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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

columns.

The "EXPANDIT" BINDER
detroit

A Practical and Serviceable

Binder for Your
MICHIGAN

Magazines and Publications
The

"Expandit"

structed

that

it

Binder

will

Is

alway*

so

con¬

open

flat,

whether It be filled to its capacity of sixinch

expansion,

only

or

whether

it

MUNICIPALS

Charles A. Parcel Is & Co.
Members of Detroit Stock Exchange

PENOBSCOT BUILDING,

contains

DETROIT* MICH.

one issue.

Its

back

is

adjustable

to

the

size

of

the number of issue* it contain*, thereby

eliminating all waste space

and

greatly to Its appearance.

This is
magazines

hartford

an

are

exclusive

feature.

The

adding

held in place by means of a wire holder,
and

can

be Inserted in less time that It

takes to tell about

holes, pulling strings,
in

any

or

way.
or

particular

insert

or

may •

remove;

the

PUTNAM & CO.

handle only

You

that

copy

desire

others

remain

Members New York Stock Exchange

to
in

you

6 CENTRAL ROW

their proper position.

Whether
the
to

an

featur
value

that
and

it

has

thick

be

Binder

thickness.

It

all

is

or

of

that

thin

adjustable

embodies

proved

avoids

HARTFORD

Tel. 5-0161. A. T. T. Teletype—Hartford 564

issue

"Expandit"
its

Specialists in Connecticut
Securities

intervening issues

without the necessity of dis¬

turbing other Issues.
the

punchin

.

Successive
be inserted

it. without

mutilating copies

every

practical

/

objec¬

are

tionable.

BIRMINGHAM
gHam
In sizes up to 13x8 H inches

Price $2.00 each
Plus Postage
Prices for larger sizes
on

MARX & CO.

application

BIRMINGHAM, ALABAMA

The "EXPANDIT" Binder
25

Spruce St.,




New York City

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% e