only between 19 %d. and
19 13-16d. and the week has seen buying for this delivery both by American
declined until 20%d.
account, the cash quotation
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
PREFERRED
With the spot position made easier by sell ing for near delivery on
STOCK "A" ISSUED
.
Amount
i
the difference between the cash and two
Mar. 9—The Peoples: National
and the
Mar. 9—The Peoples National Bank & Trust Co. of
Indian Bazaars.
The market is rather quiet and although it appears fairly
steady for the
moment, movements in the near future may be rather uncertain,
>
The Indian budget, anounced yesterday, made no change in the silver
import duty which remains therefore at,three annas per fine ounce.
News was received late last evening from Washington that an amendment
to the Treasury Appropriation Bill, to limit silver buying by the Treasury
to newly mined domestic silver, was defeated in the House of Repre¬
sentatives by 155 votes to 135.
Lynbrook, N. Y.
£29,438
-
3,600
14,341
Burma
—-
Hongkong
Lynbrook, N. Y.
Union of South Africa
;
Aden & Dependencies*.—..
Iraq.—
.
—
—
x9,364
*7,085
Lynbrook, N. Y,,
AUCTION
£44,589
£201,542
x
The
Kingdom, y Including £7,758
the United Kingdom, z Sundry coin.
Quotations during the week:
IN
23
—20 9-16d.
24——20%d.
25
—20 7-16d.
27
—20%d.
Feb. 28
20 9-16d.
Mar.
1
20 7-16d.
Average
20.479d.
(.Per Ounce .999 Fine)
Shares
,
% per Share
'
Stbcks
.185
Conn., par $100-—
3 Morris Run
and beneficial
Canal-Louisiana Bank & Trust Co.
of New Orleans, 13th d 1strubutton paid
——
$21 lot
13 Baush Machine Tool Co. common; 10 Nevada-Utah Mines & Smelters
Corp., par $10; 90 Gardner Petroleum Co. common; 163 The WillysOverland Co. common, par $5
Leatherbee
McDonougb
Co.,
par
$100
preferred, par $100—.-$50 lot
———————
2 Sierra Pacific Power Co. common, par $15
$50
of New Bedford, par $50--.
20 Underwrltlngs & Participations, Inc., common A, par
Mortgage Loan co.
Feb. 22
Holiday
Bonds—
43 cents
$385 20-100 Cheney-BIgelow Wire Works
Feb. 24
Feb. 28
9 lot
20%
60c
--5 lot
,
.—$7 lot
5s. 1964, registered
—43 cents
-
Feb. 25-.
Feb. 27
———-1% lot
3%
-
10 Texas Electric Ry. Co. common—
273 Coonamessett Ranch common, par $100; 22 6%
Feb. 23-
19.792d.
The highest rate of exchange on
4
$1,000 City of Spokane, Wash., Local Improvement. Bond District 905 6s,
Feb. 15, 1922, reg.t $200 pieces; 170 Greenwater Copper Mines A Smelters
Co., par 10c.: 26 Underwriters Securities Corp. common, par $10; 10 Under¬
writers Securities Corp. eft. of distrloutlon, par $75; 15 Cincinnati A Lake
Erie RR. Co. pref. B; 0 Cincinnati & Lake Erie RR. Co. pref. A; 300 San
895 Commonwealth
19 13-16d.
19 13-16d.
19 13-16d.
19%d. ■
■
19 13-16d.
19%d.
SALES
sold at auction on Wednesday
25 New Britain National Bank; New Britain,
4
IN NEW YORK
LONDON
Bar Silver per Oz. Std.
Cash
2 Mos.
Feb.
Feb.
Feb.
Feb.
were
By R. L. Day & Co., Boston:
Coin not of legal tender in the United
coin not of legal tender in
following securities
interest in surplus assets of 20 shares
3,734
Other countries
Inc.
Bank & Trust Co* of Lynbrook,
From $7,500 to $40,000-——
$32,500
Toy Mining Co., par $1,62 Jim Butler Mining Co.. par$l;
Coal Mining Co. common, par $100; certificate of participation
8,995
-——
.
Mar. 10—-The Peoples National
6,584
Germany
Belgium
n
18,800
2,105
$67,500
CAPITAL STOCK INCREASED
Amt. of
77,066
—_
.-
569
Other countries
Ami. ofReduct.
Lynbrook,
From $75,000 to $7,500
COMMON
£17,500
5,615
Germany-.—
z8,830
2,081
xl0,370
-----
—
,
France
y20,054
—.
British West Africa
U. S. of America
Canada......—.
^
of the current week:
Exports
Imports
——
New Zealand-
Bank & Trust Co. of Lynbrook.
Class A sold to RFC$75,000
COMMON CAPITAL STOCK REDUCED
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 2Qth ulto. to mid-day on the 27th ulto.:
France—
1040
1659
1497
.1661 *
1344
—
113,848
-
Gold shipments from Bombay last week amounted to about £550,000, of
which £116,000 was shipped by the SS. Strathaird and about £434,000 by
the SS. President Hayes.
SILVER
*
Gibraltar
887
1486
1179
1488
1655
1657
105,703
10,334
Switzerland—
Other countries....
Australia
741
—
——
50,847
2,304
—
....
France
Switzerland-.
1647
283
737 *
.1648
1176
15
1
1
1
The
£41,800
6,416,229
Canada
Egypt
1327
3d.
The following were the United Kingdom imports and exports of gold*
registered from midday on the 20fh ulto. to midday on the 27th ulto.:
Imports
585
*1647
.Apr.
1
..Aug.
1
Mar. 21
Paris-Orleans RR, 5%% bonds—..
Sept. 1
Pennsylvania RR. gen. mtge. 3%s
Mar. 31
♦Procter & Gamble Co. 5% preferred stock
...June 15
♦San Francisco & San Joaquin Valley Ry. 5% bonds—.--Apr.
4
Sayre Electric Co., 5% gold bonds.
.Apr. * 1
♦Spang Chalfant & Co., Inc. first mortgage 5s
...
May 16
Traylor Engineering & Mfg. Co. preferred stock..—.
Mar. 31
♦Timken Detroit Axle Co. 7% preferred stock}—
-—-June
1
Western Public Service Co. 1st mtge. 5%s.
Mar. 27
*
Announcements tnia week
x Volume 147.
2%d.
2d.
148s. 3.33d.
-
280
734
£3460
440
North American Edison Co.
5% debentures A
Northeastern Water A Electric Co. coll. trust 6s——
Northern Indiana Gas & Electric Co. 1st mtge. 6s—
148s. 5d.
-
Average-------
4d.
3 %d.
734
,
1
1
2
.
...
on
1643
1169
2:2533
733
1325
1
——
GOLD
1643
1
6
1
17
...
March 1,1939:
1641
1323
1
—
reprint the following from the weekly circular
1322
1476
23
26
.
We
576
1636
1
17
15
1
15
1
...
Samuel Montagu & Co. of London, written under
1314
1
29
—
THE ENGLISH GOLD AND SILVER MARKETS
1312
15
1
1
—
26/9
34/25/23/20/10% 21/1%
28/37/25/6
21/7%
25/0
21/3
40/0
96/6
£44%
4/£17 %
62/6
4/£17%
63/9
13/6
19/3/6
1/3
25/136/£13%
78/£8%
£13%
16/6
113/9
£36%
21/1%
•
42/-
£7%
£4%
28/37/6
Mar. 17
98/£44
42/9
102/£46
4/6
£18%
05/28/6
13/6
19/3/6
1/3
25/136/£14%
78/£8%
£13%
17/3
114/4%
£36%
£14%
78/£8%
£13%
17/6
113/9
£36%
£4%
28/37/6
26/-
Bio Unto
Boan Antelope Cop M.
Rolls Royce
43/7%
102/-
Fri.,
Mar. 16
Mar. 15
93/6
1/3
24/138/-
London Midland By
Metal Box—
Band Mines
Mar. 14
£8
28/6
„
Beers
Distillers
Thurs.,
MonTueWed.,
Mar. 11
West
as
day of the past week:
Sot.,
De
REDEMPTION
EXCHANGE
Quotations of representative stocks
1587
Chronicle
-
-
43
cents
43 cents
—-....-43 cents
By Crockett & Co., Boston:
Shares
New York recorded during the period
and the lowest $4.68%.
from Feb. 23,1939 to March 1,1939, was $4.69%
$ Per
Stocks
Brockton. Mass., par $100—
$25
10 Fall River Gas Works, par $25
6 Concord Gas Co. preferred, par $100
21 U. S. Bobbin & Shuttle Co. common, par $100
3 Home National Bank,
1 Second National Bank, Boston, Mass., psr
i
———
48
130
15%
——
18%
1%
—
—
—
Statistics for the month of February, 1939:
Bar Silver per Oz. Std.
Cash
2 Months
Highest price--..
Lowest price
Average—
...
-
—
—r—
20%d.
19 15-16d.
20.3698d.
19%d.
19 %d.
19.7943d.
Bar Gold
Per Oz. Fine
148s. 7%d.
148s .2d.
148s. 4%d.
By Barnes & Lofland, Philadelphia:
Shares
Stocks
Mantua A Fairmont Passenger RR. preferred, par $50—
Silk Co. class A
——
5 Courier-Post Co., Camden, 7V preferred
-
25 Hestonvllle
13 27-100 Wahnetab
$ Ver Share
5
$2 lot
43
Financial
1588
Shares
S per Share
45
10
Stocks
6 Courler-Poet Co.,
Camden, 7% preierred
10 Camden Auxiliary Fire Alarm common
125 Mono Service Co. common, par
Per
Name of
Share
Company
70
$100
Bank, par $20
54 Land Title Bank & Trust Co., par $5___
20 Philadelphia National
Preferred (quar.)
Kansas Power Co., 86 cum.
A Granting Annuities, par $10— 32%
50 Pennsylvania Co for Insurances on Lives
14 Media Drug Co. prior preferred, par $10
--
$50
20 Haver ford Land & Improvement Co., par
-
-
—
lie
—
-
Island Creek Coal
3%
__
_
Equipment
Interstate Home
100 H
r—
1H
57%
pref. (quar.)
—
$7 cum. preferred (quar.)
Kresge Dept. Stores, pref. (quar.)
Langendorf United Bakeries class
-
B (quar.)--—-
Extra
DIVIDENDS
Class A
(quar.)_—
Preferred (quar.)
—
La Salle Extension University
Preferred (quar.)
—
Lehigh Portland Cement Co
.
—
4% preferred (quar.)
Lion Oil Refining Co. (auar.)----—------—wMacAndrews & Forbes Co. (quar.)-------Preferred (quar.)
Magor CarCorp. (quar.)
Preferred (quar.)---— — Mahoning Coal RR
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
Then we follow with a second table in which
we show
the dividends previously announced, but which
Dividends
first
are
we
Further details and record of past
given under the com¬
name in our "General Corporation and Investment
Department" in the week when declared.
have not yet
been paid.
dividend payments in many cases are
pany
News
this week
The dividends announced
Marlin Rockwell---
Merck & Co
Name of
Share
Company
Aetna Insurance Co. (quar.)
Allen-Wales Adding Machines,
Aloe
40c
—
81H
UH
preferred
(A. S.) Co., 7% preferred (quar.)__
25c
American Bakeries Co., class B
American Beverage Corp., preferred-American Brake Shoe & Foundry Co.,
5%% convert!ole preferred (quar.)
American Capital Corp., $3 preferred-American District Telegraph (N.J.)
8Hc
25c
$ 1.31H
2.5c
81H
81X
—
Preferred (quar.)_
American Hardware (quar.)
American Investment Co. (111.), 8%
25c
50c
pref, (qu.)_
43 He
7% prefered (quar.)
—*.
...
$2 preferred (quar.)
American Light & Traction (quar.)
—
Preferred (quar.)
American Mfg. Co., preferred (quar.)
—
A ngostura-W upper man
- - .
Arrow-Hart & liegeman Electric-Arundel Corp (quar.)
..
—:
Artloom Corp., preferred--—Atlantic City Fire Insurance (quar.)
Autocar Co., $3 cumul. and partic. pref. (quar.)
Automatic Voting Machine (quar.)
Avery (B. F.) & Sons, preferred (quar.)
Avondaie Mills (semi-ann.)
Bakelite Corp.. preferred (quar.)
50c
,30c
37 %c
15 Mar. 15
Apr.
Apr.
May
May
Mar. 20
Mar. 11
Mar. 20
14
Apr.
1 Mar. 23
Apr
1 Mar. 20
1
Apr. 25 Apr.
25c
WH
50c
Mar. 31
75c
Apr.
Apr.
Apr.
Apr.
Apr.
12%c
37 Ac
4c
81H
-
1 Mar. 20
1 Mar. 20
1 Mar. 20
1 Mar. 15
1 Mar. 20
Mar. 25 Mar. 20
1 Mar. 24
1 Mar. 25
Apr.
Apr.
Mar. 31 Mar. 20
Mar. 23 Mar.
40c
Apr.
1 Mar. 23
Apr.
1 Mar. 23
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr. 29 Apr. 15
Apr. 29 Apr. 15
Apr,
1 Mar. 20
62 He
Electric", $6 preferred- .."I_I_ _I_- fllH
hlH
$7 preferred
81
Bon Ami Co., class A (quar.)---62. Ac
Class B (quar.)
Boston Insurance (quar.)__50c
Bridgeport Gas Light (quar.)
l
British American Oil Co. (quar.)
J25c
-----75c
Brooklyn Borough Gas Co. (quar.)
75c
6% partic. preferred (quar.)
;
62Hc
California Packing Corp., preferred (quar.)_-_25c
Cambridge Investment Corp. A & B (s.-a.)_.-_
t37Hc
Canada Bread Co., preferred B
Preferred B (quar.).
1st preferred (quar.)
Canadian Fairbanks Morse, preferred (quar.)
$IA
2Ac
Carriers & General Corp
:
15C
Carter (J. W.) Co
Birmingham
-
1
-
■
m
Mar. 31
6
83 preferred
45c
(quar.)
Realty, pref---
—
.11
City Baking Co
,
UH
7% preferred (quar.)
$1H
-
—
—
(s.-a.)_--
—;
_i.
— — -
— — „
Mar. 15
Connecticut General Life
20c
1
1
1
1
Mar. 31
Reed Roller Bit (quar.)
Extra
-
Reece Button Hole Machine Co.
Detroit Edison Co..
Diamond Shoe Corp. (quar.)
^
:_«
—
—
6A% preferred (quar
Famous Players Canadian
62 He
$1H
$i H
------
£«_■_
First National Bank (N. Y.) (quar.).Florida Powar Light, $7 preferred
I
Apr. 15 Mar. 27
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 10
May
1 Apr. 15
Apr.
1 Mar. 21
Mar. 31 Mar. 20
$25
tSl.31
t81.13
—
—
5% preferred (quar.).,
Foreign Bond Assoc., Inc. (quar.)
nu
81H
15c
Fruehauf Trailer Co.
Fulton Trust Co. (N. Y.) (quar.)—
Gemmer Mfg Co., class A
25c
.
General Paint, preferred (quar.)
Gibson Art Co. (quar.)
Godchaux Sugars, class A
-
------
$1H
67c
50c
—
...
$7 preferred (quar.)
50c
$1H
SI H
niH
81H
81H
Gold & Stock Telegraph (quar.)
Goodrich (B. F.) & Co., preferred
i
Preferred (quar.)
Great Lakes Power Co., A preference (quar.)
Great Lakes Steamship (quar.)
Great Western Life Assurance
50c
-
Greenwich Gas, participating pref. (quar.)
Greif Bros.
1
Mar. 31 Mar. 21
$6
—
$6 preferred
Flshman (M. H.), 7% preferred (quar.).
_
1 Mar. 20
31 He
Cooperage Corp., class A
80c
Gulf Power Co., $6 pref. (quar.)..
Harris-Seybold-Potter prior pref. (qu.)
Hartford Fire Insurance (quar.)
Hartford Gas Co. (quar.)
Preferred (quar.)
-II———"I
Holophane Co., preferred (semi-ann.)
Horder's, Inc. (quar.)
Houston Oil Field Material, preferred (quar.)
Howe Sound Co
81H
81H
50c
50c
50c
81.05
25c
37Hc
Apr.
1 Mar. 31
Mar. 31 Mar. 24
Tune 30 June 23
Apr.
Apr.
Apr.
Apr.
Apr.
1
1
1
15
15
Mar. 16
Mar. 21
I.IllIII
Sinver Mfg. Co.
Extra
(quar.)..
Southwestern Light & Power 86 oreferred
Suuerior Portland Cement class A_._
Torrington Co
Tubfze-Chatillon 7% preferred (quar.)
Turkett- Tobacco Co., pref (quar.)..
Mar. 20
Apr.
1 Mar. 31
Mar. 24
Valve Bag Co. 6% preferred (quar.)
Virginia Ra-lway.
Preferred (quar.)
Mar. 24
Wast Kootenav Power & Light, pref.
15 Mar. 31
1
1
1
1
1
Mar. 20
Mar. 20
(quar.)
—
Wi'son-Jones Co
Winn & Lovett Grocery, class A
Class B (quar.)
Preferred
Mar. 21
Apr.
14
1
June
14
20 Mar. 31
15 Mar. 31*
15 Mar. 31*
Mar. 23
Mar. 31
Mar. 31
Mar. 23
1
Apr.
1
Apr.
1
Apr.
1
Apr,
1
Apr,
1
Apr.
Apr. 10
Mar. 24
Mar. 31
Mar. 22
Mar. 21
Mar. 20
Mar. 20
Mar. 24
Mar. 24
Apr.
3
1 Mar. 15
Apr.
1 Mar. 15
Apr,
1 Mar. 15
Apr.
Apr. 15 Mar. 31
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1
Apr. 25 Apr.
3 Mar. 24
Apr.
Apr. 15 Mar. 31
15 Mar. 30
1
Mar. 31 Mar. 15
1 Mar. 18
Apr.
15 Mar. 31
Mar. 24
82
15c
25c
33 1-3 c
5c
May
May
Mar. 21
1 Apr.
15
Apr. 15
Mar. 31 Mar. 23
Mar. 31 Mar. 24
1
1 Mar. 24
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 18
Apr,
1 Mar. 22
Apr.
Apr. 15 Mar. 31
1 Mar. 20
Apr.
1 Mar. 21
Apr.
1 Mar. 21
Apr.
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 15
Mar. 15
15 Mar. 31
1
Mar. 24 Mar. 17
Apr.
1 Mar. 15
Mar. 24 Mar. 21
1 Mar. 15
Apr.
1 Tune 15
Tuly
5
May 15 May
5
Aug. 15 Aug.
Apr.
Apr.
Apr.
1 Mar. 16
1 Mar. 22
1 Mar. 15
May 15 Apr.
May 15 Apr.
Tune 15 May
Apr. 15 Mar.
14
14
24
24*
1 Mar. 15
Apr.
Mar. 30 Mar. 16
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Mar. 31 Mar. 20
Mar. 31 Mar. 20
37Hc
81H
Apr.
Apr.
35c
Apr.
1 Mar. 25
1 Mar. 15
1 Mar. 22
81H
Mar. 31
Mar. 31
Mar. 10
2%
81A
82 He
81H
62 He
50c
4
May
Apr.
Apr.
Apr.
1
Apr.
1
Mar. 14
Apr.
1
Mar. 23
Apr.
1
Mar. 15
1
Mar
Apr.
1 Mar. 14
1 Mar. 20
Mar. 31
20
Mar. 24
81H
Apr.
Apr.
1 Mar. 20
1 Mar. 20
30c
Apr.
1 Mar. 22
Mar. 20
15c
81H
81H
81H
81
50c
1
Apr.
Apr. 15
1
Apr.
1
Apr.
Apr. 15
Apr. 29
25c
Apr.
81H
82
81H
81 %
83 H
81H
25c
50c
Mar. 31
Mar. 15
Mar. 25
Mar. 23
Mar. 31
17 Mar. 31
Mar. 31 Mar. 27
Anr.
1 Mar. 20
Mar. 28 Mar. 18
May
1
Apr.
12
Apr.
1 Mar. 20
Anr.
1
Mar. 27
Mar. 31 Mar. 24
Apr.
1 Mar. 22
Anr. 24
May
Mar. 20
(quar.)
25c
Apr.
Apr.
Mar. 20
81 %
(quar.)_____
*
Mar. 10
50c
Anr.
Mar. 20
Mar. 22*
Wood lev Petroleum (nuar.)
10c
Mar.
Mar. 18
Mar. 20
Yale & Towne Mfg. Co
15c
Apr.
Mar. 23
Mar. 20
1 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 15
May
1 Apr. 20
Mar.$l Mar. 20
Below
we
and not yet
given, the dividends announced in previous weeks
paid.
The list does not include dividends an¬
being given in the preceding tabkL
nounced this week, these
Per
Mar. 31 Mar. 24
Apr.
3 Mar. 15
Apr. 21 Apr. 11
Name
Abbott Laboratories
Mar. 31 Mar. 15
50c
Apr.
May 15 Apr. 21
15c
Mar. 31 Mar. 20
30c
Apr.
7 Ac
—..
Western Electric Co
Mar. 24
Mar. 29 Mar. 22
50c
81H
25c
Mar. 31
Apr.
15c
81
"---
Wagner Baking Corp., 7% pref. (auar.)
Walls Fargo Bank & Union Trust Co
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
95c
Unfted Profit Sharing, pref. (semi-annual)
Unfted States Fidelity & Guaranty (quar.)__._.
Mar. 20
30c
ll
....
pref. (quar.)
Mar. 18
Mar. 20
40c
—
United States & Foreign Securities—
1st preferred
35c
(interim)...
1
87 pf. (qu.)
Taggart Corp., preferred (quar.).....
TextMe Banking Co. (quar.)
Tin-Top Tailors, Ltd. (quar.).
7% preferred (quar.)
—
Superior Water. Light. & Power Co.,
United Fruit Co
1
50c
25c
(quar.)
1
Apr.
55
81H
8k<4Iv OH Co., pref. (quar.)...
South Porto Rico Sugar Co., com.
Preferred (quar.)
1
Mar. 31
75c
—
Apr.
Illuminating Shares class A (quar.)
International Button Hole Sewing Machine
International Vitamin Corp..
,-_i
Apr.
Mar. 20
1
—
Twin State Gas & Electric, 7% p/ior lien (quar.)
Indiana Pipe Line Co
Inland Investors, Inc.
4
20c
5c
Ideal Cement Co
i
pref. (quar.)
Seven-Up Bottling (irregular).
■
1 Mar. 21
1
-
—
TTn»on Investment Co.,
Mar. 15
25c
2%
Mar. 21
Mar. 22
Apr. 2(
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
50c
25c
25c
—
—
75c
Hydro-Electric Securities
Idaho Maryland Mines (monthly)
—
1-
Reliable Stores Corn., oref. (quar.)
Rice-Stix Dry Goods Co., 1st & 2d
Mar. 24
25c
...
....
—
,
Mar. 18
Mar. 24
25c
(quar.)
Fifth Ave. Bank (N. Y.) (quar.)
First National Bank (Jersey City) (quar.)
Quarterly.
nPi.
50c
81H
Dixie-Vortex Co., class A (quar.)
Dominion Tar & Chemical, preferred (quar.)
Driver-Harris Co., 7% preferred (quar.)
Ferro Enamel Corn
Apr.
75c
81H
81 %
—
Providepce Washington Insurance.
Rath Packing Co. (quar.)
June
81H
, ——
—
Mar. 31
50c
40c
81 %
81 %
81 %
Mar. 22
—
81H
tSl H
50c
-
1
Mar. 20
25c
qp JL
Apr*.
50c
81 %
81H
81H
.......
.2
75c
Insurance Co—
Dry Goods Co., 7% preferred
Reynolds, preferred A—;
Danahy Faxon Storrs, Inc. (quar.)
Denver Union Stockyards (quar.)
;
Preferred (quar.)
15 Mar. 31
Mar. 31
-----
_
Commercial National Bank & Trust (quar.)--_.
Connecticut Gas & Coke Securities, pref. (qu.)-_
Consolidated
15 Mar. 31
15 Mar. 31
Apr.
50c
81
Mar. 23
Corroon &
15 Mar. 31
Mar. 31
—
(quar.)
Fenna. Co. for Insurance on Lives & Granting
Annuities (Phila.) (quar.)
:
Perfect Circle Co. (quar.)
Plough, Tnc
Procter & Gamble, stock dividend of l-75th sh.
of com. for each share of common held
Quarterl y__5% preferred (quar.)
Procter & Gamble 8% preferred (quar.)
Providence Gas Co. (quar.)
3
Mar. 20
1 Mar. 20
25c
— —
Peninsular Telephone (quar.)
1 Apr. 27
1
3 Mar. 25
40c
—
Patchogue Plymouth Mills
Quarterly
Mar. 23
Apr.
60c
(initial)
Preferred A (quar.)
Preferred A (quar.)...
Mar. 23
1
May 15 May
81H
—
1
1
25c
Panhandle Eastern Pipe Line pref. A & B
1 Mar. 20
15 Apr. 10
Apr.
Apr.
Apr.
Apr.
50c
15 Apr.
75c
Mar. 31
-
6c
81H
$1H
15c
___
25c
Cleveland Graphite Bronze Co.-Colon Development 6% preferred
50c
81H
(quar.)_
Pan-American Match Corn
Mar. 17
Mar. 29 Mar.
84
81
-
Pacific Gas & Electric (quar.)
Mar. 30 Mar. 20
May
25c
81H
tllH
——- —
:
(quar.)
Old Colony Insurance (quar.)
Otter Tail Power Co., 86 pref.
85H Preferred (quar.)
;
Apr.
1 Mar. 17
Apr. 10 Mar. 31
Apr.
1 Mar. 14
May 15 Apr. 29
Apr.
1 Mar. 21
Apr.
1 Mar. 22
Mar. 22
Apr.
1 Alar. 22
Apr,
Apr. 15 Mar. 31
Apr.
1 Mar. 24
Apr.
Apr.
1H%
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
July
Apr.
Apr.
Apr.
10c
Prim- preferred
'
Cincinnati Postal Terminal &
50c
50c
Newberry (J. J.) Realty Co., 6H % pref. A (qu.)
6% preferred B (quar.)
—
New Britain Machine (quar.)-——
Preferred (quar.)
——
New Orl *ans Public Service. 87 preferred.
New Hampshire Fire Insurance Co.'
New York Power k Light 7% pref. (quar.)
86 nrefprr^d (quar.)
—
New York Trust Co. (quar.)
North American Rayon, nrior oref. (quar.)——
Northern States Power, 85 oref. (quar.).______
Northwestern Electric 7% preferred.
Novadel-A gene Corp. (quar.)
OglJvie Flour Mills (quar.)
Oklahoma Natural Gas (initial)-
Mar. 20
25c
foiiar I
Chemical Bank & Trust Co.
(quar.)
Navarro Oil Co.
25c
81
25c
tSIM
t81H
National Steel Corp. (quar.)
Mar. 31 Mar. 24
$3 A
68Hc
37 Ac
-
Preferred (quar.)
National City Bank of Cleveland
National Fuel Gas (quar.)
Mar. 20
Apr.
Apr.
25c
Bartgis Bros. Co. 6% preferred (quar.)Bellows & Co., Inc., class A (quar.)
Bickford's, Inc.-----
--
Mar. 24
1 Mar. 25
Apr.
Apr.
Apr.
Supply (quar.)__
6% preferred (quar.)
5% preferred (quar.)-----Morrell (John) & Co
Murphy (G, O.) Co. 5% preferred
National Bond & Share Corp
National Cash Register Co.
National Casket Co
-
Mar. 20 Mar. 15
5c
10c
--
Mar. 31
Apr.
7Hc
81H
15c
'
Baldwin Co
-
1 Mar. 22
Mar. 31 Mar. 24
75c
81H
,
1 Mar. 21
.1 Mar. 15
5c
50c
25c
—
— -----
Minneapolis Mining & Mfg
Minneapolis Power & Light, 87 pref
$6 preferred
—
6% preferred
Missouri Gas & Electric Service
Montana Dakota Utilities Co
Apr.
1 Mar. 16
Mar. 31 Mar.
2
Apr.
Apr.
Apr.
—;
—
—
(quar.)
Midwest Piping &
Payable of Record
$1H
-
Prpfprrfld
Preferred
Holders
14
Mar. 31 Mar. 15
—
Bank of New York (quar.)
Barker Bros., pref-rred (quar.)
When
30c
50c
McQuay-Norris Mfg. (interim)
Per
$1$1
25c
McKay Machine Co
are:
50c
81H
81H
Holders
When
Payable of Record
25%
of Philadelphia
6 City National Hank
1939
18
Mar.
Chronicle
1 Mar. 16
1 Mar. 20
Mar. 31 Mar. 21
Share
of Company
Holders
40c
(quar.)
Addressograpb-Multigraph (quar.)__
Aero SuodIv Mfg. Co. class A (quar.)
Aetna Casualty k Surety
(quarl)
—
Mar. 31 Mar. 14
10c
Mar. 31 Mar. 14
81H
(quar.)
Extra
"Preferred
When
Payable of Record
1
Apr. 15 Apr.
Apr. 10 Mar. 20
Apr.
1 Mar. 17
Apr.
1 Mar. 4
35c
37Hc
75c
Volume
Financial
148
Per
Name
of Company
Share
Aetna Life Insurance
Apr.
Apr.
Air Assoc., Inc., common
$7
cum.
Apr.
1
Mar. 25 Mar. 16
$134
1 Mar. 16
Apr.
Apr. 35 Mar. 31
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Apr. 18
May
Mar.
8
Apr.
Co., inc. (quar.)
25c
Alabama Power Co. $7 preferred (quar.)
$6 preferred (quar.).
$5 preferred (quar.)
Alabama & Vicksburg Ry. Co. (s.-a.)
Allied Chemical & Dye Corp. (quar.)
Allied Laboratories, Inc. (quar.)
Allied Products (interim).
Class A (quar )
Allied Stores Corp., preferred (quar.)
Allis-Ohalmers Mfgj Co
Alpha Portland Cement
$134
$134
$134
3%
$iy
15c
1 Mar. 17
Mar. 31 Mar. 17
Burroughs Adding Machine Co
Burry Biscuit Corp., pref. (quar.)..
Cable & Wireless (Holding) pref. (s.-a.)
Calamba Sugar Estates (quar.)
Preferred (quar.)
California Ink Co., Inc. vquar.).
25c
_
25c
20c
Aluminum
1
1 Mar. 15
1 Mar. 16*
50c
50c
_
____
June 30 June
Sept. 30 Sept. 15
50c
;
,
Mar. 31 Mar. 15
50c
Mfg. Co., Inc. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quar.)
—:
7% preferred (quar.)..
7% preferred (quar.).
7% preferred (quar.)
American Agricultural Chemical.,
Dec.
31 Dec.
15
Mar. 31 Mar. 15
June 30 June 15
$1 24
Sept. 30 Sept. 15
35c
10c
Mar. 31 Mar. 13
Dec.
Preferred (quar.)
±
American Can Co. preferred (quar.).
American Cigarette & Cigar, preferred
15
1H%
$134
6824c
Apr,
1
$134
12 34c
l5c
$154
$124
$124
Mar. 24 Mar. 16
Apr.
1 Mar. 15
15c
(quar.).
American Cities Power & Light %2% cl. A (qu.)_
Opt. div. cash or l-16th sh. of cl. B stock.
American Crystal Sugar Co. 6% 1st pref.
(qu.)
(quar.)
American
Envelope Co. 7% pref. A (quar.)
7% preferred A (quar.)
7% preferred A (quar.)
American Export Lints, Inc.-,
American Express Co. (quar.).
American Forging & Socket Co
American Fork & Hoe, pref.(quar.)
Mar. 21 Mar. 15
Apr.
1 Mar. 17
12 34c
...
$134
...
Mar. 31 Mar. 15
1 Mar. 10
Apr.
Sept,
1 Mar. 15
1 May 25
1 Aug. 25
Dec.
1 Nov. 25
Apr.
June
40c
Apr.
May
25c
1 Mar.
1 Apr.
Apr.
8
Mar. 31 Mar. 16
1 Mar. 15
1 Mar. 14*
9734c
Apr.
Apr.
Apr.
1 Mar.
1 Mar.
I..
25c
$124
American Motorists Insurance Co. (quar.)
American Oak Leather Co.,5% cum.pref.(quar.)
$134
American Power &
t75c
Light Co. $6 preferred-
60c
— -
$5 preferred
American Safety Razor (quar.)
American Smelting & Refining pref. (quar.)*
American Snuff Co. (quar.)
;
Preferred (quar.)
American States Insurance Co. (quar.)
American Sugar Refining, preferred (quar.)....
American Superpower Corp., 1st pref. (quar.)
American Telep. & Teleg. (quar.)
American 'lobacco Co., preferred (quar.)
...
t6230?
m
1H&
30c
...
$124
$134
$2 34
134%
1
3
Apr.
Apr.
Apr.
Apr.
1
1
1
1
Mar. 30
Preferred
Mar. 10
25c
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
4
Mar. 15
Mar. 10
Mar.
vfar. 10
Mar.
Mar.
50c
Mar.
Mar. 15
50c
Mar.
Mar. 15
10c
Mar.
Mar. 21
20c
Mar.
Mar. 15
$124
t
...
'Extra.
Apr.
Mar. 15
Mar.
Mar. 15
Mar. 15
$234
$124
$124
t$124
t$l 34
$124
_■
Ashland Oil & Refining (quar.)
Associated Breweries (Can.) (quar.).
Preferred (quar.)...
...
(quar.)
50c
Preferred vquar.)
Atlanta Gas Light Co. 6% cum. pref. (quar.)
Atlantic Refining Co. 4% conv. pref. A (quar.)..
Automobile Insurance
Balaban & Katz Corp
Mar.
Mar.
Mar.
Feb.
Apr.
Apr.
Mar. 15
$124
t$2
$124
Apr.
Apr.
Mar. 23
25c
Mar.
45c
Mar.
Mar. 16
Mar. 15
70c
Mar.
50c
...
,
20 c
25c
Preferred (quar.)
Bayuk Cigars, Inc., 1st preferred (quar.)
Beatrice Creamery Co. (quar.)
Preferred (quar.)
"
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
'$124
.
$124
.i
25c
$1 H
50c
......
.Extra
Belding-Cortlcelli Ltd. (quar.).
Preferred (quar.)..
Bell Telephone of Canada (quar.):
Bell Telephone Co. of Pa. 6)4 % pref-.:
Bellows & Co., class A (quar.)
Beneficial Industrial Loan Corp.. (quar.)
$2)4 prior preference (quar.)
Bethlehem Steel Co., 7% pref. (quar.)
5% preferred (quar.)
Bird Machine Co. (quar.)
Birmingham Fire Insurance Co. (quar.)
Black <k Decker Mfg. Co. (quar.)
Bliss «fc Laughlin, Inc
Preferred (quar.)..
Bloch Bros. Tobacco, 6% preferred (quar.)
,
;
Mar. 10
Mar. 10
Mar. 15*
Mar. 15
Mar. 15
Mar. 31
Mar. 14
Mar. 14
Mar. 15
Mar. 10
Mar. 10
Mar. 20
Mar. 15
Apr.
Mar. 15
25c
25c
....
Bohn Aluminum & Brass..
Mar.
Mar.
3734c
Mar.
25c
$2
;
$134
....
17
Mar. 15
Mar. 17
Mar.
Feb.
Apr.
Mar. 10
4c
28
Apr.
Mar.
Mar. 17
Apr.
Apr.
Apr.
Mar.
50c
234%
lOd
Mar.
1
15
Mar. 15
Mar.
Mar.
3
4
British Columbia Electric Power & Gas—
—
50c
Apr.
1 Mar. 20
15 Mar. 31
——
20c
Apr.
1 Mar. 20
til 34
Apr.
Mar. 15
1 Mar. 15
;
28
28
$124
Apr. 15 Mar. 31
Apr. 15 Mar. 31
1 Mar. 20
Apr.
3 Mar.
9
Apr.
Mar. 27 Mar.
3
50c
Mar. 27 Mar.
Apr.
Apr.
3
8*
$1
-
1 Mar.
1 Mar.
_
Mar. 31 Mar. 21
$234
$134
6234c
Apr.
Apr.
75c
1734c
l.Mar. 15
llMar. 15
Mar. 16
Apr.
Apr.
Apr.
Mar. 16
Mar. 22
Mar.
8
"A
$124
25c
$134
$1.13
$134
$134
$134
*\%
30c
20c
50c
$134
Mar. 10
VI ar.
Mar. 10
Apr.
Mar. 20
Mar. 16
Mar. 15
Mar.
Apr.
Apr.
Apr.
July
Oct.
1-1-
ljMar. 17
liMar. 20
1 June 19
1
Sept.18
40,Dec. 18
Mar. 31 Mar. 15
Apr.
Apr.
Apr.
llMar. 15
l;Mar. 10
1 Mar. 10
30c
75c
Mar.
Mar. 16
Mar.
25c
Mar.
Mar. 16
Mar. 14
$3.85
Apr.
Apr.
Apr.
Mar. 21
Mar. 13
Mar. 14
25c
Apr.
Mar; 31
1234c
—— -
May
Apr.
Apr.
$124
50c
—
$134
-
$124
$134
Apr.
Mar. 15
Mar.
50c
Apr.
10c
Apr.
$1
$434 conv. preferred (quar.)
—
Commercial Investment Trust (quar.)
$4 34 conv. preference (quar.)
Commonwealth & Southern $6 preferred......
Commonwealth Utilities Corp., 7% pref. A
634% preferred C (quar.)
(j% nreferred (quar.)
—
— ---.
Coniarum
Apr.
1
Mar. 10*
Mar. 10*
Mar. 13
Mar. 15
1
May 15
Mar. 15
Mar. 25
Mar. 15
75c
Mar.
Mar. 15
Mar. 17
75c
—
Mar.
Mar. 17
12 5c
Apr.
Mar. 15
15c
Mar.
Mar.
2
15c
Biscuit
Coppermines..
—
Edison Co. (N. Y.), Inc., pref
Film Industries, pref—
Consolidated,Gas Electric Light & Power
5% preferred (quar.)
—
Mar. 15
Mar. 10*
Mar. 10*
Mar.
$1.0634 Mar.
$1
Apr.
$1.06 34 Apr.
75c
Apr.
Apr.
$124
June
$124
A nr.
$134
Mar.
$134
L5c Apr.
75c
Apr.
18
Mar
6
Mar. 20
Mar. 20
Apr.
25c
Consolidated
Consolidated
Consolidated
Consolidated
8*
MLar. 31 Mar. 21
Chicago junction Ry. & Union Stockyards—
Quarterly
j.—
•—
6% preferred (quar.)
; ——.
......
Chicago Pneumatic Tool prior preferred (quar.).
$3 preferred (quar.)..
■-■
Chicago & Southern Air Line, pref. (quar.)
Chicago Towel Co..
Preferred (quar.)
Christiana Securities, preferred (quar.)
Churngold Corp
!
Cincinnati Gas & Electric 5% pref. (quar.)
Cincinnati & Suburban Bell Telephone (quar.y.
Cincinnati Union Terminal 5% prei. (quar.)
5% preferred (quar.)...
....
5% preferred (quar.)
....
5% preferred (quar,)—
City Tee & Fuel Co
Clearing Machine Corp
Cleveland Electric Illuminating (quar.)
Preferred (quar.)
,J
Climax Molybdenum Co..
Clorox Chemical Co. (quar.).
Cluett, Peabody & Co., Inc. (interim)
Preferred (quar.).
•— —
;
Mar. 20 Feb.
Mar. 20 Mar. 10
35c
$1
Mining, l>td
Connecticut Light & Power Co. (quar.)
Consolidated Aircraft preferred (quar.)
Consolidated Aircraft, $3 pref. (quar.)
Consolidated Bakeries vCanada) ^quar.)
Apr.
Mar. 10
Mar. 10
25c
Confederation Life Assoc. (Ont.) (quar.)-
25c
l;Mar. 10
$134
Mar. 15
20c
1 Mar. 17
1 Mar. 17
1 Mar. 15
1 Mar. 17
1 Mar. 20
....
Mar. 10
10
Mar. 31
Mar. 25
Mar. 10
1 Mar. 11
_
Mar. 20 Feb.
$134
$134
P
Mar.
$124
6% preferred (quar.)
$124
8
Mar. 14
Mar. 14
——————
Mar.
50c
Interim
.
Mar, 31
$134
British Columbia Power class A (quar.)
Broad Street Investing (quar.)
—
Mar.
Brazilian Traction, Light & Power preferred
Bridgeport Gas Light Co. (quar.)
Bridgeport Machine preferred (quar.)
Briggs Mfg. Co. vquar.)
Brilio Mfg. Co., Inc. (quar.)
Class A (quar.)
British-American Tobacco pref. (s.-a.)
til 34
Mar.
8
Mar.
50c
Apr.
Apr.
Apr.
10c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
$124
50c
'
i
$2
15c
lc
20c
(quar.)
Mar. 18
Colt*s Patent Fire Arms Mfg. (quar.)
VI ar. 25
Apr.
Apr.
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Columbia Baking, $1 pref. (quar.)
...
Commercial Alcohols Ltd. preferred (quar.)
Commercial Credit Co. (quar.)
Mar. 18
Mar.
Apr.
4c
$1
:
Col gate- Palmoli ve-Peet (quar.)
Preferred (quar )
Colonial Ice Co. $7 cum. preferred (quar.)
Series B preferred (quar.)
Mar. 18
$1 l4
25c
...
Mar.
25c
75c
+50c
—
Coca-Cola Co
Mar.
Mar.
Mar. 20
Mar. 18
$134
Coca-Cola International Corp
Coleman Lamp & Stove
Mar. 15
Mar.
3
Apr.
10c
—
Apr.
Mar. 20
Apr.
19c
;
—
Mar. 15
25c
tt3734c Anr.
Mar.
$1
Mar.
$124
3734c
—
Mar. 14
$124
•—■
_*
Extra
28
$134
Bankers Trust Co..
Bank of the Manhattan Co. (quar.)
Bastian Blessing Co. (quar.).
a,
Mar. 20
Mar. 20
Mar. 15
$124
$124
_______
Chesapeake & Ohio Ry. Co
Preferred (quar.)
—
Chicago Flexible Shaft Co. (quar.)
28
Feb.
$1
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
9
Mar.
Apr.
Apr.
©1 72
—
Extra
Mar. 15
IH%
$124
_
Mar.
lc
Chesebrough Mfg. Co. (quar.)—a.——*
Mar. 15
63c
Cumulativeconvertiblepreferred (quar.)
Bangor Hydro-Electric 7% pref. (quar.).
6% preferred (quar.)
i
Extra.,
—
6% cumulative preferred
Champion Paper & Fibre Co., 6% pref. (quar.).
Chesaneake Corp. (liquidating)
,
—
4
$124
(quar.)—
Bangor <Sc Aroostook RR. Co
Borg-Warner Co
—
■■*•
5
Mar,
Mar. 17
Apr.
Mar. 17
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Apr. 15 Mar. 31
Apr. 15jMar. 31
Apr. 29 Mar. 31
Apr. 15 Mar. 31
I $2
a...
$7 prior lien preferred
15
Mar.
m
{3c
$6 prior lien preferred
Central Steel & Wire. 6% preferred (qua£.)__—
Central Power Co., 7% cum. pref. (quar.)
9
25c
:$i34
Mar. 31 Mar. 17
Mar.
Mar. 17
{50c
...
Extra
9
50c
Boston A Albany RR. Co
Boston Elevated Ry. (quar.)
Bower Roller Bearing Co.
t$l
$6 preferred (quar.)
Carolina Telephone & Telegraph Co. (quar.)
Carpenter Steel Co.
Case (J. I.) Co., preferred (quar.)
Celanese Corp. of America 7% prior preferred.
7% 1st partic, preferred (partic. div.)
Central Aguirre Assoc. (quar.)
Central Hanover Bank & Trust Co. (quar.)—
Central Illinois Light 4 34% pref. (quar.)
Central Maine Power 6% preferred
$6 preferred..
Central Maine Power, 7% preferred—
Central Patricia Gold Mines (quar.).4
Mar. 17
Apr.
{50c
Central & Southwest Utilities Co.—
Mar. 15
Apr.
May
Apr.
(Hartford) (quar.)
Preferred
Bralorne Mines, Ltd.
$134
$1
Mar. 24
Mar. ...Mar, 17
Mar. 31 Mar. 17
Nov. 30
25c
(quar.)
—
June 24
Mar.
Apr.
$134
7
15c
12 34c
20c
•«—,
Associates Investment Co.
Mar. 17
June 24
7
Mar. 15
$124
—
Apr. 29 Apr.
7
Apr. ■ 1 Mar. 9
Apr.
1 Mar.? 9
Apr.
1 Mar. 15
Apr.
3 Mar. 6*
Apr.
1 Mar. 10
Apr. 15 Mar. 15
Apr.
1 Mar. 10
Apr.
July
July
.......
........
Mar. 15
Apr.
{25c
....—
$6 1st preferred (quar.)
Amoskeag Co. (s.-a.)
Preferred (s.-a.)
.t
Anaconda Copper Mining Co
Anchor Hocking Glass Corp
„
$6H preferred (quar.)..,
Appalachian Electric Pow., $7 pref. (quar.)—"—
Arkansas Power & Light $7 preferred
$6 preferred
Armour & Co. (Del.), pref. (quar.)
Dec.
Apr.
Carnation Co. preferred (quar.).
————r
Carolina Power & Light, $7 pref. (quar.)... —_
Mar. 10
May 31
Aug. 31
I44c
—
Extra
Mar. 10
Mar. 15
Mar. 21
Apr.
Sept.
Capital Administration, preferred A (quar.).-..
Cariboo Gold Quartz Mining Co. (quar.).'
1
Mar. 15
Mar. 15
Apr.
Apr.
Apr.
$1
Cannon Mills Co
Mar. 25
Apr.
15
Mar. 31
Mar. 31
Apr.
{25c
{15c
-
3
Mar. 31 Mar. 24
Mar. 31 Mar. 24
Mar. 15
Feb. 28 1
Apr.
June
(quar.)_.,____
1 Mar.
American Water Works & Electric Co.:
Arnold Constable
Art Metal Works (quar.)
Asbestos Corp., Ltd. (quar.)
1$2
Canadian Wirebound Boxes (class A)
Canfield Oil
25c
5c
American Maize Products.
Preferred (quar.)
nm
:3734c
t50c
$1" "
Apr.
....
Mar.
Mar.
t30c
*
Industries, class A & B
20c
Extra
Apr.
Apr.
Apr.
Apr-
135c
75c
American Insurance Co. (semi-annual)
Mar. 20
Mar.
3
Mar. 15
Mar. 15
Mar. 10
50c
Preferred (quar.)Canadian Malartic Gold Mines
Canadian Oil Cos.. Ltd., pref. (quar.)
Canadian Westinghouse Co.
(quar.)
American Home Products Corp. (monthly)
American Indemnity Co
Apr. 29
Apr.
Apr.
{$2)4
7% partlc. preferred (quar.).
7% partic. preferred (parth
%
(partic. div.)
Canadian Cottons, Ltd. (quar.).
Canadian
June
Apr.
Mar. 31 Mar. 17
Mar. 31 Mar. 17
t25c
Mar. 15
Feb. 10
Mar. 15
Sept.
tt$134
Preferred (quar.)
Canadian General Electric (quar.)
Canadian Foreign Investment, 8% pref. (qu.)_.
Canadian General Investments (quar.)
Canadian Industries Ltd.. 7% pref. (quar.)
7
Apr.
Apr.
35c
a
Additional
'
Apr.
1 Mar. 14
5
Apr. 15 Apr.
$134
$2
(quar.)...
Preferred (quar.)
American Hard Rubber Co;, 8% preferred \qu.)
American Hawaiian Steamship
American Hide & Leather preferred
17*
'
$134
_
Mar.
Nov. 24
annas
40c
7% cumulative preferred (quar.)
Canada Packers Ltd (quar.).
Canada Permanent Mtge. (quar.)
Canada Silk Products, class A (quar.)
Canada Steamship, Ltd., 5% preferred
Canada Wire & Cable, class A (resumed).
Class A (quar.)
Class A (quar.).i.
Canadian Canners 1st preferred
(quar.)___
2d preferred vquar.).
Canadian Car & Foundry, pref..
Canadian Celanese, Ltd...
1 Mar, 13*
May 24
Aug. 26
Dec.
224%
Canada Iron Foundries 6% preferred
Northern Power Corp., Ltd.
1 Mar. 13*
75c
.
American Cyanamid Co. 5% cum. pref.
Class A and B common (quar.)____.
31 Dec.
—
Canada
Apr.
Apr.
June
75c
4
Cambria Iron Co. (s.-a.)_
Canada Cement Co., Ltd. preferred
15
$134
$124
-
American Bank Note
Preferred
Mar. 25 Mar.
Apr.
Apr.
$134
4
Mar.
15
Mar. 15
40c
Burma Corp., Amer dep. rec. (interim)
Mar.
■ Mar.
10c
Apr.
Apr, 15
Apr.
15c
1
$134
May
Apr.
McC
...
5% preferred (quar.)
5% preferred (quar.)
Burlington Steel Co. (quar.)
4
Mar.
$134
$134
$134
Apr.
Apr.
Apr.
1 Mar.
Mar. 20
Mar. 20
Mar. 17*
Apr.
Apr.
$124
$134
Bulova Watch Co., Ino
Bunte Bros., 5% preferred (quar.)
Mar. 10
1 Mar. 15
Mar. 20
Mar. 15
Mar. 15
Mar.
45c
—
&
Apr.
Mar.
$134
(quar.)
1234c
43 He
Aluminum Co. of America 6% pref.
(quar.)
Aluminum Goods Mfg
American Gas & Electric
Mar.
Payable of Record
t$l 34
$124
$124
Bucyrus-Monighan class A (quar.)
Budd Wheel Co. 1st preferred (quar.)
Buffalo Niagara & East. Power 1st pref
Preferred (quar.)
Bulding^ Products Ltd. (quar.)
Holders
When
Share
Brunswick-Balke-Gollender, $5 pref.(quar.)...
Buckerfield, Ltd
Quarterly
Bucyrus-Erie Co. preferred
Mar. 20
12 He
(quar.)
preferred (quar.)
Air Reduction
Per
Name of Company
4
1 Mar.
1 Mar. 15
75c
30c
Agricultural Insur. Co.(Watertown, N.Y.), (qu.)
1589
Ho ders
When
Payable of Record
$124
(quar.)
Agnew-Surpass Shoe Stores, preferred (quar.)
Chronicle
Apr.
May
Apr.
3
Apr.
Apr.
Apr.
Mar. 15
$134
•-
25c
90c
$134
Mar. 31
Mar. 15
Mar. 15
,
Share
Company
Consolidated Laundries preferred (quar.)-Consolidated Retail Stores preferred (quar.)
Consumers Gas (Toronto, Ont.) (quar.)-__—-Consumers Power
Co. $5 preferred (quar.)
$4)4 preferred (quar.)
*
—
Continental Assurance (quar.)
Continental Baking Co. preferred (quar.)
Continental Bank & Trust Co. (quar.)
Continental Can Co., Inc., $4)4 pref. (quar.)_Continental Gas & Electric pref. (quar.)—
Continental Oil Co
Continental Steel Corp
—
Preferred (quar.)
Continental Telephone Co. 7% pref. (quar.)
6)4 % preferred (quar.)
Cooper-Bessemer, $3 prior pref. (quar.)
Coronet Phosphate Co-—-—-—
Cosmos imperial Mills Ltd., pref. (quar.) _—
Coty, Inc—
--Courtaulds Ltd., Am. dep. rec. (final)
-Cream of Wheat Corp
Creameries of America, Inc. (quar.)
CroweJl Publishing Co
.
Crown Cork International Corp., class A__
Crown Zellerbach Corp—
—
Crum & Forster, Inc. (quar.)8% preferred (quar.)-—
— — ---8% preferred (quar.)
Cunningham Drug Stores (quar.)---
113
$2)4
$1)4
50c
25c
75c
$134
$134
30c
234%
50c
10c
50c
t25c
1234c
25c
$2
25c
Apr.
1 Mar. 15
6
Mar. 31 Mar.
Apr.
1 Mar. 15
Mar
Mar. 31
June
15 June
(quar.)
Davidson-Bontell Co. 6% pref.
Davidson Bros., Inc
—
$1
(quar.)—
Dayton & Michigan RR. 8% pref.
(s.-a.)
—
Dayton Rubber Mfg. $2 class A
Dejay Stores, Inc.---
(s.-a.)
8734c.
$1
10c
Eye (xuar.)
Denuison Mig. Co. debenture (quar.)
Dentists flunplv Co. (N.Y.), 7% pref. (quar.)Deposited Bank Shares, series N. Y_._
De Long Hook &
$2
$1 Vx
$.0075
25c
25c
Detroit Harvester Co—
Detroit Steel Corp.
,---
Apr.
1 Mar.
Apr.
Preferred (quar.)_
Hart & Cooley Co. (irregular)
Apr. 20
Apr ' 1
1
Mar. 25 Mar. 15
Mar. 25 Mar. 15
Mar. 20
$134
Apr.
1
50c
50c
June
1 May
Sept.
10
1 Aug. 10
Common
25c
Dec.
1
75c
Sept.
1 Aug. 10
3-1-4C 2-10-40
Mar. 25 Mar. 15
—
'
Participating preferred (s.-a.)
Participating preferred (s.-a.)
Diesel-Wemmer-Gilbert Co
Distillers Corp .-Seagrams Ltd., 5%
Dixie-Vortex Co.. class A
75c
- —
25c
pref.(quar.)
(quar.)
Pepper Co. (increased quar.)-—;
Quarterly
Quarterly
—
:
Doernbecher Mfg. Co. (irregular)
Dome Mines, Ltd (quar.)
Dominion Coal Co., 6% preferred (quar.)- —Dominion Foundry & Steel (initial)—
—Dominion Glass Co. (quar.)
Preferred (quar.).-..
——
Dominion Textile Co. (quar.)
—.Preferred (quar.)___
Dover & Iiockaway RR. Co. (semi-annual)
Draper Corp. (quar.)
Duke Power Co. (quar.)--Preferred (quar.)__
;
Dunean Mills 7% pref. (quar.)
Duplan Silk Corp., preferred (guar.)—
du Pont (E. I.) De Nemours, debenture (quar.)
Dr.
t$l)4
62 34c
30c
30c
Hazel-Atlas
Apr. 20 Mar. 31
37c
®1 u
Extra
Eastern Steel Products
Ecuadorian Corp
20c
—-
20c
10c
25c
-
3c
$134
—
Electric Auto-Lite
.
of
one
Apr.
Apr.
A nr.
9
Apr.
56 34 c
July
1 June
Get.
Jan.
$334
$3 34
5634c
75c
Sept. 23 Sept.13
1 Mar. 21
Apr.
1 Mar. 23
Apr.
1 Mar. 23
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1
Mar. 10
preferred class A
35c
Apr.
8734c
15c
834c
6234c
•
25c
1234c
31 Mar. 15
Mar 31 Mar. 21
Mar. 31 Mar. 21
9
Mar. 25 Mar.
1 Mar. 15
Apr.
Apr.
1 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 15
25c
Mar. 18 Feb.
preferred (quar.)
Ford Motors (Canada) class A & B (quar.)-Formica Insulation Co. (quar.)____.
Fort Wayne & Jackson RR., pref. (semi-annual)
20c
$234
25c
(Peter) Brewing Co. (quar.)
£rpr*
Mar.
25c
Food Machinery Corp
Extra...
Convertible preferred (quar.)
1 Mar. 21
6
Mar. 20 Mar.
1
1 Mar.
;
-
-
25c
15c
25
Apr.
1 Mar. 15
Sept.
Apr.
Apr.
Apr.
1 Aug. 19
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 14
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 14
Mar.
Mar. 10
Apr.
Apr.
3
Mar. 15
4354c
Mar.
Mar. 16
t50c
Mar. 17
$1)4
$154
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 24
Mar.
Mar.
Apr.
Mar. 24
25c
60c
$154
50c
$1)4
15c
20c
1354c
$154
<$50
3%
25c
$154
30c
$154
$1
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 22
Mar. 22
Apr.
Quarterly
Mar. 15
Mar. 20
Apr,- 6
MTar. 31
1
Apr.
Mar. 17
Mar.
1
Am\
Mar.
1
Mar.
Mar. 20
Mar.
Mar. 20
$1)4
Mar. 29
$1)4
15c
$154
31)4c
50c
$1)4
5c
25c
$134
37)4c
$1)4
20c
62Jiic
$1)4
$154
$1)4
$154
20c
3734c
$1)4
3734c
$154
Apr.
Apr.
Mar. 11
Mar. 10
Mar. 13
Mar. 11
Mar.
Mar. 21
Mar.
Mar. 21
Apr.
Apr.
Apr.
Apr.
Mar. 21
Mar. 16
Mar. 16
Mar.
Mar. 11
Mar.
Mar. 17
Apr.
Apr.
Mar. 17
Mar.
Mar. 20
Apr.
Apr.
Interlake Steamship Co..
;
International Business Machines Corp..
Stock dividend-
Mar. 21
Mar. 20
Mar.
Mar. 11
Apr.
Apr.
Apr.
Mar. 31
Mar. 20
Mar. 31
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar. 10
Apr.
Mar.
Mar. 10
Apr.
Apr.
Mar. 10
Mar. 10
5c
Mar.
Mar. 10
$2
Mar.
Mar. 20
22)4e
Mar.
Mar.
Mar.
Mar.
3
Mar.
Mar.
3
Apr.
Mar.
9
$154
$1)4
$154
$1)4
$3 54
$354
$354
$154
Apr.
Mar.
9
Apr.
Mar.
9
Apr.
Apr.
Apr.
Mar.
6
Apr.
Apr.
30
1 Mar. 15
1
10 Apr.
Apr.
Apr.
1 Mar. 5
15 Mar. 20
Mar. 20 Feb.
t50c
...
Investment Co. of America (quar.)
;
investment Corp. (R. I.) $6 pref. (quar.)
-
Mar. 11*
Mar. 31
,
Oct.
3 June 30
2 Sept. 30
1-2-40 Dec.
Mar. 31 Mar.
1 Apr.
28
1
1
$1)4
$1)4
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
Apr.
Mar. 20
25c
—
Investors Royalty Co. (quar.)
Preferred (quar.)
Mfg. Co. (quar.)
Quarterly.
Quarterly
;
Irving Air Chute Co., Inc
Irving Trust Co. (quar.)
Jar vis (W. B.) Co
Jersey Central Power & Light 7% pref. (quar.)__
6% preferred (quar.)
5)4 % preferred (quar.)
Jewel Tea Co., Inc.
(quar.)
Johns-Manville Corp. 7% cum. pref. (quar.) —
Joliet & Chicago RR. 7% gtd. (quar.)
Kalamazoo Vegetaole Parchment Co (quar ) —
Kansas Electric Power 7% pref. (quar.)T
6% junior preferred (quar.)
-
July
3
May
37)4c
37)4c
$2
International Salt Co. (quar.)
International Shoe
(quar.)
International Silver Co., preferred
Iron Fireman
2
Mar.
J$154
International Ocean Teleg. Co. (quar.)
International Power Co. 7% preferred
'
Mar. 20
40c
,
Quarterly.
'
1
Mar.
10c
Indianapolis Power & Light 614 % pref. (quar,)_
Indianapolis Water Co., 5% pref. A (quar.)
Imperial Life Assurance (Can.) (quar.)
Quarterly
Mar. 31 Mar.
15c
Mar, 15
Mar. 15
162 34c Apr.
35c
Apr.
25c
_
International Harvester Co. (quar.)--
25c
Apr.
Mar. 31
$1)4
5%
-
International Mining Corp
International Nickel Co. (Canada)
Preferred (quar.)
3734c
A. & B—
(quar.)
7% preferred (quar.)
6% preferred (quar.)
Mar. 31 Mar. 24
9
Mar. 10
10c
Apr.
May 31 May 16
1 Mar. 18
Apr.
2 Apr. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 13
Apr.
Mar. 20
Apr.
Apr.
3%
$1)4
,
(semi-ann.).l
General Service Co., 6% pref---.
I$1
25c
Apr. 25 Apr. 15
$1.1834 Apr. 25 Apr. 22
Finance Co. of America (Bait.), com
—_
20c
25 c
First National Stores, Inc
Fiorsheim Shoe Co. class A (quar.)
Class B (quar.)
Mar. 17
1
3
Apr.
Indiana & Michigan Electric Co.—
Mar. 23 Mar. 13
50c
Preferred (quar.)
Indiana
2 Sept. 21
2 Dec. 21
5634c
Corn
Mar. 15
Apr.
20c
Preferred
22
56 34c
$134
pref. (quar.)
Interim.-
1 Mar, 21
15c
Fifth Avenue Coach (quar.)
Filene's (Wm.) Sons Co. (quar.)
May
Apr.
5634c
$154
$1)4
62)4c
162c
15c
--_
— --
-
15 Mar. 31
30c
$134
$134
$134
$134
.—
(monthly)-
—_
9
1 Mar. 20
1 Mar. 20
50c
3c
Feltman & Curme Shoe Stores
Fox
Mar. 30 Mar.
1734c
Fanny Farmer Candy Shops
Faultless Rubber Co. (quar.)
Fedders Mfg
Federal Insurance Co. (J. C., N. J.) (quar.)
conv.
Mar. 20
Mar. 31 Mar. 16
Fansteel Metallurgical Corp., $5 pref
4)4%
1
Mar. 30 Mar.
$134
Preferred (semi-ann.)
7%
4
sh. for each three shs. held.
Falcon bridge Nickel Mines (quar.)
Falstaff Brewing Corp. (quar.)
Federal Mogul
1 Mar.
Apr.
$134
—
v.
Apr.
Mar. 20 Mar. 10
1 Mar. 17
Apr.
$1
-
Stosk di
Mar. 25 Mar. 13
Mar. 25 Mar. 15
50c
(quar.)
Trenton RR. (semi-annual)
Preferred (semi-annual)
El Paso Electric. ( Texas), $6 preferred (quar.) —
E1 Paso Natural Gas (quar.)
Emporium Capwell Corp.
434% preferred A (quar.)
4)4 % preferred A (quar.),
4)4% preferred A (quar.)
7% preferred (semi-ann.)
7% preferred (semi-ann.)
—
4 34% preferred A (quar.)
Endicott Johnson Corp.
5% preferred (auar.)
Engineers Public Service Co. $5 pref. (qu.)
$5)4 preferred (quar.)-$6 preferred (quar.)
Ex-Cell-O Corp_.__.
Fafnir Bearing (irregular)
Mar. 10
Apr.
40C
Co.
(quar.)
_
Hoskins Mfg. Co (irregular)
Houdaille-Hersbey. class A (quar.)-——;
Household Finance (quar.)^
Preferred (quar.)
—
Howes Bros., preferred A (quar.)
—»—
Preferred B (quar.)
2nd preferred (quar.)
Hubbel (Harvev), Inc. (quar.)
Humble Oil & Refining Co
Hyde Park Brewery Assoc. (.irregular)
Hygrade Sylvania Corp
i
Preferred (quar.)
—
Idaho Maryland Mines Corp. (monthly)-Illinois Bell Telephone (quar.).
Imperial Tobacco of Canada (final)
—
Mar. 25 Mar. 13
Mar. 25 Mar. 16
50c
Preferred
Elizabeth &
Mar.
—l
Home Gas & Electric preferred (quar.)
4
5oc
-
Electric Controller & Mfg. Co. (reduced)
Electric Storage Battery Co., com. (quar.)
Mar. 15
Mar.
(quar.)------,—
Hinde & Dauch Paper
Preferred (quar.)
4
50c
—
Mar. 15
10c
Hibbard Spencer Bartlett (monthly)
Hickok Oil Corp., 7% prior preferred (quar.)—
5% preferred (quar.)
—_ —
Holland Furnace Co. (Del.).:
$5 conv. preferred (quar.)
Hollinger Consol. Gold Mines (monthly)
Eaton & Howard, Inc.:
,
Mar. 15
4354c
Horn & Hardart Baking
Mar.
Mar. 20
Mar. 15
Apr.
Apr,
(quar.)
Mar. 15
Mar:
Mar.
Apr.
Apr.
Apr.
,
Mar. 24
Apr.
Mar. 10
Mar. 15
Mar.
Motor Parts Corp. (quar.)..
Hercules Powder
„
15c
lc
—
Homestake Mining Co.
Hoover Ball & Bearing.
Apr.
—
'
Hein-Werner
1
Apr.
Apr.
-—
Egry Register Co., 534% pref. (quar.)
—
.—-—
Helme (Geo. W.) Co. common
Preferred (quar.)
Mar. 31 Mar. 20
iune 30 iune 20
—
Management Fund A-l
Management Fund B
Management Fund F
Economy Grocery Stores (quar.)
:
Glass Co
Heller (Walter E.) & Co.
Preferred (quar.)
Mar. 15
Apr.
1 Mar ."20
Apr. 25 Apr. 10
Apr. 25 Apr. 10
Apr. 15 Mar. 15
Apr.
1 Mar. 15
....
pref. (quar.)_Eastman Kodak Co. (quar.)
-—-—
Preferred (quar.).
1 Mar. 15
1 Mar, 20
10
Mar.
preferred (quar.)HecLley Mascot Gold Mines (quar.)_-
1
1 Mar. 15
Apr.
1 Mar. 15
Apr. 15 Mar. 31
Apr.
1 Mar. 31
Apr.
1 Mar. 4
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
pref. (quar.)
Eagle Picher Lead, preferred (quar.)
preferred
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 14
Apr.
Heath (D. C.) & Co. 7%
125c
$134
$134
$134
Mar. 10*
Stock dividend of 100%.
Dec.
1
10
10
10
25c
(reduced)
30c
15c
:
Duquesne Light Co., 5% cum.
Preferred (quar.)...
Eastern Steamship Lines
Sept.
1 Apr.
1 Mar.
1 May
1 Aug.
1 Nov. 18
6
Mar. 20 Mar.
(quar.)--
Early & Daniei Co., pref. (quar j
June
-----
—
Nov. 10
t50c
-
Preferred
May
Apr.
--
Harsh aw Chemical
Mar. 20
Apr.
Apr.
Apr.
July
40c
--
18
18
Mar. 15
Mar. 18
25c
,$1)4
10
15,
Common
Devoe & Raynolds preferred (quar.)-Diamond Match Co., common
$1)4
—
—
20
.
Mar. 15
1
1
1
1
1
1
(quar.)—-
(quaar.)
Gold & Stock Tel eg. Co.
Mar. 30 Mar. 21
Apr.
4 Mar. 15
Apr.
May
Apr.
Apr.
May
Apr
10c
75c
Preferred (quar.)
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 15
u
Mar. 13
$1)4
(quar.)_
Goldbiatt Bros., preferred (quar.)
Goodyear Tire & Rubber (Can.) (quar.)
Preferred (quar.)
Grant (W. T.) Co. (quar.)
.
Preferred (quar.)
—
Great Western Sugar Co--—
7% nreferred (quar.)
Green (D.) Co. (irregular)
—
Preferred (quar.)
:——
Greening <BJ Wire Co. (quar.)
Greyhound Corp. (quar.)
—
5)4 % preferred (quar.)
—
Griggs, Cooner & Co 7 % pref. (quar.)
Group No. I Oil
—
Guaranty Trust Co. (N. Y.) (quar.)Gulf Oil Corp.
:
——
Hackensack Water pref. A (quar.)
Hamilton Cotton Co., Ltd., $2 conv. pref
Hanes (P
H.) Knitting, 7% preferred (quar.) —
Hanover Fire Insurance (N. Y.) (quar.)
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburgh Gas 7% preferred vquar.)
15c
10c
—
$3conv.pref. (quar.)
GliddenCo. 4)4% cone. pref. (auar.)
Globe & Wernicke Co., pref. (quar.)_
I Mar. 22
Apr.
Apr.
Apr.
Apr.
75c
Glens Falls, Inc. (quar.)
5
Mar. 14
$1)4
preferred (quar.)
Gillette Safety Razor
Mar. 25 Mar. 18
Mar. 25 Mar. 18
Apr.
Mar. 18
$1)4
Gillette Rubber Co.
5
Sept. 15 Sept.
15c
8
Mar. 17
$1)4
;
pref. (quar.) ——(quar.) — — -
$3 preferred (quar.)
Georgia Power Co., $6 preferred
$5 preferred (quar.).
Mar. 10
10c
)
General Water Gas & Electric (quar.) —;
Mar. 21
50c
.
General Telephone Corp.,
General Tire & Rubber,
June 30 June 20
Mar.
$134
;—-
General Time Instruments pref.
Apr.
1 Mar. 13
5
Apr. 15 Apr.,
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
Aug.
Apr.
May
Apr.
$1)4
$1)4
8734c
$1)4
$1)4
—
-
$6 cum. preferred (quar.)
General Railway Signal Co.,
15
25c
General Printing Ink Corp
Mar. 31 Mar. 10
Mar. 24 Mar. 14
Apr.
1 Mar. 10*
Mar
Mar. 15
Mar.
1
25c
(quar.)_
Mar. 25 Feb. 21
Apr.
,1 Mar. 20
Mar. 17
Mar. 23
Mar. 15
5c
—
Mar. 15
Apr.
Apr.
Apr
Apr.
Apr.
Apr.
Mar. 20
$2
6% cum. pref. (quar.)
General Motors Corp, preferred (quar
Holders
Payable of Record
Apr.
Apr.
15c
General Mills, Inc
Common
1939
Apr.
lc
—-
15 Mar. 31
May
1 Apr. 17
50c
(quar.)
Class A (extra)
50c
$1>4
$1)4
$1)4
(quar.)
Preferred
5
Apr. 20 Apr.
5
Apr. 20 Apr.
Apr.
1 Feb. 28
3134c
$154
General Baking Co
Mar"l7~
31
—
General Finance Corp.
General Foods Corp., preferred
Apr.
25c
—-
General Electric Co.
1 Mar. 15
1 Mar. 15
1 Mar. 15
1
Apr.
Apr.
Apr.
Apr.
25c
David & Frere, Ltd., class A
Common
Mar. 10
Mar. 31 Mar. 15
1 Mar. 20*
1 Mar. 10*
Curtis Publishing
Preferred
Fuller (Geo. A.),
Mar. 10
Apr.
%l%
$1)4
$1H
15c
$1
4% pref. (quar.)
Fuller Brush Co. 7% pref. (quar.)
Gailand Mercantile Laundry Co. (quar.)
Gatineau Power Co., preferred (quar.)
Gannett Co. Inc., $6 conv. pref
General American Investors Co., Inc., pref--—
General Box Co. (quar.)
General Candy Corp., class A—
—
$134
25c
10c
preferred (initial)
Fundamental Investors.
Mar. 15
1 Mar. 17
— —
Co., $7 preferred
Daniels & Fisher Stores Co. (quar.)_
Quarterly
Davega Stores Corp--.
Fruit of the Loom, Inc.,
15
Share
Company
Mar. 10
20c
—
^quar.)
Davenport Hosiery Mills
Ipr.
1
1
1
1
1
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$2
$2
Preferred B (quar.)
Name of
Payable of Record
18,
When
Per
Holders
When
Per
Name of
Mar.
Chronicle
Financial
1590
$1)4
134c
Mar. 15
Mar. 15*
Mar. 15
Mar. 17*
Mar. 15
Mar. 22 Mar. 10
50c
Mar. 22
30c
June
30c
Sept.
30c
Dec.
25c
ADr.
15c
Apr.
50c
Apr.
Apr.
Apr.
$154
$134
$i54
Apr.
Mar. 10
1 May 10
1 Aug. 10
1 Nov. 10
1 Mar. 15
7
1 Mar.
15 Mar. 31
1 Mar. 10
1 Mar. 10
1 Mar. 10
Mar. 20 Feb. 16
Apr.
1 Mar. 17
$154
$154
Apr.
15c
Mar
3 Mar. 17
31 Mar 21
$154
$134
Apr.
Apr.
1 Mar. 15
1 Mar. 15
Financial
Volume 148
Per
Name of Company
Share
Kansas City Power 8c Light, pref. B (quar.)
Kansas Gas & Electric 7% preferred (quar.)_
—
$6 preferred (quar.)
Katz Drug Co., preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)__
Kaynee Co. 7 % urelerred (quar.)
Keith-Albee-Orpheum Corp., 7% pref
Kennecott Copper
Kemper-Thomas, 7% special pref. (quar.).
7 % special preferred (quar.
7% special preferred (quar.,
Kerlyn Oil Co., class A (quar.)
Kern Countv Land new (initial)
——
...
Keystone Public Service, prefeerred (quar.)....
Keystone Steel & Wire
——r—
ID mberl y-Clark Corp.....
..............
Preferred (quar.)...
;
Kings County Lighting Co., 6% cum. pf. (qu.)
7% cum, preferred B (quar.)....
5% cum. preferred D (quar.)—
.....
Klein (D. Emil) Co
Kleinert (I. B.) Rubber.J..
Knapp-Monarch Co., preferred (quar.)...—
Koppers Co. 6% preferred...
:
Kresge (S. 8.) Co. (quar.)
...
Kroger Grocery 8c Baking, 6% pref. (quar.)—
7% preferred (quar.)
—....
Lackawanna RR. of N. ,T. (quar.)
;..w.
Lamaque Gold Mines (quar.)
__
.
-
-
-
_
...
Extra...
Lambert Co
...
(quar.)
juarterly
Dec.
8*4c
Apr.
15c
70c
20c
25c
$1H
$14
$i*4
$14
25c
10c
Jc
62||I
r5c
30c
$14
$14
$1
JlOc
2c
20c
10c
>.....
......
....................
Lindsay Light & Chemical pref. (quar.)—......
Link Belt Co., preferred (quar.).
—— —
Little Miami RR., original capital (quar.)..—
Original capital (quar.)
—
Original capital (quar.)
—...—
Special guaranteed (quar.)
,
Special guaranteed (quar.)
Special guaranteed (quar.)..
Liquid Carbonic Corp—
*
.....—
Lock Joint Pipe Co. (monthly)
—
Monthly..
i....-..-.—.........
Monthly..............i.—.....
.....
Monthly.
Locke Steel Chain (quar.)
—....
Lockhart Power Co,, 7% preferred (s.-a.)
Loew's Inc. (quar.)
Loew's (Marcus) Theatres, Ltd., 7% preferred..
Loose-Wiles Biscuit Co.,5% preferred (quar,)..
Lone Star Gas Corp
...
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)—..
Extra....
...........
5% refunding partic. preferred (quar.)—
........
......
.....
-
Ext|*a.
.
;
Lone Star Cement...
Lord 8c Taylor (quar.)
Lorillard (P.) Co. (quar.)
Preferred (quar.)—
174c
$1*4
$1.10
$1.10
$1.10
50c
50c
50c
20c
66c
67c
67c
66c
30c
$34
50c
t$21
$1H
20c
—-—-
—....
(quar.)
—.....—.—
Preferred (quar.)
—;—.
—
McColl-Frontenac Oil preferred (auar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quar.)..—.—
—....
7% preferred (quar.)--.
—
—
McK.ee (A. G.) A Co., class B (quar.)—.....
Extra.
1
■—'—
-t
-
.
-
.
Mangin (I.) & Co., pref. (quar.)—i,..—
Preferred (quar.)..
———
—......
Preferred
(quar.)
.....—
Manischewitz (B.) Co., preferred (quar.)—...
Mandel Bros.. Inc
,—.—
Manufacturers Trust Co. (quar.)
—a
10c
(quar.)....
——
(-
...
(quar.)...—.—......
....—-—
...—...
:—
....
W
Mar. 20 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
75c
75c
$1*4
$6 preferred fquar.)
—
Merchants & Miners Transportation
Mesta Machine Co
Metal 8c Thermit, 7% preferred (quar.)—....
$14
Metropolitan Edison Co. $7 pref. (quar.)
$0 preferred (quar.)
....
S5 preferred (quar.)
:
$7 prior preferred (quar.).
—
$6 prior preferred (quar.).—....
So prior preferred (quar.)—
$1*4
$14
$14
$14
$14
——
—
Meyer-Blanke, preferred (quar.)-Michigan Assoc. Telep. 6% prer. (quar.)—.—.
Middle States Petroleum Corp., class A
;
—...
....
...
(quar.)....—.....
Mississippi River Power 6% nref. (auar.)
Mississippi Valley Public Service—
(quar.V.—
Mississippi Valley tJtil
Utilities (liquidating)—----Mitchell (J. S.) & Co., 7% pref. (quar.)
(quar.)
———
—
Monsanto Chemical Co., $4H class A pref.(s-a)
Montgomery Ward & Co
—
Class A (quar.)—
——:
$14
$1*4
$14
Apr.
Apr.
Apr,
Apr.
1
4
3
3
1 Mar. 15
1 Mar. 15
1 Mar. 11
1 Mar. 11
Mar. 31 Mar. 20*
Apr.
1 Mar. 10
Mar, 31 Mar. 20
50c
50c
$2
75c
30c
$1*4
$1*4
25c
87 He
(quar,)——
Pacific Tin Corp. (special stock) —
Page-Hersey Tubes Ltd—, (quar.)
—----Paraffine Cos., preferred (quar.)—
Common (quar.)
,
Paramount Pictures, Inc., 1st pref. (quar.)...—
—
preferred (quar.)
.
Mar. 10
Phoenix Insurance
Mar. 18
(Hartford) (quar.)
$24
June
May 10
Pickle Crow Gold Mines, Ltd—
Pictorial Paper 8c Package Corp. (irreg.)—i——
25c
Apr.
Apr.
Mar. 20
Pilot Full Fashion Mills,
$14
Mar. 20
Mar.
1
1
15
10
10
15
15
15
15
10
15
24
24
Mar. 31
Mar. 18
$14
$14
Mar(
25c
$1
$1
50c
15c
75c
Pat he Film Corp., stock dividend
...
One sh. of rathe Laboratories, Inc. lor each
Mar. 11
Mar. 25
Mar. 15
Mar.
Mar.
Apr.
1 Mar.
Mar.
Mar.
Mar.
Mar.
1 Mar.
31 Mar.
31 Mar.
1 Mar.
20 Feb.
20 Feb.
1
1
1
1
May
40c
Parke Davis & Co
Apr.
28
28
Apr.
10c
Preferred
Mar.
28
28
Apr. 20 Mar. 31*
Apr. 20 Mar. 31*
Apr.
1 Mar. 3
Apr.
1 Mar. 3
Apr.
1 Mar. 3
Apr.
1 Mar. 25
Apr.
1 Mar. 15
62c
(quar.)—..;
Feb. 28
28
Apr.
1 Mar.'15
1 Mar, 15
1 Mar. 15
1 Mar. 15
32 He
15c
Mar. 16
Mar. 15
Apr.
28
Apr.
Apr.
Apr.
Apr.
1
1.
1
20
28
10
10
10
20
3
20
18
Mar.
40c
...
Mar.
Apr.
1 Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
10
10c
20c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
22'Mar.
May 15 May
Aug. 15 Aug.
Nov. 15 Nov,
Mar. 31 Mar.
Mar. 18 Feb.
l!Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Mar, 30 Mar.
June 15 June
1 Mar,
Apr.
1 Mar.
Apr.
Apr.
$14
2d preferred (quar.)—
Park & Tilford, convertible
Mar.
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
164 c
Pacific Lighting Corp., $0 pref.
Pacific Public Service
Preferred (quar.)
i-.
Pacific Telep. & Teleg. Co
Apr, 15 Mar. 24
1 Mar. 17
Apr.
Mar. 31|Mar. 15
Mar.
>25c
t$l 4
30c
100 fcbs. of Pathe Film Corp., com. stk. held
$7conv.pref. (quar.)....—..........—-.
Penney (J. O.) Co. (quar.)
Pennsylvania Edison, $5 prei. (quar,)....——.
$2.80 preferred (auar.)
.....
Pennsylvania Glass Sand Corp. pref. (quar.)-.,
Pennsylvania Power & Light $7 pref. (quar.)-.—
$6 preferred (quar.).
$5 preferred (quai .).
Pennsylvania Telep. Corp., 6% pref. (quar.)..
$24 preferred (initial) —
Pennsylvania Water 8c Power (quar.).......—
Preferred (quar.).
—
—
Peoples Drug Co
Peoples Gas Light 8c Coke Co
—
Perfection Stove (quar.)
Perron Gold Mines (quar.)
Pet Milk Co. common—
—.—
Pteiffer Brewing Co
.....
...——
Pharis Tire & Rubber-—.
-~~r
Philadelphia Co , $6 cum. pref. (quar.).
$5 cum. preference (quar.)
Philadelphia Electric Power pref. (quar.)
Philadelphia Dairy Products 1st pref. (quar.)—
Phillips Packing Co., preferred (quar.)
$14
—
Modk Judson Voehringer, preferred
Modine Mfg. Co
...
Monroe Chemical, preferred (quar.)
$1*4
8
$14
Class B
Midland Steel Products
25c
50c
,
Mar. 18
Apr.
25c
15c
ljMar. 28
10
llFeb.
$14
„
Special...--..-.--—-----
10 Mar. 22
1 Mar. 17
Mar. 24 Mar. 17
Apr.
1 Mar. 20
40c
374c
$14
1
$1iS
Mar. M)
ljFeb. 28
10c
Light, Heat & Power (quar.)-—.......
Extra
Apr,
Apr.
—
......
Preferred A (quar.)—
Preferred O (quar.)Pacific Indemnity Co. (quar.)
Mar. 20
25c
Memphis Power & Light, $7 pref. (quar.)
Preferred
1
...
Mead Johnson 8c Co. (quar.)
1st preferred
Midvale Co
Apr.
.......—...
45c
$14
$14,
$14
$1.65
$1*4
$1.80
Pacific Finance Corp. (Calif.)
5 % preferred (quar.).—. ...
4
Apr, 15 Apr.
Apr.
1 Mar.
Electric Co
$2 preferred..
Nov. 15 Nov.
50c
5t)c
Marion-Reserve Power Co. $5 pref.
Marsh (M.) & Sons. Inc. (quar.)..
Extra..
$14,
Corp., pref, (quar.)......
5% preferred (quar.)——
May 31 May 30
Aug. 31 Aug. 30
Nov. 30 Nov. 29
$14
$14
$14
75c
35c
$2
87 He
40c
——
Otis Elevator Co.....——.......—-.—-Preferred (quar.)...
——
Apr.
1 Mar. 20
Apr.
1 Mar. 20
5
May 15 May
Aug. 15 Aug.
5
75c
30c
Ottawa
25c
50c
40c
Dec. 23
43*4c
$1H
$2 4
Mar. 31
1......——
Margay Oil Corp. (quar.)
Marine Midland Corp.
Marine Midland Trust (quar.)
(quar.).
(quar.).
1-2-40
Oct.
25c
$1H
6% preferred (quar.)..
...
——
Ohio Public Service Co., 7% pref. (monthly),— 58 l-3c
50c
6% preferred (monthly)-.
412-3c
5% preferred (monthly).———
——
70c
Ohio Water Service Co., class A—
Omar. inc,. preferred (quar.)—.....
—
Omnibus
1
Mar. 10
Aor.
1 Feb. 28
Mar. 25 Mar; 15
Apr.
$14
50c
50c
-
Apr.
314c
15c
Apr, 15
50c
Preferred (quar.)..
-a—...—
Manes Consol. Mfg. (quar.)
Mathieson Alkali Works
Preferred (quar.)
$1*4
$14
434c
434c
,
1 Mar. 22
1 June 21
I Sept. 22
13
15
15
16
Mar. 15
Mar. 15
Mar.
Apr.
_
Mar. 20 Mar. 10
Apr.
1 Mar. 15
—
Master
tig
Apr.
July
Mar.
Mar.
Mar.
Mar.
Mar.
1
1
1
1
Mar. 31 Mar. 15
$14
6% preferred (quar.)
0?4 '
54% pref. (two, mo period, 47.91667c..
Northern Empire Mines
Northwestern Yeast Co. (liquidating) ........
Norwalk Tire & Rubber pref. (quar.)
Nova Scotia Light & Power ord. (quar.) —;—
Ohio Edison Co.. $5 preferred (quar.)
....
$6 preferred (quar.)
——
$6-60 preferred (quar.)....
...
—..
$7 preferred (quar.)
...............—.
$7.20 preferred (quar.)...-.
....——
Feb. 28
m
Preferred (quar.)
Preferred
$1
Norfolk & Western Railway, (quar,).
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Mar. 31
...
-
North American Co. (quar.).
1 Mar. 15
1 Mar. 15
\u
(quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$1H
$14
Noblitt-Sparks Industries.
1 Nov. 20
——
preferred (quar.)...—.........
__
15c
Niagara Alkali Co. 7% pref. (quar.).
Niagara Fails Semiring & Refining Corp———
Niagara Shares Corp. (Md.) cl. A preferred (qu.)
1900 Corp., class A (quar.)..
Mar. 31 Mar. 10
1 Mar. 17
Apr.
Mar. 31
Mar. 10
Mar.
Mar, 17
Mar. 31 Mar. 17
$14
New York Transit Co.
Class A
Class A
Mar, 20
Mar, 15
Mar. 15
& Teleg. Co
29 Apr. 19
May 31 May 31
June 30 June 20
1 Mar. 15
Apr,
Mar. 25 Mar, 25
Mar. 31 Mar. 14
Mar. 31 Mar. 8
1 Mar. 18
Apr.
Apr. 20 Mar. 18
5% cum. preferred (quar.)
&—._—...
Lunkenheimer Co., preferred (quar.)..
Mar,
May
Mar. 31 Mar. 21
Apr.
Apr.
Apr.
.....
15
Apr. 14*
Mar. 15
Mar. 17
Apr. 21
May
Apr.
Apr,
Ohio Finance Co
...
Apr.
Apr,
$6 preferred (quar.).
1 May 20
1 May 20
1 Aug, 21
Mar.
Apr.
.
New York & Honduras Rosario Mining.
Interim dividend.
New York Lackawanna & Western (quar.).
New York State Gas 8c Elec, pref. (quar.)..
Apr.
Mar. 10
Mar. 15
Mar. 11
Mar. 2
Mar. 2
Mar.
$2 preferred.
New England Telep.
24
16
Mar. 25
cum.
Candy Co.. 1st and 2nd pref. (auar.)..
Dairy Products (quar.).
New Idea, inc..
New Jersey Power & Light Co. $5 pref. (quar.)
24
24
374c
Class A & B common (quar.)-.
Louisville Gas & Electric Co. (Ky.)—
6% cum. preferred
.
Newark 8c Bloomfield RR. (quar.)...
New England Power Assoc. $2 preferred
New England Power Assoc.. 6% preferred.
Louisville Gas & Electric Col (Del.)—
7%
Apr.
Apr.
Apr.
Newberry (J. J.) Co. (quar.)...
New Amsterdam Casualty Co. (s.-a.).
1 Aug. 21
1 Nov. 20
$1*4
Mar. 10
Mar.
National Supply Co., 64% prior pref. (qu.)..
6% prior preferred (quar.).
N atom as Co. (quar.).
Nehi Corp
tst preferred (quar.)
9 Aug. 24
Dec.
30c
—
.......
Mar.
National Steel Car (quar.)
National Sugar Refining Co. (N. J.)
June 10 May 24
Sept. 9 Aug. 24
Sept.
Sept.
Dec.
$24
- _
Apr. 3
Mar. 20
Mar. 14
Preferred B (quar.).
National Oil Products (interim).
Nov,
1 Oct. 27
Mar. 20 Mar. 10
1 Mar, 15
Apr.
$14
25c
75c
Apr.
National-Standard Co
1 Apr. 26
1 July 27
June
Dec. 21
Mar. 15
Apr.
National
Preferred A 8c B (quar.)
National Food Products Corp., class A_
National Grocery Co. prior preferred (initial).
National Lead Co
15 May 31
Mar. 15 Mar. 8
1 Mar. 21
1 Mar 15
1 Mar. 10
Apr.
25c
Sept. 21
Dec.
Apr.
National
5
5
June
Sept.
Mar.
Preferred (quar.)
June
Apr.
Mar. 13
Mar. 16
June 15
5% preferred (quar.)—.......
Apr.
Apr
Dec.
Mar. 18
15
15
15
15
National Bond 8c Investment Co.
1 Mar. 14
7 Mar. 24
Mar. 24 Mar. 15
June 10 May
Sept. 9 Aug.
Dec
9 Nov.
1 Mar.
Mar.
Mar.
Mar.
June
Mar.
Mar.
National Breweries, Ltd. (quar.).
Apr.
Apr.
Aug.
Apr.
Mar.
Mar.
Mar.
Mar.
Nachman-Spring-Filled Corp
Nov. 15 Nov. 4
1 Mar. 15
Apr.
Mar. 31 Mar. 10
1 Mar. 15
Apr.
May
Mar. 10
May 15
Mar.
National Battery Co., preferred (quar.).
National Biscuit Co. (quar.)....
1 Mar. 17
$14
$14
....
...
30c
30c
30c
25c
.....
5% refunding partic. preferred (quar.)——
Extra
30c
12c
$14
..........
Quarterly
65c
$1*4
2
Mar. 10
June
Morristown Securities Corp. common.
Motor Finance Corp., pref. (quar.).
Muskegon Piston Ring
Mutual Chemical Co. of Amer,, 6% pref. (quar.)
6% preferred (quar.).
6% preferred (quar.).
6% preferred (quar.).
Myers (F. E.) 8c Bro
2
June 13 June
1 Mar. 18
Apr.
May 1 Apr. .20
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
May 15 May
Aug. 15 Aug.
Jau.
Mar.
Mar.
.
7% preferred (quar.).
Mar. 31 Mar. 15
1 Mar. 21
Apr.
1 Mar. 11
Apr.
Aor.
July
1
Sept. 30
Jan.
5% conv. cum. pref. series A (quar.)Morris Finance Co., common A (quar.).
Common B (quar.) —
1 Mar. 20
Apr.
1 Mar. 10
lMar, 10
Apr.
1
Apr.
Extra.
Mar. 20 Mar. 16
1 Mar. 15
Apr.
Apr. 15 Mar. 27
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
When I Holders
Payable,of Record
Apr.
Apr.
July
Sept.
—
10 Mar. 10
62^c
...
Quarterly
Quarterly
—■
Quarterly
Morris (Philip) 8c Co., Ltd. (quar.)
$1*4
Lehman Corp
..........
Leonard Refining (initial).............—...
Leslie Salt Co. (quar.)
...—
Mar. 15
6
Mar. 31 Mar.
Mar. 24 Mar. 17
Apr. 11 Mar. 15
3
Mar. 31 Mar.
1 May 22
preferred (quar.)....
...
Lehigh Portland Cement Co,. 4% pref.(quar.)..
Lexington Utilities, $6 H preferred
Liberty Loan Corp. A & B (quar.)
Life 8c Casualty insurance Co
(Tenn )
Liggett 8c Myers Tobacco, preferred (quar.)
Lincoln National Life Insurance (quar.)
Quarterly
............—
Moore Corp., Ltd.
(quar.).
Preferred A. 8c B. (quar.)
Moore (Wm. R.) Dry Goods (quar.).
Mar. 14
1 Aug. 22
1 Nov. 21
174c
........
Apr.
Share
Company
Mar. 14
Sept.
25c
...
Lava Cap Gold Mining
Leath & Co.;
Per
Name of
Mar. 14
June
25c
Lang (J. A.) & Sons (quar.)
1
1
1
1
Apr.
Apr.
Apr.
$1*4
25c
.....
Holders
When
Payable of Record
$ix
374c
...
Land is Machine Co.
25c
t5c
.......
:
$1H
$1*4
$1H
$1H
$14
$1*4
mx
1591
Chronicle
$14
75c
$14
70c
—
...
Mar,
Apr.
Apr.
Apr.
20
15
15
15
Mar, 15
Mar. 15
Mar, 15
Apr.
15
Mar. 20
15!Mar.
31
Mar. 28 Mar. 17
1 Mar. 15
Apr.
Apr. 15 Apr.
1
Mar. 27 Mar. 10
1 Mar; 15
Apr,
1 Mar. 15
Apr.
Mar. 20 Mar. 1
Mar. 31 Mar. 18
Mar, 29 Mar. 13
Apr.
A
Apr.
Mar. 20
Mar. 16
Apr.
Apr.
Mar. 10
Mar.
Mar. 1R
1^
Apr.
Mar.
Mar. 15
Mar. 15
50c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
37Hc
Mar.
$14
$14
$14
$14
$14
62 He
$1
m
4c
Mar,
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar.
Mar. 20
Mar.
2
Mar. 11
25c
Apr.
Apr.
15c
Mar.
Mar.
S1H
$14
Apr.
Mar.
Apr.
Apr.
Mar.
25c
50c
$l$3lti
50c
tlOc
7 He
Apr.
Apr.
Apr.
8
Mar. 25
Mar. 31
6
1
1
Mar. 10
Mar. 20
Mar. 15
Mar. 15
Mar.
Mar. 15
Mar.
Mar. 15
Inc.—
6H% cumul. preferred
(semi-ann.).
65c.
Apr.
1 Mar. 15
,
1592
Financial Chronicle
Per
Name of Company
When
Share
Pierce Governor Co. (interim)
Pioneer Gold Mines of B.C. (quar.)
Piper Aircraft Corp. (two 15c.au. divs.on 60c.pf.)
Pittsburgh Bessemer & Lake Erie (semi-ann.)
Pittsburgh Ft. Wayne & Chicago Ry. Co
Pitts. Ft. W. A Chicago Ry. 7% pref. (quar.)—
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Plate Glass
Plymouth Oil Co. (auar.)
Oct.
1-4-40
-
.
Public Service Co.
(Oklahoma) 7% prior lien--.
6% prior lien (quar.)
Public Service Corp. of N. J. (irregular)6% preferred (monthly).
Public Service Electric & Gas Co. $5 pref. (qu.)
7% preferred (quar.)
Publication Corp., common
Original preferred (quar.)
Pure Oil Co. 5% preferred
(quar.)
6H % preferred (quar.)
6% preferred (quar.)
M
60c
— —
50c
IlH
50c
SlH
1H%
-
Quaker Oats Co. (quar.)..
Preferred (quar.)
Radio Corp. of Amer. 1st pref.
(quar.)
B preferred (quar.)
Ray-O-Vac, 8% preferred (quar.)
m
M
87 He
...
11H
50c
25c
...
Reading Co. 2d pref. (quar.)
Reed Drug Co. (Dela.), common
50c
Class A (quar.)
8%c
8%c
12Hc
-
Reliance Electric & Engineering
Reliance Mfg., common
7% cumulative preferred (quar.)__.
Remington Hand, Inc. (final)
Preferred (quar.)
Reynolds Metals Co. 5)4% conv. pref
Rich's. Inc. 6H% pref. (quar.)
Riverside Silk Mills, class A (quar.)
Rochester Telephone. 6H% pref.
(quar.).
Roeser & Pendleton (auar.)
10c
$1H
20c
-
$1H
.
Itoos Bros.. Inc. (Delaware)
Ross Gear & Tool (quar.)
SI H
SI %
50c
Apr.
Apr.
Apr.
30c
50c
j.
_
SI H
S1H
SI
...
75c
S2H
10c
25c
...
50c
..
15c
Scranton Electric, $6 pref. (quar.)
Scranton Lace Co
S1H
25c
.....
Seaboard Commercial Corp.
(quar.)..
Preferred (quar.)
2uc
62 He
SI H
Selected Industries, $5)4 preferred
(auar.)
Servel, Inc., preferred (quar.)
Preferred (quar.'
SlH
SlH
SlH
SlH
Preferred (quar.
Preferred (quar..
Shattuck (Frank G.) Co.
(quar.)
Sheep Creek Gold Mines, Ltd (quar.)
10c
3c
I.....
lc
Shell Union Oil Corp.,
5)4% conv. pref. (quar.)
Sheller Mfg
;
$1H
(He
ttSlH
,
(Can.), pref
1
20c
Simon (H.) & Sons, Ltd.
(interim)
15c
...
7% cum. preferred (quar.)
Sloss-Sheffield Steel & Iron Co. (quar.).
Preferred (quar.)
Smith (L. C.) & Corona
Typewriters.„
Preferred (quar.)
Smith (Howard) Paper Mill
.preferred (qu.)___
Smyth Mfg Co. (quar.)......
Sonotone Corp., preferred
(quar.)
SlH
50c
...
S1H
25c
SlH
(quar.)
May 31 May
Apr.
1 Mar.
Preferred (semi-ann.)
Union Premier Food Stores (quar.)..
Union Twist Drill Co. pref. (quar.)
United Biscuit of America, preferred (quar.)..,.
Mar. 31
(quar.)
C.)-_-
20
10
Mar. 20
Mar. 10
Mar. 15*
Mar. 16
Mar. 20
Mar. 20
Mar. 20
Apr. 15
May 15 Apr. 29
Apr. 15 Mar. 20
50c
Mar. 28 Mar. 23
Preferred and participating stock
(partic. di v.)
Southern Railway
31c
Southwestern Gas & Electric Co. pref. (quar.)..
Square D Co
Mar. 31 Mar. 11*
1 Mar. 15
Apr.
SlH
......
Mobile, & Ohio (semi-annual)
........
Staley (A.E.)Mfg.Co. $5cum.pref. (quar.)...
(quar.)
Standard Brands, Inc.
Preferred (quar.)
Standard Oil Co.
(Ohio), 5% cumul. pref. (qu.)
Starrett (L. S.) Co...
Preferred (quar.)
15c
SlH
1
Mar. 15
Mar. 31 Mar. 20
Mar. 20 Mar. 10
12HC
SlH
SlH
Apr.
June
Apr.
-1
1 Feb.
17
15 June
1
15 Mar. 31
25c
Mar. 30 Mar. 17
Mar. 30 Mar. 17
15c
40c
Apr.
143 He
Preferred (quar.)
Stein (A.) & Co., preferred
Apr.
Apr.
75c
6% convertible preferred (quar.)
Steel Co. of Canada
(quar.)
May
May
Apr.
j43Hc
(quar.)
Sterchi Bros., Inc., 1st pref. (quar.)
Sun Life Assurance Co.
(Can.) (quar.)
Sunray Oil Corp
SlH
75c
S3H
Preferred (quar.)
Sunset Oils, Ltd
Sunshine Mining Co. (quar.)
Swift & Co. (quar.)
68 He
2Hc
40c
1
Mar. 20
1 Mar. 20
1 Mar. 20
1 Apr.
6
1 Apr.
6
1 Mar. 15
Mar. 31 Mar. 20
1 Mar. 16
Apr.
Apr. 27 Mar.
9
Apr.
1 Mar.
9
Mar. 20 Mar. 15
Mar. 30 Mar. 15
30c
5c
Mar.
5c
Mar.
Apr.
50c
Class A (quar.)...
Preferred (quar.)
Taleott, Inc., common (quar.)
5)4 % participating preference (quar.)
Correction: previously reported
-
as
Mar.
50c
Sylvanite Gold Mines (quar.)
Extra
Tacony-Palmyra-Bridge (quar.)
Apr.
SlH
....
Stedman Bros., Ltd. (quar.)
Extra
Tamblyn (G.) (quar.)
5% preferred (quar.)
Teck Hughes Gold Mines (quar.)
$2
Mar.
Mar.
1
31 Feb. 15
31 Feb. 15
31 Mar. 15
31 Mar. 15
SlH
May
1 Mar. 17
15c
Apr.
Apr.
1 Mar. 15
1 Mar. 15
68Hc
1
67 He.
■
20c
10c
Apr.
Apr.
Apr.
1 Mar. 16
1 Mar. 16
1 Mar. 10
2H%
;
25c
SlH
*
SlH
SlH
SlH
25c
Mar, 15
Mar. 20
Mar. 20
Mar.
Mar. 10
Mar. 20
Mar.
Mar. 20
Mar. 16
I, Mar. 15
1 Mar. 15
1 Mar. 14
1 Mar. 17
15 June
1
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 20
Mar. 31 Mar. 10*
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
May
1 Apr.
Apr. 15 Mar.
July 15 June
Oct.
Apr.
Apr.
10
6
6
15
21
13
31
30
16 Sept. 30
1 Mar. 18
1 Mar. 10
Mar. 24 Mar.
3
Feb. 28
Mar. 31
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Feb.
28
Mar. 15
1 Mar. 15
1 Mar, 15
10 Msr, 20
1
5 Mar. 14
5 Mar. 14
1 Mar. 15
1 Mar. 15
Mar. 20 Feb.
28
June
20 May 31
Sept.20 Aug. 31
Dec. 20 Nov. 29
Apr.
1 Mar. 16
Mar. 24 Mar. 10*
June 23 June
9*
Apr. 15 Apr.
15 July
5
5
1 Mar. 21
1 Mar. 21
July
Apr.
Apr.
June
Mar. 17
Mar. 21
Mar. 15
Mar.
1
Mar.
1
Mar. 10
1
lu June
Sept.
9 Sept.
Dec.
9 Dec.
1 June
Tuly
Apr.
1
1
15
1 Mar.
Apr.
8
Mar.
8
1
Mar. 31 Mar. 21
Apr.
1 Mar. 20
Mar. 20 Feb. 28
Apr. 20 Apr. 10
July 20 July 10
Oct. 20 Oct. 10
Mar. 20 Mar.
1
1 Mar. 20
Apr.
Mar. 27 Mar. 18
S2H
SlH
50c
Grape Juice Co., preferred (quar.)
SlH
SlH
...
Wellington Fund, Inc
Wesson Oil & Snowdrift Co., Inc
20c
12 He
.
West Coast Utilities, $6 preferred
$6 preferred (quar.)
....
Western Grocers. Ltd.
(quar.)
^Preferred (quar.)
Mar. 15
Mar. 15
Apr.
Apr.
25c
i
(quar.)
Mar. 15
Apr.
Apr.
June
24
Mar, 15
50c
...
(quar.)
Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10c
-
Wayne Pump Co
Preferred
Mar. 15
Mar, 15
50c
*
._
Welch
SlH
SlH
2 H%
Washington R^. & Electric Co., 5% pref. (s.-a.)
5% preferred (quar.).
Waukesha Motors Co.
2%
SlH
SlH
$15
S10
12Hc
S1ii
(quar.).
'.).
(quar ■
Preferred
Wagner Electric Corp
Waldorf, System, Inc
Ward Baking Co., preferred
Warren RR. (semi-annual)
Warren (S. D.) Co
t$l
SlH
75c
...
Western Exploration Co.
(quar.)
Western Tablet & Stationery
5% pref. (qu.).._.
Westinghouse Air Brake Co
t
Westmoreland, Inc. (quar.)
Weston Electric Instruments, class A
Weston (Geo.), Ltd;
(quar.)
Preferred (auar.).,
West Penn Electric Co., class A
(quar.)
7% preferred (quar.)..'.
6% preferred (quar.)
...
25c
20c
SlH
SlH
West Virginia Water Service
$6 pref. (quar.)
Wheeling Steel, prior preferred
Whitaker Paper Co.
(resumed)
7% preferred (quar.)
Whitman (Win.), 7% pref.
(quar.).
Will & Baumer Candle Co.,
Inc., pref. (quar.)
Winsted Hosiery Co.
(quar.)
SlH
2Hc
SlH
12Hc
50c
a.
West Penn Power Co., 7% pref.
(quar.)..
6% preferred (quar.)
i
West Texas Utilities Co., $6 ctim.
pref. (quar.)..
$0 cumulative preferred
West Virginia Pulp &
Paper Co
SlH
SlH
SlH
~U H
't$1
5c
SlH
t50c
SlH
—
Extra
$1fl
SlH
60c
Quarterly.
SlH
Extra
50c
Quarterly.
1 Mar. 18
15 Mar. 31
June
1 May
1 May
June
Apr.
1 Mar.
Apr.
1 Mar.
May 31 May
Aug. 31 Aug.
15
15
15
J7
15
15
Mar. 31 Mar. 15
1 Mar. 15
Apr.
Apr.
Apr,
1 Mar. 15
1 Mar. 15
Apr. 15 Mar. 20
Apr. 15 Mar. 20
Mar. 20 Mar. 15
Apr.
1 Mar. 20
Apr. 29 Mar. 31
Apr.
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 15
May
1 Apr. 15
Mar. 30 Mar*. 17
May 15 Apr. 21
May 15 Apr. 21
May
Apr.
5
Apr.
5
May
Alar. 15
Apr.
Mar. 15
Apr.
Mar. 10
Apr.
Mar. 15
Apr.
Apr.
1 Mar. 16
Apr.
1 Mar. 18
Apr.
1 Mar. 18
Apr.
1 Mar. 18
Apr.
1 Mar. 15
May
1 Apr. 15
May
1 Apr. 15
Aug.
1 July 15
Aug.
1 July 15
_
1 Oct.
1 Oct.
15
SlH
Wisconsin Public Service Corp.—
7% series A preferred (quar.)
6H% series
B preferred (quar.)
6% series C preferred (quar.)
Wiser Oil Co. (quar.)
Worcester Salt Co. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.).
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Yellow Truck & Coach Mfg., preferred.
Youngs town Sheet & Tube pref. (guar.).
Nov.
50c
Extra
*
62Hc
Light, $7 preferred
.
Apr.
Mar. 15
Mar. 15
Mar. 29
Mar. 31
t$2
Apr.
1
$ 1.16 2-3 Apr.
1
Anr.
1
SI
40c Mar. 20
Vapor Car Heating Co., Inc., 7% pref. (quar.).
7% preferred (quar.)
Preferred
15 Mar. 31
1 Mar. 10
1 Mar. 23
Mar. 15
40c
7% preferred (quar.)
Telegraph _i
Vicksburg Shreveport & Pacific Ry
Preferred (semi-ann.)
Victor Chemical Works (quar.).
Victor-Monoghan Co., 7% pref. (quar.)
Virginia Electric & Power, pref. (quar.)
Vulcan Detinning. pref.
(quar.)
1 Mar. 17
1 June 16
1
Apr.
I
Apr. 15
Apr. J5
—
Vermont & Boston
1 Sept. 15
1-3-40
Dec. 15
Mar. 23 Mar.
3
Apr. 15 Mar. 31
Apr.
Apr.
(quar.)—
$6 preferred
Van Norman Machine Tool.
*
1 Mar. 20
31 Mar. 15
1 Mar. 14
1 Mar. 14
50c
50c
50c
Utah Power &
Oct.
Mar.
50c
50c
2%
Universal Products (irregular)
Upressit Metal Cap Corp., 8% pref—
Mar. 31 Map*. 15
Mar. 31 Mar. 20
Mar. 31 Mar. 20
1 Mar. 15
■
...
Universal-Cyclops Steel Corp
9
vlar. 20
SlH
—
8% first preferred
Mar. 15
Apr.
1 Mar. 18
Apr. 15 Mar. 31
50c
United States Sugar Corp. preferred
Preferred (quar.)
United States Trust Co. (quar.)
Extra
Apr. 20*
Mar.'21 Mar. 11
Mar. 21 Mar. 11
Apr.
1 Mar. 18
50c
S2H
62 He
37 He
—
United States Playing Card Co (quar.)
1 Mar. 23
Mar. 15
1 Mar. 15
Apr.
1 Mar. 10
Mar. 31 Mar. 18
Mar. 31 Mar. 18
SlH
Un tad States Rubber Co. 8% 1st pref
Mar. 20 Mar. 10
Mar. 20 Mar. 10
Mar. 24 Mar. 23
Apr.
1 Mar. 18
Apr.
1 Mar. 15
Apr.
(quar,)..
Quarterly..
Quarterly
Quarterly
1 Mar. 14
Mar. 20 Mar. 10
Apr.
Apr.
25c
Prefernd (quar.).
United States Pipe & Foundry Co. (quar.)
Apr.
Apr.
Apr.
July
10c
*
United States Gypsum Co. (quar.)
1 Mar. 14
1 Mar. 14
Mar.
75c
SlH
6% prior pref. rred (monthly)
United New Jersey RR. & Canal (quar.)
1 Mar. 14
Mar. 25
May
1
Apr.
1
Apr.
1
......
United Shoe Machinery (quar.)
Preferred (quar.)
1 Mar. 20
Apr.
Apr.
Apr,
Apr.
15c
15c
15c
United Light & R's. 7% prior pref. (monthly).. 58 l-3c
6.36% prior preferred (monthly)
53c
10
1
Mar. 20 Mar. 10
Apr.
1 Mar. 20
Apr.
J20c
UH%
Preferred
21
Apr.
1 Mar. 21 ♦
Mar. 30 Mar. 15
Apr.
1 Mar. 15
1
25c
SlH
SlH
...
United Dyewood Corp., pref. (quar.)
United Elastic Corp
United Gas Improve m ?nt (quar.)
Mar. 25
May
1 Apr.
Apr.
1 Mar.
Mar. 24 Mar.
Apr.
1 Mar.
52
United Carbon Co. (quar.)
1 Mar. 15
1 Mar. 10
25c
Quarterly
Quarterly
Mar. 31 Mar. 15
Apr. 13 Mar. 23
1 Mar. 15
Apr.
Apr.
SlH
United Bond & Share Corp.. Ltd. (quar.)..
Mar. 31 Mar. 15
i
5ue
preferred (quar.)...
8
8
1 Mar.
50c
...
1
Apr.
62 He
37 He
34 He
50c
50c
Underwood Elliott Fisher Co. (quar.)
2%
Pipe Lines.
Southern & Atlantic
Teleg. gtd. (s.-a.)
Southern Calif. Edison
fprxrffi niflf Dlllt^h
Union Carbide & Carbon Corp
Union Pacific RR
25c
...
581-3C
,
1 Mar. 20
1 Mar. 10
1 Mar. 10
A nr.
1 Mar. 10
Mar. 25 Mar.
1
Apr.
Apr.
SlH
37Hc
37Hc
Apr.
Apr.
Apr.
3
Dry Dock, Inc.
Apr.
1
South Carolina Power $6, 1st
preferred (quar.).
South Penn Oil Co.
(quar.)
South Porto Rico Sugar Co.
orig. pref. (quar.)
5)4% preferred C (quar.).
)rlc'
"
Original preferred (special).
Southern Canada Power
1
1
15c
........
51
25c
—
preferred (monthly)
15 Mar. 15
Apr.
Apr.
50c
Scovill Mfg. Co
cum.
25c
SlH
SlH
50c
6% preferred (monthly)—
;
412-3C
5% preferred (monthly)
Toledo Light & Power Co., preferred (quar.)...
SlH
Toronto Mtge. (Ontario) (quar.)..
SlH
Traders Finance, preferred A (quar.)
SlH
Preferred B (quar.)
SlH
Trico Products (quar.)
62 He
Tri-ContinentaJ Corp., $6 cum. pref. (auar.)—
SlH
Troy & Green bush RR. Assoc (s.-a.)
SlH
Twentieth Century Fox Film Corp
50c
Preferred (quar.)
37 He
1
Apr.
Mar. 15
60c
25c
Preferred A & B (quar.)
Toledo Edison Co., 7%
Mar. 31 Mar.
1
Mar. 31 Mar.
1
Mar. 27 Mar. 17
Apr.
25c
5% preferred (quar.)..
6% preferred (quar.)
7% preferred (quar.)
St. Joseph Lead Co
St. Joseph South Bend & Southern
(irregular)..
5% preferred (semi-ann.)
San Gabriel River Improvement
(mo.)...
Sangamo Electric Co
i
Savannah Sugar Refining (quar.)
Schenley Distillers, pref. (quar.)
Schwartz (B.) Cigar Corp., $2 pref.
(quar.)
Scott Paper Co., $4H cum.
preferred (quar.)
_
Mar. 31 Mar.
Apr.
37 He
Safeway stores, Inc
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
Extra
Todd-Johnson
1 Mar. 20
Mar. 15
Mar. 15
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
25c
-
15 Mar. 31
15 Mar. 31
1 Mar. 15
Mar. 24 Mar. 10
Apr. 15 Mar. 15
SlH
Rubinstein (Helena) class A
(quar.).
6%
—
—-
11)4%
UH%
Apr.
SlH
SlH
SlH
SI .80
.......
1 Mar. 15
Apr.
25c
Southern Fire Insurance Co.
(N
Southern Grocery Stores, Inc.—
10
Mar. 31 Mar.
_
Payable of Record
50c
5% 1st preferred (quar.)
6% 1st preferred (quar.)
7% 1st preferred (quar.)
7.2% 1st preferred (quar.)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Thatcher Mfg. Co
Thompson Products, Inc
Prior pref. (quar.)
Tide Water Assoc. Oil, pref. (quar.)
Time, Inc
12-10-39
1 Mar. 15
8*
Apr.
20c
Premier Gold Mining (quar.)
3c
Public Nat. Bank & Trust Co. (N. Y.) (quar.).
37 He
Public Service Co. (Colorado), 7% pref.
(mo.).. 58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
412-3c
.,
Preferred (quar.)
South West Pennsylvania
4 Sept.
Corp. (quar.).
Holders
When
Share
Company
1939
Tennessee Electric Power Co.—
1 Mar. 15
1 Mar. 10
4 Mar. 10
5 June 10
Apr.
Apr.
6% cumulaiive preferred (quar.)
6% non-cum. preferred (quar.)
Sherwin-Williams Co.
Silverwood Dairies
Texas
25
Apr.
July
Pratt & Lambert, Inc
Preferred Accident Insurance-
Extra
1 Feb.
Apr.
_
Irregular
Per
Name of
Mar. 20 Mar. 10
—
Potash Co. of Amer. (initial)
Power Corp. of Canada, Ltd.—
Holders
Payable of Record
Mar. 25 Mar. 10
...
Mar. 18,
Nov.
SlH
SlH
SlH
Mar.
Feb.
Mar.
Feb.
28
Mar.
Feb.
28
15
28
Apr.
Mar. 11
50c
Mar.
Mar. 21
10c
Apr.
Apr.
Apr.
Apr.
Feb.
15
Feb.
15
Mar. 13
Apr.
Mar. 11
25c
5c
25c
SlH
SlH
Mar. 20
Transfer books not closed for this dividend,
t On
account
of accumulated dividends.
X Payable in Canadian funds, and In the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume 148
Financial
Chronicle
Condition of the Federal Reserve Bank of
New
Weekly Return of the New York City
Clearing House
York
The
following shows the condition of the Federal Reserve
Bank of New York at the close of
business Mar. 15, 1939,
comparison with the previous week and the
corresponding
date last year:
The New York
statement
in
Mar.
Gold certificates on hand and
due from
United States Treasury.!
Redemption fund—F. R.
Other cash f
Total reserves
by
direct
or
1933
statements to
$
883,000
1,064,000
120,654,000
...
1,034,000
*
2,213,000
215.000
207,000
Total U. S. Government securities-
Total bills and securities......
...
Due from foreign banks
Federal Reserve notes ol other banks...
Bank of Manhattan Co
...
—
Other assets...................
Total assets.............
Chem Bank A Trust Co.
3,851,000
4,332,000
208,711,000
343,525.000
143.478,000
335,794,000
195.049,000
724,663,000
724,663.000
729,959,000
729,617.000
62,000
2,911,000
143,405,000
4,825.938,001
U. 8. Treasurer—General account-
Foreign bank....
Other deposits
746,306,000
50,000,000
72,000
11,882,000
100.270,000
"
241.174.000
91,440.000
189,250.000
Total deposits..
V6,000,000
5,000,000
911,594,000
•
c
87,561,000
37,607,000
4,511,000
31,233,000
2.314,000
7,000,000
8.297,700
9,355,600
83,859,000
4,061,000
23,938,000
1,738,000
50,604,000
918,899.900 10.862.625.000
6-10.719.000
7.000,000
$6,186,000; d $108,026,000;
Dec.
Surplus,
a:
Includes deposits in foreign
OF
1,606,000
53,859,000
14,049,000
103,877,000
330,499,000
86,902.000
official reports: National,
STATEMENT
3,450,000
5,782,000
1/4,966,900
9,252,700
27,881,500
519,013,000
per
25,301,000
12,500,000
companies, Dec. 31. 1938.
i.786,653,000 3,350,924,000
213,709,00<
.......
500,000
25.000.000
Totals
As
42,665,000
527,649,000
4,319,700
47,786,000
135,516,700 d2,247,005,000
3,741,400
47,834,000
79,464,100
C872,571,000
4.000.000
New York Trust Co....
Coram'l Nat Bk A Tr Co
Public Nat Bk & Tr Co.
1.564.336.000 4,857,986,000
11.201,000
44,741,000
170,092,000
6,361,000
61,949,000
95,313,000
£52,935,000
15.000,000
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co.
4,067.000
9.005.000
170,074, OOt
96,577.000
...
164,833,000
445,025.000
60,054,900 ol,654,503,000
55,632,700
553,953,000
Chase National Bank...
Fifth Avenue Bank
188,986,000
9,940,000
993,062.000
13,716.400
26,178,200
Irving Trust Co..
Continental Bk & Tr Co.
739,554,000
14.372,000
997,249,(KM
acc't
Average
10.000.000
♦
reserve
Deposits,
182,808,400 61,527,166,000
45,129,400
535,943,000
71,537,000
c826,288,000
19,038,800
262,566,000
109.072,800
530,317,000
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Bank Tr Co.
'
Deposits—Member bank
Time
Deposits,
Average
Flrst National Bank
63,000
3,632,000
183,523,000
9,005,000
12,874.000
6,600,139,001
F. R. notes In actual circulation
one
Net Demand
Undivided
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,243,000
21,000,000
.
National City Bank
237,660.000
...
Uncollected Items....
Bank premises
of March 9 and
Profits
Bank of New York
143,478.000
....
one as
Surplus and
Capital
Guaranty Trust Co
.....
business
354,000
888 000
3,835,000
Bonds
of
1,859,000
257,500,000
323,685,000
United States Government securities:
Treasury notes
Treasury bills
234,000
1,245,000
216,000
Bills bought In open
market.....
Industrial advances
654,000
211,000
—
close
MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION AT CLOSE OF BUSINESS
THURSDAY, MARCH 9, 1939
Members
Total bills discounted.....
the
below:
are
5,661,084,000 5,664,963,000 3,896,733,000
_
Govt, obligations.
fully guaranteed
of
as
STATEMENT OF
1,835,000
117,567.000
S.
Other bills discounted
banks,
publish this week,
Clearing House
U.
Liabilities—
Clearing House Association, with its weekly
member
Thursday, March 9, has inaugurated a change in the day of
issue of the report.
Formerly the statement represented the
condition of'Clearing House institutions as of the close
of
business Fridays.
As a result of the change we have two
6,547.950,000 5,543,245,000 3,777,331,000
112,251,000
;
Mar. 16,
$
of
March 16, both of which
notes
...
Bills discounted:
Secured
15,1939 Mar. 8,1939
$
Assets—
1593
branches
31,
1938; State, Dec. 31,
1938; trust
Jan. 31, 1939.
y
follows:
as
a
$273,623,000; b $81,966,000;
$28,561,000.
e
MEMBERS
OF THE NEW YORK CLEARING HOUSE
ASSOCIATION AT CLOSE OF BUSINESS, THURSDAY, MARCH
16, 1933
175,346,000
5,306.298,000 j.308,517.000 3,651,438,000
*Surplus and
Deferred availability Items
Other liabilities incl. accrued dividends
176,153,000
1,424,000
...
Total liabilities
142.612.000
1,135,000
Bank of New York
Bank
Capital Accounts—
Capital paid In
50.957,000
52,463,000
7,457,000
8,138,000
Surplus (Section 7)
...
Other capital accounts
...
50,956,000
52,463,000
7,457.000
8.134,000
total
50.943,000
Manufacturers Trust Co
to
reserve
deposit
bills
on
89.8%
Chase National Bank
85.4%
89.9%
for foreign correspondents
643,303.000
94,588,000
71,537,000
c827,898,000
263,150,000
41,675,000
109,072,800
vances
to
make
Bankers Trust Co
ad¬
2,672,000
—
2,672.000
t "Other cash" does not Include Federal Reserve notes
Reserve bank notes.
or a
5,000,000
12,500,000
7,000,000
7,000,000
New York Trust Co..
4,273,000
Comm'I Nat Bk A Tr Co
Public Nat Bk A Tr Co.
bank's own Federal
5.059,000
4,319,700
47,739,000
135,516,700 d2,288,882,000
3,741,400
47,455,000
79,464,100
*886,825,000
1/4,966,900
13,692,000
9,252,700
102,958,000
27,881,500
335,877,000
1/6,000,000
Mwlne Midland Tr Co.
220,000
industrial
24,896,000
2,649,000
547,708,000
629,456,000
£52,935,000
25,000,000
Title Guar A Trust Co..
Commitments
19,038,800
100,270,000
500,000
Fifth A venae Bank.—..
purchased
5,016,000
60,673,000
45.129,400
10,000,000
60.000,000
4,000.000
First National Bank...
and
10,624,000
45,114,000
167,722,000
21.000,000
15,000,000
Cent Hanover Bk&Tr Co
8,963,000
13,716,400
163,092,000
26,178,200
442,679,000
60,054,900 al,662,630,000
55,632,700
570,670.000
182,808,400 61,515,047,000
20,000,000
90,000,000
42,243,000
Guaranty Trust Co
51,943,000
7,744,000
Irving Trust Co
Continental Bk A Tr Co.
F. R. note liabilities combined
Contingent liability
A verage
20,000,000
77,500,000
Corn Exch Bank Tr Co.
of
Deposits,
Average
6,000,000
of Manhattan Co.
National City Bank...
Chem Bank A Trust Co.
Total liabilities and capital accounts..
9,600,139,000 6,564.336,000 4,857,986,000
Ratio
Time
Deposits,
Capital
Members
1,076,000
6,481,124,000 5,445,326,000 4,738,393,000
Surplus (Section 13-b)
Net Demand
Undivided
Profits
Clearing House
174,285,000
1.497,000
50,753,000
4,586,000
28,959,000
2,264,000
8,297,700
85,013,000
9,355,600
82,417,000
3,942,000
24,416,000
1,704,000
50,464,000
918,899,900 10,956,491,000
626,601,000
,
,
Totals
These we certificates given by the United States
Treasury for the gold taken
over from the Reserve banks when the dollw
was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of
the
*
difference, the difference Itself having been appropriated
under the provisions of the Gold Reserve Act of 1934.
as
*
As
519,013,000
per
official reports:
National, Dec. 31, 1938; State, Dec. 31, 1938; trust
companies, Dec. 31, 1938.
£ Surplus,
y Jan. 31, 1939.
Includes deposits in foreign branches as follows:
a $274,477,000; 6 $80,896,000;
$6,316,000; d $105,596,000; e $28,896,000. / •
profit by the Treasury
c
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governor8 of
the Federal Reserve System upon the
figures for the latest week appears in our department of "Current Events and Discussions
mmediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as
reported In this statement, which were
an announcement of the Federal Reserve Bank of New York of
April 20,1937, as follows:
The changes in the
report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural
loans, and (2) loans (other than to brokers and dealer*) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities
located in New York City and those located
outside New York Oity.
Provision has been made also to include "acceptances of own bank purchased or discounted" with
"acceptances and commer¬
cial paper bought In open market" under the revised caption
"open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it. was made known that the new items "commercial. Industrial and agricultural loans" and "other
loans,'?
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the re visions ^was published in the
May 29, 1937, issue of the "Chronicle," page 3590.
described In
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY
DISTRICTS ON
Federal
Reserve Districts—
Total
ASSETS
S
Boston
New York
PMlo.
S
Cleveland Richmond
Atlanta
Chicago
St. Louis
$
MAR.
$
8, 1939 (In Millions of
Minneap. Kan. CUv
Dallas
Dollars)
San Fran.
$
1,135
8,823
1,135
1,829
675
597
3,159
719
654
504
2,167
8,338
Commercial, Indus, and agrlcul. loans
Open market paper
S
21,788
Loans and investments—total
Loans—total
571
3,390
411
644
232
304
846
309
153
257
246
975
3,773
248
$
$
$
$
I
S
391
,
"
$
1,463
181
228
99
170
486
178
76
153
162
329
313
64
129
25
9
9
3
28
3
3
18
1
21
secure.
923
34
767
21
21
4
6
36
6
1
5
3
19
Other loans for purchasing or carrying
securities
532
24
248
32
26
16
13
78
12
7
10
15
51
52
169
99
49
Loans to brokers and dealers In
.
Real estate loans
1,135
Loans to banks.
Treasury
196
80
111
95
1
492
99
190
5
100
34
27
7
23
20
379
1
3
6
""70
84
116
55
59
47
45
175
8
251
21
23
3
11
4
1
119
442
bills
2
1,551
Other loans
16
1
"
1
mm
2,427
5.307
88
940
"67
237
198
37
421
72
48
98
70
151
294
1,930
299
549
133
112
924
152
no
107
80
617
2,030
43
1,133
90
106
48
52
250
64
16
55
44
129
Other securities
3,244
134
1.330
268
277
64
84
467
101
41
134
53
291
Reserve with Federal Reserve Banks.
7,409
350
4,389
266
396
151
115
908
155
80
169
110
320
Treasury notes
United
States bonds
—
Obligations fully guar, by U. S. Govt.
Cash In vault
/
420
140
71
17
42
19
12
56
7
12
11
22
Balances with domestic banks
2,532
147
175
163
298
167
168
436
139
84
261
239
255
Other assets—net
1,281
80
480
106
107
36
48
95
24
17
22
30
236
16,086
1,037
7,522
788
1,126
448
362
2,271
445
264
496
430
897
5,224
249
1,018
283
745
199
184
897
189
119
144
137
1,060
632
16
134
53
42
28
39
130
20
2
23
34
111
6,518
260
2,857
317
375
252
256
939
296
129
354
204
279
11
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits—
Inter-bank deposits:
Domestic banks
569
25
10
1
1
......
......
Other liabilities
708
21
296
14
16
26
6
18
6
8
3
4
290
Capital account
3,693
244
1,609
222
367
94
>92
389
n.92
56
90
84
346
Foreign banks
Borrowings..
502
______
—
1
10
.
—
1
.
......
...
1
17
......
Mar.
Chronicle
Financial
1594
1939
18,
Weekly Return of the Board of Governors of the Federal Reserve System
was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Mar. 16,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon
returns for the latest week appear in our department of "Current Events and Discussions
The
following
COMBINED RESOURCES AND
Three Ciphers
Mar.
(000) Omitted
15,
1939
•
Mar.
8,
Mar.
*
1.
%
12.183.7H
12,154,711
12.049,711
10.13C
415,242
9,904
432,094
12,666,45i
12,609,092
12,596.717
1,935
1,696
l,b2i
1,649
3,457
3,345
1
%
—
Total reserves
15,
1939
1939
1939
12.253,76;
9,291
403, tO J
U.S. Treaa. *
Redemption fund (Federal Reserve notes)
Feb.
Feb. 21.
1,
1939
ASSETS
Gold ctfs. on hand and due from
Other cash ♦
BUSINESS MARCH 15. 1939
LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP
Feb.
Feb. 8,
1939
25,
Jan.
18,
1939
1939
I
$
%
%
Jan
1,
1939
Mar. 16,
1938
%
%
»
9.188,662
10,441
440,145
11,905,21? til,896.274
9,19?
10.19Z
t435,23C
449,111
12,431,06?
12,397,801
12,364,521 fl2,340,69?
9,676,381
3,078
1,981
5,294
2.88C
1,993
2,72£
1,966
2,255
2,106
5,193
2,10C
5,051
7,394
4,873
4,695
4,361
8,149
12,006,21?
8,8 5(
438,85(
11,979,221
9,908
441,93(
12.505,852
12,453,92^
1,954
2.28E
1,744
2,128
3,698
4,417
10,251
445,87
11,947,218
9,600
478.179
Bills discounted:
Secured
by
U.
S. Government obligations.
guaranteed—
direct or fully
Other bills discounted
--
—
Total bills discounted.
Bills bought In open
■
554
553
553
653
553
556
556
556
556
542
14.05U
14,122
14,686
14,647
14,662
14,738
14,811
15,131
15,390
17,259
911,090
1,145,269
840,893
1,215,466
840,893
l,215,46f
840.893
1.209.931
840,893
1.209,931
513,191
1,164,191
507.656
840,893
1,209,931
513,191
840,893
1,209,931
513,191
513,191
676,229
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
market.
Industrial advances
'
United States Government
Treasury
securities—Bonds..
bills
Other
840.893
1,215.466
507.656
2,564,015
507.656
2,564,015
2,564,015
—--—
Total U. 8. Government
840,893
507,656
—
1,215,466
507,656
2,564,015
notes
Treasury
2,956
securities
securities
723,595
2,564,015
m m m-m m •
"
Foreign loans on gold.
'
'
'
2,582,085
Total bills and securities
Gold held abroad...
Due from
„
169
"~"l69
"~~169
""169
19,382
19,058
634,023
42,735
17.480
21,247
701,771
535,046
688,753
51,687
51,150
60,181
42,827
49,512
16,076,454
15.840,746
15,926,704
16.788,872
15,853,742
4,335,313
4.343,566
4,355,946
4,344.462
9,077,284
1,058,714
8,984,989
8.840.548
1,101,562
8,941,650
1,167,818
269,292
255,935
246,296
premises..;
Other assets
2,583,632
20,825
718,097
42,732
46,089
banks.
Uncollected Items
Bank
2,582,852
""138
foreign banks—
Federal Reserve notes of other
2,584,289
2,582,035
—
Total assets
.....
42,735
42,804
2,586,703
2,584.255
2,584,397
2,584,322
2,589,965
""ied
166
""166
"*166
"~177
22.337
26,324
583,874
30,307
565,290
31.089
t660.761
742,758
48,391
42,831
47,870
42,913
48.038
42,925
47,349
40,698
15,755,374
15.683,121
15,635,632 tl5,707,309
13,115,457
623,879
42,831
20,613
44,865
LIABILITIES
Federal Reserve notes In
actual circulation
Deposits—Member bank—reserve account
United States Treasurer—General accountForeign
Other
bank
4,344,753 ,J 4,347,209
4,319,451
t4.338.417
4,124,888
9,017,844
931,295
208,215
279,377
9,046,811
887,021
7,328,137
283.161
9,166,063
707,179
171,571
298,213
f9,130,409
799,950
225.974
8,707,191
1,250,417
266,340
1,180,791
185,766
263,623
158,713
103,356
t275,936
222,136
282,759
254,113
237,344
268.904
233,476
10,688,049
10,596,699
10,593,108
10.516,217
10,457,424
10,436,731
10,402,759
10,403,026
10,365,008
7,917,252
705,482
3,650
553,056
630,626
586,093
2,589
3,131
566,467
2,426
657,676
2,208
724,619
3,044
699,503
2,947
627,021
3,336
580,973
2,955
15,444,607
15,509,710
15,411,094
15,339,192
15,291,370 fl5,363,309
12,770,855
134.930
149,152
134,899
134.790
149,152
27,264
32,965
27,264
32.723
134,818
149,152
27,264
133,297
149,152
deposits
Total deposits.
Deferred availability Items
yOther liabilities Including
4,349,836
»
-
accrued dividends
'
Total liabilities
15,732,494
15,496,557
15,582,724
134,956
134,948
149,152
-
149,152
135,016
149,152
27,263
4,096
CAPITAL ACCOUNTS
134,841
149,152
27,264
33,005
32,549
32,9,19
134,913
149,152
27,264
32,703
15,840,746
15,926,704
15,788,872
15,853,742
15,755,374
15,683,121
84.3%
84.4%
84.3%
84.2%
84.1%
84.1%
84.1%
84.0%
83.9%
12,545
12,570
12,925
12,907
12,800
12,905
12,892
13,004
13,131
12,911
2,394
Capital paid in
Surplus 1 Section 7)——
Surplus (Section 13-b)
2,269
2,688
3,316
4,031
6,267
3.804
3,670
27,264
32,588
27,264
32,825
16,076,454
'
yOther capital accounts
Total liabilities and capital accounts
>
27.264
147,739
27,683
32.766
35,883
15,635,632 tl5.707.309
13,115,457
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent liability on bills
foreign correspondents
purchased
.
■
80.4%
for
630
Commitments to make Industrial advances
Maturity Distribution of BiUs and
Short-Term Securities—
3,359
6,489
236
176
140
138
152
172
178
144
132
426
262
316
387
381
303
301
272
221
259
584
61-90 days bills discounted
251
247
179
258
238
313
334
293
262
320
Over 90 days bills discounted
314
307
304
324
335
341
285
367
349
330
3,457
3,315
3,698
4,417
5.059
7,394
4,873
4,695
4,361
8,149
256
304
83
262
1-15 days bills discounted
16-30 days bills discounted-...-
1.
31-60 days bills discounted..
Total bills discounted.
f.
74
68
97
74
142
152
151
226
270
304
72
48
23
market
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
23
256
1-15 days bills bought in open
16-30 days bills bought In open
271
23
71
106
—
47
23
271
271
262
""262
23
200
143
179
'
""379
116
U
'
■
-
554
16-30 days industrial advances
553
553
553
553
556
556
556
556
542
2,123
Total bills bought In open market.
1-15 days industrial advances
2,231
2,428
2,143
2,283
2,036
2,096
2,232
2,282
1,577
145
419
430
•_
•_
61-90 days Industrial advances
342
566
243
266
10,964
10,928
.
101
555
•
330
567
463
12,030
14,473
416
.
Total Industrial advances.
11,204
11,443
11,439
11,544
14,122
14,586
14,647
14,662
14,738
14,811
15,131
15,390
124,720
101,710
2.056,359
198,465
71,018
2,081.154
102,685
95,885
205,093
77,510
2,082,842
74,848
111,390
198,233
2,076,859
74,745
124,720
164,203
2,098,359
95,885
103,383
152,720
114,348
2,097,679
111,390
115,848
193,788
2,100,659
147,733
101,710
78,510
179.703
101,988
164,203
74,745
124,720
72,518
185,125
2,106,907
176,733
123,720
2,077,324
183,218
2,078,774
2,564,015
Over 90 days Industrial advances
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564.015
2,564,015
4,615,432
280,119
4,624,142
280,576
4,637,302
4,645,819
4,670,386
325,633
4,678,715
331,506
366,929
4,702,829
364,415
4,439,952
301.357
4,657,531
307,664
4,686,380
281,356
4,335,313
4,343,566
4,355,946
4,344,462
4,349,867
4,344,753
4.347,209
4,319,451
4,338,414
4,124,888'
4,768,000
3,181
4,768,000
4,771,000
3,284
4,771,000
3.656
4,778.000
4,778,000
6,678
4,781,000
4,791,000
3,930
4,816,000
3,581
4,532,632
4,153
14,059
1-15 days U. S. Government securities...
16-30 days U. S. Government securities...
31-60 days U. 8. Government sedulities...
61-90 days U. 8. Government securities...
Over 90 days U. S. Government securities..
Total U. 8. Government securities
\
52,010
,
11,554
116
395
573
11,835
296
326
390
310
501
357
149
648
202
331
434
147
337
205
31-60 days Industrial advances
101,988
«
17,259
86,903
56,482
158,638
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
....
-
315,064
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U. 8. Treas..
By eligible paper
2,977
4,304
Total
collateral
4.771,181
4,770,977
»
"Other cash" does not include Federal Reserve notes,
x
These are certificates given by the United States Treasury for the
cents on Jan,
f
7,088
10,000
United States Government securities
4,774,284
4,774,656
4.782.304
4,784,678
4.785,153
4,794,930
4,819,581
4,549,720
t Revised figure.
devalued from 100 cents to 59.06
appropriated as profit by the Treasury under
gold taken over from the Reserve banks when the dollar was
31, 1934, these certificates being worth less to the extent of the difference, the difference Itself having been
provision of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4, 1939 twp new Items appeared, "Other liabilities.
two Items corresponds exactly to
Including accrued dividends," and "Other capital accounts." The total of these
"All other liabilities,' and "Reserve for contingencies."
The
the total of two items formerly In the statement but not excluded, vix.:
statement for March 16. 1938 has been revised on the new basis and is shown accordingly.
Volume
Financial
148
Chronicle
1595
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
MARCH 15.193*
Three Ciphers (000) Omitted.
Federal Reserve Agent at—
Total
ASSETS
Gold
certificates
from
United
hand
on
States
and
Mew York
S
Cleveland Richmond
Phila.
$
%
$
Atlanta
Chicaoo
St. Louis
$
$
%
$
Minneap. Kan. City
$
Dallas
$
San Fran
$
}
due
12,253,762
9,295
Treasury
Redemption fund—Fed. Res.
notes.
_
Other cash *
Total
Boston
%
403,401
615,260
804
828
766
112,251
32,377
26,983
18,797
648,441
857,282
351,097
33,394
12,666,458
reserves
829,471
728,761 5,547,950
883
1,005
763,160 5,661,084
331,534
272,716 2,115,574
323
1,001
20,545
58,174
727
500
16,042
9,836
293,584 2,174,749
:
325,347
342,116
260,860
325,293
230,926
250,524
308,312
212,785
717,528
364
627
18,617
17,514
1,467
38,871
757,866,
Bills discounted:
Secured
direct
by U. S. Govt, obligations
or fully guaranteed
1,932
167
1,034
390
21
30
30
50
20
49
101
40
1,525
10
211
91
53
140
112
25
"166
55
304
218
206
3,457
177
1,245
481
74
170
42
75
100
75
' 353
319
246
554
42
216
56
51
24
19
70
2
2
16
16
40
14,059
1,872
3,835
2,844
396
1,204
821
459
6
859
r'16
601
946
Other bills discounted
Total bills discounted
.....
Bills bought In open market
Industrial advances
...;
.
U. 8. Government securities—Bonds
Bonds..
911,090
Total U. S.
..
73,149
91,650
99,779
42,577
28,588
46,939
37,815
76,768
91,951
115,205
47,446
59,641
42,073
323,685
52,888
125,425
53,521
47,533
96,500
143,478
40,759
51,067
26,437
23,443
55,596
23.724
35,938
15,929
59,004
37.224
26,154
21,070
42,775
80,455
132,097
106,418
216,043
81,391
132,682
107,354
217,275
188,006
724,66.3
205,859
257,924
133,524
118,404
280,800
119,822
2,582,085
,
190,097
729,959
209,240
258,445
134,922
119,386
281,404
119,930
168
12
62
17
16
7
6
21
3
2
5
5
535
3,632
865
1,366
1,472
2,397
3,132
2,240
1,053
1,386
610
2,137
718.097
64,918
183,523
50,798
86,586
'59,517
31,908
94,506
33,647
14,927
33,076
28,602
35,999
42.732
2,936
9,005
4,678
5,992
2,608
2,069
3,945
2,283
1,517
13,222
1,251
3,226
46,089
•_
2,942
12,874
4,111
5,236
2,994
2,072
4,544
1,945
1,460
12,147
1,799
3,965
918,150 1,214,923
552,617
451,422 2,562,301
502,164
361,210
497,811
premises
Other assets
'
20,825
.
...
Bank
257,500
83,976
2,564,015
Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected Items
66,806
1,145,269
507,656
Treasury notes
Treasury bills
.....i.
Total assets
16,076,454 1,024,600 6,600,139
12
370,637 1,020,480
LIABILITIES
F. R. notes In actual circulation
Deposits:
4,335,313
375,322
997,249
314,320
416,991
195,961
147,967
981,217
178,918
134,516
168,719
76,206
347,927
9,077,284
437,624 4,825,938
431,143
233,510
35,419
193,541 1,139,136
45,809
261,506
205,909
128,332
237,165
183,096
533,967
60,387
62,460
6,178
40,200
57,530
7,790
7,790
41,585
19,340
5,640
846
4,369
16,816
202,610
286,001
252,785
611,708
36,058
:
Member
bank—reserve account
1,058,714
Foreign
97,646
170,074
61,050
527,923
125,048
289,292
19,340
96,577
26,055
24,980
11,550
9,401
32,501
282,759
U. fl. Treasurer—General account-
6.062
213,709
4,524
4,752
4,212
11,042
5,966
7,790
4,821
560.672 5,306,298
522,772
682,703
284,691
259,793 1,439,109
278,907
176,153
1,424
48,640
82,499
57,142
31,022
97,179
33,833
14,900
32,912
39,619
280
286
85
139
391
96
129
266
92
157
886,012 1,182,479
537,879
438,921 2,517,896
491,754
352,155
487,898
359,702
995,850
10,536
bank...
Other deposits
Total
;
-----
deposits
10,688,049
'
Deferred
availability Items...
705,482
Other liabilities, lncl. accrued dlvs...
Total liabilities...
64,525
3,650
305
,
15,732,494 1,000,824 6,481,124
Capital Accounts—
Capital paid In..,
Surplus (Section 7)
'134,956
9.405
50,957
12,049
13,683
5,075
4,516
13,617
3,966
2,912
149,152
10,083
52,463
13,696
5,630
22,666
4,685
3,153
4,242
3,613
3,998
3,892
2,874
7,457
3,293
713
8,138
3,431
1,387
1,642
1,214
1,001
1,989
1,142
1,414
1,429
6,693
545
32,588
4,416
1.977
14,323
1,007
4,983
27,264
1,266
1,779
918,150 1,214.923
552,617
451,422 2,562,301
502,164
361,210
497,811
1,360
1,134
462
193
689
8urplws (Section 13 b)
Other capital accounts
Total liabilities and capital accounts 16,076,454
1,024,600 6,600,139
Commitments to make Indus, advs.
12,545
1,303
1,510
2,672
»
,
•
150
.
'
80
916
9,965
2,121
2,008
370,637 1,020,482
44
•
2,940
"Other cash" does not Include Federal Reserve notes.
"'..I
Three
Federal Reserve Bank of—
Total
Federal Reserve notes;
In actual circulation...
held
by
Boston
New York
S
i
$
l&sued to P. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
Collateral
/
FEDERAL RESERVE NOTE STATEMENT
:
.
Ciphers (000) Omitted
Agent
Cleveland
Richmona
Atlanta
Chicago
St. Louts
Minneap
$
Phila.
$
$
$
$
$
;s
4,615,432
280,119
394,072 1,081.259
84,010
18,750
4,335,313
375,322
328,530
438,172
206,338
14,210
21,181
10,377
997,249
,314,320
416,991
195,961
147,967
4,768,000
3,181
420,000 1,105,000
345,000
443,000
210,000
1,237
390
74
170
4,771,181
420,172 1,106,237
345,390
443,074
210,170
.....
as
'
Kan. Citi
S
Dallas
$
in
Fran.
%
.
159,790 1,012,401
31,184
11,823
192,520
138,255
176,340
84,270
403,459
13,607
3,731
7,630
8,070
55,532
981,217
178,918
134,510
168,710
76,200
347,927
169,000 1,035,000
196,000
143,50C
180,00C
87.50C
434,000
7C
35
35
33S
315
228
169,110 1,035.070
196.035
143,535
180,33S
87,81.5
434,22*
security
for notes issued to bank:
Gold
certificates
hand
.on
and
due
from United States Treasury....
Eligible paper..
...
Total
collateral
.....
United States
172
110
United
Treasury Bills—Friday, Mar. 17
Mar
.
22 1939
5 J939—
April 12 1939
April 19
1939.—
3 1939
Bid
May 10 1939
May 17 1939.
May 31
June
Asked
1939
7 1939
June 14 1939
at
the
New
Stock and Bond
THE
0.05%
PARIS
of the past week:
Bank of France
Figures after decimal point represent
one
'
or
32ds of
more
V.
\
■
.
•.
.
•
Int.
Asked
Bid
Asked
180
177
15,300
14,900
801
797
760
1,450
41
1,450
1,390
• 40
563
552
40
531
863
230
100.15
103.3*
1,480
Dec.
103.1
103.3
Courrlere
102.2
102 4
Mar. 15 1942...
1 H%
104.11
104.13
Sept. 15 1942...
870"
1H%
102.14
102.16
105.22
Credit
15 1940
1^%
102.14
102.16
Dec.
15 1942...
2%
1*4%
105.20
June
104.25
104.27
15 1940—
1H%
102.25
102.27
June
15 1943...
1*4%
102
102.2
1*>%
103
103.2
Dec.
15 1943
1*4%
102.1
102.3
Energle Electrlque du Littoral..
—
.
BERLIN
STOCK
DAY
as
-Per Cent
Mar.
11
Allgemelne Elektrlzltaets-Gesellschaft (6%) 112
159
Berliner Kraft u. Licht (8%).
118
Deutsche Bank (6%)
Deutsche Reiclisbahn (German Rys.pf.7%). 123
111
Dresdner Bank (5%)...
Farbenindustrle I. G.
150
(7%)
Mannesmann Roehren (5%)..
Vereinlgte Stahlwerke (5%)
13
Mar.
14
Mar.
15
112
112
114
Mar.
Mar.
16
17
114
114
549
565
636
639
623
1,180
925
1,180
921
1,140
901
922
920
897
437
440
437
1,130
434
35
36
1,716
1,663
84.50
83.60
81.10
80.60
86.60
85.80
85.00
82.60
81.70
86.80
85.90
85.10
82.75
82.00
Rentes 4^%.
90.30
86.50
91.00
90.10
87.40
86.90
116.80
89.60
90.30
115.75
89.25
Rentes 4H%,
114.90
111,10
110.40
6,460
2,000
6,380
1,968
6,380
6,200
6,150
1,951
1932, A
1932. B
Rentes. 5%, 1920
•
36
159
159
159
159
159
Royal Dutch
Saint Gobaln C & C
118
118
118
118
118
Schneider &
123
123
123
1,275
1,258
1,244
1,908
1,201
123
123
Soclete Francalsc Ford
60
60
59
111
111
111
111
Soclete Generale Fonclere
79
78
76
74
149
149
150
149
149
Soclete Lyonnalse
1,470
1,439
109
1,445
1,370
654
654
649
86.00
56
111
649
Cle
107
110
109
109
Soclete Marseilles
177
178
178
178
178
Tublze Artificial Silk preferred..
183
181
181
182
181
181
Unlo
109
110
110
110
110
Wagon-Llts
109
1,570
1,370
328
1,732
84.00
179
.
210
33
108
Reichsbanks (8%)
Siemens & Halske (8%)
Mar.
of Par-
1,590
1,370
442
Rentes4%, 1918
received by cable
day of the past week:
1,630
1,440
334
—
1,755
Pechlney
Rentes Perpetual 3%
Rentes4%, 1917
Closing prices of representative stocks
each
1,630
1,440
335
573
928
HOLI-
Lyon (P L M)
Nord Ry
Orleans Ry 6%
Pathe Capital
EXCHANGE
526
653
Liqulde.
_
THE
546
1,410
38
225
845
230'
*
1,200
934
Kuhlmann
L'Alr
225
1,660
Euergle Electrlque du Nord
Mar. 15 1941...
228
546
562
Eaux des Lyonnaise cap
Dec.
220
1,470
340
585
"
-
862
231
Credit Commercial de France—
Mar. 15 1940...
•
*
230
Comptolr Nationals d'Escompte
Coty 8 A
101.29
1*A%
1*4%
103.1
101.27
Lyonnalse...;
"*
42
H%
II
....
187
15,800
578
IH%
15 1941..
7,500
190
■
1H%
June 15 1941„_.
Francs
15,800
B
16 1939—
•
1,142
473
L
Citroen B
15 1939—
2
7,500
1,197
485
195
_
Sept
15 1939
Francs
7,900
1,206
486
16,100
.....
Dec.
June
Francs
7,900
826
Pacific
Canal de Suez cap..
Cle Generale Transatlantlque
Rate
Maturity
Francs
1,230
505
Banque de 1'Union Parlslenne..
Canadian
Mar.14 Mar. 15 Mar. 16 Mar. 17
8,100
-
Cie Generale d'Electrlclte
Inf.,
Bid
1611.
"
.
Francs
Cle Dlstr d'Electrlclte
Rate
page
Mar. 13
Francs
Banque de Parlfl et Dee Pays Baa
Maturity
Exchange.
BOURSE
Mar. 11
Mar. 17
'
Stock
Quotations of representative stocks as received by cable
Quotations for United States Treasury Notes—Friday,
point.
New
"
each day
a
the
1611.
page
Averages—See
on
page.
York
Daily, Weekly and Yearly—See
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
„
May 24 1939—....
0 05%
0.05%
April 26 1939...
May
>
0,05%
0.05%
0.05%
0.05%
Mar. 29 1939——
April
Asked
Securities
Exchange—See following
Transactions
Bid
Government
States
York Stock
Rates quoted are for discount at purchase.
106
d'Electrlclte...,
•
.
101
98
92
510
500
498
488
72
77
"70
68
....
56
.
..
..I.
1596
Mar.
Stock and Bond Sales—New York Stock
18,
1939
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
account is taken of such sales in computing
the range for the
United States Government Securities
Below
furnish
No
year.
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal -point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices Mar. 11
Mar. 13 Mar.14 Mar. 15 Mar. 16 Mar. 17
Daily Record of U. S. Bond Prices Afar. 11 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17
(High
4^8, 1947-52
120.17
120.19
120.20
120.18
120.18
120.17
120.16
120.18
120.18
120.16
120.15
(High
105.12
] Low.
Treasury
Low.
105.9
105.12
105.15
120.17
120.19
120.20
120.18
120.18
120.15
Close
105.12
105.14
105.15
2
*2
6
2
Total sales in $1,000 units...
10
9
1
115.23
rHigh
104.19
104.24
104.25
104.27
I Cl ose
Total sales in
2
38
115.25
115.25
$1,000 units..
High
Low.
115.25
115.25
115.25
1
115.28
115.25
Close
$1,000 units...
1
1944-54..
Total sales in
120.15
m
115,22
mmm
2Kb, 1956-59
] Low
j Low.
104.19
104.21
104.25
104.26
104.20
Close
104.19
104.24
104.25
104.26
104.20
Total sales in $1,000 units...
*5
20
1
17
1
'High
104.18
104.18
104.19
104.21
104.20
104.15
Low.
104.18
104.16
104.18
104.16
104.10
104.11
Close
104.18
104.18
104.18
104.16
104.20
104.11
Total sales in $1,000 units...
1
37
20
74
16
2KB, 1958-63
2Kb. 1960-65
'
Total sales in $1,000 units...
1
High
(High
104.28
104.28
104.29
Low.
104.28
104.28
104.29
[Close
V
104.28
104.28
104.29
1
3
Low.
2MB. 1945
*
2
108.1
mmmm
mmmm
Close
'
■
mmmm
108.1
mmmm
108.1
2Kb, 1948
106.22
106.21
106.21
106.20
106.20
1 Low.
106.22
106.21
106.21
106.20
106.20
106.19
[Close
Total sales in
106.22
106.21
106.21
106.20
106.20
106.19
1
2
5
$1,000 units.
mmmrn
mmmm
m mm m
mmmm
[High
■
(High
3«s. 1941-43
mmmm
106.19
1
1
110.24
110.23
110.24
Olos©
mm + m
mm mm.
mmmm
mm
*110.23
110.24
110.24
1
1
Total sales in $1,000 units...
Low.
Total sales in
107.8
107.8
i Close
3K», 1941
107.9
107.8
107.8
107.8
30
$1,000 units...
107.6
107.6
107.6
107.5
107.6
1
107.5
107.5
110.22
High
110.22
2s, 1947...
6
mmmm
m'm
110.22
110.21
110.21
110.22
110.20
110.21
110.22
.v
7
12
2
8
(High
Total sales in
110.30
110*30
111
111.1
Low.
110.29
110.30
110.29
110.29
Close
3^8, 1944-46
110.29
110.30
110.30
110.30
9
12
10
$1,000 units...
10
mmmrn
104.12
104.16
104.12
104.16
104.19
104.18
m
111.8
111.5
111.1"
111.8
111.5
111.1
111.8
111.5
111.1
(High
111.2
Low.
3 Ha. 1949-52
111.2
mmmm
111.2
mmmrn
(i
lose
Total sales in $1,000 units
mm
'
3
1
1
'
mm
+
mm
mm
m
1
m
11*0*14
mmmm
110.8
-
110.14
10 9" 13
10 9" 13
109.13
109.12
109.12
109.12
109.8
109.12
109.11
mmmrn
103.30
mmmm
50
103.24
103.29
mmmm
6
103.29
mmmm
103.24
103.24
1
5
mmmm
mmmm
108.24
108.24
mmmm
mmmm
108.24
108.24
'mmmm
108.24
108.24
mZmm
,
108.24
108.24
108.24
■
mmmm
*2
mmmm
mmmm
8
mmmm
3
108.9
mmmm
108.10
108.11
108.7
108.9
108.9
mmrnm
108.8
108.5
108.7
108.9
108.11
108.7
108.9
108.10
■mmmrn
4
1
.
12
100
mmm m
mmmm
mmmrn
106.20
106.16
mmmm
109.12
109.12
109.11
36
5
1
2
(High
106.21
106.23
106.25
'106.24
mmmm
mmmm
106.18
106.16
mm-mm
106.18
6
mmmm
106.18
106.20
106.22
106.21
106.19
106.21
106.23
106.21
106.24
15
81
5
37
62
108.27
108.28
109
108.30
108.27
108.27
108.26
108.28
108.27
108.28
108.30
108.30
2
4
16
6
1
mmmrn
Low.
105.23
11
mmmm
mmmm
mmm
mmmm
105.19
105.19
mmmm
5
3
mm
108.6
108.6
10*8.8*
108.3
108.6
108.6
108.7
108.1
108.6
108.8
108.6
108.1
mmmm
10*2*6*
102.5
102.6
102.5
102.4
Low.
102.4
102.4
102.5
102.3
102.2
102.1
102.6
102.5
102.5
7
mmmm
4
102.3
•
2
8
102.2
102.1
13
104.29
5
9
i High
] Low.
104.27
mmmm
mm m
104.29
104.27
mmmm
mmrnm
mmm
104.29
104.27
mmmm
mmmm
$1,000 units...
2
2
.
rmmm
108.28
2
105.25
mm
m
mmmrn
5
105.22
Close
108.28
108.28
m m
mmmrn
105.23
mmmm
26
41
2
mmmrn
mmmm
m
+
m^mmm
108.28
108.28
mmmm
105.25
ubmmm
High
106.16
15
mmmm
105.23
mmmm
2Kb. 1942-44
121
108.28
Low
mmmm
m
106.17
(High
Low.
m
10*5*25
mmmm
Close
Total sales in $1,000 units...
106.17
106.20
mmmm
'
mmmm
10*2*6*
106.21
Low
mmmrn
1
mmmm
High
.
17
I Close
106.22
,
109.11
5
106.20
106.22
J
109.8
$1,000 units...
106.22
High
Low.
'
109.8
109.13
Total sales in $1,000 units...
2Kb, 1945-47..........
Total sales in
$1,000 units..
107.30
Total sales in $1,000 units...
107.29
107.29
5
•
107.29
107.29
25
mmmm
107.29
107.30
Low.
107.29
107.30
(High
2MB. 1948-51
4
-
107.25
Note—The
bonds.
5
Treas.
t Deferred delivery sale.
above
106.14
106.13
106.15
106*14
106.15
106.14
106.12
mmmm
106.14
106.11
106.12
mmmrn
106.14
106.14
106.9
10
55
mmmrn
3
14
Total sales in $1,000 units..
includes
only
of
sales
2%s, 1955-60.
coupon
106.18 to 106.18
106.9
106.14
+
table
Transactions in registered bonds were:
5
Low.
-
■
107.25
[Close
$48, 1951-64..
Total sales in
♦Odd iot sales,
107.25
....
(High
2
104.19
15
103.29
103.30
mmmm
units...
2Kb, series B, 1939-49..
109.13
-
104.20
13
mmmm
1 Close
Total sales in $1,000 units...
J
109.13
104.22
12
10*8*9*
1
110.8
(High
| Low.
2Kb, 1955-60
$1,000
Loan
3s, series A, 1944-52
mmmrn
110.15
2
104.20
mmmm
Close
.
| close
Total sales in
<
Home Owners
mm
110.14
Total sales in $1,000 unus...
8s, 1951-55...
2Kb, 1942-47
Total sales in
mm
110.15
104.19
High
111.3
mmmrn
110.16
mmrnm
mm
104.20
29
mmmm
$1,000 units...
111.3
111.3
mmmm
110.15
1946-48............] Low
[Close
2
Total sales in
*•
25
(High
3s,
-
110.31
mmrnm
104.22
mmmm
Close
3s, 1942-47
110.31
111.5
1
104.20
103.30
mmmm
Total sales in $1,000 units..
110.31
111.5
111.5
6
1
104.19
Close
--
1
m
111.5
$1,000 units...
I
104.20
mmmm
mmmm
•
110.29
Low
111.6
20
104.22
104.21
mmmrn
Low.
104.12
1
104.22
104.17
mmmm
Low.
104.16
35
'
dose
111.5
104.15
104.21
1
mmmrn
Low.
3s, 1944-49
110.29
mmmm
m
104.16
High
110.29
.mmmm
mmm
2
104.18
Close
Total sales in $1,000 units...
.
'
(High
Total sales in
•
110.20
m m
mmmm
1
mmmm
104.22
Close
110.23
mmmm
mmmm
-
li0.22
rnmesm
104.19
Total sales in $1,000 units...
Federal Farm Mortgage
rHigh
2
110.22
110.22
110.22
$1,000 units...
Total sales in
Low.
Close
107
104.19
.
3^8, 1944-64
ZKa, 1943-45"....
mmmm
107
104.15
Close
Total sales in $1,000 units...
107.4
2
mmmm
104.20
Low.
2KB, 1950-52
107.4
3
107
104.16
High
107.4
107.5
107.5
1
.
mmmm
107
-"mmmm
104.16
High
(High
mmmm
3
'
107.2
Close
110.24
3
(High
mmmm
107.29
3
mmmm
107
Low.
Total sales in $1,000 units...
Low.
mmmm
High
2Kb. 1949-53
110.24
mmrnm
'm mm'
-
i
110.23
Total sales in $1,000 units...
107^29
108.1
mmmm
1
mmmrn
Low.
mmmm
m
107.29
108.1
mmmm
Close
Total sales in $1,000 units..
mm
mmmm
137
108.1
mmmm
mmmm
Total sales in $1,000 units...
■
m
151
6
115
8HS. 1940-43
7
-
104.20
115.23
115
[Close
3^8, 1946-56
10540
115.20
115
....
105.15
105.10
105.10
■
mmmm
mmmm
3
.
(High
105.11
105.10
105.15
105.14
mmmm
115.22
mmmm
Treasury
United States
Treasury Bills—See previous
United States
Treasury Notes, &c.—See previous
50
page.
page.
New York Stock Record
LOW
AND
HIGH
SALE
Monday
Mar. 11
Mar. 13
$ per share
$ per share
*63%
64
Tuesday
Mar.
*63
66
*125
133% *125
140
*38
42%
39
42%
*38
39
39
10
10
23%
23%
25
25
*38%
9%
23%
25%
59
59%
1
*%
*68
PRICES—PER
14
$ per share
63%
*125
*38
39.
641?
140
42%
39
10
9%
24
*23%
24
26%
58%
*26
58%
1
1
9%
Wednesday
Mar. 15
*125
*38
38*4
140
42%
38%
9%
978
23%
26%
23%
265s
56i4
58%
1
1
1
*71%
9%
76
*70
*71%
mmmrn
9%
9%
9%
1
1
1
13%
13%
12%
13%
13
1
9%
9
1%
13%
*1
12l2
*6412
*125
58%
mmmrn
....
9%
H8
1312
11%
*38
385s
95s
Mar. 17
6512
140
4234
38&8
23%
800
Air Reduction Inc
%
*71%
78
2,100
Air Way El Appliance.
9
1%
13
1%
13
9,000
12
11%
10%
11%
1,300
11%
11
IH4
HI4
1634
16%
23
23%
1714
22
*69%
45%
*17%
*2
12%
12%
10%
10%
70%
69%
45
45%
*69%
44%
71%
46
45%
18%
17%
17%
*17%
18
*17i8
2%
18%
2
18%
67
2
*15%
66%
66%
*16
66%
20
20
20
20%
16%
17
16%
16%
16
59%
*
934
10%
*57
59
*57
12
1712
173
*10
59
58
58
""406
1,900
200
IIS4
12%
2,700
934
11,500
*69
68%
x44
4438
41%
43
12,600
*17
1734
17
17
400
2
l;ioo
*2
157«
*10
9%
68%
*15%
6538
19%
1434
*56%
15i8
9
9%
171% 173
12%
2
20 i8
7,200
64
10
6934
*15i2
65%
20%
16%
1234
16%
2178
*60
1234
18%
18i2
66t2
20%
9%
175
15%
21
Adams Express
Adams-M 1111s
2
214
18%
*1578
18%
6538
64
64%
19%
19%
800
15%
14%
58
55%
a
par
No par
Corp
10
No par
35% Feb
2
4284 Mar
9
38
2
45
Jan
6
8% Jan 27
11
Jan
4
Mar
19% Feb
3
Feb 15
24
25
Mars 3
27% Jan 5
Wo par
Alabama & Vicksburg Ry._100
Alaska Juneau Gold Min
10
68
Feb 20
9
Mar 15
Allegheny Corp
6H % pf A with $30
53^ % Pf A with $40
100
10
Jan 26
war. 100
9
Jan 26
1% Jan
1478 Jan
13% Mar
8% Jan 26
1234 Jan
_
No par
war.
5H % Pf A without wai-100
$2.50 prior
78 Jan 25
Feb 20
67
Jan
13
Feb
Jan 26
Jan 19
52
3
Allied Stores Corp
Wo par
5% preferred
100
Allis-Chalmers Mfg
Wo par
Alpha Portland Cem._No par
Amalgam Leather Co Inc
6% conv preferred
15
3,300
American Bank Note
Am Agric
70
6%
n
Wo par
Chem(Del)-. Wo
preferred
New stock,
1
50
r
par
10
50
Cash sale,
x
8% Jan 24
170% Jan 24
11% Jan 13
liag Feb 1
8% Jan 26
61
Jan
39%
15%
178
17%
60%
19%
137g
Jan 26
Jan 24
9
Jan 13
Jan
4
3
13%
Jan 21
Jan
4
11% Jan
Jan
24
Oct
30
Aug
677g Nov
1% July
6.% Oct
%
Feb
'%
Jan
%
Jan
1
17% Jan
17% Jan
21% Nov
2934 Nov
Mar
28
May
4% Mar
124
Mar
7
Mar
8% Mar
4% Mar
38
Mar
48% Jan
Mar
34% Mar
11% Apr
1% Mar
197g Jan
2% Jan
28
May
14% Aug
197
Oct
1234 Oct
14% July
13% Nov
70% Oct
5534 Oct
20
3%
Oct
Oct
Jan 20
10
Mar
24
Jan
55
May
78
July
24% Jan
1734 Jan
3
3
3
22
Dec
10
Mar
28% Oct
23% July
60
6
46%
Apr
63
19
Feb 24
69% Jan
Feb 16
y
Oct
Oct
«
1234 July
884 Mar
5% June
734 June
14% Sept
13%
70
Aug
52
5
Jan 19
11% Jan
193
% Mar
Nov
45
6% June
Mar
Jan 23
Jan 26
55% Mar 17
Ex-dlv.
19
May
share
pet
61
12334
7g Mar
28% Jan
52
Allied Chemical & Dye. Wo
par
Allied Kid Co...
5
Allied Mills Co Inc
Wo par
14% Mar
16% Mar
10
1% Jan
June
6% Mar
68
20
4
18
Highest
share I
36% Feb
119% July
30% Mar
40
pref.Wo par
conv
per
4
3
Alghny Lud Stl Corp..Wo par
Alleg & West Ry 6% gtd.,100
Allen Industries Inc
1
19%
56%
MarlO
65% Jan
Amerada Corp
Def. delivery.
Lowest
I
6434 Mar 15
130
54% Jan 26
84 Jan 30
2,100
1,100
'
t In receivership,
Jan 27
Feb 18
No
Address-Multlgr
1,100
1,100
9%
2
66%
64
4,200
I284
2
Bid and asked prices; no sales on this day.
2134
*60%
10
10%
69%
12
20
*57
*912
175i4 177
*1012
12%
12l2
1234
934
10%
6934
6934
43l2 45l2
2%
*15%
66%
23%
*61
**8*306
II84
16%
22I8
*9%
10%
177% 179
1
9%
1%
in
11
*63
9
13%
19%
*1114
*84
♦71%
9%
*16%
-
3,800
3,800
*16%
—
400
5634
18%
23%
10%
178
178%
12%
12%
13
12%
38%
600
55
126
No par
25
24%
12%
23%
Abraham & Straus
Acme Steel Co
9%
*36%
$ per share
100
4234
*38
Highest
$ per share
No par
pref
54%
12
»
conv
24%
12
*9%
4H %
57%
12
23
Abbott Laboratories
56%
12
*64
500
140
26
11
►
62%
Range for Pretious
Year 1938
of IQ0-Share Lots
Lowest
Par
23
12%
10%
181% 182
*12%
12%
12%
13%
10%
10%
62%
*125
On Basis
Week
Shares
9
12%
10%
per share
Range Since Jan. 1
YORK STOCK
EXCHANGE
23
12
*65
NEW
the
978
11%
17%
9
'
STOCKS
Sales
23U
26i2
*23
12%
12%
Friday
Mar. 16
$ per share
%
1
*17
CENT
Thursday
$ per share
64
64%
26%
58
9%
*12
SHARE, NOT PER
for
Saturday
Ex-rights.
Jan
^ Called for redemption.
Nov
Volume
LOW AND
New York Stock Record—Continued- Page 2
148
HIGH
SALE PRICES—PER
Sales
STOCKS
for
NEW YORK STOCK
the
SHARE, NOT PER CENT
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mar, 11
Mar, 13
Mar. 14
Mar. 15
Mar. 16
Mar. 17
9 per share
S per share
8 per share
Shares
6%
49
6%
49
132
*6%
48%
6%
48%
t per share
6%
6%
48%
share
6%
6%
47% 48
5 per
48%
6
6%
6%
6%
47
47 »$
45%
40%
132
*131
140
*131
140
131
131
140
131% 131% *131
95*2
95% 95%
9334 94%
91% 92%
91
90
91
91%
17218 *170% 172
169% 170% 171% 171% *1683$ 172
170% 170%
29% 29%
28% 28%
2834 29%
26
2634 28%
2634
26% 277$
49
49
48% 48%
48% 48%
43
45
45
46% 4734
44%
22
221
22% 22l2
2134 22%
21% 22%
21% 21%
1934 21
*113
II6I2 *112% 116% *113
116% *112% 116% *110
116
*100
116
*120
121% *120% 121% *120
120
120
121%
120
120
119%120
•
*
17*2
17% *—
17%
17%
17%
17%
*8
*81$
8%
8%
8%
8%
7%
8
7%
7«4
7%
7%
9
9
934
9«4
9
9%
9%
9%
*9
9%
87$
9
9
9
9%
9U
*884
9
9%
9%
8%
87$
64i.i
64%
6434 651
63
6484 05% *63% 037$
637$ 037$
637$
4
4%
4
43$
4%
4%
4%
4%
4%
4%
4%
4%
*7
*6
9
8I4
884
*6%
*6%
8%
8%
*6%
83$
*6%
3
33s
3
3%
*3
3%
3
3%
3%
3%
3%
27$
193$ 2012
1934 20
18%
19%
18
19% 19%
18%
18%
17
9
8
9%
87$
87$
87$
87$
8% * 8%
*8%
8%
7%
1,600
1,600
3,300
6,800
14%
*434
*32i2
46is
1»4
17
*7
16%
14%
47$
34
46i2
1*4
17%
27
7%
27%
72
72
14%
»334
38&$
143$
41$
383$
124
*117
257$
61$
491$
44
17
26
63$
4934
4434
171$
162
*159
187$
651$
151$
*17
1914
655$
15%
171$
1534
♦14%
157$
14%
434" 434
*32% 34
I4634 46'4
134
I84
I684 17
07$
67$
26
26%
*68% 72
*14% 14%
*334
4
38% 39%
*117
257$
6%
49
43%
16%
124
257$
6%
49%
44%
107$
♦159
"""500
*25%
0%
48%
43%
10%
6%
24%
*68%
13%
*35$
37%
124
*117
28
25
17
034
26%
71
14%
37$
383$
124
46%
40«4
153$
44
I684
*159
3%
37
*117
25%
6
6%
49
13%
63$
48%
43%
16%
....
*25
17
66
40%
42
15%
15%
64
04%'
14
13
2O84
81
13
18
18
*171$
18%
1667$ 169
1681$ 170%
*837$ 85
84% 84%
87
87
87
87%
*150
*150
151
151
*7
7%
684
7
13% 137$
13% 13%
100
931$ 931$ *94
'■
684
684
634
57$
39% 3934
40% 407$
*61$
6%
6%
6%
"
♦27
28%
*50
19
36
287$
52%
197$
*27
*25
30
28%
29%'
51
51
19%
113
113
114
114
*113
*12
13
*12
13
12
*28
28
287$
50
50
,
28
*60%
*19%
15%
16%;
19%
36,200
16:706
1784
64%
14
1,700
1,100
17%
158%
I5O84
149
837$
86
0%
12u
5'
*28
32
2884
26%
52
*60
80
47%
48
1234
127$
47% 48
12% 127$
V 91$
97$
♦83% 105
9%
9%
*50
471$
1234
91$
48%
1234
91$
85
85
10
10
9%
9%
*83% 105
9%
9%
*77
88
*77
88
*77
*52%
56
367$
*53
56
*35
357$
♦53% 68
*35% 357$
*95% 103
*95% ,100
37% 38%
*35
103
*96
*96% 100
38% 387$
70
70
24%
8%
16%
22%
24%
834
16%
*90
103
♦90% 100
37% 38
*69
24
884
16%
70%
24%
70%
87$
1084
22%
9%
22
22%
*108
108%
*]107% 109
8%
8%
8%;" 8%
*47
47%
*62
*61% 64%
*123
126%
*123% 126
6
6
*534
0
41$
4%
4%
*4%
*3
*3
3%
3%
47%
64%
28
28
47i4
*26
6%
634
0%
1534
157$
15%
634
8%
7
7
8%
87$
29%
6%
1534
67$
8%
24
19%
11
24
24
76
1934
23
*73«4
75
75%
11
*32
—
17%
20%
17%
2034
*19
11%
*32
19%
H%
34%
17
17%
20%
207$
*29%
123
123
*8%
*72%
261$
*52%
57
73%
177$
*114%
267$
834
74%
27%
21%
52%
57%
747$
177$
114%
27
8%
*123%
8%
8%
74% *72%
25%
20%
21% £20%
125
*72%
25%
21%
52% 5284
56%
57
72% 73%
177$
18
113% 114
*26% 2634
22
22
22
15
147$
23
23%
45
29
267$
*22
147$
23%
*43
45
*26
*
277$
*25%
28%
20
90
8%
78
64%
*35%
*95
2:52
8%
74%
26%
20%
52
57
57%
72
73%
*17%
177$
113% 114
2634 2034
2O84 2O84
14% 1434
22
*43
277$
2:25%
47
47
45
12%
10
*82'
9
9-
*78
84
53%
*35%
*9484
*90»4
53%
35%
95
103
95%
36%
37%
30
69
708$
23
*07
10
16%
1934
19%
22%
9%
167$
20%
17
22
45
28%
25%
9%
*78
*62
6
*37$
3
*28
0%
18%
16%
197$
A P W Paper
900
Archer Daniels Midl'd.No par
80
100
Armour &Co(Del)pf7%gtd 100
11,000
Armour & Co of Illinois...—5
300
19%
*991$ 102%
100
*29
45
*38
2784
29%
25%
25%
this day.
28%
25«4
3,100
6,200
,20
5,700
10
190
13,700
•
900
3,600
2,000
2,000
4,600
200
8,400
"
700
19%
100
—
45
287$
25«4
1,000
800
90
17,700
24%
1,100
71
Copper Mining
—20
Co
...No par
7% preferred
.....
36 conv pref...
100
.No par
100
7% preferred...
Armstrong Cork Co....No par
Arnold Constable Corp.....5
7% Mar
2284 Apr
28% Mar
41
13%
14%
22%
917$
18%
170%
17
Jan
103
10
18
130
4
Mar
4584 Apr
Jan
155$ Mar
6% Mar
Feb 20
Feb 18
Jan
jau
Jan
Mar 11
111
Mar
'87% Jan 19
58
Mar
_
$984^jan 16
153"^ Jan 24
8%
146$
03%
684
43%
784
33
Jan
_
12
Dec
125$ Mar
6884 Mar
130
Apr
37$ Mar
6
Mar 10
Jan 31
.
.
5% pref with warrants..100
35 pref without warrants 100
Atch Topeka A Santa Fe.. 100
5 % preferred
100
Atlantic Coast Line RR.,.100
Jan
Jan
1,200
*98% 102%
100
....
"""166
1,500
28",806
2,200
600
2,300
37$ Mar
28% Mar
4
50
Mar 17
45
58
Jan
4
24% Mar
5% Mar
2% Mar
Jan 12
95
.
13
Mar 15
77$ Jan 26
70
Jan
5
6
Mar ll
10% Jan
78
£52
May
51% Feb
1
54% Mar 15
48
bee
33
Feb
7
30
Feb 27
27
Mar
90
Jan
9
90
7
72
Mar
90
Jan 18
72
Jan
Mar
.5
.No par
35 preferred w w
Beech Creek RR
.100
25
..No par
priorpf32.50div ser'38No par
Best & Co....
-No par
800
5% preferred.—.—..—.20
7% preferred...
100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Blaw-Knox Co ........No par
Nov
0
Dec
95
Nov
95
Nov
Jan
11
Jan
.
3
18
Mar 15
3% Jan
6
3
28$ Jan 24
23
Jan 24
0
Mar 17
12% Jan 26
5% Jan 23
684 Jan 23
20% Feb 15
70
Feb 11
15% Jan 26
Jan 11
30% Jan
,87
21
Jan 11
Jan
5
9% Feb 10
13
Jan
5
30% Jan 14
33
Feb 28
148$ Feb 21
198$ Feb 24
Jan 26
21% Feb 18
11434 Jan 16
2084 Mar 4
18
114
Jan
3
17% Jan 26
98% Jan 20
100
Feb 24
3
28
Mar
3
Jan 24
125
Jan
4
87$ Jan
735$ Jan
2984 Jan
21% Mar
5284 Mar
57% Mar
20
25
3
11
13
Mar
77$ Jan 24
Jan 11
Jan 26
72%
2284
187$
51%
Jan 26
Feb 18
Jan 28
49
60% Jan 26
16% Jan 26
106% Jan 26
22
Jan 26
171$ jan 26
80
18
115
27
Jan
11
4
Jan 11
Jan
7
Feb 28
19
Feb 23
Feb 17
44
24% Jan 24
22% Jan 26
Cash sale,
13
77% Deo
12% Nov
75
Aug
73% Sept
39% Nov
Deo
43
r
Jan
30
Boeing Airplane Co.—
5
Bohn Aluminum A Brass..-.5
n New stock,
July
Mar
Bloomlngdale Brothers.No par
Blumenthal A Co pref—100
a Def. delivery,
7
72
941$ Jan
59% Deo
14
300
l,4p0
•
30% Jan 3
10% Mar 14
Jan 26
20
ie'ioo
45
31% Aug
122% Oct
1037$ Oct
72
Mar
22% Jan 3
1784 Jan 4
23% Mar U
1,000
3,100
42% Oct
6484 Oct
217$ Aug
113% Oct
20% Oct
4% July
May
28
Beneficial Indus Loan..No par
Nov
Oct
July
4Q
121
5
9%
43
9
20
Belding-Heminway—No par
Belgian Nat Rys part pref...
Bendix Aviation
7% July
45
71
50
Beech-Nut Packing Co.
Dec
9% Nov
10% Nov
91
Aug
69% Jan 26
6% Jan 5
46$ Mar 10
37$ Jan 6
30% Jan
87$ Jan
117% j&p.
884 Jan
10% Jan
1st preferred..
Beatrice Creamery,—
152
447$ Nov
Jan 26
Bayuk Cigars Inc
Oct
Jan
117% Mar
120% Oct
1.50% Deo
88% Aug
91% Oct
22% Mar
*5
Barnsdall Oil Co—...
Deo
96% Mar 10
427$ jan 4
127
50
Deb
31% Jan 26
Jan 26
5X% preferred...
Nov
Mar
122
...—100
72
4
5% conv preferred——.100
Atlas Tack Corp......No par
tAuburn Automobile—No par
Baltimore A Ohio
Mar
3
Mar 15
Jan 24
35 prior A
..No par
Aviation Corp. of Del (The) .3
Baldwin Loco Works V t c—13
Mar
4
57
——No par
July
6
...No par
Austin Nichols
Apr
116
Jan
Jan
Atlas Powder.
Mar
Jan
44
preferred...
Mar
2
52
...50
0%
10
65
Jan
19
31
Apr
3% Mar
235$ Mar
20
Nov
July
Jan
4084 Dec
II84 Jan
Mar
Jan 26
23% Jan 10
110 - Jan 18
87$ Jan 5
47«4 Mar 8
6684 Jan 3
Bethlehem Steel (Del).No par
800
484 Mar 17
44
65
£207$ Feb 20
106% Feb 28
77$ Jan 24
60,400
900
103% Jan 10
6% Jan 4
Jan 30
5% preferred...
..100
Atlantic Refining
..——25
4% conv pref series A... 100
Atlas Corp..—....
—.5
8,600
3,300
19%
101
6% Jan 26
16%
10
Jan 31
156$ jan 15
2% Jan 9
29i$ Jan 6
121% Jan 4
Oct
Nov
Oct
Jan
61% Dec
150
4% Mar
25
Mar
11% Jan 26
2% Jan 26
2484 Mar 17
119 Mar 17
Atl G & WI SS Lines—No par
Barker Brothers..—..No par
70
114
140
68
Jan 10
Jan 10
Jan
Nov
23% Nov
35% Jan
68% Nov
June
19% Dec
82
Jan 20
10% Jan
20
t In receivership,
3
10
6
85
400
24%
Jan
34% Mar
536$ Jan
135% Mar
64% Mar
151% Jan
Jan 26
2,600
277$
25%
Dec
Jan 23
984
27
Mar
12
8
17«4
*38
68
73
32%
*29
Mar
1
preferred..—
—100
Associated Dry Goods— ——1
0% 1st preferred
100
7% 2d preferred
'i'.
100
Assoc Investments Co..No par
7%
934
19%
9
H884 July
13% Mar
4
Artloom Corp-——...No par
32%
*123% 124% *122% 125
*122% 125
8%
8%
8%
8%
8%
8%
♦72% 74% *7134 74% *71«4 74%
25% 25*4
25% 267$
23% 25
20% 2O84
20% 20%
197$ 20%
52
52% 52% *51% 52% *51
55
50
50%
50% 57% ♦50
70
73%
09% 70«4
66«4 687$
17%
1784
1784 1784
17% 17%
112
114«4 112
*113% 114% 113
25
25
26% *25% 257$
25%
20
20% *20
207$
I884 19%
14
13
1384 14
14%
137$
*20
23
2284 *19
2234 *20
*39
"moo
24,400
9,700
2,500
1984
08$ Jan 26
16% Mar
Jad 23
Andes
14%
6%
77$
113
4
Mar
111
50
4% preferred,..!..——.100
Bangor A Aroostook50
Conv 5% preferred—..,100
Barber Asphalt Corp—lO
16
18% Jan
162
3% Mar
19
Mar
6%
19%
0
May
28
all3
Feb
IO84 Mar
97
Apr
*25
16%
20
7
4984 Mar 11
4484 Mar 11
29
3
...
Oct
Nov
29%
7%
47%
41%
19%
165%
24%
8O84
207$
21
37$
17
45
122
Mar
647$ Jan
3
11
Mar
36% Jan
37$
18%
4
Nov
17% July
5% Jan
20
20% Jan
4%
34%
Jan
884 July
79
99% Mar
Jan 26
500
*10
57$ Jan 27
11% Jan 26
20% July
30% Dec
3
Jan. 26
6
*32%
Mar
80% Jan 26
83% Jan 26
147
Jan 4
Nov
45% Deo
2% June
Jan
Jan 26
0
71
17
149% Jan
Nov
67$ Nov
Jan 24
17
6
73
23
15
30
122
45
30
2484
73
Feb 27
1284 July
207$ July
z26
26
123
•24%
29% Jan 26
8% Jan 4
Mar
2% Mar
AnchorHockGlass Corp No par
$0.50 conv preferred-No.par
123
6
Amer Zinc Lead A Smelt—1
10
Anaconda Copper Mining— 50
Anaconda W A Cable..No par
500
7%
24%
6%
Jan
June
30
02
8
—
100
10
6
Am Water Wks A Elec.No par
300
9%
13%
Jan
Jan 27
96
6%
1484
0%
8%
14%
60
150
Mar
Oct
Nov
Mar
12% Mar
44
'
2I84
3%
29
Common class B..—....25
734 Jan
30% Jan
79% Jan
1534 Jan
4% Jan
40% Jan
303i
1%,
13%
4%
4,700
60%
12484 12484
25
467$ Mar 14
17$ Feb
18% Feb
90,500
1,100
3584
00%
American Tobacco
Mar
20
Jan 24
41% Jan 26
129% Feb 17
Mar 17
100
*15
Am Sumatra Tobaccoi.No par
Amer Telp & Teleg Co.... 100
7% Nov
6% July
25% Feb
Mar
13«4 Jan
5
100
8
Preferred—..........ICO
2
12
4
30
300
2O84
Amer Steel Foundries..No par
American Stores...... .No par
2
3
6
82
85
65
..100
5% Feb
34% Feb
Jan
.
5% Mar
7
Nov
0% July
Mar
Jan
15
2284 Jan
72% Jan
15% Mar
Jan
10% Jan 26
62% Feb 20
$6 1st preferred—No par
54
68%
22%
97$
Jan 20
14
American Woolen...—No par
Preferred
100
35%
9484
34
32% Jan 26
8% preferred....--.--,100
Am Type Foundries Inc...-10
54
*93
03
160
6% preferred
4
95 prior conv pref—...25
9%
96
3684
17
Preferred
.... ——100
American Rolling Mill.....25
4M% conv pref........100
American Safety Razor..l8.50
Jan 12
13
35%
9484
5% Jan 30
19% Feb 11
75% Mar
96
8%
Jan 14
100
27%
2184 22
21% 2I84
IO884 IO884 *108% 10934
8%
8%
77$
8
46% 46%
46% 46%
*113
20
12
Jan 26
23
1,200
2,800
3,500
6
32
461$
12%
9%
32
120% Jan 25
American Stove Co....No par
75
*82
9%
78
95
22%
9%
1034
1284
10%
90
54%
35%
*29
125""
Bid and asked prices; no sales on
127$
934
*80
48%
13
10%
*50
3% Jan 27
American Sugar Refining—100
1,300
21,600
47
75
21% Jan 26
500
197$]
*50
*113
*29
*122
15
28%
17%
207$
*19% 20%
*99% 102%
22
*43%
17
20%
20%
*985$ 102%
a:20
47
80
17
17%
18
22
22
22%
22%
108% 108% *108% 109
8%
8%
8%
8%
46% 45%
*46% 47
64
64
*60% 63
125
*123
125% *123
6
65%
5%
384
3%
4%
4%
3%
3%
3%
3%
25
29% *25% 287$
6%,
6%
15%
I684
14% 15%
0%
07$
6%
8%
8%
81$
8%
24
24
24.
2484
7334 7334
*73% 75
19
19%
18% 18%
11
10% 10% *10
*32% 34% *32% 34%
*30
20% 20%
*99% 102%
21%
70%
24
10%
*113
*113
*113
24.
84
*50
43% Jan 27
100
37
584
9
3,500
1,300
1,200
15,300
1,600
2,800
837$
17%
102%
837$
8684
15084
0%
12%
5%
36
Jan
16% Jan 27
8,000
2,400
*92% 100
5%
38%
6%
Mar
38
Preferred
..........100
American Snuff.
25
Jan
Jan
May
16 preferred
No par
95 preferred——No par
Am Rad A Stand San'y. No par
50
July
97$ Nov
I684
9
29
300
Oct
20
15
10
American Seating Co...No par
300
Dec
125
83
16% Mar H
Amer Ship Building Co.No par
Amer Smelting A Refg.No par
137% 135% 135%
63% *63>4 641$
150% *—.150%
301$ 32%
33%
11
10% 11
13
*12% 13
20
20%
20%
67«4 Nov
238$ Nov
117
Mar
Jan 27
12
13% Feb
4% jau25
700
16,800
176% Nov
347$ Deo
'
230
10%
33
45%
07$
13
100
Light—No par
9
2% Mar
13% Mar
Jan 25
.
Aug
Oct
105%
8% Mar
671$ Dec
36$ Jjn 20
20% Mar 11
984 Jan 5
13
-.100
Feb 16
Feb 21
6
Jan 26
No par
Nov
135
Mar
9% Mar
89% Feb
88% Mar
131$ Sept
4% Mar
27$ Jan 26
15>4 Jan 26
7% Jan 24
66
Amer Power A
6,300
9,500
32
18
27
884 Feb 24
11% Jan 5
10% Jan 4
66
52
2% Mar
......-.100
13,500
,
74
*50
Preferred..
0% conv preferred
*2
3
*2
3
2%
2%
*2%
3
*21$
3
*2»4
2%
25
26
26«4 *26% 27
*247$ 25
2634 26*4 *26
2484 25
120
120
*120% 121
*120%
120% *119
119
119
*120%
*101% 103
*101% 103
101% 101
*101% 103
*101% 103% *101% 103
5
5
5
5
5%
5%
484
5
47$ .5
5%
5%
*45
*45
47
47
45
46% *45
46%
*461$ 471$ *46
44
80
6% non-cum pref...
100
Amer Internet Corp...No par
American Locomotive..No par
American News Co
43%
164%
8484
87
Jan
53$ Jan 4
6% Jan 26
1% Jan 24
14% Jan 23
6
Jan 30
.No par
13,300
33
83
Feb 11
American Ice....
"""250
46%|
84
01
30
Amer Mach A Metals—No par
Amer Metal Co Ltd—— No par
4984
18%
I884
114% 3111% 111% *112
114%
11% 11%
11%
11% *11%
13
19%
19
114% *113
12
28
'
6% Jan 13
884 Feb 21
8% Jan 26
50
American Home Products... 1
6
63
14%'
81
6% preferred.
...
14%
20%
97 2d preferred A....No par
600
46
41%
15%
1484
643$
14%
14
2,400
2,300
1,100
1,900
9.900
,*159
14%
791$
400
37
40
Mar
Amer A For'n Power.—No par
97 preferred........No par
5,500
1,700
25%
5%
44%
Apr
Jan
160% Mar
125$ Mar
7084
24% Jan
115% Mar
12234 Jan
"5:106
124
25
Feb
116
114
share
14% July.
634 Mai
23% Mar
Jan
55
384 Jan 27
800
34%
112
35
Jan
American Encaustic Tiling— 1
Amer European Sees ...No par
•1%
♦117
124
19
Jan
178% Feb
2,500
1,700
64%
201$
Corp,. 26
3%
14%
79
Am Confm'l Alcohol
American Crystal Sugar.... 10
6% 1st preferred——..100
1384
65
20
900
300
American Colortype Co....10
3%
14%
133% £33%
*6334 64%
*150%
34%
34% 34%
H7$
11% H84
No par
13%
45%
17
17
*16% 1716%
33
33% 3334
3234 33
46% 47%
455$ 467$
45%
*134% 135% 134% 134% *135
64
64
6384 63s4
63%
*150%
*150%
150%
32% 34%
3334 34%
32%
11
11% 117$
11% 11%
*12% 13
*12% 13
*12%
20
20%
20% 20%
20%
81
84'
81%
81% 827$
18
1734 17%
177$
177$
2164
165% 162% 165% 161%
84% 85
84%
84% 85
87
87%
86% 87
8584
*150
151
*150
151
*150%
684
684
*6%
67$
*6%
13
13%
125$ 13%
12%
*94
100
*94
100
*92%
5%
5«4
*5%
5%
*5%
38
39% *38
39% 39%
6%
6%
6%
0%
6%
American Chicle
Amer Macb & Fdy Co—No par
65
17%
1,000
66
15
*17
TmO
6%
24%
*159
American Car & Fdy—No par
Preferred...
........100
Am Chain & Cable Ino. No par
167% Mar
24% Jan
'
41% Jan
Highest
$ per share 9 per
Am Coal Co of Allegh Co NJ 25
17
6%
23%
25%
6%
46%
6.
Feb
.100
....
8
Lowest
54% Jan
132% Mar
100% Jan
,
Feo
American Hide & Leather... 1
684
25%
68%
14
384
38%
1%
534 Jan
42% Jan
88
1,800
48
9 per share
129
36 preferred........No par
46%
17$
18
3 per share
_2£
Preferred
Year 1938
Highest
.100
pref—
4%
31%
46%
4%
15
151
631$
19%
3884
*117
7%
17$
*17%
034
24%
68%
conv
Amer Hawaiian SS Co..... 10
31%
10%
*63
30
14%
384
17
26%
71%
14%
384
39%
46
&X%
American Can
600
33%
18%
151
19
71
46%
17$
17
.1
3,800
13%
177$
47%
29
07$
4%
♦31%
4%
*34
Corp
15
13%
14%
15
14%
4%
18%
3334
*501$
17
26
4%
34%
46%
17$
14%
18
46%
3434
467$
17$
*14
I884
3334
*291$
46%
17$
14
18%
487$
1371$
641$
*12
34
*159
34
117$
34
16
'
187$
65
48
34%
*4%
15
14
1534
14%
47$
18%
643$
34
*133
15%
*14
American Bosch
Am Brake Shoe A Fdy. iVo par
5% preferred..........100
_
157$
Par
500
5,100
1,100
Range for Previous
<
Lots
.
Lowest
120
95%
*170
-
Raitge Since Jan. 1
On Basis of 100-Share
Week
$ per share
1597
Jan 27
13
x Ex-dlv.
,
y
Feb 24
3484 Jan
28% Ian
Ex-rights,
3
3
4% Mar
6% Mar
1784 Mar
1017$ Apr
684 Mar
3884 Mar
36
Mar
105
Jan
4% Apr
2% June
2
Mar
12% Mar
2% Mar
5
Mar
4
Mar
8% July
14% Jan
27% July
109% Aug
9% Jan
48% Aug
08
Nov
126% Dec
8
Nov
6% Jan
6% Dec
368$ Deo
8% Deo
17% "Deo
ll
July
I384
6% Mar
2484 Dec
36
July
82
98
July
Dec
12% Mar
23'$
Jan..
Oct
Mar
14
Oct
216$ Mar
34
Nov
5
10% Mar
9
21% July
Mar
21
Nov
Apr
11% Mar
90% Apr
25
Apr
941$ Apr
534 Mar
67
Sept
8% Mar
15% Mar
115
Jan
109
207$ Mar
3984 May
1234 June
75
Mar
17% June
984 Mar
10% Mar
13% Apr
37
19
May
Sept
15% Mar
191$ Dec
102
Oct
30% Mar
117
Dec
9
July
83
Jan
301$ Dec
21
Dec
50
Nov
787$
Dec
18%
1147$
2984
24%
1984
21%
Nov
55
Nov
Oct
Nov
Nov
Oct
July
357$ Deo
30% Oct
f Called for redemption.
New York Stock Record—Continued-Page 3
1598
LOW
HIGH
AND
SALE
PRICES—PER
SHARE,
Monday
Tuesday
Wednesday
Mar. 11
Mar. 13
Mar. 14
Mar. 15
? per share
$ per share
109
21
234
20%
7%
14%
28%
38%
2*4
♦25*2
*7*8
14
28%
*37%
31%
30*2
21%
3178
234
2%
2%
26
26
7%
7%
14
28%
27%
38%
*38%
40*2
39
4034
46
1%
8*2
11%
*1*2
8%
1078
37%
17*2
34%
13%
*1%
1%
8%
11%
39%
8*2
1%
8*2
11%
38%
18%
*34%
11%
39%
18*2
1834
*34%
30%
1234
12
♦99
104%
12%
48*2
4:%
33%
2634
2034
27%
14%
17
17%
*134
♦1034
2
14%
11%
9
17%
33%
27%
1434
17
17
2
*134
2
87S
8*2
834
8*2
8*2
2234
22%
22*2
4
4
334
378
*334
*10%
34l2
15%
18%
*48%
2234
3%
334
334
3434
15*2
1834
50%
18%
*48*2
1
1
1
1
11%
11
11
*3434
35%
35
35
16
10
1584
16%
19
19
19%
1
50%
1%
7%
16
16*2
16
16%
19
18*2
1834
18%
1834
7%
♦45
49
5
5
34%
7
1%
*45
49
34%
6*2
42%
82%
18%
3%
'
42*2
*39%
83
*83
18%
*18%
94%
94%
3%
*118% 124
54
55
*110
53;'4
*95
22%
*92%
17%
*71%
4
110
734
101
101
*95
*95
101
44%
42%
43%
1134
40
11%
11%
44
45
11%
45%
*103
108
*103
*95
108
27
27
108
*934
28*4
*27*2
28
10%
10%
*23%
37*4
25
26
39*2
*88
39%
89
*•%
38
3834
89
*2 34
3%
lo
%
"
1234
*2%
12%
**8
%
*%
%
34
7S
2%
*2%
17%
38%
5S
2%
17%
2%
17
39
49
*9
*1234
11
*29%
83%
17%
*47
48%
**2
N
*%
1%
1
1
934
9%
13*2
11%
*1234
10%
*29
30
84%
*9
9*8
11
11
*1034
*81*2
58
*52
62
*68
3%
29%
*44
25
74
*68
51%
29%
79
..
51%
30%
*133
145
130
130
*6134
*1000
62%
....
*
35%
103%
~*7~
24
*19
20
600
Cannon Mills
7%
*0%
7
200
Capital Admin class A
49
Canada Sou Ry Co
12,300
434
74
29
78
5034
£29%
♦133
.
200
500
.
*
43*4
41%
.
234
2%
2%
*%
2%
%
2%
*•%
2*2
12%
12%
12%
%
2%
12%
%
%
%
<%
%
%
900
%
3,800
12%
%
%
%
%
*%
%
%
,
*2%
16%
*37%
17
16%
39
*37*2
39
*47
48%
*47
48%
%
%
2*2
15%
*36%
*46%
%
2%
*%
2%
%
1%
1%
*%■
1%
1
1
*%
9
%
1%
1%
24
20%
'
2,700
300
47
1%
*%
11
9%
12%
10%
100
%
....
12*2
*29
11
10%
32
3%
*69
*334
23%
23%
74
*
£50%
*68
2,600
-
-
28%
*76*2
*50%
29%
-
-
10
96,600
6,700
380
10
3%
800
23%
,
2,100
74
*68
.....
112*2 113
28%
27
-
93
2734
*44
50%
.
100
.
47%
......
7~800
49-
27
2934
1,600
93
*76%
....
230
-
28%
13,600
135
135
*133
30
128
142
127% 127*2
6134
6134
.
22
115
*44
-
32
3*2
74
115
52%
3034
29%
*29
4
24%
24
128
*127
128%
61%
61%
500
*60
*1000
6134
.....
200
*1000
35*2
33%
34%
104% *102% 104%
197g
17
17
32%
*
33*2
104
*7
24
"*7~
24
19%
*1734
18*2
7
16*2
16%
30*8
*
S^OOO
100
32%
4,900
104
~*7~
110
24
17%
*1634
17%
17
16%
1634
*88*2
90
*89
91
*89
91
89
89
*89
89%
88
89
600
*1234
13%
*13
13%
12
12%
11%
12
1,500
30%
*30
12%
29%
12%
*30
1234
30*2
8%
29%
*29
30*2
28
29
500
638
*7
8
*7%
8
7%
*5*2
7%
*5*2
*17%
17%
8%
*89%
18
17%
838
5*2
17*2
17%
8%
90
90
80
80
*80
54%
55%
*109
58
110
58%
54%
*109
57%
*107% 110% *107%
11%
12%
11%
1%
134
1%
63% 6334
63%
28%
28%
28%
6%
17*2
30%
8%
90*8
12%
*29
77g
6
8
7%
90*2
55
7%
5%
*5%
6
7%
7%
6%
7
*5*9
7
5
5*2
90
16%
17
1634
1,200
1,075
8
17
7%
734
81
♦Bid'and asked prices; no sales on this day.
800
17%
5%
7%
91
*77%
54%
17
6
7%
1634
7%
91
91
90% 91
87
89*4
*75
81
*77% 81
*75
81
54
54%
54
54%
5334
53
51%
112
*109
110% *109
111% *109
110% *109
110%
57
57*2
57*4
57%
58%
57*2
58*8
55*2
5634
110*2 *107
110% *107
110% *107
110% *107
110*2
12
12%
1134
1134
11%
11%
11%
1034
11%
134
1%
1%
1%
1%
1%
1%
1*2
1%
61
6334
62%
63*2
63%
60%
59
61%
57*2
28%
28%
28%
28
2734 28%
2734
2734 ,28
81
12214 Mar
6% preferred.
100
;
Celane.se Corp of Amer.iVo par
100
7% prior preferred
Celotex Corp,
...No par
5% preferred
100
Central Agalrre assoc.No par
,
Central Foundry Co
.1
Central 111 l.t 4H% pref...100
Central RR of New Jersey. 100
Central Violet a Sugar ( o... 19
Century Ribbon Mllls.A'o par
Preferred
'
..100
.1
100
6% prior preferred
...
Preferred series A
..100
JChlcA East ill Ry Co
40*4
PI4
Jan 23
Jan
89
Feb
8
Jan 26
19i8 Mar 17
312 Mar 17
110
Jan
3
Jan 12
9
4
Jan
I00tg
5
3
5% Mar 11
6% preferred
.100
JChlpago Great Western.. 100
4% preferred—
100
Chicago Mall Order Co
5
JOhlc Mil St P & Pac._Aro par
5% preferred
99i2 Jan 25
23% Jan 27
J In receivership.
•
2U Jan 30
3« Jan 4
2i2 Mar 17
11
38 Jan 3
84 Jap 28
%Mar 10
2i2 Feb 17
1
a Def. delivery.
93g Jan 26
Feb 23
28
958 Jan 24
100
*4 Nov
68 Dec
% Dec
4
2
54
5
No par
Collins A Alkman
..No par
5% conv preferred
Colonial Beacon Oil
100
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
Jan
80
Dec
Mar
60
Feb
2
Mar
ser
105g Mar
69
Feb
4
70
Nov
75
115
Feb
9
106
Apr
1
29*2 Mar 10
7434 Jan 23
78
Mar 13
43
Mar
Jan
3
475s Mar 17
2334 Jan 26
3
60% Jan 5
3034 Mar 15
5
135
Jan 26
133
Jan
6
7
62
Mar
2
115s Jan 27
1017S Feb 1
16*4 Mar
4
104
127% Jan
125
58
Jan
25
Jan 26
102i2 Mar 13
MarlO
36*4
106
Jan
9
Jan
5
Jan
9
15*4 Mar
67*4 July
44
10% Jan 28
Jan 23
6I4 Mar 17
2334 Jan
5
Jan
4
9% Jan
3
7
Mar 17
7*2 Jan
15i2 Jan 28
15i8 Jan 28
18*2 Mar
18*4 Mar
4
8
Dec
32*2 Mar
10*2 Mar
111
Jan
105% Mar
57*2 July
976
May
7*8 Mar
78
May
13*4 Mar
87»4 June
20
5
June
13*2 Mar
Apr
Mar
par
No par
rCashsale.
£
Mar
25*2 Dec
6=8 Jan 13
74% Jan 3
91
62i2 Jan 13
83
Feb
8
5% Mar
57
May
50
May
Jan 26
57
Jan
3
23
Mar
10534 Jan 10
4912 Jan 27
109ig Feb 24
84
Mar
107% Jan 11
110
103s Jan
9
1% Jan 3
4534 Jan 3
2684 Jan 25
Ex-dlv.
y
60
Mar 14
Jan
3
Feb 14
1334 Feb 25
31*2 Mar
90
Jan
57g Mar
6
1
Mar
647g Mar 9
28*4 Mar 11
25
Mar
2*8 Feb
Ex-rights.
Jan
Feb
129
Nov
14234 AUR
61% Nov
976
May
17
Nov
104%
Dec
3934
Oct
107% Nov
29
Feb
10
Apr
30*2 Mar
9
76
45
60*4 Nov
2534 July
2378 Nov
2612 Jan 26
Feb
Aug
30*2 Nov
4
9
9
Mar
9% Mar
3*4 Mar
414 Mar
13
46
Oct
115
5334
par
27%
3
3
'35.No par
5*2 Nov
Feb 10
4
6
Commonwealth Edison Co..25
nNewstock.
Mar 11
8
Commercial Solvents..No
Commonw'lth A Sou..No
$6 preferred series
26
Jan
10
Oct
54
155g Jan
100
51
88*2 Nov
13*2 Jan
59
93
100
Jan
3
4*4 Jan
734 Sept
Jan 28
4\i% conv preferred
100
Comm'l Invest Trust..No par
pf
May
353s Mar
<
Feb 23
6% preferred series A
conv
25
9
11
5% preferred
Commercial Credit
Jan
1234
81
preferred.No par
Columbia Gas A Elec__No par
Jan
2*2
19*4 July
13% Nov
No par
conv
Nov
July
Mar
c No par
2.50
Columbian Carbon vt
Columbia Plct v t c
1*4
3
Mar
3*4 Mar
42
5
47
8
No par
Colo Fuel A Iron Corp .No par
100
39% Nov
12
par
100
Jan
Jan
Marl!
Feb
No par
1
178
I84 Jan
5*4 July
1934 Dec
Mar 11
24
6% preferred.
Jan
58
Jan
Colgate-Palmollve-Peet
July
1*4
5-% Jan
1578 July
82
68
No par
% Dec
4
Feb
5
Jan
111
Class A
Dec
Jan
Jan
1*4
MarlO
314 Jan 23
18%u Jan 26
Clev El Ilium $4.50 pt.No par
Clev Graph Bronze Co (The). 1
Cluett Peabody A Co..No par
Preferred..
...
100
Coca-c. ola Co (The)
No par
1
89
MarlO
CCCAStLouisRyCo5% pref 100
Clev & Pitts RR Cj 7% gtd. 50
Special gtd 4% stock
50
Climax Molybdenum..No par
Mar
37&s June
*4 Dec
6
Jan 11
85*4 Mar
Mar
678 Mar
22
38*2
11
79
100
33
Aug
8% Mar
95s Mar
143s Jan
lS*s Jan
Feb 23
6618 Jan 26
Clark Equipment
$2.75
84 Feb
8i2 Jan 13
5
6M% preferred
City Investing Co
City Stores-
$4.25
3% 600
30,800
4,100
17,600
*4
li2 Jan
..No par
4% 1st preferred
"MOO
1*2 Mar
2*4 Sept
78 Feb 17
12
Apr
Dec
5
Mar 11
*2 Jan 3
1% Jan 4
1% Jan
par
June
4
4
100
Chrysler Corp
City Jce A Fuel
33*4 Nov
1234 July
48% Mar
*8
Jan
i2 Jan 16
1
Jan 30
Oct
Oct
Mar
Dec
22
Jan
12%
46
106
May
70
1
Jan
678 July
104
Apr
59*4 Oct
June
9
Jan
July
8*4
6
Jan 14
Jan
14,
18
2
%
3*4
5g
3%
13*2
100
7% preferred
6% preferred
June
Jan
5% July
111*4 Nov
20
48*8 Mar 11
Jan 24
Aug
4l2 Mar
17*2 Mar
Mar
90
Dec
Mar
94
8
45i2 Jan 26
A Pacific... 100
15,
6*8
26*4 Mar
Feb 25
Pr pf ($2.60) cum div No par
tChlc Rock Isl
par
Apr
88
3i2 Jan 4
20*4 Jan 4
38% Mar 14
preferred
Colorado A Southern
40
Jan 24
Mar
a:25i2 Mar
40% Mar
34i2 Jan 26
conv
170
4,700
9
19*8 Dec
72% July
28
314 Mar
3
Jan
11
July
Dec
26-% Nov
96
Sept
Dee
-4
J.OH2 Jun 13
30
58
106%
Mar
„
5
No par
Chicago Pneumat Tool.No
160
34,600
1,700
Jan 24
3s Jan
....100
100
Jan 26
31
86
^Chicago A North West'n.100
Preferred
Jan 27
8
1958 Jan 26
107*2 July
120
Aug
2
Feb 24
95
22*2 Nov
4*2 Jan
9934
6
9*2 Jan
5'2 Jan
Jhd
July
884 Aug
18%
ar
Jan
July
12% Dee
8%
42
46
14
22% Jan 11
5U Jan 3
111
Mar
82
4
Jan
9
0
19% Jar
412 Jan 28
412 Feb 2
88
29'* Mar
72*2 M
Jan 24
7
12%June
2% Mar
62% Mar
98I4 Jan
Mar 11
94
.
Apr
4
3
9
3
107% Jan
2*38 Jan
14% Jan 26
rt>634
Jan
Feb 18
55
Jan 25
10538 Feb 7
175s Jan 26
100
Coca-Cola Inter Corp..No
16
15
16
15
1534
14
"l5 %
15%
103% 103% *102*2 103% *102% 103% *102% 103%
1934
*5%
*7%
*534
i,
19%
5%
7%
*534
16%
16%
*6%
4
42
Chicago Yell,ow Cab.._ATo
62
24
Jan 26
116
Chlckasha Cotton Oil
10
Childs Co
....No par
Chile Copper Co
25
82
"*7~
82
100
700
81
*
100
No par
200
*55
35
Jan
9%
62
*1000
Nov
89
12%
10*2
*8*2
12%
*55
.
45
63*2
Preferred
Caterpillar Tractor
S3
46*2 Nov
2()i2 Jan
378 Jan
94i2Mar
400
62
.
37*2 Apr
85
600
*55
-
4
Oct
20*2 Aug
21% July
8
1%
81%
-
Jan
*
4i2 Mar
3414 Mar
1
10%
32
3%
1,000
1,000
2,300
1,300
1,500
500
2%
16
37%
*%
*834
1234
79
*134
44
4i2 Mar 17
3018 Feb 15
614 Jan 28
'
9
1234
1034
2%
16%
......
78%
*1000
34%
3434
102% 103
600
*2%
10
145
Jan 26
6*4 Mar
8% May
12*s Mar
Jan
7% Jan 9
4212 Feb 17
.1
10
Chesapeake Corp
A'o par
Chesapeake A Ohio Ry.__._25
h
3
75%
*133
17
5
4
Jan 18
Jan 4
Jan
July
Mar
600
%
10%
29*2
29%
145
Jan 27
22
May
1,000
15,500
234
*%
82
30
Jan
14
Mar
5
Cham Pap A Fib Co 6% pf.100
Common
No par
Checker Cab..
5
%
80*8
5278
2*2
1034
4
10%
51
51%
Mar
4
78
*45
1
2ig
8%
1734203?,
44%
Jan
78*2
.74
Aug
Jan 17
5s Feb 15
6I2 Jan 26
Jan
82
25%
Jan
51
13
82
4
24%
Mar
527g Jan
82%
10%
62
13
15*g Mar
47 '2
*%
Oct
15% Nov
44% Nov
45
3912 Jan 26
•)
July
July
5
5
95s Jan 26
37i2 Jan 27
300
10
24
17% Jan
Cerro de Pasco Copper_A'o par
,
Mar
May
19i8 Mar 9
4934 Jan 13
1
Certain-Teed Products
....
Mar
1658 Mar
23g Mar
9
3,100
10%
*45%
'
.
101
*90
82
*68
*1000
*1938
100
16% Aug
22% July
3% Jan
17*4 June
Mar
1412 Feb 20
3'8 Jan 23
10
Oct
Dec
1534 Jan 26
4812 Mar
1
1,500
2,500
684 Mar
Mar
Carriers A General Corp
Case (J 1) Co
190
Jan
July
29
Mar
900
7,300
Dec
39
15*2 Mar
1314 Mar
6
37
5g Mar 15
17i2 Feb 2
......
547g
534
21
$3 preferred A
400
Mar
20
.5
8,700
7*2
Mar
3
4
i.i.
•
100*2 Nov
3
25
..No par
Carolina Clinch A Ohio Ry 100
90
Oct
Jan 11
Jan 26
Carpenter Steel Co.
1,400
13%
13% Jan
9
295s Jan 26
300
9,000
Oct
34t2 Mar 11
Canadian Pacific Ry
50
80
5
100
—
Jan
14*2
62
0
3
5,300
1,270
*29
128*2 128*2 *127*2 131
*6134 62%
*6134
62%
*7
4134
101
10*2
25
16
16%
16%
15%
*102% 103% *102% 103%
35%
34
8378
*3%
Canada Dry Ginger Ale..
4%
33*2
*45
-
11434 *114% 11434 *114% 11434
29
28
28%
28*2
28%
78
93
*7634 93
*76%
'
*44
11%
81%
25%
114
29%
..
6,000
49
29
*55
.4
*3%
26
114% 114%
*78
17%
Oct
41
6
Calumet A llecla Cons C op..5
Campbell W A C Fdy.-iVo par
82%
84
2534
3,900
3,200
£10*2
83*2
11%
82
3%
7
23%
9i« Jan
-.A
15*2
6%
14
29
82
58
9*2
13
*1234
107S
10%
82%
1%
1%
*1
18
31
%
1%
%
1%
2%
17%
3878
48%
50
46*4 Nov
Mar
Apr
1412
1*2
634
5%
Nov
Mar
2334 Mar
4% Mar
4134
*2%
12%
,
No par
6% preferred
Callahan Zinc Lead
14«4 Nov
Jan 24
714
11
11
9%
10*2
.43*2 43%'
41% 43
*100
108
108
*100*2 108
27
25
20
*26*2 27%
9*2
*834
9%
8%
8%
24
25
24%
23*2
*22%
38%
37%
303<4
35%
3034
89
89
89'
89
89
*%
1278
California Packing
10,300
11%
2%
%
3
%
39
*38%
48%
%
1%
1%
*1
3
Byron Jackson Co...—No pur
3,500
......
*6%
4234
1
78
34
.
%
*1%
900
15%
34%
*90
*%
%
%
*12%
38
37
*88*2
3%
13%
1
8%
23%
%
13*4
**2
10%
25
89
%
*47
*10
38%
*2%
17
.
*•%
%
*2%
*26
Byers Co (A M)
Participating preferred.. 100
80
18*2
50*4
1%
Zinc
Jan 26
10
Mar
19l2 Jan 28
318 Jan 28
-.10
...30
5
No par
preferred
Butte Copper A
700
46
*100%
*2%
3
*3734
1034
43
%
3*4
%
11%1
89
%
%
43%
*%
*234
1
10
conv
*45
101
42
46%
*23%
10%
89
%
3
2,100
tBush Term Bldg gu pf rtfs 100
Butler Bros..—
300
"
4334
*24
70
5,000
.
11%
45%
*27%
5
1
1
Bush Terminal
Jan
Jan
12
3*4 Mar
3'
2% Jan
1214 Jan
75
28:
18*4 Jan
■
*5
43
*103
J 53s Feb
125s Jan 28
15s Mar 17
.
*4%
5
Burroughs Add Mach-.No par
-
20
8%
4%
5%
5*2
83
4
4
9
Burlington Mills Corp
600
■
105*4
111
*7*4
434
3%
91
*118%
10534 10534
22%
22%
94
*9278
17%
17%
74
*71%
20% 20%
4%
4%
*39%
18%
55i2 Jan
558 Jan
3414 Mar
6,100
33%
17
4%
4
Dec
284
Mar
5*2 Mar
57g Mar
.
7
Jan
30
(E G) Mfg.
434
*3334
5
Mar
8
2314 Jan 26
1234 Jan 28
334
*48 %
18%
100
Jan 26
No par
42%
*39%
42%
*38%
42%
83%
*8234 75
*8212 85
18%
18%
*17%
18%
17*2
17*2
3%
3%
3%
3%
3%
3%
3*8
92
92
88
90
88
88
*90%
85% 87*2
121
*119
*119
121
124
*118% 124
119*2 121
54%
53%
62 '
5434
5134 53*2
5134
52%
49%
10534 *105% 100
10534 10534 *105% 106
10534 10534
22%
22%
22%
21% 22%
22%
21%
20%
21%
94
94
*93
94
96
*92%
90
*93%
*93%
16
17%
17%
1778
17%
1534
17%
16%
1634
74
71
72
71
72%
72%
70*2
7134
72%
20
20% £20
19%
19%
1938
19%
19%
19%
*4
4
4
4%
4%
3%
3%
3*2
334
*110
111
110
*110
111
*109*2 111
*109% 111
*7
734
*7%
7
7%
7
*7%
7*2
7*2
4-%
*4%
434
4%
4%
4%
*4%
4%
4%
5*4
5
*4«4
534
*434
584
5%
*4%
*4*2
42%
86
42%
83
*18%
*3*2
7%
18%
6%
Jan 26
Jan 26
6
Billiard Co
11%
9%
16
10
96
1,700
3,100
7%
Aug
43
27*4 May
1478 Mar 16
13% Jan 0
2434 Jan 26
8*2
22%
33*2
15%
17%
50%
18
18%
434
*33%
6%
4212
82%
.18%
3%
*6%
11
6%
*15*2
49
5
*34
7%
*0%
7
3
Mar
No par
3%
16
1
193* Jan 19
Bui ova Watch...
1334
*22
36
*10%
*33%
*15%
10
15%
1778
5%
34%
*46*2
5%
7
7%
7%
35
7
50*4
1
49
5%
*33%
1834'
*4834
11
10%
35
2,900
15%
1%
1
*11
11%
1
25
1%
♦9*2
8%
10*2
10
137g Mar
43% Mar
31
13*2
15*2
;
978 Mar 17
30% Mar 17
1578 Jan 26
418 Mar 16
490
4%
Aug
40*4
Mar
1
42'« Jan 26
16%
2
1*8
35s
5%
XI634
10*s
Jan 20
Oct
Dec
37%
Feb
Mar
Oct
8% Aug
16
Mar
No pur
25
1334
18
28
No par
100
13*2
15%
*134
2
10
3
preferred
26
14*2
17
2
Mar 10
28
5% Mar
1234 Mar
Mar 11
Budd Wheel...
26
26
Budd
Mar
100
7% preferred.......
9,300
4
4
5
1,000
31%
32%
2234
*49
34%
6%
Mar
—5
Bucyrus-Erie Co
......
40
46*2
4%
4%
31
No par
Bruns-BaJke-Collender.Afo par
6,000
102
6
Brooklyn Union Gas ...No par
Brown Shoe Co
10,400
11
*99
10*2
834
11%
1%
7%
1634
7%
100
14
Jan
3U8 Jan
10®4 Feb
No par
Bklyn-Matih Transit,. A'o par
$6 preferred series A.No pa
4,200
4
784 Feb 27
Jan
8
$6 preferred
700
17*2
44*4
4%
29%
4%
1378
36%
36*2
63g
Jan
27
U2Mar 17
Brooklyn A Queens Tr.No par
6,900
16
11%
363g
434
47
*34%
13%
10*2
102
Jan
1*2 Dec
43
300
14
19%
16*2 Mar
157g Jan
317g Jan
3912 Jan
1734
6%
46%
48
16%
*184
*10%
38*2
May
3
Jan 12
36%
14%
22 34
16
10*2
1878
*40*4
10%
*99
6%
20
9%
36%
11
11%
102
*4%
31%
1%
Dec
14% July
8
6
5
Dec
52%
Jan
11% Jan 26
22i2 Jan 28
34 U Feb
Bristol-Myers Co
107
234 Mar
Jan 23
Brewing Corp of America—3
Bridgeport Brass Co
No par
Brlggs Manufacturing.No par
Briggs A Stratton..
No par
4,500
17,100
8
10%
15
32
share
per
June
2,400
500
1*2
2
9
Jan 23
1,600
1,400
*734
5
-.100
Jan
24
26
1%
15
(The)
Apr
40
193s Mar 14
213s MarlO
12% Jan 30
I6I2 Jan 12
23% Feb 21
Highest
per share $
82
Bower Roller Bearing Co__-17
46
9
u-o
Boston A Maine RR
$
9
55% Mar
1,200
38
9
19
1
14
Borg-Warner Corp
38
46
Jan 24
Bond Stores Inc
45%
26%
38%
13%
Jan 23
51
Lowest
$ per share
110
Feb 18
share
104
1
1,500
14,800
Borden
per
No par
Class B
600
$
Year 1938
Highest
♦
No par
Bon Am! class A__
170
12%
24%
10%
*37%
1734
*34*4
13%
3,7%
18%
11
24%
6%
7%
1334
130
2*2
24*2
7%
2334
8%
50*4
1878
*4812
25
30
*2
*2234
*10*2
9
23*4
4%
11%
34%
£33%
*20%
1434
14%
17
4*2
25
Par
Range for Previous
Share Lois
Lowest
19,000
28*2
*8
34%
6%
.46%
49%
4%
2*2
7%
28
Shares
30%
2%
13%
£2534
38%
45*2
*1%
38*4
46%
134
8%
11%
*99
6%
49
4%
3334
' 2
.
*2234
10
6%
49
27%
1478
102
*99
6%
6*2
49%
4%
34*2
11%
102
634
*11
13
12%
11%
*99
33%
1834
36*2
14%
1134
£2934
7%
47
$ per share
On Basis of
Week
109% 109*2 *109% 110
54
55
55%
55*4
18
17*2
17%
17%
20%
20*4
19%
20*4
1939
18
EXCHANGE
Mar. 17
16
.
Jan. 1
Range Since
STOCKS
NEW YORK STOCK
the
CENT
Friday
$ per share
14%
13%
26%
38%
1S34
4
7
33*4
3334
21
31%
234
25®4
25%
14*2
28%
2734
19%
,
*2%
7%
7%
14
14*8
35%
12%
12%
6%
26
55*4
30
47
•
3 J'H
4%
33*2
18%
20%
21%
18%
25
11%
49
19%
234
1%
834
11%
39%
18%
*34*4
127g
*54%
55%
19%
21%
30%
47
46%
1%
*8%
55%
21
21%
30*4
30*2
55*4
*5434
18%
Mar
$ per share
$ per share
*109
109*2 *109% 109*2
109
109
109*2
65%
1834
*54*2
1834
NOT PER
Thursday
Sales
for
Saturday
Mar.
22% Mar
834
1134
Jan
Jan
June
2284 July
22% July
98% July
19
Nov
35% July
97g Oct
83
Oct
70
Oct
697g Nov
108*2 Nov
64
Nov
112%
Oct
12% July
2% Oct
5584
28
Tf Called for redemption.
Oct
Ma
Volume
LOW
AND
New York Stock Record-Continued-Page 4
148
HIGH
SALE
PRICES—PER
Monday
Tuesday
Mar. 13
Mar. 14
$ per share
$ per share
$ per share
8
8%
2714
2784
*6
7
*6
634
23%
2234
♦8%
8%
8
8
27%
27%
*6
684
22%
*8
*7%
SHARE,
Wednesday
Mar. 11
Mar.
8%
*6%
7
*7%
28%
*6%
634
*6%
8%
*6
2334
2434
28
24
*8
8%
Mar. 16
28%
8%
*
per
share
*7%
7%
7%
27%
26%
7
8%
*6
8%
25
2334
*8
24%
2334
8%
*79
84
*79
84
79
79
*79
*85
88
*85%
88
*85%
88
*85%
88
*85%
1%
*1158
12
34%
35
1063s 1063s
712
734
8%
*234
834
3
33s
*3i8
1%
1%
1%
zll%
11%
11%
34%
34%
106% 106%
7%
7%
8%
8%
3
*234
3%
*3%
33%
106
1%
11%
34%
106
1%
83%
.
88
1%
*1%
11%
11%
32%
3334
*106% 107
*11%
11%
3234
33%
1%
106% 106%
500
7%
27
1,600
*6
7
6
6
22*2
23%
20,200
7%
100
7'8
8%
*7%
84
79
_
"36
88
*1%
20
"2" 900
1%
7%
6%
7
8%
8%
5,000
24,700
*234
2%
3
234
3%
234
2%
2%
200
3%
13%
97%
*2%
3%
15i2
15%
15
15
15
15
20%
21
20%
2034
2038
20%
134
134
1%
99
♦98
43%
42l2
113
*112
8*2
8%
35%
35i2
234
29ls
2678
3
29%
26%
56%
56i2
*98
42
Continental Bak Co cl A No par
16
*112%
8%
35%
2%
29%
26%
55%
99
29%
27
56
*107
108%
*107% 109
31
31%
*30% 32
12
1134
11%
1178
35%
35%
35%
35*4
*36
40%
*37% 4234
37%
14
14%
88%
4278
43%
91
91
88%
*5
5%
*35
13%
37%
14
14%
14%
11%
34%
11%
33
40
*37%
*35%
100
2,100
3,700
11,800
11,300
900
480
3,400
14%
23,200
14,300
1,500
400
•13%
12%
5
12
Jan 24
13
4
4
59%
59%
15
15
538
538
47
4714
47%
24%
83
*74
55
*49
23%
2234
5%
*1738
24%
83
*74
5
5
4
24%
14
5%
45%
6
24%
83
334
8,800
70
1334
1334
600
5%
5%
1,600
500
44%
534
6
23%
77
39,300
24%
77
*74
80
5
24%
2334
$5 conv preferred-...No par
Crucible Steel of America. .100
2,100
*42
Crown Zellerbach Corp
90
300
3%
6%
Pref ex-warrants
7,100
85
62%
*59
5%
6%
*74
62%
*43%
46
*4%
4
14
6
83
87%
*59
24
77
11,700
10
100
Preferred
Cuba RR 6% preferred..-100
Cuban-American Sugar
10
100
Preferred
Packing
60
Curtis Pub Co (The)..iNo par
C'udahy
...No par
Preferred
Curtiss-Wright
Class A
a,
1
1
....
Cushman's Sons 7% pref.. 100
23%
6%
*534
.
*17
1734
7%
7%
*7
*49.
*49
23%
22%
22%
5%
*5%
6%
17%
17
18%
7 '
21 a4
17
17
21%
*5%
5%
7
6%
25
25
*15
15%
15
15
*14%
14%
24
2434
23%
24
2334
24%
22%
24%
22'2
6%
7%
6%
634
0%
7
7%
7%
7%
1%
*1%
*1%
1%
*119% 12134 *119% 12134
32
*32i4
.
3234
*4134
*8
44
8%
20
'20
87
87
31%
3234
42%
*8
19%
*85
313s
8%
19%
90
11%
12
34%
*18%
19
18%
32%
3234
32%
34%
19%
32%
*6%
6%
*85
12
35
*6%
6934
6834
127
128%
9%
9%
1134
'34%
*18%
5%
400
1634
1634
600
*6%
634
600
Davison Chemical Co (The).l
10934 10934
21%
22%
20
31,700
Dayton Pow & Lt 4H % pf 100
Deere & Co.'
No par
25
15
2434
25
900
15
14%
14%
500
23
*24%
*14%
87
31
31
31%
4034
*7%
19%
32%
20%
2134
18,800
6%
6%
1%
*1%
118% 118%
6,300
"
6%
12
8
,
9%
31
41%
7%
18%
85
11%
11%
11%
3434
3434
35
18%
18%
1,100
3234
7,000
Dome Mines Ltd
6%
500
69%
18,100
Douglas Aircraft
No par
124% 12434
9
*8%
4,100
Dow Chemical Co
No par
1,000
Dresser Mfg Co
68%
7034
127% 129
9
9%
*6%
69%
634
70%
128
128
9
9
6%
6634
1234
12%
12%
11%
12
11%
11%
*11%
*115
0 120
*115
120
*115
120
*115
120
17
16%
6%
6%
178% 17834
*176% 180 84
118% 118%
16%
16%
6%
178
.
179
27%
2%
37%
12%
3%
11%
38
37
1234
12%
3%
11%
*■3
11
40
38
2%
32%
30»4
30%
*35%
35%
35%
40%
40%
*40%
1158
*76
77
*80
8!
87
*86
16%
7,000
5%
5%
1,800
1,500
Eastman Kodak (N J)-No par
16%
5%
-6%
10%
175
17534
534
174% 17434
105
11%
32
30
30
30
1%
*1
43
*40%
105
105
11%
11%
76'
80
32
30
30%
*1
34%
75
*115
4,100
12
100
120
w
.1%
35%
z33%
34%
43
*40%
43
105
<
11%
33%
*41%
104
IO.334 104
11%
10%
*1
10%
*733
75
75
z73%
73%
**79%
80
z77%
78%
78
85%
*81
*84..
87
87'
172
*82%
1%
3334
43
104
11
75
78
85%
1,000
300
150
173%
70
180% 180%
23%
2%
33%
11%
2%
«.
13,000
117% 117*2
10%
,37%
30
36
79%
*84
10%
36%
32%
10%
38%
33%
10%
11%
38%
33%
3634
33%
1
10334 104
15%
534
15%
6'4
38
32%
30%
1
1%
11%
2%
37%
12%
35%
•
16%
16%
180%
180% *178% 180% *180
26
25%
26%
25%
25%
2%
2%
2%
2%
2%
2%
37% 38%
35% 37l4 x35% 36%
12
12%
12%
1234 12%
12%
3
3 N
3
234
234
2%
39
*1
16
16%
177% 177%
3%
11%
40
35%
30%
117%
120
18034 18034 *178
26
26'
26%
26%
*2%
.
117% *117
6%
.6%
35
33,800
12%
2%
7,800
1,600
10%
16,500
30
4,000
1,300
2834
29%
2,000
1%
100
*1
3134
41%
104
4
19*4 Mar
6
70
434 Jan 27
334 Jan 28
5918 Feb 3
1318 Jan 26
6
Jan 21
478
Jan
5
40
72%
77
7334
'
1%
1%
1%
1%
1%
1%
11'
*1%
1%
*1%
1%
600
1%
1%
1%
1%
1%
1%
1%
134
1%
*134
1%
1,500
4
4
3%
3%
*334
4
334
3%
*3%
334
3%
3%
1,500
2%
2%
2%
*2
2%
2
2
*1%
2
2
:
Jan
5%
11%
20%
*1%
5%
11%
11
21%
21
5%
2
*1%
634
*5%
39%
*5%
*39%
25%
40%
25%
*14
15%
25
*14
5%
11%
21%
11
20%
2
91
89
105
105
39%
25%
14%
87%
89
110
*88%
*100
*1%
*5%
6%
39%
25%
15%
*100
5%
11%
5%
10%
11
21
20%
21
*1%
2
5%
2
6%
Oct
18
13*4 Mar
6% Jan
1712 Mar 10
4i2 Mar
884 July
1314 Mar
3
6*4 June
Jan 26
102i2 Jan
1334 May
1934 Mar
1714 Dec
IH4 July
IIH4 Dec
8% Jan
109
Feb 28
111
17
Jan 26
24
Mar
2334 Jan 9
1234 Jan 20
18% Jan 26
6
Jan 24
26
Feb
84 Feb
25I4
8U
U2
123i2
Jan 26
2812 Jan 26
406s Feb 17
10
MarlO
2i2
Jan
Dec
Jan
Jan
3038
2034
3H2
Jan 16
Jan
Jan
4*2 June
31
5
87%
Jan
Jan 24
134 May
90*2
13034
109i2
11134
1334
3*4
5
Feb 23
170
Jan 23
9«4 Jan 26
34i2 Jan 26
Jan 24
30
28»4 Feb
1
Jan 16
68
,Jan 6
118*2 Feb 27
18is Mar
8
2
4
87%
110
20
2
*1%
3,600
Evans Products Co
Ex-Cell-O Corp
1314 Mar
218 Sept
6'8 Mar
22*2 Mar
300
5*2
5%
5%
38%
36%
38
2434
2434
24%
24%
1434
1334
14
700
*87%
90
6J
115
300
*14
14%
90
*87%
*87%
110
" 110
90
110
*110
5%
•
1,800
1,300
134 Feb 16
Fairbanks Co 8% pref
4%
*234
4%
3
1%
1%
26%
26%
*85%
89
34%
35
*19%
*
24%
*4%
234
*1%
26
*96
*96
4%
4%
*2%
234
1%
1%
26
26
4%
3
1%
26
♦8434
8834
8834
88%
3484
*19%
34%
24%
34%
34%
*19%
24%
Bid and asked prices; no sales on
4%
*234
-
-
-
1%
*1%
24
25%
*8434
88%
34%
343.
*19
24%
this day.
*96
♦96
-
4%
3
4%
*234
100
5i2 Feb 11
Jan 26
Fairbanks Morse & Co.No par
35
Fajardo Bug Co of Pr Rlco__20
Federal Light & Traction—15
24i2 Feb 17
1212 Jan 24
100
81
Jan 24
Federal Min & Smelting Co 100
97
Feb 17
$6
preferred
1
*96
*96
9% Jan 27
18ig Jan 26
Preferred
35
Nov
234 Nov
7
33
Apr
94i2
Apr
4518 Nov
llll2 Dec
IOI2 Oct
Jan 30
Jan 20
2*2 Mar
38*2 Mar
Jan 20
40
Mar
72i2
Dec
8
3
4
46
Mar
79i2
278
Oct
Jan
6I4
Jan
11% Mar 10
Mar
Jan
4
li4 Dec
li2 Dec
234 Mar
5
li2
8
3
13
Jan
24*2
2i4
6i2
437S
29*2
103s
Jan 3
Jan 20
Feb 27
Jan 5
Jan 4
Mar 4
8978 Mar 40
Mar 15
>
100
6
Dec
71
Oct
Jan
0i2
Oct
64
218 Mar
514 Mar
10i8 Apr
1% Mar
3i2 Mar
19i2 May
2212 May
678 Mar
67
Apr
52i2 Apr
96% Feb
218 Mar
6
Jan
Dec
Oct
16
Oct
25
Deo
2% Nov
IH4 Jan
43
3584
16'2
Dec
Oct
Oct
84i2 Nov
133
Nov
99*2 May
57s Aug
3%
4%
~l~700
Federal Motor Truck..No par
378 Mar 17
6
2%
2%
300
Federal Screw Works.-No par
2% Jan 26
1%
378
15s
20i8
8934
7
Jan 19
Mar 11
Feb 6
1214 Mar
6778 Jan
29
Oct
905s
Oct
35
MarlO
22i2 Mar
36i2 Nov
19
Mar 17
15
25
1%
23%
1,100
1,100
Federal Water Serv A.No par
1
23
Federated Dept Stores .No par
21
*8434
8834
*88
8854
100
86*4 Jan
34%
Oct
Oct
4134 July
3
2434
*19
Jan
14
46i2
434
*24
1%
Dec
Dec
4
2978 Nov
4384 Jan
110
Mar
36I4
15i4
Feb
62
3
Mar
6
Dec
53a f uly
12 Mar
538Mar
Exchange Buffet Corp.No par
2
Dec
Mar
2538
17
3
4,500
Nov
2134 Mar
178 Jan 23
1034
25
*14
110
21%
187
173
3
6
78
Dec
Deo
814 Nov
Mar 13
134 Jan
80
138l2 Nov
Dec
1738
Mar
305s Mar
86
Oct
Jan
Dec
Nov
18
111
Dec
15484
118i2
6
36
12
Dec
Dec
12012
Feb
-
1938
Jan
115
Jan
Jan
2
4
318 Mar 6
1238 Jan 19
4112 Jan 20
38
8034
141
Apr
IOI2 Mar
153s Jan
3
Jan
Mar
8*4
12112 Mar
3% Jan 4
38i2 Mar 10
is4 Jan
4
Mar
Oct
3478 Aug
157
Jan 5
183i2 Feb 8
27*8 Mar 10
1861s
Jan 14
7H2 Jan
76
Jan
Jan
8i2 Mar
Apr
121
5%Mar 17
Mar
102
Mar 10
142
Jan
Dec
25*2
3
15034
117i2 Jan 26
17
35
Mar
27*8 July
IH4 Jan 5
1914 Jan 13
13634 Jan 26
11
2312 Nov
9Hg Nov
12
9
142
Oct
Mar
Mar
65*8 June
8i2 Sept
2834 June
35%' Jan 16
2214 Jan 3
33% Jan 6
6i2 Mar 14
785s Jan
Dec
5
1
135
Oct
Oct
42
11
4
Mar 11
Jan 18
13
884 Nov
4078
Jan 25
4
Dec
Mar
12
II514 Jan
25i8
25
115
4
Jan 26
Nov
1151s
111% Jan
10% Feb 24
Jan
17
Mar
Jan
1214 Jan
'
6218 Jan 24
114% Feb 3
8i2 Jan 24
Feb
25
84 Nov
938
IOI2 Jan 30
Jan 31
Feb 24
Mar
4
Jan
2514
76
87
33
5
7*2 Mar
Jan
20*2 Mar
1568 Jan 26
7934 Jan 23
1512 Jan 27
301s Jan 26
Mar
Feb 25
44
Jan 26
7
9
323g Jan 11
3284 Mar 13
3
27
9
1584 Mar
1
11318 Jan
par
5
--5
2914 Nov
5% Feb 15
165s Jan 28
634 Mar 2
23s Jan
5*2 Jan
Eureka Vacuum Cleaner
Dec
Nov
li2 Jan 23
338 Mar 17
1,700
5%
Aug
50
isg Jan 30
20%
11%
5%
10%
38%
5%
38%
2434
25%
14%
*1%
5%
40
5%
39%
5%
10%
*20%
7*%
Mar
„
Erie & Pitts RR Co—.——60
5%
56
Jan
100
100
100
4% 1st preferred
4% 2d preferred
June
2412 Jan
Equitable Office Bldg..No par
{Erie Railroad
35
46
par
No par
48
Jan
1812 Jan 26
$5Yi preferred w w..No par
1%
8I4 Aug
Jan
Jan 24
45
85s Jan 12
$6 preferred
21% July
438 Mar
6U
83
38i4 Jan 19
J
May
Jan
10334 Mar 10
.
87
12
Jan
48is
l£f
Corp
preferred
58i2 May
Feb
Engineers Public Service
1
$5 conv preferred
No par
5%
Jan
78
Jan 25
Endicott-Johnson
443s
94i2 Jan
13% Feb
6I4 July
6
28
500
Nov
1518 Nov
92% Nov
74U Jan
3
50
400
Nov
373s Nov
28*4 Nov
800
■
July
3*4 Mar
Mar 13
El Paso Natural Gas
40
Oct
Nov
Nov
1258 Mar
1
33,700
10%
85l2
*1%
.
4212
II714
29i2
10%
4384
712 Jan
2
par
Oct
538 Nov
28U Jan
par
4,400
41%
77
*81
No
$0 preferred
No
Elec Storage Battery ..No
Elk Horn Coal Corp—No
Mar
Jan
Dec
16
Jan 26
lli2 Jan 26
$7 preferred
6% Mar
3
3
177
512 Jan 24
2is4 Jan 24
--3
Electric Power & Light.No par
Apr
7034
6518 Jan
Feb 21
26i4 Jan 24
Elec & Mus Ind Am shares.
Mar
Jan
Jan
Auto-Lite (The).—5
Electric Boat
58
4734
800
33
104
10%
Electric
Jan 10
91
96
21s Mar 17
Eltlngon Schild.
7i2 Mar
4
Jan 24
No par
3,600
2%
Apr
25i2 Apr
34% Jan 26
175i2 Jan 3
2OI4 Jan 26
Co
1438 Jan
86*4 Jan 28
4
100
6% cum preferred
Eaton Manufacturing
36%
30%
9%
35
Dunhill
Duplan Silk
6,200
25
158
*2
No par
117% *117
*115
12%
151% 154% 151% 152% 148% 151%
141
140
13934 140%
*140% 142% *140% 142%
*119% 119%
118% 118%
119% 119% *119% 120
rll7
No par
Dominion Stores Ltd—No par
International-.-.,-..-1
.....No par
8% preferred
-100
Du P de Nem (E I) & Co—20
6% non-voting deb.....100
$4.50 preferred—
No par
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc
1
Eastern Rolling Mills
-5
11%
153% 15434
120
.No par
...No par
Class A
32
6%
*11
140% 140%
Dixie-Vortex Co
18%
33%
6%
12
118% 118%
510
5% pref with warrants.. 100
33%
17%
32%
6%
*11
120
1,400
Ltd.No par
Distil Corp-Seagr's
33
32%
11
120
400
6% partic preferred-.-...25
Diamond T Motor Car Co—2
Doehler Die Casting Co No par
.12
141% 14184
JDenv & R G West 6% pf.100
...100
18
11
*119
3,500
11%
*32%
*11
153% 155%
Delaware Lack & Western..50
18
12
154% 156
500
.
19%
84
*11
11
900
7%
19%
87
*85
6%
68%
69%
128%
9%
9%
11% 12%
1C0
Delaware <fe Hudson
1,100
31
41%
11%
34%
11%
34%
10
Dlesel-Wemmer-Gllbert
Deyoe & Raynolds A ...No par
Diamond Match
No par
31%
7%
20
Preferred
260
4134
7%
19%
preferred—...25
30
30
3134
-
1934
Conv 5%
Detroit Edison
87
34%
127
31
Davega Stores Corp...—-.5
200
*4034
41
*85
19
*30
32%
6%
68
69%
124% 126
*9%
31%
32%, 32%
42% 42%
8%
8%
1934 20
42%
11%
a 5%
1%
1%
*1%
*1%
*1%
1%
119% 119% *118% 120
*118% 120
31%
3234
34%
6%
18
*16%
24%
*14%
par
No par
Cutler-Hammer Inc
19%
7
*2434
'.No
$8 preferred...
——
~2o~ "1,966
21%
7
*6%
110%.110% *109% 110% *10934 110%
23
2234 23%
21%
21% 22%
7%
*109% 110% *109% 110%
2384
2234
23%
23%
25
25
*25
25%
31%
*49
*49
21%
5%
8
29
82
'
*46
12i2Mar
8*4 Jan 27
Jan
Mar
21*8 Apr
514 Mar
2214 Mar
Feb
5%
'4%
59%
15%
5%
46
Jan
33
*5
6%
19
85
Jan
3184 Mar
No par
........
86
6
38
110
;
37%
3834
6%
2434
234 Mar
6*8 Mar
*34%
86
6
162
Jan
4014 Feb 28
37% Mar 4
37%
47
Apr
Apr
Apr
56
x53
4112 Jap
*84%
5%
40
Mar 10
Jan 23
87%
5%
29i2 Nov
Mar 10
Jan 26
40%
5%
Mar
36
39%
14%
99i4 Feb 10
26% Jan 3
10
31
*85%
14%
172% Mar 11
378 Jan 26
287g Feb 9
78 May
21% Mar
4
No par
*86
♦1434
Jan 26
3
No par
88
5%
Jan 26
61*4
Jan
Jan
pref w w..No par
88%
42<%
4
49
Corn Products Refining
31i2
2914
57%
6678
17684
Crown Cork & Seal
88
62%
3t2 Dec
3584 July
3
Mar
Crosley Corp (The)
39%
3%
Jan 16
4
234 Feb 10
37%
13
*5
3612 Nov
100
90
*59
2114 Mar
3,100
—
1178 July
7
Corn Exch Bank Trust Co.20
cony
Nov
June
3534 Mar
Jan 26
$2.25
June
Jan
6
Jan 28
32
26
No par
49
110
107
5
21
preferred-----.100
65i2 Mar
36*2 Mar
_
Jan 18
1038 Jan
1
conv
Jan
Oct
73sMar 17
5
5%
Mar
44
II514
4,600
87
5%
11212 Mar 14
Continental Steel Corp.No par
Crane Co
100
li2 Jan 27
11
4234
4%
234 July
10312 July
Jan
33
87
59%
2078 July
II4 Mar
2
40
10%
90
*5
858 Mar
Continental Oil of Del
Cream of Wbeat ctfs
Jan
22is Mar
Jan 26
1
—--25
5%
Jan 26
Continental Motors
Coty Inc
Jan
Jan
Jan
1784
Jan 26
100
Oct
7i2
934 May
89
Preferred
Nov
738
1034 July
16% Jan
38
25
Mar
12% Jan 26
-.100
$4.50 preferred
No par
Continental Diamond Fibre-5
Continental Insurance
$2.50
2% Sept
214 Mar
334
Jan 13
---20
8% preferred
Continental Can Inc.
5
3
31%
42
■*86
No par
7
*37%
11%
33%
37% ,*35%
13%
200
Class B
278 Mar
6
40
1034
33%
*37%
92
6%
*73%
108% 109
*303s 31%
1134 12%
34% 35%
40% 40%
*35% 37%
87
5%
47%
2434
1,800
7,400
176
175% 175% *173
*173% 176
6
5%
6%
534
6%
5%
.32
33% 35
33%
31%
32%
109
108
107
108
10734 10734
31% 31%
30% 30% *30%
31%
42%
5%
*46%
2434
1,700
100
4184
*15
6
•
87
*89
4%
60%
15%
4%
*59%
19%
42%
66
66
66%
66i4
176
172% 172% *171
*172% 175%
6
6
6%
6%
0i4
6%
34
35
34
34%
34% 35
*34%
18%
778 Mar 10
914 Jan
314 Jan
1214 Dec
3414 Oct
104
953s Nov
7,100
1934
Apr
22
4,! 00
19%
Mar
Apr
94
20
17
8878
6
Dec
Mar
5% preferred v t c
100
Consumers P Co$4.50 ptNo par
Container Corp of America. 20
14%
412 Mar
MarlO
76
807s Aug
23g Oct
10
200
14
35
Apr
78
Consol Coal Co (Del) v t 0--25
9634
15
Mar
Jan 10
500
96%
14%
Jan
1
Dec
Oct
July
Nov
Nov
15
3
*12
15
71
Aug
9*8
2934
884
147a
263s
1038
9634 Mar 17
3%
"
10i2 Sept
414 Mar
Jan
10712 Mar
Highest
2% Feb 23
23s Feb 15
1178 Feb 28
97%
3
Dec
1
Mar
2ia
Jan 24
9
29% Jan 13
IOIS4 Jan 4
538 Jan 16
8
Jan 27
4
5
5
12i8 Mar 10
88
1% Feb 27
13%
13%
Jan
Mar
Mar
55
823.J Jan 11
Consol Oil Corp.______No par
Consol RR of Cuba 6% pf.100
3% Apr
15
Feb 27
1
No par
1
5
25i2 Jan 3
8% Feb 28
100
*96%
1%
1%
134
1»4
134
134
99
99
99
*95
99%
9634
39
42%
40%
42%
40% 41%
4034
112% 112% *112% 113
*112% 113
*112% 113%
8
8
8%
7%
7%
7%
7%
734
34
35% 35%
35%
34%
34%
33% 34%
2%
2%
2?4
2%
234
2%
234
2%
29% 30
29
28% 29%
28l2
27%
28%
26
26
*26% 26%
25%
25%
2434 2434
55
55% 56%
53
54%
54%
54%
5434
66%
66%
65% 66%
65%
65%
64%
65%
99
42%
112%
8%
35%
2%
1834 Jan 24
6% Jan 26
*12
1%
1%
1%
3%
13%
97%
*96%
14%
19%
8
3
534 Jan
Consol Film Industries
$2 partic pref
Lowest
$ per share $ per share
6
85
$5 preferred
No par
Consol Laundries Corp
5
8%
*12
863 Feb
303$ Jan
Jan 12
Consol Edison of N Y__JVo par
7
3%
*1134
7% Jan 3
24*4 Jan 27
76
800
8%
*96%
$ per share
100
1,800
8%
14
No par
Highest
1 per share
7% preferred
63,600
7%
9734
Consolidated Cigar
10%
8%
*12
Conn Ry & Ltg 4^ % pref.100
Consol Aircraft Corp
1
32%
7
*96%
No par
1034
8%
14
Conde Nast Pub Inc
Congoleum-Nairn Inc.-No par
Congress Cigar
No par
31%
7%
97%
Pot
106% 106%
8%
*96'4
Lowest
I
Range for Previous
Year 1938
100-Share Lots
6^% prior pref w w
79
*85%
_
7%
*12
Range Since Jan. 1
On Basis of
Week
Shares
27%
*79
*1*2
Mar. 17
7%
*6
EXCHANGE
$ per share
28%
7
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
15
$ per share
7
NOT PER
Sales
for
Saturday
1599
1%
34%
34
34
3,000
4H% pf-100
Fidel Phen Fire Isn N Y..2.50
24%
18*4
19
60
Fllene's (Wm) Sons Co.No par
t In receivership,
a Def. delivery,
Fed Dept Stores
n New
stock., r Cash sale,
x
Mar
2
Jan 26
3
32U Jan 27
18'4 Jan 23
Ex-dlv.
y
Ex-rlghts
Jan
Jan
178 Mar
1
Sept
June
4% July
2i8 July
1 Called for redemption.
Oct
New York Stock Record-Continued-Page 5
1600
Range Since Jan.
Tuesday
Wednesday
Mar. 13
Mar. 14
Mar. 15
Mar. 10
$ per share
% per share
$ per share
$ per share
share
*34
34%
34%
Thursday
33
33
19%
19%
*18%
*17%
19%
3
2%
234
*234
*234
284
*29
29%
2934
29%
30
29%
*29%
30
*29% 30
*100
105
106
*100% 105
*100% 105
105% 105% ♦102
25
24
2384 24%
25%
2434 24%
25%
25% 25%
90
84
84
90
*84
*82
90
*84
90% ♦85
3
234
2%
2*4
*234
2%
2%
»234
2%
*234
3
*2
2
2
13%
584
17%
1034
49%
m>
3%
3%
1,200
*1234
13
97
97
534
17%
*16
148
*145
148
4
4
4
15
378
152
*148
148
4
334
148
148
334
33i
15%
15
153s
15
30
30
30
30
15%
29%
30
70
70
70
70
70
*65%
24
24
24%
*23%
23%
23%
'
*130
*130
42
*8034
125% 125%
*35
37%
578
9%
110
*138
1%
23
24%
*91%
94%
13s
1934
*19
23%
91%
1%
*19
34%
15
15%
1534
99%
27%
1434
15%
99%
26%
7%
"20%
,7%
15%
*
27%
7%
52
52
13%
13%
60
66%
22%
23
*45
3%
7%
53%
12%
*63
22%
46%
3%
2%
2%
*45
2%
125%
125
125
37%
35
35
138
15%
*1434
7%
15
14%
*14%
14%
13%
14
15
*
99%
"25%
7%
7
53
52%
12%
12%
12%
12
*64%
66%
64
64
22%
21
22
*45
46%
*45
2%
*2%
79
2%
21%
2234
71
71
80
1%
1
1
1
7%
*1%
7%
7
7%
1%
1%
6%
1%
1434
1434
*14
10%
31%
16%
31%
x31
23
23
*2284
1
,15%
153s
2834
2734
29%
16%
15%
28%
1%
1434
16%
3134
23%
15%
28%
*14
*16%
.
31%
23%
15%
28%
z27%
1
1%
1
1
1
1%
634
7
6%
7
6%
6%
1%
1%
1%
1%
1%
-14%
17%
31%
23%
15%
28%
2734
*13%
14%
16%
3134
*13%
16
31
16%
15%
10
31%
30%
31
23
23
*22%
23%
15%
2034
15%
15
15%
*2234
1434
28
*138% 139
139
xl37
137
66
*36
66
*36
28%
26%
27%
27
27%
2634
27%
*13634 138%
*13634 139
66
31%
45
*35
3134
31%
40
*35
21
12%
12%
34
%
%
%
-
*14
17
*14
*4%
*18%
*30
4%
19%
*4%
*18%
31%
*30
*34%
36
*34%
*11
11%
11
'
*12
26»2
2434
*14
70
31%
*36
66
31%
,30%
31%
m
m
45
*35
45
20%
19%
*11%
20%
18%
1934
1
43",600
12
12
1134
11%
%
*34
%
%
*84
%
1,500
2,200
17
*14
*35
'mm
Jan
mm mm
79
4
56
Jan 26
29
Jan 26
No par
Jan 26
101
10
20
Green Bay & West RR
Green (H L) Co lnc
Greene Cananea
51% Jan
3% July
2% Sept
60% Apr
Mar 13
10
Mar
32
June
15% Mar
6934 June
Jan
2% Mar
52% Mar
24«4 Jan 27
2278 Jan 23
1234 Jan 26
21 *4 Jan 26
2414 Jan 28
135i4 Jan 13
34 Mar
1% Jan
778 Jan
134 Jan
2% Mar
•
Jan
5
4
28
139
Jan
9% Mar
12% Mar
23% Apr
Apr
Mar 11
Mar
Mar
20
7
16% Jan
31% Jan
Mar
10% May
19
Apr
Jan
x3134Mar 13
24
1
8
15% Mar
20
Jan 28
15
No par
preferred
28% Nov
Apr
Mar
5U Jan 27
li4Mar 17
11% Jan 26
122
1
35
100
Copper.-100
Greyhound Corp (The).No par
16
14
14
80
30
July
24% Dec
15% Nov
30% Dec
32
'Jan
142
Dec
Oct
50
734 Mar
22
Dec
Feb
13
Jan 26
2184 Mar
12% Jan
1% Jan
14
Jan
June
'4 Mar 11
100
2
878 Oct
2% July
14% Nov
22% Nov
50
IU4 Jan 27
8% preferred
6% Nov
7234 Dec
34% Mar
Jan
'
17
Dec
108
6
40
....10
preferred
Guantanamo Sugar
2078 Oct
68% Dec
38% Dec
28% Nov
No par
5M%
Jan
Nov
13% Mar
Jan 21
35
July
378
85
32% Mar 14
24U Jan 26
1
Feb
Mar
5
*1
.
Feb
1584 July
67
July
I84 Mar
IO984 Jan
Feb
11%
61
80
75
June
27% Nov
Dec
3
Jan 27
100
100
Mar
3*4 Jan 26
No par
Nov
1634 Nov
20% Nov
13
2484 Jan 4
74% Mar 16
383s Jan 3
18i2 Jan 26
No par
Great Western Sugar..No par
Preferred
£.100
7~, 700
11%
%
45
rn'mrn
2% July
26% Oct
37
7
384 Mar 14
278 Jan 4
214 Feb 15
No par
5%
Mar
Mar
'
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
50
20
*14
Jan
$3 conv pref series...No par
2,100
137
26%
*35
17
Jan 24
Granite City Steel
Grant (W T)__
25,100
27
137
July
95
37% June
1378 Jan
2i8 Jan 23
Granby-Consol M S <fc P....5
Co
1
5,500
21
%
19
45
Grand Union (The)
1,200
15
66
*36
32
23%
12%
2034
17
31
32%
Jan 24
Graham-Paige Motors......1
100
45
*35
21%
12%
20%
12%
21
'
31%
66
*36
53
Preferred...
3,800
14
*12
13%
2% July
27% Nov
5
3
66% Mar 11
24% Jan 5
15 conv preferred
1,200
31%
*16
Nov
110
46%
Mar 14
54
47
June
6% June
Jan 26
5
Mar
9
3
Jan 26
Gotham Silk Hose
400
27
678 Jan 27
6% preferred..
3,800
*1%
8% Jan
10
Goodyear Tire & Rubb.No par
900
1%
Mar
98
27% Mar 10
44
Goodrich Co (B F)
300
80
*77
Mar
1634 Jan
No par
Gobel
14,300
2,200
25,700
■1%
7%
139
3178
Glldden Co (The)
3,500
17,200
100
5,700
28
*36
4%
80
Jan
41
...No par
No par
$0 preferred
600
10534 10 "84
4%
4%
107
*4
1
1338 Mar
No par
$5 conv preferred
Glmbel Brothers
Gold & Stock Telegraph Co 100
*77
91% Mar 13
1% Jan
20% Jan
I93g Jan 26
Gillette Safety Razor..No par
70
107
80
*77
1% Dec
1234 Mar
£85
Sept
5
99% Feb
2,100
33
3
101% Apr
Jan
July
978 July
12% July
6
Mar
45
Mar
034 Mar
4
6
238
72
21% Mar
5
3
1% Jan 20
Jan 27
99
100
77%
21%
Au3
6378 Nov
124% Nov
41% Nov
77%
31%
125
25% Mar
11178 Apr
34
conv pref erred. .I—50
(Adolf)
1
Goebel Brewing Co
1
71
Jan
118
9
8% Mar
14% May
4
20%
Jan
Dec
125% Mar 11
38
Feb 28
51% Mar
1
Jan 26
Nov
79
13
3%
34
Jan 27
Oct
50
Jan
5038
15% Mar
6% preferred
46
74%
127
9
1%
Mar
25
Mar 17
15% Jan
3%
2%
22%
Mar
83
32% Jan
20
7184
55
i
Jan 26
40% Nov
117% Nov
lli2 Feb 10
13i2 Jan 27
*44%
33%
% Mar
5
2334 Jan 25
3%
2%
Jan 12
No*
29
21%
79
48
Jan
lis Mar 17
17% Feb 17
46%
21
3434
33%
106% 106%
4%
438
,
*77
79
79
79
21%
27% Mar
2278 Mar
10834 Judc
28
General Tire & Rubber Co...5
11,200
<;■
5
110
3%
*2%
*7?%
71%
35%
22%
22%
23%
22% 22%
72
73
73
7I84
71%
353g
3434
3534
3484 35%
*106
107% *106% 10734
*10534 108
4%
4%
4%
434
*434
4%
64
Nov
Jan
19i2 Jan 27
21
78
78
12%
13*
106% Jan 11
ll4 Jan 27
*4438
2%
2%
78
78
11%
64
Feb
Apr
678 Jan
Corp .No par
Gen Time Instru Corp .No par
1,400
12%
28
108%
1% Jan
Jan
Nov
87
5
42% Mar 15
Jan126
5% July
19% Oct
3878 Nov
Jan
117
Feb
Oct
136
Gen Theatre Eq
5,800
66
*64
46%
334
3%
7
52
7
51%
53
Mar
207g Mar
10% Jan
$0 preferred.i.-_--..No par
19,500
7%
53
Mar
35
6
9% Nov
102% Dec
59% Dec
11% July
Gen Steel Cast $6 pref. No par
-'
25%
26%
11
4
Sept
General Refractories...No par
'
13
334
99%
"24%
99%
~25%
26%
7%
3
44%
Jan
90
Apr
Jan
5% Jan 28
100
1
6% Mar
115
Jan
85s Jan 26
preferred
9
534 Mar
113
% Jan
34
Mar
4
130
36% Jan 27
72%
123%
42i2
123%
Mar
Jan
1
0%
200
1434
Mar
4% Mar
82
29
Mar 13
..No par
Common
Gen Realty & Utilities
1,700
*14
15
52
25% Jan
—
No par
19% Nov
June
$6 preferred.......-No par
No par
800
18
54
3%
25%
24%
54
3%
34%
18
32%
...No par
Sept
48
75
125% Jan 31
Jan
3 7Jan 26
Oct
8%
3
Gen Railway Signal....No par
50
34%
Inc-.-.-lVo par
100
Dec
35
98
2178 Jan
July
97
Mar
4% Mar
2% Mar
Jan 31
68
18
4
2534 Jan 28
100
578 July
July
18
13
4i2 Jan
18
Gen Public Service
4,500
1,200
6,600
2534
11
148
No par
Jan
Nov
Sept
37s Oct
Mar
85
5
7
5
Jan 26
Oct
Nov
5%
9% Mar
3
13
General Printing Ink
2,900
1% Mar
2% Mar
10
Jan
3% Jan 24
$5 preferred...
No par
Gen Outdoor Adv A...No par
"""206
91
Jan 17
9
-.—5
No par
preferred.......—-100
6%
500
Mar
2% Mar
100% Jan
60% Jan
Jan 18
134
No par
Bronze
General Motors Corp—'...10
800
1%
*91%
1%
7% Jan
8*2 Jan 26
6
Baking
General Foods
2,70m
29%
50
Mar 13
98
>
50% Jan 27
39
94%
25%
"
23
21
1%
18%
26
*
27%
7%
22
60
1,500
1%
94%
52
$6 conv pref series A.No par
.No par
22
1%
18%
33%
Jan 31
General Electric
100J
*91%
1834 Jan
48U
General Mills
5%
9%
*1%
1%
16
Feb 16
2,500
35
35%
18%
15
99%
94%
1%
1834
33%
25%
14%
*14%
15%
*1%
21%
5% Mar 17
114
125% 125%
5%
95% Jan 28
3
7% preferred-
380
Mar
Mar
Jan
7% cum preferred
48% 121,600
*32
14
$4.50 preferred
No par
Gen Gas & Elec A .....No par
126
46%
11% Jan 27
Class A
100
126
No par
Mar
11
Jan
General Cigar
7,100
-
13
General Cable—*
55,100
9%
*8%
*108
109
109
*108
2234
*1%
36
*9
1%
*91%
27%
"26%
109
*1%
2278
79
41%
5%
5%
9%
22
23%
94%
I3g
19%
27
*
5%
5%
9%
22
53%
13%
66%
46%
3%
78
78
78
"26%
125% 126
49%
48%
*35
*108
109
19%
34%
*81%
50%
4834
5%
9%
23%
♦913s
*1%
3434
27%
1434
*15%
37%
1%
91%
1%
1934
2784
*
39
40%
18
Oct
37% Nov
109% Nov
4%
85
2% Jan
4..." Jan
Feb 14
10% Jan 26
58 1st preferred
20
115% 115%
%
%
6384
*53%
83
81%
83
125
125
534
9%
*108
3434
5138
*35
1%
23%
34,
27%
"
126
9%
*108
*108
120
5%
z9%
9%
127
125
37%
5%
5%
81
50%
125
125
*35
81
126
125% 126%
49% 50%
51%
82
134 Feb 23
3
1
10
preferred—
General
1,600
40
.
'
8034
80%
*125% 126%
1%
41
81
24
*130
'
82
14%
*2234
23%
32
% conv preferred
200
130
58
General
70%
23
Apr
1978 Mar
3,900
29%
130
25
Jan
2,100
*65
23%
23%
*130
Jan 13
30
Jan 26
13%
*27%
41%
1
*1%
m'mmm
,
55
7
22% Mar
Jan 26
70%
*115
6334
50%
*130
42%
42%
42
4178
*114% 116
*78
--
42% Feb 18
—10
Gaylord Container Corp—.5
30
42% £40%
42%
40%
42%
42%
41%
41%
42%
4134
41%
41%
118
116% *115
116% *115
116% *115
%
%
%
%
%
%
%
%
*54
6334 *53%
6334
6334 *53
6384 *54
43
*54
*#
pf_100
Co.!
7
29%
14%
334
_
96
*65
75
2% Jan 26
$6 preferred
No par
Gen Am Transportation
6
*28
129%
9034
1% Mar
Jan
Jan
Jan 11
Jan
Jan
Jan
3%
Gannet Co conv $6 pref No par
1,000
5,800
1,000
15
14%
29%
*65
Jan 26
Gen Amer Investors—No par
4
*3%
3%
1484
3%
No par
80
Feb
3,000
*140% 152
*140% 152
35%
108%
2934
100
*48
*48
50
50
50
49% *48
50
*47%
8
8%
8%
*734
*734
*7%
8%
8%
8%
8%
8%
103% *100
103%
103% *100
*100% 103% *100% 103% *100% 103% *100
57
56
58
54
55%
54%
58
fc 55
58%
57%
58%
58%
10
10% ^10%
9%
10%
10%
10%
10.%
10%
10%
1034
1034
Jan
8
Gar Wood Industries lnc
300
16
16
17%
50
Oct
21
Jan 26
Gamewell Co (The)
40
53s
5%
39%
Feb 10
$3
1,200
Dec
31%
22
Galr Co lnc (Robert)...
170
100
Apr
15
28
Gabriel Co (The) cl A ..No par
800
1234
1234
*97
5%
»"5%
2
1934 June
Mar
104
Freeport Sulphur
2,300
11%
2
Jan
20
10
F'k'n Simon&Co lnc 7%
mmmmm
11%
30
....100
$7 conv preferred
2,300
23%
2%
3%
12%
3%
13
*16%
•58
23%
12
100
*5%
*43
23%
31% Jan
Jan 27
17% Jan 16
Nov
43% Nov
Francisco Sugar Con...No par
20
400
234
2%
Jan 26
30
Oct
267g
100
2% Jan 30
4M% conv pref
Foster-Wheeler
10
90
*82
24%
24% Mar
107g Mar
t Follansbee Brothers.-No par
Food Machinery Corp
100
m
2,700
23%
Apr
76
4834 Feb 16
Florshelm Shoe class A.No par
300
105
22%
Florence Stove Co
16% Mar
104l2 Mar 16
4134 Jan 12
No par
No par
Flintkote Co (The)
700
*2
3%
12%
*97
5%
534
17%
*1034
*47%
8%
17%
*1634
98
684
6
*578
1234
13%
*96% 101
13%
98
101
*97
mmmmm
28%
28%
58
1,400
10,600
234
*99
J 9% Jan 27
9914 Jan 16
6% preferred series A... 100
First National Stores—No par
23%
2
2
3%
12%
1234
3%
12
12
1134
*43
23%
23%
2%
338
3%
11
11%
13%
*2
2%
3%
3%
3%
11%
*1278
23%
23%
58
*43.
58
*43
2334
23%
23%
23%
58
*43
58
*44.
200
Highest
Lowest
% per share $ per share
% per share
2588 Mar 9
% per share
Firestone Tire & Rubber... 10
8,300
19%
234
3
*234
1939
Range for Previous
Year 1938
Highest
Lowest
700
*17%
*173)j
19%
*18%
19%
*18%
*278
On Basis of \Qfo-Share
Par
Shares
33
*32
1
Lots
18,
EXCHANGE
Week
17
Mar.
$ per share
23
22%
22%
23%
104%
104% 104% *103
44
45
45
43%
25
27%
27% 28%
33
33
34
34
34%
NEW YORK STOCK
the
Friday
Monday
24%
25
2434
25%
23%
2434 25%
2478
105
*103% 105
*103% 105
103% 103% *103
45
45%
45%
45% 45%
*45%
4534 45%
28
2834
29%
29
2834
29%
28% 29%
STOCKS
for
S per
Sales
SHARE. NOT PER CENT
SALE PRICES—PER
HIOH
AND
LOW
Saturday
Mar. 11
Mar.
7%
78 Mar
18% Feb
Mar 17
12
5% Jan
Mar
Oct
I84
Jan
Jan
28
'
4%
*4%
*4
4%
4%
*4
19
*30
18%
31%
*17
*30
31%
*3334
30
*3384
*10%
36
19%
31%
*18
19%
*30
36
,31%
*34%
'36
11
*1034
11
10%
18%
*4
4%
Gulf Mobile & Northern.. 100
4%
*16%
19
30
30
*3384
36
."""166
100
"l'ioo
*17
17
17
*17
17
17
17%
17%
17%
104
104
*102
*102
10334 *102
10334 *102
10334
103
103
*102
*102
103
103
103
102% 102% *102
26
26%
27%
27%
26%
2634
26%
26%
2634
25%
25%
25%
136
*130
*132
136
136
*132
*132
136
*132
136
*130% 136
7
7
7%
*034
7%
*6%
684
6%
6%
*6%
6%
6%
79
79
79
76
79
79
77%
*75
*75
*75% 79
,79
400
■
17%
17%
*102
104
10%
9%
*17
*102
*101% 102%
3%
106
1178
*10934
*162%
..
3
3%
3%
3%
3%
3%
106
*104% 106
*104% 105% 104% 104%
12
1134
II84
11%
11%
1134
11%
115
*10984 .115
♦llOSg 115
*109% 115
167
*162% 107
*162% 167
*162% 167
16
16%
16%
16%
16%
16%
10%
77
76
77
73
75%
76%
7534
132
*132
133
*132
132
134
132%
61
6O84
6184
61%
*59%
*59%
*59%
110
*108% 110
*108% 110
109% 109%
■i
3%
"
15%
*75
*130
*60
*108%
20
*18%
48
47%
*107% 109
11
13%
*95
11
13%
110
65%
65%
*35%
36%
16
163S
*68%
70
*108% 10834
734
784
54
54
*1%
184
*434
638
33
33
7%
7%
1%
17%
1%
17-%
30
30
48%
48%
*9%
1014
*1884
47%
20%
4734
*107% 108
1034
11
13
13
*95
110
*18
9%
*101
3%
103%
101
11%
11
110
*95
110
49
9%
49
*8%
49
9%
48%
49
*8%
10
Bid and asked prices: no sales on this day.
3%
102
1,300
"960
170
4,200
400
*10934 115
*10934 115
*162% 167
*162% 167
15
15%
15%
15%
"3", 100
73
132
*59
73
132%
6034
*106% 109
20
*95
110
69
70%
*
132
*59"
•
18%
7,800
12%
*95
£63%
35%
£34
14%
15
7%
1,600
12%
600
14%
64%
"3",500
3484
14%
600
70%
70%
*68%
109% *108% 109
7%
20
10%
110
6484
No par
preferred....
100
Hanna (M A) Co $5 pf_ No par
Harbison-Walk Refrac.No par
preferred.
45
47%
t In receivership.
a
Def. delivery,
5% Mar
81
May
6
54
__5
No par
42
106
Class B
com
60
Oct
105%
Dec
Jan 26
51
Jan
4
17
Jan
8
110
Jan
6
98
Jan
21% Nov
52% Oct
118
Aug
11% Mar
9
Feb
Feb
7
Feb 17
15% Jan 4
104% Jan 12
66
Mar 10
9
17% Jan 3
70% Jan 3
109% Mar 16
36% Mar
5% Jan 14
30*4 Jan 27
5%
35%
No par
6% Jan 27
878
1
1% Mar 16
2%
100
1484 Jan 26
2084
Jan 20
Jan 9
Jan 10
Jan 5
Jan 3
Jan 4
Jan
8% Jan
6
55% Mar
9
0% preferred series A... 100
25
Jan 26
35
Leased lines 4%
41
Jan 28
49
RR Sec ctfs series A
New stock,
r
100
1000
Cash sale,
x
Dec
Mar
I84
Central
Dec
135%
Mar
138 Jan 12
5%
Oct
87
Sept
100
Manhattan
Dec
20%
15
Mar 10
103i2 Jan 9
6i2 Feb 20
44
Jan 27
c._25
Dec
161
80
61
5
100
v t
Howe Sound Co
111
7
I2i2 Jan 26
68
42«4 Mar
12634 Jan
Dec
11% Nov
7
par
stk.No par
Mar
Oct
6%
Jan
2
No par
12.50
Jan
10
Jan
Nov
19
Jan 24
7% Jan 26
12
140
x734
109% Feb
Jan 28
Feb
104% Jan 12
61*4 Jan 24
30
Jan 27
100
Houdallle-Herahey cl A. No
n
4
Feb 17
135% Mar
Homestake Mining
20
*8%
7634 June
No par
Holly Sugar Corp
7% preferred
190
9%
9%
4
Mar 15
Illinois
49
Jan
12% Mar 10
106
132
7,800
*47%
*8%
5
3
Hollander <fc Sons (A)
Dec
111
Jan
4%
Jan
18
140
75
86
No par xl04%
3484 July
4% June
100
preferred
Apr
50% Mar
l%June
Mar 17
Hinde & Dauch Paper Co.. 10
Holland Furnace (Del)
10
$5 conv preferred
98
Mar
Mar 11
No par
6% cum preferred
Hershey Chocolate
700
234 Jan 25
Nov
-
7% Mar 10
79
69
Hupp Motor Car Corp
27
3
Jan 19
Nov
100
June
120
5
Hudson Motor Car
26
478 Feb
13% Nov
21% Jan
101
138% Jan 11
Jan
7,400
28
4
Mar
Nov
83
15
17
3,000
*27
Mar
12
6% July
8834 June
4
Jan
105
5,100
I584
32
116% Feb
1%
14%
Jan 26
23
Mar 17
Jan 21
7
16%
103
Feb 20
32%
16%
17% Mar 10
Jan 26
102
5
Jan
13% Jan 26
preferred
100
Hudson Bay Min «fe Sm Ltd 100
0%
1%
Jan 26
159
6%
3134
16
9984 Feb 18
100
110
*484
1%
Mar
Jan 24
6%
7%
Apr
Apr
5
Mar 17
*4%
32%
32%
30
10
I84
7%
1%
24
Feb 24
12
25
5% preferred..
Houston Oil of Texas
mmmmrnrn
Nov
June
Jan
5
100
Hercules Powder
Hudson &
30
35
31
35% Mar
Jan
878 Jan 27
No par
300
400
24
101
2".
Household Fin
1%
Mar
1
Hercules Motors
700
5,000
4,400
Mar
8
...25
Hazel-Atlas Glass Co
Hecker Prod Corp
conv
3
Jan
22
32
71
$4
»
2912 Jan 27
Corp of Amer class A... 1
6H% preferred w w
100
Hayes Body Corp
2
Hat
*1%
51
Jan 25
Feb 24
136
6%
48%
1%
49%
4
16
•
.100
10,400
50%
7%
Hamilton Watch Co
"""166
4634
35%
109
60
18%
6484
*69%
1,700
46%
9%
...10
Preferred
100
106% 106%
...25
Piinting
Helme (G WO
6034
*105% 107%
Hall
0%
8,600
*1834
20%
20%
48
4784
48%
£40%
47%
47%
*107% 108
£107% 107% *106% 107%
11
10%
10%
*10%
10%
10%
13%
1234
1234
*1234
1258
*12%
*95
,3%
100
Hackensack Water
0%
50
11%
11%
*18
6584
65%
6434
65%
65%
65%
35%
35%
35% 35%
35%
35%
15%
15%
15%
14%
15%
15%
70%
70%
70% 70%
70%
70%
110
110
*109
10834 10834 *109
7%
7%
734
7%
7%
7%
54
54
5234
50%
5234
53%
I84
1%
134
1%
*1%
*1%
*5
*5
6%
6%
6%
*4%
33
32
32%
32%
3234
3234
7%
7%
7%
7%
7%
7%
1%
1%
1%
1%
1%
1%
17
17
17%
17%
16%
17%
*29
28
30%
27%
*28%
30%
49
3%
preferred
7% preferred class A.....25
m'
10%
10%
6%
8% Feb 23
Ex-dlv.
y
3
Mar 13
11% Jan
Ex-rights,
4
40
534 Mar
11% June
102
Mar
48%
Apr
17% Mar
Mar
6
46%
Jan
83%
Jan
5
Mar
23% Mar
1384 July
25% Jan
108
May
66
Aug
35%
Oct
18% Oct
72% Nov
105% Nov
934 July
53%
Jan
1
May
3% July
3
Mar
9% July
20% Mar
35% Nov
5
Mar
10
Jan
% June
234
Oct
6% Mar
12
Apr
2078
Dec
35%
Dec
23
44
Mar
3% Apr
11%
f Called for redemption.
Nov
Dec
Volume
LOW AND
New York Stock Record-Continued-Page 6
148
HIGH
SALS PRICES—PER
Mar
Monday
11
Mar
$ per share
♦6*4
26%
Tuesday
13
7%
*6*4
7%
25*4 26
26%
112% *111% 112
150
151
*146
93%
15*4
*47g
15%
5%
*7*4
Range Since Jan. 1
152
150
15%
91%
15%
5
5
5
7%
27
26
93%
93%
93%
*93%
3%
3%
12*4
13%
2%
2%
*23% 25
195% 195%
647b 65*4
*3%
3*4
12%
2%
23%
*3%
162
161
7%
*26
162
161
*161
7%
7*4
67g
7
4%
7%
378
4%
7*4.
4%
8%
55
547g
*135
53%
137
*135
12*4
13
45%
46%
5%
53%
6
31%
34?g
30%
*97
9%
9%
14
12%
54%
31%
35
34%
30%
100%
29%
*96
8%
9%
9%
9%
14
*82
*81%
*10
*20
*124
79
97%
97%
*53%
96
9
9
*90
.
8%
15%
*87
98
*87
*13%
9%
83%
36*4
1234
14
13
9%
82%
38%
12*4
*17%
23%
*47g
18%
*17
17%
23%
227s
*47g
*26*4
23%
*10%
*19%
23
*26
17*4
5%
5%
5%
5%
*%
%
%
*2%
25%
*12%
32%
2%
25%
12%
*8
2%
*2%
25%
12%
12%
32*4
54%
*5%
*37%
32*4
66*4
6
38%
38%
*105
106% *105
106%
107% 10712
107% 107%
*173
175i2 *173
175%
*17
17% •*17
17%
34
35
34% 34%
*45
46
47
47
18%
18%
50%
51
18%
18%
8%
*83
83%
38%
36
12*4
27%
42%
55
55
3%
22%
*107%
23%
*150%
20%
*53*4
*31
*128"
42%
*18
37%
*1%
49%
107*4 107*4
9%
8*4
.54
54%
-
-
20
*2%
*83%
36%
12%
*24%
*2%
*37
41
*4%
26%
23%
27
12
♦10%
12
21
*19%
17
23*4
17%
2%
12%
*7%
*12*4
1%
5
7%
*14%
35
4%
52*4
*29
*172%
51%
6%
*35%
*97%
14
14
------
16*4
16%
22
5%
*5
5%
-
*26%
23%
10%
27%
24%
20*4
*19
17%
5%
*16%
20%
16*4
11
26%
23%
*10%
19
*4%
---«
*116
60
150
3,200
100
3234
9,800
3,700
23%
434
3,000
%
%
600
2%
24
11*4
32
53%
5*4
38%
106*4
„
*2
22%
11%
31%
50%
900
1,400
534
600
37%
105% 105%
105% 106
600
37
8%
834
51%
52%
9%
102%
3.5Q0
11,000
106*4
175
174% *173
*16
17%
17%
31
32%
32%
44
42% 42%
17
18
18%
46*4
47%
46%
*107
108
108
53
300
2%
23%
11%
31%
53%
5%
----
334
3*4
52
53
267S
27%
173
173
50
400
1,600
—
—
-
-
-
-
400
2,100
800
10
Kimberly-Clark—.—No par
Kinney (O R) Co.—
1
$8 preferred....—-No par
$5 prior preferred—No par
Kresge (S S) Co
.......10
Kresge Dept Stores....No par
Kress (S H) & Co.-...No par
Kroger Grocery & Bak .No par
Laclede G&a Lt Co St Louis 100
5% preferred—.......100
Lambert Co (The)—No par
Lane Bryant
—No par
22
4% conv
Lehigh Valley RR
60
Lehigh YaUey Coal..i.No par
6% conv preferred
50
Lehman Corp (The)—.....1
Lehn A Fink Prod Corp.
6
Lerner Stores Corp....No par
Llbbey Owens Ford Gl.No par
Llbby McNeill & Llbby Ho par
Life Savers Corp.......—-6
Liggett A Myers Tobacco..25
Series B
—..—25
Preferred
.....100
Lily TuUp Cup Corp...No par
Lima Locomotive Wks.No par
Link Belt Co
—No par
2,300
Loew's Inc
Loft
6,500
5%
preferred.—.—100
(P) Co..——10
preferred—.—.—100
Lorlllard
220
2,900
-—No par
Ino
Long Bell Lumber a —No par
Loose-Wiles Biscuit
25
------
7%
Louisville Gas & El A..No par
Nashville.—100
300
Louisville &
500
MacAndrews & Forbes...—10
6%
------
5,100
6,800
600
800
300
200
70
1,800
------
.500
5,200
190
6,200
33,300
400
4,300
1,800
20
3,500
1,400
400
------
13
13%
13%
14
1,200
14,500
101
delivery,
preferred...—-No par
No par
Mack Trucks Inc
Macy (R H) Co Inc...No par
Madison Sq .Garden...No par
......10
Magma Copper
Manatl Sugar Co
Mandel Bros
—
No par
t Manhattan Ry 7% guar J00
Modified 6% guar
100
Manhattan Shirt.
25
Maracalbo Oil Exploration.. 1
Marine Midland Corp.—..6
Market St Ry 6% pr pref. 100
Marshall Field A Co—.No par
Martin (Glenn L) Co
-1
Martin-Parry Corp—-No par
MasonlteCorp
—No par
Mathleson Alkali
Wks.No par
7% preferred.——...100
May Department Stores... 10
Maytag Co—
No par
$3 preferred w w
No par
$6 1st cum pref.—No par
McCail Corp
No par
200
s Del.
preferred......100
n
New Stock,
r
...100
Cash sale,
4
25
Jan 26
Jan 24
4% Jan 24
% Jan
2
Jan 26
Jan 26
10% Jan 28
27% Jan 27
Jan 26
6% Feb 21
173% Jan 10
16% Jan 24
29% Jan 26
2
Jan 20
45*4 Jan 27
106% Jan
9
8% Jan 8
51% Mar 17
3% Jan 12
Jan 26
6
20*4 Jan 26
147% Jan 3
15*4 Jan 4
Jan 23
29*4 Jan 27
Feb
6
Feb
6% Mar
Feb
44% Mar
Mar
122
Jan
Apr
12% Mar
118
Mar
Mar
2
8
4% Mar
Oct
Oct
19
Feb
30
1% Mar
12% Jan
35
Mar
25
Feb 15
Mar
8
15% Mar
2% Mar
22
Mar
12% Mar
Mar
18
30
Jan
17
Nov
10% Mar
13% Mar
3
3
4
Jan 10
106% Mar 14
107*4 Mar 14
176
Jan 24
17*4 Jan 20
40% Jan
47
5
Mar 18
Jan
19*4 Mar
23% Mar
6% Dec
25
Mar
81; Mar
4
9
Mar
99
Dep
*4 Mar
Mar
June
13*4 Mar
Apr
1212 Mar
297b
Apr
32
Jan 28
18
1*4 Jan
11*4 Jan 30
5% Jan
8% Mar
15% Feb
2078 Mar 17
39% Feb 24
8*4 Jan 30
46% Jan 27
27% Feb 23
67% Jan
3
3
Jan
4
6
44% Jan 26
47S Jan 27
28% Jan 30
3
11*4 Jan 24
Jan 13
5% Jan
36
175
Feb 14
52
Mar 11
6% Mar 10
36% Maf 10
101
Feb 14
17% Jan 20
14% Mar 10
101% Mar 15
Ex-rlghts.
Mar
Mar
6*4 Mar
2% Mar
9
Mar
1%
4%
5%
5%
14%
Mar
Sept
Dec
Mar
Mar
2% May
25
Mar
19% Mar
156
Aug
28% Mar
3% Mar
16% June
Nov
19% Oct
57% Dec
126
12
9
7
6
9
17
154
Mar
22
4*8 Mar
Jan 17
Oct
116% Mar
*4 Mar
87S Jan 17
Oct
23% Nov
107% Dec
21*4 Dec
92
13% Mar
9
63%
14*4 Mar
125
6
Nov
21% July
62% Nov
111% Oct
5*4 July
1
Jan
18% Nov
2% Mar
24% Feb 25
153% Jan 28
33
103*4 July
60
4% Jan
22% Mar
125% Jan 27
Jan
Deo
40*4 Nov
Mar
26
3
9
102
29
5
Jan
68% Nov
37% Nov
20% Mar
Jan
68
Oct
1%
5%
170% Dec
12% Mar
20% Mar 13
,
81% Mar
157
Apr
14% Mar
33
Mar
120
Jan
Jan
29
July
14% Nov
35% Oct
4
6
109
80% Dec
x26% Oct
7% July
6
62
7% July
Dec
178 Mar
19% Mar
67b Mar
Jan
107*4 Mar
11% Jan 19
Jan
Mar
*8
54% Jan
19
Jan
Oct
July
81% July
21% Nov
8
Mar
4
8
Jan
Deo
19%
22%
8% Mar
3% May
5% Jan
% Jan
Jan 5
Mar 10
Mar 13
Mar 13
Jan 3
July
3*8 July
15
95
27*4
12%
82*4
66*4
6%
14% Nov
8
Mar 16
118
<
Mar
9
Mar
10
2
Oct
51
18% Mar
4% Jan 25
Oct
26% May
6% Mar
1*4 Jan
7% Mar
6% Mar 17
11% Jan 23
1% Feb 20
14%
10%
Dec
100
19% Jan
v
Oct
13% July
24% July
Jan
38% Jan
x Ex-dlv.
Jan
Mar
Jan 28
Jan 24
Feb 16
88
78
24% July
123
3
247s Mar
Jan
74% Dec
111% Oct
130
July
80
Jan 11
43% Feb
93
83% Nov
12% July
Dec
10
Jan
Oct
Oct
Nov
Nov
30*4 Jan
164
18
91
Jan 18
Jan 26
Jan 26
Jan 26
Feb
11%
1178
Nov
22%
37%
16*4
30%
1%
6%
0
96% Deo
16
40
Jan
100% Jan 27
100% Jan 23
124
Mar
12
35% Mar 10
19*4 Jan 26
48
June
12
Jan
100
13% Jan 20
231s Jan 20
18% Mar
5% Jan 5
Jan 24
Jan
28
46% Mar
5% Feb
6
48% Jan
30% Nov
35*4 Jan
86% Nov
Dec
25
Jan 27
9*4 Jan 26
McCrory Stores Corp.—..
6% conv preferred
14
105
Mar
Mar
Mar
Dec
19
17U Jan 12
18
Mar
Mar
6% Mar
23*4 Feb 25
5% Jan 16
#27% Jan 19
Jan 14
10
4%
18%
2%
28%
19%
57% Nov
July
15% Nov
6278 Nov
140
2% Jan
40% Mar
13% Jan 11
Mar
Jan
27*4 Jan
Feb 16
20% Jan 28
47b Jan 25
25% Jan 28
20*4 Jan
39
6*4 Mar
132
Jan
11
13
,
36
Jan
Mar
12
44% Jan
Jan 27
17| Jan 26
43
1178
2
Jan
10% May
03
Apr
14% Mar
10% Mar
Jan 26
22
Oct
100
92
Mar
113
Oct
9%
478
49*4
Jan
95
9*4 Jan 27
Keystone Steel A W Co.No par
Lehigh Portland Cement—25
1647s
Mar 13
12
33% Jan 26
Lee Rubber A lire...—1—6
Mar
3% Mar
997b Jan 17
16% Jan 20
6% Jan24
10
141
58
Jan 10
11% Jan
Feb 20
32
70
Jan
23
Feb
80
May
Nov
19% "Jan
121*4 Jan 20
14% Jan
Kelsey Hayes Wh'l conv cl A.l
Class B
"
Kendall Co *6 pt pi A..No par
Kennecott Copper
No par
...
48
24
Jan
88
Dec
113%
Jan
97
Jan
185
124
Mar
-79% Mar 16
64
,
29
Mar
Apr
125
105
132
6% conv preferred..—.100
Kayser (J) & Co.—
5
Keith-Albee-Orpheum pf._100
jan
Mar
Mar
Jan 26
4%
37b
15
2130
June
Feb 21
Lone Star Cement Corp No par
700
_
5% July
16% Nov
Mar
8
51
No
2
16
87
Kan City P & L pf ser B
Mar
67b Mar
63
128
1512 Jan 28
Mar
June
2
82% Mar 14
10*4 Jan
..100
Jan 26
27b Mar
15
80
19% Oct
5% Nov
97b Nov
34% Nov
98
Apr
20% Jan
Jan 26
70
Jan
No par
Preferred
300
.
14*4
Jones A Laughlln St'l pref.100
Kalamazoo Stove A Furn
10
Johns-Manvllle
61,300
4,700
51%
t Inreoeivership.
...
Liquid Carbonic Corp..No par
—....No par
$6.60 preferred—-No par
1,900
11,200
5%
5%
35% 35%
*99% 100
101
preferred......'
1
.....No par
Jewel Tea Inc
30
4*4
*4%
this day.
500
7,300
%
53
Bid and asked prices; no sales on
...
12
125
----
101
-
24
"
101% 101%
— -
4*4
4
4
4
*4
*3*4
4%
4%
53%
53%
53% 5434
54%
53%
53*4
53%
28
27*4
28% 28%
28*4 28*4
29*4
28*4
29%
*172% 175
*172% 178
175
*172% 175
*172% 175
52
51%
51
51%
51%
52
51*4
51% 52
6
6
*5%
5*4
5*4
5%
534
5%
6%
37
35% 35%
37
*35% 37
35% 35% *3512
*98
100
100
*98
100
*99% 100
*98
101%
14
14
14
*14
13*4
14
*13%
14%
14%
14
13*4
14%
13%
13%
13% 13%
14%
13*4
4%
-
19%
1678
4%
16%
31%
22%
118
5,800
26%
4%
-
100
1684
23%
33%
2334
*100% 101% *100% 101% *100% 101%
•
100
100
2%
23%
4%
*4%
514
77,300
1,500
26
41
33
34% 35
32*4 34%
23% 24%
23*4 24%
23%
118
125
116% 116% *117
5
434
5%
434
4*4
%
*%
%
*%
*%
2%
2%
*2%
2%
2%
24
24% 24*4
24%
23%
12
11%
12%
1134
11%
32% 32%
32*4 32*4
31*4
54
5534
56%
56%
53%
534
5%
5%
5*4
*5%
*38
38%
37% 38%
38%
106% 106% 105% 105% *105
107% 107*4 *106*4 107% 106%
*173
175
*173
175% *173
17
17
17%
*16%
17%
33
34% 34*4
34%
32%
44
44
45
45*4 45*4
18
18%
18% *18
18%
47
47% 48%
48*4 49
107% 107% *107% 108% *107%
9
9%
8%
9%
8%
54
53%
53% 53%
51*4
*4%
------
*5
24
1
97b Feb 28
Jan 26
77i2 Jan
9i2 Jan 26
19% Feb
120
Jan 27
Corp—
Mar 16
9% Jan 19
.
7% Jan 26
I6i2 Feb 10
8*4 Feb
600
16*4
5%
11
par
preferred
—.100
Kaufmann Dept Stores..... 1
600,
23
16%
23%
par
10
Feb 10
35% Jan 21
3178 Mar 9
x95
Kansas City Southern.... 100
12
2%
54*4 Mar
Jan
77b Jan 26
778 Jan 27
par
..—100
—No par
Preferred
$6
84
Mar 10
34
31*4 Jan
22U Jan 27
50
100
600
1134
*37
No par
.......
preferred
Inter Telep & Teleg...No
Foreign share ctfs
No
Interstate Dept Stores.No
117% Jan 27
35
*24
29
7%
'
6
14% Mar
367b Mar
Feb 17
14*4 Jan
61*4 Jan
Jan 23
Jan
Jan 12
par
10
40
41
International Silver.
55*4 Jan
137
Jan 26
Mar 17
No par
Shoe.
International
110
1,400
6,100
27%
2%
10*4
40i2
314
3912
preferred......—.100
International Salt
20
2,600
Jan 26
Jan 11
Power Co.... 15
...100
Island Creek Coal
400
46
pf Cent Am.. 100
Intertype
84%
36
84%
5%
66% Mar 9
162*4 Mar 10
8% Jan 5
4*4 Jan 12
878 Jan
4
134
6% conv pref
50
12%
834
8%
Inter Paper &
Internat Rys
500
------
98
12%
......100
300
15
*87
1
Int Nickel of Canada..No par
Preferred-
Jan
Mar
9% Mar
28i2 Jan
93% Mar
4% Jan
15*4 Jan
3% Jan
27% Jan
195*4 Mar 13
Mar 17
Jan 3
Jan 24
Internat'l Mining Corp
100
11
9%
84%
36%
12%
1597b
618
3%
788
5
Jan 26
100
98
13
9
26
5%
27
98
13
1334
9%
90%
37%
12%
52
Preferred-
1,100
1,100
18
15
No par
...100
840
1,000
11
Jan 26
Int Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
800
200
*90
173
-
31,000
7,500
2,700
22%Mar 17
..100
Internat'l Harvester
22,200
,12,200
2,890
8%
*15%
11%
*87
98
.
*6%
-
_
53%
*8
15%
11%
Prior preferred...
35,800
_
-
3*4
3*4
3%
3*4
*3%
*3%
3*4
3%
3% ! 3%
*3%
22
20
20%
21% 21*4
20% 21%
20%
20*4
22% n 22
*107
109
*107% 109
*106% 109
*107% 109
*107% 109
109
23
22% 23*8
23*4
22*4 23%
23%
23% 23*4 *23% 23%
152
152
152% 153
152*4 «15234 152*4 152*4 152*4
152*4 *151
19% 20%
19*4
20% 20%
19%
20%
20%
19% 20%
20%
52
50
50
*52% 62*4
51%
55% *53% 55
55% *53*4
31
31
32
31% 31%
*31% 32
30% 31
*31% 32
*128%
*128%
*128%
*128%
*128%
27
27
28
28
2684
28%
26*4 27%
25%
28%
28%
39%
40%
42% 42%
40% 40%
40% 42%
43%
42% 42%
18
18
18
*17%
17%
17%
17%
17%
*17% 18%
18%
36
37
*34%
35%
36%
35*4 35*4
37%
37%j 35*4 35*4
*1%
1%
1%
*1%
1%
1%
*1%
*1%
1%
1%
1%
6
6
#6
7
7
7
*6%
7
*6%
6%
6%
12 '4
12
15
12%
12%
12% 12%
12% *12%
12% 12%
7
8
6%
7%
7%
7%
7%
7%
7%
7%
7%
13
*12%
1278
*12%
13% *12%
13% *12% 13
13*4 *12%
*1%
*1%
*1%
1%
1%
1%
1%
1%
1%
*1%
1%
5
5
5
5
5
5
X4%
4%
5%
5%
5%
8
7%
67g
7%
7%
*7%
7%
7%
7%
7%
*7%
13%
14%
12%
14%
13%
14%
13%
14%
14%
14%
14%
35
35
35%
35%
35%
36*8
36%
33%
35%
35%
34%
_
28*4
734
16%
119%
119% *119
93
16*4
17%
Jan 25
Int Business Machines.No par
13,700
1,200
17%
*14%
•
X49
*107*4 108%
9%
8%
4%
7%
8%
Interlake Iron
5,200
18
19
6%
600
634
*51
54
*90
23
„
t Interboro Rap Transit... 100
15,700
162
—
15%
18
27
—
98
*30%
2%
23*4
*10%
*19*4
21
25
9%
8%
—
*18
*4%
12
*4%
9
23
27%
4i2 Jan 14
6% Jan 25
1
Insuraoshares Ctfs Ino
500
6%
3%
6*4
4%
7*4
18%
11%
22%
24
i7%
54
52%
*17
18%
119% *119
41
5*4
Nov
17% Jan
.900
63%
162
162
—
*2%
*35%
*16*4
41
5%
*5*4
*37%
*26%
27%
2%
*2%
35
35%
34% 34%
24
24
24% 24%
*114% 116%
*115% 118
32 %
55%
57S
15%
13%
*36
21%
177g
5%
11%
*90
98
41
24%
12%
">*17
9%
*36
6*4
27
20
13%
*12%
Sept
95
94% Jan
Jan 26
500
*118
124% *118
78%
79%
79%
77*4
79%
93
93
94
89*4
94%
130
*12634 130
128% 128%
*8%
12%
37%
2%
52%
17%
98
*15%
39
27
93
129
8%
*90
38%
12*4
*26%
*2%
55
•
*11%
82%
12%
*77%
9634
15%
82
.
124
—m
79%
12
*85
9*4
*61
64%
7*4
98
82
12%
21%
177g
*4%
7*4
*17
13*4
27
7*4
18%
*18%
*118% 120% *119
8%
13*4
9%
24
8
20
15%
98
162
4%
12
15%
63%
4
54
119
146
Jan 26
12
214 Jan 26
6%
129
18%
Feb
56% June
7% Mar
3% Apr
Jan 10
79
10s4 Jan 26
4%
96
135
150
preferred....
No par
6%
3*4
129
Feb
100
No par
6%
Inland Steel
Internat Agricultural. .No par
7
*53
151
29% Jan 16
Inspiration Cons Copper...20
7,300
7
—
Mar
12%
12%
12*4
12%
12%
2%
*2%
2%
2%
*2%
*22% 24
*22%
23%
22% 22%
184%
184% *180'
184% 185% *180
63% 65*4
161% 162
10% July
80% Aug
119% Deo
60
100
*3%
11%
2%
Mar
Jan
3«4
4
25
4
119
9112 Jan 9
2% Jan 27
24%
*92
(
Jan 23
23
93%
*3%
Jan
Jan 25
105
preferred
100
Intercont'l Rubber.—No par
*25
8
24
Ingersoll Rand.......-No par
Interchemical Corp....No par
*3%
*90
11*4
678
6I2 Jan 27
10
Highest
i per share $ per share
Industrial Rayon......No par
40
93%
162
*
Indian Refining
600
25
93%
55
8%
98
15%
"*85
6%
7%
25%
93%
3%
1
Lowest
Highest
$ per share
9234
25
4
*77%
97%
*18
18*4
5
93%
129
18%
xll9
*120% 121
18*4
11*4
5
--
79%
*5312
*18%
*18
5
.
*124
129
55
5
2,200
9,400
1,700
1,700
14%
,
*77%
*128*4 129
84%
13%
*7
Par
60
86%
14*4
86%
14%
51
50%
52% 53%
49%
52%
50% 51%
*135
*135
138
138
*135% 137
*135, 138
12%
12%
11%
12%
11% 12%
11%
11%
10*4
45%
44% 45
42% 44%
42%
43%
40% 42%
6
5%
5%
5%
5%
5%
5%
434
5%
54
*53
54
51
53
53
53%
53% 54
32
32
32
32
32
33
*30%
*30% 32
34
34
34
34
34% *33% 34*4
34% 34%
28
30
29
30
29%
30%
*28% 29%
*26%
*97
95
*93
100%
97%
100% *97
100% X95
9
9%
8*4
8%
8%
9%
8%
8%
8%
9
8%
9%
834
8%
9%
9%
8%
9%
14
13
14%
14%
13%
12%
13%
13%
14%
93
82% 82%
*81%
81% 82
*81% 85
10
10
10
10
10
10
10%
*9%
10%
20
20
20
20
20%
20% *20
*20% 21
*124
79
152
86
15%
5%
7%
7
7%
9.500
1,000
54%
--
10%
20
20
*146
152
89%
14%
*4%
26
6*4
4%
*7*4
7*4
*146
400
6%
2434
111
137
44%
5%
53*4
*31%
14%
*10
7%
150
6%
111
100-Share Lots
$ per share
Week
Shares
24
25%
111% 111%
On Basie of
Lowest
Mar. 17
6*4
6*4
24%
Range for Precious
Year 1938
EXCHANGE
$ per share
16
88
13
127g
12%
2%
2%
2%
23
23
23%
195% 195*4 *184% 190
64% 65%
64% 65*4
*92
7%
26%
111%
*110
91%
Mar.
STOCKS
NEW YORK STOCK
the
CENT
Friday
f per share
*6*4
112
15%
15
25%
26%
111
93
5
26%
7%
*634
*26
NOT PER
Thursday
$ per share
*146
152
92%
15%
8
26%
Mar
$ per share
112
93
14
Mar
$ per share
SHARE,
Wednesday
Sales
for
Saturday
1601
32%
49%
19%
40%
2%
10%
20%
10%
Deo
Jdn
Nov
Aug
Oct
Nov
Oct
Nov
Jan
Nov
16
July
2*4 Jan
7%
16
Jan
Aug
147b Nov
37% Dec
7%
61
Oct
Oct
3078 Nov
165
63
Feb
Oct
77b Aug
28% Dec
Apr
97
Dee
8*4 Mar
16
Jan
75
6
Mar
13% Nov
61
Mar
92% Nov
?Called for redemption.
New York Stock Record-Continued-Page 7
1602
Monday
Tuesday
Mar. 11
Mar
13
Mar. 14
.
{ per share
21% 22%
{ per share
$ per share
Mar
{
15
.
Mar
{
22%
21%
2134
22
21%
21%
*9
10
*9
10
*9
10
*9
6884
59
58
58
59
14%
934
1434
934
9934
U%
1484
58%
14%
14%
9%
14%
934
9934
59
15%
5884
15%
10
10
9%
*95
9%
9934
11%
9%
*95
.
Mar
16
share
21
21%
9%
9%
5784
58%
14%
1334
934
9%
*95
9934
per share
per
17
.
9
*95
*95
68
68
*68
78
*68
70
68
68
68
68
*66
67
*58
67
*58
67
*58
67
*58
67
*58
*54%
56
*54%
56
*54%
5%
56
*54
56
11%
*5%
6
27
27
27
26
27
17
17
*17
18
*17
18
38
38
38
38%
1034
*37
37%
IO84
11
11
16%
16%
16%
*5%
*51%
*%
%
•
.
%
34
14%
2
738
%
7%
*84
16%
28%
5%
5%
*%
*%
13%
*1%
16%
28%
80%
.
111
5% f
5%
54% *51%
50
McKeesport Tin Plate.-.--10
McLellan Stores
..1
1284 Mar
*l4
%.
%
*%
*13%
*1%
7%
%
a4
14
13%
1%
7%
2
7%
h
40%
*39,
5%
%
%
H
13%
%
15%
15%
26%
6%
15%
15%
15%
15%
3538
15%
15%
26
2634
16
28
28%
634
43%
43%
43
11%
28%
*166
168%
15%
*1434
*91
100,.
*23
2334
24%
12%
16%
24
12
16
114
114
*111% 114%
7
7%
*5%
27%
6%
28
*15%
16%
17
16%
*105
107%
*61
64
*140
106
25
106
*105
*165
*140% 142
24% 24%
25%
9
8%
9%
77%
7634 77%
*53
12%
17%
54%
*52
74
3%
12%
17%
140% 140%
24%
8%
7634
12%
12%
25%
94%
22%
23%
11%
22
11%
500
500
14%
27%
14%
14%
14
104% 105
2434
104
35%
9
24
8%
77%
12%
76
40%
*3
*784
3%
8%
*62
119
41
12
23%
8%
8%
76%
12%
16%
.
75%
1134
*15%
*3%
*734
.
*115
63%
61%
1
*%
334
334
*%
13%
13%
83
*80
194%
*109%
25%
56%
16%
*87%
12%
107%
195
111
26
56%
17%
.92
12%
107%
32%
334
*%
13%
%
8%
119
.
23%
884
7534
21
500
2,000'
8%
8
13,000
3,300
5,600
15%
53
*51%
5412
74
*52%
3%
L
6134
1
500
3
734
734
26%
27
8%
*2612
A-
*3
6%
3%
*3
*13
14%
*13
67
14%
14%
6
6
*5
6
12%
34%
12%
3434
*12%
49
49
1234
34%
49%
14%
6%
*3
34
48%
14%
128
128
151
151
*150
151
*21
22
21
21*
*5
1234
3334
40
38
39
3
3
3
.290
734
734
118%
61% '*60
1
7%
62
150
%
3,500
2,000
%
*%
%
200
11%
1238
4,100
78
80
78
77
77
4%
37
9%
27%
3%
*185
190
111
*108
24%' 25%
56
24
4
4
25%
9
26%
19
18%
*110
*684
22
*143
56%
1738
8934
16%
♦87%
*32
*35
884
25%
18%
113
*110
12
11%
113s.
8%
25%
18%
115
M
6
*3
13
6
13
5
65
5
3%
12%
1284
33
33%
48%
*3
6%
33s
13%
*4.%
*12%
32%
33
48%
49
13%
5%
12%
30
Dec
82
July
July
70
Feb
75
Feb
"
3%~Jan26
Jan 21
10
19% Jan 27
73% Mar 14
8
40
107% Mar 14
1278
Jan 26
3534 Jan 26
7% Mar
,14% June
58
Jan
17%
47%
22%
23%,
Apr
28
Mar l 1
110
Feb
36
2% May
7
8
2434Mar 14
73% Mar 14
4% Jan
11% Feb
Mar
4%
26
July
71
Nov
40
Jan
99% Apr
Jan
Jan
Jan
Jan
Jan
10 884 Nov
9% Mar
6
19% July
20
Mar
10
...No par
Jan 27
7
111
Jan
9
,
Mar
48% Nov
2134 Nov
7
Mar
23
123s Mar
6
5% Mar
Jan 17
118% Mar
101
7
Jan 19
120
Mar
55
62
Mar
54
M ar 17
% Feb 17
1084 Jan 26
46% Jan
Mar 17
89% Mar
3
77
2% Mar
Jan
1
Apr
%
Jan
484 Mar
38
Mar
63% Nov
234 Jan
7% July
P2 Jan
16% Dec
Dec
90
55
Jan23
57
1434
82
Jan 24
Jan 3
88
Northern Pacific.,.100
10% Jah 24
-
—
100
North'n States Pow
■
Co"{5 pf.l
Northwestern Telegraph...50
Norwalk Tire & Rubber No
par
Preferred.
50
Ohio Oil Co
No par
20
200
4,000
120
6,000
«.
-
-f
.
..
L
m
—
*
*■
....
Otis Elevator
...No par
6% preferred.
Otis Steel.
$5.50
100
.......No par
1st pref. .No par
Outboard Marine & Mfg....5
conv
Outlet Co.
"3,800
No par
Corp (The)vte No par
6% preferred A........ 100
Oppenheim Coll & Co.-No par
...No par
Preferred...
..100
Owens-Illinois Class C_.{2.50
Pacific Amer Fisheries Inc
Pacific Coast
6
2,800
3
90
90
lstpreferred———No par
5
40
2d preferred..
900
6,500
2,500
1,000
110
150
60
600
20%
5
10
.No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric...—25
Pacific Ltg Corp......No par'
Pacific Mills—
No par
Pacific Telep & Teleg
.iOO
6% preferred
....100
Pac Tin Corp (sp stk)_No par
,21%,, Jan 13
102% Jan
30
4
Feb 24
384 Jan 26
33% Feb 20
8% Mar 17
22% Jan 26
15
Jan 26
104
Jan 23
6% Jan 27
72084 Feb 23
Jan 13
140
10% Jan 26
48
Feb 18
z1934 Jan 24
40% Jan 24
114% Jan 26
60
Jan 12
5% Jan 27
3
Jan 13
12% Jan 26
484 Feb 10
10% Feb 17
28
Jan 13
41% Jan 30
11% Feb 23
26% Feb 27
Jan
9
1984 Jan
3
Mar 10
Jan
Jan 30
4534 Apr
5% Mar
75
June
6% Mar
10784 Mar 13
92%>Sept
32% Jan 18
434 Jan 4
3934 Jan 19
10% Jan 5
30
Jan
20% Mar
112% Mar
8% Jan
27% Jan
143% Mar
15
26% Oct
57% Dec
20
9384
n New stock,
r Cash sale
arEx-dlv.
y
Sept
8% Sept
19% May
14%
32%
4
Mar
5
Nov
41
Sept
Jan
Feb
1934 Nov
111% Sept
10
Nov
29% Nov
Jan
147
6% Mar
30% Apr
60
10
22% Aug
Mar
39% Apr
Jan
114% Jan 26
Jan
3
7% Mar
3% Jan
2
3
16
Jan
5
6
Jan
4
1234Mar 14
3484 Mar 10j
MarlO,
49
14% Jan 20
131
mai 16
151
Feb 20
Jan
Ex-rights,
Jan
35
7
115
Apr
40
Mar
5%
2%
10%
384
9%
3:2284
32%
9%
87
Dec
Mar
Mar
Mar
Mar
Nov
15% Nov
52
Nov
Oct
115
Apr
76% Nov
11% Jan
5%
Jan
21% Nov
9% July
15% July
Mar
Mar
30
Mar
19% July
Nov
43% Dec i
Apr
121
zl32% Mar
17% Dec
149
Nov
30
June
•
a Def. delivery,
Dec
14% July
May
1% Mar
1284 Mar
25
1384 Mar
54% Jan
22% Jan
70
Jan
Dec
Dec
122
Jan
45
«
103
7% Mar
83% Apr
2578
5
121
14 i
1384 Mar
4
1484 Jan
Jan
^pr
June
% Dec
1% Jan
4% Jan
% Feb 15
Mar
120
110
Mar
120
Dec
38%
6% preferred series
50
North Amer Aviation
"..1
Northern Central Ry Co...50
-
Jan
12% Aug
484 Jan
1134 Mar
13%
{In receivership,
Dec
198
-
•
Bid and asked prices; no sales on this day.
Feb
18
55
Mar
3
20%
23
Jan
59% Jan
20
2
13%
*4%
£12%
150
20%
Mar
5
12% Sept
110
■
151
4484 Mar
Mar
7%
*6%
21
21%
143% 143%
131
9% Mar
81% Jan
15% Jan
178% Oct
145% Sept
2834 Nov
9% Oct
8134 Nov
384 Feb 28
No par
Omnibus
131
£20
13% Mar
2% Jan 25
York Dock..
Oliver Farm Equip
*150
2034
Jan
27%
3734 July
8,400
151
13%
June
Mar
4,100
131
*20%
*13
June
18
18%
*129
21%
13%
"31" July
154
127
43% Feb 25
24%
*150
14
48%
13%
Mar
"~17%
June
111
150
49
3
Feb
38
15,200
584
145
133
600
64%
.Nov
20% July
1634 Oct
27% Jan 28
40
63
30
Mar
4
22,000
*116
66%
3% Mar
17% Mar
11% Apr
100
45
*116
-
68%
4
July
115% Nov
113% Oct
10% Oct
634 July
32% Jan 14
1,600
*42%
105% Mar
3% Mar
Jan 26
3%
*18
106% Mar
'5
3
Jan 26
36%
834
45
30% July
"11%'Sept "~16%
20
33
*42%
45
Sept
12% Mar
16
384
11
20
Nov
16
*34%
8%
2334
16%
94% Nov
25% Oct
Mar
Mar 16
17
55%
Oct
65
195% Mar 10
16.
*19
22%
*43
.No par
Nov
19
111
*77
113s
4934
22%
*19
serial pref... 100
Newberry Co (J J).___No par
5% pref series A.......100
Newport Industries
...1
28
168%
Jan 10
47,600
1,500
45,300
*45
*45
1
Jan
Jan
Nov
10% May
Jan 25
24
135
Jan
Neisner Bros Inc.......
Mar
15% Mar
109
2234
55%
150
*20%
13784
18%
x7h
68%
1084
15%
.No pat
14% Nov
14% Dec
July
12%
MarlO
27% Jan
169% Feb
4
29
Mar
6
64
168 '
70
111
Jan
Mar
Mar
Adjust 4% preferred—..100
North American Co.......10
112
*32
8
62% Oct
110% Dec
10% July
Mar
150
6% Feb 17
28% Jan 4
18% Jan 10
16% Jan 4
106
No par
....
Norfolk & Western
1,500
184%
11%
4934
22%
4934
6
4%
37
7%
7%
*7%
21%
22%
22%
145% *143% 145%
*45
67
33
117% Jan
113% Mar
Jan 14
52% Mar
37%
634
7%
8%
1578Mar 7
92% Jan 25
23% Mar 9
26% Jan 5
1284 Mar 3
16% Mar 10
Jan 23
25
5
4
Jan 17
175
Feb 10
Jan
Jan
Jan
Mar
Mar
Apr
Mar
Mar 15
Jan 3
Mar 11
22
{N Y Ontario & Western.. 100
N Y Shlpbldg Corp part stk__l
7% preferred100
340
8934
113s
1034
11%
u%
107
107% *106% 107%
*4
35%
834
2434
56
56
16%. .17%
*87% 89
11%
12%
107% 107%
*31% 33
35
3%
181
111
6%
3%
1234
34%
3
111
14%
6
3%
186
n
*116
68
%
,
Jan
102
3
26
30
27
17
17
64% Jan
15% July
4
Jan 20
165
.i—50
10 % preferred
50
N Y Lack & West Ry Co.. 100
{N Y N H & Hartford.... 100
Conv preferred......
100
-
6134
*127
48%
*13%
-
12%
25%
56%
%
*58%
%
National Tea Co
Natomas Co.:
5% preferred
N Y & Harlem
50
«
Jan 24
8% July
Mar
5
Jan
Oct
Mar
9% Apr
9%
25%
15%
14%
28%
32
4
95
51
2234 July
17% Nov
26
3484 Mar
10
National Supply (The) Pa-.IO
{2 preferred
£
40
5)4 % prior preferred... 100
6% prior preferred..... 100
conv
12
Mar
11% Mar
3
100
preferred-No par
Nat Mail & St'l Cast Co No par
National Pow & Lt
No par
New
150
784
116
116
*115
*115
12%
32% 33
48%
47%
1234
1234
128% 128%
3384
conv.
15% Jan 27
8
3
Dec
6% preferred aeries A... 100
NYC Omnibus Corp..No par
4,600
*%
*116
67%
6%
3%
67%
34%
3, .900
9,300
1238
77%
19% 19%
19% 19%
19%
19%
*111% 113
*111% 113% *111% 113%
8
8%
8%
*7%
8%
*7%
2238 22%
22% 22%
22% 22%
*143% 145% *143% 145% 143
143*4
12% 12%
12% 1234
12% 12%
*47
50
*45
4934 *46
4984
*20
22% *20
22% *20
22%
*42% 45
*42% 45
*42% 45
*115
684 Jan 26
■
38% Aug
40% Nov
110
New York Central....No par
N. Y, Chic & St Louis Co.. 100
80,300
%
56
5614
56%
16% 16%
16% 1634
87% 87% *87% 92
12% 12%
12% 12%
10734 10734 *107% 10734
*32
33
*31% 33
9%
19
*116
_
185
9
18%
17%
30%
Jan 20
4% Jap 13
23% Jan 27
N. Y. Air Brake..
300
40
17%
5,700
3%
*109
9%
27%
20
13%
%
111
4%
900
%
12%
334
191
*35%
40
1934
Feb
No par
100
75
13%
*185
4%
1,400
900
*%
3%
190
37
~
23%
19
45
3
■■
61%
109% *109
4%
~
2,200
34
119
*115
109
37
m-'*. U,
3%
10%
39%
3
190
37%
*70
300
74
.
19%
41
81
25%
1,P%
22%
18%
*42
43% 43%
18%
19%
1934 20%
34%, 36
a81
25%
3%
3%
1034
1034
23% 23%
*71% .75
3%
10%
2
111
109
No par
National Steel Corp..
s
*116
'-
16%
11% Mar 17
12% Jan 13
„10
National Lead
23%
72%
IO84
Jan 26
21% Jan 26
7% pref class B
Nat Dept Store...
6% preferred.
{4.50
12,800
74%
1184
15%
12
20
Nat Enam & Stamping. No par
Nat Gpysum Co......
1
25.100
40
40
*39%
39%
39%
*107% 108
107% 107% *107% 108
14
14
13%
1434
14%
14%
83
25%
74
*3%
40
3%
*51%
*52%
52%
*1084
41
+116
%
3%
107% 107%
15
1434
*43% 45
19% 20
21
21%
36
36%
36
40%
*80
*
'
+
23%
....100
100
Jan 13
Nat Distillers Prod
80
1,000
.
104
92
w w
7% pref class A
7
13% Jan 26
Cylinder Gas Co——1
Nat Dairy Products...No par
180
Mar
""64% "Oct
6
9% Jan
Jan 28
23% Jan 24
163
National
17
23%
5
100
Nat Bond & Share Corp newNo
Nat Cash Register....No par
7,000
27%
,*534
738
Mar
Mar
10% Mar
Feb 15
110
Jan 27
Jan 26
18% Jan 28
II84 Jan 28
10% Jan 26
10
pref..100
5% pref series A
~
26%
*15%
6%
7 24
^
6,100
6%
*584
27%
*15%
17
~
-
Corp...
Biscuit...
cum
48
Nat Bond & Invest Co.No par
34,300
113%
11284
6%
,
V
15%
114
11234
6%
6%
■-» 6%
75
8%
14%
*127% 128
*92
*38%
14
1334
800
7%
preferred B........ 100
23%
6«a
117% Sept
14% Mar
Jan 27
Jan 10
Jan
64% Mar
11% Feb 20
52
108
1
6%
*71,
14
*5
14
23
115
National
300
14.
14%
Nat Aviation
12,400
168
15%
National Acme..
110
40
1
68
15%
11%
26%
10%
2534
*111% 113
600
141
40
1
—
7,000
1,600
5,200
.
Jan 28
Mar
25
7% Jan 3
44% Mar 13
5% Jan 23
.No par
—
15%
*114
24
1
6684
6%
Murphy Co (G C).....No par
5% preferred
....100
50
141
23
6134
*115
Munsingwear Inc.
700
140
2434
73%
$134
27
200
•
Jan
Jan
3% Jan
11% July2% Jan
3% Jan
20% Nov
May
25
5
$7 conv preferred.;.No par
50
12
19
Jan
1% Jan
1% July
1784
22% May
9
37% Mar 13
Mulllns Mfg Co class b.....1
14%
49
24
Mar
July
72% Oct
84 Jan
67
320
15%
23%
♦11%
39
t
8
111
Jan
4,900
Nashv Chatt & St Lords.-.100
*22
111
119% Jan 17
12084 Mar 17
54% Mar 10
6%
15%
*11%
2638
'
% Dec
1% Dec
July
10
16% Mar 11
220
*92
Jan
2% Jan
17% Jan
30
13,400
14%
94%
2334
1
,
Jan 26
734
14
434 Mar
Jan 27
62%
109% 109%
7%
6%.
168
934 Jan
13
22%
12%
10% May
1% Mar
21
7%
27
1478 Jan
2% Jan
Mueller Brass
21%
168%
Dec
2,900
2334
*167
Feb
Dec
%
Jan 25
36
Mar
'
Feb 15
1
32
...1
Oct
Nov
Mar
%
2,100
Co..
92
%
42%
12%
14%
*25
60
8
35
Jan 27
*21%
734
MarlO
111
Jan
Apr *117
4
14
140
24%
73%'
*112%
8%
15
26
3
Motor Products Corp.,.No par
Motor Wheel-.--.----...-.5
140
24%
73%
39%
*116
4%
3,300
140
*52%
119
*4%
15%
preferred A_—
11
—
*37
15
No par
50
7%
74
*117
*31
Morris A Essex...
100
11
*112%
*%
590
166
*5238
3%
.
•
*334
34%
166
11
39
784
34%
166
74
3%
Preferred series b
No par
Montgt Ward & Co. Inc.No par
*165
*52%
3%
*68
784
170
55,300
Apr
% Jan 12
Jan 24
96
1484 Oct
22% Jan
30% Nov
% Jan 31
Jan 26
115% Jan 4
119% Mar 10
44% Jan 26
34
Jan 26
No par
Morrell (J) & Co..
13%
109%
7%
50%
preferred
14,50
54
Mar
Mar
100
6% Jan
7% Nov
47% July
June
49%
4
Feb 28
112
% Mar 15
1% Feb 3
14% Feb 21
Murray Corp of America...10
Myers (F & E) Bros...No par
Nasb-Kelvinator Corp
5
7%
50%
25%
16%
52%
73%
3%
140
166
17
40
•
24%
53
*106% 107% *106% 107%
16
15
15% .15%
*44
44%
.43% 43%
19%
19%
19% 203s
21
20
21%
20%
*3
'
105% 105%
17
*23
36%
4134
*108
4,300
85% Jan
Dec
57% July
Mar
76
115% Mar 14
Jan 16
12% Feb 27
1% Feb 18
6% Feb 21
{Missouri Pacific
100
5% conv preferred......100
Carpet Mills
..20
10
Monsanto Chemical Co
*165
166
53
2334
41
63
17%
2334
36
*12%
38
Mohawk
1.300.
4
% Jan 3
3g Jan 31
7% preferred series A...100
100
63
13
1,100
1,000
,
3
Jan
Deo
1634
June
2.684
584
12%
15%
4
5
16% Jan
30
11
3
9
29
4% Jan 26
49% i eb 23
No par
Mo-Kan-Texas RR
39
6%
41%
12%
6%
43
43
64
.
54
11
40
13
11
3%
6%
6%
43%
*53
11
*68
64
106%
25%
25
25%
166
142
25%
9%
7734
1234
*17%
43
109% 109% *109
109%
109% *108
7%
7%
734
7%
7%
7%
50
*5084 51% *5012 51
50%
8%
7.%
8%
8%
8%
8%
*22% 24
23% 23%
21"84 22
15% 1534
15% 15%
15% 1534
*1134 12%
11% 11%
12%
11%
2634 27%
26% 27%
*27% 27%
166
166
*166
168%
168% *167
*1434
1534
1434 1434 *13
14%
*91
95% *92
94% *92
94%
23
23
22% 2234
*2234 2334
24
24
24
23% 24
23%
*I134 12
*1184
12%
11%
1134
16
16
16%
15%
16%
16%
114
114
*113% 11434 114% 11434
*113
114% 113% 113% *111% 114%
7
*6%
*634
634
6%
634
*5%
6%
*5%
*5%
6%
6%
2734 28%
2734 27%
27% 28
*15% 17
*16% 17
*15% 17,
1534 16
15% 15%
14% 15%
*163
166
*62
634
44%
1334
64%
44%
13% .*13,
25%
25%
*163
6%
*13
51%
83S
23%
15%
8%
23%
15%
11%
27%
6%
44%
,
2634
4% conv pref series B...100
1,200
3,100
«
35
16%
17
600
358,1
110
32% Apr
3% Mar
14
May
Mar 13
39% Jan
12% Jan
13% Jan
20% Jan 26
107% Jan
69
Jan 28
8% cum 1st pref
.100
Minn-Honeywell Regu.lVo par
,
17
884 Jan
5
Feb
6% Jan
28% Jan
~
Jan 27
34
6
{6.50 preferred-... .No par
{Minn St Paul & S 8 M...100
7% preferred
i...—100
4% leased line ctfs.—.-lOO
Mission Corp
r——10
%
*38
434 Jan 26
No par
Midland Steel Prod
100
12%
12%
1%
1%
1%
7
6%
6%
%
%
*%
1%
1%
1%
14%
16%
15%
104
99% 102%
117
117%
117%
'120
12034
121
52%
£49%
50%
35
5534 Mar 15
Mid-Continent Petroleum.. 10
120
36%
28
35%
15%
37%
Jan
500
%
39
Nov
49
Miami Copper
%
39
16%
*50%
%
Oct
73
Minn Mollne Power Impt.-.l
%
40%
28
109%
8%
'
%
7
*%
*1%
*15%
;
80
Jan
1,800
34
*39
163s
29
6%
,
1%
7
Apr
50
Mesta Machine Co—
140
13
13
1334
1%
55
6
13*4 Jan
420
50
1684 July
5
24% Feb
%
"
634 Mar
7034 Jan
58
....1
...60
%
*%
40%
*39
39%
16%
2784
14
*13
1%
*1%
1%
1%
1634
1634
15%
16%
102
104
104
104%105
117%
11734 11734 *117% 117%
120
*120%
11934 11934 120
5134 53%
51%
53% 54
15%
16*4
64
34
50
%
MarlO
Nov
Jan
Mercb &. M'n Trans Co No par
2,100
5%
95
Mar
MengelCo (Tbe)
5% conv 1st pref
1,300
2,900
3,100
1,000
115
11% Nov
Apr
51
140
15
Jan
Mar
70
68
350
26
5
5%
*%
*%
*%
%
,
9%
1434
25%
12
9% Jan
No par
26%
5
3
10
9484 Mar
95.50 pref ser B w w.No par
Melville Shoe
No par
-
1,300
77% 77%
111% 111%
51
•51
%
'
17%
64
*5%
5134
1%
17
*13
51%
*%
*%
*3g
7
37
684
79
78%
*111% 116
-
100
1634
36%
10%
114
118
*115
5%
1%
36%
36%
16%
10
1534
27%
80%
7%
*84
1%
1<4
*1%
1%
1634 1634
15%
16%
105%
105% 105% 105
*117% 118% *117% 118%
*11934 120
4119% 120
53
53%
53% 64%
*39
10
*
13% May
MarlO
Jan
Jan
784
88
100
1084 Jan 5
59% Mar 10
18% Jan 3
Jan
Highest
% per share { per share
10
Jan
20% Nov
7
Mar
128s July
53% Oct
35% Mar
16 preferred series A. No par
30
m
„
Co..—.——1
Mead Corp.....
4,600
•
Eleo
6% conv preferred.
«
'
35
1534
27%
^
5%
*1684
37
•
26
25%
18
37
*111% 116
54
5%
5%
26%
10%
5%
10%
*17
116
80
*%
%
*%,
81
111
26%
11%
16%
28%
10%
15%
27%
114% 115% *114
111% 111%
54
*%
16%
28
113% 114
79
80%
79%
79%
*111% 116
54
1034
10%
5%
28
*2784 28%
113 ,113%
8
5%
*5%
26%
17%
38%
38%
11%
5584
5%
5534
5%
*16%
*109
U34
11%
27%
5%
27
,
1834 Jan 7
8% Jan 30
Mclutyre Porcupine Mines._£
56
*55
■
McGraw-Hill Pub Co..No par
4,400
3,200
67
11%
% per share
22% Jan 21
{ per share
100
McGraw
Lowest
Highest
Lowest
Par
3,000
80
*58
IQO-Share Lots
5,400
9934
11%
9984
1134
♦9484
11%
On Boris of
Week
9%
57%
1334
9%
*8%
55%
1234
1939
EXCHANGE
Shares
% per share
20
2O84
18,
Range jor Precious
Year 1938
Range Since Jan. 1
STOCKS
NEW YORK STOCK
Friday
Thursday
Wednesday
the
NOT PER CENT
SALE PRICES—PER SHARE,
AND HIGH
Sales
for
LOW
Saturday
Mar.
f Called for redemption*
Dec
New York Stock
Volume 148
LOW
AND
HIGH
SALE
PRICES—PER SHARE,
Record-Continued-Page 8
Sales
stocks
for
new york stock
the
CENT
NOT PER
exchange
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 11
Mar. 13
Mar. 14
Mar. 15
Mar. 16
Mar. 17
S per share
¥ ver share
$ per share
3 per share
$ per share
$ per share
Range Since Jan. 1
On Basis of
Week
Shares
*11
4%
14%
*6%
11
11%
41s
11
4
15
4%
*14%
*6%
7
11%
11%
4%
15%
4
15
14%
*6%
7
7
11
11
3%
14%
*6%
4%
15%
7
1
1
1%
U*
1%
1%
*55
57
55
56
55
55
*55% 57
*100% 103
*100% 103
*100% 103
*100% 103
11
11
11%
11%
11%
11%
10%
11
99
99
*96
*97% 98%
97% ♦95%
97%
11%
11%
11%
11% *11
11%
*10% 10%
*22
24
*22
22
22
23%
*20% 21
2
2
2
2
1%
2
1%
1%
42% 42%
41%
42
41% 42
42% 42%
*17%
18%
17%
17
17%
17%
17%
17%
2%
2%
*2%
*2%
2%
*2%
2%
9
9
*8%
8%
9%
8%
8%
11
11% H%
11%
11%
11%
11%
11%
54
54
*53
55
54
54
54% *54
87
87%
87%
87%
87% 88
*86%
87 •
*1%
1%
*1%
1%
*1%
1%
*1%
1%
*4%
30%
*16%
*122
4% |
*4%
30% *28%
17
*16%
124
23
*122
<28
28
—
37%
*3
*15%
39
*32%
16
37%
32
39
32%
*18
18%
33%
9%
9%
7%
43%
9%
45%
86%
*1%
2
3%
3%
*%
%
99% 100
154
*4%
**31%
41%
*234
**43%
8%
*2434
4*37
*
85%
2
3%
4%
40
41%
3%
50
8%
25
40.
99%
151
46
8534
2
3%
97%
*145
4%
*4%
*31%
40%
*4%
*31%
40
41%
3%
50
8%
*2%
*43%
8%
25
40%
*234
*44%
8%
*2434
25
*37
*35
40
*—.
115
*—j.
4
4
*18
8%
40%
%
98%
4
*18
.46
*83%
*1%
*3%
*%
*147
115
4
8
42%
46
45%
*83%
*148
934
8
40%
5
41%
3%
48
8%
25%
40
115:
4%
21%
22%
29
*116
21%
*29
116
...
15%
36%
3%
15%
36
37
36%
*3
*15%
31
18%
9%
7%
9%
7%
38%
45%
*78%
*1%
3%
*%
95%
1834
9%
7%
40%
45%
•
*18
35%
29%
38%
*44%
84
*%
*4%
*31%
40%
40
40%
*234
44%
8%
41
3%
45%
8%
25%
40
*25
*3834
*-—115
*3%
*2%
*44%
8%
*24%
40
*——
4%
*3%
*16%
•i!"
35%
3%
15%
35%
*3
15
31%
30
28%
19
*18%
8%
734
37%
%
96%
.
94
134
3%
%
39
24%
*35
*—
39
*35
*35
39
39
"
*20%
22
*21
22
21
21
*18
32
*27
32
*29
32
*26
32
14
*13%
*21%
*%
*21%
13%
3
*13%
*%
22%
13%
3
22%
22%
*8
9
8
*8
9
*8
14%
2%
13
14%
1%
14%
1%
14%
*1%
*%
14%
2%
11%
*11%
*34
36%
10
21
16
13
8
*78%
67%
12%
*1%
*lg
%
*%
37
*34
37,
10%
*10%
*31%
11%
11%
35
57
57
57%
57%
57%
115
112
113
117
116% 116%
112%
37%
37%
37%
37%
36%
37%
36%
108% *107% 108% 108% 108% *107% 108% *107%
*121% 122
122
*121% 121% 121% 121% *120%
138
138
138
138
*137
136% 137% 138
160
156
156
156
156
15812 158% 156
119
*116
119
*116 ' 119
116
116
*115%
35
35%
35%
35%
34%
34%
35%
36%
10%
9%
10
10%
9%
9%
10%
9%
88
*86
90
*87% 88
*86„
88
87%
80
*79
80
80
80
*79%
80
79%
15
16%
15%
15% 16
16%
15%
16%
13
13
13
13%
*12%
12% 12% *12
7%
8%
7%
7%
7%
7%
7%
7%
100
*78% 100
*78% 100
*78% 100
*78%
67%
67% .67%
67%
67%
66%
67%
*66%
57%
113%
*1%
2%
57
*1%
■
15
15%
75
75
*73
75%
75
*72
74
*72
21%
a62%
1%
21%
62%
*62
65
21
*412
2%
21
14%
20%
16%
2434
21%
434
*53
65
*8%
*8%
*10%
11
.
3
.
21
«63
*62
2%
*19%
*13%
20
2%
20%
24%
>•
*21
*4%
9
*8%
.
1%
*8%
1%
20%
21%
*63
63
*63
65
5g
8,100
35%
36
36%
108% 107% 107%
122
*120% 122
6,800
138% *136
156
156%
115% 115%
32%
33%
9%
9%
85%
85%
77%
78
14
14%
*12
12%
7
7%
*7§34 100
66%
6634
15%
24%
*20%.
4%
*54%
8%
8%
,*10%
14%
75%
15%
24%
21
4%
65
*23
24
*22
*20%
4%
*54%
23
4%
65
*20%
65
•
9%
8%
11
15%
75%
74%
1%
21%
65
64
*77%
*54
*54
55
*54
*12
12%
1134
12
*84
86
85
85
8%
38%
39%
9%
*8%
*15%
28%
*%
42%
*%
1%
9%
9%
16%
28%
1%
43%
v
17%
8%
8%
*8
2%
'
*1$%
12%
19%
15
*4
*54%
8
9%
11%
15
7512
*8
8%
*10%
11%
14% ,15
*74%
75%
72
.72
*70
Pullman Inc......i-—No par
Pure.Oil (The)..
No par
6% preferred
—100
5% conv preferred—
100
Puiity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer.-.No par
$5 preferred B
No par
53.50 conv 1st pref—No par
400
700
26,500
300
43,300
~
27660
7.4
64
*57
77%
77%
*77%
84
76
55
54
54
*54
55
*54
11%
11%
H%!
86
84
84
8%
39%
8%
8%
38%
39
*53
56
*84
8%
3834
*53
56
86
56
14,400
JReo Motor Car
19%
46,400
Republic Steei Corp—No par
6% conv preferred..
100
6% conv prior pref ser A. 100
Revere Copper & Brass
Class A...
--—-...10
100
16
3,300
38
55
*84
1,100
86
7%
38%
*53
200
1,000
8%
39
6,500
*16
*28%
*%
44
*%
%
*1%
1%
*3%
6
*3%
9
*5
*27%
6
*5
15%
9
4?
15%
29%
1%
%
$
2%
*1%
*2%
*5
9
9%
9%
*1434
16
27%
1%
*27%
29%
42
*5
1%
41
2%
*1%
*2%
13g
234
*5
9
*5
9
Bid and asked prices; no sales on this day.
{ In f^celvershlp.
a
Westphalia Eleo <fe Pow.
No par
400
20
~
8*300
160
30
170
300
Del. delivery,
100
10
ISt Louis-San Francisco.—100
6% preferred
100
{St Louis Southwestern—.100
6% preferred
.100
Safeway Stores—.—.No par
5% preferred-—100
6% preferred
——100
7% preferred
100
Savage Arms Corp.—-No par
{Rutland RR 7% pref
Lead
St Joseph
n
New stock,
r Cash sale,
x
Nov
43
July
9
July
Jan
5
Jan
26% Nov
39
Oct
52
May
July
4
90
July
Jan
7%
3% Mar
18% Dec
37g Mar
35
Jan 12
41
Mar
75
Nov
172% Feb 16
9% Jan 5
145
June
174
Mar
5
7% Jan 11
20(2 Jan.
67
47g May
7% Mar
9% July
I684 Jan
3
42
Jan 14
Aug
24% Jan
20% Apr
11% Apr
52
Feb 14
30
July
Jan 25
36(2 Jan
16% Jan
% Jan 20
23
45
Jan
2212 Jan
11% Feb 23
% Jan 4
20% Jan 27
8
Jan 16
Jan 27
10% Jan 26
31% Jan 26
z535g Jan 24
112
Mar 15
31% Jan
103% Jan
9
4
115
4
Jan
129% Jan 10
9
5
Jan
9% Nov
20
75
"Jan 26
10% Jan 26
Jan 21
12
132
47% Feb
7
Jan 24
8
Jan 24
64
Jan
4% Mar
60% Jan
37% Mar
1484 June
8% May
Jan
27%
Jan
234 Mar
34% Mar
5
Apr
6% July
58
July
49% May
78
Dec
72
Mar 15
40
.Apr
69
Nov
5
1
Dec
5% Mar
9
June
9% Mar
65
Apr
Jan 18
45
Dec
4
10
54
1434 Jan
Mar 13
11% Jan
5
37% Feb 20
45
Jan
4
54
68
Jan 31
1% Jan 24
.37% Feb 24
% Jan 20
1% Jan 25
2% Mar 14
29
Jan
3
82% Jan
4
96
3
Jan
104% Jan 11
13
Jan 26
Ex-dlv.
y
May
77g Mar
20% Jan
40% Jan
77% Mar 15
85
Jan 24
Jap
11% July
13% July
17% July
Jan 6
Jan 5
Jan 12
Jan 5
Mar 15
78% Jan
7% Jan 27
8
11
9%
934
11%
17%
75%
38
Mar
Jan
13% June
Jan
4
July
Jan
71
Mar 17
24
24%
30%
11% May
39% Mar
60% Jan
Oct
Jan
Mar
Jan
5
Feb 17
5%
18
70
Jan
Oct
66% Deo
Jan
Jan 26
14% Jan 30
9%
80
22
Feb
58
16% Nov
16% Jan
10%June
Mar
18
40
Dec
Sept
117
29%
18
60
3
Jan 26
Nov
152%
88% July
1% Jan
25% Jan
1% Jan 23
134
13% July
98% Jan
1»4 Sept
Jan
17
Oct
74% June
Mar
23% Jan
18% Jan
25(2 Jan
21% Mar 13
5% Feb 11
50
Feb 8
59
122% May
35% Jan
105% Oct
II884 Nov
39% Nov
June
27g Jan
22% Jan
14% Deo
42% Dec
8% May
Apr
9
4
Jan
21% May
7
67% Jan
Jan 18
"
Mar
112
Mar 11
13
61% Jan 27
4
86% Mar
10178 Apr
112
Apr
81
8% Jan
Jan 26
Jan 25
Mar 17
Mar 17
14% Jan 28
22% Feb 27
17% Jan 26
Mar
88% Mar
81% Jan 3
16% Mar 11
6% Jan 26
2%
18%
12%
19%
Nov
25
Mar
159
Jan 26
16% Dec
3% Jan
1% Jan
14% Dec
114
Feb 27
117% Jan 19
39% Jan
11% Jan
Jan 23
II
Mar
Mar
Mar
Oct
Mar
Mar
1334 Mar
39% Mar
Mar 13
7
8% Jan 24
2538 July
Mar
6%
1%
%
434
4%
121% Mar 15
4
83
Mar
8
% Jan 17
14% Jan
14i2 Jan
4312 Jan
5778 Mar 14
119% Feb 27
38% Mar 11
138
17% Nov
34 Jan
15
Jan
32
%. Deo
16% Jan
2% Jan
109
May
6
Feb 27
116% Mar
150
27
No par
4
Jan
Mar
30
No par
Mfg
5Q% Mar
44% July
37
Ruberoid Co (The)
Riehfie'd Oil Corp
Oct
8% July
Jan
400
14,700
Oct
144%
14
8% Jan 27
7% Jan 17
13% Jan 25
300
35
38
37
38
xZ7
36
35%
3334 35
37%
34% 36
97
94
94
*94
95
95
95
95
*95
97
*95% 97
107
*10534 107% *10534 107%
*105% 107
107% 107% *105% 107% *106
lilt*
112
*112
112% arlll
111% *110% 111% *110% 111
*110%
111%
*15
*15
153g
15%
16%
15% *15%
15%
16% *14%
15%
15%
•
10
Mar
14384
Jan 27
Mines.
"5",100
9
5
Jan
6% Jan 25
Roan Antelope Copper
%
%
1%
3
Mar 16
900
*%
*2%
5% Mar
63
Rltter Dental
40%
1,4%
27%
*%
Jan 25
•
100
9%
9%
14%
27%
1%
41
1%
2%
%
-
*%
41
8%
*8%
%
1%
*%
1%
3
9%
*8
16
*14%
2734
*%
41
43
%
1%
9%
8%
9%
8%
*8%
3% Mar 17
li
Common
I
90
Reynolds Metals Co...No par
bH% conv preferred
100
Reynolds Spring
-1
Reynolds (R J) Tob class B.10
56
53g"Nov
Mar
20%
"
76
Rhine
9%
*8%
—.5
7%
20
11%
....
2
4
preferred—------—100
5H% preferred—
100
70
77%
11
8%
39
1%
64
*29
100
3
Feb 27
3
30%
12% Jan 27
73% Jan 13
300
4% Mar
32
Sept
27% Mar
8% Mar 14
25% Jan 27
44% Feb 3
Remington-Rand1
Preferred with warrants-.25
Rensselaer & Bara RR Co- -100
65
■15%
38
—
Jan
43%
June
7% Jan 26
z23% Feb 14
3612 Feb 23
7% Jan 27
10% Mar 17
10
-
114
45% Mar 15
Reliable Scores Corp.—No par
Reliance Mfg Co.
—10
200
% Mar
75% Mar
3
Rels (Robt) A Co 1st pref. 100
\
2% Mar
4
200
200
*30
...
-
July
38% Jan
1784 Nov
Nov
Jan
""260
4,700
1%
1834
par
—
Preferred
74
*59
1134
400
7434
38
1134
200
JRadlo-Keith-OrpheumNo
Kaybestos Manhattan.No par
Bayonler Inc
1
52 preferred..—
25
Reading
50
4% 1st preferred...
50
4% 2d preferred.—
50
Real Silk Hosiery
5
65
8
*55
16%
.400
*74
62
16
700,
*70
62
17%
600
8
63
15%
*30
200
300
10%
14%
21
63
20%
*61%
5,700
8
1%
20%
1%
2%
20%
12%
19%
15%
10%
14%
1%
19%
1%
63
84
9%
9%
17%
29%
1%
44%
8,900
6% July
17% July
43
Nov
7
10
.6
5% conv 2d pref
—50
Procter & Gamble—r—No par
5% pf (ser of Feb 1 '29).100
Pub Serv Corp of N J—No par
$5 preferred.
No par
6% preferred
-.100
7% preferred
100
8% preferred,100
Pub Ser El & Gas pf 15-No par
Feb
Nov
4% Feb 15
1% Jan 26
% Feb 6
....No par
Jan
31
3
1% Feb 14
3% Jan 23
1
11% Jan 30
Class B
Dec
24%
74
1%
3
No par
Pressed Steel Car Co Inc
July
43
Mar
Porto Rlc-Am Tob cl A.No par
Poor & Co class B
17,000
20%
43,
24-%
23%
484
*77%
8%
38%
160
200
23
16%
90
54%
*54
66%
20
15%
*77%
56
1O0
*18%
15%
38
*54
7%
20%
*30
9%
13
*19 '
17%
56
15%
20
39%
85
3834
600
,
13
*17
*8%
38%
87%
79%
2%
20%
*32
*84
400
200
138
*12
17%
11%
166
5,100
1,320
*154
117
34%
—5
5%. conv 1st pref—
.
2%
*19%
,
—
200
1034
.11%
31% 31%
57
57%
112% 112%
14
39
17%
100
10%
2%
21
*53%
9%
3,80'O
*10
*13
*16
2%
20%
12%
14
*32
*54
■
.
*2%
*20%
*13%
20%
*15%
24%
140
13%
134
11%
1134
34
57%
*72
17%
Pond Creek Pocahontas No par
2%
*%
*10%
15%
*74%
138
Plymouth Oil Co
100
135g
10%
*10%
*31%
*4%
*51%
*812
*8%
*10%
15%
*20
900
9
13
%
2%
2%%
14%
20%
16%
25
'21%
5
,65
9%
834
11
15%
2%
*20%
14%
20%
16%
*24%
21%
*8
9
,
80
10
21%
11%
12%
%
11%
12%
37
57
116%
38%
*85%
90
1678 Nov
Apr
Apr
154
9
5% July
30
Mar
103% Mar
Jan
85% July
2% Jan
60
Feb 20
2% Jan
13% July
58% Aug
30
91% Jan 24
36
Oct
Feb 16
6
3*7% "jan 26
3%
42% Oct
21% Oct
234 Oct
14% Nov
13% Jan
8% Oct
47% Nov
% Jan
141
Dec
13% July
July
30
434 Jan
17% Mar
4
7% pref elass B
100
5% pref class A.
100
6H 1st ser conv prior pref100
Pittsburgh
West Va
100
Plttston Co (The) ....No par
22
*8
.
% Jan
5
100
30%
*21%
14
%
Feb 27
10
2184
21%
No par
Hosiery
30%
12%
*%
13
MarlO
8% Mar 14
86
166
12%
%
10
7
Pittsburgh Steel Co ....No par
39
Mar
8% Mar
784 Mar
—100
-
,
15
Mar 16
3
Pitts Ft W A Ch 7% gtd pf 100
Pitts Screw & Bolt.
.No par
300
Mar 10
19
Jan
..No par
6%
~4"66O
34
Jan
3
Mar
MarlO
75
6
Deo
13% Dec
115% Dec
42
Oct
7
42
1% Feb
2
61% Nov
110
Mar
Mar
Mar
Mar
Jan
Feb
Aug
121
44% Jan. 5
47
Feb 17
18
%
ll5g
12%
%
*116
13%
%-
14%
*1%
*%
11%
*11%
11%
*11%
*34%
56%
116%
37%
*107%
*121%
136%
*158
*35
8% Jan 26
6%. Jan 26
34% Jan 26
200
*35
23%
*29
Jan 18
Mar
22%
134
5%
17%
17
9%
120% Dec
14% Mar
19% Mar
40% Feb 6
3% Jan 24
preferred.. —
100
Pitt3 Coke & Iron Corp No par
55 conv preferred
No par
*172% 178
*172% 178
7
7%
7%
7%
*10
11
*10%
11
*35
Jan 26
100
2a
4
Mar 14
29
33
50
Preferred
200
24% Jan
116% Mar 14
19
6
Mar 15
124
Marl6
Pittsburgh Coal of Pa.. 4—100
67
6
116
50
Pirelli Co of Italy "Am shares"
P.tts C C & St L RR Co—100
*5
*20%
No par
Pillsbury Flour Mills..—'—2o
*61
10
17
80
6
9
24% Jan 26
400
65
8
41
Pierce Oil 8% conv pref—-100
63
8
Mar
16% Mar
33
Jan 27
1,200
,
Feb
""506
3%
*16
22
8
Phoenix
115
3%
32
preferred.—:
preferred—
Phillips Petroleum
50
8%
2434
4434
18% Jan 26
Deo
2% Mar
10% Mar
100
7%
11,100
5
1%
1% Jan 16
5% Jan
28
Philip Morris & Co Ltd
10
5 % conv prof series A... 100
3%
Mar
100
No par
Phillips Jones Corp.
48
Mar
Mar 15
24
Phlla & Read C & I ....No par
100
40%
8%
39
22
2,700
7,200
*5
7,5
13
100
41
55
234 Feb 23
12% Jan 26
{Phlla Rapid Trans Co
7% preferred
5
40
*234
*44
22
%
56
3
Mar 14
100
prior preferred
preferred
1% Mar
3% Mar
834.Mar
57% Jan
124
Phelps-Dodge Corp....
25
Philadelphia Co 6% pref—50
""loo
2% Feb 25
Mar
88
V0 par
wj.100
13
Jan 13
Jan
Petroleum Corp of Amer
5
Pfelffer Brewing Co. ..No par
500
/
1% Mar
31% Mar
Feb 20
Jan 27
pref
Mar
1
14
Pet Milk
2,400
148
*4%
*31%
*28
*%
355
95%
,
*142
4%
19
5%
5%
<8534
3%
115
450
1,100
21,100
6% Mar
4
Jan 17
Oct
Dec
103
Mar
Jan
3% Jan 24
6
102
16
.
Jan
157g
18%
65
4
2% Jan
11
Mar
Highest
; per share
8834 June
534 Mar
11% Mar
Jan 16
26
Pere Marquette
400
44%
conv
Van 26
Mar 17
v t c No par
Peoria A Eastern
9%
7%
38%
1%
3%
%
5
40
40%
3%
47
8%
25%
41
1,800
""560
30%
19
*40
*
1%
pref ser A ...No par
Pennsylvania RR
50
Peoples Drug Stores. ..No par
6H% conv preferred.—100
Peonies G L & C (Chic)...100
700
30
35%
9%
7%
3934
46
$7
42,100
116% *114
cony
Corp....10
Cement-..No par
penn G1 Sand Corp
50
21%
36%
3%
16%
35%
17
par
..No par
No par
Penney (J C)_.
Penn Coal & Coke
29
*1%
*3%
5
'
13%
Penlck & Ford-.
par
par
Mar
29
Jan
1%
7%
10%
51%
75%
1%
Penn-Dixie
29
26
Jan
600
20%
10
Mar
100
32
Jan 26
14% Jan
107% Jan
13% Jan
share
3% Mar
1534 Dee
6% Nov
1
Sept
Feb 14
19
4%
85%
2
3%
%
No par
Jan 26
Feb 20
9%
18%
1%
40%
104
43
1%
21%
1
per
Jan 5
Jan 3
Jan 4
Jan 20
Jan 5
Jan 4
Jan 27
4
*123
2
Feb 16
90% Jan 26
—......1
1%
*123
?
39
200
4,900
100
124
Feb
11%4%
16%
6%
1%
6OI2
15% Jan 24
300
.
*35
2,000
17
1
62
1
share
per
ParmeleeTransporta'n.JVo
Pathe Film Corp
No
Patino Mines & Enterprise
2,000
4,300
28
Feb 18
5
Parker Rust Proof Co,...2.50
4%
4%
6
1
...10
Parke Davl« & Co
500
13gi
*1%
Jan 24
100
—
Park Utah C M
1,100
98
18
18
19% *18
19%
6
*534
5%
5%
*5%
*5%
6
63
*61
*61
63
*60%
*60% 63
*171
178
*173% 178
*172% 178
*173% 178
7%
7%
7%
7-%
7%
7%
12
*11
11
*11%
12
11%
11%
19%
6
65
2,000
13
100% Jan 27
9% Jan 26
100
Park & Tilford Inc
200
*15%
124
preferred
6% 1st preferred6% 2d preferred.
1,700
87
85%
conv
Paramount Pictures Inc
400
17
*4%
*31%
40
28~906
54
*53
54
87%
97%
95%
148
144% 144% *142
150
*3%
86%
Panhandle Prod & Ref new—1
Paraltine Co Inc.
No par
4%
per
.10
Year 1938
Lowest
Highest
share
10% Jan 23
334Mar 17
5
No Par
Airways Corp
5
Pan-Amer Petrol & Tiansp__6
400
31
30
18%
" 934
*53
Pan Amer
17~5o6
*28
*3
32
7
*6%
1
1%
1%
1%
54%
54%
*54% 56
*100%. 103
*100% 103
9%
10%
10% 10%
95%
95% 95% *92
10%
10%
10% 10%
20
20
*20% 21
1%
1%
1%
2
41%, 42
*41% 42%
17
17
*16%
17%
2
2%
2%
2%
7%
8%
8%
8%
11
11
10%
10%
Corp
Packard Motor Car
2,300
*1534
36
31%
18%
9%
8%
39%
45%
*83%
*1%
3%
33,900
17%
3%
16%
3834
38
3%
14%
7
*15%
37
*15
10%
3%
14%
*6%
15
*28
*3
3%
16
10%
4
15
Par
Pac Western Oil
Range for Previous
IWhShare Lots
Lowest
500
4%
30%
37
37%
*3
.
4%
29
29
116% 116%
37
37%
3%
17
18
7%
42%
29
*114%
40
.18
4%
30%
16%
*122% 124
.22% • 23%
22% 22%
29
*114
4%
30%
16%
124
23%
*28
434
30%
16%
11%
*10%
3%
1603
17% Mar
Sept
77% Dec
4% Mar
3334 Mar
61% Jan
5
Aug
5
10% Jan
Mar
9% Jan
16% Jan
7% Apr
14% Mar
34
13
Jan
34
1% Jan
Dec
25% May
4634 Jan
3g
34 Jan
2
Mar
Dec
1% Mar
1'4 Dec
3% Dec
Jan
3% Jan
3%
Oct
25% Nov
7814 Nov
77% Nov
19%
Oct
38% Dec
85
Jan
64%
Jan
Jan
Sept
12% July
1784
94
46%
Jan
Jan
8% Jan
9% Nov
68%
13% July
Jan
Dec
20%
33%
2%
49%
1%
3%
5%
7%
2934
83%
Jan
Oct
July
July
Jan
July
Nov
Dec
6
12
Mar
Feb 27
68
Mar
107% Mar 11
112% Mar 8
18% Jan 3
68
Mar
99
Nov
79
Mar
108
Nov
884 Mar
19
Jan
39% Feb
98
Ex-rlghts.
% Called for redemption.
New York Stock Record—Continued-Page 9
1604
SALE PRICES—PER
HIGH
AND
Monday
Tuesday
Mar. 11
Mar. 13
Mar
t per share
$ per share
17l2
*73
58
7U
*49%
714
5012
*11514
17%
75
50%
*115%
50%
%
%
Range Since Jan. 1
2
2114
2%
77
1712
18%
*1%
20%
*2%
76%
17
18%
*65%
73
li sg
11%
31
*30%
14
14
*104% 106
*3
*1934
6%
3%
20 2
26%
26%
*95%
18%
83
*65%
6
50
31
32
97%
*3
*19%
25%
*95%
2
*49%
11%
*30%
13%
18
20%
2!)34
6
6%
31%
3%
20%
25%
*39%
4%
17%
5%
*3
3%
20%
2534
*19%
25
*95%
97%
*95
.
16
13%
17
17
*134
141
26%
*134
27
17%
26%
16%
18%
20
20%
30%
42%
4%
2934
*37%
4%
*47
49
49
50
51
3
3
3
3
7%
20%
"*37%
17%
7%
20%
44
17%
45
45
15%
7478
1578
75
30
30%
*7%
20%
4334
7%
7%
100% 100%
1%
134
334
334
•■■9
*19
28%
1978
23%
!>
•
7
*7
47
16
1434
15%
14%
75
7334
75
7334
29
30
29%
29%
l2
12
a
"
%
29%
29%
28
28%
*48
60
50%
49%
32%
*74%
32%
10%
11%
5
5%
50
75
11
10%
60
48
29
2734
6%
7%
101
*17%
21%
*%
29%
18 84
18
18
22%
21%
2134
*48
4834
32
73%
z7%
6
512
44%
10%
434
14%
8
60
*38%
534
5%
45
'
5%
3034
30%
9%
9%
9%
8%
*17%
8%
1934
*20
19%
21%
8%
*17%
*20
21%
*58%
61
*58%
60
534% conv preferred
*
m
«
200
200
2,300
34,900
3,400
*4
*•
~
100
9%
8%
*20
20
22%
*58
61
60
*3%
*35%
4%
*18%
*2%
*3%
26%
*3
*12%
14
*93%
17
48%
634
4%
38
4%
20
3
*378
*35%
4
5%
43%
5%
30%
2%
3%
*3%
27%
26%
3%
3
49
634
6%
8%
9%
3%
8%
3%
*86
87%
83
*4
4%
12%
24
*4
*3%
33%
3%
*10%
23%
33
*3%
27
27
26
11%
1134
11%
*3%
3%
*3%
61
61
10%
86%
11
87%
19%
19%
102%
8734
22%
37%
12 34
1734
116%
102
8734
*22%
37%
12%
17%
*113
64
64
*19
20
*
61%
10%
86%
19%
102
3
*2%
*2%
*1234
13%
*94
3%
26
4%
12%
46
1334
1434
74%
31,500
Conv $4.50 preferredNo par
£25%
27%
6%
2,300
29,500
560
.
Square D Co class B
1
Standard Brands
900
1,000
t Stand Comm Tobacco..
t
$4.50
preferred
3%
2,600
8%
6,100
17%
21%
600
$6
cum
4,200
$7
cum
17%
20%
Stand Gas A El Co
*25
11%
*3%
60%
1034
11%
88
86%
19%
19%
102%
101
47%
*31%
62%
48%
—-
10%
434
10%
10%
*434
14%
.
15%
8.%
5
''
8
60
*59%
14%
8%
61%
125
125
9
9
*34
3434
234
234
*17
1734
*29%
30
'
*10
1034
19
18%
27
6-%
*7
7%
42
600
1,900
887S
22%
37%
88%
22%
3734
12%
18
*17%
112% 112%
637,
63%
20
20
31
30%
9
9%
8%
1934
21%
60
39% Mar
4
4
Oct
29
Mar
46
Jan
2
Mar
4
Mar
11
24
4% Mar 14
Marl6
5
8% Feb
9
3
Mar 15
29
40% Nov
Mar
49%
Dec
17% Nov
Mar
6%
30% Mar 10
2% Jan
4% July
July
45%
Mar
157, Dec
70% July
31
July
481* May
7% Jan 3
101
Feb 23
4
Dec
12% Mar
6% Mar
9%
Jan
Mar
107%
Feb
1% June
4
'
94
3%
JaD
2
5% Jan 20
Mar
5%
4% Mar
10% Sept
11%
Jan 27
10% Jan 20
20% Feb 6
23
July
19% Jan 26
24i* Jan 19
13
28
July
1
Jan
17
prior pref
ffo par
Stand Investing Corp..No par
No par
3S Jan 14
26% Jan 26
25
"26% Jan 26
..10
5038 Jan 14
47% Jan 26
Standard Oil of N J
3% Jan
21% Jan
Jan 26
Jan
1% Feb 18
3% Jan 24
25
% Mar 13
30%
29%
50%
53%
%
Dec
25% Mar
5
9
3
24*4 Mar
Jan
Mar
26
Jan 26
Jan
8334 Jan
Sterling Products Inc
69
Jan 30
7478 Mar 11
10
Mar
Mar t4
Starrett Co (The) L S..No par
Stewart-W arner
700
60
'8,400
2,100
4,000
700
12og Jin
3
49
Jan
Jan
347, July
35% Jan
50 % Nov
32% Apr
39% Mar
17% Mar
6% Jan
No par
58% July
34% Nov
Mar
8%
*17%
,
•
8%
1934
21
21
60
3%
27
*4
414
*33%
8% Jan 27
Mar 17
27
;$»an26
30% Mar 14
9% Jan 27
10% Jan 13
6»s June
1978 Jan 19
28% Feb 16
22% Mar
Symington-Gould Corp
w..l
734 Jan 26
6% Jan 30
6% Feb 15
*
10
w
Without warrants..
1
Talcott Inc (James)
533% preferred
Telautograph Corp
9
6
Tennessee Corp
5% Jan 26
£42% Mar 2
4% Jan 26
Texas Paciric Coal A Oil
Texas Pacific Land Trust
94
*93%
6%
834
*8%
3%
*81%
4
,
6>s
9%
834
3%
87%
4
2%
14%
1334
95%
15%
15%
49%
49%
6%
6%
8%
2%
9
87%
71% Nov
93%
93%
500
15%
46%
16
6%
8%
6%
8,200
9
7,600
100
5,300
*80%
3%
87%
3%
3%
300
*24%
10%
3%
3%
3%
61%
59
60
58
58
11%
10%
85%
11
10%
1034
10
8 534
8234
19%
95%
83%
22%
21%
12%
21%
300
7,900
32
3
600
25
24%
10%
10
3%
3
24%
10%
3%
58%
10%
19%
19%
100
*57
85
19%
99
22%
.
J In receivership,
600
300
a Def. delivery,
Jan
5
Mar
Jan 24
34
Apr
21
29%
8%
378 Mar
32% Mar
2% Mar
49% Aug
1
32-% Jan
26
Mar
38
8% Jan 27
•
5% June
3
48% Jan
584 Jan
10% Jan
7
Mar
12% Aug
11% Feb
29% Feb
7% Jan 24
6% Jan
9
Jan
6% Mar
8
57,
22% JaD
13
Mar
26
Jan 27
21
15
Mar
56
Jan 28
5978 Feb 17
25%
60%
378 Feb 27
38% Mar 15
10
3% Jan 26
16
Jan 25
Mar 16
4% Feb
40
Jan
7
Jan 10
3
Mar
4334
54% JaD
Transcont'l A West Air Inc..5
Transue A Williams St'lNo par
7%
Jan 24
8
Jan 26
Trl-Contlnental Corp..No par
$6 preferred
No par
3
Jan 24
4
Jan
83
Mar 13
88
Jan
No par
.10
6% Mar 17
Truax Traer Coal.....No par
Truscon Steel
10
10
20th Cen Fox Film Corp No par
21
$1.50 preferred
No par
Twin City Rap Trans..No par
Preferred
100
Twin Coach Co
.1
Ulen A Co
Jan 27
378Mar 17
Jan 24
Feb
7
19% Nov
55% Nov
12% Jan
10% Jan
1078 Jc.n
3
77
5%
16%
25%
2%
Jan 28
Preferred
5
9% Jan 26
No par
United Biscuit
1578 Feb 24
112% Mar 13
100
United Carbon
..No par
United Carr Fast Corp.No par
New stock,
21
r
Cash sale.
54
Jan 26
15% Jan 23
xEx-dlv.
y
Mar
Mar
10% Oct
12% Nov
47, July
91
Nov
6% Jan
15% Nov
28% Nov
38
July
6
Jan
16
Mar
44
Jan
6
Mar
13% Nov
12% Jan
81
Mar
July
Jan
66
33% Jan 24
June
98
12% Jan
434 Jan
30
Jan
Jan
Jan
Jan
5
Dec
Mar
3% Mar
3% Jan
Jan 27
100
5%
4
47, Apr
2% Mar
478 Jan
1334 Jan
9%
81%
18%
88%
..No par
15% July
31% Mar
3
734 Jan 10
57
4% preferred
Mar
Apr
Under Elliott Fisher Co No par
Union BagA Pap new. .No par
United Aircraft Corp
Un Air Lines Transport
Mar
2% Jan
5% July
287S Nov
4
July
19
July
Mar
Mar 17
Union Tank Car
Mar
Mar
Jan
5% July
18% Nov
8
3
Union Carbide A Carb.No par
Union Oil of California
25
Union Paciflo...
100
Mar
8%
1%
534
10%
56
3
No par
26
27
26
27
Feb
7
1
3% Mar
"
Oct
Oct
57, July
18% Jan
26% Jan
884 Jan 26
Mar
July
77%
34% Jan
23
Apr
2% Mar
15
Oct
9
Jan 26
Feb 23
Apr
Jan
Dec
Feb
31% Feb 27
3
35
2
Tlmken Roller Bearing.No par
Transamerica Corp.
2
pref.
Tlmken Detroit Axle..
27,
4% Jan 10
21
96
conv
53% June
9
93JS Mar 17
13% Jan 27
preferred.No par
Tide Water Associated Oil..10
Oct
Jan
9% Oct
49% Nov
Jan 24
100
Nov
10% Nov
4% Mar
37s Jan 10
28% Jan 3
334 Jan 4
15% Jan 3
14% Mar 10
n
Oct
4% Aug
23% Nov
32
July
15% Aug
18
preferred
Oct
43%
17
1
conv
cum
37, May
Mai; 11
1% Jan 17
$4.60
Mar
434 Mar
Dec
14% Mar
Mar 11
3% Jan
3
20% Jan 26
2% Jan 27
11% Jan 30
12% Jan 24
$3.50
15
4
4
100
50
5,200
8%
7%
42%
6%
17% Mar
65%
128
No par
Third Avenue Ry
90
7,200
1,000
1,100
10,600
11,200
4,000
4,100
1,200
1,000
38,400
19,700
10% Jan
Thompson (J R)
25
Thompson Prods Inc__No par
Thompson-Starrett Co.No par
300
3
3
85
100
2,800
3
11%
19%
4834
*31
32%
3
86%
.2,700
8%
*10
$3 div
134 Mar
8% Mar
Jan
No par
pref
conv
Preferred...,-
100
*8
25
101
200
3,100
900
1034
19%
1,100
3%
1
Jan
22% Jan
Dec
11
100
Thermold Co
50
10,200
25
100
1,000
10
3%
17% Mar
12%
17% Nov
9% Oct
No par
The Fair..a.
2%
11%
3%
22
21%
18%
2%
$3.60
""l0
14%
13%
2%
4
12%
37%
334
Texas A Pacific Ry Co
Thatcher Mfg
~-m
13%
*11
3%
*80%
~
25%
3%
£24
9%
*8%
3%
m
4%
3%
18%
3%
2634
*26%
2%
*11%
13%
94
60
2 34
3%
14
*58%
Feb 15
4% Jan 26
1,600
100
Jan 12
6
5,400
100
38
60
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...„No par
3,400
*33%
2% Jan 28
26% Jan 26
6,600
Mar
119% Feb
8% Dec
16
2,300
5
45
Jan
31
1.
8%
3%
21
Jan 24
66
127% JaD
11% Jan
38% Jan
Superheater Co (The)-.No par
Superior Oil
1
Superior Steel.
100
Swift International Ltd
17%
20%
*4
Jan 25
55
120% Jan 27
10
4,200
17%
*1834
37%
*334
*18%
*2%
2%
1234
-
3% Mar
18
90
8%
8% Mar
25
600
8
6% Jan 27
Sweets Co of Amer (The)...60
7
June
5% Mar
Sutherland Paper Co
534
2,400
900
5%
43% .17,100
May
5
17% Jan
Swift A Co
40
6
5
Jan 26
1,500
7
8%
13%
100
,6% preferred
Sunshine Mining'Co
2,700
30%
984 Jan 26
434 Mar 15
3,300
4.
6%
5%
42%
4%
30%
5
__1
Stokely Bros A Co Inc
Studebaker Corp (The).
1
Sun Oil
No par
6%
9%
*58%
4%
35%
3%
48%
234
Rid and asked prices: no sales on this day.
Dec
8
No par
prior pref
26,800
8%
89
85
86
86
86
8734
2234
2234
2234
22%
22%
22%
38
37%
3734
3784
38%
3834
3534
37%
12%
12%
11%
12%
12%
11%
11%
11%
*17
17
17
*17%
17%
17%
17%
17%
*113
112% 113
116% *113% 116% *113% 116%
63
62
*61
60
61
63%
6234
63%
*19
19
19
2,0
*18%
19%
*17%
18%
s
Dec
33*4
9
Jan 26
Stone A Webster
734
534
5%
89
12
Jan
23%
6% Jan 27
1
25.700
40
5%
4334
5
5%
31%
4,800
1,400
19%
27%
,8
27%
6
*5%
43%
44%
10%
4%
14%
6034
6034
*124% 12534
9
834
32
3334
234
2%
16
17%
2834
2834
*10
1034
7%
42
*3814
*5%
5%
5%
7%
18%
.27%
8%
6%
8%
10%
434
13%
2734
19%
22%
5% Mar
8% Mar
17% June
2% Sept
16% Mar
8
Standard Oil of Kansas
•>
17,100
32
74
74
*31
87%
9% Mar
4
75% Mar
98
No par
*48
3
103
July
4
48
.No par
$4 preferred
52%
49%
22%
32%
3%
32%
Jan
25
Jan
57
y24
Jan
Nov
23% Jan
11% Jan 26
62% Jan 28
No par
Standard Oil of Calif
3
23%
3%
3%
28
141
33%
4284 Jan 25
No par
100% 10034
1%
1%
Nov
19% Mar
27% Mar 11
21% Jan 4
2% Jan 25
35% Jan 17
$3 conv preferred A..No par
Spiegel Inc
2
850
21%
*31%
£22%
£32%
15
16% Jan
114% Nov
7»4 Mar
73
Oct
Jan
18% Mar 1%
46
Nov
19% Aug
1% Mar
15% Dec
128
4778 Feb 18
12
23%
33%
3%
26%
11%
3%
61%
4
Jan 24
*10%
*10%
Feb
Jan 28
*3%
*10%
12
Jan 23
37
Jan in
3
18% Jan 20
141
Apr
13
Standard Oil of Indiana
50%
*4
Jan 26
8% Mar
10% Mar
111
40
500
49%
*82%
4%
Jan 11
Feb 28
17
1384 Jan 4
114% Jan 21
1
13,700
49%
3%
87%
Mar
No par
Splcer Mfg Co
14,000
49
634
10
Sperry Corp (The) vtc
6,500
%
16
9
17% Mar 11
19% Dec
15% Mar
28%
27%
157g
9%
Aug
2% Jan 26
684 Jan 25
1834 Mar 16
*%
13%
14
6%
24
15
No par
1
27
2%
1234
3
14%
8%
Apr
Sparks Wlthlngton
Spear A Co..
28%
16%
*8%
3%
13
Spencer Kellogg A Sons No par
%
*3%
27
95%
Oct
5
Feb 21
400
27,900
Oct
9% Jan
35% Nov
3% Jan
24% Nov
3434 Jan
19% Jan
z84
500
3,000
2734
16%
50%
6%
8%
8%
3%
86
18%
2%
14%
94%
16%
94%
16%
4
*3%
14%
13%
*3%
20
27
3
*12%
4%
37%
35%
3«4
4
378
26%
14%
14%
94%
17%
49%
9%
8%
*17%
*19%
*58%
*18%
4
3
8%
23%
*32%
*35%
20
8%
*11
*4
4%
38
*18%
*834
3%
.
106%
147, Mar
18% Mar
95% Jan 19
7
Ps
'
9%
*8%
*17%
3% Jan
2134 Jan
29% Jan
19%
42%
17%
8
74%
4«4 Mar
12% Mar
2% Apr
7
3%
32
93
Jan
98
16% Jan 26
23% Jan 26
100
29%
-
Feb
7
3234 Jan
*18%,
40%
16%
3%
48%
*31%
7334
Mar
107
105
23% Jaa 24
.100
1st preferred
Mar
122
2% Jan 3
16% Mar 17
Spalding (A G) A Bros .No par
330
12% Nov
283, Oct
18% July
10
15% Jan
Apr
132
Mobile A Ohio stk tr ctfs 100
m
1,300
4%
56
49% Nov
6
Mar
1234 Jan 26
No par
5% preferred
Aug
634 Mar
20% Apr
Feb
13% Jan 26
25
Southern Pacific Co
36
36
14% Jan 26
.No par
100
Southern Ry
70% Nov
9% Nov
May
So Porto Rico Sugar.
12,600
Mar
91
Jan 26
36,200
28,400
Nov
3
45
Feb 21
163s
23
Mar
July
7
5,500
19
10
Jan
Oct
18
Mar
12
Southern Calif Edison
5%
45% Mar
105
111
"4,600
Feb
80%
Mar
5
50% Feb 16
1134 Feb 24
101
Socony Vacuum Oil Co Inc. 15
26%
Jan
July
9% Mar
5
Junll
Jan 18
Solvay Am Corp 5 34 % pf._ 100
South Am Gold A Platinum.. 1
,
3
27%
47
7% Jan
9
Jan 30
2,100
27%
42%
1% Mar
15% Mar
234 Dec
Mar 13
7,
69
80
Smith (A O) Corp
10
Smith A Cor Typewr. .No par
Snider Packing Corp...No par
8% preferred
Oct
Jan
2134 Jan
101
No par
%
*48
Jan 26
94% Jan
..,100
$6 preferred
7
23
27
14
27
Jan
Jan
Jan
Jan
21
10
Sloss Sheffield Steel A Iron. 100
110
5
5%
25%
2%
18%
...25
28%
27%
52%
4984
32%
74%
104% Jan
Siraonds Saw & Steel.-No par
Skelly Oil Co
6% preferred
Jan
1184 Jan 26
100
%
28
934 Mar 17
Mlnes-.S
Slmms Petroleum
Jan 25
47
28
-.-Aro par
100
Jan 26
5% Jan 27
Shattuck (Frank G)
No par
Sheaffer (W A) PenCo.No par
Shell Union Oil
No par
29%
*7
7%
6
9%
8%
1634 Jan2«
No par
Jan
10% Nov
507,
11334 Dec
°
42
5%
No par
Corp
$5 conv pref
Sharpe A Dobme
No par
$3.50 conv pref ser A .No par
8%
3%
8%
124% 124% *124% 125
9
£9%
9%
9%
35
36
34
35%
234
2%
234
2%
*1734
18%
1734
1734
2934 30%
30% 30%
*10
1034 *1,0
1034
19
19
19
18%
27
*27%
27%
27%
8
8%
834
8%
7
7
7%
7%
*38%
1534
17%
7
100% 10034
1%
r. 1%
8%
27%
Sharon Steel
2% Feb 21
Mar
%
18% Jan 10
6%
74%
2734
8%
15%
8%
6034
8%
■
43%
18%
46%
15%
17%
46%
1%
3%
5
15%
15%
15%
16
15%
8
8%
8%
8%
59%
59%
*5934
62%
124%
*123% 124% *124
.10
10%
10%
9%
*36
35
35%
36%
2%
2%
*234 •27s
*18
*17% 18%
1834
30
30
29%
29%
*10
*10
10%
1034
19%
19%
19%
19%
27
27%
27%
27%
*8%
8%
*8%
878
*7%
7%
7%
7%
*7%"
7%
778
7%
42
40
40
*39%
6
6
6%
578
534
5%
5%
*5%
43% 44%
44%
4434
5%
5%
5%
5%
31
30%
31%
30%
42%
*1%
3%
1034
5
5
101
25%
2%
1834
Jan 24
140
52
1834
18
6%
100% 100%
1%
1%
4
*3%
9
8%
1834
18%
22% 22%
%
*%
29% 30%
28
28%
*48
52%
50
4934
*32
3234
74%
74%
19%
23
2734
7%
20%
44%
15
200
*»W
3
3434 Mar
5
6
1
Servel Inc
Jan 26
Jan
Feb
1% Nov
112% Dec
5
Jan 25
3,100
«. «.
Jan
Jan
67
19
27%
85
June
% Sept
5
No par
3%
19%
24%
M
Jan
84
No par
*3
19%
23%
*94%
*89%
Mar 17
Sears Roebuck A Co
Simmons Co.
7%
46%
*18%
22%
50
8
134 Jan 27
1334 Sept
62
10% Jan 25
50% Mar 10
117
Seagrave Corp
Silver King Coalition
3
73%
33%
5
3
46%
15%
60
11%
3
4234
17%
9
200
4
9
Jan 20
1
Highest
$ per share $ per share
2%
22%
3%
77%
6,900
*36%
4%
57
18%
3%
50
Jan
177s Mar
Lowest
75% Mar 15
% Feb
100
4-2% preferred
2,400
42%
484
55
17%
9
1,900
Jan 13
113
Seaboard Oil Co. of Del-No par
200
534
6
3
4584 Jan 23
No par
No par
5%
*36%
*4%
4%
43%
3%
6534
% Jan
No par
29%
5%
25
17%
45%
15%
73%
7
16%
16%
68
1
100
tSeaboard Air Line
$ per share
13% Jan 26
Jan 3
5
100
14.50 preferred
28
19%
2834
56
7
*19
17%
-
3,900
1,000
28%
43
2%
7%
1634
19%
-
.
12%
13%
10434 105
*134
26%
26%
43 %
7%
7%
100% 100%
*1%
1%
29%
28%
7478
2634
17%
20%
2934
140
17%
45%
15%
72%
60
74%
55
*134
43%
*32
*48
3%
20%
25%
25
20%
43%
9%
197«
23%
*%
29%
,714
*19
3
*19%
140
4%
3
*7%
19
28%
56
3
30%
mm
19,500
7,300
1,000
3,000
5%
30
3
75
10%
.30%
934
30
534% preferred
JSchulte Retail Stores
8% preferred
Scott Paper Co
100
97
97
*94%
*93
99
99
99
*93%
*102% 103% *101% 103% *102% 103%
*16
18
*16%
17%
*1534
16%
*16
17%
17%
*1534
17%
*15%
16
1534
15%
15%
15%
15%
13
13
13%
13%
12%
12%
11134 112
111% 11134
11234 113
*2%
.2%
2%
2%
2%
2%
17
17
17
1634
16%
16%
17%
16%
13%
4%
105
5%
97
*3
111% 11134
2%
2%
18
*48%
1034
30%
13%
105
26
6434
534
50
50
1034
*30%
13%
5%
30%
3%
20%
29%
25
20%
30
4378
#4
50
11
16
6
6
30%
6
17%
80
*6534
6
*49
3
16%
17%
17%
3134
*19%
97%
20
75%
1634
31
27%
29%
*39%
75
11%
30%
14
13%
13%
10$% 105% *104% 105
110
2678
27%
18%
21
31%
44
4%
1,900
6
11%
*16
2634
1%
1934
80
17
17
17%
17%
16%
*16%
16%
16%
13%
13%
13%
13%
*111% 11134 *111% 111%
*2 %
2%
2%
2%
17
17%
17% £16%
*134
*1%
*65%
99
*95%
102% 103
17%
*16%
141
2%
20%
,17
*95
99
*89% 100%
*102% 103
*102% 103
18
♦16
17%
17%
*136
*1%
20%
*2%
19%
*2%
73%
16%
Schenley Distillers Corp
Year 1938
Highest
% ;per share
Par
50
2%
20%
3
50
117
700
77%
31
900
117
%
*2%
6%
50%
*49
%
75%
16%
17%
18%
6%
2,900
1,000
11,500
%
3
80
900
%
%
77%
17%
16%
73%
%
*1%
20
15%
%
6%
1939
Range for Previous
Lois
Lowest
73
6%
50%
117%
*116
%
21
Shares
%
6%
50%
6%
50%
$ per share
On Basis of 100-Share
Week
I684
%
18,
EXCHANGE
75
16%
*73
%
*6%
*49
%
2
*2%
76%
17%
*17%
17%
*116
21
11%
11%
31
*30%
14
13%
*104% 106
6%
6%
31%
2
6%
50
50
*49
7
50%
*%
2034
2%
77%
17%
*6
63
614
7
49%
$ per share
75%
STOCKS
NEW YORK STOCK
the
CENT
Friday
Mar. 17
16
Mar
share
1634
74%
%
%
*116
%
*67
%
7
7
*15g
2114
*234
76i2
17%
18%
*
17%
75
%
%
% per
$ per Share
NOT PER
Thursday
Mar. 15
17%
%
%
14
75
17%
17^4
75
*73
SHARE,
Wednesday
Sales
for
LOW
Suurdai/
Mar.
1% Mar
^
41
Jan
4
1734 Mar 10
Feb 25
65% Mar 10
20
Mar 13
Ex-rights.
15% Aug
Mar
907, Nov
17% Mar
Mar
114
70% Nov
55% Mar
5934 Apr
23% Jan
42% Feb 25
13% Mar
Oct
Mar
57
Mar
89
6
7% Mar
90% Jan
1934 Jan
104
Mar
22% July
99% Nov
83% Nov
20
Mar
23%
19% Mar
43%
5
Mar
14
Sept
1003s
Jan
Dec
13% Nov
20
Nov
Jan
118% Aug
39
Jan
12«4
Apr
73% Nov
20% Nov
^Called for redemption.
Volume
New York Stock Record-Concluded-Page 10
148
LOW AND
HIGH
Saturday
Monday
SALE
PRICBS—PER
SHARE,
NOT PER
Thursday
Wednesday
On Basis of
Mar. 11
Mar. 13
Mar. 14
Mar. 15
$ per share
$ per share
$ per share
$ per share
3%
338
38%
3834
678
634
3i8
3%
3834
6%
*634
3*4
38
39
7
634
7
,7
7
7
70
70
70
70
5i8
434
434
434
*33%
3314
33%
32%
78%
787s
33i8
78i4
13
13i8
13
13%
934
9%
♦10
*10
10%
*86
88
*86
87
6%
,
.
6%
6%
6*4
*9
978
106
105% 106
*176
*178% 180
*26%
25U
30
*43.
5
48U
48*4
534
57s
4934
50*4
»5l2
49
48*4
5*2
534
49*4 49%
1085s 109
58%
58*4
67
*6612
63%
625s
120
120%
*35l2
35%
48
*45
67
631*
64*8
1201* 120*4
35i2
*45
3%
8H
5
8%
61
*50
48
5%
49%
108
6%
6%
*61%
31%
76
33
104
*176
*26%
23%
*4%
8%
30
60
4%
48%
55g
47*4
48%
5%
50
4734
108%
*26%
22%
4%
4»4
8%
8%
*50
4434
49%
47%
,48%
44
47
69,000
105*2 106*4
102
104
4,500
1,500
58
58
58%
58
66%
66%
63%
60%
63
59%
60%
11934
*66%
5634
*45%
585S
59
*56%
*12
13
12
12
*77
77%
77
77
77
77
"
76
75
%
®4
*4
*18%
30*4
*19
27
2714
371*
27*8
*3434
27%
*3412
♦112
*421 j
*60 U
25i8
S5*s
11412 *112
42
42l2
*60
80
25J8
334
25lg
*185S
27%
26
27%
'
25%
25i8
334
so
25%
2,400
35%
3534
*45%
48%
3%
3%
3
3%
1,300
8%
2%
8%
2%
8%
8
8%
2%
56%
*52%
12%
*11%
59%
12%
75
*70
26
3*4
♦1271s 130
*1%
*2l3
*11,
7%
1*8
131
1*4
*2%
*1%
7%
18%
2%
*2*4
2%
*2%
2%
*H2
1
2
*1%
2
*18i4
18l2
7*8
18*2
7%
18%
*89
90
90
90
7U
*7
,
1834
'*89%
7%
18%
90
2
7%
7%
7*4
48
48
47
47%
20
*1978
20
4634
*19%
*1312
1414
*13
14
*13
7%
*23,
*41*4
6l«
7*4
7*8
23g
3
4734
3*4
314
2%
6%
47
47
47
4334
6*8
6*8
2%
*41 *2
212
44
6%
47
3%
3%
12
12
*42
7%
6%
46%
46%
*19%
1334
20
14%
2%
44
6%
47%
3%
3
12%
*3i8
30*4
5
5
5
*5
*8%
*3%
307a
30 34
31
31%
31
22
22
2134
31%
2134
2:21%
2158
30*4
30
30%
30
21%
29%
*234
*1012
*30
*278
12
3
3
318
1%
24
24
*1%
*23*2
73
73
*73
96%
9634
*13g
V
106i2
106
97
*2%
*1%
30
3%
1%
2:23%
*73%
24
97
96
97
106
106
106
106
97
24
7434
96*2
98
1%
*10%
97*2
97%
74%
98%
*12314 124*4 *123*4 12334 *123% 124%
116
116U U6U
116%
116*4 11638
30
30
31
30%
30*2
3012
*314
3i2
*338
3*2
3%
*6i2
7%
7%
I2
12
*6*8
•%
*6%
*%
Us
*1*8
22i2
2814
1%
23ig
23i2
28%
23%
28%
11434 II6I4
144l2 145
28*4
1161* 1171*
145
*142
%
1%
18
3%
7
*1%
23%
*73%
94%
106
97%
900
*60%
24
98%
Va El & Pow $6
23%
7434
95
106
97*2
'97%
116
28%
8,100
400
12
*%
*1%
; i]4
*1%
21%
21%
21
111
27%
200
.■.
27%
112%
143
.
200
200
100
1%
25
26%
108% 110
12,000
143
70
♦20%
22
2134
600
Westvaco Cblor Prod—No par
300
5% conv preferred ...... 30
Wheel A L E Ry Co....-.100
,21%
*31%
21%
32%
*50
60
*78
110
32%
*20%
32
32
31
31
60
*50
60
'
*50
*72*2 110
*72-% 110
25%
.
25%
24%
*72% 110,
23
24
*79%
r
+
mmm'rn
m
~
m
m
-
99
25%
3,000
*79%
95
*7918
99
*79%
99
*79%
*79%
99
*57
59
*56
59
*56%
59%
*56
59%
*56
58
56
58%
400
*11%
11%
12
11%
11%
*11%
12
11%
11%
400
11%
1034
U*8
6%
11%
10%
11
4,300
6
6
6
600
*11*2
*U2
22i2
313
3%
*2%
*5I8
4%
*47*4
48%
6%
1*2
Da
22l2
1134
*6%
6i2
12%
11%
12
22
1%
22
6
1%
21%
3*2
3%
3%
25s
2l2
*5%
258
5%
2%
5i2
5%
45a
412
458
4*2
47%
47%
.
47
497a
50i4
49%
50%
22%
49%
21
21*2
20%
20%
20%
23i2
23%
*22%
1%
22
22%
*6
1%
1,%
20%
2%
2lo
2%
4%
5%
4%
4%
4%
4%
4%
46%
4634
46%
46%
47%
3%
22%
22%
50*4
49%
50
20%
18%
19%
*60
67
*62
67
65
*51
65
*44
*33*4
35%
*34
35%
*4712
50
*47%
50
36
5034
103% 105
*101% 103
7934
7934
79%
79%
80
80*s
32l2
33
32%
33%
32%
32%
193a
1978
112
*110
*17l2
18
5078
50
*80i2
88
19%
111
17%
49%
*80%
19%
111
17%
49%
88
28%
2878
27*2
28*2
19*4
1934
19%
3%
19%
*3%
»
3*8
19
112
19%
112
17%
17%
49*4
50%
700
2%
9,700
5
4%
4,700
45
45
49%
19%
33%
47
47
21%
1,200
19%
18%
112
48
300
101
150
49%
16
47
100
x79
79%
33%
31%
32
18%
17
18%
112
16%
4734
1,300
1,200
39,000
111
16
1,400
44
46%
30,600
*80%
88
*80%
26%
27
25
19%
18%
19%
19
19%
17%
18%
5,900
Zenith
3*8
3
3
3
3
2,200
Zonlte Products Corp
3%
3%
this day
: In receivership,
a Def delivery.
n
Mar
23
Mar
Radio Corp
New stock,
r
44
Feb 20
3,
2i2 Feb 20
10
Mar 13
89
par
par
100
par
No par
1
Cash gale,
July
Aug
Ah July"
16*4 July
8
Dec
31
Nov
25
Oct
17
Mar
343s Nov
5
114 Mar
314 Jan
2
6i4
Mar
84 Sept
28i2 Jan
2514 Mar
71
Apr
79
Jan
MarlO
Mar
9
98*4 Mar 14
12184 Mar 10
Jan
4
Jan
24
116'2 Jan
22% Jan 26
31i8Mar
3
98
Jan 26
120.
116
Mar
J26
11U2 Jan
1234 May
145
16% Mar
1534 Mar
Mar
Jan 26
6134 Mar
38
Feb 24
22i2 Jan 4
z32% Jan 13
Jan
Dec
Jan
Nov
119% Nov
267s Dec
4i2
Jan
9
Jan
15s
Jan
33S July
3414 July
3314 Nov
12478 NOV
Oct
Mar
144
9i2 Mar
3118 Mar
21
Oct
39
Dec
10
M ar
20is July
3112 Dec
103
20% Jan
3
Mar
Oct
Jan
July
82% July
Mar
i2 Mar
84 Dec
Jan
Jan 26
llj
39
74
3
l5g Jan
2412 Jan
3134 Jan
4%
102i2
103i2
9784
34 Jan
130
A pr
70
8238 May
25a Mar
4i8 Jan
8
'Jan
20i8 Jan 26
23U Jan 26
18f2 Feb 16
3014 Feb 8
July
8
Dec
97
Mar
Mar
51
45
Mar
107
3
5
July
11
3
Jan
IS4 Mar
Dec
4
I6I4 Mar
5
Jan 31
Feb
Mar
Nov
19U July
24% Jan
3284 Jan
2% Jan 28
1.
Jan 7
2318 Mar 16
7112 Jan 26
89
Mar 13
20
54
20»|
Jan
3184 Mar 14
Mar 17
10278
3
123s Mar 16
25i2 Jan 26
18% Jan 27
27
334 Mar
Mar 17
3% Jan
Jan 28
5
Mar
678 Jan
55
Feb
,
20
Mar
60
Jan 12
60
Jan 12
60
Mar
60
Mar
75
Feb 20
75
Feb 20
65
Apr
90
Jan
3134 Jan
2212 Jan 26
80
Jan 27
54l2 Feb
678 Feb 14
U4 Jan 13
1514 Jan 27
278 Feb 15
14i2 Mar
3284 Nov
80
Jan 27
75
Mar
95
Jan
60
4
10% Jan 5
95s Jan 26
4
Jan
42
May
61
Nov
4
12% Mar 10
1034
Dec
"
13»4 Jan
4
6% Mar
Jan 11
4U2 Jan 26
Jan 19
107
19i2 Jan 26
46'8
Jan 26
16«4 Jan 26
Jan 31
11
Jan
U4 Mar
3
Jan
884 Mar
24»4
Oct
384 Mar
1% Mar
3i2 Aug
3% Oct
678 Jan
578 July
60% Jan
10 634 Dec
275ft Nov
5
Jan
Jan
49i2 Jan
108i2 Jan 12
255s Jan 4
503s Jan 5
23i8 Jan
4
66
MarlO
Feb 16
65
Jan 18
32is Feb 21
38
Jan
60
58
15% July
1514 July
I84 Jan
23
Mar
7
Sept
Mar
Wire..No
Youngs town 8 A T
No
5 H % preferred
Youngstwn Steel Door .No
2 734
3%
2
32
10
10
-100
Preferred
2634
Bid and asked prices; no sales on
2% Jan
Mar
Young Spring A
*80%
3
2i4 Jan 23
34i2 Jan 24
Mar
3
Preferred A 1%
88
4,000
Mar
D4 June
338 June
Woolworth (F W) Co
28
88
8
5
100
27*2
19%
26%
1734 May
3i8 Feb
614 Feb
preferred
*80%
88
30
1478 Mar
Jan 13
Woodward Iron Co
290
15%
111
5034 Jan
2038 Jan
4i2 Mar
Jan 12
100
6% preferred B—
100
Prior pref 4 H % series..
10
Prior pf 4M % conv series 10
Wright Aeronautical... No par
Wrlgley (Wm) Jr (Del).No par
Vale A Towne Mfg Co
25
Yellow Truck A Coach cl B._ 1
*41%
871* Dec
10% July
Jan 23
12
5
414
Worthlngton PAM(Del)No par
47
20%
Mar
4
10
300
Mar
1384 June
2
2,800
33
584
Jan
74
1
10
15,500
*32%
18%
$6
rnc
19%
33%
112
17%
16%
conv
49%
65
80
6%
Wilson A Co
3
Mar 13
No par
Motors
preferred
Wlllys-Ovei land
18%
*44
105%
No par
—5
48%
60
*45
Wilcox Oil A Gas
No par
Wisconsin Elec Pr 6% pref. 100
21
*50
33%
$4 conv preferred
700
*107
22%
...
Mach
White Sewing
2,400
4%
:
66
101% 101% *102
80
80%
80%
*32
32% 32%
47
3%
4%
5
.....—-.100
$5 conv prior pref..-No par
White Dent'l Mfg (The S S)20
White Motor Co.
A
White Rock Min Spr Co No par
1,700
66
65
34%
112
2%
1,200
*50
*50
*44
*2134
49%
*19%
3%
3%
*107
*107
23"
*3%
1%
1934
19
2%
5%
65
1087s
*1%
1%
20%
2%
67i2
*48
1%
20
4%
*44
*34
'5%
3%
*63
*1031.
11
•••«
1934
3%
*107
*107
*107i2
6%
Wheeling Steel Corp..-No par
Preferred :
99
123s
100
5M% conv preferred
'
734 Feb 16
Dec
42i4 Jan 26
19% 1- eb 20
16
Class A
Jab
•
914 Jan
37
40
3
6% Jan 28
No par
300
60
1834 Jan
Instrum't.No par
Weston Elec
17%
Dec
Oct
90
Jan
Jan 26
...
77i2
1191*
25a
Mar
85
Jan 26
We^tlngh'se Air Btake.No par
Wcstlnghouse El A Mfg.-..50
1 st preferred
-.50
Mar
1
33g ^Feb
8i2 July
i2 Feb 20
1
Feb 16
6% preferred.......—100
Union Telegraph-100
37
II6I4 July
Jan
4% July
514
Western
Feb
II4
3
100j
1207i
15s Mar
....100
Pacific
Jan
Mar
Mar 16
Mar 15
4i2
15*4
100
2
....100
Maryland
4% 2d prererred
Western
37%
*31%
*6i8
Western
Co... J.O
77
Oct
5*8 Jan
S2% Jan
116»* Nov
3i2 Jan
—
*37
*50
Mar
Jan
Dec
•2% Jan30
134 Jan 19
6% Jan 25
16i2 Jan 26
7% pref. 100 a:120%
100 11412
*16%
60
*1134
preferred
6%
Western Auto Supply
18%
32%
*11%
West Penn Power
37%
*50
,
prcfened
«%
*17%
21*4
*31*4
26
100
100
*37
60
2534
No par
7% preferred...
18
2U4
3112
*723a 110
26
26%
■
3'7%
21 %
27*4
No par
$4 conv preferred
West Penn F.1 class A
500
6,200
4,900
1
Snowdrift No par
Wesson Oil &
mrneimrnm
%
No par
Wells Fargo & Co
490
5,700
1
Wayne Pump Co ...
Webster Elsenlohr
370
150
No par
*17%
37%
105
25U
Nov
1«4 Jan
5
Pipe....No par
5
Jan 11
131
Mar
36
*37
18
57
Feb 14
5
1st preferred.,
120
67i2 Jan 24
No par
Waukesha Motor Co...',
100
300
21%
*140
$1
Warren Fdy &
1,700
7
1*8
22%
28%
*140
1,200
3%
1*8
21%
27%
141
—100
preferred..
7%
$3.85 conv pref
500
V
124
%
115
par
No par
Baking Co cl A.No par
Class B.._.
No par
10
3,800
28%
*%
141
Ltd No
Prefei red
Ward
200
%
*37
*723. HO
Preferred
tWabash Railway
5% preferred A
Jan
365s Nov
42
Walk(H)Good A W
2%
*6
Feb 18
Jau
Oct
28% Nov
113
1,600
6%
*3
117
Dec
D8
28*4
June
13ij Sept
234 Mar
1584 Mar
26% Feb 18
4% Jan
3178 Jan
26
3l2 Jan 26
2434 Jan 26
83
June
97
7,900
mmmm
100
116% 116%
27% 28%
29
1414 Mar
1591| Dec
30i2 Mar
1
800
234
234
1%
*1%
23%
23%
*73% 7434
93
92%
105% 106
96%
9634
3%
634
*3
*6
llijt Mar
125
41%
123
5
6
Mar
100
mm
20
>
i2 June
16
....100
...100
5% preferred B
.UK)
Waldorf System
No par
Walgreen Co.—
No par
4H % Pre! with warrants 100
Walworth Co
.1
No par
60
7
23%
3
120
1,600
2934
Dec
27l2 Mar
1% Apr
6%
Z2934
Nov
86
5U Mar
18%
*18%
Dec
15
9
*
21%
52
40
"2T34 "Jan
3i« July
Feb
8
JWnrreu Bros—...
No par
$3 convertible pref ..No par
*73
5»4 July
2% Mar
500
27
Jan
47i2 Sept
7ij June
4218 Mar 13
Jan 11
Oct
Mar
Nov
10% July
37
35i2Mar 6
114i2 Feb 24
Jan 11
Nov
Dec
1U Mar
8
*2%
"
34 Jan
6
114
Nov
75s Nov
1«4 Feb
preferred
5%
3
i9
3
8
6i2Mar
100
29%
111
No par
234
1%
2i2Mar
100
Virginia Ry Co 6% pref... 100
Vulcan Detinnlng....
100
70
rnmmmmm
*5
7
pref
Warner Bros Pictures
116
18
27
6% preferred
10
89%
*10%
Jan 27
Feb
56%
109%
7234
7018
7H4
Oct
36% Jan 24
30
Oct
July
June
Virginia Iron Coal & Coke. 100
2
.•28%
3%
No par
-100
800
.
2%
8
142
21%
Va-Caiollna Chem
10
*2%
*1%
5
6% ,40,400
1,090
124% 124%
3/%
Chem Works
55
12434 12434
*6
6
53%
116% 116%
2834 30%
37
3U2
113
-
50%
106
106
18
2114
100
....
7% 1st preferred.
Vlck Chemical Co
Nov
7
36
Jan 26
1,800
1%
*%
18%
37%
21%
17
22
Victor
mm
30%
115
18%
100
1,000
*1%
634
Sales.
71
4958
121
Mar 17
Jan
7i8 Oct
13i2 Nov
29i2 Mar
40
Apr
712 Feb 20
134 Jan 25
50
Jan
30% Nov
91*4 May
Vicksb'g Sbrev A Pac Ry Co 100
80
24
preferred
5%
3
3
Vandlum Corp of Am.No par
Van Raalte Co Ino
6
10
800
41%
*1%
Mar
7
3% Jan 20
86$ Mar 3
1914 Jan
33
18%
No par
6%
*234
38
4534 Jan
3014
8,100
40
X678
No par
Preferred
*19%
•>
Mar
3514
3
3578 Jan
Jan 16
113
*88
12%
*55
10% July
12084 Mar 11
Jan 24
43% Feb 16
337g
Feb 23
26
25%
30%
*5
37
*50
3
45i2 Jan
z44'4 Mar
4
No par
32
2%
,
Jan
Vadsco
40
.
pref A
3%
47%
11
3%
1%
23%
7434
95%
1
..No par
5
100
113
42
5%
142
*37
Conv pief (,70c;
25
United Stores class A..No par
200
*
No par
70
8
Jan
600
200
11
-.100
...
7% preferred
United Stockyards Corp
6314 Jan 26
113i2 Jan 27
Mar
Mar
May
13
1*4
22%
28%
115%
1%
22%
28%
Prefen ed
Mar 14
Feb 25
13
3134
21%
30%
No par
67
Jan 26
52is Jan 24
Feb 28
1334
*.
Corp
Jan 23
90
60
78
*13 "
'
60
21
3
162
20
*2%
100
Jan
Mar
2U2 Mar
278 Mar
134
7%
z42
40i8 Jan 26
538 Mar
50
Mar 10
3
45
6%
48%
3%
10
618
5234
111%
65i2
13i2 Mar
314 Mar
Mar 13
Jan 27
20
2%
No par
49
60
4412
44
5%
47%
10% Jan
6I84 Feb
8
157
20
*2%
Jan 26
61% Jan 20
37% Jan 26
414 Jan 30
100
100
1334
*42
3
4
2
Universal Pictures 1st pref. 100
46
'
9
578 Jan
June
20
*19%
46
2534 Mar
24
Mar
20
46%
30% Jan 27
18% Jan 26
4% Jan 27
Jan 18
48
7%
7
7%
«
Nov
32
75% Jan 28
'
*197a
Nov
173
Universal Leaf Tob
18%
90
*89
115
4% Mar
55
400
2
18%
18%
90
*89
2%
Mar
I6214 Mar
77*2
23%
Jan
9
1234 Jan 21
8334 Jan 3
*18%
1%
9% July
1258 Nov
4
4
56l2 Mar 15
%
Deo
Jan
Jan 23
71
Nov
Mar
10f2 Feb 24
*%
13
8734
7i2 Jan
...20
U S Tobacco
8%
Oct
8%
180
Preferred.....
conv
10% Aug
113
8% 1st preierred
$6
Nov
114
Jan 26
Universal-Cyclops Steel Corp 1
*130
*1%
7%
Dec
100
1%
*1%
*2%
38
3i2 Mar
534 Mar
3
100
*63
*130
1*4
27j
2
131
1%
i2 Jan 24
4
Jan 26
160% 160%
,
*128
*127*2 130
1%
*1*4
*1%
7% Jan
IOI4 Jan
8
May
12%
3%
3%
*3%
3%
26
26
27
27
28
*27
2634
25% 26% *25% 27
26%
115% 115% *115% 116
*11534 116
*115% 116
♦115U 11«
*115*2 116
*2%
*2%
2%
2%
2%
2%
*2%
2%
*2i2
*2%
27s
*2ia
7
*6%
*634
8%
8%
8%
8%
8%
*6*4
*634
*634
6*4
120
120
*117
*117
*115
*115
120
120
120
*115
12U2 *115
77
76
7634 76«4
76
75%
75%
76
*7234
*70%
*715s
76%
334
5i2 Jan 26
4i2 Apr
62
*77
26
*18%
26%
27%
25%
3334
34%
33%
*112
114%
114% *112
*40
41%
41% 41%
80
80
*60
*60%
24
24
2434
24%
334
3%
334
3-%
*19%
25%
34%
8
54
%
*%
4
*11%
75
*72
34
%
Jan
87*2 Mar
2%
*52%
2%
1,400
Mar
Jan 21
U S Smelting Ref & Mln.-_.50
500
'
■mm'mmmUm '
Sept
Feb 21
U 8 Rubber..
U S Steel
Mar
6
3
5
Jan 24
Feb 11
Mar
834 Mar
Jan
87s July
39% Oct
67i2 Aug
1278 Nov
6
cl A...No par
conv
U S Realty A Imp
2,700
118% 119
35%
48%
77%
*75%
76%
160
160% 160% *157
%
35
35
*34%
114%
114% *112
415,
41%
42%
•61
80
wL'
75
75
75
*H
mm
103,800
35*2
*75
*160%
59
11
50
100
1078 July
80%
91
No par
U S Pipe & Foundry
400
3%
8%
*56i2
58
69%
*45%
48
3%
n
119
7,000
Jan 24
Jan 26
5%
734
82%
3g
7*8 Jan
2178 Mar
Jan
173
.....50
U S Leather
Partlc A
3
Jan
Mar
Oct
7%
5
Prior preferred
10,500
7%
78% Mar 11
*13% Feb 27
H514 Feb 14
103s Mar 6
3
Oct
458
38
20
Corp
U S Industrial Alcohol.No par
1,500
8%
47
5%
66%
8%
2%
4%
700
5
66*2
3%
1,600
Jan 30
lli8 Jan 13
lliag jan 6
5
Feb 11
74
Jan 26
63
884 Jan
4% June
4% Mar
60
Apr
100
preferred
5J^% conv pref
m-mmrnmm
22%
No par
U S Hoffman Mach
60
58
3*4
*8%
*2%
30
5%
119% 120
35% 3534
7%
30
•
No par
100
U S Gypsum
30
1,600
5%
105% 107%
59
75
4,500
6
47%
119% 120%
35% 35%
2%
'mm
600
67
♦12
*160*4
8%
179
60
.100
Conv preferred
270
4634
5%
*45
8%
7
10
16 first preferred
U S Dlstrlb Corp
U S Freight.
59
=*56i2
*16014
200
62%
3%
2i4
2%
%
58
48
3,200
6
30
8%
No par
United Gas Improv't—No par
102% 104%
23%
*50
United Fruit
U S & Foreign Secur.—IYo par
6%
*4*2
8%
5
10
S5 preferred
No par
United Mer A Manu Inc vtc.l
300
*176
179
*26%
23%
24
United Eng & Fdy
334 Feb
4% Jan 26
Corp
Preferred
300
8%
104%
6
5
United Dyewood
1,200
*%
6%
6% Jan 4
3314 Jan 12
100
United Electric Coal Cos
1,700
*6%
179
Mar
834
%
105
Mar
8834
7%
9%
6%
2
22
8%
6*2
179
6
3914 Mar 14
7is Ma. 10
*82%
*%
*834
278 Jan 13
3D2 Jan 26
434 Jan 26
5% Jan 26
65
Jan 12
5
Highest
$ per share $ per share
par
,.No
United Paperboard
%
214
56%
*11%
2i2
6,500
24,600
12%
12%
113% 113%
8%
8%
5%
5%
86
85*2
7634
600
Lowest
Highest
$ per share
No par
Corp
S3 preferred
United Drug Ino
30
1,800
6%
9
900
70
4%
31%
4%
4%
67
48
*3*4
*83a
$%
♦HSg
24
1
60%
*66 '2
28,200
United
8,500
6%
6%
%
*50
30
*458
8%
9
63
*58%
106
24
24%
4%
9
3%
36%
6%
70
*32%
104
10
*26%
30
478
2%
35%
7%
6%
9
•
26,000
3%
434
88
-
Pat
37%
*61%
4%
Lowest
$ per share
Week
Shares
*6%
%
7
*174% 180
6%
*6%
*48
109*4 109*4
*85
*105
6%
24l2
914
33
33
108
63
*9
*48
*31%
77%
12%
3
3634
634
70
180
*26l4
25U
6%
*61%
4%
*-%
*6%
*8%
10*4
63s
7
7
4%
86
10
*834
6-5*
86
7"
%
*534
%
*h
*6
6%
share
78
78
78%
76%
76%
13
13%
13%
12%
1234
113% *113
113%
113% 113% *113
,9
9%
9%
9%
9%
9%
6
534
6%
6%
534
6%
10
10
9%
9%
934
9%
7834
113% H3U *113*8 113*4
10i8
6l2
103s
3%
3834
6%
634
37%
7
70
*66
*434
10
3
3%
39%
Mar. 17
$ per share
Mar. 16
S per
100-Share Lots
EXCHANGE
the
Friday
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
Sales
CENT
NEW YORK STOCK
Tuesday
1605
103
Oct
10i8 Mar
Jan
5384 Nov
11% Mar
2714 Nov
36
42
7034
4
27
Mar
Oct
Mar
72i2 July
7514 Nov
4814 Nov
6538 Nov
12U4 Dec
3
28% Mar
55% Mar
Jan 13
80i8 Mar 14
61% Mar
78
Dec
26I4
Jan 28
Jan
39
July
Jan 26
Jan 30
33i4Mar 13
21 s4 Jan
5
114i2 Feb 17
2084
16'4
835
Jan
2184
42
Feb 15
53
Jan
5
101
Mar 17
120
Jan
773s
105
5
71
Mar
93a Mar
109
Oct
Oct
2578 Aug
15l2 Mar 17
39
Jan 26
80
Feb
9
2114 Jan
Jan
62% Mar
86% Nov
2312 Jan 26
16
Jan 26
3U4 Jan
lli2 Mar
31 %
3
r Ex-dlv.
Jan 27
y
5578 Jan
85
22% Jan
358 Jan
Ex-rlghts.
24
9
234
Mar
57% Nov
Dec
Mar
25»4 July
Jan
534 Mar
5Called for redemption^
1606
Mar.
YORK
STOCK NEW
EXCHANGE
Bond
NOTICE—Prices
1939
Record, Friday,
Weekly and Yearly
"and Interest"—except for income and defaulted bonds.
are
Cash and 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 regular weekly range are shown in a footnote
No account is taken of such sales in computing the range for the year.
in the week in which they occur.
Friday
Week's
Range or
Range
BONDS
Friday's
Bid
&
Asked
Since
0QC/2
N. Y. STOCK EXCHANGE
Week Ended March 17
Low
t-
Last
Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 17
No.
©
•v.
Price
a.
High
Jan. 1
Low
1947-1952 A O
,1944-1954 J D
1946-1966 M S
3%s
1940-1943 J D
3%s..
1941-1943 M S
3%s..!
1943-1947 J D
3 hi 8
1941 F A
3%s
1943-1945 A O
3%s
1944-1946 A O
3Ha
1946-1949 J D
3 %8
,.1949-1962 J D
3a
...1946-1948 J D
3s
1951-1955 M S
2%s
..1955-1960 M 8
2%S
1945-1947 M S
2%s
..1948-1951 M S
2%s
..1951-1954 J D
2%8.
....1956-1959 M S
2%s—....—.1968-1963 J D
120.15 120.15
Treasury 4s
115.23 115.20
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
------
'.
—
J
112.20
52
115.28
11
118 26 120.22
A
O
113 ,10115
A
O
104.28
104.29
6
104 ,29 105.8
mn
106.19 106.19
11
106 ,18106.27
5
106.22
109 .30110.25
110,24
107.9
107.4
39
107
107 12
110.23
35
109 .22110.25
♦Cologne (City) Germany 6 %s.
111.1
42
109 .22111.1
110.31
111.8
14
109 ,11111.8
110.31
109 ,2
11
108 .19110.17
A
66
107 ,4
106.25
321
106.17 106.17
104 ,12106.25
109
31
107
107.25 107.25
107.30
39
105 .19107.30
106.9
106.9
106.15
132
104
103.15
105.10 105.9
10
42
103 .4
105.15
105.15
178
104.27
44
10%
17%
20
—
13%
-
104.21
284
107
107.2
7
106 .6
108.1
3
105 ,1
19
127
19%
26%
135
26%
*26
27%
26%
-
19%
6
D
92
92
96%
91
91
94%
31
*26
-
-
W -
-
-
-
-
26%
27%
25%
25%
40
mn
26%
25%
-
27%
J
-
90%
87%
F
A
*45
F
A
40
43
23
j
J
74
74
2
74
29%
30%
7
22%
26
96%
94%
50
§♦78 stamped.
...
107.2
104.12 104.12
104.22
49
M S
104.22
75
102 ,16104.25
103.24 103.24
103.30
56
102
♦Costa Rica (Rep of) 7s.
M N
1951
m
F
102 ,13104.22
C
F
1949
A
108.24 108.24
13
107.9
108.26
108.11
123
J
106.16 106.16
106.22
21
106
106.25
M S
105.19 105.19
105.25
19
105.3
101%
55
30%
101%
5
55%
126
101%
4
108
105
—
105
100% 102%
54%
60
iot% 103%
68%
73%
D
69
69
69
1
O
31
25
71
65
25
75
O
31
30
76"
61
30
75%
J
101
105.26
MN
108.5
108.24
-—
54%
101%
------
j
51%
80%
100
*104%
D
Jan 15 1953 J
♦Public wks 6%s
June 30 1945 J
Czechoslovak (Rep of) 8s.
1951 A
Sinking fund 8s ser B
1952 a
„40
*101
S
J
External loan 4%s ser
104.3
30
A
Sinking fund 5%s
108.7
24
O
16%
26%
'
1
102 ,20104.23
108.1
18%
A
♦Sinking fund 7s of 1927-...
25 year gold 4%s.
►Cordoba (City) 7s
102 ,20104.27
104.10
107.29
8
14
F
109
104.19
-
104.11
♦6s extl sf gold of 1927. Jan 1961 J
109.13
108.28 108.26
D
25
M N
111.5
106.26108.11
108.1
MN
F
108.1
J
**
********
**
108.8
21
102.1
102.1
A
J
102.6
96
104.27
104.29
4
106.26108.8
102
102.22
104.1
104.30
1942 J
1955 F A
External gold 5%s
External g 4%s—-Apr 15 1962 A O
Dominican Rep Cust Ad 5%s_. 1942 m B
ser
27
6
25%
27
26%
1
255*
93%
2
93
2
10 H
95*
105*
105*
26}*
945*
14}*
14}*
14}*
14}*
9%
13}*
7 %s unstamped
External 7s stamped
♦Antloqula (Dept) coll 7s A.—1945 J
J
12%
12%
♦External b f 7s Berles B—-.1945 J
♦External s f 7s series C
1945 J
J
12%
12%
14%
14%
28
14
14%
3
♦External s f 7s series D...-1945 J
J
J
12%
1957 A
O
12%
12%
12%
14%
13%
♦External sec s f 7s 2d series. 1957 A
O
O
12%
12%
13%
13%
20
f 7s 3d series. 1957 A
12%
12%
24
9}*
94%
94
13 H
13 H
96%
51
90 H
34
97% 101
67
89%
101
93%
96%
70
70
*71
65
97%
71%
71%
4
65
71
5
66
5
66%
71%
71%
65
71
4
68%
68
68%
s
*-----
68
70
68
68
70
*68
18
21
14
100
4
106%
4
♦El Salvador 8s ctfs of dep.— 1948 j
Estonia (Republic of) 7s.,
1967 j
♦Frankfort (City of) s f 6%s._. 1953
O
18
97
J
97
106%
s
mn
-
23
N
J
1945 M
Finland (Republic) ext 6s
65
70
O
73%
106%
*
-
—
16
21
100
97
105% 107
20
------
18
14%
....
17%
19
965*
92}*
87}*
93%
100% 105
O
M
1969 A
6%s 2d series..
♦Dresden (City) externa! 7s— 1945 M
93%
A
99
99%
228
1940 A
1969 A
26%
26%
A
104%
O
Customs Admins 5%s 2d ser. 1961
.1947 F
100%
1940 A
6 %8 of 1926
O
♦External s f 7s 1st series
♦External
sec s
Antwerp (City) external 6s
1958 J D
Argentine (National Government)
8 f external 4Ha...
...1948 M N
S f external 4 Ha
1971 MN
1972 F
8 f extl conv loan 4s Apr
Australia 30-year 5s
J
95*
91%
92%
170
89 H
85%
86%
14
76%
76%
76%
78%
67
85 H
76
78%
69
76}*
99%
103%
95
965*
99%
J
External 5s of 1927.
1957 M S
100
100
103%
69
External g 4%s of 1928
♦Austrian (Govt's) s f 7s.
1956 MN
J
1957 J
96
96
98%
112
13
16
45
j 12}*
78}*
79
103?*
<915*
13
♦Bavaria (Free State) 6 Ha.—1945 F
Belgium 25-yr extl 6 Ha
French Republic 7 %s
stamped.
108%
D
1949 j
D
108%
108%
4
108
109
105
1941 J
1941
105
105
2
104
105
118
118
1
113% 118
103% 105
——————
*114%
1949
7s unstamped
German Govt International—
91%
O
A
9
58,
86
A
1972
1956
S f extl conv loan 4s Feb
,
24
26
109.13
Akershus (King of Norway) 4a.1968 M 8
1948
j
1U.3
110.15
-
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
25
109.8
-
6%s 1st series
♦Gtd sink fund 6s
44
16%
14%
16%
14%
14%
10
5
35
18%
o
111.2
-
Municipal-
&
High
13
7
22
12%
12%
s
110.8
-
2d series sink fund 5%s
Govt
16
12
m
109.8
1st
Foreign
12%
*15
a
Denmark 20-year extl 6s
.1942-1944
16
10%
s
110.8
J
1 1944-1962
1 1939-1949
May
2%s series G...
Low
Colombia (Republic of)—
104.19 104.17
M
14%
D
J
1951
110.29 110.29
D
1 1942-1947
2%s series B__Aug
Jan. 1
No
High
14
14
mn
M
♦Chinese (Hukuang Ry) 6s
110.20 110.20
Home Owners' Loan Corp—
3s series A
Since
©
35 to
(Concluded)
Chile Mtg Bank
114 .17115.31
1
107.4
M S
16 1942-1947 J
.Jan
..Mar
Range
§
Asked
&
Low
115
--
—
D
J
——
3s
Bid
Price
115
110.24 110.23
D
J
1946
Treasury 2%s
-1948
Treasury 2%s
...1949-1953
Treasury 2%a
1950-1952
Treasury 2s
1947
Federal Farm Mortgage Corp—
3%B
—Mar 15 1944-1964
3s
May 15 1944-1949
Treasury 2 Ha
2%s._
Friday's
'
Treasury 3%s
Treasury
Range or
Sale
Foreign Govt. & Mun. {Con.)
Treasury 4%s
Treasury
Week's
Last
£- ©
High
U. S. Government
Treasury
Friday
Co
*
A
20
\
97 5* 103 H
99
16
17 H
20 H
1949 M S
105%
105%
107%
51
104
J
106
106
107
31
103
116
116
116%
20
112
116}*
2
14
20
D
i
a"
20
20%
16
J
16
16%
i
German Prov & Communal Bks
♦(Cons Agrlc Loan) 6%s
1958 J D
♦Greek Government s f ser 7S..1964 M N
♦7s part paid
♦Sink fund secured 6s
1964
"27"
25%
*18
1949
.
1968 F
14%
17%
00 ■^1
1»
21%
18
17%
19%
24%
9
27
16
20
24
24
15
8
1
1
»<N lO SR
o
111
»
22
•
22%
24%
26%
24
27%
*29%.
-
-
a
33
28
27
22
5
16%
22
z74
—
—
*22%
*24%
20%
im -
74
3
73%
75
-
-
-
--
-
26%
-
20%
22%
-
----
108
External 30-year b f 7s—...1955 J D
♦Berlin (Germany) s f 0%s
1950 A O
♦External sinking fund 6s...1958 J D
1965
♦7s unstamped
108
1965 J
♦5 Ha of 1930 stamped
♦5%s unstamped
,1965
♦5%b 8tamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949
External s f 6s _!
♦Brazil (U 8 of) external
t
21
19
8s
1941 J D
♦External s f 6 Ha of 1926—1957 A O
♦External 8 f 6%8 of 1927—1957 A O
,,♦78 (Central Ry)
1952 J
Brisbane (City) s f 6s
1950 J
♦Budapest (City of) 6s
..1962 J
♦Buenos Aires (Prov of)
♦6s stamped
External
s
1961
f 4%-i%s
M
♦Secured
s f
_
♦Stabilization loan 7 Ha
„6s___."
543
22%
21% .318
99%
98
935*
97
100
69%
10%
10%
*55
S
.1960 A
25-year 3%s
7-year 2%8.__
30-year 3s
,
♦Carlsbad (City)
♦6s
July
♦Farm Loan
s
f 7s
103%
J
102%
J
J
100%
------
29%
J
s
f6s
♦6s assented
-
«*
-
-
|
|
19
50 H
545*
42
20 H
29
24
16
21%
32 H
111
111
25
1095*
54
109 J*
111%
111%
103%
35
1035* 104
103%
103
26
103
36
100%
16%
29%
111
1015* 103
985* 101
16%
195*
1
27
27%
11
23
23
27%
16
2
104%
32
14%
23%
18%
12%
14%
39
11
16
16%
145*
105*
A
16%
F
A
Jan 1961
J
J
Jan 1961
J
J
18%
13%
18%
al2%
18%
12%
85
12
♦6%s assented
•Sink fund 64*8 of 1926
♦6%s assented
For footnote* Ree page
1957 J
D
18%
35
145*
185*
16%
18%
165*
18%
16%
18%
16%
18%
16%
18%
13%
13%
16
10%
16%
14
16
3
13%
16
12%
10
14%
16%
14%
17
15%
•
-
-
-
-
12%
15%
13%
18%
*12
17
14
17
14
18%
19
145*
10
105*
33
14%
1
11
8
14%
6
25
14
11
145*
11%
1957 J
D
D
14%
12%
15?*
10
1961 J
3
13%
...1961 J
D
12
12%
8
10
1611.
26,
65
75
47%
'47
35
47
80'
94
75%
55
85%
31
56%
65%
34
38%
j
78
78
57
57
D
♦MedelUn (Colombia) 6%s_—1954 j
Mendoza (Prov) 4s read)
1954 J
D
♦Mexico (US) extl 5s of 1899 £.1945 q
—-
—
♦Sec extl
s
..1952
A
-((
•"
1943 F
s f
13%
8
72
*1%
*%
1%
-
-
5
-
-
-
-
-
—
-
-
-
-
-
—
-
31
1%
1%
1%
1
1%
48%
%
A
A
1%
48
11%
11
51%
99%
104%
5
1
1%
-
-
1%
1%
1
%
%
1%
%
%
89
-
1%
1%
-
1%
5
1%
1%
51%
21
47%
56%
16
84
15%
79
51%
7%
7%
16
15%
48
-----
1
54
45%
52
99%
100%
104%
101
12
101%
16
104%
38
103
16
103% 105%
102% 105
100% 103%
99% 101%
105
105
106%
103%
47
102%
103%
102%
104%
O
103%
21
...1963 F
5a...1970 J
A
100%
100%
101?*
58
D
101
101
101
A
%
1%
%
4
1%
2%
*49
O
%
%
46
*1%
......
%
%
%
14
1%
1%
J
14%
72
%
-
1
O
10%
72
'
-
A
1944 F
1965
f ext loan
25
1956 m S
External sink fund 4 %s
External s f 4%s
s
15
1
11%
20-year external 6s
Municipal Bank extl
20%
2
1
J
11%
New So Wales (State) extl 5s..1957 F
External s f 5s
Apr 1968 A
4s
—
24%
12%
J
1952 J D
1959 M N
Norway 20-year extl 6s
-
16%
*%
1959 M s
♦6s series A
-
7
72
D
1958 m 8
f 6%s
-
76%
20%
1%
1%
1945 Q
Milan (City, Italy) extl 6%s
Mlnas Geraes (8tate)—
♦Sec ext! s f 6%s
♦Montevideo (City) 7s
36%
62
24%
12%
—
"
20%
24%
♦Mexican Irrigat'on gtd 4%s..l943 M N
♦4 %8 stmp assented
.1943 MN
58%
*33
A
J
32
103
89
68%
51%
{♦Treas 6s of '13 assent (large) '33 J
J
{♦Small..
19}*
18%
103
69
D
23
27%
30
64%
♦Leipzig (Germany) s f 7s
1947 F
♦Lower Austria (Province) 7 %s 1950 j
♦Assenting 5s of 1899
♦Assenting 5a large
♦Assenting 5s small
10
24
67
♦Assenting 4s of 1904.. .—1954 j
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
22}*
23
31%
67%
D
16%
16%
al2%
108
10
.30%
64%
1954 J
215*
-
D
♦4s of 1904
1
9
28
*95
---
m S
27%
21
29
Italian Cred Consortium 7s ser B *47
37%
24
'
12
-
24
Japanese Govt 30-yr s f 6 %s___1954 F A
Extl sinking fund 5%s
1965 mn
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
23
-
*30%
A
54%
O
O
W ♦External sinking fund 6s...1962 A O
fe
♦Os assented
1962 A O
R ♦External sinking fund'6s...1963 MN
S*
*68 assented
."
1963 MN
♦Chile Mtge Bankr6%s
1979 F
Extended at 4%s to
Italian Public Utility extl 7s—1952 J
F
♦Extl sinking fund 6s..Sept 1981 M S
♦6s Assented
Sept 1961 M S
9
55
Feb 1961
♦6s assented
♦Ry refextl
10
49 H
*20
1960 A
10
4
26
-
O
1960 A
11
9
1
55
26
1942 M N
6s..Feb 1961
11
9
2
1951 j
103%
103%
102%
100%
16%
29%
,
♦Extl sinking fund
8%
2
10
9%
1960 MN
110%
1942 M N
♦External sinking fund 6s
♦6s assented
6
11
Italy (Kingdom of) extl 7s
110%
1960
♦7s assented
11
Irish Free State extl s f 5s
38
18%
18
105
10
62}*
52}*
1
103
11
64
5
1
J
64
23%
—
J
49 H
39%
-
1946 j
f g
49
—
-
15%
13%
—-
-
103
1945 j
s
3
103%
A
1960
11%
-
-----
103
♦7 %s secured s f g
43
111
15 1960 A
on
H
21%
O
1954 J
f 6s.-Oct
s
9
19
*16
♦7s secured
52%
MN
1950 M S
coupon on
10
102
39%
1967 J
♦6s"Oct coupon
♦Chile (Rep)—Extl
97
•
♦Hungarian Land M Inst 7%s.l961 mn
♦Sinking fund 7%s ser B
1981 mn
♦Hungary (Kingdom of) 7%s..l944 F A
5^%
F
J
11
21%
21%
21%
J
15.1960
11
89
*
♦Hamburg (State) 6s
1946 a O
J
♦Heidelberg (German) extl 7%s '50 j
Helslngfors (City) ext 6 %s
1960 A O
Hungarian Cons Municipal Loan—
54%
1944 J
8s
98%
101%
5
98 H
98 H
O
55
.1961 J
♦Cent Agrlc BankC Ger) 7s
♦Farm Loan st 6s._ July
*
12
23
22 }*
21}*
Haiti (Republic) s f 6s ser A...1952 a
51%
J
Aug 15 1945
'
1968
51
51
J
.......1952
10-year 2 Ha
19 H
28}*
18
17%
97
1968 MN
Canada (Dom of) 30-yr 4s
602
21'
13
16%
,
D
1967 J
23
1
18%
D
.1984 J
7s...
305
16%
,
External re-ad) 4%8-4%8_._1970 A O
External s f 4%s-4%s
1975 M N
3% external